Semi-Annual Report
March 31, 2022
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 https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  
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3
4
Schedules of Investments (Unaudited)  
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281
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

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Table of Contents
SPDR Portfolio Emerging Markets ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2022

      
  Description % of Net Assets  
  Taiwan Semiconductor Manufacturing Co., Ltd. 5.0%  
  Tencent Holdings, Ltd. 3.7  
  Alibaba Group Holding, Ltd. ADR 2.6  
  Reliance Industries, Ltd. GDR 1.5  
  Infosys, Ltd. ADR 1.3  
  Meituan Class B 1.0  
  China Construction Bank Corp. Class H 1.0  
  Vale SA ADR 0.9  
  Housing Development Finance Corp., Ltd. 0.8  
  Tata Consultancy Services, Ltd. 0.7  
  TOTAL 18.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
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, 2022

      
  Description % of Net Assets  
  Nestle SA 1.5%  
  ASML Holding NV 1.3  
  Samsung Electronics Co., Ltd. GDR 1.2  
  Roche Holding AG 1.2  
  Shell PLC 0.9  
  Toyota Motor Corp. 0.9  
  Novartis AG 0.9  
  AstraZeneca PLC 0.9  
  Novo Nordisk A/S Class B 0.8  
  LVMH Moet Hennessy Louis Vuitton SE 0.8  
  TOTAL 10.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
2

Table of Contents
SPDR Portfolio MSCI Global Stock Market ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2022

      
  Description % of Net Assets  
  Apple, Inc. 3.9%  
  Microsoft Corp. 3.1  
  Amazon.com, Inc. 2.0  
  Alphabet, Inc. Class C 1.2  
  Tesla, Inc. 1.2  
  Alphabet, Inc. Class A 1.1  
  NVIDIA Corp. 0.9  
  UnitedHealth Group, Inc. 0.8  
  JPMorgan Chase & Co. 0.7  
  Meta Platforms, Inc. Class A 0.7  
  TOTAL 15.6%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
3

Table of Contents
SPDR Portfolio Europe ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2022

      
  Description % of Net Assets  
  Nestle SA 2.9%  
  Roche Holding AG 2.2  
  ASML Holding NV 2.2  
  Novartis AG 1.7  
  AstraZeneca PLC 1.7  
  LVMH Moet Hennessy Louis Vuitton SE 1.5  
  Novo Nordisk A/S Class B 1.5  
  Linde PLC 1.3  
  HSBC Holdings PLC 1.2  
  TotalEnergies SE 1.1  
  TOTAL 17.3%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
4

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.5%        
BRAZIL — 6.7%          
Afya, Ltd. Class A (a)(b)
     12,164   $ 175,283
Ambev SA ADR (a)(b)
     4,356,440   14,071,301
Americanas SA
     663,386   4,558,035
Americanas SA RCP
     15,397   104,073
Anima Holding SA (a)
     117,193   179,047
Arco Platform, Ltd. Class A (a)(b)
     10,963   231,319
Atacadao SA
     23,117   109,554
Auren Energia SA
     89,496   301,149
Azul SA Preference Shares (a)
     117,858   593,265
B3 SA - Brasil Bolsa Balcao
     6,034,104   19,948,816
Banco Bradesco SA ADR
     5,419,254   25,145,339
Banco Bradesco SA
     397,911   1,529,863
Banco BTG Pactual SA 
    544,806   2,985,458
Banco do Brasil SA
     1,064,271   7,771,589
Banco Inter SA Preference Shares (c)
     208,088   314,412
Banco Inter SA (d)
     322,995   1,440,986
Banco Inter SA (d)
     44,757   64,235
Banco Pan SA Preference Shares
     451,441   1,006,063
Banco Santander Brasil SA
     46,514   360,996
BB Seguridade Participacoes SA
     631,765   3,398,166
BR Malls Participacoes SA (a)
     1,310,467   2,559,188
Bradespar SA Preference Shares
     459,920   3,201,665
Brasil Brokers Participacoes SA (a)
     6,824   1,551
Braskem SA ADR
     146,427   2,729,399
BRF SA ADR (a)
     647,806   2,571,790
CCR SA
     634,378   1,828,929
Centrais Eletricas Brasileiras SA ADR
     595,408   4,709,677
Cia Brasileira de Distribuicao ADR
     282,039   1,421,477
Cia de Locacao das Americas
     127,375   728,018
Cia de Saneamento Basico do Estado de Sao Paulo
     577,760   5,800,762
Cia Energetica de Minas Gerais ADR (b)
     1,888,573   6,081,205
Cia Siderurgica Nacional SA ADR (a)(b)
     757,672   4,106,582
Cielo SA
     1,326,728   868,301
Cogna Educacao (a)
     1,574,377   937,612
Construtora Tenda SA
     1,652   2,983
Cosan SA
     980,818   4,881,437
Cosan SA ADR (b)
     38,550   763,290
CVC Brasil Operadora e Agencia de Viagens SA (a)
     79,957   280,828
Cyrela Brazil Realty SA Empreendimentos e Participacoes
     550,475   2,026,075
Dexco SA
     550,165   1,699,602
See accompanying notes to financial statements.
5

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Embraer SA (a)
     981,993   $ 3,091,492
Eneva SA (a)
     919,086   2,858,635
Engie Brasil Energia SA
     99,516   905,538
Equatorial Energia SA
     237,509   1,359,993
Eternit SA
     8,716   29,806
Gafisa SA (a)
     29,813   12,297
Gerdau SA ADR (b)
     1,372,969   8,828,191
Gol Linhas Aereas Inteligentes SA Preference Shares (a)
     26,428   95,658
Grupo De Mona Soma SA (a)
     62,075   199,081
Grupo SBF SA (a)
     36,747   195,646
Hapvida Participacoes e Investimentos SA (c)
     2,961,908   7,379,915
Hypera SA
     88,862   723,881
IRB Brasil Resseguros SA (a)
     413,839   304,809
Itau Unibanco Holding SA Preference Shares ADR (a)
     4,770,893   27,241,799
Itausa SA Preference Shares
     6,236,538   14,108,478
Itausa SA
     419,690   960,917
Kepler Weber SA
     11,470   131,066
Klabin SA
     370,387   1,880,014
Localiza Rent a Car SA
     375,513   4,828,301
Locaweb Servicos de Internet SA (a)(c)
     133,338   283,402
LOG Commercial Properties e Participacoes SA
     3,493   21,302
Log-in Logistica Intermodal SA (a)
     1,486   8,815
Lojas Renner SA
     1,203,768   6,966,323
Magazine Luiza SA
     2,071,086   2,972,423
Marcopolo SA Preference Shares
     458,987   257,893
Marfrig Global Foods SA
     218,411   983,595
Meliuz SA (c)
     196,418   105,816
Metalurgica Gerdau SA Preference Shares
     1,847,687   4,767,020
Mills Estruturas e Servicos de Engenharia SA
     36,450   58,450
Minerva SA
     44,576   118,758
MMX Mineracao e Metalicos SA (a)
     20,968   61,775
MRV Engenharia e Participacoes SA
     114,902   310,713
Natura & Co. Holding SA (a)
     722,337   3,959,823
Nexa Resources SA (b)
     19,574   182,821
Odontoprev SA
     25,965   68,519
Oi SA ADR (a)(b)
     814,603   730,169
Pagseguro Digital, Ltd. Class A (a)(b)
     140,375   2,814,519
PDG Realty SA Empreendimentos e Participacoes (a)
     71,331   24,468
Petro Rio SA (a)
     235,126   1,178,116
Petroleo Brasileiro SA Preference Shares ADR (d)
     2,196,370   30,705,253
Petroleo Brasileiro SA ADR (d)
     1,204,460   17,826,008
Positivo Tecnologia SA
     46,840   91,177
See accompanying notes to financial statements.
6

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Profarma Distribuidora de Produtos Farmaceuticos SA
     12,120   $ 11,350
Qualicorp Consultoria e Corretora de Seguros SA
     102,412   345,472
Raia Drogasil SA
     744,894   3,752,725
Rede D'Or Sao Luiz SA (c)
     557,731   5,856,707
Restoque Comercio e Confeccoes de Roupas SA (a)
     8,687   3,473
Rodobens Negocios Imobiliarios SA
     59,883   109,635
Rossi Residencial SA (a)
     107,496   183,008
Rumo SA (a)
     707,824   2,763,105
Sendas Distribuidora SA ADR (b)
     282,039   4,845,430
StoneCo, Ltd. Class A (a)
     169,432   1,982,354
Sul America SA
     80,139   579,800
Suzano SA
     240,901   2,795,840
Suzano SA ADR
     228,725   2,657,785
T4F Entretenimento SA (a)
     137,829   136,322
Telefonica Brasil SA
     623,755   7,047,508
TIM SA ADR (b)
     288,672   4,185,744
TOTVS SA
     250,828   1,920,290
Ultrapar Participacoes SA
     683,651   2,035,725
Usinas Siderurgicas de Minas Gerais SA Usiminas ADR
     959,959   2,870,277
Vale SA ADR (b)
     2,873,816   57,447,582
Vale SA
     129,941   2,614,160
Vasta Platform, Ltd. (a)(b)
     8,717   49,861
Via S/A (a)
     1,140,015   1,000,403
Vibra Energia SA
     448,898   2,208,617
WEG SA
     1,513,798   11,108,311
XP, Inc. Class A (a)
     203,589   6,128,029
YDUQS Participacoes SA
     301,017   1,326,465
          407,087,973
CANADA — 0.0% (e)          
Atlas Corp. (b)
     12,446   182,707
CHILE — 0.6%          
AntarChile SA
     228,253   1,885,370
Banco de Chile
     12,611,614   1,350,068
Banco Santander Chile
     5,209,973   293,362
CAP SA
     9,170   142,166
Cencosud SA
     102,529   201,951
Empresas COPEC SA
     522,757   4,317,972
Empresas Iansa SA (a)
     3,039,552   38,626
Enel Americas SA ADR (b)
     623,947   3,724,964
Enel Chile SA ADR
     1,178,430   1,861,919
Enjoy SA (a)
     7,579,900   26,306
See accompanying notes to financial statements.
7

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Falabella SA
     1,667,520   $ 5,329,156
Multiexport Foods SA (a)
     2,678,766   1,007,475
Parque Arauco SA (a)
     2,996,432   3,137,605
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares
     120,363   10,402,373
          33,719,313
CHINA — 32.3%          
111, Inc. ADR (a)
     36,543   97,204
17 Education & Technology Group, Inc. (a)(b)
     59,337   157,836
360 DigiTech, Inc. ADR
     75,517   1,162,207
360 Security Technology, Inc. Class A (a)
     128,000   201,232
3SBio, Inc. (a)(c)
     771,000   630,079
51job, Inc. ADR (a)(b)
     6,299   368,806
9F, Inc. ADR (a)
     97,034   85,875
AAC Technologies Holdings, Inc. (a)(b)
     798,632   1,935,546
Addsino Co., Ltd. Class A
     309,300   530,109
Advanced Micro-Fabrication Equipment, Inc. China Class A (a)
     47,317   867,986
Advanced Technology & Materials Co., Ltd. Class A
     161,800   204,158
AECC Aviation Power Co., Ltd. Class A
     142,400   1,007,193
Agile Group Holdings, Ltd. (b)
     3,023,626   1,532,778
Agora, Inc. ADR (a)
     45,326   450,540
Agricultural Bank of China, Ltd. Class A
     5,343,400   2,592,535
Agricultural Bank of China, Ltd. Class H
     27,913,000   10,728,367
Aier Eye Hospital Group Co., Ltd. Class A
     217,060   1,078,786
Air China, Ltd. Class H (a)(b)
     3,115,744   2,184,212
Airtac International Group
     82,669   2,686,241
AK Medical Holdings, Ltd. (b)(c)
     334,000   198,744
Akeso, Inc. (a)(b)(c)
     367,000   781,669
Alibaba Group Holding, Ltd. ADR (a)
     1,432,433   155,848,710
A-Living Smart City Services Co., Ltd. (c)
     84,500   118,257
All Winner Technology Co., Ltd. Class A
     32,600   276,900
Alpha Group Class A (a)
     469,100   366,525
Alphamab Oncology (a)(b)(c)
     228,000   231,453
Aluminum Corp. of China, Ltd. Class H (a)(b)
     6,455,495   3,791,822
Amoy Diagnostics Co., Ltd. Class A
     10,000   80,528
An Hui Wenergy Co., Ltd. Class A
     294,800   182,506
Angang Steel Co., Ltd. Class H
     3,367,231   1,552,175
Anhui Anke Biotechnology Group Co., Ltd. Class A
     17,640   27,371
Anhui Conch Cement Co., Ltd. Class A
     127,300   791,903
Anhui Conch Cement Co., Ltd. Class H
     1,586,010   8,161,530
Anhui Construction Engineering Group Co., Ltd. Class A
     466,600   374,127
Anhui Expressway Co., Ltd. Class H
     8,000   7,815
See accompanying notes to financial statements.
8

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Anhui Guangxin Agrochemical Co., Ltd. Class A
     277,300   $ 1,393,467
Anhui Gujing Distillery Co., Ltd. Class A
     7,700   207,853
Anhui Gujing Distillery Co., Ltd. Class B
     132,600   1,714,179
Anhui Honglu Steel Construction Group Co., Ltd. Class A
     56,800   378,213
Anhui Jiangnan Chemical Industry Co., Ltd. Class A
     532,200   539,905
Anhui Jinhe Industrial Co., Ltd. Class A
     126,900   788,015
Anhui Kouzi Distillery Co., Ltd. Class A
     16,300   138,758
Anhui Transport Consulting & Design Institute Co., Ltd. Class A
     636,917   983,253
Anhui Yingjia Distillery Co., Ltd. Class A
     11,900   101,396
Anji Microelectronics Technology Shanghai Co., Ltd. Class A
     11,918   531,646
Anker Innovations Technology Co., Ltd. Class A
     5,900   62,903
ANTA Sports Products, Ltd.
     1,009,106   12,679,218
Anton Oilfield Services Group (a)(b)
     130,000   7,304
Aoshikang Technology Co., Ltd. Class A
     13,700   132,574
Aotecar New Energy Technology Co., Ltd. Class A (a)
     239,993   108,124
Apeloa Pharmaceutical Co., Ltd. Class A
     255,700   1,259,146
Archermind Technology Nanjing Co., Ltd. Class A
     10,500   83,364
Ascentage Pharma Group International (a)(b)(c)
     64,500   139,025
Asian Citrus Holdings, Ltd. (a)
     550,000   8,779
Asymchem Laboratories Tianjin Co., Ltd. Class A
     18,400   1,063,751
Autel Intelligent Technology Corp., Ltd. Class A
     8,174   49,973
Autobio Diagnostics Co., Ltd. Class A
     30,030   227,823
Autohome, Inc. ADR
     42,499   1,292,395
Avary Holding Shenzhen Co., Ltd. Class A
     122,400   555,689
AVIC Industry-Finance Holdings Co., Ltd. Class A
     285,400   186,128
AviChina Industry & Technology Co., Ltd. Class H
     3,029,000   1,682,477
Bafang Electric Suzhou Co., Ltd. Class A
     9,514   261,541
BAIC Motor Corp., Ltd. Class H (c)
     6,500   2,183
Baidu, Inc. ADR (a)
     210,887   27,900,350
Baidu, Inc. Class A (a)
     47,950   866,374
BAIOO Family Interactive, Ltd. (c)
     2,728,000   167,204
Bank of China, Ltd. Class H
     62,432,054   25,111,854
Bank of Communications Co., Ltd. Class H
     21,244,303   15,245,420
Bank of Ningbo Co., Ltd. Class A
     310,190   1,827,004
Baoshan Iron & Steel Co., Ltd. Class A
     778,100   827,362
Baozun, Inc. ADR (a)
     17,798   152,707
BBMG Corp. Class H
     1,412,000   228,981
BeiGene, Ltd. ADR (a)(b)
     37,737   7,117,198
Beijing BDStar Navigation Co., Ltd. Class A (a)
     137,900   719,901
Beijing Capital International Airport Co., Ltd. Class H (a)
     3,499,490   2,051,058
Beijing Career International Co., Ltd. Class A
     30,600   223,905
See accompanying notes to financial statements.
9

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Beijing Certificate Authority Co., Ltd. Class A
     14,100   $ 109,658
Beijing Chunlizhengda Medical Instruments Co., Ltd. Class H (a)
     23,000   27,666
Beijing Ctrowell Technology Corp., Ltd. Class A
     97,506   143,308
Beijing Dabeinong Technology Group Co., Ltd. Class A
     437,200   599,178
Beijing Easpring Material Technology Co., Ltd. Class A
     15,300   181,245
Beijing Enterprises Clean Energy Group, Ltd. (a)(b)
     27,834,856   266,570
Beijing Enterprises Holdings, Ltd.
     766,500   2,432,199
Beijing Enterprises Water Group, Ltd.
     6,070,000   1,867,955
Beijing GeoEnviron Engineering & Technology, Inc. Class A
     818,330   2,004,542
Beijing Jingneng Clean Energy Co., Ltd. Class H
     136,000   30,911
Beijing Jingyuntong Technology Co., Ltd. Class A (a)
     185,800   212,783
Beijing Kingsoft Office Software, Inc. Class A
     16,320   482,445
Beijing Roborock Technology Co., Ltd. Class A
     2,274   198,510
Beijing Shiji Information Technology Co., Ltd. Class A
     175,720   550,846
Beijing Shougang Co., Ltd. Class A
     116,100   95,102
Beijing Shunxin Agriculture Co., Ltd. Class A
     26,900   98,988
Beijing SL Pharmaceutical Co., Ltd. Class A
     285,650   481,476
Beijing Strong Biotechnologies, Inc. Class A
     9,100   26,176
Beijing Tiantan Biological Products Corp., Ltd. Class A
     217,023   843,737
Beijing Tongtech Co., Ltd. Class A
     29,600   98,432
Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. Class A
     14,800   648,131
Beijing Yuanliu Hongyuan Electronic Technology Co., Ltd. Class A
     11,100   224,619
Beijing Zhidemai Technology Co., Ltd. Class A
     7,200   62,154
Beken Corp. Class A
     25,764   145,742
Bengang Steel Plates Co., Ltd. Class A
     312,100   211,898
Berry Genomics Co., Ltd. Class A (a)
     130,500   348,652
BEST, Inc. ADR (a)(b)
     172,523   111,277
Bethel Automotive Safety Systems Co., Ltd. Class A
     26,600   272,407
Betta Pharmaceuticals Co., Ltd. Class A
     1,400   12,330
BGI Genomics Co., Ltd. Class A
     20,100   255,489
Biem.L.Fdlkk Garment Co., Ltd. Class A
     195,463   727,278
Bilibili, Inc. ADR (a)(b)
     163,005   4,169,668
Bit Digital, Inc. (a)
     25,036   90,130
BIT Mining, Ltd. ADR (a)(b)
     48,930   136,515
Blue Sail Medical Co., Ltd. Class A
     138,900   288,823
BOE Technology Group Co., Ltd. Class A
     1,116,200   757,837
BOE Technology Group Co., Ltd. Class B
     925,700   417,259
Bosideng International Holdings, Ltd. (b)
     2,920,000   1,364,660
Boyaa Interactive International, Ltd. (a)
     64,000   3,841
B-Soft Co., Ltd. Class A
     251,219   300,366
See accompanying notes to financial statements.
10

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
BYD Co., Ltd. Class A
     124,800   $ 4,517,736
BYD Co., Ltd. Class H
     636,211   18,229,914
BYD Electronic International Co., Ltd. (b)
     732,500   1,477,833
C&S Paper Co., Ltd. Class A
     7,400   13,988
C.banner International Holdings, Ltd. (a)
     12,000   421
Cabbeen Fashion, Ltd.
     1,416,000   491,805
Caissa Tosun Development Co., Ltd. Class A (a)
     101,506   161,019
Caitong Securities Co., Ltd. Class A
     156,800   209,459
Canaan, Inc. (a)(b)
     93,423   507,287
CanSino Biologics, Inc. Class A (a)
     11,507   420,702
CanSino Biologics, Inc. Class H (a)(b)(c)
     34,400   553,025
CECEP Wind-Power Corp. Class A
     611,800   442,363
Central China Securities Co., Ltd. Class A
     519,100   378,607
CETC Digital Technology Co., Ltd. Class A
     128,500   528,323
CGN Mining Co., Ltd. (b)
     325,000   35,690
CGN New Energy Holdings Co., Ltd. (b)
     364,000   159,890
CGN Nuclear Technology Development Co., Ltd. Class A
     289,400   477,311
CGN Power Co., Ltd. Class H (c)
     10,810,000   2,829,698
Chacha Food Co., Ltd. Class A
     30,900   261,633
Changchun High & New Technology Industry Group, Inc. Class A
     11,925   315,309
Changjiang Securities Co., Ltd. Class A
     458,400   449,872
Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class A
     27,200   556,803
Chanjet Information Technology Co., Ltd. Class H
     3,900   3,884
Chaowei Power Holdings, Ltd.
     75,000   15,419
Cheetah Mobile, Inc. ADR (a)(b)
     12,344   11,968
ChemPartner PharmaTech Co., Ltd. Class A
     51,800   110,567
Chengdu Fusen Noble-House Industrial Co., Ltd. Class A
     142,400   265,818
Chengdu Hongqi Chain Co., Ltd. Class A
     958,086   730,476
Chengdu Kanghong Pharmaceutical Group Co., Ltd. Class A
     23,400   59,494
Chengtun Mining Group Co., Ltd. Class A
     100,600   135,653
Chengxin Lithium Group Co., Ltd. Class A (a)
     40,500   324,288
Chifeng Jilong Gold Mining Co., Ltd. Class A (a)
     117,700   336,148
China Aerospace International Holdings, Ltd.
     2,522,000   167,459
China Aircraft Leasing Group Holdings, Ltd. (b)
     6,500   4,523
China Aoyuan Group, Ltd. (b)
     1,512,000   227,821
China Baoan Group Co., Ltd. Class A
     326,800   576,061
China Bohai Bank Co., Ltd. Class H (b)(c)
     42,500   7,055
China Chengtong Development Group, Ltd.
     3,798,000   80,505
China Cinda Asset Management Co., Ltd. Class H
     12,717,000   2,175,956
China CITIC Bank Corp., Ltd. Class H
     11,589,694   5,875,206
China Coal Energy Co., Ltd. Class H
     4,366,750   3,284,235
See accompanying notes to financial statements.
11

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
China Common Rich Renewable Energy Investment, Ltd. (f)
     856,000   $ —
China Communications Services Corp., Ltd. Class H
     152,000   68,902
China Conch Environment Protection Holdings, Ltd. (a)
     1,537,200   1,923,610
China Conch Venture Holdings, Ltd.
     1,557,200   4,553,449
China Construction Bank Corp. Class H
     81,157,734   61,038,774
China CSSC Holdings, Ltd. Class A
     111,900   304,600
China Datang Corp. Renewable Power Co., Ltd. Class H (b)
     1,408,000   584,314
China Dili Group (a)
     2,471,100   681,561
China Dongxiang Group Co., Ltd.
     1,175,000   75,019
China East Education Holdings, Ltd. (b)(c)
     31,500   18,382
China Eastern Airlines Corp., Ltd. Class H (a)(b)
     144,000   48,543
China Education Group Holdings, Ltd.
     163,000   142,365
China Electronics Huada Technology Co., Ltd. (a)
     134,000   9,924
China Energine International Holdings, Ltd. (a)(b)
     1,430,000   27,938
China Everbright Bank Co., Ltd. Class A
     628,500   326,720
China Everbright Environment Group, Ltd.
     3,398,111   2,056,726
China Everbright, Ltd.
     24,000   23,781
China Evergrande Group (b)
     2,016,737   424,907
China Fangda Group Co., Ltd. Class B (a)
     173,367   47,595
China Feihe, Ltd. (c)
     1,878,000   1,860,878
China Financial Services Holdings, Ltd. (a)
     86,100   18,690
China Foods, Ltd.
     16,000   5,537
China Galaxy Securities Co., Ltd. Class A
     178,100   279,154
China Galaxy Securities Co., Ltd. Class H
     3,103,400   1,739,654
China Gas Holdings, Ltd.
     2,409,600   3,089,152
China Great Wall Securities Co., Ltd. Class A
     143,700   215,501
China Greatwall Technology Group Co., Ltd. Class A
     184,500   334,524
China Hanking Holdings, Ltd.
     1,314,000   255,035
China Harmony Auto Holding, Ltd.
     7,000   3,566
China High Speed Railway Technology Co., Ltd. Class A (a)
     812,900   325,257
China Hongqiao Group, Ltd. (b)
     1,105,000   1,475,892
China Huarong Energy Co., Ltd. (a)
     100,000   945
China Index Holdings, Ltd. ADR (a)
     5,925   6,518
China International Capital Corp., Ltd. Class A
     66,500   435,889
China International Capital Corp., Ltd. Class H (c)
     629,200   1,404,400
China International Marine Containers Group Co., Ltd. Class H (b)
     150,540   246,434
China Jinmao Holdings Group, Ltd. (a)
     880,000   261,818
China Jushi Co., Ltd. Class A
     93,800   225,187
China Kings Resources Group Co., Ltd. Class A
     9,620   44,690
China Lesso Group Holdings, Ltd.
     1,471,000   1,788,176
China Life Insurance Co., Ltd. Class H
     7,408,752   11,390,221
See accompanying notes to financial statements.
12

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
China Literature, Ltd. (a)(b)(c)
     201,600   $ 840,493
China Longyuan Power Group Corp., Ltd. Class H
     3,030,000   6,902,367
China Medical System Holdings, Ltd.
     1,557,000   2,453,377
China Meidong Auto Holdings, Ltd. (b)
     152,000   582,271
China Mengniu Dairy Co., Ltd. (a)
     2,585,818   13,933,846
China Merchants Bank Co., Ltd. Class A
     1,001,462   7,383,063
China Merchants Bank Co., Ltd. Class H
     3,356,899   26,383,167
China Merchants China Direct Investments, Ltd.
     4,000   5,072
China Merchants Port Holdings Co., Ltd.
     2,458,879   4,458,473
China Merchants Securities Co., Ltd. Class A
     436,741   995,517
China Merchants Shekou Industrial Zone Holdings Co., Ltd. Class A
     181,957   434,534
China Minmetals Rare Earth Co., Ltd. Class A
     37,900   173,915
China Minsheng Banking Corp., Ltd. Class H (b)
     8,262,379   3,112,345
China Modern Dairy Holdings, Ltd. (b)
     93,000   15,082
China Molybdenum Co., Ltd. Class A
     1,730,700   1,420,417
China Molybdenum Co., Ltd. Class H
     1,092,000   570,304
China National Accord Medicines Corp., Ltd. Class B
     303,195   687,971
China National Building Material Co., Ltd. Class H
     3,287,400   4,088,576
China National Medicines Corp., Ltd. Class A
     171,295   791,431
China Nonferrous Mining Corp., Ltd. (b)
     242,000   121,751
China Northern Rare Earth Group High-Tech Co., Ltd. Class A
     194,600   1,187,262
China NT Pharma Group Co., Ltd. (a)
     1,614,662   13,814
China Ocean Industry Group, Ltd. (a)
     57,625   920
China Oil & Gas Group, Ltd. (a)
     132,000   6,152
China Oilfield Services, Ltd. Class H
     2,498,422   2,561,781
China Online Education Group ADR (a)
     1,445   2,529
China Overseas Grand Oceans Group, Ltd.
     109,500   64,318
China Overseas Land & Investment, Ltd.
     3,853,494   11,538,733
China Overseas Property Holdings, Ltd.
     62,066   73,864
China Pacific Insurance Group Co., Ltd. Class A
     287,838   1,039,247
China Pacific Insurance Group Co., Ltd. Class H
     2,744,613   6,700,845
China Petroleum & Chemical Corp. Class H
     23,967,492   12,027,510
China Power International Development, Ltd.
     6,604,511   3,516,716
China Railway Group, Ltd. Class H
     6,214,487   3,483,617
China Rare Earth Holdings, Ltd. (a)
     2,343,200   206,452
China Resources Beer Holdings Co., Ltd.
     906,930   5,564,521
China Resources Boya Bio-pharmaceutical Group Co., Ltd. Class A
     19,825   91,941
China Resources Cement Holdings, Ltd.
     738,000   615,361
China Resources Gas Group, Ltd.
     434,000   1,842,646
China Resources Land, Ltd.
     2,882,820   13,436,031
China Resources Mixc Lifestyle Services, Ltd. (c)
     248,400   1,229,091
See accompanying notes to financial statements.
13

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
China Resources Power Holdings Co., Ltd.
     2,133,155   $ 4,014,953
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A
     24,600   175,778
China Sanjiang Fine Chemicals Co., Ltd.
     73,000   16,499
China Science Publishing & Media, Ltd. Class A
     142,600   198,801
China Shenhua Energy Co., Ltd. Class H
     3,989,588   12,786,814
China Singyes Solar Technologies Holdings, Ltd. (b)
     9,600   1,410
China South City Holdings, Ltd.
     2,876,000   253,395
China Southern Airlines Co., Ltd. Class H (a)(b)
     2,944,000   1,714,207
China State Construction Engineering Corp., Ltd. Class A
     1,313,800   1,125,860
China Suntien Green Energy Corp., Ltd. Class A
     214,800   442,925
China Taiping Insurance Holdings Co., Ltd.
     1,239,835   1,518,249
China Testing & Certification International Group Co., Ltd. Class A
     866,145   1,960,666
China Tianying, Inc. Class A (a)
     631,700   511,482
China Tourism Group Duty Free Corp., Ltd. Class A
     151,900   3,933,114
China Tower Corp., Ltd. Class H (c)
     31,288,000   3,515,775
China TransInfo Technology Co., Ltd. Class A
     327,300   551,678
China Travel International Investment Hong Kong, Ltd. (a)(b)
     9,158,000   1,742,399
China Vanke Co., Ltd. Class A
     490,200   1,478,762
China Vanke Co., Ltd. Class H
     1,233,000   2,793,041
China World Trade Center Co., Ltd. Class A
     125,500   320,269
China Yangtze Power Co., Ltd. Class A
     1,406,800   4,875,412
China Yongda Automobiles Services Holdings, Ltd.
     912,500   993,900
China Yuhua Education Corp., Ltd. (c)
     24,000   5,455
China ZhengTong Auto Services Holdings, Ltd. (a)
     38,000   2,475
China Zhenhua Group Science & Technology Co., Ltd. Class A
     144,707   2,584,990
ChinaCache International Holdings, Ltd. ADR (a)(b)(f)
     18,355   —
Chinasoft International, Ltd. (a)
     1,074,000   890,040
Chindata Group Holdings, Ltd. ADR (a)(b)
     36,667   231,735
Chinese Universe Publishing & Media Group Co., Ltd. Class A
     209,300   372,896
Chlitina Holding, Ltd.
     2,000   14,170
Chongqing Brewery Co., Ltd. Class A (a)
     27,511   464,707
Chongqing Changan Automobile Co., Ltd. Class A
     134,440   239,947
Chongqing Changan Automobile Co., Ltd. Class B
     1,717,900   666,856
Chongqing Department Store Co., Ltd. Class A
     24,800   102,043
Chongqing Fuling Electric Power Industrial Co., Ltd. Class A
     7,252   16,222
Chongqing Gas Group Corp., Ltd. Class A
     165,400   186,033
Chongqing Iron & Steel Co., Ltd. Class A (a)
     728,500   216,894
Chongqing Machinery & Electric Co., Ltd. Class H
     138,000   11,630
Chongqing Zhifei Biological Products Co., Ltd. Class A
     127,700   2,776,043
Chongyi Zhangyuan Tungsten Industry Co., Ltd. Class A (a)
     66,700   79,959
Chow Tai Seng Jewellery Co., Ltd. Class A
     195,743   417,504
See accompanying notes to financial statements.
14

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
CIFI Ever Sunshine Services Group, Ltd. (b)
     192,000   $ 259,877
CIFI Holdings Group Co., Ltd.
     2,179,669   1,283,075
CIMC Enric Holdings, Ltd. (b)
     10,000   12,450
Citic Pacific Special Steel Group Co., Ltd. Class A
     161,350   507,070
CITIC Resources Holdings, Ltd. (a)
     2,334,000   157,956
CITIC Securities Co., Ltd. Class A
     681,170   2,242,632
CITIC Securities Co., Ltd. Class H
     1,797,225   4,149,172
CITIC Telecom International Holdings, Ltd.
     1,545,000   568,174
CITIC, Ltd.
     4,298,961   4,781,259
Client Service International, Inc. Class A
     35,950   118,302
Cloopen Group Holding, Ltd. ADR (a)(b)
     39,250   67,510
CMST Development Co., Ltd. Class A
     290,300   244,657
CNHTC Jinan Truck Co., Ltd. Class A
     188,060   363,790
CNNC Hua Yuan Titanium Dioxide Co., Ltd. Class A
     936,116   1,443,672
COFCO Biotechnology Co., Ltd. Class A
     169,300   254,693
Cogobuy Group (a)(c)
     64,000   16,344
Colour Life Services Group Co., Ltd.
     69,000   5,463
Comtec Solar Systems Group, Ltd. (a)
     211,500   7,832
Connect Biopharma Holdings, Ltd. ADR (a)
     4,963   14,988
Contemporary Amperex Technology Co., Ltd. Class A
     152,093   12,274,105
Continental Aerospace Technologies Holding, Ltd. (a)
     2,394,527   32,105
CooTek Cayman, Inc. ADR (a)(b)
     197,949   50,279
COSCO SHIPPING Development Co., Ltd. Class H
     9,299,117   1,887,989
COSCO SHIPPING Energy Transportation Co., Ltd. Class H (b)
     2,678,000   1,241,303
COSCO SHIPPING Holdings Co., Ltd. Class H (a)(b)
     4,320,040   7,535,274
COSCO SHIPPING Ports, Ltd.
     3,048,974   2,374,894
Cosmo Lady China Holdings Co., Ltd. (a)(b)(c)
     71,000   3,717
Country Garden Holdings Co., Ltd. (b)
     6,698,587   5,157,760
Country Garden Services Holdings Co., Ltd.
     1,224,000   5,251,475
CQ Pharmaceutical Holding Co., Ltd. Class A
     646,500   610,031
Crazy Sports Group, Ltd. (a)(b)
     2,704,200   115,676
Crystal Clear Electronic Material Co., Ltd. Class A
     17,900   86,340
CSC Financial Co., Ltd. Class A
     177,700   651,668
CSG Holding Co., Ltd. Class B
     809,345   301,771
CSG Smart Science&Technology Co., Ltd. Class A (a)
     126,800   163,990
CSPC Pharmaceutical Group, Ltd.
     6,508,960   7,521,783
CSSC Science & Technology Co., Ltd. Class A
     162,200   329,863
CStone Pharmaceuticals (a)(b)(c)
     161,500   103,935
CTS International Logistics Corp., Ltd. Class A
     351,290   647,452
Daan Gene Co., Ltd. Class A
     342,619   1,006,576
Dada Nexus, Ltd. ADR (a)
     45,367   414,201
See accompanying notes to financial statements.
15

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Dalian Huarui Heavy Industry Group Co., Ltd. Class A
     445,500   $ 272,994
Daqo New Energy Corp. ADR (a)
     49,925   2,062,901
DaShenLin Pharmaceutical Group Co., Ltd. Class A
     36,714   173,157
Datang International Power Generation Co., Ltd. Class H
     9,304,000   1,342,483
Dazhong Transportation Group Co., Ltd. Class B (a)
     1,439,850   403,158
Deppon Logistics Co., Ltd. Class A
     138,400   351,663
DHC Software Co., Ltd. Class A
     165,900   185,550
DiDi Global, Inc. ADR (a)
     160,540   401,350
Digital China Group Co., Ltd. Class A
     185,400   420,853
Digital China Information Service Co., Ltd. Class A
     145,000   286,432
Do-Fluoride New Materials Co., Ltd. Class A
     134,300   832,486
Dongfang Electric Corp., Ltd. Class A
     151,800   324,256
Dongfang Electric Corp., Ltd. Class H
     268,000   300,120
Dongfeng Motor Group Co., Ltd. Class H
     2,879,391   2,165,591
Dongjiang Environmental Co., Ltd. Class A
     332,800   362,258
Dongyue Group, Ltd.
     976,000   1,343,474
Double Medical Technology, Inc. Class A
     127,000   851,855
DouYu International Holdings, Ltd. ADR (a)(b)
     68,340   142,147
East Group Co., Ltd. Class A
     184,000   226,083
East Money Information Co., Ltd. Class A
     421,704   1,683,335
Eastern Communications Co., Ltd. Class B
     419,400   188,730
Ebang International Holdings, Inc. Class A (a)(b)
     144,049   167,097
E-Commodities Holdings, Ltd.
     6,250   1,500
Ecovacs Robotics Co., Ltd. Class A
     14,900   255,042
Eoptolink Technology, Inc., Ltd. Class A
     32,513   159,797
ESR Cayman, Ltd. (a)(c)
     562,200   1,748,036
Essex Bio-technology, Ltd. (b)
     1,468,000   813,535
Eve Energy Co., Ltd. Class A
     130,499   1,658,347
Everbright Securities Co., Ltd. Class A
     144,800   284,212
Everest Medicines, Ltd. (a)(c)
     63,500   210,413
Evergrande Property Services Group, Ltd. (a)(b)(c)
     2,936,000   862,272
Fang Holdings, Ltd. ADR (a)(b)
     3,681   12,994
Fanhua, Inc. ADR (b)
     44,323   322,671
Far East Horizon, Ltd. (b)
     3,022,000   2,701,177
FAW Jiefang Group Co., Ltd.
     290,900   395,926
Fiberhome Telecommunication Technologies Co., Ltd. Class A
     30,400   72,455
Fibocom Wireless, Inc. Class A
     21,760   127,480
FinVolution Group ADR
     31,536   125,198
Fire Rock Holdings, Ltd. (b)
     804,000   57,492
First Capital Securities Co., Ltd. Class A
     280,300   258,748
First Tractor Co., Ltd. Class A
     165,500   312,328
Flat Glass Group Co., Ltd. Class A
     186,300   1,320,631
See accompanying notes to financial statements.
16

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Flat Glass Group Co., Ltd. Class H (b)
     196,000   $ 758,332
Focus Media Information Technology Co., Ltd. Class A
     373,500   359,491
Foshan Haitian Flavouring & Food Co., Ltd. Class A
     213,560   2,940,945
Founder Securities Co., Ltd. Class A
     325,000   345,064
Foxconn Industrial Internet Co., Ltd. Class A
     136,000   217,451
Fufeng Group, Ltd. (a)
     71,000   28,195
Fujian Boss Software Development Co., Ltd. Class A
     28,140   91,006
Fujian Green Pine Co., Ltd. Class A
     46,600   55,790
Fujian Longking Co., Ltd. Class A
     143,000   239,005
Fujian Star-net Communication Co., Ltd. Class A
     177,800   570,251
Fujian Sunner Development Co., Ltd. Class A (a)
     135,600   423,370
Fuyao Glass Industry Group Co., Ltd. Class A
     319,217   1,789,156
Fuyao Glass Industry Group Co., Ltd. Class H (c)
     172,000   707,204
Ganfeng Lithium Co., Ltd. Class A
     127,000   2,513,752
Ganfeng Lithium Co., Ltd. Class H (c)
     111,000   1,587,456
Gaotu Techedu, Inc. ADR (a)
     144,739   248,951
G-bits Network Technology Xiamen Co., Ltd. Class A
     14,600   829,114
GCI Science & Technology Co., Ltd. Class A
     321,581   1,090,157
GCL Energy Technology Co., Ltd.
     44,400   121,420
GCL System Integration Technology Co., Ltd. Class A (a)
     441,900   249,905
GDS Holdings, Ltd. ADR (a)
     85,728   3,364,824
Geely Automobile Holdings, Ltd.
     4,369,735   6,896,586
GEM Co., Ltd. Class A
     113,500   149,829
Gemdale Corp. Class A
     144,100   324,152
Genertec Universal Medical Group Co., Ltd. (c)
     776,100   511,361
Genetron Holdings, Ltd. ADR (a)
     25,324   55,460
Genimous Technology Co., Ltd. Class A (a)
     514,900   563,721
Genscript Biotech Corp. (a)
     692,000   2,217,892
Getein Biotech, Inc. Class A
     213,542   688,585
GF Securities Co., Ltd. Class H
     1,858,200   2,638,504
Giant Network Group Co., Ltd. Class A
     310,100   492,401
Gigadevice Semiconductor Beijing, Inc. Class A
     36,960   821,107
Ginlong Technologies Co., Ltd. Class A
     15,500   511,873
Global Bio-Chem Technology Group Co., Ltd. (a)
     1,096,000   16,794
GoerTek, Inc. Class A
     304,100   1,647,901
Goke Microelectronics Co., Ltd. Class A
     19,100   262,215
Golden Solar New Energy Technology Holdings, Ltd. (a)(b)
     416,000   388,835
GoldenHome Living Co., Ltd. Class A
     45,080   229,657
Goldpac Group, Ltd.
     64,000   17,570
GOME Retail Holdings, Ltd. (a)(b)
     12,334,000   771,722
Goodbaby International Holdings, Ltd. (a)
     67,000   8,726
Grand Baoxin Auto Group, Ltd. (a)
     3,158   210
See accompanying notes to financial statements.
17

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Grandjoy Holdings Group Co., Ltd. Class A (a)
     180,100   $ 133,059
Great Wall Motor Co., Ltd. Class H
     3,019,876   4,843,277
Greattown Holdings, Ltd. Class A
     290,800   194,230
Greatview Aseptic Packaging Co., Ltd.
     10,000   2,835
Gree Real Estate Co., Ltd. Class A (a)
     315,600   327,626
Greentown China Holdings, Ltd.
     769,500   1,407,059
Greentown Service Group Co., Ltd.
     484,000   487,004
Grinm Advanced Materials Co., Ltd. Class A
     144,300   357,789
Guangdong Create Century Intelligent Equipment Group Corp Ltd Class A (a)
     110,800   198,976
Guangdong Electric Power Development Co., Ltd. Class B
     2,346,740   632,278
Guangdong Golden Dragon Development, Inc. Class A (a)
     161,000   379,414
Guangdong Haid Group Co., Ltd. Class A
     130,200   1,126,003
Guangdong Hongda Holdings Group Co., Ltd. Class A
     132,800   532,614
Guangdong Huatie Tongda High-speed Railway Equipment Corp. Class A
     648,400   479,040
Guangdong Investment, Ltd.
     3,756,229   5,141,708
Guangdong Kinlong Hardware Products Co., Ltd. Class A
     13,100   221,363
Guangdong Provincial Expressway Development Co., Ltd. Class B
     290,600   219,674
Guangdong Topstar Technology Co., Ltd. Class A
     28,800   54,578
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd. Class A
     274,500   721,265
Guangdong Zhongsheng Pharmaceutical Co., Ltd. Class A
     149,100   387,541
Guangshen Railway Co., Ltd. Class H (a)
     6,202,000   1,053,280
Guangxi Guiguan Electric Power Co., Ltd. Class A
     298,300   250,459
Guangzhou Automobile Group Co., Ltd. Class H
     3,500,090   2,922,924
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class A
     155,100   766,203
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H
     6,000   15,898
Guangzhou Great Power Energy & Technology Co., Ltd. Class A
     30,000   223,437
Guangzhou Haige Communications Group, Inc. Co. Class A
     333,900   538,082
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A
     15,400   178,184
Guangzhou R&F Properties Co., Ltd. Class H (b)
     1,169,082   415,002
Guangzhou Restaurant Group Co., Ltd. Class A
     202,460   664,650
Guangzhou Shiyuan Electronic Technology Co., Ltd. Class A
     4,400   44,443
Guangzhou Tinci Materials Technology Co., Ltd. Class A
     134,849   1,996,787
Guangzhou Wondfo Biotech Co., Ltd. Class A
     11,440   86,628
Guangzhou Yuexiu Financial Holdings Group Co., Ltd. Class A
     462,255   581,086
Guangzhou Zhujiang Brewery Co., Ltd. Class A
     306,800   371,653
Guizhou Xinbang Pharmaceutical Co., Ltd. Class A (a)
     311,700   318,667
See accompanying notes to financial statements.
18

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Guocheng Mining Co., Ltd. Class A
     154,800   $ 397,480
Guodian Technology & Environment Group Corp., Ltd. Class H (a)
     73,000   9,881
Guomai Technologies, Inc. Class A
     305,300   331,362
Guosen Securities Co., Ltd. Class A
     479,800   751,282
Guosheng Financial Holding, Inc. Class A (a)
     156,300   223,810
Guotai Junan Securities Co., Ltd. Class A
     334,200   827,064
Guoxuan High-Tech Co., Ltd. Class A (a)
     50,844   275,601
Guoyuan Securities Co., Ltd. Class A
     184,410   207,705
Haichang Ocean Park Holdings, Ltd. (a)(b)(c)
     1,214,000   604,566
Haidilao International Holding, Ltd. (a)(b)(c)
     486,000   953,209
Haier Smart Home Co., Ltd. Class A
     278,500   1,013,429
Haier Smart Home Co., Ltd. Class H
     1,215,400   3,949,732
Hainan Meilan International Airport Co., Ltd. Class H (a)(b)
     65,000   148,901
Haisco Pharmaceutical Group Co., Ltd. Class A
     162,400   408,040
Haitian International Holdings, Ltd.
     189,000   491,119
Haitong Securities Co., Ltd. Class A
     309,100   501,525
Haitong Securities Co., Ltd. Class H
     3,070,400   2,344,535
Hang Zhou Great Star Industrial Co., Ltd. Class A (a)
     334,000   866,029
Hangjin Technology Co., Ltd. Class A
     152,600   924,528
Hangzhou Chang Chuan Technology Co., Ltd. Class A
     122,130   704,333
Hangzhou Dptech Technologies Co., Ltd. Class A
     17,900   78,050
Hangzhou First Applied Material Co., Ltd. Class A
     146,884   2,625,961
Hangzhou Robam Appliances Co., Ltd. Class A
     34,200   157,259
Hangzhou Silan Microelectronics Co., Ltd. Class A
     124,700   952,718
Hangzhou Steam Turbine Co., Ltd. Class B
     783,320   1,486,342
Hangzhou Tigermed Consulting Co., Ltd. Class A
     109,122   1,849,613
Hansoh Pharmaceutical Group Co., Ltd. (c)
     490,000   820,900
Harbin Boshi Automation Co., Ltd. Class A
     643,420   1,034,848
Harbin Electric Co., Ltd. Class H
     2,726,942   776,500
Health & Happiness H&H International Holdings, Ltd.
     5,000   7,036
Hebei Construction Group Corp., Ltd. Class H
     78,500   9,924
Hefei Meiya Optoelectronic Technology, Inc. Class A
     140,600   592,912
Hello Group, Inc. ADR
     112,939   652,787
Henan Jindan Lactic Acid Technology Co., Ltd. Class A
     12,660   60,627
Henan Lingrui Pharmaceutical Co. Class A
     334,900   697,961
Henan Shenhuo Coal & Power Co., Ltd. Class A
     130,200   287,756
Henan Shuanghui Investment & Development Co., Ltd. Class A
     123,340   564,619
Hengan International Group Co., Ltd.
     777,000   3,591,618
Hengli Petrochemical Co., Ltd. Class A
     421,300   1,379,756
Hisense Home Appliances Group Co., Ltd. Class A
     445,000   779,509
Hithink Royal Flush Information Network Co., Ltd. Class A
     6,200   93,565
See accompanying notes to financial statements.
19

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Holitech Technology Co., Ltd. Class A (a)
     275,900   $ 141,686
Hongda Xingye Co., Ltd. Class A
     433,600   333,323
Hongfa Technology Co., Ltd. Class A
     29,900   222,457
Honghua Group, Ltd. (a)
     14,000   429
Hongli Zhihui Group Co., Ltd. Class A (a)
     47,500   71,309
Honworld Group, Ltd. (a)(c)
     35,000   13,720
Hope Education Group Co., Ltd. (c)
     180,000   17,008
Hopson Development Holdings, Ltd. (b)
     208,990   397,624
Hoshine Silicon Industry Co., Ltd. Class A
     24,100   397,294
Hua Hong Semiconductor, Ltd. (a)(c)
     456,000   1,938,964
Huadian Power International Corp., Ltd. Class H (b)
     3,233,308   995,004
Huadong Medicine Co., Ltd. Class A
     34,200   180,048
Huafon Chemical Co., Ltd. Class A
     1,246,800   1,789,252
Huafu Fashion Co., Ltd. Class A
     153,600   101,382
Huagong Tech Co., Ltd. Class A
     121,200   385,092
Huaibei Mining Holdings Co., Ltd. Class A
     57,200   142,187
Hualan Biological Engineering, Inc. Class A
     259,027   828,726
Huaneng Lancang River Hydropower, Inc. Class A
     25,900   23,745
Huaneng Power International, Inc. Class H (a)(b)
     5,978,416   2,557,358
Huangshan Tourism Development Co., Ltd. Class B (a)
     1,094,582   808,896
Huatai Securities Co., Ltd. Class A
     468,500   1,098,168
Huatai Securities Co., Ltd. Class H (c)
     914,200   1,407,826
Huaxi Securities Co., Ltd. Class A
     335,600   443,548
Huayu Automotive Systems Co., Ltd. Class A
     149,561   470,021
Huazhu Group, Ltd. ADR
     111,853   3,690,030
Hubei Biocause Pharmaceutical Co., Ltd. Class A
     469,500   234,450
Huizhou Desay Sv Automotive Co., Ltd. Class A
     123,562   2,464,583
Humanwell Healthcare Group Co., Ltd. Class A
     33,900   92,118
Hunan Dakang International Food & Agriculture Co., Ltd. Class A (a)
     828,800   442,594
Hunan Gold Corp., Ltd. Class A (a)
     146,700   245,421
Hunan New Wellful Co., Ltd. Class A
     302,300   493,349
Hunan Valin Steel Co., Ltd. Class A
     266,400   230,809
Hundsun Technologies, Inc. Class A
     214,554   1,502,665
HUYA, Inc. ADR (a)
     25,807   115,357
Hygeia Healthcare Holdings Co., Ltd. (b)(c)
     90,800   354,207
Hytera Communications Corp., Ltd. Class A
     493,900   416,245
HyUnion Holding Co., Ltd. Class A (a)
     128,700   254,031
iClick Interactive Asia Group, Ltd. ADR (a)(b)
     26,996   31,855
Iflytek Co., Ltd. Class A
     179,500   1,316,822
iHuman, Inc. ADR (a)
     17,131   36,660
I-Mab ADR (a)
     22,499   365,384
See accompanying notes to financial statements.
20

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Imeik Technology Development Co., Ltd. Class A
     5,700   $ 426,506
Industrial & Commercial Bank of China, Ltd. Class A
     3,340,105   2,509,775
Industrial & Commercial Bank of China, Ltd. Class H
     55,198,021   33,902,301
Industrial Bank Co., Ltd. Class A
     950,600   3,095,241
Industrial Securities Co., Ltd. Class A
     483,800   585,306
INESA Intelligent Tech, Inc. Class B
     2,991,400   1,591,425
Ingenic Semiconductor Co., Ltd. Class A
     35,700   514,403
Inner Mongolia BaoTou Steel Union Co., Ltd. Class A (a)
     2,414,500   848,181
Inner Mongolia ERDOS Resources Co., Ltd. Class A
     58,500   235,544
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd. Class A
     522,900   378,083
Inner Mongolia Yili Industrial Group Co., Ltd. Class A
     196,400   1,141,317
Inner Mongolia Yitai Coal Co., Ltd. Class B
     617,936   671,078
Inner Mongolia Yuan Xing Energy Co., Ltd. Class A (a)
     138,000   212,823
InnoCare Pharma, Ltd. (a)(b)(c)
     188,000   293,352
Innovent Biologics, Inc. (a)(c)
     659,000   2,267,800
Inspur Electronic Information Industry Co., Ltd. Class A
     32,816   140,350
Intco Medical Technology Co., Ltd. Class A
     47,250   344,172
iQIYI, Inc. ADR (a)(b)
     218,596   992,426
IReader Technology Co., Ltd. Class A
     128,700   351,750
IRICO Group New Energy Co., Ltd. Class H (a)
     25,000   37,030
JA Solar Technology Co., Ltd. Class A
     131,100   1,624,887
Jacobio Pharmaceuticals Group Co., Ltd. (a)(c)
     78,600   79,690
Jafron Biomedical Co., Ltd. Class A
     15,420   110,256
Jason Furniture Hangzhou Co., Ltd. Class A
     140,000   1,352,121
JCET Group Co., Ltd. Class A
     45,700   176,952
JD Health International, Inc. (a)(b)(c)
     765,650   4,702,577
JD Logistics, Inc. (a)(b)(c)
     38,200   94,337
JD.com, Inc. ADR (a)(b)
     719,759   41,652,453
JD.com, Inc. Class A (a)
     202,048   6,037,137
Jiajiayue Group Co., Ltd. Class A
     172,400   347,619
Jiangling Motors Corp., Ltd. Class A
     127,600   275,779
Jiangnan Group, Ltd. (a)
     201,000   7,058
Jiangsu Akcome Science & Technology Co., Ltd. Class A (a)
     420,800   236,647
Jiangsu Changshu Rural Commercial Bank Co., Ltd. Class A
     166,500   203,007
Jiangsu Eastern Shenghong Co., Ltd. Class A
     472,000   1,055,812
Jiangsu Expressway Co., Ltd. Class H
     2,725,087   2,853,348
Jiangsu Hengli Hydraulic Co., Ltd. Class A
     128,351   1,052,389
Jiangsu Hengrui Medicine Co., Ltd. Class A
     418,516   2,427,460
Jiangsu Hoperun Software Co., Ltd. Class A (a)
     51,600   161,430
Jiangsu Huaxicun Co., Ltd. Class A
     293,300   255,501
Jiangsu Jiejie Microelectronics Co., Ltd. Class A
     145,250   569,505
See accompanying notes to financial statements.
21

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Jiangsu King's Luck Brewery JSC, Ltd. Class A
     33,100   $ 219,516
Jiangsu Nata Opto-electronic Material Co., Ltd. Class A
     19,600   125,478
Jiangsu Shagang Co., Ltd. Class A
     122,800   109,489
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A
     99,565   2,127,251
Jiangsu Yangnong Chemical Co., Ltd. Class A
     14,500   275,788
Jiangsu Yoke Technology Co., Ltd. Class A
     144,200   1,163,940
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A
     212,078   929,748
Jiangsu Zhongnan Construction Group Co., Ltd. Class A
     164,600   113,569
Jiangxi Copper Co., Ltd. Class H
     1,552,000   2,604,040
Jiangxi Lianchuang Optoelectronic Science & Technology Co., Ltd. Class A
     141,400   568,219
Jiangxi Zhengbang Technology Co., Ltd. Class A
     294,800   358,045
Jiayou International Logistics Co., Ltd. Class A
     569,148   1,643,402
Jinchuan Group International Resources Co., Ltd.
     617,000   89,815
Jinke Properties Group Co., Ltd. Class A
     790,130   611,134
Jinke Smart Services Group Co., Ltd. Class H (b)
     22,400   80,946
JinkoSolar Holding Co., Ltd. ADR (a)(b)
     32,447   1,566,866
Jinxin Fertility Group, Ltd. (a)(c)
     640,500   493,170
JiuGui Liquor Co., Ltd. Class A
     22,500   524,212
Jiumaojiu International Holdings, Ltd. (b)(c)
     225,000   482,672
JL Mag Rare-Earth Co., Ltd. Class A
     18,000   90,679
Joinn Laboratories China Co., Ltd. Class A
     90,420   1,639,300
Jointown Pharmaceutical Group Co., Ltd. Class A
     322,400   674,449
Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd. Class A
     4,300   19,068
Joy City Property, Ltd.
     2,824,000   115,392
Joyoung Co., Ltd. Class A
     284,656   732,256
JOYY, Inc. ADR
     32,299   1,186,342
Ju Teng International Holdings, Ltd.
     134,500   22,499
Juewei Food Co., Ltd. Class A
     19,000   126,096
JW Cayman Therapeutics Co., Ltd. (a)(b)(c)
     108,000   111,980
Kama Co., Ltd. Class B (a)
     1,155,100   363,856
Kandi Technologies Group, Inc. (a)(b)
     8,159   26,109
Kangji Medical Holdings, Ltd. (b)
     117,500   116,429
KE Holdings, Inc. ADR (a)
     381,928   4,724,449
Keboda Technology Co., Ltd. Class A
     10,600   81,820
Kehua Data Co., Ltd. Class A
     34,800   140,393
Keshun Waterproof Technologies Co., Ltd. Class A
     90,360   165,116
Kingboard Holdings, Ltd.
     1,189,758   5,788,209
KingClean Electric Co., Ltd. Class A
     45,640   150,477
Kingdee International Software Group Co., Ltd. (a)
     1,890,700   4,205,633
Kingfa Sci & Tech Co., Ltd. Class A
     54,300   83,313
Kingsoft Cloud Holdings, Ltd. ADR (a)(b)
     58,398   354,476
See accompanying notes to financial statements.
22

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Kingsoft Corp., Ltd.
     616,000   $ 1,997,906
Kintor Pharmaceutical, Ltd. (a)(c)
     133,000   165,583
Konfoong Materials International Co., Ltd. Class A
     20,700   182,475
Konka Group Co., Ltd. Class B
     3,276,323   874,367
Koolearn Technology Holding, Ltd. (a)(b)(c)
     116,000   58,804
KPC Pharmaceuticals, Inc. Class A
     150,400   288,096
Kuaishou Technology (a)(c)
     1,105,000   10,469,520
Kuang-Chi Technologies Co., Ltd. Class A (a)
     196,790   532,267
Kunlun Energy Co., Ltd.
     4,622,152   4,031,118
Kunming Yunnei Power Co., Ltd. Class A
     169,200   84,759
Kweichow Moutai Co., Ltd. Class A
     107,050   28,988,036
KWG Group Holdings, Ltd. (a)(b)
     1,561,668   646,092
KWG Living Group Holdings, Ltd.
     592,333   220,856
Lao Feng Xiang Co., Ltd. Class A
     27,600   184,649
Lao Feng Xiang Co., Ltd. Class B
     7,130   23,786
Laobaixing Pharmacy Chain JSC Class A
     26,600   151,519
LB Group Co., Ltd. Class A
     160,700   585,528
Lee & Man Paper Manufacturing, Ltd.
     76,000   39,692
Lenovo Group, Ltd. (b)
     6,892,282   7,498,307
Lens Technology Co., Ltd. Class A
     284,865   523,680
Leo Group Co., Ltd. Class A
     1,620,000   533,356
LexinFintech Holdings, Ltd. ADR (a)
     58,887   154,284
Li Auto, Inc. ADR (a)
     189,943   4,902,429
Li Ning Co., Ltd.
     1,826,193   15,763,548
Lianhua Supermarket Holdings Co., Ltd. Class H (a)
     13,000   1,013
Lifetech Scientific Corp. (a)(b)
     2,942,000   984,248
Lingyi iTech Guangdong Co. Class A (a)
     605,700   484,705
Link Motion, Inc. ADR (a)(f)
     16,509   —
Linklogis, Inc. Class B (a)(b)(c)
     334,500   318,209
Livzon Pharmaceutical Group, Inc. Class H
     255,727   919,212
Longfor Group Holdings, Ltd. (c)
     1,084,500   5,580,784
LONGi Green Energy Technology Co., Ltd. Class A
     455,460   5,179,449
Longshine Technology Group Co., Ltd. Class A
     39,450   172,824
Lu Thai Textile Co., Ltd. Class B
     149,100   72,347
Luenmei Quantum Co., Ltd. Class A
     331,808   373,722
Lufax Holding, Ltd. ADR (a)
     325,533   1,813,219
Luokung Technology Corp. (a)
     324,675   166,786
Luoyang Glass Co., Ltd. Class H (a)(b)
     76,000   113,737
Luoyang Xinqianglian Slewing Bearing Co., Ltd. Class A
     4,200   74,954
Luxshare Precision Industry Co., Ltd. Class A
     639,429   3,193,066
Luye Pharma Group, Ltd. (a)(b)(c)
     763,000   292,285
Luzhou Laojiao Co., Ltd. Class A
     130,742   3,828,283
See accompanying notes to financial statements.
23

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Maanshan Iron & Steel Co., Ltd. Class H
     2,210,000   $ 888,922
Maccura Biotechnology Co., Ltd. Class A
     37,572   145,539
Mango Excellent Media Co., Ltd. Class A
     107,850   529,388
Markor International Home Furnishings Co., Ltd. Class A (a)
     628,400   332,607
Maxscend Microelectronics Co., Ltd. Class A
     21,060   696,415
Meinian Onehealth Healthcare Holdings Co., Ltd. Class A (a)
     313,560   290,932
Meitu, Inc. (a)(b)(c)
     2,268,000   269,331
Meituan Class B (a)(c)
     3,164,727   62,879,118
Metallurgical Corp. of China, Ltd. Class A
     132,600   78,331
Metallurgical Corp. of China, Ltd. Class H (b)
     1,517,000   410,660
Microport Cardioflow Medtech Corp. (a)(b)(c)
     104,000   37,848
Microport Scientific Corp. (a)
     451,237   1,024,465
Milkyway Chemical Supply Chain Service Co., Ltd. Class A
     23,525   455,966
Ming Yang Smart Energy Group, Ltd. Class A
     3,700   12,922
Ming Yuan Cloud Group Holdings, Ltd. (b)
     372,000   512,062
Minth Group, Ltd.
     250,000   616,748
MLS Co., Ltd. Class A
     49,748   90,592
MMG, Ltd. (a)
     1,692,000   682,728
MOBI Development Co., Ltd. (a)
     1,112,000   35,072
Mobvista, Inc. (a)(b)(c)
     105,000   70,926
Montage Technology Co., Ltd. Class A
     71,623   759,318
Montnets Cloud Technology Group Co., Ltd. Class A (a)
     306,900   598,513
Muyuan Foods Co., Ltd. Class A
     422,084   3,780,611
Nam Tai Property, Inc. (a)(b)
     34,362   214,763
NanJi E-Commerce Co., Ltd. Class A
     519,700   445,357
Nanjing Hanrui Cobalt Co., Ltd. Class A
     7,500   74,833
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. Class A
     6,253   30,910
NARI Technology Co., Ltd. Class A
     219,380   1,088,243
National Agricultural Holdings, Ltd. (a)(b)(f)
     72,000   —
National Silicon Industry Group Co., Ltd. Class A (a)
     107,926   372,839
NAURA Technology Group Co., Ltd. Class A
     30,200   1,303,508
NavInfo Co., Ltd. Class A (a)
     172,800   380,274
NetDragon Websoft Holdings, Ltd.
     34,500   72,248
NetEase, Inc. ADR
     306,345   27,476,083
New China Life Insurance Co., Ltd. Class H
     773,500   2,163,042
New Hope Liuhe Co., Ltd. Class A (a)
     437,100   1,169,162
New Horizon Health, Ltd. (a)(c)
     18,500   53,860
New Oriental Education & Technology Group, Inc. ADR (a)
     1,252,045   1,439,852
Newland Digital Technology Co., Ltd. Class A
     415,320   1,101,745
Ninestar Corp. Class A
     26,600   179,090
Ningbo Jifeng Auto Parts Co., Ltd. Class A
     303,000   435,782
See accompanying notes to financial statements.
24

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Ningbo Joyson Electronic Corp. Class A
     33,300   $ 74,121
Ningbo Sanxing Medical Electric Co., Ltd. Class A
     156,800   270,715
Ningbo Tuopu Group Co., Ltd. Class A
     55,200   493,905
Ningbo Xusheng Auto Technology Co., Ltd. Class A
     27,200   133,256
Ningxia Baofeng Energy Group Co., Ltd. Class A
     51,000   119,384
NIO, Inc. ADR (a)
     1,058,295   22,277,110
NiSun International Enterprise Development Group Co., Ltd. (a)
     1,328   1,299
Niu Technologies ADR (a)
     17,551   169,543
Noah Holdings, Ltd. ADR (a)
     13,974   328,808
Nongfu Spring Co., Ltd. Class H (b)(c)
     1,022,600   5,451,586
Northeast Securities Co., Ltd. Class A
     154,400   188,254
Ocumension Therapeutics (a)(b)(c)
     11,000   14,074
Offcn Education Technology Co., Ltd. Class A (a)
     52,100   46,042
OFILM Group Co., Ltd. Class A (a)
     146,700   164,538
OneConnect Financial Technology Co., Ltd. (a)
     41,976   59,186
Oppein Home Group, Inc. Class A
     18,620   343,180
Orient Securities Co., Ltd. Class A
     317,100   548,472
Ourgame International Holdings, Ltd. (a)
     65,000   1,660
Ourpalm Co., Ltd. Class A (a)
     104,300   59,806
Ovctek China, Inc. Class A
     9,700   55,818
Ozner Water International Holding, Ltd. (a)(c)
     738,000   —
Pacific Online, Ltd.
     159,000   26,191
Parkson Retail Group, Ltd. (a)
     1,247,000   28,980
PCI-Suntek Technology Co., Ltd. Class A
     11,100   13,027
Peijia Medical, Ltd. (a)(c)
     99,000   89,754
People's Insurance Co. Group of China, Ltd. Class A
     51,900   37,445
People's Insurance Co. Group of China, Ltd. Class H
     6,132,000   2,012,315
Perfect World Co., Ltd. Class A
     313,450   634,988
PetroChina Co., Ltd. Class H
     21,597,988   11,196,955
Pharmaron Beijing Co., Ltd. Class A
     107,900   2,005,671
PhiChem Corp. Class A
     43,000   199,553
PICC Property & Casualty Co., Ltd. Class H
     7,375,641   7,553,265
Pinduoduo, Inc. ADR (a)
     329,026   13,197,233
Ping An Bank Co., Ltd. Class A
     809,200   1,960,507
Ping An Healthcare & Technology Co., Ltd. (a)(b)(c)
     456,400   1,200,531
Ping An Insurance Group Co. of China, Ltd. Class A
     466,930   3,563,705
Ping An Insurance Group Co. of China, Ltd. Class H
     4,759,420   33,820,482
PNC Process Systems Co., Ltd. Class A
     35,346   204,289
Poly Culture Group Corp., Ltd. Class H (a)
     7,200   4,395
Poly Developments & Holdings Group Co., Ltd. Class A
     501,600   1,398,579
Poly Property Group Co., Ltd.
     1,471,000   371,911
See accompanying notes to financial statements.
25

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Pop Mart International Group, Ltd. (b)(c)
     519,200   $ 2,280,624
Postal Savings Bank of China Co., Ltd. Class A
     122,000   103,587
Postal Savings Bank of China Co., Ltd. Class H (b)(c)
     5,333,000   4,324,201
Prosperous Future Holdings, Ltd. (a)
     415,000   3,656
Prosus NV (a)
     14,200   767,467
Puxin, Ltd. ADR (a)(b)
     1,612   3,353
PW Medtech Group, Ltd. (a)
     68,000   7,554
Qianhe Condiment & Food Co., Ltd. Class A
     209,588   576,787
Qingdao Gon Technology Co., Ltd. Class A
     145,500   514,101
Qingdao Haier Biomedical Co., Ltd. Class A
     5,539   62,300
Qingdao Hanhe Cable Co., Ltd. Class A
     791,200   545,904
Qingdao TGOOD Electric Co., Ltd. Class A
     51,400   151,250
QuakeSafe Technologies Co., Ltd. Class A
     6,400   60,954
Quectel Wireless Solutions Co., Ltd. Class A
     9,230   260,349
Qutoutiao, Inc. ADR (a)(b)
     35,703   53,912
Realcan Pharmaceutical Group Co., Ltd. Class A
     135,400   107,713
Red Avenue New Materials Group Co., Ltd. Class A
     14,300   81,163
Remegen Co., Ltd. Class H (a)(b)(c)
     51,500   305,788
ReneSola, Ltd. ADR (a)(b)
     25,041   145,488
Richinfo Technology Co., Ltd. Class A
     28,100   59,537
Risen Energy Co., Ltd. Class A
     113,900   417,519
Riyue Heavy Industry Co., Ltd. Class A
     44,400   144,780
RLX Technology, Inc. ADR (a)(b)
     569,994   1,020,289
Rongsheng Petrochemical Co., Ltd. Class A
     465,900   1,049,506
Roshow Technology Co., Ltd. Class A (a)
     121,600   213,199
Sai Micro Electronics, Inc. Class A
     47,600   132,345
SAIC Motor Corp., Ltd. Class A
     344,600   922,827
Sailun Group Co., Ltd. Class A
     847,232   1,315,938
Sangfor Technologies, Inc. Class A
     19,261   338,488
Sany Heavy Industry Co., Ltd. Class A
     596,300   1,645,717
Satellite Chemical Co., Ltd. Class A
     196,720   1,220,959
SDIC Capital Co., Ltd. Class A
     757,077   840,786
SDIC Power Holdings Co., Ltd. Class A
     305,300   449,190
Sealand Securities Co., Ltd. Class A
     961,740   566,612
Seazen Group, Ltd. (a)
     511,238   275,484
Seazen Holdings Co., Ltd. Class A
     31,600   160,138
SF Holding Co., Ltd. Class A
     208,500   1,500,992
SG Micro Corp. Class A
     18,225   937,419
Shaanxi Construction Machinery Co., Ltd. Class A
     134,700   179,512
Shaanxi International Trust Co., Ltd. Class A
     641,400   319,280
Shandong Airlines Co., Ltd. Class B (a)
     5,800   2,326
Shandong Chenming Paper Holdings, Ltd. Class B
     414,500   157,196
See accompanying notes to financial statements.
26

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Shandong Dawn Polymer Co., Ltd. Class A
     27,200   $ 73,612
Shandong Denghai Seeds Co., Ltd. Class A
     7,200   27,073
Shandong Dongyue Organosilicon Material Co., Ltd. Class A
     26,300   67,406
Shandong Gold Mining Co., Ltd. Class A
     444,680   1,506,060
Shandong Himile Mechanical Science & Technology Co., Ltd. Class A
     282,300   859,605
Shandong Hualu Hengsheng Chemical Co., Ltd. Class A
     35,300   181,113
Shandong Humon Smelting Co., Ltd. Class A
     133,000   224,387
Shandong Linglong Tyre Co., Ltd. Class A
     133,700   464,826
Shandong Molong Petroleum Machinery Co., Ltd. Class A (a)
     309,900   213,334
Shandong Pharmaceutical Glass Co., Ltd. Class A
     18,364   76,718
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
     1,225,600   1,313,020
Shandong Xinhua Pharmaceutical Co., Ltd. Class A
     341,492   529,337
Shandong Yisheng Livestock & Poultry Breeding Co., Ltd. Class A (a)
     169,940   243,074
Shanghai 2345 Network Holding Group Co., Ltd. Class A (a)
     779,700   280,039
Shanghai AtHub Co., Ltd. Class A
     152,060   861,372
Shanghai Bairun Investment Holding Group Co., Ltd. Class A
     180,940   1,026,964
Shanghai Baosight Software Co., Ltd. Class A
     153,600   1,179,566
Shanghai Baosight Software Co., Ltd. Class B
     852,884   3,471,238
Shanghai Belling Co., Ltd. Class A
     134,300   412,752
Shanghai Chlor-Alkali Chemical Co., Ltd. Class B
     2,331,020   1,522,156
Shanghai Daimay Automotive Interior Co., Ltd. Class A
     255,618   577,427
Shanghai Dazhong Public Utilities Group Co., Ltd. Class A
     468,700   259,893
Shanghai Electric Group Co., Ltd. Class H
     6,220,077   1,636,152
Shanghai Environment Group Co., Ltd. Class A
     142,000   237,558
Shanghai Fengyuzhu Culture & Technology Co., Ltd. Class A
     185,830   664,797
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A
     195,200   1,639,863
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H
     144,500   706,687
Shanghai Fudan Microelectronics Group Co., Ltd. Class H (a)(b)
     174,000   522,129
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H
     8,000   3,810
Shanghai Fullhan Microelectronics Co., Ltd. Class A
     17,244   304,047
Shanghai Haohai Biological Technology Co., Ltd. Class A
     13,020   198,025
Shanghai Henlius Biotech, Inc. Class H (a)(b)(c)
     17,400   46,214
Shanghai Huayi Group Co., Ltd. Class B
     284,900   203,134
Shanghai Industrial Urban Development Group, Ltd.
     26,000   2,357
Shanghai International Airport Co., Ltd. Class A (a)
     146,500   1,135,426
Shanghai International Port Group Co., Ltd. Class A
     1,109,500   956,029
Shanghai Jin Jiang Capital Co., Ltd. Class H
     28,000   10,905
Shanghai Jin Jiang Online Network Service Co., Ltd. Class B
     1,286,274   760,188
Shanghai Jinjiang International Hotels Co., Ltd. Class B
     333,700   666,065
See accompanying notes to financial statements.
27

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Shanghai Jinjiang International Travel Co., Ltd. Class B
     652,200   $ 956,125
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B
     1,107,066   1,037,321
Shanghai Junshi Biosciences Co., Ltd. Class A (a)
     24,709   339,374
Shanghai Junshi Biosciences Co., Ltd. Class H (a)(b)(c)
     4,400   31,295
Shanghai Kelai Mechatronics Engineering Co., Ltd. Class A
     21,100   65,280
Shanghai Liangxin Electrical Co., Ltd. Class A
     44,980   85,452
Shanghai Lingang Holdings Corp., Ltd. Class B
     344,320   369,800
Shanghai Lingyun Industries Development Co., Ltd. Class B (a)
     2,652,672   1,517,328
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class A
     129,300   237,291
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B
     763,568   714,700
Shanghai M&G Stationery, Inc. Class A
     144,281   1,110,955
Shanghai Maling Aquarius Co., Ltd. Class A
     148,600   173,458
Shanghai Medicilon, Inc. Class A
     3,781   269,526
Shanghai Moons' Electric Co., Ltd. Class A
     314,716   803,138
Shanghai New Power Automotive Technology Co., Ltd. Class B
     425,740   234,583
Shanghai Pharmaceuticals Holding Co., Ltd. Class A
     294,900   1,138,608
Shanghai Pharmaceuticals Holding Co., Ltd. Class H
     309,200   596,179
Shanghai Pudong Development Bank Co., Ltd. Class A
     1,138,300   1,434,508
Shanghai Putailai New Energy Technology Co., Ltd. Class A
     34,300   759,365
Shanghai RAAS Blood Products Co., Ltd. Class A
     449,000   423,672
Shanghai Runda Medical Technology Co., Ltd. Class A
     179,300   345,432
Shanghai Shibei Hi-Tech Co., Ltd. Class B
     560,800   161,510
Shanghai Sinyang Semiconductor Materials Co., Ltd. Class A
     30,400   171,871
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class A
     124,600   269,491
Shanghai Wanye Enterprises Co., Ltd. Class A
     166,140   560,072
Shanghai Weaver Network Co., Ltd. Class A
     179,638   1,509,977
Shanghai Yaoji Technology Co., Ltd. Class A
     33,500   99,527
Shanghai Yuyuan Tourist Mart Group Co., Ltd. Class A
     449,488   720,104
Shanghai Zhangjiang High-Tech Park Development Co., Ltd. Class A
     138,200   298,253
Shanghai Zijiang Enterprise Group Co., Ltd. Class A
     621,700   581,733
Shanxi Coking Coal Energy Group Co., Ltd. Class A
     107,700   210,714
Shanxi Lu'an Environmental Energy Development Co., Ltd. Class A
     43,200   112,966
Shanxi Meijin Energy Co., Ltd. Class A (a)
     300,300   605,983
Shanxi Securities Co., Ltd. Class A
     187,330   167,024
Shanxi Taigang Stainless Steel Co., Ltd. Class A
     325,600   343,649
See accompanying notes to financial statements.
28

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A
     50,520   $ 2,028,567
Shengda Resources Co., Ltd. Class A (a)
     142,300   294,548
Shenghe Resources Holding Co., Ltd. Class A
     61,200   163,602
Shengjing Bank Co., Ltd. Class H (a)(c)
     640,800   512,221
Shengyi Technology Co., Ltd. Class A
     306,300   777,801
Shennan Circuits Co., Ltd. Class A
     23,660   338,234
Shenwan Hongyuan Group Co., Ltd. Class A
     633,800   437,303
Shenwan Hongyuan HK, Ltd.
     10,000   970
Shenzhen Agricultural Products Group Co., Ltd. Class A
     607,000   591,883
Shenzhen Anche Technologies Co., Ltd. Class A
     12,100   31,793
Shenzhen Capchem Technology Co., Ltd. Class A
     12,600   161,864
Shenzhen Das Intellitech Co., Ltd. Class A
     1,120,037   584,005
Shenzhen Desay Battery Technology Co. Class A
     47,270   273,354
Shenzhen Energy Group Co., Ltd. Class A
     131,200   132,893
Shenzhen Envicool Technology Co., Ltd. Class A
     31,900   177,638
Shenzhen Expressway Corp., Ltd. Class H
     2,796,108   2,945,564
Shenzhen Fastprint Circuit Tech Co., Ltd. Class A
     441,200   696,401
Shenzhen Gongjin Electronics Co., Ltd. Class A
     322,000   390,574
Shenzhen Goodix Technology Co., Ltd. Class A
     19,400   216,673
Shenzhen H&T Intelligent Control Co., Ltd. Class A
     303,600   841,726
Shenzhen Hepalink Pharmaceutical Group Co., Ltd. Class A
     175,200   405,978
Shenzhen Infogem Technologies Co., Ltd. Class A
     33,600   67,379
Shenzhen Inovance Technology Co., Ltd. Class A
     135,158   1,213,592
Shenzhen International Holdings, Ltd.
     897,856   949,287
Shenzhen Investment, Ltd.
     3,102,326   693,244
Shenzhen Jinjia Group Co., Ltd. Class A
     288,900   628,489
Shenzhen Jufei Optoelectronics Co., Ltd. Class A
     178,800   138,013
Shenzhen Kaifa Technology Co., Ltd. Class A
     178,800   319,401
Shenzhen Kangtai Biological Products Co., Ltd. Class A
     37,400   549,385
Shenzhen Kedali Industry Co., Ltd. Class A
     17,100   398,670
Shenzhen Kingdom Sci-Tech Co., Ltd. Class A
     160,100   338,454
Shenzhen Kinwong Electronic Co., Ltd. Class A
     21,420   79,362
Shenzhen Megmeet Electrical Co., Ltd. Class A
     146,600   534,153
Shenzhen Microgate Technology Co., Ltd. Class A (a)
     91,600   137,658
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A
     53,822   2,605,001
Shenzhen MTC Co., Ltd. Class A (a)
     1,600,200   920,075
Shenzhen Neptunus Bioengineering Co., Ltd. Class A (a)
     1,266,162   767,903
Shenzhen New Industries Biomedical Engineering Co., Ltd. Class A
     13,730   73,472
Shenzhen SC New Energy Technology Corp. Class A
     34,501   398,918
Shenzhen SDG Information Co., Ltd. Class A (a)
     276,700   246,271
Shenzhen Senior Technology Material Co., Ltd. Class A
     30,000   178,542
See accompanying notes to financial statements.
29

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Shenzhen Sunlord Electronics Co., Ltd. Class A
     133,400   $ 537,122
Shenzhen Suntak Circuit Technology Co., Ltd. Class A
     35,400   66,973
Shenzhen Sunway Communication Co., Ltd. Class A
     22,200   63,053
Shenzhen Tagen Group Co., Ltd. Class A
     299,800   325,864
Shenzhen Transsion Holdings Co., Ltd. Class A
     38,077   573,485
Shenzhen Weiguang Biological Products Co., Ltd. Class A
     6,162   29,421
Shenzhen Yinghe Technology Co., Ltd. Class A
     23,300   100,495
Shenzhen Yitoa Intelligent Control Co., Ltd. Class A (a)
     151,700   132,628
Shenzhen YUTO Packaging Technology Co., Ltd. Class A
     34,400   141,326
Shenzhou International Group Holdings, Ltd.
     556,800   7,451,112
Shijiazhuang Changshan BeiMing Technology Co., Ltd. Class A (a)
     323,600   337,970
Shimao Group Holdings, Ltd. (b)
     1,562,220   881,709
Shimao Services Holdings, Ltd. (b)(c)
     337,000   180,734
Shoucheng Holdings, Ltd. (b)
     720,400   106,707
Sichuan Hebang Biotechnology Co., Ltd. Class A (a)
     939,900   519,691
Sichuan Kelun Pharmaceutical Co., Ltd. Class A
     26,500   72,344
Sichuan New Energy Power Co., Ltd. (a)
     59,900   183,811
Sichuan Swellfun Co., Ltd. Class A
     21,800   282,867
Sichuan Yahua Industrial Group Co., Ltd. Class A
     33,500   152,299
Sieyuan Electric Co., Ltd. Class A
     149,100   770,385
Sihuan Pharmaceutical Holdings Group, Ltd. (b)
     919,000   184,237
Silergy Corp.
     8,955   1,072,043
Silver Grant International Holdings Group, Ltd. (a)
     142,000   7,797
Sino Wealth Electronic, Ltd. Class A
     27,170   245,759
Sinocare, Inc. Class A
     35,100   102,843
Sinofert Holdings, Ltd. (a)(b)
     130,000   22,078
Sinoma Science & Technology Co., Ltd. Class A
     418,793   1,601,785
SinoMedia Holding, Ltd.
     65,000   7,719
Sinomine Resource Group Co., Ltd. Class A
     18,900   265,185
Sino-Ocean Group Holding, Ltd.
     6,189,980   1,319,977
Sinopec Oilfield Service Corp. Class H (a)
     148,000   12,095
Sinopec Shanghai Petrochemical Co., Ltd. Class H
     6,200,600   1,290,571
Sinopharm Group Co., Ltd. Class H
     1,212,000   2,767,137
Sino-Platinum Metals Co., Ltd. Class A
     162,930   523,585
Sinosoft Technology Group, Ltd. (b)
     1,361,600   100,841
Sinotrans, Ltd. Class H
     6,635,024   2,075,722
Sinotruk Hong Kong, Ltd.
     110,500   169,318
Sinovac Biotech, Ltd. (a)(b)
     63,289   409,480
SITC International Holdings Co., Ltd.
     991,000   3,511,537
Skshu Paint Co., Ltd. Class A
     115,236   1,609,067
Skyworth Digital Co., Ltd. Class A
     443,300   986,027
See accompanying notes to financial statements.
30

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Smoore International Holdings, Ltd. (b)(c)
     1,266,000   $ 3,039,150
SOHO China, Ltd. (a)(b)
     702,000   136,252
Sohu.com, Ltd. ADR (a)(b)
     9,718   163,457
SooChow Securities Co., Ltd. Class A
     191,230   225,629
SOS, Ltd. (a)
     144,830   77,716
South Manganese Investment, Ltd. (a)(b)
     533,000   68,740
Southwest Securities Co., Ltd. Class A
     664,700   455,482
SPT Energy Group, Inc. (a)
     20,000   702
StarPower Semiconductor, Ltd. Class A
     9,600   584,641
STO Express Co., Ltd. Class A (a)
     158,579   185,605
Sumavision Technologies Co., Ltd. Class A (a)
     109,400   112,879
Sun Art Retail Group, Ltd. (b)
     1,514,500   551,156
Sun King Technology Group, Ltd. (a)
     192,000   67,911
Sunac China Holdings, Ltd. (b)
     1,765,000   1,032,216
Sunac Services Holdings, Ltd. (a)(b)(c)
     315,000   195,080
Sungrow Power Supply Co., Ltd. Class A
     138,053   2,332,598
Suning Universal Co., Ltd. Class A (a)
     435,700   306,111
Suning.com Co., Ltd. Class A (a)
     320,900   174,399
Sunny Optical Technology Group Co., Ltd.
     599,900   9,659,498
Sunresin New Materials Co., Ltd. Class A
     21,200   264,194
Sunward Intelligent Equipment Co., Ltd. Class A
     291,600   338,082
Sunwoda Electronic Co., Ltd. Class A
     129,000   558,829
Suzhou Anjie Technology Co., Ltd. Class A
     152,400   296,489
Suzhou Dongshan Precision Manufacturing Co., Ltd. Class A
     174,200   512,603
Suzhou Good-Ark Electronics Co., Ltd. Class A
     103,681   172,636
Suzhou Maxwell Technologies Co., Ltd. Class A
     5,400   447,594
Suzhou Secote Precision Electronic Co., Ltd. Class A
     14,500   45,774
Suzhou TA&A Ultra Clean Technology Co., Ltd. Class A
     31,600   356,415
Synertone Communication Corp. (a)
     10,880   256
Taiji Computer Corp., Ltd. Class A
     163,636   548,796
TAL Education Group ADR (a)
     305,253   918,812
Tangrenshen Group Co., Ltd. Class A
     303,600   502,166
Tangshan Jidong Cement Co., Ltd. Class A
     22,700   42,803
TBEA Co., Ltd. Class A
     121,900   391,349
TCL Electronics Holdings, Ltd.
     52,000   22,244
TCL Technology Group Corp Class A
     1,082,300   837,116
Tech-Bank Food Co., Ltd. Class A
     428,320   591,056
Telling Telecommunication Holding Co., Ltd. Class A
     51,300   103,520
Tencent Holdings, Ltd.
     4,696,020   224,385,255
Tencent Music Entertainment Group ADR (a)
     377,271   1,837,310
Thunder Software Technology Co., Ltd. Class A
     19,500   304,721
Tian Ge Interactive Holdings, Ltd. (a)(c)
     70,000   7,329
See accompanying notes to financial statements.
31

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Tianfeng Securities Co., Ltd. Class A
     626,330   $ 342,365
Tiangong International Co., Ltd.
     280,000   114,411
Tianjin 712 Communication & Broadcasting Co., Ltd. Class A
     23,800   130,021
Tianjin Capital Environmental Protection Group Co., Ltd. Class A
     160,500   188,865
Tianjin Zhonghuan Semiconductor Co., Ltd. Class A
     293,500   1,974,205
Tianma Microelectronics Co., Ltd. Class A
     133,900   220,421
Tianneng Power International, Ltd. (b)
     288,000   247,864
Tianshan Aluminum Group Co., Ltd. Class A
     200,000   243,222
Tianshui Huatian Technology Co., Ltd. Class A
     200,000   331,123
Tibet Summit Resources Co., Ltd. Class A (a)
     53,900   224,580
Tingyi Cayman Islands Holding Corp.
     2,581,020   4,350,367
Titan Wind Energy Suzhou Co., Ltd. Class A
     593,289   1,241,140
Tofflon Science & Technology Group Co., Ltd. Class A
     13,400   83,147
Toly Bread Co., Ltd. Class A
     7,560   23,961
Tong Ren Tang Technologies Co., Ltd. Class H
     10,000   8,543
Tongcheng Travel Holdings, Ltd. (a)
     474,400   848,073
TongFu Microelectronics Co., Ltd. Class A
     124,344   324,762
Tongling Jingda Special Magnet Wire Co., Ltd. Class A
     91,900   75,569
Tongwei Co., Ltd. Class A
     339,200   2,281,068
Topchoice Medical Corp. Class A (a)
     29,500   664,901
Topsec Technologies Group, Inc. Class A
     286,400   510,260
Topsports International Holdings, Ltd. (c)
     906,000   757,757
Transfar Zhilian Co., Ltd. Class A
     157,700   156,754
TravelSky Technology, Ltd. Class H
     1,556,514   2,245,909
Trigiant Group, Ltd. (a)
     22,000   1,334
Trip.com Group, Ltd. ADR (a)
     377,247   8,721,951
Tsingtao Brewery Co., Ltd. Class A
     184,844   2,300,613
Tsingtao Brewery Co., Ltd. Class H
     274,000   2,179,712
Tuya, Inc. ADR (a)
     35,246   104,328
UE Furniture Co., Ltd. Class A
     489,887   713,057
Unigroup Guoxin Microelectronics Co., Ltd. Class A
     38,400   1,237,274
Uni-President China Holdings, Ltd.
     145,000   126,459
Unisplendour Corp., Ltd. Class A
     185,576   571,511
Universal Health International Group Holding, Ltd. (a)
     6,900   115
Universal Scientific Industrial Shanghai Co., Ltd. Class A
     163,600   312,350
Up Fintech Holding, Ltd. ADR (a)(b)
     70,407   344,994
Uxin, Ltd. ADR (a)(b)
     115,946   118,265
Valiant Co., Ltd. Class A
     317,900   905,911
Vatti Corp., Ltd. Class A
     145,100   125,715
Venus MedTech Hangzhou, Inc. Class H (a)(b)(c)
     35,000   72,401
Vipshop Holdings, Ltd. ADR (a)
     322,329   2,900,961
See accompanying notes to financial statements.
32

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Virscend Education Co., Ltd. (b)(c)
     131,000   $ 7,695
Visionox Technology, Inc. Class A (a)
     131,500   146,868
Visual China Group Co., Ltd. Class A
     166,500   424,899
Viva Biotech Holdings (b)(c)
     524,500   207,619
Vnet Group, Inc. ADR (a)
     64,169   374,105
Walvax Biotechnology Co., Ltd. Class A
     136,400   1,178,978
Wanda Hotel Development Co., Ltd. (a)
     780,000   32,370
Wangneng Environment Co., Ltd. Class A
     149,610   435,059
Wanhua Chemical Group Co., Ltd. Class A
     156,200   1,990,362
Want Want China Holdings, Ltd.
     6,481,976   5,992,480
Wasu Media Holding Co., Ltd. Class A
     280,100   357,400
Weibo Corp. ADR (a)
     35,358   866,625
Weichai Power Co., Ltd. Class A
     1,618,788   3,404,297
Weichai Power Co., Ltd. Class H
     1,175,000   1,857,458
Weimob, Inc. (a)(b)(c)
     1,372,000   903,992
Wellhope Foods Co., Ltd. Class A
     265,400   400,519
Wens Foodstuffs Group Co., Ltd. Class A (a)
     47,400   164,643
West China Cement, Ltd.
     2,952,000   471,180
Western Superconducting Technologies Co., Ltd. Class A
     17,733   241,967
Westone Information Industry, Inc. Class A
     27,100   193,855
Will Semiconductor Co., Ltd. Shanghai Class A
     44,966   1,369,926
Wingtech Technology Co., Ltd. Class A
     108,272   1,386,638
Winning Health Technology Group Co., Ltd. Class A
     212,900   314,918
Wisdom Sports Group (a)
     50,000   881
Wolong Electric Group Co., Ltd. Class A
     158,600   327,788
Wuhan DR Laser Technology Corp., Ltd. Class A
     13,160   491,316
Wuhan Guide Infrared Co., Ltd. Class A
     444,134   1,192,874
Wuhan Jingce Electronic Group Co., Ltd. Class A
     13,700   93,123
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. Class A
     321,230   1,186,630
Wuliangye Yibin Co., Ltd. Class A
     289,875   7,080,547
WUS Printed Circuit Kunshan Co., Ltd. Class A
     188,450   393,043
WuXi AppTec Co., Ltd. Class A
     315,099   5,578,177
WuXi AppTec Co., Ltd. Class H (c)
     216,200   3,437,048
Wuxi Biologics Cayman, Inc. (a)(c)
     2,513,500   20,877,899
Wuxi Boton Technology Co., Ltd. Class A
     33,900   106,643
Wuxi Shangji Automation Co., Ltd. Class A
     21,200   457,857
Wuxi Taiji Industry Co., Ltd. Class A
     131,000   148,374
X Financial ADR (a)
     42,951   118,545
XD, Inc. (a)(b)
     186,400   578,379
Xiabuxiabu Catering Management China Holdings Co., Ltd. (a)(b)(c)
     202,000   102,143
Xiamen International Port Co., Ltd. Class H
     26,000   2,789
See accompanying notes to financial statements.
33

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Xiamen Jihong Technology Co., Ltd. Class A
     27,000   $ 63,373
Xiamen Kingdomway Group Co. Class A
     136,400   644,173
Xiangcai Co., Ltd. Class A
     66,400   86,607
Xiangpiaopiao Food Co., Ltd. Class A
     3,700   7,624
Xiaomi Corp. Class B (a)(c)
     11,981,600   21,327,413
Xilinmen Furniture Co., Ltd. Class A
     144,700   660,577
Xinchen China Power Holdings, Ltd. (a)
     661,000   38,826
Xinhua Winshare Publishing & Media Co., Ltd. Class A
     197,600   296,333
Xinhuanet Co., Ltd. Class A
     116,000   317,953
Xinjiang Goldwind Science & Technology Co., Ltd. Class A
     623,100   1,288,780
Xinjiang Goldwind Science & Technology Co., Ltd. Class H
     16,260   24,541
Xinjiang Tianshan Cement Co., Ltd. Class A
     154,000   319,737
Xinjiang Xinxin Mining Industry Co., Ltd. Class H (a)
     427,000   76,334
Xinte Energy Co., Ltd. Class H
     139,600   344,036
Xinyangfeng Agricultural Technology Co., Ltd. Class A
     344,200   930,974
Xinyi Solar Holdings, Ltd.
     3,318,876   5,856,790
XPeng, Inc. ADR (a)
     232,043   6,402,066
Xtep International Holdings, Ltd. (b)
     822,500   1,247,708
Xunlei, Ltd. ADR (a)(b)
     67,574   118,930
Yadea Group Holdings, Ltd. (c)
     620,000   959,522
YaGuang Technology Group Co., Ltd. Class A (a)
     36,200   38,207
Yangtze Optical Fibre & Cable Joint Stock, Ltd. Co. Class H (c)
     6,500   8,964
Yangzhou Yangjie Electronic Technology Co., Ltd. Class A
     41,000   478,132
Yankuang Energy Group Co., Ltd. Class H (b)
     2,281,746   6,774,088
Yantai Dongcheng Pharmaceutical Co., Ltd. Class A
     419,712   851,576
Yantai Eddie Precision Machinery Co., Ltd. Class A
     313,129   1,176,435
Yantai Tayho Advanced Materials Co., Ltd. Class A
     287,400   742,936
Yantai Zhenghai Bio-tech Co., Ltd.
     3,950   39,698
Yatsen Holding, Ltd. ADR (a)(b)
     164,509   112,935
Yeahka, Ltd. (a)(b)
     136,400   419,751
Yealink Network Technology Corp., Ltd. Class A
     20,645   252,855
Yestar Healthcare Holdings Co., Ltd. (a)
     22,500   2,959
YGSOFT, Inc. Class A
     748,068   892,058
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (a)(b)(c)
     74,000   45,734
Yidu Tech, Inc. (a)(b)(c)
     282,000   352,527
Yifeng Pharmacy Chain Co., Ltd. Class A
     61,724   388,929
Yihai International Holding, Ltd. (a)(b)
     250,000   718,262
Yijiahe Technology Co., Ltd. Class A
     21,520   196,619
Yip's Chemical Holdings, Ltd.
     10,000   5,146
Yixin Group, Ltd. (a)(c)
     71,500   7,487
Yixintang Pharmaceutical Group Co., Ltd. Class A
     33,900   126,989
See accompanying notes to financial statements.
34

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Yonghui Superstores Co., Ltd. Class A
     611,000   $ 406,172
YongXing Special Materials Technology Co., Ltd. Class A
     20,500   383,061
Yonyou Network Technology Co., Ltd. Class A
     355,070   1,280,872
Yotrio Group Co., Ltd. Class A
     914,230   518,459
Youdao, Inc. ADR (a)(b)
     21,098   149,796
Youngy Co., Ltd. Class A (a)
     17,200   309,937
Youzu Interactive Co., Ltd. Class A (a)
     182,800   317,620
YTO Express Group Co., Ltd. Class A
     313,000   850,530
Yuexiu Property Co., Ltd.
     2,518,000   2,504,689
Yuexiu Transport Infrastructure, Ltd.
     1,258   850
Yum China Holdings, Inc.
     319,731   13,281,626
Yunda Holding Co., Ltd. Class A
     338,888   937,426
Yunnan Aluminium Co., Ltd. Class A (a)
     155,000   334,021
Yunnan Baiyao Group Co., Ltd. Class A
     26,500   341,556
Yunnan Energy New Material Co., Ltd. Class A
     36,683   1,271,287
Yunnan Lincang Xinyuan Germanium Industrial Co., Ltd. Class A (a)
     42,100   90,327
Yunnan Tin Co., Ltd. Class A (a)
     54,400   179,445
Yusys Technologies Co., Ltd. Class A
     28,320   81,952
Zai Lab, Ltd. ADR (a)
     54,229   2,384,991
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A
     15,400   769,575
Zhaojin Mining Industry Co., Ltd. Class H
     141,000   124,411
Zhefu Holding Group Co., Ltd. Class A
     1,314,100   1,099,206
Zhejiang Century Huatong Group Co., Ltd. Class A (a)
     324,700   320,705
Zhejiang Chint Electrics Co., Ltd. Class A
     59,700   372,226
Zhejiang Communications Technology Co., Ltd.
     295,000   319,253
Zhejiang Crystal-Optech Co., Ltd. Class A
     306,300   538,477
Zhejiang Dahua Technology Co., Ltd. Class A
     144,400   376,462
Zhejiang Dingli Machinery Co., Ltd. Class A
     35,000   247,499
Zhejiang Expressway Co., Ltd. Class H
     3,614,906   3,037,271
Zhejiang HangKe Technology, Inc. Co. Class A
     14,060   126,423
Zhejiang Hisoar Pharmaceutical Co., Ltd. Class A
     198,300   225,536
Zhejiang Huahai Pharmaceutical Co., Ltd. Class A
     31,500   104,254
Zhejiang Huayou Cobalt Co., Ltd. Class A
     58,000   893,559
Zhejiang Jiahua Energy Chemical Industry Co., Ltd. Class A
     135,400   214,359
Zhejiang Jiecang Linear Motion Technology Co., Ltd. Class A
     20,720   96,026
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. Class A
     149,800   1,415,857
Zhejiang Jingu Co., Ltd. Class A (a)
     323,700   349,803
Zhejiang Jingxin Pharmaceutical Co., Ltd. Class A
     165,620   262,201
Zhejiang Jinke Culture Industry Co., Ltd. Class A (a)
     290,100   195,134
Zhejiang Juhua Co., Ltd. Class A
     297,700   612,461
Zhejiang Longsheng Group Co., Ltd. Class A
     181,900   312,331
See accompanying notes to financial statements.
35

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Zhejiang Meida Industrial Co., Ltd. Class A
     138,900   $ 297,794
Zhejiang NHU Co., Ltd. Class A
     175,940   878,023
Zhejiang Orient Financial Holdings Group Co., Ltd. Class A
     426,021   285,218
Zhejiang Orient Gene Biotech Co., Ltd. Class A
     3,735   168,025
Zhejiang Semir Garment Co., Ltd. Class A
     145,400   155,751
Zhejiang Starry Pharmaceutical Co., Ltd. Class A
     14,697   136,156
Zhejiang Supor Co., Ltd. Class A (a)
     24,277   191,329
Zhejiang Tianyu Pharmaceutical Co., Ltd. Class A
     16,560   121,589
Zhejiang Weiming Environment Protection Co., Ltd. Class A
     262,970   1,207,953
Zhejiang Weixing New Building Materials Co., Ltd. Class A
     132,000   425,438
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. Class A
     4,200   25,671
Zhejiang Xianju Pharmaceutical Co., Ltd. Class A
     168,600   276,215
Zhejiang Yasha Decoration Co., Ltd. Class A
     1,000,625   909,501
Zhejiang Yongtai Technology Co., Ltd. Class A (a)
     182,260   1,097,907
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H (b)
     123,800   137,373
Zheshang Securities Co., Ltd. Class A
     154,700   256,123
Zhihu, Inc. ADR (a)(b)
     47,714   115,468
ZhongAn Online P&C Insurance Co., Ltd. Class H (a)(b)(c)
     293,700   1,001,327
Zhongfu Information, Inc. Class A
     21,600   93,605
Zhongji Innolight Co., Ltd. Class A
     14,400   71,704
Zhongsheng Group Holdings, Ltd.
     193,000   1,365,299
Zhou Hei Ya International Holdings Co., Ltd. (b)(c)
     36,500   20,134
Zhuzhou CRRC Times Electric Co., Ltd.
     644,725   2,531,513
Zhuzhou Hongda Electronics Corp., Ltd. Class A
     7,800   82,447
Zhuzhou Kibing Group Co., Ltd. Class A
     51,800   108,282
Zijin Mining Group Co., Ltd. Class A
     608,600   1,087,179
Zijin Mining Group Co., Ltd. Class H
     6,276,568   9,665,629
Zoomlion Heavy Industry Science & Technology Co., Ltd. Class A (a)
     1,382,700   1,446,280
ZTE Corp. Class H
     1,254,345   2,565,902
ZTO Express Cayman, Inc. ADR
     402,593   10,064,825
          1,973,650,904
COLOMBIA — 0.3%          
Banco Davivienda SA Preference Shares
     188,296   1,652,861
Banco de Bogota SA
     49,900   660,024
Bancolombia SA ADR
     91,985   3,924,080
Bancolombia SA
     253,993   2,935,291
Bolsa de Valores de Colombia
     221,612   554,959
Celsia SA ESP
     120,649   140,136
Cementos Argos SA
     176,160   292,372
Cementos Argos SA Preference Shares
     184,084   201,067
Constructora Conconcreto SA (a)
     136,137   11,504
See accompanying notes to financial statements.
36

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Corp. Financiera Colombiana SA (a)
     98,962   $ 740,296
Ecopetrol SA
     2,445,483   2,304,955
Empresa de Telecomunicaciones de Bogota (a)
     4,075,456   196,515
Grupo Argos SA Preference Shares
     194,472   486,995
Grupo Argos SA
     60,155   222,434
Grupo Aval Acciones y Valores SA
     2,758,873   709,102
Grupo de Inversiones Suramericana SA Preference Shares
     100,094   594,638
Grupo de Inversiones Suramericana SA
     18,427   174,859
Grupo Nutresa SA
     300   3,663
Interconexion Electrica SA ESP
     370,707   2,399,810
          18,205,561
CYPRUS — 0.0% (e)          
Phoenix Vega Mezz PLC (a)
     450,687   31,642
CZECH REPUBLIC — 0.3%          
CEZ A/S
     334,147   14,094,983
Komercni banka A/S
     169,157   6,603,692
          20,698,675
EGYPT — 0.2%          
Commercial International Bank Egypt SAE (a)
     2,414,281   6,100,418
Egypt Kuwait Holding Co. SAE (a)
     1,369,750   1,808,070
Egyptian Financial Group-Hermes Holding Co. (a)
     1,416,166   1,370,458
Orascom Financial Holding SAE (a)
     101,496   1,000
Orascom Investment Holding (a)
     103,376   1,244
Qalaa Holdings SAE (a)
     771,830   56,958
          9,338,148
GREECE — 0.3%          
Alpha Services & Holdings SA (a)
     729,147   905,395
Danaos Corp.
     4,163   427,040
Diana Shipping, Inc.
     5,071   27,383
Ellaktor SA (a)
     599   827
Eurobank Ergasias Services & Holdings SA Class A (a)
     2,977,556   3,520,040
FF Group (a)(f)
     5,627   —
Fourlis Holdings SA (a)
     176   722
GEK Terna Holding Real Estate Construction SA (a)
     39,426   413,230
Hellenic Exchanges - Athens Stock Exchange SA
     207,426   851,625
Hellenic Telecommunications Organization SA
     171,268   3,125,207
Holding Co. ADMIE IPTO SA
     5,863   14,613
Intralot SA-Integrated Information Systems & Gaming Services (a)
     1,365,340   797,552
JUMBO SA
     70,362   1,056,892
See accompanying notes to financial statements.
37

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)

Security Description     Shares   Value
LAMDA Development SA (a)
     23,301   $ 161,777
Marfin Investment Group Holdings SA (a)
     1,969,966   61,811
Mytilineos SA
     181   2,991
National Bank of Greece SA (a)
     300,039   1,119,694
Oceanpal,Inc.
     665   499
OPAP SA
     242,097   3,555,675
Piraeus Financial Holdings SA (a)
     516,477   813,141
Public Power Corp. SA (a)
     47,625   402,724
Safe Bulkers, Inc.
     128,924   613,678
Sarantis SA
     24,563   195,956
Star Bulk Carriers Corp.
     51,875   1,540,169
Terna Energy SA
     215   3,971
          19,612,612
HONG KONG — 0.5%          
AGTech Holdings, Ltd. (a)
     56,000   2,288
Alibaba Pictures Group, Ltd. (a)
     15,372,400   1,275,897
CA Cultural Technology Group, Ltd. (a)
     65,000   1,145
Chia Tai Enterprises International, Ltd. (a)
     2,300   367
China Boton Group Co., Ltd. (a)(b)
     180,000   74,469
China Fiber Optic Network System Group, Ltd. (f)
     88,800   —
China Financial International Investments, Ltd. (a)
     640,000   7,273
China Financial Leasing Group, Ltd. (a)
     8,000   140
China High Speed Transmission Equipment Group Co., Ltd. (a)
     1,425,000   864,309
China Huishan Dairy Holdings Co., Ltd. (b)(f)
     310,600   —
China Investment Fund Co., Ltd. (a)
     488,000   248,007
China Jicheng Holdings, Ltd. (a)(c)
     1,123   75
China National Culture Group, Ltd. (a)
     23,000   508
China Vanguard You Champion Holdings, Ltd. (a)
     70,000   921
Chongsing Holdings,Ltd. (a)(f)
     2,281,618   —
Citychamp Watch & Jewellery Group, Ltd. (a)
     2,946,000   379,940
Comba Telecom Systems Holdings, Ltd. (a)(b)
     146,117   25,188
Concord New Energy Group, Ltd.
     120,000   11,186
Crystal International Group, Ltd. (c)
     37,500   14,940
Digital China Holdings, Ltd.
     1,482,000   720,997
Eternity Investment, Ltd. (a)
     40,574   798
Feiyu Technology International Co., Ltd. (a)(c)
     19,500   697
First Shanghai Investments, Ltd. (a)
     40,000   807
Fullshare Holdings, Ltd. (a)
     3,794,500   56,205
Guotai Junan International Holdings, Ltd.
     1,489,000   167,316
Hengdeli Holdings, Ltd. (a)
     18,249,600   617,532
Hi Sun Technology China, Ltd. (a)(b)
    225,000   28,443
See accompanying notes to financial statements.
38

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Hua Yin International Holdings, Ltd. (a)
     4,970,000   $ 260,196
Huabao International Holdings, Ltd. (b)
     1,060,651   591,854
Huayi Tencent Entertainment Co., Ltd. (a)(b)
     110,000   2,346
Huiyuan Juice Group, Ltd. (a)(f)
     188,500   —
Imperial Pacific International Holdings, Ltd. (a)
     1,043,500   8,528
IRC, Ltd. (a)
     60,000   1,609
Kingboard Laminates Holdings, Ltd.
     773,500   1,274,121
Life Healthcare Group Ltd/HK (a)
     8,800   136
Neo Telemedia, Ltd. (a)
     10,664,000   251,914
New Provenance Everlasting Holdings, Ltd. Class H (a)
     5,858,030   9,724
Nine Dragons Paper Holdings, Ltd.
     2,884,735   2,519,548
Nissin Foods Co., Ltd. (b)
     42,000   29,443
Pou Sheng International Holdings, Ltd. (a)
     1,483,000   170,429
REAL NUTRI (f)
     199,000   —
SIM Technology Group, Ltd. (a)
     5,448,000   243,481
Sino Biopharmaceutical, Ltd.
     9,813,000   6,127,330
Skyworth Group, Ltd. (a)
     1,013,992   520,501
Solargiga Energy Holdings, Ltd. (a)
     6,773,000   332,968
Solartech International Holdings, Ltd. (a)
     1,000,000   8,428
SSY Group, Ltd. (b)
     199,740   90,288
Suncorp Technologies, Ltd. (a)
     242,500   9,754
Tech Pro Technology Development, Ltd. (a)(b)(f)
     484,000   —
Tibet Water Resources, Ltd. (a)
     67,000   4,705
TROOPS, Inc. (a)(b)
     30,569   131,141
United Energy Group, Ltd. (b)
     6,358,000   730,674
United Laboratories International Holdings, Ltd.
     168,000   88,383
Untrade MH Development NPV (a)(b)(f)
     106,000   —
Vision Values Holdings, Ltd. (a)
     90,000   1,954
Wasion Holdings, Ltd.
     24,000   8,642
WH Group, Ltd. (c)
     5,893,221   3,724,933
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a)
     12,250   6,257
Xinyi Glass Holdings, Ltd.
     2,673,874   6,487,168
          28,135,903
HUNGARY — 0.3%          
MOL Hungarian Oil & Gas PLC
     629,164   5,585,217
OTP Bank Nyrt (a)
     221,785   8,160,903
Richter Gedeon Nyrt
     186,394   3,964,401
          17,710,521
INDIA — 16.7%          
Aarti Drugs, Ltd.
     12,947   73,316
Aarti Industries, Ltd.
     115,157   1,453,843
See accompanying notes to financial statements.
39

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Aavas Financiers, Ltd. (a)
     17,206   $ 583,437
Acrysil, Ltd.
     24,660   269,999
Adani Enterprises, Ltd.
     193,379   5,141,674
Adani Green Energy, Ltd. (a)
     325,676   8,229,256
Adani Ports & Special Economic Zone, Ltd.
     618,016   6,314,325
Adani Power, Ltd. (a)
     762,572   1,862,779
Adani Total Gas, Ltd.
     202,501   5,745,122
Adani Transmission, Ltd. (a)
     214,554   6,705,326
Aditya Birla Capital, Ltd. GDR (a)
     285   405
Aditya Birla Fashion & Retail, Ltd. (a)
     225,875   900,519
AIA Engineering, Ltd.
     20,121   430,885
Ajanta Pharma, Ltd.
     6,365   152,101
Alembic Pharmaceuticals, Ltd.
     21,008   205,603
Alkem Laboratories, Ltd.
     5,943   283,970
Alkyl Amines Chemicals
     1,864   70,318
Alok Industries, Ltd. (a)
     2,199,181   735,721
Ambuja Cements, Ltd.
     250,553   989,482
Anant Raj Global, Ltd. (a)
     1,104,208   533,342
Anant Raj, Ltd.
     1,171,036   1,018,427
ANDHRA SUGARS LTD COMMON STOCK INR2.0
     75,160   151,659
Angel One, Ltd.
     12,841   260,421
APL Apollo Tubes, Ltd. (a)
     135,187   1,631,700
Apollo Hospitals Enterprise, Ltd.
     115,264   6,869,597
Ashapura Minechem, Ltd.
     154,830   260,928
Ashok Leyland, Ltd.
     892,680   1,381,283
Asian Paints, Ltd.
     317,091   12,888,478
Astral, Ltd.
     19,013   507,586
AstraZeneca Pharma India, Ltd.
     44,074   1,484,266
Atul, Ltd.
     8,951   1,215,818
AU Small Finance Bank, Ltd. (a)(c)
     92,241   1,517,062
Aurobindo Pharma, Ltd.
     375,832   3,315,902
Avanti Feeds, Ltd.
     30,872   167,998
Avenue Supermarts, Ltd. (a)(c)
     116,661   6,163,442
Axis Bank, Ltd. (a)
     1,840,162   18,484,187
Azure Power Global, Ltd. (a)(b)
     25,523   424,703
Bajaj Auto, Ltd.
     64,774   3,122,658
Bajaj Finance, Ltd.
     220,599   21,135,437
Bajaj Finserv, Ltd.
     35,627   8,021,282
Bajaj Hindusthan Sugar, Ltd. (a)
     1,571,826   294,555
Bajaj Holdings & Investment, Ltd.
     18,919   1,251,126
Balaji Amines, Ltd.
     1,754   67,255
Balkrishna Industries, Ltd.
     54,918   1,548,213
See accompanying notes to financial statements.
40

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Balrampur Chini Mills, Ltd.
     620,783   $ 4,009,386
Bandhan Bank, Ltd. (c)
     737,850   2,993,271
Barbeque Nation Hospitality, Ltd. (a)
     7,229   120,935
BASF India, Ltd.
     9,117   372,128
Bata India, Ltd.
     7,166   185,489
Bayer CropScience, Ltd.
     8,970   588,256
Berger Paints India, Ltd.
     127,453   1,176,890
BF Investment, Ltd. (a)
     203,128   729,679
Bharat Electronics, Ltd.
     401,671   1,117,417
Bharat Forge, Ltd.
     149,053   1,378,113
Bharat Heavy Electricals, Ltd. (a)
     2,247,687   1,463,852
Bharat Petroleum Corp., Ltd.
     428,641   2,032,757
Bharti Airtel, Ltd. (a)
     2,251,911   22,435,898
Biocon, Ltd. (a)
     422,324   1,870,431
Birlasoft, Ltd.
     228,110   1,369,563
Bombay Dyeing & Manufacturing Co., Ltd. (a)
     136,207   176,966
Bosch, Ltd.
     1,809   344,695
Brightcom Group, Ltd.
     864,274   1,124,611
Britannia Industries, Ltd.
     178,804   7,566,046
Camlin Fine Sciences, Ltd. (a)
     72,497   133,417
Can Fin Homes, Ltd.
     105,820   881,822
Caplin Point Laboratories, Ltd.
     82,298   736,582
Carborundum Universal, Ltd.
     9,628   101,362
CARE Ratings, Ltd.
     23,767   160,104
Castrol India, Ltd.
     265,958   354,318
Central Bank of India, Ltd. (a)
     418,689   101,392
CG Power & Industrial Solutions, Ltd. (a)
     525,410   1,313,612
Chalet Hotels, Ltd. (a)
     71,058   283,529
Cholamandalam Investment & Finance Co., Ltd.
     276,480   2,621,406
Cipla, Ltd.
     706,679   9,494,352
City Union Bank, Ltd.
     86,886   147,801
Coal India, Ltd.
     816,067   1,971,377
Coforge, Ltd.
     27,496   1,617,465
Colgate-Palmolive India, Ltd.
     33,879   689,540
Computer Age Management Services, Ltd.
     2,044   62,469
Container Corp. Of India, Ltd.
     89,721   795,856
CORE Education & Technologies, Ltd. (a)(f)
     9,253   —
Coromandel International, Ltd.
     59,358   626,363
CreditAccess Grameen, Ltd. (a)
     39,124   438,715
CRISIL, Ltd.
     6,469   281,575
Crompton Greaves Consumer Electricals, Ltd.
     149,688   738,810
Cummins India, Ltd.
     28,730   425,140
See accompanying notes to financial statements.
41

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Dabur India, Ltd.
     450,636   $ 3,188,796
Dalmia Bharat, Ltd.
     16,317   322,055
DCB Bank, Ltd. (a)
     1,446,609   1,324,905
DCM Shriram, Ltd.
     26,567   396,217
Deepak Fertilisers & Petrochemicals Corp., Ltd.
     19,437   143,992
Deepak Nitrite, Ltd.
     102,208   3,026,449
Delta Corp., Ltd.
     171,453   746,791
Dhani Services, Ltd. (a)
     284,298   233,929
Dilip Buildcon, Ltd. (c)
     17,455   55,538
Dish TV India, Ltd. (a)
     1,742,998   376,087
Dishman Carbogen Amcis, Ltd. (a)
     124,643   303,897
Divi's Laboratories, Ltd.
     88,708   5,153,376
Dixon Technologies India, Ltd.
     24,814   1,411,000
DLF, Ltd.
     201,640   1,012,391
Dr Lal PathLabs, Ltd. (c)
     22,242   766,311
Dr Reddy's Laboratories, Ltd. ADR
     141,015   7,858,766
DRC Systems India, Ltd.
     10,290   5,167
Dwarikesh Sugar Industries, Ltd.
     123,082   203,932
Easy Trip Planners, Ltd.
     84,150   378,467
Edelweiss Financial Services, Ltd.
     424,810   329,084
Educomp Solutions, Ltd. (a)
     434,981   20,091
Eicher Motors, Ltd.
     90,935   2,948,742
EID Parry India, Ltd.
     43,411   259,206
Emami, Ltd.
     50,286   296,739
Embassy Office Parks REIT
     21,725   106,582
Endurance Technologies, Ltd. (c)
     11,126   160,749
EPL ,Ltd.
     88,919   227,182
Equitas Holdings, Ltd. (a)
     75,528   106,153
Era Infra Engineering, Ltd. (a)(f)
     2,941   —
Escorts, Ltd.
     53,365   1,190,791
Exide Industries, Ltd.
     93,283   186,012
FDC, Ltd. (a)
     195,130   662,064
Federal Bank, Ltd.
     427,838   549,936
Fine Organic Industries, Ltd.
     7,677   405,825
Finolex Industries, Ltd.
     106,345   217,041
Firstsource Solutions, Ltd.
     41,714   68,840
Fortis Healthcare, Ltd. (a)
     534,561   2,048,651
Future Consumer, Ltd. (a)
     2,343,528   140,720
Future Lifestyle Fashions, Ltd. (a)
     388,013   175,636
Future Retail, Ltd. (a)
     333,339   137,251
GAIL India, Ltd.
     2,870,001   5,895,291
Gammon India, Ltd. (a)(f)
     139,302   —
See accompanying notes to financial statements.
42

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Gateway Rail Freight, Ltd. (a)
     1,316,180   $ 1,158,551
Gitanjali Gems, Ltd. (a)(f)
     3,573   —
Gland Pharma, Ltd. (a)(c)
     12,049   520,385
GlaxoSmithKline Pharmaceuticals, Ltd.
     1,687   37,111
Glenmark Pharmaceuticals, Ltd.
     88,651   517,106
Godawari Power and Ispat, Ltd.
     42,730   217,922
Godrej Consumer Products, Ltd. (a)
     199,156   1,964,095
Godrej Industries, Ltd. (a)
     550,287   3,369,623
Godrej Properties, Ltd. (a)
     33,532   739,983
Granules India, Ltd.
     408,098   1,650,703
Graphite India, Ltd.
     88,374   586,458
Grasim Industries, Ltd. GDR
     209   4,598
Grasim Industries, Ltd.
     202,211   4,440,503
GTL Infrastructure, Ltd. (a)
     7,409,528   146,675
GTL, Ltd. (a)
     591,862   85,919
Gujarat Fluorochemicals, Ltd.
     9,429   341,267
Gujarat Gas, Ltd.
     99,527   660,996
Gujarat NRE Coke, Ltd. (a)(f)
     25,505   —
Gujarat Pipavav Port, Ltd.
     18,605   18,758
Gujarat State Petronet, Ltd.
     104,762   358,147
GVK Power & Infrastructure, Ltd. (a)
     4,229,488   139,541
Happiest Minds Technologies, Ltd.
     17,558   244,839
Havells India, Ltd.
     199,495   3,034,351
HCL Technologies, Ltd.
     1,132,778   17,397,168
HDFC Asset Management Co., Ltd. (c)
     11,185   316,774
HDFC Bank, Ltd.
     229,208   4,447,588
HDFC Life Insurance Co., Ltd. (c)
     627,721   4,458,455
HEG, Ltd.
     24,285   441,008
Hemisphere Properties India, Ltd. (a)
     148,150   223,569
Hero MotoCorp, Ltd.
     174,030   5,268,900
HFCL, Ltd.
     578,815   601,158
Himadri Speciality Chemical, Ltd.
     335,404   328,875
Himatsingka Seide, Ltd.
     49,565   98,443
Hindalco Industries, Ltd.
     1,042,635   7,836,102
Hindustan Aeronautics, Ltd.
     7,433   145,658
Hindustan Construction Co., Ltd. (a)
     3,833,659   794,305
Hindustan Oil Exploration Co., Ltd. (a)
     74,644   216,618
Hindustan Petroleum Corp., Ltd.
     312,751   1,111,705
Hindustan Unilever, Ltd.
     782,982   21,168,671
Hindustan Zinc, Ltd.
     33,532   137,248
Hle Glascoat, Ltd.
     1,705   122,537
Honeywell Automation India, Ltd.
     1,074   562,361
See accompanying notes to financial statements.
43

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Housing Development & Infrastructure, Ltd. (a)
     94,529   $ 9,169
Housing Development Finance Corp., Ltd.
     1,539,504   48,565,231
ICICI Bank, Ltd. ADR
     1,981,810   37,535,481
ICICI Lombard General Insurance Co., Ltd. (c)
     159,085   2,788,685
ICICI Prudential Life Insurance Co., Ltd. (c)
     172,674   1,141,437
ICICI Securities, Ltd. (c)
     68,209   559,219
IDFC First Bank, Ltd. (a)
     503,135   263,602
IDFC, Ltd. (a)
     280,013   228,186
IFB Industries, Ltd. (a)
     12,005   164,878
IFCI, Ltd. (a)
     1,250,786   183,223
IIFL Finance, Ltd.
     82,790   312,040
IIFL Securities, Ltd.
     60,980   71,261
IIFL Wealth Management, Ltd.
     8,620   189,850
India Cements, Ltd.
     304,404   841,605
Indiabulls Housing Finance, Ltd.
     240,089   499,981
Indiabulls Real Estate, Ltd. (a)
     386,814   517,624
IndiaMart InterMesh, Ltd. (c)
     4,344   247,807
Indian Energy Exchange, Ltd. (c)
     196,776   583,511
Indian Hotels Co., Ltd.
     1,539,610   4,845,886
Indian Oil Corp., Ltd.
     936,393   1,469,930
Indian Overseas Bank (a)
     413,097   98,947
Indian Railway Catering & Tourism Corp., Ltd.
     79,325   810,994
Indo Count Industries, Ltd.
     52,224   109,548
Indraprastha Gas, Ltd.
     228,638   1,125,916
Indus Towers, Ltd. (a)
     641,268   1,879,163
IndusInd Bank, Ltd.
     98,194   1,212,150
Infibeam Avenues, Ltd.
     2,217,387   566,235
Info Edge India, Ltd.
     58,856   3,502,582
Infosys, Ltd. ADR (b)
     3,042,355   75,724,216
Inox Wind, Ltd. (a)
     144,184   210,829
Intellect Design Arena, Ltd. (a)
     114,014   1,423,012
InterGlobe Aviation, Ltd. (a)(c)
     37,890   1,007,141
IOL Chemicals & Pharmaceuticals, Ltd.
     13,460   62,828
Ipca Laboratories, Ltd.
     86,007   1,209,660
IRB Infrastructure Developers, Ltd. (a)
     48,982   162,411
ITC, Ltd.
     1,503,659   4,973,832
ITC, Ltd. GDR
     630   2,084
IVRCL, Ltd. (a)(f)
     5,304,684   —
Jain Irrigation Systems, Ltd. (a)
     532,723   287,189
Jaiprakash Associates, Ltd. (a)
     1,773,296   194,238
Jaiprakash Power Ventures, Ltd. (a)
     8,788,090   788,638
JB Chemicals & Pharmaceuticals, Ltd.
     14,046   291,931
See accompanying notes to financial statements.
44

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Jet Airways India, Ltd. (a)
     201,684   $ 211,732
Jindal Saw, Ltd.
     159,892   190,119
Jindal Stainless, Ltd. (a)
     124,326   332,329
Jindal Steel & Power, Ltd.
     233,063   1,638,900
JK Cement, Ltd.
     8,067   258,836
JK Paper, Ltd.
     34,762   139,438
JM Financial, Ltd.
     155,009   138,286
Johnson Controls-Hitachi Air Conditioning India, Ltd. (a)
     4,027   94,105
JSW Energy, Ltd.
     230,581   919,585
JSW Ispat Special Products, Ltd. (a)
     147,853   62,927
JSW Steel, Ltd.
     564,969   5,462,547
Jubilant Foodworks, Ltd.
     75,253   2,618,338
Jubilant Ingrevia, Ltd.
     58,579   347,763
Jubilant Pharmova, Ltd.
     63,376   324,637
Just Dial, Ltd. (a)
     30,524   286,569
Kansai Nerolac Paints, Ltd.
     11,650   71,914
KEI Industries, Ltd.
     165,610   2,755,978
Kiri Industries, Ltd. (a)
     17,070   110,293
Kirloskar Ferrous Industries, Ltd.
     34,357   97,301
Kotak Mahindra Bank, Ltd.
     868,653   20,105,405
KPIT Technologies, Ltd.
     189,348   1,501,915
L&T Finance Holdings, Ltd. (a)
     100,149   106,526
L&T Technology Services, Ltd. (c)
     19,083   1,285,707
Lanco Infratech, Ltd. (a)(f)
     15,749,074   —
Larsen & Toubro Infotech, Ltd. (c)
     8,570   696,163
Larsen & Toubro, Ltd. GDR
     799,275   18,623,107
Laurus Labs, Ltd. (c)
     174,985   1,362,701
Laxmi Organic Industries, Ltd.
     22,621   119,232
Lemon Tree Hotels, Ltd. (a)(c)
     330,549   276,566
LIC Housing Finance, Ltd.
     323,433   1,532,118
Linde India, Ltd.
     30,170   1,506,967
Lupin, Ltd.
     196,735   1,939,570
LUX Industries, Ltd.
     52,215   1,509,739
Macrotech Developers, Ltd. (a)
     20,460   304,085
Mahanagar Gas, Ltd.
     8,630   88,726
Mahanagar Telephone Nigam, Ltd. (a)
     642,006   191,479
Mahindra & Mahindra Financial Services, Ltd.
     561,458   1,179,229
Mahindra & Mahindra, Ltd. GDR
     1,027,001   11,399,711
Maithan Alloys, Ltd.
     13,337   233,677
MakeMyTrip, Ltd. (a)(b)
     36,021   966,443
Manappuram Finance, Ltd.
     357,543   535,784
Manpasand Beverages, Ltd. (a)(f)
     64,129   2,475
See accompanying notes to financial statements.
45

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Marico, Ltd.
     154,067   $ 1,024,131
Marksans Pharma, Ltd.
     1,522,001   913,904
Maruti Suzuki India, Ltd.
     139,752   13,945,322
Max Financial Services, Ltd. (a)
     115,635   1,150,475
Max Healthcare Institute, Ltd. (a)
     235,380   1,079,906
Max India, Ltd. - New Spun Off (a)
     35,469   34,498
Metropolis Healthcare, Ltd. (c)
     14,751   396,296
Minda Industries, Ltd.
     82,740   1,017,994
Mindtree, Ltd.
     59,480   3,377,585
Morepen Laboratories, Ltd. (a)
     226,114   109,066
Motherson Sumi Systems, Ltd.
     932,852   1,716,743
Motherson Sumi Wiring India, Ltd. (a)
     843,539   717,467
Mphasis, Ltd.
     28,588   1,274,000
MRF, Ltd.
     3,090   2,651,512
Multi Commodity Exchange of India, Ltd.
     41,160   768,854
Muthoot Finance, Ltd.
     72,235   1,268,772
Natco Pharma, Ltd.
     5,558   55,463
National Aluminium Co., Ltd.
     668,684   1,074,836
Navin Fluorine International, Ltd.
     37,376   2,013,544
NCC, Ltd.
     335,203   259,005
Nestle India, Ltd.
     24,411   5,599,163
Network18 Media & Investments, Ltd. (a)
     262,463   294,935
NIIT, Ltd.
     98,071   804,629
Nippon Life India Asset Management, Ltd. (c)
     107,909   495,078
NMDC, Ltd.
     410,880   881,406
NTPC, Ltd.
     2,341,273   4,171,189
Oberoi Realty, Ltd. (a)
     40,786   505,876
Oil & Natural Gas Corp., Ltd.
     4,075,540   8,815,322
Olectra Greentech, Ltd. (a)
     23,227   205,234
OnMobile Global, Ltd.
     14,808   22,415
Opto Circuits India, Ltd. (a)
     3,157,839   95,850
Oracle Financial Services Software, Ltd.
     598   28,314
Orient Electric, Ltd.
     105,161   445,833
Orissa Minerals Development Co. Ltd (a)
     9,012   338,888
Page Industries, Ltd.
     4,630   2,638,953
Paisalo Digital, Ltd.
     24,493   255,920
PC Jeweller, Ltd. (a)
     177,872   49,060
PCBL, Ltd.
     74,427   224,632
Persistent Systems, Ltd.
     1,677   105,462
Petronet LNG, Ltd.
     597,557   1,527,901
Pfizer, Ltd.
     18,627   1,068,862
Phoenix Mills, Ltd.
     36,018   522,837
See accompanying notes to financial statements.
46

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
PI Industries, Ltd.
     38,016   $ 1,414,607
Pidilite Industries, Ltd.
     121,457   3,933,908
Piramal Enterprises, Ltd.
     73,630   2,124,994
PNB Housing Finance, Ltd. (a)(c)
     18,888   93,935
Poonawalla Fincorp, Ltd. (a)
     114,711   411,537
Power Grid Corp. of India, Ltd.
     1,989,121   5,691,078
Praj Industries, Ltd.
     61,675   324,308
Prakash Industries, Ltd. (a)
     290,680   291,543
Prestige Estates Projects, Ltd.
     69,256   451,318
Prism Johnson, Ltd. (a)
     130,195   197,934
Procter & Gamble Health, Ltd.
     6,529   344,859
PS IT Infrastructure & Services, Ltd. (a)(f)
     620,932   74,569
PTC India, Ltd.
     941,346   1,021,784
Punj Lloyd, Ltd. (a)
     739,833   20,992
Quess Corp., Ltd. (c)
     82,860   720,671
Radico Khaitan, Ltd.
     124,822   1,462,695
Rain Industries, Ltd.
     188,478   482,543
Rajesh Exports, Ltd.
     153,354   1,398,653
Rallis India, Ltd.
     104,177   327,276
RattanIndia Infrastructure, Ltd. (a)
     672,563   409,618
RattanIndia Power, Ltd. (a)
     6,031,628   425,856
Raymond, Ltd. (a)
     55,406   624,912
RBL Bank, Ltd. (a)(c)
     262,962   451,833
REC, Ltd.
     127,660   207,305
Redington India, Ltd.
     284,925   545,033
REI Agro, Ltd. (a)(f)
     1,873,023   —
Relaxo Footwears, Ltd.
     45,983   647,100
Reliance Capital, Ltd. (a)
     1,120,388   246,182
Reliance Communications, Ltd. (a)
     782,998   27,383
Reliance Industries, Ltd. GDR (c)
     1,301,909   89,831,721
Reliance Infrastructure, Ltd. (a)
     356,239   527,953
Reliance Power, Ltd. (a)
     2,685,429   478,433
Religare Enterprises, Ltd. (a)
     112,725   193,689
Repco Home Finance, Ltd.
     52,662   122,594
RITES, Ltd.
     52,951   183,433
Rolta India, Ltd. (a)
     1,715,753   116,610
Ruchi Soya Industries, Ltd. (a)
     14,847   187,677
Sarda Energy & Minerals, Ltd.
     11,754   175,693
SBI Cards & Payment Services, Ltd.
     107,801   1,211,668
SBI Life Insurance Co., Ltd. (c)
     171,059   2,531,628
Schneider Electric Infrastructure, Ltd. (a)
     231,985   362,941
Sequent Scientific, Ltd.
     868,352   1,533,296
See accompanying notes to financial statements.
47

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Shankara Building Products, Ltd. (a)
     47,589   $ 494,291
Sharda Cropchem, Ltd.
     24,404   198,066
Shilpa Medicare, Ltd.
     103,843   545,698
Shree Cement, Ltd.
     2,693   854,105
Shree Renuka Sugars, Ltd. (a)
     898,671   422,206
Shriram Transport Finance Co., Ltd.
     149,932   2,245,468
Siemens, Ltd.
     297,304   9,291,657
Sintex Industries, Ltd. (a)
     393,376   40,493
Sintex Plastics Technology, Ltd. (a)
     51,239   3,685
Sobha, Ltd.
     10,489   97,969
Solara Active Pharma Sciences, Ltd.
     79,653   700,190
Srei Infrastructure Finance, Ltd. (a)
     236,844   15,941
SRF, Ltd.
     58,204   2,058,052
State Bank of India GDR
     165,634   10,650,266
Steel Authority of India, Ltd.
     927,778   1,206,632
Sterling and Wilson Renewable (a)
     27,109   113,784
Sterlite Technologies, Ltd.
     152,023   450,301
Strides Pharma Science, Ltd.
     154,511   706,744
Subex, Ltd.
     261,532   110,963
Sudarshan Chemical Industries
     48,724   334,975
Sumitomo Chemical India, Ltd.
     29,408   174,061
Sun Pharma Advanced Research Co., Ltd. (a)
     197,869   775,417
Sun Pharmaceutical Industries, Ltd.
     1,222,495   14,757,866
Sun TV Network, Ltd.
     116,857   755,426
Sundaram Finance, Ltd.
     22,658   580,152
Sundram Fasteners, Ltd.
     57,166   678,825
Supreme Industries, Ltd.
     28,516   770,412
Suven Life Sciences, Ltd. (a)
     370,908   453,753
Suven Pharmaceuticals, Ltd.
     354,273   2,891,457
Suvidhaa Infoserve Pvt, Ltd. (a)
     56,568   5,972
Suzlon Energy, Ltd. (a)
     5,967,059   720,536
Swan Energy, Ltd.
     239,732   614,555
Symphony, Ltd.
     16,647   241,198
TAKE Solutions, Ltd. (a)
     188,285   72,059
Tata Communications, Ltd.
     154,888   2,511,322
Tata Consultancy Services, Ltd.
     891,207   43,986,402
Tata Consumer Products, Ltd.
     354,032   3,632,128
Tata Elxsi, Ltd.
     43,839   5,114,396
Tata Motors, Ltd. ADR (a)(b)
     385,347   10,770,449
Tata Power Co., Ltd.
     2,995,242   9,433,382
Tata Steel, Ltd.
     550,650   9,499,303
Tata Teleservices Maharashtra, Ltd. (a)
     557,879   1,227,297
See accompanying notes to financial statements.
48

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
TCNS Clothing Co., Ltd. (a)(c)
     24,902   $ 251,830
TeamLease Services, Ltd. (a)
     15,997   915,993
Tech Mahindra, Ltd.
     468,180   9,264,434
Tejas Networks, Ltd. (a)(c)
     187,935   1,058,413
Thirumalai Chemicals, Ltd.
     41,037   144,056
Thyrocare Technologies, Ltd. (c)
     76,896   786,770
Tide Water Oil Co. India, Ltd.
     12,050   176,723
Timken India, Ltd.
     21,878   618,185
Titan Co., Ltd.
     271,552   9,088,705
Torrent Pharmaceuticals, Ltd.
     23,794   876,696
Torrent Power, Ltd.
     29,549   191,800
Trent, Ltd.
     117,892   1,984,444
Trident, Ltd.
     1,405,236   989,368
Tube Investments of India, Ltd.
     68,053   1,459,132
TV18 Broadcast, Ltd. (a)
     341,721   333,942
TVS Motor Co., Ltd.
     63,546   524,679
Ujjivan Financial Services, Ltd. (a)
     78,237   105,159
UltraTech Cement, Ltd.
     92,041   8,019,562
Unichem Laboratories, Ltd.
     222,674   763,748
Unitech, Ltd. (a)
     759,637   20,050
United Breweries, Ltd.
     81,281   1,597,784
United Spirits, Ltd. (a)
     359,833   4,218,511
UPL, Ltd.
     388,864   3,949,452
Usha Martin, Ltd. (a)
     226,309   401,697
VA Tech Wabag, Ltd. (a)
     94,547   349,864
Vaibhav Global, Ltd.
     97,704   482,170
Vakrangee, Ltd.
     491,855   225,237
Varun Beverages, Ltd.
     26,037   323,439
Vedanta, Ltd.
     775,032   4,125,492
Venky's India, Ltd.
     13,216   373,667
Videocon Industries, Ltd. (a)(f)
     1,170,924   —
Vinati Organics, Ltd.
     9,578   246,886
VIP Industries, Ltd.
     76,520   752,981
V-Mart Retail, Ltd. (a)
     20,150   1,054,714
Vodafone Idea, Ltd. (a)
     6,940,548   883,884
Voltas, Ltd.
     28,072   461,377
VST Industries, Ltd.
     21,777   880,909
Welspun Corp., Ltd.
     104,855   231,643
Welspun India, Ltd.
     190,474   228,368
Westlife Development, Ltd. (a)
     76,080   481,279
Whirlpool of India, Ltd.
     5,635   116,965
Wipro, Ltd. ADR
     1,573,743   12,133,559
See accompanying notes to financial statements.
49

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
WNS Holdings, Ltd. ADR (a)
     31,232   $ 2,670,024
Wockhardt, Ltd. (a)
     135,392   470,993
Yaari Digital Integrated Services, Ltd. (a)
     29,442   21,506
Yes Bank, Ltd. (a)
     816,899   132,601
Zee Entertainment Enterprises, Ltd.
     635,265   2,417,402
Zensar Technologies, Ltd.
     61,169   296,219
Zydus Lifesciences, Ltd.
     106,745   490,935
          1,019,625,189
INDONESIA — 2.1%          
Alam Sutera Realty Tbk PT (a)
     10,103,200   119,585
Aneka Tambang Tbk
     2,261,400   384,182
Astra International Tbk PT
     22,652,751   10,370,189
Bank Aladin Syariah Tbk PT (a)
     570,600   86,211
Bank Artha Graha Internasional Tbk PT (a)
     10,806,300   79,754
Bank BTPN Syariah Tbk PT
     661,700   152,035
Bank Central Asia Tbk PT
     53,885,298   29,920,644
Bank Danamon Indonesia Tbk PT
     3,594,618   610,678
Bank Ganesha Tbk PT (a)
     11,474,500   158,985
Bank Ina Perdana PT (a)
     427,100   109,135
Bank Jago Tbk PT (a)
     2,319,300   2,365,726
Bank Mandiri Persero Tbk PT
     21,352,569   11,744,842
Bank MNC Internasional Tbk PT (a)
     10,624,100   144,244
Bank Negara Indonesia Persero Tbk PT
     2,712,500   1,558,094
Bank Neo Commerce Tbk PT
     1,412,800   219,359
Bank Permata Tbk PT (a)
     207,270   19,049
Bank Rakyat Indonesia Persero Tbk PT
     62,695,905   20,342,066
Bank Raya Indonesia Tbk PT (a)
     1,788,007   154,369
Bank Syariah Indonesia Tbk PT (a)
     809,200   90,428
Barito Pacific Tbk PT
     31,705,320   1,997,794
Bekasi Fajar Industrial Estate Tbk PT (a)
     6,417,100   46,914
Bumi Resources Minerals Tbk PT (a)
     46,185,960   636,715
Bumi Resources Tbk PT (a)
     2,694,300   10,693
Bumi Serpong Damai Tbk PT (a)
     5,339,700   379,216
Chandra Asri Petrochemical Tbk PT
     95,714   67,308
Charoen Pokphand Indonesia Tbk PT
     5,865,100   2,307,246
Ciputra Development Tbk PT
     8,323,152   602,686
Citra Marga Nusaphala Persada Tbk PT (a)
     2,184,341   337,632
Digital Mediatama Maxima Tbk PT (a)
     503,500   59,421
Elang Mahkota Teknologi Tbk PT (a)
     11,660,000   1,988,999
Garuda Indonesia Persero Tbk PT (a)(f)
     15,966,300   123,395
Global Mediacom Tbk PT (a)
     920,300   16,660
Indah Kiat Pulp & Paper Tbk PT
     1,151,300   633,265
See accompanying notes to financial statements.
50

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Indocement Tunggal Prakarsa Tbk PT
     765,800   $ 574,517
Indofood Sukses Makmur Tbk PT
     7,618,718   3,156,231
Indosat Tbk PT
     3,404,700   1,226,759
Japfa Comfeed Indonesia Tbk PT
     1,544,500   177,436
Kalbe Farma Tbk PT
     34,622,461   3,881,090
Kawasan Industri Jababeka Tbk PT (a)
     6,879,031   82,381
Kresna Graha Investama Tbk PT (a)
     35,309,900   149,967
Lippo Cikarang Tbk PT
     302,700   24,764
Lippo Karawaci Tbk PT (a)
     55,324,630   504,615
Matahari Department Store Tbk PT
     491,800   212,300
Matahari Putra Prima Tbk PT (a)
     842,000   23,684
Mayora Indah Tbk PT
     8,211,007   1,006,188
Medco Energi Internasional Tbk PT (a)
     27,951,329   1,080,104
Media Nusantara Citra Tbk PT
     1,225,100   84,872
Mega Manunggal Property Tbk PT (a)
     2,693,200   116,260
Merdeka Copper Gold Tbk PT (a)
     6,465,900   2,039,375
MNC Investama Tbk PT (a)
     34,241,900   138,279
Modernland Realty Tbk PT (a)
     7,955,300   49,850
Multipolar Tbk PT (a)
     3,182,900   53,187
Pabrik Kertas Tjiwi Kimia Tbk PT
     465,038   227,460
Pakuwon Jati Tbk PT (a)
     7,623,600   256,907
Perusahaan Gas Negara Tbk PT (a)
     18,857,600   1,844,730
Pollux Properti Indonesia Tbk PT (a)
     1,861,000   75,153
Semen Indonesia Persero Tbk PT
     1,227,900   568,532
Sigmagold Inti Perkasa Tbk PT (f)
     1,312,600   —
Smartfren Telecom Tbk PT (a)
     70,006,400   375,317
Sumber Alfaria Trijaya Tbk PT
     5,373,400   568,673
Summarecon Agung Tbk PT (a)
     6,750,711   361,918
Surya Citra Media Tbk PT (a)
     5,356,800   108,908
Telkom Indonesia Persero Tbk PT
     51,234,000   16,337,805
Tiga Pilar Sejahtera Food Tbk (a)
     3,139,200   39,998
Tower Bersama Infrastructure Tbk PT
     2,549,200   509,396
Unilever Indonesia Tbk PT
     4,527,100   1,153,642
United Tractors Tbk PT
     2,125,522   3,781,172
          128,628,989
KUWAIT — 0.9%          
A'ayan Leasing & Investment Co. KSCP (a)
     1,184,209   650,964
Agility Public Warehousing Co. KSC
     716,091   2,604,610
Ahli United Bank KSCP (a)
     692,595   740,926
Al Ahli Bank of Kuwait KSCP (a)
     177,794   165,621
Al Mazaya Holding Co. KSCP (a)
     1,807,467   455,139
ALAFCO Aviation Lease & Finance Co. KSCP (a)
     41,222   29,444
See accompanying notes to financial statements.
51

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Alimtiaz Investment Group KSC (a)
     534,717   $ 237,613
Boubyan Bank KSCP (a)
     683,470   2,112,503
Boubyan Petrochemicals Co. KSCP
     508,823   1,674,862
Burgan Bank SAK
     274,894   263,312
Gulf Bank KSCP
     1,340,661   1,416,564
Humansoft Holding Co. KSC
     163,178   1,734,371
Integrated Holding Co. KCSC (a)
     339,825   445,195
Jazeera Airways Co. KSCP (a)
     45,285   251,766
Kuwait Finance House KSCP
     3,151,508   11,110,155
Kuwait Real Estate Co. KSC (a)
     3,737,505   1,968,403
Mabanee Co. KPSC
     383,916   1,161,352
Mezzan Holding Co. KSCC
     38,421   73,478
Mobile Telecommunications Co. KSCP
     791,492   1,636,132
National Bank of Kuwait SAKP
     5,598,666   20,253,239
National Industries Group Holding SAK (a)
     978,616   905,172
National Investments Co. KSCP
     1,860,266   2,718,756
Qurain Petrochemical Industries Co.
     170,064   214,959
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC
     72,967   53,560
Warba Bank KSCP (a)
     1,898,791   1,762,538
          54,640,634
MALAYSIA — 2.0%          
Aeon Co. M Bhd
     6,287,448   2,362,606
AEON Credit Service M Bhd
     161,550   580,923
Alliance Bank Malaysia Bhd
     6,588,800   5,891,881
AMMB Holdings Bhd (a)
     55,600   49,058
ATA IMS Bhd
     851,400   86,056
Axiata Group Bhd
     2,230,938   2,010,882
Bahvest Resources Bhd (a)
     2,336,400   230,598
Bank Islam Malaysia Bhd
     25,400   17,820
Berjaya Sports Toto Bhd
     3,232,647   1,476,112
Bintulu Port Holdings Bhd
     94   116
British American Tobacco Malaysia Bhd
     7,200   21,302
Bursa Malaysia Bhd
     1,788,347   3,006,983
Capitaland Malaysia Mall Trust REIT
     2,198,845   300,692
Careplus Group Bhd
     251,300   39,445
Carlsberg Brewery Malaysia Bhd Class B
     497,320   2,568,949
CIMB Group Holdings Bhd
     4,763,522   6,038,307
Comfort Glove Bhd
     268,800   49,224
Dagang NeXchange Bhd (a)
     2,554,000   613,482
Datasonic Group Bhd
     3,164,500   357,486
Dialog Group Bhd
     4,894,706   3,189,606
See accompanying notes to financial statements.
52

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
DiGi.Com Bhd
     7,680,546   $ 7,123,879
FGV Holdings Bhd
     28,800   13,562
Focus Dynamics Group Bhd (a)
     6,861,600   65,275
Frontken Corp. Bhd
     1,178,050   848,919
Gabungan AQRS Bhd (a)
     514,400   48,323
Gamuda Bhd
     1,454,518   1,196,892
GDEX Bhd
     1,465,900   76,699
Genetec Technology Bhd (a)
     356,900   213,898
Genting Bhd
     4,133,900   4,601,142
Genting Malaysia Bhd
     937,900   664,711
George Kent Malaysia Bhd
     587,300   85,900
Globetronics Technology Bhd
     963,100   348,157
Greatech Technology Bhd (a)
     295,200   332,778
Hap Seng Plantations Holdings Bhd
     58,800   35,380
Hartalega Holdings Bhd
     1,416,900   1,634,334
Hong Leong Bank Bhd
     98,100   471,281
Hong Leong Financial Group Bhd
     5,500   25,638
Hong Seng Consolidated Bhd (a)
     895,000   555,550
IHH Healthcare Bhd
     1,540,000   2,270,765
IJM Corp. Bhd
     892,100   354,315
Inari Amertron Bhd
     1,720,900   1,256,475
IOI Corp. Bhd
     8,056,684   7,894,295
IOI Properties Group Bhd
     6,240,762   1,454,533
Iris Corp. Bhd (a)
     1,395,700   61,408
Iskandar Waterfront City Bhd (a)
     245,600   19,567
Karex Bhd (a)
     2,492,900   237,151
KLCCP Stapled Group
     923,500   1,440,790
KNM Group Bhd (a)
     5,965,121   219,893
Kossan Rubber Industries Bhd
     1,142,400   532,518
KPJ Healthcare Bhd
     2,374,680   570,409
Kuala Lumpur Kepong Bhd
     18,900   113,272
Lingkaran Trans Kota Holdings Bhd
     588,500   547,247
Magni-Tech Industries Bhd
     277,500   128,034
Magnum Bhd
     4,989,643   2,159,736
Malayan Banking Bhd
     4,256,100   9,049,179
Malaysia Airports Holdings Bhd (a)
     326,800   540,165
Malaysian Pacific Industries Bhd
     121,600   1,052,676
Malaysian Resources Corp. Bhd
     12,378,659   1,074,549
Maxis Bhd
     199,200   186,184
Mega First Corp. BHD
     328,800   290,894
MISC Bhd
     184,800   323,035
MPHB Capital Bhd (a)
     2,270,630   712,820
See accompanying notes to financial statements.
53

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Muda Holdings Bhd
     366,400   $ 202,164
My EG Services Bhd
     4,192,624   1,017,058
Nestle Malaysia Bhd
     1,469   46,675
OSK Holdings Bhd
     10,018,142   2,287,274
Padini Holdings Bhd
     258,500   212,099
Pavilion Real Estate Investment Trust
     2,047,700   642,836
Pentamaster Corp. Bhd
     783,250   702,266
Petronas Chemicals Group Bhd
     1,757,600   4,012,833
Petronas Dagangan Bhd
     336,800   1,635,640
Petronas Gas Bhd
     196,800   779,758
Pos Malaysia Bhd (a)
     1,521,800   233,441
PPB Group Bhd
     57,800   235,063
Press Metal Aluminium Holdings Bhd
     1,367,800   2,016,852
Public Bank Bhd
     11,858,700   13,170,849
QL Resources Bhd
     31,800   37,966
Rapid Synergy Bhd (a)
     113,700   294,745
RHB Bank Bhd
     445,762   631,843
Sapura Energy Bhd (a)
     294,400   2,451
Serba Dinamik Holdings Bhd (f)
     1,064,600   44,308
Sime Darby Bhd
     1,574,824   898,883
Sime Darby Plantation Bhd
     839,987   992,862
Sime Darby Property Bhd
     571,924   80,251
SKP Resources Bhd
     768,625   257,747
SP Setia Bhd Group
     361,663   108,376
Sunway Real Estate Investment Trust
     2,196,300   736,496
Supermax Corp. Bhd
     1,968,268   552,365
Syarikat Takaful Malaysia Keluarga Bhd
     5,777   4,987
Taliworks Corp. Bhd
     136,100   30,102
Telekom Malaysia Bhd
     1,088,727   1,266,157
Tenaga Nasional Bhd
     1,556,000   3,330,519
TIME dotCom Bhd
     60,900   62,280
Top Glove Corp. Bhd
     3,640,900   1,662,531
Uchi Technologies Bhd
     92,600   66,509
UEM Edgenta Bhd (a)
     990,700   384,052
UEM Sunrise Bhd (a)
     6,871,488   555,635
UMW Holdings Bhd
     457,500   357,970
Unisem M Bhd
     192,000   143,381
Velesto Energy Bhd (a)
     46,163   1,153
ViTrox Corp. Bhd
     321,600   627,176
VS Industry Bhd
     5,462,100   1,338,002
WCT Holdings Bhd (a)
     12,872,826   1,775,668
See accompanying notes to financial statements.
54

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
YTL Corp. Bhd
     2,532,770   $ 355,392
          123,518,371
MEXICO — 2.6%          
Alfa SAB de CV Class A
     3,684,689   2,791,879
America Movil SAB de CV Series L (b)
     21,486,261   22,755,482
Axtel SAB de CV Series CPO (a)(b)
     2,643,760   372,529
Cemex SAB de CV Series CPO (a)(b)
     14,631,066   7,843,050
Coca-Cola Femsa SAB de CV
     882,121   4,844,986
Concentradora Hipotecaria SAPI de CV REIT
     2,390   2,337
Consorcio ARA SAB de CV (b)
     2,567,291   522,676
El Puerto de Liverpool SAB de CV Series C1 (b)
     540,132   2,748,059
Fibra Uno Administracion SA de CV REIT
     2,220,009   2,593,833
Fomento Economico Mexicano SAB de CV
     1,750,958   14,519,026
Gruma SAB de CV Class B (b)
     7,274   91,244
Grupo Aeroportuario del Pacifico SAB de CV Class B (a)
     289,456   4,682,650
Grupo Aeroportuario del Sureste SAB de CV Class B
     295,655   6,581,593
Grupo Bimbo SAB de CV Class A (b)
     2,141,057   6,448,294
Grupo Elektra SAB DE CV (b)
     36,715   2,381,007
Grupo Financiero Banorte SAB de CV Series O
     2,335,841   17,517,050
Grupo Financiero Inbursa SAB de CV Series O (a)(b)
     2,000,584   4,180,340
Grupo Mexico SAB de CV Class B
     3,172,798   18,933,054
Grupo Televisa SAB Series CPO (b)
     2,636,637   6,182,386
Industrias CH SAB de CV Class B (a)
     326,155   3,352,812
Industrias Penoles SAB de CV (b)
     167,690   2,113,069
Kimberly-Clark de Mexico SAB de CV Class A (b)
     2,086,721   2,927,813
Nemak SAB de CV (a)(c)
     1,739,739   467,606
Operadora de Sites Mexicanos SA (b)
     1,851,103   2,350,312
Orbia Advance Corp. SAB de CV (b)
     86,706   228,309
Sare Holding SAB de CV Class B (a)(f)
     1,493,393   —
TV Azteca SAB de CV Series CPO (a)(b)
     5,824,776   290,041
Urbi Desarrollos Urbanos SAB de CV (a)
     42,377   14,365
Wal-Mart de Mexico SAB de CV
     4,797,511   19,707,758
          157,443,560
PERU — 0.3%          
Cia de Minas Buenaventura SAA ADR (a)(b)(d)
     297,479   2,995,614
Cia de Minas Buenaventura SAA ADR (a)(d)
     8,218   82,344
Credicorp, Ltd.
     64,536   11,091,802
Southern Copper Corp.
     67,843   5,149,284
Volcan Cia Minera SAA Class B (a)
     7,445,728   1,743,683
          21,062,727
See accompanying notes to financial statements.
55

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
PHILIPPINES — 0.9%          
Aboitiz Equity Ventures, Inc.
     792,300   $ 911,042
AC Energy Corp.
     962,900   162,453
Alliance Global Group, Inc.
     3,218,000   778,614
Ayala Corp.
     134,030   2,134,326
Ayala Land, Inc.
     9,170,810   6,211,941
Bank of the Philippine Islands
     3,347,424   6,443,201
BDO Unibank, Inc.
     3,037,739   7,790,279
Bloomberry Resorts Corp. (a)
     1,245,600   164,652
Cebu Air, Inc. (a)
     1,504,920   1,403,274
Cebu Holdings, Inc. (a)
     7,536,864   969,983
D&L Industries, Inc.
     3,339,605   515,672
DoubleDragon Corp.
     2,284,690   400,908
East West Banking Corp. (a)
     1,871,600   304,910
Filinvest Land, Inc.
     69,126,000   1,442,769
First Philippine Holdings Corp.
     388,315   526,809
Global Ferronickel Holdings, Inc.
     3,066,449   173,634
GMA Holdings, Inc. PDR
     5,645,200   1,605,901
GT Capital Holdings, Inc.
     16,267   173,531
JG Summit Holdings, Inc.
     2,046,346   2,424,215
Jollibee Foods Corp.
     166,320   723,200
Manila Electric Co.
     15,320   110,611
Megawide Construction Corp. (a)
     7,241,888   733,356
Megaworld Corp.
     10,773,300   626,681
Nickel Asia Corp.
     1,564,000   236,965
PLDT, Inc.
     148,277   5,301,236
Puregold Price Club, Inc.
     474,380   327,743
San Miguel Corp.
     217,180   461,683
SM Investments Corp.
     259,105   4,551,675
SM Prime Holdings, Inc.
     8,706,290   6,368,404
Universal Robina Corp.
     376,130   879,539
Vista Land & Lifescapes, Inc.
     1,645,378   82,992
          54,942,199
POLAND — 0.8%          
11 bit studios SA (a)
     1,897   268,578
Asseco Poland SA
     81,750   1,582,131
Bank Polska Kasa Opieki SA
     244,559   6,625,643
Biomed-Lublin Wytwornia Surowic i Szczepionek SA (a)
     25,674   22,192
Bioton SA (a)
     1,575   1,640
CCC SA (a)
     12,418   177,304
CD Projekt SA
     41,765   1,741,256
Columbus Energy SA (a)
     6,892   22,988
See accompanying notes to financial statements.
56

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Datawalk SA (a)
     2,982   $ 133,813
Dino Polska SA (a)(c)
     18,670   1,525,499
Eurocash SA
     12,424   39,205
Getin Holding SA (a)
     114,344   28,262
Getin Noble Bank SA (a)
     443,099   37,587
Globe Trade Centre SA (a)
     424,593   650,046
Grupa Lotos SA (a)
     152,920   2,161,375
InPost SA (a)(b)
     58,630   375,752
KGHM Polska Miedz SA
     172,602   7,161,290
LPP SA
     329   905,544
Mabion SA (a)
     10,981   79,316
mBank SA (a)
     29,357   2,488,186
Mercator Medical SA (a)
     2,835   48,996
Orange Polska SA (a)
     1,576,972   2,985,736
PGE Polska Grupa Energetyczna SA (a)
     912,422   1,996,830
PlayWay SA
     1,865   142,764
Polimex-Mostostal SA (a)
     22,690   22,651
Polski Koncern Naftowy ORLEN SA
     316,428   5,772,357
Powszechna Kasa Oszczednosci Bank Polski SA (a)
     725,395   6,934,966
Powszechny Zaklad Ubezpieczen SA
     466,427   3,788,723
Santander Bank Polska SA
     36,523   2,673,109
TEN Square Games SA
     1,636   77,025
          50,470,764
QATAR — 0.9%          
Aamal Co.
     439,547   140,491
Al Meera Consumer Goods Co. QSC
     182,658   968,525
Alijarah Holding Co QPSC (a)
     4,593,080   1,113,665
Baladna
     116,625   46,275
Commercial Bank PQSC
     723,180   1,483,395
Doha Bank QPSC
     244,339   173,102
Ezdan Holding Group QSC (a)
     145,301   52,706
Gulf Warehousing Co.
     103,894   120,819
Industries Qatar QSC
     944,961   4,930,118
Mannai Corp. QSC
     428,668   1,035,842
Masraf Al Rayan QSC
     4,267,731   6,058,672
Mazaya Real Estate Development QPSC
     2,714,934   644,860
Medicare Group
     364,258   709,762
Mesaieed Petrochemical Holding Co.
     3,530,863   2,821,394
Ooredoo QSC
     1,249,531   2,440,218
Qatar Aluminium Manufacturing Co.
     484,119   338,986
Qatar Electricity & Water Co. QSC
     161,790   813,004
Qatar First Bank (a)
     851,467   344,164
See accompanying notes to financial statements.
57

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Qatar Fuel QSC
     129,583   $ 636,217
Qatar Gas Transport Co., Ltd.
     367,796   361,560
Qatar Insurance Co. SAQ
     1,383,362   915,467
Qatar International Islamic Bank QSC
     387,911   1,180,217
Qatar Islamic Bank SAQ
     607,876   3,979,341
Qatar National Bank QPSC
     3,369,500   21,345,333
Qatar National Cement Co. QSC
     143,273   204,184
Qatar Navigation QSC
     106,595   251,724
Qatari Investors Group QSC
     1,286,261   907,720
United Development Co. QSC
     133,226   53,777
Vodafone Qatar QSC
     2,429,898   1,064,238
Widam Food Co.
     136,374   121,442
          55,257,218
ROMANIA — 0.0% (e)          
NEPI Rockcastle PLC
     236,429   1,570,584
RUSSIA — 0.0%          
Gazprom PJSC ADR (f)
     4,907,694   —
HeadHunter Group PLC ADR (f)
     3,200   —
LUKOIL PJSC ADR (f)
     340,951   —
Magnit PJSC GDR (f)
     210,075   —
Mechel PJSC ADR (a)(f)
     217,515   —
MMC Norilsk Nickel PJSC ADR (f)
     615,616   —
Mobile TeleSystems PJSC ADR (f)
     702,117   —
Novatek PJSC GDR (f)
     92,440   —
Novolipetsk Steel PJSC GDR (f)
     47,918   —
Novorossiysk Commercial Sea Port PJSC GDR (f)
     74,531   —
Rosneft Oil Co. PJSC GDR (f)
     1,683,986   —
Rostelecom PJSC ADR (b)(f)
     135,639   —
Sberbank of Russia PJSC ADR (f)
     2,150,731   —
Severstal PAO GDR (f)
     486,985   —
Sistema PJSC FC GDR (f)
     198,224   —
Surgutneftegas PJSC ADR (f)
     1,315,893   —
Tatneft PJSC ADR (f)
     291,793   —
TCS Group Holding PLC GDR (a)(f)
     43,856   —
VK Co., Ltd. GDR (a)(f)
     52,451   —
VTB Bank PJSC GDR (f)
     2,977,260   —
X5 Retail Group NV GDR (f)
     55,357   —
Yandex NV Class A (a)(f)
     228,523   —
          —
SAUDI ARABIA — 4.2%          
Abdul Mohsen Al-Hokair Tourism & Development Co. (a)
     287,010   1,245,508
See accompanying notes to financial statements.
58

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Abdullah Al Othaim Markets Co.
     54,585   $ 1,702,371
Advanced Petrochemical Co.
     47,513   892,887
Al Hammadi Co. for Development & Investment
     155,947   1,885,165
Al Jouf Agricultural Development Co. (a)
     44,843   663,411
Al Khaleej Training & Education Co.
     265,025   1,318,237
Al Rajhi Bank
     849,876   36,382,803
Al Rajhi Co. for Co-operative Insurance (a)
     11,136   252,018
Al Rajhi REIT
     311,655   915,484
Aldrees Petroleum & Transport Services Co.
     35,883   743,198
Al-Etihad Cooperative Insuarnce Co. (a)
     242,468   1,337,888
Alinma Bank
     365,406   3,784,093
Almarai Co. JSC
     90,761   1,238,695
Alujain Holding
     54,142   933,756
Arabian Cement Co.
     40,192   458,541
AXA Cooperative Insurance Co. (a)
     127,500   1,277,889
Bank AlBilad (a)
     161,026   2,661,232
Banque Saudi Fransi
     321,529   4,602,454
Basic Chemical Industries, Ltd. (a)
     212,199   2,313,458
Batic Investments & Logistic Co. (a)
     268,514   1,630,481
Bawan Co.
     264,511   2,340,868
Bupa Arabia for Cooperative Insurance Co.
     23,258   1,109,738
Buruj Cooperative Insurance Co. (a)
     133,287   844,879
City Cement Co.
     75,693   559,904
Co. for Cooperative Insurance
     28,505   548,597
Dallah Healthcare Co.
     87,800   2,373,163
Dar Al Arkan Real Estate Development Co. (a)
     219,215   639,268
Derayah REIT
     301,676   1,029,309
Dr Sulaiman Al Habib Medical Services Group Co.
     51,153   2,596,170
Dur Hospitality Co. (a)
     147,766   1,114,695
Eastern Province Cement Co.
     111,978   1,465,579
Etihad Etisalat Co.
     249,247   2,757,231
Fawaz Abdulaziz Al Hokair & Co. (a)
     36,911   146,601
Fitaihi Holding Group
     156,453   1,678,591
Hail Cement Co.
     99,840   387,490
Herfy Food Services Co.
     44,099   662,984
Jadwa REIT Saudi Fund
     144,484   560,759
Jarir Marketing Co.
     41,348   2,171,280
Jazan Energy & Development Co. (a)
     120,690   622,833
Leejam Sports Co. JSC
     58,973   1,980,701
Malath Cooperative Insurance Co. (a)
     191,411   1,165,354
Mediterranean & Gulf Insurance & Reinsurance Co. (a)
     88,373   400,464
Methanol Chemicals Co. (a)
     225,740   2,704,788
See accompanying notes to financial statements.
59

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Middle East Healthcare Co. (a)
     50,354   $ 435,556
Mobile Telecommunications Co. (a)
     514,059   1,825,208
Mouwasat Medical Services Co.
     61,050   3,459,744
Musharaka Real Estate Income Fund REIT
     247,283   645,315
Najran Cement Co.
     90,674   473,733
Nama Chemicals Co. (a)
     118,829   1,297,094
National Co. for Glass Industries
     183,365   2,006,433
National Co. for Learning & Education
     120,509   1,625,418
National Gas & Industrialization Co.
     28,126   380,111
National Medical Care Co.
     78,234   1,732,972
National Petrochemical Co.
     26,527   328,803
Qassim Cement Co.
     68,599   1,539,660
Red Sea International Co. (a)
     194,878   1,034,778
Riyad Bank
     1,086,544   10,875,577
Riyad REIT Fund
     132,796   381,592
SABIC Agri-Nutrients Co.
     109,569   5,309,781
Sahara International Petrochemical Co.
     139,815   2,001,350
Saudi Advanced Industries Co.
     143,320   1,780,278
Saudi Airlines Catering Co. (a)
     8,868   203,055
Saudi Arabian Amiantit Co. (a)
     33,904   410,752
Saudi Arabian Mining Co. (a)
     227,290   8,118,582
Saudi Arabian Oil Co. (c)
     1,226,094   14,086,273
Saudi Automotive Services Co.
     311,066   3,320,857
Saudi Basic Industries Corp.
     567,007   19,799,525
Saudi British Bank
     48,730   516,981
Saudi Cement Co.
     58,433   948,572
Saudi Ceramic Co.
     184,604   2,598,185
Saudi Chemical Co. Holding
     181,260   1,674,173
Saudi Co. For Hardware CJSC (a)
     46,158   542,601
Saudi Electricity Co.
     379,291   2,679,251
Saudi Industrial Investment Group
     49,402   460,901
Saudi Industrial Services Co.
     178,464   1,353,406
Saudi Kayan Petrochemical Co. (a)
     219,945   1,325,005
Saudi National Bank
     1,450,529   27,413,703
Saudi Pharmaceutical Industries & Medical Appliances Corp.
     147,769   1,469,221
Saudi Printing & Packaging Co. (a)
     105,083   568,622
Saudi Public Transport Co. (a)
     273,068   1,634,841
Saudi Re for Cooperative Reinsurance Co. (a)
     508,757   2,329,853
Saudi Research & Media Group (a)
     29,698   1,993,324
Saudi Telecom Co.
     474,189   13,625,903
Saudi Vitrified Clay Pipe Co., Ltd.
     38,170   712,222
Saudia Dairy & Foodstuff Co.
     12,741   585,512
See accompanying notes to financial statements.
60

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Savola Group
     106,516   $ 1,034,922
Southern Province Cement Co.
     75,152   1,412,293
Tabuk Cement Co. (a)
     171,684   831,076
Takween Advanced Industries Co. (a)
     406,682   1,803,862
Umm Al-Qura Cement Co.
     326,529   2,376,181
United Electronics Co.
     51,893   1,839,736
United International Transportation Co.
     82,851   1,141,782
Walaa Cooperative Insurance Co. (a)
     77,904   349,286
Yamama Cement Co. (a)
     81,056   700,044
Yanbu Cement Co.
     101,273   1,139,203
Yanbu National Petrochemical Co.
     107,918   1,924,487
          256,158,410
SINGAPORE — 0.0% (e)          
Aslan Pharmaceuticals, Ltd. ADR (a)(b)
     36,289   32,116
Grindrod Shipping Holdings, Ltd. (b)
     22,403   560,209
Guan Chong Bhd
     2,970,000   1,871,812
Riverstone Holdings, Ltd.
     502,700   367,734
          2,831,871
SOUTH AFRICA — 4.4%          
Absa Group, Ltd.
     542,793   7,074,046
Adcock Ingram Holdings, Ltd.
     160,365   574,515
Adcorp Holdings, Ltd. (a)
     610,213   219,238
African Rainbow Minerals, Ltd. (b)
     167,311   3,276,376
Alexander Forbes Group Holdings, Ltd.
     705,126   222,938
Allied Electronics Corp., Ltd. Class A
     176,537   101,482
Anglo American Platinum, Ltd.
     45,775   6,285,608
ArcelorMittal South Africa, Ltd. (a)
     235,043   156,829
Ascendis Health, Ltd. (a)
     119,172   6,443
Aspen Pharmacare Holdings, Ltd.
     366,006   4,975,177
Astral Foods, Ltd.
     22,827   237,182
Aveng, Ltd. (a)(b)
     3,630   4,464
Barloworld, Ltd.
     294,492   2,347,875
Bid Corp., Ltd.
     187,270   4,075,662
Bidvest Group, Ltd. (b)
     385,977   5,908,849
Blue Label Telecoms, Ltd. (a)
     1,581,096   666,522
Capitec Bank Holdings, Ltd.
     52,897   8,476,371
Clicks Group, Ltd.
     74,895   1,584,007
Coronation Fund Managers, Ltd.
     816,196   2,588,926
Curro Holdings, Ltd. (b)
     190,893   148,926
Discovery, Ltd. (a)
     467,261   5,825,214
EOH Holdings, Ltd. (a)
     147,873   58,694
See accompanying notes to financial statements.
61

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
FirstRand, Ltd. (b)
     4,848,762   $ 25,706,319
Foschini Group, Ltd.
     344,539   3,474,981
Gold Fields, Ltd.
     786,995   12,282,238
Grindrod, Ltd.
     1,500,486   695,178
Group Five, Ltd. (f)
     219,472   —
Growthpoint Properties, Ltd. REIT
     1,277,299   1,286,696
Harmony Gold Mining Co., Ltd.
     363,885   1,839,783
Impala Platinum Holdings, Ltd.
     645,804   9,945,271
Investec, Ltd.
     329,496   2,198,745
Invicta Holdings, Ltd. (b)
     170,172   391,061
Kumba Iron Ore, Ltd. (b)
     64,341   2,885,691
Lewis Group, Ltd.
     137,586   442,535
Life Healthcare Group Holdings, Ltd.
     192,875   307,544
Massmart Holdings, Ltd. (a)
     257,887   809,355
Momentum Metropolitan Holdings (b)
     1,444,682   1,711,373
Motus Holdings, Ltd.
     196,035   1,439,088
Mr. Price Group, Ltd.
     264,998   3,926,413
MTN Group, Ltd.
     1,435,976   18,671,373
MultiChoice Group, Ltd.
     438,634   3,954,235
Murray & Roberts Holdings, Ltd. (a)
     527,529   455,236
Naspers, Ltd. Class N
     177,514   20,215,883
Nedbank Group, Ltd.
     436,536   6,962,768
Net 1 UEPS Technologies, Inc. (a)(b)
     48,648   285,564
Netcare, Ltd.
     2,724,247   3,001,566
Ninety One, Ltd.
     146,560   491,559
Old Mutual, Ltd. (b)
     2,569,566   2,393,628
PPC, Ltd. (a)
     1,540,898   448,165
PSG Group, Ltd. (a)
     204,731   1,342,363
Rand Merchant Investment Holdings, Ltd.
     1,353,243   4,833,242
Redefine Properties, Ltd. REIT
     752,988   238,070
Remgro, Ltd.
     766,968   7,863,620
Sanlam, Ltd.
     1,835,271   9,068,028
Sappi, Ltd. (a)
     458,867   1,786,794
Sasol, Ltd. (a)
     485,937   11,805,484
Shoprite Holdings, Ltd.
     486,216   7,874,620
Sibanye Stillwater, Ltd. (b)
     2,147,969   8,790,320
Standard Bank Group, Ltd.
     1,179,584   14,703,126
Steinhoff International Holdings NV (a)(b)
     2,731,079   620,509
Sun International, Ltd. (a)
     499,785   1,025,051
Telkom SA SOC, Ltd. (a)
     425,583   1,295,462
Tiger Brands, Ltd.
     247,194   2,738,800
Truworths International, Ltd.
     643,423   2,569,289
See accompanying notes to financial statements.
62

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Vodacom Group, Ltd.
     569,169   $ 6,232,133
Wilson Bayly Holmes-Ovcon, Ltd.
     148,560   822,888
Woolworths Holdings, Ltd. (b)
     1,167,699   4,617,256
          269,264,647
SWITZERLAND — 0.0% (e)          
Mediclinic International PLC (a)
     197,832   935,243
TAIWAN — 17.8%          
Ability Opto-Electronics Technology Co., Ltd. (a)
     46,000   109,335
Accton Technology Corp.
     291,000   2,259,829
Acer, Inc.
     4,623,701   4,833,249
ADATA Technology Co., Ltd.
     123,000   362,756
Adimmune Corp.
     546,505   762,969
Advanced Ceramic X Corp.
     4,000   37,834
Advanced Energy Solution Holding Co., Ltd.
     8,000   354,606
Advanced Power Electronics Corp.
     28,000   108,476
Advanced Wireless Semiconductor Co.
     13,688   48,013
Advancetek Enterprise Co., Ltd.
     4,054,946   3,325,872
Advantech Co., Ltd.
     98,048   1,264,462
AGV Products Corp. (a)
     7,758,415   3,114,035
Airmate Cayman International Co., Ltd.
     11,667   8,083
Alchip Technologies, Ltd.
     49,000   1,881,228
Alcor Micro Corp.
     88,000   188,276
Amazing Microelectronic Corp.
     54,000   339,249
Andes Technology Corp.
     9,000   127,218
Anpec Electronics Corp.
     38,000   340,192
AP Memory Technology Corp.
     74,000   813,570
APCB, Inc.
     1,547,000   1,104,171
Applied BioCode Corp. (a)
     37,000   47,135
Arcadyan Technology Corp.
     37,169   157,619
ASE Technology Holding Co., Ltd.
     3,639,805   13,148,345
ASIX Electronics Corp.
     21,000   157,583
ASMedia Technology, Inc.
     19,000   1,289,810
ASPEED Technology, Inc.
     12,000   1,365,374
Asustek Computer, Inc.
     955,814   12,459,959
AU Optronics Corp. ADR (b)
     999,275   6,924,976
Auden Techno Corp.
     24,000   150,777
Audix Corp.
     1,179,657   2,297,432
Bank of Kaohsiung Co., Ltd.
     3,325,543   1,717,817
Basso Industry Corp.
     2,841,905   4,240,317
Biostar Microtech International Corp.
     1,825,384   1,382,505
Bizlink Holding, Inc.
     29,000   300,106
See accompanying notes to financial statements.
63

Table of Contents
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
C Sun Manufacturing, Ltd.
     1,572,330   $ 2,713,705
Career Technology MFG. Co., Ltd. (a)
     102,958   83,548
Carnival Industrial Corp.
     1,417,984   665,650
Catcher Technology Co., Ltd.
     1,139,644   5,747,642
Cathay Financial Holding Co., Ltd.
     7,893,136   17,768,957
Cathay No. 1 REIT
     1,546,000   1,035,469
Center Laboratories, Inc.
     1,101,333   2,406,277
Chailease Holding Co., Ltd.
     1,457,437   12,894,972
Champion Building Materials Co., Ltd. (a)
     1,559,000   688,318
Chang Hwa Commercial Bank, Ltd.
     10,309,967   6,890,944
Chang Wah Electromaterials, Inc.
     74,310   96,481
Charoen Pokphand Enterprise
     999,572   2,836,333
Chen Full International Co., Ltd.
     12,000   17,151
Cheng Loong Corp.
     1,478,000   1,805,490
Cheng Shin Rubber Industry Co., Ltd.
     485,850   601,134
Chieftek Precision Co., Ltd.
     34,100   99,379
China Airlines, Ltd. (a)
     2,997,761   2,788,347
China Chemical & Pharmaceutical Co., Ltd.
     3,023,000   2,342,307
China Development Financial Holding Corp.
     18,810,968   12,605,643
China Steel Chemical Corp.
     1,479,595   6,016,188
China Steel Corp.
     12,194,298   16,577,419
Chinese Maritime Transport, Ltd.
     58,000   103,848
Chipbond Technology Corp.
     66,000   159,175
Chong Hong Construction Co., Ltd.
     7,717   19,716
Chroma ATE, Inc.
     110,000   691,063
Chun Yuan Steel Industry Co., Ltd.
     187,000   158,599
Chung Hung Steel Corp.
     390,000   628,187
Chung Hwa Pulp Corp. (a)
     2,375,589   1,857,257
Chunghwa Chemical Synthesis & Biotech Co., Ltd.
     457,169   844,083
Chunghwa Telecom Co., Ltd.
     3,074,561   13,628,231
CMC Magnetics Corp. (a)
     1,420,656   510,715
Compal Electronics, Inc. (a)
     7,754,774   7,253,650
Concraft Holding Co., Ltd.
     15,650   14,393
Coxon Precise Industrial Co., Ltd. (a)
     10,000   4,851
CTBC Financial Holding Co., Ltd.
     19,931,875   20,452,581
Cub Elecparts, Inc.
     3,000   16,544
Da-Li Development Co., Ltd. (a)
     1,892,000   2,080,101
Darfon Electronics Corp.
     76,000   131,833
Delta Electronics, Inc.
     1,555,463   14,576,613
Dimerco Express Corp.
     491,775   1,802,222
E Ink Holdings, Inc.
     108,000   697,346
E.Sun Financial Holding Co., Ltd.
     6,869,684   7,924,299
See accompanying notes to financial statements.
64

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Eclat Textile Co., Ltd.
     58,854   $ 980,849
Egis Technology, Inc.
     43,000   168,089
EirGenix, Inc. (a)
     131,485   421,740
Elan Microelectronics Corp.
     9,400   56,430
Elite Advanced Laser Corp.
     12,672   21,827
Elite Material Co., Ltd.
     13,000   117,062
Elite Semiconductor Microelectronics Technology, Inc.
     540,175   3,035,379
eMemory Technology, Inc. (a)
     31,000   2,001,640
Energenesis Biomedical Co., Ltd. (a)
     16,441   24,675
ENNOSTAR, Inc. (a)
     564,590   1,408,938
Episil Technologies, Inc. (a)
     146,201   678,664
Episil-Precision, Inc.
     66,998   274,759
Etron Technology, Inc. (a)
     222,296   624,569
Eva Airways Corp. (a)
     1,710,110   1,924,892
Evergreen International Storage & Transport Corp.
     127,000   163,562
Evergreen Marine Corp. Taiwan, Ltd. (a)
     1,978,000   9,319,931
Excelliance Mos Corp.
     35,000   233,321
Excelsior Medical Co., Ltd.
     77,848   179,870
Far Eastern New Century Corp.
     8,756,216   9,290,577
Faraday Technology Corp.
     109,000   1,162,225
Feng TAY Enterprise Co., Ltd.
     152,985   1,022,516
First Financial Holding Co., Ltd.
     3,716,319   3,690,183
First Steamship Co., Ltd. (a)
     208,000   83,849
FIT Hon Teng, Ltd. (a)(c)
     69,000   10,309
Fitipower Integrated Technology, Inc.
     65,332   468,587
Flytech Technology Co., Ltd.
     8,854   22,744
FocalTech Systems Co., Ltd.
     137,000   698,114
Formosa Chemicals & Fibre Corp.
     4,582,243   12,634,494
Formosa Petrochemical Corp.
     549,000   1,806,911
Formosa Plastics Corp.
     4,787,922   17,797,103
Founding Construction & Development Co., Ltd.
     3,649,059   2,483,523
Foxconn Technology Co., Ltd.
     1,614,223   3,538,146
Froch Enterprise Co., Ltd.
     117,000   134,757
Fubon Financial Holding Co., Ltd.
     7,325,561   19,559,374
Fullerton Technology Co., Ltd.
     1,412,000   941,284
Fwusow Industry Co., Ltd.
     1,600,830   1,114,656
General Interface Solution Holding, Ltd.
     38,000   127,191
GeneReach Biotechnology Corp.
     17,501   60,716
Genesys Logic, Inc.
     64,000   674,589
Genius Electronic Optical Co., Ltd.
     22,665   360,327
Giant Manufacturing Co., Ltd.
     84,302   766,475
Gigastorage Corp. (a)
     170,894   152,991
See accompanying notes to financial statements.
65

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Global Unichip Corp.
     23,000   $ 405,389
Globalwafers Co., Ltd.
     133,000   3,114,776
Golden Biotechnology Corp. (a)
     28,653   160,008
Gongwin Biopharm Holdings Co., Ltd. (a)
     4,472   38,943
Grape King Bio, Ltd.
     73,664   376,657
Great Wall Enterprise Co., Ltd.
     1,568,873   2,962,359
Hai Kwang Enterprise Corp.
     78,000   92,697
HannStar Display Corp.
     1,623,500   875,454
Himax Technologies, Inc. ADR (b)
     90,347   981,168
Hiwin Technologies Corp.
     62,579   524,195
Hocheng Corp.
     4,212,767   2,411,370
Holy Stone Enterprise Co., Ltd.
     57,000   238,731
Hon Hai Precision Industry Co., Ltd.
     10,800,277   39,957,048
Hong TAI Electric Industrial
     2,945,000   3,304,600
Hota Industrial Manufacturing Co., Ltd.
     10,279   29,239
Hotai Motor Co., Ltd.
     164,433   3,431,965
Hsin Kuang Steel Co., Ltd.
     63,000   149,081
HTC Corp. (a)
     1,313,439   2,713,840
HUA ENG Wire & Cable Co., Ltd.
     301,000   237,426
Hua Nan Financial Holdings Co., Ltd.
     13,124,549   11,154,137
Hung Sheng Construction, Ltd.
     1,213,032   1,054,203
Ibase Technology, Inc.
     3,012,222   4,962,284
Innolux Corp.
     6,760,820   3,964,252
International Games System Co., Ltd.
     18,000   481,231
Iron Force Industrial Co., Ltd.
     6,000   14,156
Janfusun Fancyworld Corp. (a)
     754,112   81,329
Jentech Precision Industrial Co., Ltd.
     11,000   157,409
JMicron Technology Corp. (a)
     19,883   124,219
Kaimei Electronic Corp.
     48,300   140,762
KEE TAI Properties Co., Ltd.
     1,545,000   692,922
Kenda Rubber Industrial Co., Ltd.
     4,956   5,553
Kerry TJ Logistics Co., Ltd.
     1,375,373   2,102,554
Kindom Development Co., Ltd.
     1,613,900   2,033,464
Kinsus Interconnect Technology Corp.
     133,000   902,867
Kung Long Batteries Industrial Co., Ltd.
     9,000   43,191
Kuo Yang Construction Co., Ltd.
     992,734   802,115
Kwong Fong Industries Corp.
     55,776   22,290
Land Mark Optoelectronics Corp.
     14,600   93,506
Largan Precision Co., Ltd.
     49,000   3,223,740
Laser Tek Taiwan Co., Ltd.
     89,000   107,012
Leadtrend Technology Corp.
     22,000   108,651
Leatec Fine Ceramics Co., Ltd. (a)
     139,000   124,439
See accompanying notes to financial statements.
66

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Leofoo Development Co., Ltd. (a)
     1,557,154   $ 934,787
Li Cheng Enterprise Co., Ltd. (a)
     11,362   8,903
Lin BioScience, Inc. (a)
     29,180   260,722
Lite-On Technology Corp.
     3,743,014   8,896,541
Long Bon International Co., Ltd. (a)
     9,020   5,494
Longchen Paper & Packaging Co., Ltd.
     3,242,860   2,422,114
Lotes Co., Ltd.
     4,000   97,866
Lotus Pharmaceutical Co., Ltd.
     27,000   127,690
M31 Technology Corp.
     23,000   272,935
Machvision, Inc.
     15,597   118,128
Macroblock, Inc.
     30,000   167,531
Macronix International Co., Ltd.
     520,221   728,090
Makalot Industrial Co., Ltd.
     4,671   33,502
MediaTek, Inc. (a)
     1,364,023   43,084,684
Medigen Biotechnology Corp. (a)
     114,248   208,547
Medigen Vaccine Biologics Corp. (a)
     106,386   991,399
Mega Financial Holding Co., Ltd.
     9,290,333   13,910,451
Merida Industry Co., Ltd.
     19,100   168,658
Merry Electronics Co., Ltd.
     13,860   41,360
Microbio Co., Ltd. (a)
     175,712   374,710
Micro-Star International Co., Ltd.
     125,000   567,161
momo.com, Inc.
     20,600   676,565
Mosel Vitelic, Inc.
     759   1,146
Motech Industries, Inc.
     122,000   141,794
MPI Corp.
     52,000   185,121
Namchow Holdings Co., Ltd.
     1,540,000   2,617,594
Nan Ya Plastics Corp.
     6,179,719   20,101,908
Nan Ya Printed Circuit Board Corp.
     95,000   1,737,431
Nantex Industry Co., Ltd.
     64,000   146,310
Nanya Technology Corp.
     1,061,982   2,564,932
National Petroleum Co., Ltd.
     1,461,241   2,511,775
New Era Electronics Co., Ltd.
     70,000   48,863
Newmax Technology Co., Ltd. (a)
     75,654   89,513
Nexcom International Co., Ltd.
     1,558,638   1,256,637
Novatek Microelectronics Corp.
     562,904   8,379,267
Nuvoton Technology Corp.
     113,000   753,294
OBI Pharma, Inc. (a)
     55,271   214,128
Oneness Biotech Co., Ltd. (a)
     137,000   1,025,653
Pacific Hospital Supply Co., Ltd.
     74,782   187,402
Pan Jit International, Inc.
     136,900   487,367
PChome Online, Inc.
     3,519   11,201
Pegatron Corp.
     1,542,686   3,898,241
See accompanying notes to financial statements.
67

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
PharmaEngine, Inc.
     13,000   $ 40,654
PharmaEssentia Corp. (a)
     20,000   219,186
Pharmally International Holding Co., Ltd. (a)(f)
     23,076   —
Phihong Technology Co., Ltd. (a)
     84,000   137,207
Phytohealth Corp. (a)
     10,540   7,468
Pihsiang Machinery Manufacturing Co., Ltd. (f)
     51,000   —
Polaris Group/Tw (a)
     264,623   1,108,311
Pou Chen Corp.
     5,886,214   6,481,687
Powerchip Semiconductor Manufacturing Corp.
     1,480,519   2,738,688
Powertech Technology, Inc.
     1,554,285   5,153,555
President Chain Store Corp. (a)
     194,000   1,780,779
Princeton Technology Corp. (a)
     130,000   162,208
Prolific Technology, Inc. (a)
     126,000   129,292
Promate Electronic Co., Ltd.
     1,544,000   2,468,115
Promos Technologies, Inc. (f)
     257   —
Prosperity Dielectrics Co., Ltd.
     52,000   100,728
Quanta Computer, Inc.
     3,570,975   11,005,256
Quintain Steel Co., Ltd.
     115,000   77,666
Radiant Opto-Electronics Corp.
     51,000   184,231
RDC Semiconductor Co., Ltd. (a)
     42,000   550,442
Realtek Semiconductor Corp.
     287,000   4,312,287
Ritek Corp. (a)
     173,938   55,609
Sampo Corp.
     2,703,479   3,047,742
SDI Corp.
     83,000   475,089
Senhwa Biosciences, Inc. (a)
     54,000   147,762
Sensortek Technology Corp.
     4,000   61,218
Sesoda Corp.
     1,910,120   3,706,705
Shanghai Commercial & Savings Bank, Ltd.
     1,840,000   3,223,845
Shih Wei Navigation Co., Ltd. (a)
     847,743   1,285,602
Shin Kong Financial Holding Co., Ltd.
     8,307,341   3,131,399
Silicon Motion Technology Corp. ADR
     21,791   1,456,075
Silicon Optronics, Inc.
     29,000   102,735
Simplo Technology Co., Ltd.
     3,000   32,511
Sinbon Electronics Co., Ltd.
     131,710   1,195,211
Sincere Navigation Corp.
     176,000   171,384
Sino-American Silicon Products, Inc.
     191,000   1,179,938
Sinon Corp.
     3,090,000   3,639,862
SinoPac Financial Holdings Co., Ltd.
     16,873,043   10,835,872
Sinphar Pharmaceutical Co., Ltd. (a)
     906,471   893,768
Sitronix Technology Corp.
     46,000   466,398
Solar Applied Materials Technology Corp.
     1,570,736   2,801,410
Stark Technology, Inc.
     1,399,747   4,523,902
See accompanying notes to financial statements.
68

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Supreme Electronics Co., Ltd.
     4,561,951   $ 8,279,547
T3EX Global Holdings Corp.
     36,000   153,919
TA Chen Stainless Pipe
     1,163,913   1,990,532
Ta Ya Electric Wire & Cable
     3,898,163   3,911,564
TA-I Technology Co., Ltd.
     60,000   125,229
TaiMed Biologics, Inc. (a)
     80,000   176,186
Taimide Tech, Inc.
     61,950   131,029
Tainan Enterprises Co., Ltd.
     1,264,589   825,360
Tainan Spinning Co., Ltd.
     127,000   103,722
Tainergy Tech Co., Ltd. (a)
     85,000   88,111
Taishin Financial Holding Co., Ltd.
     14,474,525   10,356,448
Taisun Enterprise Co., Ltd.
     3,170,000   3,097,918
Taiwan Cement Corp.
     7,533,586   13,120,637
Taiwan Chinsan Electronic Industrial Co., Ltd.
     82,382   124,070
Taiwan Cogeneration Corp.
     1,481,000   1,990,070
Taiwan Cooperative Financial Holding Co., Ltd.
     3,503,173   3,613,031
Taiwan Fire & Marine Insurance Co., Ltd.
     69,000   49,971
Taiwan FU Hsing Industrial Co., Ltd.
     1,473,000   2,246,657
Taiwan Glass Industry Corp.
     314,000   276,174
Taiwan IC Packaging Corp. (a)
     112,000   75,054
Taiwan Land Development Corp. (a)
     3,962,750   456,419
Taiwan Mask Corp.
     65,000   219,831
Taiwan Mobile Co., Ltd.
     499,000   1,828,700
Taiwan Navigation Co., Ltd.
     190,000   240,057
Taiwan Paiho, Ltd.
     1,381,433   3,466,661
Taiwan Sakura Corp.
     1,568,726   3,630,055
Taiwan Semiconductor Co., Ltd.
     82,000   247,561
Taiwan Semiconductor Manufacturing Co., Ltd.
     14,594,303   304,095,733
Taiwan Surface Mounting Technology Corp.
     62,000   255,344
Taiwan TEA Corp. (a)
     3,027,913   2,071,343
Taiwan Union Technology Corp.
     260,612   759,510
Taiyen Biotech Co., Ltd.
     1,534,500   1,834,341
Tanvex BioPharma, Inc. (a)
     23,150   44,762
TCI Co., Ltd.
     28,724   190,481
Tong Hsing Electronic Industries, Ltd.
     12,000   121,460
TPK Holding Co., Ltd.
     8,000   10,373
Transasia Airways Corp. (f)
     361,784   —
Tripod Technology Corp.
     1,366,923   6,392,953
TrueLight Corp. (a)
     9,100   7,686
TSEC Corp. (a)
     24,000   33,883
Tul Corp.
     48,000   249,620
Tung Thih Electronic Co., Ltd.
     23,000   121,215
See accompanying notes to financial statements.
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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Tycoons Group Enterprise (a)
     218,000   $ 100,435
U-Ming Marine Transport Corp.
     259,000   534,244
Unimicron Technology Corp.
     904,000   7,856,343
Uni-President Enterprises Corp.
     3,314,993   7,589,953
United Microelectronics Corp. ADR (b)
     2,027,807   18,493,600
United Renewable Energy Co., Ltd. (a)
     120,544   96,767
Unity Opto Technology Co., Ltd. (a)(f)
     12,759   —
UPI Semiconductor Corp. (a)
     18,156   402,389
Vanguard International Semiconductor Corp.
     524,000   2,276,949
Ve Wong Corp.
     1,270,340   1,485,311
VIA Labs, Inc.
     8,000   118,947
Via Technologies, Inc.
     91,000   209,305
VisEra Technologies Co., Ltd.
     14,510   238,022
Visual Photonics Epitaxy Co., Ltd.
     310,151   1,228,632
Voltronic Power Technology Corp.
     41,000   2,089,245
Wafer Works Corp.
     226,106   543,731
Walsin Lihwa Corp.
     948,000   972,766
Walsin Technology Corp. (a)
     100,000   495,611
Wan Hai Lines, Ltd.
     126,479   699,681
WEI Chih Steel Industrial Co., Ltd. (a)
     76,000   110,745
Wei Chuan Foods Corp.
     1,468,000   1,099,021
Wei Mon Industry Co., Ltd. (f)
     240,450   —
Weikeng Industrial Co., Ltd.
     1,615,199   1,823,698
Weltrend Semiconductor
     54,000   162,463
Win Semiconductors Corp.
     161,000   1,494,721
Winbond Electronics Corp.
     1,494,670   1,627,618
WinWay Technology Co., Ltd.
     5,025   78,046
Wisdom Marine Lines Co., Ltd.
     279,000   841,338
Wistron Corp.
     4,617,476   4,794,510
Wiwynn Corp.
     28,733   1,022,901
XinTec, Inc.
     36,000   163,970
Yageo Corp.
     242,101   3,667,237
Yang Ming Marine Transport Corp. (a)
     1,338,000   5,814,041
Yieh Phui Enterprise Co., Ltd. (a)
     977,000   843,961
Yieh United Steel Corp. (a)
     354,903   158,552
Young Optics, Inc. (a)
     43,000   117,812
Yuanta Financial Holding Co., Ltd.
     4,536,400   4,179,919
Yulon Finance Corp.
     12,523   99,217
Zeng Hsing Industrial Co., Ltd.
     70,350   342,524
Zenitron Corp.
     3,102,000   4,271,117
Zhen Ding Technology Holding, Ltd.
     39,000   146,327
          1,086,753,007
See accompanying notes to financial statements.
70

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
TANZANIA, UNITED REPUBLIC OF — 0.1%          
AngloGold Ashanti, Ltd.
     378,190   $ 9,071,384
THAILAND — 2.3%          
Advanced Info Service PCL
     1,580,822   11,077,640
Airports of Thailand PCL (a)
     4,108,400   8,185,910
Asset World Corp. PCL (a)
     527,500   80,910
B Grimm Power PCL
     269,500   285,711
Bangkok Commercial Asset Management PCL
     170,686   105,748
Bangkok Dusit Medical Services PCL Class F
     1,233,900   927,744
Bangkok Expressway & Metro PCL
     28,077,539   7,346,604
Bangkok Land PCL
     16,774,300   514,580
Bank of Ayudhya PCL
     604,000   640,331
Banpu PCL
     6,924,879   2,290,937
Beauty Community PCL (a)(b)
     1,247,200   56,265
BEC World PCL (a)
     621,400   313,971
Berli Jucker PCL
     98,400   106,538
Beyond Securities PC (a)
     688,800   406,029
BTS Group Holdings PCL
     775,500   214,574
Bumrungrad Hospital PCL (b)
     156,500   736,609
Cal-Comp Electronics Thailand PCL
     1,509,150   124,363
Central Pattana PCL
     1,240,000   2,200,301
Central Plaza Hotel PCL (a)(b)
     928,700   1,124,216
Central Retail Corp. PCL
     1,221,900   1,460,768
CH Karnchang PCL
     155,248   94,316
Charoen Pokphand Foods PCL
     465,300   337,255
CP ALL PCL
     4,265,700   8,338,962
CPN Retail Growth Leasehold REIT
     296,400   182,743
Delta Electronics Thailand PCL
     326,300   3,807,651
Electricity Generating PCL (b)
     808,073   4,131,501
Energy Absolute PCL (b)
     1,765,700   5,204,168
Global Power Synergy PCL Class F
     211,500   459,575
Gulf Energy Development PCL
     2,968,720   4,575,847
Hana Microelectronics PCL
     146,300   214,500
Indorama Ventures PCL
     736,100   1,029,433
IRPC PCL (b)
     19,450,758   2,082,547
Jasmine International PCL (a)(b)
     6,443,841   790,703
JMT Network Services PCL Class F
     26,600   61,600
Kasikornbank PCL
     1,392,600   6,764,057
KCE Electronics PCL (b)
     43,900   86,480
Krung Thai Bank PCL
     1,082,100   449,112
Land & Houses PCL
     1,693,400   483,829
Lotus's Retail Growth Freehold & Leasehold Property Fund
     2,023,066   863,986
See accompanying notes to financial statements.
71

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Minor International PCL (a)
     820,918   $ 827,090
Muangthai Capital PCL
     278,500   439,737
Precious Shipping PCL
     514,000   264,343
Pruksa Holding PCL
     620,900   255,829
PTT Exploration & Production PCL
     1,874,572   8,118,447
PTT Global Chemical PCL
     628,500   959,290
PTT PCL
     8,940,760   10,352,459
Quality Houses PCL
     5,747,383   397,563
Regional Container Lines PCL
     115,600   151,236
Sansiri PCL (b)
     5,975,933   219,267
Seven Utilities and Power PLC (a)
     2,375,700   95,743
Siam Cement PCL
     682,850   7,865,611
Siam Commercial Bank PCL
     2,372,500   8,134,286
Siam Makro PCL (b)
     51,700   61,807
Sri Trang Agro-Industry PCL (b)
     448,500   354,079
Sri Trang Gloves Thailand PCL (b)
     1,173,500   891,154
Srisawad Corp. PCL
     322,700   553,200
Tata Steel Thailand PCL (a)
     2,254,700   101,716
Thai Airways International PCL (a)(f)
     1,250,900   62,451
Thai Beverage PCL (b)
     9,365,300   4,947,862
Thai Oil PCL
     1,927,895   3,000,558
Thaicom PCL
     931,600   256,365
Tisco Financial Group PCL (b)
     2,018,618   6,101,387
TMBThanachart Bank PCL
     90,295,294   3,584,655
Total Access Communication PCL
     141,800   210,035
True Corp. PCL (b)
     11,446,910   1,772,980
TTCL PCL (a)
     157,300   24,837
U City PCL Class F (a)(b)
     2,012,350   113,176
VGI PCL
     331,680   50,874
          138,326,051
TURKEY — 0.5%          
Akbank T.A.S.
     2,960,101   1,465,142
Anadolu Efes Biracilik Ve Malt Sanayii A/S
     517,716   947,350
Aselsan Elektronik Sanayi Ve Ticaret A/S
     287,056   472,433
Bera Holding A/S (a)
     386,334   266,551
BIM Birlesik Magazalar A/S
     305,414   1,762,594
Coca-Cola Icecek A/S
     10,864   86,807
Dogan Sirketler Grubu Holding A/S
     3,527,720   796,083
EGE Endustri VE Ticaret A/S
     166   20,900
Enka Insaat ve Sanayi A/S
     182,949   200,564
Eregli Demir ve Celik Fabrikalari TAS
     1,912,945   4,230,774
Ford Otomotiv Sanayi A/S
     102,536   2,088,085
See accompanying notes to financial statements.
72

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Gubre Fabrikalari TAS (a)
     40,061   $ 217,952
Haci Omer Sabanci Holding A/S
     1,289,498   1,542,888
Isbir Holding A/S
     26,098   92,522
Izmir Demir Celik Sanayi A/S (a)
     365,865   54,876
KOC Holding A/S
     1,935,596   5,233,641
Logo Yazilim Sanayi Ve Ticaret A/S
     50,677   157,755
Migros Ticaret A/S (a)
     20,179   62,844
MLP Saglik Hizmetleri A/S (a)(c)
     84,526   174,610
Nuh Cimento Sanayi A/S
     8,906   27,930
Otokar Otomotiv Ve Savunma Sanayi A/S
     1,308   38,087
RTA Laboratuarlari Biyolojik Urunleri Ilac Sanayi Ve Ticaret A/S (a)
     37,852   42,142
Selcuk Ecza Deposu Ticaret ve Sanayi A.S.
     105,612   87,339
Sinpas Gayrimenkul Yatirim Ortakligi A/S REIT (a)
     222,040   105,966
Sok Marketler Ticaret A/S
     17,870   15,217
Tofas Turk Otomobil Fabrikasi A/S
     14,663   77,825
Turk Hava Yollari AO (a)
     634,882   1,396,349
Turk Telekomunikasyon A/S
     25,876   18,382
Turkcell Iletisim Hizmetleri A/S
     1,111,432   1,707,943
Turkiye Garanti Bankasi A/S
     2,790,147   2,320,723
Turkiye Halk Bankasi A/S (a)
     247,552   79,830
Turkiye Is Bankasi A/S Class C
     3,016,489   1,815,929
Turkiye Petrol Rafinerileri AS (a)
     147,625   2,157,850
Turkiye Sigorta A/S
     183,510   67,310
Turkiye Vakiflar Bankasi TAO Class D (a)
     421,958   102,988
Ulker Biskuvi Sanayi A/S
     667,395   697,528
Yapi ve Kredi Bankasi A/S
     2,994,397   832,925
          31,466,634
UNITED ARAB EMIRATES — 1.3%          
Abu Dhabi Commercial Bank PJSC
     2,654,231   7,573,091
Abu Dhabi Islamic Bank PJSC
     71,439   170,183
Abu Dhabi National Oil Co. for Distribution PJSC
     1,876,851   2,146,111
Agthia Group PJSC
     84,320   104,681
Air Arabia PJSC
     5,030,936   2,205,199
Ajman Bank PJSC (a)
     1,987,354   432,851
Al Waha Capital PJSC
     953,303   428,241
Aldar Properties PJSC
     4,220,629   5,664,965
Arabtec Holding PJSC (a)(f)
     504,845   —
Bank of Sharjah (a)
     1,351,495   195,013
Depa, Ltd. (a)
     1,576,841   77,274
Deyaar Development PJSC (a)
     3,201,006   402,626
Dubai Financial Market PJSC
     2,048,241   1,343,913
See accompanying notes to financial statements.
73

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Dubai Investments PJSC
     1,737,548   $ 1,149,519
Dubai Islamic Bank PJSC
     232,431   390,438
Emaar Properties PJSC
     4,093,098   6,686,157
Emirates NBD Bank PJSC
     1,224,171   4,999,269
Emirates Telecommunications Group Co. PJSC
     2,001,264   20,137,683
Eshraq Investments PJSC (a)
     4,904,024   494,001
First Abu Dhabi Bank PJSC
     3,314,342   21,295,237
Gulf General Investment Co. (a)(f)
     638,957   —
Gulf Pharmaceutical Industries PSC (a)
     78,696   29,781
Invest bank PSC (a)
     76,929   9,425
National Central Cooling Co. PJSC
     2,411,156   1,627,984
Network International Holdings PLC (a)(c)
     201,936   744,462
Orascom Construction PLC (d)
     5,522   25,567
Orascom Construction PLC (d)
     28,888   126,109
RAK Properties PJSC (a)
     3,910,821   814,522
Ras Al Khaimah Ceramics
     243,391   181,563
SHUAA Capital PSC
     5,286,520   888,031
Union Properties PJSC (a)
     1,159,334   80,171
          80,424,067
UNITED STATES — 0.2%          
Ideanomics, Inc. (a)(b)
     284,853   319,035
IntelliEPI, Inc.
     256,000   711,223
JBS SA
     592,887   4,645,079
JS Global Lifestyle Co., Ltd. (c)
     719,500   846,157
Legend Biotech Corp. ADR (a)
     70,620   2,566,331
Newegg Commerce, Inc. (a)(b)
     6,784   42,875
Parade Technologies, Ltd.
     33,000   2,084,708
Seanergy Maritime Holdings Corp. (b)
     96,830   110,386
Titan Cement International SA (a)
     37,704   562,148
          11,887,942
TOTAL COMMON STOCKS

(Cost $5,749,402,342)
         6,082,653,450
       
PREFERRED STOCKS — 0.0% (e)    
PHILIPPINES — 0.0% (e)      
Cebu Air, Inc. , 6.00% 3/29/27 6.00% (a)

(Cost: $605,868)
   766,192 706,297
See accompanying notes to financial statements.
74

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
RIGHTS — 0.0% (e)        
KUWAIT — 0.0% (e)          
National Industries Group (expiring 04/21/22) (a)
     338,154   $ 31,556
QATAR — 0.0% (e)          
Qatar First Investment Bank LLC (expiring 04/19/22) (a)
     500,481   37,381
TOTAL RIGHTS

(Cost $0)
         68,937
WARRANTS — 0.0% (e)        
MALAYSIA — 0.0% (e)          
Comfort Gloves Bhd (expiring 06/26/26) (a)
     75,600   2,967
Frontken Corp. Bhd (expiring 05/03/26) (a)
     348,950   30,291
GDEX Bhd, (expiring 01/04/28) (a)
     160,612   2,483
Guan Chong Bhd (expiring 11/4/22) (a)
     227,666   52,791
Hong Seng Consolidated Bhd (expiring 10/03/24) (a)
     254,133   15,110
Malaysian Resources Corp. Bhd (expiring 10/29/27) (a)
     179,301   3,411
SKP Resources Bhd (expiring 04/25/26) (a)
     108,980   3,629
VS Industry Bhd (expiring 06/14/24) (a)
     975,140   63,776
          174,458
THAILAND — 0.0% (e)          
Banpu PCL (expiring 10/01/22) (a)
     1,517,819   228,243
Banpu PCL (expiring 10/01/23) (a)
     1,517,819   141,511
BTS Group Holdings PCL (expiring 11/20/26) (a)
     138,100   2,160
BTS Group Holdings PCL (expiring 11/7/24) (a)
     69,050   1,142
BTS Group Holdings PCL (expiring 9/5/22) (a)
     34,525   509
Srisawad Corp. PCL (expiring 8/29/25) (a)
     9,740   2,300
VGI Public Company Ltd.(expiring 03/30/23)
     70,080   —
          375,865
TOTAL WARRANTS

(Cost $0)
         550,323
SHORT-TERM INVESTMENTS — 2.3%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.29% (g)(h)
   27,118,278   27,118,278
See accompanying notes to financial statements.
75

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (i)(j)
   116,575,533   $ 116,575,533
TOTAL SHORT-TERM INVESTMENTS

(Cost $143,693,811)
   143,693,811  
TOTAL INVESTMENTS — 101.8%

(Cost $5,893,702,021)
   6,227,672,818  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.8)%
  (111,460,020)  
NET ASSETS — 100.0%
  $ 6,116,212,798  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at March 31, 2022.
(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 5.6% of net assets as of March 31, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(e) Amount is less than 0.05% of net assets.
(f) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2022, total aggregate fair value of the securities is $307,198, 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, 2022 are shown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at March 31, 2022.
(i) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(j) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
GDR Global Depositary Receipt
REIT Real Estate Investment Trust
At March 31, 2022, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
Mini MSCI Emerging Markets (long)   333   06/17/2022   $17,742,819   $18,739,575   $996,756
During the period ended March 31, 2022, average notional value related to futures contracts was $24,588,566.
See accompanying notes to financial statements.
76

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $5,946,851,912   $135,494,340   $307,198   $6,082,653,450
Preferred Stocks
   706,297   —   —   706,297
Rights
   —   68,937   —   68,937
Warrants
   550,323   —   —   550,323
Short-Term Investments
   143,693,811   —   —   143,693,811
TOTAL INVESTMENTS
   $6,091,802,343   $135,563,277   $307,198   $6,227,672,818
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   996,756   —   —   996,756
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ 996,756   $ —   $ —   $ 996,756
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
Sector Breakdown as of March 31, 2022

    
    % of Net Assets
  Financials 22.7%
  Information Technology 16.6
  Consumer Discretionary 12.3
  Materials 10.3
  Communication Services 9.1
  Industrials 7.1
  Consumer Staples 6.3
  Energy 4.8
  Health Care 4.6
  Utilities 3.0
  Real Estate 2.7
  Short-Term Investments 2.3
  Liabilities in Excess of Other Assets (1.8)
  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.
77

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SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at 9/30/21 		  Value at
9/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/22 		  Value at
3/31/22 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 24,160,484   $ 24,160,484   $ 266,809,110   $263,851,316   $—   $—   27,118,278   $ 27,118,278   $ 6,985
State Street Navigator Securities Lending Portfolio II
 94,447,065   94,447,065   522,269,863   500,141,395   —   —   116,575,533   116,575,533   528,757
Total
     $118,607,549   $789,078,973   $ 763,992,711   $—   $—       $143,693,811   $535,742
See accompanying notes to financial statements.
78

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.1%        
AUSTRALIA — 7.5%          
4DS Memory, Ltd. (a)(b)
     2,896,350   $ 158,776
88 Energy, Ltd. (a)(b)
     24,311,760   310,367
Abacus Property Group REIT (b)
     203,497   505,821
Actinogen Medical, Ltd. (a)(b)
     18,865,920   1,487,573
AGL Energy, Ltd.
     405,400   2,350,238
Alcidion Group, Ltd. (a)(b)
     1,067,576   156,331
Allkem, Ltd. (a)
     153,632   1,318,678
ALS, Ltd.
     277,155   2,788,935
Altium, Ltd.
     65,423   1,677,277
Alumina, Ltd.
     3,875,794   5,850,158
AMP, Ltd. (a)
     2,125,500   1,540,279
Ampol, Ltd.
     153,948   3,542,205
Ansell, Ltd.
     334,921   6,481,383
Anteotech, Ltd. (a)(b)
     9,565,397   790,145
APA Group Stapled Security
     1,056,796   8,467,719
Archer Materials, Ltd. (a)(b)
     329,887   239,058
Ardent Leisure Group, Ltd. (a)
     3,743,106   3,752,531
Aristocrat Leisure, Ltd.
     589,417   16,244,248
ASX, Ltd.
     116,825   7,176,290
Atlas Arteria, Ltd. Stapled Security
     357,225   1,757,090
Aurizon Holdings, Ltd.
     1,256,753   3,482,468
AusNet Services, Ltd. (a)
     5,570   10,886
Australia & New Zealand Banking Group, Ltd.
     1,574,854   32,640,760
Bendigo & Adelaide Bank, Ltd.
     347,499   2,685,220
Betmakers Technology Group, Ltd. (a)(b)
     9,824,219   4,684,709
BHP Group, Ltd. (c)
     1,527,662   59,367,466
BHP Group, Ltd. (b)(c)
     1,054,652   40,991,710
Bigtincan Holdings, Ltd. (a)(b)
     454,315   295,110
BlueScope Steel, Ltd.
     483,277   7,570,443
Boral, Ltd.
     142,444   370,110
Boss Energy, Ltd. (a)(b)
     647,139   1,088,570
BrainChip Holdings, Ltd. (a)(b)
     1,078,459   781,523
Brambles, Ltd.
     1,528,841   11,377,500
Breville Group, Ltd. (b)
     51,626   1,063,808
BWP Trust REIT
     2,331,335   7,055,383
carsales.com, Ltd.
     236,854   3,720,945
Cettire, Ltd. (a)(b)
     398,152   340,851
Chalice Mining, Ltd. (a)
     642,207   3,409,615
Challenger, Ltd.
     379,675   1,924,539
Charter Hall Group REIT
     250,862   3,110,232
See accompanying notes to financial statements.
79

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Charter Hall Long Wale REIT
     305,952   $ 1,222,294
CIMIC Group, Ltd.
     68,040   1,124,082
Cleanaway Waste Management, Ltd.
     1,122,551   2,596,377
Cochlear, Ltd.
     31,432   5,318,656
Coles Group, Ltd.
     674,949   9,077,733
Commonwealth Bank of Australia
     963,561   76,533,681
Computershare, Ltd.
     307,935   5,711,720
Core Lithium, Ltd. (a)
     2,022,448   2,088,291
Crown Resorts, Ltd. (a)
     199,970   1,916,136
CSL, Ltd.
     269,330   54,234,222
CSR, Ltd.
     1,347,803   6,224,614
De Grey Mining, Ltd. (a)
     665,567   579,777
Deterra Royalties, Ltd.
     308,940   1,120,552
Dexus REIT
     532,323   4,377,239
Domain Holdings Australia, Ltd.
     92,232   277,739
Domino's Pizza Enterprises, Ltd.
     34,934   2,304,629
Dubber Corp., Ltd. (a)
     1,164,237   1,097,226
Eagers Automotive, Ltd. (b)
     94,077   1,008,841
Endeavour Group, Ltd.
     609,055   3,334,225
Evolution Mining, Ltd.
     831,764   2,748,297
Falcon Metals, Ltd. (a)
     209,301   64,442
Family Zone Cyber Safety, Ltd. (a)(b)
     986,238   340,683
Fenix Resources, Ltd. (b)
     1,360,736   270,789
Firefinch, Ltd. (a)
     730,250   573,058
Flight Centre Travel Group, Ltd. (a)(b)
     30,032   444,285
Fortescue Metals Group, Ltd.
     978,422   15,179,848
Glencore PLC (a)
     6,723,080   44,259,733
Goodman Group REIT
     903,855   15,536,581
GPT Group REIT
     1,006,651   3,915,792
GWA Group, Ltd.
     1,290,817   2,413,653
Harvey Norman Holdings, Ltd. (b)
     334,162   1,342,523
Iluka Resources, Ltd.
     307,584   2,607,766
Imugene, Ltd. (a)(b)
     5,354,188   1,005,182
Incitec Pivot, Ltd.
     966,532   2,750,846
Ingenia Communities Group REIT
     887,750   3,373,278
Insignia Financial, Ltd.
     333,502   926,640
Insurance Australia Group, Ltd.
     2,372,049   7,802,049
IRESS, Ltd.
     105,793   948,576
iTech Minerals, Ltd. (a)(b)
     68,622   24,735
JB Hi-Fi, Ltd. (b)
     62,527   2,545,880
Kogan.com, Ltd. (a)(b)
     84,069   359,219
LendLease Corp., Ltd. Stapled Security
     322,223   2,710,101
See accompanying notes to financial statements.
80

Table of Contents
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Liontown Resources, Ltd. (a)
     1,360,127   $ 1,920,208
Livetiles, Ltd. (a)(b)
     4,601,608   362,835
Mach7 Technologies, Ltd. (a)(b)
     351,121   188,527
Macquarie Group, Ltd.
     232,345   35,466,432
Magellan Financial Group, Ltd. (b)
     79,716   954,212
Medibank Pvt, Ltd.
     1,571,869   3,635,615
Megaport, Ltd. (a)(b)
     121,791   1,272,194
Mesoblast, Ltd. (a)(b)
     407,626   350,492
Mineral Resources, Ltd. (a)
     85,722   3,393,096
Minerals 260, Ltd. (a)(b)
     111,386   43,496
Mirvac Group REIT
     2,163,734   4,045,890
National Australia Bank, Ltd.
     1,595,940   38,770,529
Newcrest Mining, Ltd. (c)
     497,094   9,981,845
Newcrest Mining, Ltd. (c)
     35,030   705,901
NEXTDC, Ltd. (a)
     239,656   2,098,446
nib holdings, Ltd.
     249,894   1,193,504
Nine Entertainment Co. Holdings, Ltd.
     274,090   611,309
Northern Star Resources, Ltd.
     637,770   5,143,743
Noxopharm, Ltd. (a)(b)
     2,378,926   660,988
Oneview Healthcare PLC CDI (a)
     1,779,217   293,943
Orica, Ltd.
     174,216   2,086,698
Origin Energy, Ltd.
     1,285,036   6,011,934
Orora, Ltd.
     861,130   2,334,462
OZ Minerals, Ltd.
     279,609   5,599,962
Paladin Energy, Ltd. (a)(b)
     778,027   461,565
Pendal Group, Ltd.
     171,073   597,373
Perpetual, Ltd.
     172,685   4,506,302
Pilbara Minerals, Ltd. (a)
     949,282   2,281,162
Pointerra, Ltd. (a)(b)
     722,469   146,485
PointsBet Holdings, Ltd. (a)(b)
     461,495   1,309,995
PolyNovo, Ltd. (a)(b)
     827,708   680,616
Premier Investments, Ltd.
     54,650   1,128,584
Pro Medicus, Ltd. (b)
     26,183   963,247
Qantas Airways, Ltd. (a)
     577,940   2,261,160
QBE Insurance Group, Ltd.
     774,327   6,687,028
Qube Holdings, Ltd.
     1,065,337   2,504,046
Queensland Pacific Metals, Ltd. (a)(b)
     1,891,041   255,614
Ramsay Health Care, Ltd.
     73,692   3,605,335
REA Group, Ltd.
     29,598   3,011,039
Redbubble, Ltd. (a)
     294,836   343,181
Renascor Resources, Ltd. (a)(b)
     1,938,089   436,622
Rio Tinto PLC
     579,375   46,387,959
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Rio Tinto, Ltd.
     222,215   $ 19,876,160
Santos, Ltd.
     1,899,558   11,040,898
Scentre Group REIT
     2,983,740   6,833,948
SEEK, Ltd.
     202,048   4,524,526
Shopping Centres Australasia Property Group REIT
     604,291   1,325,073
Silver Mines, Ltd. (a)(b)
     4,248,366   749,723
Sonic Healthcare, Ltd.
     349,428   9,310,054
South32, Ltd. (b)(c)
     1,005,341   3,851,917
South32, Ltd. (c)
     1,805,597   6,806,681
Splitit, Ltd. (a)
     637,975   76,654
Stockland REIT
     1,421,057   4,556,698
Suncorp Group, Ltd.
     713,101   5,954,794
Tabcorp Holdings, Ltd.
     1,918,586   7,693,667
Telix Pharmaceuticals, Ltd. (a)
     329,732   1,035,019
Telstra Corp., Ltd.
     2,475,406   7,361,266
Temple & Webster Group, Ltd. (a)(b)
     157,323   790,368
TPG TELECOM, Ltd.
     133,917   608,418
Transurban Group Stapled Security
     1,594,851   16,228,198
Treasury Wine Estates, Ltd.
     714,734   6,215,326
TUAS, Ltd. (a)
     216   292
Uniti Group, Ltd. (a)
     369,687   1,313,125
Venture Minerals, Ltd. (a)
     3,839,064   161,445
Vicinity Centres REIT
     1,864,512   2,611,289
Wesfarmers, Ltd.
     674,963   25,550,979
West African Resources, Ltd. (a)
     638,752   599,588
Westpac Banking Corp.
     1,916,549   34,886,984
Whispir, Ltd. (a)(b)
     446,012   602,879
WiseTech Global, Ltd.
     79,198   3,037,918
Woodside Petroleum, Ltd.
     668,205   16,107,407
Woolworths Group, Ltd.
     609,055   17,041,595
Worley, Ltd.
     524,147   5,081,480
Zip Co., Ltd. (a)(b)
     87,069   97,096
          971,483,979
AUSTRIA — 0.3%          
ams-OSRAM AG (a)
     35,029   542,992
ANDRITZ AG
     20,313   948,801
Erste Group Bank AG
     201,534   7,419,998
IMMOFINANZ AG (a)(b)
     52,217   1,335,121
Lenzing AG (a)(b)
     7,252   743,956
Mayr Melnhof Karton AG
     4,841   869,355
Mondi PLC
     411,662   8,084,153
Oesterreichische Post AG (b)
     17,146   614,296
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
OMV AG
     199,827   $ 9,647,227
Raiffeisen Bank International AG (a)
     75,525   1,088,226
S IMMO AG
     22,696   559,348
S&T AG (b)
     26,169   494,115
Telekom Austria AG (a)(b)
     75,717   589,726
UNIQA Insurance Group AG
     62,001   496,005
Vienna Insurance Group AG Wiener Versicherung Gruppe
     19,351   504,900
Voestalpine AG
     177,921   5,348,983
          39,287,202
BELGIUM — 0.8%          
Ackermans & van Haaren NV
     12,898   2,428,183
Aedifica SA REIT
     67,091   8,509,965
Ageas SA/NV
     186,696   9,522,222
Anheuser-Busch InBev SA/NV
     420,109   25,362,990
Barco NV
     41,249   917,914
Befimmo SA REIT
     14,210   749,430
Bekaert SA
     55,379   2,186,188
Celyad Oncology SA (a)
     48   114
Etablissements Franz Colruyt NV
     35,169   1,467,405
Euronav NV
     102,780   1,104,471
Fagron
     35,085   644,897
Galapagos NV (a)
     24,078   1,508,299
Gimv NV
     11,386   691,708
Groupe Bruxelles Lambert SA
     63,177   6,616,062
KBC Ancora
     20,418   910,996
KBC Group NV
     192,640   14,013,611
Materialise NV ADR (a)
     5,469   105,825
Melexis NV
     9,988   933,505
Proximus SADP
     81,081   1,520,119
Shurgard Self Storage SA
     13,433   841,473
Solvay SA (b)
     42,444   4,224,778
Telenet Group Holding NV (b)
     25,959   843,970
Tessenderlo Group SA (a)
     14,404   525,673
UCB SA
     110,261   13,304,856
Umicore SA (b)
     112,360   4,920,684
VGP NV
     4,057   1,051,767
          104,907,105
BRAZIL — 0.1%          
Wheaton Precious Metals Corp.
     232,887   11,084,530
Yara International ASA
     142,532   7,204,843
          18,289,373
See accompanying notes to financial statements.
83

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
BURKINA FASO — 0.0% (d)          
Endeavour Mining PLC
     30   $ 745
IAMGOLD Corp. (a)(b)
     479,588   1,666,396
          1,667,141
CANADA — 10.1%          
AbCellera Biologics, Inc. (a)(b)
     102,054   995,027
AcuityAds Holdings, Inc. (a)(b)
     189,840   600,351
AGF Management, Ltd. Class B
     378,250   2,356,019
Agnico Eagle Mines, Ltd.
     255,940   15,675,441
Aimia, Inc. (a)(b)
     131,947   532,415
Air Canada (a)(b)
     150,057   2,913,320
Alamos Gold, Inc. Class A
     221,585   1,862,730
Algonquin Power & Utilities Corp. (b)
     161,166   2,501,908
Alimentation Couche-Tard, Inc.
     478,886   21,593,098
AltaGas, Ltd. (b)
     82,907   1,858,529
ARC Resources, Ltd. (b)
     322,034   4,315,959
Atco, Ltd. Class I
     42,444   1,458,805
Athabasca Oil Corp. (a)(b)
     193,528   314,529
Aurinia Pharmaceuticals, Inc. (a)(b)
     59,368   734,976
Aurora Cannabis, Inc. (a)(b)
     47,496   189,368
Aya Gold & Silver, Inc. (a)
     50,198   358,485
B2Gold Corp.
     631,291   2,901,093
Badger Infrastructure Solutions, Ltd. (b)
     36,979   931,395
Ballard Power Systems, Inc. (a)(b)
     91,325   1,063,832
Bank of Montreal
     353,350   41,616,683
Bank of Nova Scotia
     680,461   48,812,542
Barrick Gold Corp.
     1,128,561   27,702,398
BCE, Inc.
     155,656   8,636,132
BlackBerry, Ltd. (a)(b)
     367,224   2,725,404
Bombardier, Inc. Class B (a)(b)
     1,364,465   1,573,059
Boralex, Inc. Class A (b)
     41,430   1,344,016
Bragg Gaming Group, Inc. (a)(b)
     70,712   510,646
Brookfield Asset Management Reinsurance Partners, Ltd. Class A (a)
     6,045   345,408
Brookfield Asset Management, Inc. Class A
     889,225   50,318,581
Burcon NutraScience Corp. (a)(b)
     207,223   197,426
CAE, Inc. (a)
     163,458   4,258,375
Cameco Corp.
     379,450   11,061,026
Canada Goose Holdings, Inc. (a)(b)
     33,260   875,736
Canadian Apartment Properties REIT
     42,522   1,826,432
Canadian Imperial Bank of Commerce (b)
     252,082   30,626,031
Canadian National Railway Co.
     401,526   53,909,700
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Canadian Natural Resources, Ltd.
     741,747   $ 45,969,845
Canadian Pacific Railway, Ltd.
     385,897   31,877,709
Canadian Solar, Inc. (a)(b)
     25,842   913,773
Canadian Tire Corp., Ltd. Class A
     47,877   7,235,309
Canadian Utilities, Ltd. Class A
     66,328   2,034,898
Canadian Western Bank (b)
     251,831   7,326,799
Canopy Growth Corp. (a)(b)
     97,663   741,240
Cargojet, Inc. (b)
     7,480   1,138,304
CCL Industries, Inc. Class B
     68,228   3,080,789
Cenovus Energy, Inc.
     704,169   11,748,835
CES Energy Solutions Corp.
     177,898   341,824
CGI, Inc. (a)
     126,148   10,058,108
Choice Properties Real Estate Investment Trust
     84,875   1,052,571
CI Financial Corp.
     137,097   2,179,854
Cineplex, Inc. (a)(b)
     35,169   377,580
Colliers International Group, Inc.
     16,330   2,130,267
Constellation Software, Inc.
     11,111   19,009,813
Converge Technology Solutions Corp. (a)
     226,373   1,854,046
Crescent Point Energy Corp. (b)
     403,944   2,930,013
CT Real Estate Investment Trust
     165,200   2,338,366
Descartes Systems Group, Inc. (a)(b)
     45,922   3,365,150
Docebo, Inc. (a)
     38,478   1,990,672
Dollarama, Inc.
     193,828   11,002,286
Dorel Industries, Inc. Class B (b)
     27,775   215,253
Dye & Durham, Ltd. (b)
     18,430   379,061
ECN Capital Corp. (b)
     16,700   89,179
Element Fleet Management Corp. (b)
     218,610   2,117,754
Emera, Inc.
     82,942   4,115,060
Empire Co., Ltd. Class A
     91,376   3,243,755
Enbridge, Inc.
     1,099,395   50,654,643
Enerplus Corp.
     88,535   1,122,769
Enghouse Systems, Ltd.
     22,240   703,675
Enthusiast Gaming Holdings, Inc. (a)(b)
     408,440   987,542
Exchange Income Corp. (b)
     81,051   2,775,999
Fairfax Financial Holdings, Ltd.
     22,084   12,058,725
Finning International, Inc.
     79,218   2,387,227
Firm Capital Mortgage Investment Corp. (b)
     330,562   3,763,333
First Capital Real Estate Investment Trust
     76,081   1,093,354
First Majestic Silver Corp. (b)
     155,831   2,049,801
FirstService Corp.
     18,150   2,627,649
Fortis, Inc.
     241,365   11,947,959
Franco-Nevada Corp.
     98,461   15,682,184
See accompanying notes to financial statements.
85

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
George Weston, Ltd.
     40,641   $ 5,009,153
Gildan Activewear, Inc.
     131,639   4,941,798
GoldMining, Inc. (a)
     124,230   212,844
Goodfood Market Corp. (a)(b)
     280,545   628,899
Granite Real Estate Investment Trust
     14,860   1,146,637
Great-West Lifeco, Inc.
     172,362   5,083,716
H&R Real Estate Investment Trust
     76,081   794,890
Home Capital Group, Inc.
     28,858   877,950
Hut 8 Mining Corp. (a)(b)
     722,665   3,986,359
Hydro One, Ltd. (b)(e)
     94,667   2,552,648
iA Financial Corp., Inc.
     53,316   3,244,505
IGM Financial, Inc.
     45,170   1,597,341
Imperial Oil, Ltd. (b)
     140,716   6,815,834
Innergex Renewable Energy, Inc. (b)
     287,091   4,569,368
Intact Financial Corp.
     79,812   11,803,269
International Petroleum Corp. (a)
     42,463   408,026
Keyera Corp. (b)
     97,689   2,478,495
Kinross Gold Corp.
     623,281   3,662,690
LifeWorks, Inc. (b)
     38,218   661,521
Lightspeed Commerce, Inc. (a)(b)
     58,525   1,786,604
Linamar Corp.
     27,775   1,235,705
Lithium Americas Corp. (a)(b)
     39,566   1,525,875
Loblaw Cos., Ltd.
     107,713   9,673,948
Magna International, Inc.
     223,130   14,337,628
Manulife Financial Corp.
     1,180,775   25,202,723
Maple Leaf Foods, Inc. (b)
     42,437   1,019,263
Methanex Corp. (b)
     47,885   2,613,443
Metro, Inc.
     139,165   8,017,544
Mogo, Inc. (a)(b)
     91,786   268,954
MTY Food Group, Inc. (b)
     94,103   4,105,258
National Bank of Canada
     212,684   16,317,608
New Gold, Inc. (a)(b)
     339,606   617,194
Northland Power, Inc.
     85,663   2,850,290
Nutrien, Ltd.
     440,187   45,539,381
Nuvei Corp. (a)(b)(e)
     29,964   2,255,007
Onex Corp.
     46,164   3,096,449
Open Text Corp.
     124,162   5,269,467
Osisko Gold Royalties, Ltd.
     81,578   1,076,995
Pan American Silver Corp. (c)
     100,354   2,741,346
Parex Resources, Inc. (b)
     206,921   4,249,248
Pembina Pipeline Corp. (b)
     223,610   8,408,760
Peyto Exploration & Development Corp. (b)
     75,521   766,668
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Pizza Pizza Royalty Corp. (b)
     153,829   $ 1,736,511
Power Corp. of Canada (b)
     360,289   11,163,031
PrairieSky Royalty, Ltd. (b)
     116,796   1,616,751
Precision Drilling Corp. (a)(b)
     8,914   661,565
Premium Brands Holdings Corp. (b)
     16,490   1,443,906
Primaris Real Estate Investment Trust
     18,941   234,895
Quebecor, Inc. Class B
     93,847   2,239,014
Real Matters, Inc. (a)(b)
     60,149   256,189
Restaurant Brands International, Inc.
     129,778   7,588,956
RioCan Real Estate Investment Trust
     88,510   1,787,845
Ritchie Bros Auctioneers, Inc.
     60,759   3,591,885
Rogers Communications, Inc. Class B
     320,396   18,150,771
Royal Bank of Canada
     804,676   88,671,874
Russel Metals, Inc.
     33,291   882,749
Sandstorm Gold, Ltd. (b)
     97,995   790,833
Saputo, Inc. (b)
     148,589   3,522,453
Secure Energy Services, Inc.
     97,584   417,196
Shaw Communications, Inc. Class B
     477,604   14,836,104
Sherritt International Corp. (a)
     1,101   643
Shopify, Inc. Class A (a)
     59,233   40,094,251
SmartCentres Real Estate Investment Trust
     38,297   1,006,597
SNC-Lavalin Group, Inc. (b)
     113,055   2,724,435
SSR Mining, Inc. (b)
     53,176   1,157,138
Stantec, Inc. (b)
     44,263   2,222,275
Stella-Jones, Inc.
     33,667   1,012,665
Sun Life Financial, Inc.
     438,961   24,530,225
Suncor Energy, Inc.
     1,080,408   35,204,840
Sundial Growers, Inc. (a)(b)
     1,431,900   1,002,330
TC Energy Corp. (b)
     515,243   29,085,932
Teck Resources, Ltd. Class B (a)
     334,000   13,498,515
TELUS Corp.
     594,101   15,534,477
Thomson Reuters Corp.
     142,568   15,492,378
Tilray Brands, Inc. (a)(b)
     222,439   1,725,659
Tilray Brands, Inc. Class 2 (a)(b)
     50,822   394,887
TMX Group, Ltd.
     27,732   2,854,794
Torex Gold Resources, Inc. (a)
     47,825   601,139
Toromont Industries, Ltd.
     44,203   4,193,985
Toronto-Dominion Bank
     1,098,173   87,208,502
Tourmaline Oil Corp. (b)
     71,894   3,315,395
TransAlta Corp.
     157,395   1,630,592
Transat AT, Inc. (a)(b)
     190,479   776,220
Vermilion Energy, Inc. (b)
     62,780   1,319,383
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Well Health Technologies Corp. (a)(b)
     25,138   $ 104,855
West Fraser Timber Co., Ltd. (b)
     2,094   172,442
Whitecap Resources, Inc. (b)
     205,134   1,698,159
WSP Global, Inc.
     34,995   4,648,349
Xenon Pharmaceuticals, Inc. (a)
     71,492   2,185,510
Yamana Gold, Inc. (b)
     664,069   3,710,982
Zymeworks, Inc. (a)
     20,370   133,424
          1,320,494,655
CHILE — 0.1%          
Antofagasta PLC
     195,458   4,305,463
Lundin Mining Corp.
     419,371   4,253,978
          8,559,441
CHINA — 0.4%          
Alibaba Health Information Technology, Ltd. (a)(b)
     2,940,000   1,907,092
BOC Hong Kong Holdings, Ltd.
     11,000   41,717
BOE Varitronix, Ltd. (b)
     361,000   428,236
Budweiser Brewing Co. APAC, Ltd. (b)(e)
     732,700   1,950,711
China Evergrande New Energy Vehicle Group, Ltd. (a)(b)
     1,077,000   440,075
China Glass Holdings, Ltd.
     1,002,000   199,596
China Ruyi Holdings, Ltd. (a)(b)
     3,056,400   827,383
China Shandong Hi-Speed Financial Group, Ltd. (a)(b)
     13,422,000   1,439,651
China Tobacco International HK Co., Ltd. (b)
     288,000   490,579
China Traditional Chinese Medicine Holdings Co., Ltd.
     2,820,000   1,476,364
Chow Tai Fook Jewellery Group, Ltd. (a)
     671,600   1,222,900
Differ Group Holding Co., Ltd. (a)(b)
     3,896,000   975,070
ENN Energy Holdings, Ltd.
     169,100   2,537,126
Fosun International, Ltd.
     950,500   1,035,289
Futu Holdings, Ltd. ADR (a)(b)
     39,027   1,270,719
Gemdale Properties & Investment Corp., Ltd.
     3,784,000   405,874
HC Group, Inc. (a)
     823,500   55,731
Hutchmed China, Ltd. ADR (a)(b)
     33,613   635,958
Inspur International, Ltd. (a)
     746,000   314,350
Kerry Logistics Network, Ltd.
     633,000   1,451,679
Nexteer Automotive Group, Ltd.
     320,000   204,306
Noble Group, Ltd. (a)(b)(f)
     60,740   —
Prosus NV (a)
     359,427   19,425,946
S-Enjoy Service Group Co., Ltd. (a)
     282,000   340,284
Shangri-La Asia, Ltd. (a)
     514,000   404,301
Towngas Smart Energy Co., Ltd. (a)
     1,617,000   850,683
VSTECS Holdings, Ltd.
     882,000   831,162
Wharf Holdings, Ltd.
     1,808,000   5,517,685
See accompanying notes to financial statements.
88

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Wilmar International, Ltd.
     1,845,000   $ 6,421,066
Zensun Enterprises, Ltd. (b)
     1,114,258   526,439
Zhongyu Gas Holdings, Ltd. (b)
     277,000   253,606
          53,881,578
COLOMBIA — 0.0% (d)          
Gran Tierra Energy, Inc. (a)
     283,829   445,382
Millicom International Cellular SA SDR (a)(b)
     33,648   862,918
          1,308,300
DENMARK — 2.0%          
Ambu A/S Class B
     194,266   2,905,846
AP Moller - Maersk A/S Class A
     1,841   5,493,796
AP Moller - Maersk A/S Class B
     3,683   11,221,957
Ascendis Pharma A/S ADR (a)
     20,049   2,352,951
Asetek A/S (a)
     12,575   48,465
Bavarian Nordic A/S (a)
     38,715   992,291
Carlsberg A/S Class B
     58,940   7,317,523
cBrain A/S
     11,699   368,364
Chr. Hansen Holding A/S
     55,241   4,104,229
Coloplast A/S Class B
     49,703   7,616,763
Danske Bank A/S
     569,284   9,588,335
DSV A/S
     112,967   21,975,451
FLSmidth & Co. A/S
     104,210   2,766,837
Genmab A/S (a)
     31,310   11,544,519
GN Store Nord A/S
     81,178   4,039,866
H&H International A/S Class B (a)
     51,804   1,428,894
ISS A/S (a)
     102,015   1,844,109
Jyske Bank A/S (a)
     27,617   1,524,329
NNIT A/S (a)(e)
     5,475   77,964
Novo Nordisk A/S Class B
     962,042   107,768,966
Novozymes A/S Class B
     124,192   8,601,030
Orphazyme A/S (a)
     50,190   44,369
Orsted A/S (e)
     114,877   14,592,138
Pandora A/S
     69,981   6,778,956
SimCorp A/S
     22,195   1,650,013
Vestas Wind Systems A/S
     768,673   22,967,000
Zealand Pharma A/S (a)
     54,942   856,344
          260,471,305
EGYPT — 0.0% (d)          
Centamin PLC
     1,294,983   1,559,089
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
FINLAND — 1.0%          
Cargotec Oyj Class B (b)
     37,231   $ 1,430,822
Caverion Oyj
     148,456   861,412
Citycon Oyj (a)(b)
     88,612   676,356
Elisa Oyj
     86,651   5,266,038
Fortum Oyj
     255,180   4,693,298
Huhtamaki Oyj
     53,074   1,864,887
Kemira Oyj
     55,890   738,148
Kesko Oyj Class B
     169,922   4,728,485
Kone Oyj Class B
     218,157   11,551,637
Konecranes Oyj (b)
     38,830   1,208,422
Metsa Board Oyj Class B
     109,330   1,116,711
Metso Outotec Oyj
     492,450   4,210,253
Neles Oyj
     71,849   738,672
Neste Oyj
     215,091   9,927,038
Nokia Oyj (a)(c)
     2,249,817   12,480,000
Nokia Oyj (a)(c)
     1,201,840   6,653,376
Nokian Renkaat Oyj
     62,771   1,031,918
Nordea Bank Abp (b)(c)
     1,820,130   19,003,224
Nordea Bank Abp (c)
     25,550   266,657
Orion Oyj Class B (b)
     57,119   2,615,225
Outokumpu Oyj (a)(b)
     342,306   1,850,251
QT Group Oyj (a)
     17,121   2,404,070
Sampo Oyj Class A
     250,296   12,359,471
Sanoma Oyj
     44,460   634,185
Stora Enso Oyj Class R
     319,322   6,329,557
Terveystalo Oyj (e)
     72,759   909,938
Tokmanni Group Corp.
     65,363   1,094,529
UPM-Kymmene Oyj
     292,853   9,664,503
Uponor Oyj
     71,671   1,463,316
Valmet Oyj (b)
     74,655   2,343,261
Wartsila OYJ Abp (b)
     255,189   2,358,373
YIT Oyj (b)
     70,847   270,380
          132,744,413
FRANCE — 7.5%          
Accor SA (a)
     200,247   6,512,587
Adevinta ASA (a)
     77,417   715,912
Aeroports de Paris (a)
     18,432   2,789,138
Air Liquide SA
     248,510   43,942,130
Airbus SE (a)
     334,524   41,076,899
Albioma SA
     179,344   8,800,029
Alstom SA
     220,610   5,220,972
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Alten SA
     16,315   $ 2,496,022
Arkema SA
     24,082   2,913,939
Atos SE
     48,462   1,335,630
AXA SA
     1,128,611   33,358,981
BioMerieux
     23,889   2,571,359
BNP Paribas SA
     622,005   35,939,405
Bollore SE
     306,293   1,620,149
Bouygues SA
     183,445   6,456,003
Bureau Veritas SA
     131,034   3,781,923
Capgemini SE
     88,556   19,952,701
Carrefour SA
     553,787   12,104,684
Casino Guichard Perrachon SA (a)
     79,224   1,472,082
CGG SA (a)
     393,338   453,403
Christian Dior SE
     1,772   1,219,445
Cie de Saint-Gobain
     372,389   22,486,163
Cie Generale des Etablissements Michelin SCA
     86,698   11,860,317
Cie Plastic Omnium SA
     40,650   746,282
Claranova SADIR (a)
     67,904   315,209
CNP Assurances
     87,555   2,123,714
Covivio REIT
     34,448   2,765,024
Credit Agricole SA
     726,665   8,801,592
Danone SA
     302,037   16,813,159
Dassault Systemes SE
     286,175   14,237,824
Edenred
     230,312   11,511,051
Eiffage SA
     29,601   3,070,912
Electricite de France SA
     244,286   2,319,583
Elior Group SA (a)(e)
     67,090   226,929
Elis SA (a)
     103,844   1,548,264
Engie SA
     922,764   12,252,800
EssilorLuxottica SA
     135,421   25,057,454
Eurazeo SE
     28,197   2,396,928
Eutelsat Communications SA
     48,047   526,255
Faurecia SE (c)
     41,306   1,086,933
Faurecia SE (c)
     10,474   275,149
Fnac Darty SA (c)
     18,811   974,504
Fnac Darty SA (c)
     1,233   64,971
Focus Home Interactive SA (a)
     5,078   233,347
Gaztransport Et Technigaz SA
     12,651   1,428,728
Gecina SA REIT
     24,105   3,065,576
Getlink SE
     230,624   4,194,190
Hermes International
     20,306   29,179,475
ICADE REIT
     26,094   1,694,104
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Imerys SA
     22,012   $ 955,175
Ipsen SA
     20,270   2,555,303
Kering SA
     42,503   27,225,414
Klepierre SA REIT (a)
     107,567   2,893,970
Lagardere SA (a)
     175,946   4,960,720
Legrand SA
     154,113   14,811,913
L'Oreal SA
     127,244   51,513,181
LVMH Moet Hennessy Louis Vuitton SE
     142,800   103,180,867
McPhy Energy SA (a)
     3,509   74,181
Nanobiotix SA (a)
     47,768   352,910
Nexans SA
     55,264   5,229,682
Novacyt SA (a)
     42,769   121,109
Orange SA
     1,180,852   14,063,721
Orpea SA
     25,853   1,132,779
Pernod Ricard SA
     118,583   26,295,923
Poxel SA (a)
     13,395   34,279
Publicis Groupe SA
     215,088   13,224,697
Renault SA (a)
     136,069   3,614,608
Rexel SA
     166,940   3,609,042
Rubis SCA
     58,446   1,734,349
Safran SA
     187,265   22,348,742
Sanofi
     640,822   65,960,627
Sartorius Stedim Biotech
     13,115   5,435,672
SCOR SE
     103,755   3,369,782
SEB SA
     16,344   2,302,241
Societe BIC SA
     14,828   754,306
Societe Generale SA
     418,846   11,399,072
Sodexo SA
     57,116   4,690,000
SOITEC (a)
     11,279   2,147,234
Technicolor SA (a)
     9,664   36,559
Teleperformance
     33,154   12,774,594
Television Francaise 1
     66,483   651,696
Thales SA
     57,172   7,248,638
TotalEnergies SE
     1,408,272   72,125,062
Ubisoft Entertainment SA (a)
     89,525   3,979,420
Unibail-Rodamco-Westfield CDI (a)
     411,408   1,557,092
Unibail-Rodamco-Westfield REIT (a)
     54,439   4,129,770
Valeo
     216,926   4,044,033
Vallourec SA (a)
     7,169   93,007
Valneva SE (a)
     79,907   1,390,530
Veolia Environnement SA
     575,588   18,630,055
Vinci SA
     270,360   27,972,892
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Vivendi SE
     623,013   $ 8,207,436
Wendel SE
     16,580   1,708,261
Worldline SA (a)(e)
     65,779   2,889,869
          979,420,243
GERMANY — 6.4%          
1&1 AG
     24,063   543,506
Aareal Bank AG
     27,777   880,823
adidas AG
     110,958   26,160,633
ADLER Group SA (b)(e)
     34,002   455,123
Affimed NV (a)(b)
     316,210   1,381,838
AIXTRON SE
     62,716   1,395,271
Allianz SE
     204,741   49,331,201
Aroundtown SA
     554,191   3,202,728
AURELIUS Equity Opportunities SE & Co. KGaA
     29,259   819,736
Aurubis AG
     16,565   1,998,848
BASF SE
     507,942   29,252,775
Bayer AG
     512,002   35,377,076
Bayerische Motoren Werke AG
     179,218   15,673,387
Bayerische Motoren Werke AG Preference Shares
     24,080   1,883,521
Bechtle AG
     44,424   2,530,733
Beiersdorf AG
     46,662   4,942,640
Bilfinger SE
     69,857   2,686,225
BioNTech SE ADR (a)
     44,587   7,604,759
Brenntag SE
     88,434   7,216,371
CANCOM SE
     30,022   1,887,325
Carl Zeiss Meditec AG
     20,304   3,319,784
CECONOMY AG
     92,206   351,279
Commerzbank AG (a)
     520,723   4,013,383
CompuGroup Medical SE & Co. KgaA
     22,380   1,379,522
Continental AG (a)
     58,831   4,280,975
Covestro AG (e)
     102,271   5,216,219
CTS Eventim AG & Co. KGaA (a)
     25,951   1,790,789
CureVac NV (a)(b)
     26,736   524,293
Daimler Truck Holding AG (a)
     259,701   7,290,370
Deutsche Bank AG (a)
     1,152,428   14,758,690
Deutsche Boerse AG
     131,667   23,879,390
Deutsche EuroShop AG
     35,159   654,081
Deutsche Lufthansa AG (a)
     205,915   1,685,802
Deutsche Pfandbriefbank AG (e)
     116,848   1,437,271
Deutsche Post AG
     641,673   31,092,855
Deutsche Telekom AG
     1,551,749   29,234,012
Deutz AG (a)
     67,171   351,118
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
DMG Mori AG
     40,641   $ 1,890,163
Duerr AG
     25,984   775,396
DWS Group GmbH & Co. KGaA (e)
     18,685   691,471
E.ON SE
     1,149,487   13,482,976
Encavis AG
     91,044   1,925,715
Evonik Industries AG
     68,302   1,913,585
Evotec SE (a)
     66,305   2,021,415
Fielmann AG
     14,704   808,204
Fraport AG Frankfurt Airport Services Worldwide (a)
     29,532   1,659,369
Freenet AG
     73,679   1,992,089
Fresenius Medical Care AG & Co. KGaA
     122,414   8,275,753
Fresenius SE & Co. KGaA
     225,633   8,371,283
FUCHS PETROLUB SE Preference Shares
     38,868   1,417,620
FUCHS PETROLUB SE
     30,900   885,652
GEA Group AG
     100,233   4,160,971
Gerresheimer AG
     23,995   1,770,080
Grand City Properties SA
     64,052   1,291,367
GRENKE AG
     14,706   413,975
Hamborner REIT AG
     286,895   3,057,430
Hannover Rueck SE
     33,355   5,728,307
Hapag-Lloyd AG (e)
     15,055   5,303,351
HeidelbergCement AG
     81,049   4,658,657
HelloFresh SE (a)
     72,748   3,315,429
Henkel AG & Co. KGaA Preference Shares
     112,616   7,603,339
Henkel AG & Co. KGaA
     62,872   4,193,775
HOCHTIEF AG
     9,234   628,782
HUGO BOSS AG
     36,961   2,164,802
Hypoport SE (a)
     2,065   791,301
Infineon Technologies AG
     643,405   22,181,689
Jenoptik AG
     28,029   857,004
Jumia Technologies AG ADR (a)
     70,732   677,613
Jungheinrich AG Preference Shares
     25,951   760,551
K+S AG (a)
     120,357   3,675,974
KION Group AG
     47,394   3,163,977
Krones AG
     9,161   769,061
LANXESS AG
     51,710   2,295,077
LEG Immobilien SE
     35,414   4,068,401
Leoni AG (a)(b)
     18,438   188,944
Marley Spoon AG CDI (a)
     163,161   61,875
Mercedes-Benz Group AG
     522,500   37,096,567
Merck KGaA
     116,928   24,699,480
METRO AG (a)
     92,206   827,515
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
MorphoSys AG (a)
     12,879   $ 354,806
MTU Aero Engines AG
     29,488   6,913,031
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
     83,709   22,632,739
Nemetschek SE
     29,457   2,877,675
New Work SE
     1,723   355,430
Nordex SE (a)(b)
     47,399   836,433
Norma Group SE
     27,741   804,369
Northern Data AG (a)
     16,925   1,090,350
PATRIZIA AG
     42,961   815,478
Pfeiffer Vacuum Technology AG
     3,644   703,861
Porsche Automobil Holding SE Preference Shares
     99,498   9,731,099
ProSiebenSat.1 Media SE
     126,109   1,626,253
Puma SE
     52,131   4,491,797
Rational AG
     1,845   1,287,130
Rheinmetall AG
     24,030   5,136,175
RWE AG
     306,474   13,479,666
Salzgitter AG (a)
     57,257   2,693,533
SAP SE
     591,815   66,585,813
Sartorius AG Preference Shares
     25,916   11,583,198
Schaeffler AG Preference Shares
     92,769   580,093
Scout24 SE (e)
     35,177   2,035,264
Siemens AG
     455,680   63,711,188
Siemens Energy AG (a)
     231,493   5,336,866
Siemens Healthineers AG (e)
     77,376   4,841,838
Siltronic AG
     11,117   1,153,564
Sixt SE (a)(b)
     6,012   818,765
Sixt SE Preference Shares
     9,238   698,949
Software AG
     27,801   965,722
Stabilus SA
     12,998   651,089
Stroeer SE & Co. KGaA
     22,634   1,576,501
Suedzucker AG
     38,770   504,708
Symrise AG
     69,983   8,475,780
TAG Immobilien AG
     81,158   1,855,675
Talanx AG (a)
     35,621   1,586,141
TeamViewer AG (a)(e)
     54,366   814,502
Telefonica Deutschland Holding AG
     289,074   794,125
Thyssenkrupp AG (a)
     294,522   2,552,783
TUI AG (a)(b)
     740,447   2,359,282
Uniper SE
     114,920   2,992,059
United Internet AG
     70,024   2,429,303
Varta AG (b)
     14,930   1,493,407
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Vitesco Technologies Group AG Class A (a)
     11,685   $ 468,047
Volkswagen AG
     16,762   4,218,685
Volkswagen AG Preference Shares
     101,064   17,654,475
Vonovia SE
     422,968   19,911,740
Wacker Chemie AG
     9,159   1,577,021
Wallstreet:Online AG (a)
     29,532   596,387
Zalando SE (a)(e)
     98,655   5,049,352
          830,702,484
GHANA — 0.0% (d)          
Tullow Oil PLC (a)
     1,023,233   724,007
HONG KONG — 1.9%          
AIA Group, Ltd.
     6,468,000   68,095,947
ASM Pacific Technology, Ltd.
     179,100   1,818,123
Bank of East Asia, Ltd.
     750,155   1,178,194
Cafe de Coral Holdings, Ltd.
     140,000   234,185
Cathay Pacific Airways, Ltd. (a)(b)
     1,417,000   1,395,034
Champion REIT (b)
     1,464,000   665,506
China Eco-Farming, Ltd. (a)
     1,400   34
China Youzan, Ltd. (a)
     7,272,000   150,428
Chow Sang Sang Holdings International, Ltd.
     508,000   590,290
CK Asset Holdings, Ltd.
     712,531   4,885,833
CK Infrastructure Holdings, Ltd.
     287,500   1,925,502
CLP Holdings, Ltd.
     925,000   9,018,024
Dah Sing Banking Group, Ltd.
     562,925   500,288
Dah Sing Financial Holdings, Ltd.
     46,885   152,663
Dairy Farm International Holdings, Ltd. (b)
     325,300   917,346
Esprit Holdings, Ltd. (a)(b)
     2,987,228   339,484
Fortune Real Estate Investment Trust
     1,543,000   1,389,043
Glory Sun Financial Group, Ltd. (a)(b)
     17,428,000   278,175
Haitong International Securities Group, Ltd. (b)
     1,379,000   248,281
Hang Lung Group, Ltd.
     1,817,000   3,860,725
Hang Lung Properties, Ltd.
     1,768,000   3,566,974
Hang Seng Bank, Ltd.
     146,600   2,830,391
Henderson Land Development Co., Ltd.
     215,869   898,604
HK Electric Investments & HK Electric Investments, Ltd. Stapled Security
     2,852,000   2,785,939
HKBN, Ltd.
     723,000   829,963
HKT Trust & HKT, Ltd. Stapled Security
     1,800,900   2,474,358
Hong Kong & China Gas Co., Ltd.
     5,128,625   6,214,809
Hong Kong Exchanges & Clearing, Ltd.
     723,839   34,327,681
Hong Kong Technology Venture Co., Ltd. (b)
     1,307,000   1,159,901
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Hongkong Land Holdings, Ltd.
     1,290,600   $ 6,323,940
Hysan Development Co., Ltd.
     377,841   1,104,855
Jardine Matheson Holdings, Ltd.
     160,105   8,805,775
Johnson Electric Holdings, Ltd.
     110,500   152,951
Kerry Properties, Ltd.
     645,500   1,825,705
Landing International Development, Ltd. (a)
     132,000   3,809
Link REIT
     1,684,768   14,413,701
LK Technology Holdings, Ltd. (b)
     92,500   140,556
Long Well International Holdings Ltd (a)(f)
     3,424,000   —
Luk Fook Holdings International, Ltd.
     132,000   321,598
Man Wah Holdings, Ltd.
     738,800   810,365
Melco International Development, Ltd. (a)
     229,000   211,707
Melco Resorts & Entertainment, Ltd. ADR (a)
     82,944   633,692
Modern Dental Group, Ltd. (a)
     756,000   288,638
New World Development Co., Ltd.
     631,129   2,566,777
NWS Holdings, Ltd.
     1,554,000   1,428,710
Pacific Basin Shipping, Ltd. (b)
     14,606,000   7,926,488
Pacific Textiles Holdings, Ltd.
     1,523,000   705,939
PAX Global Technology, Ltd.
     1,423,000   1,171,994
PCCW, Ltd.
     1,739,875   981,976
Perfect Medical Health Management, Ltd.
     1,200,000   743,162
Power Assets Holdings, Ltd.
     102,500   668,160
Prosperity REIT
     1,604,000   583,727
Realord Group Holdings, Ltd. (a)(b)
     550,000   710,729
Shun Tak Holdings, Ltd. (a)
     760,000   166,918
Sino Land Co., Ltd.
     3,927,858   5,095,773
Solomon Systech International, Ltd. (b)
     4,314,000   330,516
Stella International Holdings, Ltd.
     652,000   633,567
Sun Hung Kai Properties, Ltd.
     857,509   10,248,850
SUNeVision Holdings, Ltd.
     1,269,000   1,082,427
Sunlight Real Estate Investment Trust
     1,304,000   642,725
Swire Pacific, Ltd. Class A
     25,500   155,968
Swire Pacific, Ltd. Class B
     892,500   900,318
Swire Properties, Ltd.
     719,800   1,788,608
Techtronic Industries Co., Ltd.
     901,000   14,599,803
Value Partners Group, Ltd. (b)
     402,000   173,502
Vitasoy International Holdings, Ltd. (b)
     230,000   436,423
Viva China Holdings, Ltd. (b)
     1,280,000   160,176
VTech Holdings, Ltd. (b)
     175,100   1,274,446
Wharf Real Estate Investment Co., Ltd. (b)
     167,000   828,453
Yue Yuen Industrial Holdings, Ltd. (a)
     802,500   1,295,247
Yuexiu Real Estate Investment Trust (b)
     421,000   181,164
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Zhuguang Holdings Group Co., Ltd. (b)
     3,332,000   $ 557,361
          245,808,924
INDONESIA — 0.0% (d)          
First Pacific Co., Ltd.
     3,304,000   1,337,396
IRELAND — 0.6%          
AerCap Holdings NV (a)
     46,211   2,323,489
Amarin Corp. PLC ADR (a)(b)
     161,196   530,335
Bank of Ireland Group PLC (a)
     513,191   3,316,380
C&C Group PLC (a)
     293,098   756,379
CRH PLC
     463,571   18,749,054
Dalata Hotel Group PLC (a)(b)
     283,695   1,249,987
Flutter Entertainment PLC (a)(c)
     48,822   5,703,790
Flutter Entertainment PLC (a)(c)
     21,788   2,547,422
Glanbia PLC
     70,003   817,054
Greencore Group PLC (a)
     241,901   409,271
ICON PLC (a)
     35,003   8,513,430
Kerry Group PLC Class A
     86,575   9,738,730
Kingspan Group PLC
     81,054   8,030,051
Ryanair Holdings PLC ADR (a)
     69,722   6,074,181
Smurfit Kappa Group PLC
     108,944   4,903,210
          73,662,763
ISRAEL — 0.8%          
Airport City, Ltd. (a)
     35,112   803,079
Alony Hetz Properties & Investments, Ltd.
     79,430   1,322,402
Amot Investments, Ltd.
     99,667   750,177
Bank Hapoalim BM
     593,843   5,908,191
Bank Leumi Le-Israel BM
     752,701   8,146,743
Bezeq The Israeli Telecommunication Corp., Ltd. (a)
     1,204,504   2,072,521
Biondvax Pharmaceuticals, Ltd. ADR (a)
     294   488
Check Point Software Technologies, Ltd. (a)
     81,552   11,275,379
Chemomab Therapeutics, Ltd. ADR (a)
     35,406   170,657
Compugen, Ltd. (a)(b)
     68,957   222,041
Electra, Ltd.
     1,224   912,578
Enlight Renewable Energy, Ltd. (a)
     445,762   1,049,994
Enlivex Therapeutics, Ltd. (a)(b)
     21,436   120,042
First International Bank Of Israel, Ltd.
     28,166   1,218,872
Gav-Yam Lands Corp., Ltd.
     48,754   575,186
Global-e Online, Ltd. (a)
     20,152   680,735
Harel Insurance Investments & Financial Services, Ltd.
     62,524   766,060
Icecure Medical, Ltd. (a)
     159,267   386,782
ICL Group, Ltd.
     249,084   2,983,935
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Isracard, Ltd.
     29,624   $ 146,762
Israel Discount Bank, Ltd. Class A
     642,574   4,019,045
Melisron, Ltd. (a)
     11,268   942,398
Mivne Real Estate KD, Ltd.
     321,426   1,259,013
Nano Dimension, Ltd. ADR (a)
     92,938   330,859
Nice, Ltd. (a)
     35,127   7,715,006
Nova Ltd. (a)
     14,295   1,562,875
Oramed Pharmaceuticals, Inc. (a)
     31,258   270,382
Paz Oil Co., Ltd. (a)
     5,357   787,120
Phoenix Holdings, Ltd.
     79,074   1,041,931
Plus500, Ltd.
     57,920   1,077,178
Radware, Ltd. (a)
     22,076   705,770
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.
     91,365   7,300,611
Redhill Biopharma, Ltd. ADR (a)(b)
     20,135   50,740
REIT 1, Ltd.
     842,980   5,726,849
Sapiens International Corp. NV
     14,210   361,211
Shapir Engineering and Industry, Ltd.
     76,759   763,681
Shikun & Binui, Ltd. (a)
     121,564   731,384
Shufersal, Ltd.
     1,103,661   10,015,518
Sisram Medical, Ltd. (b)(e)
     297,600   345,808
Strauss Group, Ltd.
     200,188   5,979,450
Teva Pharmaceutical Industries, Ltd. ADR (a)
     608,997   5,718,482
Wix.com, Ltd. (a)
     23,876   2,494,087
          98,712,022
ITALY — 1.7%          
A2A SpA
     829,620   1,434,923
AMCO - Asset Management Co. SpA (a)(b)(f)
     102   —
Amplifon SpA
     46,286   2,087,815
Anima Holding SpA (e)
     154,449   701,482
Assicurazioni Generali SpA (b)
     174,257   4,027,035
Atlantia SpA (a)
     231,195   4,861,821
Autogrill SpA (a)(b)
     104,727   714,761
Azimut Holding SpA
     59,519   1,399,310
Banca Generali SpA
     40,659   1,525,467
Banca IFIS SpA
     109,287   2,270,239
Banca Mediolanum SpA
     139,243   1,201,628
Banca Monte dei Paschi di Siena SpA (a)(b)
     8,996   9,363
Banca Popolare di Sondrio SPA (b)
     409,376   1,693,520
Banco BPM SpA (b)
     569,511   1,704,563
BFF Bank SpA (e)
     163,652   1,226,359
Biesse SpA (a)(b)
     5,594   102,450
BPER Banca (b)
     783,356   1,385,410
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Brembo SpA (b)
     250,362   $ 2,819,081
Brunello Cucinelli SpA (a)
     18,830   1,112,509
Buzzi Unicem SpA (b)
     64,188   1,203,764
Coca-Cola HBC AG (a)
     99,563   2,096,779
Davide Campari-Milano NV
     45,738   537,148
De' Longhi SpA
     41,505   1,142,507
DiaSorin SpA (b)
     13,058   2,061,663
Enav SpA (a)(e)
     138,115   645,430
Enel SpA
     3,128,552   21,122,612
Eni SpA
     1,422,246   21,037,255
ERG SpA
     29,873   1,002,464
Esprinet SpA
     226,832   2,427,941
Falck Renewables SpA
     66,348   651,111
Ferrari NV
     59,945   13,252,857
FinecoBank Banca Fineco SpA
     218,117   3,355,161
Hera SpA
     409,351   1,523,984
Immobiliare Grande Distribuzione SIIQ SpA REIT (a)(b)
     298,240   1,450,127
Infrastrutture Wireless Italiane SpA (e)
     129,925   1,469,463
Interpump Group SpA
     111,413   5,665,141
Intesa Sanpaolo SpA
     9,176,220   21,272,376
Iren SpA
     1,687,375   4,513,410
Italgas SpA
     183,125   1,186,664
Iveco Group NV (a)(b)
     113,285   749,977
Leonardo SpA (a)
     401,177   4,026,255
Mediobanca Banca di Credito Finanziario SpA
     236,832   2,429,573
MFE-MediaForEurope NV Class A (a)(b)
     407,934   288,446
MFE-MediaForEurope NV Class B (b)
     407,934   476,582
Moncler SpA
     90,221   5,093,506
Nexi SpA (a)(e)
     136,119   1,590,255
Pirelli & C SpA (b)(e)
     221,437   1,214,909
Poste Italiane SpA (e)
     253,010   2,905,200
PRADA SpA
     186,100   1,182,225
Prysmian SpA
     115,052   3,963,271
Recordati Industria Chimica e Farmaceutica SpA
     88,437   4,490,951
Reply SpA
     77,363   12,911,695
Saipem SpA (a)(b)
     557,416   710,760
Salvatore Ferragamo SpA (a)(b)
     38,697   739,706
Snam SpA
     1,222,777   7,118,257
Technogym SpA (b)(e)
     98,247   785,972
Telecom Italia SpA (a)(b)(c)
     8,154,616   3,025,924
Telecom Italia SpA (c)
     2,204,150   755,354
Terna - Rete Elettrica Nazionale
     799,148   6,923,095
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
UniCredit SpA
     1,111,135   $ 12,183,783
Unipol Gruppo SpA
     205,342   1,137,800
UnipolSai Assicurazioni SpA (b)
     322,188   962,884
Zignago Vetro SpA
     222,165   2,936,640
          216,498,613
JAPAN — 20.7%          
3-D Matrix, Ltd. (a)(b)
     191,700   516,465
ABC-Mart, Inc.
     9,500   361,215
Acom Co., Ltd.
     363,800   956,146
Activia Properties, Inc. REIT
     169   590,369
ADEKA Corp.
     22,400   499,029
Advance Residence Investment Corp. REIT
     419   1,189,252
Advanced Media, Inc. (a)
     6,800   33,559
Advantest Corp.
     187,600   14,946,175
Aeon Co., Ltd.
     739,020   15,888,549
AEON Financial Service Co., Ltd.
     123,200   1,235,299
Aeon Mall Co., Ltd.
     22,100   296,245
AEON REIT Investment Corp.
     545   678,023
AGC, Inc.
     178,400   7,209,491
AI inside, Inc. (a)(b)
     1,800   78,303
Aica Kogyo Co., Ltd.
     13,300   327,528
Aiming, Inc. (b)
     135,700   365,593
Ain Holdings, Inc.
     6,000   314,398
Air Water, Inc.
     178,400   2,528,099
Aisin Corp.
     179,100   6,190,109
Ajinomoto Co., Inc.
     364,600   10,438,599
Akita Bank, Ltd.
     16,555   229,417
ALBERT, Inc. (a)
     10,100   488,461
Alconix Corp.
     7,800   89,905
Alfresa Holdings Corp.
     180,200   2,522,429
Alps Alpine Co., Ltd. (b)
     179,200   1,787,940
Amada Co., Ltd.
     186,400   1,664,738
Amano Corp.
     23,000   416,321
ANA Holdings, Inc. (a)(b)
     29,500   623,662
AnGes, Inc. (a)(b)
     38,900   115,057
Anritsu Corp. (b)
     34,000   435,032
Aomori Bank, Ltd. (a)
     1,010   15,686
Aoyama Trading Co., Ltd.
     2,100   11,696
Aozora Bank, Ltd. (b)
     14,200   302,894
Arcs Co., Ltd.
     21,600   376,565
As One Corp.
     10,000   596,498
Asahi Group Holdings, Ltd.
     374,236   13,754,618
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Asahi Holdings, Inc. (b)
     33,200   $ 619,551
Asahi Intecc Co., Ltd.
     146,700   2,908,014
Asahi Kasei Corp.
     736,350   6,445,906
Asics Corp.
     179,600   3,512,835
Astellas Pharma, Inc.
     1,303,300   20,519,928
Atom Corp. (a)(b)
     557,300   3,443,666
Awa Bank, Ltd.
     2,310   41,318
Azbil Corp.
     33,200   1,118,748
Bandai Namco Holdings, Inc.
     180,600   13,826,037
Bank of Iwate, Ltd.
     181,155   2,758,183
Bank of Kyoto, Ltd.
     10,700   471,637
BASE, Inc. (a)(b)
     61,500   226,492
BayCurrent Consulting, Inc.
     3,100   1,144,222
Benefit One, Inc. (b)
     24,500   522,801
Benesse Holdings, Inc.
     35,900   664,612
Bic Camera, Inc. (b)
     146,700   1,307,760
Bridgestone Corp.
     308,665   12,099,922
Brightpath Biotherapeutics Co., Ltd. (a)
     173,400   147,149
Brother Industries, Ltd.
     179,400   3,306,429
CAICA DIGITAL, Inc. (a)(b)
     766,980   954,183
Calbee, Inc. (b)
     15,800   306,562
Can Do Co., Ltd. (b)
     5,300   97,551
Canon Marketing Japan, Inc.
     48,900   1,016,475
Canon, Inc. (b)
     728,816   17,971,957
Capcom Co., Ltd.
     35,200   860,751
Casio Computer Co., Ltd. (b)
     373,500   4,332,754
Central Japan Railway Co.
     121,800   16,020,902
Change, Inc. (b)
     51,600   844,731
Chiba Bank, Ltd.
     353,150   2,109,444
Chubu Electric Power Co., Inc.
     367,365   3,822,715
Chugai Pharmaceutical Co., Ltd.
     492,740   16,632,385
Chugoku Bank, Ltd.
     178,400   1,286,097
Chugoku Electric Power Co., Inc. (b)
     178,900   1,248,431
Citizen Watch Co., Ltd. (b)
     181,300   778,227
CKD Corp.
     26,100   405,343
Coca-Cola Bottlers Japan Holdings, Inc.
     178,000   2,114,735
COLOPL, Inc.
     2,000   10,496
Colowide Co., Ltd. (b)
     2,400   35,118
Comforia Residential REIT, Inc.
     127   343,724
COMSYS Holdings Corp. (b)
     32,900   723,190
Concordia Financial Group, Ltd.
     736,500   2,779,131
COOKPAD, Inc. (a)(b)
     179,100   435,300
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Cosmo Energy Holdings Co., Ltd.
     59,500   $ 1,289,269
Cosmos Pharmaceutical Corp.
     6,000   733,100
Credit Saison Co., Ltd.
     367,400   3,944,158
Creek & River Co., Ltd.
     9,600   162,459
CrowdWorks, Inc. (a)
     51,500   524,865
CyberAgent, Inc.
     157,300   1,977,671
Dai Nippon Printing Co., Ltd.
     154,500   3,663,448
Daicel Corp.
     182,300   1,227,099
Daido Steel Co., Ltd.
     8,500   258,414
Daifuku Co., Ltd.
     10,600   767,654
Dai-ichi Life Holdings, Inc.
     734,300   15,118,564
Daiichi Sankyo Co., Ltd.
     1,101,195   24,314,749
Daiichikosho Co., Ltd.
     15,000   430,072
Daikin Industries, Ltd.
     188,610   34,823,894
Daio Paper Corp. (b)
     41,700   543,861
Daiseki Co., Ltd.
     21,720   826,747
Daishi Hokuetsu Financial Group, Inc.
     1,517   31,309
Daito Trust Construction Co., Ltd.
     14,155   1,514,920
Daiwa House Industry Co., Ltd.
     371,000   9,784,313
Daiwa House REIT Investment Corp.
     1,672   4,518,360
Daiwa Office Investment Corp. REIT
     92   573,792
Daiwa Securities Group, Inc. (b)
     1,674,450   9,556,264
Daiwa Securities Living Investments Corp. REIT
     570   540,531
Daiwabo Holdings Co., Ltd.
     40,000   543,440
DCM Holdings Co., Ltd.
     49,200   427,244
Demae-Can Co., Ltd. (a)(b)
     1,200   7,771
DeNA Co., Ltd. (a)
     179,000   2,743,069
Denka Co., Ltd.
     7,000   196,087
Denso Corp.
     339,310   21,973,031
Dentsu Group, Inc.
     180,200   7,452,968
Descente, Ltd. (b)
     37,600   958,781
Dexerials Corp.
     53,900   1,485,442
DIC Corp.
     36,700   758,038
Digital Garage, Inc.
     12,500   473,738
Dip Corp. (b)
     32,300   894,154
Disco Corp.
     7,100   2,012,276
DMG Mori Co., Ltd.
     27,200   375,142
Dowa Holdings Co., Ltd.
     4,400   203,370
Duskin Co., Ltd.
     18,300   405,427
East Japan Railway Co.
     189,600   11,106,538
Ebara Corp.
     3,800   214,146
Eisai Co., Ltd.
     184,851   8,635,264
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Electric Power Development Co., Ltd.
     172,400   $ 2,482,844
EM Systems Co., Ltd.
     32,700   210,681
en japan, Inc.
     33,700   819,628
ENEOS HoldingS, Inc.
     2,025,900   7,644,591
euglena Co., Ltd. (a)(b)
     5,000   33,862
EXEO Group, Inc.
     12,400   230,990
Ezaki Glico Co., Ltd.
     48,500   1,486,468
FAN Communications, Inc.
     5,200   18,594
Fancl Corp.
     16,900   380,676
FANUC Corp.
     130,955   23,353,417
Fast Retailing Co., Ltd.
     23,800   12,351,489
Feed One Co., Ltd.
     554,780   3,062,431
FFRI Security, Inc. (a)
     7,500   72,049
Financial Products Group Co., Ltd.
     183,400   1,304,010
FINDEX, Inc. (b)
     165,100   961,695
Fixstars Corp.
     7,700   52,718
Focus Systems Corp. (b)
     13,300   103,661
Food & Life Cos., Ltd.
     27,000   764,119
Foster Electric Co., Ltd.
     186,400   1,110,337
FP Corp.
     11,600   278,687
Freee KK (a)(b)
     3,100   112,251
Frontier Real Estate Investment Corp. REIT
     177   739,353
Fuji Corp.
     29,600   542,128
Fuji Electric Co., Ltd.
     38,300   1,943,794
Fuji Kyuko Co., Ltd. (b)
     11,500   370,463
Fuji Oil Holdings, Inc.
     20,000   326,262
Fuji Seal International, Inc.
     17,500   242,657
Fuji Soft, Inc.
     10,800   548,119
FUJIFILM Holdings Corp.
     319,710   19,760,778
Fujikura, Ltd. (a)
     156,700   806,900
Fujitec Co., Ltd.
     30,500   791,555
Fujitsu General, Ltd.
     23,800   468,647
Fujitsu, Ltd.
     174,951   26,543,544
Fukuoka Financial Group, Inc.
     370,434   7,245,399
Fukuoka REIT Corp.
     10   13,841
Fukuyama Transporting Co., Ltd.
     9,000   270,649
Funai Soken Holdings, Inc. (b)
     41,400   753,471
Furukawa Electric Co., Ltd.
     181,655   3,256,694
Fuyo General Lease Co., Ltd.
     10,000   575,901
GA Technologies Co., Ltd. (a)(b)
     15,300   170,175
Gakujo Co., Ltd.
     17,400   142,784
giftee, Inc. (a)(b)
     8,200   86,881
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Glory, Ltd. (b)
     15,000   $ 256,066
GLP J-REIT (a)
     1,861   2,842,673
GMO internet, Inc.
     26,400   609,457
GMO Payment Gateway, Inc.
     7,400   766,978
GNI Group, Ltd. (a)(b)
     36,900   423,495
Goldwin, Inc.
     31,600   1,616,774
GS Yuasa Corp.
     74,100   1,429,191
Gumi, Inc.
     15,300   81,306
GungHo Online Entertainment, Inc.
     8,100   173,779
Gunma Bank, Ltd.
     190,200   554,734
Gurunavi, Inc. (a)(b)
     5,200   18,337
H.U. Group Holdings, Inc.
     20,000   478,682
Hachijuni Bank, Ltd.
     361,900   1,213,539
Hakuhodo DY Holdings, Inc.
     182,800   2,326,888
Hamamatsu Photonics KK
     179,200   9,670,525
Hankyu Hanshin Holdings, Inc.
     183,900   5,371,168
Hankyu Hanshin REIT, Inc.
     1,873   2,377,996
Hanwa Co., Ltd.
     18,700   499,180
Harmonic Drive Systems, Inc. (b)
     10,200   354,636
Haseko Corp.
     183,200   2,123,686
Hazama Ando Corp.
     138,700   1,033,036
Heiwa Real Estate REIT, Inc.
     5,525   6,818,908
Hikari Tsushin, Inc.
     5,000   575,489
Hino Motors, Ltd. (b)
     179,900   1,067,172
Hirogin Holdings, Inc. (b)
     173,200   924,685
Hirose Electric Co., Ltd.
     8,240   1,212,494
HIS Co., Ltd. (a)
     46,700   822,228
Hisamitsu Pharmaceutical Co., Inc.
     23,800   717,677
Hitachi Construction Machinery Co., Ltd.
     13,700   360,630
Hitachi Metals, Ltd. (a)
     150,000   2,522,348
Hitachi Transport System, Ltd.
     18,400   1,018,727
Hitachi Zosen Corp.
     110,300   677,930
Hitachi, Ltd.
     589,595   29,947,297
Hokkoku Financial Holdings, Inc.
     16,555   417,370
Hokuhoku Financial Group, Inc.
     28,600   210,421
Hokuriku Electric Power Co. (b)
     180,800   790,977
Honda Motor Co., Ltd.
     941,275   27,042,026
Horiba, Ltd.
     4,900   270,484
Hoshino Resorts REIT, Inc.
     98   551,464
Hoshizaki Corp.
     15,400   1,067,057
House Foods Group, Inc.
     12,000   286,122
Hoya Corp.
     187,006   21,616,430
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Hulic Co., Ltd.
     185,400   $ 1,681,775
Hulic REIT, Inc.
     1,463   2,008,122
Hyakugo Bank, Ltd. (b)
     178,750   493,357
Ibiden Co., Ltd.
     185,200   9,231,390
IBJ, Inc. (b)
     17,100   113,131
Ichigo Office REIT Investment Corp.
     7,385   5,366,484
Idemitsu Kosan Co., Ltd.
     157,494   4,379,339
IHI Corp.
     30,800   748,589
Iida Group Holdings Co., Ltd.
     164,800   2,871,695
Inaba Denki Sangyo Co., Ltd.
     23,600   482,986
Industrial & Infrastructure Fund Investment Corp. REIT
     160   243,740
Infomart Corp.
     732,000   3,986,422
INFRONEER Holdings, Inc. (b)
     112,012   961,619
Inpex Corp.
     557,400   6,613,026
Intage Holdings, Inc.
     362,800   5,132,256
Internet Initiative Japan, Inc.
     23,000   777,878
Invincible Investment Corp. REIT
     3,467   1,205,416
IR Japan Holdings, Ltd.
     3,600   129,170
Iriso Electronics Co., Ltd.
     4,400   121,079
Isetan Mitsukoshi Holdings, Ltd.
     187,700   1,495,414
Isuzu Motors, Ltd.
     742,700   9,717,055
ITmedia, Inc.
     9,100   135,553
Ito En, Ltd.
     8,200   406,031
ITOCHU Corp.
     775,250   26,468,680
Itochu Techno-Solutions Corp.
     23,600   610,538
Itoham Yonekyu Holdings, Inc.
     121,700   650,738
Iwatani Corp.
     18,400   783,753
Iyo Bank, Ltd.
     184,100   910,072
Izumi Co., Ltd.
     6,100   161,829
J Front Retailing Co., Ltd.
     178,800   1,468,701
JAFCO Group Co., Ltd. (a)
     41,100   634,912
Japan Airlines Co., Ltd. (a)
     14,000   264,140
Japan Airport Terminal Co., Ltd. (a)
     18,600   856,634
Japan Elevator Service Holdings Co., Ltd.
     51,200   674,511
Japan Excellent, Inc. REIT
     1,790   1,990,937
Japan Exchange Group, Inc.
     368,800   6,946,050
Japan Hotel REIT Investment Corp.
     1,862   955,737
Japan Logistics Fund, Inc. REIT
     37   96,787
Japan Metropolitan Fund Invest REIT
     12,750   10,819,773
Japan Post Bank Co., Ltd. (b)
     12,600   102,253
Japan Post Holdings Co., Ltd.
     77,200   571,423
Japan Post Insurance Co., Ltd.
     14,300   251,656
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Japan Prime Realty Investment Corp. REIT
     120   $ 394,974
Japan Real Estate Investment Corp. REIT
     151   794,966
Japan Steel Works, Ltd.
     31,100   978,801
Japan Tobacco, Inc.
     547,800   9,421,483
JCR Pharmaceuticals Co., Ltd.
     24,400   453,724
Jeol, Ltd.
     15,300   866,002
JFE Holdings, Inc.
     369,510   5,245,444
JGC Holdings Corp.
     180,100   2,172,329
JMDC, Inc. (a)
     24,400   1,358,962
JSR Corp. (b)
     364,700   10,907,197
J-Stream, Inc. (b)
     9,400   60,485
JTEKT Corp.
     181,100   1,438,356
Justsystems Corp. (b)
     13,100   624,915
Kadokawa Corp.
     46,800   1,241,574
Kagome Co., Ltd.
     11,700   300,754
Kajima Corp.
     180,237   2,214,075
Kakaku.com, Inc. (b)
     182,500   4,145,438
Kaken Pharmaceutical Co., Ltd.
     36,900   1,182,624
Kamigumi Co., Ltd.
     18,400   333,512
Kaneka Corp.
     7,600   221,973
Kansai Electric Power Co., Inc.
     734,800   6,956,006
Kansai Paint Co., Ltd.
     182,500   2,966,612
Kao Corp.
     336,900   13,947,868
Katitas Co., Ltd.
     20,300   565,306
Kawasaki Heavy Industries, Ltd. (b)
     40,200   737,262
Kawasaki Kisen Kaisha, Ltd. (b)
     33,700   2,226,768
KDDI Corp.
     950,200   31,353,664
Keihan Holdings Co., Ltd. (b)
     22,700   562,941
Keikyu Corp. (b)
     184,200   1,903,084
Keio Corp. (b)
     14,700   579,522
Keisei Electric Railway Co., Ltd.
     180,300   5,072,910
Kenedix Office Investment Corp. REIT
     42   252,952
Kenedix Residential Next Investment Corp. REIT
     223   392,260
Kenedix Retail REIT Corp.
     237   546,345
Kewpie Corp.
     5,500   106,126
Key Coffee, Inc. (b)
     16,100   265,957
Keyence Corp.
     134,900   63,629,454
Kikkoman Corp.
     24,800   1,661,166
Kinden Corp.
     43,500   565,545
Kintetsu Group Holdings Co., Ltd. (b)
     24,410   704,898
Kirin Holdings Co., Ltd.
     548,400   8,263,840
Kiyo Bank, Ltd.
     372,800   4,232,489
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
KNT-CT Holdings Co., Ltd. (a)(b)
     71,300   $ 933,435
Kobayashi Pharmaceutical Co., Ltd.
     14,300   1,156,960
Kobe Bussan Co., Ltd.
     30,400   945,499
Kobe Steel, Ltd.
     186,399   907,615
Koei Tecmo Holdings Co., Ltd. (b)
     21,060   696,650
Koito Manufacturing Co., Ltd.
     16,700   684,511
Kokuyo Co., Ltd.
     147,500   1,962,616
Komatsu, Ltd.
     608,420   14,752,462
Konami Holdings Corp.
     26,100   1,666,529
Konica Minolta, Inc.
     560,775   2,384,016
Kose Corp.
     10,300   1,093,858
Kotobuki Spirits Co., Ltd. (b)
     9,600   515,691
K's Holdings Corp.
     178,800   1,860,551
Kubota Corp.
     753,850   14,303,741
Kuraray Co., Ltd.
     186,000   1,619,790
Kureha Corp.
     8,000   646,591
Kurita Water Industries, Ltd.
     185,510   6,946,595
Kusuri no Aoki Holdings Co., Ltd. (b)
     7,000   392,173
Kyocera Corp.
     185,800   10,534,917
Kyoritsu Maintenance Co., Ltd. (b)
     1,200   45,677
Kyowa Kirin Co., Ltd.
     180,300   4,230,644
Kyudenko Corp.
     8,200   193,625
Kyushu Electric Power Co., Inc.
     188,500   1,268,832
Kyushu Financial Group, Inc.
     180,100   595,016
Kyushu Railway Co.
     18,500   382,117
LaSalle Logiport REIT
     298   430,151
Lasertec Corp.
     31,600   5,411,378
Lawson, Inc.
     12,900   496,869
Leopalace21 Corp. (a)(b)
     1,600   2,663
LIKE, Inc. (b)
     6,200   104,819
Lion Corp.
     178,600   2,004,146
Lixil Corp.
     180,400   3,403,633
Locondo, Inc. (a)
     26,200   240,900
M3, Inc.
     354,100   13,037,882
Mabuchi Motor Co., Ltd.
     42,900   1,351,946
Makita Corp.
     181,600   5,887,506
Mani, Inc.
     21,000   253,990
Marubeni Corp.
     1,850,050   21,735,706
Maruha Nichiro Corp.
     10,200   201,437
Marui Group Co., Ltd. (b)
     180,700   3,349,743
Maruichi Steel Tube, Ltd.
     65,500   1,489,434
MatsukiyoCocokara & Co.
     39,260   1,402,201
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Matsuya Co., Ltd. (a)(b)
     367,400   $ 2,321,696
Maxvalu Tokai Co., Ltd.
     5,100   107,946
Mazda Motor Corp.
     370,000   2,770,999
McDonald's Holdings Co. Japan, Ltd.
     20,100   839,605
Mebuki Financial Group, Inc.
     547,400   1,154,557
Medical Data Vision Co., Ltd.
     3,800   37,663
Medipal Holdings Corp.
     371,799   6,172,399
Medley, Inc. (a)(b)
     28,100   598,232
MedPeer, Inc. (a)
     15,500   510,814
MEIJI Holdings Co., Ltd.
     29,100   1,584,766
Meiko Network Japan Co., Ltd. (b)
     367,300   1,755,172
Meitec Corp.
     10,500   575,283
Menicon Co., Ltd. (b)
     20,200   488,794
Mercari, Inc. (a)
     25,300   672,235
Milbon Co., Ltd.
     22,600   1,020,375
MINEBEA MITSUMI, Inc.
     187,700   4,166,128
Mirait Holdings Corp.
     39,700   637,490
MISUMI Group, Inc.
     182,600   5,513,730
Mitsubishi Chemical Holdings Corp.
     919,300   6,188,754
Mitsubishi Corp.
     944,538   35,804,897
Mitsubishi Electric Corp.
     1,343,650   15,609,034
Mitsubishi Estate Co., Ltd.
     739,825   11,087,470
Mitsubishi Estate Logistics REIT Investment Corp. (a)
     139   542,257
Mitsubishi Gas Chemical Co., Inc.
     180,300   3,091,282
Mitsubishi HC Capital, Inc.
     363,000   1,704,717
Mitsubishi Heavy Industries, Ltd.
     31,410   1,040,315
Mitsubishi Logistics Corp.
     65,500   1,640,536
Mitsubishi Materials Corp.
     17,100   301,918
Mitsubishi Motors Corp. (a)(b)
     554,100   1,511,078
Mitsubishi UFJ Financial Group, Inc.
     5,753,724   36,041,659
Mitsui & Co., Ltd.
     1,164,526   31,930,319
Mitsui Chemicals, Inc.
     143,410   3,650,973
Mitsui Fudosan Co., Ltd.
     557,100   12,025,557
Mitsui Fudosan Logistics Park, Inc. REIT
     136   644,284
Mitsui High-Tec, Inc.
     18,500   1,897,631
Mitsui Mining & Smelting Co., Ltd.
     25,400   702,097
Mitsui OSK Lines, Ltd.
     42,765   1,204,995
Miura Co., Ltd.
     16,300   407,584
Mixi, Inc. (b)
     2,100   38,116
Mizuho Financial Group, Inc.
     1,004,970   12,974,566
Mochida Pharmaceutical Co., Ltd.
     12,000   369,269
Monex Group, Inc.
     72,300   390,763
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Money Forward, Inc. (a)
     21,600   $ 977,005
MonotaRO Co., Ltd.
     118,300   2,567,268
Mori Hills REIT Investment Corp.
     482   600,043
Mori Trust Sogo REIT, Inc.
     237   279,226
Morinaga & Co., Ltd.
     20,900   656,058
Morinaga Milk Industry Co., Ltd.
     12,000   517,075
MS&AD Insurance Group Holdings, Inc.
     369,799   12,119,962
Murata Manufacturing Co., Ltd.
     397,800   26,603,029
Musashino Bank, Ltd. (b)
     184,755   2,675,998
Nabtesco Corp.
     15,000   402,884
Nachi-Fujikoshi Corp.
     1,500   51,782
Nagase & Co., Ltd.
     151,800   2,277,469
Nagawa Co., Ltd. (b)
     10,700   886,855
Nagoya Railroad Co., Ltd. (b)
     166,600   2,978,554
Nakanishi, Inc.
     32,700   608,335
Nankai Electric Railway Co., Ltd.
     29,100   566,536
NanoCarrier Co., Ltd. (a)(b)
     371,000   788,614
Nanto Bank, Ltd.
     184,555   3,007,619
NEC Corp.
     33,800   1,434,150
NEC Networks & System Integration Corp.
     32,100   472,343
NET One Systems Co., Ltd.
     18,600   438,431
Nexon Co., Ltd.
     354,000   8,551,415
NexTone, Inc. (a)(b)
     18,000   428,292
NGK Insulators, Ltd.
     184,100   2,658,927
NGK Spark Plug Co., Ltd.
     165,700   2,698,982
NH Foods, Ltd.
     28,800   984,717
NHK Spring Co., Ltd.
     180,900   1,319,024
Nichias Corp.
     24,600   512,166
Nichirei Corp.
     177,800   3,470,304
Nidec Corp.
     351,900   28,262,173
Nifco, Inc.
     5,000   114,933
Nihon Kohden Corp.
     21,800   530,025
Nihon M&A Center Holdings, Inc.
     65,400   930,552
Nihon Parkerizing Co., Ltd.
     40,600   311,754
Nihon Unisys, Ltd.
     19,300   495,320
Nikkon Holdings Co., Ltd.
     14,700   247,675
Nikon Corp.
     369,200   3,996,942
Nintendo Co., Ltd.
     43,900   22,305,359
Nippon Accommodations Fund, Inc. REIT
     119   627,477
Nippon Building Fund, Inc. REIT
     284   1,619,180
Nippon Electric Glass Co., Ltd.
     33,700   754,103
Nippon Express Holdings, Inc.
     27,000   1,873,038
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Nippon Gas Co., Ltd.
     43,500   $ 534,365
Nippon Kayaku Co., Ltd.
     127,600   1,220,545
Nippon Paint Holdings Co., Ltd.
     785,100   6,998,791
Nippon Paper Industries Co., Ltd. (b)
     4,200   35,953
Nippon Prologis REIT, Inc. (a)
     1,782   5,234,051
NIPPON REIT Investment Corp.
     97   306,084
Nippon Sanso Holdings Corp.
     179,100   3,439,605
Nippon Shinyaku Co., Ltd.
     18,500   1,269,660
Nippon Shokubai Co., Ltd.
     12,200   535,745
Nippon Steel Corp.
     547,000   9,784,033
Nippon Suisan Kaisha, Ltd.
     1,113,300   5,026,475
Nippon Telegraph & Telephone Corp.
     673,100   19,659,234
Nippon Television Holdings, Inc.
     2,000   20,993
Nippon Yusen KK (b)
     16,555   1,467,615
Nipro Corp.
     157,500   1,328,774
Nishimatsu Construction Co., Ltd.
     24,600   743,827
Nishi-Nippon Railroad Co., Ltd. (b)
     16,000   353,681
Nissan Chemical Corp.
     24,900   1,483,230
Nissan Motor Co., Ltd. (a)
     1,468,141   6,626,139
Nissei ASB Machine Co., Ltd.
     4,300   110,356
Nisshin Seifun Group, Inc.
     181,800   2,555,310
Nisshinbo Holdings, Inc.
     166,300   1,456,452
Nissin Foods Holdings Co., Ltd.
     10,400   734,319
Nitori Holdings Co., Ltd.
     14,600   1,847,629
Nitto Boseki Co., Ltd.
     14,600   339,333
Nitto Denko Corp.
     180,000   13,080,124
NOF Corp.
     11,300   467,361
NOK Corp.
     53,700   507,468
Nomura Holdings, Inc.
     2,178,485   9,247,007
Nomura Real Estate Holdings, Inc.
     33,900   819,186
Nomura Real Estate Master Fund, Inc. REIT (a)
     1,881   2,498,185
Nomura Research Institute, Ltd.
     153,200   5,074,060
NSD Co., Ltd.
     29,700   536,374
NSK, Ltd. (b)
     188,400   1,142,430
NTN Corp. (a)(b)
     351,300   619,388
NTT Data Corp.
     738,800   14,718,174
NTT UD REIT Investment Corp.
     285   378,278
Obayashi Corp.
     371,350   2,753,574
Obic Co., Ltd.
     8,000   1,214,089
Odakyu Electric Railway Co., Ltd.
     186,799   3,134,991
Ogaki Kyoritsu Bank, Ltd.
     16,555   259,697
Oisix ra daichi, Inc. (a)(b)
     4,200   104,330
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Oji Holdings Corp.
     386,000   $ 1,930,398
Oki Electric Industry Co., Ltd.
     3,600   25,092
Okinawa Financial Group, Inc.
     181,200   3,066,404
OKUMA Corp.
     11,800   495,819
Olympus Corp.
     742,400   14,306,683
Omron Corp.
     179,900   12,174,654
OncoTherapy Science, Inc. (a)(b)
     350,300   199,141
Ono Pharmaceutical Co., Ltd.
     364,500   9,207,473
Open House Group Co., Ltd.
     21,200   946,686
Oracle Corp. Japan
     8,500   595,263
Oriental Land Co., Ltd.
     155,500   30,119,918
ORIX Corp.
     738,900   14,899,755
Orix JREIT, Inc.
     1,767   2,406,468
Osaka Gas Co., Ltd.
     195,900   3,376,501
OSG Corp.
     39,500   611,497
Otsuka Corp.
     28,300   1,013,088
Otsuka Holdings Co., Ltd.
     365,300   12,736,969
Outsourcing, Inc.
     45,700   478,556
PALTAC Corp.
     12,000   449,846
Pan Pacific International Holdings Corp.
     216,300   3,500,006
Panasonic Corp.
     1,309,850   12,826,008
Park24 Co., Ltd. (a)
     50,100   830,907
Penta-Ocean Construction Co., Ltd.
     173,900   878,276
PeptiDream, Inc. (a)
     25,100   452,059
Persol Holdings Co., Ltd.
     171,800   3,912,298
Pharma Foods International Co., Ltd. (b)
     131,700   2,150,603
Pigeon Corp.
     164,500   2,917,969
Pilot Corp.
     15,200   658,719
Pola Orbis Holdings, Inc.
     30,800   405,761
Precision System Science Co., Ltd. (a)(b)
     34,700   124,648
Raccoon Holdings, Inc. (b)
     11,200   117,191
Rakus Co., Ltd. (b)
     31,300   430,399
Rakuten Group, Inc.
     371,600   2,960,554
Raysum Co., Ltd. (b)
     3,300   25,231
Recruit Holdings Co., Ltd.
     918,400   40,965,747
Relo Group, Inc.
     104,400   1,576,644
Renesas Electronics Corp. (a)
     181,100   2,136,644
Rengo Co., Ltd.
     193,300   1,245,401
RENOVA, Inc. (a)(b)
     15,500   219,011
ReproCELL, Inc. (a)(b)
     370,800   693,484
Resona Holdings, Inc.
     1,289,800   5,569,386
Resorttrust, Inc.
     37,100   639,755
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Ricoh Co., Ltd.
     367,800   $ 3,218,155
Ringer Hut Co., Ltd. (b)
     900   16,713
Rinnai Corp.
     5,100   385,310
Riso Kyoiku Co., Ltd.
     570,918   1,787,426
Rock Field Co., Ltd.
     366,600   4,488,302
Rohm Co., Ltd.
     12,300   971,839
Rohto Pharmaceutical Co., Ltd.
     28,501   867,651
Ryohin Keikaku Co., Ltd.
     148,300   1,748,443
Sakata Seed Corp.
     12,700   388,194
San-In Godo Bank, Ltd.
     178,850   923,905
Sanken Electric Co., Ltd.
     11,100   475,551
Sankyo Co., Ltd.
     10,000   279,712
Sankyu, Inc.
     7,300   239,975
Sanrio Co., Ltd. (b)
     64,700   1,336,911
Sansan, Inc. (a)
     32,400   371,315
Santen Pharmaceutical Co., Ltd.
     188,500   1,905,578
Sanwa Holdings Corp.
     179,100   1,835,637
Sapporo Holdings, Ltd.
     17,300   328,825
Sawai Group Holdings Co., Ltd.
     12,300   451,971
SBI Holdings, Inc.
     179,700   4,589,660
SCREEN Holdings Co., Ltd. (b)
     13,100   1,334,014
SCSK Corp.
     39,300   680,283
Secom Co., Ltd.
     184,948   13,512,823
Sega Sammy Holdings, Inc.
     167,000   2,907,279
Seibu Holdings, Inc. (b)
     180,600   1,892,673
Seiko Epson Corp. (b)
     188,800   2,863,694
Seino Holdings Co., Ltd.
     179,800   1,650,234
Sekisui Chemical Co., Ltd.
     187,600   2,718,751
Sekisui House REIT, Inc.
     3,552   2,361,659
Sekisui House, Ltd.
     369,200   7,212,138
Senko Group Holdings Co., Ltd.
     56,600   418,758
Seria Co., Ltd.
     20,100   459,216
Seven & i Holdings Co., Ltd.
     429,928   20,590,496
Seven Bank, Ltd.
     372,700   733,885
SG Holdings Co., Ltd.
     338,200   6,442,170
Sharp Corp. (b)
     149,900   1,419,033
SHIFT, Inc. (a)
     4,000   713,821
Shiga Bank, Ltd.
     2,310   42,080
Shikoku Bank, Ltd.
     1,820   11,201
Shikoku Electric Power Co., Inc.
     179,900   1,167,960
Shimadzu Corp.
     185,600   6,475,930
Shimamura Co., Ltd.
     9,000   806,014
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Shimano, Inc.
     34,200   $ 7,933,273
Shimizu Corp.
     367,913   2,227,939
Shin-Etsu Chemical Co., Ltd.
     194,117   30,051,151
Shinko Electric Industries Co., Ltd.
     28,200   1,359,176
Shinsei Bank, Ltd. (a)
     51,200   943,641
Shionogi & Co., Ltd.
     184,500   11,446,220
Ship Healthcare Holdings, Inc.
     19,200   314,477
Shiseido Co., Ltd.
     193,300   9,902,693
Shizuoka Bank, Ltd.
     357,600   2,542,606
SHO-BOND Holdings Co., Ltd.
     17,600   772,877
Shochiku Co., Ltd. (a)
     3,400   343,992
Showa Denko KK
     155,300   3,109,199
Silver Life Co., Ltd. (a)(b)
     31,100   391,008
Skylark Holdings Co., Ltd. (a)
     173,600   2,258,409
Small & medium sized Enterprises Holdings, Inc. (a)(b)
     951,400   376,249
SMC Corp.
     25,500   14,462,781
SMS Co., Ltd.
     203,500   5,692,132
Softbank Corp.
     566,400   6,663,804
SoftBank Group Corp.
     747,572   34,238,952
Sohgo Security Services Co., Ltd.
     26,200   863,440
Sojitz Corp. (b)
     152,400   2,532,571
Sompo Holdings, Inc.
     320,700   14,217,810
Sony Group Corp.
     737,020   77,299,811
Sosei Group Corp. (a)(b)
     30,300   353,240
Sotetsu Holdings, Inc. (b)
     83,200   1,570,432
Square Enix Holdings Co., Ltd.
     24,700   1,105,013
Stanley Electric Co., Ltd.
     171,973   3,292,814
Starts Proceed Investment Corp. REIT
     51   100,088
Subaru Corp.
     369,700   5,933,476
Sugi Holdings Co., Ltd.
     8,100   403,749
SUMCO Corp.
     177,700   2,967,645
Sumitomo Bakelite Co., Ltd.
     15,300   629,018
Sumitomo Chemical Co., Ltd.
     1,847,550   8,554,670
Sumitomo Corp.
     929,275   16,223,553
Sumitomo Dainippon Pharma Co., Ltd.
     166,100   1,653,131
Sumitomo Electric Industries, Ltd.
     558,320   6,725,140
Sumitomo Forestry Co., Ltd.
     176,800   3,158,001
Sumitomo Heavy Industries, Ltd.
     14,800   343,616
Sumitomo Metal Mining Co., Ltd.
     36,200   1,838,110
Sumitomo Mitsui Financial Group, Inc.
     495,500   15,949,895
Sumitomo Mitsui Trust Holdings, Inc.
     365,455   12,046,842
Sumitomo Osaka Cement Co., Ltd.
     8,800   243,609
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Sumitomo Realty & Development Co., Ltd.
     203,000   $ 5,668,111
Sumitomo Rubber Industries, Ltd.
     180,400   1,670,604
Sumitomo Warehouse Co., Ltd.
     68,000   1,288,568
Sun Corp. (b)
     3,000   48,025
Sun Frontier Fudousan Co., Ltd.
     3,100   26,818
Sundrug Co., Ltd.
     58,600   1,436,334
Suntory Beverage & Food, Ltd.
     11,100   426,167
SuRaLa Net Co., Ltd. (a)
     1,600   15,120
Suruga Bank, Ltd.
     179,500   604,865
Suzuken Co., Ltd.
     11,800   352,906
Suzuki Motor Corp.
     198,200   6,879,642
SymBio Pharmaceuticals, Ltd. (a)
     36,600   236,110
Sysmex Corp.
     152,900   11,240,591
Systena Corp.
     138,600   492,166
T&D Holdings, Inc.
     554,500   7,633,940
Tadano, Ltd.
     5,200   44,128
Taiheiyo Cement Corp.
     17,700   294,429
Taisei Corp.
     170,687   4,971,193
Taisho Pharmaceutical Holdings Co., Ltd.
     6,300   294,822
Taiyo Yuden Co., Ltd.
     190,000   8,687,951
Takara Bio, Inc.
     19,600   361,883
Takara Holdings, Inc.
     162,200   1,471,326
Takashimaya Co., Ltd.
     129,400   1,238,828
Takeda Pharmaceutical Co., Ltd.
     766,815   22,099,435
Takeuchi Manufacturing Co., Ltd.
     187,200   4,074,829
Takuma Co., Ltd.
     33,400   393,233
TDK Corp.
     50,865   1,869,066
TechnoPro Holdings, Inc.
     29,400   806,608
Teijin, Ltd.
     370,310   4,158,455
tella, Inc. (a)(b)
     600   445
TerraSky Co., Ltd. (a)(b)
     24,200   312,631
Terumo Corp.
     370,200   11,358,392
THK Co., Ltd.
     14,200   318,337
TIS, Inc.
     142,200   3,370,623
Toagosei Co., Ltd.
     55,100   489,828
Tobu Railway Co., Ltd.
     171,500   4,209,256
Toda Corp.
     167,200   1,020,764
Toei Animation Co., Ltd. (b)
     7,700   645,182
Toei Co., Ltd.
     3,400   474,809
Toho Bank, Ltd.
     12,101   20,438
Toho Co., Ltd.
     179,000   6,835,551
Toho Gas Co., Ltd.
     29,600   664,552
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Toho Holdings Co., Ltd. (b)
     13,500   $ 205,767
Tohoku Electric Power Co., Inc.
     367,200   2,154,038
Tokai Carbon Co., Ltd.
     179,700   1,704,096
Tokio Marine Holdings, Inc.
     407,065   23,905,741
Tokuyama Corp.
     9,100   128,806
Tokyo Century Corp.
     40,700   1,513,990
Tokyo Electric Power Co. Holdings, Inc. (a)
     739,375   2,454,938
Tokyo Electron, Ltd.
     125,055   65,167,693
Tokyo Gas Co., Ltd.
     178,795   3,287,913
Tokyo Ohka Kogyo Co., Ltd.
     14,100   855,003
Tokyo Seimitsu Co., Ltd.
     14,500   582,987
Tokyo Tatemono Co., Ltd.
     178,900   2,703,214
Tokyu Corp.
     201,775   2,646,557
Tokyu Fudosan Holdings Corp.
     189,100   1,050,080
Tokyu REIT, Inc.
     379   617,329
Topcon Corp.
     45,200   582,805
TOPPAN, INC.
     168,500   3,006,970
Toray Industries, Inc.
     1,764,650   9,287,402
Torikizoku Holdings Co., Ltd. (a)(b)
     34,800   537,303
Toshiba Corp.
     360,251   13,801,583
Tosoh Corp.
     148,400   2,217,900
TOTO, Ltd.
     164,000   6,674,851
Toyo Seikan Group Holdings, Ltd.
     177,800   2,059,623
Toyo Suisan Kaisha, Ltd.
     30,900   1,112,527
Toyo Tire Corp.
     178,800   2,302,487
Toyoda Gosei Co., Ltd.
     16,000   267,073
Toyota Boshoku Corp.
     36,100   595,446
Toyota Industries Corp.
     179,600   12,533,158
Toyota Motor Corp.
     6,513,940   119,276,883
Toyota Tsusho Corp.
     179,000   7,462,328
Trend Micro, Inc.
     20,000   1,179,815
Trusco Nakayama Corp.
     43,300   855,833
TS Tech Co., Ltd.
     36,400   412,358
Tsumura & Co.
     3,500   92,276
Tsuruha Holdings, Inc.
     10,000   639,341
Ube Industries, Ltd.
     35,100   577,505
Ulvac, Inc.
     18,500   960,247
Unicharm Corp.
     187,400   6,730,188
United Urban Investment Corp. REIT
     1,832   2,123,686
Ushio, Inc.
     30,600   460,355
USS Co., Ltd.
     180,410   3,060,467
Valor Holdings Co., Ltd.
     18,900   329,339
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Wacoal Holdings Corp.
     25,300   $ 383,956
Wacom Co., Ltd.
     62,600   486,359
Warabeya Nichiyo Holdings Co., Ltd.
     185,000   2,710,031
Welcia Holdings Co., Ltd.
     13,000   321,854
West Japan Railway Co.
     150,600   6,316,825
Workman Co., Ltd. (b)
     5,600   231,151
Yakult Honsha Co., Ltd. (b)
     177,300   9,524,169
Yamada Holdings Co., Ltd. (a)
     928,080   2,905,626
Yamagata Bank, Ltd.
     1,634   11,672
Yamaguchi Financial Group, Inc.
     152,000   851,576
Yamaha Corp.
     180,600   7,960,536
Yamaha Motor Co., Ltd.
     181,700   4,125,769
Yamanashi Chuo Bank, Ltd.
     1,510   11,844
Yamato Holdings Co., Ltd.
     185,600   3,506,330
Yamato Kogyo Co., Ltd.
     21,300   651,942
Yamazaki Baking Co., Ltd.
     179,800   2,220,558
Yaoko Co., Ltd.
     27,100   1,482,546
Yaskawa Electric Corp.
     180,500   7,160,515
Yokogawa Electric Corp.
     180,200   3,116,291
Yokohama Rubber Co., Ltd.
     46,600   649,616
Yoshinoya Holdings Co., Ltd. (b)
     22,600   439,432
Z Holdings Corp.
     534,900   2,363,916
Zenkoku Hosho Co., Ltd. (b)
     15,800   613,125
Zenrin Co., Ltd.
     2,100   17,250
Zensho Holdings Co., Ltd.
     20,500   483,217
Zeon Corp.
     167,600   1,883,472
ZOZO, Inc.
     33,800   914,793
          2,692,055,247
JORDAN — 0.0% (d)          
Hikma Pharmaceuticals PLC
     79,238   2,150,216
LUXEMBOURG — 0.1%          
APERAM SA
     25,834   1,155,805
ArcelorMittal SA
     296,268   9,658,530
Eurofins Scientific SE
     55,144   5,516,517
SES SA
     190,988   1,756,123
          18,086,975
MACAU — 0.1%          
Galaxy Entertainment Group, Ltd.
     1,710,000   10,262,533
MGM China Holdings, Ltd. (a)(b)
     544,000   346,625
Sands China, Ltd. (a)
     1,460,400   3,539,392
SJM Holdings, Ltd. (a)
     57,000   28,313
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Wynn Macau, Ltd. (a)(b)
     722,000   $ 529,187
          14,706,050
MALAYSIA — 0.0% (d)          
UG Healthcare Corp., Ltd. (b)
     381,200   69,009
MALTA — 0.0% (d)          
Catena Media PLC (a)(b)
     60,932   310,172
Kindred Group PLC SDR
     127,809   1,415,315
Media & Games Invest SE (a)(b)
     146,458   547,534
          2,273,021
MEXICO — 0.0% (d)          
Fresnillo PLC
     112,983   1,091,892
MONGOLIA — 0.0% (d)          
Turquoise Hill Resources, Ltd. (a)(b)
     54,608   1,641,235
NETHERLANDS — 4.2%          
Aalberts NV
     53,307   2,798,342
ABN AMRO Bank NV (b)(e)
     229,508   2,972,926
Adyen NV (a)(e)
     13,993   28,164,891
Aegon NV
     1,618,038   8,645,091
Akzo Nobel NV
     160,740   13,989,444
Argenx SE (a)
     10,748   3,378,351
ASM International NV
     11,326   4,185,083
ASML Holding NV
     243,952   165,574,289
ASR Nederland NV
     82,997   3,899,798
Euronext NV (e)
     54,017   4,970,438
EXOR NV
     55,231   4,270,969
Fugro NV (a)
     69,798   847,124
Heineken Holding NV
     53,573   4,238,130
Heineken NV
     124,047   11,949,852
IMCD NV
     29,359   5,071,443
ING Groep NV
     2,346,146   24,827,895
Koninklijke Ahold Delhaize NV
     722,563   23,407,293
Koninklijke DSM NV
     140,243   25,356,730
Koninklijke KPN NV
     2,601,880   9,098,930
Koninklijke Philips NV
     540,260   16,669,070
Merus NV (a)(b)
     62,714   1,658,158
NN Group NV
     190,187   9,704,509
OCI NV (a)
     22,191   792,082
Pharming Group NV (a)(b)
     251,285   223,115
PostNL NV
     608,491   2,342,550
Randstad NV (b)
     36,858   2,240,790
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
SBM Offshore NV (b)
     246,751   $ 3,957,603
Shell PLC
     4,373,306   121,409,865
Shop Apotheke Europe NV (a)(e)
     12,871   1,183,624
Signify NV (e)
     83,011   3,918,929
Universal Music Group NV
     623,013   16,771,867
Wolters Kluwer NV
     172,269   18,511,986
          547,031,167
NEW ZEALAND — 0.3%          
a2 Milk Co., Ltd. (a)(b)
     925,915   3,632,274
Air New Zealand, Ltd. (a)(b)
     709,920   636,983
Auckland International Airport, Ltd. (a)
     331,516   1,805,488
Contact Energy, Ltd.
     396,261   2,246,298
Fisher & Paykel Healthcare Corp., Ltd.
     387,217   6,558,157
Fletcher Building, Ltd.
     245,190   1,088,057
Goodman Property Trust REIT
     1,318,348   2,164,066
Infratil, Ltd.
     639,453   3,669,366
Kiwi Property Group, Ltd.
     1,533,302   1,173,137
Meridian Energy, Ltd.
     712,709   2,503,410
Ryman Healthcare, Ltd.
     229,473   1,497,141
Spark New Zealand, Ltd. (b)
     1,083,291   3,450,953
Vital Healthcare Property Trust REIT
     1,293,251   2,923,443
Xero, Ltd. (a)
     59,006   4,552,908
          37,901,681
NORWAY — 0.7%          
Aker BP ASA
     59,334   2,243,346
Aker Carbon Capture ASA (a)
     32   84
Aker Offshore Wind A/S (a)
     7,848   2,535
Aker Solutions ASA (a)
     79,218   276,230
ArcticZymes Technologies ASA (a)
     65,915   580,827
DNB Bank ASA
     682,317   15,614,322
DNO ASA
     452,640   671,143
Equinor ASA
     661,927   25,072,075
Gjensidige Forsikring ASA
     104,351   2,609,968
IDEX Biometrics ASA (a)(b)
     1,098,810   238,134
Kahoot! ASA (a)(b)
     317,542   1,003,758
Leroy Seafood Group ASA
     155,484   1,442,459
Mowi ASA
     195,522   5,321,848
Nordic Nanovector ASA (a)(b)
     56,002   96,069
Norsk Hydro ASA
     1,144,520   11,269,805
Orkla ASA
     829,024   7,429,360
Pexip Holding ASA (a)(b)
     131,753   492,718
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Salmar ASA
     29,898   $ 2,388,010
Schibsted ASA Class A
     38,868   969,477
Schibsted ASA Class B
     38,701   833,860
SpareBank 1 SR-Bank ASA
     101,850   1,564,325
Storebrand ASA (b)
     634,388   6,406,274
Telenor ASA
     472,335   6,846,805
TGS ASA
     64,458   970,113
Tomra Systems ASA
     60,814   3,138,765
          97,482,310
PORTUGAL — 0.2%          
Banco Comercial Portugues SA Class R (a)(b)
     4,751,793   915,194
EDP - Energias de Portugal SA
     2,109,826   10,481,581
Galp Energia SGPS SA
     237,387   3,041,442
Jeronimo Martins SGPS SA
     137,026   3,312,999
Mota-Engil SGPS SA (a)(b)
     307,567   461,305
NOS SGPS SA (b)
     728,874   3,093,085
Pharol SGPS SA (a)(b)
     843,260   74,779
          21,380,385
SAUDI ARABIA — 0.0% (d)          
Delivery Hero SE (a)(e)
     74,970   3,324,937
SINGAPORE — 1.2%          
AIMS APAC REIT (b)
     1,667,231   1,712,381
ARA LOGOS Logistics Trust REIT (b)
     2,377,817   1,493,438
Ascendas India Trust (b)
     1,070,200   941,026
Ascendas Real Estate Investment Trust
     1,328,334   2,875,840
Ascott Residence Trust (b)
     1,854,626   1,548,548
BOC Aviation, Ltd. (e)
     189,600   1,499,824
CapitaLand Integrated Commercial Trust REIT
     2,884,346   4,795,344
Capitaland Investment, Ltd. (a)
     3,781,346   11,148,314
City Developments, Ltd. (b)
     363,800   2,115,570
ComfortDelGro Corp., Ltd.
     1,114,100   1,226,593
COSCO Shipping International Singapore Co., Ltd. (a)
     5,355,100   1,009,015
DBS Group Holdings, Ltd.
     1,119,289   29,633,225
Frasers Centrepoint Trust REIT
     903,076   1,628,186
Genting Singapore, Ltd.
     7,518,964   4,527,990
IGG, Inc.
     668,000   319,013
Jardine Cycle & Carriage, Ltd. (b)
     119,333   2,207,045
Keppel Corp., Ltd.
     1,768,675   8,390,212
Keppel Infrastructure Trust
     3,345,600   1,384,369
Keppel REIT (b)
     519,509   468,320
Lippo Malls Indonesia Retail Trust REIT (a)
     11,116,300   435,337
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Manulife US Real Estate Investment Trust
     1,565,500   $ 1,056,713
Mapletree Commercial Trust REIT (b)
     1,114,000   1,555,739
Mapletree Logistics Trust REIT
     1,351,083   1,846,901
Mapletree North Asia Commercial Trust REIT
     1,984,800   1,803,897
Oversea-Chinese Banking Corp., Ltd.
     1,666,530   15,244,868
Parkway Life Real Estate Investment Trust
     402,800   1,398,869
SATS, Ltd. (a)
     369,000   1,183,330
Sembcorp Industries, Ltd. (b)
     539,900   1,065,159
Sembcorp Marine, Ltd. (a)
     32,200   2,332
Singapore Airlines, Ltd. (a)(b)
     183,989   747,729
Singapore Exchange, Ltd. (b)
     548,500   4,040,747
Singapore Press Holdings, Ltd.
     871,000   1,512,432
Singapore Technologies Engineering, Ltd.
     376,400   1,145,874
Singapore Telecommunications, Ltd.
     3,447,900   6,725,870
STMicroelectronics NV
     466,348   20,552,925
Suntec Real Estate Investment Trust
     1,271,800   1,644,549
United Overseas Bank, Ltd.
     734,308   17,373,586
UOL Group, Ltd.
     368,354   1,916,143
Venture Corp., Ltd.
     171,100   2,221,323
          162,398,576
SOUTH AFRICA — 0.4%          
Anglo American PLC
     885,033   46,290,713
Thungela Resources, Ltd. (a)(b)
     49   636
          46,291,349
SOUTH KOREA — 4.9%          
Advanced Process Systems Corp.
     19,865   389,253
Alteogen, Inc. (a)
     42,159   1,968,730
Amorepacific Corp.
     16,687   2,202,813
AMOREPACIFIC Group
     16,211   587,156
Anterogen Co., Ltd. (a)
     3,175   71,382
Ascendio Co., Ltd. (a)
     4,118   4,281
Asiana Airlines, Inc. (a)
     130,124   2,345,786
BGF retail Co., Ltd.
     5,256   756,711
Biolog Device Co., Ltd. (a)
     297,514   451,653
Bioneer Corp. (a)(b)
     17,747   569,579
BIT Computer Co., Ltd.
     65,445   523,754
BNC Korea Co., Ltd. (a)
     48,895   550,651
BNK Financial Group, Inc.
     169,191   1,111,143
Bukwang Pharmaceutical Co., Ltd.
     25,686   270,200
Cellid Co., Ltd. (a)
     9,963   256,463
Celltrion Healthcare Co., Ltd. (b)
     49,148   2,635,716
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Celltrion Pharm, Inc. (a)
     3,187   $ 257,158
Celltrion, Inc.
     63,630   9,003,379
Cheil Worldwide, Inc.
     39,154   760,758
CJ CGV Co., Ltd. (a)
     97,002   2,208,865
CJ CheilJedang Corp.
     7,116   2,169,351
CJ ENM Co., Ltd.
     8,877   962,368
CJ Logistics Corp. (a)
     5,100   544,903
CMG Pharmaceutical Co., Ltd. (a)(b)
     103,844   298,582
Com2uSCorp
     5,442   497,931
CORESTEM, Inc. (a)
     29,508   355,445
Coupang, Inc. (a)(b)
     81,443   1,439,912
Coway Co., Ltd.
     20,465   1,156,596
CUROCOM Co., Ltd. (a)
     62,838   61,436
Dae Han Flour Mills Co., Ltd.
     22,588   3,326,561
Daewoo Engineering & Construction Co., Ltd. (a)
     111,151   641,935
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (a)
     1,135   23,223
DB HiTek Co., Ltd.
     21,450   1,325,527
DB Insurance Co., Ltd.
     35,444   2,044,087
Deutsch Motors, Inc.
     68,938   557,396
Devsisters Co., Ltd. (b)
     11,041   571,157
Digitech Systems Co., Ltd. (a)(f)
     19,094   —
DIO Corp. (a)
     14,003   416,491
DL E&C Co., Ltd.
     7,996   874,114
DL Holdings Co., Ltd.
     6,757   341,181
Dongsuh Cos., Inc. (b)
     27,817   628,840
Dongwon F&B Co., Ltd.
     12,708   1,887,249
Dongwon Industries Co., Ltd.
     14,496   3,013,895
Doosan Bobcat, Inc. (b)
     27,203   871,941
Doosan Fuel Cell Co., Ltd. (a)(b)
     25,662   865,951
Doosan Heavy Industries & Construction Co., Ltd. (a)
     192,434   3,246,793
Douzone Bizon Co., Ltd.
     10,670   408,912
Duksung Co., Ltd.
     16,763   131,388
Ecopro BM Co., Ltd.
     5,432   1,782,357
E-MART, Inc.
     9,067   1,054,781
Eone Diagnomics Genome Center Co., Ltd. (a)
     106,057   373,197
Eubiologics Co., Ltd. (a)(b)
     8,963   182,654
Eyegene, Inc. (a)
     35,429   334,691
F&F Co., Ltd.
     2,231   1,371,309
Fila Holdings Corp.
     27,171   705,027
GAEASOFT (a)
     37,208   577,130
Geneonelifescience, Inc. (a)
     52,164   643,416
Genexine, Inc. (a)
     9,488   360,874
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Gravity Co., Ltd. ADR (a)
     1,685   $ 85,295
Green Cross Corp.
     3,275   545,811
Green Cross Holdings Corp.
     20,151   397,351
GS Engineering & Construction Corp.
     46,419   1,777,024
GS Holdings Corp.
     37,889   1,372,325
GS Retail Co., Ltd. (b)
     52,405   1,225,759
Hana Financial Group, Inc.
     163,884   6,571,315
Hana Tour Service, Inc. (a)
     42,574   2,985,677
Hancom, Inc. (a)
     92,168   1,802,221
Hanjin Kal Corp. (a)
     19,610   1,001,492
Hankook Shell Oil Co., Ltd.
     5,413   1,132,128
Hankook Tire & Technology Co., Ltd.
     43,233   1,200,273
Hanmi Pharm Co., Ltd.
     3,800   859,040
Hanmi Science Co., Ltd.
     20,879   769,149
Hanon Systems
     141,302   1,375,656
Hansol Chemical Co., Ltd.
     5,154   1,043,940
Hanssem Co., Ltd. (b)
     24,411   1,715,950
Hanwha Aerospace Co., Ltd.
     34,713   1,495,003
Hanwha Corp.
     29,046   753,679
Hanwha Solutions Corp. (a)
     66,074   1,959,787
Harim Co., Ltd.
     490,902   1,310,233
HDC Hyundai Engineering Plastics Co., Ltd.
     607,821   2,384,546
Helixmith Co., Ltd. (a)
     6,948   122,388
Hite Jinro Co., Ltd.
     18,842   582,181
HLB, Inc. (a)(b)
     22,290   563,664
HMM Co., Ltd.
     152,051   3,656,851
Hotel Shilla Co., Ltd. (b)
     51,271   3,434,846
HS Industries Co., Ltd.
     81,026   371,020
Hucentech Co., Ltd. (a)
     167,826   208,389
Hugel, Inc. (a)
     3,969   455,499
Humasis Co., Ltd.
     19,269   287,751
Huons Co., Ltd.
     41,919   1,625,505
Huons Global Co., Ltd.
     24,456   622,472
HYBE Co., Ltd. (a)
     10,299   2,629,875
Hyosung TNC Corp.
     1,432   549,383
Hyundai Bioland Co., Ltd.
     145,269   2,061,488
Hyundai Construction Equipment Co., Ltd.
     1,426   43,531
Hyundai Electric & Energy System Co., Ltd. (a)
     1,702   30,121
Hyundai Elevator Co., Ltd.
     47,881   1,509,058
Hyundai Engineering & Construction Co., Ltd.
     38,443   1,519,260
Hyundai Glovis Co., Ltd.
     7,085   1,125,253
Hyundai Heavy Industries Holdings Co., Ltd.
     24,810   1,101,257
See accompanying notes to financial statements.
123

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Hyundai Marine & Fire Insurance Co., Ltd.
     58,800   $ 1,559,688
Hyundai Mipo Dockyard Co., Ltd. (a)(b)
     12,717   821,535
Hyundai Mobis Co., Ltd.
     36,883   6,542,506
Hyundai Motor Co. (b)
     82,146   12,233,285
Hyundai Motor Co. Preference Shares (c)
     13,181   941,772
Hyundai Motor Co. Preference Shares (c)
     18,338   1,304,183
Hyundai Steel Co.
     45,768   1,568,962
Hyundai Wia Corp.
     9,101   482,814
Industrial Bank of Korea
     142,905   1,279,254
Inscobee, Inc. (a)
     33,228   78,817
Interpark Corp. (b)
     165,067   901,566
Jeil Pharmaceutical Co., Ltd.
     4,778   110,181
Jenax, Inc. (a)(f)
     19,545   —
Kakao Corp.
     141,663   12,447,597
Kakao Games Corp. (a)
     22,062   1,425,234
Kangstem Biotech Co., Ltd. (a)
     25,555   67,258
Kangwon Land, Inc. (a)
     45,729   1,050,743
KB Financial Group, Inc.
     291,504   14,742,952
KCC Corp.
     1,559   439,898
KCC Glass Corp.
     1,204   62,979
KG Eco Technology Service Co., Ltd.
     19,621   199,925
Kia Corp.
     154,359   9,424,171
KineMaster Corp. (a)
     14,253   191,091
KIWOOM Securities Co., Ltd.
     61,739   5,032,642
KMW Co., Ltd. (a)(b)
     20,469   588,544
Koh Young Technology, Inc.
     384,452   6,010,780
Korea Aerospace Industries, Ltd.
     25,831   901,490
Korea Electric Power Corp. ADR (a)(b)
     426,091   3,966,907
Korea Investment Holdings Co., Ltd.
     30,848   1,995,366
Korea Shipbuilding & Offshore Engineering Co., Ltd. (a)
     24,009   1,760,984
Korea Zinc Co., Ltd.
     7,319   3,532,540
Korean Air Lines Co., Ltd. (a)
     135,156   3,367,610
KT&G Corp.
     67,683   4,506,430
Kumho Petrochemical Co., Ltd. (b)
     9,608   1,228,695
L&F Co., Ltd. (a)
     13,213   2,461,528
LabGenomics Co., Ltd.
     66,036   642,898
LG Chem, Ltd.
     25,876   11,357,644
LG Chem, Ltd. Preference Shares
     10,851   2,444,060
LG Corp.
     63,585   4,007,998
LG Display Co., Ltd. ADR (a)(b)
     550,430   4,546,552
LG Display Co., Ltd. (b)
     116,581   1,986,220
LG Electronics, Inc. (b)
     66,725   6,633,689
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
LG Household & Health Care, Ltd. (b)
     5,464   $ 3,867,920
LG Household & Health Care, Ltd. Preference Shares
     1,366   571,397
LG Innotek Co., Ltd. (b)
     14,390   4,594,637
LG Uplus Corp.
     123,499   1,426,497
Lotte Chemical Corp. (b)
     7,305   1,262,652
Lotte Corp. (b)
     42,220   1,128,607
Lotte Food Co., Ltd.
     3,663   979,177
Lotte Shopping Co., Ltd.
     7,259   573,749
LS Corp.
     15,068   656,401
LX Holdings Corp. (a)
     30,723   244,101
Mando Corp.
     18,098   751,066
ME2ON Co., Ltd. (a)
     280,468   1,404,596
Medifron DBT Co., Ltd. (a)
     67,098   128,987
MedPacto, Inc. (a)
     11,138   328,061
Medy-Tox, Inc. (a)
     8,308   897,254
Meritz Securities Co., Ltd.
     291,530   1,573,043
Mirae Asset Securities Co., Ltd.
     208,879   1,475,190
Modetour Network, Inc. (a)
     223,592   4,362,816
Muhak Co., Ltd.
     129,022   1,080,461
Naturecell Co., Ltd. (a)
     12,387   186,513
NAVER Corp.
     86,608   24,330,699
NCSoft Corp.
     9,077   3,501,091
Netmarble Corp. (e)
     34,149   3,141,466
Nexon GT Co., Ltd. (a)
     94,715   1,984,869
Next Science Co., Ltd. (a)
     46,723   528,118
NH Investment & Securities Co., Ltd.
     78,339   736,822
NHN Corp. (a)
     6,844   208,078
NongShim Co., Ltd.
     2,015   497,911
OCI Co., Ltd.
     7,104   615,420
Orientbio, Inc. (a)
     31,267   23,862
Orion Corp/Republic of Korea
     8,996   659,086
Orion Holdings Corp.
     1,271   14,943
Oscotec, Inc. (a)
     13,422   310,620
Ottogi Corp.
     3,689   1,358,969
Pan Ocean Co., Ltd.
     131,354   757,530
Pearl Abyss Corp. (a)
     18,704   1,535,455
Pharmicell Co., Ltd. (a)
     21,858   204,685
POSCO Chemtech Co., Ltd. (b)
     16,337   1,624,197
POSCO Holdings, Inc. ADR (b)
     203,334   12,051,606
Prostemics Co., Ltd. (a)(b)
     48,947   105,805
Rsupport Co., Ltd. (b)
     48,236   251,119
S-1 Corp.
     19,912   1,171,342
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Sajo Industries Co., Ltd.
     81,148   $ 3,337,509
Samsung Biologics Co., Ltd. (a)(e)
     9,079   6,194,739
Samsung C&T Corp.
     49,896   4,692,994
Samsung Electro-Mechanics Co., Ltd.
     29,870   4,066,293
Samsung Electronics Co., Ltd. GDR
     112,428   159,535,332
Samsung Electronics Co., Ltd. Preference Shares
     456,823   23,744,770
Samsung Engineering Co., Ltd. (a)
     68,322   1,476,867
Samsung Fire & Marine Insurance Co., Ltd.
     14,588   2,635,842
Samsung Heavy Industries Co., Ltd. (a)
     264,915   1,241,465
Samsung Life Insurance Co., Ltd. (b)
     44,062   2,395,682
Samsung SDI Co., Ltd.
     31,783   15,628,619
Samsung SDS Co., Ltd.
     20,007   2,286,184
Samsung Securities Co., Ltd.
     52,989   1,831,805
Seegene, Inc.
     21,316   898,682
Seoulin Bioscience Co., Ltd.
     29,723   425,473
Shin Poong Pharmaceutical Co., Ltd. (a)(b)
     13,457   429,674
Shinhan Financial Group Co., Ltd.
     282,008   9,655,816
Shinsegae Food Co., Ltd.
     31,365   2,002,930
Shinsegae, Inc.
     5,454   1,154,202
SillaJen, Inc. (a)(b)(f)
     25,450   127,035
SK Biopharmaceuticals Co., Ltd. (a)
     10,772   798,091
SK Bioscience Co., Ltd. (a)
     10,677   1,383,020
SK Chemicals Co., Ltd.
     6,028   676,381
SK Hynix, Inc.
     309,663   30,147,464
SK Innovation Co., Ltd. (a)(b)
     51,220   9,085,681
SK, Inc.
     18,260   3,645,823
SKC Co., Ltd.
     10,763   1,371,959
S-Oil Corp.
     21,813   1,740,289
SundayToz Corp. (a)
     12,553   272,903
T&R Biofab Co., Ltd. (a)
     9,757   425,040
Thumbage Co., Ltd. (a)
     244,436   452,753
Wemade Co., Ltd. (b)
     15,195   1,297,539
WONIK IPS Co., Ltd.
     18,105   569,119
Wonpung Mulsan Co., Ltd. (a)
     99,806   77,404
Woori Financial Group, Inc.
     368,507   4,666,955
XIILab Co., Ltd. (a)
     22,888   439,046
Youlchon Chemical Co., Ltd.
     118,044   2,298,452
Yuhan Corp.
     28,417   1,369,211
Yungjin Pharmaceutical Co., Ltd. (a)
     44,856   192,444
          641,864,771
SPAIN — 1.8%          
Abertis Infraestructuras SA (a)
     1,256   4,192
See accompanying notes to financial statements.
126

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Acciona SA (b)
     14,788   $ 2,854,747
Acerinox SA
     155,951   1,731,719
ACS Actividades de Construccion y Servicios SA
     147,080   4,009,391
Aedas Homes SA (e)
     12,793   327,385
Aena SME SA (a)(e)
     39,568   6,650,028
Almirall SA (b)
     83,933   1,076,764
Amadeus IT Group SA (a)
     255,459   16,821,118
Amper SA (a)(b)
     3,283,239   915,101
Applus Services SA
     132,178   1,100,803
Atlantica Sustainable Infrastructure PLC (b)
     51,160   1,794,181
Atresmedia Corp. de Medios de Comunicacion SA
     129,870   555,747
Audax Renovables SA (b)
     310,025   443,605
Banco Bilbao Vizcaya Argentaria SA (b)
     2,067,094   11,982,754
Banco de Sabadell SA (b)
     2,656,267   2,203,618
Banco Santander SA
     7,113,265   24,535,186
Bankinter SA
     468,519   2,775,389
Befesa SA (e)
     34,725   2,758,666
CaixaBank SA (b)
     2,419,252   8,282,611
Cellnex Telecom SA (e)
     241,264   11,733,620
Cia de Distribucion Integral Logista Holdings SA
     68,462   1,264,493
CIE Automotive SA
     31,205   717,320
Construcciones y Auxiliar de Ferrocarriles SA
     24,606   815,861
Deoleo SA (a)(b)
     3,764,556   1,600,058
Distribuidora Internacional de Alimentacion SA (a)
     9,620,169   149,854
eDreams ODIGEO SA (a)
     158,161   1,416,622
Ence Energia y Celulosa SA (a)
     261,212   928,296
Endesa SA
     174,597   3,841,598
Ercros SA (a)
     57,995   196,488
Faes Farma SA
     187,912   768,997
Ferrovial SA
     224,317   6,022,519
Fluidra SA
     58,101   1,700,192
Fomento de Construcciones y Contratas SA
     59,147   714,696
Gestamp Automocion SA (e)
     96,029   340,627
Global Dominion Access SA (e)
     62,689   283,189
Grenergy Renovables SA (a)(b)
     28,544   1,082,999
Grifols SA (b)
     234,125   4,293,028
Grifols SA ADR
     144,475   1,687,468
Grupo Catalana Occidente SA
     39,606   1,225,080
Grupo Empresarial San Jose SA
     19,557   95,744
Grupo Ezentis SA (a)(b)
     1,230,771   199,935
Iberdrola SA
     3,027,629   33,417,427
Indra Sistemas SA (a)(b)
     285,550   3,208,945
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Industria de Diseno Textil SA
     615,454   $ 13,545,049
Inmobiliaria Colonial Socimi SA REIT
     166,838   1,529,610
Laboratorios Farmaceuticos Rovi SA (b)
     23,202   1,734,816
Lar Espana Real Estate Socimi SA REIT
     132,177   727,981
Let's GOWEX SA (a)(b)(f)
     4,019   —
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros (b)
     466,674   724,347
Mapfre SA
     549,269   1,161,174
Mediaset Espana Comunicacion SA (a)
     115,753   588,840
Melia Hotels International SA (a)
     61,207   463,502
Merlin Properties Socimi SA REIT
     179,751   2,117,000
Metrovacesa SA (b)(e)
     62,150   530,390
Miquel y Costas & Miquel SA
     37,937   528,477
Neinor Homes SA (a)(e)
     50,035   662,490
Obrascon Huarte Lain SA (a)(b)
     1,016,844   1,058,983
Oryzon Genomics SA (a)(b)
     75,449   222,463
Pharma Mar SA (b)
     29,254   2,227,035
Prosegur Cash SA (b)(e)
     900,712   592,287
Prosegur Cia de Seguridad SA
     151,122   331,584
Red Electrica Corp. SA
     247,672   5,128,401
Repsol SA
     988,949   13,120,626
Sacyr SA (b)
     357,865   872,808
Siemens Gamesa Renewable Energy SA (a)
     127,790   2,271,415
Solaria Energia y Medio Ambiente SA (a)
     68,662   1,560,786
Soltec Power Holdings SA (a)(b)
     75,858   449,026
Talgo SA (a)(b)(e)
     48,325   209,698
Tecnicas Reunidas SA (a)
     59,842   515,354
Telefonica SA
     2,057,337   10,045,700
Tubacex SA (a)(b)
     438,138   896,015
Unicaja Banco SA (e)
     2,071,444   2,173,420
Viscofan SA
     24,009   1,437,193
Zardoya Otis SA
     187,228   1,468,651
          237,423,182
SWEDEN — 3.2%          
AAK AB
     96,787   1,817,469
Acconeer AB (a)
     42,987   290,135
Aegirbio AB (a)(b)
     22,814   31,530
AFRY AB
     80,994   1,651,271
Alfa Laval AB
     337,500   11,780,667
Arjo AB Class B
     42,433   363,345
Assa Abloy AB Class B
     565,666   15,471,840
Atlas Copco AB Class A
     351,203   18,529,789
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Atlas Copco AB Class B
     223,624   $ 10,306,083
Atrium Ljungberg AB Class B
     32,520   671,728
Beijer Alma AB
     49,695   1,162,469
Beijer Ref AB (b)
     116,817   2,148,468
BHG Group AB (a)(b)
     81,753   548,272
BICO Group AB (a)(b)
     41,501   743,236
Bilia AB Class A
     172,200   2,485,235
BillerudKorsnas AB
     101,426   1,520,944
Biotage AB
     33,272   786,155
Boliden AB
     151,952   7,795,379
Boozt AB (a)(b)(e)
     37,115   482,287
Bravida Holding AB (e)
     111,475   1,297,834
Brighter AB (a)
     1,937,231   34,299
Bure Equity AB
     46,650   1,542,753
Castellum AB (b)
     187,839   4,702,324
Catena AB
     26,986   1,647,642
CDON AB (a)(b)
     11,431   489,161
Cell Impact AB (a)
     200,281   397,794
Cibus Nordic Real Estate AB
     47,521   1,280,906
Cint Group AB (a)
     122,893   1,215,031
Diamyd Medical AB (a)
     135,740   245,717
Dometic Group AB (e)
     165,053   1,442,713
Electrolux AB Class B (b)
     275,974   4,237,599
Electrolux Professional AB Class B (a)
     186,659   1,160,685
Elekta AB Class B (b)
     148,453   1,182,284
Embracer Group AB (a)(b)
     135,806   1,156,757
Enzymatica AB (a)
     95,988   69,318
Epiroc AB Class A
     364,768   7,914,253
Epiroc AB Class B
     223,614   4,092,256
EQT AB
     37,457   1,495,563
Essity AB Class B (b)
     338,745   8,076,608
Evolution AB (e)
     140,891   14,635,768
Expres2ion Biotech Holding AB Class A (a)
     159,180   301,300
Fabege AB (b)
     155,836   2,332,674
Fastighets AB Balder Class B (a)
     53,679   3,579,214
G5 Entertainment AB (b)
     9,668   216,818
Genovis AB (a)
     171,213   990,233
Getinge AB Class B
     57,220   2,314,735
H & M Hennes & Mauritz AB Class B (b)
     582,256   7,883,454
Hexagon AB Class B
     1,037,259   14,775,214
Hexatronic Group AB
     33,983   1,378,369
Hexpol AB
     178,056   1,764,626
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
HMS Networks AB
     29,256   $ 1,387,552
Holmen AB Class B (b)
     55,281   3,128,442
Hufvudstaden AB Class A (b)
     101,272   1,453,434
Husqvarna AB Class B
     235,010   2,487,938
Industrivarden AB Class A
     124,195   3,582,164
Industrivarden AB Class C
     93,820   2,656,727
Indutrade AB
     149,222   3,815,654
Instalco AB
     194,447   1,478,059
Intrum AB
     40,685   1,112,798
Investment AB Latour Class B
     68,611   2,216,013
Investor AB Class B
     893,445   19,763,470
Isofol Medical AB (a)(b)
     268,426   266,139
JM AB (b)
     46,264   1,489,280
Kancera AB (a)(b)
     241,331   180,751
Karo Pharma AB (a)(b)
     737,553   4,273,651
Kinnevik AB Class B (a)
     183,631   4,876,781
KNOW IT AB
     218,484   7,337,971
Kungsleden AB
     1,600   20,791
L E Lundbergforetagen AB Class B
     40,701   2,098,944
LeoVegas AB (e)
     215,101   874,770
Lindab International AB
     17,385   449,577
Loomis AB
     40,595   1,124,275
Lundin Energy AB (b)
     129,782   5,560,653
Medicover AB Class B (b)
     6,877   149,060
MIPS AB
     20,823   1,966,247
Modern Times Group MTG AB Class B (a)
     103,799   1,533,695
Mycronic AB
     63,418   1,197,670
NCC AB Class B
     80,777   1,161,461
Nibe Industrier AB Class B
     860,270   9,697,122
Nolato AB Class B
     181,123   1,360,453
Nordic Entertainment Group AB Class B (a)
     9,065   372,739
Nyfosa AB
     159,013   2,300,036
Pandox AB (a)
     42,227   644,320
Peab AB Class B
     170,208   1,731,412
Readly International AB (a)(b)
     343,356   277,245
Saab AB Class B
     55,887   2,049,722
Samhallsbyggnadsbolaget i Norden AB (b)
     465,375   2,109,802
Sandvik AB
     768,407   16,572,935
Sectra AB Class B (a)(b)
     115,397   1,791,740
Securitas AB Class B
     182,995   2,090,244
Sinch AB (a)(b)(e)
     216,853   1,499,919
Skandinaviska Enskilda Banken AB Class A
     991,807   10,903,130
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Skanska AB Class B (b)
     228,185   $ 5,176,117
SKF AB Class B (b)
     208,786   3,448,999
SSAB AB Class A (a)
     206,357   1,456,549
SSAB AB Class B (a)
     349,777   2,368,278
Stillfront Group AB (a)(b)
     227,039   652,414
Svenska Cellulosa AB SCA Class B (b)
     281,588   5,542,988
Svenska Handelsbanken AB Class A
     849,557   7,921,809
Swedbank AB Class A (b)
     587,822   8,893,588
SwedenCare AB
     107,528   1,390,339
Swedish Match AB (b)
     903,258   6,869,855
Swedish Orphan Biovitrum AB (a)
     125,415   3,001,003
Tele2 AB Class B
     488,673   7,461,657
Telefonaktiebolaget LM Ericsson Class B (b)
     1,968,523   18,229,021
Telia Co. AB (b)
     821,134   3,325,278
Tethys Oil AB
     176,057   1,488,646
Thule Group AB (b)(e)
     50,619   2,036,840
Trelleborg AB Class B
     138,871   3,263,381
Truecaller AB Class B (a)
     187,438   1,307,323
Vitec Software Group AB Class B
     9,862   515,883
Vitrolife AB
     57,051   1,907,536
Volvo AB Class A
     117,275   2,277,698
Volvo AB Class B
     904,213   17,134,581
Wallenstam AB Class B
     116,722   1,714,621
Wihlborgs Fastigheter AB
     74,163   1,570,097
Xbrane Biopharma AB (a)(b)
     68,488   762,823
          413,202,314
SWITZERLAND — 7.6%          
ABB, Ltd.
     1,143,381   37,485,254
Adecco Group AG (a)
     170,623   7,789,049
Alcon, Inc.
     293,505   23,505,915
ALSO Holding AG (a)
     3,578   876,761
Aryzta AG (a)(b)
     228,285   235,665
Bachem Holding AG Class B
     3,556   1,974,590
Baloise Holding AG
     27,784   4,984,665
Barry Callebaut AG
     1,797   4,237,425
Belimo Holding AG
     2,509   1,342,768
BKW AG
     10,940   1,379,017
Bucher Industries AG
     3,682   1,499,607
Cembra Money Bank AG
     15,090   1,115,045
Chocoladefabriken Lindt & Spruengli AG (c)
     200   2,395,001
Chocoladefabriken Lindt & Spruengli AG (c)
     12   1,457,865
Cie Financiere Richemont SA
     298,269   38,245,848
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Clariant AG (a)
     163,043   $ 2,850,706
Comet Holding AG
     31,332   9,141,692
Credit Suisse Group AG (a)
     1,066,493   8,506,448
CRISPR Therapeutics AG (a)(b)
     37,763   2,370,384
Daetwyler Holding AG Bearer Shares (b)
     3,940   1,310,122
DKSH Holding AG
     17,110   1,445,588
dormakaba Holding AG
     1,762   909,098
Dufry AG (a)(b)
     26,416   1,122,662
EMS-Chemie Holding AG
     3,708   3,632,450
Flughafen Zurich AG (a)
     11,014   1,993,950
Forbo Holding AG (b)
     357   611,390
Galenica AG (e)
     27,619   2,138,390
Geberit AG
     22,134   13,762,646
Georg Fischer AG
     1,884   2,268,375
Givaudan SA
     5,518   22,947,445
Helvetia Holding AG
     18,249   2,393,539
Holcim, Ltd. (a)(c)
     346,627   17,059,209
Holcim, Ltd. (a)(c)
     5,641   276,039
Idorsia, Ltd. (a)(b)
     55,449   1,110,486
Inficon Holding AG
     1,334   1,542,381
Interroll Holding AG
     220   730,345
IWG PLC (a)
     388,622   1,339,577
Julius Baer Group, Ltd.
     188,255   11,022,200
Kuehne + Nagel International AG
     54,970   15,715,954
Leonteq AG (a)
     25,898   2,096,605
Logitech International SA
     95,915   7,212,516
Lonza Group AG (a)
     38,783   28,329,185
Medmix AG (a)(e)
     42,233   1,483,261
Meyer Burger Technology AG (a)(b)
     205,305   86,740
Mobimo Holding AG (a)
     3,667   1,175,512
Nestle SA
     1,484,510   193,901,768
Novartis AG
     1,335,285   117,893,949
OC Oerlikon Corp. AG
     106,020   852,538
Partners Group Holding AG
     11,012   13,803,143
PSP Swiss Property AG
     22,164   2,928,707
Roche Holding AG Bearer Shares
     1   440
Roche Holding AG
     398,125   158,536,165
Schindler Holding AG (c)
     25,804   5,580,001
Schindler Holding AG (c)
     12,967   2,788,557
Schweiter Technologies AG Bearer Shares
     317   391,320
SFS Group AG
     9,306   1,302,486
SGS SA
     3,637   10,180,833
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Sika AG
     96,765   $ 32,323,348
Sonova Holding AG
     31,627   13,320,973
St Galler Kantonalbank AG
     1,722   865,444
Straumann Holding AG
     5,565   8,989,266
Sulzer AG (b)
     42,927   3,587,163
Swatch Group AG Bearer Shares
     16,782   4,808,925
Swatch Group AG
     33,262   1,821,684
Swiss Life Holding AG
     18,449   11,912,411
Swiss Prime Site AG (a)
     40,519   4,017,776
Swisscom AG
     14,747   8,893,871
Temenos AG
     55,246   5,342,998
u-blox Holding AG (a)
     9,295   907,531
UBS Group AG
     1,921,548   37,888,061
Valiant Holding AG
     8,962   932,963
VAT Group AG (e)
     14,527   5,594,533
Vifor Pharma AG (a)
     20,079   3,594,692
Vontobel Holding AG
     15,167   1,288,021
VZ Holding AG
     7,822   743,738
Zur Rose Group AG (a)(b)
     3,907   576,550
Zurich Insurance Group AG (a)
     88,258   43,810,111
          994,489,336
TAIWAN — 0.2%          
Medtecs International Corp., Ltd.
     428,100   72,755
Sea, Ltd. ADR (a)
     187,839   22,501,234
          22,573,989
TURKEY — 0.0% (d)          
Eldorado Gold Corp. (a)
     58,964   660,899
UNITED KINGDOM — 9.9%          
3i Group PLC
     547,910   10,016,722
Abrdn PLC
     2,093,963   5,924,830
Admiral Group PLC
     139,345   4,702,302
Afren PLC (a)(b)(f)
     55,933   —
AO World PLC (a)(b)
     177,629   204,290
Argo Blockchain PLC (a)
     549,323   520,029
Ashtead Group PLC
     249,890   15,901,430
Associated British Foods PLC
     203,449   4,452,020
AstraZeneca PLC
     845,649   112,812,137
Auto Trader Group PLC (e)
     424,396   3,535,967
AVEVA Group PLC
     64,640   2,085,153
Aviva PLC
     2,897,988   17,250,496
Avon Protection PLC (b)
     154,108   2,637,783
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
B&M European Value Retail SA
     441,357   $ 3,104,305
Babcock International Group PLC (a)
     294,795   1,259,521
BAE Systems PLC
     1,781,085   16,823,507
Balfour Beatty PLC
     1,528,803   5,173,151
Barclays PLC
     8,011,189   15,642,589
Barratt Developments PLC
     916,660   6,304,954
Beazley PLC
     300,562   1,665,253
Bellway PLC
     57,242   1,832,943
Berkeley Group Holdings PLC (a)
     56,109   2,762,960
Big Yellow Group PLC REIT
     158,859   3,212,725
Bodycote PLC
     119,411   994,433
BP PLC
     11,219,224   55,445,939
British American Tobacco PLC
     1,268,268   53,343,859
British Land Co. PLC REIT
     984,129   6,872,679
Britvic PLC
     122,415   1,300,705
BT Group PLC (b)
     5,372,404   12,888,060
Bunzl PLC
     188,967   7,384,488
Burberry Group PLC
     312,355   6,884,532
Capita PLC (a)
     1,320,450   363,883
Capital & Counties Properties PLC REIT
     427,877   986,451
Capricorn Energy PLC (a)(b)
     210,826   613,461
Cazoo Group, Ltd. (a)
     39,135   108,013
Centrica PLC (a)
     3,889,934   4,101,444
CK Hutchison Holdings, Ltd.
     610,500   4,486,334
Close Brothers Group PLC
     84,986   1,332,692
CNH Industrial NV
     566,523   9,073,773
Coca-Cola Europacific Partners PLC
     131,537   6,394,014
Compass Group PLC
     952,098   20,684,075
ConvaTec Group PLC (e)
     881,690   2,502,852
Croda International PLC
     73,767   7,653,478
Currys PLC
     578,081   691,868
Darktrace PLC (a)(b)
     172,605   1,022,672
DCC PLC
     48,085   3,751,818
Dechra Pharmaceuticals PLC
     72,366   3,864,586
Derwent London PLC REIT
     64,442   2,722,759
DEV Clever Holdings PLC (a)(b)
     3,498,648   1,381,949
Diageo PLC
     1,330,890   67,700,766
Diploma PLC
     68,156   2,363,689
Direct Line Insurance Group PLC
     815,228   2,952,842
Drax Group PLC
     218,512   2,261,353
DS Smith PLC
     389,902   1,653,548
easyJet PLC (a)
     236,786   1,735,281
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Electrocomponents PLC
     312,938   $ 4,466,405
EnQuest PLC (a)(b)
     7,601,722   3,087,718
Entain PLC (a)
     311,473   6,740,011
Experian PLC
     630,600   24,501,557
Farfetch, Ltd. Class A (a)
     153,730   2,324,398
Firstgroup PLC (a)(b)
     562,782   832,129
Frasers Group PLC (a)
     88,471   738,517
Future PLC
     63,618   2,179,505
Games Workshop Group PLC
     18,046   1,726,184
Genuit Group PLC
     119,417   772,788
Genus PLC
     35,699   1,326,428
Grafton Group PLC CDI
     124,048   1,604,696
Great Portland Estates PLC REIT
     160,695   1,506,444
Gym Group PLC (a)(e)
     535,680   1,371,110
Halma PLC
     215,779   7,131,049
Hammerson PLC REIT (b)
     2,191,698   952,858
Hargreaves Lansdown PLC
     111,607   1,481,230
Hays PLC
     787,457   1,273,197
Hiscox, Ltd.
     166,733   2,159,288
HomeServe PLC
     225,151   2,499,033
Howden Joinery Group PLC
     337,922   3,416,135
HSBC Holdings PLC
     11,007,640   76,147,350
IG Group Holdings PLC
     205,691   2,218,042
IMI PLC
     131,536   2,360,538
Imperial Brands PLC
     544,127   11,538,026
Inchcape PLC
     236,115   2,082,902
Indivior PLC (a)
     457,689   1,688,531
Informa PLC (a)
     676,977   5,364,097
IntegraFin Holdings PLC
     119,411   661,907
InterContinental Hotels Group PLC
     112,486   7,686,636
Intermediate Capital Group PLC
     168,237   3,955,049
International Consolidated Airlines Group SA (a)(b)
     385,086   721,190
International Personal Finance PLC
     190,724   259,153
Intertek Group PLC
     95,069   6,539,019
Intu Properties PLC REIT (a)(b)(f)
     315,030   —
Investec PLC
     321,206   2,129,805
ITV PLC (a)
     2,067,749   2,230,274
J Sainsbury PLC
     1,391,801   4,630,767
JD Sports Fashion PLC (a)
     1,173,970   2,291,512
John Wood Group PLC (a)
     590,642   1,257,491
Johnson Matthey PLC
     112,646   2,786,105
Jupiter Fund Management PLC
     473,968   1,289,288
See accompanying notes to financial statements.
135

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Just Eat Takeaway (a)(e)
     33,569   $ 1,146,734
Keller Group PLC
     57,100   627,007
Kingfisher PLC
     2,211,337   7,436,119
Lancashire Holdings, Ltd.
     112,692   640,984
Land Securities Group PLC REIT
     696,884   7,208,294
Legal & General Group PLC
     3,336,174   11,947,804
Lloyds Banking Group PLC
     39,569,721   24,515,416
London Stock Exchange Group PLC
     175,949   18,454,301
LondonMetric Property PLC REIT
     390,930   1,419,593
M&G PLC
     1,440,515   4,195,400
Man Group PLC
     1,556,207   4,794,615
Marks & Spencer Group PLC (a)
     1,704,256   3,471,328
Marshalls PLC
     174,257   1,562,456
Meggitt PLC (a)
     355,768   3,560,945
Melrose Industries PLC
     2,362,804   3,884,067
Micro Focus International PLC
     202,958   1,081,459
Moneysupermarket.com Group PLC
     470,221   1,176,322
National Express Group PLC (a)
     358,410   1,099,529
National Grid PLC
     2,149,681   33,183,358
Natwest Group PLC
     2,531,190   7,195,283
Next PLC
     120,543   9,573,568
Ninety One PLC
     160,767   539,345
Nomad Foods, Ltd. (a)
     83,154   1,877,617
Ocado Group PLC (a)
     263,247   4,058,736
Pearson PLC
     673,142   6,652,513
Pennon Group PLC
     156,674   2,217,563
Pensana PLC (a)
     73,785   77,331
Persimmon PLC
     71,494   2,024,792
Petrofac, Ltd. (a)
     168,592   231,300
Phoenix Group Holdings PLC
     317,008   2,562,767
Playtech PLC (a)
     275,985   2,151,185
Provident Financial PLC (a)
     62,610   252,747
Prudential PLC
     1,440,515   21,508,065
Quilter PLC (e)
     1,328,900   2,491,568
Reckitt Benckiser Group PLC
     404,719   31,077,181
Redrow PLC
     116,194   799,815
RELX PLC (c)
     710,554   22,294,187
RELX PLC (c)
     574,438   18,049,556
Rentokil Initial PLC
     1,043,627   7,227,724
Restaurant Group PLC (a)
     1,776,102   1,426,488
Rightmove PLC
     575,363   4,793,789
Rolls-Royce Holdings PLC (a)
     5,216,737   6,944,174
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Rotork PLC
     617,633   $ 2,654,307
Royal Mail PLC
     258,113   1,118,089
Sage Group PLC
     633,114   5,845,132
Schroders PLC
     64,461   2,742,234
Segro PLC REIT
     552,322   9,784,678
Serco Group PLC
     1,021,776   1,938,609
Severn Trent PLC
     135,163   5,477,684
Shaftesbury PLC REIT (b)
     176,326   1,433,586
Smith & Nephew PLC
     539,950   8,673,290
Smiths Group PLC
     321,900   6,156,128
Spectris PLC
     69,736   2,386,348
Spirax-Sarco Engineering PLC
     40,673   6,712,759
Spirent Communications PLC
     453,961   1,422,545
SSE PLC
     906,105   20,860,018
SSP Group PLC (a)
     368,008   1,100,870
St James's Place PLC
     295,192   5,629,808
Standard Chartered PLC
     1,641,558   11,027,249
Subsea 7 SA
     142,552   1,343,680
Tate & Lyle PLC
     513,845   4,953,730
Taylor Wimpey PLC
     1,390,391   2,392,671
Telecom Plus PLC
     35,139   707,866
Tesco PLC
     4,862,195   17,669,000
THG PLC (a)
     419,578   508,243
Tiziana Life Sciences, Ltd. (a)(b)
     208,549   218,976
TP ICAP Group PLC
     462,013   902,123
Trainline PLC (a)(e)
     159,263   524,234
Travis Perkins PLC
     80,283   1,307,567
Tritax Big Box REIT PLC
     1,226,965   3,906,241
Ultra Electronics Holdings PLC
     63,355   2,772,761
Unilever PLC (c)
     1,417,720   64,492,472
Unilever PLC (c)
     26,730   1,217,751
UNITE Group PLC REIT
     149,777   2,283,622
United Utilities Group PLC
     400,736   5,933,191
Victrex PLC
     53,485   1,288,705
Virgin Money UK PLC CDI
     420,252   968,856
Vodafone Group PLC
     16,234,882   26,685,381
Weir Group PLC
     65,352   1,412,011
WH Smith PLC (a)
     60,859   1,150,667
Whitbread PLC (a)
     155,986   5,867,679
Wickes Group PLC
     90,348   219,475
Workspace Group PLC REIT
     132,953   1,199,111
See accompanying notes to financial statements.
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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
WPP PLC
     757,546   $ 10,004,156
          1,285,598,253
UNITED STATES — 2.3%          
Access Bio, Inc. (a)
     27,563   409,335
Accustem Sciences, Inc. (a)
     11   16
Adaptimmune Therapeutics PLC ADR (a)
     160,221   330,055
Argonaut Gold, Inc. (a)(b)
     198,428   389,215
Atlassian Corp. PLC Class A (a)
     66,201   19,451,840
Avast PLC (e)
     416,989   3,107,503
Avita Medical, Inc. CDI (a)
     602   1,040
Bausch Health Cos., Inc. (a)
     190,895   4,364,886
Carnival PLC (a)
     181,165   3,236,388
Cineworld Group PLC (a)(b)
     679,246   291,730
Constellium SE (a)
     46,157   830,826
CyberArk Software, Ltd. (a)
     34,725   5,859,844
Ferguson PLC
     194,396   26,567,775
Fiverr International, Ltd. (a)(b)
     12,549   954,602
Flex, Ltd. (a)
     778,347   14,438,337
GlaxoSmithKline PLC
     2,889,512   62,667,352
Globant SA (a)
     22,597   5,921,996
Inmode, Ltd. (a)
     18,030   665,487
International Game Technology PLC (b)
     59,092   1,458,391
Jackson Financial, Inc. Class A
     114   5,091
James Hardie Industries PLC CDI
     237,791   7,249,905
Jazz Pharmaceuticals PLC (a)
     6   934
Mind Medicine MindMed, Inc. (a)(b)
     538,794   598,061
Nitro Software, Ltd. (a)(b)
     114,437   131,912
Nordic American Tankers, Ltd.
     223,070   475,139
Pluristem Therapeutics, Inc. (a)(b)
     33,730   69,821
Primo Water Corp. (b)
     86,851   1,237,699
QIAGEN NV (a)
     131,616   6,521,088
REC Silicon ASA (a)(b)
     421,891   705,886
Rhi Magnesita NV
     18,986   608,950
Schneider Electric SE (c)
     322,293   54,564,484
Schneider Electric SE (c)
     2,000   339,056
Spotify Technology SA (a)
     65,209   9,847,863
Stellantis NV (c)
     594,384   9,786,532
Stellantis NV (c)
     607,501   10,003,855
Stratasys, Ltd. (a)
     25,923   658,185
Swiss Re AG
     193,228   18,502,854
Tenaris SA
     212,711   3,255,437
UroGen Pharma, Ltd. (a)(b)
     78,368   682,585
See accompanying notes to financial statements.
138

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Waste Connections, Inc.
     146,287   $ 20,475,847
          296,667,802
ZAMBIA — 0.1%          
First Quantum Minerals, Ltd.
     379,977   13,166,330
TOTAL COMMON STOCKS

(Cost $11,557,863,076)
         12,915,050,959
       
RIGHTS — 0.0% (d)    
CANADA — 0.0% (d)      
Pan American Silver Corp. (expiring 02/22/29) (a)(c)
   32,412 27,250
FRANCE — 0.0% (d)      
Electricite de France SA (expiring 04/04/22) (a)
   240,362 89,859
SOUTH KOREA — 0.0% (d)      
Samsung Biologics Co., Ltd. (expiring 4/8/22) (a)
   592 91,825
TOTAL RIGHTS

(Cost $14,245)
     208,934
WARRANTS — 0.0% (d)    
FRANCE — 0.0% (d)      
Technicolor SA (expiring 9/22/24) (a)(b)

(Cost: $0)
   7,094 2,155
SHORT-TERM INVESTMENTS — 1.9%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.31% (g)(h)
 11,503,776 11,502,626
State Street Navigator Securities Lending Portfolio II (i)(j)
 240,235,111 240,235,111
TOTAL SHORT-TERM INVESTMENTS

(Cost $251,737,608)
 251,737,737
TOTAL INVESTMENTS — 101.0%

(Cost $11,809,614,929)
 13,166,999,785
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)%
(134,115,287)
NET ASSETS — 100.0%
$13,032,884,498
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at March 31, 2022.
(c) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(d) Amount is less than 0.05% of net assets.
See accompanying notes to financial statements.
139

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
(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, 2022, 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, 2022, total aggregate fair value of the securities is $127,035, 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, 2022 are shown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at March 31, 2022.
(i) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(j) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
CDI CREST Depository Interest
GDR Global Depositary Receipt
REIT Real Estate Investment Trust
SDR Swedish Depositary Receipt
At March 31, 2022, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
MSCI EAFE Index (long)   550   06/17/2022   $55,712,074   $58,971,000   $3,258,926
During the period ended March 31, 2022, average notional value related to futures contracts was $23,419,500.
See accompanying notes to financial statements.
140

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $12,913,297,717   $1,626,207   $127,035   $12,915,050,959
Rights
   27,250   181,684   —   208,934
Warrants
   2,155   —   —   2,155
Short-Term Investments
   251,737,737   —   —   251,737,737
TOTAL INVESTMENTS
   $13,165,064,859   $1,807,891   $127,035   $13,166,999,785
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   3,258,926   —   —   3,258,926
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ 3,258,926   $ —   $ —   $ 3,258,926
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
Sector Breakdown as of March 31, 2022

    
    % of Net Assets
  Financials 17.5%
  Industrials 15.8
  Consumer Discretionary 10.7
  Health Care 10.7
  Information Technology 10.6
  Materials 8.9
  Consumer Staples 8.3
  Energy 5.1
  Communication Services 4.8
  Real Estate 3.6
  Utilities 3.1
  Short-Term Investments 1.9
  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.)
See accompanying notes to financial statements.
141

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SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at 9/30/21 		  Value at
9/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/22 		  Value at
3/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 5,575,064   $ 5,576,179   $ 317,702,514   $ 311,772,928   $(3,268)   $129   11,503,776   $ 11,502,626   $ 4,118
State Street Navigator Securities Lending Portfolio II
 168,665,275   168,665,275   1,010,659,838   939,090,002   —   —   240,235,111   240,235,111   1,111,681
Total
     $174,241,454   $1,328,362,352   $1,250,862,930   $(3,268)   $129       $251,737,737   $1,115,799
See accompanying notes to financial statements.
142

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.4%        
ARGENTINA — 0.0% (a)          
Despegar.com Corp. (b)(c)
     17   $ 207
AUSTRALIA — 2.4%          
Alkane Resources, Ltd. (b)
     60,220   51,779
Alumina, Ltd.
     164,274   247,957
AMP, Ltd. (b)
     43,457   31,492
Appen, Ltd.
     1,807   9,390
Aussie Broadband, Ltd. (b)
     6,101   24,374
Australia & New Zealand Banking Group, Ltd.
     10,849   224,859
Australian Ethical Investment, Ltd.
     694   3,752
Australian Strategic Materials, Ltd. (b)
     1,872   10,670
Bellevue Gold, Ltd. (b)(c)
     41,748   30,097
Betmakers Technology Group, Ltd. (b)(c)
     58,877   28,076
BHP Group, Ltd. (c)
     16,514   641,761
BHP Group, Ltd.
     3,206   124,609
Blackmores, Ltd. (c)
     68   3,838
Boral, Ltd. (c)
     23,264   60,447
BrainChip Holdings, Ltd. (b)(c)
     67,316   48,782
Brambles, Ltd.
     32,390   241,044
BWX, Ltd. (b)
     9,315   15,669
Cettire, Ltd. (b)(c)
     5,069   4,339
Chalice Mining, Ltd. (b)
     1,871   9,934
Champion Iron, Ltd.
     3,765   22,081
Clinuvel Pharmaceuticals, Ltd. (c)
     744   10,314
Codan, Ltd.
     733   4,029
Coles Group, Ltd.
     14,786   198,864
Commonwealth Bank of Australia
     3,576   284,034
Cooper Energy, Ltd. (b)
     498   108
Coronado Global Resources, Inc. CDI (d)
     8,259   12,404
CSL, Ltd.
     5,605   1,128,663
De Grey Mining, Ltd. (b)
     19,134   16,668
Deterra Royalties, Ltd.
     5,403   19,597
Dubber Corp., Ltd. (b)
     4,311   4,063
Emeco Holdings, Ltd. (c)
     7,068   4,618
EML Payments, Ltd. (b)(c)
     8,905   20,129
Endeavour Group, Ltd. (c)
     5,584   30,569
Fortescue Metals Group, Ltd.
     23,241   360,575
Genworth Mortgage Insurance Australia, Ltd.
     5,651   12,222
Glencore PLC (b)
     25,468   167,662
Gold Road Resources, Ltd.
     4,310   5,259
Home Consortium, Ltd. REIT (c)
     3,233   16,752
See accompanying notes to financial statements.
143

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Iluka Resources, Ltd.
     5,403   $ 45,808
Imugene, Ltd. (b)(c)
     21,639   4,062
Insurance Australia Group, Ltd.
     72,264   237,688
ioneer, Ltd. (b)(c)
     24,610   12,752
Kogan.com, Ltd. (b)(c)
     3,446   14,724
LendLease Corp., Ltd. Stapled Security (c)
     38,224   321,488
Liontown Resources, Ltd. (b)(c)
     4,548   6,421
Lynas Rare Earths, Ltd. (b)
     1,035   8,363
Macquarie Group, Ltd.
     6,705   1,023,488
Mayne Pharma Group, Ltd. (b)(c)
     23,166   4,349
Megaport, Ltd. (b)(c)
     6,213   64,899
Mesoblast, Ltd. (b)(c)
     15,712   13,510
Nanosonics, Ltd. (b)(c)
     9,903   29,598
National Australia Bank, Ltd.
     14,393   349,652
Nearmap, Ltd. (b)(c)
     22,880   25,515
Newcrest Mining, Ltd. (e)
     7,612   152,852
Newcrest Mining, Ltd. (e)
     912   18,378
Northern Star Resources, Ltd.
     666   5,371
Novonix, Ltd. (b)(c)
     562   2,617
Nufarm, Ltd.
     1,112   5,286
Nuix, Ltd. (b)(c)
     25,103   29,785
Omni Bridgeway, Ltd. (b)(c)
     9,933   28,345
oOh!media, Ltd. (c)
     3,724   4,516
Origin Energy, Ltd.
     24,102   112,759
Orora, Ltd.
     1,915   5,191
OZ Minerals, Ltd.
     23,820   477,063
Paladin Energy, Ltd. (b)(c)
     10,082   5,981
Pepper Money, Ltd.
     14,065   21,547
Perseus Mining, Ltd. (c)
     9,001   13,248
PointsBet Holdings, Ltd. (b)(c)
     8,489   24,097
PolyNovo, Ltd. (b)(c)
     47,475   39,038
Pro Medicus, Ltd. (c)
     2,017   74,203
QBE Insurance Group, Ltd.
     11,346   97,983
Ramelius Resources, Ltd.
     13,181   14,254
Redbubble, Ltd. (b)(c)
     10,780   12,548
Regis Resources, Ltd. (b)(c)
     3,149   4,990
Rio Tinto PLC
     10,263   821,712
Rio Tinto, Ltd.
     811   72,540
Santos, Ltd.
     20,292   117,944
Sayona Mining, Ltd. (b)
     134,596   24,258
Scentre Group REIT
     33,821   77,464
Shopping Centres Australasia Property Group REIT
     445,220   976,267
See accompanying notes to financial statements.
144

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Silver Lake Resources, Ltd. (b)
     18,579   $ 29,997
Sonic Healthcare, Ltd.
     17,971   478,814
South32, Ltd.
     9,910   37,970
St Barbara, Ltd. (b)(c)
     5,440   5,760
Suncorp Group, Ltd.
     23,757   198,384
Telix Pharmaceuticals, Ltd. (b)(c)
     6,193   19,440
Temple & Webster Group, Ltd. (b)(c)
     1,251   6,285
Transurban Group Stapled Security
     33,402   339,878
Tyro Payments, Ltd. (b)(c)
     4,878   6,447
Vicinity Centres REIT
     125,709   176,058
Vulcan Energy Resources, Ltd. (b)
     1,248   9,512
Wesfarmers, Ltd.
     14,786   559,730
West African Resources, Ltd. (b)(c)
     29,245   27,452
Western Areas, Ltd. (b)
     1,796   4,896
Westgold Resources, Ltd. (c)
     30,230   43,700
Westpac Banking Corp. (c)
     16,667   303,390
Woodside Petroleum, Ltd. (c)
     8,052   194,097
Woolworths Group, Ltd.
     5,584   156,242
          12,132,086
AUSTRIA — 0.2%          
DO & Co. AG (b)(c)
     3,186   270,831
OMV AG
     6,494   313,516
S&T AG
     902   17,031
Schoeller-Bleckmann Oilfield Equipment AG (b)
     4,224   229,587
          830,965
BAHAMAS — 0.0% (a)          
OneSpaWorld Holdings, Ltd. (b)(c)
     2,658   27,112
BELGIUM — 0.2%          
Anheuser-Busch InBev SA/NV (c)
     3,763   227,181
Solvay SA (c)
     2,195   218,485
UCB SA
     5,687   686,233
          1,131,899
BRAZIL — 0.8%          
Adecoagro SA (b)
     30   362
Ambev SA ADR (b)
     49,256   159,097
Anima Holding SA (b)
     38,583   58,947
Azul SA Preference Shares (b)
     2,000   10,067
Banco Bradesco SA ADR
     63,504   294,658
Banco Inter SA
     7,917   35,320
Boa Vista Servicos SA
     29,900   53,798
See accompanying notes to financial statements.
145

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Cia Energetica de Minas Gerais ADR
     6,472   $ 20,840
Cia Siderurgica Nacional SA ADR (b)(c)
     24,204   131,186
Clear Sale SA (b)
     4,800   5,950
CVC Brasil Operadora e Agencia de Viagens SA (b)
     24,204   85,010
Cyrela Brazil Realty SA Empreendimentos e Participacoes
     6,585   24,237
ERO Copper Corp. (b)
     400   5,864
Ez Tec Empreendimentos e Participacoes SA
     9,430   37,208
Gerdau SA ADR
     21,843   140,450
Gol Linhas Aereas Inteligentes SA Preference Shares (b)
     5,268   19,068
Infracommerce CXAAS SA (b)
     2,000   6,019
Itau Unibanco Holding SA Preference Shares ADR (b)
     47,125   269,084
Light SA
     300   653
Locaweb Servicos de Internet SA (b)(d)
     6,036   12,829
Marfrig Global Foods SA
     1,813   8,165
Meliuz SA (d)
     94,790   51,066
MercadoLibre, Inc. (b)
     195   231,949
Minerva SA
     11,293   30,086
MPM Corporeos SA
     5,200   6,019
Natura & Co. Holding SA ADR (b)(c)
     6,404   69,932
Omega Energia SA (b)
     43,276   108,920
Oncoclinicas do Brasil Servicos Medicos SA (b)
     2,600   5,778
Petro Rio SA (b)
     50,723   254,151
Petroleo Brasileiro SA Preference Shares ADR
     32,086   448,562
Petroleo Brasileiro SA ADR
     12,468   184,526
Santos Brasil Participacoes SA
     1,932   3,098
Sequoia Logistica e Transportes SA (b)
     1,700   4,472
Vale SA ADR
     37,789   755,402
Via S/A (b)
     13,451   11,804
Wheaton Precious Metals Corp.
     4,394   209,138
XP, Inc. Class A (b)
     12   361
Yara International ASA
     2,762   139,616
          3,893,692
BURKINA FASO — 0.0% (a)          
Endeavour Mining PLC (c)
     60   1,489
IAMGOLD Corp. (b)(c)
     3,141   10,914
          12,403
CANADA — 3.4%          
Advantage Energy, Ltd. (b)(c)
     17,764   123,874
Agnico Eagle Mines, Ltd.
     1,597   97,811
Alamos Gold, Inc. Class A
     569   4,783
Altius Minerals Corp. (c)
     4,777   92,171
See accompanying notes to financial statements.
146

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Aurinia Pharmaceuticals, Inc. (b)
     4,482   $ 55,487
Aurora Cannabis, Inc. (b)(c)
     375   1,495
B2Gold Corp.
     5,391   24,774
Ballard Power Systems, Inc. (b)(c)
     4,858   56,590
Bank of Montreal (c)
     3,653   430,241
Bank of Nova Scotia
     4,487   321,873
Barrick Gold Corp. (c)
     6,429   157,810
Birchcliff Energy, Ltd. (c)
     2,460   16,465
BlackBerry, Ltd. (b)(c)
     3,521   26,132
Brookfield Asset Management Reinsurance Partners, Ltd. Class A (b)
     109   6,228
Brookfield Asset Management, Inc. Class A
     15,470   875,401
Calibre Mining Corp. (b)
     19,810   23,632
Cameco Corp.
     9,254   269,756
Canada Goose Holdings, Inc. (b)(c)
     441   11,598
Canadian Imperial Bank of Commerce
     1,634   198,519
Canadian National Railway Co. (c)
     6,983   937,552
Canadian Natural Resources, Ltd.
     6,983   432,772
Canadian Pacific Railway, Ltd.
     7,349   607,077
Canadian Tire Corp., Ltd. Class A (c)
     1,726   260,838
Canopy Growth Corp. (b)(c)
     1,175   8,918
Cenovus Energy, Inc.
     8,891   148,344
Corby Spirit and Wine, Ltd.
     3,078   42,829
Crescent Point Energy Corp. (c)
     4,569   33,141
Cronos Group, Inc. (b)(c)
     1,377   5,347
Docebo, Inc. (b)
     2,323   120,181
Dundee Precious Metals, Inc.
     5,203   31,075
Enbridge, Inc.
     9,612   442,873
Endeavour Silver Corp. (b)(c)
     21,937   101,865
Enerplus Corp.
     9,155   116,100
Enthusiast Gaming Holdings, Inc. (b)(c)
     11,075   26,778
Equinox Gold Corp. (b)
     10,574   87,365
Equitable Group, Inc. (c)
     900   51,692
Essa Pharma, Inc. (b)(c)
     2,048   12,657
First Majestic Silver Corp. (c)
     18,685   245,782
Fortuna Silver Mines, Inc. (b)(c)
     3,300   12,550
George Weston, Ltd.
     453   55,834
GoGold Resources, Inc. (b)
     3,240   7,600
Hut 8 Mining Corp. (b)(c)
     10,196   56,243
IGM Financial, Inc.
     2,732   96,611
Imperial Oil, Ltd.
     5,051   244,654
Jamieson Wellness, Inc. (c)(d)
     1,365   38,085
See accompanying notes to financial statements.
147

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Just Energy Group, Inc. (b)(e)
     14,435   $ 13,569
Just Energy Group, Inc. (b)(e)
     4   4
K92 Mining, Inc. (b)
     2,160   15,806
Kinaxis, Inc. (b)(c)
     188   24,627
Kinross Gold Corp.
     15,021   88,270
Largo, Inc. (b)(c)
     5,220   66,156
Lightspeed Commerce, Inc. (b)(c)
     750   22,895
Lithium Americas Corp. (b)(c)
     2,578   99,421
Loblaw Cos., Ltd.
     5,678   509,954
MAG Silver Corp. (b)(c)
     818   13,255
Magnet Forensics, Inc. (b)
     228   5,098
Manulife Financial Corp.
     12,843   274,124
Maverix Metals, Inc. (c)
     900   4,316
McEwen Mining, Inc. (b)
     22,593   19,017
MEG Energy Corp. (b)(c)
     1,830   25,010
Minto Apartment Real Estate Investment Trust (d)
     5,039   86,616
MTY Food Group, Inc. (c)
     2,820   123,023
National Bank of Canada
     9,614   737,608
New Gold, Inc. (b)(c)
     4,313   7,838
New Pacific Metals Corp. (b)
     8,748   27,875
NexGen Energy, Ltd. (b)(c)
     25,141   142,507
Novagold Resources, Inc. (b)
     1,554   11,981
Nutrien, Ltd. (c)
     3,790   392,093
Nuvei Corp. (b)(c)(d)
     450   33,866
Onex Corp. (c)
     6,039   405,066
Organigram Holdings, Inc. (b)(c)
     1,702   2,834
Orla Mining, Ltd. (b)(c)
     1,000   4,788
Osisko Mining, Inc. (b)(c)
     22,665   72,402
Pan American Silver Corp.
     752   20,542
Park Lawn Corp. (c)
     3,114   86,211
PyroGenesis Canada, Inc. (b)(c)
     520   1,303
Real Matters, Inc. (b)(c)
     6,152   26,203
Repare Therapeutics, Inc. (b)
     270   3,845
Rogers Communications, Inc. Class B
     9,629   545,493
Royal Bank of Canada
     8,433   929,281
Sabina Gold & Silver Corp. (b)
     2,120   2,563
Sandstorm Gold, Ltd. (c)
     752   6,069
Shaw Communications, Inc. Class B
     6,617   205,548
Shopify, Inc. Class A (b)
     645   436,594
Silvercorp Metals, Inc. (c)
     6,479   23,653
SilverCrest Metals, Inc. (b)(c)
     30,735   274,119
SNC-Lavalin Group, Inc. (c)
     4,027   97,044
See accompanying notes to financial statements.
148

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
SSR Mining, Inc. (c)
     6,289   $ 136,852
Summit Industrial Income REIT
     5,024   88,570
Sun Life Financial, Inc. (c)
     9,902   553,348
Suncor Energy, Inc.
     14,121   460,129
SunOpta, Inc. (b)(c)
     510   2,564
TC Energy Corp. (c)
     6,338   357,786
Teck Resources, Ltd. Class B (b)
     5,024   203,044
TECSYS, Inc. (c)
     180   4,606
TELUS Corp.
     30,098   786,999
Thinkific Labs, Inc. (b)(c)
     121   332
Tilray Brands, Inc. (b)
     2,392   18,557
Tilray Brands, Inc. Class 2 (b)(c)
     4,381   34,040
Torex Gold Resources, Inc. (b)
     572   7,190
Toronto-Dominion Bank
     12,086   959,778
TransAlta Corp.
     15,758   163,251
Wallbridge Mining Co., Ltd. (b)
     101,300   26,764
Well Health Technologies Corp. (b)(c)
     1,350   5,631
Wesdome Gold Mines, Ltd. (b)(c)
     6,579   82,642
Westport Fuel Systems, Inc. (b)(c)
     944   1,519
Yamana Gold, Inc. (c)
     11,918   66,601
Zymeworks, Inc. (b)
     228   1,493
          16,869,586
CHILE — 0.1%          
Aguas Andinas SA Class A
     23,728   5,065
Cia Cervecerias Unidas SA
     747   5,590
Embotelladora Andina SA Class B, Preference Shares
     23,104   51,292
Enel Americas SA ADR (c)
     3,662   21,862
Enel Chile SA ADR
     3,037   4,799
Inversiones Aguas Metropolitanas SA
     9,981   5,048
Liberty Latin America, Ltd. Class C (b)
     943   9,043
Parque Arauco SA (b)
     11,402   11,939
Plaza SA
     4,651   4,817
Sociedad Quimica y Minera de Chile SA ADR
     743   63,601
Vina Concha y Toro SA
     12,704   20,490
          203,546
CHINA — 3.1%          
111, Inc. ADR (b)
     11,257   29,944
17 Education & Technology Group, Inc. (b)(c)
     174   463
360 DigiTech, Inc. ADR
     228   3,509
51job, Inc. ADR (b)(c)
     90   5,270
AAC Technologies Holdings, Inc. (b)(c)
     2,500   6,059
See accompanying notes to financial statements.
149

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Agora, Inc. ADR (b)
     2,093   $ 20,804
Agricultural Bank of China, Ltd. Class H
     255,000   98,009
AK Medical Holdings, Ltd. (c)(d)
     28,000   16,661
Akeso, Inc. (b)(c)(d)
     8,000   17,039
Alibaba Group Holding, Ltd. ADR (b)
     1,424   154,931
Alibaba Group Holding, Ltd. (b)
     100,800   1,442,868
Alibaba Health Information Technology, Ltd. (b)(c)
     86,000   55,786
A-Living Smart City Services Co., Ltd. (c)(d)
     2,500   3,499
Alphamab Oncology (b)(c)(d)
     13,000   13,197
Anhui Conch Cement Co., Ltd. Class H
     6,000   30,876
Anhui Gujing Distillery Co., Ltd. Class A
     600   16,196
Anhui Gujing Distillery Co., Ltd. Class B
     3,600   46,539
Anhui Honglu Steel Construction Group Co., Ltd. Class A
     2,400   15,981
Anhui Kouzi Distillery Co., Ltd. Class A
     1,400   11,918
Anjoy Foods Group Co., Ltd. Class A
     700   12,163
ANTA Sports Products, Ltd.
     5,000   62,824
Archosaur Games, Inc. (c)(d)
     9,000   9,332
Ascentage Pharma Group International (b)(c)(d)
     7,000   15,088
Autel Intelligent Technology Corp., Ltd. Class A
     800   4,891
Autobio Diagnostics Co., Ltd. Class A
     3,100   23,518
Autohome, Inc. ADR
     441   13,411
Baidu, Inc. ADR (b)
     1,928   255,074
Bank of China, Ltd. Class H
     608,000   244,554
Bank of Communications Co., Ltd. Class H
     172,000   123,431
Baozun, Inc. ADR (b)
     5,308   45,543
BeiGene, Ltd. ADR (b)(c)
     76   14,334
Beijing BDStar Navigation Co., Ltd. Class A (b)
     1,000   5,220
Beijing Chunlizhengda Medical Instruments Co., Ltd. Class H (b)(c)
     11,500   13,833
Beijing Enlight Media Co., Ltd. Class A
     3,500   4,521
Beijing Shunxin Agriculture Co., Ltd. Class A
     9,800   36,062
Beijing Sinnet Technology Co., Ltd. Class A
     9,300   19,426
Beijing Tiantan Biological Products Corp., Ltd. Class A
     11,080   43,077
BEST, Inc. ADR (b)(c)
     24,426   15,755
Bilibili, Inc. ADR (b)(c)
     1,365   34,917
Bit Digital, Inc. (b)
     4,295   15,462
BIT Mining, Ltd. ADR (b)(c)
     8,186   22,839
BOE Varitronix, Ltd. (c)
     46,000   54,568
Budweiser Brewing Co. APAC, Ltd. (c)(d)
     1,700   4,526
Burning Rock Biotech Ltd. ADR (b)
     1,768   16,425
BYD Co., Ltd. Class A
     1,400   50,680
BYD Co., Ltd. Class H
     3,000   85,962
See accompanying notes to financial statements.
150

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
C&S Paper Co., Ltd. Class A
     12,100   $ 22,873
Canaan, Inc. (b)
     2,412   13,097
CanSino Biologics, Inc. Class H (b)(c)(d)
     200   3,215
Cathay Media And Education Group, Inc. (d)
     33,000   5,267
CGN New Energy Holdings Co., Ltd. (c)
     14,000   6,150
Chengtun Mining Group Co., Ltd. Class A
     3,100   4,180
Chifeng Jilong Gold Mining Co., Ltd. Class A (b)
     24,600   70,257
China CITIC Bank Corp., Ltd. Class H
     56,000   28,388
China Conch Environment Protection Holdings, Ltd. (b)
     5,000   6,257
China Conch Venture Holdings, Ltd.
     5,000   14,621
China Construction Bank Corp. Class H
     620,000   466,302
China Foods, Ltd.
     60,000   20,763
China Gas Holdings, Ltd.
     14,600   18,717
China Life Insurance Co., Ltd. Class H
     86,000   132,216
China Maple Leaf Educational Systems, Ltd. (b)
     592,000   31,749
China Meidong Auto Holdings, Ltd. (c)
     2,000   7,661
China Mengniu Dairy Co., Ltd. (b)
     9,000   48,497
China Merchants Bank Co., Ltd. Class H
     95,174   748,009
China Minmetals Rare Earth Co., Ltd. Class A
     1,800   8,260
China Minsheng Banking Corp., Ltd. Class H (c)
     35,000   13,184
China Molybdenum Co., Ltd. Class A
     5,500   4,514
China New Higher Education Group, Ltd. (c)(d)
     2,000   638
China Online Education Group ADR (b)
     14   25
China Overseas Land & Investment, Ltd.
     43,000   128,757
China Overseas Property Holdings, Ltd.
     5,000   5,950
China Pacific Insurance Group Co., Ltd. Class H
     15,000   36,622
China Petroleum & Chemical Corp. Class H
     313,200   157,172
China Resources Beer Holdings Co., Ltd.
     8,000   49,084
China Resources Gas Group, Ltd.
     2,000   8,491
China Resources Land, Ltd.
     15,000   69,911
China Ruyi Holdings, Ltd. (b)(c)
     164,000   44,396
China Shenhua Energy Co., Ltd. Class H
     39,500   126,599
China Tower Corp., Ltd. Class H (d)
     126,000   14,158
China TransInfo Technology Co., Ltd. Class A
     9,600   16,181
China Vanke Co., Ltd. Class H
     5,000   11,326
Chindata Group Holdings, Ltd. ADR (b)
     1,340   8,469
Chlitina Holding, Ltd.
     2,000   14,170
Chongqing Brewery Co., Ltd. Class A (b)
     2,100   35,472
Chongqing Fuling Zhacai Group Co., Ltd. Class A
     1,300   6,658
CIFI Ever Sunshine Services Group, Ltd. (c)
     20,000   27,071
CITIC, Ltd.
     80,000   88,975
Cloopen Group Holding, Ltd. ADR (b)(c)
     9,963   17,136
See accompanying notes to financial statements.
151

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
CNNC Hua Yuan Titanium Dioxide Co., Ltd. Class A
     2,900   $ 4,472
COFCO Joycome Foods., Ltd. (b)(c)
     62,000   27,630
Coolpad Group, Ltd. (b)
     188,000   4,585
COSCO SHIPPING Ports, Ltd.
     37,589   29,279
Country Garden Holdings Co., Ltd. (c)
     70,278   54,112
Country Garden Services Holdings Co., Ltd.
     10,000   42,904
CSPC Pharmaceutical Group, Ltd.
     26,880   31,063
CStone Pharmaceuticals (b)(c)(d)
     7,500   4,827
Dada Nexus, Ltd. ADR (b)
     1,340   12,234
Daqo New Energy Corp. ADR (b)
     2,599   107,391
DaShenLin Pharmaceutical Group Co., Ltd. Class A
     2,700   12,734
Dongyue Group, Ltd.
     23,000   31,660
DouYu International Holdings, Ltd. ADR (b)(c)
     12,263   25,507
Ebang International Holdings, Inc. Class A (b)
     21   24
Edvantage Group Holdings, Ltd.
     10,000   3,626
EHang Holdings, Ltd. ADR (b)
     924   11,079
ENN Energy Holdings, Ltd.
     1,800   27,007
Everest Medicines, Ltd. (b)(c)(d)
     4,500   14,911
Excellence Commercial Property & Facilities Management Group, Ltd. (c)
     18,000   9,148
Fire Rock Holdings, Ltd. (c)
     142,000   10,154
Flat Glass Group Co., Ltd. Class H (c)
     17,000   65,774
Futu Holdings, Ltd. ADR (b)
     588   19,145
Ganfeng Lithium Co., Ltd. Class A
     700   13,855
Gaotu Techedu, Inc. ADR (b)
     24,836   42,718
G-bits Network Technology Xiamen Co., Ltd. Class A
     300   17,037
GCL New Energy Holdings, Ltd. (b)(c)
     1,088,000   22,784
GCL System Integration Technology Co., Ltd. Class A (b)
     25,200   14,251
GDS Holdings, Ltd. ADR (b)
     90   3,533
Geely Automobile Holdings, Ltd.
     17,000   26,830
Genetron Holdings, Ltd. ADR (b)
     6,274   13,740
Genor Biopharma Holdings, Ltd. (b)(c)(d)
     23,500   15,004
Genscript Biotech Corp. (b)
     10,000   32,050
Great Wall Motor Co., Ltd. Class H
     6,500   10,425
Guangdong Investment, Ltd.
     4,000   5,475
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A
     7,800   90,249
Guangzhou Shiyuan Electronic Technology Co., Ltd. Class A
     900   9,091
Guangzhou Tinci Materials Technology Co., Ltd. Class A
     1,190   17,621
Haichang Ocean Park Holdings, Ltd. (b)(c)(d)
     82,000   40,836
Haidilao International Holding, Ltd. (b)(c)(d)
     2,000   3,923
Hainan Meilan International Airport Co., Ltd. Class H (b)(c)
     6,000   13,745
Hang Zhou Great Star Industrial Co., Ltd. Class A (b)
     2,100   5,445
See accompanying notes to financial statements.
152

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Hangzhou First Applied Material Co., Ltd. Class A
     200   $ 3,576
Hangzhou Oxygen Plant Group Co., Ltd. Class A
     1,700   7,680
Hangzhou Tigermed Consulting Co., Ltd. Class A
     300   5,085
Health & Happiness H&H International Holdings, Ltd.
     43,500   61,211
Hello Group, Inc. ADR
     1,002   5,792
Hengan International Group Co., Ltd.
     8,500   39,291
Hope Education Group Co., Ltd. (c)(d)
     38,000   3,591
Huafon Chemical Co., Ltd. Class A
     9,200   13,203
Huaneng Power International, Inc. Class H (b)(c)
     154,000   65,876
HUYA, Inc. ADR (b)
     5,094   22,770
Hygeia Healthcare Holdings Co., Ltd. (c)(d)
     1,200   4,681
iClick Interactive Asia Group, Ltd. ADR (b)(c)
     8,896   10,497
iDreamSky Technology Holdings, Ltd. (b)(c)(d)
     24,800   14,219
I-Mab ADR (b)
     152   2,468
indie Semiconductor, Inc. Class A (b)
     3,716   29,022
Industrial & Commercial Bank of China, Ltd. Class H
     428,000   262,875
Ingenic Semiconductor Co., Ltd. Class A
     1,700   24,495
Innovent Biologics, Inc. (b)(d)
     5,500   18,927
Inspur International, Ltd. (b)
     90,000   37,924
Intco Medical Technology Co., Ltd. Class A
     2,400   17,482
iQIYI, Inc. ADR (b)(c)
     8,143   36,969
JA Solar Technology Co., Ltd. Class A
     1,800   22,310
Jafron Biomedical Co., Ltd. Class A
     3,000   21,451
JD Health International, Inc. (b)(c)(d)
     1,150   7,063
JD.com, Inc. Class A (b)
     13,573   405,557
Jh Educational Technology, Inc. (b)
     12,000   5,087
Jiangsu King's Luck Brewery JSC, Ltd. Class A
     7,300   48,413
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A
     600   12,819
Jiangsu Yangnong Chemical Co., Ltd. Class A
     700   13,314
Jiangsu Yoke Technology Co., Ltd. Class A
     500   4,036
Jinchuan Group International Resources Co., Ltd. (c)
     28,000   4,076
JinkoSolar Holding Co., Ltd. ADR (b)(c)
     2,234   107,880
Jinxin Fertility Group, Ltd. (b)(c)(d)
     4,500   3,465
JiuGui Liquor Co., Ltd. Class A
     1,400   32,618
Joinn Laboratories China Co., Ltd. Class A
     400   7,252
Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd. Class A
     900   3,991
JOYY, Inc. ADR
     349   12,819
Juewei Food Co., Ltd. Class A
     900   5,973
JW Cayman Therapeutics Co., Ltd. (b)(c)(d)
     22,500   23,329
Kangji Medical Holdings, Ltd. (c)
     5,000   4,954
KE Holdings, Inc. ADR (b)
     2,850   35,254
See accompanying notes to financial statements.
153

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Kingdee International Software Group Co., Ltd. (b)
     2,000   $ 4,449
Kingsoft Cloud Holdings, Ltd. ADR (b)(c)
     1,112   6,750
Konka Group Co., Ltd. Class B
     260,100   69,414
Koolearn Technology Holding, Ltd. (b)(c)(d)
     37,500   19,010
Kuaishou Technology (b)(d)
     5,000   47,373
Kweichow Moutai Co., Ltd. Class A
     300   81,237
KWG Living Group Holdings, Ltd.
     36,000   13,423
Laobaixing Pharmacy Chain JSC Class A
     1,100   6,266
Lenovo Group, Ltd. (c)
     34,000   36,990
Li Auto, Inc. ADR (b)
     2,457   63,415
Li Ning Co., Ltd.
     8,000   69,055
Lifetech Scientific Corp. (b)(c)
     12,000   4,015
Lingyi iTech Guangdong Co. Class A (b)
     11,100   8,883
Longfor Group Holdings, Ltd. (d)
     8,500   43,741
Luoyang Glass Co., Ltd. Class H (b)(c)
     6,000   8,979
Luzhou Laojiao Co., Ltd. Class A
     600   17,569
Mango Excellent Media Co., Ltd. Class A
     2,700   13,253
Maxscend Microelectronics Co., Ltd. Class A
     100   3,307
Meinian Onehealth Healthcare Holdings Co., Ltd. Class A (b)
     4,300   3,990
Meitu, Inc. (b)(c)(d)
     66,000   7,838
Meituan Class B (b)(d)
     27,300   542,416
Mianyang Fulin Precision Co., Ltd. Class A (b)
     1,000   3,444
Microport Scientific Corp. (b)(c)
     3,008   6,829
Ming Yuan Cloud Group Holdings, Ltd. (c)
     10,000   13,765
Minsheng Education Group Co., Ltd. (d)
     44,000   4,607
MMG, Ltd. (b)
     36,000   14,526
Mulsanne Group Holding, Ltd. (b)(c)(d)
     8,000   3,780
Nam Tai Property, Inc. (b)
     1,020   6,375
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. Class A
     12,250   60,554
NetEase, Inc. ADR
     31   2,780
NetEase, Inc.
     13,980   256,700
New Horizon Health, Ltd. (b)(d)
     5,000   14,557
New Oriental Education & Technology Group, Inc. ADR (b)
     12,737   14,648
Newborn Town, Inc. (b)(c)
     118,000   52,134
NIO, Inc. ADR (b)
     9,458   199,091
Niu Technologies ADR (b)
     2,180   21,059
Nongfu Spring Co., Ltd. Class H (c)(d)
     5,400   28,788
Ocumension Therapeutics (b)(c)(d)
     21,000   26,869
OneConnect Financial Technology Co., Ltd. (b)
     18,181   25,635
Ovctek China, Inc. Class A
     2,900   16,688
Peijia Medical, Ltd. (b)(c)(d)
     24,000   21,759
See accompanying notes to financial statements.
154

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
PetroChina Co., Ltd. Class H
     148,000   $ 76,727
Pharmaron Beijing Co., Ltd. Class A
     300   5,576
PICC Property & Casualty Co., Ltd. Class H
     171,788   175,925
Pinduoduo, Inc. ADR (b)
     2,070   83,028
Ping An Healthcare & Technology Co., Ltd. (b)(c)(d)
     1,100   2,893
Ping An Insurance Group Co. of China, Ltd. Class H
     43,000   305,558
Postal Savings Bank of China Co., Ltd. Class H (c)(d)
     60,000   48,650
Powerlong Commercial Management Holdings, Ltd. (c)
     6,500   5,171
Prosus NV (b)
     7,406   400,272
Q Technology Group Co., Ltd. (c)
     18,000   13,929
Qutoutiao, Inc. ADR (b)(c)
     72   109
Raytron Technology Co., Ltd. Class A
     2,200   15,616
ReneSola, Ltd. ADR (b)
     810   4,706
RLX Technology, Inc. ADR (b)(c)
     21,594   38,653
Sangfor Technologies, Inc. Class A
     200   3,515
SG Micro Corp. Class A
     100   5,144
Shanghai Bairun Investment Holding Group Co., Ltd. Class A
     7,220   40,979
Shanghai Baosight Software Co., Ltd. Class A
     2,730   20,965
Shanghai Chlor-Alkali Chemical Co., Ltd. Class B
     19,000   12,407
Shanghai Henlius Biotech, Inc. Class H (b)(c)(d)
     5,200   13,811
Shanghai Jahwa United Co., Ltd. Class A
     800   4,345
Shanghai M&G Stationery, Inc. Class A
     500   3,850
Shangri-La Asia, Ltd. (b)
     34,000   26,744
Shanxi Meijin Energy Co., Ltd. Class A (b)
     21,600   43,587
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A
     1,260   50,594
Shenghe Resources Holding Co., Ltd. Class A
     4,000   10,693
Shengyi Technology Co., Ltd. Class A
     8,600   21,838
Shenzhen Goodix Technology Co., Ltd. Class A
     400   4,467
Shenzhen Kangtai Biological Products Co., Ltd. Class A
     1,000   14,689
Shenzhen New Industries Biomedical Engineering Co., Ltd. Class A
     2,900   15,518
Shenzhen SC New Energy Technology Corp. Class A
     2,400   27,750
Shenzhou International Group Holdings, Ltd.
     6,800   90,998
Shimao Services Holdings, Ltd. (c)(d)
     14,000   7,508
Sichuan Chuantou Energy Co., Ltd. Class A
     2,600   4,399
Sichuan Swellfun Co., Ltd. Class A
     1,400   18,166
Skshu Paint Co., Ltd. Class A
     1,220   17,035
Smoore International Holdings, Ltd. (c)(d)
     12,000   28,807
Sohu.com, Ltd. ADR (b)(c)
     2,122   35,692
SOS, Ltd. (b)(c)
     6,811   3,655
StarPower Semiconductor, Ltd. Class A
     100   6,090
Sun King Technology Group, Ltd. (b)(c)
     8,000   2,830
See accompanying notes to financial statements.
155

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Sunac China Holdings, Ltd. (c)
     8,000   $ 4,679
Sunac Services Holdings, Ltd. (b)(c)(d)
     16,257   10,068
Sunkwan Properties Group, Ltd. (b)(c)
     20,000   4,571
Sunny Optical Technology Group Co., Ltd.
     7,000   112,713
Suzhou TA&A Ultra Clean Technology Co., Ltd. Class A
     500   5,639
TAL Education Group ADR (b)
     8,335   25,088
Tencent Holdings, Ltd.
     45,700   2,183,638
Tencent Music Entertainment Group ADR (b)
     1,350   6,575
Tianshan Aluminum Group Co., Ltd. Class A
     3,500   4,256
Times Neighborhood Holdings, Ltd. (c)
     52,000   15,405
Toly Bread Co., Ltd. Class A
     1,200   3,803
Tongdao Liepin Group (b)
     28,200   63,592
Topchoice Medical Corp. Class A (b)
     200   4,508
Trip.com Group, Ltd. ADR (b)
     2,492   57,615
Tsingtao Brewery Co., Ltd. Class A
     2,800   34,849
Up Fintech Holding, Ltd. ADR (b)(c)
     4,911   24,064
Uxin, Ltd. ADR (b)(c)
     13,913   14,191
Venus MedTech Hangzhou, Inc. Class H (b)(c)(d)
     8,000   16,549
Vesync Co., Ltd.
     7,000   4,791
Vipshop Holdings, Ltd. ADR (b)
     5,307   47,763
Viva Biotech Holdings (c)(d)
     12,000   4,750
Vnet Group, Inc. ADR (b)
     2,796   16,301
Walvax Biotechnology Co., Ltd. Class A
     7,200   62,233
Weihai Guangwei Composites Co., Ltd. Class A
     400   3,715
Weimob, Inc. (b)(c)(d)
     78,000   51,393
Will Semiconductor Co., Ltd. Shanghai Class A
     600   18,279
Winning Health Technology Group Co., Ltd. Class A
     21,590   31,936
Wisdom Education International Holdings Co., Ltd.
     244,000   9,347
Wuhan Guide Infrared Co., Ltd. Class A
     15,720   42,221
Wuliangye Yibin Co., Ltd. Class A
     1,200   29,311
WUS Printed Circuit Kunshan Co., Ltd. Class A
     9,440   19,689
WuXi AppTec Co., Ltd. Class A
     700   12,392
Wuxi Biologics Cayman, Inc. (b)(d)
     21,000   174,432
XD, Inc. (b)(c)
     7,200   22,341
Xiabuxiabu Catering Management China Holdings Co., Ltd. (b)(d)
     9,500   4,804
Xiamen Intretech, Inc. Class A
     1,000   3,861
Xiaomi Corp. Class B (b)(d)
     45,600   81,169
Xinyi Solar Holdings, Ltd.
     2,000   3,529
XPeng, Inc. ADR (b)
     3,622   99,931
Yadea Group Holdings, Ltd. (c)(d)
     6,000   9,286
Yankuang Energy Group Co., Ltd. Class H
     34,000   100,940
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Yantai Eddie Precision Machinery Co., Ltd. Class A
     1,000   $ 3,757
Yatsen Holding, Ltd. ADR (b)(c)
     15,575   10,692
Yeahka, Ltd. (b)(c)
     6,400   19,695
Yifeng Pharmacy Chain Co., Ltd. Class A
     600   3,781
Yihai International Holding, Ltd. (b)
     4,000   11,492
Yincheng International Holding Co., Ltd. (c)
     16,000   5,169
Yintai Gold Co., Ltd. Class A
     4,300   6,306
Youdao, Inc. ADR (b)
     2,762   19,610
Youngy Co., Ltd. Class A (b)
     400   7,208
Yum China Holdings, Inc.
     4,775   198,353
Zai Lab, Ltd. ADR (b)
     376   16,536
Zepp Health Corp. ADR
     3,084   8,882
Zhejiang Dingli Machinery Co., Ltd. Class A
     500   3,536
Zhejiang Supor Co., Ltd. Class A (b)
     600   4,729
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. Class A
     1,500   9,168
Zhejiang Yongtai Technology Co., Ltd. Class A (b)
     1,400   8,433
Zijin Mining Group Co., Ltd. Class A
     6,800   12,147
ZTO Express Cayman, Inc. ADR
     1,850   46,250
          15,616,407
COLOMBIA — 0.0% (a)          
Bancolombia SA ADR
     810   34,555
Canacol Energy, Ltd. (c)
     11,917   29,863
Millicom International Cellular SA SDR (b)(c)
     1,001   25,671
          90,089
COSTA RICA — 0.0% (a)          
Establishment Labs Holdings, Inc. (b)(c)
     90   6,065
DENMARK — 0.6%          
Ambu A/S Class B
     450   6,731
AP Moller - Maersk A/S Class B
     182   554,547
Atlantic Sapphire ASA (b)(c)
     1,070   4,338
Chemometec A/S
     481   59,394
Danske Bank A/S
     7,881   132,738
Drilling Co. of 1972 A/S (b)
     356   19,660
DSV A/S
     1,363   265,144
Novo Nordisk A/S Class B
     17,250   1,932,363
Zealand Pharma A/S (b)
     7,797   121,527
          3,096,442
EGYPT — 0.0% (a)          
Cleopatra Hospital (b)
     73,198   20,022
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Heliopolis Housing
     55,656   $ 17,750
          37,772
FINLAND — 0.3%          
Admicom Oyj
     171   11,283
Anora Group Oyj
     410   4,014
BasWare Oyj (b)(c)
     337   8,043
Fortum Oyj
     6,131   112,762
Metso Outotec Oyj
     15,730   134,485
Musti Group Oyj (b)(c)
     1,643   43,801
Neles Oyj
     3,663   37,659
Nokia Oyj (b)
     38,036   210,990
Nordea Bank Abp (c)(e)
     25,499   266,225
Nordea Bank Abp (e)
     446   4,655
Sampo Oyj Class A
     4,302   212,430
Talenom Oyj
     667   7,295
UPM-Kymmene Oyj (c)
     14,000   462,017
Valmet Oyj (c)
     718   22,536
Wartsila OYJ Abp (c)
     12,467   115,216
          1,653,411
FRANCE — 2.4%          
AB Science SA (b)
     2,762   31,254
Accor SA (b)
     7,692   250,165
Air Liquide SA
     1,000   176,822
Airbus SE (b)
     3,130   384,339
Alstom SA
     7,428   175,792
AXA SA
     14,783   436,949
BNP Paribas SA
     7,863   454,324
Bouygues SA
     4,480   157,665
Capgemini SE
     5,509   1,241,242
Carrefour SA
     10,138   221,597
Cellectis SA (b)
     3,043   14,146
CGG SA (b)
     11,093   12,787
Credit Agricole SA
     17,098   207,096
Danone SA
     4,578   254,838
Engie SA
     7,535   100,053
EssilorLuxottica SA
     3,494   646,508
Faurecia SE
     133   3,494
Fnac Darty SA
     3,758   194,683
Hermes International
     18   25,866
Kering SA
     908   581,622
L'Oreal SA
     1,742   705,227
See accompanying notes to financial statements.
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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
LVMH Moet Hennessy Louis Vuitton SE
     1,457   $ 1,052,763
Orange SA
     21,539   256,525
Pernod Ricard SA
     2,095   464,569
Publicis Groupe SA
     4,384   269,551
Renault SA (b)
     5,210   138,401
Sanofi
     6,878   707,961
Societe Generale SA
     6,903   187,868
Sodexo SA
     4,388   360,314
Solutions 30 SE (b)
     2,087   17,207
Technip Energies NV (b)
     956   11,754
TotalEnergies SE
     13,066   669,179
Unibail-Rodamco-Westfield CDI (b)(e)
     9,979   37,768
Unibail-Rodamco-Westfield REIT (b)(e)
     1,447   109,770
Valneva SE (b)
     1,158   20,151
Veolia Environnement SA
     15,722   508,874
Vinci SA
     6,423   664,558
Vivendi SE
     16,232   213,837
Voltalia SA (b)
     1,098   22,504
          11,990,023
GERMANY — 2.1%          
adidas AG
     2,757   650,019
AIXTRON SE
     2,275   50,613
Allianz SE
     3,488   840,414
BASF SE
     5,687   327,519
Bayer AG
     7,337   506,954
Commerzbank AG (b)
     5,144   39,646
CompuGroup Medical SE & Co. KgaA
     8,338   513,961
CropEnergies AG
     3,215   42,711
Daimler Truck Holding AG (b)
     3,937   110,520
Datagroup SE
     359   33,034
Deutsche Bank AG (b)
     10,452   133,855
Deutsche Boerse AG
     2,732   495,481
Deutsche Lufthansa AG (b)
     33,525   274,465
Deutsche Post AG
     13,568   657,450
Deutsche Telekom AG
     22,391   421,833
E.ON SE
     14,031   164,577
Eckert & Ziegler Strahlen- und Medizintechnik AG
     224   14,505
Elmos Semiconductor SE
     1,267   74,011
Encavis AG
     1,286   27,201
Flatex DEGIRO AG (b)
     2,631   53,805
Fresenius Medical Care AG & Co. KGaA
     1,379   93,227
HelloFresh SE (b)
     1,906   86,864
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Home24 SE (b)
     903   $ 6,837
LPKF Laser & Electronics AG
     2,101   30,834
Mercedes-Benz Group AG
     7,902   561,028
Merck KGaA
     3,207   677,436
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
     2,095   566,434
Northern Data AG (b)
     134   8,633
Puma SE
     734   63,244
RWE AG
     4,683   205,973
Salzgitter AG (b)
     4,670   219,690
SAP SE
     6,895   775,765
Siemens AG
     5,581   780,311
Siemens Energy AG (b)
     2,782   64,137
Thyssenkrupp AG (b)
     8,786   76,153
Uniper SE
     1,086   28,275
VERBIO Vereinigte BioEnergie AG
     2,219   173,075
Volkswagen AG
     1,114   280,373
Volkswagen AG Preference Shares
     1,460   255,042
Westwing Group SE (b)
     322   4,013
          10,389,918
GHANA — 0.0% (a)          
Kosmos Energy, Ltd. (b)
     17,692   127,206
Tullow Oil PLC (b)
     3,675   2,600
          129,806
GREECE — 0.0% (a)          
Piraeus Financial Holdings SA (b)
     2,841   4,473
HONG KONG — 0.6%          
AIA Group, Ltd.
     72,600   764,342
Apollo Future Mobility Group, Ltd. (b)(c)
     288,000   13,607
Bank of East Asia, Ltd.
     51,505   80,894
Beijing Energy International Holding Co., Ltd. (b)(c)
     292,000   9,321
China Youzan, Ltd. (b)(c)
     408,000   8,440
Citychamp Watch & Jewellery Group, Ltd. (b)
     34,000   4,385
CK Asset Holdings, Ltd.
     44,770   306,988
C-Mer Eye Care Holdings, Ltd.
     26,000   15,338
Cosmopolitan International Holdings, Ltd. (b)(c)
     86,000   16,033
Crystal International Group, Ltd. (d)
     15,000   5,976
Hang Lung Properties, Ltd.
     88,000   177,542
Henderson Land Development Co., Ltd.
     18,910   78,717
Hong Kong Exchanges & Clearing, Ltd.
     9,068   430,045
Hong Kong Technology Venture Co., Ltd. (c)
     27,000   23,961
Huanxi Media Group, Ltd. (b)(c)
     130,000   21,912
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
IMAX China Holding, Inc. (d)
     3,500   $ 4,201
Joy Spreader Group, Inc. (b)(c)
     28,000   8,188
Link REIT
     45,042   385,348
Melco International Development, Ltd. (b)
     4,000   3,698
Melco Resorts & Entertainment, Ltd. ADR (b)
     360   2,750
New World Development Co., Ltd.
     32,383   131,700
Sa Sa International Holdings, Ltd. (b)(c)
     26,000   4,615
Sino Biopharmaceutical, Ltd.
     77,500   48,392
Stella International Holdings, Ltd.
     14,000   13,604
Sun Hung Kai Properties, Ltd.
     45,253   540,859
Swire Pacific, Ltd. Class A
     8,500   51,989
Techtronic Industries Co., Ltd.
     500   8,102
Vitasoy International Holdings, Ltd.
     8,000   15,180
Viva China Holdings, Ltd.
     56,000   7,008
Yue Yuen Industrial Holdings, Ltd. (b)
     3,000   4,842
          3,187,977
HUNGARY — 0.1%          
MOL Hungarian Oil & Gas PLC
     8,462   75,119
Richter Gedeon Nyrt
     8,627   183,487
          258,606
INDIA — 1.6%          
Aarti Drugs, Ltd.
     6,748   38,213
Aavas Financiers, Ltd. (b)
     214   7,257
Adani Green Energy, Ltd. (b)
     1,941   49,046
Advanced Enzyme Technologies, Ltd.
     15,472   57,600
Affle India, Ltd. (b)
     573   9,528
Akzo Nobel India, Ltd.
     1,428   35,967
Alkyl Amines Chemicals
     6,016   226,949
Alok Industries, Ltd. (b)
     47,758   15,977
Amber Enterprises India, Ltd. (b)
     2,805   130,422
APL Apollo Tubes, Ltd. (b)
     1,496   18,057
AstraZeneca Pharma India, Ltd.
     402   13,538
Bajaj Consumer Care, Ltd.
     16,904   36,429
Bayer CropScience, Ltd.
     84   5,509
Birlasoft, Ltd.
     21,799   130,880
Blue Star, Ltd.
     348   4,832
Brightcom Group, Ltd.
     55,950   72,803
Can Fin Homes, Ltd.
     620   5,167
Cartrade Tech, Ltd. (b)
     612   4,681
Central Depository Services India, Ltd.
     5,210   101,783
Cera Sanitaryware, Ltd.
     87   5,709
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Chemplast Sanmar, Ltd. (b)
     726   $ 6,373
City Union Bank, Ltd.
     13,598   23,131
Dhani Services, Ltd. (b)
     2,864   2,357
Dilip Buildcon, Ltd. (d)
     1,225   3,898
Dixon Technologies India, Ltd.
     4,943   281,074
Dr Reddy's Laboratories, Ltd. ADR
     9,627   536,513
EPL ,Ltd.
     22,934   58,595
Equitas Small Finance Bank, Ltd. (b)(d)
     52,027   35,085
Future Retail, Ltd. (b)
     7,940   3,269
Galaxy Surfactants, Ltd.
     128   4,839
Garware Technical Fibres, Ltd.
     1,206   44,910
Godfrey Phillips India, Ltd.
     2,783   37,080
Granules India, Ltd.
     12,308   49,784
Graphite India, Ltd.
     754   5,004
Gujarat Pipavav Port, Ltd.
     4,118   4,152
HEG, Ltd.
     346   6,283
HeidelbergCement India, Ltd.
     14,447   36,148
Home First Finance Co. India, Ltd. (b)(d)
     3,328   33,794
Housing Development Finance Corp., Ltd.
     3,588   113,187
ICICI Bank, Ltd. ADR
     33,804   640,248
IIFL Finance, Ltd.
     1,184   4,463
IndiaMart InterMesh, Ltd. (d)
     781   44,553
Indigo Paints, Ltd. (b)
     3,048   64,594
Infibeam Avenues, Ltd.
     18,208   4,650
Infosys, Ltd. ADR
     43,341   1,078,757
Inox Leisure, Ltd. (b)
     1,724   12,054
IOL Chemicals & Pharmaceuticals, Ltd.
     8,467   39,522
JB Chemicals & Pharmaceuticals, Ltd.
     3,151   65,490
Johnson Controls-Hitachi Air Conditioning India, Ltd. (b)
     3,338   78,004
Just Dial, Ltd. (b)
     583   5,473
Jyothy Labs, Ltd.
     15,104   29,391
Karur Vysya Bank, Ltd.
     16,639   10,167
Kaveri Seed Co., Ltd.
     727   5,248
Larsen & Toubro, Ltd. GDR
     14,420   335,986
Laurus Labs, Ltd. (d)
     14,894   115,987
Mahindra & Mahindra, Ltd. GDR
     11,176   124,054
Navin Fluorine International, Ltd.
     1,470   79,193
Nazara Technologies, Ltd. (b)
     189   4,086
NESCO, Ltd.
     6,189   45,126
NOCIL, Ltd.
     7,576   24,885
Orient Electric, Ltd.
     3,778   16,017
Paisalo Digital, Ltd.
     536   5,601
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
PNB Housing Finance, Ltd. (b)(d)
     862   $ 4,287
PNC Infratech, Ltd.
     1,360   4,651
Poly Medicure, Ltd.
     910   11,403
Prism Johnson, Ltd. (b)
     11,832   17,988
Procter & Gamble Health, Ltd.
     65   3,433
Quess Corp., Ltd. (d)
     3,557   30,937
Radico Khaitan, Ltd.
     1,060   12,421
Rallis India, Ltd.
     15,121   47,503
Ramco Cements, Ltd.
     437   4,429
Ratnamani Metals & Tubes, Ltd.
     1,800   61,604
RBL Bank, Ltd. (b)(d)
     5,739   9,861
Reliance Industries, Ltd. GDR (d)
     11,864   818,616
Reliance Industries, Ltd.
     8,448   293,743
Rossari Biotech, Ltd.
     3,703   44,548
Shree Renuka Sugars, Ltd. (b)
     34,159   16,048
Solara Active Pharma Sciences, Ltd.
     510   4,483
SpiceJet, Ltd. (b)
     11,461   8,228
State Bank of India GDR
     6,422   412,935
Sumitomo Chemical India, Ltd.
     982   5,812
Sun Pharma Advanced Research Co., Ltd. (b)
     3,336   13,073
Supreme Industries, Ltd.
     191   5,160
Symphony, Ltd.
     2,442   35,382
Tanla Platforms, Ltd.
     9,392   189,135
Tata Motors, Ltd. ADR (b)(c)
     9,178   256,525
Tata Teleservices Maharashtra, Ltd. (b)
     24   53
TeamLease Services, Ltd. (b)
     1,043   59,723
Thyrocare Technologies, Ltd. (d)
     1,482   15,163
Vaibhav Global, Ltd.
     9,449   46,631
Vakrangee, Ltd.
     10,519   4,817
Varun Beverages, Ltd.
     3,058   37,987
V-Guard Industries, Ltd.
     10,163   28,943
VIP Industries, Ltd.
     574   5,648
Vodafone Idea, Ltd. (b)
     307,416   39,150
Whirlpool of India, Ltd.
     218   4,525
Wipro, Ltd. ADR
     54,558   420,642
Yes Bank, Ltd. (b)
     27,213   4,417
          8,069,276
INDONESIA — 0.3%          
Astra International Tbk PT
     234,500   107,352
Bank Central Asia Tbk PT
     1,007,700   559,541
Bank Mandiri Persero Tbk PT
     308,300   169,578
Bank Rakyat Indonesia Persero Tbk PT
     792,699   257,196
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Gudang Garam Tbk PT
     17,300   $ 38,063
Nickel Mines, Ltd. (c)
     4,616   4,385
Telkom Indonesia Persero Tbk PT
     915,700   292,004
          1,428,119
IRELAND — 0.1%          
Cairn Homes PLC (b)
     109,690   151,582
CRH PLC
     7,710   311,830
Flutter Entertainment PLC (b)(c)
     88   10,281
Glenveagh Properties PLC (b)(c)(d)
     15,337   20,068
Keywords Studios PLC
     549   18,938
Prothena Corp. PLC (b)
     2,547   93,144
          605,843
ISRAEL — 0.4%          
Bank Hapoalim BM
     31,727   315,654
Bank Leumi Le-Israel BM
     115,734   1,252,629
Compugen, Ltd. (b)(c)
     5,251   16,908
Electreon Wireless, Ltd. (b)
     179   8,694
Isracard, Ltd.
     1,580   7,825
Nano Dimension, Ltd. ADR (b)
     4,841   17,234
Nano-X Imaging, Ltd. (b)(c)
     1,528   16,564
NEOGAMES SA (b)
     810   12,498
Oramed Pharmaceuticals, Inc. (b)
     152   1,315
Taboola.com, Ltd. (b)
     2,700   13,932
Teva Pharmaceutical Industries, Ltd. ADR (b)
     4,853   45,570
          1,708,823
ITALY — 0.4%          
Assicurazioni Generali SpA (c)
     13,299   307,336
Atlantia SpA (b)
     3,575   75,179
Enel SpA
     58,590   395,574
Eni SpA
     20,183   298,538
Ferrari NV
     1,084   239,655
Intesa Sanpaolo SpA
     105,703   245,041
Italgas SpA
     5,478   35,498
Iveco Group NV (b)
     1,309   8,666
MFE-MediaForEurope NV Class A (b)(c)
     51,977   36,752
MFE-MediaForEurope NV Class B (c)
     51,977   60,724
Saipem SpA (b)(c)
     4,496   5,733
Snam SpA
     23,863   138,916
Telecom Italia SpA (b)(c)
     246,991   91,651
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
UniCredit SpA
     14,028   $ 153,819
          2,093,082
JAPAN — 5.9%          
Advantest Corp. (c)
     200   15,934
Aisin Corp.
     1,700   58,756
Altech Corp.
     300   4,649
AnGes, Inc. (b)(c)
     3,000   8,873
Arcland Service Holdings Co., Ltd. (c)
     1,300   23,381
Asahi Group Holdings, Ltd.
     1,700   62,482
Asahi Kasei Corp.
     45,600   399,176
Astellas Pharma, Inc.
     18,300   288,126
BASE, Inc. (b)(c)
     2,000   7,366
BayCurrent Consulting, Inc.
     300   110,731
Bengo4.com, Inc. (b)(c)
     500   16,251
Bridgestone Corp.
     1,700   66,641
Bushiroad, Inc. (b)
     500   5,458
Canon, Inc. (c)
     1,700   41,921
Cellebrite DI, Ltd. (b)
     3,240   20,736
Cellsource Co., Ltd. (b)(c)
     1,200   29,225
Change, Inc. (c)
     4,000   65,483
Comture Corp.
     400   10,216
Credit Saison Co., Ltd. (c)
     9,200   98,765
CYBERDYNE, Inc. (b)(c)
     7,800   23,392
Cybozu, Inc. (c)
     8,800   101,141
Daiichi Sankyo Co., Ltd.
     27,300   602,793
Daikin Industries, Ltd.
     1,700   313,879
Daiwa Securities Group, Inc. (c)
     44,700   255,108
Demae-Can Co., Ltd. (b)(c)
     400   2,590
Denso Corp.
     9,000   582,822
Digital Arts, Inc.
     100   6,113
Dip Corp. (c)
     500   13,841
Direct Marketing MiX, Inc. (c)
     1,400   21,062
Ebase Co., Ltd.
     100   468
eGuarantee, Inc.
     900   15,208
Eisai Co., Ltd. (c)
     1,700   79,415
Elan Corp. (c)
     4,200   37,510
EM Systems Co., Ltd. (c)
     13,600   87,623
en japan, Inc.
     200   4,864
ENEOS HoldingS, Inc.
     17,700   66,790
eRex Co., Ltd. (c)
     800   11,416
euglena Co., Ltd. (b)(c)
     1,700   11,513
Freee KK (b)(c)
     300   10,863
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
FUJIFILM Holdings Corp.
     9,100   $ 562,457
Fujio Food Group, Inc.
     800   9,056
Fujitsu, Ltd.
     1,700   257,924
Fukui Computer Holdings, Inc. (c)
     300   8,033
FULLCAST Holdings Co., Ltd.
     300   6,478
giftee, Inc. (b)(c)
     2,900   30,726
GMO Financial Gate, Inc.
     100   12,795
GMO GlobalSign Holdings KK (c)
     700   35,815
GNI Group, Ltd. (b)(c)
     2,700   30,987
Hennge KK (b)(c)
     2,100   16,471
Hitachi, Ltd.
     9,000   457,137
Hokuhoku Financial Group, Inc.
     8,900   65,481
Honda Motor Co., Ltd.
     8,900   255,689
Hoya Corp.
     8,500   982,533
Insource Co., Ltd.
     2,000   38,459
Internet Initiative Japan, Inc.
     200   6,764
IR Japan Holdings, Ltd. (c)
     1,200   43,057
Ito En, Ltd.
     100   4,952
ITOCHU Corp.
     8,300   283,380
Japan Elevator Service Holdings Co., Ltd. (c)
     400   5,270
Japan Medical Dynamic Marketing, Inc. (c)
     1,600   21,593
Japan Tobacco, Inc.
     8,000   137,590
JFE Holdings, Inc. (c)
     9,200   130,600
JIG-SAW, Inc. (b)(c)
     600   32,379
JMDC, Inc. (b)
     800   44,556
JSR Corp. (c)
     9,000   269,166
JTOWER, Inc. (b)(c)
     700   41,755
Kajima Corp.
     18,200   223,573
Kamakura Shinsho, Ltd.
     100   520
Kamigumi Co., Ltd.
     27,100   491,205
Kansai Electric Power Co., Inc.
     8,900   84,252
Kao Corp.
     1,700   70,381
KDDI Corp.
     27,400   904,115
KeePer Technical Laboratory Co., Ltd.
     1,100   22,566
Keyence Corp.
     1,200   566,014
Kitanotatsujin Corp. (c)
     34,000   63,028
Kobe Steel, Ltd. (c)
     8,600   41,875
Komatsu, Ltd.
     8,900   215,800
Konica Minolta, Inc. (c)
     17,900   76,098
Kyocera Corp.
     9,100   515,973
Lasertec Corp.
     200   34,249
Leopalace21 Corp. (b)(c)
     8,200   13,647
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Lifenet Insurance Co. (b)
     900   $ 4,160
Link And Motivation, Inc. (c)
     3,100   13,920
M&A Capital Partners Co., Ltd. (b)
     400   14,402
M3, Inc. (c)
     1,000   36,820
Makita Corp.
     9,000   291,782
Makuake, Inc. (b)(c)
     2,300   38,884
Marubeni Corp.
     45,100   529,867
Marui Group Co., Ltd. (c)
     18,200   337,384
Matsuya Co., Ltd. (b)
     800   5,055
Mebuki Financial Group, Inc.
     44,800   94,491
Media Do Co., Ltd. (c)
     700   14,758
Medical Data Vision Co., Ltd.
     5,900   58,477
Medley, Inc. (b)(c)
     2,400   51,095
MedPeer, Inc. (b)
     1,800   59,320
Menicon Co., Ltd. (c)
     2,200   53,235
Mirai Corp. REIT
     274   119,420
Mitsubishi Chemical Holdings Corp.
     18,000   121,177
Mitsubishi Corp.
     8,900   337,375
Mitsubishi Electric Corp.
     45,500   528,569
Mitsubishi UFJ Financial Group, Inc.
     81,300   509,268
Mitsui & Co., Ltd.
     8,900   244,030
Mitsuuroko Group Holdings Co., Ltd. (c)
     1,500   12,791
Money Forward, Inc. (b)
     1,000   45,232
Monogatari Corp
     600   28,770
MS&AD Insurance Group Holdings, Inc.
     8,900   291,693
Murata Manufacturing Co., Ltd.
     9,100   608,566
NEC Corp.
     200   8,486
Nexon Co., Ltd.
     300   7,247
Nihon M&A Center Holdings, Inc.
     2,500   35,572
Nintendo Co., Ltd.
     800   406,476
Nippon Paint Holdings Co., Ltd.
     1,800   16,046
Nippon Steel Corp.
     16,600   296,919
Nissan Motor Co., Ltd. (b)
     17,900   80,788
Nitto Denko Corp.
     1,700   123,535
Nomura Holdings, Inc.
     45,900   194,832
NTT Data Corp.
     18,200   362,576
Obayashi Corp. (c)
     44,900   332,935
Oisix ra daichi, Inc. (b)(c)
     1,700   42,229
Olympus Corp.
     300   5,781
One REIT, Inc.
     13   32,100
Open Door, Inc. (b)
     400   6,239
Optim Corp. (b)
     7,100   60,017
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
ORIX Corp.
     18,000   $ 362,966
Oro Co., Ltd. (c)
     1,200   23,026
Osaka Gas Co., Ltd.
     9,200   158,570
Osaka Organic Chemical Industry, Ltd.
     200   5,050
Panasonic Corp.
     26,900   263,404
PeptiDream, Inc. (b)
     300   5,403
Pharma Foods International Co., Ltd. (c)
     1,400   22,861
PKSHA Technology, Inc. (b)(c)
     700   11,817
Plaid, Inc. (b)(c)
     1,400   17,302
Plus Alpha Consulting Co., Ltd.
     400   8,862
Premier Anti-Aging Co., Ltd. (b)(c)
     200   6,179
Proto Corp.
     1,400   11,927
Rakus Co., Ltd. (c)
     1,200   16,501
Recruit Holdings Co., Ltd.
     4,200   187,343
RENOVA, Inc. (b)(c)
     1,100   15,543
Resona Holdings, Inc.
     27,600   119,177
Riso Kyoiku Co., Ltd.
     8,200   25,673
Rohm Co., Ltd.
     1,700   134,319
Rorze Corp.
     500   50,628
RS Technologies Co., Ltd.
     700   37,141
Samty Residential Investment Corp. REIT
     179   185,821
Sansan, Inc. (b)(c)
     600   6,876
Secom Co., Ltd.
     1,700   124,207
Septeni Holdings Co., Ltd.
     1,100   5,791
Seven & i Holdings Co., Ltd.
     1,700   81,418
SHIFT, Inc. (b)
     400   71,382
Shin-Etsu Chemical Co., Ltd.
     1,700   263,176
SMS Co., Ltd.
     500   13,986
SoftBank Group Corp.
     14,000   641,203
Sompo Holdings, Inc.
     9,000   399,003
Sony Group Corp.
     14,200   1,489,318
Sosei Group Corp. (b)
     400   4,663
Sourcenext Corp. (b)
     100   142
S-Pool, Inc.
     8,200   84,246
SRE Holdings Corp. (b)(c)
     200   5,594
Starts Proceed Investment Corp. REIT
     7   13,738
Strike Co., Ltd. (c)
     600   23,308
Sumitomo Chemical Co., Ltd.
     44,400   205,584
Sumitomo Corp.
     9,200   160,616
Sumitomo Electric Industries, Ltd.
     9,000   108,408
Sumitomo Mitsui Financial Group, Inc.
     9,000   289,705
Sumitomo Mitsui Trust Holdings, Inc. (c)
     1,700   56,039
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Sun Corp.
     500   $ 8,004
Suruga Bank, Ltd. (c)
     1,700   5,729
T&D Holdings, Inc.
     17,800   245,057
Takara Holdings, Inc. (c)
     1,300   11,792
Takeda Pharmaceutical Co., Ltd.
     1,700   48,994
Taki Chemical Co., Ltd.
     600   25,705
Tama Home Co., Ltd.
     3,300   69,439
TDK Corp.
     4,100   150,657
TechMatrix Corp. (c)
     1,000   17,615
Teijin, Ltd.
     9,200   103,313
Terumo Corp.
     18,200   558,408
TKP Corp. (b)
     1,400   14,856
Toho Titanium Co., Ltd. (c)
     600   7,193
Tokio Marine Holdings, Inc.
     9,100   534,417
Tokyo Electron, Ltd.
     1,700   885,891
Tokyu Corp.
     25,700   337,091
TOPPAN, INC.
     18,300   326,573
Toridoll Holdings Corp. (c)
     700   14,649
Toshiba Corp.
     1,700   65,129
Toyo Gosei Co., Ltd. (c)
     600   54,031
Toyota Motor Corp.
     91,500   1,675,458
Toyota Tsusho Corp.
     9,100   379,370
Tri Chemical Laboratories, Inc.
     1,200   28,335
UT Group Co., Ltd.
     500   12,791
Uzabase, Inc. (b)
     3,500   30,941
ValueCommerce Co., Ltd.
     400   12,309
Vector, Inc. (c)
     2,200   22,820
Vision, Inc. (b)(c)
     2,400   22,917
Visional, Inc. (b)(c)
     200   12,457
WDB Holdings Co., Ltd. (c)
     2,100   46,992
WealthNavi, Inc. (b)(c)
     300   5,124
West Holdings Corp. (c)
     2,210   88,127
West Japan Railway Co. (c)
     1,700   71,305
Yamada Holdings Co., Ltd. (b)(c)
     17,800   55,728
Yamaha Corp.
     18,200   802,225
YA-MAN, Ltd. (c)
     2,900   27,453
Yokowo Co., Ltd. (c)
     400   8,529
ZIGExN Co., Ltd.
     100   248
Zuken, Inc.
     400   9,953
          29,674,840
KUWAIT — 0.0% (a)          
Alimtiaz Investment Group KSC (b)
     11,037   4,905
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC
     22,663   $ 16,635
Warba Bank KSCP (b)
     15,626   14,505
          36,045
LIECHTENSTEIN — 0.0% (a)          
Implantica AG SDR (b)(c)
     12,321   69,409
LUXEMBOURG — 0.0% (a)          
ArcelorMittal SA
     5,305   172,946
MACAU — 0.0% (a)          
MGM China Holdings, Ltd. (b)(c)
     11,600   7,391
Sands China, Ltd. (b)
     35,600   86,280
          93,671
MALAYSIA — 0.1%          
ATA IMS Bhd
     217,300   21,964
Carlsberg Brewery Malaysia Bhd Class B
     13,700   70,768
CIMB Group Holdings Bhd
     41,109   52,110
CTOS Digital Bhd
     43,500   16,346
Duopharma Biotech Bhd
     55,666   19,726
Fraser & Neave Holdings Bhd
     9,900   49,444
Frontken Corp. Bhd
     56,500   40,715
Greatech Technology Bhd (b)
     6,900   7,778
Hartalega Holdings Bhd
     2,800   3,230
Heineken Malaysia Bhd
     8,300   44,375
Hong Seng Consolidated Bhd (b)
     10,800   6,704
Kossan Rubber Industries Bhd
     10,400   4,848
Malayan Banking Bhd
     22,786   48,447
Mega First Corp. BHD
     36,800   32,557
Mi Technovation Bhd
     45,800   21,676
Pentamaster Corp. Bhd
     17,450   15,646
Public Bank Bhd
     89,500   99,403
Supermax Corp. Bhd
     43,220   12,129
Tenaga Nasional Bhd
     18,100   38,742
Top Glove Corp. Bhd
     13,000   5,936
          612,544
MEXICO — 0.3%          
America Movil SAB de CV Series L
     358,631   379,816
Axtel SAB de CV Series CPO (b)
     114,603   16,149
Cemex SAB de CV Series CPO (b)
     165,954   88,960
Fomento Economico Mexicano SAB de CV
     36,864   305,678
Grupo Financiero Banorte SAB de CV Series O
     35,476   266,043
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Grupo Mexico SAB de CV Class B
     59,024   $ 352,214
Grupo Televisa SAB Series CPO
     31,352   73,514
Industrias Penoles SAB de CV
     1,660   20,918
PLA Administradora Industrial S de RL de CV REIT
     18,547   26,051
          1,529,343
NETHERLANDS — 1.5%          
Adyen NV (b)(d)
     42   84,537
Akzo Nobel NV
     3,027   263,444
Alfen Beheer B.V. (b)(c)(d)
     713   73,223
ASML Holding NV
     3,389   2,300,171
Heineken NV
     2,484   239,292
ING Groep NV
     25,466   269,492
Koninklijke Ahold Delhaize NV
     13,783   446,498
Koninklijke DSM NV (c)
     4,793   866,602
Koninklijke KPN NV
     2,194   7,673
Koninklijke Philips NV
     11,456   353,461
Meltwater NV (b)(c)
     5,421   10,229
Pharming Group NV (b)(c)
     19,661   17,457
Shell PLC
     54,779   1,520,751
Shop Apotheke Europe NV (b)(d)
     138   12,691
Universal Music Group NV
     21,059   566,920
Wolters Kluwer NV
     1,945   209,009
          7,241,450
NEW ZEALAND — 0.0% (a)          
Pushpay Holdings, Ltd. (b)
     19,949   15,818
NORWAY — 0.3%          
Crayon Group Holding ASA (b)(d)
     13,346   253,977
DNB Bank ASA
     17,348   396,996
Fjordkraft Holding ASA (d)
     2,838   10,938
FLEX LNG, Ltd. (b)
     2,394   67,352
FREYR Battery SA (b)
     630   7,724
Frontline, Ltd. (b)
     1,570   13,854
Hexagon Purus ASA (b)(c)
     4,603   16,845
Kahoot! ASA (b)(c)
     16,141   51,022
Norsk Hydro ASA
     48,040   473,038
Quantafuel ASA (b)(c)
     6,196   14,654
Telenor ASA
     14,216   206,070
          1,512,470
PAKISTAN — 0.0% (a)          
Searle Co., Ltd.
     32,000   21,640
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
PERU — 0.0% (a)          
Cia de Minas Buenaventura SAA ADR (b)
     372   $ 3,746
PHILIPPINES — 0.0% (a)          
PLDT, Inc. ADR (c)
     1,379   48,458
TaskUS, Inc. Class A (b)
     90   3,461
          51,919
POLAND — 0.0% (a)          
CCC SA (b)
     308   4,398
Celon Pharma SA
     683   4,343
Jastrzebska Spolka Weglowa SA (b)
     407   7,598
LiveChat Software SA
     185   4,546
PlayWay SA
     53   4,057
Polski Koncern Naftowy ORLEN SA
     1,675   30,556
Powszechna Kasa Oszczednosci Bank Polski SA (b)
     5,763   55,096
TEN Square Games SA
     290   13,654
          124,248
RUSSIA — 0.0%          
Gazprom PJSC ADR (f)
     40,742   —
LUKOIL PJSC ADR (f)
     3,048   —
MMC Norilsk Nickel PJSC ADR (f)
     827   —
Mobile TeleSystems PJSC ADR (f)
     9,679   —
Sberbank of Russia PJSC ADR (f)
     19,773   —
Surgutneftegas PJSC ADR (f)
     492   —
Tatneft PJSC ADR (f)
     4,676   —
          —
SAUDI ARABIA — 0.4%          
Al Jouf Agricultural Development Co. (b)
     1,677   24,810
Al Rajhi Co. for Co-operative Insurance (b)
     1,236   27,972
Aldrees Petroleum & Transport Services Co.
     13,339   276,273
AlKhorayef Water & Power Technologies Co.
     1,954   50,211
Alujain Holding
     295   5,088
Amlak International for Real Estate Finance Co.
     19,684   112,285
Aseer Trading Tourism & Manufacturing Co. (b)
     11,504   58,264
City Cement Co.
     8,032   59,413
Delivery Hero SE (b)(d)
     43   1,907
Dur Hospitality Co. (b)
     11,732   88,502
Eastern Province Cement Co.
     1,042   13,638
Etihad Etisalat Co.
     1,921   21,250
Fawaz Abdulaziz Al Hokair & Co. (b)
     1,143   4,540
Halwani Brothers Co.
     7,121   165,141
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Herfy Food Services Co.
     1,095   $ 16,462
Jadwa REIT Saudi Fund
     33,444   129,800
Leejam Sports Co. JSC
     3,421   114,900
Maharah Human Resources Co.
     2,139   45,329
Middle East Healthcare Co. (b)
     579   5,008
Mobile Telecommunications Co. (b)
     31,156   110,622
Najran Cement Co.
     35,693   186,481
National Agriculture Development Co (b)
     3,023   24,416
National Co. for Learning & Education
     289   3,898
National Medical Care Co.
     713   15,794
Northern Region Cement Co.
     12,997   50,373
Qassim Cement Co.
     385   8,641
Riyadh Cement Co.
     563   5,403
Saudi Airlines Catering Co. (b)
     220   5,037
Saudi Ceramic Co.
     6,047   85,108
Saudi Co. For Hardware CJSC (b)
     1,002   11,779
Saudi Fisheries Co. (b)
     2,906   34,354
Saudi Ground Services Co. (b)
     545   4,874
Saudi Industrial Services Co.
     1,743   13,218
Saudi Pharmaceutical Industries & Medical Appliances Corp.
     2,249   22,361
Saudi Research & Media Group (b)
     838   56,246
Saudia Dairy & Foodstuff Co.
     409   18,796
Yamama Cement Co. (b)
     8,099   69,947
          1,948,141
SINGAPORE — 0.3%          
CapitaLand Integrated Commercial Trust REIT
     13,797   22,938
Capitaland Investment, Ltd. (b)
     142,384   419,782
DBS Group Holdings, Ltd.
     9,197   243,491
Grab Holdings, Ltd. Class A (b)
     3,690   12,915
Nanofilm Technologies International, Ltd.
     4,300   8,611
Singapore Exchange, Ltd.
     91,000   670,388
Singapore Press Holdings, Ltd.
     91,000   158,015
Singapore Telecommunications, Ltd.
     44,700   87,197
          1,623,337
SOUTH AFRICA — 0.6%          
Anglo American PLC
     10,655   557,299
Discovery, Ltd. (b)(c)
     57,501   716,849
FirstRand, Ltd. (c)
     51,158   271,221
Gold Fields, Ltd.
     8,693   135,667
Harmony Gold Mining Co., Ltd.
     7,055   35,670
Impala Platinum Holdings, Ltd. (c)
     5,671   87,332
See accompanying notes to financial statements.
173

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
MTN Group, Ltd. (c)
     18,894   $ 245,670
MultiChoice Group, Ltd.
     2,107   18,994
Naspers, Ltd. Class N
     1,086   123,677
Nedbank Group, Ltd.
     1,971   31,438
Old Mutual, Ltd. (c)
     11,614   10,819
Sanlam, Ltd.
     47,330   233,856
Sasol, Ltd. (b)
     3,663   88,990
Standard Bank Group, Ltd.
     12,219   152,306
Steinhoff International Holdings NV (b)(c)
     72,275   16,421
Thungela Resources, Ltd. (b)(c)
     12   156
          2,726,365
SOUTH KOREA — 1.5%          
Ace Technologies Corp. (b)
     839   8,583
Aekyung Industrial Co., Ltd.
     5,784   88,284
Ahnlab, Inc.
     535   54,645
Alteogen, Inc. (b)
     159   7,425
Ananti, Inc. (b)
     1,403   10,476
Anterogen Co., Ltd. (b)
     25   562
AptaBio Therapeutics, Inc. (b)
     250   4,775
BH Co., Ltd.
     2,914   58,662
Binex Co., Ltd. (b)
     3,076   40,733
Bioneer Corp. (b)
     664   21,311
BNC Korea Co., Ltd. (b)
     1,130   12,726
Cafe24 Corp. (b)
     1,426   24,883
Cellid Co., Ltd. (b)
     283   7,285
Cellivery Therapeutics, Inc. (b)
     782   19,646
Celltrion Healthcare Co., Ltd.
     111   5,953
Celltrion Pharm, Inc. (b)
     97   7,827
Celltrion, Inc.
     405   57,306
CMG Pharmaceutical Co., Ltd. (b)
     15,029   43,213
Cosmax, Inc.
     69   4,759
Dentium Co., Ltd.
     104   6,178
Devsisters Co., Ltd.
     755   39,057
DIO Corp. (b)
     7,784   231,520
Dongwon Systems Corp.
     107   5,200
Duk San Neolux Co., Ltd. (b)
     2,036   73,743
Echo Marketing, Inc.
     3,109   55,919
E-MART, Inc.
     11   1,280
Enzychem Lifesciences Corp. (b)
     819   19,832
Eoflow Co., Ltd. (b)
     1,062   20,678
Fine Semitech Corp.
     953   18,006
GC Cell Corp. (b)
     1,542   93,381
See accompanying notes to financial statements.
174

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
GemVax & Kael Co., Ltd. (b)
     2,072   $ 25,386
Geneonelifescience, Inc. (b)
     3,206   39,544
Genexine, Inc. (b)
     355   13,502
Hana Financial Group, Inc.
     1,163   46,633
Hanall Biopharma Co., Ltd. (b)
     710   11,657
Helixmith Co., Ltd. (b)
     62   1,092
Hite Jinro Co., Ltd.
     999   30,867
HLB Life Science Co., Ltd. (b)
     565   4,778
HLB, Inc. (b)
     184   4,653
Huons Co., Ltd.
     583   22,607
Hwaseung Enterprise Co., Ltd.
     1,012   12,816
Hyundai Bioscience Co., Ltd. (b)
     450   10,767
Hyundai Mobis Co., Ltd.
     682   120,977
Hyundai Motor Co.
     1,470   218,914
Hyundai Steel Co.
     130   4,457
Iljin Diamond Co., Ltd.
     639   14,867
iNtRON Biotechnology, Inc. (b)
     687   12,385
JW Pharmaceutical Corp.
     3,662   82,633
Kakao Corp.
     281   24,691
KB Financial Group, Inc.
     3,619   183,033
KG Dongbu Steel Co., Ltd.
     596   5,532
Kia Corp.
     845   51,590
KMW Co., Ltd. (b)
     190   5,463
Koh Young Technology, Inc.
     309   4,831
Kolmar BNH Co., Ltd.
     1,177   31,754
KoMiCo, Ltd.
     155   7,699
KONA I Co., Ltd. (b)
     1,084   22,627
Korea Electric Power Corp. ADR (b)
     2,937   27,343
Korea Shipbuilding & Offshore Engineering Co., Ltd. (b)
     10   733
KT&G Corp.
     1,128   75,104
Kuk-il Paper Manufacturing Co., Ltd. (b)
     7,306   21,580
L&C Bio Co., Ltd.
     1,932   59,615
LegoChem Biosciences, Inc. (b)
     146   5,655
LG Chem, Ltd. Preference Shares
     1,766   397,771
LG Electronics, Inc.
     386   38,376
LG Household & Health Care, Ltd.
     192   135,915
Lock&Lock Co., Ltd. (b)
     581   5,225
Lotte Chemical Corp.
     20   3,457
Lotte Tour Development Co., Ltd. (b)
     1,039   15,344
MedPacto, Inc. (b)
     521   15,346
Medy-Tox, Inc. (b)
     52   5,616
Namhae Chemical Corp.
     629   5,734
See accompanying notes to financial statements.
175

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SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)

Security Description     Shares   Value
Naturecell Co., Ltd. (b)
     3,341   $ 50,306
NAVER Corp.
     1,925   540,788
NEPES Corp. (b)
     210   5,198
Neptune Co. (b)
     386   6,353
Next Science Co., Ltd. (b)
     1,661   18,775
NEXTIN, Inc.
     542   30,632
NHN KCP Corp. (b)
     776   17,126
NICE Information Service Co., Ltd.
     3,003   48,809
NKMax Co., Ltd. (b)
     746   12,617
OliX Pharmaceuticals, Inc. (b)
     656   14,640
Oscotec, Inc. (b)
     946   21,893
Park Systems Corp.
     94   10,059
PharmaResearch Co., Ltd.
     167   12,649
Pharmicell Co., Ltd. (b)
     1,076   10,076
POSCO Holdings, Inc. ADR
     5,219   309,330
RFHIC Corp.
     211   5,405
S&S Tech Corp.
     300   7,599
Sam Chun Dang Pharm Co., Ltd. (b)
     1,343   39,779
SAM KANG M&T Co., Ltd. (b)
     1,728   27,088
Samsung C&T Corp.
    384   36,117
Samsung Electronics Co., Ltd. GDR
    1,462   2,074,578
Samsung Engineering Co., Ltd. (b)
    672   14,526
Samsung Fire & Marine Insurance Co., Ltd.
    212   38,305
Samsung Heavy Industries Co., Ltd. (b)
    3,004   14,078
Samsung Securities Co., Ltd.
    831   28,727
Sang-A Frontec Co., Ltd.
    213   7,820
Sangsangin Co., Ltd.
    625   4,909
Seegene, Inc.
    388   16,358
Seoul Viosys Co., Ltd.
    1,465   12,268
SFA Semicon Co., Ltd. (b)
    2,353   13,706
Shin Poong Pharmaceutical Co., Ltd. (b)
    1,244   39,720
Shinhan Financial Group Co., Ltd.
    3,619   123,913
SillaJen, Inc. (b)(f)
    131   654
SK Chemicals Co., Ltd.
    137   15,372
SK Hynix, Inc.
    5,371   522,898
SK Innovation Co., Ltd. (b)
    231   40,976
SK, Inc.
    223   44,525
Solus Advanced Materials Co, Ltd.
    269   15,314
Soulbrain Co., Ltd.
    26   5,251
Tokai Carbon Korea Co., Ltd.
    85   9,180
Value Added Technology Co., Ltd.
    461   15,271
Vaxcell-Bio Therapeutics Co., Ltd. (b)
    253   9,498
See accompanying notes to financial statements.
176

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Webzen, Inc. (b)
     249   $ 5,054
Wemade Co., Ltd.
     864   73,779
Youlchon Chemical Co., Ltd.
     487   9,482
Zinus, Inc.
     81   4,852
          7,258,670
SPAIN — 0.7%          
Acciona SA
     5,089   982,405
Acerinox SA
     13,999   155,448
ACS Actividades de Construccion y Servicios SA (c)(e)
     13,808   376,405
ACS Actividades de Construccion y Servicios SA (e)
     350   9,551
Amadeus IT Group SA (b)
     4,658   306,714
Audax Renovables SA (c)
     3,395   4,858
Banco Bilbao Vizcaya Argentaria SA (c)
     41,636   241,360
Banco Santander SA
     99,780   344,163
Distribuidora Internacional de Alimentacion SA (b)(c)
     543,034   8,459
Grenergy Renovables SA (b)(c)
     166   6,298
Iberdrola SA
     44,853   495,065
Industria de Diseno Textil SA
     9,271   204,038
Repsol SA
     8,006   106,217
Telefonica SA
     37,963   185,368
          3,426,349
SWEDEN — 0.9%          
Assa Abloy AB Class B
     15,782   431,662
Atlas Copco AB Class B
     12,752   587,697
Bactiguard Holding AB (b)
     1,191   13,291
BICO Group AB (b)(c)
     620   11,104
Boozt AB (b)(d)
     4,476   58,163
Camurus AB (b)
     1,836   33,097
Cellavision AB
     139   4,668
Desenio Group AB (b)(c)
     3,478   3,154
Epiroc AB Class B
     14,690   268,835
Evolution AB (d)
     2,538   263,648
Fingerprint Cards AB Class B (b)(c)
     4,044   6,453
Fortnox AB
     6,453   35,972
Hansa Biopharma AB (b)
     2,910   19,166
Humble Group AB (b)
     2,395   4,831
Industrivarden AB Class A
     204   5,884
LeoVegas AB (d)
     5,749   23,380
Lime Technologies AB (c)
     538   15,795
MIPS AB
     1,637   154,576
PowerCell Sweden AB (b)
     1,862   37,292
See accompanying notes to financial statements.
177

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Re:NewCell AB (b)(c)
     1,043   $ 14,549
Sandvik AB
     13,660   294,618
Securitas AB Class B
     21,255   242,783
Sedana Medical AB (b)(c)
     1,852   13,493
Sinch AB (b)(c)(d)
     2,583   17,866
Skandinaviska Enskilda Banken AB Class A
     32,178   353,739
Skanska AB Class B (c)
     13,935   316,100
SKF AB Class B
     9,902   163,574
Stillfront Group AB (b)(c)
     13,661   39,256
Storytel AB (b)
     1,277   12,286
Svenska Handelsbanken AB Class A
     13,026   121,463
Tele2 AB Class B
     9,729   148,554
Telefonaktiebolaget LM Ericsson Class B (c)
     26,023   240,980
Telia Co. AB (c)
     22,391   90,675
Tobii AB (b)(c)
     1,307   4,398
Volvo AB Class A (c)
     17,251   335,046
Xvivo Perfusion AB (b)
     413   11,943
          4,399,991
SWITZERLAND — 2.5%          
ABB, Ltd.
     19,370   635,037
Adecco Group AG (b)
     3,756   171,464
Alcon, Inc.
     2,555   204,622
Ascom Holding AG (b)(c)
     3,955   44,611
Basilea Pharmaceutica AG (b)(c)
     474   19,181
Cie Financiere Richemont SA
     5,233   671,007
Credit Suisse Group AG (b)
     16,398   130,792
Geberit AG
     1,457   905,944
Givaudan SA
     182   756,875
Gurit Holding AG (c)
     13   21,077
Holcim, Ltd. (b)
     3,759   184,999
Kuehne + Nagel International AG
     1,734   495,752
Meyer Burger Technology AG (b)(c)
     11,421   4,825
Molecular Partners AG (b)(c)
     2,275   46,031
Nestle SA
     18,695   2,441,879
Novartis AG
     12,485   1,102,316
Relief Therapeutics Holding, Inc. (b)(c)
     155,279   10,462
Roche Holding AG
     4,670   1,859,627
Sensirion Holding AG (b)(d)
     256   31,880
SGS SA
     181   506,662
Swatch Group AG Bearer Shares
     552   158,177
Swiss Steel Holding AG (b)
     13,360   4,000
TE Connectivity, Ltd.
     9,277   1,215,101
See accompanying notes to financial statements.
178

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
UBS Group AG
     27,609   $ 544,380
Vetropack Holding AG (c)
     20   942
Zurich Insurance Group AG (b)
     900   446,748
          12,614,391
TAIWAN — 1.9%          
91APP, Inc. (b)
     4,000   22,477
Adimmune Corp.
     16,000   22,337
Advanced Wireless Semiconductor Co.
     3,000   10,523
Alchip Technologies, Ltd.
     5,000   191,962
Amazing Microelectronic Corp.
     8,000   50,259
AMPACS Corp.
     8,000   18,512
Andes Technology Corp.
     4,000   56,542
AP Memory Technology Corp.
     4,000   43,977
Asia Pacific Telecom Co., Ltd. (b)
     78,000   18,240
AU Optronics Corp. ADR
     38,386   266,015
AURAS Technology Co., Ltd.
     2,000   14,310
Bizlink Holding, Inc.
     1,000   10,349
Career Technology MFG. Co., Ltd. (b)
     12,729   10,329
Century Iron & Steel Industrial Co., Ltd.
     4,000   15,497
Charoen Pokphand Enterprise
     5,000   14,188
Chief Telecom, Inc.
     3,000   28,794
Chunghwa Telecom Co., Ltd. ADR
     12,586   559,448
CTBC Financial Holding Co., Ltd.
     82,000   84,142
Darfon Electronics Corp.
     8,000   13,877
EirGenix, Inc. (b)
     16,000   51,320
Elite Semiconductor Microelectronics Technology, Inc.
     11,000   61,812
Episil Technologies, Inc. (b)
     17,000   78,914
Episil-Precision, Inc.
     2,000   8,202
Ever Supreme Bio Technology Co., Ltd. (b)
     5,000   36,996
Evergreen Marine Corp. Taiwan, Ltd. (b)
     4,000   18,847
Faraday Technology Corp.
     12,000   127,951
Fitipower Integrated Technology, Inc.
     16,353   117,290
FocalTech Systems Co., Ltd.
     28,000   142,680
Formosa Chemicals & Fibre Corp.
     11,000   30,330
Formosa Plastics Corp.
     14,000   52,039
Fulgent Sun International Holding Co., Ltd.
     1,000   4,310
Genius Electronic Optical Co., Ltd.
     1,079   17,154
Global Unichip Corp.
     1,000   17,626
Globalwafers Co., Ltd.
     1,000   23,419
Gold Circuit Electronics, Ltd.
     72,000   213,601
Gudeng Precision Industrial Co., Ltd.
     1,000   8,272
Hiwin Mikrosystem Corp.
     14,000   52,039
See accompanying notes to financial statements.
179

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Hon Hai Precision Industry Co., Ltd. GDR
     73,409   $ 538,822
International Games System Co., Ltd.
     4,000   106,940
Jentech Precision Industrial Co., Ltd.
     3,000   42,930
Johnson Health Tech Co., Ltd.
     9,000   17,120
Kinsus Interconnect Technology Corp.
     8,000   54,308
KMC Kuei Meng International, Inc.
     7,000   45,931
Land Mark Optoelectronics Corp.
     4,000   25,618
Lotus Pharmaceutical Co., Ltd.
     3,000   14,188
MediaTek, Inc. (b)
     5,000   157,932
Medigen Vaccine Biologics Corp. (b)
     14,000   130,464
Medtecs International Corp., Ltd.
     100   17
Microbio Co., Ltd. (b)
     4,392   9,366
Nan Ya Plastics Corp.
     16,000   52,046
Nuvoton Technology Corp.
     17,000   113,327
OBI Pharma, Inc. (b)
     2,000   7,748
Oneness Biotech Co., Ltd. (b)
     1,000   7,487
Oriental Union Chemical Corp. (b)
     18,000   14,324
Pan Jit International, Inc.
     24,500   87,221
PChome Online, Inc.
     2,000   6,366
Pharmally International Holding Co., Ltd. (b)(f)
     1,282   —
Quang Viet Enterprise Co., Ltd.
     10,000   40,312
RDC Semiconductor Co., Ltd. (b)
     5,000   65,529
RichWave Technology Corp.
     16,800   111,408
SDI Corp.
     8,000   45,792
Sea, Ltd. ADR (b)
     1,496   179,206
Sensortek Technology Corp.
     1,000   15,305
Speed Tech Corp.
     4,000   8,195
Sporton International, Inc.
     11,200   73,686
Sunplus Technology Co., Ltd.
     3,000   3,858
T3EX Global Holdings Corp.
     1,000   4,276
TaiDoc Technology Corp.
     1,000   7,155
Taigen Biopharmaceuticals Holdings, Ltd. (b)
     78,000   46,280
TaiMed Biologics, Inc. (b)
     4,000   8,809
Taiwan Mask Corp.
     22,000   74,404
Taiwan Semiconductor Co., Ltd.
     40,000   120,762
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
     32,915   3,431,718
Taiwan Surface Mounting Technology Corp.
     3,000   12,355
Taiwan Union Technology Corp.
     2,000   5,829
Tanvex BioPharma, Inc. (b)
     6,294   12,170
TCI Co., Ltd.
     459   3,044
Thinking Electronic Industrial Co., Ltd.
     1,000   5,200
Topkey Corp.
     4,000   18,568
See accompanying notes to financial statements.
180

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
TSEC Corp. (b)
     16,000   $ 22,589
Tung Thih Electronic Co., Ltd.
     3,000   15,811
United Integrated Services Co., Ltd.
     7,000   47,641
United Microelectronics Corp. ADR (c)
     49,285   449,479
United Renewable Energy Co., Ltd. (b)
     464,879   373,182
Universal Vision Biotechnology Co., Ltd.
     4,000   39,021
VIA Labs, Inc.
     1,000   14,868
Via Technologies, Inc.
     2,000   4,600
Visual Photonics Epitaxy Co., Ltd.
     2,000   7,923
Wafer Works Corp.
     13,229   31,813
Win Semiconductors Corp.
     2,000   18,568
XinTec, Inc.
     15,000   68,321
Yageo Corp.
     400   6,059
          9,340,471
TANZANIA, UNITED REPUBLIC OF — 0.0% (a)          
AngloGold Ashanti, Ltd.
     3,672   88,078
THAILAND — 0.1%          
Absolute Clean Energy PCL
     583,600   54,762
Bangkok Aviation Fuel Services PCL (b)
     18,600   14,404
BCPG PCL
     23,700   8,553
Carabao Group PCL Class F
     15,100   49,047
CK Power PCL
     62,300   9,743
CP ALL PCL NVDR
     35,200   68,812
Delta Electronics Thailand PCL
     1,400   16,337
Kasikornbank PCL NVDR
     100   486
Osotspa PCL
     32,600   36,767
Plan B Media PCL Class F (b)
     18,400   4,372
Prima Marine PCL (c)
     107,200   19,183
PTT PCL
     92,000   106,526
RS PCL (b)
     72,300   36,748
Siam Commercial Bank PCL NVDR
     8,300   28,457
Singha Estate PCL (b)
     73,700   4,367
SPCG PCL
     7,800   4,058
Super Energy Corp. PCL
     212,200   5,680
Taokaenoi Food & Marketing PCL Class F
     1,700   412
TOA Paint Thailand PCL
     4,400   3,937
TQM Corp. PCL NVDR
     32,200   38,737
          511,388
TURKEY — 0.0% (a)          
Akbank T.A.S.
     43,103   21,334
Eldorado Gold Corp. (b)(c)
     3,574   40,059
See accompanying notes to financial statements.
181

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT
     14,406   $ 2,308
Koza Anadolu Metal Madencilik Isletmeleri A/S (b)
     8,549   15,072
Migros Ticaret A/S (b)
     6,885   21,442
Nuh Cimento Sanayi A/S
     6,793   21,304
Oyak Cimento Fabrikalari AS (b)
     7,515   4,750
Turkiye Garanti Bankasi A/S
     42,640   35,466
Turkiye Is Bankasi A/S Class C
     31,820   19,156
Vestel Elektronik Sanayi ve Ticaret A/S
     9,614   16,911
          197,802
UNITED ARAB EMIRATES — 0.1%          
Agthia Group PJSC
     6,742   8,370
AL Yah Satellite Communications Co-PJSC-Yah Sat (b)
     26,653   20,318
Amanat Holdings PJSC (b)
     368,818   117,482
Dana Gas PJSC
     188,936   60,697
National Central Cooling Co. PJSC
     51,761   34,948
Network International Holdings PLC (b)(d)
     9,685   35,705
          277,520
UNITED KINGDOM — 3.9%          
3i Group PLC
     65,177   1,191,546
Abrdn PLC
     70,427   199,272
Alphawave IP Group PLC (b)(c)
     2,034   4,719
AO World PLC (b)(c)
     14,868   17,100
Argo Blockchain PLC (b)(c)
     40,572   38,408
AstraZeneca PLC ADR
     7,748   514,002
AstraZeneca PLC
     8,456   1,128,056
Avacta Group PLC (b)(c)
     16,789   16,358
BAE Systems PLC
     42,715   403,471
Barclays PLC
     116,693   227,854
boohoo Group PLC (b)(c)
     3,935   4,598
BP PLC
     104,338   515,643
British American Tobacco PLC
     7,902   332,361
British Land Co. PLC REIT
     30,621   213,842
BT Group PLC (c)
     58,632   140,655
Burberry Group PLC
     7,606   167,642
Capita PLC (b)
     4,208   1,160
Capricorn Energy PLC (b)(c)
     12,427   36,160
Central Asia Metals PLC
     26,457   82,906
Ceres Power Holdings PLC (b)(c)
     6,215   60,390
CK Hutchison Holdings, Ltd.
     45,420   333,774
CMC Markets PLC (c)(d)
     8,073   27,052
CNH Industrial NV (c)
     6,600   105,710
See accompanying notes to financial statements.
182

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Compass Group PLC
     20,793   $ 451,722
Craneware PLC
     98   2,155
Diageo PLC
     13,026   662,617
Eurasia Mining PLC (b)
     54,923   8,678
Experian PLC
     17,788   691,141
Frontier Developments PLC (b)(c)
     2,485   40,833
GAN, Ltd. (b)
     270   1,301
Greatland Gold PLC (b)(c)
     53,864   9,574
Hammerson PLC REIT (c)
     260,860   113,411
HSBC Holdings PLC
     125,033   864,939
Imperial Brands PLC
     4,491   95,230
Indivior PLC (b)
     4,132   15,244
InterContinental Hotels Group PLC
     9,167   626,419
iomart Group PLC
     106   227
ITM Power PLC (b)(c)
     8,092   37,802
J Sainsbury PLC
     35,294   117,429
Land Securities Group PLC REIT
     19,803   204,834
Learning Technologies Group PLC
     22,472   48,198
Liberty Global PLC Class A (b)
     1,947   49,668
Liberty Global PLC Class C (b)
     7,707   199,688
Linde PLC (b)(e)
     4,775   1,525,278
Linde PLC (b)(e)
     1,275   412,112
Lloyds Banking Group PLC
     414,900   257,051
M&G PLC
     21,014   61,202
Marks & Spencer Group PLC (b)
     47,323   96,390
National Grid PLC
     9,559   147,557
Next PLC
     3,482   276,542
On the Beach Group PLC (b)(d)
     4,938   15,246
Pearson PLC
     4,855   47,981
Prudential PLC
     23,213   346,589
Quilter PLC (d)
     20,655   38,726
Reckitt Benckiser Group PLC
     3,849   295,553
RELX PLC (e)
     14,926   468,315
RELX PLC (e)
     25,149   790,213
Rolls-Royce Holdings PLC (b)
     67,800   90,251
Sage Group PLC
     80,204   740,472
Serica Energy PLC
     40,735   213,731
Severn Trent PLC
     11,946   484,130
Smith & Nephew PLC
     21,721   348,907
Smiths Group PLC
     16,702   319,415
SSE PLC
     11,182   257,428
Standard Chartered PLC
     23,397   157,171
See accompanying notes to financial statements.
183

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Team17 Group PLC (b)
     2,702   $ 18,998
TechnipFMC PLC (b)
     5,495   42,832
Tesco PLC
     44,697   162,427
Unilever PLC (e)
     7,430   337,993
Unilever PLC (e)
     2   91
United Utilities Group PLC
     21,289   315,199
Virgin Money UK PLC CDI
     655   1,510
Vodafone Group PLC
     158,448   260,442
Warehouse Reit PLC
     27,330   62,468
Whitbread PLC (b)
     15,599   586,783
WPP PLC
     16,508   218,005
          19,400,797
UNITED STATES — 59.3%          
10X Genomics, Inc. Class A (b)
     90   6,846
1Life Healthcare, Inc. (b)
     1,080   11,966
23andMe Holding Co. Class A (b)(c)
     1,816   6,955
2seventy bio, Inc. (b)
     360   6,142
3D Systems Corp. (b)
     1,948   32,493
3M Co.
     4,775   710,902
4D Molecular Therapeutics, Inc. (b)
     450   6,804
908 Devices, Inc. (b)
     1,260   23,953
A10 Networks, Inc.
     564   7,868
Abbott Laboratories
     18,240   2,158,886
AbbVie, Inc.
     5,610   909,437
Accel Entertainment, Inc. (b)
     7,975   97,135
Accelerate Diagnostics, Inc. (b)
     9,273   13,353
Accenture PLC Class A
     4,775   1,610,273
Accolade, Inc. (b)(c)
     540   9,482
ACM Research, Inc. Class A (b)(c)
     1,650   34,139
Activision Blizzard, Inc.
     2,526   202,358
ACV Auctions, Inc. Class A (b)
     360   5,332
Adaptive Biotechnologies Corp. (b)
     990   13,741
Adobe, Inc. (b)
     4,514   2,056,669
Advanced Micro Devices, Inc. (b)
     9,205   1,006,475
Adverum Biotechnologies, Inc. (b)(c)
     11   14
Aerie Pharmaceuticals, Inc. (b)(c)
     296   2,694
Aeva Technologies, Inc. (b)
     626   2,711
AEye, Inc. (b)
     7,200   39,384
Affirm Holdings, Inc. (b)(c)
     679   31,424
Aflac, Inc.
     18,898   1,216,842
Agenus, Inc. (b)
     16,063   39,515
Agilent Technologies, Inc.
     9,540   1,262,428
See accompanying notes to financial statements.
184

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Agilysys, Inc. (b)
     810   $ 32,303
AGNC Investment Corp. REIT
     4,385   57,443
Airbnb, Inc. Class A (b)
     1,308   224,662
Akebia Therapeutics, Inc. (b)
     14,554   10,448
Alaunos Therapeutics, Inc. (b)
     31,752   20,715
Alector, Inc. (b)
     152   2,166
Align Technology, Inc. (b)
     180   78,480
Alignment Healthcare, Inc. (b)
     290   3,257
Aligos Therapeutics, Inc. (b)
     1,890   4,064
Alkami Technology, Inc. (b)
     900   12,879
Allegion PLC
     1,562   171,476
Allovir, Inc. (b)(c)
     240   1,620
Allstate Corp.
     7,290   1,009,738
Ally Financial, Inc.
     2,430   105,656
Alnylam Pharmaceuticals, Inc. (b)
     180   29,392
Alpha & Omega Semiconductor, Ltd. (b)
     270   14,756
Alphabet, Inc. Class A (b)
     1,908   5,306,816
Alphabet, Inc. Class C (b)
     2,197   6,136,199
Alphatec Holdings, Inc. (b)
     450   5,175
Alto Ingredients, Inc. (b)
     450   3,069
Altria Group, Inc.
     9,540   498,465
ALX Oncology Holdings, Inc. (b)
     270   4,563
Amazon.com, Inc. (b)
     3,119   10,167,784
AMC Entertainment Holdings, Inc. Class A (b)(c)
     3,695   91,045
Amcor PLC CDI
     13,818   158,866
American Electric Power Co., Inc.
     9,540   951,806
American Express Co.
     7,373   1,378,751
American Tower Corp. REIT
     4,775   1,199,575
American Well Corp. Class A (b)
     4,320   18,187
Amgen, Inc.
     5,824   1,408,360
Amyris, Inc. (b)(c)
     1,116   4,866
Annaly Capital Management, Inc. REIT (c)
     8,908   62,712
Annexon, Inc. (b)
     1,440   3,931
Antares Pharma, Inc. (b)
     8,072   33,095
Anthem, Inc.
     2,861   1,405,380
APA Corp.
     2,100   86,793
Apollo Medical Holdings, Inc. (b)
     76   3,684
Appfolio, Inc. Class A (b)
     90   10,189
AppHarvest, Inc. (b)(c)
     5,130   27,574
Appian Corp. (b)
     178   10,826
Apple, Inc.
     110,012   19,209,195
Applied Materials, Inc.
     9,811   1,293,090
See accompanying notes to financial statements.
185

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Applied Molecular Transport, Inc. (b)(c)
     1,980   $ 14,890
Applied Therapeutics, Inc. (b)
     7,376   15,563
Arbor Realty Trust, Inc. REIT
     4,673   79,721
Archer-Daniels-Midland Co.
     13,755   1,241,526
Arcturus Therapeutics Holdings, Inc. (b)
     814   21,945
Arcus Biosciences, Inc. (b)
     2,729   86,127
Arcutis Biotherapeutics, Inc. (b)
     360   6,934
Ares Commercial Real Estate Corp. REIT
     19,982   310,121
Armada Hoffler Properties, Inc. REIT
     9,979   145,693
ARMOUR Residential REIT, Inc. (c)
     3,843   32,281
Array Technologies, Inc. (b)
     990   11,157
Arrowhead Pharmaceuticals, Inc. (b)
     2,846   130,888
Arvinas, Inc. (b)
     829   55,792
Asana, Inc. Class A (b)(c)
     270   10,792
Aspira Women's Health, Inc. (b)
     34,583   35,966
Astra Space, Inc. (b)
     784   3,026
AT&T, Inc.
     55,178   1,303,856
Athenex, Inc. (b)(c)
     48   40
Audacy, Inc. (b)
     2,070   5,982
Autodesk, Inc. (b)
     180   38,583
Automatic Data Processing, Inc.
     4,775   1,086,503
Avanos Medical, Inc. (b)
     626   20,971
Aveanna Healthcare Holdings, Inc. (b)
     900   3,069
AvePoint, Inc. (b)(c)
     4,860   25,564
Avidity Biosciences, Inc. (b)
     260   4,802
Avrobio, Inc. (b)(c)
     13   17
AxoGen, Inc. (b)
     4,167   33,086
Axonics, Inc. (b)
     2,188   136,969
Baker Hughes Co.
     3,850   140,178
Bancorp, Inc. (b)
     3,294   93,319
Bandwidth, Inc. Class A (b)
     90   2,915
Bank of America Corp.
     67,307   2,774,395
Bank of New York Mellon Corp.
     14,484   718,841
Bath & Body Works, Inc.
     1,382   66,060
Baxter International, Inc.
     9,260   718,020
Beachbody Co. Inc (b)
     7,920   17,978
Becton Dickinson & Co.
     4,230   1,125,180
BellRing Brands, Inc. (b)
     230   5,308
Benefitfocus, Inc. (b)(c)
     1,620   20,444
Berkshire Grey, Inc. (b)
     310   893
Berkshire Hathaway, Inc. Class B (b)
     5,488   1,936,770
Beyondspring, Inc. (b)(c)
     4,884   10,745
See accompanying notes to financial statements.
186

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
BigCommerce Holdings, Inc. Class 1 (b)
     180   $ 3,944
Bill.Com Holdings, Inc. (b)
     346   78,469
BioAtla, Inc. (b)
     1,260   6,300
BioCryst Pharmaceuticals, Inc. (b)
     4,700   76,422
Biogen, Inc. (b)
     2,678   563,987
BioLife Solutions, Inc. (b)
     270   6,137
Bionano Genomics, Inc. (b)(c)
     4,291   11,071
Bioxcel Therapeutics, Inc. (b)
     145   3,032
BJ's Restaurants, Inc. (b)
     770   21,791
Blackstone, Inc.
     1,890   239,917
Blink Charging Co. (b)(c)
     480   12,701
Block, Inc. (b)(e)
     282   39,247
Block, Inc. (b)(e)
     1,541   208,960
Bloom Energy Corp. Class A (b)
     616   14,876
Boeing Co. (b)
     3,938   754,127
Bolt Biotherapeutics, Inc. (b)(c)
     7,666   21,005
Booking Holdings, Inc. (b)
     365   857,184
Boston Beer Co., Inc. Class A (b)
     90   34,962
Boston Omaha Corp. Class A (b)
     180   4,567
Bridgebio Pharma, Inc. (b)
     2,048   20,787
Brightcove, Inc. (b)
     720   5,616
Brighthouse Financial, Inc. (b)
     1,198   61,889
BrightSpire Capital, Inc. REIT
     30,351   280,747
Bristol-Myers Squibb Co.
     14,498   1,058,789
Broadcom, Inc.
     3,574   2,250,476
BTRS Holdings, Inc. Class A (b)
     4,140   30,967
Bumble, Inc. Class A (b)
     228   6,607
Butterfly Network, Inc. (b)
     780   3,713
C.H. Robinson Worldwide, Inc.
     4,775   514,315
Caesars Entertainment, Inc. (b)
     1,172   90,666
Callon Petroleum Co. (b)
     319   18,847
Cambium Networks Corp. (b)
     270   6,383
Cano Health, Inc. (b)(c)
     720   4,572
Canoo, Inc. (b)(c)
     672   3,709
Cantaloupe, Inc. (b)
     2,700   18,279
Capital One Financial Corp.
     4,775   626,910
Cara Therapeutics, Inc. (b)
     2,283   27,738
Cardiovascular Systems, Inc. (b)
     810   18,306
Cardlytics, Inc. (b)
     180   9,896
CareDx, Inc. (b)
     347   12,836
Caribou Biosciences, Inc. (b)(c)
     450   4,131
CarLotz, Inc. (b)(c)
     8,910   12,207
See accompanying notes to financial statements.
187

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Carnival Corp. (b)
     4,775   $ 96,550
Carrier Global Corp.
     4,775   219,029
Cars.com, Inc. (b)
     1,496   21,587
Carvana Co. (b)
     188   22,427
Casa Systems, Inc. (b)
     1,080   4,882
Cassava Sciences, Inc. (b)(c)
     231   8,579
Castle Biosciences, Inc. (b)
     270   12,112
Catalyst Pharmaceuticals, Inc. (b)
     2,644   21,919
CatchMark Timber Trust, Inc. Class A, REIT
     3,662   30,028
Caterpillar, Inc.
     4,775   1,063,965
CDK Global, Inc.
     1,367   66,546
Celldex Therapeutics, Inc. (b)
     1,428   48,638
CEL-SCI Corp. (b)
     285   1,120
Celsius Holdings, Inc. (b)(c)
     450   24,831
Century Aluminum Co. (b)
     180   4,736
Century Communities, Inc.
     613   32,838
Certara, Inc. (b)
     180   3,866
Cerus Corp. (b)
     3,294   18,084
CEVA, Inc. (b)
     160   6,504
CF Industries Holdings, Inc.
     1,440   148,406
ChampionX Corp. (b)
     4,022   98,459
Change Healthcare, Inc. (b)
     6,155   134,179
ChannelAdvisor Corp. (b)
     1,851   30,671
ChargePoint Holdings, Inc. (b)
     270   5,368
Charles Schwab Corp.
     14,548   1,226,542
Charlottes Web Holdings, Inc. (b)(c)
     100   108
Charter Communications, Inc. Class A (b)
     1,760   960,115
Chefs' Warehouse, Inc. (b)
     264   8,606
ChemoCentryx, Inc. (b)
     2,196   55,054
Chemours Co.
     1,192   37,524
Chevron Corp.
     13,100   2,133,073
Chimerix, Inc. (b)
     2,680   12,274
Chubb, Ltd.
     6,335   1,355,056
Church & Dwight Co., Inc.
     13,245   1,316,288
Cigna Corp.
     1,391   333,298
Cipher Mining, Inc. (b)
     5,490   19,984
Cisco Systems, Inc.
     43,796   2,442,065
Citigroup, Inc.
     23,776   1,269,638
Citizens Financial Group, Inc.
     2,790   126,471
Citrix Systems, Inc.
     4,775   481,797
Clean Energy Fuels Corp. (b)
     14,622   116,099
Clear Channel Outdoor Holding, Inc. (b)
     12,015   41,572
See accompanying notes to financial statements.
188

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Clear Secure, Inc. Class A (b)(c)
     360   $ 9,677
Clorox Co.
     4,655   647,185
Cloudflare, Inc. Class A (b)
     1,959   234,492
Clover Health Investments Corp. (b)(c)
     3,008   10,678
Clovis Oncology, Inc. (b)
     10,204   20,612
Coca-Cola Co.
     18,958   1,175,396
Codexis, Inc. (b)
     532   10,970
Coeur Mining, Inc. (b)
     4,589   20,421
Cognizant Technology Solutions Corp. Class A
     9,614   862,087
Coherus Biosciences, Inc. (b)
     823   10,625
Colgate-Palmolive Co.
     8,003   606,867
Collegium Pharmaceutical, Inc. (b)
     1,268   25,816
Comcast Corp. Class A
     24,468   1,145,592
Community Health Systems, Inc. (b)
     6,811   80,847
Community Healthcare Trust, Inc. REIT
     6,158   259,929
Computer Programs & Systems, Inc. (b)
     188   6,477
Conagra Brands, Inc.
     9,540   320,258
ConocoPhillips
     9,540   954,000
Constellation Energy Corp.
     3,183   179,044
ContextLogic, Inc. Class A (b)(c)
     1,927   4,336
Corning, Inc.
     18,278   674,641
Corteva, Inc.
     7,614   437,653
Cortexyme, Inc. (b)
     1,188   7,354
Costco Wholesale Corp.
     4,595   2,646,031
Coty, Inc. Class A (b)
     747   6,716
Couchbase, Inc. (b)
     720   12,542
Crowdstrike Holdings, Inc. Class A (b)
     1,515   344,026
CryoPort, Inc. (b)
     1,017   35,503
CSX Corp.
     37,324   1,397,784
Cue Biopharma, Inc. (b)
     166   810
Cullinan Oncology, Inc. (b)
     130   1,361
Cummins, Inc.
     4,595   942,480
CuriosityStream, Inc. (b)
     7,110   20,619
Curis, Inc. (b)(c)
     2,430   5,783
CVS Health Corp.
     13,854   1,402,163
Cytokinetics, Inc. (b)
     257   9,460
CytomX Therapeutics, Inc. (b)
     49   131
Danaher Corp.
     7,423   2,177,389
Danimer Scientific, Inc. (b)(c)
     4,322   25,327
Datadog, Inc. Class A (b)
     1,080   163,588
Dave & Buster's Entertainment, Inc. (b)
     2,106   103,405
Deciphera Pharmaceuticals, Inc. (b)
     260   2,410
See accompanying notes to financial statements.
189

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Deere & Co.
     3,177   $ 1,319,916
Dell Technologies, Inc. Class C (b)
     998   50,090
Denny's Corp. (b)
     443   6,339
Dermtech, Inc. (b)
     158   2,319
Designer Brands, Inc. Class A (b)
     1,496   20,211
Desktop Metal, Inc. Class A (b)(c)
     1,080   5,119
Devon Energy Corp.
     2,100   124,173
DexCom, Inc. (b)
     284   145,294
Diebold Nixdorf, Inc. (b)
     2,761   18,582
Digital Turbine, Inc. (b)
     3,035   132,963
Dine Brands Global, Inc.
     491   38,273
Discover Financial Services
     6,857   755,573
Discovery, Inc. Class A (b)
     180   4,486
Discovery, Inc. Class C (b)
     180   4,495
DocuSign, Inc. (b)
     537   57,523
Dollar Tree, Inc. (b)
     3,712   594,477
Doma Holdings, Inc. (b)
     2,520   5,468
Domo, Inc. Class B (b)
     969   49,002
DoorDash, Inc. Class A (b)
     256   30,001
Douglas Elliman, Inc.
     14,118   103,061
Dow, Inc.
     7,711   491,345
Duke Energy Corp.
     5,206   581,302
DuPont de Nemours, Inc.
     5,561   409,178
Durect Corp. (b)(c)
     103   69
DXC Technology Co. (b)
     1,561   50,935
Dynavax Technologies Corp. (b)
     5,758   62,417
Dyne Therapeutics, Inc. (b)(c)
     630   6,073
Dynex Capital, Inc. REIT (c)
     15,545   251,829
Easterly Government Properties, Inc. REIT
     26,984   570,442
Eaton Corp. PLC
     9,277   1,407,878
eBay, Inc.
     9,719   556,510
Ebix, Inc.
     616   20,420
Ecolab, Inc.
     3,286   580,176
Edison International
     8,256   578,746
Editas Medicine, Inc. (b)
     590   11,222
eGain Corp. (b)
     11   127
eHealth, Inc. (b)
     188   2,333
El Pollo Loco Holdings, Inc. (b)
     125   1,453
Elanco Animal Health, Inc. (b)
     2,013   52,519
Elastic NV (b)
     90   8,006
Electric Last Mile Solutions, Inc. (b)(c)
     12,242   17,506
Electronic Arts, Inc.
     180   22,772
See accompanying notes to financial statements.
190

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Eli Lilly & Co.
     6,570   $ 1,881,451
Ellington Financial, Inc. REIT (c)
     3,493   62,001
Emerson Electric Co.
     9,540   935,397
Endo International PLC (b)
     2,853   6,590
Energy Fuels, Inc. (b)(c)
     404   3,723
Enphase Energy, Inc. (b)
     620   125,104
EOG Resources, Inc.
     6,946   828,172
EPAM Systems, Inc. (b)
     90   26,695
Epizyme, Inc. (b)
     9,180   10,557
Equity Residential REIT
     4,775   429,368
Erasca, Inc. (b)(c)
     360   3,096
Essential Properties Realty Trust, Inc. REIT
     2,394   60,568
Estee Lauder Cos., Inc. Class A
     4,055   1,104,258
Etsy, Inc. (b)
     366   45,486
Eventbrite, Inc. Class A (b)
     440   6,499
Everi Holdings, Inc. (b)
     1,925   40,425
EverQuote, Inc. Class A (b)
     1,018   16,471
Evolent Health, Inc. Class A (b)
     1,217   39,309
Evolv Technologies Holdings, Inc. (b)
     5,240   13,886
Exact Sciences Corp. (b)
     90   6,293
Exelon Corp.
     9,540   454,390
eXp World Holdings, Inc. (c)
     630   13,337
Expedia Group, Inc. (b)
     350   68,484
Expro Group Holdings NV (b)
     576   10,241
Exxon Mobil Corp.
     26,409   2,181,119
Faraday Future Intelligent Electric, Inc. (b)(c)
     6,320   31,537
Fastenal Co.
     9,629   571,963
Fastly, Inc. Class A (b)
     270   4,693
Fate Therapeutics, Inc. (b)
     631   24,464
FB Financial Corp.
     799   35,492
FedEx Corp.
     3,600   833,004
Ferguson PLC
     3,846   525,626
FibroGen, Inc. (b)
     270   3,245
Fidelity National Information Services, Inc.
     720   72,302
FirstEnergy Corp.
     9,540   437,504
Fiverr International, Ltd. (b)(c)
     43   3,271
Fluidigm Corp. (b)(c)
     7,863   28,228
Ford Motor Co.
     37,412   632,637
Fortinet, Inc. (b)
     360   123,026
Fortive Corp.
     4,669   284,482
Fox Corp. Class A
     6,778   267,392
Franklin BSP Realty Trust, Inc. REIT
     613   8,570
See accompanying notes to financial statements.
191

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Franklin Resources, Inc.
     13,605   $ 379,852
Freeport-McMoRan, Inc.
     5,461   271,630
Frequency Therapeutics, Inc. (b)
     11   23
fuboTV, Inc. (b)
     2,552   16,767
FuelCell Energy, Inc. (b)(c)
     3,207   18,472
Fulgent Genetics, Inc. (b)
     180   11,234
G1 Therapeutics, Inc. (b)
     450   3,420
GameStop Corp. Class A (b)(c)
     354   58,969
Gatos Silver, Inc. (b)
     3,690   15,941
Generac Holdings, Inc. (b)
     90   26,753
General Dynamics Corp.
     4,775   1,151,634
General Electric Co.
     4,719   431,788
General Mills, Inc.
     4,775   323,363
General Motors Co. (b)
     9,540   417,280
Generation Bio Co. (b)
     230   1,688
Geron Corp. (b)
     6,799   9,247
Gilead Sciences, Inc.
     12,284   730,284
Gladstone Commercial Corp. REIT
     17,337   381,761
Glaukos Corp. (b)
     90   5,204
GlaxoSmithKline PLC
     29,953   649,617
Global Blood Therapeutics, Inc. (b)
     319   11,050
Global Medical REIT, Inc.
     8,457   138,018
Global Payments, Inc.
     270   36,947
Globalstar, Inc. (b)(c)
     38,127   56,047
Golden Nugget Online Gaming, Inc. (b)
     250   1,778
Goldman Sachs Group, Inc.
     3,887   1,283,099
Granite Point Mortgage Trust, Inc. REIT
     2,039   22,674
Green Brick Partners, Inc. (b)
     1,163   22,981
Grid Dynamics Holdings, Inc. (b)
     180   2,534
Groupon, Inc. (b)(c)
     393   7,557
GrowGeneration Corp. (b)(c)
     712   6,558
Guardant Health, Inc. (b)
     90   5,962
Haemonetics Corp. (b)
     90   5,690
Halliburton Co.
     9,540   361,280
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (c)
     1,401   66,449
Health Catalyst, Inc. (b)
     540   14,110
Healthpeak Properties, Inc. REIT
     13,007   446,530
Hecla Mining Co.
     1,924   12,641
Hemisphere Media Group, Inc. (b)
     90   411
Heron Therapeutics, Inc. (b)
     1,017   5,817
Hershey Co.
     4,775   1,034,408
See accompanying notes to financial statements.
192

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Hess Corp.
     4,775   $ 511,116
Hewlett Packard Enterprise Co.
     19,178   320,464
Hims & Hers Health, Inc. (b)(c)
     480   2,558
Hippo Holdings, Inc. (b)
     2,970   5,910
Home Depot, Inc.
     8,391   2,511,678
Homology Medicines, Inc. (b)
     5,562   16,908
Honest Co. Inc (b)(c)
     2,250   11,723
Honeywell International, Inc.
     9,683   1,884,118
HP, Inc.
     19,178   696,161
HubSpot, Inc. (b)
     180   85,489
Humacyte, Inc. (b)(c)
     370   2,612
Humanigen, Inc. (b)
     5,748   17,301
Huron Consulting Group, Inc. (b)
     90   4,123
Hydrofarm Holdings Group, Inc. (b)(c)
     360   5,454
Hyzon Motors, Inc. (b)
     480   3,067
I3 Verticals, Inc. Class A (b)
     630   17,552
Ichor Holdings, Ltd. (b)
     176   6,269
Icosavax, Inc. (b)
     50   352
Ideanomics, Inc. (b)
     6,390   7,157
IGM Biosciences, Inc. (b)
     270   7,217
Illinois Tool Works, Inc.
     6,580   1,377,852
Illumina, Inc. (b)
     360   125,784
Imago Biosciences, Inc. (b)(c)
     180   3,469
ImmunityBio, Inc. (b)
     540   3,029
ImmunoGen, Inc. (b)
     7,703   36,666
Inari Medical, Inc. (b)
     180   16,315
Ingersoll Rand, Inc.
     7,320   368,562
Inhibrx, Inc. (b)
     2,038   45,407
Inmode, Ltd. (b)
     2,757   101,761
Innovative Industrial Properties, Inc. REIT
     922   189,379
Inogen, Inc. (b)
     180   5,836
Inovio Pharmaceuticals, Inc. (b)
     1,497   5,374
Inseego Corp. (b)(c)
     548   2,219
Inspire Medical Systems, Inc. (b)
     441   113,200
Installed Building Products, Inc.
     43   3,633
Insulet Corp. (b)
     90   23,975
Intapp, Inc. (b)
     1,080   25,931
Intel Corp.
     35,653   1,766,963
Intellia Therapeutics, Inc. (b)
     828   60,171
Intercept Pharmaceuticals, Inc. (b)(c)
     1,484   24,145
International Business Machines Corp.
     7,727   1,004,665
International Flavors & Fragrances, Inc.
     1,407   184,781
See accompanying notes to financial statements.
193

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
International Money Express, Inc. (b)
     3,844   $ 79,225
International Seaways, Inc.
     400   7,216
Intra-Cellular Therapies, Inc. (b)
     1,820   111,366
Intuit, Inc.
     3,283   1,578,598
Intuitive Surgical, Inc. (b)
     540   162,907
Invitae Corp. (b)
     191   1,522
iRhythm Technologies, Inc. (b)
     90   14,172
J.M. Smucker Co.
     4,775   646,583
Jamf Holding Corp. (b)(c)
     90   3,133
Johnson & Johnson
     15,755   2,792,259
Johnson Controls International PLC
     12,672   830,903
Joint Corp. (b)
     90   3,185
JPMorgan Chase & Co.
     25,480   3,473,434
Juniper Networks, Inc.
     9,540   354,506
Kala Pharmaceuticals, Inc. (b)
     19   26
Karyopharm Therapeutics, Inc. (b)
     4,844   35,700
Kellogg Co.
     4,775   307,940
Keysight Technologies, Inc. (b)
     4,773   753,991
Kimberly-Clark Corp.
     4,775   588,089
Kinder Morgan, Inc.
     7,065   133,599
Kiniksa Pharmaceuticals, Ltd. Class A (b)
     450   4,473
Kinnate Biopharma, Inc. (b)(c)
     810   9,121
KKR Real Estate Finance Trust, Inc. REIT
     2,303   47,465
KLA Corp.
     180   65,891
Kohl's Corp.
     3,836   231,925
Kraft Heinz Co.
     554   21,822
Kronos Bio, Inc. (b)
     630   4,555
Krystal Biotech, Inc. (b)
     2   133
Kymera Therapeutics, Inc. (b)
     704   29,793
Kyndryl Holdings, Inc. (b)
     1,544   20,257
Lam Research Corp.
     360   193,540
Lamb Weston Holdings, Inc.
     3,207   192,131
Lantheus Holdings, Inc. (b)
     1,929   106,693
Laredo Petroleum, Inc. (b)
     319   25,246
Las Vegas Sands Corp. (b)
     4,775   185,604
Latch, Inc. (b)(c)
     4,546   19,411
Lattice Semiconductor Corp. (b)
     90   5,486
Leidos Holdings, Inc.
     1,197   129,300
Lemonade, Inc. (b)(c)
     440   11,603
Lexicon Pharmaceuticals, Inc. (b)
     2,610   5,455
LGI Homes, Inc. (b)
     43   4,200
Liberty Broadband Corp. Class C (b)
     690   93,371
See accompanying notes to financial statements.
194

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Limelight Networks, Inc. (b)
     3,843   $ 20,060
Lindblad Expeditions Holdings, Inc. (b)(c)
     3,662   55,223
Livent Corp. (b)
     528   13,765
Lockheed Martin Corp.
     2,733   1,206,346
Lordstown Motors Corp. Class A (b)
     10,929   37,268
Lovesac Co. (b)
     90   4,865
Lowe's Cos., Inc.
     7,353   1,486,703
Lucid Group, Inc. (b)(c)
     2,528   64,211
Lululemon Athletica, Inc. (b)
     90   32,871
Lumen Technologies, Inc.
     3,222   36,312
Luminar Technologies, Inc. (b)
     270   4,220
LyondellBasell Industries NV Class A
     4,685   481,712
M/I Homes, Inc. (b)
     221   9,801
MacroGenics, Inc. (b)
     2,936   25,866
Macy's, Inc.
     2,017   49,134
Magnite, Inc. (b)
     850   11,229
Marathon Digital Holdings, Inc. (b)(c)
     1,864   52,099
Marathon Oil Corp.
     14,373   360,906
Marathon Petroleum Corp.
     9,629   823,279
Maravai LifeSciences Holdings, Inc. Class A (b)
     540   19,046
Markforged Holding Corp. (b)
     1,440   5,746
Marsh & McLennan Cos., Inc.
     9,540   1,625,807
Marvell Technology, Inc.
     3,420   245,248
Mastercard, Inc. Class A
     4,729   1,690,050
Matador Resources Co.
     1,497   79,311
Match Group, Inc. (b)
     540   58,720
Mattel, Inc. (b)
     294   6,530
Maxar Technologies, Inc.
     2,406   94,941
MaxCyte, Inc. (b)
     2,700   18,873
Maxeon Solar Technologies, Ltd. (b)(c)
     1,896   27,454
MaxLinear, Inc. (b)
     270   15,755
McCormick & Co., Inc.
     9,901   988,120
McDonald's Corp.
     4,775   1,180,762
McKesson Corp.
     3,123   956,044
MediaAlpha, Inc. Class A (b)(c)
     1,380   22,839
Medifast, Inc.
     364   62,164
Medtronic PLC
     16,419   1,821,688
MeiraGTx Holdings PLC (b)(c)
     100   1,385
Merchants Bancorp
     1,228   33,623
Merck & Co., Inc.
     19,086   1,566,006
MeridianLink, Inc. (b)
     130   2,353
Mersana Therapeutics, Inc. (b)
     345   1,377
See accompanying notes to financial statements.
195

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Meta Financial Group, Inc.
     634   $ 34,819
Meta Materials, Inc. (b)(c)
     1,342   2,241
Meta Platforms, Inc. Class A (b)
     15,598   3,468,371
MetLife, Inc.
     14,188   997,133
MetroMile, Inc. (b)
     536   708
MGP Ingredients, Inc. (c)
     66   5,649
Micron Technology, Inc.
     4,054   315,766
Microsoft Corp.
     49,747   15,337,498
Microvast Holdings, Inc. (b)(c)
     1,579   10,579
MicroVision, Inc. (b)(c)
     1,444   6,743
MiMedx Group, Inc. (b)
     900   4,239
Mind Medicine MindMed, Inc. (b)(c)
     6,160   6,806
Mitek Systems, Inc. (b)
     3,305   48,484
Model N, Inc. (b)
     240   6,456
Moderna, Inc. (b)
     2,129   366,742
Molecular Templates, Inc. (b)(c)
     13   45
Momentus, Inc. (b)
     330   1,053
Monarch Casino & Resort, Inc. (b)
     590   51,466
Mondelez International, Inc. Class A
     4,775   299,774
MoneyGram International, Inc. (b)
     708   7,476
MongoDB, Inc. (b)
     180   79,846
Monte Rosa Therapeutics, Inc. (b)(c)
     56   785
Morgan Stanley
     13,833   1,209,004
Mosaic Co.
     4,385   291,602
MP Materials Corp. (b)
     90   5,161
MRC Global, Inc. (b)
     4,236   50,451
Myovant Sciences, Ltd. (b)
     360   4,795
N-Able, Inc. (b)
     450   4,095
NanoString Technologies, Inc. (b)
     180   6,255
National Beverage Corp.
     270   11,745
Nautilus, Inc. (b)
     15   62
NeoGenomics, Inc. (b)
     180   2,187
Neoleukin Therapeutics, Inc. (b)
     15   28
NeoPhotonics Corp. (b)
     1,766   26,861
NetApp, Inc.
     4,775   396,325
Netflix, Inc. (b)
     2,485   930,856
Newmont Corp.
     4,775   379,374
News Corp. Class A
     2,485   55,043
NexPoint Residential Trust, Inc. REIT
     8,889   802,766
NextEra Energy, Inc.
     19,133   1,620,756
NexTier Oilfield Solutions, Inc. (b)
     5,747   53,102
NIKE, Inc. Class B
     14,027   1,887,473
See accompanying notes to financial statements.
196

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Nkarta, Inc. (b)
     110   $ 1,252
nLight, Inc. (b)
     264   4,578
NMI Holdings, Inc. Class A (b)
     188   3,877
Norfolk Southern Corp.
     4,505   1,284,916
Northrop Grumman Corp.
     2,017   902,043
Nov, Inc.
     2,100   41,181
Novavax, Inc. (b)
     454   33,437
Novocure, Ltd. (b)(c)
     450   37,283
NOW, Inc. (b)
     551   6,078
Nucor Corp.
     360   53,514
Nurix Therapeutics, Inc. (b)
     352   4,932
nVent Electric PLC
     353   12,277
NVIDIA Corp.
     15,610   4,259,345
Oak Street Health, Inc. (b)(c)
     630   16,934
Occidental Petroleum Corp.
     5,687   322,680
Oceaneering International, Inc. (b)
     3,532   53,545
Ocugen, Inc. (b)
     2,636   8,699
Ocular Therapeutix, Inc. (b)(c)
     1,638   8,108
Okta, Inc. (b)
     270   40,759
Olema Pharmaceuticals, Inc. (b)
     900   3,834
Omeros Corp. (b)(c)
     440   2,644
ON Semiconductor Corp. (b)
     1,170   73,254
ON24, Inc. (b)
     120   1,578
OneSpan, Inc. (b)
     180   2,599
Ontrack, Inc. (b)
     12   27
OptimizeRx Corp. (b)
     450   16,970
Oracle Corp.
     14,687   1,215,056
OraSure Technologies, Inc. (b)
     540   3,661
O'Reilly Automotive, Inc. (b)
     1,581   1,082,922
Organogenesis Holdings, Inc. (b)
     630   4,801
Organon & Co.
     1,708   59,660
ORIC Pharmaceuticals, Inc. (b)
     170   908
Origin Materials, Inc. (b)
     720   4,738
Otis Worldwide Corp.
     2,394   184,218
Outset Medical, Inc. (b)(c)
     90   4,086
Overstock.com, Inc. (b)(c)
     888   39,076
Owens & Minor, Inc.
     2,664   117,269
Pacific Biosciences of California, Inc. (b)
     1,232   11,211
Palantir Technologies, Inc. Class A (b)
     6,813   93,542
Palo Alto Networks, Inc. (b)(c)
     90   56,026
Palomar Holdings, Inc. (b)
     825   52,792
Par Pacific Holdings, Inc. (b)
     268   3,489
See accompanying notes to financial statements.
197

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
PAR Technology Corp. (b)(c)
     90   $ 3,631
Paramount Global Class B
     9,670   365,623
Parker-Hannifin Corp.
     3,841   1,089,922
Party City Holdco, Inc. (b)
     1,080   3,866
Passage Bio, Inc. (b)
     188   583
Paya Holdings, Inc. (b)
     5,220   30,589
Paymentus Holdings, Inc. Class A (b)
     270   5,692
Payoneer Global, Inc. (b)
     990   4,415
PayPal Holdings, Inc. (b)
     10,160   1,175,004
PBF Energy, Inc. Class A (b)
     1,851   45,109
Peabody Energy Corp. (b)
     1,340   32,870
Peloton Interactive, Inc. Class A (b)
     1,792   47,345
Penn National Gaming, Inc. (b)
     604   25,622
Pennant Group, Inc. (b)
     1,350   25,151
PennyMac Financial Services, Inc.
     188   10,002
Pentair PLC
     353   19,136
People's United Financial, Inc.
     31,248   624,648
PepsiCo, Inc.
     9,814   1,642,667
Personalis, Inc. (b)(c)
     2,137   17,502
PetIQ, Inc. (b)
     270   6,588
PetMed Express, Inc. (c)
     631   16,280
Pfizer, Inc.
     41,093   2,127,385
PG&E Corp. (b)
     990   11,821
Phathom Pharmaceuticals, Inc. (b)(c)
     275   3,743
Philip Morris International, Inc.
     9,540   896,188
Phillips 66
     2,371   204,831
Phreesia, Inc. (b)
     900   23,724
Piedmont Lithium, Inc. (b)
     346   25,255
Pinterest, Inc. Class A (b)
     2,863   70,458
Pioneer Natural Resources Co.
     3,220   805,097
Plug Power, Inc. (b)(c)
     2,705   77,390
PNC Financial Services Group, Inc.
     4,775   880,749
Point Biopharma Global, Inc. (b)(c)
     220   1,753
PPL Corp.
     14,373   410,493
Praxis Precision Medicines, Inc. (b)
     120   1,225
Precigen, Inc. (b)
     570   1,203
Precision BioSciences, Inc. (b)
     5,400   16,632
Prelude Therapeutics, Inc. (b)(c)
     49   338
Premier Financial Corp.
     188   5,702
Privia Health Group, Inc. (b)
     180   4,811
Procter & Gamble Co.
     10,355   1,582,244
Prologis, Inc. REIT
     11,986   1,935,499
See accompanying notes to financial statements.
198

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
PROS Holdings, Inc. (b)
     450   $ 14,990
Proterra, Inc. (b)(c)
     540   4,061
Provention Bio, Inc. (b)(c)
     1,320   9,662
Prudential Financial, Inc.
     7,157   845,743
PTC Therapeutics, Inc. (b)
     1,175   43,839
Public Service Enterprise Group, Inc.
     9,540   667,800
Public Storage REIT
     4,027   1,571,658
PubMatic, Inc. Class A (b)
     228   5,955
Pulmonx Corp. (b)(c)
     140   3,473
Puma Biotechnology, Inc. (b)
     25   72
PureCycle Technologies, Inc. (b)(c)
     2,928   23,424
Purple Innovation, Inc. (b)(c)
     2,340   13,689
QUALCOMM, Inc.
     9,657   1,475,783
Quanterix Corp. (b)
     620   18,098
Quantum-Si, Inc. (b)(c)
     6,148   28,773
Quidel Corp. (b)
     90   10,121
QuinStreet, Inc. (b)
     828   9,605
Quotient, Ltd. (b)(c)
     119   143
Qurate Retail, Inc. Class A
     8,716   41,488
Radius Health, Inc. (b)(c)
     1,836   16,212
Raytheon Technologies Corp.
     16,029   1,587,993
REC Silicon ASA (b)(c)
     16,570   27,724
Recursion Pharmaceuticals, Inc. Class A (b)
     556   3,981
Redfin Corp. (b)(c)
     180   3,247
Regeneron Pharmaceuticals, Inc. (b)
     180   125,716
REGENXBIO, Inc. (b)
     166   5,510
Rekor Systems, Inc. (b)(c)
     3,932   17,930
Relmada Therapeutics, Inc. (b)(c)
     675   18,218
Renalytix PLC (b)
     2,790   9,918
Renewable Energy Group, Inc. (b)
     180   10,917
Repay Holdings Corp. (b)
     900   13,293
Resideo Technologies, Inc. (b)
     934   22,257
Retail Opportunity Investments Corp. REIT
     39,416   764,276
Revance Therapeutics, Inc. (b)
     2,747   53,566
Rhythm Pharmaceuticals, Inc. (b)
     2,250   25,920
Rigel Pharmaceuticals, Inc. (b)
     20,577   61,525
Rimini Street, Inc. (b)
     6,840   39,672
RingCentral, Inc. Class A (b)
     180   21,098
Riot Blockchain, Inc. (b)
     2,804   59,361
Rivian Automotive, Inc. Class A (b)
     768   38,584
Rocket Pharmaceuticals, Inc. (b)
     270   4,282
Rockley Photonics Holdings, Ltd. (b)
     5,670   22,850
See accompanying notes to financial statements.
199

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Roku, Inc. (b)
     636   $ 79,672
Romeo Power, Inc. (b)(c)
     11,410   17,001
Ross Stores, Inc.
     8,642   781,755
Rover Group, Inc. (b)
     900   5,193
Rubius Therapeutics, Inc. (b)
     810   4,463
Ruth's Hospitality Group, Inc.
     4,927   112,730
Sabre Corp. (b)
     1,144   13,076
Safehold, Inc. REIT (c)
     1,005   55,727
salesforce.com, Inc. (b)
     9,275   1,969,268
Sana Biotechnology, Inc. (b)
     1,080   8,921
Sangamo Therapeutics, Inc. (b)
     627   3,643
Sarepta Therapeutics, Inc. (b)
     364   28,436
Schlumberger NV
     9,712   401,203
Schneider Electric SE
     4,959   839,563
Scholar Rock Holding Corp. (b)
     1,685   21,720
Schrodinger, Inc. (b)
     898   30,640
Scientific Games Corp. Class A (b)
     1,626   95,527
Seagate Technology Holdings PLC
     3,801   341,710
Seer, Inc. (b)(c)
     1,264   19,263
Select Energy Services, Inc. Class A (b)
     11,751   100,706
Sema4 Holdings Corp. (b)(c)
     10,599   32,539
Senseonics Holdings, Inc. (b)(c)
     2,528   4,980
Seres Therapeutics, Inc. (b)
     2,303   16,397
Seritage Growth Properties Class A, REIT (b)
     3,047   38,575
ServiceNow, Inc. (b)
     914   508,997
Shattuck Labs, Inc. (b)
     1,170   4,984
Shoals Technologies Group, Inc. Class A (b)
     540   9,202
Shockwave Medical, Inc. (b)
     90   18,662
ShotSpotter, Inc. (b)
     1,530   42,412
SI-BONE, Inc. (b)
     150   3,390
SIGA Technologies, Inc. (b)
     1,924   13,641
Sight Sciences, Inc. (b)
     990   11,444
Signature Bank
     360   105,656
Signify Health, Inc. Class A (b)
     360   6,534
Silk Road Medical, Inc. (b)
     270   11,148
Silvergate Capital Corp. Class A (b)
     242   36,438
Simon Property Group, Inc. REIT
     4,775   628,199
Simulations Plus, Inc.
     770   39,255
SiTime Corp. (b)
     90   22,304
Skillsoft Corp. (b)
     450   2,718
Skillz, Inc. (b)(c)
     5,387   16,161
Skyline Champion Corp. (b)
     1,132   62,124
See accompanying notes to financial statements.
200

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
SkyWater Technology, Inc. (b)(c)
     1,188   $ 12,866
Smartsheet, Inc. Class A (b)
     180   9,860
SmileDirectClub, Inc. (b)
     5,706   14,779
Smith & Wesson Brands, Inc.
     450   6,809
Snap, Inc. Class A (b)
     6,199   223,102
Snowflake, Inc. Class A (b)
     1,172   268,540
SolarEdge Technologies, Inc. (b)
     223   71,889
Sorrento Therapeutics, Inc. (b)
     4,029   9,388
Southern Co.
     4,775   346,235
Spire Global, Inc. (b)
     11,620   24,402
Sprinklr, Inc. Class A (b)
     630   7,497
Sprout Social, Inc. Class A (b)
     704   56,404
STAAR Surgical Co. (b)
     90   7,192
Starbucks Corp.
     14,865   1,352,269
State Street Corp. (g)
     4,775   415,998
Stellantis NV
     8,177   134,652
Stem, Inc. (b)
     450   4,955
Stoke Therapeutics, Inc. (b)
     360   7,578
Sunnova Energy International, Inc. (b)
     825   19,025
Surmodics, Inc. (b)
     90   4,080
SVB Financial Group (b)
     90   50,350
Swiss Re AG
     4,500   430,905
Synchrony Financial
     5,325   185,363
Sysco Corp.
     9,540   778,941
Tabula Rasa HealthCare, Inc. (b)
     3,580   20,621
Tactile Systems Technology, Inc. (b)
     2,070   41,731
Tandem Diabetes Care, Inc. (b)
     441   51,284
Tango Therapeutics, Inc. (b)
     720   5,458
Tapestry, Inc.
     4,571   169,813
Target Corp.
     4,775   1,013,350
Taysha Gene Therapies, Inc. (b)(c)
     2,970   19,364
TechTarget, Inc. (b)
     3,970   322,682
Teladoc Health, Inc. (b)(c)
     275   19,836
Tellurian, Inc. (b)
     5,289   28,032
Telos Corp. (b)
     1,350   13,460
Tenneco, Inc. Class A (b)
     3,356   61,482
Tesla, Inc. (b)
     5,630   6,066,888
Texas Instruments, Inc.
     11,815   2,167,816
TG Therapeutics, Inc. (b)
     450   4,280
TherapeuticsMD, Inc. (b)(c)
     207   79
Thermo Fisher Scientific, Inc.
     4,305   2,542,748
Tivity Health, Inc. (b)
     943   30,336
See accompanying notes to financial statements.
201

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
TJX Cos., Inc.
     18,178   $ 1,101,223
T-Mobile US, Inc. (b)
     540   69,309
TPI Composites, Inc. (b)
     1,260   17,716
Trade Desk, Inc. Class A (b)
     2,618   181,296
Trane Technologies PLC
     7,226   1,103,410
TransMedics Group, Inc. (b)
     1,530   41,218
TRANSOCEAN, Ltd. (b)(c)
     2,119   9,684
Travelers Cos., Inc.
     4,775   872,536
Treace Medical Concepts, Inc. (b)
     360   6,808
Triumph Group, Inc. (b)
     2,747   69,444
Tupperware Brands Corp. (b)
     270   5,252
Turning Point Brands, Inc.
     90   3,061
Twilio, Inc. Class A (b)
     627   103,336
Twist Bioscience Corp. (b)
     1,273   62,861
Twitter, Inc. (b)
     2,845   110,073
Tyson Foods, Inc. Class A
     7,343   658,153
Uber Technologies, Inc. (b)
     4,426   157,920
Ultra Clean Holdings, Inc. (b)
     270   11,445
UMH Properties, Inc. REIT
     27,394   673,618
Union Pacific Corp.
     7,236   1,976,948
Unisys Corp. (b)
     1,839   39,741
United Parcel Service, Inc. Class B
     4,775   1,024,046
UnitedHealth Group, Inc.
     7,952   4,055,281
Universal Corp.
     166   9,640
Upstart Holdings, Inc. (b)(c)
     166   18,109
Upwork, Inc. (b)
     810   18,824
Uranium Energy Corp. (b)(c)
     948   4,351
UroGen Pharma, Ltd. (b)(c)
     3,758   32,732
Urstadt Biddle Properties, Inc. Class A, REIT
     1,172   22,045
US Bancorp
     14,498   770,569
Valero Energy Corp.
     6,957   706,414
Vanda Pharmaceuticals, Inc. (b)
     409   4,626
Vapotherm, Inc. (b)(c)
     1,210   16,819
Vaxart, Inc. (b)
     2,070   10,433
VBI Vaccines, Inc. (b)
     3,150   5,229
Vector Group, Ltd.
     28,237   339,973
Velodyne Lidar, Inc. (b)
     3,214   8,228
Veracyte, Inc. (b)
     176   4,852
Veritone, Inc. (b)(c)
     1,366   24,970
Verizon Communications, Inc.
     16,340   832,360
Vertex, Inc. Class A (b)
     1,788   27,428
Veru, Inc. (b)
     3,330   16,084
See accompanying notes to financial statements.
202

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Verve Therapeutics, Inc. (b)
     76   $ 1,734
Viad Corp. (b)
     528   18,818
Viatris, Inc.
     6,029   65,596
Victoria's Secret & Co. (b)
     460   23,626
View, Inc. (b)
     320   589
ViewRay, Inc. (b)
     1,170   4,586
Viking Therapeutics, Inc. (b)(c)
     823   2,469
Vimeo, Inc. (b)
     992   11,785
Vinco Ventures, Inc. (b)(c)
     5,614   17,965
Vir Biotechnology, Inc. (b)
     242   6,224
Virgin Galactic Holdings, Inc. (b)
     1,764   17,428
Visa, Inc. Class A
     13,325   2,955,085
Vista Outdoor, Inc. (b)
     1,212   43,256
Vital Farms, Inc. (b)
     110   1,360
Vivint Smart Home, Inc. (b)
     3,960   26,770
VMware, Inc. Class A
     436   49,647
Vobile Group, Ltd. (b)(c)
     17,110   10,443
Volta, Inc. (b)
     2,070   6,314
Vontier Corp.
     1,861   47,251
Vuzix Corp. (b)(c)
     359   2,369
Walmart, Inc.
     9,814   1,461,501
Walgreens Boots Alliance, Inc.
     9,540   427,106
Walt Disney Co. (b)
     15,629   2,143,674
Waste Management, Inc.
     9,454   1,498,459
WaVe Life Sciences, Ltd. (b)
     10   20
Wayfair, Inc. Class A (b)(c)
     275   30,465
Wells Fargo & Co.
     34,263   1,660,385
Western Digital Corp. (b)
     5,946   295,219
Willdan Group, Inc. (b)
     630   19,335
Williams Cos., Inc.
     8,693   290,433
WM Technology, Inc. (b)
     4,922   38,490
Wolfspeed, Inc. (b)
     270   30,742
Workhorse Group, Inc. (b)(c)
     998   4,990
XL Fleet Corp. (b)
     12,160   24,198
Yext, Inc. (b)
     1,440   9,922
Y-mAbs Therapeutics, Inc. (b)
     1,890   22,453
Yum! Brands, Inc.
     4,775   565,981
Zendesk, Inc. (b)
     90   10,826
Zillow Group, Inc. Class A (b)
     180   8,681
Zillow Group, Inc. Class C (b)(c)
     795   39,186
Zoetis, Inc.
     551   103,913
Zomedica Corp. (b)(c)
     25,017   8,431
See accompanying notes to financial statements.
203

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Zoom Video Communications, Inc. Class A (b)
     1,415   $ 165,880
ZoomInfo Technologies, Inc. (b)
     1,260   75,272
Zscaler, Inc. (b)
     623   150,317
Zynex, Inc. (c)
     3,031   18,883
          296,615,064
ZAMBIA — 0.0% (a)          
First Quantum Minerals, Ltd. (c)
     3,902   135,206
TOTAL COMMON STOCKS

(Cost $465,178,260)
         497,191,287
       
RIGHTS — 0.0% (a)    
UNITED STATES — 0.0% (a)      
Progenic Pharmaceuticals, Inc. (CVR) (b)

(Cost: $0)
   5,004 214
WARRANTS — 0.0% (a)    
MALAYSIA — 0.0% (a)      
Comfort Gloves Bhd (expiring 06/26/26) (b)
   12,930 507
Frontken Corp. Bhd (expiring 05/03/26) (b)
   19,500 1,693
TOTAL WARRANTS

(Cost $0)
     2,200
SHORT-TERM INVESTMENTS — 3.1%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.31% (h)(i)
 942,766 942,671
State Street Navigator Securities Lending Portfolio II (g)(j)
 14,273,768 14,273,768
TOTAL SHORT-TERM INVESTMENTS

(Cost $15,216,299)
 15,216,439
TOTAL INVESTMENTS — 102.5%

(Cost $480,394,559)
 512,410,140
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.5)%
(12,402,809)
NET ASSETS — 100.0%
$ 500,007,331
(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, 2022.
(d) 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, 2022, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
See accompanying notes to financial statements.
204

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
(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, 2022, total aggregate fair value of the securities is $654, 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, 2022 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, 2022 are shown in the Affiliate Table below.
(i) The rate shown is the annualized seven-day yield at March 31, 2022.
(j) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
CDI CREST Depository Interest
CVR Contingent Value Rights
GDR Global Depositary Receipt
NVDR Non-Voting Depositary Receipt
REIT Real Estate Investment Trust
SDR Swedish Depositary Receipt
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $496,815,737   $374,896   $654   $497,191,287
Rights
   —   214   —   214
Warrants
   2,200   —   —   2,200
Short-Term Investments
   15,216,439   —   —   15,216,439
TOTAL INVESTMENTS
   $512,034,376   $ 375,110   $654   $512,410,140
See accompanying notes to financial statements.
205

SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Sector Breakdown as of March 31, 2022

    
    % of Net Assets
  Information Technology 21.3%
  Financials 13.6
  Health Care 11.9
  Consumer Discretionary 11.8
  Industrials 11.1
  Communication Services 7.7
  Consumer Staples 6.7
  Materials 5.0
  Energy 4.6
  Real Estate 3.3
  Utilities 2.4
  Short-Term Investments 3.1
  Liabilities in Excess of Other Assets (2.5)
  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 9/30/21 		  Value at
9/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/22 		  Value at
3/31/22 		  Dividend
Income
State Street Corp.
 5,305   $ 449,440   $ 91,841   $ 130,703   $34,151   $(28,731)   4,775   $ 415,998   $ 6,259
State Street Institutional Liquid Reserves Fund, Premier Class
 990,099   990,297   19,344,296   19,391,715   (347)   140   942,766   942,671   290
State Street Navigator Securities Lending Portfolio II
 9,339,802   9,339,802   33,845,653   28,911,687   —   —   14,273,768   14,273,768   68,324
Total
     $10,779,539   $53,281,790   $48,434,105   $33,804   $(28,591)       $15,632,437   $74,873
See accompanying notes to financial statements.
206

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS
March 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.1%        
AUSTRALIA — 1.3%          
Glencore PLC (a)
     188,530   $ 1,241,141
Rio Tinto PLC
     18,823   1,507,073
          2,748,214
AUSTRIA — 0.6%          
Addiko Bank AG
     211   2,794
Agrana Beteiligungs AG
     214   3,900
ams-OSRAM AG (a)
     4,501   69,771
ANDRITZ AG
     1,240   57,919
AT&S Austria Technologie & Systemtechnik AG
     455   25,515
BAWAG Group AG (a)(b)
     1,390   71,081
CA Immobilien Anlagen AG
     848   26,466
DO & Co. AG (a)
     119   10,116
Erste Group Bank AG
     5,904   217,371
EVN AG
     605   15,684
FACC AG (a)
     315   2,804
Flughafen Wien AG (a)
     155   4,527
IMMOFINANZ AG (a)
     1,096   28,023
Lenzing AG (a)(c)
     235   24,108
Mayr Melnhof Karton AG
     156   28,015
Mondi PLC
     8,012   157,338
Oberbank AG
     227   24,095
Oesterreichische Post AG (c)
     580   20,780
OMV AG
     2,533   122,288
Palfinger AG
     235   5,922
PIERER Mobility AG
     129   11,607
Porr AG (a)
     213   2,797
Raiffeisen Bank International AG (a)
     2,451   35,316
Rosenbauer International AG
     56   2,661
S IMMO AG
     747   18,410
S&T AG (c)
     902   17,031
Schoeller-Bleckmann Oilfield Equipment AG (a)
     193   10,490
Semperit AG Holding
     197   4,987
Strabag SE
     240   9,680
Telekom Austria AG (a)
     2,475   19,277
UBM Development AG
     56   2,567
UNIQA Insurance Group AG
     2,106   16,848
Verbund AG
     1,166   123,897
Vienna Insurance Group AG Wiener Versicherung Gruppe
     695   18,134
Voestalpine AG
     1,962   58,985
See accompanying notes to financial statements.
207

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Wienerberger AG
     2,053   $ 62,589
Zumtobel Group AG
     506   4,127
          1,337,920
BELGIUM — 1.7%          
Ackermans & van Haaren NV
     389   73,233
Aedifica SA REIT
     642   81,433
Ageas SA/NV
     3,135   159,897
AGFA-Gevaert NV (a)
     2,693   10,892
Anheuser-Busch InBev SA/NV
     15,641   944,285
Ascencio REIT
     87   4,985
Atenor
     60   3,912
Azelis Group NV (a)
     1,493   36,546
Banque Nationale de Belgique
     4   7,744
Barco NV
     1,367   30,420
Befimmo SA REIT
     365   19,250
Bekaert SA
     643   25,384
Biocartis Group NV (a)(b)(c)
     806   1,964
bpost SA (a)
     1,772   11,859
Care Property Invest NV REIT (c)
     427   11,806
Cie d'Entreprises CFE
     124   17,605
Cie du Bois Sauvage SA
     13   4,918
Cofinimmo SA REIT
     534   78,428
Deceuninck NV
     1,295   3,934
D'ieteren Group
     407   69,331
Econocom Group SA
     1,628   7,300
Elia Group SA
     575   88,417
Etablissements Franz Colruyt NV
     885   36,926
Euronav NV
     2,826   30,368
EVS Broadcast Equipment SA
     203   4,608
Fagron
     1,029   18,914
Financiere de Tubize SA
     391   41,025
Fluxys Belgium SA
     109   3,626
Galapagos NV (a)
     699   43,787
Gimv NV
     337   20,473
Greenyard NV (a)
     312   2,791
Groupe Bruxelles Lambert SA
     1,644   172,164
Home Invest Belgium SA
     27   3,605
Hyloris Pharmaceuticals SA (a)
     184   3,480
Immobel SA
     74   5,978
Intervest Offices & Warehouses NV REIT
     414   12,598
Ion Beam Applications
     404   7,839
KBC Ancora
     675   30,117
See accompanying notes to financial statements.
208

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
KBC Group NV
     4,420   $ 321,533
Kinepolis Group NV (a)
     265   16,217
Lotus Bakeries NV
     8   42,281
Melexis NV
     339   31,684
Mithra Pharmaceuticals SA (a)(c)
     428   5,934
Montea NV REIT
     230   30,197
Nextensa SA
     55   4,314
Nyxoah SA (a)
     202   3,965
Ontex Group NV (a)
     1,192   8,787
Orange Belgium SA
     227   4,849
Proximus SADP
     2,844   53,320
Recticel SA
     729   17,520
Resilux
     15   3,922
Retail Estates NV REIT
     190   15,623
Shurgard Self Storage SA
     455   28,502
Sipef NV
     109   8,004
Sofina SA
     277   101,769
Solvay SA
     1,302   129,598
Telenet Group Holding NV
     789   25,652
Tessenderlo Group SA (a)
     373   13,613
TINC Comm
     409   6,162
UCB SA
     2,202   265,708
Umicore SA
     3,598   157,570
Unifiedpost Group SA (a)
     455   3,245
Van de Velde NV
     99   4,263
VGP NV
     190   49,257
Warehouses De Pauw CVA REIT
     2,489   108,283
X-Fab Silicon Foundries SE (a)(b)
     871   6,784
Xior Student Housing NV REIT
     363   20,437
          3,620,835
BERMUDA — 0.0% (d)          
Conduit Holdings, Ltd.
     2,898   14,309
VEON, Ltd. (a)
     19,444   14,711
          29,020
BRAZIL — 0.1%          
Yara International ASA
     2,829   143,003
CANADA — 0.0% (d)          
International Petroleum Corp. (a)
     1,902   18,276
CAYMAN ISLANDS — 0.0% (d)          
Cazoo Group, Ltd. (a)(e)
     92   254
See accompanying notes to financial statements.
209

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
CHILE — 0.1%          
Antofagasta PLC
     6,864   $ 151,197
CHINA — 0.4%          
Prosus NV (a)
     15,310   827,460
TI Fluid Systems PLC (b)
     5,037   12,680
          840,140
COLOMBIA — 0.0% (d)          
Millicom International Cellular SA SDR (a)(c)
     1,797   46,085
DENMARK — 3.9%          
ALK-Abello A/S
     2,395   53,536
Alm Brand A/S
     15,557   26,900
Ambu A/S Class B
     2,997   44,829
AP Moller - Maersk A/S Class A
     54   161,143
AP Moller - Maersk A/S Class B
     95   289,461
Asetek A/S (a)
     269   1,037
Atlantic Sapphire ASA (a)(c)
     1,118   4,533
Bang & Olufsen A/S (a)
     1,611   4,663
Bavarian Nordic A/S (a)
     1,133   29,040
Better Collective A/S (a)
     478   8,689
Carlsberg A/S Class B
     1,758   218,259
cBrain A/S
     153   4,817
Cementir Holding NV
     828   6,320
Chemometec A/S
     281   34,698
Chr. Hansen Holding A/S
     1,794   133,288
Coloplast A/S Class B
     2,109   323,195
D/S Norden A/S
     485   17,150
Danske Bank A/S
     11,815   198,998
Demant A/S (a)
     1,787   81,794
Dfds A/S
     620   26,746
Drilling Co. of 1972 A/S (a)
     372   20,544
DSV A/S
     3,470   675,019
FLSmidth & Co. A/S
     852   22,621
Genmab A/S (a)
     1,163   428,817
GN Store Nord A/S
     2,239   111,425
H Lundbeck A/S
     1,118   26,030
H&H International A/S Class B (a)
     302   8,330
ISS A/S (a)
     2,500   45,192
Jeudan A/S
     160   6,582
Jyske Bank A/S (a)
     870   48,020
Matas A/S
     651   9,377
Napatech A/S (a)
     574   545
See accompanying notes to financial statements.
210

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Netcompany Group A/S (a)(b)
     796   $ 53,175
Nilfisk Holding A/S (a)
     194   5,891
NKT A/S (a)
     743   33,964
Novo Nordisk A/S Class B
     29,157   3,266,198
Novozymes A/S Class B
     3,656   253,200
NTG Nordic Transport Group A/S Class A (a)
     241   14,780
Orsted A/S (b)
     3,325   422,355
Pandora A/S
     1,652   160,027
Per Aarsleff Holding A/S
     343   13,391
Ringkjoebing Landbobank A/S
     511   65,658
ROCKWOOL International A/S Class A
     102   33,871
ROCKWOOL International A/S Class B
     153   51,081
Royal Unibrew A/S
     743   70,284
Scandinavian Tobacco Group A/S Class A (b)
     959   20,628
Schouw & Co. A/S
     231   20,110
SimCorp A/S
     721   53,600
Solar A/S Class B
     92   10,239
SP Group A/S
     154   8,155
Spar Nord Bank A/S
     1,551   20,625
Sparekassen Sjaelland-Fyn A/S
     314   9,675
Sydbank A/S
     1,025   35,386
Topdanmark A/S
     865   48,701
Trifork Holding AG (a)(c)
     241   7,751
Tryg A/S
     6,273   154,119
UIE PLC
     24   7,180
Vestas Wind Systems A/S
     17,791   531,573
Zealand Pharma A/S (a)
     674   10,505
          8,453,720
EGYPT — 0.0% (d)          
Centamin PLC
     20,884   25,143
Energean PLC (a)
     2,464   38,639
          63,782
FAEROE ISLANDS — 0.0% (d)          
Bakkafrost P/F
     890   60,358
FINLAND — 2.1%          
Aktia Bank Oyj
     1,146   13,899
Alandsbanken Abp Class B
     127   5,214
Alma Media Oyj
     606   6,547
Anora Group Oyj
     793   7,764
Asiakastieto Group Oyj (a)(b)
     381   11,403
Aspo Oyj
     470   3,702
See accompanying notes to financial statements.
211

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Atria Oyj
     167   $ 1,940
BasWare Oyj (a)(c)
     235   5,609
Bittium Oyj (c)
     643   4,107
CapMan Oyj Class B
     2,774   7,654
Cargotec Oyj Class B
     717   27,555
Caverion Oyj
     1,623   9,417
Citycon Oyj (a)(c)
     1,656   12,640
Elisa Oyj
     2,617   159,043
eQ Oyj (a)
     327   9,278
Evli Bank PLC
     103   2,338
Finnair Oyj (a)(c)
     11,230   6,244
Fiskars Oyj Abp
     901   21,554
Fortum Oyj
     7,618   140,111
Gofore Oyj
     141   3,467
Harvia Oyj
     302   12,214
HKScan Oyj Class A
     997   1,622
Huhtamaki Oyj
     1,733   60,893
Incap Oyj (a)
     62   4,905
Kamux Corp.
     481   6,010
Kemira Oyj
     1,900   25,094
Kesko Oyj Class A
     1,600   41,658
Kesko Oyj Class B
     4,758   132,403
Kojamo Oyj (c)
     3,673   89,010
Kone Oyj Class B
     7,130   377,541
Konecranes Oyj (c)
     1,180   36,723
Lassila & Tikanoja Oyj
     658   7,922
Marimekko Oyj
     145   12,294
Metsa Board Oyj Class B (c)
     3,139   32,062
Metso Outotec Oyj
     12,496   106,836
Musti Group Oyj (a)
     595   15,862
Neles Oyj
     1,517   15,596
Neste Oyj
     7,594   350,484
Nokia Oyj (a)
     94,549   524,474
Nokian Renkaat Oyj
     2,241   36,841
Nordea Bank Abp (c)(e)
     53,650   560,137
Nordea Bank Abp (e)
     10,323   107,738
Olvi Oyj Class A
     291   11,543
Oma SAA stopankki Oyj
     156   3,133
Optomed Oy (a)
     211   1,423
Oriola Oyj Class B
     2,028   4,251
Orion Oyj Class A
     516   23,510
Orion Oyj Class B (c)
     1,890   86,535
See accompanying notes to financial statements.
212

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Orthex Oyj (a)
     166   $ 1,428
Outokumpu Oyj (a)(c)
     6,642   35,902
Pihlajalinna Oyj
     319   4,351
Ponsse Oyj
     193   7,033
Puuilo Oyj (a)(c)
     808   6,041
QT Group Oyj (a)
     337   47,320
Raisio Oyj Class V
     2,268   6,738
Rapala VMC Oyj
     381   2,933
Revenio Group Oyj
     419   22,294
Rovio Entertainment Oyj (b)
     877   7,411
Sampo Oyj Class A
     8,990   443,921
Sanoma Oyj
     1,478   21,082
Scanfil Oyj
     407   3,442
Sitowise Group PLC (a)
     525   3,768
Stockmann Oyj Abp Class B (a)
     1,713   3,549
Stora Enso Oyj Class A
     482   9,466
Stora Enso Oyj Class R
     10,664   211,380
Suominen Oyj (c)
     538   2,122
Taaleri Oyj
     302   4,738
Talenom Oyj
     492   5,381
Tecnotree Oyj (a)(c)
     2,815   3,564
Terveystalo Oyj (b)
     1,739   21,748
TietoEVRY Oyj
     1,520   40,826
Tokmanni Group Corp.
     877   14,686
UPM-Kymmene Oyj (c)
     9,448   311,795
Uponor Oyj
     998   20,376
Vaisala Oyj Class A
     487   23,381
Valmet Oyj
     2,342   73,510
Verkkokauppa.com Oyj (c)
     432   2,305
Viking Line Abp (a)
     177   2,383
Wartsila OYJ Abp
     8,651   79,950
WithSecure Oyj (a)
     1,788   9,082
YIT Oyj (c)
     3,105   11,850
          4,613,956
FRANCE — 14.5%          
AB Science SA (a)
     373   4,221
Accor SA (a)
     3,207   104,301
Adevinta ASA (a)
     3,783   34,983
Aeroports de Paris (a)
     485   73,390
Air France-KLM (a)
     5,334   24,297
Air Liquide SA
     8,359   1,478,058
Airbus SE (a)
     10,212   1,253,953
See accompanying notes to financial statements.
213

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Akka Technologies (a)
     204   $ 11,118
Albioma SA
     455   22,326
ALD SA (b)
     1,476   19,773
Alstom SA
     5,350   126,614
Altarea SCA REIT
     65   11,167
Alten SA
     523   80,013
Amundi SA (b)
     1,087   75,228
Antin Infrastructure Partners SA (a)
     444   14,326
ARGAN SA
     175   22,509
Arkema SA
     1,107   133,948
Atos SE
     1,954   53,853
Aubay
     167   11,149
AXA SA
     36,132   1,067,974
Believe SA (a)
     363   5,832
Beneteau SA (a)
     629   9,952
BioMerieux
     863   92,891
BNP Paribas SA
     19,931   1,151,612
Bollore SE
     15,881   84,003
Bonduelle SCA
     238   4,369
Bouygues SA
     5,091   179,168
Bureau Veritas SA
     5,082   146,677
Caisse Regionale de Credit Agricole Mutuel Brie Picardie
     275   6,634
Caisse Regionale de Credit Agricole Mutuel Nord de France
     278   6,118
Capgemini SE
     3,028   682,244
Carmila SA REIT
     1,129   17,989
Carrefour SA
     10,739   234,733
Casino Guichard Perrachon SA (a)
     840   15,608
CGG SA (a)
     12,821   14,779
Chargeurs SA
     293   6,638
Christian Dior SE
     84   57,807
Cie de Saint-Gobain
     9,176   554,079
Cie des Alpes (a)
     433   6,465
Cie Generale des Etablissements Michelin SCA
     2,981   407,802
Cie Plastic Omnium SA
     1,115   20,470
CNP Assurances
     2,555   61,974
Coface SA (a)
     1,569   19,081
Covivio REIT
     833   66,862
Credit Agricole SA
     23,963   290,247
Danone SA
     11,441   636,874
Dassault Aviation SA
     409   65,394
Dassault Systemes SE
     12,575   625,633
Derichebourg SA
     1,594   16,849
See accompanying notes to financial statements.
214

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Edenred
     4,379   $ 218,864
Eiffage SA
     1,702   176,571
Electricite de France SA
     8,976   85,230
Elior Group SA (a)(b)
     1,823   6,166
Elis SA (a)
     3,205   47,785
Engie SA
     32,714   434,389
Eramet SA (a)
     167   27,798
EssilorLuxottica SA
     5,296   979,939
Eurazeo SE
     919   78,121
Europcar Mobility Group (a)(b)
     59,514   32,778
Eutelsat Communications SA
     2,780   30,449
Faurecia SE (e)
     1,982   52,155
Faurecia SE (e)
     339   8,905
Financiere de L'Odet SA
     11   13,585
Fnac Darty SA
     321   16,629
Gaztransport Et Technigaz SA
     464   52,401
Gecina SA REIT
     834   106,065
Getlink SE
     7,725   140,489
Hermes International
     618   888,059
ICADE REIT
     549   35,643
ID Logistics Group (a)
     42   15,047
Imerys SA
     603   26,166
Interparfums SA
     284   17,253
Ipsen SA
     629   79,294
IPSOS
     717   36,059
JCDecaux SA (a)
     1,131   26,955
Kaufman & Broad SA
     242   8,091
Kering SA
     1,274   816,064
Klepierre SA REIT (a)
     3,622   97,446
Korian SA
     1,303   30,358
La Francaise des Jeux SAEM (b)
     1,990   79,622
Lagardere SA (a)
     567   15,986
Lectra
     549   26,327
Legrand SA
     4,708   452,489
LISI
     314   7,564
L'Oreal SA
     4,246   1,718,941
LVMH Moet Hennessy Louis Vuitton SE
     4,620   3,338,205
Maisons du Monde SA (b)
     702   13,575
Manitou BF SA
     190   5,327
McPhy Energy SA (a)
     382   8,076
Mercialys SA REIT
     1,213   12,140
Mersen SA
     294   10,991
See accompanying notes to financial statements.
215

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Metropole Television SA
     1,012   $ 20,133
Neoen SA (a)(b)
     907   38,974
Neurones
     149   6,018
Nexans SA
     506   47,883
Nexity SA
     746   26,478
Orange SA
     36,140   430,421
Orpea SA
     927   40,618
OVH Groupe SAS (a)
     409   10,617
Pernod Ricard SA
     3,611   800,744
PEUGEOT INVEST
     86   10,851
Pharmagest Interactive
     87   8,383
Publicis Groupe SA
     4,167   256,208
Quadient SA
     502   9,518
Remy Cointreau SA
     402   83,642
Renault SA (a)
     3,684   97,864
Rexel SA
     4,365   94,366
Robertet SA
     16   15,684
Rothschild & Co.
     612   24,412
Rubis SCA
     1,714   50,862
Safran SA
     6,665   795,420
Sanofi
     20,090   2,067,889
Sartorius Stedim Biotech
     426   176,561
SCOR SE
     2,972   96,525
SEB SA
     554   78,037
Societe BIC SA
     437   22,230
Societe Generale SA
     14,650   398,706
Sodexo SA
     1,499   123,088
SOITEC (a)
     447   85,097
Solutions 30 SE (a)
     1,321   10,891
Somfy SA
     137   22,286
Sopra Steria Group SACA
     278   52,244
SPIE SA
     2,468   58,985
Stef SA
     95   10,570
Technicolor SA (a)
     3,981   15,060
Technip Energies NV (a)
     2,398   29,483
Teleperformance
     1,039   400,338
Television Francaise 1
     2,147   21,046
Thales SA
     1,878   238,105
Thermador Groupe
     148   15,562
Tikehau Capital SCA
     1,019   27,551
TotalEnergies SE
     45,735   2,342,331
Trigano SA
     147   21,590
See accompanying notes to financial statements.
216

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Ubisoft Entertainment SA (a)
     1,835   $ 81,566
Unibail-Rodamco-Westfield REIT (a)(e)
     1,931   146,486
Valeo
     3,841   71,606
Vallourec SA (a)
     2,503   32,473
Valneva SE (a)
     1,314   22,866
Veolia Environnement SA
     11,386   368,531
Verallia SASU (b)
     1,390   33,313
Vetoquinol SA
     63   9,337
Vicat SA
     321   10,983
Vilmorin & Cie SA
     93   4,574
Vinci SA
     10,389   1,074,902
Virbac SA
     74   29,888
Vivendi SE
     12,486   164,488
Voltalia SA (a)
     464   9,510
Wavestone
     155   7,933
Wendel SE
     479   49,352
Worldline SA (a)(b)
     4,095   179,906
          31,866,967
GABON — 0.0% (d)          
BW Energy, Ltd. (a)
     816   2,520
GEORGIA — 0.0% (d)          
Bank of Georgia Group PLC
     665   10,402
TBC Bank Group PLC
     752   10,891
          21,293
GERMANY — 11.8%          
1&1 AG
     791   17,866
Aareal Bank AG
     994   31,520
About You Holding SE (a)
     640   8,866
Adesso SE
     49   10,119
adidas AG
     3,116   734,661
ADLER Group SA (b)
     1,563   20,921
ADVA Optical Networking SE (a)
     743   11,326
AIXTRON SE
     2,043   45,452
Allianz SE
     7,165   1,726,367
Amadeus Fire AG
     93   14,963
Aroundtown SA
     16,150   93,333
Atoss Software AG
     63   12,575
Aurubis AG
     537   64,798
Auto1 Group SE (a)(b)
     1,871   21,515
BASF SE
     16,104   927,442
Basler AG
     63   7,010
See accompanying notes to financial statements.
217

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Bayer AG
     17,228   $ 1,190,379
Bayerische Motoren Werke AG
     5,639   493,155
Bayerische Motoren Werke AG Preference Shares
     1,012   79,158
BayWa AG
     224   10,555
Bechtle AG
     1,449   82,546
Beiersdorf AG
     1,704   180,495
Bike24 Holding AG (a)
     447   4,884
Bilfinger SE
     404   15,535
Biotest AG Preference Shares
     179   7,170
Borussia Dortmund GmbH & Co. KGaA (a)
     1,294   5,834
Brenntag SE
     2,688   219,346
CANCOM SE
     694   43,628
Carl Zeiss Meditec AG
     648   105,951
CECONOMY AG
     3,041   11,585
Cewe Stiftung & Co. KGaA
     92   9,366
Commerzbank AG (a)
     17,564   135,372
CompuGroup Medical SE & Co. KgaA
     470   28,971
Continental AG (a)
     1,878   136,657
Covestro AG (b)
     3,364   171,577
CTS Eventim AG & Co. KGaA (a)
     1,022   70,525
Daimler Truck Holding AG (a)
     8,316   233,448
Dermapharm Holding SE
     343   22,021
Deutsche Bank AG (a)
     36,376   465,853
Deutsche Beteiligungs AG
     211   6,738
Deutsche Boerse AG
     3,346   606,837
Deutsche EuroShop AG
     901   16,762
Deutsche Lufthansa AG (a)
     10,651   87,198
Deutsche Pfandbriefbank AG (b)
     2,434   29,939
Deutsche Post AG
     17,315   839,014
Deutsche Telekom AG
     60,810   1,145,624
Deutsche Wohnen SE
     920   31,119
Deutz AG (a)
     2,187   11,432
DIC Asset AG
     620   9,996
DMG Mori AG
     161   7,488
Draegerwerk AG & Co. KGaA Preference Shares
     143   7,979
Duerr AG
     889   26,529
DWS Group GmbH & Co. KGaA (b)
     561   20,761
E.ON SE
     37,165   435,929
Eckert & Ziegler Strahlen- und Medizintechnik AG
     255   16,513
Elmos Semiconductor SE
     139   8,120
ElringKlinger AG (a)
     501   4,813
EnBW Energie Baden-Wuerttemberg AG
     328   31,824
See accompanying notes to financial statements.
218

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Encavis AG
     2,189   $ 46,301
Energiekontor AG
     98   9,519
Evonik Industries AG
     3,572   100,075
Evotec SE (a)
     2,624   79,997
Fielmann AG
     432   23,745
Flatex DEGIRO AG (a)
     1,224   25,031
Fraport AG Frankfurt Airport Services Worldwide (a)
     671   37,703
Freenet AG
     2,093   56,589
Fresenius Medical Care AG & Co. KGaA
     3,464   234,182
Fresenius SE & Co. KGaA
     7,183   266,499
FUCHS PETROLUB SE Preference Shares
     1,258   45,883
FUCHS PETROLUB SE
     580   16,624
GEA Group AG
     2,611   108,390
Gerresheimer AG
     511   37,696
GFT Technologies SE
     278   12,837
Grand City Properties SA
     1,512   30,484
GRENKE AG
     506   14,244
Hamborner REIT AG
     1,300   13,854
Hamburger Hafen und Logistik AG
     384   6,900
Hannover Rueck SE
     1,048   179,981
Hapag-Lloyd AG (b)
     124   43,681
HeidelbergCement AG
     2,574   147,952
Heidelberger Druckmaschinen AG (a)
     4,278   11,376
Hella GmbH & Co. KGaA
     412   26,698
HelloFresh SE (a)
     3,028   137,999
Henkel AG & Co. KGaA Preference Shares
     3,103   209,501
Henkel AG & Co. KGaA
     1,769   117,998
Hensoldt AG
     556   16,394
HOCHTIEF AG
     404   27,510
Hornbach Holding AG & Co. KGaA
     141   17,900
HUGO BOSS AG
     921   53,943
Hypoport SE (a)
     77   29,506
Indus Holding AG
     331   9,925
Infineon Technologies AG
     22,944   791,005
Instone Real Estate Group SE (b)
     858   16,172
Jenoptik AG
     922   28,191
JOST Werke AG (b)
     226   9,178
Jungheinrich AG Preference Shares
     865   25,351
K+S AG (a)
     3,451   105,401
KION Group AG
     1,247   83,248
Kloeckner & Co. SE (a)
     1,346   18,361
Knorr-Bremse AG
     1,168   90,502
See accompanying notes to financial statements.
219

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Koenig & Bauer AG (a)
     233   $ 5,457
Krones AG
     233   19,560
KWS SAA t SE & Co. KGaA
     180   13,158
LANXESS AG
     1,439   63,868
LEG Immobilien SE
     1,279   146,933
Leoni AG (a)
     460   4,714
LPKF Laser & Electronics AG
     407   5,973
Medios AG (a)
     181   6,001
Mercedes-Benz Group AG
     14,720   1,045,094
Merck KGaA
     2,279   481,408
METRO AG (a)
     2,122   19,044
Mister Spex SE (a)
     362   3,504
MLP SE
     833   6,720
Montana Aerospace AG (a)(b)
     330   5,838
MorphoSys AG (a)
     580   15,979
MTU Aero Engines AG
     931   218,259
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
     2,463   665,931
Nagarro SE (a)
     144   23,072
Nemetschek SE
     966   94,369
New Work SE
     50   10,314
Nexus AG
     249   15,016
Nordex SE (a)
     1,930   34,058
Norma Group SE
     580   16,817
PATRIZIA AG
     805   15,280
Pfeiffer Vacuum Technology AG
     67   12,941
Porsche Automobil Holding SE Preference Shares
     2,668   260,936
ProSiebenSat.1 Media SE
     3,152   40,647
Puma SE
     1,774   152,854
PVA TePla AG (a)
     314   9,276
Rational AG
     93   64,880
Rheinmetall AG
     760   162,443
RWE AG
     11,903   523,530
SAF-Holland SE (a)
     759   6,439
Salzgitter AG (a)
     557   26,203
SAP SE
     19,158   2,155,490
Sartorius AG Preference Shares (e)
     436   194,871
Sartorius AG (e)
     25   9,597
Schaeffler AG Preference Shares
     3,003   18,778
Scout24 SE (b)
     1,367   79,092
Secunet Security Networks AG
     24   11,336
SFC Energy AG (a)
     241   7,280
SGL Carbon SE (a)
     941   5,937
See accompanying notes to financial statements.
220

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Siemens AG
     13,158   $ 1,839,694
Siemens Energy AG (a)
     8,211   189,297
Siemens Healthineers AG (b)
     4,922   307,996
Siltronic AG
     307   31,856
Sixt SE (a)
     229   31,187
Sixt SE Preference Shares
     300   22,698
SMA Solar Technology AG
     340   14,383
Software AG
     887   30,812
Softwareone Holding AG (a)
     1,848   26,226
Stabilus SA
     447   22,391
STO SE & Co. KGaA Preference Shares
     44   10,134
STRATEC SE
     114   12,836
Stroeer SE & Co. KGaA
     597   41,582
Suedzucker AG
     1,214   15,804
SUSE SA (a)
     657   21,360
Symrise AG
     2,315   280,374
Synlab AG (a)
     907   16,106
TAG Immobilien AG
     2,643   60,432
Takkt AG
     537   9,799
Talanx AG (a)
     959   42,703
TeamViewer AG (a)(b)
     2,878   43,118
Telefonica Deutschland Holding AG
     16,537   45,429
Thyssenkrupp AG (a)
     7,058   61,176
TRATON SE
     903   16,950
TUI AG (a)(e)
     1,129   3,599
TUI AG (a)(e)
     15,960   50,853
Uniper SE
     1,515   39,445
United Internet AG
     1,670   57,936
Vantage Towers AG
     1,687   60,234
Varta AG (c)
     322   32,209
VERBIO Vereinigte BioEnergie AG
     360   28,079
Vitesco Technologies Group AG Class A (a)
     365   14,620
Volkswagen AG
     501   126,092
Volkswagen AG Preference Shares
     3,217   561,965
Vonovia SE
     12,278   578,002
Vossloh AG
     140   5,880
Wacker Chemie AG
     315   54,238
Wacker Neuson SE
     543   12,277
Washtec AG
     205   10,937
Westwing Group SE (a)
     247   3,078
Wuestenrot & Wuerttembergische AG
     364   7,395
See accompanying notes to financial statements.
221

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Zalando SE (a)(b)
     4,117   $ 210,711
          25,912,476
GHANA — 0.0% (d)          
Tullow Oil PLC (a)
     20,816   14,729
GREECE — 0.0% (d)          
Okeanis Eco Tankers Corp. (a)(b)
     201   1,977
HONG KONG — 0.0% (d)          
Cadeler A/S (a)
     1,003   3,877
IRAQ — 0.0% (d)          
RAK Petroleum PLC (a)
     2,744   4,001
IRELAND — 1.0%          
AIB Group PLC
     14,155   31,546
Bank of Ireland Group PLC (a)
     16,386   105,891
C&C Group PLC (a)
     7,052   18,199
Cairn Homes PLC (a)
     12,266   16,951
COSMO Pharmaceuticals NV (a)(c)
     203   13,456
CRH PLC
     13,546   547,866
Dalata Hotel Group PLC (a)
     3,393   14,950
Flutter Entertainment PLC (a)
     3,103   362,518
Glanbia PLC
     3,520   41,084
Glenveagh Properties PLC (a)(b)
     13,198   17,269
Greencore Group PLC (a)
     9,899   16,748
Hibernia REIT PLC
     12,825   23,060
Kerry Group PLC Class A
     2,724   306,420
Kingspan Group PLC
     2,772   274,623
Ryanair Holdings PLC ADR (a)
     1,677   146,100
Smurfit Kappa Group PLC
     4,552   204,871
          2,141,552
ITALY — 3.4%          
A2A SpA
     28,297   48,943
ACEA SpA
     791   14,671
AMCO - Asset Management Co. SpA (a)(c)(f)
     88   —
Amplifon SpA
     2,320   104,648
Anima Holding SpA (b)
     4,499   20,434
Antares Vision SpA (a)
     284   2,680
Aquafil SpA (a)
     317   2,321
Ariston Holding NV (a)
     1,559   16,409
Arnoldo Mondadori Editore SpA (a)
     1,166   2,595
Ascopiave SpA
     1,190   4,561
Assicurazioni Generali SpA (c)
     20,069   463,789
See accompanying notes to financial statements.
222

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Atlantia SpA (a)
     8,827   $ 185,624
Autogrill SpA (a)
     3,295   22,488
Avio SpA
     304   3,599
Azimut Holding SpA
     1,961   46,104
Banca Generali SpA
     1,062   39,845
Banca IFIS SpA
     485   10,075
Banca Mediolanum SpA
     3,956   34,139
Banca Monte dei Paschi di Siena SpA (a)
     6,294   6,551
Banca Popolare di Sondrio SPA (c)
     7,087   29,318
Banco BPM SpA
     26,294   78,699
BasicNet SpA
     455   2,951
Be Shaping the Future SpA
     1,105   4,027
BF SpA
     1,027   4,022
BFF Bank SpA (b)
     2,992   22,421
Biesse SpA (a)(c)
     220   4,029
BPER Banca
     17,308   30,610
Brembo SpA
     2,809   31,629
Brunello Cucinelli SpA (a)
     603   35,626
Buzzi Unicem SpA
     1,645   30,850
Carel Industries SpA (b)
     729   18,859
Cembre SpA
     84   2,598
CIR SpA-Compagnie Industriali (a)
     16,183   7,319
Coca-Cola HBC AG (a)
     3,900   82,133
COIMA RES SpA (b)
     316   2,778
Credito Emiliano SpA
     1,346   8,956
Danieli & C Officine Meccaniche SpA (e)
     660   10,589
Danieli & C Officine Meccaniche SpA (e)
     221   4,879
Datalogic SpA
     409   4,517
Davide Campari-Milano NV
     9,312   109,360
De' Longhi SpA
     1,160   31,931
DiaSorin SpA
     463   73,101
Digital Bros SpA (c)
     63   1,811
doValue SpA (b)
     1,084   9,263
El.En. SpA
     708   11,391
Enav SpA (a)(b)
     4,570   21,356
Enel SpA
     136,485   921,487
Eni SpA
     44,162   653,225
ERG SpA
     1,013   33,994
Esprinet SpA
     540   5,780
Eurotech SpA (a)(c)
     426   1,818
Falck Renewables SpA
     2,109   20,697
Ferrari NV
     2,071   457,864
See accompanying notes to financial statements.
223

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Fila SpA
     469   $ 4,916
Fincantieri SpA (a)(c)
     8,815   6,115
Fine Foods & Pharmaceuticals NTM
     187   2,445
FinecoBank Banca Fineco SpA
     10,615   163,284
Garofalo Health Care SpA (a)
     510   2,724
Gruppo MutuiOnline SpA
     448   16,150
GVS SpA (b)
     1,115   10,223
Hera SpA
     14,081   52,422
Illimity Bank SpA (a)
     1,076   14,211
Immobiliare Grande Distribuzione SIIQ SpA REIT (a)
     837   4,070
Infrastrutture Wireless Italiane SpA (b)
     6,236   70,530
Intercos SpA (a)
     523   7,297
Interpump Group SpA
     1,462   74,340
Intesa Sanpaolo SpA
     320,555   743,113
Iren SpA
     10,752   28,760
Italgas SpA
     8,845   57,316
Italmobiliare SpA
     283   9,100
Iveco Group NV (a)(c)
     3,471   22,979
Juventus Football Club SpA (a)(c)
     9,072   3,319
La Doria SpA
     158   2,894
Leonardo SpA (a)
     7,295   73,213
LU-VE SpA
     129   2,799
Maire Tecnimont SpA (c)
     2,903   10,123
MARR SpA
     597   9,970
Mediobanca Banca di Credito Finanziario SpA
     10,874   111,552
MFE-MediaForEurope NV Class A (a)(c)
     15,404   10,892
MFE-MediaForEurope NV Class B
     6,866   8,021
Moncler SpA
     3,814   215,323
Nexi SpA (a)(b)
     10,935   127,752
OVS SpA (a)(b)
     3,649   7,998
Pharmanutra SpA
     55   3,855
Philogen SpA (a)(b)
     175   2,570
Piaggio & C SpA
     3,230   9,222
Pirelli & C SpA (b)
     7,155   39,256
Poste Italiane SpA (b)
     8,245   94,674
Prysmian SpA
     4,668   160,802
RAI Way SpA (b)
     1,716   10,826
Recordati Industria Chimica e Farmaceutica SpA
     1,783   90,543
Reply SpA
     402   67,093
Sabaf SpA
     129   3,215
SAES Getters SpA
     90   2,228
Safilo Group SpA (a)
     4,154   6,998
See accompanying notes to financial statements.
224

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Saipem SpA (a)(c)
     10,403   $ 13,265
Salcef SpA
     318   7,112
Salvatore Ferragamo SpA (a)(c)
     887   16,955
Sanlorenzo SpA/Ameglia
     226   9,241
Saras SpA (a)
     10,306   8,002
Seco SpA (a)(c)
     598   3,849
Seri Industrial SpA (a)
     273   2,454
Sesa SpA
     129   21,386
Snam SpA
     35,811   208,470
Societa Cattolica Di Assicurazione SPA (a)
     538   3,622
SOL SpA
     657   12,062
Tamburi Investment Partners SpA
     2,230   22,306
Technogym SpA (b)
     2,416   19,328
Telecom Italia SpA (a)(e)
     181,707   67,426
Telecom Italia SpA (e)
     108,889   37,316
Terna - Rete Elettrica Nazionale (c)
     24,546   212,644
Tinexta SpA
     355   10,475
Tod's SpA (a)
     146   6,634
UniCredit SpA
     39,156   429,352
Unieuro SpA (b)
     316   6,206
Unipol Gruppo SpA
     7,395   40,976
UnipolSai Assicurazioni SpA (c)
     7,123   21,288
Webuild SpA (c)
     8,390   15,039
Wiit SpA
     189   6,300
Zignago Vetro SpA
     432   5,710
          7,371,915
JERSEY — 0.0% (d)          
JTC PLC (b)
     2,535   28,137
Sanne Group PLC (a)
     2,933   35,296
          63,433
JORDAN — 0.0% (d)          
Hikma Pharmaceuticals PLC
     3,015   81,815
KENYA — 0.0% (d)          
Vivo Energy PLC (b)
     7,848   14,115
LIECHTENSTEIN — 0.0% (d)          
Liechtensteinische Landesbank AG
     198   11,963
LUXEMBOURG — 0.4%          
APERAM SA
     833   37,268
ArcelorMittal SA
     10,568   344,524
Brederode SA (a)
     222   32,803
See accompanying notes to financial statements.
225

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Eurofins Scientific SE
     2,273   $ 227,387
Global Fashion Group SA (a)
     1,453   2,743
Majorel Group Luxembourg SA (a)
     382   12,615
Reinet Investments SCA (c)
     2,184   48,601
RTL Group SA
     648   36,338
SES SA
     6,927   63,693
          805,972
MALTA — 0.0% (d)          
Catena Media PLC (a)(c)
     1,936   9,855
Kindred Group PLC SDR
     4,155   46,011
          55,866
MEXICO — 0.0% (d)          
Fresnillo PLC
     3,334   32,220
NETHERLANDS — 7.6%          
Aalberts NV
     1,689   88,664
ABN AMRO Bank NV (b)
     8,318   107,747
Accell Group NV (a)
     463   29,570
Adyen NV (a)(b)
     501   1,008,405
Aegon NV
     31,438   167,972
Akzo Nobel NV
     3,170   275,890
Alfen Beheer B.V. (a)(b)
     380   39,025
AMG Advanced Metallurgical Group NV
     588   25,607
Arcadis NV
     1,343   61,116
Argenx SE (a)
     901   283,206
ASM International NV
     827   305,586
ASML Holding NV
     7,121   4,833,141
ASR Nederland NV
     2,397   112,628
Basic-Fit NV (a)(b)
     886   39,886
BE Semiconductor Industries NV
     1,250   108,289
Boskalis Westminster
     1,333   48,232
Corbion NV
     877   30,347
CTP NV (b)
     1,203   20,345
Euronext NV (b)
     1,406   129,375
EXOR NV
     1,974   152,648
Flow Traders (b)
     575   19,590
Fugro NV (a)
     1,762   21,385
Heineken Holding NV
     1,759   139,153
Heineken NV
     4,197   404,311
Hunter Douglas NV (a)
     78   14,979
IMCD NV
     990   171,012
ING Groep NV
     68,591   725,859
See accompanying notes to financial statements.
226

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Intertrust NV (a)(b)
     1,634   $ 35,707
JDE Peet's NV
     1,951   56,288
Koninklijke Ahold Delhaize NV
     18,387   595,643
Koninklijke BAM Groep NV (a)
     4,726   14,397
Koninklijke DSM NV
     3,074   555,797
Koninklijke KPN NV
     58,521   204,651
Koninklijke Philips NV
     15,449   476,660
Koninklijke Vopak NV
     1,137   37,156
Meltwater NV (a)
     2,345   4,425
NN Group NV
     5,630   287,277
NSI NV REIT
     327   14,463
OCI NV (a)
     1,460   52,113
Onward Medical B.V. (a)
     255   2,156
PostNL NV
     7,033   27,075
Randstad NV (c)
     2,167   131,743
SBM Offshore NV (c)
     2,383   38,221
Shell PLC (e)
     58,850   1,633,769
Shell PLC (e)
     74,622   2,071,968
Shop Apotheke Europe NV (a)(b)
     231   21,243
Signify NV (b)
     2,278   107,544
TKH Group NV
     730   41,099
Universal Music Group NV
     18,941   509,903
Van Lanschot Kempen NV ADR
     575   15,451
Wolters Kluwer NV
     4,626   497,109
          16,795,826
NIGERIA — 0.0% (d)          
Airtel Africa PLC (b)
     13,976   25,670
NORWAY — 1.6%          
2020 Bulkers, Ltd. (a)
     167   2,311
ABG Sundal Collier Holding ASA
     7,801   7,601
AF Gruppen ASA
     996   22,781
Akastor ASA (a)
     2,531   2,368
Aker ASA Class A
     407   37,702
Aker BioMarine ASA (a)
     294   1,676
Aker BP ASA (c)
     2,240   84,692
Aker Carbon Capture ASA (a)
     5,176   13,550
Aker Horizons Holding A/S (a)
     1,903   4,929
Aker Solutions ASA (a)
     4,186   14,596
AKVA Group ASA (a)
     165   1,536
American Shipping Co. ASA (a)
     888   3,295
ArcticZymes Technologies ASA (a)
     935   8,239
See accompanying notes to financial statements.
227

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Arendals Fossekompani A/S
     231   $ 10,831
Atea ASA (a)
     1,486   22,467
Austevoll Seafood ASA
     1,631   25,498
AutoStore Holdings, Ltd. (a)(c)
     15,692   57,840
Axactor SE (a)
     2,932   2,238
B2Holding ASA
     5,223   5,561
Belships ASA
     1,185   2,670
Bergenbio ASA (a)
     1,040   2,422
BEWi ASA
     786   6,238
Bonheur ASA
     383   15,681
Borregaard ASA
     1,714   34,186
Bouvet ASA
     1,626   13,017
BW Offshore, Ltd.
     1,676   5,597
Carasent ASA (a)
     885   2,505
Cloudberry Clean Energy ASA (a)
     2,861   6,007
Crayon Group Holding ASA (a)(b)
     1,015   19,316
DNB Bank ASA
     15,757   360,587
DNO ASA
     9,013   13,364
Elkem ASA (b)
     5,487   23,745
Elopak ASA (a)
     1,566   2,674
Entra ASA (b)
     1,079   21,805
Equinor ASA
     18,906   716,110
Europris ASA (b)
     3,013   19,469
Fjordkraft Holding ASA (b)
     2,026   7,808
Froey ASA (a)
     374   2,077
Frontline, Ltd. (a)
     2,191   19,334
Gjensidige Forsikring ASA
     3,277   81,963
Grieg Seafood ASA (a)
     895   12,293
Hexagon Composites ASA (a)
     1,992   7,258
Hofseth BioCare ASA (a)
     3,258   1,826
IDEX Biometrics ASA (a)
     16,595   3,597
Kahoot! ASA (a)(c)
     5,756   18,195
Kid ASA (b)
     711   8,375
Kitron ASA (c)
     3,014   6,946
Komplett ASA (a)
     436   2,443
Komplett Bank ASA
     2,456   2,107
Kongsberg Gruppen ASA
     1,629   65,391
Leroy Seafood Group ASA
     5,089   47,212
LINK Mobility Group Holding ASA (a)
     3,505   6,924
Magnora ASA (a)
     758   1,722
Magseis Fairfield ASA (a)
     3,379   2,295
Medistim ASA
     276   8,301
See accompanying notes to financial statements.
228

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Mercell Holding ASA (a)
     7,752   $ 2,638
Mowi ASA
     8,059   219,355
MPC Container Ships ASA (a)
     5,600   18,957
Multiconsult ASA (b)
     382   6,182
NEL ASA (a)(c)
     25,892   44,269
Nordic Nanovector ASA (a)(c)
     935   1,604
Nordic Semiconductor ASA (a)
     3,092   80,341
Norsk Hydro ASA
     24,104   237,346
Norske Skog ASA (a)(b)
     848   4,844
Norway Royal Salmon ASA (c)
     322   7,733
Norwegian Air Shuttle ASA (a)
     11,238   13,811
Norwegian Energy Co. ASA (a)
     412   13,146
NRC Group ASA (a)
     705   1,590
NTS ASA
     485   6,462
Odfjell Drilling, Ltd. (a)
     1,714   4,763
Odfjell SE Class A (a)
     463   2,007
Olav Thon Eiendomsselskap ASA
     543   11,675
Orkla ASA
     13,059   117,029
Otello Corp. ASA (a)
     2,190   6,800
Panoro Energy ASA (a)
     1,369   5,182
Pareto Bank ASA
     746   5,605
Pexip Holding ASA (a)(c)
     1,625   6,077
PGS ASA (a)(c)
     6,929   2,335
PhotoCure ASA (a)
     438   5,911
Polaris Media ASA (a)
     208   2,146
poLight ASA (a)(b)
     119   2,319
Protector Forsikring ASA
     1,256   17,467
Saga Pure ASA
     3,456   1,221
Salmar ASA
     1,025   81,869
Salmon Evolution ASA (a)
     3,391   3,878
Sandnes Sparebank
     358   4,197
SATS ASA (a)
     1,219   2,523
Sbanken ASA (b)
     514   6,161
Schibsted ASA Class A
     1,343   33,498
Schibsted ASA Class B
     1,771   38,158
Self Storage Group ASA (a)
     1,149   4,205
Selvaag Bolig ASA
     789   4,512
SpareBank 1 B.V.
     697   4,910
SpareBank 1 Helgeland
     214   3,280
SpareBank 1 Nord Norge
     1,817   22,318
SpareBank 1 Oestlandet
     791   12,665
Sparebank 1 Ostfold Akershus
     75   3,174
See accompanying notes to financial statements.
229

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
SpareBank 1 Ringerike Hadeland
     78   $ 3,176
SpareBank 1 SMN
     2,341   37,803
SpareBank 1 SR-Bank ASA
     3,309   50,823
Sparebanken More
     149   7,515
Sparebanken Ost
     263   1,757
Sparebanken Sor
     101   1,906
Sparebanken Vest
     1,664   19,601
Stolt-Nielsen, Ltd.
     432   8,201
Storebrand ASA
     8,450   85,331
StrongPoint ASA
     1,081   2,942
Tekna Holding AS (a)
     14   28
Telenor ASA
     11,214   162,554
TGS ASA
     2,148   32,328
Tomra Systems ASA
     2,067   106,683
Totens Sparebank
     56   1,691
Treasure ASA
     686   1,247
Ultimovacs ASA (a)
     297   2,758
Veidekke ASA
     1,972   27,604
Volue ASA (a)
     689   3,530
VOW ASA (a)
     1,118   2,956
Wallenius Wilhelmsen ASA (a)
     1,862   13,820
Wilh Wilhelmsen Holding ASA Class A
     249   6,891
Wilh Wilhelmsen Holding ASA Class B
     173   4,768
XXL ASA (b)(c)
     3,009   3,854
Zalaris ASA
     253   1,441
          3,566,542
PERU — 0.0% (d)          
Hochschild Mining PLC
     5,315   9,006
POLAND — 0.6%          
11 bit studios SA (a)
     36   5,097
AB SA
     235   2,724
Ac SA
     157   1,175
Agora SA (a)
     642   1,088
Alior Bank SA (a)
     1,604   17,648
Allegro.eu SA (a)(b)
     6,828   58,281
Alumetal SA
     188   3,338
Ambra SA
     177   981
Amica SA
     87   2,129
Apator SA
     469   2,099
Asseco Business Solutions SA
     333   3,436
Asseco Poland SA
     1,009   19,527
See accompanying notes to financial statements.
230

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Asseco South Eastern Europe SA
     469   $ 5,830
Atal SA
     118   1,138
Auto Partner SA
     1,188   4,390
Bank Handlowy w Warszawie SA
     591   9,076
Bank Millennium SA (a)
     10,936   17,386
Bank Ochrony Srodowiska SA (a)
     617   1,359
Bank Polska Kasa Opieki SA
     3,057   82,821
Benefit Systems SA (a)
     26   3,775
Biomed-Lublin Wytwornia Surowic i Szczepionek SA (a)
     505   437
Bioton SA (a)
     679   707
BNP PARIBAS BANK POLSKA SA (a)
     300   5,039
Boryszew SA (a)
     1,378   1,167
Budimex SA
     198   10,619
Captor Therapeutics SA (a)
     28   1,075
CCC SA (a)
     711   10,152
CD Projekt SA
     1,219   50,822
Celon Pharma SA
     271   1,723
Ciech SA
     469   4,862
ComArch SA
     87   3,967
Comp SA
     78   932
Cyfrowy Polsat SA
     4,539   30,236
Datawalk SA (a)
     50   2,244
Develia SA
     7,452   5,919
Dino Polska SA (a)(b)
     865   70,678
Dom Development SA
     146   3,475
Echo Investment SA
     3,268   2,768
Enea SA (a)
     3,866   8,526
Energa SA (a)
     1,265   2,204
Enter Air SA (a)
     152   1,105
Erbud SA (a)
     78   859
Eurocash SA
     1,420   4,481
Fabryki Mebli Forte SA
     255   2,362
Famur SA (a)
     5,477   3,818
Ferro SA
     321   2,411
Firma Oponiarska Debica SA
     32   538
Globe Trade Centre SA (a)
     3,376   5,169
Grupa Azoty SA (a)
     853   8,757
Grupa Kety SA
     173   25,158
Grupa Lotos SA (a)
     1,566   22,134
Grupa Pracuj SA (a)
     295   4,460
ING Bank Slaski SA
     589   33,427
InPost SA (a)
     4,223   27,065
See accompanying notes to financial statements.
231

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Inter Cars SA
     161   $ 17,115
Jastrzebska Spolka Weglowa SA (a)
     952   17,773
KGHM Polska Miedz SA
     2,371   98,373
KRUK SA
     284   21,263
LiveChat Software SA
     247   6,069
LPP SA
     17   46,791
Lubelski Wegiel Bogdanka SA (a)
     198   2,694
Mabion SA (a)
     154   1,112
Mangata Holding SA
     41   704
mBank SA (a)
     235   19,918
MCI Capital SA
     272   1,283
Medicalgorithmics SA (a)
     50   154
Mennica Polska SA
     427   2,203
Mercator Medical SA (a)
     41   709
MLP Group SA (a)
     109   1,925
Mo-BRUK SA
     26   2,533
Neuca SA
     33   6,573
NEWAG SA
     395   2,009
Oponeo.pl SA
     93   1,152
Orange Polska SA (a)
     11,699   22,150
PCC Rokita SA
     50   1,188
PCF Group SA
     140   1,989
PGE Polska Grupa Energetyczna SA (a)
     14,341   31,385
PKP Cargo SA (a)
     543   1,613
PlayWay SA
     13   995
Polenergia SA (a)
     273   4,494
Polimex-Mostostal SA (a)
     1,212   1,210
Polski Koncern Naftowy ORLEN SA
     5,019   91,558
Polskie Gornictwo Naftowe i Gazownictwo SA
     29,352   43,712
Powszechna Kasa Oszczednosci Bank Polski SA (a)
     14,907   142,515
Powszechny Zaklad Ubezpieczen SA
     9,976   81,034
Poznanska Korporacja Budowlana Pekabex SA
     177   731
R22 SA
     69   800
Rainbow Tours SA (a)
     124   702
Ryvu Therapeutics SA (a)
     161   1,885
Sanok Rubber Co. SA
     433   1,387
Santander Bank Polska SA
     601   43,987
Selvita SA (a)
     157   2,837
Shoper SA (a)
     107   1,425
Sniezka SA
     89   1,717
Stalexport Autostrady SA
     1,736   1,487
Stalprodukt SA
     38   3,046
See accompanying notes to financial statements.
232

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
STS Holding SA (a)
     1,767   $ 7,347
Tauron Polska Energia SA (a)
     18,850   13,036
TEN Square Games SA
     83   3,908
Tim SA/Siechnice
     202   1,687
Toya SA
     442   727
Vigo System SA (a)
     8   1,378
VRG SA (a)
     3,255   2,941
Warsaw Stock Exchange
     494   4,848
Wawel SA
     13   1,519
Wielton SA
     432   840
Wirtualna Polska Holding SA
     321   8,874
XTB SA (b)
     595   2,764
Zespol Elektrocieplowni Wroclawskich Kogeneracja SA (a)
     116   732
Zespol Elektrowni Patnow Adamow Konin SA (a)
     446   1,835
          1,389,230
PORTUGAL — 0.3%          
Altri SGPS SA
     1,520   10,249
Banco Comercial Portugues SA Class R (a)
     145,406   28,005
Corticeira Amorim SGPS SA
     680   7,612
CTT-Correios de Portugal SA
     2,361   11,848
EDP - Energias de Portugal SA
     46,560   231,309
Galp Energia SGPS SA
     8,516   109,109
Greenvolt-Energias Renovaveis SA (a)
     611   5,078
Ibersol SGPS SA (a)
     192   1,222
Jeronimo Martins SGPS SA
     4,797   115,981
Mota-Engil SGPS SA (a)
     1,255   1,882
Navigator Co. SA
     3,970   14,930
NOS SGPS SA
     3,706   15,727
Pharol SGPS SA (a)
     8,532   757
REN - Redes Energeticas Nacionais SGPS SA
     6,348   20,130
Semapa-Sociedade de Investimento e Gestao
     204   2,737
Sonae SGPS SA
     17,085   19,808
          596,384
SAUDI ARABIA — 0.1%          
Delivery Hero SE (a)(b)
     3,167   140,457
SINGAPORE — 0.2%          
BW LPG, Ltd. (b)
     1,360   9,402
Hafnia, Ltd. (a)
     2,311   5,815
STMicroelectronics NV
     11,618   512,029
          527,246
See accompanying notes to financial statements.
233

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
SOUTH AFRICA — 0.5%          
Anglo American PLC
     21,812   $ 1,140,854
Scatec ASA (b)
     2,122   32,616
          1,173,470
SPAIN — 3.6%          
Acciona SA (c)
     426   82,237
Acerinox SA
     3,537   39,276
ACS Actividades de Construccion y Servicios SA
     4,131   112,611
Aedas Homes SA (b)
     278   7,114
Aena SME SA (a)(b)
     1,278   214,788
Alantra Partners SA
     314   5,817
Almirall SA (c)
     1,351   17,332
Amadeus IT Group SA (a)
     7,923   521,703
AmRest Holdings SE (a)
     1,309   6,345
Applus Services SA
     2,588   21,553
Atresmedia Corp. de Medios de Comunicacion SA
     1,427   6,107
Banco Bilbao Vizcaya Argentaria SA (c)
     117,215   679,485
Banco de Sabadell SA (c)
     99,143   82,248
Banco Santander SA
     304,076   1,048,824
Bankinter SA
     11,672   69,142
Befesa SA (b)
     606   48,143
CaixaBank SA
     76,924   263,359
Cellnex Telecom SA (b)
     9,520   462,995
Cia de Distribucion Integral Logista Holdings SA
     1,198   22,127
CIE Automotive SA
     993   22,826
Construcciones y Auxiliar de Ferrocarriles SA
     358   11,870
Corp. ACCIONA Energias Renovables SA (a)
     981   36,566
Corp. Financiera Alba SA
     297   17,514
Ebro Foods SA
     938   16,636
EDP Renovaveis SA
     4,251   110,395
eDreams ODIGEO SA (a)
     846   7,578
Elecnor SA
     744   9,023
Enagas SA (c)
     4,194   94,029
Ence Energia y Celulosa SA (a)
     2,583   9,180
Endesa SA
     5,601   123,237
Faes Farma SA
     5,769   23,609
Ferrovial SA
     9,192   246,789
Fluidra SA
     1,738   50,859
Fomento de Construcciones y Contratas SA
     976   11,793
Gestamp Automocion SA (b)
     2,574   9,130
Global Dominion Access SA (b)
     2,194   9,911
Grenergy Renovables SA (a)(c)
     183   6,943
See accompanying notes to financial statements.
234

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Grifols SA (c)
     5,206   $ 95,460
Grifols SA Class B, Preference Shares
     4,731   57,377
Grupo Catalana Occidente SA
     824   25,488
Iberdrola SA
     103,247   1,139,588
Indra Sistemas SA (a)
     2,230   25,060
Industria de Diseno Textil SA
     19,547   430,195
Inmobiliaria Colonial Socimi SA REIT
     5,416   49,655
Laboratorios Farmaceuticos Rovi SA
     333   24,898
Lar Espana Real Estate Socimi SA REIT
     1,384   7,623
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros (c)
     12,061   18,720
Mapfre SA
     17,958   37,964
Mediaset Espana Comunicacion SA (a)
     2,861   14,554
Melia Hotels International SA (a)
     1,731   13,108
Merlin Properties Socimi SA REIT
     5,969   70,299
Metrovacesa SA (b)
     728   6,213
Naturgy Energy Group SA (c)
     3,347   101,145
Neinor Homes SA (a)(b)
     1,042   13,797
Obrascon Huarte Lain SA (a)
     7,029   7,320
Parques Reunidos Servicios Centrales SAU (a)
     1,617   24,744
Pharma Mar SA (c)
     234   17,814
Prosegur Cia de Seguridad SA
     3,194   7,008
Red Electrica Corp. SA
     7,057   146,125
Repsol SA
     26,942   357,446
Sacyr SA
     7,279   17,753
Siemens Gamesa Renewable Energy SA (a)
     3,947   70,156
Solaria Energia y Medio Ambiente SA (a)
     1,346   30,597
Soltec Power Holdings SA (a)(c)
     537   3,179
Talgo SA (a)(b)(c)
     1,315   5,706
Telefonica SA
     101,504   495,630
Unicaja Banco SA (b)
     26,412   27,712
Vidrala SA
     426   30,193
Viscofan SA
     671   40,166
Zardoya Otis SA
     3,260   25,572
          7,967,359
SWEDEN — 6.3%          
AAK AB
     3,157   59,282
AcadeMedia AB (b)
     1,495   8,326
AddLife AB Class B
     2,092   59,083
AddNode Group AB
     557   23,041
AddTech AB Class B
     4,512   88,116
AFRY AB
     1,684   34,333
Alfa Laval AB
     5,177   180,707
See accompanying notes to financial statements.
235

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Alimak Group AB (b)
     641   $ 7,263
Alligo AB Class B
     435   6,469
Ambea AB (b)
     1,416   7,275
AQ Group AB (a)
     149   4,693
Arjo AB Class B
     3,697   31,657
Assa Abloy AB Class B
     17,471   477,859
Atlas Copco AB Class A
     11,330   597,781
Atlas Copco AB Class B
     6,907   318,321
Atrium Ljungberg AB Class B
     721   14,893
Attendo AB (a)(b)
     2,085   6,667
Avanza Bank Holding AB (c)
     2,147   55,752
Axfood AB
     1,896   62,295
Bactiguard Holding AB (a)
     285   3,180
Balco Group AB (a)
     204   2,456
Beijer Alma AB
     803   18,784
Beijer Ref AB
     4,417   81,236
Bergman & Beving AB
     440   6,676
Betsson AB Class B (a)
     2,211   13,582
BHG Group AB (a)(c)
     1,697   11,381
BICO Group AB (a)(c)
     731   13,091
Bilia AB Class A
     1,499   21,634
BillerudKorsnas AB
     3,193   47,881
BioArctic AB (a)(b)
     643   7,120
BioGaia AB Class B
     300   18,027
BioInvent International AB (a)
     685   3,262
Biotage AB
     1,180   27,881
Boliden AB
     4,760   244,196
Bonava AB Class B
     1,544   9,800
BoneSupport Holding AB (a)(b)
     881   4,462
Boozt AB (a)(b)
     1,065   13,839
Bravida Holding AB (b)
     3,666   42,681
BTS Group AB Class B
     260   9,430
Bufab AB
     491   17,755
Bure Equity AB
     975   32,244
Byggfakta Group Nordic Holdco AB (a)
     1,572   7,928
Byggmax Group AB
     1,011   7,561
Calliditas Therapeutics AB Class B (a)(c)
     643   6,196
Camurus AB (a)
     469   8,455
Cary Group AB (a)
     1,565   13,535
Castellum AB (c)
     4,990   124,919
Catella AB
     712   3,530
Catena AB
     492   30,039
See accompanying notes to financial statements.
236

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Cellavision AB
     241   $ 8,094
Cibus Nordic Real Estate AB
     684   18,437
Cint Group AB (a)
     2,230   22,048
Clas Ohlson AB Class B
     753   8,662
Cloetta AB Class B
     3,704   10,230
Collector AB (a)
     1,896   8,004
Coor Service Management Holding AB (b)
     1,734   14,094
Corem Property Group AB
     112   3,503
Corem Property Group AB Class B (c)
     9,689   25,472
Ctek AB (a)
     574   7,329
CTT Systems AB (c)
     151   3,104
Dios Fastigheter AB
     1,559   17,130
Dometic Group AB (b)
     5,653   49,412
Duni AB (a)
     595   6,551
Dustin Group AB (b)
     1,403   12,164
Eastnine AB
     214   2,457
Electrolux AB Class B
     4,002   61,451
Electrolux Professional AB Class B (a)
     4,106   25,532
Elekta AB Class B
     6,467   51,503
Enea AB (a)
     273   5,355
Eolus Vind AB Class B (c)
     434   4,517
Epiroc AB Class A
     10,951   237,600
Epiroc AB Class B
     6,769   123,876
EQT AB
     11,882   474,418
Essity AB Class A
     378   9,045
Essity AB Class B
     10,684   254,736
Evolution AB (b)
     3,391   352,257
Fabege AB
     4,943   73,991
Fagerhult AB
     1,605   8,663
Fasadgruppen Group AB
     513   8,301
Fastighets AB Balder Class B (a)
     1,815   121,021
Fastighets AB Trianon
     257   5,653
FastPartner AB Class A
     873   9,742
Ferronordic AB
     167   1,039
Fingerprint Cards AB Class B (a)(c)
     5,560   8,872
FM Mattsson Mora Group AB
     140   3,470
G5 Entertainment AB
     158   3,543
GARO AB
     550   9,112
Getinge AB Class B
     3,790   153,318
Granges AB
     1,879   18,690
Green Landscaping Group AB (a)(b)
     489   4,659
H & M Hennes & Mauritz AB Class B (c)
     12,783   173,075
See accompanying notes to financial statements.
237

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Haldex AB (a)(c)
     664   $ 2,935
Hansa Biopharma AB (a)
     620   4,083
Heba Fastighets AB Class B
     687   11,176
Hemnet Group AB (a)
     648   9,881
Hexagon AB Class B
     37,192   529,781
Hexatronic Group AB
     610   24,742
Hexpol AB
     4,700   46,579
HMS Networks AB
     511   24,236
Hoist Finance AB (a)(b)(c)
     1,530   4,741
Holmen AB Class B (c)
     1,666   94,282
Hufvudstaden AB Class A
     2,125   30,498
Humana AB (a)
     597   3,863
Husqvarna AB Class A
     456   4,844
Husqvarna AB Class B
     7,209   76,318
Immunovia AB (a)
     293   1,272
Industrivarden AB Class A
     2,950   85,087
Industrivarden AB Class C
     2,820   79,855
Indutrade AB
     4,723   120,769
Instalco AB
     4,058   30,846
Intrum AB
     1,327   36,296
Investment AB Latour Class B
     2,586   83,523
Investment AB Oresund
     633   8,748
Investor AB Class A
     11,027   260,784
Investor AB Class B
     32,036   708,653
INVISIO Communications AB
     660   12,167
Inwido AB
     1,049   16,805
Irlab Therapeutics AB (a)
     719   3,078
JM AB (c)
     870   28,006
John Mattson Fastighetsforetagen AB (a)
     278   4,928
Karnov Group AB
     1,369   8,785
K-fast Holding AB (a)
     1,091   7,808
Kinnevik AB Class A (a)
     173   4,715
Kinnevik AB Class B (a)
     4,212   111,860
Klarabo Sverige AB
     1,761   6,614
KNOW IT AB
     371   12,460
L E Lundbergforetagen AB Class B
     1,291   66,577
Lagercrantz Group AB Class B
     3,598   41,233
LeoVegas AB (b)
     1,591   6,470
Lifco AB Class B
     4,025   104,043
Lime Technologies AB (c)
     158   4,639
Linc AB
     326   2,703
Lindab International AB
     1,419   36,695
See accompanying notes to financial statements.
238

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Loomis AB
     1,362   $ 37,720
Lundin Energy AB (c)
     3,360   143,963
Medcap AB (a)
     167   3,279
Medicover AB Class B
     1,129   24,471
Mekonomen AB (a)
     749   8,937
Midsona AB Class B
     861   2,559
MIPS AB
     464   43,814
Modern Times Group MTG AB Class B (a)
     1,733   25,606
Momentum Group AB
     435   3,734
Munters Group AB (b)
     2,379   14,857
Mycronic AB
     1,271   24,003
NCAB GROUP AB
     2,261   16,049
NCC AB Class B
     1,568   22,546
Nederman Holding AB
     350   7,192
Net Insight AB Class B (a)
     5,143   2,230
New Wave Group AB Class B
     803   13,183
Nibe Industrier AB Class B
     25,487   287,294
Nivika Fastigheter AB
     539   4,280
Nobia AB
     2,010   8,964
Nolato AB Class B
     3,484   26,169
Nordic Entertainment Group AB Class B (a)
     1,246   51,234
Nordic Waterproofing Holding AB
     436   7,925
Nordnet AB publ
     3,044   55,527
Norva24 Group AB
     2,129   4,925
Note AB (a)
     340   6,844
NP3 Fastigheter AB
     477   15,969
Nyfosa AB
     3,000   43,393
OEM International AB Class B
     851   14,903
Ovzon AB (a)
     882   4,798
Pandox AB (a)
     1,805   27,542
Peab AB Class B
     3,749   38,136
Platzer Fastigheter Holding AB Class B
     1,124   14,039
Pricer AB Class B
     1,883   3,952
Proact IT Group AB
     388   2,852
Probi AB
     70   2,794
Q-Linea AB (a)(b)
     314   2,628
Ratos AB Class B
     3,816   19,998
Rejlers AB
     286   4,082
Resurs Holding AB (b)
     2,566   7,619
Rvrc Holding AB
     685   5,730
Saab AB Class B
     1,493   54,758
Sagax AB Class A
     93   2,884
See accompanying notes to financial statements.
239

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Sagax AB Class B
     3,330   $ 102,551
Sagax AB Class D
     1,850   6,412
Samhallsbyggnadsbolaget i Norden AB (c)
     20,293   91,999
Samhallsbyggnadsbolaget i Norden AB Class D
     2,701   7,982
Sandvik AB
     19,104   412,033
SAS AB (a)(c)
     71,445   8,092
Scandi Standard AB
     1,087   4,158
Scandic Hotels Group AB (a)(b)
     2,371   11,029
Sdiptech AB Class B (a)
     527   20,555
Sectra AB Class B (a)
     2,590   40,214
Securitas AB Class B
     5,571   63,634
Sinch AB (a)(b)
     10,124   70,025
Sivers Semiconductors AB (a)
     1,797   1,587
Skandinaviska Enskilda Banken AB Class A (c)
     30,247   332,511
Skandinaviska Enskilda Banken AB Class C
     277   3,270
Skanska AB Class B (c)
     6,970   158,107
SKF AB Class A
     251   4,724
SKF AB Class B (c)
     6,575   108,614
SkiStar AB
     752   14,121
SmartCraft ASA (a)
     1,430   2,920
SSAB AB Class A (a)
     3,578   25,255
SSAB AB Class B (a)
     10,965   74,242
Stendorren Fastigheter AB (a)
     225   6,555
Stillfront Group AB (a)(c)
     10,264   29,494
Storskogen Group AB Class B (a)(c)
     26,489   65,204
Svenska Cellulosa AB SCA Class A
     380   7,437
Svenska Cellulosa AB SCA Class B (c)
     9,690   190,745
Svenska Handelsbanken AB Class A (c)
     26,631   248,324
Svenska Handelsbanken AB Class B
     638   6,801
Sweco AB Class B
     3,718   54,657
Swedbank AB Class A (c)
     16,392   248,007
Swedish Match AB
     27,523   209,330
Swedish Orphan Biovitrum AB (a)
     3,461   82,817
Synsam AB (a)
     655   4,836
Systemair AB
     1,513   11,324
Tele2 AB Class B
     8,822   134,705
Telefonaktiebolaget LM Ericsson Class A
     1,084   10,538
Telefonaktiebolaget LM Ericsson Class B (c)
     54,019   500,230
Telia Co. AB (c)
     43,064   174,393
Tethys Oil AB
     500   4,228
Thule Group AB (b)(c)
     1,863   74,965
Tobii AB (a)(c)
     1,766   5,943
See accompanying notes to financial statements.
240

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Tobii Dynavox AB (a)
     1,770   $ 4,292
Trelleborg AB Class B
     4,211   98,956
Troax Group AB
     697   18,398
Truecaller AB Class B (a)
     3,131   21,838
VBG Group AB Class B
     321   4,822
Vitec Software Group AB Class B
     493   25,789
Vitrolife AB
     1,185   39,621
VNV Global AB (a)
     1,535   8,293
Volati AB
     421   6,876
Volvo AB Class A
     3,358   65,219
Volvo AB Class B
     27,931   529,285
Volvo Car AB Class B (a)(c)
     9,535   69,901
Wallenstam AB Class B
     4,058   59,611
Wihlborgs Fastigheter AB
     2,491   52,737
XANO Industri AB Class B
     173   5,606
Xbrane Biopharma AB (a)(c)
     291   3,241
Xvivo Perfusion AB (a)
     378   10,931
          13,853,448
SWITZERLAND — 14.5%          
ABB, Ltd.
     27,535   902,723
Adecco Group AG (a)
     2,992   136,587
Alcon, Inc.
     8,775   702,763
Allreal Holding AG
     269   57,936
ALSO Holding AG (a)
     113   27,690
Arbonia AG
     922   18,154
Aryzta AG (a)
     17,309   17,869
Ascom Holding AG (a)
     602   6,790
Bachem Holding AG Class B
     124   68,855
Baloise Holding AG
     797   142,988
Banque Cantonale Vaudoise
     488   42,529
Barry Callebaut AG
     62   146,199
Basellandschaftliche Kantonalbank
     12   11,632
Basilea Pharmaceutica AG (a)
     235   9,510
Belimo Holding AG
     173   92,586
Bell Food Group AG
     38   11,252
Berner Kantonalbank AG
     81   19,716
BKW AG
     358   45,127
Bobst Group SA (a)
     130   12,940
Bossard Holding AG Class A
     107   25,231
Bucher Industries AG
     120   48,874
Burckhardt Compression Holding AG
     55   29,226
Bystronic AG
     23   23,869
See accompanying notes to financial statements.
241

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Cembra Money Bank AG
     543   $ 40,124
Chocoladefabriken Lindt & Spruengli AG (e)
     17   203,575
Chocoladefabriken Lindt & Spruengli AG (e)
     2   242,977
Cie Financiere Richemont SA
     9,153   1,173,653
Clariant AG (a)
     3,992   69,798
Comet Holding AG
     134   39,097
Credit Suisse Group AG (a)
     44,456   354,585
Daetwyler Holding AG Bearer Shares
     129   42,895
DKSH Holding AG
     643   54,326
dormakaba Holding AG
     56   28,893
Dottikon Es Holding AG (a)
     66   18,217
Dufry AG (a)
     1,236   52,529
EFG International AG (a)
     1,349   10,555
Emmi AG
     38   41,747
EMS-Chemie Holding AG
     122   119,514
Fenix Outdoor International AG
     87   9,895
Flughafen Zurich AG (a)
     342   61,915
Forbo Holding AG
     15   25,689
Fundamenta Real Estate AG
     501   10,779
Galenica AG (b)
     902   69,837
Geberit AG
     633   393,592
Georg Fischer AG
     72   86,689
Givaudan SA
     139   578,053
Gurit Holding AG
     8   12,970
Helvetia Holding AG
     631   82,762
Holcim, Ltd. (a)
     9,952   489,787
Huber + Suhner AG
     274   25,815
Idorsia, Ltd. (a)(c)
     1,903   38,112
Inficon Holding AG
     31   35,842
Interroll Holding AG
     14   46,476
Intershop Holding AG
     19   13,193
IWG PLC (a)
     13,703   47,234
Julius Baer Group, Ltd.
     3,855   225,708
Jungfraubahn Holding AG (a)
     83   12,898
Kardex Holding AG
     107   24,708
Komax Holding AG (a)
     64   18,082
Kongsberg Automotive ASA (a)(c)
     8,715   2,522
Kuehne + Nagel International AG
     1,004   287,044
Landis+Gyr Group AG (a)
     399   25,451
LEM Holding SA
     11   26,775
Leonteq AG (a)
     166   13,439
Logitech International SA
     3,018   226,944
See accompanying notes to financial statements.
242

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Lonza Group AG (a)
     1,307   $ 954,703
Luzerner Kantonalbank AG
     56   26,380
Medacta Group SA (a)(b)
     101   12,095
Mediclinic International PLC (a)
     6,332   29,696
Medmix AG (a)(b)
     426   14,961
Meyer Burger Technology AG (a)
     41,267   17,435
Mobilezone Holding AG
     752   13,369
Mobimo Holding AG (a)
     119   38,147
Molecular Partners AG (a)
     448   9,065
Nestle SA
     49,387   6,450,766
Novartis AG
     42,707   3,770,653
OC Oerlikon Corp. AG
     3,598   28,933
Orior AG
     108   10,598
Partners Group Holding AG
     397   497,625
Peach Property Group AG
     166   10,282
PSP Swiss Property AG
     811   107,164
Rieter Holding AG (a)
     56   9,116
Roche Holding AG Bearer Shares (e)
     463   203,765
Roche Holding AG (e)
     12,326   4,908,300
Romande Energie Holding SA
     8   10,693
Schindler Holding AG (e)
     711   153,751
Schindler Holding AG (e)
     346   74,407
Schweiter Technologies AG Bearer Shares
     18   22,220
Sensirion Holding AG (a)(b)
     178   22,167
SFS Group AG
     305   42,688
SGS SA
     107   299,519
Siegfried Holding AG (a)
     78   64,841
SIG Combibloc Group AG (a)
     4,965   126,249
Sika AG (c)
     2,711   905,582
SKAN Group AG (a)
     165   11,475
Sonova Holding AG
     933   392,970
St Galler Kantonalbank AG
     49   24,626
Stadler Rail AG
     1,032   40,215
Straumann Holding AG
     204   329,526
Sulzer AG
     309   25,821
SunMirror AG
     12   2,176
Swatch Group AG Bearer Shares (e)
     500   143,276
Swatch Group AG (e)
     954   52,248
Swiss Life Holding AG
     558   360,297
Swiss Prime Site AG (a)
     1,351   133,962
Swisscom AG
     450   271,394
Swissquote Group Holding SA
     214   39,161
See accompanying notes to financial statements.
243

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Tecan Group AG
     207   $ 82,777
Temenos AG
     1,161   112,284
UBS Group AG
     59,328   1,169,798
Valiant Holding AG
     286   29,773
Valora Holding AG (a)
     71   13,347
VAT Group AG (b)
     479   184,469
Vetropack Holding AG
     174   8,197
Vifor Pharma AG (a)
     829   148,414
Vontobel Holding AG
     507   43,056
VZ Holding AG
     285   27,099
Wizz Air Holdings PLC (a)(b)
     913   34,765
Ypsomed Holding AG
     60   10,628
Zehnder Group AG
     167   14,554
Zug Estates Holding AG Class B
     7   15,365
Zuger Kantonalbank AG
     4   31,904
Zur Rose Group AG (a)(c)
     166   24,496
Zurich Insurance Group AG (a)
     2,641   1,310,958
          31,909,943
TANZANIA, UNITED REPUBLIC OF — 0.0% (d)          
Helios Towers PLC (a)(c)
     16,609   25,236
UKRAINE — 0.0% (d)          
Ferrexpo PLC
     5,292   12,995
Kernel Holding SA
     915   7,191
          20,186
UNITED ARAB EMIRATES — 0.0% (d)          
Borr Drilling, Ltd. (a)
     2,192   7,439
Network International Holdings PLC (a)(b)
     8,484   31,277
          38,716
UNITED KINGDOM — 19.8%          
3i Group PLC
     17,231   315,012
4imprint Group PLC
     508   18,795
888 Holdings PLC (c)
     4,997   12,139
A.G. Barr PLC
     1,743   12,278
Abrdn PLC
     37,925   107,308
Admiral Group PLC
     4,732   159,685
AJ Bell PLC
     5,569   22,291
Allfunds Group PLC (a)
     7,030   81,661
Alphawave IP Group PLC (a)(c)
     5,362   12,440
AO World PLC (a)
     6,214   7,147
Argo Blockchain PLC (a)
     6,743   6,383
See accompanying notes to financial statements.
244

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Ascential PLC (a)
     7,270   $ 33,177
Ashmore Group PLC
     9,010   27,593
Ashtead Group PLC
     7,946   505,634
Associated British Foods PLC
     6,255   136,877
Assura PLC REIT
     53,299   46,948
Aston Martin Lagonda Global Holdings PLC (a)(b)
     1,196   15,514
AstraZeneca PLC
     27,182   3,626,161
Auction Technology Group PLC (a)
     1,698   21,954
Auto Trader Group PLC (b)
     16,751   139,565
AVEVA Group PLC
     2,204   71,097
Aviva PLC
     65,230   388,287
Avon Protection PLC
     508   8,695
B&M European Value Retail SA
     15,744   110,736
Babcock International Group PLC (a)
     4,562   19,491
BAE Systems PLC
     55,129   520,729
Balfour Beatty PLC
     11,160   37,763
Baltic Classifieds Group PLC (a)
     4,843   8,832
Barclays PLC
     276,803   540,484
Barratt Developments PLC
     17,736   121,991
Beazley PLC
     10,716   59,372
Bellway PLC
     2,142   68,589
Berkeley Group Holdings PLC (a)
     1,989   97,944
Biffa PLC (b)
     5,711   24,062
Big Yellow Group PLC REIT
     3,270   66,132
Bodycote PLC
     3,457   28,789
BP PLC
     341,526   1,687,838
Brewin Dolphin Holdings PLC
     5,480   36,942
Bridgepoint Group PLC (a)(b)
     10,996   50,890
British American Tobacco PLC
     37,018   1,556,992
British Land Co. PLC REIT
     15,269   106,631
Britvic PLC
     4,793   50,927
BT Group PLC (c)
     121,531   291,545
Bunzl PLC
     5,871   229,428
Burberry Group PLC
     7,052   155,431
Bytes Technology Group PLC
     3,605   23,628
Capita PLC (a)
     30,187   8,319
Capital & Counties Properties PLC REIT
     11,880   27,389
Capricorn Energy PLC (a)(c)
     9,344   27,189
Cazoo Group, Ltd. (a)(e)
     2,723   7,515
Centrica PLC (a)
     105,310   111,036
Chemring Group PLC
     5,089   21,810
Clarkson PLC
     512   24,943
See accompanying notes to financial statements.
245

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Clipper Logistics PLC
     1,492   $ 17,326
Close Brothers Group PLC
     2,747   43,077
CLS Holdings PLC
     3,066   8,114
CNH Industrial NV
     17,666   282,949
Coats Group PLC
     26,087   26,345
Compass Group PLC
     31,384   681,809
Computacenter PLC
     1,434   55,547
Concentric AB
     710   15,618
ConvaTec Group PLC (b)
     28,640   81,300
Countryside Partnerships PLC (a)(b)
     7,278   25,950
Cranswick PLC
     938   43,522
Crest Nicholson Holdings PLC
     4,636   16,322
Croda International PLC
     2,485   257,824
Currys PLC
     21,181   25,350
Darktrace PLC (a)
     5,703   33,790
DCC PLC
     1,797   140,210
Dechra Pharmaceuticals PLC
     1,921   102,588
Deliveroo PLC (a)(b)(c)
     17,774   26,374
Derwent London PLC REIT
     1,804   76,221
DFS Furniture PLC
     4,390   12,080
Diageo PLC
     40,612   2,065,883
Diploma PLC
     2,165   75,083
Direct Line Insurance Group PLC
     21,891   79,292
DiscoverIE Group PLC
     1,537   15,947
Domino's Pizza Group PLC
     7,348   36,629
Dr. Martens PLC
     10,083   31,703
Drax Group PLC
     7,409   76,675
DS Smith PLC
     24,277   102,957
Dunelm Group PLC
     2,274   32,665
easyJet PLC (a)
     6,575   48,185
Electrocomponents PLC
     8,306   118,547
Elementis PLC (a)
     10,486   16,430
Empiric Student Property PLC REIT
     10,894   13,096
EnQuest PLC (a)
     5,277   2,148
Entain PLC (a)
     10,197   220,654
Essentra PLC
     5,791   24,018
Euromoney Institutional Investor PLC
     1,972   25,653
Experian PLC
     17,064   663,011
FDM Group Holdings PLC
     1,675   23,421
Firstgroup PLC (a)
     11,538   17,060
Forterra PLC (b)
     3,627   11,103
Frasers Group PLC (a)
     3,279   27,372
See accompanying notes to financial statements.
246

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Future PLC
     2,019   $ 69,169
Games Workshop Group PLC
     588   56,245
Genuit Group PLC
     4,551   29,451
Genus PLC
     1,177   43,732
Grafton Group PLC CDI
     3,904   50,503
Grainger PLC
     13,307   51,160
Great Portland Estates PLC REIT
     3,666   34,367
Greggs PLC
     1,825   59,135
Gym Group PLC (a)(b)
     2,980   7,628
Halfords Group PLC
     3,371   10,919
Halma PLC
     6,613   218,546
Hammerson PLC REIT
     58,479   25,424
Harbour Energy PLC (a)
     8,061   51,624
Hargreaves Lansdown PLC
     6,242   82,843
Hays PLC
     29,905   48,352
Headlam Group PLC
     1,425   7,130
Helical PLC
     1,865   10,092
Hill & Smith Holdings PLC
     1,433   27,773
Hilton Food Group PLC
     1,403   22,906
Hiscox, Ltd.
     6,265   81,135
HomeServe PLC
     5,454   60,536
Howden Joinery Group PLC
     10,444   105,581
HSBC Holdings PLC
     360,912   2,496,674
Ibstock PLC (b)
     7,401   17,092
IG Group Holdings PLC
     7,646   82,450
IMI PLC
     4,643   83,323
Imperial Brands PLC
     16,742   355,008
Inchcape PLC
     6,533   57,631
Indivior PLC (a)
     12,886   47,540
Informa PLC (a)
     26,165   207,321
IntegraFin Holdings PLC
     5,078   28,148
InterContinental Hotels Group PLC
     3,272   223,589
Intermediate Capital Group PLC
     5,124   120,459
International Consolidated Airlines Group SA (a)
     44,009   82,420
Intertek Group PLC
     2,809   193,208
Investec PLC
     10,642   70,563
IP Group PLC
     18,136   21,491
ITV PLC (a)
     64,106   69,145
J D Wetherspoon PLC (a)
     1,852   19,056
J Sainsbury PLC
     31,273   104,051
JD Sports Fashion PLC (a)
     43,078   84,085
John Wood Group PLC (a)
     12,303   26,193
See accompanying notes to financial statements.
247

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Johnson Matthey PLC
     3,254   $ 80,482
Jupiter Fund Management PLC
     8,267   22,488
Just Eat Takeaway (a)(b)
     626   21,384
Just Eat Takeaway.com NV (a)(b)
     2,392   81,853
Just Group PLC (a)
     18,698   21,665
Kainos Group PLC
     1,605   27,958
Keller Group PLC
     1,240   13,616
Kier Group PLC (a)
     7,510   8,435
Kingfisher PLC
     36,745   123,563
Lancashire Holdings, Ltd.
     4,282   24,356
Land Securities Group PLC REIT
     11,875   122,830
Legal & General Group PLC
     105,317   377,171
Linde PLC (a)
     8,902   2,877,348
Liontrust Asset Management PLC
     1,115   18,703
Lloyds Banking Group PLC
     1,247,853   773,107
London Stock Exchange Group PLC
     5,748   602,875
LondonMetric Property PLC REIT
     15,863   57,604
LXI REIT PLC
     12,794   24,931
M&G PLC
     46,074   134,187
Man Group PLC
     24,235   74,667
Marks & Spencer Group PLC (a)
     33,977   69,206
Marshalls PLC
     3,622   32,476
Marston's PLC (a)
     11,098   11,880
Meggitt PLC (a)
     13,819   138,317
Melrose Industries PLC
     72,086   118,498
Micro Focus International PLC
     6,141   32,722
Mitchells & Butlers PLC (a)
     4,805   14,791
Mitie Group PLC
     24,424   17,719
MJ Gleeson PLC
     980   7,613
Molten Ventures PLC (a)
     2,392   24,440
Moneysupermarket.com Group PLC
     9,699   24,263
Moonpig Group PLC (a)
     3,652   10,771
Morgan Advanced Materials PLC
     5,152   21,029
Morgan Sindall Group PLC
     789   25,088
National Express Group PLC (a)
     9,715   29,804
National Grid PLC
     64,119   989,767
Natwest Group PLC
     95,957   272,772
NCC Group PLC
     5,283   12,701
Next PLC
     2,316   183,938
Ninety One PLC
     5,819   19,522
Ocado Group PLC (a)
     11,088   170,955
ODFJELL Technology, Ltd.
     285   662
See accompanying notes to financial statements.
248

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
On the Beach Group PLC (a)(b)
     2,695   $ 8,321
OSB Group PLC
     7,885   58,813
Oxford Biomedica PLC (a)
     1,277   11,332
Oxford Instruments PLC
     976   27,115
Oxford Nanopore Technologies PLC (a)
     10,697   56,055
Pagegroup PLC
     5,932   38,458
Paragon Banking Group PLC
     4,301   28,315
Pearson PLC
     13,451   132,933
Pennon Group PLC
     4,834   68,420
Pepco Group NV (a)(b)
     1,678   18,027
Persimmon PLC
     5,557   157,381
Pets at Home Group PLC
     9,038   43,006
Phoenix Group Holdings PLC
     13,904   112,403
Picton Property Income, Ltd. REIT
     9,192   11,897
Playtech PLC (a)
     5,592   43,587
Premier Foods PLC
     11,786   17,691
Primary Health Properties PLC REIT (c)
     23,426   45,741
Provident Financial PLC (a)
     4,587   18,517
Prudential PLC
     48,269   720,696
PZ Cussons PLC
     5,843   15,048
QinetiQ Group PLC
     10,330   41,401
Quilter PLC (b)
     25,459   47,733
Rathbones Group PLC
     1,012   26,383
Reach PLC
     5,538   13,358
Reckitt Benckiser Group PLC
     12,946   994,085
Redde Northgate PLC
     4,063   23,110
Redrow PLC
     5,205   35,828
RELX PLC
     34,815   1,092,348
Renewi PLC (a)
     1,335   11,619
Renishaw PLC
     618   31,490
Rentokil Initial PLC
     32,385   224,285
Restaurant Group PLC (a)
     13,345   10,718
Rightmove PLC
     15,138   126,126
Rolls-Royce Holdings PLC (a)
     145,713   193,963
Rotork PLC
     14,880   63,948
Royal Mail PLC
     14,038   60,810
S4 Capital PLC (a)
     8,111   30,863
Sabre Insurance Group PLC (b)
     4,519   13,804
Safestore Holdings PLC REIT
     3,808   67,185
Sage Group PLC
     17,792   164,262
Savills PLC
     2,588   37,959
Schroders PLC (e)
     2,294   97,589
See accompanying notes to financial statements.
249

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Schroders PLC (e)
     631   $ 15,951
Segro PLC REIT
     20,156   357,074
Senior PLC (a)
     7,114   11,952
Serco Group PLC
     22,100   41,930
Severn Trent PLC
     4,410   178,722
Shaftesbury PLC REIT (c)
     3,879   31,538
Smith & Nephew PLC
     15,681   251,886
Smiths Group PLC
     6,873   131,442
Softcat PLC
     2,322   52,096
Spectris PLC
     2,041   69,843
Spirax-Sarco Engineering PLC
     1,279   211,089
Spire Healthcare Group PLC (a)(b)
     4,760   15,323
Spirent Communications PLC
     11,048   34,620
SSE PLC
     18,748   431,610
SSP Group PLC (a)
     14,324   42,849
St James's Place PLC
     9,398   179,236
Standard Chartered PLC
     45,082   302,841
SThree PLC
     2,271   12,364
Subsea 7 SA
     4,148   39,099
Synthomer PLC
     6,126   24,649
Tate & Lyle PLC
     8,455   81,511
Taylor Wimpey PLC
     63,433   109,159
Telecom Plus PLC
     1,210   24,375
Tesco PLC
     133,737   485,994
THG PLC (a)
     13,393   16,223
TORM PLC Class A (a)(c)
     1,353   11,758
TP ICAP Group PLC
     14,251   27,826
Trainline PLC (a)(b)
     8,532   28,084
Travis Perkins PLC
     3,948   64,301
Treatt PLC
     1,019   15,228
Tritax Big Box REIT PLC
     33,040   105,188
Trustpilot Group PLC (a)(b)
     3,834   7,365
TT Electronics PLC
     2,935   7,941
Tyman PLC
     3,352   14,035
UK Commercial Property REIT, Ltd.
     13,295   15,474
Ultra Electronics Holdings PLC
     1,320   57,770
Unilever PLC
     46,117   2,097,875
UNITE Group PLC REIT
     5,316   81,052
United Utilities Group PLC
     11,863   175,640
Vectura Group PLC (a)
     10,098   21,938
Vesuvius PLC
     4,929   22,169
Victrex PLC
     1,564   37,684
See accompanying notes to financial statements.
250

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
Virgin Money UK PLC
     22,498   $ 50,831
Vistry Group PLC
     3,837   47,570
Vitec Group PLC
     901   16,015
Vodafone Group PLC
     472,081   775,963
Volution Group PLC
     3,428   18,934
Watches of Switzerland Group PLC (a)(b)
     4,236   63,582
Weir Group PLC
     4,611   99,626
WH Smith PLC (a)
     2,255   42,636
Whitbread PLC (a)
     3,578   134,593
Wickes Group PLC
     4,391   10,667
Wincanton PLC
     2,087   10,607
Wise PLC Class A (a)
     8,246   53,743
Workspace Group PLC REIT
     2,240   20,203
WPP PLC
     19,962   263,618
          43,457,626
UNITED STATES — 2.7%          
Avast PLC (b)
     13,177   98,198
Carnival PLC (a)
     2,792   49,877
Cineworld Group PLC (a)(c)
     17,845   7,664
Diversified Energy Co. PLC
     15,785   24,649
Ferguson PLC
     3,817   521,663
GlaxoSmithKline PLC
     89,237   1,935,360
HUUUGE, Inc. (a)(b)
     1,437   6,173
PolyPeptide Group AG (a)(b)
     278   22,204
Profoto Holding AB (a)
     288   3,362
PureTech Health PLC (a)
     4,780   12,587
QIAGEN NV (a)
     4,020   199,176
REC Silicon ASA (a)(c)
     5,234   8,757
Rhi Magnesita NV
     563   18,057
Schneider Electric SE
     9,980   1,689,623
Stellantis NV (e)
     15,320   252,244
Stellantis NV (e)
     24,371   401,323
Swiss Re AG
     5,087   487,114
Tenaris SA
     8,097   123,921
          5,861,952
TOTAL COMMON STOCKS

(Cost $248,854,017)
         217,891,748
    
See accompanying notes to financial statements.
251

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Security Description     Shares   Value
RIGHTS — 0.0% (d)        
FRANCE — 0.0% (d)          
Electricite de France SA (expiring 04/04/22) (a)

(Cost: $0)
     9,218   $ 3,446
WARRANTS — 0.0% (d)        
ITALY — 0.0% (d)          
Webuild SpA (expiring 08/02/30) (a)(c)(f)

(Cost: $0)
     775   —
SHORT-TERM INVESTMENTS — 2.3%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.31% (g)(h)
   56,553   56,547
State Street Navigator Securities Lending Portfolio II (i)(j)
   4,935,758   4,935,758
TOTAL SHORT-TERM INVESTMENTS

(Cost $4,992,300)
   4,992,305  
TOTAL INVESTMENTS — 101.4%

(Cost $253,846,317)
   222,887,499  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.4)%
  (3,165,044)  
NET ASSETS — 100.0%
  $ 219,722,455  
(a) Non-income producing security.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.3% of net assets as of March 31, 2022, 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, 2022.
(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, 2022, total aggregate fair value of the security 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, 2022 are shown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at March 31, 2022.
(i) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2022 are shown in the Affiliate Table below.
(j) Investment of cash collateral for securities loaned.
    
See accompanying notes to financial statements.
252

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
ADR American Depositary Receipt
CDI CREST Depository Interest
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, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $217,845,066   $46,682   $ 0(a)   $217,891,748
Rights
   —   3,446   —   3,446
Warrants
   —   —   0(a)   0
Short-Term Investments
   4,992,305   —   —   4,992,305
TOTAL INVESTMENTS
   $222,837,371   $50,128   $ 0   $222,887,499
(a) Fund held Level 3 securities that were valued at $0 at March 31, 2022.
Sector Breakdown as of March 31, 2022

    
    % of Net Assets
  Financials 16.0%
  Industrials 15.8
  Health Care 14.2
  Consumer Staples 11.2
  Consumer Discretionary 9.9
  Materials 8.7
  Information Technology 7.9
  Energy 5.1
  Utilities 4.0
  Communication Services 3.9
  Real Estate 2.4
  Short-Term Investments 2.3
  Liabilities in Excess of Other Assets (1.4)
  TOTAL 100.0%
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
253

SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS  (continued)
March 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at 9/30/21 		  Value at
9/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 3/31/22 		  Value at
3/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 53,957   $ 53,968   $ 4,821,463   $ 4,818,778   $(111)   $ 5   56,553   $ 56,547   $ 76
State Street Navigator Securities Lending Portfolio II
 2,762,951   2,762,951   12,684,564   10,511,757   —   —   4,935,758   4,935,758   17,226
Total
     $2,816,919   $17,506,027   $15,330,535   $(111)   $ 5       $4,992,305   $17,302
See accompanying notes to financial statements.
254

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2022 (Unaudited)
  SPDR Portfolio Emerging Markets ETF   SPDR Portfolio Developed World ex-US ETF
ASSETS      
Investments in unaffiliated issuers, at value*
 $6,083,979,007   $12,915,262,048
Investments in affiliated issuers, at value
 143,693,811   251,737,737
Total Investments
 6,227,672,818   13,166,999,785
Foreign currency, at value
 17,491,795   39,085,685
Net cash at broker
 87,186   —
Cash
 4,548   599,802
Receivable from broker — accumulated variation margin on open futures contracts
 997,715   3,260,510
Receivable for investments sold
 322,348   2,446,488
Receivable for fund shares sold
 19,428,934   —
Dividends receivable — unaffiliated issuers
 8,425,160   52,504,855
Dividends receivable — affiliated issuers
 3,297   908
Securities lending income receivable — unaffiliated issuers
 82,982   203,756
Securities lending income receivable — affiliated issuers
 99,097   226,515
Receivable for foreign taxes recoverable
 36,825   12,119,115
Other Receivable
 —   6,975
TOTAL ASSETS
6,274,652,705   13,277,454,394
LIABILITIES      
Due to Broker
 —   965,439
Payable upon return of securities loaned
 116,575,533   240,235,111
Payable for investments purchased
 20,227,966   2,617,564
Deferred foreign taxes payable
 21,084,346   329,074
Advisory fee payable
 552,062   422,708
TOTAL LIABILITIES
158,439,907   244,569,896
NET ASSETS
$ 6,116,212,798   $13,032,884,498
NET ASSETS CONSIST OF:      
Paid-in Capital
 $6,003,949,883   $ 11,735,979,264
Total distributable earnings (loss)**
 112,262,915   1,296,905,234
NET ASSETS
$ 6,116,212,798   $13,032,884,498
NET ASSET VALUE PER SHARE      
Net asset value per share
 $ 38.86   $ 34.53
Shares outstanding (unlimited amount authorized, $0.01 par value)
 157,400,000   377,400,000
COST OF INVESTMENTS:      
Investments in unaffiliated issuers
 $5,750,008,210   $ 11,557,877,321
Investments in affiliated issuers
 143,693,811   251,737,608
Total cost of investments
 $5,893,702,021   $ 11,809,614,929
Foreign currency, at cost
 $ 17,502,487   $ 39,053,023
* Includes investments in securities on loan, at value
 $ 246,595,656   $ 455,052,790
** Includes deferred foreign taxes
 $ 21,084,346   $ 329,074
See accompanying notes to financial statements.
255

SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
March 31, 2022 (Unaudited)
  SPDR Portfolio MSCI Global Stock Market ETF   SPDR Portfolio Europe ETF
ASSETS      
Investments in unaffiliated issuers, at value*
 $496,777,703   $ 217,895,194
Investments in affiliated issuers, at value
 15,632,437   4,992,305
Total Investments
 512,410,140   222,887,499
Foreign currency, at value
 839,058   534,876
Receivable for investments sold
 —   5,845,552
Dividends receivable — unaffiliated issuers
 914,982   636,516
Dividends receivable — affiliated issuers
 2,813   39
Securities lending income receivable — unaffiliated issuers
 6,323   1,053
Securities lending income receivable — affiliated issuers
 10,121   3,553
Receivable for foreign taxes recoverable
 189,987   652,946
TOTAL ASSETS
514,373,424   230,562,034
LIABILITIES      
Payable upon return of securities loaned
 14,273,768   4,935,758
Payable for fund shares repurchased
 —   5,885,032
Deferred foreign taxes payable
 54,250   —
Advisory fee payable
 38,075   18,789
TOTAL LIABILITIES
14,366,093   10,839,579
NET ASSETS
$500,007,331   $ 219,722,455
NET ASSETS CONSIST OF:      
Paid-in Capital
 $472,872,430   $ 328,368,232
Total distributable earnings (loss)**
 27,134,901   (108,645,777)
NET ASSETS
$500,007,331   $ 219,722,455
NET ASSET VALUE PER SHARE      
Net asset value per share
 $ 54.95   $ 39.23
Shares outstanding (unlimited amount authorized, $0.01 par value)
 9,100,000   5,600,370
COST OF INVESTMENTS:      
Investments in unaffiliated issuers
 $464,789,071   $ 248,854,017
Investments in affiliated issuers
 15,605,488   4,992,300
Total cost of investments
 $480,394,559   $ 253,846,317
Foreign currency, at cost
 $ 837,164   $ 533,921
* Includes investments in securities on loan, at value
 $ 19,048,336   $ 6,753,756
** Includes deferred foreign taxes
 $ 54,250   $ —
See accompanying notes to financial statements.
256

SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2022 (Unaudited)
  SPDR Portfolio Emerging Markets ETF   SPDR Portfolio Developed World ex-US ETF
INVESTMENT INCOME      
Dividend income — unaffiliated issuers
 $ 53,400,422   $ 157,468,564
Dividend income — affiliated issuers
 6,985   4,118
Dividend income — non-cash transactions
 3,987,249   —
Unaffiliated securities lending income
 538,091   1,165,454
Affiliated securities lending income
 528,757   1,111,681
Foreign taxes withheld
 (4,606,731)   (15,156,254)
TOTAL INVESTMENT INCOME (LOSS)
 53,854,773   144,593,563
EXPENSES      
Advisory fee
 3,207,657   2,487,660
Trustees’ fees and expenses
 28,088   57,313
Miscellaneous expenses
 72   147
TOTAL EXPENSES
 3,235,817   2,545,120
NET INVESTMENT INCOME (LOSS)
 $ 50,618,956   $ 142,048,443
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers*
 (4,975,242)   6,506,594
Investments — affiliated issuers
 —   (3,268)
In-kind redemptions — unaffiliated issuers
 13,533,473   67,921,817
Foreign currency transactions
 (948,997)   (1,584,616)
Futures contracts
 (4,654,665)   (3,293,219)
Net realized gain (loss)
 2,954,569   69,547,308
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers**
 (523,669,668)   (665,878,346)
Investments — affiliated issuers
 —   129
Foreign currency translations
 132,722   197,017
Futures contracts
 2,504,541   3,258,926
Net change in unrealized appreciation/depreciation
 (521,032,405)   (662,422,274)
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (518,077,836)   (592,874,966)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $(467,458,880)   $(450,826,523)
* Includes foreign capital gain taxes
 $ (739,686)   $ —
** Includes foreign deferred taxes
 $ (21,084,346)   $ (329,074)
See accompanying notes to financial statements.
257

SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS  (continued)
For the Six Months Ended March 31, 2022 (Unaudited)
  SPDR Portfolio MSCI Global Stock Market ETF   SPDR Portfolio Europe ETF
INVESTMENT INCOME      
Dividend income — unaffiliated issuers
 $ 5,649,870   $ 3,729,245
Dividend income — affiliated issuers
 6,549   76
Unaffiliated securities lending income
 31,243   19,314
Affiliated securities lending income
 68,324   17,226
Foreign taxes withheld
 (272,889)   (353,945)
TOTAL INVESTMENT INCOME (LOSS)
 5,483,097   3,411,916
EXPENSES      
Advisory fee
 269,007   158,471
Trustees’ fees and expenses
 2,888   1,688
Miscellaneous expenses
 7   4
TOTAL EXPENSES
 271,902   160,163
NET INVESTMENT INCOME (LOSS)
 $ 5,211,195   $ 3,251,753
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers*
 (2,706,982)   (1,241,814)
Investments — affiliated issuers
 33,804   (111)
In-kind redemptions — unaffiliated issuers
 48,468,808   11,591,359
Foreign currency transactions
 (48,170)   (12,140)
Net realized gain (loss)
 45,747,460   10,337,294
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers**
 (48,503,983)   (28,107,060)
Investments — affiliated issuers
 (28,591)   5
Foreign currency translations
 8,307   (12,371)
Net change in unrealized appreciation/depreciation
 (48,524,267)   (28,119,426)
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (2,776,807)   (17,782,132)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $ 2,434,388   $(14,530,379)
* Includes foreign capital gain taxes
 $ (23,306)   $ —
** Includes foreign deferred taxes
 $ (54,250)   $ —
See accompanying notes to financial statements.
258

SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
  SPDR Portfolio Emerging Markets ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year Ended
9/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 50,618,956   $ 124,731,051
Net realized gain (loss)
 2,954,569   29,638,295
Net change in unrealized appreciation/depreciation
 (521,032,405)   730,173,742
Net increase (decrease) in net assets resulting from operations
 (467,458,880)   884,543,088
Distributions to shareholders
 (126,895,071)   (112,802,286)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 984,387,365   894,772,359
Cost of shares redeemed
 (69,080,544)   (213,904,816)
Other Capital
 961,710   1,046,225
Net increase (decrease) in net assets from beneficial interest transactions
 916,268,531   681,913,768
Net increase (decrease) in net assets during the period
 321,914,580   1,453,654,570
Net assets at beginning of period
 5,794,298,218   4,340,643,648
NET ASSETS AT END OF PERIOD
 $ 6,116,212,798   $5,794,298,218
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 23,700,000   20,800,000
Shares redeemed
 (1,600,000)   (5,100,000)
Net increase (decrease) from share transactions
 22,100,000   15,700,000
See accompanying notes to financial statements.
259

SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR Portfolio Developed World ex-US ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year Ended
9/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 142,048,443   $ 289,589,938
Net realized gain (loss)
 69,547,308   32,344,314
Net change in unrealized appreciation/depreciation
 (662,422,274)   1,898,848,467
Net increase (decrease) in net assets resulting from operations
 (450,826,523)   2,220,782,719
Distributions to shareholders
 (207,525,432)   (247,868,474)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 2,152,430,991   1,824,347,434
Cost of shares redeemed
 (147,261,089)   (57,800,778)
Other Capital
 164,768   92,626
Net increase (decrease) in net assets from beneficial interest transactions
 2,005,334,670   1,766,639,282
Net increase (decrease) in net assets during the period
 1,346,982,715   3,739,553,527
Net assets at beginning of period
 11,685,901,783   7,946,348,256
NET ASSETS AT END OF PERIOD
 $13,032,884,498   $11,685,901,783
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 60,000,000   51,400,000
Shares redeemed
 (4,200,000)   (1,800,000)
Net increase (decrease) from share transactions
 55,800,000   49,600,000
See accompanying notes to financial statements.
260

SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR Portfolio MSCI Global Stock Market ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year Ended
9/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 5,211,195   $ 10,826,788
Net realized gain (loss)
 45,747,460   70,595,473
Net change in unrealized appreciation/depreciation
 (48,524,267)   40,796,197
Net increase (decrease) in net assets resulting from operations
 2,434,388   122,218,458
Distributions to shareholders
 (8,146,968)   (9,127,730)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 124,398,067   219,734,634
Cost of shares redeemed
 (166,910,643)   (185,712,742)
Other Capital
 16,096   34,163
Net increase (decrease) in net assets from beneficial interest transactions
 (42,496,480)   34,056,055
Net increase (decrease) in net assets during the period
 (48,209,060)   147,146,783
Net assets at beginning of period
 548,216,391   401,069,608
NET ASSETS AT END OF PERIOD
 $ 500,007,331   $ 548,216,391
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 2,200,000   4,300,000
Shares redeemed
 (3,100,000)   (3,600,000)
Net increase (decrease) from share transactions
 (900,000)   700,000
See accompanying notes to financial statements.
261

SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR Portfolio Europe ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year Ended
9/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 3,251,753   $ 5,811,370
Net realized gain (loss)
 10,337,294   27,841,743
Net change in unrealized appreciation/depreciation
 (28,119,426)   3,423,383
Net increase (decrease) in net assets resulting from operations
 (14,530,379)   37,076,496
Net equalization credits and charges
 61,275   1,402,461
Distributions to shareholders
 (3,669,976)   (6,742,221)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 148,505,755   269,193,130
Cost of shares redeemed
 (207,835,431)   (136,670,508)
Net income equalization
 (61,275)   (1,402,461)
Net increase (decrease) in net assets from beneficial interest transactions
 (59,390,951)   131,120,161
Net increase (decrease) in net assets during the period
 (77,530,031)   162,856,897
Net assets at beginning of period
 297,252,486   134,395,589
NET ASSETS AT END OF PERIOD
 $ 219,722,455   $ 297,252,486
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 3,600,000   6,600,000
Shares redeemed
 (5,250,000)   (3,450,000)
Net increase (decrease) from share transactions
 (1,650,000)   3,150,000
See accompanying notes to financial statements.
262

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
  SPDR Portfolio Emerging Markets ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year
Ended
9/30/21 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a)(b) 		  Year
Ended
9/30/17(a)(b)
Net asset value, beginning of period
 $ 42.83   $ 36.29   $ 34.39   $ 34.81   $ 36.06   $ 30.10
Income (loss) from investment operations:                      
Net investment income (loss) (c)
 0.36   0.94   0.90   1.26(d)   1.04   0.70
Net realized and unrealized gain (loss) (e)
 (3.39)   6.46   2.01   (0.88)   (1.71)   5.64
Total from investment operations
 (3.03)   7.40   2.91   0.38   (0.67)   6.34
Other capital
 0.01   0.01   0.01   0.02   0.02   0.01
Distributions to shareholders from:                      
Net investment income
 (0.95)   (0.87)   (1.02)   (0.82)   (0.60)   (0.39)
Net asset value, end of period
 $ 38.86   $ 42.83   $ 36.29   $ 34.39   $ 34.81   $ 36.06
Total return (f)
 (7.17)%   20.38%   8.56%   1.18%(d)   (1.88)%   21.36%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $6,116,213   $5,794,298   $4,340,644   $2,668,386   $1,486,248   $562,436
Ratios to average net assets:                      
Total expenses
 0.11%(g)   0.11%   0.11%   0.11%   0.12%   0.59%
Net investment income (loss)
 1.74%(g)   2.18%   2.60%   3.63%(d)   2.78%   2.16%
Portfolio turnover rate (h)
 2%(i)(j)   12%   8%   17%   10%   0%(i)
(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) Amount is less than 0.05%.
(j) Not annualized.
See accompanying notes to financial statements.
263

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
3/31/22
(Unaudited) 		  Year
Ended
9/30/21 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a) 		  Year
Ended
9/30/17(a)
Net asset value, beginning of period
 $ 36.34   $ 29.21   $ 29.29   $ 30.76   $ 30.52   $ 26.45
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.41   0.98   0.72   0.96   0.97   0.70
Net realized and unrealized gain (loss) (c)
 (1.62)   6.98   (0.09)   (1.57)   0.03   4.16
Total from investment operations
 (1.21)   7.96   0.63   (0.61)   1.00   4.86
Other capital
 0.00(d)   0.00(d)   0.00(d)   0.00(d)   —   0.00(d)
Distributions to shareholders from:                      
Net investment income
 (0.60)   (0.83)   (0.71)   (0.86)   (0.76)   (0.79)
Net asset value, end of period
 $ 34.53   $ 36.34   $ 29.21   $ 29.29   $ 30.76   $ 30.52
Total return (e)
 (3.40)%   27.30%   2.16%   (1.92)%   3.28%   18.75%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $13,032,884   $11,685,902   $7,946,348   $4,808,920   $3,371,743   $1,013,376
Ratios to average net assets:                      
Total expenses
 0.04%(f)   0.04%   0.04%   0.04%   0.05%   0.34%
Net investment income (loss)
 2.28%(f)   2.78%   2.52%   3.34%   3.09%   2.49%
Portfolio turnover rate (g)
 0%(h)(i)   2%   3%   4%   3%   5%
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the 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.
(i) Portfolio Turnover percentage amount is less than 0.50%
See accompanying notes to financial statements.
264

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
3/31/22
(Unaudited) 		  Year
Ended
9/30/21 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a)(b) 		  Year
Ended
9/30/18(a)(b) 		  Year
Ended
9/30/17(a)(b)
Net asset value, beginning of period
 $ 54.82   $ 43.13   $ 39.97   $ 40.56   $ 37.64   $ 32.44
Income (loss) from investment operations:                      
Net investment income (loss) (c)
 0.49   1.07   0.88   1.01   0.86   0.78
Net realized and unrealized gain (loss) (d)
 0.33   11.50   3.15   (0.79)   2.94   5.17
Total from investment operations
 0.82   12.57   4.03   0.22   3.80   5.95
Other capital
 0.00(e)   0.00(e)   0.00(e)   0.00(e)   —   —
Distributions to shareholders from:                      
Net investment income
 (0.69)   (0.88)   (0.87)   (0.81)   (0.88)   (0.75)
Net asset value, end of period
 $ 54.95   $ 54.82   $ 43.13   $ 39.97   $ 40.56   $ 37.64
Total return (f)
 1.42%   29.28%   10.12%   0.73%   10.17%   18.58%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $500,007   $548,216   $401,070   $167,887   $105,443   $90,321
Ratios to average net assets:                      
Total expenses
 0.09%(g)   0.09%   0.09%   0.25%   0.25%   0.25%
Net investment income (loss)
 1.74%(g)   2.05%   2.17%   2.62%   2.16%   2.25%
Portfolio turnover rate (h)
 3%(i)   3%   5%   5%   4%   2%
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(b) After the close of trading on September 20, 2019, the SPDR Portfolio MSCI Global Stock Market ETF underwent a 2-for-1 share split. The per share activity presented here has been retroactively adjusted to reflect this split.
(c) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the 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.
265

SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Portfolio Europe ETF
  Six Months
Ended
3/31/22
(Unaudited) 		  Year
Ended
9/30/21 		  Year
Ended
9/30/20 		  Year
Ended
9/30/19(a) 		  Year
Ended
9/30/18(a) 		  Year
Ended
9/30/17(a)
Net asset value, beginning of period
 $ 41.00   $ 32.78   $ 33.30   $ 33.70   $ 35.49   $ 30.28
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.38   1.08   0.81   1.13   1.14   0.95
Net realized and unrealized gain (loss) (c)
 (1.72)   7.97   (0.51)   (0.40)   (1.68)   5.14
Total from investment operations
 (1.34)   9.05   0.30   0.73   (0.54)   6.09
Net equalization credits and charges (b)
 0.01   0.26   (0.04)   0.04   (0.06)   0.12
Distributions to shareholders from:                      
Net investment income
 (0.44)   (1.09)   (0.78)   (1.17)   (1.19)   (1.01)
Net asset value, end of period
 $ 39.23   $ 41.00   $ 32.78   $ 33.30   $ 33.70   $ 35.49
Total return (d)
 (3.26)%   28.48%   0.93%   2.34%   (1.68)%   20.83%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $219,722   $297,252   $134,396   $186,500   $188,731   $317,665
Ratios to average net assets:                      
Total expenses
 0.09%(e)   0.09%   0.09%   0.29%   0.29%   0.29%
Net investment income (loss)
 1.85%(e)   2.68%   2.47%   3.47%   3.25%   2.92%
Portfolio turnover rate (f)
 3%(g)   7%   3%   67%   5%   8%
(a) Beginning with the year ended September 30, 2020, the Fund was audited by Ernst & Young LLP. The previous years were audited by another independent registered public accounting firm.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the 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.
266

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
March 31, 2022 (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, 2022, the Trust consists of twenty-six (26) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):
SPDR Portfolio Emerging Markets ETF
SPDR Portfolio Developed World ex-US ETF
SPDR Portfolio MSCI Global Stock Market ETF
SPDR Portfolio Europe ETF
Each Fund is classified as a diversified investment company under the 1940 Act.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
2.    Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good
267

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2022 (Unaudited)
faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
•   Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
•   Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.
•   Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.
•   Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.
268

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2022 (Unaudited)
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, 2022, is disclosed in each Fund’s respective Schedule of Investments.
Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Non-cash dividends, if any, received in the form of stock are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.
269

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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2022 (Unaudited)
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.'s (the “Adviser” or “SSGA FM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of March 31, 2022, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
Certain funds Trust follows the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
The SPDR Portfolio Europe ETF utilized equalization during the period ended March 31, 2022.
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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2022 (Unaudited)
Distributions
The SPDR Portfolio Europe ETF declares and distributes from net investment income, if any, to its shareholders quarterly. The SPDR Portfolio Emerging Markets ETF, SPDR Portfolio Developed World ex-US ETF, and the SPDR Portfolio MSCI Global Stock Market ETF declare and distribute from net investment income, if any, to their shareholders semi-annually.
Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.    Derivative Financial Instruments
Futures Contracts
Certain Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedules of Investments and cash deposited, if any, is included in Net cash at broker on the Statements of Assets and Liabilities. Subsequent payments are made or received by a Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. A Fund recognizes a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
For the period ended March 31, 2022, the SPDR Portfolio Emerging Markets ETF and SPDR Portfolio Developed World ex-US ETF entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity.
271

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NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2022 (Unaudited)
The following tables summarize the value of the Fund's derivative instruments as of March 31, 2022, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:
  Asset Derivatives
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR Portfolio Emerging Markets ETF                      
Futures Contracts
 $—   $—   $—   $ 997,715   $—   $ 997,715
SPDR Portfolio Developed World Ex-US ETF                      
Futures Contracts
 —   —   —   3,260,510   —   3,260,510
  Net Realized Gain (Loss)
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR Portfolio Emerging Markets ETF                      
Futures Contracts
 $—   $—   $—   (4,654,665)   $—   (4,654,665)
SPDR Portfolio Developed World Ex-US ETF                      
Futures Contracts
 —   —   —   (3,293,219)   —   (3,293,219)
  Net Change in Unrealized Appreciation (Depreciation)
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR Portfolio Emerging Markets ETF                      
Futures Contracts
 $—   $—   $—   $2,504,541   $—   $2,504,541
SPDR Portfolio Developed World Ex-US ETF                      
Futures Contracts
 —   —   —   3,258,926   —   3,258,926
272

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2022 (Unaudited)
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
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, 2023. 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, 2023 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 Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“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.
273

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2022 (Unaudited)
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.
Effective January 1, 2022 net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers, are paid as follows: If the calendar year to date net proceeds are below a specified threshold across SPDR ETFs, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street. Prior to January 1, 2022, net proceeds were 85% payable to the Funds and 15% payable to State Street.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.
Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended March 31, 2022 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 Independent Trustees and one interested, non-management trustee are paid directly by the Funds. The Independent Trustees and one interested, non-management trustee are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
274

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2022 (Unaudited)
6.    Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, derivative contracts and short term investments) for the period ended March 31, 2022 were as follows:
  Purchases   Sales
SPDR Portfolio Emerging Markets ETF
 $688,764,008   $112,441,044
SPDR Portfolio Developed World ex-US ETF
 211,549,557   46,007,010
SPDR Portfolio MSCI Global Stock Market ETF
 34,783,930   14,737,763
SPDR Portfolio Europe ETF
 10,137,509   9,616,365
For the period ended March 31, 2022, 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
 $ 307,846,421   $ 36,434,055   $13,533,473
SPDR Portfolio Developed World ex-US ETF
 1,879,740,585   140,135,615   67,921,817
SPDR Portfolio MSCI Global Stock Market ETF
 95,216,850   160,804,414   48,468,808
SPDR Portfolio Europe ETF
 148,091,077   207,027,478   11,591,359
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.
275

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2022 (Unaudited)
8.    Income Tax Information
The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service (the “IRS”) for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of September 30, 2021, 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, 2022, 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
 $ 5,921,585,393   $1,266,625,521   $959,541,340   $ 307,084,181
SPDR Portfolio Developed World ex-US ETF
 11,880,734,649   2,115,442,449   825,918,387   1,289,524,062
SPDR Portfolio MSCI Global Stock Market ETF
 481,855,750   68,012,903   37,458,513   30,554,390
SPDR Portfolio Europe ETF
 254,293,596   4,274,727   35,680,824   (31,406,097)
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.
276

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2022 (Unaudited)
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of March 31, 2022, 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, 2022:
Fund   Market Value of
Securities on Loan 		  Cash
Collateral
Received 		  Non-Cash
Collateral
Received* 		  Total
Collateral
Received
SPDR Portfolio Emerging Markets ETF
   $ 246,595,656   $ 116,575,533   $ 150,216,450   $ 266,791,983
SPDR Portfolio Developed World ex-US ETF
   455,052,790   240,235,111   249,959,270   490,194,381
SPDR Portfolio MSCI Global Stock Market ETF
   19,048,336   14,273,768   6,098,538   20,372,306
SPDR Portfolio Europe ETF
   6,753,756   4,935,758   2,349,196   7,284,954
* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
277

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2022 (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, 2022:
        Remaining Contractual Maturity of the Agreements
as of March 31, 2022
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   $ 116,575,533   $—   $—   $—   $ 116,575,533   $ 116,575,533
SPDR Portfolio Developed World Ex-US ETF
   Common Stocks   240,234,169   —   —   —   240,234,169   240,234,169
SPDR Portfolio Developed World Ex-US ETF
   Warrants   942   —   —   —   942   942
SPDR Portfolio MSCI Global Stock Market ETF
   Common Stocks   14,273,768   —   —   —   14,273,768   14,273,768
SPDR Portfolio Europe ETF
   Common Stocks   4,935,758   —   —   —   4,935,758   4,935,758
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 $1.1 billion revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2022 unless extended or renewed.
The Fund did not have any outstanding loans as of March 31, 2022.
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 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate. Prior to October 7, 2021 the Funds had access to $200 million of a $500 million revolving credit facility and interest was calculated at a rate per annum equal to the sum of 1.25% plus the New York Fed Bank Rate.
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SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2022 (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
Each Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.
Market Risk
Each Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.
An outbreak of a respiratory disease caused by a novel coronavirus first detected in China in December 2019 has spread globally. In an organized attempt to contain and mitigate the effects of the spread of the coronavirus known as COVID-19, governments and businesses world-wide have taken aggressive measures, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations. COVID-19 has resulted in the disruption of and delays in the delivery of healthcare services and processes, the cancellation of organized events and educational institutions, the disruption of production and supply chains, a decline in consumer demand for
279

SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS  (continued)
March 31, 2022 (Unaudited)
certain goods and services, and general concern and uncertainty, all of which have contributed to increased volatility in global markets. The effects of COVID-19 will likely affect certain sectors and industries more dramatically than others, which may adversely affect the value of a Fund’s investments in those sectors or industries. COVID-19, and other epidemics and pandemics that may arise in the future, could adversely affect the economies of many nations, the global economy, individual companies and capital markets in ways that cannot be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to limited health care resources. Political, economic and social stresses caused by COVID-19 also may exacerbate other pre-existing political, social and economic risks in certain countries. The duration of COVID-19 and its effects cannot be determined at this time, but the effects could be present for an extended period of time.
Russian Sanctions Risk
Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impairthe ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund’s Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.
12.    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.
280

SPDR INDEX SHARES FUNDS
OTHER INFORMATION
March 31, 2022 (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, 2021 to March 31, 2022.
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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SPDR INDEX SHARES FUNDS
OTHER INFORMATION  (continued)
March 31, 2022 (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
 $ 928.30   $ 966.00   $1,014.20   $ 967.40
Expenses Paid During Period(a)
 0.53   0.20   0.45   0.44
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.
282

SPDR INDEX SHARES FUNDS
OTHER INFORMATION  (continued)
March 31, 2022 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds’ Program. Over the course of the prior year, SSGA FM provided the Board with reports addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for periods ending June 2021 and December 2021 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 https://www.ssga.com/spdrs.
Proxy Voting Policies and Procedures and Records
The Funds have adopted the proxy voting policies of the Adviser. A description of the Funds’ proxy voting policies and procedures that are used by the Funds’ investment Adviser to vote proxies relating to Funds’ portfolio of securities are available (i) without charge, upon request, by calling 1-866-787-2257 (toll free) and (ii) on the SEC’s website at www.sec.gov.
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SPDR INDEX SHARES FUNDS
OTHER INFORMATION  (continued)
March 31, 2022 (Unaudited)
Information regarding how the Funds voted for the prior 12-month period ended June 30 is available by August 31 of each year by calling the same number and on the SEC’s website, at www.sec.gov, and on the Funds’ website at https://www.ssga.com/spdrs.
Quarterly Portfolio Schedule
Following the Funds’ first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibits on Form N-PORT, which can be found on the Funds' website at https://www.ssga.com/spdrs and on the SEC's website at www.sec.gov. The Funds’ Schedules of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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SPDR® Index Shares Funds
SPDR Index Shares Funds
Trustees
Dwight D. Churchill
Clare S. Richer
James E. Ross, Interested Non-Management Trustee
Sandra G. Sponem
Carl G. Verboncoeur, Chairman
Investment Manager and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, MA 02210
Custodian, Sub-Administrator
and Transfer Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

SPDR® Index Shares Funds
For more complete information, please call 1.866.787.2257 or visit https://www.ssga.com/spdrs today.
The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indices LLC or MSCI Inc. Neither do these companies make any representation regarding the advisability of investing in the Funds. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested.
Standard & Poor’s®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and
none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider a Fund's investment objective, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit https://www.ssga.com/spdrs. Read it carefully.
Not FDIC Insured • No Bank Guarantee • May Lose Value
 
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.
State Street Global Advisors
© 2022 State Street Corporation - All Rights Reserved
SPDRPTSAR