UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:811-21145
SPDR® INDEX SHARES FUNDS
(Exact name of registrant as specified in charter)
One Iron Street, Boston, Massachusetts 02210
(Address of principal executive offices) (zip code)
Joshua A. Weinberg, Esq.
Managing Director and Managing Counsel
c/o SSGA Funds Management, Inc.
One Iron Street
Boston, Massachusetts 02210
(Name and address of agent for service)
Copy to:
W. John McGuire, Esq.
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, N.W.
Washington, DC 20004
Registrant’s telephone number, including area code: (617)664-7037
Date of fiscal year end: September 30
Date of reporting period: March 31, 2019
| Item 1. | Report to Shareholders. |
Semi-Annual Report
March 31, 2019
SPDR® Index Shares Funds
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s annual and semi- annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.spdrs.com), and you will be notified by mail each time a report is posted, and provided with a website link to access the report. If you already elected to receive reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications by contacting your financial intermediary.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account.
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
TABLE OF CONTENTS (Unaudited)
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
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SPDR EURO STOXX Small Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Puma SE | 1.6% | |
| | Argenx SE | 1.6 | |
| | Poste Italiane SpA | 1.5 | |
| | Proximus SADP | 1.5 | |
| | Davide Campari-Milano SpA | 1.5 | |
| | Gemalto NV | 1.5 | |
| | Metso Oyj | 1.5 | |
| | Kesko Oyj Class B | 1.4 | |
| | SEB SA | 1.4 | |
| | Bollore SA | 1.4 | |
| | TOTAL | 14.9% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Industrials | 18.9% | |
| | Financials | 17.5 | |
| | Health Care | 11.1 | |
| | Communication Services | 9.9 | |
| | Consumer Staples | 9.0 | |
| | Consumer Discretionary | 8.2 | |
| | Information Technology | 7.3 | |
| | Materials | 5.3 | |
| | Utilities | 5.2 | |
| | Real Estate | 3.9 | |
| | Energy | 3.2 | |
| | Short-Term Investments | 8.5 | |
| | Liabilities in Excess of Other Assets | (8.0) | |
| | 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.
1
SPDR MSCI ACWI IMI ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Apple, Inc. | 1.8% | |
| | Microsoft Corp. | 1.7 | |
| | Amazon.com, Inc. | 1.6 | |
| | Alphabet, Inc. Class A | 0.8 | |
| | Alphabet, Inc. Class C | 0.8 | |
| | Cisco Systems, Inc. | 0.7 | |
| | JPMorgan Chase & Co. | 0.7 | |
| | Visa, Inc. Class A | 0.7 | |
| | UnitedHealth Group, Inc. | 0.7 | |
| | Walt Disney Co. | 0.7 | |
| | TOTAL | 10.2% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Information Technology | 15.8% | |
| | Financials | 15.7 | |
| | Industrials | 12.6 | |
| | Health Care | 12.2 | |
| | Consumer Discretionary | 10.7 | |
| | Communication Services | 8.0 | |
| | Consumer Staples | 7.7 | |
| | Energy | 5.8 | |
| | Materials | 4.5 | |
| | Real Estate | 3.9 | |
| | Utilities | 2.5 | |
| | Short-Term Investments | 2.3 | |
| | Liabilities in Excess of Other Assets | (1.7) | |
| | TOTAL | 100.0% | |
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2
SPDR MSCI ACWI Low Carbon Target ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Apple, Inc. | 2.0% | |
| | Microsoft Corp. | 1.9 | |
| | Amazon.com, Inc. | 1.6 | |
| | Facebook, Inc. Class A | 0.9 | |
| | Johnson & Johnson | 0.9 | |
| | Alphabet, Inc. Class A | 0.8 | |
| | Alphabet, Inc. Class C | 0.8 | |
| | JPMorgan Chase & Co. | 0.8 | |
| | Visa, Inc. Class A | 0.6 | |
| | Nestle SA | 0.6 | |
| | TOTAL | 10.9% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 18.0% | |
| | Information Technology | 15.9 | |
| | Industrials | 11.6 | |
| | Health Care | 11.4 | |
| | Consumer Discretionary | 10.9 | |
| | Communication Services | 8.8 | |
| | Consumer Staples | 8.3 | |
| | Energy | 4.2 | |
| | Materials | 3.7 | |
| | Real Estate | 3.4 | |
| | Utilities | 2.9 | |
| | Short-Term Investments | 1.4 | |
| | Liabilities in Excess of Other Assets | (0.5) | |
| | 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.
3
SPDR Solactive Canada ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Royal Bank of Canada | 7.4% | |
| | Toronto-Dominion Bank | 6.7 | |
| | Enbridge, Inc. | 5.0 | |
| | Bank of Nova Scotia | 4.4 | |
| | Canadian National Railway Co. | 4.4 | |
| | Suncor Energy, Inc. | 3.5 | |
| | Bank of Montreal | 3.2 | |
| | TransCanada Corp. | 2.8 | |
| | BCE, Inc. | 2.7 | |
| | Brookfield Asset Management, Inc. Class A | 2.4 | |
| | TOTAL | 42.5% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 35.4% | |
| | Energy | 18.6 | |
| | Industrials | 10.7 | |
| | Materials | 9.7 | |
| | Communication Services | 6.4 | |
| | Information Technology | 4.6 | |
| | Consumer Staples | 4.1 | |
| | Consumer Discretionary | 4.0 | |
| | Utilities | 3.2 | |
| | Real Estate | 1.6 | |
| | Health Care | 1.3 | |
| | Short-Term Investments | 8.5 | |
| | Liabilities in Excess of Other Assets | (8.1) | |
| | 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.
4
SPDR MSCI China A Shares IMI ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Kweichow Moutai Co., Ltd. Class A | 3.2% | |
| | Ping An Insurance Group Co. of China, Ltd. Class A | 2.5 | |
| | China Merchants Bank Co., Ltd. Class A | 2.1 | |
| | Wuliangye Yibin Co., Ltd. Class A | 1.2 | |
| | Midea Group Co., Ltd. Class A | 1.1 | |
| | Hangzhou Hikvision Digital Technology Co., Ltd. Class A | 1.0 | |
| | Industrial Bank Co., Ltd. Class A | 1.0 | |
| | China Vanke Co., Ltd. Class A | 1.0 | |
| | Shanghai Pudong Development Bank Co., Ltd. Class A | 1.0 | |
| | Jiangsu Hengrui Medicine Co., Ltd. Class A | 0.9 | |
| | TOTAL | 15.0% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 22.0% | |
| | Industrials | 16.5 | |
| | Consumer Staples | 10.9 | |
| | Materials | 9.8 | |
| | Consumer Discretionary | 9.6 | |
| | Information Technology | 9.6 | |
| | Health Care | 6.6 | |
| | Real Estate | 5.4 | |
| | Utilities | 3.0 | |
| | Communication Services | 2.8 | |
| | Energy | 2.7 | |
| | Short-Term Investment | 0.6 | |
| | Other Assets in Excess of Liabilities | 0.5 | |
| | 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.
5
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Nestle SA | 2.3% | |
| | Novartis AG | 1.7 | |
| | Roche Holding AG | 1.5 | |
| | HSBC Holdings PLC | 1.3 | |
| | Toyota Motor Corp. | 1.1 | |
| | AIA Group, Ltd. | 1.0 | |
| | SAP SE | 0.9 | |
| | GlaxoSmithKline PLC | 0.8 | |
| | LVMH Moet Hennessy Louis Vuitton SE | 0.8 | |
| | AstraZeneca PLC | 0.8 | |
| | TOTAL | 12.2% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 20.6% | |
| | Industrials | 15.7 | |
| | Consumer Staples | 13.0 | |
| | Health Care | 12.2 | |
| | Consumer Discretionary | 11.9 | |
| | Information Technology | 6.9 | |
| | Communication Services | 5.9 | |
| | Materials | 5.6 | |
| | Real Estate | 4.2 | |
| | Utilities | 2.7 | |
| | Energy | 0.5 | |
| | Short-Term Investments | 2.3 | |
| | Liabilities in Excess of Other Assets | (1.5) | |
| | 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.
6
SPDR MSCI EAFE StrategicFactors ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Nestle SA | 2.7% | |
| | Roche Holding AG | 2.5 | |
| | GlaxoSmithKline PLC | 1.6 | |
| | Diageo PLC | 1.4 | |
| | AstraZeneca PLC | 1.4 | |
| | Novo Nordisk A/S Class B | 1.4 | |
| | AIA Group, Ltd. | 1.1 | |
| | SAP SE | 1.0 | |
| | LVMH Moet Hennessy Louis Vuitton SE | 1.0 | |
| | Unilever NV | 0.9 | |
| | TOTAL | 15.0% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 17.1% | |
| | Consumer Staples | 14.5 | |
| | Health Care | 13.6 | |
| | Industrials | 13.6 | |
| | Consumer Discretionary | 12.0 | |
| | Communication Services | 6.5 | |
| | Materials | 5.5 | |
| | Information Technology | 5.2 | |
| | Utilities | 4.7 | |
| | Real Estate | 4.1 | |
| | Energy | 2.3 | |
| | 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.
7
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Tencent Holdings, Ltd. | 5.6% | |
| | Alibaba Group Holding, Ltd. ADR | 4.9 | |
| | Taiwan Semiconductor Manufacturing Co., Ltd. | 4.1 | |
| | Samsung Electronics Co., Ltd. | 3.9 | |
| | Naspers, Ltd. Class N | 2.2 | |
| | China Construction Bank Corp. Class H | 1.7 | |
| | China Mobile, Ltd. | 1.5 | |
| | Ping An Insurance Group Co. of China, Ltd. Class H | 1.2 | |
| | Industrial & Commercial Bank of China, Ltd. Class H | 1.2 | |
| | Baidu, Inc. ADR | 1.1 | |
| | TOTAL | 27.4% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 27.1% | |
| | Information Technology | 15.3 | |
| | Consumer Discretionary | 14.6 | |
| | Communication Services | 13.5 | |
| | Materials | 7.9 | |
| | Consumer Staples | 7.1 | |
| | Industrials | 5.4 | |
| | Health Care | 2.7 | |
| | Real Estate | 2.7 | |
| | Utilities | 2.5 | |
| | Energy | 0.8 | |
| | Short-Term Investments | 1.3 | |
| | Liabilities in Excess of Other Assets | (0.9) | |
| | TOTAL | 100.0% | |
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
8
SPDR MSCI Emerging Markets StrategicFactors ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Taiwan Semiconductor Manufacturing Co., Ltd. | 2.8% | |
| | Tencent Holdings, Ltd. | 2.5 | |
| | Samsung Electronics Co., Ltd. | 2.1 | |
| | SK Hynix, Inc. | 2.0 | |
| | Tata Consultancy Services, Ltd. | 1.4 | |
| | China Construction Bank Corp. Class H | 1.2 | |
| | Bank Central Asia Tbk PT | 1.2 | |
| | Samsung Electronics Co., Ltd. GDR | 1.1 | |
| | Infosys, Ltd. ADR | 1.1 | |
| | Bank of China, Ltd. Class H | 1.0 | |
| | TOTAL | 16.4% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 22.7% | |
| | Information Technology | 19.3 | |
| | Communication Services | 11.7 | |
| | Consumer Staples | 11.4 | |
| | Consumer Discretionary | 9.7 | |
| | Energy | 6.1 | |
| | Industrials | 5.4 | |
| | Materials | 4.7 | |
| | Utilities | 3.9 | |
| | Health Care | 3.0 | |
| | Real Estate | 1.6 | |
| | Short-Term Investments | 1.7 | |
| | Liabilities in Excess of Other Assets | (1.2) | |
| | 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.
9
SPDR Solactive Germany ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | SAP SE | 10.6% | |
| | Allianz SE | 8.7 | |
| | Siemens AG | 8.0 | |
| | BASF SE | 6.2 | |
| | Bayer AG | 5.5 | |
| | Deutsche Telekom AG | 5.0 | |
| | Daimler AG | 4.9 | |
| | adidas AG | 4.1 | |
| | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3.3 | |
| | Deutsche Post AG | 2.9 | |
| | TOTAL | 59.2% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Consumer Discretionary | 17.7% | |
| | Financials | 17.1 | |
| | Information Technology | 13.9 | |
| | Industrials | 12.5 | |
| | Health Care | 11.2 | |
| | Materials | 9.0 | |
| | Communication Services | 5.4 | |
| | Real Estate | 4.1 | |
| | Utilities | 4.0 | |
| | Consumer Staples | 3.5 | |
| | Short-Term Investment | 0.0 * | |
| | Other Assets in Excess of Liabilities | 1.6 | |
| | TOTAL | 100.0% | |
| * | Amount shown represents less than 0.05% of net assets. | | |
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
10
SPDR Solactive Japan ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Toyota Motor Corp. | 4.1% | |
| | SoftBank Group Corp. | 2.4 | |
| | Keyence Corp. | 1.7 | |
| | Mitsubishi UFJ Financial Group, Inc. | 1.7 | |
| | Sony Corp. | 1.6 | |
| | Nippon Telegraph & Telephone Corp. | 1.4 | |
| | Honda Motor Co., Ltd. | 1.3 | |
| | Sumitomo Mitsui Financial Group, Inc. | 1.2 | |
| | Mitsubishi Corp. | 1.1 | |
| | Kao Corp. | 1.1 | |
| | TOTAL | 17.6% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Industrials | 22.4% | |
| | Consumer Discretionary | 17.7 | |
| | Information Technology | 10.6 | |
| | Financials | 10.2 | |
| | Health Care | 8.5 | |
| | Consumer Staples | 8.5 | |
| | Communication Services | 8.1 | |
| | Materials | 5.6 | |
| | Real Estate | 3.8 | |
| | Utilities | 2.2 | |
| | Energy | 0.9 | |
| | Short-Term Investments | 1.9 | |
| | Liabilities in Excess of Other Assets | (0.4) | |
| | 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.
11
SPDR Solactive United Kingdom ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | HSBC Holdings PLC | 7.0% | |
| | BP PLC | 6.4 | |
| | Royal Dutch Shell PLC Class B | 5.1 | |
| | GlaxoSmithKline PLC | 4.4 | |
| | AstraZeneca PLC | 4.4 | |
| | Diageo PLC | 4.2 | |
| | British American Tobacco PLC | 4.1 | |
| | Royal Dutch Shell PLC Class A | 3.3 | |
| | Rio Tinto PLC | 2.7 | |
| | Unilever PLC | 2.7 | |
| | TOTAL | 44.3% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 20.3% | |
| | Consumer Staples | 17.7 | |
| | Energy | 15.3 | |
| | Health Care | 10.0 | |
| | Industrials | 9.8 | |
| | Materials | 8.0 | |
| | Consumer Discretionary | 6.6 | |
| | Communication Services | 5.8 | |
| | Utilities | 3.2 | |
| | Information Technology | 1.2 | |
| | Real Estate | 1.2 | |
| | Short-Term Investments | 0.1 | |
| | Other Assets in Excess of Liabilities | 0.8 | |
| | 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.
12
SPDR MSCI World StrategicFactors ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Apple, Inc. | 2.2% | |
| | Microsoft Corp. | 2.1 | |
| | Johnson & Johnson | 1.6 | |
| | Facebook, Inc. Class A | 1.4 | |
| | Visa, Inc. Class A | 1.3 | |
| | Roche Holding AG | 1.1 | |
| | Procter & Gamble Co. | 1.1 | |
| | Alphabet, Inc. Class C | 1.0 | |
| | Cisco Systems, Inc. | 1.0 | |
| | Intel Corp. | 1.0 | |
| | TOTAL | 13.8% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Information Technology | 18.1% | |
| | Financials | 13.6 | |
| | Health Care | 12.9 | |
| | Industrials | 11.1 | |
| | Consumer Discretionary | 10.5 | |
| | Consumer Staples | 9.9 | |
| | Communication Services | 8.8 | |
| | Utilities | 4.2 | |
| | Real Estate | 3.8 | |
| | Materials | 3.4 | |
| | Energy | 2.7 | |
| | Short-Term Investments | 1.0 | |
| | Liabilities in Excess of Other Assets | (0.0) * | |
| | TOTAL | 100.0% | |
| * | Amount shown represents less than 0.05% of net assets. | | |
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
13
SPDR S&P Emerging Asia Pacific ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Tencent Holdings, Ltd. | 6.9% | |
| | Alibaba Group Holding, Ltd. ADR | 5.9 | |
| | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 3.8 | |
| | China Construction Bank Corp. Class H | 2.2 | |
| | Reliance Industries, Ltd. GDR | 1.9 | |
| | Industrial & Commercial Bank of China, Ltd. Class H | 1.6 | |
| | Ping An Insurance Group Co. of China, Ltd. Class H | 1.6 | |
| | China Mobile, Ltd. | 1.5 | |
| | HDFC Bank, Ltd. | 1.5 | |
| | Housing Development Finance Corp., Ltd. | 1.4 | |
| | TOTAL | 28.3% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 24.0% | |
| | Information Technology | 14.3 | |
| | Consumer Discretionary | 14.1 | |
| | Communication Services | 14.0 | |
| | Energy | 6.3 | |
| | Industrials | 6.1 | |
| | Consumer Staples | 5.8 | |
| | Materials | 5.5 | |
| | Real Estate | 3.8 | |
| | Health Care | 3.5 | |
| | Utilities | 2.5 | |
| | Short-Term Investments | 1.0 | |
| | Liabilities in Excess of Other Assets | (0.9) | |
| | TOTAL | 100.0% | |
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
14
SPDR S&P Global Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Hennes & Mauritz AB Class B | 1.6% | |
| | Philip Morris International, Inc. | 1.5 | |
| | Klepierre SA REIT | 1.5 | |
| | Compass Minerals International, Inc. | 1.4 | |
| | Power Financial Corp. | 1.4 | |
| | IGM Financial, Inc. | 1.4 | |
| | Power Corp. of Canada | 1.4 | |
| | AT&T, Inc. | 1.4 | |
| | EDP - Energias de Portugal SA | 1.3 | |
| | Greene King PLC | 1.3 | |
| | TOTAL | 14.2% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 23.2% | |
| | Utilities | 13.4 | |
| | Communication Services | 11.5 | |
| | Real Estate | 10.5 | |
| | Industrials | 8.9 | |
| | Energy | 8.4 | |
| | Consumer Staples | 8.2 | |
| | Consumer Discretionary | 7.0 | |
| | Health Care | 3.6 | |
| | Materials | 2.3 | |
| | Information Technology | 2.2 | |
| | Short-Term Investments | 7.0 | |
| | Liabilities in Excess of Other Assets | (6.2) | |
| | 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.
15
SPDR S&P Global Infrastructure ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Transurban Group Stapled Security | 5.1% | |
| | Aena SME SA | 4.9 | |
| | Atlantia SpA | 4.5 | |
| | Enbridge, Inc. | 4.5 | |
| | NextEra Energy, Inc. | 4.4 | |
| | Duke Energy Corp. | 3.1 | |
| | Dominion Energy, Inc. | 2.9 | |
| | TransCanada Corp. | 2.7 | |
| | Iberdrola SA | 2.6 | |
| | Getlink SE | 2.6 | |
| | TOTAL | 37.3% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Transportation Infrastructure | 40.1% | |
| | Electric Utilities | 24.7 | |
| | Oil, Gas & Consumable Fuels | 19.6 | |
| | Multi-Utilities | 13.9 | |
| | Water Utilities | 0.7 | |
| | Gas Utilities | 0.6 | |
| | Independent Power & Renewable Electricity Producers | 0.1 | |
| | Short-Term Investments | 3.6 | |
| | Liabilities in Excess of Other Assets | (3.3) | |
| | TOTAL | 100.0% | |
(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
16
SPDR Solactive Hong Kong ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | AIA Group, Ltd. | 20.5% | |
| | Hong Kong Exchanges & Clearing, Ltd. | 7.0 | |
| | CK Hutchison Holdings, Ltd. | 4.8 | |
| | Sun Hung Kai Properties, Ltd. | 4.2 | |
| | Link REIT | 4.2 | |
| | CK Asset Holdings, Ltd. | 3.8 | |
| | Hong Kong & China Gas Co., Ltd. | 3.6 | |
| | CLP Holdings, Ltd. | 3.6 | |
| | Hang Seng Bank, Ltd. | 3.1 | |
| | Jardine Matheson Holdings, Ltd. | 2.7 | |
| | TOTAL | 57.5% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 31.5% | |
| | Real Estate | 25.5 | |
| | Industrials | 11.9 | |
| | Utilities | 11.1 | |
| | Consumer Discretionary | 10.8 | |
| | Health Care | 4.0 | |
| | Consumer Staples | 2.3 | |
| | Communication Services | 1.4 | |
| | Information Technology | 0.6 | |
| | Materials | 0.2 | |
| | Short-Term Investment | 0.1 | |
| | Other Assets in Excess of Liabilities | 0.6 | |
| | TOTAL | 100.0% | |
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
17
SPDR EURO STOXX SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.5% | | | | | |
| AUSTRIA — 5.1% | | | | | |
ANDRITZ AG (a)
| | | 4,695 | | $201,593 |
Raiffeisen Bank International AG
| | | 8,929 | | 200,619 |
Verbund AG
| | | 4,351 | | 209,002 |
Voestalpine AG
| | | 7,443 | | 226,234 |
Wienerberger AG
| | | 7,668 | | 162,988 |
| | | | | | 1,000,436 |
| BELGIUM — 5.5% | | | | | |
Ackermans & van Haaren NV
| | | 1,479 | | 223,363 |
Cofinimmo SA REIT
| | | 1,470 | | 195,430 |
Proximus SADP
| | | 10,357 | | 298,991 |
Sofina SA
| | | 1,027 | | 199,959 |
Telenet Group Holding NV
| | | 3,386 | | 163,028 |
| | | | | | 1,080,771 |
| FINLAND — 8.0% | | | | | |
Amer Sports Oyj (b)
| | | 2,960 | | 133,577 |
Huhtamaki Oyj (a)
| | | 6,311 | | 235,053 |
Kesko Oyj Class B
| | | 4,500 | | 274,065 |
Konecranes Oyj (a)
| | | 4,296 | | 152,865 |
Metso Oyj
| | | 8,434 | | 290,354 |
Orion Oyj Class B (a)
| | | 6,863 | | 257,538 |
Valmet Oyj (a)
| | | 8,776 | | 222,309 |
| | | | | | 1,565,761 |
| FRANCE — 25.5% | | | | | |
Air France-KLM (b)
| | | 15,681 | | 176,514 |
Alten SA
| | | 1,893 | | 202,778 |
Altran Technologies SA (a)
| | | 15,629 | | 171,629 |
Amundi SA (c)
| | | 3,988 | | 251,212 |
BioMerieux
| | | 2,808 | | 232,373 |
Bollore SA
| | | 59,341 | | 268,390 |
Casino Guichard Perrachon SA (a)
| | | 3,522 | | 152,848 |
Christian Dior SE
| | | 414 | | 197,426 |
CNP Assurances
| | | 9,851 | | 217,021 |
Dassault Aviation SA
| | | 153 | | 225,912 |
Elis SA
| | | 12,746 | | 205,089 |
Eurazeo SE
| | | 2,995 | | 225,317 |
Eutelsat Communications SA
| | | 9,109 | | 159,506 |
Faurecia SA
| | | 4,882 | | 205,456 |
ICADE REIT
| | | 1,850 | | 156,626 |
Iliad SA
| | | 1,852 | | 186,117 |
Imerys SA
| | | 2,148 | | 107,184 |
JCDecaux SA
| | | 4,952 | | 150,797 |
Lagardere SCA
| | | 6,878 | | 177,010 |
Remy Cointreau SA
| | | 1,527 | | 203,865 |
Sartorius Stedim Biotech (a)
| | | 1,561 | | 197,888 |
SEB SA
| | | 1,618 | | 272,516 |
Societe BIC SA
| | | 1,673 | | 149,249 |
Sopra Steria Group
| | | 1,088 | | 126,442 |
SPIE SA (a)
| | | 8,447 | | 149,479 |
Wendel SA
| | | 1,900 | | 239,582 |
| | | | | | 5,008,226 |
| Security Description | | | Shares | | Value |
| GERMANY — 20.8% | | | | | |
1&1 Drillisch AG
| | | 3,112 | | $110,909 |
Aareal Bank AG
| | | 3,945 | | 121,727 |
Aurubis AG
| | | 2,222 | | 119,185 |
Axel Springer SE
| | | 3,451 | | 178,403 |
Bechtle AG
| | | 1,799 | | 166,752 |
Carl Zeiss Meditec AG
| | | 2,411 | | 201,550 |
Evotec AG (b)
| | | 7,988 | | 212,483 |
Fraport AG Frankfurt Airport Services Worldwide
| | | 2,451 | | 187,804 |
Freenet AG
| | | 8,440 | | 181,529 |
Fuchs Petrolub SE Preference Shares
| | | 4,580 | | 188,735 |
Gerresheimer AG
| | | 2,069 | | 155,653 |
GRENKE AG
| | | 1,809 | | 176,007 |
Hella GmbH & Co. KGaA
| | | 2,929 | | 128,922 |
HOCHTIEF AG
| | | 1,198 | | 173,527 |
Innogy SE (c)
| | | 5,049 | | 233,687 |
MAN SE
| | | 1,205 | | 99,042 |
METRO AG
| | | 11,095 | | 184,254 |
MorphoSys AG (b)
| | | 2,098 | | 191,168 |
Nemetschek SE
| | | 1,191 | | 203,272 |
Puma SE
| | | 554 | | 321,604 |
Siltronic AG
| | | 1,368 | | 120,796 |
TAG Immobilien AG
| | | 9,655 | | 238,505 |
Telefonica Deutschland Holding AG
| | | 60,340 | | 189,640 |
| | | | | | 4,085,154 |
| IRELAND — 2.5% | | | | | |
AIB Group PLC
| | | 51,663 | | 232,155 |
Glanbia PLC
| | | 13,361 | | 261,642 |
| | | | | | 493,797 |
| ITALY — 12.8% | | | | | |
A2A SpA
| | | 103,236 | | 188,541 |
Banco BPM SpA (a)(b)
| | | 99,857 | | 206,511 |
Davide Campari-Milano SpA
| | | 29,986 | | 294,611 |
DiaSorin SpA
| | | 1,717 | | 172,936 |
Hera SpA
| | | 51,371 | | 185,966 |
Interpump Group SpA
| | | 5,504 | | 179,719 |
Italgas SpA
| | | 32,241 | | 199,255 |
Pirelli & C SpA (b)(c)
| | | 25,169 | | 162,162 |
Poste Italiane SpA (c)
| | | 30,764 | | 299,560 |
Recordati SpA
| | | 6,644 | | 258,944 |
Saipem SpA (b)
| | | 37,918 | | 200,747 |
Unione di Banche Italiane SpA (a)
| | | 61,500 | | 162,832 |
| | | | | | 2,511,784 |
| LUXEMBOURG — 0.7% | | | | | |
RTL Group SA
| | | 2,536 | | 138,675 |
| NETHERLANDS — 12.2% | | | | | |
Aalberts Industries NV
| | | 6,321 | | 218,817 |
Argenx SE (a)(b)
| | | 2,484 | | 306,807 |
ASM International NV
| | | 2,795 | | 151,583 |
Boskalis Westminster (a)
| | | 5,511 | | 142,634 |
Euronext NV (c)
| | | 3,513 | | 222,868 |
Gemalto NV (b)
| | | 5,142 | | 294,343 |
See accompanying notes to financial statements.
18
SPDR EURO STOXX SMALL CAP ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
IMCD NV
| | | 3,466 | | $264,058 |
Koninklijke Vopak NV
| | | 4,368 | | 209,231 |
SBM Offshore NV
| | | 11,520 | | 219,317 |
Signify NV (c)
| | | 6,365 | | 170,455 |
Takeaway.com NV (a)(b)(c)
| | | 2,395 | | 182,061 |
| | | | | | 2,382,174 |
| PORTUGAL — 1.9% | | | | | |
Banco Comercial Portugues SA Class R (b)
| | | 532,405 | | 137,676 |
Jeronimo Martins SGPS SA
| | | 16,117 | | 237,975 |
| | | | | | 375,651 |
| SPAIN — 4.5% | | | | | |
Bolsas y Mercados Espanoles SHMSF SA
| | | 4,846 | | 135,598 |
Inmobiliaria Colonial Socimi SA REIT
| | | 16,399 | | 168,761 |
Mapfre SA
| | | 65,514 | | 180,669 |
Siemens Gamesa Renewable Energy SA (b)
| | | 14,782 | | 235,608 |
Viscofan SA
| | | 2,511 | | 157,186 |
| | | | | | 877,822 |
TOTAL COMMON STOCKS
(Cost $21,937,757)
| | | | | 19,520,251 |
| | | | |
| SHORT-TERM INVESTMENTS — 8.5% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (d) (e)
| 407 | 407 |
| Security Description | | | Shares | | Value |
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)
| | 1,668,359 | | $1,668,359 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,668,766)
| | 1,668,766 | |
TOTAL INVESTMENTS — 108.0%
(Cost $23,606,523)
| | 21,189,017 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.0)%
| | (1,571,091) | |
NET ASSETS — 100.0%
| | $19,617,926 | |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (b) | Non-income producing security. |
| (c) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 7.8% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (d) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (e) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (f) | Investment of cash collateral for securities loaned. |
| REIT | = Real Estate Investment Trust |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $19,520,251 | | $— | | $— | | $19,520,251 |
Short-Term Investments
| | 1,668,766 | | — | | — | | 1,668,766 |
TOTAL INVESTMENTS
| | $21,189,017 | | $— | | $— | | $21,189,017 |
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 1,461 | | $1,461 | | $280,289 | | $281,343 | | $— | | $— | | 407 | | $407 | | $116 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 1,579,202 | | 1,579,202 | | 4,773,420 | | 4,684,263 | | — | | — | | 1,668,359 | | 1,668,359 | | 4,661 | | — |
Total
| | | $1,580,663 | | $5,053,709 | | $4,965,606 | | $— | | $— | | | | $1,668,766 | | $4,777 | | $— |
See accompanying notes to financial statements.
19
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.4% | | | | | |
| AUSTRALIA — 2.3% | | | | | |
Alumina, Ltd.
| | | 76,392 | | $131,321 |
Amcor, Ltd.
| | | 6,587 | | 72,011 |
AMP, Ltd. (a)
| | | 23,165 | | 34,556 |
Australia & New Zealand Banking Group, Ltd.
| | | 5,182 | | 95,817 |
BHP Group PLC
| | | 1,512 | | 36,421 |
BHP Group, Ltd.
| | | 6,432 | | 175,860 |
Boral, Ltd.
| | | 30,396 | | 99,106 |
Brambles, Ltd.
| | | 15,453 | | 129,090 |
Coca-Cola Amatil, Ltd.
| | | 7,560 | | 46,453 |
Coles Group, Ltd. (b)
| | | 7,059 | | 59,420 |
Commonwealth Bank of Australia
| | | 1,709 | | 85,756 |
CSL, Ltd.
| | | 2,762 | | 382,470 |
Fortescue Metals Group, Ltd.
| | | 11,495 | | 58,056 |
Iluka Resources, Ltd.
| | | 3,125 | | 19,979 |
Insurance Australia Group, Ltd.
| | | 34,472 | | 188,061 |
Kidman Resources, Ltd. (a)(b)
| | | 8,645 | | 7,461 |
LendLease Group
| | | 18,228 | | 160,299 |
Macquarie Group, Ltd.
| | | 3,094 | | 284,442 |
National Australia Bank, Ltd.
| | | 6,923 | | 124,272 |
Newcrest Mining, Ltd.
| | | 3,628 | | 65,743 |
Origin Energy, Ltd.
| | | 11,490 | | 58,766 |
Orora, Ltd.
| | | 2,773 | | 5,890 |
OZ Minerals, Ltd.
| | | 11,111 | | 83,663 |
QBE Insurance Group, Ltd.
| | | 5,402 | | 47,237 |
Santos, Ltd.
| | | 9,670 | | 46,916 |
Scentre Group REIT
| | | 16,129 | | 47,089 |
Shopping Centres Australasia Property Group REIT
| | | 184,513 | | 346,022 |
Sonic Healthcare, Ltd.
| | | 8,573 | | 149,566 |
South32, Ltd.
| | | 5,942 | | 15,547 |
Suncorp Group, Ltd.
| | | 11,673 | | 114,263 |
Sydney Airport
| | | 1,733 | | 9,147 |
Transurban Group Stapled Security
| | | 14,332 | | 134,386 |
Vicinity Centres REIT
| | | 59,972 | | 110,763 |
Wesfarmers, Ltd. (a)
| | | 7,059 | | 173,748 |
Westpac Banking Corp.
| | | 7,803 | | 143,671 |
Woodside Petroleum, Ltd.
| | | 3,320 | | 81,646 |
Woolworths Group, Ltd. (a)
| | | 2,666 | | 57,571 |
| | | | | | 3,882,485 |
| AUSTRIA — 0.1% | | | | | |
OMV AG
| | | 3,103 | | 168,531 |
| BELGIUM — 0.3% | | | | | |
Anheuser-Busch InBev SA
| | | 1,806 | | 151,603 |
Solvay SA
| | | 1,050 | | 113,631 |
UCB SA
| | | 2,729 | | 234,600 |
| | | | | | 499,834 |
| BRAZIL — 0.7% | | | | | |
Ambev SA ADR
| | | 23,503 | | 101,063 |
Banco Bradesco SA Preference Shares ADR
| | | 20,862 | | 227,604 |
Cia Energetica de Minas Gerais ADR (a)
| | | 3,776 | | 13,480 |
| Security Description | | | Shares | | Value |
Cia Siderurgica Nacional SA ADR (a)(b)
| | | 11,542 | | $47,438 |
Dommo Energia SA (b)
| | | 73,700 | | 14,961 |
Gerdau SA ADR (a)
| | | 10,429 | | 40,464 |
Itau Unibanco Holding SA Preference Shares ADR
| | | 22,475 | | 198,005 |
Petroleo Brasileiro SA Preference Shares ADR
| | | 15,301 | | 218,804 |
Petroleo Brasileiro SA ADR
| | | 5,942 | | 94,597 |
TIM Participacoes SA ADR (a)
| | | 3,973 | | 59,913 |
Vale SA ADR
| | | 18,031 | | 235,485 |
Via Varejo SA
| | | 6,700 | | 7,265 |
| | | | | | 1,259,079 |
| CANADA — 3.2% | | | | | |
AGT Food & Ingredients, Inc.
| | | 1,200 | | 16,078 |
Aphria, Inc. (b)
| | | 2,075 | | 19,353 |
Athabasca Oil Corp. (a)(b)
| | | 126,234 | | 80,317 |
Aurinia Pharmaceuticals, Inc. (a)(b)
| | | 1,500 | | 9,735 |
Aurora Cannabis, Inc. (a)(b)
| | | 3,729 | | 33,746 |
Ballard Power Systems, Inc. (b)
| | | 2,837 | | 8,601 |
Bank of Montreal
| | | 1,691 | | 126,564 |
Bank of Nova Scotia (a)
| | | 2,137 | | 113,796 |
Barrick Gold Corp.
| | | 3,304 | | 45,308 |
Barrick Gold Corp. (c)
| | | 4,147 | | 56,868 |
Baytex Energy Corp. (a)(b)
| | | 16,061 | | 27,290 |
Bonterra Energy Corp. (a)
| | | 4,700 | | 22,094 |
Brookfield Asset Management, Inc. Class A
| | | 4,919 | | 229,243 |
Calfrac Well Services, Ltd. (a)(b)
| | | 9,440 | | 23,672 |
Cameco Corp.
| | | 4,402 | | 51,897 |
Canada Goose Holdings, Inc. (b)
| | | 200 | | 9,608 |
Canadian Imperial Bank of Commerce
| | | 769 | | 60,786 |
Canadian National Railway Co.
| | | 3,337 | | 298,818 |
Canadian Natural Resources, Ltd.
| | | 3,337 | | 91,646 |
Canadian Pacific Railway, Ltd.
| | | 703 | | 144,889 |
Canadian Tire Corp., Ltd. Class A (a)
| | | 813 | | 87,626 |
CannTrust Holdings, Inc. (a)(b)
| | | 3,622 | | 28,088 |
Canopy Growth Corp. (a)(b)
| | | 550 | | 23,804 |
Cardinal Energy, Ltd. (a)
| | | 4,412 | | 8,917 |
Cenovus Energy, Inc.
| | | 4,225 | | 36,685 |
Corby Spirit and Wine, Ltd.
| | | 1,186 | | 16,122 |
Cronos Group, Inc. (a)(b)
| | | 2,205 | | 40,520 |
DIRTT Environmental Solutions (a)(b)
| | | 3,600 | | 22,905 |
Enbridge, Inc.
| | | 3,775 | | 136,764 |
Encana Corp.
| | | 6,189 | | 44,844 |
Enerplus Corp.
| | | 4,869 | | 40,819 |
First Majestic Silver Corp. (a)(b)
| | | 14,875 | | 97,871 |
First Quantum Minerals, Ltd.
| | | 2,356 | | 26,718 |
George Weston, Ltd.
| | | 368 | | 26,469 |
Goldcorp, Inc.
| | | 3,238 | | 37,059 |
HEXO Corp. (b)
| | | 3,778 | | 24,971 |
IAMGOLD Corp. (b)
| | | 4,891 | | 16,951 |
IGM Financial, Inc.
| | | 1,297 | | 33,378 |
See accompanying notes to financial statements.
20
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Imperial Oil, Ltd.
| | | 2,422 | | $66,136 |
Jamieson Wellness, Inc.
| | | 851 | | 11,995 |
Just Energy Group, Inc.
| | | 29,606 | | 100,389 |
Kinross Gold Corp. (b)
| | | 7,159 | | 24,650 |
Lithium Americas Corp. (a)(b)
| | | 2,361 | | 8,942 |
Loblaw Cos., Ltd.
| | | 2,712 | | 133,819 |
Manulife Financial Corp.
| | | 8,681 | | 146,855 |
National Bank of Canada
| | | 4,576 | | 206,578 |
NexGen Energy, Ltd. (b)
| | | 14,862 | | 24,029 |
Nutrien, Ltd.
| | | 2,705 | | 142,706 |
NuVista Energy, Ltd. (b)
| | | 3,200 | | 10,300 |
Obsidian Energy, Ltd. (a)(b)
| | | 3,209 | | 877 |
Onex Corp.
| | | 2,882 | | 162,615 |
Osisko Mining, Inc. (a)(b)
| | | 12,047 | | 26,331 |
Paramount Resources, Ltd. Class A (a)(b)
| | | 5,349 | | 28,508 |
Pengrowth Energy Corp. (a)(b)
| | | 25,450 | | 10,668 |
Premier Gold Mines, Ltd. (b)
| | | 11,706 | | 13,669 |
ProMetic Life Sciences, Inc. (a)(b)
| | | 162,881 | | 35,967 |
Rogers Communications, Inc. Class B (a)
| | | 4,587 | | 246,766 |
Royal Bank of Canada
| | | 4,017 | | 303,151 |
Shaw Communications, Inc. Class B
| | | 3,059 | | 63,678 |
SNC-Lavalin Group, Inc.
| | | 1,918 | | 48,684 |
Summit Industrial Income REIT
| | | 2,700 | | 24,313 |
Sun Life Financial, Inc.
| | | 4,733 | | 181,887 |
Suncor Energy, Inc.
| | | 6,740 | | 218,503 |
Tamarack Valley Energy, Ltd. (b)
| | | 4,583 | | 8,336 |
Teck Resources, Ltd. Class B
| | | 2,400 | | 55,547 |
TELUS Corp.
| | | 6,476 | | 239,757 |
Tervita Corp. (b)
| | | 2,837 | | 12,784 |
Theratechnologies, Inc. (a)(b)
| | | 2,378 | | 13,581 |
TMX Group, Ltd.
| | | 38 | | 2,448 |
Toronto-Dominion Bank
| | | 6,575 | | 356,914 |
TransAlta Corp.
| | | 7,509 | | 55,195 |
TransCanada Corp. (a)
| | | 2,953 | | 132,669 |
Trican Well Service, Ltd. (b)
| | | 34,794 | | 33,337 |
Wheaton Precious Metals Corp.
| | | 2,159 | | 51,407 |
WPT Industrial Real Estate Investment Trust
| | | 2,700 | | 37,584 |
Yamana Gold, Inc. (a)
| | | 6,607 | | 17,210 |
| | | | | | 5,479,605 |
| CHILE — 0.0% (d) | | | | | |
Enel Americas SA ADR
| | | 2,290 | | 20,450 |
Enel Chile SA ADR
| | | 2,180 | | 11,292 |
Liberty Latin America, Ltd. Class C (b)
| | | 569 | | 11,067 |
Sociedad Quimica y Minera de Chile SA ADR (a)
| | | 283 | | 10,879 |
| | | | | | 53,688 |
| CHINA — 3.4% | | | | | |
21Vianet Group, Inc. ADR (b)
| | | 1,699 | | 13,490 |
Agricultural Bank of China, Ltd. Class H
| | | 154,000 | | 71,017 |
| Security Description | | | Shares | | Value |
Alibaba Group Holding, Ltd. ADR (b)
| | | 4,259 | | $777,055 |
Anton Oilfield Services Group (b)
| | | 232,000 | | 36,647 |
Ascletis Pharma, Inc. (b)(e)
| | | 6,000 | | 4,930 |
Baidu, Inc. ADR (b)
| | | 920 | | 151,662 |
Bank of China, Ltd. Class H
| | | 307,000 | | 139,226 |
Bank of Communications Co., Ltd. Class H
| | | 110,000 | | 90,103 |
Baozun, Inc. ADR (a)(b)
| | | 3,556 | | 147,716 |
China Construction Bank Corp. Class H
| | | 319,000 | | 273,488 |
China Life Insurance Co., Ltd. Class H
| | | 43,000 | | 115,580 |
China Merchants Bank Co., Ltd. Class H
| | | 55,174 | | 268,140 |
China Mobile, Ltd.
| | | 22,000 | | 224,205 |
China Overseas Land & Investment, Ltd.
| | | 44,000 | | 167,033 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 8,800 | | 34,528 |
China Petroleum & Chemical Corp. Class H
| | | 131,200 | | 103,456 |
China Shenhua Energy Co., Ltd. Class H
| | | 21,500 | | 49,026 |
China Telecom Corp., Ltd. Class H
| | | 132,000 | | 73,315 |
China Unicom Hong Kong, Ltd.
| | | 44,000 | | 55,771 |
Chlitina Holding, Ltd.
| | | 3,000 | | 28,666 |
CITIC, Ltd.
| | | 44,000 | | 65,692 |
CNOOC, Ltd.
| | | 66,000 | | 123,593 |
COSCO SHIPPING Ports, Ltd.
| | | 43,898 | | 47,421 |
CSPC Pharmaceutical Group, Ltd.
| | | 10,000 | | 18,599 |
Ctrip.com International, Ltd. ADR (b)
| | | 1,287 | | 56,229 |
Daqo New Energy Corp. ADR (a)(b)
| | | 788 | | 26,028 |
Health and Happiness H&H International Holdings, Ltd. (a)(b)
| | | 33,000 | | 206,619 |
Hengan International Group Co., Ltd. (a)
| | | 11,000 | | 96,408 |
Huaneng Power International, Inc. Class H
| | | 88,000 | | 51,119 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 242,000 | | 177,262 |
JD.com, Inc. ADR (b)
| | | 2,207 | | 66,541 |
JinkoSolar Holding Co., Ltd. ADR (a)(b)
| | | 1,673 | | 30,114 |
Jumei International Holding, Ltd. ADR (a)(b)
| | | 3,622 | | 8,548 |
Momo, Inc. ADR (b)
| | | 473 | | 18,088 |
NetEase, Inc. ADR
| | | 180 | | 43,461 |
New Oriental Education & Technology Group, Inc. ADR (b)
| | | 370 | | 33,333 |
On-Bright Electronics, Inc.
| | | 1,000 | | 6,165 |
PetroChina Co., Ltd. Class H
| | | 88,000 | | 57,060 |
PICC Property & Casualty Co., Ltd. Class H
| | | 89,788 | | 102,027 |
See accompanying notes to financial statements.
21
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Ping An Insurance Group Co. of China, Ltd. Class H
| | | 22,000 | | $246,346 |
Q Technology Group Co., Ltd.
| | | 21,000 | | 17,817 |
Shandong Xinhua Pharmaceutical Co., Ltd. Class H
| | | 227,800 | | 126,234 |
Shanghai Phoenix Enterprise Group Co., Ltd. Class B (b)
| | | 43,300 | | 26,456 |
Shanghai Shibei Hi-Tech Co., Ltd. Class B
| | | 15,300 | | 8,124 |
Sinosoft Technology Group, Ltd.
| | | 43,000 | | 14,626 |
Sohu.com, Ltd. ADR (b)
| | | 1,319 | | 21,869 |
TAL Education Group ADR (b)
| | | 920 | | 33,194 |
Tencent Holdings, Ltd.
| | | 22,000 | | 1,011,726 |
Vipshop Holdings, Ltd. ADR (b)
| | | 2,517 | | 20,212 |
Yanzhou Coal Mining Co., Ltd. Class H
| | | 44,000 | | 43,216 |
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (e)
| | | 4,200 | | 18,191 |
Yum China Holdings, Inc.
| | | 2,290 | | 102,844 |
YY, Inc. ADR (b)
| | | 156 | | 13,106 |
| | | | | | 5,763,322 |
| COLOMBIA — 0.0% (d) | | | | | |
Bancolombia SA ADR
| | | 480 | | 24,509 |
| DENMARK — 0.8% | | | | | |
AP Moller - Maersk A/S Class B (a)
| | | 110 | | 139,670 |
Bang & Olufsen A/S (b)
| | | 831 | | 7,487 |
Danske Bank A/S
| | | 3,753 | | 65,931 |
DSV A/S
| | | 5,693 | | 471,288 |
Novo Nordisk A/S Class B
| | | 8,352 | | 437,658 |
Zealand Pharma A/S (a)(b)
| | | 13,836 | | 247,226 |
| | | | | | 1,369,260 |
| FINLAND — 0.4% | | | | | |
Fortum Oyj (a)
| | | 2,926 | | 59,894 |
Metso Oyj
| | | 1,740 | | 59,902 |
Nokia Oyj
| | | 18,137 | | 103,333 |
Nordea Bank Abp (a)
| | | 12,160 | | 92,754 |
Sampo Oyj Class A
| | | 2,049 | | 92,972 |
UPM-Kymmene Oyj (a)
| | | 6,673 | | 194,812 |
Valmet Oyj (a)
| | | 329 | | 8,334 |
Wartsila OYJ Abp (a)
| | | 5,944 | | 96,009 |
| | | | | | 708,010 |
| FRANCE — 3.1% | | | | | |
Accor SA
| | | 3,657 | | 148,277 |
Airbus SE
| | | 1,501 | | 198,708 |
Alstom SA
| | | 2,707 | | 117,388 |
AXA SA
| | | 7,053 | | 177,634 |
BNP Paribas SA
| | | 3,742 | | 179,035 |
Bouygues SA
| | | 2,144 | | 76,675 |
Capgemini SE
| | | 2,641 | | 320,565 |
Carrefour SA
| | | 4,611 | | 86,205 |
Credit Agricole SA
| | | 7,660 | | 92,633 |
Danone SA
| | | 2,188 | | 168,757 |
Engie SA
| | | 3,598 | | 53,651 |
| Security Description | | | Shares | | Value |
EssilorLuxottica SA
| | | 1,673 | | $182,931 |
Groupe Fnac SA (b)
| | | 1,786 | | 133,460 |
Hermes International
| | | 23 | | 15,191 |
Innate Pharma SA (a)(b)
| | | 3,147 | | 22,156 |
Kering SA
| | | 461 | | 264,614 |
L'Oreal SA
| | | 830 | | 223,485 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 725 | | 266,932 |
Orange SA
| | | 10,269 | | 167,193 |
Pernod Ricard SA
| | | 986 | | 177,141 |
Publicis Groupe SA
| | | 1,843 | | 98,773 |
Renault SA
| | | 2,487 | | 164,508 |
Sanofi
| | | 3,282 | | 290,172 |
Schneider Electric SE
| | | 2,378 | | 186,749 |
Societe Generale SA
| | | 2,993 | | 86,622 |
Sodexo SA
| | | 2,093 | | 230,688 |
TOTAL SA
| | | 6,121 | | 340,349 |
Unibail-Rodamco-Westfield (f)
| | | 4,750 | | 39,039 |
Unibail-Rodamco-Westfield REIT (a)(f)
| | | 791 | | 129,798 |
Vallourec SA (a)(b)
| | | 2,329 | | 5,476 |
Veolia Environnement SA
| | | 6,311 | | 141,230 |
Vinci SA
| | | 3,037 | | 295,724 |
Vivendi SA
| | | 7,738 | | 224,427 |
| | | | | | 5,306,186 |
| GERMANY — 2.6% | | | | | |
adidas AG
| | | 1,806 | | 439,236 |
AIXTRON SE (b)
| | | 1,440 | | 12,955 |
Allianz SE
| | | 1,691 | | 376,482 |
BASF SE
| | | 2,729 | | 200,801 |
Bayer AG
| | | 3,497 | | 226,172 |
Commerzbank AG (b)
| | | 3,037 | | 23,530 |
CompuGroup Medical SE
| | | 5,552 | | 327,288 |
Daimler AG
| | | 3,775 | | 221,475 |
Deutsche Bank AG
| | | 5,398 | | 44,004 |
Deutsche Boerse AG
| | | 1,297 | | 166,459 |
Deutsche Lufthansa AG
| | | 7,988 | | 175,485 |
Deutsche Post AG
| | | 6,476 | | 210,876 |
Deutsche Telekom AG
| | | 10,692 | | 177,622 |
E.ON SE
| | | 6,695 | | 74,513 |
Elmos Semiconductor AG
| | | 715 | | 15,639 |
Fresenius Medical Care AG & Co. KGaA
| | | 725 | | 58,531 |
Merck KGaA
| | | 2,290 | | 261,375 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 986 | | 233,604 |
OSRAM Licht AG
| | | 24 | | 827 |
Puma SE
| | | 40 | | 23,221 |
RWE AG
| | | 2,246 | | 60,274 |
Salzgitter AG
| | | 2,378 | | 68,836 |
SAP SE
| | | 3,337 | | 385,936 |
Siemens AG
| | | 2,650 | | 285,474 |
ThyssenKrupp AG
| | | 4,181 | | 57,486 |
Uniper SE
| | | 611 | | 18,448 |
VERBIO Vereinigte BioEnergie AG
| | | 2,474 | | 19,237 |
See accompanying notes to financial statements.
22
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Volkswagen AG
| | | 791 | | $128,874 |
Volkswagen AG Preference Shares
| | | 725 | | 114,230 |
| | | | | | 4,408,890 |
| HONG KONG — 1.4% | | | | | |
AIA Group, Ltd.
| | | 30,800 | | 306,629 |
Bank of East Asia, Ltd.
| | | 31,260 | | 101,546 |
China Resources Land, Ltd.
| | | 6,000 | | 26,905 |
CK Asset Holdings, Ltd.
| | | 33,420 | | 297,163 |
CK Hutchison Holdings, Ltd.
| | | 21,920 | | 230,231 |
Ground International Development, Ltd. (b)
| | | 195,000 | | 7,825 |
Hang Lung Properties, Ltd.
| | | 21,000 | | 51,256 |
Henderson Land Development Co., Ltd.
| | | 22,646 | | 143,954 |
Hong Kong Exchanges & Clearing, Ltd.
| | | 6,541 | | 227,978 |
Link REIT
| | | 22,058 | | 257,954 |
New World Development Co., Ltd.
| | | 64,533 | | 107,035 |
Sands China, Ltd.
| | | 17,600 | | 88,449 |
Shangri-La Asia, Ltd.
| | | 44,000 | | 62,553 |
Sun Hung Kai Properties, Ltd.
| | | 22,253 | | 381,847 |
Swire Pacific, Ltd. Class A
| | | 11,000 | | 141,530 |
| | | | | | 2,432,855 |
| HUNGARY — 0.1% | | | | | |
MOL Hungarian Oil & Gas PLC
| | | 4,047 | | 46,314 |
Richter Gedeon Nyrt
| | | 4,115 | | 77,576 |
| | | | | | 123,890 |
| INDIA — 1.2% | | | | | |
Dewan Housing Finance Corp., Ltd.
| | | 3,130 | | 6,789 |
Dr Reddy's Laboratories, Ltd. ADR
| | | 4,697 | | 190,228 |
Equitas Holdings, Ltd. (b)
| | | 10,366 | | 20,485 |
ICICI Bank, Ltd. ADR
| | | 16,115 | | 184,678 |
Infosys, Ltd. ADR
| | | 35,120 | | 383,862 |
Just Dial, Ltd. (b)
| | | 1,099 | | 9,573 |
Larsen & Toubro, Ltd. GDR
| | | 6,889 | | 137,229 |
Mahindra & Mahindra, Ltd. GDR
| | | 5,324 | | 52,708 |
PC Jeweller, Ltd.
| | | 8,094 | | 9,604 |
Reliance Industries, Ltd. GDR (e)
| | | 7,280 | | 291,928 |
State Bank of India GDR (b)
| | | 3,066 | | 141,802 |
Suven Life Sciences, Ltd.
| | | 73,124 | | 275,396 |
Tata Motors, Ltd. ADR (b)
| | | 4,377 | | 54,975 |
Tejas Networks, Ltd. (b)(e)
| | | 48,888 | | 119,865 |
Vedanta, Ltd. ADR
| | | 6,845 | | 72,283 |
Wipro, Ltd. ADR
| | | 26,025 | | 103,581 |
| | | | | | 2,054,986 |
| INDONESIA — 0.4% | | | | | |
Astra International Tbk PT
| | | 111,800 | | 57,509 |
Bank Central Asia Tbk PT
| | | 100,800 | | 196,433 |
Bank Mandiri Persero Tbk PT
| | | 201,300 | | 105,315 |
Bank Rakyat Indonesia Persero Tbk PT
| | | 590,300 | | 170,789 |
Gudang Garam Tbk PT
| | | 11,000 | | 64,270 |
| Security Description | | | Shares | | Value |
Telekomunikasi Indonesia Persero Tbk PT
| | | 631,100 | | $175,059 |
| | | | | | 769,375 |
| IRELAND — 0.3% | | | | | |
Accenture PLC Class A
| | | 2,290 | | 403,086 |
Cairn Homes PLC (b)
| | | 13,317 | | 21,532 |
CRH PLC
| | | 3,678 | | 114,190 |
Prothena Corp. PLC (a)(b)
| | | 1,186 | | 14,386 |
| | | | | | 553,194 |
| ISRAEL — 0.4% | | | | | |
Bank Hapoalim BM
| | | 15,292 | | 101,249 |
Bank Leumi Le-Israel BM
| | | 69,649 | | 455,006 |
Teva Pharmaceutical Industries, Ltd. ADR (b)
| | | 2,619 | | 41,066 |
| | | | | | 597,321 |
| ITALY — 0.6% | | | | | |
Assicurazioni Generali SpA
| | | 6,343 | | 117,517 |
Atlantia SpA
| | | 1,699 | | 44,049 |
Enel SpA
| | | 27,948 | | 179,000 |
Eni SpA
| | | 9,622 | | 170,207 |
Ferrari NV
| | | 507 | | 68,030 |
Intesa Sanpaolo SpA
| | | 50,422 | | 122,914 |
Italgas SpA
| | | 3,166 | | 19,566 |
Mediaset SpA (a)(b)
| | | 24,795 | | 75,783 |
Saipem SpA (b)
| | | 2,890 | | 15,300 |
Snam SpA
| | | 15,826 | | 81,370 |
Telecom Italia SpA (a)(b)
| | | 117,816 | | 73,342 |
UniCredit SpA
| | | 6,695 | | 85,910 |
| | | | | | 1,052,988 |
| JAPAN — 7.6% | | | | | |
Aisin Seiki Co., Ltd. (a)
| | | 2,200 | | 78,610 |
Asahi Group Holdings, Ltd.
| | | 2,200 | | 97,990 |
Asahi Kasei Corp.
| | | 22,000 | | 226,986 |
Astellas Pharma, Inc.
| | | 11,000 | | 164,824 |
Ateam, Inc.
| | | 2,000 | | 32,525 |
Bengo4.com, Inc. (b)
| | | 300 | | 11,899 |
Bridgestone Corp.
| | | 2,200 | | 84,792 |
Canon, Inc.
| | | 2,200 | | 63,862 |
Comture Corp.
| | | 400 | | 13,154 |
Credit Saison Co., Ltd. (a)
| | | 4,400 | | 58,118 |
Daiichi Sankyo Co., Ltd.
| | | 6,600 | | 304,106 |
Daikin Industries, Ltd.
| | | 2,200 | | 257,795 |
Daiwa Securities Group, Inc.
| | | 22,000 | | 107,133 |
Denso Corp.
| | | 4,400 | | 171,611 |
Digital Arts, Inc.
| | | 200 | | 16,353 |
Eisai Co., Ltd. (a)
| | | 2,200 | | 123,491 |
euglena Co., Ltd. (b)
| | | 2,200 | | 13,655 |
FFRI, Inc. (a)(b)
| | | 600 | | 17,238 |
FUJIFILM Holdings Corp.
| | | 4,400 | | 200,114 |
Fujitsu, Ltd.
| | | 2,200 | | 158,732 |
GNI Group, Ltd. (b)
| | | 400 | | 10,346 |
Hitachi, Ltd.
| | | 4,400 | | 142,513 |
Hokuhoku Financial Group, Inc. (a)
| | | 4,400 | | 45,835 |
Honda Motor Co., Ltd.
| | | 4,400 | | 119,059 |
See accompanying notes to financial statements.
23
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Hoya Corp.
| | | 4,400 | | $290,551 |
Istyle, Inc. (a)
| | | 1,800 | | 14,929 |
ITOCHU Corp. (a)
| | | 6,600 | | 119,406 |
Japan Tissue Engineering Co., Ltd. (a)(b)
| | | 1,100 | | 9,918 |
Japan Tobacco, Inc.
| | | 4,400 | | 109,120 |
JFE Holdings, Inc.
| | | 4,400 | | 74,675 |
JSR Corp.
| | | 4,400 | | 68,215 |
JXTG Holdings, Inc.
| | | 11,000 | | 50,337 |
Kajima Corp.
| | | 11,000 | | 162,389 |
Kamigumi Co., Ltd.
| | | 11,000 | | 254,813 |
Kansai Electric Power Co., Inc.
| | | 4,400 | | 64,876 |
Kao Corp.
| | | 1,600 | | 126,022 |
KDDI Corp.
| | | 12,800 | | 275,810 |
Keyence Corp.
| | | 300 | | 186,936 |
Kitanotatsujin Corp. (a)
| | | 6,000 | | 25,207 |
KLab, Inc. (a)(b)
| | | 1,200 | | 9,421 |
Kobe Steel, Ltd. (a)
| | | 6,600 | | 49,551 |
Komatsu, Ltd. (a)
| | | 4,400 | | 102,184 |
Konica Minolta, Inc. (a)
| | | 11,000 | | 108,226 |
Kyocera Corp.
| | | 4,400 | | 258,391 |
M&A Capital Partners Co., Ltd. (b)
| | | 400 | | 18,214 |
Makita Corp.
| | | 4,400 | | 153,246 |
Marubeni Corp.
| | | 22,000 | | 152,053 |
Marui Group Co., Ltd. (a)
| | | 8,900 | | 179,713 |
Mebuki Financial Group, Inc.
| | | 23,800 | | 60,852 |
Mitsubishi Chemical Holdings Corp.
| | | 11,000 | | 77,458 |
Mitsubishi Corp.
| | | 4,400 | | 122,199 |
Mitsubishi Electric Corp.
| | | 22,000 | | 282,739 |
Mitsubishi UFJ Financial Group, Inc.
| | | 39,500 | | 196,278 |
Mitsui & Co., Ltd.
| | | 4,400 | | 68,315 |
Mizuho Financial Group, Inc.
| | | 81,300 | | 125,823 |
MS&AD Insurance Group Holdings, Inc.
| | | 4,400 | | 133,966 |
Murata Manufacturing Co., Ltd.
| | | 6,000 | | 298,794 |
NEC Corp.
| | | 200 | | 6,767 |
Nippon Steel & Sumitomo Metal Corp.
| | | 6,500 | | 114,749 |
Nissan Motor Co., Ltd. (a)
| | | 8,800 | | 72,206 |
Nitto Denko Corp.
| | | 2,200 | | 115,580 |
Nomura Holdings, Inc.
| | | 21,900 | | 79,183 |
NTT Data Corp.
| | | 11,000 | | 121,344 |
NTT DOCOMO, Inc.
| | | 4,400 | | 97,453 |
Obayashi Corp.
| | | 22,000 | | 221,421 |
Oisix ra daichi, Inc. (b)
| | | 600 | | 9,101 |
ORIX Corp.
| | | 8,800 | | 126,373 |
Osaka Gas Co., Ltd.
| | | 4,400 | | 86,819 |
Panasonic Corp.
| | | 13,200 | | 113,795 |
Remixpoint., Inc. (a)
| | | 2,600 | | 7,118 |
Resona Holdings, Inc.
| | | 13,200 | | 57,208 |
Rohm Co., Ltd.
| | | 2,200 | | 137,146 |
Secom Co., Ltd.
| | | 2,200 | | 188,466 |
Seven & i Holdings Co., Ltd.
| | | 2,200 | | 83,003 |
Shin-Etsu Chemical Co., Ltd.
| | | 2,200 | | 184,451 |
| Security Description | | | Shares | | Value |
Softbank Corp. (a)
| | | 5,500 | | $61,964 |
SoftBank Group Corp.
| | | 4,000 | | 388,309 |
Sompo Holdings, Inc.
| | | 4,400 | | 162,906 |
Sony Corp.
| | | 6,600 | | 276,975 |
Sosei Group Corp. (b)
| | | 600 | | 8,158 |
Strike Co., Ltd.
| | | 600 | | 12,359 |
Sumitomo Chemical Co., Ltd. (a)
| | | 22,000 | | 102,363 |
Sumitomo Corp.
| | | 4,400 | | 60,861 |
Sumitomo Electric Industries, Ltd.
| | | 6,600 | | 87,565 |
Sumitomo Mitsui Financial Group, Inc.
| | | 4,400 | | 154,080 |
Sumitomo Mitsui Trust Holdings, Inc.
| | | 2,200 | | 79,028 |
Suruga Bank, Ltd. (a)(b)
| | | 1,800 | | 8,343 |
T&D Holdings, Inc. (a)
| | | 8,800 | | 92,544 |
Takeda Pharmaceutical Co., Ltd.
| | | 2,200 | | 89,860 |
Tateru, Inc. (a)
| | | 4,500 | | 10,855 |
TDK Corp.
| | | 2,200 | | 172,327 |
Teijin, Ltd.
| | | 4,400 | | 72,588 |
Terumo Corp.
| | | 8,800 | | 268,727 |
Tokio Marine Holdings, Inc.
| | | 4,400 | | 213,153 |
Tokyo Base Co., Ltd. (a)(b)
| | | 3,100 | | 27,111 |
Tokyo Electron, Ltd. (a)
| | | 2,200 | | 318,020 |
Tokyu Corp.
| | | 11,100 | | 193,850 |
Toppan Printing Co., Ltd.
| | | 11,000 | | 166,066 |
Toshiba Corp.
| | | 2,200 | | 70,064 |
Toyota Motor Corp.
| | | 8,800 | | 515,748 |
Toyota Tsusho Corp.
| | | 6,600 | | 214,961 |
UNITED, Inc. (a)
| | | 200 | | 2,741 |
UT Group Co., Ltd. (a)
| | | 400 | | 9,165 |
UUUM, Inc. (b)
| | | 400 | | 19,153 |
Uzabase, Inc. (b)
| | | 500 | | 13,642 |
ValueCommerce Co., Ltd. (a)
| | | 800 | | 14,932 |
Vision, Inc. (b)
| | | 400 | | 18,575 |
West Japan Railway Co.
| | | 2,200 | | 165,748 |
W-Scope Corp. (a)
| | | 2,300 | | 32,209 |
Yamada Denki Co., Ltd. (a)
| | | 8,800 | | 43,410 |
Yamaha Corp.
| | | 6,600 | | 329,747 |
YA-MAN, Ltd. (a)
| | | 1,500 | | 15,449 |
Yume No Machi Souzou Iinkai Co., Ltd.
| | | 800 | | 11,499 |
ZIGExN Co., Ltd. (a)
| | | 2,000 | | 10,571 |
| | | | | | 13,089,177 |
| LUXEMBOURG — 0.0% (d) | | | | | |
ArcelorMittal
| | | 2,518 | | 51,056 |
| MALAYSIA — 0.1% | | | | | |
Bumi Armada Bhd (b)
| | | 181,300 | | 8,438 |
CIMB Group Holdings Bhd
| | | 21,840 | | 27,551 |
FGV Holdings Bhd (b)
| | | 50,500 | | 14,596 |
Hibiscus Petroleum Bhd (b)
| | | 120,600 | | 31,609 |
Malayan Banking Bhd
| | | 13,760 | | 31,244 |
Public Bank Bhd
| | | 9,200 | | 52,191 |
Tenaga Nasional Bhd
| | | 10,600 | | 32,871 |
| | | | | | 198,500 |
See accompanying notes to financial statements.
24
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| MEXICO — 0.4% | | | | | |
America Movil SAB de CV Series L
| | | 171,073 | | $122,412 |
Axtel SAB de CV (b)
| | | 272,300 | | 32,147 |
Cemex SAB de CV Series CPO (b)
| | | 87,656 | | 40,987 |
Concentradora Fibra Hotelera Mexicana SA de CV REIT (e)
| | | 67,000 | | 32,779 |
Concentradora Hipotecaria SAPI de CV REIT
| | | 13,100 | | 11,251 |
Fomento Economico Mexicano SAB de CV
| | | 17,583 | | 162,392 |
Grupo Financiero Banorte SAB de CV Series O
| | | 16,925 | | 92,087 |
Grupo Mexico SAB de CV Class B
| | | 28,153 | | 77,445 |
Grupo Televisa SAB Series CPO
| | | 14,956 | | 33,146 |
Industrias Penoles SAB de CV
| | | 1,140 | | 14,257 |
PLA Administradora Industrial S de RL de CV
| | | 10,900 | | 16,847 |
| | | | | | 635,750 |
| NETHERLANDS — 1.5% | | | | | |
Akzo Nobel NV
| | | 1,441 | | 127,808 |
ASML Holding NV
| | | 1,611 | | 302,450 |
Heineken NV
| | | 1,187 | | 125,392 |
ING Groep NV
| | | 12,139 | | 146,989 |
Koninklijke Ahold Delhaize NV
| | | 6,580 | | 175,289 |
Koninklijke DSM NV
| | | 2,165 | | 236,193 |
Koninklijke KPN NV
| | | 2,263 | | 7,181 |
Koninklijke Philips NV
| | | 5,272 | | 214,973 |
Pharming Group NV (a)(b)
| | | 11,324 | | 10,306 |
Royal Dutch Shell PLC Class A
| | | 4,216 | | 132,589 |
Royal Dutch Shell PLC Class B
| | | 22,076 | | 698,442 |
Wolters Kluwer NV
| | | 6,673 | | 454,811 |
| | | | | | 2,632,423 |
| NORWAY — 0.3% | | | | | |
DNB ASA
| | | 8,286 | | 152,796 |
Norsk Hydro ASA
| | | 22,913 | | 92,992 |
Telenor ASA
| | | 6,784 | | 136,048 |
Yara International ASA
| | | 1,414 | | 57,929 |
| | | | | | 439,765 |
| PERU — 0.0% (d) | | | | | |
Cia de Minas Buenaventura SAA ADR
| | | 554 | | 9,573 |
| PHILIPPINES — 0.0% (d) | | | | | |
PLDT, Inc. ADR
| | | 989 | | 21,432 |
| POLAND — 0.0% (d) | | | | | |
Polski Koncern Naftowy ORLEN SA
| | | 988 | | 25,162 |
Powszechna Kasa Oszczednosci Bank Polski SA
| | | 3,100 | | 31,196 |
| | | | | | 56,358 |
| RUSSIA — 0.2% | | | | | |
Gazprom PJSC ADR
| | | 1,479 | | 6,685 |
LUKOIL PJSC ADR
| | | 297 | | 26,555 |
MMC Norilsk Nickel PJSC ADR
| | | 363 | | 7,632 |
Mobile TeleSystems PJSC ADR
| | | 4,159 | | 31,442 |
| Security Description | | | Shares | | Value |
Sberbank of Russia PJSC ADR
| | | 8,506 | | $112,790 |
Surgutneftegas PJSC ADR
| | | 815 | | 5,012 |
Tatneft PJSC ADR
| | | 2,017 | | 139,576 |
| | | | | | 329,692 |
| SINGAPORE — 0.3% | | | | | |
CapitaLand, Ltd.
| | | 66,000 | | 177,852 |
Singapore Exchange, Ltd.
| | | 44,000 | | 237,460 |
Singapore Press Holdings, Ltd. (a)
| | | 44,000 | | 78,287 |
Singapore Telecommunications, Ltd.
| | | 22,000 | | 49,051 |
| | | | | | 542,650 |
| SOUTH AFRICA — 0.7% | | | | | |
AngloGold Ashanti, Ltd. (a)
| | | 1,939 | | 25,760 |
Discovery, Ltd.
| | | 28,959 | | 274,705 |
FirstRand, Ltd. (a)
| | | 24,396 | | 106,508 |
Gold Fields, Ltd. (a)
| | | 4,697 | | 17,353 |
Harmony Gold Mining Co., Ltd. (b)
| | | 4,455 | | 8,353 |
Impala Platinum Holdings, Ltd. (b)
| | | 3,015 | | 12,753 |
MTN Group, Ltd. (a)
| | | 9,009 | | 55,361 |
MultiChoice Group, Ltd. (b)
| | | 1,436 | | 12,019 |
Naspers, Ltd. Class N
| | | 1,436 | | 331,799 |
Nedbank Group, Ltd. (a)
| | | 1,098 | | 19,129 |
Old Mutual, Ltd.
| | | 31,802 | | 46,702 |
Sanlam, Ltd. (a)
| | | 22,587 | | 115,525 |
Sasol, Ltd.
| | | 1,740 | | 54,295 |
Standard Bank Group, Ltd.
| | | 5,837 | | 74,972 |
| | | | | | 1,155,234 |
| SOUTH KOREA — 1.7% | | | | | |
Advanced Process Systems Corp.
| | | 1,050 | | 25,716 |
Ahnlab, Inc.
| | | 183 | | 8,432 |
Ananti, Inc. (b)
| | | 1,114 | | 15,065 |
Anterogen Co., Ltd. (b)
| | | 119 | | 8,576 |
Aprogen pharmaceuticals, Inc. (b)
| | | 3,694 | | 7,143 |
BH Co., Ltd. (b)
| | | 1,702 | | 29,014 |
Binex Co., Ltd. (b)
| | | 1,727 | | 16,508 |
Celltrion, Inc. (b)
| | | 199 | | 31,732 |
CMG Pharmaceutical Co., Ltd. (b)
| | | 5,796 | | 23,335 |
CrystalGenomics, Inc. (b)
| | | 711 | | 10,868 |
Dae Hwa Pharmaceutical Co., Ltd.
| | | 681 | | 12,239 |
DIO Corp. (b)
| | | 3,554 | | 118,508 |
Dongsung Pharmaceutical Co., Ltd. (b)
| | | 639 | | 9,035 |
Duk San Neolux Co., Ltd. (b)
| | | 1,361 | | 21,223 |
E-MART, Inc.
| | | 43 | | 6,516 |
Feelux Co., Ltd. (b)
| | | 1,425 | | 11,135 |
Gamevil, Inc. (b)
| | | 161 | | 6,922 |
Genexine Co., Ltd. (b)
| | | 150 | | 11,219 |
Green Cross Cell Corp.
| | | 339 | | 14,440 |
Green Cross LabCell Corp.
| | | 648 | | 25,375 |
Hana Financial Group, Inc.
| | | 700 | | 22,447 |
Hanall Biopharma Co., Ltd. (b)
| | | 424 | | 12,719 |
Huons Co., Ltd.
| | | 198 | | 11,617 |
Hyundai Construction Equipment Co., Ltd.
| | | 8 | | 336 |
See accompanying notes to financial statements.
25
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Hyundai Electric & Energy System Co., Ltd. (b)
| | | 4 | | $88 |
Hyundai Heavy Industries Co., Ltd. (b)
| | | 56 | | 5,871 |
Hyundai Heavy Industries Holdings Co., Ltd.
| | | 6 | | 1,760 |
Hyundai Mobis Co., Ltd.
| | | 307 | | 56,391 |
Hyundai Motor Co.
| | | 683 | | 71,904 |
Hyundai Steel Co.
| | | 268 | | 10,601 |
Inscobee, Inc. (b)
| | | 4,233 | | 17,434 |
iNtRON Biotechnology, Inc. (b)
| | | 702 | | 12,183 |
Jayjun Cosmetic Co., Ltd. (b)
| | | 5,299 | | 46,916 |
Jenax, Inc. (b)
| | | 336 | | 3,981 |
JW Holdings Corp.
| | | 8,496 | | 51,495 |
JW Pharmaceutical Corp.
| | | 1,807 | | 60,891 |
KB Financial Group, Inc.
| | | 1,660 | | 61,202 |
Kia Motors Corp.
| | | 486 | | 15,135 |
Korea Electric Power Corp. ADR (a)(b)
| | | 1,820 | | 23,678 |
KT&G Corp.
| | | 616 | | 56,168 |
LG Chem, Ltd. Preference Shares
| | | 934 | | 171,150 |
LG Electronics, Inc.
| | | 210 | | 13,894 |
LG Household & Health Care, Ltd.
| | | 93 | | 116,096 |
Lotte Chemical Corp.
| | | 20 | | 5,118 |
Naturecell Co., Ltd. (b)
| | | 1,170 | | 12,936 |
NAVER Corp.
| | | 875 | | 95,586 |
NHN Entertainment Corp. (b)
| | | 33 | | 2,573 |
NUTRIBIOTECH Co., Ltd.
| | | 1,617 | | 23,078 |
Oscotec, Inc. (b)
| | | 542 | | 12,510 |
PHARMA RESEARCH PRODUCTS Co., Ltd.
| | | 235 | | 7,867 |
POSCO ADR
| | | 2,493 | | 137,638 |
Prostemics Co., Ltd. (b)
| | | 6,606 | | 32,416 |
Sam Chun Dang Pharm Co., Ltd.
| | | 755 | | 31,262 |
Samsung C&T Corp.
| | | 267 | | 25,169 |
Samsung Electronics Co., Ltd. GDR
| | | 748 | | 733,788 |
Samsung Engineering Co., Ltd. (b)
| | | 581 | | 8,241 |
Samsung Fire & Marine Insurance Co., Ltd.
| | | 152 | | 40,307 |
Samsung Heavy Industries Co., Ltd. (b)
| | | 1,589 | | 11,563 |
Samsung Securities Co., Ltd.
| | | 569 | | 16,693 |
Sejong Telecom, Inc. (b)
| | | 46,586 | | 19,166 |
Shinhan Financial Group Co., Ltd.
| | | 1,660 | | 61,422 |
SillaJen, Inc. (b)
| | | 131 | | 7,421 |
SK Holdings Co., Ltd.
| | | 149 | | 35,507 |
SK Hynix, Inc.
| | | 2,562 | | 167,475 |
SK Innovation Co., Ltd.
| | | 109 | | 17,237 |
STCUBE (b)
| | | 499 | | 10,507 |
Telcon RF Pharmaceutical, Inc. (b)
| | | 1,873 | | 12,128 |
Theragen Etex Co., Ltd. (b)
| | | 1,582 | | 14,634 |
ViroMed Co., Ltd. (b)
| | | 60 | | 14,790 |
WeMade Entertainment Co., Ltd.
| | | 363 | | 16,246 |
Whanin Pharmaceutical Co., Ltd.
| | | 1,231 | | 19,521 |
| | | | | | 2,849,757 |
| Security Description | | | Shares | | Value |
| SPAIN — 0.9% | | | | | |
Acciona SA (a)
| | | 2,909 | | $324,351 |
Acerinox SA
| | | 6,672 | | 66,181 |
ACS Actividades de Construccion y Servicios SA
| | | 5,422 | | 238,410 |
Amadeus IT Group SA
| | | 2,216 | | 177,660 |
Banco Bilbao Vizcaya Argentaria SA
| | | 19,869 | | 113,624 |
Banco Santander SA
| | | 45,628 | | 212,337 |
Iberdrola SA
| | | 18,898 | | 166,065 |
Industria de Diseno Textil SA
| | | 4,422 | | 130,089 |
Repsol SA
| | | 3,566 | | 61,102 |
Telefonica SA
| | | 16,013 | | 134,294 |
| | | | | | 1,624,113 |
| SWEDEN — 0.8% | | | | | |
Assa Abloy AB Class B
| | | 7,531 | | 162,957 |
Atlas Copco AB Class B
| | | 7,009 | | 173,878 |
Epiroc AB Class B (b)
| | | 7,009 | | 67,254 |
Sandvik AB
| | | 6,520 | | 106,144 |
Securitas AB Class B
| | | 10,137 | | 164,209 |
Skandinaviska Enskilda Banken AB Class A (a)
| | | 15,336 | | 133,067 |
Skanska AB Class B (a)
| | | 6,651 | | 121,112 |
SKF AB Class B (a)
| | | 4,733 | | 78,787 |
Svenska Handelsbanken AB Class A (a)
| | | 6,222 | | 65,807 |
Tele2 AB Class B
| | | 4,653 | | 62,130 |
Telefonaktiebolaget LM Ericsson Class B
| | | 12,414 | | 114,326 |
Telia Co. AB
| | | 10,692 | | 48,357 |
Volvo AB Class A
| | | 10,232 | | 158,743 |
| | | | | | 1,456,771 |
| SWITZERLAND — 2.7% | | | | | |
ABB, Ltd.
| | | 9,247 | | 173,724 |
Adecco Group AG
| | | 1,784 | | 95,156 |
Cie Financiere Richemont SA
| | | 2,509 | | 182,752 |
Credit Suisse Group AG
| | | 7,812 | | 91,032 |
EDAG Engineering Group AG
| | | 1,045 | | 18,774 |
Ferguson PLC
| | | 1,833 | | 116,654 |
Garrett Motion, Inc. (a)(b)
| | | 458 | | 6,746 |
Geberit AG
| | | 725 | | 296,290 |
Givaudan SA
| | | 88 | | 224,794 |
Glencore PLC
| | | 12,146 | | 50,321 |
Kuehne + Nagel International AG
| | | 856 | | 117,411 |
LafargeHolcim, Ltd.
| | | 1,710 | | 84,461 |
Meyer Burger Technology AG (a)(b)
| | | 25,093 | | 16,655 |
Nestle SA
| | | 8,966 | | 854,376 |
Novartis AG
| | | 6,034 | | 580,316 |
Roche Holding AG
| | | 2,246 | | 618,727 |
SGS SA
| | | 88 | | 218,962 |
Swatch Group AG
| | | 264 | | 75,550 |
Swiss Re AG
| | | 2,159 | | 210,892 |
TE Connectivity, Ltd.
| | | 4,565 | | 368,624 |
TRANSOCEAN, Ltd. (b)
| | | 1,625 | | 14,277 |
UBS Group AG
| | | 12,552 | | 152,126 |
See accompanying notes to financial statements.
26
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Zurich Insurance Group AG
| | | 439 | | $145,290 |
| | | | | | 4,713,910 |
| TAIWAN — 1.3% | | | | | |
AU Optronics Corp. ADR (a)
| | | 44,871 | | 163,330 |
Career Technology MFG. Co., Ltd.
| | | 16,000 | | 16,534 |
Century Iron & Steel Industrial Co., Ltd.
| | | 4,000 | | 9,604 |
Charoen Pokphand Enterprise
| | | 10,000 | | 16,807 |
Chilisin Electronics Corp.
| | | 2,000 | | 5,827 |
Chunghwa Telecom Co., Ltd. ADR (a)
| | | 6,012 | | 213,727 |
Concraft Holding Co., Ltd.
| | | 4,000 | | 19,338 |
CTBC Financial Holding Co., Ltd.
| | | 58,000 | | 38,484 |
Darfon Electronics Corp.
| | | 8,000 | | 13,238 |
Formosa Chemicals & Fibre Corp.
| | | 12,000 | | 43,607 |
Formosa Plastics Corp.
| | | 15,000 | | 53,293 |
Genius Electronic Optical Co., Ltd.
| | | 1,000 | | 11,697 |
Global Unichip Corp.
| | | 1,000 | | 6,668 |
Globalwafers Co., Ltd.
| | | 1,000 | | 9,831 |
Hon Hai Precision Industry Co., Ltd. GDR
| | | 37,915 | | 183,016 |
Lotus Pharmaceutical Co., Ltd. (b)
| | | 7,000 | | 27,595 |
MediaTek, Inc.
| | | 5,000 | | 45,830 |
Nan Ya Plastics Corp.
| | | 17,000 | | 43,520 |
Pan Jit International, Inc. (b)
| | | 19,000 | | 16,429 |
PChome Online, Inc. (b)
| | | 2,000 | | 8,436 |
PharmaEngine, Inc.
| | | 3,000 | | 10,464 |
Pharmally International Holding Co., Ltd.
| | | 2,000 | | 15,477 |
TaiDoc Technology Corp.
| | | 2,000 | | 10,902 |
Taiwan Semiconductor Co., Ltd.
| | | 3,000 | | 5,470 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
| | | 19,198 | | 786,350 |
Taiwan Union Technology Corp.
| | | 2,000 | | 7,203 |
TCI Co., Ltd.
| | | 1,000 | | 13,692 |
United Microelectronics Corp. ADR (a)
| | | 88,671 | | 166,702 |
United Renewable Energy Co., Ltd. (b)
| | | 547,690 | | 177,703 |
Visual Photonics Epitaxy Co., Ltd.
| | | 4,000 | | 11,862 |
Wafer Works Corp.
| | | 5,000 | | 5,986 |
Win Semiconductors Corp.
| | | 2,000 | | 14,114 |
| | | | | | 2,172,736 |
| THAILAND — 0.2% | | | | | |
Bangkok Bank PCL
| | | 24,200 | | 164,714 |
CP ALL PCL NVDR
| | | 15,900 | | 37,452 |
Kasikornbank PCL NVDR
| | | 4,100 | | 24,224 |
PTT PCL
| | | 44,000 | | 66,204 |
Siam Commercial Bank PCL NVDR
| | | 6,200 | | 25,789 |
Taokaenoi Food & Marketing PCL
| | | 83,700 | | 24,792 |
| | | | | | 343,175 |
| TURKEY — 0.0% (d) | | | | | |
Akbank T.A.S. (b)
| | | 21,713 | | 24,290 |
| Security Description | | | Shares | | Value |
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT
| | | 21,062 | | $5,704 |
Turkiye Garanti Bankasi A/S
| | | 19,322 | | 28,523 |
Turkiye Is Bankasi A/S Class C
| | | 17,511 | | 17,047 |
| | | | | | 75,564 |
| UNITED KINGDOM — 5.6% | | | | | |
3i Group PLC
| | | 37,461 | | 480,716 |
Anglo American PLC (a)
| | | 5,093 | | 136,279 |
AO World PLC (a)(b)
| | | 10,039 | | 12,872 |
AstraZeneca PLC
| | | 4,039 | | 322,886 |
Avon Products, Inc. (b)
| | | 10,200 | | 29,988 |
BAE Systems PLC
| | | 20,368 | | 128,032 |
Barclays PLC
| | | 55,660 | | 112,186 |
BP PLC
| | | 48,115 | | 350,159 |
British American Tobacco PLC
| | | 3,777 | | 157,197 |
British Land Co. PLC REIT
| | | 14,605 | | 112,093 |
BT Group PLC
| | | 47,524 | | 138,064 |
Burberry Group PLC
| | | 3,620 | | 92,195 |
Capita PLC (b)
| | | 3,498 | | 5,652 |
CNH Industrial NV
| | | 3,149 | | 32,049 |
Cobham PLC (b)
| | | 103,935 | | 149,382 |
Compass Group PLC
| | | 9,914 | | 233,113 |
CYBG PLC (a)
| | | 1,720 | | 4,484 |
Diageo PLC
| | | 6,211 | | 253,966 |
Experian PLC
| | | 8,486 | | 229,889 |
Fiat Chrysler Automobiles NV (b)
| | | 3,904 | | 58,179 |
Frontier Developments PLC (a)(b)
| | | 1,394 | | 17,656 |
G4S PLC
| | | 14,237 | | 34,042 |
GlaxoSmithKline PLC
| | | 14,281 | | 297,146 |
Gulf Keystone Petroleum, Ltd. (b)
| | | 4,539 | | 15,023 |
Hammerson PLC REIT
| | | 23,496 | | 102,810 |
HSBC Holdings PLC
| | | 59,508 | | 483,319 |
Hurricane Energy PLC (a)(b)
| | | 28,735 | | 17,299 |
Imperial Brands PLC
| | | 2,290 | | 78,315 |
Indivior PLC (b)
| | | 1,742 | | 2,181 |
InterContinental Hotels Group PLC
| | | 4,359 | | 262,132 |
iomart Group PLC
| | | 6,265 | | 28,491 |
J Sainsbury PLC
| | | 16,836 | | 51,708 |
Land Securities Group PLC REIT
| | | 9,441 | | 112,367 |
Learning Technologies Group PLC (a)
| | | 11,917 | | 10,963 |
Liberty Global PLC Class A (b)
| | | 2,290 | | 57,067 |
Liberty Global PLC Class C (b)
| | | 4,083 | | 98,849 |
Linde PLC (f)
| | | 2,290 | | 402,880 |
Linde PLC (f)
| | | 602 | | 105,449 |
Lloyds Banking Group PLC
| | | 197,904 | | 160,246 |
Marks & Spencer Group PLC
| | | 23,245 | | 84,477 |
Micro Focus International PLC ADR
| | | 1,253 | | 32,315 |
National Grid PLC
| | | 4,384 | | 48,603 |
Next PLC
| | | 1,647 | | 119,754 |
nVent Electric PLC
| | | 263 | | 7,096 |
On the Beach Group PLC (e)
| | | 2,883 | | 16,473 |
Ophir Energy PLC (b)
| | | 52,940 | | 39,252 |
Pearson PLC
| | | 2,729 | | 29,735 |
Pentair PLC
| | | 263 | | 11,706 |
See accompanying notes to financial statements.
27
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Premier Oil PLC (a)(b)
| | | 11,180 | | $13,687 |
Prudential PLC
| | | 11,089 | | 222,161 |
Quilter PLC (e)
| | | 11,424 | | 21,859 |
Reckitt Benckiser Group PLC
| | | 1,829 | | 152,101 |
RELX PLC (f)
| | | 7,113 | | 152,144 |
RELX PLC (f)
| | | 12,011 | | 256,919 |
Rio Tinto PLC
| | | 4,908 | | 285,298 |
Rio Tinto, Ltd.
| | | 378 | | 26,290 |
Rolls-Royce Holdings PLC
| | | 7,228 | | 85,067 |
RSA Insurance Group PLC
| | | 16,129 | | 106,724 |
Sage Group PLC
| | | 38,853 | | 354,999 |
Severn Trent PLC
| | | 5,708 | | 146,971 |
Smith & Nephew PLC
| | | 10,358 | | 205,559 |
Smiths Group PLC
| | | 7,977 | | 149,160 |
Soco International PLC
| | | 22,934 | | 20,560 |
SSE PLC
| | | 4,617 | | 71,412 |
Standard Chartered PLC
| | | 11,166 | | 86,033 |
Standard Life Aberdeen PLC
| | | 33,600 | | 115,564 |
TechnipFMC PLC
| | | 2,363 | | 55,295 |
Tesco PLC
| | | 27,005 | | 81,673 |
Tullow Oil PLC (b)
| | | 6,131 | | 19,222 |
Unilever NV
| | | 4,585 | | 266,577 |
Unilever PLC
| | | 3,497 | | 200,270 |
United Utilities Group PLC
| | | 10,159 | | 107,808 |
Vodafone Group PLC
| | | 75,586 | | 137,692 |
Whitbread PLC
| | | 6,239 | | 412,828 |
WPP PLC
| | | 7,866 | | 83,105 |
| | | | | | 9,603,713 |
| UNITED STATES — 53.8% | | | | | |
3M Co.
| | | 2,290 | | 475,816 |
Abbott Laboratories
| | | 8,697 | | 695,238 |
AbbVie, Inc.
| | | 2,246 | | 181,005 |
Abeona Therapeutics, Inc. (b)
| | | 920 | | 6,771 |
Adobe, Inc. (b)
| | | 3,535 | | 942,042 |
Advanced Micro Devices, Inc. (a)(b)
| | | 1,100 | | 28,072 |
AdvanSix, Inc. (b)
| | | 158 | | 4,514 |
Aflac, Inc.
| | | 9,129 | | 456,450 |
Agenus, Inc. (b)
| | | 8,483 | | 25,195 |
Agilent Technologies, Inc.
| | | 4,565 | | 366,935 |
AGNC Investment Corp. REIT
| | | 2,290 | | 41,220 |
Alexion Pharmaceuticals, Inc. (b)
| | | 1,734 | | 234,402 |
Allegion PLC
| | | 746 | | 67,670 |
Allergan PLC
| | | 509 | | 74,523 |
Allstate Corp.
| | | 4,565 | | 429,932 |
Alphabet, Inc. Class A (b)
| | | 1,151 | | 1,354,600 |
Alphabet, Inc. Class C (b)
| | | 1,151 | | 1,350,480 |
Altra Industrial Motion Corp.
| | | 108 | | 3,353 |
Altria Group, Inc.
| | | 4,565 | | 262,168 |
Amazon.com, Inc. (b)
| | | 1,503 | | 2,676,467 |
American Electric Power Co., Inc.
| | | 4,565 | | 382,319 |
American Express Co.
| | | 4,721 | | 516,005 |
American Tower Corp. REIT
| | | 2,290 | | 451,267 |
Amgen, Inc.
| | | 3,907 | | 742,252 |
Anadarko Petroleum Corp.
| | | 2,290 | | 104,149 |
Annaly Capital Management, Inc. REIT
| | | 4,565 | | 45,604 |
| Security Description | | | Shares | | Value |
Anthem, Inc.
| | | 2,290 | | $657,184 |
Apache Corp.
| | | 1,098 | | 38,057 |
Apple, Inc.
| | | 16,342 | | 3,104,163 |
Applied Materials, Inc.
| | | 9,571 | | 379,586 |
Arbor Realty Trust, Inc. REIT (a)
| | | 2,227 | | 28,884 |
Archer-Daniels-Midland Co.
| | | 6,850 | | 295,440 |
Armada Hoffler Properties, Inc. REIT
| | | 4,750 | | 74,053 |
Arrowhead Pharmaceuticals, Inc. (a)(b)
| | | 1,358 | | 24,919 |
AT&T, Inc.
| | | 26,250 | | 823,200 |
Automatic Data Processing, Inc.
| | | 2,290 | | 365,805 |
Avanos Medical, Inc. (b)
| | | 285 | | 12,164 |
Baker Hughes a GE Co.
| | | 1,940 | | 53,777 |
Bank of America Corp.
| | | 39,336 | | 1,085,280 |
Bank of New York Mellon Corp.
| | | 7,010 | | 353,514 |
Basic Energy Services, Inc. (b)
| | | 1,865 | | 7,087 |
Baxter International, Inc.
| | | 4,466 | | 363,130 |
Becton Dickinson and Co.
| | | 2,290 | | 571,882 |
Bellicum Pharmaceuticals, Inc. (b)
| | | 2,757 | | 9,291 |
Berkshire Hathaway, Inc. Class B (b)
| | | 2,657 | | 533,765 |
Biogen, Inc. (b)
| | | 1,403 | | 331,641 |
Bizlink Holding, Inc.
| | | 2,000 | | 13,725 |
Boeing Co.
| | | 2,290 | | 873,452 |
Booking Holdings, Inc. (b)
| | | 177 | | 308,849 |
Brighthouse Financial, Inc. (b)
| | | 677 | | 24,568 |
Bristol-Myers Squibb Co.
| | | 7,010 | | 334,447 |
Broadcom, Inc.
| | | 1,709 | | 513,913 |
C.H. Robinson Worldwide, Inc.
| | | 2,290 | | 199,207 |
California Resources Corp. (a)(b)
| | | 151 | | 3,882 |
Capital One Financial Corp.
| | | 2,290 | | 187,070 |
Cara Therapeutics, Inc. (a)(b)
| | | 1,287 | | 25,251 |
Carnival Corp.
| | | 2,290 | | 116,149 |
Caterpillar, Inc.
| | | 2,290 | | 310,272 |
Cato Corp. Class A
| | | 679 | | 10,171 |
CBS Corp. Class B
| | | 4,071 | | 193,495 |
CDK Global, Inc.
| | | 749 | | 44,056 |
Celgene Corp. (b)
| | | 3,876 | | 365,662 |
CenturyLink, Inc.
| | | 1,852 | | 22,205 |
Charles Schwab Corp.
| | | 11,754 | | 502,601 |
Charter Communications, Inc. Class A (b)
| | | 969 | | 336,156 |
Chemours Co.
| | | 772 | | 28,688 |
Chesapeake Energy Corp. (a)(b)
| | | 3,122 | | 9,678 |
Chevron Corp.
| | | 5,864 | | 722,328 |
Chubb, Ltd.
| | | 3,482 | | 487,759 |
Church & Dwight Co., Inc.
| | | 7,064 | | 503,169 |
Cigna Corp.
| | | 671 | | 107,910 |
Cisco Systems, Inc.
| | | 22,979 | | 1,240,636 |
Citigroup, Inc.
| | | 11,755 | | 731,396 |
Citrix Systems, Inc.
| | | 2,290 | | 228,221 |
Clorox Co.
| | | 2,290 | | 367,453 |
Coca-Cola Co.
| | | 9,152 | | 428,863 |
Cognizant Technology Solutions Corp. Class A
| | | 4,576 | | 331,531 |
See accompanying notes to financial statements.
28
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Colgate-Palmolive Co.
| | | 4,565 | | $312,885 |
Comcast Corp. Class A
| | | 11,788 | | 471,284 |
Community Healthcare Trust, Inc. REIT
| | | 2,946 | | 105,732 |
Conagra Brands, Inc.
| | | 4,565 | | 126,633 |
ConocoPhillips
| | | 4,565 | | 304,668 |
Corning, Inc.
| | | 9,152 | | 302,931 |
Costco Wholesale Corp.
| | | 2,290 | | 554,501 |
Coty, Inc. Class A
| | | 1,209 | | 13,904 |
CSX Corp.
| | | 5,996 | | 448,621 |
Cummins, Inc.
| | | 2,290 | | 361,522 |
CVS Health Corp.
| | | 7,454 | | 401,994 |
Cymabay Therapeutics, Inc. (b)
| | | 1,186 | | 15,750 |
Danaher Corp.
| | | 4,721 | | 623,266 |
Deere & Co.
| | | 2,290 | | 366,034 |
Dell Technologies, Inc. Class C (b)
| | | 572 | | 33,571 |
Dermira, Inc. (a)(b)
| | | 1,699 | | 23,021 |
Devon Energy Corp.
| | | 1,098 | | 34,653 |
Discover Financial Services
| | | 4,565 | | 324,845 |
Dollar Tree, Inc. (b)
| | | 3,081 | | 323,628 |
DowDuPont, Inc.
| | | 11,039 | | 588,489 |
Duke Energy Corp.
| | | 2,487 | | 223,830 |
DXC Technology Co.
| | | 847 | | 54,471 |
Easterly Government Properties, Inc. REIT
| | | 12,873 | | 231,843 |
Eaton Corp. PLC
| | | 4,565 | | 367,756 |
eBay, Inc.
| | | 6,850 | | 254,409 |
Ecolab, Inc.
| | | 2,290 | | 404,277 |
Edison International
| | | 3,936 | | 243,717 |
Elanco Animal Health, Inc. (b)
| | | 956 | | 30,659 |
Eli Lilly & Co.
| | | 4,509 | | 585,088 |
Emerson Electric Co.
| | | 4,565 | | 312,566 |
Entercom Communications Corp. Class A (a)
| | | 2,670 | | 14,018 |
EOG Resources, Inc.
| | | 4,736 | | 450,772 |
Equity Residential REIT
| | | 2,290 | | 172,483 |
Estee Lauder Cos., Inc. Class A
| | | 2,290 | | 379,109 |
Exelon Corp.
| | | 4,565 | | 228,843 |
Exxon Mobil Corp.
| | | 12,569 | | 1,015,575 |
Facebook, Inc. Class A (b)
| | | 6,281 | | 1,046,980 |
Fastenal Co.
| | | 2,290 | | 147,270 |
FedEx Corp.
| | | 2,290 | | 415,429 |
FirstEnergy Corp.
| | | 4,565 | | 189,950 |
Ford Motor Co.
| | | 18,269 | | 160,402 |
Fortive Corp.
| | | 2,231 | | 187,159 |
Fox Corp. Class A (b)
| | | 3,231 | | 118,610 |
Franklin Resources, Inc.
| | | 6,850 | | 227,009 |
Freeport-McMoRan, Inc.
| | | 1,511 | | 19,477 |
GCI Liberty, Inc. Class A (b)
| | | 574 | | 31,920 |
General Dynamics Corp.
| | | 2,290 | | 387,651 |
General Electric Co.
| | | 17,402 | | 173,846 |
General Mills, Inc.
| | | 2,290 | | 118,508 |
General Motors Co.
| | | 4,565 | | 169,362 |
Geron Corp. (a)(b)
| | | 5,703 | | 9,467 |
Gilead Sciences, Inc.
| | | 6,056 | | 393,701 |
Gladstone Commercial Corp. REIT
| | | 8,278 | | 171,934 |
| Security Description | | | Shares | | Value |
GNC Holdings, Inc. Class A (a)(b)
| | | 4,071 | | $11,114 |
Gogo, Inc. (a)(b)
| | | 4,071 | | 18,279 |
Goldman Sachs Group, Inc.
| | | 2,290 | | 439,657 |
Halliburton Co.
| | | 4,565 | | 133,755 |
HCP, Inc. REIT
| | | 6,850 | | 214,405 |
Hershey Co.
| | | 2,290 | | 262,961 |
Hess Corp.
| | | 2,290 | | 137,927 |
Hewlett Packard Enterprise Co.
| | | 9,152 | | 141,215 |
Home Depot, Inc.
| | | 4,762 | | 913,780 |
Honeywell International, Inc.
| | | 4,721 | | 750,261 |
HP, Inc.
| | | 9,152 | | 177,823 |
Illinois Tool Works, Inc.
| | | 3,453 | | 495,609 |
ImmunoGen, Inc. (a)(b)
| | | 1,287 | | 3,488 |
Ingersoll-Rand PLC
| | | 4,721 | | 509,632 |
Intel Corp.
| | | 17,325 | | 930,352 |
International Business Machines Corp.
| | | 3,687 | | 520,236 |
Intuit, Inc.
| | | 2,290 | | 598,629 |
Iron Mountain, Inc. REIT
| | | 49 | | 1,738 |
J.M. Smucker Co.
| | | 2,290 | | 266,785 |
Johnson & Johnson
| | | 6,959 | | 972,799 |
Johnson Controls International PLC
| | | 6,053 | | 223,598 |
JPMorgan Chase & Co.
| | | 12,098 | | 1,224,681 |
Juniper Networks, Inc.
| | | 4,565 | | 120,836 |
Kellogg Co.
| | | 2,290 | | 131,400 |
Keysight Technologies, Inc. (b)
| | | 2,289 | | 199,601 |
Kimberly-Clark Corp.
| | | 2,290 | | 283,731 |
Kinder Morgan, Inc.
| | | 3,370 | | 67,434 |
Kohl's Corp.
| | | 2,290 | | 157,483 |
Kraft Heinz Co.
| | | 373 | | 12,178 |
L Brands, Inc.
| | | 866 | | 23,884 |
Lamb Weston Holdings, Inc.
| | | 1,516 | | 113,609 |
Las Vegas Sands Corp.
| | | 2,290 | | 139,598 |
Leidos Holdings, Inc.
| | | 573 | | 36,724 |
Liberty Expedia Holdings, Inc. Class A (b)
| | | 390 | | 16,692 |
Liberty TripAdvisor Holdings, Inc. Class A (b)
| | | 308 | | 4,371 |
Lockheed Martin Corp.
| | | 1,842 | | 552,895 |
LogMeIn, Inc.
| | | 393 | | 31,479 |
Lowe's Cos., Inc.
| | | 6,850 | | 749,869 |
LyondellBasell Industries NV Class A
| | | 2,290 | | 192,543 |
Macy's, Inc.
| | | 4,057 | | 97,490 |
Marathon Oil Corp.
| | | 6,850 | | 114,464 |
Marathon Petroleum Corp.
| | | 4,580 | | 274,113 |
Marsh & McLennan Cos., Inc.
| | | 4,565 | | 428,653 |
Mastercard, Inc. Class A
| | | 1,222 | | 287,720 |
Mattel, Inc. (a)(b)
| | | 458 | | 5,954 |
McCormick & Co., Inc.
| | | 3,437 | | 517,715 |
McDonald's Corp.
| | | 2,290 | | 434,871 |
McKesson Corp.
| | | 1,734 | | 202,982 |
Medifast, Inc. (a)
| | | 172 | | 21,939 |
Medtronic PLC
| | | 8,288 | | 754,871 |
Merck & Co., Inc.
| | | 9,209 | | 765,913 |
MetLife, Inc.
| | | 6,850 | | 291,604 |
See accompanying notes to financial statements.
29
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
MGP Ingredients, Inc. (a)
| | | 172 | | $13,270 |
Micron Technology, Inc. (b)
| | | 507 | | 20,954 |
Microsoft Corp.
| | | 25,566 | | 3,015,254 |
Mondelez International, Inc. Class A
| | | 2,290 | | 114,317 |
MoneyGram International, Inc. (b)
| | | 13,000 | | 26,520 |
Morgan Stanley
| | | 6,850 | | 289,070 |
Mosaic Co.
| | | 2,290 | | 62,540 |
National Oilwell Varco, Inc.
| | | 1,098 | | 29,251 |
Nektar Therapeutics (b)
| | | 180 | | 6,048 |
NetApp, Inc.
| | | 2,290 | | 158,789 |
Netflix, Inc. (b)
| | | 877 | | 312,703 |
New Senior Investment Group, Inc. REIT
| | | 4,500 | | 24,525 |
Newmont Mining Corp.
| | | 2,290 | | 81,913 |
News Corp. Class A
| | | 1,392 | | 17,316 |
NexPoint Residential Trust, Inc. REIT
| | | 9,195 | | 352,536 |
NextEra Energy, Inc.
| | | 2,290 | | 442,703 |
NIKE, Inc. Class B
| | | 7,704 | | 648,754 |
Noble Energy, Inc.
| �� | | 2,866 | | 70,876 |
Norfolk Southern Corp.
| | | 2,290 | | 427,978 |
Northrop Grumman Corp.
| | | 1,551 | | 418,150 |
Novavax, Inc. (a)(b)
| | | 6,803 | | 3,748 |
NOW, Inc. (b)
| | | 570 | | 7,957 |
NVIDIA Corp.
| | | 1,470 | | 263,953 |
Occidental Petroleum Corp.
| | | 4,565 | | 302,203 |
Oracle Corp.
| | | 15,753 | | 846,094 |
O'Reilly Automotive, Inc. (b)
| | | 947 | | 367,720 |
Paratek Pharmaceuticals, Inc. (a)(b)
| | | 1,699 | | 9,107 |
Parker-Hannifin Corp.
| | | 2,290 | | 393,010 |
PayPal Holdings, Inc. (b)
| | | 6,610 | | 686,382 |
Penn Virginia Corp. (b)
| | | 172 | | 7,585 |
PepsiCo, Inc.
| | | 4,721 | | 578,559 |
Perrigo Co. PLC
| | | 41 | | 1,975 |
Perspecta, Inc.
| | | 420 | | 8,492 |
Pfizer, Inc.
| | | 23,225 | | 986,366 |
Philip Morris International, Inc.
| | | 4,565 | | 403,500 |
Phillips 66
| | | 1,118 | | 106,400 |
Pioneer Natural Resources Co.
| | | 1,551 | | 236,186 |
PNC Financial Services Group, Inc.
| | | 2,290 | | 280,891 |
PPL Corp.
| | | 6,850 | | 217,419 |
Procter & Gamble Co.
| | | 4,988 | | 519,001 |
Progenics Pharmaceuticals, Inc. (b)
| | | 3,677 | | 17,061 |
Prologis, Inc. REIT
| | | 7,010 | | 504,369 |
Prudential Financial, Inc.
| | | 3,459 | | 317,813 |
PTC Therapeutics, Inc. (b)
| | | 550 | | 20,702 |
Public Service Enterprise Group, Inc.
| | | 4,565 | | 271,207 |
Public Storage REIT
| | | 1,918 | | 417,702 |
QUALCOMM, Inc. (a)
| | | 7,010 | | 399,780 |
Qurate Retail, Inc. (b)
| | | 4,565 | | 72,949 |
Raytheon Co.
| | | 2,290 | | 416,963 |
REGENXBIO, Inc. (b)
| | | 172 | | 9,857 |
Resideo Technologies, Inc. (b)
| | | 763 | | 14,718 |
| Security Description | | | Shares | | Value |
Retail Opportunity Investments Corp. REIT
| | | 18,794 | | $325,888 |
Ross Stores, Inc.
| | | 4,183 | | 389,437 |
salesforce.com, Inc. (b)
| | | 4,875 | | 772,054 |
Sarepta Therapeutics, Inc. (a)(b)
| | | 172 | | 20,501 |
Schlumberger, Ltd.
| | | 6,875 | | 299,544 |
Seagate Technology PLC
| | | 2,290 | | 109,668 |
Seres Therapeutics, Inc. (a)(b)
| | | 2,378 | | 16,337 |
Simon Property Group, Inc. REIT
| | | 2,290 | | 417,261 |
Southern Co.
| | | 2,290 | | 118,347 |
Spirit MTA REIT
| | | 3,392 | | 22,014 |
Starbucks Corp.
| | | 9,023 | | 670,770 |
State Street Corp. (g)
| | | 2,290 | | 150,705 |
Stemline Therapeutics, Inc. (b)
| | | 2,100 | | 26,985 |
Synchrony Financial
| | | 2,553 | | 81,441 |
Sysco Corp.
| | | 4,565 | | 304,759 |
Tabula Rasa HealthCare, Inc. (a)(b)
| | | 341 | | 19,239 |
Tapestry, Inc.
| | | 2,290 | | 74,402 |
Target Corp.
| | | 2,290 | | 183,795 |
TechTarget, Inc. (b)
| | | 3,057 | | 49,737 |
Tesla, Inc. (b)
| | | 341 | | 95,432 |
Texas Instruments, Inc.
| | | 6,910 | | 732,944 |
Thermo Fisher Scientific, Inc.
| | | 3,043 | | 832,930 |
TJX Cos., Inc.
| | | 9,129 | | 485,754 |
Travelers Cos., Inc.
| | | 2,290 | | 314,096 |
Twitter, Inc. (b)
| | | 1,049 | | 34,491 |
Tyson Foods, Inc. Class A
| | | 5,463 | | 379,296 |
UMH Properties, Inc. REIT
| | | 13,057 | | 183,843 |
Union Pacific Corp.
| | | 3,475 | | 581,020 |
Unisys Corp. (b)
| | | 1,186 | | 13,841 |
United Financial Bancorp, Inc.
| | | 19,141 | | 274,673 |
United Parcel Service, Inc. Class B
| | | 2,290 | | 255,885 |
United Technologies Corp.
| | | 2,290 | | 295,158 |
UnitedHealth Group, Inc.
| | | 4,663 | | 1,152,973 |
Universal Corp.
| | | 172 | | 9,912 |
US Bancorp
| | | 7,010 | | 337,812 |
Valero Energy Corp.
| | | 4,565 | | 387,249 |
Vanda Pharmaceuticals, Inc. (b)
| | | 737 | | 13,561 |
Vector Group, Ltd. (a)
| | | 15,821 | | 170,709 |
Verizon Communications, Inc.
| | | 7,894 | | 466,772 |
Viacom, Inc. Class B
| | | 1,439 | | 40,393 |
Visa, Inc. Class A
| | | 7,789 | | 1,216,564 |
Wabtec Corp.
| | | 58 | | 4,276 |
Walmart, Inc.
| | | 4,721 | | 460,439 |
Walgreens Boots Alliance, Inc.
| | | 4,565 | | 288,828 |
Walt Disney Co.
| | | 10,303 | | 1,143,942 |
Waste Management, Inc.
| | | 4,565 | | 474,349 |
Wells Fargo & Co.
| | | 18,099 | | 874,544 |
Western Digital Corp.
| | | 2,837 | | 136,346 |
Whitestone REIT (a)
| | | 1,358 | | 16,323 |
Williams Cos., Inc.
| | | 4,136 | | 118,786 |
Yum! Brands, Inc.
| | | 2,290 | | 228,565 |
ZIOPHARM Oncology, Inc. (a)(b)
| | | 6,277 | | 24,166 |
See accompanying notes to financial statements.
30
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Zoetis, Inc.
| | | 263 | | $26,476 |
| | | | | | 92,609,765 |
TOTAL COMMON STOCKS
(Cost $151,106,402)
| | | | | 171,119,122 |
| | | | |
| SHORT-TERM INVESTMENTS — 2.3% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (h) (i)
| 268,861 | 268,861 |
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)
| 3,761,746 | 3,761,746 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,030,607)
| 4,030,607 |
TOTAL INVESTMENTS — 101.7%
(Cost $155,137,009)
| 175,149,729 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.7)%
| (3,002,988) |
NET ASSETS — 100.0%
| $172,146,741 |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (b) | Non-income producing security. |
| (c) | 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. As of March 31, 2019, total aggregate fair value of securities is $56,868, representing less than 0.05% of net assets. |
| (d) | Amount is less than 0.05% of net assets. |
| (e) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.3% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (f) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (g) | The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended March 31, 2019 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, 2019 are shown in the Affiliate Table below. |
| (i) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (j) | Investment of cash collateral for securities loaned. |
| ADR | = American Depositary Receipt |
| GDR | = Global Depositary Receipt |
| NVDR | = Non Voting Depositary Receipt |
| REIT | = Real Estate Investment Trust |
See accompanying notes to financial statements.
31
SPDR MSCI ACWI IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $170,971,258 | | $147,864 | | $— | | $171,119,122 |
Short-Term Investments
| | 4,030,607 | | — | | — | | 4,030,607 |
TOTAL INVESTMENTS
| | $175,001,865 | | $147,864 | | $— | | $175,149,729 |
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Corp.
| 1,348 | | $112,935 | | $60,631 | | $— | | $— | | $(22,861) | | 2,290 | | $150,705 | | $2,153 | | $— |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 293,349 | | 293,349 | | 4,031,034 | | 4,055,522 | | — | | — | | 268,861 | | 268,861 | | 3,114 | | — |
State Street Navigator Securities Lending Government Money Market Portfolio
| 1,503,297 | | 1,503,297 | | 9,388,753 | | 7,130,304 | | — | | — | | 3,761,746 | | 3,761,746 | | 28,638 | | — |
Total
| | | $1,909,581 | | $13,480,418 | | $11,185,826 | | $— | | $(22,861) | | | | $4,181,312 | | $33,905 | | $— |
See accompanying notes to financial statements.
32
SPDR MSCI ACWI LOW CARBON TARGET ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 99.1% | | | | | |
| ARGENTINA – 0.0% (a) | | | | | |
Other Security
| | | | $25,894 |
| AUSTRALIA – 1.9% | | | | | |
Other Securities
| | | | 1,166,154 |
| AUSTRIA – 0.0% (a) | | | | | |
Other Securities
| | | | 28,533 |
| BELGIUM – 0.2% | | | | | |
Other Securities
| | | | 103,292 |
| BERMUDA – 0.1% | | | | | |
Other Securities
| | | | 42,517 |
| BRAZIL – 0.8% | | | | | |
Other Securities
| | | | 486,769 |
| CANADA – 3.2% | | | | | |
Other Securities
| | | | 1,970,626 |
| CHILE – 0.2% | | | | | |
Other Securities
| | | | 136,633 |
| CHINA – 3.6% | | | | | |
Alibaba Group Holding, Ltd. ADR (b)(c)
| | 1,853 | | 338,080 |
Tencent Holdings, Ltd.
| | 8,084 | | 371,763 |
Other Securities
| | | | 1,568,094 |
| | | | | | 2,277,937 |
| COLOMBIA – 0.2% | | | | | |
Other Securities
| | | | 148,961 |
| DENMARK – 0.5% | | | | | |
Other Securities
| | | | 326,469 |
| FINLAND – 0.4% | | | | | |
Other Securities
| | | | 249,189 |
| FRANCE – 3.5% | | | | | |
Other Securities
| | | | 2,181,048 |
| GERMANY – 2.6% | | | | | |
Other Securities
| | | | 1,610,621 |
| HONG KONG – 1.5% | | | | | |
Hanergy Thin Film Power Group, Ltd. (b)(c)(d)
| | 24,000 | | — |
Other Securities
| | | | 930,406 |
| | | | | | 930,406 |
| HUNGARY – 0.0% (a) | | | | | |
Other Security
| | | | 16,320 |
| INDIA – 1.1% | | | | | |
Other Securities
| | | | 675,266 |
| INDONESIA – 0.2% | | | | | |
Other Securities
| | | | 139,899 |
| IRELAND – 0.4% | | | | | |
Other Securities
| | | | 250,189 |
| ISRAEL – 0.1% | | | | | |
Other Securities
| | | | 83,240 |
| Security Description | | | Shares | | Value |
| ITALY – 0.6% | | | | | |
Other Securities
| | | | $370,710 |
| JAPAN – 7.1% | | | | | |
Mitsui & Co., Ltd.
| | 12,600 | | 195,628 |
Toyota Motor Corp.
| | 3,600 | | 210,988 |
Other Securities
| | | | 4,004,536 |
| | | | | | 4,411,152 |
| LUXEMBOURG – 0.1% | | | | | |
Other Securities
| | | | 42,331 |
| MACAU – 0.0% (a) | | | | | |
Other Securities
| | | | 7,742 |
| MALAYSIA – 0.3% | | | | | |
Other Securities
| | | | 201,994 |
| MEXICO – 0.3% | | | | | |
Other Securities
| | | | 190,212 |
| NETHERLANDS – 1.0% | | | | | |
Other Securities
| | | | 634,815 |
| NEW ZEALAND – 0.1% | | | | | |
Other Security
| | | | 50,744 |
| NORWAY – 0.3% | | | | | |
Other Securities
| | | | 196,366 |
| PERU – 0.2% | | | | | |
Other Securities
| | | | 92,609 |
| PHILIPPINES – 0.0% (a) | | | | | |
Other Securities
| | | | 23,548 |
| POLAND – 0.1% | | | | | |
Other Securities
| | | | 64,417 |
| PORTUGAL – 0.0% (a) | | | | | |
Other Security
| | | | 29,647 |
| QATAR – 0.1% | | | | | |
Other Securities
| | | | 89,362 |
| ROMANIA – 0.0% (a) | | | | | |
Other Security
| | | | 11,629 |
| RUSSIA – 0.3% | | | | | |
Other Securities
| | | | 182,175 |
| SINGAPORE – 0.4% | | | | | |
Other Securities
| | | | 256,077 |
| SOUTH AFRICA – 0.7% | | | | | |
Other Securities
| | | | 442,968 |
| SOUTH KOREA – 1.5% | | | | | |
Samsung Electronics Co., Ltd.
| | 6,797 | | 267,365 |
Other Securities
| | | | 678,529 |
| | | | | | 945,894 |
| SPAIN – 1.1% | | | | | |
Other Securities
| | | | 658,327 |
| SWEDEN – 0.9% | | | | | |
Other Securities
| | | | 542,044 |
| SWITZERLAND – 2.7% | | | | | |
Nestle SA
| | 4,190 | | 399,268 |
See accompanying notes to financial statements.
33
SPDR MSCI ACWI LOW CARBON TARGET ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Novartis AG
| | 2,927 | | $281,502 |
Roche Holding AG
| | 975 | | 268,592 |
Other Securities
| | | | 741,035 |
| | | | | | 1,690,397 |
| TAIWAN – 1.2% | | | | | |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | 36,000 | | 286,757 |
Other Securities
| | | | 475,026 |
| | | | | | 761,783 |
| THAILAND – 0.3% | | | | | |
Other Securities
| | | | 159,034 |
| TURKEY – 0.1% | | | | | |
Other Securities
| | | | 46,896 |
| UNITED ARAB EMIRATES – 0.1% | | | | | |
Other Securities
| | | | 32,976 |
| UNITED KINGDOM – 5.1% | | | | | |
HSBC Holdings PLC
| | 29,836 | | 242,325 |
Other Securities
| | | | 2,954,950 |
| | | | | | 3,197,275 |
| UNITED STATES – 54.0% | | | | | |
Abbott Laboratories
| | 2,577 | | 206,005 |
Alphabet, Inc. Class A (b)
| | 437 | | 514,301 |
Alphabet, Inc. Class C (b)
| | 404 | | 474,017 |
Amazon.com, Inc. (b)
| | 564 | | 1,004,343 |
Apple, Inc.
| | 6,687 | | 1,270,196 |
AT&T, Inc.
| | 10,368 | | 325,140 |
Bank of America Corp.
| | 13,224 | | 364,850 |
Berkshire Hathaway, Inc. Class B (b)
| | 1,741 | | 349,749 |
Boeing Co.
| | 802 | | 305,899 |
Cisco Systems, Inc.
| | 6,789 | | 366,538 |
Citigroup, Inc.
| | 3,661 | | 227,787 |
Coca-Cola Co.
| | 6,286 | | 294,562 |
Comcast Corp. Class A
| | 6,501 | | 259,910 |
Eversource Energy
| | 2,856 | | 202,633 |
Facebook, Inc. Class A (b)
| | 3,321 | | 553,577 |
Home Depot, Inc.
| | 1,623 | | 311,437 |
Honeywell International, Inc.
| | 1,262 | | 200,557 |
Intel Corp.
| | 6,677 | | 358,555 |
International Business Machines Corp.
| | 1,459 | | 205,865 |
Johnson & Johnson
| | 3,855 | | 538,890 |
JPMorgan Chase & Co.
| | 4,650 | | 470,719 |
Mastercard, Inc. Class A
| | 1,321 | | 311,029 |
McDonald's Corp.
| | 1,157 | | 219,714 |
Merck & Co., Inc.
| | 3,818 | | 317,543 |
Microsoft Corp.
| | 10,215 | | 1,204,757 |
Netflix, Inc. (b)
| | 601 | | 214,293 |
ONEOK, Inc.
| | 2,877 | | 200,930 |
Oracle Corp.
| | 4,363 | | 234,337 |
PepsiCo, Inc.
| | 1,985 | | 243,262 |
Pfizer, Inc.
| | 8,335 | | 353,987 |
Philip Morris International, Inc.
| | 2,226 | | 196,756 |
Phillips 66
| | 2,838 | | 270,092 |
| Security Description | | | Shares | | Value |
Procter & Gamble Co.
| | 3,619 | | $376,557 |
Schlumberger, Ltd.
| | 4,498 | | 195,978 |
State Street Corp. (e)
| | 474 | | 31,194 |
UnitedHealth Group, Inc.
| | 1,408 | | 348,142 |
Verizon Communications, Inc.
| | 5,793 | | 342,540 |
Visa, Inc. Class A
| | 2,596 | | 405,469 |
Walmart, Inc.
| | 2,046 | | 199,546 |
Walt Disney Co.
| | 2,890 | | 320,830 |
Wells Fargo & Co.
| | 6,338 | | 306,252 |
Other Securities
| | | | 18,657,175 |
| | | | | | 33,755,913 |
TOTAL COMMON STOCKS
(Cost $57,432,423)
| | | | | 61,939,000 |
| SHORT-TERM INVESTMENTS - 1.4% | | | | | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares Class G Shares 2.43% (f)(g)
| | | 219,661 | | 219,661 |
State Street Navigator Securities Lending Government Money Market Portfolio (f)(h)
| | | 648,609 | | 648,609 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $868,270)
| | | | | 868,270 |
TOTAL INVESTMENTS - 100.5%
(Cost $58,300,693)
| | | | | 62,807,270 |
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%
| | | | | (330,406) |
NET ASSETS - 100.0%
| | | | | $62,476,864 |
See accompanying notes to financial statements.
34
SPDR MSCI ACWI LOW CARBON TARGET ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed below may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund's website atwww.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC's website atwww.sec.gov. |
| |
| (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, 2019. |
| (d) | Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2019, total aggregate fair value of the security is $0, representing 0.0% of the Fund's net assets. |
| (e) | The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (f) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (h) | Investment of cash collateral for securities loaned. |
| ADR | American Depositary Receipt |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $61,819,980 | | $119,020 | | $0(a) | | $61,939,000 |
Short-Term Investments
| | 868,270 | | — | | — | | 868,270 |
TOTAL INVESTMENTS
| | $62,688,250 | | $119,020 | | $0 | | $62,807,270 |
| (a) | Fund held a Level 3 security that was valued at $0 at March 31, 2019. |
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Corp.
| 1,224 | | $102,547 | | $4,651 | | $53,765 | | $(7,879) | | $(14,360) | | 474 | | $31,194 | | $765 | | $— |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 258,097 | | 258,097 | | 6,199,548 | | 6,237,984 | | — | | — | | 219,661 | | 219,661 | | 2,363 | | — |
State Street Navigator Securities Lending Government Money Market Portfolio
| 1,758,501 | | 1,758,501 | | 4,796,666 | | 5,906,558 | | — | | — | | 648,609 | | 648,609 | | 3,911 | | — |
Total
| | | $2,119,145 | | $11,000,865 | | $12,198,307 | | $(7,879) | | $(14,360) | | | | $899,464 | | $7,039 | | $— |
See accompanying notes to financial statements.
35
SPDR SOLACTIVE CANADA ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.6% | | | | | |
| AEROSPACE & DEFENSE — 0.7% | | | |
Bombardier, Inc. Class B (a)
| | 31,257 | | $60,130 |
CAE, Inc.
| | 3,939 | | 87,304 |
| | | | | | 147,434 |
| AIRLINES — 0.4% | | | |
Air Canada (a)
| | 3,490 | | 84,145 |
| AUTO COMPONENTS — 1.1% | | | |
Magna International, Inc.
| | 4,815 | | 234,524 |
| BANKS — 25.1% | | | |
Bank of Montreal
| | 9,336 | | 698,759 |
Bank of Nova Scotia (b)
| | 17,933 | | 954,941 |
Canadian Imperial Bank of Commerce
| | 6,474 | | 511,736 |
National Bank of Canada
| | 4,871 | | 219,896 |
Royal Bank of Canada
| | 21,029 | | 1,586,993 |
Toronto-Dominion Bank
| | 26,788 | | 1,454,146 |
| | | | | | 5,426,471 |
| CAPITAL MARKETS — 2.8% | | | |
Brookfield Asset Management, Inc. Class A
| | 11,283 | | 525,828 |
CI Financial Corp.
| | 3,247 | | 44,332 |
IGM Financial, Inc.
| | 1,259 | | 32,399 |
| | | | | | 602,559 |
| CHEMICALS — 2.5% | | | |
Methanex Corp.
| | 1,124 | | 63,858 |
Nutrien, Ltd.
| | 8,952 | | 472,276 |
| | | | | | 536,134 |
| COMMERCIAL SERVICES & SUPPLIES — 1.8% | | | |
Ritchie Bros Auctioneers, Inc.
| | 1,579 | | 53,624 |
Waste Connections, Inc.
| | 3,832 | | 339,529 |
| | | | | | 393,153 |
| CONSTRUCTION & ENGINEERING — 0.7% | | | |
SNC-Lavalin Group, Inc.
| | 2,611 | | 66,274 |
WSP Global, Inc.
| | 1,538 | | 84,075 |
| | | | | | 150,349 |
| CONTAINERS & PACKAGING — 0.4% | | | |
CCL Industries, Inc. Class B
| | 2,109 | | 85,405 |
| DIVERSIFIED FINANCIAL SERVICES — 0.3% | | | |
Onex Corp.
| | 1,212 | | 68,386 |
| DIVERSIFIED TELECOMMUNICATION SERVICES — 4.2% | | | |
BCE, Inc.
| | 13,121 | | 582,807 |
TELUS Corp.
| | 8,736 | | 323,427 |
| | | | | | 906,234 |
| ELECTRIC UTILITIES — 2.0% | | | |
Emera, Inc.
| | 3,398 | | 127,099 |
Fortis, Inc.
| | 6,189 | | 228,807 |
Hydro One, Ltd. (b) (c)
| | 4,410 | | 68,529 |
| | | | | | 424,435 |
| Security Description | | | Shares | | Value |
| EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.4% | | | |
Canadian Apartment Properties REIT
| | 2,147 | | $82,556 |
Choice Properties Real Estate Investment Trust
| | 2,963 | | 31,184 |
H&R Real Estate Investment Trust
| | 4,039 | | 70,776 |
RioCan Real Estate Investment Trust
| | 4,405 | | 87,279 |
SmartCentres Real Estate Investment Trust
| | 1,111 | | 29,115 |
| | | | | | 300,910 |
| FOOD & STAPLES RETAILING — 3.6% | | | |
Alimentation Couche-Tard, Inc. Class B
| | 6,199 | | 365,272 |
Empire Co., Ltd. Class A
| | 2,476 | | 53,618 |
George Weston, Ltd.
| | 1,051 | | 75,595 |
Loblaw Cos., Ltd.
| | 2,717 | | 134,065 |
Metro, Inc.
| | 3,765 | | 138,656 |
| | | | | | 767,206 |
| FOOD PRODUCTS — 0.6% | | | |
Saputo, Inc.
| | 3,793 | | 129,325 |
| GAS UTILITIES — 0.2% | | | |
AltaGas, Ltd. (b)
| | 3,886 | | 51,166 |
| HOTELS, RESTAURANTS & LEISURE — 1.3% | | | |
Restaurant Brands International, Inc.
| | 3,405 | | 221,588 |
Stars Group, Inc. (a)
| | 3,002 | | 52,492 |
| | | | | | 274,080 |
| INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.1% | | | |
Northland Power, Inc.
| | 1,749 | | 30,897 |
| INSURANCE — 7.1% | | | |
Fairfax Financial Holdings, Ltd.
| | 395 | | 183,019 |
Great-West Lifeco, Inc.
| | 4,115 | | 99,675 |
iA Financial Corp, Inc. (a)
| | 1,569 | | 57,877 |
Intact Financial Corp.
| | 2,022 | | 171,150 |
Manulife Financial Corp.
| | 29,015 | | 490,841 |
Power Corp. of Canada
| | 4,903 | | 114,359 |
Power Financial Corp.
| | 3,614 | | 84,456 |
Sun Life Financial, Inc.
| | 8,820 | | 338,949 |
| | | | | | 1,540,326 |
| IT SERVICES — 2.5% | | | |
CGI, Inc. (a)
| | 3,573 | | 245,707 |
Shopify, Inc. Class A (a) (b)
| | 1,403 | | 289,705 |
| | | | | | 535,412 |
| MEDIA — 0.9% | | | |
Quebecor, Inc. Class B
| | 2,618 | | 64,198 |
Shaw Communications, Inc. Class B
| | 6,472 | | 134,726 |
| | | | | | 198,924 |
| METALS & MINING — 6.6% | | | |
Agnico Eagle Mines, Ltd.
| | 3,414 | | 148,474 |
Barrick Gold Corp.
| | 25,527 | | 350,054 |
First Quantum Minerals, Ltd.
| | 9,879 | | 112,030 |
Franco-Nevada Corp.
| | 2,673 | | 200,463 |
See accompanying notes to financial statements.
36
SPDR SOLACTIVE CANADA ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Goldcorp, Inc.
| | 12,594 | | $144,139 |
Kinross Gold Corp. (a)
| | 18,512 | | 63,741 |
Lundin Mining Corp.
| | 9,251 | | 42,933 |
Teck Resources, Ltd. Class B
| | 8,225 | | 190,364 |
Turquoise Hill Resources, Ltd. (a)
| | 14,964 | | 24,642 |
Wheaton Precious Metals Corp.
| | 6,488 | | 154,484 |
| | | | | | 1,431,324 |
| MULTI-UTILITIES — 0.8% | | | |
Algonquin Power & Utilities Corp.
| | 6,926 | | 77,920 |
Atco, Ltd. Class I
| | 1,473 | | 49,616 |
Canadian Utilities, Ltd. Class A
| | 1,797 | | 49,070 |
| | | | | | 176,606 |
| MULTILINE RETAIL — 1.0% | | | |
Canadian Tire Corp., Ltd. Class A
| | 865 | | 93,230 |
Dollarama, Inc.
| | 4,266 | | 113,839 |
| | | | | | 207,069 |
| OIL, GAS & CONSUMABLE FUELS — 18.6% | | | |
ARC Resources, Ltd. (b)
| | 5,216 | | 35,608 |
Cameco Corp.
| | 5,868 | | 69,180 |
Canadian Natural Resources, Ltd.
| | 17,230 | | 473,198 |
Cenovus Energy, Inc.
| | 14,894 | | 129,324 |
Crescent Point Energy Corp.
| | 8,244 | | 26,720 |
Enbridge, Inc.
| | 29,477 | | 1,067,919 |
Encana Corp.
| | 13,862 | | 100,441 |
Husky Energy, Inc.
| | 4,445 | | 44,086 |
Imperial Oil, Ltd.
| | 3,554 | | 97,047 |
Inter Pipeline, Ltd. (b)
| | 5,822 | | 96,354 |
Keyera Corp.
| | 2,981 | | 70,310 |
Pembina Pipeline Corp.
| | 7,315 | | 268,792 |
PrairieSky Royalty, Ltd. (b)
| | 3,326 | | 44,813 |
Seven Generations Energy, Ltd. Class A (a)
| | 4,312 | | 31,147 |
Suncor Energy, Inc.
| | 23,307 | | 755,587 |
Tourmaline Oil Corp.
| | 3,745 | | 57,859 |
TransCanada Corp. (b)
| | 13,344 | | 599,504 |
Vermilion Energy, Inc. (b)
| | 2,132 | | 52,648 |
| | | | | | 4,020,537 |
| PAPER & FOREST PRODUCTS — 0.2% | | | |
West Fraser Timber Co., Ltd.
| | 769 | | 37,415 |
| PHARMACEUTICALS — 1.3% | | | |
Aurora Cannabis, Inc. (a) (b)
| | 13,935 | | 126,108 |
Canopy Growth Corp. (a) (b)
| | 3,369 | | 145,811 |
| | | | | | 271,919 |
| PROFESSIONAL SERVICES — 0.7% | | | |
Thomson Reuters Corp.
| | 2,549 | | 150,866 |
| REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2% | | | |
First Capital Realty, Inc.
| | 2,539 | | 40,671 |
| ROAD & RAIL — 6.4% | | | |
Canadian National Railway Co.
| | 10,625 | | 951,435 |
| Security Description | | | Shares | | Value |
Canadian Pacific Railway, Ltd.
| | 2,081 | | $428,895 |
| | | | | | 1,380,330 |
| SOFTWARE — 2.1% | | | |
BlackBerry, Ltd. (a)
| | 6,982 | | 70,397 |
Constellation Software, Inc.
| | 288 | | 244,141 |
Open Text Corp.
| | 3,837 | | 147,368 |
| | | | | | 461,906 |
| TEXTILES, APPAREL & LUXURY GOODS — 0.7% | | | |
Canada Goose Holdings, Inc. (a) (b)
| | 854 | | 41,027 |
Gildan Activewear, Inc.
| | 2,953 | | 106,210 |
| | | | | | 147,237 |
| WIRELESS TELECOMMUNICATION SERVICES — 1.3% | | | |
Rogers Communications, Inc. Class B
| | 5,276 | | 283,833 |
TOTAL COMMON STOCKS
(Cost $21,683,738)
| | | | | 21,497,188 |
| SHORT-TERM INVESTMENTS — 8.5% | | | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (d) (e)
| | 9,421 | | 9,421 |
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)
| | 1,834,989 | | 1,834,989 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,844,410)
| | 1,844,410 | |
TOTAL INVESTMENTS — 108.1%
(Cost $23,528,148)
| | 23,341,598 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.1)%
| | (1,756,190) | |
NET ASSETS — 100.0%
| | $21,585,408 | |
| (a) | Non-income producing security. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (c) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.3% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (d) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (e) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (f) | Investment of cash collateral for securities loaned. |
| REIT | = Real Estate Investment Trust |
See accompanying notes to financial statements.
37
SPDR SOLACTIVE CANADA ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $21,497,188 | | $— | | $— | | $21,497,188 |
Short-Term Investments
| | 1,844,410 | | — | | — | | 1,844,410 |
TOTAL INVESTMENTS
| | $23,341,598 | | $— | | $— | | $23,341,598 |
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 516 | | $516 | | $454,271 | | $445,366 | | $— | | $— | | 9,421 | | $9,421 | | $244 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 751,313 | | 751,313 | | 11,358,170 | | 10,274,494 | | — | | — | | 1,834,989 | | 1,834,989 | | 8,494 | | — |
Total
| | | $751,829 | | $11,812,441 | | $10,719,860 | | $— | | $— | | | | $1,844,410 | | $8,738 | | $— |
See accompanying notes to financial statements.
38
SPDR MSCI CHINA A SHARES IMI ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 98.9% | | | | | |
| AEROSPACE & DEFENSE — 1.4% | | | | | |
AECC Aero Science and Technology Co., Ltd. Class A
| | | 4,700 | | $11,742 |
AECC Aero-Engine Control Co., Ltd. Class A
| | | 4,700 | | 10,889 |
AECC Aviation Power Co., Ltd. Class A
| | | 1,900 | | 7,463 |
AVIC Aircraft Co., Ltd. Class A
| | | 2,200 | | 5,581 |
AVIC Electromechanical Systems Co., Ltd. Class A
| | | 3,000 | | 3,580 |
AVIC Helicopter Co., Ltd. Class A
| | | 1,100 | | 7,652 |
AVIC Shenyang HeiBao Co., Ltd. Class A (a)
| | | 1,400 | | 6,824 |
Changchun UP Optotech Co., Ltd. Class A
| | | 600 | | 1,432 |
China Aerospace Times Electronics Co., Ltd. Class A (a)
| | | 12,200 | | 13,052 |
China Avionics Systems Co., Ltd. Class A
| | | 900 | | 2,226 |
China Spacesat Co., Ltd. Class A
| | | 1,700 | | 6,367 |
| | | | | | 76,808 |
| AIR FREIGHT & LOGISTICS — 0.4% | | | | | |
CMST Development Co., Ltd. Class A
| | | 2,700 | | 2,720 |
Jiangsu Aucksun Co., Ltd. Class A
| | | 10,100 | | 7,424 |
SF Holding Co., Ltd. Class A
| | | 1,130 | | 6,157 |
Xiamen Xiangyu Co., Ltd. Class A
| | | 9,000 | | 6,656 |
| | | | | | 22,957 |
| AIRLINES — 0.6% | | | | | |
Air China, Ltd. Class A
| | | 4,000 | | 6,452 |
China Eastern Airlines Corp., Ltd. Class A
| | | 7,400 | | 7,641 |
China Southern Airlines Co., Ltd. Class A
| | | 7,700 | | 9,796 |
Juneyao Airlines Co., Ltd. Class A
| | | 1,700 | | 3,736 |
Spring Airlines Co., Ltd. Class A
| | | 700 | | 4,229 |
| | | | | | 31,854 |
| AUTO COMPONENTS — 1.5% | | | | | |
Anhui Zhongding Sealing Parts Co., Ltd. Class A
| | | 4,100 | | 7,553 |
Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class A
| | | 400 | | 3,577 |
China Shipbuilding Industry Group Power Co., Ltd. Class A
| | | 1,400 | | 5,508 |
Fuyao Glass Industry Group Co., Ltd. Class A
| | | 3,700 | | 13,395 |
Greatoo Intelligent Equipment, Inc.
| | | 15,800 | | 6,159 |
Huayu Automotive Systems Co., Ltd. Class A
| | | 3,900 | | 11,827 |
HyUnion Holding Co., Ltd. Class A
| | | 1,200 | | 2,184 |
Ningbo Joyson Electronic Corp. Class A
| | | 900 | | 3,570 |
Sailun Group Co., Ltd. Class A
| | | 5,940 | | 2,678 |
Shandong Linglong Tyre Co., Ltd. Class A
| | | 1,400 | | 3,706 |
Shenzhen Kedali Industry Co., Ltd. Class A
| | | 500 | | 1,813 |
Wanxiang Qianchao Co., Ltd. Class A
| | | 6,060 | | 6,077 |
Weifu High-Technology Group Co., Ltd. Class A
| | | 3,400 | | 11,681 |
| Security Description | | | Shares | | Value |
Zhejiang Wanfeng Auto Wheel Co., Ltd. Class A
| | | 3,220 | | $3,876 |
| | | | | | 83,604 |
| AUTOMOBILES — 1.4% | | | | | |
Anhui Jianghuai Automobile Group Corp., Ltd Class A
| | | 3,500 | | 2,646 |
BYD Co., Ltd. Class A
| | | 1,800 | | 14,326 |
Chongqing Changan Automobile Co., Ltd. Class A
| | | 7,200 | | 8,871 |
FAW CAR Co., Ltd. Class A (b)
| | | 3,600 | | 4,686 |
Guangzhou Automobile Group Co., Ltd. Class A
| | | 2,800 | | 4,866 |
Haima Automobile Group Co., Ltd. Class A (a)
| | | 4,100 | | 1,604 |
SAIC Motor Corp., Ltd. Class A
| | | 9,600 | | 37,239 |
| | | | | | 74,238 |
| BANKS — 10.2% | | | | | |
Agricultural Bank of China, Ltd. Class A
| | | 68,600 | | 38,073 |
Bank of Beijing Co., Ltd. Class A
| | | 19,836 | | 18,299 |
Bank of China, Ltd. Class A
| | | 37,200 | | 20,868 |
Bank of Communications Co., Ltd. Class A
| | | 32,000 | | 29,711 |
Bank of Guiyang Co., Ltd. Class A
| | | 3,200 | | 6,214 |
Bank of Hangzhou Co., Ltd. Class A
| | | 7,700 | | 9,865 |
Bank of Jiangsu Co., Ltd. Class A
| | | 8,800 | | 9,336 |
Bank of Nanjing Co., Ltd. Class A
| | | 9,444 | | 11,115 |
Bank of Ningbo Co., Ltd. Class A
| | | 5,300 | | 16,750 |
Bank of Shanghai Co., Ltd. Class A
| | | 14,000 | | 24,956 |
China CITIC Bank Corp., Ltd. Class A
| | | 5,400 | | 5,054 |
China Construction Bank Corp. Class A
| | | 7,900 | | 8,170 |
China Everbright Bank Co., Ltd. Class A
| | | 39,700 | | 24,219 |
China Merchants Bank Co., Ltd. Class A
| | | 22,700 | | 114,570 |
China Minsheng Banking Corp., Ltd. Class A
| | | 27,900 | | 26,320 |
Huaxia Bank Co., Ltd. Class A
| | | 11,320 | | 13,896 |
Industrial & Commercial Bank of China, Ltd. Class A
| | | 45,000 | | 37,295 |
Industrial Bank Co., Ltd. Class A
| | | 20,200 | | 54,613 |
Ping An Bank Co., Ltd. Class A
| | | 19,020 | | 36,282 |
Shanghai Pudong Development Bank Co., Ltd. Class A
| | | 30,802 | | 51,698 |
| | | | | | 557,304 |
| BEVERAGES — 6.6% | | | | | |
Anhui Gujing Distillery Co., Ltd. Class A
| | | 400 | | 6,398 |
Anhui Kouzi Distillery Co., Ltd. Class A
| | | 500 | | 4,047 |
Beijing Shunxin Agriculture Co., Ltd. Class A
| | | 500 | | 4,511 |
Beijing Yanjing Brewery Co., Ltd. Class A
| | | 3,200 | | 3,052 |
Chongqing Brewery Co., Ltd. Class A
| | | 1,600 | | 8,404 |
Jiangsu King's Luck Brewery JSC, Ltd. Class A
| | | 2,500 | | 10,676 |
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A
| | | 1,900 | | 36,871 |
Kweichow Moutai Co., Ltd. Class A
| | | 1,400 | | 177,897 |
Luzhou Laojiao Co., Ltd. Class A
| | | 1,600 | | 15,851 |
See accompanying notes to financial statements.
39
SPDR MSCI CHINA A SHARES IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Qinghai Huzhu Barley Wine Co., Ltd. Class A
| | | 1,100 | | $2,165 |
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A
| | | 900 | | 8,098 |
Sichuan Swellfun Co., Ltd. Class A
| | | 603 | | 4,028 |
Tsingtao Brewery Co., Ltd. Class A
| | | 700 | | 4,496 |
Wuliangye Yibin Co., Ltd. Class A
| | | 4,800 | | 67,851 |
Zhejiang Guyuelongshan Shaoxing Wine Co., Ltd. Class A
| | | 5,500 | | 6,612 |
| | | | | | 360,957 |
| BIOTECHNOLOGY — 0.6% | | | | | |
Beijing SL Pharmaceutical Co., Ltd. Class A
| | | 600 | | 2,464 |
Beijing Tiantan Biological Products Corp., Ltd. Class A
| | | 3,100 | | 11,578 |
Hualan Biological Engineering, Inc. Class A
| | | 800 | | 5,356 |
Jinyu Bio-Technology Co., Ltd. Class A
| | | 1,100 | | 2,910 |
Yantai Dongcheng Pharmaceutical Co., Ltd. Class A
| | | 5,700 | | 10,746 |
| | | | | | 33,054 |
| BUILDING PRODUCTS — 0.2% | | | | | |
Beijing New Building Materials PLC Class A
| | | 1,300 | | 3,898 |
Zhejiang Goldensea Environment Technology Co., Ltd. Class A
| | | 2,000 | | 3,455 |
Zhejiang Weixing New Building Materials Co., Ltd. Class A
| | | 1,500 | | 4,499 |
| | | | | | 11,852 |
| CAPITAL MARKETS — 7.7% | | | | | |
Anxin Trust Co., Ltd. Class A
| | | 4,000 | | 4,303 |
Changjiang Securities Co., Ltd. Class A
| | | 15,600 | | 17,479 |
China Merchants Securities Co., Ltd. Class A
| | | 6,700 | | 17,466 |
CITIC Securities Co., Ltd. Class A
| | | 10,700 | | 39,452 |
Dongxing Securities Co., Ltd. Class A
| | | 4,500 | | 9,240 |
Everbright Securities Co., Ltd. Class A
| | | 5,600 | | 10,966 |
First Capital Securities Co., Ltd. Class A
| | | 12,300 | | 14,385 |
Founder Securities Co., Ltd. Class A
| | | 10,200 | | 11,656 |
GF Securities Co., Ltd. Class A
| | | 6,300 | | 15,158 |
Guangdong Golden Dragon Development, Inc. Class A
| | | 1,800 | | 3,833 |
Guosen Securities Co., Ltd. Class A
| | | 9,600 | | 19,341 |
Guotai Junan Securities Co., Ltd. Class A
| | | 7,300 | | 21,887 |
Guoyuan Securities Co., Ltd. Class A
| | | 9,300 | | 14,461 |
Haitong Securities Co., Ltd. Class A
| | | 9,700 | | 20,250 |
Huaan Securities Co., Ltd. Class A
| | | 15,800 | | 16,809 |
Huatai Securities Co., Ltd. Class A
| | | 7,100 | | 23,675 |
Huaxi Securities Co., Ltd. Class A
| | | 8,500 | | 15,594 |
Industrial Securities Co., Ltd. Class A
| | | 6,190 | | 6,678 |
Northeast Securities Co., Ltd. Class A
| | | 10,000 | | 15,147 |
Orient Securities Co., Ltd. Class A
| | | 12,000 | | 21,284 |
Pacific Securities Co., Ltd. Class A
| | | 11,505 | | 7,241 |
Sealand Securities Co., Ltd. Class A
| | | 14,150 | | 12,970 |
Shanxi Securities Co., Ltd. Class A
| | | 12,000 | | 17,123 |
| Security Description | | | Shares | | Value |
Shenwan Hongyuan Group Co., Ltd. Class A
| | | 18,410 | | $15,121 |
Sinolink Securities Co., Ltd. Class A
| | | 11,000 | | 17,579 |
SooChow Securities Co., Ltd. Class A
| | | 6,800 | | 10,240 |
Southwest Securities Co., Ltd. Class A
| | | 9,300 | | 7,652 |
Western Securities Co., Ltd. Class A
| | | 7,868 | | 13,498 |
| | | | | | 420,488 |
| CHEMICALS — 3.6% | | | | | |
Anhui Jinhe Industrial Co., Ltd. Class A
| | | 2,900 | | 7,663 |
Anhui Sierte Fertilizer Industry, Ltd. Co. Class A
| | | 1,300 | | 1,164 |
Anhui Wanwei Updated High-Tech Material Industry Co., Ltd. Class A
| | | 8,300 | | 4,224 |
Befar Group Co., Ltd. Class A
| | | 5,676 | | 5,785 |
Do-Fluoride Chemicals Co., Ltd. Class A
| | | 2,800 | | 6,358 |
Hengli Petrochemical Co., Ltd. Class A
| | | 2,200 | | 6,056 |
Jiangsu Yangnong Chemical Co., Ltd. Class A
| | | 300 | | 2,470 |
Lomon Billions Group Co., Ltd. Class A
| | | 3,600 | | 8,635 |
Luxi Chemical Group Co., Ltd. Class A
| | | 5,700 | | 12,247 |
Nanjing Redsun Co., Ltd. Class A
| | | 1,500 | | 3,413 |
Ningbo Shanshan Co., Ltd. Class A
| | | 4,600 | | 10,212 |
Qinghai Salt Lake Industry Co., Ltd. Class A (a)
| | | 1,650 | | 1,657 |
Rongsheng Petro Chemical Co., Ltd. Class A
| | | 4,300 | | 8,068 |
Shandong Hualu Hengsheng Chemical Co., Ltd. Class A
| | | 4,400 | | 10,010 |
Shanghai Chlor-Alkali Chemical Co., Ltd. Class A
| | | 3,100 | | 4,073 |
Shanghai Pret Composites Co., Ltd. Class A
| | | 1,350 | | 2,451 |
Shanxi Yongdong Chemistry Industry Co., Ltd. Class A
| | | 6,575 | | 10,918 |
Shenzhen Noposion Agrochemicals Co., Ltd. Class A
| | | 1,000 | | 969 |
Sichuan Hebang Biotechnology Co., Ltd. Class A
| | | 14,000 | | 4,104 |
Sichuan Yahua Industrial Group Co., Ltd. Class A
| | | 9,000 | | 10,593 |
Sinopec Shanghai Petrochemical Co., Ltd. Class A
| | | 8,000 | | 6,392 |
Tangshan Sanyou Chemical Industries Co., Ltd. Class A
| | | 2,500 | | 2,608 |
Tianqi Lithium Corp. Class A
| | | 1,190 | | 6,226 |
Tongkun Group Co., Ltd. Class A
| | | 2,100 | | 4,728 |
Xinjiang Xuefeng Sci-Tech Group Co., Ltd. Class A
| | | 1,200 | | 848 |
Xinjiang Zhongtai Chemical Co., Ltd. Class A
| | | 2,300 | | 3,118 |
Yueyang Xingchang Petrochemical Class A (a)
| | | 772 | | 1,289 |
Zhejiang Huafeng Spandex Co., Ltd. Class A (b)
| | | 6,800 | | 5,633 |
Zhejiang Juhua Co., Ltd. Class A
| | | 9,600 | | 12,313 |
Zhejiang Longsheng Group Co., Ltd. Class A
| | | 6,600 | | 16,891 |
See accompanying notes to financial statements.
40
SPDR MSCI CHINA A SHARES IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Zhejiang Satellite Petrochemical Co., Ltd. Class A
| | | 3,400 | | $7,477 |
Zhejiang Wansheng Co., Ltd. Class A
| | | 300 | | 704 |
Zhejiang Xinan Chemical Industrial Group Co., Ltd. Class A
| | | 3,800 | | 7,961 |
| | | | | | 197,258 |
| COMMERCIAL SERVICES & SUPPLIES — 1.1% | | | | | |
Eternal Asia Supply Chain Management, Ltd. Class A
| | | 2,400 | | 2,036 |
Guangdong Liantai Environmental Protection Co., Ltd. Class A
| | | 1,900 | | 4,260 |
Jiangsu Flowers King Horticulture Co., Ltd. Class A
| | | 2,200 | | 3,591 |
Jihua Group Corp., Ltd. Class A
| | | 5,000 | | 3,601 |
Shanghai Environment Group Co., Ltd. Class A
| | | 1,691 | | 3,948 |
Shanghai Jielong Industry Group Corp., Ltd. Class A
| | | 15,300 | | 11,929 |
Shanghai M&G Stationery, Inc. Class A
| | | 1,500 | | 8,258 |
Shenzhen ESUN Display Co., Ltd. Class A
| | | 200 | | 801 |
Shenzhen Selen Science & Technology Co., Ltd. Class A
| | | 2,800 | | 4,558 |
Tungkong, Inc. Class A
| | | 600 | | 1,753 |
Tus-Sound Environmental Resources Co., Ltd. Class A
| | | 5,780 | | 13,322 |
| | | | | | 58,057 |
| COMMUNICATIONS EQUIPMENT — 1.2% | | | | | |
Beijing UniStrong Science & Technology Co., Ltd. Class A
| | | 1,400 | | 2,877 |
Fiberhome Telecommunication Technologies Co., Ltd. Class A
| | | 1,100 | | 5,157 |
Guangzhou Haige Communications Group, Inc. Co. Class A
| | | 2,100 | | 3,056 |
Hengtong Optic-electric Co., Ltd. Class A
| | | 1,900 | | 5,999 |
Hubei Kaile Science & Technology Co., Ltd. Class A
| | | 1,400 | | 4,724 |
Hytera Communications Corp., Ltd. Class A
| | | 6,100 | | 9,948 |
Shenzhen Asia Link Technology Development Co., Ltd. Class A (a)
| | | 6,600 | | 8,927 |
Shenzhen Coship Electronics Co., Ltd. Class A (a)
| | | 10,100 | | 7,048 |
Tongding Interconnection Information Co., Ltd. Class A
| | | 2,500 | | 4,025 |
ZTE Corp. Class A (a)
| | | 3,700 | | 16,076 |
| | | | | | 67,837 |
| CONSTRUCTION & ENGINEERING — 2.8% | | | | | |
Changjiang & Jinggong Steel Building Group Co., Ltd. Class A (a)
| | | 11,700 | | 6,250 |
Changshu Fengfan Power Equipment Co., Ltd. Class A
| | | 3,300 | | 3,977 |
China Communications Construction Co., Ltd. Class A
| | | 2,000 | | 3,723 |
| Security Description | | | Shares | | Value |
China Gezhouba Group Co., Ltd. Class A
| | | 4,400 | | $4,753 |
China National Chemical Engineering Co., Ltd. Class A
| | | 4,300 | | 4,140 |
China Railway Construction Corp., Ltd. Class A
| | | 14,800 | | 25,347 |
China Railway Hi-tech Industry Co., Ltd. Class A
| | | 2,800 | | 5,016 |
China State Construction Engineering Corp., Ltd. Class A
| | | 44,440 | | 40,468 |
East China Engineering Science and Technology Co., Ltd. Class A (a)
| | | 3,800 | | 4,648 |
Jiangsu Zhongtai Bridge Steel Structure Co., Ltd. Class A (a)
| | | 1,300 | | 1,660 |
Metallurgical Corp. of China, Ltd. Class A
| | | 20,900 | | 10,947 |
Norinco International Cooperation, Ltd. Class A
| | | 1,650 | | 2,747 |
Power Construction Corp. of China, Ltd. Class A
| | | 10,800 | | 9,272 |
Shanghai Construction Group Co., Ltd. Class A
| | | 12,641 | | 7,035 |
Shanghai Tunnel Engineering Co., Ltd. Class A
| | | 8,500 | | 9,283 |
Shenzhen Tagen Group Co., Ltd. Class A
| | | 6,380 | | 6,569 |
Suzhou Gold Mantis Construction Decoration Co., Ltd. Class A
| | | 2,650 | | 4,645 |
Xinjiang Beixin Road & Bridge Group Co., Ltd. Class A (a)
| | | 1,440 | | 1,821 |
| | | | | | 152,301 |
| CONSTRUCTION MATERIALS — 1.4% | | | | | |
Anhui Conch Cement Co., Ltd. Class A
| | | 4,800 | | 27,269 |
Arcplus Group PLC Class A
| | | 700 | | 1,374 |
BBMG Corp. Class A
| | | 10,300 | | 6,805 |
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. Class A
| | | 1,360 | | 4,264 |
China Jushi Co., Ltd. Class A
| | | 2,900 | | 4,617 |
Gansu Qilianshan Cement Group Co., Ltd. Class A
| | | 1,500 | | 1,946 |
Gansu Shangfeng Cement Co., Ltd. Class A
| | | 2,100 | | 3,553 |
Hainan Ruize New Building Material Co., Ltd. Class A
| | | 1,300 | | 1,923 |
Huaxin Cement Co., Ltd. Class A
| | | 2,300 | | 7,837 |
Jiangxi Wannianqing Cement Co., Ltd. Class A
| | | 5,900 | | 13,572 |
Shandong Jinjing Science & Technology Co., Ltd. Class A
| | | 4,700 | | 2,538 |
Tangshan Jidong Cement Co., Ltd. Class A (a)
| | | 1,200 | | 3,141 |
| | | | | | 78,839 |
| CONTAINERS & PACKAGING — 0.1% | | | | | |
Jiangsu Shuangxing Color Plastic New Materials Co., Ltd. Class A
| | | 2,340 | | 2,309 |
ORG Technology Co., Ltd. Class A
| | | 2,880 | | 2,567 |
Shanghai Zijiang Enterprise Group Co., Ltd. Class A
| | | 3,400 | | 2,337 |
See accompanying notes to financial statements.
41
SPDR MSCI CHINA A SHARES IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Shenzhen Beauty Star Co., Ltd. Class A
| | | 100 | | $300 |
| | | | | | 7,513 |
| DISTRIBUTORS — 0.2% | | | | | |
Anhui Xinhua Media Co., Ltd. Class A
| | | 3,000 | | 3,575 |
Liaoning Cheng Da Co., Ltd. Class A
| | | 1,200 | | 2,673 |
Shanghai Shenhua Holdings Co., Ltd. Class A (a)
| | | 2,900 | | 1,096 |
Wuchan Zhongda Group Co., Ltd. Class A
| | | 4,900 | | 4,127 |
| | | | | | 11,471 |
| DIVERSIFIED CONSUMER SERVICES — 0.0% (c) | | | | | |
Zhejiang Yasha Decoration Co., Ltd. Class A
| | | 2,300 | | 2,286 |
| DIVERSIFIED FINANCIAL SERVICES — 0.4% | | | | | |
Avic Capital Co., Ltd. Class A
| | | 8,100 | | 7,123 |
Shanghai AJ Group Co., Ltd. Class A
| | | 7,700 | | 13,405 |
| | | | | | 20,528 |
| DIVERSIFIED TELECOMMUNICATION SERVICES — 0.2% | | | | | |
263 Network Communications Co., Ltd. Class A (a)
| | | 12,000 | | 11,642 |
| ELECTRIC UTILITIES — 0.1% | | | | | |
Shenyang Jinshan Energy Co., Ltd. Class A (a)
| | | 11,800 | | 3,951 |
Xinjiang Tianfu Energy Co., Ltd. Class A
| | | 3,200 | | 2,571 |
| | | | | | 6,522 |
| ELECTRICAL EQUIPMENT — 3.3% | | | | | |
Anhui Xinlong Electrical Co., Ltd. Class A
| | | 5,500 | | 6,514 |
Beijing Sifang Automation Co., Ltd. Class A
| | | 5,000 | | 4,836 |
Changyuan Group, Ltd. Class A
| | | 8,600 | | 8,548 |
China XD Electric Co., Ltd. Class A
| | | 12,900 | | 8,100 |
Dongfang Electric Corp., Ltd. Class A (a)
| | | 4,900 | | 7,736 |
Dongfang Electronics Co., Ltd. Class A (a)
| | | 18,200 | | 16,573 |
Fangda Carbon New Material Co., Ltd. Class A
| | | 3,000 | | 10,084 |
Guoxuan High-Tech Co., Ltd. Class A
| | | 1,200 | | 3,141 |
Hongfa Technology Co., Ltd. Class A
| | | 800 | | 3,263 |
Jiangsu SINOJIT Wind Energy Technology Co., Ltd. Class A
| | | 15,400 | | 6,920 |
Jiangsu Zhongtian Technology Co., Ltd. Class A
| | | 3,200 | | 4,738 |
Jiangsu Zongyi Co., Ltd. Class A (a)
| | | 1,200 | | 1,291 |
Luxshare Precision Industry Co., Ltd. Class A
| | | 5,150 | | 19,004 |
Nanjing Kangni Mechanical & Electrical Co., Ltd. Class A
| | | 1,750 | | 1,346 |
NARI Technology Co., Ltd. Class A
| | | 5,100 | | 16,019 |
Shanghai Electric Group Co., Ltd. Class A
| | | 11,200 | | 9,949 |
Shenzhen Center Power Tech Co., Ltd. Class A
| | | 600 | | 2,172 |
Shenzhen Invt Electric Co., Ltd. Class A
| | | 3,800 | | 3,568 |
| Security Description | | | Shares | | Value |
Shenzhen Woer Heat-Shrinkable Material Co., Ltd. Class A
| | | 10,500 | | $8,218 |
Sieyuan Electric Co., Ltd. Class A
| | | 1,020 | | 1,886 |
TBEA Co., Ltd. Class A
| | | 8,913 | | 10,981 |
Tongling Jingda Special Magnet Wire Co., Ltd. Class A
| | | 17,000 | | 9,056 |
Xinjiang Goldwind Science & Technology Co., Ltd. Class A
| | | 2,010 | | 4,352 |
Zhejiang Chint Electrics Co., Ltd. Class A
| | | 2,700 | | 10,767 |
| | | | | | 179,062 |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.8% | | | | | |
AVIC Jonhon OptronicTechnology Co., Ltd. Class A
| | | 836 | | 5,055 |
Beijing SDL Technology Co., Ltd. Class A
| | | 3,900 | | 4,962 |
BOE Technology Group Co., Ltd. Class A
| | | 32,800 | | 19,034 |
Foxconn Industrial Internet Co., Ltd. Class A (a)
| | | 5,400 | | 11,852 |
Fujian Torch Electron Technology Co., Ltd. Class A
| | | 600 | | 1,828 |
GoerTek, Inc. Class A
| | | 6,000 | | 9,374 |
Guangdong Fenghua Advanced Technology Holding Co., Ltd. Class A
| | | 4,200 | | 9,724 |
Hangzhou Hikvision Digital Technology Co., Ltd. Class A
| | | 10,750 | | 56,096 |
Holitech Technology Co., Ltd. Class A
| | | 3,000 | | 3,134 |
NAURA Technology Group Co., Ltd. Class A
| | | 900 | | 9,440 |
Ningbo Yunsheng Co., Ltd. Class A
| | | 1,620 | | 1,603 |
OFILM Group Co., Ltd. Class A
| | | 4,200 | | 8,874 |
Shengyi Technology Co., Ltd. Class A
| | | 2,200 | | 4,334 |
Shennan Circuits Co., Ltd. Class A
| | | 500 | | 9,256 |
Shenzhen Infinova, Ltd. Class A (a)
| | | 2,210 | | 1,624 |
Shenzhen Mason Technologies Co., Ltd. Class A
| | | 2,400 | | 1,736 |
Shenzhen Sunlord Electronics Co., Ltd. Class A
| | | 2,500 | | 7,034 |
TDG Holdings Co., Ltd. Class A
| | | 9,640 | | 12,450 |
Tianma Microelectronics Co., Ltd. Class A
| | | 2,200 | | 5,067 |
Tunghsu Optoelectronic Technology Co., Ltd. Class A
| | | 5,100 | | 4,584 |
Unigroup Guoxin Microelectronics Co., Ltd. Class A
| | | 400 | | 2,680 |
Unisplendour Corp., Ltd. Class A
| | | 500 | | 3,243 |
Westone Information Industry, Inc. Class A
| | | 600 | | 2,674 |
WUS Printed Circuit Kunshan Co., Ltd. Class A
| | | 3,400 | | 5,833 |
Zhejiang Dahua Technology Co., Ltd. Class A
| | | 3,750 | | 9,162 |
| | | | | | 210,653 |
| ENERGY EQUIPMENT & SERVICES — 0.5% | | | | | |
Cangzhou Mingzhu Plastic Co., Ltd. Class A
| | | 299 | | 224 |
Changzheng Engineering Co., Ltd. Class A
| | | 1,400 | | 3,810 |
See accompanying notes to financial statements.
42
SPDR MSCI CHINA A SHARES IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
China Petroleum Engineering Corp.
| | | 12,100 | | $8,192 |
Offshore Oil Engineering Co., Ltd. Class A
| | | 5,500 | | 5,270 |
Yantai Jereh Oilfield Services Group Co., Ltd. Class A
| | | 1,300 | | 4,602 |
Zhejiang Kingland Pipeline & Technologies Co., Ltd. Class A
| | | 2,300 | | 2,645 |
| | | | | | 24,743 |
| ENTERTAINMENT — 1.2% | | | | | |
China Film Co., Ltd. Class A
| | | 4,100 | | 10,841 |
China Television Media, Ltd. Class A
| | | 7,140 | | 20,600 |
Contemporary Eastern Investment Co., Ltd. Class A (a)
| | | 100 | | 78 |
Giant Network Group Co., Ltd. Class A
| | | 1,600 | | 5,254 |
Kingnet Network Co., Ltd. Class A
| | | 4,300 | | 3,097 |
Perfect World Co., Ltd. Class A
| | | 800 | | 3,799 |
Wuhan DDMC Culture Co., Ltd. Class A
| | | 5,600 | | 10,740 |
Wuhu Shunrong Sanqi Interactive Entertainment Network Technology Co., Ltd. Class A
| | | 2,900 | | 5,998 |
Youzu Interactive Co., Ltd. Class A
| | | 1,300 | | 4,604 |
| | | | | | 65,011 |
| FOOD & STAPLES RETAILING — 0.5% | | | | | |
Chengdu Hongqi Chain Co., Ltd. Class A
| | | 2,800 | | 2,383 |
Laobaixing Pharmacy Chain JSC Class A
| | | 400 | | 3,743 |
New Huadu Supercenter Co., Ltd. Class A (a)
| | | 1,700 | | 1,652 |
Sanjiang Shopping Club Co., Ltd. Class A
| | | 800 | | 1,565 |
Shanghai Bailian Group Co., Ltd. Class A
| | | 3,800 | | 5,750 |
Yonghui Superstores Co., Ltd. Class A
| | | 9,800 | | 12,599 |
| | | | | | 27,692 |
| FOOD PRODUCTS — 3.8% | | | | | |
Angel Yeast Co., Ltd. Class A
| | | 1,200 | | 4,832 |
Beijing Dabeinong Technology Group Co., Ltd. Class A
| | | 6,750 | | 5,353 |
Beijing Sanyuan Foods Co., Ltd. Class A
| | | 8,900 | | 7,773 |
COFCO Tunhe Sugar Co., Ltd. Class A
| | | 5,300 | | 7,098 |
Fortune Ng Fung Food Hebei Co., Ltd. Class A
| | | 3,800 | | 6,248 |
Foshan Haitian Flavouring & Food Co., Ltd. Class A
| | | 2,600 | | 33,541 |
Gansu Yasheng Industrial Group Co., Ltd. Class A
| | | 7,100 | | 4,078 |
Guangdong Haid Group Co., Ltd. Class A
| | | 2,200 | | 9,231 |
Heilongjiang Agriculture Co., Ltd. Class A
| | | 3,400 | | 4,902 |
Henan Shuanghui Investment & Development Co., Ltd. Class A
| | | 2,800 | | 10,770 |
Hunan Dakang International Food & Agriculture Co., Ltd. Class A (a)
| | | 6,080 | | 1,963 |
Inner Mongolia Yili Industrial Group Co., Ltd. Class A
| | | 6,800 | | 29,454 |
Jiangxi Zhengbang Technology Co., Ltd. Class A
| | | 5,600 | | 13,574 |
Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd. Class A
| | | 847 | | 4,610 |
| Security Description | | | Shares | | Value |
Luoniushan Co., Ltd. Class A (a)
| | | 1,500 | | $2,763 |
MeiHua Holdings Group Co., Ltd. Class A
| | | 8,300 | | 6,422 |
Muyuan Foodstuff Co., Ltd. Class A
| | | 1,900 | | 17,898 |
New Hope Liuhe Co., Ltd. Class A
| | | 4,000 | | 7,916 |
Qiaqia Food Co., Ltd. Class A
| | | 700 | | 2,685 |
Shanghai Maling Aquarius Co., Ltd. Class A
| | | 8,800 | | 11,667 |
Tongwei Co., Ltd. Class A
| | | 4,500 | | 8,142 |
Xinjiang Guannong Fruit & Antler Group Co., Ltd. Class A
| | | 1,800 | | 1,634 |
Yuan Longping High-tech Agriculture Co., Ltd. Class A
| | | 1,400 | | 3,387 |
| | | | | | 205,941 |
| HEALTH CARE EQUIPMENT & SUPPLIES — 0.2% | | | | | |
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A
| | | 2,200 | | 8,262 |
| HEALTH CARE PROVIDERS & SERVICES — 1.0% | | | | | |
China National Accord Medicines Corp., Ltd. Class A
| | | 400 | | 3,065 |
China National Medicines Corp., Ltd. Class A
| | | 1,600 | | 6,323 |
Huadong Medicine Co., Ltd. Class A
| | | 2,400 | | 11,652 |
Jointown Pharmaceutical Group Co., Ltd. Class A
| | | 1,400 | | 3,266 |
Meinian Onehealth Healthcare Holdings Co., Ltd. Class A
| | | 3,780 | | 10,456 |
Realcan Pharmaceutical Co., Ltd. Class A
| | | 3,900 | | 5,252 |
Shanghai Pharmaceuticals Holding Co., Ltd. Class A
| | | 3,900 | | 12,001 |
Tibet Rhodiola Pharmaceutical Holding Co. Class A
| | | 400 | | 2,445 |
| | | | | | 54,460 |
| HOTELS, RESTAURANTS & LEISURE — 1.0% | | | | | |
BTG Hotels Group Co., Ltd. Class A
| | | 4,000 | | 13,082 |
China International Travel Service Corp., Ltd. Class A
| | | 2,500 | | 26,069 |
ENC Data Technology Co., Ltd. Class A
| | | 600 | | 1,984 |
Shanghai Jinjiang International Hotels Development Co., Ltd. Class A
| | | 800 | | 3,306 |
Shenzhen Overseas Chinese Town Co., Ltd. Class A
| | | 8,300 | | 9,509 |
| | | | | | 53,950 |
| HOUSEHOLD DURABLES — 3.0% | | | | | |
Gree Electric Appliances, Inc. of Zhuhai Class A
| | | 3,500 | | 24,586 |
Guangzhou Holike Creative Home Co., Ltd. Class A
| | | 600 | | 1,891 |
Hangzhou Robam Appliances Co., Ltd. Class A
| | | 1,300 | | 6,229 |
Hisense Electric Co., Ltd. Class A
| | | 1,600 | | 2,504 |
Leo Group Co., Ltd. Class A
| | | 34,863 | | 11,101 |
See accompanying notes to financial statements.
43
SPDR MSCI CHINA A SHARES IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Markor International Home Furnishings Co., Ltd. Class A
| | | 2,530 | | $2,003 |
Midea Group Co., Ltd. Class A
| | | 7,900 | | 57,281 |
NavInfo Co., Ltd. Class A
| | | 1,000 | | 3,375 |
Oppein Home Group, Inc. Class A
| | | 400 | | 7,225 |
Qingdao Haier Co., Ltd. Class A
| | | 6,400 | | 16,294 |
Sichuan Jiuzhou Electric Co., Ltd. Class A
| | | 3,400 | | 3,354 |
Suofeiya Home Collection Co., Ltd. Class A
| | | 1,900 | | 7,251 |
TCL Corp. Class A
| | | 11,700 | | 7,068 |
Vatti Corp., Ltd. Class A
| | | 1,400 | | 2,923 |
Wuxi Little Swan Co., Ltd. Class A
| | | 600 | | 5,083 |
Xiamen Goldenhome Co., Ltd. Class A
| | | 100 | | 1,179 |
Zhejiang Supor Co., Ltd. Class A
| | | 700 | | 7,815 |
| | | | | | 167,162 |
| INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 2.6% | | | | | |
An Hui Wenergy Co., Ltd. Class A
| | | 7,110 | | 5,681 |
China National Nuclear Power Co., Ltd. Class A
| | | 12,400 | | 11,163 |
China Yangtze Power Co., Ltd. Class A
| | | 16,600 | | 41,669 |
Datang Huayin Electric Power Co., Ltd. Class A (a)
| | | 2,100 | | 1,103 |
GD Power Development Co., Ltd. Class A
| | | 21,500 | | 8,574 |
Huadian Power International Corp., Ltd. Class A
| | | 18,400 | | 11,937 |
Huaneng Power International, Inc. Class A
| | | 4,400 | | 4,295 |
Hubei Energy Group Co., Ltd. Class A
| | | 9,400 | | 5,860 |
Inner Mongolia MengDian HuaNeng Thermal Power Corp., Ltd. Class A
| | | 16,400 | | 7,150 |
SDIC Power Holdings Co., Ltd. Class A
| | | 8,300 | | 10,250 |
Shanghai Electric Power Co., Ltd. Class A
| | | 2,700 | | 3,628 |
Shanxi Zhangze Electric Power Co., Ltd. Class A (a)
| | | 4,200 | | 1,831 |
Shenergy Co., Ltd. Class A
| | | 8,600 | | 7,192 |
Shenzhen Energy Group Co., Ltd. Class A
| | | 7,200 | | 6,953 |
Sichuan Chuantou Energy Co., Ltd. Class A
| | | 4,500 | | 6,247 |
Zhejiang Zheneng Electric Power Co., Ltd. Class A
| | | 6,800 | | 4,927 |
Zhongmin Energy Co., Ltd. Class A (a) (b)
| | | 4,400 | | 2,902 |
| | | | | | 141,362 |
| INDUSTRIAL CONGLOMERATES — 0.2% | | | | | |
China Baoan Group Co., Ltd. Class A
| | | 11,825 | | 11,806 |
| INSURANCE — 3.8% | | | | | |
China Life Insurance Co., Ltd. Class A
| | | 2,200 | | 9,271 |
China Pacific Insurance Group Co., Ltd. Class A
| | | 7,700 | | 39,000 |
Hubei Biocause Pharmaceutical Co., Ltd. Class A
| | | 4,600 | | 4,668 |
New China Life Insurance Co., Ltd. Class A
| | | 2,100 | | 16,776 |
Ping An Insurance Group Co. of China, Ltd. Class A
| | | 11,900 | | 136,518 |
| Security Description | | | Shares | | Value |
Xishui Strong Year Co., Ltd. Inner Mongolia Class A
| | | 1,800 | | $3,806 |
| | | | | | 210,039 |
| INTERNET & DIRECT MARKETING RETAIL — 0.3% | | | | | |
Focus Technology Co., Ltd. Class A
| | | 600 | | 1,339 |
Global Top E-Commerce Co., Ltd. Class A
| | | 3,000 | | 5,107 |
Hangzhou Lianluo Interactive Information Technology Co., Ltd. Class A (a)
| | | 2,500 | | 1,797 |
Visual China Group Co., Ltd. Class A
| | | 1,400 | | 5,491 |
| | | | | | 13,734 |
| IT SERVICES — 0.8% | | | | | |
China TransInfo Technology Co., Ltd. Class A
| | | 3,700 | | 10,422 |
DHC Software Co., Ltd. Class A
| | | 5,300 | | 6,979 |
Fujian Rongji Software Co., Ltd. Class A
| | | 9,600 | | 14,227 |
Shanghai AtHub Co., Ltd. Class A
| | | 1,600 | | 9,692 |
Taiji Computer Corp., Ltd. Class A
| | | 600 | | 3,338 |
| | | | | | 44,658 |
| LEISURE EQUIPMENT & PRODUCTS — 0.0% (c) | | | | | |
Alpha Group Class A (a)
| | | 1,200 | | 1,487 |
| LIFE SCIENCES TOOLS & SERVICES — 0.0% (c) | | | | | |
Shanghai Runda Medical Technology Co., Ltd. Class A
| | | 1,080 | | 1,951 |
| MACHINERY — 3.9% | | | | | |
Anhui Ankai Automobile Co., Ltd. Class A (a)
| | | 11,300 | | 5,717 |
Anhui Heli Co., Ltd. Class A
| | | 2,280 | | 3,905 |
China First Heavy Industries Class A (a)
| | | 10,600 | | 6,167 |
China International Marine Containers Group Co., Ltd. Class A
| | | 1,400 | | 3,108 |
China Shipbuilding Industry Co., Ltd. Class A
| | | 23,400 | | 20,334 |
CRRC Corp., Ltd. Class A
| | | 23,400 | | 31,684 |
Fujian Longma Environmental Sanitation Equipment Co., Ltd. Class A
| | | 1,400 | | 3,085 |
Geron Co., Ltd. Class A
| | | 3,200 | | 9,109 |
Inner Mongolia First Machinery Group Co., Ltd. Class A
| | | 2,100 | | 3,768 |
Jiangsu Hengli Hydraulic Co., Ltd. Class A
| | | 1,700 | | 8,234 |
Linzhou Heavy Machinery Group Co., Ltd. Class A (a)
| | | 18,010 | | 12,005 |
Mesnac Co., Ltd. Class A (a)
| | | 13,300 | | 12,230 |
Nanxing Furniture Machinery & Equipment Co., Ltd. Class A
| | | 600 | | 2,920 |
Sanlux Co., Ltd. Class A
| | | 2,000 | | 2,024 |
Sany Heavy Industry Co., Ltd. Class A
| | | 9,000 | | 17,114 |
Shanghai Mechanical and Electrical Industry Co., Ltd. Class A
| | | 2,700 | | 7,067 |
Shantui Construction Machinery Co., Ltd. Class A (a)
| | | 5,800 | | 3,538 |
Shenzhen Silver Basis Technology Co., Ltd. Class A
| | | 1,800 | | 2,491 |
See accompanying notes to financial statements.
44
SPDR MSCI CHINA A SHARES IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Sunward Intelligent Equipment Co., Ltd. Class A
| | | 8,200 | | $8,651 |
Taiyuan Heavy Industry Co., Ltd. Class A (a)
| | | 11,200 | | 5,016 |
Tian Di Science & Technology Co., Ltd. Class A
| | | 6,300 | | 3,646 |
Weichai Power Co., Ltd. Class A
| | | 4,800 | | 8,463 |
Weihai Guangtai Airport Equipment Co., Ltd. Class A
| | | 1,900 | | 3,769 |
XCMG Construction Machinery Co., Ltd. Class A
| | | 7,600 | | 4,976 |
Zhejiang Sanhua Intelligent Controls Co., Ltd. Class A
| | | 3,200 | | 7,461 |
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class A
| | | 5,200 | | 4,874 |
Zhengzhou Yutong Bus Co., Ltd. Class A
| | | 3,600 | | 7,194 |
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class A
| | | 11,000 | | 7,333 |
| | | | | | 215,883 |
| MARINE — 0.3% | | | | | |
COSCO SHIPPING Development Co., Ltd. Class A (a)
| | | 15,800 | | 7,218 |
COSCO SHIPPING Energy Transportation Co., Ltd. Class A
| | | 6,000 | | 5,776 |
COSCO SHIPPING Holdings Co., Ltd. Class A (a)
| | | 7,800 | | 6,128 |
| | | | | | 19,122 |
| MEDIA — 0.7% | | | | | |
Beijing Gehua CATV Network Co., Ltd. Class A
| | | 2,000 | | 3,523 |
China South Publishing & Media Group Co., Ltd. Class A
| | | 1,300 | | 2,490 |
Chinese Universe Publishing and Media Group Co., Ltd. Class A
| | | 2,100 | | 4,746 |
CITIC Guoan Information Industry Co., Ltd. Class A
| | | 4,000 | | 3,535 |
Guangdong Advertising Group Co., Ltd. Class A (a)
| | | 16,159 | | 9,594 |
Jishi Media Co., Ltd. Class A
| | | 13,000 | | 5,571 |
Shanghai Oriental Pearl Group Co., Ltd. Class A
| | | 3,270 | | 6,009 |
Shenzhen Topway Video Communication Co., Ltd. Class A
| | | 3,880 | | 5,537 |
| | | | | | 41,005 |
| METALS & MINING — 4.2% | | | | | |
Advanced Technology & Materials Co., Ltd. Class A
| | | 4,500 | | 4,560 |
Angang Steel Co., Ltd. Class A
| | | 3,600 | | 3,053 |
Anyang Iron & Steel, Inc. Class A (a)
| | | 3,400 | | 1,846 |
Baoshan Iron & Steel Co., Ltd. Class A
| | | 21,456 | | 23,082 |
China Molybdenum Co., Ltd. Class A
| | | 19,000 | | 13,174 |
China Northern Rare Earth Group High-Tech Co., Ltd. Class A
| | | 9,000 | | 14,931 |
Ganfeng Lithium Co., Ltd. Class A
| | | 1,300 | | 5,337 |
GEM Co., Ltd. Class A
| | | 6,500 | | 4,874 |
| Security Description | | | Shares | | Value |
Guangdong HEC Technology Holding Co., Ltd. Class A (a)
| | | 5,600 | | $7,683 |
Hesteel Co., Ltd. Class A
| | | 10,800 | | 5,496 |
Hunan Gold Corp., Ltd. Class A (a)
| | | 6,300 | | 7,977 |
Hunan Valin Steel Co., Ltd. Class A (a)
| | | 7,100 | | 8,008 |
Inner Mongolia BaoTou Steel Union Co., Ltd. Class A
| | | 40,500 | | 11,028 |
Jiangxi Copper Co., Ltd. Class A
| | | 1,500 | | 3,482 |
Jinduicheng Molybdenum Co., Ltd. Class A
| | | 3,800 | | 3,913 |
Maanshan Iron & Steel Co., Ltd. Class A
| | | 9,600 | | 5,557 |
Nanjing Iron & Steel Co., Ltd. Class A
| | | 17,700 | | 10,877 |
Sansteel Minguang Co., Ltd. Fujian Class A
| | | 1,500 | | 3,680 |
Shandong Gold Mining Co., Ltd. Class A
| | | 3,000 | | 13,874 |
Shandong Humon Smelting Co., Ltd. Class A
| | | 1,000 | | 1,434 |
Shandong Nanshan Aluminum Co., Ltd. Class A
| | | 8,400 | | 3,337 |
Shenghe Resources Holding Co., Ltd. Class A
| | | 1,430 | | 2,511 |
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. Class A
| | | 6,550 | | 4,922 |
Tongling Nonferrous Metals Group Co., Ltd. Class A
| | | 10,600 | | 4,038 |
Western Mining Co., Ltd. Class A
| | | 4,000 | | 3,845 |
Xiamen Tungsten Co., Ltd. Class A
| | | 4,100 | | 9,200 |
Xinxing Ductile Iron Pipes Co., Ltd. Class A
| | | 8,200 | | 6,247 |
Xinyu Iron & Steel Co., Ltd. Class A
| | | 7,400 | | 6,695 |
Yintai Resources Co., Ltd. Class A
| | | 1,900 | | 3,079 |
Yunnan Chihong Zinc&Germanium Co., Ltd. Class A
| | | 5,300 | | 4,046 |
Yunnan Tin Co., Ltd. Class A (a)
| | | 4,500 | | 8,088 |
Zhejiang Huayou Cobalt Co., Ltd. Class A
| | | 1,420 | | 7,921 |
Zhongjin Gold Corp., Ltd. Class A
| | | 4,130 | | 5,254 |
Zijin Mining Group Co., Ltd. Class A
| | | 19,200 | | 10,028 |
| | | | | | 233,077 |
| MULTILINE RETAIL — 0.5% | | | | | |
Beijing Capital Retailing Group Co., Ltd. Class A
| | | 6,900 | | 7,413 |
Hunan Friendship & Apollo Cmmericial Co., Ltd. Class A
| | | 4,000 | | 2,422 |
Rainbow Department Store Co., Ltd. Class A
| | | 1,550 | | 3,367 |
Shanghai Yimin Commerce Group Co., Ltd. Class A
| | | 6,700 | | 4,247 |
Wuhan Department Store Group Co., Ltd. Class A
| | | 4,980 | | 8,900 |
| | | | | | 26,349 |
| OIL, GAS & CONSUMABLE FUELS — 2.2% | | | | | |
Anhui Province Natural Gas Development Co., Ltd. Class A
| | | 3,500 | | 6,161 |
China Merchants Energy Shipping Co., Ltd. Class A
| | | 11,300 | | 8,205 |
See accompanying notes to financial statements.
45
SPDR MSCI CHINA A SHARES IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
China Petroleum & Chemical Corp. Class A
| | | 28,600 | | $24,427 |
China Shenhua Energy Co., Ltd. Class A
| | | 5,000 | | 14,589 |
Guanghui Energy Co., Ltd. Class A
| | | 17,800 | | 11,521 |
Jizhong Energy Resources Co., Ltd. Class A
| | | 10,200 | | 6,587 |
Oriental Energy Co., Ltd. Class A
| | | 1,600 | | 2,352 |
PetroChina Co., Ltd. Class A
| | | 10,000 | | 11,308 |
Shaanxi Coal Industry Co., Ltd. Class A
| | | 5,400 | | 7,159 |
Shandong Xinchao Energy Corp., Ltd. Class A (a)
| | | 7,200 | | 2,743 |
Shanxi Lanhua Sci-Tech Venture Co., Ltd. Class A
| | | 3,300 | | 3,948 |
Shanxi Lu'an Environmental Energy Development Co., Ltd. Class A
| | | 8,600 | | 10,019 |
Shanxi Xishan Coal & Electricity Power Co., Ltd. Class A
| | | 3,800 | | 3,523 |
Sinopec Shandong Taishan Petroleum Co., Ltd. Class A
| | | 3,100 | | 3,026 |
Yang Quan Coal Industry Group Co., Ltd. Class A
| | | 7,800 | | 7,068 |
| | | | | | 122,636 |
| PAPER & FOREST PRODUCTS — 0.4% | | | | | |
DeHua TB New Decoration Materials Co., Ltd. Class A
| | | 1,950 | | 2,057 |
Fujian Jinsen Forestry Co., Ltd. Class A
| | | 680 | | 2,468 |
Guangdong Weihua Corp. Class A (a)
| | | 1,100 | | 1,560 |
Shandong Sun Paper Industry JSC, Ltd. Class A
| | | 2,700 | | 2,872 |
Shanying International Holding Co., Ltd. Class A
| | | 21,900 | | 12,904 |
| | | | | | 21,861 |
| PERSONAL PRODUCTS — 0.1% | | | | | |
Shanghai Jahwa United Co., Ltd. Class A
| | | 1,000 | | 4,700 |
| PHARMACEUTICALS — 4.8% | | | | | |
Beijing Aosaikang Pharmaceutical Co., Ltd. Class A
| | | 340 | | 835 |
Beijing Tongrentang Co., Ltd. Class A
| | | 1,100 | | 4,899 |
Changchun High & New Technology Industry Group, Inc. Class A
| | | 200 | | 9,433 |
Chengdu Kanghong Pharmaceutical Group Co., Ltd. Class A
| | | 1,100 | | 8,334 |
China Resources Double Crane Pharmaceutical Co., Ltd. Class A
| | | 1,280 | | 2,626 |
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A
| | | 1,000 | | 4,291 |
Dong-E-E-Jiao Co., Ltd. Class A
| | | 700 | | 4,942 |
Guangdong Zhongsheng Pharmaceutical Co., Ltd. Class A
| | | 7,900 | | 11,884 |
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class A
| | | 1,700 | | 9,865 |
Guizhou Bailing Group Pharmaceutical Co., Ltd. Class A
| | | 3,600 | | 5,673 |
Harbin Medisan Pharmaceutical Co., Ltd. Class A
| | | 3,000 | | 6,540 |
| Security Description | | | Shares | | Value |
Hubei Jumpcan Pharmaceutical Co., Ltd. Class A
| | | 900 | | $4,623 |
Humanwell Healthcare Group Co., Ltd. Class A
| | | 1,000 | | 1,699 |
Jiangsu Hengrui Medicine Co., Ltd. Class A
| | | 5,246 | | 51,066 |
Jilin Aodong Pharmaceutical Group Co., Ltd. Class A
| | | 1,430 | | 3,875 |
Joincare Pharmaceutical Group Industry Co., Ltd. Class A
| | | 1,400 | | 1,839 |
Kangmei Pharmaceutical Co., Ltd. Class A
| | | 5,300 | | 8,241 |
Livzon Pharmaceutical Group, Inc. Class A
| | | 900 | | 4,686 |
Renhe Pharmacy Co., Ltd. Class A
| | | 1,800 | | 1,776 |
Shandong Buchang Pharmaceuticals Co., Ltd. Class A
| | | 730 | | 3,147 |
Shandong Lukang Pharma Class A
| | | 900 | | 1,327 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A
| | | 2,300 | | 10,192 |
Shenzhen Hepalink Pharmaceutical Group Co., Ltd. Class A
| | | 1,280 | | 4,935 |
Shenzhen Salubris Pharmaceuticals Co., Ltd. Class A
| | | 800 | | 3,237 |
Shijiazhuang Yiling Pharmaceutical Co., Ltd. Class A
| | | 4,200 | | 8,143 |
Sichuan Kelun Pharmaceutical Co., Ltd. Class A
| | | 1,400 | | 6,031 |
Tasly Pharmaceutical Group Co., Ltd. Class A
| | | 1,240 | | 4,155 |
Tianjin Lisheng Pharmaceutical Co., Ltd. Class A
| | | 900 | | 3,723 |
Tonghua Dongbao Pharmaceutical Co., Ltd. Class A
| | | 1,382 | | 3,570 |
Yabao Pharmaceutical Group Co., Ltd. Class A
| | | 1,500 | | 1,823 |
Yifan Pharmaceutical Co., Ltd. Class A
| | | 900 | | 1,774 |
Yunnan Baiyao Group Co., Ltd. Class A
| | | 1,600 | | 20,355 |
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A
| | | 800 | | 13,677 |
Zhejiang Conba Pharmaceutical Co., Ltd. Class A
| | | 8,700 | | 13,230 |
Zhejiang Huahai Pharmaceutical Co., Ltd. Class A
| | | 1,500 | | 3,459 |
Zhejiang NHU Co., Ltd. Class A
| | | 2,900 | | 7,974 |
Zhejiang Xianju Pharmaceutical Co., Ltd. Class A
| | | 2,700 | | 3,423 |
Zhejiang Yatai Pharmaceutical Co., Ltd. Class A
| | | 800 | | 1,987 |
| | | | | | 263,289 |
| REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.4% | | | | | |
Beijing Capital Development Co., Ltd. Class A
| | | 2,500 | | 3,553 |
Beijing Centergate Technologies Holding Co., Ltd. Class A (a)
| | | 3,200 | | 4,400 |
Beijing Hualian Department Store Co., Ltd. Class A
| | | 14,700 | | 6,343 |
See accompanying notes to financial statements.
46
SPDR MSCI CHINA A SHARES IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
China Calxon Group Co., Ltd. Class A (a)
| | | 3,000 | | $3,442 |
China Enterprise Co., Ltd. Class A (a)
| | | 4,000 | | 3,898 |
China Fortune Land Development Co., Ltd. Class A
| | | 3,100 | | 14,308 |
China Merchants Shekou Industrial Zone Holdings Co., Ltd. Class A
| | | 8,921 | | 30,583 |
China Vanke Co., Ltd. Class A
| | | 11,600 | | 53,024 |
Chongqing Dima Industry Co., Ltd. Class A
| | | 3,600 | | 2,127 |
Citychamp Dartong Co., Ltd. Class A
| | | 8,100 | | 5,990 |
Financial Street Holdings Co., Ltd. Class A
| | | 2,900 | | 3,702 |
Future Land Holdings Co., Ltd. Class A
| | | 2,500 | | 16,795 |
Gemdale Corp. Class A
| | | 3,800 | | 7,775 |
Greenland Holdings Corp., Ltd. Class A
| | | 8,300 | | 9,312 |
Guangdong Shirongzhaoye Co., Ltd. Class A
| | | 1,900 | | 3,005 |
Hainan Expressway Co., Ltd. Class A
| | | 2,300 | | 1,595 |
Hainan Haide Industry Co., Ltd. Class A (a)
| | | 4,600 | | 9,117 |
Hubei Fuxing Science And Technology Co., Ltd. Class A
| | | 5,400 | | 6,267 |
Jiangsu Zhongnan Construction Group Co., Ltd. Class A
| | | 5,700 | | 8,057 |
Jinke Properties Group Co., Ltd. Class A
| | | 4,100 | | 4,453 |
Kinghand Industrial Investment Co., Ltd. Class A
| | | 1,400 | | 1,608 |
Lushang Property Co., Ltd. Class A (a)
| | | 3,200 | | 1,862 |
Myhome Real Estate Development Group Co., Ltd. Class A
| | | 12,700 | | 5,291 |
Poly Developments & Holdings Group Co., Ltd. Class A
| | | 15,700 | | 33,266 |
RiseSun Real Estate Development Co., Ltd. Class A
| | | 6,100 | | 10,211 |
Shanghai Chinafortune Co., Ltd. Class A
| | | 1,600 | | 3,759 |
Shanghai SMI Holding Co., Ltd. Class A
| | | 2,900 | | 3,448 |
Shanghai Zhangjiang High-Tech Park Development Co., Ltd. Class A
| | | 1,300 | | 4,393 |
Shenzhen World Union Properties Consultancy, Inc. Class A
| | | 2,100 | | 1,887 |
Sichuan Languang Development Co., Ltd. Class A
| | | 2,700 | | 2,965 |
Tahoe Group Co., Ltd. Class A
| | | 1,600 | | 4,509 |
Xinhu Zhongbao Co., Ltd. Class A
| | | 6,700 | | 3,928 |
Yango Group Co., Ltd. Class A
| | | 7,300 | | 9,070 |
Youngor Group Co., Ltd. Class A
| | | 2,660 | | 3,606 |
Zhejiang China Commodities City Group Co., Ltd. Class A
| | | 10,700 | | 7,578 |
| | | | | | 295,127 |
| ROAD & RAIL — 0.7% | | | | | |
China Railway Tielong Container Logistics Co., Ltd. Class A
| | | 9,400 | | 12,085 |
Daqin Railway Co., Ltd. Class A
| | | 16,800 | | 20,848 |
Guangshen Railway Co., Ltd. Class A
| | | 5,600 | | 2,966 |
NanJing Public Utilities Development Co., Ltd. Class A
| | | 3,000 | | 2,397 |
| | | | | | 38,296 |
| Security Description | | | Shares | | Value |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.0% | | | | | |
EGing Photovoltaic Technology Co., Ltd. Class A
| | | 9,100 | | $5,321 |
GCL System Integration Technology Co., Ltd. Class A (a)
| | | 8,200 | | 6,479 |
Hangzhou Silan Microelectronics Co., Ltd. Class A
| | | 2,600 | | 6,348 |
Jiangsu Changjiang Electronics Technology Co., Ltd. Class A
| | | 2,200 | | 4,619 |
LONGi Green Energy Technology Co., Ltd. Class A
| | | 2,520 | | 9,787 |
MLS Co., Ltd. Class A
| | | 1,300 | | 3,004 |
Sanan Optoelectronics Co., Ltd. Class A
| | | 4,840 | | 10,565 |
Shanghai Belling Co., Ltd. Class A
| | | 2,700 | | 6,127 |
| | | | | | 52,250 |
| SOFTWARE — 1.9% | | | | | |
360 Security Technology, Inc. Class A
| | | 1,300 | | 4,994 |
Aisino Corp. Class A
| | | 2,800 | | 11,636 |
Beijing Shiji Information Technology Co., Ltd. Class A
| | | 700 | | 3,401 |
Glodon Co., Ltd. Class A
| | | 1,000 | | 4,436 |
Hundsun Technologies, Inc. Class A
| | | 500 | | 6,514 |
Iflytek Co., Ltd. Class A
| | | 2,750 | | 14,849 |
Inspur Software Co., Ltd. Class A
| | | 3,500 | | 14,233 |
Neusoft Corp. Class A
| | | 1,200 | | 2,616 |
Newland Digital Technology Co., Ltd. Class A
| | | 4,600 | | 12,115 |
Shanghai 2345 Network Holding Group Co., Ltd. Class A
| | | 4,052 | | 3,654 |
Shanghai Golden Bridge InfoTech Co., Ltd. Class A
| | | 1,300 | | 2,878 |
Shen Zhen Mindata Holding Co., Ltd. Class A (a)
| | | 1,400 | | 1,635 |
Sinodata Co., Ltd. Class A (a)
| | | 1,800 | | 5,183 |
Venustech Group, Inc. Class A
| | | 600 | | 2,632 |
Wisesoft Co., Ltd. Class A
| | | 1,100 | | 2,786 |
Yonyou Network Technology Co., Ltd. Class A
| | | 2,330 | | 11,753 |
| | | | | | 105,315 |
| SPECIALTY RETAIL — 0.6% | | | | | |
China Grand Automotive Services Co., Ltd. Class A
| | | 3,900 | | 3,076 |
Pang Da Automobile Trade Co., Ltd. Class A (a)
| | | 22,200 | | 5,615 |
Shanghai Yuyuan Tourist Mart Co., Ltd. Class A
| | | 3,800 | | 5,411 |
Suning Commerce Group Co., Ltd. Class A
| | | 8,900 | | 16,620 |
| | | | | | 30,722 |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.8% | | | | | |
China Greatwall Technology Group Co., Ltd. Class A
| | | 3,000 | | 4,718 |
See accompanying notes to financial statements.
47
SPDR MSCI CHINA A SHARES IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Dawning Information Industry Co., Ltd. Class A
| | | 500 | | $4,485 |
Focus Media Information Technology Co., Ltd. Class A
| | | 12,960 | | 12,091 |
GRG Banking Equipment Co., Ltd. Class A
| | | 3,625 | | 3,937 |
Guangzhou KingTeller Technology Co., Ltd. Class A
| | | 2,700 | | 2,242 |
Inspur Electronic Information Industry Co., Ltd. Class A
| | | 940 | | 3,497 |
Ninestar Corp. Class A
| | | 1,000 | | 4,689 |
Shenzhen Sinovatio Technology Co., Ltd. Class A
| | | 100 | | 1,782 |
Tsinghua Tongfang Co., Ltd. Class A
| | | 4,300 | | 7,895 |
| | | | | | 45,336 |
| TEXTILES, APPAREL & LUXURY GOODS — 1.2% | | | | | |
Anhui Huamao Textile Co. Class A
| | | 18,500 | | 12,938 |
Bros Eastern Co., Ltd. Class A
| | | 3,000 | | 2,549 |
Gansu Gangtai Holding Group Co., Ltd. Class A
| | | 1,300 | | 870 |
Heilan Home Co., Ltd. Class A
| | | 2,700 | | 3,925 |
Huafu Top Dyed Melange Yarn Co., Ltd. Class A
| | | 3,750 | | 4,336 |
Jiangsu Huaxicun Co., Ltd. Class A
| | | 2,000 | | 3,172 |
Jiangsu Sunshine Co., Ltd. Class A (a)
| | | 16,700 | | 7,976 |
Luthai Textile Co., Ltd. Class A
| | | 2,100 | | 3,322 |
NanJi E-Commerce Co., Ltd. Class A
| | | 3,000 | | 5,111 |
Yantai Tayho Advanced Materials Co., Ltd. Class A
| | | 1,800 | | 3,064 |
Zhejiang Ming Jewelry Co., Ltd. Class A
| | | 12,000 | | 10,749 |
Zhejiang Semir Garment Co., Ltd. Class A
| | | 1,800 | | 3,211 |
Zhejiang Weixing Industrial Development Co., Ltd. Class A
| | | 3,190 | | 3,631 |
| | | | | | 64,854 |
| TRADING COMPANIES & DISTRIBUTORS — 0.5% | | | | | |
China Meheco Co., Ltd. Class A
| | | 2,400 | | 5,496 |
Jiangsu Guotai International Group Guomao Co., Ltd. Class A
| | | 7,600 | | 7,588 |
Shanghai Lansheng Corp. Class A
| | | 600 | | 1,040 |
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class A
| | | 2,400 | | 6,360 |
Sinochem International Corp. Class A
| | | 2,300 | | 2,717 |
Tianjin Teda Co., Ltd. Class A
| | | 4,500 | | 3,047 |
Xiamen C & D, Inc. Class A
| | | 2,800 | | 3,608 |
| | | | | | 29,856 |
| TRANSPORTATION INFRASTRUCTURE — 1.1% | | | | | |
Dalian Port PDA Co., Ltd. Class A
| | | 7,130 | | 2,642 |
Fujian Expressway Development Co., Ltd. Class A
| | | 9,700 | | 4,893 |
Guangzhou Baiyun International Airport Co., Ltd. Class A
| | | 2,000 | | 4,398 |
Henan Zhongyuan Expressway Co., Ltd. Class A
| | | 4,400 | | 4,288 |
| Security Description | | | Shares | | Value |
Hubei Chutian Smart Communication Co., Ltd. Class A
| | | 6,400 | | $3,562 |
Jiangxi Ganyue Expressway Co., Ltd. Class A
| | | 4,000 | | 2,696 |
Ningbo Zhoushan Port Co., Ltd. Class A
| | | 4,700 | | 3,042 |
Shanghai International Airport Co., Ltd. Class A
| | | 1,100 | | 10,172 |
Shanghai International Port Group Co., Ltd. Class A
| | | 11,300 | | 12,224 |
TangShan Port Group Co., Ltd. Class A
| | | 9,152 | | 4,412 |
Tianjin Port Co., Ltd. Class A
| | | 3,000 | | 3,937 |
Yingkou Port Liability Co., Ltd. Class A
| | | 5,100 | | 2,307 |
| | | | | | 58,573 |
| WATER UTILITIES — 0.3% | | | | | |
Beijing Capital Co., Ltd. Class A
| | | 11,200 | | 6,949 |
Chengdu Xingrong Environment Co., Ltd. Class A
| | | 15,000 | | 10,379 |
| | | | | | 17,328 |
| WIRELESS TELECOMMUNICATION SERVICES — 0.6% | | | | | |
China United Network Communications, Ltd. Class A
| | | 33,600 | | 33,947 |
TOTAL COMMON STOCKS
(Cost $4,640,619)
| | | | | 5,428,869 |
| | | | |
| RIGHTS — 0.0% (c) | | | |
| ELECTRICAL EQUIPMENT — 0.0% (c) | | | |
Xinjiang Goldwind Science & Technology Co., Ltd. (expiring 3/26/19) (a) (b)
| | 381 | 427 |
TOTAL RIGHTS
(Cost $0)
| | | 427 |
| SHORT-TERM INVESTMENT — 0.6% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (d) (e)
(Cost $30,660)
| 30,660 | 30,660 |
TOTAL INVESTMENTS — 99.5%
(Cost $4,671,279)
| 5,459,956 |
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%
| 27,572 |
NET ASSETS — 100.0%
| $5,487,528 |
See accompanying notes to financial statements.
48
SPDR MSCI CHINA A SHARES IMI ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| (a) | Non-income producing security. |
| (b) | 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. As of March 31, 2019, total aggregate fair value of securities is $13,648 representing 0.3% of net assets. |
| (c) | Amount is less than 0.05% of net assets. |
| (d) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (e) | The rate shown is the annualized seven-day yield at March 31, 2019. |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $5,415,648 | | $13,221 | | $— | | $5,428,869 |
Rights
| | — | | 427 | | — | | 427 |
Short-Term Investment
| | 30,660 | | — | | — | | 30,660 |
TOTAL INVESTMENTS
| | $5,446,308 | | $13,648 | | $— | | $5,459,956 |
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 22,165 | | $22,165 | | $92,836 | | $84,341 | | $— | | $— | | 30,660 | | $30,660 | | $256 | | $— |
See accompanying notes to financial statements.
49
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.2% | | | | | |
| AUSTRALIA — 6.1% | | | | | |
Alumina, Ltd.
| | | 14,182 | | $24,380 |
Amcor, Ltd.
| | | 6,402 | | 69,989 |
AMP, Ltd.
| | | 17,314 | | 25,828 |
APA Group
| | | 6,018 | | 42,663 |
Aristocrat Leisure, Ltd.
| | | 3,222 | | 56,097 |
ASX, Ltd.
| | | 1,150 | | 57,053 |
Aurizon Holdings, Ltd.
| | | 10,431 | | 33,714 |
AusNet Services
| | | 10,433 | | 13,155 |
Australia & New Zealand Banking Group, Ltd.
| | | 15,885 | | 293,720 |
Bank of Queensland, Ltd.
| | | 2,545 | | 16,451 |
Bendigo & Adelaide Bank, Ltd. (a)
| | | 3,049 | | 20,966 |
BlueScope Steel, Ltd.
| | | 3,053 | | 30,253 |
Boral, Ltd.
| | | 6,184 | | 20,163 |
Brambles, Ltd.
| | | 8,624 | | 72,042 |
Caltex Australia, Ltd.
| | | 1,545 | | 28,765 |
Challenger, Ltd.
| | | 3,557 | | 20,921 |
CIMIC Group, Ltd.
| | | 622 | | 21,323 |
Coca-Cola Amatil, Ltd.
| | | 2,673 | | 16,424 |
Cochlear, Ltd.
| | | 306 | | 37,665 |
Coles Group, Ltd. (b)
| | | 6,316 | | 53,166 |
Commonwealth Bank of Australia (a)
| | | 9,820 | | 492,759 |
Computershare, Ltd.
| | | 2,748 | | 33,341 |
Crown Resorts, Ltd.
| | | 2,269 | | 18,552 |
CSL, Ltd.
| | | 2,501 | | 346,328 |
Dexus REIT
| | | 5,801 | | 52,498 |
Domino's Pizza Enterprises, Ltd.
| | | 391 | | 12,060 |
Flight Centre Travel Group, Ltd.
| | | 334 | | 9,977 |
Fortescue Metals Group, Ltd.
| | | 9,312 | | 47,031 |
Goodman Group REIT
| | | 8,903 | | 84,429 |
GPT Group REIT
| | | 10,789 | | 47,593 |
Harvey Norman Holdings, Ltd. (a)
| | | 3,373 | | 9,632 |
Incitec Pivot, Ltd.
| | | 9,707 | | 21,514 |
Insurance Australia Group, Ltd.
| | | 12,824 | | 69,961 |
LendLease Group
| | | 3,223 | | 28,344 |
Macquarie Group, Ltd.
| | | 1,784 | | 164,009 |
Medibank Pvt, Ltd.
| | | 16,204 | | 31,769 |
Mirvac Group REIT
| | | 22,081 | | 43,134 |
National Australia Bank, Ltd. (a)
| | | 15,397 | | 276,385 |
Newcrest Mining, Ltd.
| | | 4,251 | | 77,033 |
Orica, Ltd.
| | | 2,179 | | 27,289 |
QBE Insurance Group, Ltd.
| | | 7,256 | | 63,449 |
Ramsay Health Care, Ltd. (a)
| | | 830 | | 37,940 |
REA Group, Ltd.
| | | 322 | | 17,086 |
Scentre Group REIT
| | | 29,514 | | 86,167 |
SEEK, Ltd.
| | | 1,896 | | 23,623 |
Sonic Healthcare, Ltd.
| | | 2,433 | | 42,447 |
Stockland REIT
| | | 12,748 | | 34,864 |
Suncorp Group, Ltd.
| | | 7,171 | | 70,194 |
Sydney Airport
| | | 6,447 | | 34,027 |
Tabcorp Holdings, Ltd.
| | | 8,990 | | 29,504 |
Telstra Corp., Ltd.
| | | 23,123 | | 54,532 |
TPG Telecom, Ltd.
| | | 2,232 | | 11,019 |
| Security Description | | | Shares | | Value |
Transurban Group Stapled Security
| | | 14,302 | | $134,104 |
Treasury Wine Estates, Ltd.
| | | 3,994 | | 42,359 |
Vicinity Centres REIT
| | | 17,151 | | 31,676 |
Wesfarmers, Ltd. (a)
| | | 6,260 | | 154,081 |
Westpac Banking Corp. (a)
| | | 19,211 | | 353,718 |
Woolworths Group, Ltd. (a)
| | | 7,264 | | 156,863 |
WorleyParsons, Ltd. (a)
| | | 1,886 | | 18,970 |
| | | | | | 4,244,999 |
| AUSTRIA — 0.2% | | | | | |
ANDRITZ AG (a)
| | | 460 | | 19,751 |
Erste Group Bank AG
| | | 1,669 | | 61,393 |
Raiffeisen Bank International AG
| | | 657 | | 14,762 |
Verbund AG
| | | 397 | | 19,070 |
Voestalpine AG
| | | 649 | | 19,727 |
| | | | | | 134,703 |
| BELGIUM — 1.1% | | | | | |
Ageas
| | | 1,052 | | 50,793 |
Anheuser-Busch InBev SA
| | | 4,210 | | 353,405 |
Colruyt SA
| | | 298 | | 22,051 |
Groupe Bruxelles Lambert SA
| | | 483 | | 46,977 |
KBC Group NV
| | | 1,395 | | 97,554 |
Proximus SADP
| | | 867 | | 25,029 |
Solvay SA
| | | 443 | | 47,942 |
Telenet Group Holding NV
| | | 322 | | 15,504 |
UCB SA
| | | 683 | | 58,714 |
Umicore SA (a)
| | | 1,146 | | 50,944 |
| | | | | | 768,913 |
| CHILE — 0.0% (c) | | | | | |
Antofagasta PLC
| | | 2,293 | | 28,863 |
| CHINA — 0.2% | | | | | |
BeiGene, Ltd. ADR (a)(b)
| | | 200 | | 26,400 |
BOC Hong Kong Holdings, Ltd.
| | | 20,500 | | 84,873 |
Minth Group, Ltd.
| | | 4,000 | | 12,586 |
Yangzijiang Shipbuilding Holdings, Ltd.
| | | 16,100 | | 17,830 |
| | | | | | 141,689 |
| DENMARK — 1.9% | | | | | |
AP Moller - Maersk A/S Class A
| | | 16 | | 19,372 |
AP Moller - Maersk A/S Class B (a)
| | | 36 | | 45,710 |
Carlsberg A/S Class B
| | | 589 | | 73,636 |
Chr. Hansen Holding A/S
| | | 531 | | 53,878 |
Coloplast A/S Class B
| | | 642 | | 70,509 |
Danske Bank A/S
| | | 4,124 | | 72,448 |
Demant A/S (a)(b)
| | | 592 | | 17,523 |
DSV A/S
| | | 1,052 | | 87,089 |
Genmab A/S (b)
| | | 329 | | 57,154 |
H Lundbeck A/S (a)
| | | 344 | | 14,901 |
ISS A/S
| | | 973 | | 29,635 |
Novo Nordisk A/S Class B
| | | 10,100 | | 529,256 |
Novozymes A/S Class B
| | | 1,257 | | 57,853 |
Orsted A/S (d)
| | | 1,051 | | 79,734 |
Pandora A/S
| | | 653 | | 30,604 |
Tryg A/S (a)
| | | 642 | | 17,632 |
See accompanying notes to financial statements.
50
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Vestas Wind Systems A/S
| | | 1,065 | | $89,702 |
| | | | | | 1,346,636 |
| FINLAND — 1.3% | | | | | |
Elisa Oyj
| | | 828 | | 37,393 |
Fortum Oyj (a)
| | | 2,394 | | 49,004 |
Kone Oyj Class B
| | | 1,873 | | 94,555 |
Metso Oyj
| | | 714 | | 24,581 |
Neste Oyj (a)
| | | 692 | | 73,816 |
Nokia Oyj
| | | 31,139 | | 177,409 |
Nokian Renkaat Oyj
| | | 658 | | 22,047 |
Nordea Bank Abp (a)
| | | 16,749 | | 127,758 |
Orion Oyj Class B (a)
| | | 645 | | 24,204 |
Sampo Oyj Class A
| | | 2,430 | | 110,260 |
Stora Enso Oyj Class R
| | | 3,299 | | 40,358 |
UPM-Kymmene Oyj
| | | 2,959 | | 86,385 |
Wartsila OYJ Abp
| | | 2,645 | | 42,723 |
| | | | | | 910,493 |
| FRANCE — 10.6% | | | | | |
Accor SA
| | | 1,039 | | 42,127 |
Aeroports de Paris
| | | 174 | | 33,683 |
Air Liquide SA
| | | 2,365 | | 301,005 |
Airbus SE
| | | 3,270 | | 432,896 |
Alstom SA
| | | 898 | | 38,941 |
Amundi SA (d)
| | | 368 | | 23,181 |
Arkema SA
| | | 394 | | 37,542 |
Atos SE
| | | 535 | | 51,662 |
AXA SA
| | | 10,683 | | 269,057 |
BioMerieux
| | | 252 | | 20,854 |
BNP Paribas SA
| | | 6,205 | | 296,876 |
Bollore SA
| | | 5,558 | | 25,138 |
Bouygues SA
| | | 1,255 | | 44,882 |
Bureau Veritas SA
| | | 1,600 | | 37,548 |
Capgemini SE
| | | 885 | | 107,421 |
Carrefour SA
| | | 3,192 | | 59,676 |
Casino Guichard Perrachon SA (a)
| | | 345 | | 14,972 |
Cie de Saint-Gobain
| | | 2,738 | | 99,333 |
Cie Generale des Etablissements Michelin SCA
| | | 945 | | 111,839 |
CNP Assurances
| | | 972 | | 21,414 |
Covivio REIT
| | | 189 | | 20,076 |
Credit Agricole SA
| | | 6,312 | | 76,332 |
Danone SA
| | | 3,435 | | 264,937 |
Dassault Aviation SA
| | | 16 | | 23,625 |
Dassault Systemes SE
| | | 721 | | 107,471 |
Edenred
| | | 1,309 | | 59,630 |
Eiffage SA
| | | 436 | | 41,936 |
EssilorLuxottica SA
| | | 1,611 | | 176,152 |
Eurazeo SE
| | | 283 | | 21,290 |
Eutelsat Communications SA
| | | 1,083 | | 18,964 |
Faurecia SA
| | | 461 | | 19,401 |
Gecina SA REIT
| | | 268 | | 39,662 |
Getlink SE
| | | 2,766 | | 41,975 |
Hermes International
| | | 171 | | 112,939 |
ICADE REIT
| | | 230 | | 19,472 |
Iliad SA
| | | 161 | | 16,180 |
| Security Description | | | Shares | | Value |
Imerys SA
| | | 230 | | $11,477 |
Ingenico Group SA
| | | 326 | | 23,288 |
Ipsen SA
| | | 215 | | 29,501 |
JCDecaux SA
| | | 460 | | 14,008 |
Kering SA
| | | 417 | | 239,358 |
Klepierre SA REIT
| | | 1,137 | | 39,807 |
Legrand SA
| | | 1,472 | | 98,608 |
L'Oreal SA
| | | 1,395 | | 375,617 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 1,541 | | 567,369 |
Natixis SA
| | | 5,488 | | 29,400 |
Orange SA
| | | 10,977 | | 178,720 |
Pernod Ricard SA
| | | 1,172 | | 210,557 |
Peugeot SA
| | | 3,277 | | 79,994 |
Publicis Groupe SA
| | | 1,194 | | 63,991 |
Remy Cointreau SA
| | | 139 | | 18,557 |
Renault SA
| | | 1,006 | | 66,544 |
Rexel SA
| | | 1,758 | | 19,848 |
Safran SA
| | | 1,879 | | 257,927 |
Sanofi
| | | 6,241 | | 551,787 |
Sartorius Stedim Biotech (a)
| | | 162 | | 20,537 |
Schneider Electric SE
| | | 3,074 | | 241,408 |
SCOR SE
| | | 969 | | 41,302 |
SEB SA
| | | 120 | | 20,211 |
Societe BIC SA
| | | 184 | | 16,415 |
Societe Generale SA
| | | 4,238 | | 122,654 |
Sodexo SA
| | | 502 | | 55,330 |
Suez
| | | 2,071 | | 27,463 |
Teleperformance
| | | 335 | | 60,260 |
Thales SA
| | | 590 | | 70,720 |
Ubisoft Entertainment SA (b)
| | | 435 | | 38,763 |
Unibail-Rodamco-Westfield
| | | 280 | | 2,301 |
Unibail-Rodamco-Westfield REIT
| | | 743 | | 121,921 |
Valeo SA
| | | 1,327 | | 38,517 |
Veolia Environnement SA
| | | 3,029 | | 67,784 |
Vinci SA
| | | 2,843 | | 276,833 |
Vivendi SA
| | | 5,865 | | 170,104 |
Wendel SA
| | | 168 | | 21,184 |
| | | | | | 7,420,154 |
| GERMANY — 9.1% | | | | | |
1&1 Drillisch AG
| | | 322 | | 11,476 |
adidas AG
| | | 1,042 | | 253,424 |
Allianz SE
| | | 2,382 | | 530,325 |
Axel Springer SE
| | | 276 | | 14,268 |
BASF SE
| | | 5,083 | | 374,009 |
Bayer AG
| | | 5,231 | | 338,321 |
Bayerische Motoren Werke AG
| | | 1,834 | | 141,577 |
Bayerische Motoren Werke AG Preference Shares
| | | 318 | | 20,924 |
Beiersdorf AG
| | | 545 | | 56,753 |
Brenntag AG
| | | 928 | | 47,828 |
Commerzbank AG (b)
| | | 5,585 | | 43,271 |
Continental AG
| | | 605 | | 91,165 |
Covestro AG (d)
| | | 1,077 | | 59,280 |
Daimler AG
| | | 5,037 | | 295,515 |
Delivery Hero SE (b)(d)
| | | 483 | | 17,463 |
See accompanying notes to financial statements.
51
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Deutsche Bank AG
| | | 10,871 | | $88,619 |
Deutsche Boerse AG
| | | 1,061 | | 136,171 |
Deutsche Lufthansa AG
| | | 1,429 | | 31,393 |
Deutsche Post AG
| | | 5,406 | | 176,034 |
Deutsche Telekom AG
| | | 18,388 | | 305,472 |
Deutsche Wohnen SE
| | | 1,948 | | 94,557 |
Evonik Industries AG
| | | 942 | | 25,682 |
Fraport AG Frankfurt Airport Services Worldwide
| | | 253 | | 19,386 |
Fresenius Medical Care AG & Co. KGaA
| | | 1,187 | | 95,830 |
Fresenius SE & Co. KGaA
| | | 2,286 | | 127,726 |
Fuchs Petrolub SE Preference Shares
| | | 437 | | 18,008 |
GEA Group AG
| | | 795 | | 20,844 |
Hannover Rueck SE
| | | 351 | | 50,447 |
HeidelbergCement AG
| | | 838 | | 60,371 |
Henkel AG & Co. KGaA Preference Shares
| | | 1,013 | | 103,508 |
Henkel AG & Co. KGaA
| | | 533 | | 50,721 |
HOCHTIEF AG
| | | 138 | | 19,989 |
HUGO BOSS AG
| | | 387 | | 26,455 |
Infineon Technologies AG
| | | 6,261 | | 124,328 |
Innogy SE (d)
| | | 2 | | 93 |
Innogy SE (b)
| | | 776 | | 33,241 |
KION Group AG
| | | 382 | | 19,984 |
Lanxess AG
| | | 471 | | 25,142 |
Merck KGaA
| | | 715 | | 81,608 |
METRO AG
| | | 1,106 | | 18,367 |
MTU Aero Engines AG
| | | 305 | | 69,110 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 823 | | 194,986 |
OSRAM Licht AG
| | | 507 | | 17,466 |
Porsche Automobil Holding SE Preference Shares
| | | 905 | | 56,845 |
ProSiebenSat.1 Media SE
| | | 1,268 | | 18,110 |
Puma SE
| | | 46 | | 26,704 |
QIAGEN NV (b)
| | | 1,295 | | 52,551 |
RWE AG
| | | 2,913 | | 78,174 |
SAP SE
| | | 5,447 | | 629,965 |
Sartorius AG Preference Shares
| | | 175 | | 30,045 |
Siemens AG
| | | 4,241 | | 456,867 |
Siemens Healthineers AG (d)
| | | 739 | | 30,827 |
Symrise AG
| | | 729 | | 65,747 |
Telefonica Deutschland Holding AG
| | | 4,668 | | 14,671 |
ThyssenKrupp AG
| | | 2,162 | | 29,726 |
TUI AG
| | | 2,439 | | 23,378 |
Uniper SE
| | | 988 | | 29,831 |
United Internet AG
| | | 705 | | 25,751 |
Volkswagen AG
| | | 176 | | 28,675 |
Volkswagen AG Preference Shares
| | | 1,029 | | 162,127 |
Vonovia SE
| | | 2,774 | | 143,965 |
Wirecard AG
| | | 682 | | 85,538 |
Zalando SE (b)(d)
| | | 529 | | 20,641 |
| | | | | | 6,341,275 |
| Security Description | | | Shares | | Value |
| HONG KONG — 4.0% | | | | | |
AIA Group, Ltd.
| | | 67,000 | | $667,017 |
ASM Pacific Technology, Ltd.
| | | 1,900 | | 21,191 |
Bank of East Asia, Ltd.
| | | 6,782 | | 22,031 |
CK Asset Holdings, Ltd.
| | | 14,000 | | 124,485 |
CK Hutchison Holdings, Ltd.
| | | 15,500 | | 162,800 |
CK Infrastructure Holdings, Ltd.
| | | 3,000 | | 24,631 |
CLP Holdings, Ltd.
| | | 9,000 | | 104,332 |
Dairy Farm International Holdings, Ltd.
| | | 1,800 | | 15,102 |
Galaxy Entertainment Group, Ltd.
| | | 13,000 | | 88,516 |
Hang Lung Group, Ltd.
| | | 5,000 | | 16,051 |
Hang Lung Properties, Ltd.
| | | 10,000 | | 24,408 |
Hang Seng Bank, Ltd.
| | | 4,400 | | 108,571 |
Henderson Land Development Co., Ltd.
| | | 7,500 | | 47,675 |
HK Electric Investments & HK Electric Investments, Ltd.
| | | 15,000 | | 15,325 |
HKT Trust & HKT, Ltd.
| | | 22,000 | | 35,368 |
Hong Kong Exchanges & Clearing, Ltd.
| | | 6,544 | | 228,083 |
Hongkong Land Holdings, Ltd.
| | | 6,600 | | 46,926 |
Hysan Development Co., Ltd.
| | | 4,000 | | 21,427 |
Jardine Matheson Holdings, Ltd.
| | | 1,200 | | 74,832 |
Jardine Strategic Holdings, Ltd.
| | | 1,100 | | 41,173 |
Kerry Properties, Ltd.
| | | 2,500 | | 11,162 |
Link REIT
| | | 12,000 | | 140,332 |
Melco Resorts & Entertainment, Ltd. ADR
| | | 1,074 | | 24,262 |
MTR Corp., Ltd.
| | | 8,552 | | 52,946 |
New World Development Co., Ltd.
| | | 33,389 | | 55,379 |
NWS Holdings, Ltd.
| | | 6,530 | | 14,275 |
PCCW, Ltd.
| | | 24,000 | | 14,920 |
Power Assets Holdings, Ltd.
| | | 8,000 | | 55,491 |
Sands China, Ltd.
| | | 13,200 | | 66,337 |
Shangri-La Asia, Ltd.
| | | 8,000 | | 11,373 |
Sino Land Co., Ltd.
| | | 15,344 | | 29,672 |
SJM Holdings, Ltd.
| | | 14,000 | | 15,980 |
Sun Hung Kai Properties, Ltd.
| | | 9,000 | | 154,434 |
Swire Pacific, Ltd. Class A
| | | 2,500 | | 32,166 |
Swire Properties, Ltd.
| | | 6,400 | | 27,516 |
Techtronic Industries Co., Ltd.
| | | 7,500 | | 50,398 |
WH Group, Ltd. (d)
| | | 52,500 | | 56,179 |
Wharf Holdings, Ltd.
| | | 6,000 | | 18,115 |
Wharf Real Estate Investment Co., Ltd.
| | | 7,000 | | 52,121 |
Wheelock & Co., Ltd.
| | | 4,000 | | 29,300 |
Yue Yuen Industrial Holdings, Ltd.
| | | 3,500 | | 12,038 |
| | | | | | 2,814,340 |
| IRELAND — 0.7% | | | | | |
AerCap Holdings NV (b)
| | | 773 | | 35,975 |
AIB Group PLC
| | | 4,959 | | 22,284 |
Bank of Ireland Group PLC
| | | 5,391 | | 32,143 |
CRH PLC
| | | 4,622 | | 143,498 |
James Hardie Industries PLC
| | | 2,619 | | 33,748 |
Kerry Group PLC Class A
| | | 877 | | 97,982 |
See accompanying notes to financial statements.
52
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Kingspan Group PLC
| | | 854 | | $39,565 |
Paddy Power Betfair PLC
| | | 481 | | 37,131 |
Ryanair Holdings PLC ADR (b)
| | | 147 | | 11,016 |
Smurfit Kappa Group PLC
| | | 1,117 | | 31,205 |
| | | | | | 484,547 |
| ISRAEL — 0.6% | | | | | |
Azrieli Group, Ltd.
| | | 276 | | 16,358 |
Bank Hapoalim BM
| | | 6,946 | | 45,990 |
Bank Leumi Le-Israel BM
| | | 9,287 | | 60,670 |
Bezeq The Israeli Telecommunication Corp., Ltd.
| | | 12,957 | | 9,300 |
Check Point Software Technologies, Ltd. (b)
| | | 706 | | 89,302 |
Elbit Systems, Ltd.
| | | 140 | | 18,072 |
Israel Chemicals, Ltd.
| | | 2,830 | | 14,722 |
Mizrahi Tefahot Bank, Ltd.
| | | 876 | | 18,006 |
Nice, Ltd. (b)
| | | 350 | | 41,255 |
Teva Pharmaceutical Industries, Ltd. ADR (b)
| | | 198 | | 3,105 |
Teva Pharmaceutical Industries, Ltd. (b)
| | | 5,236 | | 81,511 |
Wix.com, Ltd. (a)(b)
| | | 300 | | 36,249 |
| | | | | | 434,540 |
| ITALY — 1.5% | | | | | |
Assicurazioni Generali SpA
| | | 6,505 | | 120,518 |
Atlantia SpA
| | | 2,842 | | 73,683 |
Davide Campari-Milano SpA
| | | 3,326 | | 32,678 |
Ferrari NV
| | | 679 | | 91,109 |
Intesa Sanpaolo SpA
| | | 83,759 | | 204,180 |
Leonardo SpA
| | | 2,322 | | 27,011 |
Mediobanca Banca di Credito Finanziario SpA
| | | 3,326 | | 34,590 |
Moncler SpA
| | | 890 | | 35,896 |
Pirelli & C SpA (b)(d)
| | | 2,101 | | 13,537 |
Poste Italiane SpA (d)
| | | 3,032 | | 29,524 |
Prysmian SpA
| | | 1,303 | | 24,675 |
Recordati SpA
| | | 646 | | 25,177 |
Snam SpA
| | | 12,714 | | 65,369 |
Telecom Italia SpA (a)(b)
| | | 59,035 | | 36,750 |
Telecom Italia SpA
| | | 37,685 | | 21,428 |
Terna Rete Elettrica Nazionale SpA
| | | 7,846 | | 49,758 |
UniCredit SpA
| | | 11,091 | | 142,319 |
| | | | | | 1,028,202 |
| JAPAN — 25.8% | | | | | |
ABC-Mart, Inc. (a)
| | | 200 | | 11,908 |
Acom Co., Ltd. (a)
| | | 2,400 | | 8,565 |
Aeon Co., Ltd.
| | | 3,400 | | 71,158 |
AEON Financial Service Co., Ltd. (a)
| | | 500 | | 10,178 |
Aeon Mall Co., Ltd.
| | | 600 | | 9,866 |
AGC, Inc.
| | | 900 | | 31,549 |
Air Water, Inc.
| | | 1,100 | | 15,941 |
Aisin Seiki Co., Ltd. (a)
| | | 800 | | 28,586 |
Ajinomoto Co., Inc.
| | | 2,500 | | 39,956 |
Alfresa Holdings Corp.
| | | 900 | | 25,613 |
| Security Description | | | Shares | | Value |
Alps Alpine Co., Ltd.
| | | 1,000 | | $20,870 |
Amada Holdings Co., Ltd.
| | | 2,100 | | 20,775 |
ANA Holdings, Inc.
| | | 500 | | 18,336 |
Aozora Bank, Ltd.
| | | 600 | | 14,831 |
Asahi Group Holdings, Ltd.
| | | 2,000 | | 89,082 |
Asahi Intecc Co., Ltd.
| | | 600 | | 28,188 |
Asahi Kasei Corp.
| | | 6,700 | | 69,128 |
Asics Corp. (a)
| | | 1,000 | | 13,416 |
Astellas Pharma, Inc.
| | | 10,500 | | 157,332 |
Bandai Namco Holdings, Inc.
| | | 1,100 | | 51,579 |
Bank of Kyoto, Ltd.
| | | 200 | | 8,366 |
Benesse Holdings, Inc. (a)
| | | 300 | | 7,792 |
Bridgestone Corp.
| | | 3,400 | | 131,042 |
Brother Industries, Ltd.
| | | 1,200 | | 22,204 |
Calbee, Inc. (a)
| | | 300 | | 8,082 |
Canon, Inc.
| | | 5,500 | | 159,656 |
Casio Computer Co., Ltd. (a)
| | | 900 | | 11,750 |
Central Japan Railway Co.
| | | 800 | | 185,825 |
Chiba Bank, Ltd. (a)
| | | 3,100 | | 16,832 |
Chubu Electric Power Co., Inc.
| | | 3,200 | | 49,972 |
Chugai Pharmaceutical Co., Ltd.
| | | 1,200 | | 82,504 |
Chugoku Electric Power Co., Inc. (a)
| | | 1,700 | | 21,211 |
Coca-Cola Bottlers Japan Holdings, Inc.
| | | 600 | | 15,238 |
Concordia Financial Group, Ltd. (a)
| | | 6,400 | | 24,690 |
Credit Saison Co., Ltd. (a)
| | | 1,100 | | 14,530 |
CyberAgent, Inc. (a)
| | | 500 | | 20,396 |
Dai Nippon Printing Co., Ltd.
| | | 1,400 | | 33,481 |
Daicel Corp. (a)
| | | 1,600 | | 17,375 |
Daifuku Co., Ltd. (a)
| | | 600 | | 31,224 |
Dai-ichi Life Holdings, Inc.
| | | 5,900 | | 81,982 |
Daiichi Sankyo Co., Ltd.
| | | 3,200 | | 147,445 |
Daikin Industries, Ltd.
| | | 1,400 | | 164,051 |
Daito Trust Construction Co., Ltd.
| | | 400 | | 55,762 |
Daiwa House Industry Co., Ltd.
| | | 3,200 | | 101,737 |
Daiwa House REIT Investment Corp.
| | | 9 | | 19,978 |
Daiwa Securities Group, Inc.
| | | 9,100 | | 44,314 |
DeNA Co., Ltd. (a)
| | | 500 | | 7,530 |
Denso Corp.
| | | 2,500 | | 97,506 |
Dentsu, Inc.
| | | 1,200 | | 50,684 |
Disco Corp. (a)
| | | 200 | | 28,495 |
East Japan Railway Co.
| | | 1,700 | | 164,033 |
Eisai Co., Ltd. (a)
| | | 1,400 | | 78,585 |
FamilyMart UNY Holdings Co., Ltd. (a)
| | | 1,500 | | 38,230 |
FANUC Corp.
| | | 1,000 | | 170,574 |
Fast Retailing Co., Ltd.
| | | 300 | | 141,022 |
Fuji Electric Co., Ltd.
| | | 500 | | 14,184 |
FUJIFILM Holdings Corp.
| | | 2,200 | | 100,057 |
Fujitsu, Ltd.
| | | 1,000 | | 72,151 |
Fukuoka Financial Group, Inc.
| | | 800 | | 17,751 |
Hakuhodo DY Holdings, Inc.
| | | 1,400 | | 22,489 |
Hamamatsu Photonics KK
| | | 700 | | 27,068 |
Hankyu Hanshin Holdings, Inc.
| | | 1,200 | | 44,993 |
See accompanying notes to financial statements.
53
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Hikari Tsushin, Inc.
| | | 100 | | $18,946 |
Hino Motors, Ltd.
| | | 1,600 | | 13,472 |
Hirose Electric Co., Ltd. (a)
| | | 205 | | 21,540 |
Hisamitsu Pharmaceutical Co., Inc.
| | | 300 | | 13,796 |
Hitachi Chemical Co., Ltd. (a)
| | | 400 | | 8,861 |
Hitachi Construction Machinery Co., Ltd. (a)
| | | 700 | | 18,574 |
Hitachi High-Technologies Corp.
| | | 300 | | 12,292 |
Hitachi Metals, Ltd.
| | | 1,100 | | 12,780 |
Hitachi, Ltd.
| | | 5,300 | | 171,663 |
Honda Motor Co., Ltd.
| | | 9,100 | | 246,235 |
Hoshizaki Corp.
| | | 300 | | 18,593 |
Hoya Corp.
| | | 2,100 | | 138,672 |
Hulic Co., Ltd.
| | | 1,800 | | 17,661 |
IHI Corp.
| | | 800 | | 19,219 |
Iida Group Holdings Co., Ltd.
| | | 800 | | 14,492 |
Isetan Mitsukoshi Holdings, Ltd. (a)
| | | 1,600 | | 16,176 |
Isuzu Motors, Ltd.
| | | 3,200 | | 42,036 |
ITOCHU Corp. (a)
| | | 7,800 | | 141,117 |
J Front Retailing Co., Ltd.
| | | 1,400 | | 16,658 |
Japan Airlines Co., Ltd.
| | | 500 | | 17,613 |
Japan Airport Terminal Co., Ltd. (a)
| | | 300 | | 12,671 |
Japan Exchange Group, Inc.
| | | 2,800 | | 49,911 |
Japan Post Bank Co., Ltd. (a)
| | | 2,100 | | 22,938 |
Japan Post Holdings Co., Ltd.
| | | 8,700 | | 101,867 |
Japan Prime Realty Investment Corp. REIT
| | | 5 | | 20,599 |
Japan Real Estate Investment Corp. REIT
| | | 7 | | 41,297 |
Japan Retail Fund Investment Corp. REIT
| | | 15 | | 30,180 |
Japan Tobacco, Inc.
| | | 6,100 | | 151,281 |
JFE Holdings, Inc.
| | | 2,700 | | 45,823 |
JGC Corp. (a)
| | | 1,300 | | 17,277 |
JSR Corp.
| | | 1,100 | | 17,054 |
JTEKT Corp.
| | | 1,300 | | 15,997 |
Kajima Corp.
| | | 2,400 | | 35,430 |
Kakaku.com, Inc.
| | | 800 | | 15,373 |
Kamigumi Co., Ltd.
| | | 500 | | 11,582 |
Kaneka Corp.
| | | 200 | | 7,490 |
Kansai Electric Power Co., Inc.
| | | 3,900 | | 57,504 |
Kansai Paint Co., Ltd. (a)
| | | 1,200 | | 22,887 |
Kao Corp.
| | | 2,800 | | 220,539 |
Kawasaki Heavy Industries, Ltd.
| | | 800 | | 19,732 |
KDDI Corp.
| | | 9,800 | | 211,167 |
Keihan Holdings Co., Ltd.
| | | 600 | | 25,234 |
Keikyu Corp. (a)
| | | 1,300 | | 22,057 |
Keio Corp.
| | | 600 | | 38,759 |
Keisei Electric Railway Co., Ltd.
| | | 600 | | 21,792 |
Keyence Corp.
| | | 600 | | 373,872 |
Kikkoman Corp.
| | | 900 | | 44,152 |
Kintetsu Group Holdings Co., Ltd.
| | | 1,000 | | 46,619 |
Kirin Holdings Co., Ltd.
| | | 4,500 | | 107,433 |
Kobayashi Pharmaceutical Co., Ltd.
| | | 300 | | 25,315 |
Kobe Steel, Ltd. (a)
| | | 1,600 | | 12,012 |
Koito Manufacturing Co., Ltd.
| | | 600 | | 33,988 |
| Security Description | | | Shares | | Value |
Komatsu, Ltd. (a)
| | | 5,100 | | $118,440 |
Konami Holdings Corp.
| | | 500 | | 21,706 |
Konica Minolta, Inc. (a)
| | | 2,100 | | 20,661 |
Kose Corp.
| | | 200 | | 36,735 |
Kubota Corp.
| | | 5,500 | | 79,480 |
Kuraray Co., Ltd.
| | | 1,700 | | 21,625 |
Kurita Water Industries, Ltd.
| | | 400 | | 10,216 |
Kyocera Corp.
| | | 1,800 | | 105,705 |
Kyowa Hakko Kirin Co., Ltd.
| | | 1,500 | | 32,660 |
Kyushu Electric Power Co., Inc. (a)
| | | 2,100 | | 24,797 |
Kyushu Railway Co.
| | | 849 | | 27,920 |
Lawson, Inc.
| | | 300 | | 16,642 |
LINE Corp. (a)(b)
| | | 400 | | 14,112 |
Lion Corp.
| | | 1,200 | | 25,261 |
LIXIL Group Corp.
| | | 1,400 | | 18,694 |
M3, Inc.
| | | 2,200 | | 36,910 |
Makita Corp.
| | | 1,300 | | 45,277 |
Marubeni Corp.
| | | 8,500 | | 58,748 |
Marui Group Co., Ltd. (a)
| | | 1,000 | | 20,192 |
Maruichi Steel Tube, Ltd.
| | | 300 | | 8,741 |
Mazda Motor Corp. (a)
| | | 3,200 | | 35,806 |
McDonald's Holdings Co. Japan, Ltd.
| | | 400 | | 18,503 |
Mebuki Financial Group, Inc.
| | | 5,100 | | 13,040 |
Medipal Holdings Corp.
| | | 800 | | 19,009 |
MEIJI Holdings Co., Ltd.
| | | 700 | | 56,855 |
MINEBEA MITSUMI, Inc.
| | | 2,200 | | 33,054 |
MISUMI Group, Inc. (a)
| | | 1,600 | | 39,781 |
Mitsubishi Chemical Holdings Corp.
| | | 6,900 | | 48,587 |
Mitsubishi Corp.
| | | 7,600 | | 211,071 |
Mitsubishi Electric Corp.
| | | 10,000 | | 128,518 |
Mitsubishi Estate Co., Ltd.
| | | 6,500 | | 117,773 |
Mitsubishi Gas Chemical Co., Inc.
| | | 800 | | 11,413 |
Mitsubishi Heavy Industries, Ltd.
| | | 1,800 | | 74,774 |
Mitsubishi Materials Corp.
| | | 600 | | 15,840 |
Mitsubishi Motors Corp. (a)
| | | 3,200 | | 17,000 |
Mitsubishi Tanabe Pharma Corp.
| | | 1,500 | | 20,043 |
Mitsubishi UFJ Financial Group, Inc.
| | | 65,300 | | 324,479 |
Mitsubishi UFJ Lease & Finance Co., Ltd.
| | | 1,900 | | 9,682 |
Mitsui & Co., Ltd.
| | | 9,100 | | 141,287 |
Mitsui Chemicals, Inc.
| | | 1,100 | | 26,545 |
Mitsui Fudosan Co., Ltd.
| | | 4,900 | | 123,181 |
Mitsui OSK Lines, Ltd.
| | | 700 | | 15,058 |
Mizuho Financial Group, Inc.
| | | 133,100 | | 205,990 |
MonotaRO Co., Ltd.
| | | 700 | | 15,564 |
MS&AD Insurance Group Holdings, Inc.
| | | 2,600 | | 79,162 |
Murata Manufacturing Co., Ltd.
| | | 3,000 | | 149,397 |
Nabtesco Corp.
| | | 700 | | 20,396 |
Nagoya Railroad Co., Ltd.
| | | 900 | | 24,922 |
NEC Corp.
| | | 1,400 | | 47,369 |
Nexon Co., Ltd. (b)
| | | 2,400 | | 37,599 |
NGK Insulators, Ltd.
| | | 1,500 | | 21,792 |
See accompanying notes to financial statements.
54
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
NGK Spark Plug Co., Ltd.
| | | 800 | | $14,846 |
NH Foods, Ltd.
| | | 400 | | 14,401 |
Nidec Corp.
| | | 1,200 | | 152,053 |
Nikon Corp. (a)
| | | 1,800 | | 25,386 |
Nintendo Co., Ltd.
| | | 700 | | 199,593 |
Nippon Building Fund, Inc. REIT
| | | 8 | | 54,208 |
Nippon Electric Glass Co., Ltd.
| | | 300 | | 7,955 |
Nippon Express Co., Ltd.
| | | 400 | | 22,261 |
Nippon Paint Holdings Co., Ltd.
| | | 700 | | 27,511 |
Nippon Prologis REIT, Inc.
| | | 11 | | 23,434 |
Nippon Steel & Sumitomo Metal Corp.
| | | 4,400 | | 77,676 |
Nippon Telegraph & Telephone Corp.
| | | 3,800 | | 161,462 |
Nippon Yusen KK
| | | 900 | | 13,189 |
Nissan Chemical Corp.
| | | 700 | | 32,064 |
Nissan Motor Co., Ltd. (a)
| | | 12,800 | | 105,027 |
Nisshin Seifun Group, Inc.
| | | 1,000 | | 22,948 |
Nissin Foods Holdings Co., Ltd.
| | | 300 | | 20,599 |
Nitori Holdings Co., Ltd.
| | | 500 | | 64,598 |
Nitto Denko Corp.
| | | 1,000 | | 52,536 |
Nomura Holdings, Inc.
| | | 20,100 | | 72,675 |
Nomura Real Estate Holdings, Inc.
| | | 500 | | 9,599 |
Nomura Real Estate Master Fund, Inc. REIT
| | | 22 | | 32,438 |
Nomura Research Institute, Ltd.
| | | 500 | | 22,722 |
NSK, Ltd.
| | | 2,300 | | 21,549 |
NTT Data Corp.
| | | 3,300 | | 36,403 |
NTT DOCOMO, Inc.
| | | 7,300 | | 161,684 |
Obayashi Corp.
| | | 3,600 | | 36,233 |
Obic Co., Ltd.
| | | 400 | | 40,331 |
Odakyu Electric Railway Co., Ltd.
| | | 1,500 | | 36,360 |
Oji Holdings Corp.
| | | 4,700 | | 29,172 |
Olympus Corp.
| | | 6,400 | | 69,502 |
Omron Corp. (a)
| | | 1,000 | | 46,799 |
Ono Pharmaceutical Co., Ltd.
| | | 2,200 | | 43,112 |
Oracle Corp. Japan
| | | 200 | | 13,425 |
Oriental Land Co., Ltd.
| | | 1,100 | | 124,922 |
ORIX Corp.
| | | 7,300 | | 104,832 |
Osaka Gas Co., Ltd.
| | | 2,100 | | 41,437 |
Otsuka Corp.
| | | 500 | | 18,679 |
Otsuka Holdings Co., Ltd.
| | | 2,200 | | 86,442 |
Pan Pacific International Holdings Corp.
| | | 700 | | 46,357 |
Panasonic Corp.
| | | 12,100 | | 104,312 |
Park24 Co., Ltd.
| | | 700 | | 15,197 |
Pigeon Corp.
| | | 600 | | 24,529 |
Pola Orbis Holdings, Inc.
| | | 500 | | 15,946 |
Rakuten, Inc.
| | | 4,800 | | 45,448 |
Recruit Holdings Co., Ltd.
| | | 6,100 | | 174,207 |
Renesas Electronics Corp. (b)
| | | 4,500 | | 20,816 |
Resona Holdings, Inc.
| | | 11,700 | | 50,707 |
Ricoh Co., Ltd. (a)
| | | 3,700 | | 38,676 |
Rinnai Corp.
| | | 200 | | 14,148 |
Rohm Co., Ltd.
| | | 600 | | 37,403 |
Ryohin Keikaku Co., Ltd.
| | | 100 | | 25,333 |
| Security Description | | | Shares | | Value |
Sankyo Co., Ltd.
| | | 300 | | $11,438 |
Santen Pharmaceutical Co., Ltd.
| | | 2,200 | | 32,776 |
SBI Holdings, Inc. (a)
| | | 1,300 | | 28,963 |
Secom Co., Ltd.
| | | 1,100 | | 94,233 |
Sega Sammy Holdings, Inc. (a)
| | | 1,100 | | 12,979 |
Seibu Holdings, Inc.
| | | 1,300 | | 22,750 |
Seiko Epson Corp. (a)
| | | 1,400 | | 21,439 |
Sekisui Chemical Co., Ltd.
| | | 2,200 | | 35,360 |
Sekisui House, Ltd.
| | | 3,500 | | 57,930 |
Seven & i Holdings Co., Ltd.
| | | 4,200 | | 158,461 |
Seven Bank, Ltd. (a)
| | | 4,600 | | 13,590 |
SG Holdings Co., Ltd.
| | | 500 | | 14,568 |
Sharp Corp.
| | | 1,000 | | 11,004 |
Shimadzu Corp.
| | | 1,300 | | 37,584 |
Shimamura Co., Ltd.
| | | 100 | | 8,465 |
Shimano, Inc.
| | | 500 | | 81,312 |
Shimizu Corp.
| | | 3,000 | | 26,074 |
Shin-Etsu Chemical Co., Ltd.
| | | 2,000 | | 167,683 |
Shinsei Bank, Ltd. (b)
| | | 700 | | 9,961 |
Shionogi & Co., Ltd.
| | | 1,500 | | 92,858 |
Shiseido Co., Ltd.
| | | 2,100 | | 151,535 |
Shizuoka Bank, Ltd.
| | | 2,000 | | 15,232 |
Showa Denko KK
| | | 600 | | 21,087 |
Showa Shell Sekiyu KK (e)
| | | 1,200 | | 16,469 |
SMC Corp.
| | | 300 | | 112,563 |
Softbank Corp. (a)
| | | 9,400 | | 105,902 |
SoftBank Group Corp.
| | | 4,600 | | 446,556 |
Sohgo Security Services Co., Ltd. (a)
| | | 300 | | 13,064 |
Sompo Holdings, Inc.
| | | 1,800 | | 66,643 |
Sony Corp.
| | | 7,100 | | 297,958 |
Sony Financial Holdings, Inc. (a)
| | | 1,100 | | 20,751 |
Stanley Electric Co., Ltd. (a)
| | | 700 | | 18,815 |
Subaru Corp.
| | | 3,400 | | 77,486 |
SUMCO Corp.
| | | 1,400 | | 15,570 |
Sumitomo Chemical Co., Ltd. (a)
| | | 7,600 | | 35,362 |
Sumitomo Corp.
| | | 6,200 | | 85,759 |
Sumitomo Dainippon Pharma Co., Ltd.
| | | 900 | | 22,255 |
Sumitomo Electric Industries, Ltd.
| | | 4,400 | | 58,376 |
Sumitomo Heavy Industries, Ltd.
| | | 700 | | 22,672 |
Sumitomo Metal Mining Co., Ltd.
| | | 1,300 | | 38,406 |
Sumitomo Mitsui Financial Group, Inc.
| | | 7,400 | | 259,135 |
Sumitomo Mitsui Trust Holdings, Inc.
| | | 1,800 | | 64,659 |
Sumitomo Realty & Development Co., Ltd.
| | | 1,900 | | 78,723 |
Sumitomo Rubber Industries, Ltd. (a)
| | | 1,100 | | 13,198 |
Sundrug Co., Ltd.
| | | 400 | | 11,022 |
Suntory Beverage & Food, Ltd.
| | | 800 | | 37,584 |
Suzuken Co., Ltd.
| | | 400 | | 23,165 |
Suzuki Motor Corp.
| | | 1,900 | | 84,078 |
Sysmex Corp.
| | | 1,000 | | 60,442 |
T&D Holdings, Inc. (a)
| | | 3,100 | | 32,601 |
Taiheiyo Cement Corp.
| | | 600 | | 20,003 |
See accompanying notes to financial statements.
55
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Taisei Corp. (a)
| | | 1,200 | | $55,726 |
Taisho Pharmaceutical Holdings Co., Ltd. (a)
| | | 200 | | 19,063 |
Taiyo Nippon Sanso Corp.
| | | 700 | | 10,663 |
Takashimaya Co., Ltd.
| | | 500 | | 6,659 |
Takeda Pharmaceutical Co., Ltd.
| | | 8,208 | | 335,261 |
TDK Corp.
| | | 800 | | 62,664 |
Teijin, Ltd.
| | | 1,200 | | 19,797 |
Temp Holdings Co., Ltd.
| | | 1,100 | | 17,809 |
Terumo Corp.
| | | 3,400 | | 103,826 |
THK Co., Ltd.
| | | 600 | | 14,820 |
Tobu Railway Co., Ltd.
| | | 900 | | 25,979 |
Toho Co., Ltd.
| | | 600 | | 24,095 |
Toho Gas Co., Ltd.
| | | 400 | | 17,961 |
Tohoku Electric Power Co., Inc.
| | | 2,100 | | 26,790 |
Tokio Marine Holdings, Inc.
| | | 3,700 | | 179,242 |
Tokyo Century Corp.
| | | 200 | | 8,700 |
Tokyo Electric Power Co. Holdings, Inc. (b)
| | | 7,800 | | 49,329 |
Tokyo Electron, Ltd. (a)
| | | 1,000 | | 144,554 |
Tokyo Gas Co., Ltd.
| | | 2,100 | | 56,795 |
Tokyu Corp.
| | | 2,800 | | 48,899 |
Tokyu Fudosan Holdings Corp.
| | | 2,400 | | 14,354 |
Toppan Printing Co., Ltd.
| | | 1,400 | | 21,136 |
Toray Industries, Inc.
| | | 7,700 | | 49,177 |
Toshiba Corp.
| | | 3,500 | | 111,465 |
Tosoh Corp.
| | | 1,500 | | 23,323 |
TOTO, Ltd.
| | | 800 | | 33,934 |
Toyo Seikan Group Holdings, Ltd.
| | | 900 | | 18,433 |
Toyo Suisan Kaisha, Ltd.
| | | 500 | | 19,041 |
Toyoda Gosei Co., Ltd. (a)
| | | 300 | | 6,353 |
Toyota Industries Corp.
| | | 900 | | 45,128 |
Toyota Motor Corp.
| | | 12,700 | | 744,319 |
Toyota Tsusho Corp.
| | | 1,200 | | 39,084 |
Trend Micro, Inc.
| | | 700 | | 34,088 |
Tsuruha Holdings, Inc.
| | | 200 | | 16,262 |
Unicharm Corp.
| | | 2,200 | | 72,807 |
United Urban Investment Corp. REIT
| | | 16 | | 25,283 |
USS Co., Ltd.
| | | 1,300 | | 24,124 |
Welcia Holdings Co., Ltd.
| | | 300 | | 10,178 |
West Japan Railway Co.
| | | 1,000 | | 75,340 |
Yahoo! Japan Corp. (a)
| | | 16,000 | | 39,174 |
Yakult Honsha Co., Ltd.
| | | 700 | | 48,950 |
Yamada Denki Co., Ltd. (a)
| | | 3,300 | | 16,279 |
Yamaguchi Financial Group, Inc.
| | | 1,000 | | 8,475 |
Yamaha Corp.
| | | 700 | | 34,973 |
Yamaha Motor Co., Ltd.
| | | 1,600 | | 31,383 |
Yamato Holdings Co., Ltd.
| | | 1,700 | | 43,911 |
Yamazaki Baking Co., Ltd.
| | | 700 | | 11,358 |
Yaskawa Electric Corp.
| | | 1,400 | | 43,954 |
Yokogawa Electric Corp.
| | | 1,300 | | 26,908 |
Yokohama Rubber Co., Ltd.
| | | 500 | | 9,288 |
ZOZO, Inc. (a)
| | | 1,100 | | 20,731 |
| | | | | | 17,965,374 |
| Security Description | | | Shares | | Value |
| LUXEMBOURG — 0.4% | | | | | |
ArcelorMittal
| | | 3,661 | | $74,232 |
Aroundtown SA
| | | 4,306 | | 35,537 |
Eurofins Scientific SE (a)
| | | 63 | | 26,103 |
Millicom International Cellular SA SDR
| | | 381 | | 23,188 |
RTL Group SA
| | | 253 | | 13,835 |
SES SA
| | | 2,169 | | 33,768 |
Tenaris SA
| | | 2,785 | | 39,136 |
| | | | | | 245,799 |
| MACAU — 0.1% | | | | | |
MGM China Holdings, Ltd. (a)
| | | 5,600 | | 11,714 |
Wynn Macau, Ltd.
| | | 8,400 | | 19,796 |
| | | | | | 31,510 |
| MEXICO — 0.0% (c) | | | | | |
Fresnillo PLC
| | | 1,406 | | 15,954 |
| NETHERLANDS — 3.1% | | | | | |
ABN AMRO Group NV (d)
| | | 2,399 | | 54,144 |
Adyen NV (b)(d)
| | | 40 | | 31,350 |
Aegon NV
| | | 9,556 | | 45,967 |
Akzo Nobel NV
| | | 1,234 | | 109,448 |
ASML Holding NV
| | | 2,301 | | 431,991 |
EXOR NV
| | | 659 | | 42,844 |
Heineken Holding NV
| | | 590 | | 59,160 |
Heineken NV
| | | 1,458 | | 154,020 |
ING Groep NV
| | | 21,419 | | 259,359 |
Koninklijke Ahold Delhaize NV
| | | 6,980 | | 185,944 |
Koninklijke DSM NV
| | | 1,037 | | 113,133 |
Koninklijke KPN NV
| | | 18,130 | | 57,530 |
Koninklijke Philips NV
| | | 5,288 | | 215,625 |
Koninklijke Vopak NV
| | | 437 | | 20,933 |
NN Group NV
| | | 1,700 | | 70,684 |
NXP Semiconductors NV
| | | 1,886 | | 166,703 |
Randstad NV (a)
| | | 699 | | 34,118 |
Wolters Kluwer NV
| | | 1,596 | | 108,778 |
| | | | | | 2,161,731 |
| NEW ZEALAND — 0.3% | | | | | |
a2 Milk Co., Ltd. (b)
| | | 3,644 | | 35,563 |
Auckland International Airport, Ltd.
| | | 4,877 | | 27,075 |
Fisher & Paykel Healthcare Corp., Ltd.
| | | 3,276 | | 35,077 |
Fletcher Building, Ltd.
| | | 5,185 | | 17,504 |
Meridian Energy, Ltd.
| | | 8,015 | | 22,876 |
Ryman Healthcare, Ltd.
| | | 2,436 | | 20,352 |
Spark New Zealand, Ltd.
| | | 10,639 | | 27,572 |
| | | | | | 186,019 |
| NORWAY — 0.6% | | | | | |
DNB ASA
| | | 5,421 | | 99,964 |
Gjensidige Forsikring ASA (a)
| | | 1,268 | | 21,939 |
Mowi ASA
| | | 2,270 | | 50,743 |
Norsk Hydro ASA
| | | 7,932 | | 32,192 |
Orkla ASA
| | | 4,856 | | 37,330 |
Schibsted ASA Class B
| | | 515 | | 18,479 |
See accompanying notes to financial statements.
56
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Telenor ASA
| | | 4,164 | | $83,506 |
Yara International ASA
| | | 1,059 | | 43,385 |
| | | | | | 387,538 |
| PORTUGAL — 0.1% | | | | | |
EDP - Energias de Portugal SA
| | | 13,787 | | 54,260 |
Jeronimo Martins SGPS SA
| | | 1,455 | | 21,484 |
| | | | | | 75,744 |
| SINGAPORE — 1.4% | | | | | |
Ascendas Real Estate Investment Trust
| | | 12,800 | | 27,499 |
CapitaLand Commercial Trust REIT
| | | 15,994 | | 22,908 |
CapitaLand Mall Trust REIT
| | | 15,000 | | 26,357 |
CapitaLand, Ltd.
| | | 15,300 | | 41,229 |
City Developments, Ltd.
| | | 2,300 | | 15,367 |
ComfortDelGro Corp., Ltd.
| | | 13,800 | | 26,184 |
DBS Group Holdings, Ltd.
| | | 9,873 | | 183,902 |
Genting Singapore, Ltd.
| | | 34,200 | | 26,259 |
Golden Agri-Resources, Ltd.
| | | 29,400 | | 6,078 |
Jardine Cycle & Carriage, Ltd.
| | | 400 | | 9,595 |
Keppel Corp., Ltd.
| | | 8,800 | | 40,410 |
Oversea-Chinese Banking Corp., Ltd.
| | | 17,846 | | 145,588 |
SATS, Ltd.
| | | 4,200 | | 15,845 |
Sembcorp Industries, Ltd.
| | | 6,900 | | 12,990 |
Singapore Airlines, Ltd.
| | | 2,900 | | 20,682 |
Singapore Exchange, Ltd.
| | | 4,200 | | 22,667 |
Singapore Press Holdings, Ltd. (a)
| | | 9,200 | | 16,369 |
Singapore Technologies Engineering, Ltd.
| | | 8,500 | | 23,470 |
Singapore Telecommunications, Ltd.
| | | 45,000 | | 100,332 |
Suntec Real Estate Investment Trust
| | | 11,200 | | 16,124 |
United Overseas Bank, Ltd.
| | | 7,371 | | 137,080 |
UOL Group, Ltd.
| | | 2,823 | | 14,485 |
Venture Corp., Ltd.
| | | 1,400 | | 18,543 |
Wilmar International, Ltd.
| | | 10,700 | | 26,148 |
| | | | | | 996,111 |
| SOUTH AFRICA — 0.0% (c) | | | | | |
Investec PLC
| | | 3,572 | | 20,587 |
| SPAIN — 3.1% | | | | | |
Abertis Infraestructuras SA (e)
| | | 177 | | 3,649 |
ACS Actividades de Construccion y Servicios SA
| | | 1,460 | | 64,197 |
Aena SME SA (d)
| | | 395 | | 71,186 |
Amadeus IT Group SA
| | | 2,420 | | 194,015 |
Banco Bilbao Vizcaya Argentaria SA
| | | 36,925 | | 211,162 |
Banco de Sabadell SA
| | | 31,207 | | 31,109 |
Banco Santander SA
| | | 90,115 | | 419,364 |
Bankia SA (a)
| | | 6,515 | | 16,898 |
Bankinter SA
| | | 3,971 | | 30,275 |
CaixaBank SA
| | | 19,642 | | 61,401 |
Enagas SA
| | | 1,358 | | 39,554 |
Endesa SA
| | | 1,688 | | 43,101 |
Ferrovial SA
| | | 2,758 | | 64,662 |
| Security Description | | | Shares | | Value |
Grifols SA
| | | 1,593 | | $44,646 |
Iberdrola SA
| | | 34,804 | | 305,837 |
Industria de Diseno Textil SA
| | | 6,019 | | 177,071 |
Mapfre SA
| | | 6,754 | | 18,626 |
Naturgy Energy Group SA
| | | 1,876 | | 52,514 |
Red Electrica Corp. SA
| | | 2,326 | | 49,623 |
Siemens Gamesa Renewable Energy SA (b)
| | | 1,266 | | 20,179 |
Telefonica SA
| | | 25,754 | | 215,988 |
| | | | | | 2,135,057 |
| SWEDEN — 2.6% | | | | | |
Alfa Laval AB
| | | 1,758 | | 40,447 |
Assa Abloy AB Class B
| | | 5,552 | | 120,135 |
Atlas Copco AB Class A
| | | 3,726 | | 100,287 |
Atlas Copco AB Class B
| | | 2,263 | | 56,140 |
Boliden AB
| | | 1,660 | | 47,356 |
Electrolux AB Class B
| | | 1,443 | | 37,167 |
Epiroc AB Class A (b)
| | | 3,457 | | 34,983 |
Epiroc AB Class B (b)
| | | 2,165 | | 20,774 |
Essity AB Class B
| | | 3,359 | | 97,091 |
Hennes & Mauritz AB Class B
| | | 4,893 | | 81,767 |
Hexagon AB Class B
| | | 1,435 | | 75,035 |
Husqvarna AB Class B (a)
| | | 2,589 | | 21,197 |
ICA Gruppen AB (a)
| | | 506 | | 20,348 |
Industrivarden AB Class C
| | | 1,014 | | 21,291 |
Investor AB Class B
| | | 2,510 | | 113,305 |
Kinnevik AB Class B
| | | 1,415 | | 36,735 |
L E Lundbergforetagen AB Class B
| | | 406 | | 12,869 |
Sandvik AB
| | | 6,367 | | 103,654 |
Securitas AB Class B
| | | 1,863 | | 30,179 |
Skandinaviska Enskilda Banken AB Class A (a)
| | | 9,079 | | 78,777 |
Skanska AB Class B (a)
| | | 2,037 | | 37,093 |
SKF AB Class B (a)
| | | 2,087 | | 34,741 |
Svenska Handelsbanken AB Class A (a)
| | | 8,432 | | 89,181 |
Swedbank AB Class A (a)
| | | 5,012 | | 70,976 |
Swedish Match AB
| | | 1,011 | | 51,655 |
Tele2 AB Class B
| | | 2,842 | | 37,948 |
Telefonaktiebolaget LM Ericsson Class B
| | | 17,007 | | 156,624 |
Telia Co. AB
| | | 15,436 | | 69,813 |
Volvo AB Class B
| | | 8,661 | | 134,463 |
| | | | | | 1,832,031 |
| SWITZERLAND — 10.0% | | | | | |
ABB, Ltd.
| | | 10,160 | | 190,876 |
Adecco Group AG
| | | 906 | | 48,325 |
Baloise Holding AG
| | | 271 | | 44,763 |
Barry Callebaut AG
| | | 13 | | 23,470 |
Chocoladefabriken Lindt & Spruengli AG (f)
| | | 6 | | 40,787 |
Chocoladefabriken Lindt & Spruengli AG (f)
| | | 1 | | 78,221 |
Cie Financiere Richemont SA
| | | 2,884 | | 210,067 |
Clariant AG
| | | 1,076 | | 22,613 |
See accompanying notes to financial statements.
57
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Coca-Cola HBC AG
| | | 1,071 | | $36,494 |
Credit Suisse Group AG
| | | 14,247 | | 166,017 |
Dufry AG
| | | 184 | | 19,326 |
EMS-Chemie Holding AG
| | | 42 | | 22,773 |
Ferguson PLC
| | | 1,314 | | 83,624 |
Geberit AG
| | | 206 | | 84,187 |
Givaudan SA
| | | 52 | | 132,833 |
Julius Baer Group, Ltd.
| | | 1,245 | | 50,293 |
Kuehne + Nagel International AG
| | | 286 | | 39,228 |
LafargeHolcim, Ltd.
| | | 2,716 | | 134,150 |
Lonza Group AG
| | | 420 | | 130,230 |
Nestle SA
| | | 17,007 | | 1,620,609 |
Novartis AG
| | | 12,032 | | 1,157,169 |
Pargesa Holding SA
| | | 207 | | 16,212 |
Partners Group Holding AG
| | | 96 | | 69,790 |
Roche Holding AG
| | | 3,918 | | 1,079,328 |
Schindler Holding AG (f)
| | | 229 | | 47,460 |
Schindler Holding AG (f)
| | | 99 | | 20,478 |
SGS SA
| | | 30 | | 74,646 |
Sika AG
| | | 703 | | 98,190 |
Sonova Holding AG
| | | 307 | | 60,728 |
STMicroelectronics NV
| | | 3,818 | | 56,439 |
Straumann Holding AG
| | | 62 | | 50,582 |
Swatch Group AG (f)
| | | 177 | | 50,653 |
Swatch Group AG (f)
| | | 265 | | 14,662 |
Swiss Life Holding AG
| | | 199 | | 87,621 |
Swiss Prime Site AG
| | | 413 | | 36,183 |
Swiss Re AG
| | | 1,675 | | 163,615 |
Swisscom AG (a)
| | | 140 | | 68,461 |
Temenos AG
| | | 300 | | 44,221 |
UBS Group AG
| | | 22,489 | | 272,560 |
Vifor Pharma AG
| | | 214 | | 28,934 |
Zurich Insurance Group AG
| | | 836 | | 276,680 |
| | | | | | 6,953,498 |
| UNITED ARAB EMIRATES — 0.0% (c) | | | | | |
NMC Health PLC (a)
| | | 546 | | 16,250 |
| UNITED KINGDOM — 14.4% | | | | | |
3i Group PLC
| | | 5,394 | | 69,218 |
Admiral Group PLC
| | | 1,037 | | 29,322 |
Ashtead Group PLC
| | | 2,750 | | 66,382 |
Associated British Foods PLC
| | | 1,972 | | 62,673 |
AstraZeneca PLC
| | | 7,020 | | 561,194 |
Auto Trader Group PLC (d)
| | | 4,905 | | 33,338 |
Aviva PLC
| | | 22,138 | | 118,965 |
Babcock International Group PLC
| | | 1,590 | | 10,225 |
BAE Systems PLC
| | | 17,538 | | 110,242 |
Barclays PLC
| | | 94,937 | | 191,351 |
Barratt Developments PLC
| | | 6,017 | | 46,980 |
Berkeley Group Holdings PLC
| | | 650 | | 31,245 |
British American Tobacco PLC
| | | 12,861 | | 535,268 |
British Land Co. PLC REIT
| | | 5,186 | | 39,802 |
BT Group PLC
| | | 46,688 | | 135,636 |
Bunzl PLC
| | | 1,818 | | 59,982 |
Burberry Group PLC
| | | 2,336 | | 59,494 |
| Security Description | | | Shares | | Value |
Carnival PLC
| | | 1,013 | | $49,698 |
CNH Industrial NV
| | | 5,688 | | 57,890 |
Coca-Cola European Partners PLC (b)(f)
| | | 101 | | 5,226 |
Coca-Cola European Partners PLC (b)(f)
| | | 1,182 | | 60,919 |
Compass Group PLC
| | | 8,719 | | 205,015 |
ConvaTec Group PLC (d)
| | | 7,381 | | 13,614 |
Croda International PLC
| | | 774 | | 50,811 |
DCC PLC
| | | 528 | | 45,650 |
Diageo PLC
| | | 13,643 | | 557,859 |
Direct Line Insurance Group PLC
| | | 8,189 | | 37,668 |
easyJet PLC
| | | 991 | | 14,431 |
Experian PLC
| | | 5,074 | | 137,457 |
Fiat Chrysler Automobiles NV (b)
| | | 6,182 | | 92,127 |
G4S PLC
| | | 8,986 | | 21,486 |
GlaxoSmithKline PLC
| | | 27,484 | | 571,863 |
GVC Holdings PLC
| | | 2,637 | | 19,208 |
Hammerson PLC REIT
| | | 4,569 | | 19,992 |
Hargreaves Lansdown PLC
| | | 1,554 | | 37,735 |
HSBC Holdings PLC
| | | 110,997 | | 901,508 |
Imperial Brands PLC
| | | 5,273 | | 180,329 |
Informa PLC
| | | 6,609 | | 64,089 |
InterContinental Hotels Group PLC
| | | 924 | | 55,565 |
Intertek Group PLC
| | | 897 | | 56,770 |
ITV PLC
| | | 21,523 | | 35,646 |
J Sainsbury PLC
| | | 9,603 | | 29,494 |
John Wood Group PLC
| | | 3,839 | | 25,382 |
Johnson Matthey PLC
| | | 1,149 | | 47,042 |
Kingfisher PLC
| | | 11,977 | | 36,644 |
Land Securities Group PLC REIT
| | | 4,444 | | 52,893 |
Legal & General Group PLC
| | | 33,002 | | 118,388 |
Lloyds Banking Group PLC
| | | 398,245 | | 322,465 |
London Stock Exchange Group PLC
| | | 1,735 | | 107,410 |
Marks & Spencer Group PLC
| | | 9,660 | | 35,106 |
Meggitt PLC
| | | 4,576 | | 29,981 |
Melrose Industries PLC
| | | 27,507 | | 65,646 |
Merlin Entertainments PLC (d)
| | | 4,433 | | 19,830 |
Micro Focus International PLC
| | | 2,543 | | 66,157 |
Mondi PLC
| | | 2,202 | | 48,721 |
National Grid PLC
| | | 18,998 | | 210,619 |
Next PLC
| | | 841 | | 61,149 |
Pearson PLC
| | | 4,349 | | 47,387 |
Persimmon PLC
| | | 1,709 | | 48,324 |
Prudential PLC
| | | 14,289 | | 286,272 |
Reckitt Benckiser Group PLC
| | | 3,758 | | 312,518 |
RELX PLC (f)
| | | 5,344 | | 114,306 |
RELX PLC (f)
| | | 5,572 | | 119,187 |
Rolls-Royce Holdings PLC
| | | 9,423 | | 110,901 |
Royal Bank of Scotland Group PLC
| | | 26,405 | | 84,985 |
Royal Mail PLC
| | | 5,639 | | 17,510 |
RSA Insurance Group PLC
| | | 6,113 | | 40,449 |
Sage Group PLC
| | | 6,471 | | 59,125 |
Schroders PLC
| | | 673 | | 23,695 |
Segro PLC REIT
| | | 5,398 | | 47,366 |
Severn Trent PLC
| | | 1,422 | | 36,614 |
See accompanying notes to financial statements.
58
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Smith & Nephew PLC
| | | 4,855 | | $96,350 |
Smiths Group PLC
| | | 2,368 | | 44,279 |
St James's Place PLC
| | | 3,124 | | 41,847 |
Standard Chartered PLC
| | | 15,617 | | 120,328 |
Standard Life Aberdeen PLC
| | | 12,960 | | 44,575 |
Taylor Wimpey PLC
| | | 19,512 | | 44,608 |
Tesco PLC
| | | 54,848 | | 165,881 |
Unilever NV
| | | 8,567 | | 498,095 |
Unilever PLC
| | | 6,351 | | 363,716 |
United Utilities Group PLC
| | | 4,091 | | 43,414 |
Vodafone Group PLC
| | | 149,784 | | 272,856 |
Weir Group PLC
| | | 1,290 | | 26,189 |
Whitbread PLC
| | | 1,080 | | 71,462 |
Wm Morrison Supermarkets PLC
| | | 13,231 | | 39,231 |
WPP PLC
| | | 7,041 | | 74,389 |
| | | | | | 10,026,659 |
| UNITED STATES — 0.0% (c) | | | | | |
International Flavors & Fragrances, Inc.
| | | 1 | | 98 |
TOTAL COMMON STOCKS
(Cost $70,779,504)
| | | | | 69,149,314 |
| | | | |
| SHORT-TERM INVESTMENTS — 2.3% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (g) (h)
| 21,264 | 21,264 |
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)
| 1,617,662 | 1,617,662 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,638,926)
| 1,638,926 |
TOTAL INVESTMENTS — 101.5%
(Cost $72,418,430)
| 70,788,240 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.5)%
| (1,055,514) |
NET ASSETS — 100.0%
| $69,732,726 |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (b) | Non-income producing security. |
| (c) | Amount is less than 0.05% of net assets. |
| (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, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (e) | Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2019, total aggregate fair value of securities is $20,118 representing 0.0% of net assets. |
| (f) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (g) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (h) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (i) | Investment of cash collateral for securities loaned. |
| ADR | = American Depositary Receipt |
| REIT | = Real Estate Investment Trust |
| SDR | = Swedish Depositary Receipt |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $69,129,196 | | $20,118 | | $— | | $69,149,314 |
Short-Term Investments
| | 1,638,926 | | — | | — | | 1,638,926 |
TOTAL INVESTMENTS
| | $70,768,122 | | $20,118 | | $— | | $70,788,240 |
See accompanying notes to financial statements.
59
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 16,515 | | $16,515 | | $1,153,077 | | $1,148,328 | | $— | | $— | | 21,264 | | $21,264 | | $511 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 1,469,041 | | 1,469,041 | | 6,496,949 | | 6,348,328 | | — | | — | | 1,617,662 | | 1,617,662 | | 3,231 | | — |
Total
| | | $1,485,556 | | $7,650,026 | | $7,496,656 | | $— | | $— | | | | $1,638,926 | | $3,742 | | $— |
See accompanying notes to financial statements.
60
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.1% | | | | | |
| AUSTRALIA — 5.7% | | | | | |
AGL Energy, Ltd.
| | | 22,222 | | $343,648 |
Amcor, Ltd.
| | | 29,548 | | 323,027 |
Aristocrat Leisure, Ltd.
| | | 13,407 | | 233,425 |
ASX, Ltd.
| | | 4,898 | | 242,994 |
Aurizon Holdings, Ltd.
| | | 31,164 | | 100,725 |
Australia & New Zealand Banking Group, Ltd.
| | | 27,438 | | 507,340 |
Bank of Queensland, Ltd.
| | | 13,259 | | 85,709 |
Bendigo & Adelaide Bank, Ltd. (a)
| | | 12,725 | | 87,499 |
BHP Group PLC
| | | 9,475 | | 228,236 |
BHP Group, Ltd.
| | | 14,538 | | 397,489 |
Brambles, Ltd.
| | | 40,067 | | 334,708 |
Caltex Australia, Ltd.
| | | 11,540 | | 214,855 |
Coca-Cola Amatil, Ltd.
| | | 14,494 | | 89,059 |
Cochlear, Ltd.
| | | 2,732 | | 336,280 |
Coles Group, Ltd. (b)
| | | 22,227 | | 187,099 |
Commonwealth Bank of Australia
| | | 18,946 | | 950,693 |
CSL, Ltd.
| | | 14,230 | | 1,970,508 |
Dexus REIT
| | | 50,913 | | 460,755 |
Flight Centre Travel Group, Ltd.
| | | 2,771 | | 82,770 |
Fortescue Metals Group, Ltd.
| | | 31,620 | | 159,700 |
Goodman Group REIT
| | | 22,161 | | 210,157 |
GPT Group REIT
| | | 79,006 | | 348,517 |
Insurance Australia Group, Ltd.
| | | 35,946 | | 196,103 |
LendLease Group
| | | 5,650 | | 49,687 |
Macquarie Group, Ltd.
| | | 1,485 | | 136,521 |
Medibank Pvt, Ltd.
| | | 124,571 | | 244,230 |
Mirvac Group REIT
| | | 112,159 | | 219,098 |
National Australia Bank, Ltd. (a)
| | | 22,386 | | 401,841 |
Newcrest Mining, Ltd.
| | | 20,993 | | 380,415 |
QBE Insurance Group, Ltd.
| | | 15,813 | | 138,275 |
Ramsay Health Care, Ltd. (a)
| | | 2,608 | | 119,214 |
REA Group, Ltd.
| | | 1,489 | | 79,011 |
Scentre Group REIT
| | | 219,968 | | 642,205 |
SEEK, Ltd.
| | | 3,193 | | 39,783 |
Sonic Healthcare, Ltd.
| | | 26,447 | | 461,399 |
Stockland REIT
| | | 58,420 | | 159,770 |
Suncorp Group, Ltd.
| | | 10,495 | | 102,732 |
Tabcorp Holdings, Ltd.
| | | 19,413 | | 63,710 |
Telstra Corp., Ltd.
| | | 267,556 | | 630,994 |
Transurban Group Stapled Security
| | | 63,212 | | 592,715 |
Vicinity Centres REIT
| | | 165,189 | | 305,089 |
Wesfarmers, Ltd. (a)
| | | 29,285 | | 720,810 |
Westpac Banking Corp. (a)
| | | 36,283 | | 668,052 |
Woodside Petroleum, Ltd.
| | | 5,376 | | 132,208 |
Woolworths Group, Ltd. (a)
| | | 37,646 | | 812,952 |
| | | | | | 15,192,007 |
| AUSTRIA — 0.0% (c) | | | | | |
OMV AG
| | | 1,876 | | 101,890 |
| BELGIUM — 1.2% | | | | | |
Ageas
| | | 4,476 | | 216,113 |
Anheuser-Busch InBev SA
| | | 4,844 | | 406,626 |
Colruyt SA
| | | 10,540 | | 779,916 |
| Security Description | | | Shares | | Value |
Groupe Bruxelles Lambert SA
| | | 6,457 | | $628,016 |
KBC Group NV
| | | 2,128 | | 148,813 |
Proximus SADP
| | | 21,806 | | 629,506 |
Solvay SA
| | | 756 | | 81,814 |
UCB SA
| | | 4,648 | | 399,567 |
| | | | | | 3,290,371 |
| CHINA — 0.1% | | | | | |
BeiGene, Ltd. ADR (a)(b)
| | | 772 | | 101,904 |
BOC Hong Kong Holdings, Ltd.
| | | 49,036 | | 203,017 |
| | | | | | 304,921 |
| DENMARK — 3.2% | | | | | |
AP Moller - Maersk A/S Class B (a)
| | | 97 | | 123,164 |
Carlsberg A/S Class B
| | | 1,450 | | 181,276 |
Chr. Hansen Holding A/S
| | | 4,717 | | 478,607 |
Coloplast A/S Class B
| | | 6,992 | | 767,909 |
Danske Bank A/S
| | | 14,131 | | 248,246 |
Demant A/S (a)(b)
| | | 4,156 | | 123,018 |
DSV A/S
| | | 10,164 | | 841,414 |
Genmab A/S (b)
| | | 221 | | 38,392 |
H Lundbeck A/S (a)
| | | 2,121 | | 91,875 |
ISS A/S
| | | 11,922 | | 363,112 |
Novo Nordisk A/S Class B
| | | 69,496 | | 3,641,703 |
Novozymes A/S Class B
| | | 7,567 | | 348,266 |
Orsted A/S (d)
| | | 8,267 | | 627,176 |
Pandora A/S
| | | 5,917 | | 277,310 |
Tryg A/S
| | | 18,147 | | 498,393 |
| | | | | | 8,649,861 |
| FINLAND — 1.4% | | | | | |
Elisa Oyj
| | | 16,812 | | 759,247 |
Fortum Oyj (a)
| | | 2,927 | | 59,914 |
Kone Oyj Class B
| | | 11,440 | | 577,529 |
Neste Oyj (a)
| | | 2,379 | | 253,770 |
Nokia Oyj
| | | 23,778 | | 135,471 |
Nokian Renkaat Oyj
| | | 3,314 | | 111,038 |
Nordea Bank Abp (a)
| | | 28,810 | | 219,757 |
Orion Oyj Class B (a)
| | | 5,833 | | 218,887 |
Sampo Oyj Class A
| | | 23,877 | | 1,083,404 |
UPM-Kymmene Oyj (a)
| | | 3,481 | | 101,625 |
Wartsila OYJ Abp (a)
| | | 12,248 | | 197,832 |
| | | | | | 3,718,474 |
| FRANCE — 8.2% | | | | | |
Aeroports de Paris
| | | 2,920 | | 565,252 |
Air Liquide SA
| | | 4,787 | | 609,266 |
Airbus SE
| | | 2,878 | | 381,001 |
Atos SE
| | | 722 | | 69,720 |
AXA SA
| | | 24,043 | | 605,536 |
BNP Paribas SA
| | | 16,008 | | 765,897 |
Bureau Veritas SA
| | | 3,310 | | 77,678 |
Capgemini SE
| | | 848 | | 102,930 |
Carrefour SA
| | | 7,219 | | 134,962 |
Casino Guichard Perrachon SA (a)
| | | 2,508 | | 108,843 |
Cie de Saint-Gobain
| | | 4,395 | | 159,447 |
Cie Generale des Etablissements Michelin SCA
| | | 4,845 | | 573,398 |
See accompanying notes to financial statements.
61
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Credit Agricole SA
| | | 17,679 | | $213,794 |
Danone SA
| | | 7,595 | | 585,791 |
Dassault Systemes SE
| | | 4,127 | | 615,164 |
Engie SA
| | | 18,617 | | 277,606 |
EssilorLuxottica SA
| | | 4,348 | | 475,424 |
Eutelsat Communications SA
| | | 4,745 | | 83,089 |
Faurecia SA
| | | 2,509 | | 105,590 |
Hermes International
| | | 1,613 | | 1,065,323 |
Iliad SA
| | | 707 | | 71,050 |
Kering SA
| | | 1,657 | | 951,119 |
Legrand SA
| | | 6,393 | | 428,262 |
L'Oreal SA
| | | 8,170 | | 2,199,849 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 7,065 | | 2,601,209 |
Orange SA
| | | 39,525 | | 643,519 |
Pernod Ricard SA
| | | 2,092 | | 375,840 |
Peugeot SA
| | | 7,204 | | 175,855 |
Publicis Groupe SA
| | | 1,548 | | 82,963 |
Renault SA
| | | 3,840 | | 254,005 |
Safran SA
| | | 2,495 | | 342,485 |
Sanofi
| | | 14,165 | | 1,252,373 |
Schneider Electric SE
| | | 2,851 | | 223,895 |
SCOR SE
| | | 6,982 | | 297,596 |
SEB SA
| | | 459 | | 77,308 |
Societe BIC SA
| | | 1,740 | | 155,226 |
Societe Generale SA
| | | 13,541 | | 391,896 |
Sodexo SA
| | | 5,201 | | 573,249 |
Thales SA
| | | 7,069 | | 847,320 |
TOTAL SA
| | | 24,424 | | 1,358,061 |
Unibail-Rodamco-Westfield
| | | 22,133 | | 181,906 |
Unibail-Rodamco-Westfield REIT
| | | 24 | | 3,938 |
Unibail-Rodamco-Westfield REIT (a)
| | | 558 | | 91,564 |
Valeo SA
| | | 6,581 | | 191,018 |
Vinci SA
| | | 3,158 | | 307,506 |
Vivendi SA
| | | 5,648 | | 163,810 |
| | | | | | 21,818,533 |
| GERMANY — 7.1% | | | | | |
adidas AG
| | | 4,844 | | 1,178,106 |
Allianz SE
| | | 3,883 | | 864,506 |
BASF SE
| | | 24,043 | | 1,769,092 |
Bayer AG
| | | 7,398 | | 478,474 |
Bayerische Motoren Werke AG
| | | 4,509 | | 348,076 |
Beiersdorf AG
| | | 7,372 | | 767,669 |
Commerzbank AG (b)
| | | 19,859 | | 153,861 |
Continental AG
| | | 3,485 | | 525,142 |
Covestro AG (d)
| | | 7,009 | | 385,790 |
Daimler AG
| | | 13,185 | | 773,550 |
Deutsche Bank AG
| | | 28,555 | | 232,777 |
Deutsche Boerse AG
| | | 802 | | 102,930 |
Deutsche Lufthansa AG
| | | 7,462 | | 163,929 |
Deutsche Post AG
| | | 26,765 | | 871,539 |
Deutsche Telekom AG
| | | 21,424 | | 355,908 |
E.ON SE
| | | 18,003 | | 200,368 |
Fresenius Medical Care AG & Co. KGaA
| | | 6,328 | | 510,878 |
| Security Description | | | Shares | | Value |
Fresenius SE & Co. KGaA
| | | 2,655 | | $148,343 |
Fuchs Petrolub SE Preference Shares
| | | 2,230 | | 91,895 |
GEA Group AG
| | | 3,972 | | 104,140 |
Hannover Rueck SE
| | | 1,736 | | 249,506 |
HeidelbergCement AG
| | | 1,284 | | 92,502 |
Henkel AG & Co. KGaA Preference Shares
| | | 4,246 | | 433,854 |
Henkel AG & Co. KGaA
| | | 5,975 | | 568,590 |
HUGO BOSS AG
| | | 2,230 | | 152,441 |
Infineon Technologies AG
| | | 4,224 | | 83,879 |
Innogy SE (d)(e)
| | | 590 | | 27,308 |
Innogy SE (b)(e)
| | | 11,659 | | 499,433 |
Merck KGaA
| | | 3,107 | | 354,626 |
METRO AG
| | | 6,273 | | 104,175 |
MTU Aero Engines AG
| | | 756 | | 171,303 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 4,364 | | 1,033,925 |
Porsche Automobil Holding SE Preference Shares
| | | 1,855 | | 116,517 |
ProSiebenSat.1 Media SE
| | | 5,228 | | 74,670 |
Puma SE
| | | 62 | | 35,992 |
RWE AG
| | | 8,003 | | 214,769 |
SAP SE
| | | 24,285 | | 2,808,646 |
Siemens AG
| | | 5,039 | | 542,832 |
ThyssenKrupp AG
| | | 5,705 | | 78,440 |
TUI AG
| | | 16,722 | | 160,284 |
Uniper SE
| | | 14,381 | | 434,212 |
United Internet AG
| | | 1,101 | | 40,215 |
Volkswagen AG Preference Shares
| | | 3,648 | | 574,773 |
| | | | | | 18,879,865 |
| HONG KONG — 6.0% | | | | | |
AIA Group, Ltd.
| | | 285,823 | | 2,845,504 |
ASM Pacific Technology, Ltd.
| | | 12,400 | | 138,296 |
Bank of East Asia, Ltd.
| | | 31,213 | | 101,393 |
CK Asset Holdings, Ltd.
| | | 25,620 | | 227,807 |
CK Hutchison Holdings, Ltd.
| | | 45,000 | | 472,646 |
CK Infrastructure Holdings, Ltd.
| | | 74,000 | | 607,558 |
CLP Holdings, Ltd.
| | | 123,000 | | 1,425,869 |
Dairy Farm International Holdings, Ltd.
| | | 18,400 | | 154,376 |
Galaxy Entertainment Group, Ltd.
| | | 52,000 | | 354,066 |
Hang Seng Bank, Ltd.
| | | 48,829 | | 1,204,871 |
HK Electric Investments & HK Electric Investments, Ltd.
| | | 384,540 | | 392,870 |
HKT Trust & HKT, Ltd.
| | | 486,540 | | 782,188 |
Hong Kong & China Gas Co., Ltd.
| | | 679,272 | | 1,628,533 |
Hong Kong Exchanges & Clearing, Ltd.
| | | 33,243 | | 1,158,642 |
Jardine Matheson Holdings, Ltd.
| | | 5,800 | | 361,688 |
Jardine Strategic Holdings, Ltd.
| | | 2,600 | | 97,318 |
Link REIT
| | | 47,000 | | 549,634 |
MTR Corp., Ltd.
| | | 177,789 | | 1,100,713 |
New World Development Co., Ltd.
| | | 78,749 | | 130,614 |
PCCW, Ltd.
| | | 457,000 | | 284,099 |
See accompanying notes to financial statements.
62
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Power Assets Holdings, Ltd.
| | | 94,000 | | $652,017 |
Sands China, Ltd.
| | | 74,000 | | 371,888 |
Sun Hung Kai Properties, Ltd.
| | | 10,000 | | 171,594 |
Swire Pacific, Ltd. Class A
| | | 15,500 | | 199,428 |
Techtronic Industries Co., Ltd.
| | | 38,500 | | 258,712 |
WH Group, Ltd. (d)
| | | 101,000 | | 108,077 |
Yue Yuen Industrial Holdings, Ltd.
| | | 49,500 | | 170,256 |
| | | | | | 15,950,657 |
| IRELAND — 0.9% | | | | | |
AIB Group PLC
| | | 21,892 | | 98,375 |
Bank of Ireland Group PLC
| | | 14,313 | | 85,339 |
CRH PLC
| | | 5,028 | | 156,103 |
James Hardie Industries PLC
| | | 7,796 | | 100,457 |
Kerry Group PLC Class A
| | | 12,502 | | 1,396,768 |
Kingspan Group PLC
| | | 2,412 | | 111,745 |
Paddy Power Betfair PLC
| | | 881 | | 68,010 |
Ryanair Holdings PLC ADR (b)
| | | 4,427 | | 331,759 |
| | | | | | 2,348,556 |
| ISRAEL — 0.9% | | | | | |
Azrieli Group, Ltd.
| | | 1,880 | | 111,422 |
Bank Hapoalim BM
| | | 67,028 | | 443,794 |
Bank Leumi Le-Israel BM
| | | 86,143 | | 562,759 |
Bezeq The Israeli Telecommunication Corp., Ltd.
| | | 93,510 | | 67,118 |
Check Point Software Technologies, Ltd. (b)
| | | 5,068 | | 641,051 |
Mizrahi Tefahot Bank, Ltd.
| | | 18,527 | | 380,816 |
Teva Pharmaceutical Industries, Ltd. ADR (b)
| | | 640 | | 10,035 |
Teva Pharmaceutical Industries, Ltd. (b)
| | | 7,521 | | 117,083 |
| | | | | | 2,334,078 |
| ITALY — 1.1% | | | | | |
Assicurazioni Generali SpA
| | | 18,878 | | 349,753 |
Enel SpA
| | | 85,139 | | 545,293 |
Eni SpA
| | | 16,809 | | 297,341 |
Ferrari NV
| | | 2,804 | | 376,242 |
Intesa Sanpaolo SpA
| | | 183,814 | | 448,085 |
Mediobanca Banca di Credito Finanziario SpA
| | | 11,361 | | 118,152 |
Moncler SpA
| | | 6,741 | | 271,883 |
Snam SpA
| | | 34,535 | | 177,563 |
Telecom Italia SpA
| | | 308,094 | | 175,186 |
UniCredit SpA
| | | 24,978 | | 320,516 |
| | | | | | 3,080,014 |
| JAPAN — 23.2% | | | | | |
ABC-Mart, Inc. (a)
| | | 6,200 | | 369,138 |
Aeon Co., Ltd. (a)
| | | 8,700 | | 182,080 |
Ajinomoto Co., Inc.
| | | 9,700 | | 155,028 |
ANA Holdings, Inc.
| | | 17,500 | | 641,754 |
Aozora Bank, Ltd. (a)
| | | 3,900 | | 96,403 |
Asahi Group Holdings, Ltd.
| | | 9,300 | | 414,230 |
Asahi Kasei Corp.
| | | 8,700 | | 89,763 |
Astellas Pharma, Inc.
| | | 96,200 | | 1,441,457 |
| Security Description | | | Shares | | Value |
Bandai Namco Holdings, Inc.
| | | 3,100 | | $145,358 |
Benesse Holdings, Inc.
| | | 6,900 | | 179,225 |
Bridgestone Corp.
| | | 19,400 | | 747,711 |
Canon, Inc.
| | | 42,300 | | 1,227,898 |
Central Japan Railway Co.
| | | 2,300 | | 534,246 |
Chiba Bank, Ltd.
| | | 14,900 | | 80,904 |
Chubu Electric Power Co., Inc.
| | | 9,600 | | 149,917 |
Chugoku Electric Power Co., Inc. (a)
| | | 20,500 | | 255,775 |
Concordia Financial Group, Ltd. (a)
| | | 18,500 | | 71,369 |
Daicel Corp. (a)
| | | 6,400 | | 69,502 |
Daifuku Co., Ltd. (a)
| | | 2,300 | | 119,691 |
Dai-ichi Life Holdings, Inc.
| | | 16,008 | | 222,436 |
Daiichi Sankyo Co., Ltd.
| | | 8,306 | | 382,713 |
Daito Trust Construction Co., Ltd.
| | | 4,900 | | 683,083 |
Daiwa House Industry Co., Ltd.
| | | 15,600 | | 495,970 |
Daiwa House REIT Investment Corp.
| | | 186 | | 412,885 |
Denso Corp.
| | | 3,900 | | 152,110 |
Disco Corp.
| | | 600 | | 85,486 |
East Japan Railway Co.
| | | 8,400 | | 810,516 |
Eisai Co., Ltd. (a)
| | | 700 | | 39,293 |
FamilyMart UNY Holdings Co., Ltd. (a)
| | | 7,300 | | 186,053 |
FANUC Corp.
| | | 600 | | 102,344 |
Fujitsu, Ltd.
| | | 6,300 | | 454,549 |
Hikari Tsushin, Inc.
| | | 300 | | 56,837 |
Hitachi, Ltd.
| | | 12,200 | | 395,148 |
Honda Motor Co., Ltd.
| | | 20,500 | | 554,705 |
Hoshizaki Corp.
| | | 600 | | 37,187 |
Hoya Corp.
| | | 9,700 | | 640,532 |
Idemitsu Kosan Co., Ltd.
| | | 2,300 | | 76,989 |
Inpex Corp.
| | | 8,300 | | 79,149 |
Isuzu Motors, Ltd.
| | | 11,400 | | 149,755 |
ITOCHU Corp. (a)
| | | 16,814 | | 304,197 |
Japan Airlines Co., Ltd.
| | | 19,200 | | 676,341 |
Japan Exchange Group, Inc.
| | | 13,506 | | 240,749 |
Japan Post Bank Co., Ltd. (a)
| | | 29,400 | | 321,133 |
Japan Post Holdings Co., Ltd.
| | | 84,600 | | 990,573 |
Japan Prime Realty Investment Corp. REIT
| | | 96 | | 395,501 |
Japan Real Estate Investment Corp. REIT
| | | 154 | | 908,542 |
Japan Retail Fund Investment Corp. REIT
| | | 324 | | 651,893 |
Japan Tobacco, Inc.
| | | 38,000 | | 942,404 |
JFE Holdings, Inc.
| | | 7,400 | | 125,590 |
JXTG Holdings, Inc.
| | | 43,782 | | 200,349 |
Kajima Corp.
| | | 24,900 | | 367,589 |
Kakaku.com, Inc.
| | | 5,800 | | 111,457 |
Kansai Electric Power Co., Inc.
| | | 9,600 | | 141,548 |
Kao Corp.
| | | 16,800 | | 1,323,236 |
KDDI Corp.
| | | 64,518 | | 1,390,210 |
Keikyu Corp.
| | | 12,900 | | 218,875 |
Keyence Corp.
| | | 2,200 | | 1,370,863 |
Kirin Holdings Co., Ltd.
| | | 16,300 | | 389,147 |
Kobe Steel, Ltd. (a)
| | | 11,000 | | 82,586 |
See accompanying notes to financial statements.
63
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Koito Manufacturing Co., Ltd.
| | | 3,200 | | $181,271 |
Komatsu, Ltd. (a)
| | | 5,400 | | 125,407 |
Kubota Corp.
| | | 6,800 | | 98,266 |
Kyocera Corp.
| | | 700 | | 41,108 |
Kyowa Hakko Kirin Co., Ltd.
| | | 4,800 | | 104,513 |
Kyushu Railway Co. (a)
| | | 17,919 | | 589,286 |
Lawson, Inc.
| | | 7,900 | | 438,235 |
LIXIL Group Corp.
| | | 7,400 | | 98,814 |
M3, Inc.
| | | 13,800 | | 231,527 |
Marubeni Corp.
| | | 35,500 | | 245,358 |
Mazda Motor Corp. (a)
| | | 9,600 | | 107,418 |
McDonald's Holdings Co. Japan, Ltd.
| | | 9,400 | | 434,819 |
MEIJI Holdings Co., Ltd.
| | | 5,900 | | 479,207 |
MISUMI Group, Inc. (a)
| | | 7,500 | | 186,475 |
Mitsubishi Chemical Holdings Corp.
| | | 17,900 | | 126,045 |
Mitsubishi Corp.
| | | 12,500 | | 347,156 |
Mitsubishi Electric Corp.
| | | 9,700 | | 124,662 |
Mitsubishi Heavy Industries, Ltd.
| | | 4,300 | | 178,628 |
Mitsubishi Tanabe Pharma Corp.
| | | 28,913 | | 386,343 |
Mitsubishi UFJ Financial Group, Inc.
| | | 205,600 | | 1,021,638 |
Mitsui & Co., Ltd.
| | | 18,500 | | 287,232 |
Mizuho Financial Group, Inc.
| | | 647,600 | | 1,002,249 |
MonotaRO Co., Ltd. (a)
| | | 3,700 | | 82,267 |
MS&AD Insurance Group Holdings, Inc.
| | | 7,900 | | 240,529 |
Murata Manufacturing Co., Ltd.
| | | 2,400 | | 119,518 |
Nabtesco Corp.
| | | 1,200 | | 34,964 |
Nagoya Railroad Co., Ltd.
| | | 17,800 | | 492,903 |
NEC Corp.
| | | 11,800 | | 399,250 |
NH Foods, Ltd. (a)
| | | 5,500 | | 198,017 |
Nippon Building Fund, Inc. REIT
| | | 115 | | 779,238 |
Nippon Prologis REIT, Inc.
| | | 205 | | 436,726 |
Nippon Steel & Sumitomo Metal Corp.
| | | 11,800 | | 208,314 |
Nippon Telegraph & Telephone Corp.
| | | 29,600 | | 1,257,702 |
Nippon Yusen KK (a)
| | | 2,200 | | 32,239 |
Nissan Chemical Corp.
| | | 3,000 | | 137,417 |
Nissan Motor Co., Ltd. (a)
| | | 127,816 | | 1,048,764 |
Nissin Foods Holdings Co., Ltd.
| | | 8,500 | | 583,638 |
Nitori Holdings Co., Ltd.
| | | 5,500 | | 710,575 |
Nitto Denko Corp.
| | | 5,700 | | 299,458 |
Nomura Holdings, Inc.
| | | 39,800 | | 143,903 |
Nomura Real Estate Master Fund, Inc. REIT
| | | 363 | | 535,227 |
Nomura Research Institute, Ltd.
| | | 1,300 | | 59,078 |
NTT DOCOMO, Inc.
| | | 85,922 | | 1,903,038 |
Obayashi Corp.
| | | 11,700 | | 117,756 |
Ono Pharmaceutical Co., Ltd.
| | | 8,500 | | 166,567 |
Oracle Corp. Japan
| | | 2,800 | | 187,957 |
Oriental Land Co., Ltd.
| | | 10,300 | | 1,169,725 |
ORIX Corp.
| | | 16,300 | | 234,077 |
Osaka Gas Co., Ltd.
| | | 8,900 | | 175,612 |
Otsuka Corp.
| | | 7,200 | | 268,980 |
| Security Description | | | Shares | | Value |
Otsuka Holdings Co., Ltd.
| | | 11,800 | | $463,642 |
Panasonic Corp.
| | | 20,100 | | 173,279 |
Park24 Co., Ltd.
| | | 8,400 | | 182,366 |
Pigeon Corp.
| | | 2,000 | | 81,764 |
Recruit Holdings Co., Ltd.
| | | 28,305 | | 808,349 |
Resona Holdings, Inc.
| | | 37,100 | | 160,788 |
Ricoh Co., Ltd. (a)
| | | 10,300 | | 107,667 |
Ryohin Keikaku Co., Ltd.
| | | 1,000 | | 253,331 |
Sankyo Co., Ltd.
| | | 7,000 | | 266,883 |
Santen Pharmaceutical Co., Ltd.
| | | 3,200 | | 47,674 |
Secom Co., Ltd.
| | | 7,300 | | 625,366 |
Sekisui Chemical Co., Ltd.
| | | 6,000 | | 96,436 |
Sekisui House, Ltd.
| | | 6,800 | | 112,550 |
Seven & i Holdings Co., Ltd.
| | | 9,200 | | 347,104 |
Shimamura Co., Ltd.
| | | 2,100 | | 177,775 |
Shimano, Inc.
| | | 800 | | 130,099 |
Shin-Etsu Chemical Co., Ltd.
| | | 1,000 | | 83,842 |
Shionogi & Co., Ltd.
| | | 9,000 | | 557,149 |
Shizuoka Bank, Ltd.
| | | 10,400 | | 79,209 |
SMC Corp.
| | | 1,200 | | 450,251 |
SoftBank Group Corp.
| | | 8,100 | | 786,326 |
Sompo Holdings, Inc.
| | | 2,700 | | 99,965 |
Sony Corp.
| | | 7,200 | | 302,155 |
Subaru Corp.
| | | 13,200 | | 300,827 |
SUMCO Corp.
| | | 1,200 | | 13,346 |
Sumitomo Corp.
| | | 12,512 | | 173,067 |
Sumitomo Electric Industries, Ltd.
| | | 9,700 | | 128,694 |
Sumitomo Mitsui Financial Group, Inc.
| | | 23,900 | | 836,937 |
Sumitomo Mitsui Trust Holdings, Inc.
| | | 5,500 | | 197,570 |
Suntory Beverage & Food, Ltd.
| | | 16,787 | | 788,656 |
Suzuki Motor Corp.
| | | 2,900 | | 128,330 |
Sysmex Corp.
| | | 5,200 | | 314,297 |
T&D Holdings, Inc. (a)
| | | 6,800 | | 71,511 |
Taiheiyo Cement Corp.
| | | 2,500 | | 83,345 |
Taisei Corp. (a)
| | | 6,300 | | 292,560 |
Taisho Pharmaceutical Holdings Co., Ltd.
| | | 5,800 | | 552,830 |
Takashimaya Co., Ltd.
| | | 5,800 | | 77,239 |
Takeda Pharmaceutical Co., Ltd.
| | | 14,951 | | 610,683 |
TDK Corp.
| | | 1,200 | | 93,996 |
Terumo Corp.
| | | 7,600 | | 232,082 |
Tobu Railway Co., Ltd.
| | | 12,400 | | 357,935 |
Tohoku Electric Power Co., Inc.
| | | 8,900 | | 113,537 |
Tokio Marine Holdings, Inc.
| | | 7,200 | | 348,795 |
Tokyo Electric Power Co. Holdings, Inc. (b)
| | | 57,300 | | 362,380 |
Tokyo Electron, Ltd. (a)
| | | 200 | | 28,911 |
Tokyo Gas Co., Ltd.
| | | 11,408 | | 308,532 |
Toray Industries, Inc.
| | | 54,600 | | 348,708 |
Toshiba Corp.
| | | 3,200 | | 101,911 |
Tosoh Corp.
| | | 6,900 | | 107,286 |
Toyo Suisan Kaisha, Ltd.
| | | 15,800 | | 601,680 |
Toyota Motor Corp.
| | | 26,900 | | 1,576,549 |
Toyota Tsusho Corp.
| | | 3,900 | | 127,023 |
See accompanying notes to financial statements.
64
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Trend Micro, Inc.
| | | 1,500 | | $73,045 |
Tsuruha Holdings, Inc.
| | | 2,500 | | 203,280 |
Unicharm Corp.
| | | 14,006 | | 463,513 |
United Urban Investment Corp. REIT
| | | 354 | | 559,377 |
USS Co., Ltd.
| | | 10,100 | | 187,427 |
West Japan Railway Co.
| | | 5,900 | | 444,506 |
Yahoo! Japan Corp. (a)
| | | 38,200 | | 93,528 |
Yamada Denki Co., Ltd. (a)
| | | 79,100 | | 390,194 |
Yamaguchi Financial Group, Inc.
| | | 8,900 | | 75,423 |
Yamaha Corp.
| | | 2,000 | | 99,923 |
Yamaha Motor Co., Ltd.
| | | 5,100 | | 100,032 |
Yamato Holdings Co., Ltd.
| | | 3,500 | | 90,405 |
Yamazaki Baking Co., Ltd.
| | | 4,800 | | 77,886 |
Yaskawa Electric Corp.
| | | 5,600 | | 175,814 |
ZOZO, Inc. (a)
| | | 7,600 | | 143,232 |
| | | | | | 61,851,840 |
| LUXEMBOURG — 0.2% | | | | | |
ArcelorMittal
| | | 5,964 | | 120,928 |
RTL Group SA
| | | 5,723 | | 312,950 |
SES SA
| | | 6,662 | | 103,716 |
| | | | | | 537,594 |
| NETHERLANDS — 2.6% | | | | | |
Aegon NV
| | | 34,165 | | 164,344 |
Akzo Nobel NV
| | | 1,028 | | 91,177 |
ASML Holding NV
| | | 10,539 | | 1,978,597 |
EXOR NV
| | | 1,880 | | 122,224 |
Heineken NV
| | | 1,544 | | 163,105 |
ING Groep NV
| | | 42,240 | | 511,476 |
Koninklijke Ahold Delhaize NV
| | | 23,187 | | 617,693 |
Koninklijke DSM NV
| | | 1,098 | | 119,787 |
Koninklijke KPN NV
| | | 35,993 | | 114,212 |
Koninklijke Philips NV
| | | 4,447 | | 181,332 |
NN Group NV
| | | 7,765 | | 322,862 |
NXP Semiconductors NV
| | | 1,784 | | 157,688 |
Randstad NV (a)
| | | 2,500 | | 122,026 |
Royal Dutch Shell PLC Class A
| | | 32,211 | | 1,013,008 |
Royal Dutch Shell PLC Class B
| | | 22,804 | | 721,474 |
Wolters Kluwer NV
| | | 7,586 | | 517,039 |
| | | | | | 6,918,044 |
| NEW ZEALAND — 0.4% | | | | | |
Auckland International Airport, Ltd.
| | | 28,908 | | 160,482 |
Fisher & Paykel Healthcare Corp., Ltd.
| | | 10,632 | | 113,841 |
Meridian Energy, Ltd.
| | | 74,781 | | 213,438 |
Ryman Healthcare, Ltd.
| | | 22,694 | | 189,597 |
Spark New Zealand, Ltd.
| | | 125,386 | | 324,950 |
| | | | | | 1,002,308 |
| NORWAY — 0.4% | | | | | |
DNB ASA
| | | 10,726 | | 197,790 |
Equinor ASA
| | | 6,875 | | 150,767 |
Gjensidige Forsikring ASA (a)
| | | 8,439 | | 146,014 |
Mowi ASA
| | | 4,100 | | 91,650 |
Telenor ASA
| | | 23,582 | | 472,921 |
| Security Description | | | Shares | | Value |
Yara International ASA
| | | 1,765 | | $72,308 |
| | | | | | 1,131,450 |
| PORTUGAL — 0.1% | | | | | |
EDP - Energias de Portugal SA
| | | 26,218 | | 103,183 |
Jeronimo Martins SGPS SA
| | | 8,238 | | 121,638 |
| | | | | | 224,821 |
| SINGAPORE — 2.0% | | | | | |
CapitaLand Mall Trust REIT
| | | 152,500 | | 267,959 |
ComfortDelGro Corp., Ltd.
| | | 66,800 | | 126,745 |
DBS Group Holdings, Ltd.
| | | 52,403 | | 976,100 |
Keppel Corp., Ltd.
| | | 14,811 | | 68,014 |
Oversea-Chinese Banking Corp., Ltd.
| | | 139,238 | | 1,135,902 |
SATS, Ltd.
| | | 52,800 | | 199,194 |
Singapore Airlines, Ltd.
| | | 82,900 | | 591,225 |
Singapore Press Holdings, Ltd.
| | | 83,000 | | 147,678 |
Singapore Technologies Engineering, Ltd.
| | | 54,000 | | 149,103 |
Singapore Telecommunications, Ltd.
| | | 494,100 | | 1,101,648 |
United Overseas Bank, Ltd.
| | | 33,175 | | 616,964 |
Venture Corp., Ltd.
| | | 3,200 | | 42,383 |
| | | | | | 5,422,915 |
| SOUTH AFRICA — 0.0% (c) | | | | | |
Investec PLC
| | | 5,897 | | 33,987 |
| SPAIN — 1.9% | | | | | |
ACS Actividades de Construccion y Servicios SA
| | | 3,158 | | 138,860 |
Amadeus IT Group SA
| | | 14,253 | | 1,142,684 |
Banco Bilbao Vizcaya Argentaria SA
| | | 75,329 | | 430,782 |
Banco de Sabadell SA
| | | 81,952 | | 81,695 |
Banco Santander SA
| | | 201,022 | | 935,486 |
Bankia SA (a)
| | | 28,888 | | 74,929 |
CaixaBank SA
| | | 35,248 | | 110,186 |
Endesa SA
| | | 3,883 | | 99,147 |
Iberdrola SA
| | | 52,003 | | 456,972 |
Industria de Diseno Textil SA
| | | 33,071 | | 972,905 |
Repsol SA
| | | 15,301 | | 262,178 |
Telefonica SA
| | | 39,990 | | 335,379 |
| | | | | | 5,041,203 |
| SWEDEN — 2.3% | | | | | |
Alfa Laval AB
| | | 1,797 | | 41,344 |
Assa Abloy AB Class B
| | | 24,796 | | 536,539 |
Atlas Copco AB Class A
| | | 22,187 | | 597,176 |
Atlas Copco AB Class B
| | | 11,778 | | 292,186 |
Boliden AB
| | | 6,675 | | 190,420 |
Electrolux AB Class B
| | | 5,728 | | 147,534 |
Epiroc AB Class A (b)
| | | 22,782 | | 230,539 |
Epiroc AB Class B (b)
| | | 5,969 | | 57,275 |
Essity AB Class B
| | | 3,099 | | 89,576 |
Hennes & Mauritz AB Class B (a)
| | | 32,934 | | 550,362 |
Hexagon AB Class B
| | | 5,814 | | 304,011 |
ICA Gruppen AB (a)
| | | 5,137 | | 206,581 |
Investor AB Class B
| | | 13,480 | | 608,506 |
See accompanying notes to financial statements.
65
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Kinnevik AB Class B
| | | 2,202 | | $57,167 |
L E Lundbergforetagen AB Class B
| | | 3,887 | | 123,207 |
Sandvik AB
| | | 13,479 | | 219,435 |
Skandinaviska Enskilda Banken AB Class A (a)
| | | 14,835 | | 128,720 |
Skanska AB Class B (a)
| | | 12,116 | | 220,628 |
SKF AB Class B (a)
| | | 6,355 | | 105,788 |
Svenska Handelsbanken AB Class A (a)
| | | 13,409 | | 141,820 |
Swedbank AB Class A (a)
| | | 7,161 | | 101,409 |
Swedish Match AB
| | | 7,073 | | 361,378 |
Telefonaktiebolaget LM Ericsson Class B
| | | 13,528 | | 124,585 |
Telia Co. AB
| | | 95,097 | | 430,101 |
Volvo AB Class B
| | | 10,298 | | 159,877 |
| | | | | | 6,026,164 |
| SWITZERLAND — 12.1% | | | | | |
ABB, Ltd.
| | | 48,276 | | 906,962 |
Adecco Group AG
| | | 4,845 | | 258,426 |
Baloise Holding AG
| | | 2,416 | | 399,068 |
Barry Callebaut AG
| | | 173 | | 312,335 |
Chocoladefabriken Lindt & Spruengli AG
| | | 118 | | 802,149 |
Cie Financiere Richemont SA
| | | 2,029 | | 147,790 |
Coca-Cola HBC AG
| | | 660 | | 22,489 |
Credit Suisse Group AG
| | | 17,790 | | 207,303 |
EMS-Chemie Holding AG
| | | 288 | | 156,160 |
Ferguson PLC
| | | 6,844 | | 435,559 |
Geberit AG
| | | 1,213 | | 495,723 |
Givaudan SA
| | | 485 | | 1,238,920 |
Glencore PLC
| | | 108,639 | | 450,097 |
Julius Baer Group, Ltd.
| | | 2,203 | | 88,992 |
Kuehne + Nagel International AG
| | | 8,431 | | 1,156,416 |
LafargeHolcim, Ltd. (e)
| | | 1,546 | | 76,361 |
LafargeHolcim, Ltd. (e)
| | | 1,834 | | 90,651 |
Nestle SA
| | | 74,783 | | 7,126,124 |
Novartis AG
| | | 22,540 | | 2,167,769 |
Partners Group Holding AG
| | | 1,261 | | 916,722 |
Roche Holding AG
| | | 23,981 | | 6,606,273 |
Schindler Holding AG (e)
| | | 1,354 | | 280,616 |
Schindler Holding AG (e)
| | | 1,067 | | 220,707 |
SGS SA
| | | 174 | | 432,947 |
Sika AG
| | | 5,666 | | 791,385 |
Sonova Holding AG
| | | 2,770 | | 547,936 |
Straumann Holding AG
| | | 179 | | 146,036 |
Swatch Group AG
| | | 165 | | 47,219 |
Swiss Life Holding AG
| | | 1,060 | | 466,724 |
Swiss Prime Site AG
| | | 6,631 | | 580,937 |
Swiss Re AG
| | | 16,047 | | 1,567,479 |
Swisscom AG (a)
| | | 2,798 | | 1,368,236 |
Temenos AG
| | | 780 | | 114,975 |
UBS Group AG
| | | 30,990 | | 375,589 |
Vifor Pharma AG
| | | 162 | | 21,903 |
Zurich Insurance Group AG
| | | 3,480 | | 1,151,730 |
| | | | | | 32,176,708 |
| Security Description | | | Shares | | Value |
| UNITED KINGDOM — 18.1% | | | | | |
3i Group PLC
| | | 33,946 | | $435,610 |
Admiral Group PLC
| | | 14,770 | | 417,639 |
Anglo American PLC (a)
| | | 7,248 | | 193,943 |
Ashtead Group PLC
| | | 14,341 | | 346,178 |
Associated British Foods PLC
| | | 9,153 | | 290,895 |
AstraZeneca PLC
| | | 45,661 | | 3,650,238 |
Aviva PLC
| | | 32,297 | | 173,557 |
Babcock International Group PLC
| | | 8,313 | | 53,457 |
BAE Systems PLC
| | | 174,461 | | 1,096,647 |
Barclays PLC
| | | 258,064 | | 520,143 |
Barratt Developments PLC
| | | 29,014 | | 226,538 |
Berkeley Group Holdings PLC
| | | 4,940 | | 237,464 |
BP PLC
| | | 138,049 | | 1,004,657 |
British American Tobacco PLC
| | | 20,491 | | 852,824 |
British Land Co. PLC REIT
| | | 6,947 | | 53,318 |
BT Group PLC
| | | 346,801 | | 1,007,509 |
Bunzl PLC
| | | 10,926 | | 360,484 |
Burberry Group PLC
| | | 13,355 | | 340,127 |
Carnival PLC
| | | 6,210 | | 304,662 |
Centrica PLC
| | | 114,394 | | 170,228 |
CNH Industrial NV
| | | 7,191 | | 73,186 |
Coca-Cola European Partners PLC (b)
| | | 4,884 | | 252,698 |
Compass Group PLC
| | | 81,417 | | 1,914,402 |
Croda International PLC
| | | 4,290 | | 281,629 |
DCC PLC
| | | 509 | | 44,007 |
Diageo PLC
| | | 91,736 | | 3,751,060 |
Direct Line Insurance Group PLC
| | | 119,285 | | 548,683 |
easyJet PLC
| | | 1,062 | | 15,464 |
Experian PLC
| | | 27,168 | | 735,993 |
Fiat Chrysler Automobiles NV (b)
| | | 18,964 | | 282,610 |
G4S PLC
| | | 10,803 | | 25,831 |
GlaxoSmithKline PLC
| | | 207,968 | | 4,327,213 |
Hammerson PLC REIT
| | | 5,103 | | 22,329 |
Hargreaves Lansdown PLC
| | | 9,396 | | 228,157 |
HSBC Holdings PLC
| | | 246,897 | | 2,005,276 |
Imperial Brands PLC
| | | 33,306 | | 1,139,017 |
InterContinental Hotels Group PLC
| | | 349 | | 20,987 |
Intertek Group PLC
| | | 4,777 | | 302,332 |
ITV PLC
| | | 108,535 | | 179,753 |
J Sainsbury PLC
| | | 28,063 | | 86,190 |
Johnson Matthey PLC
| | | 5,984 | | 244,996 |
Kingfisher PLC
| | | 93,232 | | 285,249 |
Land Securities Group PLC REIT
| | | 6,094 | | 72,531 |
Legal & General Group PLC
| | | 178,147 | | 639,066 |
Lloyds Banking Group PLC
| | | 524,586 | | 424,765 |
London Stock Exchange Group PLC
| | | 7,501 | | 464,371 |
Marks & Spencer Group PLC
| | | 81,539 | | 296,330 |
Meggitt PLC
| | | 6,170 | | 40,424 |
Melrose Industries PLC
| | | 23,482 | | 56,041 |
Mondi PLC
| | | 10,380 | | 229,666 |
National Grid PLC
| | | 100,872 | | 1,118,303 |
Next PLC
| | | 4,262 | | 309,891 |
Pearson PLC
| | | 10,850 | | 118,223 |
Persimmon PLC
| | | 9,910 | | 280,217 |
See accompanying notes to financial statements.
66
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Prudential PLC
| | | 13,893 | | $278,338 |
Reckitt Benckiser Group PLC
| | | 5,674 | | 471,854 |
RELX PLC (e)
| | | 72,980 | | 1,561,011 |
RELX PLC (e)
| | | 11,707 | | 250,416 |
Rio Tinto PLC
| | | 35,343 | | 2,054,456 |
Rio Tinto, Ltd.
| | | 11,251 | | 782,511 |
Rolls-Royce Holdings PLC
| | | 46,803 | | 550,832 |
Royal Bank of Scotland Group PLC
| | | 30,715 | | 98,857 |
Royal Mail PLC
| | | 68,004 | | 211,164 |
RSA Insurance Group PLC
| | | 34,649 | | 229,269 |
Sage Group PLC
| | | 30,536 | | 279,007 |
Schroders PLC
| | | 3,526 | | 124,145 |
Segro PLC REIT
| | | 3,884 | | 34,081 |
Severn Trent PLC
| | | 3,200 | | 82,395 |
Smith & Nephew PLC
| | | 53,977 | | 1,071,198 |
Smiths Group PLC
| | | 10,871 | | 203,274 |
SSE PLC
| | | 57,065 | | 882,636 |
Standard Chartered PLC
| | | 25,480 | | 196,322 |
Standard Life Aberdeen PLC
| | | 16,052 | | 55,209 |
Taylor Wimpey PLC
| | | 103,766 | | 237,230 |
Tesco PLC
| | | 73,492 | | 222,268 |
Unilever NV
| | | 43,352 | | 2,520,536 |
Unilever PLC
| | | 32,242 | | 1,846,469 |
United Utilities Group PLC
| | | 9,057 | | 96,113 |
Vodafone Group PLC
| | | 431,448 | | 785,954 |
Weir Group PLC
| | | 923 | | 18,738 |
Whitbread PLC
| | | 5,476 | | 362,341 |
Wm Morrison Supermarkets PLC
| | | 25,539 | | 75,725 |
WPP PLC
| | | 20,361 | | 215,117 |
| | | | | | 48,350,474 |
TOTAL COMMON STOCKS
(Cost $264,665,629)
| | | | | 264,386,735 |
| | | | |
| SHORT-TERM INVESTMENTS — 1.9% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (f) (g)
| 99,651 | 99,651 |
| Security Description | | | Shares | | Value |
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)
| | 4,816,005 | | $4,816,005 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,915,656)
| | 4,915,656 | |
TOTAL INVESTMENTS — 101.0%
(Cost $269,581,285)
| | 269,302,391 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)%
| | (2,616,192) | |
NET ASSETS — 100.0%
| | $266,686,199 | |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (b) | Non-income producing security. |
| (c) | Amount is less than 0.05% of net assets. |
| (d) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.4% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (e) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (f) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (h) | Investment of cash collateral for securities loaned. |
| ADR | = American Depositary Receipt |
| REIT | = Real Estate Investment Trust |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $264,386,735 | | $— | | $— | | $264,386,735 |
Short-Term Investments
| | 4,915,656 | | — | | — | | 4,915,656 |
TOTAL INVESTMENTS
| | $269,302,391 | | $— | | $— | | $269,302,391 |
See accompanying notes to financial statements.
67
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 43,852 | | $43,852 | | $5,611,663 | | $5,555,864 | | $— | | $— | | 99,651 | | $99,651 | | $2,373 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 2,930,232 | | 2,930,232 | | 20,445,298 | | 18,559,525 | | — | | — | | 4,816,005 | | 4,816,005 | | 12,474 | | — |
Total
| | | $2,974,084 | | $26,056,961 | | $24,115,389 | | $— | | $— | | | | $4,915,656 | | $14,847 | | $— |
See accompanying notes to financial statements.
68
SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.6% | | | | | |
| BRAZIL — 6.9% | | | | | |
Ambev SA
| | | 52,787 | | $228,282 |
B3 SA - Brasil Bolsa Balcao
| | | 23,297 | | 192,281 |
Banco Bradesco SA Preference Shares
| | | 39,369 | | 434,387 |
Banco Bradesco SA
| | | 8,807 | | 85,655 |
Banco do Brasil SA
| | | 196 | | 2,454 |
Banco Santander Brasil SA
| | | 2,800 | | 31,636 |
BB Seguridade Participacoes SA
| | | 8,445 | | 57,548 |
Braskem SA Class A, Preference Shares
| | | 2,569 | | 33,600 |
CCR SA
| | | 255 | | 769 |
Cia Brasileira de Distribuicao Preference Shares
| | | 900 | | 21,151 |
Cia Siderurgica Nacional SA (a)
| | | 14,950 | | 62,425 |
Cosan SA
| | | 3,804 | | 41,689 |
Embraer SA
| | | 14,067 | | 66,690 |
Equatorial Energia SA
| | | 4,223 | | 86,810 |
Gerdau SA Preference Shares
| | | 7,611 | | 29,609 |
Itau Unibanco Holding SA Preference Shares
| | | 48,541 | | 429,444 |
Itausa - Investimentos Itau SA Preference Shares
| | | 50,332 | | 154,939 |
Itausa - Investimentos Itau SA
| | | 3 | | 11 |
JBS SA
| | | 14,524 | | 59,414 |
Klabin SA
| | | 4,800 | | 21,005 |
Localiza Rent a Car SA
| | | 6,464 | | 54,912 |
Lojas Americanas SA Preference Shares
| | | 11,659 | | 50,241 |
Lojas Renner SA
| | | 11,556 | | 130,060 |
Magazine Luiza SA
| | | 1,243 | | 55,208 |
Rumo SA (a)
| | | 10,604 | | 52,179 |
Suzano Papel e Celulose SA
| | | 4,147 | | 49,598 |
Telefonica Brasil SA Preference Shares
| | | 7,035 | | 85,865 |
Vale SA
| | | 32,067 | | 419,655 |
WEG SA
| | | 16,461 | | 76,136 |
| | | | | | 3,013,653 |
| CHILE — 1.1% | | | | | |
Banco Santander Chile
| | | 1,642,412 | | 123,553 |
Cencosud SA
| | | 23,034 | | 39,879 |
Empresas CMPC SA
| | | 38,964 | | 137,424 |
Enel Americas SA
| | | 421,554 | | 74,947 |
SACI Falabella
| | | 14,294 | | 106,290 |
| | | | | | 482,093 |
| CHINA — 33.0% | | | | | |
3SBio, Inc. (b)
| | | 14,000 | | 27,536 |
58.com, Inc. ADR (a)
| | | 1,566 | | 102,855 |
AAC Technologies Holdings, Inc.
| | | 6,500 | | 38,462 |
Agricultural Bank of China, Ltd. Class H
| | | 172,000 | | 79,318 |
Alibaba Group Holding, Ltd. ADR (a)(c)
| | | 11,737 | | 2,141,416 |
| Security Description | | | Shares | | Value |
Anhui Conch Cement Co., Ltd. Class H
| | | 28,000 | | $171,033 |
ANTA Sports Products, Ltd.
| | | 11,000 | | 74,828 |
Autohome, Inc. ADR (a)(c)
| | | 281 | | 29,539 |
Baidu, Inc. ADR (a)
| | | 2,819 | | 464,712 |
Bank of China, Ltd. Class H
| | | 745,000 | | 337,862 |
Bank of Communications Co., Ltd. Class H
| | | 99,000 | | 81,092 |
Beijing Enterprises Holdings, Ltd.
| | | 14,000 | | 79,364 |
Beijing Enterprises Water Group, Ltd.
| | | 112,000 | | 69,198 |
Brilliance China Automotive Holdings, Ltd. (c)
| | | 20,000 | | 19,822 |
BYD Co., Ltd. Class H (c)
| | | 14,000 | | 84,357 |
CGN Power Co., Ltd. Class H (b)
| | | 242,000 | | 67,514 |
China Cinda Asset Management Co., Ltd. Class H
| | | 200,000 | | 55,542 |
China CITIC Bank Corp., Ltd. Class H
| | | 113,000 | | 71,975 |
China Communications Construction Co., Ltd. Class H
| | | 70,000 | | 72,408 |
China Conch Venture Holdings, Ltd.
| | | 35,000 | | 125,287 |
China Construction Bank Corp. Class H
| | | 873,000 | | 748,449 |
China Everbright International, Ltd.
| | | 59,851 | | 60,843 |
China Evergrande Group (c)
| | | 17,000 | | 56,523 |
China Life Insurance Co., Ltd. Class H
| | | 70,000 | | 188,154 |
China Longyuan Power Group Corp., Ltd. Class H
| | | 85,000 | | 59,121 |
China Mengniu Dairy Co., Ltd.
| | | 42,000 | | 156,230 |
China Merchants Bank Co., Ltd. Class H
| | | 28,000 | | 136,077 |
China Merchants Port Holdings Co., Ltd.
| | | 28,981 | | 61,728 |
China Minsheng Banking Corp., Ltd. Class H
| | | 76,800 | | 55,766 |
China Mobile, Ltd.
| | | 63,500 | | 647,138 |
China National Building Material Co., Ltd. Class H
| | | 32,000 | | 25,233 |
China Oilfield Services, Ltd. Class H
| | | 34,000 | | 36,729 |
China Overseas Land & Investment, Ltd.
| | | 28,000 | | 106,294 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 19,800 | | 77,687 |
China Railway Group, Ltd. Class H
| | | 99,000 | | 90,299 |
China Resources Beer Holdings Co., Ltd.
| | | 28,000 | | 117,886 |
China Resources Gas Group, Ltd.
| | | 26,000 | | 122,549 |
China Taiping Insurance Holdings Co., Ltd.
| | | 34,400 | | 102,543 |
China Telecom Corp., Ltd. Class H
| | | 140,000 | | 77,758 |
China Tower Corp., Ltd. Class H (a)(b)
| | | 130,000 | | 30,140 |
China Unicom Hong Kong, Ltd.
| | | 56,000 | | 70,981 |
China Vanke Co., Ltd. Class H
| | | 28,500 | | 119,810 |
See accompanying notes to financial statements.
69
SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
CITIC Guoan Information Industry Co., Ltd. Class A
| | | 24,200 | | $21,389 |
CITIC Securities Co., Ltd. Class H
| | | 35,000 | | 81,504 |
CITIC, Ltd.
| | | 42,000 | | 62,706 |
Country Garden Holdings Co., Ltd.
| | | 67,000 | | 104,640 |
CRRC Corp., Ltd. Class H
| | | 70,000 | | 65,988 |
CSPC Pharmaceutical Group, Ltd.
| | | 56,000 | | 104,154 |
Ctrip.com International, Ltd. ADR (a)
| | | 3,959 | | 172,969 |
ENN Energy Holdings, Ltd.
| | | 5,400 | | 52,212 |
Fosun International, Ltd.
| | | 49,500 | | 83,867 |
Future Land Development Holdings, Ltd.
| | | 30,000 | | 37,147 |
GDS Holdings, Ltd. ADR (a)(c)
| | | 353 | | 12,599 |
Geely Automobile Holdings, Ltd.
| | | 70,000 | | 133,759 |
Genscript Biotech Corp. (a)
| | | 4,000 | | 7,552 |
Great Wall Motor Co., Ltd. Class H (c)
| | | 63,500 | | 47,646 |
Guangdong Investment, Ltd.
| | | 56,000 | | 108,148 |
Hengan International Group Co., Ltd.
| | | 7,000 | | 61,351 |
Hua Hong Semiconductor, Ltd. (b)
| | | 4,000 | | 9,376 |
Huaneng Power International, Inc. Class H
| | | 112,000 | | 65,060 |
Huatai Securities Co., Ltd. Class H (b)(c)
| | | 34,400 | | 68,800 |
Huazhu Group, Ltd. ADR (c)
| | | 969 | | 40,834 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 700,000 | | 512,742 |
JD.com, Inc. ADR (a)
| | | 7,267 | | 219,100 |
Kingdee International Software Group Co., Ltd.
| | | 14,000 | | 16,194 |
Lenovo Group, Ltd.
| | | 112,000 | | 100,729 |
MMG, Ltd. (a)
| | | 44,000 | | 17,880 |
Momo, Inc. ADR (a)
| | | 1,058 | | 40,458 |
NetEase, Inc. ADR
| | | 800 | | 193,160 |
New China Life Insurance Co., Ltd. Class H
| | | 15,700 | | 80,000 |
New Oriental Education & Technology Group, Inc. ADR (a)
| | | 1,509 | | 135,946 |
PICC Property & Casualty Co., Ltd. Class H
| | | 84,000 | | 95,450 |
Pinduoduo, Inc. ADR (a)(c)
| | | 1,000 | | 24,800 |
Ping An Insurance Group Co. of China, Ltd. Class H
| | | 48,000 | | 537,481 |
Semiconductor Manufacturing International Corp. (a)(c)
| | | 56,700 | | 57,350 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A
| | | 3,900 | | 17,281 |
Shanxi Securities Co., Ltd. Class A
| | | 13,200 | | 18,836 |
Shenzhou International Group Holdings, Ltd.
| | | 14,000 | | 187,619 |
SINA Corp. (a)
| | | 353 | | 20,912 |
Sinopharm Group Co., Ltd. Class H
| | | 16,800 | | 69,983 |
SooChow Securities Co., Ltd. Class A
| | | 12,000 | | 18,070 |
Sunac China Holdings, Ltd. (c)
| | | 24,000 | | 119,542 |
| Security Description | | | Shares | | Value |
Sunny Optical Technology Group Co., Ltd.
| | | 5,700 | | $68,074 |
TAL Education Group ADR (a)
| | | 5,390 | | 194,471 |
Tencent Holdings, Ltd.
| | | 53,400 | | 2,455,735 |
Vipshop Holdings, Ltd. ADR (a)
| | | 4,970 | | 39,909 |
Want Want China Holdings, Ltd.
| | | 113,000 | | 93,855 |
Weibo Corp. ADR (a)(c)
| | | 271 | | 16,799 |
Wuxi Biologics Cayman, Inc. (a)(b)
| | | 5,000 | | 48,631 |
Xiaomi Corp. Class B (a)(b)
| | | 15,000 | | 21,745 |
Xinjiang Goldwind Science & Technology Co., Ltd. Class A
| | | 9,639 | | 20,868 |
Yum China Holdings, Inc.
| | | 3,405 | | 152,919 |
YY, Inc. ADR (a)
| | | 254 | | 21,339 |
Zhuzhou CRRC Times Electric Co., Ltd. Class H
| | | 14,100 | | 83,343 |
ZTE Corp. Class H (a)
| | | 6,000 | | 18,038 |
ZTO Express Cayman, Inc. ADR
| | | 1,800 | | 32,904 |
| | | | | | 14,435,922 |
| COLOMBIA — 0.6% | | | | | |
Bancolombia SA Preference Shares
| | | 12,103 | | 153,497 |
Grupo Argos SA
| | | 13,137 | | 74,645 |
Grupo de Inversiones Suramericana SA Preference Shares
| | | 10 | | 108 |
Grupo de Inversiones Suramericana SA
| | | 1,332 | | 15,321 |
| | | | | | 243,571 |
| EGYPT — 0.1% | | | | | |
Commercial International Bank Egypt SAE
| | | 15,264 | | 60,026 |
| GREECE — 0.1% | | | | | |
Alpha Bank AE (a)
| | | 18,121 | | 25,108 |
Piraeus Bank SA (a)
| | | 3,372 | | 4,612 |
| | | | | | 29,720 |
| HONG KONG — 0.8% | | | | | |
China Ding Yi Feng Holdings, Ltd. (a)(c)(d)
| | | 8,000 | | 23,542 |
China Gas Holdings, Ltd.
| | | 14,000 | | 49,223 |
China Resources Land, Ltd.
| | | 28,000 | | 125,555 |
Shimao Property Holdings, Ltd.
| | | 8,500 | | 26,583 |
Sino Biopharmaceutical, Ltd.
| | | 150,500 | | 137,272 |
| | | | | | 362,175 |
| HUNGARY — 0.3% | | | | | |
OTP Bank Nyrt
| | | 3,118 | | 137,155 |
| INDIA — 8.5% | | | | | |
Adani Ports & Special Economic Zone, Ltd.
| | | 6,452 | | 35,219 |
Ambuja Cements, Ltd.
| | | 5,613 | | 19,065 |
Ashok Leyland, Ltd.
| | | 10,973 | | 14,462 |
Asian Paints, Ltd.
| | | 2,563 | | 55,226 |
Aurobindo Pharma, Ltd.
| | | 7,011 | | 79,370 |
Axis Bank, Ltd. (a)
| | | 17,500 | | 196,346 |
Bajaj Auto, Ltd.
| | | 780 | | 32,777 |
Bajaj Finance, Ltd.
| | | 1,540 | | 67,247 |
Bajaj Finserv, Ltd.
| | | 356 | | 36,163 |
See accompanying notes to financial statements.
70
SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Bharat Forge, Ltd.
| | | 1,963 | | $14,520 |
Bharat Petroleum Corp., Ltd.
| | | 6,757 | | 38,777 |
Bharti Airtel, Ltd.
| | | 13,810 | | 66,404 |
Bharti Infratel, Ltd.
| | | 3,136 | | 14,187 |
Bosch, Ltd.
| | | 69 | | 18,113 |
Britannia Industries, Ltd.
| | | 428 | | 19,063 |
Cadila Healthcare, Ltd.
| | | 1,931 | | 9,674 |
Cipla, Ltd.
| | | 3,225 | | 24,622 |
Container Corp. Of India, Ltd.
| | | 1,290 | | 9,782 |
Dabur India, Ltd.
| | | 4,953 | | 29,228 |
Dr Reddy's Laboratories, Ltd.
| | | 1,064 | | 42,702 |
Eicher Motors, Ltd.
| | | 118 | | 35,000 |
Glenmark Pharmaceuticals, Ltd.
| | | 1,633 | | 15,256 |
Godrej Consumer Products, Ltd.
| | | 3,184 | | 31,530 |
Grasim Industries, Ltd.
| | | 2,926 | | 36,238 |
Havells India, Ltd.
| | | 2,355 | | 26,261 |
HCL Technologies, Ltd.
| | | 5,511 | | 86,509 |
Hero MotoCorp, Ltd.
| | | 467 | | 17,211 |
Hindalco Industries, Ltd.
| | | 10,871 | | 32,248 |
Hindustan Unilever, Ltd.
| | | 6,331 | | 155,983 |
Housing Development Finance Corp., Ltd.
| | | 14,624 | | 415,499 |
ICICI Bank, Ltd.
| | | 21,691 | | 125,402 |
Indiabulls Housing Finance, Ltd.
| | | 2,582 | | 31,988 |
Infosys, Ltd.
| | | 26,823 | | 288,016 |
ITC, Ltd.
| | | 33,277 | | 142,787 |
JSW Steel, Ltd.
| | | 7,531 | | 31,858 |
Larsen & Toubro, Ltd.
| | | 4,682 | | 93,627 |
LIC Housing Finance, Ltd.
| | | 8,255 | | 63,418 |
Lupin, Ltd.
| | | 2,074 | | 22,143 |
Mahindra & Mahindra Financial Services, Ltd.
| | | 2,739 | | 16,653 |
Mahindra & Mahindra, Ltd.
| | | 7,330 | | 71,306 |
Marico, Ltd.
| | | 4,258 | | 21,307 |
Maruti Suzuki India, Ltd.
| | | 1,032 | | 99,402 |
Motherson Sumi Systems, Ltd.
| | | 8,819 | | 19,057 |
Nestle India, Ltd.
| | | 215 | | 34,018 |
Petronet LNG, Ltd.
| | | 5,654 | | 20,531 |
Piramal Enterprises, Ltd.
| | | 754 | | 30,076 |
REC, Ltd.
| | | 6,513 | | 14,375 |
Shree Cement, Ltd.
| | | 80 | | 21,558 |
Shriram Transport Finance Co., Ltd.
| | | 1,374 | | 25,336 |
State Bank of India (a)
| | | 17,196 | | 79,619 |
Sun Pharmaceutical Industries, Ltd.
| | | 9,509 | | 65,729 |
Tata Consultancy Services, Ltd.
| | | 10,537 | | 304,459 |
Tata Motors, Ltd. (a)
| | | 6,356 | | 15,988 |
Tata Steel, Ltd.
| | | 3,273 | | 24,615 |
Tech Mahindra, Ltd.
| | | 4,172 | | 46,728 |
Titan Co., Ltd.
| | | 2,765 | | 45,575 |
UltraTech Cement, Ltd.
| | | 780 | | 45,019 |
United Spirits, Ltd. (a)
| | | 2,722 | | 21,764 |
UPL, Ltd.
| | | 6,536 | | 90,466 |
Vodafone Idea, Ltd. (a)
| | | 18,478 | | 4,868 |
Wipro, Ltd.
| | | 13,421 | | 49,364 |
Yes Bank, Ltd.
| | | 15,569 | | 61,827 |
| Security Description | | | Shares | | Value |
Zee Entertainment Enterprises, Ltd.
| | | 4,702 | | $30,238 |
| | | | | | 3,733,799 |
| INDONESIA — 2.2% | | | | | |
Astra International Tbk PT
| | | 193,100 | | 99,330 |
Bank Central Asia Tbk PT
| | | 88,600 | | 172,658 |
Bank Mandiri Persero Tbk PT
| | | 210,800 | | 110,285 |
Bank Negara Indonesia Persero Tbk PT
| | | 169,200 | | 111,691 |
Bank Rakyat Indonesia Persero Tbk PT
| | | 633,300 | | 183,230 |
Kalbe Farma Tbk PT
| | | 528,500 | | 56,413 |
Telekomunikasi Indonesia Persero Tbk PT
| | | 568,200 | | 157,611 |
Unilever Indonesia Tbk PT
| | | 21,400 | | 73,976 |
| | | | | | 965,194 |
| MALAYSIA — 2.3% | | | | | |
CIMB Group Holdings Bhd
| | | 66,232 | | 83,551 |
DiGi.Com Bhd
| | | 59,100 | | 65,868 |
Genting Bhd
| | | 38,300 | | 62,293 |
Genting Malaysia Bhd
| | | 63,200 | | 49,538 |
IHH Healthcare Bhd
| | | 47,000 | | 66,427 |
IOI Corp. Bhd
| | | 66,300 | | 72,431 |
Malayan Banking Bhd
| | | 34,854 | | 79,142 |
Maxis Bhd
| | | 49,800 | | 65,383 |
Petronas Chemicals Group Bhd
| | | 44,000 | | 98,724 |
Petronas Gas Bhd
| | | 14,100 | | 60,855 |
Public Bank Bhd
| | | 24,200 | | 137,287 |
Sime Darby Bhd
| | | 40,455 | | 22,098 |
Sime Darby Plantation Bhd
| | | 22,100 | | 27,175 |
Tenaga Nasional Bhd
| | | 35,500 | | 110,087 |
| | | | | | 1,000,859 |
| MEXICO — 2.9% | | | | | |
America Movil SAB de CV Series L
| | | 325,309 | | 232,777 |
Arca Continental SAB de CV
| | | 4,017 | | 22,392 |
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B
| | | 17,214 | | 23,544 |
Coca-Cola Femsa SAB de CV Series L
| | | 4,632 | | 30,640 |
El Puerto de Liverpool SAB de CV Series C1
| | | 7,111 | | 45,128 |
Fomento Economico Mexicano SAB de CV
| | | 22,939 | | 211,858 |
Gruma SAB de CV Class B
| | | 2,006 | | 20,497 |
Grupo Aeroportuario del Pacifico SAB de CV Class B
| | | 8,089 | | 71,860 |
Grupo Aeroportuario del Sureste SAB de CV Class B
| | | 1,000 | | 16,169 |
Grupo Bimbo SAB de CV Class A
| | | 15,508 | | 32,443 |
Grupo Carso SAB de CV Series A1
| | | 12,583 | | 49,489 |
Grupo Financiero Banorte SAB de CV Series O
| | | 22,532 | | 122,594 |
Grupo Financiero Inbursa SAB de CV Series O
| | | 40,613 | | 56,300 |
See accompanying notes to financial statements.
71
SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Grupo Mexico SAB de CV Class B
| | | 36,024 | | $99,097 |
Industrias Penoles SAB de CV
| | | 3,056 | | 38,218 |
Infraestructura Energetica Nova SAB de CV
| | | 2,006 | | 8,067 |
Kimberly-Clark de Mexico SAB de CV Class A
| | | 14,312 | | 24,304 |
Mexichem SAB de CV
| | | 17,250 | | 41,272 |
Promotora y Operadora de Infraestructura SAB de CV
| | | 2,147 | | 21,341 |
Wal-Mart de Mexico SAB de CV
| | | 43,965 | | 117,678 |
| | | | | | 1,285,668 |
| PERU — 0.5% | | | | | |
Cia de Minas Buenaventura SAA ADR
| | | 3,080 | | 53,222 |
Credicorp, Ltd.
| | | 607 | | 145,650 |
| | | | | | 198,872 |
| PHILIPPINES — 1.2% | | | | | |
Aboitiz Equity Ventures, Inc.
| | | 45,200 | | 50,743 |
Ayala Corp.
| | | 4,110 | | 73,575 |
Ayala Land, Inc.
| | | 94,100 | | 80,463 |
BDO Unibank, Inc.
| | | 33,895 | | 86,367 |
SM Investments Corp.
| | | 5,125 | | 91,159 |
SM Prime Holdings, Inc.
| | | 130,900 | | 99,465 |
Universal Robina Corp.
| | | 19,450 | | 56,302 |
| | | | | | 538,074 |
| POLAND — 0.9% | | | | | |
Bank Polska Kasa Opieki SA
| | | 2,450 | | 70,295 |
KGHM Polska Miedz SA (a)
| | | 2,889 | | 80,630 |
Powszechna Kasa Oszczednosci Bank Polski SA
| | | 12,008 | | 120,836 |
Powszechny Zaklad Ubezpieczen SA
| | | 10,887 | | 115,008 |
| | | | | | 386,769 |
| QATAR — 0.9% | | | | | |
Barwa Real Estate Co.
| | | 5,075 | | 51,088 |
Commercial Bank PQSC
| | | 3,879 | | 47,891 |
Ezdan Holding Group QSC (a)
| | | 12,555 | | 34,140 |
Industries Qatar QSC
| | | 2,380 | | 80,995 |
Masraf Al Rayan QSC
| | | 7,315 | | 73,838 |
Qatar National Bank QPSC
| | | 2,276 | | 112,839 |
| | | | | | 400,791 |
| ROMANIA — 0.1% | | | | | |
NEPI Rockcastle PLC
| | | 3,773 | | 31,772 |
| RUSSIA — 1.1% | | | | | |
Mobile TeleSystems PJSC ADR
| | | 7,466 | | 56,443 |
Sberbank of Russia PJSC ADR
| | | 30,282 | | 401,539 |
| | | | | | 457,982 |
| SOUTH AFRICA — 6.2% | | | | | |
Absa Group, Ltd. (c)
| | | 6,777 | | 71,477 |
Aspen Pharmacare Holdings, Ltd.
| | | 3,677 | | 23,707 |
Bid Corp., Ltd.
| | | 4,016 | | 82,987 |
Bidvest Group, Ltd.
| | | 6,096 | | 81,794 |
| Security Description | | | Shares | | Value |
Discovery, Ltd. (c)
| | | 9,111 | | $86,427 |
FirstRand, Ltd. (c)
| | | 32,150 | | 140,360 |
Gold Fields, Ltd.
| | | 12,652 | | 46,743 |
Growthpoint Properties, Ltd. REIT
| | | 41,930 | | 71,002 |
Life Healthcare Group Holdings, Ltd.
| | | 31,678 | | 58,957 |
MTN Group, Ltd. (c)
| | | 17,222 | | 105,831 |
Naspers, Ltd. Class N
| | | 4,182 | | 966,283 |
Nedbank Group, Ltd. (c)
| | | 5,169 | | 90,052 |
Old Mutual, Ltd. (c)
| | | 15,853 | | 24,041 |
Redefine Properties, Ltd. REIT
| | | 96,681 | | 65,030 |
Remgro, Ltd.
| | | 5,158 | | 66,261 |
Sanlam, Ltd. (c)
| | | 15,843 | | 81,032 |
Sappi, Ltd.
| | | 12,890 | | 59,573 |
Sasol, Ltd.
| | | 4,598 | | 143,476 |
Shoprite Holdings, Ltd.
| | | 5,339 | | 58,720 |
SPAR Group, Ltd.
| | | 5,172 | | 68,815 |
Standard Bank Group, Ltd.
| | | 12,538 | | 161,041 |
Tiger Brands, Ltd.
| | | 2,679 | | 49,228 |
Vodacom Group, Ltd.
| | | 6,791 | | 52,473 |
Woolworths Holdings, Ltd.
| | | 13,094 | | 42,202 |
| | | | | | 2,697,512 |
| SOUTH KOREA — 14.3% | | | | | |
Amorepacific Corp.
| | | 383 | | 63,603 |
AMOREPACIFIC Group
| | | 512 | | 31,394 |
Celltrion, Inc. (a)
| | | 961 | | 153,239 |
CJ CheilJedang Corp.
| | | 228 | | 64,879 |
Coway Co., Ltd.
| | | 842 | | 70,099 |
E-MART, Inc.
| | | 484 | | 73,340 |
GS Holdings Corp.
| | | 1,548 | | 72,006 |
Hana Financial Group, Inc.
| | | 3,100 | | 99,410 |
Hankook Tire Co., Ltd.
| | | 1,379 | | 45,497 |
HLB, Inc. (a)
| | | 168 | | 11,840 |
Hyundai Engineering & Construction Co., Ltd.
| | | 1,916 | | 90,137 |
Hyundai Glovis Co., Ltd.
| | | 456 | | 51,622 |
Hyundai Mobis Co., Ltd.
| | | 700 | | 128,579 |
Hyundai Motor Co.
| | | 1,408 | | 148,230 |
Hyundai Motor Co. Preference Shares
| | | 828 | | 50,478 |
Hyundai Steel Co.
| | | 1,620 | | 64,081 |
Industrial Bank of Korea
| | | 6,475 | | 80,146 |
KB Financial Group, Inc.
| | | 4,081 | | 150,462 |
Kia Motors Corp.
| | | 3,027 | | 94,269 |
Korea Electric Power Corp. (a)
| | | 2,669 | | 70,305 |
Korea Zinc Co., Ltd.
| | | 186 | | 76,196 |
KT&G Corp.
| | | 1,281 | | 116,803 |
LG Chem, Ltd.
| | | 577 | | 186,047 |
LG Corp.
| | | 1,281 | | 87,461 |
LG Electronics, Inc.
| | | 1,606 | | 106,256 |
LG Household & Health Care, Ltd.
| | | 113 | | 141,063 |
Lotte Chemical Corp.
| | | 257 | | 65,773 |
NAVER Corp.
| | | 1,358 | | 148,350 |
NCSoft Corp.
| | | 285 | | 124,535 |
POSCO
| | | 800 | | 178,310 |
Samsung Biologics Co., Ltd. (a)(b)
| | | 31 | | 8,726 |
See accompanying notes to financial statements.
72
SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Samsung C&T Corp.
| | | 786 | | $74,092 |
Samsung Electro-Mechanics Co., Ltd.
| | | 80 | | 7,365 |
Samsung Electronics Co., Ltd. Preference Shares
| | | 6,957 | | 222,175 |
Samsung Electronics Co., Ltd.
| | | 43,920 | | 1,727,626 |
Samsung Fire & Marine Insurance Co., Ltd.
| | | 327 | | 86,712 |
Samsung Life Insurance Co., Ltd.
| | | 745 | | 55,197 |
Samsung SDI Co., Ltd.
| | | 870 | | 164,404 |
Samsung SDS Co., Ltd.
| | | 512 | | 105,999 |
Shinhan Financial Group Co., Ltd.
| | | 4,367 | | 161,584 |
SillaJen, Inc. (a)
| | | 353 | | 19,996 |
SK Holdings Co., Ltd.
| | | 498 | | 118,676 |
SK Hynix, Inc.
| | | 6,191 | | 404,698 |
SK Telecom Co., Ltd.
| | | 355 | | 78,656 |
S-Oil Corp.
| | | 983 | | 77,594 |
Woori Financial Group, Inc.
| | | 6,895 | | 83,522 |
| | | | | | 6,241,432 |
| TAIWAN — 12.1% | | | | | |
ASE Technology Holding Co., Ltd.
| | | 37,656 | | 82,470 |
Asustek Computer, Inc.
| | | 14,000 | | 101,296 |
AU Optronics Corp.
| | | 193,000 | | 71,075 |
Catcher Technology Co., Ltd.
| | | 3,000 | | 23,069 |
Cathay Financial Holding Co., Ltd.
| | | 69,000 | | 100,633 |
Chailease Holding Co., Ltd.
| | | 3,000 | | 12,265 |
Chang Hwa Commercial Bank, Ltd.
| | | 122,840 | | 73,535 |
China Development Financial Holding Corp.
| | | 285,000 | | 95,245 |
China Life Insurance Co., Ltd.
| | | 72,378 | | 61,410 |
China Steel Corp.
| | | 157,000 | | 128,879 |
Chunghwa Telecom Co., Ltd.
| | | 27,000 | | 95,926 |
Compal Electronics, Inc.
| | | 113,000 | | 70,211 |
CTBC Financial Holding Co., Ltd.
| | | 157,000 | | 104,173 |
E.Sun Financial Holding Co., Ltd.
| | | 151,422 | | 116,684 |
Far Eastern New Century Corp.
| | | 29,000 | | 28,651 |
Far EasTone Telecommunications Co., Ltd.
| | | 28,000 | | 67,501 |
First Financial Holding Co., Ltd.
| | | 103,820 | | 71,076 |
Formosa Chemicals & Fibre Corp.
| | | 28,000 | | 101,751 |
Formosa Petrochemical Corp.
| | | 14,000 | | 52,465 |
Formosa Plastics Corp.
| | | 42,000 | | 149,219 |
Foxconn Technology Co., Ltd.
| | | 28,000 | | 55,872 |
Fubon Financial Holding Co., Ltd.
| | | 69,000 | | 102,983 |
Globalwafers Co., Ltd.
| | | 1,000 | | 9,831 |
Hon Hai Precision Industry Co., Ltd.
| | | 126,400 | | 301,436 |
Hua Nan Financial Holdings Co., Ltd.
| | | 123,257 | | 77,584 |
Lite-On Technology Corp.
| | | 56,000 | | 81,491 |
MediaTek, Inc.
| | | 13,000 | | 119,158 |
Mega Financial Holding Co., Ltd.
| | | 99,000 | | 90,101 |
Nan Ya Plastics Corp.
| | | 56,000 | | 143,359 |
Pegatron Corp.
| | | 28,000 | | 48,422 |
President Chain Store Corp.
| | | 8,000 | | 78,779 |
Quanta Computer, Inc.
| | | 26,000 | | 48,760 |
| Security Description | | | Shares | | Value |
SinoPac Financial Holdings Co., Ltd.
| | | 200,794 | | $74,270 |
Taishin Financial Holding Co., Ltd.
| | | 170,194 | | 77,586 |
Taiwan Cement Corp.
| | | 65,200 | | 87,263 |
Taiwan Cooperative Financial Holding Co., Ltd.
| | | 117,369 | | 74,259 |
Taiwan Mobile Co., Ltd.
| | | 14,000 | | 50,648 |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | | 224,000 | | 1,784,267 |
Uni-President Enterprises Corp.
| | | 56,000 | | 135,910 |
United Microelectronics Corp.
| | | 200,000 | | 75,599 |
Walsin Technology Corp.
| | | 2,000 | | 12,978 |
Win Semiconductors Corp.
| | | 1,000 | | 7,057 |
Yageo Corp.
| | | 2,000 | | 20,960 |
Yuanta Financial Holding Co., Ltd.
| | | 200,000 | | 113,885 |
| | | | | | 5,279,992 |
| THAILAND — 2.1% | | | | | |
Advanced Info Service PCL NVDR
| | | 18,600 | | 107,843 |
Airports of Thailand PCL NVDR
| | | 61,700 | | 132,207 |
Bangkok Dusit Medical Services PCL NVDR
| | | 115,400 | | 90,182 |
CP ALL PCL NVDR
| | | 58,300 | | 137,323 |
Kasikornbank PCL
| | | 20,000 | | 118,481 |
Minor International PCL NVDR
| | | 63,200 | | 77,668 |
PTT Global Chemical PCL NVDR
| | | 42,600 | | 90,274 |
Siam Cement PCL
| | | 5,600 | | 85,055 |
Siam Commercial Bank PCL NVDR
| | | 21,400 | | 89,012 |
| | | | | | 928,045 |
| TURKEY — 0.6% | | | | | |
BIM Birlesik Magazalar A/S
| | | 4,396 | | 59,292 |
Eregli Demir ve Celik Fabrikalari TAS
| | | 13,300 | | 21,470 |
Petkim Petrokimya Holding A/S
| | | 42,438 | | 34,103 |
Turk Hava Yollari AO (a)
| | | 11,643 | | 26,647 |
Turkcell Iletisim Hizmetleri A/S
| | | 22,318 | | 47,760 |
Turkiye Halk Bankasi A/S
| | | 17,725 | | 20,016 |
Turkiye Is Bankasi A/S Class C
| | | 49,024 | | 47,726 |
| | | | | | 257,014 |
| UNITED ARAB EMIRATES — 0.8% | | | | | |
Abu Dhabi Commercial Bank PJSC
| | | 42,434 | | 109,519 |
Aldar Properties PJSC
| | | 93,407 | | 46,028 |
DP World PLC
| | | 3,797 | | 60,752 |
Emirates Telecommunications Group Co. PJSC
| | | 14,368 | | 65,325 |
First Abu Dhabi Bank PJSC
| | | 12,703 | | 52,775 |
| | | | | | 334,399 |
TOTAL COMMON STOCKS
(Cost $41,825,381)
| | | | | 43,502,489 |
See accompanying notes to financial statements.
73
SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| RIGHTS — 0.0% (e) | | | | | |
| INDIA — 0.0% (e) | | | | | |
Vodafone Idea, Ltd. (expiring 4/24/19) (a) (d)
(cost: $5,570)
| | | 42,304 | | $3,512 |
| SHORT-TERM INVESTMENTS — 1.3% | | | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (f) (g)
| | 1,769 | | 1,769 |
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)
| | 552,449 | | 552,449 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $554,218)
| | 554,218 | |
TOTAL INVESTMENTS — 100.9%
(Cost $42,385,169)
| | 44,060,219 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.9)%
| | (372,125) | |
NET ASSETS — 100.0%
| | $43,688,094 | |
| (a) | Non-income producing security. |
| (b) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.6% of net assets as of March 31, 2019, 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, 2019. |
| (d) | Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2019, total aggregate fair value of securities is $27,054 representing 0.0% of net assets. |
| (e) | Amount is less than 0.05% of net assets. |
| (f) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (h) | Investment of cash collateral for securities loaned. |
| ADR | = American Depositary Receipt |
| NVDR | = Non Voting Depositary Receipt |
| REIT | = Real Estate Investment Trust |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $43,393,892 | | $108,597 | | $— | | $43,502,489 |
Rights
| | — | | 3,512 | | — | | 3,512 |
Short-Term Investments
| | 554,218 | | — | | — | | 554,218 |
TOTAL INVESTMENTS
| | $43,948,110 | | $112,109 | | $— | | $44,060,219 |
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 6,688 | | $6,688 | | $2,446,646 | | $2,451,565 | | $— | | $— | | 1,769 | | $1,769 | | $580 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 137,367 | | 137,367 | | 1,492,843 | | 1,077,761 | | — | | — | | 552,449 | | 552,449 | | 1,287 | | — |
Total
| | | $144,055 | | $3,939,489 | | $3,529,326 | | $— | | $— | | | | $554,218 | | $1,867 | | $— |
See accompanying notes to financial statements.
74
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 99.5% | | | | | |
| BRAZIL – 4.4% | | | | | |
Ambev SA ADR
| | 515,462 | | $2,216,487 |
Itausa - Investimentos Itau SA Preference Shares
| | 484,956 | | 1,492,862 |
Other Securities
| | | | 9,044,172 |
| | | | | | 12,753,521 |
| CHILE – 1.4% | | | | | |
Other Securities
| | | | 4,153,654 |
| CHINA – 25.2% | | | | | |
Agricultural Bank of China, Ltd. Class H
| | 2,938,000 | | 1,354,857 |
Alibaba Group Holding, Ltd. ADR (a)
| | 12,247 | | 2,234,465 |
Bank of China, Ltd. Class H
| | 6,072,071 | | 2,753,721 |
China Construction Bank Corp. Class H
| | 4,076,394 | | 3,494,816 |
China Huishan Dairy Holdings Co., Ltd. (a)(b)
| | 1,072,393 | | — |
China Mobile, Ltd.
| | 263,497 | | 2,685,337 |
China Petroleum & Chemical Corp. Class H
| | 1,898,395 | | 1,496,960 |
Geely Automobile Holdings, Ltd.
| | 797,000 | | 1,522,940 |
Guangdong Investment, Ltd.
| | 736,000 | | 1,421,380 |
Industrial & Commercial Bank of China, Ltd. Class H
| | 3,625,448 | | 2,655,600 |
NetEase, Inc. ADR
| | 8,805 | | 2,125,967 |
New Oriental Education & Technology Group, Inc. ADR (a)
| | 16,627 | | 1,497,926 |
Shenzhou International Group Holdings, Ltd.
| | 127,200 | | 1,704,653 |
Tencent Holdings, Ltd.
| | 156,978 | | 7,219,034 |
Yum China Holdings, Inc.
| | 57,345 | | 2,575,364 |
Other Securities
| | | | 37,956,516 |
| | | | | | 72,699,536 |
| COLOMBIA – 0.3% | | | | | |
Other Securities
| | | | 986,222 |
| CZECH REPUBLIC – 0.2% | | | | | |
Other Securities
| | | | 685,646 |
| EGYPT – 0.4% | | | | | |
Other Securities
| | | | 1,273,591 |
| GREECE – 0.3% | | | | | |
FF Group (a)(b)
| | 491 | | 1,323 |
Other Securities
| | | | 948,339 |
| | | | | | 949,662 |
| HONG KONG – 0.9% | | | | | |
Hanergy Thin Film Power Group, Ltd. (a)(b)(c)
| | 598,000 | | — |
Other Securities
| | | | 2,535,886 |
| | | | | | 2,535,886 |
| HUNGARY – 0.5% | | | | | |
Other Securities
| | | | 1,287,927 |
| Security Description | | | Shares | | Value |
| INDIA – 12.3% | | | | | |
Asian Paints, Ltd.
| | 64,078 | | $1,380,718 |
HCL Technologies, Ltd.
| | 120,357 | | 1,889,314 |
Hindustan Unilever, Ltd.
| | 108,628 | | 2,676,381 |
Infosys, Ltd. ADR
| | 288,267 | | 3,150,758 |
Infosys, Ltd.
| | 205,030 | | 2,201,538 |
ITC, Ltd.
| | 384,350 | | 1,649,196 |
Tata Consultancy Services, Ltd.
| | 143,765 | | 4,153,984 |
Other Securities
| | | | 18,315,378 |
| | | | | | 35,417,267 |
| INDONESIA – 4.4% | | | | | |
Bank Central Asia Tbk PT
| | 1,765,925 | | 3,441,321 |
Bank Rakyat Indonesia Persero Tbk PT
| | 6,222,300 | | 1,800,272 |
Telekomunikasi Indonesia Persero Tbk PT
| | 7,857,775 | | 2,179,650 |
Unilever Indonesia Tbk PT
| | 416,200 | | 1,438,725 |
Other Securities
| | | | 3,816,324 |
| | | | | | 12,676,292 |
| LUXEMBOURG – 0.1% | | | | | |
Other Security
| | | | 177,273 |
| MALAYSIA – 3.5% | | | | | |
Malayan Banking Bhd
| | 564,828 | | 1,282,537 |
Public Bank Bhd
| | 268,811 | | 1,524,963 |
Other Securities
| | | | 7,323,645 |
| | | | | | 10,131,145 |
| MEXICO – 1.9% | | | | | |
Wal-Mart de Mexico SAB de CV
| | 760,881 | | 2,036,600 |
Other Securities
| | | | 3,273,476 |
| | | | | | 5,310,076 |
| PAKISTAN – 0.1% | | | | | |
Other Securities
| | | | 158,433 |
| PERU – 0.6% | | | | | |
Credicorp, Ltd.
| | 6,199 | | 1,487,450 |
Other Securities
| | | | 330,798 |
| | | | | | 1,818,248 |
| PHILIPPINES – 1.5% | | | | | |
Other Securities
| | | | 4,355,080 |
| POLAND – 0.6% | | | | | |
Other Securities
| | | | 1,801,522 |
| QATAR – 1.3% | | | | | |
Other Securities
| | | | 3,629,840 |
| ROMANIA – 0.0% (d) | | | | | |
Other Security
| | | | 36,774 |
| RUSSIA – 3.0% | | | | | |
Gazprom PJSC ADR
| | 358,056 | | 1,616,265 |
LUKOIL PJSC ADR
| | 16,582 | | 1,485,747 |
Tatneft PJSC ADR (e)
| | 27,283 | | 1,887,984 |
Other Securities
| | | | 3,558,114 |
| | | | | | 8,548,110 |
See accompanying notes to financial statements.
75
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| SINGAPORE – 0.1% | | | | | |
Other Security
| | | | $144,419 |
| SOUTH AFRICA – 3.5% | | | | | |
Other Securities
| | | | 10,080,936 |
| SOUTH KOREA – 14.6% | | | | | |
KT&G Corp.
| | 20,880 | | 1,903,867 |
NAVER Corp.
| | 17,748 | | 1,938,818 |
NCSoft Corp.
| | 3,031 | | 1,324,444 |
Samsung Electronics Co., Ltd. GDR (e)
| | 3,291 | | 3,228,471 |
Samsung Electronics Co., Ltd. Preference Shares
| | 26,384 | | 842,587 |
Samsung Electronics Co., Ltd.
| | 152,854 | | 6,012,625 |
Samsung Electronics Co., Ltd. GDR (e)
| | 756 | | 594,972 |
SK Hynix, Inc.
| | 86,666 | | 5,665,243 |
Other Securities
| | | | 20,395,184 |
| | | | | | 41,906,211 |
| TAIWAN – 12.9% | | | | | |
Chunghwa Telecom Co., Ltd.
| | 428,540 | | 1,522,530 |
Far EasTone Telecommunications Co., Ltd.
| | 586,449 | | 1,413,772 |
First Financial Holding Co., Ltd.
| | 2,255,552 | | 1,544,172 |
Hon Hai Precision Industry Co., Ltd.
| | 778,730 | | 1,857,097 |
Largan Precision Co., Ltd.
| | 12,000 | | 1,791,016 |
President Chain Store Corp.
| | 137,000 | | 1,349,086 |
Taiwan Cooperative Financial Holding Co., Ltd.
| | 2,529,859 | | 1,600,631 |
Taiwan Mobile Co., Ltd.
| | 541,542 | | 1,959,148 |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | 1,030,495 | | 8,208,385 |
Other Securities
| | | | 16,011,441 |
| | | | | | 37,257,278 |
| THAILAND – 3.7% | | | | | |
Other Securities
| | | | 10,674,201 |
| TURKEY – 0.5% | | | | | |
Other Securities
| | | | 1,554,249 |
| UNITED ARAB EMIRATES – 1.3% | | | | | |
Emirates Telecommunications Group Co. PJSC
| | 318,581 | | 1,448,450 |
Other Securities
| | | | 2,250,942 |
| | | | | | 3,699,392 |
TOTAL COMMON STOCKS
(Cost $267,806,597)
| | | | | 286,702,391 |
| PREFERRED STOCKS - 0.0% (d) | | | | | |
| SOUTH KOREA – 0.0% (d) | | | | | |
Other Security
(cost: $4,321)
| | | | | 4,264 |
| RIGHTS — 0.0% (d) | | | | | |
| CHINA – 0.0% (d) | | | | | |
Other Security
| | | | | 1,930 |
| Security Description | | | Shares | | Value |
| INDIA – 0.0% (d) | | | | | |
Other Security
| | | | | $15,726 |
TOTAL RIGHTS
(Cost $34,171)
| | | | | 17,656 |
| SHORT-TERM INVESTMENTS - 1.7% | | | | | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares Class G Shares 2.43% (f)(g)
| | | 541,935 | | 541,935 |
State Street Navigator Securities Lending Government Money Market Portfolio (f)(h)
| | | 4,218,140 | | 4,218,140 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,760,075)
| | | | | 4,760,075 |
TOTAL INVESTMENTS - 101.2%
(Cost $272,605,164)
| | | | | 291,484,386 |
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.2)%
| | | | | (3,366,578) |
NET ASSETS - 100.0%
| | | | | $288,117,808 |
| The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed below may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund's website atwww.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC's website atwww.sec.gov. |
| |
| (a) | Non-income producing security. |
| (b) | 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, 2019, total aggregate fair value of the security is $1,323, representing 0.0% of the Fund's net assets. |
| (c) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (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) | 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, 2019 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (h) | Investment of cash collateral for securities loaned. |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
See accompanying notes to financial statements.
76
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $278,218,130 | | $8,482,938 | | $1,323 | | $286,702,391 |
Preferred Stocks
| | — | | 4,264 | | — | | 4,264 |
Rights
| | — | | 17,656 | | — | | 17,656 |
Short-Term Investments
| | 4,760,075 | | — | | — | | 4,760,075 |
TOTAL INVESTMENTS
| | $282,978,205 | | $8,504,858 | | $1,323 | | $291,484,386 |
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 325,185 | | $325,185 | | $8,849,488 | | $8,632,738 | | $— | | $— | | 541,935 | | $541,935 | | $4,284 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 2,508,511 | | 2,508,511 | | 12,496,938 | | 10,787,309 | | — | | — | | 4,218,140 | | 4,218,140 | | 18,741 | | — |
Total
| | | $2,833,696 | | $21,346,426 | | $19,420,047 | | $— | | $— | | | | $4,760,075 | | $23,025 | | $— |
See accompanying notes to financial statements.
77
SPDR SOLACTIVE GERMANY ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 98.4% | | | | | |
| AIR FREIGHT & LOGISTICS — 2.9% | | | | | |
Deutsche Post AG
| | | 7,423 | | $241,712 |
| AIRLINES — 1.0% | | | | | |
Deutsche Lufthansa AG
| | | 3,590 | | 78,867 |
| AUTO COMPONENTS — 1.6% | | | | | |
Continental AG
| | | 816 | | 122,960 |
Schaeffler AG Preference Shares
| | | 1,277 | | 10,393 |
| | | | | | 133,353 |
| AUTOMOBILES — 11.5% | | | | | |
Bayerische Motoren Werke AG
| | | 2,407 | | 185,811 |
Bayerische Motoren Werke AG Preference Shares
| | | 424 | | 27,899 |
Daimler AG
| | | 6,886 | | 403,994 |
Porsche Automobil Holding SE Preference Shares
| | | 1,155 | | 72,548 |
Volkswagen AG
| | | 242 | | 39,428 |
Volkswagen AG Preference Shares
| | | 1,383 | | 217,903 |
| | | | | | 947,583 |
| BANKS — 0.7% | | | | | |
Commerzbank AG (a)
| | | 7,515 | | 58,224 |
| CAPITAL MARKETS — 3.5% | | | | | |
Deutsche Bank AG
| | | 14,197 | | 115,732 |
Deutsche Boerse AG
| | | 1,365 | | 175,187 |
| | | | | | 290,919 |
| CHEMICALS — 7.4% | | | | | |
BASF SE
| | | 6,939 | | 510,574 |
Covestro AG (b)
| | | 1,146 | | 63,078 |
Evonik Industries AG
| | | 1,258 | | 34,297 |
| | | | | | 607,949 |
| CONSTRUCTION & ENGINEERING — 0.2% | | | | | |
HOCHTIEF AG
| | | 136 | | 19,699 |
| CONSTRUCTION MATERIALS — 1.0% | | | | | |
HeidelbergCement AG
| | | 1,114 | | 80,255 |
| DIVERSIFIED TELECOMMUNICATION SERVICES — 5.2% | | | | | |
Deutsche Telekom AG
| | | 24,502 | | 407,041 |
Telefonica Deutschland Holding AG
| | | 5,780 | | 18,166 |
| | | | | | 425,207 |
| HEALTH CARE EQUIPMENT & SUPPLIES — 0.6% | | | | | |
Siemens Healthineers AG (b)
| | | 1,134 | | 47,303 |
| HEALTH CARE PROVIDERS & SERVICES — 3.7% | | | | | |
Fresenius Medical Care AG & Co. KGaA
| | | 1,613 | | 130,222 |
Fresenius SE & Co. KGaA
| | | 3,101 | | 173,262 |
| | | | | | 303,484 |
| Security Description | | | Shares | | Value |
| HOUSEHOLD PRODUCTS — 2.5% | | | | | |
Henkel AG & Co. KGaA Preference Shares
| | | 1,319 | | $134,775 |
Henkel AG & Co. KGaA
| | | 764 | | 72,703 |
| | | | | | 207,478 |
| INDUSTRIAL CONGLOMERATES — 8.0% | | | | | |
Siemens AG
| | | 6,095 | | 656,591 |
| INSURANCE — 12.9% | | | | | |
Allianz SE
| | | 3,197 | | 711,776 |
Hannover Rueck SE
| | | 453 | | 65,107 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 1,129 | | 267,484 |
Talanx AG (a)
| | | 406 | | 15,664 |
| | | | | | 1,060,031 |
| INTERNET & DIRECT MARKETING RETAIL — 0.5% | | | | | |
Zalando SE (a) (b)
| | | 961 | | 37,497 |
| IT SERVICES — 1.3% | | | | | |
Wirecard AG
| | | 869 | | 108,992 |
| MACHINERY — 0.4% | | | | | |
Knorr-Bremse AG (a)
| | | 301 | | 29,921 |
| MEDIA — 0.2% | | | | | |
RTL Group SA
| | | 278 | | 15,202 |
| METALS & MINING — 0.6% | | | | | |
ThyssenKrupp AG
| | | 3,713 | | 51,051 |
| MULTI-UTILITIES — 4.1% | | | | | |
E.ON SE
| | | 16,233 | | 180,668 |
Innogy SE (a)
| | | 979 | | 41,937 |
RWE AG
| | | 3,811 | | 102,273 |
RWE AG Preference Shares
| | | 286 | | 7,627 |
| | | | | | 332,505 |
| PERSONAL PRODUCTS — 0.9% | | | | | |
Beiersdorf AG
| | | 741 | | 77,163 |
| PHARMACEUTICALS — 6.9% | | | | | |
Bayer AG
| | | 7,046 | | 455,708 |
Merck KGaA
| | | 977 | | 111,513 |
| | | | | | 567,221 |
| REAL ESTATE MANAGEMENT & DEVELOPMENT — 4.1% | | | | | |
Deutsche Wohnen SE
| | | 2,701 | | 131,109 |
Vonovia SE
| | | 3,916 | | 203,233 |
| | | | | | 334,342 |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.0% | | | | | |
Infineon Technologies AG
| | | 8,104 | | 160,926 |
| SOFTWARE — 10.6% | | | | | |
SAP SE
| | | 7,561 | | 874,456 |
See accompanying notes to financial statements.
78
SPDR SOLACTIVE GERMANY ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| TEXTILES, APPAREL & LUXURY GOODS — 4.1% | | | | | |
adidas AG
| | | 1,389 | | $337,818 |
TOTAL COMMON STOCKS
(Cost $9,232,814)
| | | | | 8,085,749 |
| | | | |
| SHORT-TERM INVESTMENT — 0.0% (c) | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (d) (e)
(Cost $1,788)
| 1,788 | 1,788 |
TOTAL INVESTMENTS — 98.4%
(Cost $9,234,602)
| 8,087,537 |
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.6%
| 134,005 |
NET ASSETS — 100.0%
| $8,221,542 |
| (a) | Non-income producing security. |
| (b) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.8% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (c) | Amount is less than 0.05% of net assets. |
| (d) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (e) | The rate shown is the annualized seven-day yield at March 31, 2019. |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $8,085,749 | | $— | | $— | | $8,085,749 |
Short-Term Investment
| | 1,788 | | — | | — | | 1,788 |
TOTAL INVESTMENTS
| | $8,087,537 | | $— | | $— | | $8,087,537 |
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 6,254 | | $6,254 | | $16,030 | | $20,496 | | $— | | $— | | 1,788 | | $1,788 | | $26 | | $— |
See accompanying notes to financial statements.
79
SPDR SOLACTIVE JAPAN ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 98.5% | | | | | |
| AIR FREIGHT & LOGISTICS — 0.4% | | | | | |
SG Holdings Co., Ltd.
| | | 300 | | $8,741 |
Yamato Holdings Co., Ltd.
| | | 800 | | 20,664 |
| | | | | | 29,405 |
| AIRLINES — 0.7% | | | | | |
ANA Holdings, Inc.
| | | 600 | | 22,003 |
Japan Airlines Co., Ltd.
| | | 700 | | 24,658 |
| | | | | | 46,661 |
| AUTO COMPONENTS — 2.6% | | | | | |
Aisin Seiki Co., Ltd. (a)
| | | 400 | | 14,293 |
Bridgestone Corp.
| | | 1,200 | | 46,250 |
Denso Corp.
| | | 1,000 | | 39,003 |
Koito Manufacturing Co., Ltd.
| | | 300 | | 16,994 |
NGK Spark Plug Co., Ltd.
| | | 400 | | 7,423 |
NOK Corp. (a)
| | | 200 | | 3,113 |
Stanley Electric Co., Ltd. (a)
| | | 300 | | 8,063 |
Sumitomo Electric Industries, Ltd.
| | | 1,600 | | 21,228 |
Sumitomo Rubber Industries, Ltd. (a)
| | | 300 | | 3,599 |
Toyoda Gosei Co., Ltd. (a)
| | | 200 | | 4,235 |
Toyota Boshoku Corp.
| | | 200 | | 3,027 |
Toyota Industries Corp.
| | | 300 | | 15,043 |
Yokohama Rubber Co., Ltd.
| | | 300 | | 5,573 |
| | | | | | 187,844 |
| AUTOMOBILES — 7.5% | | | | | |
Honda Motor Co., Ltd.
| | | 3,500 | | 94,706 |
Isuzu Motors, Ltd.
| | | 1,200 | | 15,764 |
Mazda Motor Corp. (a)
| | | 1,300 | | 14,546 |
Mitsubishi Motors Corp. (a)
| | | 1,400 | | 7,437 |
Nissan Motor Co., Ltd. (a)
| | | 5,100 | | 41,847 |
Subaru Corp.
| | | 1,300 | | 29,627 |
Suzuki Motor Corp.
| | | 800 | | 35,401 |
Toyota Motor Corp.
| | | 5,000 | | 293,039 |
Yamaha Motor Co., Ltd.
| | | 600 | | 11,768 |
| | | | | | 544,135 |
| BANKS — 5.3% | | | | | |
Aozora Bank, Ltd.
| | | 300 | | 7,416 |
Chiba Bank, Ltd.
| | | 1,600 | | 8,688 |
Concordia Financial Group, Ltd. (a)
| | | 2,400 | | 9,259 |
Fukuoka Financial Group, Inc.
| | | 400 | | 8,875 |
Mebuki Financial Group, Inc.
| | | 2,400 | | 6,136 |
Mitsubishi UFJ Financial Group, Inc.
| | | 24,500 | | 121,742 |
Mizuho Financial Group, Inc.
| | | 49,000 | | 75,834 |
Resona Holdings, Inc.
| | | 4,800 | | 20,803 |
Seven Bank, Ltd.
| | | 1,300 | | 3,840 |
Shizuoka Bank, Ltd.
| | | 1,000 | | 7,616 |
Sumitomo Mitsui Financial Group, Inc.
| | | 2,500 | | 87,546 |
Sumitomo Mitsui Trust Holdings, Inc.
| | | 600 | | 21,553 |
| | | | | | 379,308 |
| BEVERAGES — 1.4% | | | | | |
Asahi Group Holdings, Ltd.
| | | 900 | | 40,087 |
| Security Description | | | Shares | | Value |
Coca-Cola Bottlers Japan Holdings, Inc.
| | | 200 | | $5,079 |
Ito En, Ltd.
| | | 100 | | 5,195 |
Kirin Holdings Co., Ltd.
| | | 1,800 | | 42,973 |
Suntory Beverage & Food, Ltd.
| | | 200 | | 9,396 |
| | | | | | 102,730 |
| BIOTECHNOLOGY — 0.1% | | | | | |
PeptiDream, Inc. (b)
| | | 100 | | 4,906 |
| BUILDING PRODUCTS — 1.4% | | | | | |
AGC, Inc.
| | | 400 | | 14,022 |
Daikin Industries, Ltd.
| | | 600 | | 70,308 |
LIXIL Group Corp.
| | | 500 | | 6,676 |
TOTO, Ltd.
| | | 300 | | 12,725 |
| | | | | | 103,731 |
| CAPITAL MARKETS — 1.0% | | | | | |
Daiwa Securities Group, Inc.
| | | 3,500 | | 17,044 |
Japan Exchange Group, Inc.
| | | 1,200 | | 21,390 |
Nomura Holdings, Inc.
| | | 7,200 | | 26,033 |
SBI Holdings, Inc. (a)
| | | 400 | | 8,912 |
| | | | | | 73,379 |
| CHEMICALS — 4.2% | | | | | |
Air Water, Inc.
| | | 400 | | 5,797 |
Asahi Kasei Corp.
| | | 2,800 | | 28,889 |
Daicel Corp.
| | | 600 | | 6,516 |
DIC Corp.
| | | 200 | | 5,845 |
Hitachi Chemical Co., Ltd. (a)
| | | 200 | | 4,431 |
JSR Corp.
| | | 400 | | 6,201 |
Kansai Paint Co., Ltd.
| | | 400 | | 7,629 |
Kuraray Co., Ltd.
| | | 800 | | 10,177 |
Mitsubishi Chemical Holdings Corp.
| | | 3,000 | | 21,125 |
Mitsubishi Gas Chemical Co., Inc.
| | | 400 | | 5,706 |
Mitsui Chemicals, Inc.
| | | 600 | | 14,479 |
Nippon Paint Holdings Co., Ltd.
| | | 300 | | 11,790 |
Nissan Chemical Corp.
| | | 200 | | 9,161 |
Nitto Denko Corp.
| | | 400 | | 21,015 |
Shin-Etsu Chemical Co., Ltd.
| | | 900 | | 75,457 |
Showa Denko KK
| | | 300 | | 10,544 |
Sumitomo Chemical Co., Ltd. (a)
| | | 3,600 | | 16,750 |
Taiyo Nippon Sanso Corp.
| | | 400 | | 6,093 |
Teijin, Ltd.
| | | 400 | | 6,599 |
Toray Industries, Inc.
| | | 3,200 | | 20,437 |
Tosoh Corp.
| | | 600 | | 9,329 |
| | | | | | 303,970 |
| COMMERCIAL SERVICES & SUPPLIES — 1.0% | | | | | |
Dai Nippon Printing Co., Ltd.
| | | 500 | | 11,957 |
Park24 Co., Ltd.
| | | 300 | | 6,513 |
Secom Co., Ltd.
| | | 500 | | 42,833 |
Sohgo Security Services Co., Ltd.
| | | 100 | | 4,355 |
Toppan Printing Co., Ltd.
| | | 600 | | 9,058 |
| | | | | | 74,716 |
See accompanying notes to financial statements.
80
SPDR SOLACTIVE JAPAN ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| CONSTRUCTION & ENGINEERING — 0.9% | | | | | |
JGC Corp.
| | | 500 | | $6,645 |
Kajima Corp.
| | | 1,000 | | 14,763 |
Obayashi Corp.
| | | 1,400 | | 14,090 |
Shimizu Corp.
| | | 1,300 | | 11,299 |
Taisei Corp.
| | | 400 | | 18,575 |
| | | | | | 65,372 |
| CONSTRUCTION MATERIALS — 0.2% | | | | | |
Taiheiyo Cement Corp.
| | | 400 | | 13,335 |
| CONSUMER FINANCE — 0.2% | | | | | |
Acom Co., Ltd. (a)
| | | 700 | | 2,498 |
AEON Financial Service Co., Ltd.
| | | 300 | | 6,107 |
Credit Saison Co., Ltd. (a)
| | | 400 | | 5,283 |
| | | | | | 13,888 |
| CONTAINERS & PACKAGING — 0.1% | | | | | |
Toyo Seikan Group Holdings, Ltd.
| | | 400 | | 8,193 |
| DIVERSIFIED CONSUMER SERVICES — 0.1% | | | | | |
Benesse Holdings, Inc.
| | | 200 | | 5,195 |
| DIVERSIFIED FINANCIAL SERVICES — 0.7% | | | | | |
Mitsubishi UFJ Lease & Finance Co., Ltd.
| | | 1,100 | | 5,605 |
ORIX Corp.
| | | 2,700 | | 38,774 |
Tokyo Century Corp.
| | | 100 | | 4,350 |
| | | | | | 48,729 |
| DIVERSIFIED TELECOMMUNICATION SERVICES — 1.4% | | | | | |
Nippon Telegraph & Telephone Corp.
| | | 2,400 | | 101,976 |
| ELECTRIC UTILITIES — 1.4% | | | | | |
Chubu Electric Power Co., Inc.
| | | 1,500 | | 23,425 |
Chugoku Electric Power Co., Inc. (a)
| | | 700 | | 8,734 |
Kansai Electric Power Co., Inc.
| | | 1,600 | | 23,591 |
Kyushu Electric Power Co., Inc. (a)
| | | 900 | | 10,627 |
Tohoku Electric Power Co., Inc.
| | | 1,100 | | 14,033 |
Tokyo Electric Power Co. Holdings, Inc. (b)
| | | 3,100 | | 19,605 |
| | | | | | 100,015 |
| ELECTRICAL EQUIPMENT — 1.9% | | | | | |
Fuji Electric Co., Ltd.
| | | 200 | | 5,674 |
Mabuchi Motor Co., Ltd.
| | | 100 | | 3,478 |
Mitsubishi Electric Corp.
| | | 4,200 | | 53,977 |
Nidec Corp.
| | | 600 | | 76,027 |
| | | | | | 139,156 |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.7% | | | | | |
Alps Alpine Co., Ltd.
| | | 400 | | 8,348 |
| Security Description | | | Shares | | Value |
Hamamatsu Photonics KK
| | | 300 | | $11,601 |
Hirose Electric Co., Ltd.
| | | 5 | | 525 |
Hitachi High-Technologies Corp.
| | | 200 | | 8,194 |
Hitachi, Ltd.
| | | 2,000 | | 64,778 |
Keyence Corp.
| | | 200 | | 124,624 |
Kyocera Corp.
| | | 700 | | 41,108 |
Murata Manufacturing Co., Ltd.
| | | 1,500 | | 74,698 |
Omron Corp. (a)
| | | 400 | | 18,720 |
Shimadzu Corp.
| | | 600 | | 17,347 |
TDK Corp.
| | | 200 | | 15,666 |
Yaskawa Electric Corp.
| | | 500 | | 15,698 |
Yokogawa Electric Corp.
| | | 600 | | 12,419 |
| | | | | | 413,726 |
| ENTERTAINMENT — 1.4% | | | | | |
DeNA Co., Ltd. (a)
| | | 300 | | 4,518 |
Konami Holdings Corp.
| | | 200 | | 8,682 |
Nexon Co., Ltd. (b)
| | | 900 | | 14,099 |
Nintendo Co., Ltd.
| | | 200 | | 57,027 |
Square Enix Holdings Co., Ltd.
| | | 200 | | 7,011 |
Toho Co., Ltd.
| | | 300 | | 12,048 |
| | | | | | 103,385 |
| EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.9% | | | | | |
Daiwa House REIT Investment Corp.
| | | 3 | | 6,659 |
GLP J-REIT
| | | 7 | | 7,507 |
Japan Retail Fund Investment Corp. REIT
| | | 5 | | 10,060 |
Nippon Prologis REIT, Inc.
| | | 4 | | 8,522 |
Nomura Real Estate Master Fund, Inc. REIT
| | | 8 | | 11,796 |
Orix JREIT, Inc. REIT
| | | 5 | | 8,587 |
United Urban Investment Corp. REIT
| | | 5 | | 7,901 |
| | | | | | 61,032 |
| FOOD & STAPLES RETAILING — 1.7% | | | | | |
Aeon Co., Ltd. (a)
| | | 1,400 | | 29,300 |
FamilyMart UNY Holdings Co., Ltd. (a)
| | | 400 | | 10,195 |
Lawson, Inc.
| | | 100 | | 5,547 |
Matsumotokiyoshi Holdings Co., Ltd.
| | | 100 | | 3,329 |
Seven & i Holdings Co., Ltd.
| | | 1,600 | | 60,366 |
Sundrug Co., Ltd.
| | | 200 | | 5,511 |
Tsuruha Holdings, Inc.
| | | 100 | | 8,131 |
Welcia Holdings Co., Ltd.
| | | 100 | | 3,393 |
| | | | | | 125,772 |
| FOOD PRODUCTS — 1.8% | | | | | |
Ajinomoto Co., Inc.
| | | 1,100 | | 17,581 |
Calbee, Inc.
| | | 100 | | 2,694 |
Ezaki Glico Co., Ltd.
| | | 100 | | 5,258 |
Kewpie Corp.
| | | 200 | | 4,797 |
Kikkoman Corp.
| | | 400 | | 19,623 |
MEIJI Holdings Co., Ltd.
| | | 200 | | 16,244 |
NH Foods, Ltd.
| | | 200 | | 7,201 |
See accompanying notes to financial statements.
81
SPDR SOLACTIVE JAPAN ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Nichirei Corp.
| | | 200 | | $4,929 |
Nisshin Seifun Group, Inc.
| | | 500 | | 11,474 |
Nissin Foods Holdings Co., Ltd.
| | | 100 | | 6,866 |
Toyo Suisan Kaisha, Ltd.
| | | 200 | | 7,616 |
Yakult Honsha Co., Ltd.
| | | 300 | | 20,979 |
Yamazaki Baking Co., Ltd.
| | | 300 | | 4,868 |
| | | | | | 130,130 |
| GAS UTILITIES — 0.7% | | | | | |
Osaka Gas Co., Ltd.
| | | 800 | | 15,785 |
Toho Gas Co., Ltd.
| | | 300 | | 13,471 |
Tokyo Gas Co., Ltd.
| | | 800 | | 21,636 |
| | | | | | 50,892 |
| HEALTH CARE EQUIPMENT & SUPPLIES — 2.1% | | | | | |
Asahi Intecc Co., Ltd.
| | | 200 | | 9,396 |
Hoya Corp.
| | | 800 | | 52,827 |
Olympus Corp.
| | | 2,800 | | 30,407 |
Sysmex Corp.
| | | 300 | | 18,133 |
Terumo Corp.
| | | 1,400 | | 42,752 |
| | | | | | 153,515 |
| HEALTH CARE PROVIDERS & SERVICES — 0.5% | | | | | |
Alfresa Holdings Corp.
| | | 400 | | 11,384 |
Medipal Holdings Corp.
| | | 400 | | 9,504 |
Suzuken Co., Ltd.
| | | 200 | | 11,582 |
| | | | | | 32,470 |
| HEALTH CARE TECHNOLOGY — 0.2% | | | | | |
M3, Inc.
| | | 900 | | 15,100 |
| HOTELS, RESTAURANTS & LEISURE — 0.8% | | | | | |
McDonald's Holdings Co. Japan, Ltd.
| | | 200 | | 9,252 |
Oriental Land Co., Ltd.
| | | 400 | | 45,426 |
| | | | | | 54,678 |
| HOUSEHOLD DURABLES — 3.1% | | | | | |
Casio Computer Co., Ltd. (a)
| | | 400 | | 5,222 |
Haseko Corp.
| | | 600 | | 7,546 |
Iida Group Holdings Co., Ltd.
| | | 300 | | 5,434 |
Nikon Corp. (a)
| | | 800 | | 11,283 |
Panasonic Corp.
| | | 4,700 | | 40,518 |
Sekisui Chemical Co., Ltd.
| | | 900 | | 14,465 |
Sekisui House, Ltd.
| | | 1,300 | | 21,517 |
Sharp Corp.
| | | 400 | | 4,402 |
Sony Corp.
| | | 2,700 | | 113,308 |
| | | | | | 223,695 |
| HOUSEHOLD PRODUCTS — 0.6% | | | | | |
Lion Corp.
| | | 100 | | 2,105 |
Pigeon Corp.
| | | 300 | | 12,265 |
Unicharm Corp.
| | | 900 | | 29,784 |
| | | | | | 44,154 |
| Security Description | | | Shares | | Value |
| INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.1% | | | | | |
Electric Power Development Co., Ltd.
| | | 300 | | $7,307 |
| INDUSTRIAL CONGLOMERATES — 0.8% | | | | | |
Keihan Holdings Co., Ltd.
| | | 400 | | 16,823 |
Toshiba Corp.
| | | 1,300 | | 41,401 |
| | | | | | 58,224 |
| INSURANCE — 3.0% | | | | | |
Dai-ichi Life Holdings, Inc.
| | | 2,300 | | 31,959 |
Japan Post Holdings Co., Ltd.
| | | 3,000 | | 35,127 |
Japan Post Insurance Co., Ltd.
| | | 200 | | 4,328 |
MS&AD Insurance Group Holdings, Inc.
| | | 1,100 | | 33,491 |
Sompo Holdings, Inc.
| | | 700 | | 25,917 |
Sony Financial Holdings, Inc.
| | | 400 | | 7,546 |
T&D Holdings, Inc. (a)
| | | 1,200 | | 12,619 |
Tokio Marine Holdings, Inc.
| | | 1,400 | | 67,821 |
| | | | | | 218,808 |
| INTERNET & CATALOG RETAIL — 0.3% | | | | | |
Rakuten, Inc.
| | | 1,700 | | 16,096 |
ZOZO, Inc. (a)
| | | 400 | | 7,539 |
| | | | | | 23,635 |
| INTERACTIVE MEDIA & SERVICES — 0.4% | | | | | |
Kakaku.com, Inc.
| | | 300 | | 5,765 |
LINE Corp. (b)
| | | 100 | | 3,528 |
Mixi, Inc.
| | | 100 | | 2,311 |
Yahoo! Japan Corp. (a)
| | | 5,700 | | 13,956 |
| | | | | | 25,560 |
| IT SERVICES — 1.3% | | | | | |
Fujitsu, Ltd.
| | | 400 | | 28,860 |
Itochu Techno-Solutions Corp.
| | | 200 | | 4,667 |
Nomura Research Institute, Ltd.
| | | 200 | | 9,089 |
NTT Data Corp.
| | | 1,400 | | 15,444 |
Obic Co., Ltd.
| | | 200 | | 20,165 |
Otsuka Corp.
| | | 200 | | 7,472 |
SCSK Corp.
| | | 100 | | 4,459 |
| | | | | | 90,156 |
| LEISURE EQUIPMENT & PRODUCTS — 0.7% | | | | | |
Bandai Namco Holdings, Inc.
| | | 400 | | 18,756 |
Sega Sammy Holdings, Inc. (a)
| | | 300 | | 3,540 |
Shimano, Inc.
| | | 100 | | 16,262 |
Yamaha Corp.
| | | 300 | | 14,988 |
| | | | | | 53,546 |
| MACHINERY — 5.0% | | | | | |
Amada Holdings Co., Ltd.
| | | 1,100 | | 10,882 |
Daifuku Co., Ltd.
| | | 300 | | 15,612 |
Ebara Corp.
| | | 200 | | 5,638 |
See accompanying notes to financial statements.
82
SPDR SOLACTIVE JAPAN ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
FANUC Corp.
| | | 400 | | $68,230 |
Hino Motors, Ltd.
| | | 500 | | 4,210 |
Hitachi Construction Machinery Co., Ltd. (a)
| | | 200 | | 5,307 |
Hoshizaki Corp.
| | | 100 | | 6,198 |
IHI Corp.
| | | 400 | | 9,609 |
JTEKT Corp.
| | | 500 | | 6,153 |
Kawasaki Heavy Industries, Ltd.
| | | 400 | | 9,866 |
Komatsu, Ltd. (a)
| | | 2,000 | | 46,447 |
Kubota Corp.
| | | 2,600 | | 37,572 |
Makita Corp.
| | | 500 | | 17,414 |
MINEBEA MITSUMI, Inc.
| | | 900 | | 13,522 |
MISUMI Group, Inc. (a)
| | | 600 | | 14,918 |
Mitsubishi Heavy Industries, Ltd.
| | | 300 | | 12,462 |
Nabtesco Corp.
| | | 300 | | 8,741 |
NGK Insulators, Ltd.
| | | 600 | | 8,717 |
NSK, Ltd.
| | | 1,000 | | 9,369 |
SMC Corp.
| | | 100 | | 37,521 |
Sumitomo Heavy Industries, Ltd.
| | | 300 | | 9,717 |
THK Co., Ltd.
| | | 200 | | 4,940 |
| | | | | | 363,045 |
| MARINE — 0.2% | | | | | |
Mitsui OSK Lines, Ltd.
| | | 400 | | 8,605 |
Nippon Yusen KK
| | | 600 | | 8,792 |
| | | | | | 17,397 |
| MEDIA — 0.6% | | | | | |
CyberAgent, Inc. (a)
| | | 200 | | 8,158 |
Dentsu, Inc.
| | | 400 | | 16,895 |
Fuji Media Holdings, Inc.
| | | 300 | | 4,142 |
Hakuhodo DY Holdings, Inc.
| | | 400 | | 6,425 |
Nippon Television Holdings, Inc.
| | | 300 | | 4,499 |
Tokyo Broadcasting System Holdings, Inc.
| | | 200 | | 3,661 |
| | | | | | 43,780 |
| METALS & MINING — 1.0% | | | | | |
Hitachi Metals, Ltd.
| | | 500 | | 5,809 |
JFE Holdings, Inc.
| | | 1,100 | | 18,669 |
Kobe Steel, Ltd.
| | | 700 | | 5,255 |
Mitsubishi Materials Corp.
| | | 300 | | 7,920 |
Nippon Steel & Sumitomo Metal Corp.
| | | 1,800 | | 31,777 |
| | | | | | 69,430 |
| MULTILINE RETAIL — 1.1% | | | | | |
Isetan Mitsukoshi Holdings, Ltd. (a)
| | | 800 | | 8,088 |
Izumi Co., Ltd.
| | | 100 | | 4,662 |
J Front Retailing Co., Ltd.
| | | 600 | | 7,139 |
Marui Group Co., Ltd. (a)
| | | 500 | | 10,096 |
Pan Pacific International Holdings Corp.
| | | 300 | | 19,867 |
Ryohin Keikaku Co., Ltd.
| | | 100 | | 25,333 |
Seria Co., Ltd.
| | | 100 | | 3,447 |
Takashimaya Co., Ltd.
| | | 300 | | 3,995 |
| | | | | | 82,627 |
| Security Description | | | Shares | | Value |
| OIL, GAS & CONSUMABLE FUELS — 0.9% | | | | | |
Idemitsu Kosan Co., Ltd.
| | | 300 | | $10,042 |
Inpex Corp.
| | | 2,000 | | 19,072 |
JXTG Holdings, Inc.
| | | 7,100 | | 32,490 |
Showa Shell Sekiyu KK (c)
| | | 400 | | 5,490 |
| | | | | | 67,094 |
| PAPER & FOREST PRODUCTS — 0.2% | | | | | |
Oji Holdings Corp.
| | | 2,100 | | 13,034 |
| PERSONAL PRODUCTS — 2.1% | | | | | |
Kao Corp.
| | | 1,000 | | 78,764 |
Kobayashi Pharmaceutical Co., Ltd.
| | | 100 | | 8,438 |
Pola Orbis Holdings, Inc.
| | | 200 | | 6,379 |
Shiseido Co., Ltd.
| | | 800 | | 57,728 |
| | | | | | 151,309 |
| PHARMACEUTICALS — 5.7% | | | | | |
Astellas Pharma, Inc.
| | | 4,000 | | 59,936 |
Chugai Pharmaceutical Co., Ltd.
| | | 500 | | 34,377 |
Daiichi Sankyo Co., Ltd.
| | | 1,300 | | 59,900 |
Eisai Co., Ltd. (a)
| | | 500 | | 28,066 |
Hisamitsu Pharmaceutical Co., Inc. (a)
| | | 200 | | 9,197 |
Kyowa Hakko Kirin Co., Ltd.
| | | 600 | | 13,064 |
Mitsubishi Tanabe Pharma Corp.
| | | 500 | | 6,681 |
Nippon Shinyaku Co., Ltd.
| | | 200 | | 14,564 |
Ono Pharmaceutical Co., Ltd.
| | | 800 | | 15,677 |
Otsuka Holdings Co., Ltd.
| | | 900 | | 35,363 |
Santen Pharmaceutical Co., Ltd.
| | | 800 | | 11,918 |
Shionogi & Co., Ltd.
| | | 600 | | 37,143 |
Sumitomo Dainippon Pharma Co., Ltd.
| | | 400 | | 9,891 |
Taisho Pharmaceutical Holdings Co., Ltd.
| | | 100 | | 9,532 |
Takeda Pharmaceutical Co., Ltd.
| | | 1,600 | | 65,353 |
| | | | | | 410,662 |
| PROFESSIONAL SERVICES — 1.2% | | | | | |
Nihon M&A Center, Inc. (a)
| | | 300 | | 8,213 |
Recruit Holdings Co., Ltd.
| | | 2,500 | | 71,396 |
Temp Holdings Co., Ltd.
| | | 300 | | 4,857 |
| | | | | | 84,466 |
| REAL ESTATE MANAGEMENT & DEVELOPMENT — 3.0% | | | | | |
Aeon Mall Co., Ltd.
| | | 200 | | 3,289 |
Daito Trust Construction Co., Ltd.
| | | 200 | | 27,881 |
Daiwa House Industry Co., Ltd.
| | | 1,300 | | 41,331 |
Hulic Co., Ltd.
| | | 800 | | 7,849 |
Mitsubishi Estate Co., Ltd.
| | | 2,700 | | 48,921 |
Mitsui Fudosan Co., Ltd.
| | | 1,900 | | 47,764 |
Nomura Real Estate Holdings, Inc.
| | | 200 | | 3,840 |
Sumitomo Realty & Development Co., Ltd.
| | | 700 | | 29,003 |
See accompanying notes to financial statements.
83
SPDR SOLACTIVE JAPAN ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Tokyu Fudosan Holdings Corp.
| | | 1,100 | | $6,579 |
| | | | | | 216,457 |
| ROAD & RAIL — 5.0% | | | | | |
Central Japan Railway Co.
| | | 300 | | 69,684 |
East Japan Railway Co.
| | | 800 | | 77,192 |
Hankyu Hanshin Holdings, Inc.
| | | 500 | | 18,747 |
Keikyu Corp.
| | | 500 | | 8,484 |
Keio Corp.
| | | 300 | | 19,379 |
Keisei Electric Railway Co., Ltd.
| | | 300 | | 10,896 |
Kintetsu Group Holdings Co., Ltd.
| | | 600 | | 27,971 |
Kyushu Railway Co.
| | | 400 | | 13,154 |
Nagoya Railroad Co., Ltd.
| | | 400 | | 11,077 |
Nippon Express Co., Ltd.
| | | 200 | | 11,131 |
Odakyu Electric Railway Co., Ltd.
| | | 800 | | 19,392 |
Seibu Holdings, Inc.
| | | 500 | | 8,750 |
Tobu Railway Co., Ltd.
| | | 500 | | 14,433 |
Tokyu Corp.
| | | 1,300 | | 22,703 |
West Japan Railway Co.
| | | 400 | | 30,136 |
| | | | | | 363,129 |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.3% | | | | | |
Advantest Corp.
| | | 400 | | 9,298 |
Renesas Electronics Corp. (b)
| | | 1,700 | | 7,864 |
Rohm Co., Ltd.
| | | 200 | | 12,468 |
SCREEN Holdings Co., Ltd.
| | | 100 | | 4,029 |
SUMCO Corp.
| | | 500 | | 5,561 |
Tokyo Electron, Ltd. (a)
| | | 400 | | 57,822 |
| | | | | | 97,042 |
| SOFTWARE — 0.2% | | | | | |
Trend Micro, Inc.
| | | 300 | | 14,609 |
| SPECIALTY RETAIL — 1.3% | | | | | |
Fast Retailing Co., Ltd.
| | | 100 | | 47,007 |
Hikari Tsushin, Inc.
| | | 100 | | 18,946 |
Nitori Holdings Co., Ltd.
| | | 100 | | 12,919 |
USS Co., Ltd.
| | | 500 | | 9,279 |
Yamada Denki Co., Ltd. (a)
| | | 1,400 | | 6,906 |
| | | | | | 95,057 |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.1% | | | | | |
Brother Industries, Ltd.
| | | 500 | | 9,252 |
Canon, Inc.
| | | 2,200 | | 63,862 |
FUJIFILM Holdings Corp.
| | | 800 | | 36,384 |
Konica Minolta, Inc. (a)
| | | 1,100 | | 10,823 |
NEC Corp.
| | | 100 | | 3,383 |
Ricoh Co., Ltd. (a)
| | | 1,500 | | 15,680 |
Seiko Epson Corp. (a)
| | | 600 | | 9,188 |
| | | | | | 148,572 |
| TEXTILES, APPAREL & LUXURY GOODS — 0.1% | | | | | |
Asics Corp. (a)
| | | 400 | | 5,367 |
| Security Description | | | Shares | | Value |
| TOBACCO — 0.8% | | | | | |
Japan Tobacco, Inc.
| | | 2,400 | | $59,520 |
| TRADING COMPANIES & DISTRIBUTORS — 3.8% | | | | | |
ITOCHU Corp. (a)
| | | 3,200 | | 57,894 |
Marubeni Corp.
| | | 3,600 | | 24,881 |
Mitsubishi Corp.
| | | 2,900 | | 80,540 |
Mitsui & Co., Ltd.
| | | 3,500 | | 54,341 |
MonotaRO Co., Ltd. (a)
| | | 200 | | 4,447 |
Sojitz Corp.
| | | 2,400 | | 8,457 |
Sumitomo Corp.
| | | 2,400 | | 33,197 |
Toyota Tsusho Corp.
| | | 400 | | 13,028 |
| | | | | | 276,785 |
| WIRELESS TELECOMMUNICATION SERVICES — 4.3% | | | | | |
KDDI Corp.
| | | 3,600 | | 77,572 |
NTT DOCOMO, Inc.
| | | 2,500 | | 55,371 |
SoftBank Group Corp.
| | | 1,800 | | 174,739 |
| | | | | | 307,682 |
TOTAL COMMON STOCKS
(Cost $8,159,616)
| | | | | 7,119,493 |
| | | | |
| SHORT-TERM INVESTMENTS — 1.9% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (d) (e)
| 2,083 | 2,083 |
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)
| 134,295 | 134,295 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $136,378)
| | | 136,378 |
TOTAL INVESTMENTS — 100.4%
(Cost $8,295,994)
| 7,255,871 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%
| (28,429) |
NET ASSETS — 100.0%
| $7,227,442 |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (b) | Non-income producing security. |
| (c) | 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. As of March 31, 2019, total aggregate fair value of securities is $5,490 representing 0.1% of net assets. |
| (d) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (e) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (f) | Investment of cash collateral for securities loaned. |
| REIT | = Real Estate Investment Trust |
See accompanying notes to financial statements.
84
SPDR SOLACTIVE JAPAN ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $7,114,003 | | $5,490 | | $— | | $7,119,493 |
Short-Term Investments
| | 136,378 | | — | | — | | 136,378 |
TOTAL INVESTMENTS
| | $7,250,381 | | $5,490 | | $— | | $7,255,871 |
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 3,721 | | $3,721 | | $281,427 | | $283,065 | | $— | | $— | | 2,083 | | $2,083 | | $178 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 652,778 | | 652,778 | | 685,083 | | 1,203,566 | | — | | — | | 134,295 | | 134,295 | | 303 | | — |
Total
| | | $656,499 | | $966,510 | | $1,486,631 | | $— | | $— | | | | $136,378 | | $481 | | $— |
See accompanying notes to financial statements.
85
SPDR SOLACTIVE UNITED KINGDOM ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.1% | | | | | |
| AEROSPACE & DEFENSE — 1.8% | | | | | |
BAE Systems PLC
| | | 13,702 | | $86,130 |
Rolls-Royce Holdings PLC
| | | 8,150 | | 95,918 |
| | | | | | 182,048 |
| AIR FREIGHT & LOGISTICS — 0.1% | | | | | |
Royal Mail PLC
| | | 3,851 | | 11,958 |
| AIRLINES — 0.6% | | | | | |
easyJet PLC
| | | 1,139 | | 16,585 |
International Consolidated Airlines Group SA
| | | 6,618 | | 44,153 |
| | | | | | 60,738 |
| AUTOMOBILES — 0.7% | | | | | |
Fiat Chrysler Automobiles NV (a)
| | | 4,656 | | 69,386 |
| BANKS — 12.6% | | | | | |
Barclays PLC
| | | 73,637 | | 148,420 |
HSBC Holdings PLC
| | | 86,569 | | 703,106 |
Lloyds Banking Group PLC
| | | 307,543 | | 249,022 |
Royal Bank of Scotland Group PLC
| | | 19,518 | | 62,819 |
Standard Chartered PLC
| | | 14,249 | | 109,788 |
| | | | | | 1,273,155 |
| BEVERAGES — 4.7% | | | | | |
Coca-Cola European Partners PLC (a)
| | | 950 | | 49,153 |
Diageo PLC
| | | 10,447 | | 427,175 |
| | | | | | 476,328 |
| CAPITAL MARKETS — 2.4% | | | | | |
3i Group PLC
| | | 4,145 | | 53,190 |
Hargreaves Lansdown PLC
| | | 1,157 | | 28,095 |
Investec PLC
| | | 2,819 | | 16,247 |
London Stock Exchange Group PLC
| | | 1,492 | | 92,367 |
Schroders PLC (b)
| | | 545 | | 19,189 |
Schroders PLC (b)
| | | 211 | | 5,897 |
St James's Place PLC
| | | 2,273 | | 30,448 |
| | | | | | 245,433 |
| CHEMICALS — 0.7% | | | | | |
Croda International PLC
| | | 556 | | 36,500 |
Johnson Matthey PLC
| | | 823 | | 33,695 |
| | | | | | 70,195 |
| COMMERCIAL SERVICES & SUPPLIES — 0.7% | | | | | |
Babcock International Group PLC
| | | 2,180 | | 14,019 |
G4S PLC
| | | 6,713 | | 16,051 |
Rentokil Initial PLC
| | | 7,961 | | 36,650 |
| | | | | | 66,720 |
| CONTAINERS & PACKAGING — 0.2% | | | | | |
DS Smith PLC
| | | 5,648 | | 24,721 |
| Security Description | | | Shares | | Value |
| DIVERSIFIED FINANCIAL SERVICES — 0.3% | | | | | |
Standard Life Aberdeen PLC
| | | 10,041 | | $34,535 |
| DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0% | | | | | |
BT Group PLC
| | | 36,472 | | 105,957 |
| ELECTRIC UTILITIES — 0.7% | | | | | |
SSE PLC
| | | 4,394 | | 67,963 |
| ELECTRICAL EQUIPMENT — 0.7% | | | | | |
Melrose Industries PLC
| | | 20,714 | | 49,435 |
nVent Electric PLC
| | | 700 | | 18,886 |
| | | | | | 68,321 |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.3% | | | | | |
Halma PLC
| | | 1,635 | | 35,622 |
| ENERGY EQUIPMENT & SERVICES — 0.6% | | | | | |
Subsea 7 SA
| | | 1,114 | | 13,803 |
TechnipFMC PLC
| | | 1,800 | | 42,336 |
| | | | | | 56,139 |
| EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.2% | | | | | |
British Land Co. PLC REIT
| | | 4,114 | | 31,575 |
Hammerson PLC REIT
| | | 3,170 | | 13,871 |
Land Securities Group PLC REIT
| | | 2,998 | | 35,682 |
Segro PLC REIT
| | | 4,282 | | 37,573 |
| | | | | | 118,701 |
| FOOD & STAPLES RETAILING — 1.8% | | | | | |
J Sainsbury PLC
| | | 8,909 | | 27,362 |
Tesco PLC
| | | 41,800 | | 126,419 |
Wm Morrison Supermarkets PLC
| | | 9,947 | | 29,494 |
| | | | | | 183,275 |
| FOOD PRODUCTS — 0.5% | | | | | |
Associated British Foods PLC
| | | 1,546 | | 49,134 |
| HEALTH CARE EQUIPMENT & SUPPLIES — 0.9% | | | | | |
ConvaTec Group PLC (c)
| | | 6,598 | | 12,170 |
Smith & Nephew PLC
| | | 3,752 | | 74,460 |
| | | | | | 86,630 |
| HEALTH CARE PROVIDERS & SERVICES — 0.2% | | | | | |
Mediclinic International PLC
| | | 1,663 | | 6,605 |
NMC Health PLC
| | | 511 | | 15,208 |
| | | | | | 21,813 |
| HOTELS, RESTAURANTS & LEISURE — 3.0% | | | | | |
Carnival PLC
| | | 712 | | 34,931 |
See accompanying notes to financial statements.
86
SPDR SOLACTIVE UNITED KINGDOM ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Compass Group PLC
| | | 6,809 | | $160,104 |
InterContinental Hotels Group PLC
| | | 733 | | 44,079 |
Merlin Entertainments PLC (c)
| | | 3,051 | | 13,648 |
Whitbread PLC
| | | 789 | | 52,207 |
| | | | | | 304,969 |
| HOUSEHOLD DURABLES — 1.3% | | | | | |
Barratt Developments PLC
| | | 4,379 | | 34,191 |
Berkeley Group Holdings PLC
| | | 525 | | 25,236 |
Persimmon PLC
| | | 1,358 | | 38,399 |
Taylor Wimpey PLC
| | | 14,165 | | 32,384 |
| | | | | | 130,210 |
| HOUSEHOLD PRODUCTS — 2.5% | | | | | |
Reckitt Benckiser Group PLC
| | | 3,052 | | 253,806 |
| INDUSTRIAL CONGLOMERATES — 0.7% | | | | | |
DCC PLC
| | | 403 | | 34,842 |
Smiths Group PLC
| | | 1,714 | | 32,050 |
| | | | | | 66,892 |
| INSURANCE — 4.8% | | | | | |
Admiral Group PLC
| | | 947 | | 26,777 |
Aviva PLC
| | | 16,739 | | 89,952 |
Direct Line Insurance Group PLC
| | | 5,945 | | 27,346 |
Legal & General Group PLC
| | | 25,566 | | 91,713 |
Prudential PLC
| | | 11,192 | | 224,225 |
RSA Insurance Group PLC
| | | 4,369 | | 28,909 |
| | | | | | 488,922 |
| INTERACTIVE MEDIA & SERVICES — 0.3% | | | | | |
Auto Trader Group PLC (c)
| | | 3,878 | | 26,358 |
| INTERNET & DIRECT MARKETING RETAIL — 0.1% | | | | | |
ASOS PLC (a) (d)
| | | 222 | | 9,257 |
| MACHINERY — 1.0% | | | | | |
CNH Industrial NV
| | | 4,129 | | 42,023 |
Pentair PLC
| | | 750 | | 33,383 |
Weir Group PLC
| | | 1,122 | | 22,778 |
| | | | | | 98,184 |
| MEDIA — 2.4% | | | | | |
Informa PLC
| | | 5,409 | | 52,453 |
ITV PLC
| | | 15,666 | | 25,946 |
Liberty Global PLC Class A (a)
| | | 710 | | 17,693 |
Liberty Global PLC Class C (a)
| | | 2,150 | | 52,051 |
Pearson PLC
| | | 3,305 | | 36,012 |
WPP PLC
| | | 5,192 | | 54,854 |
| | | | | | 239,009 |
| METALS & MINING — 6.7% | | | | | |
Anglo American PLC (d)
| | | 5,555 | | 148,642 |
Antofagasta PLC
| | | 1,497 | | 18,843 |
BHP Group PLC
| | | 8,878 | | 213,855 |
| Security Description | | | Shares | | Value |
Evraz PLC
| | | 1,447 | | $11,698 |
Fresnillo PLC
| | | 798 | | 9,055 |
Rio Tinto PLC
| | | 4,728 | | 274,834 |
| | | | | | 676,927 |
| MULTI-UTILITIES — 2.0% | | | | | |
Centrica PLC
| | | 24,479 | | 36,427 |
National Grid PLC
| | | 14,732 | | 163,324 |
| | | | | | 199,751 |
| MULTILINE RETAIL — 0.7% | | | | | |
Marks & Spencer Group PLC
| | | 7,032 | | 25,556 |
Next PLC
| | | 565 | | 41,081 |
| | | | | | 66,637 |
| OIL, GAS & CONSUMABLE FUELS — 14.8% | | | | | |
BP PLC
| | | 88,516 | | 644,179 |
Royal Dutch Shell PLC Class A
| | | 10,626 | | 334,178 |
Royal Dutch Shell PLC Class B
| | | 16,125 | | 510,164 |
| | | | | | 1,488,521 |
| PAPER & FOREST PRODUCTS — 0.3% | | | | | |
Mondi PLC
| | | 1,589 | | 35,158 |
| PERSONAL PRODUCTS — 2.7% | | | | | |
Unilever PLC
| | | 4,755 | | 272,314 |
| PHARMACEUTICALS — 8.9% | | | | | |
AstraZeneca PLC
| | | 5,477 | | 437,843 |
GlaxoSmithKline PLC
| | | 21,453 | | 446,375 |
Hikma Pharmaceuticals PLC
| | | 596 | | 13,913 |
| | | | | | 898,131 |
| PROFESSIONAL SERVICES — 3.3% | | | | | |
Experian PLC
| | | 3,896 | | 105,544 |
Intertek Group PLC
| | | 696 | | 44,049 |
RELX PLC
| | | 8,480 | | 181,384 |
| | | | | | 330,977 |
| SOFTWARE — 0.9% | | | | | |
Micro Focus International PLC
| | | 1,788 | | 46,515 |
Sage Group PLC
| | | 4,457 | | 40,724 |
| | | | | | 87,239 |
| SPECIALTY RETAIL — 0.4% | | | | | |
JD Sports Fashion PLC
| | | 1,754 | | 11,487 |
Kingfisher PLC
| | | 9,226 | | 28,228 |
| | | | | | 39,715 |
| TEXTILES, APPAREL & LUXURY GOODS — 0.4% | | | | | |
Burberry Group PLC
| | | 1,777 | | 45,257 |
| TOBACCO — 5.5% | | | | | |
British American Tobacco PLC
| | | 9,913 | | 412,573 |
Imperial Brands PLC
| | | 4,113 | | 140,659 |
| | | | | | 553,232 |
See accompanying notes to financial statements.
87
SPDR SOLACTIVE UNITED KINGDOM ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| TRADING COMPANIES & DISTRIBUTORS — 1.0% | | | | | |
Ashtead Group PLC
| | | 2,043 | | $49,316 |
Bunzl PLC
| | | 1,451 | | 47,873 |
| | | | | | 97,189 |
| WATER UTILITIES — 0.6% | | | | | |
Severn Trent PLC
| | | 1,025 | | 26,392 |
United Utilities Group PLC
| | | 2,951 | | 31,316 |
| | | | | | 57,708 |
| WIRELESS TELECOMMUNICATION SERVICES — 2.1% | | | | | |
Vodafone Group PLC
| | | 115,501 | | 210,404 |
TOTAL COMMON STOCKS
(Cost $10,718,873)
| | | | | 9,985,539 |
| | | | |
| SHORT-TERM INVESTMENTS — 0.1% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (e) (f)
| 2,337 | 2,337 |
State Street Navigator Securities Lending Government Money Market Portfolio (e) (g)
| 8,736 | 8,736 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,073)
| | | 11,073 |
TOTAL INVESTMENTS — 99.2%
(Cost $10,729,946)
| 9,996,612 |
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8%
| 82,506 |
NET ASSETS — 100.0%
| $10,079,118 |
| (a) | Non-income producing security. |
| (b) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (c) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.5% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (d) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (e) | 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, 2019 are shown in the Affiliate Table below. |
| (f) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (g) | Investment of cash collateral for securities loaned. |
| REIT | = Real Estate Investment Trust |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $9,985,539 | | $— | | $— | | $9,985,539 |
Short-Term Investments
| | 11,073 | | — | | — | | 11,073 |
TOTAL INVESTMENTS
| | $9,996,612 | | $— | | $— | | $9,996,612 |
See accompanying notes to financial statements.
88
SPDR SOLACTIVE UNITED KINGDOM ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 19,148 | | $19,148 | | $244,559 | | $261,370 | | $— | | $— | | 2,337 | | $2,337 | | $156 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| — | | — | | 3,155,420 | | 3,146,684 | | — | | — | | 8,736 | | 8,736 | | 230 | | — |
Total
| | | $19,148 | | $3,399,979 | | $3,408,054 | | $— | | $— | | | | $11,073 | | $386 | | $— |
See accompanying notes to financial statements.
89
SPDR MSCI WORLD STRATEGICFACTORS ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 99.0% | | | | | |
| AUSTRALIA – 1.4% | | | | | |
Other Securities
| | | | $224,321 |
| AUSTRIA – 0.1% | | | | | |
Other Securities
| | | | 11,773 |
| BELGIUM – 0.4% | | | | | |
Other Securities
| | | | 59,738 |
| BERMUDA – 0.3% | | | | | |
Other Securities
| | | | 47,801 |
| CANADA – 3.1% | | | | | |
Other Securities
| | | | 485,183 |
| CHINA – 0.1% | | | | | |
Other Securities
| | | | 12,503 |
| DENMARK – 1.0% | | | | | |
Novo Nordisk A/S Class B
| | 1,293 | | 67,755 |
Other Securities
| | | | 83,268 |
| | | | | | 151,023 |
| FINLAND – 0.4% | | | | | |
Other Securities
| | | | 69,393 |
| FRANCE – 2.7% | | | | | |
Other Securities
| | | | 409,873 |
| GERMANY – 2.0% | | | | | |
Other Securities
| | | | 312,181 |
| HONG KONG – 2.0% | | | | | |
Other Securities
| | | | 306,166 |
| IRELAND – 0.9% | | | | | |
Accenture PLC Class A
| | 565 | | 99,451 |
Other Securities
| | | | 44,136 |
| | | | | | 143,587 |
| ISRAEL – 0.3% | | | | | |
Other Securities
| | | | 51,966 |
| ITALY – 0.7% | | | | | |
Other Securities
| | | | 101,292 |
| JAPAN – 9.7% | | | | | |
NTT DOCOMO, Inc.
| | 2,568 | | 56,877 |
Other Securities
| | | | 1,435,597 |
| | | | | | 1,492,474 |
| LUXEMBOURG – 0.1% | | | | | |
Other Securities
| | | | 10,054 |
| MEXICO – 0.0% (a) | | | | | |
Other Security
| | | | 113 |
| NETHERLANDS – 1.1% | | | | | |
Other Securities
| | | | 165,260 |
| NEW ZEALAND – 0.1% | | | | | |
Other Securities
| | | | 21,343 |
| NORWAY – 0.1% | | | | | |
Other Securities
| | | | 12,122 |
| Security Description | | | Shares | | Value |
| PORTUGAL – 0.0% (a) | | | | | |
Other Securities
| | | | $7,264 |
| SINGAPORE – 0.7% | | | | | |
Other Securities
| | | | 104,670 |
| SOUTH AFRICA – 0.0% (a) | | | | | |
Other Security
| | | | 790 |
| SPAIN – 0.8% | | | | | |
Other Securities
| | | | 123,241 |
| SWEDEN – 0.5% | | | | | |
Other Securities
| | | | 83,434 |
| SWITZERLAND – 4.1% | | | | | |
Nestle SA
| | 812 | | 77,376 |
Novartis AG
| | 613 | | 58,955 |
Roche Holding AG
| | 609 | | 167,767 |
Other Securities
| | | | 330,151 |
| | | | | | 634,249 |
| UNITED KINGDOM – 5.9% | | | | | |
AstraZeneca PLC
| | 802 | | 64,114 |
GlaxoSmithKline PLC
| | 4,728 | | 98,376 |
Other Securities
| | | | 745,970 |
| | | | | | 908,460 |
| UNITED STATES – 60.5% | | | | | |
3M Co.
| | 338 | | 70,230 |
Adobe, Inc. (b)
| | 241 | | 64,224 |
Alphabet, Inc. Class A (b)
| | 126 | | 148,288 |
Alphabet, Inc. Class C (b)
| | 136 | | 159,570 |
Altria Group, Inc.
| | 1,801 | | 103,431 |
Amgen, Inc.
| | 395 | | 75,042 |
Apple, Inc.
| | 1,815 | | 344,759 |
AT&T, Inc.
| | 2,492 | | 78,149 |
Automatic Data Processing, Inc.
| | 386 | | 61,660 |
Berkshire Hathaway, Inc. Class B (b)
| | 275 | | 55,245 |
Cisco Systems, Inc.
| | 2,871 | | 155,005 |
Coca-Cola Co.
| | 1,239 | | 58,060 |
Consolidated Edison, Inc.
| | 737 | | 62,505 |
Costco Wholesale Corp.
| | 265 | | 64,167 |
Eli Lilly & Co.
| | 691 | | 89,664 |
Exxon Mobil Corp.
| | 1,078 | | 87,102 |
Facebook, Inc. Class A (b)
| | 1,245 | | 207,529 |
Honeywell International, Inc.
| | 405 | | 64,363 |
Intel Corp.
| | 2,783 | | 149,447 |
International Business Machines Corp.
| | 653 | | 92,138 |
Johnson & Johnson
| | 1,801 | | 251,762 |
JPMorgan Chase & Co.
| | 619 | | 62,661 |
Lockheed Martin Corp.
| | 374 | | 112,260 |
Mastercard, Inc. Class A
| | 613 | | 144,331 |
McDonald's Corp.
| | 332 | | 63,047 |
Merck & Co., Inc.
| | 704 | | 58,552 |
Microsoft Corp.
| | 2,771 | | 326,812 |
NIKE, Inc. Class B
| | 902 | | 75,957 |
NVIDIA Corp.
| | 376 | | 67,515 |
PepsiCo, Inc.
| | 590 | | 72,304 |
Pfizer, Inc.
| | 1,455 | | 61,794 |
See accompanying notes to financial statements.
90
SPDR MSCI WORLD STRATEGICFACTORS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Procter & Gamble Co.
| | 1,610 | | $167,520 |
Raytheon Co.
| | 382 | | 69,555 |
Starbucks Corp.
| | 1,104 | | 82,071 |
State Street Corp. (c)
| | 40 | | 2,632 |
Texas Instruments, Inc.
| | 621 | | 65,869 |
TJX Cos., Inc.
| | 1,818 | | 96,736 |
Union Pacific Corp.
| | 368 | | 61,530 |
Verizon Communications, Inc.
| | 1,481 | | 87,572 |
Visa, Inc. Class A
| | 1,278 | | 199,611 |
Walmart, Inc.
| | 675 | | 65,833 |
Walt Disney Co.
| | 943 | | 104,749 |
Waste Management, Inc.
| | 615 | | 63,905 |
Other Securities
| | | | 4,768,521 |
| | | | | | 9,323,677 |
TOTAL COMMON STOCKS
(Cost $15,231,792)
| | | | | 15,273,951 |
| SHORT-TERM INVESTMENTS - 1.0% | | | | | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares Class G Shares 2.43% (d)(e)
| | | 39,497 | | 39,497 |
State Street Navigator Securities Lending Government Money Market Portfolio (d)(f)
| | | 111,477 | | 111,477 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $150,974)
| | | | | 150,974 |
TOTAL INVESTMENTS - 100.0%
(Cost $15,382,766)
| | | | | 15,424,925 |
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)% (a)
| | | | | (3,599) |
NET ASSETS - 100.0%
| | | | | $15,421,326 |
| The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed below may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund's website atwww.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC's website atwww.sec.gov. |
| |
| (a) | Amount is less than 0.05% of net assets. |
| (b) | Non-income producing security. |
| (c) | The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (d) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (e) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (f) | Investment of cash collateral for securities loaned. |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $15,265,079 | | $8,872 | | $— | | $15,273,951 |
Short-Term Investments
| | 150,974 | | — | | — | | 150,974 |
TOTAL INVESTMENTS
| | $15,416,053 | | $8,872 | | $— | | $15,424,925 |
See accompanying notes to financial statements.
91
SPDR MSCI WORLD STRATEGICFACTORS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Corp.
| 80 | | $6,702 | | $— | | $2,806 | | $(867) | | $(397) | | 40 | | $2,632 | | $56 | | $— |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 18,931 | | 18,931 | | 731,516 | | 710,950 | | — | | — | | 39,497 | | 39,497 | | 561 | | — |
State Street Navigator Securities Lending Government Money Market Portfolio
| 298,707 | | 298,707 | | 1,215,443 | | 1,402,673 | | — | | — | | 111,477 | | 111,477 | | 1,301 | | — |
Total
| | | $324,340 | | $1,946,959 | | $2,116,429 | | $(867) | | $(397) | | | | $153,606 | | $1,918 | | $— |
See accompanying notes to financial statements.
92
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.9% | | | | | |
| CHINA — 45.3% | | | | | |
21Vianet Group, Inc. ADR (a)
| | | 10,907 | | $86,602 |
3SBio, Inc. (b)(c)
| | | 50,000 | | 98,345 |
500.com, Ltd. Class A, ADR (a)(c)
| | | 1,987 | | 27,739 |
51job, Inc. ADR (a)
| | | 3,249 | | 253,032 |
58.com, Inc. ADR (a)
| | | 8,074 | | 530,300 |
AAC Technologies Holdings, Inc.
| | | 95,000 | | 562,137 |
Agile Group Holdings, Ltd.
| | | 493,598 | | 798,565 |
Agricultural Bank of China, Ltd. Class H
| | | 3,252,000 | | 1,499,658 |
Air China, Ltd. Class H
| | | 469,414 | | 577,652 |
Alibaba Group Holding, Ltd. ADR (a)
| | | 163,073 | | 29,752,669 |
Aluminum Corp. of China, Ltd. Class H (a)
| | | 832,304 | | 306,417 |
Angang Steel Co., Ltd. Class H (c)
| | | 481,244 | | 351,893 |
Anhui Conch Cement Co., Ltd. Class H
| | | 283,750 | | 1,733,236 |
Anhui Expressway Co., Ltd. Class H
| | | 32,000 | | 21,075 |
ANTA Sports Products, Ltd.
| | | 132,000 | | 897,942 |
Autohome, Inc. ADR (a)(c)
| | | 5,860 | | 616,003 |
AVIC International Holding HK, Ltd. (a)
| | | 914,621 | | 26,448 |
AviChina Industry & Technology Co., Ltd. Class H
| | | 526,000 | | 335,704 |
BAIC Motor Corp., Ltd. Class H (b)
| | | 233,000 | | 152,267 |
Baidu, Inc. ADR (a)
| | | 38,590 | | 6,361,561 |
Bank of China, Ltd. Class H
| | | 10,958,466 | | 4,969,731 |
Bank of Communications Co., Ltd. Class H
| | | 2,992,630 | | 2,451,304 |
Baozun, Inc. ADR (a)(c)
| | | 1,666 | | 69,206 |
BBMG Corp. Class H (c)
| | | 287,000 | | 105,295 |
BeiGene, Ltd. ADR (a)
| | | 5,349 | | 706,068 |
Beijing Capital International Airport Co., Ltd. Class H
| | | 124,000 | | 117,682 |
Beijing Capital Land, Ltd. Class H
| | | 130,000 | | 49,682 |
Beijing Enterprises Clean Energy Group, Ltd. (a)(c)
| | | 2,190,400 | | 36,274 |
Beijing Enterprises Holdings, Ltd.
| | | 92,000 | | 521,532 |
Beijing Enterprises Water Group, Ltd.
| | | 532,000 | | 328,690 |
Bitauto Holdings, Ltd. ADR (a)
| | | 3,045 | | 48,476 |
Boyaa Interactive International, Ltd. (a)(c)
| | | 100,200 | | 20,423 |
Brilliance China Automotive Holdings, Ltd.
| | | 466,000 | | 461,848 |
BYD Co., Ltd. Class H (c)
| | | 109,800 | | 661,602 |
BYD Electronic International Co., Ltd. (c)
| | | 129,500 | | 166,949 |
C.banner International Holdings, Ltd. (a)
| | | 192,000 | | 9,417 |
CAR, Inc. (a)(c)
| | | 209,043 | | 180,284 |
CGN Power Co., Ltd. Class H (b)
| | | 1,532,000 | | 427,401 |
| Security Description | | | Shares | | Value |
China Aerospace International Holdings, Ltd.
| | | 340,000 | | $24,688 |
China Agri-Industries Holdings, Ltd.
| | | 313,000 | | 107,258 |
China Animal Healthcare, Ltd. (a)(c)(d)
| | | 305,700 | | — |
China Biologic Products Holdings, Inc. (a)(c)
| | | 2,284 | | 208,415 |
China Cinda Asset Management Co., Ltd. Class H
| | | 1,308,600 | | 363,410 |
China CITIC Bank Corp., Ltd. Class H
| | | 1,581,341 | | 1,007,230 |
China Coal Energy Co., Ltd. Class H
| | | 776,000 | | 321,276 |
China Communications Construction Co., Ltd. Class H
| | | 704,000 | | 728,219 |
China Conch Venture Holdings, Ltd.
| | | 176,100 | | 630,375 |
China Construction Bank Corp. Class H
| | | 12,656,148 | | 10,850,499 |
China Dongxiang Group Co., Ltd.
| | | 561,000 | | 81,471 |
China Eastern Airlines Corp., Ltd. Class H
| | | 218,000 | | 154,684 |
China Everbright International, Ltd.
| | | 468,000 | | 475,753 |
China Evergrande Group (c)
| | | 510,000 | | 1,695,680 |
China Fangda Group Co., Ltd. Class B
| | | 135,650 | | 74,306 |
China Galaxy Securities Co., Ltd. Class H
| | | 408,600 | | 268,585 |
China Harmony New Energy Auto Holding, Ltd. (c)
| | | 77,500 | | 29,026 |
China Huishan Dairy Holdings Co., Ltd. (a)(c)(d)
| | | 549,000 | | — |
China Huiyuan Juice Group, Ltd. (a)(c)(d)
| | | 157,000 | | 30,300 |
China International Marine Containers Group Co., Ltd. Class H
| | | 98,000 | | 125,341 |
China Lesso Group Holdings, Ltd.
| | | 159,000 | | 102,895 |
China Life Insurance Co., Ltd. Class H
| | | 1,123,708 | | 3,020,432 |
China Lilang, Ltd.
| | | 97,000 | | 109,481 |
China Literature, Ltd. (a)(b)(c)
| | | 12,000 | | 56,179 |
China Longyuan Power Group Corp., Ltd. Class H
| | | 574,000 | | 399,243 |
China Machinery Engineering Corp. Class H
| | | 94,000 | | 47,898 |
China Medical System Holdings, Ltd.
| | | 189,000 | | 183,223 |
China Mengniu Dairy Co., Ltd.
| | | 466,780 | | 1,736,314 |
China Merchants Bank Co., Ltd. Class H
| | | 742,260 | | 3,607,312 |
China Merchants Port Holdings Co., Ltd.
| | | 447,606 | | 953,378 |
China Minsheng Banking Corp., Ltd. Class H
| | | 1,244,720 | | 903,815 |
China Mobile, Ltd.
| | | 766,636 | | 7,812,901 |
See accompanying notes to financial statements.
93
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
China Molybdenum Co., Ltd. Class H
| | | 474,000 | | $198,055 |
China National Building Material Co., Ltd. Class H
| | | 468,000 | | 369,037 |
China Nuclear Energy Technology Corp., Ltd. (a)
| | | 108,000 | | 6,741 |
China Oilfield Services, Ltd. Class H
| | | 334,557 | | 361,409 |
China Overseas Land & Investment, Ltd.
| | | 821,084 | | 3,117,001 |
China Overseas Property Holdings, Ltd.
| | | 287,361 | | 138,007 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 347,000 | | 1,361,486 |
China Petroleum & Chemical Corp. Class H
| | | 3,551,726 | | 2,800,678 |
China Power International Development, Ltd.
| | | 315,000 | | 80,657 |
China Railway Construction Corp., Ltd. Class H
| | | 287,500 | | 376,499 |
China Railway Group, Ltd. Class H
| | | 727,000 | | 663,102 |
China Resources Beer Holdings Co., Ltd.
| | | 347,357 | | 1,462,449 |
China Resources Gas Group, Ltd.
| | | 104,000 | | 490,194 |
China Resources Medical Holdings Co., Ltd.
| | | 78,500 | | 56,400 |
China Resources Power Holdings Co., Ltd.
| | | 376,437 | | 565,858 |
China Shengmu Organic Milk, Ltd. (a)(b)(c)
| | | 357,000 | | 18,191 |
China Shenhua Energy Co., Ltd. Class H
| | | 565,540 | | 1,289,583 |
China Silver Group, Ltd. (a)
| | | 92,000 | | 8,907 |
China Singyes Solar Technologies Holdings, Ltd.
| | | 75,600 | | 9,534 |
China South City Holdings, Ltd.
| | | 460,000 | | 73,835 |
China Southern Airlines Co., Ltd. Class H
| | | 268,000 | | 239,665 |
China Taiping Insurance Holdings Co., Ltd.
| | | 142,941 | | 426,094 |
China Telecom Corp., Ltd. Class H
| | | 2,617,320 | | 1,453,705 |
China Travel International Investment Hong Kong, Ltd.
| | | 304,000 | | 77,453 |
China Unicom Hong Kong, Ltd.
| | | 900,172 | | 1,140,990 |
China Vanke Co., Ltd. Class H
| | | 163,700 | | 688,170 |
China Yurun Food Group, Ltd. (a)
| | | 205,659 | | 48,730 |
Chinasoft International, Ltd. (c)
| | | 224,000 | | 138,396 |
Chlitina Holding, Ltd.
| | | 51,000 | | 487,322 |
Chong Sing Holdings FinTech Group (a)(c)
| | | 2,364,000 | | 19,575 |
Chongqing Changan Automobile Co., Ltd. Class B
| | | 102,000 | | 54,184 |
Chongqing Rural Commercial Bank Co., Ltd. Class H
| | | 232,000 | | 133,881 |
CIMC-TianDa Holdings Co., Ltd.
| | | 434,227 | | 13,718 |
| Security Description | | | Shares | | Value |
CITIC Resources Holdings, Ltd. (c)
| | | 378,000 | | $35,152 |
CITIC Securities Co., Ltd. Class H
| | | 249,500 | | 581,005 |
CITIC Telecom International Holdings, Ltd.
| | | 231,000 | | 103,877 |
CITIC, Ltd.
| | | 707,000 | | 1,055,553 |
CNOOC, Ltd.
| | | 2,151,249 | | 4,028,479 |
Cogobuy Group (a)(b)
| | | 76,000 | | 27,980 |
Colour Life Services Group Co., Ltd.
| | | 95,000 | | 68,981 |
Consun Pharmaceutical Group, Ltd.
| | | 202,400 | | 148,514 |
Coolpad Group, Ltd. (a)(d)
| | | 437,400 | | — |
COSCO SHIPPING Development Co., Ltd. Class H (a)
| | | 1,431,339 | | 187,807 |
COSCO SHIPPING Energy Transportation Co., Ltd. Class H
| | | 691,215 | | 396,240 |
COSCO SHIPPING Holdings Co., Ltd. Class H (a)
| | | 27,000 | | 11,213 |
COSCO SHIPPING Ports, Ltd.
| | | 38,425 | | 41,509 |
Cosmo Lady China Holdings Co., Ltd. (b)
| | | 106,000 | | 30,652 |
Country Garden Holdings Co., Ltd.
| | | 859,333 | | 1,342,101 |
Country Garden Services Holdings Co., Ltd. (a)
| | | 102,865 | | 191,579 |
CRRC Corp., Ltd. Class H
| | | 593,000 | | 559,010 |
CSG Holding Co., Ltd. Class B
| | | 156,100 | | 60,651 |
CSPC Pharmaceutical Group, Ltd.
| | | 496,000 | | 922,503 |
CT Environmental Group, Ltd. (c)
| | | 438,000 | | 18,971 |
Ctrip.com International, Ltd. ADR (a)
| | | 43,880 | | 1,917,117 |
Datang International Power Generation Co., Ltd. Class H
| | | 426,000 | | 113,963 |
Dazhong Transportation Group Co., Ltd. Class B
| | | 112,850 | | 60,713 |
Dongfang Electric Corp., Ltd. Class H (a)(c)
| | | 14,000 | | 11,361 |
Dongfeng Motor Group Co., Ltd. Class H
| | | 568,468 | | 569,196 |
Fang Holdings, Ltd. ADR (a)
| | | 30,908 | | 41,726 |
Fanhua, Inc. ADR (c)
| | | 9,935 | | 260,893 |
Far East Horizon, Ltd.
| | | 178,000 | | 188,659 |
FIH Mobile, Ltd. (a)(c)
| | | 345,000 | | 38,236 |
First Tractor Co., Ltd. Class H (a)(c)
| | | 76,000 | | 19,944 |
Fufeng Group, Ltd. (c)
| | | 131,000 | | 68,755 |
GDS Holdings, Ltd. ADR (a)(c)
| | | 4,329 | | 154,502 |
Geely Automobile Holdings, Ltd.
| | | 695,000 | | 1,328,034 |
Genscript Biotech Corp. (a)
| | | 80,000 | | 151,033 |
GF Securities Co., Ltd. Class H
| | | 125,800 | | 180,769 |
Golden Eagle Retail Group, Ltd. (c)
| | | 106,000 | | 125,580 |
GOME Retail Holdings, Ltd. (a)(c)
| | | 1,799,322 | | 167,327 |
See accompanying notes to financial statements.
94
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Goodbaby International Holdings, Ltd.
| | | 291,000 | | $84,520 |
Great Wall Motor Co., Ltd. Class H (c)
| | | 418,000 | | 313,635 |
Greentown China Holdings, Ltd.
| | | 119,000 | | 118,849 |
Guangdong Investment, Ltd.
| | | 412,000 | | 795,664 |
Guangshen Railway Co., Ltd. Class H
| | | 78,500 | | 30,600 |
Guangzhou Automobile Group Co., Ltd. Class H
| | | 744,844 | | 879,586 |
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H
| | | 106,000 | | 467,213 |
Guangzhou R&F Properties Co., Ltd. Class H
| | | 454,576 | | 983,280 |
Guotai Junan International Holdings, Ltd. (c)
| | | 300,000 | | 60,765 |
Haitian International Holdings, Ltd.
| | | 83,000 | | 188,628 |
Haitong Securities Co., Ltd. Class H
| | | 392,000 | | 507,356 |
Health and Happiness H&H International Holdings, Ltd. (a)(c)
| | | 28,000 | | 175,313 |
Hengan International Group Co., Ltd. (c)
| | | 102,500 | | 898,350 |
HNA Holding Group Co., Ltd. (a)
| | | 463,400 | | 8,028 |
Hua Hong Semiconductor, Ltd. (b)(c)
| | | 38,000 | | 89,071 |
Huadian Fuxin Energy Corp., Ltd. Class H
| | | 248,000 | | 54,971 |
Huadian Power International Corp., Ltd. Class H
| | | 266,000 | | 109,450 |
Huaneng Power International, Inc. Class H
| | | 708,472 | | 411,548 |
Huaneng Renewables Corp., Ltd. Class H
| | | 460,000 | | 127,746 |
Huatai Securities Co., Ltd. Class H (b)
| | | 83,400 | | 166,801 |
Huazhu Group, Ltd. ADR
| | | 18,822 | | 793,159 |
Huishang Bank Corp., Ltd. Class H
| | | 859,000 | | 368,770 |
Ideanomics, Inc. (a)(c)
| | | 15,653 | | 30,367 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 11,358,138 | | 8,319,708 |
Inner Mongolia Yitai Coal Co., Ltd. Class B
| | | 237,781 | | 292,708 |
iQIYI, Inc. ADR (a)(c)
| | | 14,432 | | 345,213 |
JD.com, Inc. ADR (a)
| | | 117,338 | | 3,537,741 |
Jiangsu Expressway Co., Ltd. Class H
| | | 428,299 | | 605,624 |
Jiangxi Copper Co., Ltd. Class H
| | | 315,578 | | 418,897 |
JinkoSolar Holding Co., Ltd. ADR (a)(c)
| | | 3,813 | | 68,634 |
Joy City Property, Ltd.
| | | 524,000 | | 72,760 |
Jumei International Holding, Ltd. ADR (a)
| | | 2,927 | | 6,908 |
Kama Co., Ltd. Class B (a)
| | | 134,149 | | 85,855 |
| Security Description | | | Shares | | Value |
Kangda International Environmental Co., Ltd. (b)
| | | 240,000 | | $35,771 |
Kingdee International Software Group Co., Ltd. (c)
| | | 271,000 | | 313,464 |
Kingsoft Corp., Ltd.
| | | 117,000 | | 297,495 |
Konka Group Co., Ltd. Class B
| | | 406,500 | | 151,726 |
Kunlun Energy Co., Ltd.
| | | 486,000 | | 507,672 |
KWG Group Holdings, Ltd.
| | | 198,951 | | 240,010 |
Lao Feng Xiang Co., Ltd. Class B
| | | 66,579 | | 232,827 |
Launch Tech Co., Ltd. Class H (c)
| | | 26,500 | | 23,800 |
Lenovo Group, Ltd.
| | | 1,203,703 | | 1,082,573 |
LexinFintech Holdings, Ltd. ADR (a)(c)
| | | 7,883 | | 82,772 |
Leyou Technologies Holdings, Ltd. (a)
| | | 265,800 | | 74,154 |
Li Ning Co., Ltd. (a)
| | | 349,874 | | 549,105 |
Lifetech Scientific Corp. (a)
| | | 296,000 | | 63,348 |
Livzon Pharmaceutical Group, Inc. Class H
| | | 36,475 | | 126,850 |
Luoyang Glass Co., Ltd. Class H (a)
| | | 68,153 | | 22,920 |
Luthai Textile Co., Ltd. Class B
| | | 52,600 | | 62,651 |
Luye Pharma Group, Ltd. (b)(c)
| | | 235,500 | | 205,801 |
Maanshan Iron & Steel Co., Ltd. Class H
| | | 848,971 | | 415,295 |
Meituan Dianping Class B (a)(c)
| | | 359,800 | | 2,424,655 |
Metallurgical Corp. of China, Ltd. Class H
| | | 504,000 | | 148,954 |
Minth Group, Ltd.
| | | 104,000 | | 327,238 |
Momo, Inc. ADR (a)
| | | 15,543 | | 594,364 |
National Agricultural Holdings, Ltd. (a)(c)(d)
| | | 112,000 | | 4,245 |
NetEase, Inc. ADR
| | | 10,977 | | 2,650,397 |
New China Life Insurance Co., Ltd. Class H
| | | 92,400 | | 470,831 |
New Oriental Education & Technology Group, Inc. ADR (a)
| | | 16,777 | | 1,511,440 |
Noah Holdings, Ltd. ADR (a)
| | | 2,976 | | 144,217 |
People's Insurance Co. Group of China, Ltd. Class H
| | | 653,000 | | 279,502 |
PetroChina Co., Ltd. Class H
| | | 2,817,208 | | 1,826,711 |
PICC Property & Casualty Co., Ltd. Class H
| | | 988,433 | | 1,123,169 |
Ping An Healthcare and Technology Co., Ltd. (a)(b)(c)
| | | 21,800 | | 123,025 |
Ping An Insurance Group Co. of China, Ltd. Class H (c)
| | | 712,228 | | 7,975,190 |
Poly Culture Group Corp., Ltd. Class H
| | | 35,400 | | 49,605 |
Poly Property Group Co., Ltd.
| | | 328,000 | | 127,858 |
Qudian, Inc. ADR (a)
| | | 14,542 | | 73,583 |
Renhe Commercial Holdings Co., Ltd. (a)
| | | 2,412,000 | | 82,961 |
Semiconductor Manufacturing International Corp. (a)(c)
| | | 689,383 | | 697,291 |
Shandong Airlines Co., Ltd. Class B
| | | 25,300 | | 38,772 |
See accompanying notes to financial statements.
95
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Shandong Chenming Paper Holdings, Ltd. Class H
| | | 80,350 | | $51,690 |
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
| | | 256,000 | | 244,588 |
Shang Gong Group Co., Ltd. Class B (a)
| | | 182,700 | | 135,198 |
Shanghai Baosight Software Co., Ltd. Class B
| | | 43,000 | | 95,460 |
Shanghai Electric Group Co., Ltd. Class H (c)
| | | 528,418 | | 200,598 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H
| | | 44,000 | | 158,905 |
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H
| | | 219,000 | | 196,962 |
Shanghai Haixin Group Co. Class B
| | | 100,200 | | 50,501 |
Shanghai Highly Group Co., Ltd. Class B
| | | 165,200 | | 141,411 |
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B
| | | 14,100 | | 15,200 |
Shanghai Jinjiang International Travel Co., Ltd. Class B
| | | 31,474 | | 60,430 |
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B
| | | 44,200 | | 56,222 |
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B
| | | 178,753 | | 262,409 |
Shanghai Mechanical and Electrical Industry Co., Ltd. Class B
| | | 60,684 | | 113,661 |
Shanghai Pharmaceuticals Holding Co., Ltd. Class H
| | | 80,600 | | 175,576 |
Shanghai Prime Machinery Co., Ltd. Class H (a)
| | | 706,000 | | 107,025 |
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class B
| | | 10,800 | | 14,861 |
Shanghai Zhenhua Heavy Industries Co., Ltd. Class B
| | | 146,000 | | 58,400 |
Shenzhen Expressway Co., Ltd. Class H
| | | 29,000 | | 33,987 |
Shenzhen Investment, Ltd.
| | | 382,888 | | 146,328 |
Shenzhou International Group Holdings, Ltd.
| | | 62,800 | | 841,605 |
SINA Corp. (a)
| | | 11,933 | | 706,911 |
Sino-Ocean Group Holding, Ltd.
| | | 994,711 | | 435,902 |
Sinopec Oilfield Service Corp. Class H (a)(c)
| | | 202,000 | | 23,159 |
Sinopec Shanghai Petrochemical Co., Ltd. Class H
| | | 718,878 | | 342,499 |
Sinopharm Group Co., Ltd. Class H
| | | 141,200 | | 588,187 |
Sinotrans, Ltd. Class H
| | | 280,000 | | 120,205 |
Sinotruk Hong Kong, Ltd.
| | | 40,500 | | 86,160 |
SITC International Holdings Co., Ltd.
| | | 230,000 | | 236,154 |
| Security Description | | | Shares | | Value |
Sohu.com, Ltd. ADR (a)(c)
| | | 4,776 | | $79,186 |
Sun King Power Electronics Group
| | | 171,300 | | 28,805 |
Sunac China Holdings, Ltd.
| | | 337,000 | | 1,678,571 |
Sunny Optical Technology Group Co., Ltd.
| | | 111,500 | | 1,331,617 |
TAL Education Group ADR (a)
| | | 44,590 | | 1,608,807 |
TCL Electronics Holdings, Ltd.
| | | 159,000 | | 86,894 |
Tencent Holdings, Ltd.
| | | 753,070 | | 34,631,847 |
Tian Ge Interactive Holdings, Ltd. (b)
| | | 93,000 | | 36,963 |
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd.
| | | 40,745 | | 37,282 |
Tianneng Power International, Ltd.
| | | 112,000 | | 100,729 |
Tingyi Cayman Islands Holding Corp.
| | | 470,383 | | 775,388 |
Tong Ren Tang Technologies Co., Ltd. Class H (c)
| | | 161,000 | | 216,172 |
TravelSky Technology, Ltd. Class H
| | | 116,000 | | 306,626 |
Tsingtao Brewery Co., Ltd. Class H
| | | 104,000 | | 490,194 |
Uni-President China Holdings, Ltd.
| | | 229,000 | | 224,626 |
Vipshop Holdings, Ltd. ADR (a)
| | | 43,884 | | 352,389 |
Want Want China Holdings, Ltd.
| | | 1,287,000 | | 1,068,955 |
Weibo Corp. ADR (a)(c)
| | | 3,475 | | 215,415 |
Weichai Power Co., Ltd. Class H
| | | 61,000 | | 97,445 |
West China Cement, Ltd.
| | | 466,000 | | 61,738 |
Wuxi Biologics Cayman, Inc. (a)(b)
| | | 31,500 | | 306,375 |
Xiamen International Port Co., Ltd. Class H
| | | 154,000 | | 21,776 |
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (c)(e)
| | | 37,859 | | 54,498 |
Xinyi Solar Holdings, Ltd.
| | | 325,246 | | 156,616 |
Yangzijiang Shipbuilding Holdings, Ltd.
| | | 330,200 | | 365,670 |
Yantai Changyu Pioneer Wine Co., Ltd. Class B
| | | 34,053 | | 76,132 |
Yanzhou Coal Mining Co., Ltd. Class H
| | | 390,882 | | 383,913 |
Yum China Holdings, Inc.
| | | 44,063 | | 1,978,869 |
YY, Inc. ADR (a)
| | | 4,211 | | 353,766 |
Zai Lab, Ltd. ADR (a)
| | | 4,219 | | 124,503 |
Zhejiang Expressway Co., Ltd. Class H
| | | 272,000 | | 311,849 |
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H
| | | 61,200 | | 29,626 |
Zhuzhou CRRC Times Electric Co., Ltd. Class H
| | | 94,800 | | 560,350 |
Zijin Mining Group Co., Ltd. Class H
| | | 1,198,685 | | 496,274 |
ZTE Corp. Class H (a)
| | | 120,240 | | 361,488 |
See accompanying notes to financial statements.
96
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
ZTO Express Cayman, Inc. ADR
| | | 35,412 | | $647,331 |
| | | | | | 227,948,626 |
| HONG KONG — 2.4% | | | | | |
Alibaba Pictures Group, Ltd. (a)(c)
| | | 1,460,107 | | 258,543 |
Beijing Enterprises Medical & Health Group, Ltd. (a)
| | | 440,500 | | 12,906 |
Carnival Group International Holdings, Ltd. (a)(c)
| | | 1,220,000 | | 7,304 |
Central Wealth Group Holdings, Ltd. (a)(c)
| | | 266,000 | | 2,067 |
China All Access Holdings, Ltd.
| | | 192,000 | | 12,474 |
China Beidahuang Industry Group Holdings, Ltd. Class A (a)
| | | 453,600 | | 13,926 |
China Education Group Holdings, Ltd.
| | | 62,000 | | 94,304 |
China Everbright, Ltd.
| | | 134,000 | | 265,612 |
China Fiber Optic Network System Group, Ltd. (a)(d)
| | | 686,800 | | — |
China First Capital Group, Ltd. (a)
| | | 196,000 | | 103,618 |
China Gas Holdings, Ltd.
| | | 359,800 | | 1,265,037 |
China High Speed Transmission Equipment Group Co., Ltd. (c)
| | | 8,000 | | 6,930 |
China NT Pharma Group Co., Ltd.
| | | 105,000 | | 9,363 |
China Resources Cement Holdings, Ltd.
| | | 72,000 | | 74,293 |
China Resources Land, Ltd.
| | | 508,767 | | 2,281,365 |
China State Construction International Holdings, Ltd.
| | | 294,750 | | 275,978 |
Citychamp Watch & Jewellery Group, Ltd.
| | | 530,000 | | 110,052 |
Comba Telecom Systems Holdings, Ltd. (a)(c)
| | | 409,847 | | 95,545 |
CP Pokphand Co., Ltd.
| | | 990,000 | | 89,542 |
Dawnrays Pharmaceutical Holdings, Ltd.
| | | 254,000 | | 47,565 |
Digital China Holdings, Ltd. (a)
| | | 166,000 | | 88,604 |
EVA Precision Industrial Holdings, Ltd.
| | | 448,000 | | 50,222 |
Fullshare Holdings, Ltd. (c)
| | | 756,100 | | 101,135 |
GCL-Poly Energy Holdings, Ltd. (a)(c)
| | | 1,060,000 | | 74,268 |
Haier Electronics Group Co., Ltd.
| | | 165,000 | | 479,239 |
Hanergy Thin Film Power Group, Ltd. (a)(c)(d)
| | | 5,962,000 | | — |
Hi Sun Technology China, Ltd. (a)
| | | 318,000 | | 54,283 |
Huabao International Holdings, Ltd.
| | | 18,000 | | 9,126 |
Imperial Pacific International Holdings, Ltd. (a)(c)
| | | 7,996,300 | | 59,081 |
Kingboard Holdings, Ltd.
| | | 145,200 | | 515,140 |
Lee & Man Paper Manufacturing, Ltd.
| | | 260,000 | | 221,581 |
NetDragon Websoft Holdings, Ltd.
| | | 65,500 | | 164,544 |
Nine Dragons Paper Holdings, Ltd.
| | | 212,000 | | 202,009 |
| Security Description | | | Shares | | Value |
Shanghai Industrial Holdings, Ltd.
| | | 55,000 | | $129,478 |
Shenwan Hongyuan HK, Ltd.
| | | 345,000 | | 93,612 |
Shimao Property Holdings, Ltd.
| | | 193,500 | | 605,154 |
Sino Biopharmaceutical, Ltd.
| | | 1,129,000 | | 1,029,770 |
Skyworth Digital Holdings, Ltd.
| | | 302,243 | | 102,802 |
Solartech International Holdings, Ltd. (a)
| | | 520,000 | | 6,558 |
SSY Group, Ltd.
| | | 610,691 | | 567,907 |
Sun Art Retail Group, Ltd.
| | | 275,500 | | 268,483 |
Tech Pro Technology Development, Ltd. (a)(c)(d)
| | | 1,684,800 | | 7,297 |
Tibet Water Resources, Ltd. (a)
| | | 397,000 | | 123,399 |
United Laboratories International Holdings, Ltd. (c)
| | | 122,000 | | 72,113 |
Vinda International Holdings, Ltd.
| | | 50,000 | | 96,688 |
Wasion Holdings, Ltd.
| | | 84,000 | | 43,980 |
WH Group, Ltd. (b)
| | | 1,082,000 | | 1,157,816 |
Xinyi Glass Holdings, Ltd.
| | | 394,000 | | 451,723 |
| | | | | | 11,802,436 |
| INDIA — 19.3% | | | | | |
Adani Ports & Special Economic Zone, Ltd.
| | | 130,878 | | 714,421 |
Adani Power, Ltd. (a)
| | | 87,570 | | 60,929 |
AIA Engineering, Ltd.
| | | 10,890 | | 282,346 |
Ajanta Pharma, Ltd.
| | | 4,045 | | 60,446 |
Alembic Pharmaceuticals, Ltd.
| | | 12,703 | | 98,617 |
Anveshan Heavy Engineering, Ltd. (a)
| | | 1,167 | | 9,408 |
Apollo Hospitals Enterprise, Ltd.
| | | 36,295 | | 643,172 |
Apollo Tyres, Ltd.
| | | 63,241 | | 203,348 |
Arvind Fashions, Ltd. (a)
| | | 6,303 | | 94,916 |
Arvind, Ltd.
| | | 32,919 | | 43,219 |
Ashok Leyland, Ltd.
| | | 58,110 | | 76,585 |
Asian Paints, Ltd.
| | | 34,691 | | 747,503 |
AstraZeneca Pharma India, Ltd. (a)
| | | 10,997 | | 315,687 |
Aurobindo Pharma, Ltd.
| | | 45,393 | | 513,886 |
Axis Bank, Ltd. (a)
| | | 187,963 | | 2,108,903 |
Bajaj Auto, Ltd.
| | | 8,000 | | 336,179 |
Bajaj Finance, Ltd.
| | | 19,020 | | 830,538 |
Balkrishna Industries, Ltd.
| | | 5,306 | | 76,249 |
Bank of Baroda (f)
| | | 50,256 | | 93,331 |
BEML, Ltd.
| | | 8,453 | | 123,552 |
Bharat Electronics, Ltd.
| | | 131,271 | | 176,702 |
Bharat Financial Inclusion, Ltd. (a)
| | | 33,351 | | 544,111 |
Bharat Forge, Ltd.
| | | 35,324 | | 261,278 |
Bharat Heavy Electricals, Ltd.
| | | 306,731 | | 331,858 |
Bharat Petroleum Corp., Ltd.
| | | 59,204 | | 339,755 |
Bharti Airtel, Ltd.
| | | 236,456 | | 1,136,968 |
Bharti Infratel, Ltd.
| | | 62,572 | | 283,076 |
Biocon, Ltd.
| | | 89,069 | | 785,003 |
Bosch, Ltd.
| | | 956 | | 250,952 |
Britannia Industries, Ltd.
| | | 6,086 | | 271,070 |
Cadila Healthcare, Ltd.
| | | 33,064 | | 165,642 |
Central Bank of India (a)
| | | 81,719 | | 42,054 |
See accompanying notes to financial statements.
97
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
CG Power and Industrial Solutions, Ltd. (a)
| | | 102,505 | | $63,182 |
Cipla, Ltd.
| | | 115,378 | | 880,887 |
Coal India, Ltd.
| | | 175,844 | | 602,096 |
Crompton Greaves Consumer Electricals, Ltd.
| | | 34,644 | | 113,621 |
Dabur India, Ltd.
| | | 44,058 | | 259,991 |
DCB Bank, Ltd.
| | | 90,814 | | 268,345 |
Divi's Laboratories, Ltd.
| | | 11,634 | | 286,018 |
DLF, Ltd.
| | | 85,070 | | 248,609 |
Dr Lal PathLabs, Ltd. (b)
| | | 10,555 | | 159,113 |
Dr Reddy's Laboratories, Ltd.
| | | 13,685 | | 549,227 |
Edelweiss Financial Services, Ltd.
| | | 29,592 | | 84,472 |
Eicher Motors, Ltd.
| | | 1,287 | | 381,738 |
Emami, Ltd.
| | | 13,749 | | 79,388 |
Escorts, Ltd.
| | | 63,287 | | 727,241 |
Federal Bank, Ltd.
| | | 208,858 | | 290,788 |
Fortis Healthcare, Ltd. (a)
| | | 58,025 | | 113,705 |
GAIL India, Ltd.
| | | 105,962 | | 531,760 |
Gateway Distriparks, Ltd.
| | | 44,379 | | 85,843 |
Gillette India, Ltd.
| | | 1,179 | | 112,240 |
Glenmark Pharmaceuticals, Ltd.
| | | 23,873 | | 223,033 |
Godrej Consumer Products, Ltd.
| | | 61,938 | | 613,345 |
Godrej Industries, Ltd.
| | | 23,176 | | 179,453 |
Granules India, Ltd.
| | | 77,841 | | 128,602 |
Grasim Industries, Ltd.
| | | 18,692 | | 231,495 |
Gujarat Mineral Development Corp., Ltd.
| | | 55,751 | | 65,428 |
Gujarat Pipavav Port, Ltd.
| | | 47,755 | | 68,591 |
GVK Power & Infrastructure, Ltd. (a)
| | | 508,513 | | 56,155 |
Havells India, Ltd.
| | | 44,325 | | 494,277 |
HCL Technologies, Ltd.
| | | 63,324 | | 994,034 |
HDFC Bank, Ltd.
| | | 224,272 | | 7,507,244 |
HEG, Ltd.
| | | 2,296 | | 69,385 |
Hero MotoCorp, Ltd.
| | | 15,601 | | 574,979 |
Hindalco Industries, Ltd.
| | | 149,233 | | 442,690 |
Hindustan Unilever, Ltd.
| | | 135,743 | | 3,344,441 |
Hindustan Zinc, Ltd.
| | | 195,032 | | 779,424 |
Housing Development & Infrastructure, Ltd. (a)
| | | 78,399 | | 29,255 |
Housing Development Finance Corp., Ltd.
| | | 239,950 | | 6,817,490 |
ICICI Bank, Ltd. ADR
| | | 249,747 | | 2,862,101 |
ICICI Bank, Ltd.
| | | 609 | | 3,521 |
IDFC First Bank, Ltd. (a)
| | | 120,749 | | 96,739 |
IDFC, Ltd.
| | | 184,991 | | 124,306 |
Igarashi Motors India, Ltd.
| | | 12,468 | | 62,282 |
India Cements, Ltd.
| | | 42,655 | | 66,684 |
Indiabulls Housing Finance, Ltd.
| | | 69,052 | | 855,487 |
Indiabulls Real Estate, Ltd. (a)
| | | 36,543 | | 48,636 |
Indiabulls Ventures, Ltd.
| | | 14,853 | | 69,929 |
Indian Hotels Co., Ltd.
| | | 413,722 | | 925,089 |
Indian Oil Corp., Ltd.
| | | 280,786 | | 660,065 |
IndusInd Bank, Ltd.
| | | 30,595 | | 786,129 |
Infosys, Ltd. ADR (c)
| | | 549,956 | | 6,011,019 |
InterGlobe Aviation, Ltd. (b)
| | | 9,672 | | 199,395 |
| Security Description | | | Shares | | Value |
Ipca Laboratories, Ltd.
| | | 18,366 | | $260,305 |
ITC, Ltd. GDR (a)
| | | 298,066 | | 1,275,722 |
Jain Irrigation Systems, Ltd.
| | | 83,961 | | 71,387 |
Jaiprakash Associates, Ltd. (a)
| | | 375,085 | | 29,509 |
Jammu & Kashmir Bank, Ltd. (a)
| | | 119,546 | | 92,669 |
Jet Airways India, Ltd. (a)
| | | 47,689 | | 185,042 |
Jindal Steel & Power, Ltd. (a)
| | | 77,530 | | 201,114 |
Johnson Controls-Hitachi Air Conditioning India, Ltd.
| | | 3,101 | | 92,298 |
JSW Steel, Ltd.
| | | 192,448 | | 814,102 |
Jubilant Foodworks, Ltd.
| | | 12,360 | | 257,638 |
Jubilant Life Sciences, Ltd.
| | | 12,307 | | 118,105 |
Just Dial, Ltd. (a)
| | | 5,813 | | 50,637 |
Karnataka Bank, Ltd.
| | | 59,062 | | 113,946 |
Kaveri Seed Co., Ltd.
| | | 14,956 | | 99,278 |
Kotak Mahindra Bank, Ltd.
| | | 86,372 | | 1,663,853 |
KPIT Technologies, Ltd. (a)(e)
| | | 64,435 | | 91,758 |
KPIT Technologies, Ltd. (a)(e)(f)
| | | 60,565 | | 68,359 |
Lakshmi Vilas Bankm, Ltd. (a)
| | | 67,995 | | 69,688 |
Larsen & Toubro, Ltd. GDR
| | | 61,999 | | 1,235,020 |
Laurus Labs, Ltd. (b)
| | | 13,852 | | 79,893 |
LIC Housing Finance, Ltd.
| | | 49,979 | | 383,960 |
Lupin, Ltd.
| | | 31,730 | | 338,759 |
Magma Fincorp, Ltd.
| | | 41,048 | | 69,801 |
Mahindra & Mahindra Financial Services, Ltd.
| | | 49,737 | | 302,407 |
Mahindra & Mahindra, Ltd.
| | | 148,143 | | 1,441,120 |
MakeMyTrip, Ltd. (a)(c)
| | | 3,554 | | 98,090 |
Manappuram Finance, Ltd.
| | | 82,677 | | 149,541 |
Marico, Ltd.
| | | 69,176 | | 346,155 |
Marksans Pharma, Ltd.
| | | 216,036 | | 77,807 |
Maruti Suzuki India, Ltd.
| | | 6,574 | | 633,206 |
Max Financial Services, Ltd. (a)
| | | 19,565 | | 122,911 |
Max India, Ltd. (a)
| | | 154,440 | | 152,378 |
Mindtree, Ltd.
| | | 15,830 | | 215,827 |
Motherson Sumi Systems, Ltd.
| | | 121,091 | | 261,672 |
Narayana Hrudayalaya, Ltd. (a)
| | | 39,821 | | 122,237 |
Natco Pharma, Ltd.
| | | 12,120 | | 100,328 |
NCC, Ltd.
| | | 98,264 | | 160,073 |
Nestle India, Ltd.
| | | 2,847 | | 450,463 |
NTPC, Ltd.
| | | 218,572 | | 424,997 |
Oil & Natural Gas Corp., Ltd.
| | | 467,004 | | 1,076,924 |
Page Industries, Ltd.
| | | 1,031 | | 371,655 |
PC Jeweller, Ltd.
| | | 68,236 | | 80,967 |
PI Industries, Ltd.
| | | 11,747 | | 174,988 |
Piramal Enterprises, Ltd.
| | | 5,381 | | 214,638 |
Power Finance Corp., Ltd.
| | | 104,758 | | 186,152 |
Power Grid Corp. of India, Ltd.
| | | 108,988 | | 311,349 |
Rajesh Exports, Ltd.
| | | 33,974 | | 326,597 |
Raymond, Ltd.
| | | 9,929 | | 116,310 |
REC, Ltd.
| | | 93,840 | | 207,119 |
Reliance Capital, Ltd.
| | | 45,187 | | 133,392 |
Reliance Communications, Ltd. (a)
| | | 228,357 | | 13,680 |
Reliance Home Finance, Ltd.
| | | 37,107 | | 15,400 |
Reliance Industries, Ltd. GDR (b)
| | | 238,300 | | 9,389,020 |
See accompanying notes to financial statements.
98
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Reliance Infrastructure, Ltd.
| | | 80,629 | | $159,454 |
Repco Home Finance, Ltd.
| | | 12,910 | | 86,508 |
Satin Creditcare Network, Ltd. (a)
| | | 19,957 | | 105,208 |
Sequent Scientific, Ltd. (a)
| | | 138,232 | | 143,270 |
Shankara Building Products, Ltd.
| | | 5,633 | | 33,351 |
Shilpa Medicare, Ltd.
| | | 16,144 | | 79,479 |
Shoppers Stop, Ltd.
| | | 19,800 | | 134,806 |
Shriram City Union Finance, Ltd.
| | | 9,195 | | 245,580 |
Shriram Transport Finance Co., Ltd.
| | | 22,617 | | 417,047 |
Siemens, Ltd.
| | | 36,962 | | 602,277 |
Sintex Industries, Ltd.
| | | 538,547 | | 65,691 |
Sintex Plastics Technology, Ltd. (a)
| | | 144,709 | | 41,674 |
South Indian Bank, Ltd.
| | | 532,039 | | 126,722 |
SpiceJet, Ltd. (a)
| | | 71,147 | | 100,391 |
Srei Infrastructure Finance, Ltd.
| | | 106,984 | | 45,944 |
State Bank of India (a)
| | | 222,841 | | 1,031,776 |
Steel Authority of India, Ltd. (a)
| | | 272,078 | | 211,103 |
Strides Pharma Science, Ltd.
| | | 17,401 | | 118,661 |
Sun Pharma Advanced Research Co., Ltd. (a)
| | | 30,082 | | 82,983 |
Sun Pharmaceutical Industries, Ltd.
| | | 151,255 | | 1,045,521 |
Suven Life Sciences, Ltd.
| | | 38,724 | | 145,840 |
Suzlon Energy, Ltd. (a)
| | | 1,414,304 | | 125,557 |
Tata Consultancy Services, Ltd.
| | | 137,840 | | 3,982,785 |
Tata Motors, Ltd. (a)
| | | 245,843 | | 618,378 |
Tata Steel, Ltd.
| | | 46,305 | | 348,248 |
Tech Mahindra, Ltd.
| | | 66,640 | | 746,387 |
Tejas Networks, Ltd. (a)(b)
| | | 17,345 | | 42,527 |
Thyrocare Technologies, Ltd. (b)
| | | 49,018 | | 377,780 |
Titan Co., Ltd.
| | | 15,329 | | 252,666 |
Torrent Pharmaceuticals, Ltd.
| | | 9,814 | | 276,216 |
Transport Corp. of India, Ltd.
| | | 26,988 | | 126,515 |
Ujjivan Financial Services, Ltd.
| | | 18,550 | | 93,132 |
UltraTech Cement, Ltd.
| | | 8,311 | | 479,687 |
Unichem Laboratories, Ltd.
| | | 20,300 | | 57,025 |
Unitech, Ltd. (a)
| | | 1,667,601 | | 32,497 |
United Breweries, Ltd.
| | | 9,252 | | 186,282 |
United Spirits, Ltd. (a)
| | | 60,634 | | 484,809 |
UPL, Ltd.
| | | 36,032 | | 498,727 |
Vakrangee, Ltd.
| | | 209,190 | | 151,891 |
Vedanta, Ltd.
| | | 154,056 | | 410,186 |
V-Mart Retail, Ltd.
| | | 3,639 | | 141,528 |
Vodafone Idea, Ltd. (a)
| | | 262,322 | | 69,107 |
Wipro, Ltd. ADR
| | | 295,989 | | 1,178,036 |
WNS Holdings, Ltd. ADR (a)
| | | 11,461 | | 610,527 |
Wockhardt, Ltd. (a)
| | | 25,296 | | 161,763 |
Yes Bank, Ltd.
| | | 190,068 | | 754,785 |
Zee Entertainment Enterprises, Ltd.
| | | 197,650 | | 1,271,066 |
| | | | | | 97,092,310 |
| INDONESIA — 3.6% | | | | | |
Ace Hardware Indonesia Tbk PT
| | | 2,612,900 | | 326,612 |
Adaro Energy Tbk PT
| | | 3,166,600 | | 299,092 |
| Security Description | | | Shares | | Value |
AKR Corporindo Tbk PT
| | | 145,000 | | $48,062 |
Astra International Tbk PT
| | | 3,369,500 | | 1,733,258 |
Bank Central Asia Tbk PT
| | | 2,205,296 | | 4,297,540 |
Bank Mandiri Persero Tbk PT
| | | 3,182,410 | | 1,664,955 |
Bank Negara Indonesia Persero Tbk PT
| | | 609,900 | | 402,603 |
Bank Rakyat Indonesia Persero Tbk PT
| | | 9,697,080 | | 2,805,616 |
Charoen Pokphand Indonesia Tbk PT
| | | 411,000 | | 184,719 |
Ciputra Development Tbk PT
| | | 1,008,496 | | 70,821 |
Gudang Garam Tbk PT
| | | 109,200 | | 638,022 |
Indah Kiat Pulp & Paper Corp. Tbk PT
| | | 241,100 | | 145,608 |
Indocement Tunggal Prakarsa Tbk PT
| | | 311,125 | | 478,486 |
Kalbe Farma Tbk PT
| | | 1,108,000 | | 118,270 |
Lippo Karawaci Tbk PT
| | | 1,818,700 | | 36,783 |
Matahari Department Store Tbk PT
| | | 229,500 | | 65,917 |
Media Nusantara Citra Tbk PT
| | | 464,400 | | 24,459 |
Pabrik Kertas Tjiwi Kimia Tbk PT
| | | 88,100 | | 68,209 |
Pakuwon Jati Tbk PT
| | | 2,502,500 | | 121,259 |
Perusahaan Gas Negara Persero Tbk
| | | 1,974,540 | | 325,855 |
PP Persero Tbk PT
| | | 853,676 | | 124,694 |
Semen Indonesia Persero Tbk PT
| | | 608,100 | | 595,716 |
Summarecon Agung Tbk PT
| | | 947,900 | | 62,572 |
Surya Semesta Internusa Tbk PT
| | | 1,507,400 | | 58,221 |
Telekomunikasi Indonesia Persero Tbk PT
| | | 8,422,470 | | 2,336,289 |
Tiga Pilar Sejahtera Food Tbk (a)(d)
| | | 963,100 | | 5,681 |
Tower Bersama Infrastructure Tbk PT
| | | 359,000 | | 99,330 |
Unilever Indonesia Tbk PT
| | | 72,800 | | 251,656 |
United Tractors Tbk PT
| | | 309,845 | | 588,575 |
Wijaya Karya Persero Tbk PT
| | | 807,457 | | 122,479 |
| | | | | | 18,101,359 |
| MACAU — 0.0% (g) | | | | | |
Newtree Group Holdings, Ltd. (a)
| | | 346,000 | | 23,802 |
| MALAYSIA — 3.6% | | | | | |
AEON Credit Service M Bhd
| | | 72,850 | | 299,787 |
AirAsia Group Bhd
| | | 264,000 | | 172,012 |
AirAsia X Bhd (a)
| | | 2,370,400 | | 142,253 |
Alliance Bank Malaysia Bhd
| | | 780,210 | | 781,643 |
Astro Malaysia Holdings Bhd
| | | 262,200 | | 98,265 |
Axiata Group Bhd
| | | 535,033 | | 543,879 |
Bermaz Auto Bhd (a)
| | | 290,080 | | 160,583 |
British American Tobacco Malaysia Bhd
| | | 15,700 | | 138,983 |
Bursa Malaysia Bhd
| | | 392,651 | | 660,750 |
Cahya Mata Sarawak Bhd
| | | 261,400 | | 213,858 |
Carlsberg Brewery Malaysia Bhd Class B
| | | 213,803 | | 1,400,390 |
CIMB Group Holdings Bhd
| | | 549,565 | | 693,266 |
See accompanying notes to financial statements.
99
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Dialog Group Bhd
| | | 683,900 | | $531,038 |
Eastern & Oriental Bhd (a)
| | | 644,411 | | 142,852 |
Eco World Development Group Bhd (a)
| | | 351,700 | | 80,118 |
Gamuda Bhd
| | | 101,500 | | 71,603 |
Genting Bhd
| | | 534,900 | | 869,991 |
Genting Malaysia Bhd
| | | 593,000 | | 464,813 |
George Kent Malaysia Bhd
| | | 255,400 | | 71,318 |
IJM Corp. Bhd
| | | 1,192,880 | | 648,670 |
Inari Amertron Bhd
| | | 688,412 | | 264,742 |
IOI Corp. Bhd
| | | 758,296 | | 828,414 |
IOI Properties Group Bhd
| | | 645,416 | | 208,683 |
Iskandar Waterfront City Bhd (a)
| | | 495,200 | | 85,515 |
Karex Bhd
| | | 415,225 | | 45,260 |
KNM Group Bhd (a)
| | | 860,300 | | 24,234 |
Kuala Lumpur Kepong Bhd
| | | 59,300 | | 360,230 |
Malayan Banking Bhd
| | | 593,217 | | 1,346,999 |
Maxis Bhd
| | | 401,100 | | 526,613 |
Media Prima Bhd (a)
| | | 300,200 | | 35,296 |
Muhibbah Engineering M Bhd
| | | 323,800 | | 232,391 |
My EG Services Bhd
| | | 460,200 | | 158,942 |
Padini Holdings Bhd
| | | 232,000 | | 204,012 |
Pentamaster Corp. Bhd (a)
| | | 176,100 | | 151,405 |
PPB Group Bhd
| | | 137,620 | | 617,562 |
Press Metal Aluminium Holdings Bhd
| | | 529,640 | | 585,101 |
Public Bank Bhd
| | | 252,720 | | 1,433,679 |
Sapura Energy Bhd (a)
| | | 204,500 | | 16,781 |
Sime Darby Bhd
| | | 406,788 | | 222,201 |
Sime Darby Plantation Bhd
| | | 396,688 | | 487,783 |
Sime Darby Property Bhd
| | | 388,388 | | 105,600 |
TA Enterprise Bhd
| | | 717,700 | | 108,996 |
Telekom Malaysia Bhd
| | | 155,309 | | 121,736 |
Tenaga Nasional Bhd
| | | 357,750 | | 1,109,398 |
Top Glove Corp. Bhd
| | | 106,100 | | 120,069 |
Tune Protect Group Bhd
| | | 479,300 | | 78,660 |
Yinson Holdings Bhd
| | | 157,100 | | 177,014 |
| | | | | | 17,843,388 |
| PAKISTAN — 0.2% | | | | | |
Bank Alfalah, Ltd.
| | | 401,900 | | 134,405 |
Bank of Punjab
| | | 1,422,500 | | 131,588 |
Cherat Cement Co., Ltd.
| | | 90,300 | | 40,303 |
Fauji Fertilizer Bin Qasim, Ltd.
| | | 458,000 | | 111,417 |
Habib Bank, Ltd.
| | | 87,300 | | 82,177 |
Hascol Petroleum, Ltd.
| | | 125,375 | | 115,505 |
Maple Leaf Cement Factory, Ltd.
| | | 154,100 | | 41,002 |
MCB Bank, Ltd.
| | | 75,200 | | 105,002 |
Nishat Mills, Ltd.
| | | 105,100 | | 100,515 |
Pak Elektron, Ltd.
| | | 500,500 | | 82,462 |
Searle Co., Ltd.
| | | 52,913 | | 89,033 |
TRG Pakistan (a)
| | | 364,000 | | 59,637 |
| | | | | | 1,093,046 |
| PHILIPPINES — 1.8% | | | | | |
Aboitiz Equity Ventures, Inc.
| | | 130,660 | | 146,685 |
Alliance Global Group, Inc.
| | | 870,300 | | 267,836 |
| Security Description | | | Shares | | Value |
Ayala Land, Inc.
| | | 1,769,688 | | $1,513,216 |
Bank of the Philippine Islands
| | | 48,790 | | 78,235 |
BDO Unibank, Inc.
| | | 218,185 | | 555,954 |
Bloomberry Resorts Corp.
| | | 499,600 | | 114,173 |
Cebu Air, Inc.
| | | 68,890 | | 108,825 |
CEMEX Holdings Philippines, Inc. (a)(b)
| | | 1,381,000 | | 68,905 |
Cosco Capital, Inc.
| | | 1,995,400 | | 290,703 |
D&L Industries, Inc.
| | | 1,765,700 | | 377,956 |
DoubleDragon Properties Corp. (a)
| | | 571,170 | | 248,004 |
First Gen Corp.
| | | 1,292,070 | | 536,414 |
First Philippine Holdings Corp.
| | | 469,617 | | 708,763 |
Globe Telecom, Inc.
| | | 2,605 | | 96,143 |
GT Capital Holdings, Inc.
| | | 8,000 | | 141,916 |
Integrated Micro-Electronics, Inc.
| | | 342,600 | | 81,556 |
JG Summit Holdings, Inc.
| | | 375,840 | | 454,501 |
Jollibee Foods Corp.
| | | 49,500 | | 298,829 |
LT Group, Inc.
| | | 592,800 | | 181,757 |
Metro Pacific Investments Corp.
| | | 1,416,000 | | 130,787 |
Nickel Asia Corp.
| | | 1,393,371 | | 66,073 |
PLDT, Inc.
| | | 24,279 | | 531,724 |
Puregold Price Club, Inc.
| | | 370,450 | | 339,338 |
Robinsons Retail Holdings, Inc.
| | | 188,010 | | 282,856 |
SM Investments Corp.
| | | 20,075 | | 357,076 |
SM Prime Holdings, Inc.
| | | 1,148,100 | | 872,390 |
Universal Robina Corp.
| | | 104,910 | | 303,682 |
| | | | | | 9,154,297 |
| SINGAPORE — 0.0% (g) | | | | | |
SIIC Environment Holdings, Ltd.
| | | 173,499 | | 42,910 |
Silverlake Axis, Ltd.
| | | 247,800 | | 98,791 |
| | | | | | 141,701 |
| TAIWAN — 19.3% | | | | | |
Accton Technology Corp.
| | | 45,000 | | 181,778 |
Acer, Inc.
| | | 785,395 | | 503,287 |
Advantech Co., Ltd.
| | | 54,898 | | 455,992 |
Airtac International Group
| | | 12,431 | | 160,931 |
ASE Technology Holding Co., Ltd.
| | | 573,898 | | 1,256,894 |
Asia Cement Corp.
| | | 784,073 | | 1,020,143 |
Asustek Computer, Inc.
| | | 150,138 | | 1,086,315 |
AU Optronics Corp. ADR (c)
| | | 185,094 | | 673,742 |
Catcher Technology Co., Ltd.
| | | 150,539 | | 1,157,598 |
Cathay Financial Holding Co., Ltd.
| | | 1,465,604 | | 2,137,503 |
Center Laboratories, Inc.
| | | 62,546 | | 168,843 |
Chang Hwa Commercial Bank, Ltd.
| | | 2,407,904 | | 1,441,438 |
Chilisin Electronics Corp.
| | | 14,937 | | 43,521 |
China Development Financial Holding Corp.
| | | 3,626,272 | | 1,211,875 |
China Life Insurance Co., Ltd.
| | | 213,200 | | 180,892 |
China Steel Chemical Corp.
| | | 18,877 | | 82,379 |
China Steel Corp.
| | | 1,943,625 | | 1,595,487 |
Chunghwa Telecom Co., Ltd.
| | | 474,268 | | 1,684,994 |
See accompanying notes to financial statements.
100
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Compal Electronics, Inc.
| | | 1,128,431 | | $701,139 |
CTBC Financial Holding Co., Ltd.
| | | 3,324,515 | | 2,205,880 |
Delta Electronics, Inc.
| | | 358,787 | | 1,850,948 |
E.Sun Financial Holding Co., Ltd.
| | | 575,809 | | 443,713 |
Eclat Textile Co., Ltd.
| | | 51,365 | | 691,633 |
eMemory Technology, Inc.
| | | 16,000 | | 167,162 |
Epistar Corp.
| | | 244,170 | | 196,474 |
Everlight Electronics Co., Ltd.
| | | 185,996 | | 188,588 |
Far Eastern New Century Corp.
| | | 1,069,170 | | 1,056,317 |
Far EasTone Telecommunications Co., Ltd.
| | | 191,000 | | 460,450 |
Feng TAY Enterprise Co., Ltd.
| | | 49,902 | | 352,968 |
Firich Enterprises Co., Ltd.
| | | 35,957 | | 49,233 |
First Financial Holding Co., Ltd.
| | | 3,011,140 | | 2,061,454 |
Formosa Chemicals & Fibre Corp.
| | | 761,691 | | 2,767,943 |
Formosa Petrochemical Corp.
| | | 240,000 | | 899,401 |
Formosa Plastics Corp.
| | | 928,137 | | 3,297,513 |
Foxconn Technology Co., Ltd.
| | | 271,519 | | 541,796 |
Fubon Financial Holding Co., Ltd.
| | | 1,225,998 | | 1,829,818 |
Genius Electronic Optical Co., Ltd.
| | | 6,000 | | 70,181 |
Giant Manufacturing Co., Ltd.
| | | 52,000 | | 371,182 |
Globalwafers Co., Ltd.
| | | 12,000 | | 117,973 |
Himax Technologies, Inc. ADR (c)
| | | 21,946 | | 70,008 |
Hiwin Technologies Corp.
| | | 41,838 | | 352,943 |
Holy Stone Enterprise Co., Ltd.
| | | 14,000 | | 52,692 |
Hon Hai Precision Industry Co., Ltd.
| | | 1,740,760 | | 4,151,323 |
Hotai Motor Co., Ltd.
| | | 48,000 | | 587,920 |
HTC Corp. (a)
| | | 135,710 | | 175,909 |
Hua Nan Financial Holdings Co., Ltd.
| | | 2,954,876 | | 1,859,950 |
Innolux Corp.
| | | 1,108,753 | | 359,745 |
Inventec Corp.
| | | 424,000 | | 322,603 |
King Yuan Electronics Co., Ltd.
| | | 924,898 | | 787,741 |
Largan Precision Co., Ltd.
| | | 12,710 | | 1,896,984 |
Lite-On Technology Corp.
| | | 615,891 | | 896,245 |
Macronix International
| | | 660,673 | | 448,016 |
Makalot Industrial Co., Ltd.
| | | 48,682 | | 341,179 |
MediaTek, Inc.
| | | 249,219 | | 2,284,336 |
Medigen Biotechnology Corp. (a)
| | | 14,000 | | 26,800 |
Mega Financial Holding Co., Ltd.
| | | 2,079,148 | | 1,892,250 |
Merry Electronics Co., Ltd.
| | | 52,789 | | 289,461 |
MIN AIK Technology Co., Ltd.
| | | 27,400 | | 14,447 |
Motech Industries, Inc. (a)
| | | 145,934 | | 39,300 |
Nan Ya Plastics Corp.
| | | 1,032,759 | | 2,643,847 |
Novatek Microelectronics Corp.
| | | 162,062 | | 1,041,134 |
PChome Online, Inc. (a)
| | | 29,957 | | 126,358 |
Pegatron Corp.
| | | 393,630 | | 680,731 |
Pou Chen Corp.
| | | 265,000 | | 322,861 |
Powertech Technology, Inc.
| | | 257,518 | | 608,274 |
President Chain Store Corp.
| | | 59,000 | | 580,993 |
ProMOS Technologies, Inc. (a)(d)
| | | 2,232 | | — |
Quanta Computer, Inc.
| | | 623,194 | | 1,168,723 |
Radiant Opto-Electronics Corp.
| | | 51,000 | | 163,158 |
Realtek Semiconductor Corp.
| | | 185,161 | | 1,093,405 |
| Security Description | | | Shares | | Value |
Ritek Corp. (a)
| | | 128,834 | | $47,445 |
Shin Kong Financial Holding Co., Ltd.
| | | 2,999,344 | | 883,634 |
Silicon Motion Technology Corp. ADR
| | | 4,172 | | 165,378 |
Sino-American Silicon Products, Inc.
| | | 41,000 | | 89,661 |
SinoPac Financial Holdings Co., Ltd.
| | | 3,785,630 | | 1,400,243 |
Synnex Technology International Corp.
| | | 255,000 | | 306,127 |
TA-I Technology Co., Ltd.
| | | 21,000 | | 39,315 |
Taishin Financial Holding Co., Ltd.
| | | 3,640,204 | | 1,659,443 |
Taiwan Cement Corp.
| | | 948,937 | | 1,270,052 |
Taiwan FU Hsing Industrial Co., Ltd.
| | | 243,000 | | 301,577 |
Taiwan Mobile Co., Ltd.
| | | 324,200 | | 1,172,866 |
Taiwan Paiho, Ltd.
| | | 35,000 | | 81,310 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
| | | 472,797 | | 19,365,765 |
Tatung Co., Ltd. (a)
| | | 429,107 | | 338,324 |
Teco Electric and Machinery Co., Ltd.
| | | 182,000 | | 124,008 |
TPK Holding Co., Ltd.
| | | 30,000 | | 56,651 |
Tripod Technology Corp.
| | | 444,361 | | 1,434,562 |
Uni-President Enterprises Corp.
| | | 865,971 | | 2,101,674 |
United Integrated Services Co., Ltd.
| | | 467,755 | | 1,646,677 |
United Microelectronics Corp. ADR (c)
| | | 566,825 | | 1,065,631 |
Walsin Lihwa Corp.
| | | 616,000 | | 352,765 |
Walsin Technology Corp.
| | | 40,000 | | 259,568 |
Win Semiconductors Corp.
| | | 30,000 | | 211,710 |
Wistron Corp.
| | | 940,715 | | 723,380 |
Yageo Corp.
| | | 40,144 | | 420,711 |
Yuanta Financial Holding Co., Ltd.
| | | 1,985,383 | | 1,130,529 |
| | | | | | 97,293,720 |
| THAILAND — 4.4% | | | | | |
Advanced Info Service PCL
| | | 210,502 | | 1,220,494 |
Airports of Thailand PCL
| | | 434,700 | | 924,602 |
Bangkok Expressway & Metro PCL
| | | 5,341,632 | | 1,700,031 |
Beauty Community PCL
| | | 340,900 | | 71,435 |
BEC World PCL (a)
| | | 150,200 | | 31,947 |
Big Camera Corp. PCL
| | | 1,762,900 | | 71,105 |
Bumrungrad Hospital PCL
| | | 44,400 | | 251,136 |
Central Plaza Hotel PCL
| | | 61,100 | | 84,233 |
Charoen Pokphand Foods PCL
| | | 292,500 | | 235,032 |
Chularat Hospital PCL Class F
| | | 2,430,600 | | 145,522 |
CP ALL PCL
| | | 929,400 | | 2,189,149 |
E for L Aim PCL (a)
| | | 272,340 | | 429 |
Electricity Generating PCL
| | | 222,699 | | 2,049,097 |
Energy Absolute PCL
| | | 286,400 | | 433,187 |
Gunkul Engineering PCL
| | | 1,651,203 | | 161,296 |
See accompanying notes to financial statements.
101
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Hana Microelectronics PCL
| | | 129,800 | | $126,794 |
Ichitan Group PCL
| | | 168,500 | | 19,008 |
Indorama Ventures PCL
| | | 209,400 | | 328,270 |
IRPC PCL
| | | 3,758,739 | | 675,116 |
Jasmine International PCL
| | | 773,125 | | 131,554 |
Kasikornbank PCL
| | | 70,854 | | 419,743 |
Kasikornbank PCL NVDR
| | | 35,100 | | 207,381 |
KCE Electronics PCL
| | | 397,400 | | 304,296 |
Krungthai Card PCL
| | | 110,100 | | 122,295 |
MC Group PCL
| | | 375,300 | | 114,122 |
Mega Lifesciences PCL
| | | 286,200 | | 293,099 |
Minor International PCL
| | | 401,286 | | 486,829 |
PTG Energy PCL
| | | 222,800 | | 70,206 |
PTT Exploration & Production PCL
| | | 331,017 | | 1,309,048 |
PTT Global Chemical PCL NVDR
| | | 98,100 | | 207,885 |
PTT PCL
| | | 1,387,950 | | 2,088,376 |
Siam Cement PCL NVDR
| | | 61,600 | | 935,598 |
Siam Commercial Bank PCL
| | | 297,597 | | 1,237,839 |
Somboon Advance Technology PCL
| | | 208,400 | | 116,891 |
Srisawad Corp. PCL
| | | 342,574 | | 572,126 |
Super Energy Corp. PCL NVDR (a)
| | | 1,277,900 | | 24,966 |
SVI PCL
| | | 1,215,000 | | 183,006 |
Thai Beverage PCL (c)
| | | 1,234,200 | | 769,951 |
Thai Oil PCL
| | | 485,164 | | 1,062,515 |
Thai Union Group PCL Class F
| | | 271,300 | | 164,994 |
TMB Bank PCL
| | | 2,497,400 | | 160,539 |
True Corp. PCL NVDR
| | | 1,799,483 | | 269,908 |
| | | | | | 21,971,050 |
| UNITED STATES — 0.0% (g) | | | | | |
IntelliEPI, Inc.
| | | 54,000 | | 115,462 |
TOTAL COMMON STOCKS
(Cost $435,706,527)
| �� | | | | 502,581,197 |
| | | | |
| RIGHTS — 0.0% (g) | | | |
| CHINA — 0.0% (g) | | | |
Xinjiang Goldwind Science & Technology Co., Ltd. (expiring 4/23/19) (a) (f)
| | 7,193 | 2,831 |
| INDIA — 0.0% (g) | | | |
Vodafone Idea, Ltd. (expiring 4/24/19) (a) (f)
| | 600,579 | 49,850 |
TOTAL RIGHTS
(Cost $119,007)
| | | 52,681 |
| Security Description | | | Shares | | Value |
| SHORT-TERM INVESTMENTS — 1.0% | | | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (h) (i)
| | 362,538 | | $362,538 |
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)
| | 4,838,378 | | 4,838,378 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,200,916)
| | 5,200,916 | |
TOTAL INVESTMENTS — 100.9%
(Cost $441,026,450)
| | 507,834,794 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.9)%
| | (4,627,135) | |
NET ASSETS — 100.0%
| | $503,207,659 | |
| (a) | Non-income producing security. |
| (b) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 2.6% of net assets as of March 31, 2019, 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, 2019. |
| (d) | Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2019, total aggregate fair value of the security is $47,523, representing 0.0% of the Fund's 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. As of March 31, 2019, total aggregate fair value of securities is $214,371 representing 0.0% of net assets. |
| (g) | Amount is less than 0.05% of net assets. |
| (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, 2019 are shown in the Affiliate Table below. |
| (i) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (j) | Investment of cash collateral for securities loaned. |
| ADR | = American Depositary Receipt |
| GDR | = Global Depositary Receipt |
| NVDR | = Non Voting Depositary Receipt |
See accompanying notes to financial statements.
102
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $483,236,366 | | $19,297,308 | | $47,523 | | $502,581,197 |
Rights
| | — | | 52,681 | | — | | 52,681 |
Short-Term Investments
| | 5,200,916 | | — | | — | | 5,200,916 |
TOTAL INVESTMENTS
| | $488,437,282 | | $19,349,989 | | $47,523 | | $507,834,794 |
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| — | | $— | | $14,288,866 | | $13,926,328 | | $— | | $— | | 362,538 | | $362,538 | | $10,617 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 4,909,168 | | 4,909,168 | | 17,048,681 | | 17,119,471 | | — | | — | | 4,838,378 | | 4,838,378 | | 42,768 | | — |
Total
| | | $4,909,168 | | $31,337,547 | | $31,045,799 | | $— | | $— | | | | $5,200,916 | | $53,385 | | $— |
See accompanying notes to financial statements.
103
SPDR S&P GLOBAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.2% | | | | | |
| AUSTRALIA — 2.2% | | | | | |
AGL Energy, Ltd.
| | | 173,133 | | $2,677,384 |
APA Group
| | | 381,718 | | 2,706,110 |
| | | | | | 5,383,494 |
| CANADA — 21.5% | | | | | |
Bank of Montreal
| | | 28,132 | | 2,105,557 |
Bank of Nova Scotia (a)
| | | 41,001 | | 2,183,324 |
BCE, Inc.
| | | 60,419 | | 2,683,681 |
Canadian Imperial Bank of Commerce
| | | 29,558 | | 2,336,408 |
Canadian Utilities, Ltd. Class A
| | | 90,565 | | 2,473,005 |
Emera, Inc.
| | | 72,081 | | 2,696,125 |
First Capital Realty, Inc.
| | | 136,582 | | 2,187,847 |
Genworth MI Canada, Inc. (a)
| | | 69,852 | | 2,117,076 |
Great-West Lifeco, Inc.
| | | 114,649 | | 2,777,081 |
IGM Financial, Inc. (a)
| | | 133,255 | | 3,429,250 |
Laurentian Bank of Canada (a)
| | | 94,100 | | 2,856,211 |
National Bank of Canada
| | | 46,577 | | 2,102,668 |
Pembina Pipeline Corp.
| | | 76,577 | | 2,813,851 |
Power Corp. of Canada (a)
| | | 145,200 | | 3,386,678 |
Power Financial Corp.
| | | 149,667 | | 3,497,589 |
RioCan Real Estate Investment Trust
| | | 149,006 | | 2,952,348 |
Shaw Communications, Inc. Class B
| | | 108,891 | | 2,266,746 |
SmartCentres Real Estate Investment Trust
| | | 106,364 | | 2,787,382 |
TELUS Corp.
| | | 62,937 | | 2,330,075 |
TransCanada Corp.
| | | 61,474 | | 2,761,832 |
| | | | | | 52,744,734 |
| CHINA — 1.0% | | | | | |
Hengan International Group Co., Ltd. (a)
| | | 285,000 | | 2,497,850 |
| FINLAND — 1.0% | | | | | |
Fortum Oyj (a)
| | | 117,161 | | 2,398,233 |
| FRANCE — 7.6% | | | | | |
Bouygues SA
| | | 73,101 | | 2,614,294 |
CNP Assurances
| | | 91,409 | | 2,013,769 |
Klepierre SA REIT
| | | 103,149 | | 3,611,294 |
Lagardere SCA
| | | 103,186 | | 2,655,566 |
Publicis Groupe SA
| | | 30,023 | | 1,609,042 |
Sanofi
| | | 21,909 | | 1,937,045 |
SCOR SE
| | | 40,207 | | 1,713,758 |
TOTAL SA
| | | 46,863 | | 2,605,748 |
| | | | | | 18,760,516 |
| GERMANY — 3.4% | | | | | |
Axel Springer SE
| | | 31,818 | | 1,644,864 |
Bayer AG
| | | 28,056 | | 1,814,554 |
Deutsche EuroShop AG
| | | 90,833 | | 2,755,819 |
| Security Description | | | Shares | | Value |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 9,301 | | $2,203,605 |
| | | | | | 8,418,842 |
| HONG KONG — 3.5% | | | | | |
CK Infrastructure Holdings, Ltd.
| | | 229,880 | | 1,887,371 |
Power Assets Holdings, Ltd.
| | | 337,695 | | 2,342,371 |
Sun Hung Kai Properties, Ltd.
| | | 119,000 | | 2,041,962 |
Wharf Real Estate Investment Co., Ltd.
| | | 295,542 | | 2,200,578 |
| | | | | | 8,472,282 |
| JAPAN — 6.4% | | | | | |
Canon, Inc.
| | | 86,316 | | 2,505,609 |
Japan Tobacco, Inc.
| | | 102,606 | | 2,544,640 |
LIXIL Group Corp.
| | | 171,400 | | 2,288,740 |
Miraca Holdings, Inc.
| | | 97,700 | | 2,423,853 |
MS&AD Insurance Group Holdings, Inc.
| | | 67,480 | | 2,054,548 |
NTT DOCOMO, Inc.
| | | 85,659 | | 1,897,213 |
Sumitomo Rubber Industries, Ltd.
| | | 160,500 | | 1,925,681 |
| | | | | | 15,640,284 |
| MEXICO — 1.0% | | | | | |
Kimberly-Clark de Mexico SAB de CV Class A
| | | 1,436,932 | | 2,440,136 |
| PORTUGAL — 1.3% | | | | | |
EDP - Energias de Portugal SA
| | | 815,007 | | 3,207,532 |
| SINGAPORE — 1.1% | | | | | |
Singapore Telecommunications, Ltd.
| | | 1,222,503 | | 2,725,699 |
| SOUTH AFRICA — 1.4% | | | | | |
AVI, Ltd.
| | | 249,514 | | 1,562,182 |
Foschini Group, Ltd.
| | | 170,128 | | 1,922,917 |
| | | | | | 3,485,099 |
| SOUTH KOREA — 1.5% | | | | | |
Doosan Corp.
| | | 20,826 | | 1,698,958 |
SK Innovation Co., Ltd.
| | | 12,515 | | 1,979,070 |
| | | | | | 3,678,028 |
| SPAIN — 2.1% | | | | | |
Enagas SA
| | | 101,233 | | 2,948,586 |
Red Electrica Corp. SA
| | | 98,184 | | 2,094,672 |
| | | | | | 5,043,258 |
| SWEDEN — 3.6% | | | | | |
Hennes & Mauritz AB Class B
| | | 233,992 | | 3,910,252 |
Intrum AB (a)
| | | 79,305 | | 2,282,884 |
Skanska AB Class B (a)
| | | 150,473 | | 2,740,061 |
| | | | | | 8,933,197 |
| SWITZERLAND — 4.2% | | | | | |
ABB, Ltd.
| | | 98,872 | | 1,857,511 |
Baloise Holding AG
| | | 12,171 | | 2,010,372 |
Flughafen Zurich AG
| | | 10,407 | | 1,898,737 |
Swiss Prime Site AG
| | | 25,976 | | 2,275,736 |
See accompanying notes to financial statements.
104
SPDR S&P GLOBAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Swisscom AG (a)
| | | 4,382 | | $2,142,820 |
| | | | | | 10,185,176 |
| UNITED KINGDOM — 15.2% | | | | | |
Ashmore Group PLC
| | | 409,799 | | 2,281,200 |
BAE Systems PLC
| | | 328,470 | | 2,064,735 |
Close Brothers Group PLC
| | | 99,713 | | 1,890,497 |
Daily Mail & General Trust PLC Class A
| | | 245,056 | | 2,061,213 |
Domino's Pizza Group PLC
| | | 503,387 | | 1,587,371 |
G4S PLC
| | | 832,537 | | 1,990,677 |
GlaxoSmithKline PLC
| | | 126,223 | | 2,626,336 |
Greene King PLC
| | | 365,181 | | 3,166,301 |
IG Group Holdings PLC
| | | 455,529 | | 3,086,602 |
Kingfisher PLC
| | | 823,506 | | 2,519,568 |
Next PLC
| | | 29,611 | | 2,153,022 |
Pennon Group PLC
| | | 260,671 | | 2,525,767 |
RPC Group PLC
| | | 207,420 | | 2,135,202 |
Schroders PLC
| | | 62,761 | | 2,209,716 |
Tate & Lyle PLC
| | | 221,565 | | 2,095,460 |
WPP PLC
| | | 280,857 | | 2,967,291 |
| | | | | | 37,360,958 |
| UNITED STATES — 21.2% | | | | | |
AT&T, Inc.
| | | 105,593 | | 3,311,397 |
Compass Minerals International, Inc.
| | | 65,232 | | 3,546,664 |
Dominion Energy, Inc.
| | | 30,937 | | 2,371,631 |
Exxon Mobil Corp.
| | | 30,161 | | 2,437,009 |
General Mills, Inc.
| | | 52,543 | | 2,719,100 |
Helmerich & Payne, Inc.
| | | 51,390 | | 2,855,228 |
International Business Machines Corp.
| | | 20,464 | | 2,887,470 |
LTC Properties, Inc. REIT
| | | 56,098 | | 2,569,288 |
Mercury General Corp.
| | | 40,937 | | 2,049,716 |
National Health Investors, Inc. REIT
| | | 30,250 | | 2,376,138 |
Occidental Petroleum Corp.
| | | 35,454 | | 2,347,055 |
People's United Financial, Inc.
| | | 135,094 | | 2,220,945 |
Philip Morris International, Inc.
| | | 42,423 | | 3,749,769 |
| Security Description | | | Shares | | Value |
PPL Corp.
| | | 87,491 | | $2,776,964 |
Principal Financial Group, Inc.
| | | 44,870 | | 2,252,025 |
Prudential Financial, Inc.
| | | 22,100 | | 2,030,548 |
Ryder System, Inc.
| | | 37,184 | | 2,305,036 |
Southern Co.
| | | 52,406 | | 2,708,342 |
United Bankshares, Inc. (a)
| | | 57,130 | | 2,070,391 |
Universal Corp.
| | | 44,955 | | 2,590,757 |
| | | | | | 52,175,473 |
TOTAL COMMON STOCKS
(Cost $245,443,488)
| | | | | 243,550,791 |
| | | | |
| SHORT-TERM INVESTMENTS — 7.0% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (b) (c)
| 230,432 | 230,432 |
State Street Navigator Securities Lending Government Money Market Portfolio (b) (d)
| 16,993,831 | 16,993,831 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $17,224,263)
| 17,224,263 |
TOTAL INVESTMENTS — 106.2%
(Cost $262,667,751)
| 260,775,054 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.2)%
| (15,153,877) |
NET ASSETS — 100.0%
| $245,621,177 |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (b) | 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, 2019 are shown in the Affiliate Table below. |
| (c) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (d) | Investment of cash collateral for securities loaned. |
| REIT | = Real Estate Investment Trust |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $243,550,791 | | $— | | $— | | $243,550,791 |
Short-Term Investments
| | 17,224,263 | | — | | — | | 17,224,263 |
TOTAL INVESTMENTS
| | $260,775,054 | | $— | | $— | | $260,775,054 |
See accompanying notes to financial statements.
105
SPDR S&P GLOBAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 68,507 | | $68,507 | | $21,096,777 | | $20,934,852 | | $— | | $— | | 230,432 | | $230,432 | | $6,335 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 19,113,339 | | 19,113,339 | | 53,767,604 | | 55,887,112 | | — | | — | | 16,993,831 | | 16,993,831 | | 124,076 | | — |
Total
| | | $19,181,846 | | $74,864,381 | | $76,821,964 | | $— | | $— | | | | $17,224,263 | | $130,411 | | $— |
See accompanying notes to financial statements.
106
SPDR S&P GLOBAL INFRASTRUCTURE ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.7% | | | | | |
| AUSTRALIA — 9.6% | | | | | |
Atlas Arteria, Ltd.
| | | 760,299 | | $3,899,365 |
Qube Holdings, Ltd.
| | | 1,682,305 | | 3,346,071 |
Sydney Airport
| | | 1,271,867 | | 6,712,786 |
Transurban Group Stapled Security
| | | 1,720,806 | | 16,135,341 |
| | | | | | 30,093,563 |
| BRAZIL — 0.8% | | | | | |
Centrais Eletricas Brasileiras SA ADR (a)
| | | 47,400 | | 443,664 |
Cia de Saneamento Basico do Estado de Sao Paulo ADR
| | | 51,315 | | 542,913 |
Cia Energetica de Minas Gerais ADR
| | | 145,900 | | 520,863 |
Ultrapar Participacoes SA ADR (b)
| | | 88,257 | | 1,054,671 |
| | | | | | 2,562,111 |
| CANADA — 9.6% | | | | | |
Enbridge, Inc. (c)
| | | 386,306 | | 13,995,442 |
Enbridge, Inc. (c)
| | | 25,122 | | 910,924 |
Inter Pipeline, Ltd. (b)
| | | 82,432 | | 1,364,251 |
Keyera Corp. (b)
| | | 42,940 | | 1,012,792 |
Pembina Pipeline Corp.
| | | 103,312 | | 3,796,239 |
TransCanada Corp. (b)
| | | 187,596 | | 8,428,094 |
Westshore Terminals Investment Corp. (b)
| | | 51,940 | | 778,352 |
| | | | | | 30,286,094 |
| CHILE — 0.4% | | | | | |
Enel Americas SA ADR
| | | 82,865 | | 739,984 |
Enel Chile SA ADR
| | | 82,200 | | 425,796 |
| | | | | | 1,165,780 |
| CHINA — 4.4% | | | | | |
Beijing Capital International Airport Co., Ltd. Class H
| | | 1,646,000 | | 1,562,137 |
Beijing Enterprises Water Group, Ltd.
| | | 834,000 | | 515,277 |
China Merchants Port Holdings Co., Ltd.
| | | 1,458,074 | | 3,105,625 |
China Resources Gas Group, Ltd.
| | | 124,000 | | 584,462 |
China Resources Power Holdings Co., Ltd.
| | | 268,000 | | 402,856 |
COSCO SHIPPING Ports, Ltd.
| | | 1,974,000 | | 2,132,436 |
Guangdong Investment, Ltd.
| | | 432,000 | | 834,288 |
Jiangsu Expressway Co., Ltd. Class H
| | | 1,408,000 | | 1,990,943 |
Kunlun Energy Co., Ltd.
| | | 690,000 | | 720,769 |
Zhejiang Expressway Co., Ltd. Class H
| | | 1,654,000 | | 1,896,318 |
| | | | | | 13,745,111 |
| FRANCE — 6.2% | | | | | |
Aeroports de Paris
| | | 37,649 | | 7,288,068 |
Engie SA
| | | 275,453 | | 4,107,402 |
| Security Description | | | Shares | | Value |
Getlink SE
| | | 532,625 | | $8,082,753 |
| | | | | | 19,478,223 |
| GERMANY — 2.4% | | | | | |
E.ON SE
| | | 330,763 | | 3,681,289 |
Fraport AG Frankfurt Airport Services Worldwide
| | | 42,584 | | 3,262,926 |
Hamburger Hafen und Logistik AG
| | | 24,227 | | 554,403 |
| | | | | | 7,498,618 |
| HONG KONG — 2.2% | | | | | |
China Gas Holdings, Ltd.
| | | 335,400 | | 1,179,248 |
CLP Holdings, Ltd.
| | | 273,500 | | 3,170,530 |
Shenzhen International Holdings, Ltd.
| | | 1,151,384 | | 2,443,590 |
| | | | | | 6,793,368 |
| ITALY — 8.9% | | | | | |
ASTM SpA
| | | 41,088 | | 1,118,790 |
Atlantia SpA
| | | 542,184 | | 14,056,990 |
Enav SpA (d)
| | | 293,543 | | 1,601,220 |
Enel SpA
| | | 1,159,958 | | 7,429,224 |
Snam SpA
| | | 455,809 | | 2,343,555 |
Societa Iniziative Autostradali e Servizi SpA
| | | 78,683 | | 1,364,112 |
| | | | | | 27,913,891 |
| LUXEMBOURG — 0.1% | | | | | |
Corp. America Airports SA (a)
| | | 33,200 | | 274,564 |
| MEXICO — 3.1% | | | | | |
Grupo Aeroportuario del Centro Norte SAB de CV ADR
| | | 49,553 | | 2,234,345 |
Grupo Aeroportuario del Pacifico SAB de CV ADR
| | | 42,380 | | 3,770,548 |
Grupo Aeroportuario del Sureste SAB de CV ADR
| | | 23,292 | | 3,767,714 |
| | | | | | 9,772,607 |
| NEW ZEALAND — 1.9% | | | | | |
Auckland International Airport, Ltd.
| | | 1,085,870 | | 6,028,184 |
| SINGAPORE — 0.6% | | | | | |
Hutchison Port Holdings Trust
| | | 6,226,470 | | 1,463,220 |
SIA Engineering Co., Ltd.
| | | 283,800 | | 515,429 |
| | | | | | 1,978,649 |
| SPAIN — 7.9% | | | | | |
Aena SME SA (d)
| | | 84,729 | | 15,269,641 |
Enagas SA
| | | 46,142 | | 1,343,965 |
Iberdrola SA
| | | 921,051 | | 8,093,665 |
| | | | | | 24,707,271 |
| SWITZERLAND — 1.3% | | | | | |
Flughafen Zurich AG
| | | 21,944 | | 4,003,640 |
| UNITED KINGDOM — 3.0% | | | | | |
BBA Aviation PLC
| | | 1,036,450 | | 3,362,861 |
See accompanying notes to financial statements.
107
SPDR S&P GLOBAL INFRASTRUCTURE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
National Grid PLC
| | | 552,420 | | $6,124,323 |
| | | | | | 9,487,184 |
| UNITED STATES — 37.3% | | | | | |
American Electric Power Co., Inc.
| | | 74,080 | | 6,204,200 |
Cheniere Energy, Inc. (a)
| | | 44,963 | | 3,073,671 |
Consolidated Edison, Inc.
| | | 48,262 | | 4,093,100 |
Dominion Energy, Inc.
| | | 120,077 | | 9,205,103 |
DTE Energy Co.
| | | 27,384 | | 3,415,880 |
Duke Energy Corp.
| | | 109,211 | | 9,828,990 |
Equitrans Midstream Corp.
| | | 41,400 | | 901,692 |
Eversource Energy
| | | 47,607 | | 3,377,717 |
Exelon Corp.
| | | 145,679 | | 7,302,888 |
Kinder Morgan, Inc.
| | | 396,053 | | 7,925,020 |
Macquarie Infrastructure Corp.
| | | 89,046 | | 3,670,476 |
NextEra Energy, Inc.
| | | 71,865 | | 13,892,942 |
ONEOK, Inc.
| | | 83,711 | | 5,846,376 |
PPL Corp.
| | | 108,305 | | 3,437,601 |
Public Service Enterprise Group, Inc.
| | | 75,920 | | 4,510,407 |
Sempra Energy
| | | 41,173 | | 5,182,034 |
Southern Co.
| | | 155,430 | | 8,032,622 |
Targa Resources Corp.
| | | 46,671 | | 1,939,180 |
WEC Energy Group, Inc.
| | | 47,400 | | 3,748,392 |
Williams Cos., Inc.
| | | 246,368 | | 7,075,689 |
Xcel Energy, Inc.
| | | 77,265 | | 4,343,066 |
| | | | | | 117,007,046 |
TOTAL COMMON STOCKS
(Cost $288,019,626)
| | | | | 312,795,904 |
| | | | |
| SHORT-TERM INVESTMENTS — 3.6% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (e) (f)
| 863,417 | 863,417 |
| Security Description | | | Shares | | Value |
State Street Navigator Securities Lending Government Money Market Portfolio (e) (g)
| | 10,258,101 | | $10,258,101 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $11,121,518)
| | 11,121,518 | |
TOTAL INVESTMENTS — 103.3%
(Cost $299,141,144)
| | 323,917,422 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.3)%
| | (10,300,680) | |
NET ASSETS — 100.0%
| | $313,616,742 | |
| (a) | Non-income producing security. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (c) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (d) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 5.4% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (e) | 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, 2019 are shown in the Affiliate Table below. |
| (f) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (g) | Investment of cash collateral for securities loaned. |
| ADR | = American Depositary Receipt |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $312,795,904 | | $— | | $— | | $312,795,904 |
Short-Term Investments
| | 11,121,518 | | — | | — | | 11,121,518 |
TOTAL INVESTMENTS
| | $323,917,422 | | $— | | $— | | $323,917,422 |
See accompanying notes to financial statements.
108
SPDR S&P GLOBAL INFRASTRUCTURE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 824,073 | | $824,073 | | $14,555,062 | | $14,515,718 | | $— | | $— | | 863,417 | | $863,417 | | $8,886 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 4,976,109 | | 4,976,109 | | 62,210,822 | | 56,928,830 | | — | | — | | 10,258,101 | | 10,258,101 | | 17,736 | | — |
Total
| | | $5,800,182 | | $76,765,884 | | $71,444,548 | | $— | | $— | | | | $11,121,518 | | $26,622 | | $— |
See accompanying notes to financial statements.
109
SPDR SOLACTIVE HONG KONG ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.3% | | | | | |
| AIRLINES — 0.2% | | | | | |
Cathay Pacific Airways, Ltd.
| | | 9,000 | | $15,753 |
| BANKS — 4.0% | | | | | |
Bank of East Asia, Ltd.
| | | 25,200 | | 81,860 |
Hang Seng Bank, Ltd.
| | | 10,300 | | 254,156 |
| | | | | | 336,016 |
| CAPITAL MARKETS — 7.0% | | | | | |
Hong Kong Exchanges & Clearing, Ltd.
| | | 16,800 | | 585,542 |
| DIVERSIFIED TELECOMMUNICATION SERVICES — 1.4% | | | | | |
HKT Trust & HKT, Ltd.
| | | 49,000 | | 78,775 |
PCCW, Ltd.
| | | 57,000 | | 35,435 |
| | | | | | 114,210 |
| ELECTRIC UTILITIES — 6.4% | | | | | |
CK Infrastructure Holdings, Ltd.
| | | 8,500 | | 69,787 |
CLP Holdings, Ltd.
| | | 26,000 | | 301,403 |
HK Electric Investments & HK Electric Investments, Ltd.
| | | 32,500 | | 33,204 |
Power Assets Holdings, Ltd.
| | | 18,500 | | 128,323 |
| | | | | | 532,717 |
| ELECTRICAL EQUIPMENT — 0.1% | | | | | |
Fullshare Holdings, Ltd.
| | | 90,000 | | 12,038 |
| EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 4.2% | | | | | |
Link REIT
| | | 30,000 | | 350,830 |
| FOOD & STAPLES RETAILING — 0.7% | | | | | |
Dairy Farm International Holdings, Ltd.
| | | 4,300 | | 36,077 |
Sun Art Retail Group, Ltd.
| | | 22,500 | | 21,927 |
| | | | | | 58,004 |
| FOOD PRODUCTS — 1.6% | | | | | |
WH Group, Ltd. (a)
| | | 122,500 | | 131,084 |
| GAS UTILITIES — 4.7% | | | | | |
China Gas Holdings, Ltd.
| | | 25,000 | | 87,898 |
Hong Kong & China Gas Co., Ltd.
| | | 126,000 | | 302,081 |
| | | | | | 389,979 |
| HEALTH CARE PROVIDERS & SERVICES — 0.5% | | | | | |
Evergrande Health Industry Group, Ltd. (b)
| | | 30,000 | | 44,179 |
| HEALTH CARE TECHNOLOGY — 0.8% | | | | | |
Alibaba Health Information Technology, Ltd. (b)
| | | 54,000 | | 62,393 |
| Security Description | | | Shares | | Value |
| HOTELS, RESTAURANTS & LEISURE — 8.0% | | | | | |
Galaxy Entertainment Group, Ltd.
| | | 30,000 | | $204,269 |
Melco Resorts & Entertainment, Ltd. ADR
| | | 6,835 | | 154,403 |
MGM China Holdings, Ltd.
| | | 11,600 | | 24,264 |
Sands China, Ltd.
| | | 34,000 | | 170,867 |
Shangri-La Asia, Ltd.
| | | 26,000 | | 36,963 |
SJM Holdings, Ltd.
| | | 26,000 | | 29,676 |
Wynn Macau, Ltd.
| | | 20,400 | | 48,077 |
| | | | | | 668,519 |
| HOUSEHOLD DURABLES — 2.2% | | | | | |
Haier Electronics Group Co., Ltd.
| | | 17,000 | | 49,376 |
Techtronic Industries Co., Ltd.
| | | 19,500 | | 131,036 |
| | | | | | 180,412 |
| INDUSTRIAL CONGLOMERATES — 9.8% | | | | | |
CK Hutchison Holdings, Ltd.
| | | 38,000 | | 399,123 |
Fosun International, Ltd.
| | | 34,500 | | 58,453 |
Jardine Matheson Holdings, Ltd.
| | | 3,600 | | 224,496 |
Jardine Strategic Holdings, Ltd.
| | | 2,500 | | 93,575 |
NWS Holdings, Ltd.
| | | 20,000 | | 43,720 |
| | | | | | 819,367 |
| INSURANCE — 20.5% | | | | | |
AIA Group, Ltd.
| | | 171,000 | | 1,702,387 |
| PAPER & FOREST PRODUCTS — 0.2% | | | | | |
Nine Dragons Paper Holdings, Ltd.
| | | 21,000 | | 20,010 |
| PHARMACEUTICALS — 2.7% | | | | | |
CSPC Pharmaceutical Group, Ltd.
| | | 68,000 | | 126,472 |
Sino Biopharmaceutical, Ltd.
| | | 112,000 | | 102,156 |
| | | | | | 228,628 |
| REAL ESTATE MANAGEMENT & DEVELOPMENT — 21.3% | | | | | |
CK Asset Holdings, Ltd.
| | | 35,000 | | 311,212 |
Hang Lung Group, Ltd.
| | | 14,000 | | 44,943 |
Hang Lung Properties, Ltd.
| | | 26,000 | | 63,460 |
Henderson Land Development Co., Ltd.
| | | 17,000 | | 108,064 |
Hongkong Land Holdings, Ltd.
| | | 16,700 | | 118,737 |
Hysan Development Co., Ltd.
| | | 9,000 | | 48,211 |
Kerry Properties, Ltd.
| | | 8,500 | | 37,952 |
New World Development Co., Ltd.
| | | 80,000 | | 132,689 |
Shimao Property Holdings, Ltd.
| | | 14,500 | | 45,347 |
Sino Land Co., Ltd.
| | | 43,036 | | 83,222 |
Sun Hung Kai Properties, Ltd.
| | | 20,500 | | 351,767 |
Swire Pacific, Ltd. Class A
| | | 7,000 | | 90,064 |
Swire Pacific, Ltd. Class B
| | | 12,500 | | 25,000 |
Swire Properties, Ltd.
| | | 15,000 | | 64,491 |
Wharf Holdings, Ltd.
| | | 15,000 | | 45,287 |
Wharf Real Estate Investment Co., Ltd.
| | | 16,000 | | 119,135 |
See accompanying notes to financial statements.
110
SPDR SOLACTIVE HONG KONG ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Wheelock & Co., Ltd.
| | | 11,000 | | $80,574 |
| | | | | | 1,770,155 |
| ROAD & RAIL — 1.7% | | | | | |
MTR Corp., Ltd.
| | | 23,000 | | 142,396 |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6% | | | | | |
ASM Pacific Technology, Ltd.
| | | 4,300 | | 47,958 |
| SPECIALTY RETAIL — 0.2% | | | | | |
Chow Tai Fook Jewellery Group, Ltd.
| | | 15,200 | | 15,374 |
| TEXTILES, APPAREL & LUXURY GOODS — 0.5% | | | | | |
Yue Yuen Industrial Holdings, Ltd.
| | | 11,000 | | 37,835 |
TOTAL COMMON STOCKS
(Cost $7,538,092)
| | | | | 8,265,786 |
| | | | |
| SHORT-TERM INVESTMENT — 0.1% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (c) (d)
(Cost $10,044)
| 10,044 | 10,044 |
TOTAL INVESTMENTS — 99.4%
(Cost $7,548,136)
| 8,275,830 |
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.6%
| 49,032 |
NET ASSETS — 100.0%
| $8,324,862 |
| (a) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.6% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (b) | Non-income producing security. |
| (c) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| ADR | = American Depositary Receipt |
| REIT | = Real Estate Investment Trust |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $8,265,786 | | $— | | $— | | $8,265,786 |
Short-Term Investment
| | 10,044 | | — | | — | | 10,044 |
TOTAL INVESTMENTS
| | $8,275,830 | | $— | | $— | | $8,275,830 |
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 4,358 | | $4,358 | | $30,133 | | $24,447 | | $— | | $— | | 10,044 | | $10,044 | | $81 | | $— |
See accompanying notes to financial statements.
111
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2019 (Unaudited)
| | SPDR EURO STOXX Small Cap ETF | | SPDR MSCI ACWI IMI ETF | | SPDR MSCI ACWI Low Carbon Target ETF | | SPDR Solactive Canada ETF |
| ASSETS | | | | | | | |
Investments in unaffiliated issuers, at value*
| $19,520,251 | | $170,968,417 | | $61,907,806 | | $21,497,188 |
Investments in affiliated issuers, at value
| 1,668,766 | | 4,181,312 | | 899,464 | | 1,844,410 |
Total Investments
| 21,189,017 | | 175,149,729 | | 62,807,270 | | 23,341,598 |
Foreign currency, at value
| 21,961 | | 314,492 | | 116,512 | | 27,502 |
Cash
| — | | — | | — | | — |
Receivable for investments sold
| — | | 67,616 | | 3,519 | | — |
Dividends receivable — unaffiliated issuers
| 44,340 | | 425,186 | | 153,464 | | 50,817 |
Dividends receivable — affiliated issuers
| 1 | | 1,413 | | 541 | | 16 |
Securities lending income receivable — unaffiliated issuers
| 586 | | 1,825 | | 380 | | 1,140 |
Securities lending income receivable — affiliated issuers
| 1,517 | | 8,271 | | 445 | | 1,939 |
Receivable from Adviser
| — | | — | | 5,345 | | 1,149 |
Receivable for foreign taxes recoverable
| 36,060 | | 41,519 | | 62,060 | | — |
Other Receivable
| 461 | | — | | 1,382 | | — |
TOTAL ASSETS
| 21,293,943 | | 176,010,051 | | 63,150,918 | | 23,424,161 |
| LIABILITIES | | | | | | | |
Due to Broker
| — | | — | | — | | — |
Payable upon return of securities loaned
| 1,668,359 | | 3,761,746 | | 648,609 | | 1,834,989 |
Payable for investments purchased
| — | | 65,281 | | 3,519 | | — |
Deferred foreign taxes payable
| — | | — | | 6,090 | | — |
Advisory fee payable
| 7,564 | | 36,247 | | 15,275 | | 3,665 |
Trustees’ fees and expenses payable
| 94 | | 36 | | 169 | | 99 |
Accrued expenses and other liabilities
| — | | — | | 392 | | — |
TOTAL LIABILITIES
| 1,676,017 | | 3,863,310 | | 674,054 | | 1,838,753 |
NET ASSETS
| $19,617,926 | | $172,146,741 | | $62,476,864 | | $21,585,408 |
| NET ASSETS CONSIST OF: | | | | | | | |
Paid-in Capital
| $24,271,479 | | $152,258,333 | | $59,257,222 | | $22,697,449 |
Total distributable earnings (loss)**
| (4,653,553) | | 19,888,408 | | 3,219,642 | | (1,112,041) |
NET ASSETS
| $19,617,926 | | $172,146,741 | | $62,476,864 | | $21,585,408 |
| NET ASSET VALUE PER SHARE | | | | | | | |
Net asset value per share
| $56.05 | | $78.25 | | $89.25 | | $57.56 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 350,000 | | 2,200,000 | | 700,000 | | 375,000 |
| COST OF INVESTMENTS: | | | | | | | |
Investments in unaffiliated issuers
| $21,937,757 | | $150,944,960 | | $57,394,515 | | $21,683,738 |
Investments in affiliated issuers
| 1,668,766 | | 4,192,049 | | 906,178 | | 1,844,410 |
Total cost of investments
| $23,606,523 | | $155,137,009 | | $58,300,693 | | $23,528,148 |
Foreign currency, at cost
| $22,195 | | $315,432 | | $117,532 | | $27,412 |
* Includes investments in securities on loan, at value
| $2,117,956 | | $6,317,052 | | $1,877,350 | | $2,192,058 |
** Includes deferred foreign taxes
| $— | | $— | | $6,090 | | $— |
See accompanying notes to financial statements.
112
| SPDR MSCI China A Shares IMI ETF | | SPDR MSCI EAFE Fossil Fuel Reserves Free ETF | | SPDR MSCI EAFE StrategicFactors ETF | | SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF | | SPDR MSCI Emerging Markets StrategicFactors ETF | | SPDR Solactive Germany ETF | | SPDR Solactive Japan ETF |
| | | | | | | | | | | | | |
| $5,429,296 | | $69,149,314 | | $264,386,735 | | $43,506,001 | | $286,724,311 | | $8,085,749 | | $7,119,493 |
| 30,660 | | 1,638,926 | | 4,915,656 | | 554,218 | | 4,760,075 | | 1,788 | | 136,378 |
| 5,459,956 | | 70,788,240 | | 269,302,391 | | 44,060,219 | | 291,484,386 | | 8,087,537 | | 7,255,871 |
| 30,471 | | 142,322 | | 633,067 | | 121,564 | | 554,942 | | 6,107 | | 35,460 |
| — | | — | | — | | — | | 160 | | — | | — |
| — | | — | | 195,229 | | — | | — | | — | | — |
| — | | 348,245 | | 1,290,523 | | 94,969 | | 821,109 | | 19,259 | | 71,216 |
| 64 | | 74 | | 308 | | 24 | | 1,104 | | 3 | | 4 |
| — | | 893 | | 2,803 | | 692 | | 879 | | — | | 43 |
| — | | 941 | | 2,458 | | 321 | | 6,328 | | — | | 21 |
| — | | 6,252 | | — | | — | | — | | 437 | | 389 |
| — | | 81,765 | | 350,310 | | 115 | | 409 | | 109,630 | | — |
| — | | 1,383 | | — | | 2,023 | | — | | — | | — |
| 5,490,491 | | 71,370,115 | | 271,777,089 | | 44,279,927 | | 292,869,317 | | 8,222,973 | | 7,363,004 |
| | | | | | | | | | | | | |
| — | | — | | — | | 30 | | — | | — | | — |
| — | | 1,617,662 | | 4,816,005 | | 552,449 | | 4,218,140 | | — | | 134,295 |
| — | | — | | 208,162 | | — | | 4,264 | | — | | — |
| — | | — | | — | | 27,009 | | 457,507 | | — | | — |
| 2,938 | | 18,422 | | 66,464 | | 11,060 | | 71,184 | | 1,411 | | 1,219 |
| 2 | | 51 | | 259 | | — | | 414 | | 20 | | 48 |
| 23 | | 1,254 | | — | | 1,285 | | — | | — | | — |
| 2,963 | | 1,637,389 | | 5,090,890 | | 591,833 | | 4,751,509 | | 1,431 | | 135,562 |
| $5,487,528 | | $69,732,726 | | $266,686,199 | | $43,688,094 | | $288,117,808 | | $8,221,542 | | $7,227,442 |
| | | | | | | | | | | | | |
| $5,294,444 | | $71,210,734 | | $267,943,691 | | $42,771,450 | | $286,227,777 | | $10,455,056 | | $9,494,423 |
| 193,084 | | (1,478,008) | | (1,257,492) | | 916,644 | | 1,890,031 | | (2,233,514) | | (2,266,981) |
| $5,487,528 | | $69,732,726 | | $266,686,199 | | $43,688,094 | | $288,117,808 | | $8,221,542 | | $7,227,442 |
| | | | | | | | | | | | | |
| $21.95 | | $66.41 | | $62.02 | | $62.41 | | $59.10 | | $54.81 | | $72.27 |
| 250,000 | | 1,050,000 | | 4,300,000 | | 700,000 | | 4,875,000 | | 150,000 | | 100,000 |
| | | | | | | | | | | | | |
| $4,640,619 | | $70,779,504 | | $264,665,629 | | $41,830,951 | | $267,845,089 | | $9,232,814 | | $8,159,616 |
| 30,660 | | 1,638,926 | | 4,915,656 | | 554,218 | | 4,760,075 | | 1,788 | | 136,378 |
| $4,671,279 | | $72,418,430 | | $269,581,285 | | $42,385,169 | | $272,605,164 | | $9,234,602 | | $8,295,994 |
| $30,381 | | $142,626 | | $636,066 | | $121,317 | | $557,297 | | $6,157 | | $35,620 |
| $— | | $3,404,360 | | $10,294,196 | | $2,804,348 | | $6,091,234 | | $— | | $465,415 |
| $— | | $— | | $— | | $27,009 | | $457,507 | | $— | | $— |
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)
March 31, 2019 (Unaudited)
| | SPDR Solactive United Kingdom ETF | | SPDR MSCI World StrategicFactors ETF | | SPDR S&P Emerging Asia Pacific ETF | | SPDR S&P Global Dividend ETF |
| ASSETS | | | | | | | |
Investments in unaffiliated issuers, at value*
| $9,985,539 | | $15,271,319 | | $502,633,878 | | $243,550,791 |
Investments in affiliated issuers, at value
| 11,073 | | 153,606 | | 5,200,916 | | 17,224,263 |
Total Investments
| 9,996,612 | | 15,424,925 | | 507,834,794 | | 260,775,054 |
Foreign currency, at value
| 42,500 | | 47,127 | | 316,271 | | 643,918 |
Cash
| 579 | | — | | — | | — |
Receivable for investments sold
| — | | 19,380 | | — | | — |
Dividends receivable — unaffiliated issuers
| 84,416 | | 56,927 | | 312,289 | | 1,155,827 |
Dividends receivable — affiliated issuers
| 4 | | 80 | | 2,067 | | 458 |
Securities lending income receivable — unaffiliated issuers
| 22 | | 140 | | 30,539 | | 16,462 |
Securities lending income receivable — affiliated issuers
| 9 | | 167 | | 8,068 | | 21,638 |
Receivable from Adviser
| 527 | | — | | — | | — |
Receivable for foreign taxes recoverable
| 173 | | 10,389 | | — | | 77,583 |
Other Receivable
| — | | — | | — | | 7,881 |
TOTAL ASSETS
| 10,124,842 | | 15,559,135 | | 508,504,028 | | 262,698,821 |
| LIABILITIES | | | | | | | |
Payable upon return of securities loaned
| 8,736 | | 111,477 | | 4,838,378 | | 16,993,831 |
Payable for investments purchased
| 35,239 | | 20,050 | | — | | — |
Payable for fund shares repurchased
| — | | — | | — | | — |
Deferred foreign taxes payable
| — | | — | | 259,405 | | — |
Advisory fee payable
| 1,710 | | 6,255 | | 197,812 | | 83,703 |
Trustees’ fees and expenses payable
| 39 | | 27 | | 774 | | 110 |
TOTAL LIABILITIES
| 45,724 | | 137,809 | | 5,296,369 | | 17,077,644 |
NET ASSETS
| $10,079,118 | | $15,421,326 | | $503,207,659 | | $245,621,177 |
| NET ASSETS CONSIST OF: | | | | | | | |
Paid-in Capital
| $11,839,057 | | $15,618,449 | | $504,822,900 | | $260,332,175 |
Total distributable earnings (loss)**
| (1,759,939) | | (197,123) | | (1,615,241) | | (14,710,998) |
NET ASSETS
| $10,079,118 | | $15,421,326 | | $503,207,659 | | $245,621,177 |
| NET ASSET VALUE PER SHARE | | | | | | | |
Net asset value per share
| $50.40 | | $77.11 | | $98.67 | | $66.38 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 200,000 | | 200,000 | | 5,100,000 | | 3,700,000 |
| COST OF INVESTMENTS: | | | | | | | |
Investments in unaffiliated issuers
| $10,718,873 | | $15,227,761 | | $435,825,534 | | $245,443,488 |
Investments in affiliated issuers
| 11,073 | | 155,005 | | 5,200,916 | | 17,224,263 |
Total cost of investments
| $10,729,946 | | $15,382,766 | | $441,026,450 | | $262,667,751 |
Foreign currency, at cost
| $42,928 | | $47,456 | | $316,088 | | $650,306 |
* Includes investments in securities on loan, at value
| $141,805 | | $417,561 | | $23,573,736 | | $19,490,084 |
** Includes deferred foreign taxes
| $— | | $— | | $259,405 | | $— |
See accompanying notes to financial statements.
114
| SPDR S&P Global Infrastructure ETF | | SPDR Solactive Hong Kong ETF |
| | | |
| $312,795,904 | | $8,265,786 |
| 11,121,518 | | 10,044 |
| 323,917,422 | | 8,275,830 |
| 505,147 | | 28,101 |
| 4 | | — |
| 13,942,787 | | — |
| 492,214 | | 21,877 |
| 1,013 | | 20 |
| — | | — |
| 2,068 | | — |
| — | | 424 |
| 31,906 | | — |
| — | | — |
| 338,892,561 | | 8,326,252 |
| | | |
| 10,258,101 | | — |
| 9,770,794 | | — |
| 5,141,469 | | — |
| — | | — |
| 105,455 | | 1,388 |
| — | | 2 |
| 25,275,819 | | 1,390 |
| $313,616,742 | | $8,324,862 |
| | | |
| $317,628,129 | | $7,563,996 |
| (4,011,387) | | 760,866 |
| $313,616,742 | | $8,324,862 |
| | | |
| $51.41 | | $66.60 |
| 6,100,000 | | 125,000 |
| | | |
| $288,019,626 | | $7,538,092 |
| 11,121,518 | | 10,044 |
| $299,141,144 | | $7,548,136 |
| $506,904 | | $28,107 |
| $11,019,878 | | $— |
| $— | | $— |
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2019 (Unaudited)
| | SPDR EURO STOXX Small Cap ETF | | SPDR MSCI ACWI IMI ETF | | SPDR MSCI ACWI Low Carbon Target ETF | | SPDR Solactive Canada ETF |
| INVESTMENT INCOME | | | | | | | |
Dividend income — unaffiliated issuers
| $145,277 | | $1,722,477 | | $1,092,210 | | $382,394 |
Dividend income — affiliated issuers
| 116 | | 5,267 | | 3,128 | | 244 |
Dividend income — non-cash transactions
| — | | — | | 49,057 | | 33,042 |
Unaffiliated securities lending income
| 3,130 | | 6,280 | | 2,244 | | 4,769 |
Affiliated securities lending income
| 4,661 | | 28,638 | | 3,911 | | 8,494 |
Foreign taxes withheld
| (20,089) | | (72,590) | | (52,971) | | (64,353) |
TOTAL INVESTMENT INCOME (LOSS)
| 133,095 | | 1,690,072 | | 1,097,579 | | 364,590 |
| EXPENSES | | | | | | | |
Advisory fee
| 47,929 | | 171,562 | | 158,531 | | 22,807 |
Trustees’ fees and expenses
| 317 | | 913 | | 1,422 | | 335 |
Miscellaneous expenses
| 571 | | 72 | | — | | — |
TOTAL EXPENSES
| 48,817 | | 172,547 | | 159,953 | | 23,142 |
Expenses waived/reimbursed by the Adviser
| — | | — | | (54,266) | | (7,177) |
NET EXPENSES
| 48,817 | | 172,547 | | 105,687 | | 15,965 |
NET INVESTMENT INCOME (LOSS)
| $84,278 | | $1,517,525 | | $991,892 | | $348,625 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | |
| Net realized gain (loss) on: | | | | | | | |
Investments — unaffiliated issuers*
| (303,561) | | (131,233) | | 335,493 | | (152,295) |
In-kind redemptions — unaffiliated issuers
| (100,152) | | — | | 13,831,015 | | 299,180 |
In-kind redemptions — affiliated issuers
| — | | — | | (7,879) | | — |
Foreign currency transactions
| (3,868) | | (510) | | (19,429) | | 1,358 |
Net realized gain (loss)
| (407,581) | | (131,743) | | 14,139,200 | | 148,243 |
| Net change in unrealized appreciation/depreciation on: | | | | | | | |
Investments — unaffiliated issuers**
| (1,438,164) | | 2,395,728 | | (28,027,722) | | (771,888) |
Investments — affiliated issuers
| — | | (22,861) | | (14,360) | | — |
Foreign currency translations
| (739) | | (1,445) | | (3,483) | | (581) |
Net change in unrealized appreciation/depreciation
| (1,438,903) | | 2,371,422 | | (28,045,565) | | (772,469) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| (1,846,484) | | 2,239,679 | | (13,906,365) | | (624,226) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $(1,762,206) | | $3,757,204 | | $(12,914,473) | | $(275,601) |
* Includes foreign capital gain taxes
| $— | | $(926) | | $— | | $— |
**Includes foreign deferred taxes
| $— | | $(6,714) | | $(1,613) | | $— |
See accompanying notes to financial statements.
116
| SPDR MSCI China A Shares IMI ETF | | SPDR MSCI EAFE Fossil Fuel Reserves Free ETF | | SPDR MSCI EAFE StrategicFactors ETF | | SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF | | SPDR MSCI Emerging Markets StrategicFactors ETF | | SPDR Solactive Germany ETF | | SPDR Solactive Japan ETF |
| | | | | | | | | | | | | |
| 1,346 | | $912,023 | | $3,280,473 | | $283,139 | | $2,689,546 | | $48,931 | | $109,641 |
| 256 | | 511 | | 2,373 | | 580 | | 4,284 | | 26 | | 178 |
| — | | — | | — | | — | | — | | — | | — |
| — | | 2,958 | | 11,324 | | 2,044 | | 12,456 | | — | | 497 |
| — | | 3,231 | | 12,474 | | 1,287 | | 18,741 | | — | | 303 |
| (178) | | (73,277) | | (245,113) | | (33,711) | | (307,854) | | (4,821) | | (10,927) |
| 1,424 | | 845,446 | | 3,061,531 | | 253,339 | | 2,417,173 | | 44,136 | | 99,692 |
| | | | | | | | | | | | | |
| 11,627 | | 106,106 | | 364,264 | | 54,099 | | 386,501 | | 8,182 | | 11,695 |
| 26 | | 633 | | 2,277 | | 231 | | 2,510 | | 88 | | 176 |
| — | | — | | 564 | | — | | 127 | | — | | 71 |
| 11,653 | | 106,739 | | 367,105 | | 54,330 | | 389,138 | | 8,270 | | 11,942 |
| — | | (36,002) | | — | | — | | — | | (2,543) | | (3,685) |
| 11,653 | | 70,737 | | 367,105 | | 54,330 | | 389,138 | | 5,727 | | 8,257 |
| $(10,229) | | $774,709 | | $2,694,426 | | $199,009 | | $2,028,035 | | $38,409 | | $91,435 |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| (72,627) | | (71,975) | | (1,934,479) | | (149,724) | | (4,308,146) | | 5,539 | | (75,582) |
| — | | 897,084 | | 2,345,148 | | — | | — | | — | | (569,386) |
| — | | — | | — | | — | | — | | — | | — |
| 2,310 | | (3,986) | | (7,223) | | (6,018) | | (12,796) | | (469) | | (757) |
| (70,317) | | 821,123 | | 403,446 | | (155,742) | | (4,320,942) | | 5,070 | | (645,725) |
| | | | | | | | | | | | | |
| 1,050,888 | | (4,701,658) | | (8,145,213) | | 1,253,239 | | 5,598,940 | | (881,628) | | (955,884) |
| — | | — | | — | | — | | — | | — | | — |
| 229 | | (2,977) | | (10,008) | | (595) | | (15,184) | | (3,724) | | 506 |
| 1,051,117 | | (4,704,635) | | (8,155,221) | | 1,252,644 | | 5,583,756 | | (885,352) | | (955,378) |
| 980,800 | | (3,883,512) | | (7,751,775) | | 1,096,902 | | 1,262,814 | | (880,282) | | (1,601,103) |
| $970,571 | | $(3,108,803) | | $(5,057,349) | | $1,295,911 | | $3,290,849 | | $(841,873) | | $(1,509,668) |
| $— | | $— | | $— | | $— | | $— | | $— | | $— |
| $— | | $— | | $— | | $22,144 | | $47,450 | | $— | | $— |
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
For the Six Months Ended March 31, 2019 (Unaudited)
| | SPDR Solactive United Kingdom ETF | | SPDR MSCI World StrategicFactors ETF | | SPDR S&P Emerging Asia Pacific ETF | | SPDR S&P Global Dividend ETF |
| INVESTMENT INCOME | | | | | | | |
Dividend income — unaffiliated issuers
| $216,428 | | $337,759 | | $1,331,012 | | $4,491,758 |
Dividend income — affiliated issuers
| 156 | | 617 | | 10,617 | | 6,335 |
Dividend income — non-cash transactions
| 25,634 | | — | | — | | — |
Unaffiliated securities lending income
| 46 | | 139 | | 107,527 | | 43,929 |
Affiliated securities lending income
| 230 | | 1,301 | | 42,768 | | 124,076 |
Foreign taxes withheld
| (2,762) | | (13,603) | | (55,133) | | (353,529) |
TOTAL INVESTMENT INCOME (LOSS)
| 239,732 | | 326,213 | | 1,436,791 | | 4,312,569 |
| EXPENSES | | | | | | | |
Advisory fee
| 9,655 | | 42,547 | | 1,047,365 | | 445,758 |
Trustees’ fees and expenses
| 125 | | 270 | | 4,377 | | 1,751 |
Miscellaneous expenses
| — | | 4 | | — | | 3,585 |
TOTAL EXPENSES
| 9,780 | | 42,821 | | 1,051,742 | | 451,094 |
Expenses waived/reimbursed by the Adviser
| (3,021) | | — | | — | | — |
NET EXPENSES
| 6,759 | | 42,821 | | 1,051,742 | | 451,094 |
NET INVESTMENT INCOME (LOSS)
| $232,973 | | $283,392 | | $385,049 | | $3,861,475 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | |
| Net realized gain (loss) on: | | | | | | | |
Investments — unaffiliated issuers*
| (64,840) | | (20,566) | | (762,098) | | (3,727,648) |
In-kind redemptions — unaffiliated issuers
| — | | 2,143,039 | | — | | 1,077,335 |
In-kind redemptions — affiliated issuers
| — | | (867) | | — | | — |
Foreign currency transactions
| 850 | | (717) | | (30,999) | | (22,322) |
Net realized gain (loss)
| (63,990) | | 2,120,889 | | (793,097) | | (2,672,635) |
| Net change in unrealized appreciation/depreciation on: | | | | | | | |
Investments — unaffiliated issuers**
| (347,710) | | (2,661,595) | | 16,090,658 | | 1,612,925 |
Investments — affiliated issuers
| — | | (397) | | — | | — |
Foreign currency translations
| (626) | | 23 | | 5,153 | | (8,716) |
Net change in unrealized appreciation/depreciation
| (348,336) | | (2,661,969) | | 16,095,811 | | 1,604,209 |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| (412,326) | | (541,080) | | 15,302,714 | | (1,068,426) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $(179,353) | | $(257,688) | | $15,687,763 | | $2,793,049 |
* Includes foreign capital gain taxes
| $— | | $— | | $(140) | | $— |
**Includes foreign deferred taxes
| $— | | $— | | $(117,105) | | $— |
See accompanying notes to financial statements.
118
| SPDR S&P Global Infrastructure ETF | | SPDR Solactive Hong Kong ETF |
| | | |
| 4,349,946 | | 61,647 |
| 8,886 | | 81 |
| 397,823 | | — |
| 14,388 | | — |
| 17,736 | | — |
| (254,031) | | — |
| 4,534,748 | | 61,728 |
| | | |
| 564,773 | | 6,500 |
| 2,056 | | 48 |
| 111 | | — |
| 566,940 | | 6,548 |
| — | | (1,998) |
| 566,940 | | 4,550 |
| $3,967,808 | | $57,178 |
| | | |
| | | |
| (4,161,082) | | (4,140) |
| 1,048,211 | | — |
| — | | — |
| 836 | | (71) |
| (3,112,035) | | (4,211) |
| | | |
| 22,941,957 | | 657,067 |
| — | | — |
| (4,447) | | 14 |
| 22,937,510 | | 657,081 |
| 19,825,475 | | 652,870 |
| $23,793,283 | | $710,048 |
| $— | | $— |
| $— | | $— |
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
| | SPDR EURO STOXX Small Cap ETF | | SPDR MSCI ACWI IMI ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 | | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | | | | | |
Net investment income (loss)
| $84,278 | | $787,122 | | $1,517,525 | | $2,130,696 |
Net realized gain (loss)
| (407,581) | | 1,637,662 | | (131,743) | | (929,871) |
Net change in unrealized appreciation/depreciation
| (1,438,903) | | (3,912,462) | | 2,371,422 | | 8,391,297 |
Net increase (decrease) in net assets resulting from operations
| (1,762,206) | | (1,487,678) | | 3,757,204 | | 9,592,122 |
Net equalization credits and charges
| 8,669 | | (10,680) | | — | | — |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
Distributions to shareholders
| (265,715) | | (716,377) | | (1,396,705) | | (2,168,172) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | | | | | |
Proceeds from sale of shares sold
| — | | 22,456,335 | | 64,343,370 | | 7,697,588 |
Cost of shares redeemed
| (8,253,507) | | (9,121,521) | | — | | — |
Net income equalization
| (8,669) | | 10,680 | | — | | — |
Other Capital
| — | | — | | — | | — |
Net increase (decrease) in net assets from beneficial interest transactions
| (8,262,176) | | 13,345,494 | | 64,343,370 | | 7,697,588 |
Net increase (decrease) in net assets during the period
| (10,281,428) | | 11,130,759 | | 66,703,869 | | 15,121,538 |
Net assets at beginning of period
| 29,899,354 | | 18,768,595 | | 105,442,872 | | 90,321,334 |
NET ASSETS AT END OF PERIOD
| $19,617,926 | | $29,899,354 | | $172,146,741 | | $105,442,872 |
| SHARES OF BENEFICIAL INTEREST: | | | | | | | |
Shares sold
| — | | 350,000 | | 900,000 | | 100,000 |
Shares redeemed
| (150,000) | | (150,000) | | — | | — |
Net increase (decrease)
| (150,000) | | 200,000 | | 900,000 | | 100,000 |
See accompanying notes to financial statements.
120
| SPDR MSCI ACWI Low Carbon Target ETF | | SPDR Solactive Canada ETF | | SPDR MSCI China A Shares IMI ETF |
Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 | | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 | | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| | | | | | | | | | | |
| $991,892 | | $3,379,168 | | $348,625 | | $843,038 | | $(10,229) | | $25,068 |
| 14,139,200 | | (813,547) | | 148,243 | | 4,939,719 | | (70,317) | | (430,866) |
| (28,045,565) | | 11,315,089 | | (772,469) | | (4,988,398) | | 1,051,117 | | (184,345) |
| (12,914,473) | | 13,880,710 | | (275,601) | | 794,359 | | 970,571 | | (590,143) |
| (56,984) | | 10,352 | | 3,886 | | (89,603) | | 12,517 | | 4,087 |
| | | | | | | | | | | |
| (1,749,125) | | (3,105,868) | | (406,451) | | (809,694) | | (48,739) | | — |
| | | | | | | | | | | |
| 8,711,509 | | 8,953,370 | | 1,421,081 | | 11,903,961 | | 1,736,046 | | 2,878,344 |
| (97,534,123) | | — | | (2,891,501) | | (26,903,484) | | — | | (1,833,838) |
| 56,984 | | (10,352) | | (3,886) | | 89,603 | | (12,517) | | (4,087) |
| 1,344 | | — | | — | | — | | 4,340 | | 13,614 |
| (88,764,286) | | 8,943,018 | | (1,474,306) | | (14,909,920) | | 1,727,869 | | 1,054,033 |
| (103,484,868) | | 19,728,212 | | (2,152,472) | | (15,014,858) | | 2,662,218 | | 467,977 |
| 165,961,732 | | 146,233,520 | | 23,737,880 | | 38,752,738 | | 2,825,310 | | 2,357,333 |
| $62,476,864 | | $165,961,732 | | $21,585,408 | | $23,737,880 | | $5,487,528 | | $2,825,310 |
| | | | | | | | | | | |
| 100,000 | | 100,000 | | 25,000 | | 200,000 | | 100,000 | | 150,000 |
| (1,200,000) | | — | | (50,000) | | (450,000) | | — | | (100,000) |
| (1,100,000) | | 100,000 | | (25,000) | | (250,000) | | 100,000 | | 50,000 |
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR MSCI EAFE Fossil Fuel Reserves Free ETF | | SPDR MSCI EAFE StrategicFactors ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 | | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | | | | | |
Net investment income (loss)
| $774,709 | | $1,855,345 | | $2,694,426 | | $6,813,398 |
Net realized gain (loss)
| 821,123 | | 468,892 | | 403,446 | | 10,813,613 |
Net change in unrealized appreciation/depreciation
| (4,704,635) | | (2,213,549) | | (8,155,221) | | (11,634,680) |
Net increase (decrease) in net assets resulting from operations
| (3,108,803) | | 110,688 | | (5,057,349) | | 5,992,331 |
Net equalization credits and charges
| (13,251) | | 33,414 | | — | | — |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
Distributions to shareholders
| (754,127) | | (1,651,338) | | (3,421,478) | | (5,556,394) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | | | | | |
Proceeds from sale of shares sold
| 3,143,201 | | 36,052,585 | | 30,122,861 | | 124,526,183 |
Cost of shares redeemed
| (6,484,850) | | (3,554,531) | | (20,899,522) | | (51,668,047) |
Net income equalization
| 13,251 | | (33,414) | | — | | — |
Other Capital
| — | | — | | 828 | | 2,733 |
Net increase (decrease) in net assets from beneficial interest transactions
| (3,328,398) | | 32,464,640 | | 9,224,167 | | 72,860,869 |
Net increase (decrease) in net assets during the period
| (7,204,579) | | 30,957,404 | | 745,340 | | 73,296,806 |
Net assets at beginning of period
| 76,937,305 | | 45,979,901 | | 265,940,859 | | 192,644,053 |
NET ASSETS AT END OF PERIOD
| $69,732,726 | | $76,937,305 | | $266,686,199 | | $265,940,859 |
| SHARES OF BENEFICIAL INTEREST: | | | | | | | |
Shares sold
| 50,000 | | 500,000 | | 500,000 | | 1,900,000 |
Shares redeemed
| (100,000) | | (50,000) | | (350,000) | | (800,000) |
Net increase (decrease)
| (50,000) | | 450,000 | | 150,000 | | 1,100,000 |
See accompanying notes to financial statements.
122
| SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF | | SPDR MSCI Emerging Markets StrategicFactors ETF | | SPDR Solactive Germany ETF |
Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 | | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 | | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| | | | | | | | | | | |
| $199,009 | | $504,396 | | $2,028,035 | | $6,589,120 | | $38,409 | | $229,558 |
| (155,742) | | (454,590) | | (4,320,942) | | 150,612 | | 5,070 | | 2,316,150 |
| 1,252,644 | | (1,180,841) | | 5,583,756 | | (13,458,271) | | (885,352) | | (2,004,301) |
| 1,295,911 | | (1,131,035) | | 3,290,849 | | (6,718,539) | | (841,873) | | 541,407 |
| 23,397 | | 88,133 | | — | | — | | — | | (10,781) |
| | | | | | | | | | | |
| (540,997) | | (356,633) | | (5,313,521) | | (5,284,674) | | (10,944) | | (251,826) |
| | | | | | | | | | | |
| 11,556,422 | | 16,522,790 | | 23,395,176 | | 108,165,929 | | — | | 6,122,919 |
| — | | — | | — | | (43,549,399) | | — | | (16,255,158) |
| (23,397) | | (88,133) | | — | | — | | — | | 10,781 |
| 18,915 | | 4,608 | | 20,073 | | 166,951 | | — | | — |
| 11,551,940 | | 16,439,265 | | 23,415,249 | | 64,783,481 | | — | | (10,121,458) |
| 12,330,251 | | 15,039,730 | | 21,392,577 | | 52,780,268 | | (852,817) | | (9,842,658) |
| 31,357,843 | | 16,318,113 | | 266,725,231 | | 213,944,963 | | 9,074,359 | | 18,917,017 |
| $43,688,094 | | $31,357,843 | | $288,117,808 | | $266,725,231 | | $8,221,542 | | $9,074,359 |
| | | | �� | | | | | | | |
| 200,000 | | 250,000 | | 400,000 | | 1,675,000 | | — | | 100,000 |
| — | | — | | — | | (725,000) | | — | | (250,000) |
| 200,000 | | 250,000 | | 400,000 | | 950,000 | | — | | (150,000) |
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR Solactive Japan ETF | | SPDR Solactive United Kingdom ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 | | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | | | | | |
Net investment income (loss)
| $91,435 | | $357,456 | | $232,973 | | $516,839 |
Net realized gain (loss)
| (645,725) | | 1,466,269 | | (63,990) | | 100,427 |
Net change in unrealized appreciation/depreciation
| (955,378) | | (1,092,773) | | (348,336) | | (315,569) |
Net increase (decrease) in net assets resulting from operations
| (1,509,668) | | 730,952 | | (179,353) | | 301,697 |
Net equalization credits and charges
| 43,737 | | (13,547) | | — | | 61,130 |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
Distributions to shareholders
| (241,699) | | (324,635) | | (230,607) | | (488,238) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | | | | | |
Proceeds from sale of shares sold
| — | | 24,019,758 | | — | | 18,744,529 |
Cost of shares redeemed
| (7,067,662) | | (23,276,759) | | — | | (13,367,633) |
Net income equalization
| (43,737) | | 13,547 | | — | | (61,130) |
Other Capital
| — | | — | | — | | — |
Net increase (decrease) in net assets from beneficial interest transactions
| (7,111,399) | | 756,546 | | — | | 5,315,766 |
Net increase (decrease) in net assets during the period
| (8,819,029) | | 1,149,316 | | (409,960) | | 5,190,355 |
Net assets at beginning of period
| 16,046,471 | | 14,897,155 | | 10,489,078 | | 5,298,723 |
NET ASSETS AT END OF PERIOD
| $7,227,442 | | $16,046,471 | | $10,079,118 | | $10,489,078 |
| SHARES OF BENEFICIAL INTEREST: | | | | | | | |
Shares sold
| — | | 300,000 | | — | | 350,000 |
Shares redeemed
| (100,000) | | (300,000) | | — | | (250,000) |
Net increase (decrease)
| (100,000) | | — | | — | | 100,000 |
See accompanying notes to financial statements.
124
| SPDR MSCI World StrategicFactors ETF | | SPDR S&P Emerging Asia Pacific ETF | | SPDR S&P Global Dividend ETF |
Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 | | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 | | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| | | | | | | | | | | |
| $283,392 | | $600,775 | | $385,049 | | $9,028,728 | | $3,861,475 | | $7,711,366 |
| 2,120,889 | | 1,337,794 | | (793,097) | | 5,398,566 | | (2,672,635) | | 12,291,119 |
| (2,661,969) | | 896,986 | | 16,095,811 | | (16,726,431) | | 1,604,209 | | (12,885,826) |
| (257,688) | | 2,835,555 | | 15,687,763 | | (2,299,137) | | 2,793,049 | | 7,116,659 |
| — | | — | | — | | — | | (22,341) | | 151,319 |
| | | | | | | | | | | |
| (388,095) | | (617,481) | | (6,884,480) | | (8,629,436) | | (4,732,910) | | (6,810,482) |
| | | | | | | | | | | |
| — | | 15,149,291 | | 56,416,553 | | 74,204,656 | | 50,165,668 | | 110,524,336 |
| (15,400,953) | | (7,504,842) | | — | | (39,087,690) | | (10,022,399) | | (69,138,491) |
| — | | — | | — | | — | | 22,341 | | (151,319) |
| — | | — | | 84,712 | | 61,962 | | 479 | | 93 |
| (15,400,953) | | 7,644,449 | | 56,501,265 | | 35,178,928 | | 40,166,089 | | 41,234,619 |
| (16,046,736) | | 9,862,523 | | 65,304,548 | | 24,250,355 | | 38,203,887 | | 41,692,115 |
| 31,468,062 | | 21,605,539 | | 437,903,111 | | 413,652,756 | | 207,417,290 | | 165,725,175 |
| $15,421,326 | | $31,468,062 | | $503,207,659 | | $437,903,111 | | $245,621,177 | | $207,417,290 |
| | | | | | | | | | | |
| — | | 200,000 | | 600,000 | | 700,000 | | 800,000 | | 1,550,000 |
| (200,000) | | (100,000) | | — | | (400,000) | | (150,000) | | (950,000) |
| (200,000) | | 100,000 | | 600,000 | | 300,000 | | 650,000 | | 600,000 |
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR S&P Global Infrastructure ETF | | SPDR Solactive Hong Kong ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 | | Six Months
Ended
3/31/19
(Unaudited) | | For the Period
9/18/18* -
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | | | | | |
Net investment income (loss)
| $3,967,808 | | $7,591,284 | | $57,178 | | $1,594 |
Net realized gain (loss)
| (3,112,035) | | (4,447,099) | | (4,211) | | 72 |
Net change in unrealized appreciation/depreciation
| 22,937,510 | | (11,198,242) | | 657,081 | | 70,606 |
Net increase (decrease) in net assets resulting from operations
| 23,793,283 | | (8,054,057) | | 710,048 | | 72,272 |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
Distributions to shareholders
| (4,904,492) | | (6,140,614) | | (21,454) | | — |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | | | | | |
Proceeds from sale of shares sold
| 47,658,862 | | 90,329,739 | | 1,553,519 | | 6,000,000 |
Cost of shares redeemed
| (5,141,469) | | (5,306,625) | | — | | — |
Other Capital
| 1,321 | | 3,844 | | 2,121 | | 8,356 |
Net increase (decrease) in net assets from beneficial interest transactions
| 42,518,714 | | 85,026,958 | | 1,555,640 | | 6,008,356 |
Net increase (decrease) in net assets during the period
| 61,407,505 | | 70,832,287 | | 2,244,234 | | 6,080,628 |
Net assets at beginning of period
| 252,209,237 | | 181,376,950 | | 6,080,628 | | — |
NET ASSETS AT END OF PERIOD
| $313,616,742 | | $252,209,237 | | $8,324,862 | | $6,080,628 |
| SHARES OF BENEFICIAL INTEREST: | | | | | | | |
Shares sold
| 1,000,000 | | 1,800,000 | | 25,000 | | 100,000 |
Shares redeemed
| (100,000) | | (100,000) | | — | | — |
Net increase (decrease)
| 900,000 | | 1,700,000 | | 25,000 | | 100,000 |
See accompanying notes to financial statements.
126
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
| | SPDR EURO STOXX Small Cap ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | For the
Period
6/4/14* -
9/30/14 |
Net asset value, beginning of period
| $59.80 | | $62.56 | | $47.42 | | $46.83 | | $50.65 | | $60.00 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.22 | | 1.41 | | 0.94 | | 1.00 | | 1.18 | | 0.16 |
Net realized and unrealized gain (loss) (b)
| (3.33) | | (3.00) | | 15.17 | | 0.43 | | (4.00) | | (9.47) |
Total from investment operations
| (3.11) | | (1.59) | | 16.11 | | 1.43 | | (2.82) | | (9.31) |
Net equalization credits and charges (a)
| 0.02 | | (0.02) | | 0.01 | | (0.04) | | 0.40 | | — |
Voluntary contribution from Adviser
| — | | — | | — | | — | | — | | 0.07 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.66) | | (1.15) | | (0.98) | | (0.80) | | (1.40) | | (0.11) |
Net asset value, end of period
| $56.05 | | $59.80 | | $62.56 | | $47.42 | | $46.83 | | $50.65 |
Total return (c)
| (5.04)% | | (2.59)% | | 34.30% | | 3.14% | | (4.97)% | | (15.43)%(d) |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $19,618 | | $29,899 | | $18,769 | | $11,854 | | $11,708 | | $7,598 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.46%(e) | | 0.46% | | 0.45% | | 0.45% | | 0.46% | | 0.45%(e) |
Net investment income (loss)
| 0.79%(e) | | 2.25% | | 1.79% | | 2.13% | | 2.33% | | 0.89%(e) |
Portfolio turnover rate (f)
| 19%(g) | | 61% | | 40% | | 53% | | 46% | | 30%(g) |
| * | Commencement of operations. |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | 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. |
| (d) | If the Adviser had not made a contribution during the period ended September 30, 2014, the total return would have been (15.54)%. |
| (e) | Annualized. |
| (f) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
| (g) | Not annualized. |
See accompanying notes to financial statements.
127
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR MSCI ACWI IMI ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $81.11 | | $75.27 | | $64.88 | | $58.64 | | $63.82 | | $58.20 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.83 | | 1.71 | | 1.55 | | 1.53 | | 1.74 | | 1.48 |
Net realized and unrealized gain (loss) (b)
| (2.95) | | 5.89 | | 10.34 | | 6.12 | | (5.17) | | 5.39 |
Total from investment operations
| (2.12) | | 7.60 | | 11.89 | | 7.65 | | (3.43) | | 6.87 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.74) | | (1.76) | | (1.50) | | (1.41) | | (1.75) | | (1.21) |
Net realized gains
| — | | — | | — | | — | | (0.00)(c) | | (0.04) |
Total distributions
| (0.74) | | (1.76) | | (1.50) | | (1.41) | | (1.75) | | (1.25) |
Net asset value, end of period
| $78.25 | | $81.11 | | $75.27 | | $64.88 | | $58.64 | | $63.82 |
Total return (d)
| (2.51)% | | 10.17% | | 18.58% | | 13.20% | | (5.61)% | | 11.77% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $172,147 | | $105,443 | | $90,321 | | $64,883 | | $35,186 | | $57,434 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.25%(e) | | 0.25% | | 0.25% | | 0.25% | | 0.25% | | 0.25% |
Net investment income (loss)
| 2.21%(e) | | 2.16% | | 2.25% | | 2.48% | | 2.70% | | 2.31% |
Portfolio turnover rate (f)
| 2%(g) | | 4% | | 2% | | 2% | | 3% | | 0%(h) |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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. |
| (h) | Amount is less than 0.5%. |
See accompanying notes to financial statements.
128
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR MSCI ACWI Low Carbon Target ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | For the
Period
11/26/14* -
9/30/15 |
Net asset value, beginning of period
| $92.20 | | $86.02 | | $74.37 | | $67.90 | | $75.00 |
| Income (loss) from investment operations: | | | | | | | | | |
Net investment income (loss) (a)
| 0.80 | | 1.96 | | 1.82 | | 1.69 | | 1.53 |
Net realized and unrealized gain (loss) (b)
| (2.67) | | 6.04 | | 11.37 | | 6.47 | | (7.64) |
Total from investment operations
| (1.87) | | 8.00 | | 13.19 | | 8.16 | | (6.11) |
Net equalization credits and charges (a)
| (0.05) | | 0.01 | | 0.17 | | 0.02 | | 0.03 |
Other capital
| 0.00(c) | | — | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (1.03) | | (1.83) | | (1.71) | | (1.66) | | (1.02) |
Net realized gains
| — | | — | | — | | (0.05) | | — |
Total distributions
| (1.03) | | (1.83) | | (1.71) | | (1.71) | | (1.02) |
Net asset value, end of period
| $89.25 | | $92.20 | | $86.02 | | $74.37 | | $67.90 |
Total return (d)
| (1.94)% | | 9.36% | | 18.16% | | 12.22% | | (8.25)% |
| Ratios and Supplemental Data: | | | | | | | | | |
Net assets, end of period (in 000s)
| $62,477 | | $165,962 | | $146,234 | | $96,683 | | $81,474 |
| Ratios to average net assets: | | | | | | | | | |
Total expenses
| 0.30%(e) | | 0.30% | | 0.30% | | 0.30% | | 0.30%(e) |
Net expenses
| 0.20%(e) | | 0.20% | | 0.20% | | 0.20% | | 0.20%(e) |
Net investment income (loss)
| 1.88%(e) | | 2.17% | | 2.28% | | 2.38% | | 2.42%(e) |
Portfolio turnover rate (f)
| 10%(g) | | 17% | | 12% | | 12% | | 4%(g) |
| * | Commencement of operations. |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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.
129
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR Solactive Canada ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | For the
Period
6/11/14* -
9/30/14 |
Net asset value, beginning of period
| $59.34 | | $59.62 | | $52.66 | | $46.60 | | $59.82 | | $60.00 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.84 | | 1.28 | | 1.17 | | 1.13 | | 1.18 | | 0.39 |
Net realized and unrealized gain (loss) (b)
| (1.67) | | (0.21) | | 6.80 | | 5.90 | | (13.19) | | (0.55) |
Total from investment operations
| (0.83) | | 1.07 | | 7.97 | | 7.03 | | (12.01) | | (0.16) |
Net equalization credits and charges (a)
| 0.01 | | (0.14) | | 0.09 | | 0.11 | | 0.40 | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.96) | | (1.21) | | (1.10) | | (1.08) | | (1.61) | | (0.02) |
Net asset value, end of period
| $57.56 | | $59.34 | | $59.62 | | $52.66 | | $46.60 | | $59.82 |
Total return (c)
| (1.14)% | | 1.54% | | 15.52% | | 15.62% | | (19.84)% | | (0.26)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $21,585 | | $23,738 | | $38,753 | | $18,430 | | $9,319 | | $2,991 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.20%(d) | | 0.30% | | 0.30% | | 0.30% | | 0.30% | | 0.30%(d) |
Net expenses
| 0.14%(d) | | 0.30% | | 0.30% | | 0.30% | | 0.30% | | 0.30%(d) |
Net investment income (loss)
| 3.06%(d) | | 2.15% | | 2.11% | | 2.30% | | 2.21% | | 2.06%(d) |
Portfolio turnover rate (e)
| 5%(f) | | 29% | | 17% | | 21% | | 15% | | 2%(f) |
| * | Commencement of operations. |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | 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. |
| (d) | Annualized. |
| (e) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
| (f) | Not annualized. |
See accompanying notes to financial statements.
130
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR MSCI China A Shares IMI ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | For the
Period
10/29/15* -
9/30/16 |
Net asset value, beginning of period
| $18.84 | | $23.57 | | $21.47 | | $25.00 |
| Income (loss) from investment operations: | | | | | | | |
Net investment income (loss) (a)
| (0.05) | | 0.21 | | 0.13 | | 0.15 |
Net realized and unrealized gain (loss) (b)
| 3.32 | | (5.08) | | 2.18 | | (3.43) |
Total from investment operations
| 3.27 | | (4.87) | | 2.31 | | (3.28) |
Net equalization credits and charges (a)
| 0.06 | | 0.03 | | — | | — |
Other capital
| 0.02 | | 0.11 | | — | | 0.06 |
| Distributions to shareholders from: | | | | | | | |
Net investment income
| (0.24) | | — | | (0.13) | | (0.31) |
Return of Capital
| — | | — | | (0.08) | | — |
Total distributions
| (0.24) | | — | | (0.21) | | (0.31) |
Net asset value, end of period
| $21.95 | | $18.84 | | $23.57 | | $21.47 |
Total return (c)
| 18.26% | | (20.13)% | | 10.82% | | (12.92)% |
| Ratios and Supplemental Data: | | | | | | | |
Net assets, end of period (in 000s)
| $5,488 | | $2,825 | | $2,357 | | $2,147 |
| Ratios to average net assets: | | | | | | | |
Total expenses
| 0.65%(d) | | 0.65% | | 0.65% | | 0.66%(d) |
Net investment income (loss)
| (0.57)%(d) | | 0.96% | | 0.60% | | 0.74%(d) |
Portfolio turnover rate (e)
| 3%(f) | | 84% | | 1% | | 14%(f) |
| * | Commencement of operations. |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | 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. |
| (d) | Annualized. |
| (e) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
| (f) | Not annualized. |
See accompanying notes to financial statements.
131
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR MSCI EAFE Fossil Fuel Reserves Free ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | For the
Period
10/25/16* -
9/30/17 |
Net asset value, beginning of period
| $69.94 | | $70.74 | | $60.00 |
| Income (loss) from investment operations: | | | | | |
Net investment income (loss) (a)
| 0.70 | | 2.10 | | 1.72 |
Net realized and unrealized gain (loss) (b)
| (3.53) | | (1.07) | | 10.56 |
Total from investment operations
| (2.83) | | 1.03 | | 12.28 |
Net equalization credits and charges (a)
| (0.01) | | 0.04 | | 0.02 |
| Distributions to shareholders from: | | | | | |
Net investment income
| (0.69) | | (1.62) | | (1.56) |
Net realized gains
| — | | (0.25) | | — |
Total distributions
| (0.69) | | (1.87) | | (1.56) |
Net asset value, end of period
| $66.41 | | $69.94 | | $70.74 |
Total return (c)
| (3.98)% | | 1.48% | | 20.89% |
| Ratios and Supplemental Data: | | | | | |
Net assets, end of period (in 000s)
| $69,733 | | $76,937 | | $45,980 |
| Ratios to average net assets: | | | | | |
Total expenses
| 0.30%(d) | | 0.30% | | 0.30%(d) |
Net expenses
| 0.20%(d) | | 0.20% | | 0.20%(d) |
Net investment income (loss)
| 2.19%(d) | | 2.93% | | 2.83%(d) |
Portfolio turnover rate (e)
| 2%(f) | | 5% | | 9%(f) |
| * | Commencement of operations. |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | 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. |
| (d) | Annualized. |
| (e) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
| (f) | Not annualized. |
See accompanying notes to financial statements.
132
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR MSCI EAFE StrategicFactors ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | For the
Period
6/4/14* -
9/30/14 |
Net asset value, beginning of period
| $64.08 | | $63.16 | | $55.43 | | $52.68 | | $57.28 | | $60.00 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.66 | | 1.85 | | 1.90 | | 1.56 | | 1.60 | | 0.45 |
Net realized and unrealized gain (loss) (b)
| (1.84) | | 0.64 | | 6.86 | | 2.70 | | (4.56) | | (3.14) |
Total from investment operations
| (1.18) | | 2.49 | | 8.76 | | 4.26 | | (2.96) | | (2.69) |
Other capital
| 0.00(c) | | 0.00(c) | | — | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.88) | | (1.57) | | (1.03) | | (1.51) | | (1.64) | | (0.03) |
Net realized gains
| — | | — | | — | | — | | (0.00)(c) | | — |
Total distributions
| (0.88) | | (1.57) | | (1.03) | | (1.51) | | (1.64) | | (0.03) |
Net asset value, end of period
| $62.02 | | $64.08 | | $63.16 | | $55.43 | | $52.68 | | $57.28 |
Total return (d)
| (1.72)% | | 3.95% | | 15.92% | | 8.21% | | (5.34)% | | (4.48)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $266,686 | | $265,941 | | $192,644 | | $8,315 | | $5,268 | | $5,728 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.30%(e) | | 0.30% | | 0.30% | | 0.30% | | 0.30% | | 0.30%(e) |
Net investment income (loss)
| 2.22%(e) | | 2.87% | | 3.20% | | 2.89% | | 2.80% | | 2.35%(e) |
Portfolio turnover rate (f)
| 7%(g) | | 6% | | 9% | | 20% | | 14% | | 0%(g)(h) |
| * | Commencement of operations. |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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. |
| (h) | Amount shown represents less than 0.5%. |
See accompanying notes to financial statements.
133
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | For the
Period
10/25/16* -
9/30/17 |
Net asset value, beginning of period
| $62.72 | | $65.27 | | $55.00 |
| Income (loss) from investment operations: | | | | | |
Net investment income (loss) (a)
| 0.33 | | 1.42 | | 1.38 |
Net realized and unrealized gain (loss) (b)
| 0.27 | | (3.17) | | 9.81 |
Total from investment operations
| 0.60 | | (1.75) | | 11.19 |
Net equalization credits and charges (a)
| 0.04 | | 0.25 | | 0.17 |
Other capital
| 0.03 | | 0.01 | | 0.03 |
| Distributions to shareholders from: | | | | | |
Net investment income
| (0.98) | | (0.62) | | (1.12) |
Net realized gains
| — | | (0.44) | | — |
Total distributions
| (0.98) | | (1.06) | | (1.12) |
Net asset value, end of period
| $62.41 | | $62.72 | | $65.27 |
Total return (c)
| 1.22% | | (2.41)% | | 21.02% |
| Ratios and Supplemental Data: | | | | | |
Net assets, end of period (in 000s)
| $43,688 | | $31,358 | | $16,318 |
| Ratios to average net assets: | | | | | |
Total expenses
| 0.30%(d) | | 0.30% | | 0.30%(d) |
Net investment income (loss)
| 1.10%(d) | | 2.10% | | 2.44%(d) |
Portfolio turnover rate (e)
| 2%(f) | | 8% | | 2%(f) |
| * | Commencement of operations. |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | 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. |
| (d) | Annualized. |
| (e) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
| (f) | Not annualized. |
See accompanying notes to financial statements.
134
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR MSCI Emerging Markets StrategicFactors ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | For the
Period
6/4/14* -
9/30/14 |
Net asset value, beginning of period
| $59.60 | | $60.69 | | $53.58 | | $47.58 | | $59.59 | | $60.00 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.45 | | 1.53 | | 1.40 | | 1.27 | | 1.58 | | 0.77 |
Net realized and unrealized gain (loss) (b)
| 0.24 | | (1.35) | | 6.69 | | 5.69 | | (12.48) | | (1.23) |
Total from investment operations
| 0.69 | | 0.18 | | 8.09 | | 6.96 | | (10.90) | | (0.46) |
Other capital
| 0.00(c) | | 0.04 | | 0.01 | | 0.05 | | 0.20 | | 0.06 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (1.19) | | (1.31) | | (0.99) | | (1.01) | | (1.31) | | (0.01) |
Net realized gains
| — | | — | | — | | — | | (0.00)(c) | | — |
Total distributions
| (1.19) | | (1.31) | | (0.99) | | (1.01) | | (1.31) | | (0.01) |
Net asset value, end of period
| $59.10 | | $59.60 | | $60.69 | | $53.58 | | $47.58 | | $59.59 |
Total return (d)
| 1.29% | | 0.23% | | 15.39% | | 15.00% | | (18.29)% | | (0.65)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $288,118 | | $266,725 | | $213,945 | | $116,539 | | $71,371 | | $5,959 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.30%(e) | | 0.30% | | 0.30% | | 0.30% | | 0.30% | | 0.31%(e) |
Net investment income (loss)
| 1.57%(e) | | 2.44% | | 2.50% | | 2.59% | | 2.82% | | 3.85%(e) |
Portfolio turnover rate (f)
| 10%(g) | | 30% | | 17% | | 34% | | 23% | | 0%(g)(h) |
| * | Commencement of operations. |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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. |
| (h) | Amount shown represents less than 0.5%. |
See accompanying notes to financial statements.
135
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR Solactive Germany ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | For the
Period
6/11/14* -
9/30/14 |
Net asset value, beginning of period
| $60.50 | | $63.06 | | $52.12 | | $48.44 | | $53.58 | | $60.00 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.26 | | 1.13 | | 1.39(b) | | 1.20 | | 1.24 | | 0.02(c) |
Net realized and unrealized gain (loss) (d)
| (5.88) | | (2.06) | | 10.33 | | 3.33 | | (5.39) | | (6.44) |
Total from investment operations
| (5.62) | | (0.93) | | 11.72 | | 4.53 | | (4.15) | | (6.42) |
Net equalization credits and charges (a)
| — | | (0.05) | | 0.58 | | 0.20 | | 0.18 | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.07) | | (1.58) | | (1.36) | | (1.05) | | (1.17) | | (0.00)(e) |
Net asset value, end of period
| $54.81 | | $60.50 | | $63.06 | | $52.12 | | $48.44 | | $53.58 |
Total return (f)
| (9.27)% | | (1.64)% | | 23.78%(b) | | 9.99% | | (7.64)% | | (10.70)%(c) |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $8,222 | | $9,074 | | $18,917 | | $13,031 | | $9,688 | | $5,358 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.20%(g) | | 0.30% | | 0.30% | | 0.30% | | 0.30% | | 0.30%(g) |
Net expenses
| 0.14%(g) | | 0.30% | | 0.30% | | 0.30% | | 0.30% | | 0.30%(g) |
Net investment income (loss)
| 0.94%(g) | | 1.76% | | 2.44%(b) | | 2.37% | | 2.26% | | 0.11%(c)(g) |
Portfolio turnover rate (h)
| 7%(i) | | 28% | | 19% | | 27% | | 18% | | 1%(i) |
| * | Commencement of operations. |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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 $0.29 per share and 0.50% of average net assets. If the special dividends were not received during the year ended September 30, 2017, the total return would have been 23.40%. |
| (c) | Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.02 per share and 0.04% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been (10.73)%. |
| (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.
136
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR Solactive Japan ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | For the
Period
6/11/14* -
9/30/14 |
Net asset value, beginning of period
| $80.23 | | $74.49 | | $67.43 | | $59.76 | | $60.46 | | $60.00 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.56 | | 1.50 | | 1.16 | | 0.95 | | 0.88 | | 0.41 |
Net realized and unrealized gain (loss) (b)
| (7.58) | | 5.63 | | 6.99 | | 7.42 | | (0.97) | | 0.05 |
Total from investment operations
| (7.02) | | 7.13 | | 8.15 | | 8.37 | | (0.09) | | 0.46 |
Net equalization credits and charges (a)
| 0.27 | | (0.06) | | (0.01) | | 0.27 | | 0.24 | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (1.21) | | (1.33) | | (1.08) | | (0.96) | | (0.84) | | — |
Net realized gains
| — | | — | | — | | (0.01) | | (0.01) | | — |
Total distributions
| (1.21) | | (1.33) | | (1.08) | | (0.97) | | (0.85) | | — |
Net asset value, end of period
| $72.27 | | $80.23 | | $74.49 | | $67.43 | | $59.76 | | $60.46 |
Total return (c)
| (8.31)% | | 9.52% | | 12.21% | | 14.55% | | 0.21% | | 0.76% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $7,227 | | $16,046 | | $14,897 | | $13,487 | | $11,951 | | $6,046 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.20%(d) | | 0.30% | | 0.30% | | 0.30% | | 0.30% | | 0.30%(d) |
Net expenses
| 0.14%(d) | | 0.30% | | 0.30% | | 0.30% | | 0.30% | | 0.30%(d) |
Net investment income (loss)
| 1.56%(d) | | 1.89% | | 1.67% | | 1.48% | | 1.38% | | 2.21%(d) |
Portfolio turnover rate (e)
| 2%(f) | | 53% | | 22% | | 23% | | 23% | | 0%(f)(g) |
| * | Commencement of operations. |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | 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. |
| (d) | Annualized. |
| (e) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
| (f) | Not annualized. |
| (g) | Amount shown represents less than 0.5%. |
See accompanying notes to financial statements.
137
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR Solactive United Kingdom ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | For the
Period
6/11/14* -
9/30/14 |
Net asset value, beginning of period
| $52.45 | | $52.99 | | $48.26 | | $50.14 | | $57.08 | | $60.00 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 1.16 | | 2.34 | | 2.26 | | 1.82 | | 2.18 | | 0.62(b) |
Net realized and unrealized gain (loss) (c)
| (2.06) | | (1.29) | | 3.20 | | (1.77) | | (7.43) | | (3.53) |
Total from investment operations
| (0.90) | | 1.05 | | 5.46 | | 0.05 | | (5.25) | | (2.91) |
Net equalization credits and charges (a)
| — | | 0.28 | | 1.18 | | — | | 0.34 | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (1.15) | | (1.87) | | (1.91) | | (1.93) | | (2.03) | | (0.01) |
Net asset value, end of period
| $50.40 | | $52.45 | | $52.99 | | $48.26 | | $50.14 | | $57.08 |
Total return (d)
| (1.45)% | | 2.46% | | 14.13% | | 0.18% | | (8.85)% | | (4.86)%(b) |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $10,079 | | $10,489 | | $5,299 | | $2,413 | | $2,507 | | $5,708 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.20%(e) | | 0.30% | | 0.30% | | 0.31% | | 0.30% | | 0.30%(e) |
Net expenses
| 0.14%(e) | | 0.30% | | 0.30% | | 0.31% | | 0.30% | | 0.30%(e) |
Net investment income (loss)
| 4.83%(e) | | 4.38% | | 4.49% | | 3.71% | | 3.90% | | 3.40%(b)(e) |
Portfolio turnover rate (f)
| 7%(g) | | 50% | | 27% | | 24% | | 31% | | 0%(g)(h) |
| * | Commencement of operations. |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.10 per share and 0.18% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been (5.02)%. |
| (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. |
| (h) | Amount shown represents less than 0.5%. |
See accompanying notes to financial statements.
138
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR MSCI World StrategicFactors ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | For the
Period
6/4/14* -
9/30/14 |
Net asset value, beginning of period
| $78.67 | | $72.02 | | $63.75 | | $57.96 | | $59.95 | | $60.00 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.73 | | 1.61 | | 1.58 | | 1.40 | | 1.35 | | 0.37 |
Net realized and unrealized gain (loss) (b)
| (1.32) | | 6.89 | | 8.20 | | 6.46 | | (2.04) | | (0.38) |
Total from investment operations
| (0.59) | | 8.50 | | 9.78 | | 7.86 | | (0.69) | | (0.01) |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.97) | | (1.48) | | (1.51) | | (1.37) | | (1.30) | | (0.04) |
Net realized gains
| — | | (0.37) | | — | | (0.70) | | (0.00)(c) | | — |
Total distributions
| (0.97) | | (1.85) | | (1.51) | | (2.07) | | (1.30) | | (0.04) |
Net asset value, end of period
| $77.11 | | $78.67 | | $72.02 | | $63.75 | | $57.96 | | $59.95 |
Total return (d)
| (0.60)% | | 11.93% | | 15.53% | | 13.78% | | (1.25)% | | (0.02)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $15,421 | | $31,468 | | $21,606 | | $6,375 | | $5,796 | | $5,995 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.30%(e) | | 0.30% | | 0.30% | | 0.30% | | 0.30% | | 0.30%(e) |
Net investment income (loss)
| 2.00%(e) | | 2.13% | | 2.32% | | 2.29% | | 2.18% | | 1.90%(e) |
Portfolio turnover rate (f)
| 8%(g) | | 18% | | 12% | | 18% | | 13% | | 0%(g)(h) |
| * | Commencement of operations. |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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. |
| (h) | Amount shown represents less than 0.5%. |
See accompanying notes to financial statements.
139
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR S&P Emerging Asia Pacific ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $97.31 | | $98.49 | | $81.92 | | $72.62 | | $83.84 | | $75.37 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.08 | | 1.93 | | 1.71 | | 1.38 | | 1.83 | | 1.74 |
Net realized and unrealized gain (loss) (b)
| 2.72 | | (1.22) | | 16.67 | | 10.81 | | (11.83) | | 7.95 |
Total from investment operations
| 2.80 | | 0.71 | | 18.38 | | 12.19 | | (10.00) | | 9.69 |
Other capital
| 0.02 | | 0.01 | | 0.00(c) | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (1.46) | | (1.90) | | (1.81) | | (2.89) | | (1.22) | | (1.22) |
Net asset value, end of period
| $98.67 | | $97.31 | | $98.49 | | $81.92 | | $72.62 | | $83.84 |
Total return (d)
| 3.08% | | 0.63% | | 23.02% | | 17.24% | | (12.15)% | | 12.99% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $503,208 | | $437,903 | | $413,653 | | $335,858 | | $428,447 | | $687,494 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.49%(e) | | 0.49% | | 0.49% | | 0.49% | | 0.53% | | 0.59% |
Net investment income (loss)
| 0.18%(e) | | 1.86% | | 1.98% | | 1.85% | | 2.14% | | 2.17% |
Portfolio turnover rate (f)
| 1%(g) | | 5% | | 4% | | 1% | | 28% | | 15% |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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.
140
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR S&P Global Dividend ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $68.01 | | $67.64 | | $63.21 | | $58.60 | | $64.89 | | $63.33 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 1.13 | | 2.84 | | 2.44 | | 2.56 | | 2.70 | | 2.99 |
Net realized and unrealized gain (loss) (b)
| (1.31) | | (0.04) | | 4.19 | | 4.87 | | (6.27) | | 1.32 |
Total from investment operations
| (0.18) | | 2.80 | | 6.63 | | 7.43 | | (3.57) | | 4.31 |
Net equalization credits and charges (a)
| (0.01) | | 0.06 | | 0.10 | | 0.08 | | 0.39 | | 0.06 |
Other capital
| 0.00(c) | | 0.00(c) | | — | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (1.44) | | (2.49) | | (2.30) | | (2.61) | | (2.61) | | (2.81) |
Net realized gains
| — | | — | | — | | (0.29) | | (0.50) | | — |
Total distributions
| (1.44) | | (2.49) | | (2.30) | | (2.90) | | (3.11) | | (2.81) |
Net asset value, end of period
| $66.38 | | $68.01 | | $67.64 | | $63.21 | | $58.60 | | $64.89 |
Total return (d)
| (0.15)% | | 4.23% | | 10.83% | | 13.16% | | (5.17)% | | 6.85% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $245,621 | | $207,417 | | $165,725 | | $104,298 | | $73,250 | | $29,200 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.40%(e) | | 0.40% | | 0.40% | | 0.40% | | 0.40% | | 0.40% |
Net investment income (loss)
| 3.47%(e) | | 4.12% | | 3.76% | | 4.27% | | 4.16% | | 4.46% |
Portfolio turnover rate (f)
| 54%(g) | | 39% | | 47% | | 49% | | 31% | | 37% |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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.
141
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR S&P Global Infrastructure ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $48.50 | | $51.82 | | $47.69 | | $43.31 | | $48.84 | | $43.51 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.67 | | 1.81 | | 1.73 | | 1.58 | | 1.46 | | 1.68 |
Net realized and unrealized gain (loss) (b)
| 3.04 | | (3.55) | | 4.03 | | 4.23 | | (5.62) | | 5.20 |
Total from investment operations
| 3.71 | | (1.74) | | 5.76 | | 5.81 | | (4.16) | | 6.88 |
Other capital
| 0.00(c) | | 0.00(c) | | — | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.80) | | (1.58) | | (1.63) | | (1.43) | | (1.37) | | (1.55) |
Voluntary Contribution by Adviser
| — | | — | | — | | — | | (1.37) | | (1.55) |
Net asset value, end of period
| $51.41 | | $48.50 | | $51.82 | | $47.69 | | $43.31 | | $48.84 |
Total return (d)
| 7.89% | | (3.43)% | | 12.35% | | 13.85% | | (8.77)% | | 15.95% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $313,617 | | $252,209 | | $181,377 | | $85,850 | | $56,299 | | $112,333 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.40%(e) | | 0.40% | | 0.40% | | 0.40% | | 0.40% | | 0.41% |
Net investment income (loss)
| 2.81%(e) | | 3.61% | | 3.54% | | 3.55% | | 3.03% | | 3.51% |
Portfolio turnover rate (f)
| 3%(g) | | 21% | | 22% | | 21% | | 7% | | 14% |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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.
142
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR Solactive Hong Kong ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | For the
Period
9/19/18* -
9/30/18 |
Net asset value, beginning of period
| $60.81 | | $60.00 |
| Income (loss) from investment operations: | | | |
Net investment income (loss) (a)
| 0.53 | | 0.02 |
Net realized and unrealized gain (loss) (b)
| 5.45 | | 0.69 |
Total from investment operations
| 5.98 | | 0.71 |
Other capital
| 0.02 | | 0.10 |
| Distributions to shareholders from: | | | |
Net investment income
| (0.21) | | — |
Net asset value, end of period
| $66.60 | | $60.81 |
Total return (c)
| 9.94% | | 1.34% |
| Ratios and Supplemental Data: | | | |
Net assets, end of period (in 000s)
| $8,325 | | $6,081 |
| Ratios to average net assets: | | | |
Total expenses
| 0.20%(d) | | 0.20%(d) |
Net expenses
| 0.14%(d) | | 0.14%(d) |
Net investment income (loss)
| 1.76%(d) | | 0.80%(d) |
Portfolio turnover rate (e)
| 2%(f) | | 0%(f)(g) |
| * | Commencement of operations. |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | 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. |
| (d) | Annualized. |
| (e) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
| (f) | Not annualized. |
| (g) | Amount is less than 0.5%. |
See accompanying notes to financial statements.
143
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
March 31, 2019 (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, 2019, the Trust consists of thirty-one (31) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):
| SPDR EURO STOXX Small Cap ETF |
| SPDR MSCI ACWI IMI ETF |
| SPDR MSCI ACWI Low Carbon Target ETF |
| SPDR Solactive Canada ETF |
| SPDR MSCI China A Shares IMI ETF |
| SPDR MSCI EAFE Fossil Fuel Reserves Free ETF |
| SPDR MSCI EAFE StrategicFactors ETF |
| SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF |
| SPDR MSCI Emerging Markets StrategicFactors ETF |
| SPDR Solactive Germany ETF |
| SPDR Solactive Japan ETF |
| SPDR Solactive United Kingdom ETF |
| SPDR MSCI World StrategicFactors ETF |
| SPDR S&P Emerging Asia Pacific ETF |
| SPDR S&P Global Dividend ETF |
| SPDR S&P Global Infrastructure ETF |
| SPDR Solactive Hong Kong ETF |
Each Fund is classified as a non-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 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 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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
• 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.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;
• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
• Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of each Fund’s investments according to the fair value hierarchy as of March 31, 2019, 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.
Certain Funds invest in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds' policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.'s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
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 FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of March 31, 2019, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
Certain Funds in the Trust follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
The following Funds utilized equalization during the period ended March 31, 2019:
| SPDR EURO STOXX Small Cap ETF |
| SPDR MSCI ACWI Low Carbon Target ETF |
| SPDR Solactive Canada ETF |
| SPDR MSCI China A Shares IMI ETF |
| SPDR MSCI EAFE Fossil Fuel Reserves Free ETF |
| SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF |
| SPDR Solactive Japan ETF |
| SPDR S&P Global Dividend ETF |
Distributions
The following Fund declares and distributes from net investment income, if any, to its shareholders quarterly:
| SPDR S&P Global Dividend ETF |
The following Funds declare and distribute from net investment income, if any, to its shareholders semi-annually:
| SPDR EURO STOXX Small Cap ETF |
| SPDR MSCI ACWI IMI ETF |
| SPDR MSCI ACWI Low Carbon Target ETF |
| SPDR Solactive Canada ETF |
| SPDR MSCI China A Shares IMI ETF |
| SPDR MSCI EAFE Fossil Fuel Reserves Free ETF |
| SPDR MSCI EAFE StrategicFactors ETF |
| SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF |
| SPDR MSCI Emerging Markets StrategicFactors ETF |
| SPDR Solactive Germany ETF |
| SPDR Solactive Japan ETF |
| SPDR Solactive United Kingdom ETF |
| SPDR MSCI World StrategicFactors ETF |
| SPDR S&P Emerging Asia Pacific ETF |
| SPDR S&P Global Infrastructure ETF |
| SPDR Solactive Hong Kong ETF |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
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. 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 (“Management/Advisory fee”) a fee accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:
| | Annual Rate |
SPDR EURO STOXX Small Cap ETF
| 0.45% |
SPDR MSCI ACWI IMI ETF
| 0.25 |
SPDR MSCI ACWI Low Carbon Target ETF
| 0.30 |
SPDR Solactive Canada ETF
| 0.20 |
SPDR MSCI China A Shares IMI ETF
| 0.65 |
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
| 0.30 |
SPDR MSCI EAFE StrategicFactors ETF
| 0.30 |
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
| 0.30 |
SPDR MSCI Emerging Markets StrategicFactors ETF
| 0.30 |
SPDR Solactive Germany ETF
| 0.20 |
SPDR Solactive Japan ETF
| 0.20 |
SPDR Solactive United Kingdom ETF
| 0.20 |
SPDR MSCI World StrategicFactors ETF
| 0.30 |
SPDR S&P Emerging Asia Pacific ETF
| 0.49 |
SPDR S&P Global Dividend ETF
| 0.40 |
SPDR S&P Global Infrastructure ETF
| 0.40 |
SPDR Solactive Hong Kong ETF
| 0.20 |
The Adviser pays all expenses of each Fund other than management fee, brokerage expenses, taxes, interest, fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation expenses and other extraordinary expenses.
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, 2020.
The Adviser has contractually agreed to waive a portion of its management fee and reimburse certain expenses, until January 31, 2020, so that the net annual Fund operating expenses of the SPDR MSCI ACWI Low Carbon Target ETF and the SPDR MSCI EAFE Fossil Fuel Reserves Free ETF will be limited to 0.20% of each Fund’s average daily net assets before application of any fees and expenses not paid by the Adviser under the Investment Advisory Agreement. Such fees and expenses paid by the Adviser are limited to certain direct operating expenses of a Fund and, therefore, do not include a Fund’s acquired fund fees and expenses, if any. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver from year to year, but there is no guarantee that the Adviser will do so and after January 31, 2020, the waiver may be cancelled or modified at any time. For the period ended March 31, 2019, the SPDR MSCI ACWI Low Carbon Target ETF and the SPDR MSCI EAFE Fossil Fuel Reserves Free ETF waived $54,266 and $36,002, respectively.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
The Adviser has contractually agreed to waive a portion of its management fee and reimburse certain expenses, until January 31, 2020, so that the net annual Fund operating expenses of the SPDR Solactive Canada ETF, SPDR Solactive Germany ETF, SPDR Solactive Japan ETF, SPDR Solactive United Kingdom ETF and SPDR Solactive Hong Kong ETF will be limited to 0.14% of each Fund's average daily net assets before application of any fees and expenses not paid by the Adviser under the Investment Advisory Agreement. Such fees and expenses paid by the Adviser are limited to certain direct operating expenses of a Fund and, therefore, do not include a Fund's acquired fund fees and expenses, if any. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver from year to year, but there is no guarantee that the Adviser will do so and after January 31, 2020, the waiver may be cancelled or modified at any time. For the period ended March 31, 2019, the SPDR Solactive Canada ETF, SPDR Solactive Germany ETF, SPDR Solactive Japan ETF, SPDR Solactive United Kingdom ETF and SPDR Solactive Hong Kong ETF waived $7,177, $2,543, $3,685, $3,021 and $1,998, respectively.
Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank & Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.
Distributor
State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust.
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017.
Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, an affiliated money market fund, for which SSGA FM serves as investment adviser. See Note 8 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, 2019, are disclosed in the Schedules of Investments.
From time to time, the Fund may have a concentration of one or more accounts constituting a significant percentage of shares outstanding. Investment activities by holders of such accounts could have material impacts on the Fund. As of March 31, 2019, based on management’s evaluation of the shareholder account base, the Fund had accounts representing controlling ownership of more than 10% of the Fund’s total outstanding shares. The number of such accounts, based on accounts that represent more than 10% of the aggregate shares, and the aggregate percentage of net assets represented by such holdings were as follows:
| Fund | | Number of 10% Affiliated Account Holders | | Percentage of Affiliated Ownership |
SPDR Solactive Hong Kong ETF
| | 1 | | 76.00% |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
4. Trustees’ Fees
The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
5. Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended March 31, 2019, were as follows:
| | Purchases | | Sales |
SPDR EURO STOXX Small Cap ETF
| $4,205,892 | | $4,490,004 |
SPDR MSCI ACWI IMI ETF
| 6,041,544 | | 2,473,878 |
SPDR MSCI ACWI Low Carbon Target ETF
| 10,601,183 | | 16,491,968 |
SPDR Solactive Canada ETF
| 1,059,620 | | 1,132,809 |
SPDR MSCI China A Shares IMI ETF
| 1,776,941 | | 102,775 |
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
| 1,544,291 | | 1,632,657 |
SPDR MSCI EAFE StrategicFactors ETF
| 15,994,011 | | 16,390,344 |
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
| 9,043,542 | | 801,484 |
SPDR MSCI Emerging Markets StrategicFactors ETF
| 39,010,763 | | 26,180,773 |
SPDR Solactive Germany ETF
| 547,191 | | 531,770 |
SPDR Solactive Japan ETF
| 241,859 | | 501,027 |
SPDR Solactive United Kingdom ETF
| 678,087 | | 708,358 |
SPDR MSCI World StrategicFactors ETF
| 2,096,180 | | 2,126,610 |
SPDR S&P Emerging Asia Pacific ETF
| 39,367,431 | | 4,572,286 |
SPDR S&P Global Dividend ETF
| 120,596,646 | | 120,539,745 |
SPDR S&P Global Infrastructure ETF
| 13,465,881 | | 9,231,933 |
SPDR Solactive Hong Kong ETF
| 1,524,842 | | 107,589 |
For the period ended March 31, 2019, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:
| | In-kind
Contributions | | In-kind
Redemptions | | In-kind Net
Realized
Gains/(Losses) |
SPDR EURO STOXX Small Cap ETF
| $— | | $8,127,111 | | $(100,152) |
SPDR MSCI ACWI IMI ETF
| 60,811,309 | | — | | — |
SPDR MSCI ACWI Low Carbon Target ETF
| 7,586,857 | | 90,519,955 | | 13,823,136 |
SPDR Solactive Canada ETF
| 1,421,059 | | 2,890,646 | | 299,180 |
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
| 3,106,245 | | 6,366,503 | | 897,084 |
SPDR MSCI EAFE StrategicFactors ETF
| 28,814,596 | | 20,417,359 | | 2,345,148 |
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
| 2,980,474 | | — | | — |
SPDR MSCI Emerging Markets StrategicFactors ETF
| 7,449,629 | | — | | — |
SPDR Solactive Japan ETF
| — | | 6,932,785 | | (569,386) |
SPDR MSCI World StrategicFactors ETF
| — | | 15,384,210 | | 2,142,172 |
SPDR S&P Emerging Asia Pacific ETF
| 15,217,565 | | — | | — |
SPDR S&P Global Dividend ETF
| 48,041,165 | | 9,848,719 | | 1,077,335 |
SPDR S&P Global Infrastructure ETF
| 42,286,765 | | 5,745,312 | | 1,048,211 |
SPDR Solactive Hong Kong ETF
| 127,331 | | — | | — |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
6. 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.
7. Income Tax Information
The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of September 30, 2018, SSGA FM has analyzed the Funds' 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, 2019, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:
| | Tax
Cost | | Gross
Unrealized
Appreciation | | Gross
Unrealized
Depreciation | | Net Unrealized
Appreciation
(Depreciation) |
SPDR EURO STOXX Small Cap ETF
| $23,755,220 | | $691,239 | | $3,257,442 | | $(2,566,203) |
SPDR MSCI ACWI IMI ETF
| 155,314,011 | | 26,704,168 | | 6,868,450 | | 19,835,718 |
SPDR MSCI ACWI Low Carbon Target ETF
| 58,506,764 | | 9,003,911 | | 4,703,405 | | 4,300,506 |
SPDR Solactive Canada ETF
| 23,544,402 | | 882,849 | | 1,085,653 | | (202,804) |
SPDR MSCI China A Shares IMI ETF
| 4,720,604 | | 972,898 | | 233,546 | | 739,352 |
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
| 72,533,675 | | 5,139,075 | | 6,884,510 | | (1,745,435) |
SPDR MSCI EAFE StrategicFactors ETF
| 269,921,335 | | 20,218,817 | | 20,837,761 | | (618,944) |
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
| 42,444,244 | | 3,609,801 | | 1,993,826 | | 1,615,975 |
SPDR MSCI Emerging Markets StrategicFactors ETF
| 274,501,481 | | 34,700,793 | | 17,717,888 | | 16,982,905 |
SPDR Solactive Germany ETF
| 9,248,821 | | 239,478 | | 1,400,762 | | (1,161,284) |
SPDR Solactive Japan ETF
| 8,335,749 | | 134,579 | | 1,214,457 | | (1,079,878) |
SPDR Solactive United Kingdom ETF
| 10,751,327 | | 325,330 | | 1,080,045 | | (754,715) |
SPDR MSCI World StrategicFactors ETF
| 15,744,427 | | 904,568 | | 1,224,070 | | (319,502) |
SPDR S&P Emerging Asia Pacific ETF
| 444,266,830 | | 123,911,690 | | 60,343,726 | | 63,567,964 |
SPDR S&P Global Dividend ETF
| 264,483,208 | | 7,414,044 | | 11,122,198 | | (3,708,154) |
SPDR S&P Global Infrastructure ETF
| 300,163,433 | | 31,170,369 | | 7,416,380 | | 23,753,989 |
SPDR Solactive Hong Kong ETF
| 7,548,136 | | 844,260 | | 116,566 | | 727,694 |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
8. Securities Lending
Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of March 31, 2019, 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, 2019:
| Fund | | Market Value of
Securities on Loan | | Cash
Collateral
Received | | Non-Cash
Collateral
Received* | | Total
Collateral
Received |
SPDR EURO STOXX Small Cap ETF
| | $ 2,117,956 | | $ 1,668,359 | | $ 562,976 | | $ 2,231,335 |
SPDR MSCI ACWI IMI ETF
| | 6,317,052 | | 3,761,746 | | 2,854,396 | | 6,616,142 |
SPDR MSCI ACWI Low Carbon Target ETF
| | 1,877,350 | | 648,609 | | 1,292,998 | | 1,941,607 |
SPDR Solactive Canada ETF
| | 2,192,058 | | 1,834,989 | | 453,860 | | 2,288,849 |
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
| | 3,404,360 | | 1,617,662 | | 1,980,202 | | 3,597,864 |
SPDR MSCI EAFE StrategicFactors ETF
| | 10,294,196 | | 4,816,005 | | 6,038,397 | | 10,854,402 |
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
| | 2,804,348 | | 552,449 | | 2,262,883 | | 2,815,332 |
SPDR MSCI Emerging Markets StrategicFactors ETF
| | 6,091,234 | | 4,218,140 | | 2,418,802 | | 6,636,942 |
SPDR Solactive Japan ETF
| | 465,415 | | 134,295 | | 353,582 | | 487,877 |
SPDR Solactive United Kingdom ETF
| | 141,805 | | 8,736 | | 136,223 | | 144,959 |
SPDR MSCI World StrategicFactors ETF
| | 417,561 | | 111,477 | | 321,317 | | 432,794 |
SPDR S&P Emerging Asia Pacific ETF
| | 23,573,736 | | 4,838,378 | | 20,286,783 | | 25,125,161 |
SPDR S&P Global Dividend ETF
| | 19,490,084 | | 16,993,831 | | 3,646,543 | | 20,640,374 |
SPDR S&P Global Infrastructure ETF
| | 11,019,878 | | 10,258,101 | | 1,276,164 | | 11,534,265 |
| * | The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities. |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (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, 2019:
| | | | | Remaining Contractual Maturity of the Agreements
As of March 31, 2019 |
| 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 EURO STOXX Small Cap ETF
| | Common Stocks | | $1,668,359 | | $— | | $— | | $— | | $1,668,359 | | $1,668,359 |
SPDR MSCI ACWI IMI ETF
| | Common Stocks | | 3,761,746 | | — | | — | | — | | 3,761,746 | | 3,761,746 |
SPDR MSCI ACWI Low Carbon Target ETF
| | Common Stocks | | 648,609 | | — | | — | | — | | 648,609 | | 648,609 |
SPDR Solactive Canada ETF
| | Common Stocks | | 1,834,989 | | — | | — | | — | | 1,834,989 | | 1,834,989 |
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
| | Common Stocks | | 1,617,662 | | — | | — | | — | | 1,617,662 | | 1,617,662 |
SPDR MSCI EAFE StrategicFactors ETF
| | Common Stocks | | 4,816,005 | | — | | — | | — | | 4,816,005 | | 4,816,005 |
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
| | Common Stocks | | 552,449 | | — | | — | | — | | 552,449 | | 552,449 |
SPDR MSCI Emerging Markets StrategicFactors ETF
| | Common Stocks | | 4,218,140 | | — | | — | | — | | 4,218,140 | | 4,218,140 |
SPDR Solactive Japan ETF
| | Common Stocks | | 134,295 | | — | | — | | — | | 134,295 | | 134,295 |
SPDR Solactive United Kingdom ETF
| | Common Stocks | | 8,736 | | — | | — | | — | | 8,736 | | 8,736 |
SPDR MSCI World StrategicFactors ETF
| | Common Stocks | | 111,477 | | — | | — | | — | | 111,477 | | 111,477 |
SPDR S&P Emerging Asia Pacific ETF
| | Common Stocks | | 4,838,378 | | — | | — | | — | | 4,838,378 | | 4,838,378 |
SPDR S&P Global Dividend ETF
| | Common Stocks | | 16,993,831 | | — | | — | | — | | 16,993,831 | | 16,993,831 |
SPDR S&P Global Infrastructure ETF
| | Common Stocks | | 10,258,101 | | — | | — | | — | | 10,258,101 | | 10,258,101 |
9. Line of Credit
Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2019 unless extended or renewed.
The following Funds participate in the credit facility as of March 31, 2019:
| SPDR MSCI ACWI Low Carbon Target ETF |
| SPDR MSCI China A Shares IMI ETF |
| SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF |
| SPDR MSCI Emerging Markets StrategicFactors ETF |
| SPDR S&P Emerging Asia Pacific ETF |
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% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.
The Funds had no outstanding loans as of March 31, 2019.
10. 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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
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.
Market and Credit Risk
In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
11. 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, other than those indicated below.
On April 25, 2019, the Board voted to close and liquidate the SPDR MSCI China A Shares IMI ETF.
SPDR INDEX SHARES FUNDS
OTHER INFORMATION
March 31, 2019 (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, 2018 to March 31, 2019.
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.
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
March 31, 2019 (Unaudited)
| | | | Actual | | Hypothetical (assuming a 5%
return before expenses) |
| | Annualized
Expense Ratio | | Ending Account
Value | | Expenses Paid
During Period(a) | | Ending Account
Value | | Expenses Paid
During Period(a) |
SPDR EURO STOXX Small Cap ETF
| 0.46% | | $949.60 | | $2.24 | | $1,022.60 | | $2.32 |
SPDR MSCI ACWI IMI ETF
| 0.25 | | 974.90 | | 1.23 | | 1,023.70 | | 1.26 |
SPDR MSCI ACWI Low Carbon Target ETF
| 0.20 | | 980.60 | | 0.99 | | 1,023.90 | | 1.01 |
SPDR Solactive Canada ETF
| 0.14 | | 988.60 | | 0.69 | | 1,024.20 | | 0.71 |
SPDR MSCI China A Shares IMI ETF
| 0.65 | | 1,182.60 | | 3.54 | | 1,021.70 | | 3.28 |
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
| 0.20 | | 960.20 | | 0.98 | | 1,023.90 | | 1.01 |
SPDR MSCI EAFE StrategicFactors ETF
| 0.30 | | 982.80 | | 1.48 | | 1,023.40 | | 1.51 |
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
| 0.30 | | 1,012.20 | | 1.51 | | 1,023.40 | | 1.51 |
SPDR MSCI Emerging Markets StrategicFactors ETF
| 0.30 | | 1,012.90 | | 1.51 | | 1,023.40 | | 1.51 |
SPDR Solactive Germany ETF
| 0.14 | | 907.30 | | 0.67 | | 1,024.20 | | 0.71 |
SPDR Solactive Japan ETF
| 0.14 | | 916.90 | | 0.67 | | 1,024.20 | | 0.71 |
SPDR Solactive United Kingdom ETF
| 0.14 | | 985.50 | | 0.69 | | 1,024.20 | | 0.71 |
SPDR MSCI World StrategicFactors ETF
| 0.30 | | 994.00 | | 1.49 | | 1,023.40 | | 1.51 |
SPDR S&P Emerging Asia Pacific ETF
| 0.49 | | 1,030.80 | | 2.48 | | 1,022.50 | | 2.47 |
SPDR S&P Global Dividend ETF
| 0.40 | | 998.50 | | 1.99 | | 1,022.90 | | 2.02 |
SPDR S&P Global Infrastructure ETF
| 0.40 | | 1,078.90 | | 2.07 | | 1,022.90 | | 2.02 |
SPDR Solactive Hong Kong ETF
| 0.14 | | 1,099.40 | | 0.73 | | 1,024.20 | | 0.71 |
| (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. |
Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website atwww.sec.gov.
Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC’s website atwww.sec.gov, and on the Funds' website atwww.spdrs.com.
Quarterly Portfolio Schedule
Following the Funds' first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Funds’ schedules of investments are available upon request, without charge, by calling 1-866-787-2257 (toll free) and on the Funds’ website at www.spdrs.com.
Full Portfolio Schedule
The complete schedule of portfolio holdings for the following Funds is available on the Funds’ website atwww.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website atwww.sec.gov.
SPDR MSCI ACWI Low Carbon Target ETF
SPDR MSCI Emerging Markets StrategicFactors ETF
SPDR MSCI World StrategicFactors ETF
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SPDR® Index Shares Funds
SPDR Index Shares Funds
Trustees
Bonny E. Boatman
Dwight D. Churchill
Frank Nesvet, Chairman
Clare S. Richer
James E. Ross
Sandra G. Sponem
Carl G. Verboncoeur
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
PricewaterhouseCoopers LLP
101 Seaport Boulevard
Suite 500
Boston, MA 02210
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
SPDR® Index Shares Funds
For more complete information, please call 1.866.787.2257 or visit spdrs.com today.
ssga.com | spdrs.com
The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indices LLC, MSCI Inc., and Solactive AG. Neither do these companies make any representation regarding the advisability of investing in the Funds. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested.
Standard & Poor’s®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties
make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider a Fund's investment objective, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.spdrs.com. Read it carefully.
Not FDIC Insured • No Bank Guarantee • May Lose Value
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
State Street Global Advisors
© 2019 State Street Corporation - All Rights Reserved
0515 Exp. Date: 11/30/2019 SPDRISMAINSAR
Semi-Annual Report
March 31, 2019
SPDR® Index Shares Funds
| SPDR EURO STOXX 50 ETF |
| SPDR MSCI ACWI ex-US ETF |
| SPDR S&P Emerging Markets Dividend ETF |
| SPDR S&P Emerging Markets Small Cap ETF |
| SPDR S&P International Dividend ETF |
| SPDR STOXX Europe 50 ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.spdrs.com), and you will be notified by mail each time a report is posted, and provided with a website link to access the report. If you already elected to receive reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications by contacting your financial intermediary.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account.
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
TABLE OF CONTENTS (Unaudited)
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
[This Page Intentionally Left Blank]
SPDR EURO STOXX 50 ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | TOTAL SA | 5.4% | |
| | SAP SE | 4.6 | |
| | Sanofi | 3.7 | |
| | LVMH Moet Hennessy Louis Vuitton SE | 3.6 | |
| | Linde PLC | 3.6 | |
| | Allianz SE | 3.5 | |
| | Siemens AG | 3.2 | |
| | Unilever NV | 3.1 | |
| | ASML Holding NV | 2.9 | |
| | Airbus SE | 2.8 | |
| | TOTAL | 36.4% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 17.0% | |
| | Consumer Discretionary | 13.1 | |
| | Industrials | 12.6 | |
| | Consumer Staples | 11.2 | |
| | Information Technology | 10.0 | |
| | Materials | 9.0 | |
| | Health Care | 8.1 | |
| | Energy | 7.1 | |
| | Communication Services | 5.7 | |
| | Utilities | 4.8 | |
| | Real Estate | 0.8 | |
| | Short-Term Investments | 0.4 | |
| | Other Assets in Excess of Liabilities | 0.2 | |
| | 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.
1
SPDR MSCI ACWI ex-US ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Nestle SA | 1.6% | |
| | Tencent Holdings, Ltd. | 1.3 | |
| | Novartis AG | 1.2 | |
| | Alibaba Group Holding, Ltd. ADR | 1.1 | |
| | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1.0 | |
| | Samsung Electronics Co., Ltd. GDR | 1.0 | |
| | Roche Holding AG | 1.0 | |
| | HSBC Holdings PLC | 0.8 | |
| | BP PLC | 0.8 | |
| | Toyota Motor Corp. | 0.7 | |
| | TOTAL | 10.5% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 21.6% | |
| | Industrials | 12.0 | |
| | Consumer Discretionary | 11.0 | |
| | Consumer Staples | 9.9 | |
| | Health Care | 8.4 | |
| | Information Technology | 8.3 | |
| | Materials | 7.3 | |
| | Energy | 7.3 | |
| | Communication Services | 7.2 | |
| | Utilities | 3.2 | |
| | Real Estate | 3.0 | |
| | Short-Term Investments | 2.3 | |
| | Liabilities in Excess of Other Assets | (1.5) | |
| | 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.
2
SPDR S&P Emerging Markets Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | China Mobile, Ltd. | 2.8% | |
| | PTT Global Chemical PCL NVDR | 2.8 | |
| | PTT PCL NVDR | 2.8 | |
| | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 2.7 | |
| | Siam Cement PCL NVDR | 2.6 | |
| | China Resources Land, Ltd. | 2.6 | |
| | China Overseas Land & Investment, Ltd. | 2.3 | |
| | Telekomunikasi Indonesia Persero Tbk PT | 2.2 | |
| | LUKOIL PJSC | 2.2 | |
| | Gazprom PJSC ADR | 2.1 | |
| | TOTAL | 25.1% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 24.1% | |
| | Communication Services | 12.1 | |
| | Energy | 11.2 | |
| | Information Technology | 11.0 | |
| | Industrials | 9.9 | |
| | Real Estate | 8.9 | |
| | Materials | 6.8 | |
| | Consumer Staples | 5.8 | |
| | Consumer Discretionary | 5.3 | |
| | Utilities | 4.3 | |
| | Health Care | 0.2 | |
| | Short-Term Investment | 3.9 | |
| | Liabilities in Excess of Other Assets | (3.5) | |
| | 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.
3
SPDR S&P Emerging Markets Small Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Impala Platinum Holdings, Ltd. | 0.5% | |
| | BR Malls Participacoes SA | 0.4 | |
| | Accton Technology Corp. | 0.3 | |
| | Luxoft Holding, Inc. | 0.3 | |
| | Estacio Participacoes SA | 0.3 | |
| | CVC Brasil Operadora e Agencia de Viagens SA | 0.3 | |
| | Giant Manufacturing Co., Ltd. | 0.3 | |
| | Simplo Technology Co., Ltd. | 0.3 | |
| | Chipbond Technology Corp. | 0.3 | |
| | Zhen Ding Technology Holding, Ltd. | 0.3 | |
| | TOTAL | 3.3% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Information Technology | 17.7% | |
| | Consumer Discretionary | 15.2 | |
| | Industrials | 14.3 | |
| | Materials | 11.1 | |
| | Real Estate | 9.7 | |
| | Financials | 9.3 | |
| | Consumer Staples | 5.9 | |
| | Health Care | 5.6 | |
| | Utilities | 4.7 | |
| | Communication Services | 3.9 | |
| | Energy | 2.3 | |
| | Short-Term Investments | 3.3 | |
| | Liabilities in Excess of Other Assets | (3.0) | |
| | 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.
4
SPDR S&P International Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | SSE PLC | 2.8% | |
| | National Australia Bank, Ltd. | 2.3 | |
| | Westpac Banking Corp. | 2.1 | |
| | Power Corp. of Canada | 1.8 | |
| | BCE, Inc. | 1.8 | |
| | Singapore Telecommunications, Ltd. | 1.8 | |
| | Orange SA | 1.8 | |
| | TOTAL SA | 1.7 | |
| | EDP - Energias de Portugal SA | 1.7 | |
| | Kingfisher PLC | 1.7 | |
| | TOTAL | 19.5% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 24.4% | |
| | Communication Services | 15.8 | |
| | Real Estate | 15.5 | |
| | Utilities | 12.8 | |
| | Industrials | 8.6 | |
| | Consumer Discretionary | 5.7 | |
| | Consumer Staples | 5.6 | |
| | Materials | 5.2 | |
| | Information Technology | 2.2 | |
| | Health Care | 1.9 | |
| | Energy | 1.7 | |
| | Short-Term Investments | 1.8 | |
| | Liabilities in Excess of Other Assets | (1.2) | |
| | 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.
5
SPDR STOXX Europe 50 ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Nestle SA | 6.9% | |
| | Novartis AG | 5.8 | |
| | Roche Holding AG | 4.6 | |
| | HSBC Holdings PLC | 3.9 | |
| | BP PLC | 3.5 | |
| | TOTAL SA | 3.5 | |
| | Royal Dutch Shell PLC Class A | 3.3 | |
| | SAP SE | 2.9 | |
| | GlaxoSmithKline PLC | 2.4 | |
| | AstraZeneca PLC | 2.4 | |
| | TOTAL | 39.2% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Health Care | 21.1% | |
| | Consumer Staples | 19.8 | |
| | Financials | 18.3 | |
| | Energy | 11.3 | |
| | Industrials | 8.1 | |
| | Materials | 7.8 | |
| | Information Technology | 4.8 | |
| | Consumer Discretionary | 3.6 | |
| | Communication Services | 3.3 | |
| | Utilities | 0.9 | |
| | Short-Term Investment | 0.1 | |
| | Other Assets in Excess of Liabilities | 0.9 | |
| | TOTAL | 100.0% | |
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
6
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.4% | | | | | |
| BELGIUM — 2.6% | | | | | |
Anheuser-Busch InBev SA
| | | 736,247 | | $61,803,708 |
| FINLAND — 1.2% | | | | | |
Nokia Oyj
| | | 4,851,687 | | 27,641,712 |
| FRANCE — 38.9% | | | | | |
Air Liquide SA
| | | 369,685 | | 47,051,671 |
Airbus SE
| | | 491,897 | | 65,119,293 |
AXA SA
| | | 1,792,303 | | 45,140,088 |
BNP Paribas SA
| | | 992,604 | | 47,490,775 |
Danone SA
| | | 554,348 | | 42,756,062 |
Engie SA
| | | 1,600,803 | | 23,870,288 |
EssilorLuxottica SA
| | | 250,854 | | 27,429,159 |
Kering SA
| | | 64,164 | | 36,830,191 |
L'Oreal SA
| | | 210,692 | | 56,730,802 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 229,847 | | 84,625,638 |
Orange SA
| | | 1,764,361 | | 28,726,132 |
Safran SA
| | | 311,647 | | 42,779,284 |
Sanofi
| | | 972,653 | | 85,995,364 |
Schneider Electric SE
| | | 472,829 | | 37,132,264 |
Societe Generale SA
| | | 693,362 | | 20,066,906 |
TOTAL SA
| | | 2,274,182 | | 126,452,538 |
Unibail-Rodamco-Westfield REIT (a)
| | | 474 | | 77,780 |
Unibail-Rodamco-Westfield REIT (a)(b)
| | | 118,273 | | 19,407,805 |
Vinci SA
| | | 477,504 | | 46,496,256 |
Vivendi SA
| | | 828,502 | | 24,029,220 |
| | | | | | 908,207,516 |
| GERMANY — 26.8% | | | | | |
adidas AG
| | | 158,564 | | 38,564,237 |
Allianz SE
| | | 365,393 | | 81,350,613 |
BASF SE
| | | 790,668 | | 58,177,631 |
Bayer AG
| | | 802,776 | | 51,920,464 |
Bayerische Motoren Werke AG
| | | 275,846 | | 21,294,188 |
Daimler AG
| | | 768,725 | | 45,100,255 |
Deutsche Post AG
| | | 845,903 | | 27,544,841 |
Deutsche Telekom AG
| | | 2,791,741 | | 46,377,976 |
Fresenius SE & Co. KGaA
| | | 351,838 | | 19,658,248 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 128,731 | | 30,499,119 |
SAP SE
| | | 931,166 | | 107,692,642 |
Siemens AG
| | | 691,905 | | 74,536,309 |
See accompanying notes to financial statements.
7
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Volkswagen AG Preference Shares
| | | 157,591 | | $24,829,769 |
| | | | | | 627,546,292 |
| IRELAND — 1.0% | | | | | |
CRH PLC
| | | 726,031 | | 22,540,939 |
| ITALY — 4.9% | | | | | |
Enel SpA
| | | 6,687,329 | | 42,830,575 |
Eni SpA
| | | 2,186,794 | | 38,683,024 |
Intesa Sanpaolo SpA
| | | 14,049,460 | | 34,248,468 |
| | | | | | 115,762,067 |
| NETHERLANDS — 7.2% | | | | | |
ASML Holding NV
| | | 366,424 | | 68,792,625 |
ING Groep NV
| | | 3,350,093 | | 40,565,650 |
Koninklijke Ahold Delhaize NV
| | | 1,018,995 | | 27,145,633 |
Koninklijke Philips NV
| | | 797,314 | | 32,511,510 |
| | | | | | 169,015,418 |
| SPAIN — 10.1% | | | | | |
Amadeus IT Group SA
| | | 377,754 | | 30,285,098 |
Banco Bilbao Vizcaya Argentaria SA
| | | 5,740,005 | | 32,825,220 |
Banco Santander SA
| | | 13,977,140 | | 65,044,736 |
Iberdrola SA
| | | 5,132,041 | | 45,097,416 |
Industria de Diseno Textil SA
| | | 956,734 | | 28,145,839 |
Telefonica SA
| | | 4,014,600 | | 33,668,707 |
| | | | | | 235,067,016 |
| UNITED KINGDOM — 6.7% | | | | | |
Linde PLC
| | | 475,094 | | 83,219,642 |
Unilever NV
| | | 1,252,330 | | 72,811,927 |
| | | | | | 156,031,569 |
TOTAL COMMON STOCKS
(Cost $2,589,039,644)
| | | | | 2,323,616,237 |
| | | | |
| SHORT-TERM INVESTMENTS — 0.4% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (c) (d)
| 819,914 | 819,914 |
See accompanying notes to financial statements.
8
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)
| | 7,140,290 | | $7,140,290 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,960,204)
| | 7,960,204 | |
TOTAL INVESTMENTS — 99.8%
(Cost $2,596,999,848)
| | 2,331,576,441 | |
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%
| | 5,720,504 | |
NET ASSETS — 100.0%
| | $2,337,296,945 | |
| (a) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (c) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (e) | Investment of cash collateral for securities loaned. |
| REIT | = Real Estate Investment Trust |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $2,323,616,237 | | $— | | $— | | $2,323,616,237 |
Short-Term Investments
| | 7,960,204 | | — | | — | | 7,960,204 |
TOTAL INVESTMENTS
| | $2,331,576,441 | | $— | | $— | | $2,331,576,441 |
Affiliate Table
| | Number of
Shares Held
at 9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/19 | | Value at
3/31/19 | | Dividend
Income |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 156,443 | | $156,443 | | $19,097,463 | | $18,433,992 | | $— | | $— | | 819,914 | | $819,914 | | $8,838 |
State Street Navigator Securities Lending Government Money Market Portfolio
| 2,152,850 | | 2,152,850 | | 424,853,838 | | 419,866,398 | | — | | — | | 7,140,290 | | 7,140,290 | | 570,223 |
Total
| | | $2,309,293 | | $443,951,301 | | $438,300,390 | | $— | | $— | | | | $7,960,204 | | $579,061 |
See accompanying notes to financial statements.
9
SPDR MSCI ACWI EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 99.2% | | | | | |
| AUSTRALIA – 4.7% | | | | | |
BHP Group, Ltd.
| | 274,943 | | $7,517,317 |
Commonwealth Bank of Australia
| | 159,732 | | 8,015,210 |
CSL, Ltd.
| | 47,557 | | 6,585,484 |
Westpac Banking Corp. (a)
| | 314,449 | | 5,789,719 |
Other Securities
| | | | 53,413,839 |
| | | | | | 81,321,569 |
| AUSTRIA – 0.3% | | | | | |
Other Securities
| | | | 4,309,837 |
| BELGIUM – 0.8% | | | | | |
Anheuser-Busch InBev SA
| | 73,988 | | 6,210,868 |
Other Securities
| | | | 7,619,873 |
| | | | | | 13,830,741 |
| BRAZIL – 1.8% | | | | | |
Other Securities
| | | | 31,487,156 |
| CANADA – 6.8% | | | | | |
Bank of Nova Scotia (a)
| | 102,849 | | 5,476,760 |
Canadian National Railway Co.
| | 76,385 | | 6,840,030 |
Royal Bank of Canada
| | 129,892 | | 9,802,546 |
Toronto-Dominion Bank
| | 164,046 | | 8,904,986 |
Other Securities
| | | | 86,263,011 |
| | | | | | 117,287,333 |
| CHILE – 0.2% | | | | | |
Other Securities
| | | | 4,225,702 |
| CHINA – 8.1% | | | | | |
Alibaba Group Holding, Ltd. ADR (b)
| | 106,689 | | 19,465,408 |
China Huishan Dairy Holdings Co., Ltd. (a)(b)(c)
| | 1,418,000 | | — |
China Mobile, Ltd.
| | 579,000 | | 5,900,675 |
Tencent Holdings, Ltd.
| | 499,700 | | 22,979,981 |
Other Securities
| | | | 91,356,201 |
| | | | | | 139,702,265 |
| COLOMBIA – 0.1% | | | | | |
Other Securities
| | | | 1,900,314 |
| DENMARK – 1.2% | | | | | |
Novo Nordisk A/S Class B
| | 181,565 | | 9,514,299 |
Other Securities
| | | | 10,386,335 |
| | | | | | 19,900,634 |
See accompanying notes to financial statements.
10
SPDR MSCI ACWI EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| EGYPT – 0.1% | | | | | |
Other Security
| | | | $1,085,874 |
| FINLAND – 0.9% | | | | | |
Other Securities
| | | | 14,660,044 |
| FRANCE – 7.2% | | | | | |
Air Liquide SA
| | 43,573 | | 5,545,755 |
Airbus SE
| | 56,291 | | 7,452,028 |
L'Oreal SA
| | 26,340 | | 7,092,293 |
LVMH Moet Hennessy Louis Vuitton SE
| | 25,134 | | 9,253,898 |
Sanofi
| | 109,061 | | 9,642,432 |
TOTAL SA
| | 214,651 | | 11,935,352 |
Other Securities
| | | | 73,136,412 |
| | | | | | 124,058,170 |
| GERMANY – 5.6% | | | | | |
Allianz SE
| | 42,636 | | 9,492,423 |
BASF SE
| | 85,612 | | 6,299,361 |
Bayer AG
| | 85,121 | | 5,505,299 |
SAP SE
| | 100,942 | | 11,674,299 |
Siemens AG
| | 78,464 | | 8,452,630 |
Other Securities
| | | | 54,954,449 |
| | | | | | 96,378,461 |
| GREECE – 0.1% | | | | | |
Other Securities
| | | | 1,291,863 |
| HONG KONG – 3.2% | | | | | |
AIA Group, Ltd.
| | 1,139,000 | | 11,339,289 |
Hanergy Thin Film Power Group, Ltd. (a)(b)(c)
| | 448,000 | | — |
Other Securities
| | | | 43,721,047 |
| | | | | | 55,060,336 |
| HUNGARY – 0.1% | | | | | |
Other Securities
| | | | 2,564,457 |
| INDIA – 2.4% | | | | | |
Reliance Industries, Ltd. GDR (d)
| | 150,444 | | 6,032,804 |
Other Securities
| | | | 35,280,132 |
| | | | | | 41,312,936 |
| INDONESIA – 0.6% | | | | | |
Other Securities
| | | | 10,102,876 |
| IRELAND – 0.4% | | | | | |
Other Securities
| | | | 7,721,456 |
See accompanying notes to financial statements.
11
SPDR MSCI ACWI EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| ISRAEL – 0.4% | | | | | |
Other Securities
| | | | $7,353,205 |
| ITALY – 1.3% | | | | | |
Other Securities
| | | | 22,588,902 |
| JAPAN – 15.8% | | | | | |
SoftBank Group Corp.
| | 74,600 | | 7,241,966 |
Takeda Pharmaceutical Co., Ltd.
| | 136,599 | | 5,579,474 |
Toyota Motor Corp.
| | 205,400 | | 12,038,034 |
Other Securities
| | | | 246,566,223 |
| | | | | | 271,425,697 |
| LUXEMBOURG – 0.1% | | | | | |
Other Securities
| | | | 1,425,908 |
| MACAU – 0.0% | | | | | |
Other Securities
| | | | 350,018 |
| MALAYSIA – 0.5% | | | | | |
Other Securities
| | | | 7,821,503 |
| MEXICO – 0.7% | | | | | |
Other Securities
| | | | 12,443,542 |
| NETHERLANDS – 3.3% | | | | | |
ASML Holding NV
| | 37,419 | | 7,025,062 |
Royal Dutch Shell PLC Class A
| | 370,118 | | 11,639,886 |
Royal Dutch Shell PLC Class B
| | 330,544 | | 10,457,772 |
Other Securities
| | | | 28,387,332 |
| | | | | | 57,510,052 |
| NEW ZEALAND – 0.1% | | | | | |
Other Securities
| | | | 1,994,971 |
| NORWAY – 0.5% | | | | | |
Other Securities
| | | | 8,338,913 |
| PERU – 0.1% | | | | | |
Other Securities
| | | | 2,556,782 |
| PHILIPPINES – 0.3% | | | | | |
Other Securities
| | | | 4,610,126 |
| POLAND – 0.2% | | | | | |
Other Securities
| | | | 3,907,410 |
| PORTUGAL – 0.1% | | | | | |
Other Securities
| | | | 1,173,480 |
See accompanying notes to financial statements.
12
SPDR MSCI ACWI EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| QATAR – 0.2% | | | | | |
Other Securities
| | | | $2,758,385 |
| ROMANIA – 0.0% | | | | | |
Other Security
| | | | 257,368 |
| RUSSIA – 0.9% | | | | | |
LUKOIL PJSC ADR
| | 62,672 | | 5,603,504 |
Other Securities
| | | | 10,492,318 |
| | | | | | 16,095,822 |
| SINGAPORE – 1.0% | | | | | |
Other Securities
| | | | 17,085,986 |
| SOUTH AFRICA – 1.5% | | | | | |
Naspers, Ltd. Class N
| | 38,998 | | 9,010,786 |
Other Securities
| | | | 16,835,150 |
| | | | | | 25,845,936 |
| SOUTH KOREA – 3.6% | | | | | |
Samsung Electronics Co., Ltd. GDR
| | 17,816 | | 17,477,496 |
Samsung Electronics Co., Ltd. Preference Shares
| | 34,250 | | 1,093,791 |
Other Securities
| | | | 44,093,219 |
| | | | | | 62,664,506 |
| SPAIN – 2.0% | | | | | |
Banco Santander SA
| | 1,371,223 | | 6,381,194 |
Iberdrola SA
| | 643,571 | | 5,655,331 |
Other Securities
| | | | 21,750,710 |
| | | | | | 33,787,235 |
| SWEDEN – 1.5% | | | | | |
Other Securities
| | | | 26,499,622 |
| SWITZERLAND – 6.4% | | | | | |
Nestle SA
| | 280,128 | | 26,693,591 |
Novartis AG
| | 207,571 | | 19,962,999 |
Roche Holding AG
| | 61,730 | | 17,005,347 |
Other Securities
| | | | 47,124,757 |
| | | | | | 110,786,694 |
| TAIWAN – 2.8% | | | | | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
| | 432,410 | | 17,711,514 |
Other Securities
| | | | 29,911,428 |
| | | | | | 47,622,942 |
See accompanying notes to financial statements.
13
SPDR MSCI ACWI EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| THAILAND – 0.6% | | | | | |
Other Securities
| | | | $9,592,330 |
| TURKEY – 0.1% | | | | | |
Other Securities
| | | | 2,179,373 |
| UNITED ARAB EMIRATES – 0.1% | | | | | |
Other Securities
| | | | 1,792,784 |
| UNITED KINGDOM – 10.5% | | | | | |
AstraZeneca PLC
| | 106,656 | | 8,526,309 |
BP PLC
| | 1,786,915 | | 13,004,340 |
British American Tobacco PLC
| | 196,422 | | 8,174,972 |
Diageo PLC
| | 211,894 | | 8,664,287 |
GlaxoSmithKline PLC
| | 410,976 | | 8,551,223 |
HSBC Holdings PLC
| | 1,765,300 | | 14,337,614 |
Rio Tinto PLC
| | 107,175 | | 6,229,984 |
Unilever NV
| | 151,538 | | 8,810,596 |
Unilever PLC
| | 123,676 | | 7,082,809 |
Other Securities
| | | | 97,091,364 |
| | | | | | 180,473,498 |
TOTAL COMMON STOCKS
(Cost $1,706,988,692)
| | | | | 1,709,145,014 |
| PREFERRED STOCKS - 0.0% (e) | | | | | |
| SOUTH KOREA – 0.0% (e) | | | | | |
Other Security
(cost: $4,714)
| | | | | 4,651 |
| RIGHTS — 0.0% (e) | | | | | |
| INDIA – 0.0% (e) | | | | | |
Other Security
(cost: $49,549)
| | | | | 13,813 |
| SHORT-TERM INVESTMENTS - 2.3% | | | | | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares Class G Shares 2.43% (f)(g)
| | | 101,301 | | 101,301 |
See accompanying notes to financial statements.
14
SPDR MSCI ACWI EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
State Street Navigator Securities Lending Government Money Market Portfolio (f)(h)
| | | 39,241,247 | | $39,241,247 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $39,342,548)
| | | | | 39,342,548 |
TOTAL INVESTMENTS - 101.5%
(Cost $1,746,385,503)
| | | | | 1,748,506,026 |
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.5)%
| | | | | (25,872,723) |
NET ASSETS - 100.0%
| | | | | $1,722,633,303 |
| The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed below may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund's website atwww.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC's website atwww.sec.gov. |
| |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (b) | Non-income producing security. |
| (c) | 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, 2019, total aggregate fair value of the security is $0, representing 0.0% of the Fund's net assets. |
| (d) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.5% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (e) | Amount is less than 0.05% of net assets. |
| (f) | 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, 2019 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (h) | Investment of cash collateral for securities loaned. |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
See accompanying notes to financial statements.
15
SPDR MSCI ACWI EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $1,702,838,275 | | $6,306,739 | | $0(a) | | $1,709,145,014 |
Preferred Stocks
| | — | | 4,651 | | — | | 4,651 |
Rights
| | — | | 13,813 | | — | | 13,813 |
Short-Term Investments
| | 39,342,548 | | — | | — | | 39,342,548 |
TOTAL INVESTMENTS
| | $1,742,180,823 | | $6,325,203 | | $0 | | $1,748,506,026 |
| (a) | Fund held Level 3 securities that were valued at $0 at March 31, 2019. |
Affiliate Table
| | Number of
Shares Held
at 9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/19 | | Value at
3/31/19 | | Dividend
Income |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 48,847 | | $48,847 | | $73,297,033 | | $73,244,579 | | $— | | $— | | 101,301 | | $101,301 | | $28,873 |
State Street Navigator Securities Lending Government Money Market Portfolio
| 24,362,815 | | 24,362,815 | | 169,784,885 | | 154,906,453 | | — | | — | | 39,241,247 | | 39,241,247 | | 143,418 |
Total
| | | $24,411,662 | | $243,081,918 | | $228,151,032 | | $— | | $— | | | | $39,342,548 | | $172,291 |
See accompanying notes to financial statements.
16
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.6% | | | | | |
| BRAZIL — 1.5% | | | | | |
Ultrapar Participacoes SA
| | | 557,287 | | $6,730,346 |
| CHILE — 0.3% | | | | | |
Aguas Andinas SA Class A
| | | 2,163,161 | | 1,229,916 |
Banco de Chile ADR
| | | 24 | | 706 |
| | | | | | 1,230,622 |
| CHINA — 16.8% | | | | | |
China Communications Construction Co., Ltd. Class H
| | | 7,186,000 | | 7,433,209 |
China Lesso Group Holdings, Ltd.
| | | 1,821,000 | | 1,178,438 |
China Merchants Port Holdings Co., Ltd.
| | | 1,599,812 | | 3,407,519 |
China Mobile, Ltd.
| | | 1,252,000 | | 12,759,317 |
China Overseas Land & Investment, Ltd.
| | | 2,736,000 | | 10,386,410 |
China Telecom Corp., Ltd. Class H
| | | 16,818,000 | | 9,341,012 |
China Zhongwang Holdings, Ltd. (a)
| | | 1,063,600 | | 579,903 |
CITIC, Ltd.
| | | 5,068,000 | | 7,566,540 |
Guangdong Investment, Ltd.
| | | 4,600,000 | | 8,883,624 |
Jiangsu Expressway Co., Ltd. Class H
| | | 1,540,000 | | 2,177,594 |
Longfor Group Holdings, Ltd.
| | | 2,692,500 | | 9,483,834 |
Zhejiang Expressway Co., Ltd. Class H
| | | 1,878,000 | | 2,153,135 |
| | | | | | 75,350,535 |
| COLOMBIA — 0.1% | | | | | |
Grupo Aval Acciones y Valores SA Preference Shares
| | | 1,524,656 | | 591,104 |
| HONG KONG — 5.4% | | | | | |
China Resources Land, Ltd.
| | | 2,572,000 | | 11,533,118 |
China State Construction International Holdings, Ltd.
| | | 4,890,000 | | 4,578,564 |
Lee & Man Paper Manufacturing, Ltd.
| | | 2,743,000 | | 2,337,680 |
Shanghai Industrial Holdings, Ltd.
| | | 649,000 | | 1,527,847 |
Shenzhen International Holdings, Ltd.
| | | 984,937 | | 2,090,338 |
Yuexiu Property Co., Ltd.
| | | 6,372,000 | | 1,534,160 |
Yuexiu Transport Infrastructure, Ltd.
| | | 1,098,000 | | 893,792 |
| | | | | | 24,495,499 |
| INDIA — 2.0% | | | | | |
Infosys, Ltd. ADR
| | | 832,931 | | 9,103,936 |
| INDONESIA — 3.2% | | | | | |
Bank Rakyat Indonesia Persero Tbk PT
| | | 15,743,500 | | 4,555,002 |
Telekomunikasi Indonesia Persero Tbk PT
| | | 35,979,300 | | 9,980,213 |
| | | | | | 14,535,215 |
See accompanying notes to financial statements.
17
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| MALAYSIA — 3.9% | | | | | |
Alliance Bank Malaysia Bhd
| | | 224,200 | | $224,612 |
Astro Malaysia Holdings Bhd
| | | 2,601,000 | | 974,778 |
Gamuda Bhd
| | | 3,179,800 | | 2,243,190 |
Malayan Banking Bhd
| | | 3,849,119 | | 8,740,069 |
Petronas Gas Bhd
| | | 455,700 | | 1,966,794 |
Telekom Malaysia Bhd
| | | 3,925,500 | | 3,076,938 |
Westports Holdings Bhd
| | | 411,400 | | 378,901 |
| | | | | | 17,605,282 |
| MEXICO — 1.8% | | | | | |
Grupo Aeroportuario del Centro Norte SAB de CV
| | | 806,254 | | 4,558,832 |
Kimberly-Clark de Mexico SAB de CV Class A (a)
| | | 2,030,522 | | 3,448,145 |
| | | | | | 8,006,977 |
| POLAND — 0.9% | | | | | |
Asseco Poland SA
| | | 50,804 | | 687,749 |
Polskie Gornictwo Naftowe i Gazownictwo SA
| | | 2,127,690 | | 3,471,367 |
| | | | | | 4,159,116 |
| QATAR — 0.7% | | | | | |
Doha Bank QPSC
| | | 129,131 | | 757,247 |
Qatar Electricity & Water Co. QSC
| | | 17,236 | | 815,654 |
Qatar Islamic Bank SAQ
| | | 35,622 | | 1,483,781 |
| | | | | | 3,056,682 |
| RUSSIA — 6.2% | | | | | |
Gazprom PJSC ADR (b)
| | | 713,241 | | 3,219,570 |
Gazprom PJSC ADR (a)(b)
| | | 2,119,921 | | 9,582,043 |
LUKOIL PJSC ADR
| | | 59,534 | | 5,334,246 |
LUKOIL PJSC
| | | 109,649 | | 9,820,385 |
| | | | | | 27,956,244 |
| SOUTH AFRICA — 17.6% | | | | | |
Absa Group, Ltd. (a)
| | | 740,481 | | 7,809,806 |
AECI, Ltd.
| | | 86,491 | | 574,318 |
AVI, Ltd.
| | | 558,669 | | 3,497,771 |
FirstRand, Ltd.
| | | 1,254,446 | | 5,476,635 |
Foschini Group, Ltd.
| | | 720,214 | | 8,140,410 |
JSE, Ltd.
| | | 59,976 | | 549,511 |
Liberty Holdings, Ltd.
| | | 138,892 | | 973,026 |
Nedbank Group, Ltd. (a)
| | | 374,567 | | 6,525,524 |
Reunert, Ltd.
| | | 167,639 | | 825,335 |
RMB Holdings, Ltd. (a)
| | | 1,107,956 | | 5,837,392 |
See accompanying notes to financial statements.
18
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Sanlam, Ltd. (a)
| | | 867,734 | | $4,438,177 |
SPAR Group, Ltd.
| | | 353,555 | | 4,704,178 |
Standard Bank Group, Ltd.
| | | 578,091 | | 7,425,140 |
Tiger Brands, Ltd.
| | | 319,299 | | 5,867,330 |
Truworths International, Ltd.
| | | 1,644,353 | | 7,912,050 |
Tsogo Sun Holdings, Ltd.
| | | 444,239 | | 594,834 |
Vodacom Group, Ltd.
| | | 899,228 | | 6,948,148 |
Vukile Property Fund, Ltd. REIT
| | | 704,581 | | 977,143 |
| | | | | | 79,076,728 |
| TAIWAN — 16.9% | | | | | |
Asustek Computer, Inc.
| | | 762,000 | | 5,513,408 |
Cheng Shin Rubber Industry Co., Ltd.
| | | 1,742,000 | | 2,371,048 |
Chin-Poon Industrial Co., Ltd.
| | | 409,000 | | 505,602 |
CTCI Corp.
| | | 420,000 | | 654,110 |
Formosa Taffeta Co., Ltd.
| | | 752,000 | | 897,896 |
Fubon Financial Holding Co., Ltd.
| | | 5,416,000 | | 8,083,451 |
Hotai Motor Co., Ltd.
| | | 134,000 | | 1,641,278 |
Hua Nan Financial Holdings Co., Ltd.
| | | 3,440,235 | | 2,165,460 |
Huaku Development Co., Ltd.
| | | 247,000 | | 593,047 |
Lite-On Technology Corp.
| | | 3,301,000 | | 4,803,616 |
Mega Financial Holding Co., Ltd.
| | | 10,048,000 | | 9,144,770 |
Phison Electronics Corp.
| | | 462,000 | | 4,526,987 |
Pou Chen Corp.
| | | 1,974,000 | | 2,405,013 |
Sercomm Corp.
| | | 1,033,000 | | 2,262,374 |
Simplo Technology Co., Ltd.
| | | 604,800 | | 5,337,538 |
Sinbon Electronics Co., Ltd.
| | | 357,000 | | 1,198,861 |
Taiwan Hon Chuan Enterprise Co., Ltd.
| | | 127,000 | | 202,529 |
Taiwan Mobile Co., Ltd.
| | | 1,966,200 | | 7,113,165 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
| | | 295,908 | | 12,120,392 |
TTY Biopharm Co., Ltd.
| | | 264,000 | | 714,382 |
Wistron NeWeb Corp.
| | | 1,364,616 | | 3,586,376 |
| | | | | | 75,841,303 |
| THAILAND — 17.1% | | | | | |
Bangkok Bank PCL
| | | 474,501 | | 3,229,627 |
Bangkok Bank PCL NVDR
| | | 244,500 | | 1,594,817 |
Electricity Generating PCL
| | | 17,200 | | 158,261 |
Electricity Generating PCL NVDR
| | | 332,500 | | 3,059,398 |
Glow Energy PCL
| | | 43,400 | | 124,449 |
Glow Energy PCL NVDR
| | | 654,500 | | 1,876,776 |
Land & Houses PCL
| | | 15,823,589 | | 5,335,195 |
Major Cineplex Group PCL
| | | 595,800 | | 525,678 |
See accompanying notes to financial statements.
19
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Pruksa Holding PCL NVDR
| | | 37,000 | | $20,986 |
PTT Global Chemical PCL NVDR
| | | 5,947,300 | | 12,602,991 |
PTT PCL NVDR
| | | 8,193,930 | | 12,393,529 |
Ratchaburi Electricity Generating Holding PCL
| | | 548,100 | | 1,010,362 |
Siam Cement PCL
| | | 174,386 | | 2,648,623 |
Siam Cement PCL NVDR
| | | 765,000 | | 11,619,033 |
Siam Commercial Bank PCL NVDR
| | | 1,585,500 | | 6,594,801 |
Thai Beverage PCL (a)
| | | 8,388,100 | | 5,232,886 |
Thai Union Group PCL NVDR
| | | 5,582,300 | | 3,394,939 |
Thanachart Capital PCL NVDR
| | | 889,900 | | 1,528,267 |
Thanachart Capital PCL
| | | 247,200 | | 424,528 |
Tisco Financial Group PCL NVDR
| | | 1,099,500 | | 3,057,535 |
Tisco Financial Group PCL
| | | 211,500 | | 588,148 |
| | | | | | 77,020,829 |
| TURKEY — 2.2% | | | | | |
Enka Insaat ve Sanayi A/S
| | | 1,106,117 | | 898,661 |
Turkiye Is Bankasi A/S Class C
| | | 9,072,852 | | 8,832,605 |
| | | | | | 9,731,266 |
| UNITED ARAB EMIRATES — 3.0% | | | | | |
Air Arabia PJSC
| | | 1,396,796 | | 357,461 |
Dubai Investments PJSC
| | | 3,943,241 | | 1,470,758 |
Emirates Telecommunications Group Co. PJSC
| | | 840,618 | | 3,821,927 |
First Abu Dhabi Bank PJSC
| | | 1,845,637 | | 7,667,752 |
| | | | | | 13,317,898 |
TOTAL COMMON STOCKS
(Cost $440,830,533)
| | | | | 447,809,582 |
| | | | |
| SHORT-TERM INVESTMENT — 3.9% | |
State Street Navigator Securities Lending Government Money Market Portfolio (c) (d)
(Cost $17,405,390)
| 17,405,390 | 17,405,390 |
TOTAL INVESTMENTS — 103.5%
(Cost $458,235,923)
| 465,214,972 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.5)%
| (15,523,261) |
NET ASSETS — 100.0%
| $449,691,711 |
See accompanying notes to financial statements.
20
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| (a) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (b) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (c) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (d) | Investment of cash collateral for securities loaned. |
| ADR | = American Depositary Receipt |
| NVDR | = Non Voting Depositary Receipt |
| REIT | = Real Estate Investment Trust |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $442,329,533 | | $5,480,049 | | $— | | $447,809,582 |
Short-Term Investment
| | 17,405,390 | | — | | — | | 17,405,390 |
TOTAL INVESTMENTS
| | $459,734,923 | | $5,480,049 | | $— | | $465,214,972 |
Affiliate Table
| | Number of
Shares Held
at 9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/19 | | Value at
3/31/19 | | Dividend
Income |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 1,312,188 | | $1,312,188 | | $34,692,934 | | $36,005,122 | | $— | | $— | | — | | $— | | $9,337 |
State Street Navigator Securities Lending Government Money Market Portfolio
| 5,021,748 | | 5,021,748 | | 73,320,738 | | 60,937,096 | | — | | — | | 17,405,390 | | 17,405,390 | | 39,196 |
Total
| | | $6,333,936 | | $108,013,672 | | $96,942,218 | | $— | | $— | | | | $17,405,390 | | $48,533 |
See accompanying notes to financial statements.
21
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 99.7% | | | | | |
| BRAZIL – 8.0% | | | | | |
BR Malls Participacoes SA
| | 648,760 | | $2,095,463 |
Cosan, Ltd. Class A
| | 102,796 | | 1,191,406 |
CVC Brasil Operadora e Agencia de Viagens SA
| | 107,302 | | 1,509,568 |
Estacio Participacoes SA
| | 221,018 | | 1,510,671 |
Oi SA (a)
| | 3,160,372 | | 1,234,362 |
Transmissora Alianca de Energia Eletrica SA
| | 220,188 | | 1,403,156 |
Other Securities
| | | | 30,628,051 |
| | | | | | 39,572,677 |
| CHILE – 1.4% | | | | | |
Vina Concha y Toro SA
| | 615,693 | | 1,282,552 |
Other Securities
| | | | 5,752,291 |
| | | | | | 7,034,843 |
| CHINA – 13.5% | | | | | |
Boshiwa International Holding, Ltd. (a)(b)(c)
| | 1,843,000 | | — |
China Animal Healthcare, Ltd. (a)(b)(c)
| | 1,059,700 | | — |
China Forestry Holdings Co., Ltd. (a)(b)(c)
| | 1,642,000 | | — |
China Hongxing Sports, Ltd. (b)(c)
| | 4,053,000 | | — |
China Huiyuan Juice Group, Ltd. (a)(b)
| | 1,494,400 | | 288,411 |
China SCE Property Holdings, Ltd.
| | 2,369,800 | | 1,234,719 |
Chinasoft International, Ltd. (c)
| | 1,898,000 | | 1,172,657 |
Coolpad Group, Ltd. (a)(b)
| | 2,353,600 | | — |
Fu Shou Yuan International Group, Ltd.
| | 1,420,000 | | 1,302,429 |
National Agricultural Holdings, Ltd. (a)(b)(c)
| | 396,000 | | 15,008 |
Real Gold Mining, Ltd. (a)(b)(c)
| | 251,500 | | — |
Shanghai Potevio Co., Ltd. Class B (a)(b)
| | 79,800 | | 16,040 |
Other Securities
| | | | 63,119,744 |
| | | | | | 67,149,008 |
| COLOMBIA – 0.1% | | | | | |
Other Securities
| | | | 642,001 |
| CZECH REPUBLIC – 0.4% | | | | | |
Moneta Money Bank A/S (d)
| | 388,389 | | 1,340,504 |
Other Security
| | | | 425,136 |
| | | | | | 1,765,640 |
| EGYPT – 0.9% | | | | | |
Other Securities
| | | | 4,512,426 |
| GREECE – 1.4% | | | | | |
FF Group (a)(b)
| | 24,815 | | 66,872 |
See accompanying notes to financial statements.
22
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Other Securities
| | | | $6,897,906 |
| | | | | | 6,964,778 |
| HONG KONG – 2.7% | | | | | |
Anxin-China Holdings, Ltd. (a)(b)
| | 2,248,000 | | — |
China High Precision Automation Group, Ltd. (a)(b)
| | 1,226,000 | | — |
China Lumena New Materials Corp. (a)(b)(c)
| | 4,181,298 | | — |
China Metal Recycling Holdings, Ltd. (a)(b)(c)
| | 693,675 | | — |
Tech Pro Technology Development, Ltd. (a)(b)
| | 6,035,100 | | 26,139 |
Other Securities
| | | | 13,269,121 |
| | | | | | 13,295,260 |
| HUNGARY – 0.2% | | | | | |
Other Security
| | | | 897,549 |
| INDIA – 11.1% | | | | | |
Bata India, Ltd.
| | 63,216 | | 1,282,160 |
Chennai Super Kings Cricket, Ltd. (a)(b)
| | 418,560 | | — |
Escorts, Ltd.
| | 103,960 | | 1,194,621 |
MakeMyTrip, Ltd. (a)(c)
| | 39,261 | | 1,083,604 |
PI Industries, Ltd.
| | 90,431 | | 1,347,099 |
Other Securities
| | | | 50,449,854 |
| | | | | | 55,357,338 |
| INDONESIA – 3.4% | | | | | |
Other Securities
| | | | 16,984,679 |
| LUXEMBOURG – 0.0% (e) | | | | | |
Other Security
| | | | 161,843 |
| MALAYSIA – 4.5% | | | | | |
Bursa Malaysia Bhd
| | 695,109 | | 1,169,724 |
Other Securities
| | | | 21,344,811 |
| | | | | | 22,514,535 |
| MEXICO – 2.1% | | | | | |
Bolsa Mexicana de Valores SAB de CV
| | 554,302 | | 1,147,610 |
Megacable Holdings SAB de CV
| | 254,682 | | 1,182,586 |
PLA Administradora Industrial S de RL de CV
| | 797,788 | | 1,233,029 |
Other Securities
| | | | 6,743,406 |
| | | | | | 10,306,631 |
| MONACO – 0.3% | | | | | |
Other Securities
| | | | 1,226,104 |
| PAKISTAN – 1.1% | | | | | |
Other Securities
| | | | 5,638,797 |
See accompanying notes to financial statements.
23
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| PERU – 0.2% | | | | | |
Ferreycorp SAA
| | 1,543,849 | | $1,148,586 |
| PHILIPPINES – 1.2% | | | | | |
D&L Industries, Inc.
| | 5,430,600 | | 1,162,444 |
Other Securities
| | | | 4,847,014 |
| | | | | | 6,009,458 |
| POLAND – 1.6% | | | | | |
Asseco Poland SA
| | 95,541 | | 1,293,368 |
Other Securities
| | | | 6,721,656 |
| | | | | | 8,015,024 |
| QATAR – 0.4% | | | | | |
Other Securities
| | | | 1,933,055 |
| RUSSIA – 1.0% | | | | | |
Globaltrans Investment PLC GDR
| | 115,031 | | 1,223,930 |
Other Securities
| | | | 3,632,200 |
| | | | | | 4,856,130 |
| SAUDI ARABIA – 0.0% (e) | | | | | |
Other Security
| | | | 1,549 |
| SINGAPORE – 0.2% | | | | | |
Other Securities
| | | | 1,173,048 |
| SOUTH AFRICA – 6.6% | | | | | |
Barloworld, Ltd.
| | 131,556 | | 1,158,541 |
Impala Platinum Holdings, Ltd. (a)(c)
| | 534,098 | | 2,259,165 |
Northam Platinum, Ltd. (a)
| | 291,174 | | 1,282,104 |
Sibanye Gold, Ltd. (a)(c)
| | 1,224,615 | | 1,335,751 |
Other Securities
| | | | 26,473,381 |
| | | | | | 32,508,942 |
| TAIWAN – 29.3% | | | | | |
Accton Technology Corp. (c)
| | 430,341 | | 1,738,371 |
Airtac International Group
| | 101,000 | | 1,307,539 |
Chicony Electronics Co., Ltd.
| | 476,656 | | 1,108,880 |
Chipbond Technology Corp.
| | 623,000 | | 1,435,181 |
Far Eastern International Bank
| | 3,452,314 | | 1,254,552 |
Formosa Taffeta Co., Ltd.
| | 960,000 | | 1,146,250 |
Giant Manufacturing Co., Ltd.
| | 210,000 | | 1,499,002 |
Highwealth Construction Corp.
| | 752,730 | | 1,240,690 |
King's Town Bank Co., Ltd.
| | 1,140,000 | | 1,183,628 |
Makalot Industrial Co., Ltd.
| | 162,070 | | 1,135,839 |
Merida Industry Co., Ltd.
| | 206,000 | | 1,149,624 |
See accompanying notes to financial statements.
24
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Radiant Opto-Electronics Corp.
| | 417,331 | | $1,335,113 |
Simplo Technology Co., Ltd.
| | 165,277 | | 1,458,618 |
Sinbon Electronics Co., Ltd.
| | 337,444 | | 1,133,189 |
Teco Electric and Machinery Co., Ltd.
| | 1,790,000 | | 1,219,643 |
Tripod Technology Corp.
| | 431,353 | | 1,392,567 |
Zhen Ding Technology Holding, Ltd.
| | 456,000 | | 1,415,915 |
Other Securities
| | | | 123,241,671 |
| | | | | | 145,396,272 |
| THAILAND – 5.2% | | | | | |
Central Plaza Hotel PCL NVDR
| | 843,402 | | 1,162,717 |
CPN Retail Growth Leasehold REIT
| | 1,461,300 | | 1,358,385 |
Inter Far East Energy Corp. NVDR (a)(b)
| | 283,900 | | — |
International Engineering PCL (a)(b)
| | 63,855,934 | | — |
Srisawad Corp. PCL NVDR
| | 793,182 | | 1,324,678 |
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund
| | 1,923,500 | | 1,260,715 |
WHA Corp. PCL NVDR
| | 10,238,930 | | 1,361,534 |
Other Securities
| | | | 19,269,343 |
| | | | | | 25,737,372 |
| TURKEY – 2.0% | | | | | |
Other Securities
| | | | 9,811,735 |
| UNITED ARAB EMIRATES – 0.4% | | | | | |
Other Securities
| | | | 2,200,008 |
| UNITED KINGDOM – 0.0% (e) | | | | | |
Other Security
| | | | 157,565 |
| UNITED STATES – 0.5% | | | | | |
Luxoft Holding, Inc. (a)
| | 26,181 | | 1,537,087 |
Other Securities
| | | | 712,715 |
| | | | | | 2,249,802 |
TOTAL COMMON STOCKS
(Cost $571,110,127)
| | | | | 495,222,655 |
| WARRANTS — 0.0% (e) | | | | | |
| THAILAND – 0.0% (e) | | | | | |
International Engineering PCL (expiring 5/22/19) (a)(b)
(cost: $0)
| | | 13,635,806 | | — |
| SHORT-TERM INVESTMENTS - 3.3% | | | | | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (f)(g)
| | | 140,561 | | 140,561 |
See accompanying notes to financial statements.
25
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
State Street Navigator Securities Lending Government Money Market Portfolio (f)(h)
| | | 16,205,312 | | $16,205,312 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $16,345,873)
| | | | | 16,345,873 |
TOTAL INVESTMENTS - 103.0%
(Cost $587,456,000)
| | | | | 511,568,528 |
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.0)%
| | | | | (14,714,841) |
NET ASSETS - 100.0%
| | | | | $496,853,687 |
| The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed below may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund's website atwww.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC's website atwww.sec.gov. |
| |
| (a) | Non-income producing security. |
| (b) | 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, 2019, total aggregate fair value of the security is $412,470, representing 0.1% of the Fund's net assets. |
| (c) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (d) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 2.6% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (e) | Amount is less than 0.05% of net assets. |
| (f) | 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, 2019 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (h) | Investment of cash collateral for securities loaned. |
| GDR | Global Depositary Receipt |
| NVDR | Non Voting Depositary Receipt |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
26
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $489,902,513 | | $4,907,672 | | $412,470 | | $495,222,655 |
Warrants
| | — | | — | | 0(a) | | 0 |
Short-Term Investments
| | 16,345,873 | | — | | — | | 16,345,873 |
TOTAL INVESTMENTS
| | $506,248,386 | | $4,907,672 | | $412,470 | | $511,568,528 |
| (a) | Fund held a Level 3 security that was valued at $0 at March 31, 2019. |
Affiliate Table
| | Number of
Shares Held
at 9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/19 | | Value at
3/31/19 | | Dividend
Income |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| — | | $— | | $28,856,946 | | $28,716,385 | | $— | | $— | | 140,561 | | $140,561 | | $14,224 |
State Street Navigator Securities Lending Government Money Market Portfolio
| 12,167,528 | | 12,167,528 | | 32,875,861 | | 28,838,077 | | — | | — | | 16,205,312 | | 16,205,312 | | 292,253 |
Total
| | | $12,167,528 | | $61,732,807 | | $57,554,462 | | $— | | $— | | | | $16,345,873 | | $306,477 |
See accompanying notes to financial statements.
27
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.4% | | | | | |
| AUSTRALIA — 16.2% | | | | | |
Amcor, Ltd.
| | | 1,188,304 | | $12,990,877 |
AusNet Services
| | | 3,293,586 | | 4,152,787 |
Charter Hall Group REIT
| | | 453,569 | | 3,308,919 |
Commonwealth Bank of Australia
| | | 272,354 | | 13,666,483 |
DuluxGroup, Ltd.
| | | 1,055,550 | | 5,548,592 |
Goodman Group REIT
| | | 341,961 | | 3,242,875 |
GPT Group REIT
| | | 1,330,894 | | 5,870,936 |
Mirvac Group REIT
| | | 3,498,421 | | 6,834,033 |
National Australia Bank, Ltd.
| | | 1,076,006 | | 19,314,890 |
Perpetual, Ltd. (a)
| | | 141,603 | | 3,890,731 |
Sonic Healthcare, Ltd.
| | | 575,152 | | 10,034,213 |
Stockland REIT
| | | 3,101,891 | | 8,483,197 |
Transurban Group Stapled Security
| | | 1,460,066 | | 13,690,481 |
Vicinity Centres REIT
| | | 3,720,322 | | 6,871,099 |
Westpac Banking Corp.
| | | 923,533 | | 17,004,338 |
| | | | | | 134,904,451 |
| CANADA — 18.3% | | | | | |
BCE, Inc.
| | | 338,053 | | 15,015,581 |
Canadian Imperial Bank of Commerce
| | | 143,131 | | 11,313,772 |
Fortis, Inc.
| | | 282,358 | | 10,438,760 |
Great-West Lifeco, Inc.
| | | 576,360 | | 13,960,859 |
H&R Real Estate Investment Trust
| | | 221,844 | | 3,887,397 |
IGM Financial, Inc.
| | | 175,324 | | 4,511,875 |
Intact Financial Corp.
| | | 84,716 | | 7,170,691 |
Power Corp. of Canada
| | | 651,988 | | 15,207,116 |
Power Financial Corp.
| | | 476,701 | | 11,140,092 |
RioCan Real Estate Investment Trust
| | | 354,587 | | 7,025,651 |
Royal Bank of Canada
| | | 121,503 | | 9,169,454 |
Shaw Communications, Inc. Class B
| | | 577,584 | | 12,023,362 |
Sun Life Financial, Inc.
| | | 259,647 | | 9,978,126 |
TELUS Corp.
| | | 345,578 | | 12,794,107 |
Toronto-Dominion Bank
| | | 157,468 | | 8,547,909 |
| | | | | | 152,184,752 |
| CHINA — 1.0% | | | | | |
China Telecom Corp., Ltd. Class H
| | | 14,292,000 | | 7,938,028 |
| FINLAND — 2.5% | | | | | |
Elisa Oyj
| | | 241,739 | | 10,917,180 |
See accompanying notes to financial statements.
28
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Kone Oyj Class B
| | | 193,777 | | $9,782,509 |
| | | | | | 20,699,689 |
| FRANCE — 10.4% | | | | | |
Air Liquide SA
| | | 55,066 | | 7,008,527 |
Bureau Veritas SA
| | | 353,414 | | 8,293,765 |
Cie Generale des Etablissements Michelin SCA
| | | 93,896 | | 11,112,439 |
Covivio REIT
| | | 46,488 | | 4,938,030 |
Danone SA
| | | 110,193 | | 8,499,027 |
Gecina SA REIT
| | | 36,520 | | 5,404,654 |
ICADE REIT
| | | 27,579 | | 2,334,918 |
Orange SA
| | | 889,008 | | 14,474,227 |
TOTAL SA
| | | 257,852 | | 14,337,480 |
Vinci SA
| | | 103,233 | | 10,052,163 |
| | | | | | 86,455,230 |
| GERMANY — 2.3% | | | | | |
Bayerische Motoren Werke AG Preference Shares
| | | 65,699 | | 4,322,929 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 47,770 | | 11,317,732 |
Talanx AG (b)
| | | 83,107 | | 3,206,361 |
| | | | | | 18,847,022 |
| HONG KONG — 3.9% | | | | | |
CK Infrastructure Holdings, Ltd.
| | | 1,303,000 | | 10,697,947 |
CLP Holdings, Ltd.
| | | 748,000 | | 8,671,138 |
Hongkong Land Holdings, Ltd.
| | | 1,029,800 | | 7,321,878 |
Sino Land Co., Ltd.
| | | 3,039,456 | | 5,877,610 |
| | | | | | 32,568,573 |
| ITALY — 2.5% | | | | | |
A2A SpA
| | | 5,332,934 | | 9,739,619 |
Terna Rete Elettrica Nazionale SpA
| | | 1,815,066 | | 11,510,887 |
| | | | | | 21,250,506 |
| JAPAN — 4.0% | | | | | |
Advance Residence Investment Corp. REIT
| | | 1,302 | | 3,628,920 |
Canon Marketing Japan, Inc.
| | | 102,300 | | 2,012,080 |
Daiwa House REIT Investment Corp.
| | | 2,031 | | 4,508,440 |
GLP J-REIT
| | | 3,480 | | 3,731,996 |
Kenedix Office Investment Corp. REIT
| | | 510 | | 3,543,299 |
Nippon Prologis REIT, Inc.
| | | 1,802 | | 3,838,927 |
United Urban Investment Corp. REIT
| | | 3,080 | | 4,866,892 |
Yahoo! Japan Corp.
| | | 2,974,400 | | 7,282,490 |
| | | | | | 33,413,044 |
See accompanying notes to financial statements.
29
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| MALAYSIA — 1.1% | | | | | |
Gamuda Bhd
| | | 4,250,300 | | $2,998,375 |
Public Bank Bhd
| | | 1,064,800 | | 6,040,604 |
| | | | | | 9,038,979 |
| NEW ZEALAND — 0.7% | | | | | |
Spark New Zealand, Ltd.
| | | 2,181,326 | | 5,653,123 |
| PORTUGAL — 1.7% | | | | | |
EDP - Energias de Portugal SA
| | | 3,608,114 | | 14,200,053 |
| SINGAPORE — 4.7% | | | | | |
CapitaLand, Ltd.
| | | 3,960,300 | | 10,671,905 |
Mapletree Commercial Trust REIT
| | | 1,622,600 | | 2,264,093 |
SATS, Ltd.
| | | 1,266,700 | | 4,778,765 |
Singapore Exchange, Ltd.
| | | 1,268,600 | | 6,846,413 |
Singapore Telecommunications, Ltd.
| | | 6,723,400 | | 14,990,526 |
| | | | | | 39,551,702 |
| SOUTH AFRICA — 3.2% | | | | | |
AVI, Ltd.
| | | 749,509 | | 4,692,601 |
Sanlam, Ltd.
| | | 1,398,221 | | 7,151,445 |
Shoprite Holdings, Ltd.
| | | 505,177 | | 5,556,115 |
Vodacom Group, Ltd.
| | | 1,208,983 | | 9,341,560 |
| | | | | | 26,741,721 |
| SOUTH KOREA — 0.9% | | | | | |
Hyundai Motor Co. Preference Shares
| | | 53,457 | | 3,593,312 |
KCC Corp.
| | | 14,629 | | 4,104,781 |
| | | | | | 7,698,093 |
| SPAIN — 1.6% | | | | | |
Iberdrola SA
| | | 1,524,172 | | 13,393,544 |
| SWEDEN — 2.1% | | | | | |
ICA Gruppen AB (a)
| | | 255,440 | | 10,272,349 |
Securitas AB Class B
| | | 446,317 | | 7,229,861 |
| | | | | | 17,502,210 |
| SWITZERLAND — 7.5% | | | | | |
Givaudan SA
| | | 2,517 | | 6,429,609 |
Helvetia Holding AG
| | | 15,251 | | 9,310,782 |
Nestle SA
| | | 86,341 | | 8,227,494 |
PSP Swiss Property AG
| | | 80,268 | | 8,720,753 |
Roche Holding AG Bearer Shares
| | | 21,401 | | 5,832,143 |
Swiss Prime Site AG
| | | 133,304 | | 11,678,657 |
See accompanying notes to financial statements.
30
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Swisscom AG (a)
| | | 24,232 | | $11,849,567 |
| | | | | | 62,049,005 |
| TAIWAN — 2.8% | | | | | |
Pou Chen Corp.
| | | 2,655,000 | | 3,234,706 |
Taiwan Mobile Co., Ltd.
| | | 2,636,000 | | 9,536,315 |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | | 1,319,000 | | 10,506,465 |
| | | | | | 23,277,486 |
| UNITED KINGDOM — 12.0% | | | | | |
Carnival PLC
| | | 174,610 | | 8,566,340 |
Close Brothers Group PLC
| | | 336,534 | | 6,380,477 |
DS Smith PLC
| | | 2,557,653 | | 11,194,710 |
Experian PLC
| | | 177,234 | | 4,801,343 |
Kingfisher PLC
| | | 4,623,782 | | 14,146,750 |
Prudential PLC
| | | 399,063 | | 7,994,988 |
RELX PLC
| | | 290,335 | | 6,210,142 |
Sage Group PLC
| | | 813,948 | | 7,437,035 |
SSE PLC
| | | 1,512,725 | | 23,397,633 |
Unilever PLC
| | | 164,152 | | 9,400,832 |
| | | | | | 99,530,250 |
TOTAL COMMON STOCKS
(Cost $839,557,703)
| | | | | 826,897,461 |
| | | | |
| SHORT-TERM INVESTMENTS — 1.8% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (c) (d)
| 240,393 | 240,393 |
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)
| 14,967,020 | 14,967,020 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $15,207,413)
| 15,207,413 |
TOTAL INVESTMENTS — 101.2%
(Cost $854,765,116)
| 842,104,874 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%
| (9,764,521) |
NET ASSETS — 100.0%
| $832,340,353 |
See accompanying notes to financial statements.
31
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| (a) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (b) | Non-income producing security. |
| (c) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (e) | Investment of cash collateral for securities loaned. |
| REIT | = Real Estate Investment Trust |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $826,897,461 | | $— | | $— | | $826,897,461 |
Short-Term Investments
| | 15,207,413 | | — | | — | | 15,207,413 |
TOTAL INVESTMENTS
| | $842,104,874 | | $— | | $— | | $842,104,874 |
Affiliate Table
| | Number of
Shares Held
at 9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/19 | | Value at
3/31/19 | | Dividend
Income |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 269,768 | | $269,768 | | $36,124,378 | | $36,153,753 | | $— | | $— | | 240,393 | | $240,393 | | $16,328 |
State Street Navigator Securities Lending Government Money Market Portfolio
| 20,719,247 | | 20,719,247 | | 197,207,130 | | 202,959,357 | | — | | — | | 14,967,020 | | 14,967,020 | | 140,411 |
Total
| | | $20,989,015 | | $233,331,508 | | $239,113,110 | | $— | | $— | | | | $15,207,413 | | $156,739 |
See accompanying notes to financial statements.
32
SPDR STOXX EUROPE 50 ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.0% | | | | | |
| BELGIUM — 1.7% | | | | | |
Anheuser-Busch InBev SA
| | | 34,120 | | $2,864,178 |
| DENMARK — 2.2% | | | | | |
Novo Nordisk A/S Class B
| | | 70,001 | | 3,668,165 |
| FRANCE — 18.8% | | | | | |
Air Liquide SA
| | | 17,104 | | 2,176,912 |
Airbus SE
| | | 22,795 | | 3,017,693 |
AXA SA
| | | 82,788 | | 2,085,059 |
BNP Paribas SA
| | | 45,851 | | 2,193,724 |
L'Oreal SA
| | | 9,734 | | 2,620,971 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 10,649 | | 3,920,775 |
Safran SA
| | | 14,392 | | 1,975,567 |
Sanofi
| | | 45,046 | | 3,982,661 |
Schneider Electric SE
| | | 21,847 | | 1,715,691 |
TOTAL SA
| | | 105,327 | | 5,856,553 |
Vinci SA
| | | 22,074 | | 2,149,424 |
| | | | | | 31,695,030 |
| GERMANY — 12.7% | | | | | |
Allianz SE
| | | 16,929 | | 3,769,050 |
BASF SE
| | | 36,644 | | 2,696,279 |
Bayer AG
| | | 37,175 | | 2,404,336 |
Daimler AG
| | | 35,509 | | 2,083,274 |
Deutsche Telekom AG
| | | 128,956 | | 2,142,290 |
SAP SE
| | | 43,132 | | 4,988,368 |
Siemens AG
| | | 32,058 | | 3,453,487 |
| | | | | | 21,537,084 |
| ITALY — 2.0% | | | | | |
Eni SpA
| | | 100,980 | | 1,786,274 |
Intesa Sanpaolo SpA
| | | 648,658 | | 1,581,238 |
| | | | | | 3,367,512 |
| NETHERLANDS — 6.3% | | | | | |
ASML Holding NV
| | | 16,978 | | 3,187,458 |
ING Groep NV
| | | 154,746 | | 1,873,791 |
Royal Dutch Shell PLC Class A
| | | 176,894 | | 5,557,539 |
| | | | | | 10,618,788 |
| SPAIN — 3.6% | | | | | |
Banco Bilbao Vizcaya Argentaria SA
| | | 265,058 | | 1,515,780 |
Banco Santander SA
| | | 647,703 | | 3,014,184 |
See accompanying notes to financial statements.
33
SPDR STOXX EUROPE 50 ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Telefonica SA
| | | 185,385 | | $1,554,744 |
| | | | | | 6,084,708 |
| SWITZERLAND — 21.5% | | | | | |
ABB, Ltd.
| | | 72,372 | | 1,359,654 |
Glencore PLC
| | | 479,235 | | 1,985,494 |
Nestle SA
| | | 122,084 | | 11,633,469 |
Novartis AG
| | | 101,668 | | 9,777,850 |
Roche Holding AG
| | | 28,006 | | 7,715,078 |
UBS Group AG
| | | 153,343 | | 1,858,470 |
Zurich Insurance Group AG
| | | 6,040 | | 1,998,980 |
| | | | | | 36,328,995 |
| UNITED KINGDOM — 30.2% | | | | | |
AstraZeneca PLC
| | | 50,530 | | 4,039,477 |
BP PLC
| | | 807,824 | | 5,878,969 |
British American Tobacco PLC
| | | 91,482 | | 3,807,429 |
Diageo PLC
| | | 96,408 | | 3,942,096 |
GlaxoSmithKline PLC
| | | 197,990 | | 4,119,600 |
HSBC Holdings PLC
| | | 811,743 | | 6,592,906 |
Linde PLC
| | | 21,959 | | 3,846,439 |
Lloyds Banking Group PLC
| | | 2,830,050 | | 2,291,535 |
National Grid PLC
| | | 136,174 | | 1,509,673 |
Prudential PLC
| | | 103,113 | | 2,065,807 |
Reckitt Benckiser Group PLC
| | | 29,288 | | 2,435,610 |
Rio Tinto PLC
| | | 43,674 | | 2,538,729 |
Unilever NV
| | | 58,027 | | 3,373,758 |
Unilever PLC
| | | 47,364 | | 2,712,492 |
Vodafone Group PLC
| | | 1,062,489 | | 1,935,499 |
| | | | | | 51,090,019 |
TOTAL COMMON STOCKS
(Cost $187,016,057)
| | | | | 167,254,479 |
See accompanying notes to financial statements.
34
SPDR STOXX EUROPE 50 ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| SHORT-TERM INVESTMENT — 0.1% | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (a) (b)
(Cost $77,872)
| | 77,872 | | $77,872 |
TOTAL INVESTMENTS — 99.1%
(Cost $187,093,929)
| | 167,332,351 | |
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%
| | 1,537,026 | |
NET ASSETS — 100.0%
| | $168,869,377 | |
| (a) | 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, 2019 are shown in the Affiliate Table below. |
| (b) | Investment of cash collateral for securities loaned. |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $167,254,479 | | $— | | $— | | $167,254,479 |
Short-Term Investment
| | 77,872 | | — | | — | | 77,872 |
TOTAL INVESTMENTS
| | $167,332,351 | | $— | | $— | | $167,332,351 |
Affiliate Table
| | Number of
Shares Held
at 9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/19 | | Value at
3/31/19 | | Dividend
Income |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| — | | $— | | $2,482,317 | | $2,482,317 | | $— | | $— | | — | | $— | | $859 |
State Street Navigator Securities Lending Government Money Market Portfolio
| 86,582 | | 86,582 | | 42,401,169 | | 42,409,879 | | — | | — | | 77,872 | | 77,872 | | 21,976 |
Total
| | | $86,582 | | $44,883,486 | | $44,892,196 | | $— | | $— | | | | $77,872 | | $22,835 |
See accompanying notes to financial statements.
35
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2019 (Unaudited)
| | SPDR EURO STOXX 50 ETF | | SPDR MSCI ACWI ex-US ETF | | SPDR S&P Emerging Markets Dividend ETF |
| ASSETS | | | | | |
Investments in unaffiliated issuers, at value*
| $2,323,616,237 | | $1,709,163,478 | | $447,809,582 |
Investments in affiliated issuers, at value
| 7,960,204 | | 39,342,548 | | 17,405,390 |
Total Investments
| 2,331,576,441 | | 1,748,506,026 | | 465,214,972 |
Foreign currency, at value
| 1,166,222 | | 4,709,084 | | 664,236 |
Cash
| — | | 12 | | 1,301,595 |
Dividends receivable — unaffiliated issuers
| 4,469,501 | | 7,886,549 | | 1,118,262 |
Dividends receivable — affiliated issuers
| 1,897 | | 376 | | 3,115 |
Securities lending income receivable — unaffiliated issuers
| — | | 16,465 | | 5,478 |
Securities lending income receivable — affiliated issuers
| 65,469 | | 37,730 | | 8,941 |
Receivable from Adviser
| — | | 62,710 | | — |
Receivable for foreign taxes recoverable
| 7,724,371 | | 1,470,522 | | 16,223 |
Other Receivable
| 21,910 | | 618 | | — |
TOTAL ASSETS
| 2,345,025,811 | | 1,762,690,092 | | 468,332,822 |
| LIABILITIES | | | | | |
Payable upon return of securities loaned
| 7,140,290 | | 39,241,247 | | 17,405,390 |
Payable for investments purchased
| — | | 179,792 | | 267,621 |
Deferred foreign taxes payable
| — | | 137,029 | | — |
Advisory fee payable
| 579,987 | | 497,090 | | 210,996 |
Trustees’ fees and expenses payable
| 8,589 | | 1,631 | | 654 |
Accrued expenses and other liabilities
| — | | — | | 756,450 |
TOTAL LIABILITIES
| 7,728,866 | | 40,056,789 | | 18,641,111 |
NET ASSETS
| $2,337,296,945 | | $1,722,633,303 | | $449,691,711 |
| NET ASSETS CONSIST OF: | | | | | |
Paid-in Capital
| $3,057,918,825 | | $1,789,763,131 | | $680,202,500 |
Total distributable earnings (loss)**
| (720,621,880) | | (67,129,828) | | (230,510,789) |
NET ASSETS
| $2,337,296,945 | | $1,722,633,303 | | $449,691,711 |
| NET ASSET VALUE PER SHARE | | | | | |
Net asset value per share
| $36.58 | | $36.19 | | $31.67 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 63,900,967 | | 47,600,000 | | 14,200,000 |
| COST OF INVESTMENTS: | | | | | |
Investments in unaffiliated issuers
| $2,589,039,644 | | $1,707,042,955 | | $440,830,533 |
Investments in affiliated issuers
| 7,960,204 | | 39,342,548 | | 17,405,390 |
Total cost of investments
| $2,596,999,848 | | $1,746,385,503 | | $458,235,923 |
Foreign currency, at cost
| $1,176,992 | | $4,707,912 | | $669,891 |
* Includes investments in securities on loan, at value
| $6,713,649 | | $71,040,103 | | $28,508,403 |
** Includes deferred foreign taxes
| $— | | $137,029 | | $— |
See accompanying notes to financial statements.
36
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)
March 31, 2019 (Unaudited)
| | SPDR S&P Emerging Markets Small Cap ETF | | SPDR S&P International Dividend ETF | | SPDR STOXX Europe 50 ETF |
| ASSETS | | | | | |
Investments in unaffiliated issuers, at value*
| $495,222,655 | | $826,897,461 | | $167,254,479 |
Investments in affiliated issuers, at value
| 16,345,873 | | 15,207,413 | | 77,872 |
Total Investments
| 511,568,528 | | 842,104,874 | | 167,332,351 |
Foreign currency, at value
| 467,100 | | 1,724,925 | | 260,201 |
Cash
| 24,895 | | — | | — |
Receivable for investments sold
| 629,962 | | — | | 357 |
Dividends receivable — unaffiliated issuers
| 576,835 | | 2,436,909 | | 749,254 |
Dividends receivable — affiliated issuers
| 1,125 | | 1,292 | | 306 |
Securities lending income receivable — unaffiliated issuers
| 38,759 | | 14,278 | | — |
Securities lending income receivable — affiliated issuers
| 62,159 | | 55,385 | | 3,064 |
Receivable for foreign taxes recoverable
| 818 | | 1,289,210 | | 677,673 |
TOTAL ASSETS
| 513,370,181 | | 847,626,873 | | 169,023,206 |
| LIABILITIES | | | | | |
Due to custodian
| — | | — | | 32,832 |
Payable upon return of securities loaned
| 16,205,312 | | 14,967,020 | | 77,872 |
Payable for investments purchased
| 34,879 | | — | | — |
Advisory fee payable
| 275,540 | | 317,243 | | 42,691 |
Trustees’ fees and expenses payable
| 763 | | 2,257 | | 434 |
TOTAL LIABILITIES
| 16,516,494 | | 15,286,520 | | 153,829 |
NET ASSETS
| $496,853,687 | | $832,340,353 | | $168,869,377 |
| NET ASSETS CONSIST OF: | | | | | |
Paid-in Capital
| $654,389,812 | | $1,265,435,844 | | $229,542,128 |
Total distributable earnings (loss)
| (157,536,125) | | (433,095,491) | | (60,672,751) |
NET ASSETS
| $496,853,687 | | $832,340,353 | | $168,869,377 |
| NET ASSET VALUE PER SHARE | | | | | |
Net asset value per share
| $44.76 | | $38.00 | | $33.11 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 11,100,000 | | 21,901,326 | | 5,100,370 |
| COST OF INVESTMENTS: | | | | | |
Investments in unaffiliated issuers
| $571,110,127 | | $839,557,703 | | $187,016,057 |
Investments in affiliated issuers
| 16,345,873 | | 15,207,413 | | 77,872 |
Total cost of investments
| $587,456,000 | | $854,765,116 | | $187,093,929 |
Foreign currency, at cost
| $466,560 | | $1,720,805 | | $261,739 |
* Includes investments in securities on loan, at value
| $31,761,668 | | $22,802,255 | | $69,870 |
See accompanying notes to financial statements.
37
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2019 (Unaudited)
| | SPDR EURO STOXX 50 ETF | | SPDR MSCI ACWI ex-US ETF |
| INVESTMENT INCOME | | | |
Dividend income — unaffiliated issuers
| $21,328,975 | | $21,311,263 |
Dividend income — affiliated issuers
| 8,838 | | 28,873 |
Dividend income — non-cash
| 1,648,709 | | 1,521,868 |
Unaffiliated securities lending income
| — | | 98,661 |
Affiliated securities lending income
| 570,223 | | 143,418 |
Foreign taxes withheld
| (2,668,157) | | (1,899,350) |
TOTAL INVESTMENT INCOME (LOSS)
| 20,888,588 | | 21,204,733 |
| EXPENSES | | | |
Advisory fee
| 3,704,978 | | 2,722,563 |
Trustees’ fees and expenses
| 33,431 | | 14,008 |
Miscellaneous expenses
| 15,462 | | 1,872 |
TOTAL EXPENSES
| 3,753,871 | | 2,738,443 |
Expenses waived/reimbursed by the Adviser
| — | | (336,181) |
NET EXPENSES
| 3,753,871 | | 2,402,262 |
NET INVESTMENT INCOME (LOSS)
| 17,134,717 | | 18,802,471 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | |
| Net realized gain (loss) on: | | | |
Investments — unaffiliated issuers
| (20,528,814) | | (6,826,858) |
In-kind redemptions — unaffiliated issuers
| (26,815,897) | | 38,351,271 |
Foreign currency transactions
| (171,892) | | (210,234) |
Net realized gain (loss)
| (47,516,603) | | 31,314,179 |
| Net change in unrealized appreciation/depreciation on: | | | |
Investments — unaffiliated issuers**
| (136,319,441) | | (61,004,325) |
Foreign currency translations
| (237,675) | | 2,103 |
Net change in unrealized appreciation/depreciation
| (136,557,116) | | (61,002,222) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| (184,073,719) | | (29,688,043) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $(166,939,002) | | $(10,885,572) |
** Includes foreign deferred taxes
| $— | | $34,569 |
See accompanying notes to financial statements.
38
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
For the Six Months Ended March 31, 2019 (Unaudited)
| | SPDR S&P Emerging Markets Dividend ETF | | SPDR S&P Emerging Markets Small Cap ETF |
| INVESTMENT INCOME | | | |
Dividend income — unaffiliated issuers
| $4,753,816 | | $3,325,423 |
Dividend income — affiliated issuers
| 9,337 | | 14,224 |
Unaffiliated securities lending income
| 18,204 | | 245,891 |
Affiliated securities lending income
| 39,196 | | 292,253 |
Foreign taxes withheld
| (424,799) | | (341,305) |
TOTAL INVESTMENT INCOME (LOSS)
| 4,395,754 | | 3,536,486 |
| EXPENSES | | | |
Advisory fee
| 1,094,139 | | 1,519,064 |
Trustees’ fees and expenses
| 3,946 | | 4,578 |
Miscellaneous expenses
| 6 | | 6 |
TOTAL EXPENSES
| 1,098,091 | | 1,523,648 |
NET INVESTMENT INCOME (LOSS)
| 3,297,663 | | 2,012,838 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | |
| Net realized gain (loss) on: | | | |
Investments — unaffiliated issuers*
| (7,089,020) | | (7,075,587) |
In-kind redemptions — unaffiliated issuers
| 9,657,671 | | 864,884 |
Foreign currency transactions
| (41,713) | | (113,013) |
Net realized gain (loss)
| 2,526,938 | | (6,323,716) |
| Net change in unrealized appreciation/depreciation on: | | | |
Investments — unaffiliated issuers
| 7,942,921 | | 14,572,162 |
Foreign currency translations
| 3,296 | | 24,206 |
Net change in unrealized appreciation/depreciation
| 7,946,217 | | 14,596,368 |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| 10,473,155 | | 8,272,652 |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $13,770,818 | | $10,285,490 |
* Includes foreign capital gain taxes
| $8,659 | | $(2,392) |
See accompanying notes to financial statements.
39
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
For the Six Months Ended March 31, 2019 (Unaudited)
| | SPDR S&P International Dividend ETF | | SPDR STOXX Europe 50 ETF |
| INVESTMENT INCOME | | | |
Dividend income — unaffiliated issuers
| $12,722,112 | | $2,818,202 |
Dividend income — affiliated issuers
| 16,328 | | 859 |
Dividend income — non-cash
| 1,030,710 | | — |
Unaffiliated securities lending income
| 85,984 | | 387 |
Affiliated securities lending income
| 140,411 | | 21,976 |
Foreign taxes withheld
| (1,182,856) | | (208,560) |
TOTAL INVESTMENT INCOME (LOSS)
| 12,812,689 | | 2,632,864 |
| EXPENSES | | | |
Advisory fee
| 1,786,490 | | 251,368 |
Trustees’ fees and expenses
| 9,150 | | 1,953 |
Miscellaneous expenses
| 25,191 | | 635 |
TOTAL EXPENSES
| 1,820,831 | | 253,956 |
NET INVESTMENT INCOME (LOSS)
| 10,991,858 | | 2,378,908 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | |
| Net realized gain (loss) on: | | | |
Investments — unaffiliated issuers
| (1,778,016) | | (2,992,275) |
In-kind redemptions — unaffiliated issuers
| (2,180,291) | | 68,512 |
Foreign currency transactions
| 1,469 | | (6,235) |
Net realized gain (loss)
| (3,956,838) | | (2,929,998) |
| Net change in unrealized appreciation/depreciation on: | | | |
Investments — unaffiliated issuers
| 5,625,897 | | (778,665) |
Foreign currency translations
| (43,368) | | (16,596) |
Net change in unrealized appreciation/depreciation
| 5,582,529 | | (795,261) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| 1,625,691 | | (3,725,259) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $12,617,549 | | $(1,346,351) |
See accompanying notes to financial statements.
40
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
| | SPDR EURO STOXX 50 ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $17,134,717 | | $118,192,807 |
Net realized gain (loss)
| (47,516,603) | | 107,325,455 |
Net change in unrealized appreciation/depreciation
| (136,557,116) | | (414,817,657) |
Net increase (decrease) in net assets resulting from operations
| (166,939,002) | | (189,299,395) |
Net equalization credits and charges
| (774,732) | | (7,893,180) |
Distributions to shareholders
| (15,267,871) | | (111,215,340) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 1,817,602 | | 320,267,379 |
Cost of shares redeemed
| (590,693,072) | | (1,467,040,414) |
Net income equalization
| 774,732 | | 7,893,180 |
Net increase (decrease) in net assets from beneficial interest transactions
| (588,100,738) | | (1,138,879,855) |
Net increase (decrease) in net assets during the period
| (771,082,343) | | (1,447,287,770) |
Net assets at beginning of period
| 3,108,379,288 | | 4,555,667,058 |
NET ASSETS AT END OF PERIOD
| $2,337,296,945 | | $3,108,379,288 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 50,000 | | 7,700,000 |
Shares redeemed
| (17,200,000) | | (36,950,000) |
Net increase (decrease)
| (17,150,000) | | (29,250,000) |
See accompanying notes to financial statements.
41
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR MSCI ACWI ex-US ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $18,802,471 | | $40,987,482 |
Net realized gain (loss)
| 31,314,179 | | 24,226,385 |
Net change in unrealized appreciation/depreciation
| (61,002,222) | | (38,094,986) |
Net increase (decrease) in net assets resulting from operations
| (10,885,572) | | 27,118,881 |
Distributions to shareholders
| (22,147,413) | | (37,197,017) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 371,934,501 | | 201,250,528 |
Cost of shares redeemed
| (167,179,154) | | (102,175,691) |
Other capital
| 18,989 | | 120,679 |
Net increase (decrease) in net assets from beneficial interest transactions
| 204,774,336 | | 99,195,516 |
Net increase (decrease) in net assets during the period
| 171,741,351 | | 89,117,380 |
Net assets at beginning of period
| 1,550,891,952 | | 1,461,774,572 |
NET ASSETS AT END OF PERIOD
| $1,722,633,303 | | $1,550,891,952 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 11,000,000 | | 5,200,000 |
Shares redeemed
| (4,800,000) | | (2,600,000) |
Net increase (decrease)
| 6,200,000 | | 2,600,000 |
See accompanying notes to financial statements.
42
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR S&P Emerging Markets Dividend ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $3,297,663 | | $14,555,868 |
Net realized gain (loss)
| 2,526,938 | | 11,877,543 |
Net change in unrealized appreciation/depreciation
| 7,946,217 | | (5,024,110) |
Net increase (decrease) in net assets resulting from operations
| 13,770,818 | | 21,409,301 |
Net equalization credits and charges
| (229,473) | | (143,636) |
Distributions to shareholders
| (3,164,181) | | (14,440,071) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 163,474,358 | | 45,547,969 |
Cost of shares redeemed
| (127,486,530) | | (72,596,389) |
Net income equalization
| 229,473 | | 143,636 |
Other capital
| 170,223 | | 66,368 |
Net increase (decrease) in net assets from beneficial interest transactions
| 36,387,524 | | (26,838,416) |
Voluntary Contribution from an Affiliate (Note 3)
| 82,258 | | — |
Net increase (decrease) in net assets during the period
| 46,846,946 | | (20,012,822) |
Net assets at beginning of period
| 402,844,765 | | 422,857,587 |
NET ASSETS AT END OF PERIOD
| $449,691,711 | | $402,844,765 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 5,200,000 | | 1,350,000 |
Shares redeemed
| (4,050,000) | | (2,250,000) |
Net increase (decrease)
| 1,150,000 | | (900,000) |
See accompanying notes to financial statements.
43
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR S&P
Emerging Markets Small Cap ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $2,012,838 | | $12,331,273 |
Net realized gain (loss)
| (6,323,716) | | (9,953,343) |
Net change in unrealized appreciation/depreciation
| 14,596,368 | | (39,091,152) |
Net increase (decrease) in net assets resulting from operations
| 10,285,490 | | (36,713,222) |
Distributions to shareholders
| (9,801,517) | | (14,850,712) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 38,235,840 | | 58,400,001 |
Cost of shares redeemed
| (13,280,363) | | (14,895,095) |
Other capital
| 65,316 | | 69,568 |
Net increase (decrease) in net assets from beneficial interest transactions
| 25,020,793 | | 43,574,474 |
Net increase (decrease) in net assets during the period
| 25,504,766 | | (7,989,460) |
Net assets at beginning of period
| 471,348,921 | | 479,338,381 |
NET ASSETS AT END OF PERIOD
| $496,853,687 | | $471,348,921 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 900,000 | | 1,100,000 |
Shares redeemed
| (300,000) | | (300,000) |
Net increase (decrease)
| 600,000 | | 800,000 |
See accompanying notes to financial statements.
44
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR S&P International Dividend ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $10,991,858 | | $43,134,692 |
Net realized gain (loss)
| (3,956,838) | | 6,283,987 |
Net change in unrealized appreciation/depreciation
| 5,582,529 | | (61,612,998) |
Net increase (decrease) in net assets resulting from operations
| 12,617,549 | | (12,194,319) |
Net equalization credits and charges
| (225,701) | | (3,381,984) |
Distributions to shareholders
| (15,966,003) | | (44,083,053) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 27,707,698 | | 36,351,454 |
Cost of shares redeemed
| (53,930,801) | | (370,125,230) |
Net income equalization
| 225,701 | | 3,381,984 |
Other capital
| 2,297 | | (801) |
Net increase (decrease) in net assets from beneficial interest transactions
| (25,995,105) | | (330,392,593) |
Net increase (decrease) in net assets during the period
| (29,569,260) | | (390,051,949) |
Net assets at beginning of period
| 861,909,613 | | 1,251,961,562 |
NET ASSETS AT END OF PERIOD
| $832,340,353 | | $861,909,613 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 750,000 | | 900,000 |
Shares redeemed
| (1,500,000) | | (9,350,000) |
Net increase (decrease)
| (750,000) | | (8,450,000) |
See accompanying notes to financial statements.
45
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR STOXX Europe 50 ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $2,378,908 | | $8,269,688 |
Net realized gain (loss)
| (2,929,998) | | 9,072,554 |
Net change in unrealized appreciation/depreciation
| (795,261) | | (21,040,583) |
Net increase (decrease) in net assets resulting from operations
| (1,346,351) | | (3,698,341) |
Net equalization credits and charges
| (45,965) | | (420,736) |
Distributions to shareholders
| (2,156,661) | | (7,892,615) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Cost of shares redeemed
| (16,358,282) | | (117,342,970) |
Net income equalization
| 45,965 | | 420,736 |
Net increase (decrease) in net assets from beneficial interest transactions
| (16,312,317) | | (116,922,234) |
Net increase (decrease) in net assets during the period
| (19,861,294) | | (128,933,926) |
Net assets at beginning of period
| 188,730,671 | | 317,664,597 |
NET ASSETS AT END OF PERIOD
| $168,869,377 | | $188,730,671 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares redeemed
| (500,000) | | (3,350,000) |
See accompanying notes to financial statements.
46
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
| | SPDR EURO STOXX 50 ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $38.35 | | $41.30 | | $32.76 | | $33.77 | | $39.88 | | $38.33 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.24 | | 1.17 | | 1.04 | | 1.05 | | 1.20 | | 1.32 |
Net realized and unrealized gain (loss) (b)
| (1.78) | | (2.89) | | 8.34 | | (0.83) | | (6.11) | | 1.46 |
Total from investment operations
| (1.54) | | (1.72) | | 9.38 | | 0.22 | | (4.91) | | 2.78 |
Net equalization credits and charges (a)
| (0.01) | | (0.08) | | 0.13 | | (0.06) | | (0.01) | | 0.06 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.22) | | (1.15) | | (0.97) | | (1.17) | | (1.19) | | (1.29) |
Net asset value, end of period
| $36.58 | | $38.35 | | $41.30 | | $32.76 | | $33.77 | | $39.88 |
Total return (c)
| (4.04)% | | (4.40)% | | 29.30% | | 0.62% | | (12.60)% | | 7.20% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $2,337,297 | | $3,108,379 | | $4,555,667 | | $2,538,715 | | $4,044,421 | | $4,949,488 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.29%(d) | | 0.29% | | 0.29% | | 0.29% | | 0.29% | | 0.29% |
Net investment income (loss)
| 1.34%(d) | | 2.89% | | 2.83% | | 3.13% | | 3.16% | | 3.16% |
Portfolio turnover rate (e)
| 3%(f) | | 7% | | 4% | | 7% | | 6% | | 6% |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | 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. |
| (d) | Annualized. |
| (e) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
| (f) | Not annualized. |
See accompanying notes to financial statements.
47
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR MSCI ACWI ex-US ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $37.46 | | $37.67 | | $32.34 | | $30.31 | | $35.09 | | $34.29 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.41 | | 1.00 | | 0.90 | | 0.87 | | 0.94 | | 1.17 |
Net realized and unrealized gain (loss) (b)
| (1.22) | | (0.31) | | 5.22 | | 2.00 | | (4.92) | | 0.72 |
Total from investment operations
| (0.81) | | 0.69 | | 6.12 | | 2.87 | | (3.98) | | 1.89 |
Other capital
| 0.00(c) | | 0.00(c) | | (0.00)(c) | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.46) | | (0.90) | | (0.79) | | (0.84) | | (0.80) | | (1.09) |
Net asset value, end of period
| $36.19 | | $37.46 | | $37.67 | | $32.34 | | $30.31 | | $35.09 |
Total return (d)
| (2.03)% | | 1.76% | | 19.24% | | 9.66% | | (11.58)% | | 5.43% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $1,722,633 | | $1,550,892 | | $1,461,775 | | $847,299 | | $715,311 | | $575,494 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.34%(e) | | 0.34% | | 0.34% | | 0.34% | | 0.34% | | 0.35% |
Net expenses
| 0.30%(e) | | 0.30% | | 0.30% | | 0.30% | | 0.32% | | 0.35% |
Net investment income (loss)
| 2.35%(e) | | 2.61% | | 2.62% | | 2.80% | | 2.74% | | 3.25% |
Portfolio turnover rate (f)
| 2%(g) | | 3% | | 3% | | 7% | | 8% | | 3% |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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.
48
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR S&P Emerging Markets Dividend ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $30.87 | | $30.31 | | $27.40 | | $25.06 | | $36.66 | | $40.34 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.23 | | 1.05 | | 1.18 | | 1.28 | | 1.44 | | 1.77 |
Net realized and unrealized gain (loss) (b)
| 0.79 | | 0.57 | | 2.70 | | 2.29 | | (11.68) | | (3.86) |
Total from investment operations
| 1.02 | | 1.62 | | 3.88 | | 3.57 | | (10.24) | | (2.09) |
Net equalization credits and charges (a)
| (0.02) | | (0.01) | | 0.04 | | 0.04 | | (0.03) | | 0.04 |
Other capital
| 0.01 | | 0.00(c) | | 0.00(c) | | 0.02 | | 0.01 | | 0.01 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.22) | | (1.05) | | (1.01) | | (1.29) | | (1.34) | | (1.64) |
Voluntary Contribution from an Affiliate (Note 3)
| 0.01 | | — | | — | | — | | — | | — |
Net asset value, end of period
| $31.67 | | $30.87 | | $30.31 | | $27.40 | | $25.06 | | $36.66 |
Total return (d)
| 3.32%(e) | | 5.26% | | 14.47% | | 14.70% | | (28.56)% | | (5.16)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $449,692 | | $402,845 | | $422,858 | | $300,042 | | $298,163 | | $491,217 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.49%(f) | | 0.49% | | 0.49% | | 0.49% | | 0.53% | | 0.59% |
Net investment income (loss)
| 1.48%(f) | | 3.21% | | 4.05% | | 4.91% | | 4.32% | | 4.50% |
Portfolio turnover rate (g)
| 21%(h) | | 55% | | 123% | | 48% | | 78% | | 67% |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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) | If the Affiliate had not made a voluntary contribution during the period ended March 31, 2019, the total return would have been 3.30%. See Note 3. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
| (h) | Not annualized. |
See accompanying notes to financial statements.
49
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR S&P Emerging Markets Small Cap ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $44.89 | | $49.42 | | $42.74 | | $37.00 | | $48.31 | | $46.15 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.18 | | 1.19 | | 1.04 | | 0.89 | | 1.01 | | 1.01 |
Net realized and unrealized gain (loss) (b)
| 0.57 | | (4.25) | | 6.61 | | 5.84 | | (11.19) | | 2.11 |
Total from investment operations
| 0.75 | | (3.06) | | 7.65 | | 6.73 | | (10.18) | | 3.12 |
Other capital
| 0.01 | | 0.01 | | 0.03 | | 0.04 | | 0.04 | | 0.05 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.89) | | (1.48) | | (1.00) | | (1.03) | | (1.17) | | (1.01) |
Net asset value, end of period
| $44.76 | | $44.89 | | $49.42 | | $42.74 | | $37.00 | | $48.31 |
Total return (c)
| 1.88% | | (6.49)% | | 18.46% | | 18.67% | | (21.38)% | | 6.90% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $496,854 | | $471,349 | | $479,338 | | $320,556 | | $373,681 | | $570,082 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.65%(d) | | 0.65% | | 0.65% | | 0.65% | | 0.65% | | 0.65% |
Net investment income (loss)
| 0.86%(d) | | 2.37% | | 2.30% | | 2.29% | | 2.26% | | 2.10% |
Portfolio turnover rate (e)
| 5%(f) | | 24% | | 34% | | 19% | | 12% | | 23% |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | 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. |
| (d) | Annualized. |
| (e) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
| (f) | Not annualized. |
See accompanying notes to financial statements.
50
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR S&P International Dividend ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $38.05 | | $40.25 | | $36.61 | | $33.95 | | $46.33 | | $46.60 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.51 | | 1.50 | | 1.51 | | 1.68 | | 2.05 | | 2.41 |
Net realized and unrealized gain (loss) (b)
| 0.19 | | (1.95) | | 4.13 | | 2.56 | | (12.36) | | (0.29) |
Total from investment operations
| 0.70 | | (0.45) | | 5.64 | | 4.24 | | (10.31) | | 2.12 |
Net equalization credits and charges (a)
| (0.01) | | (0.12) | | (0.01) | | 0.05 | | (0.01) | | 0.03 |
Other capital
| 0.00(c) | | (0.00)(c) | | 0.00(c) | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.74) | | (1.63) | | (1.99) | | (1.63) | | (2.06) | | (2.42) |
Net asset value, end of period
| $38.00 | | $38.05 | | $40.25 | | $36.61 | | $33.95 | | $46.33 |
Total return (d)
| 1.95% | | (1.49)% | | 15.84% | | 12.98% | | (22.86)% | | 4.43% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $832,340 | | $861,910 | | $1,251,962 | | $1,010,508 | | $974,416 | | $1,450,114 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.46%(e) | | 0.45% | | 0.45% | | 0.45% | | 0.46% | | 0.46% |
Net investment income (loss)
| 2.77%(e) | | 3.74% | | 3.95% | | 4.81% | | 4.84% | | 4.96% |
Portfolio turnover rate (f)
| 11%(g) | | 47% | | 122% | | 39% | | 76% | | 62% |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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.
51
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR STOXX Europe 50 ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $33.70 | | $35.49 | | $30.28 | | $31.54 | | $36.86 | | $36.47 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.43 | | 1.14 | | 0.95 | | 1.10 | | 1.23 | | 2.03(b) |
Net realized and unrealized gain (loss) (c)
| (0.61) | | (1.68) | | 5.14 | | (1.21) | | (5.37) | | 0.22 |
Total from investment operations
| (0.18) | | (0.54) | | 6.09 | | (0.11) | | (4.14) | | 2.25 |
Net equalization credits and charges (a)
| (0.01) | | (0.06) | | 0.12 | | (0.04) | | 0.04 | | 0.11 |
Other capital
| — | | — | | 0.01 | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.40) | | (1.19) | | (1.01) | | (1.11) | | (1.22) | | (1.97) |
Net asset value, end of period
| $33.11 | | $33.70 | | $35.49 | | $30.28 | | $31.54 | | $36.86 |
Total return (d)
| (0.51)% | | (1.68)% | | 20.83% | | (0.42)% | | (11.36)% | | 6.33%(b) |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $168,869 | | $188,731 | | $317,665 | | $186,220 | | $247,626 | | $261,730 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.29%(e) | | 0.29% | | 0.29% | | 0.29% | | 0.29% | | 0.29% |
Net investment income (loss)
| 2.74%(e) | | 3.25% | | 2.92% | | 3.57% | | 3.50% | | 5.28%(b) |
Portfolio turnover rate (f)
| 3%(g) | | 5% | | 8% | | 8% | | 9% | | 9% |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividends from portfolio holdings. The resulting increase to net investment income amounted to $0.76 per share and 1.96% of average net assets. If the special dividends were not received during the year ended September 30, 2014, the total return would have been 4.56%. |
| (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.
52
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
March 31, 2019 (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, 2019, the Trust consists of thirty-one (31) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):
| SPDR EURO STOXX 50 ETF |
| SPDR MSCI ACWI ex-US ETF |
| SPDR S&P Emerging Markets Dividend ETF |
| SPDR S&P Emerging Markets Small Cap ETF |
| SPDR S&P International Dividend ETF |
| SPDR STOXX Europe 50 ETF |
Each Fund is classified as a non-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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
• Equity investments 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.
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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (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, 2019, 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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (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. (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, 2019, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
Certain Funds in the Trust follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
The following Funds utilized equalization during the period ended March 31, 2019:
| SPDR EURO STOXX 50 ETF |
| SPDR S&P Emerging Markets Dividend ETF |
| SPDR S&P International Dividend ETF |
| SPDR STOXX Europe 50 ETF |
Distributions
The SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Markets Dividend ETF, SPDR S&P International Dividend ETF, and the SPDR STOXX Europe 50 ETF declare and distribute from net investment income, if any, to their shareholders quarterly. The SPDR MSCI ACWI ex-US ETF and the SPDR S&P Emerging Markets Small Cap ETF 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. 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 (“Management/Advisory fee”) a fee accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:
| | Annual Rate |
SPDR EURO STOXX 50 ETF
| 0.29% |
SPDR MSCI ACWI ex-US ETF
| 0.34 |
SPDR S&P Emerging Markets Dividend ETF
| 0.49 |
SPDR S&P Emerging Markets Small Cap ETF
| 0.65 |
SPDR S&P International Dividend ETF
| 0.45 |
SPDR STOXX Europe 50 ETF
| 0.29 |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
The Adviser pays all expenses of each Fund other than management fee, brokerage, taxes, interest, fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation expenses, and other extraordinary expenses.
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, 2020.
The Adviser has contractually agreed to waive a portion of its management fee and reimburse certain expenses, until January 31, 2020, so that the net annual Fund operating expenses of the SPDR MSCI ACWI ex-US ETF will be limited to 0.30% of the Fund’s average daily net assets before application of any fees and expenses not paid by the Adviser under the Investment Advisory Agreement. Such fees and expenses paid by the Adviser are limited to certain direct operating expenses of the Fund and, therefore, do not include the Fund’s acquired fund fees and expenses, if any. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver from year to year, but there is no guarantee that the Adviser will do so and after January 31, 2020, the waiver may be cancelled or modified at any time. The waiver and/or reimbursement may not be terminated prior to January 31, 2020, except with the approval of the Board. For the period ended March 31, 2019, the SPDR MSCI ACWI ex-US ETF waived $336,181.
Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.
Distributor
State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust.
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, an affiliated money market fund for which SSGA FM serves as investment adviser. See Note 8 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, 2019, are disclosed in the Schedules of Investments.
During the year, State Street made a voluntary contribution of $82,258 to the SPDR S&P Emerging Markets Dividend ETF in connection with trading matters.
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.
4. Trustees’ Fees
The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
5. Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended March 31, 2019, were as follows:
| | Purchases | | Sales |
SPDR EURO STOXX 50 ETF
| $79,221,508 | | $82,052,295 |
SPDR MSCI ACWI ex-US ETF
| 55,402,417 | | 27,579,546 |
SPDR S&P Emerging Markets Dividend ETF
| 138,664,706 | | 95,835,549 |
SPDR S&P Emerging Markets Small Cap ETF
| 33,161,814 | | 22,131,020 |
SPDR S&P International Dividend ETF
| 85,111,158 | | 93,072,026 |
SPDR STOXX Europe 50 ETF
| 5,034,409 | | 5,622,083 |
For the period ended March 31, 2019, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:
| | In-kind
Contributions | | In-kind
Redemptions | | In-kind Net
Realized
Gains/(Losses) |
SPDR EURO STOXX 50 ETF
| $1,818,248 | | $590,585,703 | | $(26,815,897) |
SPDR MSCI ACWI ex-US ETF
| 324,600,804 | | 153,783,177 | | 38,351,271 |
SPDR S&P Emerging Markets Dividend ETF
| 86,097,670 | | 93,468,065 | | 9,657,671 |
SPDR S&P Emerging Markets Small Cap ETF
| 10,992,290 | | 5,413,491 | | 864,884 |
SPDR S&P International Dividend ETF
| 25,602,178 | | 50,779,223 | | (2,180,291) |
SPDR STOXX Europe 50 ETF
| — | | 16,318,063 | | 68,512 |
6. 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
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.
7. Income Tax Information
The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of September 30, 2018, 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, 2019, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:
| | Tax
Cost | | Gross
Unrealized
Appreciation | | Gross
Unrealized
Depreciation | | Net Unrealized
Appreciation
(Depreciation) |
SPDR EURO STOXX 50 ETF
| $2,598,134,032 | | $197,031,315 | | $463,588,906 | | $(266,557,591) |
SPDR MSCI ACWI ex-US ETF
| 1,751,549,132 | | 187,946,358 | | 190,989,464 | | (3,043,106) |
SPDR S&P Emerging Markets Dividend ETF
| 458,873,637 | | 29,728,746 | | 23,387,411 | | 6,341,335 |
SPDR S&P Emerging Markets Small Cap ETF
| 592,051,152 | | 49,056,510 | | 129,539,134 | | (80,482,624) |
SPDR S&P International Dividend ETF
| 857,739,788 | | 37,125,609 | | 52,760,523 | | (15,634,914) |
SPDR STOXX Europe 50 ETF
| 187,266,363 | | 12,487,270 | | 32,421,282 | | (19,934,012) |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
8. Securities Lending
Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of March 31, 2019, 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, 2019:
| Fund | | Market Value of
Securities on Loan | | Cash
Collateral
Received | | Non-Cash
Collateral
Received* | | Total
Collateral
Received |
SPDR EURO STOXX 50 ETF
| | $ 6,713,649 | | $ 7,140,290 | | $ — | | $ 7,140,290 |
SPDR MSCI ACWI ex-US ETF
| | 71,040,103 | | 39,241,247 | | 35,239,626 | | 74,480,873 |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
| Fund | | Market Value of
Securities on Loan | | Cash
Collateral
Received | | Non-Cash
Collateral
Received* | | Total
Collateral
Received |
SPDR S&P Emerging Markets Dividend ETF
| | $28,508,403 | | $17,405,390 | | $12,330,049 | | $29,735,439 |
SPDR S&P Emerging Markets Small Cap ETF
| | 31,761,668 | | 16,205,312 | | 18,683,947 | | 34,889,259 |
SPDR S&P International Dividend ETF
| | 22,802,255 | | 14,967,020 | | 8,840,942 | | 23,807,962 |
SPDR STOXX Europe 50 ETF
| | 69,870 | | 77,872 | | — | | 77,872 |
| * | The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities. |
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, 2019:
| | | | | Remaining Contractual Maturity of the Agreements
As of March 31, 2019 |
| 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 EURO STOXX 50 ETF
| | Common Stocks | | $7,140,290 | | $— | | $— | | $— | | $7,140,290 | | $7,140,290 |
SPDR MSCI ACWI ex-US ETF
| | Common Stocks | | 39,241,247 | | — | | — | | — | | 39,241,247 | | 39,241,247 |
SPDR S&P Emerging Markets Dividend ETF
| | Common Stocks | | 17,405,390 | | — | | — | | — | | 17,405,390 | | 17,405,390 |
SPDR S&P Emerging Markets Small Cap ETF
| | Common Stocks | | 16,205,312 | | — | | — | | — | | 16,205,312 | | 16,205,312 |
SPDR S&P International Dividend ETF
| | Common Stocks | | 14,967,020 | | — | | — | | — | | 14,967,020 | | 14,967,020 |
SPDR STOXX Europe 50 ETF
| | Common Stocks | | 77,872 | | — | | — | | — | | 77,872 | | 77,872 |
9. Line of Credit
Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2019 unless extended or renewed.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
The following Funds participate in the credit facility as of March 31, 2019:
| SPDR MSCI ACWI ex-US ETF |
| SPDR S&P Emerging Markets Dividend ETF |
| SPDR S&P Emerging Markets Small Cap ETF |
| SPDR S&P International Dividend ETF |
The 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% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.
The Funds had no outstanding loans as of March 31, 2019.
10. 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.
Market and Credit Risk
In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
11. 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.
SPDR INDEX SHARES FUNDS
OTHER INFORMATION
March 31, 2019 (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, 2018 to March 31, 2019.
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 (“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.
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
March 31, 2019 (Unaudited)
| | SPDR EURO STOXX 50 ETF | | SPDR MSCI ACWI ex-US ETF | | SPDR S&P Emerging Markets Dividend ETF |
Annualized Expense Ratio
| 0.29% | | 0.30% | | 0.49% |
| Actual: | | | | | |
Ending Account Value
| $959.60 | | $979.70 | | $1,033.20 |
Expenses Paid During Period(a)
| 1.42 | | 1.48 | | 2.48 |
| Hypothetical (assuming a 5% return before expenses): | | | | | |
Ending Account Value
| 1,023.50 | | 1,023.40 | | 1,022.50 |
Expenses Paid During Period(a)
| 1.46 | | 1.51 | | 2.47 |
| | SPDR S&P Emerging Markets Small Cap ETF | | SPDR S&P International Dividend ETF | | SPDR STOXX Europe 50 ETF |
Annualized Expense Ratio(a)
| 0.65% | | 0.46% | | 0.29% |
| Actual: | | | | | |
Ending Account Value
| $1,018.80 | | $1,019.50 | | $994.90 |
Expenses Paid During Period(a)
| 3.27 | | 2.32 | | 1.44 |
| Hypothetical (assuming a 5% return before expenses): | | | | | |
Ending Account Value
| 1,021.70 | | 1,022.60 | | 1,023.50 |
Expenses Paid During Period(a)
| 3.28 | | 2.32 | | 1.46 |
| (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. |
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 atwww.spdrs.com.
Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC’s website atwww.sec.gov.
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
March 31, 2019 (Unaudited)
Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC’s website atwww.sec.gov, and on the Funds' website atwww.spdrs.com.
Quarterly Portfolio Schedule
Following the Funds' first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Funds’ schedules of investments are available upon request, without charge, by calling 1-866-787-2257 (toll free) and on the Funds’ website at www.spdrs.com.
Full Portfolio Schedule
The complete schedule of portfolio holdings for the following Funds is available on the Funds’ website atwww.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website atwww.sec.gov.
SPDR MSCI ACWI ex-US ETF
SPDR S&P Emerging Markets Small Cap ETF
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SPDR® Index Shares Funds
SPDR Index Shares Funds
Trustees
Bonny E. Boatman
Dwight D. Churchill
Frank Nesvet, Chairman
Clare S. Richer
James E. Ross
Sandra G. Sponem
Carl G. Verboncoeur
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
PricewaterhouseCoopers LLP
101 Seaport Boulevard
Suite 500
Boston, MA 02210
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
SPDR® Index Shares Funds
For more complete information, please call 1.866.787.2257 or visit spdrs.com today.
ssga.com | spdrs.com
The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indices LLC, MSCI Inc., and Solactive AG. Neither do these companies make any representation regarding the advisability of investing in the Funds. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested.
Standard & Poor’s®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their
respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider a Fund's investment objective, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.spdrs.com. Read it carefully.
Not FDIC Insured • No Bank Guarantee • May Lose Value
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
State Street Global Advisors
© 2019 State Street Corporation - All Rights Reserved
0515 Exp. Date: 11/30/2019 SPDRISINTLSAR
Semi-Annual Report
March 31, 2019
SPDR® Index Shares Funds
| SPDR Dow Jones Global Real Estate ETF |
| SPDR Dow Jones International Real Estate ETF |
| SPDR S&P China ETF |
| SPDR S&P Global Natural Resources ETF |
| SPDR S&P International Small Cap ETF |
| SPDR S&P North American Natural Resources ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.spdrs.com), and you will be notified by mail each time a report is posted, and provided with a website link to access the report. If you already elected to receive reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications by contacting your financial intermediary.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account.
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
TABLE OF CONTENTS (Unaudited)
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
[This Page Intentionally Left Blank]
SPDR Dow Jones Global Real Estate ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Simon Property Group, Inc. REIT | 4.7% | |
| | Prologis, Inc. REIT | 3.7 | |
| | Public Storage REIT | 2.7 | |
| | Welltower, Inc. REIT | 2.5 | |
| | Equity Residential REIT | 2.3 | |
| | AvalonBay Communities, Inc. REIT | 2.3 | |
| | Mitsui Fudosan Co., Ltd. | 2.1 | |
| | Digital Realty Trust, Inc. REIT | 2.0 | |
| | Link REIT | 2.0 | |
| | Ventas, Inc. REIT | 1.9 | |
| | TOTAL | 26.2% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Equity Real Estate Investment Trusts (REITs) | 86.4% | |
| | Real Estate Management & Development | 13.2 | |
| | Diversified Financial Services | 0.0* | |
| | Short-Term Investments | 1.7 | |
| | Liabilities in Excess of Other Assets | (1.3) | |
| | TOTAL | 100.0% | |
| * | Amount shown represents less than 0.05% of net assets. |
(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
1
SPDR Dow Jones International Real Estate ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Mitsui Fudosan Co., Ltd. | 4.8% | |
| | Link REIT | 4.8 | |
| | Deutsche Wohnen SE | 3.3 | |
| | Scentre Group REIT | 3.0 | |
| | Goodman Group REIT | 2.9 | |
| | Unibail-Rodamco-Westfield REIT | 2.9 | |
| | Nippon Building Fund, Inc. REIT | 1.9 | |
| | Segro PLC REIT | 1.9 | |
| | Dexus REIT | 1.8 | |
| | Land Securities Group PLC REIT | 1.7 | |
| | TOTAL | 29.0% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Equity Real Estate Investment Trusts (REITs) | 68.5% | |
| | Real Estate Management & Development | 30.9 | |
| | Diversified Financial Services | 0.0* | |
| | Short-Term Investments | 1.1 | |
| | Liabilities in Excess of Other Assets | (0.5) | |
| | TOTAL | 100.0% | |
| * | Amount shown represents less than 0.05% of net assets. |
(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2
SPDR S&P China ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Tencent Holdings, Ltd. | 13.5% | |
| | Alibaba Group Holding, Ltd. ADR | 12.6 | |
| | China Construction Bank Corp. Class H | 5.0 | |
| | Industrial & Commercial Bank of China, Ltd. Class H | 3.1 | |
| | China Mobile, Ltd. | 3.1 | |
| | Ping An Insurance Group Co. of China, Ltd. Class H | 3.0 | |
| | Baidu, Inc. ADR | 2.4 | |
| | Bank of China, Ltd. Class H | 1.9 | |
| | CNOOC, Ltd. | 1.6 | |
| | JD.com, Inc. ADR | 1.4 | |
| | TOTAL | 47.6% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Communication Services | 23.6% | |
| | Consumer Discretionary | 23.4 | |
| | Financials | 21.4 | |
| | Real Estate | 6.2 | |
| | Industrials | 6.0 | |
| | Energy | 4.6 | |
| | Information Technology | 3.8 | |
| | Consumer Staples | 3.2 | |
| | Health Care | 3.1 | |
| | Utilities | 2.5 | |
| | Materials | 2.0 | |
| | Short-Term Investments | 2.8 | |
| | Liabilities in Excess of Other Assets | (2.6) | |
| | TOTAL | 100.0% | |
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
3
SPDR S&P Global Natural Resources ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | BHP Group, Ltd. | 5.1% | |
| | Nutrien, Ltd. | 4.7 | |
| | Exxon Mobil Corp. | 4.4 | |
| | BP PLC | 3.7 | |
| | Royal Dutch Shell PLC Class A | 3.6 | |
| | TOTAL SA | 3.6 | |
| | Glencore PLC | 3.4 | |
| | Chevron Corp. | 3.1 | |
| | Vale SA ADR | 2.8 | |
| | Anglo American PLC | 2.5 | |
| | TOTAL | 36.9% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Metals & Mining | 33.7% | |
| | Oil, Gas & Consumable Fuels | 31.9 | |
| | Chemicals | 10.3 | |
| | Containers & Packaging | 8.7 | |
| | Paper & Forest Products | 5.7 | |
| | Food Products | 4.8 | |
| | Equity Real Estate Investment Trusts (REITs) | 2.2 | |
| | Energy Equipment & Services | 1.1 | |
| | Household Products | 0.8 | |
| | Short-Term Investments | 0.6 | |
| | Other Assets in Excess of Liabilities | 0.2 | |
| | TOTAL | 100.0% | |
(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
4
SPDR S&P International Small Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Amarin Corp. PLC ADR | 0.4% | |
| | Wihlborgs Fastigheter AB | 0.3 | |
| | Nikkon Holdings Co., Ltd. | 0.3 | |
| | Premier Investment Corp. REIT | 0.2 | |
| | NIPPON REIT Investment Corp. REIT | 0.2 | |
| | Goldwin, Inc. | 0.2 | |
| | Cronos Group, Inc. | 0.2 | |
| | Barco NV | 0.2 | |
| | NET One Systems Co., Ltd. | 0.2 | |
| | J D Wetherspoon PLC | 0.2 | |
| | TOTAL | 2.4% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Industrials | 19.8% | |
| | Consumer Discretionary | 14.5 | |
| | Information Technology | 10.6 | |
| | Materials | 10.5 | |
| | Real Estate | 10.4 | |
| | Health Care | 8.7 | |
| | Financials | 8.6 | |
| | Consumer Staples | 6.3 | |
| | Communication Services | 4.0 | |
| | Energy | 3.7 | |
| | Utilities | 1.6 | |
| | Short-Term Investments | 8.8 | |
| | Liabilities in Excess of Other Assets | (7.5) | |
| | 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.
5
SPDR S&P North American Natural Resources ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Exxon Mobil Corp. | 10.3% | |
| | Chevron Corp. | 10.2 | |
| | Barrick Gold Corp. | 6.3 | |
| | Nutrien, Ltd. | 6.1 | |
| | Newmont Mining Corp. | 5.0 | |
| | Freeport-McMoRan, Inc. | 5.0 | |
| | Archer-Daniels-Midland Co. | 4.6 | |
| | ConocoPhillips | 3.9 | |
| | Franco-Nevada Corp. | 3.7 | |
| | Teck Resources, Ltd. Class B | 3.1 | |
| | TOTAL | 58.2% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Oil, Gas & Consumable Fuels | 44.8% | |
| | Metals & Mining | 35.4 | |
| | Chemicals | 11.6 | |
| | Food Products | 7.2 | |
| | Paper & Forest Products | 0.5 | |
| | Short-Term Investments | 0.8 | |
| | Liabilities in Excess of Other Assets | (0.3) | |
| | TOTAL | 100.0% | |
(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
6
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.6% | | | | | |
| AUSTRALIA — 4.8% | | | | | |
BWP Trust REIT
| | | 909,157 | | $2,415,365 |
Charter Hall Retail REIT
| | | 616,396 | | 2,036,034 |
Dexus REIT
| | | 1,918,753 | | 17,364,441 |
Goodman Group REIT
| | | 3,038,923 | | 28,818,626 |
GPT Group REIT
| | | 3,400,799 | | 15,001,852 |
Scentre Group REIT
| | | 10,095,487 | | 29,474,157 |
Shopping Centres Australasia Property Group REIT
| | | 1,662,163 | | 3,117,094 |
Vicinity Centres REIT
| | | 6,085,107 | | 11,238,643 |
| | | | | | 109,466,212 |
| AUSTRIA — 0.4% | | | | | |
CA Immobilien Anlagen AG
| | | 140,750 | | 5,088,924 |
IMMOFINANZ AG
| | | 174,884 | | 4,347,598 |
| | | | | | 9,436,522 |
| BELGIUM — 0.2% | | | | | |
Cofinimmo SA REIT
| | | 40,815 | | 5,426,168 |
| BRAZIL — 0.3% | | | | | |
BR Malls Participacoes SA
| | | 1,697,921 | | 5,484,202 |
| CANADA — 1.5% | | | | | |
Allied Properties Real Estate Investment Trust
| | | 100,851 | | 3,721,662 |
Artis Real Estate Investment Trust
| | | 135,452 | | 1,126,443 |
Boardwalk Real Estate Investment Trust
| | | 44,585 | | 1,360,961 |
Canadian Apartment Properties REIT
| | | 141,517 | | 5,441,617 |
Dream Office Real Estate Investment Trust
| | | 58,353 | | 1,080,183 |
First Capital Realty, Inc.
| | | 333,618 | | 5,344,081 |
Granite Real Estate Investment Trust
| | | 42,000 | | 2,007,336 |
H&R Real Estate Investment Trust
| | | 264,275 | | 4,630,920 |
RioCan Real Estate Investment Trust
| | | 282,062 | | 5,588,668 |
SmartCentres Real Estate Investment Trust
| | | 131,059 | | 3,434,541 |
| | | | | | 33,736,412 |
| FRANCE — 3.7% | | | | | |
Covivio REIT
| | | 118,486 | | 12,585,772 |
Gecina SA REIT
| | | 104,292 | | 15,434,342 |
Klepierre SA REIT
| | | 394,584 | | 13,814,567 |
Unibail-Rodamco-Westfield (a)
| | | 1,502,164 | | 12,345,907 |
Unibail-Rodamco-Westfield REIT (a)(b)
| | | 185,939 | | 30,511,341 |
| | | | | | 84,691,929 |
See accompanying notes to financial statements.
7
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| GERMANY — 2.6% | | | | | |
alstria office REIT-AG
| | | 297,889 | | $4,850,027 |
Deutsche EuroShop AG
| | | 98,262 | | 2,981,211 |
Deutsche Wohnen SE
| | | 674,502 | | 32,740,867 |
Grand City Properties SA
| | | 195,179 | | 4,711,869 |
LEG Immobilien AG
| | | 119,307 | | 14,662,343 |
| | | | | | 59,946,317 |
| HONG KONG — 4.1% | | | | | |
Hang Lung Properties, Ltd.
| | | 3,746,018 | | 9,143,205 |
Hongkong Land Holdings, Ltd.
| | | 2,211,400 | | 15,723,054 |
Hysan Development Co., Ltd.
| | | 1,167,731 | | 6,255,210 |
Link REIT
| | | 4,000,682 | | 46,785,344 |
Wharf Real Estate Investment Co., Ltd.
| | | 2,186,000 | | 16,276,754 |
| | | | | | 94,183,567 |
| JAPAN — 12.0% | | | | | |
Activia Properties, Inc. REIT
| | | 1,348 | | 5,602,204 |
Advance Residence Investment Corp. REIT
| | | 2,554 | | 7,118,480 |
Aeon Mall Co., Ltd.
| | | 199,200 | | 3,275,457 |
AEON REIT Investment Corp.
| | | 2,887 | | 3,406,444 |
Comforia Residential REIT, Inc.
| | | 1,208 | | 3,312,355 |
Daiwa House REIT Investment Corp.
| | | 3,516 | | 7,804,862 |
Daiwa Office Investment Corp. REIT
| | | 576 | | 4,100,718 |
Frontier Real Estate Investment Corp. REIT
| | | 936 | | 3,928,012 |
Fukuoka REIT Corp.
| | | 1,551 | | 2,386,369 |
GLP J-REIT
| | | 7,252 | | 7,777,137 |
Hoshino Resorts REIT, Inc.
| | | 398 | | 1,995,663 |
Hulic Co., Ltd.
| | | 928,800 | | 9,113,040 |
Hulic Reit, Inc.
| | | 2,151 | | 3,669,050 |
Industrial & Infrastructure Fund Investment Corp. REIT
| | | 3,298 | | 3,685,798 |
Invincible Investment Corp. REIT
| | | 10,705 | | 5,242,002 |
Japan Excellent, Inc. REIT
| | | 2,462 | | 3,578,948 |
Japan Hotel REIT Investment Corp.
| | | 8,438 | | 6,807,728 |
Japan Logistics Fund, Inc. REIT
| | | 1,706 | | 3,620,539 |
Japan Prime Realty Investment Corp. REIT
| | | 1,746 | | 7,193,170 |
Japan Real Estate Investment Corp. REIT
| | | 2,624 | | 15,480,616 |
Japan Rental Housing Investments, Inc. REIT
| | | 3,179 | | 2,533,205 |
Japan Retail Fund Investment Corp. REIT
| | | 4,957 | | 9,973,564 |
Kenedix Office Investment Corp. REIT
| | | 811 | | 5,634,540 |
Kenedix Residential Next Investment Corp. REIT
| | | 1,709 | | 2,836,367 |
Kenedix Retail REIT Corp.
| | | 988 | | 2,412,761 |
Leopalace21 Corp. (b)(c)
| | | 464,600 | | 927,647 |
See accompanying notes to financial statements.
8
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
MCUBS MidCity Investment Corp. REIT
| | | 3,185 | | $2,929,331 |
Mitsui Fudosan Co., Ltd.
| | | 1,880,500 | | 47,273,716 |
Mori Hills REIT Investment Corp.
| | | 3,007 | | 4,042,477 |
Mori Trust Sogo Reit, Inc.
| | | 1,870 | | 2,909,283 |
Nippon Accommodations Fund, Inc. REIT
| | | 916 | | 4,650,964 |
Nippon Building Fund, Inc. REIT
| | | 2,676 | | 18,132,538 |
Nippon Prologis REIT, Inc.
| | | 4,137 | | 8,813,341 |
NIPPON REIT Investment Corp.
| | | 871 | | 3,360,139 |
Nomura Real Estate Master Fund, Inc. REIT
| | | 8,593 | | 12,669,988 |
Orix JREIT, Inc. REIT
| | | 5,281 | | 9,070,047 |
Premier Investment Corp. REIT
| | | 2,480 | | 3,127,867 |
Sekisui House Reit, Inc.
| | | 7,107 | | 5,374,314 |
Tokyu Fudosan Holdings Corp.
| | | 1,088,800 | | 6,512,044 |
Tokyu REIT, Inc.
| | | 1,899 | | 3,076,214 |
United Urban Investment Corp. REIT
| | | 5,783 | | 9,138,065 |
Unizo Holdings Co., Ltd.
| | | 63,800 | | 1,216,803 |
| | | | | | 275,713,807 |
| LUXEMBOURG — 0.5% | | | | | |
Aroundtown SA
| | | 1,367,993 | | 11,289,973 |
| MALTA — 0.0% (d) | | | | | |
BGP Holdings PLC (c)(e)
| | | 1,313,937 | | — |
| MEXICO — 0.4% | | | | | |
Fibra Uno Administracion SA de CV REIT
| | | 5,706,059 | | 7,889,496 |
| NETHERLANDS — 0.2% | | | | | |
Eurocommercial Properties NV
| | | 78,835 | | 2,276,731 |
Wereldhave NV REIT (b)
| | | 78,104 | | 2,137,226 |
| | | | | | 4,413,957 |
| PHILIPPINES — 0.7% | | | | | |
SM Prime Holdings, Inc.
| | | 21,889,200 | | 16,632,624 |
| ROMANIA — 0.3% | | | | | |
NEPI Rockcastle PLC
| | | 896,486 | | 7,549,225 |
| SINGAPORE — 2.9% | | | | | |
Ascendas Real Estate Investment Trust
| | | 4,829,320 | | 10,375,283 |
CapitaLand Commercial Trust REIT
| | | 5,242,508 | | 7,508,649 |
CapitaLand Mall Trust REIT
| | | 5,304,404 | | 9,320,400 |
CapitaLand, Ltd.
| | | 4,730,751 | | 12,748,056 |
Keppel REIT
| | | 3,504,612 | | 3,337,726 |
Mapletree Commercial Trust REIT
| | | 3,547,300 | | 4,949,721 |
Mapletree Industrial Trust REIT
| | | 2,560,600 | | 3,969,922 |
See accompanying notes to financial statements.
9
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Mapletree Logistics Trust REIT
| | | 4,410,016 | | $4,753,506 |
Mapletree North Asia Commercial Trust REIT
| | | 4,087,600 | | 3,983,486 |
Suntec Real Estate Investment Trust
| | | 4,322,295 | | 6,222,573 |
| | | | | | 67,169,322 |
| SOUTH AFRICA — 0.8% | | | | | |
Growthpoint Properties, Ltd. REIT
| | | 5,624,656 | | 9,524,424 |
Hyprop Investments, Ltd. REIT
| | | 493,657 | | 2,412,617 |
Redefine Properties, Ltd. REIT
| | | 10,175,905 | | 6,844,502 |
| | | | | | 18,781,543 |
| SPAIN — 0.6% | | | | | |
Inmobiliaria Colonial Socimi SA REIT
| | | 518,498 | | 5,335,821 |
Martinsa Fadesa SA (c)(e)
| | | 178 | | — |
Merlin Properties Socimi SA REIT
| | | 693,600 | | 9,084,803 |
| | | | | | 14,420,624 |
| SWEDEN — 1.0% | | | | | |
Castellum AB
| | | 517,226 | | 10,057,002 |
Fabege AB
| | | 513,073 | | 7,467,667 |
Hemfosa Fastigheter AB
| | | 321,749 | | 2,828,871 |
Kungsleden AB
| | | 364,294 | | 2,906,403 |
| | | | | | 23,259,943 |
| SWITZERLAND — 0.9% | | | | | |
PSP Swiss Property AG
| | | 76,380 | | 8,298,339 |
Swiss Prime Site AG
| | | 143,851 | | 12,602,671 |
| | | | | | 20,901,010 |
| THAILAND — 0.3% | | | | | |
Central Pattana PCL NVDR
| | | 2,611,200 | | 6,027,112 |
| UNITED KINGDOM — 4.2% | | | | | |
British Land Co. PLC REIT
| | | 1,835,379 | | 14,086,473 |
Capital & Counties Properties PLC
| | | 1,421,122 | | 4,455,416 |
Derwent London PLC REIT
| | | 209,760 | | 8,809,357 |
Grainger PLC
| | | 1,184,372 | | 3,651,439 |
Great Portland Estates PLC REIT
| | | 517,862 | | 5,037,384 |
Hammerson PLC REIT
| | | 1,457,153 | | 6,375,982 |
Intu Properties PLC REIT (b)
| | | 1,681,518 | | 2,335,716 |
Land Securities Group PLC REIT
| | | 1,428,808 | | 17,005,763 |
Segro PLC REIT
| | | 2,062,060 | | 18,094,044 |
Shaftesbury PLC REIT
| | | 443,706 | | 5,087,907 |
Tritax Big Box REIT PLC
| | | 3,227,129 | | 6,038,541 |
See accompanying notes to financial statements.
10
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
UNITE Group PLC REIT
| | | 499,382 | | $5,970,355 |
| | | | | | 96,948,377 |
| UNITED STATES — 57.2% | | | | | |
Acadia Realty Trust REIT
| | | 153,954 | | 4,198,326 |
Alexandria Real Estate Equities, Inc. REIT
| | | 214,413 | | 30,566,717 |
American Assets Trust, Inc. REIT
| | | 73,244 | | 3,358,970 |
American Campus Communities, Inc. REIT
| | | 260,592 | | 12,398,967 |
American Homes 4 Rent Class A, REIT
| | | 487,748 | | 11,081,635 |
Apartment Investment & Management Co. Class A, REIT
| | | 304,329 | | 15,304,705 |
Apple Hospitality REIT, Inc.
| | | 406,709 | | 6,629,357 |
Ashford Hospitality Trust, Inc. REIT
| | | 164,429 | | 781,038 |
AvalonBay Communities, Inc. REIT
| | | 263,405 | | 52,873,286 |
Boston Properties, Inc. REIT
| | | 293,882 | | 39,344,922 |
Brandywine Realty Trust REIT
| | | 334,190 | | 5,300,253 |
Brixmor Property Group, Inc. REIT
| | | 565,459 | | 10,387,482 |
Camden Property Trust REIT
| | | 183,811 | | 18,656,817 |
CBL & Associates Properties, Inc. REIT (b)
| | | 340,126 | | 527,195 |
Chatham Lodging Trust REIT
| | | 88,953 | | 1,711,456 |
Chesapeake Lodging Trust REIT
| | | 117,180 | | 3,258,776 |
Columbia Property Trust, Inc. REIT
| | | 220,816 | | 4,970,568 |
CorePoint Lodging, Inc. REIT
| | | 75,561 | | 844,016 |
Corporate Office Properties Trust REIT
| | | 211,773 | | 5,781,403 |
Cousins Properties, Inc. REIT
| | | 795,419 | | 7,683,748 |
CubeSmart REIT
| | | 352,850 | | 11,305,314 |
DiamondRock Hospitality Co. REIT
| | | 386,815 | | 4,189,206 |
Digital Realty Trust, Inc. REIT
| | | 395,214 | | 47,030,466 |
Douglas Emmett, Inc. REIT
| | | 307,533 | | 12,430,484 |
Duke Realty Corp. REIT
| | | 683,272 | | 20,894,458 |
Easterly Government Properties, Inc. REIT
| | | 118,282 | | 2,130,259 |
EastGroup Properties, Inc. REIT
| | | 69,655 | | 7,776,284 |
Equity Commonwealth REIT
| | | 230,003 | | 7,518,798 |
Equity LifeStyle Properties, Inc. REIT
| | | 171,211 | | 19,569,417 |
Equity Residential REIT
| | | 703,551 | | 52,991,461 |
Essex Property Trust, Inc. REIT
| | | 124,933 | | 36,135,621 |
Extra Space Storage, Inc. REIT
| | | 242,136 | | 24,676,080 |
Federal Realty Investment Trust REIT
| | | 141,442 | | 19,497,780 |
First Industrial Realty Trust, Inc. REIT
| | | 239,568 | | 8,471,124 |
Franklin Street Properties Corp. REIT
| | | 212,912 | | 1,530,837 |
Front Yard Residential Corp. REIT
| | | 92,171 | | 854,425 |
HCP, Inc. REIT
| | | 908,641 | | 28,440,463 |
Healthcare Realty Trust, Inc. REIT
| | | 237,097 | | 7,613,185 |
Hersha Hospitality Trust REIT
| | | 70,307 | | 1,205,062 |
See accompanying notes to financial statements.
11
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Highwoods Properties, Inc. REIT
| | | 196,059 | | $9,171,640 |
Hospitality Properties Trust REIT
| | | 311,182 | | 8,187,198 |
Host Hotels & Resorts, Inc. REIT
| | | 1,408,525 | | 26,621,122 |
Hudson Pacific Properties, Inc. REIT
| | | 292,144 | | 10,055,596 |
Independence Realty Trust, Inc. REIT
| | | 170,085 | | 1,835,217 |
Invitation Homes, Inc. REIT
| | | 642,022 | | 15,620,395 |
JBG SMITH Properties REIT
| | | 208,869 | | 8,636,733 |
Kilroy Realty Corp. REIT
| | | 191,905 | | 14,577,104 |
Kimco Realty Corp. REIT
| | | 801,397 | | 14,825,845 |
Kite Realty Group Trust REIT
| | | 162,276 | | 2,594,793 |
Liberty Property Trust REIT
| | | 281,394 | | 13,625,097 |
Life Storage, Inc. REIT
| | | 88,308 | | 8,589,719 |
LTC Properties, Inc. REIT
| | | 76,920 | | 3,522,936 |
Macerich Co. REIT
| | | 200,413 | | 8,687,904 |
Mack-Cali Realty Corp. REIT
| | | 171,465 | | 3,806,523 |
Mid-America Apartment Communities, Inc. REIT
| | | 216,640 | | 23,685,251 |
National Storage Affiliates Trust REIT
| | | 109,485 | | 3,121,417 |
NorthStar Realty Europe Corp. REIT (b)
| | | 93,296 | | 1,619,619 |
Paramount Group, Inc. REIT
| | | 378,996 | | 5,377,953 |
Park Hotels & Resorts, Inc. REIT
| | | 383,899 | | 11,931,581 |
Pebblebrook Hotel Trust REIT
| | | 248,974 | | 7,733,132 |
Pennsylvania Real Estate Investment Trust (b)
| | | 124,330 | | 782,036 |
Piedmont Office Realty Trust, Inc. Class A, REIT
| | | 241,239 | | 5,029,833 |
Prologis, Inc. REIT
| | | 1,198,846 | | 86,256,970 |
PS Business Parks, Inc. REIT
| | | 37,768 | | 5,923,155 |
Public Storage REIT
| | | 285,367 | | 62,147,225 |
QTS Realty Trust, Inc. Class A, REIT
| | | 103,919 | | 4,675,316 |
Regency Centers Corp. REIT
| | | 319,042 | | 21,532,145 |
Retail Opportunity Investments Corp. REIT
| | | 218,725 | | 3,792,692 |
Retail Properties of America, Inc. Class A, REIT
| | | 403,274 | | 4,915,910 |
Retail Value, Inc. REIT
| | | 30,280 | | 943,828 |
Rexford Industrial Realty, Inc. REIT
| | | 183,045 | | 6,554,841 |
RLJ Lodging Trust REIT
| | | 331,198 | | 5,819,149 |
RPT Realty REIT (b)
| | | 157,287 | | 1,889,017 |
Ryman Hospitality Properties, Inc. REIT
| | | 97,164 | | 7,990,767 |
Senior Housing Properties Trust REIT
| | | 449,320 | | 5,292,990 |
Seritage Growth Properties Class A, REIT (b)
| | | 52,838 | | 2,348,121 |
Simon Property Group, Inc. REIT
| | | 587,637 | | 107,073,338 |
SITE Centers Corp. REIT
| | | 270,675 | | 3,686,594 |
SL Green Realty Corp. REIT
| | | 159,178 | | 14,313,286 |
Summit Hotel Properties, Inc. REIT
| | | 203,159 | | 2,318,044 |
Sun Communities, Inc. REIT
| | | 164,216 | | 19,462,880 |
See accompanying notes to financial statements.
12
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Sunstone Hotel Investors, Inc. REIT
| | | 431,620 | | $6,215,328 |
Tanger Factory Outlet Centers, Inc. REIT
| | | 177,165 | | 3,716,922 |
Taubman Centers, Inc. REIT
| | | 115,513 | | 6,108,327 |
Tier REIT, Inc.
| | | 101,491 | | 2,908,732 |
UDR, Inc. REIT
| | | 524,129 | | 23,826,904 |
Universal Health Realty Income Trust REIT
| | | 23,715 | | 1,795,463 |
Urban Edge Properties REIT
| | | 221,161 | | 4,202,059 |
Ventas, Inc. REIT
| | | 677,398 | | 43,224,766 |
Vornado Realty Trust REIT
| | | 329,729 | | 22,236,924 |
Washington Prime Group, Inc. REIT (b)
| | | 360,850 | | 2,038,803 |
Washington Real Estate Investment Trust
| | | 150,849 | | 4,281,095 |
Weingarten Realty Investors REIT
| | | 226,151 | | 6,642,055 |
Welltower, Inc. REIT
| | | 734,780 | | 57,018,928 |
Xenia Hotels & Resorts, Inc. REIT
| | | 212,445 | | 4,654,670 |
| | | | | | 1,315,366,249 |
TOTAL COMMON STOCKS
(Cost $2,110,647,075)
| | | | | 2,288,734,591 |
| | | | |
| SHORT-TERM INVESTMENTS — 1.7% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (f) (g)
| 4,086,541 | 4,086,541 |
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)
| 34,628,319 | 34,628,319 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $38,714,860)
| 38,714,860 |
TOTAL INVESTMENTS — 101.3%
(Cost $2,149,361,935)
| 2,327,449,451 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.3)%
| (29,214,006) |
NET ASSETS — 100.0%
| $2,298,235,445 |
See accompanying notes to financial statements.
13
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| (a) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (c) | Non-income producing security. |
| (d) | Amount is less than 0.05% of net assets. |
| (e) | Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2019, total aggregate fair value of the security is $0, representing 0.0% of the Fund's net assets. |
| (f) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (h) | Investment of cash collateral for securities loaned. |
| NVDR | = Non Voting Depositary Receipt |
| REIT | = Real Estate Investment Trust |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $2,288,734,591 | | $— | | $0(a) | | $2,288,734,591 |
Short-Term Investments
| | 38,714,860 | | — | | — | | 38,714,860 |
TOTAL INVESTMENTS
| | $2,327,449,451 | | $— | | $0 | | $2,327,449,451 |
| (a) | Fund held Level 3 securities that were valued at $0 at March 31, 2019. |
Affiliate Table
| | Number of
Shares Held
at 9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/19 | | Value at
3/31/19 | | Dividend
Income |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 3,565,512 | | $3,565,512 | | $65,689,844 | | $65,168,815 | | $— | | $— | | 4,086,541 | | $4,086,541 | | $42,234 |
State Street Navigator Securities Lending Government Money Market Portfolio
| 10,956,272 | | 10,956,272 | | 118,510,038 | | 94,837,991 | | — | | — | | 34,628,319 | | 34,628,319 | | 67,484 |
Total
| | | $14,521,784 | | $184,199,882 | | $160,006,806 | | $— | | $— | | | | $38,714,860 | | $109,718 |
See accompanying notes to financial statements.
14
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.4% | | | | | |
| AUSTRALIA — 11.2% | | | | | |
BWP Trust REIT
| | | 2,208,450 | | $5,867,208 |
Charter Hall Retail REIT
| | | 1,498,897 | | 4,951,047 |
Dexus REIT
| | | 4,624,388 | | 41,850,052 |
Goodman Group REIT
| | | 7,345,715 | | 69,660,670 |
GPT Group REIT
| | | 8,223,834 | | 36,277,574 |
Scentre Group REIT
| | | 24,403,172 | | 71,245,987 |
Shopping Centres Australasia Property Group REIT
| | | 4,033,257 | | 7,563,662 |
Vicinity Centres REIT
| | | 14,720,138 | | 27,186,765 |
| | | | | | 264,602,965 |
| AUSTRIA — 1.0% | | | | | |
CA Immobilien Anlagen AG
| | | 339,222 | | 12,264,831 |
IMMOFINANZ AG
| | | 423,798 | | 10,535,575 |
| | | | | | 22,800,406 |
| BELGIUM — 0.5% | | | | | |
Cofinimmo SA REIT
| | | 97,170 | | 12,918,307 |
| BRAZIL — 0.5% | | | | | |
BR Malls Participacoes SA
| | | 4,017,516 | | 12,976,379 |
| CANADA — 3.5% | | | | | |
Allied Properties Real Estate Investment Trust
| | | 243,063 | | 8,969,651 |
Artis Real Estate Investment Trust
| | | 331,030 | | 2,752,905 |
Boardwalk Real Estate Investment Trust
| | | 108,114 | | 3,300,190 |
Canadian Apartment Properties REIT
| | | 341,666 | | 13,137,754 |
Dream Office Real Estate Investment Trust
| | | 140,524 | | 2,601,264 |
First Capital Realty, Inc.
| | | 795,630 | | 12,744,850 |
Granite Real Estate Investment Trust
| | | 102,116 | | 4,880,502 |
H&R Real Estate Investment Trust
| | | 642,659 | | 11,261,385 |
RioCan Real Estate Investment Trust
| | | 685,389 | | 13,580,034 |
SmartCentres Real Estate Investment Trust
| | | 317,834 | | 8,329,180 |
| | | | | | 81,557,715 |
| FRANCE — 8.7% | | | | | |
Covivio REIT
| | | 285,516 | | 30,327,966 |
Gecina SA REIT
| | | 251,799 | | 37,264,141 |
Klepierre SA REIT
| | | 952,672 | | 33,353,484 |
Unibail-Rodamco-Westfield (a)
| | | 4,254,975 | | 34,970,567 |
Unibail-Rodamco-Westfield REIT (a)
| | | 8,520 | | 1,398,075 |
Unibail-Rodamco-Westfield REIT (a)(b)
| | | 410,725 | | 67,397,213 |
| | | | | | 204,711,446 |
See accompanying notes to financial statements.
15
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| GERMANY — 6.1% | | | | | |
alstria office REIT-AG
| | | 724,364 | | $11,793,604 |
Deutsche EuroShop AG
| | | 231,500 | | 7,023,572 |
Deutsche Wohnen SE
| | | 1,628,500 | | 79,048,693 |
Grand City Properties SA
| | | 479,384 | | 11,572,940 |
LEG Immobilien AG
| | | 288,224 | | 35,421,554 |
| | | | | | 144,860,363 |
| HONG KONG — 9.6% | | | | | |
Hang Lung Properties, Ltd.
| | | 9,064,755 | | 22,125,072 |
Hongkong Land Holdings, Ltd.
| | | 5,347,400 | | 38,020,014 |
Hysan Development Co., Ltd.
| | | 2,824,846 | | 15,131,915 |
Link REIT
| | | 9,669,355 | | 113,076,744 |
Wharf Real Estate Investment Co., Ltd.
| | | 5,286,000 | | 39,359,066 |
| | | | | | 227,712,811 |
| JAPAN — 28.1% | | | | | |
Activia Properties, Inc. REIT
| | | 3,213 | | 13,353,029 |
Advance Residence Investment Corp. REIT
| | | 6,182 | | 17,230,402 |
Aeon Mall Co., Ltd.
| | | 467,840 | | 7,692,721 |
AEON REIT Investment Corp.
| | | 6,825 | | 8,052,988 |
Comforia Residential REIT, Inc.
| | | 2,930 | | 8,034,106 |
Daiwa House REIT Investment Corp.
| | | 8,511 | | 18,892,828 |
Daiwa Office Investment Corp. REIT
| | | 1,418 | | 10,095,171 |
Frontier Real Estate Investment Corp. REIT
| | | 2,268 | | 9,517,875 |
Fukuoka REIT Corp.
| | | 3,634 | | 5,591,274 |
GLP J-REIT
| | | 17,553 | | 18,824,060 |
Hoshino Resorts REIT, Inc.
| | | 940 | | 4,713,376 |
Hulic Co., Ltd.
| | | 2,247,490 | | 22,051,535 |
Hulic Reit, Inc.
| | | 5,163 | | 8,806,743 |
Industrial & Infrastructure Fund Investment Corp. REIT
| | | 7,768 | | 8,681,408 |
Invincible Investment Corp. REIT
| | | 26,291 | | 12,874,122 |
Japan Excellent, Inc. REIT
| | | 6,060 | | 8,809,270 |
Japan Hotel REIT Investment Corp.
| | | 20,428 | | 16,481,189 |
Japan Logistics Fund, Inc. REIT
| | | 4,138 | | 8,781,824 |
Japan Prime Realty Investment Corp. REIT
| | | 4,226 | | 17,410,272 |
Japan Real Estate Investment Corp. REIT
| | | 6,344 | | 37,427,221 |
Japan Rental Housing Investments, Inc. REIT
| | | 7,488 | | 5,966,857 |
Japan Retail Fund Investment Corp. REIT
| | | 11,992 | | 24,128,097 |
Kenedix Office Investment Corp. REIT
| | | 1,965 | | 13,652,121 |
Kenedix Residential Next Investment Corp. REIT
| | | 4,148 | | 6,884,290 |
Kenedix Retail REIT Corp. (b)
| | | 2,319 | | 5,663,150 |
Leopalace21 Corp. (b)(c)
| | | 1,151,100 | | 2,298,352 |
See accompanying notes to financial statements.
16
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
MCUBS MidCity Investment Corp. REIT
| | | 7,505 | | $6,902,552 |
Mitsui Fudosan Co., Ltd.
| | | 4,544,600 | | 114,246,280 |
Mori Hills REIT Investment Corp.
| | | 7,290 | | 9,800,352 |
Mori Trust Sogo Reit, Inc. (b)
| | | 4,405 | | 6,853,151 |
Nippon Accommodations Fund, Inc. REIT
| | | 2,218 | | 11,261,833 |
Nippon Building Fund, Inc. REIT
| | | 6,470 | | 43,840,629 |
Nippon Prologis REIT, Inc.
| | | 10,010 | | 21,325,003 |
NIPPON REIT Investment Corp.
| | | 2,059 | | 7,943,199 |
Nomura Real Estate Master Fund, Inc. REIT
| | | 20,784 | | 30,645,063 |
Orix JREIT, Inc. REIT
| | | 12,641 | | 21,710,748 |
Premier Investment Corp. REIT
| | | 6,019 | | 7,591,385 |
Sekisui House Reit, Inc.
| | | 17,215 | | 13,017,983 |
Tokyu Fudosan Holdings Corp.
| | | 2,636,200 | | 15,766,946 |
Tokyu REIT, Inc.
| | | 4,470 | | 7,241,008 |
United Urban Investment Corp. REIT
| | | 13,993 | | 22,111,178 |
Unizo Holdings Co., Ltd. (b)
| | | 153,800 | | 2,933,295 |
| | | | | | 665,104,886 |
| LUXEMBOURG — 1.2% | | | | | |
Aroundtown SA
| | | 3,316,584 | | 27,371,591 |
| MALTA — 0.0% (d) | | | | | |
BGP Holdings PLC (c)(e)
| | | 32,410,441 | | — |
| MEXICO — 0.8% | | | | | |
Fibra Uno Administracion SA de CV REIT
| | | 13,808,579 | | 19,092,465 |
| NETHERLANDS — 0.4% | | | | | |
Eurocommercial Properties NV
| | | 185,535 | | 5,358,195 |
Wereldhave NV REIT (b)
| | | 183,804 | | 5,029,585 |
| | | | | | 10,387,780 |
| PHILIPPINES — 1.7% | | | | | |
SM Prime Holdings, Inc.
| | | 52,930,900 | | 40,219,823 |
| ROMANIA — 0.8% | | | | | |
NEPI Rockcastle PLC
| | | 2,175,555 | | 18,320,146 |
| SINGAPORE — 6.9% | | | | | |
Ascendas Real Estate Investment Trust
| | | 11,683,268 | | 25,100,266 |
CapitaLand Commercial Trust REIT
| | | 12,688,029 | | 18,172,592 |
CapitaLand Mall Trust REIT
| | | 12,834,047 | | 22,550,780 |
CapitaLand, Ltd.
| | | 11,442,497 | | 30,834,340 |
Keppel REIT (b)
| | | 8,247,353 | | 7,854,622 |
Mapletree Commercial Trust REIT
| | | 8,714,000 | | 12,159,070 |
Mapletree Industrial Trust REIT
| | | 6,044,900 | | 9,371,938 |
See accompanying notes to financial statements.
17
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Mapletree Logistics Trust REIT
| | | 10,835,097 | | $11,679,026 |
Mapletree North Asia Commercial Trust REIT
| | | 9,865,600 | | 9,614,317 |
Suntec Real Estate Investment Trust
| | | 10,307,576 | | 14,839,257 |
| | | | | | 162,176,208 |
| SOUTH AFRICA — 1.9% | | | | | |
Growthpoint Properties, Ltd. REIT
| | | 13,641,992 | | 23,100,456 |
Hyprop Investments, Ltd. REIT
| | | 1,169,034 | | 5,713,341 |
Redefine Properties, Ltd. REIT
| | | 24,702,280 | | 16,615,211 |
| | | | | | 45,429,008 |
| SPAIN — 1.5% | | | | | |
Inmobiliaria Colonial Socimi SA REIT
| | | 1,257,953 | | 12,945,493 |
Martinsa Fadesa SA (c)(e)
| | | 35,998 | | — |
Merlin Properties Socimi SA REIT
| | | 1,682,514 | | 22,037,642 |
| | | | | | 34,983,135 |
| SWEDEN — 2.4% | | | | | |
Castellum AB
| | | 1,254,470 | | 24,392,059 |
Fabege AB
| | | 1,245,479 | | 18,127,680 |
Hemfosa Fastigheter AB
| | | 766,374 | | 6,738,089 |
Kungsleden AB
| | | 858,142 | | 6,846,410 |
| | | | | | 56,104,238 |
| SWITZERLAND — 2.1% | | | | | |
PSP Swiss Property AG
| | | 185,341 | | 20,136,456 |
Swiss Prime Site AG
| | | 348,725 | | 30,551,517 |
| | | | | | 50,687,973 |
| THAILAND — 0.6% | | | | | |
Central Pattana PCL NVDR
| | | 6,162,959 | | 14,225,201 |
| UNITED KINGDOM — 9.9% | | | | | |
British Land Co. PLC REIT
| | | 4,431,288 | | 34,009,990 |
Capital & Counties Properties PLC
| | | 3,442,992 | | 10,794,260 |
Derwent London PLC REIT
| | | 508,839 | | 21,369,872 |
Grainger PLC
| | | 2,846,767 | | 8,776,632 |
Great Portland Estates PLC REIT
| | | 1,256,372 | | 12,221,072 |
Hammerson PLC REIT
| | | 3,536,944 | | 15,476,406 |
Intu Properties PLC REIT (b)
| | | 3,929,853 | | 5,458,769 |
Land Securities Group PLC REIT
| | | 3,449,674 | | 41,058,236 |
Segro PLC REIT
| | | 4,979,763 | | 43,696,134 |
Shaftesbury PLC REIT
| | | 1,069,240 | | 12,260,808 |
Tritax Big Box REIT PLC
| | | 7,837,997 | | 14,666,307 |
See accompanying notes to financial statements.
18
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
UNITE Group PLC REIT
| | | 1,207,859 | | $14,440,543 |
| | | | | | 234,229,029 |
TOTAL COMMON STOCKS
(Cost $2,253,743,971)
| | | | | 2,350,471,875 |
| | | | |
| SHORT-TERM INVESTMENTS — 1.1% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (f) (g)
| 1,113,071 | 1,113,071 |
State Street Navigator Securities Lending Government Money Market Portfolio (f) (h)
| 24,606,485 | 24,606,485 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $25,719,556)
| 25,719,556 |
TOTAL INVESTMENTS — 100.5%
(Cost $2,279,463,527)
| 2,376,191,431 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%
| (12,193,334) |
NET ASSETS — 100.0%
| $2,363,998,097 |
| (a) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (c) | Non-income producing security. |
| (d) | Amount is less than 0.05% of net assets. |
| (e) | Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2019, total aggregate fair value of the security is $0, representing 0.0% of the Fund's net assets. |
| (f) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (h) | Investment of cash collateral for securities loaned. |
| NVDR | = Non Voting Depositary Receipt |
| REIT | = Real Estate Investment Trust |
See accompanying notes to financial statements.
19
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $2,350,471,875 | | $— | | $0(a) | | $2,350,471,875 |
Short-Term Investments
| | 25,719,556 | | — | | — | | 25,719,556 |
TOTAL INVESTMENTS
| | $2,376,191,431 | | $— | | $0 | | $2,376,191,431 |
| (a) | Fund held Level 3 securities that were valued at $0 at March 31, 2019. |
Affiliate Table
| | Number of
Shares Held
at 9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/19 | | Value at
3/31/19 | | Dividend
Income |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 2,860,224 | | $2,860,224 | | $109,623,671 | | $111,370,824 | | $— | | $— | | 1,113,071 | | $1,113,071 | | $28,965 |
State Street Navigator Securities Lending Government Money Market Portfolio
| 21,488,695 | | 21,488,695 | | 313,866,411 | | 310,748,621 | | — | | — | | 24,606,485 | | 24,606,485 | | 190,616 |
Total
| | | $24,348,919 | | $423,490,082 | | $422,119,445 | | $— | | $— | | | | $25,719,556 | | $219,581 |
See accompanying notes to financial statements.
20
SPDR S&P CHINA ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.8% | | | | | |
| AEROSPACE & DEFENSE — 0.1% | | | |
Other Security
| | | | | $1,450,037 |
| AIR FREIGHT & LOGISTICS — 0.4% | | | |
Other Securities
| | | | | 5,223,497 |
| AIRLINES — 0.3% | | | |
Other Securities
| | | | | 4,254,598 |
| AUTO COMPONENTS — 0.4% | | | |
Other Securities
| | | | | 6,142,388 |
| AUTOMOBILES — 1.7% | | | |
Geely Automobile Holdings, Ltd.
| | | 4,274,000 | | 8,166,931 |
Other Securities
| | | | | 16,016,937 |
| | | | | | 24,183,868 |
| BANKS — 13.9% | | | |
Agricultural Bank of China, Ltd. Class H
| | | 22,376,000 | | 10,318,680 |
Bank of China, Ltd. Class H
| | | 60,104,700 | | 27,257,847 |
Bank of Communications Co., Ltd. Class H
| | | 17,450,824 | | 14,294,205 |
China CITIC Bank Corp., Ltd. Class H
| | | 9,413,471 | | 5,995,880 |
China Construction Bank Corp. Class H
| | | 82,493,623 | | 70,724,283 |
China Merchants Bank Co., Ltd. Class H
| | | 2,942,235 | | 14,298,978 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 60,272,789 | | 44,149,139 |
Other Securities
| | | | | 10,774,740 |
| | | | | | 197,813,752 |
| BEVERAGES — 0.5% | | | |
China Resources Beer Holdings Co., Ltd.
| | | 1,293,667 | | 5,446,620 |
Other Securities
| | | | | 1,926,545 |
| | | | | | 7,373,165 |
| BIOTECHNOLOGY — 0.6% | | | |
Other Securities
| | | | | 8,126,136 |
| BUILDING PRODUCTS — 0.0% (a) | | | |
Other Security
| | | | | 234,264 |
| CAPITAL MARKETS — 1.5% | | | |
Other Securities
| | | | | 20,886,698 |
| CHEMICALS — 0.2% | | | |
China Lumena New Materials Corp. (b)(c)(d)
| | | 3,564,548 | | — |
Other Securities
| | | | | 2,919,338 |
| | | | | | 2,919,338 |
See accompanying notes to financial statements.
21
SPDR S&P CHINA ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMERCIAL SERVICES & SUPPLIES — 0.4% | | | |
Other Securities
| | | | | $6,052,016 |
| COMMUNICATIONS EQUIPMENT — 0.3% | | | |
China Fiber Optic Network System Group, Ltd. (b)(c)
| | | 1,131,600 | | — |
Shanghai Potevio Co., Ltd. Class B (b)(c)
| | | 264,700 | | 53,205 |
Other Securities
| | | | | 3,978,258 |
| | | | | | 4,031,463 |
| CONSTRUCTION & ENGINEERING — 0.9% | | | |
Other Securities
| | | | | 12,425,506 |
| CONSTRUCTION MATERIALS — 0.7% | | | |
Anhui Conch Cement Co., Ltd. Class H
| | | 984,500 | | 6,013,640 |
Other Securities
| | | | | 4,123,099 |
| | | | | | 10,136,739 |
| CONSUMER FINANCE — 0.0% (a) | | | |
Other Securities
| | | | | 440,344 |
| CONTAINERS & PACKAGING — 0.0% (a) | | | |
Other Security
| | | | | 290,453 |
| DISTRIBUTORS — 0.0% (a) | | | |
Other Security
| | | | | 556,519 |
| DIVERSIFIED CONSUMER SERVICES — 1.4% | | | |
New Oriental Education & Technology Group, Inc. ADR (c)
| | | 97,100 | | 8,747,739 |
TAL Education Group ADR (c)
| | | 248,849 | | 8,978,472 |
Other Securities
| | | | | 2,711,455 |
| | | | | | 20,437,666 |
| DIVERSIFIED FINANCIAL SERVICES — 0.1% | | | |
Other Security
| | | | | 1,626,915 |
| DIVERSIFIED TELECOMMUNICATION SERVICES — 1.6% | | | |
China Telecom Corp., Ltd. Class H
| | | 12,416,951 | | 6,896,593 |
China Tower Corp., Ltd. Class H (c)(e)
| | | 30,768,000 | | 7,133,518 |
China Unicom Hong Kong, Ltd.
| | | 5,079,805 | | 6,438,775 |
Other Securities
| | | | | 2,591,211 |
| | | | | | 23,060,097 |
| ELECTRICAL EQUIPMENT — 0.4% | | | |
Tech Pro Technology Development, Ltd. (b)(c)(d)
| | | 4,481,396 | | 19,410 |
Other Securities
| | | | | 6,030,683 |
| | | | | | 6,050,093 |
See accompanying notes to financial statements.
22
SPDR S&P CHINA ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.0% | | | |
Anxin-China Holdings, Ltd. (b)(c)
| | | 3,068,000 | | $— |
Sunny Optical Technology Group Co., Ltd.
| | | 485,900 | | 5,802,983 |
Other Securities
| | | | | 8,225,427 |
| | | | | | 14,028,410 |
| ENERGY EQUIPMENT & SERVICES — 0.2% | | | |
Other Securities
| | | | | 2,234,536 |
| ENTERTAINMENT — 1.3% | | | |
NetEase, Inc. ADR
| | | 57,948 | | 13,991,545 |
Other Securities
| | | | | 4,951,962 |
| | | | | | 18,943,507 |
| FOOD & STAPLES RETAILING — 0.1% | | | |
Other Security
| | | | | 1,849,655 |
| FOOD PRODUCTS — 2.0% | | | |
China Huishan Dairy Holdings Co., Ltd. (b)(c)(d)
| | | 2,729,000 | | — |
China Huiyuan Juice Group, Ltd. (b)(c)(d)
| | | 701,000 | | 135,289 |
China Mengniu Dairy Co., Ltd.
| | | 2,253,220 | | 8,381,458 |
Want Want China Holdings, Ltd.
| | | 5,865,933 | | 4,872,118 |
WH Group, Ltd. (e)
| | | 6,331,606 | | 6,775,265 |
Other Securities
| | | | | 8,442,230 |
| | | | | | 28,606,360 |
| GAS UTILITIES — 0.9% | | | |
China Gas Holdings, Ltd.
| | | 1,741,000 | | 6,121,262 |
Other Securities
| | | | | 6,483,469 |
| | | | | | 12,604,731 |
| HEALTH CARE EQUIPMENT & SUPPLIES — 0.2% | | | |
Other Security
| | | | | 2,136,319 |
| HEALTH CARE PROVIDERS & SERVICES — 0.5% | | | |
Other Securities
| | | | | 6,647,171 |
| HEALTH CARE TECHNOLOGY — 0.1% | | | |
Other Security
| | | | | 1,350,194 |
| HOTELS, RESTAURANTS & LEISURE — 1.4% | | | |
Yum China Holdings, Inc.
| | | 302,617 | | 13,590,529 |
Other Securities
| | | | | 5,938,042 |
| | | | | | 19,528,571 |
| HOUSEHOLD DURABLES — 0.3% | | | |
Other Securities
| | | | | 4,910,739 |
See accompanying notes to financial statements.
23
SPDR S&P CHINA ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| HOUSEHOLD PRODUCTS — 0.1% | | | |
Other Security
| | | | | $1,102,249 |
| INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 1.0% | | | |
Other Securities
| | | | | 14,398,920 |
| INDUSTRIAL CONGLOMERATES — 0.7% | | | |
CITIC, Ltd.
| | | 5,642,000 | | 8,423,524 |
Other Security
| | | | | 993,453 |
| | | | | | 9,416,977 |
| INSURANCE — 5.9% | | | |
China Life Insurance Co., Ltd. Class H
| | | 5,862,040 | | 15,756,667 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 2,080,000 | | 8,161,071 |
PICC Property & Casualty Co., Ltd. Class H
| | | 5,926,287 | | 6,734,117 |
Ping An Insurance Group Co. of China, Ltd. Class H (d)
| | | 3,835,600 | | 42,949,221 |
Other Securities
| | | | | 10,056,676 |
| | | | | | 83,657,752 |
| INTERACTIVE MEDIA & SERVICES — 17.5% | | | |
Baidu, Inc. ADR (c)
| | | 210,710 | | 34,735,544 |
China Metal Recycling Holdings, Ltd. (b)(c)(d)
| | | 268,085 | | — |
Tencent Holdings, Ltd.
| | | 4,155,615 | | 191,106,569 |
Other Securities
| | | | | 22,483,984 |
| | | | | | 248,326,097 |
| INTERNET & DIRECT MARKETING RETAIL — 16.5% | | | |
Alibaba Group Holding, Ltd. ADR (c)
| | | 979,673 | | 178,741,339 |
Ctrip.com International, Ltd. ADR (c)
| | | 310,933 | | 13,584,663 |
JD.com, Inc. ADR (c)(d)
| | | 643,195 | | 19,392,329 |
Meituan Dianping Class B (c)(d)
| | | 2,658,400 | | 17,914,682 |
Other Securities
| | | | | 4,643,134 |
| | | | | | 234,276,147 |
| IT SERVICES — 0.5% | | | |
Other Securities
| | | | | 6,779,931 |
| LIFE SCIENCES TOOLS & SERVICES — 0.3% | | | |
Other Securities
| | | | | 3,966,207 |
| MACHINERY — 1.3% | | | |
China Conch Venture Holdings, Ltd.
| | | 1,398,000 | | 5,004,338 |
Other Securities
| | | | | 14,099,338 |
| | | | | | 19,103,676 |
See accompanying notes to financial statements.
24
SPDR S&P CHINA ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| MARINE — 0.2% | | | |
Other Securities
| | | | | $2,782,270 |
| MEDIA — 0.1% | | | |
Other Security
| | | | | 1,044,924 |
| METALS & MINING — 0.9% | | | |
Other Securities
| | | | | 12,570,658 |
| MULTILINE RETAIL — 0.1% | | | |
Other Securities
| | | | | 821,897 |
| OIL, GAS & CONSUMABLE FUELS — 4.4% | | | |
China Petroleum & Chemical Corp. Class H
| | | 19,672,640 | | 15,512,665 |
China Shenhua Energy Co., Ltd. Class H
| | | 2,751,700 | | 6,274,617 |
CNOOC, Ltd.
| | | 12,353,174 | | 23,132,842 |
PetroChina Co., Ltd. Class H
| | | 16,248,930 | | 10,535,997 |
Other Securities
| | | | | 7,140,246 |
| | | | | | 62,596,367 |
| PAPER & FOREST PRODUCTS — 0.2% | | | |
Other Securities
| | | | | 2,840,028 |
| PERSONAL PRODUCTS — 0.4% | | | |
Hengan International Group Co., Ltd.
| | | 679,500 | | 5,955,401 |
| PHARMACEUTICALS — 1.6% | | | |
China Animal Healthcare, Ltd. (b)(c)(d)
| | | 763,600 | | — |
CSPC Pharmaceutical Group, Ltd.
| | | 3,688,000 | | 6,859,254 |
Other Securities
| | | | | 15,532,450 |
| | | | | | 22,391,704 |
| PROFESSIONAL SERVICES — 0.1% | | | |
Other Security
| | | | | 1,403,008 |
| REAL ESTATE MANAGEMENT & DEVELOPMENT — 6.2% | | | |
China Evergrande Group (d)
| | | 2,393,600 | | 7,958,390 |
China Overseas Land & Investment, Ltd.
| | | 3,177,862 | | 12,063,808 |
China Resources Land, Ltd.
| | | 2,322,555 | | 10,414,580 |
China Vanke Co., Ltd. Class H
| | | 1,173,864 | | 4,934,746 |
Country Garden Holdings Co., Ltd.
| | | 5,722,500 | | 8,937,363 |
Sunac China Holdings, Ltd. (d)
| | | 1,681,300 | | 8,374,427 |
Other Securities
| | | | | 35,494,481 |
| | | | | | 88,177,795 |
| ROAD & RAIL — 0.1% | | | |
Other Securities
| | | | | 1,710,819 |
See accompanying notes to financial statements.
25
SPDR S&P CHINA ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.4% | | | |
Hanergy Thin Film Power Group, Ltd. (b)(c)(d)
| | | 17,589,376 | | $— |
Other Securities
| | | | | 5,678,856 |
| | | | | | 5,678,856 |
| SOFTWARE — 0.3% | | | |
Other Securities
| | | | | 3,557,442 |
| SPECIALTY RETAIL — 0.2% | | | |
Other Securities
| | | | | 3,501,472 |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.4% | | | |
Coolpad Group, Ltd. (b)(c)
| | | 2,629,400 | | — |
Xiaomi Corp. Class B (c)(d)(e)
| | | 9,187,600 | | 13,319,179 |
Other Securities
| | | | | 6,024,575 |
| | | | | | 19,343,754 |
| TEXTILES, APPAREL & LUXURY GOODS — 1.3% | | | |
ANTA Sports Products, Ltd.
| | | 838,000 | | 5,700,571 |
Shenzhou International Group Holdings, Ltd.
| | | 565,000 | | 7,571,768 |
Other Securities
| | | | | 4,610,895 |
| | | | | | 17,883,234 |
| TRADING COMPANIES & DISTRIBUTORS — 0.0% (a) | | | |
Other Security
| | | | | 174,271 |
| TRANSPORTATION INFRASTRUCTURE — 1.0% | | | |
Other Securities
| | | | | 14,814,522 |
| WATER UTILITIES — 0.6% | | | |
Other Securities
| | | | | 8,242,286 |
| WIRELESS TELECOMMUNICATION SERVICES — 3.1% | | | |
China Mobile, Ltd.
| | | 4,263,004 | | 43,444,903 |
TOTAL COMMON STOCKS
(Cost $1,282,272,741)
| | | | | 1,416,519,312 |
| RIGHTS — 0.0% (a) | | | | | |
| ELECTRICAL EQUIPMENT — 0.0% (a) | | | | | |
Other Security
| | | | | 33,398 |
TOTAL RIGHTS
(Cost $0)
| | | | | 33,398 |
| SHORT-TERM INVESTMENTS — 2.8% | | | | | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (f)(g)
| | | 3,066,720 | | 3,066,720 |
See accompanying notes to financial statements.
26
SPDR S&P CHINA ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
State Street Navigator Securities Lending Government Money Market Portfolio (f)(h)
| | | 36,886,353 | | $36,886,353 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $39,953,073)
| | | | | 39,953,073 |
TOTAL INVESTMENTS — 102.6%
(Cost $1,322,225,814)
| | | | | 1,456,505,783 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.6)%
| | | | | (37,086,577) |
NET ASSETS — 100.0%
| | | | | $1,419,419,206 |
| The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed below may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund's website atwww.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC's website atwww.sec.gov. |
| |
| (a) | Amount is less than 0.05% of net assets. |
| (b) | 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, 2019, total aggregate fair value of the security is $207,904, representing less than 0.05% of the Fund's net assets. |
| (c) | Non-income producing security. |
| (d) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (e) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.7% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (f) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (h) | Investment of cash collateral for securities loaned. |
| ADR= | American Depositary Receipt |
See accompanying notes to financial statements.
27
SPDR S&P CHINA ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $1,416,311,408 | | $— | | $207,904 | | $1,416,519,312 |
Rights
| | — | | 33,398 | | — | | 33,398 |
Short-Term Investments
| | 39,953,073 | | — | | — | | 39,953,073 |
TOTAL INVESTMENTS
| | $1,456,264,481 | | $33,398 | | $207,904 | | $1,456,505,783 |
Affiliate Table
| | Number of
Shares Held
at 9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/19 | | Value at
3/31/19 | | Dividend
Income |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 539,688 | | $539,688 | | $250,365,695 | | $247,838,663 | | $— | | $— | | 3,066,720 | | $3,066,720 | | $68,965 |
State Street Navigator Securities Lending Government Money Market Portfolio
| 14,615,815 | | 14,615,815 | | 71,621,172 | | 49,350,634 | | — | | — | | 36,886,353 | | 36,886,353 | | 298,101 |
Total
| | | $15,155,503 | | $321,986,867 | | $297,189,297 | | $— | | $— | | | | $39,953,073 | | $367,066 |
See accompanying notes to financial statements.
28
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.2% | | | | | |
| AUSTRALIA — 10.0% | | | | | |
Amcor, Ltd.
| | | 2,122,986 | | $23,209,087 |
BHP Group, Ltd.
| | | 2,304,711 | | 63,013,948 |
Fortescue Metals Group, Ltd.
| | | 1,389,103 | | 7,015,786 |
Newcrest Mining, Ltd.
| | | 629,832 | | 11,413,202 |
South32, Ltd.
| | | 4,239,540 | | 11,233,106 |
Woodside Petroleum, Ltd.
| | | 294,891 | | 7,252,052 |
| | | | | | 123,137,181 |
| AUSTRIA — 0.2% | | | | | |
Voestalpine AG
| | | 90,568 | | 2,752,864 |
| BRAZIL — 3.3% | | | | | |
Petroleo Brasileiro SA ADR
| | | 468,931 | | 7,465,381 |
Vale SA ADR
| | | 2,574,994 | | 33,629,422 |
| | | | | | 41,094,803 |
| CANADA — 11.9% | | | | | |
Barrick Gold Corp.
| | | 1,438,981 | | 19,728,430 |
Canadian Natural Resources, Ltd.
| | | 379,638 | | 10,426,227 |
Franco-Nevada Corp.
| | | 153,698 | | 11,526,631 |
Goldcorp, Inc.
| | | 718,121 | | 8,218,923 |
Imperial Oil, Ltd.
| | | 77,181 | | 2,107,536 |
Nutrien, Ltd. (a)
| | | 21,500 | | 1,134,264 |
Nutrien, Ltd. (a)
| | | 1,100,682 | | 58,071,982 |
Suncor Energy, Inc.
| | | 509,542 | | 16,518,780 |
Teck Resources, Ltd. Class B
| | | 416,672 | | 9,643,698 |
Wheaton Precious Metals Corp.
| | | 366,611 | | 8,729,291 |
| | | | | | 146,105,762 |
| CHILE — 0.8% | | | | | |
Antofagasta PLC
| | | 288,933 | | 3,636,935 |
Sociedad Quimica y Minera de Chile SA ADR (b)
| | | 169,871 | | 6,529,841 |
| | | | | | 10,166,776 |
| CHINA — 0.8% | | | | | |
CNOOC, Ltd.
| | | 5,061,000 | | 9,477,347 |
| COLOMBIA — 0.1% | | | | | |
Ecopetrol SA ADR
| | | 78,714 | | 1,687,628 |
| FINLAND — 3.4% | | | | | |
Stora Enso Oyj Class R
| | | 1,053,605 | | 12,889,223 |
See accompanying notes to financial statements.
29
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
UPM-Kymmene Oyj
| | | 975,481 | | $28,478,287 |
| | | | | | 41,367,510 |
| FRANCE — 3.6% | | | | | |
TOTAL SA (b)
| | | 795,655 | | 44,241,224 |
| GERMANY — 0.9% | | | | | |
KS AG
| | | 350,855 | | 6,437,265 |
ThyssenKrupp AG
| | | 332,506 | | 4,571,724 |
| | | | | | 11,008,989 |
| HONG KONG — 0.2% | | | | | |
Nine Dragons Paper Holdings, Ltd.
| | | 3,068,000 | | 2,923,412 |
| IRELAND — 1.0% | | | | | |
Smurfit Kappa Group PLC
| | | 432,718 | | 12,088,629 |
| ISRAEL — 0.5% | | | | | |
Israel Chemicals, Ltd.
| | | 1,255,946 | | 6,533,473 |
| ITALY — 1.2% | | | | | |
Eni SpA
| | | 800,345 | | 14,157,605 |
| JAPAN — 3.2% | | | | | |
JFE Holdings, Inc.
| | | 477,000 | | 8,095,447 |
Nippon Steel & Sumitomo Metal Corp.
| | | 760,400 | | 13,423,875 |
Oji Holdings Corp.
| | | 1,857,800 | | 11,530,999 |
Sumitomo Metal Mining Co., Ltd.
| | | 227,500 | | 6,721,100 |
| | | | | | 39,771,421 |
| LUXEMBOURG — 0.9% | | | | | |
ArcelorMittal
| | | 527,978 | | 10,705,505 |
| MEXICO — 0.1% | | | | | |
Fresnillo PLC
| | | 154,267 | | 1,750,462 |
| NETHERLANDS — 3.9% | | | | | |
OCI NV (c)
| | | 115,609 | | 3,180,383 |
Royal Dutch Shell PLC Class A
| | | 1,419,262 | | 44,634,544 |
| | | | | | 47,814,927 |
| NORWAY — 2.1% | | | | | |
Equinor ASA
| | | 343,664 | | 7,536,456 |
Norsk Hydro ASA
| | | 1,122,089 | | 4,553,975 |
Yara International ASA
| | | 322,323 | | 13,204,928 |
| | | | | | 25,295,359 |
| PERU — 0.2% | | | | | |
Southern Copper Corp.
| | | 71,252 | | 2,827,279 |
See accompanying notes to financial statements.
30
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| RUSSIA — 3.1% | | | | | |
Gazprom PJSC ADR
| | | 1,901,666 | | $8,584,120 |
LUKOIL PJSC ADR
| | | 118,055 | | 10,577,728 |
MMC Norilsk Nickel PJSC ADR
| | | 496,193 | | 10,479,596 |
Novatek PJSC GDR
| | | 27,130 | | 4,650,082 |
Novolipetsk Steel PJSC GDR
| | | 80,292 | | 2,061,096 |
Rosneft Oil Co. PJSC GDR (a)
| | | 371,443 | | 2,332,662 |
| | | | | | 38,685,284 |
| SINGAPORE — 1.3% | | | | | |
Wilmar International, Ltd.
| | | 6,610,619 | | 16,154,410 |
| SOUTH KOREA — 1.5% | | | | | |
Korea Zinc Co., Ltd.
| | | 10,527 | | 4,312,444 |
POSCO ADR
| | | 264,563 | | 14,606,523 |
| | | | | | 18,918,967 |
| SPAIN — 0.6% | | | | | |
Repsol SA
| | | 412,341 | | 7,065,335 |
| SWEDEN — 0.8% | | | | | |
Svenska Cellulosa AB SCA Class B
| | | 1,109,656 | | 9,642,629 |
| SWITZERLAND — 3.4% | | | | | |
Glencore PLC
| | | 9,998,519 | | 41,424,353 |
| UNITED KINGDOM — 10.1% | | | | | |
Anglo American PLC
| | | 1,160,741 | | 31,059,271 |
BP PLC
| | | 6,288,407 | | 45,764,113 |
DS Smith PLC
| | | 2,504,634 | | 10,962,649 |
Mondi PLC
| | | 673,189 | | 14,894,843 |
Rio Tinto, Ltd.
| | | 306,579 | | 21,322,678 |
| | | | | | 124,003,554 |
| UNITED STATES — 30.1% | | | | | |
Anadarko Petroleum Corp.
| | | 79,974 | | 3,637,218 |
Archer-Daniels-Midland Co.
| | | 619,628 | | 26,724,556 |
Avery Dennison Corp.
| | | 95,789 | | 10,824,157 |
Bunge, Ltd.
| | | 155,946 | | 8,276,054 |
CF Industries Holdings, Inc.
| | | 254,901 | | 10,420,353 |
Chevron Corp.
| | | 303,825 | | 37,425,164 |
ConocoPhillips
| | | 182,968 | | 12,211,284 |
Devon Energy Corp.
| | | 74,184 | | 2,341,247 |
EOG Resources, Inc.
| | | 92,141 | | 8,769,980 |
Exxon Mobil Corp.
| | | 673,143 | | 54,389,954 |
FMC Corp.
| | | 148,700 | | 11,423,134 |
See accompanying notes to financial statements.
31
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Freeport-McMoRan, Inc.
| | | 1,196,706 | | $15,425,540 |
Halliburton Co.
| | | 139,431 | | 4,085,328 |
Ingredion, Inc.
| | | 73,498 | | 6,959,526 |
International Paper Co.
| | | 447,643 | | 20,712,442 |
Marathon Petroleum Corp.
| | | 109,881 | | 6,576,378 |
Mosaic Co.
| | | 391,564 | | 10,693,613 |
Newmont Mining Corp.
| | | 439,953 | | 15,737,119 |
Nucor Corp.
| | | 259,258 | | 15,127,704 |
Occidental Petroleum Corp.
| | | 119,929 | | 7,939,300 |
Packaging Corp. of America
| | | 104,388 | | 10,374,080 |
Phillips 66
| | | 67,454 | | 6,419,597 |
Pioneer Natural Resources Co.
| | | 26,982 | | 4,108,819 |
Rayonier, Inc. REIT
| | | 143,106 | | 4,510,701 |
Schlumberger, Ltd.
| | | 220,049 | | 9,587,535 |
Sealed Air Corp.
| | | 173,469 | | 7,989,982 |
Valero Energy Corp.
| | | 67,312 | | 5,710,077 |
Westrock Co.
| | | 279,966 | | 10,736,696 |
Weyerhaeuser Co. REIT
| | | 828,057 | | 21,811,021 |
| | | | | | 370,948,559 |
TOTAL COMMON STOCKS
(Cost $1,244,277,234)
| | | | | 1,221,751,247 |
| | | | |
| SHORT-TERM INVESTMENTS — 0.6% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (d) (e)
| 825,189 | 825,189 |
State Street Navigator Securities Lending Government Money Market Portfolio (d) (f)
| 6,467,092 | 6,467,092 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,292,281)
| 7,292,281 |
TOTAL INVESTMENTS — 99.8%
(Cost $1,251,569,515)
| 1,229,043,528 |
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%
| 1,994,075 |
NET ASSETS — 100.0%
| $1,231,037,603 |
See accompanying notes to financial statements.
32
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| (a) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (c) | Non-income producing security. |
| (d) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (e) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (f) | Investment of cash collateral for securities loaned. |
| ADR | = American Depositary Receipt |
| GDR | = Global Depositary Receipt |
| REIT | = Real Estate Investment Trust |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $1,221,751,247 | | $— | | $— | | $1,221,751,247 |
Short-Term Investments
| | 7,292,281 | | — | | — | | 7,292,281 |
TOTAL INVESTMENTS
| | $1,229,043,528 | | $— | | $— | | $1,229,043,528 |
Affiliate Table
| | Number of
Shares Held
at 9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/19 | | Value at
3/31/19 | | Dividend
Income |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 1,438,649 | | $1,438,649 | | $69,597,429 | | $70,210,889 | | $— | | $— | | 825,189 | | $825,189 | | $35,024 |
State Street Navigator Securities Lending Government Money Market Portfolio
| 5,844,772 | | 5,844,772 | | 283,592,288 | | 282,969,968 | | — | | — | | 6,467,092 | | 6,467,092 | | 349,941 |
Total
| | | $7,283,421 | | $353,189,717 | | $353,180,857 | | $— | | $— | | | | $7,292,281 | | $384,965 |
See accompanying notes to financial statements.
33
SPDR S&P INTERNATIONAL SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 98.7% | | | | | |
| AUSTRALIA – 6.6% | | | | | |
AET&D Holdings No. 1 Pty, Ltd. (a)(b)(c)
| | 110,316 | | $— |
Astro Japan Property Group REIT (a)(b)
| | 33,776 | | — |
InvoCare, Ltd. (c)
| | 133,520 | | 1,347,760 |
OceanaGold Corp.
| | 351,278 | | 1,104,358 |
Quintis, Ltd. (a)(b)(c)
| | 148,677 | | — |
Regis Resources, Ltd.
| | 321,291 | | 1,209,614 |
Tiger Resources, Ltd. (a)(b)
| | 2,464 | | — |
Other Securities
| | | | 49,757,331 |
| | | | | | 53,419,063 |
| AUSTRIA – 0.3% | | | | | |
Other Securities
| | | | 2,825,909 |
| BELGIUM – 1.2% | | | | | |
Barco NV
| | 11,024 | | 1,690,875 |
Other Securities
| | | | 8,201,764 |
| | | | | | 9,892,639 |
| CANADA – 8.2% | | | | | |
Alamos Gold, Inc. Class A
| | 238,805 | | 1,211,945 |
Colossus Minerals, Inc. (a)(b)
| | 390 | | — |
Cronos Group, Inc. (b)(c)
| | 92,320 | | 1,696,513 |
GASFRAC Energy Services, Inc. (a)(b)
| | 21,904 | | — |
Great Basin Gold, Ltd. (a)(b)
| | 266,255 | | — |
Hudbay Minerals, Inc.
| | 173,943 | | 1,243,426 |
Lightstream Resources, Ltd. (a)(b)
| | 64,736 | | — |
Poseidon Concepts Corp. (a)(b)
| | 43,064 | | — |
Southern Pacific Resource Corp. (a)(b)
| | 281,142 | | — |
TransAlta Corp.
| | 153,912 | | 1,131,342 |
Twin Butte Energy, Ltd. (a)(b)
| | 83,708 | | — |
Other Securities
| | | | 61,263,139 |
| | | | | | 66,546,365 |
| CHINA – 0.2% | | | | | |
Other Securities
| | | | 1,543,038 |
| DENMARK – 0.8% | | | | | |
Amagerbanken A/S (a)(b)
| | 308,573 | | — |
OW Bunker A/S (a)(b)(c)
| | 9,828 | | — |
Other Securities
| | | | 6,569,270 |
| | | | | | 6,569,270 |
See accompanying notes to financial statements.
34
SPDR S&P INTERNATIONAL SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| FINLAND – 0.7% | | | | | |
Other Securities
| | | | $5,440,392 |
| FRANCE – 2.0% | | | | | |
Other Securities
| | | | 16,361,366 |
| GERMANY – 2.5% | | | | | |
Indus Holding AG
| | 24,422 | | 1,177,785 |
Other Securities
| | | | 19,267,257 |
| | | | | | 20,445,042 |
| GREECE – 0.0% (d) | | | | | |
TT Hellenic Postbank SA (a)(b)
| | 129,076 | | — |
| HONG KONG – 2.0% | | | | | |
China Ocean Resources Co., Ltd. (a)(b)(c)
| | 26,593 | | — |
Peace Mark Holdings, Ltd. (a)(b)
| | 504,228 | | — |
Road King Infrastructure, Ltd.
| | 536,482 | | 1,216,489 |
Shenzhou Space Park Group, Ltd. (a)(b)
| | 780,000 | | — |
SMI Holdings Group, Ltd. (a)(b)(c)
| | 624,081 | | 93,016 |
Superb Summit International Group, Ltd. (a)(b)(c)
| | 1,685,500 | | — |
Tou Rong Chang Fu Group, Ltd. (a)(b)
| | 2,412,000 | | 18,128 |
Town Health International Medical Group, Ltd. (a)(b)(c)
| | 1,848,000 | | 81,218 |
Other Securities
| | | | 14,446,048 |
| | | | | | 15,854,899 |
| INDIA – 0.0% (d) | | | | | |
Other Security
| | | | 159,146 |
| IRELAND – 1.2% | | | | | |
Amarin Corp. PLC ADR (b)(c)
| | 167,258 | | 3,472,276 |
Other Securities
| | | | 5,959,504 |
| | | | | | 9,431,780 |
| ISRAEL – 1.7% | | | | | |
Other Securities
| | | | 13,837,357 |
| ITALY – 1.2% | | | | | |
Other Securities
| | | | 9,749,155 |
| JAPAN – 37.0% | | | | | |
Awa Bank, Ltd.
| | 51,800 | | 1,316,937 |
DTS Corp.
| | 35,462 | | 1,310,382 |
Fukuoka REIT Corp.
| | 897 | | 1,380,125 |
Goldwin, Inc. (c)
| | 11,700 | | 1,703,971 |
Iwatani Corp. (c)
| | 47,400 | | 1,522,401 |
Japan Excellent, Inc. REIT
| | 768 | | 1,116,422 |
Japan Logistics Fund, Inc. REIT
| | 676 | | 1,434,633 |
See accompanying notes to financial statements.
35
SPDR S&P INTERNATIONAL SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Kanematsu Corp.
| | 118,299 | | $1,352,019 |
Kiyo Bank, Ltd.
| | 96,360 | | 1,343,303 |
Marudai Food Co., Ltd. (c)
| | 63,231 | | 1,074,559 |
Maruha Nichiro Corp.
| | 37,720 | | 1,349,516 |
Nakanishi, Inc.
| | 65,740 | | 1,284,687 |
NET One Systems Co., Ltd.
| | 63,700 | | 1,603,938 |
Nikkon Holdings Co., Ltd.
| | 82,380 | | 1,949,254 |
NIPPON REIT Investment Corp.
| | 473 | | 1,824,737 |
Nippon Suisan Kaisha, Ltd.
| | 174,499 | | 1,332,174 |
Premier Investment Corp. REIT
| | 1,460 | | 1,841,406 |
Shimachu Co., Ltd.
| | 46,960 | | 1,223,586 |
Shochiku Co., Ltd. (c)
| | 13,060 | | 1,463,107 |
Toagosei Co., Ltd.
| | 140,700 | | 1,487,275 |
Toei Co., Ltd.
| | 8,740 | | 1,163,122 |
Zenrin Co., Ltd. (c)
| | 47,965 | | 1,062,133 |
Other Securities
| | | | 268,941,338 |
| | | | | | 300,081,025 |
| LIECHTENSTEIN – 0.0% (d) | | | | | |
Other Security
| | | | 256,340 |
| LUXEMBOURG – 0.2% | | | | | |
Other Securities
| | | | 1,649,046 |
| MACAU – 0.1% | | | | | |
Other Security
| | | | 553,646 |
| MALTA – 0.0% (d) | | | | | |
Other Securities
| | | | 420,749 |
| NETHERLANDS – 1.7% | | | | | |
BE Semiconductor Industries NV
| | 43,563 | | 1,160,257 |
Corbion NV
| | 43,889 | | 1,320,724 |
Other Securities
| | | | 11,086,854 |
| | | | | | 13,567,835 |
| NEW ZEALAND – 1.3% | | | | | |
Other Securities
| | | | 10,892,357 |
| NORWAY – 1.4% | | | | | |
Other Securities
| | | | 11,235,199 |
| PERU – 0.1% | | | | | |
Other Security
| | | | 603,844 |
| PORTUGAL – 0.2% | | | | | |
Altri SGPS SA
| | 142,174 | | 1,114,287 |
See accompanying notes to financial statements.
36
SPDR S&P INTERNATIONAL SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Other Securities
| | | | $426,867 |
| | | | | | 1,541,154 |
| SINGAPORE – 1.7% | | | | | |
Ezra Holdings, Ltd. (a)(b)(c)
| | 1,444,295 | | — |
Hyflux, Ltd. (a)(b)
| | 33,300 | | — |
Midas Holdings, Ltd. (a)(b)
| | 1,078,700 | | — |
Swiber Holdings, Ltd. (a)(b)(c)
| | 100,100 | | — |
Technics Oil & Gas, Ltd. (a)(b)
| | 1,254 | | — |
Other Securities
| | | | 13,664,447 |
| | | | | | 13,664,447 |
| SOUTH KOREA – 10.6% | | | | | |
CNK International Co., Ltd. (a)(b)
| | 16,071 | | — |
Finetex EnE, Inc. (a)(b)
| | 52,969 | | — |
Hanjin Shipping Co., Ltd. (a)(b)
| | 1,732 | | — |
Woojeon Co., Ltd. (a)(b)
| | 7,674 | | — |
Other Securities
| | | | 86,445,336 |
| | | | | | 86,445,336 |
| SPAIN – 1.0% | | | | | |
Let's GOWEX SA (a)(b)(c)
| | 9,561 | | — |
Other Securities
| | | | 8,017,886 |
| | | | | | 8,017,886 |
| SWEDEN – 3.2% | | | | | |
Vitrolife AB
| | 47,089 | | 1,074,508 |
Wihlborgs Fastigheter AB
| | 172,526 | | 2,357,066 |
Other Securities
| | | | 22,154,800 |
| | | | | | 25,586,374 |
| SWITZERLAND – 2.3% | | | | | |
Valora Holding AG
| | 5,120 | | 1,411,226 |
Other Securities
| | | | 17,473,744 |
| | | | | | 18,884,970 |
| UNITED ARAB EMIRATES – 0.0% (d) | | | | | |
Other Security
| | | | 89 |
| UNITED KINGDOM – 8.4% | | | | | |
Assura PLC REIT
| | 1,553,793 | | 1,162,161 |
Big Yellow Group PLC REIT
| | 85,799 | | 1,108,501 |
Bovis Homes Group PLC
| | 77,728 | | 1,077,150 |
Dialog Semiconductor PLC (b)
| | 39,258 | | 1,196,354 |
Drax Group PLC
| | 228,858 | | 1,128,440 |
See accompanying notes to financial statements.
37
SPDR S&P INTERNATIONAL SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
EI Group PLC (b)
| | 474,862 | | $1,317,978 |
Greene King PLC
| | 172,661 | | 1,497,057 |
Greggs PLC
| | 56,170 | | 1,346,007 |
J D Wetherspoon PLC
| | 89,426 | | 1,526,498 |
Johnston Press PLC (a)(b)
| | 358 | | — |
Lb-shell PLC (a)(b)
| | 571 | | — |
QinetiQ Group PLC
| | 306,905 | | 1,204,537 |
Senior PLC
| | 459,735 | | 1,307,144 |
Sole Realisation Co. PLC (a)(b)
| | 16,733 | | — |
Other Securities
| | | | 54,217,561 |
| | | | | | 68,089,388 |
| UNITED STATES – 0.9% | | | | | |
Ferroglobe Representation & Warranty Insurance Trust (a)(b)
| | 19,857 | | — |
Other Securities
| | | | 7,491,763 |
| | | | | | 7,491,763 |
TOTAL COMMON STOCKS
(Cost $848,179,326)
| | | | | 801,056,869 |
| WARRANTS — 0.0% (d) | | | | | |
| FRANCE – 0.0% (d) | | | | | |
Other Securities
| | | | | 254 |
| SINGAPORE – 0.0% (d) | | | | | |
Other Securities
| | | | | 85 |
| UNITED STATES – 0.0% (d) | | | | | |
Other Security
| | | | | — |
TOTAL WARRANTS
(Cost $0)
| | | | | 339 |
| RIGHTS — 0.0% (d) | | | | | |
| CANADA – 0.0% (d) | | | | | |
Other Security
| | | | | 67,657 |
| SINGAPORE – 0.0% (d) | | | | | |
Other Security
| | | | | 2,949 |
| SOUTH KOREA – 0.0% (d) | | | | | |
Other Security
| | | | | 28,326 |
| SPAIN – 0.0% (d) | | | | | |
Other Security
| | | | | 18,912 |
See accompanying notes to financial statements.
38
SPDR S&P INTERNATIONAL SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| SWEDEN – 0.0% (d) | | | | | |
Other Security
| | | | | $67,632 |
TOTAL RIGHTS
(Cost $56,757)
| | | | | 185,476 |
| SHORT-TERM INVESTMENTS - 8.8% | | | | | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares Class G Shares 2.43% (e)(f)
| | | 837,193 | | 837,193 |
State Street Navigator Securities Lending Government Money Market Portfolio (e)(g)
| | | 70,288,281 | | 70,288,281 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $71,125,474)
| | | | | 71,125,474 |
TOTAL INVESTMENTS - 107.5%
(Cost $919,361,557)
| | | | | 872,368,158 |
LIABILITIES IN EXCESS OF OTHER ASSETS - (7.5)%
| | | | | (60,645,291) |
NET ASSETS - 100.0%
| | | | | $811,722,867 |
| The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed below may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund's website atwww.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC's website atwww.sec.gov. |
| |
| (a) | 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, 2019, total aggregate fair value of securities is $192,362, representing less than 0.05% of the Fund's net assets. |
| (b) | Non-income producing security. |
| (c) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (d) | Amount is less than 0.05% of net assets. |
| (e) | 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, 2019 are shown in the Affiliate Table below. |
| (f) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (g) | Investment of cash collateral for securities loaned. |
| REIT | Real Estate Investment Trust |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
39
SPDR S&P INTERNATIONAL SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $799,481,885 | | $1,382,622 | | $192,362 | | $801,056,869 |
Rights
| | 86,544 | | 98,932 | | — | | 185,476 |
Warrants
| | 254 | | 85 | | — | | 339 |
Short-Term Investments
| | 71,125,474 | | — | | — | | 71,125,474 |
TOTAL INVESTMENTS
| | $870,694,157 | | $1,481,639 | | $192,362 | | $872,368,158 |
Affiliate Table
| | Number of
Shares Held
at 9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/19 | | Value at
3/31/19 | | Dividend
Income |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 116,772 | | $116,772 | | $35,603,015 | | $34,882,594 | | $— | | $— | | 837,193 | | $837,193 | | $28,672 |
State Street Navigator Securities Lending Government Money Market Portfolio
| 80,083,724 | | 80,083,724 | | 70,376,810 | | 80,172,253 | | — | | — | | 70,288,281 | | 70,288,281 | | 1,015,109 |
Total
| | | $80,200,496 | | $105,979,825 | | $115,054,847 | | $— | | $— | | | | $71,125,474 | | $1,043,781 |
See accompanying notes to financial statements.
40
SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.5% | | | | | |
| CANADA — 38.7% | | | | | |
Agnico Eagle Mines, Ltd.
| | | 439,242 | | $19,102,481 |
ARC Resources, Ltd. (a)
| | | 125,611 | | 857,496 |
Barrick Gold Corp.
| | | 3,262,702 | | 44,741,720 |
Cameco Corp.
| | | 140,061 | | 1,651,230 |
Canadian Natural Resources, Ltd.
| | | 428,045 | | 11,755,658 |
Cenovus Energy, Inc.
| | | 361,909 | | 3,142,441 |
Crescent Point Energy Corp.
| | | 193,399 | | 626,833 |
Encana Corp.
| | | 527,984 | | 3,825,656 |
First Quantum Minerals, Ltd.
| | | 1,290,967 | | 14,639,882 |
Franco-Nevada Corp.
| | | 349,005 | | 26,173,742 |
Goldcorp, Inc.
| | | 1,628,216 | | 18,634,996 |
Husky Energy, Inc.
| | | 106,699 | | 1,058,244 |
Imperial Oil, Ltd.
| | | 83,858 | | 2,289,861 |
Kinross Gold Corp. (b)
| | | 2,341,118 | | 8,061,037 |
Lundin Mining Corp.
| | | 1,194,994 | | 5,545,838 |
Nutrien, Ltd.
| | | 815,407 | | 43,017,991 |
PrairieSky Royalty, Ltd. (a)
| | | 73,878 | | 995,400 |
Seven Generations Energy, Ltd. Class A (b)
| | | 97,655 | | 705,394 |
Suncor Energy, Inc.
| | | 574,088 | | 18,611,289 |
Teck Resources, Ltd. Class B
| | | 945,199 | | 21,876,233 |
Tourmaline Oil Corp.
| | | 89,516 | | 1,382,994 |
Vermilion Energy, Inc. (a)
| | | 53,955 | | 1,332,367 |
West Fraser Timber Co., Ltd.
| | | 71,552 | | 3,481,328 |
Wheaton Precious Metals Corp.
| | | 831,339 | | 19,794,823 |
| | | | | | 273,304,934 |
| UNITED STATES — 60.8% | | | | | |
Anadarko Petroleum Corp.
| | | 178,985 | | 8,140,238 |
Apache Corp.
| | | 134,728 | | 4,669,672 |
Archer-Daniels-Midland Co.
| | | 746,771 | | 32,208,233 |
Bunge, Ltd.
| | | 187,930 | | 9,973,445 |
Cabot Oil & Gas Corp.
| | | 152,995 | | 3,993,169 |
CF Industries Holdings, Inc.
| | | 307,411 | | 12,566,962 |
Chevron Corp.
| | | 587,527 | | 72,371,576 |
Cimarex Energy Co.
| | | 33,920 | | 2,371,008 |
Concho Resources, Inc.
| | | 71,099 | | 7,889,145 |
ConocoPhillips
| | | 408,591 | | 27,269,363 |
Continental Resources, Inc. (b)
| | | 30,636 | | 1,371,574 |
Devon Energy Corp.
| | | 166,142 | | 5,243,442 |
EOG Resources, Inc.
| | | 205,864 | | 19,594,136 |
See accompanying notes to financial statements.
41
SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
EQT Corp.
| | | 90,080 | | $1,868,259 |
Exxon Mobil Corp.
| | | 896,041 | | 72,400,113 |
FMC Corp.
| | | 179,331 | | 13,776,207 |
Freeport-McMoRan, Inc.
| | | 2,713,341 | | 34,974,965 |
Hess Corp.
| | | 88,299 | | 5,318,249 |
Ingredion, Inc.
| | | 88,629 | | 8,392,280 |
Marathon Oil Corp.
| | | 295,011 | | 4,929,634 |
Mosaic Co.
| | | 472,427 | | 12,901,981 |
Newmont Mining Corp.
| | | 997,442 | | 35,678,500 |
Noble Energy, Inc.
| | | 170,283 | | 4,211,099 |
Occidental Petroleum Corp.
| | | 268,006 | | 17,741,997 |
Pioneer Natural Resources Co.
| | | 60,463 | | 9,207,306 |
| | | | | | 429,062,553 |
TOTAL COMMON STOCKS
(Cost $657,804,235)
| | | | | 702,367,487 |
| | | | |
| SHORT-TERM INVESTMENTS — 0.8% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (c) (d)
| 2,223,036 | 2,223,036 |
State Street Navigator Securities Lending Government Money Market Portfolio (c) (e)
| 3,019,725 | 3,019,725 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,242,761)
| 5,242,761 |
TOTAL INVESTMENTS — 100.3%
(Cost $663,046,996)
| 707,610,248 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%
| (1,893,489) |
NET ASSETS — 100.0%
| $705,716,759 |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (b) | Non-income producing security. |
| (c) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (e) | Investment of cash collateral for securities loaned. |
See accompanying notes to financial statements.
42
SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $702,367,487 | | $— | | $— | | $702,367,487 |
Short-Term Investments
| | 5,242,761 | | — | | — | | 5,242,761 |
TOTAL INVESTMENTS
| | $707,610,248 | | $— | | $— | | $707,610,248 |
Affiliate Table
| | Number of
Shares Held
at 9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/19 | | Value at
3/31/19 | | Dividend
Income |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 2,632,481 | | $2,632,481 | | $21,056,500 | | $21,465,945 | | $— | | $— | | 2,223,036 | | $2,223,036 | | $22,566 |
State Street Navigator Securities Lending Government Money Market Portfolio
| 48,221,868 | | 48,221,868 | | 151,284,156 | | 196,486,299 | | — | | — | | 3,019,725 | | 3,019,725 | | 11,976 |
Total
| | | $50,854,349 | | $172,340,656 | | $217,952,244 | | $— | | $— | | | | $5,242,761 | | $34,542 |
See accompanying notes to financial statements.
43
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2019 (Unaudited)
| | SPDR Dow Jones Global Real Estate ETF | | SPDR Dow Jones International Real Estate ETF | | SPDR S&P China ETF |
| ASSETS | | | | | |
Investments in unaffiliated issuers, at value*
| $2,288,734,591 | | $2,350,471,875 | | $1,416,552,710 |
Investments in affiliated issuers, at value
| 38,714,860 | | 25,719,556 | | 39,953,073 |
Total Investments
| 2,327,449,451 | | 2,376,191,431 | | 1,456,505,783 |
Foreign currency, at value
| 1,331,399 | | 2,138,007 | | 155,873 |
Cash
| 2,987 | | — | | — |
Receivable for investments sold
| — | | 15,668,328 | | — |
Dividends receivable — unaffiliated issuers
| 9,637,917 | | 12,143,519 | | 75,158 |
Dividends receivable — affiliated issuers
| 6,116 | | 3,344 | | 3,124 |
Securities lending income receivable — unaffiliated issuers
| — | | 72,798 | | 146,977 |
Securities lending income receivable — affiliated issuers
| 31,643 | | 107,960 | | 116,453 |
Receivable for foreign taxes recoverable
| 353,686 | | 1,116,941 | | — |
TOTAL ASSETS
| 2,338,813,199 | | 2,407,442,328 | | 1,457,003,368 |
| LIABILITIES | | | | | |
Payable upon return of securities loaned
| 34,628,319 | | 24,606,485 | | 36,886,353 |
Payable for investments purchased
| 4,981,225 | | 1,863,042 | | — |
Payable for fund shares repurchased
| — | | 15,778,761 | | — |
Advisory fee payable
| 964,664 | | 1,189,508 | | 695,985 |
Trustees’ fees and expenses payable
| 3,546 | | 6,435 | | 1,824 |
TOTAL LIABILITIES
| 40,577,754 | | 43,444,231 | | 37,584,162 |
NET ASSETS
| $2,298,235,445 | | $2,363,998,097 | | $1,419,419,206 |
| NET ASSETS CONSIST OF: | | | | | |
Paid-in Capital
| $2,193,059,824 | | $2,967,697,901 | | $1,442,622,370 |
Total distributable earnings (loss)
| 105,175,621 | | (603,699,804) | | (23,203,164) |
NET ASSETS
| $2,298,235,445 | | $2,363,998,097 | | $1,419,419,206 |
| NET ASSET VALUE PER SHARE | | | | | |
Net asset value per share
| $50.07 | | $39.25 | | $99.96 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 45,900,000 | | 60,235,379 | | 14,200,000 |
| COST OF INVESTMENTS: | | | | | |
Investments in unaffiliated issuers
| $2,110,647,075 | | $2,253,743,971 | | $1,282,272,741 |
Investments in affiliated issuers
| 38,714,860 | | 25,719,556 | | 39,953,073 |
Total cost of investments
| $2,149,361,935 | | $2,279,463,527 | | $1,322,225,814 |
Foreign currency, at cost
| $1,330,718 | | $2,139,118 | | $155,948 |
* Includes investments in securities on loan, at value
| $40,164,158 | | $31,556,129 | | $127,867,768 |
See accompanying notes to financial statements.
44
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)
March 31, 2019 (Unaudited)
| | SPDR S&P Global Natural Resources ETF | | SPDR S&P International Small Cap ETF | | SPDR S&P North American Natural Resources ETF |
| ASSETS | | | | | |
Investments in unaffiliated issuers, at value*
| $1,221,751,247 | | $801,242,684 | | $702,367,487 |
Investments in affiliated issuers, at value
| 7,292,281 | | 71,125,474 | | 5,242,761 |
Total Investments
| 1,229,043,528 | | 872,368,158 | | 707,610,248 |
Foreign currency, at value
| 5,402,684 | | 4,557,312 | | 500,968 |
Cash
| — | | 112,892 | | — |
Receivable for investments sold
| — | | 2,198 | | — |
Dividends receivable — unaffiliated issuers
| 5,354,716 | | 4,779,728 | | 820,522 |
Dividends receivable — affiliated issuers
| 3,334 | | 1,350 | | 3,198 |
Securities lending income receivable — unaffiliated issuers
| 36,212 | | 77,740 | | 4,989 |
Securities lending income receivable — affiliated issuers
| 124,106 | | 175,625 | | 3,655 |
Receivable for foreign taxes recoverable
| 75,608 | | 276,446 | | — |
Other Receivable
| 7,622 | | 696 | | — |
TOTAL ASSETS
| 1,240,047,810 | | 882,352,145 | | 708,943,580 |
| LIABILITIES | | | | | |
Payable upon return of securities loaned
| 6,467,092 | | 70,288,281 | | 3,019,725 |
Payable for investments purchased
| 2,123,741 | | 24,975 | | — |
Deferred foreign taxes payable
| — | | 37,193 | | — |
Advisory fee payable
| 417,672 | | 277,571 | | 206,092 |
Trustees’ fees and expenses payable
| 1,702 | | 1,258 | | 1,004 |
TOTAL LIABILITIES
| 9,010,207 | | 70,629,278 | | 3,226,821 |
NET ASSETS
| $1,231,037,603 | | $811,722,867 | | $705,716,759 |
| NET ASSETS CONSIST OF: | | | | | |
Paid-in Capital
| $1,461,597,457 | | $922,886,557 | | $667,141,031 |
Total distributable earnings (loss)**
| (230,559,854) | | (111,163,690) | | 38,575,728 |
NET ASSETS
| $1,231,037,603 | | $811,722,867 | | $705,716,759 |
| NET ASSET VALUE PER SHARE | | | | | |
Net asset value per share
| $46.28 | | $30.29 | | $32.60 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 26,600,000 | | 26,800,000 | | 21,650,000 |
| COST OF INVESTMENTS: | | | | | |
Investments in unaffiliated issuers
| $1,244,277,234 | | $848,236,083 | | $657,804,235 |
Investments in affiliated issuers
| 7,292,281 | | 71,125,474 | | 5,242,761 |
Total cost of investments
| $1,251,569,515 | | $919,361,557 | | $663,046,996 |
Foreign currency, at cost
| $5,413,455 | | $4,576,013 | | $498,717 |
* Includes investments in securities on loan, at value
| $6,360,931 | | $130,773,149 | | $2,859,463 |
** Includes deferred foreign taxes
| $— | | $37,193 | | $— |
See accompanying notes to financial statements.
45
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2019 (Unaudited)
| | SPDR Dow Jones Global Real Estate ETF | | SPDR Dow Jones International Real Estate ETF |
| INVESTMENT INCOME | | | |
Dividend income — unaffiliated issuers
| $42,944,485 | | $40,824,158 |
Dividend income — affiliated issuers
| 42,234 | | 28,965 |
Unaffiliated securities lending income
| 12,387 | | 95,272 |
Affiliated securities lending income
| 67,484 | | 190,616 |
Foreign taxes withheld
| (1,848,477) | | (4,708,709) |
TOTAL INVESTMENT INCOME (LOSS)
| 41,218,113 | | 36,430,302 |
| EXPENSES | | | |
Advisory fee
| 5,501,606 | | 7,306,648 |
Trustees’ fees and expenses
| 21,998 | | 29,996 |
Miscellaneous expenses
| 6 | | 5,533 |
TOTAL EXPENSES
| 5,523,610 | | 7,342,177 |
NET INVESTMENT INCOME (LOSS)
| 35,694,503 | | 29,088,125 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | |
| Net realized gain (loss) on: | | | |
Investments — unaffiliated issuers
| (6,249,815) | | (21,752,859) |
In-kind redemptions — unaffiliated issuers
| 22,687,509 | | 51,587,014 |
Foreign currency transactions
| (27,676) | | (61,341) |
Net realized gain (loss)
| 16,410,018 | | 29,772,814 |
| Net change in unrealized appreciation/depreciation on: | | | |
Investments — unaffiliated issuers
| 92,497,615 | | 43,611,437 |
Foreign currency translations
| 10,987 | | 13,581 |
Net change in unrealized appreciation/depreciation
| 92,508,602 | | 43,625,018 |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| 108,918,620 | | 73,397,832 |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $144,613,123 | | $102,485,957 |
See accompanying notes to financial statements.
46
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
For the Six Months Ended March 31, 2019 (Unaudited)
| | SPDR S&P China ETF | | SPDR S&P Global Natural Resources ETF |
| INVESTMENT INCOME | | | |
Dividend income — unaffiliated issuers
| $849,286 | | $23,739,980 |
Dividend income — affiliated issuers
| 68,965 | | 35,024 |
Unaffiliated securities lending income
| 538,807 | | 91,832 |
Affiliated securities lending income
| 298,101 | | 349,941 |
Foreign taxes withheld
| (11,910) | | (1,062,020) |
TOTAL INVESTMENT INCOME (LOSS)
| 1,743,249 | | 23,154,757 |
| EXPENSES | | | |
Advisory fee
| 3,194,621 | | 2,633,004 |
Trustees’ fees and expenses
| 9,987 | | 13,568 |
Miscellaneous expenses
| 153 | | 2,561 |
TOTAL EXPENSES
| 3,204,761 | | 2,649,133 |
NET INVESTMENT INCOME (LOSS)
| (1,461,512) | | 20,505,624 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | |
| Net realized gain (loss) on: | | | |
Investments — unaffiliated issuers
| (16,915,503) | | (13,068,865) |
In-kind redemptions — unaffiliated issuers
| 67,819,778 | | 33,459,901 |
Foreign currency transactions
| (33,882) | | (184,714) |
Net realized gain (loss)
| 50,870,393 | | 20,206,322 |
| Net change in unrealized appreciation/depreciation on: | | | |
Investments — unaffiliated issuers
| 10,250,941 | | (163,276,946) |
Foreign currency translations
| 33,343 | | 31,286 |
Net change in unrealized appreciation/depreciation
| 10,284,284 | | (163,245,660) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| 61,154,677 | | (143,039,338) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $59,693,165 | | $(122,533,714) |
See accompanying notes to financial statements.
47
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
For the Six Months Ended March 31, 2019 (Unaudited)
| | SPDR S&P International Small Cap ETF | | SPDR S&P North American Natural Resources ETF |
| INVESTMENT INCOME | | | |
Dividend income — unaffiliated issuers
| $9,779,710 | | $7,820,816 |
Dividend income — affiliated issuers
| 28,672 | | 22,566 |
Unaffiliated securities lending income
| 462,298 | | 9,204 |
Affiliated securities lending income
| 1,015,109 | | 11,976 |
Foreign taxes withheld
| (993,275) | | (351,692) |
TOTAL INVESTMENT INCOME (LOSS)
| 10,292,514 | | 7,512,870 |
| EXPENSES | | | |
Advisory fee
| 1,603,969 | | 1,165,301 |
Trustees’ fees and expenses
| 7,949 | | 6,570 |
Miscellaneous expenses
| 3,476 | | — |
TOTAL EXPENSES
| 1,615,394 | | 1,171,871 |
NET INVESTMENT INCOME (LOSS)
| 8,677,120 | | 6,340,999 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | |
| Net realized gain (loss) on: | | | |
Investments — unaffiliated issuers*
| (2,315,096) | | (8,325,177) |
In-kind redemptions — unaffiliated issuers
| 8,930,531 | | 16,270,972 |
Foreign currency transactions
| (11,060) | | (23,957) |
Net realized gain (loss)
| 6,604,375 | | 7,921,838 |
| Net change in unrealized appreciation/depreciation on: | | | |
Investments — unaffiliated issuers**
| (95,136,051) | | (41,208,652) |
Foreign currency translations
| (27,871) | | 409 |
Net change in unrealized appreciation/depreciation
| (95,163,922) | | (41,208,243) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| (88,559,547) | | (33,286,405) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $(79,882,427) | | $(26,945,406) |
* Includes foreign capital gain taxes
| $(3,250) | | $— |
** Includes foreign deferred taxes
| $6,412 | | $— |
See accompanying notes to financial statements.
48
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
| | SPDR Dow Jones
Global Real Estate ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $35,694,503 | | $77,353,840 |
Net realized gain (loss)
| 16,410,018 | | 79,515,669 |
Net change in unrealized appreciation/depreciation
| 92,508,602 | | (68,920,515) |
Net increase (decrease) in net assets resulting from operations
| 144,613,123 | | 87,948,994 |
Net equalization credits and charges
| (352,152) | | (269,699) |
Distributions to shareholders
| (33,398,301) | | (96,040,795) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 19,864,663 | | 58,219,518 |
Cost of shares redeemed
| (131,115,024) | | (440,022,954) |
Net income equalization
| 352,152 | | 269,699 |
Net increase (decrease) in net assets from beneficial interest transactions
| (110,898,209) | | (381,533,737) |
Net increase (decrease) in net assets during the period
| (35,539) | | (389,895,237) |
Net assets at beginning of period
| 2,298,270,984 | | 2,688,166,221 |
NET ASSETS AT END OF PERIOD
| $2,298,235,445 | | $2,298,270,984 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 400,000 | | 1,200,000 |
Shares redeemed
| (2,800,000) | | (9,300,000) |
Net increase (decrease)
| (2,400,000) | | (8,100,000) |
See accompanying notes to financial statements.
49
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR Dow Jones
International Real Estate ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $29,088,125 | | $111,932,925 |
Net realized gain (loss)
| 29,772,814 | | 116,708,708 |
Net change in unrealized appreciation/depreciation
| 43,625,018 | | (118,617,529) |
Net increase (decrease) in net assets resulting from operations
| 102,485,957 | | 110,024,104 |
Net equalization credits and charges
| 15,873,848 | | 17,048,570 |
Distributions to shareholders
| (67,812,576) | | (100,321,089) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 88,178,782 | | 142,178,233 |
Cost of shares redeemed
| (749,196,417) | | (816,172,538) |
Net income equalization
| (15,873,848) | | (17,048,570) |
Other capital
| 1,055 | | — |
Net increase (decrease) in net assets from beneficial interest transactions
| (676,890,428) | | (691,042,875) |
Net increase (decrease) in net assets during the period
| (626,343,199) | | (664,291,290) |
Net assets at beginning of period
| 2,990,341,296 | | 3,654,632,586 |
NET ASSETS AT END OF PERIOD
| $2,363,998,097 | | $2,990,341,296 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 2,300,000 | | 3,500,000 |
Shares redeemed
| (20,100,000) | | (20,700,000) |
Net increase (decrease)
| (17,800,000) | | (17,200,000) |
See accompanying notes to financial statements.
50
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR S&P China ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $(1,461,512) | | $18,359,642 |
Net realized gain (loss)
| 50,870,393 | | 1,044,675 |
Net change in unrealized appreciation/depreciation
| 10,284,284 | | (59,528,403) |
Net increase (decrease) in net assets resulting from operations
| 59,693,165 | | (40,124,086) |
Distributions to shareholders
| (12,226,148) | | (23,276,903) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 529,006,776 | | 83,609,512 |
Cost of shares redeemed
| (197,261,991) | | (9,846,888) |
Other capital
| 606,657 | | — |
Net increase (decrease) in net assets from beneficial interest transactions
| 332,351,442 | | 73,762,624 |
Net increase (decrease) in net assets during the period
| 379,818,459 | | 10,361,635 |
Net assets at beginning of period
| 1,039,600,747 | | 1,029,239,112 |
NET ASSETS AT END OF PERIOD
| $1,419,419,206 | | $1,039,600,747 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 5,600,000 | | 700,000 |
Shares redeemed
| (2,100,000) | | (100,000) |
Net increase (decrease)
| 3,500,000 | | 600,000 |
See accompanying notes to financial statements.
51
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR S&P Global Natural Resources ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $20,505,624 | | $44,179,420 |
Net realized gain (loss)
| 20,206,322 | | 80,617,909 |
Net change in unrealized appreciation/depreciation
| (163,245,660) | | 39,120,633 |
Net increase (decrease) in net assets resulting from operations
| (122,533,714) | | 163,917,962 |
Distributions to shareholders
| (26,482,567) | | (36,141,842) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 63,721,185 | | 522,289,400 |
Cost of shares redeemed
| (237,488,818) | | (322,398,136) |
Other capital
| 592 | | — |
Net increase (decrease) in net assets from beneficial interest transactions
| (173,767,041) | | 199,891,264 |
Net increase (decrease) in net assets during the period
| (322,783,322) | | 327,667,384 |
Net assets at beginning of period
| 1,553,820,925 | | 1,226,153,541 |
NET ASSETS AT END OF PERIOD
| $1,231,037,603 | | $1,553,820,925 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 1,400,000 | | 10,550,000 |
Shares redeemed
| (5,500,000) | | (6,600,000) |
Net increase (decrease)
| (4,100,000) | | 3,950,000 |
See accompanying notes to financial statements.
52
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR S&P International Small Cap ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $8,677,120 | | $18,921,808 |
Net realized gain (loss)
| 6,604,375 | | (34,726,489) |
Net change in unrealized appreciation/depreciation
| (95,163,922) | | 47,840,557 |
Net increase (decrease) in net assets resulting from operations
| (79,882,427) | | 32,035,876 |
Distributions to shareholders
| (19,785,448) | | (47,609,634) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 100,502,507 | | 127,692,904 |
Cost of shares redeemed
| (60,235,248) | | (127,432,661) |
Other capital
| 7,461 | | — |
Net increase (decrease) in net assets from beneficial interest transactions
| 40,274,720 | | 260,243 |
Net increase (decrease) in net assets during the period
| (59,393,155) | | (15,313,515) |
Net assets at beginning of period
| 871,116,022 | | 886,429,537 |
NET ASSETS AT END OF PERIOD
| $811,722,867 | | $871,116,022 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 3,500,000 | | 3,500,000 |
Shares redeemed
| (2,000,000) | | (3,600,000) |
Net increase (decrease)
| 1,500,000 | | (100,000) |
See accompanying notes to financial statements.
53
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR S&P North American
Natural Resources ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $6,340,999 | | $13,160,916 |
Net realized gain (loss)
| 7,921,838 | | 138,574,689 |
Net change in unrealized appreciation/depreciation
| (41,208,243) | | (121,183,594) |
Net increase (decrease) in net assets resulting from operations
| (26,945,406) | | 30,552,011 |
Net equalization credits and charges
| 84,015 | | (24,268) |
Distributions to shareholders
| (7,574,710) | | (17,806,549) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 64,035,955 | | 142,982,041 |
Cost of shares redeemed
| (38,505,709) | | (457,780,878) |
Net income equalization
| (84,015) | | 24,268 |
Net increase (decrease) in net assets from beneficial interest transactions
| 25,446,231 | | (314,774,569) |
Net increase (decrease) in net assets during the period
| (8,989,870) | | (302,053,375) |
Net assets at beginning of period
| 714,706,629 | | 1,016,760,004 |
NET ASSETS AT END OF PERIOD
| $705,716,759 | | $714,706,629 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 2,000,000 | | 4,150,000 |
Shares redeemed
| (1,200,000) | | (13,500,000) |
Net increase (decrease)
| 800,000 | | (9,350,000) |
See accompanying notes to financial statements.
54
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
| | SPDR Dow Jones Global Real Estate ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $47.58 | | $47.66 | | $49.68 | | $45.11 | | $44.24 | | $42.16 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.76 | | 1.43 | | 1.19 | | 1.23 | | 1.17 | | 1.23 |
Net realized and unrealized gain (loss) (b)
| 2.46 | | 0.27 | | (1.51) | | 4.88 | | 1.04 | | 2.24 |
Total from investment operations
| 3.22 | | 1.70 | | (0.32) | | 6.11 | | 2.21 | | 3.47 |
Net equalization credits and charges (a)
| (0.01) | | (0.00)(c) | | (0.00)(c) | | 0.03 | | 0.02 | | 0.07 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.72) | | (1.78) | | (1.68) | | (1.57) | | (1.36) | | (1.46) |
Net realized gains
| — | | — | | (0.02) | | — | | — | | — |
Total distributions
| (0.72) | | (1.78) | | (1.70) | | (1.57) | | (1.36) | | (1.46) |
Net asset value, end of period
| $50.07 | | $47.58 | | $47.66 | | $49.68 | | $45.11 | | $44.24 |
Total return (d)
| 6.88% | | 3.60% | | (0.55)% | | 13.71% | | 4.96% | | 8.44% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $2,298,235 | | $2,298,271 | | $2,688,166 | | $2,494,073 | | $1,899,194 | | $1,473,132 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.50%(e) | | 0.50% | | 0.50% | | 0.50% | | 0.50% | | 0.50% |
Net investment income (loss)
| 3.24%(e) | | 3.00% | | 2.52% | | 2.56% | | 2.46% | | 2.77% |
Portfolio turnover rate (f)
| 4%(g) | | 11% | | 13% | | 9% | | 6% | | 7% |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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.
55
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR Dow Jones International Real Estate ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $38.32 | | $38.37 | | $41.61 | | $39.24 | | $41.54 | | $42.00 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.44 | | 1.26 | | 1.16 | | 1.08 | | 1.02 | | 1.39 |
Net realized and unrealized gain (loss) (b)
| 1.33 | | (0.33) | | (1.36) | | 2.32 | | (2.07) | | 0.16 |
Total from investment operations
| 1.77 | | 0.93 | | (0.20) | | 3.40 | | (1.05) | | 1.55 |
Net equalization credits and charges (a)
| 0.24 | | 0.19 | | 0.16 | | 0.08 | | (0.01) | | (0.06) |
Other capital
| 0.00(c) | | — | | — | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (1.08) | | (1.17) | | (3.20) | | (1.11) | | (1.24) | | (1.95) |
Net asset value, end of period
| $39.25 | | $38.32 | | $38.37 | | $41.61 | | $39.24 | | $41.54 |
Total return (d)
| 5.50% | | 2.87% | | 0.48% | | 8.93% | | (2.66)% | | 3.57% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $2,363,998 | | $2,990,341 | | $3,654,633 | | $4,528,235 | | $4,753,058 | | $4,903,056 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.59%(e) | | 0.59% | | 0.59% | | 0.59% | | 0.60% | | 0.59% |
Net investment income (loss)
| 2.35%(e) | | 3.18% | | 3.03% | | 2.65% | | 2.40% | | 3.27% |
Portfolio turnover rate (f)
| 6%(g) | | 15% | | 18% | | 14% | | 8% | | 8% |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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.
56
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR S&P China ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $97.16 | | $101.90 | | $78.85 | | $68.73 | | $76.42 | | $74.18 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| (0.12) | | 1.74 | | 1.57(b) | | 1.38 | | 1.92 | | 1.77 |
Net realized and unrealized gain (loss) (c)
| 4.03 | | (4.21) | | 22.78 | | 10.68 | | (8.34) | | 1.93 |
Total from investment operations
| 3.91 | | (2.47) | | 24.35 | | 12.06 | | (6.42) | | 3.70 |
Other capital
| 0.05 | | — | | 0.01 | | 0.00(d) | | 0.02 | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (1.16) | | (2.27) | | (1.31) | | (1.94) | | (1.29) | | (1.46) |
Net asset value, end of period
| $99.96 | | $97.16 | | $101.90 | | $78.85 | | $68.73 | | $76.42 |
Total return (e)
| 4.28% | | (2.64)% | | 31.50%(b) | | 17.81% | | (8.69)% | | 5.00% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $1,419,419 | | $1,039,601 | | $1,029,239 | | $812,123 | | $817,908 | | $947,605 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.59%(f) | | 0.59% | | 0.59% | | 0.59% | | 0.59% | | 0.59% |
Net investment income (loss)
| (0.27)%(f) | | 1.62% | | 1.85%(b) | | 1.94% | | 2.32% | | 2.33% |
Portfolio turnover rate (g)
| 4%(h) | | 3% | | 5% | | 6% | | 14% | | 10% |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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 $0.19 per share and 0.23% of average net assets. If the special dividends were not received during the year ended September 30, 2017, the total return would have been 31.24%. |
| (c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
| (d) | Amount is less than $0.005 per share. |
| (e) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
| (h) | Not annualized. |
See accompanying notes to financial statements.
57
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR S&P Global Natural Resources ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $50.61 | | $45.84 | | $39.07 | | $32.56 | | $48.62 | | $48.54 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.70 | | 1.49 | | 1.19 | | 0.97 | | 1.51 | | 1.33 |
Net realized and unrealized gain (loss) (b)
| (4.19) | | 4.52 | | 6.51 | | 6.63 | | (16.27) | | (0.10) |
Total from investment operations
| (3.49) | | 6.01 | | 7.70 | | 7.60 | | (14.76) | | 1.23 |
Other capital
| 0.00(c) | | — | | — | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.84) | | (1.24) | | (0.93) | | (1.09) | | (1.30) | | (1.15) |
Net asset value, end of period
| $46.28 | | $50.61 | | $45.84 | | $39.07 | | $32.56 | | $48.62 |
Total return (d)
| (6.70)% | | 13.17% | | 19.95% | | 23.87% | | (30.97)% | | 2.39% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $1,231,038 | | $1,553,821 | | $1,226,154 | | $722,833 | | $569,822 | | $595,617 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.40%(e) | | 0.40% | | 0.41% | | 0.40% | | 0.40% | | 0.40% |
Net investment income (loss)
| 3.12%(e) | | 3.03% | | 2.82% | | 2.75% | | 3.52% | | 2.63% |
Portfolio turnover rate (f)
| 6%(g) | | 19% | | 25% | | 23% | | 21% | | 18% |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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.
58
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR S&P International Small Cap ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $34.43 | | $34.90 | | $31.21 | | $27.57 | | $32.76 | | $32.82 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.33 | | 0.74 | | 0.63 | | 0.62 | | 0.57 | | 0.54 |
Net realized and unrealized gain (loss) (b)
| (3.73) | | 0.71 | | 4.23 | | 3.76 | | (2.14) | | 0.36 |
Total from investment operations
| (3.40) | | 1.45 | | 4.86 | | 4.38 | | (1.57) | | 0.90 |
Other capital
| 0.00(c) | | — | | — | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.74) | | (0.91) | | (0.79) | | (0.59) | | (0.49) | | (0.96) |
Net realized gains
| — | | (1.01) | | (0.38) | | (0.15) | | (3.13) | | — |
Total distributions
| (0.74) | | (1.92) | | (1.17) | | (0.74) | | (3.62) | | (0.96) |
Net asset value, end of period
| $30.29 | | $34.43 | | $34.90 | | $31.21 | | $27.57 | | $32.76 |
Total return (d)
| (9.70)% | | 4.02% | | 16.30% | | 16.18% | | (4.77)% | | 2.69% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $811,723 | | $871,116 | | $886,430 | | $702,312 | | $650,556 | | $792,719 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.40%(e) | | 0.40% | | 0.40% | | 0.40% | | 0.47% | | 0.60% |
Net investment income (loss)
| 2.16%(e) | | 2.11% | | 1.99% | | 2.15% | | 1.93% | | 1.59% |
Portfolio turnover rate (f)
| 3%(g) | | 29% | | 31% | | 20% | | 17% | | 51% |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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.
59
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR S&P North American Natural Resources ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | For the
Period
12/16/15* -
9/30/16 |
Net asset value, beginning of period
| $34.28 | | $33.67 | | $34.05 | | $25.00 |
| Income (loss) from investment operations: | | | | | | | |
Net investment income (loss) (a)
| 0.30 | | 0.54 | | 0.50 | | 0.39 |
Net realized and unrealized gain (loss) (b)
| (1.62) | | 0.72 | | 0.75 | | 8.91 |
Total from investment operations
| (1.32) | | 1.26 | | 1.25 | | 9.30 |
Net equalization credits and charges (a)
| 0.00(c) | | (0.00)(c) | | 0.01 | | (0.02) |
| Distributions to shareholders from: | | | | | | | |
Net investment income
| (0.36) | | (0.50) | | (0.51) | | (0.25) |
Net realized gains
| — | | (0.15) | | (1.13) | | — |
Total distributions
| (0.36) | | (0.65) | | (1.64) | | (0.25) |
Net asset value, end of period
| $32.60 | | $34.28 | | $33.67 | | $34.05 |
Total return (d)
| (3.73)% | | 3.67% | | 3.74% | | 37.21% |
| Ratios and Supplemental Data: | | | | | | | |
Net assets, end of period (in 000s)
| $705,717 | | $714,707 | | $1,016,760 | | $829,092 |
| Ratios to average net assets: | | | | | | | |
Total expenses
| 0.35%(e) | | 0.35% | | 0.35% | | 0.35%(e) |
Net investment income (loss)
| 1.90%(e) | | 1.57% | | 1.53% | | 1.63%(e) |
Portfolio turnover rate (f)
| 5%(g) | | 20% | | 15% | | 15%(g) |
| * | Commencement of operations. |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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.
60
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
March 31, 2019 (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, 2019, the Trust consists of thirty-one (31) 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 Dow Jones Global Real Estate ETF |
| SPDR Dow Jones International Real Estate ETF |
| SPDR S&P China ETF |
| SPDR S&P Global Natural Resources ETF |
| SPDR S&P International Small Cap ETF |
| SPDR S&P North American Natural Resources ETF |
Each Fund is classified as a non-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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
• Equity (including 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.
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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (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, 2019, 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.
Certain Funds invest in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds' policy is to record all
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.'s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
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 FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of March 31, 2019, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
The Funds in the Trust follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
The following Funds utilized equalization during the period ended March 31, 2019:
| SPDR Dow Jones Global Real Estate ETF |
| SPDR Dow Jones International Real Estate ETF |
| SPDR S&P North American Natural Resources ETF |
Distributions
The SPDR Dow Jones Global Real Estate ETF and the SPDR Dow Jones International Real Estate ETF declare and distribute from net investment income, if any, to their shareholders quarterly. The SPDR S&P North American Natural Resources ETF, SPDR S&P China ETF, SPDR S&P International Small Cap ETF and SPDR S&P Global Natural Resources 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. 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 (“Management/Advisory fee”) a 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 Dow Jones Global Real Estate ETF
| 0.50% |
SPDR Dow Jones International Real Estate ETF
| 0.59 |
SPDR S&P China ETF
| 0.59 |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
| | Annual Rate |
SPDR S&P Global Natural Resources ETF
| 0.40% |
SPDR S&P International Small Cap ETF
| 0.40 |
SPDR S&P North American Natural Resources ETF
| 0.35 |
The Adviser pays all expenses of each Fund other than management fee, brokerage expenses, taxes, interest, fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation expenses, and other extraordinary expenses.
The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse expenses in an amount equal to acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until January 31, 2020.
Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.
Distributor
State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust.
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017.
Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, an affiliated money market fund, for which SSGA FM serves as investment adviser. See Note 8 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, 2019, are disclosed in the Schedules of Investments.
4. Trustees’ Fees
The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
5. Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended March 31, 2019, were as follows:
| | Purchases | | Sales |
SPDR Dow Jones Global Real Estate ETF
| $90,210,500 | | $82,315,135 |
SPDR Dow Jones International Real Estate ETF
| 138,426,636 | | 178,708,754 |
SPDR S&P China ETF
| 441,203,265 | | 47,370,967 |
SPDR S&P Global Natural Resources ETF
| 74,382,490 | | 73,375,282 |
SPDR S&P International Small Cap ETF
| 20,244,958 | | 26,726,601 |
SPDR S&P North American Natural Resources ETF
| 31,688,761 | | 34,065,133 |
For the period ended March 31, 2019, 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 Dow Jones Global Real Estate ETF
| $19,831,147 | | $130,463,217 | | $22,687,509 |
SPDR Dow Jones International Real Estate ETF
| 87,558,498 | | 743,482,624 | | 51,587,014 |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
| | In-kind
Contributions | | In-kind
Redemptions | | In-kind Net
Realized
Gains/(Losses) |
SPDR S&P China ETF
| $125,533,784 | | $196,826,936 | | $67,819,778 |
SPDR S&P Global Natural Resources ETF
| 62,517,252 | | 233,909,795 | | 33,459,901 |
SPDR S&P International Small Cap ETF
| 80,850,209 | | 49,160,196 | | 8,930,531 |
SPDR S&P North American Natural Resources ETF
| 64,032,100 | | 37,318,066 | | 16,270,972 |
6. 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.
7. 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, 2018, 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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
Under tax reform legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”), a direct REIT shareholder is permitted to claim a 20% deduction for “qualified REIT dividends” (i.e., ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income). Originally, the Tax Act did not contain a provision permitting a regulated investment company, such as the Funds, to pass through the special character of “qualified REIT dividends” to its shareholders. On January 18, 2019, the Treasury Department and IRS issued proposed regulations that generally permit regulated investment companies, such as the Funds, to pass through “qualified REIT dividends” to its shareholders under Section 199A of the Internal Revenue Code.
As of March 31, 2019, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:
| | Tax
Cost | | Gross
Unrealized
Appreciation | | Gross
Unrealized
Depreciation | | Net Unrealized
Appreciation
(Depreciation) |
SPDR Dow Jones Global Real Estate ETF
| $2,178,379,974 | | $305,853,709 | | $156,784,232 | | $149,069,477 |
SPDR Dow Jones International Real Estate ETF
| 2,390,090,114 | | 196,615,222 | | 210,513,905 | | (13,898,683) |
SPDR S&P China ETF
| 1,329,402,122 | | 260,196,410 | | 133,092,749 | | 127,103,661 |
SPDR S&P Global Natural Resources ETF
| 1,260,754,762 | | 61,599,234 | | 93,310,468 | | (31,711,234) |
SPDR S&P International Small Cap ETF
| 927,748,758 | | 76,193,978 | | 131,574,578 | | (55,380,600) |
SPDR S&P North American Natural Resources ETF
| 663,963,164 | | 62,292,752 | | 18,645,668 | | 43,647,084 |
8. 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
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of March 31, 2019, 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, 2019:
| Fund | | Market Value of
Securities on Loan | | Cash
Collateral
Received | | Non-Cash
Collateral
Received* | | Total
Collateral
Received |
SPDR Dow Jones Global Real Estate ETF
| | $ 40,164,158 | | $ 34,628,319 | | $ 7,398,128 | | $ 42,026,447 |
SPDR Dow Jones International Real Estate ETF
| | 31,556,129 | | 24,606,485 | | 8,648,706 | | 33,255,191 |
SPDR S&P China ETF
| | 127,867,768 | | 36,886,353 | | 95,311,614 | | 132,197,967 |
SPDR S&P Global Natural Resources ETF
| | 6,360,931 | | 6,467,092 | | — | | 6,467,092 |
SPDR S&P International Small Cap ETF
| | 130,773,149 | | 70,288,281 | | 67,892,366 | | 138,180,647 |
SPDR S&P North American Natural Resources ETF
| | 2,859,463 | | 3,019,725 | | — | | 3,019,725 |
| * | The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities. |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (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, 2019:
| | | | | Remaining Contractual Maturity of the Agreements
As of March 31, 2019 |
| 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 Dow Jones Global Real Estate ETF
| | Common Stocks | | $34,628,319 | | $— | | $— | | $— | | $34,628,319 | | $34,628,319 |
SPDR Dow Jones International Real Estate ETF
| | Common Stocks | | 24,606,485 | | — | | — | | — | | 24,606,485 | | 24,606,485 |
SPDR S&P China ETF
| | Common Stocks | | 36,886,353 | | — | | — | | — | | 36,886,353 | | 36,886,353 |
SPDR S&P Global Natural Resources ETF
| | Common Stocks | | 6,467,092 | | — | | — | | — | | 6,467,092 | | 6,467,092 |
SPDR S&P International Small Cap ETF
| | Common Stocks | | 70,286,476 | | — | | — | | — | | 70,286,476 | | 70,286,476 |
SPDR S&P International Small Cap ETF
| | Warrants | | 1,805 | | — | | — | | — | | 1,805 | | 1,805 |
SPDR S&P North American Natural Resources ETF
| | Common Stocks | | 3,019,725 | | — | | — | | — | | 3,019,725 | | 3,019,725 |
9. Line of Credit
Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2019 unless extended or renewed.
The following Fund participates in the credit facility as of March 31, 2019:
| SPDR S&P International Small Cap ETF |
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% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.
The Fund had no outstanding loans as of March 31, 2019.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
10. 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.
Market and Credit Risk
In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
11. 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.
SPDR INDEX SHARES FUNDS
OTHER INFORMATION
March 31, 2019 (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, 2018 to March 31, 2019.
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.
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
March 31, 2019 (Unaudited)
| | SPDR Dow Jones Global Real Estate ETF | | SPDR Dow Jones International Real Estate ETF | | SPDR S&P China ETF |
Annualized Expense Ratio
| 0.50% | | 0.59% | | 0.59% |
| Actual: | | | | | |
Ending Account Value
| $1,068.80 | | $1,055.00 | | $1,042.80 |
Expenses Paid During Period(a)
| 2.58 | | 3.02 | | 3.00 |
| Hypothetical (assuming a 5% return before expenses): | | | | | |
Ending Account Value
| 1,022.40 | | 1,022.00 | | 1,022.00 |
Expenses Paid During Period(a)
| 2.52 | | 2.97 | | 2.97 |
| | SPDR S&P Global Natural Resources ETF | | SPDR S&P International Small Cap ETF | | SPDR S&P North American Natural Resources ETF |
Annualized Expense Ratio
| 0.40% | | 0.40% | | 0.35% |
| Actual: | | | | | |
Ending Account Value
| $933.00 | | $903.00 | | $962.70 |
Expenses Paid During Period(a)
| 1.93 | | 1.90 | | 1.71 |
| Hypothetical (assuming a 5% return before expenses): | | | | | |
Ending Account Value
| 1,022.90 | | 1,022.90 | | 1,023.20 |
Expenses Paid During Period(a)
| 2.02 | | 2.02 | | 1.77 |
| (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. |
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 atwww.spdrs.com.
Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC’s website atwww.sec.gov.
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
March 31, 2019 (Unaudited)
Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC’s website atwww.sec.gov, and on the Funds' website atwww.spdrs.com.
Quarterly Portfolio Schedule
Following the Funds' first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Funds’ schedules of investments are available upon request, without charge, by calling 1-866-787-2257 (toll free) and on the Funds’ website at www.spdrs.com.
Full Portfolio Schedule
The complete schedule of portfolio holdings for the following Funds is available on the Funds’ website atwww.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website atwww.sec.gov.
SPDR S&P China ETF
SPDR S&P International Small Cap ETF
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SPDR® Index Shares Funds
SPDR Index Shares Funds
Trustees
Bonny E. Boatman
Dwight D. Churchill
Frank Nesvet, Chairman
Clare S. Richer
James E. Ross
Sandra G. Sponem
Carl G. Verboncoeur
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
PricewaterhouseCoopers LLP
101 Seaport Boulevard
Suite 500
Boston, MA 02210
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
SPDR® Index Shares Funds
For more complete information, please call 1.866.787.2257 or visit spdrs.com today.
ssga.com | spdrs.com
The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indices LLC, MSCI Inc., and Solactive AG. Neither do these companies make any representation regarding the advisability of investing in the Funds. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested.
Standard & Poor’s®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their
respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider a Fund's investment objective, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.spdrs.com. Read it carefully.
Not FDIC Insured • No Bank Guarantee • May Lose Value
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
State Street Global Advisors
© 2019 State Street Corporation - All Rights Reserved
0515 Exp. Date: 11/30/2019 SPDRISRASAR
Semi-Annual Report
March 31, 2019
SPDR® Index Shares Funds
| SPDR Portfolio Emerging Markets ETF |
| SPDR Portfolio Developed World ex-US ETF |
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.spdrs.com), and you will be notified by mail each time a report is posted, and provided with a website link to access the report. If you already elected to receive reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications by contacting your financial intermediary.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account.
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
TABLE OF CONTENTS (Unaudited)
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
[This Page Intentionally Left Blank]
SPDR Portfolio Emerging Markets ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Tencent Holdings, Ltd. | 4.6% | |
| | Alibaba Group Holding, Ltd. ADR | 4.1 | |
| | Taiwan Semiconductor Manufacturing Co., Ltd. | 2.4 | |
| | Naspers, Ltd. Class N | 1.9 | |
| | China Construction Bank Corp. Class H | 1.7 | |
| | Industrial & Commercial Bank of China, Ltd. Class H | 1.1 | |
| | China Mobile, Ltd. | 1.1 | |
| | Ping An Insurance Group Co. of China, Ltd. Class H | 1.1 | |
| | HDFC Bank, Ltd. | 1.1 | |
| | Housing Development Finance Corp., Ltd. | 1.1 | |
| | TOTAL | 20.2% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 25.8% | |
| | Consumer Discretionary | 13.6 | |
| | Communication Services | 11.4 | |
| | Information Technology | 10.8 | |
| | Energy | 8.3 | |
| | Materials | 7.3 | |
| | Consumer Staples | 6.4 | |
| | Industrials | 6.1 | |
| | Real Estate | 3.8 | |
| | Health Care | 2.8 | |
| | Utilities | 2.7 | |
| | Short-Term Investment | 1.4 | |
| | Liabilities in Excess of Other Assets | (0.4) | |
| | 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.
1
SPDR Portfolio Developed World ex-US ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2019
| | | |
| | Description | % of Net Assets | |
| | Nestle SA | 1.5% | |
| | Novartis AG | 1.3 | |
| | Samsung Electronics Co., Ltd. GDR | 1.1 | |
| | Roche Holding AG | 1.1 | |
| | HSBC Holdings PLC | 0.9 | |
| | Toyota Motor Corp. | 0.8 | |
| | TOTAL SA | 0.8 | |
| | Royal Dutch Shell PLC Class A | 0.7 | |
| | BP PLC | 0.7 | |
| | AIA Group, Ltd. | 0.6 | |
| | TOTAL | 9.5% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of March 31, 2019
| | | |
| | | % of Net Assets | |
| | Financials | 18.8% | |
| | Industrials | 14.8 | |
| | Consumer Staples | 10.5 | |
| | Consumer Discretionary | 10.3 | |
| | Health Care | 10.1 | |
| | Materials | 7.9 | |
| | Information Technology | 7.9 | |
| | Energy | 6.2 | |
| | Communication Services | 5.3 | |
| | Real Estate | 4.2 | |
| | Utilities | 3.2 | |
| | Short-Term Investments | 2.7 | |
| | Liabilities in Excess of Other Assets | (1.9) | |
| | TOTAL | 100.0% | |
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2
SPDR PORTFOLIO EMERGING MARKETS ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 99.0% | | | | | |
| BRAZIL – 8.0% | | | | | |
Ambev SA ADR
| | 2,667,928 | | $11,472,090 |
B3 SA - Brasil Bolsa Balcao
| | 1,149,158 | | 9,484,532 |
Banco Bradesco SA Preference Shares ADR
| | 2,441,416 | | 26,635,849 |
Itau Unibanco Holding SA Preference Shares ADR
| | 3,095,590 | | 27,272,148 |
Itausa - Investimentos Itau SA Preference Shares
| | 3,394,880 | | 10,450,616 |
Petroleo Brasileiro SA Preference Shares ADR
| | 1,316,625 | | 18,827,738 |
Vale SA ADR
| | 1,383,874 | | 18,073,394 |
Other Securities
| | | | 101,925,212 |
| | | | | | 224,141,579 |
| CHILE – 1.3% | | | | | |
Other Securities
| | | | 36,149,796 |
| CHINA – 31.8% | | | | | |
Alibaba Group Holding, Ltd. ADR (a)
| | 632,676 | | 115,431,736 |
Baidu, Inc. ADR (a)
| | 151,779 | | 25,020,768 |
Bank of China, Ltd. Class H
| | 40,795,900 | | 18,501,188 |
Bank of Communications Co., Ltd. Class H
| | 11,657,864 | | 9,549,114 |
China Construction Bank Corp. Class H
| | 54,653,280 | | 46,855,913 |
China Huishan Dairy Holdings Co., Ltd. (a)(b)(c)
| | 310,600 | | — |
China Huiyuan Juice Group, Ltd. (a)(b)(c)
| | 188,500 | | 36,380 |
China Life Insurance Co., Ltd. Class H
| | 4,057,260 | | 10,905,571 |
China Merchants Bank Co., Ltd. Class H
| | 2,486,241 | | 12,082,891 |
China Mobile, Ltd.
| | 3,024,658 | | 30,824,736 |
China Overseas Land & Investment, Ltd.
| | 2,750,304 | | 10,440,711 |
China Petroleum & Chemical Corp. Class H
| | 14,094,338 | | 11,113,950 |
CNOOC, Ltd.
| | 8,625,734 | | 16,152,751 |
Coolpad Group, Ltd. (a)(b)
| | 253,600 | | — |
Industrial & Commercial Bank of China, Ltd. Class H
| | 43,977,590 | | 32,213,090 |
JD.com, Inc. ADR (a)(c)
| | 469,001 | | 14,140,380 |
Link Motion, Inc. ADR (a)(b)
| | 16,509 | | — |
Meituan Dianping Class B (a)
| | 1,724,500 | | 11,621,227 |
National Agricultural Holdings, Ltd. (a)(b)(c)
| | 72,000 | | 2,729 |
NetEase, Inc. ADR
| | 44,553 | | 10,757,322 |
Ping An Insurance Group Co. of China, Ltd. Class H (c)
| | 2,728,164 | | 30,548,681 |
Tencent Holdings, Ltd.
| | 2,778,756 | | 127,788,192 |
Other Securities
| | | | 353,691,808 |
| | | | | | 887,679,138 |
| COLOMBIA – 0.5% | | | | | |
Other Securities
| | | | 14,731,486 |
See accompanying notes to financial statements.
3
SPDR PORTFOLIO EMERGING MARKETS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| CZECH REPUBLIC – 0.3% | | | | | |
Other Securities
| | | | $7,655,981 |
| EGYPT – 0.3% | | | | | |
Other Securities
| | | | 9,279,321 |
| GREECE – 0.2% | | | | | |
FF Group (a)(b)
| | 5,627 | | 15,164 |
Other Securities
| | | | 6,807,089 |
| | | | | | 6,822,253 |
| HONG KONG – 1.5% | | | | | |
Asian Citrus Holdings, Ltd. (a)(b)(c)
| | 51,000 | | — |
China Fiber Optic Network System Group, Ltd. (a)(b)
| | 88,800 | | — |
Hanergy Thin Film Power Group, Ltd. (a)(b)
| | 856,000 | | — |
Real Nutriceutical Group, Ltd. (a)(b)
| | 199,000 | | 2,535 |
Tech Pro Technology Development, Ltd. (a)(b)(c)
| | 484,000 | | 2,096 |
Other Securities
| | | | 41,384,945 |
| | | | | | 41,389,576 |
| HUNGARY – 0.6% | | | | | |
Other Securities
| | | | 16,189,214 |
| INDIA – 13.2% | | | | | |
CORE Education & Technologies, Ltd. (a)(b)
| | 9,253 | | — |
Era Infra Engineering, Ltd. (a)(b)
| | 2,941 | | — |
Gujarat NRE Coke, Ltd. (a)(b)
| | 25,505 | | — |
HDFC Bank, Ltd.
| | 883,060 | | 29,559,406 |
Hindustan Unilever, Ltd.
| | 589,073 | | 14,513,602 |
Housing Development Finance Corp., Ltd.
| | 1,039,337 | | 29,529,773 |
ICICI Bank, Ltd. ADR
| | 1,174,336 | | 13,457,891 |
Infosys, Ltd. ADR
| | 2,183,430 | | 23,864,890 |
Lanco Infratech, Ltd. (a)(b)
| | 15,749,074 | | — |
Larsen & Toubro, Ltd. GDR
| | 471,216 | | 9,386,623 |
Maruti Suzuki India, Ltd.
| | 109,658 | | 10,562,230 |
REI Agro, Ltd. (a)(b)
| | 1,873,023 | | — |
Reliance Industries, Ltd. GDR (d)
| | 717,836 | | 28,785,224 |
Tata Consultancy Services, Ltd.
| | 548,600 | | 15,851,392 |
Other Securities
| | | | 192,646,159 |
| | | | | | 368,157,190 |
| INDONESIA – 2.7% | | | | | |
Bank Central Asia Tbk PT
| | 7,823,940 | | 15,246,793 |
Bank Rakyat Indonesia Persero Tbk PT
| | 35,817,263 | | 10,362,860 |
Sigmagold Inti Perkasa Tbk PT (a)(b)
| | 1,312,600 | | — |
See accompanying notes to financial statements.
4
SPDR PORTFOLIO EMERGING MARKETS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Tiga Pilar Sejahtera Food Tbk (a)(b)
| | 2,383,200 | | $14,058 |
Other Securities
| | | | 48,487,777 |
| | | | | | 74,111,488 |
| MACAU – 0.0% (e) | | | | | |
Other Security
| | | | 2,408 |
| MALAYSIA – 2.4% | | | | | |
Other Securities
| | | | 65,827,264 |
| MEXICO – 2.9% | | | | | |
America Movil SAB de CV Series L
| | 13,520,686 | | 9,674,810 |
Fomento Economico Mexicano SAB de CV
| | 1,282,141 | | 11,841,503 |
Other Securities
| | | | 60,417,917 |
| | | | | | 81,934,230 |
| MONACO – 0.0% (e) | | | | | |
Other Security
| | | | 232,096 |
| NETHERLANDS – 0.0% (e) | | | | | |
Other Security
| | | | 632,162 |
| PERU – 0.9% | | | | | |
Credicorp, Ltd.
| | 54,390 | | 13,050,880 |
Other Securities
| | | | 11,348,703 |
| | | | | | 24,399,583 |
| PHILIPPINES – 1.3% | | | | | |
Other Securities
| | | | 35,905,742 |
| POLAND – 1.1% | | | | | |
Other Securities
| | | | 29,711,745 |
| QATAR – 0.7% | | | | | |
Other Securities
| | | | 18,641,510 |
| ROMANIA – 0.0% (e) | | | | | |
Other Security
| | | | 889,029 |
| RUSSIA – 4.1% | | | | | |
Gazprom PJSC ADR
| | 3,384,371 | | 15,277,051 |
LUKOIL PJSC ADR
| | 218,782 | | 19,602,867 |
MMC Norilsk Nickel PJSC ADR (c)
| | 436,035 | | 9,209,059 |
Novatek PJSC GDR
| | 52,583 | | 9,012,726 |
Tatneft PJSC ADR
| | 173,549 | | 12,009,591 |
Other Securities
| | | | 48,416,407 |
| | | | | | 113,527,701 |
See accompanying notes to financial statements.
5
SPDR PORTFOLIO EMERGING MARKETS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| SAUDI ARABIA – 1.1% | | | | | |
Other Securities
| | | | $29,497,742 |
| SINGAPORE – 0.0% (e) | | | | | |
Other Securities
| | | | 180,254 |
| SOUTH AFRICA – 6.2% | | | | | |
FirstRand, Ltd.
| | 2,177,005 | | 9,504,324 |
Naspers, Ltd. Class N
| | 225,632 | | 52,133,998 |
Standard Bank Group, Ltd.
| | 752,489 | | 9,665,149 |
Other Securities
| | | | 102,253,587 |
| | | | | | 173,557,058 |
| TAIWAN – 13.4% | | | | | |
Formosa Plastics Corp.
| | 3,140,714 | | 11,158,423 |
Hon Hai Precision Industry Co., Ltd.
| | 6,811,196 | | 16,243,179 |
Pihsiang Machinery Manufacturing Co., Ltd. (a)(b)
| | 51,000 | | — |
ProMOS Technologies, Inc. (a)(b)
| | 257 | | — |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
| | 246,689 | | 10,104,381 |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | 8,550,500 | | 68,108,816 |
Transasia Airways Corp. (a)(b)
| | 361,784 | | — |
Wei Mon Industry Co., Ltd. (a)(b)
| | 240,450 | | — |
Other Securities
| | | | 268,838,281 |
| | | | | | 374,453,080 |
| THAILAND – 3.2% | | | | | |
Other Securities
| | | | 88,870,803 |
| TURKEY – 0.7% | | | | | |
Other Securities
| | | | 20,948,014 |
| UNITED ARAB EMIRATES – 0.6% | | | | | |
Other Securities
| | | | 17,279,689 |
| UNITED KINGDOM – 0.0% (e) | | | | | |
Other Security
| | | | 349 |
| UNITED STATES – 0.0% (e) | | | | | |
Other Securities
| | | | 892,470 |
TOTAL COMMON STOCKS
(Cost $2,765,027,654)
| | | | | 2,763,689,951 |
| PREFERRED STOCKS - 0.0% (e) | | | | | |
| SOUTH AFRICA – 0.0% (e) | | | | | |
Other Security
(cost: $271,039)
| | | | | 281,780 |
See accompanying notes to financial statements.
6
SPDR PORTFOLIO EMERGING MARKETS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| WARRANTS — 0.0% (e) | | | | | |
| MALAYSIA – 0.0% (e) | | | | | |
Other Security
| | | | | $10,980 |
| SOUTH AFRICA – 0.0% (e) | | | | | |
Other Security
| | | | | 7 |
| THAILAND – 0.0% (e) | | | | | |
Other Security
| | | | | 235 |
TOTAL WARRANTS
(Cost $0)
| | | | | 11,222 |
| RIGHTS — 0.0% (e) | | | | | |
| CHINA – 0.0% (e) | | | | | |
Other Security
| | | | | 1,216 |
| INDIA – 0.0% (e) | | | | | |
Other Security
| | | | | 39,658 |
TOTAL RIGHTS
(Cost $87,717)
| | | | | 40,874 |
| SHORT-TERM INVESTMENT - 1.4% | | | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (cost: $38,384,045) (f)(g)
| | | 38,384,045 | | 38,384,045 |
TOTAL INVESTMENTS - 100.4%
(Cost $2,803,770,455)
| | | | | 2,802,407,872 |
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%
| | | | | (12,428,618) |
NET ASSETS - 100.0%
| | | | | $2,789,979,254 |
See accompanying notes to financial statements.
7
SPDR PORTFOLIO EMERGING MARKETS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed below may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund's website atwww.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC's website atwww.sec.gov. |
| |
| (a) | Non-income producing security. |
| (b) | 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, 2019, total aggregate fair value of the security is $72,962, representing less than 0.05% of the Fund's net assets. |
| (c) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (d) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.9% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (e) | Amount is less than 0.05% of net assets. |
| (f) | 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, 2019 are shown in the Affiliate Table below. |
| (g) | Investment of cash collateral for securities loaned. |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
At March 31, 2019, open futures contracts purchased were as follows:
| Description | | Number of
Contracts | | Expiration
Date | | Notional
Amount | | Value | | Unrealized
Appreciation/
Depreciation |
| MSCI Taiwan Stock Index | | 22 | | 04/29/2019 | | $847,480 | | $859,540 | | $12,060 |
During the period ended March 31, 2019, average notional value related to futures contracts was $588,990 or0.02% of net assets.
See accompanying notes to financial statements.
8
SPDR PORTFOLIO EMERGING MARKETS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $2,682,341,069 | | $81,275,920 | | $72,962 | | $2,763,689,951 |
Preferred Stocks
| | 281,780 | | — | | — | | 281,780 |
Rights
| | — | | 40,874 | | — | | 40,874 |
Warrants
| | 11,222 | | — | | — | | 11,222 |
Short-Term Investment
| | 38,384,045 | | — | | — | | 38,384,045 |
TOTAL INVESTMENTS
| | $2,721,018,116 | | $81,316,794 | | $72,962 | | $2,802,407,872 |
| OTHER FINANCIAL INSTRUMENTS: | | | | | | | | |
Futures Contracts(a)
| | 12,060 | | — | | — | | 12,060 |
TOTAL OTHER FINANCIAL INSTRUMENTS:
| | $12,060 | | $— | | $— | | $12,060 |
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS
| | $2,721,030,176 | | $81,316,794 | | $72,962 | | $2,802,419,932 |
| (a) | Futures Contracts are valued at unrealized appreciation (depreciation). |
Affiliate Table
| | Number of
Shares Held
at 9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/19 | | Value at
3/31/19 | | Dividend
Income |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 6,996,511 | | $6,996,511 | | $205,769,970 | | $212,766,481 | | $— | | $— | | — | | $— | | $122,248 |
State Street Navigator Securities Lending Government Money Market Portfolio
| 23,721,708 | | 23,721,708 | | 103,418,355 | | 88,756,018 | | — | | — | | 38,384,045 | | 38,384,045 | | 213,878 |
Total
| | | $30,718,219 | | $309,188,325 | | $301,522,499 | | $— | | $— | | | | $38,384,045 | | $336,126 |
See accompanying notes to financial statements.
9
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 99.2% | | | | | |
| AUSTRALIA – 6.1% | | | | | |
BHP Group, Ltd.
| | 785,816 | | $21,485,283 |
Commonwealth Bank of Australia
| | 421,101 | | 21,130,475 |
CSL, Ltd.
| | 127,186 | | 17,612,158 |
Westpac Banking Corp.
| | 796,959 | | 14,673,823 |
Other Securities
| | | | 209,660,408 |
| | | | | | 284,562,147 |
| AUSTRIA – 0.2% | | | | | |
Other Securities
| | | | 11,876,021 |
| BELGIUM – 1.1% | | | | | |
Anheuser-Busch InBev SA
| | 241,999 | | 20,314,426 |
Other Securities
| | | | 29,548,594 |
| | | | | | 49,863,020 |
| BERMUDA – 0.0% (a) | | | | | |
Other Security
| | | | 305 |
| CANADA – 8.5% | | | | | |
Bank of Nova Scotia (b)
| | 297,385 | | 15,835,899 |
Canadian National Railway Co.
| | 194,541 | | 17,420,517 |
Enbridge, Inc.
| | 480,426 | | 17,405,306 |
Royal Bank of Canada
| | 351,658 | | 26,538,538 |
Suncor Energy, Inc.
| | 477,850 | | 15,491,361 |
Toronto-Dominion Bank
| | 488,595 | | 26,522,631 |
Other Securities
| | | | 281,246,377 |
| | | | | | 400,460,629 |
| CHILE – 0.0% (a) | | | | | |
Other Security
| | | | 1,074,353 |
| CHINA – 0.1% | | | | | |
Other Securities
| | | | 6,146,389 |
| DENMARK – 1.4% | | | | | |
Novo Nordisk A/S Class B
| | 486,699 | | 25,503,814 |
Other Securities
| | | | 42,418,511 |
| | | | | | 67,922,325 |
| FINLAND – 1.0% | | | | | |
Other Securities
| | | | 47,034,311 |
| FRANCE – 8.2% | | | | | |
Airbus SE
| | 155,243 | | 20,551,689 |
L'Oreal SA
| | 59,152 | | 15,927,232 |
See accompanying notes to financial statements.
10
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
LVMH Moet Hennessy Louis Vuitton SE
| | 62,457 | | $22,995,573 |
Sanofi
| | 297,386 | | 26,292,848 |
TOTAL SA
| | 642,623 | | 35,732,105 |
Other Securities
| | | | 264,960,266 |
| | | | | | 386,459,713 |
| GERMANY – 6.9% | | | | | |
Allianz SE
| | 98,274 | | 21,879,593 |
BASF SE
| | 223,175 | | 16,421,295 |
Bayer AG
| | 223,772 | | 14,472,712 |
Daimler AG
| | 240,374 | | 14,102,480 |
SAP SE
| | 258,613 | | 29,909,508 |
Siemens AG
| | 202,361 | | 21,799,585 |
Other Securities
| | | | 204,295,916 |
| | | | | | 322,881,089 |
| HONG KONG – 3.1% | | | | | |
AIA Group, Ltd.
| | 3,020,600 | | 30,071,515 |
Tou Rong Chang Fu Group, Ltd. (c)(d)
| | 3,424,000 | | 25,735 |
Other Securities
| | | | 116,416,353 |
| | | | | | 146,513,603 |
| IRELAND – 0.5% | | | | | |
Irish Bank Resolution Corp., Ltd. (c)(d)
| | 5,635 | | — |
Other Securities
| | | | 24,410,518 |
| | | | | | 24,410,518 |
| ISRAEL – 0.6% | | | | | |
Other Securities
| | | | 26,626,327 |
| ITALY – 1.9% | | | | | |
Other Securities
| | | | 87,141,915 |
| JAPAN – 23.0% | | | | | |
Central Japan Railway Co.
| | 63,600 | | 14,773,059 |
Mitsubishi UFJ Financial Group, Inc.
| | 3,329,924 | | 16,546,580 |
SoftBank Group Corp.
| | 231,836 | | 22,506,011 |
Sony Corp.
| | 320,220 | | 13,438,333 |
Takeda Pharmaceutical Co., Ltd.
| | 349,615 | | 14,280,249 |
Toyota Motor Corp.
| | 633,988 | | 37,156,617 |
Other Securities
| | | | 960,008,327 |
| | | | | | 1,078,709,176 |
| JORDAN – 0.0% (a) | | | | | |
Other Security
| | | | 807,171 |
See accompanying notes to financial statements.
11
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| LUXEMBOURG – 0.2% | | | | | |
Other Securities
| | | | $8,791,900 |
| MACAU – 0.0% (a) | | | | | |
Other Securities
| | | | 771,046 |
| MALTA – 0.0% (a) | | | | | |
Other Securities
| | | | 920,555 |
| MEXICO – 0.0% (a) | | | | | |
Other Security
| | | | 559,621 |
| NETHERLANDS – 3.8% | | | | | |
ASML Holding NV
| | 106,556 | | 20,004,877 |
Royal Dutch Shell PLC Class A
| | 1,108,999 | | 34,877,045 |
Royal Dutch Shell PLC Class B
| | 909,196 | | 28,765,202 |
Other Securities
| | | | 94,302,347 |
| | | | | | 177,949,471 |
| NEW ZEALAND – 0.3% | | | | | |
Other Securities
| | | | 11,937,622 |
| NORWAY – 0.7% | | | | | |
Other Securities
| | | | 34,758,321 |
| PORTUGAL – 0.2% | | | | | |
Other Securities
| | | | 8,863,848 |
| ROMANIA – 0.0% (a) | | | | | |
Other Security
| | | | 22,551 |
| SINGAPORE – 1.2% | | | | | |
Other Securities
| | | | 57,786,016 |
| SOUTH AFRICA – 0.0% (a) | | | | | |
Other Security
| | | | 808,869 |
| SOUTH KOREA – 4.6% | | | | | |
Digitech Systems Co., Ltd. (c)(d)
| | 19,094 | | — |
Samsung Electronics Co., Ltd. GDR (b)
| | 51,232 | | 50,258,592 |
Samsung Electronics Co., Ltd. Preference Shares (b)
| | 176,924 | | 5,650,159 |
Other Securities
| | | | 160,659,271 |
| | | | | | 216,568,022 |
| SPAIN – 2.4% | | | | | |
Banco Santander SA
| | 3,970,253 | | 18,476,173 |
Let's GOWEX SA (b)(c)(d)
| | 4,019 | | — |
Other Securities
| | | | 92,570,086 |
| | | | | | 111,046,259 |
See accompanying notes to financial statements.
12
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| SWEDEN – 2.4% | | | | | |
Other Securities
| | | | $114,533,437 |
| SWITZERLAND – 7.5% | | | | | |
Nestle SA
| | 727,422 | | 69,316,546 |
Novartis AG
| | 641,245 | | 61,671,298 |
Roche Holding AG Bearer Shares
| | 6,430 | | 1,752,286 |
Roche Holding AG
| | 182,179 | | 50,186,574 |
Zurich Insurance Group AG
| | 42,284 | | 13,994,183 |
Other Securities
| | | | 154,150,556 |
| | | | | | 351,071,443 |
| UNITED ARAB EMIRATES – 0.0% (a) | | | | | |
Other Security
| | | | 635,471 |
| UNITED KINGDOM – 13.1% | | | | | |
Afren PLC (b)(c)
| | 55,933 | | — |
AstraZeneca PLC
| | 337,686 | | 26,995,343 |
BP PLC
| | 4,750,933 | | 34,575,089 |
British American Tobacco PLC
| | 554,222 | | 23,066,404 |
Diageo PLC
| | 581,592 | | 23,781,136 |
GlaxoSmithKline PLC
| | 1,294,464 | | 26,934,054 |
HSBC Holdings PLC
| | 4,966,907 | | 40,340,789 |
Lloyds Banking Group PLC
| | 17,292,278 | | 14,001,826 |
Reckitt Benckiser Group PLC
| | 176,821 | | 14,704,554 |
Rio Tinto PLC
| | 291,455 | | 16,942,011 |
Unilever NV
| | 408,770 | | 23,766,365 |
Unilever PLC
| | 285,438 | | 16,346,768 |
Other Securities
| | | | 354,120,641 |
| | | | | | 615,574,980 |
| UNITED STATES – 0.2% | | | | | |
Other Securities
| | | | 7,809,351 |
TOTAL COMMON STOCKS
(Cost $4,783,364,732)
| | | | | 4,662,897,795 |
| WARRANTS — 0.0% (a) | | | | | |
| FRANCE – 0.0% (a) | | | | | |
Other Security
(cost: $2)
| | | | | 1 |
| RIGHTS — 0.0% (a) | | | | | |
| CANADA – 0.0% (a) | | | | | |
Other Security
(cost: $14,326)
| | | | | 12,279 |
See accompanying notes to financial statements.
13
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| SHORT-TERM INVESTMENTS - 2.7% | | | | | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (e)(f)
| | | 1,619,198 | | $1,619,198 |
State Street Navigator Securities Lending Government Money Market Portfolio (e)(g)
| | | 124,739,042 | | 124,739,042 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $126,358,240)
| | | | | 126,358,240 |
TOTAL INVESTMENTS - 101.9%
(Cost $4,909,737,300)
| | | | | 4,789,268,315 |
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.9)%
| | | | | (89,637,510) |
NET ASSETS - 100.0%
| | | | | $4,699,630,805 |
| The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed below may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund's website atwww.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC's website atwww.sec.gov. |
| |
| (a) | Amount is less than 0.05% of net assets. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (c) | 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, 2019, total aggregate fair value of the security is $25,735, representing less than 0.05% of the Fund's net assets. |
| (d) | Non-income producing security. |
| (e) | 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, 2019 are shown in the Affiliate Table below. |
| (f) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (g) | Investment of cash collateral for securities loaned. |
| GDR | Global Depositary Receipt |
See accompanying notes to financial statements.
14
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2019 (Unaudited)
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $4,658,827,713 | | $4,044,347 | | $25,735 | | $4,662,897,795 |
Rights
| | — | | 12,279 | | — | | 12,279 |
Warrants
| | 1 | | — | | — | | 1 |
Short-Term Investments
| | 126,358,240 | | — | | — | | 126,358,240 |
TOTAL INVESTMENTS
| | $4,785,185,954 | | $4,056,626 | | $25,735 | | $4,789,268,315 |
Affiliate Table
| | Number of
Shares Held
at 9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/19 | | Value at
3/31/19 | | Dividend
Income |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 6,540,078 | | $6,540,078 | | $93,237,984 | | $98,158,864 | | $— | | $— | | 1,619,198 | | $1,619,198 | | $59,627 |
State Street Navigator Securities Lending Government Money Market Portfolio
| 63,672,719 | | 63,672,719 | | 395,999,296 | | 334,932,973 | | — | | — | | 124,739,042 | | 124,739,042 | | 624,722 |
Total
| | | $70,212,797 | | $489,237,280 | | $433,091,837 | | $— | | $— | | | | $126,358,240 | | $684,349 |
See accompanying notes to financial statements.
15
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2019 (Unaudited)
| | SPDR Portfolio Emerging Markets ETF | | SPDR Portfolio Developed World ex-US ETF |
| ASSETS | | | |
Investments in unaffiliated issuers, at value*
| $2,764,023,827 | | $4,662,910,075 |
Investments in affiliated issuers, at value
| 38,384,045 | | 126,358,240 |
Total Investments
| 2,802,407,872 | | 4,789,268,315 |
Foreign currency, at value
| 32,784,038 | | 9,467,636 |
Cash at broker
| 40,483 | | — |
Cash
| — | | 8 |
Receivable from broker — accumulated variation margin on open futures contracts
| 12,126 | | — |
Receivable for investments sold
| 14,109,094 | | 2,933,163 |
Dividends receivable — unaffiliated issuers
| 3,017,073 | | 23,330,090 |
Dividends receivable — affiliated issuers
| 19,054 | | 11,963 |
Securities lending income receivable — unaffiliated issuers
| 38,546 | | 68,670 |
Securities lending income receivable — affiliated issuers
| 44,813 | | 145,648 |
Receivable for foreign taxes recoverable
| 404 | | 2,724,982 |
Other Receivable
| — | | 7,330 |
TOTAL ASSETS
| 2,852,473,503 | | 4,827,957,805 |
| LIABILITIES | | | |
Due to custodian
| 6,573,672 | | — |
Payable upon return of securities loaned
| 38,384,045 | | 124,739,042 |
Payable for investments purchased
| 15,596,679 | | 3,384,814 |
Deferred foreign taxes payable
| 1,681,317 | | 48,107 |
Advisory fee payable
| 257,461 | | 155,037 |
Trustees’ fees and expenses payable
| 1,075 | | — |
TOTAL LIABILITIES
| 62,494,249 | | 128,327,000 |
NET ASSETS
| $2,789,979,254 | | $4,699,630,805 |
| NET ASSETS CONSIST OF: | | | |
Paid-in Capital
| $2,853,072,794 | | $4,791,347,623 |
Total distributable earnings (loss)**
| (63,093,540) | | (91,716,818) |
NET ASSETS
| $2,789,979,254 | | $4,699,630,805 |
| NET ASSET VALUE PER SHARE | | | |
Net asset value per share
| $35.63 | | $29.15 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 78,300,000 | | 161,200,000 |
| COST OF INVESTMENTS: | | | |
Investments in unaffiliated issuers
| $2,765,386,410 | | $4,783,379,060 |
Investments in affiliated issuers
| 38,384,045 | | 126,358,240 |
Total cost of investments
| $2,803,770,455 | | $4,909,737,300 |
Foreign currency, at cost
| $32,789,431 | | $9,501,346 |
* Includes investments in securities on loan, at value
| $86,140,573 | | $220,986,037 |
** Includes deferred foreign taxes
| $1,651,048 | | $48,107 |
See accompanying notes to financial statements.
16
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2019 (Unaudited)
| | SPDR Portfolio Emerging Markets ETF | | SPDR Portfolio Developed World ex-US ETF |
| INVESTMENT INCOME | | | |
Dividend income — unaffiliated issuers
| $14,677,008 | | $57,284,708 |
Dividend income — affiliated issuers
| 122,248 | | 59,627 |
Unaffiliated securities lending income
| 207,449 | | 344,836 |
Affiliated securities lending income
| 213,878 | | 624,722 |
Foreign taxes withheld
| (994,998) | | (5,145,812) |
TOTAL INVESTMENT INCOME (LOSS)
| 14,225,585 | | 53,168,081 |
| EXPENSES | | | |
Advisory fee
| 1,125,815 | | 740,079 |
Trustees’ fees and expenses
| 14,034 | | 25,321 |
Miscellaneous expenses
| 6 | | 3,130 |
TOTAL EXPENSES
| 1,139,855 | | 768,530 |
NET INVESTMENT INCOME (LOSS)
| 13,085,730 | | 52,399,551 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | |
| Net realized gain (loss) on: | | | |
Investments — unaffiliated issuers*
| (17,849,570) | | 1,300,856 |
In-kind redemptions — unaffiliated issuers
| — | | 24,994,514 |
Foreign currency transactions
| (395,447) | | (104,646) |
Futures contracts
| (745,173) | | — |
Net realized gain (loss)
| (18,990,190) | | 26,190,724 |
| Net change in unrealized appreciation/depreciation on: | | | |
Investments — unaffiliated issuers**
| 125,777,531 | | (148,508,686) |
Foreign currency translations
| (15,113) | | (91,919) |
Futures contracts
| 7,103 | | — |
Net change in unrealized appreciation/depreciation
| 125,769,521 | | (148,600,605) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| 106,779,331 | | (122,409,881) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $119,865,061 | | $(70,010,330) |
* Includes foreign capital gain taxes
| $(30,270) | | $— |
** Includes foreign deferred taxes
| $1,651,048 | | $24,022 |
See accompanying notes to financial statements.
17
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
| | SPDR Portfolio Emerging Markets ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18(a) |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $13,085,730 | | $38,266,809 |
Net realized gain (loss)
| (18,990,190) | | 13,735,975 |
Net change in unrealized appreciation/depreciation
| 125,769,521 | | (173,584,195) |
Net increase (decrease) in net assets resulting from operations
| 119,865,061 | | (121,581,411) |
Distributions to shareholders
| (25,918,133) | | (22,002,213) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 1,208,693,866 | | 1,237,280,090 |
Cost of shares redeemed
| — | | (170,565,852) |
Other capital
| 1,090,227 | | 681,628 |
Net increase (decrease) in net assets from beneficial interest transactions
| 1,209,784,093 | | 1,067,395,866 |
Net increase (decrease) in net assets during the period
| 1,303,731,021 | | 923,812,242 |
Net assets at beginning of period
| 1,486,248,233 | | 562,435,991 |
NET ASSETS AT END OF PERIOD
| $2,789,979,254 | | $1,486,248,233 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 35,600,000 | | 31,800,000 |
Shares redeemed
| — | | (4,700,000) |
Net increase (decrease)
| 35,600,000 | | 27,100,000 |
| (a)After the close of trading on October 13, 2017, the SPDR Portfolio Emerging Markets ETF underwent a 2-for-1 share split. The historical per share activity presented here has been retroactively adjusted to reflect this split. |
See accompanying notes to financial statements.
18
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR Portfolio Developed World ex-US ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year Ended
9/30/18 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $52,399,551 | | $72,567,417 |
Net realized gain (loss)
| 26,190,724 | | (1,415,659) |
Net change in unrealized appreciation/depreciation
| (148,600,605) | | (48,135,004) |
Net increase (decrease) in net assets resulting from operations
| (70,010,330) | | 23,016,754 |
Distributions to shareholders
| (35,517,124) | | (60,014,456) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 1,547,710,427 | | 2,395,365,048 |
Cost of shares redeemed
| (114,319,792) | | — |
Other capital
| 24,555 | | — |
Net increase (decrease) in net assets from beneficial interest transactions
| 1,433,415,190 | | 2,395,365,048 |
Net increase (decrease) in net assets during the period
| 1,327,887,736 | | 2,358,367,346 |
Net assets at beginning of period
| 3,371,743,069 | | 1,013,375,723 |
NET ASSETS AT END OF PERIOD
| $4,699,630,805 | | $3,371,743,069 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 55,600,000 | | 76,400,000 |
Shares redeemed
| (4,000,000) | | — |
Net increase (decrease)
| 51,600,000 | | 76,400,000 |
See accompanying notes to financial statements.
19
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
| | SPDR Portfolio Emerging Markets ETF |
| | Six Months
Ended
3/31/19
(Unaudited) | | Year
Ended
9/30/18(a) | | Year
Ended
9/30/17(a) | | Year
Ended
9/30/16(a) | | Year
Ended
9/30/15(a) | | Year
Ended
9/30/14(a) |
Net asset value, beginning of period
| $34.81 | | $36.06 | | $30.10 | | $26.21 | | $33.18 | | $31.57 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (b)
| 0.22 | | 1.04 | | 0.70 | | 0.56 | | 0.64 | | 0.70 |
Net realized and unrealized gain (loss) (c)
| 1.01 | | (1.71) | | 5.64 | | 3.91 | | (6.94) | | 1.43 |
Total from investment operations
| 1.23 | | (0.67) | | 6.34 | | 4.47 | | (6.30) | | 2.13 |
Net equalization credits and charges (b)
| — | | — | | — | | — | | 0.00(d) | | — |
Other capital
| 0.02 | | 0.02 | | 0.01 | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.43) | | (0.60) | | (0.39) | | (0.58) | | (0.67) | | (0.52) |
Net asset value, end of period
| $35.63 | | $34.81 | | $36.06 | | $30.10 | | $26.21 | | $33.18 |
Total return (e)
| 3.75% | | (1.88)% | | 21.36% | | 17.38% | | (19.34)% | | 6.73% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $2,789,979 | | $1,486,248 | | $562,436 | | $234,783 | | $188,707 | | $285,285 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.11%(f) | | 0.12% | | 0.59% | | 0.59% | | 0.59% | | 0.59% |
Net investment income (loss)
| 1.28%(f) | | 2.78% | | 2.16% | | 2.05% | | 2.02% | | 2.12% |
Portfolio turnover rate (g)
| 5%(h) | | 10% | | 0%(i) | | 12% | | 18% | | 9% |
| (a) | 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. |
| (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) | Amount is less than 0.005%. |
See accompanying notes to financial statements.
20
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
3/31/19
(Unaudited) | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 | | Year
Ended
9/30/14 |
Net asset value, beginning of period
| $30.76 | | $30.52 | | $26.45 | | $25.17 | | $28.46 | | $28.00 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.40 | | 0.97 | | 0.70 | | 0.69 | | 0.71 | | 0.89 |
Net realized and unrealized gain (loss) (b)
| (1.73) | | 0.03 | | 4.16 | | 1.32 | | (3.25) | | 0.40 |
Total from investment operations
| (1.33) | | 1.00 | | 4.86 | | 2.01 | | (2.54) | | 1.29 |
Other capital
| 0.00(c) | | — | | 0.00(c) | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.28) | | (0.76) | | (0.79) | | (0.69) | | (0.75) | | (0.83) |
Net realized gains
| — | | — | | — | | (0.04) | | — | | — |
Total distributions
| (0.28) | | (0.76) | | (0.79) | | (0.73) | | (0.75) | | (0.83) |
Net asset value, end of period
| $29.15 | | $30.76 | | $30.52 | | $26.45 | | $25.17 | | $28.46 |
Total return (d)
| (4.23)% | | 3.28% | | 18.75% | | 8.12% | | (9.14)% | | 4.52% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $4,699,631 | | $3,371,743 | | $1,013,376 | | $634,833 | | $714,914 | | $825,443 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.04%(e) | | 0.05% | | 0.34% | | 0.34% | | 0.34% | | 0.34% |
Net investment income (loss)
| 2.83%(e) | | 3.09% | | 2.49% | | 2.70% | | 2.53% | | 3.06% |
Portfolio turnover rate (f)
| 1%(g) | | 3% | | 5% | | 3% | | 8% | | 17% |
| (a) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (b) | 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. |
| (c) | Amount is less than $0.005 per share. |
| (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.
21
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
March 31, 2019 (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, 2019, the Trust consists of thirty-one (31) 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 |
Each Fund is classified as a non-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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
• Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
• Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.
• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.
• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.
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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (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, 2019, 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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (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. (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, 2019, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Distributions
The SPDR Portfolio Emerging Markets ETF and the SPDR Portfolio Developed World ex-US 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
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
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, the Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by the Funds equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
For the period ended March 31, 2019, the SPDR Portfolio Emerging Markets ETF entered into futures contracts for return enhancement, hedging and exposing cash reserves to markets.
The following tables summarize the value of the Fund's derivative instruments as of March 31, 2019, 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
Contracts
Risk | | Foreign
Exchange
Contracts
Risk | | Credit
Contracts
Risk | | Equity
Contracts
Risk | | Commodity
Contracts
Risk | | Total |
| SPDR Portfolio Emerging Markets ETF | | | | | | | | | | | |
Futures Contracts
| $— | | $— | | $— | | $12,126 | | $— | | $12,126 |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
| | Net Realized Gain (Loss) |
| | Interest Rate
Contracts
Risk | | Foreign
Exchange
Contracts
Risk | | Credit
Contracts
Risk | | Equity
Contracts
Risk | | Commodity
Contracts
Risk | | Total |
| SPDR Portfolio Emerging Markets ETF | | | | | | | | | | | |
Futures Contracts
| $— | | $— | | $— | | $(745,173) | | $— | | $(745,173) |
| | Net Change in Unrealized Appreciation (Depreciation) |
| | Interest Rate
Contracts
Risk | | Foreign
Exchange
Contracts
Risk | | Credit
Contracts
Risk | | Equity
Contracts
Risk | | Commodity
Contracts
Risk | | Total |
| SPDR Portfolio Emerging Markets ETF | | | | | | | | | | | |
Futures Contracts
| $— | | $— | | $— | | $7,103 | | $— | | $7,103 |
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 (“Management/Advisory fee”) a 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 |
The Adviser pays all expenses of each Fund other than management fee, brokerage, taxes, interest, fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation expenses and other extraordinary expenses.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
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, 2020.
Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.
Distributor
State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust.
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017.
Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, an affiliated money market 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, 2019, are disclosed in the Schedules of Investments.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.
5. Trustees’ Fees
The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6. Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, derivative contracts and short term investments) for the period ended March 31, 2019, were as follows:
| | Purchases | | Sales |
SPDR Portfolio Emerging Markets ETF
| $712,713,487 | | $108,942,443 |
SPDR Portfolio Developed World ex-US ETF
| 167,335,762 | | 44,676,618 |
For the period ended March 31, 2019, 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
| $580,585,398 | | $— | | $— |
SPDR Portfolio Developed World ex-US ETF
| 1,424,309,920 | | 106,799,809 | | 24,994,514 |
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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.
8. Income Tax Information
The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of September 30, 2018, 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, 2019, 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
| $2,808,058,714 | | $182,369,174 | | $188,007,956 | | $(5,638,782) |
SPDR Portfolio Developed World ex-US ETF
| 4,916,531,899 | | 252,247,268 | | 379,510,852 | | (127,263,584) |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
9. Securities Lending
Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of March 31, 2019, 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, 2019:
| Fund | | Market Value of
Securities on Loan | | Cash
Collateral
Received | | Non-Cash
Collateral
Received* | | Total
Collateral
Received |
SPDR Portfolio Emerging Markets ETF
| | $ 86,140,573 | | $ 38,384,045 | | $ 52,021,819 | | $ 90,405,864 |
SPDR Portfolio Developed World ex-US ETF
| | 220,986,037 | | 124,739,042 | | 107,936,645 | | 232,675,687 |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (Unaudited)
| * | The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities. |
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, 2019:
| | | | | Remaining Contractual Maturity of the Agreements
As of March 31, 2019 |
| 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 | | $38,384,045 | | $— | | $— | | $— | | $38,384,045 | | $38,384,045 |
SPDR Portfolio Developed World ex-US ETF
| | Common Stocks | | 124,739,042 | | — | | — | | — | | 124,739,042 | | 124,739,042 |
10. Line of Credit
Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) participate in a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2019 unless extended or renewed.
The following Fund participates in the line of credit as of March 31, 2019:
SPDR Portfolio Emerging Markets ETF
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% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.
The Fund had no outstanding loans as of March 31, 2019.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2019 (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.
Market and Credit Risk
In the normal course of business, the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the general economic conditions and fluctuations of the market (market risk). Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
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.
SPDR INDEX SHARES FUNDS
OTHER INFORMATION
March 31, 2019 (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, 2018 to March 31, 2019.
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 (“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.
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
March 31, 2019 (Unaudited)
| | SPDR Portfolio Emerging Markets ETF | | SPDR Portfolio Developed World ex-US ETF |
Annualized Expense Ratio
| 0.11% | | 0.04% |
| Actual: | | | |
Ending Account Value
| $1,037.50 | | $957.70 |
Expenses Paid During Period(a)
| 0.56 | | 0.20 |
| Hypothetical (assuming a 5% return before expenses): | | | |
Ending Account Value
| 1,024.40 | | 1,024.70 |
Expenses Paid During Period(a)
| 0.56 | | 0.20 |
| (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. |
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 atwww.spdrs.com.
Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC’s website atwww.sec.gov.
Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC’s website atwww.sec.gov, and on the Funds' website atwww.spdrs.com.
Quarterly Portfolio Schedule
Following the Funds' first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Funds’ schedules of investments are available upon request, without charge, by calling 1-866-787-2257 (toll free) and on the Funds’ website at www.spdrs.com.
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
March 31, 2019 (Unaudited)
Full Portfolio Schedule
The complete schedule of portfolio holdings for the following Funds is available on the Funds’ website atwww.spdrs.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website atwww.sec.gov.
SPDR Portfolio Emerging Markets ETF
SPDR Portfolio Developed World ex-US ETF
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SPDR® Index Shares Funds
SPDR Index Shares Funds
Trustees
Bonny E. Boatman
Dwight D. Churchill
Frank Nesvet, Chairman
Clare S. Richer
James E. Ross
Sandra G. Sponem
Carl G. Verboncoeur
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
PricewaterhouseCoopers LLP
101 Seaport Boulevard
Suite 500
Boston, MA 02210
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
SPDR® Index Shares Funds
For more complete information, please call 1.866.787.2257 or visit spdrs.com today.
ssga.com | spdrs.com
The Funds are not sponsored, endorsed, sold, or promoted by Stoxx, S&P Dow Jones Indices LLC, MSCI Inc., and Solactive AG. Neither do these companies make any representation regarding the advisability of investing in the Funds. Shares of the Funds are not insured by the FDIC or by another governmental agency; they are not obligations of the FDIC nor are they deposits or obligations of or guaranteed by State Street Bank and Trust Company. Fund shares are subject to investment risks, including possible loss of the principal invested.
Standard & Poor’s®, S&P® and SPDR® are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their
respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider a Fund's investment objective, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.spdrs.com. Read it carefully.
Not FDIC Insured • No Bank Guarantee • May Lose Value
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefully before you invest.
State Street Global Advisors
© 2019 State Street Corporation - All Rights Reserved
0515 Exp. Date: 11/30/2019 SPDRPTSAR
Not applicable to the registrant; this FormN-CSR is a Semi-Annual Report.
| Item 3. | Audit Committee Financial Expert. |
Not applicable to the registrant; this FormN-CSR is a Semi-Annual Report.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable to the registrant; this FormN-CSR is a Semi-Annual Report.
| Item 5. | Disclosure of Audit Committees for Listed Registrants. |
Not applicable to the registrant; this FormN-CSR is a Semi-Annual Report.
| (a) | The Schedules of Investments for the SPDR MSCI ACWIex-US ETF, SPDR S&P Emerging Markets Small Cap ETF, SPDR MSCI ACWI Low Carbon Target ETF, SPDR MSCI Emerging Markets StrategicFactors ETF, SPDR MSCI World StrategicFactors ETF, SPDR Portfolio Emerging Markets ETF, SPDR Portfolio Developed Worldex-US ETF, SPDR S&P China ETF and SPDR S&P International Small Cap ETF are listed below. Summary Schedules of Investments for these funds as well as the Schedules of Investments for the remaining series of the registrant are included as part of the report to shareholders filed under Item 1 of this FormN-CSR. |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.2% | | | | | |
| AUSTRALIA — 4.7% | | | | | |
Alumina, Ltd.
| | | 631,617 | | $1,085,779 |
Amcor, Ltd.
| | | 185,741 | | 2,030,573 |
AMP, Ltd. (a)
| | | 309,015 | | 460,968 |
Australia & New Zealand Banking Group, Ltd.
| | | 286,668 | | 5,300,608 |
BHP Group PLC
| | | 168,080 | | 4,048,743 |
BHP Group, Ltd.
| | | 274,943 | | 7,517,317 |
Boral, Ltd.
| | | 312,253 | | 1,018,103 |
Brambles, Ltd.
| | | 211,294 | | 1,765,090 |
Coca-Cola Amatil, Ltd.
| | | 174,326 | | 1,071,151 |
Coles Group, Ltd. (b)
| | | 109,626 | | 922,793 |
Commonwealth Bank of Australia
| | | 159,732 | | 8,015,210 |
CSL, Ltd.
| | | 47,557 | | 6,585,484 |
Fortescue Metals Group, Ltd.
| | | 237,973 | | 1,201,903 |
Insurance Australia Group, Ltd.
| | | 321,514 | | 1,754,015 |
LendLease Group
| | | 112,056 | | 985,435 |
Macquarie Group, Ltd.
| | | 46,559 | | 4,280,331 |
Medibank Pvt, Ltd.
| | | 255,110 | | 500,160 |
National Australia Bank, Ltd.
| | | 242,112 | | 4,346,041 |
Newcrest Mining, Ltd.
| | | 68,771 | | 1,246,201 |
Origin Energy, Ltd.
| | | 259,723 | | 1,328,358 |
QBE Insurance Group, Ltd.
| | | 102,301 | | 894,562 |
Santos, Ltd.
| | | 211,236 | | 1,024,852 |
Scentre Group REIT
| | | 246,333 | | 719,179 |
Sonic Healthcare, Ltd.
| | | 104,436 | | 1,822,011 |
South32, Ltd. (c)
| | | 188,716 | | 493,780 |
South32, Ltd. (c)
| | | 337,425 | | 894,043 |
Suncorp Group, Ltd.
| | | 218,622 | | 2,140,008 |
Sydney Airport
| | | 86,825 | | 458,254 |
Telstra Corp., Ltd.
| | | 372,448 | | 878,367 |
Transurban Group Stapled Security
| | | 220,126 | | 2,064,038 |
Vicinity Centres REIT
| | | 539,665 | | 996,713 |
Wesfarmers, Ltd. (a)
| | | 109,626 | | 2,698,293 |
Westpac Banking Corp. (a)
| | | 314,449 | | 5,789,719 |
Woodside Petroleum, Ltd.
| | | 81,506 | | 2,004,421 |
Woolworths Group, Ltd.
| | | 137,954 | | 2,979,066 |
| | | | | | 81,321,569 |
| AUSTRIA — 0.3% | | | | | |
Erste Group Bank AG
| | | 56,759 | | 2,087,855 |
OMV AG
| | | 27,308 | | 1,483,159 |
Raiffeisen Bank International AG
| | | 32,883 | | 738,823 |
| | | | | | 4,309,837 |
| BELGIUM — 0.8% | | | | | |
Ageas
| | | 43,228 | | 2,087,158 |
Anheuser-Busch InBev SA
| | | 73,988 | | 6,210,868 |
KBC Group NV
| | | 35,380 | | 2,474,162 |
Solvay SA
| | | 13,724 | | 1,485,215 |
UCB SA
| | | 18,302 | | 1,573,338 |
| | | | | | 13,830,741 |
| Security Description | | | Shares | | Value |
| BRAZIL — 1.8% | | | | | |
Ambev SA ADR
| | | 544,995 | | $2,343,479 |
B3 SA - Brasil Bolsa Balcao
| | | 182,144 | | 1,503,319 |
Banco Bradesco SA Preference Shares ADR
| | | 425,654 | | 4,643,885 |
Banco do Brasil SA
| | | 75,503 | | 945,218 |
BB Seguridade Participacoes SA
| | | 65,535 | | 446,588 |
Braskem SA Class A, Preference Shares
| | | 40,481 | | 529,456 |
BRF SA (b)
| | | 50,545 | | 294,176 |
Cia Energetica de Minas Gerais ADR (a)
| | | 219,691 | | 784,297 |
Cia Siderurgica Nacional SA ADR (a)(b)
| | | 172,651 | | 709,596 |
Cielo SA
| | | 97,424 | | 237,571 |
Embraer SA
| | | 70,327 | | 333,410 |
Gerdau SA ADR (a)
| | | 125,973 | | 488,775 |
Itau Unibanco Holding SA Preference Shares ADR
| | | 523,706 | | 4,613,850 |
JBS SA
| | | 68,102 | | 278,589 |
Kroton Educacional SA
| | | 133,034 | | 362,351 |
Lojas Renner SA
| | | 125,565 | | 1,413,199 |
Magazine Luiza SA
| | | 11,441 | | 508,152 |
Natura Cosmeticos SA
| | | 33,663 | | 392,621 |
Petroleo Brasileiro SA Preference Shares ADR
| | | 316,315 | | 4,523,304 |
Porto Seguro SA
| | | 12,778 | | 176,745 |
Raia Drogasil SA
| | | 36,428 | | 611,236 |
Sul America SA
| | | 69,010 | | 528,432 |
Suzano Papel e Celulose SA
| | | 48,704 | | 582,564 |
TIM Participacoes SA ADR
| | | 28,017 | | 422,496 |
Vale SA ADR
| | | 292,025 | | 3,813,847 |
| | | | | | 31,487,156 |
| CANADA — 6.8% | | | | | |
Agnico Eagle Mines, Ltd. (a)
| | | 16,176 | | 703,489 |
Alimentation Couche-Tard, Inc. Class B
| | | 27,545 | | 1,623,072 |
Aurora Cannabis, Inc. (a)(b)
| | | 65,807 | | 595,536 |
Bank of Montreal
| | | 65,605 | | 4,910,247 |
Bank of Nova Scotia (a)
| | | 102,849 | | 5,476,760 |
Barrick Gold Corp.
| | | 110,799 | | 1,519,396 |
Barrick Gold Corp. (d)
| | | 42,956 | | 589,059 |
Bausch Health Cos., Inc. (b)
| | | 33,892 | | 836,423 |
BlackBerry, Ltd. (b)
| | | 55,014 | | 554,690 |
Bombardier, Inc. Class B (b)
| | | 244,451 | | 470,256 |
Brookfield Asset Management, Inc. Class A
| | | 102,368 | | 4,770,711 |
CAE, Inc.
| | | 61,979 | | 1,373,703 |
Cameco Corp.
| | | 45,677 | | 538,503 |
Canadian Imperial Bank of Commerce
| | | 40,613 | | 3,210,250 |
Canadian National Railway Co.
| | | 76,385 | | 6,840,030 |
Canadian Natural Resources, Ltd.
| | | 117,058 | | 3,214,834 |
Canadian Pacific Railway, Ltd. (a)
| | | 14,994 | | 3,090,271 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Canadian Tire Corp., Ltd. Class A (a)
| | | 13,337 | | $1,437,475 |
Cenovus Energy, Inc.
| | | 88,707 | | 770,239 |
CGI, Inc. (b)
| | | 14,235 | | 978,906 |
Constellation Software, Inc.
| | | 1,669 | | 1,414,830 |
Dollarama, Inc.
| | | 22,317 | | 595,532 |
Enbridge, Inc.
| | | 123,738 | | 4,482,892 |
Encana Corp.
| | | 89,178 | | 646,164 |
Fairfax Financial Holdings, Ltd.
| | | 1,477 | | 684,354 |
First Quantum Minerals, Ltd.
| | | 67,979 | | 770,899 |
Franco-Nevada Corp.
| | | 15,404 | | 1,155,228 |
George Weston, Ltd.
| | | 6,223 | | 447,598 |
Gildan Activewear, Inc.
| | | 58,950 | | 2,120,250 |
Goldcorp, Inc.
| | | 81,774 | | 935,907 |
H&R Real Estate Investment Trust
| | | 4,507 | | 78,977 |
Husky Energy, Inc.
| | | 46,406 | | 460,256 |
IGM Financial, Inc.
| | | 23,497 | | 604,683 |
Imperial Oil, Ltd.
| | | 51,832 | | 1,415,346 |
Kinross Gold Corp. (b)
| | | 139,756 | | 481,214 |
Loblaw Cos., Ltd.
| | | 46,176 | | 2,278,470 |
Magna International, Inc.
| | | 20,006 | | 974,431 |
Manulife Financial Corp.
| | | 162,395 | | 2,747,204 |
National Bank of Canada
| | | 49,667 | | 2,242,162 |
Nutrien, Ltd.
| | | 77,763 | | 4,102,501 |
Onex Corp.
| | | 8,091 | | 456,529 |
Open Text Corp.
| | | 23,497 | | 902,452 |
Pembina Pipeline Corp.
| | | 3,447 | | 126,661 |
PrairieSky Royalty, Ltd. (a)
| | | 22,076 | | 297,442 |
Restaurant Brands International, Inc.
| | | 14,440 | | 939,716 |
Rogers Communications, Inc. Class B
| | | 55,013 | | 2,959,530 |
Royal Bank of Canada
| | | 129,892 | | 9,802,546 |
Seven Generations Energy, Ltd. Class A (b)
| | | 26,804 | | 193,614 |
Shaw Communications, Inc. Class B
| | | 58,939 | | 1,226,912 |
Shopify, Inc. Class A (b)
| | | 8,408 | | 1,736,166 |
SmartCentres Real Estate Investment Trust
| | | 35,540 | | 931,364 |
SNC-Lavalin Group, Inc.
| | | 30,806 | | 781,939 |
Sun Life Financial, Inc.
| | | 65,552 | | 2,519,136 |
Suncor Energy, Inc.
| | | 138,327 | | 4,484,406 |
Teck Resources, Ltd. Class B
| | | 49,464 | | 1,144,823 |
TELUS Corp.
| | | 38,595 | | 1,428,877 |
Thomson Reuters Corp.
| | | 31,881 | | 1,886,920 |
Toronto-Dominion Bank
| | | 164,046 | | 8,904,986 |
TransCanada Corp. (a)
| | | 69,314 | | 3,114,058 |
Turquoise Hill Resources, Ltd. (b)
| | | 20,836 | | 34,312 |
West Fraser Timber Co., Ltd.
| | | 8,100 | | 394,102 |
Wheaton Precious Metals Corp.
| | | 36,878 | | 878,094 |
| | | | | | 117,287,333 |
| Security Description | | | Shares | | Value |
| CHILE — 0.2% | | | | | |
Embotelladora Andina SA Class B, Preference Shares
| | | 56,311 | | $205,640 |
Enel Americas SA ADR
| | | 232,878 | | 2,079,600 |
Enel Chile SA ADR
| | | 274,388 | | 1,421,330 |
Sociedad Quimica y Minera de Chile SA ADR (a)
| | | 13,505 | | 519,132 |
| | | | | | 4,225,702 |
| CHINA — 8.1% | | | | | |
3SBio, Inc. (a)(e)
| | | 154,000 | | 302,901 |
51job, Inc. ADR (b)
| | | 3,099 | | 241,350 |
58.com, Inc. ADR (b)
| | | 10,464 | | 687,276 |
AAC Technologies Holdings, Inc.
| | | 104,500 | | 618,351 |
Agile Group Holdings, Ltd.
| | | 52,000 | | 84,128 |
Agricultural Bank of China, Ltd. Class H
| | | 2,649,000 | | 1,221,585 |
Air China, Ltd. Class H
| | | 102,000 | | 125,519 |
Alibaba Group Holding, Ltd. ADR (b)
| | | 106,689 | | 19,465,408 |
Alibaba Health Information Technology, Ltd. (a)(b)
| | | 390,000 | | 450,614 |
Anhui Conch Cement Co., Ltd. Class H
| | | 21,000 | | 128,275 |
ANTA Sports Products, Ltd.
| | | 67,000 | | 455,774 |
Autohome, Inc. ADR (a)(b)
| | | 6,628 | | 696,735 |
AviChina Industry & Technology Co., Ltd. Class H
| | | 723,000 | | 461,434 |
Baidu, Inc. ADR (b)
| | | 23,734 | | 3,912,550 |
Bank of China, Ltd. Class H
| | | 7,315,436 | | 3,317,595 |
Bank of Communications Co., Ltd. Class H
| | | 1,454,710 | | 1,191,573 |
Beijing Enterprises Water Group, Ltd.
| | | 498,000 | | 307,683 |
BOC Hong Kong Holdings, Ltd.
| | | 210,500 | | 871,502 |
Brilliance China Automotive Holdings, Ltd. (a)
| | | 400,000 | | 396,436 |
BYD Co., Ltd. Class H (a)
| | | 34,000 | | 204,868 |
CGN Power Co., Ltd. Class H (e)
| | | 221,400 | | 61,767 |
China CITIC Bank Corp., Ltd. Class H
| | | 706,000 | | 449,684 |
China Communications Construction Co., Ltd. Class H
| | | 454,000 | | 469,618 |
China Conch Venture Holdings, Ltd.
| | | 42,500 | | 152,135 |
China Construction Bank Corp. Class H
| | | 6,061,720 | | 5,196,896 |
China Everbright Bank Co., Ltd. Class H
| | | 36,000 | | 17,014 |
China Everbright International, Ltd.
| | | 172,628 | | 175,488 |
China Evergrande Group (a)
| | | 279,000 | | 927,636 |
China Galaxy Securities Co., Ltd. Class H
| | | 238,500 | | 156,773 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
China Huishan Dairy Holdings Co., Ltd. (a)(b)(f)
| | | 1,418,000 | | $— |
China Jinmao Holdings Group, Ltd.
| | | 436,000 | | 284,374 |
China Life Insurance Co., Ltd. Class H
| | | 734,000 | | 1,972,930 |
China Mengniu Dairy Co., Ltd.
| | | 516,000 | | 1,919,401 |
China Merchants Bank Co., Ltd. Class H
| | | 573,014 | | 2,784,793 |
China Merchants Port Holdings Co., Ltd.
| | | 529,366 | | 1,127,523 |
China Minsheng Banking Corp., Ltd. Class H
| | | 454,200 | | 329,803 |
China Mobile, Ltd.
| | | 579,000 | | 5,900,675 |
China Oilfield Services, Ltd. Class H
| | | 100,000 | | 108,026 |
China Overseas Land & Investment, Ltd.
| | | 476,000 | | 1,806,992 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 238,200 | | 934,600 |
China Petroleum & Chemical Corp. Class H
| | | 2,953,800 | | 2,329,190 |
China Railway Construction Corp., Ltd. Class H
| | | 144,500 | | 189,232 |
China Railway Group, Ltd. Class H
| | | 291,000 | | 265,423 |
China Resources Beer Holdings Co., Ltd.
| | | 477,670 | | 2,011,095 |
China Shenhua Energy Co., Ltd. Class H
| | | 235,500 | | 537,003 |
China Southern Airlines Co., Ltd. Class H
| | | 110,000 | | 98,370 |
China Taiping Insurance Holdings Co., Ltd.
| | | 179,800 | | 535,968 |
China Telecom Corp., Ltd. Class H
| | | 2,320,000 | | 1,288,569 |
China Unicom Hong Kong, Ltd.
| | | 944,000 | | 1,196,543 |
China Vanke Co., Ltd. Class H
| | | 90,900 | | 382,130 |
CIFI Holdings Group Co., Ltd.
| | | 428,000 | | 324,410 |
CITIC Securities Co., Ltd. Class H
| | | 134,000 | | 312,043 |
CITIC, Ltd.
| | | 476,000 | | 710,669 |
CNOOC, Ltd.
| | | 1,910,217 | | 3,577,117 |
COSCO SHIPPING Ports, Ltd.
| | | 602,180 | | 650,512 |
Country Garden Holdings Co., Ltd. (a)
| | | 490,000 | | 765,279 |
CRRC Corp., Ltd. Class H
| | | 421,000 | | 396,869 |
CSPC Pharmaceutical Group, Ltd.
| | | 514,000 | | 955,981 |
Ctrip.com International, Ltd. ADR (b)
| | | 36,746 | | 1,605,433 |
ENN Energy Holdings, Ltd.
| | | 54,600 | | 527,919 |
Fosun International, Ltd.
| | | 111,000 | | 188,065 |
Future Land Development Holdings, Ltd.
| | | 284,000 | | 351,656 |
GDS Holdings, Ltd. ADR (a)(b)
| | | 7,325 | | 261,429 |
Geely Automobile Holdings, Ltd.
| | | 809,000 | | 1,545,870 |
| Security Description | | | Shares | | Value |
Genscript Biotech Corp. (b)
| | | 86,000 | | $162,360 |
GF Securities Co., Ltd. Class H
| | | 182,800 | | 262,675 |
GOME Retail Holdings, Ltd. (a)(b)
| | | 1,914,000 | | 177,991 |
Great Wall Motor Co., Ltd. Class H (a)
| | | 330,000 | | 247,607 |
Guangzhou Automobile Group Co., Ltd. Class H
| | | 145,600 | | 171,939 |
Haitong Securities Co., Ltd. Class H
| | | 187,200 | | 242,288 |
Hengan International Group Co., Ltd. (a)
| | | 116,000 | | 1,016,669 |
Huaneng Power International, Inc. Class H
| | | 1,008,000 | | 585,543 |
Huaneng Renewables Corp., Ltd. Class H
| | | 1,060,000 | | 294,371 |
Huatai Securities Co., Ltd. Class H (a)(e)
| | | 190,200 | | 380,402 |
Huazhu Group, Ltd. ADR
| | | 12,057 | | 508,082 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 6,428,045 | | 4,708,471 |
JD.com, Inc. ADR (b)
| | | 65,085 | | 1,962,313 |
Jiangsu Expressway Co., Ltd. Class H
| | | 14,000 | | 19,796 |
Kingdee International Software Group Co., Ltd. (a)
| | | 296,000 | | 342,382 |
Kingsoft Corp., Ltd.
| | | 193,000 | | 490,739 |
Lenovo Group, Ltd.
| | | 594,000 | | 534,225 |
Logan Property Holdings Co., Ltd.
| | | 44,000 | | 72,867 |
Luye Pharma Group, Ltd. (a)(e)
| | | 254,500 | | 222,405 |
Momo, Inc. ADR (b)
| | | 18,403 | | 703,731 |
NetEase, Inc. ADR
| | | 6,215 | | 1,500,612 |
New China Life Insurance Co., Ltd. Class H
| | | 90,100 | | 459,111 |
New Oriental Education & Technology Group, Inc. ADR (b)
| | | 12,394 | | 1,116,575 |
Noah Holdings, Ltd. ADR (a)(b)
| | | 4,720 | | 228,731 |
PetroChina Co., Ltd. Class H
| | | 1,854,000 | | 1,202,155 |
PICC Property & Casualty Co., Ltd. Class H
| | | 797,415 | | 906,113 |
Ping An Insurance Group Co. of China, Ltd. Class H (a)
| | | 474,000 | | 5,307,626 |
Semiconductor Manufacturing International Corp. (a)(b)
| | | 127,900 | | 129,367 |
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
| | | 268,000 | | 256,053 |
Shanghai Electric Group Co., Ltd. Class H (a)
| | | 408,000 | | 154,885 |
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B
| | | 335,240 | | 492,132 |
Shanghai Pharmaceuticals Holding Co., Ltd. Class H
| | | 43,100 | | 93,887 |
Shenzhou International Group Holdings, Ltd.
| | | 28,000 | | 375,238 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Sihuan Pharmaceutical Holdings Group, Ltd.
| | | 274,000 | | $66,319 |
SINA Corp. (b)
| | | 7,910 | | 468,588 |
Sinopec Shanghai Petrochemical Co., Ltd. Class H
| | | 400,000 | | 190,574 |
Sinopharm Group Co., Ltd. Class H
| | | 84,000 | | 349,913 |
Sunac China Holdings, Ltd.
| | | 201,300 | | 1,002,660 |
Sunny Optical Technology Group Co., Ltd.
| | | 61,400 | | 733,285 |
TAL Education Group ADR (b)
| | | 33,072 | | 1,193,238 |
Tencent Holdings, Ltd.
| | | 499,700 | | 22,979,981 |
Tingyi Cayman Islands Holding Corp.
| | | 472,000 | | 778,053 |
TravelSky Technology, Ltd. Class H
| | | 56,000 | | 148,026 |
Tsingtao Brewery Co., Ltd. Class H
| | | 60,000 | | 282,804 |
Vipshop Holdings, Ltd. ADR (b)
| | | 55,882 | | 448,732 |
Want Want China Holdings, Ltd.
| | | 236,000 | | 196,017 |
Weibo Corp. ADR (a)(b)
| | | 4,969 | | 308,028 |
Wuxi Biologics Cayman, Inc. (b)(e)
| | | 37,500 | | 364,732 |
Yanzhou Coal Mining Co., Ltd. Class H
| | | 470,000 | | 461,621 |
Yum China Holdings, Inc.
| | | 30,553 | | 1,372,135 |
YY, Inc. ADR (b)
| | | 6,089 | | 511,537 |
Zhuzhou CRRC Times Electric Co., Ltd. Class H
| | | 97,500 | | 576,309 |
Zijin Mining Group Co., Ltd. Class H
| | | 1,854,000 | | 767,584 |
ZTE Corp. Class H (b)
| | | 82,600 | | 248,328 |
| | | | | | 139,702,265 |
| COLOMBIA — 0.1% | | | | | |
Bancolombia SA ADR
| | | 30,378 | | 1,551,101 |
Cementos Argos SA
| | | 141,169 | | 349,213 |
| | | | | | 1,900,314 |
| DENMARK — 1.2% | | | | | |
AP Moller - Maersk A/S Class B (a)
| | | 1,045 | | 1,326,869 |
Danske Bank A/S
| | | 79,918 | | 1,403,958 |
DSV A/S
| | | 40,467 | | 3,350,009 |
Genmab A/S (b)
| | | 5,961 | | 1,035,542 |
Novo Nordisk A/S Class B
| | | 181,565 | | 9,514,299 |
Novozymes A/S Class B
| | | 17,339 | | 798,017 |
Pandora A/S
| | | 9,673 | | 453,341 |
Vestas Wind Systems A/S
| | | 23,966 | | 2,018,599 |
| | | | | | 19,900,634 |
| EGYPT — 0.1% | | | | | |
Commercial International Bank Egypt SAE
| | | 276,129 | | 1,085,874 |
| FINLAND — 0.9% | | | | | |
Elisa Oyj
| | | 12,519 | | 565,371 |
Fortum Oyj (a)
| | | 13,841 | | 283,319 |
Kone Oyj Class B
| | | 37,195 | | 1,877,728 |
| Security Description | | | Shares | | Value |
Metso Oyj
| | | 31,061 | | $1,069,324 |
Neste Oyj (a)
| | | 11,211 | | 1,195,886 |
Nokia Oyj (c)
| | | 249,657 | | 1,422,381 |
Nokia Oyj (c)
| | | 132,284 | | 755,449 |
Nordea Bank Abp (a)
| | | 258,240 | | 1,969,799 |
Sampo Oyj Class A
| | | 39,298 | | 1,783,122 |
Stora Enso Oyj Class R
| | | 82,799 | | 1,012,917 |
UPM-Kymmene Oyj (a)
| | | 71,727 | | 2,094,005 |
Wartsila OYJ Abp (a)
| | | 39,050 | | 630,743 |
| | | | | | 14,660,044 |
| FRANCE — 7.2% | | | | | |
Accor SA
| | | 29,532 | | 1,197,408 |
Air Liquide SA
| | | 43,573 | | 5,545,755 |
Airbus SE
| | | 56,291 | | 7,452,028 |
Alstom SA
| | | 25,143 | | 1,090,313 |
AXA SA
| | | 151,873 | | 3,825,001 |
BNP Paribas SA
| | | 92,487 | | 4,425,007 |
Bouygues SA
| | | 28,470 | | 1,018,166 |
Capgemini SE
| | | 18,508 | | 2,246,502 |
Carrefour SA
| | | 79,580 | | 1,487,784 |
Cie de Saint-Gobain
| | | 42,602 | | 1,545,570 |
Cie Generale des Etablissements Michelin SCA
| | | 16,562 | | 1,960,086 |
Credit Agricole SA
| | | 94,826 | | 1,146,740 |
Danone SA
| | | 67,621 | | 5,215,510 |
Edenred
| | | 14,023 | | 638,804 |
Electricite de France SA
| | | 7,960 | | 108,953 |
Engie SA
| | | 110,618 | | 1,649,474 |
EssilorLuxottica SA
| | | 25,034 | | 2,737,296 |
Hermes International
| | | 1,199 | | 791,892 |
ICADE REIT
| | | 787 | | 66,630 |
Kering SA
| | | 8,473 | | 4,863,509 |
Klepierre SA REIT
| | | 4,174 | | 146,134 |
Legrand SA
| | | 23,700 | | 1,587,644 |
L'Oreal SA
| | | 26,340 | | 7,092,293 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 25,134 | | 9,253,898 |
Orange SA
| | | 210,822 | | 3,432,461 |
Pernod Ricard SA
| | | 21,862 | | 3,927,639 |
Peugeot SA
| | | 41,210 | | 1,005,967 |
Publicis Groupe SA
| | | 31,793 | | 1,703,902 |
Renault SA
| | | 16,954 | | 1,121,458 |
Safran SA
| | | 26,727 | | 3,668,772 |
Sanofi
| | | 109,061 | | 9,642,432 |
Schneider Electric SE
| | | 57,457 | | 4,512,220 |
Societe Generale SA
| | | 67,357 | | 1,949,410 |
Sodexo SA
| | | 14,902 | | 1,642,483 |
TOTAL SA
| | | 214,651 | | 11,935,352 |
Unibail-Rodamco-Westfield
| | | 60,014 | | 493,240 |
Unibail-Rodamco-Westfield, REIT (c)
| | | 8,310 | | 1,363,615 |
Valeo SA
| | | 20,406 | | 592,298 |
Veolia Environnement SA
| | | 50,611 | | 1,132,593 |
Vinci SA
| | | 51,289 | | 4,994,191 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Vivendi SA
| | | 132,666 | | $3,847,740 |
| | | | | | 124,058,170 |
| GERMANY — 5.6% | | | | | |
adidas AG
| | | 19,091 | | 4,643,108 |
Allianz SE
| | | 42,636 | | 9,492,423 |
BASF SE
| | | 85,612 | | 6,299,361 |
Bayer AG
| | | 85,121 | | 5,505,299 |
Bayerische Motoren Werke AG
| | | 31,045 | | 2,396,548 |
Commerzbank AG (b)
| | | 70,510 | | 546,288 |
Continental AG
| | | 9,947 | | 1,498,878 |
Covestro AG (e)
| | | 6,372 | | 350,728 |
Daimler AG
| | | 83,276 | | 4,885,712 |
Deutsche Bank AG
| | | 142,688 | | 1,163,177 |
Deutsche Boerse AG
| | | 28,492 | | 3,656,713 |
Deutsche Lufthansa AG
| | | 44,969 | | 987,904 |
Deutsche Post AG
| | | 113,312 | | 3,689,739 |
Deutsche Telekom AG
| | | 318,826 | | 5,296,517 |
E.ON SE
| | | 203,715 | | 2,267,284 |
Fresenius Medical Care AG & Co. KGaA
| | | 23,872 | | 1,927,256 |
Fresenius SE & Co. KGaA
| | | 35,739 | | 1,996,846 |
Henkel AG & Co. KGaA Preference Shares
| | | 8,996 | | 919,205 |
Infineon Technologies AG
| | | 55,701 | | 1,106,088 |
Merck KGaA
| | | 24,214 | | 2,763,730 |
METRO AG
| | | 21,588 | | 358,511 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 22,777 | | 5,396,357 |
OSRAM Licht AG
| | | 8,814 | | 303,634 |
Puma SE
| | | 719 | | 417,389 |
RWE AG
| | | 52,541 | | 1,409,996 |
SAP SE
| | | 100,942 | | 11,674,299 |
Siemens AG
| | | 78,464 | | 8,452,630 |
ThyssenKrupp AG
| | | 43,016 | | 591,440 |
TUI AG
| | | 34,328 | | 329,042 |
United Internet AG
| | | 7,090 | | 258,972 |
Volkswagen AG
| | | 6,695 | | 1,090,786 |
Volkswagen AG Preference Shares
| | | 12,631 | | 1,990,119 |
Vonovia SE
| | | 29,099 | | 1,510,183 |
Wirecard AG
| | | 9,586 | | 1,202,299 |
| | | | | | 96,378,461 |
| GREECE — 0.1% | | | | | |
Alpha Bank AE (b)
| | | 122,951 | | 170,360 |
Hellenic Telecommunications Organization SA
| | | 3,069 | | 41,146 |
JUMBO SA
| | | 34,192 | | 572,048 |
OPAP SA
| | | 49,206 | | 508,309 |
| | | | | | 1,291,863 |
| HONG KONG — 3.2% | | | | | |
AIA Group, Ltd.
| | | 1,139,000 | | 11,339,289 |
Alibaba Pictures Group, Ltd. (a)(b)
| | | 920,000 | | 162,906 |
ASM Pacific Technology, Ltd.
| | | 9,200 | | 102,607 |
| Security Description | | | Shares | | Value |
Bank of East Asia, Ltd.
| | | 441,331 | | $1,433,632 |
China Everbright, Ltd.
| | | 44,000 | | 87,216 |
China First Capital Group, Ltd. (b)
| | | 276,000 | | 145,912 |
China Gas Holdings, Ltd.
| | | 86,000 | | 302,371 |
China Resources Land, Ltd.
| | | 132,000 | | 591,902 |
China Traditional Chinese Medicine Holdings Co., Ltd.
| | | 368,000 | | 218,926 |
CK Asset Holdings, Ltd.
| | | 267,032 | | 2,374,389 |
CK Hutchison Holdings, Ltd.
| | | 335,032 | | 3,518,925 |
CLP Holdings, Ltd.
| | | 136,500 | | 1,582,367 |
Fullshare Holdings, Ltd. (a)
| | | 437,500 | | 58,519 |
Galaxy Entertainment Group, Ltd.
| | | 217,000 | | 1,477,544 |
Haier Electronics Group Co., Ltd.
| | | 48,000 | | 139,415 |
Hanergy Thin Film Power Group, Ltd. (a)(b)(f)
| | | 448,000 | | — |
Hang Lung Properties, Ltd.
| | | 476,000 | | 1,161,811 |
Hang Seng Bank, Ltd.
| | | 71,100 | | 1,754,415 |
Henderson Land Development Co., Ltd.
| | | 280,289 | | 1,781,721 |
Hong Kong & China Gas Co., Ltd.
| | | 1,827,777 | | 4,382,036 |
Hong Kong Exchanges & Clearing, Ltd.
| | | 125,390 | | 4,370,309 |
Jardine Matheson Holdings, Ltd.
| | | 3,200 | | 199,552 |
Jardine Strategic Holdings, Ltd.
| | | 1,000 | | 37,430 |
Jiayuan International Group, Ltd.
| | | 179,452 | | 94,870 |
Link REIT
| | | 374,786 | | 4,382,876 |
Melco Resorts & Entertainment, Ltd. ADR
| | | 13,224 | | 298,730 |
New World Development Co., Ltd.
| | | 1,044,406 | | 1,732,262 |
Sands China, Ltd.
| | | 285,200 | | 1,433,275 |
Shangri-La Asia, Ltd.
| | | 474,333 | | 674,343 |
Sino Biopharmaceutical, Ltd.
| | | 1,137,000 | | 1,037,067 |
SJM Holdings, Ltd.
| | | 154,000 | | 175,777 |
SSY Group, Ltd.
| | | 180,000 | | 167,390 |
Sun Art Retail Group, Ltd.
| | | 265,000 | | 258,250 |
Sun Hung Kai Properties, Ltd.
| | | 225,185 | | 3,864,027 |
Swire Pacific, Ltd. Class A
| | | 129,506 | | 1,666,266 |
Techtronic Industries Co., Ltd.
| | | 215,500 | | 1,448,114 |
WH Group, Ltd. (e)
| | | 464,601 | | 497,156 |
Wharf Holdings, Ltd.
| | | 6,000 | | 18,115 |
Wharf Real Estate Investment Co., Ltd.
| | | 6,000 | | 44,675 |
Wheelock & Co., Ltd.
| | | 6,000 | | 43,949 |
| | | | | | 55,060,336 |
| HUNGARY — 0.1% | | | | | |
MOL Hungarian Oil & Gas PLC
| | | 111,585 | | 1,276,968 |
OTP Bank Nyrt
| | | 29,269 | | 1,287,489 |
| | | | | | 2,564,457 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| INDIA — 2.4% | | | | | |
Adani Ports & Special Economic Zone, Ltd.
| | | 63,465 | | $346,435 |
Ambuja Cements, Ltd.
| | | 159,357 | | 541,273 |
Aurobindo Pharma, Ltd.
| | | 35,788 | | 405,150 |
Axis Bank, Ltd. (b)
| | | 120,257 | | 1,349,257 |
Bajaj Auto, Ltd.
| | | 7,324 | | 307,772 |
Bajaj Finance, Ltd.
| | | 22,015 | | 961,319 |
Bajaj Finserv, Ltd.
| | | 2,440 | | 247,858 |
Bharat Forge, Ltd.
| | | 11,878 | | 87,857 |
Bharat Petroleum Corp., Ltd.
| | | 56,936 | | 326,740 |
Bharti Airtel, Ltd.
| | | 79,839 | | 383,896 |
Bharti Infratel, Ltd.
| | | 85,427 | | 386,472 |
Bosch, Ltd.
| | | 179 | | 46,988 |
Cadila Healthcare, Ltd.
| | | 26,538 | | 132,949 |
Dabur India, Ltd.
| | | 75,250 | | 444,059 |
Dr Reddy's Laboratories, Ltd. ADR
| | | 23,468 | | 950,454 |
Eicher Motors, Ltd.
| | | 1,253 | | 371,653 |
Glenmark Pharmaceuticals, Ltd.
| | | 48,846 | | 456,343 |
Godrej Consumer Products, Ltd.
| | | 48,741 | | 482,661 |
HCL Technologies, Ltd.
| | | 49,904 | | 783,372 |
Hindalco Industries, Ltd.
| | | 69,142 | | 205,105 |
Hindustan Petroleum Corp., Ltd.
| | | 69,992 | | 286,788 |
Hindustan Unilever, Ltd.
| | | 92,374 | | 2,275,914 |
Housing Development Finance Corp., Ltd.
| | | 118,922 | | 3,378,827 |
ICICI Bank, Ltd. ADR
| | | 133,612 | | 1,531,193 |
Indiabulls Housing Finance, Ltd.
| | | 30,014 | | 371,844 |
Indian Oil Corp., Ltd.
| | | 66,380 | | 156,044 |
Infosys, Ltd. ADR
| | | 409,680 | | 4,477,802 |
ITC, Ltd.
| | | 233,169 | | 1,000,498 |
LIC Housing Finance, Ltd.
| | | 41,994 | | 322,616 |
Lupin, Ltd.
| | | 28,452 | | 303,762 |
Mahindra & Mahindra Financial Services, Ltd.
| | | 139,195 | | 846,322 |
Mahindra & Mahindra, Ltd., GDR (c)
| | | 83,114 | | 822,829 |
Marico, Ltd.
| | | 118,582 | | 593,381 |
Maruti Suzuki India, Ltd.
| | | 5,388 | | 518,971 |
Motherson Sumi Systems, Ltd.
| | | 34,124 | | 73,740 |
Nestle India, Ltd.
| | | 5,142 | | 813,586 |
Piramal Enterprises, Ltd.
| | | 7,423 | | 296,090 |
REC, Ltd.
| | | 21,156 | | 46,694 |
Reliance Industries, Ltd. GDR (e)
| | | 150,444 | | 6,032,804 |
Shree Cement, Ltd.
| | | 2,490 | | 670,984 |
Shriram Transport Finance Co., Ltd.
| | | 33,980 | | 626,576 |
State Bank of India (b)
| | | 35,308 | | 163,479 |
Sun Pharmaceutical Industries, Ltd.
| | | 69,671 | | 481,587 |
Tata Consultancy Services, Ltd.
| | | 63,010 | | 1,820,627 |
Tata Motors, Ltd. ADR (a)(b)
| | | 47,598 | | 597,831 |
Tata Power Co., Ltd.
| | | 410,527 | | 437,342 |
Tech Mahindra, Ltd.
| | | 51,349 | | 575,124 |
United Spirits, Ltd. (b)
| | | 64,254 | | 513,754 |
| Security Description | | | Shares | | Value |
UPL, Ltd.
| | | 35,580 | | $492,470 |
Vedanta, Ltd.
| | | 80,381 | | 214,021 |
Vodafone Idea, Ltd. (b)
| | | 72,687 | | 19,149 |
Yes Bank, Ltd.
| | | 161,452 | | 641,147 |
Zee Entertainment Enterprises, Ltd.
| | | 107,532 | | 691,527 |
| | | | | | 41,312,936 |
| INDONESIA — 0.6% | | | | | |
Adaro Energy Tbk PT
| | | 473,000 | | 44,676 |
Astra International Tbk PT
| | | 2,559,300 | | 1,316,494 |
Bank Central Asia Tbk PT
| | | 832,900 | | 1,623,102 |
Bank Danamon Indonesia Tbk PT
| | | 143,600 | | 93,784 |
Bank Mandiri Persero Tbk PT
| | | 1,938,100 | | 1,013,964 |
Bank Rakyat Indonesia Persero Tbk PT
| | | 8,462,700 | | 2,448,478 |
Bumi Serpong Damai Tbk PT (b)
| | | 482,700 | | 47,626 |
Charoen Pokphand Indonesia Tbk PT
| | | 1,902,700 | | 855,146 |
Gudang Garam Tbk PT
| | | 117,000 | | 683,595 |
Indah Kiat Pulp & Paper Corp. Tbk PT
| | | 195,800 | | 118,250 |
Surya Citra Media Tbk PT
| | | 43,900 | | 5,102 |
Telekomunikasi Indonesia Persero Tbk PT
| | | 6,244,100 | | 1,732,036 |
United Tractors Tbk PT
| | | 63,500 | | 120,623 |
| | | | | | 10,102,876 |
| IRELAND — 0.4% | | | | | |
Bank of Ireland Group PLC
| | | 89,516 | | 533,724 |
CRH PLC
| | | 86,824 | | 2,695,607 |
James Hardie Industries PLC
| | | 113,248 | | 1,459,285 |
Kerry Group PLC Class A
| | | 20,663 | | 2,308,544 |
Paddy Power Betfair PLC
| | | 7,783 | | 600,816 |
Smurfit Kappa Group PLC
| | | 4,420 | | 123,480 |
| | | | | | 7,721,456 |
| ISRAEL — 0.4% | | | | | |
Bank Hapoalim BM
| | | 271,545 | | 1,797,905 |
Bank Leumi Le-Israel BM
| | | 261,990 | | 1,711,542 |
Check Point Software Technologies, Ltd. (b)
| | | 7,532 | | 952,723 |
Nice, Ltd. (b)
| | | 12,595 | | 1,484,602 |
Teva Pharmaceutical Industries, Ltd. ADR (b)
| | | 89,696 | | 1,406,433 |
| | | | | | 7,353,205 |
| ITALY — 1.3% | | | | | |
Assicurazioni Generali SpA
| | | 111,273 | | 2,061,557 |
Atlantia SpA
| | | 77,364 | | 2,005,786 |
Enel SpA
| | | 635,219 | | 4,068,410 |
Eni SpA
| | | 218,920 | | 3,872,558 |
Ferrari NV
| | | 17,142 | | 2,300,123 |
Intesa Sanpaolo SpA
| | | 1,145,966 | | 2,793,529 |
Leonardo SpA
| | | 62,651 | | 728,802 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Mediobanca Banca di Credito Finanziario SpA
| | | 76,118 | | $791,615 |
Snam SpA
| | | 215,062 | | 1,105,748 |
Telecom Italia SpA (a)(b)
| | | 1,567,389 | | 975,712 |
UniCredit SpA
| | | 146,904 | | 1,885,062 |
| | | | | | 22,588,902 |
| JAPAN — 15.8% | | | | | |
Acom Co., Ltd. (a)
| | | 51,200 | | 182,717 |
Aeon Co., Ltd.
| | | 70,900 | | 1,483,849 |
AGC, Inc.
| | | 42,400 | | 1,486,308 |
Aisin Seiki Co., Ltd.
| | | 44,500 | | 1,590,075 |
Ajinomoto Co., Inc.
| | | 28,600 | | 457,094 |
Alps Alpine Co., Ltd.
| | | 6,100 | | 127,307 |
Asahi Group Holdings, Ltd.
| | | 69,900 | | 3,113,403 |
Asahi Kasei Corp.
| | | 203,900 | | 2,103,752 |
Astellas Pharma, Inc.
| | | 286,000 | | 4,285,414 |
Bridgestone Corp.
| | | 71,300 | | 2,748,031 |
Canon, Inc.
| | | 94,800 | | 2,751,885 |
Central Japan Railway Co.
| | | 13,900 | | 3,228,703 |
Chiba Bank, Ltd.
| | | 229,000 | | 1,243,430 |
Chubu Electric Power Co., Inc.
| | | 95,000 | | 1,483,557 |
Concordia Financial Group, Ltd. (a)
| | | 238,000 | | 918,155 |
Credit Saison Co., Ltd. (a)
| | | 70,800 | | 935,173 |
Dai-ichi Life Holdings, Inc.
| | | 68,500 | | 951,827 |
Daiichi Sankyo Co., Ltd.
| | | 77,900 | | 3,589,375 |
Daikin Industries, Ltd.
| | | 21,000 | | 2,460,767 |
Daiwa Securities Group, Inc.
| | | 236,000 | | 1,149,243 |
Denso Corp.
| | | 47,600 | | 1,856,523 |
Dentsu, Inc.
| | | 2,200 | | 92,921 |
East Japan Railway Co.
| | | 45,600 | | 4,399,946 |
Eisai Co., Ltd.
| | | 23,800 | | 1,335,948 |
Electric Power Development Co., Ltd.
| | | 23,800 | | 579,706 |
FANUC Corp.
| | | 19,700 | | 3,360,311 |
Fast Retailing Co., Ltd.
| | | 3,300 | | 1,551,240 |
FUJIFILM Holdings Corp.
| | | 71,000 | | 3,229,110 |
Fujitsu, Ltd.
| | | 23,800 | | 1,717,187 |
Hitachi, Ltd.
| | | 95,000 | | 3,076,975 |
Honda Motor Co., Ltd.
| | | 166,400 | | 4,502,579 |
Hoya Corp.
| | | 47,600 | | 3,143,230 |
Idemitsu Kosan Co., Ltd.
| | | 4,500 | | 150,630 |
Inpex Corp.
| | | 94,400 | | 900,205 |
ITOCHU Corp.
| | | 193,000 | | 3,491,733 |
Japan Real Estate Investment Corp. REIT
| | | 277 | | 1,634,196 |
Japan Retail Fund Investment Corp. REIT
| | | 899 | | 1,808,803 |
Japan Tobacco, Inc.
| | | 95,100 | | 2,358,490 |
JFE Holdings, Inc.
| | | 50,200 | | 851,974 |
JSR Corp.
| | | 47,600 | | 737,965 |
JXTG Holdings, Inc.
| | | 384,108 | | 1,757,697 |
Kajima Corp.
| | | 104,500 | | 1,542,693 |
Kamigumi Co., Ltd.
| | | 100,300 | | 2,323,433 |
Kansai Electric Power Co., Inc.
| | | 118,400 | | 1,745,754 |
Kao Corp.
| | | 45,500 | | 3,583,765 |
| Security Description | | | Shares | | Value |
KDDI Corp.
| | | 142,800 | | $3,077,002 |
Keikyu Corp. (a)
| | | 93,211 | | 1,581,517 |
Keyence Corp.
| | | 6,700 | | 4,174,902 |
Kintetsu Group Holdings Co., Ltd.
| | | 38,700 | | 1,804,147 |
Kobe Steel, Ltd. (a)
| | | 47,600 | | 357,371 |
Komatsu, Ltd.
| | | 106,500 | | 2,473,309 |
Konica Minolta, Inc.
| | | 119,000 | | 1,170,809 |
Kose Corp.
| | | 2,200 | | 404,084 |
Kubota Corp.
| | | 144,200 | | 2,083,823 |
Kyocera Corp.
| | | 46,600 | | 2,736,595 |
LIXIL Group Corp.
| | | 47,300 | | 631,607 |
Makita Corp.
| | | 36,700 | | 1,278,208 |
Marubeni Corp.
| | | 237,000 | | 1,638,027 |
Marui Group Co., Ltd. (a)
| | | 85,500 | | 1,726,453 |
Mazda Motor Corp.
| | | 19,300 | | 215,956 |
Mebuki Financial Group, Inc.
| | | 281,600 | | 719,996 |
MEIJI Holdings Co., Ltd.
| | | 3,200 | | 259,909 |
Mitsubishi Chemical Holdings Corp.
| | | 238,000 | | 1,675,902 |
Mitsubishi Corp.
| | | 166,400 | | 4,621,345 |
Mitsubishi Electric Corp.
| | | 237,000 | | 3,045,873 |
Mitsubishi Estate Co., Ltd.
| | | 213,918 | | 3,875,977 |
Mitsubishi Heavy Industries, Ltd.
| | | 38,700 | | 1,607,649 |
Mitsubishi UFJ Financial Group, Inc.
| | | 991,600 | | 4,927,316 |
Mitsui & Co., Ltd.
| | | 234,100 | | 3,634,647 |
Mitsui Chemicals, Inc.
| | | 38,800 | | 936,304 |
Mitsui Fudosan Co., Ltd.
| | | 29,700 | | 746,626 |
Mizuho Financial Group, Inc.
| | | 1,373,500 | | 2,125,677 |
MS&AD Insurance Group Holdings, Inc.
| | | 71,300 | | 2,170,854 |
Murata Manufacturing Co., Ltd.
| | | 64,800 | | 3,226,974 |
NEC Corp.
| | | 17,800 | | 602,259 |
Nexon Co., Ltd. (b)
| | | 25,300 | | 396,352 |
Nidec Corp.
| | | 28,700 | | 3,636,604 |
Nintendo Co., Ltd.
| | | 7,300 | | 2,081,474 |
Nippon Steel & Sumitomo Metal Corp.
| | | 76,900 | | 1,357,570 |
Nippon Telegraph & Telephone Corp.
| | | 69,500 | | 2,953,052 |
Nippon Yusen KK (a)
| | | 19,400 | | 284,292 |
Nissan Motor Co., Ltd. (a)
| | | 237,700 | | 1,950,392 |
Nitori Holdings Co., Ltd.
| | | 3,100 | | 400,506 |
Nitto Denko Corp.
| | | 23,700 | | 1,245,115 |
Nomura Holdings, Inc.
| | | 262,100 | | 947,666 |
NTT Data Corp.
| | | 119,000 | | 1,312,725 |
NTT DOCOMO, Inc.
| | | 145,300 | | 3,218,168 |
Obayashi Corp.
| | | 171,000 | | 1,721,046 |
Ono Pharmaceutical Co., Ltd.
| | | 28,800 | | 564,369 |
Oriental Land Co., Ltd.
| | | 5,800 | | 658,680 |
ORIX Corp.
| | | 189,900 | | 2,727,073 |
Osaka Gas Co., Ltd.
| | | 92,200 | | 1,819,260 |
Otsuka Holdings Co., Ltd.
| | | 13,700 | | 538,296 |
Panasonic Corp.
| | | 239,200 | | 2,062,110 |
Rakuten, Inc.
| | | 51,300 | | 485,724 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Recruit Holdings Co., Ltd.
| | | 66,200 | | $1,890,574 |
Resona Holdings, Inc.
| | | 71,300 | | 309,009 |
Rohm Co., Ltd.
| | | 21,300 | | 1,327,822 |
Ryohin Keikaku Co., Ltd.
| | | 1,300 | | 329,331 |
SBI Holdings, Inc. (a)
| | | 5,900 | | 131,449 |
Secom Co., Ltd.
| | | 23,800 | | 2,038,863 |
Seven & i Holdings Co., Ltd.
| | | 95,100 | | 3,587,998 |
Sharp Corp. (a)
| | | 7,100 | | 78,130 |
Shin-Etsu Chemical Co., Ltd.
| | | 40,400 | | 3,387,198 |
Shionogi & Co., Ltd.
| | | 22,000 | | 1,361,919 |
Shiseido Co., Ltd.
| | | 26,900 | | 1,941,097 |
Shizuoka Bank, Ltd.
| | | 185,600 | | 1,413,568 |
Showa Denko KK
| | | 5,100 | | 179,238 |
SMC Corp.
| | | 2,100 | | 787,939 |
SoftBank Group Corp.
| | | 74,600 | | 7,241,966 |
Sompo Holdings, Inc.
| | | 65,800 | | 2,436,178 |
Sony Corp.
| | | 118,600 | | 4,977,160 |
Subaru Corp. (a)
| | | 27,500 | | 626,722 |
Sumitomo Chemical Co., Ltd.
| | | 238,000 | | 1,107,377 |
Sumitomo Corp.
| | | 118,900 | | 1,644,630 |
Sumitomo Electric Industries, Ltd.
| | | 95,100 | | 1,261,728 |
Sumitomo Mitsui Financial Group, Inc.
| | | 75,600 | | 2,647,383 |
Sumitomo Mitsui Trust Holdings, Inc.
| | | 23,700 | | 851,346 |
Suzuki Motor Corp.
| | | 15,100 | | 668,201 |
Sysmex Corp.
| | | 9,400 | | 568,153 |
T&D Holdings, Inc.
| | | 47,300 | | 497,422 |
Takeda Pharmaceutical Co., Ltd.
| | | 136,599 | | 5,579,474 |
TDK Corp.
| | | 23,800 | | 1,864,263 |
Teijin, Ltd.
| | | 77,800 | | 1,283,487 |
Terumo Corp.
| | | 107,600 | | 3,285,793 |
Tohoku Electric Power Co., Inc.
| | | 47,700 | | 608,505 |
Tokio Marine Holdings, Inc.
| | | 71,300 | | 3,454,042 |
Tokyo Electric Power Co. Holdings, Inc. (b)
| | | 166,300 | | 1,051,723 |
Tokyo Electron, Ltd. (a)
| | | 21,700 | | 3,136,830 |
Tokyo Gas Co., Ltd.
| | | 74,600 | | 2,017,573 |
Tokyu Corp.
| | | 125,000 | | 2,182,997 |
Toppan Printing Co., Ltd.
| | | 119,000 | | 1,796,531 |
Toray Industries, Inc.
| | | 238,000 | | 1,520,009 |
Toshiba Corp.
| | | 38,400 | | 1,222,930 |
Toyota Motor Corp.
| | | 205,400 | | 12,038,034 |
Toyota Tsusho Corp.
| | | 71,300 | | 2,322,234 |
West Japan Railway Co.
| | | 24,400 | | 1,838,294 |
Yahoo! Japan Corp. (a)
| | | 309,100 | | 756,797 |
Yakult Honsha Co., Ltd.
| | | 3,400 | | 237,756 |
Yamada Denki Co., Ltd. (a)
| | | 143,100 | | 705,901 |
Yamaha Corp.
| | | 31,200 | | 1,558,802 |
Yamaha Motor Co., Ltd.
| | | 71,400 | | 1,400,455 |
ZOZO, Inc. (a)
| | | 18,900 | | 356,195 |
| | | | | | 271,425,697 |
| LUXEMBOURG — 0.1% | | | | | |
ArcelorMittal
| | | 46,639 | | 945,672 |
| Security Description | | | Shares | | Value |
SES SA
| | | 30,847 | | $480,236 |
| | | | | | 1,425,908 |
| MACAU — 0.0% (g) | | | | | |
MGM China Holdings, Ltd. (a)
| | | 77,200 | | 161,482 |
Wynn Macau, Ltd.
| | | 80,000 | | 188,536 |
| | | | | | 350,018 |
| MALAYSIA — 0.5% | | | | | |
AirAsia Group Bhd
| | | 663,600 | | 432,376 |
Alliance Bank Malaysia Bhd
| | | 825,000 | | 826,516 |
AMMB Holdings Bhd
| | | 266,300 | | 297,447 |
British American Tobacco Malaysia Bhd
| | | 48,500 | | 429,342 |
CIMB Group Holdings Bhd
| | | 541,955 | | 683,667 |
Dialog Group Bhd
| | | 1,128,200 | | 876,030 |
Gamuda Bhd
| | | 174,866 | | 123,359 |
Genting Bhd
| | | 235,300 | | 382,705 |
Genting Malaysia Bhd
| | | 590,300 | | 462,697 |
Genting Plantations Bhd
| | | 263,100 | | 683,126 |
Hong Leong Financial Group Bhd
| | | 45,439 | | 213,477 |
IOI Properties Group Bhd
| | | 762,900 | | 246,670 |
Malaysia Airports Holdings Bhd
| | | 195,500 | | 346,704 |
Petronas Chemicals Group Bhd
| | | 21,700 | | 48,689 |
PPB Group Bhd
| | | 170,440 | | 764,840 |
RHB Capital Bhd
| | | 144,410 | | 201,626 |
Tenaga Nasional Bhd
| | | 200,100 | | 620,518 |
Westports Holdings Bhd
| | | 197,300 | | 181,714 |
| | | | | | 7,821,503 |
| MEXICO — 0.7% | | | | | |
America Movil SAB de CV Series L
| | | 3,428,971 | | 2,453,621 |
Cemex SAB de CV Series CPO (a)(b)
| | | 2,025,637 | | 947,159 |
Fomento Economico Mexicano SAB de CV
| | | 322,572 | | 2,979,187 |
Fresnillo PLC
| | | 26,095 | | 296,099 |
Grupo Financiero Banorte SAB de CV Series O
| | | 407,376 | | 2,216,495 |
Grupo Mexico SAB de CV Class B
| | | 279,906 | | 769,985 |
Grupo Televisa SAB Series CPO
| | | 390,047 | | 864,447 |
Industrias Penoles SAB de CV
| | | 20,149 | | 251,978 |
Kimberly-Clark de Mexico SAB de CV Class A
| | | 392,881 | | 667,174 |
Wal-Mart de Mexico SAB de CV
| | | 372,631 | | 997,397 |
| | | | | | 12,443,542 |
| NETHERLANDS — 3.3% | | | | | |
Akzo Nobel NV
| | | 25,454 | | 2,257,615 |
ASML Holding NV
| | | 37,419 | | 7,025,062 |
Gemalto NV (b)
| | | 1,704 | | 97,542 |
Heineken NV
| | | 30,371 | | 3,208,323 |
ING Groep NV
| | | 293,877 | | 3,558,502 |
Koninklijke Ahold Delhaize NV
| | | 164,042 | | 4,370,015 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Koninklijke DSM NV
| | | 27,699 | | $3,021,853 |
Koninklijke KPN NV (a)
| | | 572,658 | | 1,817,143 |
Koninklijke Philips NV
| | | 120,110 | | 4,897,641 |
NXP Semiconductors NV
| | | 24,397 | | 2,156,451 |
Royal Dutch Shell PLC Class A
| | | 370,118 | | 11,639,886 |
Royal Dutch Shell PLC Class B
| | | 330,544 | | 10,457,772 |
Wolters Kluwer NV
| | | 44,049 | | 3,002,247 |
| | | | | | 57,510,052 |
| NEW ZEALAND — 0.1% | | | | | |
a2 Milk Co., Ltd. (a)(b)
| | | 69,250 | | 675,840 |
Meridian Energy, Ltd.
| | | 277,804 | | 792,899 |
Spark New Zealand, Ltd.
| | | 203,053 | | 526,232 |
| | | | | | 1,994,971 |
| NORWAY — 0.5% | | | | | |
DNB ASA
| | | 128,848 | | 2,375,988 |
Equinor ASA
| | | 109,132 | | 2,393,235 |
Norsk Hydro ASA
| | | 181,639 | | 737,178 |
Telenor ASA
| | | 92,765 | | 1,860,341 |
Yara International ASA
| | | 23,730 | | 972,171 |
| | | | | | 8,338,913 |
| PERU — 0.1% | | | | | |
Cia de Minas Buenaventura SAA ADR
| | | 23,349 | | 403,471 |
Credicorp, Ltd.
| | | 8,974 | | 2,153,311 |
| | | | | | 2,556,782 |
| PHILIPPINES — 0.3% | | | | | |
Alliance Global Group, Inc.
| | | 737,200 | | 226,874 |
Ayala Land, Inc.
| | | 645,300 | | 551,780 |
BDO Unibank, Inc.
| | | 49,077 | | 125,052 |
DMCI Holdings, Inc.
| | | 1,747,850 | | 399,433 |
Globe Telecom, Inc.
| | | 3,475 | | 128,253 |
GT Capital Holdings, Inc.
| | | 10,008 | | 177,537 |
JG Summit Holdings, Inc.
| | | 308,220 | | 372,728 |
Jollibee Foods Corp.
| | | 132,500 | | 799,895 |
Megaworld Corp.
| | | 2,114,300 | | 233,535 |
Metro Pacific Investments Corp.
| | | 4,585,700 | | 423,551 |
PLDT, Inc. ADR
| | | 19,612 | | 424,992 |
SM Prime Holdings, Inc.
| | | 685,200 | | 520,653 |
Universal Robina Corp.
| | | 78,020 | | 225,843 |
| | | | | | 4,610,126 |
| POLAND — 0.2% | | | | | |
Alior Bank SA (b)
| | | 45,311 | | 706,165 |
Bank Millennium SA (b)
| | | 158,472 | | 369,535 |
CCC SA
| | | 9,454 | | 530,668 |
CD Projekt SA (b)
| | | 8,259 | | 430,846 |
LPP SA
| | | 48 | | 104,229 |
Orange Polska SA (b)
| | | 114,571 | | 153,305 |
Polski Koncern Naftowy ORLEN SA
| | | 22,076 | | 562,229 |
Powszechna Kasa Oszczednosci Bank Polski SA
| | | 59,837 | | 602,139 |
Santander Bank Polska SA
| | | 4,511 | | 448,294 |
| | | | | | 3,907,410 |
| Security Description | | | Shares | | Value |
| PORTUGAL — 0.1% | | | | | |
EDP - Energias de Portugal SA
| | | 202,107 | | $795,410 |
Jeronimo Martins SGPS SA
| | | 25,605 | | 378,070 |
| | | | | | 1,173,480 |
| QATAR — 0.2% | | | | | |
Commercial Bank PQSC
| | | 34,299 | | 423,468 |
Ezdan Holding Group QSC (b)
| | | 97,359 | | 264,740 |
Qatar Electricity & Water Co. QSC
| | | 12,725 | | 602,181 |
Qatar National Bank QPSC
| | | 29,610 | | 1,467,996 |
| | | | | | 2,758,385 |
| ROMANIA — 0.0% (g) | | | | | |
NEPI Rockcastle PLC
| | | 30,563 | | 257,368 |
| RUSSIA — 0.9% | | | | | |
Gazprom PJSC ADR
| | | 560,060 | | 2,528,111 |
LUKOIL PJSC ADR
| | | 62,672 | | 5,603,504 |
Magnit PJSC GDR
| | | 10,087 | | 142,227 |
MMC Norilsk Nickel PJSC ADR
| | | 47,287 | | 994,209 |
Mobile TeleSystems PJSC ADR
| | | 111,852 | | 845,601 |
Sberbank of Russia PJSC ADR
| | | 142,482 | | 1,889,311 |
Surgutneftegas PJSC ADR
| | | 155,946 | | 959,068 |
Tatneft PJSC ADR
| | | 45,286 | | 3,133,791 |
| | | | | | 16,095,822 |
| SINGAPORE — 1.0% | | | | | |
CapitaLand, Ltd.
| | | 475,000 | | 1,279,993 |
DBS Group Holdings, Ltd.
| | | 258,258 | | 4,810,520 |
Singapore Exchange, Ltd.
| | | 475,000 | | 2,563,492 |
Singapore Press Holdings, Ltd. (a)
| | | 713,300 | | 1,269,142 |
Singapore Telecommunications, Ltd.
| | | 1,160,800 | | 2,588,125 |
United Overseas Bank, Ltd.
| | | 241,929 | | 4,499,219 |
Venture Corp., Ltd.
| | | 5,700 | | 75,495 |
| | | | | | 17,085,986 |
| SOUTH AFRICA — 1.5% | | | | | |
Anglo American Platinum, Ltd.
| | | 8,849 | | 451,708 |
AngloGold Ashanti, Ltd. (a)
| | | 49,831 | | 662,018 |
Aspen Pharmacare Holdings, Ltd.
| | | 29,812 | | 192,211 |
Bid Corp., Ltd.
| | | 27,732 | | 573,053 |
Bidvest Group, Ltd.
| | | 33,786 | | 453,330 |
Capitec Bank Holdings, Ltd. (a)
| | | 6,153 | | 575,989 |
Discovery, Ltd.
| | | 91,099 | | 864,165 |
Exxaro Resources, Ltd.
| | | 25,035 | | 285,308 |
FirstRand, Ltd.
| | | 386,415 | | 1,687,003 |
Fortress REIT, Ltd. Class B, (a)
| | | 404,175 | | 302,124 |
Foschini Group, Ltd.
| | | 36,962 | | 417,773 |
Gold Fields, Ltd.
| | | 91,381 | | 337,611 |
Mr. Price Group, Ltd.
| | | 37,423 | | 491,802 |
MTN Group, Ltd. (a)
| | | 150,305 | | 923,639 |
MultiChoice Group, Ltd. (b)
| | | 39,493 | | 330,540 |
Naspers, Ltd. Class N
| | | 38,998 | | 9,010,786 |
Nedbank Group, Ltd.
| | | 18,732 | | 326,340 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Old Mutual, Ltd.
| | | 693,088 | | $1,017,826 |
PSG Group, Ltd.
| | | 19,453 | | 352,741 |
Rand Merchant Investment Holdings, Ltd.
| | | 43,631 | | 101,444 |
Remgro, Ltd.
| | | 46,357 | | 595,517 |
Resilient REIT, Ltd.
| | | 59,179 | | 224,467 |
Sanlam, Ltd.
| | | 285,327 | | 1,459,355 |
Sasol, Ltd.
| | | 52,134 | | 1,626,787 |
Standard Bank Group, Ltd.
| | | 156,494 | | 2,010,047 |
Truworths International, Ltd.
| | | 69,204 | | 332,985 |
Woolworths Holdings, Ltd.
| | | 74,268 | | 239,367 |
| | | | | | 25,845,936 |
| SOUTH KOREA — 3.6% | | | | | |
Amorepacific Corp.
| | | 714 | | 118,570 |
Amorepacific Corp. Preference Shares
| | | 2,687 | | 253,290 |
AMOREPACIFIC Group
| | | 622 | | 38,139 |
BGF retail Co., Ltd.
| | | 981 | | 188,837 |
Celltrion Healthcare Co., Ltd. (b)
| | | 1,770 | | 104,163 |
Celltrion Pharm, Inc. (b)
| | | 459 | | 22,402 |
Celltrion, Inc. (b)
| | | 8,932 | | 1,424,273 |
CJ CheilJedang Corp.
| | | 3,006 | | 855,377 |
CJ Corp.
| | | 990 | | 108,585 |
Coway Co., Ltd.
| | | 4,006 | | 333,510 |
E-MART, Inc.
| | | 3,496 | | 529,744 |
Hana Financial Group, Inc.
| | | 46,358 | | 1,486,593 |
Hanmi Pharm Co., Ltd.
| | | 558 | | 224,163 |
Hanmi Science Co., Ltd.
| | | 2,350 | | 160,241 |
HDC Hyundai Development Co-Engineering & Construction
| | | 8,239 | | 368,000 |
HLB, Inc. (b)
| | | 3,728 | | 262,743 |
Hotel Shilla Co., Ltd.
| | | 4,335 | | 364,337 |
Hyundai Department Store Co., Ltd.
| | | 5,897 | | 524,709 |
Hyundai Engineering & Construction Co., Ltd.
| | | 3,592 | | 168,983 |
Hyundai Heavy Industries Co., Ltd. (b)
| | | 6,026 | | 631,745 |
Hyundai Heavy Industries Holdings Co., Ltd.
| | | 1,044 | | 306,274 |
Hyundai Mobis Co., Ltd.
| | | 8,194 | | 1,505,109 |
Hyundai Motor Co.
| | | 18,121 | | 1,907,726 |
Hyundai Steel Co.
| | | 8,342 | | 329,976 |
KB Financial Group, Inc.
| | | 59,617 | | 2,198,019 |
Kia Motors Corp.
| | | 35,986 | | 1,120,699 |
Korea Aerospace Industries, Ltd.
| | | 5,694 | | 177,326 |
Korea Electric Power Corp. ADR (a)(b)
| | | 57,631 | | 749,779 |
Korea Zinc Co., Ltd.
| | | 3,130 | | 1,282,222 |
KT Corp. ADR (b)
| | | 47,052 | | 585,327 |
KT&G Corp.
| | | 17,405 | | 1,587,012 |
LG Chem, Ltd.
| | | 1,902 | | 613,278 |
LG Chem, Ltd. Preference Shares
| | | 719 | | 131,752 |
| Security Description | | | Shares | | Value |
LG Electronics, Inc.
| | | 19,544 | | $1,293,062 |
LG Household & Health Care, Ltd.
| | | 1,716 | | 2,142,165 |
Lotte Chemical Corp.
| | | 3,460 | | 885,499 |
NAVER Corp.
| | | 18,000 | | 1,966,347 |
NCSoft Corp.
| | | 3,007 | | 1,313,956 |
Pearl Abyss Corp. (b)
| | | 990 | | 146,525 |
POSCO ADR
| | | 34,393 | | 1,898,838 |
Samsung Biologics Co., Ltd. (b)(e)
| | | 713 | | 200,690 |
Samsung C&T Corp.
| | | 5,702 | | 537,498 |
Samsung Electro-Mechanics Co., Ltd. (a)
| | | 3,515 | | 323,599 |
Samsung Electronics Co., Ltd. GDR
| | | 17,816 | | 17,477,496 |
Samsung Electronics Co., Ltd. Preference Shares
| | | 34,250 | | 1,093,791 |
Samsung Fire & Marine Insurance Co., Ltd.
| | | 6,087 | | 1,614,119 |
Samsung Heavy Industries Co., Ltd. (b)
| | | 41,174 | | 299,619 |
Samsung SDI Co., Ltd.
| | | 3,161 | | 597,335 |
Samsung SDS Co., Ltd.
| | | 2,251 | | 466,025 |
Samsung Securities Co., Ltd.
| | | 33,898 | | 994,453 |
Shinhan Financial Group Co., Ltd.
| | | 52,935 | | 1,958,656 |
SillaJen, Inc. (a)(b)
| | | 4,835 | | 273,888 |
SK Holdings Co., Ltd.
| | | 5,499 | | 1,310,439 |
SK Hynix, Inc.
| | | 47,995 | | 3,137,370 |
SK Innovation Co., Ltd.
| | | 7,886 | | 1,247,059 |
SK Telecom Co., Ltd. ADR
| | | 23,336 | | 571,499 |
ViroMed Co., Ltd. (b)
| | | 1,021 | | 251,675 |
| | | | | | 62,664,506 |
| SPAIN — 2.0% | | | | | |
ACS Actividades de Construccion y Servicios SA
| | | 50,384 | | 2,215,425 |
Aena SME SA (e)
| | | 1,191 | | 214,639 |
Amadeus IT Group SA
| | | 29,202 | | 2,341,168 |
Banco Bilbao Vizcaya Argentaria SA
| | | 547,893 | | 3,133,222 |
Banco de Sabadell SA
| | | 285,305 | | 284,411 |
Banco Santander SA
| | | 1,371,223 | | 6,381,194 |
CaixaBank SA
| | | 83,492 | | 260,997 |
Ferrovial SA
| | | 97,161 | | 2,277,950 |
Iberdrola SA
| | | 643,571 | | 5,655,331 |
Industria de Diseno Textil SA
| | | 112,642 | | 3,313,777 |
Mapfre SA
| | | 272,998 | | 752,852 |
Naturgy Energy Group SA
| | | 39,925 | | 1,117,606 |
Repsol SA
| | | 131,482 | | 2,252,903 |
Telefonica SA
| | | 427,560 | | 3,585,760 |
| | | | | | 33,787,235 |
| SWEDEN — 1.5% | | | | | |
Assa Abloy AB Class B
| | | 131,978 | | 2,855,755 |
Atlas Copco AB Class B
| | | 103,592 | | 2,569,892 |
Epiroc AB Class B (b)
| | | 103,592 | | 994,004 |
Essity AB Class B
| | | 6,586 | | 190,366 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Hennes & Mauritz AB Class B (a)
| | | 88,219 | | $1,474,232 |
Husqvarna AB Class B (a)
| | | 146,351 | | 1,198,225 |
Sandvik AB
| | | 128,967 | | 2,099,557 |
Securitas AB Class B
| | | 77,770 | | 1,259,791 |
Skandinaviska Enskilda Banken AB Class A (a)
| | | 139,180 | | 1,207,638 |
Skanska AB Class B (a)
| | | 77,540 | | 1,411,977 |
SKF AB Class B (a)
| | | 63,486 | | 1,056,811 |
Svenska Handelsbanken AB Class A (a)
| | | 170,914 | | 1,807,668 |
Swedbank AB Class A (a)
| | | 84,775 | | 1,200,521 |
Tele2 AB Class B
| | | 92,976 | | 1,241,478 |
Telefonaktiebolaget LM Ericsson Class B (a)
| | | 326,094 | | 3,003,132 |
Telia Co. AB
| | | 188,133 | | 850,881 |
Volvo AB Class B
| | | 133,828 | | 2,077,694 |
| | | | | | 26,499,622 |
| SWITZERLAND — 6.4% | | | | | |
ABB, Ltd.
| | | 227,229 | | 4,268,957 |
Adecco Group AG
| | | 19,246 | | 1,026,556 |
Cie Financiere Richemont SA
| | | 48,730 | | 3,549,427 |
Coca-Cola HBC AG
| | | 15,389 | | 524,377 |
Credit Suisse Group AG
| | | 159,370 | | 1,857,103 |
Ferguson PLC
| | | 22,517 | | 1,433,004 |
Geberit AG
| | | 5,231 | | 2,137,782 |
Givaudan SA
| | | 1,394 | | 3,560,936 |
Glencore PLC
| | | 990,868 | | 4,105,214 |
Julius Baer Group, Ltd.
| | | 14,909 | | 602,258 |
Kuehne + Nagel International AG
| | | 11,164 | | 1,531,281 |
LafargeHolcim, Ltd.
| | | 31,696 | | 1,565,545 |
Lonza Group AG
| | | 5,211 | | 1,615,781 |
Nestle SA
| | | 280,128 | | 26,693,591 |
Novartis AG
| | | 207,571 | | 19,962,999 |
Roche Holding AG
| | | 61,730 | | 17,005,347 |
SGS SA
| | | 951 | | 2,366,280 |
Sika AG
| | | 11,109 | | 1,551,623 |
Sonova Holding AG
| | | 2,827 | | 559,212 |
STMicroelectronics NV
| | | 35,676 | | 527,374 |
Swatch Group AG
| | | 5,446 | | 1,558,500 |
Swiss Re AG
| | | 32,516 | | 3,176,179 |
Temenos AG
| | | 5,423 | | 799,374 |
UBS Group AG
| | | 312,689 | | 3,789,694 |
Zurich Insurance Group AG
| | | 15,163 | | 5,018,300 |
| | | | | | 110,786,694 |
| TAIWAN — 2.8% | | | | | |
Acer, Inc.
| | | 484,000 | | 310,151 |
Advantech Co., Ltd.
| | | 33,599 | | 279,079 |
Airtac International Group
| | | 14,000 | | 181,243 |
ASE Technology Holding Co., Ltd.
| | | 215,000 | | 470,872 |
Asustek Computer, Inc.
| | | 11,000 | | 79,590 |
AU Optronics Corp. ADR (a)
| | | 318,144 | | 1,158,044 |
Catcher Technology Co., Ltd.
| | | 43,000 | | 330,657 |
| Security Description | | | Shares | | Value |
Cathay Financial Holding Co., Ltd.
| | | 279,000 | | $406,906 |
Chicony Electronics Co., Ltd.
| | | 217,443 | | 505,854 |
China Airlines, Ltd.
| | | 1,234,000 | | 394,778 |
China Development Financial Holding Corp.
| | | 548,000 | | 183,138 |
China Life Insurance Co., Ltd.
| | | 259,493 | | 220,170 |
Chunghwa Telecom Co., Ltd. ADR (a)
| | | 85,206 | | 3,029,073 |
Compal Electronics, Inc.
| | | 287,000 | | 178,325 |
CTBC Financial Holding Co., Ltd.
| | | 723,558 | | 480,095 |
Delta Electronics, Inc.
| | | 183,785 | | 948,129 |
E.Sun Financial Holding Co., Ltd.
| | | 1,067,184 | | 822,362 |
Eclat Textile Co., Ltd.
| | | 18,650 | | 251,123 |
Eva Airways Corp.
| | | 717,348 | | 351,453 |
Feng TAY Enterprise Co., Ltd.
| | | 41,036 | | 290,256 |
Formosa Plastics Corp.
| | | 436,000 | | 1,549,034 |
Foxconn Technology Co., Ltd.
| | | 24,240 | | 48,369 |
Fubon Financial Holding Co., Ltd.
| | | 460,000 | | 686,556 |
Giant Manufacturing Co., Ltd.
| | | 88,000 | | 628,153 |
Globalwafers Co., Ltd.
| | | 28,000 | | 275,271 |
Highwealth Construction Corp.
| | | 481,400 | | 793,469 |
Hiwin Technologies Corp.
| | | 23,869 | | 201,358 |
Hon Hai Precision Industry Co., Ltd. GDR
| | | 833,474 | | 4,023,179 |
Hotai Motor Co., Ltd.
| | | 7,000 | | 85,738 |
Innolux Corp.
| | | 397,000 | | 128,810 |
Largan Precision Co., Ltd.
| | | 7,000 | | 1,044,759 |
MediaTek, Inc.
| | | 157,000 | | 1,439,058 |
Mega Financial Holding Co., Ltd.
| | | 25,948 | | 23,616 |
Micro-Star International Co., Ltd.
| | | 79,000 | | 221,719 |
Pegatron Corp.
| | | 48,000 | | 83,010 |
Phison Electronics Corp.
| | | 40,000 | | 391,947 |
Pou Chen Corp.
| | | 195,000 | | 237,577 |
Powertech Technology, Inc.
| | | 212,000 | | 500,758 |
President Chain Store Corp.
| | | 35,000 | | 344,657 |
Ruentex Development Co., Ltd.
| | | 70,913 | | 107,219 |
Standard Foods Corp.
| | | 280,822 | | 471,977 |
TaiMed Biologics, Inc. (b)
| | | 44,000 | | 239,840 |
Taishin Financial Holding Co., Ltd.
| | | 1,045,411 | | 476,567 |
Taiwan Business Bank
| | | 2,595,859 | | 1,010,701 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
| | | 432,410 | | 17,711,514 |
Uni-President Enterprises Corp.
| | | 470,000 | | 1,140,669 |
United Microelectronics Corp. ADR (a)
| | | 888,688 | | 1,670,733 |
Walsin Technology Corp.
| | | 28,000 | | 181,697 |
Win Semiconductors Corp.
| | | 42,000 | | 296,394 |
Yageo Corp.
| | | 21,169 | | 221,852 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Zhen Ding Technology Holding, Ltd.
| | | 166,000 | | $515,443 |
| | | | | | 47,622,942 |
| THAILAND — 0.6% | | | | | |
Bangkok Bank PCL
| | | 238,276 | | 1,621,794 |
Bumrungrad Hospital PCL
| | | 93,900 | | 531,119 |
Central Pattana PCL
| | | 284,600 | | 656,907 |
CP ALL PCL NVDR
| | | 428,800 | | 1,010,014 |
Delta Electronics Thailand PCL
| | | 142,100 | | 317,917 |
Energy Absolute PCL
| | | 48,300 | | 73,055 |
Indorama Ventures PCL
| | | 173,200 | | 271,520 |
IRPC PCL
| | | 6,060,100 | | 1,088,469 |
Kasikornbank PCL
| | | 112,200 | | 664,679 |
Minor International PCL
| | | 291,100 | | 353,154 |
PTT PCL
| | | 1,373,220 | | 2,066,213 |
Siam Commercial Bank PCL NVDR
| | | 139,000 | | 578,163 |
Thai Union Group PCL Class F
| | | 335,300 | | 203,917 |
TMB Bank PCL
| | | 2,417,600 | | 155,409 |
| | | | | | 9,592,330 |
| TURKEY — 0.1% | | | | | |
Akbank T.A.S. (b)
| | | 787,557 | | 881,011 |
Turkiye Garanti Bankasi A/S
| | | 458,921 | | 677,464 |
Turkiye Is Bankasi A/S Class C
| | | 637,786 | | 620,898 |
| | | | | | 2,179,373 |
| UNITED ARAB EMIRATES — 0.1% | | | | | |
Abu Dhabi Commercial Bank PJSC
| | | 154,073 | | 397,651 |
DP World PLC
| | | 12,073 | | 193,168 |
Emaar Malls PJSC
| | | 766,116 | | 362,920 |
Emaar Properties PJSC
| | | 173,589 | | 221,175 |
Emirates Telecommunications Group Co. PJSC
| | | 17,137 | | 77,914 |
First Abu Dhabi Bank PJSC
| | | 129,968 | | 539,956 |
| | | | | | 1,792,784 |
| UNITED KINGDOM — 10.5% | | | | | |
3i Group PLC
| | | 200,203 | | 2,569,093 |
Anglo American PLC (a)
| | | 124,547 | | 3,332,646 |
Associated British Foods PLC
| | | 14,340 | | 455,745 |
AstraZeneca PLC
| | | 106,656 | | 8,526,309 |
Auto Trader Group PLC (e)
| | | 77,868 | | 529,246 |
Aviva PLC
| | | 347,212 | | 1,865,841 |
BAE Systems PLC
| | | 297,544 | | 1,870,336 |
Barclays PLC
| | | 1,443,895 | | 2,910,255 |
Barratt Developments PLC
| | | 53,543 | | 418,057 |
Berkeley Group Holdings PLC
| | | 4,714 | | 226,600 |
BP PLC
| | | 1,786,915 | | 13,004,340 |
British American Tobacco PLC
| | | 196,422 | | 8,174,972 |
British Land Co. PLC REIT
| | | 259,030 | | 1,988,047 |
BT Group PLC
| | | 675,723 | | 1,963,077 |
Burberry Group PLC
| | | 63,513 | | 1,617,557 |
Centrica PLC
| | | 781,369 | | 1,162,742 |
| Security Description | | | Shares | | Value |
CNH Industrial NV
| | | 80,176 | | $815,992 |
Compass Group PLC
| | | 196,078 | | 4,610,489 |
Diageo PLC
| | | 211,894 | | 8,664,287 |
Experian PLC
| | | 91,114 | | 2,468,316 |
Fiat Chrysler Automobiles NV (b)
| | | 119,077 | | 1,774,541 |
G4S PLC
| | | 140,695 | | 336,416 |
GlaxoSmithKline PLC
| | | 410,976 | | 8,551,223 |
Hammerson PLC REIT
| | | 181,305 | | 793,326 |
HSBC Holdings PLC
| | | 1,765,300 | | 14,337,614 |
Imperial Brands PLC
| | | 109,244 | | 3,735,987 |
InterContinental Hotels Group PLC
| | | 15,292 | | 919,596 |
ITV PLC
| | | 63,858 | | 105,760 |
J Sainsbury PLC
| | | 239,510 | | 735,605 |
John Wood Group PLC
| | | 32,561 | | 215,283 |
Land Securities Group PLC REIT
| | | 120,646 | | 1,435,936 |
Legal & General Group PLC
| | | 108,613 | | 389,627 |
Lloyds Banking Group PLC
| | | 4,847,962 | | 3,925,470 |
Marks & Spencer Group PLC
| | | 200,767 | | 729,629 |
Micro Focus International PLC
| | | 28,892 | | 751,637 |
National Grid PLC
| | | 441,371 | | 4,893,195 |
Next PLC
| | | 20,341 | | 1,478,999 |
Pearson PLC
| | | 107,941 | | 1,176,137 |
Persimmon PLC
| | | 17,510 | | 495,116 |
Prudential PLC
| | | 164,497 | | 3,295,599 |
Reckitt Benckiser Group PLC
| | | 56,036 | | 4,659,992 |
RELX PLC (c)
| | | 157,160 | | 3,361,585 |
RELX PLC (c)
| | | 101,222 | | 2,165,168 |
Rio Tinto PLC
| | | 107,175 | | 6,229,984 |
Rio Tinto, Ltd.
| | | 33,444 | | 2,326,042 |
Rolls-Royce Holdings PLC
| | | 175,988 | | 2,071,229 |
Royal Bank of Scotland Group PLC
| | | 264,018 | | 849,751 |
RSA Insurance Group PLC
| | | 111,632 | | 738,657 |
Sage Group PLC
| | | 217,013 | | 1,982,846 |
Segro PLC REIT
| | | 110,683 | | 971,215 |
Severn Trent PLC
| | | 70,988 | | 1,827,819 |
Smith & Nephew PLC
| | | 149,633 | | 2,969,535 |
Smiths Group PLC
| | | 35,854 | | 670,426 |
SSE PLC
| | | 165,321 | | 2,557,054 |
Standard Chartered PLC
| | | 244,995 | | 1,887,671 |
Standard Life Aberdeen PLC
| | | 272,454 | | 937,079 |
Taylor Wimpey PLC
| | | 212,202 | | 485,137 |
Tesco PLC
| | | 875,100 | | 2,646,635 |
Unilever NV
| | | 151,538 | | 8,810,596 |
Unilever PLC
| | | 123,676 | | 7,082,809 |
United Utilities Group PLC
| | | 105,186 | | 1,116,238 |
Vodafone Group PLC
| | | 2,472,512 | | 4,504,087 |
Whitbread PLC
| | | 15,386 | | 1,018,075 |
WPP PLC
| | | 128,084 | | 1,353,225 |
| | | | | | 180,473,498 |
TOTAL COMMON STOCKS
(Cost $1,706,988,692)
| | | | | 1,709,145,014 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| PREFERRED STOCKS — 0.0% (g) | | | | | |
| SOUTH KOREA — 0.0% (g) | | | | | |
CJ Corp. (b) (d)
(cost $4,714)
| | | 144 | | $4,651 |
| RIGHTS — 0.0% (g) | | | | | |
| INDIA — 0.0% (g) | | | | | |
Vodafone Idea, Ltd. (expiring 4/24/19) (b) (d)
(cost: $49,549)
| | | 166,414 | | 13,813 |
| SHORT-TERM INVESTMENTS — 2.3% | | | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (h) (i)
| | 101,301 | | 101,301 |
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)
| | 39,241,247 | | 39,241,247 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $39,342,548)
| | 39,342,548 | |
TOTAL INVESTMENTS — 101.5%
(Cost $1,746,385,503)
| | 1,748,506,026 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.5)%
| | (25,872,723) | |
NET ASSETS — 100.0%
| | $1,722,633,303 | |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (b) | Non-income producing security. |
| (c) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (d) | Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2019, total aggregate fair value of securities is $607,523, representing less than 0.05% of net assets. |
| (e) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.5% of net assets as of March 31, 2019, 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, 2019, total aggregate fair value of the security is $0, representing 0.0% of the Fund's net assets. |
| (g) | Amount is less than 0.05% of net assets. |
| (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, 2019 are shown in the Affiliate Table below. |
| (i) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (j) | Investment of cash collateral for securities loaned. |
| ADR | = American Depositary Receipt |
| GDR | = Global Depositary Receipt |
| NVDR | = Non Voting Depositary Receipt |
| REIT | = Real Estate Investment Trust |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $1,702,838,275 | | $6,306,739 | | $0(a) | | $1,709,145,014 |
Preferred Stocks
| | — | | 4,651 | | — | | 4,651 |
Rights
| | — | | 13,813 | | — | | 13,813 |
Short-Term Investments
| | 39,342,548 | | — | | — | | 39,342,548 |
TOTAL INVESTMENTS
| | $1,742,180,823 | | $6,325,203 | | $0 | | $1,748,506,026 |
| (a) | Fund held Level 3 securities that were valued at $0 at March 31, 2019. |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 48,847 | | $48,847 | | $73,297,033 | | $73,244,579 | | $— | | $— | | 101,301 | | $101,301 | | $28,873 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 24,362,815 | | 24,362,815 | | 169,784,885 | | 154,906,453 | | — | | — | | 39,241,247 | | 39,241,247 | | 143,418 | | — |
Total
| | | $24,411,662 | | $243,081,918 | | $228,151,032 | | $— | | $— | | | | $39,342,548 | | $172,291 | | $— |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.7% | | | | | |
| BRAZIL — 8.0% | | | | | |
AES Tiete Energia SA
| | | 47,481 | | $135,182 |
Aliansce Shopping Centers SA
| | | 97,336 | | 499,473 |
Alliar Medicos A Frente SA (a)
| | | 20,400 | | 76,113 |
Alpargatas SA
| | | 137,367 | | 542,874 |
Alupar Investimento SA
| | | 63,999 | | 381,853 |
Anima Holding SA
| | | 82,722 | | 397,487 |
Arezzo Industria e Comercio SA
| | | 47,259 | | 606,934 |
Banco ABC Brasil SA Preference Shares
| | | 89,306 | | 437,156 |
Banco ABC Brasil SA (a)
| | | 3,093 | | 15,140 |
Banco do Estado do Rio Grande do Sul SA Class B, Preference Shares
| | | 127,032 | | 789,605 |
Banco Inter SA Preference Shares (b)
| | | 27,556 | | 374,640 |
BK Brasil Operacao e Assessoria a Restaurantes SA
| | | 85,020 | | 483,026 |
BR Malls Participacoes SA
| | | 648,760 | | 2,095,463 |
BR Properties SA
| | | 96,850 | | 221,488 |
BrasilAgro - Co. Brasileira de Propriedades Agricolas
| | | 12,200 | | 48,747 |
Camil Alimentos SA
| | | 43,800 | | 76,645 |
Cia de Locacao das Americas
| | | 45,988 | | 460,743 |
Cia de Saneamento de Minas Gerais-COPASA
| | | 53,137 | | 833,846 |
Cia de Saneamento do Parana Preference Shares
| | | 175,178 | | 625,684 |
Cia de Saneamento do Parana
| | | 21,600 | | 415,993 |
Cia Energetica de Sao Paulo Class B, Preference Shares
| | | 121,041 | | 750,811 |
Cia Ferro Ligas da Bahia - FERBASA Preference Shares
| | | 72,353 | | 403,624 |
Cia Hering
| | | 123,335 | | 947,268 |
Cia Paranaense de Energia
| | | 73,605 | | 607,118 |
Construtora Tenda SA
| | | 52,016 | | 225,616 |
Cosan Logistica SA (a)
| | | 82,223 | | 321,142 |
Cosan, Ltd. Class A
| | | 102,796 | | 1,191,406 |
CVC Brasil Operadora e Agencia de Viagens SA
| | | 107,302 | | 1,509,568 |
Cyrela Brazil Realty SA Empreendimentos e Participacoes
| | | 165,656 | | 692,557 |
Direcional Engenharia SA
| | | 180,398 | | 401,894 |
Dommo Energia SA (a)
| | | 909,266 | | 184,577 |
Duratex SA
| | | 178,742 | | 503,841 |
EcoRodovias Infraestrutura e Logistica SA
| | | 142,901 | | 352,139 |
EDP - Energias do Brasil SA
| | | 195,320 | | 852,207 |
Eletropaulo Metropolitana Eletricidade de Sao Paulo SA (a)
| | | 5,600 | | 49,644 |
Eneva SA (a)
| | | 139,622 | | 663,722 |
Estacio Participacoes SA
| | | 221,018 | | 1,510,671 |
Even Construtora e Incorporadora SA (a)
| | | 74,258 | | 114,487 |
| Security Description | | | Shares | | Value |
Ez Tec Empreendimentos e Participacoes SA
| | | 82,055 | | $565,068 |
Fleury SA
| | | 106,530 | | 558,422 |
Gafisa SA (a)
| | | 54,899 | | 120,471 |
Grendene SA
| | | 146,026 | | 314,438 |
Guararapes Confeccoes SA
| | | 7,998 | | 295,941 |
Iguatemi Empresa de Shopping Centers SA
| | | 43,874 | | 438,774 |
Instituto Hermes Pardini SA
| | | 53,590 | | 279,538 |
International Meal Co. Alimentacao SA Class A
| | | 30,200 | | 50,363 |
Iochpe Maxion SA
| | | 108,832 | | 599,853 |
Light SA
| | | 75,842 | | 400,481 |
Linx SA
| | | 95,939 | | 912,132 |
LOG Commercial Properties e Participacoes SA (a)
| | | 18,691 | | 81,551 |
Mahle-Metal Leve SA
| | | 37,945 | | 236,931 |
Marcopolo SA Preference Shares
| | | 503,722 | | 504,796 |
Marfrig Global Foods SA (a)
| | | 214,382 | | 329,420 |
Metalurgica Gerdau SA Preference Shares
| | | 491,455 | | 897,871 |
Minerva SA (a)
| | | 42,186 | | 76,205 |
Movida Participacoes SA
| | | 126,396 | | 352,390 |
MRV Engenharia e Participacoes SA
| | | 256,610 | | 922,469 |
Multiplus SA
| | | 34,792 | | 239,951 |
Nexa Resources SA
| | | 25,155 | | 313,180 |
Odontoprev SA
| | | 153,156 | | 645,414 |
Oi SA Preference Shares (a)
| | | 804,219 | | 312,041 |
Oi SA (a)
| | | 3,160,372 | | 1,234,362 |
Omega Geracao SA
| | | 52,242 | | 261,767 |
Paranapanema SA (a)
| | | 195,100 | | 73,193 |
QGEP Participacoes SA
| | | 106,274 | | 417,810 |
Qualicorp Consultoria e Corretora de Seguros SA
| | | 152,304 | | 613,646 |
Randon SA Implementos e Participacoes Preference Shares
| | | 216,817 | | 540,413 |
Santos Brasil Participacoes SA
| | | 166,028 | | 171,075 |
Sao Martinho SA
| | | 102,391 | | 482,527 |
Ser Educacional SA (b)
| | | 58,858 | | 307,924 |
SLC Agricola SA
| | | 40,707 | | 429,486 |
Smiles Fidelidade SA
| | | 41,490 | | 508,537 |
Sonae Sierra Brasil SA
| | | 4,700 | | 34,661 |
Tegma Gestao Logistica SA
| | | 49,228 | | 333,693 |
TOTVS SA
| | | 91,080 | | 922,104 |
Transmissora Alianca de Energia Eletrica SA
| | | 220,188 | | 1,403,156 |
Tupy SA
| | | 36,248 | | 168,773 |
Unipar Carbocloro SA Preference Shares
| | | 26,512 | | 259,895 |
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA
| | | 78,804 | | 390,406 |
Via Varejo SA
| | | 290,386 | | 314,883 |
Vulcabras Azaleia SA (a)
| | | 143,532 | | 248,951 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Wiz Solucoes e Corretagem de Seguros SA
| | | 94,926 | | $207,331 |
| | | | | | 39,572,677 |
| CHILE — 1.4% | | | | | |
Besalco SA
| | | 128,680 | | 119,135 |
CAP SA
| | | 62,694 | | 744,432 |
Engie Energia Chile SA
| | | 159,755 | | 307,431 |
Inversiones Aguas Metropolitanas SA
| | | 515,833 | | 788,370 |
Inversiones La Construccion SA
| | | 47,413 | | 824,410 |
Ripley Corp. SA
| | | 1,012,845 | | 826,426 |
Salfacorp SA
| | | 450,665 | | 613,046 |
SMU SA (a)
| | | 2,158,486 | | 561,481 |
Sociedad Matriz SAAM SA
| | | 6,301,203 | | 629,588 |
SONDA SA
| | | 224,372 | | 337,972 |
Vina Concha y Toro SA
| | | 615,693 | | 1,282,552 |
| | | | | | 7,034,843 |
| CHINA — 13.5% | | | | | |
21Vianet Group, Inc. ADR (a)
| | | 65,918 | | 523,389 |
361 Degrees International, Ltd. (c)
| | | 992,000 | | 188,292 |
500.com, Ltd. Class A, ADR (a)(c)
| | | 23,267 | | 324,807 |
51 Credit Card, Inc. (a)
| | | 405,500 | | 294,441 |
7Road Holdings, Ltd.
| | | 356,000 | | 65,758 |
AK Medical Holdings, Ltd. (b)
| | | 234,000 | | 128,775 |
Anhui Expressway Co., Ltd. Class H
| | | 284,000 | | 187,043 |
Anton Oilfield Services Group (a)
| | | 1,456,000 | | 229,994 |
Ascletis Pharma, Inc. (a)(b)
| | | 225,000 | | 184,874 |
Asia Cement China Holdings Corp.
| | | 187,500 | | 184,635 |
Ausnutria Dairy Corp., Ltd.
| | | 391,000 | | 522,001 |
Beijing Capital Land, Ltd. Class H
| | | 1,216,400 | | 464,869 |
Beijing Enterprises Clean Energy Group, Ltd. (a)
| | | 13,443,885 | | 222,639 |
Beijing Jingneng Clean Energy Co., Ltd. Class H
| | | 592,000 | | 126,696 |
BEST, Inc. ADR (a)(c)
| | | 113,046 | | 591,231 |
Bestway Global Holding, Inc. (b)
| | | 50,000 | | 21,019 |
Bitauto Holdings, Ltd. ADR (a)(c)
| | | 24,133 | | 384,197 |
Boshiwa International Holding, Ltd. (a)(c)(d)
| | | 1,843,000 | | — |
Boyaa Interactive International, Ltd. (a)
| | | 356,000 | | 72,561 |
Bright Scholar Education Holdings, Ltd. ADR (a)(c)
| | | 19,372 | | 200,306 |
C&D International Investment Group, Ltd.
| | | 31,000 | | 35,700 |
CAR, Inc. (a)(c)
| | | 225,000 | | 194,046 |
Central China Real Estate, Ltd.
| | | 428,000 | | 209,367 |
CGN Meiya Power Holdings Co., Ltd. (a)(b)
| | | 1,882,000 | | 285,299 |
Changyou.com, Ltd. ADR
| | | 16,628 | | 284,339 |
Chaowei Power Holdings, Ltd.
| | | 769,000 | | 290,948 |
Cheetah Mobile, Inc. ADR (a)(c)
| | | 40,116 | | 257,545 |
China Aerospace International Holdings, Ltd. (c)
| | | 2,376,000 | | 172,526 |
| Security Description | | | Shares | | Value |
China Aircraft Leasing Group Holdings, Ltd.
| | | 534,500 | | $627,105 |
China Animal Healthcare, Ltd. (a)(c)(d)
| | | 1,059,700 | | — |
China BlueChemical, Ltd. Class H
| | | 1,946,000 | | 632,144 |
China Customer Relations Centers, Inc. (a)(c)
| | | 16,192 | | 191,227 |
China Datang Corp. Renewable Power Co., Ltd. Class H
| | | 1,405,000 | | 166,453 |
China Distance Education Holdings, Ltd. ADR (a)
| | | 39,083 | | 264,592 |
China Dongxiang Group Co., Ltd.
| | | 4,415,000 | | 641,163 |
China Electronics Huada Technology Co., Ltd.
| | | 1,202,000 | | 119,435 |
China Electronics Optics Valley Union Holding Co., Ltd.
| | | 1,520,000 | | 83,262 |
China Everbright Greentech, Ltd. (b)(c)
| | | 288,000 | | 228,567 |
China Fangda Group Co., Ltd. Class B
| | | 458,050 | | 250,908 |
China Foods, Ltd.
| | | 766,000 | | 302,499 |
China Fordoo Holdings, Ltd. (a)
| | | 15,000 | | 14,140 |
China Forestry Holdings Co., Ltd. (a)(c)(d)
| | | 1,642,000 | | — |
China Harmony New Energy Auto Holding, Ltd. (c)
| | | 733,500 | | 274,714 |
China Hongxing Sports, Ltd. (c)(d)
| | | 4,053,000 | | — |
China Huiyuan Juice Group, Ltd. (a)(d)
| | | 1,494,400 | | 288,411 |
China Lesso Group Holdings, Ltd.
| | | 401,000 | | 259,502 |
China Lilang, Ltd.
| | | 626,000 | | 706,547 |
China Logistics Property Holdings Co., Ltd. (a)(b)
| | | 1,259,000 | | 437,846 |
China Maple Leaf Educational Systems, Ltd. (c)
| | | 1,366,000 | | 657,772 |
China Meidong Auto Holdings, Ltd.
| | | 364,000 | | 176,669 |
China Metal Resources Utilization, Ltd. (a)(b)
| | | 356,000 | | 179,588 |
China Modern Dairy Holdings, Ltd. (a)(c)
| | | 2,484,000 | | 411,366 |
China New Higher Education Group, Ltd. (b)(c)
| | | 332,000 | | 162,406 |
China Nuclear Energy Technology Corp., Ltd. (a)
| | | 1,240,000 | | 77,402 |
China Overseas Grand Oceans Group, Ltd.
| | | 1,150,000 | | 625,545 |
China Overseas Property Holdings, Ltd. (c)
| | | 1,736,232 | | 833,839 |
China Pioneer Pharma Holdings, Ltd. (a)
| | | 483,000 | | 62,144 |
China Power Clean Energy Development Co., Ltd.
| | | 525,000 | | 345,098 |
China Rare Earth Holdings, Ltd. (a)
| | | 1,856,400 | | 82,770 |
China Resources Medical Holdings Co., Ltd.
| | | 633,500 | | 455,154 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
China SCE Property Holdings, Ltd.
| | | 2,369,800 | | $1,234,719 |
China Shengmu Organic Milk, Ltd. (a)(b)(c)
| | | 1,519,000 | | 77,402 |
China Shineway Pharmaceutical Group, Ltd.
| | | 359,000 | | 359,460 |
China Silver Group, Ltd. (a)
| | | 1,026,000 | | 99,333 |
China South City Holdings, Ltd.
| | | 1,014,000 | | 162,758 |
China Suntien Green Energy Corp., Ltd. Class H
| | | 1,633,000 | | 497,184 |
China Tian Lun Gas Holdings, Ltd.
| | | 193,500 | | 222,095 |
China Travel International Investment Hong Kong, Ltd.
| | | 3,506,000 | | 893,254 |
China Unienergy Group, Ltd. (a)
| | | 102,000 | | 141,372 |
China Xinhua Education Group, Ltd. (a)(b)
| | | 531,000 | | 173,844 |
China Yongda Automobiles Services Holdings, Ltd. (c)
| | | 820,500 | | 650,133 |
China Yuhua Education Corp., Ltd. (b)
| | | 618,000 | | 253,500 |
China ZhengTong Auto Services Holdings, Ltd.
| | | 605,500 | | 336,305 |
Chinasoft International, Ltd. (c)
| | | 1,898,000 | | 1,172,657 |
Chlitina Holding, Ltd.
| | | 68,678 | | 656,241 |
Chong Sing Holdings FinTech Group (a)(c)
| | | 9,388,000 | | 77,736 |
CIMC Enric Holdings, Ltd.
| | | 324,000 | | 332,257 |
CITIC Resources Holdings, Ltd. (c)
| | | 3,405,000 | | 316,645 |
CITIC Telecom International Holdings, Ltd.
| | | 1,925,000 | | 865,642 |
COFCO Meat Holdings, Ltd. (a)(c)
| | | 279,000 | | 101,294 |
Colour Life Services Group Co., Ltd. (c)
| | | 528,000 | | 383,391 |
Consun Pharmaceutical Group, Ltd.
| | | 520,600 | | 381,997 |
Coolpad Group, Ltd. (a)(d)
| | | 2,353,600 | | — |
Cosmo Lady China Holdings Co., Ltd. (b)
| | | 360,000 | | 104,103 |
CPMC Holdings, Ltd.
| | | 539,000 | | 216,288 |
Crystal International Group, Ltd. (b)
| | | 372,500 | | 195,504 |
CSG Holding Co., Ltd. Class B
| | | 91,200 | | 35,435 |
CSSC Offshore and Marine Engineering Group Co., Ltd. Class H (a)(c)
| | | 208,000 | | 227,609 |
CT Environmental Group, Ltd. (c)
| | | 3,217,900 | | 139,375 |
Dah Chong Hong Holdings, Ltd.
| | | 1,236,000 | | 445,593 |
Daqo New Energy Corp. ADR (a)(c)
| | | 8,379 | | 276,758 |
Dazhong Transportation Group Co., Ltd. Class B
| | | 116,600 | | 62,731 |
Dongjiang Environmental Co., Ltd. Class H
| | | 153,600 | | 177,668 |
Dongyue Group, Ltd.
| | | 539,000 | | 374,213 |
| Security Description | | | Shares | | Value |
Eastern Communications Co., Ltd. Class B
| | | 246,074 | | $163,639 |
eHi Car Services, Ltd. ADR (a)(c)
| | | 19,266 | | 226,568 |
E-House China Enterprise Holdings, Ltd. (a)(c)
| | | 106,500 | | 164,974 |
Fang Holdings, Ltd. ADR (a)(c)
| | | 181,832 | | 245,473 |
Fanhua, Inc. ADR (c)
| | | 40,776 | | 1,070,778 |
FIH Mobile, Ltd. (a)(c)
| | | 1,907,000 | | 211,350 |
FingerTango, Inc. (a)
| | | 446,000 | | 93,746 |
First Tractor Co., Ltd. Class H (a)(c)
| | | 124,500 | | 32,672 |
Foshan Electrical and Lighting Co., Ltd. Class B
| | | 173,580 | | 82,921 |
Foxsemicon Integrated Technology, Inc.
| | | 86,050 | | 383,896 |
Fu Shou Yuan International Group, Ltd.
| | | 1,420,000 | | 1,302,429 |
Fufeng Group, Ltd. (c)
| | | 1,158,600 | | 608,084 |
Genertec Universal Medical Group Co., Ltd. (b)(c)
| | | 931,900 | | 847,619 |
Golden Eagle Retail Group, Ltd.
| | | 170,000 | | 201,403 |
Goodbaby International Holdings, Ltd. (c)
| | | 927,000 | | 269,245 |
Grand Baoxin Auto Group, Ltd. (c)
| | | 905,101 | | 312,464 |
Greatview Aseptic Packaging Co., Ltd.
| | | 1,000,048 | | 610,224 |
Green Seal Holding, Ltd.
| | | 25,000 | | 29,972 |
GreenTree Hospitality Group, Ltd. ADR (c)
| | | 15,138 | | 209,359 |
Guorui Properties, Ltd.
| | | 1,125,000 | | 229,301 |
Guotai Junan International Holdings, Ltd. (c)
| | | 1,620,000 | | 328,129 |
Haichang Ocean Park Holdings, Ltd. (a)(b)
| | | 784,000 | | 175,777 |
Hailiang Education Group, Inc. ADR (a)(c)
| | | 2,539 | | 98,031 |
Harbin Electric Co., Ltd. Class H (c)
| | | 710,000 | | 374,448 |
Hengxing Gold Holding Co., Ltd.
| | | 212,000 | | 207,140 |
Hisense Home Appliances Group Co., Ltd. Class H
| | | 200,000 | | 281,276 |
HNA Holding Group Co., Ltd. (a)
| | | 3,934,000 | | 68,156 |
Hollysys Automation Technologies, Ltd.
| | | 48,391 | | 1,013,308 |
Honghua Group, Ltd. (a)(c)
| | | 2,617,000 | | 233,365 |
Hope Education Group Co., Ltd. (a)(b)
| | | 1,116,000 | | 167,756 |
Huadian Energy Co., Ltd. Class B (a)
| | | 345,900 | | 88,550 |
Huadian Fuxin Energy Corp., Ltd. Class H
| | | 976,000 | | 216,338 |
Huami Corp. ADR (a)
| | | 4,000 | | 52,360 |
Huangshan Tourism Development Co., Ltd. Class B
| | | 432,161 | | 555,759 |
Huifu Payment, Ltd. (a)(b)
| | | 122,400 | | 60,811 |
Ideanomics, Inc. (a)(c)
| | | 38,278 | | 74,259 |
Inke, Ltd. (a)
| | | 534,000 | | 132,651 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Inner Mongolia Eerduosi Resourses Co., Ltd. Class B
| | | 136,900 | | $124,990 |
Jiangnan Group, Ltd. (a)
| | | 504,000 | | 27,608 |
Jiangxi Bank Co., Ltd. Class H (a)(c)
| | | 198,000 | | 162,941 |
Jianpu Technology, Inc. ADR (a)(c)
| | | 3,700 | | 18,537 |
Jinchuan Group International Resources Co., Ltd. (a)(c)
| | | 2,311,000 | | 220,798 |
Jingrui Holdings, Ltd.
| | | 472,000 | | 155,130 |
JinkoSolar Holding Co., Ltd. ADR (a)(c)
| | | 24,384 | | 438,912 |
JNBY Design, Ltd.
| | | 114,000 | | 229,163 |
Joy City Property, Ltd.
| | | 1,610,000 | | 223,556 |
Jumei International Holding, Ltd. ADR (a)(c)
| | | 48,952 | | 115,527 |
Jupai Holdings, Ltd. ADR (c)
| | | 15,103 | | 55,428 |
Kama Co., Ltd. Class B (a)
| | | 270,800 | | 173,312 |
Kandi Technologies Group, Inc. (a)(c)
| | | 46,358 | | 260,068 |
Kangda International Environmental Co., Ltd. (b)
| | | 807,200 | | 120,310 |
Kasen International Holdings, Ltd.
| | | 370,000 | | 248,396 |
Konka Group Co., Ltd. Class B
| | | 374,000 | | 139,596 |
Landsea Green Group Co., Ltd.
| | | 200,000 | | 26,497 |
Launch Tech Co., Ltd. Class H (c)
| | | 171,500 | | 154,023 |
LexinFintech Holdings, Ltd. ADR (a)(c)
| | | 35,882 | | 376,761 |
Leyou Technologies Holdings, Ltd. (a)(c)
| | | 1,429,200 | | 398,722 |
Lifetech Scientific Corp. (a)(c)
| | | 2,430,000 | | 520,054 |
LongiTech Smart Energy Holding, Ltd. (a)
| | | 575,000 | | 52,739 |
Lonking Holdings, Ltd.
| | | 2,369,000 | | 766,535 |
Luoyang Glass Co., Ltd. Class H (a)
| | | 448,000 | | 150,666 |
Luthai Textile Co., Ltd. Class B
| | | 40,500 | | 48,239 |
LVGEM China Real Estate Investment Co., Ltd.
| | | 382,000 | | 109,978 |
Maoye International Holdings, Ltd.
| | | 1,573,000 | | 124,238 |
Microport Scientific Corp. (c)
| | | 240,000 | | 225,632 |
Nanfang Communication Holdings, Ltd. (c)
| | | 64,000 | | 37,503 |
Nanjing Sample Technology Co., Ltd. Class H
| | | 95,000 | | 96,816 |
National Agricultural Holdings, Ltd. (a)(c)(d)
| | | 396,000 | | 15,008 |
On-Bright Electronics, Inc.
| | | 34,000 | | 209,601 |
Ozner Water International Holding, Ltd. (b)(c)
| | | 1,285,000 | | 202,982 |
Parkson Retail Group, Ltd.
| | | 2,765,500 | | 221,946 |
Poly Culture Group Corp., Ltd. Class H
| | | 163,300 | | 228,829 |
Poly Property Group Co., Ltd.
| | | 2,057,000 | | 801,842 |
Powerlong Real Estate Holdings, Ltd.
| | | 1,316,000 | | 689,018 |
PPDAI Group, Inc. ADR (a)(c)
| | | 40,117 | | 151,642 |
| Security Description | | | Shares | | Value |
PW Medtech Group, Ltd. (a)
| | | 2,431,000 | | $371,620 |
Q Technology Group Co., Ltd. (c)
| | | 269,000 | | 228,223 |
Qeeka Home Cayman, Inc. (a)(b)
| | | 142,000 | | 66,026 |
Qudian, Inc. ADR (a)(c)
| | | 39,057 | | 197,628 |
Real Gold Mining, Ltd. (a)(c)(d)
| | | 251,500 | | — |
Redsun Properties Group, Ltd. (a)
| | | 364,000 | | 125,662 |
Renhe Commercial Holdings Co., Ltd. (a)(c)
| | | 10,328,000 | | 355,233 |
Risecomm Group Holdings, Ltd. (a)
| | | 237,500 | | 35,398 |
Ronshine China Holdings, Ltd. (a)(c)
| | | 299,000 | | 474,594 |
Sany Heavy Equipment International Holdings Co., Ltd. (a)
| | | 171,000 | | 73,411 |
Shandong Airlines Co., Ltd. Class B
| | | 225,100 | | 344,964 |
Shang Gong Group Co., Ltd. Class B (a)
| | | 257,000 | | 190,180 |
Shanghai Chlor-Alkali Chemical Co., Ltd. Class B
| | | 446,200 | | 315,017 |
Shanghai Diesel Engine Co., Ltd. Class B
| | | 387,760 | | 247,003 |
Shanghai Fudan Microelectronics Group Co., Ltd. Class H (a)
| | | 154,000 | | 242,478 |
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H
| | | 478,000 | | 429,898 |
Shanghai Haixin Group Co. Class B
| | | 657,908 | | 331,586 |
Shanghai Haohai Biological Technology Co., Ltd. Class H (b)
| | | 7,800 | | 49,235 |
Shanghai Highly Group Co., Ltd. Class B
| | | 269,900 | | 231,034 |
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H
| | | 1,052,000 | | 284,109 |
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B
| | | 115,600 | | 124,617 |
Shanghai Jinjiang International Travel Co., Ltd. Class B
| | | 99,400 | | 190,848 |
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B
| | | 93,939 | | 119,490 |
Shanghai Phoenix Enterprise Group Co., Ltd. Class B (a)
| | | 49,200 | | 30,061 |
Shanghai Potevio Co., Ltd. Class B (a)(d)
| | | 79,800 | | 16,040 |
Shanghai Shibei Hi-Tech Co., Ltd. Class B
| | | 463,400 | | 246,065 |
Sheng Ye Capital, Ltd. (a)(c)
| | | 186,000 | | 177,471 |
Shenzhen SEG Co., Ltd. Class B
| | | 150,300 | | 57,823 |
Shougang Concord International Enterprises Co., Ltd. (a)
| | | 11,916,000 | | 478,161 |
Shougang Fushan Resources Group, Ltd.
| | | 3,058,000 | | 701,202 |
Shui On Land, Ltd.
| | | 1,051,000 | | 259,739 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Sichuan Expressway Co., Ltd. Class H
| | | 1,610,000 | | $529,150 |
Silergy Corp. (c)
| | | 65,000 | | 970,133 |
Silver Grant International Industries, Ltd. (a)
| | | 722,000 | | 146,240 |
Sinofert Holdings, Ltd. (a)(c)
| | | 1,536,000 | | 191,757 |
Sinopec Kantons Holdings, Ltd.
| | | 1,076,000 | | 489,343 |
Sinosoft Technology Group, Ltd.
| | | 714,200 | | 242,921 |
Sinovac Biotech, Ltd. (a)(c)(e)
| | | 67,578 | | 437,230 |
Skyfame Realty Holdings, Ltd.
| | | 1,624,000 | | 233,775 |
Sohu.com, Ltd. ADR (a)(c)
| | | 31,836 | | 527,841 |
Springland International Holdings, Ltd.
| | | 1,331,000 | | 272,984 |
Sun King Power Electronics Group (c)
| | | 1,059,000 | | 178,075 |
Suncity Group Holdings, Ltd. (a)
| | | 780,000 | | 186,804 |
Sunshine 100 China Holdings, Ltd. (a)(b)
| | | 455,000 | | 89,841 |
Tarena International, Inc. ADR (c)
| | | 41,116 | | 223,260 |
Tian Ge Interactive Holdings, Ltd. (b)
| | | 727,000 | | 288,950 |
Tiangong International Co., Ltd. (c)
| | | 1,680,000 | | 393,786 |
Tianjin Development Holdings, Ltd.
| | | 804,000 | | 286,779 |
Tianjin Port Development Holdings, Ltd.
| | | 3,994,000 | | 457,914 |
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd.
| | | 371,800 | | 340,197 |
Tianli Education International Holdings, Ltd. (a)
| | | 691,000 | | 191,016 |
Tianneng Power International, Ltd.
| | | 734,000 | | 660,137 |
Tong Ren Tang Technologies Co., Ltd. Class H (c)
| | | 740,000 | | 993,586 |
Tongfang Kontafarma Holdings, Ltd. (a)
| | | 1,959,553 | | 62,407 |
Tsaker Chemical Group, Ltd. (b)
| | | 57,000 | | 24,833 |
Tuniu Corp. ADR (a)(c)
| | | 93,564 | | 449,107 |
Uxin, Ltd. ADR (a)(c)
| | | 25,100 | | 95,129 |
Virscend Education Co., Ltd. (b)
| | | 1,018,000 | | 472,044 |
West China Cement, Ltd.
| | | 2,568,000 | | 340,221 |
Wisdom Education International Holdings Co., Ltd.
| | | 340,000 | | 165,020 |
Wise Talent Information Technology Co., Ltd. (a)
| | | 68,800 | | 202,896 |
Xiabuxiabu Catering Management China Holdings Co., Ltd. (b)(c)
| | | 149,500 | | 260,532 |
Xiamen International Port Co., Ltd. Class H
| | | 2,018,000 | | 285,350 |
Xi'an Haitiantian Holdings Co., Ltd. (a)
| | | 230,000 | | 80,867 |
Xingda International Holdings, Ltd.
| | | 602,000 | | 189,420 |
Xinhua Winshare Publishing and Media Co., Ltd. Class H
| | | 131,000 | | 101,964 |
Xtep International Holdings, Ltd.
| | | 471,500 | | 336,959 |
Xunlei, Ltd. ADR (a)
| | | 20,792 | | 76,099 |
Yadea Group Holdings, Ltd. (b)(c)
| | | 596,000 | | 211,069 |
| Security Description | | | Shares | | Value |
Yintech Investment Holdings, Ltd. ADR (c)
| | | 4,500 | | $28,350 |
Yirendai, Ltd. ADR (c)
| | | 9,737 | | 132,034 |
Zai Lab, Ltd. ADR (a)
| | | 14,836 | | 437,810 |
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H
| | | 220,600 | | 106,788 |
Zhou Hei Ya International Holdings Co., Ltd. (b)(c)
| | | 312,000 | | 165,739 |
| | | | | | 67,149,008 |
| COLOMBIA — 0.1% | | | | | |
Avianca Holdings SA Preference Shares
| | | 184,332 | | 96,926 |
Celsia SA ESP
| | | 241,327 | | 335,610 |
Cemex Latam Holdings SA (a)
| | | 139,010 | | 209,465 |
| | | | | | 642,001 |
| CZECH REPUBLIC — 0.4% | | | | | |
Moneta Money Bank A/S (b)
| | | 388,389 | | 1,340,504 |
Philip Morris CR A/S
| | | 619 | | 425,136 |
| | | | | | 1,765,640 |
| EGYPT — 0.9% | | | | | |
Alexandria Mineral Oils Co.
| | | 62,994 | | 21,664 |
Egypt Kuwait Holding Co. SAE
| | | 597,457 | | 940,397 |
Egyptian Financial Group-Hermes Holding Co. (a)
| | | 510,900 | | 489,674 |
Emaar Misr for Development SAE (a)
| | | 203,020 | | 41,237 |
Ezz Steel Co SAE (a)
| | | 391,030 | | 408,179 |
Ghabbour Auto (a)
| | | 73,774 | | 21,072 |
Global Telecom Holding SAE (a)
| | | 1,546,704 | | 404,303 |
Heliopolis Housing
| | | 94,680 | | 131,667 |
Ibnsina Pharma SAE (a)
| | | 169,516 | | 124,325 |
Juhayna Food Industries
| | | 485,672 | | 377,776 |
Medinet Nasr Housing (a)
| | | 514,857 | | 209,448 |
Orascom Investment Holding (a)
| | | 2,912,994 | | 111,275 |
Palm Hills Developments SAE (a)
| | | 858,094 | | 135,671 |
Pioneers Holding for Financial Investments SAE (a)
| | | 155,371 | | 62,758 |
Qalaa Holdings SAE (a)
| | | 467,352 | | 108,411 |
Sidi Kerir Petrochemicals Co.
| | | 126,671 | | 124,040 |
Six of October Development & Investment (a)
| | | 435,870 | | 411,473 |
Talaat Moustafa Group
| | | 406,899 | | 263,205 |
Telecom Egypt Co.
| | | 150,000 | | 125,851 |
| | | | | | 4,512,426 |
| GREECE — 1.4% | | | | | |
Aegean Airlines SA
| | | 44,063 | | 409,168 |
Diana Shipping, Inc. (a)
| | | 56,308 | | 158,789 |
DryShips, Inc. (c)
| | | 15,874 | | 73,338 |
Ellaktor SA (a)
| | | 91,341 | | 166,151 |
Eurobank Ergasias SA (a)
| | | 1,152,798 | | 919,038 |
FF Group (a)(d)
| | | 24,815 | | 66,872 |
Fourlis Holdings SA
| | | 30,621 | | 173,633 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
GEK Terna Holding Real Estate Construction SA (a)
| | | 42,415 | | $234,318 |
Grivalia Properties REIC AE
| | | 44,479 | | 537,389 |
Hellenic Exchanges - Athens Stock Exchange SA
| | | 77,137 | | 371,571 |
Holding Co. ADMIE IPTO SA
| | | 130,245 | | 252,420 |
Mytilineos Holdings SA
| | | 93,424 | | 945,159 |
National Bank of Greece SA (a)
| | | 383,284 | | 669,656 |
Piraeus Bank SA (a)
| | | 231,812 | | 317,033 |
Public Power Corp. SA (a)
| | | 121,639 | | 211,839 |
Star Bulk Carriers Corp. (a)
| | | 69,942 | | 460,218 |
StealthGas, Inc. (a)
| | | 69,887 | | 244,605 |
Titan Cement Co. SA
| | | 19,686 | | 425,731 |
Tsakos Energy Navigation, Ltd.
| | | 105,758 | | 327,850 |
| | | | | | 6,964,778 |
| HONG KONG — 2.7% | | | | | |
Agritrade Resources, Ltd. (c)
| | | 1,565,000 | | 259,174 |
AGTech Holdings, Ltd. (a)
| | | 2,216,000 | | 143,970 |
Ajisen China Holdings, Ltd.
| | | 651,000 | | 185,764 |
Anxin-China Holdings, Ltd. (a)(d)
| | | 2,248,000 | | — |
Asia Television Holdings, Ltd. (a)
| | | 1,656,000 | | 51,474 |
Beijing Enterprises Medical & Health Group, Ltd. (a)
| | | 2,279,600 | | 66,791 |
Bosideng International Holdings, Ltd.
| | | 2,118,000 | | 518,036 |
Camsing International Holding, Ltd. (c)
| | | 280,000 | | 283,925 |
Carnival Group International Holdings, Ltd. (a)(c)
| | | 4,040,000 | | 24,189 |
China Animation Characters Co., Ltd. (c)
| | | 1,042,000 | | 319,903 |
China Beidahuang Industry Group Holdings, Ltd. Class A (a)
| | | 2,098,400 | | 64,423 |
China High Precision Automation Group, Ltd. (a)(d)
| | | 1,226,000 | | — |
China High Speed Transmission Equipment Group Co., Ltd. (c)
| | | 600,000 | | 519,749 |
China Lumena New Materials Corp. (a)(c)(d)
| | | 4,181,298 | | — |
China Metal Recycling Holdings, Ltd. (a)(c)(d)
| | | 693,675 | | — |
China Minsheng Financial Holding Corp., Ltd. (a)(c)
| | | 7,750,000 | | 176,721 |
China NT Pharma Group Co., Ltd.
| | | 896,900 | | 79,979 |
China Oil & Gas Group, Ltd.
| | | 4,788,000 | | 311,070 |
China Water Affairs Group, Ltd. (c)
| | | 484,000 | | 505,583 |
Comba Telecom Systems Holdings, Ltd. (a)(c)
| | | 1,072,575 | | 250,041 |
Concord New Energy Group, Ltd.
| | | 8,220,000 | | 434,563 |
Dawnrays Pharmaceutical Holdings, Ltd.
| | | 1,381,000 | | 258,609 |
Digital China Holdings, Ltd. (a)
| | | 924,000 | | 493,196 |
EPI Holdings, Ltd. (a)
| | | 540,000 | | 8,530 |
Essex Bio-technology, Ltd.
| | | 234,000 | | 190,778 |
GCL-Poly Energy Holdings, Ltd. (a)(c)
| | | 8,007,000 | | 561,004 |
| Security Description | | | Shares | | Value |
Glorious Property Holdings, Ltd. (a)
| | | 1,892,000 | | $96,408 |
Golden Meditech Holdings, Ltd. (a)(c)
| | | 660,000 | | 67,262 |
Ground International Development, Ltd. (a)
| | | 1,450,000 | | 58,185 |
Hi Sun Technology China, Ltd. (a)
| | | 1,761,000 | | 300,606 |
Huabao International Holdings, Ltd.
| | | 1,364,000 | | 691,561 |
Huayi Tencent Entertainment Co., Ltd. (a)
| | | 3,000,000 | | 77,198 |
IMAX China Holding, Inc. (b)
| | | 71,600 | | 178,043 |
Imperial Pacific International Holdings, Ltd. (a)(c)
| | | 9,040,000 | | 66,793 |
Ju Teng International Holdings, Ltd.
| | | 975,500 | | 277,118 |
Lifestyle China Group, Ltd. (a)(c)
| | | 383,500 | | 138,256 |
NetDragon Websoft Holdings, Ltd. (c)
| | | 254,500 | | 639,334 |
NewOcean Energy Holdings, Ltd. (a)(c)
| | | 1,624,000 | | 463,412 |
Pou Sheng International Holdings, Ltd.
| | | 2,175,000 | | 471,022 |
Qianhai Health Holdings, Ltd.
| | | 1 | | — |
Sansheng Holdings Group Co., Ltd. (a)
| | | 20,000 | | 32,612 |
Seaspan Corp. (c)
| | | 75,927 | | 660,565 |
Shenwan Hongyuan HK, Ltd.
| | | 490,000 | | 132,956 |
Sino Haijing Holdings, Ltd. (a)(c)
| | | 2,780,000 | | 16,291 |
Skyworth Digital Holdings, Ltd.
| | | 1,800,000 | | 612,233 |
Solartech International Holdings, Ltd. (a)
| | | 1,440,000 | | 18,161 |
Tech Pro Technology Development, Ltd. (a)(d)
| | | 6,035,100 | | 26,139 |
Tibet Water Resources, Ltd. (a)
| | | 1,946,000 | | 604,875 |
United Laboratories International Holdings, Ltd. (c)
| | | 942,500 | | 557,099 |
VCredit Holdings, Ltd. (a)(b)
| | | 53,800 | | 68,398 |
Wasion Holdings, Ltd.
| | | 767,000 | | 401,578 |
Yuexiu Transport Infrastructure, Ltd.
| | | 1,144,549 | | 931,683 |
| | | | | | 13,295,260 |
| HUNGARY — 0.2% | | | | | |
Magyar Telekom Telecommunications PLC
| | | 556,482 | | 897,549 |
| INDIA — 11.1% | | | | | |
Aarti Industries, Ltd.
| | | 11,390 | | 259,393 |
Adani Green Energy, Ltd. (a)
| | | 204,787 | | 109,821 |
Adani Power, Ltd. (a)
| | | 660,791 | | 459,764 |
Aegis Logistics, Ltd.
| | | 77,616 | | 227,666 |
Ajanta Pharma, Ltd.
| | | 7,899 | | 118,037 |
Alembic Pharmaceuticals, Ltd.
| | | 26,106 | | 202,668 |
Andhra Bank (a)
| | | 92,942 | | 37,633 |
Anveshan Heavy Engineering, Ltd. (a)
| | | 6,536 | | 52,694 |
APL Apollo Tubes, Ltd.
| | | 7,875 | | 163,906 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Arvind Fashions, Ltd. (a)
| | | 35,296 | | $531,516 |
Arvind, Ltd.
| | | 179,789 | | 236,042 |
Asahi India Glass, Ltd.
| | | 40,825 | | 152,781 |
Astral Poly Technik, Ltd.
| | | 14,691 | | 246,402 |
Avanti Feeds, Ltd.
| | | 13,431 | | 79,258 |
Bajaj Corp., Ltd. (a)
| | | 59,120 | | 263,618 |
Bajaj Electricals, Ltd.
| | | 21,738 | | 175,128 |
Balrampur Chini Mills, Ltd.
| | | 233,043 | | 461,208 |
BASF India, Ltd.
| | | 5,955 | | 127,271 |
Bata India, Ltd.
| | | 63,216 | | 1,282,160 |
Birla Corp., Ltd.
| | | 18,423 | | 139,459 |
Blue Dart Express, Ltd.
| | | 6,488 | | 336,585 |
Blue Star, Ltd.
| | | 4,186 | | 40,963 |
Bombay Dyeing & Manufacturing Co., Ltd.
| | | 48,055 | | 93,613 |
Brigade Enterprises, Ltd.
| | | 11,563 | | 41,829 |
Can Fin Homes, Ltd.
| | | 19,079 | | 96,077 |
Carborundum Universal, Ltd.
| | | 8,492 | | 50,302 |
CARE Ratings, Ltd.
| | | 20,887 | | 298,373 |
CCL Products India, Ltd.
| | | 17,601 | | 72,411 |
Ceat, Ltd.
| | | 33,431 | | 540,446 |
Century Plyboards India, Ltd.
| | | 17,873 | | 53,742 |
Century Textiles & Industries, Ltd.
| | | 14,443 | | 194,540 |
Cera Sanitaryware, Ltd.
| | | 4,947 | | 220,332 |
CESC, Ltd.
| | | 43,938 | | 463,418 |
CG Power and Industrial Solutions, Ltd. (a)
| | | 544,211 | | 335,443 |
Chennai Super Kings Cricket, Ltd. (a)(d)
| | | 418,560 | | — |
Coffee Day Enterprises, Ltd. (a)(b)
| | | 7,365 | | 30,762 |
Coromandel International, Ltd.
| | | 36,493 | | 267,343 |
Cox & Kings Financial Service, Ltd. (a)(e)
| | | 20,674 | | 20,923 |
Cox & Kings, Ltd.
| | | 63,229 | | 127,645 |
CRISIL, Ltd.
| | | 8,832 | | 186,329 |
Cyient, Ltd.
| | | 47,148 | | 442,010 |
DB Corp., Ltd.
| | | 54,967 | | 148,337 |
DCB Bank, Ltd.
| | | 106,804 | | 315,594 |
DCM Shriram, Ltd.
| | | 18,154 | | 108,492 |
Delta Corp., Ltd.
| | | 56,219 | | 206,779 |
Dilip Buildcon, Ltd. (b)
| | | 31,103 | | 288,020 |
Dish TV India, Ltd.
| | | 287,418 | | 161,394 |
Dishman Carbogen Amcis, Ltd. (a)
| | | 9,424 | | 28,343 |
Dr Lal PathLabs, Ltd. (b)
| | | 30,776 | | 463,939 |
eClerx Services, Ltd.
| | | 17,468 | | 289,385 |
EIH, Ltd.
| | | 60,840 | | 180,873 |
Engineers India, Ltd.
| | | 103,052 | | 174,493 |
Equitas Holdings, Ltd. (a)
| | | 29,931 | | 59,149 |
Eris Lifesciences, Ltd. (a)(b)
| | | 16,547 | | 154,041 |
Escorts, Ltd.
| | | 103,960 | | 1,194,621 |
Essel Propack, Ltd.
| | | 49,180 | | 82,813 |
Finolex Cables, Ltd.
| | | 23,740 | | 162,933 |
Force Motors, Ltd.
| | | 10,613 | | 260,449 |
Fortis Healthcare, Ltd. (a)
| | | 227,801 | | 446,395 |
Future Consumer, Ltd. (a)
| | | 284,396 | | 184,124 |
| Security Description | | | Shares | | Value |
Future Lifestyle Fashions, Ltd.
| | | 17,765 | | $125,567 |
Gateway Distriparks, Ltd.
| | | 189,954 | | 367,432 |
Gayatri Projects, Ltd. (a)
| | | 68,780 | | 160,346 |
GE T&D India, Ltd.
| | | 88,048 | | 350,921 |
GMR Infrastructure, Ltd. (a)
| | | 2,447,467 | | 699,529 |
Godfrey Phillips India, Ltd.
| | | 23,987 | | 401,347 |
Great Eastern Shipping Co. Ltd
| | | 42,727 | | 175,719 |
Gujarat Alkalies & Chemicals, Ltd.
| | | 4,302 | | 30,634 |
Gujarat Fluorochemicals, Ltd.
| | | 3,553 | | 56,661 |
Gujarat Gas, Ltd.
| | | 46,995 | | 100,469 |
Gujarat Narmada Valley Fertilizers & Chemicals, Ltd.
| | | 9,652 | | 42,628 |
Gujarat Pipavav Port, Ltd.
| | | 374,325 | | 537,645 |
Gujarat State Petronet, Ltd.
| | | 46,555 | | 128,156 |
GVK Power & Infrastructure, Ltd. (a)
| | | 196,798 | | 21,732 |
Hathway Cable & Datacom, Ltd. (a)
| | | 205,848 | | 86,024 |
Hexaware Technologies, Ltd.
| | | 139,188 | | 693,780 |
Himachal Futuristic Communications, Ltd.
| | | 341,765 | | 111,249 |
Himadri Speciality Chemical, Ltd.
| | | 37,337 | | 62,682 |
Himatsingka Seide, Ltd.
| | | 46,394 | | 145,795 |
Hindustan Construction Co., Ltd. (a)
| | | 206,923 | | 44,805 |
Hindustan Copper, Ltd.
| | | 229,371 | | 162,074 |
Housing Development & Infrastructure, Ltd. (a)
| | | 106,979 | | 39,919 |
HSIL, Ltd.
| | | 3,677 | | 13,296 |
ICICI Securities, Ltd. (b)
| | | 41,089 | | 143,537 |
IDFC, Ltd.
| | | 872,633 | | 586,374 |
IFB Industries, Ltd. (a)
| | | 10,245 | | 144,628 |
IFCI, Ltd. (a)
| | | 298,615 | | 59,486 |
India Cements, Ltd.
| | | 352,312 | | 550,781 |
Indiabulls Integrated Services, Ltd.
| | | 16,171 | | 71,710 |
Indiabulls Real Estate, Ltd. (a)
| | | 292,214 | | 388,916 |
Inox Leisure, Ltd. (a)
| | | 52,404 | | 249,179 |
Ipca Laboratories, Ltd.
| | | 66,813 | | 946,956 |
IRB Infrastructure Developers, Ltd.
| | | 211,433 | | 442,094 |
J Kumar Infraprojects, Ltd.
| | | 5,375 | | 12,465 |
Jain Irrigation Systems, Ltd.
| | | 294,379 | | 250,291 |
Jaiprakash Associates, Ltd. (a)
| | | 772,637 | | 60,785 |
Jammu & Kashmir Bank, Ltd. (a)
| | | 434,016 | | 336,437 |
Jet Airways India, Ltd. (a)
| | | 11,933 | | 46,302 |
Jindal Saw, Ltd.
| | | 126,408 | | 157,656 |
Jindal Stainless Hisar, Ltd. (a)
| | | 81,991 | | 110,959 |
Jindal Stainless, Ltd. (a)
| | | 178,624 | | 104,686 |
JK Cement, Ltd.
| | | 7,085 | | 88,640 |
JM Financial, Ltd.
| | | 159,858 | | 217,144 |
Johnson Controls-Hitachi Air Conditioning India, Ltd.
| | | 7,124 | | 212,039 |
JSW Energy, Ltd. (a)
| | | 704,839 | | 738,669 |
Jubilant Life Sciences, Ltd.
| | | 88,262 | | 847,009 |
Just Dial, Ltd. (a)
| | | 40,233 | | 350,467 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Jyothy Laboratories, Ltd.
| | | 103,746 | | $274,060 |
Kajaria Ceramics, Ltd.
| | | 102,817 | | 875,447 |
Kalpataru Power Transmission, Ltd.
| | | 39,905 | | 271,170 |
Karnataka Bank, Ltd.
| | | 110,245 | | 212,692 |
Karur Vysya Bank, Ltd.
| | | 502,210 | | 516,890 |
KEC International, Ltd.
| | | 23,610 | | 102,159 |
KEI Industries, Ltd.
| | | 20,915 | | 128,449 |
KPIT Technologies, Ltd. (a)
| | | 242,000 | | 344,616 |
KPIT Technologies, Ltd. (a)(e)
| | | 242,000 | | 273,143 |
KPR Mill, Ltd.
| | | 7,449 | | 61,941 |
KRBL, Ltd.
| | | 43,656 | | 212,025 |
Lakshmi Vilas Bankm, Ltd. (a)
| | | 29,412 | | 30,144 |
Laurus Labs, Ltd. (b)
| | | 8,403 | | 48,465 |
Lemon Tree Hotels, Ltd. (a)(b)
| | | 170,414 | | 198,396 |
LUX Industries, Ltd.
| | | 2,941 | | 58,300 |
Magma Fincorp, Ltd.
| | | 102,354 | | 174,050 |
Mahanagar Gas, Ltd.
| | | 3,532 | | 53,792 |
Maharashtra Scooters, Ltd.
| | | 742 | | 38,006 |
Mahindra CIE Automotive, Ltd. (a)
| | | 113,693 | | 384,858 |
Mahindra Holidays & Resorts India, Ltd.
| | | 52,092 | | 180,057 |
Mahindra Lifespace Developers, Ltd.
| | | 26,954 | | 140,246 |
MakeMyTrip, Ltd. (a)(c)
| | | 39,261 | | 1,083,604 |
Manappuram Finance, Ltd.
| | | 544,359 | | 984,600 |
Marksans Pharma, Ltd.
| | | 554,556 | | 199,728 |
Max Financial Services, Ltd. (a)
| | | 84,572 | | 531,299 |
McLeod Russel India, Ltd.
| | | 124,222 | | 153,764 |
Merck, Ltd.
| | | 1,138 | | 60,667 |
Minda Industries, Ltd.
| | | 49,696 | | 234,150 |
Monsanto India, Ltd.
| | | 6,817 | | 255,754 |
Motilal Oswal Financial Services, Ltd.
| | | 20,982 | | 182,364 |
Multi Commodity Exchange of India, Ltd.
| | | 15,119 | | 176,037 |
Natco Pharma, Ltd.
| | | 83,946 | | 694,895 |
NBCC India, Ltd.
| | | 222,905 | | 213,332 |
NCC, Ltd.
| | | 590,507 | | 961,945 |
NIIT Technologies, Ltd.
| | | 15,244 | | 291,754 |
Nilkamal, Ltd.
| | | 1,114 | | 22,990 |
Omaxe, Ltd.
| | | 55,048 | | 163,853 |
Oriental Bank of Commerce (a)
| | | 40,391 | | 67,780 |
PC Jeweller, Ltd.
| | | 108,608 | | 128,872 |
Persistent Systems, Ltd.
| | | 54,203 | | 492,580 |
Phillips Carbon Black, Ltd.
| | | 9,355 | | 23,828 |
Phoenix Mills, Ltd.
| | | 42,876 | | 407,160 |
PI Industries, Ltd.
| | | 90,431 | | 1,347,099 |
PNC Infratech, Ltd.
| | | 84,019 | | 185,806 |
Prestige Estates Projects, Ltd.
| | | 120,491 | | 439,699 |
Prism Johnson, Ltd.
| | | 116,000 | | 160,165 |
PTC India, Ltd.
| | | 423,207 | | 448,712 |
PVR, Ltd.
| | | 42,683 | | 1,014,595 |
Quess Corp., Ltd. (a)(b)
| | | 32,105 | | 346,076 |
Radico Khaitan, Ltd.
| | | 25,460 | | 145,207 |
Rain Industries, Ltd.
| | | 49,435 | | 72,930 |
| Security Description | | | Shares | | Value |
Raymond, Ltd.
| | | 2,659 | | $31,148 |
Redington India, Ltd.
| | | 345,902 | | 512,050 |
Relaxo Footwears, Ltd.
| | | 9,399 | | 104,573 |
Reliance Capital, Ltd.
| | | 54,185 | | 159,954 |
Reliance Communications, Ltd. (a)
| | | 1,082,851 | | 64,869 |
Reliance Home Finance, Ltd.
| | | 117,974 | | 48,961 |
Reliance Infrastructure, Ltd.
| | | 95,389 | | 188,644 |
Reliance Power, Ltd. (a)
| | | 393,581 | | 64,484 |
Repco Home Finance, Ltd.
| | | 34,170 | | 228,967 |
RITES, Ltd.
| | | 5,771 | | 21,655 |
Sadbhav Engineering, Ltd.
| | | 89,114 | | 319,601 |
Satin Creditcare Network, Ltd. (a)
| | | 37,668 | | 198,576 |
Schaeffler India, Ltd.
| | | 4,003 | | 318,036 |
Sequent Scientific, Ltd. (a)
| | | 33,973 | | 35,211 |
Shankara Building Products, Ltd.
| | | 10,124 | | 59,940 |
Shilpa Medicare, Ltd.
| | | 4,095 | | 20,160 |
Shipping Corp. of India, Ltd. (a)
| | | 261,544 | | 142,712 |
Shoppers Stop, Ltd.
| | | 5,077 | | 34,566 |
Shriram City Union Finance, Ltd.
| | | 10,195 | | 272,289 |
Sintex Industries, Ltd.
| | | 447,403 | | 54,573 |
Sintex Plastics Technology, Ltd. (a)
| | | 181,492 | | 52,267 |
SKF India, Ltd.
| | | 25,320 | | 747,337 |
Sobha, Ltd.
| | | 15,012 | | 111,948 |
Solar Industries India, Ltd.
| | | 11,398 | | 178,452 |
South Indian Bank, Ltd.
| | | 790,328 | | 188,241 |
SpiceJet, Ltd. (a)
| | | 151,378 | | 213,601 |
Srei Infrastructure Finance, Ltd.
| | | 235,542 | | 101,153 |
SRF, Ltd.
| | | 7,173 | | 248,816 |
Strides Pharma Science, Ltd.
| | | 66,923 | | 456,361 |
Sun Pharma Advanced Research Co., Ltd. (a)
| | | 122,882 | | 338,979 |
Sundram Fasteners, Ltd.
| | | 21,831 | | 178,508 |
Suven Life Sciences, Ltd.
| | | 7,588 | | 28,578 |
Suzlon Energy, Ltd. (a)
| | | 2,365,945 | | 210,041 |
Swan Energy, Ltd.
| | | 14,434 | | 22,398 |
Symphony, Ltd.
| | | 32,797 | | 653,241 |
Syndicate Bank (a)
| | | 97,940 | | 61,076 |
Syngene International, Ltd. (b)
| | | 25,738 | | 221,174 |
Tata Elxsi, Ltd.
| | | 18,524 | | 257,531 |
Tata Investment Corp., Ltd.
| | | 4,699 | | 56,517 |
TeamLease Services, Ltd. (a)
| | | 6,124 | | 267,507 |
Techno Electric & Enginreering Co., Ltd. (a)
| | | 12,637 | | 50,074 |
Tejas Networks, Ltd. (a)(b)
| | | 38,762 | | 95,038 |
Thermax, Ltd.
| | | 58,180 | | 815,906 |
Thomas Cook India, Ltd.
| | | 54,103 | | 200,558 |
TI Financial Holdings, Ltd.
| | | 24,398 | | 171,305 |
Time Technoplast, Ltd.
| | | 102,609 | | 151,969 |
Timken India, Ltd.
| | | 17,248 | | 146,213 |
Torrent Power, Ltd.
| | | 179,017 | | 665,419 |
Trident, Ltd.
| | | 185,029 | | 191,506 |
Triveni Turbine, Ltd.
| | | 8,457 | | 13,160 |
TTK Prestige, Ltd.
| | | 772 | | 97,311 |
Tube Investments of India, Ltd.
| | | 12,025 | | 66,517 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
TV18 Broadcast, Ltd. (a)
| | | 92,501 | | $47,402 |
Union Bank of India (a)
| | | 355,678 | | 490,838 |
VA Tech Wabag, Ltd.
| | | 33,556 | | 159,412 |
Vakrangee, Ltd.
| | | 387,729 | | 281,527 |
Vardhman Textiles, Ltd.
| | | 14,133 | | 221,997 |
Venky's India, Ltd.
| | | 1,531 | | 50,109 |
V-Guard Industries, Ltd.
| | | 63,736 | | 204,572 |
Vinati Organics, Ltd.
| | | 9,339 | | 221,676 |
VIP Industries, Ltd.
| | | 22,820 | | 159,221 |
V-Mart Retail, Ltd.
| | | 5,319 | | 206,867 |
VRL Logistics, Ltd.
| | | 7,622 | | 31,159 |
WABCO India, Ltd.
| | | 6,219 | | 598,070 |
Welspun Corp., Ltd.
| | | 172,718 | | 339,577 |
Welspun India, Ltd.
| | | 317,495 | | 273,383 |
Westlife Development, Ltd. (a)
| | | 3,833 | | 23,720 |
Wockhardt, Ltd. (a)
| | | 1,983 | | 12,681 |
| | | | | | 55,357,338 |
| INDONESIA — 3.4% | | | | | |
Ace Hardware Indonesia Tbk PT
| | | 5,052,200 | | 631,525 |
Adhi Karya Persero Tbk PT
| | | 3,980,291 | | 459,802 |
AKR Corporindo Tbk PT
| | | 2,017,600 | | 668,755 |
Alam Sutera Realty Tbk PT (a)
| | | 19,296,000 | | 420,067 |
Aneka Tambang Tbk
| | | 5,649,700 | | 351,122 |
Astra Agro Lestari Tbk PT
| | | 277,900 | | 219,061 |
Bank CIMB Niaga Tbk PT
| | | 3,198,300 | | 236,953 |
Bank Pan Indonesia Tbk PT (a)
| | | 3,901,600 | | 394,544 |
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT
| | | 4,584,100 | | 647,053 |
Bank Pembangunan Daerah Jawa Timur Tbk PT
| | | 5,927,300 | | 270,558 |
Bank Permata Tbk PT (a)
| | | 274,800 | | 19,105 |
Bank Tabungan Pensiunan Nasional Syariah Tbk PT (a)
| | | 1,766,700 | | 274,186 |
Bumi Resources Tbk PT (a)
| | | 15,095,700 | | 130,391 |
Bumi Serpong Damai Tbk PT (a)
| | | 7,342,200 | | 724,424 |
Bumitama Agri, Ltd.
| | | 572,200 | | 280,925 |
Ciputra Development Tbk PT
| | | 11,542,499 | | 810,569 |
Delta Dunia Makmur Tbk PT (a)
| | | 6,006,600 | | 240,433 |
Erajaya Swasembada Tbk PT
| | | 1,119,200 | | 139,114 |
Global Mediacom Tbk PT
| | | 3,720,600 | | 91,447 |
Hanson International Tbk PT (a)
| | | 23,955,800 | | 171,593 |
Indika Energy Tbk PT
| | | 1,039,000 | | 133,158 |
Indosat Tbk PT
| | | 104,400 | | 18,329 |
Inti Agri Resources Tbk PT (a)
| | | 15,458,600 | | 197,575 |
Japfa Comfeed Indonesia Tbk PT
| | | 4,576,700 | | 564,053 |
Kresna Graha Investama Tbk PT (a)
| | | 8,088,400 | | 343,643 |
Link Net Tbk PT
| | | 1,863,000 | | 587,421 |
Lippo Karawaci Tbk PT
| | | 12,464,600 | | 252,093 |
Matahari Department Store Tbk PT
| | | 1,885,400 | | 541,523 |
Medco Energi Internasional Tbk PT (a)
| | | 6,520,166 | | 407,510 |
Media Nusantara Citra Tbk PT
| | | 8,096,900 | | 426,452 |
Mitra Adiperkasa Tbk PT
| | | 10,400,500 | | 708,461 |
| Security Description | | | Shares | | Value |
Mitra Keluarga Karyasehat Tbk PT (a)
| | | 3,953,300 | | $541,358 |
Nippon Indosari Corpindo Tbk PT
| | | 2,909,000 | | 268,633 |
Pakuwon Jati Tbk PT
| | | 6,222,400 | | 301,507 |
Pelayaran Tamarin Samudra Tbk PT (a)
| | | 400,700 | | 128,877 |
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT
| | | 4,572,900 | | 333,976 |
Pool Advista Indonesia Tbk PT (a)
| | | 1,109,500 | | 232,964 |
PP Persero Tbk PT
| | | 3,578,898 | | 522,760 |
Ramayana Lestari Sentosa Tbk PT
| | | 2,055,600 | | 256,950 |
Rimo International Lestari Tbk PT (a)
| | | 5,893,000 | | 54,626 |
Royal Prima Tbk PT (a)
| | | 475,100 | | 15,548 |
Sawit Sumbermas Sarana Tbk PT
| | | 2,734,800 | | 204,534 |
Siloam International Hospitals Tbk PT (a)
| | | 358,443 | | 95,652 |
Sitara Propertindo Tbk PT (a)
| | | 4,086,900 | | 215,251 |
Summarecon Agung Tbk PT
| | | 8,978,200 | | 592,662 |
Timah Persero Tbk PT
| | | 1,170,129 | | 103,126 |
Tower Bersama Infrastructure Tbk PT
| | | 1,436,900 | | 397,569 |
Trada Alam Minera Tbk PT (a)
| | | 6,874,200 | | 60,342 |
Tunas Baru Lampung Tbk PT
| | | 977,700 | | 57,673 |
Waskita Karya Persero Tbk PT
| | | 3,607,300 | | 502,843 |
Wijaya Karya Persero Tbk PT
| | | 4,852,036 | | 735,983 |
| | | | | | 16,984,679 |
| LUXEMBOURG — 0.0% (f) | | | | | |
Biotoscana Investments SA (a)
| | | 74,626 | | 161,843 |
| MALAYSIA — 4.5% | | | | | |
Aeon Co. M Bhd
| | | 915,300 | | 329,575 |
Alliance Bank Malaysia Bhd
| | | 639,500 | | 640,675 |
Axis Real Estate Investment Trust
| | | 170,700 | | 75,263 |
Berjaya Corp. Bhd (a)
| | | 1,821,767 | | 120,484 |
Berjaya Sports Toto Bhd
| | | 1,136,958 | | 673,959 |
Bermaz Auto Bhd (a)
| | | 844,660 | | 467,589 |
Bumi Armada Bhd (a)
| | | 3,064,600 | | 142,627 |
Bursa Malaysia Bhd
| | | 695,109 | | 1,169,724 |
Cahya Mata Sarawak Bhd
| | | 572,000 | | 467,968 |
Carlsberg Brewery Malaysia Bhd Class B
| | | 114,900 | | 752,584 |
Datasonic Group Bhd
| | | 1,130,400 | | 142,598 |
DRB-Hicom Bhd
| | | 999,100 | | 464,982 |
Eastern & Oriental Bhd (a)
| | | 1,297,629 | | 287,656 |
Eco World Development Group Bhd (a)
| | | 584,900 | | 133,241 |
Econpile Holdings Bhd
| | | 864,800 | | 106,975 |
Ekovest Bhd
| | | 1,110,800 | | 134,684 |
FGV Holdings Bhd (a)
| | | 1,741,300 | | 503,303 |
Gas Malaysia Bhd
| | | 557,200 | | 388,982 |
Genting Plantations Bhd
| | | 213,500 | | 554,342 |
George Kent Malaysia Bhd
| | | 509,100 | | 142,161 |
Globetronics Technology Bhd
| | | 308,100 | | 131,315 |
Heineken Malaysia Bhd
| | | 130,700 | | 768,353 |
Hengyuan Refining Co. Bhd
| | | 64,300 | | 91,823 |
Hibiscus Petroleum Bhd (a)
| | | 390,800 | | 102,426 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
IGB Real Estate Investment Trust
| | | 1,086,800 | | $492,487 |
IJM Corp. Bhd
| | | 1,868,300 | | 1,015,953 |
Inari Amertron Bhd
| | | 1,755,479 | | 675,102 |
Karex Bhd
| | | 688,000 | | 74,993 |
Kossan Rubber Industries
| | | 301,000 | | 259,527 |
KPJ Healthcare Bhd
| | | 3,425,072 | | 822,185 |
Lafarge Malaysia Bhd (a)
| | | 245,100 | | 150,092 |
Magnum Bhd
| | | 1,287,000 | | 750,290 |
Mah Sing Group Bhd
| | | 707,300 | | 161,124 |
Malaysia Building Society Bhd
| | | 1,741,748 | | 407,439 |
Malaysian Pacific Industries Bhd
| | | 71,600 | | 175,383 |
Malaysian Resources Corp. Bhd
| | | 2,616,100 | | 567,115 |
My EG Services Bhd
| | | 2,066,550 | | 713,738 |
Padini Holdings Bhd
| | | 543,000 | | 477,494 |
Pavilion Real Estate Investment Trust
| | | 1,059,500 | | 472,331 |
Petron Malaysia Refining & Marketing Bhd
| | | 10,800 | | 17,486 |
Pos Malaysia Bhd
| | | 671,900 | | 301,182 |
PureCircle, Ltd. (a)
| | | 60,317 | | 194,132 |
Sapura Energy Bhd (a)
| | | 2,933,300 | | 240,699 |
Scientex Bhd
| | | 197,000 | | 412,578 |
Serba Dinamik Holdings Bhd
| | | 196,700 | | 181,643 |
SKP Resources Bhd
| | | 216,900 | | 71,193 |
Sunway Real Estate Investment Trust
| | | 2,019,000 | | 890,190 |
Supermax Corp. Bhd
| | | 521,000 | | 187,598 |
TIME dotCom Bhd
| | | 239,400 | | 510,173 |
Uchi Technologies Bhd
| | | 37,200 | | 24,329 |
UEM Sunrise Bhd
| | | 1,122,800 | | 225,523 |
UMW Holdings Bhd
| | | 356,600 | | 500,507 |
Unisem M Bhd
| | | 112,000 | | 72,701 |
UOA Development Bhd
| | | 1,509,500 | | 794,960 |
Velesto Energy Bhd (a)
| | | 2,007,715 | | 140,159 |
ViTrox Corp. Bhd
| | | 119,600 | | 210,344 |
VS Industry Bhd
| | | 1,704,500 | | 446,740 |
WCT Holdings Bhd
| | | 1,384,989 | | 281,578 |
Yinson Holdings Bhd
| | | 687,600 | | 774,761 |
YNH Property Bhd
| | | 94,400 | | 27,517 |
| | | | | | 22,514,535 |
| MEXICO — 2.1% | | | | | |
Axtel SAB de CV (a)
| | | 1,530,987 | | 180,743 |
Bolsa Mexicana de Valores SAB de CV
| | | 554,302 | | 1,147,610 |
Concentradora Fibra Hotelera Mexicana SA de CV REIT (b)
| | | 497,515 | | 243,403 |
Concentradora Hipotecaria SAPI de CV REIT
| | | 559,763 | | 480,766 |
Consorcio ARA SAB de CV (c)
| | | 1,447,718 | | 368,693 |
Controladora Vuela Cia de Aviacion SAB de CV Class A (a)(c)
| | | 725,685 | | 617,660 |
Corp. Inmobiliaria Vesta SAB de CV
| | | 432,505 | | 625,875 |
Credito Real SAB de CV SOFOM ER (c)
| | | 283,174 | | 319,269 |
| Security Description | | | Shares | | Value |
Genomma Lab Internacional SAB de CV Class B (a)(c)
| | | 663,137 | | $477,589 |
Gentera SAB de CV (c)
| | | 501,613 | | 391,515 |
Grupo Aeromexico SAB de CV (a)(c)
| | | 177,939 | | 187,869 |
Grupo GICSA SA de CV (a)
| | | 446,100 | | 142,126 |
Hoteles City Express SAB de CV (a)(c)
| | | 359,644 | | 384,535 |
Industrias CH SAB de CV Class B (a)(c)
| | | 72,611 | | 321,776 |
Macquarie Mexico Real Estate Management SA de CV REIT (b)
| | | 705,612 | | 764,997 |
Megacable Holdings SAB de CV
| | | 254,682 | | 1,182,586 |
PLA Administradora Industrial S de RL de CV
| | | 797,788 | | 1,233,029 |
Prologis Property Mexico SA de CV REIT
| | | 399,239 | | 769,766 |
Qualitas Controladora SAB de CV
| | | 189,797 | | 466,824 |
| | | | | | 10,306,631 |
| MONACO — 0.3% | | | | | |
Costamare, Inc.
| | | 46,674 | | 242,705 |
GasLog, Ltd.
| | | 56,323 | | 983,399 |
| | | | | | 1,226,104 |
| PAKISTAN — 1.1% | | | | | |
Bank Alfalah, Ltd.
| | | 194,150 | | 64,928 |
Bank of Punjab
| | | 1,227,000 | | 113,503 |
Cherat Cement Co., Ltd.
| | | 106,000 | | 47,310 |
DG Khan Cement Co., Ltd.
| | | 693,100 | | 420,587 |
Engro Corp., Ltd.
| | | 246,700 | | 573,553 |
Engro Fertilizers, Ltd.
| | | 523,500 | | 266,120 |
Fauji Cement Co., Ltd.
| | | 307,500 | | 43,607 |
Fauji Fertilizer Bin Qasim, Ltd.
| | | 73,000 | | 17,759 |
Fauji Fertilizer Co., Ltd.
| | | 299,500 | | 222,279 |
Habib Bank, Ltd.
| | | 370,000 | | 348,286 |
Hascol Petroleum, Ltd.
| | | 75,000 | | 69,096 |
Hub Power Co. Ltd
| | | 439,000 | | 228,717 |
International Industries, Ltd.
| | | 98,900 | | 87,201 |
International Steels, Ltd.
| | | 221,900 | | 100,947 |
K-Electric, Ltd. (a)
| | | 500,000 | | 19,858 |
Kot Addu Power Co., Ltd.
| | | 173,500 | | 55,804 |
Lucky Cement, Ltd.
| | | 158,700 | | 482,854 |
Maple Leaf Cement Factory, Ltd.
| | | 593,900 | | 158,022 |
Mari Petroleum Co., Ltd.
| | | 4,048 | | 35,813 |
MCB Bank, Ltd.
| | | 223,300 | | 311,795 |
Millat Tractors, Ltd.
| | | 12,340 | | 78,472 |
National Bank of Pakistan (a)
| | | 163,000 | | 46,393 |
National Refinery, Ltd.
| | | 16,200 | | 19,365 |
Pak Elektron, Ltd.
| | | 171,500 | | 28,256 |
Pakistan Oilfields, Ltd.
| | | 80,580 | | 256,053 |
Pakistan State Oil Co., Ltd.
| | | 482,357 | | 740,859 |
Searle Co., Ltd.
| | | 19,895 | | 33,476 |
SUI Northern Gas Pipeline (a)
| | | 811,400 | | 432,996 |
SUI Southern Gas Co., Ltd. (a)
| | | 159,000 | | 24,683 |
TRG Pakistan (a)
| | | 250,000 | | 40,959 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
United Bank, Ltd.
| | | 271,600 | | $269,246 |
| | | | | | 5,638,797 |
| PERU — 0.2% | | | | | |
Ferreycorp SAA
| | | 1,543,849 | | 1,148,586 |
| PHILIPPINES — 1.2% | | | | | |
Cebu Air, Inc.
| | | 459,218 | | 725,426 |
CEMEX Holdings Philippines, Inc. (a)(b)
| | | 1,662,105 | | 82,931 |
Cirtek Holdings Philippines Corp.
| | | 269,200 | | 150,467 |
Cosco Capital, Inc.
| | | 6,083,700 | | 886,313 |
D&L Industries, Inc.
| | | 5,430,600 | | 1,162,444 |
DoubleDragon Properties Corp. (a)
| | | 481,600 | | 209,112 |
First Gen Corp.
| | | 1,606,700 | | 667,036 |
First Philippine Holdings Corp.
| | | 381,870 | | 576,332 |
Integrated Micro-Electronics, Inc.
| | | 789,800 | | 188,012 |
MacroAsia Corp. (a)
| | | 186,810 | | 79,691 |
Manila Water Co., Inc.
| | | 1,118,500 | | 490,981 |
Megawide Construction Corp.
| | | 594,600 | | 243,457 |
Melco Resorts And Entertainment Philippines Corp. (a)(e)
| | | 664,300 | | 91,719 |
Nickel Asia Corp.
| | | 6,038,680 | | 286,352 |
PXP Energy Corp. (a)
| | | 570,500 | | 133,417 |
SM Prime Holdings, Inc.
| | | 1 | | 1 |
Travellers International Hotel Group, Inc. (a)
| | | 333,000 | | 35,767 |
| | | | | | 6,009,458 |
| POLAND — 1.6% | | | | | |
11 bit studios SA (a)
| | | 1,749 | | 181,111 |
Asseco Poland SA
| | | 95,541 | | 1,293,368 |
Benefit Systems SA (a)
| | | 253 | | 62,560 |
Boryszew SA (a)
| | | 93,250 | | 110,669 |
Budimex SA
| | | 8,007 | | 309,098 |
Ciech SA
| | | 53,492 | | 748,554 |
Enea SA (a)
| | | 141,291 | | 322,469 |
Energa SA (a)
| | | 202,448 | | 455,711 |
EPP NV
| | | 175,434 | | 237,095 |
Eurocash SA
| | | 92,721 | | 529,164 |
Getin Noble Bank SA (a)
| | | 336,139 | | 64,881 |
Grupa Azoty SA
| | | 45,464 | | 488,573 |
Grupa Kety SA
| | | 9,138 | | 768,680 |
KRUK SA
| | | 16,136 | | 642,687 |
LC Corp. SA
| | | 298,851 | | 208,128 |
Lubelski Wegiel Bogdanka SA (a)
| | | 11,315 | | 140,336 |
Orange Polska SA (a)
| | | 245,206 | | 328,105 |
PKP Cargo SA (a)
| | | 18,742 | | 228,785 |
PLAY Communications SA (b)
| | | 57,187 | | 352,026 |
PlayWay SA
| | | 4,228 | | 199,057 |
Tauron Polska Energia SA (a)
| | | 651,540 | | 343,967 |
| | | | | | 8,015,024 |
| QATAR — 0.4% | | | | | |
Aamal Co.
| | | 28,963 | | 78,995 |
Al Meera Consumer Goods Co. QSC
| | | 13,107 | | 533,892 |
| Security Description | | | Shares | | Value |
Gulf International Services QSC (a)
| | | 47,486 | | $202,817 |
Gulf Warehousing Co.
| | | 18,117 | | 206,760 |
Medicare Group
| | | 18,598 | | 338,680 |
Qatar First Bank (a)
| | | 295,335 | | 340,701 |
United Development Co. QSC
| | | 60,429 | | 231,210 |
| | | | | | 1,933,055 |
| RUSSIA — 1.0% | | | | | |
Aeroflot PJSC
| | | 420,686 | | 616,005 |
Etalon Group PLC GDR
| | | 122,311 | | 218,937 |
Globaltrans Investment PLC GDR
| | | 115,031 | | 1,223,930 |
LSR Group PJSC GDR
| | | 222,855 | | 445,710 |
M. Video PJSC (a)
| | | 60,030 | | 372,712 |
Mechel PJSC ADR (a)
| | | 49,800 | | 98,604 |
QIWI PLC ADR (a)(c)
| | | 43,082 | | 619,950 |
Ros Agro PLC GDR
| | | 46,056 | | 530,565 |
Sistema PJSC FC GDR
| | | 155,658 | | 437,710 |
TMK PJSC GDR
| | | 86,265 | | 292,007 |
| | | | | | 4,856,130 |
| SAUDI ARABIA — 0.0% (f) | | | | | |
Co. for Cooperative Insurance (a)
| | | 100 | | 1,549 |
| SINGAPORE — 0.2% | | | | | |
Asian Pay Television Trust
| | | 1,590,300 | | 147,935 |
Aslan Pharmaceuticals, Ltd. (a)
| | | 86,000 | | 74,642 |
Grindrod Shipping Holdings, Ltd. (a)
| | | 13,877 | | 69,571 |
SIIC Environment Holdings, Ltd.
| | | 1,209,260 | | 299,079 |
Silverlake Axis, Ltd.
| | | 980,100 | | 390,737 |
SingAsia Holdings, Ltd. (a)
| | | 250,000 | | 191,084 |
| | | | | | 1,173,048 |
| SOUTH AFRICA — 6.6% | | | | | |
Adcock Ingram Holdings, Ltd.
| | | 160,273 | | 683,491 |
Advtech, Ltd.
| | | 496,847 | | 423,765 |
AECI, Ltd.
| | | 97,145 | | 645,062 |
African Oxygen, Ltd.
| | | 92,557 | | 154,355 |
African Rainbow Minerals, Ltd.
| | | 73,087 | | 860,041 |
Alexander Forbes Group Holdings, Ltd.
| | | 899,646 | | 313,788 |
Arrowhead Properties, Ltd. Class A, REIT
| | | 1,273,924 | | 330,379 |
Ascendis Health, Ltd. (a)
| | | 112,336 | | 27,186 |
Astral Foods, Ltd.
| | | 21,656 | | 251,800 |
Attacq, Ltd.
| | | 524,878 | | 522,285 |
Barloworld, Ltd.
| | | 131,556 | | 1,158,541 |
Blue Label Telecoms, Ltd. (a)
| | | 458,774 | | 119,296 |
Brait SE (a)(c)
| | | 206,360 | | 343,426 |
Cashbuild, Ltd. (c)
| | | 13,437 | | 230,608 |
City Lodge Hotels, Ltd.
| | | 22,544 | | 186,824 |
Coronation Fund Managers, Ltd.
| | | 216,031 | | 688,183 |
Curro Holdings, Ltd. (c)
| | | 205,294 | | 337,809 |
DataTec, Ltd. (a)
| | | 296,255 | | 682,848 |
Delta Property Fund, Ltd. REIT
| | | 292,658 | | 35,514 |
Dis-Chem Pharmacies, Ltd. (b)(c)
| | | 382,959 | | 643,698 |
Distell Group Holdings, Ltd. (c)
| | | 56,987 | | 509,084 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Emira Property Fund, Ltd. REIT
| | | 691,218 | | $662,400 |
EOH Holdings, Ltd. (a)(c)
| | | 55,472 | | 40,004 |
Equites Property Fund, Ltd. REIT
| | | 213,173 | | 288,394 |
Famous Brands, Ltd. (a)
| | | 74,966 | | 442,375 |
Grindrod, Ltd. (c)
| | | 544,467 | | 288,822 |
Harmony Gold Mining Co., Ltd. (a)
| | | 304,625 | | 571,175 |
Hosken Consolidated Investments, Ltd.
| | | 104,168 | | 807,485 |
Hudaco Industries, Ltd.
| | | 19,650 | | 177,148 |
Hyprop Investments, Ltd. REIT
| | | 132,658 | | 648,330 |
Impala Platinum Holdings, Ltd. (a)(c)
| | | 534,098 | | 2,259,165 |
Invicta Holdings, Ltd.
| | | 33,823 | | 65,154 |
JSE, Ltd.
| | | 114,520 | | 1,049,252 |
KAP Industrial Holdings, Ltd.
| | | 1,420,405 | | 692,412 |
Lewis Group, Ltd.
| | | 59,792 | | 128,944 |
Libstar Holdings, Ltd. (a)
| | | 379,220 | | 211,156 |
Long4Life, Ltd.
| | | 590,265 | | 187,460 |
Massmart Holdings, Ltd. (c)
| | | 58,096 | | 320,266 |
Metair Investments, Ltd.
| | | 168,620 | | 267,641 |
MMI Holdings, Ltd.
| | | 314,938 | | 362,300 |
Montauk Holdings, Ltd.
| | | 1 | | 3 |
Motus Holdings, Ltd. (c)
| | | 70,548 | | 400,259 |
Mpact, Ltd.
| | | 249,317 | | 422,696 |
Murray & Roberts Holdings, Ltd.
| | | 160,778 | | 159,203 |
Nampak, Ltd. (a)
| | | 566,762 | | 440,951 |
Net 1 UEPS Technologies, Inc. (a)(c)
| | | 68,618 | | 246,339 |
Northam Platinum, Ltd. (a)
| | | 291,174 | | 1,282,104 |
Omnia Holdings, Ltd. (c)
| | | 62,871 | | 221,904 |
Pioneer Foods Group, Ltd.
| | | 78,670 | | 437,066 |
PPC, Ltd. (a)
| | | 1,075,806 | | 350,614 |
Raubex Group, Ltd.
| | | 140,666 | | 196,252 |
Rebosis Property Fund, Ltd. REIT (c)
| | | 492,309 | | 61,107 |
Resilient REIT, Ltd.
| | | 242,989 | | 921,661 |
Reunert, Ltd.
| | | 205,339 | | 1,010,943 |
Rhodes Food Group Pty, Ltd. (c)
| | | 110,150 | | 125,646 |
Royal Bafokeng Platinum, Ltd. (a)(c)
| | | 122,997 | | 281,453 |
SA Corporate Real Estate, Ltd. REIT (c)
| | | 2,968,788 | | 749,338 |
Sibanye Gold, Ltd. (a)(c)
| | | 1,224,615 | | 1,335,751 |
Stadio Holdings, Ltd. (a)(c)
| | | 186,175 | | 45,184 |
Steinhoff International Holdings NV (a)(c)
| | | 3,350,665 | | 436,803 |
Sun International, Ltd. (a)
| | | 121,063 | | 457,263 |
Super Group, Ltd. (a)
| | | 435,209 | | 1,004,334 |
Telkom SA SOC, Ltd.
| | | 130,338 | | 659,045 |
Tongaat Hulett, Ltd.
| | | 104,857 | | 156,763 |
Transaction Capital, Ltd. (c)
| | | 183,720 | | 226,764 |
Trencor, Ltd.
| | | 110,849 | | 205,230 |
Tsogo Sun Holdings, Ltd.
| | | 229,388 | | 307,150 |
Vukile Property Fund, Ltd. REIT
| | | 724,974 | | 1,005,425 |
Wilson Bayly Holmes-Ovcon, Ltd.
| | | 76,287 | | 567,818 |
| Security Description | | | Shares | | Value |
Zeder Investments, Ltd.
| | | 616,077 | | $176,007 |
| | | | | | 32,508,942 |
| TAIWAN — 29.3% | | | | | |
AcBel Polytech, Inc.
| | | 910,000 | | 615,613 |
Accton Technology Corp. (c)
| | | 430,341 | | 1,738,371 |
A-DATA Technology Co., Ltd.
| | | 249,652 | | 322,793 |
Adlink Technology, Inc.
| | | 175,625 | | 245,313 |
Advanced Ceramic X Corp.
| | | 58,642 | | 466,160 |
Advanced Lithium Electrochemistry Cayman Co., Ltd. (a)
| | | 91,000 | | 45,617 |
Advanced Wireless Semiconductor Co.
| | | 34,000 | | 59,571 |
AGV Products Corp. (a)
| | | 1,812,414 | | 425,752 |
Airtac International Group
| | | 101,000 | | 1,307,539 |
Alchip Technologies, Ltd.
| | | 56,000 | | 135,183 |
Alpha Networks, Inc.
| | | 462,513 | | 297,132 |
Altek Corp.
| | | 213,516 | | 192,244 |
AmTRAN Technology Co., Ltd. (a)
| | | 940,717 | | 360,165 |
Apex International Co., Ltd. (a)
| | | 39,000 | | 55,487 |
Arcadyan Technology Corp.
| | | 210,172 | | 635,552 |
Ardentec Corp.
| | | 104,000 | | 96,170 |
Asia Optical Co., Inc.
| | | 210,540 | | 672,187 |
Asia Pacific Telecom Co., Ltd. (a)
| | | 1,335,000 | | 316,202 |
Asia Polymer Corp.
| | | 914,489 | | 418,368 |
ASMedia Technology, Inc.
| | | 20,000 | | 366,639 |
ASPEED Technology, Inc.
| | | 17,000 | | 389,416 |
Aten International Co., Ltd.
| | | 215,000 | | 664,801 |
AURAS Technology Co., Ltd.
| | | 24,000 | | 96,948 |
Aurora Corp.
| | | 12,000 | | 35,937 |
Bank of Kaohsiung Co., Ltd.
| | | 99,000 | | 31,126 |
Basso Industry Corp.
| | | 110,800 | | 207,432 |
BES Engineering Corp.
| | | 2,596,356 | | 678,142 |
Brighton-Best International Taiwan, Inc.
| | | 180,000 | | 208,206 |
Brogent Technologies, Inc.
| | | 6,000 | | 32,511 |
Capital Securities Corp.
| | | 2,222,771 | | 692,351 |
Career Technology MFG. Co., Ltd. (c)
| | | 399,060 | | 412,390 |
Casetek Holdings, Ltd.
| | | 137,820 | | 226,268 |
Cathay Real Estate Development Co., Ltd.
| | | 855,332 | | 668,824 |
Center Laboratories, Inc.
| | | 246,507 | | 665,446 |
Century Iron & Steel Industrial Co., Ltd.
| | | 82,000 | | 196,882 |
Chang Wah Electromaterials, Inc.
| | | 76,419 | | 390,519 |
Chang Wah Technology Co., Ltd.
| | | 5,000 | | 44,775 |
Charoen Pokphand Enterprise
| | | 312,675 | | 525,513 |
Chaun-Choung Technology Corp.
| | | 34,000 | | 137,895 |
Cheng Loong Corp.
| | | 1,233,128 | | 820,205 |
Cheng Mei Materials Technology Corp. (a)
| | | 93,000 | | 35,455 |
Cheng Uei Precision Industry Co., Ltd.
| | | 400,915 | | 509,916 |
Chia Hsin Cement Corp.
| | | 115,000 | | 56,716 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Chicony Electronics Co., Ltd.
| | | 476,656 | | $1,108,880 |
Chilisin Electronics Corp.
| | | 133,455 | | 388,841 |
China Airlines, Ltd.
| | | 746,000 | | 238,658 |
China Bills Finance Corp.
| | | 969,394 | | 460,785 |
China Chemical & Pharmaceutical Co., Ltd.
| | | 676,000 | | 414,542 |
China General Plastics Corp.
| | | 85,000 | | 62,604 |
China Man-Made Fiber Corp.
| | | 2,105,162 | | 683,040 |
China Motor Corp.
| | | 789,000 | | 729,596 |
China Petrochemical Development Corp. (a)
| | | 2,150,575 | | 844,307 |
China Steel Chemical Corp.
| | | 175,000 | | 763,696 |
Chin-Poon Industrial Co., Ltd.
| | | 310,000 | | 383,219 |
Chipbond Technology Corp.
| | | 623,000 | | 1,435,181 |
ChipMOS Techinologies, Inc.
| | | 278,875 | | 237,067 |
Chong Hong Construction Co., Ltd.
| | | 266,275 | | 777,559 |
Chunghwa Precision Test Tech Co., Ltd.
| | | 11,000 | | 150,793 |
Cleanaway Co., Ltd.
| | | 29,000 | | 162,781 |
Clevo Co.
| | | 527,265 | | 501,253 |
CMC Magnetics Corp. (a)
| | | 1,259,788 | | 287,760 |
Compeq Manufacturing Co., Ltd.
| | | 1,009,000 | | 775,889 |
Concraft Holding Co., Ltd.
| | | 29,000 | | 140,199 |
Coretronic Corp.
| | | 455,652 | | 718,505 |
CSBC Corp. Taiwan (a)(c)
| | | 207,082 | | 189,475 |
CTCI Corp.
| | | 670,000 | | 1,043,461 |
Cub Elecparts, Inc.
| | | 60,900 | | 578,956 |
CyberTAN Technology, Inc.
| | | 528,210 | | 281,925 |
Darfon Electronics Corp.
| | | 130,000 | | 215,117 |
Darwin Precisions Corp.
| | | 392,576 | | 262,392 |
D-Link Corp. (a)
| | | 1,000,054 | | 436,421 |
Dynapack International Technology Corp.
| | | 177,000 | | 291,167 |
E Ink Holdings, Inc.
| | | 711,000 | | 795,883 |
Egis Technology, Inc. (c)
| | | 49,000 | | 376,795 |
Elan Microelectronics Corp.
| | | 314,029 | | 901,723 |
Elite Advanced Laser Corp.
| | | 92,600 | | 204,906 |
Elite Material Co., Ltd.
| | | 260,782 | | 901,130 |
Elite Semiconductor Memory Technology, Inc.
| | | 310,674 | | 318,027 |
eMemory Technology, Inc.
| | | 61,000 | | 637,303 |
Ennoconn Corp.
| | | 40,371 | | 348,427 |
Episil-Precision, Inc.
| | | 40,000 | | 66,190 |
Epistar Corp.
| | | 928,572 | | 747,184 |
Eternal Materials Co., Ltd.
| | | 1,113,805 | | 885,392 |
Evergreen Marine Corp. Taiwan, Ltd.
| | | 1,261,340 | | 489,058 |
Everlight Chemical Industrial Corp.
| | | 561,304 | | 311,426 |
Everlight Electronics Co., Ltd.
| | | 632,503 | | 641,317 |
Excelliance Mos Corp.
| | | 8,000 | | 26,995 |
Excelsior Medical Co., Ltd. (c)
| | | 172,403 | | 276,892 |
Far Eastern Department Stores, Ltd.
| | | 859,490 | | 457,346 |
Far Eastern International Bank
| | | 3,452,314 | | 1,254,552 |
Faraday Technology Corp.
| | | 276,385 | | 399,505 |
| Security Description | | | Shares | | Value |
Farglory Land Development Co., Ltd.
| | | 230,464 | | $280,411 |
Feng Hsin Steel Co., Ltd.
| | | 465,270 | | 911,806 |
Firich Enterprises Co., Ltd.
| | | 206,575 | | 282,846 |
FLEXium Interconnect, Inc.
| | | 275,099 | | 828,318 |
FocalTech Systems Co., Ltd.
| | | 135,000 | | 108,629 |
Formosa Taffeta Co., Ltd.
| | | 960,000 | | 1,146,250 |
Formosan Rubber Group, Inc.
| | | 345,610 | | 193,996 |
Fulgent Sun International Holding Co., Ltd.
| | | 31,000 | | 67,692 |
Gamania Digital Entertainment Co., Ltd.
| | | 38,000 | | 95,553 |
Gemtek Technology Corp.
| | | 453,234 | | 338,229 |
Genius Electronic Optical Co., Ltd.
| | | 63,000 | | 736,896 |
Getac Technology Corp.
| | | 241,000 | | 401,921 |
Giant Manufacturing Co., Ltd.
| | | 210,000 | | 1,499,002 |
Gigabyte Technology Co., Ltd. (c)
| | | 476,000 | | 758,313 |
Gigastorage Corp. (a)
| | | 391,114 | | 79,947 |
Ginko International Co., Ltd.
| | | 39,000 | | 294,836 |
Global PMX Co., Ltd.
| | | 13,000 | | 51,459 |
Global Unichip Corp.
| | | 87,669 | | 584,545 |
Gloria Material Technology Corp.
| | | 566,909 | | 389,951 |
Gold Circuit Electronics, Ltd. (a)
| | | 113,000 | | 48,580 |
Goldsun Building Materials Co., Ltd.
| | | 1,824,041 | | 506,604 |
Gourmet Master Co., Ltd.
| | | 81,644 | | 543,048 |
Grand Pacific Petrochemical
| | | 859,000 | | 667,512 |
Grape King Bio, Ltd.
| | | 110,000 | | 710,242 |
Great Wall Enterprise Co., Ltd.
| | | 924,777 | | 1,059,186 |
Hannstar Board Corp.
| | | 196,000 | | 166,616 |
HannStar Display Corp.
| | | 2,264,599 | | 501,113 |
HannsTouch Solution, Inc. (a)
| | | 631,511 | | 219,243 |
Highwealth Construction Corp.
| | | 752,730 | | 1,240,690 |
Himax Technologies, Inc. ADR (c)
| | | 104,066 | | 331,971 |
HLJ Technology Co., Ltd. (a)
| | | 39,671 | | 128,845 |
Ho Tung Chemical Corp.
| | | 1,621,351 | | 350,358 |
Holtek Semiconductor, Inc.
| | | 64,000 | | 151,587 |
Holy Stone Enterprise Co., Ltd.
| | | 104,000 | | 391,428 |
Hota Industrial Manufacturing Co., Ltd. (c)
| | | 210,680 | | 775,853 |
Hsin Kuang Steel Co., Ltd. (c)
| | | 144,000 | | 152,548 |
HTC Corp. (a)(c)
| | | 557,000 | | 721,992 |
Hu Lane Associate, Inc.
| | | 13,000 | | 36,443 |
Huaku Development Co., Ltd.
| | | 310,260 | | 744,934 |
Huang Hsiang Construction Corp.
| | | 306,484 | | 272,967 |
Hung Sheng Construction, Ltd.
| | | 103,000 | | 99,255 |
Ibase Technology, Inc.
| | | 356,817 | | 453,829 |
Ichia Technologies, Inc. (a)
| | | 358,000 | | 183,527 |
International CSRC Investment Holdings Co.
| | | 733,175 | | 994,361 |
Iron Force Industrial Co., Ltd.
| | | 85,000 | | 242,420 |
ITE Technology, Inc.
| | | 455,887 | | 518,448 |
ITEQ Corp.
| | | 105,000 | | 302,526 |
Jess-Link Products Co., Ltd.
| | | 197,230 | | 192,939 |
Jih Sun Financial Holdings Co., Ltd.
| | | 1,894,995 | | 584,721 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
KEE TAI Properties Co., Ltd.
| | | 1,008,076 | | $390,860 |
Kenda Rubber Industrial Co., Ltd.
| | | 683,247 | | 655,082 |
Kerry TJ Logistics Co., Ltd.
| | | 231,000 | | 276,191 |
King Slide Works Co., Ltd.
| | | 61,000 | | 679,856 |
King Yuan Electronics Co., Ltd.
| | | 1,183,656 | | 1,008,127 |
King's Town Bank Co., Ltd.
| | | 1,140,000 | | 1,183,628 |
Kinpo Electronics
| | | 1,850,371 | | 681,420 |
Kinsus Interconnect Technology Corp.
| | | 317,030 | | 463,914 |
Kuoyang Construction Co., Ltd.
| | | 1,010,138 | | 398,215 |
Lien Hwa Industrial Corp.
| | | 839,600 | | 916,680 |
Lingsen Precision Industries, Ltd.
| | | 816,694 | | 254,120 |
Lite-On Semiconductor Corp.
| | | 26,000 | | 29,399 |
Long Bon International Co., Ltd.
| | | 73,000 | | 37,186 |
Long Chen Paper Co., Ltd. (c)
| | | 629,000 | | 347,965 |
Longwell Co.
| | | 232,000 | | 370,351 |
Lotes Co., Ltd.
| | | 80,418 | | 648,396 |
Lotus Pharmaceutical Co., Ltd. (a)
| | | 34,000 | | 134,034 |
Lumax International Corp., Ltd.
| | | 180,322 | | 415,986 |
Lung Yen Life Service Corp.
| | | 196,000 | | 395,555 |
Machvision, Inc.
| | | 23,000 | | 324,622 |
Macroblock, Inc.
| | | 9,000 | | 31,099 |
Makalot Industrial Co., Ltd.
| | | 162,070 | | 1,135,839 |
Medigen Biotechnology Corp. (a)
| | | 90,000 | | 172,288 |
Mercuries & Associates Holding, Ltd.
| | | 633,096 | | 368,718 |
Merida Industry Co., Ltd.
| | | 206,000 | | 1,149,624 |
Merry Electronics Co., Ltd.
| | | 154,464 | | 846,982 |
Microbio Co., Ltd. (a)
| | | 531,723 | | 263,959 |
MIN AIK Technology Co., Ltd.
| | | 200,800 | | 105,871 |
Mirle Automation Corp.
| | | 300,331 | | 457,992 |
Mitac Holdings Corp.
| | | 848,939 | | 869,033 |
Motech Industries, Inc. (a)
| | | 438,728 | | 118,150 |
Nan Kang Rubber Tire Co., Ltd.
| | | 819,204 | | 829,291 |
Nan Liu Enterprise Co., Ltd.
| | | 7,000 | | 37,589 |
Nan Ya Printed Circuit Board Corp.
| | | 73,000 | | 110,375 |
Nanoplus, Ltd.
| | | 30,532 | | 23,478 |
Nantex Industry Co., Ltd.
| | | 710,504 | | 761,901 |
Nichidenbo Corp.
| | | 82,000 | | 155,909 |
OBI Pharma, Inc. (a)
| | | 120,000 | | 658,004 |
OptoTech Corp.
| | | 304,000 | | 234,260 |
Orient Semiconductor Electronics, Ltd. (a)
| | | 357,704 | | 184,536 |
Oriental Union Chemical Corp.
| | | 708,500 | | 599,985 |
Pan Jit International, Inc. (a)
| | | 240,000 | | 207,524 |
Pan-International Industrial Corp.
| | | 511,539 | | 389,208 |
Panion & BF Biotech, Inc.
| | | 51,000 | | 183,676 |
Parade Technologies, Ltd.
| | | 64,000 | | 1,073,571 |
PChome Online, Inc. (a)
| | | 86,670 | | 365,572 |
PharmaEngine, Inc.
| | | 108,197 | | 377,384 |
PharmaEssentia Corp. (a)
| | | 103,000 | | 538,051 |
Pharmally International Holding Co., Ltd.
| | | 30,000 | | 232,151 |
Phihong Technology Co., Ltd. (a)
| | | 89,000 | | 30,176 |
Phison Electronics Corp.
| | | 93,000 | | 911,277 |
| Security Description | | | Shares | | Value |
Phytohealth Corp. (a)
| | | 468,511 | | $320,747 |
Pixart Imaging, Inc.
| | | 110,060 | | 312,463 |
Polaris Group/Tw (a)
| | | 51,251 | | 39,228 |
Posiflex Technology, Inc.
| | | 13,000 | | 45,343 |
Poya International Co., Ltd.
| | | 46,300 | | 547,569 |
President Securities Corp.
| | | 1,349,943 | | 611,012 |
Primax Electronics, Ltd.
| | | 409,000 | | 805,513 |
Prince Housing & Development Corp.
| | | 1,803,996 | | 678,975 |
Promate Electronic Co., Ltd.
| | | 371,000 | | 390,615 |
Prosperity Dielectrics Co., Ltd.
| | | 68,000 | | 163,268 |
Qisda Corp.
| | | 1,448,641 | | 928,300 |
Radiant Opto-Electronics Corp.
| | | 417,331 | | 1,335,113 |
Radium Life Tech Co., Ltd. (a)
| | | 947,810 | | 456,676 |
Rexon Industrial Corp., Ltd.
| | | 116,000 | | 312,766 |
Ritek Corp. (a)
| | | 1,223,644 | | 450,621 |
Roo Hsing Co., Ltd. (a)
| | | 79,000 | | 37,295 |
Ruentex Development Co., Ltd.
| | | 482,800 | | 729,984 |
Ruentex Industries, Ltd.
| | | 315,000 | | 826,836 |
Samebest Co., Ltd.
| | | 6,000 | | 27,839 |
Sampo Corp.
| | | 701,221 | | 374,267 |
Sanyang Motor Co., Ltd.
| | | 820,945 | | 538,054 |
ScinoPharm Taiwan, Ltd.
| | | 504,500 | | 432,141 |
SDI Corp.
| | | 58,000 | | 134,553 |
Senao International Co., Ltd.
| | | 168,911 | | 199,215 |
Sercomm Corp.
| | | 237,000 | | 519,054 |
Shin Zu Shing Co., Ltd.
| | | 74,000 | | 262,909 |
Shinkong Insurance Co., Ltd.
| | | 401,841 | | 508,486 |
Shinkong Synthetic Fibers Corp.
| | | 2,264,796 | | 1,025,094 |
ShunSin Technology Holding, Ltd.
| | | 5,000 | | 18,981 |
Shuttle, Inc. (a)(c)
| | | 73,000 | | 31,502 |
Sigurd Microelectronics Corp.
| | | 751,694 | | 734,121 |
Silicon Integrated Systems Corp. (a)
| | | 954,299 | | 248,634 |
Simplo Technology Co., Ltd.
| | | 165,277 | | 1,458,618 |
Sinbon Electronics Co., Ltd.
| | | 337,444 | | 1,133,189 |
Sinmag Equipment Corp.
| | | 75,271 | | 293,069 |
Sino-American Silicon Products, Inc.
| | | 441,058 | | 964,530 |
Sinon Corp.
| | | 852,662 | | 503,511 |
Sinphar Pharmaceutical Co., Ltd.
| | | 431,879 | | 284,458 |
Sinyi Realty, Inc.
| | | 665,828 | | 664,305 |
Sirtec International Co., Ltd.
| | | 38,000 | | 30,330 |
Sitronix Technology Corp.
| | | 73,000 | | 335,150 |
Soft-World International Corp.
| | | 105,848 | | 254,141 |
Sporton International, Inc.
| | | 12,000 | | 69,889 |
St Shine Optical Co., Ltd.
| | | 37,000 | | 720,300 |
Standard Foods Corp.
| | | 236,000 | | 396,645 |
Sunny Friend Environmental Technology Co., Ltd.
| | | 24,000 | | 187,667 |
Sunonwealth Electric Machine Industry Co., Ltd.
| | | 44,000 | | 50,395 |
Superalloy Industrial Co., Ltd.
| | | 123,321 | | 228,552 |
Swancor Holding Co., Ltd.
| | | 26,000 | | 89,421 |
Symtek Automation Asia Co., Ltd.
| | | 23,000 | | 47,014 |
Systex Corp.
| | | 296,000 | | 652,111 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
TA Chen Stainless Pipe
| | | 579,493 | | $854,560 |
TA-I Technology Co., Ltd. (c)
| | | 62,000 | | 116,072 |
Taichung Commercial Bank Co., Ltd.
| | | 2,845,857 | | 1,052,636 |
TaiDoc Technology Corp.
| | | 7,000 | | 38,156 |
Taiflex Scientific Co., Ltd.
| | | 325,699 | | 407,381 |
TaiMed Biologics, Inc. (a)
| | | 112,000 | | 610,503 |
Taimide Tech, Inc.
| | | 31,000 | | 61,456 |
Tainan Spinning Co., Ltd.
| | | 1,640,105 | | 643,898 |
Taisun Enterprise Co., Ltd.
| | | 747,549 | | 449,929 |
Taiwan Cogeneration Corp.
| | | 716,469 | | 614,870 |
Taiwan Fertilizer Co., Ltd.
| | | 664,000 | | 993,183 |
Taiwan Glass Industry Corp.
| | | 980,000 | | 437,209 |
Taiwan Hon Chuan Enterprise Co., Ltd.
| | | 408,218 | | 650,993 |
Taiwan Land Development Corp. (a)
| | | 901,781 | | 249,288 |
Taiwan Paiho, Ltd. (c)
| | | 216,000 | | 501,796 |
Taiwan PCB Techvest Co., Ltd.
| | | 38,000 | | 45,557 |
Taiwan Secom Co., Ltd.
| | | 318,961 | | 896,222 |
Taiwan Semiconductor Co., Ltd.
| | | 139,000 | | 253,461 |
Taiwan Shin Kong Security Co., Ltd.
| | | 47,000 | | 58,253 |
Taiwan Surface Mounting Technology Corp.
| | | 314,308 | | 509,391 |
Taiwan Union Technology Corp.
| | | 206,000 | | 741,909 |
Taiyen Biotech Co., Ltd.
| | | 384,979 | | 399,088 |
TBI Motion Technology Co., Ltd.
| | | 59,000 | | 132,853 |
TCI Co., Ltd.
| | | 54,435 | | 745,334 |
Teco Electric and Machinery Co., Ltd.
| | | 1,790,000 | | 1,219,643 |
Test Rite International Co., Ltd.
| | | 516,896 | | 377,351 |
Thye Ming Industrial Co., Ltd.
| | | 300,218 | | 310,733 |
Ton Yi Industrial Corp.
| | | 753,000 | | 320,056 |
Tong Hsing Electronic Industries, Ltd.
| | | 145,327 | | 488,031 |
Tong Yang Industry Co., Ltd.
| | | 416,872 | | 534,946 |
Topco Scientific Co., Ltd.
| | | 302,299 | | 782,708 |
Topkey Corp.
| | | 50,000 | | 259,568 |
Toung Loong Textile Manufacturing
| | | 26,000 | | 31,761 |
TPK Holding Co., Ltd.
| | | 237,000 | | 447,540 |
Transcend Information, Inc.
| | | 208,484 | | 473,512 |
Tripod Technology Corp.
| | | 431,353 | | 1,392,567 |
TSEC Corp. (a)
| | | 132,000 | | 25,440 |
TSRC Corp.
| | | 698,028 | | 622,825 |
TTY Biopharm Co., Ltd.
| | | 224,436 | | 607,322 |
Tung Ho Steel Enterprise Corp.
| | | 696,258 | | 480,053 |
Tung Kai Technology Engineering Co., Ltd. (a)
| | | 7,000 | | 7,018 |
TXC Corp.
| | | 475,120 | | 497,157 |
Tycoons Group Enterprise (a)
| | | 160,000 | | 34,990 |
U-Ming Marine Transport Corp.
| | | 449,000 | | 452,343 |
Unimicron Technology Corp.
| | | 1,105,000 | | 1,061,242 |
Unitech Printed Circuit Board Corp.
| | | 165,240 | | 111,516 |
| Security Description | | | Shares | | Value |
United Integrated Services Co., Ltd.
| | | 35,000 | | $123,213 |
United Renewable Energy Co., Ltd. (a)
| | | 2,163,832 | | 702,076 |
Unity Opto Technology Co., Ltd. (a)
| | | 729,307 | | 207,288 |
Universal Cement Corp.
| | | 49,000 | | 31,320 |
Unizyx Holding Corp. (a)
| | | 546,694 | | 273,165 |
UPC Technology Corp.
| | | 1,007,498 | | 406,981 |
USI Corp.
| | | 1,557,590 | | 608,977 |
Visual Photonics Epitaxy Co., Ltd.
| | | 199,371 | | 591,246 |
Voltronic Power Technology Corp.
| | | 42,000 | | 823,089 |
Wafer Works Corp. (c)
| | | 496,418 | | 594,339 |
Wan Hai Lines, Ltd.
| | | 1,074,320 | | 559,460 |
Waterland Financial Holdings Co., Ltd.
| | | 2,277,289 | | 775,832 |
Wei Chuan Foods Corp. (a)
| | | 624,899 | | 491,679 |
Wistron NeWeb Corp.
| | | 277,249 | | 728,644 |
Wiwynn Corp.
| | | 46,894 | | 597,197 |
WT Microelectronics Co., Ltd.
| | | 491,090 | | 647,712 |
WUS Printed Circuit Co., Ltd. (a)
| | | 368,750 | | 245,869 |
XinTec, Inc. (a)
| | | 80,000 | | 103,827 |
Xxentria Technology Materials Corp.
| | | 80,000 | | 197,012 |
Yang Ming Marine Transport Corp. (a)
| | | 639,970 | | 179,612 |
Yeong Guan Energy Technology Group Co., Ltd.
| | | 94,000 | | 209,834 |
YFY, Inc.
| | | 1,795,941 | | 690,511 |
Yieh Phui Enterprise Co., Ltd.
| | | 1,307,771 | | 423,046 |
Young Optics, Inc. (a)(c)
| | | 61,000 | | 224,639 |
Yulon Finance Corp
| | | 222,000 | | 824,743 |
Yulon Motor Co., Ltd.
| | | 392,000 | | 247,381 |
Yungtay Engineering Co., Ltd.
| | | 405,000 | | 840,999 |
Zenitron Corp.
| | | 437,348 | | 325,664 |
Zhen Ding Technology Holding, Ltd.
| | | 456,000 | | 1,415,915 |
Zhong Yang Technology Co., Ltd.
| | | 10,000 | | 27,190 |
Zinwell Corp.
| | | 544,674 | | 381,725 |
| | | | | | 145,396,272 |
| THAILAND — 5.2% | | | | | |
Ananda Development PCL NVDR
| | | 1,148,700 | | 129,584 |
Bangkok Airways PCL NVDR
| | | 467,200 | | 173,719 |
Bangkok Chain Hospital PCL NVDR
| | | 696,700 | | 373,213 |
Bangkok Land PCL NVDR
| | | 15,604,900 | | 772,009 |
Bangkok Life Assurance PCL NVDR
| | | 195,000 | | 168,978 |
Beauty Community PCL
| | | 2,502,100 | | 524,310 |
BEC World PCL NVDR (a)
| | | 1,106,400 | | 235,330 |
Carabao Group PCL Class F
| | | 446,162 | | 762,700 |
Central Plaza Hotel PCL NVDR
| | | 843,402 | | 1,162,717 |
Chularat Hospital PCL NVDR
| | | 7,960,500 | | 476,602 |
CK Power PCL NVDR
| | | 836,500 | | 129,686 |
Com7 PCL Class F
| | | 125,500 | | 70,788 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
CPN Retail Growth Leasehold REIT
| | | 1,461,300 | | $1,358,385 |
Do Day Dream PCL NVDR
| | | 100,800 | | 98,465 |
Dynasty Ceramic PCL NVDR
| | | 4,089,420 | | 278,341 |
Erawan Group PCL NVDR
| | | 765,400 | | 170,035 |
Esso Thailand PCL NVDR
| | | 1,500,867 | | 520,231 |
GFPT PCL
| | | 313,800 | | 138,434 |
Grand Canal Land PCL NVDR
| | | 628,700 | | 53,093 |
Group Lease PCL NVDR (a)
| | | 285,900 | | 60,360 |
Gunkul Engineering PCL NVDR
| | | 6,664,170 | | 650,982 |
Hana Microelectronics PCL NVDR
| | | 355,500 | | 347,266 |
Ichitan Group PCL NVDR
| | | 438,863 | | 49,508 |
IMPACT Growth Real Estate Investment Trust
| | | 317,000 | | 215,762 |
Inter Far East Energy Corp. NVDR (a)(d)
| | | 283,900 | | — |
International Engineering PCL (a)(d)
| | | 63,855,934 | | — |
Jasmine International PCL NVDR
| | | 2,972,525 | | 505,802 |
JMT Network Services PCL NVDR
| | | 472,000 | | 209,712 |
KCE Electronics PCL NVDR
| | | 818,800 | | 626,968 |
Kiatnakin Bank PCL NVDR
| | | 131,200 | | 287,330 |
LPN Development PCL NVDR
| | | 932,900 | | 201,367 |
Major Cineplex Group PCL NVDR
| | | 1,105,300 | | 975,214 |
MBK PCL NVDR
| | | 266,900 | | 174,934 |
MC Group PCL NVDR
| | | 234,800 | | 71,398 |
Mega Lifesciences PCL
| | | 171,600 | | 175,737 |
MK Restaurants Group PCL NVDR
| | | 465,531 | | 1,063,526 |
Origin Property PCL NVDR
| | | 756,350 | | 163,258 |
Precious Shipping PCL (a)
| | | 633,900 | | 161,796 |
Pruksa Holding PCL NVDR
| | | 1,391,031 | | 788,989 |
PTG Energy PCL NVDR
| | | 820,500 | | 258,547 |
Ratchthani Leasing PCL NVDR
| | | 709,625 | | 122,985 |
Siamgas & Petrochemicals PCL NVDR
| | | 449,400 | | 130,281 |
Singha Estate PCL NVDR
| | | 1,726,900 | | 175,220 |
Sino-Thai Engineering & Construction PCL NVDR
| | | 1,330,100 | | 1,010,096 |
SPCG PCL NVDR
| | | 159,900 | | 92,710 |
Sri Trang Agro-Industry PCL NVDR
| | | 1,046,280 | | 422,007 |
Srisawad Corp. PCL NVDR
| | | 793,182 | | 1,324,678 |
Supalai PCL NVDR
| | | 1,107,500 | | 659,579 |
Super Energy Corp. PCL NVDR (a)
| | | 2,963,800 | | 57,903 |
SVI PCL
| | | 516,600 | | 77,812 |
Taokaenoi Food & Marketing PCL NVDR
| | | 361,400 | | 107,048 |
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund
| | | 1,923,500 | | 1,260,715 |
Thai Airways International PCL NVDR (a)
| | | 919,100 | | 356,229 |
| Security Description | | | Shares | | Value |
Thai Vegetable Oil PCL NVDR
| | | 483,600 | | $407,635 |
Thaicom PCL NVDR
| | | 214,906 | | 48,080 |
Thanachart Capital PCL NVDR
| | | 296,900 | | 509,880 |
Thonburi Healthcare Group PCL NVDR
| | | 103,800 | | 103,849 |
Thoresen Thai Agencies PCL
| | | 3,285,106 | | 533,112 |
Tipco Asphalt PCL NVDR
| | | 993,000 | | 494,388 |
Tisco Financial Group PCL NVDR
| | | 180,500 | | 501,942 |
TPI Polene PCL
| | | 1,014,000 | | 65,821 |
TPI Polene Power PCL NVDR
| | | 4,617,200 | | 887,503 |
TTW PCL NVDR
| | | 427,200 | | 164,230 |
Vibhavadi Medical Center PCL NVDR
| | | 2,601,200 | | 158,195 |
WHA Corp. PCL NVDR
| | | 10,238,930 | | 1,361,534 |
Workpoint Entertainment PCL NVDR
| | | 168,400 | | 118,864 |
| | | | | | 25,737,372 |
| TURKEY — 2.0% | | | | | |
Aksa Akrilik Kimya Sanayii A/S
| | | 103,858 | | 168,758 |
Albaraka Turk Katilim Bankasi A/S
| | | 524,310 | | 143,848 |
Anadolu Efes Biracilik Ve Malt Sanayii A/S
| | | 120,640 | | 373,904 |
Arcelik A/S (a)
| | | 144,839 | | 433,266 |
Aygaz A/S
| | | 130,413 | | 222,295 |
Bera Holding A/S (a)
| | | 205,052 | | 62,427 |
Coca-Cola Icecek A/S
| | | 44,159 | | 237,147 |
Dogan Sirketler Grubu Holding A/S (a)
| | | 258,956 | | 52,253 |
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT
| | | 1,135,731 | | 307,574 |
Enerjisa Enerji AS (b)
| | | 242,761 | | 221,723 |
Is Gayrimenkul Yatirim Ortakligi A/S REIT (a)
| | | 1,279,729 | | 212,926 |
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D (a)
| | | 1,121,438 | | 476,397 |
Koza Altin Isletmeleri A/S (a)
| | | 58,669 | | 435,739 |
Koza Anadolu Metal Madencilik Isletmeleri A/S (a)
| | | 191,641 | | 189,280 |
Mavi Giyim Sanayi Ve Ticaret AS Class B (b)
| | | 37,057 | | 252,924 |
Migros Ticaret A/S (a)
| | | 128,698 | | 308,897 |
MLP Saglik Hizmetleri AS (a)(b)
| | | 125,597 | | 280,112 |
NET Holding A/S (a)
| | | 299,385 | | 91,147 |
Pegasus Hava Tasimaciligi A/S (a)
| | | 43,929 | | 211,496 |
Petkim Petrokimya Holding A/S (c)
| | | 544,612 | | 437,648 |
Sasa Polyester Sanayi A/S (a)
| | | 96,668 | | 136,714 |
Soda Sanayii A/S
| | | 224,381 | | 297,872 |
Sok Marketler Ticaret AS (a)
| | | 184,360 | | 294,997 |
TAV Havalimanlari Holding A/S
| | | 120,451 | | 497,615 |
Tekfen Holding A/S
| | | 218,431 | | 871,466 |
Tofas Turk Otomobil Fabrikasi A/S
| | | 74,171 | | 224,629 |
Trakya Cam Sanayii A/S
| | | 246,515 | | 144,865 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Turk Telekomunikasyon A/S (a)
| | | 372,394 | | $286,731 |
Turk Traktor ve Ziraat Makineleri A/S (a)
| | | 24,760 | | 134,546 |
Turkiye Halk Bankasi A/S
| | | 352,258 | | 397,799 |
Turkiye Sinai Kalkinma Bankasi A/S (a)
| | | 1,070,572 | | 144,016 |
Turkiye Vakiflar Bankasi TAO Class D
| | | 616,162 | | 494,055 |
Ulker Biskuvi Sanayi A/S
| | | 111,833 | | 337,304 |
Yatas Yatak ve Yorgan Sanayi ve Ticaret A/S (a)
| | | 36,152 | | 32,891 |
Yazicilar Holding A/S Class A
| | | 98,592 | | 206,796 |
Zorlu Enerji Elektrik Uretim A/S (a)
| | | 864,195 | | 189,678 |
| | | | | | 9,811,735 |
| UNITED ARAB EMIRATES — 0.4% | | | | | |
Air Arabia PJSC
| | | 1,817,336 | | 465,083 |
Al Waha Capital PJSC
| | | 1,099,229 | | 371,088 |
Amanat Holdings PJSC
| | | 750,946 | | 192,791 |
Arabtec Holding PJSC
| | | 772,466 | | 447,947 |
DXB Entertainments PJSC (a)
| | | 2,859,095 | | 188,370 |
Eshraq Properties Co. PJSC (a)
| | | 1,716,072 | | 214,912 |
RAK Properties PJSC (a)
| | | 2,757,561 | | 319,817 |
| | | | | | 2,200,008 |
| UNITED KINGDOM — 0.0% (f) | | | | | |
Pan African Resources PLC (a)
| | | 1,305,911 | | 157,565 |
| UNITED STATES — 0.5% | | | | | |
Bizlink Holding, Inc.
| | | 93,764 | | 643,438 |
IntelliEPI, Inc.
| | | 6,000 | | 12,829 |
Luxoft Holding, Inc. (a)
| | | 26,181 | | 1,537,087 |
Pingtan Marine Enterprise, Ltd.
| | | 12,400 | | 29,388 |
Senhwa Biosciences, Inc. (a)
| | | 12,000 | | 27,060 |
| | | | | | 2,249,802 |
TOTAL COMMON STOCKS
(Cost $571,110,127)
| | | | | 495,222,655 |
| | | | |
| WARRANTS — 0.0% (f) | | | |
| THAILAND — 0.0% (f) | | | |
International Engineering PCL (expiring 5/22/19) (a) (d)
(cost: $0)
| | 13,635,806 | — |
| SHORT-TERM INVESTMENTS — 3.3% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (g) (h)
| 140,561 | 140,561 |
| Security Description | | | Shares | | Value |
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)
| | 16,205,312 | | $16,205,312 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $16,345,873)
| | 16,345,873 | |
TOTAL INVESTMENTS — 103.0%
(Cost $587,456,000)
| | 511,568,528 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.0)%
| | (14,714,841) | |
NET ASSETS — 100.0%
| | $496,853,687 | |
| (a) | Non-income producing security. |
| (b) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 2.6% of net assets as of March 31, 2019, 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, 2019. |
| (d) | Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2019, total aggregate fair value of the security is $412,470, representing 0.1% of the Fund's net assets. |
| (e) | Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2019, total aggregate fair value of securities is $823,015 representing 0.2% of net assets. |
| (f) | Amount is less than 0.05% of 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, 2019 are shown in the Affiliate Table below. |
| (h) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (i) | Investment of cash collateral for securities loaned. |
| ADR | = American Depositary Receipt |
| GDR | = Global Depositary Receipt |
| NVDR | = Non Voting Depositary Receipt |
| REIC | = Real Estate Investment Company |
| REIT | = Real Estate Investment Trust |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $489,902,513 | | $4,907,672 | | $412,470 | | $495,222,655 |
Warrants
| | — | | — | | 0(a) | | 0 |
Short-Term Investments
| | 16,345,873 | | — | | — | | 16,345,873 |
TOTAL INVESTMENTS
| | $506,248,386 | | $4,907,672 | | $412,470 | | $511,568,528 |
| (a) | Fund held a Level 3 security that was valued at $0 at March 31, 2019. |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| — | | $— | | $28,856,946 | | $28,716,385 | | $— | | $— | | 140,561 | | $140,561 | | $14,224 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 12,167,528 | | 12,167,528 | | 32,875,861 | | 28,838,077 | | — | | — | | 16,205,312 | | 16,205,312 | | 292,253 | | — |
Total
| | | $12,167,528 | | $61,732,807 | | $57,554,462 | | $— | | $— | | | | $16,345,873 | | $306,477 | | $— |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.1% | | | | | |
| ARGENTINA — 0.0% (a) | | | | | |
MercadoLibre, Inc. (b)
| | | 51 | | $25,894 |
| AUSTRALIA — 1.9% | | | | | |
AMP, Ltd.
| | | 10,581 | | 15,784 |
APA Group
| | | 857 | | 6,076 |
Aristocrat Leisure, Ltd.
| | | 1,087 | | 18,925 |
ASX, Ltd.
| | | 302 | | 14,982 |
Australia & New Zealand Banking Group, Ltd.
| | | 4,726 | | 87,386 |
Bank of Queensland, Ltd. (c)
| | | 3,128 | | 20,220 |
Bendigo & Adelaide Bank, Ltd. (c)
| | | 1,708 | | 11,745 |
Brambles, Ltd.
| | | 3,232 | | 26,999 |
Challenger, Ltd.
| | | 1,140 | | 6,705 |
Cochlear, Ltd.
| | | 72 | | 8,862 |
Commonwealth Bank of Australia
| | | 2,781 | | 139,548 |
Computershare, Ltd.
| | | 1,215 | | 14,741 |
Crown Resorts, Ltd.
| | | 1,418 | | 11,594 |
CSL, Ltd.
| | | 647 | | 89,594 |
Dexus REIT
| | | 1,474 | | 13,340 |
Flight Centre Travel Group, Ltd.
| | | 161 | | 4,809 |
Fortescue Metals Group, Ltd.
| | | 13 | | 66 |
Goodman Group REIT
| | | 3,303 | | 31,323 |
GPT Group REIT
| | | 1,628 | | 7,182 |
Insurance Australia Group, Ltd.
| | | 4,218 | | 23,011 |
LendLease Group
| | | 963 | | 8,469 |
Macquarie Group, Ltd.
| | | 633 | | 58,194 |
Medibank Pvt, Ltd.
| | | 4,767 | | 9,346 |
Mirvac Group REIT
| | | 8,974 | | 17,530 |
National Australia Bank, Ltd. (c)
| | | 4,830 | | 86,701 |
Newcrest Mining, Ltd.
| | | 1,045 | | 18,937 |
QBE Insurance Group, Ltd.
| | | 2,765 | | 24,178 |
Ramsay Health Care, Ltd. (c)
| | | 182 | | 8,319 |
REA Group, Ltd.
| | | 97 | | 5,147 |
Scentre Group REIT
| | | 10,397 | | 30,354 |
SEEK, Ltd.
| | | 866 | | 10,790 |
Sonic Healthcare, Ltd.
| | | 1,112 | | 19,400 |
Stockland REIT
| | | 8,631 | | 23,604 |
Suncorp Group, Ltd.
| | | 3,291 | | 32,214 |
Sydney Airport
| | | 5,318 | | 28,068 |
Tabcorp Holdings, Ltd.
| | | 6,751 | | 22,156 |
Telstra Corp., Ltd.
| | | 6,729 | | 15,869 |
Treasury Wine Estates, Ltd.
| | | 1,466 | | 15,548 |
Wesfarmers, Ltd. (c)
| | | 424 | | 10,436 |
Westpac Banking Corp. (c)
| | | 5,113 | | 94,142 |
Woolworths Group, Ltd. (c)
| | | 2,505 | | 54,095 |
WorleyParsons, Ltd. (c)
| | | 1,965 | | 19,765 |
| | | | | | 1,166,154 |
| AUSTRIA — 0.0% (a) | | | | | |
ANDRITZ AG (c)
| | | 142 | | 6,097 |
Erste Group Bank AG
| | | 354 | | 13,022 |
Raiffeisen Bank International AG
| | | 419 | | 9,414 |
| | | | | | 28,533 |
| Security Description | | | Shares | | Value |
| BELGIUM — 0.2% | | | | | |
Anheuser-Busch InBev SA
| | | 989 | | $83,021 |
Umicore SA (c)
| | | 456 | | 20,271 |
| | | | | | 103,292 |
| BERMUDA — 0.1% | | | | | |
Arch Capital Group, Ltd. (b)
| | | 449 | | 14,512 |
Marvell Technology Group, Ltd.
| | | 1,408 | | 28,005 |
| | | | | | 42,517 |
| BRAZIL — 0.8% | | | | | |
Ambev SA
| | | 8,904 | | 38,506 |
B3 SA - Brasil Bolsa Balcao
| | | 4,166 | | 34,384 |
Banco Bradesco SA Preference Shares
| | | 5,468 | | 60,333 |
Banco Bradesco SA
| | | 1,242 | | 12,079 |
Banco do Brasil SA
| | | 303 | | 3,793 |
Banco Santander Brasil SA
| | | 872 | | 9,852 |
BB Seguridade Participacoes SA
| | | 1,031 | | 7,026 |
BR Malls Participacoes SA
| | | 1,612 | | 5,207 |
CCR SA
| | | 2,004 | | 6,045 |
Cia Energetica de Minas Gerais Preference Shares
| | | 4,453 | | 15,905 |
Cielo SA
| | | 634 | | 1,546 |
Embraer SA
| | | 1,070 | | 5,073 |
Itau Unibanco Holding SA Preference Shares
| | | 8,002 | | 70,794 |
Itausa - Investimentos Itau SA Preference Shares
| | | 4,639 | | 14,280 |
Klabin SA
| | | 166 | | 726 |
Kroton Educacional SA
| | | 2,352 | | 6,406 |
Localiza Rent a Car SA
| | | 1,339 | | 11,375 |
Lojas Americanas SA Preference Shares
| | | 1,242 | | 5,352 |
Lojas Renner SA
| | | 1,031 | | 11,604 |
Suzano Papel e Celulose SA
| | | 1,747 | | 20,899 |
Telefonica Brasil SA Preference Shares
| | | 1,176 | | 14,354 |
Ultrapar Participacoes SA
| | | 2,519 | | 30,422 |
Vale SA
| | | 7,703 | | 100,808 |
| | | | | | 486,769 |
| CANADA — 3.2% | | | | | |
Agnico Eagle Mines, Ltd.
| | | 251 | | 10,916 |
Alimentation Couche-Tard, Inc. Class B
| | | 753 | | 44,370 |
Aurora Cannabis, Inc. (b)(c)
| | | 1,110 | | 10,045 |
Bank of Montreal
| | | 1,027 | | 76,866 |
Bank of Nova Scotia (c)
| | | 2,128 | | 113,317 |
Barrick Gold Corp. (d)
| | | 3,358 | | 46,049 |
Bausch Health Cos., Inc. (b)
| | | 291 | | 7,182 |
BCE, Inc.
| | | 892 | | 39,621 |
BlackBerry, Ltd. (b)
| | | 1,415 | | 14,267 |
Bombardier, Inc. Class B (b)
| | | 5,057 | | 9,728 |
Brookfield Asset Management, Inc. Class A
| | | 1,245 | | 58,021 |
Cameco Corp.
| | | 1,029 | | 12,131 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Canadian Imperial Bank of Commerce
| | | 712 | | $56,280 |
Canadian National Railway Co.
| | | 1,074 | | 96,173 |
Canadian Pacific Railway, Ltd.
| | | 177 | | 36,480 |
Canadian Tire Corp., Ltd. Class A
| | | 111 | | 11,964 |
Canopy Growth Corp. (b)(c)
| | | 291 | | 12,595 |
CCL Industries, Inc. Class B
| | | 623 | | 25,229 |
CGI, Inc. (b)
| | | 252 | | 17,329 |
Constellation Software, Inc.
| | | 26 | | 22,040 |
Dollarama, Inc.
| | | 501 | | 13,369 |
Enbridge, Inc. (e)
| | | 141 | | 5,108 |
Enbridge, Inc. (e)
| | | 1,844 | | 66,863 |
Fairfax Financial Holdings, Ltd.
| | | 51 | | 23,630 |
First Quantum Minerals, Ltd.
| | | 4,496 | | 50,986 |
Franco-Nevada Corp.
| | | 634 | | 47,547 |
George Weston, Ltd.
| | | 387 | | 27,835 |
Goldcorp, Inc.
| | | 1,699 | | 19,445 |
Great-West Lifeco, Inc.
| | | 833 | | 20,177 |
Hydro One, Ltd. (c)(f)
| | | 4,071 | | 63,261 |
Intact Financial Corp.
| | | 159 | | 13,458 |
Loblaw Cos., Ltd.
| | | 293 | | 14,458 |
Lundin Mining Corp.
| | | 7,541 | | 34,997 |
Magna International, Inc.
| | | 243 | | 11,836 |
Manulife Financial Corp.
| | | 1,986 | | 33,597 |
Metro, Inc.
| | | 501 | | 18,451 |
National Bank of Canada (c)
| | | 330 | | 14,897 |
Nutrien, Ltd.
| | | 699 | | 36,877 |
Pembina Pipeline Corp.
| | | 2,208 | | 81,134 |
Power Corp. of Canada
| | | 636 | | 14,834 |
Power Financial Corp.
| | | 1,069 | | 24,982 |
PrairieSky Royalty, Ltd. (c)
| | | 4,063 | | 54,743 |
Restaurant Brands International, Inc.
| | | 53 | | 3,449 |
RioCan Real Estate Investment Trust
| | | 661 | | 13,097 |
Rogers Communications, Inc. Class B (c)
| | | 174 | | 9,361 |
Royal Bank of Canada
| | | 2,300 | | 173,574 |
Shaw Communications, Inc. Class B
| | | 496 | | 10,325 |
Shopify, Inc. Class A (b)(c)
| | | 79 | | 16,313 |
SNC-Lavalin Group, Inc.
| | | 656 | | 16,651 |
Stars Group, Inc. (b)
| | | 370 | | 6,470 |
Sun Life Financial, Inc.
| | | 525 | | 20,176 |
TELUS Corp.
| | | 540 | | 19,992 |
Thomson Reuters Corp.
| | | 427 | | 25,273 |
Toronto-Dominion Bank
| | | 2,682 | | 145,588 |
Turquoise Hill Resources, Ltd. (b)
| | | 12,984 | | 21,382 |
Wheaton Precious Metals Corp.
| | | 2,519 | | 59,979 |
WSP Global, Inc.
| | | 291 | | 15,908 |
| | | | | | 1,970,626 |
| CHILE — 0.2% | | | | | |
Aguas Andinas SA Class A
| | | 41,840 | | 23,789 |
Antofagasta PLC
| | | 6,291 | | 79,188 |
Cencosud SA
| | | 326 | | 565 |
SACI Falabella
| | | 2,104 | | 15,645 |
| Security Description | | | Shares | | Value |
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares
| | | 454 | | $17,446 |
| | | | | | 136,633 |
| CHINA — 3.6% | | | | | |
51job, Inc. ADR (b)
| | | 79 | | 6,152 |
AAC Technologies Holdings, Inc. (c)
| | | 3,500 | | 20,710 |
Agricultural Bank of China, Ltd. Class A
| | | 14,362 | | 7,971 |
Agricultural Bank of China, Ltd. Class H
| | | 69,000 | | 31,819 |
Alibaba Group Holding, Ltd. ADR (b)(c)
| | | 1,853 | | 338,080 |
ANTA Sports Products, Ltd.
| | | 1,000 | | 6,803 |
BAIC Motor Corp., Ltd. Class H (f)
| | | 10,500 | | 6,862 |
Baidu, Inc. ADR (b)
| | | 372 | | 61,324 |
Bank of Beijing Co., Ltd. Class A
| | | 7,496 | | 6,915 |
Bank of China, Ltd. Class H
| | | 146,000 | | 66,212 |
Bank of Communications Co., Ltd. Class A
| | | 10,828 | | 10,054 |
Bank of Communications Co., Ltd. Class H
| | | 18,000 | | 14,744 |
BYD Co., Ltd. Class H (c)
| | | 2,500 | | 15,064 |
CGN Power Co., Ltd. Class H (f)
| | | 119,200 | | 33,255 |
China Cinda Asset Management Co., Ltd. Class H
| | | 46,000 | | 12,775 |
China CITIC Bank Corp., Ltd. Class H
| | | 28,000 | | 17,834 |
China Conch Venture Holdings, Ltd.
| | | 3,500 | | 12,529 |
China Construction Bank Corp. Class H
| | | 149,000 | | 127,742 |
China Everbright Bank Co., Ltd. Class A
| | | 18,009 | | 10,987 |
China Evergrande Group (c)
| | | 7,700 | | 25,601 |
China Life Insurance Co., Ltd. Class H
| | | 14,000 | | 37,631 |
China Mengniu Dairy Co., Ltd.
| | | 8,000 | | 29,758 |
China Merchants Bank Co., Ltd. Class H
| | | 4,500 | | 21,870 |
China Minsheng Banking Corp., Ltd. Class A
| | | 1,845 | | 1,740 |
China Minsheng Banking Corp., Ltd. Class H
| | | 17,500 | | 12,707 |
China Mobile, Ltd.
| | | 9,000 | | 91,720 |
China Molybdenum Co., Ltd. Class H
| | | 21,000 | | 8,775 |
China Overseas Land & Investment, Ltd.
| | | 4,000 | | 15,185 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 3,800 | | 14,910 |
China Reinsurance Group Corp. Class H
| | | 71,000 | | 15,014 |
China Resources Beer Holdings Co., Ltd.
| | | 2,000 | | 8,420 |
China Resources Gas Group, Ltd.
| | | 14,000 | | 65,988 |
China Telecom Corp., Ltd. Class H
| | | 40,000 | | 22,217 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
China Tower Corp., Ltd. Class H (b)(f)
| | | 74,000 | | $17,157 |
China Unicom Hong Kong, Ltd.
| | | 14,000 | | 17,745 |
China Vanke Co., Ltd. Class H
| | | 2,696 | | 11,334 |
China Yangtze Power Co., Ltd. Class A
| | | 896 | | 2,249 |
Chongqing Rural Commercial Bank Co., Ltd. Class H
| | | 22,000 | | 12,696 |
CITIC Securities Co., Ltd. Class H
| | | 3,500 | | 8,150 |
Country Garden Holdings Co., Ltd.
| | | 15,000 | | 23,427 |
Ctrip.com International, Ltd. ADR (b)
| | | 680 | | 29,709 |
Dongfeng Motor Group Co., Ltd. Class H
| | | 16,000 | | 16,020 |
ENN Energy Holdings, Ltd.
| | | 700 | | 6,768 |
Fosun International, Ltd.
| | | 10,500 | | 17,790 |
Geely Automobile Holdings, Ltd.
| | | 9,000 | | 17,198 |
Guangzhou Automobile Group Co., Ltd. Class H
| | | 3,200 | | 3,779 |
Huaneng Renewables Corp., Ltd. Class H
| | | 72,000 | | 19,995 |
Huazhu Group, Ltd. ADR (c)
| | | 211 | | 8,892 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 116,000 | | 84,969 |
Industrial Bank Co., Ltd. Class A
| | | 4,232 | | 11,442 |
JD.com, Inc. ADR (b)
| | | 156 | | 4,703 |
Jiangsu Expressway Co., Ltd. Class H
| | | 8,000 | | 11,312 |
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A
| | | 417 | | 8,092 |
Kweichow Moutai Co., Ltd. Class A
| | | 2 | | 254 |
Lenovo Group, Ltd.
| | | 8,000 | | 7,195 |
MMG, Ltd. (b)
| | | 24,000 | | 9,753 |
NetEase, Inc. ADR
| | | 111 | | 26,801 |
New Oriental Education & Technology Group, Inc. ADR (b)
| | | 243 | | 21,892 |
People's Insurance Co. Group of China, Ltd. Class H
| | | 39,000 | | 16,693 |
PICC Property & Casualty Co., Ltd. Class H
| | | 22,000 | | 24,999 |
Ping An Insurance Group Co. of China, Ltd. Class H
| | | 7,000 | | 78,383 |
Postal Savings Bank of China Co., Ltd. Class H (f)
| | | 22,000 | | 12,583 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H
| | | 4,000 | | 14,446 |
Shanghai Pudong Development Bank Co., Ltd. Class A
| | | 4,334 | | 7,274 |
Shenzhou International Group Holdings, Ltd.
| | | 2,300 | | 30,823 |
Sunny Optical Technology Group Co., Ltd.
| | | 1,500 | | 17,914 |
TAL Education Group ADR (b)
| | | 585 | | 21,107 |
Tencent Holdings, Ltd.
| | | 8,084 | | 371,763 |
Towngas China Co., Ltd.
| | | 19,351 | | 15,210 |
Vipshop Holdings, Ltd. ADR (b)
| | | 575 | | 4,617 |
Want Want China Holdings, Ltd.
| | | 11,000 | | 9,136 |
Wuliangye Yibin Co., Ltd. Class A
| | | 834 | | 11,789 |
| Security Description | | | Shares | | Value |
Yangzijiang Shipbuilding Holdings, Ltd.
| | | 8,800 | | $9,745 |
Yum China Holdings, Inc.
| | | 579 | | 26,003 |
Zhejiang Expressway Co., Ltd. Class H
| | | 16,000 | | 18,344 |
ZTE Corp. Class H (b)
| | | 2,800 | | 8,418 |
| | | | | | 2,277,937 |
| COLOMBIA — 0.2% | | | | | |
Bancolombia SA
| | | 912 | | 11,337 |
Bancolombia SA Preference Shares
| | | 540 | | 6,849 |
Ecopetrol SA
| | | 38,266 | | 41,023 |
Grupo Aval Acciones y Valores SA Preference Shares
| | | 44,359 | | 17,198 |
Grupo de Inversiones Suramericana SA Preference Shares
| | | 1,899 | | 20,507 |
Grupo de Inversiones Suramericana SA
| | | 1,353 | | 15,562 |
Interconexion Electrica SA ESP
| | | 7,282 | | 36,485 |
| | | | | | 148,961 |
| DENMARK — 0.5% | | | | | |
Carlsberg A/S Class B
| | | 78 | | 9,751 |
Chr. Hansen Holding A/S
| | | 275 | | 27,903 |
Coloplast A/S Class B
| | | 141 | | 15,486 |
Danske Bank A/S
| | | 1,389 | | 24,401 |
Genmab A/S (b)
| | | 83 | | 14,419 |
ISS A/S
| | | 344 | | 10,477 |
Novo Nordisk A/S Class B
| | | 2,614 | | 136,978 |
Novozymes A/S Class B
| | | 846 | | 38,937 |
Orsted A/S (f)
| | | 153 | | 11,607 |
Pandora A/S
| | | 159 | | 7,452 |
Vestas Wind Systems A/S
| | | 345 | | 29,058 |
| | | | | | 326,469 |
| FINLAND — 0.4% | | | | | |
Elisa Oyj
| | | 195 | | 8,806 |
Kone Oyj Class B
| | | 788 | | 39,781 |
Neste Oyj (c)
| | | 474 | | 50,562 |
Nokia Oyj (e)
| | | 1,021 | | 5,817 |
Nokia Oyj (e)
| | | 6,018 | | 34,368 |
Nokian Renkaat Oyj
| | | 202 | | 6,768 |
Nordea Bank Abp (c)
| | | 3,782 | | 28,848 |
Orion Oyj Class B (c)
| | | 169 | | 6,342 |
Sampo Oyj Class A
| | | 1,176 | | 53,360 |
Wartsila OYJ Abp
| | | 900 | | 14,537 |
| | | | | | 249,189 |
| FRANCE — 3.5% | | | | | |
Aeroports de Paris
| | | 105 | | 20,326 |
Airbus SE
| | | 990 | | 131,060 |
Alstom SA
| | | 483 | | 20,945 |
Amundi SA (f)
| | | 176 | | 11,087 |
Atos SE
| | | 218 | | 21,051 |
AXA SA
| | | 3,336 | | 84,019 |
BNP Paribas SA
| | | 1,579 | | 75,547 |
Bollore SA
| | | 4,795 | | 21,687 |
Bureau Veritas SA
| | | 602 | | 14,127 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Capgemini SE
| | | 281 | | $34,108 |
Carrefour SA
| | | 512 | | 9,572 |
CNP Assurances
| | | 296 | | 6,521 |
Covivio REIT
| | | 110 | | 11,684 |
Credit Agricole SA
| | | 1,151 | | 13,919 |
Danone SA
| | | 928 | | 71,575 |
Dassault Aviation SA
| | | 8 | | 11,812 |
Dassault Systemes SE
| | | 183 | | 27,278 |
Edenred
| | | 508 | | 23,141 |
Eiffage SA
| | | 149 | | 14,331 |
EssilorLuxottica SA
| | | 556 | | 60,795 |
Eurazeo SE
| | | 315 | | 23,698 |
Eutelsat Communications SA
| | | 407 | | 7,127 |
Gecina SA REIT
| | | 119 | | 17,611 |
Getlink SE
| | | 1,237 | | 18,772 |
Hermes International
| | | 49 | | 32,363 |
ICADE REIT
| | | 208 | | 17,610 |
Iliad SA
| | | 75 | | 7,537 |
Ingenico Group SA
| | | 77 | | 5,501 |
Kering SA
| | | 118 | | 67,732 |
Klepierre SA REIT
| | | 652 | | 22,827 |
Legrand SA
| | | 575 | | 38,519 |
L'Oreal SA
| | | 503 | | 135,438 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 463 | | 170,469 |
Natixis SA
| | | 1,682 | | 9,011 |
Orange SA
| | | 2,937 | | 47,818 |
Pernod Ricard SA
| | | 401 | | 72,042 |
Peugeot SA
| | | 1,495 | | 36,494 |
Publicis Groupe SA
| | | 181 | | 9,700 |
Remy Cointreau SA
| | | 64 | | 8,544 |
Renault SA
| | | 480 | | 31,751 |
Rexel SA
| | | 975 | | 11,008 |
Safran SA
| | | 607 | | 83,322 |
Sanofi
| | | 1,661 | | 146,854 |
Schneider Electric SE
| | | 1,199 | | 94,160 |
SCOR SE
| | | 125 | | 5,328 |
Societe BIC SA (c)
| | | 88 | | 7,851 |
Societe Generale SA
| | | 1,173 | | 33,948 |
Sodexo SA
| | | 229 | | 25,240 |
Teleperformance
| | | 93 | | 16,729 |
Thales SA
| | | 228 | | 27,329 |
Ubisoft Entertainment SA (b)
| | | 123 | | 10,960 |
Unibail-Rodamco-Westfield (e)
| | | 2,141 | | 17,596 |
Unibail-Rodamco-Westfield REIT (c)(e)
| | | 271 | | 44,469 |
Valeo SA
| | | 271 | | 7,866 |
Vinci SA
| | | 1,245 | | 121,230 |
Vivendi SA
| | | 2,138 | | 62,009 |
| | | | | | 2,181,048 |
| GERMANY — 2.6% | | | | | |
1&1 Drillisch AG
| | | 114 | | 4,063 |
adidas AG
| | | 261 | | 63,478 |
Allianz SE
| | | 698 | | 155,402 |
BASF SE
| | | 1,214 | | 89,327 |
Bayer AG
| | | 1,152 | | 74,507 |
| Security Description | | | Shares | | Value |
Bayerische Motoren Werke AG
| | | 956 | | $73,799 |
Beiersdorf AG
| | | 148 | | 15,412 |
Brenntag AG
| | | 63 | | 3,247 |
Continental AG
| | | 132 | | 19,891 |
Daimler AG
| | | 2,026 | | 118,863 |
Delivery Hero SE (b)(f)
| | | 236 | | 8,533 |
Deutsche Bank AG
| | | 2,730 | | 22,255 |
Deutsche Boerse AG
| | | 230 | | 29,519 |
Deutsche Post AG
| | | 725 | | 23,608 |
Deutsche Telekom AG
| | | 4,223 | | 70,155 |
Deutsche Wohnen SE
| | | 335 | | 16,261 |
Fraport AG Frankfurt Airport Services Worldwide
| | | 195 | | 14,942 |
Fresenius Medical Care AG & Co. KGaA
| | | 376 | | 30,356 |
Fresenius SE & Co. KGaA
| | | 642 | | 35,870 |
Fuchs Petrolub SE Preference Shares
| | | 260 | | 10,714 |
GEA Group AG
| | | 317 | | 8,311 |
Henkel AG & Co. KGaA Preference Shares
| | | 442 | | 45,163 |
HUGO BOSS AG
| | | 120 | | 8,203 |
Infineon Technologies AG
| | | 1,837 | | 36,478 |
Innogy SE (b)
| | | 916 | | 39,238 |
KION Group AG
| | | 90 | | 4,708 |
Merck KGaA
| | | 111 | | 12,669 |
MTU Aero Engines AG
| | | 95 | | 21,526 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 232 | | 54,966 |
ProSiebenSat.1 Media SE
| | | 338 | | 4,828 |
Puma SE
| | | 7 | | 4,064 |
SAP SE
| | | 1,522 | | 176,025 |
Sartorius AG Preference Shares
| | | 40 | | 6,867 |
Siemens AG
| | | 1,245 | | 134,119 |
Siemens Healthineers AG (f)
| | | 224 | | 9,344 |
Symrise AG
| | | 447 | | 40,314 |
Telefonica Deutschland Holding AG
| | | 1,088 | | 3,419 |
United Internet AG
| | | 198 | | 7,232 |
Volkswagen AG Preference Shares
| | | 303 | | 47,740 |
Vonovia SE
| | | 558 | | 28,959 |
Wirecard AG
| | | 219 | | 27,467 |
Zalando SE (b)(f)
| | | 225 | | 8,779 |
| | | | | | 1,610,621 |
| HONG KONG — 1.5% | | | | | |
AIA Group, Ltd.
| | | 18,600 | | 185,172 |
Bank of East Asia, Ltd.
| | | 1,174 | | 3,814 |
China Everbright, Ltd.
| | | 10,000 | | 19,822 |
China Gas Holdings, Ltd.
| | | 4,200 | | 14,767 |
China Resources Land, Ltd.
| | | 2,000 | | 8,968 |
CK Asset Holdings, Ltd.
| | | 7,459 | | 66,324 |
CK Hutchison Holdings, Ltd.
| | | 3,000 | | 31,510 |
CK Infrastructure Holdings, Ltd.
| | | 4,100 | | 33,662 |
Dairy Farm International Holdings, Ltd.
| | | 700 | | 5,873 |
Galaxy Entertainment Group, Ltd.
| | | 2,000 | | 13,618 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Hanergy Thin Film Power Group, Ltd. (b)(c)(g)
| | | 24,000 | | $— |
Hang Lung Properties, Ltd.
| | | 6,000 | | 14,645 |
Hang Seng Bank, Ltd.
| | | 1,400 | | 34,545 |
Henderson Land Development Co., Ltd.
| | | 2,393 | | 15,212 |
Hong Kong & China Gas Co., Ltd.
| | | 14,822 | | 35,535 |
Hong Kong Exchanges & Clearing, Ltd.
| | | 1,606 | | 55,975 |
Hongkong Land Holdings, Ltd.
| | | 2,800 | | 19,908 |
Hysan Development Co., Ltd.
| | | 5,000 | | 26,784 |
Kerry Properties, Ltd.
| | | 2,000 | | 8,930 |
Link REIT
| | | 5,500 | | 64,319 |
Melco Resorts & Entertainment, Ltd. ADR
| | | 578 | | 13,057 |
MTR Corp., Ltd.
| | | 2,932 | | 18,152 |
Power Assets Holdings, Ltd.
| | | 10,000 | | 69,363 |
Sands China, Ltd.
| | | 4,800 | | 24,122 |
Shenzhen International Holdings, Ltd.
| | | 5,500 | | 11,673 |
Sino Biopharmaceutical, Ltd.
| | | 16,500 | | 15,050 |
Sino Land Co., Ltd.
| | | 11,216 | | 21,689 |
Sun Hung Kai Properties, Ltd.
| | | 2,500 | | 42,898 |
Swire Properties, Ltd.
| | | 2,800 | | 12,038 |
Techtronic Industries Co., Ltd.
| | | 2,000 | | 13,439 |
Wharf Real Estate Investment Co., Ltd.
| | | 2,000 | | 14,892 |
Wheelock & Co., Ltd.
| | | 2,000 | | 14,650 |
| | | | | | 930,406 |
| HUNGARY — 0.0% (a) | | | | | |
OTP Bank Nyrt
| | | 371 | | 16,320 |
| INDIA — 1.1% | | | | | |
Adani Ports & Special Economic Zone, Ltd.
| | | 1,862 | | 10,164 |
Asian Paints, Ltd.
| | | 1,612 | | 34,734 |
Avenue Supermarts, Ltd. (b)(f)
| | | 281 | | 5,967 |
Axis Bank, Ltd. (b)
| | | 2,787 | | 31,270 |
Bajaj Auto, Ltd.
| | | 237 | | 9,959 |
Bharat Petroleum Corp., Ltd.
| | | 2,502 | | 14,358 |
Bharti Airtel, Ltd.
| | | 3,161 | | 15,199 |
Bharti Infratel, Ltd.
| | | 1,356 | | 6,135 |
Dabur India, Ltd.
| | | 979 | | 5,777 |
Eicher Motors, Ltd.
| | | 36 | | 10,678 |
Godrej Consumer Products, Ltd.
| | | 475 | | 4,704 |
HCL Technologies, Ltd.
| | | 903 | | 14,175 |
Hindustan Unilever, Ltd.
| | | 1,270 | | 31,290 |
Housing Development Finance Corp., Ltd.
| | | 2,024 | | 57,506 |
ICICI Bank, Ltd. ADR
| | | 1,851 | | 21,212 |
Infosys, Ltd. ADR
| | | 5,278 | | 57,689 |
ITC, Ltd.
| | | 7,833 | | 33,610 |
Larsen & Toubro, Ltd. GDR
| | | 1,395 | | 27,788 |
Mahindra & Mahindra, Ltd. GDR
| | | 1,451 | | 14,365 |
Maruti Suzuki India, Ltd.
| | | 242 | | 23,309 |
Nestle India, Ltd.
| | | 82 | | 12,974 |
Petronet LNG, Ltd.
| | | 2,528 | | 9,180 |
| Security Description | | | Shares | | Value |
Power Grid Corp. of India, Ltd.
| | | 2,197 | | $6,276 |
Reliance Industries, Ltd.
| | | 4,087 | | 80,427 |
State Bank of India GDR (b)
| | | 377 | | 17,436 |
Sun Pharmaceutical Industries, Ltd.
| | | 1,346 | | 9,304 |
Tata Consultancy Services, Ltd.
| | | 1,621 | | 46,838 |
Tata Motors, Ltd. (b)
| | | 5,881 | | 14,793 |
Tech Mahindra, Ltd.
| | | 1,247 | | 13,967 |
Titan Co., Ltd.
| | | 231 | | 3,808 |
United Spirits, Ltd. (b)
| | | 1,031 | | 8,244 |
Wipro, Ltd. ADR
| | | 2,508 | | 9,982 |
Yes Bank, Ltd.
| | | 3,059 | | 12,148 |
| | | | | | 675,266 |
| INDONESIA — 0.2% | | | | | |
Astra International Tbk PT
| | | 39,600 | | 20,370 |
Bank Central Asia Tbk PT
| | | 15,600 | | 30,400 |
Bank Mandiri Persero Tbk PT
| | | 10,400 | | 5,441 |
Bank Rakyat Indonesia Persero Tbk PT
| | | 69,900 | | 20,224 |
Gudang Garam Tbk PT
| | | 1,600 | | 9,348 |
Hanjaya Mandala Sampoerna Tbk PT
| | | 31,700 | | 8,348 |
Jasa Marga Persero Tbk PT
| | | 15,450 | | 6,483 |
Telekomunikasi Indonesia Persero Tbk PT
| | | 84,300 | | 23,384 |
Unilever Indonesia Tbk PT
| | | 4,600 | | 15,901 |
| | | | | | 139,899 |
| IRELAND — 0.4% | | | | | |
Accenture PLC Class A
| | | 993 | | 174,788 |
AerCap Holdings NV (b)
| | | 362 | | 16,848 |
AIB Group PLC
| | | 1,905 | | 8,560 |
Alkermes PLC (b)
| | | 119 | | 4,342 |
James Hardie Industries PLC
| | | 975 | | 12,564 |
Kerry Group PLC Class A
| | | 216 | | 24,132 |
Paddy Power Betfair PLC
| | | 116 | | 8,955 |
| | | | | | 250,189 |
| ISRAEL — 0.1% | | | | | |
Bank Hapoalim BM
| | | 2,312 | | 15,308 |
Bank Leumi Le-Israel BM
| | | 1,531 | | 10,002 |
Check Point Software Technologies, Ltd. (b)
| | | 179 | | 22,641 |
Nice, Ltd. (b)
| | | 95 | | 11,198 |
Teva Pharmaceutical Industries, Ltd. ADR (b)
| | | 489 | | 7,667 |
Teva Pharmaceutical Industries, Ltd. (b)
| | | 1,055 | | 16,424 |
| | | | | | 83,240 |
| ITALY — 0.6% | | | | | |
Assicurazioni Generali SpA
| | | 2,679 | | 49,634 |
Atlantia SpA
| | | 1,703 | | 44,153 |
Davide Campari-Milano SpA
| | | 778 | | 7,644 |
Ferrari NV
| | | 301 | | 40,388 |
Intesa Sanpaolo SpA
| | | 21,173 | | 51,614 |
Leonardo SpA
| | | 712 | | 8,282 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Mediobanca Banca di Credito Finanziario SpA
| | | 884 | | $9,193 |
Moncler SpA
| | | 265 | | 10,688 |
Poste Italiane SpA (f)
| | | 2,689 | | 26,184 |
Snam SpA
| | | 4,680 | | 24,062 |
Telecom Italia SpA
| | | 33,638 | | 19,127 |
Terna Rete Elettrica Nazionale SpA
| | | 7,839 | | 49,714 |
UniCredit SpA
| | | 2,340 | | 30,027 |
| | | | | | 370,710 |
| JAPAN — 7.1% | | | | | |
Amada Holdings Co., Ltd.
| | | 600 | | 5,936 |
Asahi Group Holdings, Ltd.
| | | 200 | | 8,908 |
Asahi Intecc Co., Ltd.
| | | 400 | | 18,792 |
Astellas Pharma, Inc.
| | | 3,500 | | 52,444 |
Bandai Namco Holdings, Inc.
| | | 200 | | 9,378 |
Bank of Kyoto, Ltd.
| | | 300 | | 12,549 |
Canon, Inc.
| | | 2,000 | | 58,057 |
Casio Computer Co., Ltd. (c)
| | | 600 | | 7,833 |
Central Japan Railway Co.
| | | 200 | | 46,456 |
Chiba Bank, Ltd.
| | | 900 | | 4,887 |
Chugai Pharmaceutical Co., Ltd.
| | | 200 | | 13,751 |
Coca-Cola Bottlers Japan Holdings, Inc.
| | | 700 | | 17,777 |
Concordia Financial Group, Ltd. (c)
| | | 2,700 | | 10,416 |
CyberAgent, Inc. (c)
| | | 400 | | 16,317 |
Daifuku Co., Ltd.
| | | 500 | | 26,020 |
Dai-ichi Life Holdings, Inc.
| | | 1,300 | | 18,064 |
Daiichi Sankyo Co., Ltd.
| | | 1,400 | | 64,507 |
Daikin Industries, Ltd.
| | | 100 | | 11,718 |
Daito Trust Construction Co., Ltd.
| | | 100 | | 13,940 |
Daiwa House Industry Co., Ltd.
| | | 500 | | 15,896 |
Daiwa Securities Group, Inc.
| | | 3,300 | | 16,070 |
Denso Corp.
| | | 800 | | 31,202 |
Dentsu, Inc.
| | | 700 | | 29,566 |
FamilyMart UNY Holdings Co., Ltd. (c)
| | | 900 | | 22,938 |
FANUC Corp.
| | | 200 | | 34,115 |
Fast Retailing Co., Ltd.
| | | 100 | | 47,007 |
FUJIFILM Holdings Corp.
| | | 400 | | 18,192 |
Fujitsu, Ltd.
| | | 400 | | 28,860 |
Fukuoka Financial Group, Inc.
| | | 500 | | 11,095 |
Hisamitsu Pharmaceutical Co., Inc. (c)
| | | 200 | | 9,197 |
Hitachi, Ltd.
| | | 500 | | 16,195 |
Honda Motor Co., Ltd.
| | | 2,500 | | 67,647 |
Hoshizaki Corp.
| | | 200 | | 12,396 |
Hoya Corp.
| | | 400 | | 26,414 |
IHI Corp.
| | | 500 | | 12,012 |
Iida Group Holdings Co., Ltd.
| | | 900 | | 16,303 |
Isetan Mitsukoshi Holdings, Ltd. (c)
| | | 900 | | 9,099 |
Isuzu Motors, Ltd.
| | | 1,100 | | 14,450 |
ITOCHU Corp. (c)
| | | 3,300 | | 59,703 |
Japan Airport Terminal Co., Ltd. (c)
| | | 600 | | 25,342 |
Japan Post Bank Co., Ltd. (c)
| | | 1,500 | | 16,384 |
Japan Post Holdings Co., Ltd.
| | | 2,832 | | 33,160 |
Japan Tobacco, Inc.
| | | 1,400 | | 34,720 |
| Security Description | | | Shares | | Value |
JGC Corp.
| | | 400 | | $5,316 |
Kajima Corp.
| | | 2,000 | | 29,525 |
Kamigumi Co., Ltd.
| | | 800 | | 18,532 |
Kansai Paint Co., Ltd. (c)
| | | 2,300 | | 43,866 |
Kao Corp.
| | | 600 | | 47,258 |
KDDI Corp.
| | | 2,600 | | 56,024 |
Keikyu Corp.
| | | 600 | | 10,180 |
Keio Corp.
| | | 200 | | 12,920 |
Keyence Corp.
| | | 100 | | 62,312 |
Kikkoman Corp.
| | | 400 | | 19,623 |
Kirin Holdings Co., Ltd.
| | | 700 | | 16,712 |
Koito Manufacturing Co., Ltd.
| | | 700 | | 39,653 |
Komatsu, Ltd. (c)
| | | 900 | | 20,901 |
Konami Holdings Corp.
| | | 600 | | 26,047 |
Kose Corp.
| | | 100 | | 18,367 |
Kubota Corp.
| | | 1,600 | | 23,121 |
Kyocera Corp.
| | | 100 | | 5,873 |
Lawson, Inc.
| | | 200 | | 11,095 |
M3, Inc.
| | | 200 | | 3,355 |
Makita Corp.
| | | 200 | | 6,966 |
Marubeni Corp.
| | | 16,200 | | 111,966 |
Mebuki Financial Group, Inc.
| | | 2,100 | | 5,369 |
Medipal Holdings Corp.
| | | 200 | | 4,752 |
MISUMI Group, Inc.
| | | 100 | | 2,486 |
Mitsubishi Corp.
| | | 3,200 | | 88,872 |
Mitsubishi Electric Corp.
| | | 3,000 | | 38,555 |
Mitsubishi Estate Co., Ltd.
| | | 2,300 | | 41,674 |
Mitsubishi Heavy Industries, Ltd.
| | | 300 | | 12,462 |
Mitsubishi Motors Corp. (c)
| | | 1,500 | | 7,969 |
Mitsubishi UFJ Financial Group, Inc.
| | | 18,400 | | 91,431 |
Mitsubishi UFJ Lease & Finance Co., Ltd.
| | | 2,100 | | 10,701 |
Mitsui & Co., Ltd.
| | | 12,600 | | 195,628 |
Mitsui Fudosan Co., Ltd.
| | | 1,900 | | 47,764 |
Mizuho Financial Group, Inc.
| | | 41,700 | | 64,536 |
MonotaRO Co., Ltd. (c)
| | | 700 | | 15,564 |
MS&AD Insurance Group Holdings, Inc.
| | | 800 | | 24,357 |
Murata Manufacturing Co., Ltd.
| | | 600 | | 29,879 |
NEC Corp.
| | | 500 | | 16,917 |
Nexon Co., Ltd. (b)
| | | 600 | | 9,400 |
NGK Spark Plug Co., Ltd.
| | | 700 | | 12,990 |
Nikon Corp. (c)
| | | 200 | | 2,821 |
Nintendo Co., Ltd.
| | | 200 | | 57,027 |
Nippon Paint Holdings Co., Ltd.
| | | 600 | | 23,580 |
Nippon Telegraph & Telephone Corp.
| | | 900 | | 38,241 |
Nissan Motor Co., Ltd. (c)
| | | 2,200 | | 18,052 |
Nitori Holdings Co., Ltd.
| | | 100 | | 12,920 |
Nitto Denko Corp.
| | | 200 | | 10,507 |
Nomura Holdings, Inc.
| | | 6,200 | | 22,417 |
Nomura Research Institute, Ltd.
| | | 500 | | 22,722 |
NTT Data Corp.
| | | 1,900 | | 20,960 |
NTT DOCOMO, Inc.
| | | 2,100 | | 46,512 |
Obayashi Corp.
| | | 2,200 | | 22,142 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Obic Co., Ltd.
| | | 200 | | $20,165 |
Olympus Corp.
| | | 400 | | 4,344 |
Omron Corp. (c)
| | | 600 | | 28,080 |
Ono Pharmaceutical Co., Ltd.
| | | 400 | | 7,838 |
ORIX Corp.
| | | 2,800 | | 40,210 |
Pan Pacific International Holdings Corp.
| | | 500 | | 33,112 |
Panasonic Corp.
| | | 1,600 | | 13,793 |
Park24 Co., Ltd.
| | | 700 | | 15,197 |
Rakuten, Inc.
| | | 3,000 | | 28,405 |
Recruit Holdings Co., Ltd.
| | | 1,300 | | 37,126 |
Renesas Electronics Corp. (b)
| | | 1,500 | | 6,939 |
Resona Holdings, Inc.
| | | 4,900 | | 21,236 |
Ricoh Co., Ltd. (c)
| | | 1,400 | | 14,634 |
Rohm Co., Ltd.
| | | 400 | | 24,936 |
Ryohin Keikaku Co., Ltd.
| | | 100 | | 25,333 |
Sankyo Co., Ltd.
| | | 700 | | 26,688 |
SBI Holdings, Inc. (c)
| | | 700 | | 15,596 |
Sekisui House, Ltd.
| | | 1,400 | | 23,172 |
Seven & i Holdings Co., Ltd.
| | | 800 | | 30,183 |
Seven Bank, Ltd.
| | | 2,600 | | 7,681 |
Shimadzu Corp.
| | | 800 | | 23,129 |
Shimano, Inc.
| | | 100 | | 16,262 |
Shimizu Corp.
| | | 2,100 | | 18,252 |
Shin-Etsu Chemical Co., Ltd.
| | | 400 | | 33,537 |
Shinsei Bank, Ltd. (b)
| | | 1,000 | | 14,230 |
Shionogi & Co., Ltd.
| | | 200 | | 12,381 |
Shiseido Co., Ltd.
| | | 500 | | 36,080 |
Shizuoka Bank, Ltd.
| | | 1,900 | | 14,471 |
SMC Corp.
| | | 100 | | 37,521 |
SoftBank Group Corp.
| | | 1,100 | | 106,785 |
Sohgo Security Services Co., Ltd. (c)
| | | 400 | | 17,419 |
Sompo Holdings, Inc.
| | | 500 | | 18,512 |
Sony Corp.
| | | 1,600 | | 67,146 |
Subaru Corp.
| | | 500 | | 11,395 |
Sumitomo Corp.
| | | 2,600 | | 35,963 |
Sumitomo Dainippon Pharma Co., Ltd.
| | | 700 | | 17,309 |
Sumitomo Metal Mining Co., Ltd.
| | | 600 | | 17,726 |
Sumitomo Mitsui Financial Group, Inc.
| | | 2,700 | | 94,549 |
Sumitomo Mitsui Trust Holdings, Inc.
| | | 100 | | 3,592 |
Sysmex Corp.
| | | 600 | | 36,265 |
Taisei Corp.
| | | 400 | | 18,575 |
Taisho Pharmaceutical Holdings Co., Ltd.
| | | 100 | | 9,532 |
Takeda Pharmaceutical Co., Ltd.
| | | 2,320 | | 94,762 |
Toho Gas Co., Ltd.
| | | 700 | | 31,432 |
Tokio Marine Holdings, Inc.
| | | 600 | | 29,066 |
Tokyo Century Corp.
| | | 500 | | 21,751 |
Tokyo Electron, Ltd. (c)
| | | 200 | | 28,911 |
Tokyu Corp.
| | | 800 | | 13,971 |
Toshiba Corp.
| | | 800 | | 25,478 |
TOTO, Ltd.
| | | 800 | | 33,934 |
Toyota Industries Corp.
| | | 200 | | 10,028 |
| Security Description | | | Shares | | Value |
Toyota Motor Corp.
| | | 3,600 | | $210,988 |
Toyota Tsusho Corp.
| | | 1,500 | | 48,855 |
Trend Micro, Inc.
| | | 500 | | 24,348 |
Yahoo! Japan Corp. (c)
| | | 4,700 | | 11,507 |
Yakult Honsha Co., Ltd.
| | | 200 | | 13,986 |
Yamaguchi Financial Group, Inc.
| | | 200 | | 1,695 |
Yamaha Corp.
| | | 400 | | 19,985 |
Yamato Holdings Co., Ltd.
| | | 700 | | 18,081 |
Yaskawa Electric Corp.
| | | 600 | | 18,837 |
Yokogawa Electric Corp.
| | | 900 | | 18,629 |
ZOZO, Inc. (c)
| | | 800 | | 15,077 |
| | | | | | 4,411,152 |
| LUXEMBOURG — 0.1% | | | | | |
Eurofins Scientific SE (c)
| | | 11 | | 4,558 |
Reinet Investments SCA
| | | 777 | | 13,297 |
SES SA
| | | 638 | | 9,932 |
Tenaris SA
| | | 1,035 | | 14,544 |
| | | | | | 42,331 |
| MACAU — 0.0% (a) | | | | | |
MGM China Holdings, Ltd.
| | | 2,800 | | 5,857 |
Wynn Macau, Ltd.
| | | 800 | | 1,885 |
| | | | | | 7,742 |
| MALAYSIA — 0.3% | | | | | |
AMMB Holdings Bhd
| | | 5,400 | | 6,032 |
CIMB Group Holdings Bhd
| | | 11,615 | | 14,652 |
Dialog Group Bhd
| | | 16,100 | | 12,501 |
Gamuda Bhd
| | | 11,300 | | 7,972 |
Genting Bhd
| | | 18,300 | | 29,764 |
Genting Malaysia Bhd
| | | 13,700 | | 10,738 |
Hong Leong Bank Bhd
| | | 1,100 | | 5,470 |
IHH Healthcare Bhd
| | | 9,500 | | 13,427 |
IOI Corp. Bhd
| | | 6,000 | | 6,555 |
Malayan Banking Bhd
| | | 9,596 | | 21,789 |
Maxis Bhd
| | | 3,300 | | 4,333 |
Petronas Dagangan Bhd
| | | 2,300 | | 14,084 |
PPB Group Bhd
| | | 3,000 | | 13,462 |
Public Bank Bhd
| | | 4,700 | | 26,663 |
RHB Capital Bhd
| | | 5,500 | | 7,679 |
Westports Holdings Bhd
| | | 7,462 | | 6,873 |
| | | | | | 201,994 |
| MEXICO — 0.3% | | | | | |
America Movil SAB de CV Series L
| | | 43,449 | | 31,090 |
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B
| | | 4,334 | | 5,928 |
Coca-Cola Femsa SAB de CV Series L
| | | 2,177 | | 14,400 |
Fibra Uno Administracion SA de CV REIT
| | | 13,190 | | 18,237 |
Fomento Economico Mexicano SAB de CV
| | | 2,565 | | 23,690 |
Fresnillo PLC
| | | 1,314 | | 14,910 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Grupo Aeroportuario del Pacifico SAB de CV Class B
| | | 1,194 | | $10,607 |
Grupo Aeroportuario del Sureste SAB de CV Class B
| | | 762 | | 12,321 |
Grupo Financiero Banorte SAB de CV Series O
| | | 4,566 | | 24,843 |
Grupo Financiero Inbursa SAB de CV Series O
| | | 6,355 | | 8,810 |
Grupo Televisa SAB Series CPO
| | | 2,761 | | 6,119 |
Megacable Holdings SAB de CV
| | | 1,201 | | 5,577 |
Promotora y Operadora de Infraestructura SAB de CV
| | | 566 | | 5,626 |
Wal-Mart de Mexico SAB de CV
| | | 3,009 | | 8,054 |
| | | | | | 190,212 |
| NETHERLANDS — 1.0% | | | | | |
ABN AMRO Group NV (f)
| | | 343 | | 7,741 |
Aegon NV
| | | 1,383 | | 6,653 |
Akzo Nobel NV
| | | 134 | | 11,885 |
ASML Holding NV
| | | 608 | | 114,146 |
Heineken NV
| | | 267 | | 28,205 |
ING Groep NV
| | | 4,204 | | 50,905 |
Koninklijke Ahold Delhaize NV
| | | 1,258 | | 33,513 |
Koninklijke DSM NV
| | | 390 | | 42,548 |
Koninklijke KPN NV
| | | 2,728 | | 8,656 |
Koninklijke Philips NV
| | | 1,715 | | 69,931 |
NN Group NV
| | | 577 | | 23,991 |
NXP Semiconductors NV
| | | 468 | | 41,367 |
Randstad NV (c)
| | | 322 | | 15,717 |
Royal Dutch Shell PLC Class B
| | | 4,400 | | 139,208 |
Wolters Kluwer NV
| | | 592 | | 40,349 |
| | | | | | 634,815 |
| NEW ZEALAND — 0.1% | | | | | |
Meridian Energy, Ltd.
| | | 17,779 | | 50,744 |
| NORWAY — 0.3% | | | | | |
DNB ASA
| | | 2,595 | | 47,853 |
Gjensidige Forsikring ASA (c)
| | | 1,460 | | 25,261 |
Mowi ASA
| | | 1,975 | | 44,148 |
Orkla ASA
| | | 3,318 | | 25,507 |
Schibsted ASA Class B
| | | 462 | | 16,577 |
Telenor ASA
| | | 1,846 | | 37,020 |
| | | | | | 196,366 |
| PERU — 0.2% | | | | | |
Credicorp, Ltd.
| | | 40 | | 9,598 |
Southern Copper Corp.
| | | 2,092 | | 83,011 |
| | | | | | 92,609 |
| PHILIPPINES — 0.0% (a) | | | | | |
SM Investments Corp.
| | | 760 | | 13,518 |
SM Prime Holdings, Inc.
| | | 13,200 | | 10,030 |
| | | | | | 23,548 |
| POLAND — 0.1% | | | | | |
Bank Polska Kasa Opieki SA
| | | 532 | | 15,264 |
CD Projekt SA (b)
| | | 160 | | 8,347 |
LPP SA
| | | 1 | | 2,171 |
| Security Description | | | Shares | | Value |
Powszechna Kasa Oszczednosci Bank Polski SA
| | | 1,270 | | $12,780 |
Powszechny Zaklad Ubezpieczen SA
| | | 1,789 | | 18,899 |
Santander Bank Polska SA
| | | 70 | | 6,956 |
| | | | | | 64,417 |
| PORTUGAL — 0.0% (a) | | | | | |
Galp Energia SGPS SA
| | | 1,849 | | 29,647 |
| QATAR — 0.1% | | | | | |
Barwa Real Estate Co.
| | | 2,995 | | 30,150 |
Commercial Bank PQSC
| | | 949 | | 11,717 |
Qatar National Bank QPSC
| | | 958 | | 47,495 |
| | | | | | 89,362 |
| ROMANIA — 0.0% (a) | | | | | |
NEPI Rockcastle PLC
| | | 1,381 | | 11,629 |
| RUSSIA — 0.3% | | | | | |
Magnit PJSC GDR
| | | 1,059 | | 14,932 |
Mobile TeleSystems PJSC ADR
| | | 2,781 | | 21,025 |
Moscow Exchange MICEX-RTS PJSC (b)
| | | 13,281 | | 18,414 |
Polymetal International PLC
| | | 1,922 | | 21,649 |
Sberbank of Russia PJSC ADR
| | | 6,705 | | 88,908 |
VTB Bank PJSC GDR
| | | 5,043 | | 5,759 |
X5 Retail Group NV GDR
| | | 461 | | 11,488 |
| | | | | | 182,175 |
| SINGAPORE — 0.4% | | | | | |
CapitaLand Commercial Trust REIT
| | | 5,000 | | 7,161 |
CapitaLand Mall Trust REIT
| | | 5,100 | | 8,961 |
City Developments, Ltd.
| | | 2,332 | | 15,581 |
DBS Group Holdings, Ltd.
| | | 2,549 | | 47,480 |
Genting Singapore, Ltd.
| | | 20,700 | | 15,894 |
Jardine Cycle & Carriage, Ltd.
| | | 600 | | 14,392 |
Oversea-Chinese Banking Corp., Ltd.
| | | 4,874 | | 39,762 |
SATS, Ltd.
| | | 2,100 | | 7,923 |
Singapore Press Holdings, Ltd.
| | | 7,100 | | 12,633 |
Singapore Technologies Engineering, Ltd.
| | | 4,100 | | 11,321 |
Singapore Telecommunications, Ltd.
| | | 15,929 | | 35,515 |
Suntec Real Estate Investment Trust
| | | 5,800 | | 8,350 |
United Overseas Bank, Ltd.
| | | 1,454 | | 27,040 |
UOL Group, Ltd.
| | | 792 | | 4,064 |
| | | | | | 256,077 |
| SOUTH AFRICA — 0.7% | | | | | |
Absa Group, Ltd. (c)
| | | 1,734 | | 18,288 |
Aspen Pharmacare Holdings, Ltd.
| | | 363 | | 2,340 |
Bid Corp., Ltd.
| | | 273 | | 5,641 |
Discovery, Ltd.
| | | 397 | | 3,766 |
FirstRand, Ltd. (c)
| | | 6,796 | | 29,670 |
Growthpoint Properties, Ltd. REIT
| | | 11,998 | | 20,317 |
Investec PLC
| | | 2,320 | | 13,371 |
Kumba Iron Ore, Ltd. (c)
| | | 808 | | 24,109 |
Liberty Holdings, Ltd. (c)
| | | 903 | | 6,326 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
MMI Holdings, Ltd.
| | | 940 | | $1,081 |
Mr. Price Group, Ltd.
| | | 634 | | 8,332 |
MTN Group, Ltd. (c)
| | | 2,553 | | 15,688 |
MultiChoice Group, Ltd. (b)
| | | 543 | | 4,545 |
Naspers, Ltd. Class N
| | | 634 | | 146,491 |
Nedbank Group, Ltd.
| | | 992 | | 17,282 |
Old Mutual, Ltd.
| | | 9,781 | | 14,364 |
Redefine Properties, Ltd. REIT
| | | 19,239 | | 12,940 |
RMB Holdings, Ltd.
| | | 4,071 | | 21,448 |
Sanlam, Ltd.
| | | 4,437 | | 22,694 |
SPAR Group, Ltd.
| | | 661 | | 8,795 |
Standard Bank Group, Ltd.
| | | 2,614 | | 33,575 |
Truworths International, Ltd.
| | | 873 | | 4,201 |
Vodacom Group, Ltd.
| | | 997 | | 7,704 |
| | | | | | 442,968 |
| SOUTH KOREA — 1.5% | | | | | |
Amorepacific Corp.
| | | 67 | | 11,126 |
AMOREPACIFIC Group
| | | 49 | | 3,004 |
BNK Financial Group, Inc.
| | | 1,333 | | 7,845 |
Celltrion, Inc. (b)
| | | 127 | | 20,251 |
CJ ENM Co., Ltd.
| | | 21 | | 4,311 |
Coway Co., Ltd.
| | | 148 | | 12,321 |
Daelim Industrial Co., Ltd.
| | | 225 | | 19,108 |
Daewoo Engineering & Construction Co., Ltd. (b)
| | | 2,137 | | 9,564 |
DGB Financial Group, Inc.
| | | 655 | | 4,714 |
GS Engineering & Construction Corp.
| | | 341 | | 12,798 |
GS Holdings Corp.
| | | 785 | | 36,515 |
Hana Financial Group, Inc.
| | | 483 | | 15,489 |
Hanwha Life Insurance Co., Ltd.
| | | 1,405 | | 4,951 |
Hotel Shilla Co., Ltd.
| | | 126 | | 10,590 |
Hyundai Engineering & Construction Co., Ltd.
| | | 266 | | 12,514 |
Hyundai Heavy Industries Co., Ltd. (b)
| | | 223 | | 23,379 |
Hyundai Heavy Industries Holdings Co., Ltd.
| | | 35 | | 10,268 |
Hyundai Mobis Co., Ltd.
| | | 126 | | 23,144 |
Hyundai Motor Co.
| | | 142 | | 14,949 |
Hyundai Motor Co. Preference Shares (e)
| | | 168 | | 11,293 |
Hyundai Motor Co. Preference Shares (e)
| | | 43 | | 2,621 |
Industrial Bank of Korea
| | | 910 | | 11,264 |
Kakao Corp.
| | | 90 | | 8,206 |
Kangwon Land, Inc.
| | | 373 | | 10,515 |
KB Financial Group, Inc.
| | | 568 | | 20,942 |
Kia Motors Corp.
| | | 253 | | 7,879 |
Korea Gas Corp.
| | | 202 | | 8,026 |
KT&G Corp.
| | | 230 | | 20,972 |
LG Electronics, Inc.
| | | 172 | | 11,380 |
LG Household & Health Care, Ltd.
| | | 5 | | 6,242 |
NAVER Corp.
| | | 219 | | 23,924 |
NCSoft Corp.
| | | 22 | | 9,613 |
Netmarble Corp. (b)(f)
| | | 48 | | 5,286 |
| Security Description | | | Shares | | Value |
S-1 Corp.
| | | 72 | | $6,375 |
Samsung Biologics Co., Ltd. (b)(f)
| | | 96 | | 27,021 |
Samsung C&T Corp.
| | | 144 | | 13,574 |
Samsung Electronics Co., Ltd. Preference Shares
| | | 1,341 | | 42,825 |
Samsung Electronics Co., Ltd.
| | | 6,797 | | 267,365 |
Samsung Engineering Co., Ltd. (b)
| | | 473 | | 6,709 |
Samsung Fire & Marine Insurance Co., Ltd.
| | | 34 | | 9,016 |
Samsung Life Insurance Co., Ltd.
| | | 110 | | 8,150 |
Samsung SDI Co., Ltd.
| | | 72 | | 13,606 |
Samsung SDS Co., Ltd.
| | | 81 | | 16,769 |
Shinhan Financial Group Co., Ltd.
| | | 595 | | 22,016 |
SK Holdings Co., Ltd.
| | | 117 | | 27,882 |
SK Hynix, Inc.
| | | 860 | | 56,217 |
SK Telecom Co., Ltd.
| | | 32 | | 7,090 |
Woori Financial Group, Inc.
| | | 518 | | 6,275 |
| | | | | | 945,894 |
| SPAIN — 1.1% | | | | | |
Aena SME SA (f)
| | | 328 | | 59,111 |
Amadeus IT Group SA
| | | 694 | | 55,639 |
Banco Bilbao Vizcaya Argentaria SA
| | | 10,733 | | 61,379 |
Banco de Sabadell SA
| | | 5,507 | | 5,490 |
Banco Santander SA
| | | 23,034 | | 107,192 |
CaixaBank SA
| | | 2,128 | | 6,652 |
Enagas SA
| | | 1,068 | | 31,107 |
Ferrovial SA
| | | 2,012 | | 47,172 |
Grifols SA
| | | 533 | | 14,938 |
Industria de Diseno Textil SA
| | | 2,232 | | 65,662 |
Mapfre SA
| | | 7,282 | | 20,082 |
Red Electrica Corp. SA
| | | 4,024 | | 85,849 |
Siemens Gamesa Renewable Energy SA (b)
| | | 1,088 | | 17,342 |
Telefonica SA
| | | 9,624 | | 80,712 |
| | | | | | 658,327 |
| SWEDEN — 0.9% | | | | | |
Alfa Laval AB
| | | 552 | | 12,700 |
Assa Abloy AB Class B
| | | 2,165 | | 46,846 |
Atlas Copco AB Class A
| | | 177 | | 4,764 |
Atlas Copco AB Class B
| | | 1,240 | | 30,762 |
Autoliv, Inc.
| | | 112 | | 8,235 |
Boliden AB
| | | 2,621 | | 74,770 |
Epiroc AB Class A (b)
| | | 177 | | 1,791 |
Hennes & Mauritz AB Class B (c)
| | | 1,649 | | 27,557 |
Hexagon AB Class B
| | | 352 | | 18,406 |
ICA Gruppen AB (c)
| | | 298 | | 11,984 |
Industrivarden AB Class C
| | | 1,461 | | 30,676 |
Investor AB Class B
| | | 1,294 | | 58,413 |
Kinnevik AB Class B
| | | 1,137 | | 29,518 |
Sandvik AB
| | | 1,021 | | 16,622 |
Securitas AB Class B
| | | 310 | | 5,022 |
Skandinaviska Enskilda Banken AB Class A (c)
| | | 947 | | 8,217 |
Skanska AB Class B (c)
| | | 749 | | 13,639 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Svenska Handelsbanken AB Class A (c)
| | | 1,682 | | $17,790 |
Swedbank AB Class A (c)
| | | 715 | | 10,125 |
Swedish Match AB
| | | 147 | | 7,511 |
Tele2 AB Class B
| | | 398 | | 5,314 |
Telefonaktiebolaget LM Ericsson Class B
| | | 4,784 | | 44,058 |
Telia Co. AB
| | | 3,403 | | 15,391 |
Volvo AB Class B
| | | 2,701 | | 41,933 |
| | | | | | 542,044 |
| SWITZERLAND — 2.7% | | | | | |
ABB, Ltd.
| | | 2,275 | | 42,740 |
Adecco Group AG
| | | 380 | | 20,269 |
Chocoladefabriken Lindt & Spruengli AG
| | | 7 | | 47,585 |
Cie Financiere Richemont SA
| | | 773 | | 56,304 |
Coca-Cola HBC AG
| | | 184 | | 6,270 |
Credit Suisse Group AG
| | | 1,781 | | 20,754 |
EMS-Chemie Holding AG
| | | 22 | | 11,929 |
Ferguson PLC
| | | 444 | | 28,257 |
Geberit AG
| | | 75 | | 30,651 |
Givaudan SA
| | | 21 | | 53,644 |
Kuehne + Nagel International AG
| | | 82 | | 11,247 |
Lonza Group AG
| | | 62 | | 19,224 |
Nestle SA
| | | 4,190 | | 399,268 |
Novartis AG
| | | 2,927 | | 281,502 |
Roche Holding AG
| | | 975 | | 268,592 |
Schindler Holding AG
| | | 43 | | 8,912 |
SGS SA
| | | 11 | | 27,370 |
Sika AG
| | | 400 | | 55,869 |
Sonova Holding AG
| | | 37 | | 7,319 |
STMicroelectronics NV
| | | 895 | | 13,230 |
Swatch Group AG
| | | 50 | | 14,309 |
Swiss Life Holding AG
| | | 12 | | 5,284 |
Swiss Re AG
| | | 373 | | 36,435 |
Swisscom AG (c)
| | | 40 | | 19,560 |
TE Connectivity, Ltd.
| | | 574 | | 46,350 |
Temenos AG
| | | 65 | | 9,581 |
UBS Group AG
| | | 4,917 | | 59,593 |
Vifor Pharma AG
| | | 88 | | 11,898 |
Zurich Insurance Group AG
| | | 231 | | 76,451 |
| | | | | | 1,690,397 |
| TAIWAN — 1.2% | | | | | |
Acer, Inc.
| | | 2,000 | | 1,282 |
Asustek Computer, Inc.
| | | 2,000 | | 14,471 |
Catcher Technology Co., Ltd.
| | | 1,000 | | 7,690 |
Cathay Financial Holding Co., Ltd.
| | | 22,000 | | 32,086 |
Chailease Holding Co., Ltd.
| | | 2,240 | | 9,157 |
Chang Hwa Commercial Bank, Ltd.
| | | 6,000 | | 3,592 |
China Development Financial Holding Corp.
| | | 34,000 | | 11,362 |
China Life Insurance Co., Ltd.
| | | 4,857 | | 4,121 |
Chunghwa Telecom Co., Ltd.
| | | 9,000 | | 31,975 |
CTBC Financial Holding Co., Ltd.
| | | 35,359 | | 23,461 |
Delta Electronics, Inc.
| | | 2,000 | | 10,318 |
| Security Description | | | Shares | | Value |
Fubon Financial Holding Co., Ltd.
| | | 18,000 | | $26,865 |
Hiwin Technologies Corp.
| | | 170 | | 1,434 |
Hon Hai Precision Industry Co., Ltd.
| | | 18,656 | | 44,490 |
Hua Nan Financial Holdings Co., Ltd.
| | | 15,000 | | 9,442 |
MediaTek, Inc.
| | | 4,000 | | 36,664 |
Mega Financial Holding Co., Ltd.
| | | 23,922 | | 21,772 |
Novatek Microelectronics Corp.
| | | 2,000 | | 12,849 |
President Chain Store Corp.
| | | 1,000 | | 9,847 |
Ruentex Development Co., Ltd.
| | | 9,000 | | 13,608 |
Ruentex Industries, Ltd.
| | | 4,400 | | 11,549 |
Shin Kong Financial Holding Co., Ltd.
| | | 47,290 | | 13,932 |
SinoPac Financial Holdings Co., Ltd.
| | | 51,160 | | 18,923 |
Synnex Technology International Corp.
| | | 12,000 | | 14,406 |
Taishin Financial Holding Co., Ltd.
| | | 53,675 | | 24,469 |
Taiwan Business Bank
| | | 20,000 | | 7,787 |
Taiwan Cooperative Financial Holding Co., Ltd.
| | | 19,110 | | 12,091 |
Taiwan Mobile Co., Ltd.
| | | 1,000 | | 3,618 |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | | 36,000 | | 286,757 |
Tatung Co., Ltd. (b)
| | | 2,000 | | 1,577 |
Uni-President Enterprises Corp.
| | | 9,000 | | 21,843 |
Yageo Corp.
| | | 198 | | 2,075 |
Yuanta Financial Holding Co., Ltd.
| | | 28,573 | | 16,270 |
| | | | | | 761,783 |
| THAILAND — 0.3% | | | | | |
Airports of Thailand PCL
| | | 13,500 | | 28,714 |
Bangkok Bank PCL NVDR
| | | 2,000 | | 13,046 |
Bangkok Dusit Medical Services PCL NVDR
| | | 11,400 | | 8,909 |
Bangkok Expressway & Metro PCL NVDR
| | | 35,000 | | 11,139 |
BTS Group Holdings PCL NVDR
| | | 17,600 | | 6,101 |
CP ALL PCL
| | | 7,064 | | 16,639 |
Energy Absolute PCL NVDR
| | | 4,200 | | 6,353 |
Kasikornbank PCL
| | | 2,000 | | 11,848 |
Kasikornbank PCL NVDR
| | | 2,100 | | 12,407 |
Krung Thai Bank PCL
| | | 26,400 | | 15,972 |
Minor International PCL NVDR
| | | 6,800 | | 8,357 |
Siam Commercial Bank PCL NVDR
| | | 1,900 | | 7,903 |
Siam Commercial Bank PCL
| | | 2,800 | | 11,646 |
| | | | | | 159,034 |
| TURKEY — 0.1% | | | | | |
Akbank T.A.S. (b)
| | | 17,220 | | 19,263 |
TAV Havalimanlari Holding A/S
| | | 1,180 | | 4,875 |
Turkiye Garanti Bankasi A/S
| | | 7,186 | | 10,608 |
Turkiye Is Bankasi A/S Class C
| | | 12,480 | | 12,150 |
| | | | | | 46,896 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| UNITED ARAB EMIRATES — 0.1% | | | | | |
Emirates Telecommunications Group Co. PJSC
| | | 5,983 | | $27,202 |
NMC Health PLC
| | | 194 | | 5,774 |
| | | | | | 32,976 |
| UNITED KINGDOM — 5.1% | | | | | |
3i Group PLC
| | | 2,793 | | 35,841 |
Ashtead Group PLC
| | | 697 | | 16,825 |
AstraZeneca PLC
| | | 1,790 | | 143,096 |
Auto Trader Group PLC (f)
| | | 1,136 | | 7,721 |
Aviva PLC
| | | 9,244 | | 49,675 |
BAE Systems PLC
| | | 3,813 | | 23,968 |
Barclays PLC
| | | 24,501 | | 49,383 |
Barratt Developments PLC
| | | 2,708 | | 21,144 |
Berkeley Group Holdings PLC
| | | 265 | | 12,738 |
British American Tobacco PLC ADR
| | | 3,344 | | 139,512 |
British Land Co. PLC REIT
| | | 5,081 | | 38,997 |
BT Group PLC
| | | 10,467 | | 30,408 |
Bunzl PLC
| | | 885 | | 29,199 |
Burberry Group PLC
| | | 773 | | 19,687 |
Capri Holdings, Ltd. (b)
| | | 305 | | 13,954 |
CNH Industrial NV
| | | 1,413 | | 14,381 |
Coca-Cola European Partners PLC (b)
| | | 159 | | 8,227 |
Compass Group PLC
| | | 3,199 | | 75,220 |
ConvaTec Group PLC (f)
| | | 3,785 | | 6,981 |
Croda International PLC
| | | 274 | | 17,988 |
DCC PLC
| | | 226 | | 19,539 |
Diageo PLC
| | | 4,028 | | 164,704 |
Direct Line Insurance Group PLC
| | | 1,865 | | 8,579 |
Experian PLC
| | | 2,661 | | 72,088 |
Fiat Chrysler Automobiles NV (b)
| | | 1,245 | | 18,554 |
GlaxoSmithKline PLC
| | | 7,457 | | 155,159 |
GVC Holdings PLC
| | | 1,230 | | 8,959 |
Hammerson PLC REIT
| | | 3,549 | | 15,529 |
Hargreaves Lansdown PLC
| | | 231 | | 5,609 |
HSBC Holdings PLC
| | | 29,836 | | 242,325 |
Imperial Brands PLC
| | | 1,643 | | 56,188 |
Informa PLC
| | | 2,298 | | 22,284 |
Intertek Group PLC
| | | 298 | | 18,860 |
ITV PLC
| | | 5,413 | | 8,965 |
John Wood Group PLC
| | | 4,448 | | 29,409 |
Johnson Matthey PLC
| | | 678 | | 27,759 |
Kingfisher PLC
| | | 4,149 | | 12,694 |
Land Securities Group PLC REIT
| | | 2,882 | | 34,302 |
Legal & General Group PLC
| | | 15,081 | | 54,100 |
Liberty Global PLC Class A (b)
| | | 703 | | 17,519 |
Linde PLC
| | | 621 | | 109,253 |
Lloyds Banking Group PLC
| | | 114,554 | | 92,756 |
London Stock Exchange Group PLC
| | | 357 | | 22,101 |
Marks & Spencer Group PLC
| | | 1,881 | | 6,836 |
Meggitt PLC
| | | 2,391 | | 15,665 |
Melrose Industries PLC
| | | 7,611 | | 18,164 |
Merlin Entertainments PLC (f)
| | | 2,144 | | 9,591 |
| Security Description | | | Shares | | Value |
Micro Focus International PLC ADR
| | | 796 | | $20,529 |
National Grid PLC
| | | 4,590 | | 50,886 |
Next PLC
| | | 247 | | 17,959 |
Pearson PLC
| | | 1,880 | | 20,485 |
Pentair PLC
| | | 13 | | 579 |
Persimmon PLC
| | | 606 | | 17,135 |
Prudential PLC
| | | 3,860 | | 77,333 |
Reckitt Benckiser Group PLC
| | | 1,011 | | 84,076 |
RELX PLC (e)
| | | 2,244 | | 47,998 |
RELX PLC (e)
| | | 1,816 | | 38,845 |
Rolls-Royce Holdings PLC
| | | 3,190 | | 37,544 |
Royal Bank of Scotland Group PLC
| | | 372 | | 1,197 |
Royal Mail PLC
| | | 1,095 | | 3,400 |
RSA Insurance Group PLC
| | | 2,516 | | 16,648 |
Sage Group PLC
| | | 1,689 | | 15,432 |
Schroders PLC
| | | 160 | | 5,633 |
Segro PLC REIT
| | | 2,130 | | 18,690 |
Severn Trent PLC
| | | 1,989 | | 51,213 |
Smith & Nephew PLC
| | | 1,474 | | 29,252 |
Smiths Group PLC
| | | 578 | | 10,808 |
St James's Place PLC
| | | 724 | | 9,698 |
Standard Chartered PLC
| | | 5,194 | | 40,019 |
Standard Life Aberdeen PLC
| | | 7,927 | | 27,264 |
Taylor Wimpey PLC
| | | 8,004 | | 18,299 |
TechnipFMC PLC
| | | 2,191 | | 51,270 |
Tesco PLC
| | | 13,370 | | 40,436 |
Unilever NV
| | | 2,172 | | 126,283 |
Unilever PLC
| | | 1,572 | | 90,027 |
United Utilities Group PLC
| | | 6,593 | | 69,965 |
Vodafone Group PLC
| | | 41,857 | | 76,249 |
Weir Group PLC
| | | 565 | | 11,470 |
Whitbread PLC
| | | 364 | | 24,086 |
WPP PLC
| | | 2,284 | | 24,131 |
| | | | | | 3,197,275 |
| UNITED STATES — 54.0% | | | | | |
3M Co.
| | | 839 | | 174,327 |
Abbott Laboratories
| | | 2,577 | | 206,005 |
AbbVie, Inc.
| | | 2,071 | | 166,902 |
ABIOMED, Inc. (b)
| | | 40 | | 11,424 |
Activision Blizzard, Inc.
| | | 969 | | 44,119 |
Acuity Brands, Inc.
| | | 79 | | 9,481 |
Adobe, Inc. (b)
| | | 663 | | 176,683 |
Advance Auto Parts, Inc.
| | | 91 | | 15,518 |
Advanced Micro Devices, Inc. (b)(c)
| | | 1,437 | | 36,672 |
Affiliated Managers Group, Inc.
| | | 40 | | 4,284 |
Aflac, Inc.
| | | 1,522 | | 76,100 |
Agilent Technologies, Inc.
| | | 551 | | 44,289 |
AGNC Investment Corp. REIT
| | | 1,069 | | 19,242 |
Akamai Technologies, Inc. (b)
| | | 263 | | 18,860 |
Albemarle Corp. (c)
| | | 264 | | 21,643 |
Alexandria Real Estate Equities, Inc. REIT
| | | 111 | | 15,824 |
Alexion Pharmaceuticals, Inc. (b)
| | | 275 | | 37,174 |
Align Technology, Inc. (b)
| | | 111 | | 31,561 |
Alleghany Corp. (b)
| | | 8 | | 4,899 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Allegion PLC
| | | 159 | | $14,423 |
Allergan PLC
| | | 514 | | 75,255 |
Alliance Data Systems Corp.
| | | 70 | | 12,249 |
Allstate Corp.
| | | 563 | | 53,023 |
Ally Financial, Inc.
| | | 866 | | 23,806 |
Alphabet, Inc. Class A (b)
| | | 437 | | 514,301 |
Alphabet, Inc. Class C (b)
| | | 404 | | 474,017 |
Altice USA, Inc. Class A (c)
| | | 203 | | 4,360 |
Altria Group, Inc.
| | | 2,742 | | 157,473 |
Amazon.com, Inc. (b)
| | | 564 | | 1,004,343 |
AMERCO
| | | 40 | | 14,860 |
American Express Co.
| | | 1,181 | | 129,083 |
American International Group, Inc.
| | | 1,762 | | 75,872 |
American Tower Corp. REIT
| | | 647 | | 127,498 |
American Water Works Co., Inc.
| | | 1,643 | | 171,299 |
Ameriprise Financial, Inc.
| | | 196 | | 25,108 |
AmerisourceBergen Corp.
| | | 211 | | 16,779 |
AMETEK, Inc.
| | | 196 | | 16,262 |
Amgen, Inc.
| | | 919 | | 174,592 |
Amphenol Corp. Class A
| | | 232 | | 21,910 |
Analog Devices, Inc.
| | | 682 | | 71,794 |
Annaly Capital Management, Inc. REIT
| | | 2,449 | | 24,466 |
ANSYS, Inc. (b)
| | | 51 | | 9,318 |
Anthem, Inc.
| | | 372 | | 106,757 |
AO Smith Corp.
| | | 372 | | 19,835 |
Aon PLC
| | | 356 | | 60,769 |
Apple, Inc.
| | | 6,687 | | 1,270,196 |
Applied Materials, Inc.
| | | 1,380 | | 54,731 |
Aptiv PLC
| | | 391 | | 31,081 |
Arista Networks, Inc. (b)
| | | 32 | | 10,063 |
Assurant, Inc.
| | | 79 | | 7,498 |
AT&T, Inc.
| | | 10,368 | | 325,140 |
Athene Holding, Ltd. Class A (b)
| | | 211 | | 8,609 |
Atmos Energy Corp.
| | | 1,521 | | 156,557 |
Autodesk, Inc. (b)
| | | 321 | | 50,018 |
Automatic Data Processing, Inc.
| | | 697 | | 111,339 |
AutoZone, Inc. (b)
| | | 49 | | 50,182 |
AvalonBay Communities, Inc. REIT
| | | 242 | | 48,577 |
Avery Dennison Corp.
| | | 355 | | 40,115 |
AXA Equitable Holdings, Inc.
| | | 542 | | 10,916 |
Axalta Coating Systems, Ltd. (b)
| | | 1,043 | | 26,294 |
Baker Hughes a GE Co.
| | | 3,353 | | 92,945 |
Ball Corp.
| | | 624 | | 36,105 |
Bank of America Corp.
| | | 13,224 | | 364,850 |
Bank of New York Mellon Corp.
| | | 1,277 | | 64,399 |
Baxter International, Inc.
| | | 627 | | 50,981 |
BB&T Corp.
| | | 1,131 | | 52,625 |
Becton Dickinson and Co.
| | | 400 | | 99,892 |
Berkshire Hathaway, Inc. Class B (b)
| | | 1,741 | | 349,749 |
Best Buy Co., Inc.
| | | 371 | | 26,363 |
Biogen, Inc. (b)
| | | 261 | | 61,695 |
BioMarin Pharmaceutical, Inc. (b)
| | | 119 | | 10,571 |
BlackRock, Inc.
| | | 198 | | 84,619 |
Boeing Co.
| | | 802 | | 305,899 |
| Security Description | | | Shares | | Value |
Booking Holdings, Inc. (b)
| | | 77 | | $134,358 |
BorgWarner, Inc.
| | | 284 | | 10,908 |
Boston Properties, Inc. REIT
| | | 160 | | 21,421 |
Boston Scientific Corp. (b)
| | | 2,043 | | 78,410 |
Brighthouse Financial, Inc. (b)
| | | 289 | | 10,488 |
Bristol-Myers Squibb Co.
| | | 2,272 | | 108,397 |
Broadcom, Inc.
| | | 622 | | 187,042 |
Broadridge Financial Solutions, Inc.
| | | 159 | | 16,487 |
Brookfield Property REIT, Inc. Class A,
| | | 271 | | 5,553 |
Brown-Forman Corp. Class B
| | | 483 | | 25,493 |
Burlington Stores, Inc. (b)
| | | 40 | | 6,267 |
C.H. Robinson Worldwide, Inc.
| | | 212 | | 18,442 |
Cadence Design Systems, Inc. (b)
| | | 292 | | 18,545 |
Capital One Financial Corp.
| | | 821 | | 67,067 |
Cardinal Health, Inc.
| | | 482 | | 23,208 |
CarMax, Inc. (b)(c)
| | | 210 | | 14,658 |
Caterpillar, Inc.
| | | 811 | | 109,882 |
Cboe Global Markets, Inc.
| | | 79 | | 7,540 |
CBRE Group, Inc. Class A (b)
| | | 571 | | 28,236 |
CBS Corp. Class B
| | | 251 | | 11,930 |
CDW Corp.
| | | 119 | | 11,468 |
Celgene Corp. (b)
| | | 837 | | 78,963 |
Centene Corp. (b)
| | | 474 | | 25,169 |
CenturyLink, Inc.
| | | 1,431 | | 17,158 |
Cerner Corp. (b)
| | | 254 | | 14,531 |
Charles Schwab Corp.
| | | 1,195 | | 51,098 |
Charter Communications, Inc. Class A (b)
| | | 194 | | 67,301 |
Chemours Co.
| | | 170 | | 6,317 |
Cheniere Energy, Inc. (b)
| | | 1,601 | | 109,444 |
Chevron Corp.
| | | 159 | | 19,586 |
Chipotle Mexican Grill, Inc. (b)
| | | 42 | | 29,833 |
Chubb, Ltd.
| | | 700 | | 98,056 |
Church & Dwight Co., Inc.
| | | 344 | | 24,503 |
Cigna Corp.
| | | 602 | | 96,814 |
Cincinnati Financial Corp.
| | | 104 | | 8,934 |
Cintas Corp.
| | | 166 | | 33,550 |
Cisco Systems, Inc.
| | | 6,789 | | 366,538 |
CIT Group, Inc.
| | | 329 | | 15,782 |
Citigroup, Inc.
| | | 3,661 | | 227,787 |
Citizens Financial Group, Inc.
| | | 782 | | 25,415 |
Citrix Systems, Inc.
| | | 184 | | 18,337 |
Clorox Co.
| | | 154 | | 24,711 |
CME Group, Inc.
| | | 454 | | 74,719 |
Coca-Cola Co.
| | | 6,286 | | 294,562 |
Cognex Corp.
| | | 159 | | 8,087 |
Cognizant Technology Solutions Corp. Class A
| | | 877 | | 63,539 |
Colgate-Palmolive Co.
| | | 1,277 | | 87,526 |
Comcast Corp. Class A
| | | 6,501 | | 259,910 |
Comerica, Inc.
| | | 126 | | 9,238 |
Conagra Brands, Inc.
| | | 542 | | 15,035 |
Concho Resources, Inc.
| | | 740 | | 82,110 |
Consolidated Edison, Inc.
| | | 2,033 | | 172,419 |
Constellation Brands, Inc. Class A
| | | 264 | | 46,287 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Cooper Cos., Inc.
| | | 30 | | $8,885 |
Copart, Inc. (b)
| | | 449 | | 27,205 |
Corning, Inc.
| | | 1,138 | | 37,668 |
CoStar Group, Inc. (b)
| | | 64 | | 29,851 |
Costco Wholesale Corp.
| | | 773 | | 187,174 |
Coty, Inc. Class A
| | | 1,126 | | 12,949 |
Crown Castle International Corp. REIT
| | | 683 | | 87,424 |
CSX Corp.
| | | 1,254 | | 93,824 |
Cummins, Inc.
| | | 203 | | 32,048 |
CVS Health Corp.
| | | 1,810 | | 97,613 |
D.R. Horton, Inc.
| | | 327 | | 13,531 |
Danaher Corp.
| | | 1,012 | | 133,604 |
Darden Restaurants, Inc.
| | | 159 | | 19,314 |
DaVita, Inc. (b)
| | | 106 | | 5,755 |
Deere & Co.
| | | 423 | | 67,612 |
Dell Technologies, Inc. Class C (b)
| | | 489 | | 28,699 |
DENTSPLY SIRONA, Inc.
| | | 481 | | 23,853 |
DexCom, Inc. (b)
| | | 119 | | 14,173 |
Diamondback Energy, Inc.
| | | 602 | | 61,121 |
Digital Realty Trust, Inc. REIT
| | | 184 | | 21,896 |
Discover Financial Services
| | | 462 | | 32,876 |
Discovery, Inc. Class A (b)
| | | 563 | | 15,212 |
DISH Network Corp. Class A (b)
| | | 330 | | 10,458 |
Dollar General Corp.
| | | 384 | | 45,811 |
Dollar Tree, Inc. (b)
| | | 253 | | 26,575 |
Domino's Pizza, Inc.
| | | 71 | | 18,325 |
Dover Corp.
| | | 252 | | 23,638 |
DowDuPont, Inc.
| | | 2,807 | | 149,641 |
Duke Realty Corp. REIT
| | | 211 | | 6,452 |
DXC Technology Co.
| | | 466 | | 29,968 |
Eaton Corp. PLC
| | | 594 | | 47,853 |
eBay, Inc.
| | | 1,743 | | 64,735 |
Ecolab, Inc.
| | | 705 | | 124,461 |
Edison International
| | | 1,155 | | 71,518 |
Edwards Lifesciences Corp. (b)
| | | 278 | | 53,190 |
Elanco Animal Health, Inc. (b)
| | | 230 | | 7,376 |
Electronic Arts, Inc. (b)
| | | 391 | | 39,737 |
Eli Lilly & Co.
| | | 1,289 | | 167,261 |
Emerson Electric Co.
| | | 968 | | 66,279 |
EOG Resources, Inc.
| | | 621 | | 59,107 |
Equifax, Inc.
| | | 251 | | 29,743 |
Equinix, Inc. REIT
| | | 121 | | 54,832 |
Equity Residential REIT
| | | 629 | | 47,376 |
Essex Property Trust, Inc. REIT
| | | 81 | | 23,428 |
Estee Lauder Cos., Inc. Class A
| | | 393 | | 65,061 |
Everest Re Group, Ltd.
| | | 50 | | 10,798 |
Eversource Energy
| | | 2,856 | | 202,633 |
Exelon Corp.
| | | 542 | | 27,170 |
Expedia Group, Inc.
| | | 188 | | 22,372 |
Expeditors International of Washington, Inc.
| | | 502 | | 38,102 |
Extra Space Storage, Inc. REIT
| | | 93 | | 9,478 |
F5 Networks, Inc. (b)
| | | 79 | | 12,397 |
Facebook, Inc. Class A (b)
| | | 3,321 | | 553,577 |
Fastenal Co. (c)
| | | 462 | | 29,711 |
| Security Description | | | Shares | | Value |
FedEx Corp.
| | | 79 | | $14,331 |
Fidelity National Financial, Inc.
| | | 623 | | 22,771 |
Fidelity National Information Services, Inc.
| | | 601 | | 67,973 |
Fifth Third Bancorp
| | | 970 | | 24,463 |
First Data Corp. Class A (b)
| | | 909 | | 23,879 |
Fiserv, Inc. (b)(c)
| | | 619 | | 54,645 |
FleetCor Technologies, Inc. (b)
| | | 133 | | 32,796 |
FLIR Systems, Inc.
| | | 161 | | 7,660 |
Flowserve Corp.
| | | 289 | | 13,045 |
Fluor Corp.
| | | 431 | | 15,861 |
FMC Corp.
| | | 449 | | 34,492 |
Ford Motor Co.
| | | 4,614 | | 40,511 |
Fortinet, Inc. (b)
| | | 133 | | 11,168 |
Fortive Corp.
| | | 456 | | 38,254 |
Fox Corp. Class A (b)
| | | 587 | | 21,549 |
Fox Corp. Class B (b)
| | | 85 | | 3,050 |
Franklin Resources, Inc. (c)
| | | 446 | | 14,780 |
Freeport-McMoRan, Inc.
| | | 1,550 | | 19,979 |
Garmin, Ltd.
| | | 228 | | 19,688 |
Gartner, Inc. (b)
| | | 79 | | 11,983 |
General Dynamics Corp.
| | | 428 | | 72,452 |
General Electric Co.
| | | 13,765 | | 137,512 |
General Mills, Inc.
| | | 830 | | 42,952 |
General Motors Co.
| | | 1,467 | | 54,426 |
Genuine Parts Co.
| | | 161 | | 18,037 |
Gilead Sciences, Inc.
| | | 1,881 | | 122,284 |
Global Payments, Inc.
| | | 54 | | 7,372 |
GoDaddy, Inc. Class A (b)
| | | 79 | | 5,940 |
Goldman Sachs Group, Inc.
| | | 514 | | 98,683 |
GrubHub, Inc. (b)
| | | 159 | | 11,046 |
H&R Block, Inc. (c)
| | | 291 | | 6,967 |
Halliburton Co.
| | | 3,157 | | 92,500 |
Harley-Davidson, Inc. (c)
| | | 355 | | 12,659 |
Harris Corp.
| | | 174 | | 27,790 |
Hartford Financial Services Group, Inc.
| | | 605 | | 30,081 |
Hasbro, Inc.
| | | 214 | | 18,194 |
HCA Healthcare, Inc.
| | | 329 | | 42,895 |
HCP, Inc. REIT
| | | 330 | | 10,329 |
HD Supply Holdings, Inc. (b)
| | | 314 | | 13,612 |
Helmerich & Payne, Inc.
| | | 877 | | 48,726 |
Henry Schein, Inc. (b)(c)
| | | 119 | | 7,153 |
Hershey Co.
| | | 149 | | 17,110 |
Hewlett Packard Enterprise Co.
| | | 2,502 | | 38,606 |
Hilton Worldwide Holdings, Inc.
| | | 119 | | 9,890 |
HollyFrontier Corp.
| | | 1,159 | | 57,104 |
Hologic, Inc. (b)
| | | 292 | | 14,133 |
Home Depot, Inc.
| | | 1,623 | | 311,437 |
Honeywell International, Inc.
| | | 1,262 | | 200,557 |
Host Hotels & Resorts, Inc. REIT
| | | 1,417 | | 26,781 |
HP, Inc.
| | | 2,697 | | 52,403 |
Humana, Inc.
| | | 207 | | 55,062 |
Huntington Bancshares, Inc.
| | | 349 | | 4,425 |
Huntington Ingalls Industries, Inc.
| | | 33 | | 6,838 |
IAC/InterActiveCorp (b)
| | | 79 | | 16,599 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
IDEXX Laboratories, Inc. (b)
| | | 111 | | $24,820 |
IHS Markit, Ltd. (b)
| | | 867 | | 47,147 |
Illinois Tool Works, Inc.
| | | 459 | | 65,880 |
Illumina, Inc. (b)
| | | 188 | | 58,410 |
Incyte Corp. (b)
| | | 130 | | 11,181 |
Ingersoll-Rand PLC
| | | 363 | | 39,186 |
Intel Corp.
| | | 6,677 | | 358,555 |
Intercontinental Exchange, Inc.
| | | 637 | | 48,501 |
International Business Machines Corp.
| | | 1,459 | | 205,865 |
International Flavors & Fragrances, Inc. (c)(e)
| | | 223 | | 28,720 |
International Flavors & Fragrances, Inc. (e)
| | | 54 | | 6,990 |
Interpublic Group of Cos., Inc.
| | | 420 | | 8,824 |
Intuit, Inc.
| | | 357 | | 93,323 |
Intuitive Surgical, Inc. (b)
| | | 169 | | 96,428 |
Invesco, Ltd.
| | | 461 | | 8,902 |
Invitation Homes, Inc. REIT
| | | 251 | | 6,107 |
IPG Photonics Corp. (b)
| | | 40 | | 6,071 |
IQVIA Holdings, Inc. (b)
| | | 173 | | 24,886 |
J.M. Smucker Co.
| | | 132 | | 15,378 |
Jack Henry & Associates, Inc.
| | | 119 | | 16,510 |
Jacobs Engineering Group, Inc.
| | | 538 | | 40,452 |
Johnson & Johnson
| | | 3,855 | | 538,890 |
Johnson Controls International PLC
| | | 1,181 | | 43,626 |
Jones Lang LaSalle, Inc.
| | | 111 | | 17,114 |
JPMorgan Chase & Co.
| | | 4,650 | | 470,719 |
Juniper Networks, Inc.
| | | 327 | | 8,656 |
Kellogg Co.
| | | 184 | | 10,558 |
KeyCorp
| | | 805 | | 12,679 |
Keysight Technologies, Inc. (b)
| | | 159 | | 13,865 |
Kimberly-Clark Corp.
| | | 251 | | 31,099 |
Kimco Realty Corp. REIT
| | | 736 | | 13,616 |
Kinder Morgan, Inc.
| | | 2,675 | | 53,527 |
KLA-Tencor Corp.
| | | 190 | | 22,688 |
Kohl's Corp.
| | | 119 | | 8,184 |
Kraft Heinz Co.
| | | 1,014 | | 33,107 |
Kroger Co.
| | | 449 | | 11,045 |
L Brands, Inc.
| | | 377 | | 10,398 |
L3 Technologies, Inc.
| | | 123 | | 25,383 |
Laboratory Corp. of America Holdings (b)
| | | 114 | | 17,440 |
Lam Research Corp.
| | | 204 | | 36,518 |
Lamb Weston Holdings, Inc.
| | | 159 | | 11,915 |
Las Vegas Sands Corp.
| | | 816 | | 49,743 |
Lear Corp.
| | | 40 | | 5,428 |
Leidos Holdings, Inc.
| | | 214 | | 13,715 |
Lennar Corp. Class A
| | | 321 | | 15,758 |
Lennox International, Inc.
| | | 79 | | 20,888 |
Liberty Media Corp.-Liberty Formula One Class C (b)
| | | 448 | | 15,702 |
Liberty Media Corp.-Liberty SiriusXM Class A (b)
| | | 410 | | 15,654 |
Lincoln National Corp.
| | | 279 | | 16,377 |
Live Nation Entertainment, Inc. (b)(c)
| | | 119 | | 7,561 |
| Security Description | | | Shares | | Value |
Livent Corp. (b)
| | | 360 | | $4,421 |
LKQ Corp. (b)
| | | 518 | | 14,701 |
Lockheed Martin Corp.
| | | 306 | | 91,849 |
Loews Corp.
| | | 778 | | 37,290 |
Lowe's Cos., Inc.
| | | 1,145 | | 125,343 |
Lululemon Athletica, Inc. (b)
| | | 161 | | 26,383 |
M&T Bank Corp.
| | | 176 | | 27,636 |
Macerich Co. REIT (c)
| | | 246 | | 10,664 |
Macy's, Inc.
| | | 291 | | 6,993 |
ManpowerGroup, Inc.
| | | 243 | | 20,094 |
Marathon Petroleum Corp.
| | | 2,226 | | 133,226 |
Markel Corp. (b)
| | | 19 | | 18,929 |
Marriott International, Inc. Class A
| | | 106 | | 13,260 |
Marsh & McLennan Cos., Inc.
| | | 873 | | 81,975 |
Masco Corp.
| | | 697 | | 27,399 |
Mastercard, Inc. Class A
| | | 1,321 | | 311,029 |
Mattel, Inc. (b)(c)
| | | 621 | | 8,073 |
Maxim Integrated Products, Inc.
| | | 310 | | 16,483 |
McCormick & Co., Inc. (c)
| | | 217 | | 32,687 |
McDonald's Corp.
| | | 1,157 | | 219,714 |
McKesson Corp.
| | | 324 | | 37,927 |
Medtronic PLC
| | | 2,034 | | 185,257 |
Merck & Co., Inc.
| | | 3,818 | | 317,543 |
MetLife, Inc.
| | | 1,524 | | 64,877 |
Mettler-Toledo International, Inc. (b)
| | | 40 | | 28,920 |
MGM Resorts International
| | | 809 | | 20,759 |
Microchip Technology, Inc. (c)
| | | 292 | | 24,224 |
Micron Technology, Inc. (b)
| | | 1,590 | | 65,715 |
Microsoft Corp.
| | | 10,215 | | 1,204,757 |
Mid-America Apartment Communities, Inc. REIT
| | | 40 | | 4,373 |
Middleby Corp. (b)(c)
| | | 79 | | 10,272 |
Molson Coors Brewing Co. Class B
| | | 300 | | 17,895 |
Mondelez International, Inc. Class A
| | | 2,328 | | 116,214 |
Monster Beverage Corp. (b)
| | | 622 | | 33,949 |
Moody's Corp.
| | | 207 | | 37,486 |
Morgan Stanley
| | | 1,626 | | 68,617 |
Mosaic Co.
| | | 159 | | 4,342 |
Motorola Solutions, Inc.
| | | 160 | | 22,467 |
MSCI, Inc.
| | | 159 | | 31,616 |
Mylan NV (b)
| | | 697 | | 19,753 |
Nasdaq, Inc.
| | | 21 | | 1,837 |
National Oilwell Varco, Inc.
| | | 2,026 | | 53,973 |
Nektar Therapeutics (b)
| | | 251 | | 8,434 |
NetApp, Inc.
| | | 420 | | 29,123 |
Netflix, Inc. (b)
| | | 601 | | 214,293 |
Newell Brands, Inc. (c)
| | | 533 | | 8,176 |
News Corp. Class A
| | | 898 | | 11,171 |
Nielsen Holdings PLC
| | | 891 | | 21,090 |
NIKE, Inc. Class B
| | | 2,018 | | 169,936 |
Nordstrom, Inc.
| | | 79 | | 3,506 |
Norfolk Southern Corp.
| | | 370 | | 69,149 |
Northern Trust Corp.
| | | 139 | | 12,567 |
Northrop Grumman Corp.
| | | 243 | | 65,513 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
NVIDIA Corp.
| | | 840 | | $150,830 |
Old Dominion Freight Line, Inc.
| | | 159 | | 22,958 |
Omnicom Group, Inc. (c)
| | | 28 | | 2,044 |
ONEOK, Inc.
| | | 2,877 | | 200,930 |
Oracle Corp.
| | | 4,363 | | 234,337 |
O'Reilly Automotive, Inc. (b)
| | | 106 | | 41,160 |
PACCAR, Inc.
| | | 486 | | 33,116 |
Packaging Corp. of America
| | | 79 | | 7,851 |
Palo Alto Networks, Inc. (b)
| | | 97 | | 23,559 |
Parker-Hannifin Corp.
| | | 145 | | 24,885 |
Paychex, Inc.
| | | 708 | | 56,782 |
PayPal Holdings, Inc. (b)
| | | 1,535 | | 159,394 |
People's United Financial, Inc.
| | | 408 | | 6,708 |
PepsiCo, Inc.
| | | 1,985 | | 243,262 |
Perrigo Co. PLC (c)
| | | 163 | | 7,850 |
Pfizer, Inc.
| | | 8,335 | | 353,987 |
Philip Morris International, Inc.
| | | 2,226 | | 196,756 |
Phillips 66
| | | 2,838 | | 270,092 |
Pioneer Natural Resources Co.
| | | 343 | | 52,232 |
PNC Financial Services Group, Inc.
| | | 733 | | 89,910 |
Polaris Industries, Inc.
| | | 117 | | 9,878 |
PPG Industries, Inc.
| | | 574 | | 64,787 |
Principal Financial Group, Inc.
| | | 528 | | 26,500 |
Procter & Gamble Co.
| | | 3,619 | | 376,557 |
Progressive Corp.
| | | 736 | | 53,058 |
Prologis, Inc. REIT
| | | 1,017 | | 73,173 |
Prudential Financial, Inc.
| | | 729 | | 66,981 |
PTC, Inc. (b)
| | | 79 | | 7,282 |
Public Storage REIT
| | | 231 | | 50,307 |
PulteGroup, Inc.
| | | 327 | | 9,143 |
PVH Corp.
| | | 99 | | 12,073 |
Qorvo, Inc. (b)
| | | 124 | | 8,895 |
QUALCOMM, Inc. (c)
| | | 2,156 | | 122,957 |
Quest Diagnostics, Inc.
| | | 209 | | 18,793 |
Qurate Retail, Inc. (b)
| | | 856 | | 13,679 |
Ralph Lauren Corp.
| | | 119 | | 15,432 |
Raytheon Co.
| | | 399 | | 72,650 |
Realty Income Corp. REIT
| | | 216 | | 15,889 |
Red Hat, Inc. (b)
| | | 235 | | 42,934 |
Regeneron Pharmaceuticals, Inc. (b)
| | | 65 | | 26,690 |
Regions Financial Corp.
| | | 1,237 | | 17,504 |
ResMed, Inc.
| | | 214 | | 22,250 |
Robert Half International, Inc.
| | | 270 | | 17,593 |
Rockwell Automation, Inc.
| | | 124 | | 21,757 |
Rollins, Inc.
| | | 370 | | 15,399 |
Roper Technologies, Inc.
| | | 152 | | 51,979 |
Ross Stores, Inc.
| | | 468 | | 43,571 |
Royal Caribbean Cruises, Ltd.
| | | 40 | | 4,585 |
S&P Global, Inc.
| | | 383 | | 80,641 |
salesforce.com, Inc. (b)
| | | 907 | | 143,642 |
SBA Communications Corp. REIT (b)
| | | 110 | | 21,963 |
Schlumberger, Ltd.
| | | 4,498 | | 195,978 |
Seagate Technology PLC
| | | 391 | | 18,725 |
Sealed Air Corp.
| | | 668 | | 30,768 |
SEI Investments Co.
| | | 159 | | 8,308 |
| Security Description | | | Shares | | Value |
Sempra Energy
| | | 990 | | $124,601 |
Sensata Technologies Holding PLC (b)
| | | 303 | | 13,641 |
ServiceNow, Inc. (b)
| | | 173 | | 42,643 |
Sherwin-Williams Co.
| | | 221 | | 95,187 |
Signature Bank
| | | 40 | | 5,123 |
Simon Property Group, Inc. REIT
| | | 498 | | 90,741 |
Sirius XM Holdings, Inc. (c)
| | | 2,446 | | 13,869 |
Skyworks Solutions, Inc.
| | | 146 | | 12,042 |
SL Green Realty Corp. REIT
| | | 156 | | 14,028 |
Snap-on, Inc. (c)
| | | 139 | | 21,756 |
Spirit AeroSystems Holdings, Inc. Class A
| | | 211 | | 19,313 |
Splunk, Inc. (b)
| | | 190 | | 23,674 |
Square, Inc. Class A (b)
| | | 409 | | 30,642 |
SS&C Technologies Holdings, Inc.
| | | 211 | | 13,439 |
Stanley Black & Decker, Inc.
| | | 231 | | 31,455 |
Starbucks Corp.
| | | 2,064 | | 153,438 |
State Street Corp. (h)
| | | 474 | | 31,194 |
Stryker Corp.
| | | 502 | | 99,155 |
SunTrust Banks, Inc.
| | | 711 | | 42,127 |
SVB Financial Group (b)
| | | 79 | | 17,566 |
Symantec Corp.
| | | 1,099 | | 25,266 |
Synchrony Financial
| | | 943 | | 30,082 |
Synopsys, Inc. (b)
| | | 145 | | 16,697 |
Sysco Corp.
| | | 940 | | 62,754 |
T Rowe Price Group, Inc.
| | | 336 | | 33,640 |
Take-Two Interactive Software, Inc. (b)
| | | 119 | | 11,230 |
Tapestry, Inc.
| | | 406 | | 13,191 |
Target Corp.
| | | 697 | | 55,941 |
TD Ameritrade Holding Corp.
| | | 127 | | 6,349 |
Teleflex, Inc.
| | | 51 | | 15,410 |
Tesla, Inc. (b)
| | | 182 | | 50,935 |
Texas Instruments, Inc.
| | | 1,510 | | 160,166 |
Textron, Inc.
| | | 299 | | 15,147 |
Thermo Fisher Scientific, Inc.
| | | 634 | | 173,538 |
Tiffany & Co. (c)
| | | 223 | | 23,538 |
TJX Cos., Inc.
| | | 1,787 | | 95,086 |
T-Mobile US, Inc. (b)
| | | 308 | | 21,283 |
Total System Services, Inc.
| | | 240 | | 22,802 |
Tractor Supply Co.
| | | 174 | | 17,010 |
TransDigm Group, Inc. (b)
| | | 49 | | 22,246 |
TransUnion
| | | 291 | | 19,450 |
Travelers Cos., Inc.
| | | 472 | | 64,740 |
Trimble, Inc. (b)
| | | 448 | | 18,099 |
TripAdvisor, Inc. (b)(c)
| | | 81 | | 4,167 |
Twitter, Inc. (b)
| | | 985 | | 32,387 |
UDR, Inc. REIT
| | | 211 | | 9,592 |
Ulta Salon Cosmetics & Fragrance, Inc. (b)
| | | 72 | | 25,109 |
Under Armour, Inc. Class A (b)
| | | 584 | | 12,346 |
Union Pacific Corp.
| | | 1,110 | | 185,592 |
United Parcel Service, Inc. Class B
| | | 801 | | 89,504 |
United Rentals, Inc. (b)
| | | 148 | | 16,909 |
United Technologies Corp.
| | | 1,360 | | 175,290 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
UnitedHealth Group, Inc.
| | | 1,408 | | $348,142 |
Unum Group
| | | 291 | | 9,845 |
US Bancorp
| | | 2,148 | | 103,512 |
Vail Resorts, Inc.
| | | 79 | | 17,167 |
Valero Energy Corp.
| | | 1,832 | | 155,409 |
Varian Medical Systems, Inc. (b)
| | | 95 | | 13,463 |
Veeva Systems, Inc. Class A (b)
| | | 193 | | 24,484 |
Ventas, Inc. REIT
| | | 334 | | 21,313 |
VEREIT, Inc.
| | | 839 | | 7,022 |
VeriSign, Inc. (b)
| | | 79 | | 14,343 |
Verisk Analytics, Inc.
| | | 335 | | 44,555 |
Verizon Communications, Inc.
| | | 5,793 | | 342,540 |
Vertex Pharmaceuticals, Inc. (b)
| | | 316 | | 58,128 |
VF Corp.
| | | 510 | | 44,324 |
Viacom, Inc. Class B
| | | 251 | | 7,046 |
Visa, Inc. Class A
| | | 2,596 | | 405,469 |
VMware, Inc. Class A
| | | 125 | | 22,564 |
Voya Financial, Inc.
| | | 428 | | 21,383 |
Vulcan Materials Co.
| | | 251 | | 29,718 |
W.W. Grainger, Inc.
| | | 93 | | 27,986 |
Wabtec Corp. (c)
| | | 243 | | 17,914 |
Walmart, Inc.
| | | 2,046 | | 199,546 |
Walgreens Boots Alliance, Inc.
| | | 1,380 | | 87,313 |
Walt Disney Co.
| | | 2,890 | | 320,830 |
Waters Corp. (b)
| | | 146 | | 36,750 |
Wayfair, Inc. Class A (b)
| | | 119 | | 17,666 |
WellCare Health Plans, Inc. (b)
| | | 40 | | 10,790 |
Wells Fargo & Co.
| | | 6,338 | | 306,252 |
Welltower, Inc. REIT
| | | 554 | | 42,990 |
Western Digital Corp.
| | | 459 | | 22,060 |
Western Union Co. (c)
| | | 948 | | 17,510 |
Weyerhaeuser Co. REIT
| | | 1,629 | | 42,908 |
Whirlpool Corp.
| | | 44 | | 5,847 |
Williams Cos., Inc.
| | | 2,391 | | 68,670 |
Willis Towers Watson PLC
| | | 167 | | 29,334 |
Workday, Inc. Class A (b)
| | | 145 | | 27,963 |
Worldpay, Inc. Class A (b)(e)
| | | 70 | | 7,945 |
Worldpay, Inc. Class A (b)(e)
| | | 300 | | 33,584 |
WP Carey, Inc. REIT
| | | 79 | | 6,188 |
Wynn Resorts, Ltd.
| | | 158 | | 18,853 |
Xerox Corp.
| | | 640 | | 20,467 |
Xilinx, Inc.
| | | 473 | | 59,972 |
XPO Logistics, Inc. (b)(c)
| | | 119 | | 6,395 |
Xylem, Inc.
| | | 628 | | 49,637 |
Yum! Brands, Inc.
| | | 211 | | 21,060 |
Zayo Group Holdings, Inc. (b)
| | | 330 | | 9,379 |
Zillow Group, Inc. Class C (b)(c)
| | | 270 | | 9,380 |
Zimmer Biomet Holdings, Inc.
| | | 282 | | 36,011 |
Zoetis, Inc.
| | | 616 | | 62,013 |
| | | | | | 33,755,913 |
TOTAL COMMON STOCKS
(Cost $57,432,423)
| | | | | 61,939,000 |
| Security Description | | | Shares | | Value |
| SHORT-TERM INVESTMENTS — 1.4% | | | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (i) (j)
| | 219,661 | | $219,661 |
State Street Navigator Securities Lending Government Money Market Portfolio (i) (k)
| | 648,609 | | 648,609 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $868,270)
| | 868,270 | |
TOTAL INVESTMENTS — 100.5%
(Cost $58,300,693)
| | 62,807,270 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%
| | (330,406) | |
NET ASSETS — 100.0%
| | $62,476,864 | |
| (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, 2019. |
| (d) | Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2019, total aggregate fair value of securities is $46,049 representing 0.1% of net assets. |
| (e) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (f) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.5% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (g) | 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, 2019, total aggregate fair value of the security is $0, representing 0.0% of the Fund's net assets. |
| (h) | The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended March 31, 2019 are shown in the Affiliate Table below. |
| (i) | 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, 2019 are shown in the Affiliate Table below. |
| (j) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (k) | Investment of cash collateral for securities loaned. |
| ADR | = American Depositary Receipt |
| GDR | = Global Depositary Receipt |
| NVDR | = Non Voting Depositary Receipt |
| REIT | = Real Estate Investment Trust |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2018.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $61,819,980 | | $119,020 | | $0(a) | | $61,939,000 |
Short-Term Investments
| | 868,270 | | — | | — | | 868,270 |
TOTAL INVESTMENTS
| | $62,688,250 | | $119,020 | | $0 | | $62,807,270 |
| (a) | Fund held a Level 3 security that was valued at $0 at March 31, 2019. |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Corp.
| 1,224 | | $102,547 | | $4,651 | | $53,765 | | $(7,879) | | $(14,360) | | 474 | | $31,194 | | $765 | | $— |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 258,097 | | 258,097 | | 6,199,548 | | 6,237,984 | | — | | — | | 219,661 | | 219,661 | | 2,363 | | — |
State Street Navigator Securities Lending Government Money Market Portfolio
| 1,758,501 | | 1,758,501 | | 4,796,666 | | 5,906,558 | | — | | — | | 648,609 | | 648,609 | | 3,911 | | — |
Total
| | | $2,119,145 | | $11,000,865 | | $12,198,307 | | $(7,879) | | $(14,360) | | | | $899,464 | | $7,039 | | $— |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.5% | | | | | |
| BRAZIL — 4.4% | | | | | |
Ambev SA ADR
| | | 515,462 | | $2,216,487 |
Ambev SA
| | | 11,634 | | 50,312 |
Atacadao Distribuicao Comercio e Industria Ltda
| | | 8,232 | | 42,496 |
B3 SA - Brasil Bolsa Balcao
| | | 18,989 | | 156,725 |
Banco Bradesco SA Preference Shares
| | | 53,956 | | 595,336 |
Banco Bradesco SA
| | | 17,315 | | 168,403 |
Banco do Brasil SA
| | | 19,467 | | 243,706 |
Banco Santander Brasil SA
| | | 5,644 | | 63,768 |
BB Seguridade Participacoes SA
| | | 135,330 | | 922,207 |
BR Malls Participacoes SA
| | | 6,532 | | 21,098 |
Braskem SA Class A, Preference Shares
| | | 2,579 | | 33,731 |
BRF SA (a)
| | | 5,828 | | 33,919 |
BRF SA ADR (a)(b)
| | | 3,067 | | 17,850 |
CCR SA
| | | 14,621 | | 44,107 |
Centrais Eletricas Brasileiras SA (a)
| | | 5,010 | | 47,233 |
Centrais Eletricas Brasileiras SA ADR (a)(b)
| | | 5,576 | | 53,864 |
Centrais Eletricas Brasileiras SA Class B, Preference Shares (a)
| | | 532 | | 5,176 |
Cia Brasileira de Distribuicao ADR
| | | 1,509 | | 35,130 |
Cia Brasileira de Distribuicao Preference Shares
| | | 42 | | 987 |
Cia de Saneamento Basico do Estado de Sao Paulo
| | | 884 | | 9,540 |
Cia de Saneamento Basico do Estado de Sao Paulo ADR
| | | 7,645 | | 80,884 |
Cia Energetica de Minas Gerais ADR (b)
| | | 10,767 | | 38,438 |
Cia Energetica de Minas Gerais Preference Shares
| | | 6,805 | | 24,305 |
Cia Siderurgica Nacional SA ADR (a)
| | | 7,930 | | 32,592 |
Cia Siderurgica Nacional SA (a)
| | | 1,330 | | 5,554 |
Cielo SA
| | | 161,139 | | 392,941 |
Cosan SA
| | | 2,593 | | 28,417 |
Embraer SA
| | | 1,050 | | 4,978 |
Embraer SA ADR
| | | 3,572 | | 67,904 |
Engie Brasil Energia SA
| | | 21,183 | | 232,476 |
Equatorial Energia SA
| | | 32,526 | | 668,623 |
Gerdau SA Preference Shares
| | | 22,260 | | 86,599 |
Hypera SA
| | | 36,562 | | 243,327 |
IRB Brasil Resseguros S/A
| | | 14,847 | | 348,123 |
Itau Unibanco Holding SA Preference Shares ADR (c)
| | | 74,081 | | 652,654 |
Itau Unibanco Holding SA Preference Shares (c)
| | | 1,822 | | 16,119 |
Itausa - Investimentos Itau SA Preference Shares
| | | 484,956 | | 1,492,862 |
JBS SA
| | | 42,397 | | 173,436 |
Klabin SA
| | | 6,270 | | 27,437 |
| Security Description | | | Shares | | Value |
Kroton Educacional SA
| | | 25,639 | | $69,834 |
Localiza Rent a Car SA
| | | 1,233 | | 10,474 |
Lojas Americanas SA Preference Shares
| | | 5,496 | | 23,683 |
Lojas Renner SA
| | | 69,643 | | 783,813 |
M Dias Branco SA
| | | 9,246 | | 103,230 |
Magazine Luiza SA
| | | 2,824 | | 125,428 |
Multiplan Empreendimentos Imobiliarios SA
| | | 672 | | 4,039 |
Natura Cosmeticos SA
| | | 646 | | 7,535 |
Petrobras Distribuidora SA
| | | 9,096 | | 54,108 |
Petroleo Brasileiro SA Preference Shares ADR
| | | 33,013 | | 472,086 |
Petroleo Brasileiro SA ADR
| | | 21,820 | | 347,374 |
Petroleo Brasileiro SA Preference Shares
| | | 551 | | 3,973 |
Porto Seguro SA
| | | 2,420 | | 33,473 |
Raia Drogasil SA
| | | 14,084 | | 236,320 |
Rumo SA (a)
| | | 26,806 | | 131,905 |
Sul America SA
| | | 12,102 | | 92,669 |
Suzano Papel e Celulose SA
| | | 2,905 | | 34,748 |
Suzano SA ADR (a)(b)
| | | 1,980 | | 46,906 |
Telefonica Brasil SA ADR
| | | 14,221 | | 171,647 |
Telefonica Brasil SA Preference Shares
| | | 768 | | 9,374 |
TIM Participacoes SA ADR (b)
| | | 2,969 | | 44,773 |
TIM Participacoes SA
| | | 1,946 | | 5,895 |
Ultrapar Participacoes SA
| | | 457 | | 5,519 |
Ultrapar Participacoes SA ADR
| | | 7,957 | | 95,086 |
Vale SA ADR
| | | 31,080 | | 405,905 |
Vale SA
| | | 2,235 | | 29,249 |
WEG SA
| | | 5,347 | | 24,731 |
| | | | | | 12,753,521 |
| CHILE — 1.4% | | | | | |
Aguas Andinas SA Class A
| | | 916,757 | | 521,244 |
Banco de Chile
| | | 1,482,701 | | 218,306 |
Banco de Chile ADR
| | | 37,640 | | 1,108,122 |
Banco de Credito e Inversiones SA
| | | 3,199 | | 204,518 |
Banco Santander Chile ADR
| | | 1,873 | | 55,722 |
Banco Santander Chile
| | | 97,060 | | 7,301 |
Cencosud SA
| | | 39,312 | | 68,060 |
Cia Cervecerias Unidas SA
| | | 1,895 | | 27,130 |
Cia Cervecerias Unidas SA ADR
| | | 8,736 | | 257,363 |
Colbun SA
| | | 476,435 | | 107,683 |
Embotelladora Andina SA Class B, Preference Shares
| | | 1,318 | | 4,813 |
Empresa Nacional de Telecomunicaciones SA
| | | 112 | | 1,166 |
Empresas CMPC SA
| | | 17,449 | | 61,542 |
Empresas COPEC SA
| | | 4,270 | | 54,216 |
Enel Americas SA ADR (b)
| | | 17,944 | | 160,240 |
Enel Americas SA
| | | 69,798 | | 12,409 |
Enel Chile SA ADR
| | | 1,994 | | 10,329 |
Enel Chile SA
| | | 189,904 | | 19,898 |
Itau CorpBanca ADR
| | | 825 | | 10,708 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Latam Airlines Group SA ADR (b)
| | | 4,064 | | $42,997 |
Latam Airlines Group SA
| | | 740 | | 7,868 |
SACI Falabella
| | | 103,254 | | 767,795 |
Sociedad Quimica y Minera de Chile SA ADR (b)
| | | 11,036 | | 424,224 |
| | | | | | 4,153,654 |
| CHINA — 25.2% | | | | | |
3SBio, Inc. (b)(d)
| | | 43,890 | | 86,327 |
51job, Inc. ADR (a)
| | | 970 | | 75,544 |
58.com, Inc. ADR (a)
| | | 16 | | 1,051 |
AAC Technologies Holdings, Inc. (b)
| | | 109,500 | | 647,937 |
Agile Group Holdings, Ltd.
| | | 28,000 | | 45,300 |
Agricultural Bank of China, Ltd. Class A
| | | 44,300 | | 24,587 |
Agricultural Bank of China, Ltd. Class H
| | | 2,938,000 | | 1,354,857 |
Air China, Ltd. Class H
| | | 52,000 | | 63,990 |
Alibaba Group Holding, Ltd. ADR (a)
| | | 12,247 | | 2,234,465 |
Aluminum Corp. of China, Ltd. Class H (a)
| | | 114,000 | | 41,970 |
Angang Steel Co., Ltd. Class H (b)
| | | 24,000 | | 17,549 |
Anhui Conch Cement Co., Ltd. Class A
| | | 6,600 | | 37,495 |
Anhui Conch Cement Co., Ltd. Class H
| | | 135,000 | | 824,623 |
ANTA Sports Products, Ltd.
| | | 179,000 | | 1,217,664 |
Autohome, Inc. ADR (a)(b)
| | | 7,281 | | 765,379 |
AviChina Industry & Technology Co., Ltd. Class H
| | | 58,000 | | 37,017 |
BAIC Motor Corp., Ltd. Class H (d)
| | | 39,500 | | 25,814 |
Baidu, Inc. ADR (a)
| | | 5,590 | | 921,511 |
Bank of Beijing Co., Ltd. Class A
| | | 130,500 | | 120,390 |
Bank of China, Ltd. Class H
| | | 6,072,071 | | 2,753,721 |
Bank of Communications Co., Ltd. Class A
| | | 245,100 | | 227,571 |
Bank of Communications Co., Ltd. Class H
| | | 539,000 | | 441,502 |
Bank of Jiangsu Co., Ltd. Class A
| | | 71,600 | | 75,961 |
Bank of Nanjing Co., Ltd. Class A
| | | 48,000 | | 56,495 |
Bank of Ningbo Co., Ltd. Class A
| | | 30,100 | | 95,128 |
Bank of Shanghai Co., Ltd. Class A
| | | 67,300 | | 119,967 |
BBMG Corp. Class H (b)
| | | 80,000 | | 29,350 |
Beijing Capital International Airport Co., Ltd. Class H
| | | 174,000 | | 165,135 |
Beijing Enterprises Holdings, Ltd.
| | | 13,500 | | 76,529 |
Beijing Enterprises Water Group, Ltd.
| | | 82,000 | | 50,663 |
BOE Technology Group Co., Ltd. Class A
| | | 120,600 | | 69,984 |
Brilliance China Automotive Holdings, Ltd. (b)
| | | 352,000 | | 348,863 |
| Security Description | | | Shares | | Value |
BYD Co., Ltd. Class H (b)
| | | 9,000 | | $54,230 |
BYD Electronic International Co., Ltd.
| | | 11,000 | | 14,181 |
CAR, Inc. (a)
| | | 284,000 | | 244,929 |
CGN Power Co., Ltd. Class H (d)
| | | 353,100 | | 98,509 |
China Agri-Industries Holdings, Ltd.
| | | 111,000 | | 38,037 |
China Cinda Asset Management Co., Ltd. Class H
| | | 364,548 | | 101,238 |
China CITIC Bank Corp., Ltd. Class H
| | | 875,000 | | 557,328 |
China Coal Energy Co., Ltd. Class H
| | | 75,000 | | 31,051 |
China Communications Construction Co., Ltd. Class H
| | | 256,000 | | 264,807 |
China Communications Services Corp., Ltd. Class H
| | | 50,000 | | 44,586 |
China Conch Venture Holdings, Ltd.
| | | 176,500 | | 631,807 |
China Construction Bank Corp. Class H
| | | 4,076,394 | | 3,494,816 |
China Eastern Airlines Corp., Ltd. Class H
| | | 42,000 | | 29,801 |
China Everbright Bank Co., Ltd. Class H
| | | 418,274 | | 197,682 |
China Everbright International, Ltd.
| | | 69,888 | | 71,046 |
China Evergrande Group (b)
| | | 37,625 | | 125,098 |
China Galaxy Securities Co., Ltd. Class H
| | | 120,334 | | 79,099 |
China Hongqiao Group, Ltd.
| | | 96,000 | | 72,276 |
China Huarong Asset Management Co., Ltd. Class H (d)
| | | 553,200 | | 117,688 |
China Huishan Dairy Holdings Co., Ltd. (a)(e)
| | | 1,072,393 | | — |
China International Capital Corp., Ltd. Class H (b)(d)
| | | 12,800 | | 29,644 |
China International Travel Service Corp., Ltd. Class A
| | | 2,900 | | 30,240 |
China Jinmao Holdings Group, Ltd.
| | | 88,000 | | 57,397 |
China Life Insurance Co., Ltd. Class H
| | | 190,000 | | 510,704 |
China Longyuan Power Group Corp., Ltd. Class H
| | | 112,000 | | 77,901 |
China Medical System Holdings, Ltd.
| | | 259,733 | | 251,794 |
China Mengniu Dairy Co., Ltd.
| | | 72,000 | | 267,823 |
China Merchants Bank Co., Ltd. Class A
| | | 6,800 | | 34,320 |
China Merchants Bank Co., Ltd. Class H
| | | 90,500 | | 439,821 |
China Merchants Port Holdings Co., Ltd.
| | | 49,812 | | 106,097 |
China Minsheng Banking Corp., Ltd. Class A
| | | 82,100 | | 77,450 |
China Minsheng Banking Corp., Ltd. Class H
| | | 358,460 | | 260,285 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
China Mobile, Ltd.
| | | 263,497 | | $2,685,337 |
China Molybdenum Co., Ltd. Class H
| | | 60,000 | | 25,070 |
China National Building Material Co., Ltd. Class H
| | | 106,000 | | 83,585 |
China Oilfield Services, Ltd. Class H
| | | 28,000 | | 30,247 |
China Overseas Land & Investment, Ltd.
| | | 86,000 | | 326,473 |
China Pacific Insurance Group Co., Ltd. Class A
| | | 14,700 | | 74,455 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 45,600 | | 178,916 |
China Petroleum & Chemical Corp. Class H
| | | 1,898,395 | | 1,496,960 |
China Power International Development, Ltd.
| | | 186,000 | | 47,626 |
China Railway Construction Corp., Ltd. Class H
| | | 94,500 | | 123,754 |
China Railway Group, Ltd. Class H
| | | 154,000 | | 140,465 |
China Railway Signal & Communication Corp., Ltd. Class H (d)
| | | 553,000 | | 437,472 |
China Reinsurance Group Corp. Class H
| | | 2,221,000 | | 469,667 |
China Resources Beer Holdings Co., Ltd.
| | | 176,092 | | 741,386 |
China Resources Gas Group, Ltd.
| | | 130,000 | | 612,743 |
China Resources Pharmaceutical Group, Ltd. (d)
| | | 233,500 | | 330,174 |
China Resources Power Holdings Co., Ltd.
| | | 114,267 | | 171,765 |
China Shenhua Energy Co., Ltd. Class A
| | | 25,500 | | 74,406 |
China Shenhua Energy Co., Ltd. Class H
| | | 78,000 | | 177,861 |
China Southern Airlines Co., Ltd. Class H
| | | 58,000 | | 51,868 |
China State Construction Engineering Corp., Ltd. Class A
| | | 26,400 | | 24,041 |
China Taiping Insurance Holdings Co., Ltd.
| | | 34,210 | | 101,977 |
China Telecom Corp., Ltd. Class H
| | | 1,952,000 | | 1,084,175 |
China Tower Corp., Ltd. Class H (a)(d)
| | | 788,000 | | 182,697 |
China Travel International Investment Hong Kong, Ltd.
| | | 72,000 | | 18,344 |
China Unicom Hong Kong, Ltd.
| | | 256,000 | | 324,486 |
China Vanke Co., Ltd. Class H
| | | 22,492 | | 94,553 |
China Yangtze Power Co., Ltd. Class A
| | | 84,500 | | 212,110 |
China Zhongwang Holdings, Ltd.
| | | 56,800 | | 30,969 |
Chongqing Rural Commercial Bank Co., Ltd. Class H
| | | 162,000 | | 93,486 |
CIFI Holdings Group Co., Ltd.
| | | 66,000 | | 50,026 |
| Security Description | | | Shares | | Value |
CITIC Securities Co., Ltd. Class H
| | | 40,000 | | $93,147 |
CITIC, Ltd.
| | | 229,000 | | 341,898 |
CNOOC, Ltd.
| | | 341,000 | | 638,565 |
COSCO SHIPPING Energy Transportation Co., Ltd. Class H
| | | 178,000 | | 102,039 |
COSCO SHIPPING Holdings Co., Ltd. Class H (a)
| | | 36,500 | | 15,158 |
COSCO SHIPPING Ports, Ltd.
| | | 354,983 | | 383,475 |
Country Garden Holdings Co., Ltd.
| | | 149,266 | | 233,123 |
Country Garden Services Holdings Co., Ltd. (a)
| | | 154,000 | | 286,815 |
CRRC Corp., Ltd. Class H
| | | 80,000 | | 75,414 |
CSPC Pharmaceutical Group, Ltd.
| | | 682,000 | | 1,268,441 |
Ctrip.com International, Ltd. ADR (a)
| | | 3,139 | | 137,143 |
Dali Foods Group Co., Ltd. (d)
| | | 294,500 | | 220,220 |
Daqin Railway Co., Ltd. Class A
| | | 87,600 | | 108,707 |
Datang International Power Generation Co., Ltd. Class H
| | | 98,000 | | 26,217 |
Dongfeng Motor Group Co., Ltd. Class H
| | | 196,000 | | 196,251 |
ENN Energy Holdings, Ltd.
| | | 21,600 | | 208,847 |
Far East Horizon, Ltd.
| | | 51,000 | | 54,054 |
Focus Media Information Technology Co., Ltd. Class A
| | | 80,000 | | 74,636 |
Foshan Haitian Flavouring & Food Co., Ltd. Class A
| | | 4,300 | | 55,472 |
Fosun International, Ltd.
| | | 58,000 | | 98,268 |
Future Land Development Holdings, Ltd.
| | | 28,000 | | 34,670 |
Fuyao Glass Industry Group Co., Ltd. Class H (d)
| | | 67,200 | | 225,571 |
Geely Automobile Holdings, Ltd.
| | | 797,000 | | 1,522,940 |
GF Securities Co., Ltd. Class H
| | | 35,200 | | 50,581 |
GOME Retail Holdings, Ltd. (a)(b)
| | | 378,000 | | 35,152 |
Great Wall Motor Co., Ltd. Class H (b)
| | | 141,000 | | 105,796 |
Gree Electric Appliances, Inc. of Zhuhai Class A
| | | 5,900 | | 41,445 |
Greentown China Holdings, Ltd.
| | | 22,500 | | 22,471 |
Greentown Service Group Co., Ltd.
| | | 96,000 | | 85,116 |
Guangdong Investment, Ltd.
| | | 736,000 | | 1,421,380 |
Guangzhou Automobile Group Co., Ltd. Class H
| | | 67,200 | | 79,356 |
Guangzhou R&F Properties Co., Ltd. Class H
| | | 33,200 | | 71,814 |
Guotai Junan Securities Co., Ltd. Class H (d)
| | | 10,600 | | 23,631 |
Haitian International Holdings, Ltd.
| | | 66,000 | | 149,993 |
Haitong Securities Co., Ltd. Class H
| | | 80,400 | | 104,060 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Hangzhou Hikvision Digital Technology Co., Ltd. Class A
| | | 42,607 | | $222,334 |
Hengan International Group Co., Ltd.
| | | 117,374 | | 1,028,711 |
Huadian Power International Corp., Ltd. Class H
| | | 240,000 | | 98,752 |
Huaneng Power International, Inc. Class H
| | | 782,000 | | 454,260 |
Huaneng Renewables Corp., Ltd. Class H
| | | 130,000 | | 36,102 |
Huatai Securities Co., Ltd. Class H (d)
| | | 32,643 | | 65,286 |
Huaxia Bank Co., Ltd. Class A
| | | 49,200 | | 60,396 |
Huazhu Group, Ltd. ADR (b)
| | | 364 | | 15,339 |
Industrial & Commercial Bank of China, Ltd. Class A
| | | 30,200 | | 25,029 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 3,625,448 | | 2,655,600 |
Industrial Bank Co., Ltd. Class A
| | | 129,400 | | 349,847 |
Inner Mongolia Yili Industrial Group Co., Ltd. Class A
| | | 10,200 | | 44,181 |
Inner Mongolia Yitai Coal Co., Ltd. Class B
| | | 239,600 | | 294,948 |
JD.com, Inc. ADR (a)
| | | 5,986 | | 180,478 |
Jiangsu Expressway Co., Ltd. Class H
| | | 442,000 | | 624,998 |
Jiangsu Hengrui Medicine Co., Ltd. Class A
| | | 18,360 | | 178,719 |
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A
| | | 2,600 | | 50,455 |
Jiangxi Copper Co., Ltd. Class H
| | | 58,000 | | 76,989 |
Kaisa Group Holdings, Ltd.
| | | 63,000 | | 28,571 |
Kangmei Pharmaceutical Co., Ltd. Class A
| | | 25,800 | | 40,117 |
Kingsoft Corp., Ltd.
| | | 16,000 | | 40,683 |
Kunlun Energy Co., Ltd.
| | | 56,000 | | 58,497 |
Kweichow Moutai Co., Ltd. Class A
| | | 2,800 | | 355,795 |
KWG Group Holdings, Ltd.
| | | 27,500 | | 33,175 |
Legend Holdings Corp. Class H (d)
| | | 19,000 | | 50,465 |
Lenovo Group, Ltd.
| | | 852,915 | | 767,085 |
Logan Property Holdings Co., Ltd.
| | | 16,000 | | 26,497 |
Longfor Group Holdings, Ltd.
| | | 23,500 | | 82,774 |
Luye Pharma Group, Ltd. (b)(d)
| | | 22,500 | | 19,663 |
Metallurgical Corp. of China, Ltd. Class H
| | | 167,000 | | 49,356 |
MMG, Ltd. (a)
| | | 40,000 | | 16,255 |
Momo, Inc. ADR (a)
| | | 32 | | 1,224 |
NetEase, Inc. ADR
| | | 8,805 | | 2,125,967 |
New China Life Insurance Co., Ltd. Class H
| | | 17,400 | | 88,663 |
New Oriental Education & Technology Group, Inc. ADR (a)
| | | 16,627 | | 1,497,926 |
Nexteer Automotive Group, Ltd.
| | | 114,000 | | 140,867 |
Noah Holdings, Ltd. ADR (a)(b)
| | | 2,214 | | 107,290 |
| Security Description | | | Shares | | Value |
People's Insurance Co. Group of China, Ltd. Class H
| | | 314,000 | | $134,401 |
PetroChina Co., Ltd. Class H
| | | 1,554,000 | | 1,007,632 |
PICC Property & Casualty Co., Ltd. Class H
| | | 220,270 | | 250,296 |
Ping An Insurance Group Co. of China, Ltd. Class H
| | | 82,000 | | 918,197 |
Postal Savings Bank of China Co., Ltd. Class H (d)
| | | 79,000 | | 45,186 |
Semiconductor Manufacturing International Corp. (a)(b)
| | | 79,700 | | 80,614 |
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
| | | 232,000 | | 221,657 |
Shanghai Electric Group Co., Ltd. Class H
| | | 104,000 | | 39,480 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H
| | | 6,000 | | 21,669 |
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B
| | | 341,727 | | 501,655 |
Shanghai Pharmaceuticals Holding Co., Ltd. Class H
| | | 102,600 | | 223,499 |
Shanghai Pudong Development Bank Co., Ltd. Class A
| | | 183,324 | | 307,693 |
Shenzhen Investment, Ltd.
| | | 90,000 | | 34,395 |
Shenzhou International Group Holdings, Ltd.
| | | 127,200 | | 1,704,653 |
Shui On Land, Ltd.
| | | 84,500 | | 20,883 |
Sihuan Pharmaceutical Holdings Group, Ltd.
| | | 397,000 | | 96,090 |
SINA Corp. (a)
| | | 1,147 | | 67,948 |
Sino-Ocean Group Holding, Ltd.
| | | 111,000 | | 48,642 |
Sinopec Engineering Group Co., Ltd. Class H
| | | 32,000 | | 31,226 |
Sinopec Shanghai Petrochemical Co., Ltd. Class H
| | | 412,000 | | 196,292 |
Sinopharm Group Co., Ltd. Class H
| | | 70,000 | | 291,594 |
Sinotrans, Ltd. Class H
| | | 71,000 | | 30,480 |
Sinotruk Hong Kong, Ltd.
| | | 16,500 | | 35,102 |
SOHO China, Ltd. (a)
| | | 22,000 | | 9,248 |
Sunac China Holdings, Ltd. (b)
| | | 23,697 | | 118,033 |
Sunny Optical Technology Group Co., Ltd.
| | | 87,593 | | 1,046,101 |
TAL Education Group ADR (a)
| | | 3,758 | | 135,589 |
Tencent Holdings, Ltd.
| | | 156,978 | | 7,219,034 |
Tingyi Cayman Islands Holding Corp.
| | | 18,000 | | 29,672 |
Tong Ren Tang Technologies Co., Ltd. Class H (b)
| | | 14,000 | | 18,798 |
Towngas China Co., Ltd.
| | | 31,000 | | 24,366 |
TravelSky Technology, Ltd. Class H
| | | 129,000 | | 340,989 |
Tsingtao Brewery Co., Ltd. Class H
| | | 4,000 | | 18,854 |
Uni-President China Holdings, Ltd.
| | | 28,000 | | 27,465 |
Vipshop Holdings, Ltd. ADR (a)
| | | 10,475 | | 84,114 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Want Want China Holdings, Ltd.
| | | 597,000 | | $495,855 |
Weibo Corp. ADR (a)(b)
| | | 5,818 | | 360,658 |
Weichai Power Co., Ltd. Class H
| | | 57,000 | | 91,055 |
Wuliangye Yibin Co., Ltd. Class A
| | | 6,000 | | 84,813 |
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (b)
| | | 25,800 | | 37,139 |
Xinyi Solar Holdings, Ltd.
| | | 91,450 | | 44,036 |
Yanzhou Coal Mining Co., Ltd. Class H
| | | 46,000 | | 45,180 |
Yihai International Holding, Ltd.
| | | 43,000 | | 191,447 |
Yum China Holdings, Inc.
| | | 57,345 | | 2,575,364 |
Yunnan Baiyao Group Co., Ltd. Class A
| | | 7,300 | | 92,870 |
Yuzhou Properties Co., Ltd.
| | | 38,511 | | 23,254 |
YY, Inc. ADR (a)
| | | 420 | | 35,284 |
Zhaojin Mining Industry Co., Ltd. Class H
| | | 390,500 | | 391,000 |
Zhejiang Expressway Co., Ltd. Class H
| | | 48,000 | | 55,032 |
Zhongsheng Group Holdings, Ltd.
| | | 9,500 | | 23,575 |
Zhuzhou CRRC Times Electric Co., Ltd. Class H
| | | 6,000 | | 35,465 |
Zijin Mining Group Co., Ltd. Class H
| | | 110,000 | | 45,542 |
ZTE Corp. Class H (a)
| | | 47,280 | | 142,142 |
| | | | | | 72,699,536 |
| COLOMBIA — 0.3% | | | | | |
Bancolombia SA ADR
| | | 1,378 | | 70,361 |
Bancolombia SA
| | | 3,826 | | 47,563 |
Bancolombia SA Preference Shares
| | | 2,347 | | 29,766 |
Cementos Argos SA
| | | 1,681 | | 4,158 |
Ecopetrol SA ADR
| | | 1,616 | | 34,647 |
Ecopetrol SA
| | | 10,262 | | 11,001 |
Grupo Argos SA
| | | 12,271 | | 69,724 |
Grupo Aval Acciones y Valores SA Preference Shares
| | | 49,514 | | 19,197 |
Grupo de Inversiones Suramericana SA Preference Shares
| | | 9,109 | | 98,368 |
Grupo de Inversiones Suramericana SA
| | | 4,246 | | 48,838 |
Interconexion Electrica SA ESP
| | | 110,294 | | 552,599 |
| | | | | | 986,222 |
| CZECH REPUBLIC — 0.2% | | | | | |
CEZ A/S
| | | 6,837 | | 160,636 |
Komercni banka A/S
| | | 7,648 | | 312,504 |
Moneta Money Bank A/S (d)
| | | 61,570 | | 212,506 |
| | | | | | 685,646 |
| EGYPT — 0.4% | | | | | |
Commercial International Bank Egypt SAE GDR
| | | 271,595 | | 1,055,147 |
Eastern Tobacco
| | | 127,019 | | 133,396 |
| Security Description | | | Shares | | Value |
ElSewedy Electric Co.
| | | 94,784 | | $85,048 |
| | | | | | 1,273,591 |
| GREECE — 0.3% | | | | | |
Alpha Bank AE (a)
| | | 102,577 | | 142,130 |
FF Group (a)(e)
| | | 491 | | 1,323 |
Hellenic Telecommunications Organization SA
| | | 12,033 | | 161,324 |
JUMBO SA
| | | 5,154 | | 86,229 |
Motor Oil Hellas Corinth Refineries SA
| | | 8,485 | | 197,217 |
OPAP SA
| | | 11,552 | | 119,335 |
Titan Cement Co. SA
| | | 11,195 | | 242,104 |
| | | | | | 949,662 |
| HONG KONG — 0.9% | | | | | |
Alibaba Pictures Group, Ltd. (a)
| | | 230,000 | | 40,726 |
China Ding Yi Feng Holdings, Ltd. (a)(b)(f)
| | | 64,000 | | 188,332 |
China Everbright, Ltd.
| | | 30,000 | | 59,465 |
China First Capital Group, Ltd. (a)
| | | 148,000 | | 78,243 |
China Gas Holdings, Ltd.
| | | 54,000 | | 189,861 |
China Resources Cement Holdings, Ltd.
| | | 24,000 | | 24,764 |
China Resources Land, Ltd.
| | | 50,444 | | 226,196 |
China State Construction International Holdings, Ltd.
| | | 50,000 | | 46,816 |
China Traditional Chinese Medicine Holdings Co., Ltd.
| | | 36,000 | | 21,417 |
Fullshare Holdings, Ltd. (b)
| | | 685,893 | | 91,744 |
Haier Electronics Group Co., Ltd.
| | | 143,000 | | 415,340 |
Hanergy Thin Film Power Group, Ltd. (a)(b)(e)
| | | 598,000 | | — |
Hutchison China MediTech, Ltd. ADR (a)
| | | 6,244 | | 190,942 |
Jiayuan International Group, Ltd.
| | | 34,000 | | 17,975 |
Kingboard Holdings, Ltd.
| | | 37,000 | | 131,268 |
Kingboard Laminates Holdings, Ltd.
| | | 20,500 | | 21,545 |
Lee & Man Paper Manufacturing, Ltd.
| | | 282,000 | | 240,330 |
Nine Dragons Paper Holdings, Ltd.
| | | 38,000 | | 36,209 |
Shanghai Industrial Holdings, Ltd.
| | | 30,000 | | 70,625 |
Shenzhen International Holdings, Ltd.
| | | 62,000 | | 131,583 |
Shimao Property Holdings, Ltd.
| | | 34,000 | | 106,332 |
Sino Biopharmaceutical, Ltd.
| | | 36,000 | | 32,836 |
Sun Art Retail Group, Ltd.
| | | 138,832 | | 135,296 |
Yuexiu Property Co., Ltd.
| | | 158,000 | | 38,041 |
| | | | | | 2,535,886 |
| HUNGARY — 0.5% | | | | | |
MOL Hungarian Oil & Gas PLC
| | | 40,681 | | 465,549 |
OTP Bank Nyrt
| | | 7,937 | | 349,134 |
Richter Gedeon Nyrt
| | | 25,103 | | 473,244 |
| | | | | | 1,287,927 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| INDIA — 12.3% | | | | | |
Adani Ports & Special Economic Zone, Ltd.
| | | 4,324 | | $23,603 |
Ambuja Cements, Ltd.
| | | 3,111 | | 10,567 |
Ashok Leyland, Ltd.
| | | 15,323 | | 20,195 |
Asian Paints, Ltd.
| | | 64,078 | | 1,380,718 |
Aurobindo Pharma, Ltd.
| | | 26,858 | | 304,055 |
Avenue Supermarts, Ltd. (a)(d)
| | | 12,608 | | 267,739 |
Axis Bank, Ltd. (a)
| | | 17,451 | | 195,796 |
Bajaj Auto, Ltd.
| | | 9,016 | | 378,874 |
Bajaj Finance, Ltd.
| | | 5,445 | | 237,764 |
Bajaj Finserv, Ltd.
| | | 2,538 | | 257,814 |
Bharat Forge, Ltd.
| | | 734 | | 5,429 |
Bharat Petroleum Corp., Ltd.
| | | 100,493 | | 576,701 |
Bharti Airtel, Ltd.
| | | 24,145 | | 116,098 |
Bharti Infratel, Ltd.
| | | 50,979 | | 230,629 |
Bosch, Ltd.
| | | 645 | | 169,314 |
Britannia Industries, Ltd.
| | | 15,412 | | 686,449 |
Cadila Healthcare, Ltd.
| | | 29,211 | | 146,340 |
Cipla, Ltd.
| | | 10,849 | | 82,830 |
Coal India, Ltd.
| | | 111,370 | | 381,335 |
Container Corp. Of India, Ltd.
| | | 453 | | 3,435 |
Dabur India, Ltd.
| | | 169,992 | | 1,003,143 |
Dr Reddy's Laboratories, Ltd. ADR
| | | 431 | | 17,455 |
Dr Reddy's Laboratories, Ltd.
| | | 588 | | 23,599 |
Eicher Motors, Ltd.
| | | 1,778 | | 527,374 |
GAIL India, Ltd. GDR
| | | 2,351 | | 71,941 |
Glenmark Pharmaceuticals, Ltd.
| | | 1,960 | | 18,311 |
Godrej Consumer Products, Ltd.
| | | 41,263 | | 408,609 |
Grasim Industries, Ltd.
| | | 4,615 | | 57,155 |
Havells India, Ltd.
| | | 24,196 | | 269,815 |
HCL Technologies, Ltd.
| | | 120,357 | | 1,889,314 |
Hero MotoCorp, Ltd.
| | | 6,747 | | 248,663 |
Hindalco Industries, Ltd.
| | | 25,520 | | 75,703 |
Hindustan Petroleum Corp., Ltd.
| | | 91,668 | | 375,604 |
Hindustan Unilever, Ltd.
| | | 108,628 | | 2,676,381 |
Housing Development Finance Corp., Ltd.
| | | 21,971 | | 624,243 |
ICICI Bank, Ltd. ADR
| | | 12,452 | | 142,700 |
ICICI Bank, Ltd.
| | | 2,283 | | 13,199 |
Indiabulls Housing Finance, Ltd.
| | | 4,443 | | 55,044 |
Indian Oil Corp., Ltd.
| | | 41,816 | | 98,300 |
Infosys, Ltd. ADR
| | | 288,267 | | 3,150,758 |
Infosys, Ltd.
| | | 205,030 | | 2,201,538 |
InterGlobe Aviation, Ltd. (d)
| | | 12,508 | | 257,861 |
ITC, Ltd.
| | | 384,350 | | 1,649,196 |
JSW Steel, Ltd.
| | | 10,817 | | 45,759 |
Larsen & Toubro, Ltd. GDR
| | | 4,973 | | 99,062 |
Larsen & Toubro, Ltd.
| | | 457 | | 9,139 |
LIC Housing Finance, Ltd.
| | | 6,515 | | 50,051 |
Lupin, Ltd.
| | | 7,150 | | 76,335 |
Mahindra & Mahindra Financial Services, Ltd.
| | | 1,142 | | 6,943 |
Mahindra & Mahindra, Ltd. GDR
| | | 10,468 | | 103,633 |
Mahindra & Mahindra, Ltd.
| | | 728 | | 7,082 |
| Security Description | | | Shares | | Value |
Marico, Ltd.
| | | 124,548 | | $623,234 |
Maruti Suzuki India, Ltd.
| | | 11,482 | | 1,105,943 |
Motherson Sumi Systems, Ltd.
| | | 6,137 | | 13,262 |
Nestle India, Ltd.
| | | 3,718 | | 588,276 |
NTPC, Ltd.
| | | 39,835 | | 77,457 |
Oil & Natural Gas Corp., Ltd.
| | | 37,936 | | 87,481 |
Page Industries, Ltd.
| | | 713 | | 257,022 |
Petronet LNG, Ltd.
| | | 125,539 | | 455,855 |
Pidilite Industries, Ltd.
| | | 16,803 | | 302,284 |
Piramal Enterprises, Ltd.
| | | 799 | | 31,871 |
Power Grid Corp. of India, Ltd.
| | | 67,162 | | 191,864 |
REC, Ltd.
| | | 25,940 | | 57,253 |
Reliance Industries, Ltd. GDR (d)
| | | 16,458 | | 659,966 |
Reliance Industries, Ltd.
| | | 12,327 | | 242,581 |
Shree Cement, Ltd.
| | | 37 | | 9,970 |
Shriram Transport Finance Co., Ltd.
| | | 1,261 | | 23,252 |
State Bank of India GDR (a)
| | | 2,570 | | 118,862 |
Sun Pharmaceutical Industries, Ltd.
| | | 24,188 | | 167,195 |
Tata Consultancy Services, Ltd.
| | | 143,765 | | 4,153,984 |
Tata Motors, Ltd. ADR (a)
| | | 13,511 | | 169,698 |
Tata Motors, Ltd. (a)
| | | 20,898 | | 52,566 |
Tata Power Co., Ltd.
| | | 21,726 | | 23,145 |
Tata Steel, Ltd.
| | | 798 | | 6,002 |
Tata Steel, Ltd. GDR
| | | 4,503 | | 33,322 |
Tech Mahindra, Ltd.
| | | 84,079 | | 941,709 |
Titan Co., Ltd.
| | | 44,430 | | 732,333 |
UltraTech Cement, Ltd.
| | | 716 | | 41,325 |
United Spirits, Ltd. (a)
| | | 189 | | 1,511 |
UPL, Ltd.
| | | 37,768 | | 522,755 |
Vedanta, Ltd.
| | | 26,064 | | 69,397 |
Vodafone Idea, Ltd. (a)
| | | 82,756 | | 21,801 |
Wipro, Ltd. ADR (b)
| | | 207,855 | | 827,263 |
Wipro, Ltd.
| | | 185,989 | | 684,085 |
Yes Bank, Ltd.
| | | 24,434 | | 97,031 |
Zee Entertainment Enterprises, Ltd.
| | | 46,046 | | 296,117 |
| | | | | | 35,417,267 |
| INDONESIA — 4.4% | | | | | |
Adaro Energy Tbk PT
| | | 275,400 | | 26,012 |
AKR Corporindo Tbk PT
| | | 400 | | 133 |
Astra International Tbk PT
| | | 224,800 | | 115,636 |
Bank Central Asia Tbk PT
| | | 1,765,925 | | 3,441,321 |
Bank Danamon Indonesia Tbk PT
| | | 39,100 | | 25,536 |
Bank Mandiri Persero Tbk PT
| | | 605,600 | | 316,834 |
Bank Negara Indonesia Persero Tbk PT
| | | 172,600 | | 113,935 |
Bank Rakyat Indonesia Persero Tbk PT
| | | 6,222,300 | | 1,800,272 |
Bank Tabungan Negara Persero Tbk PT
| | | 158,400 | | 27,142 |
Bukit Asam Tbk PT
| | | 374,300 | | 110,397 |
Bumi Serpong Damai Tbk PT (a)
| | | 116,200 | | 11,465 |
Charoen Pokphand Indonesia Tbk PT
| | | 715,600 | | 321,618 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Gudang Garam Tbk PT
| | | 84,700 | | $494,876 |
Hanjaya Mandala Sampoerna Tbk PT
| | | 2,734,000 | | 719,979 |
Indah Kiat Pulp & Paper Corp. Tbk PT
| | | 41,500 | | 25,063 |
Indocement Tunggal Prakarsa Tbk PT
| | | 22,700 | | 34,911 |
Indofood CBP Sukses Makmur Tbk PT
| | | 506,100 | | 331,417 |
Indofood Sukses Makmur Tbk PT
| | | 472,200 | | 211,396 |
Jasa Marga Persero Tbk PT
| | | 213,500 | | 89,583 |
Kalbe Farma Tbk PT
| | | 2,135,800 | | 227,979 |
Pakuwon Jati Tbk PT
| | | 1,746,178 | | 84,611 |
Perusahaan Gas Negara Persero Tbk
| | | 294,700 | | 48,634 |
Semen Indonesia Persero Tbk PT
| | | 53,100 | | 52,019 |
Surya Citra Media Tbk PT
| | | 802,100 | | 93,222 |
Telekomunikasi Indonesia Persero Tbk PT
| | | 7,857,775 | | 2,179,650 |
Tower Bersama Infrastructure Tbk PT
| | | 17,091 | | 4,729 |
Unilever Indonesia Tbk PT
| | | 416,200 | | 1,438,725 |
United Tractors Tbk PT
| | | 173,300 | | 329,197 |
| | | | | | 12,676,292 |
| LUXEMBOURG — 0.1% | | | | | |
Reinet Investments SCA
| | | 10,359 | | 177,273 |
| MALAYSIA — 3.5% | | | | | |
AirAsia Group Bhd
| | | 42,700 | | 27,822 |
Alliance Bank Malaysia Bhd
| | | 44,300 | | 44,381 |
AMMB Holdings Bhd
| | | 80,100 | | 89,469 |
Axiata Group Bhd
| | | 33,966 | | 34,528 |
British American Tobacco Malaysia Bhd
| | | 19,500 | | 172,622 |
CIMB Group Holdings Bhd
| | | 112,532 | | 141,957 |
Dialog Group Bhd
| | | 11,100 | | 8,619 |
DiGi.Com Bhd
| | | 98,700 | | 110,002 |
Fraser & Neave Holdings Bhd
| | | 27,000 | | 230,418 |
Gamuda Bhd
| | | 31,800 | | 22,433 |
Genting Bhd
| | | 44,800 | | 72,865 |
Genting Malaysia Bhd
| | | 58,300 | | 45,698 |
Genting Plantations Bhd
| | | 800 | | 2,077 |
HAP Seng Consolidated Bhd
| | | 150,100 | | 363,990 |
Hartalega Holdings Bhd
| | | 123,500 | | 140,062 |
Hong Leong Bank Bhd
| | | 180,920 | | 899,614 |
Hong Leong Financial Group Bhd
| | | 8,700 | | 40,873 |
IHH Healthcare Bhd
| | | 755,500 | | 1,067,786 |
IJM Corp. Bhd
| | | 81,200 | | 44,155 |
IOI Corp. Bhd
| | | 59,700 | | 65,220 |
IOI Properties Group Bhd
| | | 19,708 | | 6,372 |
Kuala Lumpur Kepong Bhd
| | | 55,900 | | 339,576 |
Malayan Banking Bhd
| | | 564,828 | | 1,282,537 |
Malaysia Airports Holdings Bhd
| | | 3,100 | | 5,498 |
Maxis Bhd
| | | 421,700 | | 553,659 |
MISC Bhd
| | | 24,700 | | 40,476 |
Nestle Malaysia Bhd
| | | 7,800 | | 280,475 |
Petronas Chemicals Group Bhd
| | | 375,000 | | 841,396 |
| Security Description | | | Shares | | Value |
Petronas Dagangan Bhd
| | | 48,000 | | $293,938 |
Petronas Gas Bhd
| | | 6,200 | | 26,759 |
PPB Group Bhd
| | | 73,560 | | 330,097 |
Public Bank Bhd
| | | 268,811 | | 1,524,963 |
RHB Capital Bhd
| | | 36,238 | | 50,596 |
Sime Darby Bhd
| | | 22,127 | | 12,087 |
Sime Darby Plantation Bhd
| | | 27,727 | | 34,094 |
Sime Darby Property Bhd
| | | 98,627 | | 26,816 |
SP Setia Bhd Group
| | | 41,618 | | 23,141 |
Telekom Malaysia Bhd
| | | 66,685 | | 52,270 |
Tenaga Nasional Bhd
| | | 180,200 | | 558,808 |
Top Glove Corp. Bhd
| | | 7,200 | | 8,148 |
Westports Holdings Bhd
| | | 184,438 | | 169,868 |
YTL Corp. Bhd
| | | 173,238 | | 44,980 |
| | | | | | 10,131,145 |
| MEXICO — 1.9% | | | | | |
Alfa SAB de CV Class A
| | | 88,349 | | 93,963 |
America Movil SAB de CV Series L
| | | 500,727 | | 358,298 |
Arca Continental SAB de CV
| | | 55,964 | | 311,967 |
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Class B
| | | 27,295 | | 37,331 |
Cemex SAB de CV Series CPO (a)
| | | 419,615 | | 196,206 |
Coca-Cola Femsa SAB de CV Series L
| | | 16,480 | | 109,011 |
El Puerto de Liverpool SAB de CV Series C1
| | | 450 | | 2,856 |
Fibra Uno Administracion SA de CV REIT
| | | 63,191 | | 87,371 |
Fomento Economico Mexicano SAB de CV
| | | 24,792 | | 228,972 |
Gruma SAB de CV Class B
| | | 36,035 | | 368,199 |
Grupo Aeroportuario del Pacifico SAB de CV Class B
| | | 35,579 | | 316,070 |
Grupo Aeroportuario del Sureste SAB de CV Class B
| | | 19,937 | | 322,363 |
Grupo Bimbo SAB de CV Class A
| | | 29,223 | | 61,135 |
Grupo Carso SAB de CV Series A1
| | | 5,099 | | 20,054 |
Grupo Financiero Banorte SAB de CV Series O
| | | 43,863 | | 238,655 |
Grupo Financiero Inbursa SAB de CV Series O
| | | 34,805 | | 48,249 |
Grupo Mexico SAB de CV Class B
| | | 60,380 | | 166,098 |
Grupo Televisa SAB Series CPO
| | | 34,329 | | 76,082 |
Industrias Penoles SAB de CV
| | | 1,088 | | 13,606 |
Infraestructura Energetica Nova SAB de CV
| | | 41,802 | | 168,113 |
Kimberly-Clark de Mexico SAB de CV Class A
| | | 2,513 | | 4,268 |
Mexichem SAB de CV
| | | 13,759 | | 32,920 |
Promotora y Operadora de Infraestructura SAB de CV
| | | 1,176 | | 11,689 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Wal-Mart de Mexico SAB de CV
| | | 760,881 | | $2,036,600 |
| | | | | | 5,310,076 |
| PAKISTAN — 0.1% | | | | | |
Habib Bank, Ltd.
| | | 52,834 | | 49,733 |
MCB Bank, Ltd.
| | | 73,597 | | 102,764 |
Oil & Gas Development Co., Ltd.
| | | 5,662 | | 5,936 |
| | | | | | 158,433 |
| PERU — 0.6% | | | | | |
Cia de Minas Buenaventura SAA ADR
| | | 920 | | 15,898 |
Credicorp, Ltd.
| | | 6,199 | | 1,487,450 |
Southern Copper Corp.
| | | 7,936 | | 314,900 |
| | | | | | 1,818,248 |
| PHILIPPINES — 1.5% | | | | | |
Aboitiz Equity Ventures, Inc.
| | | 252,920 | | 283,939 |
Aboitiz Power Corp.
| | | 572,600 | | 386,022 |
Alliance Global Group, Inc.
| | | 102,900 | | 31,668 |
Ayala Corp.
| | | 1,990 | | 35,624 |
Ayala Land, Inc.
| | | 39,100 | | 33,433 |
Bank of the Philippine Islands
| | | 302,599 | | 485,219 |
BDO Unibank, Inc.
| | | 274,502 | | 699,455 |
DMCI Holdings, Inc.
| | | 455,330 | | 104,056 |
Globe Telecom, Inc.
| | | 830 | | 30,633 |
GT Capital Holdings, Inc.
| | | 1,098 | | 19,478 |
International Container Terminal Services, Inc.
| | | 66,440 | | 165,372 |
JG Summit Holdings, Inc.
| | | 47,860 | | 57,877 |
Jollibee Foods Corp.
| | | 135,360 | | 817,161 |
Manila Electric Co.
| | | 60,690 | | 439,196 |
Megaworld Corp.
| | | 197,000 | | 21,760 |
Metro Pacific Investments Corp.
| | | 157,200 | | 14,519 |
Metropolitan Bank & Trust Co.
| | | 137,738 | | 209,584 |
PLDT, Inc.
| | | 2,021 | | 44,261 |
Robinsons Land Corp.
| | | 93,963 | | 43,841 |
Security Bank Corp.
| | | 35,510 | | 116,992 |
SM Investments Corp.
| | | 4,175 | | 74,261 |
SM Prime Holdings, Inc.
| | | 73,800 | | 56,077 |
Universal Robina Corp.
| | | 63,790 | | 184,652 |
| | | | | | 4,355,080 |
| POLAND — 0.6% | | | | | |
Alior Bank SA (a)
| | | 2,017 | | 31,435 |
Bank Handlowy w Warszawie SA
| | | 767 | | 13,504 |
Bank Millennium SA (a)
| | | 20,652 | | 48,158 |
Bank Polska Kasa Opieki SA
| | | 10,253 | | 294,177 |
CCC SA
| | | 203 | | 11,395 |
CD Projekt SA (a)
| | | 1,808 | | 94,318 |
Cyfrowy Polsat SA (a)
| | | 19,904 | | 133,321 |
Dino Polska SA (a)(d)
| | | 4,851 | | 153,102 |
Grupa Lotos SA
| | | 2,206 | | 47,988 |
Jastrzebska Spolka Weglowa SA (a)
| | | 1,051 | | 16,722 |
KGHM Polska Miedz SA (a)
| | | 2,172 | | 60,619 |
LPP SA
| | | 11 | | 23,886 |
mBank SA
| | | 405 | | 44,917 |
| Security Description | | | Shares | | Value |
Orange Polska SA (a)
| | | 22,526 | | $30,142 |
PGE Polska Grupa Energetyczna SA (a)
| | | 50,408 | | 130,692 |
Polski Koncern Naftowy ORLEN SA
| | | 9,055 | | 230,612 |
Polskie Gornictwo Naftowe i Gazownictwo SA
| | | 38,973 | | 63,585 |
Powszechna Kasa Oszczednosci Bank Polski SA
| | | 20,000 | | 201,260 |
Powszechny Zaklad Ubezpieczen SA
| | | 9,912 | | 104,708 |
Santander Bank Polska SA
| | | 674 | | 66,981 |
| | | | | | 1,801,522 |
| QATAR — 1.3% | | | | | |
Barwa Real Estate Co.
| | | 39,084 | | 393,443 |
Commercial Bank PQSC
| | | 21,179 | | 261,484 |
Ezdan Holding Group QSC (a)
| | | 10,010 | | 27,219 |
Industries Qatar QSC
| | | 2,105 | | 71,636 |
Masraf Al Rayan QSC
| | | 59,591 | | 601,516 |
Ooredoo QSC
| | | 3,506 | | 63,943 |
Qatar Electricity & Water Co. QSC
| | | 10,601 | | 501,668 |
Qatar Insurance Co. SAQ
| | | 3,536 | | 35,440 |
Qatar Islamic Bank SAQ
| | | 18,989 | | 790,958 |
Qatar National Bank QPSC
| | | 17,801 | | 882,533 |
| | | | | | 3,629,840 |
| ROMANIA — 0.0% (g) | | | | | |
NEPI Rockcastle PLC
| | | 4,367 | | 36,774 |
| RUSSIA — 3.0% | | | | | |
Alrosa PJSC
| | | 271,552 | | 382,585 |
Gazprom PJSC ADR
| | | 358,056 | | 1,616,265 |
Inter RAO UES PJSC
| | | 1,398,310 | | 79,336 |
LUKOIL PJSC ADR
| | | 16,582 | | 1,485,747 |
Magnit PJSC GDR
| | | 11,440 | | 161,304 |
Magnitogorsk Iron & Steel Works PJSC
| | | 51,238 | | 35,447 |
MMC Norilsk Nickel PJSC ADR
| | | 7,298 | | 154,134 |
Mobile TeleSystems PJSC ADR
| | | 11,056 | | 83,583 |
Moscow Exchange MICEX-RTS PJSC (a)
| | | 18,558 | | 25,731 |
Novatek PJSC GDR
| | | 667 | | 114,324 |
Novolipetsk Steel PJSC (a)
| | | 27,220 | | 70,286 |
PhosAgro PJSC GDR
| | | 2,397 | | 30,034 |
Polymetal International PLC
| | | 2,519 | | 28,373 |
Polyus PJSC (a)
| | | 363 | | 29,900 |
Rosneft Oil Co. PJSC
| | | 20,167 | | 126,547 |
Rosneft Oil Co. PJSC GDR
| | | 57,824 | | 363,135 |
Sberbank of Russia PJSC ADR (c)
| | | 81,955 | | 1,086,723 |
Sberbank of Russia PJSC ADR (b)(c)
| | | 6,842 | | 90,178 |
Severstal PJSC GDR
| | | 3,969 | | 61,916 |
Surgutneftegas PJSC ADR
| | | 26,949 | | 165,736 |
Surgutneftegas PJSC ADR
| | | 41,997 | | 155,809 |
Tatneft PJSC ADR (c)
| | | 27,283 | | 1,887,984 |
Tatneft PJSC ADR (b)(c)
| | | 1,551 | | 107,003 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Transneft PJSC Preference Shares
| | | 36 | | $96,442 |
VTB Bank PJSC GDR
| | | 36,472 | | 41,651 |
VTB Bank PJSC
| | | 63,341,899 | | 34,395 |
X5 Retail Group NV GDR
| | | 1,346 | | 33,542 |
| | | | | | 8,548,110 |
| SINGAPORE — 0.1% | | | | | |
BOC Aviation, Ltd. (d)
| | | 17,700 | | 144,419 |
| SOUTH AFRICA — 3.5% | | | | | |
Absa Group, Ltd. (b)
| | | 19,883 | | 209,705 |
Anglo American Platinum, Ltd.
| | | 423 | | 21,593 |
AngloGold Ashanti, Ltd.
| | | 13,279 | | 176,415 |
Aspen Pharmacare Holdings, Ltd.
| | | 6,700 | | 43,198 |
Bid Corp., Ltd.
| | | 4,556 | | 94,145 |
Bidvest Group, Ltd.
| | | 14,225 | | 190,867 |
Capitec Bank Holdings, Ltd.
| | | 4,827 | | 451,861 |
Clicks Group, Ltd.
| | | 36,844 | | 470,627 |
Discovery, Ltd. (b)
| | | 4,487 | | 42,564 |
Exxaro Resources, Ltd.
| | | 5,291 | | 60,298 |
FirstRand, Ltd. (b)
| | | 43,360 | | 189,300 |
Fortress REIT, Ltd. Class A,
| | | 288,811 | | 367,691 |
Fortress REIT, Ltd. Class B,
| | | 4,525 | | 3,383 |
Foschini Group, Ltd.
| | | 2,445 | | 27,635 |
Gold Fields, Ltd.
| | | 33,583 | | 124,074 |
Growthpoint Properties, Ltd. REIT
| | | 37,628 | | 63,717 |
Hyprop Investments, Ltd. REIT
| | | 3,305 | | 16,152 |
Investec, Ltd.
| | | 9,227 | | 53,962 |
Kumba Iron Ore, Ltd. (b)
| | | 7,444 | | 222,113 |
Liberty Holdings, Ltd. (b)
| | | 3,906 | | 27,364 |
Life Healthcare Group Holdings, Ltd.
| | | 14,518 | | 27,020 |
MMI Holdings, Ltd.
| | | 27,155 | | 31,239 |
Mondi, Ltd.
| | | 13,803 | | 305,114 |
Mr. Price Group, Ltd.
| | | 34,508 | | 453,494 |
MTN Group, Ltd. (b)
| | | 30,996 | | 190,474 |
MultiChoice Group, Ltd. (a)
| | | 1,708 | | 14,295 |
Naspers, Ltd. Class N
| | | 1,816 | | 419,601 |
Nedbank Group, Ltd. (b)
| | | 9,047 | | 157,612 |
Netcare, Ltd.
| | | 18,183 | | 29,441 |
Old Mutual, Ltd. (b)
| | | 106,997 | | 162,262 |
Pick n Pay Stores, Ltd.
| | | 50,223 | | 231,277 |
PSG Group, Ltd.
| | | 777 | | 14,089 |
Rand Merchant Investment Holdings, Ltd.
| | | 63,487 | | 147,610 |
Redefine Properties, Ltd. REIT
| | | 104,902 | | 70,559 |
Remgro, Ltd.
| | | 10,431 | | 134,000 |
Resilient REIT, Ltd.
| | | 9,644 | | 36,580 |
RMB Holdings, Ltd. (b)
| | | 79,467 | | 418,681 |
Sanlam, Ltd. (b)
| | | 182,707 | | 934,487 |
Sappi, Ltd.
| | | 20,135 | | 93,057 |
Sasol, Ltd.
| | | 11,091 | | 346,083 |
Shoprite Holdings, Ltd.
| | | 48,018 | | 528,119 |
SPAR Group, Ltd.
| | | 29,132 | | 387,612 |
Standard Bank Group, Ltd.
| | | 25,307 | | 325,049 |
Telkom SA SOC, Ltd.
| | | 6,513 | | 32,933 |
| Security Description | | | Shares | | Value |
Tiger Brands, Ltd.
| | | 21,144 | | $388,535 |
Truworths International, Ltd.
| | | 55,088 | | 265,064 |
Vodacom Group, Ltd.
| | | 94,172 | | 727,647 |
Woolworths Holdings, Ltd.
| | | 109,319 | | 352,338 |
| | | | | | 10,080,936 |
| SOUTH KOREA — 14.6% | | | | | |
Amorepacific Corp.
| | | 383 | | 63,603 |
Amorepacific Corp. Preference Shares
| | | 108 | | 10,181 |
AMOREPACIFIC Group
| | | 376 | | 23,055 |
BGF retail Co., Ltd.
| | | 1,026 | | 197,499 |
BNK Financial Group, Inc.
| | | 19,840 | | 116,757 |
Celltrion, Inc. (a)
| | | 752 | | 119,912 |
Cheil Worldwide, Inc.
| | | 5,365 | | 114,380 |
CJ CheilJedang Corp.
| | | 467 | | 132,888 |
CJ Corp.
| | | 960 | | 105,295 |
CJ ENM Co., Ltd.
| | | 157 | | 32,227 |
CJ Logistics Corp. (a)
| | | 1,305 | | 190,272 |
Coway Co., Ltd.
| | | 8,124 | | 676,344 |
Daelim Industrial Co., Ltd.
| | | 1,238 | | 105,139 |
Daewoo Engineering & Construction Co., Ltd. (a)
| | | 4,700 | | 21,034 |
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (a)
| | | 1,316 | | 32,404 |
DB Insurance Co., Ltd.
| | | 10,116 | | 612,254 |
DGB Financial Group, Inc.
| | | 11,352 | | 81,707 |
Doosan Bobcat, Inc.
| | | 724 | | 19,709 |
E-MART, Inc.
| | | 1,402 | | 212,443 |
GS Engineering & Construction Corp.
| | | 1,314 | | 49,314 |
GS Holdings Corp.
| | | 1,967 | | 91,496 |
GS Retail Co., Ltd.
| | | 2,282 | | 78,707 |
Hana Financial Group, Inc.
| | | 14,690 | | 471,074 |
Hankook Tire Co., Ltd.
| | | 2,306 | | 76,081 |
Hanmi Pharm Co., Ltd.
| | | 7 | | 2,812 |
Hanmi Science Co., Ltd.
| | | 760 | | 51,823 |
Hanon Systems
| | | 2,879 | | 28,787 |
Hanwha Chemical Corp.
| | | 6,528 | | 120,197 |
Hanwha Corp.
| | | 4,903 | | 131,311 |
Hanwha Life Insurance Co., Ltd.
| | | 29,251 | | 103,078 |
HDC Hyundai Development Co-Engineering & Construction
| | | 1,050 | | 46,899 |
Hotel Shilla Co., Ltd.
| | | 70 | | 5,883 |
Hyundai Department Store Co., Ltd.
| | | 738 | | 65,666 |
Hyundai Engineering & Construction Co., Ltd.
| | | 2,062 | | 97,005 |
Hyundai Glovis Co., Ltd.
| | | 1,533 | | 173,545 |
Hyundai Heavy Industries Co., Ltd. (a)
| | | 931 | | 97,603 |
Hyundai Heavy Industries Holdings Co., Ltd.
| | | 486 | | 142,576 |
Hyundai Marine & Fire Insurance Co., Ltd.
| | | 9,607 | | 320,769 |
Hyundai Mobis Co., Ltd.
| | | 3,038 | | 558,033 |
Hyundai Motor Co.
| | | 9,235 | | 972,234 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Hyundai Motor Co. Preference Shares
| | | 3,615 | | $242,996 |
Hyundai Motor Co. Preference Shares
| | | 1,863 | | 113,576 |
Hyundai Motor Co. GDR
| | | 1,228 | | 36,963 |
Hyundai Steel Co.
| | | 4,379 | | 173,216 |
Industrial Bank of Korea
| | | 12,273 | | 151,912 |
Kakao Corp.
| | | 358 | | 32,643 |
Kangwon Land, Inc.
| | | 19,006 | | 535,805 |
KB Financial Group, Inc.
| | | 4,545 | | 167,570 |
KB Financial Group, Inc. ADR (a)
| | | 12,866 | | 476,814 |
KCC Corp.
| | | 215 | | 60,327 |
Kia Motors Corp.
| | | 22,816 | | 710,550 |
Korea Aerospace Industries, Ltd.
| | | 742 | | 23,108 |
Korea Electric Power Corp. ADR (a)(b)
| | | 46,233 | | 601,491 |
Korea Electric Power Corp. (a)
| | | 8,981 | | 236,571 |
Korea Gas Corp.
| | | 2,805 | | 111,449 |
Korea Investment Holdings Co., Ltd.
| | | 917 | | 50,168 |
Korea Zinc Co., Ltd.
| | | 140 | | 57,352 |
Korean Air Lines Co., Ltd.
| | | 2,266 | | 63,582 |
KT Corp. ADR (a)
| | | 16,206 | | 201,603 |
KT Corp.
| | | 4,308 | | 103,990 |
KT&G Corp.
| | | 20,880 | | 1,903,867 |
Kumho Petrochemical Co., Ltd.
| | | 751 | | 62,986 |
LG Chem, Ltd.
| | | 843 | | 271,816 |
LG Chem, Ltd. Preference Shares
| | | 211 | | 38,664 |
LG Corp.
| | | 2,491 | | 170,075 |
LG Display Co., Ltd. ADR (a)(b)
| | | 21,291 | | 184,167 |
LG Display Co., Ltd. (a)
| | | 7,676 | | 131,867 |
LG Electronics, Inc.
| | | 4,596 | | 304,079 |
LG Household & Health Care, Ltd.
| | | 962 | | 1,200,911 |
LG Household & Health Care, Ltd. Preference Shares
| | | 201 | | 148,036 |
LG Innotek Co., Ltd.
| | | 247 | | 25,568 |
LG Uplus Corp.
| | | 3,477 | | 47,326 |
Lotte Chemical Corp.
| | | 875 | | 223,934 |
Lotte Corp.
| | | 5,679 | | 247,152 |
Lotte Shopping Co., Ltd.
| | | 556 | | 87,189 |
Medy-Tox, Inc.
| | | 569 | | 292,646 |
Mirae Asset Daewoo Co., Ltd.
| | | 14,809 | | 95,630 |
NAVER Corp.
| | | 17,748 | | 1,938,818 |
NCSoft Corp.
| | | 3,031 | | 1,324,444 |
Netmarble Corp. (a)(d)
| | | 220 | | 24,227 |
NH Investment & Securities Co., Ltd.
| | | 2,908 | | 34,457 |
OCI Co., Ltd.
| | | 374 | | 30,609 |
Orange Life Insurance, Ltd. (d)
| | | 1,008 | | 31,969 |
Orion Corp/Republic of Korea
| | | 176 | | 15,505 |
Ottogi Corp.
| | | 4 | | 2,717 |
Pan Ocean Co., Ltd. (a)
| | | 5,066 | | 18,343 |
POSCO ADR
| | | 10,902 | | 601,899 |
POSCO
| | | 523 | | 116,570 |
Posco Daewoo Corp.
| | | 3,333 | | 52,119 |
S-1 Corp.
| | | 5,311 | | 470,228 |
| Security Description | | | Shares | | Value |
Samsung Biologics Co., Ltd. (a)(d)
| | | 679 | | $191,120 |
Samsung C&T Corp.
| | | 1,454 | | 137,061 |
Samsung Card Co., Ltd.
| | | 395 | | 11,971 |
Samsung Electro-Mechanics Co., Ltd.
| | | 651 | | 59,933 |
Samsung Electronics Co., Ltd. GDR (c)
| | | 3,291 | | 3,228,471 |
Samsung Electronics Co., Ltd. Preference Shares
| | | 26,384 | | 842,587 |
Samsung Electronics Co., Ltd.
| | | 152,854 | | 6,012,625 |
Samsung Electronics Co., Ltd. GDR (c)
| | | 756 | | 594,972 |
Samsung Engineering Co., Ltd. (a)
| | | 1,875 | | 26,595 |
Samsung Fire & Marine Insurance Co., Ltd.
| | | 2,926 | | 775,902 |
Samsung Heavy Industries Co., Ltd. (a)
| | | 13,303 | | 96,804 |
Samsung Life Insurance Co., Ltd.
| | | 8,254 | | 611,542 |
Samsung SDI Co., Ltd.
| | | 623 | | 117,728 |
Samsung SDS Co., Ltd.
| | | 412 | | 85,296 |
Samsung Securities Co., Ltd.
| | | 1,526 | | 44,768 |
Shinhan Financial Group Co., Ltd.
| | | 4,156 | | 153,777 |
Shinhan Financial Group Co., Ltd. ADR (a)(b)
| | | 13,052 | | 484,882 |
Shinsegae, Inc.
| | | 194 | | 57,682 |
SK Holdings Co., Ltd.
| | | 1,818 | | 433,238 |
SK Hynix, Inc.
| | | 86,666 | | 5,665,243 |
SK Innovation Co., Ltd.
| | | 2,022 | | 319,751 |
SK Telecom Co., Ltd. ADR
| | | 25,755 | | 630,740 |
SK Telecom Co., Ltd.
| | | 665 | | 147,342 |
S-Oil Corp.
| | | 1,055 | | 83,277 |
Woori Financial Group, Inc.
| | | 20,094 | | 243,408 |
Yuhan Corp.
| | | 227 | | 47,996 |
| | | | | | 41,906,211 |
| TAIWAN — 12.9% | | | | | |
Acer, Inc.
| | | 76,258 | | 48,867 |
Advantech Co., Ltd.
| | | 101,951 | | 846,821 |
ASE Technology Holding Co., Ltd.
| | | 82,124 | | 179,860 |
Asia Cement Corp.
| | | 43,200 | | 56,207 |
Asustek Computer, Inc.
| | | 75,000 | | 542,658 |
AU Optronics Corp.
| | | 936,000 | | 344,693 |
Catcher Technology Co., Ltd.
| | | 75,000 | | 576,727 |
Cathay Financial Holding Co., Ltd.
| | | 238,100 | | 347,256 |
Chailease Holding Co., Ltd.
| | | 10,363 | | 42,366 |
Chang Hwa Commercial Bank, Ltd.
| | | 150,768 | | 90,254 |
Cheng Shin Rubber Industry Co., Ltd.
| | | 38,000 | | 51,722 |
Chicony Electronics Co., Ltd.
| | | 245,822 | | 571,874 |
China Airlines, Ltd.
| | | 134,000 | | 42,869 |
China Development Financial Holding Corp.
| | | 762,000 | | 254,655 |
China Life Insurance Co., Ltd.
| | | 55,873 | | 47,406 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
China Steel Corp.
| | | 266,440 | | $218,716 |
Chunghwa Telecom Co., Ltd.
| | | 428,540 | | 1,522,530 |
Compal Electronics, Inc.
| | | 427,000 | | 265,312 |
CTBC Financial Holding Co., Ltd.
| | | 419,900 | | 278,612 |
Delta Electronics, Inc.
| | | 25,623 | | 132,187 |
E.Sun Financial Holding Co., Ltd.
| | | 798,884 | | 615,613 |
Eclat Textile Co., Ltd.
| | | 19,379 | | 260,939 |
Eva Airways Corp.
| | | 233,594 | | 114,446 |
Evergreen Marine Corp. Taiwan, Ltd.
| | | 43,265 | | 16,775 |
Far Eastern New Century Corp.
| | | 79,560 | | 78,604 |
Far EasTone Telecommunications Co., Ltd.
| | | 586,449 | | 1,413,772 |
Feng TAY Enterprise Co., Ltd.
| | | 43,468 | | 307,459 |
First Financial Holding Co., Ltd.
| | | 2,255,552 | | 1,544,172 |
Formosa Chemicals & Fibre Corp.
| | | 55,000 | | 199,867 |
Formosa Petrochemical Corp.
| | | 111,000 | | 415,973 |
Formosa Plastics Corp.
| | | 125,000 | | 444,104 |
Formosa Taffeta Co., Ltd.
| | | 15,000 | | 17,910 |
Foxconn Technology Co., Ltd.
| | | 26,892 | | 53,661 |
Fubon Financial Holding Co., Ltd.
| | | 134,000 | | 199,997 |
Giant Manufacturing Co., Ltd.
| | | 4,000 | | 28,552 |
Globalwafers Co., Ltd.
| | | 26,000 | | 255,609 |
Highwealth Construction Corp.
| | | 15,500 | | 25,548 |
Hiwin Technologies Corp.
| | | 1,084 | | 9,145 |
Hon Hai Precision Industry Co., Ltd.
| | | 778,730 | | 1,857,097 |
Hotai Motor Co., Ltd.
| | | 5,000 | | 61,242 |
Hua Nan Financial Holdings Co., Ltd.
| | | 1,404,989 | | 884,372 |
Innolux Corp.
| | | 819,751 | | 265,976 |
Inventec Corp.
| | | 145,000 | | 110,324 |
Largan Precision Co., Ltd.
| | | 12,000 | | 1,791,016 |
Lite-On Technology Corp.
| | | 110,952 | | 161,457 |
MediaTek, Inc.
| | | 28,877 | | 264,686 |
Mega Financial Holding Co., Ltd.
| | | 564,657 | | 513,899 |
Micro-Star International Co., Ltd.
| | | 75,000 | | 210,493 |
Nan Ya Plastics Corp.
| | | 75,000 | | 191,999 |
Nanya Technology Corp.
| | | 150,000 | | 298,827 |
Nien Made Enterprise Co., Ltd.
| | | 20,000 | | 176,181 |
Novatek Microelectronics Corp.
| | | 58,000 | | 372,609 |
Pegatron Corp.
| | | 145,000 | | 250,758 |
Phison Electronics Corp.
| | | 17,000 | | 166,577 |
Pou Chen Corp.
| | | 109,000 | | 132,800 |
Powertech Technology, Inc.
| | | 80,000 | | 188,965 |
President Chain Store Corp.
| | | 137,000 | | 1,349,086 |
Quanta Computer, Inc.
| | | 178,000 | | 333,817 |
Realtek Semiconductor Corp.
| | | 3,000 | | 17,715 |
Ruentex Development Co., Ltd.
| | | 67,265 | | 101,703 |
Ruentex Industries, Ltd.
| | | 4,800 | | 12,599 |
Shin Kong Financial Holding Co., Ltd.
| | | 236,088 | | 69,554 |
SinoPac Financial Holdings Co., Ltd.
| | | 310,152 | | 114,720 |
Standard Foods Corp.
| | | 84,168 | | 141,461 |
Synnex Technology International Corp.
| | | 358,900 | | 430,859 |
| Security Description | | | Shares | | Value |
Taishin Financial Holding Co., Ltd.
| | | 269,713 | | $122,953 |
Taiwan Business Bank
| | | 872,678 | | 339,778 |
Taiwan Cement Corp.
| | | 72,600 | | 97,167 |
Taiwan Cooperative Financial Holding Co., Ltd.
| | | 2,529,859 | | 1,600,631 |
Taiwan High Speed Rail Corp.
| | | 203,000 | | 237,115 |
Taiwan Mobile Co., Ltd.
| | | 541,542 | | 1,959,148 |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | | 1,030,495 | | 8,208,385 |
Tatung Co., Ltd. (a)
| | | 18,000 | | 14,192 |
Uni-President Enterprises Corp.
| | | 50,164 | | 121,746 |
United Microelectronics Corp.
| | | 609,000 | | 230,199 |
Vanguard International Semiconductor Corp.
| | | 86,000 | | 185,558 |
Walsin Technology Corp.
| | | 32,000 | | 207,654 |
Win Semiconductors Corp.
| | | 3,000 | | 21,171 |
Winbond Electronics Corp.
| | | 53,000 | | 25,365 |
Wistron Corp.
| | | 225,535 | | 173,429 |
WPG Holdings, Ltd.
| | | 226,280 | | 295,143 |
Yageo Corp.
| | | 26,198 | | 274,556 |
Yuanta Financial Holding Co., Ltd.
| | | 284,466 | | 161,982 |
Zhen Ding Technology Holding, Ltd.
| | | 15,000 | | 46,576 |
| | | | | | 37,257,278 |
| THAILAND — 3.7% | | | | | |
Advanced Info Service PCL
| | | 142,900 | | 828,536 |
Airports of Thailand PCL
| | | 105,500 | | 224,397 |
Airports of Thailand PCL NVDR
| | | 347,270 | | 744,111 |
Bangkok Bank PCL
| | | 3,700 | | 25,184 |
Bangkok Bank PCL NVDR
| | | 3,500 | | 22,830 |
Bangkok Dusit Medical Services PCL
| | | 908,592 | | 710,039 |
Bangkok Expressway & Metro PCL
| | | 1,803,833 | | 574,089 |
Banpu PCL
| | | 35,170 | | 17,954 |
Berli Jucker PCL NVDR
| | | 17,100 | | 26,672 |
BTS Group Holdings PCL
| | | 2,069,898 | | 717,469 |
Bumrungrad Hospital PCL
| | | 119,700 | | 677,049 |
Central Pattana PCL NVDR
| | | 59,600 | | 137,567 |
Central Pattana PCL
| | | 105,100 | | 242,589 |
Charoen Pokphand Foods PCL
| | | 78,886 | | 63,387 |
CP ALL PCL
| | | 395,300 | | 931,107 |
Delta Electronics Thailand PCL
| | | 176,744 | | 395,425 |
Delta Electronics Thailand PCL NVDR
| | | 300 | | 671 |
Electricity Generating PCL
| | | 47,900 | | 440,737 |
Energy Absolute PCL
| | | 900 | | 1,361 |
Energy Absolute PCL NVDR
| | | 2,700 | | 4,084 |
Glow Energy PCL
| | | 71,900 | | 206,173 |
Glow Energy PCL NVDR
| | | 117,200 | | 336,071 |
Home Product Center PCL
| | | 1,029,459 | | 496,320 |
Indorama Ventures PCL
| | | 1,400 | | 2,195 |
Indorama Ventures PCL NVDR
| | | 35,600 | | 55,809 |
IRPC PCL
| | | 897,600 | | 161,220 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Kasikornbank PCL
| | | 19,400 | | $114,927 |
Kasikornbank PCL NVDR
| | | 57,100 | | 337,364 |
Krung Thai Bank PCL
| | | 824,200 | | 498,649 |
Minor International PCL
| | | 17,500 | | 21,231 |
Minor International PCL NVDR
| | | 82,219 | | 101,041 |
PTT Exploration & Production PCL
| | | 20,728 | | 81,972 |
PTT Global Chemical PCL
| | | 80,403 | | 170,383 |
PTT PCL
| | | 243,060 | | 365,720 |
Robinson PCL NVDR
| | | 75,500 | | 139,771 |
Robinson PCL
| | | 18,900 | | 34,989 |
Siam Cement PCL
| | | 6,219 | | 94,456 |
Siam Cement PCL NVDR
| | | 12,800 | | 194,410 |
Siam Commercial Bank PCL
| | | 54,100 | | 225,026 |
Thai Oil PCL
| | | 32,088 | | 70,273 |
Thai Union Group PCL NVDR
| | | 200,600 | | 121,997 |
Thai Union Group PCL Class F
| | | 21,600 | | 13,136 |
TMB Bank PCL
| | | 43,400 | | 2,790 |
TMB Bank PCL NVDR
| | | 265,800 | | 17,086 |
True Corp. PCL
| | | 172,900 | | 25,934 |
| | | | | | 10,674,201 |
| TURKEY — 0.5% | | | | | |
Akbank T.A.S. (a)
| | | 93,482 | | 104,575 |
Anadolu Efes Biracilik Ve Malt Sanayii A/S
| | | 5,098 | | 15,800 |
Arcelik A/S (a)
| | | 4,869 | | 14,565 |
Aselsan Elektronik Sanayi Ve Ticaret A/S
| | | 1,984 | | 7,473 |
BIM Birlesik Magazalar A/S
| | | 28,703 | | 387,137 |
Eregli Demir ve Celik Fabrikalari TAS
| | | 27,371 | | 44,184 |
Ford Otomotiv Sanayi A/S
| | | 8,332 | | 71,941 |
Haci Omer Sabanci Holding A/S
| | | 32,504 | | 45,106 |
KOC Holding A/S
| | | 29,200 | | 83,161 |
Petkim Petrokimya Holding A/S
| | | 15,642 | | 12,570 |
TAV Havalimanlari Holding A/S
| | | 3,114 | | 12,865 |
Tupras Turkiye Petrol Rafinerileri A/S
| | | 14,989 | | 331,108 |
Turk Hava Yollari AO (a)
| | | 16,225 | | 37,133 |
Turkcell Iletisim Hizmetleri A/S
| | | 26,054 | | 55,755 |
Turkiye Garanti Bankasi A/S
| | | 81,890 | | 120,887 |
Turkiye Halk Bankasi A/S
| | | 51,690 | | 58,373 |
Turkiye Is Bankasi A/S Class C
| | | 117,888 | | 114,766 |
Turkiye Sise ve Cam Fabrikalari A/S
| | | 35,710 | | 36,850 |
| | | | | | 1,554,249 |
| UNITED ARAB EMIRATES — 1.3% | | | | | |
Abu Dhabi Commercial Bank PJSC
| | | 62,734 | | 161,912 |
Aldar Properties PJSC
| | | 123,031 | | 60,626 |
DAMAC Properties Dubai Co. PJSC
| | | 79,330 | | 29,157 |
DP World PLC
| | | 15,945 | | 255,120 |
Dubai Islamic Bank PJSC
| | | 129,120 | | 172,249 |
Emaar Development PJSC
| | | 152,646 | | 161,244 |
| Security Description | | | Shares | | Value |
Emaar Malls PJSC
| | | 6,978 | | $3,306 |
Emaar Properties PJSC
| | | 105,961 | | 135,008 |
Emirates Telecommunications Group Co. PJSC
| | | 318,581 | | 1,448,450 |
First Abu Dhabi Bank PJSC
| | | 306,249 | | 1,272,320 |
| | | | | | 3,699,392 |
TOTAL COMMON STOCKS
(Cost $267,806,597)
| | | | | 286,702,391 |
| | | | |
| PREFERRED STOCKS — 0.0% (g) | | | |
| SOUTH KOREA — 0.0% (g) | | | |
CJ Corp. (a) (f)
(cost $4,321)
| | 132 | 4,264 |
| RIGHTS — 0.0% (g) | | | |
| CHINA — 0.0% | | | |
Xinjiang Goldwind Science & Technology Co., Ltd. (expiring 4/23/19) (a) (f)
| | 4,902 | 1,930 |
| INDIA — 0.0% (g) | | | |
Vodafone Idea, Ltd. (expiring 4/24/19) (a) (f)
| | 189,467 | 15,726 |
TOTAL RIGHTS
(Cost $34,171)
| | | 17,656 |
| SHORT-TERM INVESTMENTS — 1.7% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (h) (i)
| 541,935 | 541,935 |
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)
| 4,218,140 | 4,218,140 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,760,075)
| 4,760,075 |
TOTAL INVESTMENTS — 101.2%
(Cost $272,605,164)
| 291,484,386 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%
| (3,366,578) |
NET ASSETS — 100.0%
| $288,117,808 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| (a) | Non-income producing security. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (c) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (d) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.4% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (e) | Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2019, total aggregate fair value of the security is $1,323, representing 0.0% of the Fund's 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. As of March 31, 2019, total aggregate fair value of securities is $210,252 representing 0.1% of net assets. |
| (g) | Amount is less than 0.05% of net assets. |
| (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, 2019 are shown in the Affiliate Table below. |
| (i) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (j) | Investment of cash collateral for securities loaned. |
| ADR | = American Depositary Receipt |
| GDR | = Global Depositary Receipt |
| NVDR | = Non Voting Depositary Receipt |
| REIT | = Real Estate Investment Trust |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2018.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $278,218,130 | | $8,482,938 | | $1,323 | | $286,702,391 |
Preferred Stocks
| | — | | 4,264 | | — | | 4,264 |
Rights
| | — | | 17,656 | | — | | 17,656 |
Short-Term Investments
| | 4,760,075 | | — | | — | | 4,760,075 |
TOTAL INVESTMENTS
| | $282,978,205 | | $8,504,858 | | $1,323 | | $291,484,386 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 325,185 | | $325,185 | | $8,849,488 | | $8,632,738 | | $— | | $— | | 541,935 | | $541,935 | | $4,284 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 2,508,511 | | 2,508,511 | | 12,496,938 | | 10,787,309 | | — | | — | | 4,218,140 | | 4,218,140 | | 18,741 | | — |
Total
| | | $2,833,696 | | $21,346,426 | | $19,420,047 | | $— | | $— | | | | $4,760,075 | | $23,025 | | $— |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.0% | | | | | |
| AUSTRALIA — 1.4% | | | | | |
AGL Energy, Ltd.
| | | 57 | | $881 |
Amcor, Ltd. (a)
| | | 125 | | 1,367 |
AMP, Ltd. (a)
| | | 562 | | 838 |
Aristocrat Leisure, Ltd.
| | | 313 | | 5,450 |
Aurizon Holdings, Ltd.
| | | 582 | | 1,881 |
Australia & New Zealand Banking Group, Ltd.
| | | 704 | | 13,017 |
Bank of Queensland, Ltd.
| | | 367 | | 2,372 |
Bendigo & Adelaide Bank, Ltd. (a)
| | | 154 | | 1,059 |
BHP Group PLC
| | | 309 | | 7,443 |
BHP Group, Ltd.
| | | 335 | | 9,159 |
Brambles, Ltd.
| | | 1,046 | | 8,738 |
Caltex Australia, Ltd.
| | | 54 | | 1,005 |
Cochlear, Ltd.
| | | 35 | | 4,308 |
Commonwealth Bank of Australia (a)
| | | 339 | | 17,011 |
CSL, Ltd.
| | | 262 | | 36,281 |
Dexus REIT
| | | 335 | | 3,032 |
Domino's Pizza Enterprises, Ltd. (a)
| | | 69 | | 2,128 |
Flight Centre Travel Group, Ltd.
| | | 56 | | 1,673 |
Fortescue Metals Group, Ltd.
| | | 653 | | 3,298 |
Goodman Group REIT
| | | 356 | | 3,376 |
GPT Group REIT
| | | 655 | | 2,889 |
Incitec Pivot, Ltd.
| | | 311 | | 689 |
Insurance Australia Group, Ltd.
| | | 90 | | 491 |
LendLease Group
| | | 34 | | 299 |
Macquarie Group, Ltd.
| | | 30 | | 2,758 |
Medibank Pvt, Ltd.
| | | 1,635 | | 3,205 |
Mirvac Group REIT
| | | 1,427 | | 2,788 |
National Australia Bank, Ltd. (a)
| | | 633 | | 11,363 |
Newcrest Mining, Ltd.
| | | 271 | | 4,911 |
Oil Search, Ltd.
| | | 248 | | 1,383 |
Origin Energy, Ltd.
| | | 347 | | 1,775 |
QBE Insurance Group, Ltd.
| | | 272 | | 2,378 |
REA Group, Ltd.
| | | 37 | | 1,963 |
Santos, Ltd.
| | | 3 | | 15 |
Scentre Group REIT
| | | 1,165 | | 3,401 |
Sonic Healthcare, Ltd.
| | | 396 | | 6,909 |
South32, Ltd.
| | | 475 | | 1,259 |
Stockland REIT
| | | 782 | | 2,139 |
Suncorp Group, Ltd.
| | | 208 | | 2,036 |
Telstra Corp., Ltd.
| | | 2,970 | | 7,004 |
Transurban Group Stapled Security
| | | 92 | | 863 |
Vicinity Centres REIT
| | | 1,231 | | 2,274 |
Wesfarmers, Ltd. (a)
| | | 408 | | 10,042 |
Westpac Banking Corp. (a)
| | | 709 | | 13,054 |
Woodside Petroleum, Ltd.
| | | 84 | | 2,066 |
Woolworths Group, Ltd. (a)
| | | 558 | | 12,050 |
| | | | | | 224,321 |
| AUSTRIA — 0.1% | | | | | |
Erste Group Bank AG
| | | 245 | | 9,012 |
OMV AG
| | | 44 | | 2,390 |
Raiffeisen Bank International AG
| | | 3 | | 67 |
| Security Description | | | Shares | | Value |
Voestalpine AG
| | | 10 | | $304 |
| | | | | | 11,773 |
| BELGIUM — 0.4% | | | | | |
Ageas
| | | 64 | | 3,090 |
Anheuser-Busch InBev SA
| | | 73 | | 6,128 |
Colruyt SA
| | | 248 | | 18,351 |
Groupe Bruxelles Lambert SA
| | | 24 | | 2,334 |
KBC Group NV
| | | 47 | | 3,287 |
Proximus SADP
| | | 392 | | 11,317 |
Solvay SA
| | | 20 | | 2,164 |
UCB SA
| | | 152 | | 13,067 |
| | | | | | 59,738 |
| BERMUDA — 0.3% | | | | | |
Arch Capital Group, Ltd. (b)
| | | 1,035 | | 33,451 |
RenaissanceRe Holdings, Ltd.
| | | 100 | | 14,350 |
| | | | | | 47,801 |
| CANADA — 3.1% | | | | | |
Agnico Eagle Mines, Ltd.
| | | 360 | | 15,656 |
Alimentation Couche-Tard, Inc. Class B
| | | 88 | | 5,185 |
Bank of Montreal
| | | 237 | | 17,739 |
Bank of Nova Scotia (a)
| | | 232 | | 12,354 |
Barrick Gold Corp. (c)
| | | 1,268 | | 17,388 |
Barrick Gold Corp. (c)(d)
| | | 647 | | 8,872 |
Bausch Health Cos., Inc. (b)
| | | 100 | | 2,468 |
BCE, Inc.
| | | 391 | | 17,367 |
Bombardier, Inc. Class B (b)
| | | 482 | | 927 |
Brookfield Asset Management, Inc. Class A
| | | 121 | | 5,639 |
Canadian Imperial Bank of Commerce
| | | 151 | | 11,936 |
Canadian National Railway Co.
| | | 370 | | 33,132 |
Canadian Natural Resources, Ltd.
| | | 153 | | 4,202 |
Canadian Pacific Railway, Ltd.
| | | 30 | | 6,183 |
Cenovus Energy, Inc.
| | | 248 | | 2,153 |
CGI, Inc. (b)
| | | 50 | | 3,438 |
CI Financial Corp.
| | | 248 | | 3,386 |
Constellation Software, Inc.
| | | 14 | | 11,868 |
Enbridge, Inc. (c)
| | | 127 | | 4,601 |
Enbridge, Inc. (c)
| | | 127 | | 4,605 |
Encana Corp.
| | | 200 | | 1,449 |
Fairfax Financial Holdings, Ltd.
| | | 30 | | 13,900 |
First Capital Realty, Inc.
| | | 298 | | 4,774 |
Fortis, Inc.
| | | 100 | | 3,697 |
Franco-Nevada Corp.
| | | 446 | | 33,448 |
George Weston, Ltd.
| | | 52 | | 3,740 |
Gildan Activewear, Inc.
| | | 130 | | 4,676 |
Goldcorp, Inc.
| | | 711 | | 8,138 |
Great-West Lifeco, Inc.
| | | 93 | | 2,253 |
Husky Energy, Inc.
| | | 200 | | 1,984 |
iA Financial Corp, Inc. (b)
| | | 50 | | 1,844 |
Imperial Oil, Ltd.
| | | 53 | | 1,447 |
Intact Financial Corp.
| | | 364 | | 30,810 |
Inter Pipeline, Ltd. (a)
| | | 298 | | 4,932 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Loblaw Cos., Ltd.
| | | 14 | | $691 |
Magna International, Inc.
| | | 227 | | 11,057 |
Manulife Financial Corp.
| | | 248 | | 4,195 |
Metro, Inc.
| | | 86 | | 3,167 |
National Bank of Canada
| | | 50 | | 2,257 |
Nutrien, Ltd.
| | | 100 | | 5,276 |
Open Text Corp.
| | | 150 | | 5,761 |
Pembina Pipeline Corp.
| | | 20 | | 735 |
Power Corp. of Canada
| | | 97 | | 2,263 |
Power Financial Corp.
| | | 83 | | 1,940 |
PrairieSky Royalty, Ltd. (a)
| | | 47 | | 633 |
Restaurant Brands International, Inc.
| | | 5 | | 325 |
RioCan Real Estate Investment Trust
| | | 365 | | 7,232 |
Rogers Communications, Inc. Class B (a)
| | | 348 | | 18,721 |
Royal Bank of Canada
| | | 256 | | 19,320 |
Saputo, Inc.
| | | 140 | | 4,773 |
Shaw Communications, Inc. Class B
| | | 399 | | 8,306 |
SmartCentres Real Estate Investment Trust
| | | 7 | | 184 |
SNC-Lavalin Group, Inc.
| | | 50 | | 1,269 |
Sun Life Financial, Inc.
| | | 80 | | 3,074 |
Suncor Energy, Inc.
| | | 145 | | 4,701 |
Teck Resources, Ltd. Class B
| | | 100 | | 2,315 |
TELUS Corp.
| | | 491 | | 18,178 |
Thomson Reuters Corp.
| | | 190 | | 11,245 |
Toronto-Dominion Bank
| | | 575 | | 31,213 |
TransCanada Corp. (a)
| | | 100 | | 4,493 |
Waste Connections, Inc.
| | | 50 | | 4,430 |
Wheaton Precious Metals Corp.
| | | 52 | | 1,238 |
| | | | | | 485,183 |
| CHINA — 0.1% | | | | | |
BOC Hong Kong Holdings, Ltd.
| | | 1,500 | | 6,210 |
Minth Group, Ltd.
| | | 2,000 | | 6,293 |
| | | | | | 12,503 |
| DENMARK — 1.0% | | | | | |
AP Moller - Maersk A/S Class A
| | | 3 | | 3,632 |
Carlsberg A/S Class B
| | | 3 | | 375 |
Chr. Hansen Holding A/S
| | | 124 | | 12,582 |
Coloplast A/S Class B
| | | 182 | | 19,988 |
Danske Bank A/S
| | | 334 | | 5,867 |
Demant A/S (b)
| | | 83 | | 2,457 |
DSV A/S
| | | 69 | | 5,712 |
H Lundbeck A/S (a)
| | | 22 | | 953 |
ISS A/S
| | | 41 | | 1,249 |
Novo Nordisk A/S Class B
| | | 1,293 | | 67,755 |
Novozymes A/S Class B
| | | 133 | | 6,121 |
Orsted A/S (e)
| | | 33 | | 2,504 |
Pandora A/S
| | | 237 | | 11,107 |
Tryg A/S
| | | 329 | | 9,036 |
Vestas Wind Systems A/S
| | | 20 | | 1,685 |
| | | | | | 151,023 |
| Security Description | | | Shares | | Value |
| FINLAND — 0.4% | | | | | |
Elisa Oyj
| | | 336 | | $15,174 |
Fortum Oyj (a)
| | | 3 | | 61 |
Kone Oyj Class B
| | | 248 | | 12,520 |
Neste Oyj (a)
| | | 52 | | 5,547 |
Nokia Oyj (c)
| | | 318 | | 1,812 |
Nokia Oyj (c)
| | | 361 | | 2,062 |
Nokian Renkaat Oyj
| | | 66 | | 2,211 |
Nordea Bank Abp (a)
| | | 917 | | 6,995 |
Orion Oyj Class B (a)
| | | 87 | | 3,265 |
Sampo Oyj Class A
| | | 238 | | 10,799 |
Stora Enso Oyj Class R
| | | 128 | | 1,566 |
UPM-Kymmene Oyj
| | | 104 | | 3,036 |
Wartsila OYJ Abp
| | | 269 | | 4,345 |
| | | | | | 69,393 |
| FRANCE — 2.7% | | | | | |
Aeroports de Paris
| | | 2 | | 387 |
Air Liquide SA
| | | 42 | | 5,346 |
Airbus SE
| | | 57 | | 7,546 |
Arkema SA
| | | 6 | | 572 |
Atos SE
| | | 18 | | 1,738 |
AXA SA
| | | 646 | | 16,270 |
BNP Paribas SA
| | | 468 | | 22,391 |
Bouygues SA
| | | 67 | | 2,396 |
Bureau Veritas SA
| | | 3 | | 70 |
Capgemini SE
| | | 17 | | 2,063 |
Carrefour SA
| | | 309 | | 5,777 |
Casino Guichard Perrachon SA (a)
| | | 60 | | 2,604 |
Cie de Saint-Gobain
| | | 94 | | 3,410 |
Cie Generale des Etablissements Michelin SCA
| | | 43 | | 5,089 |
CNP Assurances
| | | 10 | | 220 |
Credit Agricole SA
| | | 364 | | 4,402 |
Danone SA
| | | 68 | | 5,245 |
Dassault Systemes SE
| | | 46 | | 6,857 |
Eiffage SA
| | | 23 | | 2,212 |
Electricite de France SA
| | | 212 | | 2,902 |
Engie SA
| | | 630 | | 9,394 |
EssilorLuxottica SA
| | | 22 | | 2,406 |
Faurecia SA
| | | 30 | | 1,263 |
Gecina SA REIT
| | | 14 | | 2,072 |
Getlink SE
| | | 433 | | 6,571 |
Hermes International
| | | 72 | | 47,553 |
Iliad SA
| | | 3 | | 301 |
Ipsen SA
| | | 17 | | 2,333 |
Kering SA
| | | 36 | | 20,664 |
Klepierre SA REIT
| | | 65 | | 2,276 |
Legrand SA
| | | 7 | | 469 |
L'Oreal SA
| | | 123 | | 33,119 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 134 | | 49,336 |
Natixis SA
| | | 391 | | 2,095 |
Orange SA
| | | 677 | | 11,022 |
Pernod Ricard SA
| | | 10 | | 1,797 |
Peugeot SA
| | | 201 | | 4,907 |
Publicis Groupe SA
| | | 45 | | 2,412 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Renault SA
| | | 112 | | $7,408 |
Rexel SA
| | | 110 | | 1,242 |
Safran SA
| | | 38 | | 5,216 |
Sanofi
| | | 152 | | 13,439 |
Schneider Electric SE
| | | 64 | | 5,026 |
SCOR SE
| | | 73 | | 3,111 |
Societe BIC SA
| | | 46 | | 4,104 |
Societe Generale SA
| | | 393 | | 11,374 |
Sodexo SA
| | | 24 | | 2,645 |
Suez
| | | 137 | | 1,817 |
Thales SA
| | | 54 | | 6,473 |
TOTAL SA
| | | 471 | | 26,189 |
Unibail-Rodamco-Westfield
| | | 518 | | 4,257 |
Unibail-Rodamco-Westfield REIT
| | | 13 | | 2,133 |
Valeo SA
| | | 123 | | 3,570 |
Veolia Environnement SA
| | | 151 | | 3,379 |
Vinci SA
| | | 71 | | 6,914 |
Vivendi SA
| | | 141 | | 4,089 |
| | | | | | 409,873 |
| GERMANY — 2.0% | | | | | |
adidas AG
| | | 105 | | 25,537 |
Allianz SE
| | | 95 | | 21,151 |
BASF SE
| | | 143 | | 10,522 |
Bayer AG
| | | 164 | | 10,607 |
Bayerische Motoren Werke AG
| | | 111 | | 8,569 |
Bayerische Motoren Werke AG Preference Shares
| | | 27 | | 1,776 |
Beiersdorf AG
| | | 54 | | 5,623 |
Brenntag AG
| | | 44 | | 2,268 |
Commerzbank AG (b)
| | | 712 | | 5,516 |
Continental AG
| | | 67 | | 10,096 |
Covestro AG (e)
| | | 145 | | 7,981 |
Daimler AG
| | | 414 | | 24,289 |
Deutsche Bank AG
| | | 1,056 | | 8,608 |
Deutsche Boerse AG
| | | 14 | | 1,797 |
Deutsche Lufthansa AG
| | | 101 | | 2,219 |
Deutsche Post AG
| | | 579 | | 18,854 |
Deutsche Telekom AG
| | | 1,128 | | 18,739 |
E.ON SE
| | | 376 | | 4,185 |
Fresenius Medical Care AG & Co. KGaA
| | | 24 | | 1,938 |
Fresenius SE & Co. KGaA
| | | 53 | | 2,961 |
Fuchs Petrolub SE Preference Shares
| | | 54 | | 2,225 |
Hannover Rueck SE
| | | 19 | | 2,731 |
HeidelbergCement AG
| | | 30 | | 2,161 |
Henkel AG & Co. KGaA Preference Shares
| | | 80 | | 8,174 |
Henkel AG & Co. KGaA
| | | 67 | | 6,376 |
HUGO BOSS AG
| | | 38 | | 2,598 |
Infineon Technologies AG
| | | 126 | | 2,502 |
Innogy SE (e)
| | | 133 | | 6,156 |
Lanxess AG
| | | 5 | | 267 |
Merck KGaA
| | | 5 | | 571 |
METRO AG
| | | 25 | | 415 |
MTU Aero Engines AG
| | | 26 | | 5,891 |
| Security Description | | | Shares | | Value |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 39 | | $9,240 |
Porsche Automobil Holding SE Preference Shares
| | | 71 | | 4,460 |
ProSiebenSat.1 Media SE
| | | 124 | | 1,771 |
RWE AG
| | | 164 | | 4,401 |
SAP SE
| | | 83 | | 9,599 |
Siemens AG
| | | 107 | | 11,527 |
Siemens Healthineers AG (e)
| | | 114 | | 4,755 |
Telefonica Deutschland Holding AG
| | | 70 | | 220 |
ThyssenKrupp AG
| | | 93 | | 1,279 |
TUI AG
| | | 659 | | 6,317 |
Uniper SE
| | | 189 | | 5,706 |
Volkswagen AG
| | | 9 | | 1,466 |
Volkswagen AG Preference Shares
| | | 97 | | 15,283 |
Vonovia SE
| | | 55 | | 2,854 |
| | | | | | 312,181 |
| HONG KONG — 2.0% | | | | | |
AIA Group, Ltd.
| | | 800 | | 7,964 |
ASM Pacific Technology, Ltd.
| | | 200 | | 2,230 |
Bank of East Asia, Ltd.
| | | 343 | | 1,114 |
CK Asset Holdings, Ltd.
| | | 770 | | 6,847 |
CK Hutchison Holdings, Ltd.
| | | 500 | | 5,252 |
CK Infrastructure Holdings, Ltd.
| | | 1,000 | | 8,210 |
CLP Holdings, Ltd.
| | | 2,500 | | 28,981 |
Dairy Farm International Holdings, Ltd.
| | | 200 | | 1,678 |
Hang Seng Bank, Ltd.
| | | 1,900 | | 46,883 |
Henderson Land Development Co., Ltd.
| | | 1,100 | | 6,992 |
HK Electric Investments & HK Electric Investments, Ltd.
| | | 10,831 | | 11,066 |
HKT Trust & HKT, Ltd.
| | | 9,540 | | 15,337 |
Hong Kong & China Gas Co., Ltd.
| | | 6,512 | | 15,612 |
Hong Kong Exchanges & Clearing, Ltd.
| | | 556 | | 19,379 |
Hongkong Land Holdings, Ltd.
| | | 500 | | 3,555 |
Jardine Matheson Holdings, Ltd.
| | | 300 | | 18,708 |
Jardine Strategic Holdings, Ltd.
| | | 200 | | 7,486 |
Link REIT
| | | 1,500 | | 17,541 |
MTR Corp., Ltd.
| | | 3,665 | | 22,690 |
New World Development Co., Ltd.
| | | 1,322 | | 2,193 |
NWS Holdings, Ltd.
| | | 3,000 | | 6,558 |
PCCW, Ltd.
| | | 12,000 | | 7,460 |
Power Assets Holdings, Ltd.
| | | 2,000 | | 13,873 |
Sands China, Ltd.
| | | 1,200 | | 6,031 |
Techtronic Industries Co., Ltd.
| | | 500 | | 3,360 |
WH Group, Ltd. (e)
| | | 2,500 | | 2,675 |
Wharf Real Estate Investment Co., Ltd.
| | | 1,000 | | 7,446 |
Wheelock & Co., Ltd.
| | | 1,000 | | 7,325 |
Yue Yuen Industrial Holdings, Ltd.
| | | 500 | | 1,720 |
| | | | | | 306,166 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| IRELAND — 0.9% | | | | | |
Accenture PLC Class A
| | | 565 | | $99,451 |
AerCap Holdings NV (b)
| | | 49 | | 2,281 |
AIB Group PLC
| | | 784 | | 3,523 |
Bank of Ireland Group PLC
| | | 227 | | 1,353 |
CRH PLC
| | | 111 | | 3,446 |
Kerry Group PLC Class A
| | | 221 | | 24,691 |
Paddy Power Betfair PLC
| | | 8 | | 618 |
Ryanair Holdings PLC ADR (b)
| | | 87 | | 6,520 |
Smurfit Kappa Group PLC
| | | 61 | | 1,704 |
| | | | | | 143,587 |
| ISRAEL — 0.3% | | | | | |
Azrieli Group, Ltd.
| | | 89 | | 5,275 |
Bank Hapoalim BM
| | | 655 | | 4,337 |
Bank Leumi Le-Israel BM
| | | 1,211 | | 7,911 |
Bezeq The Israeli Telecommunication Corp., Ltd.
| | | 616 | | 442 |
Check Point Software Technologies, Ltd. (b)
| | | 123 | | 15,558 |
Elbit Systems, Ltd.
| | | 21 | | 2,711 |
Israel Chemicals, Ltd.
| | | 3 | | 16 |
Mizrahi Tefahot Bank, Ltd.
| | | 374 | | 7,688 |
Nice, Ltd. (b)
| | | 38 | | 4,479 |
Teva Pharmaceutical Industries, Ltd. (b)
| | | 228 | | 3,549 |
| | | | | | 51,966 |
| ITALY — 0.7% | | | | | |
Assicurazioni Generali SpA
| | | 499 | | 9,245 |
Atlantia SpA
| | | 94 | | 2,437 |
Enel SpA
| | | 1,888 | | 12,092 |
Eni SpA
| | | 324 | | 5,731 |
Ferrari NV
| | | 64 | | 8,588 |
Intesa Sanpaolo SpA
| | | 7,210 | | 17,576 |
Leonardo SpA
| | | 258 | | 3,001 |
Mediobanca Banca di Credito Finanziario SpA
| | | 259 | | 2,694 |
Moncler SpA
| | | 148 | | 5,969 |
Poste Italiane SpA (e)
| | | 306 | | 2,980 |
Recordati SpA
| | | 69 | | 2,689 |
Snam SpA
| | | 2,961 | | 15,224 |
Telecom Italia SpA (a)(b)
| | | 4,306 | | 2,680 |
Telecom Italia SpA
| | | 3,348 | | 1,904 |
UniCredit SpA
| | | 661 | | 8,482 |
| | | | | | 101,292 |
| JAPAN — 9.7% | | | | | |
Aeon Co., Ltd. (a)
| | | 300 | | 6,279 |
AGC, Inc.
| | | 100 | | 3,505 |
Aisin Seiki Co., Ltd.
| | | 100 | | 3,573 |
Ajinomoto Co., Inc.
| | | 200 | | 3,196 |
ANA Holdings, Inc.
| | | 200 | | 7,334 |
Aozora Bank, Ltd.
| | | 100 | | 2,472 |
Asahi Group Holdings, Ltd.
| | | 100 | | 4,454 |
Asahi Kasei Corp.
| | | 200 | | 2,064 |
Astellas Pharma, Inc.
| | | 2,600 | | 38,958 |
| Security Description | | | Shares | | Value |
Bank of Kyoto, Ltd.
| | | 100 | | $4,183 |
Benesse Holdings, Inc.
| | | 200 | | 5,195 |
Bridgestone Corp.
| | | 100 | | 3,854 |
Calbee, Inc.
| | | 100 | | 2,694 |
Canon, Inc.
| | | 1,000 | | 29,028 |
Central Japan Railway Co.
| | | 100 | | 23,228 |
Chiba Bank, Ltd.
| | | 200 | | 1,086 |
Chubu Electric Power Co., Inc.
| | | 300 | | 4,685 |
Chugoku Electric Power Co., Inc.
| | | 100 | | 1,248 |
Concordia Financial Group, Ltd.
| | | 600 | | 2,315 |
Daifuku Co., Ltd.
| | | 100 | | 5,204 |
Dai-ichi Life Holdings, Inc.
| | | 300 | | 4,169 |
Daiichi Sankyo Co., Ltd.
| | | 200 | | 9,215 |
Daikin Industries, Ltd.
| | | 100 | | 11,718 |
Daito Trust Construction Co., Ltd.
| | | 100 | | 13,941 |
Daiwa House REIT Investment Corp.
| | | 5 | | 11,099 |
Daiwa Securities Group, Inc.
| | | 400 | | 1,948 |
Dentsu, Inc.
| | | 100 | | 4,224 |
Disco Corp.
| | | 100 | | 14,248 |
East Japan Railway Co.
| | | 100 | | 9,649 |
FamilyMart UNY Holdings Co., Ltd. (a)
| | | 200 | | 5,097 |
FANUC Corp.
| | | 100 | | 17,057 |
FUJIFILM Holdings Corp.
| | | 300 | | 13,644 |
Fujitsu, Ltd.
| | | 100 | | 7,215 |
Hamamatsu Photonics KK
| | | 300 | | 11,601 |
Hankyu Hanshin Holdings, Inc.
| | | 100 | | 3,749 |
Hitachi, Ltd.
| | | 200 | | 6,478 |
Honda Motor Co., Ltd.
| | | 600 | | 16,235 |
Hoya Corp.
| | | 200 | | 13,207 |
Idemitsu Kosan Co., Ltd.
| | | 100 | | 3,347 |
IHI Corp.
| | | 100 | | 2,402 |
Inpex Corp.
| | | 200 | | 1,907 |
Isetan Mitsukoshi Holdings, Ltd.
| | | 100 | | 1,011 |
Isuzu Motors, Ltd.
| | | 100 | | 1,314 |
ITOCHU Corp. (a)
| | | 300 | | 5,428 |
Japan Airlines Co., Ltd.
| | | 300 | | 10,568 |
Japan Exchange Group, Inc.
| | | 300 | | 5,348 |
Japan Post Bank Co., Ltd. (a)
| | | 1,300 | | 14,200 |
Japan Post Holdings Co., Ltd.
| | | 2,500 | | 29,272 |
Japan Prime Realty Investment Corp. REIT
| | | 3 | | 12,359 |
Japan Real Estate Investment Corp. REIT
| | | 3 | | 17,699 |
Japan Retail Fund Investment Corp. REIT
| | | 7 | | 14,084 |
Japan Tobacco, Inc.
| | | 600 | | 14,880 |
JFE Holdings, Inc.
| | | 100 | | 1,697 |
JXTG Holdings, Inc.
| | | 1,500 | | 6,864 |
Kajima Corp.
| | | 200 | | 2,953 |
Kansai Electric Power Co., Inc.
| | | 300 | | 4,423 |
Kao Corp.
| | | 200 | | 15,753 |
Kawasaki Heavy Industries, Ltd.
| | | 100 | | 2,466 |
KDDI Corp.
| | | 1,200 | | 25,857 |
Keikyu Corp.
| | | 200 | | 3,393 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Kintetsu Group Holdings Co., Ltd.
| | | 500 | | $23,309 |
Kirin Holdings Co., Ltd.
| | | 100 | | 2,387 |
Kobe Steel, Ltd.
| | | 300 | | 2,252 |
Koito Manufacturing Co., Ltd.
| | | 100 | | 5,665 |
Komatsu, Ltd.
| | | 100 | | 2,322 |
Konica Minolta, Inc.
| | | 300 | | 2,952 |
Kuraray Co., Ltd.
| | | 100 | | 1,272 |
Kyocera Corp.
| | | 100 | | 5,873 |
Kyushu Electric Power Co., Inc. (a)
| | | 300 | | 3,543 |
Kyushu Railway Co.
| | | 357 | | 11,740 |
Lawson, Inc.
| | | 100 | | 5,547 |
M3, Inc.
| | | 200 | | 3,356 |
Marubeni Corp.
| | | 700 | | 4,838 |
Mazda Motor Corp.
| | | 300 | | 3,357 |
McDonald's Holdings Co. Japan, Ltd.
| | | 100 | | 4,626 |
Mebuki Financial Group, Inc.
| | | 600 | | 1,534 |
MEIJI Holdings Co., Ltd.
| | | 100 | | 8,122 |
MISUMI Group, Inc.
| | | 100 | | 2,486 |
Mitsubishi Chemical Holdings Corp.
| | | 400 | | 2,817 |
Mitsubishi Corp.
| | | 200 | | 5,555 |
Mitsubishi Electric Corp.
| | | 400 | | 5,141 |
Mitsubishi Estate Co., Ltd.
| | | 100 | | 1,812 |
Mitsubishi Heavy Industries, Ltd.
| | | 200 | | 8,308 |
Mitsubishi Motors Corp. (a)
| | | 300 | | 1,594 |
Mitsubishi Tanabe Pharma Corp.
| | | 600 | | 8,017 |
Mitsubishi UFJ Financial Group, Inc.
| | | 5,100 | | 25,342 |
Mitsubishi UFJ Lease & Finance Co., Ltd.
| | | 300 | | 1,529 |
Mitsui & Co., Ltd.
| | | 400 | | 6,210 |
Mitsui Chemicals, Inc.
| | | 200 | | 4,826 |
Mitsui Fudosan Co., Ltd.
| | | 100 | | 2,514 |
Mitsui OSK Lines, Ltd.
| | | 100 | | 2,151 |
Mizuho Financial Group, Inc.
| | | 10,300 | | 15,941 |
MS&AD Insurance Group Holdings, Inc.
| | | 100 | | 3,045 |
Murata Manufacturing Co., Ltd.
| | | 300 | | 14,940 |
Nabtesco Corp.
| | | 100 | | 2,914 |
Nagoya Railroad Co., Ltd.
| | | 400 | | 11,077 |
NEC Corp.
| | | 1,200 | | 40,602 |
NH Foods, Ltd.
| | | 100 | | 3,600 |
Nippon Building Fund, Inc. REIT
| | | 3 | | 20,328 |
Nippon Express Co., Ltd.
| | | 100 | | 5,565 |
Nippon Prologis REIT, Inc.
| | | 4 | | 8,522 |
Nippon Steel & Sumitomo Metal Corp.
| | | 300 | | 5,296 |
Nippon Telegraph & Telephone Corp.
| | | 1,000 | | 42,490 |
Nippon Yusen KK
| | | 100 | | 1,465 |
Nissan Chemical Corp.
| | | 100 | | 4,581 |
Nissan Motor Co., Ltd. (a)
| | | 3,000 | | 24,616 |
Nissin Foods Holdings Co., Ltd.
| | | 100 | | 6,866 |
Nitori Holdings Co., Ltd.
| | | 100 | | 12,920 |
Nitto Denko Corp.
| | | 100 | | 5,254 |
Nomura Holdings, Inc.
| | | 800 | | 2,893 |
| Security Description | | | Shares | | Value |
Nomura Real Estate Master Fund, Inc. REIT
| | | 10 | | $14,745 |
NSK, Ltd.
| | | 200 | | 1,874 |
NTT Data Corp.
| | | 800 | | 8,825 |
NTT DOCOMO, Inc.
| | | 2,568 | | 56,877 |
Obayashi Corp.
| | | 300 | | 3,019 |
Obic Co., Ltd.
| | | 100 | | 10,083 |
Oji Holdings Corp.
| | | 400 | | 2,483 |
Olympus Corp.
| | | 400 | | 4,344 |
Omron Corp.
| | | 100 | | 4,680 |
Ono Pharmaceutical Co., Ltd.
| | | 300 | | 5,879 |
Oriental Land Co., Ltd.
| | | 200 | | 22,713 |
ORIX Corp.
| | | 400 | | 5,744 |
Otsuka Corp.
| | | 200 | | 7,472 |
Otsuka Holdings Co., Ltd.
| | | 300 | | 11,788 |
Panasonic Corp.
| | | 600 | | 5,173 |
Park24 Co., Ltd.
| | | 300 | | 6,513 |
Pigeon Corp.
| | | 100 | | 4,088 |
Rakuten, Inc.
| | | 300 | | 2,841 |
Recruit Holdings Co., Ltd.
| | | 498 | | 14,222 |
Resona Holdings, Inc.
| | | 800 | | 3,467 |
Ricoh Co., Ltd.
| | | 300 | | 3,136 |
SBI Holdings, Inc.
| | | 100 | | 2,228 |
Secom Co., Ltd.
| | | 200 | | 17,133 |
Seiko Epson Corp.
| | | 100 | | 1,531 |
Sekisui Chemical Co., Ltd.
| | | 100 | | 1,607 |
Seven & i Holdings Co., Ltd.
| | | 100 | | 3,773 |
Shimamura Co., Ltd.
| | | 100 | | 8,466 |
Shimano, Inc.
| | | 100 | | 16,262 |
Shimizu Corp.
| | | 300 | | 2,607 |
Shin-Etsu Chemical Co., Ltd.
| | | 100 | | 8,384 |
Shinsei Bank, Ltd. (b)
| | | 300 | | 4,269 |
Shionogi & Co., Ltd.
| | | 200 | | 12,381 |
Shizuoka Bank, Ltd.
| | | 300 | | 2,285 |
SoftBank Group Corp.
| | | 200 | | 19,416 |
Sony Corp.
| | | 200 | | 8,393 |
Subaru Corp.
| | | 200 | | 4,558 |
Sumitomo Chemical Co., Ltd.
| | | 400 | | 1,861 |
Sumitomo Corp.
| | | 200 | | 2,766 |
Sumitomo Electric Industries, Ltd.
| | | 300 | | 3,980 |
Sumitomo Metal Mining Co., Ltd.
| | | 200 | | 5,909 |
Sumitomo Mitsui Financial Group, Inc.
| | | 500 | | 17,509 |
Sundrug Co., Ltd.
| | | 100 | | 2,756 |
Suntory Beverage & Food, Ltd.
| | | 300 | | 14,094 |
Suzuken Co., Ltd.
| | | 100 | | 5,791 |
Suzuki Motor Corp.
| | | 100 | | 4,425 |
Taiheiyo Cement Corp.
| | | 100 | | 3,334 |
Taisei Corp.
| | | 100 | | 4,644 |
Takeda Pharmaceutical Co., Ltd.
| | | 268 | | 10,947 |
TDK Corp.
| | | 100 | | 7,833 |
Tobu Railway Co., Ltd.
| | | 200 | | 5,773 |
Tohoku Electric Power Co., Inc.
| | | 300 | | 3,827 |
Tokio Marine Holdings, Inc.
| | | 100 | | 4,844 |
Tokyo Electric Power Co. Holdings, Inc. (b)
| | | 1,400 | | 8,854 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Tokyo Electron, Ltd.
| | | 100 | | $14,455 |
Tokyo Gas Co., Ltd.
| | | 200 | | 5,409 |
Tokyu Corp.
| | | 100 | | 1,746 |
Toppan Printing Co., Ltd.
| | | 300 | | 4,529 |
Toray Industries, Inc.
| | | 200 | | 1,277 |
Toyo Suisan Kaisha, Ltd.
| | | 300 | | 11,424 |
Toyota Industries Corp.
| | | 100 | | 5,014 |
Toyota Motor Corp.
| | | 700 | | 41,025 |
Trend Micro, Inc.
| | | 100 | | 4,870 |
Tsuruha Holdings, Inc.
| | | 100 | | 8,131 |
Unicharm Corp.
| | | 100 | | 3,309 |
United Urban Investment Corp. REIT
| | | 7 | | 11,061 |
USS Co., Ltd.
| | | 300 | | 5,567 |
Yahoo! Japan Corp. (a)
| | | 1,600 | | 3,917 |
Yamada Denki Co., Ltd. (a)
| | | 1,600 | | 7,893 |
Yamaguchi Financial Group, Inc.
| | | 300 | | 2,542 |
Yamato Holdings Co., Ltd.
| | | 100 | | 2,583 |
Yamazaki Baking Co., Ltd.
| | | 200 | | 3,245 |
ZOZO, Inc.
| | | 100 | | 1,885 |
| | | | | | 1,492,474 |
| LUXEMBOURG — 0.1% | | | | | |
ArcelorMittal
| | | 239 | | 4,846 |
RTL Group SA
| | | 83 | | 4,539 |
SES SA
| | | 43 | | 669 |
| | | | | | 10,054 |
| MEXICO — 0.0% (f) | | | | | |
Fresnillo PLC
| | | 10 | | 113 |
| NETHERLANDS — 1.1% | | | | | |
ABN AMRO Group NV (e)
| | | 117 | | 2,641 |
Aegon NV
| | | 821 | | 3,949 |
Akzo Nobel NV
| | | 8 | | 710 |
ASML Holding NV
| | | 198 | | 37,173 |
EXOR NV
| | | 37 | | 2,405 |
Heineken Holding NV
| | | 22 | | 2,206 |
Heineken NV
| | | 25 | | 2,641 |
ING Groep NV
| | | 1,310 | | 15,862 |
Koninklijke Ahold Delhaize NV
| | | 703 | | 18,728 |
Koninklijke DSM NV
| | | 20 | | 2,182 |
Koninklijke KPN NV
| | | 835 | | 2,650 |
Koninklijke Philips NV
| | | 94 | | 3,833 |
NN Group NV
| | | 100 | | 4,158 |
NXP Semiconductors NV
| | | 100 | | 8,839 |
Randstad NV (a)
| | | 86 | | 4,198 |
Royal Dutch Shell PLC Class A
| | | 669 | | 21,039 |
Royal Dutch Shell PLC Class B
| | | 707 | | 22,368 |
Wolters Kluwer NV
| | | 142 | | 9,678 |
| | | | | | 165,260 |
| NEW ZEALAND — 0.1% | | | | | |
Auckland International Airport, Ltd.
| | | 764 | | 4,241 |
Fisher & Paykel Healthcare Corp., Ltd.
| | | 339 | | 3,630 |
Ryman Healthcare, Ltd.
| | | 865 | | 7,226 |
| Security Description | | | Shares | | Value |
Spark New Zealand, Ltd.
| | | 2,410 | | $6,246 |
| | | | | | 21,343 |
| NORWAY — 0.1% | | | | | |
DNB ASA
| | | 232 | | 4,278 |
Equinor ASA
| | | 127 | | 2,785 |
Norsk Hydro ASA
| | | 597 | | 2,423 |
Telenor ASA
| | | 111 | | 2,226 |
Yara International ASA
| | | 10 | | 410 |
| | | | | | 12,122 |
| PORTUGAL — 0.0% (f) | | | | | |
EDP - Energias de Portugal SA
| | | 563 | | 2,216 |
Galp Energia SGPS SA
| | | 150 | | 2,405 |
Jeronimo Martins SGPS SA
| | | 179 | | 2,643 |
| | | | | | 7,264 |
| SINGAPORE — 0.7% | | | | | |
CapitaLand Commercial Trust REIT
| | | 6,800 | | 9,739 |
CapitaLand Mall Trust REIT
| | | 5,700 | | 10,016 |
DBS Group Holdings, Ltd.
| | | 300 | | 5,588 |
Keppel Corp., Ltd.
| | | 500 | | 2,296 |
Oversea-Chinese Banking Corp., Ltd.
| | | 1,065 | | 8,688 |
SATS, Ltd.
| | | 1,808 | | 6,821 |
Singapore Airlines, Ltd.
| | | 1,500 | | 10,698 |
Singapore Exchange, Ltd.
| | | 700 | | 3,778 |
Singapore Press Holdings, Ltd.
| | | 3,700 | | 6,583 |
Singapore Technologies Engineering, Ltd.
| | | 1,000 | | 2,761 |
Singapore Telecommunications, Ltd.
| | | 13,442 | | 29,970 |
United Overseas Bank, Ltd.
| | | 200 | | 3,719 |
Venture Corp., Ltd.
| | | 100 | | 1,325 |
Wilmar International, Ltd.
| | | 1,100 | | 2,688 |
| | | | | | 104,670 |
| SOUTH AFRICA — 0.0% (f) | | | | | |
Investec PLC
| | | 137 | | 790 |
| SPAIN — 0.8% | | | | | |
ACS Actividades de Construccion y Servicios SA
| | | 68 | | 2,990 |
Aena SME SA (e)
| | | 12 | | 2,163 |
Amadeus IT Group SA
| | | 274 | | 21,967 |
Banco Bilbao Vizcaya Argentaria SA
| | | 2,196 | | 12,558 |
Banco de Sabadell SA
| | | 2,482 | | 2,474 |
Banco Santander SA
| | | 5,278 | | 24,562 |
Bankia SA (a)
| | | 659 | | 1,709 |
CaixaBank SA
| | | 701 | | 2,191 |
Enagas SA
| | | 95 | | 2,767 |
Ferrovial SA
| | | 130 | | 3,048 |
Iberdrola SA
| | | 683 | | 6,002 |
Industria de Diseno Textil SA
| | | 633 | | 18,622 |
Mapfre SA
| | | 467 | | 1,288 |
Naturgy Energy Group SA
| | | 105 | | 2,939 |
Red Electrica Corp. SA
| | | 130 | | 2,773 |
Repsol SA
| | | 323 | | 5,535 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Telefonica SA
| | | 1,151 | | $9,653 |
| | | | | | 123,241 |
| SWEDEN — 0.5% | | | | | |
Assa Abloy AB Class B
| | | 80 | | 1,731 |
Atlas Copco AB Class A
| | | 373 | | 10,040 |
Atlas Copco AB Class B
| | | 346 | | 8,584 |
Autoliv, Inc.
| | | 50 | | 3,677 |
Boliden AB
| | | 183 | | 5,221 |
Electrolux AB Class B
| | | 204 | | 5,254 |
Epiroc AB Class A (b)
| | | 373 | | 3,775 |
Epiroc AB Class B (b)
| | | 219 | | 2,101 |
Essity AB Class B
| | | 90 | | 2,601 |
Hennes & Mauritz AB Class B
| | | 570 | | 9,525 |
Industrivarden AB Class C
| | | 117 | | 2,457 |
Investor AB Class B
| | | 152 | | 6,861 |
Sandvik AB
| | | 32 | | 521 |
Skandinaviska Enskilda Banken AB Class A (a)
| | | 287 | | 2,490 |
Skanska AB Class B (a)
| | | 76 | | 1,384 |
SKF AB Class B (a)
| | | 127 | | 2,114 |
Svenska Handelsbanken AB Class A (a)
| | | 261 | | 2,760 |
Swedbank AB Class A (a)
| | | 166 | | 2,351 |
Telefonaktiebolaget LM Ericsson Class B
| | | 421 | | 3,877 |
Telia Co. AB
| | | 431 | | 1,949 |
Volvo AB Class B
| | | 268 | | 4,161 |
| | | | | | 83,434 |
| SWITZERLAND — 4.1% | | | | | |
ABB, Ltd.
| | | 165 | | 3,100 |
Adecco Group AG
| | | 127 | | 6,774 |
Baloise Holding AG
| | | 5 | | 826 |
Chocoladefabriken Lindt & Spruengli AG
| | | 3 | | 20,394 |
Cie Financiere Richemont SA
| | | 43 | | 3,132 |
Credit Suisse Group AG
| | | 399 | | 4,649 |
EMS-Chemie Holding AG
| | | 27 | | 14,640 |
Ferguson PLC
| | | 126 | | 8,019 |
Geberit AG
| | | 18 | | 7,356 |
Givaudan SA
| | | 8 | | 20,436 |
Glencore PLC
| | | 3,556 | | 14,733 |
Julius Baer Group, Ltd.
| | | 26 | | 1,050 |
Kuehne + Nagel International AG
| | | 170 | | 23,318 |
LafargeHolcim, Ltd.
| | | 51 | | 2,519 |
Lonza Group AG
| | | 9 | | 2,791 |
Nestle SA
| | | 812 | | 77,376 |
Novartis AG
| | | 613 | | 58,955 |
Partners Group Holding AG
| | | 48 | | 34,895 |
Roche Holding AG
| | | 609 | | 167,767 |
Schindler Holding AG (c)
| | | 20 | | 4,145 |
Schindler Holding AG (c)
| | | 60 | | 12,411 |
SGS SA
| | | 3 | | 7,465 |
Sika AG
| | | 116 | | 16,202 |
Sonova Holding AG
| | | 51 | | 10,088 |
STMicroelectronics NV
| | | 52 | | 769 |
| Security Description | | | Shares | | Value |
Straumann Holding AG
| | | 5 | | $4,079 |
Swatch Group AG
| | | 4 | | 1,145 |
Swiss Life Holding AG
| | | 10 | | 4,403 |
Swiss Prime Site AG
| | | 151 | | 13,229 |
Swiss Re AG
| | | 97 | | 9,475 |
Swisscom AG (a)
| | | 67 | | 32,763 |
TE Connectivity, Ltd.
| | | 4 | | 323 |
Temenos AG
| | | 33 | | 4,864 |
UBS Group AG
| | | 1,047 | | 12,689 |
Zurich Insurance Group AG
| | | 83 | | 27,469 |
| | | | | | 634,249 |
| UNITED KINGDOM — 5.9% | | | | | |
3i Group PLC
| | | 664 | | 8,521 |
Admiral Group PLC
| | | 355 | | 10,038 |
Anglo American PLC (a)
| | | 185 | | 4,950 |
Ashtead Group PLC
| | | 263 | | 6,349 |
Associated British Foods PLC
| | | 53 | | 1,684 |
AstraZeneca PLC
| | | 802 | | 64,114 |
Auto Trader Group PLC (e)
| | | 43 | | 292 |
Aviva PLC
| | | 836 | | 4,492 |
Babcock International Group PLC
| | | 30 | | 193 |
BAE Systems PLC
| | | 1,983 | | 12,465 |
Barclays PLC
| | | 7,223 | | 14,558 |
Barratt Developments PLC
| | | 130 | | 1,015 |
Berkeley Group Holdings PLC
| | | 104 | | 4,999 |
BP PLC
| | | 3,402 | | 24,758 |
British American Tobacco PLC ADR
| | | 319 | | 13,309 |
British American Tobacco PLC
| | | 98 | | 4,079 |
British Land Co. PLC REIT
| | | 208 | | 1,596 |
BT Group PLC
| | | 6,571 | | 19,090 |
Bunzl PLC
| | | 215 | | 7,094 |
Burberry Group PLC
| | | 255 | | 6,494 |
Capri Holdings, Ltd. (b)
| | | 119 | | 5,444 |
Carnival PLC
| | | 35 | | 1,717 |
Centrica PLC
| | | 2,274 | | 3,384 |
CNH Industrial NV
| | | 232 | | 2,361 |
Coca-Cola European Partners PLC (b)
| | | 46 | | 2,380 |
Compass Group PLC
| | | 1,758 | | 41,337 |
ConvaTec Group PLC (e)
| | | 127 | | 234 |
Croda International PLC
| | | 94 | | 6,171 |
DCC PLC
| | | 27 | | 2,334 |
Diageo PLC
| | | 1,325 | | 54,179 |
Direct Line Insurance Group PLC
| | | 3,779 | | 17,383 |
easyJet PLC
| | | 38 | | 553 |
Experian PLC
| | | 448 | | 12,137 |
Fiat Chrysler Automobiles NV (b)
| | | 567 | | 8,450 |
G4S PLC
| | | 345 | | 825 |
GlaxoSmithKline PLC
| | | 4,728 | | 98,376 |
Hargreaves Lansdown PLC
| | | 182 | | 4,419 |
HSBC Holdings PLC
| | | 4,467 | | 36,281 |
Imperial Brands PLC
| | | 658 | | 22,503 |
Informa PLC
| | | 200 | | 1,939 |
Intertek Group PLC
| | | 104 | | 6,582 |
ITV PLC
| | | 2,654 | | 4,396 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
J Sainsbury PLC
| | | 425 | | $1,305 |
Johnson Matthey PLC
| | | 127 | | 5,200 |
Kingfisher PLC
| | | 1,345 | | 4,115 |
Land Securities Group PLC REIT
| | | 147 | | 1,750 |
Legal & General Group PLC
| | | 3,246 | | 11,644 |
Liberty Global PLC Class C (b)
| | | 111 | | 2,687 |
Linde PLC
| | | 24 | | 4,222 |
Lloyds Banking Group PLC
| | | 14,075 | | 11,397 |
London Stock Exchange Group PLC
| | | 31 | | 1,919 |
Marks & Spencer Group PLC
| | | 2,458 | | 8,933 |
Melrose Industries PLC
| | | 5 | | 12 |
Merlin Entertainments PLC (e)
| | | 131 | | 586 |
Mondi PLC
| | | 205 | | 4,536 |
National Grid PLC
| | | 549 | | 6,086 |
Next PLC
| | | 84 | | 6,108 |
Pearson PLC
| | | 131 | | 1,427 |
Pentair PLC
| | | 34 | | 1,513 |
Persimmon PLC
| | | 200 | | 5,655 |
Prudential PLC
| | | 305 | | 6,111 |
Reckitt Benckiser Group PLC
| | | 66 | | 5,489 |
RELX PLC (c)
| | | 580 | | 12,406 |
RELX PLC (c)
| | | 524 | | 11,209 |
Rio Tinto PLC
| | | 645 | | 37,493 |
Rio Tinto, Ltd.
| | | 198 | | 13,771 |
Rolls-Royce Holdings PLC
| | | 1,127 | | 13,264 |
Royal Bank of Scotland Group PLC
| | | 1,416 | | 4,557 |
Royal Mail PLC
| | | 1,409 | | 4,375 |
RSA Insurance Group PLC
| | | 58 | | 384 |
Sage Group PLC
| | | 704 | | 6,432 |
Schroders PLC
| | | 74 | | 2,605 |
Smith & Nephew PLC
| | | 517 | | 10,260 |
Smiths Group PLC
| | | 195 | | 3,646 |
SSE PLC
| | | 273 | | 4,223 |
Standard Chartered PLC
| | | 1,016 | | 7,828 |
Standard Life Aberdeen PLC
| | | 1,048 | | 3,605 |
Taylor Wimpey PLC
| | | 2,147 | | 4,909 |
TechnipFMC PLC (c)
| | | 100 | | 2,352 |
TechnipFMC PLC (c)
| | | 4 | | 94 |
Tesco PLC
| | | 1,936 | | 5,855 |
Unilever NV
| | | 901 | | 52,385 |
Unilever PLC
| | | 659 | | 37,740 |
United Utilities Group PLC
| | | 238 | | 2,526 |
Vodafone Group PLC
| | | 10,257 | | 18,685 |
Weir Group PLC
| | | 3 | | 61 |
Whitbread PLC
| | | 101 | | 6,683 |
Wm Morrison Supermarkets PLC
| | | 852 | | 2,526 |
WPP PLC
| | | 418 | | 4,416 |
| | | | | | 908,460 |
| UNITED STATES — 60.5% | | | | | |
3M Co.
| | | 338 | | 70,230 |
Abbott Laboratories
| | | 370 | | 29,578 |
AbbVie, Inc.
| | | 80 | | 6,447 |
Activision Blizzard, Inc.
| | | 23 | | 1,047 |
Acuity Brands, Inc.
| | | 50 | | 6,000 |
Adobe, Inc. (b)
| | | 241 | | 64,224 |
| Security Description | | | Shares | | Value |
AES Corp.
| | | 183 | | $3,309 |
Aflac, Inc.
| | | 336 | | 16,800 |
Agilent Technologies, Inc.
| | | 18 | | 1,447 |
AGNC Investment Corp. REIT
| | | 1,307 | | 23,526 |
Air Products & Chemicals, Inc.
| | | 25 | | 4,774 |
Align Technology, Inc. (b)
| | | 63 | | 17,913 |
Alleghany Corp. (b)
| | | 27 | | 16,535 |
Allergan PLC
| | | 70 | | 10,249 |
Alliant Energy Corp.
| | | 50 | | 2,357 |
Allstate Corp.
| | | 417 | | 39,273 |
Ally Financial, Inc.
| | | 144 | | 3,959 |
Alphabet, Inc. Class A (b)
| | | 126 | | 148,288 |
Alphabet, Inc. Class C (b)
| | | 136 | | 159,570 |
Altria Group, Inc.
| | | 1,801 | | 103,431 |
Amazon.com, Inc. (b)
| | | 10 | | 17,807 |
Ameren Corp.
| | | 192 | | 14,122 |
American Airlines Group, Inc.
| | | 50 | | 1,588 |
American Electric Power Co., Inc.
| | | 288 | | 24,120 |
American Express Co.
| | | 100 | | 10,930 |
American Financial Group, Inc.
| | | 50 | | 4,810 |
American International Group, Inc.
| | | 186 | | 8,009 |
American Tower Corp. REIT
| | | 46 | | 9,065 |
American Water Works Co., Inc.
| | | 73 | | 7,611 |
Ameriprise Financial, Inc.
| | | 74 | | 9,479 |
AmerisourceBergen Corp.
| | | 93 | | 7,395 |
Amgen, Inc.
| | | 395 | | 75,042 |
Amphenol Corp. Class A
| | | 328 | | 30,976 |
Anadarko Petroleum Corp.
| | | 47 | | 2,138 |
Annaly Capital Management, Inc. REIT
| | | 3,103 | | 30,999 |
Anthem, Inc.
| | | 74 | | 21,237 |
AO Smith Corp.
| | | 100 | | 5,332 |
Aon PLC
| | | 246 | | 41,992 |
Apache Corp.
| | | 50 | | 1,733 |
Apple, Inc.
| | | 1,815 | | 344,759 |
Applied Materials, Inc.
| | | 650 | | 25,779 |
Aptiv PLC
| | | 165 | | 13,116 |
Aramark
| | | 150 | | 4,432 |
Archer-Daniels-Midland Co.
| | | 126 | | 5,434 |
Arconic, Inc.
| | | 70 | | 1,338 |
Arista Networks, Inc. (b)
| | | 50 | | 15,723 |
Arrow Electronics, Inc. (b)
| | | 47 | | 3,622 |
Arthur J Gallagher & Co.
| | | 100 | | 7,810 |
AT&T, Inc.
| | | 2,492 | | 78,149 |
Athene Holding, Ltd. Class A (b)
| | | 145 | | 5,916 |
Automatic Data Processing, Inc.
| | | 386 | | 61,660 |
AutoZone, Inc. (b)
| | | 27 | | 27,651 |
AvalonBay Communities, Inc. REIT
| | | 189 | | 37,938 |
Avery Dennison Corp.
| | | 50 | | 5,650 |
Baker Hughes a GE Co.
| | | 67 | | 1,857 |
Ball Corp.
| | | 20 | | 1,157 |
Bank of America Corp.
| | | 2,002 | | 55,235 |
Bank of New York Mellon Corp.
| | | 138 | | 6,959 |
Baxter International, Inc.
| | | 446 | | 36,264 |
BB&T Corp.
| | | 144 | | 6,700 |
Becton Dickinson and Co.
| | | 103 | | 25,722 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Berkshire Hathaway, Inc. Class B (b)
| | | 275 | | $55,245 |
Best Buy Co., Inc.
| | | 193 | | 13,715 |
Biogen, Inc. (b)
| | | 127 | | 30,020 |
BlackRock, Inc.
| | | 14 | | 5,983 |
Boeing Co.
| | | 51 | | 19,452 |
Booking Holdings, Inc. (b)
| | | 28 | | 48,857 |
BorgWarner, Inc.
| | | 141 | | 5,416 |
Boston Scientific Corp. (b)
| | | 291 | | 11,169 |
Brighthouse Financial, Inc. (b)
| | | 20 | | 726 |
Bristol-Myers Squibb Co.
| | | 881 | | 42,033 |
Broadcom, Inc.
| | | 23 | | 6,916 |
Broadridge Financial Solutions, Inc.
| | | 215 | | 22,293 |
Brookfield Property REIT, Inc. Class A,
| | | 37 | | 758 |
Brown-Forman Corp. Class B
| | | 155 | | 8,181 |
Bunge, Ltd.
| | | 57 | | 3,025 |
Burlington Stores, Inc. (b)
| | | 50 | | 7,834 |
C.H. Robinson Worldwide, Inc.
| | | 308 | | 26,793 |
Cadence Design Systems, Inc. (b)
| | | 150 | | 9,526 |
Camden Property Trust REIT
| | | 44 | | 4,466 |
Campbell Soup Co.
| | | 227 | | 8,656 |
Capital One Financial Corp.
| | | 97 | | 7,924 |
Cardinal Health, Inc.
| | | 165 | | 7,945 |
CarMax, Inc. (a)(b)
| | | 10 | | 698 |
Carnival Corp.
| | | 63 | | 3,195 |
Caterpillar, Inc.
| | | 57 | | 7,723 |
CBRE Group, Inc. Class A (b)
| | | 50 | | 2,472 |
CBS Corp. Class B
| | | 71 | | 3,375 |
CDK Global, Inc.
| | | 4 | | 235 |
CDW Corp.
| | | 50 | | 4,818 |
Celanese Corp. Series A
| | | 93 | | 9,171 |
Celgene Corp. (b)
| | | 348 | | 32,830 |
Centene Corp. (b)
| | | 100 | | 5,310 |
CenterPoint Energy, Inc.
| | | 17 | | 522 |
CenturyLink, Inc.
| | | 278 | | 3,333 |
Cerner Corp. (b)
| | | 148 | | 8,467 |
CF Industries Holdings, Inc.
| | | 36 | | 1,472 |
Charles Schwab Corp.
| | | 47 | | 2,010 |
Charter Communications, Inc. Class A (b)
| | | 27 | | 9,367 |
Chevron Corp.
| | | 325 | | 40,033 |
Chubb, Ltd.
| | | 258 | | 36,141 |
Church & Dwight Co., Inc.
| | | 477 | | 33,977 |
Cigna Corp.
| | | 70 | | 11,257 |
Cincinnati Financial Corp.
| | | 198 | | 17,008 |
Cisco Systems, Inc.
| | | 2,871 | | 155,005 |
CIT Group, Inc.
| | | 13 | | 624 |
Citigroup, Inc.
| | | 749 | | 46,603 |
Citizens Financial Group, Inc.
| | | 119 | | 3,867 |
Citrix Systems, Inc.
| | | 43 | | 4,285 |
Clorox Co.
| | | 181 | | 29,043 |
CME Group, Inc.
| | | 60 | | 9,875 |
CMS Energy Corp.
| | | 50 | | 2,777 |
Coca-Cola Co.
| | | 1,239 | | 58,060 |
Cognex Corp.
| | | 100 | | 5,086 |
| Security Description | | | Shares | | Value |
Cognizant Technology Solutions Corp. Class A
| | | 354 | | $25,647 |
Colgate-Palmolive Co.
| | | 206 | | 14,119 |
Comcast Corp. Class A
| | | 1,006 | | 40,220 |
Comerica, Inc.
| | | 22 | | 1,613 |
CommScope Holding Co., Inc. (b)
| | | 200 | | 4,346 |
Conagra Brands, Inc.
| | | 298 | | 8,267 |
ConocoPhillips
| | | 77 | | 5,139 |
Consolidated Edison, Inc.
| | | 737 | | 62,505 |
Constellation Brands, Inc. Class A
| | | 63 | | 11,046 |
Copart, Inc. (b)
| | | 100 | | 6,059 |
Corning, Inc.
| | | 131 | | 4,336 |
Costco Wholesale Corp.
| | | 265 | | 64,167 |
Crown Castle International Corp. REIT
| | | 247 | | 31,616 |
CSX Corp.
| | | 80 | | 5,986 |
Cummins, Inc.
| | | 107 | | 16,892 |
CVS Health Corp.
| | | 433 | | 23,352 |
D.R. Horton, Inc.
| | | 50 | | 2,069 |
Danaher Corp.
| | | 153 | | 20,199 |
Darden Restaurants, Inc.
| | | 104 | | 12,633 |
DaVita, Inc. (b)
| | | 37 | | 2,009 |
Deere & Co.
| | | 26 | | 4,156 |
Dell Technologies, Inc. Class C (b)
| | | 35 | | 2,054 |
Delta Air Lines, Inc.
| | | 17 | | 878 |
Devon Energy Corp.
| | | 63 | | 1,988 |
Discover Financial Services
| | | 33 | | 2,348 |
Discovery, Inc. Class C (b)
| | | 54 | | 1,373 |
DISH Network Corp. Class A (b)
| | | 44 | | 1,394 |
Dollar General Corp.
| | | 309 | | 36,864 |
Dollar Tree, Inc. (b)
| | | 54 | | 5,672 |
Dominion Energy, Inc.
| | | 466 | | 35,724 |
Dover Corp.
| | | 30 | | 2,814 |
DowDuPont, Inc.
| | | 265 | | 14,127 |
DTE Energy Co.
| | | 90 | | 11,227 |
Duke Energy Corp.
| | | 513 | | 46,170 |
Duke Realty Corp. REIT
| | | 150 | | 4,587 |
DXC Technology Co.
| | | 22 | | 1,415 |
E*TRADE Financial Corp.
| | | 50 | | 2,322 |
Eastman Chemical Co.
| | | 10 | | 759 |
Eaton Corp. PLC
| | | 60 | | 4,834 |
Eaton Vance Corp.
| | | 80 | | 3,225 |
eBay, Inc.
| | | 208 | | 7,725 |
Ecolab, Inc.
| | | 50 | | 8,827 |
Edison International
| | | 110 | | 6,811 |
Edwards Lifesciences Corp. (b)
| | | 84 | | 16,072 |
Eli Lilly & Co.
| | | 691 | | 89,664 |
Emerson Electric Co.
| | | 315 | | 21,568 |
Entergy Corp.
| | | 44 | | 4,208 |
EOG Resources, Inc.
| | | 3 | | 286 |
Equity Residential REIT
| | | 291 | | 21,918 |
Essex Property Trust, Inc. REIT
| | | 50 | | 14,462 |
Estee Lauder Cos., Inc. Class A
| | | 150 | | 24,832 |
Everest Re Group, Ltd.
| | | 94 | | 20,300 |
Evergy, Inc.
| | | 257 | | 14,919 |
Eversource Energy
| | | 132 | | 9,365 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Exelon Corp.
| | | 189 | | $9,475 |
Expeditors International of Washington, Inc.
| | | 415 | | 31,498 |
Extra Space Storage, Inc. REIT
| | | 50 | | 5,095 |
Exxon Mobil Corp.
| | | 1,078 | | 87,102 |
F5 Networks, Inc. (b)
| | | 157 | | 24,638 |
Facebook, Inc. Class A (b)
| | | 1,245 | | 207,529 |
Fastenal Co. (a)
| | | 183 | | 11,769 |
Federal Realty Investment Trust REIT
| | | 14 | | 1,930 |
FedEx Corp.
| | | 43 | | 7,801 |
Fidelity National Financial, Inc.
| | | 327 | | 11,952 |
Fidelity National Information Services, Inc.
| | | 221 | | 24,995 |
Fifth Third Bancorp
| | | 212 | | 5,347 |
First Republic Bank
| | | 50 | | 5,023 |
FirstEnergy Corp.
| | | 111 | | 4,619 |
Fiserv, Inc. (a)(b)
| | | 598 | | 52,791 |
FleetCor Technologies, Inc. (b)
| | | 7 | | 1,726 |
Flex, Ltd. (b)
| | | 358 | | 3,580 |
Fluor Corp.
| | | 57 | | 2,098 |
Ford Motor Co.
| | | 2,064 | | 18,122 |
Fortive Corp.
| | | 67 | | 5,621 |
Fox Corp. Class A (b)
| | | 74 | | 2,717 |
Fox Corp. Class B (b)
| | | 19 | | 682 |
Franklin Resources, Inc. (a)
| | | 154 | | 5,104 |
Freeport-McMoRan, Inc.
| | | 298 | | 3,841 |
Gap, Inc.
| | | 195 | | 5,105 |
Garmin, Ltd.
| | | 50 | | 4,317 |
General Dynamics Corp.
| | | 159 | | 26,916 |
General Electric Co.
| | | 2,277 | | 22,747 |
General Mills, Inc.
| | | 177 | | 9,160 |
General Motors Co.
| | | 573 | | 21,258 |
Genuine Parts Co.
| | | 66 | | 7,394 |
Gilead Sciences, Inc.
| | | 304 | | 19,763 |
Goldman Sachs Group, Inc.
| | | 76 | | 14,591 |
Goodyear Tire & Rubber Co.
| | | 100 | | 1,815 |
Halliburton Co.
| | | 72 | | 2,110 |
Harley-Davidson, Inc. (a)
| | | 50 | | 1,783 |
Harris Corp.
| | | 100 | | 15,971 |
Hartford Financial Services Group, Inc.
| | | 50 | | 2,486 |
Hasbro, Inc.
| | | 63 | | 5,356 |
HCA Healthcare, Inc.
| | | 53 | | 6,910 |
HCP, Inc. REIT
| | | 364 | | 11,393 |
Henry Schein, Inc. (a)(b)
| | | 119 | | 7,153 |
Hershey Co.
| | | 130 | | 14,928 |
Hess Corp.
| | | 30 | | 1,807 |
Hewlett Packard Enterprise Co.
| | | 421 | | 6,496 |
Hilton Worldwide Holdings, Inc.
| | | 50 | | 4,155 |
HollyFrontier Corp.
| | | 32 | | 1,577 |
Home Depot, Inc.
| | | 178 | | 34,156 |
Honeywell International, Inc.
| | | 405 | | 64,363 |
Hormel Foods Corp. (a)
| | | 501 | | 22,425 |
Host Hotels & Resorts, Inc. REIT
| | | 121 | | 2,287 |
HP, Inc.
| | | 344 | | 6,684 |
| Security Description | | | Shares | | Value |
Humana, Inc.
| | | 62 | | $16,492 |
Huntington Bancshares, Inc.
| | | 200 | | 2,536 |
Huntington Ingalls Industries, Inc.
| | | 13 | | 2,694 |
IDEX Corp.
| | | 50 | | 7,587 |
Illinois Tool Works, Inc.
| | | 191 | | 27,414 |
Intel Corp.
| | | 2,783 | | 149,447 |
Intercontinental Exchange, Inc.
| | | 74 | | 5,634 |
International Business Machines Corp.
| | | 653 | | 92,138 |
International Flavors & Fragrances, Inc. (a)
| | | 47 | | 6,053 |
International Paper Co.
| | | 30 | | 1,388 |
Interpublic Group of Cos., Inc.
| | | 248 | | 5,210 |
Intuit, Inc.
| | | 162 | | 42,348 |
Intuitive Surgical, Inc. (b)
| | | 45 | | 25,676 |
Invesco, Ltd.
| | | 73 | | 1,410 |
IPG Photonics Corp. (b)
| | | 50 | | 7,589 |
J.M. Smucker Co.
| | | 121 | | 14,096 |
Jack Henry & Associates, Inc.
| | | 211 | | 29,274 |
JB Hunt Transport Services, Inc.
| | | 19 | | 1,925 |
Jefferies Financial Group, Inc.
| | | 100 | | 1,879 |
Johnson & Johnson
| | | 1,801 | | 251,762 |
Johnson Controls International PLC
| | | 124 | | 4,581 |
JPMorgan Chase & Co.
| | | 619 | | 62,661 |
Juniper Networks, Inc.
| | | 3 | | 79 |
Kellogg Co.
| | | 389 | | 22,321 |
KeyCorp
| | | 205 | | 3,229 |
Kimberly-Clark Corp.
| | | 140 | | 17,346 |
Kimco Realty Corp. REIT
| | | 150 | | 2,775 |
Kinder Morgan, Inc.
| | | 314 | | 6,283 |
KLA-Tencor Corp.
| | | 93 | | 11,105 |
Kohl's Corp.
| | | 54 | | 3,714 |
Kraft Heinz Co.
| | | 175 | | 5,714 |
Kroger Co.
| | | 278 | | 6,839 |
L Brands, Inc.
| | | 100 | | 2,758 |
L3 Technologies, Inc.
| | | 28 | | 5,778 |
Laboratory Corp. of America Holdings (b)
| | | 113 | | 17,287 |
Lam Research Corp.
| | | 100 | | 17,901 |
Lamb Weston Holdings, Inc.
| | | 50 | | 3,747 |
Las Vegas Sands Corp.
| | | 220 | | 13,411 |
Lear Corp.
| | | 63 | | 8,550 |
Leggett & Platt, Inc. (a)
| | | 100 | | 4,222 |
Lennar Corp. Class A
| | | 50 | | 2,454 |
Liberty Broadband Corp. Class C (b)
| | | 74 | | 6,789 |
Liberty Media Corp.-Liberty SiriusXM Class C (b)
| | | 15 | | 574 |
Liberty Property Trust REIT
| | | 200 | | 9,684 |
Lincoln National Corp.
| | | 54 | | 3,170 |
LKQ Corp. (b)
| | | 100 | | 2,838 |
Lockheed Martin Corp.
| | | 374 | | 112,260 |
Loews Corp.
| | | 67 | | 3,211 |
Lowe's Cos., Inc.
| | | 437 | | 47,838 |
Lululemon Athletica, Inc. (b)
| | | 73 | | 11,963 |
LyondellBasell Industries NV Class A
| | | 261 | | 21,945 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
M&T Bank Corp.
| | | 43 | | $6,752 |
Macy's, Inc.
| | | 100 | | 2,403 |
ManpowerGroup, Inc.
| | | 33 | | 2,729 |
Marathon Oil Corp.
| | | 50 | | 836 |
Marathon Petroleum Corp.
| | | 175 | | 10,474 |
Markel Corp. (b)
| | | 35 | | 34,868 |
Marriott International, Inc. Class A
| | | 124 | | 15,511 |
Marsh & McLennan Cos., Inc.
| | | 533 | | 50,049 |
Mastercard, Inc. Class A
| | | 613 | | 144,331 |
Maxim Integrated Products, Inc.
| | | 186 | | 9,890 |
McCormick & Co., Inc. (a)
| | | 274 | | 41,273 |
McDonald's Corp.
| | | 332 | | 63,047 |
McKesson Corp.
| | | 97 | | 11,355 |
Medtronic PLC
| | | 367 | | 33,426 |
Merck & Co., Inc.
| | | 704 | | 58,552 |
MetLife, Inc.
| | | 222 | | 9,451 |
Mettler-Toledo International, Inc. (b)
| | | 23 | | 16,629 |
MGM Resorts International
| | | 101 | | 2,592 |
Micron Technology, Inc. (b)
| | | 320 | | 13,226 |
Microsoft Corp.
| | | 2,771 | | 326,812 |
Middleby Corp. (b)
| | | 50 | | 6,501 |
Molson Coors Brewing Co. Class B
| | | 40 | | 2,386 |
Mondelez International, Inc. Class A
| | | 221 | | 11,032 |
Monster Beverage Corp. (b)
| | | 222 | | 12,117 |
Moody's Corp.
| | | 140 | | 25,353 |
Morgan Stanley
| | | 211 | | 8,904 |
Mosaic Co.
| | | 60 | | 1,639 |
Motorola Solutions, Inc.
| | | 307 | | 43,109 |
Mylan NV (b)
| | | 54 | | 1,530 |
National Oilwell Varco, Inc.
| | | 63 | | 1,678 |
National Retail Properties, Inc. REIT
| | | 248 | | 13,737 |
NetApp, Inc.
| | | 171 | | 11,857 |
Newell Brands, Inc. (a)
| | | 66 | | 1,012 |
Newmont Mining Corp. (a)
| | | 663 | | 23,716 |
NextEra Energy, Inc.
| | | 262 | | 50,650 |
Nielsen Holdings PLC
| | | 100 | | 2,367 |
NIKE, Inc. Class B
| | | 902 | | 75,957 |
NiSource, Inc.
| | | 100 | | 2,866 |
Noble Energy, Inc.
| | | 37 | | 915 |
Nordstrom, Inc. (a)
| | | 147 | | 6,524 |
Norfolk Southern Corp.
| | | 37 | | 6,915 |
Northrop Grumman Corp.
| | | 89 | | 23,994 |
Norwegian Cruise Line Holdings, Ltd. (b)
| | | 50 | | 2,748 |
Nucor Corp.
| | | 53 | | 3,093 |
NVIDIA Corp.
| | | 376 | | 67,515 |
NVR, Inc. (b)
| | | 2 | | 5,534 |
Occidental Petroleum Corp.
| | | 177 | | 11,717 |
Old Dominion Freight Line, Inc.
| | | 50 | | 7,219 |
Omnicom Group, Inc. (a)
| | | 162 | | 11,824 |
ONEOK, Inc.
| | | 40 | | 2,794 |
Oracle Corp.
| | | 409 | | 21,967 |
O'Reilly Automotive, Inc. (b)
| | | 39 | | 15,144 |
| Security Description | | | Shares | | Value |
PACCAR, Inc.
| | | 44 | | $2,998 |
Palo Alto Networks, Inc. (b)
| | | 50 | | 12,144 |
Paychex, Inc.
| | | 685 | | 54,937 |
PayPal Holdings, Inc. (b)
| | | 30 | | 3,115 |
People's United Financial, Inc.
| | | 75 | | 1,233 |
PepsiCo, Inc.
| | | 590 | | 72,304 |
Pfizer, Inc.
| | | 1,455 | | 61,794 |
Philip Morris International, Inc.
| | | 206 | | 18,208 |
Phillips 66
| | | 148 | | 14,085 |
Pinnacle West Capital Corp.
| | | 50 | | 4,779 |
Pioneer Natural Resources Co.
| | | 13 | | 1,980 |
Plains GP Holdings L.P. Class A (b)
| | | 93 | | 2,318 |
PNC Financial Services Group, Inc.
| | | 84 | | 10,303 |
Polaris Industries, Inc.
| | | 50 | | 4,221 |
PPG Industries, Inc.
| | | 130 | | 14,673 |
PPL Corp.
| | | 110 | | 3,491 |
Principal Financial Group, Inc.
| | | 204 | | 10,239 |
Procter & Gamble Co.
| | | 1,610 | | 167,520 |
Progressive Corp.
| | | 324 | | 23,357 |
Prologis, Inc. REIT
| | | 67 | | 4,821 |
Prudential Financial, Inc.
| | | 137 | | 12,588 |
Public Service Enterprise Group, Inc.
| | | 90 | | 5,347 |
Public Storage REIT
| | | 241 | | 52,485 |
PulteGroup, Inc.
| | | 84 | | 2,349 |
QUALCOMM, Inc. (a)
| | | 128 | | 7,300 |
Quest Diagnostics, Inc.
| | | 18 | | 1,619 |
Qurate Retail, Inc. (b)
| | | 100 | | 1,598 |
Raymond James Financial, Inc.
| | | 50 | | 4,020 |
Raytheon Co.
| | | 382 | | 69,555 |
Realty Income Corp. REIT
| | | 198 | | 14,565 |
Red Hat, Inc. (b)
| | | 74 | | 13,520 |
Regeneron Pharmaceuticals, Inc. (b)
| | | 63 | | 25,869 |
Regions Financial Corp.
| | | 187 | | 2,646 |
Republic Services, Inc.
| | | 585 | | 47,022 |
ResMed, Inc.
| | | 84 | | 8,733 |
Robert Half International, Inc.
| | | 94 | | 6,125 |
Rockwell Automation, Inc.
| | | 93 | | 16,318 |
Rollins, Inc. (a)
| | | 74 | | 3,080 |
Ross Stores, Inc.
| | | 485 | | 45,153 |
Royal Caribbean Cruises, Ltd.
| | | 18 | | 2,063 |
Schlumberger, Ltd.
| | | 175 | | 7,625 |
Seagate Technology PLC
| | | 10 | | 479 |
SEI Investments Co.
| | | 97 | | 5,068 |
Sempra Energy
| | | 54 | | 6,796 |
Simon Property Group, Inc. REIT
| | | 67 | | 12,208 |
Sirius XM Holdings, Inc. (a)
| | | 598 | | 3,391 |
Skyworks Solutions, Inc.
| | | 101 | | 8,330 |
Snap-on, Inc. (a)
| | | 50 | | 7,826 |
Southern Co.
| | | 979 | | 50,595 |
Southwest Airlines Co.
| | | 64 | | 3,322 |
Spirit AeroSystems Holdings, Inc. Class A
| | | 50 | | 4,576 |
Starbucks Corp.
| | | 1,104 | | 82,071 |
State Street Corp. (g)
| | | 40 | | 2,632 |
Stryker Corp.
| | | 189 | | 37,331 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
SunTrust Banks, Inc.
| | | 83 | | $4,918 |
Synchrony Financial
| | | 180 | | 5,742 |
Synopsys, Inc. (b)
| | | 107 | | 12,321 |
Sysco Corp.
| | | 193 | | 12,885 |
T Rowe Price Group, Inc.
| | | 166 | | 16,620 |
Tapestry, Inc.
| | | 288 | | 9,357 |
Targa Resources Corp.
| | | 50 | | 2,078 |
Target Corp.
| | | 160 | | 12,842 |
TD Ameritrade Holding Corp.
| | | 3 | | 150 |
Texas Instruments, Inc.
| | | 621 | | 65,869 |
Textron, Inc.
| | | 20 | | 1,013 |
Thermo Fisher Scientific, Inc.
| | | 33 | | 9,033 |
TJX Cos., Inc.
| | | 1,818 | | 96,736 |
T-Mobile US, Inc. (b)
| | | 100 | | 6,910 |
Tractor Supply Co.
| | | 97 | | 9,483 |
Travelers Cos., Inc.
| | | 208 | | 28,529 |
Tyson Foods, Inc. Class A
| | | 120 | | 8,332 |
UDR, Inc. REIT
| | | 345 | | 15,684 |
UGI Corp.
| | | 50 | | 2,771 |
Ulta Salon Cosmetics & Fragrance, Inc. (b)
| | | 37 | | 12,903 |
Union Pacific Corp.
| | | 368 | | 61,530 |
United Parcel Service, Inc. Class B
| | | 40 | | 4,470 |
United Technologies Corp.
| | | 71 | | 9,151 |
United Therapeutics Corp. (b)
| | | 50 | | 5,868 |
UnitedHealth Group, Inc.
| | | 201 | | 49,699 |
Universal Health Services, Inc. Class B
| | | 30 | | 4,013 |
Unum Group
| | | 74 | | 2,503 |
US Bancorp
| | | 367 | | 17,686 |
Valero Energy Corp.
| | | 101 | | 8,568 |
Varian Medical Systems, Inc. (b)
| | | 85 | | 12,046 |
Ventas, Inc. REIT
| | | 225 | | 14,357 |
VeriSign, Inc. (b)
| | | 63 | | 11,438 |
Verizon Communications, Inc.
| | | 1,481 | | 87,572 |
VF Corp.
| | | 246 | | 21,380 |
Viacom, Inc. Class B
| | | 150 | | 4,210 |
Visa, Inc. Class A
| | | 1,278 | | 199,611 |
VMware, Inc. Class A
| | | 49 | | 8,845 |
Voya Financial, Inc.
| | | 28 | | 1,399 |
W.W. Grainger, Inc.
| | | 40 | | 12,037 |
WABCO Holdings, Inc. (b)
| | | 50 | | 6,591 |
Wabtec Corp. (a)
| | | 22 | | 1,622 |
Walmart, Inc.
| | | 675 | | 65,833 |
Walgreens Boots Alliance, Inc.
| | | 160 | | 10,123 |
Walt Disney Co.
| | | 943 | | 104,749 |
Waste Management, Inc.
| | | 615 | | 63,905 |
Waters Corp. (b)
| | | 53 | | 13,341 |
WEC Energy Group, Inc.
| | | 379 | | 29,971 |
Wells Fargo & Co.
| | | 942 | | 45,517 |
Welltower, Inc. REIT
| | | 127 | | 9,855 |
Western Digital Corp.
| | | 87 | | 4,181 |
Western Union Co. (a)
| | | 67 | | 1,237 |
Westrock Co.
| | | 54 | | 2,071 |
Weyerhaeuser Co. REIT
| | | 84 | | 2,213 |
Whirlpool Corp.
| | | 17 | | 2,259 |
| Security Description | | | Shares | | Value |
Williams Cos., Inc.
| | | 54 | | $1,551 |
Willis Towers Watson PLC
| | | 30 | | 5,269 |
Worldpay, Inc. Class A (b)
| | | 74 | | 8,399 |
WP Carey, Inc. REIT
| | | 250 | | 19,582 |
WR Berkley Corp.
| | | 244 | | 20,672 |
Xcel Energy, Inc.
| | | 688 | | 38,672 |
Xerox Corp.
| | | 75 | | 2,399 |
Xilinx, Inc.
| | | 141 | | 17,877 |
Yum! Brands, Inc.
| | | 170 | | 16,968 |
Zimmer Biomet Holdings, Inc.
| | | 24 | | 3,065 |
Zions Bancorp NA (a)
| | | 50 | | 2,271 |
Zoetis, Inc.
| | | 70 | | 7,047 |
| | | | | | 9,323,677 |
TOTAL COMMON STOCKS
(Cost $15,231,792)
| | | | | 15,273,951 |
| | | | |
| SHORT-TERM INVESTMENTS — 1.0% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (h) (i)
| 39,497 | 39,497 |
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)
| 111,477 | 111,477 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $150,974)
| 150,974 |
TOTAL INVESTMENTS — 100.0%
(Cost $15,382,766)
| 15,424,925 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (f)
| (3,599) |
NET ASSETS — 100.0%
| $15,421,326 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| (a) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (b) | Non-income producing security. |
| (c) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (d) | Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2019, total aggregate fair value of securities is $8,872 representing 0.1% of net assets. |
| (e) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.2% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (f) | Amount is less than 0.05% of net assets. |
| (g) | The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended March 31, 2019 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, 2019 are shown in the Affiliate Table below. |
| (i) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (j) | Investment of cash collateral for securities loaned. |
| ADR | = American Depositary Receipt |
| REIT | = Real Estate Investment Trust |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2018.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $15,265,079 | | $8,872 | | $— | | $15,273,951 |
Short-Term Investments
| | 150,974 | | — | | — | | 150,974 |
TOTAL INVESTMENTS
| | $15,416,053 | | $8,872 | | $— | | $15,424,925 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Corp.
| 80 | | $6,702 | | $— | | $2,806 | | $(867) | | $(397) | | 40 | | $2,632 | | $56 | | $— |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 18,931 | | 18,931 | | 731,516 | | 710,950 | | — | | — | | 39,497 | | 39,497 | | 561 | | — |
State Street Navigator Securities Lending Government Money Market Portfolio
| 298,707 | | 298,707 | | 1,215,443 | | 1,402,673 | | — | | — | | 111,477 | | 111,477 | | 1,301 | | — |
Total
| | | $324,340 | | $1,946,959 | | $2,116,429 | | $(867) | | $(397) | | | | $153,606 | | $1,918 | | $— |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.0% | | | | | |
| BRAZIL — 8.0% | | | | | |
Ambev SA ADR
| | | 2,667,928 | | $11,472,090 |
Anima Holding SA
| | | 13,189 | | 63,374 |
Azul SA (a)
| | | 41,000 | | 403,184 |
B2W Cia Digital (a)
| | | 45,820 | | 497,089 |
B3 SA - Brasil Bolsa Balcao
| | | 1,149,158 | | 9,484,532 |
Banco Bradesco SA Preference Shares ADR
| | | 2,441,416 | | 26,635,849 |
Banco Bradesco SA
| | | 47,029 | | 457,396 |
Banco do Brasil SA
| | | 541,541 | | 6,779,525 |
Banco Pan SA Preference Shares
| | | 224,229 | | 187,832 |
Banco Santander Brasil SA
| | | 10,648 | | 120,305 |
BB Seguridade Participacoes SA
| | | 359,159 | | 2,447,490 |
BR Malls Participacoes SA
| | | 666,827 | | 2,153,819 |
Bradespar SA Preference Shares
| | | 299,195 | | 2,452,481 |
Brasil Brokers Participacoes SA (a)
| | | 3,585 | | 4,836 |
Braskem SA Preference Shares ADR
| | | 106,847 | | 2,758,790 |
BRF SA ADR (a)(b)
| | | 329,276 | | 1,916,386 |
CCR SA
| | | 322,787 | | 973,744 |
Centrais Eletricas Brasileiras SA ADR (a)
| | | 358,093 | | 3,351,751 |
Cia Brasileira de Distribuicao ADR
| | | 146,415 | | 3,408,541 |
Cia de Saneamento Basico do Estado de Sao Paulo
| | | 348,028 | | 3,755,987 |
Cia Energetica de Minas Gerais ADR (b)
| | | 826,898 | | 2,952,026 |
Cia Energetica de Sao Paulo Class B, Preference Shares
| | | 28,998 | | 179,873 |
Cia Hering
| | | 25,056 | | 192,441 |
Cia Siderurgica Nacional SA ADR (a)(b)
| | | 544,305 | | 2,237,094 |
Cielo SA
| | | 667,645 | | 1,628,068 |
Construtora Tenda SA
| | | 1,520 | | 6,593 |
Cosan Logistica SA (a)
| | | 24,983 | | 97,577 |
Cosan SA
| | | 118,314 | | 1,296,629 |
Cyrela Brazil Realty SA Empreendimentos e Participacoes
| | | 333,164 | | 1,392,856 |
Duratex SA
| | | 254,520 | | 717,446 |
Embraer SA
| | | 508,869 | | 2,412,476 |
Engie Brasil Energia SA
| | | 50,038 | | 549,149 |
Estacio Participacoes SA
| | | 143,303 | | 979,485 |
Eternit SA (a)
| | | 6,550 | | 3,484 |
Gafisa SA (a)
| | | 3,693 | | 8,104 |
Gerdau SA ADR (b)
| | | 705,923 | | 2,738,981 |
Gol Linhas Aereas Inteligentes SA (a)
| | | 16,400 | | 109,145 |
Hypera SA
| | | 29,875 | | 198,824 |
Itau Unibanco Holding SA Preference Shares ADR
| | | 3,095,590 | | 27,272,148 |
Itausa - Investimentos Itau SA Preference Shares
| | | 3,394,880 | | 10,450,616 |
| Security Description | | | Shares | | Value |
Itausa - Investimentos Itau SA
| | | 283,843 | | $1,069,234 |
JBS SA
| | | 235,058 | | 961,565 |
Kepler Weber SA
| | | 7,703 | | 34,243 |
Klabin SA
| | | 96,741 | | 423,337 |
Kroton Educacional SA
| | | 710,054 | | 1,934,006 |
Linx SA
| | | 20,000 | | 190,148 |
Localiza Rent a Car SA
| | | 62,800 | | 533,486 |
LOG Commercial Properties e Participacoes SA (a)
| | | 3,101 | | 13,530 |
Log-in Logistica Intermodal SA (a)
| | | 4,812 | | 10,337 |
Lojas Americanas SA Preference Shares
| | | 585,161 | | 2,521,559 |
Lojas Renner SA
| | | 653,247 | | 7,352,113 |
Magazine Luiza SA
| | | 17,800 | | 790,588 |
Magnesita Refratarios SA (a)(c)
| | | 1,802 | | 30,406 |
Marcopolo SA Preference Shares
| | | 232,561 | | 233,057 |
Metalurgica Gerdau SA Preference Shares
| | | 940,145 | | 1,717,612 |
Mills Estruturas e Servicos de Engenharia SA (a)
| | | 29,203 | | 36,019 |
MMX Mineracao e Metalicos SA (a)
| | | 6,878 | | 3,658 |
MRV Engenharia e Participacoes SA
| | | 56,621 | | 203,543 |
Natura Cosmeticos SA
| | | 182,273 | | 2,125,902 |
Oi SA ADR
| | | 428,424 | | 805,437 |
Pagseguro Digital, Ltd. Class A (a)(b)
| | | 60,407 | | 1,803,149 |
PDG Realty SA Empreendimentos e Participacoes (a)
| | | 42,821 | | 80,323 |
Petroleo Brasileiro SA Preference Shares ADR
| | | 1,316,625 | | 18,827,738 |
Petroleo Brasileiro SA ADR
| | | 562,038 | | 8,947,645 |
Profarma Distribuidora de Produtos Farmaceuticos SA (a)
| | | 11,118 | | 12,370 |
Qualicorp Consultoria e Corretora de Seguros SA
| | | 51,968 | | 209,384 |
Raia Drogasil SA
| | | 44,921 | | 753,743 |
Restoque Comercio e Confeccoes de Roupas SA
| | | 7,411 | | 60,938 |
Rodobens Negocios Imobiliarios SA (a)
| | | 38,386 | | 54,250 |
Rossi Residencial SA (a)
| | | 67,178 | | 80,958 |
Rumo SA (a)
| | | 73,846 | | 363,376 |
Suzano Papel e Celulose SA
| | | 123,352 | | 1,475,457 |
Suzano SA ADR (a)(b)
| | | 56,210 | | 1,331,615 |
T4F Entretenimento SA
| | | 89,177 | | 155,361 |
Telefonica Brasil SA ADR
| | | 71,799 | | 866,614 |
Telefonica Brasil SA Preference Shares
| | | 427,226 | | 5,214,491 |
TIM Participacoes SA ADR
| | | 146,752 | | 2,213,020 |
TOTVS SA
| | | 35,325 | | 357,634 |
Ultrapar Participacoes SA
| | | 173,911 | | 2,100,320 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Usinas Siderurgicas de Minas Gerais SA Usiminas ADR
| | | 508,291 | | $1,285,976 |
Vale SA ADR
| | | 1,383,874 | | 18,073,394 |
WEG SA
| | | 894,232 | | 4,136,027 |
| | | | | | 224,141,579 |
| CHILE — 1.3% | | | | | |
AntarChile SA
| | | 168,830 | | 2,271,039 |
Empresas COPEC SA
| | | 345,803 | | 4,390,614 |
Empresas Iansa SA (a)
| | | 2,642,811 | | 57,130 |
Enel Americas SA ADR
| | | 454,313 | | 4,057,015 |
Enel Chile SA ADR
| | | 598,964 | | 3,102,634 |
Enel Generacion Chile SA ADR
| | | 2,724 | | 53,663 |
Enjoy SA (a)
| | | 2,019,720 | | 145,526 |
Latam Airlines Group SA ADR (b)
| | | 324,281 | | 3,430,893 |
Multiexport Foods SA
| | | 1,693,121 | | 951,218 |
Parque Arauco SA
| | | 2,732,696 | | 7,308,875 |
SACI Falabella
| | | 1,092,838 | | 8,126,324 |
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares
| | | 14,417 | | 554,010 |
Vina Concha y Toro SA ADR (a)(b)
| | | 40,825 | | 1,700,855 |
| | | | | | 36,149,796 |
| CHINA — 31.8% | | | | | |
21Vianet Group, Inc. ADR (a)
| | | 21,804 | | 173,124 |
3SBio, Inc. (b)(d)
| | | 387,000 | | 761,187 |
500.com, Ltd. Class A, ADR (a)(b)
| | | 4,690 | | 65,472 |
51job, Inc. ADR (a)
| | | 1,703 | | 132,630 |
58.com, Inc. ADR (a)
| | | 29,396 | | 1,930,729 |
AAC Technologies Holdings, Inc. (b)
| | | 556,632 | | 3,293,722 |
Agile Group Holdings, Ltd.
| | | 1,691,626 | | 2,736,788 |
Agricultural Bank of China, Ltd. Class H
| | | 14,067,000 | | 6,486,989 |
Air China, Ltd. Class H
| | | 1,579,744 | | 1,944,003 |
Alibaba Group Holding, Ltd. ADR (a)
| | | 632,676 | | 115,431,736 |
Aluminum Corp. of China, Ltd. Class H (a)
| | | 4,540,000 | | 1,671,425 |
Angang Steel Co., Ltd. Class H (b)
| | | 1,410,640 | | 1,031,481 |
Anhui Conch Cement Co., Ltd. Class H
| | | 995,771 | | 6,082,487 |
Anhui Expressway Co., Ltd. Class H
| | | 8,000 | | 5,269 |
ANTA Sports Products, Ltd.
| | | 703,000 | | 4,782,222 |
Anton Oilfield Services Group (a)
| | | 130,000 | | 20,535 |
Autohome, Inc. ADR (a)(b)
| | | 21,606 | | 2,271,223 |
AVIC International Holding HK, Ltd. (a)
| | | 2,306,527 | | 66,699 |
AVIC International Holdings, Ltd. Class H
| | | 1,206,584 | | 756,233 |
| Security Description | | | Shares | | Value |
AviChina Industry & Technology Co., Ltd. Class H
| | | 1,493,000 | | $952,863 |
BAIC Motor Corp., Ltd. Class H (d)
| | | 6,500 | | 4,248 |
Baidu, Inc. ADR (a)
| | | 151,779 | | 25,020,768 |
BAIOO Family Interactive, Ltd. (d)
| | | 1,468,000 | | 76,673 |
Bank of China, Ltd. Class H
| | | 40,795,900 | | 18,501,188 |
Bank of Communications Co., Ltd. Class H
| | | 11,657,864 | | 9,549,114 |
Baozun, Inc. ADR (a)(b)
| | | 8,159 | | 338,925 |
BBMG Corp. Class H (b)
| | | 704,000 | | 258,284 |
BeiGene, Ltd. ADR (a)(b)
| | | 28,803 | | 3,801,996 |
Beijing Capital International Airport Co., Ltd. Class H
| | | 2,415,490 | | 2,292,422 |
Beijing Capital Land, Ltd. Class H
| | | 28,000 | | 10,701 |
Beijing Enterprises Clean Energy Group, Ltd. (a)
| | | 14,314,856 | | 237,063 |
Beijing Enterprises Holdings, Ltd.
| | | 382,500 | | 2,168,326 |
Beijing Enterprises Water Group, Ltd.
| | | 2,998,000 | | 1,852,279 |
Beijing Jingneng Clean Energy Co., Ltd. Class H
| | | 136,000 | | 29,106 |
BEST, Inc. ADR (a)
| | | 26,100 | | 136,503 |
Bilibili, Inc. ADR (a)(b)
| | | 15,828 | | 299,941 |
Bitauto Holdings, Ltd. ADR (a)
| | | 10,866 | | 172,987 |
BOE Technology Group Co., Ltd. Class B
| | | 437,300 | | 168,236 |
Boer Power Holdings, Ltd. (a)
| | | 7,000 | | 535 |
Boyaa Interactive International, Ltd. (a)
| | | 64,000 | | 13,045 |
Brilliance China Automotive Holdings, Ltd.
| | | 1,548,000 | | 1,534,206 |
BYD Co., Ltd. Class H (b)
| | | 384,000 | | 2,313,798 |
BYD Electronic International Co., Ltd. (b)
| | | 382,500 | | 493,111 |
C.banner International Holdings, Ltd. (a)
| | | 12,000 | | 589 |
Cabbeen Fashion, Ltd.
| | | 710,000 | | 204,409 |
CAR, Inc. (a)(b)
| | | 705,000 | | 608,010 |
CGN Meiya Power Holdings Co., Ltd. (a)(d)
| | | 24,000 | | 3,638 |
CGN Mining Co., Ltd.
| | | 325,000 | | 15,112 |
CGN Power Co., Ltd. Class H (d)
| | | 5,434,000 | | 1,515,992 |
Changyou.com, Ltd. ADR
| | | 3,831 | | 65,510 |
Chanjet Information Technology Co., Ltd. Class H (a)
| | | 2,600 | | 3,464 |
Chaowei Power Holdings, Ltd.
| | | 75,000 | | 28,376 |
Cheetah Mobile, Inc. ADR (a)(b)
| | | 6,176 | | 39,650 |
China Aerospace International Holdings, Ltd.
| | | 1,346,000 | | 97,736 |
China Agri-Industries Holdings, Ltd.
| | | 774,000 | | 265,232 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
China Aircraft Leasing Group Holdings, Ltd.
| | | 6,500 | | $7,626 |
China Aoyuan Group, Ltd.
| | | 712,000 | | 858,940 |
China Biologic Products Holdings, Inc. (a)(b)
| | | 9,187 | | 838,314 |
China Chengtong Development Group, Ltd. (a)(b)
| | | 2,656,000 | | 104,887 |
China Child Care Corp., Ltd. (a)
| | | 480,000 | | 7,949 |
China Cinda Asset Management Co., Ltd. Class H
| | | 6,608,000 | | 1,835,100 |
China CITIC Bank Corp., Ltd. Class H
| | | 6,236,000 | | 3,972,000 |
China Coal Energy Co., Ltd. Class H
| | | 3,914,000 | | 1,620,456 |
China Communications Construction Co., Ltd. Class H
| | | 3,056,241 | | 3,161,380 |
China Communications Services Corp., Ltd. Class H
| | | 152,000 | | 135,542 |
China Conch Venture Holdings, Ltd.
| | | 789,200 | | 2,825,052 |
China Construction Bank Corp. Class H
| | | 54,653,280 | | 46,855,913 |
China Datang Corp. Renewable Power Co., Ltd. Class H
| | | 805,000 | | 95,370 |
China Distance Education Holdings, Ltd. ADR (a)
| | | 7,035 | | 47,627 |
China Dongxiang Group Co., Ltd.
| | | 680,000 | | 98,752 |
China Eastern Airlines Corp., Ltd. Class H
| | | 144,000 | | 102,176 |
China Electronics Huada Technology Co., Ltd.
| | | 134,000 | | 13,315 |
China Energine International Holdings, Ltd. (a)
| | | 1,178,000 | | 33,464 |
China Everbright International, Ltd.
| | | 1,862,111 | | 1,892,961 |
China Evergrande Group (b)
| | | 1,746,828 | | 5,807,962 |
China Fangda Group Co., Ltd. Class B
| | | 1,149,600 | | 629,721 |
China Financial Services Holdings, Ltd.
| | | 1,348,000 | | 89,295 |
China Foods, Ltd.
| | | 16,000 | | 6,319 |
China Galaxy Securities Co., Ltd. Class H
| | | 1,567,400 | | 1,030,298 |
China Hanking Holdings, Ltd.
| | | 646,000 | | 76,533 |
China Harmony New Energy Auto Holding, Ltd. (b)
| | | 7,000 | | 2,622 |
China Hongqiao Group, Ltd.
| | | 24,500 | | 18,445 |
China Huarong Energy Co., Ltd. (a)
| | | 128,400 | | 2,437 |
China Huishan Dairy Holdings Co., Ltd. (a)(b)(e)
| | | 310,600 | | — |
China Huiyuan Juice Group, Ltd. (a)(b)(e)
| | | 188,500 | | 36,380 |
China International Marine Containers Group Co., Ltd. Class H
| | | 79,400 | | 101,552 |
| Security Description | | | Shares | | Value |
China Lesso Group Holdings, Ltd.
| | | 703,000 | | $454,938 |
China Life Insurance Co., Ltd. Class H
| | | 4,057,260 | | 10,905,571 |
China Longyuan Power Group Corp., Ltd. Class H
| | | 1,494,000 | | 1,039,145 |
China Machinery Engineering Corp. Class H
| | | 14,000 | | 7,134 |
China Medical System Holdings, Ltd.
| | | 789,000 | | 764,883 |
China Mengniu Dairy Co., Ltd.
| | | 2,081,345 | | 7,742,122 |
China Merchants Bank Co., Ltd. Class H
| | | 2,486,241 | | 12,082,891 |
China Merchants China Direct Investments, Ltd.
| | | 4,000 | | 5,809 |
China Merchants Port Holdings Co., Ltd.
| | | 1,437,281 | | 3,061,336 |
China Minsheng Banking Corp., Ltd. Class H
| | | 4,183,879 | | 3,037,995 |
China Mobile, Ltd.
| | | 3,024,658 | | 30,824,736 |
China Modern Dairy Holdings, Ltd. (a)
| | | 6,000 | | 994 |
China Molybdenum Co., Ltd. Class H
| | | 222,000 | | 92,760 |
China National Accord Medicines Corp., Ltd. Class B
| | | 7,100 | | 27,586 |
China National Building Material Co., Ltd. Class H
| | | 1,751,400 | | 1,381,049 |
China Oilfield Services, Ltd. Class H
| | | 1,320,422 | | 1,426,401 |
China Overseas Grand Oceans Group, Ltd.
| | | 109,500 | | 59,563 |
China Overseas Land & Investment, Ltd.
| | | 2,750,304 | | 10,440,711 |
China Overseas Property Holdings, Ltd.
| | | 62,066 | | 29,808 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 1,397,200 | | 5,482,043 |
China Petroleum & Chemical Corp. Class H
| | | 14,094,338 | | 11,113,950 |
China Power Clean Energy Development Co., Ltd.
| | | 34,246 | | 22,511 |
China Power International Development, Ltd. (b)
| | | 3,914,000 | | 1,002,190 |
China Railway Construction Corp., Ltd. Class H
| | | 1,532,490 | | 2,006,891 |
China Railway Group, Ltd. Class H
| | | 3,142,487 | | 2,866,287 |
China Rare Earth Holdings, Ltd. (a)
| | | 1,189,200 | | 53,022 |
China Resources Beer Holdings Co., Ltd.
| | | 1,255,867 | | 5,287,474 |
China Resources Gas Group, Ltd.
| | | 44,000 | | 207,390 |
China Resources Power Holdings Co., Ltd.
| | | 1,570,432 | | 2,360,664 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
China Sanjiang Fine Chemicals Co., Ltd.
| | | 73,000 | | $19,901 |
China Shenhua Energy Co., Ltd. Class H
| | | 2,278,124 | | 5,194,736 |
China Singyes Solar Technologies Holdings, Ltd.
| | | 9,600 | | 1,211 |
China South City Holdings, Ltd.
| | | 1,418,000 | | 227,604 |
China Southern Airlines Co., Ltd. Class H
| | | 1,408,000 | | 1,259,137 |
China Taiping Insurance Holdings Co., Ltd.
| | | 625,435 | | 1,864,366 |
China Telecom Corp., Ltd. Class H
| | | 10,813,615 | | 6,006,072 |
China Tower Corp., Ltd. Class H (a)(d)
| | | 13,338,000 | | 3,092,397 |
China Travel International Investment Hong Kong, Ltd.
| | | 4,550,000 | | 1,159,243 |
China Unicom Hong Kong, Ltd.
| | | 3,135,668 | | 3,974,534 |
China Vanke Co., Ltd. Class H
| | | 618,600 | | 2,600,501 |
China Yurun Food Group, Ltd. (a)
| | | 12,000 | | 2,843 |
China ZhengTong Auto Services Holdings, Ltd.
| | | 38,000 | | 21,106 |
ChinaCache International Holdings, Ltd. ADR (a)(b)
| | | 10,866 | | 13,583 |
Chinasoft International, Ltd. (b)
| | | 142,000 | | 87,733 |
Chlitina Holding, Ltd.
| | | 2,000 | | 19,111 |
Chong Sing Holdings FinTech Group (a)(b)
| | | 2,405,618 | | 19,919 |
Chongqing Changan Automobile Co., Ltd. Class B
| | | 615,100 | | 326,749 |
Chongqing Machinery & Electric Co., Ltd. Class H
| | | 138,000 | | 12,482 |
CIFI Holdings Group Co., Ltd.
| | | 26,000 | | 19,707 |
CIMC Enric Holdings, Ltd.
| | | 10,000 | | 10,255 |
CITIC Resources Holdings, Ltd. (b)
| | | 1,358,000 | | 126,286 |
CITIC Securities Co., Ltd. Class H
| | | 814,500 | | 1,896,708 |
CITIC Telecom International Holdings, Ltd.
| | | 706,000 | | 317,477 |
CITIC, Ltd.
| | | 3,837,000 | | 5,728,653 |
CNOOC, Ltd.
| | | 8,625,734 | | 16,152,751 |
Cogobuy Group (a)(d)
| | | 64,000 | | 23,562 |
Colour Life Services Group Co., Ltd.
| | | 69,000 | | 50,102 |
Comtec Solar Systems Group, Ltd. (a)
| | | 976,000 | | 9,947 |
Coolpad Group, Ltd. (a)(e)
| | | 253,600 | | — |
COSCO SHIPPING Development Co., Ltd. Class H (a)
| | | 4,691,117 | | 615,526 |
COSCO SHIPPING Energy Transportation Co., Ltd. Class H
| | | 1,548,000 | | 887,394 |
COSCO SHIPPING Holdings Co., Ltd. Class H (a)
| | | 2,351,425 | | 976,522 |
COSCO SHIPPING Ports, Ltd.
| | | 1,593,948 | | 1,721,881 |
| Security Description | | | Shares | | Value |
Cosmo Lady China Holdings Co., Ltd. (d)
| | | 71,000 | | $20,531 |
Country Garden Holdings Co., Ltd.
| | | 3,184,466 | | 4,973,478 |
Country Garden Services Holdings Co., Ltd. (a)
| | | 220,000 | | 409,735 |
CRRC Corp., Ltd. Class H
| | | 2,341,000 | | 2,206,817 |
CSG Holding Co., Ltd. Class B
| | | 48,405 | | 18,807 |
CSPC Pharmaceutical Group, Ltd.
| | | 1,836,000 | | 3,414,748 |
Ctrip.com International, Ltd. ADR (a)
| | | 191,685 | | 8,374,718 |
Daqo New Energy Corp. ADR (a)(b)
| | | 7,035 | | 232,366 |
Datang International Power Generation Co., Ltd. Class H
| | | 4,696,000 | | 1,256,263 |
Dazhong Transportation Group Co., Ltd. Class B
| | | 859,650 | | 462,492 |
Dongfang Electric Corp., Ltd. Class H (a)(b)
| | | 146,200 | | 118,637 |
Dongfeng Motor Group Co., Ltd. Class H
| | | 3,126,000 | | 3,130,002 |
E-Commodities Holdings, Ltd.
| | | 6,500 | | 410 |
Fang Holdings, Ltd. ADR (a)
| | | 99,216 | | 133,942 |
Fanhua, Inc. ADR (b)
| | | 22,596 | | 593,371 |
Fantasia Holdings Group Co., Ltd.
| | | 1,030,500 | | 204,789 |
Far East Horizon, Ltd.
| | | 1,486,000 | | 1,574,981 |
Fufeng Group, Ltd. (b)
| | | 71,000 | | 37,264 |
Future Land Development Holdings, Ltd.
| | | 90,000 | | 111,440 |
GDS Holdings, Ltd. ADR (a)
| | | 17,364 | | 619,721 |
Geely Automobile Holdings, Ltd.
| | | 1,986,000 | | 3,794,929 |
Genertec Universal Medical Group Co., Ltd. (b)(d)
| | | 394,600 | | 358,912 |
Genscript Biotech Corp. (a)
| | | 320,000 | | 604,131 |
GF Securities Co., Ltd. Class H
| | | 936,600 | | 1,345,849 |
Global Bio-Chem Technology Group Co., Ltd. (a)
| | | 1,018,000 | | 15,951 |
Goldpac Group, Ltd.
| | | 64,000 | | 18,752 |
GOME Retail Holdings, Ltd. (a)(b)
| | | 6,190,000 | | 575,634 |
Goodbaby International Holdings, Ltd.
| | | 67,000 | | 19,460 |
Grand Baoxin Auto Group, Ltd.
| | | 3,158 | | 1,090 |
Great Wall Motor Co., Ltd. Class H (b)
| | | 1,944,250 | | 1,458,816 |
Greatview Aseptic Packaging Co., Ltd.
| | | 10,000 | | 6,102 |
Greentown China Holdings, Ltd.
| | | 385,500 | | 385,011 |
Gridsum Holding, Inc. ADR (a)
| | | 25,600 | | 75,776 |
Guangdong Electric Power Development Co., Ltd. Class B
| | | 1,172,240 | | 427,086 |
Guangdong Investment, Ltd.
| | | 2,796,229 | | 5,400,140 |
Guangshen Railway Co., Ltd. Class H (b)
| | | 3,130,000 | | 1,220,110 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Guangzhou Automobile Group Co., Ltd. Class H
| | | 1,964,090 | | $2,319,392 |
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H
| | | 6,000 | | 26,446 |
Guangzhou R&F Properties Co., Ltd. Class H
| | | 1,269,318 | | 2,745,625 |
Guodian Technology & Environment Group Corp., Ltd. Class H (a)
| | | 73,000 | | 3,115 |
Guotai Junan International Holdings, Ltd. (b)
| | | 822,000 | | 166,495 |
Haichang Ocean Park Holdings, Ltd. (a)(d)
| | | 695,000 | | 155,823 |
Haitian International Holdings, Ltd.
| | | 5,000 | | 11,363 |
Haitong Securities Co., Ltd. Class H
| | | 1,534,400 | | 1,985,937 |
Hangzhou Steam Turbine Co., Ltd. Class B
| | | 230,600 | | 236,477 |
Harbin Electric Co., Ltd. Class H (b)
| | | 1,376,000 | | 725,691 |
Health and Happiness H&H International Holdings, Ltd. (a)(b)
| | | 5,000 | | 31,306 |
Hengan International Group Co., Ltd. (b)
| | | 393,000 | | 3,444,404 |
Honghua Group, Ltd. (a)(b)
| | | 14,000 | | 1,248 |
Honworld Group, Ltd. (d)
| | | 35,000 | | 18,013 |
Hopson Development Holdings, Ltd.
| | | 26,000 | | 25,338 |
Hua Hong Semiconductor, Ltd. (b)(d)
| | | 103,000 | | 241,428 |
Huadian Fuxin Energy Corp., Ltd. Class H
| | | 128,000 | | 28,372 |
Huadian Power International Corp., Ltd. Class H
| | | 1,697,308 | | 698,387 |
Huaneng Power International, Inc. Class H
| | | 3,130,000 | | 1,818,203 |
Huaneng Renewables Corp., Ltd. Class H
| | | 1,560,000 | | 433,226 |
Huangshan Tourism Development Co., Ltd. Class B
| | | 546,532 | | 702,840 |
Huatai Securities Co., Ltd. Class H (d)
| | | 453,400 | | 906,806 |
Huazhu Group, Ltd. ADR
| | | 33,466 | | 1,410,257 |
HUYA, Inc. ADR (a)
| | | 4,541 | | 127,738 |
Ideanomics, Inc. (a)(b)
| | | 85,295 | | 165,472 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 43,977,590 | | 32,213,090 |
Inner Mongolia Yitai Coal Co., Ltd. Class B
| | | 310,736 | | 382,516 |
Innovent Biologics, Inc. (a)(d)
| | | 126,000 | | 459,863 |
iQIYI, Inc. ADR (a)
| | | 45,237 | | 1,082,069 |
JD.com, Inc. ADR (a)(b)
| | | 469,001 | | 14,140,380 |
Jiangnan Group, Ltd. (a)
| | | 134,000 | | 7,340 |
| Security Description | | | Shares | | Value |
Jiangsu Expressway Co., Ltd. Class H
| | | 1,698,000 | | $2,401,009 |
Jiangxi Copper Co., Ltd. Class H
| | | 784,000 | | 1,040,679 |
JinkoSolar Holding Co., Ltd. ADR (a)(b)
| | | 8,521 | | 153,378 |
Joy City Property, Ltd.
| | | 1,568,000 | | 217,724 |
Jumei International Holding, Ltd. ADR (a)
| | | 4,690 | | 11,068 |
Kama Co., Ltd. Class B (a)
| | | 48,800 | | 31,232 |
Kingdee International Software Group Co., Ltd. (b)
| | | 1,423,000 | | 1,645,977 |
Kingsoft Corp., Ltd.
| | | 138,000 | | 350,891 |
Konka Group Co., Ltd. Class B
| | | 8,444,463 | | 3,151,902 |
Kunlun Energy Co., Ltd.
| | | 3,172,622 | | 3,314,098 |
KWG Group Holdings, Ltd.
| | | 793,668 | | 957,463 |
Lao Feng Xiang Co., Ltd. Class B
| | | 83,030 | | 290,356 |
Lenovo Group, Ltd. (b)
| | | 5,333,220 | | 4,796,532 |
LexinFintech Holdings, Ltd. ADR (a)
| | | 13,283 | | 139,471 |
Leyou Technologies Holdings, Ltd. (a)
| | | 425,000 | | 118,568 |
Li Ning Co., Ltd. (a)
| | | 1,168,333 | | 1,833,625 |
Lianhua Supermarket Holdings Co., Ltd. Class H (a)
| | | 13,000 | | 2,120 |
Lifetech Scientific Corp. (a)
| | | 1,406,000 | | 300,904 |
Link Motion, Inc. ADR (a)(e)
| | | 16,509 | | — |
Livzon Pharmaceutical Group, Inc. Class H
| | | 86,906 | | 302,236 |
Luye Pharma Group, Ltd. (b)(d)
| | | 387,000 | | 338,196 |
Maanshan Iron & Steel Co., Ltd. Class H
| | | 2,974,000 | | 1,454,807 |
Meitu, Inc. (a)(d)
| | | 221,000 | | 103,885 |
Meituan Dianping Class B (a)
| | | 1,724,500 | | 11,621,227 |
Metallurgical Corp. of China, Ltd. Class H
| | | 784,000 | | 231,706 |
Minth Group, Ltd.
| | | 68,000 | | 213,963 |
MOBI Development Co., Ltd.
| | | 773,000 | | 122,105 |
Momo, Inc. ADR (a)
| | | 57,938 | | 2,215,549 |
National Agricultural Holdings, Ltd. (a)(b)(e)
| | | 72,000 | | 2,729 |
NetEase, Inc. ADR
| | | 44,553 | | 10,757,322 |
New China Life Insurance Co., Ltd. Class H
| | | 389,500 | | 1,984,726 |
New Oriental Education & Technology Group, Inc. ADR (a)
| | | 66,431 | | 5,984,769 |
Newater Technology, Inc. (a)(b)
| | | 12,926 | | 93,972 |
NIO, Inc. ADR (a)
| | | 17,900 | | 91,290 |
Noah Holdings, Ltd. ADR (a)(b)
| | | 7,035 | | 340,916 |
On-Bright Electronics, Inc.
| | | 19,000 | | 117,130 |
Ourgame International Holdings, Ltd. (a)
| | | 65,000 | | 6,376 |
Ozner Water International Holding, Ltd. (b)(d)
| | | 701,000 | | 110,732 |
Pacific Online, Ltd. (b)
| | | 64,000 | | 13,452 |
Parkson Retail Group, Ltd.
| | | 1,058,134 | | 84,921 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
People's Insurance Co. Group of China, Ltd. Class H
| | | 3,060,000 | | $1,309,766 |
PetroChina Co., Ltd. Class H
| | | 11,822,627 | | 7,665,931 |
PICC Property & Casualty Co., Ltd. Class H
| | | 5,125,307 | | 5,823,953 |
Pinduoduo, Inc. ADR (a)
| | | 33,300 | | 825,840 |
Ping An Healthcare and Technology Co., Ltd. (a)(b)(d)
| | | 162,500 | | 917,044 |
Ping An Insurance Group Co. of China, Ltd. Class H (b)
| | | 2,728,164 | | 30,548,681 |
Poly Culture Group Corp., Ltd. Class H
| | | 7,200 | | 10,089 |
Poly Property Group Co., Ltd.
| | | 716,000 | | 279,105 |
PW Medtech Group, Ltd. (a)
| | | 68,000 | | 10,395 |
Regal International Airport Group Co., Ltd.
| | | 65,000 | | 54,319 |
ReneSola, Ltd. ADR (a)(b)
| | | 19,652 | | 32,819 |
Renhe Commercial Holdings Co., Ltd. (a)
| | | 9,231,000 | | 317,501 |
Semiconductor Manufacturing International Corp. (a)(b)
| | | 1,535,900 | | 1,553,519 |
Shandong Airlines Co., Ltd. Class B
| | | 5,800 | | 8,888 |
Shandong Chenming Paper Holdings, Ltd. Class B
| | | 220,400 | | 138,979 |
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
| | | 272,000 | | 259,874 |
Shanghai Baosight Software Co., Ltd. Class B
| | | 60,400 | | 134,088 |
Shanghai Electric Group Co., Ltd. Class H (b)
| | | 3,148,077 | | 1,195,074 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H
| | | 33,500 | | 120,985 |
Shanghai Fudan Microelectronics Group Co., Ltd. Class H (a)
| | | 16,000 | | 25,193 |
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H
| | | 8,000 | | 7,195 |
Shanghai Greencourt Investment Group Co., Ltd. Class B (a)
| | | 394,748 | | 180,795 |
Shanghai Huayi Group Co., Ltd. Class B
| | | 200 | | 189 |
Shanghai Industrial Urban Development Group, Ltd.
| | | 26,000 | | 5,531 |
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H
| | | 28,000 | | 7,562 |
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B
| | | 464,582 | | 500,819 |
Shanghai Jinjiang International Travel Co., Ltd. Class B
| | | 6,000 | | 11,520 |
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B
| | | 558,966 | | 711,005 |
| Security Description | | | Shares | | Value |
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B
| | | 310,040 | | $455,139 |
Shanghai Pharmaceuticals Holding Co., Ltd. Class H
| | | 156,600 | | 341,131 |
Shanghai Prime Machinery Co., Ltd. Class H (a)
| | | 136,000 | | 20,617 |
Shengjing Bank Co., Ltd. Class H (d)
| | | 366,300 | | 203,449 |
Shenzhen Expressway Co., Ltd. Class H
| | | 1,536,482 | | 1,800,729 |
Shenzhen Investment, Ltd. (b)
| | | 1,441,099 | | 550,742 |
Shenzhou International Group Holdings, Ltd.
| | | 182,400 | | 2,444,408 |
Shougang Concord International Enterprises Co., Ltd. (a)
| | | 2,526,000 | | 101,362 |
Shunfeng International Clean Energy, Ltd. (a)
| | | 138,000 | | 5,450 |
Silergy Corp.
| | | 27,000 | | 402,979 |
Silver Grant International Industries, Ltd. (a)
| | | 142,000 | | 28,762 |
SINA Corp. (a)
| | | 46,852 | | 2,775,512 |
Sinofert Holdings, Ltd. (a)(b)
| | | 130,000 | | 16,229 |
SinoMedia Holding, Ltd. (b)
| | | 65,000 | | 14,491 |
Sino-Ocean Group Holding, Ltd.
| | | 3,117,980 | | 1,366,359 |
Sinopec Oilfield Service Corp. Class H (a)(b)
| | | 148,000 | | 16,968 |
Sinopec Shanghai Petrochemical Co., Ltd. Class H
| | | 3,128,600 | | 1,490,578 |
Sinopharm Group Co., Ltd. Class H
| | | 597,600 | | 2,489,381 |
Sinosoft Technology Group, Ltd.
| | | 704,600 | | 239,655 |
Sinotrans, Ltd. Class H
| | | 3,838,300 | | 1,647,790 |
Sinotruk Hong Kong, Ltd.
| | | 110,500 | | 235,078 |
Sinovac Biotech, Ltd. (a)(c)
| | | 63,289 | | 409,480 |
SITC International Holdings Co., Ltd.
| | | 69,000 | | 70,846 |
SOHO China, Ltd. (a)
| | | 349,500 | | 146,924 |
SPT Energy Group, Inc. (a)
| | | 20,000 | | 1,834 |
Sunac China Holdings, Ltd. (b)
| | | 890,000 | | 4,433,022 |
Sunny Optical Technology Group Co., Ltd.
| | | 292,700 | | 3,495,643 |
Synertone Communication Corp. (a)
| | | 54,400 | | 644 |
TAL Education Group ADR (a)
| | | 155,246 | | 5,601,276 |
TCL Electronics Holdings, Ltd.
| | | 52,000 | | 28,418 |
Tencent Holdings, Ltd.
| | | 2,778,756 | | 127,788,192 |
Tian Ge Interactive Holdings, Ltd. (d)
| | | 70,000 | | 27,822 |
Tiangong International Co., Ltd.
| | | 138,000 | | 32,347 |
Tianneng Power International, Ltd.
| | | 130,000 | | 116,918 |
Tingyi Cayman Islands Holding Corp.
| | | 1,700,000 | | 2,802,311 |
Tong Ren Tang Technologies Co., Ltd. Class H (b)
| | | 10,000 | | 13,427 |
TravelSky Technology, Ltd. Class H
| | | 1,423,427 | | 3,762,586 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Trigiant Group, Ltd.
| | | 22,000 | | $3,755 |
Uni-President China Holdings, Ltd.
| | | 72,000 | | 70,625 |
Universal Health International Group Holding, Ltd. (a)
| | | 69,000 | | 1,134 |
Uxin, Ltd. ADR (a)
| | | 26,400 | | 100,056 |
V1 Group, Ltd. (a)
| | | 1,750,200 | | 56,854 |
Vipshop Holdings, Ltd. ADR (a)
| | | 163,811 | | 1,315,402 |
Want Want China Holdings, Ltd.
| | | 4,621,000 | | 3,838,103 |
Weibo Corp. ADR (a)(b)
| | | 18,076 | | 1,120,531 |
West China Cement, Ltd.
| | | 1,426,000 | | 188,923 |
Wisdom Sports Group (b)
| | | 75,000 | | 5,255 |
Wuxi Biologics Cayman, Inc. (a)(d)
| | | 156,500 | | 1,522,147 |
Xiamen International Port Co., Ltd. Class H
| | | 26,000 | | 3,676 |
Xiaomi Corp. Class B (a)(d)
| | | 5,618,600 | | 8,145,233 |
Xinchen China Power Holdings, Ltd. (a)(b)
| | | 555,000 | | 30,048 |
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (b)
| | | 16,260 | | 23,406 |
Xinyi Solar Holdings, Ltd.
| | | 1,591,254 | | 766,239 |
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (b)(d)
| | | 6,500 | | 17,430 |
Yanzhou Coal Mining Co., Ltd. Class H
| | | 1,732,000 | | 1,701,122 |
Yestar Healthcare Holdings Co., Ltd.
| | | 22,500 | | 5,274 |
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (d)
| | | 37,000 | | 160,256 |
Yihai International Holding, Ltd.
| | | 55,000 | | 244,874 |
Yingli Green Energy Holding Co., Ltd. ADR (a)
| | | 11,708 | | 1,873 |
Yum China Holdings, Inc.
| | | 150,787 | | 6,771,844 |
YY, Inc. ADR (a)
| | | 15,657 | | 1,315,345 |
Zai Lab, Ltd. ADR (a)
| | | 7,000 | | 206,570 |
Zhaojin Mining Industry Co., Ltd. Class H
| | | 36,500 | | 36,547 |
Zhejiang Expressway Co., Ltd. Class H
| | | 2,997,862 | | 3,437,061 |
Zhuzhou CRRC Times Electric Co., Ltd. Class H
| | | 387,200 | | 2,288,687 |
Zijin Mining Group Co., Ltd. Class H
| | | 4,609,000 | | 1,908,197 |
ZTE Corp. Class H (a)(b)
| | | 674,345 | | 2,027,343 |
ZTO Express Cayman, Inc. ADR
| | | 99,016 | | 1,810,012 |
| | | | | | 887,679,138 |
| COLOMBIA — 0.5% | | | | | |
Almacenes Exito SA
| | | 83,804 | | 381,994 |
Avianca Holdings SA Preference Shares
| | | 1,222,033 | | 642,574 |
Banco Davivienda SA Preference Shares
| | | 139,075 | | 1,632,848 |
Banco de Bogota SA
| | | 36,748 | | 761,382 |
| Security Description | | | Shares | | Value |
Bancolombia SA ADR
| | | 46,835 | | $2,391,395 |
Bancolombia SA
| | | 129,242 | | 1,606,660 |
Bolsa de Valores de Colombia
| | | 159,332 | | 603,220 |
Celsia SA ESP
| | | 68,273 | | 94,946 |
Cementos Argos SA
| | | 88,896 | | 219,904 |
Cementos Argos SA Preference Shares
| | | 105,792 | | 217,530 |
Cemex Latam Holdings SA (a)
| | | 20,696 | | 31,186 |
Constructora Conconcreto SA (a)
| | | 124,539 | | 18,375 |
Corp. Financiera Colombiana SA (a)
| | | 43,911 | | 365,296 |
Ecopetrol SA
| | | 1,244,262 | | 1,333,913 |
Empresa de Telecomunicaciones de Bogota (a)
| | | 2,315,666 | | 207,906 |
Grupo Argos SA Preference Shares
| | | 140,821 | | 654,266 |
Grupo Argos SA
| | | 32,251 | | 183,251 |
Grupo Aval Acciones y Valores SA
| | | 2,410,953 | | 923,366 |
Grupo de Inversiones Suramericana SA Preference Shares
| | | 50,964 | | 550,360 |
Grupo de Inversiones Suramericana SA
| | | 50,758 | | 583,828 |
Grupo Nutresa SA
| | | 47,277 | | 382,611 |
Interconexion Electrica SA ESP
| | | 188,549 | | 944,675 |
| | | | | | 14,731,486 |
| CZECH REPUBLIC — 0.3% | | | | | |
CEZ A/S
| | | 169,836 | | 3,990,304 |
Komercni banka A/S
| | | 89,711 | | 3,665,677 |
| | | | | | 7,655,981 |
| EGYPT — 0.3% | | | | | |
Commercial International Bank Egypt SAE
| | | 1,836,415 | | 7,221,678 |
Egypt Kuwait Holding Co. SAE
| | | 574,573 | | 904,378 |
Egyptian Financial Group-Hermes Holding Co. (a)
| | | 878,183 | | 841,698 |
Global Telecom Holding SAE (a)
| | | 729,291 | | 190,634 |
Orascom Investment Holding (a)
| | | 102,728 | | 3,924 |
Qalaa Holdings SAE (a)
| | | 504,418 | | 117,009 |
| | | | | | 9,279,321 |
| GREECE — 0.2% | | | | | |
Alpha Bank AE (a)
| | | 373,768 | | 517,892 |
Diana Shipping, Inc. (a)
| | | 61,278 | | 172,804 |
DryShips, Inc.
| | | 23,200 | | 107,184 |
Ellaktor SA (a)
| | | 369 | | 671 |
Eurobank Ergasias SA (a)
| | | 574,221 | | 457,782 |
FF Group (a)(e)
| | | 5,627 | | 15,164 |
Fourlis Holdings SA
| | | 176 | | 998 |
Frigoglass SAIC (a)
| | | 99 | | 12 |
GEK Terna Holding Real Estate Construction SA (a)
| | | 715 | | 3,950 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Grivalia Properties REIC AE
| | | 55,053 | | $665,143 |
Hellenic Exchanges - Athens Stock Exchange SA
| | | 104,312 | | 502,474 |
Hellenic Telecommunications Organization SA
| | | 87,171 | | 1,168,687 |
Holding Co. ADMIE IPTO SA
| | | 5,373 | | 10,413 |
Intralot SA-Integrated Lottery Systems & Services (a)
| | | 393,622 | | 226,293 |
JUMBO SA
| | | 35,786 | | 598,716 |
Marfin Investment Group Holdings SA (a)
| | | 1,114,862 | | 100,897 |
Mytilineos Holdings SA
| | | 181 | | 1,831 |
National Bank of Greece SA (a)
| | | 153,816 | | 268,740 |
OPAP SA
| | | 107,456 | | 1,110,044 |
Piraeus Bank SA (a)
| | | 151,735 | | 207,518 |
Public Power Corp. SA (a)
| | | 24,292 | | 42,305 |
Safe Bulkers, Inc. (a)
| | | 66,200 | | 96,652 |
Sarantis SA
| | | 12,459 | | 98,487 |
Star Bulk Carriers Corp. (a)
| | | 9,423 | | 62,003 |
Terna Energy SA
| | | 215 | | 1,557 |
Titan Cement Co. SA
| | | 17,758 | | 384,036 |
| | | | | | 6,822,253 |
| HONG KONG — 1.5% | | | | | |
AGTech Holdings, Ltd. (a)(b)
| | | 56,000 | | 3,638 |
Alibaba Pictures Group, Ltd. (a)(b)
| | | 7,692,400 | | 1,362,102 |
AMVIG Holdings, Ltd.
| | | 130,000 | | 30,968 |
Asian Citrus Holdings, Ltd. (a)(b)(e)
| | | 51,000 | | — |
Bosideng International Holdings, Ltd.
| | | 1,412,000 | | 345,358 |
Camsing International Holding, Ltd.
| | | 106,000 | | 107,486 |
Carnival Group International Holdings, Ltd. (a)(b)
| | | 680,000 | | 4,071 |
Central Wealth Group Holdings, Ltd. (a)(b)
| | | 168,000 | | 1,305 |
Chia Tai Enterprises International, Ltd. (a)
| | | 2,300 | | 542 |
China All Access Holdings, Ltd.
| | | 28,000 | | 1,819 |
China Animation Characters Co., Ltd. (b)
| | | 65,000 | | 19,956 |
China Education Group Holdings, Ltd.
| | | 121,000 | | 184,044 |
China Everbright, Ltd.
| | | 24,000 | | 47,572 |
China Fiber Optic Network System Group, Ltd. (a)(e)
| | | 88,800 | | — |
China Financial International Investments, Ltd. (a)
| | | 640,000 | | 11,659 |
China Financial Leasing Group, Ltd. (a)
| | | 80,000 | | 2,507 |
China First Capital Group, Ltd. (a)
| | | 796,000 | | 420,818 |
China Gas Holdings, Ltd.
| | | 1,416,000 | | 4,978,579 |
China High Speed Transmission Equipment Group Co., Ltd. (b)
| | | 657,000 | | 569,125 |
| Security Description | | | Shares | | Value |
China Jicheng Holdings, Ltd. (a)(d)
| | | 117,414 | | $643 |
China National Culture Group, Ltd. (a)
| | | 670,000 | | 1,878 |
China NT Pharma Group Co., Ltd.
| | | 1,503,600 | | 134,080 |
China Ocean Industry Group, Ltd. (a)
| | | 2,435,000 | | 7,445 |
China Oil & Gas Group, Ltd.
| | | 132,000 | | 8,576 |
China Public Procurement, Ltd.
| | | 6,720 | | 347 |
China Resources Cement Holdings, Ltd.
| | | 332,000 | | 342,575 |
China Resources Land, Ltd.
| | | 1,590,222 | | 7,130,722 |
China State Construction International Holdings, Ltd.
| | | 159,250 | | 149,108 |
China Vanguard You Champion Holdings, Ltd. (a)
| | | 70,000 | | 1,676 |
Citychamp Watch & Jewellery Group, Ltd.
| | | 1,410,000 | | 292,779 |
Comba Telecom Systems Holdings, Ltd. (a)(b)
| | | 146,117 | | 34,063 |
Concord New Energy Group, Ltd.
| | | 120,000 | | 6,344 |
CP Pokphand Co., Ltd.
| | | 3,006,000 | | 271,882 |
Digital China Holdings, Ltd. (a)
| | | 714,000 | | 381,106 |
Essex Bio-technology, Ltd. (b)
| | | 700,000 | | 570,704 |
Eternity Investment, Ltd. (a)
| | | 40,574 | | 905 |
Feiyu Technology International Co., Ltd. (a)(d)
| | | 19,500 | | 745 |
First Shanghai Investments, Ltd. (a)
| | | 40,000 | | 3,261 |
Fullshare Holdings, Ltd. (b)
| | | 3,827,000 | | 511,895 |
GCL-Poly Energy Holdings, Ltd. (a)(b)
| | | 4,614,000 | | 323,276 |
Golden Meditech Holdings, Ltd. (a)(b)
| | | 44,000 | | 4,484 |
Ground International Development, Ltd. (a)
| | | 2,005,000 | | 80,456 |
Haier Electronics Group Co., Ltd.
| | | 72,000 | | 209,122 |
Hanergy Thin Film Power Group, Ltd. (a)(e)
| | | 856,000 | | — |
Hengdeli Holdings, Ltd. (a)
| | | 9,649,600 | | 473,264 |
Hi Sun Technology China, Ltd. (a)
| | | 225,000 | | 38,408 |
Huabao International Holdings, Ltd.
| | | 682,000 | | 345,781 |
Huayi Tencent Entertainment Co., Ltd. (a)
| | | 110,000 | | 2,831 |
Imperial Pacific International Holdings, Ltd. (a)(b)
| | | 15,130,000 | | 111,789 |
Ju Teng International Holdings, Ltd.
| | | 134,500 | | 38,208 |
Kingboard Holdings, Ltd.
| | | 779,840 | | 2,766,711 |
Kingboard Laminates Holdings, Ltd.
| | | 389,500 | | 409,350 |
Lee & Man Paper Manufacturing, Ltd.
| | | 76,000 | | 64,770 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Life Healthcare Group, Ltd. (a)
| | | 88,000 | | $628 |
Millennium Pacific Group Holdings, Ltd. (a)
| | | 190,000 | | 1,089 |
Munsun Capital Group, Ltd. (a)
| | | 51,111 | | 736 |
Neo Telemedia, Ltd.
| | | 6,000,000 | | 124,587 |
NetDragon Websoft Holdings, Ltd.
| | | 34,500 | | 86,668 |
New Provenance Everlasting Holdings, Ltd. Class H (a)
| | | 5,088,030 | | 22,686 |
NewOcean Energy Holdings, Ltd. (a)(b)
| | | 22,000 | | 6,278 |
Nine Dragons Paper Holdings, Ltd.
| | | 1,487,000 | | 1,416,921 |
Pou Sheng International Holdings, Ltd.
| | | 772,000 | | 167,186 |
Qianhai Health Holdings, Ltd.
| | | 5,921 | | 196 |
Real Nutriceutical Group, Ltd. (a)(e)
| | | 199,000 | | 2,535 |
Shenwan Hongyuan HK, Ltd.
| | | 10,000 | | 2,713 |
Shenzhen International Holdings, Ltd.
| | | 406,323 | | 862,342 |
Shimao Property Holdings, Ltd.
| | | 1,108,220 | | 3,465,857 |
SIM Technology Group, Ltd.
| | | 2,836,000 | | 115,608 |
Sino Biopharmaceutical, Ltd.
| | | 3,631,000 | | 3,311,863 |
Skyworth Digital Holdings, Ltd.
| | | 1,409,225 | | 479,319 |
Solargiga Energy Holdings, Ltd. (a)
| | | 4,629,000 | | 76,659 |
Solartech International Holdings, Ltd. (a)
| | | 1,000,000 | | 12,612 |
SSY Group, Ltd.
| | | 199,740 | | 185,747 |
Sun Art Retail Group, Ltd.
| | | 746,500 | | 727,486 |
Suncorp Technologies, Ltd. (a)
| | | 4,850,000 | | 15,446 |
Tech Pro Technology Development, Ltd. (a)(b)(e)
| | | 484,000 | | 2,096 |
Tibet Water Resources, Ltd. (a)
| | | 67,000 | | 20,826 |
United Laboratories International Holdings, Ltd. (b)
| | | 12,000 | | 7,093 |
Vision Values Holdings, Ltd. (a)
| | | 90,000 | | 3,554 |
Wanda Hotel Development Co., Ltd. (a)
| | | 547,000 | | 52,958 |
Wasion Holdings, Ltd.
| | | 24,000 | | 12,566 |
WH Group, Ltd. (d)
| | | 3,890,500 | | 4,163,109 |
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a)
| | | 12,250 | | 2,965 |
Xinyi Glass Holdings, Ltd.
| | | 1,530,000 | | 1,754,151 |
Yip's Chemical Holdings, Ltd.
| | | 10,000 | | 3,223 |
Yuexiu Property Co., Ltd.
| | | 6,106,000 | | 1,470,116 |
Yuexiu Transport Infrastructure, Ltd.
| | | 1,258 | | 1,024 |
| | | | | | 41,389,576 |
| HUNGARY — 0.6% | | | | | |
MOL Hungarian Oil & Gas PLC
| | | 336,562 | | 3,851,582 |
OTP Bank Nyrt
| | | 196,256 | | 8,632,938 |
Richter Gedeon Nyrt
| | | 196,514 | | 3,704,694 |
| | | | | | 16,189,214 |
| Security Description | | | Shares | | Value |
| INDIA — 13.2% | | | | | |
Adani Enterprises, Ltd.
| | | 95,237 | | $201,747 |
Adani Gas, Ltd. (a)
| | | 2,430 | | 4,514 |
Adani Green Energy, Ltd. (a)
| | | 154,985 | | 83,114 |
Adani Ports & Special Economic Zone, Ltd.
| | | 473,463 | | 2,584,483 |
Adani Power, Ltd. (a)
| | | 390,953 | | 272,016 |
Adani Transmission, Ltd. (a)
| | | 58,613 | | 183,940 |
Aditya Birla Capital, Ltd. GDR (a)
| | | 285 | | 402 |
Aditya Birla Fashion and Retail, Ltd. (a)
| | | 53,106 | | 168,920 |
AIA Engineering, Ltd.
| | | 6,142 | | 159,244 |
Alok Industries, Ltd. (a)
| | | 2,047,680 | | 140,404 |
Amtek Auto, Ltd. (a)
| | | 25,821 | | 1,025 |
Anant Raj, Ltd.
| | | 666,917 | | 323,470 |
Apollo Hospitals Enterprise, Ltd.
| | | 58,589 | | 1,038,237 |
Ashok Leyland, Ltd.
| | | 352,538 | | 464,622 |
Asian Paints, Ltd.
| | | 47,638 | | 1,026,478 |
AstraZeneca Pharma India, Ltd. (a)
| | | 46,600 | | 1,337,728 |
Aurobindo Pharma, Ltd.
| | | 191,199 | | 2,164,530 |
Avenue Supermarts, Ltd. (a)(d)
| | | 22,449 | | 476,719 |
Axis Bank, Ltd. (a)
| | | 744,083 | | 8,348,445 |
Bajaj Finance, Ltd.
| | | 65,349 | | 2,853,565 |
Bajaj Hindusthan Sugar, Ltd. (a)
| | | 939,649 | | 107,156 |
Balkrishna Industries, Ltd.
| | | 11,679 | | 167,830 |
Balrampur Chini Mills, Ltd.
| | | 475,359 | | 940,768 |
Bandhan Bank, Ltd. (d)
| | | 13,875 | | 105,402 |
BF Investment, Ltd. (a)
| | | 111,638 | | 427,858 |
Bharat Electronics, Ltd.
| | | 105,402 | | 141,880 |
Bharat Financial Inclusion, Ltd. (a)
| | | 30,307 | | 494,449 |
Bharat Forge, Ltd.
| | | 24,660 | | 182,400 |
Bharat Heavy Electricals, Ltd.
| | | 1,143,670 | | 1,237,359 |
Bharat Petroleum Corp., Ltd.
| | | 219,151 | | 1,257,647 |
Bharti Airtel, Ltd.
| | | 1,153,147 | | 5,544,760 |
Bharti Infratel, Ltd.
| | | 226,287 | | 1,023,722 |
Biocon, Ltd.
| | | 107,449 | | 946,994 |
Bombay Dyeing & Manufacturing Co., Ltd.
| | | 37,288 | | 72,638 |
Bosch, Ltd.
| | | 769 | | 201,864 |
Britannia Industries, Ltd.
| | | 98,262 | | 4,376,577 |
Caplin Point Laboratories, Ltd.
| | | 39,646 | | 229,892 |
CG Power and Industrial Solutions, Ltd. (a)
| | | 315,311 | | 194,353 |
Cipla, Ltd.
| | | 520,460 | | 3,973,602 |
Coal India, Ltd.
| | | 382,032 | | 1,308,091 |
CORE Education & Technologies, Ltd. (a)(e)
| | | 9,253 | | — |
Cox & Kings, Ltd.
| | | 52,971 | | 106,936 |
Crompton Greaves Consumer Electricals, Ltd.
| | | 37,180 | | 121,939 |
Dabur India, Ltd.
| | | 52,739 | | 311,219 |
DCB Bank, Ltd.
| | | 1,381,500 | | 4,082,180 |
Delta Corp., Ltd.
| | | 93,485 | | 343,847 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Dewan Housing Finance Corp., Ltd.
| | | 385,637 | | $836,405 |
Dilip Buildcon, Ltd. (d)
| | | 10,869 | | 100,649 |
Dish TV India, Ltd.
| | | 181,050 | | 101,665 |
Dishman Carbogen Amcis, Ltd. (a)
| | | 32,415 | | 97,491 |
Divi's Laboratories, Ltd.
| | | 12,858 | | 316,109 |
Dr Reddy's Laboratories, Ltd. ADR
| | | 147,779 | | 5,985,049 |
Edelweiss Financial Services, Ltd.
| | | 168,601 | | 481,283 |
Educomp Solutions, Ltd. (a)
| | | 22,435 | | 745 |
Eicher Motors, Ltd.
| | | 4,766 | | 1,413,646 |
Equitas Holdings, Ltd. (a)
| | | 51,355 | | 101,487 |
Era Infra Engineering, Ltd. (a)(e)
| | | 2,941 | | — |
FDC, Ltd. (a)
| | | 100,387 | | 240,769 |
Federal Bank, Ltd.
| | | 216,621 | | 301,596 |
Fortis Healthcare, Ltd. (a)
| | | 272,015 | | 533,036 |
Future Retail, Ltd. (a)
| | | 44,061 | | 288,662 |
GAIL India, Ltd.
| | | 944,041 | | 4,737,580 |
Gammon India, Ltd. (a)(c)
| | | 139,302 | | 3,318 |
Gateway Distriparks, Ltd.
| | | 165,256 | | 319,658 |
Gitanjali Gems, Ltd. (a)
| | | 3,573 | | 52 |
Glenmark Pharmaceuticals, Ltd.
| | | 44,402 | | 414,825 |
Godrej Consumer Products, Ltd.
| | | 101,305 | | 1,003,179 |
Godrej Industries, Ltd.
| | | 280,008 | | 2,168,117 |
Granules India, Ltd.
| | | 567,752 | | 937,989 |
Graphite India, Ltd.
| | | 45,312 | | 292,312 |
Grasim Industries, Ltd. GDR
| | | 209 | | 2,592 |
Grasim Industries, Ltd.
| �� | | 53,239 | | 659,349 |
GRUH Finance, Ltd.
| | | 502,024 | | 1,998,675 |
GTL Infrastructure, Ltd. (a)
| | | 2,071,721 | | 28,410 |
GTL, Ltd. (a)
| | | 312,143 | | 21,178 |
Gujarat NRE Coke, Ltd. (a)(e)
| | | 25,505 | | — |
Gujarat Pipavav Port, Ltd.
| | | 17,005 | | 24,424 |
GVK Power & Infrastructure, Ltd. (a)
| | | 1,175,218 | | 129,779 |
HCL Technologies, Ltd.
| | | 294,169 | | 4,617,742 |
HDFC Bank, Ltd.
| | | 883,060 | | 29,559,406 |
HEG, Ltd.
| | | 12,442 | | 375,999 |
Hero MotoCorp, Ltd.
| | | 159,575 | | 5,881,182 |
Himadri Speciality Chemical, Ltd.
| | | 174,888 | | 293,605 |
Himatsingka Seide, Ltd.
| | | 33,602 | | 105,596 |
Hindalco Industries, Ltd.
| | | 530,518 | | 1,573,749 |
Hindustan Construction Co., Ltd. (a)
| | | 937,198 | | 202,930 |
Hindustan Petroleum Corp., Ltd.
| | | 160,940 | | 659,442 |
Hindustan Unilever, Ltd.
| | | 589,073 | | 14,513,602 |
Housing Development & Infrastructure, Ltd. (a)
| | | 93,913 | | 35,044 |
Housing Development Finance Corp., Ltd.
| | | 1,039,337 | | 29,529,773 |
ICICI Bank, Ltd. ADR
| | | 1,174,336 | | 13,457,891 |
IDFC First Bank, Ltd. (a)
| | | 137,654 | | 110,282 |
IDFC, Ltd.
| | | 18 | | 12 |
| Security Description | | | Shares | | Value |
IFB Industries, Ltd. (a)
| | | 2,497 | | $35,250 |
IIFL Holdings, Ltd.
| | | 48,649 | | 301,269 |
India Cements, Ltd.
| | | 148,759 | | 232,560 |
Indiabulls Housing Finance, Ltd.
| | | 121,761 | | 1,508,501 |
Indiabulls Integrated Services, Ltd.
| | | 24,115 | | 106,938 |
Indiabulls Real Estate, Ltd. (a)
| | | 198,247 | | 263,852 |
Indiabulls Ventures, Ltd.
| | | 84,309 | | 396,931 |
Indian Hotels Co., Ltd.
| | | 715,784 | | 1,600,504 |
Indian Oil Corp., Ltd.
| | | 478,039 | | 1,123,763 |
IndusInd Bank, Ltd.
| | | 143,052 | | 3,675,678 |
Infibeam Avenues, Ltd.
| | | 267,926 | | 166,112 |
Info Edge India, Ltd.
| | | 30,219 | | 803,753 |
Infosys, Ltd. ADR
| | | 2,183,430 | | 23,864,890 |
InterGlobe Aviation, Ltd. (d)
| | | 17,139 | | 353,332 |
IRB Infrastructure Developers, Ltd.
| | | 34,857 | | 72,884 |
ITC, Ltd.
| | | 1,414,924 | | 6,071,255 |
ITC, Ltd. GDR
| | | 59,053 | | 253,391 |
IVRCL, Ltd. (a)
| | | 5,304,684 | | 61,259 |
Jain Irrigation Systems, Ltd.
| | | 199,762 | | 169,845 |
Jaiprakash Associates, Ltd. (a)
| | | 433,367 | | 34,094 |
Jet Airways India, Ltd. (a)
| | | 147,976 | | 574,175 |
Jindal Steel & Power, Ltd. (a)
| | | 49,040 | | 127,210 |
JSW Steel, Ltd.
| | | 82,014 | | 346,939 |
Jubilant Foodworks, Ltd.
| | | 38,332 | | 799,010 |
Jubilant Life Sciences, Ltd.
| | | 32,571 | | 312,569 |
Just Dial, Ltd. (a)
| | | 55,015 | | 479,232 |
KEI Industries, Ltd.
| | | 84,252 | | 517,431 |
Kotak Mahindra Bank, Ltd.
| | | 326,212 | | 6,284,084 |
KPIT Technologies, Ltd. (a)
| | | 112,714 | | 160,509 |
KPIT Technologies, Ltd. (a)(c)
| | | 93,588 | | 105,632 |
L&T Finance Holdings, Ltd.
| | | 52,697 | | 116,044 |
Lanco Infratech, Ltd. (a)(e)
| | | 15,749,074 | | — |
Larsen & Toubro, Ltd. GDR
| | | 471,216 | | 9,386,623 |
LIC Housing Finance, Ltd.
| | | 164,578 | | 1,264,358 |
Lupin, Ltd.
| | | 100,107 | | 1,068,771 |
LUX Industries, Ltd.
| | | 26,664 | | 528,565 |
Magma Fincorp, Ltd.
| | | 73,704 | | 125,331 |
Mahanagar Telephone Nigam, Ltd. (a)
| | | 440,526 | | 76,309 |
Mahindra & Mahindra Financial Services, Ltd.
| | | 148,401 | | 902,295 |
Mahindra & Mahindra, Ltd. GDR
| | | 722,123 | | 7,149,018 |
MakeMyTrip, Ltd. (a)
| | | 18,439 | | 508,916 |
Manpasand Beverages, Ltd.
| | | 58,445 | | 98,625 |
Marico, Ltd.
| | | 78,429 | | 392,456 |
Marksans Pharma, Ltd.
| | | 1,485,117 | | 534,878 |
Maruti Suzuki India, Ltd.
| | | 109,658 | | 10,562,230 |
Max India, Ltd. (a)
| | | 127,731 | | 126,025 |
Merck, Ltd.
| | | 3,289 | | 175,337 |
Mindtree, Ltd.
| | | 30,221 | | 412,035 |
Monnet Ispat & Energy, Ltd. (a)
| | | 4,550 | | 1,842 |
Motherson Sumi Systems, Ltd.
| | | 200,702 | | 433,708 |
Mphasis, Ltd.
| | | 7,318 | | 104,697 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
MRF, Ltd.
| | | 1,554 | | $1,300,787 |
NCC, Ltd.
| | | 180,971 | | 294,804 |
NIIT Technologies, Ltd.
| | | 33,260 | | 636,561 |
NIIT, Ltd. (a)
| | | 75,552 | | 98,591 |
NTPC, Ltd.
| | | 1,255,261 | | 2,440,760 |
Oil & Natural Gas Corp., Ltd.
| | | 2,152,290 | | 4,963,238 |
OnMobile Global, Ltd.
| | | 13,542 | | 8,181 |
Opto Circuits India, Ltd. (a)
| | | 2,219,696 | | 265,947 |
Orient Electric, Ltd.
| | | 51,899 | | 114,212 |
Page Industries, Ltd.
| | | 2,334 | | 841,360 |
Paisalo Digital, Ltd.
| | | 15,205 | | 65,682 |
PC Jeweller, Ltd.
| | | 135,907 | | 161,264 |
Pfizer, Ltd.
| | | 9,410 | | 451,789 |
Phillips Carbon Black, Ltd.
| | | 44,710 | | 113,881 |
Piramal Enterprises, Ltd.
| | | 34,087 | | 1,359,667 |
Power Grid Corp. of India, Ltd.
| | | 259,651 | | 741,753 |
Prism Johnson, Ltd.
| | | 77,071 | | 106,414 |
PS IT Infrastructure & Services, Ltd. (a)
| | | 556,322 | | 302,755 |
PTC India, Ltd.
| | | 478,951 | | 507,816 |
Punj Lloyd, Ltd. (a)
| | | 676,869 | | 20,030 |
Radico Khaitan, Ltd.
| | | 63,449 | | 361,872 |
Rain Industries, Ltd.
| | | 91,471 | | 134,945 |
Rajesh Exports, Ltd.
| | | 78,037 | | 750,180 |
RattanIndia Infrastructure, Ltd. (a)
| | | 178,049 | | 6,939 |
Raymond, Ltd.
| | | 28,865 | | 338,130 |
Redington India, Ltd.
| | | 72,297 | | 107,024 |
REI Agro, Ltd. (a)(e)
| | | 1,873,023 | | — |
Reliance Capital, Ltd.
| | | 65,446 | | 193,197 |
Reliance Communications, Ltd. (a)
| | | 735,361 | | 44,053 |
Reliance Home Finance, Ltd.
| | | 12,884 | | 5,347 |
Reliance Industries, Ltd. GDR (d)
| | | 717,836 | | 28,785,224 |
Reliance Infrastructure, Ltd.
| | | 193,643 | | 382,953 |
Repco Home Finance, Ltd.
| | | 30,210 | | 202,432 |
Rolta India, Ltd. (a)
| | | 467,905 | | 47,956 |
Ruchi Soya Industries, Ltd. (a)
| | | 1,168,061 | | 111,284 |
Schneider Electric Infrastructure, Ltd. (a)
| | | 47,461 | | 76,938 |
Sequent Scientific, Ltd. (a)
| | | 526,920 | | 546,126 |
Shankara Building Products, Ltd.
| | | 26,233 | | 155,315 |
Sharda Cropchem, Ltd.
| | | 16,776 | | 89,589 |
Shilpa Medicare, Ltd.
| | | 52,809 | | 259,986 |
Shriram Transport Finance Co., Ltd.
| | | 68,518 | | 1,263,441 |
Siemens, Ltd.
| | | 176,640 | | 2,878,257 |
Sintex Industries, Ltd.
| | | 345,504 | | 42,144 |
Sintex Plastics Technology, Ltd. (a)
| | | 91,543 | | 26,363 |
Solara Active Pharma Sciences, Ltd. (a)
| | | 43,828 | | 264,739 |
Srei Infrastructure Finance, Ltd.
| | | 211,818 | | 90,965 |
State Bank of India GDR (a)
| | | 84,197 | | 3,894,111 |
Sterlite Technologies, Ltd.
| | | 73,310 | | 231,174 |
| Security Description | | | Shares | | Value |
Strides Pharma Science, Ltd.
| | | 78,592 | | $535,934 |
Sun Pharma Advanced Research Co., Ltd. (a)
| | | 15,617 | | 43,081 |
Sun Pharmaceutical Industries, Ltd.
| | | 621,996 | | 4,299,427 |
Sun TV Network, Ltd.
| | | 58,741 | | 532,591 |
Suven Life Sciences, Ltd.
| | | 192,418 | | 724,675 |
Suzlon Energy, Ltd. (a)
| | | 3,212,271 | | 285,175 |
Swan Energy, Ltd.
| | | 67,942 | | 105,431 |
Symphony, Ltd.
| | | 8,570 | | 170,695 |
TAKE Solutions, Ltd.
| | | 112,388 | | 242,297 |
Tata Communications, Ltd.
| | | 131,669 | | 1,164,636 |
Tata Consultancy Services, Ltd.
| | | 548,600 | | 15,851,392 |
Tata Elxsi, Ltd.
| | | 21,754 | | 302,436 |
Tata Motors, Ltd. ADR (a)(b)
| | | 260,673 | | 3,274,053 |
Tata Power Co., Ltd.
| | | 1,876,626 | | 1,999,206 |
Tata Steel, Ltd.
| | | 280,208 | | 2,107,374 |
TeamLease Services, Ltd. (a)
| | | 4,181 | | 182,633 |
Tech Mahindra, Ltd.
| | | 252,626 | | 2,829,484 |
Tejas Networks, Ltd. (a)(d)
| | | 110,005 | | 269,713 |
Thyrocare Technologies, Ltd. (d)
| | | 40,025 | | 308,471 |
Titan Co., Ltd.
| | | 80,373 | | 1,324,777 |
Ujjivan Financial Services, Ltd.
| | | 41,486 | | 208,283 |
UltraTech Cement, Ltd.
| | | 13,579 | | 783,740 |
Unichem Laboratories, Ltd.
| | | 121,475 | | 341,235 |
Unitech, Ltd. (a)
| | | 724,861 | | 14,126 |
United Breweries, Ltd.
| | | 41,372 | | 832,994 |
United Spirits, Ltd. (a)
| | | 183,072 | | 1,463,783 |
UPL, Ltd.
| | | 95,156 | | 1,317,074 |
Vakrangee, Ltd.
| | | 250,665 | | 182,006 |
Vedanta, Ltd.
| | | 471,073 | | 1,254,268 |
Venky's India, Ltd.
| | | 6,979 | | 228,421 |
Videocon Industries, Ltd. (a)
| | | 931,948 | | 38,341 |
VIP Industries, Ltd.
| | | 38,771 | | 270,516 |
V-Mart Retail, Ltd.
| | | 10,035 | | 390,282 |
Vodafone Idea, Ltd. (a)
| | | 208,696 | | 54,979 |
VST Industries, Ltd.
| | | 15,327 | | 764,414 |
Welspun India, Ltd.
| | | 111,552 | | 96,053 |
Wipro, Ltd. ADR (b)
| | | 893,445 | | 3,555,911 |
Wockhardt, Ltd. (a)
| | | 52,093 | | 333,124 |
Yes Bank, Ltd.
| | | 562,250 | | 2,232,768 |
Zee Entertainment Enterprises, Ltd.
| | | 323,218 | | 2,078,580 |
Zensar Technologies, Ltd.
| | | 34,463 | | 114,470 |
| | | | | | 368,157,190 |
| INDONESIA — 2.7% | | | | | |
Alam Sutera Realty Tbk PT (a)
| | | 5,139,400 | | 111,883 |
Astra International Tbk PT
| | | 13,901,703 | | 7,150,981 |
Bank Central Asia Tbk PT
| | | 7,823,940 | | 15,246,793 |
Bank Danamon Indonesia Tbk PT
| | | 3,446,918 | | 2,251,147 |
Bank Mandiri Persero Tbk PT
| | | 14,376,363 | | 7,521,342 |
Bank Negara Indonesia Persero Tbk PT
| | | 1,387,200 | | 915,708 |
Bank Rakyat Indonesia Persero Tbk PT
| | | 35,817,263 | | 10,362,860 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Barito Pacific Tbk PT
| | | 11,200,564 | | $2,823,738 |
Bekasi Fajar Industrial Estate Tbk PT
| | | 3,187,500 | | 53,722 |
Bumi Resources Tbk PT (a)
| | | 1,890,600 | | 16,330 |
Bumi Serpong Damai Tbk PT (a)
| | | 2,708,200 | | 267,207 |
Charoen Pokphand Indonesia Tbk PT
| | | 2,986,100 | | 1,342,067 |
Ciputra Development Tbk PT
| | | 4,233,952 | | 297,328 |
Citra Marga Nusaphala Persada Tbk PT (a)
| | | 1,157,741 | | 100,815 |
Garuda Indonesia Persero Tbk PT (a)
| | | 9,088,800 | | 302,534 |
Global Mediacom Tbk PT
| | | 457,700 | | 11,250 |
Indah Kiat Pulp & Paper Corp. Tbk PT
| | | 491,000 | | 296,531 |
Indocement Tunggal Prakarsa Tbk PT
| | | 380,300 | | 584,871 |
Indofood Sukses Makmur Tbk PT
| | | 7,483,051 | | 3,350,032 |
Indosat Tbk PT
| | | 1,792,000 | | 314,607 |
Japfa Comfeed Indonesia Tbk PT
| | | 773,500 | | 95,330 |
Kalbe Farma Tbk PT
| | | 35,951,461 | | 3,837,515 |
Kawasan Industri Jababeka Tbk PT (a)
| | | 3,525,531 | | 60,409 |
Lippo Cikarang Tbk PT (a)
| | | 148,500 | | 19,292 |
Lippo Karawaci Tbk PT
| | | 8,789,900 | | 177,773 |
Matahari Department Store Tbk PT
| | | 262,900 | | 75,510 |
Matahari Putra Prima Tbk PT (a)
| | | 457,900 | | 8,232 |
Mayora Indah Tbk PT
| | | 5,338,055 | | 959,650 |
Medco Energi Internasional Tbk PT (a)
| | | 12,888,307 | | 805,519 |
Media Nusantara Citra Tbk PT
| | | 608,300 | | 32,038 |
Modernland Realty Tbk PT
| | | 5,481,300 | | 96,231 |
Pabrik Kertas Tjiwi Kimia Tbk PT
| | | 236,138 | | 182,825 |
Pakuwon Jati Tbk PT
| | | 3,872,600 | | 187,647 |
Perusahaan Gas Negara Persero Tbk
| | | 10,277,200 | | 1,696,027 |
Semen Indonesia Persero Tbk PT
| | | 611,100 | | 598,655 |
Sigmagold Inti Perkasa Tbk PT (a)(e)
| | | 1,312,600 | | — |
Summarecon Agung Tbk PT
| | | 2,991,200 | | 197,453 |
Telekomunikasi Indonesia Persero Tbk PT
| | | 26,037,000 | | 7,222,342 |
Tiga Pilar Sejahtera Food Tbk (a)(e)
| | | 2,383,200 | | 14,058 |
Unilever Indonesia Tbk PT
| | | 456,900 | | 1,579,417 |
United Tractors Tbk PT
| | | 1,549,722 | | 2,943,819 |
| | | | | | 74,111,488 |
| MACAU — 0.0% (f) | | | | | |
Newtree Group Holdings, Ltd. (a)
| | | 35,000 | | 2,408 |
| Security Description | | | Shares | | Value |
| MALAYSIA — 2.4% | | | | | |
Aeon Co. M Bhd
| | | 4,229,590 | | $1,522,963 |
AEON Credit Service M Bhd
| | | 84,150 | | 346,288 |
AirAsia Group Bhd
| | | 815,000 | | 531,023 |
Alliance Bank Malaysia Bhd
| | | 3,346,300 | | 3,352,448 |
Axiata Group Bhd
| | | 1,024,699 | | 1,041,641 |
Bahvest Resources Bhd (a)
| | | 1,194,400 | | 201,870 |
Berjaya Sports Toto Bhd
| | | 1,625,614 | | 963,622 |
Bintulu Port Holdings Bhd
| | | 94 | | 109 |
British American Tobacco Malaysia Bhd
| | | 7,200 | | 63,737 |
Bursa Malaysia Bhd
| | | 1,044,139 | | 1,757,069 |
Capitaland Malaysia Mall Trust REIT
| | | 1,080,300 | | 293,725 |
Carlsberg Brewery Malaysia Bhd Class B
| | | 981,777 | | 6,430,549 |
CIMB Group Holdings Bhd
| | | 1,022,256 | | 1,289,558 |
Dagang NeXchange Bhd (a)
| | | 1,479,300 | | 101,458 |
Datasonic Group Bhd
| | | 772,200 | | 97,412 |
Dialog Group Bhd
| | | 4,163,306 | | 3,232,745 |
DiGi.Com Bhd
| | | 4,350,900 | | 4,849,135 |
FGV Holdings Bhd (a)
| | | 258,500 | | 74,717 |
Genting Bhd
| | | 2,632,500 | | 4,281,641 |
Genting Malaysia Bhd
| | | 471,100 | | 369,264 |
George Kent Malaysia Bhd
| | | 372,900 | | 104,129 |
Globetronics Technology Bhd
| | | 485,100 | | 206,754 |
Guan Chong Bhd
| | | 683,000 | | 593,913 |
Hap Seng Plantations Holdings Bhd
| | | 43,300 | | 18,243 |
Hartalega Holdings Bhd
| | | 313,000 | | 354,976 |
IHH Healthcare Bhd
| | | 663,400 | | 937,616 |
Inari Amertron Bhd
| | | 889,200 | | 341,958 |
IOI Corp. Bhd
| | | 4,163,360 | | 4,548,337 |
IOI Properties Group Bhd
| | | 3,170,262 | | 1,025,045 |
Iskandar Waterfront City Bhd (a)
| | | 186,400 | | 32,189 |
Karex Bhd
| | | 1,326,200 | | 144,558 |
KLCCP Stapled Group
| | | 462,700 | | 879,498 |
KNM Group Bhd (a)
| | | 3,046,921 | | 85,829 |
KPJ Healthcare Bhd
| | | 1,204,180 | | 289,062 |
Lingkaran Trans Kota Holdings Bhd
| | | 307,900 | | 317,516 |
Magnum Bhd
| | | 2,514,060 | | 1,465,637 |
Malayan Banking Bhd
| | | 2,022,675 | | 4,592,822 |
Malaysian Pacific Industries Bhd
| | | 41,600 | | 101,898 |
Malaysian Resources Corp. Bhd
| | | 6,164,100 | | 1,336,247 |
MPHB Capital Bhd (a)
| | | 1,234,930 | | 320,643 |
Muda Holdings Bhd
| | | 220,000 | | 100,772 |
My EG Services Bhd
| | | 1,034,800 | | 357,396 |
Naim Holdings Bhd (a)
| | | 87 | | 25 |
OSK Holdings Bhd
| | | 7,220,759 | | 1,653,744 |
Padini Holdings Bhd
| | | 114,600 | | 100,775 |
Pavilion Real Estate Investment Trust
| | | 1,026,100 | | 457,441 |
Petronas Chemicals Group Bhd
| | | 162,800 | | 365,278 |
Pos Malaysia Bhd
| | | 793,800 | | 355,825 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Press Metal Aluminium Holdings Bhd
| | | 98,500 | | $108,815 |
Public Bank Bhd
| | | 717,500 | | 4,070,374 |
Sapura Energy Bhd (a)
| | | 280,400 | | 23,009 |
Sime Darby Bhd
| | | 791,824 | | 432,521 |
Sime Darby Plantation Bhd
| | | 377,424 | | 464,095 |
Sime Darby Property Bhd
| | | 357,424 | | 97,181 |
SP Setia Bhd Group
| | | 237,310 | | 131,952 |
Sunway Real Estate Investment Trust
| | | 1,100,100 | | 485,041 |
Supermax Corp. Bhd
| | | 805,400 | | 290,003 |
TA Enterprise Bhd
| | | 4,298,500 | | 652,803 |
TA Global Bhd
| | | 3,027,956 | | 185,423 |
Telekom Malaysia Bhd
| | | 551,127 | | 431,992 |
Tenaga Nasional Bhd
| | | 759,100 | | 2,354,000 |
Top Glove Corp. Bhd
| | | 439,200 | | 497,025 |
UEM Edgenta Bhd
| | | 539,200 | | 367,171 |
UEM Sunrise Bhd
| | | 3,459,088 | | 694,783 |
UMW Holdings Bhd
| | | 233,100 | | 327,168 |
Unisem M Bhd
| | | 53,600 | | 34,792 |
United Plantations Bhd
| | | 72,300 | | 483,830 |
Velesto Energy Bhd (a)
| | | 39,963 | | 2,790 |
ViTrox Corp. Bhd
| | | 79,800 | | 140,346 |
VS Industry Bhd
| | | 1,389,750 | | 364,246 |
WCT Holdings Bhd
| | | 6,388,396 | | 1,298,804 |
| | | | | | 65,827,264 |
| MEXICO — 2.9% | | | | | |
Alfa SAB de CV Class A
| | | 3,278,288 | | 3,486,588 |
America Movil SAB de CV Series L
| | | 13,520,686 | | 9,674,810 |
Axtel SAB de CV (a)(b)
| | | 1,325,860 | | 156,526 |
Cemex SAB de CV Series CPO (a)(b)
| | | 9,644,310 | | 4,509,545 |
Coca-Cola Femsa SAB de CV Series L
| | | 484,673 | | 3,206,000 |
Consorcio ARA SAB de CV (b)
| | | 1,317,409 | | 335,507 |
Desarrolladora Homex SAB de CV (a)
| | | 27,032 | | 209 |
El Puerto de Liverpool SAB de CV Series C1 (b)
| | | 274,488 | | 1,741,950 |
Fibra Uno Administracion SA de CV REIT
| | | 1,128,345 | | 1,560,109 |
Fomento Economico Mexicano SAB de CV
| | | 1,282,141 | | 11,841,503 |
Grupo Aeroportuario del Sureste SAB de CV Class B
| | | 234,833 | | 3,797,037 |
Grupo Bimbo SAB de CV Class A
| | | 2,213,623 | | 4,630,948 |
Grupo Elektra SAB DE CV (b)
| | | 40,872 | | 2,211,207 |
Grupo Financiero Banorte SAB de CV Series O
| | | 1,258,690 | | 6,848,416 |
Grupo Financiero Inbursa SAB de CV Series O
| | | 1,016,805 | | 1,409,557 |
Grupo Mexico SAB de CV Class B
| | | 2,084,800 | | 5,735,014 |
Grupo Televisa SAB Series CPO (b)
| | | 1,507,957 | | 3,342,032 |
| Security Description | | | Shares | | Value |
Impulsora del Desarrollo y el Empleo en America Latina SAB de CV (a)(b)
| | | 1,100,180 | | $1,928,399 |
Industrias CH SAB de CV Class B (a)(b)
| | | 276,940 | | 1,227,259 |
Industrias Penoles SAB de CV
| | | 122,194 | | 1,528,126 |
Kimberly-Clark de Mexico SAB de CV Class A (b)
| | | 1,811,303 | | 3,075,877 |
Sare Holding SAB de CV Class B (a)(b)
| | | 1,478,241 | | 2,058 |
Telesites SAB de CV (a)(b)
| | | 940,848 | | 610,175 |
TV Azteca SAB de CV Series CPO (b)
| | | 3,030,802 | | 328,119 |
Urbi Desarrollos Urbanos SAB de CV (a)
| | | 457,759 | | 32,094 |
Wal-Mart de Mexico SAB de CV
| | | 3,256,017 | | 8,715,165 |
| | | | | | 81,934,230 |
| MONACO — 0.0% (f) | | | | | |
GasLog, Ltd.
| | | 13,293 | | 232,096 |
| NETHERLANDS — 0.0% (f) | | | | | |
VEON, Ltd. ADR
| | | 302,470 | | 632,162 |
| PERU — 0.9% | | | | | |
Cia de Minas Buenaventura SAA ADR (g)
| | | 256,559 | | 4,433,340 |
Cia de Minas Buenaventura SAA ADR (g)
| | | 5,932 | | 102,149 |
Credicorp, Ltd.
| | | 54,390 | | 13,050,880 |
Southern Copper Corp. (g)
| | | 149,553 | | 5,934,263 |
Southern Copper Corp. (g)
| | | 4,688 | | 186,442 |
Volcan Cia Minera SAA Class B
| | | 3,708,274 | | 692,509 |
| | | | | | 24,399,583 |
| PHILIPPINES — 1.3% | | | | | |
Alliance Global Group, Inc.
| | | 1,635,600 | | 503,357 |
Ayala Land, Inc.
| | | 9,310,810 | | 7,961,443 |
Bank of the Philippine Islands
| | | 3,273,164 | | 5,248,532 |
BDO Unibank, Inc.
| | | 2,429,048 | | 6,189,423 |
Bloomberry Resorts Corp.
| | | 625,800 | | 143,013 |
Cebu Air, Inc.
| | | 1,144,070 | | 1,807,286 |
Cebu Holdings, Inc.
| | | 5,644,100 | | 708,334 |
D&L Industries, Inc.
| | | 1,717,900 | | 367,724 |
DoubleDragon Properties Corp. (a)
| | | 1,160,250 | | 503,784 |
East West Banking Corp. (a)
| | | 946,400 | | 219,162 |
Filinvest Land, Inc.
| | | 48,481,000 | | 1,403,373 |
First Philippine Holdings Corp.
| | | 319,480 | | 482,171 |
Global Ferronickel Holdings, Inc. (a)
| | | 1,524,449 | | 44,999 |
GMA Holdings, Inc.
| | | 2,758,500 | | 301,539 |
GT Capital Holdings, Inc.
| | | 7,935 | | 140,763 |
JG Summit Holdings, Inc.
| | | 383,070 | | 463,244 |
Megawide Construction Corp.
| | | 3,666,088 | | 1,501,064 |
Megaworld Corp.
| | | 5,384,600 | | 594,757 |
Nickel Asia Corp.
| | | 793,000 | | 37,604 |
PLDT, Inc.
| | | 81,560 | | 1,786,212 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Puregold Price Club, Inc.
| | | 242,950 | | $222,546 |
San Miguel Corp.
| | | 109,240 | | 361,984 |
SM Investments Corp.
| | | 131,540 | | 2,339,714 |
SM Prime Holdings, Inc.
| | | 2,438,890 | | 1,853,203 |
Top Frontier Investment Holdings, Inc. (a)
| | | 14,951 | | 74,314 |
Universal Robina Corp.
| | | 182,720 | | 528,917 |
Vista Land & Lifescapes, Inc.
| | | 851,778 | | 117,280 |
| | | | | | 35,905,742 |
| POLAND — 1.1% | | | | | |
11 bit studios SA (a)
| | | 1,149 | | 118,980 |
Asseco Poland SA
| | | 68,013 | | 920,713 |
Bank Polska Kasa Opieki SA
| | | 124,260 | | 3,565,241 |
Bioton SA (a)
| | | 789 | | 957 |
CCC SA
| | | 1,917 | | 107,604 |
CD Projekt SA (a)
| | | 18,185 | | 948,655 |
Eurocash SA
| | | 6,256 | | 35,703 |
Getin Holding SA (a)
| | | 59,571 | | 31,387 |
Getin Noble Bank SA (a)
| | | 226,288 | | 43,678 |
Globe Trade Centre SA
| | | 211,270 | | 497,060 |
Grupa Lotos SA
| | | 110,746 | | 2,409,123 |
KGHM Polska Miedz SA (a)
| | | 133,094 | | 3,714,558 |
LPP SA
| | | 73 | | 158,516 |
mBank SA
| | | 20,217 | | 2,242,203 |
Orange Polska SA (a)
| | | 815,051 | | 1,090,604 |
Orbis SA
| | | 2,785 | | 66,395 |
PGE Polska Grupa Energetyczna SA (a)
| | | 463,741 | | 1,202,339 |
Polimex-Mostostal SA (a)
| | | 11,732 | | 8,568 |
Polski Koncern Naftowy ORLEN SA
| | | 176,113 | | 4,485,223 |
Powszechna Kasa Oszczednosci Bank Polski SA
| | | 368,641 | | 3,709,631 |
Powszechny Zaklad Ubezpieczen SA
| | | 237,054 | | 2,504,190 |
Santander Bank Polska SA
| | | 18,620 | | 1,850,417 |
| | | | | | 29,711,745 |
| QATAR — 0.7% | | | | | |
Aamal Co.
| | | 28,044 | | 76,489 |
Al Meera Consumer Goods Co. QSC
| | | 6,453 | | 262,852 |
Commercial Bank PQSC
| | | 23,680 | | 292,362 |
Industries Qatar QSC
| | | 41,499 | | 1,412,271 |
Mannai Corp. QSC
| | | 22,845 | | 291,779 |
Masraf Al Rayan QSC
| | | 250,557 | | 2,529,141 |
Mazaya Qatar Real Estate Development QSC (a)
| | | 137,811 | | 299,791 |
Medicare Group
| | | 18,487 | | 336,658 |
National Leasing
| | | 250,437 | | 558,552 |
Ooredoo QSC
| | | 64,139 | | 1,169,767 |
Qatar Electricity & Water Co. QSC
| | | 6,062 | | 286,870 |
Qatar Insurance Co. SAQ
| | | 70,229 | | 703,881 |
Qatar Islamic Bank SAQ
| | | 20,096 | | 837,069 |
Qatar National Bank QPSC
| | | 171,267 | | 8,491,023 |
| Security Description | | | Shares | | Value |
Qatar Navigation QSC
| | | 5,990 | | $108,917 |
Qatari Investors Group QSC
| | | 65,313 | | 449,562 |
Vodafone Qatar QSC
| | | 249,497 | | 534,526 |
| | | | | | 18,641,510 |
| ROMANIA — 0.0% (f) | | | | | |
NEPI Rockcastle PLC
| | | 105,574 | | 889,029 |
| RUSSIA — 4.1% | | | | | |
Evraz PLC
| | | 153,622 | | 1,241,900 |
Gazprom PJSC ADR
| | | 3,384,371 | | 15,277,051 |
LSR Group PJSC, GDR
| | | 92,827 | | 185,654 |
LUKOIL PJSC ADR
| | | 218,782 | | 19,602,867 |
Magnit PJSC GDR (b)
| | | 108,958 | | 1,536,308 |
Mail.Ru Group, Ltd. GDR (a)(b)
| | | 27,256 | | 674,859 |
Mechel PJSC ADR (a)(b)
| | | 116,855 | | 231,373 |
MMC Norilsk Nickel PJSC ADR (b)
| | | 436,035 | | 9,209,059 |
Mobile TeleSystems PJSC ADR
| | | 491,322 | | 3,714,394 |
Novatek PJSC, GDR
| | | 53,329 | | 9,140,590 |
Novolipetsk Steel PJSC, GDR
| | | 24,940 | | 640,210 |
Novorossiysk Commercial Sea Port PJSC, GDR
| | | 38,746 | | 333,216 |
Polymetal International PLC
| | | 84,698 | | 954,002 |
Rosneft Oil Co. PJSC GDR
| | | 922,861 | | 5,795,567 |
Rostelecom PJSC ADR (b)
| | | 70,310 | | 457,015 |
Sberbank of Russia PJSC ADR (g)
| | | 629,078 | | 8,341,574 |
Sberbank of Russia PJSC ADR (g)
| | | 593,684 | | 7,824,755 |
Severstal PJSC GDR (b)
| | | 356,372 | | 5,559,403 |
Sistema PJSC FC GDR (b)
| | | 102,850 | | 289,214 |
Surgutneftegas PJSC ADR
| | | 1,375,313 | | 5,102,411 |
Tatneft PJSC ADR
| | | 173,549 | | 12,009,591 |
Tatneft PJSC ADR (g)
| | | 1,402 | | 96,724 |
TMK PJSC GDR
| | | 1,907 | | 6,455 |
TMK PJSC GDR (b)
| | | 33,312 | | 112,761 |
VTB Bank PJSC GDR (b)
| | | 1,554,176 | | 1,774,869 |
X5 Retail Group NV GDR
| | | 28,652 | | 714,008 |
Yandex NV Class A (a)
| | | 78,680 | | 2,701,871 |
| | | | | | 113,527,701 |
| SAUDI ARABIA — 1.1% | | | | | |
Abdul Mohsen Al-Hokair Tourism and Development Co. (a)
| | | 124,365 | | 569,704 |
Abdullah Al Othaim Markets Co.
| | | 27,996 | | 535,234 |
Advanced Petrochemical Co.
| | | 17,980 | | 267,038 |
Al Hammadi Co. for Development and Investment (a)
| | | 80,247 | | 533,218 |
Al Jouf Agricultural Development Co.
| | | 21,740 | | 132,283 |
Al Khaleej Training and Education Co.
| | | 153,549 | | 564,189 |
Al Rajhi Bank
| | | 72,222 | | 2,052,839 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Al Rajhi Co. for Co-operative Insurance (a)
| | | 5,755 | | $99,898 |
Al Rajhi REIT
| | | 67,916 | | 153,385 |
Al-Etihad Cooperative Insuarnce Co. (a)
| | | 70,604 | | 462,366 |
Almarai Co. JSC
| | | 6,958 | | 102,227 |
Alujain Corp. (a)
| | | 44,074 | | 275,701 |
Arabian Cement Co.
| | | 19,646 | | 132,009 |
AXA Cooperative Insurance Co. (a)
| | | 59,709 | | 351,215 |
Banque Saudi Fransi
| | | 27,334 | | 269,306 |
Batic Investments and Logistic Co. (a)
| | | 87,252 | | 893,377 |
Bawan Co.
| | | 83,774 | | 316,748 |
Buruj Cooperative Insurance Co. (a)
| | | 68,580 | | 389,498 |
Dallah Healthcare Co.
| | | 37,819 | | 486,559 |
Dar Al Arkan Real Estate Development Co.
| | | 34,788 | | 99,809 |
Dur Hospitality Co.
| | | 70,385 | | 383,609 |
Eastern Province Cement Co.
| | | 57,630 | | 373,408 |
Etihad Etisalat Co. (a)
| | | 68,196 | | 396,045 |
Fawaz Abdulaziz Al Hokair & Co. (a)
| | | 19,650 | | 130,778 |
Hail Cement Co. (a)
| | | 48,518 | | 109,058 |
Jazan Energy and Development Co. (a)
| | | 59,245 | | 218,001 |
Malath Cooperative Insurance Co. (a)
| | | 113,807 | | 339,872 |
Mediterranean & Gulf Insurance & Reinsurance Co (a)
| | | 50,845 | | 210,140 |
Methanol Chemicals Co. (a)
| | | 207,772 | | 558,439 |
Middle East Healthcare Co.
| | | 24,280 | | 206,523 |
Mobile Telecommunications Co. Saudi Arabia (a)
| | | 109,739 | | 323,042 |
Mouwasat Medical Services Co.
| | | 26,274 | | 560,460 |
Najran Cement Co. (a)
| | | 44,647 | | 102,262 |
Nama Chemicals Co. (a)
| | | 65,396 | | 460,345 |
National Commercial Bank
| | | 146,922 | | 2,150,737 |
National Medical Care Co.
| | | 40,232 | | 501,512 |
National Petrochemical Co.
| | | 14,179 | | 101,323 |
Red Sea International Co. (a)
| | | 107,276 | | 451,375 |
Riyad Bank
| | | 83,311 | | 534,918 |
Samba Financial Group
| | | 145,556 | | 1,490,354 |
Saudi Advanced Industries Co.
| | | 211,970 | | 799,194 |
Saudi Arabian Amiantit Co. (a)
| | | 204,640 | | 361,770 |
Saudi Arabian Fertilizer Co.
| | | 8,298 | | 182,096 |
Saudi Automotive Services Co.
| | | 185,526 | | 831,079 |
Saudi Basic Industries Corp.
| | | 45,004 | | 1,485,593 |
Saudi Cement Co.
| | | 6,477 | | 101,895 |
Saudi Ceramic Co. (a)
| | | 92,579 | | 490,253 |
Saudi Chemical Co.
| | | 70,534 | | 617,820 |
Saudi Co. For Hardware CJSC
| | | 23,587 | | 459,117 |
Saudi Industrial Investment Group
| | | 24,274 | | 159,223 |
Saudi Industrial Services Co.
| | | 91,865 | | 340,481 |
| Security Description | | | Shares | | Value |
Saudi International Petrochemical Co.
| | | 18,031 | | $97,791 |
Saudi Kayan Petrochemical Co. (a)
| | | 30,942 | | 116,166 |
Saudi Pharmaceutical Industries & Medical Appliances Corp.
| | | 76,022 | | 559,470 |
Saudi Printing & Packaging Co. (a)
| | | 54,951 | | 237,073 |
Saudi Public Transport Co.
| | | 163,313 | | 629,676 |
Saudi Re for Cooperative Reinsurance Co. (a)
| | | 359,349 | | 765,582 |
Saudi Research & Marketing Group (a)
| | | 8,724 | | 185,862 |
Saudi Vitrified Clay Pipe Co., Ltd.
| | | 19,378 | | 253,182 |
Savola Group
| | | 16,320 | | 136,640 |
Southern Province Cement Co.
| | | 22,415 | | 274,334 |
Tabuk Cement Co. (a)
| | | 88,315 | | 288,233 |
Takween Advanced Industries Co. (a)
| | | 232,314 | | 561,218 |
United Electronics Co.
| | | 15,307 | | 245,705 |
United International Transportation Co.
| | | 42,637 | | 367,781 |
Walaa Cooperative Insurance Co. (a)
| | | 31,578 | | 205,112 |
Yanbu Cement Co.
| | | 37,928 | | 286,203 |
Yanbu National Petrochemical Co.
| | | 8,543 | | 170,389 |
| | | | | | 29,497,742 |
| SINGAPORE — 0.0% (f) | | | | | |
Aslan Pharmaceuticals, Ltd. (a)
| | | 142,000 | | 123,246 |
Grindrod Shipping Holdings, Ltd. (a)
| | | 11,371 | | 57,008 |
| | | | | | 180,254 |
| SOUTH AFRICA — 6.2% | | | | | |
Absa Group, Ltd.
| | | 275,906 | | 2,909,963 |
Adbee Rf, Ltd. (a)
| | | 12,409 | | 50,535 |
Adcock Ingram Holdings, Ltd.
| | | 69,048 | | 294,458 |
Adcorp Holdings, Ltd. (a)
| | | 398,847 | | 530,736 |
African Phoenix Investments, Ltd. (a)
| | | 1,783,651 | | 68,025 |
African Rainbow Minerals, Ltd.
| | | 85,061 | | 1,000,943 |
Alexander Forbes Group Holdings, Ltd.
| | | 362,394 | | 126,400 |
Allied Electronics Corp., Ltd.
| | | 89,737 | | 122,584 |
Anglo American Platinum, Ltd.
| | | 23,334 | | 1,191,112 |
AngloGold Ashanti, Ltd. (b)
| | | 204,877 | | 2,721,843 |
ArcelorMittal South Africa, Ltd. (a)
| | | 122,734 | | 28,596 |
Ascendis Health, Ltd. (a)
| | | 161,129 | | 38,994 |
Aspen Pharmacare Holdings, Ltd.
| | | 204,004 | | 1,315,301 |
Astral Foods, Ltd.
| | | 11,685 | | 135,865 |
Aveng, Ltd. (a)
| | | 458,920 | | 955 |
Barloworld, Ltd.
| | | 196,373 | | 1,729,349 |
Bid Corp., Ltd.
| | | 78,799 | | 1,628,299 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Bidvest Group, Ltd.
| | | 287,806 | | $3,861,694 |
Blue Label Telecoms, Ltd. (a)
| | | 812,517 | | 211,281 |
Clicks Group, Ltd.
| | | 37,445 | | 478,304 |
Coronation Fund Managers, Ltd.
| | | 414,797 | | 1,321,368 |
Curro Holdings, Ltd. (b)
| | | 98,153 | | 161,510 |
Discovery, Ltd.
| | | 282,781 | | 2,682,461 |
EOH Holdings, Ltd. (a)(b)
| | | 75,929 | | 54,757 |
FirstRand, Ltd.
| | | 2,177,005 | | 9,504,324 |
Foschini Group, Ltd.
| | | 188,644 | | 2,132,199 |
Gold Fields, Ltd.
| | | 456,574 | | 1,686,835 |
Grindrod, Ltd. (b)
| | | 772,453 | | 409,761 |
Group Five, Ltd. (a)(c)
| | | 219,472 | | 13,545 |
Growthpoint Properties, Ltd. REIT
| | | 630,717 | | 1,068,015 |
Harmony Gold Mining Co., Ltd. (a)
| | | 184,910 | | 346,708 |
Impala Platinum Holdings, Ltd. (a)(b)
| | | 328,274 | | 1,388,556 |
Imperial Logistics, Ltd. (b)
| | | 151,537 | | 629,108 |
Investec, Ltd.
| | | 167,491 | | 979,540 |
Invicta Holdings, Ltd.
| | | 313,139 | | 603,207 |
Kumba Iron Ore, Ltd.
| | | 32,665 | | 974,655 |
Lewis Group, Ltd.
| | | 198,329 | | 427,704 |
Life Healthcare Group Holdings, Ltd.
| | | 99,111 | | 184,460 |
Massmart Holdings, Ltd.
| | | 129,188 | | 712,174 |
Mediclinic International PLC (b)
| | | 100,592 | | 397,520 |
MMI Holdings, Ltd.
| | | 734,328 | | 844,760 |
Motus Holdings, Ltd. (b)
| | | 100,720 | | 571,442 |
Mr. Price Group, Ltd.
| | | 134,648 | | 1,769,506 |
MTN Group, Ltd. (b)
| | | 831,587 | | 5,110,184 |
MultiChoice Group, Ltd. (a)
| | | 225,412 | | 1,886,607 |
Murray & Roberts Holdings, Ltd.
| | | 406,124 | | 402,146 |
Naspers, Ltd. Class N
| | | 225,632 | | 52,133,998 |
Nedbank Group, Ltd.
| | | 248,032 | | 4,321,093 |
Net 1 UEPS Technologies, Inc. (a)
| | | 24,900 | | 89,391 |
Netcare, Ltd.
| | | 1,727,517 | | 2,797,089 |
Northam Platinum, Ltd. (a)
| | | 230,968 | | 1,017,004 |
Old Mutual, Ltd.
| | | 774,517 | | 1,137,408 |
PPC, Ltd. (a)
| | | 795,484 | | 259,255 |
PSG Group, Ltd.
| | | 187,750 | | 3,404,464 |
Rand Merchant Investment Holdings, Ltd.
| | | 933,478 | | 2,170,375 |
Remgro, Ltd.
| | | 389,863 | | 5,008,305 |
RMB Holdings, Ltd.
| | | 742,707 | | 3,913,036 |
Sanlam, Ltd.
| | | 1,169,455 | | 5,981,382 |
Sappi, Ltd.
| | | 233,215 | | 1,077,839 |
Sasol, Ltd. (b)
| | | 274,535 | | 8,566,577 |
Shoprite Holdings, Ltd.
| | | 391,524 | | 4,306,119 |
Sibanye Gold, Ltd. (a)
| | | 721,759 | | 787,260 |
Standard Bank Group, Ltd.
| | | 752,489 | | 9,665,149 |
Steinhoff International Holdings NV (a)(b)
| | | 1,680,240 | | 219,041 |
Sun International, Ltd. (a)
| | | 136,544 | | 515,736 |
Telkom SA SOC, Ltd.
| | | 220,946 | | 1,117,197 |
| Security Description | | | Shares | | Value |
Tiger Brands, Ltd.
| | | 161,394 | | $2,965,721 |
Trans Hex Group, Ltd. (a)
| | | 16,777 | | 756 |
Truworths International, Ltd.
| | | 327,027 | | 1,573,539 |
Vodacom Group, Ltd.
| | | 289,285 | | 2,235,245 |
Wilson Bayly Holmes-Ovcon, Ltd.
| | | 190,142 | | 1,415,262 |
Woolworths Holdings, Ltd.
| | | 673,445 | | 2,170,528 |
| | | | | | 173,557,058 |
| TAIWAN — 13.4% | | | | | |
Accton Technology Corp.
| | | 187,000 | | 755,390 |
Acer, Inc.
| | | 2,319,701 | | 1,486,481 |
Adimmune Corp. (a)
| | | 324,000 | | 221,813 |
Adlink Technology, Inc.
| | | 705,665 | | 985,671 |
Advanced Ceramic X Corp.
| | | 4,000 | | 31,797 |
Advanced Wireless Semiconductor Co.
| | | 13,000 | | 22,777 |
Advancetek Enterprise Co., Ltd.
| | | 2,295,996 | | 1,150,959 |
Advantech Co., Ltd.
| | | 5,499 | | 45,676 |
AGV Products Corp. (a)
| | | 3,920,415 | | 920,939 |
Airmate Cayman International Co., Ltd.
| | | 11,000 | | 9,833 |
Airtac International Group
| | | 30,000 | | 388,378 |
Alchip Technologies, Ltd.
| | | 34,000 | | 82,075 |
APCB, Inc.
| | | 779,000 | | 720,348 |
Arcadyan Technology Corp.
| | | 35,000 | | 105,839 |
ASE Technology Holding Co., Ltd.
| | | 2,365,058 | | 5,179,715 |
ASMedia Technology, Inc.
| | | 5,000 | | 91,660 |
ASPEED Technology, Inc.
| | | 10,000 | | 229,068 |
Asustek Computer, Inc.
| | | 706,340 | | 5,110,683 |
AU Optronics Corp. ADR (b)
| | | 842,054 | | 3,065,077 |
Audix Corp.
| | | 620,629 | | 786,346 |
Bank of Kaohsiung Co., Ltd.
| | | 1,533,745 | | 482,211 |
Basso Industry Corp.
| | | 1,486,905 | | 2,783,680 |
Biostar Microtech International Corp.
| | | 1,300,952 | | 460,096 |
C Sun Manufacturing, Ltd.
| | | 777,000 | | 748,752 |
Career Technology MFG. Co., Ltd.
| | | 98,000 | | 101,274 |
Carnival Industrial Corp. (a)
| | | 1,532,000 | | 290,290 |
Catcher Technology Co., Ltd.
| | | 689,346 | | 5,300,855 |
Cathay Financial Holding Co., Ltd.
| | | 3,919,541 | | 5,716,434 |
Cathay No. 1 REIT
| | | 835,000 | | 422,099 |
Center Laboratories, Inc.
| | | 742,825 | | 2,005,258 |
Chailease Holding Co., Ltd.
| | | 712,620 | | 2,913,325 |
Champion Building Materials Co., Ltd. (a)
| | | 827,000 | | 185,951 |
Chang Hwa Commercial Bank, Ltd.
| | | 7,103,483 | | 4,252,341 |
Chang Wah Electromaterials, Inc.
| | | 7,431 | | 37,974 |
Charoen Pokphand Enterprise
| | | 2,504,851 | | 4,209,902 |
Chen Full International Co., Ltd.
| | | 12,000 | | 15,165 |
Cheng Loong Corp.
| | | 710,000 | | 472,251 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Cheng Shin Rubber Industry Co., Ltd.
| | | 68,850 | | $93,712 |
Chieftek Precision Co., Ltd.
| | | 31,000 | | 89,217 |
Chilisin Electronics Corp.
| | | 66,150 | | 192,738 |
China Airlines, Ltd.
| | | 1,572,000 | | 502,909 |
China Chemical & Pharmaceutical Co., Ltd.
| | | 1,487,000 | | 911,870 |
China Development Financial Holding Corp.
| | | 9,935,945 | | 3,320,525 |
China Steel Chemical Corp.
| | | 711,595 | | 3,105,385 |
China Steel Corp.
| | | 6,246,451 | | 5,127,600 |
Chipbond Technology Corp.
| | | 66,000 | | 152,042 |
Chong Hong Construction Co., Ltd.
| | | 7,717 | | 22,535 |
Chroma ATE, Inc.
| | | 103,000 | | 489,593 |
Chung Hwa Pulp Corp.
| | | 1,559,794 | | 495,968 |
Chunghwa Chemical Synthesis & Biotech Co., Ltd.
| | | 708,000 | | 566,253 |
Chunghwa Telecom Co., Ltd.
| | | 2,268,457 | | 8,059,442 |
CMC Magnetics Corp. (a)
| | | 1,577,933 | | 360,431 |
Coland Holdings, Ltd.
| | | 11,938 | | 10,962 |
Compal Electronics, Inc.
| | | 3,914,774 | | 2,432,404 |
Concraft Holding Co., Ltd.
| | | 13,000 | | 62,848 |
Coxon Precise Industrial Co., Ltd.
| | | 10,000 | | 6,181 |
CTBC Financial Holding Co., Ltd.
| | | 10,938,527 | | 7,257,925 |
Da-Li Development Co., Ltd.
| | | 849,444 | | 912,269 |
Darfon Electronics Corp.
| | | 76,000 | | 125,760 |
Delta Electronics, Inc.
| | | 1,563,167 | | 8,064,228 |
Dimerco Express Corp.
| | | 1,924,330 | | 1,333,023 |
E Ink Holdings, Inc.
| | | 108,000 | | 120,894 |
E.Sun Financial Holding Co., Ltd.
| | | 1,576,657 | | 1,214,958 |
Eclat Textile Co., Ltd.
| | | 19,854 | | 267,335 |
Egis Technology, Inc.
| | | 43,000 | | 330,657 |
Elan Microelectronics Corp.
| | | 1,400 | | 4,020 |
Elite Advanced Laser Corp.
| | | 12,672 | | 28,041 |
Elite Material Co., Ltd.
| | | 13,000 | | 44,921 |
Elite Semiconductor Memory Technology, Inc.
| | | 1,491,750 | | 1,527,059 |
Episil Holdings, Inc.
| | | 144,000 | | 96,481 |
Episil-Precision, Inc.
| | | 66,998 | | 110,864 |
Epistar Corp.
| | | 704,180 | | 566,625 |
Etron Technology, Inc. (a)
| | | 12,445 | | 4,078 |
Eva Airways Corp.
| | | 906,525 | | 444,137 |
Excelliance Mos Corp.
| | | 35,000 | | 118,103 |
Excelsior Medical Co., Ltd.
| | | 72,344 | | 116,190 |
Far Eastern New Century Corp.
| | | 4,615,850 | | 4,560,362 |
Feng TAY Enterprise Co., Ltd.
| | | 100,747 | | 712,605 |
Flytech Technology Co., Ltd.
| | | 8,854 | | 22,436 |
Formosa Chemicals & Fibre Corp.
| | | 2,278,243 | | 8,279,010 |
Formosa Petrochemical Corp.
| | | 59,000 | | 221,103 |
Formosa Plastics Corp.
| | | 3,140,714 | | 11,158,423 |
Founding Construction & Development Co., Ltd.
| | | 2,604,809 | | 1,381,828 |
| Security Description | | | Shares | | Value |
Foxconn Technology Co., Ltd.
| | | 846,223 | | $1,688,575 |
Fubon Financial Holding Co., Ltd.
| | | 5,391,903 | | 8,047,486 |
Fullerton Technology Co., Ltd.
| | | 701,000 | | 471,951 |
Fwusow Industry Co., Ltd.
| | | 1,258,725 | | 751,465 |
General Interface Solution Holding, Ltd.
| | | 38,000 | | 141,789 |
Genius Electronic Optical Co., Ltd.
| | | 21,000 | | 245,632 |
Giant Manufacturing Co., Ltd.
| | | 72,302 | | 516,099 |
Global Unichip Corp.
| | | 23,000 | | 153,356 |
Globalwafers Co., Ltd.
| | | 69,000 | | 678,347 |
Grape King Bio, Ltd.
| | | 73,664 | | 475,629 |
Great Wall Enterprise Co., Ltd.
| | | 727,681 | | 833,443 |
HannStar Display Corp.
| | | 820,500 | | 181,561 |
Himax Technologies, Inc. ADR (b)
| | | 40,704 | | 129,846 |
Hiwin Technologies Corp.
| | | 46,446 | | 391,816 |
Hocheng Corp.
| | | 2,338,000 | | 603,076 |
Holy Stone Enterprise Co., Ltd.
| | | 57,000 | | 214,533 |
Hon Hai Precision Industry Co., Ltd.
| | | 6,811,196 | | 16,243,179 |
Hong TAI Electric Industrial
| | | 1,553,000 | | 498,343 |
Hota Industrial Manufacturing Co., Ltd.
| | | 9,574 | | 35,257 |
Hotai Motor Co., Ltd.
| | | 72,433 | | 887,184 |
HTC Corp. (a)
| | | 774,198 | | 1,003,527 |
Hua Nan Financial Holdings Co., Ltd.
| | | 7,161,128 | | 4,507,580 |
Hung Sheng Construction, Ltd.
| | | 869,800 | | 838,178 |
Ibase Technology, Inc.
| | | 1,500,222 | | 1,908,103 |
Innolux Corp.
| | | 3,121,820 | | 1,012,904 |
Iron Force Industrial Co., Ltd.
| | | 6,000 | | 17,112 |
Janfusun Fancyworld Corp. (a)
| | | 800,112 | | 48,546 |
KEE TAI Properties Co., Ltd.
| | | 767,000 | | 297,388 |
Kenda Rubber Industrial Co., Ltd.
| | | 4,766 | | 4,570 |
Kerry TJ Logistics Co., Ltd.
| | | 773,000 | | 924,224 |
Kindom Construction Corp.
| | | 716,000 | | 466,949 |
Kung Long Batteries Industrial Co., Ltd.
| | | 9,000 | | 48,912 |
Kuoyang Construction Co., Ltd.
| | | 767,036 | | 302,380 |
Kwong Fong Industries Corp.
| | | 55,776 | | 27,689 |
Land Mark Optoelectronics Corp.
| | | 14,600 | | 133,823 |
Largan Precision Co., Ltd.
| | | 43,000 | | 6,417,806 |
Laser Tek Taiwan Co., Ltd.
| | | 89,000 | | 89,663 |
Leatec Fine Ceramics Co., Ltd.
| | | 139,000 | | 76,895 |
Leofoo Development Co., Ltd. (a)
| | | 1,570,645 | | 328,189 |
Li Cheng Enterprise Co., Ltd.
| | | 9,778 | | 19,606 |
Lite-On Technology Corp.
| | | 2,279,265 | | 3,316,787 |
Long Bon International Co., Ltd.
| | | 11,275 | | 5,744 |
Long Chen Paper Co., Ltd.
| | | 3,137,165 | | 1,735,490 |
Lotus Pharmaceutical Co., Ltd. (a)
| | | 27,000 | | 106,439 |
Machvision, Inc.
| | | 15,000 | | 211,710 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Macroblock, Inc.
| | | 30,000 | | $103,665 |
Macronix International
| | | 360,221 | | 244,273 |
Makalot Industrial Co., Ltd.
| | | 4,139 | | 29,007 |
MediaTek, Inc.
| | | 773,329 | | 7,088,316 |
Medigen Biotechnology Corp. (a)
| | | 114,248 | | 218,706 |
Mega Financial Holding Co., Ltd.
| | | 4,682,333 | | 4,261,431 |
Merida Industry Co., Ltd.
| | | 2,100 | | 11,719 |
Merry Electronics Co., Ltd.
| | | 13,571 | | 74,415 |
Micro-Star International Co., Ltd.
| | | 120,000 | | 336,789 |
Mosel Vitelic, Inc. (a)
| | | 759 | | 531 |
Namchow Holdings Co., Ltd.
| | | 772,000 | | 1,337,577 |
Nan Ya Plastics Corp.
| | | 3,132,486 | | 8,019,115 |
Nanya Technology Corp.
| | | 59,982 | | 119,495 |
National Petroleum Co., Ltd.
| | | 2,422,882 | | 3,215,258 |
New Era Electronics Co., Ltd.
| | | 70,000 | | 49,172 |
Newmax Technology Co., Ltd. (a)
| | | 67,185 | | 232,157 |
Nexcom International Co., Ltd.
| | | 790,638 | | 614,389 |
Novatek Microelectronics Corp.
| | | 692,225 | | 4,447,058 |
OBI Pharma, Inc. (a)
| | | 41,000 | | 224,818 |
Pacific Hospital Supply Co., Ltd.
| | | 68,000 | | 165,474 |
Pan Jit International, Inc. (a)
| | | 111,000 | | 95,980 |
Parade Technologies, Ltd.
| | | 4,000 | | 67,098 |
PChome Online, Inc. (a)
| | | 3,519 | | 14,843 |
Pegatron Corp.
| | | 774,686 | | 1,339,718 |
Pharmally International Holding Co., Ltd.
| | | 18,000 | | 139,290 |
Phytohealth Corp. (a)
| | | 9,000 | | 6,162 |
Pihsiang Machinery Manufacturing Co., Ltd. (a)(e)
| | | 51,000 | | — |
Polaris Group/Tw (a)
| | | 121,566 | | 93,047 |
Pou Chen Corp.
| | | 2,939,462 | | 3,581,279 |
Powertech Technology, Inc.
| | | 786,285 | | 1,857,256 |
President Chain Store Corp.
| | | 22,000 | | 216,642 |
Promate Electronic Co., Ltd.
| | | 776,000 | | 817,028 |
ProMOS Technologies, Inc. (a)(e)
| | | 257 | | — |
Prosperity Dielectrics Co., Ltd.
| | | 52,000 | | 124,852 |
Quanta Computer, Inc.
| | | 3,051,664 | | 5,723,015 |
Radiant Opto-Electronics Corp.
| | | 51,000 | | 163,158 |
Realtek Semiconductor Corp.
| | | 18,000 | | 106,293 |
Ritek Corp. (a)
| | | 387,000 | | 142,517 |
Sampo Corp.
| | | 2,145,600 | | 1,145,183 |
Sesoda Corp.
| | | 858,574 | | 717,324 |
Shih Wei Navigation Co., Ltd. (a)
| | | 987,221 | | 319,352 |
Shin Kong Financial Holding Co., Ltd.
| | | 3,861,223 | | 1,137,551 |
Silicon Motion Technology Corp. ADR
| | | 10,997 | | 435,921 |
Sinbon Electronics Co., Ltd.
| | | 794,068 | | 2,666,603 |
| Security Description | | | Shares | | Value |
Sino-American Silicon Products, Inc.
| | | 160,000 | | $349,897 |
Sinon Corp.
| | | 1,554,000 | | 917,662 |
SinoPac Financial Holdings Co., Ltd.
| | | 10,199,165 | | 3,772,505 |
Sinphar Pharmaceutical Co., Ltd.
| | | 839,524 | | 552,955 |
Solar Applied Materials Technology Co. (a)
| | | 1,373,418 | | 828,850 |
Stark Technology, Inc.
| | | 631,747 | | 1,209,360 |
Supreme Electronics Co., Ltd.
| | | 2,269,818 | | 2,312,496 |
Ta Ya Electric Wire & Cable
| | | 4,687,000 | | 1,688,023 |
TA-I Technology Co., Ltd.
| | | 80,000 | | 149,770 |
TaiMed Biologics, Inc. (a)
| | | 80,000 | | 436,073 |
Taimide Tech, Inc.
| | | 59,000 | | 116,964 |
Tainan Enterprises Co., Ltd.
| | | 711,000 | | 462,535 |
Taishin Financial Holding Co., Ltd.
| | | 9,702,016 | | 4,422,814 |
Taisun Enterprise Co., Ltd.
| | | 1,634,000 | | 983,459 |
Taiwan Cement Corp.
| | | 4,037,886 | | 5,404,286 |
Taiwan Chinsan Electronic Industrial Co., Ltd.
| | | 77,654 | | 93,224 |
Taiwan Cogeneration Corp.
| | | 713,000 | | 611,893 |
Taiwan Fire & Marine Insurance Co., Ltd.
| | | 69,000 | | 44,999 |
Taiwan FU Hsing Industrial Co., Ltd.
| | | 705,000 | | 874,945 |
Taiwan Land Development Corp. (a)
| | | 2,369,750 | | 655,092 |
Taiwan Mobile Co., Ltd.
| | | 4,000 | | 14,471 |
Taiwan Paiho, Ltd.
| | | 715,433 | | 1,662,043 |
Taiwan Pulp & Paper Corp.
| | | 3,810,000 | | 2,354,942 |
Taiwan Sakura Corp.
| | | 801,200 | | 1,094,418 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
| | | 246,689 | | 10,104,381 |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | | 8,550,500 | | 68,108,816 |
Taiwan Surface Mounting Technology Corp.
| | | 62,000 | | 100,482 |
Taiwan TEA Corp.
| | | 1,491,913 | | 776,925 |
Taiwan Union Technology Corp.
| | | 665,612 | | 2,397,201 |
Taiyen Biotech Co., Ltd.
| | | 766,500 | | 794,590 |
Tatung Co., Ltd. (a)
| | | 2,121,399 | | 1,672,588 |
TCI Co., Ltd.
| | | 25,000 | | 342,305 |
Teapo Electronic Corp.
| | | 69,000 | | 102,200 |
TPK Holding Co., Ltd.
| | | 8,000 | | 15,107 |
Transasia Airways Corp. (a)(e)
| | | 361,784 | | — |
Tripod Technology Corp.
| | | 786,320 | | 2,538,532 |
TrueLight Corp. (a)
| | | 9,100 | | 10,393 |
Tul Corp.
| | | 48,000 | | 108,395 |
Tung Thih Electronic Co., Ltd.
| | | 5,000 | | 10,074 |
Unimicron Technology Corp.
| | | 190,000 | | 182,476 |
Uni-President Enterprises Corp.
| | | 1,554,993 | | 3,773,900 |
United Microelectronics Corp. ADR
| | | 2,842,411 | | 5,343,733 |
United Renewable Energy Co., Ltd. (a)
| | | 75,685 | | 24,557 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Unity Opto Technology Co., Ltd. (a)
| | | 12,759 | | $3,626 |
Ve Wong Corp.
| | | 774,000 | | 645,408 |
Via Technologies, Inc. (a)
| | | 91,000 | | 117,808 |
Visual Photonics Epitaxy Co., Ltd.
| | | 769,151 | | 2,280,962 |
Wafer Works Corp.
| | | 177,000 | | 211,914 |
Walsin Lihwa Corp.
| | | 179,000 | | 102,508 |
Walsin Technology Corp.
| | | 100,000 | | 648,919 |
Wei Chuan Foods Corp. (a)
| | | 700,000 | | 550,770 |
Wei Mon Industry Co., Ltd. (a)(e)
| | | 240,450 | | — |
Weikeng Industrial Co., Ltd.
| | | 802,165 | | 533,553 |
Win Semiconductors Corp.
| | | 156,000 | | 1,100,891 |
Winbond Electronics Corp.
| | | 726,670 | | 347,768 |
Wistron Corp.
| | | 2,313,476 | | 1,778,991 |
Wiwynn Corp.
| | | 21,733 | | 276,770 |
Yageo Corp.
| | | 111,858 | | 1,172,276 |
Young Optics, Inc. (a)
| | | 43,000 | | 158,352 |
Yulon Finance Corp
| | | 9,000 | | 33,436 |
Zeng Hsing Industrial Co., Ltd.
| | | 70,350 | | 342,386 |
Zenitron Corp.
| | | 1,571,000 | | 1,169,820 |
| | | | | | 374,453,080 |
| THAILAND — 3.2% | | | | | |
Advanced Info Service PCL
| | | 1,248,842 | | 7,240,804 |
Airports of Thailand PCL
| | | 2,095,600 | | 4,457,318 |
Bangkok Dusit Medical Services PCL
| | | 617,100 | | 482,246 |
Bangkok Expressway & Metro PCL
| | | 21,536,117 | | 6,854,097 |
Bangkok Land PCL
| | | 8,349,900 | | 413,088 |
Bank of Ayudhya PCL
| | | 289,600 | | 337,646 |
Banpu PCL
| | | 2,613,860 | | 1,334,316 |
Beauty Community PCL
| | | 624,800 | | 130,926 |
BEC World PCL (a)
| | | 313,000 | | 66,575 |
BTS Group Holdings PCL
| | | 390,000 | | 135,182 |
Bumrungrad Hospital PCL
| | | 79,400 | | 449,104 |
Central Pattana PCL
| | | 623,200 | | 1,438,456 |
Central Plaza Hotel PCL
| | | 466,100 | | 642,567 |
CH Karnchang PCL
| | | 78,148 | | 61,563 |
Charoen Pokphand Foods PCL
| | | 234,000 | | 188,026 |
CP ALL PCL
| | | 2,175,800 | | 5,124,974 |
Electricity Generating PCL
| | | 830,173 | | 7,638,586 |
Energy Absolute PCL
| | | 79,200 | | 119,792 |
IRPC PCL
| | | 10,862,058 | | 1,950,961 |
Jasmine International PCL
| | | 3,279,341 | | 558,010 |
Kasikornbank PCL
| | | 698,700 | | 4,139,140 |
Krung Thai Bank PCL
| | | 542,400 | | 328,158 |
Land & Houses PCL
| | | 845,300 | | 285,007 |
Minor International PCL
| | | 84,628 | | 102,668 |
Pruksa Holding PCL
| | | 312,500 | | 177,249 |
PTT Exploration & Production PCL
| | | 1,274,733 | | 5,041,090 |
PTT Global Chemical PCL
| | | 241,200 | | 511,130 |
PTT PCL
| | | 5,951,726 | | 8,955,252 |
Quality Houses PCL
| | | 2,919,683 | | 272,326 |
| Security Description | | | Shares | | Value |
Sansiri PCL
| | | 3,037,333 | | $125,379 |
Siam Cement PCL
| | | 468,123 | | 7,109,982 |
Siam Commercial Bank PCL
| | | 1,399,002 | | 5,819,073 |
Siam Future Development PCL
| | | 2,107,813 | | 504,786 |
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund
| | | 1,020,766 | | 669,038 |
Thai Airways International PCL (a)
| | | 773,400 | | 299,758 |
Thai Beverage PCL
| | | 4,765,500 | | 2,972,940 |
Thai Oil PCL
| | | 1,284,995 | | 2,814,153 |
Thaicom PCL
| | | 469,000 | | 104,928 |
Tisco Financial Group PCL NVDR
| | | 35,600 | | 98,998 |
Tisco Financial Group PCL
| | | 1,638,718 | | 4,557,015 |
TMB Bank PCL
| | | 50,305,700 | | 3,233,768 |
Total Access Communication PCL
| | | 78,900 | | 131,769 |
True Corp. PCL
| | | 6,032,110 | | 904,769 |
TTCL PCL (a)
| | | 78,700 | | 18,351 |
U City PCL (a)
| | | 998,350 | | 69,839 |
| | | | | | 88,870,803 |
| TURKEY — 0.7% | | | | | |
Akbank T.A.S. (a)
| | | 1,508,961 | | 1,688,019 |
Anadolu Efes Biracilik Ve Malt Sanayii A/S
| | | 264,101 | | 818,537 |
Aselsan Elektronik Sanayi Ve Ticaret A/S
| | | 72,909 | | 274,622 |
BIM Birlesik Magazalar A/S
| | | 48,140 | | 649,297 |
Coca-Cola Icecek A/S
| | | 5,467 | | 29,359 |
Dogan Sirketler Grubu Holding A/S (a)
| | | 1,740,737 | | 351,253 |
Eregli Demir ve Celik Fabrikalari TAS
| | | 1,565,373 | | 2,526,940 |
Haci Omer Sabanci Holding A/S
| | | 655,406 | | 909,513 |
KOC Holding A/S
| | | 983,812 | | 2,801,886 |
Migros Ticaret A/S (a)
| | | 10,156 | | 24,376 |
Tupras Turkiye Petrol Rafinerileri A/S
| | | 102,028 | | 2,253,805 |
Turk Hava Yollari AO (a)
| | | 322,751 | | 738,667 |
Turkcell Iletisim Hizmetleri A/S
| | | 564,943 | | 1,208,964 |
Turkiye Garanti Bankasi A/S
| | | 2,210,064 | | 3,262,520 |
Turkiye Halk Bankasi A/S
| | | 125,768 | | 142,028 |
Turkiye Is Bankasi A/S Class C
| | | 1,534,873 | | 1,494,230 |
Turkiye Vakiflar Bankasi TAO Class D
| | | 214,521 | | 172,009 |
Ulker Biskuvi Sanayi A/S
| | | 339,173 | | 1,022,994 |
Yapi ve Kredi Bankasi A/S (a)
| | | 1,535,724 | | 578,995 |
| | | | | | 20,948,014 |
| UNITED ARAB EMIRATES — 0.6% | | | | | |
Abu Dhabi Commercial Bank PJSC
| | | 1,107,996 | | 2,859,656 |
Agthia Group PJSC
| | | 54,596 | | 56,631 |
Air Arabia PJSC
| | | 2,559,769 | | 655,082 |
Ajman Bank PJSC
| | | 1,077,458 | | 255,204 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Al Waha Capital PJSC
| | | 476,757 | | $160,948 |
Aldar Properties PJSC
| | | 2,147,453 | | 1,058,204 |
Arabtec Holding PJSC
| | | 338,299 | | 196,177 |
Bank of Sharjah (a)
| | | 399,611 | | 100,743 |
DAMAC Properties Dubai Co. PJSC
| | | 1,779,759 | | 654,127 |
Depa, Ltd. (c)
| | | 182,724 | | 39,797 |
Deyaar Development PJSC (a)
| | | 1,590,026 | | 148,046 |
DP World PLC
| | | 87,601 | | 1,401,616 |
Dubai Financial Market PJSC
| | | 979,820 | | 196,599 |
Dubai Investments PJSC
| | | 877,878 | | 327,433 |
DXB Entertainments PJSC (a)
| | | 2,288,574 | | 150,781 |
Emaar Malls PJSC
| | | 522,757 | | 247,638 |
Emaar Properties PJSC
| | | 1,854,369 | | 2,362,704 |
Eshraq Properties Co. PJSC (a)
| | | 1,228,259 | | 153,821 |
First Abu Dhabi Bank PJSC
| | | 925,020 | | 3,843,022 |
Gulf General Investment Co. (a)(c)
| | | 638,957 | | 20,701 |
Gulf Pharmaceutical Industries PSC
| | | 125,983 | | 54,192 |
Invest bank PSC (a)
| | | 70,222 | | 47,604 |
National Central Cooling Co. PJSC
| | | 1,655,400 | | 716,584 |
Orascom Construction PLC
| | | 4,756 | | 30,914 |
RAK Properties PJSC (a)
| | | 1,935,719 | | 224,501 |
Ras Al Khaimah Ceramics
| | | 144,887 | | 66,663 |
SHUAA Capital PSC
| | | 2,659,968 | | 579,340 |
Union National Bank PJSC
| | | 406,457 | | 597,552 |
Union Properties PJSC (a)
| | | 724,836 | | 73,409 |
| | | | | | 17,279,689 |
| UNITED KINGDOM — 0.0% (f) | | | | | |
Tiso Blackstar Group SE (a)
| | | 1,549 | | 349 |
| UNITED STATES — 0.0% (f) | | | | | |
Bizlink Holding, Inc.
| | | 29,000 | | 199,007 |
IntelliEPI, Inc.
| | | 209,000 | | 446,881 |
Luxoft Holding, Inc. (a)
| | | 4,200 | | 246,582 |
| | | | | | 892,470 |
TOTAL COMMON STOCKS
(Cost $2,765,027,654)
| | | | | 2,763,689,951 |
| | | | |
| PREFERRED STOCKS — 0.0% (f) | | | |
| SOUTH AFRICA — 0.0% (f) | | | |
Zambezi Platinum RF, Ltd. Preference Shares 13.75
(cost $271,039)
| | 58,893 | 281,780 |
| WARRANTS — 0.0% (f) | | | |
| MALAYSIA — 0.0% (f) | | | |
Malaysian Resources Corp. Bhd (expiring 10/29/27) (a)
| | 179,301 | 10,980 |
| Security Description | | | Shares | | Value |
| SOUTH AFRICA — 0.0% (f) | | | | | |
Adcock Ingram Holdings, Ltd. (expiring 7/26/19) (a) (b)
| | | 335 | | $7 |
| THAILAND — 0.0% (f) | | | | | |
TTCL PCL (expiring 6/28/21) (a)
| | | 9,560 | | 235 |
TOTAL WARRANTS
(Cost $0)
| | | | | 11,222 |
| RIGHTS — 0.0% (f) | | | | | |
| CHINA — 0.0% (f) | | | | | |
Xinjiang Goldwind Science & Technology Co., Ltd. (expiring 4/23/19) (a) (c)
| | | 3,089 | | 1,216 |
| INDIA — 0.0% (f) | | | | | |
Vodafone Idea, Ltd. (expiring 4/24/19) (a) (c)
| | | 477,803 | | 39,658 |
TOTAL RIGHTS
(Cost $87,717)
| | | | | 40,874 |
| SHORT-TERM INVESTMENT — 1.4% | | | |
State Street Navigator Securities Lending Government Money Market Portfolio (h) (i)
(Cost $38,384,045)
| | 38,384,045 | | 38,384,045 |
TOTAL INVESTMENTS — 100.4%
(Cost $2,803,770,455)
| | 2,802,407,872 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%
| | (12,428,618) | |
NET ASSETS — 100.0%
| | $2,789,979,254 | |
| (a) | Non-income producing security. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (c) | 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. As of March 31, 2019, total aggregate fair value of securities is $663,753, representing less than 0.05% of net assets. |
| (d) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.9% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (e) | Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2019, total aggregate fair value of the security is $72,962, representing less than 0.05% of the Fund's net assets. |
| (f) | Amount is less than 0.05% of net assets. |
| (g) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (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, 2019 are shown in the Affiliate Table below. |
| (i) | Investment of cash collateral for securities loaned. |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| ADR | = American Depositary Receipt |
| GDR | = Global Depositary Receipt |
| NVDR | = Non Voting Depositary Receipt |
| REIC | = Real Estate Investment Company |
| REIT | = Real Estate Investment Trust |
At March 31, 2019, open futures contracts purchased were as follows:
| Description | | Number of
Contracts | | Expiration
Date | | Notional
Amount | | Value | | Unrealized
Appreciation/
Depreciation |
| MSCI Taiwan Stock Index | | 22 | | 04/29/2019 | | $847,480 | | $859,540 | | $12,060 |
During the period ended March 31, 2019, average notional value related to futures contracts was $588,990 or0.02% of net assets.
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $2,682,341,069 | | $81,275,920 | | $72,962 | | $2,763,689,951 |
Preferred Stocks
| | 281,780 | | — | | — | | 281,780 |
Rights
| | — | | 40,874 | | — | | 40,874 |
Warrants
| | 11,222 | | — | | — | | 11,222 |
Short-Term Investment
| | 38,384,045 | | — | | — | | 38,384,045 |
TOTAL INVESTMENTS
| | $2,721,018,116 | | $81,316,794 | | $72,962 | | $2,802,407,872 |
| OTHER FINANCIAL INSTRUMENTS: | | | | | | | | |
Futures Contracts(a)
| | 12,060 | | — | | — | | 12,060 |
TOTAL OTHER FINANCIAL INSTRUMENTS:
| | $12,060 | | $— | | $— | | $12,060 |
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS
| | $2,721,030,176 | | $81,316,794 | | $72,962 | | $2,802,419,932 |
| (a) | Futures Contracts are valued at unrealized appreciation (depreciation). |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 6,996,511 | | $6,996,511 | | $205,769,970 | | $212,766,481 | | $— | | $— | | — | | $— | | $122,248 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 23,721,708 | | 23,721,708 | | 103,418,355 | | 88,756,018 | | — | | — | | 38,384,045 | | 38,384,045 | | 213,878 | | — |
Total
| | | $30,718,219 | | $309,188,325 | | $301,522,499 | | $— | | $— | | | | $38,384,045 | | $336,126 | | $— |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.2% | | | | | |
| AUSTRALIA — 6.1% | | | | | |
88 Energy, Ltd. (a)
| | | 8,670,399 | | $92,385 |
Abacus Property Group REIT
| | | 73,573 | | 194,417 |
AGL Energy, Ltd.
| | | 167,785 | | 2,594,680 |
Alumina, Ltd.
| | | 1,651,995 | | 2,839,857 |
Amcor, Ltd.
| | | 458,356 | | 5,010,878 |
AMP, Ltd. (b)
| | | 928,841 | | 1,385,584 |
Ansell, Ltd.
| | | 146,345 | | 2,642,565 |
APA Group
| | | 679,004 | | 4,813,657 |
Aristocrat Leisure, Ltd.
| | | 296,996 | | 5,170,901 |
ASX, Ltd.
| | | 51,053 | | 2,532,782 |
Atlassian Corp. PLC Class A (a)
| | | 28,845 | | 3,241,890 |
Aurizon Holdings, Ltd.
| | | 549,161 | | 1,774,939 |
Australia & New Zealand Banking Group, Ltd.
| | | 688,229 | | 12,725,634 |
Bendigo & Adelaide Bank, Ltd. (b)
| | | 143,906 | | 989,525 |
BHP Group PLC
| | | 469,970 | | 11,320,727 |
BHP Group, Ltd.
| | | 785,816 | | 21,485,283 |
BlueScope Steel, Ltd.
| | | 211,246 | | 2,093,317 |
Boral, Ltd.
| | | 170,971 | | 557,452 |
Brambles, Ltd.
| | | 668,141 | | 5,581,459 |
BWP Trust REIT
| | | 1,018,766 | | 2,706,564 |
Caltex Australia, Ltd.
| | | 67,352 | | 1,253,978 |
carsales.com, Ltd.
| | | 90,533 | | 813,523 |
Challenger, Ltd.
| | | 165,992 | | 976,315 |
CIMIC Group, Ltd.
| | | 29,650 | | 1,016,446 |
Coca-Cola Amatil, Ltd.
| | | 157,643 | | 968,642 |
Cochlear, Ltd.
| | | 13,718 | | 1,688,541 |
Coles Group, Ltd. (a)
| | | 294,976 | | 2,483,004 |
Commonwealth Bank of Australia
| | | 421,101 | | 21,130,475 |
Computershare, Ltd.
| | | 120,857 | | 1,466,331 |
CSL, Ltd.
| | | 127,186 | | 17,612,158 |
CSR, Ltd.
| | | 588,991 | | 1,389,054 |
Dexus REIT
| | | 273,672 | | 2,476,693 |
Domain Holdings Australia, Ltd. (b)
| | | 40,284 | | 72,970 |
Evolution Mining, Ltd.
| | | 363,486 | | 945,020 |
Flight Centre Travel Group, Ltd.
| | | 13,812 | | 412,567 |
Fortescue Metals Group, Ltd.
| | | 427,598 | | 2,159,621 |
Goodman Group REIT
| | | 394,987 | | 3,745,729 |
GPT Group REIT
| | | 439,939 | | 1,940,691 |
GWA Group, Ltd.
| | | 547,321 | | 1,236,350 |
Harvey Norman Holdings, Ltd. (b)
| | | 146,025 | | 416,990 |
Healthscope, Ltd.
| | | 516,812 | | 892,095 |
Iluka Resources, Ltd.
| | | 135,045 | | 863,363 |
Incitec Pivot, Ltd.
| | | 417,904 | | 926,197 |
Infigen Energy (b)
| | | 391,607 | | 122,398 |
Ingenia Communities Group REIT
| | | 367,751 | | 788,920 |
Insurance Australia Group, Ltd.
| | | 1,036,565 | | 5,654,967 |
LendLease Group
| | | 140,823 | | 1,238,416 |
Macquarie Group, Ltd.
| | | 112,293 | | 10,323,486 |
| Security Description | | | Shares | | Value |
Medibank Pvt, Ltd.
| | | 686,901 | | $1,346,715 |
Mineral Resources, Ltd.
| | | 37,518 | | 421,084 |
Mirvac Group REIT
| | | 449,568 | | 878,214 |
National Australia Bank, Ltd.
| | | 633,395 | | 11,369,783 |
Newcrest Mining, Ltd.
| | | 217,256 | | 3,936,901 |
nib holdings, Ltd.
| | | 109,254 | | 406,669 |
Nine Entertainment Co. Holdings, Ltd.
| | | 119,831 | | 145,559 |
Northern Star Resources, Ltd.
| | | 181,992 | | 1,157,038 |
Oil Search, Ltd.
| | | 291,729 | | 1,626,753 |
Orica, Ltd.
| | | 76,158 | | 953,762 |
Origin Energy, Ltd.
| | | 561,575 | | 2,872,186 |
Orora, Ltd.
| | | 470,415 | | 999,136 |
OZ Minerals, Ltd.
| | | 119,528 | | 900,011 |
Perpetual, Ltd. (b)
| | | 75,571 | | 2,076,414 |
Qantas Airways, Ltd.
| | | 252,591 | | 1,015,562 |
QBE Insurance Group, Ltd.
| | | 337,040 | | 2,947,215 |
Ramsay Health Care, Ltd.
| | | 32,157 | | 1,469,929 |
REA Group, Ltd.
| | | 12,926 | | 685,894 |
Santos, Ltd.
| | | 625,967 | | 3,036,998 |
Scentre Group REIT
| | | 1,303,930 | | 3,806,873 |
SEEK, Ltd.
| | | 88,390 | | 1,101,299 |
Sonic Healthcare, Ltd.
| | | 152,690 | | 2,663,859 |
South32, Ltd. (c)
| | | 441,635 | | 1,155,549 |
South32, Ltd. (c)
| | | 789,061 | | 2,090,700 |
Stockland REIT
| | | 621,021 | | 1,698,397 |
Suncorp Group, Ltd.
| | | 320,937 | | 3,141,531 |
Sydney Airport
| | | 276,997 | | 1,461,962 |
Tabcorp Holdings, Ltd.
| | | 768,981 | | 2,523,655 |
Telstra Corp., Ltd.
| | | 1,081,760 | | 2,551,181 |
TPG Telecom, Ltd.
| | | 58,634 | | 289,472 |
Transurban Group Stapled Security
| | | 538,705 | | 5,051,231 |
Treasury Wine Estates, Ltd.
| | | 312,348 | | 3,312,614 |
Vicinity Centres REIT
| | | 814,827 | | 1,504,912 |
Wesfarmers, Ltd. (b)
| | | 294,985 | | 7,260,650 |
Westpac Banking Corp.
| | | 796,959 | | 14,673,823 |
Woodside Petroleum, Ltd.
| | | 254,492 | | 6,258,547 |
Woolworths Group, Ltd.
| | | 402,719 | | 8,696,570 |
WorleyParsons, Ltd. (b)
| | | 229,065 | | 2,304,063 |
| | | | | | 284,562,147 |
| AUSTRIA — 0.2% | | | | | |
ams AG (b)
| | | 15,231 | | 410,789 |
ANDRITZ AG (b)
| | | 8,851 | | 380,042 |
Erste Group Bank AG
| | | 88,039 | | 3,238,476 |
OMV AG
| | | 87,321 | | 4,742,600 |
Raiffeisen Bank International AG
| | | 32,948 | | 740,283 |
Voestalpine AG
| | | 77,769 | | 2,363,831 |
| | | | | | 11,876,021 |
| BELGIUM — 1.1% | | | | | |
Ackermans & van Haaren NV
| | | 5,604 | | 846,335 |
Aedifica SA REIT
| | | 18,375 | | 1,755,814 |
Ageas
| | | 115,186 | | 5,561,473 |
Anheuser-Busch InBev SA
| | | 241,999 | | 20,314,426 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Bekaert SA
| | | 24,205 | | $569,119 |
Celyad SA (a)(b)
| | | 6,293 | | 132,631 |
Colruyt SA
| | | 15,364 | | 1,136,872 |
Galapagos NV (a)
| | | 10,532 | | 1,228,706 |
Gimv NV
| | | 4,788 | | 268,810 |
Groupe Bruxelles Lambert SA
| | | 20,090 | | 1,953,979 |
KBC Group NV
| | | 84,221 | | 5,889,666 |
Proximus SADP
| | | 35,378 | | 1,021,309 |
Solvay SA
| | | 18,471 | | 1,998,937 |
UCB SA
| | | 58,209 | | 5,003,959 |
Umicore SA (b)
| | | 49,062 | | 2,180,984 |
| | | | | | 49,863,020 |
| BERMUDA — 0.0% (d) | | | | | |
China Eco Farming, Ltd.
| | | 14,000 | | 305 |
| CANADA — 8.5% | | | | | |
AGF Management, Ltd. Class B
| | | 165,343 | | 669,562 |
Agnico Eagle Mines, Ltd.
| | | 56,728 | | 2,467,081 |
Aimia, Inc. (a)
| | | 106,294 | | 311,892 |
Air Canada (a)
| | | 65,535 | | 1,580,061 |
Alamos Gold, Inc. Class A
| | | 95,293 | | 483,616 |
Algonquin Power & Utilities Corp.
| | | 66,322 | | 746,150 |
Alimentation Couche-Tard, Inc. Class B
| | | 104,631 | | 6,165,315 |
AltaGas, Ltd. (b)
| | | 36,173 | | 476,278 |
Aphria, Inc. (a)(b)
| | | 22,975 | | 214,281 |
ARC Resources, Ltd. (b)
| | | 92,628 | | 632,335 |
Atco, Ltd. Class I
| | | 18,471 | | 622,175 |
Athabasca Oil Corp. (a)
| | | 85,047 | | 54,111 |
Aurora Cannabis, Inc. (a)(b)
| | | 90,138 | | 815,725 |
B2Gold Corp. (a)
| | | 275,894 | | 772,367 |
Badger Daylighting, Ltd. (b)
| | | 16,132 | | 490,499 |
Bank of Montreal
| | | 149,923 | | 11,221,079 |
Bank of Nova Scotia (b)
| | | 297,385 | | 15,835,899 |
Barrick Gold Corp.
| | | 299,520 | | 4,107,344 |
Barrick Gold Corp. (e)
| | | 219,814 | | 3,014,329 |
Bausch Health Cos., Inc. (a)
| | | 83,474 | | 2,060,060 |
BCE, Inc.
| | | 68,025 | | 3,021,523 |
BlackBerry, Ltd. (a)
| | | 160,484 | | 1,618,114 |
Bombardier, Inc. Class B (a)
| | | 596,269 | | 1,147,057 |
Brookfield Asset Management, Inc. Class A
| | | 261,813 | | 12,201,413 |
CAE, Inc.
| | | 71,536 | | 1,585,524 |
Cameco Corp.
| | | 165,793 | | 1,954,594 |
Canadian Imperial Bank of Commerce
| | | 110,230 | | 8,713,116 |
Canadian National Railway Co.
| | | 194,541 | | 17,420,517 |
Canadian Natural Resources, Ltd.
| | | 324,186 | | 8,903,315 |
Canadian Pacific Railway, Ltd. (b)
| | | 49,412 | | 10,183,839 |
Canadian Solar, Inc. (a)
| | | 11,254 | | 209,662 |
Canadian Tire Corp., Ltd. Class A (b)
| | | 20,871 | | 2,249,497 |
Canadian Utilities, Ltd. Class A
| | | 28,955 | | 790,657 |
Canadian Western Bank (b)
| | | 110,112 | | 2,300,405 |
| Security Description | | | Shares | | Value |
Canopy Growth Corp. (a)(b)
| | | 42,656 | | $1,846,154 |
CCL Industries, Inc. Class B
| | | 29,830 | | 1,207,982 |
Cenovus Energy, Inc.
| | | 191,007 | | 1,658,506 |
CES Energy Solutions Corp.
| | | 77,769 | | 158,920 |
CGI, Inc. (a)
| | | 105,466 | | 7,252,638 |
CI Financial Corp.
| | | 59,869 | | 817,404 |
Cineplex, Inc. (b)
| | | 15,364 | | 279,920 |
Constellation Software, Inc.
| | | 4,859 | | 4,119,030 |
Crescent Point Energy Corp.
| | | 176,617 | | 572,440 |
CT Real Estate Investment Trust
| | | 72,296 | | 777,103 |
Detour Gold Corp. (a)
| | | 47,832 | | 448,979 |
Dollarama, Inc.
| | | 84,572 | | 2,256,815 |
ECN Capital Corp.
| | | 7,322 | | 23,732 |
eCobalt Solutions, Inc. (a)(b)
| | | 283,883 | | 72,248 |
Eldorado Gold Corp. (a)
| | | 25,735 | | 118,855 |
Element Fleet Management Corp.
| | | 95,606 | | 604,716 |
Emera, Inc. (b)
| | | 36,214 | | 1,354,552 |
Empire Co., Ltd. Class A
| | | 40,012 | | 866,460 |
Enbridge, Inc.
| | | 480,426 | | 17,405,306 |
Encana Corp.
| | | 234,200 | | 1,696,962 |
Enerplus Corp.
| | | 38,681 | | 324,284 |
Exchange Income Corp. (b)
| | | 35,359 | | 875,803 |
Fairfax Financial Holdings, Ltd.
| | | 9,580 | | 4,438,804 |
Finning International, Inc.
| | | 34,557 | | 614,600 |
Firm Capital Mortgage Investment Corp.
| | | 144,460 | | 1,438,166 |
First Capital Realty, Inc.
| | | 33,301 | | 533,434 |
First Majestic Silver Corp. (a)(b)
| | | 68,178 | | 448,583 |
First Quantum Minerals, Ltd.
| | | 166,106 | | 1,883,683 |
Fortis, Inc.
| | | 100,592 | | 3,718,881 |
Franco-Nevada Corp.
| | | 42,270 | | 3,170,052 |
George Weston, Ltd.
| | | 17,710 | | 1,273,816 |
Gildan Activewear, Inc.
| | | 57,531 | | 2,069,213 |
Goldcorp, Inc.
| | | 232,945 | | 2,666,065 |
Gran Tierra Energy, Inc. (a)
| | | 124,015 | | 282,200 |
Great-West Lifeco, Inc.
| | | 75,346 | | 1,825,066 |
H&R Real Estate Investment Trust
| | | 33,301 | | 583,537 |
Home Capital Group, Inc. (a)(b)
| | | 14,314 | | 168,753 |
Husky Energy, Inc.
| | | 148,351 | | 1,471,351 |
Hydro One, Ltd. (b)(f)
| | | 41,355 | | 642,636 |
iA Financial Corp, Inc. (a)
| | | 23,222 | | 856,604 |
IAMGOLD Corp. (a)
| | | 209,648 | | 726,577 |
Imperial Oil, Ltd.
| | | 61,404 | | 1,676,723 |
Innergex Renewable Energy, Inc. (b)
| | | 125,501 | | 1,322,695 |
Intact Financial Corp.
| | | 34,903 | | 2,954,326 |
Inter Pipeline, Ltd. (b)
| | | 83,471 | | 1,381,447 |
International Petroleum Corp. (a)(b)
| | | 18,490 | | 87,314 |
K-Bro Linen, Inc. (b)
| | | 34,521 | | 962,541 |
Keyera Corp. (b)
| | | 42,665 | | 1,006,306 |
Kinross Gold Corp. (a)
| | | 272,368 | | 937,829 |
Kirkland Lake Gold, Ltd.
| | | 44,836 | | 1,363,925 |
Linamar Corp.
| | | 12,145 | | 435,636 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Loblaw Cos., Ltd.
| | | 47,115 | | $2,324,803 |
Lundin Mining Corp.
| | | 183,227 | | 850,337 |
Magna International, Inc.
| | | 97,436 | | 4,745,807 |
Manulife Financial Corp.
| | | 516,004 | | 8,729,137 |
Maple Leaf Foods, Inc.
| | | 18,464 | | 427,203 |
Maxar Technologies, Inc. (a)(b)
| | | 9,420 | | 38,076 |
Methanex Corp.
| | | 20,879 | | 1,186,209 |
Metro, Inc.
| | | 60,906 | | 2,243,029 |
National Bank of Canada (b)
| | | 92,935 | | 4,195,449 |
New Gold, Inc. (a)(b)
| | | 148,379 | | 126,616 |
Nutrien, Ltd.
| | | 208,502 | | 10,999,829 |
Obsidian Energy, Ltd. (a)(b)
| | | 126,592 | | 34,587 |
Onex Corp.
| | | 20,130 | | 1,135,820 |
Open Text Corp.
| | | 54,222 | | 2,082,511 |
Pan American Silver Corp.
| | | 43,916 | | 580,533 |
Parex Resources, Inc. (a)
| | | 90,352 | | 1,414,846 |
Pembina Pipeline Corp.
| | | 97,678 | | 3,589,216 |
Pengrowth Energy Corp. (a)(b)
| | | 114,096 | | 47,826 |
Peyto Exploration & Development Corp.
| | | 32,944 | | 172,371 |
Power Corp. of Canada
| | | 92,628 | | 2,160,476 |
Power Financial Corp.
| | | 77,080 | | 1,801,293 |
PrairieSky Royalty, Ltd. (b)
| | | 51,024 | | 687,475 |
Precision Drilling Corp. (a)
| | | 76,828 | | 182,301 |
Premium Brands Holdings Corp. (b)
| | | 7,112 | | 409,914 |
Quebecor, Inc. Class B
| | | 40,968 | | 1,004,612 |
Restaurant Brands International, Inc.
| | | 56,712 | | 3,690,663 |
RioCan Real Estate Investment Trust
| | | 38,656 | | 765,915 |
Ritchie Bros Auctioneers, Inc. (b)
| | | 26,512 | | 900,370 |
Rogers Communications, Inc. Class B (b)
| | | 140,027 | | 7,533,022 |
Royal Bank of Canada
| | | 351,658 | | 26,538,538 |
Russel Metals, Inc.
| | | 14,535 | | 256,004 |
Saputo, Inc.
| | | 65,069 | | 2,218,566 |
Secure Energy Services, Inc.
| | | 42,611 | | 260,906 |
SEMAFO, Inc. (a)
| | | 114,437 | | 317,797 |
Seven Generations Energy, Ltd. Class A (a)
| | | 43,266 | | 312,524 |
Shaw Communications, Inc. Class B
| | | 202,454 | | 4,214,413 |
Sherritt International Corp. (a)(b)
| | | 150,468 | | 47,305 |
Shopify, Inc. Class A (a)
| | | 22,388 | | 4,622,893 |
SmartCentres Real Estate Investment Trust
| | | 16,628 | | 435,755 |
SNC-Lavalin Group, Inc.
| | | 49,367 | | 1,253,067 |
Stantec, Inc. (b)
| | | 19,257 | | 455,209 |
Stars Group, Inc. (a)
| | | 45,085 | | 788,342 |
Sun Life Financial, Inc.
| | | 191,898 | | 7,374,560 |
Suncor Energy, Inc.
| | | 477,850 | | 15,491,361 |
Teck Resources, Ltd. Class B
| | | 145,904 | | 3,376,887 |
TELUS Corp.
| | | 116,770 | | 4,323,099 |
Thomson Reuters Corp. (b)
| | | 62,214 | | 3,682,219 |
| Security Description | | | Shares | | Value |
TMX Group, Ltd.
| | | 12,102 | | $779,684 |
Toromont Industries, Ltd.
| | | 19,257 | | 983,787 |
Toronto-Dominion Bank
| | | 488,595 | | 26,522,631 |
Tourmaline Oil Corp. (b)
| | | 31,395 | | 485,043 |
TransCanada Corp. (b)
| | | 220,143 | | 9,890,327 |
Turquoise Hill Resources, Ltd. (a)
| | | 236,363 | | 389,235 |
Vermilion Energy, Inc. (b)
| | | 27,472 | | 678,395 |
Waste Connections, Inc.
| | | 63,849 | | 5,657,252 |
West Fraser Timber Co., Ltd.
| | | 10,382 | | 505,131 |
WestJet Airlines, Ltd. (b)
| | | 27,312 | | 397,225 |
Wheaton Precious Metals Corp.
| | | 99,038 | | 2,358,171 |
Whitecap Resources, Inc. (b)
| | | 89,574 | | 309,095 |
Yamana Gold, Inc. (b)
| | | 290,223 | | 755,998 |
| | | | | | 400,460,629 |
| CHILE — 0.0% (d) | | | | | |
Antofagasta PLC
| | | 85,351 | | 1,074,353 |
| CHINA — 0.1% | | | | | |
Alibaba Health Information Technology, Ltd. (a)
| | | 880,000 | | 1,016,771 |
APT Satellite Holdings, Ltd.
| | | 46,000 | | 20,627 |
BOC Hong Kong Holdings, Ltd.
| | | 812,500 | | 3,363,875 |
CKH Food & Health, Ltd. (a)(b)
| | | 366,430 | | 158,826 |
ENN Energy Holdings, Ltd.
| | | 66,100 | | 639,111 |
Fortunet e-Commerce Group, Ltd. (a)
| | | 204,000 | | 13,254 |
Fosun International, Ltd.
| | | 435,500 | | 737,858 |
HC Group, Inc. (a)(b)
| | | 363,000 | | 196,067 |
| | | | | | 6,146,389 |
| DENMARK — 1.4% | | | | | |
Ambu A/S Class B (b)
| | | 8,945 | | 236,922 |
AP Moller - Maersk A/S Class A
| | | 799 | | 967,407 |
AP Moller - Maersk A/S Class B (b)
| | | 1,599 | | 2,030,301 |
Bavarian Nordic A/S (a)(b)
| | | 9,741 | | 203,211 |
Carlsberg A/S Class B
| | | 25,720 | | 3,215,459 |
Chr. Hansen Holding A/S
| | | 24,090 | | 2,444,273 |
Coloplast A/S Class B
| | | 21,664 | | 2,379,288 |
Danske Bank A/S
| | | 248,802 | | 4,370,823 |
DSV A/S
| | | 43,704 | | 3,617,980 |
FLSmidth & Co. A/S (b)
| | | 45,645 | | 1,973,775 |
Genmab A/S (a)
| | | 13,596 | | 2,361,890 |
GN Store Nord A/S
| | | 35,486 | | 1,649,233 |
H&H International A/S Class B (a)
| | | 22,644 | | 334,790 |
ISS A/S
| | | 44,555 | | 1,357,025 |
Jyske Bank A/S
| | | 11,987 | | 463,531 |
NNIT A/S (f)
| | | 2,349 | | 60,627 |
Novo Nordisk A/S Class B
| | | 486,699 | | 25,503,814 |
Novozymes A/S Class B
| | | 54,252 | | 2,496,915 |
Orsted A/S (f)
| | | 50,147 | | 3,804,403 |
Pandora A/S
| | | 30,524 | | 1,430,558 |
SimCorp A/S
| | | 9,691 | | 936,501 |
Vestas Wind Systems A/S
| | | 67,157 | | 5,656,475 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Zealand Pharma A/S (a)(b)
| | | 23,904 | | $427,124 |
| | | | | | 67,922,325 |
| FINLAND — 1.0% | | | | | |
Caverion Oyj (b)
| | | 64,972 | | 407,082 |
Elisa Oyj
| | | 37,839 | | 1,708,848 |
Fortum Oyj (b)
| | | 111,516 | | 2,282,683 |
Huhtamaki Oyj (b)
| | | 23,085 | | 859,799 |
Kemira Oyj
| | | 24,524 | | 303,455 |
Kesko Oyj Class B
| | | 18,536 | | 1,128,905 |
Kone Oyj Class B
| | | 95,299 | | 4,811,011 |
Konecranes Oyj (b)
| | | 16,941 | | 602,814 |
Metsa Board Oyj (b)
| | | 47,735 | | 292,920 |
Metso Oyj
| | | 31,350 | | 1,079,273 |
Neste Oyj (b)
| | | 31,370 | | 3,346,261 |
Nokia Oyj (c)
| | | 983,184 | | 5,601,534 |
Nokia Oyj (c)
| | | 528,044 | | 3,015,561 |
Nokian Renkaat Oyj (b)
| | | 27,463 | | 920,171 |
Nordea Bank Abp (b)
| | | 795,410 | | 6,067,217 |
Orion Oyj Class B (b)
| | | 24,926 | | 935,364 |
Sampo Oyj Class A
| | | 112,025 | | 5,083,063 |
Sanoma Oyj
| | | 19,445 | | 190,718 |
Stora Enso Oyj Class R
| | | 139,504 | | 1,706,615 |
Tikkurila Oyj
| | | 8,838 | | 145,085 |
UPM-Kymmene Oyj (b)
| | | 127,980 | | 3,736,261 |
Valmet Oyj (b)
| | | 32,710 | | 828,593 |
Wartsila OYJ Abp (b)
| | | 111,525 | | 1,801,374 |
YIT Oyj (b)
| | | 30,986 | | 179,704 |
| | | | | | 47,034,311 |
| FRANCE — 8.2% | | | | | |
Accor SA
| | | 87,603 | | 3,551,961 |
Adocia (a)
| | | 7,248 | | 112,798 |
Aeroports de Paris
| | | 8,012 | | 1,550,958 |
Air Liquide SA
| | | 98,769 | | 12,570,828 |
Airbus SE
| | | 155,243 | | 20,551,689 |
Albioma SA
| | | 77,325 | | 1,814,629 |
Alstom SA
| | | 77,978 | | 3,381,474 |
Arkema SA
| | | 10,536 | | 1,003,923 |
Atos SE
| | | 20,712 | | 2,000,056 |
AXA SA
| | | 429,347 | | 10,813,329 |
BNP Paribas SA
| | | 271,857 | | 13,006,899 |
Bollore SA
| | | 131,659 | | 595,473 |
Bourbon Corp. (a)(b)
| | | 96,091 | | 252,476 |
Bouygues SA
| | | 80,176 | | 2,867,316 |
Bureau Veritas SA
| | | 55,131 | | 1,293,790 |
Capgemini SE
| | | 38,692 | | 4,696,438 |
Carrefour SA
| | | 233,126 | | 4,358,396 |
Casino Guichard Perrachon SA (b)
| | | 34,563 | | 1,499,970 |
CGG SA (a)
| | | 40,686 | | 83,328 |
Christian Dior SE
| | | 730 | | 348,118 |
Cie de Saint-Gobain
| | | 162,800 | | 5,906,267 |
Cie Generale des Etablissements Michelin SCA
| | | 37,886 | | 4,483,747 |
Cie Plastic Omnium SA
| | | 17,719 | | 472,127 |
Covivio REIT
| | | 12,857 | | 1,365,691 |
| Security Description | | | Shares | | Value |
Credit Agricole SA
| | | 296,543 | | $3,586,122 |
Danone SA
| | | 158,998 | | 12,263,287 |
Dassault Systemes SE
| | | 25,024 | | 3,730,035 |
Edenred
| | | 94,647 | | 4,311,551 |
Eiffage SA
| | | 12,929 | | 1,243,554 |
Electricite de France SA
| | | 103,923 | | 1,422,450 |
Elis SA
| | | 45,351 | | 729,717 |
Engie SA
| | | 403,256 | | 6,013,130 |
EssilorLuxottica SA
| | | 59,229 | | 6,476,284 |
Eutelsat Communications SA
| | | 20,971 | | 367,220 |
Faurecia SA
| | | 13,698 | | 576,472 |
Gecina SA REIT
| | | 10,559 | | 1,562,643 |
Getlink SE
| | | 100,689 | | 1,527,987 |
Groupe Fnac SA (a)(c)
| | | 8,344 | | 623,511 |
Groupe Fnac SA (a)(c)
| | | 1,233 | | 92,206 |
Hermes International
| | | 8,844 | | 5,841,111 |
Iliad SA
| | | 5,599 | | 562,672 |
Ingenico Group SA
| | | 12,990 | | 927,950 |
Ipsen SA
| | | 8,808 | | 1,208,566 |
Kering SA
| | | 18,530 | | 10,636,236 |
Klepierre SA REIT
| | | 46,990 | | 1,645,141 |
Lagardere SCA
| | | 76,848 | | 1,977,739 |
Legrand SA
| | | 67,467 | | 4,519,562 |
L'Oreal SA
| | | 59,152 | | 15,927,232 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 62,457 | | 22,995,573 |
Nanobiotix (a)(b)
| | | 20,779 | | 252,449 |
Natixis SA
| | | 115,716 | | 619,904 |
Nexans SA
| | | 24,107 | | 718,128 |
Orange SA
| | | 516,049 | | 8,401,961 |
Orpea
| | | 11,265 | | 1,353,433 |
Pernod Ricard SA
| | | 51,769 | | 9,300,610 |
Peugeot SA
| | | 149,105 | | 3,639,766 |
Publicis Groupe SA
| | | 82,899 | | 4,442,858 |
Renault SA
| | | 59,481 | | 3,934,495 |
Rexel SA
| | | 73,025 | | 824,471 |
Rubis SCA
| | | 22,351 | | 1,220,207 |
Safran SA
| | | 84,544 | | 11,605,219 |
Sanofi
| | | 297,386 | | 26,292,848 |
Schneider Electric SE
| | | 148,371 | | 11,651,889 |
SCOR SE
| | | 45,303 | | 1,930,967 |
SEB SA
| | | 6,446 | | 1,085,684 |
Societe BIC SA
| | | 6,492 | | 579,154 |
Societe Generale SA
| | | 205,735 | | 5,954,270 |
Sodexo SA
| | | 24,923 | | 2,746,987 |
Suez
| | | 96,304 | | 1,277,074 |
Technicolor SA (a)(b)
| | | 117,277 | | 134,450 |
Teleperformance
| | | 14,398 | | 2,589,920 |
Television Francaise 1
| | | 29,097 | | 268,234 |
Thales SA
| | | 24,973 | | 2,993,369 |
TOTAL SA
| | | 642,623 | | 35,732,105 |
Ubisoft Entertainment SA (a)
| | | 39,203 | | 3,493,355 |
Unibail-Rodamco-Westfield
| | | 180,692 | | 1,485,062 |
Unibail-Rodamco-Westfield REIT (c)
| | | 480 | | 78,765 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Unibail-Rodamco-Westfield REIT (b)(c)
| | | 23,620 | | $3,875,883 |
Valeo SA
| | | 94,911 | | 2,754,855 |
Vallourec SA (a)(b)
| | | 123,111 | | 289,464 |
Veolia Environnement SA
| | | 212,073 | | 4,745,854 |
Vinci SA
| | | 116,310 | | 11,325,517 |
Vivendi SA
| | | 296,613 | | 8,602,730 |
Wendel SA
| | | 7,202 | | 908,144 |
| | | | | | 386,459,713 |
| GERMANY — 6.9% | | | | | |
1&1 Drillisch AG
| | | 10,517 | | 374,818 |
Aareal Bank AG
| | | 12,147 | | 374,807 |
adidas AG
| | | 49,083 | | 11,937,441 |
ADO Properties SA (f)
| | | 10,486 | | 596,363 |
Allianz SE
| | | 98,274 | | 21,879,593 |
alstria office REIT-AG
| | | 38,165 | | 621,377 |
AURELIUS Equity Opportunities SE & Co. KGaA
| | | 12,587 | | 573,530 |
Aurubis AG
| | | 7,187 | | 385,500 |
Axel Springer SE
| | | 15,285 | | 790,173 |
BASF SE
| | | 223,175 | | 16,421,295 |
Bayer AG
| | | 223,772 | | 14,472,712 |
Bayerische Motoren Werke AG
| | | 78,201 | | 6,036,799 |
Bayerische Motoren Werke AG Preference Shares
| | | 10,534 | | 693,127 |
Bechtle AG
| | | 6,472 | | 599,898 |
Beiersdorf AG
| | | 20,524 | | 2,137,228 |
Bilfinger SE
| | | 30,330 | | 1,055,737 |
Brenntag AG
| | | 38,608 | | 1,989,810 |
CANCOM SE
| | | 13,268 | | 598,601 |
Carl Zeiss Meditec AG
| | | 8,842 | | 739,157 |
CECONOMY AG (a)
| | | 40,268 | | 214,319 |
Commerzbank AG (a)
| | | 227,545 | | 1,762,942 |
CompuGroup Medical SE
| | | 9,876 | | 582,186 |
Continental AG
| | | 25,626 | | 3,861,491 |
Covestro AG (f)
| | | 44,785 | | 2,465,060 |
CTS Eventim AG & Co. KGaA
| | | 11,363 | | 538,938 |
Daimler AG
| | | 240,374 | | 14,102,480 |
Delivery Hero SE (a)(f)
| | | 27,888 | | 1,008,312 |
Deutsche Bank AG
| | | 503,609 | | 4,105,365 |
Deutsche Boerse AG
| | | 57,559 | | 7,387,222 |
Deutsche EuroShop AG
| | | 15,354 | | 465,831 |
Deutsche Lufthansa AG
| | | 45,532 | | 1,000,272 |
Deutsche Pfandbriefbank AG (f)
| | | 51,076 | | 626,269 |
Deutsche Post AG
| | | 294,646 | | 9,594,454 |
Deutsche Telekom AG
| | | 736,813 | | 12,240,353 |
Deutsche Wohnen SE
| | | 85,490 | | 4,149,753 |
DMG Mori AG
| | | 17,710 | | 858,067 |
Duerr AG
| | | 11,396 | | 447,348 |
E.ON SE
| | | 502,326 | | 5,590,732 |
Evonik Industries AG
| | | 29,889 | | 814,858 |
Evotec AG (a)
| | | 28,932 | | 769,600 |
Fielmann AG
| | | 6,368 | | 439,744 |
Fraport AG Frankfurt Airport Services Worldwide
| | | 12,860 | | 985,375 |
| Security Description | | | Shares | | Value |
Freenet AG
| | | 32,144 | | $691,359 |
Fresenius Medical Care AG & Co. KGaA
| | | 53,516 | | 4,320,502 |
Fresenius SE & Co. KGaA
| | | 98,601 | | 5,509,135 |
Fuchs Petrolub SE Preference Shares
| | | 16,979 | | 699,681 |
Fuchs Petrolub SE
| | | 13,379 | | 527,294 |
GEA Group AG
| | | 43,803 | | 1,148,451 |
Gerresheimer AG
| | | 10,449 | | 786,088 |
Grand City Properties SA
| | | 26,402 | | 637,378 |
GRENKE AG
| | | 6,370 | | 619,769 |
Hamborner REIT AG
| | | 115,930 | | 1,214,505 |
Hannover Rueck SE
| | | 14,592 | | 2,097,232 |
HeidelbergCement AG
| | | 35,357 | | 2,547,191 |
Hella GmbH & Co. KGaA
| | | 10,547 | | 464,234 |
Henkel AG & Co. KGaA Preference Shares
| | | 49,198 | | 5,027,019 |
Henkel AG & Co. KGaA
| | | 30,888 | | 2,939,349 |
HOCHTIEF AG
| | | 4,024 | | 582,867 |
HUGO BOSS AG
| | | 16,114 | | 1,101,539 |
Infineon Technologies AG
| | | 281,176 | | 5,583,481 |
Innogy SE (a)
| | | 14,436 | | 618,391 |
Jungheinrich AG Preference Shares
| | | 11,363 | | 370,265 |
KION Group AG
| | | 18,646 | | 975,439 |
Krones AG
| | | 3,951 | | 348,478 |
KS AG
| | | 52,526 | | 963,714 |
Lanxess AG
| | | 22,596 | | 1,206,181 |
LEG Immobilien AG
| | | 14,504 | | 1,782,482 |
Leoni AG
| | | 8,018 | | 156,472 |
MAN SE
| | | 384 | | 31,562 |
Merck KGaA
| | | 51,764 | | 5,908,223 |
METRO AG
| | | 40,268 | | 668,729 |
MorphoSys AG (a)
| | | 5,585 | | 508,901 |
MTU Aero Engines AG
| | | 12,816 | | 2,903,992 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 36,600 | | 8,671,321 |
Nemetschek SE
| | | 4,256 | | 726,385 |
Norma Group SE
| | | 12,111 | | 588,286 |
OSRAM Licht AG
| | | 19,376 | | 667,484 |
Porsche Automobil Holding SE Preference Shares
| | | 43,465 | | 2,730,133 |
ProSiebenSat.1 Media SE
| | | 55,127 | | 787,360 |
Puma SE
| | | 2,289 | | 1,328,795 |
QIAGEN NV (a)
| | | 57,508 | | 2,333,663 |
Rational AG
| | | 803 | | 495,907 |
Rheinmetall AG
| | | 10,484 | | 1,093,379 |
Rocket Internet SE (a)(f)
| | | 19,079 | | 484,156 |
RWE AG
| | | 133,918 | | 3,593,838 |
Salzgitter AG
| | | 25,058 | | 725,356 |
SAP SE
| | | 258,613 | | 29,909,508 |
Sartorius AG Preference Shares
| | | 11,328 | | 1,944,833 |
Schaeffler AG Preference Shares
| | | 40,521 | | 329,777 |
Scout24 AG (f)
| | | 17,729 | | 918,907 |
Siemens AG
| | | 202,361 | | 21,799,585 |
Siemens Healthineers AG (f)
| | | 33,757 | | 1,408,135 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Siltronic AG
| | | 4,865 | | $429,584 |
Software AG
| | | 12,171 | | 412,036 |
Stabilus SA
| | | 5,704 | | 275,404 |
Stroeer SE & Co. KGaA
| | | 10,048 | | 588,941 |
Symrise AG
| | | 30,526 | | 2,753,058 |
TAG Immobilien AG
| | | 35,472 | | 876,254 |
Talanx AG (a)
| | | 15,741 | | 607,305 |
Telefonica Deutschland Holding AG
| | | 126,333 | | 397,047 |
ThyssenKrupp AG
| | | 128,718 | | 1,769,782 |
TLG Immobilien AG
| | | 21,167 | | 637,916 |
TUI AG
| | | 118,389 | | 1,134,787 |
Uniper SE
| | | 50,190 | | 1,515,408 |
United Internet AG
| | | 30,567 | | 1,116,500 |
Volkswagen AG
| | | 9,626 | | 1,568,321 |
Volkswagen AG Preference Shares
| | | 44,109 | | 6,949,739 |
Vonovia SE
| | | 125,155 | | 6,495,309 |
Wacker Chemie AG
| | | 3,949 | | 340,542 |
Wirecard AG
| | | 33,308 | | 4,177,567 |
Zalando SE (a)(f)
| | | 27,421 | | 1,069,941 |
| | | | | | 322,881,089 |
| HONG KONG — 3.1% | | | | | |
AIA Group, Ltd.
| | | 3,020,600 | | 30,071,515 |
Alltronics Holdings, Ltd.
| | | 127,000 | | 17,473 |
ASM Pacific Technology, Ltd.
| | | 75,600 | | 843,162 |
Bank of East Asia, Ltd.
| | | 327,639 | | 1,064,312 |
China LotSynergy Holdings, Ltd. (a)
| | | 11,060,000 | | 116,941 |
China Regenerative Medicine International, Ltd. (a)
| | | 70,000 | | 223 |
China Youzan, Ltd. (a)(b)
| | | 2,160,000 | | 184,358 |
CK Asset Holdings, Ltd.
| | | 788,348 | | 7,009,814 |
CK Hutchison Holdings, Ltd.
| | | 788,348 | | 8,280,217 |
CK Infrastructure Holdings, Ltd.
| | | 26,000 | | 213,466 |
CLP Holdings, Ltd.
| | | 407,500 | | 4,723,915 |
Dah Sing Banking Group, Ltd.
| | | 646,125 | | 1,213,241 |
Dah Sing Financial Holdings, Ltd.
| | | 323,285 | | 1,694,683 |
Dairy Farm International Holdings, Ltd.
| | | 79,300 | | 665,327 |
Esprit Holdings, Ltd. (a)(b)
| �� | | 849,319 | | 182,848 |
Galaxy Entertainment Group, Ltd.
| | | 766,000 | | 5,215,664 |
GTI Holdings, Ltd. (a)
| | | 1,496,000 | | 28,586 |
Hang Lung Group, Ltd.
| | | 782,000 | | 2,510,385 |
Hang Lung Properties, Ltd.
| | | 733,000 | | 1,789,092 |
Hang Seng Bank, Ltd.
| | | 162,800 | | 4,017,142 |
Henderson Land Development Co., Ltd.
| | | 196,245 | | 1,247,476 |
HK Electric Investments & HK Electric Investments, Ltd.
| | | 419,000 | | 428,077 |
HKT Trust & HKT, Ltd.
| | | 765,900 | | 1,231,302 |
Hong Kong & China Gas Co., Ltd.
| | | 2,392,856 | | 5,736,795 |
| Security Description | | | Shares | | Value |
Hong Kong Exchanges & Clearing, Ltd.
| | | 324,424 | | $11,307,385 |
Hongkong Land Holdings, Ltd.
| | | 561,200 | | 3,990,132 |
Hysan Development Co., Ltd.
| | | 26,841 | | 143,780 |
Jardine Matheson Holdings, Ltd.
| | | 78,505 | | 4,895,572 |
Jardine Strategic Holdings, Ltd.
| | | 73,900 | | 2,766,077 |
Kerry Properties, Ltd.
| | | 29,000 | | 129,485 |
KuangChi Science, Ltd. (a)
| | | 1,482,000 | | 122,714 |
Landing International Development, Ltd. (a)
| | | 132,000 | | 37,667 |
Li & Fung, Ltd.
| | | 1,662,000 | | 298,527 |
Link REIT
| | | 766,351 | | 8,961,971 |
Melco International Development, Ltd.
| | | 34,000 | | 79,695 |
Melco Resorts & Entertainment, Ltd. ADR
| | | 36,216 | | 818,119 |
MTR Corp., Ltd.
| | | 380,689 | | 2,356,892 |
New World Development Co., Ltd.
| | | 1,556,516 | | 2,581,652 |
Noble Group, Ltd. (a)(b)(e)
| | | 60,740 | | 3,632 |
NWS Holdings, Ltd.
| | | 72,000 | | 157,392 |
Pacific Basin Shipping, Ltd.
| | | 6,332,000 | | 1,363,204 |
PCCW, Ltd.
| | | 835,000 | | 519,086 |
Power Assets Holdings, Ltd.
| | | 385,500 | | 2,673,963 |
Sands China, Ltd.
| | | 632,400 | | 3,178,132 |
Shangri-La Asia, Ltd.
| | | 60,000 | | 85,300 |
Sino Land Co., Ltd.
| | | 1,697,274 | | 3,282,138 |
SJM Holdings, Ltd.
| | | 57,000 | | 65,060 |
Summit Ascent Holdings, Ltd. (a)
| | | 1,788,000 | | 234,605 |
Sun Hung Kai Properties, Ltd.
| | | 480,509 | | 8,245,220 |
Sundart Holdings, Ltd.
| | | 42,000 | | 20,331 |
Swire Pacific, Ltd. Class A
| | | 25,500 | | 328,091 |
Swire Properties, Ltd.
| | | 305,800 | | 1,314,754 |
Techtronic Industries Co., Ltd.
| | | 383,500 | | 2,577,039 |
Tou Rong Chang Fu Group, Ltd. (a)(g)
| | | 3,424,000 | | 25,735 |
Value Convergence Holdings, Ltd. (a)
| | | 392,000 | | 31,460 |
Vitasoy International Holdings, Ltd.
| | | 230,000 | | 1,113,383 |
VTech Holdings, Ltd.
| | | 71,600 | | 731,966 |
Wharf Holdings, Ltd.
| | | 739,000 | | 2,231,135 |
Wharf Real Estate Investment Co., Ltd.
| | | 133,000 | | 990,306 |
Wheelock & Co., Ltd.
| | | 34,000 | | 249,046 |
Yue Yuen Industrial Holdings, Ltd.
| | | 34,000 | | 116,943 |
| | | | | | 146,513,603 |
| IRELAND — 0.5% | | | | | |
AerCap Holdings NV (a)
| | | 20,154 | | 937,967 |
Amarin Corp. PLC ADR (a)(b)
| | | 70,432 | | 1,462,168 |
Bank of Ireland Group PLC
| | | 224,265 | | 1,337,143 |
C&C Group PLC
| | | 98,639 | | 354,422 |
CRH PLC
| | | 202,552 | | 6,288,591 |
Glanbia PLC
| | | 30,546 | | 598,167 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Green REIT PLC
| | | 164,082 | | $276,359 |
Greencore Group PLC
| | | 105,623 | | 278,017 |
Irish Bank Resolution Corp., Ltd. (a)(g)
| | | 5,635 | | — |
James Hardie Industries PLC
| | | 103,875 | | 1,338,507 |
Kerry Group PLC Class A
| | | 37,791 | | 4,222,145 |
Kingspan Group PLC
| | | 35,362 | | 1,638,278 |
Paddy Power Betfair PLC
| | | 20,869 | | 1,611,002 |
Ryanair Holdings PLC ADR (a)
| | | 30,568 | | 2,290,766 |
Smurfit Kappa Group PLC
| | | 47,599 | | 1,329,750 |
UDG Healthcare PLC
| | | 60,640 | | 447,236 |
| | | | | | 24,410,518 |
| ISRAEL — 0.6% | | | | | |
Bank Hapoalim BM
| | | 259,538 | | 1,718,406 |
Bank Leumi Le-Israel BM
| | | 329,006 | | 2,149,347 |
Bezeq The Israeli Telecommunication Corp., Ltd.
| | | 526,433 | | 377,852 |
Check Point Software Technologies, Ltd. (a)
| | | 35,689 | | 4,514,302 |
Israel Chemicals, Ltd.
| | | 108,816 | | 566,065 |
Nice, Ltd. (a)
| | | 15,329 | | 1,806,865 |
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.
| | | 40,008 | | 2,021,703 |
Reit 1, Ltd.
| | | 374,436 | | 1,646,575 |
Shufersal, Ltd.
| | | 575,638 | | 3,711,389 |
Strauss Group, Ltd.
| | | 164,479 | | 3,940,952 |
Teva Pharmaceutical Industries, Ltd. ADR (a)
| | | 266,127 | | 4,172,871 |
| | | | | | 26,626,327 |
| ITALY — 1.9% | | | | | |
A2A SpA
| | | 362,540 | | 662,112 |
Assicurazioni Generali SpA
| | | 250,213 | | 4,635,702 |
Atlantia SpA
| | | 101,037 | | 2,619,546 |
Azimut Holding SpA (b)
| | | 25,626 | | 435,928 |
Banca Generali SpA
| | | 17,728 | | 441,513 |
Banca IFIS SpA
| | | 47,717 | | 788,148 |
Banca Monte dei Paschi di Siena SpA (a)(b)
| | | 4,092 | | 5,720 |
Banca Popolare di Sondrio SCPA
| | | 176,715 | | 483,759 |
Banco BPM SpA (a)(b)
| | | 248,888 | | 514,717 |
Biesse SpA
| | | 2,468 | | 53,706 |
BPER Banca (b)
| | | 131,663 | | 538,277 |
Brembo SpA (b)
| | | 109,465 | | 1,242,648 |
Cairo Communication SpA
| | | 125,730 | | 532,233 |
Cerved Group SpA
| | | 46,857 | | 466,155 |
Credito Valtellinese SpA (a)
| | | 2,274,681 | | 182,620 |
Davide Campari-Milano SpA
| | | 118,354 | | 1,162,821 |
Enel SpA
| | | 1,718,796 | | 11,008,434 |
Eni SpA
| | | 621,511 | | 10,994,142 |
Esprinet SpA
| | | 99,057 | | 358,148 |
Falck Renewables SpA
| | | 28,975 | | 105,249 |
Ferrari NV
| | | 26,284 | | 3,526,802 |
FinecoBank Banca Fineco SpA
| | | 95,286 | | 1,254,480 |
| Security Description | | | Shares | | Value |
Immobiliare Grande Distribuzione SIIQ SpA REIT
| | | 130,331 | | $942,443 |
Interpump Group SpA
| | | 48,737 | | 1,591,384 |
Intesa Sanpaolo SpA
| | | 3,583,356 | | 8,735,172 |
Iren SpA
| | | 737,368 | | 1,882,766 |
Italgas SpA
| | | 79,990 | | 494,351 |
Leonardo SpA
| | | 191,828 | | 2,231,482 |
Mediaset SpA (a)(b)
| | | 178,247 | | 544,794 |
Mediobanca Banca di Credito Finanziario SpA
| | | 103,526 | | 1,076,653 |
Moncler SpA
| | | 39,392 | | 1,588,788 |
Pirelli & C SpA (a)(f)
| | | 96,687 | | 622,946 |
Poste Italiane SpA (f)
| | | 110,478 | | 1,075,763 |
PRADA SpA
| | | 82,600 | | 245,697 |
Prysmian SpA
| | | 50,307 | | 952,657 |
Recordati SpA
| | | 38,611 | | 1,504,830 |
Reply SpA
| | | 33,744 | | 2,174,854 |
Saipem SpA (a)
| | | 243,595 | | 1,289,650 |
Salvatore Ferragamo SpA
| | | 16,815 | | 360,999 |
Snam SpA
| | | 532,706 | | 2,738,924 |
Societa Cattolica di Assicurazioni SC
| | | 123,918 | | 1,184,788 |
Sogefi SpA (a)(b)
| | | 94,603 | | 163,268 |
Telecom Italia SpA (a)(b)
| | | 3,563,652 | | 2,218,402 |
Telecom Italia SpA
| | | 1,503,034 | | 854,642 |
Terna Rete Elettrica Nazionale SpA
| | | 349,245 | | 2,214,862 |
UniCredit SpA
| | | 485,550 | | 6,230,543 |
Unione di Banche Italiane SpA (b)
| | | 253,368 | | 670,837 |
Unipol Gruppo Finanziario SpA
| | | 89,726 | | 447,325 |
UnipolSai Assicurazioni SpA (b)
| | | 1,076 | | 2,905 |
Zignago Vetro SpA
| | | 97,128 | | 1,087,330 |
| | | | | | 87,141,915 |
| JAPAN — 23.0% | | | | | |
3-D Matrix, Ltd. (a)(b)
| | | 87,500 | | 467,995 |
Abist Co., Ltd.
| | | 1,100 | | 31,703 |
Acom Co., Ltd.
| | | 155,600 | | 555,288 |
Activia Properties, Inc. REIT
| | | 20 | | 83,119 |
ADEKA Corp.
| | | 22,400 | | 328,456 |
Advance Residence Investment Corp. REIT
| | | 175 | | 487,758 |
Advanced Media, Inc. (a)(b)
| | | 6,800 | | 94,672 |
Advantest Corp.
| | | 155,600 | | 3,617,101 |
Aeon Co., Ltd. (b)
| | | 322,220 | | 6,743,666 |
AEON Financial Service Co., Ltd. (b)
| | | 3,500 | | 71,243 |
Aeon Mall Co., Ltd.
| | | 22,100 | | 363,392 |
AEON REIT Investment Corp.
| | | 58 | | 68,436 |
AGC, Inc.
| | | 74,200 | | 2,601,039 |
Air Water, Inc.
| | | 74,200 | | 1,075,275 |
Aisin Seiki Co., Ltd.
| | | 74,900 | | 2,676,329 |
Ajinomoto Co., Inc.
| | | 156,200 | | 2,496,434 |
Akita Bank, Ltd.
| | | 16,555 | | 336,081 |
Alconix Corp. (b)
| | | 7,800 | | 80,548 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Alfresa Holdings Corp.
| | | 76,000 | | $2,162,895 |
Alps Alpine Co., Ltd.
| | | 75,000 | | 1,565,253 |
Amada Holdings Co., Ltd.
| | | 82,200 | | 813,200 |
ANA Holdings, Inc.
| | | 10,100 | | 370,384 |
Aomori Bank, Ltd.
| | | 1,010 | | 26,773 |
Aoyama Trading Co., Ltd. (b)
| | | 2,100 | | 47,735 |
Aozora Bank, Ltd. (b)
| | | 14,200 | | 351,007 |
Asahi Group Holdings, Ltd.
| | | 165,836 | | 7,386,470 |
Asahi Intecc Co., Ltd.
| | | 20,400 | | 958,395 |
Asahi Kasei Corp.
| | | 319,550 | | 3,296,979 |
Asics Corp. (b)
| | | 75,400 | | 1,011,600 |
Astellas Pharma, Inc.
| | | 725,700 | | 10,873,862 |
Atom Corp. (b)
| | | 244,700 | | 2,173,195 |
Awa Bank, Ltd.
| | | 2,310 | | 58,728 |
Azbil Corp.
| | | 7,600 | | 177,769 |
Bandai Namco Holdings, Inc.
| | | 76,400 | | 3,582,382 |
Bank of Iwate, Ltd.
| | | 76,955 | | 2,273,505 |
Bank of Kyoto, Ltd. (b)
| | | 10,700 | | 447,585 |
Bank of Okinawa, Ltd.
| | | 80,500 | | 2,505,511 |
BayCurrent Consulting, Inc. (b)
| | | 3,100 | | 97,326 |
Benesse Holdings, Inc.
| | | 4,100 | | 106,496 |
Bic Camera, Inc.
| | | 1,100 | | 11,558 |
Bridgestone Corp.
| | | 163,665 | | 6,307,945 |
Brightpath Biotherapeutics Co., Ltd. (a)(b)
| | | 69,200 | | 192,561 |
Brother Industries, Ltd.
| | | 75,200 | | 1,391,423 |
Calbee, Inc. (b)
| | | 15,800 | | 425,673 |
Can Do Co., Ltd. (b)
| | | 5,300 | | 81,019 |
Canon, Inc.
| | | 312,016 | | 9,057,301 |
Capcom Co., Ltd.
| | | 17,600 | | 394,344 |
Casio Computer Co., Ltd. (b)
| | | 165,100 | | 2,155,391 |
Central Japan Railway Co.
| | | 63,600 | | 14,773,059 |
Chiba Bank, Ltd.
| | | 144,750 | | 785,967 |
Chubu Electric Power Co., Inc.
| | | 158,965 | | 2,482,459 |
Chugai Pharmaceutical Co., Ltd.
| | | 82,680 | | 5,684,553 |
Chugoku Bank, Ltd.
| | | 74,200 | | 696,515 |
Chugoku Electric Power Co., Inc. (b)
| | | 74,700 | | 932,021 |
Citizen Watch Co., Ltd.
| | | 77,100 | | 429,785 |
Coca-Cola Bottlers Japan Holdings, Inc.
| | | 73,800 | | 1,874,254 |
COLOPL, Inc. (b)
| | | 2,000 | | 12,414 |
Colowide Co., Ltd. (b)
| | | 2,400 | | 49,698 |
Comforia Residential REIT, Inc.
| | | 127 | | 348,236 |
COMSYS Holdings Corp. (b)
| | | 9,500 | | 259,204 |
Concordia Financial Group, Ltd. (b)
| | | 319,700 | | 1,233,337 |
COOKPAD, Inc. (a)(b)
| | | 74,900 | | 188,121 |
Cosmo Energy Holdings Co., Ltd. (b)
| | | 8,700 | | 174,810 |
Credit Saison Co., Ltd. (b)
| | | 159,000 | | 2,100,176 |
Creek & River Co., Ltd.
| | | 9,600 | | 102,171 |
CyberAgent, Inc. (b)
| | | 13,900 | | 567,001 |
Dai Nippon Printing Co., Ltd.
| | | 70,700 | | 1,690,770 |
Daicel Corp. (b)
| | | 78,100 | | 848,138 |
Daido Steel Co., Ltd. (b)
| | | 8,500 | | 335,208 |
| Security Description | | | Shares | | Value |
Daifuku Co., Ltd. (b)
| | | 10,600 | | $551,619 |
Dai-ichi Life Holdings, Inc.
| | | 317,500 | | 4,411,754 |
Daiichi Sankyo Co., Ltd.
| | | 239,165 | | 11,019,935 |
Daiken Medical Co., Ltd. (b)
| | | 79,800 | | 400,856 |
Daikin Industries, Ltd.
| | | 84,410 | | 9,891,112 |
Daishi Hokuetsu Financial Group, Inc.
| | | 1,517 | | 42,830 |
Daito Trust Construction Co., Ltd.
| | | 14,155 | | 1,973,272 |
Daiwa House Industry Co., Ltd.
| | | 162,600 | | 5,169,530 |
Daiwa House REIT Investment Corp.
| | | 630 | | 1,398,482 |
Daiwa Securities Group, Inc.
| | | 736,650 | | 3,587,246 |
DeNA Co., Ltd.
| | | 74,800 | | 1,126,545 |
Denka Co., Ltd.
| | | 7,000 | | 201,744 |
Denso Corp.
| | | 130,910 | | 5,105,827 |
Dentsu, Inc.
| | | 76,000 | | 3,210,010 |
DIC Corp.
| | | 5,300 | | 154,904 |
Disco Corp. (b)
| | | 2,500 | | 356,191 |
DMG Mori Co., Ltd. (b)
| | | 27,200 | | 336,421 |
Dowa Holdings Co., Ltd. (b)
| | | 4,400 | | 144,699 |
East Japan Railway Co.
| | | 87,000 | | 8,394,633 |
Ebara Corp.
| | | 3,800 | | 107,115 |
Eighteenth Bank, Ltd. (a)(e)
| | | 825 | | 20,503 |
Eisai Co., Ltd.
| | | 80,651 | | 4,527,123 |
Electric Power Development Co., Ltd.
| | | 68,200 | | 1,661,175 |
euglena Co., Ltd. (a)
| | | 5,000 | | 31,034 |
Ezaki Glico Co., Ltd. (b)
| | | 2,700 | | 141,970 |
F@N Communications, Inc.
| | | 5,200 | | 26,450 |
FamilyMart UNY Holdings Co., Ltd. (b)
| | | 68,800 | | 1,753,488 |
Fancl Corp.
| | | 16,900 | | 436,681 |
FANUC Corp.
| | | 66,255 | | 11,301,390 |
Fast Retailing Co., Ltd.
| | | 12,800 | | 6,016,931 |
Feed One Co., Ltd.
| | | 1,210,900 | | 1,925,450 |
FFRI, Inc. (a)(b)
| | | 7,500 | | 215,476 |
Financial Products Group Co., Ltd.
| | | 79,200 | | 648,999 |
FINDEX, Inc. (b)
| | | 60,900 | | 444,570 |
Fixstars Corp. (b)
| | | 7,700 | | 96,767 |
Focus Systems Corp. (b)
| | | 13,300 | | 116,436 |
Foster Electric Co., Ltd.
| | | 82,200 | | 1,234,281 |
FP Corp.
| | | 5,800 | | 342,702 |
Frontier Real Estate Investment Corp. REIT
| | | 20 | | 83,932 |
Fuji Electric Co., Ltd.
| | | 16,600 | | 470,922 |
Fuji Seal International, Inc.
| | | 17,500 | | 632,425 |
FUJIFILM Holdings Corp.
| | | 161,110 | | 7,327,350 |
Fujitsu, Ltd.
| | | 75,751 | | 5,465,488 |
Fukuoka Financial Group, Inc.
| | | 161,110 | | 3,574,885 |
Fukuoka REIT Corp.
| | | 10 | | 15,386 |
Fukuyama Transporting Co., Ltd. (b)
| | | 9,000 | | 346,388 |
Furukawa Electric Co., Ltd.
| | | 77,455 | | 1,953,082 |
Gakujo Co., Ltd.
| | | 17,400 | | 193,674 |
GLP J-REIT
| | | 819 | | 878,306 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
GMO internet, Inc.
| | | 3,500 | | $57,045 |
GMO Payment Gateway, Inc.
| | | 7,400 | | 525,491 |
Goldwin, Inc. (b)
| | | 3,800 | | 553,426 |
GS Yuasa Corp. (b)
| | | 3,400 | | 66,688 |
Gumi, Inc. (a)(b)
| | | 15,300 | | 97,452 |
GungHo Online Entertainment, Inc. (b)
| | | 82,700 | | 301,108 |
Gunma Bank, Ltd.
| | | 86,000 | | 325,555 |
Gurunavi, Inc.
| | | 5,200 | | 32,651 |
Hachijuni Bank, Ltd.
| | | 153,500 | | 636,550 |
Hakuhodo DY Holdings, Inc.
| | | 78,600 | | 1,262,599 |
Hamamatsu Photonics KK
| | | 75,000 | | 2,900,122 |
Hankyu Hanshin Holdings, Inc.
| | | 79,700 | | 2,988,255 |
Hankyu Hanshin REIT, Inc.
| | | 831 | | 1,117,160 |
Haseko Corp.
| | | 79,000 | | 993,522 |
Heiwa Real Estate REIT, Inc.
| | | 2,399 | | 2,798,129 |
Hikari Tsushin, Inc.
| | | 5,000 | | 947,283 |
Hino Motors, Ltd.
| | | 75,700 | | 637,416 |
Hirose Electric Co., Ltd.
| | | 2,940 | | 308,914 |
Hiroshima Bank, Ltd.
| | | 15,500 | | 78,981 |
Hisamitsu Pharmaceutical Co., Inc.
| | | 10,100 | | 464,462 |
Hitachi Chemical Co., Ltd.
| | | 4,800 | | 106,334 |
Hitachi Construction Machinery Co., Ltd. (b)
| | | 13,700 | | 363,526 |
Hitachi High-Technologies Corp.
| | | 3,700 | | 151,597 |
Hitachi Metals, Ltd.
| | | 77,700 | | 902,762 |
Hitachi, Ltd.
| | | 311,095 | | 10,076,122 |
Hokkoku Bank, Ltd. (b)
| | | 16,555 | | 519,003 |
Hokuhoku Financial Group, Inc.
| | | 28,600 | | 297,925 |
Honda Motor Co., Ltd.
| | | 420,275 | | 11,372,125 |
Horiba, Ltd.
| | | 4,900 | | 272,259 |
Hoshizaki Corp.
| | | 7,200 | | 446,239 |
House Foods Group, Inc. (b)
| | | 12,000 | | 482,450 |
Hoya Corp.
| | | 82,806 | | 5,468,031 |
Hulic Co., Ltd.
| | | 81,200 | | 796,704 |
Hulic Reit, Inc.
| | | 421 | | 718,117 |
Hyakugo Bank, Ltd.
| | | 74,550 | | 237,084 |
Ibiden Co., Ltd.
| | | 81,000 | | 1,230,899 |
IBJ, Inc.
| | | 17,100 | | 137,962 |
Ichigo Office REIT Investment
| | | 3,217 | | 3,086,646 |
Idemitsu Kosan Co., Ltd.
| | | 27,400 | | 917,170 |
IHI Corp.
| | | 30,800 | | 739,912 |
Iida Group Holdings Co., Ltd.
| | | 60,600 | | 1,097,737 |
Industrial & Infrastructure Fund Investment Corp. REIT
| | | 160 | | 178,814 |
Infomart Corp. (b)
| | | 157,600 | | 1,919,364 |
Infoteria Corp.
| | | 11,900 | | 101,384 |
Inpex Corp.
| | | 245,100 | | 2,337,291 |
Intage Holdings, Inc.
| | | 154,400 | | 1,198,262 |
Iriso Electronics Co., Ltd. (b)
| | | 4,400 | | 201,147 |
Isetan Mitsukoshi Holdings, Ltd. (b)
| | | 83,500 | | 844,166 |
Isuzu Motors, Ltd.
| | | 325,900 | | 4,281,146 |
Ito En, Ltd.
| | | 8,200 | | 425,984 |
ITOCHU Corp.
| | | 387,850 | | 7,016,937 |
| Security Description | | | Shares | | Value |
Iwatani Corp. (b)
| | | 2,800 | | $89,931 |
Iyo Bank, Ltd.
| | | 79,900 | | 423,015 |
Izumi Co., Ltd.
| | | 6,100 | | 284,375 |
J Front Retailing Co., Ltd.
| | | 74,600 | | 887,638 |
Jafco Co., Ltd. (a)
| | | 2,100 | | 75,227 |
Japan Airlines Co., Ltd.
| | | 14,000 | | 493,165 |
Japan Airport Terminal Co., Ltd. (b)
| | | 4,800 | | 202,738 |
Japan Excellent, Inc. REIT
| | | 748 | | 1,087,349 |
Japan Exchange Group, Inc.
| | | 160,400 | | 2,859,188 |
Japan Hotel REIT Investment Corp.
| | | 820 | | 661,571 |
Japan Logistics Fund, Inc. REIT
| | | 37 | | 78,523 |
Japan Post Bank Co., Ltd. (b)
| | | 83,400 | | 910,969 |
Japan Post Holdings Co., Ltd.
| | | 344,700 | | 4,036,059 |
Japan Post Insurance Co., Ltd. (b)
| | | 14,300 | | 309,423 |
Japan Prime Realty Investment Corp. REIT
| | | 120 | | 494,376 |
Japan Real Estate Investment Corp. REIT
| | | 151 | | 890,843 |
Japan Retail Fund Investment Corp. REIT
| | | 790 | | 1,589,493 |
Japan Tissue Engineering Co., Ltd. (a)(b)
| | | 2,200 | | 19,836 |
Japan Tobacco, Inc.
| | | 248,600 | | 6,165,307 |
JFE Holdings, Inc.
| | | 161,110 | | 2,734,292 |
JGC Corp. (b)
| | | 75,900 | | 1,008,709 |
JSR Corp.
| | | 156,500 | | 2,426,291 |
JTEKT Corp.
| | | 76,900 | | 946,269 |
JXTG Holdings, Inc.
| | | 879,700 | | 4,025,550 |
Kagome Co., Ltd.
| | | 11,700 | | 328,744 |
Kajima Corp.
| | | 76,037 | | 1,122,505 |
Kakaku.com, Inc.
| | | 78,300 | | 1,504,667 |
Kaken Pharmaceutical Co., Ltd.
| | | 2,000 | | 90,889 |
Kamigumi Co., Ltd.
| | | 18,400 | | 426,233 |
Kaneka Corp.
| | | 7,600 | | 284,609 |
Kansai Electric Power Co., Inc.
| | | 318,000 | | 4,688,765 |
Kansai Paint Co., Ltd. (b)
| | | 78,400 | | 1,495,256 |
Kao Corp.
| | | 156,300 | | 12,310,823 |
Kawasaki Heavy Industries, Ltd.
| | | 14,000 | | 345,304 |
KDDI Corp.
| | | 479,100 | | 10,323,472 |
Keihan Holdings Co., Ltd.
| | | 22,700 | | 954,678 |
Keikyu Corp. (b)
| | | 80,000 | | 1,357,366 |
Keio Corp. (b)
| | | 14,700 | | 949,587 |
Keisei Electric Railway Co., Ltd.
| | | 76,100 | | 2,763,898 |
Kenedix Office Investment Corp. REIT
| | | 42 | | 291,801 |
Kenedix, Inc. (b)
| | | 79,900 | | 399,915 |
Kewpie Corp.
| | | 5,500 | | 131,928 |
Keyence Corp.
| | | 18,800 | | 11,714,650 |
Kikkoman Corp. (b)
| | | 24,800 | | 1,216,642 |
Kintetsu Group Holdings Co., Ltd.
| | | 24,410 | | 1,137,964 |
Kirin Holdings Co., Ltd.
| | | 235,800 | | 5,629,503 |
Kiyo Bank, Ltd.
| | | 164,400 | | 2,291,812 |
KNT-CT Holdings Co., Ltd. (a)
| | | 15,000 | | 180,106 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Kobayashi Pharmaceutical Co., Ltd.
| | | 6,600 | | $556,932 |
Kobe Steel, Ltd. (b)
| | | 82,199 | | 617,133 |
Koito Manufacturing Co., Ltd.
| | | 16,700 | | 946,009 |
Komatsu, Ltd.
| | | 318,120 | | 7,387,880 |
Konami Holdings Corp.
| | | 12,400 | | 538,302 |
Konica Minolta, Inc.
| | | 248,175 | | 2,441,727 |
Kose Corp.
| | | 3,600 | | 661,228 |
K's Holdings Corp.
| | | 74,600 | | 661,853 |
Kubota Corp.
| | | 399,650 | | 5,775,310 |
Kuraray Co., Ltd.
| | | 81,800 | | 1,040,560 |
Kurita Water Industries, Ltd.
| | | 81,310 | | 2,076,735 |
Kyocera Corp.
| | | 81,600 | | 4,791,977 |
Kyoritsu Maintenance Co., Ltd.
| | | 1,200 | | 59,520 |
Kyowa Exeo Corp.
| | | 12,400 | | 342,251 |
Kyowa Hakko Kirin Co., Ltd.
| | | 76,100 | | 1,656,963 |
Kyudenko Corp.
| | | 8,200 | | 257,072 |
Kyushu Electric Power Co., Inc. (b)
| | | 84,300 | | 995,438 |
Kyushu Financial Group, Inc.
| | | 75,900 | | 308,578 |
Kyushu Railway Co. (b)
| | | 18,500 | | 608,393 |
Lawson, Inc.
| | | 1,500 | | 83,209 |
Leopalace21 Corp. (a)(b)
| | | 1,600 | | 3,195 |
Like Co., Ltd.
| | | 6,200 | | 51,198 |
Lion Corp.
| | | 59,900 | | 1,260,939 |
LIXIL Group Corp.
| | | 76,200 | | 1,017,515 |
M3, Inc.
| | | 150,200 | | 2,519,957 |
Mabuchi Motor Co., Ltd.
| | | 3,500 | | 121,742 |
Maeda Corp.
| | | 35,900 | | 356,130 |
Makita Corp.
| | | 77,400 | | 2,695,731 |
Marubeni Corp.
| | | 808,050 | | 5,584,842 |
Maruha Nichiro Corp.
| | | 10,200 | | 364,928 |
Marui Group Co., Ltd. (b)
| | | 76,500 | | 1,544,722 |
Maruichi Steel Tube, Ltd.
| | | 10,200 | | 297,195 |
Matsumotokiyoshi Holdings Co., Ltd.
| | | 5,000 | | 166,463 |
Matsuya Co., Ltd. (b)
| | | 159,000 | | 1,442,255 |
Mazda Motor Corp.
| | | 161,600 | | 1,808,209 |
McDonald's Holdings Co. Japan, Ltd.
| | | 5,600 | | 259,041 |
MCUBS MidCity Investment Corp. REIT
| | | 3,895 | | 3,582,337 |
Mebuki Financial Group, Inc.
| | | 234,800 | | 600,338 |
Medipal Holdings Corp.
| | | 163,399 | | 3,882,544 |
MEIJI Holdings Co., Ltd.
| | | 29,100 | | 2,363,545 |
Meiko Network Japan Co., Ltd. (b)
| | | 158,900 | | 1,382,488 |
Metaps, Inc. (a)(b)
| | | 4,100 | | 54,970 |
Milbon Co., Ltd.
| | | 1,200 | | 55,834 |
MINEBEA MITSUMI, Inc.
| | | 83,500 | | 1,254,556 |
MISUMI Group, Inc. (b)
| | | 78,400 | | 1,949,287 |
Mitsubishi Chemical Holdings Corp.
| | | 398,300 | | 2,804,671 |
Mitsubishi Corp.
| | | 481,538 | | 13,373,518 |
Mitsubishi Electric Corp.
| | | 719,950 | | 9,252,644 |
Mitsubishi Estate Co., Ltd.
| | | 323,025 | | 5,852,886 |
| Security Description | | | Shares | | Value |
Mitsubishi Gas Chemical Co., Inc. (b)
| | | 76,100 | | $1,085,620 |
Mitsubishi Heavy Industries, Ltd.
| | | 51,410 | | 2,135,639 |
Mitsubishi Logistics Corp. (b)
| | | 4,500 | | 125,627 |
Mitsubishi Materials Corp.
| | | 17,100 | | 451,427 |
Mitsubishi Motors Corp. (b)
| | | 241,500 | | 1,282,938 |
Mitsubishi Tanabe Pharma Corp.
| | | 77,100 | | 1,030,229 |
Mitsubishi UFJ Financial Group, Inc.
| | | 3,329,924 | | 16,546,580 |
Mitsubishi UFJ Lease & Finance Co., Ltd.
| | | 154,800 | | 788,790 |
Mitsui & Co., Ltd.
| | | 565,226 | | 8,775,723 |
Mitsui Chemicals, Inc.
| | | 27,110 | | 654,206 |
Mitsui Fudosan Co., Ltd.
| | | 244,500 | | 6,146,463 |
Mitsui Mining & Smelting Co., Ltd. (b)
| | | 3,200 | | 82,078 |
Mitsui OSK Lines, Ltd.
| | | 14,255 | | 306,646 |
Miura Co., Ltd. (b)
| | | 16,300 | | 375,672 |
Mixi, Inc.
| | | 2,100 | | 48,532 |
Mizuho Financial Group, Inc.
| | | 6,307,800 | | 9,762,173 |
MonotaRO Co., Ltd.
| | | 17,800 | | 395,770 |
Mori Hills REIT Investment Corp.
| | | 52 | | 69,906 |
Morinaga & Co., Ltd.
| | | 2,600 | | 112,870 |
Morpho, Inc. (a)(b)
| | | 5,800 | | 117,588 |
MS&AD Insurance Group Holdings, Inc.
| | | 161,399 | | 4,914,077 |
Murata Manufacturing Co., Ltd.
| | | 229,500 | | 11,428,866 |
Musashino Bank, Ltd.
| | | 80,555 | | 1,607,679 |
Nabtesco Corp.
| | | 15,000 | | 437,051 |
Nachi-Fujikoshi Corp. (b)
| | | 1,500 | | 60,306 |
Nagase & Co., Ltd.
| | | 47,600 | | 683,348 |
Nagoya Railroad Co., Ltd.
| | | 62,400 | | 1,727,931 |
Nankai Electric Railway Co., Ltd.
| | | 5,400 | | 149,045 |
Nanto Bank, Ltd.
| | | 80,355 | | 1,504,955 |
NEC Corp.
| | | 33,800 | | 1,143,615 |
NET One Systems Co., Ltd.
| | | 18,600 | | 468,340 |
Nexon Co., Ltd. (a)
| | | 145,800 | | 2,284,114 |
NGK Insulators, Ltd.
| | | 79,900 | | 1,160,764 |
NGK Spark Plug Co., Ltd.
| | | 61,500 | | 1,141,266 |
NH Foods, Ltd. (b)
| | | 13,000 | | 468,040 |
NHK Spring Co., Ltd. (b)
| | | 76,700 | | 688,800 |
Nichirei Corp.
| | | 73,600 | | 1,813,984 |
Nidec Corp.
| | | 79,700 | | 10,098,862 |
Nifco, Inc. (b)
| | | 5,000 | | 127,389 |
Nihon M&A Center, Inc. (b)
| | | 7,400 | | 202,575 |
Nikkon Holdings Co., Ltd.
| | | 14,700 | | 347,828 |
Nikon Corp. (b)
| | | 160,800 | | 2,267,776 |
Nintendo Co., Ltd.
| | | 24,200 | | 6,900,230 |
Nippon Accommodations Fund, Inc. REIT
| | | 11 | | 55,852 |
Nippon Building Fund, Inc. REIT
| | | 284 | | 1,924,380 |
Nippon Electric Glass Co., Ltd.
| | | 4,000 | | 106,067 |
Nippon Express Co., Ltd. (b)
| | | 11,000 | | 612,188 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Nippon Paint Holdings Co., Ltd. (b)
| | | 76,100 | | $2,990,785 |
Nippon Paper Industries Co., Ltd. (b)
| | | 4,200 | | 86,743 |
Nippon Prologis REIT, Inc.
| | | 740 | | 1,576,474 |
NIPPON REIT Investment Corp.
| | | 97 | | 374,206 |
Nippon Shinyaku Co., Ltd.
| | | 8,600 | | 626,246 |
Nippon Steel & Sumitomo Metal Corp.
| | | 234,400 | | 4,138,028 |
Nippon Suisan Kaisha, Ltd.
| | | 488,100 | | 3,726,291 |
Nippon Telegraph & Telephone Corp.
| | | 161,700 | | 6,870,625 |
Nippon Television Holdings, Inc.
| | | 2,000 | | 29,995 |
Nippon Yusen KK (b)
| | | 16,555 | | 242,600 |
Nipro Corp.
| | | 53,300 | | 688,130 |
Nissan Chemical Corp.
| | | 24,900 | | 1,140,561 |
Nissan Motor Co., Ltd. (b)
| | | 634,541 | | 5,206,578 |
Nissei ASB Machine Co., Ltd. (b)
| | | 4,300 | | 147,043 |
Nisshin Seifun Group, Inc.
| | | 77,600 | | 1,780,765 |
Nissin Foods Holdings Co., Ltd.
| | | 10,400 | | 714,099 |
Nitori Holdings Co., Ltd.
| | | 14,600 | | 1,886,254 |
Nitto Denko Corp.
| | | 75,800 | | 3,982,265 |
NOF Corp.
| | | 11,300 | | 384,885 |
NOK Corp. (b)
| | | 5,700 | | 88,730 |
Nomura Holdings, Inc.
| | | 969,685 | | 3,506,057 |
Nomura Real Estate Holdings, Inc.
| | | 6,000 | | 115,192 |
Nomura Real Estate Master Fund, Inc. REIT
| | | 839 | | 1,237,067 |
Nomura Research Institute, Ltd.
| | | 16,100 | | 731,653 |
NSK, Ltd.
| | | 84,200 | | 788,864 |
NTN Corp. (b)
| | | 142,900 | | 423,465 |
NTT Data Corp.
| | | 322,000 | | 3,552,080 |
NTT DOCOMO, Inc.
| | | 318,900 | | 7,063,137 |
Obayashi Corp.
| | | 162,950 | | 1,640,026 |
Obic Co., Ltd.
| | | 8,000 | | 806,613 |
Odakyu Electric Railway Co., Ltd.
| | | 82,599 | | 2,002,196 |
Ogaki Kyoritsu Bank, Ltd.
| | | 16,555 | | 344,008 |
Oji Holdings Corp.
| | | 177,600 | | 1,102,328 |
Oki Electric Industry Co., Ltd.
| | | 3,600 | | 42,542 |
Olympus Corp.
| | | 325,600 | | 3,535,901 |
Omron Corp. (b)
| | | 75,700 | | 3,542,720 |
OncoTherapy Science, Inc. (a)(b)
| | | 141,900 | | 173,072 |
Ono Pharmaceutical Co., Ltd.
| | | 156,100 | | 3,058,959 |
Oracle Corp. Japan
| | | 1,900 | | 127,542 |
Oriental Land Co., Ltd.
| | | 78,400 | | 8,903,537 |
ORIX Corp.
| | | 322,100 | | 4,625,541 |
Orix JREIT, Inc. REIT
| | | 725 | | 1,245,178 |
Osaka Gas Co., Ltd.
| | | 91,700 | | 1,809,394 |
Otsuka Corp.
| | | 13,200 | | 493,129 |
Otsuka Holdings Co., Ltd.
| | | 156,900 | | 6,164,865 |
| Security Description | | | Shares | | Value |
Pan Pacific International Holdings Corp.
| | | 28,000 | | $1,854,271 |
Panasonic Corp.
| | | 580,450 | | 5,003,979 |
Park24 Co., Ltd.
| | | 5,100 | | 110,722 |
Penta-Ocean Construction Co., Ltd.
| | | 69,700 | | 323,044 |
PeptiDream, Inc. (a)
| | | 11,300 | | 554,357 |
Pigeon Corp.
| | | 76,500 | | 3,127,456 |
Pola Orbis Holdings, Inc.
| | | 4,800 | | 153,083 |
Premier Investment Corp. REIT
| | | 285 | | 359,453 |
Rakuten, Inc.
| | | 163,200 | | 1,545,228 |
Raysum Co., Ltd.
| | | 3,300 | | 30,351 |
Recruit Holdings Co., Ltd.
| | | 397,900 | | 11,363,436 |
Relo Group, Inc.
| | | 10,000 | | 280,978 |
Renesas Electronics Corp. (a)
| | | 76,900 | | 355,719 |
ReproCELL, Inc. (a)(b)
| | | 162,400 | | 355,069 |
Resona Holdings, Inc.
| | | 560,400 | | 2,428,729 |
Ricoh Co., Ltd. (b)
| | | 159,400 | | 1,666,222 |
Ringer Hut Co., Ltd. (b)
| | | 900 | | 19,214 |
Rinnai Corp.
| | | 5,100 | | 360,781 |
Riso Kyoiku Co., Ltd. (b)
| | | 258,318 | | 1,190,244 |
Rock Field Co., Ltd. (b)
| | | 158,200 | | 2,336,875 |
Rohm Co., Ltd.
| | | 12,300 | | 766,771 |
Rohto Pharmaceutical Co., Ltd.
| | | 5,901 | | 151,517 |
Ryohin Keikaku Co., Ltd.
| | | 4,400 | | 1,114,659 |
San-In Godo Bank, Ltd.
| | | 74,650 | | 535,503 |
Sankyo Co., Ltd.
| | | 10,000 | | 381,262 |
Sankyu, Inc. (b)
| | | 7,300 | | 356,146 |
Sanrio Co., Ltd.
| | | 3,900 | | 93,056 |
Santen Pharmaceutical Co., Ltd.
| | | 84,300 | | 1,255,913 |
Sanwa Holdings Corp.
| | | 74,900 | | 891,207 |
Sapporo Holdings, Ltd.
| | | 17,300 | | 377,776 |
Sawai Pharmaceutical Co., Ltd.
| | | 1,600 | | 92,659 |
SBI Holdings, Inc. (b)
| | | 75,500 | | 1,682,098 |
SCREEN Holdings Co., Ltd. (b)
| | | 2,800 | | 112,825 |
Secom Co., Ltd.
| | | 80,748 | | 6,917,401 |
Sega Sammy Holdings, Inc.
| | | 62,800 | | 740,993 |
Seibu Holdings, Inc.
| | | 76,400 | | 1,337,009 |
Seiko Epson Corp. (b)
| | | 84,600 | | 1,295,541 |
Seino Holdings Co., Ltd.
| | | 75,600 | | 1,007,454 |
Sekisui Chemical Co., Ltd.
| | | 83,400 | | 1,340,458 |
Sekisui House Reit, Inc.
| | | 1,468 | | 1,110,102 |
Sekisui House, Ltd.
| | | 160,800 | | 2,661,477 |
Seria Co., Ltd. (b)
| | | 3,800 | | 130,975 |
Seven & i Holdings Co., Ltd.
| | | 241,528 | | 9,112,535 |
Seven Bank, Ltd.
| | | 164,300 | | 485,396 |
SG Holdings Co., Ltd.
| | | 64,900 | | 1,890,974 |
Sharp Corp. (b)
| | | 14,200 | | 156,260 |
Shiga Bank, Ltd. (b)
| | | 2,310 | | 55,055 |
Shikoku Bank, Ltd.
| | | 1,820 | | 17,101 |
Shikoku Electric Power Co., Inc.
| | | 75,700 | | 921,928 |
Shimadzu Corp.
| | | 81,400 | | 2,353,345 |
Shimamura Co., Ltd.
| | | 1,400 | | 118,517 |
Shimano, Inc.
| | | 14,200 | | 2,309,256 |
Shimizu Corp.
| | | 159,513 | | 1,386,380 |
Shin-Etsu Chemical Co., Ltd.
| | | 89,917 | | 7,538,779 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Shinsei Bank, Ltd. (a)
| | | 5,200 | | $73,994 |
Shionogi & Co., Ltd.
| | | 80,300 | | 4,971,004 |
Ship Healthcare Holdings, Inc.
| | | 9,600 | | 394,200 |
Shiseido Co., Ltd.
| | | 89,100 | | 6,429,432 |
Shizuoka Bank, Ltd.
| | | 149,200 | | 1,136,338 |
SHO-BOND Holdings Co., Ltd.
| | | 8,800 | | 587,541 |
Showa Denko KK
| | | 53,200 | | 1,869,702 |
Showa Shell Sekiyu KK (e)
| | | 63,400 | | 870,107 |
Skylark Holdings Co., Ltd.
| | | 69,400 | | 1,150,553 |
SMC Corp.
| | | 13,500 | | 5,065,320 |
SMS Co., Ltd. (b)
| | | 147,200 | | 2,658,470 |
SoftBank Group Corp.
| | | 231,836 | | 22,506,011 |
Sohgo Security Services Co., Ltd.
| | | 12,200 | | 531,273 |
Sojitz Corp.
| | | 317,800 | | 1,119,772 |
Sompo Holdings, Inc.
| | | 161,800 | | 5,990,481 |
Sony Corp.
| | | 320,220 | | 13,438,333 |
Sony Financial Holdings, Inc.
| | | 72,900 | | 1,375,211 |
Sotetsu Holdings, Inc.
| | | 11,800 | | 363,003 |
Square Enix Holdings Co., Ltd.
| | | 11,100 | | 389,104 |
Stanley Electric Co., Ltd. (b)
| | | 67,773 | | 1,821,608 |
Starts Proceed Investment Corp. REIT
| | | 51 | | 84,274 |
Subaru Corp.
| | | 161,300 | | 3,676,011 |
Sugi Holdings Co., Ltd.
| | | 8,100 | | 356,756 |
SUMCO Corp.
| | | 73,600 | | 818,554 |
Sumitomo Chemical Co., Ltd.
| | | 805,550 | | 3,748,098 |
Sumitomo Corp.
| | | 408,275 | | 5,647,279 |
Sumitomo Dainippon Pharma Co., Ltd.
| | | 61,900 | | 1,530,653 |
Sumitomo Electric Industries, Ltd.
| | | 245,720 | | 3,260,061 |
Sumitomo Forestry Co., Ltd. (b)
| | | 72,600 | | 1,008,142 |
Sumitomo Heavy Industries, Ltd.
| | | 14,800 | | 479,360 |
Sumitomo Metal Mining Co., Ltd.
| | | 36,200 | | 1,069,467 |
Sumitomo Mitsui Financial Group, Inc.
| | | 324,600 | | 11,366,939 |
Sumitomo Mitsui Trust Holdings, Inc.
| | | 157,055 | | 5,641,692 |
Sumitomo Osaka Cement Co., Ltd.
| | | 8,800 | | 346,641 |
Sumitomo Realty & Development Co., Ltd.
| | | 98,800 | | 4,093,570 |
Sumitomo Rubber Industries, Ltd. (b)
| | | 76,200 | | 914,249 |
Sun Corp.
| | | 3,000 | | 23,174 |
Sun Frontier Fudousan Co., Ltd.
| | | 3,100 | | 33,161 |
Sundrug Co., Ltd.
| | | 3,900 | | 107,467 |
Suntory Beverage & Food, Ltd.
| | | 11,100 | | 521,480 |
Suruga Bank, Ltd. (a)(b)
| | | 75,300 | | 348,999 |
Suzuken Co., Ltd.
| | | 11,800 | | 683,363 |
Suzuki Motor Corp.
| | | 94,000 | | 4,159,660 |
Sysmex Corp.
| | | 66,300 | | 4,007,291 |
T&D Holdings, Inc.
| | | 241,900 | | 2,543,900 |
Tadano, Ltd. (b)
| | | 5,200 | | 49,376 |
| Security Description | | | Shares | | Value |
Taiheiyo Cement Corp.
| | | 17,700 | | $590,080 |
Taisei Corp.
| | | 66,487 | | 3,087,529 |
Taisho Pharmaceutical Holdings Co., Ltd.
| | | 6,300 | | 600,488 |
Taiyo Nippon Sanso Corp. (b)
| | | 74,900 | | 1,140,908 |
Taiyo Yuden Co., Ltd. (b)
| | | 85,800 | | 1,687,551 |
Takara Holdings, Inc.
| | | 58,000 | | 685,929 |
Takashimaya Co., Ltd.
| | | 10,500 | | 139,829 |
Takeda Pharmaceutical Co., Ltd.
| | | 349,615 | | 14,280,249 |
Takeuchi Manufacturing Co., Ltd.
| | | 83,000 | | 1,460,008 |
TDK Corp.
| | | 16,955 | | 1,328,092 |
Teijin, Ltd.
| | | 161,910 | | 2,671,073 |
Temp Holdings Co., Ltd.
| | | 67,600 | | 1,094,450 |
Terumo Corp.
| | | 161,800 | | 4,940,904 |
THK Co., Ltd.
| | | 14,200 | | 350,750 |
TIS, Inc.
| | | 9,700 | | 459,213 |
Tobu Railway Co., Ltd.
| | | 67,300 | | 1,942,662 |
Toda Corp.
| | | 63,000 | | 387,044 |
Toho Bank, Ltd.
| | | 12,101 | | 32,361 |
Toho Co., Ltd.
| | | 74,800 | | 3,003,894 |
Toho Gas Co., Ltd. (b)
| | | 4,400 | | 197,570 |
Toho Holdings Co., Ltd. (b)
| | | 13,500 | | 336,997 |
Tohoku Electric Power Co., Inc.
| | | 158,800 | | 2,025,799 |
Tokai Carbon Co., Ltd. (b)
| | | 75,500 | | 942,684 |
Tokio Marine Holdings, Inc.
| | | 234,665 | | 11,368,060 |
Tokuyama Corp.
| | | 9,100 | | 214,746 |
Tokyo Base Co., Ltd. (a)(b)
| | | 17,000 | | 148,674 |
Tokyo Century Corp.
| | | 6,500 | | 282,762 |
Tokyo Dome Corp.
| | | 166,200 | | 1,587,147 |
Tokyo Electric Power Co. Holdings, Inc. (a)
| | | 322,575 | | 2,040,046 |
Tokyo Electron, Ltd.
| | | 65,155 | | 9,418,440 |
Tokyo Gas Co., Ltd.
| | | 74,595 | | 2,017,438 |
Tokyo Tatemono Co., Ltd.
| | | 74,700 | | 915,823 |
Tokyu Corp.
| | | 97,575 | | 1,704,047 |
Tokyu Fudosan Holdings Corp.
| | | 84,900 | | 507,782 |
Toppan Printing Co., Ltd.
| | | 64,300 | | 970,730 |
Toray Industries, Inc.
| | | 787,550 | | 5,029,761 |
Toshiba Corp.
| | | 151,851 | | 4,836,019 |
Tosoh Corp.
| | | 71,600 | | 1,113,282 |
TOTO, Ltd. (b)
| | | 59,800 | | 2,536,577 |
Toyo Seikan Group Holdings, Ltd.
| | | 73,600 | | 1,507,442 |
Toyo Suisan Kaisha, Ltd.
| | | 12,300 | | 468,397 |
Toyo Tire Corp.
| | | 74,700 | | 846,985 |
Toyoda Gosei Co., Ltd.
| | | 16,000 | | 338,835 |
Toyota Industries Corp.
| | | 75,400 | | 3,780,729 |
Toyota Motor Corp.
| | | 633,988 | | 37,156,617 |
Toyota Tsusho Corp.
| | | 74,800 | | 2,436,229 |
Trend Micro, Inc.
| | | 20,000 | | 973,935 |
Tsumura & Co.
| | | 3,500 | | 106,406 |
Tsuruha Holdings, Inc.
| | | 4,200 | | 341,510 |
Ube Industries, Ltd.
| | | 5,200 | | 106,880 |
Ubiquitous AI Corp. (a)(b)
| | | 58,100 | | 493,418 |
Ulvac, Inc. (b)
| | | 2,600 | | 75,168 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Unicharm Corp.
| | | 83,200 | | $2,753,414 |
United Urban Investment Corp. REIT
| | | 790 | | 1,248,326 |
USS Co., Ltd.
| | | 76,210 | | 1,414,242 |
Warabeya Nichiyo Holdings Co., Ltd. (b)
| | | 80,800 | | 1,328,599 |
Welcia Holdings Co., Ltd.
| | | 6,500 | | 220,513 |
West Japan Railway Co.
| | | 74,700 | | 5,627,893 |
WirelessGate, Inc. (a)(b)
| | | 8,600 | | 37,217 |
Yahoo! Japan Corp. (b)
| | | 246,600 | | 603,773 |
Yakult Honsha Co., Ltd.
| | | 73,200 | | 5,118,742 |
Yamada Denki Co., Ltd. (b)
| | | 407,080 | | 2,008,092 |
Yamagata Bank, Ltd.
| | | 1,634 | | 29,082 |
Yamaguchi Financial Group, Inc.
| | | 12,000 | | 101,694 |
Yamaha Corp.
| | | 76,400 | | 3,817,066 |
Yamaha Motor Co., Ltd.
| | | 77,500 | | 1,520,102 |
Yamanashi Chuo Bank, Ltd.
| | | 1,510 | | 18,704 |
Yamato Holdings Co., Ltd.
| | | 81,400 | | 2,102,567 |
Yamazaki Baking Co., Ltd.
| | | 75,600 | | 1,226,703 |
Yaskawa Electric Corp. (b)
| | | 76,300 | | 2,395,469 |
Yokogawa Electric Corp.
| | | 76,000 | | 1,573,077 |
Yokohama Rubber Co., Ltd.
| | | 6,300 | | 117,024 |
Zenrin Co., Ltd.
| | | 2,100 | | 46,502 |
Zeon Corp.
| | | 63,400 | | 641,532 |
ZOZO, Inc. (b)
| | | 76,700 | | 1,445,509 |
| | | | | | 1,078,709,176 |
| JORDAN — 0.0% (d) | | | | | |
Hikma Pharmaceuticals PLC
| | | 34,577 | | 807,171 |
| LUXEMBOURG — 0.2% | | | | | |
APERAM SA
| | | 11,246 | | 320,614 |
ArcelorMittal
| | | 129,508 | | 2,625,959 |
Aroundtown SA
| | | 164,763 | | 1,359,780 |
Eurofins Scientific SE (b)
| | | 2,403 | | 995,639 |
Millicom International Cellular SA SDR
| | | 14,515 | | 883,391 |
SES SA
| | | 83,523 | | 1,300,312 |
Tenaris SA
| | | 92,952 | | 1,306,205 |
| | | | | | 8,791,900 |
| MACAU — 0.0% (d) | | | | | |
MGM China Holdings, Ltd.
| | | 21,600 | | 45,181 |
Wynn Macau, Ltd.
| | | 308,000 | | 725,865 |
| | | | | | 771,046 |
| MALTA — 0.0% (d) | | | | | |
Catena Media PLC (a)(b)
| | | 51,769 | | 360,558 |
Kindred Group PLC
| | | 55,791 | | 559,997 |
| | | | | | 920,555 |
| MEXICO — 0.0% (d) | | | | | |
Fresnillo PLC
| | | 49,319 | | 559,621 |
| NETHERLANDS — 3.8% | | | | | |
Aalberts Industries NV
| | | 23,213 | | 803,575 |
ABN AMRO Group NV (f)
| | | 100,329 | | 2,264,354 |
Adyen NV (a)(f)
| | | 5,106 | | 4,001,823 |
| Security Description | | | Shares | | Value |
Aegon NV
| | | 618,282 | | $2,974,115 |
Akzo Nobel NV
| | | 82,330 | | 7,302,170 |
ALTICE EUROPE NV (a)(b)
| | | 77,769 | | 204,423 |
ASML Holding NV
| | | 106,556 | | 20,004,877 |
ASR Nederland NV
| | | 36,269 | | 1,510,884 |
Constellium NV Class A (a)
| | | 20,123 | | 160,581 |
Euronext NV (f)
| | | 16,819 | | 1,067,014 |
EXOR NV
| | | 24,086 | | 1,565,903 |
Fugro NV (a)(b)
| | | 32,973 | | 335,805 |
Gemalto NV (a)
| | | 7,534 | | 431,268 |
Heineken Holding NV
| | | 23,417 | | 2,348,034 |
Heineken NV
| | | 54,132 | | 5,718,381 |
ING Groep NV
| | | 1,025,250 | | 12,414,561 |
Koninklijke Ahold Delhaize NV
| | | 371,567 | | 9,898,401 |
Koninklijke DSM NV
| | | 73,842 | | 8,055,874 |
Koninklijke KPN NV (b)
| | | 1,137,093 | | 3,608,194 |
Koninklijke Philips NV
| | | 227,192 | | 9,264,048 |
NN Group NV
| | | 80,170 | | 3,333,399 |
NXP Semiconductors NV
| | | 82,208 | | 7,266,365 |
OCI NV (a)
| | | 9,687 | | 266,488 |
Pharming Group NV (a)(b)
| | | 109,744 | | 99,875 |
PostNL NV
| | | 216,248 | | 553,373 |
Randstad NV (b)
| | | 16,018 | | 781,843 |
Royal Dutch Shell PLC Class A
| | | 1,108,999 | | 34,877,045 |
Royal Dutch Shell PLC Class B
| | | 909,196 | | 28,765,202 |
SBM Offshore NV
| | | 103,526 | | 1,970,920 |
Signify NV (f)
| | | 36,283 | | 971,658 |
Wolters Kluwer NV
| | | 75,253 | | 5,129,018 |
| | | | | | 177,949,471 |
| NEW ZEALAND — 0.3% | | | | | |
a2 Milk Co., Ltd. (a)(b)
| | | 404,642 | | 3,949,070 |
Air New Zealand, Ltd.
| | | 311,237 | | 538,088 |
Auckland International Airport, Ltd.
| | | 140,474 | | 779,838 |
Fisher & Paykel Healthcare Corp., Ltd.
| | | 169,299 | | 1,812,752 |
Fletcher Building, Ltd.
| | | 107,091 | | 361,528 |
Goodman Property Trust REIT
| | | 576,112 | | 679,731 |
Infratil, Ltd.
| | | 246,387 | | 700,710 |
Kiwi Property Group, Ltd.
| | | 652,979 | | 661,317 |
Spark New Zealand, Ltd.
| | | 444,036 | | 1,150,764 |
Stride Property Group
| | | 378,636 | | 521,624 |
Vital Healthcare Property Trust REIT
| | | 528,983 | | 781,059 |
Xero, Ltd. (a)
| | | 33 | | 1,141 |
| | | | | | 11,937,622 |
| NORWAY — 0.7% | | | | | |
Akastor ASA (a)
| | | 34,557 | | 52,649 |
Aker BP ASA
| | | 25,986 | | 926,390 |
Aker Solutions ASA (a)
| | | 34,557 | | 174,800 |
Asetek A/S (a)(b)
| | | 17,025 | | 58,815 |
DNB ASA
| | | 298,194 | | 5,498,770 |
DNO ASA
| | | 197,763 | | 439,774 |
Equinor ASA
| | | 289,265 | | 6,343,501 |
Gjensidige Forsikring ASA (b)
| | | 45,692 | | 790,574 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Mowi ASA
| | | 85,359 | | $1,908,078 |
Nordic Nanovector ASA (a)(b)
| | | 23,399 | | 121,022 |
Norsk Hydro ASA
| | | 500,171 | | 2,029,934 |
Orkla ASA
| | | 479,230 | | 3,683,987 |
Schibsted ASA Class A
| | | 16,979 | | 667,598 |
Schibsted ASA Class B
| | | 16,819 | | 603,497 |
Storebrand ASA
| | | 277,248 | | 2,161,553 |
Telenor ASA
| | | 254,190 | | 5,097,614 |
TGS Nopec Geophysical Co. ASA
| | | 28,127 | | 768,531 |
Yara International ASA
| | | 83,754 | | 3,431,234 |
| | | | | | 34,758,321 |
| PORTUGAL — 0.2% | | | | | |
Banco Comercial Portugues SA Class R (a)
| | | 2,076,546 | | 536,979 |
EDP - Energias de Portugal SA
| | | 851,926 | | 3,352,831 |
Galp Energia SGPS SA
| | | 103,812 | | 1,664,552 |
Jeronimo Martins SGPS SA
| | | 59,798 | | 882,946 |
Mota-Engil SGPS SA (a)(b)
| | | 134,413 | | 307,888 |
NOS SGPS SA
| | | 318,550 | | 2,038,798 |
Pharol SGPS SA (a)
| | | 368,484 | | 79,854 |
| | | | | | 8,863,848 |
| ROMANIA — 0.0% (d) | | | | | |
NEPI Rockcastle PLC
| | | 2,678 | | 22,551 |
| SINGAPORE — 1.2% | | | | | |
AIMS AMP Capital Industrial REIT
| | | 718,278 | | 753,012 |
Ascendas Hospitality Trust
| | | 1,042,800 | | 677,493 |
Ascendas Real Estate Investment Trust
| | | 488,815 | | 1,050,167 |
Cache Logistics Trust REIT
| | | 966,829 | | 531,774 |
CapitaLand Commercial Trust REIT
| | | 661,400 | | 947,299 |
CapitaLand Mall Trust REIT
| | | 564,000 | | 991,008 |
CapitaLand, Ltd.
| | | 1,611,000 | | 4,341,196 |
China New Town Development Co., Ltd. (a)(e)
| | | 1,443,800 | | 36,417 |
City Developments, Ltd.
| | | 155,400 | | 1,038,295 |
ComfortDelGro Corp., Ltd.
| | | 488,900 | | 927,629 |
COSCO Shipping International Singapore Co., Ltd. (a)(b)
| | | 2,340,300 | | 578,812 |
DBS Group Holdings, Ltd.
| | | 476,692 | | 8,879,246 |
Genting Singapore, Ltd.
| | | 3,277,664 | | 2,516,626 |
IGG, Inc.
| | | 52,000 | | 72,072 |
Jardine Cycle & Carriage, Ltd.
| | | 3,333 | | 79,948 |
Keppel REIT
| | | 237,509 | | 226,199 |
Keppel Corp., Ltd.
| | | 813,175 | | 3,734,181 |
Lippo Malls Indonesia Retail Trust REIT
| | | 4,852,600 | | 705,768 |
Mapletree Commercial Trust REIT
| | | 455,800 | | 636,000 |
Mapletree Logistics Trust REIT
| | | 560,100 | | 603,725 |
Oversea-Chinese Banking Corp., Ltd.
| | | 968,463 | | 7,900,713 |
SATS, Ltd.
| | | 160,600 | | 605,881 |
| Security Description | | | Shares | | Value |
Sembcorp Industries, Ltd.
| | | 237,800 | | $447,685 |
Singapore Airlines, Ltd.
| | | 248,156 | | 1,769,795 |
Singapore Exchange, Ltd.
| | | 235,900 | | 1,273,111 |
Singapore Press Holdings, Ltd. (b)
| | | 401,000 | | 713,481 |
Singapore Technologies Engineering, Ltd.
| | | 168,000 | | 463,876 |
Singapore Telecommunications, Ltd.
| | | 1,932,000 | | 4,307,597 |
Soilbuild Business Space REIT
| | | 1,370,500 | | 622,265 |
Suntec Real Estate Investment Trust
| | | 542,400 | | 780,864 |
United Overseas Bank, Ltd.
| | | 317,508 | | 5,904,781 |
UOL Group, Ltd.
| | | 159,954 | | 820,731 |
Venture Corp., Ltd.
| | | 66,900 | | 886,073 |
Wilmar International, Ltd.
| | | 803,000 | | 1,962,296 |
| | | | | | 57,786,016 |
| SOUTH AFRICA — 0.0% (d) | | | | | |
Investec PLC
| | | 140,346 | | 808,869 |
| SOUTH KOREA — 4.6% | | | | | |
Advanced Process Systems Corp.
| | | 8,552 | | 209,449 |
Alteogen, Inc. (a)
| | | 6,616 | | 281,228 |
Amorepacific Corp.
| | | 7,387 | | 1,226,720 |
AMOREPACIFIC Group
| | | 6,951 | | 426,209 |
Anterogen Co., Ltd. (a)
| | | 1,515 | | 109,177 |
APS Holdings Corp. (a)
| | | 52 | | 197 |
Asiana Airlines, Inc. (a)
| | | 175,846 | | 543,758 |
BNK Financial Group, Inc.
| | | 74,616 | | 439,111 |
Celltrion Healthcare Co., Ltd. (a)
| | | 10,695 | | 629,395 |
Celltrion, Inc. (a)(b)
| | | 19,286 | | 3,075,294 |
CJ CGV Co., Ltd.
| | | 27,945 | | 1,068,464 |
CJ CheilJedang Corp.
| | | 2,986 | | 849,686 |
CJ ENM Co., Ltd.
| | | 3,713 | | 762,161 |
CMG Pharmaceutical Co., Ltd. (a)
| | | 36,921 | | 148,647 |
CORESTEM, Inc. (a)
| | | 13,009 | | 142,112 |
Coway Co., Ltd.
| | | 9,103 | | 757,848 |
Crown Confectionery Co., Ltd.
| | | 11,968 | | 109,126 |
CROWNHAITAI Holdings Co., Ltd.
| | | 13,714 | | 143,773 |
CUROCOM Co., Ltd. (a)
| | | 32,595 | | 34,028 |
Dae Han Flour Mills Co., Ltd.
| | | 10,117 | | 1,688,989 |
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (a)
| | | 586 | | 14,429 |
DB Insurance Co., Ltd.
| | | 15,741 | | 952,697 |
Deutsch Motors, Inc. (a)
| | | 30,279 | | 190,728 |
Digitech Systems Co., Ltd. (a)(g)
| | | 19,094 | | — |
DIO Corp. (a)
| | | 6,151 | | 205,106 |
Dongkuk Industries Co., Ltd.
| | | 356,311 | | 847,537 |
Dongwon F&B Co., Ltd.
| | | 5,476 | | 1,232,595 |
Dongwon Industries Co., Ltd.
| | | 6,230 | | 1,278,821 |
DY Corp.
| | | 49,532 | | 240,002 |
E-MART, Inc.
| | | 3,903 | | 591,416 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Eyegene, Inc. (a)
| | | 9,545 | | $116,464 |
GS Engineering & Construction Corp.
| | | 20,545 | | 771,048 |
GS Holdings Corp.
| | | 16,617 | | 772,952 |
GS Home Shopping, Inc.
| | | 5,447 | | 858,487 |
GY Commerce Co., Ltd. (a)(e)
| | | 32,705 | | 64,828 |
Hana Financial Group, Inc.
| | | 61,028 | | 1,957,025 |
Hana Tour Service, Inc.
| | | 18,833 | | 1,201,224 |
Hancom, Inc.
| | | 40,971 | | 485,473 |
Hankook Shell Oil Co., Ltd.
| | | 2,317 | | 655,235 |
Hankook Tire Co., Ltd.
| | | 9,377 | | 309,372 |
Hanmi Pharm Co., Ltd.
| | | 1,670 | | 670,884 |
Hanmi Science Co., Ltd.
| | | 9,186 | | 626,373 |
Hanssem Co., Ltd. (b)
| | | 10,906 | | 882,011 |
Harim Co., Ltd. (a)
| | | 216,229 | | 573,385 |
HDC Hyundai Engineering Plastics Co., Ltd.
| | | 267,686 | | 1,018,768 |
HLB, Inc. (a)
| | | 4,197 | | 295,798 |
Hotel Shilla Co., Ltd.
| | | 22,529 | | 1,893,460 |
HS Industries Co., Ltd.
| | | 35,695 | | 278,302 |
Huons Co., Ltd.
| | | 13,789 | | 809,045 |
Huons Global Co., Ltd.
| | | 9,389 | | 336,237 |
Hyundai Construction Equipment Co., Ltd.
| | | 814 | | 34,171 |
Hyundai Electric & Energy System Co., Ltd. (a)
| | | 706 | | 15,487 |
Hyundai Elevator Co., Ltd.
| | | 14,166 | | 1,115,708 |
Hyundai Engineering & Construction Co., Ltd.
| | | 16,877 | | 793,967 |
Hyundai Glovis Co., Ltd.
| | | 2,955 | | 334,523 |
Hyundai Heavy Industries Co., Ltd. (a)
| | | 6,225 | | 652,608 |
Hyundai Heavy Industries Holdings Co., Ltd.
| | | 3,940 | | 1,155,863 |
Hyundai Hy Communications & Network Co., Ltd.
| | | 259,547 | | 960,354 |
Hyundai Mobis Co., Ltd.
| | | 16,248 | | 2,984,502 |
Hyundai Motor Co.
| | | 36,106 | | 3,801,134 |
Hyundai Motor Co. Preference Shares
| | | 5,949 | | 399,884 |
Hyundai Steel Co.
| | | 20,116 | | 795,708 |
Industrial Bank of Korea
| | | 62,903 | | 778,598 |
Infinitt Healthcare Co., Ltd. (a)
| | | 83,099 | | 455,357 |
Inscobee, Inc. (a)
| | | 17,482 | | 72,001 |
Interpark Holdings Corp.
| | | 33,085 | | 69,370 |
Jeil Pharmaceutical Co., Ltd.
| | | 2,087 | | 79,244 |
Jenax, Inc. (a)(b)
| | | 87,300 | | 1,034,433 |
JoyCity Corp. (a)
| | | 12,619 | | 106,168 |
Kakao Corp.
| | | 9,335 | | 851,178 |
Kangstem Biotech Co., Ltd. (a)
| | | 8,821 | | 160,085 |
Kangwon Land, Inc.
| | | 20,077 | | 565,998 |
KB Financial Group, Inc. (b)
| | | 137,638 | | 5,074,575 |
KCC Corp.
| | | 727 | | 203,990 |
Kia Motors Corp.
| | | 52,187 | | 1,625,240 |
Kiwi Media Group Co., Ltd. (a)
| | | 163,477 | | 41,766 |
KIWOOM Securities Co., Ltd.
| | | 41,358 | | 2,954,924 |
Koh Young Technology, Inc.
| | | 67,326 | | 5,071,247 |
| Security Description | | | Shares | | Value |
Korea Aerospace Industries, Ltd.
| | | 11,367 | | $353,998 |
Korea Electric Power Corp. ADR (a)(b)
| | | 187,006 | | 2,432,948 |
Korea Investment Holdings Co., Ltd.
| | | 13,462 | | 736,490 |
Korea Zinc Co., Ltd.
| | | 3,189 | | 1,306,392 |
Korean Air Lines Co., Ltd.
| | | 20,803 | | 583,716 |
KT Corp. ADR (a)
| | | 175,730 | | 2,186,081 |
KT&G Corp.
| | | 29,704 | | 2,708,452 |
KyungDong City Gas Co., Ltd.
| | | 3,835 | | 113,351 |
LG Chem, Ltd.
| | | 10,278 | | 3,314,023 |
LG Chem, Ltd. Preference Shares
| | | 4,653 | | 852,633 |
LG Corp.
| | | 31,086 | | 2,122,425 |
LG Display Co., Ltd. ADR (a)(b)
| | | 242,785 | | 2,100,090 |
LG Display Co., Ltd. (a)(b)
| | | 51,487 | | 884,500 |
LG Electronics, Inc.
| | | 29,534 | | 1,954,016 |
LG Household & Health Care, Ltd.
| | | 2,368 | | 2,956,088 |
LG Uplus Corp.
| | | 54,444 | | 741,045 |
Lotte Chemical Corp.
| | | 3,175 | | 812,561 |
Lotte Corp.
| | | 18,592 | | 809,131 |
Lotte Food Co., Ltd.
| | | 1,595 | | 892,278 |
Lotte Shopping Co., Ltd.
| | | 3,129 | | 490,672 |
Medifron DBT Co., Ltd. (a)
| | | 31,532 | | 140,840 |
Medy-Tox, Inc.
| | | 3,407 | | 1,752,274 |
Mirae Asset Daewoo Co., Ltd.
| | | 91,907 | | 593,497 |
Modetour Network, Inc.
| | | 98,387 | | 2,002,237 |
Muhak Co., Ltd.
| | | 56,916 | | 639,308 |
NAVER Corp.
| | | 38,181 | | 4,170,949 |
NCSoft Corp.
| | | 3,913 | | 1,709,848 |
Netmarble Corp. (a)(b)(f)
| | | 14,980 | | 1,649,634 |
Nexon GT Co., Ltd. (a)
| | | 42,043 | | 431,505 |
NHN Entertainment Corp. (a)
| | | 1,476 | | 115,079 |
NSN Co., Ltd. (a)
| | | 325 | | 1,079 |
OCI Co., Ltd.
| | | 3,002 | | 245,693 |
Orientbio, Inc. (a)
| | | 46,317 | | 19,260 |
Orion Corp/Republic of Korea
| | | 3,832 | | 337,591 |
Orion Holdings Corp.
| | | 744 | | 12,159 |
Ottogi Corp.
| | | 1,621 | | 1,101,040 |
Pharmicell Co., Ltd. (a)
| | | 10,516 | | 109,320 |
POSCO ADR
| | | 113,786 | | 6,282,125 |
Prostemics Co., Ltd. (a)
| | | 24,070 | | 118,113 |
S-1 Corp.
| | | 8,599 | | 761,342 |
Sajo Industries Co., Ltd.
| | | 35,992 | | 1,683,706 |
Samsung Biologics Co., Ltd. (a)(f)
| | | 3,171 | | 892,551 |
Samsung C&T Corp.
| | | 22,031 | | 2,076,748 |
Samsung Electro-Mechanics Co., Ltd. (b)
| | | 13,281 | | 1,222,680 |
Samsung Electronics Co., Ltd. GDR (b)
| | | 51,232 | | 50,258,592 |
Samsung Electronics Co., Ltd. Preference Shares (b)
| | | 176,924 | | 5,650,159 |
Samsung Engineering Co., Ltd. (a)
| | | 30,193 | | 428,251 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Samsung Fire & Marine Insurance Co., Ltd.
| | | 6,322 | | $1,676,436 |
Samsung Heavy Industries Co., Ltd. (a)
| | | 88,465 | | 643,750 |
Samsung Life Insurance Co., Ltd.
| | | 19,400 | | 1,437,354 |
Samsung SDI Co., Ltd.
| | | 14,148 | | 2,673,549 |
Samsung SDS Co., Ltd.
| | | 8,672 | | 1,795,366 |
Shinhan Financial Group Co., Ltd.
| | | 111,801 | | 4,136,765 |
Shinsegae Food Co., Ltd.
| | | 13,832 | | 1,132,053 |
Shinsegae, Inc.
| | | 2,358 | | 701,106 |
SillaJen, Inc. (a)(b)
| | | 17,353 | | 982,995 |
SK Bioland Co., Ltd.
| | | 64,085 | | 1,050,111 |
SK Holdings Co., Ltd.
| | | 7,932 | | 1,890,235 |
SK Hynix, Inc. (b)
| | | 136,305 | | 8,910,079 |
SK Innovation Co., Ltd.
| | | 28,738 | | 4,544,508 |
SK Telecom Co., Ltd. ADR
| | | 146,440 | | 3,586,316 |
S-Oil Corp.
| | | 9,451 | | 746,022 |
Straffic Co., Ltd. (a)
| | | 11,621 | | 99,512 |
SundayToz Corp. (a)
| | | 5,874 | | 122,645 |
TOBESOFT Co., Ltd. (a)
| | | 15,691 | | 51,423 |
ViroMed Co., Ltd. (a)
| | | 1,454 | | 358,408 |
WillBes & Co (a)
| | | 33,641 | | 38,380 |
Wonpung Mulsan Co., Ltd. (a)
| | | 47,214 | | 137,678 |
Woori Financial Group, Inc.
| | | 117,008 | | 1,417,373 |
Youlchon Chemical Co., Ltd.
| | | 52,054 | | 593,868 |
Yungjin Pharmaceutical Co., Ltd. (a)
| | | 20,872 | | 122,463 |
| | | | | | 216,568,022 |
| SPAIN — 2.4% | | | | | |
Abertis Infraestructuras SA (b)(e)
| | | 1,675 | | 34,531 |
Acciona SA (b)
| | | 6,452 | | 719,392 |
Acerinox SA
| | | 35,395 | | 351,092 |
ACS Actividades de Construccion y Servicios SA
| | | 52,612 | | 2,313,392 |
Aena SME SA (f)
| | | 18,424 | | 3,320,326 |
Amadeus IT Group SA
| | | 111,687 | | 8,954,112 |
Atresmedia Corp. de Medios de Comunicacion SA (b)
| | | 56,804 | | 266,483 |
Banco Bilbao Vizcaya Argentaria SA
| | | 1,692,831 | | 9,680,749 |
Banco de Sabadell SA
| | | 1,194,446 | | 1,190,703 |
Banco Santander SA
| | | 3,970,253 | | 18,476,173 |
Bankia SA (b)
| | | 186,320 | | 483,274 |
Bankinter SA
| | | 204,783 | | 1,561,297 |
Bolsas y Mercados Espanoles SHMSF SA
| | | 15,329 | | 428,927 |
CaixaBank SA
| | | 871,282 | | 2,723,640 |
Cellnex Telecom SA (b)(f)
| | | 47,122 | | 1,384,150 |
Distribuidora Internacional de Alimentacion SA (b)
| | | 191,341 | | 139,866 |
Ebro Foods SA (b)
| | | 25,711 | | 550,254 |
Enagas SA
| | | 56,627 | | 1,649,359 |
Endesa SA
| | | 77,007 | | 1,966,266 |
| Security Description | | | Shares | | Value |
Faes Farma SA
| | | 72,655 | | $307,560 |
Ferrovial SA
| | | 113,167 | | 2,653,212 |
Grifols SA
| | | 102,270 | | 2,866,253 |
Grifols SA ADR
| | | 63,079 | | 1,268,519 |
Iberdrola SA
| | | 1,391,799 | | 12,230,327 |
Indra Sistemas SA (a)
| | | 124,767 | | 1,386,236 |
Industria de Diseno Textil SA
| | | 277,140 | | 8,153,089 |
Inmobiliaria Colonial Socimi SA REIT
| | | 72,948 | | 750,702 |
Let's GOWEX SA (a)(b)(g)
| | | 4,019 | | — |
Mapfre SA
| | | 240,038 | | 661,957 |
Mediaset Espana Comunicacion SA
| | | 50,142 | | 374,746 |
Merlin Properties Socimi SA REIT
| | | 78,580 | | 1,029,244 |
Naturgy Energy Group SA
| | | 89,742 | | 2,512,116 |
Pharma Mar SA (a)(b)
| | | 263,458 | | 436,340 |
Red Electrica Corp. SA
| | | 108,192 | | 2,308,184 |
Repsol SA
| | | 372,112 | | 6,376,024 |
Sacyr SA (b)
| | | 137,181 | | 347,345 |
Siemens Gamesa Renewable Energy SA (a)
| | | 55,772 | | 888,942 |
Telefonica SA
| | | 1,150,233 | | 9,646,505 |
Viscofan SA
| | | 10,463 | | 654,972 |
| | | | | | 111,046,259 |
| SWEDEN — 2.4% | | | | | |
Alfa Laval AB
| | | 207,912 | | 4,783,503 |
Arjo AB Class B
| | | 18,460 | | 68,066 |
Assa Abloy AB Class B
| | | 247,223 | | 5,349,440 |
Atlas Copco AB Class A
| | | 159,411 | | 4,290,638 |
Atlas Copco AB Class B
| | | 97,682 | | 2,423,278 |
Bilia AB Class A
| | | 75,186 | | 643,215 |
BillerudKorsnas AB (b)
| | | 44,296 | | 589,082 |
Boliden AB
| | | 66,388 | | 1,893,876 |
Castellum AB
| | | 66,451 | | 1,292,081 |
Dometic Group AB (b)(f)
| | | 72,195 | | 568,590 |
Electrolux AB Class B
| | | 120,643 | | 3,107,351 |
Elekta AB Class B
| | | 64,969 | | 809,722 |
Epiroc AB Class A (a)
| | | 159,411 | | 1,613,136 |
Epiroc AB Class B (a)
| | | 97,682 | | 937,296 |
Essity AB Class B
| | | 148,029 | | 4,278,738 |
Fabege AB (b)
| | | 68,183 | | 992,389 |
Fastighets AB Balder Class B (a)
| | | 23,466 | | 753,924 |
Getinge AB Class B
| | | 25,013 | | 291,921 |
Hennes & Mauritz AB Class B (b)
| | | 254,462 | | 4,252,327 |
Hexagon AB Class B
| | | 64,722 | | 3,384,275 |
Hexpol AB
| | | 77,883 | | 656,211 |
Holmen AB Class B
| | | 24,124 | | 524,079 |
Husqvarna AB Class B (b)
| | | 102,723 | | 841,028 |
ICA Gruppen AB (b)
| | | 19,275 | | 775,131 |
Industrivarden AB Class A
| | | 48,513 | | 1,044,499 |
Industrivarden AB Class C
| | | 40,929 | | 859,371 |
Indutrade AB
| | | 21,704 | | 619,158 |
Intrum AB (b)
| | | 17,754 | | 511,069 |
Investor AB Class B
| | | 97,522 | | 4,402,279 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
JM AB (b)
| | | 20,207 | | $362,952 |
Karo Pharma AB (b)
| | | 322,284 | | 1,330,790 |
Kinnevik AB Class B
| | | 80,324 | | 2,085,325 |
KNOW IT AB
| | | 95,515 | | 2,049,258 |
L E Lundbergforetagen AB Class B
| | | 17,770 | | 563,257 |
Loomis AB Class B
| | | 17,664 | | 609,412 |
Lundin Petroleum AB
| | | 56,716 | | 1,924,919 |
Modern Times Group MTG AB Class B
| | | 3,900 | | 50,078 |
NetEnt AB
| | | 354,466 | | 1,289,794 |
Nibe Industrier AB Class B
| | | 94,092 | | 1,207,686 |
Nordic Entertainment Group AB Class B (a)
| | | 3,855 | | 90,605 |
Opus Group AB (b)
| | | 367,501 | | 217,918 |
Qliro Group AB (a)(b)
| | | 287,229 | | 310,290 |
SAAB AB Class B (b)
| | | 24,521 | | 787,555 |
Sandvik AB
| | | 383,938 | | 6,250,433 |
Securitas AB Class B
| | | 79,894 | | 1,294,198 |
Skandinaviska Enskilda Banken AB Class A (b)
| | | 433,442 | | 3,760,893 |
Skanska AB Class B (b)
| | | 99,769 | | 1,816,759 |
SKF AB Class B (b)
| | | 91,175 | | 1,517,732 |
Svenska Cellulosa AB SCA Class B
| | | 123,101 | | 1,069,716 |
Svenska Handelsbanken AB Class A (b)
| | | 371,257 | | 3,926,591 |
Swedbank AB Class A (b)
| | | 256,902 | | 3,638,058 |
Swedish Match AB
| | | 39,456 | | 2,015,913 |
Swedish Orphan Biovitrum AB (a)
| | | 55,000 | | 1,293,274 |
Tele2 AB Class B
| | | 213,589 | | 2,851,983 |
Telefonaktiebolaget LM Ericsson Class B (b)
| | | 860,277 | | 7,922,640 |
Telia Co. AB
| | | 592,932 | | 2,681,692 |
Tethys Oil AB
| | | 76,957 | | 628,745 |
Trelleborg AB Class B
| | | 60,601 | | 940,510 |
Volvo AB Class A
| | | 87,297 | | 1,354,354 |
Volvo AB Class B
| | | 395,130 | | 6,134,434 |
| | | | | | 114,533,437 |
| SWITZERLAND — 7.5% | | | | | |
ABB, Ltd.
| | | 499,696 | | 9,387,802 |
Adecco Group AG
| | | 74,624 | | 3,980,346 |
Aryzta AG (a)
| | | 99,816 | | 136,609 |
Baloise Holding AG
| | | 12,154 | | 2,007,564 |
Barry Callebaut AG
| | | 755 | | 1,363,079 |
Chocoladefabriken Lindt & Spruengli AG (c)
| | | 200 | | 1,359,574 |
Chocoladefabriken Lindt & Spruengli AG (c)
| | | 12 | | 938,648 |
Cie Financiere Richemont SA
| | | 130,350 | | 9,494,516 |
Clariant AG
| | | 71,237 | | 1,497,129 |
Coca-Cola HBC AG
| | | 43,475 | | 1,481,401 |
Comet Holding AG (b)
| | | 13,618 | | 1,162,295 |
Credit Suisse Group AG
| | | 488,759 | | 5,695,399 |
Dufry AG
| | | 8,020 | | 842,346 |
| Security Description | | | Shares | | Value |
EMS-Chemie Holding AG
| | | 1,624 | | $880,570 |
Ferguson PLC
| | | 84,943 | | 5,405,856 |
Flughafen Zurich AG
| | | 4,762 | | 868,818 |
Geberit AG
| | | 9,630 | | 3,935,546 |
Georg Fischer AG
| | | 842 | | 766,838 |
Givaudan SA
| | | 2,392 | | 6,110,300 |
Glencore PLC
| | | 2,938,078 | | 12,172,601 |
Idorsia, Ltd. (a)(b)
| | | 24,261 | | 426,803 |
Julius Baer Group, Ltd.
| | | 82,140 | | 3,318,096 |
Kuehne + Nagel International AG
| | | 29,849 | | 4,094,159 |
LafargeHolcim, Ltd. (c)
| | | 145,026 | | 7,163,198 |
LafargeHolcim, Ltd. (c)
| | | 2,430 | | 120,110 |
Leonteq AG (a)(b)
| | | 11,310 | | 419,739 |
Logitech International SA
| | | 41,883 | | 1,641,423 |
Lonza Group AG
| | | 16,894 | | 5,238,344 |
Meyer Burger Technology AG (a)(b)
| | | 31,334 | | 20,797 |
Nestle SA
| | | 727,422 | | 69,316,546 |
Novartis AG
| | | 641,245 | | 61,671,298 |
Partners Group Holding AG
| | | 4,760 | | 3,460,428 |
PSP Swiss Property AG
| | | 9,660 | | 1,049,515 |
Roche Holding AG Bearer Shares
| | | 6,430 | | 1,752,286 |
Roche Holding AG
| | | 182,179 | | 50,186,574 |
Schindler Holding AG (c)
| | | 11,216 | | 2,324,513 |
Schindler Holding AG (c)
| | | 5,673 | | 1,173,449 |
SGS SA
| | | 1,553 | | 3,864,177 |
Sika AG
| | | 42,378 | | 5,919,048 |
Sonova Holding AG
| | | 13,761 | | 2,722,078 |
STMicroelectronics NV (b)
| | | 203,821 | | 3,016,380 |
Straumann Holding AG
| | | 2,439 | | 1,989,846 |
Sulzer AG
| | | 18,879 | | 1,840,698 |
Swatch Group AG (c)
| | | 7,404 | | 2,118,827 |
Swatch Group AG (c)
| | | 14,506 | | 802,571 |
Swiss Life Holding AG
| | | 8,029 | | 3,535,211 |
Swiss Prime Site AG
| | | 17,618 | | 1,543,499 |
Swiss Re AG
| | | 87,250 | | 8,522,623 |
Swisscom AG (b)
| | | 6,411 | | 3,135,011 |
Temenos AG
| | | 24,095 | | 3,551,708 |
u-blox Holding AG
| | | 4,085 | | 310,097 |
UBS Group AG
| | | 835,937 | | 10,131,298 |
Vifor Pharma AG
| | | 8,947 | | 1,209,673 |
Zurich Insurance Group AG
| | | 42,284 | | 13,994,183 |
| | | | | | 351,071,443 |
| UNITED ARAB EMIRATES — 0.0% (d) | | | | | |
NMC Health PLC
| | | 21,352 | | 635,471 |
| UNITED KINGDOM — 13.1% | | | | | |
3i Group PLC
| | | 239,436 | | 3,072,548 |
Admiral Group PLC
| | | 61,027 | | 1,725,611 |
Afren PLC (b)(g)
| | | 55,933 | | — |
Aggreko PLC
| | | 54,164 | | 555,593 |
Anglo American PLC
| | | 386,764 | | 10,349,086 |
Ashtead Group PLC
| | | 109,250 | | 2,637,187 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Associated British Foods PLC
| | | 88,902 | | $2,825,430 |
AstraZeneca PLC
| | | 337,686 | | 26,995,343 |
Auto Trader Group PLC (f)
| | | 185,487 | | 1,260,702 |
Aviva PLC
| | | 1,266,476 | | 6,805,763 |
Avon Rubber PLC
| | | 114,279 | | 1,935,847 |
B&M European Value Retail SA
| | | 192,846 | | 938,812 |
Babcock International Group PLC
| | | 128,805 | | 828,288 |
BAE Systems PLC
| | | 778,348 | | 4,892,630 |
Balfour Beatty PLC
| | | 668,103 | | 2,281,769 |
Barclays PLC
| | | 3,500,952 | | 7,056,373 |
Barratt Developments PLC
| | | 400,582 | | 3,127,696 |
BBA Aviation PLC
| | | 292,474 | | 948,960 |
Beazley PLC
| | | 131,319 | | 881,244 |
Bellway PLC
| | | 25,029 | | 993,098 |
Berkeley Group Holdings PLC
| | | 26,509 | | 1,274,275 |
Big Yellow Group PLC REIT
| | | 69,335 | | 895,791 |
BP PLC
| | | 4,750,933 | | 34,575,089 |
British American Tobacco PLC
| | | 554,222 | | 23,066,404 |
British Land Co. PLC REIT
| | | 430,112 | | 3,301,095 |
Britvic PLC
| | | 53,517 | | 664,229 |
BT Group PLC
| | | 2,347,793 | | 6,820,693 |
BTG PLC (a)
| | | 94,005 | | 1,022,206 |
Bunzl PLC
| | | 82,615 | | 2,725,736 |
Burberry Group PLC
| | | 136,527 | | 3,477,086 |
Cairn Energy PLC (a)
| | | 108,820 | | 229,571 |
Capita PLC (a)
| | | 577,038 | | 932,368 |
Capital & Counties Properties PLC
| | | 185,349 | | 581,095 |
Carnival PLC
| | | 79,106 | | 3,880,928 |
Centamin PLC
| | | 565,932 | | 657,057 |
Centrica PLC
| | | 1,699,952 | | 2,529,671 |
Cineworld Group PLC
| | | 296,874 | | 1,131,899 |
CNH Industrial NV
| | | 247,563 | | 2,519,575 |
Cobham PLC (a)
| | | 433,443 | | 622,972 |
Coca-Cola European Partners PLC (a)
| | | 57,435 | | 2,971,687 |
Compass Group PLC
| | | 416,073 | | 9,783,351 |
Croda International PLC
| | | 33,030 | | 2,168,343 |
CYBG PLC (b)
| | | 183,718 | | 478,950 |
Daily Mail & General Trust PLC Class A
| | | 56,592 | | 476,006 |
DCC PLC
| | | 20,986 | | 1,814,395 |
Derwent London PLC REIT
| | | 28,111 | | 1,180,587 |
Diageo PLC
| | | 581,592 | | 23,781,136 |
Dialog Semiconductor PLC (a)
| | | 19,337 | | 589,279 |
Direct Line Insurance Group PLC
| | | 356,233 | | 1,638,589 |
Dixons Carphone PLC
| | | 252,651 | | 483,126 |
Drax Group PLC
| | | 95,532 | | 471,044 |
DS Smith PLC
| | | 170,345 | | 745,591 |
easyJet PLC
| | | 62,334 | | 907,682 |
Experian PLC
| | | 275,586 | | 7,465,740 |
Fiat Chrysler Automobiles NV (a)
| | | 265,495 | | 3,956,530 |
Firstgroup PLC (a)
| | | 860,667 | | 1,019,997 |
Foxtons Group PLC
| | | 90,539 | | 75,151 |
| Security Description | | | Shares | | Value |
G4S PLC
| | | 901,946 | | $2,156,641 |
GlaxoSmithKline PLC
| | | 1,294,464 | | 26,934,054 |
Grafton Group PLC
| | | 54,133 | | 571,005 |
Great Portland Estates PLC REIT
| | | 70,121 | | 682,086 |
Greene King PLC
| | | 76,253 | | 661,151 |
GVC Holdings PLC
| | | 136,093 | | 991,309 |
GW Pharmaceuticals PLC ADR (a)(b)
| | | 7,159 | | 1,206,793 |
Halma PLC
| | | 94,205 | | 2,052,445 |
Hammerson PLC REIT
| | | 183,228 | | 801,740 |
Hansteen Holdings PLC REIT
| | | 105,161 | | 133,467 |
Hargreaves Lansdown PLC
| | | 48,883 | | 1,186,994 |
Hays PLC
| | | 344,090 | | 672,550 |
Hiscox, Ltd.
| | | 72,843 | | 1,480,722 |
HomeServe PLC
| | | 99,560 | | 1,329,750 |
Howden Joinery Group PLC
| | | 147,664 | | 933,783 |
HSBC Holdings PLC
| | | 4,966,907 | | 40,340,789 |
IG Group Holdings PLC
| | | 89,957 | | 609,536 |
IMI PLC
| | | 57,434 | | 716,961 |
Imperial Brands PLC
| | | 237,800 | | 8,132,417 |
Inchcape PLC
| | | 103,096 | | 767,077 |
Indivior PLC (a)
| | | 200,025 | | 250,373 |
Informa PLC
| | | 295,851 | | 2,868,956 |
Inmarsat PLC
| | | 76,163 | | 550,806 |
InterContinental Hotels Group PLC
| | | 49,144 | | 2,955,313 |
Intermediate Capital Group PLC
| | | 73,437 | | 1,019,121 |
International Consolidated Airlines Group SA
| | | 168,309 | | 1,122,893 |
International Personal Finance PLC
| | | 83,347 | | 211,455 |
Intertek Group PLC
| | | 41,623 | | 2,634,285 |
Intu Properties PLC REIT (b)
| | | 196,964 | | 273,593 |
ITV PLC
| | | 903,624 | | 1,496,561 |
J Sainsbury PLC
| | | 608,228 | | 1,868,045 |
John Wood Group PLC
| | | 258,137 | | 1,706,719 |
Johnson Matthey PLC
| | | 49,212 | | 2,014,830 |
Just Eat PLC (a)
| | | 128,098 | | 1,253,555 |
Keller Group PLC
| | | 24,913 | | 200,296 |
Kingfisher PLC
| | | 966,369 | | 2,956,666 |
Land Securities Group PLC REIT
| | | 304,497 | | 3,624,142 |
Legal & General Group PLC
| | | 1,457,993 | | 5,230,255 |
Lloyds Banking Group PLC
| | | 17,292,278 | | 14,001,826 |
London Stock Exchange Group PLC
| | | 76,851 | | 4,757,686 |
LondonMetric Property PLC REIT
| | | 166,313 | | 432,778 |
Lonmin PLC (a)
| | | 49,828 | | 47,398 |
Man Group PLC
| | | 680,087 | | 1,203,443 |
Marks & Spencer Group PLC
| | | 619,722 | | 2,252,198 |
Meggitt PLC
| | | 156,044 | | 1,022,359 |
Melrose Industries PLC
| | | 1,147,292 | | 2,738,055 |
Micro Focus International PLC
| | | 106,800 | | 2,778,445 |
Mondi PLC
| | | 179,883 | | 3,980,055 |
National Grid PLC
| | | 1,002,503 | | 11,114,102 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Next PLC
| | | 52,687 | | $3,830,883 |
Nomad Foods, Ltd. (a)
| | | 50,534 | | 1,033,420 |
Ocado Group PLC (a)
| | | 98,602 | | 1,760,865 |
Ophir Energy PLC (a)
| | | 146,212 | | 108,407 |
Pearson PLC
| | | 294,194 | | 3,205,570 |
Pennon Group PLC
| | | 102,750 | | 995,594 |
Persimmon PLC
| | | 31,115 | | 879,814 |
Petrofac, Ltd.
| | | 59,035 | | 376,782 |
Phoenix Group Holdings PLC
| | | 138,525 | | 1,222,922 |
Provident Financial PLC (a)
| | | 27,321 | | 182,204 |
Prudential PLC
| | | 629,460 | | 12,610,854 |
Quilter PLC (f)
| | | 580,718 | | 1,111,145 |
Reach PLC
| | | 116,624 | | 94,371 |
Reckitt Benckiser Group PLC
| | | 176,821 | | 14,704,554 |
Redrow PLC
| | | 53,307 | | 417,465 |
RELX PLC (c)
| | | 310,519 | | 6,641,869 |
RELX PLC (c)
| | | 252,355 | | 5,397,947 |
Rentokil Initial PLC
| | | 456,096 | | 2,099,719 |
Rightmove PLC
| | | 251,435 | | 1,670,926 |
Rio Tinto PLC
| | | 291,455 | | 16,942,011 |
Rio Tinto, Ltd.
| | | 97,151 | | 6,756,887 |
Rolls-Royce Holdings PLC
| | | 529,049 | | 6,226,458 |
Royal Bank of Scotland Group PLC
| | | 1,106,136 | | 3,560,137 |
Royal Mail PLC
| | | 112,747 | | 350,099 |
RPC Group PLC
| | | 100,569 | | 1,035,267 |
RSA Insurance Group PLC
| | | 336,761 | | 2,228,311 |
Sage Group PLC
| | | 276,675 | | 2,527,977 |
Schroders PLC
| | | 28,130 | | 990,413 |
Segro PLC REIT
| | | 228,255 | | 2,002,879 |
Serco Group PLC (a)
| | | 446,516 | | 744,746 |
Severn Trent PLC
| | | 58,977 | | 1,518,556 |
Shaftesbury PLC REIT
| | | 68,788 | | 788,781 |
Smith & Nephew PLC
| | | 235,981 | | 4,683,151 |
Smiths Group PLC
| | | 242,886 | | 4,541,670 |
Spectris PLC
| | | 30,378 | | 993,560 |
Spirax-Sarco Engineering PLC
| | | 17,742 | | 1,662,236 |
Sports Direct International PLC (a)
| | | 38,628 | | 147,077 |
SSE PLC
| | | 350,499 | | 5,421,241 |
SSP Group PLC
| | | 114,838 | | 1,035,956 |
St James's Place PLC
| | | 128,957 | | 1,727,425 |
Standard Chartered PLC
| | | 717,346 | | 5,527,106 |
Standard Life Aberdeen PLC
| | | 915,098 | | 3,147,390 |
Subsea 7 SA
| | | 62,198 | | 770,650 |
TalkTalk Telecom Group PLC (b)
| | | 107,390 | | 154,348 |
Tate & Lyle PLC
| | | 224,573 | | 2,123,908 |
Taylor Wimpey PLC
| | | 607,579 | | 1,389,048 |
Telecom Plus PLC
| | | 15,334 | | 303,711 |
Tesco PLC
| | | 2,691,437 | | 8,139,928 |
Thomas Cook Group PLC (a)
| | | 264,483 | | 85,952 |
TP ICAP PLC
| | | 144,223 | | 552,890 |
Travis Perkins PLC
| | | 39,452 | | 704,803 |
Tullow Oil PLC (a)
| | | 447,209 | | 1,402,063 |
Unilever NV
| | | 408,770 | | 23,766,365 |
| Security Description | | | Shares | | Value |
Unilever PLC
| | | 285,438 | | $16,346,768 |
United Utilities Group PLC
| | | 175,101 | | 1,858,179 |
Victrex PLC
| | | 23,356 | | 656,158 |
Vodafone Group PLC
| | | 7,094,771 | | 12,924,293 |
Weir Group PLC
| | | 28,617 | | 580,969 |
Whitbread PLC
| | | 46,710 | | 3,090,749 |
William Hill PLC
| | | 354,887 | | 742,440 |
Wm Morrison Supermarkets PLC
| | | 972,803 | | 2,884,450 |
Workspace Group PLC REIT
| | | 58,235 | | 740,619 |
WPP PLC
| | | 331,057 | | 3,497,661 |
| | | | | | 615,574,980 |
| UNITED STATES — 0.2% | | | | | |
Argonaut Gold, Inc. (a)
| | | 86,814 | | 122,168 |
Flex, Ltd. (a)
| | | 340,138 | | 3,401,380 |
ICON PLC (a)
| | | 15,205 | | 2,076,699 |
International Game Technology PLC (b)
| | | 25,860 | | 335,922 |
REC Silicon ASA (a)(b)
| | | 748,845 | | 57,783 |
Spotify Technology SA (a)
| | | 11,134 | | 1,545,399 |
Stratasys, Ltd. (a)
| | | 11,335 | | 270,000 |
| | | | | | 7,809,351 |
TOTAL COMMON STOCKS
(Cost $4,783,364,732)
| | | | | 4,662,897,795 |
| | | | |
| WARRANTS — 0.0% (d) | | | |
| FRANCE — 0.0% (d) | | | |
CGG SA (expiring 02/21/23) (a)
(cost: $2)
| | 13 | 1 |
| RIGHTS — 0.0% (d) | | | |
| CANADA — 0.0% (d) | | | |
Pan American Silver Corp. (CVR) (expiring 02/22/29) (a) (e)
(cost: $14,326)
| | 32,808 | 12,279 |
| SHORT-TERM INVESTMENTS — 2.7% | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (h) (i)
| 1,619,198 | 1,619,198 |
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)
| 124,739,042 | 124,739,042 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $126,358,240)
| 126,358,240 |
TOTAL INVESTMENTS — 101.9%
(Cost $4,909,737,300)
| 4,789,268,315 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.9)%
| (89,637,510) |
NET ASSETS — 100.0%
| $4,699,630,805 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| (a) | Non-income producing security. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (c) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (d) | Amount is less than 0.05% of net assets. |
| (e) | 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. As of March 31, 2019, total aggregate fair value of securities is $4,056,626 representing 0.1% of net assets. |
| (f) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.7% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (g) | 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, 2019, total aggregate fair value of the security is $25,735, representing less than 0.05% of the Fund's net assets. |
| (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, 2019 are shown in the Affiliate Table below. |
| (i) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (j) | Investment of cash collateral for securities loaned. |
| ADR | = American Depositary Receipt |
| CVR | = Contingent Value Rights |
| GDR | = Global Depositary Receipt |
| REIT | = Real Estate Investment Trust |
| SDR | = Swedish Depositary Receipt |
The following table summarizes the value of theFund's investments according to the fair value hierarchy as of March 31, 2019.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $4,658,827,713 | | $4,044,347 | | $25,735 | | $4,662,897,795 |
Rights
| | — | | 12,279 | | — | | 12,279 |
Warrants
| | 1 | | — | | — | | 1 |
Short-Term Investments
| | 126,358,240 | | — | | — | | 126,358,240 |
TOTAL INVESTMENTS
| | $4,785,185,954 | | $4,056,626 | | $25,735 | | $4,789,268,315 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 6,540,078 | | $6,540,078 | | $93,237,984 | | $98,158,864 | | $— | | $— | | 1,619,198 | | $1,619,198 | | $59,627 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 63,672,719 | | 63,672,719 | | 395,999,296 | | 334,932,973 | | — | | — | | 124,739,042 | | 124,739,042 | | 624,722 | | — |
Total
| | | $70,212,797 | | $489,237,280 | | $433,091,837 | | $— | | $— | | | | $126,358,240 | | $684,349 | | $— |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.8% | | | | | |
| AEROSPACE & DEFENSE — 0.1% | | | |
AviChina Industry & Technology Co., Ltd. Class H
| | 2,272,000 | | $1,450,037 |
| AIR FREIGHT & LOGISTICS — 0.4% | | | |
BEST, Inc. ADR (a) (b)
| | 50,167 | | 262,373 |
Sinotrans, Ltd. Class H
| | 1,036,000 | | 444,757 |
ZTO Express Cayman, Inc. ADR
| | 247,066 | | 4,516,367 |
| | | | | | 5,223,497 |
| AIRLINES — 0.3% | | | |
Air China, Ltd. Class H
| | 1,374,000 | | 1,690,819 |
China Eastern Airlines Corp., Ltd. Class H
| | 1,574,000 | | 1,116,845 |
China Southern Airlines Co., Ltd. Class H
| | 1,618,000 | | 1,446,934 |
| | | | | | 4,254,598 |
| AUTO COMPONENTS — 0.4% | | | |
China First Capital Group, Ltd. (a)
| | 2,262,000 | | 1,195,842 |
Fuyao Glass Industry Group Co., Ltd. Class H (c)
| | 240,400 | | 806,953 |
Minth Group, Ltd.
| | 642,000 | | 2,020,064 |
Tianneng Power International, Ltd.
| | 470,000 | | 422,703 |
Xinyi Glass Holdings, Ltd.
| | 1,480,000 | | 1,696,826 |
| | | | | | 6,142,388 |
| AUTOMOBILES — 1.7% | | | |
BAIC Motor Corp., Ltd. Class H (c)
| | 1,214,400 | | 793,619 |
Brilliance China Automotive Holdings, Ltd.
| | 2,232,000 | | 2,212,111 |
BYD Co., Ltd. Class H (b)
| | 565,000 | | 3,404,417 |
Dongfeng Motor Group Co., Ltd. Class H
| | 2,829,300 | | 2,832,922 |
Geely Automobile Holdings, Ltd.
| | 4,274,000 | | 8,166,931 |
Great Wall Motor Co., Ltd. Class H (b)
| | 3,111,000 | | 2,334,256 |
Guangzhou Automobile Group Co., Ltd. Class H
| | 2,715,691 | | 3,206,957 |
NIO, Inc. ADR (a)
| | 59,866 | | 305,317 |
Qingling Motors Co., Ltd. Class H
| | 3,324,000 | | 927,338 |
| | | | | | 24,183,868 |
| BANKS — 13.9% | | | |
Agricultural Bank of China, Ltd. Class H
| | 22,376,000 | | 10,318,680 |
Bank of China, Ltd. Class H
| | 60,104,700 | | 27,257,847 |
Bank of Chongqing Co., Ltd. Class H (b)
| | 1,473,500 | | 942,295 |
Bank of Communications Co., Ltd. Class H
| | 17,450,824 | | 14,294,205 |
China CITIC Bank Corp., Ltd. Class H
| | 9,413,471 | | 5,995,880 |
China Construction Bank Corp. Class H
| | 82,493,623 | | 70,724,283 |
China Everbright Bank Co., Ltd. Class H
| | 931,000 | | 440,004 |
| Security Description | | | Shares | | Value |
China Merchants Bank Co., Ltd. Class H
| | 2,942,235 | | $14,298,978 |
China Minsheng Banking Corp., Ltd. Class H
| | 6,397,259 | | 4,645,173 |
Chongqing Rural Commercial Bank Co., Ltd. Class H
| | 2,442,000 | | 1,409,214 |
Huishang Bank Corp., Ltd. Class H
| | 2,167,700 | | 930,598 |
Industrial & Commercial Bank of China, Ltd. Class H
| | 60,272,789 | | 44,149,139 |
Postal Savings Bank of China Co., Ltd. Class H (c)
| | 4,209,000 | | 2,407,456 |
| | | | | | 197,813,752 |
| BEVERAGES — 0.5% | | | |
China Resources Beer Holdings Co., Ltd.
| | 1,293,667 | | 5,446,620 |
Tibet Water Resources, Ltd. (a)
| | 1,937,000 | | 602,078 |
Tsingtao Brewery Co., Ltd. Class H
| | 281,000 | | 1,324,467 |
| | | | | | 7,373,165 |
| BIOTECHNOLOGY — 0.6% | | | |
3SBio, Inc. (b) (c)
| | 715,000 | | 1,406,327 |
BeiGene, Ltd. ADR (a) (b)
| | 32,593 | | 4,302,276 |
China Biologic Products Holdings, Inc. (a) (b)
| | 22,468 | | 2,050,205 |
Innovent Biologics, Inc. (a) (c)
| | 1,500 | | 5,475 |
Shanghai Haohai Biological Technology Co., Ltd. Class H (c)
| | 17,200 | | 108,569 |
Zai Lab, Ltd. ADR (a)
| | 8,583 | | 253,284 |
| | | | | | 8,126,136 |
| BUILDING PRODUCTS — 0.0% (d) | | | |
China Lesso Group Holdings, Ltd.
| | 362,000 | | 234,264 |
| CAPITAL MARKETS — 1.5% | | | |
Central China Securities Co., Ltd. Class H
| | 405,000 | | 123,823 |
China Cinda Asset Management Co., Ltd. Class H
| | 9,540,200 | | 2,649,397 |
China Everbright, Ltd.
| | 852,000 | | 1,688,816 |
China Galaxy Securities Co., Ltd. Class H
| | 2,760,000 | | 1,814,228 |
China Huarong Asset Management Co., Ltd. Class H (c)
| | 6,952,000 | | 1,478,970 |
China International Capital Corp., Ltd. Class H (c)
| | 331,600 | | 767,965 |
CITIC Securities Co., Ltd. Class H
| | 1,836,500 | | 4,276,616 |
GF Securities Co., Ltd. Class H
| | 1,414,200 | | 2,032,137 |
Guotai Junan International Holdings, Ltd. (b)
| | 2,185,000 | | 442,570 |
Haitong Securities Co., Ltd. Class H
| | 2,654,600 | | 3,435,784 |
Huatai Securities Co., Ltd. Class H (c)
| | 935,600 | | 1,871,212 |
Noah Holdings, Ltd. ADR (a) (b)
| | 3,050 | | 147,803 |
Shenwan Hongyuan HK, Ltd.
| | 580,000 | | 157,377 |
| | | | | | 20,886,698 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| CHEMICALS — 0.2% | | | |
China BlueChemical, Ltd. Class H
| | 2,634,000 | | $855,636 |
China Lumena New Materials Corp. (a) (b) (e)
| | 3,564,548 | | — |
Fufeng Group, Ltd. (b)
| | 586,000 | | 307,559 |
Sinopec Shanghai Petrochemical Co., Ltd. Class H
| | 3,685,999 | | 1,756,143 |
| | | | | | 2,919,338 |
| COMMERCIAL SERVICES & SUPPLIES — 0.4% | | | |
China Everbright International, Ltd.
| | 3,498,925 | | 3,556,892 |
Country Garden Services Holdings Co., Ltd. (a)
| | 804,000 | | 1,497,395 |
CT Environmental Group, Ltd. (b)
| | 1,980,400 | | 85,776 |
Dongjiang Environmental Co., Ltd. Class H (b)
| | 156,800 | | 181,370 |
Greentown Service Group Co., Ltd.
| | 824,000 | | 730,583 |
| | | | | | 6,052,016 |
| COMMUNICATIONS EQUIPMENT — 0.3% | | | |
BYD Electronic International Co., Ltd. (b)
| | 687,000 | | 885,667 |
China All Access Holdings, Ltd.
| | 1,452,000 | | 94,334 |
China Fiber Optic Network System Group, Ltd. (a) (e)
| | 1,131,600 | | — |
Comba Telecom Systems Holdings, Ltd. (a) (b)
| | 1,692,310 | | 394,516 |
Shanghai Potevio Co., Ltd. Class B (a) (e)
| | 264,700 | | 53,205 |
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (b) (c)
| | 227,000 | | 608,711 |
ZTE Corp. Class H (a) (b)
| | 663,597 | | 1,995,030 |
| | | | | | 4,031,463 |
| CONSTRUCTION & ENGINEERING — 0.9% | | | |
China Communications Construction Co., Ltd. Class H
| | 3,954,394 | | 4,090,431 |
China Machinery Engineering Corp. Class H
| | 479,000 | | 244,078 |
China Railway Construction Corp., Ltd. Class H
| | 1,581,375 | | 2,070,909 |
China Railway Group, Ltd. Class H
| | 2,816,000 | | 2,568,495 |
China Singyes Solar Technologies Holdings, Ltd.
| | 367,000 | | 46,284 |
China State Construction International Holdings, Ltd.
| | 1,516,000 | | 1,419,449 |
Metallurgical Corp. of China, Ltd. Class H
| | 2,021,000 | | 597,293 |
Sinopec Engineering Group Co., Ltd. Class H
| | 1,423,000 | | 1,388,567 |
| | | | | | 12,425,506 |
| CONSTRUCTION MATERIALS — 0.7% | | | |
Anhui Conch Cement Co., Ltd. Class H
| | 984,500 | | 6,013,640 |
BBMG Corp. Class H (b)
| | 1,613,000 | | 591,780 |
| Security Description | | | Shares | | Value |
China National Building Material Co., Ltd. Class H
| | 3,074,000 | | $2,423,972 |
China Resources Cement Holdings, Ltd.
| | 1,073,163 | | 1,107,347 |
| | | | | | 10,136,739 |
| CONSUMER FINANCE — 0.0% (d) | | | |
Chong Sing Holdings FinTech Group (a) (b)
| | 16,522,900 | | 136,815 |
LexinFintech Holdings, Ltd. ADR (a)
| | 9,308 | | 97,734 |
Qudian, Inc. ADR (a) (b)
| | 40,671 | | 205,795 |
| | | | | | 440,344 |
| CONTAINERS & PACKAGING — 0.0% (d) | | | |
Greatview Aseptic Packaging Co., Ltd.
| | 476,000 | | 290,453 |
| DISTRIBUTORS — 0.0% (d) | | | |
Xinhua Winshare Publishing and Media Co., Ltd. Class H
| | 715,000 | | 556,519 |
| DIVERSIFIED CONSUMER SERVICES — 1.4% | | | |
Bright Scholar Education Holdings, Ltd. ADR (a)
| | 20,939 | | 216,509 |
China Education Group Holdings, Ltd.
| | 525,000 | | 798,540 |
China Maple Leaf Educational Systems, Ltd.
| | 1,111,497 | | 535,221 |
China Yuhua Education Corp., Ltd. (c)
| | 682,000 | | 279,752 |
Fu Shou Yuan International Group, Ltd.
| | 961,000 | | 881,433 |
New Oriental Education & Technology Group, Inc. ADR (a)
| | 97,100 | | 8,747,739 |
TAL Education Group ADR (a)
| | 248,849 | | 8,978,472 |
| | | | | | 20,437,666 |
| DIVERSIFIED FINANCIAL SERVICES — 0.1% | | | |
Far East Horizon, Ltd.
| | 1,535,000 | | 1,626,915 |
| DIVERSIFIED TELECOMMUNICATION SERVICES — 1.6% | | | |
China Communications Services Corp., Ltd. Class H
| | 2,171,600 | | 1,936,471 |
China Telecom Corp., Ltd. Class H
| | 12,416,951 | | 6,896,593 |
China Tower Corp., Ltd. Class H (a) (c)
| | 30,768,000 | | 7,133,518 |
China Unicom Hong Kong, Ltd.
| | 5,079,805 | | 6,438,775 |
CITIC Telecom International Holdings, Ltd.
| | 1,456,000 | | 654,740 |
| | | | | | 23,060,097 |
| ELECTRICAL EQUIPMENT — 0.4% | | | |
Dongfang Electric Corp., Ltd. Class H (a)
| | 267,000 | | 216,662 |
Fullshare Holdings, Ltd. (b)
| | 5,552,500 | | 742,696 |
Shanghai Electric Group Co., Ltd. Class H (b)
| | 2,802,000 | | 1,063,696 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Solartech International Holdings, Ltd. (a)
| | 1,480,000 | | $18,665 |
Tech Pro Technology Development, Ltd. (a) (b) (e)
| | 4,481,396 | | 19,410 |
Xinjiang Goldwind Science & Technology Co., Ltd. Class H (b)
| | 446,560 | | 642,823 |
Zhuzhou CRRC Times Electric Co., Ltd. Class H
| | 566,100 | | 3,346,141 |
| | | | | | 6,050,093 |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.0% | | | |
AAC Technologies Holdings, Inc. (b)
| | 585,245 | | 3,463,032 |
Anxin-China Holdings, Ltd. (a) (e)
| | 3,068,000 | | — |
AVIC International Holdings, Ltd. Class H
| | 307,982 | | 193,030 |
FIT Hon Teng, Ltd. (c)
| | 979,000 | | 473,914 |
Hollysys Automation Technologies, Ltd.
| | 26,285 | | 550,408 |
Ju Teng International Holdings, Ltd.
| | 1,228,000 | | 348,848 |
Kingboard Holdings, Ltd.
| | 720,999 | | 2,557,956 |
Kingboard Laminates Holdings, Ltd.
| | 413,000 | | 434,047 |
Sunny Optical Technology Group Co., Ltd.
| | 485,900 | | 5,802,983 |
Wasion Holdings, Ltd.
| | 390,000 | | 204,192 |
| | | | | | 14,028,410 |
| ENERGY EQUIPMENT & SERVICES — 0.2% | | | |
Anton Oilfield Services Group (a)
| | 1,058,000 | | 167,125 |
China Oilfield Services, Ltd. Class H
| | 1,665,900 | | 1,799,608 |
Hilong Holding, Ltd.
| | 764,000 | | 103,165 |
Sinopec Oilfield Service Corp. Class H (a) (b)
| | 1,436,000 | | 164,638 |
| | | | | | 2,234,536 |
| ENTERTAINMENT — 1.3% | | | |
Alibaba Pictures Group, Ltd. (a)
| | 9,750,000 | | 1,726,444 |
Bilibili, Inc. ADR (a) (b)
| | 8,116 | | 153,798 |
Boyaa Interactive International, Ltd. (a)
| | 349,000 | | 71,134 |
Changyou.com, Ltd. ADR
| | 12,271 | | 209,834 |
HUYA, Inc. ADR (a) (b)
| | 11,995 | | 337,419 |
iQIYI, Inc. ADR (a) (b)
| | 64,564 | | 1,544,371 |
Leyou Technologies Holdings, Ltd. (a)
| | 380,000 | | 106,014 |
NetDragon Websoft Holdings, Ltd. (b)
| | 260,000 | | 653,151 |
NetEase, Inc. ADR
| | 57,948 | | 13,991,545 |
Poly Culture Group Corp., Ltd. Class H
| | 106,900 | | 149,797 |
| | | | | | 18,943,507 |
| FOOD & STAPLES RETAILING — 0.1% | | | |
Sun Art Retail Group, Ltd.
| | 1,898,000 | | 1,849,655 |
| Security Description | | | Shares | | Value |
| FOOD PRODUCTS — 2.0% | | | |
China Agri-Industries Holdings, Ltd.
| | 2,151,600 | | $737,305 |
China Huishan Dairy Holdings Co., Ltd. (a) (b) (e)
| | 2,729,000 | | — |
China Huiyuan Juice Group, Ltd. (a) (b) (e)
| | 701,000 | | 135,289 |
China Mengniu Dairy Co., Ltd.
| | 2,253,220 | | 8,381,458 |
China Yurun Food Group, Ltd. (a)
| | 1,308,000 | | 309,923 |
CP Pokphand Co., Ltd.
| | 3,336,000 | | 301,729 |
Dali Foods Group Co., Ltd. (c)
| | 745,000 | | 557,093 |
Health and Happiness H&H International Holdings, Ltd. (a) (b)
| | 210,500 | | 1,317,980 |
Tingyi Cayman Islands Holding Corp.
| | 1,749,844 | | 2,884,475 |
Uni-President China Holdings, Ltd.
| | 949,400 | | 931,264 |
Want Want China Holdings, Ltd.
| | 5,865,933 | | 4,872,118 |
WH Group, Ltd. (c)
| | 6,331,606 | | 6,775,265 |
Yihai International Holding, Ltd.
| | 315,000 | | 1,402,461 |
| | | | | | 28,606,360 |
| GAS UTILITIES — 0.9% | | | |
Beijing Enterprises Holdings, Ltd.
| | 565,500 | | 3,205,721 |
China Gas Holdings, Ltd.
| | 1,741,000 | | 6,121,262 |
China Oil & Gas Group, Ltd.
| | 1,916,000 | | 124,480 |
China Resources Gas Group, Ltd.
| | 669,000 | | 3,153,268 |
| | | | | | 12,604,731 |
| HEALTH CARE EQUIPMENT & SUPPLIES — 0.2% | | | |
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
| | 2,236,000 | | 2,136,319 |
| HEALTH CARE PROVIDERS & SERVICES — 0.5% | | | |
China Resources Medical Holdings Co., Ltd.
| | 527,000 | | 378,637 |
Shanghai Pharmaceuticals Holding Co., Ltd. Class H
| | 934,000 | | 2,034,586 |
Sinopharm Group Co., Ltd. Class H
| | 1,016,400 | | 4,233,948 |
| | | | | | 6,647,171 |
| HEALTH CARE TECHNOLOGY — 0.1% | | | |
Ping An Healthcare and Technology Co., Ltd. (a) (b) (c)
| | 239,254 | | 1,350,194 |
| HOTELS, RESTAURANTS & LEISURE — 1.4% | | | |
Ajisen China Holdings, Ltd.
| | 511,000 | | 145,815 |
China Travel International Investment Hong Kong, Ltd.
| | 3,986,000 | | 1,015,548 |
Haidilao International Holding, Ltd. (a) (c)
| | 107,000 | | 342,130 |
Huazhu Group, Ltd. ADR
| | 89,996 | | 3,792,431 |
Imperial Pacific International Holdings, Ltd. (a) (b)
| | 30,610,300 | | 226,167 |
Shanghai Jin Jiang International Hotels Group Co., Ltd. Class H
| | 1,540,187 | | 415,951 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Yum China Holdings, Inc.
| | 302,617 | | $13,590,529 |
| | | | | | 19,528,571 |
| HOUSEHOLD DURABLES — 0.3% | | | |
Haier Electronics Group Co., Ltd.
| | 1,247,000 | | 3,621,883 |
Hisense Home Appliances Group Co., Ltd. Class H
| | 370,000 | | 520,360 |
Skyworth Digital Holdings, Ltd.
| | 2,259,423 | | 768,496 |
| | | | | | 4,910,739 |
| HOUSEHOLD PRODUCTS — 0.1% | | | |
Vinda International Holdings, Ltd.
| | 570,000 | | 1,102,249 |
| INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 1.0% | | | |
Beijing Enterprises Clean Energy Group, Ltd. (a)
| | 10,565,714 | | 174,975 |
Beijing Jingneng Clean Energy Co., Ltd. Class H
| | 1,222,000 | | 261,525 |
CGN Power Co., Ltd. Class H (c)
| | 10,463,000 | | 2,918,996 |
China Datang Corp. Renewable Power Co., Ltd. Class H
| | 2,003,000 | | 237,300 |
China Longyuan Power Group Corp., Ltd. Class H
| | 3,113,000 | | 2,165,234 |
China Power International Development, Ltd.
| | 3,117,000 | | 798,116 |
China Resources Power Holdings Co., Ltd.
| | 1,670,092 | | 2,510,473 |
Concord New Energy Group, Ltd.
| | 3,710,000 | | 196,135 |
Datang International Power Generation Co., Ltd. Class H
| | 3,988,287 | | 1,066,937 |
Huadian Fuxin Energy Corp., Ltd. Class H
| | 2,324,000 | | 515,132 |
Huadian Power International Corp., Ltd. Class H
| | 1,258,000 | | 517,626 |
Huaneng Power International, Inc. Class H
| | 3,616,129 | | 2,100,593 |
Huaneng Renewables Corp., Ltd. Class H
| | 3,370,000 | | 935,878 |
| | | | | | 14,398,920 |
| INDUSTRIAL CONGLOMERATES — 0.7% | | | |
CITIC, Ltd.
| | 5,642,000 | | 8,423,524 |
Shanghai Industrial Holdings, Ltd.
| | 422,000 | | 993,453 |
| | | | | | 9,416,977 |
| INSURANCE — 5.9% | | | |
China Life Insurance Co., Ltd. Class H
| | 5,862,040 | | 15,756,667 |
China Pacific Insurance Group Co., Ltd. Class H
| | 2,080,000 | | 8,161,071 |
China Reinsurance Group Corp. Class H
| | 1,844,000 | | 389,944 |
China Taiping Insurance Holdings Co., Ltd.
| | 1,048,491 | | 3,125,458 |
Fanhua, Inc. ADR (b)
| | 35,871 | | 941,972 |
New China Life Insurance Co., Ltd. Class H
| | 552,100 | | 2,813,266 |
People's Insurance Co. Group of China, Ltd. Class H
| | 6,509,000 | | 2,786,036 |
| Security Description | | | Shares | | Value |
PICC Property & Casualty Co., Ltd. Class H
| | 5,926,287 | | $6,734,117 |
Ping An Insurance Group Co. of China, Ltd. Class H (b)
| | 3,835,600 | | 42,949,221 |
| | | | | | 83,657,752 |
| INTERACTIVE MEDIA & SERVICES — 17.5% | | | |
58.com, Inc. ADR (a)
| | 66,252 | | 4,351,431 |
Autohome, Inc. ADR (a) (b)
| | 44,674 | | 4,696,131 |
Baidu, Inc. ADR (a)
| | 210,710 | | 34,735,544 |
Bitauto Holdings, Ltd. ADR (a) (b)
| | 25,848 | | 411,500 |
China Metal Recycling Holdings, Ltd. (a) (b) (e)
| | 268,085 | | — |
Fang Holdings, Ltd. ADR (a) (b)
| | 155,895 | | 210,458 |
Momo, Inc. ADR (a)
| | 86,035 | | 3,289,978 |
Phoenix New Media, Ltd. ADR (a)
| | 43,220 | | 181,956 |
SINA Corp. (a)
| | 56,778 | | 3,363,529 |
Sogou, Inc. ADR (a) (b)
| | 12,316 | | 73,157 |
Sohu.com, Ltd. ADR (a) (b)
| | 37,015 | | 613,709 |
Tencent Holdings, Ltd.
| | 4,155,615 | | 191,106,569 |
Tian Ge Interactive Holdings, Ltd. (c)
| | 145,000 | | 57,631 |
Weibo Corp. ADR (a) (b)
| | 37,724 | | 2,338,511 |
YY, Inc. ADR (a)
| | 34,472 | | 2,895,993 |
| | | | | | 248,326,097 |
| INTERNET & DIRECT MARKETING RETAIL — 16.5% | | | |
Alibaba Group Holding, Ltd. ADR (a)
| | 979,673 | | 178,741,339 |
Baozun, Inc. ADR (a) (b)
| | 19,134 | | 794,826 |
Ctrip.com International, Ltd. ADR (a)
| | 310,933 | | 13,584,663 |
JD.com, Inc. ADR (a) (b)
| | 643,195 | | 19,392,329 |
Meituan Dianping Class B (a) (b)
| | 2,658,400 | | 17,914,682 |
Pinduoduo, Inc. ADR (a) (b)
| | 58,158 | | 1,442,319 |
Vipshop Holdings, Ltd. ADR (a)
| | 299,625 | | 2,405,989 |
| | | | | | 234,276,147 |
| IT SERVICES — 0.5% | | | |
21Vianet Group, Inc. ADR (a)
| | 51,792 | | 411,229 |
AGTech Holdings, Ltd. (a) (b)
| | 1,632,000 | | 106,029 |
Chinasoft International, Ltd. (b)
| | 2,238,000 | | 1,382,722 |
Digital China Holdings, Ltd. (a)
| | 909,000 | | 485,189 |
GDS Holdings, Ltd. ADR (a) (b)
| | 39,312 | | 1,403,045 |
Hi Sun Technology China, Ltd. (a)
| | 1,437,000 | | 245,298 |
TravelSky Technology, Ltd. Class H
| | 1,039,000 | | 2,746,419 |
| | | | | | 6,779,931 |
| LIFE SCIENCES TOOLS & SERVICES — 0.3% | | | |
Genscript Biotech Corp. (a)
| | 630,000 | | 1,189,383 |
Wuxi Biologics Cayman, Inc. (a) (c)
| | 285,500 | | 2,776,824 |
| | | | | | 3,966,207 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| MACHINERY — 1.3% | | | |
China Conch Venture Holdings, Ltd.
| | 1,398,000 | | $5,004,338 |
China International Marine Containers Group Co., Ltd. Class H
| | 714,000 | | 913,198 |
CIMC Enric Holdings, Ltd.
| | 818,000 | | 838,846 |
CRRC Corp., Ltd. Class H
| | 3,674,950 | | 3,464,306 |
First Tractor Co., Ltd. Class H (a) (b)
| | 420,000 | | 110,217 |
Haitian International Holdings, Ltd.
| | 831,000 | | 1,888,552 |
Lonking Holdings, Ltd.
| | 2,593,000 | | 839,015 |
Sinotruk Hong Kong, Ltd. (b)
| | 215,500 | | 458,455 |
Weichai Power Co., Ltd. Class H
| | 1,451,680 | | 2,319,004 |
Yangzijiang Shipbuilding Holdings, Ltd.
| | 2,472,600 | | 2,738,206 |
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H
| | 1,068,600 | | 529,539 |
| | | | | | 19,103,676 |
| MARINE — 0.2% | | | |
COSCO SHIPPING Development Co., Ltd. Class H (a)
| | 2,187,500 | | 287,024 |
COSCO SHIPPING Energy Transportation Co., Ltd. Class H
| | 1,023,800 | | 586,895 |
COSCO SHIPPING Holdings Co., Ltd. Class H (a)
| | 1,965,175 | | 816,116 |
Seaspan Corp. (b)
| | 13,663 | | 118,868 |
SITC International Holdings Co., Ltd.
| | 948,000 | | 973,367 |
| | | | | | 2,782,270 |
| MEDIA — 0.1% | | | |
China Literature, Ltd. (a) (b) (c)
| | 223,200 | | 1,044,924 |
| METALS & MINING — 0.9% | | | |
Aluminum Corp. of China, Ltd. Class H (a)
| | 3,636,000 | | 1,338,612 |
Angang Steel Co., Ltd. Class H (b)
| | 1,415,720 | | 1,035,195 |
China Hongqiao Group, Ltd.
| | 740,000 | | 557,125 |
China Molybdenum Co., Ltd. Class H (b)
| | 3,408,000 | | 1,423,989 |
China Zhongwang Holdings, Ltd. (b)
| | 1,007,200 | | 549,152 |
Jiangxi Copper Co., Ltd. Class H
| | 1,287,000 | | 1,708,360 |
Maanshan Iron & Steel Co., Ltd. Class H (b)
| | 2,316,000 | | 1,132,929 |
MMG, Ltd. (a)
| | 1,532,000 | | 622,562 |
Shougang Fushan Resources Group, Ltd.
| | 3,632,000 | | 832,821 |
Zhaojin Mining Industry Co., Ltd. Class H
| | 998,500 | | 999,778 |
Zijin Mining Group Co., Ltd. Class H
| | 5,724,750 | | 2,370,135 |
| | | | | | 12,570,658 |
| Security Description | | | Shares | | Value |
| MULTILINE RETAIL — 0.1% | | | |
Golden Eagle Retail Group, Ltd. (b)
| | 568,120 | | $673,064 |
Parkson Retail Group, Ltd.
| | 1,854,500 | | 148,833 |
| | | | | | 821,897 |
| OIL, GAS & CONSUMABLE FUELS — 4.4% | | | |
China Coal Energy Co., Ltd. Class H
| | 2,446,013 | | 1,012,687 |
China Petroleum & Chemical Corp. Class H
| | 19,672,640 | | 15,512,665 |
China Shenhua Energy Co., Ltd. Class H
| | 2,751,700 | | 6,274,617 |
China Suntien Green Energy Corp., Ltd. Class H
| | 992,000 | | 302,025 |
CNOOC, Ltd.
| | 12,353,174 | | 23,132,842 |
Kunlun Energy Co., Ltd.
| | 3,167,400 | | 3,308,643 |
NewOcean Energy Holdings, Ltd. (a) (b)
| | 724,000 | | 206,595 |
PetroChina Co., Ltd. Class H
| | 16,248,930 | | 10,535,997 |
Sinopec Kantons Holdings, Ltd.
| | 1,322,000 | | 601,219 |
United Energy Group, Ltd.
| | 1,472,000 | | 285,026 |
Yanzhou Coal Mining Co., Ltd. Class H
| | 1,449,900 | | 1,424,051 |
| | | | | | 62,596,367 |
| PAPER & FOREST PRODUCTS — 0.2% | | | |
Lee & Man Paper Manufacturing, Ltd.
| | 1,444,000 | | 1,230,627 |
Nine Dragons Paper Holdings, Ltd.
| | 1,689,000 | | 1,609,401 |
| | | | | | 2,840,028 |
| PERSONAL PRODUCTS — 0.4% | | | |
Hengan International Group Co., Ltd.
| | 679,500 | | 5,955,401 |
| PHARMACEUTICALS — 1.6% | | | |
China Animal Healthcare, Ltd. (a) (b) (e)
| | 763,600 | | — |
China Medical System Holdings, Ltd.
| | 1,115,300 | | 1,081,208 |
China Resources Pharmaceutical Group, Ltd. (c)
| | 898,000 | | 1,269,791 |
China Shineway Pharmaceutical Group, Ltd.
| | 372,000 | | 372,476 |
Consun Pharmaceutical Group, Ltd.
| | 777,000 | | 570,134 |
CSPC Pharmaceutical Group, Ltd.
| | 3,688,000 | | 6,859,254 |
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H
| | 272,000 | | 1,198,887 |
Luye Pharma Group, Ltd. (b) (c)
| | 1,438,000 | | 1,256,655 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H
| | 284,000 | | 1,025,663 |
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H
| | 575,000 | | 517,137 |
Sihuan Pharmaceutical Holdings Group, Ltd.
| | 1,358,000 | | 328,690 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Sino Biopharmaceutical, Ltd.
| | 5,116,500 | | $4,666,799 |
SSY Group, Ltd.
| | 1,668,332 | | 1,551,452 |
Tong Ren Tang Technologies Co., Ltd. Class H (b)
| | 563,000 | | 755,931 |
United Laboratories International Holdings, Ltd. (b)
| | 748,000 | | 442,133 |
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (c)
| | 114,400 | | 495,494 |
| | | | | | 22,391,704 |
| PROFESSIONAL SERVICES — 0.1% | | | |
51job, Inc. ADR (a)
| | 18,015 | | 1,403,008 |
| REAL ESTATE MANAGEMENT & DEVELOPMENT — 6.2% | | | |
Agile Group Holdings, Ltd.
| | 1,638,747 | | 2,651,238 |
Beijing Capital Land, Ltd. Class H
| | 1,052,000 | | 402,041 |
Carnival Group International Holdings, Ltd. (a) (b)
| | 7,666,800 | | 45,903 |
China Evergrande Group (b)
| | 2,393,600 | | 7,958,390 |
China Jinmao Holdings Group, Ltd.
| | 2,202,000 | | 1,436,218 |
China Overseas Land & Investment, Ltd.
| | 3,177,862 | | 12,063,808 |
China Overseas Property Holdings, Ltd.
| | 1,192,620 | | 572,765 |
China Resources Land, Ltd.
| | 2,322,555 | | 10,414,580 |
China South City Holdings, Ltd.
| | 2,680,000 | | 430,168 |
China Vanke Co., Ltd. Class H
| | 1,173,864 | | 4,934,746 |
CIFI Holdings Group Co., Ltd.
| | 2,602,000 | | 1,972,229 |
Colour Life Services Group Co., Ltd.
| | 320,000 | | 232,358 |
Country Garden Holdings Co., Ltd.
| | 5,722,500 | | 8,937,363 |
Future Land Development Holdings, Ltd.
| | 788,000 | | 975,721 |
Greentown China Holdings, Ltd.
| | 472,000 | | 471,402 |
Guangzhou R&F Properties Co., Ltd. Class H
| | 1,136,224 | | 2,457,733 |
Hopson Development Holdings, Ltd.
| | 494,000 | | 481,417 |
Jiayuan International Group, Ltd.
| | 434,000 | | 229,441 |
Kaisa Group Holdings, Ltd.
| | 1,157,000 | | 524,707 |
KWG Group Holdings, Ltd.
| | 1,109,806 | | 1,338,845 |
Logan Property Holdings Co., Ltd.
| | 486,000 | | 804,846 |
Longfor Group Holdings, Ltd.
| | 1,205,000 | | 4,244,390 |
Poly Property Group Co., Ltd.
| | 1,632,000 | | 636,172 |
Redco Group (b) (c)
| | 440,200 | | 207,484 |
Renhe Commercial Holdings Co., Ltd. (a)
| | 26,391,000 | | 907,722 |
Shenzhen Investment, Ltd.
| | 2,560,606 | | 978,582 |
Shimao Property Holdings, Ltd.
| | 1,089,941 | | 3,408,691 |
Shui On Land, Ltd.
| | 4,115,500 | | 1,017,085 |
Sino-Ocean Group Holding, Ltd.
| | 3,467,212 | | 1,519,399 |
Skyfame Realty Holdings, Ltd.
| | 688,000 | | 99,038 |
SOHO China, Ltd. (a)
| | 1,160,500 | | 487,857 |
Sunac China Holdings, Ltd. (b)
| | 1,681,300 | | 8,374,427 |
Suncity Group Holdings, Ltd. (a)
| | 2,651,376 | | 634,983 |
| Security Description | | | Shares | | Value |
Yanlord Land Group, Ltd.
| | 541,900 | | $544,100 |
Ying Li International Real Estate, Ltd. (a)
| | 8,654,700 | | 849,815 |
Yuexiu Property Co., Ltd.
| | 8,548,000 | | 2,058,067 |
Yuzhou Properties Co., Ltd.
| | 3,443,028 | | 2,078,988 |
Zall Group, Ltd. (b)
| | 2,033,000 | | 795,076 |
| | | | | | 88,177,795 |
| ROAD & RAIL — 0.1% | | | |
CAR, Inc. (a) (b)
| | 1,093,300 | | 942,890 |
Guangshen Railway Co., Ltd. Class H (b)
| | 1,970,000 | | 767,929 |
| | | | | | 1,710,819 |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.4% | | | |
Daqo New Energy Corp. ADR (a) (b)
| | 3,836 | | 126,703 |
GCL-Poly Energy Holdings, Ltd. (a) (b)
| | 9,621,000 | | 674,087 |
Hanergy Thin Film Power Group, Ltd. (a) (b) (e)
| | 17,589,376 | | — |
Hua Hong Semiconductor, Ltd. (c)
| | 223,000 | | 522,704 |
JinkoSolar Holding Co., Ltd. ADR (a) (b)
| | 17,759 | | 319,662 |
Semiconductor Manufacturing International Corp. (a) (b)
| | 2,556,600 | | 2,585,928 |
Shunfeng International Clean Energy, Ltd. (a) (b)
| | 670,000 | | 26,459 |
Xinyi Solar Holdings, Ltd.
| | 2,955,803 | | 1,423,313 |
| | | | | | 5,678,856 |
| SOFTWARE — 0.3% | | | |
Cheetah Mobile, Inc. ADR (a) (b)
| | 17,414 | | 111,798 |
Kingdee International Software Group Co., Ltd.
| | 1,420,000 | | 1,642,507 |
Kingsoft Corp., Ltd.
| | 695,000 | | 1,767,170 |
Xunlei, Ltd. ADR (a)
| | 9,827 | | 35,967 |
| | | | | | 3,557,442 |
| SPECIALTY RETAIL — 0.2% | | | |
China Harmony New Energy Auto Holding, Ltd. (b)
| | 1,023,500 | | 383,326 |
GOME Retail Holdings, Ltd. (a) (b)
| | 9,516,279 | | 884,959 |
Grand Baoxin Auto Group, Ltd.
| | 900,074 | | 310,728 |
Hengdeli Holdings, Ltd. (a)
| | 2,944,895 | | 144,432 |
Zhongsheng Group Holdings, Ltd.
| | 716,500 | | 1,778,027 |
| | | | | | 3,501,472 |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.4% | | | |
Coolpad Group, Ltd. (a) (e)
| | 2,629,400 | | — |
Legend Holdings Corp. Class H (c)
| | 186,200 | | 494,560 |
Lenovo Group, Ltd.
| | 5,416,000 | | 4,870,981 |
Meitu, Inc. (a) (b) (c)
| | 1,402,000 | | 659,034 |
Xiaomi Corp. Class B (a) (b) (c)
| | 9,187,600 | | 13,319,179 |
| | | | | | 19,343,754 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| TEXTILES, APPAREL & LUXURY GOODS — 1.3% | | | |
ANTA Sports Products, Ltd.
| | 838,000 | | $5,700,571 |
Bosideng International Holdings, Ltd.
| | 4,250,000 | | 1,039,497 |
China Dongxiang Group Co., Ltd.
| | 3,915,000 | | 568,551 |
Cosmo Lady China Holdings Co., Ltd. (c)
| | 348,000 | | 100,633 |
Li Ning Co., Ltd. (a)
| | 1,849,207 | | 2,902,214 |
Shenzhou International Group Holdings, Ltd.
| | 565,000 | | 7,571,768 |
| | | | | | 17,883,234 |
| TRADING COMPANIES & DISTRIBUTORS — 0.0% (d) | | | |
CITIC Resources Holdings, Ltd. (b)
| | 1,874,000 | | 174,271 |
| TRANSPORTATION INFRASTRUCTURE — 1.0% | | | |
Anhui Expressway Co., Ltd. Class H
| | 768,000 | | 505,807 |
Beijing Capital International Airport Co., Ltd. Class H
| | 1,719,939 | | 1,632,309 |
China Merchants Port Holdings Co., Ltd.
| | 1,192,663 | | 2,540,312 |
COSCO SHIPPING International Hong Kong Co., Ltd.
| | 648,000 | | 234,437 |
COSCO SHIPPING Ports, Ltd.
| | 1,488,793 | | 1,608,286 |
Dalian Port PDA Co., Ltd. Class H (b)
| | 1,260,200 | | 170,168 |
Jiangsu Expressway Co., Ltd. Class H
| | 1,102,795 | | 1,559,376 |
Qingdao Port International Co., Ltd. Class H (a) (c)
| | 1,067,000 | | 748,944 |
Regal International Airport Group Co., Ltd.
| | 488,000 | | 407,809 |
Shenzhen Expressway Co., Ltd. Class H
| | 856,000 | | 1,003,217 |
Shenzhen International Holdings, Ltd.
| | 1,048,884 | | 2,226,053 |
Sichuan Expressway Co., Ltd. Class H
| | 1,012,000 | | 332,608 |
Xiamen International Port Co., Ltd. Class H
| | 1,059,000 | | 149,745 |
Yuexiu Transport Infrastructure, Ltd.
| | 480,000 | | 390,729 |
Zhejiang Expressway Co., Ltd. Class H
| | 1,138,000 | | 1,304,722 |
| | | | | | 14,814,522 |
| WATER UTILITIES — 0.6% | | | |
Beijing Enterprises Water Group, Ltd.
| | 4,524,000 | | 2,795,101 |
China Water Affairs Group, Ltd.
| | 500,000 | | 522,296 |
Guangdong Investment, Ltd.
| | 2,484,000 | | 4,797,157 |
Kangda International Environmental Co., Ltd. (c)
| | 857,000 | | 127,732 |
| | | | | | 8,242,286 |
| Security Description | | | Shares | | Value |
| WIRELESS TELECOMMUNICATION SERVICES — 3.1% | | | |
China Mobile, Ltd.
| | 4,263,004 | | $43,444,903 |
TOTAL COMMON STOCKS
(Cost $1,282,272,741)
| | | | | 1,416,519,312 |
| RIGHTS — 0.0% (d) | | | | | |
| ELECTRICAL EQUIPMENT — 0.0% (d) | | | | | |
Xinjiang Goldwind Science & Technology Co., Ltd. (expiring 4/23/19) (a) (f)
(Cost $0)
| | | 84,846 | | 33,398 |
TOTAL RIGHTS
(Cost $0)
| | | | | 33,398 |
| SHORT-TERM INVESTMENTS — 2.8% | | | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (g) (h)
| | 3,066,720 | | 3,066,720 |
State Street Navigator Securities Lending Government Money Market Portfolio (g) (i)
| | 36,886,353 | | 36,886,353 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $39,953,073)
| | 39,953,073 | |
TOTAL INVESTMENTS — 102.6%
(Cost $1,322,225,814)
| | 1,456,505,783 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.6)%
| | (37,086,577) | |
NET ASSETS — 100.0%
| | $1,419,419,206 | |
| (a) | Non-income producing security. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (c) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.7% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (d) | Amount is less than 0.05% of net assets. |
| (e) | Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of March 31, 2019, total aggregate fair value of the security is $207,904, representing less than 0.05% of the Fund's 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. As of March 31, 2019, total aggregate fair value of securities is $33,398, representing less than 0.05% of 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, 2019 are shown in the Affiliate Table below. |
| (h) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (i) | Investment of cash collateral for securities loaned. |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| ADR | = American Depositary Receipt |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2018.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $1,416,311,408 | | $— | | $207,904 | | $1,416,519,312 |
Rights
| | — | | 33,398 | | — | | 33,398 |
Short-Term Investments
| | 39,953,073 | | — | | — | | 39,953,073 |
TOTAL INVESTMENTS
| | $1,456,264,481 | | $33,398 | | $207,904 | | $1,456,505,783 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 539,688 | | $539,688 | | $250,365,695 | | $247,838,663 | | $— | | $— | | 3,066,720 | | $3,066,720 | | $68,965 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 14,615,815 | | 14,615,815 | | 71,621,172 | | 49,350,634 | | — | | — | | 36,886,353 | | 36,886,353 | | 298,101 | | — |
Total
| | | $15,155,503 | | $321,986,867 | | $297,189,297 | | $— | | $— | | | | $39,953,073 | | $367,066 | | $— |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 98.7% | | | | | |
| AUSTRALIA — 6.6% | | | | | |
A2B Australia, Ltd. (a)
| | | 122,006 | | $182,001 |
Abacus Property Group REIT
| | | 173,100 | | 457,417 |
Accent Group, Ltd.
| | | 282,888 | | 289,367 |
AET&D Holdings No. 1 Pty, Ltd. (a)(b)(c)
| | | 110,316 | | — |
Altura Mining, Ltd. (a)(c)
| | | 1,749,889 | | 167,810 |
AMA Group, Ltd. (a)
| | | 340,148 | | 263,370 |
APN Industria REIT
| | | 105,060 | | 211,947 |
Appen, Ltd.
| | | 56,389 | | 892,446 |
ARB Corp., Ltd. (a)
| | | 44,974 | | 549,493 |
Ardent Leisure Group, Ltd.
| | | 132,153 | | 106,548 |
Arena REIT
| | | 191,557 | | 378,282 |
ARQ Group, Ltd.
| | | 169,322 | | 238,150 |
Astro Japan Property Group REIT (b)(c)
| | | 33,776 | | — |
Aurelia Metals, Ltd. (c)
| | | 566,060 | | 357,870 |
Ausdrill, Ltd.
| | | 223,788 | | 259,117 |
Australian Agricultural Co., Ltd. (a)(c)
| | | 200,637 | | 144,660 |
Australian Pharmaceutical Industries, Ltd.
| | | 322,102 | | 346,640 |
Aveo Group
| | | 129,329 | | 180,982 |
Bapcor, Ltd.
| | | 108,390 | | 425,011 |
BCI Minerals, Ltd. (c)
| | | 3 | | — |
Bega Cheese, Ltd. (a)
| | | 91,191 | | 296,033 |
Bellamy's Australia, Ltd. (a)(c)
| | | 49,993 | | 394,189 |
Bingo Industries, Ltd. (a)
| | | 269,804 | | 293,232 |
Bravura Solutions, Ltd.
| | | 92,967 | | 361,234 |
Breville Group, Ltd.
| | | 61,671 | | 713,194 |
Brickworks, Ltd.
| | | 42,896 | | 527,761 |
Bubs Australia, Ltd. (a)(c)(d)
| | | 611,726 | | 349,804 |
Buru Energy, Ltd. (c)
| | | 12 | | 2 |
BWP Trust REIT
| | | 176,855 | | 469,852 |
BWX, Ltd. (a)
| | | 61,620 | | 99,362 |
Cedar Woods Properties, Ltd.
| | | 64,092 | | 241,297 |
Central Petroleum, Ltd. (c)
| | | 21 | | 2 |
Charter Hall Education Trust
| | | 157,322 | | 388,903 |
Charter Hall Long Wale REIT
| | | 88,375 | | 286,264 |
Charter Hall Retail REIT
| | | 269,592 | | 890,497 |
Class, Ltd. (a)
| | | 187,752 | | 222,727 |
Collins Foods, Ltd.
| | | 54,002 | | 278,496 |
Cooper Energy, Ltd. (a)(c)
| | | 959,732 | | 340,873 |
Costa Group Holdings, Ltd.
| | | 198,310 | | 724,069 |
Credit Corp. Group, Ltd. (a)
| | | 29,067 | | 458,173 |
Cromwell Property Group REIT
| | | 582,337 | | 452,961 |
CSR, Ltd.
| | | 266,970 | | 629,612 |
Dacian Gold, Ltd. (a)(c)
| | | 134,714 | | 232,537 |
Data#3, Ltd.
| | | 6 | | 8 |
Domain Holdings Australia, Ltd. (a)
| | | 105,642 | | 191,359 |
Eclipx Group, Ltd.
| | | 154,779 | | 70,366 |
Elders, Ltd.
| | | 65,996 | | 284,563 |
Emeco Holdings, Ltd.
| | | 129,057 | | 176,934 |
EML Payments, Ltd. (c)
| | | 198,260 | | 247,164 |
| Security Description | | | Shares | | Value |
ERM Power, Ltd.
| | | 237,049 | | $319,095 |
Estia Health, Ltd.
| | | 105,172 | | 200,967 |
Evolution Mining, Ltd.
| | | 45 | | 117 |
FAR, Ltd. (a)(c)
| | | 4,503,860 | | 185,560 |
Fleetwood Corp., Ltd.
| | | 30 | | 41 |
G8 Education, Ltd.
| | | 318,639 | | 685,826 |
Galaxy Resources, Ltd. (a)(c)
| | | 172,069 | | 229,791 |
GDI Property Group REIT
| | | 230,393 | | 227,487 |
Genworth Mortgage Insurance Australia, Ltd. (a)
| | | 93,897 | | 159,412 |
Gold Road Resources, Ltd. (a)(c)
| | | 483,246 | | 332,976 |
GrainCorp, Ltd. Class A
| | | 110,891 | | 723,121 |
Greenland Minerals, Ltd. (c)
| | | 97 | | 3 |
Growthpoint Properties Australia, Ltd. REIT
| | | 83,201 | | 245,273 |
GUD Holdings, Ltd.
| | | 48,302 | | 409,334 |
GWA Group, Ltd.
| | | 141,519 | | 319,679 |
Hansen Technologies, Ltd.
| | | 102,982 | | 212,876 |
Healius, Ltd.
| | | 352,681 | | 658,886 |
Horizon Oil, Ltd. (c)
| | | 54 | | 4 |
Hotel Property Investments REIT
| | | 88,585 | | 203,252 |
HT&E, Ltd. (a)
| | | 74,088 | | 89,995 |
HUB24, Ltd. (a)
| | | 31,426 | | 309,180 |
Icon Energy, Ltd. (c)
| | | 24 | | — |
IDP Education, Ltd.
| | | 51,114 | | 529,020 |
Imdex, Ltd.
| | | 328,374 | | 249,589 |
IMF Bentham, Ltd. (a)
| | | 122,348 | | 225,966 |
Independence Group NL
| | | 144,620 | | 499,272 |
Infigen Energy
| | | 4,965 | | 1,552 |
Ingenia Communities Group REIT
| | | 68,462 | | 146,869 |
Inghams Group, Ltd. (a)
| | | 90,053 | | 279,545 |
Integrated Research, Ltd. (a)
| | | 151,110 | | 279,087 |
InvoCare, Ltd. (a)
| | | 133,520 | | 1,347,760 |
ioneer, Ltd. (c)
| | | 14,346 | | 1,732 |
ioneer, Ltd. (a)(c)
| | | 1,210,425 | | 146,170 |
IPH, Ltd.
| | | 109,976 | | 549,975 |
IRESS, Ltd.
| | | 57,196 | | 531,023 |
Jupiter Mines, Ltd.
| | | 1,011,358 | | 244,262 |
Karoon Energy, Ltd. (c)
| | | 344,651 | | 254,616 |
Kidman Resources, Ltd. (a)(c)
| | | 305,359 | | 263,548 |
Kingsgate Consolidated, Ltd. (c)
| | | 1,447 | | 236 |
Kogan.com, Ltd. (a)
| | | 64,497 | | 162,187 |
Liquefied Natural Gas, Ltd. (a)(c)
| | | 273,884 | | 88,522 |
Lovisa Holdings, Ltd. (a)
| | | 38,592 | | 245,628 |
Lynas Corp., Ltd. (a)(c)
| | | 381,239 | | 565,999 |
MACA, Ltd. (a)
| | | 332,511 | | 231,475 |
Mayne Pharma Group, Ltd. (c)
| | | 994,059 | | 490,760 |
McMillan Shakespeare, Ltd.
| | | 44,270 | | 377,366 |
Mesoblast, Ltd. (a)(c)
| | | 218,674 | | 222,906 |
Metcash, Ltd. (a)
| | | 506,882 | | 954,168 |
Mincor Resources NL (c)
| | | 9 | | 3 |
Monadelphous Group, Ltd.
| | | 49,702 | | 612,556 |
Monash IVF Group, Ltd.
| | | 338,620 | | 256,174 |
Money3 Corp., Ltd.
| | | 179,899 | | 241,525 |
Mount Gibson Iron, Ltd.
| | | 56,397 | | 37,257 |
Myer Holdings, Ltd. (a)(c)
| | | 464,787 | | 204,700 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
MYOB Group, Ltd.
| | | 251,073 | | $593,904 |
Nanosonics, Ltd. (c)
| | | 165,207 | | 511,667 |
Navigator Global Investments, Ltd.
| | | 65,498 | | 144,697 |
Navitas, Ltd. (a)
| | | 153,974 | | 632,190 |
nearmap, Ltd. (c)
| | | 210,704 | | 420,583 |
Netwealth Group, Ltd. (a)
| | | 46,765 | | 273,729 |
New Century Resources, Ltd. (a)(c)
| | | 366,438 | | 214,747 |
New South Resources, Ltd. (c)
| | | 323,956 | | 406,165 |
NEXTDC, Ltd. (a)(c)
| | | 201,216 | | 901,912 |
Nick Scali, Ltd. (a)
| | | 44,318 | | 178,499 |
Nine Entertainment Co. Holdings, Ltd.
| | | 815,667 | | 990,789 |
NRW Holdings, Ltd.
| | | 209,157 | | 353,608 |
Nufarm, Ltd. (a)
| | | 117,564 | | 393,339 |
OceanaGold Corp.
| | | 351,278 | | 1,104,358 |
OFX Group, Ltd.
| | | 239,909 | | 284,600 |
oOh!media, Ltd.
| | | 140,957 | | 389,501 |
Orocobre, Ltd. (a)(c)
| | | 102,922 | | 246,383 |
Perpetual, Ltd. (a)
| | | 27,345 | | 751,340 |
Perseus Mining, Ltd. (c)
| | | 596,355 | | 194,866 |
Pilbara Minerals, Ltd. (a)(c)
| | | 1,136,818 | | 637,955 |
Praemium, Ltd. (a)(c)
| | | 349,541 | | 146,495 |
Quintis, Ltd. (a)(b)(c)
| | | 148,677 | | — |
Regis Healthcare, Ltd. (a)
| | | 106,890 | | 261,197 |
Regis Resources, Ltd.
| | | 321,291 | | 1,209,614 |
Resolute Mining, Ltd.
| | | 329,344 | | 283,079 |
Rural Funds Group REIT
| | | 181,731 | | 293,040 |
Sandfire Resources NL
| | | 114,787 | | 563,434 |
Saracen Mineral Holdings, Ltd. (c)
| | | 501,387 | | 1,032,865 |
Service Stream, Ltd.
| | | 235,470 | | 352,931 |
Seven West Media, Ltd. (c)
| | | 515,257 | | 179,346 |
SG Fleet Group, Ltd.
| | | 80,792 | | 126,259 |
Shopping Centres Australasia Property Group REIT
| | | 358,651 | | 672,587 |
Silver Lake Resources, Ltd. (a)(c)
| | | 292,047 | | 170,114 |
Slater & Gordon, Ltd. (c)
| | | 41 | | 58 |
SmartGroup Corp., Ltd.
| | | 49,162 | | 276,584 |
SolGold PLC (a)(c)
| | | 722,215 | | 354,318 |
Southern Cross Media Group, Ltd.
| | | 530,538 | | 440,935 |
SpeedCast International, Ltd. (a)
| | | 133,076 | | 354,489 |
St Barbara, Ltd.
| | | 305,287 | | 730,820 |
Starpharma Holdings, Ltd. (c)
| | | 253,684 | | 172,095 |
Steadfast Group, Ltd.
| | | 406,450 | | 915,248 |
Strandline Resources, Ltd. (c)
| | | 53 | | 3 |
Sundance Energy Australia, Ltd. (a)
| | | 483,169 | | 144,152 |
Super Retail Group, Ltd. (a)
| | | 61,393 | | 350,192 |
Superloop, Ltd. (c)
| | | 111,018 | | 116,715 |
Tap Oil, Ltd. (c)
| | | 9 | | 1 |
Tassal Group, Ltd.
| | | 140,344 | | 484,510 |
Technology One, Ltd.
| | | 137,248 | | 779,953 |
Tiger Resources, Ltd. (b)(c)
| | | 2,464 | | — |
Villa World, Ltd.
| | | 176,400 | | 278,179 |
Virtus Health, Ltd.
| | | 17,657 | | 50,045 |
| Security Description | | | Shares | | Value |
Vita Group, Ltd.
| | | 162 | | $172 |
Viva Energy REIT
| | | 179,184 | | 323,300 |
Vocus Group, Ltd. (a)(c)
| | | 351,629 | | 921,687 |
Webjet, Ltd.
| | | 86,294 | | 891,899 |
Westgold Resources, Ltd.
| | | 101,686 | | 91,013 |
| | | | | | 53,419,063 |
| AUSTRIA — 0.3% | | | | | |
AT&S Austria Technologie & Systemtechnik AG
| | | 13,224 | | 227,183 |
DO & Co. AG
| | | 3,809 | | 308,113 |
FACC AG (a)
| | | 11,878 | | 172,584 |
Palfinger AG
| | | 5,699 | | 159,978 |
POLYTEC Holding AG (a)
| | | 4,583 | | 43,587 |
Porr AG (a)
| | | 8,482 | | 189,718 |
S IMMO AG
| | | 32,779 | | 670,603 |
S&T AG
| | | 24,661 | | 617,500 |
Schoeller-Bleckmann Oilfield Equipment AG
| | | 5,255 | | 436,643 |
| | | | | | 2,825,909 |
| BELGIUM — 1.2% | | | | | |
Aedifica SA REIT
| | | 8,363 | | 799,123 |
AGFA-Gevaert NV (c)
| | | 98,498 | | 410,542 |
Balta Group NV (e)
| | | 50,648 | | 176,582 |
Barco NV
| | | 11,024 | | 1,690,875 |
Befimmo SA REIT
| | | 7,670 | | 452,144 |
Bekaert SA
| | | 23,639 | | 555,811 |
Biocartis NV (a)(c)(e)
| | | 19,103 | | 244,528 |
Econocom Group SA (a)
| | | 52,779 | | 215,361 |
Euronav NV (a)
| | | 104,002 | | 847,229 |
Exmar NV (c)
| | | 38,197 | | 241,468 |
Fagron
| | | 15,832 | | 284,609 |
Intervest Offices & Warehouses NV REIT (a)
| | | 13,075 | | 353,084 |
Ion Beam Applications (a)(c)
| | | 11,710 | | 198,149 |
Kinepolis Group NV
| | | 3,693 | | 208,993 |
Materialise NV ADR (a)(c)
| | | 19,783 | | 311,384 |
MDxHealth (a)(c)
| | | 55,311 | | 96,637 |
Mithra Pharmaceuticals SA (a)(c)
| | | 7,854 | | 227,527 |
Recticel SA
| | | 32,046 | | 240,725 |
Retail Estates NV REIT
| | | 5,743 | | 523,620 |
Sipef NV
| | | 4,441 | | 248,830 |
Tessenderlo Group SA (c)
| | | 29,599 | | 998,719 |
Van de Velde NV (a)
| | | 9,441 | | 332,336 |
X-Fab Silicon Foundries SE (c)(e)
| | | 48,148 | | 234,363 |
| | | | | | 9,892,639 |
| CANADA — 8.2% | | | | | |
Aecon Group, Inc.
| | | 30,837 | | 402,558 |
Ag Growth International, Inc.
| | | 6,913 | | 322,170 |
Aimia, Inc. (c)
| | | 99,885 | | 293,087 |
Alamos Gold, Inc. Class A
| | | 238,805 | | 1,211,945 |
Altius Minerals Corp. (a)
| | | 39,685 | | 380,230 |
Altus Group, Ltd. (a)
| | | 20,768 | | 405,271 |
Arbutus Biopharma Corp. (a)(c)(f)
| | | 31,793 | | 113,819 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Arbutus Biopharma Corp. (c)(d)(f)
| | | 11,276 | | $40,391 |
Aritzia, Inc. (c)
| | | 34,751 | | 461,977 |
Artis Real Estate Investment Trust
| | | 50,109 | | 416,715 |
Asanko Gold, Inc. (a)(c)
| | | 95,538 | | 60,071 |
Athabasca Oil Corp. (a)(c)
| | | 169,748 | | 108,002 |
Atrium Mortgage Investment Corp. (a)
| | | 37,896 | | 375,287 |
ATS Automation Tooling Systems, Inc. (c)
| | | 36,523 | | 536,930 |
AutoCanada, Inc. (a)
| | | 17,993 | | 143,707 |
Badger Daylighting, Ltd. (a)
| | | 16,445 | | 500,016 |
Ballard Power Systems, Inc. (a)(c)
| | | 77,681 | | 235,494 |
Baytex Energy Corp. (a)(c)
| | | 340,101 | | 577,888 |
Birchcliff Energy, Ltd.
| | | 121,542 | | 323,882 |
Black Diamond Group, Ltd. (c)
| | | 645 | | 869 |
Boardwalk Real Estate Investment Trust
| | | 13,567 | | 414,134 |
Bonterra Energy Corp. (a)
| | | 22,956 | | 107,911 |
Boralex, Inc. Class A (a)
| | | 27,167 | | 385,558 |
Boston Pizza Royalties Income Fund
| | | 20,460 | | 254,841 |
Boyd Group Income Fund
| | | 5,481 | | 564,162 |
Calfrac Well Services, Ltd. (a)(c)
| | | 25,578 | | 64,139 |
Canaccord Genuity Group, Inc.
| | | 58,382 | | 255,212 |
Canacol Energy, Ltd. (a)(c)
| | | 55,638 | | 189,076 |
Canadian Solar, Inc. (a)(c)
| | | 19,891 | | 370,569 |
CannTrust Holdings, Inc. (a)(c)
| | | 44,627 | | 346,073 |
CanWel Building Materials Group, Ltd. (a)
| | | 63,171 | | 244,939 |
Cargojet, Inc.
| | | 7,734 | | 449,932 |
Cascades, Inc.
| | | 27,727 | | 173,093 |
Celestica, Inc. (c)
| | | 62,776 | | 530,515 |
Centerra Gold, Inc. (c)
| | | 100,624 | | 527,994 |
CES Energy Solutions Corp.
| | | 157,844 | | 322,553 |
Chemtrade Logistics Income Fund
| | | 24,176 | | 165,402 |
Chorus Aviation, Inc. (a)
| | | 86,569 | | 465,261 |
Cineplex, Inc. (a)
| | | 37,069 | | 675,369 |
Cogeco, Inc.
| | | 4,758 | | 280,077 |
Colossus Minerals, Inc. (b)(c)
| | | 390 | | — |
Cominar Real Estate Investment Trust
| | | 59,042 | | 522,382 |
Computer Modelling Group, Ltd.
| | | 2,160 | | 9,943 |
Continental Gold, Inc. (a)(c)
| | | 86,423 | | 186,955 |
Copper Mountain Mining Corp. (c)
| | | 321,705 | | 231,174 |
Corus Entertainment, Inc. Class B (a)
| | | 86,071 | | 381,407 |
Crew Energy, Inc. (c)
| | | 87,860 | | 73,658 |
CRH Medical Corp. (a)(c)
| | | 69,112 | | 182,616 |
Crius Energy Trust
| | | 55,229 | | 357,183 |
Crombie Real Estate Investment Trust
| | | 20,284 | | 216,057 |
Cronos Group, Inc. (a)(c)
| | | 92,320 | | 1,696,513 |
Denison Mines Corp. (a)(c)
| | | 339,550 | | 172,831 |
Detour Gold Corp. (c)
| | | 100,904 | | 947,143 |
| Security Description | | | Shares | | Value |
DIRTT Environmental Solutions (a)(c)
| | | 33,087 | | $210,516 |
Dream Industrial Real Estate Investment Trust
| | | 34,348 | | 306,727 |
Dream Office Real Estate Investment Trust
| | | 20,359 | | 376,869 |
DREAM Unlimited Corp. Class A
| | | 52,125 | | 303,554 |
Dundee Precious Metals, Inc. (c)
| | | 59,405 | | 196,987 |
ECN Capital Corp.
| | | 132,118 | | 428,213 |
Eldorado Gold Corp. (c)
| | | 84,201 | | 388,877 |
Endeavour Mining Corp. (a)(c)
| | | 47,136 | | 707,772 |
Endeavour Silver Corp. (a)(c)
| | | 45,346 | | 114,388 |
Enerflex, Ltd.
| | | 45,283 | | 647,069 |
Enghouse Systems, Ltd.
| | | 25,013 | | 635,459 |
Ensign Energy Services, Inc.
| | | 60,855 | | 243,702 |
Equitable Group, Inc.
| | | 7,078 | | 342,946 |
Exchange Income Corp. (a)
| | | 13,897 | | 344,213 |
Exco Technologies, Ltd.
| | | 37,618 | | 266,659 |
Extendicare, Inc. (a)
| | | 49,783 | | 280,971 |
Fiera Capital Corp. (a)
| | | 33,285 | | 312,183 |
Firm Capital Mortgage Investment Corp. (a)
| | | 33,777 | | 336,266 |
First Majestic Silver Corp. (a)(c)
| | | 102,682 | | 675,605 |
Fortuna Silver Mines, Inc. (c)
| | | 83,234 | | 277,249 |
Freehold Royalties, Ltd. (a)
| | | 20,391 | | 128,364 |
GASFRAC Energy Services, Inc. (b)(c)
| | | 21,904 | | — |
goeasy, Ltd. (a)
| | | 6,890 | | 210,215 |
Golden Star Resources, Ltd. (c)
| | | 55,845 | | 221,705 |
Gran Tierra Energy, Inc. (c)
| | | 216,186 | | 491,939 |
Granite Real Estate Investment Trust
| | | 11,446 | | 547,047 |
Great Basin Gold, Ltd. (b)(c)
| | | 266,255 | | — |
Green Organic Dutchman Holdings, Ltd. (a)(c)
| | | 86,393 | | 311,699 |
Green Organic Dutchman Holdings, Ltd. (a)(c)(d)
| | | 92,249 | | 4,148 |
Guyana Goldfields, Inc. (a)(c)
| | | 85,974 | | 69,503 |
HEXO Corp. (c)
| | | 100,059 | | 661,343 |
Home Capital Group, Inc. (a)(c)
| | | 34,954 | | 412,085 |
Horizon North Logistics, Inc.
| | | 140,846 | | 190,824 |
Hudbay Minerals, Inc.
| | | 173,943 | | 1,243,426 |
Hudson's Bay Co. (a)
| | | 66,974 | | 370,476 |
IAMGOLD Corp. (c)
| | | 288,942 | | 1,001,386 |
Innergex Renewable Energy, Inc. (a)
| | | 62,616 | | 659,930 |
Interfor Corp. (c)
| | | 30,342 | | 356,123 |
International Petroleum Corp. (a)(c)
| | | 42,914 | | 202,649 |
InterRent Real Estate Investment Trust
| | | 8,836 | | 96,168 |
Intertape Polymer Group, Inc.
| | | 38,505 | | 523,123 |
Ivanhoe Mines, Ltd. Class A (c)
| | | 326,583 | | 782,264 |
Jamieson Wellness, Inc.
| | | 17,850 | | 251,593 |
K-Bro Linen, Inc. (a)
| | | 9,423 | | 262,739 |
Kelt Exploration, Ltd. (a)(c)
| | | 63,703 | | 262,737 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Killam Apartment Real Estate Investment Trust
| | | 22,283 | | $323,583 |
Kinaxis, Inc. (c)
| | | 12,967 | | 756,793 |
Kinder Morgan Canada, Ltd. (e)
| | | 21,023 | | 250,838 |
Knight Therapeutics, Inc. (c)
| | | 77,638 | | 426,560 |
Labrador Iron Ore Royalty Corp. (a)
| | | 41,059 | | 902,963 |
Laurentian Bank of Canada (a)
| | | 28,574 | | 867,305 |
Lightstream Resources, Ltd. (b)(c)
| | | 64,736 | | — |
Lithium Americas Corp. (a)(c)
| | | 32,036 | | 121,338 |
Lucara Diamond Corp.
| | | 123,175 | | 143,832 |
MAG Silver Corp. (c)
| | | 55,668 | | 594,620 |
Martinrea International, Inc.
| | | 74,026 | | 670,470 |
Medical Facilities Corp. (a)
| | | 17,864 | | 235,744 |
MEG Energy Corp. (c)
| | | 156,061 | | 595,764 |
Morguard North American Residential Real Estate Investment Trust
| | | 22,050 | | 302,869 |
Morneau Shepell, Inc. (a)
| | | 37,154 | | 762,297 |
MTY Food Group, Inc.
| | | 10,562 | | 464,951 |
Mullen Group, Ltd.
| | | 63,926 | | 573,250 |
Neptune Wellness Solutions, Inc. (a)(c)
| | | 58,929 | | 187,027 |
New Gold, Inc. (a)(c)
| | | 366,537 | | 312,775 |
NexGen Energy, Ltd. (c)
| | | 163,036 | | 263,601 |
North American Palladium, Ltd.
| | | 3 | | 34 |
North West Co., Inc.
| | | 31,301 | | 675,012 |
Northview Apartment Real Estate Investment Trust
| | | 16,472 | | 357,811 |
NorthWest Healthcare Properties Real Estate Investment Trust
| | | 23,236 | | 202,801 |
Novagold Resources, Inc. (a)(c)
| | | 126,745 | | 528,440 |
NuVista Energy, Ltd. (c)
| | | 149,130 | | 480,002 |
Obsidian Energy, Ltd. (a)(c)
| | | 498,619 | | 136,230 |
Optiva, Inc. (c)
| | | 16 | | 506 |
Osisko Gold Royalties, Ltd.
| | | 76,856 | | 863,512 |
Osisko Mining, Inc. (a)(c)
| | | 96,562 | | 211,057 |
Painted Pony Energy, Ltd. (c)
| | | 88,983 | | 113,897 |
Paramount Resources, Ltd. Class A (a)(c)
| | | 18,600 | | 99,129 |
Park Lawn Corp.
| | | 13,780 | | 283,553 |
Pason Systems, Inc.
| | | 42,506 | | 620,433 |
Pengrowth Energy Corp. (a)(c)
| | | 255,285 | | 107,010 |
Peyto Exploration & Development Corp.
| | | 110,974 | | 580,642 |
Points International, Ltd. (c)
| | | 21,999 | | 295,667 |
Polaris Infrastructure, Inc.
| | | 29,263 | | 247,956 |
Poseidon Concepts Corp. (b)(c)
| | | 43,064 | | — |
Precision Drilling Corp. (c)
| | | 153,577 | | 364,414 |
Pretium Resources, Inc. (a)(c)
| | | 116,224 | | 993,509 |
Quarterhill, Inc. (a)
| | | 191,748 | | 212,423 |
Recipe Unlimited Corp.
| | | 9,826 | | 186,672 |
Rogers Sugar, Inc.
| | | 67,916 | | 306,548 |
Rubicon Minerals Corp. (c)
| | | 15 | | 13 |
Russel Metals, Inc.
| | | 35,733 | | 629,363 |
Sandstorm Gold, Ltd. (a)(c)
| | | 114,501 | | 624,808 |
Savaria Corp. (a)
| | | 25,228 | | 287,414 |
| Security Description | | | Shares | | Value |
Seabridge Gold, Inc. (a)(c)
| | | 14,327 | | $178,129 |
Secure Energy Services, Inc. (a)
| | | 115,690 | | 708,368 |
SEMAFO, Inc. (c)
| | | 151,483 | | 420,676 |
ShawCor, Ltd.
| | | 35,183 | | 526,975 |
Sienna Senior Living, Inc. (a)
| | | 40,687 | | 576,522 |
Sierra Wireless, Inc. (a)(c)
| | | 18,417 | | 227,464 |
SilverCrest Metals, Inc. (c)
| | | 54 | | 177 |
Slate Office REIT
| | | 38,653 | | 176,780 |
Sleep Country Canada Holdings, Inc. (a)(e)
| | | 18,047 | | 256,261 |
Source Energy Services, Ltd. (a)(c)
| | | 79,386 | | 79,032 |
Southern Pacific Resource Corp. (b)(c)
| | | 281,142 | | — |
Sprott, Inc. (a)
| | | 137,455 | | 311,755 |
SSR Mining, Inc. (c)
| | | 71,713 | | 906,645 |
STEP Energy Services, Ltd. (a)(c)(e)
| | | 59,257 | | 90,929 |
Stuart Olson, Inc.
| | | 69 | | 224 |
Summit Industrial Income REIT
| | | 42,586 | | 383,480 |
SunOpta, Inc. (a)(c)
| | | 33,909 | | 117,325 |
Superior Plus Corp.
| | | 91,796 | | 786,754 |
Surge Energy, Inc. (a)
| | | 192,362 | | 190,065 |
Tamarack Valley Energy, Ltd. (c)
| | | 181,370 | | 329,899 |
Taseko Mines, Ltd. (c)
| | | 372,051 | | 217,224 |
Teranga Gold Corp. (c)
| | | 35,323 | | 101,795 |
Theratechnologies, Inc. (a)(c)
| | | 57,798 | | 330,101 |
Timbercreek Financial Corp. (a)
| | | 27,462 | | 192,817 |
TORC Oil & Gas, Ltd.
| | | 57,015 | | 196,743 |
Torex Gold Resources, Inc. (c)
| | | 40,509 | | 510,020 |
TransAlta Corp.
| | | 153,912 | | 1,131,342 |
Transat AT, Inc. (a)(c)
| | | 44,423 | | 154,954 |
Trican Well Service, Ltd. (c)
| | | 39,490 | | 37,836 |
Tricon Capital Group, Inc. (a)
| | | 71,107 | | 612,629 |
True North Commercial Real Estate Investment Trust
| | | 53,957 | | 268,583 |
Twin Butte Energy, Ltd. (b)(c)
| | | 83,708 | | — |
Uni-Select, Inc. (a)
| | | 41,163 | | 427,051 |
Valener, Inc. (a)
| | | 11,291 | | 221,011 |
Wesdome Gold Mines, Ltd. (c)
| | | 100,589 | | 317,741 |
Western Forest Products, Inc. (a)
| | | 203,532 | | 280,324 |
WestJet Airlines, Ltd. (a)
| | | 64,761 | | 941,881 |
Westshore Terminals Investment Corp. (a)
| | | 31,213 | | 467,745 |
Xenon Pharmaceuticals, Inc. (a)(c)
| | | 20,664 | | 209,946 |
Yangarra Resources, Ltd. (a)(c)
| | | 73,676 | | 161,034 |
| | | | | | 66,546,365 |
| CHINA — 0.2% | | | | | |
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.
| | | 87,000 | | 159,372 |
China Gold International Resources Corp., Ltd. (c)
| | | 87,451 | | 108,663 |
China Merchants Land, Ltd.
| | | 212,000 | | 35,378 |
China New Town Development Co., Ltd.
| | | 16,000 | | 404 |
China Yuchai International, Ltd.
| | | 8,746 | | 138,624 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Gemdale Properties & Investment Corp., Ltd.
| | | 2,836,000 | | $361,276 |
Greenland Hong Kong Holdings, Ltd.
| | | 199,000 | | 80,868 |
HC Group, Inc. (a)(c)
| | | 365,000 | | 197,148 |
Nam Tai Property, Inc.
| | | 14,586 | | 143,672 |
VSTECS Holdings, Ltd.
| | | 548,000 | | 317,633 |
| | | | | | 1,543,038 |
| DENMARK — 0.8% | | | | | |
ALK-Abello A/S (c)
| | | 4,110 | | 679,988 |
Alm Brand A/S
| | | 21,659 | | 186,989 |
Amagerbanken A/S (b)(c)
| | | 308,573 | | — |
Bang & Olufsen A/S (c)
| | | 31,844 | | 286,894 |
Bavarian Nordic A/S (a)(c)
| | | 19,253 | | 401,644 |
H&H International A/S Class B (a)(c)
| | | 33,083 | | 489,131 |
Matas A/S
| | | 28,698 | | 284,017 |
Nilfisk Holding A/S (c)
| | | 10,621 | | 420,134 |
NKT A/S (a)(c)
| | | 16,854 | | 298,871 |
NNIT A/S (e)
| | | 8,426 | | 217,473 |
OW Bunker A/S (a)(b)(c)
| | | 9,828 | | — |
Per Aarsleff Holding A/S
| | | 12,543 | | 415,984 |
Ringkjoebing Landbobank A/S (a)
| | | 11,348 | | 698,086 |
RTX A/S
| | | 9,643 | | 229,158 |
Scandinavian Tobacco Group A/S Class A (e)
| | | 32,338 | | 403,699 |
Spar Nord Bank A/S
| | | 37,732 | | 330,860 |
Sydbank A/S (a)
| | | 38,383 | | 796,681 |
Zealand Pharma A/S (a)(c)
| | | 24,046 | | 429,661 |
| | | | | | 6,569,270 |
| FINLAND — 0.7% | | | | | |
Aktia Bank Oyj
| | | 25,804 | | 271,486 |
Bittium Oyj (a)
| | | 44,882 | | 333,116 |
Caverion Oyj (a)
| | | 69,906 | | 437,996 |
Citycon Oyj (a)
| | | 24,870 | | 254,786 |
Cramo Oyj
| | | 30,022 | | 590,940 |
Finnair Oyj
| | | 30,636 | | 275,885 |
F-Secure Oyj (a)(c)
| | | 69,173 | | 189,905 |
Oriola Oyj Class B (a)
| | | 37,994 | | 100,041 |
Outotec Oyj (c)
| | | 105,172 | | 461,859 |
Pihlajalinna Oyj (a)
| | | 12,373 | | 137,819 |
Raisio Oyj Class V
| | | 49,239 | | 137,944 |
Ramirent Oyj
| | | 37,037 | | 228,105 |
Sanoma Oyj
| | | 37,285 | | 365,695 |
Terveystalo Oyj (e)
| | | 28,773 | | 304,985 |
Tikkurila Oyj (a)
| | | 22,061 | | 362,155 |
Tokmanni Group Corp.
| | | 23,767 | | 221,767 |
Uponor Oyj
| | | 27,707 | | 317,019 |
YIT Oyj (a)
| | | 77,401 | | 448,889 |
| | | | | | 5,440,392 |
| FRANCE — 2.0% | | | | | |
Akka Technologies
| | | 7,717 | | 525,101 |
AKWEL
| | | 11,011 | | 178,285 |
Albioma SA
| | | 12,915 | | 303,084 |
| Security Description | | | Shares | | Value |
Altamir
| | | 15,841 | | $267,873 |
Assystem SA
| | | 2,447 | | 89,297 |
Aubay
| | | 5,809 | | 206,441 |
Beneteau SA
| | | 30,332 | | 355,569 |
Bigben Interactive
| | | 24,165 | | 227,923 |
Boiron SA
| | | 3,533 | | 207,872 |
Bonduelle SCA (a)
| | | 14,146 | | 415,362 |
Cellectis SA (c)
| | | 19,967 | | 361,185 |
CGG SA (c)
| | | 456,079 | | 934,086 |
Chargeurs SA (a)
| | | 9,346 | | 197,500 |
Cie des Alpes
| | | 6,179 | | 166,861 |
Claranova SADIR (a)(c)
| | | 241,375 | | 185,925 |
Coface SA (c)
| | | 45,755 | | 404,843 |
Criteo SA ADR (c)
| | | 35,500 | | 711,065 |
DBV Technologies SA (a)(c)
| | | 15,928 | | 240,192 |
Devoteam SA
| | | 3,174 | | 352,472 |
Etablissements Maurel et Prom (c)
| | | 2,152 | | 8,276 |
Europcar Mobility Group (e)
| | | 61,097 | | 495,998 |
Genfit (a)(c)
| | | 1,935 | | 46,670 |
GL Events
| | | 9,687 | | 212,102 |
Groupe Crit
| | | 3,130 | | 211,223 |
Groupe Guillin
| | | 8,266 | | 185,630 |
Guerbet
| | | 3,241 | | 195,423 |
Haulotte Group SA
| | | 3,484 | | 28,597 |
ID Logistics Group (c)
| | | 1,346 | | 213,404 |
Interparfums SA
| | | 2,656 | | 144,492 |
IPSOS
| | | 16,043 | | 402,070 |
Jacquet Metal Service SA
| | | 19,193 | | 320,246 |
Kaufman & Broad SA
| | | 9,279 | | 379,457 |
Latecoere SACA (a)(c)
| | | 58,285 | | 203,862 |
Lectra
| | | 16,074 | | 388,949 |
LNA Sante SA
| | | 7,977 | | 420,082 |
Maisons du Monde SA (e)
| | | 30,757 | | 594,701 |
Manitou BF SA
| | | 6,529 | | 182,544 |
Mercialys SA REIT
| | | 37,556 | | 527,122 |
Mersen SA
| | | 8,211 | | 265,528 |
Nanobiotix (a)(c)
| | | 14,730 | | 178,958 |
Neopost SA
| | | 19,932 | | 477,603 |
Nexans SA (a)
| | | 19,062 | | 567,842 |
Nicox (a)(c)
| | | 19,124 | | 121,003 |
Parrot SA (a)(c)
| | | 36,097 | | 129,296 |
Pierre & Vacances SA (a)(c)
| | | 1,138 | | 20,266 |
Plastivaloire
| | | 17,487 | | 165,918 |
Rallye SA (a)
| | | 11,749 | | 139,179 |
SMCP SA (a)(c)(e)
| | | 39,880 | | 694,078 |
Solocal Group (a)(c)
| | | 219,868 | | 128,500 |
SRP Groupe SA (c)(e)
| | | 26,375 | | 80,553 |
Synergie SA
| | | 6,544 | | 204,272 |
Talend SA ADR (a)(c)
| | | 9,942 | | 502,767 |
Tarkett SA (a)
| | | 20,311 | | 436,511 |
Valneva SE (c)
| | | 49,192 | | 191,114 |
Vilmorin & Cie SA
| | | 4,352 | | 230,650 |
Virbac SA (c)
| | | 2,044 | | 335,544 |
| | | | | | 16,361,366 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| GERMANY — 2.5% | | | | | |
ADLER Real Estate AG
| | | 15,031 | | $221,771 |
ADVA Optical Networking SE (c)
| | | 13,195 | | 132,381 |
AIXTRON SE (c)
| | | 66,868 | | 601,563 |
Amadeus Fire AG
| | | 3,456 | | 398,923 |
Aumann AG (e)
| | | 7,360 | | 232,223 |
AURELIUS Equity Opportunities SE & Co. KGaA
| | | 16,812 | | 766,043 |
Basler AG
| | | 1,413 | | 237,988 |
Bertrandt AG
| | | 3,092 | | 219,247 |
bet-at-home.com AG
| | | 1,928 | | 125,562 |
Biotest AG Preference Shares
| | | 12,582 | | 320,699 |
Borussia Dortmund GmbH & Co. KGaA
| | | 43,193 | | 397,209 |
CANCOM SE
| | | 19,205 | | 866,455 |
Cewe Stiftung & Co. KGaA
| | | 3,468 | | 300,620 |
Corestate Capital Holding SA
| | | 7,737 | | 306,234 |
Deutsche Beteiligungs AG
| | | 6,889 | | 256,039 |
Deutsche Pfandbriefbank AG (e)
| | | 63,627 | | 780,164 |
Deutz AG
| | | 66,904 | | 560,419 |
DIC Asset AG
| | | 46,764 | | 527,190 |
Draegerwerk AG & Co. KGaA Preference Shares
| | | 5,403 | | 256,381 |
Elmos Semiconductor AG
| | | 11,039 | | 241,457 |
Encavis AG
| | | 70,037 | | 496,225 |
FinTech Group AG (c)
| | | 8,583 | | 204,313 |
Gesco AG
| | | 7,832 | | 200,067 |
GFT Technologies SE
| | | 12,913 | | 109,978 |
Hamborner REIT AG
| | | 49,465 | | 518,205 |
Hamburger Hafen und Logistik AG
| | | 13,184 | | 301,698 |
Heidelberger Druckmaschinen AG (c)
| | | 126,088 | | 219,729 |
Hornbach Holding AG & Co. KGaA
| | | 7,060 | | 354,351 |
Hypoport AG (c)
| | | 2,115 | | 425,094 |
Indus Holding AG
| | | 24,422 | | 1,177,785 |
Isra Vision AG
| | | 7,764 | | 290,303 |
JOST Werke AG (e)
| | | 8,468 | | 290,954 |
Kloeckner & Co. SE
| | | 11,674 | | 85,924 |
Koenig & Bauer AG
| | | 9,487 | | 397,763 |
Leifheit AG
| | | 13,839 | | 358,177 |
Leoni AG
| | | 19,544 | | 381,404 |
MBB SE
| | | 2,638 | | 249,111 |
Medigene AG (c)
| | | 16,018 | | 153,149 |
Nordex SE (c)
| | | 42,500 | | 695,774 |
PATRIZIA Immobilien AG
| | | 47,543 | | 1,058,598 |
Pfeiffer Vacuum Technology AG
| | | 4,187 | | 641,267 |
PNE AG
| | | 81,407 | | 209,324 |
QSC AG
| | | 173,265 | | 241,243 |
RHOEN-KLINIKUM AG
| | | 10,888 | | 313,953 |
RIB Software SE
| | | 22,311 | | 368,263 |
SAF-Holland SA
| | | 35,304 | | 404,339 |
SGL Carbon SE (c)
| | | 25,628 | | 226,614 |
STRATEC SE
| | | 3,243 | | 219,212 |
SUESS MicroTec SE (c)
| | | 11,517 | | 131,129 |
Surteco Group SE
| | | 9,057 | | 254,241 |
| Security Description | | | Shares | | Value |
Takkt AG
| | | 17,901 | | $294,668 |
Tom Tailor Holding SE (c)
| | | 47,313 | | 127,820 |
Vossloh AG
| | | 4,538 | | 207,641 |
Wacker Neuson SE
| | | 10,606 | | 252,470 |
Washtec AG
| | | 6,615 | | 505,080 |
zooplus AG (c)
| | | 2,898 | | 330,608 |
| | | | | | 20,445,042 |
| GREECE — 0.0% (g) | | | | | |
TT Hellenic Postbank SA (b)(c)
| | | 129,076 | | — |
| HONG KONG — 2.0% | | | | | |
Beijing Gas Blue Sky Holdings, Ltd. (a)(c)
| | | 3,752,000 | | 138,610 |
BOCOM International Holdings Co., Ltd.
| | | 1,294,000 | | 252,208 |
Bright Smart Securities & Commodities Group, Ltd. (a)
| | | 1,348,000 | | 336,573 |
Cafe de Coral Holdings, Ltd.
| | | 177,191 | | 450,993 |
China Baoli Technologies Holdings, Ltd. (c)
| | | 5,000 | | 137 |
China Goldjoy Group, Ltd. (a)
| | | 4,288,000 | | 177,530 |
China LNG Group, Ltd. (a)(c)
| | | 433,499 | | 68,477 |
China Ocean Resources Co., Ltd. (a)(b)(c)
| | | 26,593 | | — |
China Youzan, Ltd. (a)(c)
| | | 4,444,000 | | 379,299 |
C-Mer Eye Care Holdings, Ltd. (a)(c)
| | | 372,000 | | 236,944 |
Common Splendor International Health Industry Group, Ltd. (a)(c)
| | | 2,390,000 | | 182,676 |
CSI Properties, Ltd.
| | | 5,990,000 | | 305,225 |
Digital Domain Holdings, Ltd. (c)
| | | 10,696,696 | | 192,133 |
Emperor Capital Group, Ltd.
| | | 5,676,000 | | 289,225 |
Enerchina Holdings, Ltd. (a)
| | | 4,359,770 | | 455,418 |
Fairwood Holdings, Ltd.
| | | 163,000 | | 574,137 |
Far East Consortium International, Ltd.
| | | 523,217 | | 250,613 |
First Pacific Co., Ltd.
| | | 1,288,000 | | 469,262 |
Giordano International, Ltd.
| | | 1,490,000 | | 723,177 |
Global Cord Blood Corp.
| | | 8,037 | | 56,420 |
Gold-Finance Holdings, Ltd. (c)
| | | 1,158,000 | | 35,109 |
G-Resources Group, Ltd. (c)
| | | 21,790 | | 211 |
HKBN, Ltd.
| | | 571,413 | | 909,899 |
Honbridge Holdings, Ltd. (a)(c)
| | | 1,436,000 | | 181,102 |
Huanxi Media Group, Ltd. (c)
| | | 1,140,000 | | 222,192 |
Hutchison Telecommunications Hong Kong Holdings, Ltd.
| | | 840,000 | | 357,404 |
K Wah International Holdings, Ltd.
| | | 1,233,238 | | 760,371 |
Landing International Development, Ltd. (c)
| | | 796,920 | | 227,403 |
Lee's Pharmaceutical Holdings, Ltd.
| | | 221,000 | | 199,042 |
Madison Holdings Group, Ltd. (c)
| | | 1,348,000 | | 137,377 |
Mega Expo Holdings, Ltd.
| | | 990,000 | | 557,430 |
OP Financial, Ltd.
| | | 776,000 | | 208,582 |
Pacific Basin Shipping, Ltd.
| | | 3,027,000 | | 651,677 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Pacific Textiles Holdings, Ltd.
| | | 512,000 | | $460,477 |
Peace Mark Holdings, Ltd. (b)(c)
| | | 504,228 | | — |
Prosperity REIT
| | | 608,000 | | 274,183 |
Regina Miracle International Holdings, Ltd. (a)(e)
| | | 404,000 | | 286,147 |
Road King Infrastructure, Ltd.
| | | 536,482 | | 1,216,489 |
Sa Sa International Holdings, Ltd. (a)
| | | 773,248 | | 263,990 |
Shenzhou Space Park Group, Ltd. (b)(c)
| | | 780,000 | | — |
Shun Tak Holdings, Ltd.
| | | 132,849 | | 52,801 |
SmarTone Telecommunications Holdings, Ltd.
| | | 245,792 | | 267,085 |
SMI Holdings Group, Ltd. (a)(b)(c)
| | | 624,081 | | 93,016 |
Summit Ascent Holdings, Ltd. (c)
| | | 26,000 | | 3,411 |
Sun Hung Kai & Co., Ltd.
| | | 351,000 | | 176,172 |
SUNeVision Holdings, Ltd.
| | | 295,000 | | 251,409 |
Sunlight Real Estate Investment Trust
| | | 571,000 | | 429,889 |
Superb Summit International Group, Ltd. (a)(b)(c)
| | | 1,685,500 | | — |
Television Broadcasts, Ltd.
| | | 180,116 | | 349,221 |
Texhong Textile Group, Ltd.
| | | 237,500 | | 361,849 |
Tongda Group Holdings, Ltd. (a)
| | | 2,290,000 | | 253,798 |
Tou Rong Chang Fu Group, Ltd. (b)(c)
| | | 2,412,000 | | 18,128 |
Town Health International Medical Group, Ltd. (a)(b)(c)
| | | 1,848,000 | | 81,218 |
Value Partners Group, Ltd.
| | | 458,000 | | 355,900 |
We Solutions, Ltd. (a)(c)
| | | 2,849,072 | | 179,656 |
Zhaobangji Properties Holdings, Ltd. (c)
| | | 240,000 | | 277,913 |
Zhuguang Holdings Group Co., Ltd. (a)(c)
| | | 1,374,000 | | 215,291 |
| | | | | | 15,854,899 |
| INDIA — 0.0% (g) | | | | | |
Eros International PLC (a)(c)
| | | 17,412 | | 159,146 |
| IRELAND — 1.2% | | | | | |
Amarin Corp. PLC ADR (a)(c)
| | | 167,258 | | 3,472,276 |
C&C Group PLC
| | | 177,932 | | 639,331 |
Cairn Homes PLC (c)
| | | 409,806 | | 658,016 |
Dalata Hotel Group PLC
| | | 87,560 | | 578,103 |
Fly Leasing, Ltd. ADR (c)
| | | 26,254 | | 363,355 |
Glenveagh Properties PLC (c)(e)
| | | 248,485 | | 246,367 |
Green REIT PLC
| | | 344,913 | | 580,928 |
Greencore Group PLC
| | | 224,085 | | 589,828 |
Hibernia REIT PLC
| | | 410,647 | | 616,023 |
Irish Continental Group PLC
| | | 83,483 | | 455,571 |
Irish Residential Properties REIT PLC
| | | 385,015 | | 687,379 |
Origin Enterprises PLC
| | | 64,819 | | 383,561 |
Permanent TSB Group Holdings PLC (c)
| | | 111,353 | | 161,042 |
| | | | | | 9,431,780 |
| Security Description | | | Shares | | Value |
| ISRAEL — 1.7% | | | | | |
Airport City, Ltd. (c)
| | | 47,621 | | $691,085 |
Alony Hetz Properties & Investments, Ltd.
| | | 36,520 | | 410,949 |
Amot Investments, Ltd.
| | | 56,940 | | 316,913 |
Attunity, Ltd. (a)(c)
| | | 14,630 | | 343,074 |
Bayside Land Corp.
| | | 752 | | 358,248 |
Ceragon Networks, Ltd. (c)
| | | 50,867 | | 182,613 |
Clal Insurance Enterprises Holdings, Ltd. (c)
| | | 17,717 | | 233,291 |
Delek Group, Ltd.
| | | 2,198 | | 379,965 |
Delta Galil Industries, Ltd.
| | | 6,089 | | 186,729 |
Electra Consumer Products 1970, Ltd.
| | | 25,760 | | 299,877 |
Electra, Ltd.
| | | 2,368 | | 600,262 |
Equital, Ltd. (c)
| | | 1 | | 19 |
Foamix Pharmaceuticals, Ltd. (a)(c)
| | | 49,508 | | 185,655 |
Formula Systems 1985, Ltd.
| | | 6,473 | | 301,236 |
Gazit-Globe, Ltd.
| | | 53,390 | | 428,815 |
Harel Insurance Investments & Financial Services, Ltd.
| | | 47,554 | | 313,153 |
IDI Insurance Co., Ltd.
| | | 7,503 | | 357,645 |
Inrom Construction Industries, Ltd.
| | | 80,267 | | 276,672 |
Israel Discount Bank, Ltd. Class A
| | | 1 | | 3 |
Ituran Location & Control, Ltd.
| | | 14,906 | | 509,040 |
Jerusalem Economy, Ltd. (c)
| | | 142,970 | | 445,138 |
Kornit Digital, Ltd. (a)(c)
| | | 19,985 | | 475,643 |
Matrix IT, Ltd.
| | | 16,603 | | 208,787 |
Nova Measuring Instruments, Ltd. (c)
| | | 27,860 | | 679,737 |
Oil Refineries, Ltd. (c)
| | | 1,102,142 | | 539,023 |
Partner Communications Co., Ltd. (c)
| | | 60,732 | | 231,927 |
Paz Oil Co., Ltd.
| | | 6,314 | | 943,268 |
Phoenix Holdings, Ltd.
| | | 47,020 | | 243,822 |
Radware, Ltd. (c)
| | | 29,369 | | 767,412 |
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.
| | | 5,060 | | 255,694 |
Reit 1, Ltd.
| | | 129,294 | | 568,568 |
Sapiens International Corp. NV
| | | 28,285 | | 429,105 |
Sella Capital Real Estate, Ltd. REIT
| | | 151,235 | | 270,355 |
Shapir Engineering and Industry, Ltd.
| | | 75,304 | | 256,453 |
Shikun & Binui, Ltd. (c)
| | | 89,083 | | 212,929 |
Shufersal, Ltd.
| | | 64,673 | | 416,975 |
Silicom, Ltd. (c)
| | | 7,280 | | 278,460 |
UroGen Pharma, Ltd. (c)
| | | 6,465 | | 238,817 |
| | | | | | 13,837,357 |
| ITALY — 1.2% | | | | | |
Anima Holding SpA (e)
| | | 170,477 | | 697,535 |
Arnoldo Mondadori Editore SpA (c)
| | | 160,158 | | 278,742 |
Ascopiave SpA
| | | 41,543 | | 163,963 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Banca Carige SpA (a)(c)(d)
| | | 21,350,435 | | $35,960 |
Banca Farmafactoring SpA (a)(e)
| | | 50,493 | | 307,576 |
Banca IFIS SpA
| | | 15,319 | | 253,026 |
Banca Popolare di Sondrio SCPA
| | | 213,966 | | 585,734 |
Biesse SpA
| | | 8,049 | | 175,153 |
Bio On SpA (a)(c)
| | | 4,140 | | 256,603 |
Cairo Communication SpA
| | | 39,060 | | 165,347 |
Cementir Holding SpA
| | | 37,221 | | 262,882 |
CIR-Compagnie Industriali Riunite SpA
| | | 95,122 | | 116,634 |
Credito Valtellinese SpA (c)
| | | 5,775,265 | | 463,660 |
Danieli & C Officine Meccaniche SpA
| | | 19,051 | | 275,949 |
doBank SpA (a)(e)
| | | 23,905 | | 320,759 |
El.En. SpA (a)
| | | 10,519 | | 221,933 |
Falck Renewables SpA
| | | 117,153 | | 425,549 |
Fila SpA (a)
| | | 11,800 | | 169,065 |
Gima TT SpA (a)(e)
| | | 19,321 | | 154,552 |
Gruppo MutuiOnline SpA
| | | 13,491 | | 279,639 |
Immobiliare Grande Distribuzione SIIQ SpA REIT
| | | 23,535 | | 170,185 |
Italmobiliare SpA
| | | 2,457 | | 55,866 |
Juventus Football Club SpA (a)(c)
| | | 217,680 | | 371,521 |
Maire Tecnimont SpA
| | | 70,231 | | 267,805 |
MARR SpA
| | | 13,748 | | 313,061 |
Openjobmetis SpA agenzia per il lavoro (a)(c)
| | | 25,100 | | 200,667 |
Piaggio & C SpA
| | | 93,649 | | 228,604 |
Prima Industrie SpA (a)
| | | 7,252 | | 161,067 |
RAI Way SpA (e)
| | | 53,770 | | 278,332 |
Retelit SpA (a)
| | | 157,275 | | 260,126 |
Societa Cattolica di Assicurazioni SC
| | | 51,098 | | 488,551 |
Tamburi Investment Partners SpA
| | | 74,188 | | 519,804 |
Technogym SpA (e)
| | | 40,760 | | 502,068 |
Unieuro SpA (e)
| | | 21,690 | | 321,237 |
| | | | | | 9,749,155 |
| JAPAN — 37.0% | | | | | |
77 Bank, Ltd.
| | | 38,000 | | 531,111 |
Access Co., Ltd. (a)
| | | 16,000 | | 143,542 |
Achilles Corp.
| | | 3,100 | | 53,466 |
ADEKA Corp.
| | | 46,800 | | 686,239 |
Advanced Media, Inc. (a)(c)
| | | 17,100 | | 238,073 |
Adways, Inc. (a)
| | | 10,500 | | 38,325 |
Aeon Delight Co., Ltd.
| | | 14,300 | | 556,186 |
Aeon Fantasy Co., Ltd.
| | | 7,900 | | 203,772 |
AEON REIT Investment Corp.
| | | 514 | | 606,481 |
Ahresty Corp.
| | | 8,100 | | 46,323 |
Ai Holdings Corp.
| | | 23,100 | | 381,713 |
Aichi Bank, Ltd.
| | | 8,100 | | 251,376 |
Aichi Steel Corp.
| | | 3,200 | | 99,309 |
Aida Engineering, Ltd.
| | | 33,100 | | 238,639 |
Aiful Corp. (a)(c)
| | | 134,876 | | 338,759 |
Aisan Industry Co., Ltd.
| | | 32,200 | | 197,823 |
Akatsuki, Inc. (a)
| | | 2,300 | | 132,159 |
| Security Description | | | Shares | | Value |
Akebono Brake Industry Co., Ltd. (a)(c)
| | | 78,800 | | $88,279 |
Akita Bank, Ltd.
| | | 12,100 | | 245,640 |
Albis Co., Ltd.
| | | 9,500 | | 198,609 |
Alconix Corp. (a)
| | | 15,900 | | 164,193 |
Alpha Corp.
| | | 21,900 | | 261,965 |
Altech Corp.
| | | 15,800 | | 263,655 |
Amano Corp.
| | | 33,100 | | 779,615 |
Amiyaki Tei Co., Ltd.
| | | 1,700 | | 53,603 |
Amuse, Inc. (a)
| | | 9,300 | | 197,116 |
Anest Iwata Corp.
| | | 26,500 | | 232,714 |
AnGes, Inc. (a)(c)
| | | 52,800 | | 498,496 |
Anicom Holdings, Inc. (a)(c)
| | | 10,800 | | 292,625 |
AOI TYO Holdings, Inc.
| | | 21,600 | | 153,191 |
AOKI Holdings, Inc.
| | | 9,800 | | 102,617 |
Aomori Bank, Ltd. (a)
| | | 7,600 | | 201,458 |
Aoyama Trading Co., Ltd.
| | | 23,900 | | 543,275 |
Arakawa Chemical Industries, Ltd.
| | | 11,100 | | 136,487 |
Arata Corp.
| | | 7,300 | | 251,610 |
Arcland Sakamoto Co., Ltd.
| | | 15,300 | | 207,207 |
Arcland Service Holdings Co., Ltd.
| | | 15,700 | | 287,801 |
Arcs Co., Ltd.
| | | 27,700 | | 609,132 |
Arealink Co., Ltd.
| | | 11,000 | | 88,946 |
Argo Graphics, Inc.
| | | 16,400 | | 349,084 |
Arisawa Manufacturing Co., Ltd. (a)(c)
| | | 15,600 | | 111,766 |
Aruhi Corp. (a)(c)
| | | 11,900 | | 236,850 |
As One Corp.
| | | 3,800 | | 302,119 |
Asahi Holdings, Inc.
| | | 26,373 | | 477,018 |
ASAHI YUKIZAI Corp.
| | | 11,000 | | 161,792 |
Asanuma Corp. (a)
| | | 8,200 | | 182,247 |
Asia Pile Holdings Corp.
| | | 6,600 | | 36,135 |
ASKA Pharmaceutical Co., Ltd.
| | | 11,000 | | 113,891 |
ASKUL Corp. (a)
| | | 11,800 | | 294,454 |
Atom Corp. (a)
| | | 16,900 | | 150,090 |
Aucnet, Inc. (a)
| | | 22,300 | | 261,109 |
Autobacs Seven Co., Ltd. (a)
| | | 47,900 | | 796,278 |
Avex, Inc. (a)
| | | 20,900 | | 278,704 |
Awa Bank, Ltd.
| | | 51,800 | | 1,316,937 |
Axial Retailing, Inc.
| | | 6,900 | | 212,576 |
Bando Chemical Industries, Ltd.
| | | 32,700 | | 313,454 |
Bank of Iwate, Ltd.
| | | 8,000 | | 236,346 |
Bank of Nagoya, Ltd. (a)
| | | 3,160 | | 101,922 |
Bank of Okinawa, Ltd.
| | | 31,300 | | 974,193 |
Bank of Saga, Ltd.
| | | 12,400 | | 213,528 |
Bank of the Ryukyus, Ltd. (a)
| | | 53,120 | | 541,350 |
BayCurrent Consulting, Inc. (a)
| | | 9,000 | | 282,559 |
Belc Co., Ltd.
| | | 6,300 | | 285,161 |
Bell System24 Holdings, Inc.
| | | 17,900 | | 221,233 |
Belluna Co., Ltd.
| | | 27,800 | | 215,498 |
BML, Inc.
| | | 17,200 | | 498,821 |
Broadleaf Co., Ltd.
| | | 61,000 | | 320,748 |
BRONCO BILLY Co., Ltd.
| | | 8,200 | | 195,360 |
Bunka Shutter Co., Ltd.
| | | 46,000 | | 333,306 |
Can Do Co., Ltd.
| | | 25,500 | | 389,809 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Cawachi, Ltd.
| | | 14,600 | | $233,341 |
Central Glass Co., Ltd.
| | | 35,469 | | 778,693 |
Central Security Patrols Co., Ltd.
| | | 6,500 | | 285,405 |
Chiba Kogyo Bank, Ltd.
| | | 63,700 | | 172,077 |
Chiyoda Co., Ltd.
| | | 21,800 | | 350,384 |
Chiyoda Corp. (a)(c)
| | | 113,100 | | 269,760 |
Chiyoda Integre Co., Ltd.
| | | 5,600 | | 103,870 |
Chofu Seisakusho Co., Ltd.
| | | 14,600 | | 302,460 |
Chubu Shiryo Co., Ltd.
| | | 15,800 | | 166,729 |
Chudenko Corp.
| | | 4,600 | | 93,800 |
Chugoku Marine Paints, Ltd. (a)
| | | 36,900 | | 330,378 |
CI Takiron Corp.
| | | 47,800 | | 259,114 |
CKD Corp. (a)
| | | 48,800 | | 440,009 |
CK-San-Etsu Co., Ltd. (a)
| | | 8,600 | | 224,780 |
CMK Corp.
| | | 37,400 | | 218,281 |
cocokara fine, Inc.
| | | 16,600 | | 659,141 |
Comforia Residential REIT, Inc.
| | | 313 | | 858,251 |
Computer Engineering & Consulting, Ltd.
| | | 11,200 | | 209,257 |
Comture Corp.
| | | 7,200 | | 236,780 |
CONEXIO Corp.
| | | 15,400 | | 194,091 |
Cosel Co., Ltd. (a)
| | | 24,500 | | 257,871 |
Create Restaurants Holdings, Inc. (a)
| | | 17,500 | | 216,289 |
Create SD Holdings Co., Ltd.
| | | 14,300 | | 336,296 |
CTS Co., Ltd. (a)
| | | 38,000 | | 213,543 |
Dai Nippon Toryo Co., Ltd.
| | | 15,800 | | 157,879 |
Daibiru Corp.
| | | 26,300 | | 249,492 |
Dai-Dan Co., Ltd.
| | | 15,900 | | 369,183 |
Daido Metal Co., Ltd. (a)
| | | 29,800 | | 190,617 |
Daido Steel Co., Ltd. (a)
| | | 22,700 | | 895,203 |
Daihen Corp. (a)
| | | 9,600 | | 246,754 |
Daiho Corp.
| | | 17,900 | | 523,165 |
Daiichi Kigenso Kagaku-Kogyo Co., Ltd. (a)
| | | 23,900 | | 175,118 |
Daiken Corp.
| | | 9,900 | | 192,660 |
Daiki Aluminium Industry Co., Ltd. (a)
| | | 41,700 | | 250,159 |
Daikyonishikawa Corp.
| | | 21,100 | | 193,681 |
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.
| | | 8,800 | | 240,105 |
Daiseki Co., Ltd.
| | | 25,900 | | 629,687 |
Daishi Hokuetsu Financial Group, Inc.
| | | 33,300 | | 940,168 |
Daito Pharmaceutical Co., Ltd.
| | | 8,600 | | 214,446 |
Daiwabo Holdings Co., Ltd.
| | | 10,600 | | 610,037 |
DCM Holdings Co., Ltd. (a)
| | | 82,993 | | 773,807 |
DDS, Inc. (a)(c)
| | | 74,300 | | 232,261 |
Denki Kogyo Co., Ltd.
| | | 8,700 | | 261,743 |
Denyo Co., Ltd.
| | | 3,800 | | 47,000 |
Descente, Ltd. (a)
| | | 25,300 | | 662,872 |
Dexerials Corp.
| | | 34,600 | | 229,448 |
Digital Arts, Inc.
| | | 8,300 | | 678,638 |
Digital Garage, Inc. (a)
| | | 19,800 | | 580,485 |
Digital Hearts Holdings Co., Ltd.
| | | 6,200 | | 72,259 |
Dip Corp. (a)
| | | 18,100 | | 312,664 |
DKS Co., Ltd. (a)
| | | 8,400 | | 264,101 |
| Security Description | | | Shares | | Value |
Doshisha Co., Ltd.
| | | 14,900 | | $232,482 |
Doutor Nichires Holdings Co., Ltd.
| | | 52,772 | | 1,002,661 |
Dowa Holdings Co., Ltd.
| | | 30,000 | | 986,584 |
DTS Corp.
| | | 35,462 | | 1,310,382 |
Duskin Co., Ltd.
| | | 24,600 | | 585,635 |
DyDo Group Holdings, Inc. (a)
| | | 4,100 | | 184,840 |
Dynam Japan Holdings Co., Ltd.
| | | 6,400 | | 8,186 |
Earth Corp. (a)
| | | 10,600 | | 492,244 |
EDION Corp. (a)
| | | 79,700 | | 695,579 |
eGuarantee, Inc.
| | | 26,600 | | 265,555 |
E-Guardian, Inc. (a)
| | | 11,000 | | 222,216 |
Ehime Bank, Ltd.
| | | 22,740 | | 233,800 |
Eighteenth Bank, Ltd. (c)(d)
| | | 21,973 | | 546,068 |
Eiken Chemical Co., Ltd.
| | | 21,100 | | 496,785 |
Eizo Corp. (a)
| | | 11,500 | | 457,153 |
Elecom Co., Ltd.
| | | 8,600 | | 265,339 |
Endo Lighting Corp.
| | | 37,600 | | 258,514 |
EPS Holdings, Inc. (a)
| | | 21,800 | | 363,580 |
eRex Co., Ltd. (a)
| | | 28,400 | | 264,795 |
ES-Con Japan, Ltd. (a)
| | | 37,300 | | 246,004 |
ESPEC Corp.
| | | 18,200 | | 339,220 |
euglena Co., Ltd. (a)(c)
| | | 46,300 | | 287,375 |
Exedy Corp. (a)
| | | 19,400 | | 420,303 |
F@N Communications, Inc.
| | | 48,300 | | 245,678 |
FCC Co., Ltd.
| | | 37,028 | | 783,146 |
FDK Corp. (a)(c)
| | | 24,800 | | 223,163 |
Feed One Co., Ltd.
| | | 54,400 | | 86,501 |
Ferrotec Holdings Corp. (a)
| | | 37,400 | | 373,713 |
FIDEA Holdings Co., Ltd.
| | | 184,300 | | 218,126 |
Financial Products Group Co., Ltd.
| | | 29,900 | | 245,013 |
Fintech Global, Inc. (a)(c)
| | | 157,900 | | 181,174 |
Fixstars Corp. (a)
| | | 19,800 | | 248,830 |
F-Tech, Inc.
| | | 24,900 | | 200,667 |
Fudo Tetra Corp.
| | | 9,040 | | 117,773 |
Fuji Co., Ltd./Ehime
| | | 11,900 | | 205,241 |
Fuji Corp.
| | | 45,800 | | 609,922 |
Fuji Kyuko Co., Ltd. (a)
| | | 13,500 | | 507,386 |
Fuji Oil Co., Ltd. (a)
| | | 69,200 | | 157,550 |
Fuji Pharma Co., Ltd.
| | | 7,000 | | 110,611 |
Fuji Soft, Inc.
| | | 20,200 | | 799,349 |
Fujibo Holdings, Inc.
| | | 7,200 | | 171,405 |
Fujicco Co., Ltd.
| | | 10,000 | | 194,335 |
Fujikura Rubber, Ltd. (a)
| | | 53,800 | | 211,438 |
Fujikura, Ltd. (a)
| | | 174,900 | | 658,927 |
Fujimi, Inc.
| | | 11,200 | | 244,774 |
Fujimori Kogyo Co., Ltd.
| | | 7,500 | | 205,990 |
Fujita Kanko, Inc. (a)
| | | 4,399 | | 108,500 |
Fujitec Co., Ltd. (a)
| | | 42,800 | | 473,687 |
Fujitsu General, Ltd.
| | | 32,100 | | 454,159 |
Fujiya Co., Ltd.
| | | 6,800 | | 133,930 |
Fukuda Corp.
| | | 4,000 | | 152,324 |
Fukui Bank, Ltd.
| | | 12,900 | | 197,431 |
Fukuoka REIT Corp.
| | | 897 | | 1,380,125 |
Fukushima Bank, Ltd. (a)(c)
| | | 44,900 | | 153,338 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Fukushima Industries Corp.
| | | 8,400 | | $269,793 |
FULLCAST Holdings Co., Ltd.
| | | 15,500 | | 330,487 |
Fumakilla, Ltd. (a)
| | | 19,900 | | 258,357 |
Funai Electric Co., Ltd. (c)
| | | 46,100 | | 311,123 |
Funai Soken Holdings, Inc.
| | | 23,300 | | 560,581 |
Furukawa Co., Ltd.
| | | 17,838 | | 224,496 |
Furuno Electric Co., Ltd.
| | | 21,800 | | 202,667 |
Fuso Chemical Co., Ltd. (a)
| | | 14,700 | | 247,291 |
Futaba Corp. (a)
| | | 15,400 | | 233,884 |
Fuyo General Lease Co., Ltd.
| | | 9,600 | | 475,295 |
Gakken Holdings Co., Ltd. (a)
| | | 5,200 | | 241,478 |
Genki Sushi Co., Ltd.
| | | 4,500 | | 209,785 |
Genky DrugStores Co., Ltd.
| | | 5,100 | | 110,354 |
Geo Holdings Corp. (a)
| | | 22,200 | | 308,475 |
Giken, Ltd.
| | | 8,900 | | 272,182 |
Global One Real Estate Investment Corp. REIT
| | | 353 | | 424,487 |
GLOBERIDE, Inc.
| | | 6,800 | | 161,330 |
Glory, Ltd.
| | | 31,800 | | 763,074 |
GMO internet, Inc.
| | | 33,500 | | 546,000 |
GNI Group, Ltd. (a)(c)
| | | 7,300 | | 188,823 |
Goldcrest Co., Ltd.
| | | 17,100 | | 230,812 |
Goldwin, Inc. (a)
| | | 11,700 | | 1,703,971 |
Gree, Inc.
| | | 51,200 | | 209,083 |
GS Yuasa Corp. (a)
| | | 43,800 | | 859,103 |
G-Tekt Corp.
| | | 17,400 | | 240,520 |
Gunosy, Inc. (a)(c)
| | | 8,653 | | 186,843 |
Gunze, Ltd.
| | | 9,200 | | 371,956 |
Gurunavi, Inc.
| | | 8,900 | | 55,884 |
Hamakyorex Co., Ltd.
| | | 7,200 | | 276,460 |
Hankyu Hanshin REIT, Inc.
| | | 119 | | 159,978 |
Hanwa Co., Ltd.
| | | 25,300 | | 705,159 |
Happinet Corp.
| | | 3,700 | | 47,769 |
Hazama Ando Corp.
| | | 105,200 | | 704,280 |
HEALIOS KK (a)(c)
| | | 18,600 | | 289,036 |
Heiwa Real Estate Co., Ltd.
| | | 18,100 | | 348,476 |
Heiwa Real Estate REIT, Inc.
| | | 436 | | 508,539 |
Heiwado Co., Ltd.
| | | 21,800 | | 464,224 |
Hibiya Engineering, Ltd.
| | | 7,500 | | 127,931 |
Hiday Hidaka Corp.
| | | 12,804 | | 247,554 |
Hioki EE Corp.
| | | 8,200 | | 351,159 |
Hirano Tecseed Co., Ltd.
| | | 15,300 | | 239,138 |
Hirata Corp. (a)
| | | 6,800 | | 469,368 |
Hito Communications Holdings, Inc. (a)
| | | 16,400 | | 234,995 |
Hochiki Corp.
| | | 19,100 | | 192,061 |
Hogy Medical Co., Ltd.
| | | 10,800 | | 381,027 |
Hokkaido Electric Power Co., Inc. (a)
| | | 115,900 | | 665,966 |
Hokkaido Gas Co., Ltd.
| | | 2,400 | | 31,224 |
Hokkan Holdings, Ltd.
| | | 14,500 | | 251,656 |
Hokkoku Bank, Ltd. (a)
| | | 16,300 | | 511,009 |
Hokuetsu Corp.
| | | 54,100 | | 316,237 |
Hokuhoku Financial Group, Inc.
| | | 74,700 | | 778,146 |
Hokuriku Electric Industry Co., Ltd.
| | | 9,400 | | 89,766 |
| Security Description | | | Shares | | Value |
Hokuto Corp.
| | | 8,200 | | $142,093 |
H-One Co., Ltd.
| | | 23,000 | | 186,186 |
Hoosiers Holdings (a)
| | | 44,400 | | 258,734 |
Hoshino Resorts REIT, Inc.
| | | 69 | | 345,982 |
Hosiden Corp.
| | | 26,000 | | 217,753 |
Hosokawa Micron Corp.
| | | 4,800 | | 214,446 |
Howa Machinery, Ltd. (a)
| | | 32,900 | | 284,161 |
Hulic Reit, Inc.
| | | 343 | | 585,069 |
Hyakugo Bank, Ltd.
| | | 122,100 | | 388,302 |
Hyakujushi Bank, Ltd.
| | | 18,300 | | 378,946 |
IBJ Leasing Co., Ltd.
| | | 15,500 | | 366,057 |
Ichibanya Co., Ltd.
| | | 5,600 | | 244,875 |
Ichigo Hotel REIT Investment Corp.
| | | 255 | | 305,949 |
Ichigo Office REIT Investment
| | | 606 | | 581,445 |
Ichikoh Industries, Ltd.
| | | 33,800 | | 181,696 |
Idec Corp. (a)
| | | 16,500 | | 284,429 |
Iino Kaiun Kaisha, Ltd.
| | | 103,280 | | 348,046 |
Imasen Electric Industrial
| | | 26,600 | | 240,562 |
Imuraya Group Co., Ltd.
| | | 8,600 | | 188,806 |
Inaba Denki Sangyo Co., Ltd.
| | | 9,100 | | 352,293 |
Inabata & Co., Ltd.
| | | 21,900 | | 297,777 |
Industrial & Infrastructure Fund Investment Corp. REIT
| | | 701 | | 783,428 |
Infocom Corp.
| | | 16,700 | | 277,768 |
Infomart Corp. (a)
| | | 49,600 | | 604,064 |
Intage Holdings, Inc.
| | | 38,800 | | 301,118 |
Internet Initiative Japan, Inc.
| | | 17,000 | | 343,886 |
Invesco Office J-Reit, Inc.
| | | 4,488 | | 712,825 |
Iriso Electronics Co., Ltd. (a)
| | | 10,300 | | 470,868 |
Ishihara Sangyo Kaisha, Ltd.
| | | 19,000 | | 193,631 |
Istyle, Inc. (a)
| | | 41,800 | | 346,681 |
Itfor, Inc. (a)(c)
| | | 43,400 | | 374,459 |
Itochu Enex Co., Ltd.
| | | 30,400 | | 244,991 |
Itoki Corp.
| | | 31,100 | | 151,728 |
Iwatani Corp. (a)
| | | 47,400 | | 1,522,401 |
J Trust Co., Ltd. (a)
| | | 60,400 | | 206,272 |
Jaccs Co., Ltd.
| | | 15,000 | | 241,496 |
Jafco Co., Ltd. (c)
| | | 19,000 | | 680,625 |
Jamco Corp. (a)
| | | 9,500 | | 198,609 |
Janome Sewing Machine Co., Ltd.
| | | 47,800 | | 205,132 |
Japan Asset Marketing Co., Ltd. (a)(c)
| | | 41,900 | | 41,262 |
Japan Aviation Electronics Industry, Ltd.
| | | 35,000 | | 487,284 |
Japan Cash Machine Co., Ltd.
| | | 3,200 | | 34,202 |
Japan Communications, Inc. (a)(c)
| | | 143,300 | | 145,002 |
Japan Display, Inc. (a)(c)
| | | 424,710 | | 264,760 |
Japan Excellent, Inc. REIT
| | | 768 | | 1,116,422 |
Japan Investment Adviser Co., Ltd. (a)
| | | 7,100 | | 167,293 |
Japan Lifeline Co., Ltd. (a)
| | | 33,500 | | 553,264 |
Japan Logistics Fund, Inc. REIT
| | | 676 | | 1,434,633 |
Japan Material Co., Ltd.
| | | 50,100 | | 613,774 |
Japan Petroleum Exploration Co., Ltd. (a)
| | | 18,400 | | 398,305 |
Japan Pulp & Paper Co., Ltd.
| | | 7,900 | | 296,201 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Japan Rental Housing Investments, Inc. REIT
| | | 613 | | $488,473 |
Japan Securities Finance Co., Ltd. (a)
| | | 28,300 | | 149,317 |
Japan Steel Works, Ltd.
| | | 44,900 | | 827,132 |
Japan Tissue Engineering Co., Ltd. (a)(c)
| | | 7,600 | | 68,526 |
Japan Wool Textile Co., Ltd.
| | | 24,400 | | 207,880 |
JCR Pharmaceuticals Co., Ltd.
| | | 10,500 | | 618,512 |
JCU Corp.
| | | 14,500 | | 226,765 |
Jeol, Ltd.
| | | 22,000 | | 395,934 |
Jimoto Holdings, Inc.
| | | 173,800 | | 182,146 |
JINS, Inc.
| | | 6,600 | | 356,579 |
Joshin Denki Co., Ltd. (a)
| | | 13,500 | | 311,140 |
Joyful Honda Co., Ltd.
| | | 49,800 | | 628,996 |
JSP Corp.
| | | 8,100 | | 178,780 |
Juki Corp.
| | | 35,400 | | 351,809 |
Juroku Bank, Ltd.
| | | 19,400 | | 394,012 |
Justsystems Corp.
| | | 18,300 | | 466,077 |
JVC Kenwood Corp. (a)
| | | 85,200 | | 206,294 |
Kadokawa Dwango (a)(c)
| | | 28,800 | | 303,651 |
Kaga Electronics Co., Ltd.
| | | 20,300 | | 372,676 |
Kameda Seika Co., Ltd.
| | | 8,400 | | 402,981 |
Kamei Corp.
| | | 21,300 | | 226,692 |
Kanamoto Co., Ltd.
| | | 20,100 | | 497,574 |
Kanematsu Corp.
| | | 118,299 | | 1,352,019 |
Kanematsu Electronics, Ltd.
| | | 7,900 | | 238,745 |
Kanto Denka Kogyo Co., Ltd.
| | | 24,000 | | 161,756 |
Kasai Kogyo Co., Ltd.
| | | 33,700 | | 249,055 |
Katakura Industries Co., Ltd.
| | | 71,674 | | 817,207 |
Katitas Co., Ltd. (a)
| | | 11,200 | | 384,009 |
Kato Sangyo Co., Ltd.
| | | 17,800 | | 586,981 |
Kato Works Co., Ltd. (a)
| | | 8,400 | | 198,303 |
KAWADA TECHNOLOGIES, Inc. (a)
| | | 1,300 | | 92,433 |
Kawai Musical Instruments Manufacturing Co., Ltd.
| | | 6,200 | | 161,043 |
Kawasaki Kisen Kaisha, Ltd. (a)(c)
| | | 36,500 | | 392,420 |
Keihin Corp.
| | | 16,000 | | 261,933 |
Keiyo Bank, Ltd.
| | | 83,000 | | 484,420 |
Keiyo Co., Ltd.
| | | 33,800 | | 151,159 |
Kenedix Residential Next Investment Corp. REIT
| | | 287 | | 476,324 |
Kenedix Retail REIT Corp.
| | | 275 | | 671,568 |
Kenedix, Inc.
| | | 114,400 | | 572,594 |
Kenko Mayonnaise Co., Ltd. (a)
| | | 14,900 | | 295,348 |
Key Coffee, Inc.
| | | 6,100 | | 114,466 |
KH Neochem Co., Ltd.
| | | 19,200 | | 463,152 |
Kintetsu World Express, Inc.
| | | 17,300 | | 263,521 |
Kisoji Co., Ltd.
| | | 10,300 | | 246,787 |
Kissei Pharmaceutical Co., Ltd.
| | | 25,000 | | 654,560 |
Kitanotatsujin Corp. (a)
| | | 50,800 | | 213,416 |
Kito Corp.
| | | 18,200 | | 274,764 |
Kitz Corp.
| | | 124,100 | | 909,293 |
Kiyo Bank, Ltd.
| | | 96,360 | | 1,343,303 |
Koa Corp.
| | | 20,700 | | 278,469 |
| Security Description | | | Shares | | Value |
Kobe Bussan Co., Ltd.
| | | 11,400 | | $432,579 |
Kohnan Shoji Co., Ltd.
| | | 16,300 | | 404,536 |
Komatsu Matere Co., Ltd. (a)
| | | 29,700 | | 216,810 |
KOMEDA Holdings Co., Ltd.
| | | 23,800 | | 452,412 |
Komeri Co., Ltd.
| | | 10,300 | | 252,277 |
Komori Corp. (a)
| | | 52,436 | | 593,123 |
Konishi Co., Ltd.
| | | 16,600 | | 240,560 |
Konoike Transport Co., Ltd.
| | | 16,100 | | 266,333 |
Koshidaka Holdings Co., Ltd.
| | | 25,600 | | 384,168 |
Kotobuki Spirits Co., Ltd.
| | | 20,300 | | 777,630 |
Kourakuen Holdings Corp. (a)
| | | 8,000 | | 191,462 |
Krosaki Harima Corp.
| | | 3,300 | | 165,171 |
Kumagai Gumi Co., Ltd.
| | | 18,200 | | 568,930 |
Kumiai Chemical Industry Co., Ltd.
| | | 54,700 | | 385,966 |
Kura Corp. (a)
| | | 5,700 | | 261,092 |
Kurabo Industries, Ltd.
| | | 29,970 | | 549,931 |
Kureha Corp.
| | | 8,200 | | 460,062 |
Kurimoto, Ltd.
| | | 17,300 | | 227,572 |
KYB Corp. (a)(c)
| | | 13,683 | | 336,002 |
Kyoei Steel, Ltd.
| | | 19,200 | | 273,728 |
Kyokuto Kaihatsu Kogyo Co., Ltd. (a)
| | | 19,000 | | 254,226 |
Kyokuyo Co., Ltd. (a)
| | | 2,200 | | 56,369 |
KYORIN Holdings, Inc.
| | | 33,500 | | 654,050 |
Kyoritsu Maintenance Co., Ltd.
| | | 14,900 | | 739,043 |
Kyosan Electric Manufacturing Co., Ltd.
| | | 11,700 | | 38,371 |
LAC Co., Ltd. (a)
| | | 6,900 | | 94,755 |
Lacto Japan Co., Ltd. (a)
| | | 3,700 | | 299,851 |
LaSalle Logiport REIT
| | | 374 | | 369,996 |
Lasertec Corp.
| | | 24,400 | | 1,019,560 |
LEC, Inc. (a)
| | | 17,900 | | 228,511 |
Leopalace21 Corp. (a)(c)
| | | 141,700 | | 282,926 |
Life Corp.
| | | 16,600 | | 356,641 |
LIFULL Co., Ltd. (a)
| | | 34,100 | | 178,687 |
Link And Motivation, Inc. (a)
| | | 24,800 | | 179,471 |
LIXIL VIVA Corp.
| | | 11,200 | | 142,068 |
M&A Capital Partners Co., Ltd. (c)
| | | 4,200 | | 191,245 |
Macnica Fuji Electronics Holdings, Inc. (a)
| | | 33,500 | | 457,018 |
Macromill, Inc.
| | | 10,800 | | 130,164 |
Maeda Kosen Co., Ltd.
| | | 15,300 | | 337,143 |
Maeda Road Construction Co., Ltd.
| | | 30,500 | | 592,171 |
Makino Milling Machine Co., Ltd.
| | | 21,900 | | 902,236 |
Mandom Corp.
| | | 19,000 | | 488,540 |
Mani, Inc.
| | | 10,900 | | 532,764 |
Mars Group Holdings Corp.
| | | 12,300 | | 244,144 |
Marudai Food Co., Ltd. (a)
| | | 63,231 | | 1,074,559 |
Maruha Nichiro Corp.
| | | 37,720 | | 1,349,516 |
Marusan Securities Co., Ltd. (a)
| | | 68,838 | | 406,740 |
Maruwa Co., Ltd.
| | | 3,600 | | 169,779 |
Maruwa Unyu Kikan Co., Ltd.
| | | 7,200 | | 246,537 |
Matsui Construction Co., Ltd.
| | | 36,900 | | 236,699 |
Matsuya Co., Ltd.
| | | 31,100 | | 282,101 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Max Co., Ltd.
| | | 22,400 | | $329,468 |
Maxell Holdings, Ltd.
| | | 28,400 | | 402,837 |
MCJ Co., Ltd.
| | | 44,600 | | 325,983 |
MCUBS MidCity Investment Corp. REIT
| | | 899 | | 826,835 |
MEC Co., Ltd.
| | | 17,600 | | 161,395 |
Medical Data Vision Co., Ltd. (a)(c)
| | | 17,900 | | 173,849 |
Megachips Corp. (a)
| | | 11,100 | | 170,384 |
Megmilk Snow Brand Co., Ltd.
| | | 25,500 | | 620,653 |
Meidensha Corp.
| | | 30,100 | | 412,537 |
Meiko Electronics Co., Ltd. (a)
| | | 14,767 | | 231,208 |
Meiko Network Japan Co., Ltd.
| | | 29,600 | | 257,531 |
Meisei Industrial Co., Ltd.
| | | 33,900 | | 228,787 |
Meitec Corp.
| | | 15,700 | | 713,475 |
Melco Holdings, Inc.
| | | 4,000 | | 138,049 |
Menicon Co., Ltd.
| | | 19,600 | | 565,768 |
Mercuria Investment Co., Ltd. (a)
| | | 32,400 | | 196,710 |
Metaps, Inc. (a)(c)
| | | 11,800 | | 158,208 |
Michinoku Bank, Ltd. (a)
| | | 5,720 | | 83,099 |
Mie Kotsu Group Holdings, Inc.
| | | 55,500 | | 281,800 |
Milbon Co., Ltd.
| | | 16,600 | | 772,372 |
Mimasu Semiconductor Industry Co., Ltd. (a)
| | | 18,300 | | 243,702 |
Miraca Holdings, Inc.
| | | 32,300 | | 801,335 |
Mirai Corp. REIT
| | | 167 | | 304,020 |
Mirait Holdings Corp. (a)
| | | 48,260 | | 705,032 |
Miroku Jyoho Service Co., Ltd.
| | | 15,800 | | 405,545 |
Misawa Homes Co., Ltd.
| | | 35,300 | | 252,587 |
Mitsubishi Estate Logistics REIT Investment Corp.
| | | 118 | | 279,422 |
Mitsubishi Kakoki Kaisha, Ltd. (a)
| | | 16,500 | | 227,334 |
Mitsubishi Logisnext Co., Ltd. (a)
| | | 10,900 | | 118,666 |
Mitsubishi Pencil Co., Ltd.
| | | 29,400 | | 569,752 |
Mitsubishi Research Institute, Inc.
| | | 6,900 | | 208,524 |
Mitsubishi Shokuhin Co., Ltd.
| | | 8,000 | | 209,315 |
Mitsubishi Steel Manufacturing Co., Ltd. (a)
| | | 15,100 | | 209,546 |
Mitsuboshi Belting, Ltd.
| | | 16,500 | | 293,522 |
Mitsui E&S Holdings Co., Ltd. (c)
| | | 45,500 | | 429,164 |
Mitsui Fudosan Logistics Park, Inc. REIT
| | | 65 | | 208,181 |
Mitsui Matsushima Holdings Co., Ltd.
| | | 17,000 | | 189,068 |
Mitsui Mining & Smelting Co., Ltd. (a)
| | | 35,000 | | 897,728 |
Mitsui Sugar Co., Ltd.
| | | 34,600 | | 852,144 |
Mitsui-Soko Holdings Co., Ltd. (a)
| | | 17,900 | | 294,492 |
Mixi, Inc.
| | | 22,200 | | 513,056 |
Miyaji Engineering Group, Inc. (a)
| | | 2,600 | | 43,926 |
Miyazaki Bank, Ltd.
| | | 12,380 | | 309,710 |
Mizuno Corp.
| | | 7,800 | | 180,756 |
Mochida Pharmaceutical Co., Ltd.
| | | 18,200 | | 933,966 |
Modec, Inc.
| | | 9,000 | | 256,132 |
Monex Group, Inc. (a)
| | | 104,400 | | 361,252 |
| Security Description | | | Shares | | Value |
Money Forward, Inc. (a)(c)
| | | 6,600 | | $275,783 |
Monogatari Corp (a)
| | | 1,400 | | 113,963 |
Mori Trust Hotel Reit, Inc.
| | | 192 | | 238,341 |
Mori Trust Sogo Reit, Inc.
| | | 288 | | 448,061 |
Morinaga Milk Industry Co., Ltd. (a)
| | | 19,400 | | 658,147 |
Morita Holdings Corp.
| | | 24,000 | | 394,633 |
MOS Food Services, Inc. (a)
| | | 11,800 | | 286,778 |
Musashi Seimitsu Industry Co., Ltd.
| | | 30,500 | | 413,335 |
Musashino Bank, Ltd.
| | | 14,880 | | 296,968 |
Nachi-Fujikoshi Corp. (a)
| | | 14,900 | | 599,042 |
Nagaileben Co., Ltd.
| | | 11,900 | | 258,030 |
Nagano Keiki Co., Ltd.
| | | 27,100 | | 196,851 |
Nakanishi, Inc.
| | | 65,740 | | 1,284,687 |
Namura Shipbuilding Co., Ltd. (a)
| | | 6,300 | | 20,547 |
Nanto Bank, Ltd.
| | | 1,800 | | 33,712 |
NEC Networks & System Integration Corp.
| | | 16,100 | | 389,100 |
NET One Systems Co., Ltd.
| | | 63,700 | | 1,603,938 |
Neturen Co., Ltd.
| | | 61,983 | | 499,515 |
Nextage Co., Ltd. (a)
| | | 38,400 | | 412,153 |
Nichias Corp.
| | | 41,000 | | 811,962 |
Nichiban Co., Ltd.
| | | 10,000 | | 211,772 |
Nichicon Corp. (a)
| | | 44,300 | | 405,438 |
Nichiha Corp.
| | | 19,100 | | 526,313 |
NichiiGakkan Co., Ltd. (a)
| | | 30,800 | | 362,582 |
Nichi-iko Pharmaceutical Co., Ltd. (a)
| | | 75,400 | | 1,000,020 |
Nichireki Co., Ltd.
| | | 11,000 | | 108,822 |
Nihon Dempa Kogyo Co., Ltd. (a)(c)
| | | 63,100 | | 225,754 |
Nihon Eslead Corp.
| | | 20,400 | | 280,515 |
Nihon House Holdings Co., Ltd. (a)
| | | 53,200 | | 226,383 |
Nihon Nohyaku Co., Ltd.
| | | 41,300 | | 166,416 |
Nihon Parkerizing Co., Ltd.
| | | 61,000 | | 761,639 |
Nihon Plast Co., Ltd. (a)
| | | 29,800 | | 212,424 |
Nihon Tokushu Toryo Co., Ltd.
| | | 15,800 | | 164,588 |
Nihon Trim Co., Ltd.
| | | 1,500 | | 78,330 |
Nikkiso Co., Ltd.
| | | 71,840 | | 838,571 |
Nikkon Holdings Co., Ltd.
| | | 82,380 | | 1,949,254 |
Nippon Beet Sugar Manufacturing Co., Ltd.
| | | 3,300 | | 57,065 |
Nippon Carbide Industries Co., Inc.
| | | 18,300 | | 248,166 |
Nippon Carbon Co., Ltd. (a)
| | | 14,671 | | 650,807 |
Nippon Ceramic Co., Ltd. (a)
| | | 10,400 | | 278,592 |
Nippon Chemical Industrial Co., Ltd. (a)
| | | 8,100 | | 143,654 |
Nippon Chemi-Con Corp.
| | | 6,900 | | 118,756 |
Nippon Coke & Engineering Co., Ltd.
| | | 97,000 | | 87,636 |
Nippon Densetsu Kogyo Co., Ltd.
| | | 26,400 | | 549,538 |
Nippon Flour Mills Co., Ltd.
| | | 31,300 | | 537,290 |
Nippon Kinzoku Co., Ltd. (a)
| | | 19,400 | | 211,904 |
Nippon Koei Co., Ltd.
| | | 9,800 | | 207,537 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Nippon Light Metal Holdings Co., Ltd.
| | | 392,200 | | $861,043 |
Nippon Parking Development Co., Ltd.
| | | 48,500 | | 75,367 |
Nippon Pillar Packing Co., Ltd.
| | | 17,000 | | 196,133 |
NIPPON REIT Investment Corp.
| | | 473 | | 1,824,737 |
Nippon Road Co., Ltd. (a)
| | | 4,700 | | 276,433 |
Nippon Seiki Co., Ltd.
| | | 42,100 | | 680,462 |
Nippon Sheet Glass Co., Ltd. (a)
| | | 47,800 | | 384,784 |
Nippon Signal Co., Ltd. (a)
| | | 34,800 | | 311,576 |
Nippon Soda Co., Ltd.
| | | 14,300 | | 377,768 |
Nippon Steel & Sumikin Bussan Corp.
| | | 3,600 | | 146,361 |
Nippon Suisan Kaisha, Ltd.
| | | 174,499 | | 1,332,174 |
Nippon Thompson Co., Ltd. (a)
| | | 59,200 | | 272,239 |
Nippon Yakin Kogyo Co., Ltd. (a)
| | | 86,000 | | 195,022 |
Nishimatsu Construction Co., Ltd.
| | | 28,600 | | 633,833 |
Nishimatsuya Chain Co., Ltd.
| | | 26,453 | | 222,264 |
Nishi-Nippon Financial Holdings, Inc.
| | | 84,300 | | 715,924 |
Nishio Rent All Co., Ltd.
| | | 16,600 | | 478,421 |
Nissan Shatai Co., Ltd.
| | | 24,400 | | 211,407 |
Nissei ASB Machine Co., Ltd. (a)
| | | 4,700 | | 160,722 |
Nissei Plastic Industrial Co., Ltd.
| | | 26,800 | | 219,126 |
Nissha Co., Ltd.
| | | 26,600 | | 280,936 |
Nisshin Oillio Group, Ltd.
| | | 13,600 | | 401,789 |
Nisshinbo Holdings, Inc.
| | | 80,100 | | 699,794 |
Nissin Corp.
| | | 10,800 | | 180,805 |
Nissin Kogyo Co., Ltd.
| | | 16,100 | | 201,750 |
Nitta Corp.
| | | 9,900 | | 321,995 |
Nittetsu Mining Co., Ltd.
| | | 3,200 | | 132,267 |
Nitto Boseki Co., Ltd.
| | | 30,630 | | 547,928 |
Nitto Kogyo Corp.
| | | 24,500 | | 490,066 |
Nittoku Engineering Co., Ltd. (a)
| | | 9,400 | | 237,792 |
Nohmi Bosai, Ltd.
| | | 19,600 | | 320,336 |
Nojima Corp.
| | | 15,300 | | 277,704 |
Nomura Co., Ltd.
| | | 23,800 | | 670,877 |
Noritake Co., Ltd.
| | | 6,900 | | 330,397 |
Noritsu Koki Co., Ltd. (a)
| | | 9,800 | | 218,073 |
Noritz Corp.
| | | 17,100 | | 266,963 |
North Pacific Bank, Ltd.
| | | 165,400 | | 413,930 |
NS United Kaiun Kaisha, Ltd.
| | | 1,900 | | 40,666 |
NSD Co., Ltd.
| | | 22,300 | | 519,195 |
NuFlare Technology, Inc.
| | | 1,800 | | 99,851 |
OAK Capital Corp. (a)
| | | 161,800 | | 220,733 |
Obara Group, Inc.
| | | 8,900 | | 294,697 |
Oenon Holdings, Inc.
| | | 103,800 | | 384,497 |
Ogaki Kyoritsu Bank, Ltd.
| | | 9,500 | | 197,407 |
Ohara, Inc. (a)
| | | 9,600 | | 109,803 |
Ohsho Food Service Corp.
| | | 6,800 | | 430,664 |
Oiles Corp.
| | | 10,900 | | 173,912 |
Oisix ra daichi, Inc. (a)(c)
| | | 16,000 | | 242,707 |
Oita Bank, Ltd.
| | | 15,380 | | 480,777 |
Okabe Co., Ltd.
| | | 20,600 | | 178,111 |
Okamoto Industries, Inc.
| | | 6,360 | | 321,203 |
Okamura Corp.
| | | 63,100 | | 660,730 |
| Security Description | | | Shares | | Value |
Okasan Securities Group, Inc. (a)
| | | 94,682 | | $351,577 |
Oki Electric Industry Co., Ltd.
| | | 52,900 | | 625,136 |
Okinawa Electric Power Co., Inc.
| | | 26,512 | | 451,508 |
OKK Corp.
| | | 28,400 | | 207,833 |
OKUMA Corp. (a)
| | | 13,600 | | 735,999 |
Okumura Corp.
| | | 16,800 | | 533,514 |
Okuwa Co., Ltd.
| | | 19,500 | | 195,731 |
One REIT, Inc.
| | | 96 | | 245,714 |
Onward Holdings Co., Ltd.
| | | 70,800 | | 374,197 |
Open Door, Inc. (c)
| | | 8,500 | | 258,030 |
OPT Holding, Inc. (a)
| | | 10,000 | | 156,751 |
Optex Group Co., Ltd. (a)
| | | 19,700 | | 314,139 |
Optorun Co., Ltd.
| | | 11,300 | | 218,374 |
Osaka Organic Chemical Industry, Ltd.
| | | 23,200 | | 228,049 |
Osaka Soda Co., Ltd. (a)
| | | 11,200 | | 274,624 |
OSAKA Titanium Technologies Co., Ltd. (a)
| | | 8,500 | | 129,399 |
Osaki Electric Co., Ltd.
| | | 16,000 | | 99,598 |
OSJB Holdings Corp.
| | | 104,600 | | 261,772 |
Outsourcing, Inc. (a)
| | | 51,300 | | 633,110 |
Oyo Corp.
| | | 21,200 | | 214,136 |
Pacific Industrial Co., Ltd.
| | | 32,500 | | 456,882 |
Pacific Metals Co., Ltd. (a)
| | | 7,399 | | 180,020 |
Pack Corp.
| | | 4,800 | | 147,229 |
PAL GROUP Holdings Co., Ltd.
| | | 5,700 | | 154,750 |
Paramount Bed Holdings Co., Ltd.
| | | 5,600 | | 248,417 |
Pasona Group, Inc.
| | | 15,800 | | 238,816 |
PC Depot Corp.
| | | 59,200 | | 236,939 |
Penta-Ocean Construction Co., Ltd.
| | | 175,500 | | 813,403 |
Pepper Food Service Co., Ltd. (a)
| | | 7,400 | | 153,435 |
PIA Corp. (a)
| | | 5,100 | | 211,492 |
Piolax, Inc. (a)
| | | 18,200 | | 350,073 |
PKSHA Technology, Inc. (a)(c)
| | | 5,200 | | 288,928 |
Plenus Co., Ltd. (a)
| | | 9,900 | | 157,956 |
Poletowin Pitcrew Holdings, Inc. (a)
| | | 19,500 | | 195,379 |
Premier Investment Corp. REIT
| | | 1,460 | | 1,841,406 |
Press Kogyo Co., Ltd.
| | | 70,400 | | 373,355 |
Pressance Corp. (a)
| | | 19,400 | | 241,350 |
Prestige International, Inc.
| | | 30,100 | | 378,001 |
Prima Meat Packers, Ltd.
| | | 16,700 | | 309,905 |
Qol Holdings Co., Ltd.
| | | 11,000 | | 149,867 |
Raito Kogyo Co., Ltd.
| | | 37,500 | | 505,489 |
Rakus Co., Ltd. (a)
| | | 14,200 | | 258,893 |
RaQualia Pharma, Inc. (a)(c)
| | | 20,300 | | 315,637 |
Relia, Inc.
| | | 25,800 | | 224,936 |
Remixpoint., Inc. (a)
| | | 21,600 | | 59,130 |
RENOVA, Inc. (a)(c)
| | | 24,700 | | 218,693 |
Resorttrust, Inc. (a)
| | | 45,800 | | 620,680 |
Rheon Automatic Machinery Co., Ltd. (a)
| | | 16,300 | | 233,120 |
Ricoh Leasing Co., Ltd.
| | | 7,700 | | 232,353 |
Riken Corp.
| | | 7,000 | | 318,110 |
Riken Keiki Co., Ltd.
| | | 14,300 | | 275,703 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Riken Technos Corp.
| | | 52,700 | | $215,685 |
Riken Vitamin Co., Ltd.
| | | 5,400 | | 171,243 |
Ringer Hut Co., Ltd. (a)
| | | 15,900 | | 339,447 |
Riso Kagaku Corp.
| | | 9,200 | | 145,458 |
Rock Field Co., Ltd.
| | | 10,600 | | 156,579 |
Rokko Butter Co., Ltd.
| | | 10,600 | | 204,559 |
Rorze Corp. (a)
| | | 14,400 | | 215,574 |
Round One Corp. (a)
| | | 47,500 | | 601,233 |
Royal Holdings Co., Ltd.
| | | 14,800 | | 370,117 |
RS Technologies Co., Ltd. (a)
| | | 4,900 | | 125,018 |
Ryobi, Ltd.
| | | 16,400 | | 368,050 |
Ryosan Co., Ltd. (a)
| | | 10,000 | | 268,148 |
S Foods, Inc.
| | | 12,000 | | 439,084 |
Sac's Bar Holdings, Inc.
| | | 34,300 | | 355,752 |
Sagami Holdings Corp. (a)
| | | 24,400 | | 281,509 |
Saizeriya Co., Ltd.
| | | 16,600 | | 319,747 |
Sakai Chemical Industry Co., Ltd. (a)
| | | 26,953 | | 591,975 |
Sakai Moving Service Co., Ltd.
| | | 4,200 | | 266,378 |
Sakata INX Corp.
| | | 25,200 | | 232,454 |
Sakata Seed Corp.
| | | 18,000 | | 612,278 |
Sakura Internet, Inc. (a)
| | | 44,700 | | 199,905 |
Sala Corp. (a)
| | | 62,400 | | 347,277 |
SAMTY Co., Ltd.
| | | 17,700 | | 239,870 |
San ju San Financial Group, Inc. (a)
| | | 14,900 | | 207,713 |
San-A Co., Ltd.
| | | 10,200 | | 408,240 |
San-Ai Oil Co., Ltd.
| | | 43,200 | | 354,780 |
SanBio Co., Ltd. (a)(c)
| | | 14,600 | | 376,723 |
Sanden Holdings Corp. (a)(c)
| | | 11,200 | | 76,296 |
Sanei Architecture Planning Co., Ltd.
| | | 18,900 | | 267,231 |
Sangetsu Corp.
| | | 35,500 | | 644,347 |
San-In Godo Bank, Ltd.
| | | 85,900 | | 616,205 |
Sanken Electric Co., Ltd. (a)
| | | 15,100 | | 280,213 |
Sanki Engineering Co., Ltd.
| | | 27,100 | | 296,255 |
Sankyo Tateyama, Inc.
| | | 30,000 | | 403,307 |
Sanoh Industrial Co., Ltd.
| | | 43,800 | | 199,837 |
Sanrio Co., Ltd.
| | | 31,500 | | 751,606 |
Sanyo Chemical Industries, Ltd.
| | | 5,400 | | 249,790 |
Sanyo Denki Co., Ltd.
| | | 5,000 | | 179,338 |
Sanyo Electric Railway Co., Ltd.
| | | 7,800 | | 155,246 |
Sanyo Shokai, Ltd. (a)
| | | 3,000 | | 46,809 |
Sanyo Special Steel Co., Ltd.
| | | 20,287 | | 415,876 |
Sanyo Trading Co., Ltd.
| | | 15,200 | | 256,938 |
Sapporo Holdings, Ltd.
| | | 44,900 | | 980,470 |
Sato Holdings Corp.
| | | 29,740 | | 697,520 |
SEC Carbon, Ltd. (a)
| | | 1,500 | | 131,319 |
Seed Co., Ltd. (a)
| | | 15,700 | | 162,837 |
Seika Corp.
| | | 4,400 | | 53,904 |
Seikagaku Corp.
| | | 23,800 | | 257,815 |
Seiko Holdings Corp. (a)
| | | 11,800 | | 280,914 |
Seiren Co., Ltd.
| | | 45,280 | | 668,860 |
Sekisui Jushi Corp.
| | | 16,500 | | 290,541 |
Sekisui Plastics Co., Ltd.
| | | 24,400 | | 195,976 |
Senko Group Holdings Co., Ltd.
| | | 49,800 | | 413,481 |
| Security Description | | | Shares | | Value |
Senshu Ikeda Holdings, Inc.
| | | 147,660 | | $378,872 |
Septeni Holdings Co., Ltd.
| | | 16,400 | | 49,044 |
Shibaura Electronics Co., Ltd.
| | | 5,800 | | 197,552 |
Shibuya Corp.
| | | 10,900 | | 322,022 |
Shiga Bank, Ltd. (a)
| | | 30,500 | | 726,919 |
Shikoku Bank, Ltd.
| | | 24,000 | | 225,505 |
Shikoku Chemicals Corp.
| | | 25,400 | | 277,671 |
Shima Seiki Manufacturing, Ltd. (a)
| | | 22,645 | | 695,605 |
Shimachu Co., Ltd.
| | | 46,960 | | 1,223,586 |
Shinagawa Refractories Co., Ltd.
| | | 6,400 | | 181,271 |
Shindengen Electric Manufacturing Co., Ltd.
| | | 4,100 | | 151,317 |
Shin-Etsu Polymer Co., Ltd.
| | | 24,000 | | 177,368 |
Shinkawa, Ltd. (a)(c)
| | | 9,200 | | 34,577 |
Shinko Electric Industries Co., Ltd. (a)
| | | 29,700 | | 227,543 |
Shinko Plantech Co., Ltd.
| | | 32,500 | | 346,479 |
Shinmaywa Industries, Ltd.
| | | 26,000 | | 323,224 |
Shinoken Group Co., Ltd. (a)
| | | 25,000 | | 168,722 |
Shinsho Corp.
| | | 4,000 | | 93,310 |
Ship Healthcare Holdings, Inc.
| | | 16,900 | | 693,956 |
Shizuoka Gas Co., Ltd.
| | | 29,600 | | 224,905 |
SHO-BOND Holdings Co., Ltd.
| | | 15,600 | | 1,041,550 |
Shochiku Co., Ltd. (a)
| | | 13,060 | | 1,463,107 |
Shoei Co., Ltd. (a)
| | | 5,600 | | 239,057 |
Shoei Foods Corp. (a)
| | | 7,200 | | 204,906 |
Showa Corp.
| | | 25,700 | | 327,853 |
Showa Sangyo Co., Ltd.
| | | 7,600 | | 205,853 |
Siix Corp. (a)
| | | 22,900 | | 346,753 |
Sinanen Holdings Co., Ltd.
| | | 7,600 | | 144,536 |
Sinfonia Technology Co., Ltd.
| | | 46,280 | | 565,303 |
Sinko Industries, Ltd.
| | | 15,900 | | 215,045 |
Sintokogio, Ltd. (a)
| | | 36,200 | | 312,010 |
SKY Perfect JSAT Holdings, Inc.
| | | 61,000 | | 253,512 |
SMK Corp.
| | | 504 | | 11,921 |
SMS Co., Ltd. (a)
| | | 47,600 | | 859,668 |
Sodick Co., Ltd. (a)
| | | 27,300 | | 227,654 |
Sogo Medical Holdings Co., Ltd.
| | | 7,800 | | 119,447 |
Solasto Corp. (a)
| | | 25,900 | | 291,561 |
Sosei Group Corp. (a)(c)
| | | 44,200 | | 600,994 |
Space Value Holdings Co., Ltd. (a)
| | | 28,400 | | 131,371 |
ST Corp. (a)
| | | 15,500 | | 264,950 |
St Marc Holdings Co., Ltd.
| | | 3,000 | | 67,462 |
Star Asia Investment Corp. REIT (a)
| | | 229 | | 226,135 |
Star Micronics Co., Ltd. (a)
| | | 21,400 | | 325,780 |
Starts Corp., Inc.
| | | 16,900 | | 360,796 |
Starts Proceed Investment Corp. REIT
| | | 168 | | 277,609 |
Starzen Co., Ltd. (a)
| | | 4,800 | | 164,141 |
Stella Chemifa Corp. (a)
| | | 7,200 | | 197,750 |
Studio Alice Co., Ltd.
| | | 14,200 | | 292,762 |
Sumida Corp. (a)
| | | 20,300 | | 286,476 |
Sumitomo Densetsu Co., Ltd.
| | | 17,300 | | 293,530 |
Sumitomo Mitsui Construction Co., Ltd.
| | | 82,560 | | 575,089 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Sumitomo Osaka Cement Co., Ltd.
| | | 21,679 | | $853,959 |
Sumitomo Seika Chemicals Co., Ltd.
| | | 2,400 | | 88,250 |
Sumitomo Warehouse Co., Ltd. (a)
| | | 45,500 | | 573,452 |
Sun Frontier Fudousan Co., Ltd.
| | | 5,800 | | 62,043 |
Sun-Wa Technos Corp.
| | | 22,200 | | 172,891 |
Suruga Bank, Ltd. (a)(c)
| | | 141,300 | | 654,894 |
Sushiro Global Holdings, Ltd.
| | | 11,000 | | 757,284 |
SWCC Showa Holdings Co., Ltd.
| | | 4,500 | | 28,622 |
Systena Corp.
| | | 46,600 | | 506,060 |
Syuppin Co., Ltd. (a)
| | | 22,200 | | 164,266 |
T Hasegawa Co., Ltd. (a)
| | | 16,300 | | 262,868 |
T RAD Co., Ltd.
| | | 11,200 | | 214,721 |
Tachi-S Co., Ltd.
| | | 21,700 | | 310,546 |
Tadano, Ltd. (a)
| | | 70,400 | | 668,477 |
Taihei Dengyo Kaisha, Ltd.
| | | 12,500 | | 265,506 |
Taiho Kogyo Co., Ltd.
| | | 24,500 | | 200,321 |
Taikisha, Ltd.
| | | 16,300 | | 495,546 |
Taiko Pharmaceutical Co., Ltd. (a)
| | | 14,800 | | 251,246 |
Taiyo Holdings Co., Ltd.
| | | 4,600 | | 151,484 |
Takamatsu Construction Group Co., Ltd.
| | | 7,900 | | 170,583 |
Takaoka Toko Co., Ltd.
| | | 1,900 | | 22,607 |
Takara Standard Co., Ltd.
| | | 30,800 | | 471,663 |
Takasago International Corp.
| | | 25,400 | | 767,611 |
Takasago Thermal Engineering Co., Ltd.
| | | 35,500 | | 571,541 |
Takeei Corp.
| | | 36,900 | | 244,366 |
Takeuchi Manufacturing Co., Ltd.
| | | 23,300 | | 409,858 |
Takisawa Machine Tool Co., Ltd.
| | | 18,300 | | 247,670 |
Takuma Co., Ltd.
| | | 40,900 | | 488,132 |
Tamron Co., Ltd.
| | | 5,400 | | 98,501 |
Tamura Corp. (a)
| | | 51,800 | | 285,945 |
Tanseisha Co., Ltd.
| | | 24,800 | | 293,070 |
Tatsuta Electric Wire and Cable Co., Ltd.
| | | 51,100 | | 210,522 |
Tayca Corp. (a)
| | | 11,500 | | 265,045 |
TechMatrix Corp.
| | | 15,400 | | 257,536 |
Teikoku Electric Manufacturing Co., Ltd.
| | | 3,600 | | 36,558 |
Teikoku Sen-I Co., Ltd. (a)
| | | 16,400 | | 405,092 |
TKC Corp.
| | | 7,700 | | 281,398 |
Toa Corp. (f)
| | | 20,700 | | 208,711 |
Toa Corp. (a)(f)
| | | 8,000 | | 115,354 |
TOA ROAD Corp.
| | | 7,900 | | 207,198 |
Toagosei Co., Ltd.
| | | 140,700 | | 1,487,275 |
Tobishima Corp. (a)
| | | 10,710 | | 130,240 |
TOC Co., Ltd.
| | | 77,960 | | 538,821 |
Tocalo Co., Ltd.
| | | 33,900 | | 267,071 |
Toei Animation Co., Ltd.
| | | 8,700 | | 429,164 |
Toei Co., Ltd.
| | | 8,740 | | 1,163,122 |
Toho Bank, Ltd.
| | | 90,000 | | 240,683 |
Toho Co., Ltd.
| | | 15,400 | | 307,763 |
Toho Titanium Co., Ltd. (a)
| | | 24,900 | | 213,490 |
Toho Zinc Co., Ltd. (a)
| | | 12,500 | | 353,481 |
TOKAI Holdings Corp.
| | | 63,700 | | 528,891 |
| Security Description | | | Shares | | Value |
Tokai Rika Co., Ltd.
| | | 20,700 | | $352,901 |
Tokai Tokyo Financial Holdings, Inc. (a)
| | | 125,900 | | 456,122 |
Tokushu Tokai Paper Co., Ltd.
| | | 5,100 | | 186,380 |
Tokyo Dome Corp.
| | | 46,900 | | 447,877 |
Tokyo Energy & Systems, Inc.
| | | 27,800 | | 247,396 |
Tokyo Kiraboshi Financial Group, Inc.
| | | 400 | | 5,656 |
Tokyo Ohka Kogyo Co., Ltd.
| | | 20,100 | | 548,421 |
Tokyo Rope Manufacturing Co., Ltd. (a)
| | | 21,400 | | 188,701 |
Tokyo Seimitsu Co., Ltd.
| | | 24,400 | | 620,774 |
Tokyo Steel Manufacturing Co., Ltd.
| | | 57,500 | | 499,752 |
Tokyo Tekko Co., Ltd.
| | | 1,800 | | 20,230 |
Tokyotokeiba Co., Ltd.
| | | 8,900 | | 270,172 |
Tokyu Construction Co., Ltd.
| | | 43,000 | | 322,447 |
Tokyu REIT, Inc.
| | | 360 | | 583,168 |
Tomoe Engineering Co., Ltd.
| | | 2,800 | | 61,876 |
TOMONY Holdings, Inc.
| | | 97,480 | | 370,774 |
Tomy Co., Ltd.
| | | 58,800 | | 606,673 |
Tonami Holdings Co., Ltd.
| | | 4,200 | | 239,057 |
Topcon Corp.
| | | 59,100 | | 697,336 |
Toppan Forms Co., Ltd.
| | | 27,900 | | 238,203 |
Topre Corp. (a)
| | | 26,200 | | 489,275 |
Topy Industries, Ltd.
| | | 23,698 | | 474,024 |
Torex Semiconductor, Ltd.
| | | 20,500 | | 222,623 |
Toridoll Holdings Corp. (a)
| | | 10,200 | | 205,871 |
Torii Pharmaceutical Co., Ltd.
| | | 5,600 | | 112,673 |
Torikizoku Co., Ltd. (a)
| | | 14,400 | | 224,941 |
Torishima Pump Manufacturing Co., Ltd.
| | | 5,600 | | 48,773 |
Tosei Reit Investment Corp.
| | | 222 | | 237,674 |
Toshiba Machine Co., Ltd. (a)
| | | 10,200 | | 205,226 |
Toshiba TEC Corp.
| | | 10,800 | | 300,041 |
Tosho Co., Ltd. (a)
| | | 9,000 | | 249,627 |
Totetsu Kogyo Co., Ltd.
| | | 16,300 | | 449,158 |
Towa Bank, Ltd.
| | | 29,600 | | 190,407 |
Towa Pharmaceutical Co., Ltd. (a)
| | | 8,400 | | 221,071 |
Toyo Construction Co., Ltd.
| | | 42,400 | | 163,570 |
Toyo Corp.
| | | 5,668 | | 44,807 |
Toyo Denki Seizo KK (a)
| | | 19,200 | | 210,413 |
Toyo Ink SC Holdings Co., Ltd.
| | | 23,300 | | 523,111 |
Toyo Kanetsu KK
| | | 7,500 | | 135,791 |
Toyo Machinery & Metal Co., Ltd.
| | | 42,100 | | 218,706 |
Toyo Securities Co., Ltd.
| | | 122,500 | | 157,158 |
Toyo Tanso Co., Ltd. (a)
| | | 8,300 | | 154,249 |
Toyobo Co., Ltd.
| | | 42,778 | | 546,875 |
TPR Co., Ltd.
| | | 18,300 | | 348,028 |
Trancom Co., Ltd.
| | | 3,800 | | 223,499 |
Transcosmos, Inc. (c)
| | | 16,000 | | 312,093 |
Tri Chemical Laboratories, Inc. (a)
| | | 6,700 | | 319,004 |
Trusco Nakayama Corp.
| | | 23,700 | | 656,281 |
Trust Tech, Inc. (a)
| | | 6,400 | | 211,917 |
TSI Holdings Co., Ltd.
| | | 74,700 | | 427,879 |
Tsubaki Nakashima Co., Ltd. (a)
| | | 28,600 | | 513,423 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Tsubakimoto Chain Co.
| | | 19,700 | | $703,031 |
Tsugami Corp. (a)
| | | 42,000 | | 323,296 |
Tsukishima Kikai Co., Ltd.
| | | 28,900 | | 360,059 |
Tsukuba Bank, Ltd. (a)
| | | 112,900 | | 196,862 |
Tsukui Corp.
| | | 30,900 | | 194,303 |
Tsurumi Manufacturing Co., Ltd.
| | | 10,900 | | 195,281 |
UACJ Corp. (a)
| | | 2,400 | | 44,971 |
Uchida Yoko Co., Ltd.
| | | 6,800 | | 199,973 |
UKC Holdings Corp. (a)
| | | 10,800 | | 199,734 |
Union Tool Co.
| | | 7,200 | | 190,140 |
Unipres Corp.
| | | 19,400 | | 303,046 |
United Arrows, Ltd.
| | | 15,700 | | 546,808 |
United Super Markets Holdings, Inc. (a)
| | | 35,100 | | 347,242 |
UNITED, Inc. (a)
| | | 5,300 | | 72,639 |
Unitika, Ltd. (c)
| | | 6,400 | | 24,574 |
Unizo Holdings Co., Ltd. (a)
| | | 21,700 | | 413,865 |
Ushio, Inc. (a)
| | | 63,500 | | 741,221 |
UT Group Co., Ltd. (a)
| | | 15,400 | | 352,843 |
Uzabase, Inc. (c)
| | | 9,600 | | 261,933 |
V Technology Co., Ltd. (a)
| | | 1,936 | | 245,400 |
Valor Holdings Co., Ltd.
| | | 34,600 | | 838,390 |
Valqua, Ltd. (a)
| | | 10,476 | | 209,454 |
ValueCommerce Co., Ltd. (a)
| | | 14,100 | | 263,185 |
Vector, Inc. (a)(c)
| | | 19,400 | | 245,030 |
VIA Holdings, Inc. (a)(c)
| | | 42,600 | | 262,485 |
Vision, Inc. (c)
| | | 5,700 | | 264,697 |
Vital KSK Holdings, Inc. (a)
| | | 29,700 | | 293,015 |
VT Holdings Co., Ltd.
| | | 85,900 | | 323,624 |
Wacom Co., Ltd. (a)
| | | 78,600 | | 330,917 |
Wakachiku Construction Co., Ltd.
| | | 3,800 | | 51,051 |
Wakita & Co., Ltd.
| | | 10,900 | | 108,818 |
Warabeya Nichiyo Holdings Co., Ltd.
| | | 14,500 | | 238,424 |
Watahan & Co., Ltd. (a)
| | | 9,800 | | 190,006 |
WATAMI Co., Ltd.
| | | 17,800 | | 259,237 |
WDB Holdings Co., Ltd.
| | | 7,500 | | 209,378 |
World Holdings Co., Ltd.
| | | 9,000 | | 153,598 |
Yahagi Construction Co., Ltd.
| | | 28,200 | | 195,414 |
Yakuodo Co., Ltd. (a)
| | | 7,700 | | 184,839 |
YAMABIKO Corp.
| | | 24,000 | | 230,492 |
YAMADA Consulting Group Co., Ltd. (a)
| | | 11,200 | | 233,137 |
Yamagata Bank, Ltd.
| | | 15,600 | | 277,653 |
Yamaichi Electronics Co., Ltd.
| | | 17,800 | | 174,969 |
YA-MAN, Ltd. (a)
| | | 15,700 | | 161,702 |
Yamanashi Chuo Bank, Ltd.
| | | 23,900 | | 296,037 |
Yamashin-Filter Corp. (a)
| | | 32,900 | | 210,149 |
Yamato Kogyo Co., Ltd.
| | | 24,500 | | 668,474 |
Yamazen Corp.
| | | 52,500 | | 553,530 |
Yellow Hat, Ltd.
| | | 20,600 | | 270,982 |
Yodogawa Steel Works, Ltd.
| | | 33,100 | | 614,242 |
Yokogawa Bridge Holdings Corp. (a)
| | | 19,900 | | 342,139 |
Yokohama Reito Co., Ltd.
| | | 28,300 | | 228,578 |
Yokowo Co., Ltd. (a)
| | | 22,000 | | 320,802 |
| Security Description | | | Shares | | Value |
Yondoshi Holdings, Inc. (a)
| | | 16,200 | | $305,017 |
Yonex Co., Ltd. (a)
| | | 27,500 | | 167,209 |
Yorozu Corp.
| | | 16,200 | | 211,638 |
Yoshinoya Holdings Co., Ltd. (a)
| | | 33,600 | | 542,773 |
Yuasa Trading Co., Ltd.
| | | 10,300 | | 290,337 |
Yume No Machi Souzou Iinkai Co., Ltd. (a)
| | | 15,172 | | 218,084 |
Yumeshin Holdings Co., Ltd. (a)
| | | 47,900 | | 334,523 |
Yurtec Corp.
| | | 33,100 | | 242,228 |
Yushin Precision Equipment Co., Ltd. (a)
| | | 16,900 | | 153,449 |
Zenrin Co., Ltd. (a)
| | | 47,965 | | 1,062,133 |
ZERIA Pharmaceutical Co., Ltd.
| | | 23,900 | | 413,070 |
ZIGExN Co., Ltd. (a)
| | | 38,000 | | 200,840 |
Zojirushi Corp. (a)
| | | 25,300 | | 262,863 |
| | | | | | 300,081,025 |
| LIECHTENSTEIN — 0.0% (g) | | | | | |
VP Bank AG
| | | 1,858 | | 256,340 |
| LUXEMBOURG — 0.2% | | | | | |
Befesa SA (e)
| | | 9,081 | | 396,138 |
Corp. America Airports SA (a)(c)
| | | 29,804 | | 246,479 |
Solutions 30 SE (c)
| | | 82,382 | | 1,006,429 |
| | | | | | 1,649,046 |
| MACAU — 0.1% | | | | | |
Macau Legend Development, Ltd.
| | | 3,267,740 | | 553,646 |
| MALTA — 0.0% (g) | | | | | |
Catena Media PLC (a)(c)
| | | 28,762 | | 200,320 |
Kambi Group PLC (a)(c)
| | | 12,875 | | 220,429 |
| | | | | | 420,749 |
| NETHERLANDS — 1.7% | | | | | |
Accell Group NV
| | | 13,833 | | 384,426 |
AMG Advanced Metallurgical Group NV (a)
| | | 18,999 | | 591,778 |
Arcadis NV (a)
| | | 34,356 | | 535,444 |
BE Semiconductor Industries NV
| | | 43,563 | | 1,160,257 |
BinckBank NV
| | | 4,391 | | 31,062 |
Brack Capital Properties NV (c)
| | | 1,075 | | 116,279 |
Brunel International NV (a)
| | | 19,244 | | 291,926 |
Constellium NV Class A (c)
| | | 76,726 | | 612,274 |
Corbion NV
| | | 43,889 | | 1,320,724 |
Eurocommercial Properties NV
| | | 22,455 | | 648,494 |
Flow Traders (e)
| | | 21,376 | | 590,450 |
ForFarmers NV
| | | 10,884 | | 89,581 |
Fugro NV (a)(c)
| | | 53,750 | | 547,403 |
Heijmans NV (c)
| | | 25,567 | | 255,787 |
Intertrust NV (e)
| | | 43,711 | | 824,559 |
Kendrion NV
| | | 13,239 | | 292,551 |
Koninklijke BAM Groep NV
| | | 137,150 | | 591,972 |
Koninklijke Volkerwessels NV
| | | 17,568 | | 362,568 |
NSI NV REIT
| | | 12,277 | | 521,771 |
Pharming Group NV (a)(c)
| | | 423,275 | | 385,210 |
PostNL NV
| | | 268,423 | | 686,888 |
Rhi Magnesita NV
| | | 280 | | 16,499 |
Shop Apotheke Europe NV (c)(e)
| | | 5,275 | | 217,375 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
uniQure NV (a)(c)
| | | 14,519 | | $866,058 |
Vastned Retail NV REIT
| | | 13,935 | | 540,601 |
Wereldhave NV REIT (a)
| | | 24,846 | | 679,882 |
Wessanen
| | | 33,296 | | 406,016 |
| | | | | | 13,567,835 |
| NEW ZEALAND — 1.3% | | | | | |
Argosy Property, Ltd.
| | | 395,769 | | 345,490 |
Arvida Group, Ltd.
| | | 272,504 | | 241,602 |
Chorus, Ltd.
| | | 175,224 | | 705,066 |
Genesis Energy, Ltd.
| | | 224,534 | | 493,086 |
Goodman Property Trust REIT
| | | 413,773 | | 488,194 |
Infratil, Ltd.
| | | 342,784 | | 974,857 |
Kiwi Property Group, Ltd.
| | | 620,334 | | 628,255 |
Metlifecare, Ltd.
| | | 73,904 | | 251,509 |
New Zealand Refining Co., Ltd.
| | | 113,323 | | 162,301 |
Precinct Properties New Zealand, Ltd.
| | | 526,912 | | 560,592 |
Pushpay Holdings, Ltd. (c)
| | | 99,630 | | 218,112 |
Restaurant Brands New Zealand, Ltd.
| | | 154,634 | | 922,778 |
SKYCITY Entertainment Group, Ltd.
| | | 385,064 | | 1,016,315 |
Stride Property Group
| | | 290,747 | | 400,545 |
Summerset Group Holdings, Ltd.
| | | 147,599 | | 664,372 |
Synlait Milk, Ltd. (a)(c)
| | | 34,885 | | 252,191 |
Tourism Holdings, Ltd.
| | | 70,511 | | 227,939 |
Trade Me Group, Ltd.
| | | 227,282 | | 995,140 |
Vital Healthcare Property Trust REIT
| | | 260,726 | | 384,970 |
Z Energy, Ltd.
| | | 224,636 | | 959,043 |
| | | | | | 10,892,357 |
| NORWAY — 1.4% | | | | | |
Akastor ASA (c)
| | | 103,600 | | 157,837 |
Aker Solutions ASA (c)
| | | 64,089 | | 324,181 |
Archer, Ltd. (c)
| | | 312,551 | | 179,293 |
Atea ASA
| | | 44,977 | | 653,899 |
Avance Gas Holding, Ltd. (a)(c)(e)
| | | 15,483 | | 30,888 |
Axactor SE (c)
| | | 79,242 | | 169,129 |
B2Holding ASA (a)
| | | 171,212 | | 240,567 |
Borregaard ASA
| | | 60,379 | | 599,471 |
BW Offshore, Ltd. (c)
| | | 54,130 | | 281,600 |
DOF ASA (a)(c)
| | | 325,694 | | 180,403 |
Europris ASA (e)
| | | 55,468 | | 177,452 |
Frontline, Ltd. (a)(c)
| | | 51,025 | | 326,476 |
Golden Ocean Group, Ltd. (a)(c)
| | | 38,884 | | 185,477 |
Grieg Seafood ASA
| | | 31,211 | | 379,101 |
Kitron ASA
| | | 234,101 | | 236,504 |
Komplett Bank ASA (c)
| | | 124,571 | | 180,819 |
Kongsberg Automotive ASA (a)(c)
| | | 292,581 | | 261,609 |
Kvaerner ASA
| | | 120,797 | | 177,304 |
NEL ASA (a)(c)
| | | 636,632 | | 429,887 |
Nordic Nanovector ASA (a)(c)
| | | 32,428 | | 167,721 |
Nordic Semiconductor ASA (a)(c)
| | | 91,183 | | 382,241 |
Norway Royal Salmon ASA (a)
| | | 9,886 | | 229,597 |
Norwegian Air Shuttle ASA (c)
| | | 30,303 | | 154,830 |
| Security Description | | | Shares | | Value |
Ocean Yield ASA
| | | 23,688 | | $175,770 |
Odfjell Drilling, Ltd. (a)(c)
| | | 63,657 | | 199,584 |
Petroleum Geo-Services ASA (c)
| | | 164,868 | | 381,557 |
Prosafe SE (c)
| | | 66,798 | | 128,297 |
Protector Forsikring ASA (a)(c)
| | | 62,662 | | 379,104 |
Sbanken ASA (e)
| | | 41,151 | | 374,161 |
Scatec Solar ASA (e)
| | | 82,483 | | 849,580 |
Ship Finance International, Ltd. (a)
| | | 37,320 | | 460,529 |
Solstad Offshore ASA (c)
| | | 474,611 | | 87,079 |
SpareBank 1 Nord Norge
| | | 43,102 | | 318,825 |
SpareBank 1 SMN (a)
| | | 44,711 | | 453,776 |
Stolt-Nielsen, Ltd.
| | | 13,805 | | 172,811 |
Veidekke ASA
| | | 86,191 | | 905,788 |
Wallenius Wilhelmsen ASA (a)(c)
| | | 69,251 | | 242,052 |
| | | | | | 11,235,199 |
| PERU — 0.1% | | | | | |
Hochschild Mining PLC
| | | 224,302 | | 603,844 |
| PORTUGAL — 0.2% | | | | | |
Altri SGPS SA
| | | 142,174 | | 1,114,287 |
Banco Comercial Portugues SA Class R (c)
| | | 3,105 | | 803 |
Mota-Engil SGPS SA (a)(c)
| | | 43,535 | | 99,722 |
REN - Redes Energeticas Nacionais SGPS SA
| | | 114,334 | | 326,342 |
| | | | | | 1,541,154 |
| SINGAPORE — 1.7% | | | | | |
Accordia Golf Trust
| | | 442,800 | | 194,512 |
AIMS AMP Capital Industrial REIT
| | | 276,354 | | 289,718 |
Ascendas Hospitality Trust
| | | 564,700 | | 366,878 |
Ascott Residence Trust REIT
| | | 587,225 | | 511,573 |
Best World International, Ltd. (a)
| | | 280,300 | | 449,059 |
BW LPG, Ltd. (a)(c)(e)
| | | 22,909 | | 80,073 |
Cache Logistics Trust REIT
| | | 44,748 | | 24,612 |
CapitaLand Retail China Trust REIT
| | | 378,873 | | 439,151 |
CDL Hospitality Trusts
| | | 484,680 | | 583,262 |
China Aviation Oil Singapore Corp., Ltd.
| | | 244,700 | | 242,080 |
China New Town Development Co., Ltd. (c)(d)
| | | 428,500 | | 10,808 |
Chip Eng Seng Corp., Ltd. (a)
| | | 449,400 | | 253,814 |
CITIC Envirotech, Ltd.
| | | 662,200 | | 234,667 |
ESR-REIT
| | | 303,209 | | 120,881 |
Ezion Holdings, Ltd. (c)(d)
| | | 4,945,500 | | 157,000 |
Ezra Holdings, Ltd. (a)(b)(c)
| | | 1,444,295 | | — |
First Real Estate Investment Trust
| | | 636,200 | | 464,997 |
First Resources, Ltd.
| | | 232,000 | | 280,901 |
Frasers Centrepoint Trust REIT
| | | 291,400 | | 512,021 |
Frasers Commercial Trust REIT
| | | 364,399 | | 398,162 |
Frasers Logistics & Industrial Trust REIT
| | | 681,049 | | 583,253 |
GuocoLand, Ltd. (a)
| | | 203,400 | | 291,322 |
Hyflux, Ltd. (b)(c)
| | | 33,300 | | — |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
IGG, Inc.
| | | 488,000 | | $676,366 |
Keppel DC REIT
| | | 336,966 | | 373,163 |
Keppel Infrastructure Trust (a)
| | | 1,410,638 | | 484,272 |
Lian Beng Group, Ltd.
| | | 137,100 | | 50,609 |
Manulife US Real Estate Investment Trust
| | | 771,346 | | 659,501 |
Midas Holdings, Ltd. (b)(c)
| | | 1,078,700 | | — |
OUE Hospitality Trust
| | | 928,233 | | 496,839 |
OUE Lippo Healthcare, Ltd. (c)
| | | 3,600 | | 181 |
Parkway Life Real Estate Investment Trust
| | | 275,300 | | 593,485 |
Raffles Medical Group, Ltd. (a)
| | | 531,710 | | 420,029 |
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
| | | 214,849 | | 67,413 |
Sheng Siong Group, Ltd.
| | | 309,700 | | 237,791 |
Singapore Post, Ltd.
| | | 753,000 | | 555,925 |
Soilbuild Business Space REIT
| | | 313,010 | | 142,120 |
Starhill Global REIT
| | | 818,800 | | 441,288 |
Swiber Holdings, Ltd. (a)(b)(c)
| | | 100,100 | | — |
Technics Oil & Gas, Ltd. (b)(c)
| | | 1,254 | | — |
UMS Holdings, Ltd. (a)
| | | 455,474 | | 243,794 |
United Engineers, Ltd.
| | | 317,700 | | 591,070 |
Wing Tai Holdings, Ltd.
| | | 617,999 | | 926,200 |
Zheng Li Holdings, Ltd. (c)
| | | 330,000 | | 215,657 |
| | | | | | 13,664,447 |
| SOUTH KOREA — 10.6% | | | | | |
AbClon, Inc. (c)
| | | 5,030 | | 218,243 |
Able C&C Co., Ltd. (c)
| | | 8,093 | | 90,192 |
Advanced Process Systems Corp. (a)
| | | 8,310 | | 203,522 |
Aekyung Industrial Co., Ltd.
| | | 4,320 | | 188,960 |
AfreecaTV Co., Ltd.
| | | 5,690 | | 274,199 |
Ahnlab, Inc.
| | | 2,944 | | 135,646 |
AJ Rent A Car Co., Ltd. (c)
| | | 2,880 | | 29,178 |
AK Holdings, Inc.
| | | 2,103 | | 94,302 |
Alteogen, Inc. (c)
| | | 8,163 | | 346,987 |
Amicogen, Inc. (c)
| | | 14,233 | | 401,874 |
Amotech Co., Ltd. (c)
| | | 10,321 | | 192,308 |
Anam Electronics Co., Ltd. (c)
| | | 90,956 | | 202,730 |
Ananti, Inc. (a)(c)
| | | 21,431 | | 289,812 |
Anterogen Co., Ltd. (a)(c)
| | | 3,139 | | 226,209 |
Aprogen pharmaceuticals, Inc. (c)
| | | 45,450 | | 87,889 |
Asiana Airlines, Inc. (c)
| | | 48,389 | | 149,630 |
ATGen Co., Ltd. (c)
| | | 19,189 | | 255,267 |
BGF Co., Ltd.
| | | 32,803 | | 236,392 |
BH Co., Ltd. (c)
| | | 17,660 | | 301,049 |
Binex Co., Ltd. (c)
| | | 16,730 | | 159,916 |
Binggrae Co., Ltd.
| | | 1,523 | | 90,030 |
Boryung Pharmaceutical Co., Ltd.
| | | 20,113 | | 212,630 |
Bukwang Pharmaceutical Co., Ltd.
| | | 18,379 | | 309,258 |
Byucksan Corp.
| | | 6,527 | | 16,819 |
Cafe24 Corp. (c)
| | | 3,485 | | 331,583 |
CammSys Corp. (c)
| | | 143,865 | | 241,444 |
Caregen Co., Ltd. (d)
| | | 3,538 | | 238,443 |
| Security Description | | | Shares | | Value |
Cell Biotech Co., Ltd.
| | | 3,596 | | $100,743 |
Cellumed Co., Ltd. (c)
| | | 24,228 | | 196,368 |
Chabiotech Co., Ltd. (c)
| | | 29,341 | | 553,165 |
Cheil Worldwide, Inc.
| | | 48,671 | | 1,037,652 |
Choa Pharmaceutical Co. (c)
| | | 19,288 | | 79,269 |
Chong Kun Dang Pharmaceutical Corp.
| | | 4,252 | | 382,084 |
Chongkundang Holdings Corp.
| | | 2,149 | | 129,497 |
CJ CGV Co., Ltd.
| | | 553 | | 21,144 |
CJ Freshway Corp.
| | | 1,799 | | 52,618 |
CMG Pharmaceutical Co., Ltd. (c)
| | | 45,955 | | 185,018 |
CNK International Co., Ltd. (b)(c)
| | | 16,071 | | — |
Com2uSCorp
| | | 7,552 | | 694,590 |
Coreana Cosmetics Co., Ltd. (c)
| | | 48,519 | | 198,333 |
Cosmax, Inc.
| | | 5,789 | | 772,649 |
Cosmecca Korea Co., Ltd.
| | | 8,264 | | 169,634 |
CosmoAM&T Co., Ltd. (c)
| | | 11,742 | | 151,029 |
COSON Co., Ltd. (c)
| | | 19,672 | | 164,641 |
CROWNHAITAI Holdings Co., Ltd.
| | | 1,960 | | 20,548 |
CrystalGenomics, Inc. (c)
| | | 19,110 | | 292,096 |
CS Wind Corp.
| | | 9,349 | | 312,979 |
CTC BIO, Inc. (c)
| | | 6,801 | | 48,771 |
Cuckoo Homesys Co., Ltd.
| | | 1,393 | | 239,305 |
CUROCOM Co., Ltd. (c)
| | | 133,704 | | 139,582 |
Dae Han Flour Mills Co., Ltd.
| | | 517 | | 86,311 |
Dae Hwa Pharmaceutical Co., Ltd.
| | | 9,876 | | 177,491 |
Daea TI Co., Ltd.
| | | 33,210 | | 195,146 |
Daeduck Electronics Co.
| | | 48,186 | | 404,981 |
Daesang Corp.
| | | 18,319 | | 457,531 |
Daewon Pharmaceutical Co., Ltd.
| | | 11,619 | | 167,872 |
Daewoo Engineering & Construction Co., Ltd. (c)
| | | 122,739 | | 549,303 |
Daewoong Co., Ltd.
| | | 26,815 | | 468,926 |
Daishin Securities Co., Ltd. Preference Shares
| | | 67,650 | | 514,929 |
Daou Technology, Inc.
| | | 20,529 | | 382,511 |
Dawonsys Co., Ltd.
| | | 17,706 | | 243,339 |
DB HiTek Co., Ltd.
| | | 27,685 | | 304,874 |
Dentium Co., Ltd.
| | | 6,404 | | 344,714 |
DGB Financial Group, Inc.
| | | 110,763 | | 797,228 |
Digital Power Communications Co., Ltd.
| | | 14,888 | | 103,617 |
DIO Corp. (c)
| | | 840 | | 28,010 |
DMS Co., Ltd.
| | | 47,108 | | 224,106 |
Dong-A Socio Holdings Co., Ltd.
| | | 4,690 | | 429,707 |
Dong-A ST Co., Ltd.
| | | 4,945 | | 419,961 |
Dongkoo Bio & Pharma Co., Ltd. (c)
| | | 9,849 | | 170,065 |
DongKook Pharmaceutical Co., Ltd.
| | | 3,530 | | 181,616 |
Dongkuk Steel Mill Co., Ltd. (c)
| | | 22,048 | | 143,154 |
Dongsung Finetec Co., Ltd. (c)
| | | 9,230 | | 70,337 |
Dongsung Pharmaceutical Co., Ltd. (c)
| | | 9,815 | | 138,781 |
Dongwha Pharm Co., Ltd.
| | | 33,467 | | 277,147 |
Dongwon F&B Co., Ltd.
| | | 446 | | 100,390 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Dongwon Industries Co., Ltd.
| | | 194 | | $39,822 |
Doosan Heavy Industries & Construction Co., Ltd. (a)(c)
| | | 48,585 | | 286,348 |
Doosan Infracore Co., Ltd. (c)
| | | 63,715 | | 395,728 |
DoubleUGames Co., Ltd. (a)
| | | 7,106 | | 384,379 |
Douzone Bizon Co., Ltd.
| | | 17,400 | | 714,334 |
Easy Bio, Inc.
| | | 38,777 | | 235,033 |
Ecopro Co., Ltd. (a)(c)
| | | 11,877 | | 286,697 |
EM-Tech Co., Ltd.
| | | 18,184 | | 232,286 |
Enerzent Co., Ltd. (c)
| | | 80,961 | | 131,951 |
ENF Technology Co., Ltd.
| | | 23,396 | | 333,905 |
Enzychem Lifesciences Corp. (c)
| | | 2,857 | | 232,315 |
Esmo Corp. (c)
| | | 34,136 | | 181,040 |
Eugene Corp.
| | | 42,361 | | 248,173 |
Eugene Investment & Securities Co., Ltd.
| | | 122,769 | | 267,148 |
Eugene Technology Co., Ltd.
| | | 4,095 | | 43,472 |
F&F Co., Ltd.
| | | 4,271 | | 303,271 |
Feelingk Co., Ltd. (c)
| | | 101,111 | | 159,002 |
Feelux Co., Ltd. (c)
| | | 22,626 | | 176,806 |
Finetex EnE, Inc. (b)(c)
| | | 52,969 | | — |
Foosung Co., Ltd. (c)
| | | 41,677 | | 273,906 |
GemVax & Kael Co., Ltd. (c)
| | | 16,655 | | 225,960 |
Genexine Co., Ltd. (c)
| | | 8,714 | | 651,765 |
GNCO Co., Ltd. (c)
| | | 23,933 | | 33,419 |
Golfzon Newdin Holdings Co., Ltd.
| | | 2,734 | | 8,430 |
Grand Korea Leisure Co., Ltd.
| | | 16,063 | | 320,524 |
Green Cross Cell Corp.
| | | 3,442 | | 146,613 |
Green Cross Corp.
| | | 4,379 | | 557,454 |
Green Cross Holdings Corp.
| | | 15,945 | | 338,538 |
Green Cross LabCell Corp.
| | | 5,168 | | 202,377 |
GS Home Shopping, Inc.
| | | 2,754 | | 434,050 |
G-SMATT GLOBAL Co., Ltd. (c)
| | | 89,372 | | 108,261 |
G-treeBNT Co., Ltd. (c)
| | | 15,147 | | 378,975 |
HAESUNG DS Co., Ltd.
| | | 18,087 | | 224,673 |
Halla Holdings Corp.
| | | 2,931 | | 105,094 |
Hana Tour Service, Inc.
| | | 5,054 | | 322,359 |
Hanall Biopharma Co., Ltd. (c)
| | | 17,242 | | 517,214 |
Handsome Co., Ltd.
| | | 12,636 | | 495,933 |
Hanil Cement Co., Ltd.
| | | 16 | | 2,037 |
Hanil Holdings Co., Ltd.
| | | 3,446 | | 166,061 |
Hanjin Kal Corp.
| | | 25,267 | | 572,075 |
Hanjin Shipping Co., Ltd. (b)(c)
| | | 1,732 | | — |
Hanjin Transportation Co., Ltd.
| | | 4,327 | | 138,185 |
Hankook Cosmetics Co., Ltd. (c)
| | | 21,103 | | 211,941 |
Hankook Tire Worldwide Co., Ltd.
| | | 15,267 | | 209,146 |
Hanmi Semiconductor Co., Ltd.
| | | 15,259 | | 107,677 |
Hansae Co., Ltd.
| | | 11,640 | | 292,256 |
Hansol Chemical Co., Ltd.
| | | 9,242 | | 670,902 |
Hansol Holdings Co., Ltd. (c)
| | | 51,407 | | 198,364 |
Hansol Paper Co., Ltd.
| | | 27,611 | | 358,790 |
Hanssem Co., Ltd. (a)
| | | 7,940 | | 642,139 |
Hanwha Aerospace Co., Ltd. (c)
| | | 24,521 | | 743,126 |
Hanwha General Insurance Co., Ltd.
| | | 45,473 | | 207,114 |
| Security Description | | | Shares | | Value |
Hanwha Investment & Securities Co., Ltd. (c)
| | | 90,973 | | $174,717 |
HDC Holdings Co., Ltd.
| | | 15,925 | | 265,861 |
HDC Hyundai Engineering Plastics Co., Ltd.
| | | 5,411 | | 20,593 |
Hite Jinro Co., Ltd.
| | | 17,914 | | 291,965 |
HLB Life Science Co., Ltd. (c)
| | | 17,746 | | 251,705 |
HS Industries Co., Ltd.
| | | 38,372 | | 299,174 |
Huchems Fine Chemical Corp.
| | | 23,347 | | 458,672 |
Hugel, Inc. (c)
| | | 1,523 | | 507,175 |
Humedix Co., Ltd.
| | | 1,261 | | 30,661 |
Huons Co., Ltd.
| | | 3,679 | | 215,859 |
Huons Global Co., Ltd.
| | | 2,474 | | 88,598 |
Hyosung Advanced Materials Corp. (c)
| | | 2,190 | | 242,133 |
Hyosung Chemical Corp.
| | | 1,938 | | 239,881 |
Hyosung Corp.
| | | 6,344 | | 421,965 |
Hyosung Heavy Industries Corp. (c)
| | | 4,974 | | 173,527 |
Hyosung TNC Co., Ltd.
| | | 1,794 | | 273,423 |
Hyundai Bioscience Co., Ltd. (a)(c)
| | | 50,020 | | 389,108 |
Hyundai Construction Equipment Co., Ltd.
| | | 7,616 | | 319,710 |
Hyundai Corp.
| | | 2,583 | | 56,776 |
Hyundai Greenfood Co., Ltd. (a)
| | | 38,247 | | 481,836 |
Hyundai Home Shopping Network Corp. (a)
| | | 4,449 | | 427,223 |
Hyundai Hy Communications & Network Co., Ltd.
| | | 13,444 | | 49,744 |
Hyundai Livart Furniture Co., Ltd.
| | | 14,148 | | 256,137 |
Hyundai Merchant Marine Co., Ltd. (a)(c)
| | | 134,746 | | 432,099 |
Hyundai Mipo Dockyard Co., Ltd.
| | | 9,246 | | 478,958 |
Hyundai Wia Corp.
| | | 2,107 | | 75,177 |
Il Dong Pharmaceutical Co., Ltd.
| | | 9,299 | | 178,181 |
Ilyang Pharmaceutical Co., Ltd. (c)
| | | 9,028 | | 227,867 |
Innocean Worldwide, Inc.
| | | 6,363 | | 391,837 |
Innox Advanced Materials Co., Ltd. (c)
| | | 2,958 | | 119,873 |
Inscobee, Inc. (c)
| | | 58,842 | | 242,346 |
Insun ENT Co., Ltd. (c)
| | | 42,712 | | 302,156 |
Interojo Co., Ltd.
| | | 4,150 | | 83,724 |
iNtRON Biotechnology, Inc. (c)
| | | 16,303 | | 282,943 |
IS Dongseo Co., Ltd.
| | | 6,586 | | 182,187 |
ISC Co., Ltd.
| | | 24,714 | | 197,912 |
Jahwa Electronics Co., Ltd. (a)
| | | 25,536 | | 318,328 |
Jayjun Cosmetic Co., Ltd. (c)
| | | 16,599 | | 146,965 |
JB Financial Group Co., Ltd.
| | | 162,420 | | 797,004 |
Jeil Pharmaceutical Co., Ltd.
| | | 5,303 | | 201,356 |
Jeju Air Co., Ltd.
| | | 5,620 | | 195,816 |
Jenax, Inc. (c)
| | | 7,941 | | 94,094 |
Jin Air Co., Ltd.
| | | 14,323 | | 291,482 |
JoyCity Corp. (c)
| | | 338 | | 2,844 |
JW Pharmaceutical Corp.
| | | 6,815 | | 229,648 |
JW Shinyak Corp.
| | | 33,583 | | 191,421 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
JYP Entertainment Corp.
| | | 23,449 | | $636,269 |
Kangstem Biotech Co., Ltd. (c)
| | | 15,373 | | 278,992 |
KC Co., Ltd.
| | | 6,291 | | 87,013 |
KEPCO Engineering & Construction Co., Inc.
| | | 15,407 | | 321,686 |
KEPCO Plant Service & Engineering Co., Ltd.
| | | 16,769 | | 514,106 |
Kginicis Co., Ltd. (a)
| | | 17,795 | | 206,937 |
KGMobilians Co., Ltd.
| | | 12,165 | | 74,270 |
Kiwi Media Group Co., Ltd. (c)
| | | 677,509 | | 173,093 |
KIWOOM Securities Co., Ltd. (a)
| | | 7,738 | | 552,860 |
Koh Young Technology, Inc.
| | | 5,251 | | 395,525 |
Kolmar Korea Co., Ltd. (a)
| | | 9,986 | | 700,278 |
Kolon Industries, Inc.
| | | 10,153 | | 452,596 |
Kolon Life Science, Inc. (c)
| | | 3,272 | | 216,769 |
Komipharm International Co., Ltd. (a)(c)
| | | 16,207 | | 327,681 |
KONA I Co., Ltd. (c)
| | | 1,205 | | 11,677 |
Korea Circuit Co., Ltd. (c)
| | | 45,549 | | 231,136 |
Korea Electric Terminal Co., Ltd.
| | | 2,885 | | 156,056 |
Korea Line Corp. (c)
| | | 7,397 | | 137,826 |
Korea Petrochemical Ind Co., Ltd.
| | | 2,893 | | 400,142 |
Korea Real Estate Investment & Trust Co., Ltd.
| | | 58,226 | | 133,369 |
Korea United Pharm, Inc.
| | | 7,712 | | 172,231 |
Korean Reinsurance Co.
| | | 104,164 | | 839,662 |
Kortek Corp.
| | | 8,645 | | 117,668 |
KT Skylife Co., Ltd.
| | | 5,693 | | 59,182 |
Kumho Industrial Co., Ltd.
| | | 15,045 | | 126,712 |
Kumho Tire Co., Inc. (c)
| | | 55,467 | | 213,541 |
Kwang Dong Pharmaceutical Co., Ltd.
| | | 19,463 | | 119,340 |
KyungDong City Gas Co., Ltd.
| | | 853 | | 25,212 |
Kyungdong Pharm Co., Ltd.
| | | 15,326 | | 141,770 |
L&F Co., Ltd.
| | | 12,061 | | 304,420 |
Leaders Cosmetics Co., Ltd. (c)
| | | 8,047 | | 75,500 |
LEENO Industrial, Inc.
| | | 7,517 | | 395,353 |
LegoChem Biosciences, Inc. (c)
| | | 6,325 | | 306,471 |
LF Corp.
| | | 2,462 | | 54,224 |
LG International Corp.
| | | 26,436 | | 373,798 |
Lock&Lock Co., Ltd.
| | | 3,789 | | 67,929 |
LOT Vacuum Co., Ltd.
| | | 29,390 | | 213,868 |
Lotte Chilsung Beverage Co., Ltd.
| | | 301 | | 469,625 |
LOTTE Fine Chemical Co., Ltd.
| | | 16,330 | | 634,440 |
Lotte Food Co., Ltd.
| | | 752 | | 420,685 |
LOTTE Himart Co., Ltd.
| | | 4,578 | | 206,496 |
Lotte Non-Life Insurance Co., Ltd. (c)
| | | 116,049 | | 279,618 |
LS Industrial Systems Co., Ltd.
| | | 12,623 | | 528,229 |
Lumens Co., Ltd. (c)
| | | 19,755 | | 43,596 |
Lutronic Corp. (c)
| | | 11,369 | | 101,160 |
Macrogen, Inc. (c)
| | | 4,779 | | 143,147 |
Maeil Dairies Co., Ltd.
| | | 983 | | 74,909 |
MagnaChip Semiconductor Corp. (a)(c)
| | | 26,586 | | 196,736 |
Mando Corp.
| | | 19,948 | | 502,610 |
ME2ON Co., Ltd. (c)
| | | 43,260 | | 243,149 |
| Security Description | | | Shares | | Value |
Medipost Co., Ltd. (c)
| | | 9,492 | | $319,438 |
Meerecompany, Inc.
| | | 3,219 | | 177,809 |
Meritz Financial Group, Inc.
| | | 36,728 | | 459,464 |
Meritz Fire & Marine Insurance Co., Ltd.
| | | 32,973 | | 705,880 |
Mezzion Pharma Co., Ltd. (c)
| | | 3,641 | | 443,938 |
Minwise Co., Ltd.
| | | 26,161 | | 508,193 |
Mirae Asset Life Insurance Co., Ltd.
| | | 60,508 | | 273,994 |
Mirae Corp. (c)
| | | 240,455 | | 32,835 |
Modetour Network, Inc.
| | | 7,885 | | 160,465 |
MyungMoon Pharm Co., Ltd. (c)
| | | 44,344 | | 209,785 |
Namhae Chemical Corp.
| | | 21,328 | | 209,503 |
Nanomedics Co., Ltd. (c)
| | | 26,439 | | 117,626 |
Naturalendo Tech Co., Ltd. (a)(c)
| | | 2,461 | | 15,459 |
Naturecell Co., Ltd. (c)
| | | 31,710 | | 350,595 |
Neowiz (c)
| | | 7,133 | | 88,605 |
NEPES Corp.
| | | 10,820 | | 150,132 |
NHN Entertainment Corp. (c)
| | | 9,443 | | 736,240 |
NHN KCP Corp.
| | | 8,597 | | 93,915 |
NICE Holdings Co., Ltd.
| | | 5,838 | | 102,606 |
NICE Information Service Co., Ltd.
| | | 30,413 | | 340,274 |
NongShim Co., Ltd.
| | | 3,163 | | 861,040 |
OPTRON-TEC, Inc.
| | | 62,891 | | 341,853 |
Orion Holdings Corp.
| | | 13,506 | | 220,717 |
Oscotec, Inc. (c)
| | | 11,519 | | 265,878 |
Osstem Implant Co., Ltd. (c)
| | | 8,654 | | 412,458 |
Osung Advanced Materials Co., Ltd. (c)
| | | 115,585 | | 210,784 |
Paradise Co., Ltd.
| | | 27,833 | | 438,914 |
Paru Co., Ltd. (c)
| | | 92,760 | | 196,536 |
Peptron, Inc. (c)
| | | 15,259 | | 301,120 |
Pharmicell Co., Ltd. (c)
| | | 44,157 | | 459,037 |
POLUS BioPharm, Inc. (a)(c)
| | | 21,662 | | 59,064 |
Poongsan Corp.
| | | 18,086 | | 460,475 |
Posco ICT Co., Ltd.
| | | 8,344 | | 43,223 |
Power Logics Co., Ltd. (c)
| | | 16,329 | | 144,574 |
Prostemics Co., Ltd. (c)
| | | 34,135 | | 167,502 |
PSK, Inc.
| | | 15,981 | | 230,895 |
Sajo Industries Co., Ltd.
| | | 1,300 | | 60,814 |
Sam Chun Dang Pharm Co., Ltd.
| | | 6,637 | | 274,812 |
Sam Yung Trading Co., Ltd.
| | | 6,515 | | 93,268 |
Samick THK Co., Ltd.
| | | 20,121 | | 264,120 |
Samjin Pharmaceutical Co., Ltd.
| | | 11,189 | | 376,055 |
Samwha Capacitor Co., Ltd.
| | | 4,049 | | 197,973 |
Samyang Holdings Corp.
| | | 4,349 | | 316,089 |
Sangsangin Co., Ltd. (c)
| | | 21,310 | | 354,823 |
S-Connect Co., Ltd. (a)(c)
| | | 150,300 | | 260,188 |
SeAH Steel Corp.
| | | 328 | | 17,973 |
SeAH Steel Holdings Corp.
| | | 365 | | 16,785 |
Seegene, Inc. (c)
| | | 34,144 | | 658,756 |
Seobu T&D (c)
| | | 13,475 | | 116,813 |
Seohan Co., Ltd.
| | | 161,986 | | 278,991 |
Seoul Semiconductor Co., Ltd.
| | | 26,555 | | 483,095 |
SFA Engineering Corp.
| | | 22,837 | | 871,150 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Shinsegae Information & Communication Co., Ltd.
| | | 2,875 | | $401,451 |
Shinsegae International, Inc.
| | | 1,345 | | 354,883 |
Shinsung E&G Co., Ltd. (a)(c)
| | | 225,161 | | 239,027 |
Silicon Works Co., Ltd.
| | | 5,554 | | 206,728 |
Sindoh Co., Ltd.
| | | 1,392 | | 57,269 |
SK Bioland Co., Ltd.
| | | 4,303 | | 70,510 |
SK Chemicals Co., Ltd. (a)
| | | 4,317 | | 263,561 |
SK Discovery Co., Ltd.
| | | 4,060 | | 94,785 |
SK Gas, Ltd.
| | | 3,950 | | 318,060 |
SK Materials Co., Ltd.
| | | 3,308 | | 494,262 |
SK Networks Co., Ltd.
| | | 77,668 | | 413,965 |
SK Securities Co., Ltd.
| | | 331,694 | | 197,538 |
SKC Co., Ltd.
| | | 15,804 | | 503,317 |
SKCKOLONPI, Inc.
| | | 9,772 | | 261,712 |
SM Culture & Contents Co., Ltd. (c)
| | | 106,838 | | 188,244 |
SM Entertainment Co., Ltd. (c)
| | | 10,110 | | 350,924 |
S-MAC Co., Ltd. (c)
| | | 217,100 | | 193,173 |
Songwon Industrial Co., Ltd.
| | | 16,497 | | 264,510 |
Soulbrain Co., Ltd.
| | | 8,486 | | 395,480 |
SPC Samlip Co., Ltd.
| | | 1,796 | | 225,469 |
ST Pharm Co., Ltd. (a)
| | | 9,148 | | 177,302 |
STCUBE (c)
| | | 13,464 | | 283,490 |
Suheung Co., Ltd.
| | | 1,595 | | 36,113 |
SundayToz Corp. (c)
| | | 1,030 | | 21,506 |
Sungshin Cement Co., Ltd.
| | | 15,005 | �� | 148,054 |
Synopex, Inc. (c)
| | | 31,945 | | 78,659 |
Taekwang Industrial Co., Ltd.
| | | 429 | | 611,507 |
Taeyoung Engineering & Construction Co., Ltd.
| | | 49,641 | | 542,286 |
TechWing, Inc.
| | | 20,469 | | 205,574 |
Tego Science, Inc. (c)
| | | 5,168 | | 170,962 |
Telcon RF Pharmaceutical, Inc. (a)(c)
| | | 43,034 | | 278,654 |
Theragen Etex Co., Ltd. (c)
| | | 19,781 | | 182,980 |
Tovis Co., Ltd.
| | | 7,917 | | 48,126 |
Union Semiconductor Equipment & Materials Co., Ltd.
| | | 55,972 | | 227,073 |
Unison Co., Ltd. (c)
| | | 140,854 | | 161,316 |
Value Added Technology Co., Ltd.
| | | 3,938 | | 83,610 |
Wave Electronics Co., Ltd. (c)
| | | 7,177 | | 143,527 |
Webzen, Inc. (c)
| | | 12,688 | | 217,968 |
WeMade Entertainment Co., Ltd.
| | | 6,225 | | 278,592 |
Whanin Pharmaceutical Co., Ltd.
| | | 9,644 | | 152,931 |
Wins Co., Ltd.
| | | 7,321 | | 88,683 |
WiSoL Co., Ltd.
| | | 6,608 | | 92,271 |
Wonik Holdings Co., Ltd. (c)
| | | 113,328 | | 483,224 |
WONIK IPS Co., Ltd.
| | | 18,562 | | 382,654 |
Woojeon Co., Ltd. (b)(c)
| | | 7,674 | | — |
Woongjin Thinkbig Co., Ltd. (c)
| | | 8,667 | | 22,181 |
Woori Technology Investment Co., Ltd. (a)
| | | 79,904 | | 203,790 |
Woory Industrial Co., Ltd.
| | | 9,486 | | 246,113 |
YG Entertainment, Inc.
| | | 4,188 | | 139,096 |
Yong Pyong Resort Co., Ltd.
| | | 43,897 | | 301,644 |
Young Poong Corp.
| | | 632 | | 445,423 |
| Security Description | | | Shares | | Value |
Youngone Corp.
| | | 11,338 | | $325,627 |
Yuanta Securities Korea Co., Ltd. (c)
| | | 81,534 | | 221,954 |
Yungjin Pharmaceutical Co., Ltd. (c)
| | | 58,930 | | 345,761 |
Yuyang D&U Co., Ltd. (c)
| | | 32,391 | | 223,721 |
| | | | | | 86,445,336 |
| SPAIN — 1.0% | | | | | |
Abengoa SA Class B (c)
| | | 13,666,924 | | 128,906 |
Aedas Homes SAU (c)(e)
| | | 14,250 | | 363,534 |
Amper SA (a)(c)
| | | 735,981 | | 199,823 |
Applus Services SA
| | | 60,071 | | 717,676 |
Atresmedia Corp. de Medios de Comunicacion SA (a)
| | | 57,450 | | 269,513 |
Construcciones y Auxiliar de Ferrocarriles SA
| | | 12,872 | | 619,325 |
Distribuidora Internacional de Alimentacion SA (a)
| | | 294,914 | | 215,575 |
Ercros SA (a)
| | | 70,769 | | 249,196 |
Euskaltel SA (e)
| | | 757 | | 7,059 |
Faes Farma SA
| | | 202,559 | | 857,462 |
Global Dominion Access SA (c)(e)
| | | 47,598 | | 253,866 |
Grupo Ezentis SA (a)(c)
| | | 331,087 | | 191,085 |
Lar Espana Real Estate Socimi SA REIT (a)
| | | 28,007 | | 233,971 |
Let's GOWEX SA (a)(b)(c)
| | | 9,561 | | — |
Liberbank SA (c)
| | | 1,163,015 | | 496,239 |
Miquel y Costas & Miquel SA
| | | 11,499 | | 209,427 |
Neinor Homes SA (a)(c)(e)
| | | 26,993 | | 324,307 |
Pharma Mar SA (a)(c)
| | | 24,740 | | 40,974 |
Promotora de Informaciones SA Class A (a)(c)
| | | 240,615 | | 435,521 |
Quabit Inmobiliaria SA (c)
| | | 124,375 | | 175,965 |
Sacyr SA (a)
| | | 143,988 | | 364,581 |
Solaria Energia y Medio Ambiente SA (a)(c)
| | | 44,974 | | 238,860 |
Talgo SA (c)(e)
| | | 41,839 | | 270,599 |
Tecnicas Reunidas SA
| | | 22,113 | | 622,477 |
Telepizza Group SA (e)
| | | 36,748 | | 256,240 |
Tubacex SA (a)
| | | 91,279 | | 275,705 |
| | | | | | 8,017,886 |
| SWEDEN — 3.2% | | | | | |
AcadeMedia AB (c)(e)
| | | 32,774 | | 183,740 |
Acando AB
| | | 97,973 | | 436,243 |
AF POYRY AB Class B (a)
| | | 33,016 | | 551,732 |
Alimak Group AB (a)(e)
| | | 22,402 | | 319,777 |
Arjo AB Class B
| | | 90,039 | | 331,993 |
Attendo AB (e)
| | | 54,273 | | 273,843 |
Avanza Bank Holding AB (a)
| | | 11,271 | | 484,850 |
Bergman & Beving AB
| | | 14,869 | | 170,888 |
Betsson AB
| | | 56,464 | | 429,356 |
Bilia AB Class A
| | | 31,125 | | 266,274 |
BioGaia AB Class B
| | | 7,027 | | 345,088 |
Biotage AB
| | | 40,536 | | 517,446 |
Bonava AB Class B
| | | 42,345 | | 533,690 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Boozt AB (a)(c)(e)
| | | 22,235 | | $160,614 |
Bravida Holding AB (e)
| | | 91,728 | | 810,444 |
Bufab AB
| | | 25,748 | | 271,213 |
Bure Equity AB
| | | 25,002 | | 419,427 |
Cellavision AB
| | | 21,092 | | 634,445 |
Cloetta AB Class B
| | | 122,273 | | 316,384 |
Collector AB (a)(c)
| | | 38,775 | | 207,351 |
Coor Service Management Holding AB (e)
| | | 48,546 | | 433,367 |
Duni AB
| | | 18,720 | | 202,634 |
Dustin Group AB (e)
| | | 40,960 | | 385,078 |
G5 Entertainment AB
| | | 4,752 | | 49,696 |
Granges AB
| | | 41,205 | | 425,142 |
Haldex AB
| | | 49,142 | | 328,486 |
Hansa Medical AB (c)
| | | 15,647 | | 379,565 |
Hembla AB (c)
| | | 16,162 | | 313,646 |
HIQ International AB
| | | 35,726 | | 231,104 |
Hoist Finance AB (a)(e)
| | | 28,835 | | 115,647 |
Infant Bacterial Therapeutics AB (c)
| | | 15 | | 315 |
Instalco Intressenter AB
| | | 35,460 | | 302,022 |
Inwido AB
| | | 34,398 | | 204,712 |
JM AB (a)
| | | 36,526 | | 656,068 |
KappAhl AB
| | | 41,570 | | 75,751 |
Karo Pharma AB
| | | 91,599 | | 378,235 |
Klovern AB Class B
| | | 210,802 | | 289,772 |
KNOW IT AB
| | | 26,073 | | 559,392 |
Kungsleden AB
| | | 90,632 | | 723,078 |
LeoVegas AB (a)(e)
| | | 71,844 | | 224,471 |
Lindab International AB
| | | 58,778 | | 536,114 |
Medicover AB (c)
| | | 40,326 | | 362,596 |
Mekonomen AB (a)
| | | 16,411 | | 114,829 |
Munters Group AB (a)(e)
| | | 58,191 | | 262,871 |
Mycronic AB
| | | 33,908 | | 484,384 |
NCC AB Class B (a)
| | | 47,522 | | 732,404 |
NetEnt AB
| | | 104,293 | | 379,491 |
New Wave Group AB Class B
| | | 105,515 | | 691,655 |
Nobia AB
| | | 58,641 | | 344,564 |
Nobina AB (e)
| | | 54,237 | | 349,971 |
Nolato AB Class B
| | | 13,414 | | 558,959 |
Nordic Waterproofing Holding A/S (e)
| | | 29,488 | | 264,191 |
Oncopeptides AB (a)(c)(e)
| | | 15,864 | | 219,951 |
Opus Group AB (a)
| | | 16,675 | | 9,888 |
Paradox Interactive AB (a)
| | | 16,862 | | 261,784 |
RaySearch Laboratories AB (a)(c)
| | | 15,704 | | 175,574 |
Recipharm AB Class B (c)
| | | 28,225 | | 418,721 |
Sagax AB Class D
| | | 30 | | 112 |
SAS AB (c)
| | | 96,966 | | 195,494 |
Scandi Standard AB
| | | 32,209 | | 212,520 |
Scandic Hotels Group AB (e)
| | | 34,146 | | 305,555 |
SkiStar AB
| | | 23,987 | | 264,663 |
Tethys Oil AB
| | | 34,621 | | 282,857 |
THQ Nordic AB (c)
| | | 18,086 | | 404,606 |
Tobii AB (a)(c)
| | | 43,956 | | 154,019 |
Troax Group AB
| | | 6,997 | | 224,048 |
| Security Description | | | Shares | | Value |
Vitrolife AB
| | | 47,089 | | $1,074,508 |
Wihlborgs Fastigheter AB
| | | 172,526 | | 2,357,066 |
| | | | | | 25,586,374 |
| SWITZERLAND — 2.3% | | | | | |
AC Immune SA (a)(c)
| | | 32,439 | | 163,817 |
ALSO Holding AG
| | | 2,853 | | 368,979 |
APG SGA SA
| | | 326 | | 92,474 |
Arbonia AG (a)(c)
| | | 22,441 | | 231,643 |
Aryzta AG (c)
| | | 594,804 | | 814,056 |
Ascom Holding AG
| | | 23,235 | | 311,231 |
Autoneum Holding AG (a)
| | | 1,570 | | 180,978 |
Bachem Holding AG Class B (a)
| | | 4,000 | | 488,402 |
Basilea Pharmaceutica AG (a)(c)
| | | 1,036 | | 48,185 |
Bell Food Group AG
| | | 895 | | 257,922 |
Bobst Group SA
| | | 3,062 | | 185,245 |
Bossard Holding AG Class A
| | | 2,200 | | 337,986 |
Burckhardt Compression Holding AG
| | | 1,529 | | 416,065 |
Ceva Logistics AG (a)(c)
| | | 16,803 | | 505,322 |
Coltene Holding AG
| | | 2,554 | | 247,476 |
Comet Holding AG (a)
| | | 3,749 | | 319,977 |
Feintool International Holding AG (a)
| | | 2,426 | | 163,942 |
GAM Holding AG
| | | 97,957 | | 305,900 |
Gurit Holding AG
| | | 260 | | 243,057 |
HBM Healthcare Investments AG Class A (a)
| | | 3,180 | | 538,994 |
HOCHDORF Holding AG (a)
| | | 970 | | 117,074 |
Huber + Suhner AG
| | | 6,924 | | 499,885 |
Implenia AG
| | | 9,097 | | 270,928 |
Inficon Holding AG
| | | 1,039 | | 578,497 |
Interroll Holding AG
| | | 452 | | 916,799 |
Intershop Holding AG
| | | 277 | | 141,295 |
Kardex AG
| | | 4,493 | | 676,725 |
Komax Holding AG
| | | 2,430 | | 510,449 |
LEM Holding SA
| | | 297 | | 381,725 |
Leonteq AG (c)
| | | 4,016 | | 149,042 |
Medartis Holding AG (c)(e)
| | | 3,240 | | 180,886 |
Metall Zug AG Class B
| | | 153 | | 386,379 |
Meyer Burger Technology AG (a)(c)
| | | 264,309 | | 175,428 |
Mobilezone Holding AG
| | | 20,208 | | 202,709 |
Mobimo Holding AG
| | | 3,420 | | 860,237 |
Newron Pharmaceuticals SpA (c)
| | | 205 | | 1,713 |
Oriflame Holding AG
| | | 21,123 | | 406,505 |
Orior AG
| | | 6,345 | | 509,053 |
Phoenix Mecano AG
| | | 498 | | 242,274 |
Resurs Holding AB (e)
| | | 56,077 | | 348,241 |
Rieter Holding AG
| | | 1,614 | | 232,076 |
Schmolz + Bickenbach AG (c)
| | | 203,689 | | 90,503 |
Schweiter Technologies AG
| | | 588 | | 567,394 |
Schweizerische Nationalbank (a)
| | | 44 | | 256,251 |
Sensirion Holding AG (a)(c)(e)
| | | 4,424 | | 180,354 |
Swissquote Group Holding SA
| | | 6,086 | | 221,831 |
u-blox Holding AG
| | | 5,058 | | 383,959 |
Valiant Holding AG
| | | 7,299 | | 838,443 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
Valora Holding AG
| | | 5,120 | | $1,411,226 |
Vetropack Holding AG
| | | 146 | | 318,124 |
Ypsomed Holding AG
| | | 2,049 | | 262,323 |
Zehnder Group AG
| | | 2,838 | | 96,034 |
Zur Rose Group AG (a)(c)
| | | 2,863 | | 248,957 |
| | | | | | 18,884,970 |
| UNITED ARAB EMIRATES — 0.0% (g) | | | | | |
NMC Health PLC
| | | 3 | | 89 |
| UNITED KINGDOM — 8.4% | | | | | |
888 Holdings PLC
| | | 178,998 | | 363,860 |
A.G. Barr PLC
| | | 50,783 | | 534,015 |
AA PLC
| | | 377,248 | | 447,332 |
Anglo Pacific Group PLC
| | | 136,423 | | 298,647 |
AO World PLC (a)(c)
| | | 90,573 | | 116,133 |
Arrow Global Group PLC (a)
| | | 97,519 | | 277,017 |
Assura PLC REIT
| | | 1,553,793 | | 1,162,161 |
Avon Rubber PLC
| | | 18,705 | | 316,856 |
Biffa PLC (e)
| | | 154,635 | | 447,324 |
Big Yellow Group PLC REIT
| | | 85,799 | | 1,108,501 |
Bovis Homes Group PLC
| | | 77,728 | | 1,077,150 |
Brewin Dolphin Holdings PLC
| | | 180,343 | | 733,658 |
Cairn Energy PLC (c)
| | | 372,937 | | 786,762 |
Capital & Regional PLC REIT
| | | 402,151 | | 133,364 |
Card Factory PLC
| | | 219,933 | | 516,711 |
Centamin PLC
| | | 708,330 | | 822,384 |
Charter Court Financial Services Group PLC (e)
| | | 63,303 | | 273,857 |
Chemring Group PLC
| | | 111,172 | | 201,069 |
Cineworld Group PLC
| | | 30 | | 114 |
Civitas Social Housing PLC REIT
| | | 143,056 | | 178,953 |
Clarkson PLC
| | | 13,340 | | 412,839 |
CMC Markets PLC (e)
| | | 40,998 | | 44,394 |
Coats Group PLC
| | | 631,257 | | 650,645 |
ContourGlobal PLC (e)
| | | 113,155 | | 254,493 |
Costain Group PLC
| | | 58,184 | | 253,986 |
Countrywide PLC (c)
| | | 327,373 | | 32,420 |
Crest Nicholson Holdings PLC
| | | 148,656 | | 716,713 |
Dairy Crest Group PLC
| | | 114,945 | | 930,128 |
Devro PLC
| | | 169,598 | | 435,360 |
DFS Furniture PLC
| | | 181,120 | | 591,201 |
Dialog Semiconductor PLC (c)
| | | 39,258 | | 1,196,354 |
Domino's Pizza Group PLC
| | | 292,140 | | 921,229 |
Drax Group PLC
| | | 228,858 | | 1,128,440 |
Dunelm Group PLC
| | | 59,367 | | 672,630 |
EI Group PLC (c)
| | | 474,862 | | 1,317,978 |
Elementis PLC
| | | 288,657 | | 611,219 |
Empiric Student Property PLC REIT
| | | 399,063 | | 475,799 |
EnQuest PLC (c)
| | | 780,245 | | 193,376 |
Equiniti Group PLC (e)
| | | 218,390 | | 591,912 |
Essentra PLC
| | | 168,568 | | 907,165 |
F&C Commercial Property Trust, Ltd.
| | | 309,321 | | 482,061 |
Firstgroup PLC (c)
| | | 573,131 | | 679,232 |
| Security Description | | | Shares | | Value |
Forterra PLC (e)
| | | 111,866 | | $429,284 |
Foxtons Group PLC
| | | 386,654 | | 320,940 |
Future PLC
| | | 46,342 | | 455,310 |
Galliford Try PLC
| | | 60,547 | | 525,840 |
Games Workshop Group PLC
| | | 13,597 | | 557,218 |
Genel Energy PLC (c)
| | | 119,571 | | 313,172 |
Go-Ahead Group PLC
| | | 19,249 | | 491,866 |
Gocompare.Com Group PLC
| | | 183,330 | | 183,944 |
Grainger PLC
| | | 272,636 | | 840,542 |
Greene King PLC
| | | 172,661 | | 1,497,057 |
Greggs PLC
| | | 56,170 | | 1,346,007 |
Gulf Keystone Petroleum, Ltd. (c)
| | | 175,039 | | 579,335 |
Gym Group PLC (e)
| | | 68,443 | | 193,977 |
Halfords Group PLC
| | | 94,283 | | 285,025 |
Hansteen Holdings PLC REIT
| | | 366,608 | | 465,288 |
Headlam Group PLC
| | | 63,740 | | 370,432 |
Helical PLC
| | | 45,064 | | 194,072 |
Hill & Smith Holdings PLC
| | | 41,519 | | 672,480 |
Hunting PLC
| | | 71,095 | | 550,747 |
Huntsworth PLC
| | | 27 | | 30 |
Ibstock PLC (e)
| | | 227,018 | | 709,367 |
Indivior PLC (c)
| | | 24 | | 30 |
IntegraFin Holdings PLC
| | | 122,457 | | 558,487 |
International Personal Finance PLC
| | | 3,980 | | 10,097 |
ITE Group PLC
| | | 45,337 | | 41,354 |
J D Wetherspoon PLC
| | | 89,426 | | 1,526,498 |
JD Sports Fashion PLC
| | | 9 | | 59 |
John Menzies PLC
| | | 66,870 | | 425,219 |
Johnston Press PLC (b)(c)
| | | 358 | | — |
JPJ Group PLC (c)
| | | 44,992 | | 410,388 |
JTC PLC (e)
| | | 53,494 | | 209,116 |
Just Group PLC
| | | 385,051 | | 307,065 |
KCOM Group PLC
| | | 248,578 | | 227,708 |
Keller Group PLC
| | | 61,233 | | 492,302 |
Kier Group PLC
| | | 57,978 | | 274,391 |
Lancashire Holdings, Ltd.
| | | 111,986 | | 953,609 |
Lb-shell PLC (b)(c)
| | | 571 | | — |
LondonMetric Property PLC REIT
| | | 342,535 | | 891,342 |
Lookers PLC
| | | 142,730 | | 187,844 |
Luxfer Holdings PLC
| | | 9,681 | | 241,831 |
LXI REIT PLC
| | | 180,543 | | 290,542 |
Marshalls PLC
| | | 113,111 | | 911,603 |
Marston's PLC
| | | 234,730 | | 314,123 |
McBride PLC (a)
| | | 160,689 | | 209,386 |
McCarthy & Stone PLC (e)
| | | 28,417 | | 47,545 |
Mitchells & Butlers PLC (c)
| | | 116,556 | | 411,287 |
Mitie Group PLC
| | | 28,804 | | 55,849 |
Moneysupermarket.com Group PLC
| | | 27 | | 131 |
Morgan Advanced Materials PLC
| | | 195,170 | | 617,989 |
Morgan Sindall Group PLC
| | | 25,364 | | 414,454 |
NCC Group PLC
| | | 39,597 | | 72,236 |
NewRiver REIT PLC (a)
| | | 243,527 | | 756,827 |
Northgate PLC
| | | 53,123 | | 258,890 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
On the Beach Group PLC (e)
| | | 81,924 | | $468,104 |
OneSavings Bank PLC
| | | 115,715 | | 578,402 |
Oxford Biomedica PLC (c)
| | | 36,790 | | 341,807 |
Oxford Instruments PLC
| | | 25,633 | | 326,329 |
Paragon Banking Group PLC
| | | 142,676 | | 810,213 |
Pendragon PLC
| | | 1,370,736 | | 500,119 |
Pets at Home Group PLC
| | | 337,275 | | 697,025 |
Photo-Me International PLC
| | | 114,739 | | 119,310 |
Picton Property Income, Ltd.
| | | 190,782 | | 220,010 |
Polypipe Group PLC
| | | 124,168 | | 652,043 |
Premier Foods PLC (c)
| | | 562,377 | | 266,741 |
Premier Oil PLC (c)
| | | 388,119 | | 475,141 |
Primary Health Properties PLC REIT
| | | 336,118 | | 568,496 |
PZ Cussons PLC
| | | 211,652 | | 541,106 |
QinetiQ Group PLC
| | | 306,905 | | 1,204,537 |
Rathbone Brothers PLC
| | | 27,190 | | 788,670 |
RDI REIT PLC
| | | 127,409 | | 252,351 |
Reach PLC
| | | 330,267 | | 267,250 |
Regional REIT, Ltd. (e)
| | | 171,341 | | 234,429 |
Renewi PLC
| | | 113,980 | | 34,903 |
Renishaw PLC
| | | 3 | | 145 |
Restaurant Group PLC
| | | 223,025 | | 342,923 |
RPC Group PLC
| | | 12 | | 124 |
RPS Group PLC
| | | 69,550 | | 169,654 |
Sabre Insurance Group PLC (e)
| | | 127,295 | | 474,393 |
Safestore Holdings PLC REIT
| | | 124,315 | | 966,263 |
Saga PLC
| | | 682,633 | | 989,130 |
Sanne Group PLC
| | | 87,091 | | 612,813 |
Savills PLC
| | | 61,156 | | 720,790 |
Schroder Real Estate Investment Trust, Ltd.
| | | 613,579 | | 442,937 |
Senior PLC
| | | 459,735 | | 1,307,144 |
Serco Group PLC (c)
| | | 611,900 | | 1,020,591 |
SIG PLC
| | | 287,415 | | 531,813 |
Sole Realisation Co. PLC (b)(c)
| | | 16,733 | | — |
SSP Group PLC
| | | 14 | | 126 |
St Modwen Properties PLC
| | | 131,492 | | 679,880 |
Stagecoach Group PLC
| | | 293,840 | | 588,116 |
Stobart Group, Ltd.
| | | 218,383 | | 432,537 |
Superdry PLC (a)
| | | 26,239 | | 187,365 |
TalkTalk Telecom Group PLC (a)
| | | 431,794 | | 620,602 |
Ted Baker PLC
| | | 21,300 | | 432,423 |
Telecom Plus PLC
| | | 37,191 | | 736,619 |
Thomas Cook Group PLC (c)
| | | 442,364 | | 143,760 |
Triple Point Social Housing Reit PLC (a)(e)
| | | 193,929 | | 256,490 |
Tyman PLC
| | | 125,922 | | 397,080 |
U & I Group PLC
| | | 91,259 | | 222,609 |
UK Commercial Property REIT, Ltd.
| | | 176,387 | | 197,204 |
Ultra Electronics Holdings PLC
| | | 41,992 | | 873,294 |
| | | | | | 68,089,388 |
| UNITED STATES — 0.9% | | | | | |
Adaptimmune Therapeutics PLC ADR (a)(c)
| | | 38,434 | | 165,266 |
| Security Description | | | Shares | | Value |
Alacer Gold Corp. (c)
| | | 246,114 | | $668,733 |
Boart Longyear, Ltd. (c)
| | | 36 | | — |
BrightSphere Investment Group PLC
| | | 64,671 | | 876,939 |
Civeo Corp. (c)
| | | 105,531 | | 221,615 |
DHT Holdings, Inc. (a)
| | | 66,800 | | 297,928 |
Ferroglobe PLC
| | | 47,688 | | 97,760 |
Ferroglobe Representation & Warranty Insurance Trust (b)(c)
| | | 19,857 | | — |
Hudson, Ltd. Class A (c)
| | | 20,664 | | 284,130 |
IMAX Corp. (a)(c)
| | | 38,884 | | 881,889 |
New Pride Corp. (c)
| | | 86,280 | | 155,822 |
Nordic American Tankers, Ltd.
| | | 104,653 | | 211,399 |
Ormat Technologies, Inc.
| | | 1 | | 43 |
Oxford Immunotec Global PLC (c)
| | | 20,107 | | 346,444 |
Pieris Pharmaceuticals, Inc. (c)
| | | 50,845 | | 170,331 |
Quotient, Ltd. (c)
| | | 41,937 | | 377,852 |
Sims Metal Management, Ltd.
| | | 90,333 | | 687,240 |
Stratasys, Ltd. (c)
| | | 34,238 | | 815,549 |
Strongbridge Biopharma PLC (a)(c)
| | | 64,557 | | 321,494 |
TI Fluid Systems PLC (e)
| | | 97,638 | | 232,826 |
Tucows, Inc. Class A (c)
| | | 8,358 | | 678,503 |
| | | | | | 7,491,763 |
TOTAL COMMON STOCKS
(Cost $848,179,326)
| | | | | 801,056,869 |
| | | | |
| WARRANTS — 0.0% (g) | | | |
| FRANCE — 0.0% (g) | | | |
CGG SA (expiring 02/21/22) (c)
| | 533 | 131 |
CGG SA (expiring 02/21/23) (c)
| | 1,729 | 123 |
(Cost $0)
| | | 254 |
| SINGAPORE — 0.0% (g) | | | |
Ezion Holdings, Ltd. (expiring 04/16/23) (a) (c) (d)
| | 389,064 | — |
Ezion Holdings, Ltd. (expiring 04/24/20) (a) (c) (d)
| | 115,305 | 85 |
(Cost $0)
| | | 85 |
| UNITED STATES — 0.0% (g) | | | |
Boart Longyear, Ltd. (expiring 09/13/24) (c)
| | 50 | — |
TOTAL WARRANTS
(Cost $0)
| | | 339 |
| RIGHTS — 0.0% (g) | | | |
| CANADA — 0.0% (g) | | | |
Pan American Silver Corp. (CVR) (expiring 02/22/29) (c) (d)
| | 180,773 | 67,657 |
| SINGAPORE — 0.0% (g) | | | |
Keppel Infrastructure Trust (expiring 04/04/19) (c) (d)
| | 166,455 | 2,949 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
| Security Description | | | Shares | | Value |
| SOUTH KOREA — 0.0% (g) | | | | | |
Doosan Heavy Industries & Construction Co., Ltd. (expiring 05/09/19) (c) (d)
| | | 28,204 | | $28,326 |
| SPAIN — 0.0% (g) | | | | | |
Promotora de Informaciones SA (expiring 04/06/19) (a) (c)
| | | 240,615 | | 18,912 |
| SWEDEN — 0.0% (g) | | | | | |
AF POYRY AB (expiring 04/12/19) (a) (c)
| | | 33,016 | | 67,632 |
TOTAL RIGHTS
(Cost $56,757)
| | | | | 185,476 |
| SHORT-TERM INVESTMENTS — 8.8% | | | |
State Street Institutional U.S. Government Money Market Fund, Class G Shares 2.43% (h) (i)
| | 837,193 | | 837,193 |
State Street Navigator Securities Lending Government Money Market Portfolio (h) (j)
| | 70,288,281 | | 70,288,281 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $71,125,474)
| | 71,125,474 | |
TOTAL INVESTMENTS — 107.5%
(Cost $919,361,557)
| | 872,368,158 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.5)%
| | (60,645,291) | |
NET ASSETS — 100.0%
| | $811,722,867 | |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2019. |
| (b) | 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, 2019, total aggregate fair value of securities is $192,362, representing less than 0.05% of the Fund's net assets. |
| (c) | Non-income producing security. |
| (d) | Fair valued as determined in good faith by the Trust’s Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. As of March 31, 2019, total aggregate fair value of securities is $1,481,639 representing 0.2% of net assets. |
| (e) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 2.9% of net assets as of March 31, 2019, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (f) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (g) | Amount is less than 0.05% of net assets. |
| (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, 2019 are shown in the Affiliate Table below. |
| (i) | The rate shown is the annualized seven-day yield at March 31, 2019. |
| (j) | Investment of cash collateral for securities loaned. |
| ADR | = American Depositary Receipt |
| CVR | = Contingent Value Rights |
| REIT | = Real Estate Investment Trust |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of September 30, 2018.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $799,481,885 | | $1,382,622 | | $192,362 | | $801,056,869 |
Rights
| | 86,544 | | 98,932 | | — | | 185,476 |
Warrants
| | 254 | | 85 | | — | | 339 |
Short-Term Investments
| | 71,125,474 | | — | | — | | 71,125,474 |
TOTAL INVESTMENTS
| | $870,694,157 | | $1,481,639 | | $192,362 | | $872,368,158 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2019 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/18 | | Value at
9/30/18 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/19 | | Value at
3/31/19 | | Dividend
Income | | Capital
Gains
Distributions |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| 116,772 | | $116,772 | | $35,603,015 | | $34,882,594 | | $— | | $— | | 837,193 | | $837,193 | | $28,672 | | $— |
State Street Navigator Securities Lending Government Money Market Portfolio
| 80,083,724 | | 80,083,724 | | 70,376,810 | | 80,172,253 | | — | | — | | 70,288,281 | | 70,288,281 | | 1,015,109 | | — |
Total
| | | $80,200,496 | | $105,979,825 | | $115,054,847 | | $— | | $— | | | | $71,125,474 | | $1,043,781 | | $— |
(b) Not applicable to the registrant.
| Item 7. | Disclosure of Proxy Voting Policies and Procedures forClosed-End Management Investment Companies. |
Not applicable to the registrant.
| Item 8. | Portfolio Managers ofClosed-End Management Investment Companies. |
Not applicable to the registrant.
| Item 9. | Purchases of Equity Securities byClosed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to the registrant.
| Item 10. | Submission of Matters to a Vote of Security Holders. |
The registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board.
| Item 11. | Controls and Procedures. |
(a) Within 90 days of the filing date of this FormN-CSR, Ellen M. Needham, the registrant’s President and Principal Executive Officer, and Bruce S. Rosenberg, the registrant’s Treasurer and Principal Financial Officer, reviewed the registrant’s disclosure controls and procedures (as defined in Rule30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) and evaluated their effectiveness. Based on their review, Ms. Needham and Mr. Rosenberg determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the U.S. Securities and Exchange Commission.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the 1940 Act) that occurred during the most recent fiscal half-year of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
| Item 12. | Disclosure of Securities Lending Activities forClosed-End Management Investment Companies. |
(a) Not applicable.
(b) Not applicable.
(a)(1) Not applicable to the registrant; this FormN-CSR is a Semi-Annual Report.
(a)(2) Separate certifications required by Rule30a-2 under the 1940 Act for each principal executive officer and principal financial officer of the registrant are attached.
(a)(3) Not applicable to the registrant.
(a)(4) Not applicable to the registrant.
(b) A single certification required by Rule30a-2(b) under the 1940 Act, Rule13a-14(b) or Rule15d-14(b) under the Securities Exchange Act of 1934, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
SPDR® Index Shares Funds |
| |
| By: | | /s/ Ellen M. Needham |
| | Ellen M. Needham |
| | | President and Principal Executive Officer |
Date: May 31, 2019
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
By: | | /s/ Ellen M. Needham |
| | Ellen M. Needham |
| | President and Principal Executive Officer |
|
Date: May 31, 2019 |
| |
By: | | /s/ Bruce S. Rosenberg |
| | Bruce S. Rosenberg |
| | Treasurer and Principal Financial Officer |
|
| Date: May 31, 2019 |
