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)
Sean O’Malley, Esq.
Senior Vice President and Deputy General 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, NW
Washington, DC 20004
Registrant’s telephone number, including area code: (617)664-1465
Date of fiscal year end: September 30
Date of reporting period: March 31, 2020
Item 1. Reports to Shareholders.
Semi-Annual Report
March 31, 2020
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, 2020
| | | |
| | Description | % of Net Assets | |
| | BioMerieux | 2.0% | |
| | Sartorius Stedim Biotech | 2.0 | |
| | HelloFresh SE | 1.9 | |
| | Jeronimo Martins SGPS SA | 1.8 | |
| | Orion Oyj Class B | 1.8 | |
| | Recordati SpA | 1.8 | |
| | Euronext NV | 1.7 | |
| | Kesko Oyj Class B | 1.6 | |
| | IMCD NV | 1.5 | |
| | Warehouses De Pauw CVA REIT | 1.5 | |
| | 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, 2020
| | | |
| | | % of Net Assets | |
| | Industrials | 15.4% | |
| | Health Care | 14.7 | |
| | Financials | 14.2 | |
| | Real Estate | 11.3 | |
| | Communication Services | 8.5 | |
| | Consumer Discretionary | 8.0 | |
| | Consumer Staples | 7.1 | |
| | Information Technology | 7.1 | |
| | Utilities | 6.4 | |
| | Materials | 4.0 | |
| | Energy | 2.9 | |
| | Short-Term Investments | 1.6 | |
| | 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.
1
SPDR MSCI ACWI Low Carbon Target ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Microsoft Corp. | 2.9% | |
| | Apple, Inc. | 2.9 | |
| | Amazon.com, Inc. | 2.1 | |
| | Facebook, Inc. Class A | 1.0 | |
| | Alphabet, Inc. Class A | 0.9 | |
| | Johnson & Johnson | 0.9 | |
| | Alphabet, Inc. Class C | 0.8 | |
| | Alibaba Group Holding, Ltd. ADR | 0.8 | |
| | Nestle SA | 0.8 | |
| | Visa, Inc. Class A | 0.8 | |
| | TOTAL | 13.9% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Information Technology | 18.7% | |
| | Financials | 15.4 | |
| | Health Care | 13.0 | |
| | Consumer Discretionary | 11.1 | |
| | Industrials | 10.9 | |
| | Communication Services | 9.5 | |
| | Consumer Staples | 8.7 | |
| | Materials | 3.8 | |
| | Utilities | 3.3 | |
| | Real Estate | 3.0 | |
| | Energy | 2.0 | |
| | Short-Term Investments | 1.1 | |
| | 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.
2
SPDR Solactive Canada ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Royal Bank of Canada | 7.6% | |
| | Toronto-Dominion Bank | 6.6 | |
| | Enbridge, Inc. | 5.0 | |
| | Canadian National Railway Co. | 4.8 | |
| | Bank of Nova Scotia | 4.2 | |
| | Shopify, Inc. Class A | 3.7 | |
| | TC Energy Corp. | 3.6 | |
| | Brookfield Asset Management, Inc. Class A | 3.5 | |
| | BCE, Inc. | 3.2 | |
| | Bank of Montreal | 2.8 | |
| | TOTAL | 45.0% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Financials | 35.4% | |
| | Energy | 14.1 | |
| | Industrials | 11.5 | |
| | Materials | 9.8 | |
| | Information Technology | 7.3 | |
| | Communication Services | 7.1 | |
| | Consumer Staples | 4.6 | |
| | Utilities | 4.4 | |
| | Consumer Discretionary | 3.4 | |
| | Real Estate | 1.4 | |
| | Health Care | 0.4 | |
| | Short-Term Investments | 2.5 | |
| | 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.
3
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Nestle SA | 2.9% | |
| | Roche Holding AG | 2.2 | |
| | Novartis AG | 1.7 | |
| | Toyota Motor Corp. | 1.3 | |
| | AstraZeneca PLC | 1.1 | |
| | ASML Holding NV | 1.1 | |
| | HSBC Holdings PLC | 1.1 | |
| | SAP SE | 1.0 | |
| | AIA Group, Ltd. | 1.0 | |
| | Novo Nordisk A/S Class B | 1.0 | |
| | TOTAL | 14.4% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Financials | 17.7% | |
| | Health Care | 15.5 | |
| | Industrials | 14.0 | |
| | Consumer Staples | 13.6 | |
| | Consumer Discretionary | 11.9 | |
| | Information Technology | 8.3 | |
| | Communication Services | 6.0 | |
| | Materials | 6.0 | |
| | Real Estate | 3.6 | |
| | Utilities | 2.5 | |
| | Energy | 0.2 | |
| | Short-Term Investments | 1.2 | |
| | 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.
4
SPDR MSCI EAFE StrategicFactors ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Roche Holding AG | 3.2% | |
| | Nestle SA | 2.9 | |
| | Novartis AG | 2.0 | |
| | Novo Nordisk A/S Class B | 1.7 | |
| | AstraZeneca PLC | 1.6 | |
| | Diageo PLC | 1.2 | |
| | NTT DOCOMO, Inc. | 1.1 | |
| | CSL, Ltd. | 1.1 | |
| | ASML Holding NV | 1.1 | |
| | LVMH Moet Hennessy Louis Vuitton SE | 1.1 | |
| | TOTAL | 17.0% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Health Care | 15.5% | |
| | Financials | 15.2 | |
| | Consumer Staples | 14.9 | |
| | Industrials | 14.0 | |
| | Consumer Discretionary | 11.5 | |
| | Communication Services | 7.3 | |
| | Information Technology | 5.2 | |
| | Materials | 5.0 | |
| | Utilities | 4.8 | |
| | Real Estate | 3.7 | |
| | Energy | 2.0 | |
| | Short-Term Investments | 2.1 | |
| | 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 MSCI Emerging Markets Fossil Fuel Reserves Free ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Alibaba Group Holding, Ltd. ADR | 7.6% | |
| | Tencent Holdings, Ltd. | 6.6 | |
| | Taiwan Semiconductor Manufacturing Co., Ltd. | 5.2 | |
| | Samsung Electronics Co., Ltd. | 4.6 | |
| | China Construction Bank Corp. Class H | 2.0 | |
| | Naspers, Ltd. Class N | 1.4 | |
| | Ping An Insurance Group Co. of China, Ltd. Class H | 1.3 | |
| | Industrial & Commercial Bank of China, Ltd. Class H | 1.2 | |
| | China Mobile, Ltd. | 1.0 | |
| | SK Hynix, Inc. | 0.9 | |
| | TOTAL | 31.8% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Financials | 24.2% | |
| | Information Technology | 18.3 | |
| | Consumer Discretionary | 16.1 | |
| | Communication Services | 14.0 | |
| | Consumer Staples | 6.9 | |
| | Materials | 5.8 | |
| | Industrials | 4.8 | |
| | Health Care | 3.4 | |
| | Real Estate | 3.1 | |
| | Utilities | 2.2 | |
| | Energy | 0.6 | |
| | 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.
6
SPDR MSCI Emerging Markets StrategicFactors ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Taiwan Semiconductor Manufacturing Co., Ltd. | 2.9% | |
| | Tencent Holdings, Ltd. | 2.9 | |
| | Samsung Electronics Co., Ltd. | 2.3 | |
| | Tata Consultancy Services, Ltd. | 1.6 | |
| | Hindustan Unilever, Ltd. | 1.5 | |
| | China Construction Bank Corp. Class H | 1.4 | |
| | Bank Central Asia Tbk PT | 1.2 | |
| | Infosys, Ltd. ADR | 1.2 | |
| | Yum China Holdings, Inc. | 1.0 | |
| | Al Rajhi Bank | 1.0 | |
| | TOTAL | 17.0% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Financials | 23.0% | |
| | Information Technology | 16.9 | |
| | Consumer Staples | 13.0 | |
| | Communication Services | 11.5 | |
| | Consumer Discretionary | 9.4 | |
| | Materials | 5.5 | |
| | Energy | 5.3 | |
| | Industrials | 5.2 | |
| | Utilities | 4.2 | |
| | Health Care | 3.4 | |
| | Real Estate | 1.8 | |
| | Short-Term Investments | 1.0 | |
| | Liabilities in Excess of Other Assets | (0.2) | |
| | TOTAL | 100.0% | |
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
7
SPDR Solactive Germany ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | SAP SE | 12.6% | |
| | Allianz SE | 7.9 | |
| | Siemens AG | 7.6 | |
| | Bayer AG | 6.3 | |
| | BASF SE | 4.8 | |
| | Deutsche Telekom AG | 4.6 | |
| | Adidas AG | 4.6 | |
| | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 3.2 | |
| | Deutsche Post AG | 3.0 | |
| | Vonovia SE | 3.0 | |
| | TOTAL | 57.6% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Financials | 16.7% | |
| | Information Technology | 16.1 | |
| | Consumer Discretionary | 14.4 | |
| | Industrials | 12.6 | |
| | Health Care | 12.6 | |
| | Materials | 8.1 | |
| | Communication Services | 5.0 | |
| | Real Estate | 4.5 | |
| | Utilities | 4.1 | |
| | Consumer Staples | 3.5 | |
| | Short-Term Investment | 0.0 * | |
| | Other Assets in Excess of Liabilities | 2.4 | |
| | 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.
8
SPDR Solactive Japan ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Toyota Motor Corp. | 4.4% | |
| | Sony Corp. | 2.4 | |
| | Keyence Corp. | 2.0 | |
| | SoftBank Group Corp. | 1.8 | |
| | Nippon Telegraph & Telephone Corp. | 1.7 | |
| | KDDI Corp. | 1.6 | |
| | Takeda Pharmaceutical Co., Ltd. | 1.5 | |
| | Mitsubishi UFJ Financial Group, Inc. | 1.4 | |
| | Daiichi Sankyo Co., Ltd. | 1.4 | |
| | Shin-Etsu Chemical Co., Ltd. | 1.4 | |
| | TOTAL | 19.6% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Industrials | 20.4% | |
| | Consumer Discretionary | 17.3 | |
| | Information Technology | 11.4 | |
| | Health Care | 11.2 | |
| | Communication Services | 9.7 | |
| | Financials | 9.0 | |
| | Consumer Staples | 8.8 | |
| | Materials | 5.1 | |
| | Real Estate | 3.2 | |
| | Utilities | 1.8 | |
| | Energy | 0.6 | |
| | Short-Term Investments | 3.6 | |
| | Liabilities in Excess of Other Assets | (2.1) | |
| | 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.
9
SPDR Solactive United Kingdom ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | HSBC Holdings PLC | 6.5% | |
| | AstraZeneca PLC | 6.4 | |
| | GlaxoSmithKline PLC | 5.3 | |
| | BP PLC | 4.9 | |
| | British American Tobacco PLC | 4.5 | |
| | Diageo PLC | 4.3 | |
| | Royal Dutch Shell PLC Class A | 4.1 | |
| | Royal Dutch Shell PLC Class B | 3.6 | |
| | Unilever PLC | 3.2 | |
| | Reckitt Benckiser Group PLC | 3.1 | |
| | TOTAL | 45.9% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Consumer Staples | 19.1% | |
| | Financials | 18.8 | |
| | Health Care | 13.1 | |
| | Energy | 12.8 | |
| | Industrials | 10.6 | |
| | Materials | 7.5 | |
| | Consumer Discretionary | 5.6 | |
| | Communication Services | 5.0 | |
| | Utilities | 4.2 | |
| | Information Technology | 1.2 | |
| | Real Estate | 1.1 | |
| | 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.
10
SPDR MSCI World StrategicFactors ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Microsoft Corp. | 2.5% | |
| | Apple, Inc. | 2.5 | |
| | Johnson & Johnson | 1.7 | |
| | Visa, Inc. Class A | 1.4 | |
| | Roche Holding AG | 1.4 | |
| | Facebook, Inc. Class A | 1.3 | |
| | Procter & Gamble Co. | 1.2 | |
| | Alphabet, Inc. Class A | 1.1 | |
| | Merck & Co., Inc. | 1.0 | |
| | Alphabet, Inc. Class C | 1.0 | |
| | TOTAL | 15.1% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Information Technology | 19.6% | |
| | Health Care | 13.9 | |
| | Financials | 13.5 | |
| | Consumer Staples | 11.0 | |
| | Industrials | 10.1 | |
| | Communication Services | 9.5 | |
| | Consumer Discretionary | 8.3 | |
| | Utilities | 4.4 | |
| | Materials | 3.8 | |
| | Real Estate | 3.5 | |
| | Energy | 1.7 | |
| | Short-Term Investments | 0.6 | |
| | Other Assets in Excess of Liabilities | 0.1 | |
| | 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.
11
SPDR S&P Emerging Asia Pacific ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Alibaba Group Holding, Ltd. ADR | 7.9% | |
| | Tencent Holdings, Ltd. | 7.2 | |
| | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 4.6 | |
| | China Construction Bank Corp. Class H | 2.2 | |
| | Industrial & Commercial Bank of China, Ltd. Class H | 1.3 | |
| | Ping An Insurance Group Co. of China, Ltd. Class H | 1.3 | |
| | Reliance Industries, Ltd. GDR | 1.3 | |
| | HDFC Bank, Ltd. | 1.1 | |
| | Housing Development Finance Corp., Ltd. | 1.1 | |
| | Meituan Dianping Class B | 1.1 | |
| | TOTAL | 29.1% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Financials | 20.8% | |
| | Consumer Discretionary | 17.4 | |
| | Information Technology | 16.3 | |
| | Communication Services | 13.6 | |
| | Consumer Staples | 6.4 | |
| | Industrials | 6.0 | |
| | Materials | 4.7 | |
| | Health Care | 4.4 | |
| | Energy | 4.2 | |
| | Real Estate | 3.6 | |
| | Utilities | 2.2 | |
| | Short-Term Investments | 0.3 | |
| | Other Assets in Excess of Liabilities | 0.1 | |
| | 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.
12
SPDR S&P Global Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Freenet AG | 2.0% | |
| | Japan Tobacco, Inc. | 1.7 | |
| | Nokian Renkaat Oyj | 1.6 | |
| | Enagas SA | 1.6 | |
| | Red Electrica Corp. SA | 1.5 | |
| | IG Group Holdings PLC | 1.5 | |
| | Societe BIC SA | 1.4 | |
| | Philip Morris International, Inc. | 1.4 | |
| | BCE, Inc. | 1.4 | |
| | AGL Energy, Ltd. | 1.4 | |
| | TOTAL | 15.5% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Financials | 23.6% | |
| | Utilities | 15.3 | |
| | Communication Services | 13.4 | |
| | Real Estate | 12.6 | |
| | Consumer Discretionary | 8.1 | |
| | Consumer Staples | 6.8 | |
| | Energy | 6.1 | |
| | Industrials | 4.2 | |
| | Materials | 4.1 | |
| | Information Technology | 3.7 | |
| | Health Care | 1.1 | |
| | Short-Term Investments | 7.0 | |
| | Liabilities in Excess of Other Assets | (6.0) | |
| | 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.
13
SPDR S&P Global Infrastructure ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | NextEra Energy, Inc. | 7.0% | |
| | Enbridge, Inc. | 5.2 | |
| | Transurban Group Stapled Security | 5.0 | |
| | Aena SME SA | 4.1 | |
| | TC Energy Corp. | 3.8 | |
| | Iberdrola SA | 3.5 | |
| | Dominion Energy, Inc. | 3.5 | |
| | Duke Energy Corp. | 3.5 | |
| | Southern Co. | 3.3 | |
| | Enel SpA | 3.2 | |
| | TOTAL | 42.1% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2020
| | | |
| | | % of Net Assets | |
| | Transportation Infrastructure | 33.7% | |
| | Electric Utilities | 31.4 | |
| | Oil, Gas & Consumable Fuels | 17.4 | |
| | Multi-Utilities | 14.4 | |
| | Water Utilities | 1.9 | |
| | Gas Utilities | 0.8 | |
| | Independent Power & Renewable Electricity Producers | 0.1 | |
| | Short-Term Investments | 0.4 | |
| | Liabilities in Excess of Other Assets | (0.1) | |
| | 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.
14
SPDR Solactive Hong Kong ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | AIA Group, Ltd. | 23.9% | |
| | Hong Kong Exchanges & Clearing, Ltd. | 7.8 | |
| | Sun Hung Kai Properties, Ltd. | 4.2 | |
| | CK Hutchison Holdings, Ltd. | 4.0 | |
| | Link REIT | 3.9 | |
| | CLP Holdings, Ltd. | 3.6 | |
| | Hong Kong & China Gas Co., Ltd. | 3.5 | |
| | CK Asset Holdings, Ltd. | 2.9 | |
| | Jardine Matheson Holdings, Ltd. | 2.8 | |
| | Hang Seng Bank, Ltd. | 2.7 | |
| | TOTAL | 59.3% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Financials | 35.1% | |
| | Real Estate | 21.1 | |
| | Industrials | 12.3 | |
| | Utilities | 11.7 | |
| | Consumer Discretionary | 9.0 | |
| | Health Care | 5.3 | |
| | Consumer Staples | 3.6 | |
| | Communication Services | 1.0 | |
| | Information Technology | 0.6 | |
| | Short-Term Investment | 0.0 * | |
| | Other Assets in Excess of Liabilities | 0.3 | |
| | 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.
15
SPDR EURO STOXX SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.6% | | | | |
| AUSTRIA — 5.8% | | | | | |
ANDRITZ AG
| | | 3,463 | | $108,598 |
BAWAG Group AG (a)
| | | 2,976 | | 83,529 |
IMMOFINANZ AG
| | | 4,532 | | 80,857 |
Raiffeisen Bank International AG
| | | 6,591 | | 96,728 |
Verbund AG
| | | 3,209 | | 116,266 |
Voestalpine AG (b)
| | | 5,489 | | 111,633 |
Wienerberger AG
| | | 5,660 | | 89,368 |
| | | | | | 686,979 |
| BELGIUM — 8.9% | | | | | |
Ackermans & van Haaren NV
| | | 1,091 | | 142,096 |
Aedifica SA REIT
| | | 1,196 | | 124,014 |
Cofinimmo SA REIT
| | | 1,187 | | 155,250 |
Colruyt SA
| | | 2,584 | | 139,695 |
Elia Group SA
| | | 1,599 | | 156,326 |
Sofina SA
| | | 757 | | 154,329 |
Warehouses De Pauw CVA REIT
| | | 6,321 | | 181,508 |
| | | | | | 1,053,218 |
| FINLAND — 8.6% | | | | | |
Huhtamaki Oyj
| | | 4,654 | | 149,011 |
Kesko Oyj Class B
| | | 3,319 | | 187,915 |
Kojamo Oyj
| | | 9,398 | | 178,191 |
Nokian Renkaat Oyj (b)
| | | 6,410 | | 155,226 |
Orion Oyj Class B (b)
| | | 5,111 | | 209,068 |
Valmet Oyj
| | | 6,473 | | 126,922 |
| | | | | | 1,006,333 |
| FRANCE — 22.2% | | | | | |
Alten SA
| | | 1,413 | | 101,475 |
Amundi SA (a)
| | | 2,964 | | 175,134 |
BioMerieux
| | | 2,071 | | 233,149 |
Bollore SA
| | | 44,006 | | 121,197 |
Christian Dior SE
| | | 225 | | 80,582 |
CNP Assurances
| | | 12,638 | | 123,694 |
Dassault Aviation SA
| | | 114 | | 93,690 |
Elis SA
| | | 8,755 | | 82,999 |
Eurazeo SE
| | | 2,293 | | 103,458 |
Eutelsat Communications SA
| | | 7,471 | | 78,090 |
Faurecia SE
| | | 3,603 | | 107,928 |
ICADE REIT
| | | 1,532 | | 121,283 |
Iliad SA
| | | 762 | | 103,384 |
Ipsen SA
| | | 1,776 | | 91,940 |
La Francaise des Jeux SAEM (a)(c)
| | | 6,055 | | 150,815 |
Remy Cointreau SA (b)
| | | 1,040 | | 113,715 |
Rexel SA
| | | 12,207 | | 90,812 |
Sartorius Stedim Biotech
| | | 1,151 | | 231,117 |
SEB SA
| | | 1,178 | | 146,706 |
Sopra Steria Group
| | | 803 | | 88,065 |
SPIE SA
| | | 6,329 | | 63,577 |
Wendel SA
| | | 1,331 | | 106,320 |
| | | | | | 2,609,130 |
| GERMANY — 25.5% | | | | | |
alstria office REIT-AG
| | | 8,632 | | 123,508 |
| Security Description | | | Shares | | Value |
Bechtle AG
| | | 1,326 | | $170,084 |
Carl Zeiss Meditec AG
| | | 1,778 | | 172,363 |
CTS Eventim AG & Co. KGaA
| | | 2,854 | | 128,957 |
Deutsche Lufthansa AG
| | | 11,621 | | 109,175 |
Evotec SE (b)(c)
| | | 5,977 | | 133,985 |
Fraport AG Frankfurt Airport Services Worldwide
| | | 1,803 | | 73,001 |
Freenet AG
| | | 6,224 | | 109,713 |
Fuchs Petrolub SE Preference Shares
| | | 3,378 | | 119,795 |
Grand City Properties SA
| | | 4,979 | | 104,675 |
GRENKE AG
| | | 1,335 | | 78,735 |
HelloFresh SE (c)
| | | 6,816 | | 228,853 |
HOCHTIEF AG
| | | 1,085 | | 72,026 |
HUGO BOSS AG
| | | 2,918 | | 73,993 |
KION Group AG
| | | 3,157 | | 136,621 |
METRO AG
| | | 8,649 | | 74,668 |
MorphoSys AG (c)
| | | 1,553 | | 153,448 |
Nemetschek SE
| | | 2,664 | | 132,357 |
OSRAM Licht AG (c)
| | | 1,973 | | 70,358 |
ProSiebenSat.1 Media SE
| | | 10,496 | | 83,266 |
Rational AG
| | | 193 | | 102,454 |
TAG Immobilien AG
| | | 7,120 | | 140,936 |
TeamViewer AG (c)
| | | 3,645 | | 145,541 |
Telefonica Deutschland Holding AG
| | | 44,501 | | 110,304 |
United Internet AG
| | | 5,110 | | 150,659 |
| | | | | | 2,999,475 |
| IRELAND — 0.9% | | | | | |
Glanbia PLC (d)
| | | 9,755 | | 105,645 |
Glanbia PLC (d)
| | | 109 | | 1,131 |
| | | | | | 106,776 |
| ITALY — 10.5% | | | | | |
A2A SpA
| | | 76,206 | | 94,738 |
Amplifon SpA
| | | 6,060 | | 124,476 |
Banco BPM SpA (b)(c)
| | | 73,645 | | 96,968 |
DiaSorin SpA
| | | 1,269 | | 168,064 |
Hera SpA
| | | 38,682 | | 138,707 |
Interpump Group SpA
| | | 4,158 | | 100,281 |
Italgas SpA
| | | 23,777 | | 130,160 |
Recordati SpA
| | | 4,900 | | 207,211 |
Saipem SpA (c)
| | | 27,990 | | 68,795 |
Unione di Banche Italiane SpA
| | | 41,118 | | 108,596 |
| | | | | | 1,237,996 |
| NETHERLANDS — 9.4% | | | | | |
Aalberts NV
| | | 4,661 | | 110,673 |
Altice Europe NV (c)
| | | 29,974 | | 116,131 |
BE Semiconductor Industries NV
| | | 3,511 | | 107,098 |
Euronext NV (a)
| | | 2,611 | | 194,241 |
IMCD NV
| | | 2,556 | | 181,596 |
Koninklijke Vopak NV
| | | 3,222 | | 167,646 |
SBM Offshore NV
| | | 8,126 | | 107,352 |
Signify NV (a)
| | | 6,238 | | 121,082 |
| | | | | | 1,105,819 |
See accompanying notes to financial statements.
16
SPDR EURO STOXX SMALL CAP ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| PORTUGAL — 1.8% | | | | | |
Jeronimo Martins SGPS SA
| | | 11,886 | | $214,409 |
| SPAIN — 5.2% | | | | | |
Acciona SA
| | | 1,043 | | 111,411 |
Bolsas y Mercados Espanoles SHMSF SA
| | | 3,574 | | 129,647 |
Inmobiliaria Colonial Socimi SA REIT
| | | 13,015 | | 123,314 |
Mapfre SA
| | | 48,361 | | 82,594 |
Siemens Gamesa Renewable Energy SA
| | | 10,902 | | 164,241 |
| | | | | | 611,207 |
| UNITED KINGDOM — 0.8% | | | | | |
Dialog Semiconductor PLC (c)
| | | 3,372 | | 91,166 |
TOTAL COMMON STOCKS
(Cost $14,295,938)
| | | | | 11,722,508 |
| | | | |
| SHORT-TERM INVESTMENTS — 1.6% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (e) (f)
| 533 | 532 |
State Street Navigator Securities Lending Portfolio II (g) (h)
| 189,720 | 189,720 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $190,252)
| 190,252 |
TOTAL INVESTMENTS — 101.2%
(Cost $14,486,190)
| 11,912,760 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%
| (146,381) |
NET ASSETS — 100.0%
| $11,766,379 |
| (a) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 6.2% of net assets as of March 31, 2020, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (c) | Non-income producing security. |
| (d) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (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, 2020 are shown in the Affiliate Table below. |
| (f) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (g) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (h) | Investment of cash collateral for securities loaned. |
| REIT | Real Estate Investment Trust |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $11,722,508 | | $— | | $— | | $11,722,508 |
Short-Term Investments
| | 190,252 | | — | | — | | 190,252 |
TOTAL INVESTMENTS
| | $11,912,760 | | $— | | $— | | $11,912,760 |
See accompanying notes to financial statements.
17
SPDR EURO STOXX SMALL CAP ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 45 | | $45 | | $110,830 | | $110,340 | | $(3) | | $— | | 533 | | $532 | | $40 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 2,693,141 | | 2,503,421 | | — | | — | | 189,720 | | 189,720 | | 3,485 |
State Street Navigator Securities Lending Portfolio III
| 440,165 | | 440,165 | | 462,378 | | 902,543 | | — | | — | | — | | — | | 1,073 |
Total
| | | $440,210 | | $3,266,349 | | $3,516,304 | | $(3) | | $— | | | | $190,252 | | $4,598 |
See accompanying notes to financial statements.
18
SPDR MSCI ACWI LOW CARBON TARGET ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 99.4% | | | | | |
| ARGENTINA – 0.1% | | | | | |
Other Securities
| | | | $26,395 |
| AUSTRALIA – 1.6% | | | | | |
Other Securities
| | | | 856,597 |
| AUSTRIA – 0.1% | | | | | |
Other Securities
| | | | 28,577 |
| BELGIUM – 0.1% | | | | | |
Other Securities
| | | | 59,888 |
| BERMUDA – 0.1% | | | | | |
Other Security
| | | | 31,886 |
| BRAZIL – 0.6% | | | | | |
Other Securities
| | | | 337,544 |
| CANADA – 3.2% | | | | | |
Other Securities
| | | | 1,725,931 |
| CHILE – 0.2% | | | | | |
Other Securities
| | | | 100,248 |
| CHINA – 4.6% | | | | | |
Alibaba Group Holding, Ltd. ADR (a)
| | 2,319 | | 450,999 |
China Common Rich Renewable Energy Investment, Ltd. (a)(b)(c)
| | 24,000 | | — |
Tencent Holdings, Ltd.
| | 8,084 | | 396,539 |
Other Securities
| | | | 1,696,721 |
| | | | | | 2,544,259 |
| COLOMBIA – 0.1% | | | | | |
Other Securities
| | | | 79,321 |
| DENMARK – 0.6% | | | | | |
Other Securities
| | | | 339,632 |
| FINLAND – 0.4% | | | | | |
Other Securities
| | | | 217,843 |
| FRANCE – 3.0% | | | | | |
Other Securities
| | | | 1,661,942 |
| GERMANY – 2.2% | | | | | |
SAP SE
| | 1,523 | | 171,790 |
Other Securities
| | | | 1,050,595 |
| | | | | | 1,222,385 |
| HONG KONG – 1.4% | | | | | |
Other Securities
| | | | 759,862 |
| HUNGARY – 0.0% (d) | | | | | |
Other Security
| | | | 10,721 |
| INDIA – 1.0% | | | | | |
Other Securities
| | | | 518,594 |
| INDONESIA – 0.1% | | | | | |
Other Securities
| | | | 74,791 |
| IRELAND – 0.4% | | | | | |
Other Securities
| | | | 241,016 |
| ISRAEL – 0.1% | | | | | |
Other Securities
| | | | 76,437 |
| Security Description | | | Shares | | Value |
| ITALY – 0.5% | | | | | |
Other Securities
| | | | $297,643 |
| JAPAN – 7.6% | | | | | |
Mitsui & Co., Ltd.
| | 14,400 | | 200,550 |
Toyota Motor Corp.
| | 3,400 | | 204,746 |
Other Securities
| | | | 3,779,820 |
| | | | | | 4,185,116 |
| LUXEMBOURG – 0.1% | | | | | |
Other Securities
| | | | 26,803 |
| MACAU – 0.0% (d) | | | | | |
Other Security
| | | | 1,216 |
| MALAYSIA – 0.3% | | | | | |
Other Securities
| | | | 135,598 |
| MEXICO – 0.2% | | | | | |
Other Securities
| | | | 133,006 |
| NETHERLANDS – 1.0% | | | | | |
Other Securities
| | | | 521,805 |
| NEW ZEALAND – 0.1% | | | | | |
Other Security
| | | | 26,377 |
| NORWAY – 0.3% | | | | | |
Other Securities
| | | | 151,387 |
| PERU – 0.1% | | | | | |
Other Securities
| | | | 64,662 |
| PHILIPPINES – 0.1% | | | | | |
Other Securities
| | | | 35,089 |
| POLAND – 0.1% | | | | | |
Other Securities
| | | | 40,010 |
| PORTUGAL – 0.0% (d) | | | | | |
Other Security
| | | | 21,112 |
| QATAR – 0.2% | | | | | |
Other Securities
| | | | 94,677 |
| ROMANIA – 0.0% (d) | | | | | |
Other Security
| | | | 6,244 |
| RUSSIA – 0.3% | | | | | |
Other Securities
| | | | 160,801 |
| SAUDI ARABIA – 0.3% | | | | | |
Other Securities
| | | | 187,643 |
| SINGAPORE – 0.3% | | | | | |
Other Securities
| | | | 181,232 |
| SOUTH AFRICA – 0.4% | | | | | |
Other Securities
| | | | 240,697 |
| SOUTH KOREA – 1.4% | | | | | |
Samsung Electronics Co., Ltd.
| | 6,594 | | 258,647 |
Other Securities
| | | | 508,618 |
| | | | | | 767,265 |
| SPAIN – 0.8% | | | | | |
Other Securities
| | | | 453,285 |
| SWEDEN – 0.9% | | | | | |
Other Securities
| | | | 463,590 |
See accompanying notes to financial statements.
19
SPDR MSCI ACWI LOW CARBON TARGET ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| SWITZERLAND – 3.1% | | | | | |
Nestle SA
| | 4,193 | | $430,979 |
Novartis AG
| | 2,929 | | 241,725 |
Roche Holding AG
| | 975 | | 316,468 |
Other Securities
| | | | 693,431 |
| | | | | | 1,682,603 |
| TAIWAN – 1.4% | | | | | |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | 36,000 | | 326,174 |
Other Securities
| | | | 463,332 |
| | | | | | 789,506 |
| THAILAND – 0.2% | | | | | |
Other Securities
| | | | 114,038 |
| TURKEY – 0.1% | | | | | |
Other Securities
| | | | 24,781 |
| UNITED ARAB EMIRATES – 0.0% (d) | | | | | |
NMC Health PLC (b)
| | 222 | | 646 |
Other Security
| | | | 22,852 |
| | | | | | 23,498 |
| UNITED KINGDOM – 4.5% | | | | | |
Other Securities
| | | | 2,478,078 |
| UNITED STATES – 55.2% | | | | | |
Abbott Laboratories
| | 2,578 | | 203,430 |
Adobe, Inc. (a)
| | 663 | | 210,993 |
Alphabet, Inc. Class A (a)
| | 437 | | 507,772 |
Alphabet, Inc. Class C (a)
| | 405 | | 470,938 |
Amazon.com, Inc. (a)
| | 587 | | 1,144,486 |
American Water Works Co., Inc.
| | 1,466 | | 175,275 |
Amgen, Inc.
| | 841 | | 170,496 |
Apple, Inc.
| | 6,195 | | 1,575,327 |
AT&T, Inc.
| | 10,374 | | 302,402 |
Bank of America Corp.
| | 12,056 | | 255,949 |
Berkshire Hathaway, Inc. Class B (a)
| | 1,664 | | 304,229 |
Bristol-Myers Squibb Co.
| | 3,343 | | 186,339 |
Cisco Systems, Inc.
| | 6,055 | | 238,022 |
Coca-Cola Co.
| | 6,290 | | 278,332 |
Comcast Corp. Class A
| | 6,349 | | 218,279 |
Costco Wholesale Corp.
| | 696 | | 198,450 |
Eversource Energy
| | 2,657 | | 207,804 |
Facebook, Inc. Class A (a)
| | 3,245 | | 541,266 |
Home Depot, Inc.
| | 1,546 | | 288,654 |
Intel Corp.
| | 6,174 | | 334,137 |
Johnson & Johnson
| | 3,779 | | 495,540 |
JPMorgan Chase & Co.
| | 4,322 | | 389,110 |
Mastercard, Inc. Class A
| | 1,244 | | 300,501 |
McDonald's Corp.
| | 1,158 | | 191,475 |
Medtronic PLC
| | 2,035 | | 183,516 |
Merck & Co., Inc.
| | 3,664 | | 281,908 |
Microsoft Corp.
| | 10,066 | | 1,587,509 |
Netflix, Inc. (a)
| | 601 | | 225,675 |
NVIDIA Corp.
| | 841 | | 221,688 |
Oracle Corp.
| | 3,647 | | 176,260 |
| Security Description | | | Shares | | Value |
PepsiCo, Inc.
| | 1,986 | | $238,519 |
Pfizer, Inc.
| | 8,106 | | 264,580 |
Procter & Gamble Co.
| | 3,621 | | 398,310 |
State Street Corp. (e)
| | 474 | | 25,250 |
Thermo Fisher Scientific, Inc.
| | 634 | | 179,802 |
UnitedHealth Group, Inc.
| | 1,331 | | 331,925 |
Verizon Communications, Inc.
| | 5,796 | | 311,419 |
Visa, Inc. Class A
| | 2,597 | | 418,429 |
Walmart, Inc.
| | 2,046 | | 232,467 |
Walt Disney Co.
| | 2,554 | | 246,716 |
Wells Fargo & Co.
| | 5,992 | | 171,970 |
Other Securities
| | | | 15,599,485 |
| | | | | | 30,284,634 |
TOTAL COMMON STOCKS
(Cost $60,649,106)
| | | | | 54,506,265 |
| WARRANTS — 0.0% (d) | | | | | |
| THAILAND – 0.0% (d) | | | | | |
Other Security
(cost: $0)
| | | | 17 |
| SHORT-TERM INVESTMENTS - 1.1% | | | | | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (f)(g)
| | 67,469 | | 67,408 |
State Street Navigator Securities Lending Portfolio II (e)(h)
| | 556,109 | | 556,109 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $623,502)
| | | | | 623,517 |
TOTAL INVESTMENTS - 100.5%
(Cost $61,272,608)
| | | | | 55,129,799 |
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%
| | | | | (284,091) |
NET ASSETS - 100.0%
| | | | | $54,845,708 |
| 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, 2020, total aggregate fair value of these securities is $646, 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, 2020. |
| (d) | Amount is less than 0.05% of net assets. |
See accompanying notes to financial statements.
20
SPDR MSCI ACWI LOW CARBON TARGET ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| (e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 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, 2020 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (h) | Investment of cash collateral for securities loaned. |
| ADR | American Depositary Receipt |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $54,419,073 | | $86,546 | | $646 | | $54,506,265 |
Warrants
| | 17 | | — | | — | | 17 |
Short-Term Investments
| | 623,517 | | — | | — | | 623,517 |
TOTAL INVESTMENTS
| | $55,042,607 | | $86,546 | | $646 | | $55,129,799 |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Corp.
| 611 | | $36,165 | | $— | | $7,136 | | $(1,018) | | $(2,761) | | 474 | | $25,250 | | $564 |
State Street Institutional Liquid Reserves Fund, Premier Class
| 115,387 | | 115,398 | | 1,551,155 | | 1,599,018 | | (142) | | 15 | | 67,469 | | 67,408 | | 1,361 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 3,727,054 | | 3,170,945 | | — | | — | | 556,109 | | 556,109 | | 2,883 |
State Street Navigator Securities Lending Portfolio III
| 1,636,978 | | 1,636,978 | | 920,196 | | 2,557,174 | | — | | — | | — | | — | | 733 |
Total
| | | $1,788,541 | | $6,198,405 | | $7,334,273 | | $(1,160) | | $(2,746) | | | | $648,767 | | $5,541 |
See accompanying notes to financial statements.
21
SPDR SOLACTIVE CANADA ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.4% | | | | | |
| AEROSPACE & DEFENSE — 0.3% | | | |
Bombardier, Inc. Class B (a)
| | 31,269 | | $9,996 |
CAE, Inc.
| | 3,900 | | 48,745 |
| | | | | | 58,741 |
| AIRLINES — 0.2% | | | |
Air Canada (a)
| | 3,524 | | 38,995 |
| AUTO COMPONENTS — 0.8% | | | |
Magna International, Inc.
| | 4,213 | | 132,930 |
| BANKS — 24.5% | | | |
Bank of Montreal
| | 9,444 | | 471,487 |
Bank of Nova Scotia
| | 17,977 | | 725,850 |
Canadian Imperial Bank of Commerce (b)
| | 6,588 | | 379,538 |
National Bank of Canada
| | 4,923 | | 188,121 |
Royal Bank of Canada
| | 21,150 | | 1,295,286 |
Toronto-Dominion Bank
| | 26,881 | | 1,129,933 |
| | | | | | 4,190,215 |
| CAPITAL MARKETS — 3.8% | | | |
Brookfield Asset Management, Inc. Class A
| | 13,656 | | 598,490 |
CI Financial Corp. (b)
| | 3,248 | | 31,879 |
IGM Financial, Inc.
| | 1,327 | | 21,769 |
| | | | | | 652,138 |
| CHEMICALS — 1.7% | | | |
Nutrien, Ltd. (b)
| | 8,441 | | 285,310 |
| COMMERCIAL SERVICES & SUPPLIES — 2.0% | | | |
Ritchie Bros Auctioneers, Inc.
| | 1,575 | | 53,335 |
Waste Connections, Inc.
| | 3,886 | | 298,136 |
| | | | | | 351,471 |
| CONSTRUCTION & ENGINEERING — 0.5% | | | |
WSP Global, Inc.
| | 1,550 | | 87,031 |
| CONTAINERS & PACKAGING — 0.4% | | | |
CCL Industries, Inc. Class B
| | 2,133 | | 64,124 |
| DIVERSIFIED FINANCIAL SERVICES — 0.3% | | | |
Onex Corp.
| | 1,220 | | 44,151 |
| DIVERSIFIED TELECOMMUNICATION SERVICES — 4.8% | | | |
BCE, Inc.
| | 13,350 | | 541,466 |
TELUS Corp.
| | 17,776 | | 277,877 |
| | | | | | 819,343 |
| ELECTRIC UTILITIES — 2.8% | | | |
Emera, Inc.
| | 3,548 | | 138,346 |
Fortis, Inc.
| | 6,789 | | 258,853 |
Hydro One, Ltd. (b) (c)
| | 4,605 | | 81,983 |
| | | | | | 479,182 |
| EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.3% | | | |
Canadian Apartment Properties REIT
| | 2,484 | | 74,327 |
| Security Description | | | Shares | | Value |
Choice Properties Real Estate Investment Trust
| | 3,770 | | $34,221 |
First Capital Real Estate Investment Trust
| | 2,872 | | 27,502 |
H&R Real Estate Investment Trust
| | 4,138 | | 25,962 |
RioCan Real Estate Investment Trust
| | 4,601 | | 52,140 |
SmartCentres Real Estate Investment Trust
| | 1,285 | | 17,009 |
| | | | | | 231,161 |
| FOOD & STAPLES RETAILING — 4.0% | | | |
Alimentation Couche-Tard, Inc. Class B
| | 12,479 | | 290,637 |
Empire Co., Ltd. Class A
| | 2,469 | | 47,755 |
George Weston, Ltd.
| | 1,051 | | 74,305 |
Loblaw Cos., Ltd.
| | 2,520 | | 128,448 |
Metro, Inc.
| | 3,729 | | 149,097 |
| | | | | | 690,242 |
| FOOD PRODUCTS — 0.6% | | | |
Saputo, Inc.
| | 4,075 | | 96,883 |
| GAS UTILITIES — 0.2% | | | |
AltaGas, Ltd.
| | 4,047 | | 36,252 |
| HOTELS, RESTAURANTS & LEISURE — 1.4% | | | |
Restaurant Brands International, Inc.
| | 4,126 | | 164,391 |
Stars Group, Inc. (a)
| | 3,485 | | 70,466 |
| | | | | | 234,857 |
| INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.3% | | | |
Northland Power, Inc. (b)
| | 2,441 | | 48,173 |
| INSURANCE — 6.8% | | | |
Fairfax Financial Holdings, Ltd.
| | 374 | | 113,363 |
Great-West Lifeco, Inc.
| | 3,394 | | 57,967 |
iA Financial Corp., Inc.
| | 1,568 | | 48,736 |
Intact Financial Corp.
| | 2,097 | | 179,196 |
Manulife Financial Corp.
| | 28,817 | | 357,745 |
Power Corp. of Canada
| | 7,992 | | 127,122 |
Sun Life Financial, Inc. (b)
| | 8,689 | | 276,356 |
| | | | | | 1,160,485 |
| IT SERVICES — 4.8% | | | |
CGI, Inc. (a)
| | 3,530 | | 188,956 |
Shopify, Inc. Class A (a) (b)
| | 1,524 | | 631,314 |
| | | | | | 820,270 |
| MEDIA — 1.0% | | | |
Quebecor, Inc. Class B
| | 2,616 | | 57,178 |
Shaw Communications, Inc. Class B
| | 6,814 | | 109,294 |
| | | | | | 166,472 |
| METALS & MINING — 7.8% | | | |
Agnico Eagle Mines, Ltd.
| | 3,537 | | 139,606 |
Barrick Gold Corp.
| | 25,088 | | 455,809 |
First Quantum Minerals, Ltd.
| | 8,184 | | 41,341 |
Franco-Nevada Corp.
| | 2,757 | | 272,359 |
Kinross Gold Corp. (a)
| | 16,147 | | 64,096 |
Kirkland Lake Gold, Ltd.
| | 2,870 | | 83,578 |
See accompanying notes to financial statements.
22
SPDR SOLACTIVE CANADA ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Lundin Mining Corp.
| | 9,496 | | $35,293 |
Teck Resources, Ltd. Class B
| | 8,049 | | 60,338 |
Wheaton Precious Metals Corp.
| | 6,609 | | 179,834 |
| | | | | | 1,332,254 |
| MULTI-UTILITIES — 1.1% | | | |
Algonquin Power & Utilities Corp.
| | 7,599 | | 101,170 |
Atco, Ltd. Class I
| | 1,485 | | 40,658 |
Canadian Utilities, Ltd. Class A
| | 1,798 | | 42,495 |
| | | | | | 184,323 |
| MULTILINE RETAIL — 1.0% | | | |
Canadian Tire Corp., Ltd. Class A (b)
| | 848 | | 50,605 |
Dollarama, Inc.
| | 4,303 | | 118,024 |
| | | | | | 168,629 |
| OIL, GAS & CONSUMABLE FUELS — 14.1% | | | |
Cameco Corp.
| | 5,870 | | 44,251 |
Canadian Natural Resources, Ltd.
| | 17,048 | | 230,564 |
Cenovus Energy, Inc.
| | 14,956 | | 29,842 |
Enbridge, Inc.
| | 29,850 | | 859,418 |
Husky Energy, Inc. (b)
| | 4,446 | | 11,058 |
Imperial Oil, Ltd.
| | 3,408 | | 38,094 |
Inter Pipeline, Ltd. (b)
| | 6,148 | | 36,369 |
Keyera Corp.
| | 3,105 | | 28,534 |
Ovintiv, Inc. (b)
| | 3,681 | | 9,983 |
Pembina Pipeline Corp. (b)
| | 7,524 | | 139,554 |
PrairieSky Royalty, Ltd. (b)
| | 3,428 | | 17,894 |
Suncor Energy, Inc.
| | 22,643 | | 357,299 |
TC Energy Corp.
| | 13,806 | | 606,713 |
| | | | | | 2,409,573 |
| PHARMACEUTICALS — 0.4% | | | |
Aurora Cannabis, Inc. (a) (b)
| | 15,487 | | 13,709 |
Canopy Growth Corp. (a) (b)
| | 3,497 | | 50,268 |
| | | | | | 63,977 |
| PROFESSIONAL SERVICES — 1.0% | | | |
Thomson Reuters Corp.
| | 2,517 | | 169,551 |
| ROAD & RAIL — 7.4% | | | |
Canadian National Railway Co.
| | 10,557 | | 816,094 |
Canadian Pacific Railway, Ltd.
| | 2,028 | | 442,474 |
| | | | | | 1,258,568 |
| SOFTWARE — 2.5% | | | |
BlackBerry, Ltd. (a)
| | 7,904 | | 32,042 |
Constellation Software, Inc.
| | 291 | | 261,492 |
Open Text Corp.
| | 3,909 | | 135,147 |
| | | | | | 428,681 |
| Security Description | | | Shares | | Value |
| TEXTILES, APPAREL & LUXURY GOODS — 0.3% | | | |
Canada Goose Holdings, Inc. (a) (b)
| | 854 | | $16,884 |
Gildan Activewear, Inc.
| | 2,884 | | 36,350 |
| | | | | | 53,234 |
| WIRELESS TELECOMMUNICATION SERVICES — 1.3% | | | |
Rogers Communications, Inc. Class B
| | 5,422 | | 223,760 |
TOTAL COMMON STOCKS
(Cost $21,479,076)
| | | | | 16,980,976 |
| SHORT-TERM INVESTMENTS — 2.5% | | | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (d) (e)
| | 14,939 | | 14,926 |
State Street Navigator Securities Lending Portfolio II (f) (g)
| | 406,358 | | 406,358 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $421,287)
| | 421,284 | |
TOTAL INVESTMENTS — 101.9%
(Cost $21,900,363)
| | 17,402,260 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.9)%
| | (325,510) | |
NET ASSETS — 100.0%
| | $17,076,750 | |
| (a) | Non-income producing security. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (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, 2020, 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, 2020 are shown in the Affiliate Table below. |
| (e) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (f) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (g) | Investment of cash collateral for securities loaned. |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
23
SPDR SOLACTIVE CANADA ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $16,980,976 | | $— | | $— | | $16,980,976 |
Short-Term Investments
| | 421,284 | | — | | — | | 421,284 |
TOTAL INVESTMENTS
| | $17,402,260 | | $— | | $— | | $17,402,260 |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 13,772 | | $13,773 | | $396,226 | | $395,060 | | $(10) | | $(3) | | 14,939 | | $14,926 | | $236 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 6,091,453 | | 5,685,095 | | — | | — | | 406,358 | | 406,358 | | 11,350 |
State Street Navigator Securities Lending Portfolio III
| 916,834 | | 916,834 | | 274,760 | | 1,191,594 | | — | | — | | — | | — | | 2,665 |
Total
| | | $930,607 | | $6,762,439 | | $7,271,749 | | $(10) | | $(3) | | | | $421,284 | | $14,251 |
See accompanying notes to financial statements.
24
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.3% | | | | |
| AUSTRALIA — 5.3% | | | | | |
Alumina, Ltd.
| | | 22,107 | | $19,755 |
AMP, Ltd. (a)(b)
| | | 26,715 | | 21,828 |
APA Group Stapled Security
| | | 10,399 | | 65,302 |
Aristocrat Leisure, Ltd. (b)
| | | 4,909 | | 64,147 |
ASX, Ltd.
| | | 1,735 | | 81,862 |
Aurizon Holdings, Ltd.
| | | 18,095 | | 46,847 |
AusNet Services
| | | 16,033 | | 16,780 |
Australia & New Zealand Banking Group, Ltd.
| | | 24,274 | | 251,973 |
Bank of Queensland, Ltd.
| | | 1 | | 3 |
Bendigo & Adelaide Bank, Ltd. (b)
| | | 4,399 | | 16,881 |
BlueScope Steel, Ltd.
| | | 4,729 | | 24,979 |
Boral, Ltd.
| | | 9,867 | | 12,380 |
Brambles, Ltd.
| | | 13,207 | | 85,360 |
Caltex Australia, Ltd.
| | | 2,319 | | 31,680 |
Challenger, Ltd.
| | | 5,117 | | 12,527 |
CIMIC Group, Ltd. (b)
| | | 896 | | 12,750 |
Coca-Cola Amatil, Ltd.
| | | 3,943 | | 21,334 |
Cochlear, Ltd.
| | | 520 | | 59,659 |
Coles Group, Ltd.
| | | 9,630 | | 89,354 |
Commonwealth Bank of Australia
| | | 15,157 | | 573,495 |
Computershare, Ltd.
| | | 4,232 | | 25,151 |
Crown Resorts, Ltd.
| | | 3,284 | | 15,276 |
CSL, Ltd.
| | | 3,882 | | 704,905 |
Dexus REIT
| | | 9,901 | | 55,085 |
Flight Centre Travel Group, Ltd. (b)
| | | 454 | | 2,754 |
Fortescue Metals Group, Ltd.
| | | 11,744 | | 71,879 |
Goodman Group REIT
| | | 14,540 | | 107,680 |
GPT Group REIT
| | | 16,680 | | 37,059 |
Harvey Norman Holdings, Ltd. (b)
| | | 4,862 | | 8,779 |
Incitec Pivot, Ltd.
| | | 12,757 | | 15,772 |
Insurance Australia Group, Ltd.
| | | 19,573 | | 74,274 |
LendLease Group Stapled Security
| | | 4,989 | | 31,451 |
Macquarie Group, Ltd.
| | | 2,821 | | 148,055 |
Magellan Financial Group, Ltd. (b)
| | | 1,044 | | 27,808 |
Medibank Pvt, Ltd.
| | | 22,195 | | 36,135 |
Mirvac Group REIT
| | | 32,949 | | 42,148 |
National Australia Bank, Ltd.
| | | 24,758 | | 252,754 |
Newcrest Mining, Ltd.
| | | 6,493 | | 91,602 |
Orica, Ltd.
| | | 3,384 | | 31,793 |
Qantas Airways, Ltd.
| | | 6,256 | | 12,368 |
QBE Insurance Group, Ltd.
| | | 11,096 | | 58,405 |
Ramsay Health Care, Ltd.
| | | 1,391 | | 48,766 |
REA Group, Ltd. (b)
| | | 469 | | 22,100 |
Scentre Group REIT
| | | 44,995 | | 43,099 |
SEEK, Ltd. (b)
| | | 2,981 | | 27,058 |
Sonic Healthcare, Ltd.
| | | 3,726 | | 55,485 |
Stockland REIT
| | | 19,814 | | 30,682 |
Suncorp Group, Ltd.
| | | 10,633 | | 59,417 |
Sydney Airport Stapled Security
| | | 9,894 | | 33,851 |
Tabcorp Holdings, Ltd.
| | | 16,854 | | 26,098 |
Telstra Corp., Ltd.
| | | 35,272 | | 66,276 |
TPG Telecom, Ltd.
| | | 3,235 | | 13,642 |
Transurban Group Stapled Security
| | | 23,219 | | 171,103 |
| Security Description | | | Shares | | Value |
Treasury Wine Estates, Ltd.
| | | 6,087 | | $37,367 |
Vicinity Centres REIT
| | | 26,776 | | 16,962 |
Wesfarmers, Ltd.
| | | 9,880 | | 207,233 |
Westpac Banking Corp.
| | | 29,884 | | 301,793 |
WiseTech Global, Ltd. (b)
| | | 1,226 | | 12,831 |
Woolworths Group, Ltd.
| | | 10,647 | | 228,729 |
Worley, Ltd. (b)
| | | 2,743 | | 10,325 |
| | | | | | 4,772,846 |
| AUSTRIA — 0.2% | | | | | |
ANDRITZ AG
| | | 667 | | 20,917 |
Erste Group Bank AG
| | | 2,547 | | 47,188 |
Raiffeisen Bank International AG
| | | 1,394 | | 20,458 |
Verbund AG
| | | 577 | | 20,905 |
Voestalpine AG (b)
| | | 1,039 | | 21,131 |
| | | | | | 130,599 |
| BELGIUM — 1.0% | | | | | |
Ageas
| | | 1,595 | | 66,347 |
Anheuser-Busch InBev SA
| | | 6,527 | | 289,836 |
Colruyt SA
| | | 477 | | 25,787 |
Galapagos NV (a)
| | | 373 | | 74,079 |
Groupe Bruxelles Lambert SA
| | | 734 | | 57,681 |
KBC Group NV
| | | 2,127 | | 98,068 |
Proximus SADP
| | | 1,367 | | 31,304 |
Solvay SA
| | | 667 | | 48,581 |
Telenet Group Holding NV
| | | 466 | | 14,031 |
UCB SA
| | | 1,047 | | 90,757 |
Umicore SA
| | | 1,738 | | 60,739 |
| | | | | | 857,210 |
| CHILE — 0.0% (c) | | | | | |
Antofagasta PLC
| | | 3,541 | | 33,940 |
| CHINA — 0.2% | | | | | |
BeiGene, Ltd. ADR (a)
| | | 356 | | 43,827 |
BOC Hong Kong Holdings, Ltd.
| | | 31,500 | | 87,174 |
Yangzijiang Shipbuilding Holdings, Ltd.
| | | 22,800 | | 13,290 |
| | | | | | 144,291 |
| DENMARK — 2.4% | | | | | |
AP Moller - Maersk A/S Class A
| | | 34 | | 28,172 |
AP Moller - Maersk A/S Class B
| | | 58 | | 51,955 |
Carlsberg A/S Class B
| | | 904 | | 102,326 |
Chr. Hansen Holding A/S
| | | 894 | | 66,884 |
Coloplast A/S Class B
| | | 987 | | 143,185 |
Danske Bank A/S
| | | 5,697 | | 64,419 |
Demant A/S (a)(b)
| | | 871 | | 19,288 |
DSV Panalpina A/S
| | | 1,846 | | 167,803 |
Genmab A/S (a)
| | | 554 | | 112,172 |
H Lundbeck A/S
| | | 513 | | 15,222 |
ISS A/S (b)
| | | 1,490 | | 20,481 |
Novo Nordisk A/S Class B
| | | 15,152 | | 911,575 |
Novozymes A/S Class B
| | | 1,911 | | 86,912 |
Orsted A/S (d)
| | | 1,608 | | 157,566 |
Pandora A/S
| | | 993 | | 32,254 |
Tryg A/S
| | | 946 | | 23,272 |
See accompanying notes to financial statements.
25
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Vestas Wind Systems A/S
| | | 1,628 | | $132,283 |
| | | | | | 2,135,769 |
| FINLAND — 1.2% | | | | | |
Elisa Oyj
| | | 1,268 | | 78,581 |
Fortum Oyj (b)
| | | 3,676 | | 53,948 |
Kone Oyj Class B
| | | 2,864 | | 162,217 |
Metso Oyj (b)
| | | 826 | | 19,685 |
Neste Oyj
| | | 3,560 | | 120,507 |
Nokia Oyj
| | | 47,568 | | 149,745 |
Nokian Renkaat Oyj (b)
| | | 1,042 | | 25,233 |
Nordea Bank Abp (e)
| | | 27,106 | | 153,427 |
Nordea Bank Abp (b)(e)
| | | 374 | | 2,106 |
Orion Oyj Class B (b)
| | | 932 | | 38,124 |
Sampo Oyj Class A
| | | 3,726 | | 108,832 |
Stora Enso Oyj Class R
| | | 5,005 | | 50,777 |
UPM-Kymmene Oyj (b)
| | | 4,516 | | 124,325 |
Wartsila OYJ Abp (b)
| | | 3,584 | | 26,309 |
| | | | | | 1,113,816 |
| FRANCE — 10.3% | | | | | |
Accor SA
| | | 1,588 | | 43,561 |
Aeroports de Paris
| | | 264 | | 25,332 |
Air Liquide SA
| | | 4,040 | | 517,097 |
Airbus SE
| | | 4,998 | | 325,424 |
Alstom SA
| | | 1,632 | | 68,298 |
Amundi SA (d)
| | | 535 | | 31,612 |
Arkema SA
| | | 604 | | 41,753 |
Atos SE
| | | 835 | | 56,566 |
AXA SA
| | | 16,547 | | 286,650 |
BioMerieux
| | | 362 | | 40,753 |
BNP Paribas SA
| | | 9,633 | | 290,776 |
Bollore SA (e)
| | | 8,089 | | 22,278 |
Bollore SA (a)(e)
| | | 43 | | 141 |
Bouygues SA
| | | 1,912 | | 56,057 |
Bureau Veritas SA
| | | 2,517 | | 47,806 |
Capgemini SE
| | | 1,347 | | 113,806 |
Carrefour SA (b)
| | | 5,030 | | 79,559 |
Casino Guichard Perrachon SA (b)
| | | 443 | | 17,066 |
Cie de Saint-Gobain
| | | 4,177 | | 101,587 |
Cie Generale des Etablissements Michelin SCA
| | | 1,442 | | 128,256 |
CNP Assurances
| | | 1,532 | | 14,994 |
Covivio REIT
| | | 436 | | 24,566 |
Credit Agricole SA
| | | 10,198 | | 74,859 |
Danone SA
| | | 5,288 | | 340,245 |
Dassault Aviation SA
| | | 23 | | 18,902 |
Dassault Systemes SE
| | | 1,153 | | 170,792 |
Edenred
| | | 2,040 | | 85,260 |
Eiffage SA
| | | 668 | | 47,276 |
EssilorLuxottica SA
| | | 2,426 | | 261,614 |
Eurazeo SE
| | | 344 | | 15,521 |
Eutelsat Communications SA
| | | 1,564 | | 16,348 |
Faurecia SE
| | | 668 | | 20,010 |
Gecina SA REIT
| | | 409 | | 54,167 |
Getlink SE
| | | 3,729 | | 44,967 |
Hermes International
| | | 279 | | 192,496 |
| Security Description | | | Shares | | Value |
ICADE REIT
| | | 254 | | $20,108 |
Iliad SA
| | | 231 | | 31,341 |
Ingenico Group SA
| | | 530 | | 56,375 |
Ipsen SA
| | | 338 | | 17,498 |
JCDecaux SA
| | | 667 | | 12,076 |
Kering SA
| | | 647 | | 337,851 |
Klepierre SA REIT
| | | 1,743 | | 33,603 |
Legrand SA
| | | 2,343 | | 150,344 |
L'Oreal SA
| | | 2,164 | | 567,256 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 2,382 | | 884,590 |
Natixis SA
| | | 8,486 | | 27,627 |
Orange SA
| | | 17,378 | | 212,322 |
Pernod Ricard SA
| | | 1,846 | | 262,204 |
Peugeot SA
| | | 4,998 | | 66,714 |
Publicis Groupe SA
| | | 1,889 | | 54,139 |
Remy Cointreau SA (b)
| | | 199 | | 21,759 |
Renault SA
| | | 1,659 | | 32,235 |
Safran SA
| | | 2,803 | | 246,478 |
Sanofi
| | | 9,648 | | 848,384 |
Sartorius Stedim Biotech
| | | 235 | | 47,187 |
Schneider Electric SE
| | | 4,735 | | 408,261 |
SCOR SE
| | | 1,314 | | 28,951 |
SEB SA
| | | 180 | | 22,417 |
Societe Generale SA
| | | 7,032 | | 118,423 |
Sodexo SA
| | | 768 | | 51,943 |
Suez
| | | 2,718 | | 27,664 |
Teleperformance
| | | 518 | | 107,878 |
Thales SA
| | | 901 | | 75,511 |
Ubisoft Entertainment SA (a)
| | | 677 | | 49,904 |
Unibail-Rodamco-Westfield (e)
| | | 335 | | 884 |
Unibail-Rodamco-Westfield REIT (b)(e)
| | | 1,196 | | 67,663 |
Valeo SA
| | | 2,029 | | 33,951 |
Veolia Environnement SA
| | | 4,621 | | 98,746 |
Vinci SA
| | | 4,372 | | 361,707 |
Vivendi SA
| | | 7,202 | | 154,294 |
Wendel SA
| | | 221 | | 17,653 |
Worldline SA (a)(d)
| | | 1,088 | | 64,108 |
| | | | | | 9,296,444 |
| GERMANY — 8.5% | | | | | |
Adidas AG
| | | 1,546 | | 349,278 |
Allianz SE
| | | 3,634 | | 625,545 |
Aroundtown SA
| | | 10,402 | | 51,978 |
BASF SE
| | | 7,866 | | 372,383 |
Bayer AG
| | | 8,378 | | 485,838 |
Bayerische Motoren Werke AG
| | | 2,894 | | 149,611 |
Bayerische Motoren Werke AG Preference Shares
| | | 503 | | 21,613 |
Beiersdorf AG
| | | 835 | | 84,804 |
Brenntag AG
| | | 1,400 | | 51,968 |
Carl Zeiss Meditec AG
| | | 344 | | 33,348 |
Commerzbank AG
| | | 8,515 | | 30,912 |
Continental AG
| | | 928 | | 66,807 |
Covestro AG (d)
| | | 1,472 | | 45,014 |
Daimler AG
| | | 7,788 | | 235,169 |
See accompanying notes to financial statements.
26
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Delivery Hero SE (a)(d)
| | | 960 | | $71,586 |
Deutsche Bank AG
| | | 16,586 | | 108,630 |
Deutsche Boerse AG
| | | 1,627 | | 223,153 |
Deutsche Lufthansa AG
| | | 2,171 | | 20,396 |
Deutsche Post AG
| | | 8,471 | | 230,279 |
Deutsche Telekom AG
| | | 28,542 | | 369,988 |
Deutsche Wohnen SE
| | | 3,052 | | 116,237 |
Evonik Industries AG
| | | 1,491 | | 31,199 |
Fraport AG Frankfurt Airport Services Worldwide
| | | 370 | | 14,981 |
Fresenius Medical Care AG & Co. KGaA
| | | 1,815 | | 119,889 |
Fresenius SE & Co. KGaA
| | | 3,662 | | 136,335 |
Fuchs Petrolub SE Preference Shares
| | | 634 | | 22,484 |
GEA Group AG
| | | 1,280 | | 26,299 |
Hannover Rueck SE
| | | 540 | | 77,619 |
HeidelbergCement AG
| | | 1,274 | | 54,644 |
Henkel AG & Co. KGaA Preference Shares
| | | 1,503 | | 120,719 |
Henkel AG & Co. KGaA
| | | 885 | | 65,401 |
HOCHTIEF AG
| | | 201 | | 13,343 |
Infineon Technologies AG
| | | 10,707 | | 157,779 |
KION Group AG
| | | 600 | | 25,965 |
Knorr-Bremse AG
| | | 412 | | 36,545 |
Lanxess AG
| | | 738 | | 29,492 |
Merck KGaA
| | | 1,090 | | 111,970 |
METRO AG
| | | 1,475 | | 12,734 |
MTU Aero Engines AG
| | | 458 | | 67,014 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 1,240 | | 250,485 |
Porsche Automobil Holding SE Preference Shares
| | | 1,368 | | 58,060 |
Puma SE
| | | 721 | | 43,037 |
SAP SE
| | | 8,364 | | 943,437 |
Sartorius AG Preference Shares
| | | 289 | | 70,461 |
Siemens AG
| | | 6,551 | | 556,861 |
Siemens Healthineers AG (d)
| | | 1,340 | | 52,997 |
Symrise AG
| | | 1,108 | | 103,339 |
Telefonica Deutschland Holding AG
| | | 6,885 | | 17,066 |
Thyssenkrupp AG (a)
| | | 3,348 | | 17,516 |
TUI AG
| | | 3,810 | | 17,139 |
Uniper SE
| | | 1,851 | | 45,677 |
United Internet AG
| | | 1,095 | | 32,284 |
Volkswagen AG
| | | 281 | | 37,431 |
Volkswagen AG Preference Shares
| | | 1,616 | | 189,444 |
Vonovia SE
| | | 4,412 | | 217,170 |
Wirecard AG
| | | 995 | | 114,253 |
Zalando SE (a)(d)
| | | 1,184 | | 45,457 |
| | | | | | 7,681,063 |
| HONG KONG — 3.2% | | | | | |
AIA Group, Ltd.
| | | 102,800 | | 930,398 |
ASM Pacific Technology, Ltd.
| | | 2,900 | | 27,163 |
Bank of East Asia, Ltd.
| | | 11,580 | | 24,920 |
| Security Description | | | Shares | | Value |
Budweiser Brewing Co. APAC, Ltd. (a)(d)
| | | 11,454 | | $29,555 |
CK Asset Holdings, Ltd.
| | | 21,000 | | 115,012 |
CK Infrastructure Holdings, Ltd.
| | | 5,000 | | 26,578 |
Dairy Farm International Holdings, Ltd.
| | | 2,800 | | 12,880 |
Galaxy Entertainment Group, Ltd.
| | | 20,000 | | 106,697 |
Hang Lung Properties, Ltd.
| | | 21,000 | | 42,645 |
Hang Seng Bank, Ltd.
| | | 6,300 | | 107,697 |
Henderson Land Development Co., Ltd.
| | | 10,250 | | 39,078 |
HK Electric Investments & HK Electric Investments, Ltd. Class SS, Stapled Security
| | | 21,500 | | 20,693 |
HKT Trust & HKT, Ltd. Stapled Security
| | | 33,000 | | 44,960 |
Hong Kong Exchanges & Clearing, Ltd.
| | | 10,144 | | 305,986 |
Hongkong Land Holdings, Ltd.
| | | 9,900 | | 37,125 |
Kerry Properties, Ltd.
| | | 4,000 | | 10,554 |
Link REIT
| | | 17,900 | | 151,728 |
Melco Resorts & Entertainment, Ltd. ADR
| | | 1,883 | | 23,349 |
MTR Corp., Ltd.
| | | 14,052 | | 72,609 |
New World Development Co., Ltd.
| | | 55,389 | | 59,599 |
NWS Holdings, Ltd.
| | | 11,530 | | 11,856 |
PCCW, Ltd.
| | | 34,000 | | 18,731 |
Power Assets Holdings, Ltd.
| | | 12,500 | | 74,749 |
Sands China, Ltd.
| | | 22,000 | | 80,610 |
Sino Land Co., Ltd.
| | | 23,511 | | 29,848 |
SJM Holdings, Ltd.
| | | 13,000 | | 10,986 |
Sun Hung Kai Properties, Ltd.
| | | 14,000 | | 184,598 |
Swire Pacific, Ltd. Class A
| | | 3,500 | | 22,555 |
Swire Properties, Ltd.
| | | 11,000 | | 30,938 |
Techtronic Industries Co., Ltd.
| | | 12,000 | | 77,875 |
Vitasoy International Holdings, Ltd. (b)
| | | 4,000 | | 12,128 |
WH Group, Ltd. (d)
| | | 80,000 | | 74,830 |
Wharf Real Estate Investment Co., Ltd. (b)
| | | 10,000 | | 41,157 |
Wheelock & Co., Ltd.
| | | 7,000 | | 47,775 |
Yue Yuen Industrial Holdings, Ltd.
| | | 3,500 | | 5,365 |
| | | | | | 2,913,227 |
| IRELAND — 0.7% | | | | | |
AerCap Holdings NV (a)
| | | 990 | | 22,562 |
AIB Group PLC (a)
| | | 7,183 | | 8,055 |
Bank of Ireland Group PLC
| | | 8,343 | | 15,782 |
CRH PLC
| | | 6,717 | | 183,150 |
Flutter Entertainment PLC
| | | 646 | | 58,506 |
James Hardie Industries PLC
| | | 4,001 | | 45,352 |
Kerry Group PLC Class A
| | | 1,341 | | 154,793 |
Kingspan Group PLC
| | | 1,308 | | 69,895 |
Smurfit Kappa Group PLC
| | | 2,003 | | 56,527 |
| | | | | | 614,622 |
| ISRAEL — 0.7% | | | | | |
Azrieli Group, Ltd.
| | | 393 | | 22,753 |
See accompanying notes to financial statements.
27
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Bank Hapoalim BM
| | | 9,371 | | $56,452 |
Bank Leumi Le-Israel BM
| | | 13,068 | | 72,406 |
Check Point Software Technologies, Ltd. (a)
| | | 1,030 | | 103,556 |
CyberArk Software, Ltd. (a)
| | | 264 | | 22,588 |
Elbit Systems, Ltd.
| | | 200 | | 26,143 |
Israel Chemicals, Ltd.
| | | 4,804 | | 15,319 |
Israel Discount Bank, Ltd. Class A
| | | 10,517 | | 31,217 |
Mizrahi Tefahot Bank, Ltd.
| | | 1,267 | | 23,721 |
Nice, Ltd. (a)
| | | 538 | | 79,618 |
Teva Pharmaceutical Industries, Ltd. ADR (a)
| | | 2,550 | | 22,899 |
Teva Pharmaceutical Industries, Ltd. (a)
| | | 6,711 | | 61,808 |
Wix.com, Ltd. (a)
| | | 384 | | 38,715 |
| | | | | | 577,195 |
| ITALY — 1.3% | | | | | |
Assicurazioni Generali SpA
| | | 9,286 | | 126,446 |
Atlantia SpA
| | | 4,069 | | 51,032 |
Davide Campari-Milano SpA
| | | 5,128 | | 36,855 |
Ferrari NV
| | | 1,039 | | 161,373 |
FinecoBank Banca Fineco SpA
| | | 5,214 | | 47,428 |
Intesa Sanpaolo SpA
| | | 127,450 | | 208,145 |
Leonardo SpA
| | | 3,639 | | 24,245 |
Mediobanca Banca di Credito Finanziario SpA
| | | 5,161 | | 28,473 |
Moncler SpA
| | | 1,585 | | 57,896 |
Pirelli & C SpA (d)
| | | 3,095 | | 11,088 |
Poste Italiane SpA (d)
| | | 4,710 | | 39,897 |
Prysmian SpA
| | | 2,044 | | 32,745 |
Recordati SpA
| | | 933 | | 39,455 |
Snam SpA
| | | 17,642 | | 81,380 |
Telecom Italia SpA (a)(e)
| | | 77,316 | | 31,592 |
Telecom Italia SpA (e)
| | | 54,400 | | 21,518 |
Terna Rete Elettrica Nazionale SpA
| | | 11,961 | | 75,727 |
UniCredit SpA
| | | 16,920 | | 132,687 |
| | | | | | 1,207,982 |
| JAPAN — 26.7% | | | | | |
ABC-Mart, Inc.
| | | 200 | | 10,023 |
Acom Co., Ltd.
| | | 3,400 | | 13,826 |
Advantest Corp. (b)
| | | 1,900 | | 76,384 |
Aeon Co., Ltd.
| | | 5,600 | | 124,444 |
AEON Financial Service Co., Ltd. (b)
| | | 500 | | 5,363 |
Aeon Mall Co., Ltd.
| | | 600 | | 7,575 |
AGC, Inc.
| | | 1,300 | | 32,020 |
Air Water, Inc.
| | | 1,100 | | 15,141 |
Aisin Seiki Co., Ltd.
| | | 1,200 | | 29,612 |
Ajinomoto Co., Inc.
| | | 3,600 | | 67,045 |
Alfresa Holdings Corp.
| | | 2,000 | | 37,312 |
Alps Alpine Co., Ltd.
| | | 2,100 | | 20,406 |
Amada Holdings Co., Ltd.
| | | 2,800 | | 22,124 |
ANA Holdings, Inc.
| | | 700 | | 17,112 |
Aozora Bank, Ltd.
| | | 800 | | 15,280 |
Asahi Group Holdings, Ltd.
| | | 3,100 | | 100,792 |
| Security Description | | | Shares | | Value |
Asahi Intecc Co., Ltd.
| | | 1,800 | | $44,552 |
Asahi Kasei Corp.
| | | 10,500 | | 74,387 |
Astellas Pharma, Inc.
| | | 16,100 | | 249,207 |
Bandai Namco Holdings, Inc. (b)
| | | 1,900 | | 92,241 |
Bank of Kyoto, Ltd.
| | | 400 | | 12,746 |
Benesse Holdings, Inc.
| | | 500 | | 12,741 |
Bridgestone Corp.
| | | 5,000 | | 153,907 |
Brother Industries, Ltd.
| | | 2,300 | | 35,239 |
Calbee, Inc. (b)
| | | 500 | | 13,529 |
Canon, Inc.
| | | 8,800 | | 192,295 |
Casio Computer Co., Ltd.
| | | 1,200 | | 16,863 |
Central Japan Railway Co.
| | | 1,200 | | 192,525 |
Chiba Bank, Ltd. (b)
| | | 5,400 | | 23,660 |
Chugai Pharmaceutical Co., Ltd.
| | | 2,000 | | 231,578 |
Coca-Cola Bottlers Japan Holdings, Inc.
| | | 900 | | 18,499 |
Concordia Financial Group, Ltd.
| | | 9,900 | | 28,887 |
Credit Saison Co., Ltd.
| | | 1,100 | | 12,798 |
CyberAgent, Inc.
| | | 700 | | 27,169 |
Dai Nippon Printing Co., Ltd. (b)
| | | 2,100 | | 44,760 |
Daicel Corp.
| | | 2,600 | | 19,002 |
Daifuku Co., Ltd. (b)
| | | 900 | | 57,107 |
Dai-ichi Life Holdings, Inc.
| | | 9,200 | | 110,403 |
Daiichi Sankyo Co., Ltd.
| | | 5,000 | | 344,310 |
Daikin Industries, Ltd.
| | | 2,200 | | 268,390 |
Daito Trust Construction Co., Ltd.
| | | 600 | | 55,940 |
Daiwa House Industry Co., Ltd.
| | | 5,200 | | 128,970 |
Daiwa House REIT Investment Corp.
| | | 17 | | 41,526 |
Daiwa Securities Group, Inc.
| | | 12,400 | | 48,150 |
Denso Corp.
| | | 3,600 | | 116,415 |
Dentsu Group, Inc.
| | | 2,000 | | 38,664 |
Disco Corp.
| | | 200 | | 39,572 |
East Japan Railway Co.
| | | 2,600 | | 196,912 |
Eisai Co., Ltd.
| | | 2,300 | | 168,971 |
FamilyMart Co., Ltd.
| | | 2,400 | | 43,085 |
FANUC Corp.
| | | 1,800 | | 244,352 |
Fast Retailing Co., Ltd.
| | | 500 | | 204,669 |
Fuji Electric Co., Ltd.
| | | 800 | | 18,148 |
FUJIFILM Holdings Corp.
| | | 3,100 | | 156,185 |
Fujitsu, Ltd.
| | | 1,800 | | 162,651 |
Fukuoka Financial Group, Inc.
| | | 1,200 | | 15,907 |
GMO Payment Gateway, Inc.
| | | 300 | | 21,064 |
Hakuhodo DY Holdings, Inc.
| | | 2,000 | | 20,194 |
Hamamatsu Photonics KK
| | | 1,000 | | 40,943 |
Hankyu Hanshin Holdings, Inc.
| | | 2,100 | | 70,710 |
Hikari Tsushin, Inc.
| | | 200 | | 33,588 |
Hino Motors, Ltd.
| | | 2,600 | | 13,993 |
Hirose Electric Co., Ltd.
| | | 205 | | 21,268 |
Hisamitsu Pharmaceutical Co., Inc.
| | | 300 | | 14,006 |
Hitachi Chemical Co., Ltd.
| | | 800 | | 34,014 |
Hitachi Construction Machinery Co., Ltd. (b)
| | | 700 | | 14,194 |
Hitachi High-Tech Corp.
| | | 500 | | 36,960 |
Hitachi Metals, Ltd. (b)
| | | 2,100 | | 22,156 |
Hitachi, Ltd.
| | | 8,400 | | 244,557 |
See accompanying notes to financial statements.
28
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Honda Motor Co., Ltd. (b)
| | | 13,700 | | $308,379 |
Hoshizaki Corp.
| | | 400 | | 30,050 |
Hoya Corp.
| | | 3,300 | | 281,228 |
Hulic Co., Ltd.
| | | 2,800 | | 28,479 |
IHI Corp.
| | | 1,100 | | 12,859 |
Iida Group Holdings Co., Ltd.
| | | 1,100 | | 15,254 |
Isetan Mitsukoshi Holdings, Ltd.
| | | 2,800 | | 16,340 |
Isuzu Motors, Ltd.
| | | 5,300 | | 35,117 |
Itochu Techno-Solutions Corp.
| | | 600 | | 17,146 |
J Front Retailing Co., Ltd.
| | | 2,400 | | 19,964 |
Japan Airlines Co., Ltd. (b)
| | | 800 | | 14,747 |
Japan Airport Terminal Co., Ltd. (b)
| | | 300 | | 11,602 |
Japan Exchange Group, Inc.
| | | 3,900 | | 68,856 |
Japan Post Bank Co., Ltd. (b)
| | | 3,300 | | 30,477 |
Japan Post Holdings Co., Ltd.
| | | 13,100 | | 102,623 |
Japan Post Insurance Co., Ltd. (b)
| | | 2,200 | | 27,328 |
Japan Prime Realty Investment Corp. REIT
| | | 5 | | 15,053 |
Japan Real Estate Investment Corp. REIT
| | | 11 | | 64,499 |
Japan Retail Fund Investment Corp. REIT
| | | 26 | | 29,431 |
Japan Tobacco, Inc.
| | | 10,100 | | 186,741 |
JFE Holdings, Inc.
| | | 3,800 | | 24,746 |
JGC Holdings Corp. (b)
| | | 2,300 | | 18,493 |
JSR Corp.
| | | 2,100 | | 38,769 |
JTEKT Corp.
| | | 2,300 | | 15,659 |
Kajima Corp.
| | | 3,500 | | 35,955 |
Kakaku.com, Inc.
| | | 800 | | 14,710 |
Kamigumi Co., Ltd.
| | | 700 | | 11,853 |
Kansai Electric Power Co., Inc.
| | | 6,100 | | 68,004 |
Kansai Paint Co., Ltd. (b)
| | | 1,200 | | 22,876 |
Kao Corp.
| | | 4,000 | | 327,173 |
Kawasaki Heavy Industries, Ltd.
| | | 1,000 | | 14,534 |
KDDI Corp.
| | | 15,300 | | 452,105 |
Keihan Holdings Co., Ltd.
| | | 800 | | 35,570 |
Keikyu Corp.
| | | 2,300 | | 38,712 |
Keio Corp.
| | | 900 | | 53,272 |
Keisei Electric Railway Co., Ltd.
| | | 900 | | 26,011 |
Keyence Corp.
| | | 1,700 | | 548,479 |
Kikkoman Corp.
| | | 1,200 | | 51,188 |
Kintetsu Group Holdings Co., Ltd. (b)
| | | 1,500 | | 69,473 |
Kirin Holdings Co., Ltd.
| | | 7,000 | | 138,599 |
Kobayashi Pharmaceutical Co., Ltd.
| | | 400 | | 37,052 |
Koito Manufacturing Co., Ltd.
| | | 700 | | 23,700 |
Komatsu, Ltd.
| | | 7,600 | | 125,206 |
Konami Holdings Corp.
| | | 600 | | 18,424 |
Konica Minolta, Inc.
| | | 3,900 | | 15,859 |
Kose Corp. (b)
| | | 300 | | 37,043 |
Kubota Corp.
| | | 8,800 | | 112,614 |
Kuraray Co., Ltd.
| | | 2,900 | | 29,334 |
Kurita Water Industries, Ltd.
| | | 700 | | 16,197 |
Kyocera Corp.
| | | 2,800 | | 166,203 |
Kyowa Kirin Co., Ltd.
| | | 2,300 | | 51,601 |
Kyushu Electric Power Co., Inc. (b)
| | | 3,300 | | 26,564 |
| Security Description | | | Shares | | Value |
Kyushu Railway Co. (b)
| | | 1,149 | | $32,994 |
Lawson, Inc.
| | | 300 | | 16,479 |
LINE Corp. (a)
| | | 400 | | 19,304 |
Lion Corp.
| | | 2,300 | | 49,279 |
LIXIL Group Corp.
| | | 2,600 | | 32,393 |
M3, Inc. (b)
| | | 3,600 | | 106,544 |
Makita Corp.
| | | 2,200 | | 67,556 |
Marui Group Co., Ltd. (b)
| | | 1,300 | | 21,856 |
Maruichi Steel Tube, Ltd. (b)
| | | 300 | | 7,222 |
Mazda Motor Corp. (b)
| | | 5,400 | | 28,612 |
McDonald's Holdings Co. Japan, Ltd.
| | | 400 | | 18,045 |
Mebuki Financial Group, Inc.
| | | 7,100 | | 14,469 |
Medipal Holdings Corp.
| | | 1,200 | | 22,432 |
MEIJI Holdings Co., Ltd.
| | | 1,000 | | 71,141 |
Mercari, Inc. (a)(b)
| | | 500 | | 9,726 |
MINEBEA MITSUMI, Inc.
| | | 3,000 | | 44,852 |
MISUMI Group, Inc.
| | | 2,700 | | 58,900 |
Mitsubishi Chemical Holdings Corp.
| | | 10,500 | | 62,521 |
Mitsubishi Electric Corp.
| | | 15,500 | | 191,677 |
Mitsubishi Estate Co., Ltd.
| | | 9,800 | | 144,792 |
Mitsubishi Gas Chemical Co., Inc.
| | | 1,100 | | 11,983 |
Mitsubishi Heavy Industries, Ltd.
| | | 2,700 | | 68,341 |
Mitsubishi Motors Corp. (b)
| | | 5,600 | | 15,873 |
Mitsubishi UFJ Financial Group, Inc.
| | | 105,300 | | 393,089 |
Mitsubishi UFJ Lease & Finance Co., Ltd.
| | | 2,900 | | 14,291 |
Mitsui Chemicals, Inc.
| | | 1,300 | | 24,698 |
Mitsui Fudosan Co., Ltd.
| | | 7,400 | | 128,217 |
Mitsui OSK Lines, Ltd.
| | | 700 | | 11,328 |
Mizuho Financial Group, Inc.
| | | 206,700 | | 236,655 |
MonotaRO Co., Ltd.
| | | 900 | | 23,910 |
MS&AD Insurance Group Holdings, Inc.
| | | 3,900 | | 109,282 |
Murata Manufacturing Co., Ltd.
| | | 5,100 | | 258,508 |
Nabtesco Corp.
| | | 700 | | 16,178 |
Nagoya Railroad Co., Ltd.
| | | 1,300 | | 36,487 |
NEC Corp.
| | | 2,100 | | 76,740 |
Nexon Co., Ltd.
| | | 3,900 | | 63,763 |
NGK Insulators, Ltd.
| | | 2,600 | | 34,127 |
NGK Spark Plug Co., Ltd.
| | | 1,100 | | 15,508 |
NH Foods, Ltd.
| | | 500 | | 17,438 |
Nidec Corp.
| | | 4,200 | | 218,141 |
Nikon Corp.
| | | 2,900 | | 26,809 |
Nintendo Co., Ltd.
| | | 1,000 | | 385,438 |
Nippon Building Fund, Inc. REIT
| | | 11 | | 73,771 |
Nippon Express Co., Ltd.
| | | 500 | | 24,501 |
Nippon Paint Holdings Co., Ltd.
| | | 1,300 | | 68,158 |
Nippon Prologis REIT, Inc.
| | | 21 | | 52,755 |
Nippon Shinyaku Co., Ltd.
| | | 300 | | 23,565 |
Nippon Steel Corp. (b)
| | | 6,600 | | 56,576 |
Nippon Telegraph & Telephone Corp.
| | | 11,400 | | 271,972 |
Nippon Yusen KK (b)
| | | 1,200 | | 14,295 |
Nissan Chemical Corp.
| | | 900 | | 32,847 |
See accompanying notes to financial statements.
29
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Nissan Motor Co., Ltd.
| | | 19,400 | | $64,083 |
Nisshin Seifun Group, Inc.
| | | 2,100 | | 35,054 |
Nissin Foods Holdings Co., Ltd.
| | | 600 | | 50,021 |
Nitori Holdings Co., Ltd.
| | | 700 | | 94,539 |
Nitto Denko Corp.
| | | 1,200 | | 53,633 |
Nomura Holdings, Inc.
| | | 28,300 | | 120,011 |
Nomura Real Estate Holdings, Inc.
| | | 800 | | 13,005 |
Nomura Real Estate Master Fund, Inc. REIT
| | | 33 | | 41,756 |
Nomura Research Institute, Ltd.
| | | 2,800 | | 59,343 |
NSK, Ltd.
| | | 3,300 | | 21,214 |
NTT Data Corp.
| | | 5,500 | | 52,985 |
NTT DOCOMO, Inc.
| | | 11,600 | | 362,866 |
Obayashi Corp.
| | | 5,800 | | 49,750 |
Obic Co., Ltd.
| | | 500 | | 65,583 |
Odakyu Electric Railway Co., Ltd.
| | | 2,600 | | 57,128 |
Oji Holdings Corp.
| | | 7,000 | | 37,543 |
Olympus Corp.
| | | 9,800 | | 141,796 |
Omron Corp.
| | | 1,800 | | 93,872 |
Ono Pharmaceutical Co., Ltd.
| | | 3,300 | | 75,993 |
Oracle Corp. Japan
| | | 300 | | 26,233 |
Oriental Land Co., Ltd. (b)
| | | 1,900 | | 243,231 |
ORIX Corp.
| | | 11,700 | | 140,946 |
Orix JREIT, Inc.
| | | 24 | | 31,569 |
Otsuka Corp.
| | | 800 | | 34,237 |
Otsuka Holdings Co., Ltd.
| | | 3,300 | | 129,334 |
Pan Pacific International Holdings Corp.
| | | 3,700 | | 70,226 |
Panasonic Corp.
| | | 18,700 | | 142,907 |
Park24 Co., Ltd.
| | | 700 | | 10,316 |
PeptiDream, Inc. (a)
| | | 700 | | 24,445 |
Persol Holdings Co., Ltd. (b)
| | | 1,200 | | 12,072 |
Pigeon Corp.
| | | 900 | | 34,556 |
Pola Orbis Holdings, Inc.
| | | 500 | | 9,240 |
Rakuten, Inc.
| | | 7,100 | | 53,930 |
Recruit Holdings Co., Ltd. (b)
| | | 11,700 | | 303,026 |
Renesas Electronics Corp. (a)
| | | 6,800 | | 24,503 |
Resona Holdings, Inc.
| | | 18,200 | | 54,825 |
Ricoh Co., Ltd.
| | | 5,900 | | 43,394 |
Rinnai Corp.
| | | 200 | | 14,173 |
Rohm Co., Ltd.
| | | 700 | | 38,451 |
Ryohin Keikaku Co., Ltd.
| | | 2,100 | | 23,615 |
Sankyo Co., Ltd.
| | | 300 | | 8,740 |
Santen Pharmaceutical Co., Ltd.
| | | 3,300 | | 56,796 |
SBI Holdings, Inc.
| | | 2,400 | | 35,081 |
Secom Co., Ltd.
| | | 1,900 | | 157,942 |
Sega Sammy Holdings, Inc.
| | | 1,200 | | 14,617 |
Seibu Holdings, Inc.
| | | 2,100 | | 23,110 |
Seiko Epson Corp. (b)
| | | 2,500 | | 27,095 |
Sekisui Chemical Co., Ltd.
| | | 3,300 | | 43,804 |
Sekisui House, Ltd.
| | | 5,300 | | 87,609 |
Seven & i Holdings Co., Ltd.
| | | 6,500 | | 215,312 |
Seven Bank, Ltd.
| | | 4,200 | | 10,855 |
SG Holdings Co., Ltd.
| | | 1,000 | | 23,834 |
Sharp Corp. (b)
| | | 2,000 | | 21,027 |
Shimadzu Corp.
| | | 2,200 | | 57,978 |
| Security Description | | | Shares | | Value |
Shimamura Co., Ltd.
| | | 100 | | $6,040 |
Shimano, Inc.
| | | 600 | | 85,814 |
Shimizu Corp.
| | | 5,200 | | 40,702 |
Shin-Etsu Chemical Co., Ltd.
| | | 3,100 | | 308,119 |
Shinsei Bank, Ltd. (a)
| | | 1,300 | | 17,365 |
Shionogi & Co., Ltd.
| | | 2,500 | | 123,130 |
Shiseido Co., Ltd.
| | | 3,400 | | 200,999 |
Shizuoka Bank, Ltd.
| | | 3,300 | | 20,083 |
Showa Denko KK
| | | 900 | | 18,649 |
SMC Corp.
| | | 500 | | 211,894 |
Softbank Corp. (b)
| | | 14,800 | | 188,436 |
SoftBank Group Corp.
| | | 13,200 | | 463,171 |
Sohgo Security Services Co., Ltd.
| | | 500 | | 24,362 |
Sompo Holdings, Inc.
| | | 2,900 | | 89,803 |
Sony Corp.
| | | 10,700 | | 636,420 |
Sony Financial Holdings, Inc.
| | | 1,200 | | 20,308 |
Square Enix Holdings Co., Ltd.
| | | 600 | | 26,817 |
Stanley Electric Co., Ltd.
| | | 800 | | 15,799 |
Subaru Corp.
| | | 5,600 | | 107,560 |
SUMCO Corp.
| | | 2,400 | | 30,968 |
Sumitomo Chemical Co., Ltd.
| | | 12,000 | | 35,682 |
Sumitomo Dainippon Pharma Co., Ltd.
| | | 1,100 | | 14,296 |
Sumitomo Electric Industries, Ltd.
| | | 6,200 | | 65,357 |
Sumitomo Heavy Industries, Ltd.
| | | 700 | | 12,651 |
Sumitomo Metal Mining Co., Ltd.
| | | 2,100 | | 43,146 |
Sumitomo Mitsui Financial Group, Inc.
| | | 11,600 | | 281,847 |
Sumitomo Mitsui Trust Holdings, Inc.
| | | 2,900 | | 83,920 |
Sumitomo Realty & Development Co., Ltd.
| | | 2,900 | | 70,784 |
Sumitomo Rubber Industries, Ltd.
| | | 2,100 | | 19,822 |
Sundrug Co., Ltd.
| | | 400 | | 12,820 |
Suntory Beverage & Food, Ltd.
| | | 1,000 | | 37,840 |
Suzuken Co., Ltd.
| | | 500 | | 18,225 |
Suzuki Motor Corp.
| | | 3,100 | | 74,216 |
Sysmex Corp.
| | | 1,400 | | 101,750 |
T&D Holdings, Inc.
| | | 5,300 | | 43,400 |
Taiheiyo Cement Corp.
| | | 800 | | 13,709 |
Taisei Corp.
| | | 1,900 | | 58,168 |
Taisho Pharmaceutical Holdings Co., Ltd.
| | | 200 | | 12,301 |
Taiyo Nippon Sanso Corp.
| | | 900 | | 13,347 |
Takeda Pharmaceutical Co., Ltd.
| | | 12,808 | | 392,468 |
TDK Corp.
| | | 1,000 | | 77,625 |
Teijin, Ltd.
| | | 1,200 | | 20,342 |
Terumo Corp.
| | | 5,600 | | 192,969 |
THK Co., Ltd.
| | | 800 | | 16,392 |
Tobu Railway Co., Ltd.
| | | 1,800 | | 62,860 |
Toho Co., Ltd.
| | | 900 | | 27,511 |
Tohoku Electric Power Co., Inc.
| | | 3,300 | | 31,822 |
Tokio Marine Holdings, Inc.
| | | 5,500 | | 252,188 |
Tokyo Century Corp. (b)
| | | 300 | | 9,407 |
Tokyo Electric Power Co. Holdings, Inc. (a)
| | | 12,200 | | 42,605 |
Tokyo Electron, Ltd.
| | | 1,300 | | 245,116 |
See accompanying notes to financial statements.
30
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Tokyu Corp.
| | | 3,900 | | $61,414 |
Tokyu Fudosan Holdings Corp.
| | | 6,000 | | 28,790 |
Toppan Printing Co., Ltd.
| | | 2,500 | | 38,349 |
Toray Industries, Inc.
| | | 12,100 | | 52,567 |
Toshiba Corp.
| | | 3,300 | | 72,753 |
Tosoh Corp.
| | | 2,600 | | 29,623 |
TOTO, Ltd.
| | | 1,000 | | 33,301 |
Toyo Seikan Group Holdings, Ltd.
| | | 900 | | 10,288 |
Toyo Suisan Kaisha, Ltd.
| | | 600 | | 29,012 |
Toyoda Gosei Co., Ltd.
| | | 300 | | 5,152 |
Toyota Industries Corp.
| | | 1,300 | | 62,378 |
Toyota Motor Corp.
| | | 19,400 | | 1,168,259 |
Trend Micro, Inc.
| | | 900 | | 44,519 |
Tsuruha Holdings, Inc.
| | | 300 | | 39,628 |
Unicharm Corp.
| | | 3,300 | | 123,832 |
United Urban Investment Corp. REIT
| | | 27 | | 26,886 |
USS Co., Ltd.
| | | 1,900 | | 26,153 |
Welcia Holdings Co., Ltd.
| | | 300 | | 20,981 |
West Japan Railway Co.
| | | 1,400 | | 95,914 |
Yakult Honsha Co., Ltd.
| | | 1,000 | | 59,191 |
Yamada Denki Co., Ltd.
| | | 5,300 | | 21,160 |
Yamaha Corp.
| | | 1,000 | | 39,044 |
Yamaha Motor Co., Ltd.
| | | 2,700 | | 32,689 |
Yamato Holdings Co., Ltd. (b)
| | | 2,800 | | 44,015 |
Yamazaki Baking Co., Ltd.
| | | 700 | | 14,635 |
Yaskawa Electric Corp.
| | | 2,300 | | 63,404 |
Yokogawa Electric Corp.
| | | 2,400 | | 28,968 |
Yokohama Rubber Co., Ltd.
| | | 800 | | 9,952 |
Z Holdings Corp.
| | | 20,600 | | 66,405 |
ZOZO, Inc.
| | | 600 | | 8,064 |
| | | | | | 24,064,762 |
| LUXEMBOURG — 0.2% | | | | | |
ArcelorMittal SA
| | | 5,593 | | 53,152 |
Eurofins Scientific SE
| | | 98 | | 48,496 |
Millicom International Cellular SA SDR
| | | 602 | | 16,989 |
SES SA
| | | 3,280 | | 19,247 |
Tenaris SA
| | | 4,239 | | 25,954 |
| | | | | | 163,838 |
| MACAU — 0.0% (c) | | | | | |
Wynn Macau, Ltd.
| | | 13,200 | | 20,062 |
| NETHERLANDS — 3.8% | | | | | |
ABN AMRO Bank NV (d)
| | | 3,646 | | 29,940 |
Adyen NV (a)(d)
| | | 93 | | 78,635 |
Aegon NV
| | | 15,728 | | 39,934 |
Akzo Nobel NV
| | | 1,725 | | 113,584 |
Altice Europe NV (a)
| | | 5,779 | | 22,390 |
ASML Holding NV
| | | 3,645 | | 969,673 |
EXOR NV
| | | 882 | | 45,486 |
Heineken Holding NV
| | | 996 | | 76,336 |
Heineken NV
| | | 2,221 | | 185,601 |
ING Groep NV
| | | 33,368 | | 175,065 |
Just Eat Takeaway (a)(d)
| | | 982 | | 74,024 |
Koninklijke Ahold Delhaize NV
| | | 10,034 | | 234,344 |
| Security Description | | | Shares | | Value |
Koninklijke DSM NV
| | | 1,529 | | $173,642 |
Koninklijke KPN NV
| | | 30,253 | | 72,233 |
Koninklijke Philips NV
| | | 7,687 | | 311,362 |
Koninklijke Vopak NV
| | | 634 | | 32,988 |
NN Group NV
| | | 2,747 | | 74,148 |
NXP Semiconductors NV
| | | 2,418 | | 200,525 |
Prosus NV (a)
| | | 4,173 | | 289,153 |
Randstad NV
| | | 1,063 | | 37,522 |
Wolters Kluwer NV
| | | 2,397 | | 168,801 |
| | | | | | 3,405,386 |
| NEW ZEALAND — 0.3% | | | | | |
a2 Milk Co., Ltd. (a)
| | | 6,464 | | 65,875 |
Auckland International Airport, Ltd.
| | | 7,957 | | 23,539 |
Fisher & Paykel Healthcare Corp., Ltd.
| | | 5,046 | | 90,882 |
Fletcher Building, Ltd.
| | | 7,508 | | 15,579 |
Mercury NZ, Ltd.
| | | 5,832 | | 14,591 |
Meridian Energy, Ltd.
| | | 11,573 | | 27,719 |
Ryman Healthcare, Ltd.
| | | 3,528 | | 21,543 |
Spark New Zealand, Ltd.
| | | 16,538 | | 40,052 |
| | | | | | 299,780 |
| NORWAY — 0.5% | | | | | |
DNB ASA
| | | 8,252 | | 91,746 |
Gjensidige Forsikring ASA
| | | 1,826 | | 30,961 |
Mowi ASA
| | | 3,584 | | 54,147 |
Norsk Hydro ASA
| | | 12,153 | | 26,179 |
Orkla ASA
| | | 6,480 | | 54,933 |
Schibsted ASA Class B
| | | 830 | | 14,717 |
Telenor ASA
| | | 6,331 | | 91,580 |
Yara International ASA
| | | 1,439 | | 45,125 |
| | | | | | 409,388 |
| PORTUGAL — 0.1% | | | | | |
EDP - Energias de Portugal SA
| | | 21,165 | | 84,951 |
Jeronimo Martins SGPS SA
| | | 2,294 | | 41,381 |
| | | | | | 126,332 |
| SINGAPORE — 1.2% | | | | | |
Ascendas Real Estate Investment Trust
| | | 23,108 | | 45,929 |
CapitaLand Commercial Trust REIT
| | | 22,994 | | 24,708 |
CapitaLand Mall Trust REIT
| | | 23,100 | | 29,040 |
CapitaLand, Ltd.
| | | 21,100 | | 42,234 |
City Developments, Ltd.
| | | 3,300 | | 16,780 |
ComfortDelGro Corp., Ltd.
| | | 19,800 | | 21,137 |
DBS Group Holdings, Ltd.
| | | 15,473 | | 201,801 |
Genting Singapore, Ltd.
| | | 53,600 | | 25,975 |
Mapletree Commercial Trust REIT
| | | 17,000 | | 21,849 |
Oversea-Chinese Banking Corp., Ltd.
| | | 27,679 | | 167,958 |
SATS, Ltd.
| | | 6,200 | | 13,760 |
Sembcorp Industries, Ltd.
| | | 9,900 | | 10,777 |
Singapore Airlines, Ltd. (b)
| | | 5,200 | | 20,963 |
Singapore Exchange, Ltd.
| | | 6,600 | | 42,599 |
Singapore Press Holdings, Ltd. (b)
| | | 13,200 | | 16,965 |
See accompanying notes to financial statements.
31
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Singapore Technologies Engineering, Ltd.
| | | 13,200 | | $28,925 |
Singapore Telecommunications, Ltd.
| | | 69,400 | | 123,802 |
Suntec Real Estate Investment Trust
| | | 16,200 | | 14,222 |
United Overseas Bank, Ltd.
| | | 10,371 | | 141,669 |
UOL Group, Ltd.
| | | 3,823 | | 17,640 |
Venture Corp., Ltd.
| | | 2,400 | | 22,873 |
Wilmar International, Ltd.
| | | 16,500 | | 37,430 |
| | | | | | 1,089,036 |
| SPAIN — 2.6% | | | | | |
Abertis Infraestructuras SA (a)
| | | 177 | | 1,257 |
ACS Actividades de Construccion y Servicios SA
| | | 2,386 | | 46,640 |
Aena SME SA (d)
| | | 602 | | 65,737 |
Amadeus IT Group SA
| | | 3,691 | | 174,958 |
Banco Bilbao Vizcaya Argentaria SA
| | | 57,100 | | 182,665 |
Banco de Sabadell SA
| | | 48,835 | | 25,131 |
Banco Santander SA
| | | 141,179 | | 343,588 |
Bankia SA
| | | 10,491 | | 11,718 |
Bankinter SA
| | | 6,101 | | 22,386 |
CaixaBank SA
| | | 30,041 | | 56,036 |
Cellnex Telecom SA (d)
| | | 2,101 | | 95,556 |
Enagas SA
| | | 1,826 | | 36,255 |
Endesa SA
| | | 2,608 | | 55,716 |
Ferrovial SA
| | | 4,115 | | 98,747 |
Grifols SA (b)
| | | 2,678 | | 91,092 |
Iberdrola SA
| | | 52,272 | | 515,282 |
Industria de Diseno Textil SA
| | | 9,237 | | 239,801 |
Mapfre SA
| | | 9,744 | | 16,641 |
Red Electrica Corp. SA
| | | 3,577 | | 64,230 |
Siemens Gamesa Renewable Energy SA
| | | 1,868 | | 28,142 |
Telefonica SA
| | | 40,016 | | 183,248 |
| | | | | | 2,354,826 |
| SWEDEN — 2.7% | | | | | |
Alfa Laval AB
| | | 2,692 | | 46,802 |
Assa Abloy AB Class B
| | | 8,474 | | 160,539 |
Atlas Copco AB Class A
| | | 5,751 | | 193,815 |
Atlas Copco AB Class B
| | | 3,290 | | 97,295 |
Boliden AB
| | | 2,494 | | 45,637 |
Electrolux AB Class B
| | | 1,910 | | 23,866 |
Epiroc AB Class A
| | | 5,447 | | 54,131 |
Epiroc AB Class B
| | | 3,167 | | 31,460 |
Essity AB Class B
| | | 5,128 | | 158,379 |
Hennes & Mauritz AB Class B (b)
| | | 6,812 | | 88,006 |
Hexagon AB Class B
| | | 2,326 | | 99,541 |
Husqvarna AB Class B
| | | 3,741 | | 18,857 |
ICA Gruppen AB
| | | 739 | | 31,170 |
Industrivarden AB Class C
| | | 1,468 | | 28,730 |
Investor AB Class B
| | | 3,851 | | 177,669 |
Kinnevik AB Class B
| | | 2,167 | | 36,110 |
L E Lundbergforetagen AB Class B (b)
| | | 599 | | 24,618 |
Sandvik AB
| | | 9,917 | | 141,383 |
| Security Description | | | Shares | | Value |
Securitas AB Class B
| | | 2,511 | | $27,232 |
Skandinaviska Enskilda Banken AB Class A
| | | 13,849 | | 93,904 |
Skanska AB Class B (a)
| | | 3,096 | | 47,326 |
SKF AB Class B (b)
| | | 3,213 | | 44,331 |
Svenska Handelsbanken AB Class A (a)
| | | 12,903 | | 108,275 |
Swedbank AB Class A
| | | 7,654 | | 85,635 |
Swedish Match AB (b)
| | | 1,533 | | 87,886 |
Tele2 AB Class B
| | | 4,351 | | 58,583 |
Telefonaktiebolaget LM Ericsson Class B
| | | 26,827 | | 219,485 |
Telia Co. AB
| | | 23,679 | | 85,321 |
Volvo AB Class B
| | | 12,590 | | 151,852 |
| | | | | | 2,467,838 |
| SWITZERLAND — 11.7% | | | | | |
ABB, Ltd.
| | | 15,622 | | 274,562 |
Adecco Group AG
| | | 1,370 | | 54,004 |
Alcon, Inc. (a)
| | | 3,502 | | 178,548 |
Baloise Holding AG
| | | 414 | | 54,299 |
Barry Callebaut AG
| | | 27 | | 54,137 |
Chocoladefabriken Lindt & Spruengli AG (e)
| | | 8 | | 67,428 |
Chocoladefabriken Lindt & Spruengli AG (e)
| | | 1 | | 87,231 |
Cie Financiere Richemont SA
| | | 4,423 | | 242,555 |
Clariant AG
| | | 1,698 | | 28,544 |
Coca-Cola HBC AG
| | | 1,653 | | 35,602 |
Credit Suisse Group AG
| | | 21,908 | | 181,142 |
Dufry AG
| | | 386 | | 12,000 |
EMS-Chemie Holding AG
| | | 66 | | 41,508 |
Geberit AG
| | | 315 | | 138,690 |
Givaudan SA
| | | 77 | | 238,349 |
Julius Baer Group, Ltd.
| | | 1,894 | | 64,657 |
Kuehne + Nagel International AG
| | | 444 | | 60,964 |
LafargeHolcim, Ltd.
| | | 4,171 | | 152,433 |
Lonza Group AG
| | | 638 | | 265,210 |
Nestle SA
| | | 25,359 | | 2,606,535 |
Novartis AG
| | | 18,298 | | 1,510,098 |
Pargesa Holding SA
| | | 307 | | 20,355 |
Partners Group Holding AG
| | | 159 | | 110,037 |
Roche Holding AG
| | | 5,985 | | 1,942,627 |
Schindler Holding AG (e)
| | | 348 | | 76,394 |
Schindler Holding AG (e)
| | | 158 | | 33,378 |
SGS SA
| | | 52 | | 120,494 |
Sika AG
| | | 1,118 | | 184,822 |
Sonova Holding AG
| | | 472 | | 85,078 |
STMicroelectronics NV (b)
| | | 5,817 | | 126,856 |
Straumann Holding AG
| | | 87 | | 64,867 |
Swatch Group AG (e)
| | | 235 | | 46,985 |
Swatch Group AG (e)
| | | 443 | | 17,435 |
Swiss Life Holding AG
| | | 283 | | 96,347 |
Swiss Prime Site AG
| | | 638 | | 62,478 |
Swiss Re AG
| | | 2,566 | | 197,738 |
Swisscom AG (b)
| | | 217 | | 116,669 |
Temenos AG
| | | 584 | | 76,595 |
See accompanying notes to financial statements.
32
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
UBS Group AG
| | | 33,420 | | $312,456 |
Vifor Pharma AG
| | | 404 | | 55,847 |
Zurich Insurance Group AG
| | | 1,280 | | 454,294 |
| | | | | | 10,550,248 |
| UNITED ARAB EMIRATES — 0.0% (c) | | | | | |
NMC Health PLC (f)
| | | 746 | | 2,170 |
| UNITED KINGDOM — 14.2% | | | | | |
3i Group PLC
| | | 8,221 | | 80,754 |
Admiral Group PLC
| | | 1,615 | | 44,656 |
Ashtead Group PLC
| | | 3,874 | | 84,807 |
Associated British Foods PLC
| | | 3,008 | | 67,658 |
AstraZeneca PLC
| | | 11,234 | | 1,005,160 |
Auto Trader Group PLC (d)
| | | 7,648 | | 41,640 |
AVEVA Group PLC
| | | 551 | | 23,871 |
Aviva PLC
| | | 33,540 | | 111,664 |
BAE Systems PLC
| | | 28,053 | | 181,505 |
Barclays PLC
| | | 146,176 | | 170,575 |
Barratt Developments PLC
| | | 9,206 | | 50,340 |
Berkeley Group Holdings PLC
| | | 946 | | 42,404 |
British American Tobacco PLC
| | | 19,642 | | 671,957 |
British Land Co. PLC REIT
| | | 7,897 | | 32,920 |
BT Group PLC
| | | 71,298 | | 104,231 |
Bunzl PLC
| | | 2,781 | | 56,190 |
Burberry Group PLC
| | | 3,542 | | 58,171 |
CNH Industrial NV
| | | 8,643 | | 49,466 |
Coca-Cola European Partners PLC
| | | 1,923 | | 73,112 |
Compass Group PLC
| | | 13,586 | | 212,933 |
Croda International PLC
| | | 1,168 | | 61,870 |
DCC PLC
| | | 807 | | 51,033 |
Diageo PLC
| | | 20,303 | | 651,144 |
Direct Line Insurance Group PLC
| | | 11,028 | | 40,462 |
easyJet PLC (b)
| | | 1,432 | | 10,139 |
Experian PLC
| | | 7,802 | | 217,764 |
Fiat Chrysler Automobiles NV
| | | 8,927 | | 64,374 |
G4S PLC
| | | 14,014 | | 16,039 |
GlaxoSmithKline PLC
| | | 42,719 | | 802,275 |
GVC Holdings PLC
| | | 4,983 | | 34,662 |
Halma PLC
| | | 3,218 | | 76,651 |
Hargreaves Lansdown PLC
| | | 2,394 | | 41,143 |
HSBC Holdings PLC
| | | 171,891 | | 968,171 |
Imperial Brands PLC
| | | 8,056 | | 149,516 |
Informa PLC
| | | 11,138 | | 61,125 |
InterContinental Hotels Group PLC
| | | 1,550 | | 67,565 |
Intertek Group PLC
| | | 1,365 | | 79,989 |
ITV PLC
| | | 32,763 | | 26,820 |
J Sainsbury PLC
| | | 14,939 | | 38,974 |
JD Sports Fashion PLC
| | | 3,752 | | 21,293 |
Johnson Matthey PLC
| | | 1,569 | | 34,980 |
Kingfisher PLC
| | | 18,299 | | 32,651 |
Land Securities Group PLC REIT
| | | 5,973 | | 41,238 |
Legal & General Group PLC
| | | 50,370 | | 121,071 |
Lloyds Banking Group PLC
| | | 595,210 | | 236,170 |
London Stock Exchange Group PLC
| | | 2,746 | | 247,877 |
M&G PLC (a)
| | | 22,173 | | 30,958 |
| Security Description | | | Shares | | Value |
Marks & Spencer Group PLC
| | | 18,286 | | $22,501 |
Meggitt PLC
| | | 7,011 | | 25,237 |
Melrose Industries PLC
| | | 41,815 | | 47,441 |
Micro Focus International PLC
| | | 2,905 | | 14,408 |
Mondi PLC
| | | 4,353 | | 74,539 |
National Grid PLC
| | | 29,499 | | 346,241 |
Next PLC
| | | 1,168 | | 58,973 |
Ocado Group PLC (a)
| | | 3,854 | | 58,301 |
Pearson PLC
| | | 6,629 | | 45,422 |
Persimmon PLC
| | | 2,858 | | 67,916 |
Prudential PLC
| | | 22,264 | | 285,863 |
Reckitt Benckiser Group PLC
| | | 6,074 | | 463,185 |
RELX PLC (e)
| | | 9,507 | | 204,172 |
RELX PLC (e)
| | | 7,140 | | 153,475 |
Rentokil Initial PLC
| | | 15,675 | | 75,374 |
Rio Tinto PLC
| | | 9,676 | | 446,137 |
Rio Tinto, Ltd.
| | | 3,146 | | 162,840 |
Rolls-Royce Holdings PLC
| | | 15,260 | | 64,447 |
Royal Bank of Scotland Group PLC
| | | 40,368 | | 56,511 |
RSA Insurance Group PLC
| | | 9,415 | | 49,078 |
Sage Group PLC
| | | 9,762 | | 71,634 |
Schroders PLC
| | | 1,056 | | 32,525 |
Segro PLC REIT
| | | 9,429 | | 89,323 |
Severn Trent PLC
| | | 2,173 | | 61,433 |
Smith & Nephew PLC
| | | 7,409 | | 131,784 |
Smiths Group PLC
| | | 3,587 | | 54,529 |
Spirax-Sarco Engineering PLC
| | | 629 | | 63,681 |
St James's Place PLC
| | | 4,856 | | 45,737 |
Standard Chartered PLC
| | | 23,831 | | 131,731 |
Standard Life Aberdeen PLC
| | | 19,972 | | 55,447 |
Taylor Wimpey PLC
| | | 29,906 | | 43,571 |
Tesco PLC
| | | 83,866 | | 237,928 |
Unilever NV
| | | 12,567 | | 617,823 |
Unilever PLC
| | | 9,504 | | 480,277 |
United Utilities Group PLC
| | | 6,212 | | 69,539 |
Vodafone Group PLC
| | | 229,227 | | 321,180 |
Weir Group PLC
| | | 2,042 | | 18,256 |
Whitbread PLC
| | | 1,121 | | 42,116 |
Wm Morrison Supermarkets PLC
| | | 20,199 | | 44,581 |
WPP PLC
| | | 10,744 | | 73,458 |
| | | | | | 12,798,582 |
| UNITED STATES — 0.3% | | | | | |
Carnival PLC
| | | 1,395 | | 16,976 |
Ferguson PLC
| | | 2,011 | | 126,073 |
International Flavors & Fragrances, Inc.
| | | 1 | | 82 |
QIAGEN NV (a)
| | | 1,974 | | 79,296 |
| | | | | | 222,427 |
TOTAL COMMON STOCKS
(Cost $106,099,979)
| | | | | 89,453,679 |
See accompanying notes to financial statements.
33
SPDR MSCI EAFE FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| SHORT-TERM INVESTMENTS — 1.2% | | | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (g) (h)
| | 13,077 | | $13,065 |
State Street Navigator Securities Lending Portfolio II (i) (j)
| | 1,102,792 | | 1,102,792 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,115,854)
| | 1,115,857 | |
TOTAL INVESTMENTS — 100.5%
(Cost $107,215,833)
| | 90,569,536 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%
| | (451,367) | |
NET ASSETS — 100.0%
| | $90,118,169 | |
| (a) | Non-income producing security. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (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 1.1% of net assets as of March 31, 2020, 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) | 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, 2020, total aggregate fair value of the security is $2,170, representing less than 0.05% of the Fund's net assets. |
| (g) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (h) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (i) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (j) | Investment of cash collateral for securities loaned. |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
| SDR | Swedish Depositary Receipt |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $89,447,498 | | $4,011 | | $2,170 | | $89,453,679 |
Short-Term Investments
| | 1,115,857 | | — | | — | | 1,115,857 |
TOTAL INVESTMENTS
| | $90,563,355 | | $4,011 | | $2,170 | | $90,569,536 |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 24,556 | | $24,558 | | $1,602,828 | | $1,614,323 | | $(1) | | $3 | | 13,077 | | $13,065 | | $655 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 9,042,970 | | 7,940,178 | | — | | — | | 1,102,792 | | 1,102,792 | | 3,614 |
State Street Navigator Securities Lending Portfolio III
| 3,926,093 | | 3,926,093 | | 2,289,025 | | 6,215,118 | | — | | — | | — | | — | | 897 |
Total
| | | $3,950,651 | | $12,934,823 | | $15,769,619 | | $(1) | | $3 | | | | $1,115,857 | | $5,166 |
See accompanying notes to financial statements.
34
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.1% | | | | |
| AUSTRALIA — 5.1% | | | | | |
AGL Energy, Ltd.
| | | 21,066 | | $221,638 |
Aristocrat Leisure, Ltd.
| | | 18,246 | | 238,425 |
ASX, Ltd.
| | | 6,665 | | 314,474 |
Aurizon Holdings, Ltd.
| | | 42,406 | | 109,788 |
Australia & New Zealand Banking Group, Ltd.
| | | 42,559 | | 441,778 |
Bendigo & Adelaide Bank, Ltd.
| | | 17,316 | | 66,451 |
BHP Group PLC
| | | 16,808 | | 260,930 |
BHP Group, Ltd.
| | | 19,784 | | 350,913 |
BlueScope Steel, Ltd.
| | | 7,995 | | 42,230 |
Brambles, Ltd.
| | | 48,355 | | 312,531 |
Caltex Australia, Ltd.
| | | 15,706 | | 214,559 |
Coca-Cola Amatil, Ltd.
| | | 19,724 | | 106,717 |
Cochlear, Ltd.
| | | 3,724 | | 427,250 |
Coles Group, Ltd.
| | | 30,677 | | 284,642 |
Commonwealth Bank of Australia
| | | 25,776 | | 975,285 |
CSL, Ltd.
| | | 19,390 | | 3,520,895 |
Dexus REIT
| | | 49,973 | | 278,027 |
Flight Centre Travel Group, Ltd. (a)
| | | 3,763 | | 22,824 |
Fortescue Metals Group, Ltd.
| | | 51,109 | | 312,813 |
Goodman Group REIT
| | | 19,355 | | 143,339 |
GPT Group REIT
| | | 104,847 | | 232,943 |
Harvey Norman Holdings, Ltd.
| | | 26,929 | | 48,622 |
Insurance Australia Group, Ltd.
| | | 48,914 | | 185,615 |
LendLease Group Stapled Security
| | | 7,684 | | 48,441 |
Macquarie Group, Ltd.
| | | 2,012 | | 105,596 |
Medibank Pvt, Ltd.
| | | 169,494 | | 275,945 |
Mirvac Group REIT
| | | 105,099 | | 134,441 |
National Australia Bank, Ltd.
| | | 30,820 | | 314,641 |
Newcrest Mining, Ltd.
| | | 28,567 | | 403,016 |
Origin Energy, Ltd.
| | | 15,425 | | 41,351 |
QBE Insurance Group, Ltd.
| | | 21,522 | | 113,284 |
Ramsay Health Care, Ltd.
| | | 3,538 | | 124,036 |
REA Group, Ltd. (a)
| | | 2,016 | | 94,997 |
Scentre Group REIT
| | | 206,557 | | 197,852 |
SEEK, Ltd. (a)
| | | 4,340 | | 39,393 |
Sonic Healthcare, Ltd.
| | | 35,988 | | 535,904 |
Stockland REIT
| | | 63,554 | | 98,413 |
Suncorp Group, Ltd.
| | | 13,861 | | 77,456 |
Tabcorp Holdings, Ltd.
| | | 26,422 | | 40,914 |
Telstra Corp., Ltd.
| | | 240,703 | | 452,280 |
Transurban Group Stapled Security
| | | 86,004 | | 633,771 |
Vicinity Centres REIT
| | | 194,892 | | 123,459 |
Wesfarmers, Ltd.
| | | 62,558 | | 1,312,152 |
Westpac Banking Corp. (a)
| | | 55,521 | | 560,697 |
Woodside Petroleum, Ltd.
| | | 7,704 | | 85,864 |
Woolworths Group, Ltd.
| | | 51,225 | | 1,100,465 |
| | | | | | 16,027,057 |
| AUSTRIA — 0.1% | | | | | |
Erste Group Bank AG
| | | 2,806 | | 51,987 |
OMV AG
| | | 2,558 | | 70,618 |
Raiffeisen Bank International AG
| | | 3,794 | | 55,680 |
| Security Description | | | Shares | | Value |
Voestalpine AG
| | | 3,212 | | $65,324 |
| | | | | | 243,609 |
| BELGIUM — 1.2% | | | | | |
Ageas
| | | 7,252 | | 301,660 |
Anheuser-Busch InBev SA
| | | 5,685 | | 252,446 |
Colruyt SA
| | | 14,341 | | 775,296 |
Groupe Bruxelles Lambert SA
| | | 11,429 | | 898,149 |
KBC Group NV
| | | 2,903 | | 133,847 |
Proximus SADP
| | | 29,671 | | 679,454 |
Solvay SA
| | | 1,035 | | 75,385 |
UCB SA
| | | 6,322 | | 548,009 |
| | | | | | 3,664,246 |
| CHINA — 0.1% | | | | | |
BOC Hong Kong Holdings, Ltd.
| | | 64,536 | | 178,598 |
| DENMARK — 3.5% | | | | | |
AP Moller - Maersk A/S Class B (a)
| | | 128 | | 114,659 |
Carlsberg A/S Class B
| | | 1,977 | | 223,782 |
Chr. Hansen Holding A/S
| | | 5,801 | | 434,000 |
Coloplast A/S Class B
| | | 9,522 | | 1,381,368 |
Danske Bank A/S
| | | 19,418 | | 219,569 |
Demant A/S (a)(b)
| | | 5,661 | | 125,360 |
DSV Panalpina A/S
| | | 8,846 | | 804,111 |
H Lundbeck A/S
| | | 2,896 | | 85,933 |
ISS A/S (a)
| | | 7,434 | | 102,184 |
Novo Nordisk A/S Class B
| | | 89,882 | | 5,407,484 |
Novozymes A/S Class B
| | | 10,305 | | 468,671 |
Orsted A/S (c)
| | | 5,291 | | 518,457 |
Pandora A/S
| | | 5,140 | | 166,955 |
Tryg A/S
| | | 24,692 | | 607,424 |
Vestas Wind Systems A/S
| | | 4,934 | | 400,913 |
| | | | | | 11,060,870 |
| FINLAND — 1.5% | | | | | |
Elisa Oyj (a)
| | | 21,910 | | 1,357,822 |
Fortum Oyj
| | | 3,981 | | 58,424 |
Kone Oyj Class B
| | | 15,566 | | 881,659 |
Neste Oyj
| | | 8,779 | | 297,171 |
Nokia Oyj
| | | 59,387 | | 186,951 |
Nokian Renkaat Oyj (a)
| | | 4,511 | | 109,240 |
Nordea Bank Abp (d)
| | | 39,191 | | 221,831 |
Nordea Bank Abp (d)
| | | 3,250 | | 18,305 |
Orion Oyj Class B (a)
| | | 4,981 | | 203,750 |
Sampo Oyj Class A
| | | 32,487 | | 948,906 |
UPM-Kymmene Oyj (a)
| | | 13,871 | | 381,869 |
Wartsila OYJ Abp
| | | 16,659 | | 122,287 |
| | | | | | 4,788,215 |
| FRANCE — 7.9% | | | | | |
Aeroports de Paris
| | | 3,974 | | 381,323 |
Air Liquide SA
| | | 7,161 | | 916,567 |
Airbus SE
| | | 15,570 | | 1,013,776 |
Alstom SA
| | | 2,594 | | 108,557 |
Atos SE
| | | 1,005 | | 68,083 |
AXA SA
| | | 32,713 | | 566,700 |
BNP Paribas SA
| | | 23,513 | | 709,748 |
See accompanying notes to financial statements.
35
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Bureau Veritas SA
| | | 9,935 | | $188,699 |
Capgemini SE
| | | 1,158 | | 97,837 |
Carrefour SA (a)
| | | 10,103 | | 159,798 |
Casino Guichard Perrachon SA (a)
| | | 2,325 | | 89,569 |
Cie de Saint-Gobain
| | | 7,237 | | 176,008 |
Cie Generale des Etablissements Michelin SCA
| | | 6,600 | | 587,025 |
Credit Agricole SA
| | | 24,057 | | 176,593 |
Danone SA
| | | 10,342 | | 665,433 |
Dassault Systemes SE
| | | 3,945 | | 584,368 |
Engie SA
| | | 25,330 | | 261,591 |
EssilorLuxottica SA
| | | 5,375 | | 579,628 |
Eutelsat Communications SA
| | | 6,453 | | 67,449 |
Faurecia SE
| | | 3,408 | | 102,086 |
Getlink SE
| | | 5,844 | | 70,472 |
Hermes International
| | | 2,202 | | 1,519,272 |
Iliad SA
| | | 521 | | 70,687 |
Ipsen SA
| | | 1,351 | | 69,939 |
Kering SA
| | | 2,480 | | 1,295,010 |
Legrand SA
| | | 8,706 | | 558,640 |
L'Oreal SA
| | | 9,586 | | 2,512,808 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 9,080 | | 3,371,989 |
Orange SA
| | | 62,397 | | 762,359 |
Pernod Ricard SA
| | | 3,497 | | 496,711 |
Peugeot SA
| | | 12,802 | | 170,882 |
Publicis Groupe SA
| | | 2,194 | | 62,880 |
Renault SA
| | | 6,839 | | 132,883 |
Safran SA
| | | 2,795 | | 245,775 |
Sanofi
| | | 19,317 | | 1,698,614 |
Schneider Electric SE
| | | 3,874 | | 334,024 |
SCOR SE
| | | 9,568 | | 210,810 |
SEB SA
| | | 614 | | 76,466 |
Societe Generale SA
| | | 24,964 | | 420,409 |
Sodexo SA
| | | 6,558 | | 443,547 |
Thales SA
| | | 8,731 | | 731,728 |
TOTAL SA
| | | 33,644 | | 1,306,453 |
Unibail-Rodamco-Westfield (d)
| | | 30,118 | | 79,449 |
Unibail-Rodamco-Westfield REIT (d)
| | | 24 | | 1,358 |
Unibail-Rodamco-Westfield REIT (a)(d)
| | | 775 | | 43,845 |
Valeo SA
| | | 5,043 | | 84,385 |
Vinci SA
| | | 4,305 | | 356,164 |
Vivendi SA
| | | 7,682 | | 164,578 |
Worldline SA (b)(c)
| | | 382 | | 22,508 |
| | | | | | 24,815,483 |
| GERMANY — 5.3% | | | | | |
Adidas AG
| | | 7,313 | | 1,652,181 |
Allianz SE
| | | 5,278 | | 908,537 |
Aroundtown SA
| | | 12,233 | | 61,127 |
BASF SE
| | | 13,296 | | 629,444 |
Bayer AG
| | | 8,699 | | 504,452 |
Bayerische Motoren Werke AG
| | | 7,252 | | 374,906 |
Bayerische Motoren Werke AG Preference Shares
| | | 1,433 | | 61,574 |
| Security Description | | | Shares | | Value |
Beiersdorf AG
| | | 9,457 | | $960,467 |
Commerzbank AG
| | | 40,789 | | 148,074 |
Continental AG
| | | 4,744 | | 341,523 |
Covestro AG (c)
| | | 9,539 | | 291,706 |
Daimler AG
| | | 17,945 | | 541,873 |
Deutsche Bank AG
| | | 51,130 | | 334,875 |
Deutsche Boerse AG
| | | 1,081 | | 148,266 |
Deutsche Lufthansa AG
| | | 10,147 | | 95,328 |
Deutsche Post AG
| | | 16,784 | | 456,263 |
Deutsche Telekom AG
| | | 82,503 | | 1,069,480 |
E.ON SE
| | | 24,492 | | 253,716 |
Fresenius Medical Care AG & Co. KGaA
| | | 8,610 | | 568,729 |
Fresenius SE & Co. KGaA
| | | 3,616 | | 134,623 |
Fuchs Petrolub SE Preference Shares
| | | 3,036 | | 107,666 |
GEA Group AG
| | | 5,395 | | 110,846 |
Hannover Rueck SE
| | | 2,926 | | 420,583 |
HeidelbergCement AG
| | | 1,749 | | 75,017 |
Henkel AG & Co. KGaA Preference Shares
| | | 5,784 | | 464,564 |
Henkel AG & Co. KGaA
| | | 7,212 | | 532,965 |
Infineon Technologies AG
| | | 33,586 | | 494,926 |
Knorr-Bremse AG
| | | 1,888 | | 167,469 |
Merck KGaA
| | | 4,223 | | 433,806 |
METRO AG
| | | 8,128 | | 70,170 |
MTU Aero Engines AG
| | | 1,035 | | 151,440 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 5,933 | | 1,198,489 |
Porsche Automobil Holding SE Preference Shares
| | | 2,525 | | 107,165 |
Puma SE
| | | 849 | | 50,677 |
RWE AG
| | | 9,335 | | 245,418 |
SAP SE
| | | 3,602 | | 406,296 |
Siemens AG
| | | 6,856 | | 582,787 |
Siemens Healthineers AG (c)
| | | 3,254 | | 128,697 |
Thyssenkrupp AG (b)
| | | 7,770 | | 40,650 |
TUI AG
| | | 18,466 | | 83,070 |
Uniper SE
| | | 9,881 | | 243,835 |
United Internet AG
| | | 1,504 | | 44,343 |
Volkswagen AG Preference Shares
| | | 4,969 | | 582,517 |
Wirecard AG
| | | 3,101 | | 356,079 |
| | | | | | 16,636,619 |
| HONG KONG — 4.7% | | | | | |
AIA Group, Ltd.
| | | 70,223 | | 635,558 |
ASM Pacific Technology, Ltd.
| | | 6,800 | | 63,693 |
Bank of East Asia, Ltd.
| | | 44,457 | | 95,672 |
CK Asset Holdings, Ltd.
| | | 41,120 | | 225,205 |
CK Hutchison Holdings, Ltd.
| | | 60,500 | | 408,230 |
CK Infrastructure Holdings, Ltd.
| | | 105,000 | | 558,129 |
CLP Holdings, Ltd.
| | | 162,000 | | 1,494,407 |
Dairy Farm International Holdings, Ltd.
| | | 50,500 | | 232,300 |
Galaxy Entertainment Group, Ltd.
| | | 83,000 | | 442,794 |
Hang Seng Bank, Ltd.
| | | 65,529 | | 1,120,204 |
See accompanying notes to financial statements.
36
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
HK Electric Investments & HK Electric Investments, Ltd. Class SS, Stapled Security
| | | 524,040 | | $504,372 |
HKT Trust & HKT, Ltd. Stapled Security
| | | 672,540 | | 916,284 |
Hong Kong & China Gas Co., Ltd.
| | | 814,799 | | 1,343,474 |
Hong Kong Exchanges & Clearing, Ltd.
| | | 45,643 | | 1,376,786 |
Jardine Matheson Holdings, Ltd.
| | | 11,800 | | 590,000 |
Jardine Strategic Holdings, Ltd.
| | | 15,100 | | 335,220 |
Link REIT
| | | 62,500 | | 529,777 |
MTR Corp., Ltd.
| | | 239,789 | | 1,239,024 |
New World Development Co., Ltd.
| | | 109,749 | | 118,090 |
PCCW, Ltd.
| | | 612,000 | | 337,153 |
Power Assets Holdings, Ltd.
| | | 175,500 | | 1,049,481 |
Sands China, Ltd.
| | | 98,800 | | 362,012 |
Sun Hung Kai Properties, Ltd.
| | | 14,000 | | 184,598 |
Swire Pacific, Ltd. Class A
| | | 15,500 | | 99,888 |
Techtronic Industries Co., Ltd.
| | | 54,000 | | 350,437 |
WH Group, Ltd. (c)
| | | 132,000 | | 123,470 |
Yue Yuen Industrial Holdings, Ltd.
| | | 67,000 | | 102,693 |
| | | | | | 14,838,951 |
| IRELAND — 0.8% | | | | | |
AerCap Holdings NV (b)
| | | 1,820 | | 41,478 |
AIB Group PLC (b)
| | | 40,465 | | 45,377 |
Bank of Ireland Group PLC
| | | 19,476 | | 36,842 |
CRH PLC
| | | 6,845 | | 186,640 |
Flutter Entertainment PLC
| | | 1,155 | | 104,605 |
James Hardie Industries PLC
| | | 7,922 | | 89,797 |
Kerry Group PLC Class A
| | | 14,988 | | 1,730,076 |
Kingspan Group PLC
| | | 8,067 | | 431,069 |
| | | | | | 2,665,884 |
| ISRAEL — 0.9% | | | | | |
Azrieli Group, Ltd.
| | | 2,562 | | 148,327 |
Bank Hapoalim BM
| | | 88,014 | | 530,206 |
Bank Leumi Le-Israel BM
| | | 113,110 | | 626,710 |
Check Point Software Technologies, Ltd. (b)
| | | 7,547 | | 758,775 |
Mizrahi Tefahot Bank, Ltd.
| | | 25,204 | | 471,883 |
Teva Pharmaceutical Industries, Ltd. ADR (b)
| | | 8,897 | | 79,895 |
Teva Pharmaceutical Industries, Ltd. (b)
| | | 10,237 | | 94,283 |
| | | | | | 2,710,079 |
| ITALY — 1.4% | | | | | |
Assicurazioni Generali SpA
| | | 31,286 | | 426,018 |
Enel SpA
| | | 115,842 | | 805,736 |
Eni SpA
| | | 26,293 | | 265,997 |
Ferrari NV
| | | 4,457 | | 692,243 |
FinecoBank Banca Fineco SpA
| | | 16,477 | | 149,878 |
Intesa Sanpaolo SpA
| | | 268,959 | | 439,250 |
Mediobanca Banca di Credito Finanziario SpA
| | | 15,460 | | 85,292 |
Moncler SpA
| | | 9,178 | | 335,249 |
Recordati SpA
| | | 5,687 | | 240,492 |
| Security Description | | | Shares | | Value |
Snam SpA
| | | 114,262 | | $527,072 |
Telecom Italia SpA
| | | 419,220 | | 165,826 |
UniCredit SpA
| | | 33,986 | | 266,520 |
| | | | | | 4,399,573 |
| JAPAN — 26.8% | | | | | |
ABC-Mart, Inc.
| | | 9,300 | | 466,055 |
Advantest Corp. (a)
| | | 8,500 | | 341,716 |
Aeon Co., Ltd.
| | | 11,800 | | 262,222 |
AGC, Inc.
| | | 2,800 | | 68,966 |
Aisin Seiki Co., Ltd.
| | | 2,300 | | 56,757 |
Ajinomoto Co., Inc.
| | | 16,500 | | 307,288 |
ANA Holdings, Inc.
| | | 23,700 | | 579,355 |
Aozora Bank, Ltd. (a)
| | | 4,300 | | 82,132 |
Asahi Group Holdings, Ltd.
| | | 12,400 | | 403,168 |
Asahi Intecc Co., Ltd.
| | | 3,400 | | 84,154 |
Asahi Kasei Corp.
| | | 11,800 | | 83,596 |
Astellas Pharma, Inc.
| | | 79,800 | | 1,235,198 |
Bandai Namco Holdings, Inc. (a)
| | | 9,100 | | 441,787 |
Bank of Kyoto, Ltd.
| | | 1,700 | | 54,171 |
Benesse Holdings, Inc.
| | | 7,700 | | 196,218 |
Bridgestone Corp.
| | | 25,600 | | 788,002 |
Canon, Inc.
| | | 57,800 | | 1,263,028 |
Central Japan Railway Co.
| | | 3,800 | | 609,661 |
Chiba Bank, Ltd.
| | | 21,100 | | 92,449 |
Chubu Electric Power Co., Inc.
| | | 12,700 | | 179,345 |
Chugai Pharmaceutical Co., Ltd.
| | | 6,400 | | 741,050 |
Chugoku Electric Power Co., Inc. (a)
| | | 52,200 | | 729,171 |
Concordia Financial Group, Ltd.
| | | 24,700 | | 72,072 |
Daicel Corp.
| | | 9,500 | | 69,432 |
Daifuku Co., Ltd. (a)
| | | 2,300 | | 145,940 |
Dai-ichi Life Holdings, Inc.
| | | 22,208 | | 266,504 |
Daiichi Sankyo Co., Ltd.
| | | 2,806 | | 193,227 |
Daikin Industries, Ltd.
| | | 1,000 | | 121,995 |
Daito Trust Construction Co., Ltd.
| | | 4,500 | | 419,550 |
Daiwa House Industry Co., Ltd.
| | | 21,800 | | 540,684 |
Daiwa House REIT Investment Corp.
| | | 320 | | 781,659 |
Denso Corp.
| | | 4,300 | | 139,051 |
Disco Corp.
| | | 600 | | 118,716 |
East Japan Railway Co.
| | | 11,500 | | 870,956 |
Eisai Co., Ltd.
| | | 700 | | 51,426 |
FamilyMart Co., Ltd.
| | | 4,900 | | 87,964 |
FANUC Corp.
| | | 600 | | 81,451 |
Fast Retailing Co., Ltd.
| | | 200 | | 81,867 |
FUJIFILM Holdings Corp.
| | | 4,700 | | 236,796 |
Fujitsu, Ltd.
| | | 4,000 | | 361,447 |
Fukuoka Financial Group, Inc.
| | | 3,700 | | 49,045 |
Hankyu Hanshin Holdings, Inc.
| | | 2,300 | | 77,444 |
Hikari Tsushin, Inc.
| | | 800 | | 134,352 |
Hitachi, Ltd.
| | | 15,300 | | 445,444 |
Honda Motor Co., Ltd. (a)
| | | 34,100 | | 767,570 |
Hoshizaki Corp.
| | | 1,500 | | 112,686 |
Hoya Corp.
| | | 12,800 | | 1,090,825 |
Idemitsu Kosan Co., Ltd.
| | | 6,500 | | 149,201 |
IHI Corp.
| | | 3,300 | | 38,577 |
See accompanying notes to financial statements.
37
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Inpex Corp.
| | | 11,400 | | $64,289 |
Isuzu Motors, Ltd.
| | | 14,500 | | 96,076 |
ITOCHU Corp. (a)
| | | 21,014 | | 436,514 |
Japan Airlines Co., Ltd. (a)
| | | 25,400 | | 468,214 |
Japan Exchange Group, Inc.
| | | 19,706 | | 347,919 |
Japan Post Bank Co., Ltd. (a)
| | | 79,300 | | 732,362 |
Japan Post Holdings Co., Ltd.
| | | 149,400 | | 1,170,373 |
Japan Post Insurance Co., Ltd.
| | | 6,500 | | 80,742 |
Japan Prime Realty Investment Corp. REIT
| | | 127 | | 382,335 |
Japan Real Estate Investment Corp. REIT
| | | 216 | | 1,266,528 |
Japan Retail Fund Investment Corp. REIT
| | | 448 | | 507,115 |
Japan Tobacco, Inc.
| | | 57,000 | | 1,053,884 |
JFE Holdings, Inc.
| | | 20,900 | | 136,100 |
JXTG Holdings, Inc.
| | | 118,982 | | 408,014 |
Kajima Corp.
| | | 26,700 | | 274,284 |
Kakaku.com, Inc.
| | | 8,900 | | 163,647 |
Kansai Electric Power Co., Inc.
| | | 12,700 | | 141,582 |
Kao Corp.
| | | 21,000 | | 1,717,660 |
Kawasaki Heavy Industries, Ltd.
| | | 3,600 | | 52,322 |
KDDI Corp.
| | | 88,118 | | 2,603,830 |
Keihan Holdings Co., Ltd.
| | | 7,800 | | 346,811 |
Keikyu Corp. (a)
| | | 19,100 | | 321,474 |
Keio Corp.
| | | 6,400 | | 378,825 |
Keyence Corp.
| | | 5,100 | | 1,645,436 |
Kintetsu Group Holdings Co., Ltd. (a)
| | | 17,400 | | 805,891 |
Kirin Holdings Co., Ltd.
| | | 18,700 | | 370,258 |
Koito Manufacturing Co., Ltd.
| | | 3,200 | | 108,341 |
Komatsu, Ltd.
| | | 8,500 | | 140,033 |
Kose Corp.
| | | 1,000 | | 123,477 |
Kubota Corp.
| | | 9,900 | | 126,690 |
Kyocera Corp.
| | | 2,200 | | 130,588 |
Kyowa Kirin Co., Ltd.
| | | 7,900 | | 177,239 |
Kyushu Electric Power Co., Inc.
| | | 22,200 | | 178,702 |
Kyushu Railway Co. (a)
| | | 24,119 | | 692,593 |
Lawson, Inc.
| | | 11,000 | | 604,233 |
LIXIL Group Corp.
| | | 10,500 | | 130,818 |
M3, Inc. (a)
| | | 14,800 | | 438,016 |
Marubeni Corp.
| | | 47,900 | | 239,156 |
Mazda Motor Corp.
| | | 12,700 | | 67,291 |
McDonald's Holdings Co. Japan, Ltd.
| | | 12,500 | | 563,892 |
Mebuki Financial Group, Inc.
| | | 56,200 | | 114,529 |
MEIJI Holdings Co., Ltd.
| | | 9,000 | | 640,267 |
MISUMI Group, Inc.
| | | 10,600 | | 231,235 |
Mitsubishi Chemical Holdings Corp.
| | | 24,100 | | 143,499 |
Mitsubishi Corp.
| | | 24,200 | | 513,680 |
Mitsubishi Electric Corp.
| | | 21,000 | | 259,692 |
Mitsubishi Heavy Industries, Ltd.
| | | 6,900 | | 174,649 |
Mitsubishi UFJ Financial Group, Inc.
| | | 336,700 | | 1,256,914 |
Mitsui & Co., Ltd.
| | | 24,700 | | 343,999 |
Mizuho Financial Group, Inc.
| | | 1,186,300 | | 1,358,220 |
| Security Description | | | Shares | | Value |
MonotaRO Co., Ltd.
| | | 3,700 | | $98,297 |
MS&AD Insurance Group Holdings, Inc.
| | | 11,000 | | 308,230 |
Murata Manufacturing Co., Ltd.
| | | 2,400 | | 121,651 |
Nabtesco Corp.
| | | 1,200 | | 27,734 |
Nagoya Railroad Co., Ltd.
| | | 24,000 | | 673,614 |
NEC Corp.
| | | 14,100 | | 515,256 |
Nexon Co., Ltd.
| | | 14,400 | | 235,431 |
NH Foods, Ltd.
| | | 8,600 | | 299,931 |
Nippon Building Fund, Inc. REIT
| | | 191 | | 1,280,941 |
Nippon Express Co., Ltd.
| | | 1,600 | | 78,403 |
Nippon Prologis REIT, Inc.
| | | 309 | | 776,257 |
Nippon Steel Corp. (a)
| | | 27,400 | | 234,875 |
Nippon Telegraph & Telephone Corp.
| | | 63,500 | | 1,514,930 |
Nippon Yusen KK
| | | 2,200 | | 26,207 |
Nissan Chemical Corp.
| | | 3,000 | | 109,490 |
Nissan Motor Co., Ltd.
| | | 136,416 | | 450,613 |
Nissin Foods Holdings Co., Ltd.
| | | 6,500 | | 541,892 |
Nitori Holdings Co., Ltd.
| | | 6,400 | | 864,360 |
Nitto Denko Corp.
| | | 6,600 | | 294,984 |
Nomura Holdings, Inc.
| | | 72,300 | | 306,599 |
Nomura Real Estate Master Fund, Inc. REIT
| | | 487 | | 616,222 |
Nomura Research Institute, Ltd.
| | | 10,000 | | 211,940 |
NTT DOCOMO, Inc.
| | | 113,322 | | 3,544,888 |
Obayashi Corp.
| | | 14,800 | | 126,949 |
Obic Co., Ltd.
| | | 1,500 | | 196,749 |
Odakyu Electric Railway Co., Ltd.
| | | 12,800 | | 281,243 |
Oji Holdings Corp.
| | | 15,400 | | 82,596 |
Ono Pharmaceutical Co., Ltd.
| | | 9,400 | | 216,464 |
Oracle Corp. Japan
| | | 2,800 | | 244,843 |
Oriental Land Co., Ltd. (a)
| | | 13,400 | | 1,715,419 |
ORIX Corp.
| | | 22,500 | | 271,050 |
Orix JREIT, Inc.
| | | 282 | | 370,932 |
Osaka Gas Co., Ltd.
| | | 12,000 | | 226,317 |
Otsuka Corp.
| | | 6,900 | | 295,290 |
Otsuka Holdings Co., Ltd.
| | | 5,300 | | 207,719 |
Pan Pacific International Holdings Corp.
| | | 12,300 | | 233,456 |
Panasonic Corp.
| | | 37,500 | | 286,578 |
Park24 Co., Ltd.
| | | 7,200 | | 106,111 |
Pigeon Corp.
| | | 3,800 | | 145,903 |
Recruit Holdings Co., Ltd. (a)
| | | 40,805 | | 1,056,836 |
Resona Holdings, Inc.
| | | 49,500 | | 149,112 |
Ricoh Co., Ltd.
| | | 13,400 | | 98,556 |
Ryohin Keikaku Co., Ltd.
| | | 11,500 | | 129,322 |
Sankyo Co., Ltd.
| | | 10,100 | | 294,238 |
Santen Pharmaceutical Co., Ltd.
| | | 3,200 | | 55,075 |
Secom Co., Ltd.
| | | 10,400 | | 864,523 |
Seibu Holdings, Inc.
| | | 9,300 | | 102,343 |
Sekisui Chemical Co., Ltd.
| | | 12,800 | | 169,908 |
Sekisui House, Ltd.
| | | 19,100 | | 315,724 |
Seven & i Holdings Co., Ltd.
| | | 18,400 | | 609,498 |
Shimamura Co., Ltd.
| | | 3,500 | | 211,384 |
Shimano, Inc.
| | | 800 | | 114,418 |
See accompanying notes to financial statements.
38
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Shin-Etsu Chemical Co., Ltd.
| | | 11,300 | | $1,123,144 |
Shinsei Bank, Ltd. (b)
| | | 5,100 | | 68,123 |
Shionogi & Co., Ltd.
| | | 13,500 | | 664,902 |
Shizuoka Bank, Ltd.
| | | 13,500 | | 82,159 |
Showa Denko KK
| | | 2,500 | | 51,804 |
SMC Corp.
| | | 1,400 | | 593,303 |
Softbank Corp. (a)
| | | 67,300 | | 856,874 |
SoftBank Group Corp.
| | | 24,500 | | 859,673 |
Sompo Holdings, Inc.
| | | 4,500 | | 139,350 |
Sony Corp.
| | | 10,300 | | 612,628 |
Subaru Corp.
| | | 12,700 | | 243,930 |
SUMCO Corp.
| | | 1,200 | | 15,484 |
Sumitomo Chemical Co., Ltd.
| | | 32,600 | | 96,935 |
Sumitomo Corp.
| | | 16,012 | | 183,770 |
Sumitomo Electric Industries, Ltd.
| | | 12,800 | | 134,930 |
Sumitomo Mitsui Financial Group, Inc.
| | | 33,200 | | 806,666 |
Sumitomo Mitsui Trust Holdings, Inc.
| | | 8,600 | | 248,867 |
Sumitomo Rubber Industries, Ltd.
| | | 8,900 | | 84,008 |
Suntory Beverage & Food, Ltd.
| | | 21,787 | | 824,417 |
Suzuki Motor Corp.
| | | 2,900 | | 69,428 |
Sysmex Corp.
| | | 6,300 | | 457,874 |
T&D Holdings, Inc.
| | | 9,900 | | 81,067 |
Taiheiyo Cement Corp.
| | | 2,500 | | 42,842 |
Taisei Corp.
| | | 9,400 | | 287,777 |
Taisho Pharmaceutical Holdings Co., Ltd.
| | | 3,300 | | 202,973 |
Takeda Pharmaceutical Co., Ltd.
| | | 14,451 | | 442,813 |
TDK Corp.
| | | 1,200 | | 93,150 |
Terumo Corp.
| | | 6,300 | | 217,090 |
Tobu Railway Co., Ltd.
| | | 15,500 | | 541,290 |
Tohoku Electric Power Co., Inc.
| | | 12,000 | | 115,715 |
Tokio Marine Holdings, Inc.
| | | 24,400 | | 1,118,800 |
Tokyo Electric Power Co. Holdings, Inc. (b)
| | | 103,600 | | 361,792 |
Tokyo Electron, Ltd.
| | | 5,000 | | 942,754 |
Tokyo Gas Co., Ltd.
| | | 14,308 | | 338,764 |
Tokyu Corp.
| | | 5,000 | | 78,737 |
Toray Industries, Inc.
| | | 53,400 | | 231,991 |
Toshiba Corp.
| | | 3,200 | | 70,548 |
Tosoh Corp.
| | | 10,000 | | 113,936 |
Toyo Suisan Kaisha, Ltd.
| | | 22,000 | | 1,063,777 |
Toyota Industries Corp.
| | | 1,500 | | 71,974 |
Toyota Motor Corp.
| | | 34,800 | | 2,095,640 |
Toyota Tsusho Corp.
| | | 4,300 | | 101,411 |
Trend Micro, Inc.
| | | 3,700 | | 183,021 |
Tsuruha Holdings, Inc.
| | | 2,500 | | 330,230 |
Unicharm Corp.
| | | 15,106 | | 566,851 |
United Urban Investment Corp. REIT
| | | 515 | | 512,829 |
USS Co., Ltd.
| | | 13,200 | | 181,698 |
West Japan Railway Co.
| | | 12,100 | | 828,971 |
Yamada Denki Co., Ltd.
| | | 107,000 | | 427,187 |
Yamaha Corp.
| | | 3,200 | | 124,941 |
Yamaha Motor Co., Ltd.
| | | 8,200 | | 99,277 |
| Security Description | | | Shares | | Value |
Yamato Holdings Co., Ltd.
| | | 3,500 | | $55,018 |
Yamazaki Baking Co., Ltd.
| | | 7,900 | | 165,164 |
Yaskawa Electric Corp.
| | | 4,900 | | 135,079 |
Yokohama Rubber Co., Ltd.
| | | 4,100 | | 51,006 |
Z Holdings Corp.
| | | 30,100 | | 97,029 |
ZOZO, Inc.
| | | 4,000 | | 53,763 |
| | | | | | 84,258,083 |
| LUXEMBOURG — 0.1% | | | | | |
ArcelorMittal SA
| | | 21,340 | | 202,800 |
SES SA
| | | 7,035 | | 41,282 |
Tenaris SA
| | | 7,416 | | 45,406 |
| | | | | | 289,488 |
| NETHERLANDS — 3.4% | | | | | |
ABN AMRO Bank NV (c)
| | | 10,149 | | 83,342 |
Adyen NV (b)(c)
| | | 279 | | 235,906 |
Aegon NV
| | | 49,872 | | 126,627 |
Akzo Nobel NV
| | | 1,400 | | 92,184 |
ASML Holding NV
| | | 13,195 | | 3,510,244 |
EXOR NV
| | | 4,472 | | 230,624 |
Heineken NV
| | | 3,720 | | 310,868 |
ING Groep NV
| | | 71,779 | | 376,589 |
Koninklijke Ahold Delhaize NV
| | | 41,403 | | 966,966 |
Koninklijke DSM NV
| | | 1,526 | | 173,301 |
Koninklijke KPN NV
| | | 73,177 | | 174,719 |
Koninklijke Philips NV
| | | 6,047 | | 244,934 |
Koninklijke Vopak NV
| | | 3,616 | | 188,146 |
NN Group NV
| | | 11,173 | | 301,586 |
NXP Semiconductors NV
| | | 2,019 | | 167,436 |
Prosus NV (b)
| | | 11,915 | | 825,606 |
Randstad NV
| | | 4,569 | | 161,279 |
Royal Dutch Shell PLC Class A
| | | 54,837 | | 964,851 |
Royal Dutch Shell PLC Class B
| | | 42,167 | | 710,971 |
Wolters Kluwer NV
| | | 10,109 | | 711,891 |
| | | | | | 10,558,070 |
| NEW ZEALAND — 0.5% | | | | | |
Auckland International Airport, Ltd.
| | | 40,545 | | 119,945 |
Fisher & Paykel Healthcare Corp., Ltd.
| | | 33,224 | | 598,390 |
Meridian Energy, Ltd.
| | | 101,757 | | 243,720 |
Ryman Healthcare, Ltd.
| | | 30,881 | | 188,570 |
Spark New Zealand, Ltd.
| | | 170,611 | | 413,185 |
| | | | | | 1,563,810 |
| NORWAY — 0.5% | | | | | |
DNB ASA
| | | 14,589 | | 162,200 |
Equinor ASA
| | | 9,355 | | 116,837 |
Gjensidige Forsikring ASA
| | | 16,998 | | 288,210 |
Mowi ASA
| | | 11,109 | | 167,836 |
Norsk Hydro ASA
| | | 29,028 | | 62,529 |
Orkla ASA
| | | 32,138 | | 272,443 |
Telenor ASA
| | | 31,390 | | 454,065 |
Yara International ASA
| | | 2,404 | | 75,387 |
| | | | | | 1,599,507 |
See accompanying notes to financial statements.
39
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| PORTUGAL — 0.1% | | | | | |
EDP - Energias de Portugal SA
| | | 35,671 | | $143,174 |
Jeronimo Martins SGPS SA
| | | 11,202 | | 202,071 |
| | | | | | 345,245 |
| SINGAPORE — 1.7% | | | | | |
CapitaLand Mall Trust REIT
| | | 298,700 | | 375,512 |
ComfortDelGro Corp., Ltd.
| | | 91,600 | | 97,786 |
DBS Group Holdings, Ltd.
| | | 54,503 | | 710,834 |
Keppel Corp., Ltd. (a)
| | | 19,411 | | 72,117 |
Oversea-Chinese Banking Corp., Ltd.
| | | 138,398 | | 839,807 |
SATS, Ltd.
| | | 103,900 | | 230,589 |
Singapore Airlines, Ltd. (a)
| | | 113,900 | | 459,168 |
Singapore Exchange, Ltd.
| | | 56,200 | | 362,733 |
Singapore Press Holdings, Ltd. (a)
| | | 114,000 | | 146,518 |
Singapore Technologies Engineering, Ltd.
| | | 152,500 | | 334,164 |
Singapore Telecommunications, Ltd.
| | | 542,600 | | 967,942 |
United Overseas Bank, Ltd.
| | | 45,575 | | 622,561 |
Venture Corp., Ltd.
| | | 9,700 | | 92,446 |
| | | | | | 5,312,177 |
| SOUTH AFRICA — 0.1% | | | | | |
Anglo American PLC
| | | 11,202 | | 196,737 |
| SPAIN — 2.0% | | | | | |
ACS Actividades de Construccion y Servicios SA
| | | 4,521 | | 88,374 |
Aena SME SA (c)
| | | 2,752 | | 300,514 |
Amadeus IT Group SA
| | | 19,398 | | 919,489 |
Banco Bilbao Vizcaya Argentaria SA
| | | 133,264 | | 426,316 |
Banco de Sabadell SA
| | | 206,627 | | 106,332 |
Banco Santander SA
| | | 346,767 | | 843,927 |
Bankia SA
| | | 39,309 | | 43,908 |
Bankinter SA
| | | 15,056 | | 55,244 |
CaixaBank SA
| | | 61,039 | | 113,858 |
Endesa SA
| | | 17,598 | | 375,954 |
Ferrovial SA
| | | 1,801 | | 43,218 |
Iberdrola SA
| | | 73,447 | | 724,018 |
Industria de Diseno Textil SA
| | | 44,992 | | 1,168,035 |
Mapfre SA
| | | 30,817 | | 52,631 |
Naturgy Energy Group SA
| | | 2,607 | | 46,098 |
Red Electrica Corp. SA
| | | 17,456 | | 313,449 |
Repsol SA
| | | 31,055 | | 283,914 |
Telefonica SA
| | | 73,700 | | 337,500 |
| | | | | | 6,242,779 |
| SWEDEN — 2.0% | | | | | |
Alfa Laval AB
| | | 2,448 | | 42,560 |
Assa Abloy AB Class B
| | | 33,736 | | 639,124 |
Atlas Copco AB Class A
| | | 30,195 | | 1,017,604 |
Atlas Copco AB Class B
| | | 16,028 | | 473,995 |
Boliden AB
| | | 8,022 | | 146,794 |
Electrolux AB Class B
| | | 7,793 | | 97,376 |
Epiroc AB Class A
| | | 31,003 | | 308,099 |
Epiroc AB Class B
| | | 8,127 | | 80,731 |
| Security Description | | | Shares | | Value |
Essity AB Class B
| | | 481 | | $14,856 |
Hennes & Mauritz AB Class B (a)
| | | 32,986 | | 426,154 |
Hexagon AB Class B
| | | 7,910 | | 338,508 |
ICA Gruppen AB
| | | 6,985 | | 294,622 |
Investor AB Class B
| | | 8,066 | | 372,132 |
Kinnevik AB Class B
| | | 2,996 | | 49,925 |
L E Lundbergforetagen AB Class B (a)
| | | 5,279 | | 216,963 |
Sandvik AB
| | | 18,344 | | 261,523 |
Skandinaviska Enskilda Banken AB Class A
| | | 20,189 | | 136,893 |
Skanska AB Class B (b)
| | | 16,486 | | 252,006 |
SKF AB Class B (a)
| | | 8,642 | | 119,237 |
Svenska Handelsbanken AB Class A (b)
| | | 18,248 | | 153,127 |
Swedbank AB Class A
| | | 9,753 | | 109,119 |
Swedish Match AB (a)
| | | 1,971 | | 112,996 |
Telefonaktiebolaget LM Ericsson Class B
| | | 18,409 | | 150,614 |
Telia Co. AB
| | | 129,396 | | 466,247 |
Volvo AB Class B
| | | 14,006 | | 168,931 |
| | | | | | 6,450,136 |
| SWITZERLAND — 13.9% | | | | | |
ABB, Ltd.
| | | 21,813 | | 383,371 |
Adecco Group AG
| | | 6,600 | | 260,166 |
Alcon, Inc. (b)
| | | 4,038 | | 205,875 |
Baloise Holding AG
| | | 3,284 | | 430,716 |
Barry Callebaut AG
| | | 235 | | 471,190 |
Chocoladefabriken Lindt & Spruengli AG (d)
| | | 149 | | 1,255,847 |
Chocoladefabriken Lindt & Spruengli AG (d)
| | | 3 | | 261,692 |
Cie Financiere Richemont SA
| | | 2,761 | | 151,412 |
Coca-Cola HBC AG
| | | 908 | | 19,557 |
Credit Suisse Group AG
| | | 23,659 | | 195,620 |
EMS-Chemie Holding AG
| | | 381 | | 239,614 |
Geberit AG
| | | 1,647 | | 725,153 |
Givaudan SA
| | | 671 | | 2,077,045 |
Glencore PLC
| | | 200,293 | | 307,461 |
Julius Baer Group, Ltd.
| | | 3,002 | | 102,482 |
Kuehne + Nagel International AG
| | | 6,382 | | 876,284 |
LafargeHolcim, Ltd. (d)
| | | 2,190 | | 80,036 |
LafargeHolcim, Ltd. (d)
| | | 2,587 | | 93,588 |
Nestle SA
| | | 88,419 | | 9,088,181 |
Novartis AG
| | | 76,249 | | 6,292,680 |
Partners Group Holding AG
| | | 1,502 | | 1,039,470 |
Roche Holding AG
| | | 30,401 | | 9,867,639 |
Schindler Holding AG (d)
| | | 1,850 | | 406,119 |
Schindler Holding AG (d)
| | | 1,234 | | 260,689 |
SGS SA
| | | 236 | | 546,858 |
Sika AG
| | | 1,384 | | 228,795 |
Sonova Holding AG
| | | 2,992 | | 539,305 |
Straumann Holding AG
| | | 241 | | 179,688 |
Swatch Group AG
| | | 227 | | 45,386 |
Swiss Life Holding AG
| | | 1,643 | | 559,355 |
Swiss Prime Site AG
| | | 9,033 | | 884,581 |
See accompanying notes to financial statements.
40
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Swiss Re AG
| | | 18,798 | | $1,448,586 |
Swisscom AG (a)
| | | 3,809 | | 2,047,896 |
Temenos AG
| | | 211 | | 27,674 |
UBS Group AG
| | | 50,721 | | 474,210 |
Vifor Pharma AG
| | | 224 | | 30,965 |
Zurich Insurance Group AG
| | | 4,739 | | 1,681,952 |
| | | | | | 43,787,138 |
| UNITED KINGDOM — 15.3% | | | | | |
3i Group PLC
| | | 46,194 | | 453,758 |
Admiral Group PLC
| | | 20,101 | | 555,811 |
Ashtead Group PLC
| | | 19,517 | | 427,253 |
Associated British Foods PLC
| | | 14,034 | | 315,663 |
AstraZeneca PLC
| | | 54,185 | | 4,848,192 |
Aviva PLC
| | | 43,953 | | 146,331 |
BAE Systems PLC
| | | 213,191 | | 1,379,359 |
Barclays PLC
| | | 351,145 | | 409,757 |
Barratt Developments PLC
| | | 39,483 | | 215,900 |
Berkeley Group Holdings PLC
| | | 8,208 | | 367,917 |
BP PLC
| | | 226,725 | | 967,642 |
British American Tobacco PLC
| | | 27,881 | | 953,815 |
British Land Co. PLC REIT
| | | 9,446 | | 39,378 |
BT Group PLC
| | | 409,631 | | 598,840 |
Bunzl PLC
| | | 14,866 | | 300,367 |
Burberry Group PLC
| | | 18,172 | | 298,441 |
Centrica PLC
| | | 203,334 | | 96,009 |
CNH Industrial NV
| | | 20,082 | | 114,934 |
Coca-Cola European Partners PLC
| | | 9,230 | | 346,402 |
Compass Group PLC
| | | 105,138 | | 1,647,825 |
Croda International PLC
| | | 5,694 | | 301,615 |
DCC PLC
| | | 695 | | 43,950 |
Diageo PLC
| | | 121,169 | | 3,886,049 |
Direct Line Insurance Group PLC
| | | 162,309 | | 595,514 |
easyJet PLC (a)
| | | 1,434 | | 10,153 |
Experian PLC
| | | 36,964 | | 1,031,713 |
Fiat Chrysler Automobiles NV
| | | 32,458 | | 234,059 |
G4S PLC
| | | 14,694 | | 16,817 |
GlaxoSmithKline PLC
| | | 92,364 | | 1,734,622 |
Halma PLC
| | | 3,979 | | 94,778 |
Hargreaves Lansdown PLC
| | | 12,794 | | 219,874 |
HSBC Holdings PLC
| | | 343,295 | | 1,933,600 |
Imperial Brands PLC
| | | 48,666 | | 903,220 |
Informa PLC
| | | 6,281 | | 34,470 |
InterContinental Hotels Group PLC
| | | 473 | | 20,618 |
Intertek Group PLC
| | | 6,501 | | 380,959 |
ITV PLC
| | | 147,675 | | 120,889 |
J Sainsbury PLC
| | | 56,617 | | 147,706 |
Johnson Matthey PLC
| | | 8,142 | | 181,520 |
Kingfisher PLC
| | | 93,010 | | 165,957 |
Land Securities Group PLC REIT
| | | 8,288 | | 57,221 |
Legal & General Group PLC
| | | 242,397 | | 582,636 |
Lloyds Banking Group PLC
| | | 713,792 | | 283,221 |
London Stock Exchange Group PLC
| | | 9,915 | | 895,011 |
M&G PLC (b)
| | | 54,161 | | 75,619 |
Marks & Spencer Group PLC
| | | 130,537 | | 160,629 |
Meggitt PLC
| | | 8,390 | | 30,200 |
| Security Description | | | Shares | | Value |
Melrose Industries PLC
| | | 31,957 | | $36,257 |
Mondi PLC
| | | 14,116 | | 241,718 |
National Grid PLC
| | | 144,384 | | 1,694,688 |
Next PLC
| | | 5,800 | | 292,847 |
Pearson PLC
| | | 14,773 | | 101,224 |
Persimmon PLC
| | | 13,494 | | 320,667 |
Prudential PLC
| | | 18,906 | | 242,747 |
Reckitt Benckiser Group PLC
| | | 7,408 | | 564,911 |
RELX PLC
| | | 97,197 | | 2,087,397 |
Rentokil Initial PLC
| | | 27,171 | | 130,653 |
Rio Tinto PLC
| | | 45,693 | | 2,106,792 |
Rio Tinto, Ltd.
| | | 15,305 | | 792,203 |
Rolls-Royce Holdings PLC
| | | 25,841 | | 109,134 |
Royal Bank of Scotland Group PLC
| | | 56,511 | | 79,110 |
RSA Insurance Group PLC
| | | 47,150 | | 245,781 |
Sage Group PLC
| | | 48,629 | | 356,841 |
Schroders PLC
| | | 4,797 | | 147,749 |
Segro PLC REIT
| | | 5,421 | | 51,354 |
Severn Trent PLC
| | | 4,347 | | 122,893 |
Smith & Nephew PLC
| | | 71,233 | | 1,267,028 |
Smiths Group PLC
| | | 14,796 | | 224,926 |
Spirax-Sarco Engineering PLC
| | | 1,704 | | 172,516 |
SSE PLC
| | | 48,897 | | 791,220 |
Standard Chartered PLC
| | | 43,415 | | 239,985 |
Standard Life Aberdeen PLC
| | | 21,848 | | 60,655 |
Taylor Wimpey PLC
| | | 141,197 | | 205,716 |
Tesco PLC
| | | 100,003 | | 283,709 |
Unilever NV
| | | 59,050 | | 2,903,034 |
Unilever PLC
| | | 43,997 | | 2,223,352 |
United Utilities Group PLC
| | | 19,910 | | 222,878 |
Vodafone Group PLC
| | | 517,302 | | 724,814 |
Weir Group PLC
| | | 1,264 | | 11,300 |
Whitbread PLC
| | | 6,901 | | 259,274 |
Wm Morrison Supermarkets PLC
| | | 34,751 | | 76,699 |
WPP PLC
| | | 25,361 | | 173,395 |
| | | | | | 48,191,681 |
| UNITED STATES — 0.2% | | | | | |
Carnival PLC
| | | 5,538 | | 67,391 |
Ferguson PLC
| | | 9,312 | | 583,787 |
| | | | | | 651,178 |
TOTAL COMMON STOCKS
(Cost $369,907,495)
| | | | | 311,475,213 |
| | | | |
| SHORT-TERM INVESTMENTS — 2.1% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (e) (f)
| 48,845 | 48,801 |
See accompanying notes to financial statements.
41
SPDR MSCI EAFE STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
State Street Navigator Securities Lending Portfolio II (g) (h)
| | 6,474,381 | | $6,474,381 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,523,148)
| | 6,523,182 | |
TOTAL INVESTMENTS — 101.2%
(Cost $376,430,643)
| | 317,998,395 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%
| | (3,752,438) | |
NET ASSETS — 100.0%
| | $314,245,957 | |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (b) | Non-income producing security. |
| (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, 2020, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (d) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (e) | 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, 2020 are shown in the Affiliate Table below. |
| (f) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (g) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (h) | 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 March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $311,452,389 | | $22,824 | | $— | | $311,475,213 |
Short-Term Investments
| | 6,523,182 | | — | | — | | 6,523,182 |
TOTAL INVESTMENTS
| | $317,975,571 | | $22,824 | | $— | | $317,998,395 |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 11,804 | | $11,805 | | $7,417,880 | | $7,380,996 | | $78 | | $34 | | 48,845 | | $48,801 | | $3,319 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 35,449,171 | | 28,974,790 | | — | | — | | 6,474,381 | | 6,474,381 | | 17,347 |
State Street Navigator Securities Lending Portfolio III
| 11,814,924 | | 11,814,924 | | 9,408,764 | | 21,223,688 | | — | | — | | — | | — | | 4,038 |
Total
| | | $11,826,729 | | $52,275,815 | | $57,579,474 | | $78 | | $34 | | | | $6,523,182 | | $24,704 |
See accompanying notes to financial statements.
42
SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.4% | | | | |
| ARGENTINA — 0.1% | | | | | |
Globant SA (a)
| | | 441 | | $38,755 |
| BRAZIL — 4.4% | | | | | |
Ambev SA
| | | 85,458 | | 196,402 |
B3 SA - Brasil Bolsa Balcao
| | | 46,953 | | 324,994 |
Banco Bradesco SA Preference Shares
| | | 93,830 | | 375,747 |
Banco Bradesco SA
| | | 10,574 | | 38,348 |
Banco Santander Brasil SA
| | | 5,641 | | 29,007 |
BB Seguridade Participacoes SA
| | | 17,019 | | 81,541 |
CCR SA
| | | 255 | | 577 |
Cia Brasileira de Distribuicao
| | | 2,005 | | 25,645 |
Cia Siderurgica Nacional SA
| | | 20,329 | | 27,358 |
Cosan SA
| | | 7,670 | | 79,501 |
Embraer SA (a)
| | | 26,244 | | 48,272 |
Equatorial Energia SA
| | | 42,550 | | 144,387 |
Gerdau SA Preference Shares
| | | 15,340 | | 29,724 |
Itau Unibanco Holding SA Preference Shares
| | | 97,830 | | 435,525 |
Itausa - Investimentos Itau SA Preference Shares
| | | 101,441 | | 171,526 |
Itausa - Investimentos Itau SA
| | | 3 | | 6 |
JBS SA
| | | 29,271 | | 114,790 |
Klabin SA
| | | 9,676 | | 29,831 |
Localiza Rent a Car SA
| | | 13,680 | | 69,368 |
Lojas Americanas SA Preference Shares
| | | 23,730 | | 82,355 |
Lojas Renner SA
| | | 22,044 | | 142,636 |
Magazine Luiza SA
| | | 18,522 | | 139,238 |
Rumo SA (a)
| | | 21,370 | | 80,963 |
Suzano SA
| | | 8,364 | | 57,716 |
Telefonica Brasil SA Preference Shares
| | | 14,177 | | 135,166 |
Vale SA
| | | 6,250 | | 52,081 |
WEG SA
| | | 33,181 | | 214,762 |
| | | | | | 3,127,466 |
| CHILE — 0.6% | | | | | |
Banco Santander Chile
| | | 3,310,318 | | 128,168 |
Cencosud SA
| | | 31,128 | | 32,508 |
Empresas CMPC SA
| | | 53,739 | | 115,319 |
Enel Americas SA
| | | 1,108,086 | | 135,989 |
SACI Falabella
| | | 11,147 | | 24,666 |
| | | | | | 436,650 |
| CHINA — 39.9% | | | | | |
3SBio, Inc. (a)(b)
| | | 28,000 | | 29,153 |
58.com, Inc. ADR (a)
| | | 3,093 | | 150,691 |
AAC Technologies Holdings, Inc. (c)
| | | 11,000 | | 57,051 |
Agricultural Bank of China, Ltd. Class H
| | | 340,000 | | 136,423 |
Air China, Ltd. Class A
| | | 22,400 | | 20,573 |
Alibaba Group Holding, Ltd. ADR (a)
| | | 27,893 | | 5,424,631 |
| Security Description | | | Shares | | Value |
Alibaba Health Information Technology, Ltd. (a)
| | | 56,000 | | $93,636 |
Anhui Conch Cement Co., Ltd. Class H
| | | 27,000 | | 187,585 |
ANTA Sports Products, Ltd.
| | | 25,000 | | 183,688 |
Autohome, Inc. ADR (a)
| | | 723 | | 51,347 |
Baidu, Inc. ADR (a)
| | | 4,714 | | 475,124 |
Bank of China, Ltd. Class H
| | | 1,504,000 | | 576,305 |
Bank of Communications Co., Ltd. Class H
| | | 197,000 | | 120,728 |
Beijing Enterprises Holdings, Ltd.
| | | 28,000 | | 102,775 |
Beijing Enterprises Water Group, Ltd.
| | | 206,000 | | 80,530 |
Beijing Shunxin Agriculture Co., Ltd. Class A
| | | 6,000 | | 51,965 |
BGI Genomics Co., Ltd. Class A
| | | 3,100 | | 37,043 |
Brilliance China Automotive Holdings, Ltd.
| | | 20,000 | | 16,463 |
BYD Co., Ltd. Class H (c)
| | | 26,000 | | 135,855 |
Caitong Securities Co., Ltd. Class A
| | | 35,800 | | 51,062 |
CGN Power Co., Ltd. Class H (b)
| | | 480,000 | | 110,232 |
China Cinda Asset Management Co., Ltd. Class H
| | | 300,000 | | 56,897 |
China CITIC Bank Corp., Ltd. Class H
| | | 225,000 | | 111,181 |
China Communications Construction Co., Ltd. Class H
| | | 121,000 | | 84,300 |
China Conch Venture Holdings, Ltd.
| | | 70,000 | | 312,480 |
China Construction Bank Corp. Class H
| | | 1,758,000 | | 1,437,990 |
China Eastern Airlines Corp., Ltd. Class A (a)
| | | 33,500 | | 19,519 |
China Everbright International, Ltd.
| | | 103,851 | | 59,624 |
China Evergrande Group (c)
| | | 21,000 | | 34,842 |
China Jinmao Holdings Group, Ltd.
| | | 70,000 | | 45,337 |
China Life Insurance Co., Ltd. Class H
| | | 140,000 | | 274,188 |
China Longyuan Power Group Corp., Ltd. Class H
| | | 147,000 | | 80,793 |
China Mengniu Dairy Co., Ltd.
| | | 84,000 | | 292,069 |
China Merchants Bank Co., Ltd. Class A
| | | 19,000 | | 86,527 |
China Merchants Bank Co., Ltd. Class H
| | | 56,000 | | 252,874 |
China Merchants Port Holdings Co., Ltd.
| | | 48,000 | | 54,868 |
China Minsheng Banking Corp., Ltd. Class H
| | | 153,800 | | 114,295 |
China National Building Material Co., Ltd. Class H
| | | 60,000 | | 65,567 |
China Oilfield Services, Ltd. Class H
| | | 62,000 | | 47,914 |
China Overseas Land & Investment, Ltd.
| | | 56,000 | | 173,761 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 39,400 | | 119,203 |
China Railway Group, Ltd. Class H
| | | 183,000 | | 97,510 |
See accompanying notes to financial statements.
43
SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
China Resources Beer Holdings Co., Ltd.
| | | 38,000 | | $173,554 |
China Resources Gas Group, Ltd.
| | | 24,000 | | 120,760 |
China Southern Airlines Co., Ltd. Class A
| | | 25,500 | | 18,527 |
China Spacesat Co., Ltd. Class A
| | | 13,200 | | 54,415 |
China Taiping Insurance Holdings Co., Ltd.
| | | 65,430 | | 107,208 |
China Telecom Corp., Ltd. Class H
| | | 280,000 | | 84,893 |
China Tower Corp., Ltd. Class H (b)
| | | 270,000 | | 60,612 |
China Unicom Hong Kong, Ltd.
| | | 112,000 | | 64,591 |
China Vanke Co., Ltd. Class H
| | | 58,200 | | 191,850 |
Chongqing Zhifei Biological Products Co., Ltd. Class A
| | | 3,400 | | 32,325 |
CITIC Guoan Information Industry Co., Ltd. Class A (a)
| | | 48,400 | | 21,304 |
CITIC Securities Co., Ltd. Class H
| | | 70,000 | | 128,243 |
Country Garden Holdings Co., Ltd. (c)
| | | 139,743 | | 169,114 |
Country Garden Services Holdings Co., Ltd.
| | | 22,000 | | 89,409 |
CRRC Corp., Ltd. Class H
| | | 131,609 | | 66,901 |
CSPC Pharmaceutical Group, Ltd.
| | | 112,000 | | 224,263 |
Dawning Information Industry Co., Ltd. Class A
| | | 7,400 | | 45,591 |
Dongfang Electric Corp., Ltd. Class A
| | | 18,700 | | 22,266 |
ENN Energy Holdings, Ltd.
| | | 11,000 | | 106,510 |
Fosun International, Ltd.
| | | 93,060 | | 107,577 |
GDS Holdings, Ltd. ADR (a)
| | | 720 | | 41,738 |
Geely Automobile Holdings, Ltd.
| | | 121,000 | | 178,591 |
Gemdale Corp. Class A
| | | 80,693 | | 160,402 |
Genscript Biotech Corp. (a)(c)
| | | 4,000 | | 6,482 |
GoerTek, Inc. Class A
| | | 16,800 | | 38,894 |
Great Wall Motor Co., Ltd. Class H
| | | 115,213 | | 73,876 |
GRG Banking Equipment Co., Ltd. Class A
| | | 22,300 | | 27,151 |
Guangshen Railway Co., Ltd. Class A
| | | 173,300 | | 57,944 |
Guangzhou Automobile Group Co., Ltd. Class A
| | | 24,400 | | 36,317 |
Guangzhou Haige Communications Group, Inc. Co. Class A
| | | 25,200 | | 40,103 |
Guizhou Bailing Group Pharmaceutical Co., Ltd. Class A
| | | 19,900 | | 23,414 |
Haitong Securities Co., Ltd. Class A
| | | 29,900 | | 54,163 |
Hangzhou Silan Microelectronics Co., Ltd. Class A
| | | 13,900 | | 28,337 |
Hangzhou Tigermed Consulting Co., Ltd. Class A
| | | 3,500 | | 31,627 |
Hengan International Group Co., Ltd.
| | | 14,000 | | 105,394 |
Hengtong Optic-electric Co., Ltd. Class A
| | | 12,000 | | 27,392 |
Hithink RoyalFlush Information Network Co., Ltd. Class A
| | | 2,300 | | 35,239 |
Holitech Technology Co., Ltd. Class A
| | | 47,700 | | 37,416 |
| Security Description | | | Shares | | Value |
Hua Hong Semiconductor, Ltd. (b)(c)
| | | 4,000 | | $7,328 |
Huaneng Power International, Inc. Class H
| | | 208,000 | | 78,092 |
Huatai Securities Co., Ltd. Class H (b)
| | | 68,000 | | 101,067 |
Huazhu Group, Ltd. ADR
| | | 1,954 | | 56,138 |
Hubei Kaile Science & Technology Co., Ltd. Class A
| | | 17,500 | | 32,787 |
Hytera Communications Corp., Ltd. Class A
| | | 33,900 | | 27,883 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 1,228,000 | | 841,280 |
JD.com, Inc. ADR (a)
| | | 14,645 | | 593,123 |
Jiangsu Hengrui Medicine Co., Ltd. Class A
| | | 3,300 | | 42,846 |
Joincare Pharmaceutical Group Industry Co., Ltd. Class A
| | | 25,800 | | 41,713 |
JOYY, Inc. ADR (a)
| | | 506 | | 26,950 |
Kingdee International Software Group Co., Ltd.
| | | 28,000 | | 37,353 |
Kweichow Moutai Co., Ltd. Class A
| | | 700 | | 109,718 |
Lenovo Group, Ltd.
| | | 224,000 | | 120,223 |
Lens Technology Co., Ltd. Class A
| | | 13,300 | | 27,320 |
Leyard Optoelectronic Co., Ltd. Class A
| | | 46,700 | | 41,441 |
Li Ning Co., Ltd.
| | | 24,500 | | 71,595 |
Longfor Group Holdings, Ltd. (b)
| | | 14,000 | | 68,186 |
Luxshare Precision Industry Co., Ltd. Class A
| | | 11,100 | | 59,758 |
Meituan Dianping Class B (a)
| | | 10,700 | | 129,282 |
Momo, Inc. ADR
| | | 2,127 | | 46,135 |
Muyuan Foodstuff Co., Ltd. Class A
| | | 2,700 | | 46,552 |
NanJi E-Commerce Co., Ltd. Class A (a)
| | | 17,500 | | 28,639 |
NetEase, Inc. ADR
| | | 1,620 | | 519,955 |
New China Life Insurance Co., Ltd. Class H
| | | 31,100 | | 96,900 |
New Oriental Education & Technology Group, Inc. ADR (a)
| | | 3,043 | | 329,374 |
Newland Digital Technology Co., Ltd. Class A
| | | 16,800 | | 37,472 |
Oceanwide Holdings Co., Ltd. Class A
| | | 48,400 | | 26,972 |
OFILM Group Co., Ltd. Class A (a)
| | | 24,500 | | 47,146 |
PICC Property & Casualty Co., Ltd. Class H
| | | 168,000 | | 162,562 |
Pinduoduo, Inc. ADR (a)
| | | 2,560 | | 92,237 |
Ping An Insurance Group Co. of China, Ltd. Class A
| | | 10,000 | | 97,585 |
Ping An Insurance Group Co. of China, Ltd. Class H
| | | 97,000 | | 952,993 |
RiseSun Real Estate Development Co., Ltd. Class A
| | | 23,000 | | 25,147 |
Seazen Group, Ltd. (a)(c)
| | | 58,000 | | 52,381 |
Seazen Holdings Co., Ltd. Class A
| | | 6,500 | | 28,675 |
Semiconductor Manufacturing International Corp. (a)
| | | 112,700 | | 177,391 |
See accompanying notes to financial statements.
44
SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Shandong Buchang Pharmaceuticals Co., Ltd. Class A
| | | 13,270 | | $37,686 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A
| | | 15,800 | | 73,247 |
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B
| | | 69,300 | | 55,856 |
Shanghai Zhangjiang High-Tech Park Development Co., Ltd. Class A
| | | 10,400 | | 17,797 |
Shanxi Securities Co., Ltd. Class A
| | | 27,100 | | 26,839 |
Shenzhen Kangtai Biological Products Co., Ltd. Class A
| | | 2,600 | | 42,036 |
Shenzhen Zhongjin Lingnan Nonfemet Co., Ltd. Class A
| | | 41,300 | | 20,743 |
Shenzhou International Group Holdings, Ltd.
| | | 28,000 | | 297,669 |
Sichuan Languang Development Co., Ltd. Class A
| | | 44,200 | | 37,601 |
Sinopharm Group Co., Ltd. Class H
| | | 33,600 | | 75,602 |
SooChow Securities Co., Ltd. Class A
| | | 31,590 | | 35,297 |
Sunac China Holdings, Ltd.
| | | 52,000 | | 240,849 |
Sunny Optical Technology Group Co., Ltd.
| | | 11,300 | | 152,204 |
Suzhou Dongshan Precision Manufacturing Co., Ltd. Class A
| | | 8,300 | | 24,134 |
TAL Education Group ADR (a)
| | | 7,622 | | 405,948 |
Tangshan Jidong Cement Co., Ltd. Class A
| | | 16,000 | | 44,265 |
Tasly Pharmaceutical Group Co., Ltd. Class A
| | | 10,900 | | 21,252 |
Tencent Holdings, Ltd.
| | | 96,444 | | 4,730,807 |
Tianma Microelectronics Co., Ltd. Class A
| | | 24,200 | | 45,510 |
Tingyi Cayman Islands Holding Corp.
| | | 24,000 | | 39,263 |
Tonghua Dongbao Pharmaceutical Co., Ltd. Class A
| | | 14,200 | | 21,255 |
Trip.com Group, Ltd. ADR (a)
| | | 7,977 | | 187,061 |
Tsingtao Brewery Co., Ltd. Class A
| | | 7,800 | | 50,300 |
Tunghsu Optoelectronic Technology Co., Ltd. Class A
| | | 24,000 | | 10,158 |
Vipshop Holdings, Ltd. ADR (a)
| | | 10,017 | | 156,065 |
Visual China Group Co., Ltd. Class A
| | | 10,900 | | 23,866 |
Walvax Biotechnology Co., Ltd. Class A
| | | 10,400 | | 46,452 |
Wangsu Science & Technology Co., Ltd. Class A
| | | 26,000 | | 28,611 |
Want Want China Holdings, Ltd.
| | | 225,000 | | 163,142 |
Weichai Power Co., Ltd. Class A
| | | 100,600 | | 169,744 |
Weichai Power Co., Ltd. Class H
| | | 25,000 | | 40,253 |
Westone Information Industry, Inc. Class A
| | | 8,000 | | 25,372 |
| Security Description | | | Shares | | Value |
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. Class A
| | | 13,500 | | $62,203 |
Wuliangye Yibin Co., Ltd. Class A
| | | 5,042 | | 81,944 |
WuXi AppTec Co., Ltd. Class A
| | | 4,400 | | 56,172 |
Wuxi Biologics Cayman, Inc. (a)(b)
| | | 12,000 | | 155,595 |
Wuxi Lead Intelligent Equipment Co., Ltd. Class A
| | | 6,400 | | 33,823 |
Xiaomi Corp. Class B (a)(b)
| | | 29,000 | | 39,061 |
Xinjiang Goldwind Science & Technology Co., Ltd. Class A
| | | 18,939 | | 25,383 |
Yifan Pharmaceutical Co., Ltd. Class A
| | | 16,800 | | 38,633 |
Yum China Holdings, Inc.
| | | 6,862 | | 292,527 |
Zhejiang Conba Pharmaceutical Co., Ltd. Class A
| | | 33,600 | | 24,412 |
Zhejiang Dahua Technology Co., Ltd. Class A
| | | 16,200 | | 36,956 |
Zhejiang Longsheng Group Co., Ltd. Class A
| | | 12,100 | | 20,331 |
Zhejiang NHU Co., Ltd. Class A
| | | 11,000 | | 42,366 |
Zhuzhou CRRC Times Electric Co., Ltd. Class H
| | | 25,600 | | 75,800 |
ZTE Corp. Class A (a)
| | | 6,300 | | 38,041 |
ZTE Corp. Class H (a)(c)
| | | 11,200 | | 34,752 |
ZTO Express Cayman, Inc. ADR (a)
| | | 3,628 | | 96,069 |
| | | | | | 28,592,143 |
| COLOMBIA — 0.3% | | | | | |
Bancolombia SA Preference Shares
| | | 24,400 | | 165,267 |
Grupo Argos SA
| | | 21,141 | | 64,150 |
Grupo de Inversiones Suramericana SA
| | | 2,681 | | 13,220 |
| | | | | | 242,637 |
| EGYPT — 0.1% | | | | | |
Commercial International Bank Egypt SAE
| | | 16,577 | | 61,895 |
| GREECE — 0.2% | | | | | |
Alpha Bank AE (a)
| | | 36,524 | | 28,093 |
Eurobank Ergasias Services and Holdings SA Class A (a)
| | | 30,120 | | 13,055 |
Hellenic Telecommunications Organization SA
| | | 3,312 | | 39,902 |
JUMBO SA
| | | 1,202 | | 16,249 |
National Bank of Greece SA (a)
| | | 10,076 | | 13,698 |
| | | | | | 110,997 |
| HONG KONG — 2.1% | | | | | |
China Mobile, Ltd.
| | | 97,000 | | 721,471 |
China Resources Land, Ltd.
| | | 56,000 | | 231,199 |
Guangdong Investment, Ltd.
| | | 112,000 | | 215,882 |
Haier Electronics Group Co., Ltd.
| | | 15,000 | | 39,963 |
Shimao Property Holdings, Ltd.
| | | 15,500 | | 54,594 |
Sino Biopharmaceutical, Ltd.
| | | 155,500 | | 205,036 |
Sun Art Retail Group, Ltd.
| | | 35,000 | | 51,929 |
| | | | | | 1,520,074 |
See accompanying notes to financial statements.
45
SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| HUNGARY — 0.2% | | | | | |
OTP Bank Nyrt
| | | 5,166 | | $149,290 |
| INDIA — 7.0% | | | | | |
Adani Ports & Special Economic Zone, Ltd.
| | | 12,177 | | 40,450 |
Ambuja Cements, Ltd.
| | | 11,317 | | 23,292 |
Asian Paints, Ltd.
| | | 5,164 | | 113,756 |
Aurobindo Pharma, Ltd.
| | | 10,409 | | 56,846 |
Axis Bank, Ltd.
| | | 35,277 | | 176,732 |
Bajaj Auto, Ltd.
| | | 1,569 | | 41,943 |
Bajaj Finance, Ltd.
| | | 3,102 | | 90,857 |
Bajaj Finserv, Ltd.
| | | 723 | | 43,878 |
Bandhan Bank, Ltd. (b)
| | | 3,928 | | 10,579 |
Bharat Petroleum Corp., Ltd.
| | | 13,616 | | 57,037 |
Bharti Airtel, Ltd. (a)
| | | 34,538 | | 201,290 |
Bharti Infratel, Ltd.
| | | 6,324 | | 13,375 |
Bosch, Ltd.
| | | 139 | | 17,263 |
Britannia Industries, Ltd.
| | | 865 | | 30,746 |
Cipla, Ltd.
| | | 6,498 | | 36,320 |
Container Corp. Of India, Ltd.
| | | 2,597 | | 11,385 |
Dabur India, Ltd.
| | | 9,983 | | 59,389 |
Dr Reddy's Laboratories, Ltd.
| | | 2,145 | | 88,485 |
Eicher Motors, Ltd.
| | | 244 | | 42,239 |
Godrej Consumer Products, Ltd.
| | | 6,415 | | 44,166 |
Grasim Industries, Ltd.
| | | 5,893 | | 37,087 |
Havells India, Ltd.
| | | 4,746 | | 30,141 |
HCL Technologies, Ltd.
| | | 21,816 | | 125,847 |
Hero MotoCorp, Ltd.
| | | 946 | | 19,963 |
Hindalco Industries, Ltd.
| | | 21,913 | | 27,720 |
Hindustan Unilever, Ltd.
| | | 12,759 | | 387,655 |
Housing Development Finance Corp., Ltd.
| | | 29,476 | | 636,305 |
ICICI Bank, Ltd.
| | | 63,649 | | 272,386 |
Infosys, Ltd.
| | | 54,060 | | 458,413 |
ITC, Ltd.
| | | 67,071 | | 152,226 |
JSW Steel, Ltd.
| | | 15,176 | | 29,338 |
Larsen & Toubro, Ltd.
| | | 9,433 | | 100,812 |
LIC Housing Finance, Ltd.
| | | 16,644 | | 51,768 |
Lupin, Ltd.
| | | 4,182 | | 32,596 |
Mahindra & Mahindra Financial Services, Ltd.
| | | 5,522 | | 10,745 |
Mahindra & Mahindra, Ltd.
| | | 14,778 | | 55,663 |
Marico, Ltd.
| | | 8,588 | | 31,201 |
Maruti Suzuki India, Ltd.
| | | 2,084 | | 118,132 |
Motherson Sumi Systems, Ltd.
| | | 13,170 | | 10,628 |
Nestle India, Ltd.
| | | 442 | | 95,238 |
Petronet LNG, Ltd.
| | | 11,400 | | 30,093 |
Piramal Enterprises, Ltd.
| | | 1,736 | | 21,559 |
REC, Ltd.
| | | 13,132 | | 15,406 |
Shree Cement, Ltd.
| | | 164 | | 38,038 |
Shriram Transport Finance Co., Ltd.
| | | 2,768 | | 24,172 |
State Bank of India (a)
| | | 34,663 | | 90,196 |
Sun Pharmaceutical Industries, Ltd.
| | | 19,164 | | 89,245 |
Tata Consultancy Services, Ltd.
| | | 18,205 | | 439,440 |
Tata Steel, Ltd.
| | | 6,603 | | 23,531 |
Tech Mahindra, Ltd.
| | | 6,609 | | 49,403 |
| Security Description | | | Shares | | Value |
Titan Co., Ltd.
| | | 5,576 | | $68,820 |
UltraTech Cement, Ltd.
| | | 1,569 | | 67,298 |
United Spirits, Ltd. (a)
| | | 5,490 | | 35,167 |
UPL, Ltd.
| | | 17,937 | | 77,414 |
Wipro, Ltd.
| | | 20,277 | | 52,722 |
Zee Entertainment Enterprises, Ltd.
| | | 9,480 | | 15,532 |
| | | | | | 5,021,928 |
| INDONESIA — 1.5% | | | | | |
Bank Central Asia Tbk PT
| | | 155,300 | | 263,039 |
Bank Mandiri Persero Tbk PT
| | | 424,400 | | 121,778 |
Bank Negara Indonesia Persero Tbk PT
| | | 320,909 | | 75,161 |
Bank Rakyat Indonesia Persero Tbk PT
| | | 1,276,600 | | 236,378 |
Kalbe Farma Tbk PT
| | | 1,065,700 | | 78,408 |
Telekomunikasi Indonesia Persero Tbk PT
| | | 1,145,500 | | 221,936 |
Unilever Indonesia Tbk PT
| | | 212,000 | | 94,237 |
| | | | | | 1,090,937 |
| MALAYSIA — 2.0% | | | | | |
CIMB Group Holdings Bhd
| | | 140,360 | | 116,967 |
DiGi.Com Bhd
| | | 119,600 | | 120,430 |
Genting Bhd
| | | 61,600 | | 53,472 |
Genting Malaysia Bhd
| | | 52,500 | | 24,427 |
IHH Healthcare Bhd
| | | 94,900 | | 113,353 |
IOI Corp. Bhd
| | | 133,800 | | 123,889 |
Malayan Banking Bhd
| | | 71,854 | | 123,915 |
Maxis Bhd
| | | 100,500 | | 124,462 |
Petronas Chemicals Group Bhd
| | | 89,100 | | 104,156 |
Petronas Gas Bhd
| | | 28,100 | | 100,171 |
Public Bank Bhd
| | | 48,000 | | 176,667 |
Sime Darby Bhd
| | | 81,055 | | 31,709 |
Sime Darby Plantation Bhd
| | | 44,500 | | 50,886 |
Tenaga Nasional Bhd
| | | 72,200 | | 200,890 |
| | | | | | 1,465,394 |
| MEXICO — 2.1% | | | | | |
America Movil SAB de CV Series L
| | | 655,745 | | 392,733 |
Arca Continental SAB de CV
| | | 8,093 | | 32,984 |
Coca-Cola Femsa SAB de CV
| | | 9,340 | | 38,082 |
Fomento Economico Mexicano SAB de CV
| | | 46,240 | | 282,298 |
Gruma SAB de CV Class B
| | | 4,047 | | 31,340 |
Grupo Aeroportuario del Pacifico SAB de CV Class B
| | | 16,311 | | 88,573 |
Grupo Aeroportuario del Sureste SAB de CV Class B
| | | 1,225 | | 11,664 |
Grupo Bimbo SAB de CV Class A
| | | 31,260 | | 45,945 |
Grupo Carso SAB de CV Series A1
| | | 25,370 | | 50,363 |
Grupo Financiero Banorte SAB de CV Series O
| | | 45,419 | | 125,845 |
Grupo Financiero Inbursa SAB de CV Series O
| | | 76,813 | | 55,794 |
Industrias Penoles SAB de CV
| | | 3,841 | | 25,850 |
Infraestructura Energetica Nova SAB de CV
| | | 4,047 | | 12,536 |
See accompanying notes to financial statements.
46
SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Kimberly-Clark de Mexico SAB de CV Class A
| | | 28,849 | | $44,173 |
Orbia Advance Corp. SAB de CV
| | | 31,819 | | 35,387 |
Promotora y Operadora de Infraestructura SAB de CV
| | | 4,328 | | 29,369 |
Wal-Mart de Mexico SAB de CV
| | | 88,623 | | 210,609 |
| | | | | | 1,513,545 |
| PERU — 0.3% | | | | | |
Cia de Minas Buenaventura SAA ADR
| | | 6,210 | | 45,271 |
Credicorp, Ltd.
| | | 1,226 | | 175,404 |
| | | | | | 220,675 |
| PHILIPPINES — 1.0% | | | | | |
Aboitiz Equity Ventures, Inc.
| | | 76,330 | | 56,580 |
Ayala Corp.
| | | 8,340 | | 76,644 |
Ayala Land, Inc.
| | | 189,680 | | 112,629 |
BDO Unibank, Inc.
| | | 68,305 | | 139,001 |
SM Investments Corp.
| | | 5,380 | | 86,529 |
SM Prime Holdings, Inc.
| | | 264,100 | | 147,472 |
Universal Robina Corp.
| | | 39,220 | | 80,198 |
| | | | | | 699,053 |
| POLAND — 0.6% | | | | | |
Bank Polska Kasa Opieki SA
| | | 4,936 | | 66,717 |
KGHM Polska Miedz SA (a)
| | | 5,825 | | 83,893 |
Powszechna Kasa Oszczednosci Bank Polski SA
| | | 24,205 | | 131,821 |
Powszechny Zaklad Ubezpieczen SA
| | | 21,945 | | 165,532 |
| | | | | | 447,963 |
| QATAR — 0.9% | | | | | |
Barwa Real Estate Co.
| | | 102,316 | | 84,303 |
Commercial Bank PQSC
| | | 78,154 | | 83,649 |
Industries Qatar QSC
| | | 47,951 | | 87,579 |
Masraf Al Rayan QSC
| | | 147,454 | | 148,224 |
Qatar National Bank QPSC
| | | 58,626 | | 270,507 |
| | | | | | 674,262 |
| ROMANIA — 0.0% (d) | | | | | |
NEPI Rockcastle PLC
| | | 8,144 | | 34,199 |
| RUSSIA — 1.1% | | | | | |
Magnitogorsk Iron & Steel Works PJSC GDR
| | | 2,985 | | 18,716 |
Mobile TeleSystems PJSC ADR
| | | 15,053 | | 114,403 |
Polymetal International PLC
| | | 3,148 | | 53,847 |
Polyus PJSC GDR
| | | 833 | | 56,811 |
Sberbank of Russia PJSC ADR
| | | 50,990 | | 485,935 |
VTB Bank PJSC GDR
| | | 20,591 | | 16,987 |
X5 Retail Group NV GDR
| | | 1,654 | | 44,658 |
| | | | | | 791,357 |
| SAUDI ARABIA — 2.4% | | | | | |
Advanced Petrochemical Co.
| | | 3,937 | | 46,632 |
Al Rajhi Bank
| | | 19,239 | | 275,501 |
Alinma Bank
| | | 6,322 | | 35,001 |
| Security Description | | | Shares | | Value |
Bank AlBilad
| | | 3,345 | | $18,198 |
Bank Al-Jazira
| | | 8,807 | | 26,583 |
Banque Saudi Fransi
| | | 9,256 | | 63,686 |
Bupa Arabia for Cooperative Insurance Co.
| | | 978 | | 23,793 |
Co. for Cooperative Insurance (a)
| | | 2,118 | | 34,163 |
Dar Al Arkan Real Estate Development Co. (a)
| | | 18,403 | | 40,166 |
Emaar Economic City (a)
| | | 31,690 | | 57,695 |
Etihad Etisalat Co. (a)
| | | 7,176 | | 41,371 |
National Commercial Bank
| | | 13,834 | | 127,772 |
National Industrialization Co. (a)
| | | 23,271 | | 56,985 |
Rabigh Refining & Petrochemical Co. (a)
| | | 7,368 | | 20,984 |
Riyad Bank
| | | 17,554 | | 69,898 |
Sahara International Petrochemical Co.
| | | 12,945 | | 42,312 |
Samba Financial Group
| | | 16,351 | | 87,565 |
Saudi Arabian Fertilizer Co.
| | | 2,041 | | 33,682 |
Saudi Arabian Mining Co. (a)
| | | 7,976 | | 65,812 |
Saudi Basic Industries Corp.
| | | 10,096 | | 188,108 |
Saudi British Bank
| | | 6,898 | | 37,125 |
Saudi Cement Co.
| | | 3,654 | | 47,657 |
Saudi Electricity Co.
| | | 6,525 | | 27,649 |
Saudi Industrial Investment Group
| | | 15,947 | | 66,980 |
Saudi Kayan Petrochemical Co. (a)
| | | 26,505 | | 51,147 |
Saudi Telecom Co.
| | | 3,451 | | 80,373 |
Savola Group (a)
| | | 2,963 | | 28,155 |
| | | | | | 1,694,993 |
| SOUTH AFRICA — 3.7% | | | | | |
Absa Group, Ltd.
| | | 13,661 | | 57,367 |
Aspen Pharmacare Holdings, Ltd. (a)
| | | 1,835 | | 9,498 |
Bid Corp., Ltd.
| | | 8,092 | | 96,361 |
Bidvest Group, Ltd. (c)
| | | 12,291 | | 100,613 |
Discovery, Ltd.
| | | 1,637 | | 7,146 |
FirstRand, Ltd.
| | | 64,807 | | 146,124 |
Gold Fields, Ltd.
| | | 23,350 | | 120,646 |
Growthpoint Properties, Ltd. REIT
| | | 80,972 | | 58,349 |
Impala Platinum Holdings, Ltd.
| | | 9,508 | | 40,321 |
Life Healthcare Group Holdings, Ltd.
| | | 63,856 | | 66,001 |
MTN Group, Ltd. (c)
| | | 34,717 | | 94,062 |
Naspers, Ltd. Class N
| | | 7,293 | | 1,042,789 |
Nedbank Group, Ltd.
| | | 10,420 | | 48,226 |
Northam Platinum, Ltd. (a)
| | | 3,251 | | 12,634 |
Old Mutual, Ltd. (c)
| | | 81,556 | | 54,112 |
Redefine Properties, Ltd. REIT
| | | 197,636 | | 26,226 |
Remgro, Ltd.
| | | 10,401 | | 71,555 |
Sanlam, Ltd.
| | | 31,933 | | 91,347 |
Shoprite Holdings, Ltd.
| | | 9,795 | | 68,554 |
Sibanye Stillwater, Ltd. (a)
| | | 32,162 | | 40,644 |
SPAR Group, Ltd.
| | | 10,429 | | 106,129 |
Standard Bank Group, Ltd. (c)
| | | 25,270 | | 144,984 |
Tiger Brands, Ltd.
| | | 4,284 | | 44,375 |
Vodacom Group, Ltd.
| | | 13,689 | | 89,684 |
See accompanying notes to financial statements.
47
SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Woolworths Holdings, Ltd.
| | | 12,191 | | $18,839 |
| | | | | | 2,656,586 |
| SOUTH KOREA — 12.7% | | | | | |
AMOREPACIFIC Group
| | | 958 | | 43,597 |
Celltrion, Inc. (a)
| | | 1,612 | | 303,239 |
CJ CheilJedang Corp.
| | | 58 | | 10,291 |
Coway Co., Ltd.
| | | 1,699 | | 80,669 |
GS Holdings Corp.
| | | 2,738 | | 82,769 |
Hana Financial Group, Inc.
| | | 5,962 | | 113,133 |
Helixmith Co., Ltd. (a)
| | | 328 | | 18,510 |
HLB, Inc. (a)
| | | 529 | | 39,110 |
Hyundai Engineering & Construction Co., Ltd.
| | | 3,372 | | 76,035 |
Hyundai Glovis Co., Ltd.
| | | 921 | | 68,544 |
Hyundai Mobis Co., Ltd.
| | | 1,414 | | 196,881 |
Hyundai Motor Co.
| | | 2,757 | | 200,884 |
Hyundai Motor Co. Preference Shares
| | | 1,469 | | 62,267 |
Hyundai Steel Co.
| | | 1,779 | | 26,232 |
Industrial Bank of Korea
| | | 12,082 | | 74,436 |
KB Financial Group, Inc.
| | | 7,863 | | 223,162 |
Kia Motors Corp.
| | | 6,103 | | 130,347 |
Korea Electric Power Corp. (a)
| | | 3,005 | | 47,518 |
Korea Zinc Co., Ltd.
| | | 368 | | 107,617 |
KT&G Corp.
| | | 2,585 | | 158,623 |
LG Chem, Ltd.
| | | 1,168 | | 292,636 |
LG Corp.
| | | 2,585 | | 125,284 |
LG Electronics, Inc.
| | | 2,963 | | 117,318 |
LG Household & Health Care, Ltd.
| | | 225 | | 207,007 |
Lotte Chemical Corp.
| | | 393 | | 62,307 |
NAVER Corp.
| | | 2,738 | | 382,355 |
NCSoft Corp.
| | | 366 | | 196,026 |
POSCO
| | | 1,414 | | 187,008 |
Samsung Biologics Co., Ltd. (a)(b)
| | | 57 | | 22,569 |
Samsung C&T Corp.
| | | 1,457 | | 107,239 |
Samsung Electro-Mechanics Co., Ltd.
| | | 158 | | 12,680 |
Samsung Electronics Co., Ltd. Preference Shares
| | | 11,514 | | 379,276 |
Samsung Electronics Co., Ltd.
| | | 83,738 | | 3,284,585 |
Samsung Fire & Marine Insurance Co., Ltd.
| | | 666 | | 84,252 |
Samsung SDI Co., Ltd.
| | | 1,608 | | 317,677 |
Samsung SDS Co., Ltd.
| | | 1,033 | | 126,860 |
Shinhan Financial Group Co., Ltd.
| | | 8,809 | | 206,956 |
SK Holdings Co., Ltd.
| | | 251 | | 34,536 |
SK Hynix, Inc.
| | | 9,787 | | 669,698 |
SK Telecom Co., Ltd.
| | | 237 | | 34,459 |
S-Oil Corp.
| | | 1,644 | | 77,112 |
Woori Financial Group, Inc.
| | | 12,502 | | 78,564 |
| | | | | | 9,070,268 |
| TAIWAN — 13.6% | | | | | |
ASE Technology Holding Co., Ltd.
| | | 79,656 | | 154,352 |
Asustek Computer, Inc.
| | | 28,000 | | 189,342 |
Catcher Technology Co., Ltd.
| | | 3,000 | | 19,394 |
| Security Description | | | Shares | | Value |
Cathay Financial Holding Co., Ltd.
| | | 143,092 | | $167,027 |
Chailease Holding Co., Ltd.
| | | 3,090 | | 9,349 |
Chang Hwa Commercial Bank, Ltd.
| | | 252,736 | | 159,206 |
China Development Financial Holding Corp.
| | | 582,000 | | 142,798 |
China Life Insurance Co., Ltd. (a)
| | | 159,560 | | 88,904 |
China Steel Corp.
| | | 311,000 | | 194,880 |
Chunghwa Telecom Co., Ltd.
| | | 55,000 | | 195,509 |
Compal Electronics, Inc.
| | | 225,000 | | 128,714 |
CTBC Financial Holding Co., Ltd.
| | | 311,000 | | 184,081 |
E.Sun Financial Holding Co., Ltd.
| | | 328,881 | | 263,723 |
Far Eastern New Century Corp.
| | | 57,000 | | 42,503 |
Far EasTone Telecommunications Co., Ltd.
| | | 7,000 | | 14,652 |
First Financial Holding Co., Ltd.
| | | 217,498 | | 141,324 |
Formosa Chemicals & Fibre Corp.
| | | 53,397 | | 118,301 |
Formosa Plastics Corp.
| | | 84,000 | | 208,601 |
Foxconn Technology Co., Ltd.
| | | 56,000 | | 91,662 |
Fubon Financial Holding Co., Ltd.
| | | 139,000 | | 172,592 |
Globalwafers Co., Ltd.
| | | 1,000 | | 11,276 |
Hon Hai Precision Industry Co., Ltd.
| | | 233,980 | | 540,820 |
Hua Nan Financial Holdings Co., Ltd.
| | | 259,898 | | 155,123 |
Lite-On Technology Corp.
| | | 112,000 | | 152,955 |
MediaTek, Inc.
| | | 27,000 | | 292,396 |
Mega Financial Holding Co., Ltd.
| | | 197,000 | | 185,330 |
Nan Ya Plastics Corp.
| | | 112,000 | | 202,583 |
Pegatron Corp.
| | | 56,000 | | 107,402 |
President Chain Store Corp.
| | | 22,000 | | 205,876 |
Quanta Computer, Inc.
| | | 54,000 | | 107,495 |
SinoPac Financial Holdings Co., Ltd.
| | | 413,794 | | 151,197 |
Taishin Financial Holding Co., Ltd.
| | | 343,729 | | 132,984 |
Taiwan Cement Corp.
| | | 142,575 | | 186,225 |
Taiwan Cooperative Financial Holding Co., Ltd.
| | | 243,810 | | 147,940 |
Taiwan Mobile Co., Ltd.
| | | 28,000 | | 92,495 |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | | 410,966 | | 3,723,515 |
Uni-President Enterprises Corp.
| | | 112,000 | | 242,951 |
United Microelectronics Corp.
| | | 396,000 | | 178,741 |
Win Semiconductors Corp.
| | | 1,000 | | 8,713 |
Yuanta Financial Holding Co., Ltd.
| | | 396,000 | | 203,621 |
| | | | | | 9,716,552 |
| THAILAND — 1.7% | | | | | |
Advanced Info Service PCL NVDR
| | | 36,800 | | 225,392 |
Airports of Thailand PCL NVDR
| | | 125,000 | | 193,304 |
Bangkok Dusit Medical Services PCL NVDR
| | | 232,100 | | 133,669 |
CP ALL PCL NVDR
| | | 117,400 | | 218,219 |
Kasikornbank PCL
| | | 39,600 | | 109,807 |
Minor International PCL NVDR
| | | 127,900 | | 65,475 |
PTT Global Chemical PCL NVDR
| | | 80,974 | | 75,256 |
Siam Cement PCL
| | | 11,200 | | 110,575 |
See accompanying notes to financial statements.
48
SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Siam Commercial Bank PCL NVDR
| | | 42,400 | | $89,471 |
| | | | | | 1,221,168 |
| TURKEY — 0.3% | | | | | |
BIM Birlesik Magazalar A/S
| | | 13,133 | | 99,939 |
Eregli Demir ve Celik Fabrikalari TAS
| | | 3,636 | | 4,144 |
Turk Hava Yollari AO (a)
| | | 23,470 | | 32,301 |
Turkcell Iletisim Hizmetleri A/S
| | | 22,636 | | 42,316 |
Turkiye Is Bankasi A/S Class C (a)
| | | 54,170 | | 38,797 |
| | | | | | 217,497 |
| UNITED ARAB EMIRATES — 0.6% | | | | | |
Abu Dhabi Commercial Bank PJSC
| | | 85,525 | | 107,804 |
Aldar Properties PJSC
| | | 188,268 | | 78,933 |
DP World PLC
| | | 5,750 | | 86,308 |
Emirates Telecommunications Group Co. PJSC
| | | 28,958 | | 110,529 |
First Abu Dhabi Bank PJSC
| | | 25,604 | | 67,266 |
| | | | | | 450,840 |
TOTAL COMMON STOCKS
(Cost $83,472,317)
| | | | | 71,267,124 |
| | | | |
| SHORT-TERM INVESTMENTS — 0.4% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (e) (f)
| 1,499 | 1,497 |
State Street Navigator Securities Lending Portfolio II (g) (h)
| 267,719 | 267,719 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $269,216)
| 269,216 |
TOTAL INVESTMENTS — 99.8%
(Cost $83,741,533)
| 71,536,340 |
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%
| 163,454 |
NET ASSETS — 100.0%
| $71,699,794 |
| (a) | Non-income producing security. |
| (b) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.8% of net assets as of March 31, 2020, 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, 2020. |
| (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, 2020 are shown in the Affiliate Table below. |
| (f) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (g) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (h) | 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 March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $71,156,549 | | $110,575 | | $— | | $71,267,124 |
Short-Term Investments
| | 269,216 | | — | | — | | 269,216 |
TOTAL INVESTMENTS
| | $71,425,765 | | $110,575 | | $— | | $71,536,340 |
See accompanying notes to financial statements.
49
SPDR MSCI EMERGING MARKETS FOSSIL FUEL RESERVES FREE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 27,118 | | $27,121 | | $5,869,376 | | $5,894,725 | | $(275) | | $— | | 1,499 | | $1,497 | | $1,153 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 1,548,689 | | 1,280,970 | | — | | — | | 267,719 | | 267,719 | | 1,625 |
State Street Navigator Securities Lending Portfolio III
| 458,521 | | 458,521 | | 240,960 | | 699,481 | | — | | — | | — | | — | | 276 |
Total
| | | $485,642 | | $7,659,025 | | $7,875,176 | | $(275) | | $— | | | | $269,216 | | $3,054 |
See accompanying notes to financial statements.
50
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 99.2% | | | | | |
| ARGENTINA – 0.1% | | | | | |
Other Securities
| | | | $199,807 |
| BRAZIL – 3.4% | | | | | |
Ambev SA ADR
| | 331,766 | | 763,062 |
Other Securities
| | | | 4,623,739 |
| | | | | | 5,386,801 |
| CHILE – 0.8% | | | | | |
Other Securities
| | | | 1,297,554 |
| CHINA – 30.1% | | | | | |
Agricultural Bank of China, Ltd. Class H
| | 2,023,000 | | 811,716 |
Alibaba Group Holding, Ltd. ADR (a)
| | 6,037 | | 1,174,076 |
ANTA Sports Products, Ltd.
| | 122,000 | | 896,399 |
Bank of China, Ltd. Class A
| | 633,600 | | 311,070 |
Bank of China, Ltd. Class H
| | 3,857,071 | | 1,477,958 |
China Common Rich Renewable Energy Investment, Ltd. (a)(b)
| | 598,000 | | — |
China Construction Bank Corp. Class A
| | 37,600 | | 33,631 |
China Construction Bank Corp. Class H
| | 2,698,394 | | 2,207,204 |
China Petroleum & Chemical Corp. Class H
| | 1,288,395 | | 634,980 |
China Yangtze Power Co., Ltd. Class A
| | 277,200 | | 676,164 |
CSPC Pharmaceutical Group, Ltd.
| | 340,000 | | 680,798 |
Geely Automobile Holdings, Ltd.
| | 482,000 | | 711,412 |
Industrial & Commercial Bank of China, Ltd. Class H
| | 2,183,448 | | 1,495,840 |
Kweichow Moutai Co., Ltd. Class A
| | 7,800 | | 1,222,567 |
Shenzhou International Group Holdings, Ltd.
| | 90,900 | | 966,360 |
Sunny Optical Technology Group Co., Ltd.
| | 52,393 | | 705,702 |
Tencent Holdings, Ltd.
| | 94,678 | | 4,644,180 |
Yum China Holdings, Inc.
| | 37,265 | | 1,588,607 |
Other Securities
| | | | 27,331,516 |
| | | | | | 47,570,180 |
| COLOMBIA – 0.1% | | | | | |
Other Securities
| | | | 154,277 |
| CZECH REPUBLIC – 0.2% | | | | | |
Other Securities
| | | | 245,188 |
| EGYPT – 0.5% | | | | | |
Commercial International Bank Egypt SAE GDR
| | 192,775 | | 693,990 |
Other Securities
| | | | 101,092 |
| | | | | | 795,082 |
| GREECE – 0.2% | | | | | |
FF Group (a)(b)
| | 491 | | 258 |
Other Securities
| | | | 388,546 |
| | | | | | 388,804 |
| Security Description | | | Shares | | Value |
| HONG KONG – 2.5% | | | | | |
China Huishan Dairy Holdings Co., Ltd. (a)(b)
| | 1,072,393 | | $— |
China Mobile, Ltd.
| | 197,497 | | 1,468,952 |
Guangdong Investment, Ltd.
| | 492,000 | | 948,339 |
Other Securities
| | | | 1,470,497 |
| | | | | | 3,887,788 |
| HUNGARY – 0.4% | | | | | |
Other Securities
| | | | 648,468 |
| INDIA – 12.3% | | | | | |
Asian Paints, Ltd.
| | 45,000 | | 991,292 |
Dabur India, Ltd.
| | 119,645 | | 711,769 |
HCL Technologies, Ltd.
| | 142,804 | | 823,776 |
Hindustan Unilever, Ltd.
| | 77,789 | | 2,363,451 |
Infosys, Ltd. ADR (c)
| | 226,039 | | 1,855,780 |
Infosys, Ltd. (c)
| | 128,317 | | 1,088,090 |
ITC, Ltd.
| | 297,892 | | 676,103 |
Tata Consultancy Services, Ltd.
| | 102,093 | | 2,464,361 |
Other Securities
| | | | 8,416,665 |
| | | | | | 19,391,287 |
| INDONESIA – 3.0% | | | | | |
Bank Central Asia Tbk PT
| | 1,144,425 | | 1,938,365 |
Telekomunikasi Indonesia Persero Tbk PT
| | 4,821,675 | | 934,181 |
Other Securities
| | | | 1,929,623 |
| | | | | | 4,802,169 |
| LUXEMBOURG – 0.1% | | | | | |
Other Security
| | | | 87,819 |
| MALAYSIA – 2.9% | | | | | |
Malayan Banking Bhd
| | 397,630 | | 685,728 |
Public Bank Bhd
| | 189,511 | | 697,506 |
Other Securities
| | | | 3,216,136 |
| | | | | | 4,599,370 |
| MEXICO – 1.7% | | | | | |
Wal-Mart de Mexico SAB de CV
| | 547,697 | | 1,301,581 |
Other Securities
| | | | 1,413,114 |
| | | | | | 2,714,695 |
| PAKISTAN – 0.0% (d) | | | | | |
Other Securities
| | | | 69,428 |
| PERU – 0.4% | | | | | |
Other Securities
| | | | 666,465 |
| PHILIPPINES – 1.1% | | | | | |
Other Securities
| | | | 1,764,508 |
| POLAND – 0.4% | | | | | |
Other Securities
| | | | 702,413 |
| QATAR – 1.4% | | | | | |
Other Securities
| | | | 2,151,645 |
| ROMANIA – 0.0% (d) | | | | | |
Other Security
| | | | 14,295 |
See accompanying notes to financial statements.
51
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| RUSSIA – 3.4% | | | | | |
Gazprom PJSC ADR
| | 168,428 | | $781,337 |
Novatek PJSC GDR
| | 6,302 | | 726,621 |
Tatneft PJSC ADR (c)
| | 21,334 | | 901,361 |
Other Securities
| | | | 2,898,440 |
| | | | | | 5,307,759 |
| SAUDI ARABIA – 3.7% | | | | | |
Al Rajhi Bank
| | 108,130 | | 1,548,415 |
Jarir Marketing Co.
| | 21,709 | | 738,464 |
Other Securities
| | | | 3,539,411 |
| | | | | | 5,826,290 |
| SINGAPORE – 0.0% (d) | | | | | |
Other Security
| | | | 69,752 |
| SOUTH AFRICA – 2.0% | | | | | |
Other Securities
| | | | 3,157,678 |
| SOUTH KOREA – 9.0% | | | | | |
Samsung Electronics Co., Ltd.
| | 91,415 | | 3,585,712 |
SK Hynix, Inc.
| | 13,110 | | 897,082 |
Other Securities
| | | | 9,691,238 |
| | | | | | 14,174,032 |
| TAIWAN – 14.4% | | | | | |
Chunghwa Telecom Co., Ltd.
| | 257,540 | | 915,482 |
Far EasTone Telecommunications Co., Ltd.
| | 391,449 | | 819,362 |
First Financial Holding Co., Ltd.
| | 1,416,627 | | 920,481 |
Hon Hai Precision Industry Co., Ltd.
| | 366,730 | | 847,657 |
Largan Precision Co., Ltd.
| | 8,000 | | 1,013,177 |
President Chain Store Corp.
| | 90,000 | | 842,220 |
Taiwan Cooperative Financial Holding Co., Ltd.
| | 1,539,104 | | 933,901 |
Taiwan Mobile Co., Ltd.
| | 361,542 | | 1,194,321 |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | 515,495 | | 4,670,589 |
Other Securities
| | | | 10,602,660 |
| | | | | | 22,759,850 |
| THAILAND – 3.4% | | | | | |
Advanced Info Service PCL
| | 115,900 | | 709,862 |
Other Securities
| | | | 4,595,332 |
| | | | | | 5,305,194 |
| TURKEY – 0.5% | | | | | |
Other Securities
| | | | 745,117 |
| UNITED ARAB EMIRATES – 1.1% | | | | | |
Emirates Telecommunications Group Co. PJSC
| | 240,073 | | 916,332 |
Other Securities
| | | | 859,946 |
| | | | | | 1,776,278 |
| UNITED STATES – 0.1% | | | | | |
Other Security
| | | | 89,860 |
TOTAL COMMON STOCKS
(Cost $182,243,961)
| | | | | 156,749,853 |
| Security Description | | | Shares | | Value |
| RIGHTS — 0.0% (d) | | | | | |
| CHINA – 0.0% (d) | | | | | |
Legend Holdings Corp. (expiring 5/19/23) Class H(a)(b)
(cost: $0)
| | 1,461 | | $— |
| WARRANTS — 0.0% (d) | | | | | |
| THAILAND – 0.0% (d) | | | | | |
Other Securities
(cost: $0)
| | | | 2,749 |
| SHORT-TERM INVESTMENTS - 1.0% | | | | | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (e)(f)
| | 240,856 | | 240,639 |
State Street Navigator Securities Lending Portfolio II (g)(h)
| | 1,355,092 | | 1,355,092 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,595,568)
| | | | | 1,595,731 |
TOTAL INVESTMENTS - 100.2%
(Cost $183,839,529)
| | | | | 158,348,333 |
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%
| | | | | (357,987) |
NET ASSETS - 100.0%
| | | | | $157,990,346 |
| 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, 2020, total aggregate fair value of these securities is $258, representing less than 0.05% of the Fund's net assets. |
| (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) | 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, 2020 are shown in the Affiliate Table below. |
| (f) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (g) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (h) | Investment of cash collateral for securities loaned. |
| ADR | American Depositary Receipt |
See accompanying notes to financial statements.
52
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| GDR | Global Depositary Receipt |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $152,245,494 | | $4,504,101 | | $258 (a) | | $156,749,853 |
Rights
| | — | | — | | 0(a) | | 0 |
Warrants
| | 2,749 | | — | | — | | 2,749 |
Short-Term Investments
| | 1,595,731 | | — | | — | | 1,595,731 |
TOTAL INVESTMENTS
| | $153,843,974 | | $4,504,101 | | $258 | | $158,348,333 |
| (a) | Fund held Level 3 securities that were valued at $0 at March 31, 2020. |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 437,290 | | $437,334 | | $7,454,627 | | $7,651,304 | | $(186) | | $168 | | 240,856 | | $240,639 | | $3,050 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 11,247,979 | | 9,892,887 | | — | | — | | 1,355,092 | | 1,355,092 | | 4,200 |
State Street Navigator Securities Lending Portfolio III
| 1,941,419 | | 1,941,419 | | 1,316,966 | | 3,258,385 | | — | | — | | — | | — | | 1,052 |
Total
| | | $2,378,753 | | $20,019,572 | | $20,802,576 | | $(186) | | $168 | | | | $1,595,731 | | $8,302 |
See accompanying notes to financial statements.
53
SPDR SOLACTIVE GERMANY ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 97.6% | | | | | |
| AEROSPACE & DEFENSE — 0.8% | | | | | |
MTU Aero Engines AG
| | | 322 | | $47,114 |
| AIR FREIGHT & LOGISTICS — 3.0% | | | | | |
Deutsche Post AG
| | | 6,002 | | 163,161 |
| AIRLINES — 0.5% | | | | | |
Deutsche Lufthansa AG
| | | 2,929 | | 27,517 |
| AUTO COMPONENTS — 0.9% | | | | | |
Continental AG
| | | 660 | | 47,514 |
| AUTOMOBILES — 8.3% | | | | | |
Bayerische Motoren Werke AG
| | | 1,950 | | 100,809 |
Bayerische Motoren Werke AG Preference Shares
| | | 342 | | 14,695 |
Daimler AG
| | | 4,842 | | 146,211 |
Porsche Automobil Holding SE Preference Shares
| | | 932 | | 39,556 |
Volkswagen AG
| | | 193 | | 25,709 |
Volkswagen AG Preference Shares
| | | 1,118 | | 131,063 |
| | | | | | 458,043 |
| BANKS — 0.4% | | | | | |
Commerzbank AG
| | | 6,053 | | 21,974 |
| CAPITAL MARKETS — 4.0% | | | | | |
Deutsche Bank AG
| | | 10,782 | | 70,616 |
Deutsche Boerse AG
| | | 1,105 | | 151,558 |
| | | | | | 222,174 |
| CHEMICALS — 7.1% | | | | | |
BASF SE
| | | 5,608 | | 265,488 |
Covestro AG (a)
| | | 1,027 | | 31,406 |
Evonik Industries AG
| | | 1,013 | | 21,196 |
Symrise AG
| | | 777 | | 72,468 |
| | | | | | 390,558 |
| CONSTRUCTION & ENGINEERING — 0.2% | | | | | |
HOCHTIEF AG
| | | 212 | | 14,073 |
| CONSTRUCTION MATERIALS — 0.7% | | | | | |
HeidelbergCement AG
| | | 900 | | 38,602 |
| DIVERSIFIED TELECOMMUNICATION SERVICES — 4.9% | | | | | |
Deutsche Telekom AG
| | | 19,798 | | 256,640 |
Telefonica Deutschland Holding AG
| | | 5,089 | | 12,614 |
| | | | | | 269,254 |
| HEALTH CARE EQUIPMENT & SUPPLIES — 1.6% | | | | | |
Sartorius AG Preference Shares
| | | 208 | | 50,712 |
Siemens Healthineers AG (a)
| | | 913 | | 36,110 |
| | | | | | 86,822 |
| HEALTH CARE PROVIDERS & SERVICES — 3.2% | | | | | |
Fresenius Medical Care AG & Co. KGaA
| | | 1,284 | | 84,814 |
| Security Description | | | Shares | | Value |
Fresenius SE & Co. KGaA
| | | 2,512 | | $93,521 |
| | | | | | 178,335 |
| HOUSEHOLD PRODUCTS — 2.4% | | | | | |
Henkel AG & Co. KGaA Preference Shares
| | | 1,066 | | 85,620 |
Henkel AG & Co. KGaA
| | | 614 | | 45,374 |
| | | | | | 130,994 |
| INDUSTRIAL CONGLOMERATES — 7.6% | | | | | |
Siemens AG
| | | 4,921 | | 418,305 |
| INSURANCE — 12.3% | | | | | |
Allianz SE
| | | 2,540 | | 437,227 |
Hannover Rueck SE
| | | 367 | | 52,752 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 881 | | 177,965 |
Talanx AG (b)
| | | 322 | | 10,939 |
| | | | | | 678,883 |
| INTERNET & DIRECT MARKETING RETAIL — 0.6% | | | | | |
Zalando SE (a) (b)
| | | 897 | | 34,438 |
| IT SERVICES — 1.5% | | | | | |
Wirecard AG
| | | 702 | | 80,609 |
| MACHINERY — 0.5% | | | | | |
Knorr-Bremse AG
| | | 293 | | 25,990 |
| MEDIA — 0.1% | | | | | |
RTL Group SA
| | | 237 | | 7,989 |
| METALS & MINING — 0.3% | | | | | |
Thyssenkrupp AG (b)
| | | 2,997 | | 15,679 |
| MULTI-UTILITIES — 4.1% | | | | | |
E.ON SE
| | | 13,506 | | 139,911 |
RWE AG
| | | 3,375 | | 88,729 |
| | | | | | 228,640 |
| PERSONAL PRODUCTS — 1.1% | | | | | |
Beiersdorf AG
| | | 598 | | 60,734 |
| PHARMACEUTICALS — 7.8% | | | | | |
Bayer AG
| | | 5,995 | | 347,648 |
Merck KGaA
| | | 787 | | 80,844 |
| | | | | | 428,492 |
| REAL ESTATE MANAGEMENT & DEVELOPMENT — 4.5% | | | | | |
Deutsche Wohnen SE
| | | 2,190 | | 83,407 |
Vonovia SE
| | | 3,312 | | 163,026 |
| | | | | | 246,433 |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.0% | | | | | |
Infineon Technologies AG
| | | 7,627 | | 112,392 |
| SOFTWARE — 12.6% | | | | | |
SAP SE
| | | 6,139 | | 692,463 |
See accompanying notes to financial statements.
54
SPDR SOLACTIVE GERMANY ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| TEXTILES, APPAREL & LUXURY GOODS — 4.6% | | | | | |
Adidas AG
| | | 1,116 | | $252,131 |
TOTAL COMMON STOCKS
(Cost $7,851,083)
| | | | | 5,379,313 |
| | | | |
| SHORT-TERM INVESTMENT — 0.0% (c) | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (d) (e)
(Cost $1,508)
| 1,509 | 1,508 |
TOTAL INVESTMENTS — 97.6%
(Cost $7,852,591)
| 5,380,821 |
OTHER ASSETS IN EXCESS OF LIABILITIES — 2.4%
| 132,807 |
NET ASSETS — 100.0%
| $5,513,628 |
| (a) | 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, 2020, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (b) | Non-income producing security. |
| (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, 2020 are shown in the Affiliate Table below. |
| (e) | The rate shown is the annualized seven-day yield at March 31, 2020. |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $5,379,313 | | $— | | $— | | $5,379,313 |
Short-Term Investment
| | 1,508 | | — | | — | | 1,508 |
TOTAL INVESTMENTS
| | $5,380,821 | | $— | | $— | | $5,380,821 |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 855 | | $855 | | $5,270 | | $4,617 | | $— | | $— | | 1,509 | | $1,508 | | $6 |
See accompanying notes to financial statements.
55
SPDR SOLACTIVE JAPAN ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 98.5% | | | | | |
| AIR FREIGHT & LOGISTICS — 0.3% | | | | | |
SG Holdings Co., Ltd.
| | | 300 | | $7,150 |
Yamato Holdings Co., Ltd.
| | | 800 | | 12,576 |
| | | | | | 19,726 |
| AIRLINES — 0.4% | | | | | |
ANA Holdings, Inc.
| | | 600 | | 14,667 |
Japan Airlines Co., Ltd. (a)
| | | 700 | | 12,904 |
| | | | | | 27,571 |
| AUTO COMPONENTS — 2.2% | | | | | |
Aisin Seiki Co., Ltd.
| | | 400 | | 9,871 |
Bridgestone Corp.
| | | 1,200 | | 36,938 |
Denso Corp.
| | | 1,000 | | 32,337 |
Koito Manufacturing Co., Ltd.
| | | 300 | | 10,157 |
NGK Spark Plug Co., Ltd.
| | | 400 | | 5,639 |
NOK Corp.
| | | 200 | | 2,210 |
Stanley Electric Co., Ltd.
| | | 300 | | 5,925 |
Sumitomo Electric Industries, Ltd.
| | | 1,600 | | 16,866 |
Sumitomo Rubber Industries, Ltd.
| | | 300 | | 2,832 |
Toyoda Gosei Co., Ltd.
| | | 200 | | 3,435 |
Toyota Boshoku Corp.
| | | 200 | | 2,384 |
Toyota Industries Corp.
| | | 300 | | 14,395 |
Yokohama Rubber Co., Ltd.
| | | 300 | | 3,732 |
| | | | | | 146,721 |
| AUTOMOBILES — 6.9% | | | | | |
Honda Motor Co., Ltd. (a)
| | | 3,400 | | 76,532 |
Isuzu Motors, Ltd.
| | | 1,200 | | 7,951 |
Mazda Motor Corp.
| | | 1,300 | | 6,888 |
Mitsubishi Motors Corp. (a)
| | | 1,400 | | 3,968 |
Nissan Motor Co., Ltd.
| | | 5,100 | | 16,847 |
Subaru Corp. (a)
| | | 1,300 | | 24,969 |
Suzuki Motor Corp.
| | | 800 | | 19,152 |
Toyota Motor Corp.
| | | 4,800 | | 289,054 |
Yamaha Motor Co., Ltd.
| | | 600 | | 7,264 |
| | | | | | 452,625 |
| BANKS — 4.3% | | | | | |
Aozora Bank, Ltd.
| | | 300 | | 5,730 |
Chiba Bank, Ltd.
| | | 1,600 | | 7,010 |
Concordia Financial Group, Ltd.
| | | 2,400 | | 7,003 |
Fukuoka Financial Group, Inc.
| | | 400 | | 5,302 |
Mebuki Financial Group, Inc.
| | | 2,400 | | 4,891 |
Mitsubishi UFJ Financial Group, Inc.
| | | 24,500 | | 91,460 |
Mizuho Financial Group, Inc.
| | | 49,000 | | 56,101 |
Resona Holdings, Inc.
| | | 4,800 | | 14,459 |
Seven Bank, Ltd.
| | | 1,300 | | 3,360 |
Shizuoka Bank, Ltd.
| | | 1,000 | | 6,086 |
Sumitomo Mitsui Financial Group, Inc.
| | | 2,700 | | 65,602 |
Sumitomo Mitsui Trust Holdings, Inc.
| | | 600 | | 17,363 |
| | | | | | 284,367 |
| BEVERAGES — 1.2% | | | | | |
Asahi Group Holdings, Ltd.
| | | 900 | | 29,262 |
| Security Description | | | Shares | | Value |
Coca-Cola Bottlers Japan Holdings, Inc.
| | | 200 | | $4,111 |
Ito En, Ltd.
| | | 100 | | 5,299 |
Kirin Holdings Co., Ltd.
| | | 1,800 | | 35,640 |
Suntory Beverage & Food, Ltd.
| | | 200 | | 7,568 |
| | | | | | 81,880 |
| BIOTECHNOLOGY — 0.1% | | | | | |
PeptiDream, Inc. (b)
| | | 100 | | 3,492 |
| BUILDING PRODUCTS — 1.5% | | | | | |
AGC, Inc.
| | | 400 | | 9,852 |
Daikin Industries, Ltd.
| | | 600 | | 73,197 |
LIXIL Group Corp.
| | | 500 | | 6,230 |
TOTO, Ltd.
| | | 300 | | 9,990 |
| | | | | | 99,269 |
| CAPITAL MARKETS — 1.1% | | | | | |
Daiwa Securities Group, Inc.
| | | 3,500 | | 13,591 |
Japan Exchange Group, Inc.
| | | 1,200 | | 21,186 |
Nomura Holdings, Inc.
| | | 7,200 | | 30,533 |
SBI Holdings, Inc.
| | | 400 | | 5,847 |
| | | | | | 71,157 |
| CHEMICALS — 4.2% | | | | | |
Air Water, Inc.
| | | 400 | | 5,506 |
Asahi Kasei Corp.
| | | 2,800 | | 19,836 |
Daicel Corp.
| | | 600 | | 4,385 |
DIC Corp.
| | | 200 | | 4,433 |
Hitachi Chemical Co., Ltd.
| | | 200 | | 8,504 |
JSR Corp.
| | | 400 | | 7,385 |
Kansai Paint Co., Ltd.
| | | 400 | | 7,625 |
Kuraray Co., Ltd.
| | | 800 | | 8,092 |
Mitsubishi Chemical Holdings Corp.
| | | 3,000 | | 17,863 |
Mitsubishi Gas Chemical Co., Inc.
| | | 400 | | 4,357 |
Mitsui Chemicals, Inc.
| | | 500 | | 9,499 |
Nippon Paint Holdings Co., Ltd.
| | | 300 | | 15,729 |
Nissan Chemical Corp.
| | | 200 | | 7,299 |
Nitto Denko Corp.
| | | 400 | | 17,878 |
Shin-Etsu Chemical Co., Ltd.
| | | 900 | | 89,454 |
Showa Denko KK
| | | 300 | | 6,217 |
Sumitomo Chemical Co., Ltd.
| | | 3,600 | | 10,705 |
Taiyo Nippon Sanso Corp.
| | | 400 | | 5,932 |
Teijin, Ltd.
| | | 400 | | 6,781 |
Toray Industries, Inc.
| | | 3,200 | | 13,902 |
Tosoh Corp.
| | | 600 | | 6,836 |
| | | | | | 278,218 |
| COMMERCIAL SERVICES & SUPPLIES — 1.1% | | | | | |
Dai Nippon Printing Co., Ltd.
| | | 500 | | 10,657 |
Park24 Co., Ltd. (a)
| | | 300 | | 4,421 |
Secom Co., Ltd.
| | | 500 | | 41,564 |
Sohgo Security Services Co., Ltd.
| | | 100 | | 4,872 |
Toppan Printing Co., Ltd.
| | | 600 | | 9,204 |
| | | | | | 70,718 |
See accompanying notes to financial statements.
56
SPDR SOLACTIVE JAPAN ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| CONSTRUCTION & ENGINEERING — 0.7% | | | | | |
JGC Holdings Corp.
| | | 500 | | $4,020 |
Kajima Corp.
| | | 1,000 | | 10,273 |
Obayashi Corp.
| | | 1,400 | | 12,009 |
Shimizu Corp.
| | | 1,300 | | 10,175 |
Taisei Corp.
| | | 400 | | 12,246 |
| | | | | | 48,723 |
| CONSUMER FINANCE — 0.2% | | | | | |
Acom Co., Ltd.
| | | 700 | | 2,846 |
AEON Financial Service Co., Ltd.
| | | 300 | | 3,218 |
Credit Saison Co., Ltd.
| | | 400 | | 4,654 |
| | | | | | 10,718 |
| CONTAINERS & PACKAGING — 0.1% | | | | | |
Toyo Seikan Group Holdings, Ltd.
| | | 400 | | 4,572 |
| DIVERSIFIED CONSUMER SERVICES — 0.1% | | | | | |
Benesse Holdings, Inc.
| | | 200 | | 5,097 |
| DIVERSIFIED FINANCIAL SERVICES — 0.6% | | | | | |
Mitsubishi UFJ Lease & Finance Co., Ltd.
| | | 1,100 | | 5,421 |
ORIX Corp.
| | | 2,700 | | 32,526 |
Tokyo Century Corp.
| | | 100 | | 3,135 |
| | | | | | 41,082 |
| DIVERSIFIED TELECOMMUNICATION SERVICES — 1.7% | | | | | |
Nippon Telegraph & Telephone Corp.
| | | 4,800 | | 114,514 |
| ELECTRIC UTILITIES — 1.2% | | | | | |
Chubu Electric Power Co., Inc.
| | | 1,500 | | 21,182 |
Chugoku Electric Power Co., Inc. (a)
| | | 700 | | 9,778 |
Kansai Electric Power Co., Inc.
| | | 1,600 | | 17,837 |
Kyushu Electric Power Co., Inc.
| | | 900 | | 7,245 |
Tohoku Electric Power Co., Inc. (a)
| | | 1,100 | | 10,607 |
Tokyo Electric Power Co. Holdings, Inc. (b)
| | | 3,100 | | 10,826 |
| | | | | | 77,475 |
| ELECTRICAL EQUIPMENT — 1.7% | | | | | |
Fuji Electric Co., Ltd.
| | | 200 | | 4,537 |
Mabuchi Motor Co., Ltd.
| | | 100 | | 2,983 |
Mitsubishi Electric Corp.
| | | 4,200 | | 51,938 |
Nidec Corp.
| | | 1,000 | | 51,938 |
| | | | | | 111,396 |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 6.4% | | | | | |
Alps Alpine Co., Ltd.
| | | 400 | | 3,887 |
Hamamatsu Photonics KK
| | | 300 | | 12,283 |
Hirose Electric Co., Ltd.
| | | 105 | | 10,893 |
Hitachi High-Tech Corp.
| | | 200 | | 14,784 |
| Security Description | | | Shares | | Value |
Hitachi, Ltd.
| | | 2,000 | | $58,228 |
Keyence Corp.
| | | 400 | | 129,054 |
Kyocera Corp.
| | | 700 | | 41,551 |
Murata Manufacturing Co., Ltd.
| | | 1,300 | | 65,894 |
Omron Corp.
| | | 400 | | 20,861 |
Shimadzu Corp.
| | | 600 | | 15,812 |
TDK Corp.
| | | 300 | | 23,287 |
Yaskawa Electric Corp.
| | | 500 | | 13,783 |
Yokogawa Electric Corp.
| | | 600 | | 7,242 |
| | | | | | 417,559 |
| ENTERTAINMENT — 1.8% | | | | | |
DeNA Co., Ltd. (a)
| | | 300 | | 3,285 |
Konami Holdings Corp.
| | | 200 | | 6,141 |
Nexon Co., Ltd.
| | | 900 | | 14,714 |
Nintendo Co., Ltd.
| | | 200 | | 77,088 |
Square Enix Holdings Co., Ltd.
| | | 200 | | 8,939 |
Toho Co., Ltd.
| | | 300 | | 9,171 |
| | | | | | 119,338 |
| EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 0.8% | | | | | |
Daiwa House REIT Investment Corp.
| | | 3 | | 7,328 |
GLP J-REIT
| | | 7 | | 7,885 |
Japan Retail Fund Investment Corp. REIT
| | | 5 | | 5,660 |
Nippon Prologis REIT, Inc.
| | | 4 | | 10,048 |
Nomura Real Estate Master Fund, Inc. REIT
| | | 8 | | 10,123 |
Orix JREIT, Inc.
| | | 5 | | 6,577 |
United Urban Investment Corp. REIT
| | | 5 | | 4,979 |
| | | | | | 52,600 |
| FOOD & STAPLES RETAILING — 1.9% | | | | | |
Aeon Co., Ltd.
| | | 1,400 | | 31,111 |
FamilyMart Co., Ltd.
| | | 400 | | 7,181 |
Lawson, Inc.
| | | 100 | | 5,493 |
Matsumotokiyoshi Holdings Co., Ltd.
| | | 100 | | 3,640 |
Seven & i Holdings Co., Ltd.
| | | 1,600 | | 53,000 |
Sundrug Co., Ltd.
| | | 200 | | 6,410 |
Tsuruha Holdings, Inc.
| | | 100 | | 13,209 |
Welcia Holdings Co., Ltd.
| | | 100 | | 6,994 |
| | | | | | 127,038 |
| FOOD PRODUCTS — 1.9% | | | | | |
Ajinomoto Co., Inc.
| | | 1,100 | | 20,486 |
Calbee, Inc.
| | | 100 | | 2,706 |
Ezaki Glico Co., Ltd.
| | | 100 | | 4,205 |
Kewpie Corp.
| | | 200 | | 4,003 |
Kikkoman Corp.
| | | 400 | | 17,063 |
MEIJI Holdings Co., Ltd.
| | | 200 | | 14,228 |
NH Foods, Ltd.
| | | 200 | | 6,975 |
Nichirei Corp.
| | | 200 | | 5,660 |
Nisshin Seifun Group, Inc.
| | | 500 | | 8,346 |
Nissin Foods Holdings Co., Ltd.
| | | 100 | | 8,337 |
Toyo Suisan Kaisha, Ltd.
| | | 200 | | 9,671 |
See accompanying notes to financial statements.
57
SPDR SOLACTIVE JAPAN ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Yakult Honsha Co., Ltd.
| | | 300 | | $17,757 |
Yamazaki Baking Co., Ltd.
| | | 300 | | 6,272 |
| | | | | | 125,709 |
| GAS UTILITIES — 0.5% | | | | | |
Osaka Gas Co., Ltd.
| | | 800 | | 15,088 |
Tokyo Gas Co., Ltd.
| | | 800 | | 18,941 |
| | | | | | 34,029 |
| HEALTH CARE EQUIPMENT & SUPPLIES — 2.9% | | | | | |
Asahi Intecc Co., Ltd.
| | | 400 | | 9,900 |
Hoya Corp.
| | | 800 | | 68,177 |
Olympus Corp.
| | | 2,800 | | 40,513 |
Sysmex Corp.
| | | 300 | | 21,804 |
Terumo Corp.
| | | 1,400 | | 48,242 |
| | | | | | 188,636 |
| HEALTH CARE PROVIDERS & SERVICES — 0.3% | | | | | |
Alfresa Holdings Corp.
| | | 400 | | 7,463 |
Medipal Holdings Corp.
| | | 400 | | 7,477 |
Suzuken Co., Ltd.
| | | 200 | | 7,290 |
| | | | | | 22,230 |
| HEALTH CARE TECHNOLOGY — 0.4% | | | | | |
M3, Inc. (a)
| | | 900 | | 26,636 |
| HOTELS, RESTAURANTS & LEISURE — 0.9% | | | | | |
McDonald's Holdings Co. Japan, Ltd.
| | | 200 | | 9,022 |
Oriental Land Co., Ltd. (a)
| | | 400 | | 51,207 |
| | | | | | 60,229 |
| HOUSEHOLD DURABLES — 3.9% | | | | | |
Casio Computer Co., Ltd.
| | | 400 | | 5,621 |
Haseko Corp. (a)
| | | 600 | | 6,430 |
Iida Group Holdings Co., Ltd.
| | | 300 | | 4,160 |
Nikon Corp.
| | | 800 | | 7,396 |
Panasonic Corp.
| | | 4,700 | | 35,918 |
Sekisui Chemical Co., Ltd.
| | | 900 | | 11,947 |
Sekisui House, Ltd.
| | | 1,300 | | 21,489 |
Sharp Corp.
| | | 400 | | 4,205 |
Sony Corp.
| | | 2,700 | | 160,592 |
| | | | | | 257,758 |
| HOUSEHOLD PRODUCTS — 0.9% | | | | | |
Lion Corp.
| | | 500 | | 10,713 |
Pigeon Corp.
| | | 300 | | 11,519 |
Unicharm Corp.
| | | 900 | | 33,772 |
| | | | | | 56,004 |
| INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.1% | | | | | |
Electric Power Development Co., Ltd.
| | | 300 | | 6,053 |
| Security Description | | | Shares | | Value |
| INDUSTRIAL CONGLOMERATES — 0.7% | | | | | |
Keihan Holdings Co., Ltd.
| | | 400 | | $17,785 |
Toshiba Corp.
| | | 1,200 | | 26,456 |
| | | | | | 44,241 |
| INSURANCE — 2.8% | | | | | |
Dai-ichi Life Holdings, Inc.
| | | 2,300 | | 27,601 |
Japan Post Holdings Co., Ltd.
| | | 3,000 | | 23,502 |
Japan Post Insurance Co., Ltd.
| | | 200 | | 2,484 |
MS&AD Insurance Group Holdings, Inc. (a)
| | | 1,100 | | 30,823 |
Sompo Holdings, Inc.
| | | 700 | | 21,677 |
Sony Financial Holdings, Inc.
| | | 400 | | 6,770 |
T&D Holdings, Inc.
| | | 1,200 | | 9,826 |
Tokio Marine Holdings, Inc.
| | | 1,400 | | 64,193 |
| | | | | | 186,876 |
| INTERNET & CATALOG RETAIL — 0.2% | | | | | |
Rakuten, Inc.
| | | 1,700 | | 12,913 |
ZOZO, Inc.
| | | 100 | | 1,344 |
| | | | | | 14,257 |
| INTERACTIVE MEDIA & SERVICES — 0.4% | | | | | |
Kakaku.com, Inc.
| | | 300 | | 5,516 |
LINE Corp. (b)
| | | 100 | | 4,826 |
Z Holdings Corp.
| | | 5,700 | | 18,375 |
| | | | | | 28,717 |
| IT SERVICES — 1.4% | | | �� | | |
Fujitsu, Ltd.
| | | 400 | | 36,145 |
Itochu Techno-Solutions Corp.
| | | 200 | | 5,715 |
Nomura Research Institute, Ltd.
| | | 600 | | 12,716 |
NTT Data Corp.
| | | 1,400 | | 13,487 |
Obic Co., Ltd.
| | | 100 | | 13,117 |
Otsuka Corp.
| | | 200 | | 8,559 |
SCSK Corp.
| | | 100 | | 4,460 |
| | | | | | 94,199 |
| LEISURE EQUIPMENT & PRODUCTS — 1.0% | | | | | |
Bandai Namco Holdings, Inc. (a)
| | | 400 | | 19,419 |
Sega Sammy Holdings, Inc.
| | | 300 | | 3,654 |
Shimano, Inc.
| | | 200 | | 28,605 |
Yamaha Corp.
| | | 300 | | 11,713 |
| | | | | | 63,391 |
| MACHINERY — 4.5% | | | | | |
Amada Holdings Co., Ltd.
| | | 900 | | 7,111 |
Daifuku Co., Ltd.
| | | 300 | | 19,036 |
Ebara Corp.
| | | 200 | | 3,811 |
FANUC Corp.
| | | 400 | | 54,300 |
Hino Motors, Ltd.
| | | 500 | | 2,691 |
Hitachi Construction Machinery Co., Ltd. (a)
| | | 200 | | 4,055 |
Hoshizaki Corp.
| | | 100 | | 7,512 |
JTEKT Corp.
| | | 500 | | 3,404 |
See accompanying notes to financial statements.
58
SPDR SOLACTIVE JAPAN ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Komatsu, Ltd.
| | | 2,000 | | $32,949 |
Kubota Corp.
| | | 2,600 | | 33,272 |
Makita Corp.
| | | 500 | | 15,354 |
MINEBEA MITSUMI, Inc.
| | | 900 | | 13,456 |
MISUMI Group, Inc.
| | | 600 | | 13,089 |
Mitsubishi Heavy Industries, Ltd.
| | | 600 | | 15,187 |
Nabtesco Corp.
| | | 300 | | 6,933 |
NGK Insulators, Ltd.
| | | 600 | | 7,876 |
NSK, Ltd.
| | | 1,000 | | 6,429 |
SMC Corp.
| | | 100 | | 42,379 |
THK Co., Ltd.
| | | 200 | | 4,098 |
| | | | | | 292,942 |
| MARINE — 0.1% | | | | | |
Nippon Yusen KK
| | | 600 | | 7,147 |
| MEDIA — 0.4% | | | | | |
CyberAgent, Inc.
| | | 200 | | 7,762 |
Dentsu Group, Inc.
| | | 400 | | 7,733 |
Fuji Media Holdings, Inc.
| | | 300 | | 2,993 |
Hakuhodo DY Holdings, Inc.
| | | 400 | | 4,039 |
Nippon Television Holdings, Inc.
| | | 300 | | 3,349 |
Tokyo Broadcasting System Holdings, Inc.
| | | 200 | | 2,786 |
| | | | | | 28,662 |
| METALS & MINING — 0.7% | | | | | |
Hitachi Metals, Ltd.
| | | 500 | | 5,275 |
JFE Holdings, Inc.
| | | 1,100 | | 7,163 |
Mitsubishi Materials Corp.
| | | 300 | | 6,155 |
Nippon Steel Corp. (a)
| | | 1,800 | | 15,430 |
Sumitomo Metal Mining Co., Ltd.
| | | 500 | | 10,273 |
| | | | | | 44,296 |
| MULTILINE RETAIL — 0.7% | | | | | |
Isetan Mitsukoshi Holdings, Ltd.
| | | 800 | | 4,669 |
Izumi Co., Ltd.
| | | 100 | | 2,760 |
J Front Retailing Co., Ltd.
| | | 600 | | 4,991 |
Marui Group Co., Ltd.
| | | 500 | | 8,406 |
Pan Pacific International Holdings Corp.
| | | 1,200 | | 22,776 |
Takashimaya Co., Ltd.
| | | 300 | | 2,704 |
| | | | | | 46,306 |
| OIL, GAS & CONSUMABLE FUELS — 0.6% | | | | | |
Idemitsu Kosan Co., Ltd.
| | | 264 | | 6,060 |
Inpex Corp.
| | | 2,000 | | 11,279 |
JXTG Holdings, Inc.
| | | 7,100 | | 24,347 |
| | | | | | 41,686 |
| PAPER & FOREST PRODUCTS — 0.2% | | | | | |
Oji Holdings Corp.
| | | 2,100 | | 11,263 |
| PERSONAL PRODUCTS — 2.2% | | | | | |
Kao Corp.
| | | 1,000 | | 81,793 |
Kobayashi Pharmaceutical Co., Ltd.
| | | 100 | | 9,263 |
Pola Orbis Holdings, Inc.
| | | 200 | | 3,696 |
| Security Description | | | Shares | | Value |
Shiseido Co., Ltd.
| | | 800 | | $47,294 |
| | | | | | 142,046 |
| PHARMACEUTICALS — 7.5% | | | | | |
Astellas Pharma, Inc.
| | | 4,000 | | 61,915 |
Chugai Pharmaceutical Co., Ltd.
| | | 500 | | 57,895 |
Daiichi Sankyo Co., Ltd.
| | | 1,300 | | 89,521 |
Eisai Co., Ltd.
| | | 500 | | 36,733 |
Hisamitsu Pharmaceutical Co., Inc.
| | | 200 | | 9,337 |
Kyowa Kirin Co., Ltd.
| | | 600 | | 13,461 |
Nippon Shinyaku Co., Ltd.
| | | 200 | | 15,710 |
Ono Pharmaceutical Co., Ltd.
| | | 800 | | 18,422 |
Otsuka Holdings Co., Ltd.
| | | 900 | | 35,273 |
Santen Pharmaceutical Co., Ltd.
| | | 800 | | 13,769 |
Shionogi & Co., Ltd.
| | | 600 | | 29,551 |
Sumitomo Dainippon Pharma Co., Ltd.
| | | 400 | | 5,198 |
Taisho Pharmaceutical Holdings Co., Ltd.
| | | 100 | | 6,151 |
Takeda Pharmaceutical Co., Ltd.
| | | 3,300 | | 101,120 |
| | | | | | 494,056 |
| PROFESSIONAL SERVICES — 1.2% | | | | | |
Nihon M&A Center, Inc.
| | | 300 | | 8,212 |
Persol Holdings Co., Ltd.
| | | 300 | | 3,018 |
Recruit Holdings Co., Ltd. (a)
| | | 2,500 | | 64,749 |
| | | | | | 75,979 |
| REAL ESTATE MANAGEMENT & DEVELOPMENT — 2.4% | | | | | |
Aeon Mall Co., Ltd.
| | | 200 | | 2,525 |
Daito Trust Construction Co., Ltd.
| | | 200 | | 18,647 |
Daiwa House Industry Co., Ltd.
| | | 1,300 | | 32,242 |
Hulic Co., Ltd.
| | | 800 | | 8,137 |
Mitsubishi Estate Co., Ltd.
| | | 2,700 | | 39,892 |
Mitsui Fudosan Co., Ltd.
| | | 1,900 | | 32,921 |
Nomura Real Estate Holdings, Inc.
| | | 200 | | 3,251 |
Sumitomo Realty & Development Co., Ltd.
| | | 700 | | 17,086 |
Tokyu Fudosan Holdings Corp.
| | | 1,100 | | 5,278 |
| | | | | | 159,979 |
| ROAD & RAIL — 4.4% | | | | | |
Central Japan Railway Co.
| | | 400 | | 64,175 |
East Japan Railway Co.
| | | 800 | | 60,588 |
Hankyu Hanshin Holdings, Inc.
| | | 500 | | 16,836 |
Keikyu Corp.
| | | 500 | | 8,416 |
Keisei Electric Railway Co., Ltd.
| | | 300 | | 8,670 |
Kintetsu Group Holdings Co., Ltd.
| | | 400 | | 18,526 |
Kyushu Railway Co.
| | | 400 | | 11,486 |
Nagoya Railroad Co., Ltd.
| | | 400 | | 11,227 |
Odakyu Electric Railway Co., Ltd.
| | | 800 | | 17,578 |
Seibu Holdings, Inc.
| | | 500 | | 5,502 |
Tobu Railway Co., Ltd.
| | | 500 | | 17,461 |
Tokyu Corp.
| | | 1,300 | | 20,472 |
West Japan Railway Co.
| | | 400 | | 27,404 |
| | | | | | 288,341 |
See accompanying notes to financial statements.
59
SPDR SOLACTIVE JAPAN ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.5% | | | | | |
Advantest Corp. (a)
| | | 400 | | $16,081 |
Renesas Electronics Corp. (b)
| | | 1,700 | | 6,126 |
Rohm Co., Ltd.
| | | 200 | | 10,986 |
SCREEN Holdings Co., Ltd.
| | | 100 | | 3,705 |
SUMCO Corp.
| | | 500 | | 6,452 |
Tokyo Electron, Ltd.
| | | 300 | | 56,565 |
| | | | | | 99,915 |
| SOFTWARE — 0.2% | | | | | |
Trend Micro, Inc.
| | | 300 | | 14,840 |
| SPECIALTY RETAIL — 1.2% | | | | | |
Fast Retailing Co., Ltd.
| | | 100 | | 40,934 |
Nitori Holdings Co., Ltd.
| | | 200 | | 27,011 |
USS Co., Ltd.
| | | 500 | | 6,883 |
Yamada Denki Co., Ltd.
| | | 1,400 | | 5,589 |
| | | | | | 80,417 |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.1% | | | | | |
Brother Industries, Ltd.
| | | 500 | | 7,661 |
Canon, Inc.
| | | 2,200 | | 48,074 |
FUJIFILM Holdings Corp.
| | | 800 | | 40,306 |
Konica Minolta, Inc.
| | | 1,100 | | 4,473 |
NEC Corp.
| | | 500 | | 18,271 |
Ricoh Co., Ltd.
| | | 1,500 | | 11,032 |
Seiko Epson Corp. (a)
| | | 600 | | 6,503 |
| | | | | | 136,320 |
| TEXTILES, APPAREL & LUXURY GOODS — 0.1% | | | | | |
Asics Corp.
| | | 400 | | 3,702 |
| TOBACCO — 0.7% | | | | | |
Japan Tobacco, Inc.
| | | 2,400 | | 44,374 |
| TRADING COMPANIES & DISTRIBUTORS — 3.7% | | | | | |
ITOCHU Corp. (a)
| | | 3,200 | | 66,472 |
Marubeni Corp.
| | | 3,600 | | 17,974 |
Mitsubishi Corp.
| | | 2,900 | | 61,557 |
Mitsui & Co., Ltd.
| | | 3,500 | | 48,745 |
MonotaRO Co., Ltd.
| | | 200 | | 5,313 |
Sojitz Corp.
| | | 2,400 | | 5,647 |
Sumitomo Corp.
| | | 2,400 | | 27,545 |
| Security Description | | | Shares | | Value |
Toyota Tsusho Corp.
| | | 400 | | $9,433 |
| | | | | | 242,686 |
| WIRELESS TELECOMMUNICATION SERVICES — 5.3% | | | | | |
KDDI Corp.
| | | 3,600 | | 106,378 |
NTT DOCOMO, Inc.
| | | 2,500 | | 78,204 |
Softbank Corp. (a)
| | | 3,300 | | 42,016 |
SoftBank Group Corp.
| | | 3,400 | | 119,301 |
| | | | | | 345,899 |
TOTAL COMMON STOCKS
(Cost $8,118,919)
| | | | | 6,475,677 |
| | | | |
| SHORT-TERM INVESTMENTS — 3.6% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (c) (d)
| 1,896 | 1,894 |
State Street Navigator Securities Lending Portfolio II (e) (f)
| 236,131 | 236,131 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $238,024)
| | | 238,025 |
TOTAL INVESTMENTS — 102.1%
(Cost $8,356,943)
| 6,713,702 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.1)%
| (139,998) |
NET ASSETS — 100.0%
| $6,573,704 |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (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, 2020 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (f) | Investment of cash collateral for securities loaned. |
| REIT | Real Estate Investment Trust |
See accompanying notes to financial statements.
60
SPDR SOLACTIVE JAPAN ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $6,475,677 | | $— | | $— | | $6,475,677 |
Short-Term Investments
| | 238,025 | | — | | — | | 238,025 |
TOTAL INVESTMENTS
| | $6,713,702 | | $— | | $— | | $6,713,702 |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 631 | | $631 | | $116,882 | | $115,620 | | $— | | $1 | | 1,896 | | $1,894 | | $49 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 1,194,272 | | 958,141 | | — | | — | | 236,131 | | 236,131 | | 299 |
State Street Navigator Securities Lending Portfolio III
| 743,609 | | 743,609 | | 132,063 | | 875,672 | | — | | — | | — | | — | | 62 |
Total
| | | $744,240 | | $1,443,217 | | $1,949,433 | | $— | | $1 | | | | $238,025 | | $410 |
See accompanying notes to financial statements.
61
SPDR SOLACTIVE UNITED KINGDOM ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.0% | | | | | |
| AEROSPACE & DEFENSE — 1.6% | | | | | |
BAE Systems PLC
| | | 16,837 | | $108,936 |
Rolls-Royce Holdings PLC
| | | 10,290 | | 43,458 |
| | | | | | 152,394 |
| AIRLINES — 0.3% | | | | | |
easyJet PLC (a)
| | | 1,416 | | 10,025 |
International Consolidated Airlines Group SA
| | | 8,104 | | 21,615 |
| | | | | | 31,640 |
| AUTOMOBILES — 0.4% | | | | | |
Fiat Chrysler Automobiles NV
| | | 5,738 | | 41,377 |
| BANKS — 10.6% | | | | | |
Barclays PLC
| | | 91,742 | | 107,055 |
HSBC Holdings PLC
| | | 107,314 | | 604,443 |
Lloyds Banking Group PLC
| | | 370,587 | | 147,043 |
Royal Bank of Scotland Group PLC
| | | 23,918 | | 33,483 |
Standard Chartered PLC
| | | 16,784 | | 92,777 |
| | | | | | 984,801 |
| BEVERAGES — 4.7% | | | | | |
Coca-Cola European Partners PLC
| | | 1,016 | | 38,130 |
Diageo PLC
| | | 12,334 | | 395,568 |
| | | | | | 433,698 |
| CAPITAL MARKETS — 3.6% | | | | | |
3i Group PLC
| | | 5,112 | | 50,214 |
Hargreaves Lansdown PLC
| | | 1,474 | | 25,332 |
Investec PLC
| | | 3,513 | | 6,617 |
London Stock Exchange Group PLC
| | | 1,848 | | 166,816 |
Ninety One PLC (b)
| | | 1,757 | | 3,767 |
Schroders PLC
| | | 625 | | 19,250 |
St James's Place PLC
| | | 2,788 | | 26,259 |
Standard Life Aberdeen PLC
| | | 12,281 | | 34,095 |
| | | | | | 332,350 |
| CHEMICALS — 0.6% | | | | | |
Croda International PLC
| | | 679 | | 35,967 |
Johnson Matthey PLC
| | | 1,025 | | 22,852 |
| | | | | | 58,819 |
| COMMERCIAL SERVICES & SUPPLIES — 0.6% | | | | | |
G4S PLC
| | | 8,346 | | 9,552 |
Rentokil Initial PLC
| | | 9,777 | | 47,013 |
| | | | | | 56,565 |
| CONTAINERS & PACKAGING — 0.2% | | | | | |
DS Smith PLC
| | | 6,875 | | 23,477 |
| DIVERSIFIED FINANCIAL SERVICES — 0.2% | | | | | |
M&G PLC (b)
| | | 13,766 | | 19,220 |
| Security Description | | | Shares | | Value |
| DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7% | | | | | |
BT Group PLC
| | | 45,606 | | $66,671 |
| ELECTRIC UTILITIES — 1.0% | | | | | |
SSE PLC
| | | 5,512 | | 89,192 |
| ELECTRICAL EQUIPMENT — 0.3% | | | | | |
Melrose Industries PLC
| | | 24,957 | | 28,315 |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.5% | | | | | |
Halma PLC
| | | 2,001 | | 47,663 |
| ENERGY EQUIPMENT & SERVICES — 0.2% | | | | | |
TechnipFMC PLC
| | | 2,150 | | 14,491 |
| EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 1.1% | | | | | |
British Land Co. PLC REIT
| | | 4,821 | | 20,097 |
Land Securities Group PLC REIT
| | | 3,669 | | 25,331 |
Segro PLC REIT
| | | 5,751 | | 54,481 |
| | | | | | 99,909 |
| FOOD & STAPLES RETAILING — 2.2% | | | | | |
J Sainsbury PLC
| | | 11,594 | | 30,247 |
Tesco PLC
| | | 51,876 | | 147,173 |
Wm Morrison Supermarkets PLC
| | | 12,184 | | 26,891 |
| | | | | | 204,311 |
| FOOD PRODUCTS — 0.5% | | | | | |
Associated British Foods PLC
| | | 2,040 | | 45,885 |
| HEALTH CARE EQUIPMENT & SUPPLIES — 1.1% | | | | | |
ConvaTec Group PLC (c)
| | | 8,105 | | 18,743 |
Smith & Nephew PLC
| | | 4,597 | | 81,767 |
| | | | | | 100,510 |
| HEALTH CARE PROVIDERS & SERVICES — 0.0% (d) | | | | | |
NMC Health PLC (a) (e)
| | | 699 | | 2,033 |
| HOTELS, RESTAURANTS & LEISURE — 2.2% | | | | | |
Carnival PLC
| | | 823 | | 10,015 |
Compass Group PLC
| | | 8,411 | | 131,825 |
InterContinental Hotels Group PLC
| | | 892 | | 38,883 |
Whitbread PLC
| | | 708 | | 26,600 |
| | | | | | 207,323 |
| HOUSEHOLD DURABLES — 1.3% | | | | | |
Barratt Developments PLC
| | | 5,360 | | 29,310 |
Berkeley Group Holdings PLC
| | | 618 | | 27,701 |
Persimmon PLC
| | | 1,668 | | 39,638 |
See accompanying notes to financial statements.
62
SPDR SOLACTIVE UNITED KINGDOM ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Taylor Wimpey PLC
| | | 16,572 | | $24,144 |
| | | | | | 120,793 |
| HOUSEHOLD PRODUCTS — 3.1% | | | | | |
Reckitt Benckiser Group PLC
| | | 3,739 | | 285,125 |
| INDUSTRIAL CONGLOMERATES — 0.7% | | | | | |
DCC PLC
| | | 503 | | 31,808 |
Smiths Group PLC
| | | 2,096 | | 31,863 |
| | | | | | 63,671 |
| INSURANCE — 4.4% | | | | | |
Admiral Group PLC
| | | 1,181 | | 32,656 |
Aviva PLC
| | | 20,810 | | 69,282 |
Direct Line Insurance Group PLC
| | | 7,274 | | 26,688 |
Legal & General Group PLC
| | | 31,323 | | 75,289 |
Prudential PLC
| | | 13,719 | | 176,148 |
RSA Insurance Group PLC
| | | 5,460 | | 28,462 |
| | | | | | 408,525 |
| INTERACTIVE MEDIA & SERVICES — 0.3% | | | | | |
Auto Trader Group PLC (c)
| | | 4,698 | | 25,579 |
| INTERNET & DIRECT MARKETING RETAIL — 0.4% | | | | | |
Ocado Group PLC (b)
| | | 2,517 | | 38,076 |
| MACHINERY — 0.9% | | | | | |
CNH Industrial NV
| | | 5,189 | | 29,698 |
Spirax-Sarco Engineering PLC
| | | 389 | | 39,383 |
Weir Group PLC
| | | 1,395 | | 12,471 |
| | | | | | 81,552 |
| MEDIA — 1.9% | | | | | |
Informa PLC
| | | 6,525 | | 35,809 |
ITV PLC
| | | 18,863 | | 15,442 |
Liberty Global PLC Class A (b)
| | | 785 | | 12,960 |
Liberty Global PLC Class C (b)
| | | 2,216 | | 34,813 |
Pearson PLC
| | | 4,137 | | 28,347 |
WPP PLC
| | | 6,594 | | 45,084 |
| | | | | | 172,455 |
| METALS & MINING — 6.2% | | | | | |
Anglo American PLC
| | | 6,196 | | 108,818 |
Antofagasta PLC
| | | 1,863 | | 17,847 |
BHP Group PLC
| | | 10,853 | | 168,484 |
Evraz PLC
| | | 3,044 | | 8,742 |
Fresnillo PLC
| | | 992 | | 8,202 |
Rio Tinto PLC
| | | 5,643 | | 260,185 |
| | | | | | 572,278 |
| MULTI-UTILITIES — 2.5% | | | | | |
Centrica PLC
| | | 30,528 | | 14,414 |
National Grid PLC
| | | 18,376 | | 215,686 |
| | | | | | 230,100 |
| MULTILINE RETAIL — 0.5% | | | | | |
Marks & Spencer Group PLC
| | | 10,325 | | 12,705 |
| Security Description | | | Shares | | Value |
Next PLC
| | | 657 | | $33,173 |
| | | | | | 45,878 |
| OIL, GAS & CONSUMABLE FUELS — 12.6% | | | | | |
BP PLC
| | | 107,414 | | 458,433 |
Royal Dutch Shell PLC Class A
| | | 21,659 | | 381,087 |
Royal Dutch Shell PLC Class B
| | | 19,687 | | 331,940 |
| | | | | | 1,171,460 |
| PAPER & FOREST PRODUCTS — 0.5% | | | | | |
Mondi PLC
| | | 2,531 | | 43,340 |
| PERSONAL PRODUCTS — 3.2% | | | | | |
Unilever PLC
| | | 5,814 | | 293,806 |
| PHARMACEUTICALS — 12.0% | | | | | |
AstraZeneca PLC
| | | 6,661 | | 595,992 |
GlaxoSmithKline PLC
| | | 26,370 | | 495,236 |
Hikma Pharmaceuticals PLC
| | | 743 | | 18,748 |
| | | | | | 1,109,976 |
| PROFESSIONAL SERVICES — 4.4% | | | | | |
Experian PLC
| | | 4,800 | | 133,974 |
Intertek Group PLC
| | | 858 | | 50,279 |
RELX PLC
| | | 10,247 | | 220,064 |
| | | | | | 404,317 |
| SOFTWARE — 0.7% | | | | | |
AVEVA Group PLC
| | | 326 | | 14,123 |
Micro Focus International PLC
| | | 1,727 | | 8,566 |
Sage Group PLC
| | | 5,731 | | 42,054 |
| | | | | | 64,743 |
| SPECIALTY RETAIL — 0.3% | | | | | |
JD Sports Fashion PLC
| | | 2,180 | | 12,372 |
Kingfisher PLC
| | | 11,176 | | 19,941 |
| | | | | | 32,313 |
| TEXTILES, APPAREL & LUXURY GOODS — 0.4% | | | | | |
Burberry Group PLC
| | | 2,137 | | 35,096 |
| TOBACCO — 5.5% | | | | | |
British American Tobacco PLC
| | | 12,095 | | 413,773 |
Imperial Brands PLC
| | | 5,024 | | 93,243 |
| | | | | | 507,016 |
| TRADING COMPANIES & DISTRIBUTORS — 1.7% | | | | | |
Ashtead Group PLC
| | | 2,386 | | 52,233 |
Bunzl PLC
| | | 1,778 | | 35,924 |
Ferguson PLC
| | | 1,186 | | 74,353 |
| | | | | | 162,510 |
| WATER UTILITIES — 0.8% | | | | | |
Severn Trent PLC
| | | 1,255 | | 35,480 |
United Utilities Group PLC
| | | 3,610 | | 40,411 |
| | | | | | 75,891 |
See accompanying notes to financial statements.
63
SPDR SOLACTIVE UNITED KINGDOM ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| WIRELESS TELECOMMUNICATION SERVICES — 2.1% | | | | | |
Vodafone Group PLC
| | | 141,291 | | $197,969 |
TOTAL COMMON STOCKS
(Cost $13,095,536)
| | | | | 9,183,113 |
| | | | |
| SHORT-TERM INVESTMENT — 0.1% | |
State Street Navigator Securities Lending Portfolio II (f) (g)
(Cost $7,452)
| 7,452 | 7,452 |
TOTAL INVESTMENTS — 99.1%
(Cost $13,102,988)
| 9,190,565 |
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%
| 81,728 |
NET ASSETS — 100.0%
| $9,272,293 |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (b) | Non-income producing security. |
| (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, 2020, 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, 2020, total aggregate fair value of the security is $2,033, representing less than 0.05% of the Fund's net assets. |
| (f) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (g) | Investment of cash collateral for securities loaned. |
| REIT | Real Estate Investment Trust |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $9,181,080 | | $— | | $2,033 | | $9,183,113 |
Short-Term Investment
| | 7,452 | | — | | — | | 7,452 |
TOTAL INVESTMENTS
| | $9,188,532 | | $— | | $2,033 | | $9,190,565 |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| — | | $— | | $322,527 | | $322,531 | | $4 | | $— | | — | | $— | | $145 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 1,172,302 | | 1,164,850 | | — | | — | | 7,452 | | 7,452 | | 95 |
Total
| | | $— | | $1,494,829 | | $1,487,381 | | $4 | | $— | | | | $7,452 | | $240 |
See accompanying notes to financial statements.
64
SPDR MSCI WORLD STRATEGICFACTORS ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 99.3% | | | | | |
| AUSTRALIA – 1.4% | | | | | |
Other Securities
| | | | $298,712 |
| AUSTRIA – 0.0% (a) | | | | | |
Other Securities
| | | | 6,110 |
| BELGIUM – 0.3% | | | | | |
Other Securities
| | | | 71,368 |
| CANADA – 3.8% | | | | | |
Franco-Nevada Corp.
| | 776 | | 76,659 |
Other Securities
| | | | 716,032 |
| | | | | | 792,691 |
| CHINA – 0.0% (a) | | | | | |
Other Security
| | | | 6,918 |
| DENMARK – 1.2% | | | | | |
Novo Nordisk A/S Class B
| | 2,155 | | 129,649 |
Other Securities
| | | | 121,713 |
| | | | | | 251,362 |
| FINLAND – 0.6% | | | | | |
Other Securities
| | | | 124,242 |
| FRANCE – 2.6% | | | | | |
LVMH Moet Hennessy Louis Vuitton SE
| | 202 | | 75,016 |
Other Securities
| | | | 468,421 |
| | | | | | 543,437 |
| GERMANY – 2.0% | | | | | |
Deutsche Telekom AG
| | 6,336 | | 82,133 |
Other Securities
| | | | 331,314 |
| | | | | | 413,447 |
| HONG KONG – 1.9% | | | | | |
Other Securities
| | | | 389,786 |
| IRELAND – 0.9% | | | | | |
Accenture PLC Class A
| | 750 | | 122,445 |
Other Securities
| | | | 56,530 |
| | | | | | 178,975 |
| ISRAEL – 0.3% | | | | | |
Other Securities
| | | | 62,779 |
| ITALY – 0.6% | | | | | |
Other Securities
| | | | 115,229 |
| JAPAN – 10.5% | | | | | |
KDDI Corp.
| | 2,600 | | 76,828 |
NTT DOCOMO, Inc.
| | 3,768 | | 117,869 |
Other Securities
| | | | 1,985,288 |
| | | | | | 2,179,985 |
| LUXEMBOURG – 0.1% | | | | | |
Other Securities
| | | | 11,719 |
| NETHERLANDS – 1.3% | | | | | |
Other Securities
| | | | 264,437 |
| NEW ZEALAND – 0.1% | | | | | |
Other Securities
| | | | 26,098 |
| Security Description | | | Shares | | Value |
| NORWAY – 0.2% | | | | | |
Other Securities
| | | | $48,446 |
| PORTUGAL – 0.1% | | | | | |
Other Securities
| | | | 10,852 |
| SINGAPORE – 0.6% | | | | | |
Other Securities
| | | | 124,494 |
| SOUTH AFRICA – 0.0% (a) | | | | | |
Other Security
| | | | 4,900 |
| SPAIN – 0.6% | | | | | |
Other Securities
| | | | 130,012 |
| SWEDEN – 0.6% | | | | | |
Other Securities
| | | | 128,362 |
| SWITZERLAND – 4.8% | | | | | |
Nestle SA
| | 1,270 | | 130,537 |
Novartis AG
| | 923 | | 76,173 |
Roche Holding AG
| | 896 | | 290,826 |
Other Securities
| | | | 507,881 |
| | | | | | 1,005,417 |
| UNITED KINGDOM – 4.8% | | | | | |
AstraZeneca PLC
| | 1,106 | | 98,959 |
Other Securities
| | | | 904,148 |
| | | | | | 1,003,107 |
| UNITED STATES – 60.0% | | | | | |
Adobe, Inc. (b)
| | 363 | | 115,521 |
Alphabet, Inc. Class A (b)
| | 190 | | 220,770 |
Alphabet, Inc. Class C (b)
| | 186 | | 216,283 |
Altria Group, Inc.
| | 2,111 | | 81,632 |
Amgen, Inc.
| | 444 | | 90,012 |
Apple, Inc.
| | 2,032 | | 516,717 |
AT&T, Inc.
| | 3,152 | | 91,881 |
Automatic Data Processing, Inc.
| | 580 | | 79,274 |
Berkshire Hathaway, Inc. Class B (b)
| | 414 | | 75,692 |
Bristol-Myers Squibb Co.
| | 1,626 | | 90,633 |
Cisco Systems, Inc.
| | 4,421 | | 173,790 |
Coca-Cola Co.
| | 1,865 | | 82,526 |
Consolidated Edison, Inc.
| | 1,109 | | 86,502 |
Costco Wholesale Corp.
| | 399 | | 113,767 |
Eli Lilly & Co.
| | 1,141 | | 158,280 |
Facebook, Inc. Class A (b)
| | 1,574 | | 262,543 |
Intel Corp.
| | 3,889 | | 210,473 |
International Business Machines Corp.
| | 983 | | 109,044 |
Johnson & Johnson
| | 2,711 | | 355,493 |
JPMorgan Chase & Co.
| | 932 | | 83,908 |
Mastercard, Inc. Class A
| | 822 | | 198,562 |
McDonald's Corp.
| | 500 | | 82,675 |
Merck & Co., Inc.
| | 2,859 | | 219,971 |
Microsoft Corp.
| | 3,372 | | 531,798 |
Newmont Goldcorp Corp.
| | 2,321 | | 105,095 |
NextEra Energy, Inc.
| | 444 | | 106,835 |
NIKE, Inc. Class B
| | 1,258 | | 104,087 |
NVIDIA Corp.
| | 366 | | 96,478 |
Oracle Corp.
| | 2,016 | | 97,433 |
PepsiCo, Inc.
| | 1,778 | | 213,538 |
See accompanying notes to financial statements.
65
SPDR MSCI WORLD STRATEGICFACTORS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Pfizer, Inc.
| | 5,389 | | $175,897 |
Procter & Gamble Co.
| | 2,223 | | 244,530 |
State Street Corp. (c)
| | 160 | | 8,523 |
Texas Instruments, Inc.
| | 935 | | 93,435 |
TJX Cos., Inc.
| | 1,837 | | 87,827 |
Union Pacific Corp.
| | 554 | | 78,136 |
Verizon Communications, Inc.
| | 2,329 | | 125,137 |
Visa, Inc. Class A
| | 1,823 | | 293,722 |
Walmart, Inc.
| | 816 | | 92,714 |
Waste Management, Inc.
| | 926 | | 85,711 |
Other Securities
| | | | 6,242,477 |
| | | | | | 12,499,322 |
TOTAL COMMON STOCKS
(Cost $24,780,734)
| | | | | 20,692,207 |
| SHORT-TERM INVESTMENTS - 0.6% | | | | | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (d)(e)
| | 14,855 | | 14,842 |
State Street Navigator Securities Lending Portfolio II (c)(f)
| | 109,954 | | 109,954 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $124,791)
| | | | | 124,796 |
TOTAL INVESTMENTS - 99.9%
(Cost $24,905,525)
| | | | | 20,817,003 |
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%
| | | | | 12,385 |
NET ASSETS - 100.0%
| | | | | $20,829,388 |
| 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. Amounts related to these transactions during the period ended March 31, 2020 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, 2020 are shown in the Affiliate Table below. |
| (e) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (f) | Investment of cash collateral for securities loaned. |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $20,691,528 | | $679 | | $— | | $20,692,207 |
Short-Term Investments
| | 124,796 | | — | | — | | 124,796 |
TOTAL INVESTMENTS
| | $20,816,324 | | $679 | | $— | | $20,817,003 |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Corp.
| 60 | | $3,551 | | $11,628 | | $2,628 | | $(1,078) | | $(2,950) | | 160 | | $8,523 | | $166 |
State Street Institutional Liquid Reserves Fund, Premier Class
| 30,335 | | 30,339 | | 622,738 | | 638,155 | | (85) | | 5 | | 14,855 | | 14,842 | | 357 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 1,374,498 | | 1,264,544 | | — | | — | | 109,954 | | 109,954 | | 536 |
State Street Navigator Securities Lending Portfolio III
| 307,622 | | 307,622 | | 294,669 | | 602,291 | | — | | — | | — | | — | | 119 |
Total
| | | $341,512 | | $2,303,533 | | $2,507,618 | | $(1,163) | | $(2,945) | | | | $133,319 | | $1,178 |
See accompanying notes to financial statements.
66
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.6% | | | | |
| CHINA — 53.5% | | | | | |
21Vianet Group, Inc. ADR (a)
| | | 11,323 | | $156,937 |
360 Security Technology, Inc. Class A
| | | 16,100 | | 42,997 |
3SBio, Inc. (a)(b)
| | | 49,000 | | 51,017 |
500.com, Ltd. Class A, ADR (a)(c)
| | | 2,063 | | 9,325 |
51job, Inc. ADR (a)
| | | 3,373 | | 207,068 |
58.com, Inc. ADR (a)
| | | 8,383 | | 408,420 |
5I5J Holding Group Co., Ltd. Class A
| | | 83,500 | | 38,757 |
9F, Inc. (c)
| | | 12,691 | | 119,930 |
AAC Technologies Holdings, Inc. (c)
| | | 82,000 | | 425,293 |
Addsino Co., Ltd. Class A (a)
| | | 31,900 | | 60,531 |
Advanced Technology & Materials Co., Ltd. Class A (a)
| | | 52,500 | | 45,107 |
AECC Aero-Engine Control Co., Ltd. Class A
| | | 39,100 | | 65,808 |
AECC Aviation Power Co., Ltd. Class A
| | | 16,400 | | 49,051 |
Aerospace CH UAV Co., Ltd.
| | | 36,500 | | 57,622 |
Aerospace Hi-Tech Holdings Grp, Ltd. Class A
| | | 36,784 | | 50,234 |
Agile Group Holdings, Ltd.
| | | 393,598 | | 426,052 |
Agricultural Bank of China, Ltd. Class A
| | | 898,500 | | 427,181 |
Agricultural Bank of China, Ltd. Class H
| | | 3,183,000 | | 1,277,159 |
Air China, Ltd. Class H (c)
| | | 433,414 | | 279,589 |
Alibaba Group Holding, Ltd. ADR (a)
| | | 181,045 | | 35,209,632 |
A-Living Services Co., Ltd. Class H (b)
| | | 29,000 | | 141,055 |
Aluminum Corp. of China, Ltd. Class H (a)
| | | 816,304 | | 162,189 |
Angang Steel Co., Ltd. Class H (c)
| | | 421,616 | | 110,967 |
Anhui Conch Cement Co., Ltd. Class H
| | | 210,750 | | 1,464,203 |
Anhui Expressway Co., Ltd. Class H
| | | 32,000 | | 15,771 |
Anhui Guangxin Agrochemical Co., Ltd. Class A
| | | 32,200 | | 70,776 |
Anhui Gujing Distillery Co., Ltd. Class B
| | | 16,600 | | 131,050 |
Anhui Hengyuan Coal Industry and Electricity Power Co., Ltd. Class A
| | | 82,188 | | 54,149 |
Anhui Jiangnan Chemical Industry Co., Ltd. Class A (a)
| | | 76,600 | | 50,251 |
Anhui Jinhe Industrial Co., Ltd. Class A
| | | 19,100 | | 54,539 |
Anhui Transport Consulting & Design Institute Co., Ltd. Class A
| | | 40,000 | | 56,827 |
Anhui Truchum Advanced Materials & Technology Co., Ltd. Class A (a)
| | | 60,500 | | 63,673 |
| Security Description | | | Shares | | Value |
ANTA Sports Products, Ltd.
| | | 128,000 | | $940,484 |
Apeloa Pharmaceutical Co., Ltd. Class A
| | | 36,200 | | 101,324 |
ArtGo Holdings, Ltd. (a)(c)
| | | 190,000 | | 2,966 |
Autobio Diagnostics Co., Ltd. Class A
| | | 10,800 | | 177,491 |
Autohome, Inc. ADR (a)
| | | 6,084 | | 432,086 |
Avary Holding Shenzhen Co., Ltd. Class A
| | | 11,000 | | 49,288 |
AVIC Aircraft Co., Ltd. Class A
| | | 33,400 | | 74,733 |
AVIC Electromechanical Systems Co., Ltd. Class A
| | | 56,600 | | 57,573 |
Avic Heavy Machinery Co., Ltd. Class A
| | | 36,300 | | 45,323 |
AVIC International Holding HK, Ltd.
| | | 818,621 | | 9,822 |
AVIC Jonhon Optronic Technology Co., Ltd. Class A
| | | 10,800 | | 52,109 |
AVIC Shenyang Aircraft Co., Ltd. Class A (a)
| | | 19,000 | | 76,743 |
AviChina Industry & Technology Co., Ltd. Class H
| | | 514,000 | | 198,281 |
AVICOPTER PLC Class A
| | | 11,000 | | 64,542 |
BAIC Motor Corp., Ltd. Class H (b)
| | | 227,500 | | 90,402 |
Baidu, Inc. ADR (a)
| | | 34,204 | | 3,447,421 |
Bank of Beijing Co., Ltd. Class A
| | | 186,700 | | 127,220 |
Bank of China, Ltd. Class H
| | | 10,727,466 | | 4,110,564 |
Bank of Communications Co., Ltd. Class H
| | | 2,928,630 | | 1,794,758 |
Bank of Jiangsu Co., Ltd. Class A
| | | 135,700 | | 115,058 |
Bank of Nanjing Co., Ltd. Class A
| | | 101,400 | | 103,715 |
Bank of Ningbo Co., Ltd. Class A
| | | 53,600 | | 174,377 |
Bank of Shanghai Co., Ltd. Class A
| | | 77,000 | | 89,512 |
Baoshan Iron & Steel Co., Ltd. Class A
| | | 143,600 | | 98,661 |
Baozun, Inc. ADR (a)(c)
| | | 2,856 | | 79,797 |
BBMG Corp. Class H (c)
| | | 280,000 | | 70,082 |
Beibuwan Port Co., Ltd. Class A
| | | 42,200 | | 53,999 |
BeiGene, Ltd. ADR (a)
| | | 5,555 | | 683,876 |
Beijing BDStar Navigation Co., Ltd. Class A
| | | 16,300 | | 57,559 |
Beijing Capital International Airport Co., Ltd. Class H
| | | 122,000 | | 77,756 |
Beijing Capital Land, Ltd. Class H
| | | 722,000 | | 158,356 |
Beijing Changjiu Logistics Corp. Class A
| | | 36,400 | | 44,882 |
Beijing Dahao Technology Corp., Ltd. Class A
| | | 42,900 | | 46,724 |
Beijing Enterprises Clean Energy Group, Ltd. (a)
| | | 1,990,400 | | 9,501 |
Beijing Enterprises Holdings, Ltd.
| | | 89,500 | | 328,513 |
Beijing Enterprises Water Group, Ltd.
| | | 522,000 | | 204,061 |
Beijing Jingcheng Machinery Electric Co., Ltd. Class A (a)
| | | 61,900 | | 32,311 |
See accompanying notes to financial statements.
67
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Beijing Shiji Information Technology Co., Ltd. Class A
| | | 10,800 | | $44,125 |
Beijing SL Pharmaceutical Co., Ltd. Class A
| | | 27,000 | | 45,519 |
Beijing Tiantan Biological Products Corp., Ltd. Class A
| | | 26,297 | | 134,969 |
Berry Genomics Co., Ltd. Class A (a)
| | | 17,800 | | 89,399 |
BEST, Inc. ADR (a)
| | | 15,222 | | 81,438 |
Bestsun Energy Co., Ltd. Class A
| | | 59,000 | | 44,865 |
Better Life Commercial Chain Share Co., Ltd. Class A
| | | 56,700 | | 75,353 |
Biem.L.Fdlkk Garment Co., Ltd. Class A
| | | 13,800 | | 39,366 |
Bilibili, Inc. ADR (a)
| | | 5,924 | | 138,740 |
Bitauto Holdings, Ltd. ADR (a)
| | | 3,161 | | 32,843 |
Blue Sail Medical Co., Ltd. Class A
| | | 30,700 | | 70,641 |
BOE Technology Group Co., Ltd. Class A
| | | 165,200 | | 86,467 |
BOE Technology Group Co., Ltd. Class B
| | | 172,400 | | 61,167 |
Brilliance China Automotive Holdings, Ltd.
| | | 410,000 | | 337,483 |
BTG Hotels Group Co., Ltd. Class A
| | | 21,400 | | 40,607 |
BYD Co., Ltd. Class H (c)
| | | 107,800 | | 563,277 |
BYD Electronic International Co., Ltd. (c)
| | | 91,500 | | 152,758 |
CAR, Inc. (a)(c)
| | | 205,043 | | 114,546 |
CCOOP Group Co., Ltd. Class A (a)
| | | 163,500 | | 46,133 |
CCS Supply Chain Management Co., Ltd. Class A
| | | 67,300 | | 55,734 |
CECEP Solar Energy Co., Ltd. Class A
| | | 118,400 | | 53,953 |
CGN Nuclear Technology Development Co., Ltd. Class A
| | | 52,400 | | 49,678 |
CGN Power Co., Ltd. Class H (b)
| | | 1,499,000 | | 344,246 |
Chacha Food Co., Ltd. Class A
| | | 15,900 | | 101,189 |
Changchun Faway Automobile Components Co., Ltd. Class A
| | | 30,900 | | 44,422 |
Changjiang Securities Co., Ltd. Class A
| | | 53,400 | | 48,140 |
Chengdu Fusen Noble-House Industrial Co., Ltd. Class A
| | | 35,700 | | 60,741 |
Chengdu Hongqi Chain Co., Ltd. Class A
| | | 87,097 | | 119,558 |
Chengdu Kanghong Pharmaceutical Group Co., Ltd. Class A
| | | 11,300 | | 62,780 |
Chengtun Mining Group Co., Ltd. Class A
| | | 70,200 | | 40,705 |
China Aerospace International Holdings, Ltd.
| | | 302,000 | | 13,637 |
China Aerospace Times Electronics Co., Ltd. Class A (a)
| | | 77,100 | | 69,288 |
China Aoyuan Group, Ltd.
| | | 179,000 | | 209,694 |
| Security Description | | | Shares | | Value |
China Avionics Systems Co., Ltd. Class A
| | | 31,397 | | $57,229 |
China Baoan Group Co., Ltd. Class A
| | | 86,100 | | 71,424 |
China Bester Group Telecom Co., Ltd. Class A
| | | 12,600 | | 36,796 |
China Biologic Products Holdings, Inc. (a)
| | | 2,372 | | 256,010 |
China Building Material Test & Certification Group Co., Ltd. Class A
| | | 29,800 | | 85,261 |
China Cinda Asset Management Co., Ltd. Class H
| | | 1,281,600 | | 243,062 |
China CITIC Bank Corp., Ltd. Class H
| | | 1,549,341 | | 765,585 |
China Coal Energy Co., Ltd. Class H
| | | 761,000 | | 211,092 |
China Common Rich Renewable Energy Investment, Ltd. (a)(c)(d)
| | | 5,962,000 | | — |
China Communications Construction Co., Ltd. Class H
| | | 689,000 | | 480,022 |
China Communications Services Corp., Ltd. Class H
| | | 148,000 | | 107,693 |
China Conch Venture Holdings, Ltd.
| | | 172,600 | | 770,486 |
China Construction Bank Corp. Class H
| | | 12,170,148 | | 9,954,810 |
China Dili Group (a)(c)
| | | 231,600 | | 54,681 |
China Dongxiang Group Co., Ltd.
| | | 550,000 | | 47,543 |
China Eastern Airlines Corp., Ltd. Class H (a)(c)
| | | 214,000 | | 73,166 |
China Education Group Holdings, Ltd.
| | | 61,000 | | 84,997 |
China Everbright Bank Co., Ltd. Class A
| | | 298,830 | | 152,193 |
China Everbright International, Ltd.
| | | 459,000 | | 263,524 |
China Evergrande Group (c)
| | | 382,000 | | 633,800 |
China Fangda Group Co., Ltd. Class B
| | | 141,250 | | 44,466 |
China Film Co., Ltd. Class A
| | | 24,000 | | 39,954 |
China Fortune Land Development Co., Ltd. Class A
| | | 14,200 | | 41,850 |
China Galaxy Securities Co., Ltd. Class A
| | | 33,300 | | 44,631 |
China Galaxy Securities Co., Ltd. Class H
| | | 399,100 | | 193,605 |
China Great Wall Securities Co., Ltd. Class A
| | | 22,200 | | 37,897 |
China Harmony New Energy Auto Holding, Ltd.
| | | 74,500 | | 32,199 |
China Huiyuan Juice Group, Ltd. (a)(d)
| | | 157,000 | | 20,458 |
China Index Holdings, Ltd. ADR (a)(c)
| | | 6,417 | | 8,663 |
China International Capital Corp., Ltd. Class H (b)(c)
| | | 93,600 | | 151,433 |
See accompanying notes to financial statements.
68
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
China International Marine Containers Group Co., Ltd. Class H
| | | 114,800 | | $107,233 |
China International Travel Service Corp., Ltd. Class A
| | | 15,300 | | 145,052 |
China Jinmao Holdings Group, Ltd.
| | | 528,000 | | 341,968 |
China Kings Resources Group Co., Ltd. Class A
| | | 18,200 | | 53,535 |
China Lesso Group Holdings, Ltd.
| | | 156,000 | | 205,695 |
China Life Insurance Co., Ltd. Class H
| | | 1,065,708 | | 2,087,170 |
China Lilang, Ltd.
| | | 95,000 | | 54,910 |
China Literature, Ltd. (a)(b)
| | | 11,600 | | 46,095 |
China Longyuan Power Group Corp., Ltd. Class H
| | | 563,000 | | 309,432 |
China Machinery Engineering Corp. Class H
| | | 90,000 | | 24,384 |
China Medical System Holdings, Ltd.
| | | 185,000 | | 200,254 |
China Meheco Co., Ltd. Class A
| | | 28,400 | | 60,260 |
China Mengniu Dairy Co., Ltd.
| | | 391,780 | | 1,362,225 |
China Merchants Bank Co., Ltd. Class A
| | | 180,200 | | 820,639 |
China Merchants Bank Co., Ltd. Class H
| | | 424,260 | | 1,915,790 |
China Merchants Energy Shipping Co., Ltd. Class A
| | | 113,100 | | 101,959 |
China Merchants Port Holdings Co., Ltd.
| | | 435,606 | | 497,938 |
China Merchants Securities Co., Ltd. Class A
| | | 35,297 | | 85,252 |
China Merchants Shekou Industrial Zone Holdings Co., Ltd. Class A
| | | 42,600 | | 99,045 |
China Minsheng Banking Corp., Ltd. Class H
| | | 1,218,220 | | 905,307 |
China Molybdenum Co., Ltd. Class H (c)
| | | 465,000 | | 130,185 |
China National Accord Medicines Corp., Ltd. Class B
| | | 36,300 | | 93,292 |
China National Building Material Co., Ltd. Class H
| | | 456,000 | | 498,306 |
China National Medicines Corp., Ltd. Class A
| | | 17,400 | | 69,421 |
China Oilfield Services, Ltd. Class H
| | | 180,557 | | 139,537 |
China Overseas Land & Investment, Ltd.
| | | 541,084 | | 1,678,911 |
China Overseas Property Holdings, Ltd.
| | | 282,361 | | 265,935 |
China Pacific Insurance Group Co., Ltd. Class A
| | | 21,100 | | 84,005 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 339,600 | | 1,027,445 |
China Petroleum & Chemical Corp. Class H
| | | 3,153,726 | | 1,554,301 |
| Security Description | | | Shares | | Value |
China Power International Development, Ltd.
| | | 309,000 | | $57,408 |
China Railway Construction Corp., Ltd. Class H
| | | 282,000 | | 315,803 |
China Railway Group, Ltd. Class H
| | | 711,000 | | 378,850 |
China Resources Beer Holdings Co., Ltd.
| | | 209,357 | | 956,178 |
China Resources Gas Group, Ltd.
| | | 102,000 | | 513,231 |
China Resources Medical Holdings Co., Ltd.
| | | 75,500 | | 40,522 |
China Resources Power Holdings Co., Ltd.
| | | 368,437 | | 405,947 |
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A
| | | 12,300 | | 48,327 |
China Science Publishing & Media, Ltd. Class A
| | | 31,300 | | 41,243 |
China Shenhua Energy Co., Ltd. Class H
| | | 522,540 | | 995,070 |
China Shipbuilding Industry Co., Ltd. Class A
| | | 130,400 | | 77,450 |
China Silver Group, Ltd. (a)
| | | 82,000 | | 6,030 |
China South City Holdings, Ltd.
| | | 436,000 | | 42,189 |
China Southern Airlines Co., Ltd. Class H (c)
| | | 262,000 | | 112,562 |
China Spacesat Co., Ltd. Class A
| | | 30,700 | | 126,556 |
China State Construction Engineering Corp., Ltd. Class A
| | | 224,000 | | 166,542 |
China Taiping Insurance Holdings Co., Ltd.
| | | 140,141 | | 229,624 |
China Telecom Corp., Ltd. Class H
| | | 2,365,320 | | 717,143 |
China Tower Corp., Ltd. Class H (b)
| | | 4,328,000 | | 971,593 |
China TransInfo Technology Co., Ltd. Class A
| | | 33,100 | | 95,263 |
China Travel International Investment Hong Kong, Ltd.
| | | 292,000 | | 36,543 |
China Unicom Hong Kong, Ltd.
| | | 880,172 | | 507,602 |
China Union Holdings, Ltd. Class A
| | | 89,700 | | 42,647 |
China United Network Communications, Ltd. Class A
| | | 97,300 | | 71,655 |
China Vanke Co., Ltd. Class A
| | | 69,600 | | 251,861 |
China Vanke Co., Ltd. Class H
| | | 160,200 | | 528,082 |
China Yangtze Power Co., Ltd. Class A
| | | 176,800 | | 431,262 |
China Yongda Automobiles Services Holdings, Ltd.
| | | 111,500 | | 91,060 |
China Yurun Food Group, Ltd. (a)(c)
| | | 181,659 | | 15,234 |
China Zhenhua Group Science & Technology Co., Ltd. Class A
| | | 21,800 | | 57,759 |
Chinasoft International, Ltd.
| | | 220,000 | | 114,954 |
Chlitina Holding, Ltd.
| | | 35,000 | | 199,643 |
See accompanying notes to financial statements.
69
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Chong Sing Holdings FinTech Group (a)
| | | 2,260,000 | | $3,499 |
Chongqing Brewery Co., Ltd. Class A
| | | 10,800 | | 69,342 |
Chongqing Changan Automobile Co., Ltd. Class B
| | | 105,800 | | 51,461 |
Chongqing Dima Industry Co., Ltd. Class A
| | | 109,600 | | 43,140 |
Chongqing Fuling Electric Power Industrial Co., Ltd. Class A
| | | 19,500 | | 45,420 |
Chongqing Gas Group Corp., Ltd. Class A
| | | 52,600 | | 47,048 |
Chongqing Rural Commercial Bank Co., Ltd. Class H
| | | 226,000 | | 92,722 |
Chongqing Zongshen Power Machinery Co., Ltd. Class A
| | | 63,000 | | 49,062 |
Chow Tai Seng Jewellery Co., Ltd. Class A
| | | 17,588 | | 45,458 |
CIFI Holdings Group Co., Ltd.
| | | 440,000 | | 317,899 |
CITIC Resources Holdings, Ltd.
| | | 340,000 | | 12,063 |
CITIC Securities Co., Ltd. Class A
| | | 52,500 | | 164,132 |
CITIC Securities Co., Ltd. Class H
| | | 244,000 | | 447,019 |
CITIC Telecom International Holdings, Ltd.
| | | 225,000 | | 74,604 |
CITIC, Ltd.
| | | 692,000 | | 724,060 |
CMST Development Co., Ltd. Class A
| | | 111,600 | | 71,480 |
CNNC Hua Yuan Titanium Dioxide Co., Ltd. Class A
| | | 93,700 | | 55,124 |
CNOOC, Ltd.
| | | 1,795,249 | | 1,883,055 |
Cogobuy Group (a)(b)(c)
| | | 67,000 | | 7,175 |
Colour Life Services Group Co., Ltd. (c)
| | | 93,000 | | 38,396 |
Consun Pharmaceutical Group, Ltd.
| | | 198,400 | | 89,846 |
COSCO SHIPPING Development Co., Ltd. Class H
| | | 1,398,339 | | 146,132 |
COSCO SHIPPING Energy Transportation Co., Ltd. Class H
| | | 283,215 | | 152,370 |
COSCO SHIPPING Holdings Co., Ltd. Class A (a)
| | | 180,600 | | 104,719 |
COSCO SHIPPING Holdings Co., Ltd. Class H (a)
| | | 24,500 | | 6,764 |
COSCO SHIPPING Ports, Ltd.
| | | 39,239 | | 18,934 |
Cosmo Lady China Holdings Co., Ltd. (b)
| | | 96,000 | | 11,395 |
Country Garden Holdings Co., Ltd.
| | | 861,717 | | 1,042,834 |
Country Garden Services Holdings Co., Ltd.
| | | 100,865 | | 409,920 |
CQ Pharmaceutical Holding Co., Ltd. Class A (a)
| | | 74,500 | | 54,234 |
CRRC Corp., Ltd. Class H
| | | 580,000 | | 294,830 |
CSC Financial Co., Ltd. Class A
| | | 19,300 | | 84,490 |
CSG Holding Co., Ltd. Class B
| | | 178,250 | | 49,214 |
CSPC Pharmaceutical Group, Ltd.
| | | 486,000 | | 973,141 |
| Security Description | | | Shares | | Value |
CSSC Offshore and Marine Engineering Group Co., Ltd. Class A (a)
| | | 19,600 | | $38,989 |
CT Environmental Group, Ltd. (a)(d)
| | | 438,000 | | 9,607 |
CTS International Logistics Corp., Ltd. Class A
| | | 51,600 | | 40,402 |
CWT International, Ltd. (a)(d)
| | | 463,400 | | 5,919 |
D&O Home Collection Co., Ltd. Class A
| | | 20,100 | | 65,902 |
Da An Gene Co., Ltd. of Sun Yat-Sen University Class A
| | | 36,200 | | 88,557 |
Dalian Huarui Heavy Industry Group Co., Ltd. Class A
| | | 108,100 | | 44,837 |
Datang International Power Generation Co., Ltd. Class H
| | | 418,000 | | 56,086 |
Datong Coal Industry Co., Ltd. Class A (a)
| | | 167,000 | | 82,932 |
Dazhong Transportation Group Co., Ltd. Class B
| | | 233,750 | | 83,682 |
Dazzle Fashion Co., Ltd. Class A
| | | 16,987 | | 50,351 |
Deppon Logistics Co., Ltd. Class A
| | | 27,100 | | 39,685 |
DHC Software Co., Ltd. Class A
| | | 96,300 | | 175,531 |
Digital China Group Co., Ltd. Class A
| | | 35,500 | | 125,859 |
Digital China Information Service Co., Ltd. Class A
| | | 40,100 | | 84,859 |
Dongfang Electric Corp., Ltd. Class H
| | | 12,200 | | 6,028 |
Dongfeng Motor Group Co., Ltd. Class H
| | | 512,468 | | 337,859 |
Double Medical Technology, Inc. Class A
| | | 13,900 | | 131,917 |
Easysight Supply Chain Management Co., Ltd. Class A (a)
| | | 30,100 | | 51,213 |
Ecovacs Robotics Co., Ltd. Class A
| | | 15,600 | | 42,410 |
Everbright Securities Co., Ltd. Class A
| | | 31,900 | | 49,550 |
Fanhua, Inc. ADR (c)
| | | 10,313 | | 207,498 |
Far East Horizon, Ltd.
| | | 320,000 | | 258,035 |
FAW CAR Co., Ltd. Class A
| | | 44,500 | | 54,744 |
FIH Mobile, Ltd. (a)(c)
| | | 338,000 | | 37,939 |
First Tractor Co., Ltd. Class H (a)
| | | 66,000 | | 12,006 |
Flat Glass Group Co., Ltd. Class A
| | | 34,200 | | 49,262 |
Focus Media Information Technology Co., Ltd. Class A
| | | 107,200 | | 66,847 |
Foshan Gas Group Co., Ltd. Class A
| | | 22,500 | | 42,123 |
Foshan Haitian Flavouring & Food Co., Ltd. Class A
| | | 18,800 | | 331,988 |
Founder Securities Co., Ltd. Class A
| | | 54,100 | | 54,801 |
Foxconn Industrial Internet Co., Ltd. Class A
| | | 27,000 | | 50,319 |
Fufeng Group, Ltd.
| | | 125,000 | | 43,060 |
See accompanying notes to financial statements.
70
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Fujian Star-net Communication Co., Ltd. Class A
| | | 13,500 | | $69,898 |
Fujian Sunner Development Co., Ltd. Class A
| | | 14,200 | | 47,379 |
Fuyao Glass Industry Group Co., Ltd. Class A
| | | 20,800 | | 56,283 |
Gansu Jingyuan Coal Industry and Electricity Power Co., Ltd. Class A
| | | 359,400 | | 112,563 |
GCI Science & Technology Co., Ltd. Class A
| | | 30,796 | | 61,303 |
GCL System Integration Technology Co., Ltd. Class A (a)
| | | 75,500 | | 32,274 |
GDS Holdings, Ltd. ADR (a)
| | | 6,187 | | 358,660 |
Geely Automobile Holdings, Ltd.
| | | 600,000 | | 885,575 |
Gem-Year Industrial Co., Ltd. Class A (a)
| | | 62,300 | | 53,263 |
Genimous Technology Co., Ltd. Class A
| | | 45,300 | | 46,398 |
Genscript Biotech Corp. (a)(c)
| | | 78,000 | | 126,396 |
Getein Biotech, Inc. Class A
| | | 18,900 | | 85,005 |
GF Securities Co., Ltd. Class H
| | | 122,600 | | 131,444 |
Giant Network Group Co., Ltd. Class A
| | | 20,800 | | 48,741 |
Gigadevice Semiconductor Beijing, Inc. Class A
| | | 3,300 | | 112,671 |
Global Top E-Commerce Co., Ltd. Class A
| | | 54,800 | | 44,841 |
Glodon Co., Ltd. Class A
| | | 13,000 | | 78,258 |
GoerTek, Inc. Class A
| | | 33,600 | | 77,788 |
Golden Eagle Retail Group, Ltd.
| | | 104,000 | | 101,975 |
Goldenmax International Technology, Ltd. Class A (a)
| | | 41,100 | | 46,155 |
GOME Retail Holdings, Ltd. (a)(c)
| | | 1,757,322 | | 163,242 |
Goodbaby International Holdings, Ltd. (a)
| | | 279,000 | | 30,596 |
Grandblue Environment Co., Ltd. Class A
| | | 21,228 | | 59,777 |
Great Wall Motor Co., Ltd. Class H
| | | 408,000 | | 261,616 |
Greattown Holdings, Ltd. Class A
| | | 47,400 | | 46,877 |
Gree Electric Appliances, Inc. of Zhuhai Class A
| | | 51,000 | | 375,582 |
Gree Real Estate Co., Ltd. Class A (a)
| | | 79,600 | | 46,604 |
Greentown China Holdings, Ltd.
| | | 116,000 | | 105,510 |
Grinm Advanced Materials Co., Ltd. Class A
| | | 33,400 | | 56,450 |
Guangdong Haid Group Co., Ltd. Class A
| | | 11,500 | | 65,221 |
Guangdong Hongda Blasting Co., Ltd. Class A
| | | 26,000 | | 82,788 |
Guangdong Hotata Technology Group Co., Ltd. Class A
| | | 24,900 | | 42,049 |
| Security Description | | | Shares | | Value |
Guangdong Huatie Tongda High-speed Railway Equipment Corp. Class A (a)
| | | 69,200 | | $48,911 |
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd. Class A
| | | 44,600 | | 116,908 |
Guangshen Railway Co., Ltd. Class H
| | | 74,500 | | 15,859 |
Guangxi Liuzhou Pharmaceutical Co., Ltd. Class A
| | | 19,500 | | 86,493 |
Guangzhou Automobile Group Co., Ltd. Class H
| | | 414,844 | | 416,937 |
Guangzhou Baiyun International Airport Co., Ltd. Class A
| | | 19,600 | | 34,703 |
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H
| | | 82,000 | | 221,110 |
Guangzhou Haige Communications Group, Inc. Co. Class A
| | | 38,400 | | 61,109 |
Guangzhou Holike Creative Home Co., Ltd. Class A
| | | 41,700 | | 82,245 |
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A
| | | 10,792 | | 85,703 |
Guangzhou R&F Properties Co., Ltd. Class H
| | | 262,176 | | 342,311 |
Guangzhou Restaurant Group Co., Ltd. Class A
| | | 11,600 | | 45,332 |
Guizhou Panjiang Refined Coal Co., Ltd. Class A
| | | 131,184 | | 98,644 |
Guizhou Space Appliance Co., Ltd. Class A
| | | 23,200 | | 79,568 |
Guocheng Mining Co., Ltd. Class A (a)
| | | 51,900 | | 131,577 |
Guomai Technologies, Inc. Class A
| | | 50,900 | | 68,937 |
Guosen Securities Co., Ltd. Class A
| | | 41,200 | | 64,518 |
Guotai Junan Securities Co., Ltd. Class A
| | | 41,000 | | 94,168 |
Haidilao International Holding, Ltd. (b)(c)
| | | 88,000 | | 342,876 |
Haier Smart Home Co., Ltd. Class A
| | | 39,800 | | 80,855 |
Hailir Pesticides and Chemicals Group Co., Ltd. Class A
| | | 15,000 | | 56,206 |
Hainan Strait Shipping Co., Ltd. Class A
| | | 51,900 | | 127,257 |
Haisco Pharmaceutical Group Co., Ltd. Class A
| | | 20,200 | | 56,398 |
Haitian International Holdings, Ltd.
| | | 81,000 | | 150,486 |
Haitong Securities Co., Ltd. Class A
| | | 27,700 | | 50,177 |
Haitong Securities Co., Ltd. Class H
| | | 383,200 | | 350,525 |
Hang Zhou Great Star Industrial Co., Ltd. Class A
| | | 56,800 | | 74,925 |
Hangcha Group Co., Ltd. Class A
| | | 34,900 | | 57,361 |
See accompanying notes to financial statements.
71
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Hangzhou First Applied Material Co., Ltd. Class A
| | | 12,900 | | $74,107 |
Hangzhou Hangyang Co., Ltd. Class A
| | | 27,800 | | 46,201 |
Hangzhou Hikvision Digital Technology Co., Ltd. Class A
| | | 77,300 | | 304,262 |
Hangzhou Lianluo Interactive Information Technology Co., Ltd. Class A (a)
| | | 212,894 | | 78,091 |
Hangzhou Robam Appliances Co., Ltd. Class A
| | | 16,200 | | 64,999 |
Hangzhou Silan Microelectronics Co., Ltd. Class A
| | | 21,700 | | 44,238 |
Han's Laser Technology Industry Group Co., Ltd. Class A
| | | 10,800 | | 42,952 |
Hansoh Pharmaceutical Group Co., Ltd. (a)(b)
| | | 40,000 | | 135,726 |
Harbin Boshi Automation Co., Ltd. Class A
| | | 42,189 | | 54,044 |
Health & Happiness H&H International Holdings, Ltd.
| | | 27,500 | | 101,649 |
Hefei Meiya Optoelectronic Technology, Inc. Class A
| | | 12,500 | | 66,519 |
Henan Lingrui Pharmaceutical Co. Class A
| | | 44,800 | | 52,459 |
Henan Shuanghui Investment & Development Co., Ltd. Class A
| | | 24,300 | | 134,730 |
Hengan International Group Co., Ltd.
| | | 100,500 | | 756,580 |
Hengdian Entertainment Co., Ltd. Class A
| | | 25,000 | | 47,932 |
Hengdian Group DMEGC Magnetics Co., Ltd. Class A
| | | 55,200 | | 77,798 |
Hengli Petrochemical Co., Ltd. Class A
| | | 33,200 | | 58,454 |
Hexing Electrical Co., Ltd. Class A
| | | 21,400 | | 42,539 |
Hisense Home Appliances Group Co., Ltd. Class A
| | | 51,600 | | 69,012 |
Hua Hong Semiconductor, Ltd. (b)(c)
| | | 35,000 | | 64,122 |
Huadian Fuxin Energy Corp., Ltd. Class H
| | | 232,000 | | 38,313 |
Huadian Power International Corp., Ltd. Class H
| | | 258,000 | | 76,892 |
Huadong Medicine Co., Ltd. Class A
| | | 20,900 | | 51,452 |
Hualan Biological Engineering, Inc. Class A
| | | 19,496 | | 131,803 |
Huaneng Power International, Inc. Class H
| | | 694,472 | | 260,733 |
Huangshan Tourism Development Co., Ltd. Class B
| | | 55,700 | | 40,605 |
Huangshi Dongbei Electrical Appliance Co., Ltd. Class B
| | | 134,200 | | 163,456 |
Huatai Securities Co., Ltd. Class A
| | | 73,000 | | 177,448 |
| Security Description | | | Shares | | Value |
Huatai Securities Co., Ltd. Class H (b)
| | | 81,400 | | $120,983 |
Huaxin Cement Co., Ltd. Class B
| | | 32,500 | | 49,790 |
Huayu Automotive Systems Co., Ltd. Class A
| | | 19,600 | | 59,562 |
Huazhu Group, Ltd. ADR (c)
| | | 17,849 | | 512,802 |
Hubei Biocause Pharmaceutical Co., Ltd. Class A
| | | 53,500 | | 44,683 |
Hubei Fuxing Science And Technology Co., Ltd. Class A
| | | 262,900 | | 190,642 |
Huizhou Desay Sv Automotive Co., Ltd. Class A
| | | 15,700 | | 67,534 |
Hunan Aihua Group Co., Ltd. Class A
| | | 19,000 | | 60,714 |
Hundsun Technologies, Inc. Class A
| | | 10,800 | | 133,930 |
Huolinhe Opencut Coal Industry Corp., Ltd. of Inner Mongolia Class A
| | | 68,700 | | 70,947 |
HUYA, Inc. ADR (a)
| | | 6,028 | | 102,175 |
HY Energy Group Co., Ltd. Class A
| | | 81,100 | | 84,667 |
Hytera Communications Corp., Ltd. Class A
| | | 35,200 | | 28,952 |
Iflytek Co., Ltd. Class A
| | | 16,400 | | 79,730 |
IKD Co., Ltd. Class A
| | | 34,900 | | 46,529 |
Industrial & Commercial Bank of China, Ltd. Class A
| | | 497,100 | | 361,173 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 8,812,138 | | 6,037,035 |
Industrial Bank Co., Ltd. Class A
| | | 148,900 | | 334,217 |
INESA Intelligent Tech, Inc. Class B
| | | 588,400 | | 339,507 |
Inner Mongolia Yili Industrial Group Co., Ltd. Class A
| | | 30,900 | | 130,170 |
Inner Mongolia Yitai Coal Co., Ltd. Class B
| | | 237,381 | | 155,010 |
Innovent Biologics, Inc. (a)(b)
| | | 73,500 | | 310,087 |
iQIYI, Inc. ADR (a)(c)
| | | 24,457 | | 435,335 |
IReader Technology Co., Ltd. Class A
| | | 25,000 | | 68,177 |
Jack Sewing Machine Co., Ltd. Class A
| | | 17,500 | | 42,539 |
Jason Furniture Hangzhou Co., Ltd. Class A
| | | 11,100 | | 54,997 |
JC Finance & Tax Interconnect Holdings, Ltd. Class A (a)
| | | 36,600 | | 50,706 |
JD.com, Inc. ADR (a)
| | | 109,538 | | 4,436,289 |
Jiajiayue Group Co., Ltd. Class A
| | | 21,500 | | 97,973 |
Jiangsu Akcome Science & Technology Co., Ltd. Class A (a)
| | | 357,000 | | 79,074 |
Jiangsu Etern Co., Ltd. Class A
| | | 87,800 | | 56,608 |
Jiangsu Expressway Co., Ltd. Class H
| | | 420,299 | | 469,053 |
Jiangsu Flowers King Horticulture Co., Ltd. Class A
| | | 50,400 | | 42,947 |
See accompanying notes to financial statements.
72
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Jiangsu Guotai International Group Co., Ltd. Class A
| | | 151,900 | | $123,865 |
Jiangsu Hengli Hydraulic Co., Ltd. Class A
| | | 10,996 | | 95,406 |
Jiangsu Hengrui Medicine Co., Ltd. Class A
| | | 37,400 | | 485,585 |
Jiangsu Kanion Pharmaceutical Co., Ltd. Class A
| | | 36,500 | | 69,208 |
Jiangsu King's Luck Brewery JSC, Ltd. Class A
| | | 13,400 | | 53,217 |
Jiangsu Leike Defense Technology Co., Ltd. Class A (a)
| | | 67,900 | | 63,319 |
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A
| | | 10,800 | | 127,789 |
Jiangsu Yangnong Chemical Co., Ltd. Class A
| | | 10,800 | | 102,710 |
Jiangsu Yoke Technology Co., Ltd. Class A
| | | 20,100 | | 87,935 |
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A
| | | 21,697 | | 111,053 |
Jiangsu Zhongnan Construction Group Co., Ltd. Class A
| | | 46,900 | | 51,279 |
Jiangxi Copper Co., Ltd. Class H
| | | 309,578 | | 285,977 |
Jiangxi Lianchuang Optoelectronic Science & Technology Co., Ltd. Class A
| | | 29,900 | | 53,614 |
Jiangxi Zhengbang Technology Co., Ltd. Class A
| | | 21,500 | | 57,813 |
Jiayou International Logistics Co., Ltd. Class A
| | | 17,480 | | 66,954 |
Jinke Properties Group Co., Ltd. Class A
| | | 96,200 | | 108,032 |
JinkoSolar Holding Co., Ltd. ADR (a)(c)
| | | 3,959 | | 58,791 |
Jinneng Science&Technology Co., Ltd. Class A
| | | 33,600 | | 44,796 |
Jinyu Bio-Technology Co., Ltd. Class A
| | | 21,700 | | 65,270 |
Jizhong Energy Resources Co., Ltd. Class A
| | | 189,500 | | 80,738 |
Joincare Pharmaceutical Group Industry Co., Ltd. Class A
| | | 41,200 | | 66,611 |
Joinn Laboratories China Co., Ltd. Class A
| | | 10,800 | | 110,465 |
Jointown Pharmaceutical Group Co., Ltd. Class A
| | | 28,000 | | 67,154 |
Joy City Property, Ltd.
| | | 504,000 | | 39,665 |
Joyoung Co., Ltd. Class A
| | | 30,200 | | 119,936 |
JOYY, Inc. ADR (a)
| | | 4,373 | | 232,906 |
Juewei Food Co., Ltd. Class A
| | | 10,800 | | 78,849 |
Jumei International Holding, Ltd. ADR (a)(c)
| | | 304 | | 5,618 |
Kama Co., Ltd. Class B (a)
| | | 252,049 | | 95,527 |
Kangda International Environmental Co., Ltd. (a)(b)
| | | 225,000 | | 21,481 |
Keda Clean Energy Co., Ltd. Class A (a)
| | | 89,500 | | 52,527 |
| Security Description | | | Shares | | Value |
KingClean Electric Co., Ltd. Class A
| | | 18,800 | | $54,107 |
Kingdee International Software Group Co., Ltd.
| | | 264,000 | | 352,186 |
Kingsoft Corp., Ltd. (a)
| | | 115,000 | | 375,376 |
Konka Group Co., Ltd. Class B
| | | 404,900 | | 148,881 |
KTK Group Co., Ltd. Class A
| | | 34,758 | | 44,770 |
Kuang-Chi Technologies Co., Ltd. Class A (a)
| | | 41,900 | | 43,270 |
Kunlun Energy Co., Ltd.
| | | 476,000 | | 278,197 |
Kunshan Kersen Science & Technology Co., Ltd. Class A
| | | 48,400 | | 62,615 |
Kunwu Jiuding Investment Holdings Co., Ltd. Class A
| | | 17,100 | | 56,114 |
Kweichow Moutai Co., Ltd. Class A
| | | 10,800 | | 1,692,785 |
KWG Group Holdings, Ltd.
| | | 194,951 | | 277,176 |
Lao Feng Xiang Co., Ltd. Class B
| | | 66,379 | | 182,409 |
Launch Tech Co., Ltd. Class H
| | | 29,100 | | 8,635 |
Lenovo Group, Ltd.
| | | 845,703 | | 453,899 |
LexinFintech Holdings, Ltd. ADR (a)(c)
| | | 8,185 | | 72,601 |
Leyou Technologies Holdings, Ltd. (a)
| | | 260,800 | | 76,380 |
Li Ning Co., Ltd.
| | | 259,374 | | 757,953 |
Lifetech Scientific Corp. (a)
| | | 290,000 | | 66,225 |
Lingyi iTech Guangdong Co. Class A (a)
| | | 47,600 | | 55,200 |
Lionco Pharmaceutical Group Co., Ltd. Class A
| | | 68,700 | | 97,212 |
Livzon Pharmaceutical Group, Inc. Class H
| | | 46,297 | | 170,532 |
Longfor Group Holdings, Ltd. (b)
| | | 145,500 | | 708,643 |
LONGi Green Energy Technology Co., Ltd. Class A
| | | 41,700 | | 146,134 |
Luckin Coffee, Inc. ADR (a)(c)
| | | 3,222 | | 87,606 |
Luenmei Quantum Co., Ltd. Class A
| | | 37,800 | | 74,446 |
Luolai Lifestyle Technology Co., Ltd. Class A
| | | 42,600 | | 53,549 |
Luthai Textile Co., Ltd. Class B
| | | 53,600 | | 38,449 |
Luxshare Precision Industry Co., Ltd. Class A
| | | 51,700 | | 278,332 |
Luye Pharma Group, Ltd. (b)
| | | 229,000 | | 111,680 |
Luzhou Laojiao Co., Ltd. Class A
| | | 12,100 | | 125,725 |
Maanshan Iron & Steel Co., Ltd. Class A
| | | 258,300 | | 91,831 |
Maoye Commericial Co., Ltd. Class A
| | | 80,400 | | 48,320 |
Markor International Home Furnishings Co., Ltd. Class A
| | | 96,700 | | 56,207 |
Mayinglong Pharmaceutical Group Co., Ltd. Class A
| | | 22,200 | | 46,948 |
Meinian Onehealth Healthcare Holdings Co., Ltd. Class A
| | | 49,900 | | 83,141 |
Meituan Dianping Class B (a)
| | | 401,300 | | 4,848,694 |
Metallurgical Corp. of China, Ltd. Class H
| | | 494,000 | | 86,679 |
See accompanying notes to financial statements.
73
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Milkyway Chemical Supply Chain Service Co., Ltd. Class A
| | | 11,500 | | $81,283 |
Minth Group, Ltd.
| | | 94,000 | | 201,561 |
MLS Co., Ltd. Class A
| | | 35,600 | | 56,954 |
Momo, Inc. ADR
| | | 16,139 | | 350,055 |
Montnets Rongxin Technology Group Co., Ltd. Class A (a)
| | | 21,900 | | 41,463 |
Muyuan Foodstuff Co., Ltd. Class A
| | | 18,300 | | 315,516 |
NanJi E-Commerce Co., Ltd. Class A (a)
| | | 42,200 | | 69,061 |
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. Class A
| | | 11,248 | | 80,105 |
Nanjing Well Pharmaceutical Co., Ltd. Class A
| | | 10,975 | | 47,457 |
Nanjing Xinjiekou Department Store Co., Ltd. Class A (a)
| | | 30,300 | | 35,908 |
NARI Technology Co., Ltd. Class A
| | | 39,200 | | 109,224 |
National Agricultural Holdings, Ltd. (a)(c)(d)
| | | 112,000 | | — |
NavInfo Co., Ltd. Class A
| | | 29,300 | | 58,160 |
NetEase, Inc. ADR
| | | 11,283 | | 3,621,392 |
New China Life Insurance Co., Ltd. Class A
| | | 10,800 | | 60,642 |
New China Life Insurance Co., Ltd. Class H
| | | 90,500 | | 281,977 |
New Hope Liuhe Co., Ltd. Class A
| | | 35,700 | | 158,298 |
New Oriental Education & Technology Group, Inc. ADR (a)
| | | 16,855 | | 1,824,385 |
Newland Digital Technology Co., Ltd. Class A
| | | 21,299 | | 47,507 |
Ningbo Huaxiang Electronic Co., Ltd. Class A
| | | 26,500 | | 61,837 |
Ningbo Jifeng Auto Parts Co., Ltd. Class A
| | | 43,500 | | 50,384 |
Ningbo Tuopu Group Co., Ltd. Class A
| | | 33,400 | | 76,618 |
Ningbo Xusheng Auto Technology Co., Ltd. Class A
| | | 14,100 | | 73,343 |
NIO, Inc. ADR (a)(c)
| | | 85,645 | | 238,093 |
Noah Holdings, Ltd. ADR (a)(c)
| | | 3,090 | | 79,907 |
Northeast Pharmaceutical Group Co., Ltd. Class A (a)
| | | 47,859 | | 50,302 |
Offcn Education Technology Co., Ltd. Class A
| | | 29,300 | | 94,123 |
Offshore Oil Engineering Co., Ltd. Class A
| | | 26,400 | | 18,213 |
Oppein Home Group, Inc. Class A
| | | 10,800 | | 144,092 |
Orient Securities Co., Ltd. Class A
| | | 36,600 | | 47,091 |
PCI-Suntek Technology Co., Ltd. Class A
| | | 54,590 | | 68,544 |
People's Insurance Co. Group of China, Ltd. Class A
| | | 41,700 | | 37,063 |
| Security Description | | | Shares | | Value |
People's Insurance Co. Group of China, Ltd. Class H
| | | 639,000 | | $211,052 |
Perfect World Co., Ltd. Class A
| | | 13,100 | | 87,879 |
PetroChina Co., Ltd. Class H
| | | 2,687,208 | | 984,617 |
PICC Property & Casualty Co., Ltd. Class H
| | | 966,433 | | 935,149 |
Pinduoduo, Inc. ADR (a)
| | | 40,706 | | 1,466,637 |
Ping An Bank Co., Ltd. Class A
| | | 168,600 | | 304,461 |
Ping An Healthcare and Technology Co., Ltd. (a)(b)(c)
| | | 21,400 | | 199,618 |
Ping An Insurance Group Co. of China, Ltd. Class A
| | | 81,100 | | 791,412 |
Ping An Insurance Group Co. of China, Ltd. Class H
| | | 604,228 | | 5,936,338 |
Pingdingshan Tianan Coal Mining Co., Ltd. Class A (a)
| | | 134,600 | | 78,995 |
Poly Culture Group Corp., Ltd. Class H
| | | 31,600 | | 18,020 |
Poly Developments and Holdings Group Co., Ltd. Class A
| | | 69,600 | | 146,011 |
Poly Property Group Co., Ltd.
| | | 318,000 | | 107,902 |
Postal Savings Bank of China Co., Ltd. Class H (b)
| | | 490,000 | | 298,391 |
Qianhe Condiment and Food Co., Ltd. Class A
| | | 18,000 | | 65,898 |
Qingdao East Steel Tower Stock Co., Ltd. Class A
| | | 60,900 | | 60,830 |
Qingdao Topscomm Communication, Inc. Class A
| | | 16,200 | | 34,031 |
Qudian, Inc. ADR (a)(c)
| | | 15,101 | | 27,182 |
Rainbow Department Store Co., Ltd. Class A
| | | 31,700 | | 39,758 |
Raisecom Technology Co., Ltd. Class A
| | | 26,400 | | 47,115 |
SAIC Motor Corp., Ltd. Class A
| | | 42,700 | | 123,494 |
Sailun Group Co., Ltd. Class A
| | | 89,300 | | 47,370 |
Sanan Optoelectronics Co., Ltd. Class A
| | | 34,500 | | 93,208 |
Sany Heavy Industry Co., Ltd. Class A
| | | 57,300 | | 139,851 |
SDIC Capital Co., Ltd. Class A
| | | 31,398 | | 54,263 |
Seazen Group, Ltd. (a)(c)
| | | 174,000 | | 157,143 |
Seazen Holdings Co., Ltd. Class A
| | | 18,100 | | 79,849 |
Semiconductor Manufacturing International Corp. (a)(c)
| | | 384,383 | | 605,023 |
SF Holding Co., Ltd. Class A
| | | 15,700 | | 104,634 |
Shaan Xi Provincial Natural Gas Co., Ltd. Class A
| | | 60,600 | | 49,587 |
Shaanxi Coal Industry Co., Ltd. Class A
| | | 80,800 | | 85,266 |
Shandong Airlines Co., Ltd. Class B
| | | 79,600 | | 68,705 |
Shandong Chenming Paper Holdings, Ltd. Class H
| | | 77,350 | | 27,743 |
Shandong Gold Mining Co., Ltd. Class A
| | | 34,700 | | 168,110 |
See accompanying notes to financial statements.
74
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Shandong Himile Mechanical Science & Technology Co., Ltd. Class A
| | | 20,100 | | $47,952 |
Shandong Linglong Tyre Co., Ltd. Class A
| | | 19,200 | | 53,552 |
Shandong Molong Petroleum Machinery Co., Ltd. Class A (a)
| | | 152,300 | | 66,823 |
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
| | | 252,000 | | 318,621 |
Shandong Xinchao Energy Corp., Ltd. Class A (a)
| | | 242,300 | | 60,163 |
Shandong Xinhua Pharmaceutical Co., Ltd. Class A
| | | 70,400 | | 121,468 |
Shandong Yisheng Livestock & Poultry Breeding Co., Ltd. Class A
| | | 25,160 | | 67,477 |
Shang Gong Group Co., Ltd. Class B (a)
| | | 189,900 | | 77,289 |
Shanghai AtHub Co., Ltd. Class A
| | | 21,700 | | 148,081 |
Shanghai Bairun Investment Holding Group Co., Ltd. Class A
| | | 20,000 | | 95,849 |
Shanghai Baosight Software Co., Ltd. Class A
| | | 10,900 | | 61,126 |
Shanghai Baosight Software Co., Ltd. Class B
| | | 55,760 | | 112,914 |
Shanghai Belling Co., Ltd. Class A
| | | 23,400 | | 54,009 |
Shanghai Chlor-Alkali Chemical Co., Ltd. Class B
| | | 141,200 | | 70,600 |
Shanghai Daimay Automotive Interior Co., Ltd. Class A
| | | 15,100 | | 55,345 |
Shanghai Diesel Engine Co., Ltd. Class B
| | | 259,900 | | 99,542 |
Shanghai East China Computer Co., Ltd. Class A
| | | 16,600 | | 51,148 |
Shanghai Electric Group Co., Ltd. Class H
| | | 518,418 | | 137,114 |
Shanghai Fengyuzhu Culture and Technology Co., Ltd. Class A
| | | 21,300 | | 41,469 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A
| | | 14,500 | | 67,220 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H
| | | 43,000 | | 141,467 |
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H
| | | 215,000 | | 129,540 |
Shanghai Greencourt Investment Group Co., Ltd. Class B (a)
| | | 238,000 | | 85,442 |
Shanghai Haixin Group Co. Class B
| | | 240,313 | | 85,551 |
Shanghai Highly Group Co., Ltd. Class B
| | | 164,400 | | 106,367 |
Shanghai Industrial Urban Development Group, Ltd.
| | | 49,000 | | 4,678 |
Shanghai International Airport Co., Ltd. Class A
| | | 15,300 | | 131,259 |
Shanghai International Port Group Co., Ltd. Class A
| | | 135,200 | | 85,451 |
| Security Description | | | Shares | | Value |
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B
| | | 147,596 | | $99,627 |
Shanghai Jinjiang International Travel Co., Ltd. Class B
| | | 64,774 | | 83,235 |
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class A
| | | 27,400 | | 47,353 |
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B
| | | 45,100 | | 36,892 |
Shanghai Lingyun Industries Development Co., Ltd. Class B (a)
| | | 352,200 | | 145,106 |
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B
| | | 213,464 | | 172,052 |
Shanghai M&G Stationery, Inc. Class A
| | | 10,796 | | 70,519 |
Shanghai Mechanical and Electrical Industry Co., Ltd. Class B
| | | 60,484 | | 66,532 |
Shanghai Pharmaceuticals Holding Co., Ltd. Class A
| | | 20,600 | | 56,701 |
Shanghai Pharmaceuticals Holding Co., Ltd. Class H
| | | 78,900 | | 134,165 |
Shanghai Phoenix Enterprise Group Co., Ltd. Class B (a)
| | | 128,400 | | 48,792 |
Shanghai Pudong Development Bank Co., Ltd. Class A
| | | 189,100 | | 270,783 |
Shanghai Putailai New Energy Technology Co., Ltd. Class A
| | | 10,800 | | 91,420 |
Shanghai RAAS Blood Products Co., Ltd. Class A (a)
| | | 51,000 | | 55,978 |
Shanghai Runda Medical Technology Co., Ltd. Class A
| | | 35,600 | | 50,124 |
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class B
| | | 78,300 | | 73,524 |
Shanghai Wanye Enterprises Co., Ltd. Class A
| | | 33,400 | | 86,231 |
Shanghai Weaver Network Co., Ltd. Class A
| | | 10,800 | | 114,244 |
Shanghai Xin Nanyang Only Education & Technology Co., Ltd. Class A (a)
| | | 20,800 | | 46,599 |
Shanghai Zhangjiang High-Tech Park Development Co., Ltd. Class A
| | | 23,200 | | 39,702 |
Shanghai Zhenhua Heavy Industries Co., Ltd. Class B
| | | 148,700 | | 42,974 |
Shanxi Blue Flame Holding Co., Ltd. Class A
| | | 44,600 | | 55,686 |
Shanxi Lanhua Sci-Tech Venture Co., Ltd. Class A
| | | 57,200 | | 42,124 |
Shanxi Lu'an Environmental Energy Development Co., Ltd. Class A
| | | 49,200 | | 40,467 |
Shanxi Meijin Energy Co., Ltd. Class A (a)
| | | 43,500 | | 40,381 |
See accompanying notes to financial statements.
75
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A
| | | 10,900 | | $138,676 |
Shanxi Xishan Coal & Electricity Power Co., Ltd. Class A
| | | 63,100 | | 43,175 |
Shengda Mining Co., Ltd. Class A (a)
| | | 24,700 | | 39,133 |
Shengyi Technology Co., Ltd. Class A
| | | 26,700 | | 99,708 |
Shenzhen Agricultural Products Group Co., Ltd. Class A
| | | 92,300 | | 94,277 |
Shenzhen Aisidi Co., Ltd. Class A
| | | 66,400 | | 54,239 |
Shenzhen Danbond Technology Co., Ltd. Class A
| | | 27,500 | | 38,176 |
Shenzhen Das Intellitech Co., Ltd. Class A (a)
| | | 147,583 | | 70,791 |
Shenzhen Ellassay Fashion Co., Ltd. Class A
| | | 28,580 | | 44,554 |
Shenzhen Expressway Co., Ltd. Class H
| | | 29,000 | | 29,558 |
Shenzhen Fastprint Circuit Tech Co., Ltd. Class A
| | | 49,800 | | 76,511 |
Shenzhen Fenda Technology Co., Ltd. Class A (a)
| | | 84,500 | | 39,936 |
Shenzhen Gas Corp., Ltd. Class A
| | | 58,500 | | 60,743 |
Shenzhen Gongjin Electronics Co., Ltd. Class A
| | | 30,800 | | 57,357 |
Shenzhen Goodix Technology Co., Ltd. Class A
| | | 6,200 | | 228,102 |
Shenzhen H&T Intelligent Control Co., Ltd. Class A
| | | 29,600 | | 50,571 |
Shenzhen Heungkong Holding Co., Ltd. Class A
| | | 157,500 | | 45,107 |
Shenzhen Huaqiang Industry Co., Ltd. Class A
| | | 24,500 | | 41,235 |
Shenzhen Investment, Ltd.
| | | 382,866 | | 119,539 |
Shenzhen Kingdom Sci-Tech Co., Ltd. Class A (a)
| | | 15,800 | | 37,426 |
Shenzhen Kinwong Electronic Co., Ltd. Class A
| | | 10,800 | | 66,660 |
Shenzhen Megmeet Electrical Co., Ltd. Class A
| | | 18,000 | | 57,163 |
Shenzhen MTC Co., Ltd. Class A (a)
| | | 172,200 | | 99,848 |
Shenzhen Nanshan Power Co., Ltd. Class B (a)
| | | 168,500 | | 81,740 |
Shenzhen Neptunus Bioengineering Co., Ltd. Class A
| | | 110,793 | | 71,432 |
Shenzhen New Nanshan Holding Group Co., Ltd. Class A (a)
| | | 115,900 | | 43,167 |
Shenzhen SDG Information Co., Ltd. Class A
| | | 29,000 | | 37,354 |
Shenzhen SEG Co., Ltd. Class B
| | | 143,900 | | 41,030 |
Shenzhen Sunlord Electronics Co., Ltd. Class A
| | | 16,100 | | 45,905 |
Shenzhen Suntak Circuit Technology Co., Ltd. Class A
| | | 18,000 | | 41,977 |
| Security Description | | | Shares | | Value |
Shenzhen Yan Tian Port Holding Co., Ltd. Class A
| | | 62,700 | | $39,186 |
Shenzhen Zhenye Group Co., Ltd. Class A
| | | 73,200 | | 46,265 |
Shenzhou International Group Holdings, Ltd.
| | | 61,200 | | 650,619 |
Shijiazhuang Changshan BeiMing Technology Co., Ltd. Class A (a)
| | | 66,900 | | 81,924 |
Shinva Medical Instrument Co., Ltd. Class A
| | | 29,900 | | 73,018 |
Sichuan Kelun Pharmaceutical Co., Ltd. Class A
| | | 14,100 | | 41,157 |
Silergy Corp.
| | | 11,000 | | 360,101 |
SINA Corp. (a)
| | | 12,389 | | 394,466 |
Sinochem International Corp. Class A
| | | 118,400 | | 85,524 |
Sinoma Science & Technology Co., Ltd. Class A
| | | 35,900 | | 57,536 |
Sino-Ocean Group Holding, Ltd.
| | | 973,711 | | 247,482 |
Sinopec Oilfield Service Corp. Class A (a)
| | | 152,700 | | 44,594 |
Sinopec Oilfield Service Corp. Class H (a)
| | | 6,000 | | 457 |
Sinopec Shanghai Petrochemical Co., Ltd. Class H
| | | 704,878 | | 174,608 |
Sinopharm Group Co., Ltd. Class H
| | | 138,400 | | 311,408 |
Sinotrans, Ltd. Class H
| | | 271,000 | | 66,781 |
Sinotruk Hong Kong, Ltd.
| | | 39,500 | | 65,741 |
SITC International Holdings Co., Ltd.
| | | 222,000 | | 207,653 |
Skshu Paint Co., Ltd. Class A
| | | 10,706 | | 134,244 |
Skyworth Digital Co., Ltd. Class A
| | | 42,200 | | 69,121 |
Sohu.com, Ltd. ADR (a)
| | | 4,960 | | 30,901 |
SooChow Securities Co., Ltd. Class A
| | | 49,790 | | 55,633 |
Spring Airlines Co., Ltd. Class A
| | | 10,800 | | 49,184 |
Square Technology Group Co., Ltd. Class A
| | | 25,800 | | 42,732 |
STO Express Co., Ltd. Class A
| | | 21,694 | | 53,468 |
Suli Co., Ltd. Class A
| | | 36,100 | | 100,077 |
Sunac China Holdings, Ltd.
| | | 283,000 | | 1,310,777 |
Suning Universal Co., Ltd. Class A
| | | 101,600 | | 43,574 |
Sunny Optical Technology Group Co., Ltd.
| | | 80,300 | | 1,081,593 |
Sunward Intelligent Equipment Co., Ltd. Class A
| | | 91,500 | | 72,805 |
Suofeiya Home Collection Co., Ltd. Class A
| | | 20,700 | | 52,508 |
Suzhou Dongshan Precision Manufacturing Co., Ltd. Class A
| | | 17,400 | | 50,593 |
Suzhou Keda Technology Co., Ltd. Class A
| | | 30,593 | | 45,664 |
See accompanying notes to financial statements.
76
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Taiji Computer Corp., Ltd. Class A
| | | 13,800 | | $71,412 |
TAL Education Group ADR (a)
| | | 46,295 | | 2,465,672 |
TCL Electronics Holdings, Ltd.
| | | 156,000 | | 65,412 |
Tencent Holdings, Ltd.
| | | 654,070 | | 32,083,682 |
Tian Ge Interactive Holdings, Ltd. (a)(b)
| | | 83,000 | | 18,097 |
Tianfeng Securities Co., Ltd. Class A
| | | 51,610 | | 37,279 |
Tianjin Zhonghuan Semiconductor Co., Ltd. Class A
| | | 34,000 | | 68,545 |
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd. Class S
| | | 42,345 | | 23,925 |
Tianma Microelectronics Co., Ltd. Class A
| | | 26,000 | | 48,895 |
Tianneng Power International, Ltd. (c)
| | | 110,000 | | 81,887 |
Tianshui Huatian Technology Co., Ltd. Class A
| | | 65,000 | | 90,418 |
Times China Holdings, Ltd.
| | | 53,000 | | 88,756 |
Tingyi Cayman Islands Holding Corp.
| | | 354,383 | | 579,749 |
Tong Ren Tang Technologies Co., Ltd. Class H
| | | 158,000 | | 125,978 |
Tongcheng-Elong Holdings, Ltd. (a)
| | | 61,200 | | 86,065 |
TongFu Microelectronics Co., Ltd. Class A
| | | 36,700 | | 97,339 |
Tonghua Dongbao Pharmaceutical Co., Ltd. Class A
| | | 20,500 | | 30,686 |
Tonghua Golden-Horse Pharmaceutical Industry Co., Ltd. Class A (a)
| | | 49,400 | | 38,889 |
Tongwei Co., Ltd. Class A
| | | 39,400 | | 64,535 |
Tongyu Communication, Inc. Class A
| | | 13,892 | | 52,917 |
Topchoice Medical Corp. Class A (a)
| | | 10,800 | | 164,220 |
TravelSky Technology, Ltd. Class H
| | | 114,000 | | 201,205 |
Trip.com Group, Ltd. ADR (a)
| | | 45,561 | | 1,068,405 |
Tsingtao Brewery Co., Ltd. Class H
| | | 84,000 | | 428,621 |
UE Furniture Co., Ltd. Class A
| | | 43,597 | | 86,232 |
Unigroup Guoxin Microelectronics Co., Ltd. Class A
| | | 10,800 | | 76,031 |
Uni-President China Holdings, Ltd.
| | | 221,000 | | 214,416 |
Unisplendour Corp., Ltd. Class A
| | | 17,200 | | 85,706 |
Universal Scientific Industrial Shanghai Co., Ltd. Class A
| | | 24,700 | | 55,336 |
Valiant Co., Ltd. Class A
| | | 30,100 | | 53,803 |
Vatti Corp., Ltd. Class A
| | | 35,800 | | 56,113 |
Venustech Group, Inc. Class A
| | | 14,800 | | 77,255 |
Vipshop Holdings, Ltd. ADR (a)
| | | 45,565 | | 709,903 |
Visionox Technology, Inc. Class A (a)
| | | 34,100 | | 54,266 |
| Security Description | | | Shares | | Value |
Visual China Group Co., Ltd. Class A
| | | 24,300 | | $53,206 |
Wangneng Environment Co., Ltd. Class A
| | | 24,000 | | 44,254 |
Wanhua Chemical Group Co., Ltd. Class A
| | | 20,900 | | 121,628 |
Want Want China Holdings, Ltd.
| | | 1,212,000 | | 878,793 |
Wasu Media Holding Co., Ltd. Class A
| | | 37,700 | | 49,623 |
Weibo Corp. ADR (a)(c)
| | | 4,739 | | 156,908 |
Weichai Power Co., Ltd. Class A
| | | 144,100 | | 243,142 |
Weichai Power Co., Ltd. Class H
| | | 60,000 | | 96,608 |
Weimob, Inc. (a)(b)(c)
| | | 118,000 | | 74,750 |
West China Cement, Ltd.
| | | 454,000 | | 70,874 |
Westone Information Industry, Inc. Class A
| | | 12,300 | | 39,009 |
WG Tech JiangXi Co., Ltd. Class A
| | | 11,100 | | 48,170 |
Will Semiconductor, Ltd. Class A
| | | 6,600 | | 145,162 |
Wuhan Guide Infrared Co., Ltd. Class A
| | | 23,500 | | 111,894 |
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. Class A
| | | 27,700 | | 127,632 |
Wuliangye Yibin Co., Ltd. Class A
| | | 33,100 | | 537,953 |
WUS Printed Circuit Kunshan Co., Ltd. Class A
| | | 23,100 | | 77,172 |
WuXi AppTec Co., Ltd. Class A
| | | 19,600 | | 250,219 |
Wuxi Biologics Cayman, Inc. (a)(b)
| | | 52,000 | | 674,244 |
Wuxi Shangji Automation Co., Ltd. Class A
| | | 14,100 | | 71,811 |
Wuxi Taiji Industry Co., Ltd. Class A
| | | 48,900 | | 68,229 |
Xiamen Faratronic Co., Ltd. Class A
| | | 10,800 | | 67,056 |
Xiamen Goldenhome Co., Ltd. Class A
| | | 10,800 | | 88,448 |
Xiamen International Port Co., Ltd. Class H
| | | 136,000 | | 11,756 |
Xiamen Intretech, Inc. Class A
| | | 10,800 | | 69,174 |
Xiamen ITG Group Corp., Ltd. Class A
| | | 49,200 | | 44,493 |
Xiamen Kingdomway Group Co. Class A
| | | 26,600 | | 82,747 |
Xiangpiaopiao Food Co., Ltd. Class A
| | | 11,600 | | 45,872 |
Xiaomi Corp. Class B (a)(b)(c)
| | | 1,355,000 | | 1,825,104 |
Xilinmen Furniture Co., Ltd. Class A (a)
| | | 32,100 | | 54,616 |
Xinhuanet Co., Ltd. Class A
| | | 16,600 | | 51,546 |
Xinjiang Goldwind Science & Technology Co., Ltd. Class A
| | | 36,600 | | 49,053 |
Xinjiang Goldwind Science & Technology Co., Ltd. Class H
| | | 36,259 | | 31,577 |
Xinjiang Torch Gas Co., Ltd. Class A (a)
| | | 19,100 | | 33,279 |
See accompanying notes to financial statements.
77
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Xinjiang Xintai Natural Gas Co., Ltd. Class A
| | | 15,400 | | $82,429 |
Xinyi Solar Holdings, Ltd.
| | | 326,497 | | 184,923 |
Yangzijiang Shipbuilding Holdings, Ltd.
| | | 357,800 | | 208,571 |
Yantai Changyu Pioneer Wine Co., Ltd. Class B
| | | 35,453 | | 56,124 |
Yantai Dongcheng Pharmaceutical Co., Ltd. Class A
| | | 49,100 | | 93,653 |
Yantai Eddie Precision Machinery Co., Ltd. Class A
| | | 14,700 | | 73,000 |
Yantai Jereh Oilfield Services Group Co., Ltd. Class A
| | | 10,700 | | 33,376 |
Yanzhou Coal Mining Co., Ltd. Class H
| | | 278,882 | | 218,762 |
YGSOFT, Inc. Class A
| | | 39,800 | | 72,489 |
Yifan Pharmaceutical Co., Ltd. Class A
| | | 29,300 | | 67,378 |
Yifeng Pharmacy Chain Co., Ltd. Class A
| | | 10,900 | | 143,166 |
Yihai International Holding, Ltd.
| | | 34,000 | | 257,493 |
Yixintang Pharmaceutical Group Co., Ltd. Class A
| | | 15,900 | | 58,008 |
Yonghui Superstores Co., Ltd. Class A
| | | 66,800 | | 96,503 |
Yonyou Network Technology Co., Ltd. Class A
| | | 23,400 | | 133,569 |
YTO Express Group Co., Ltd. Class A
| | | 32,700 | | 53,376 |
Yum China Holdings, Inc.
| | | 45,747 | | 1,950,195 |
Yunda Holding Co., Ltd. Class A
| | | 22,100 | | 96,061 |
Yunnan Energy New Material Co., Ltd.
| | | 12,000 | | 71,951 |
Zai Lab, Ltd. ADR (a)
| | | 4,381 | | 225,534 |
Zhaojin Mining Industry Co., Ltd. Class H
| | | 89,500 | | 89,836 |
Zhejiang Century Huatong Group Co., Ltd. Class A
| | | 40,800 | | 71,087 |
Zhejiang Crystal-Optech Co., Ltd. Class A
| | | 26,800 | | 50,286 |
Zhejiang Dahua Technology Co., Ltd. Class A
| | | 24,700 | | 56,347 |
Zhejiang Dingli Machinery Co., Ltd. Class A
| | | 10,800 | | 87,458 |
Zhejiang Expressway Co., Ltd. Class H
| | | 266,000 | | 185,320 |
Zhejiang Hangmin Co., Ltd. Class A
| | | 86,994 | | 68,975 |
Zhejiang Hisoar Pharmaceutical Co., Ltd. Class A
| | | 50,800 | | 44,076 |
Zhejiang Huafeng Spandex Co., Ltd. Class A
| | | 74,500 | | 49,399 |
Zhejiang Jianfeng Group Co., Ltd. Class A
| | | 26,200 | | 52,118 |
Zhejiang Jiecang Linear Motion Technology Co., Ltd. Class A
| | | 11,000 | | 61,842 |
Zhejiang Jiemei Electronic & Technology Co., Ltd. Class A
| | | 11,300 | | 57,056 |
| Security Description | | | Shares | | Value |
Zhejiang Jingxin Pharmaceutical Co., Ltd. Class A
| | | 28,800 | | $41,931 |
Zhejiang JIULI Hi-tech Metals Co., Ltd. Class A
| | | 49,100 | | 51,329 |
Zhejiang Longsheng Group Co., Ltd. Class A
| | | 24,500 | | 41,166 |
Zhejiang Medicine Co., Ltd. Class A
| | | 30,500 | | 80,680 |
Zhejiang Meida Industrial Co., Ltd. Class A
| | | 47,200 | | 76,645 |
Zhejiang NHU Co., Ltd. Class A
| | | 17,300 | | 66,630 |
Zhejiang Rongsheng Environmental Protection Paper Co., Ltd. Class A
| | | 26,200 | | 59,251 |
Zhejiang Sanhua Intelligent Controls Co., Ltd. Class A
| | | 29,500 | | 66,881 |
Zhejiang Satellite Petrochemical Co., Ltd. Class A
| | | 27,600 | | 50,775 |
Zhejiang Semir Garment Co., Ltd. Class A
| | | 31,500 | | 31,641 |
Zhejiang Shibao Co., Ltd. Class A (a)
| | | 69,400 | | 42,884 |
Zhejiang Supor Co., Ltd. Class A
| | | 10,790 | | 105,233 |
Zhejiang Xianju Pharmaceutical Co., Ltd. Class A
| | | 47,900 | | 94,338 |
Zhejiang Yasha Decoration Co., Ltd. Class A
| | | 94,300 | | 92,195 |
Zhejiang Yongtai Technology Co., Ltd. Class A
| | | 46,207 | | 75,554 |
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H
| | | 58,000 | | 21,701 |
ZhongAn Online P&C Insurance Co., Ltd. Class H (a)(b)(c)
| | | 27,700 | | 91,489 |
Zhongsheng Group Holdings, Ltd.
| | | 62,000 | | 216,775 |
Zhongtian Financial Group Co., Ltd. Class A
| | | 104,200 | | 45,719 |
Zhuzhou CRRC Times Electric Co., Ltd. Class H
| | | 92,800 | | 274,776 |
Zijin Mining Group Co., Ltd. Class H
| | | 1,172,685 | | 441,786 |
ZJBC Information Technology Co., Ltd. Class A
| | | 51,700 | | 65,353 |
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class A
| | | 118,700 | | 95,286 |
ZTE Corp. Class A (a)
| | | 11,300 | | 68,232 |
ZTE Corp. Class H (a)(c)
| | | 117,640 | | 365,021 |
ZTO Express Cayman, Inc. ADR (a)
| | | 41,337 | | 1,094,604 |
| | | | | | 239,287,245 |
| HONG KONG — 3.4% | | | | | |
Alibaba Pictures Group, Ltd. (a)
| | | 1,430,107 | | 184,508 |
Beijing Enterprises Medical & Health Group, Ltd. (a)
| | | 386,500 | | 7,380 |
Bosideng International Holdings, Ltd.
| | | 226,000 | | 53,067 |
See accompanying notes to financial statements.
78
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Central Wealth Group Holdings, Ltd. (a)
| | | 266,000 | | $1,030 |
China Animal Healthcare, Ltd. (a)(d)
| | | 305,700 | | — |
China Everbright, Ltd.
| | | 132,000 | | 194,826 |
China Fiber Optic Network System Group, Ltd. (a)(d)
| | | 686,800 | | — |
China First Capital Group, Ltd. (a)
| | | 176,000 | | 4,065 |
China Gas Holdings, Ltd.
| | | 299,400 | | 1,042,950 |
China High Speed Transmission Equipment Group Co., Ltd. (c)
| | | 8,000 | | 4,645 |
China Huishan Dairy Holdings Co., Ltd. (a)(c)(d)
| | | 549,000 | | — |
China Mobile, Ltd.
| | | 647,136 | | 4,813,298 |
China Resources Cement Holdings, Ltd.
| | | 70,000 | | 83,539 |
China Resources Land, Ltd.
| | | 388,767 | | 1,605,045 |
China State Construction International Holdings, Ltd.
| | | 288,750 | | 213,836 |
Citychamp Watch & Jewellery Group, Ltd. (a)
| | | 520,000 | | 110,697 |
Comba Telecom Systems Holdings, Ltd. (c)
| | | 401,847 | | 161,239 |
CP Pokphand Co., Ltd.
| | | 968,000 | | 76,182 |
Dawnrays Pharmaceutical Holdings, Ltd.
| | | 242,000 | | 35,905 |
Digital China Holdings, Ltd.
| | | 163,000 | | 73,815 |
Fullshare Holdings, Ltd. (a)(c)
| | | 683,600 | | 10,583 |
GCL-Poly Energy Holdings, Ltd. (a)
| | | 996,000 | | 31,997 |
Guangdong Investment, Ltd.
| | | 404,000 | | 778,717 |
Guotai Junan International Holdings, Ltd. (c)
| | | 292,000 | | 38,426 |
Haier Electronics Group Co., Ltd.
| | | 165,000 | | 439,594 |
Hi Sun Technology China, Ltd. (a)
| | | 306,000 | | 35,531 |
Huabao International Holdings, Ltd.
| | | 18,000 | | 6,549 |
Imperial Pacific International Holdings, Ltd. (a)(c)
| | | 7,596,300 | | 42,142 |
Kingboard Holdings, Ltd.
| | | 115,700 | | 271,080 |
Lee & Man Paper Manufacturing, Ltd.
| | | 255,000 | | 154,627 |
NetDragon Websoft Holdings, Ltd.
| | | 63,500 | | 153,202 |
Nine Dragons Paper Holdings, Ltd.
| | | 208,000 | | 189,728 |
Shanghai Industrial Holdings, Ltd.
| | | 54,000 | | 81,652 |
Shimao Property Holdings, Ltd.
| | | 178,500 | | 628,708 |
Sino Biopharmaceutical, Ltd.
| | | 846,000 | | 1,115,499 |
Skyworth Group, Ltd. (a)
| | | 296,243 | | 63,064 |
SSY Group, Ltd.
| | | 388,691 | | 303,896 |
Sun Art Retail Group, Ltd.
| | | 269,500 | | 399,857 |
Tech Pro Technology Development, Ltd. (a)(c)(d)
| | | 1,684,800 | | 7,390 |
Tibet Water Resources, Ltd. (a)
| | | 373,000 | | 14,678 |
United Energy Group, Ltd.
| | | 342,000 | | 66,186 |
United Laboratories International Holdings, Ltd. (c)
| | | 120,000 | | 96,763 |
| Security Description | | | Shares | | Value |
Vinda International Holdings, Ltd.
| | | 49,000 | | $118,851 |
Wasion Holdings, Ltd.
| | | 80,000 | | 27,455 |
WH Group, Ltd. (b)
| | | 1,059,500 | | 991,030 |
Xinyi Glass Holdings, Ltd.
| | | 386,000 | | 443,226 |
| | | | | | 15,176,458 |
| INDIA — 14.0% | | | | | |
Adani Green Energy, Ltd. (a)
| | | 38,731 | | 78,459 |
Adani Ports & Special Economic Zone, Ltd.
| | | 121,877 | | 404,854 |
Adani Power, Ltd. (a)
| | | 90,842 | | 33,322 |
Adani Transmission, Ltd. (a)
| | | 22,190 | | 55,452 |
AIA Engineering, Ltd.
| | | 10,865 | | 200,098 |
Ajanta Pharma, Ltd.
| | | 4,197 | | 75,800 |
Alembic Pharmaceuticals, Ltd.
| | | 12,653 | | 89,356 |
Apollo Hospitals Enterprise, Ltd.
| | | 27,239 | | 410,127 |
Apollo Tyres, Ltd.
| | | 62,996 | | 66,118 |
Arvind Fashions, Ltd. (a)
| | | 6,702 | | 12,983 |
Arvind, Ltd.
| | | 31,511 | | 8,185 |
Ashok Leyland, Ltd.
| | | 60,443 | | 34,396 |
Asian Paints, Ltd.
| | | 34,617 | | 762,568 |
AstraZeneca Pharma India, Ltd.
| | | 10,350 | | 328,876 |
Aurobindo Pharma, Ltd.
| | | 45,296 | | 247,373 |
Avenue Supermarts, Ltd. (a)(b)
| | | 4,328 | | 125,147 |
Axis Bank, Ltd.
| | | 216,985 | | 1,087,058 |
Bajaj Auto, Ltd.
| | | 7,982 | | 213,379 |
Bajaj Finance, Ltd.
| | | 21,642 | | 633,887 |
Bajaj Finserv, Ltd.
| | | 3,689 | | 223,882 |
Balkrishna Industries, Ltd.
| | | 5,519 | | 57,753 |
Bandhan Bank, Ltd. (b)
| | | 22,293 | | 60,041 |
Bank of Baroda (a)
| | | 54,462 | | 38,551 |
BEML, Ltd.
| | | 8,791 | | 52,484 |
Bharat Electronics, Ltd.
| | | 130,763 | | 128,687 |
Bharat Forge, Ltd.
| | | 35,187 | | 109,280 |
Bharat Heavy Electricals, Ltd.
| | | 306,073 | | 84,154 |
Bharat Petroleum Corp., Ltd.
| | | 74,165 | | 310,674 |
Bharti Airtel, Ltd. (a)
| | | 273,416 | | 1,593,485 |
Bharti Infratel, Ltd.
| | | 91,677 | | 193,894 |
Biocon, Ltd.
| | | 169,833 | | 607,370 |
Birlasoft, Ltd. (a)
| | | 67,022 | | 54,042 |
Bosch, Ltd.
| | | 954 | | 118,483 |
Britannia Industries, Ltd.
| | | 6,074 | | 215,894 |
Cadila Healthcare, Ltd.
| | | 32,938 | | 116,359 |
Central Bank of India (a)
| | | 78,225 | | 12,667 |
CG Power and Industrial Solutions, Ltd. (a)
| | | 98,385 | | 6,568 |
Cipla, Ltd.
| | | 115,131 | | 643,521 |
Coal India, Ltd.
| | | 175,467 | | 324,835 |
Crompton Greaves Consumer Electricals, Ltd.
| | | 34,510 | | 95,249 |
Dabur India, Ltd.
| | | 43,964 | | 261,542 |
DCB Bank, Ltd.
| | | 90,463 | | 113,361 |
Divi's Laboratories, Ltd.
| | | 11,588 | | 304,676 |
DLF, Ltd.
| | | 84,742 | | 153,967 |
Dr Lal PathLabs, Ltd. (b)
| | | 10,117 | | 187,452 |
Dr Reddy's Laboratories, Ltd.
| | | 13,655 | | 563,293 |
Edelweiss Financial Services, Ltd.
| | | 30,198 | | 15,328 |
See accompanying notes to financial statements.
79
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Eicher Motors, Ltd.
| | | 1,283 | | $222,099 |
Emami, Ltd.
| | | 14,302 | | 32,129 |
Escorts, Ltd.
| | | 45,979 | | 402,712 |
Federal Bank, Ltd.
| | | 208,412 | | 113,089 |
Fortis Healthcare, Ltd. (a)
| | | 57,802 | | 96,386 |
GAIL India, Ltd.
| | | 211,471 | | 213,983 |
Gateway Distriparks, Ltd.
| | | 46,161 | | 57,784 |
Gillette India, Ltd.
| | | 1,173 | | 84,816 |
Glenmark Pharmaceuticals, Ltd.
| | | 23,781 | | 64,709 |
Godrej Consumer Products, Ltd.
| | | 61,805 | | 425,520 |
Godrej Industries, Ltd.
| | | 23,085 | | 86,403 |
Granules India, Ltd.
| | | 77,540 | | 147,236 |
Grasim Industries, Ltd.
| | | 18,618 | | 117,170 |
Gujarat Mineral Development Corp., Ltd.
| | | 57,990 | | 24,184 |
Gujarat Pipavav Port, Ltd.
| | | 49,672 | | 39,560 |
Havells India, Ltd.
| | | 44,233 | | 280,917 |
HCL Technologies, Ltd.
| | | 126,376 | | 729,010 |
HDFC Bank, Ltd.
| | | 447,583 | | 5,099,345 |
HDFC Life Insurance Co., Ltd. (b)
| | | 43,550 | | 254,071 |
HEG, Ltd.
| | | 2,343 | | 14,990 |
Hero MotoCorp, Ltd.
| | | 15,568 | | 328,528 |
Hindalco Industries, Ltd.
| | | 148,912 | | 188,376 |
Hindustan Petroleum Corp., Ltd.
| | | 66,772 | | 167,788 |
Hindustan Unilever, Ltd.
| | | 110,285 | | 3,350,772 |
Hindustan Zinc, Ltd. (a)
| | | 194,614 | | 399,769 |
Housing Development Finance Corp., Ltd.
| | | 225,224 | | 4,861,959 |
ICICI Bank, Ltd. ADR
| | | 259,302 | | 2,204,067 |
ICICI Bank, Ltd.
| | | 581 | | 2,486 |
ICICI Prudential Life Insurance Co., Ltd. (b)
| | | 14,272 | | 67,105 |
IDFC First Bank, Ltd. (a)
| | | 130,856 | | 36,497 |
IDFC, Ltd.
| | | 192,420 | | 37,771 |
India Cements, Ltd.
| | | 44,249 | | 61,912 |
Indiabulls Housing Finance, Ltd.
| | | 51,679 | | 66,092 |
Indiabulls Real Estate, Ltd. (a)
| | | 37,909 | | 20,470 |
Indiabulls Ventures, Ltd.
| | | 15,116 | | 21,520 |
Indian Hotels Co., Ltd.
| | | 390,759 | | 387,395 |
Indian Oil Corp., Ltd.
| | | 280,184 | | 302,401 |
IndusInd Bank, Ltd.
| | | 52,714 | | 244,787 |
Infibeam Avenues, Ltd.
| | | 271,588 | | 122,240 |
Info Edge India, Ltd.
| | | 4,086 | | 109,915 |
Infosys, Ltd. ADR
| | | 474,188 | | 3,893,083 |
InterGlobe Aviation, Ltd. (b)
| | | 9,272 | | 130,670 |
Ipca Laboratories, Ltd.
| | | 18,296 | | 336,711 |
ITC, Ltd. GDR
| | | 298,066 | | 679,590 |
Jain Irrigation Systems, Ltd. (a)
| | | 80,587 | | 3,515 |
Jammu & Kashmir Bank, Ltd. (a)
| | | 121,994 | | 20,077 |
Jindal Steel & Power, Ltd. (a)
| | | 77,232 | | 83,918 |
Johnson Controls-Hitachi Air Conditioning India, Ltd.
| | | 3,227 | | 91,291 |
JSW Steel, Ltd.
| | | 192,034 | | 371,243 |
Jubilant Foodworks, Ltd.
| | | 12,314 | | 239,513 |
Jubilant Life Sciences, Ltd.
| | | 12,801 | | 42,167 |
Just Dial, Ltd. (a)
| | | 6,180 | | 23,972 |
| Security Description | | | Shares | | Value |
Karnataka Bank, Ltd.
| | | 67,576 | | $37,562 |
Kaveri Seed Co., Ltd.
| | | 14,325 | | 64,741 |
Kotak Mahindra Bank, Ltd.
| | | 86,185 | | 1,476,513 |
KPIT Technologies, Ltd. (a)
| | | 65,634 | | 30,582 |
Larsen & Toubro, Ltd. GDR
| | | 64,372 | | 693,930 |
Laurus Labs, Ltd. (b)
| | | 13,863 | | 59,519 |
LIC Housing Finance, Ltd.
| | | 49,871 | | 155,115 |
Lupin, Ltd.
| | | 31,663 | | 246,792 |
Magma Fincorp, Ltd.
| | | 41,888 | | 9,413 |
Mahindra & Mahindra Financial Services, Ltd.
| | | 49,630 | | 96,569 |
Mahindra & Mahindra, Ltd.
| | | 147,828 | | 556,813 |
MakeMyTrip, Ltd. (a)(c)
| | | 3,690 | | 44,114 |
Manappuram Finance, Ltd.
| | | 82,359 | | 103,151 |
Marico, Ltd.
| | | 69,027 | | 250,783 |
Maruti Suzuki India, Ltd.
| | | 11,118 | | 630,225 |
Max Financial Services, Ltd. (a)
| | | 19,490 | | 99,084 |
Mindtree, Ltd.
| | | 15,770 | | 172,748 |
Motherson Sumi Systems, Ltd.
| | | 120,831 | | 97,510 |
Natco Pharma, Ltd.
| | | 12,072 | | 80,673 |
NCC, Ltd.
| | | 100,275 | | 24,853 |
Nestle India, Ltd.
| | | 2,841 | | 612,151 |
NTPC, Ltd.
| | | 218,102 | | 242,748 |
Oil & Natural Gas Corp., Ltd.
| | | 466,002 | | 420,719 |
Page Industries, Ltd.
| | | 1,027 | | 230,287 |
PC Jeweller, Ltd. (a)
| | | 65,494 | | 9,913 |
PI Industries, Ltd.
| | | 11,701 | | 180,972 |
Piramal Enterprises, Ltd.
| | | 6,044 | | 75,059 |
Power Finance Corp., Ltd.
| | | 104,353 | | 126,835 |
Power Grid Corp. of India, Ltd.
| | | 108,754 | | 228,717 |
Rajesh Exports, Ltd.
| | | 33,902 | | 245,421 |
Raymond, Ltd.
| | | 10,329 | | 30,420 |
REC, Ltd.
| | | 93,475 | | 109,660 |
Reliance Capital, Ltd. (a)
| | | 43,371 | | 2,580 |
Reliance Industries, Ltd. GDR (b)
| | | 185,737 | | 5,720,700 |
Reliance Infrastructure, Ltd. (a)
| | | 80,761 | | 10,889 |
Repco Home Finance, Ltd.
| | | 13,176 | | 20,439 |
Satin Creditcare Network, Ltd. (a)
| | | 20,365 | | 16,784 |
SBI Life Insurance Co., Ltd. (b)
| | | 24,250 | | 205,472 |
Sequent Scientific, Ltd.
| | | 137,697 | | 141,608 |
Shilpa Medicare, Ltd.
| | | 16,157 | | 52,250 |
Shoppers Stop, Ltd.
| | | 19,725 | | 49,957 |
Shriram City Union Finance, Ltd.
| | | 9,157 | | 90,594 |
Shriram Transport Finance Co., Ltd.
| | | 22,569 | | 197,091 |
Siemens, Ltd.
| | | 36,883 | | 542,827 |
South Indian Bank, Ltd.
| | | 553,402 | | 41,696 |
SpiceJet, Ltd. (a)
| | | 70,872 | | 34,428 |
State Bank of India (a)
| | | 222,363 | | 578,605 |
Steel Authority of India, Ltd.
| | | 271,028 | | 82,579 |
Strides Pharma Science, Ltd.
| | | 17,335 | | 73,819 |
Sun Pharma Advanced Research Co., Ltd. (a)
| | | 31,293 | | 39,896 |
Sun Pharmaceutical Industries, Ltd.
| | | 150,929 | | 702,861 |
Suven Life Sciences, Ltd.
| | | 37,845 | | 10,705 |
See accompanying notes to financial statements.
80
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Suven Pharmaceuticals, Ltd. (a)
| | | 37,845 | | $100,576 |
Suzlon Energy, Ltd. (a)
| | | 1,415,451 | | 36,485 |
Tata Consultancy Services, Ltd.
| | | 113,292 | | 2,734,687 |
Tata Motors, Ltd. (a)
| | | 207,325 | | 194,715 |
Tata Steel, Ltd.
| | | 46,207 | | 164,669 |
Tech Mahindra, Ltd.
| | | 63,535 | | 474,930 |
Thyrocare Technologies, Ltd. (b)
| | | 47,061 | | 308,893 |
Titan Co., Ltd.
| | | 21,643 | | 267,121 |
Torrent Pharmaceuticals, Ltd.
| | | 9,794 | | 255,274 |
Ujjivan Financial Services, Ltd.
| | | 19,294 | | 37,860 |
UltraTech Cement, Ltd.
| | | 8,293 | | 355,705 |
United Breweries, Ltd.
| | | 9,216 | | 111,936 |
United Spirits, Ltd. (a)
| | | 60,505 | | 387,578 |
UPL, Ltd.
| | | 53,932 | | 232,763 |
Vakrangee, Ltd.
| | | 199,368 | | 52,444 |
Vedanta, Ltd.
| | | 153,724 | | 131,471 |
V-Mart Retail, Ltd.
| | | 3,787 | | 71,151 |
Vodafone Idea, Ltd. (a)
| | | 923,701 | | 37,851 |
Wipro, Ltd. ADR
| | | 302,874 | | 938,909 |
WNS Holdings, Ltd. ADR (a)
| | | 11,899 | | 511,419 |
Wockhardt, Ltd. (a)
| | | 25,199 | | 57,509 |
Yes Bank, Ltd.
| | | 142,245 | | 42,212 |
Zee Entertainment Enterprises, Ltd.
| | | 97,906 | | 160,413 |
| | | | | | 62,644,586 |
| INDONESIA — 2.2% | | | | | |
Ace Hardware Indonesia Tbk PT
| | | 2,712,900 | | 216,234 |
Adaro Energy Tbk PT
| | | 2,289,200 | | 138,952 |
AKR Corporindo Tbk PT
| | | 150,200 | | 18,188 |
Astra International Tbk PT
| | | 2,967,800 | | 709,652 |
Bank Central Asia Tbk PT
| | | 1,680,596 | | 2,846,503 |
Bank Mandiri Persero Tbk PT
| | | 2,952,110 | | 847,080 |
Bank Negara Indonesia Persero Tbk PT
| | | 633,500 | | 148,373 |
Bank Rakyat Indonesia Persero Tbk PT
| | | 7,763,580 | | 1,437,524 |
Barito Pacific Tbk PT (a)
| | | 2,252,200 | | 100,113 |
Chandra Asri Petrochemical Tbk PT
| | | 145,200 | | 46,738 |
Charoen Pokphand Indonesia Tbk PT
| | | 658,900 | | 199,569 |
Ciputra Development Tbk PT
| | | 1,046,896 | | 28,499 |
Gudang Garam Tbk PT
| | | 95,800 | | 241,409 |
Indah Kiat Pulp & Paper Corp. Tbk PT
| | | 250,100 | | 61,490 |
Indocement Tunggal Prakarsa Tbk PT
| | | 322,925 | | 247,490 |
Kalbe Farma Tbk PT
| | | 1,150,300 | | 84,633 |
Lippo Karawaci Tbk PT (a)
| | | 6,025,310 | | 49,133 |
Matahari Department Store Tbk PT
| | | 238,300 | | 19,505 |
Media Nusantara Citra Tbk PT
| | | 482,200 | | 26,756 |
Pabrik Kertas Tjiwi Kimia Tbk PT
| | | 91,300 | | 22,335 |
Pakuwon Jati Tbk PT
| | | 2,598,200 | | 49,065 |
Perusahaan Gas Negara Tbk PT
| | | 2,050,140 | | 97,416 |
PP Persero Tbk PT
| | | 886,476 | | 29,893 |
| Security Description | | | Shares | | Value |
Semen Indonesia Persero Tbk PT
| | | 614,000 | | $287,048 |
Summarecon Agung Tbk PT
| | | 983,900 | | 24,130 |
Surya Semesta Internusa Tbk PT
| | | 1,565,000 | | 42,219 |
Telekomunikasi Indonesia Persero Tbk PT
| | | 6,665,570 | | 1,291,429 |
Tiga Pilar Sejahtera Food Tbk (a)(d)
| | | 963,100 | | 4,960 |
Tower Bersama Infrastructure Tbk PT
| | | 1,863,900 | | 103,423 |
Transcoal Pacific Tbk PT
| | | 101,400 | | 30,091 |
Unilever Indonesia Tbk PT
| | | 378,400 | | 168,204 |
United Tractors Tbk PT
| | | 215,245 | | 223,031 |
Wijaya Karya Persero Tbk PT
| | | 838,357 | | 42,920 |
| | | | | | 9,884,005 |
| MACAU — 0.0% (e) | | | | | |
Newtree Group Holdings, Ltd. (a)
| | | 308,000 | | 21,856 |
| MALAYSIA — 3.4% | | | | | |
AEON Credit Service M Bhd
| | | 72,650 | | 141,264 |
AirAsia Group Bhd
| | | 263,000 | | 48,095 |
AirAsia X Bhd (a)
| | | 2,361,300 | | 27,330 |
Alliance Bank Malaysia Bhd
| | | 778,410 | | 342,356 |
AMMB Holdings Bhd
| | | 110,600 | | 76,806 |
Astro Malaysia Holdings Bhd
| | | 272,800 | | 53,676 |
Axiata Group Bhd
| | | 547,583 | | 415,757 |
BerMaz Motor Sdn Bhd (a)
| | | 289,080 | | 75,616 |
British American Tobacco Malaysia Bhd
| | | 16,000 | | 38,148 |
Bursa Malaysia Bhd
| | | 391,851 | | 458,067 |
Cahya Mata Sarawak Bhd
| | | 260,200 | | 72,880 |
Capitaland Malaysia Mall Trust REIT
| | | 1,256,700 | | 264,722 |
Carlsberg Brewery Malaysia Bhd Class B
| | | 173,703 | | 1,005,226 |
CIMB Group Holdings Bhd
| | | 579,395 | | 482,829 |
Datasonic Group Bhd
| | | 247,800 | | 44,742 |
Dayang Enterprise Holdings Bhd (a)
| | | 156,250 | | 41,594 |
Dialog Group Bhd
| | | 682,300 | | 480,137 |
DiGi.Com Bhd
| | | 224,300 | | 225,858 |
Eastern & Oriental Bhd
| | | 642,011 | | 54,987 |
Eco World Development Group Bhd (a)
| | | 365,700 | | 34,708 |
Frontken Corp. Bhd
| | | 135,800 | | 56,898 |
Gamuda Bhd
| | | 220,141 | | 144,213 |
Genting Bhd
| | | 533,900 | | 463,455 |
Genting Malaysia Bhd
| | | 591,800 | | 275,351 |
George Kent Malaysia Bhd
| | | 265,600 | | 33,815 |
Globetronics Technology Bhd
| | | 132,400 | | 49,650 |
Hai-O Enterprise Bhd
| | | 155,200 | | 48,500 |
Hartalega Holdings Bhd
| | | 112,200 | | 178,689 |
Hibiscus Petroleum Bhd (a)
| | | 219,300 | | 17,260 |
Hong Leong Bank Bhd
| | | 59,700 | | 186,010 |
IHH Healthcare Bhd
| | | 148,800 | | 177,733 |
IJM Corp. Bhd
| | | 1,137,880 | | 418,803 |
Inari Amertron Bhd
| | | 685,812 | | 196,853 |
IOI Corp. Bhd
| | | 756,696 | | 700,644 |
See accompanying notes to financial statements.
81
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
IOI Properties Group Bhd
| | | 643,016 | | $142,148 |
Iskandar Waterfront City Bhd (a)
| | | 493,000 | | 46,219 |
KNM Group Bhd (a)
| | | 890,800 | | 23,713 |
Kuala Lumpur Kepong Bhd
| | | 59,996 | | 288,314 |
Malayan Banking Bhd
| | | 605,522 | | 1,044,245 |
Malaysia Airports Holdings Bhd
| | | 148,600 | | 148,600 |
Maxis Bhd
| | | 400,300 | | 495,742 |
Media Prima Bhd (a)
| | | 287,400 | | 8,981 |
MISC Bhd
| | | 91,600 | | 157,756 |
Muhibbah Engineering M Bhd
| | | 322,600 | | 56,007 |
My EG Services Bhd
| | | 458,600 | | 101,911 |
Padini Holdings Bhd
| | | 231,200 | | 108,107 |
Pentamaster Corp. Bhd (a)
| | | 263,250 | | 232,172 |
Petronas Chemicals Group Bhd
| | | 157,600 | | 184,232 |
Petronas Gas Bhd
| | | 25,600 | | 91,259 |
PPB Group Bhd
| | | 137,420 | | 522,323 |
Press Metal Aluminium Holdings Bhd
| | | 528,640 | | 402,599 |
Public Bank Bhd
| | | 305,520 | | 1,124,483 |
RHB Bank Bhd
| | | 299,400 | | 325,043 |
Sapura Energy Bhd
| | | 1,045,300 | | 19,357 |
Sime Darby Bhd
| | | 405,188 | | 158,511 |
Sime Darby Plantation Bhd
| | | 395,888 | | 452,705 |
Sime Darby Property Bhd
| | | 403,988 | | 50,966 |
Telekom Malaysia Bhd
| | | 154,509 | | 134,122 |
Tenaga Nasional Bhd
| | | 356,850 | | 992,902 |
Top Glove Corp. Bhd
| | | 105,700 | | 157,816 |
Velesto Energy Bhd (a)
| | | 717,300 | | 19,095 |
Yinson Holdings Bhd
| | | 156,500 | | 172,802 |
YTL Corp. Bhd
| | | 422,100 | | 70,839 |
| | | | | | 15,065,641 |
| PAKISTAN — 0.2% | | | | | |
Bank Alfalah, Ltd.
| | | 417,900 | | 80,033 |
Fauji Fertilizer Co., Ltd.
| | | 158,000 | | 88,474 |
Habib Bank, Ltd.
| | | 90,700 | | 56,370 |
Lucky Cement, Ltd.
| | | 38,850 | | 86,705 |
MCB Bank, Ltd.
| | | 154,700 | | 139,034 |
Millat Tractors, Ltd.
| | | 22,990 | | 75,193 |
National Bank of Pakistan (a)
| | | 362,500 | | 61,675 |
Nishat Mills, Ltd.
| | | 109,500 | | 38,717 |
Searle Co., Ltd.
| | | 54,913 | | 51,855 |
United Bank, Ltd.
| | | 94,800 | | 57,536 |
| | | | | | 735,592 |
| PHILIPPINES — 1.4% | | | | | |
Aboitiz Equity Ventures, Inc.
| | | 135,670 | | 100,565 |
Alliance Global Group, Inc. (a)
| | | 903,700 | | 124,023 |
Ayala Land, Inc.
| | | 1,454,188 | | 863,478 |
Bank of the Philippine Islands
| | | 113,700 | | 138,157 |
BDO Unibank, Inc.
| | | 226,535 | | 460,998 |
Bloomberry Resorts Corp.
| | | 518,800 | | 61,203 |
Cebu Air, Inc.
| | | 71,510 | | 63,693 |
CEMEX Holdings Philippines, Inc. (a)(b)
| | | 1,435,000 | | 30,190 |
Cosco Capital, Inc.
| | | 2,071,800 | | 193,493 |
D&L Industries, Inc.
| | | 1,833,300 | | 178,428 |
| Security Description | | | Shares | | Value |
DoubleDragon Properties Corp. (a)
| | | 592,770 | | $188,344 |
First Gen Corp.
| | | 1,045,270 | | 339,106 |
First Philippine Holdings Corp.
| | | 487,577 | | 460,159 |
Globe Telecom, Inc.
| | | 2,705 | | 102,647 |
GT Capital Holdings, Inc.
| | | 8,974 | | 71,813 |
Integrated Micro-Electronics, Inc.
| | | 355,600 | | 31,673 |
JG Summit Holdings, Inc.
| | | 390,220 | | 401,268 |
Jollibee Foods Corp.
| | | 51,380 | | 107,488 |
LT Group, Inc.
| | | 615,400 | | 100,429 |
Metro Pacific Investments Corp.
| | | 1,472,000 | | 70,040 |
Metropolitan Bank & Trust Co.
| | | 105,580 | | 83,036 |
Nickel Asia Corp.
| | | 1,445,371 | | 44,049 |
PLDT, Inc.
| | | 21,054 | | 467,361 |
Puregold Price Club, Inc.
| | | 384,650 | | 275,668 |
SM Investments Corp.
| | | 38,020 | | 611,490 |
SM Prime Holdings, Inc.
| | | 1,191,900 | | 665,552 |
Universal Robina Corp.
| | | 108,910 | | 222,702 |
| | | | | | 6,457,053 |
| SINGAPORE — 0.0% (e) | | | | | |
SIIC Environment Holdings, Ltd.
| | | 180,099 | | 25,045 |
Silverlake Axis, Ltd.
| | | 257,400 | | 44,290 |
| | | | | | 69,335 |
| TAIWAN — 18.6% | | | | | |
Accton Technology Corp.
| | | 45,000 | | 242,547 |
Acer, Inc.
| | | 781,395 | | 403,081 |
Advantech Co., Ltd.
| | | 54,898 | | 452,922 |
Airtac International Group
| | | 12,431 | | 185,387 |
ASE Technology Holding Co., Ltd.
| | | 526,898 | | 1,020,988 |
Asia Cement Corp.
| | | 608,073 | | 792,225 |
Asustek Computer, Inc.
| | | 150,138 | | 1,015,268 |
AU Optronics Corp. ADR
| | | 192,176 | | 382,430 |
Bank of Kaohsiung Co., Ltd.
| | | 320,000 | | 97,350 |
Baotek Industrial Materials, Ltd. (a)
| | | 22,000 | | 19,278 |
Catcher Technology Co., Ltd.
| | | 113,539 | | 733,987 |
Cathay Financial Holding Co., Ltd.
| | | 1,475,952 | | 1,722,835 |
Center Laboratories, Inc.
| | | 71,324 | | 93,750 |
Chailease Holding Co., Ltd.
| | | 129,000 | | 390,308 |
Chang Hwa Commercial Bank, Ltd.
| | | 700,182 | | 441,065 |
Cheng Shin Rubber Industry Co., Ltd.
| | | 149,000 | | 151,752 |
Chilisin Electronics Corp.
| | | 14,937 | | 39,909 |
China Development Financial Holding Corp.
| | | 3,618,272 | | 887,773 |
China Life Insurance Co., Ltd. (a)
| | | 233,605 | | 130,160 |
China Steel Chemical Corp.
| | | 18,877 | | 58,239 |
China Steel Corp.
| | | 1,941,625 | | 1,216,666 |
Chroma ATE, Inc.
| | | 34,000 | | 139,973 |
Chung Lien Transportation Co., Ltd.
| | | 83,000 | | 119,801 |
Chunghwa Telecom Co., Ltd.
| | | 474,268 | | 1,685,889 |
See accompanying notes to financial statements.
82
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Compal Electronics, Inc.
| | | 1,126,431 | | $644,388 |
Compeq Manufacturing Co., Ltd.
| | | 53,000 | | 54,767 |
CTBC Financial Holding Co., Ltd.
| | | 3,316,515 | | 1,963,051 |
Delta Electronics, Inc.
| | | 327,787 | | 1,306,097 |
E.Sun Financial Holding Co., Ltd.
| | | 1,026,185 | | 822,875 |
Eclat Textile Co., Ltd.
| | | 46,365 | | 368,725 |
eCloudvalley Digital Technology Co., Ltd.
| | | 10,838 | | 53,936 |
Elite Material Co., Ltd.
| | | 21,000 | | 73,607 |
eMemory Technology, Inc.
| | | 16,000 | | 124,332 |
Epistar Corp.
| | | 244,170 | | 208,309 |
Everlight Electronics Co., Ltd.
| | | 183,996 | | 151,497 |
Far Eastern New Century Corp.
| | | 997,170 | | 743,554 |
Far EasTone Telecommunications Co., Ltd.
| | | 191,000 | | 399,792 |
Feng TAY Enterprise Co., Ltd.
| | | 54,692 | | 235,106 |
Firich Enterprises Co., Ltd.
| | | 37,957 | | 31,629 |
First Financial Holding Co., Ltd.
| | | 1,161,071 | | 754,428 |
Formosa Chemicals & Fibre Corp.
| | | 674,691 | | 1,494,777 |
Formosa Petrochemical Corp.
| | | 223,000 | | 600,241 |
Formosa Plastics Corp.
| | | 720,137 | | 1,788,347 |
Foxconn Technology Co., Ltd.
| | | 271,519 | | 444,429 |
Fubon Financial Holding Co., Ltd.
| | | 1,223,998 | | 1,519,803 |
Genius Electronic Optical Co., Ltd.
| | | 6,475 | | 88,427 |
Giant Manufacturing Co., Ltd.
| | | 52,000 | | 230,412 |
Globalwafers Co., Ltd.
| | | 17,000 | | 191,690 |
Himax Technologies, Inc. ADR (a)(c)
| | | 22,786 | | 62,434 |
Hiwin Technologies Corp.
| | | 43,033 | | 285,307 |
Holy Stone Enterprise Co., Ltd. (a)
| | | 14,000 | | 41,294 |
Hon Hai Precision Industry Co., Ltd.
| | | 1,594,760 | | 3,686,118 |
Hotai Motor Co., Ltd.
| | | 48,000 | | 779,326 |
HTC Corp.
| | | 135,710 | | 127,446 |
Hua Nan Financial Holdings Co., Ltd.
| | | 1,050,594 | | 627,060 |
Innolux Corp.
| | | 1,106,753 | | 191,403 |
Inventec Corp.
| | | 424,000 | | 326,677 |
ITEQ Corp.
| | | 17,267 | | 76,225 |
King Yuan Electronics Co., Ltd.
| | | 404,898 | | 405,012 |
Largan Precision Co., Ltd.
| | | 10,710 | | 1,356,391 |
Lite-On Technology Corp.
| | | 615,891 | | 841,106 |
Macronix International
| | | 306,673 | | 258,590 |
Makalot Industrial Co., Ltd.
| | | 51,016 | | 178,817 |
MediaTek, Inc.
| | | 186,219 | | 2,016,657 |
Medigen Biotechnology Corp. (a)
| | | 14,000 | | 22,314 |
Mega Financial Holding Co., Ltd.
| | | 2,075,148 | | 1,952,217 |
Merry Electronics Co., Ltd.
| | | 52,789 | | 217,325 |
Micro-Star International Co., Ltd.
| | | 53,000 | | 155,452 |
Motech Industries, Inc. (a)
| | | 148,934 | | 23,885 |
Nan Ya Plastics Corp.
| | | 1,029,759 | | 1,862,600 |
Nanya Technology Corp.
| | | 78,000 | | 138,505 |
Nien Made Enterprise Co., Ltd.
| | | 11,000 | | 65,655 |
Novatek Microelectronics Corp.
| | | 94,062 | | 534,982 |
O-Bank Co., Ltd. (a)
| | | 911,000 | | 195,506 |
| Security Description | | | Shares | | Value |
PChome Online, Inc. (a)
| | | 29,957 | | $69,639 |
Pegatron Corp.
| | | 391,630 | | 751,105 |
Phoenix Silicon International Corp.
| | | 22,000 | | 31,136 |
Pou Chen Corp.
| | | 265,000 | | 224,766 |
Powertech Technology, Inc.
| | | 257,518 | | 731,472 |
President Chain Store Corp.
| | | 59,000 | | 552,122 |
ProMOS Technologies, Inc. (d)
| | | 2,232 | | — |
Quanta Computer, Inc.
| | | 623,194 | | 1,240,556 |
Radiant Opto-Electronics Corp.
| | | 51,000 | | 133,228 |
Realtek Semiconductor Corp.
| | | 92,161 | | 665,879 |
RichWave Technology Corp.
| | | 10,000 | | 39,681 |
Ritek Corp. (a)
| | | 131,834 | | 18,484 |
Shanghai Commercial & Savings Bank, Ltd.
| | | 427,000 | | 555,609 |
Shin Kong Financial Holding Co., Ltd.
| | | 2,915,938 | | 735,698 |
Silicon Motion Technology Corp. ADR
| | | 4,332 | | 158,811 |
Simplo Technology Co., Ltd.
| | | 16,000 | | 140,205 |
Sino-American Silicon Products, Inc.
| | | 41,000 | | 106,020 |
SinoPac Financial Holdings Co., Ltd.
| | | 3,775,630 | | 1,379,585 |
Sitronix Technology Corp.
| | | 10,000 | | 39,019 |
Sweeten Real Estate Development Co., Ltd.
| | | 324,000 | | 200,883 |
Synnex Technology International Corp.
| | | 255,000 | | 313,253 |
TA-I Technology Co., Ltd.
| | | 15,750 | | 26,874 |
Taishin Financial Holding Co., Ltd.
| | | 1,224,911 | | 473,900 |
Taiwan Cement Corp.
| | | 1,012,801 | | 1,322,872 |
Taiwan Cooperative Financial Holding Co., Ltd.
| | | 325,000 | | 197,204 |
Taiwan FU Hsing Industrial Co., Ltd.
| | | 243,000 | | 290,075 |
Taiwan High Speed Rail Corp.
| | | 145,000 | | 137,849 |
Taiwan Mobile Co., Ltd.
| | | 322,200 | | 1,064,358 |
Taiwan Paiho, Ltd.
| | | 35,000 | | 60,298 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
| | | 426,119 | | 20,364,227 |
Taiwan Surface Mounting Technology Corp.
| | | 20,000 | | 45,699 |
Taiwan Union Technology Corp.
| | | 13,000 | | 52,444 |
Tatung Co., Ltd. (a)
| | | 391,107 | | 253,483 |
Teco Electric and Machinery Co., Ltd.
| | | 180,000 | | 143,445 |
TPK Holding Co., Ltd. (a)
| | | 32,000 | | 36,665 |
Tripod Technology Corp.
| | | 188,361 | | 591,713 |
Unimicron Technology Corp.
| | | 120,000 | | 126,978 |
Uni-President Enterprises Corp.
| | | 760,971 | | 1,650,702 |
United Integrated Services Co., Ltd.
| | | 94,755 | | 518,557 |
United Microelectronics Corp. ADR
| | | 400,168 | | 868,365 |
See accompanying notes to financial statements.
83
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Vanguard International Semiconductor Corp.
| | | 30,000 | | $58,826 |
Voltronic Power Technology Corp.
| | | 7,000 | | 146,520 |
Walsin Lihwa Corp.
| | | 616,000 | | 224,063 |
Walsin Technology Corp.
| | | 40,000 | | 212,952 |
Win Semiconductors Corp.
| | | 41,000 | | 357,241 |
Winbond Electronics Corp.
| | | 135,000 | | 50,667 |
Wistron Corp.
| | | 936,715 | | 758,875 |
Wiwynn Corp.
| | | 10,000 | | 232,131 |
Yageo Corp.
| | | 40,144 | | 364,384 |
Yuanta Financial Holding Co., Ltd.
| | | 1,980,383 | | 1,018,301 |
Zhen Ding Technology Holding, Ltd.
| | | 65,000 | | 199,891 |
| | | | | | 83,082,816 |
| THAILAND — 2.9% | | | | | |
Advanced Info Service PCL
| | | 212,898 | | 1,303,954 |
Airports of Thailand PCL
| | | 450,900 | | 697,286 |
Bangkok Bank PCL NVDR
| | | 36,100 | | 110,552 |
Bangkok Dusit Medical Services PCL
| | | 10,000 | | 5,759 |
Bangkok Dusit Medical Services PCL Class F
| | | 116,400 | | 67,036 |
Bangkok Expressway & Metro PCL
| | | 2,386,107 | | 563,490 |
Beauty Community PCL
| | | 353,900 | | 13,803 |
BEC World PCL (a)
| | | 155,800 | | 15,382 |
Bumrungrad Hospital PCL
| | | 46,200 | | 160,488 |
Carabao Group PCL Class F
| | | 21,100 | | 40,827 |
Central Plaza Hotel PCL
| | | 63,500 | | 29,798 |
Charoen Pokphand Foods PCL
| | | 303,700 | | 224,877 |
Chularat Hospital PCL Class F
| | | 2,523,400 | | 161,473 |
COL PCL
| | | 81,100 | | 29,408 |
COL PCL
| | | 6,800 | | 2,466 |
CP ALL PCL
| | | 895,879 | | 1,665,228 |
CPN Retail Growth Leasehold REIT
| | | 3,800 | | 2,756 |
CPN Retail Growth Leasehold REIT
| | | 44,300 | | 32,127 |
E for L Aim PCL (a)
| | | 272,340 | | 249 |
Electricity Generating PCL
| | | 28,099 | | 197,787 |
Energy Absolute PCL (c)
| | | 297,400 | | 305,851 |
Forth Smart Service PCL (c)
| | | 263,100 | | 44,094 |
Frasers Property Thailand Industrial Freehold & Leasehold REIT
| | | 95,165 | | 39,148 |
Global Power Synergy PCL
| | | 37,600 | | 65,307 |
Gulf Energy Development PCL
| | | 62,500 | | 285,671 |
Gunkul Engineering PCL
| | | 2,057,443 | | 137,926 |
Hana Microelectronics PCL
| | | 134,400 | | 94,194 |
Ichitan Group PCL
| | | 174,900 | | 21,424 |
Indorama Ventures PCL
| | | 217,400 | | 141,765 |
Intouch Holdings PCL
| | | 52,700 | | 80,293 |
IRPC PCL
| | | 3,003,891 | | 195,881 |
Jasmine International PCL
| | | 802,725 | | 119,855 |
Kasikornbank PCL
| | | 73,654 | | 204,236 |
| Security Description | | | Shares | | Value |
Kasikornbank PCL NVDR
| | | 114,900 | | $320,358 |
KCE Electronics PCL
| | | 376,962 | | 157,367 |
Krungthai Card PCL
| | | 114,300 | | 94,909 |
MC Group PCL
| | | 389,700 | | 82,530 |
Mega Lifesciences PCL
| | | 297,200 | | 201,046 |
Minor International PCL
| | | 416,686 | | 213,311 |
Muangthai Capital PCL
| | | 30,200 | | 32,208 |
PTG Energy PCL
| | | 231,400 | | 68,396 |
PTT Exploration & Production PCL
| | | 200,807 | | 413,026 |
PTT Global Chemical PCL NVDR
| | | 101,700 | | 94,518 |
PTT PCL
| | | 1,093,517 | | 1,024,625 |
Siam Cement PCL NVDR
| | | 64,000 | | 631,858 |
Siam Commercial Bank PCL
| | | 308,997 | | 652,031 |
Somboon Advance Technology PCL
| | | 216,600 | | 52,141 |
Srisawad Corp. PCL
| | | 319,031 | | 413,158 |
Super Energy Corp. PCL NVDR
| | | 1,326,700 | | 14,149 |
SVI PCL (c)
| | | 1,029,040 | | 60,831 |
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund
| | | 349,000 | | 161,645 |
Thai Beverage PCL
| | | 1,281,400 | | 544,472 |
Thai Oil PCL
| | | 459,983 | | 431,004 |
Thai Union Group PCL Class F
| | | 281,700 | | 118,457 |
TMB Bank PCL
| | | 4,247,433 | | 113,895 |
True Corp. PCL NVDR (c)
| | | 1,795,783 | | 171,822 |
WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust Class F,
| | | 88,400 | | 33,940 |
| | | | | | 13,162,088 |
| UNITED STATES — 0.0% (e) | | | | | |
Ideanomics, Inc. (a)
| | | 16,251 | | 21,776 |
TOTAL COMMON STOCKS
(Cost $466,420,053)
| | | | | 445,608,451 |
| | | | |
| RIGHTS — 0.0% (e) | | |
| INDIA — 0.0% (e) | | | |
Arvind Fashions, Ltd. (expiring 4/17/20) (a)
| | 2,281 | — |
| THAILAND — 0.0% (e) | | | |
CPN Retail Growth Leasehold REIT (expiring 03/31/20) (a) (d)
| | 857 | — |
CPN Retail Growth Leasehold REIT expiring 03/17/20) (a) (d)
| | 10,853 | — |
Frasers Property Thailand Industrial Freehold & Leasehold REIT (expiring 1/21/20) (a)
| | 7,131 | — |
See accompanying notes to financial statements.
84
SPDR S&P EMERGING ASIA PACIFIC ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Frasers Property Thailand Industrial Freehold & Leasehold REIT (expiring 1/23/20) (a)
| | | 605 | | $— |
| | | | | | — |
TOTAL RIGHTS
(Cost $0)
| | | | | — |
| WARRANTS — 0.0% (e) | | | | |
| THAILAND — 0.0% (e) | | | | | |
Minor International PCL (expiring 9/30/21) (a)
(Cost: $0)
| | | 20,064 | | 862 |
| SHORT-TERM INVESTMENTS — 0.3% | | | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (f) (g)
| | 151,959 | | 151,822 |
State Street Navigator Securities Lending Portfolio II (h) (i)
| | 980,825 | | 980,825 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,132,821)
| | 1,132,647 | |
TOTAL INVESTMENTS — 99.9%
(Cost $467,552,874)
| | 446,741,960 | |
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%
| | 541,281 | |
NET ASSETS — 100.0%
| | $447,283,241 | |
| (a) | Non-income producing security. |
| (b) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.3% of net assets as of March 31, 2020, 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, 2020. |
| (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, 2020, total aggregate fair value of the security is $48,334, representing less than 0.05% of the Fund's 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, 2020 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (h) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (i) | Investment of cash collateral for securities loaned. |
| ADR | American Depositary Receipt |
| COL | Collaterlized |
| 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 March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $434,804,721 | | $10,755,396 | | $48,334 (a) | | $445,608,451 |
Rights
| | — | | — | | 0(a) | | 0 |
Warrants
| | 862 | | — | | — | | 862 |
Short-Term Investments
| | 1,132,647 | | — | | — | | 1,132,647 |
TOTAL INVESTMENTS
| | $435,938,230 | | $10,755,396 | | $48,334 | | $446,741,960 |
| (a) | Fund held Level 3 securities that were valued at $0 at March 31, 2020. |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| — | | $— | | $30,642,569 | | $30,486,515 | | $(4,058) | | $(174) | | 151,959 | | $151,822 | | $16,644 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 13,534,942 | | 12,554,117 | | — | | — | | 980,825 | | 980,825 | | 25,316 |
State Street Navigator Securities Lending Portfolio III
| 4,444,940 | | 4,444,940 | | 2,733,321 | | 7,178,261 | | — | | — | | — | | — | | 8,148 |
Total
| | | $4,444,940 | | $46,910,832 | | $50,218,893 | | $(4,058) | | $(174) | | | | $1,132,647 | | $50,108 |
See accompanying notes to financial statements.
85
SPDR S&P GLOBAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.0% | | | | |
| AUSTRALIA — 4.8% | | | | | |
AGL Energy, Ltd.
| | | 294,446 | | $3,097,908 |
APA Group Stapled Security
| | | 391,474 | | 2,458,314 |
Bendigo & Adelaide Bank, Ltd. (a)
| | | 591,812 | | 2,271,111 |
Challenger, Ltd.
| | | 419,460 | | 1,026,922 |
Commonwealth Bank of Australia
| | | 52,788 | | 1,997,336 |
| | | | | | 10,851,591 |
| BELGIUM — 0.8% | | | | | |
Ageas
| | | 42,198 | | 1,755,300 |
| CANADA — 16.4% | | | | | |
Bank of Montreal
| | | 30,415 | | 1,518,453 |
Bank of Nova Scotia
| | | 50,410 | | 2,035,383 |
BCE, Inc.
| | | 78,174 | | 3,170,678 |
Canadian Imperial Bank of Commerce (a)
| | | 36,957 | | 2,129,114 |
Canadian Utilities, Ltd. Class A (a)
| | | 98,897 | | 2,337,370 |
Emera, Inc.
| | | 67,892 | | 2,647,280 |
Great-West Lifeco, Inc.
| | | 108,318 | | 1,850,009 |
Keyera Corp.
| | | 146,491 | | 1,346,192 |
Laurentian Bank of Canada (a)
| | | 102,062 | | 2,191,320 |
Northland Power, Inc. (a)
| | | 140,202 | | 2,766,905 |
Pembina Pipeline Corp. (a)
| | | 89,346 | | 1,657,171 |
Power Corp. of Canada (a)
| | | 107,107 | | 1,703,659 |
RioCan Real Estate Investment Trust
| | | 179,948 | | 2,039,246 |
Shaw Communications, Inc. Class B
| | | 158,969 | | 2,549,803 |
SmartCentres Real Estate Investment Trust
| | | 169,051 | | 2,237,623 |
TC Energy Corp.
| | | 56,209 | | 2,470,139 |
TELUS Corp.
| | | 164,520 | | 2,571,799 |
| | | | | | 37,222,144 |
| CHINA — 2.6% | | | | | |
Hengan International Group Co., Ltd.
| | | 411,000 | | 3,094,073 |
Lenovo Group, Ltd.
| | | 5,144,000 | | 2,760,846 |
| | | | | | 5,854,919 |
| FINLAND — 3.7% | | | | | |
Fortum Oyj (a)
| | | 143,391 | | 2,104,367 |
Nokian Renkaat Oyj (a)
| | | 152,520 | | 3,693,473 |
UPM-Kymmene Oyj (a)
| | | 91,321 | | 2,514,068 |
| | | | | | 8,311,908 |
| FRANCE — 10.1% | | | | | |
Bouygues SA
| | | 74,548 | | 2,185,638 |
CNP Assurances
| | | 152,199 | | 1,489,644 |
Klepierre SA REIT
| | | 121,926 | | 2,350,574 |
Lagardere SCA
| | | 227,545 | | 2,871,249 |
Publicis Groupe SA
| | | 80,366 | | 2,303,304 |
SCOR SE
| | | 62,754 | | 1,382,646 |
Societe BIC SA
| | | 59,163 | | 3,301,010 |
| Security Description | | | Shares | | Value |
Suez
| | | 207,218 | | $2,109,084 |
TOTAL SA (a)
| | | 73,442 | | 2,851,877 |
Unibail-Rodamco-Westfield REIT (a)
| | | 37,316 | | 2,111,124 |
| | | | | | 22,956,150 |
| GERMANY — 2.0% | | | | | |
Freenet AG
| | | 254,707 | | 4,489,804 |
| HONG KONG — 6.9% | | | | | |
CK Infrastructure Holdings, Ltd.
| | | 422,880 | | 2,247,824 |
Hysan Development Co., Ltd.
| | | 856,000 | | 2,783,057 |
New World Development Co., Ltd.
| | | 2,430,000 | | 2,614,690 |
Power Assets Holdings, Ltd.
| | | 464,195 | | 2,775,863 |
Sino Land Co., Ltd.
| | | 2,346,000 | | 2,978,317 |
Wharf Real Estate Investment Co., Ltd. (a)
| | | 537,945 | | 2,213,994 |
| | | | | | 15,613,745 |
| JAPAN — 9.7% | | | | | |
Canon, Inc.
| | | 134,816 | | 2,945,958 |
Daito Trust Construction Co., Ltd.
| | | 26,700 | | 2,489,329 |
Japan Tobacco, Inc.
| | | 205,306 | | 3,795,940 |
Komatsu, Ltd.
| | | 121,800 | | 2,006,589 |
Mitsubishi Chemical Holdings Corp.
| | | 461,800 | | 2,749,711 |
Mitsubishi UFJ Financial Group, Inc.
| | | 457,000 | | 1,705,998 |
MS&AD Insurance Group Holdings, Inc.
| | | 70,980 | | 1,988,926 |
ORIX Corp.
| | | 141,200 | | 1,700,992 |
Subaru Corp. (a)
| | | 143,800 | | 2,761,978 |
| | | | | | 22,145,421 |
| PORTUGAL — 1.3% | | | | | |
EDP - Energias de Portugal SA
| | | 751,889 | | 3,017,888 |
| SINGAPORE — 2.9% | | | | | |
ComfortDelGro Corp., Ltd.
| | | 1,913,900 | | 2,043,142 |
Oversea-Chinese Banking Corp., Ltd.
| | | 302,700 | | 1,836,800 |
Singapore Telecommunications, Ltd.
| | | 1,502,403 | | 2,680,131 |
| | | | | | 6,560,073 |
| SOUTH AFRICA — 1.7% | | | | | |
FirstRand, Ltd. (a)
| | | 625,458 | | 1,410,257 |
Foschini Group, Ltd.
| | | 353,185 | | 1,338,188 |
Investec PLC
| | | 543,249 | | 1,023,201 |
| | | | | | 3,771,646 |
| SOUTH KOREA — 2.9% | | | | | |
KT&G Corp.
| | | 37,328 | | 2,290,551 |
SK Innovation Co., Ltd.
| | | 32,050 | | 2,290,508 |
SK Telecom Co., Ltd.
| | | 14,239 | | 2,070,319 |
| | | | | | 6,651,378 |
| SPAIN — 3.1% | | | | | |
Enagas SA
| | | 180,884 | | 3,591,406 |
See accompanying notes to financial statements.
86
SPDR S&P GLOBAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Red Electrica Corp. SA
| | | 193,632 | | $3,476,953 |
| | | | | | 7,068,359 |
| SWEDEN — 3.1% | | | | | |
JM AB (a)
| | | 101,820 | | 1,774,299 |
Skandinaviska Enskilda Banken AB Class A
| | | 404,028 | | 2,739,546 |
Svenska Handelsbanken AB Class A (b)
| | | 312,338 | | 2,620,970 |
| | | | | | 7,134,815 |
| SWITZERLAND — 2.3% | | | | | |
Swisscom AG (a)
| | | 5,516 | | 2,965,659 |
Zurich Insurance Group AG
| | �� | 6,538 | | 2,320,448 |
| | | | | | 5,286,107 |
| THAILAND — 0.8% | | | | | |
Thanachart Capital PCL NVDR
| | | 1,730,900 | | 1,753,711 |
| UNITED KINGDOM — 6.4% | | | | | |
GlaxoSmithKline PLC
| | | 132,264 | | 2,483,956 |
IG Group Holdings PLC
| | | 396,928 | | 3,406,807 |
Janus Henderson Group PLC
| | | 135,015 | | 2,068,430 |
Kingfisher PLC
| | | 1,254,717 | | 2,238,777 |
Legal & General Group PLC
| | | 766,248 | | 1,841,787 |
Ninety One PLC (b)
| | | 271,624 | | 582,327 |
WPP PLC
| | | 298,715 | | 2,042,340 |
| | | | | | 14,664,424 |
| UNITED STATES — 17.5% | | | | | |
Abercrombie & Fitch Co. Class A (a)
| | | 186,490 | | 1,695,194 |
AT&T, Inc.
| | | 95,832 | | 2,793,503 |
Brandywine Realty Trust REIT
| | | 213,358 | | 2,244,526 |
Compass Minerals International, Inc. (a)
| | | 56,383 | | 2,169,054 |
Domtar Corp.
| | | 84,010 | | 1,817,976 |
Exxon Mobil Corp.
| | | 51,406 | | 1,951,886 |
Gap, Inc. (a)
| | | 211,454 | | 1,488,636 |
International Business Machines Corp.
| | | 23,615 | | 2,619,612 |
LTC Properties, Inc. REIT
| | | 76,732 | | 2,371,019 |
Macy's, Inc. (a)
| | | 364,350 | | 1,788,959 |
Mercury General Corp.
| | | 61,933 | | 2,521,912 |
National Health Investors, Inc. REIT
| | | 42,589 | | 2,109,007 |
| Security Description | | | Shares | | Value |
Occidental Petroleum Corp.
| | | 123,298 | | $1,427,791 |
Philip Morris International, Inc.
| | | 43,497 | | 3,173,541 |
PPL Corp.
| | | 89,443 | | 2,207,453 |
Redwood Trust, Inc. REIT
| | | 234,002 | | 1,184,050 |
Tapestry, Inc.
| | | 125,335 | | 1,623,088 |
Umpqua Holdings Corp.
| | | 148,914 | | 1,623,163 |
Universal Corp.
| | | 69,118 | | 3,055,707 |
| | | | | | 39,866,077 |
TOTAL COMMON STOCKS
(Cost $324,945,557)
| | | | | 224,975,460 |
| | | | |
| SHORT-TERM INVESTMENTS — 7.0% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (c) (d)
| 314,223 | 313,940 |
State Street Navigator Securities Lending Portfolio II (e) (f)
| 15,488,163 | 15,488,163 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $15,802,005)
| 15,802,103 |
TOTAL INVESTMENTS — 106.0%
(Cost $340,747,562)
| 240,777,563 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.0)%
| (13,610,497) |
NET ASSETS — 100.0%
| $227,167,066 |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (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, 2020 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (f) | Investment of cash collateral for securities loaned. |
| 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 March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $224,975,460 | | $— | | $— | | $224,975,460 |
Short-Term Investments
| | 15,802,103 | | — | | — | | 15,802,103 |
TOTAL INVESTMENTS
| | $240,777,563 | | $— | | $— | | $240,777,563 |
See accompanying notes to financial statements.
87
SPDR S&P GLOBAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 232,517 | | $232,541 | | $9,940,635 | | $9,858,265 | | $(1,067) | | $96 | | 314,223 | | $313,940 | | $3,473 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 81,609,339 | | 66,121,176 | | — | | — | | 15,488,163 | | 15,488,163 | | 65,102 |
State Street Navigator Securities Lending Portfolio III
| 14,467,092 | | 14,467,092 | | 12,144,743 | | 26,611,835 | | — | | — | | — | | — | | 5,708 |
Total
| | | $14,699,633 | | $103,694,717 | | $102,591,276 | | $(1,067) | | $96 | | | | $15,802,103 | | $74,283 |
See accompanying notes to financial statements.
88
SPDR S&P GLOBAL INFRASTRUCTURE ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.7% | | | | |
| AUSTRALIA — 9.2% | | | | | |
Atlas Arteria, Ltd. Stapled Security (a)
| | | 1,028,219 | | $3,467,562 |
Qube Holdings, Ltd.
| | | 2,461,399 | | 3,238,974 |
Sydney Airport Stapled Security
| | | 1,702,535 | | 5,824,986 |
Transurban Group Stapled Security
| | | 2,045,560 | | 15,073,904 |
| | | | | | 27,605,426 |
| BRAZIL — 0.5% | | | | | |
Centrais Eletricas Brasileiras SA ADR (a)
| | | 47,830 | | 220,497 |
Cia de Saneamento Basico do Estado de Sao Paulo ADR
| | | 60,211 | | 444,357 |
Cia Energetica de Minas Gerais ADR
| | | 170,901 | | 290,532 |
Ultrapar Participacoes SA ADR
| | | 211,061 | | 512,878 |
| | | | | | 1,468,264 |
| CANADA — 10.9% | | | | | |
Enbridge, Inc. (b)
| | | 545,755 | | 15,712,959 |
Enbridge, Inc. (b)
| | | 25,965 | | 755,322 |
Gibson Energy, Inc.
| | | 40,513 | | 462,526 |
Inter Pipeline, Ltd. (a)
| | | 115,935 | | 685,827 |
Keyera Corp. (a)
| | | 59,756 | | 549,133 |
Pembina Pipeline Corp. (a)
| | | 143,709 | | 2,665,485 |
TC Energy Corp.
| | | 263,491 | | 11,579,276 |
Westshore Terminals Investment Corp. (a)
| | | 67,068 | | 616,327 |
| | | | | | 33,026,855 |
| CHILE — 0.3% | | | | | |
Enel Americas SA ADR
| | | 128,720 | | 780,043 |
| CHINA — 3.6% | | | | | |
Beijing Capital International Airport Co., Ltd. Class H
| | | 2,526,000 | | 1,609,934 |
Beijing Enterprises Water Group, Ltd.
| | | 1,080,000 | | 422,196 |
CGN Power Co., Ltd. Class H (c)
| | | 1,757,000 | | 403,496 |
China Merchants Port Holdings Co., Ltd.
| | | 2,004,074 | | 2,290,843 |
China Resources Gas Group, Ltd.
| | | 154,000 | | 774,878 |
COSCO SHIPPING Ports, Ltd.
| | | 2,644,859 | | 1,276,209 |
Jiangsu Expressway Co., Ltd. Class H
| | | 1,888,000 | | 2,107,007 |
Kunlun Energy Co., Ltd.
| | | 704,000 | | 411,452 |
Zhejiang Expressway Co., Ltd. Class H
| | | 2,218,000 | | 1,545,266 |
| | | | | | 10,841,281 |
| FRANCE — 5.6% | | | | | |
Aeroports de Paris
| | | 50,403 | | 4,836,397 |
Engie SA
| | | 327,081 | | 3,377,870 |
Gaztransport Et Technigaz SA
| | | 6,196 | | 455,504 |
Getlink SE
| | | 670,356 | | 8,083,677 |
| | | | | | 16,753,448 |
| Security Description | | | Shares | | Value |
| GERMANY — 0.9% | | | | | |
Fraport AG Frankfurt Airport Services Worldwide
| | | 56,548 | | $2,289,546 |
Hamburger Hafen und Logistik AG
| | | 31,998 | | 446,246 |
| | | | | | 2,735,792 |
| HONG KONG — 1.9% | | | | | |
China Gas Holdings, Ltd.
| | | 368,000 | | 1,281,916 |
Guangdong Investment, Ltd.
| | | 512,000 | | 986,889 |
Hutchison Port Holdings Trust
| | | 8,224,370 | | 847,110 |
Shenzhen International Holdings, Ltd.
| | | 1,462,205 | | 2,678,826 |
| | | | | | 5,794,741 |
| ITALY — 7.1% | | | | | |
ASTM SpA
| | | 58,085 | | 1,018,466 |
Atlantia SpA (a)
| | | 725,548 | | 9,099,513 |
Enav SpA (c)
| | | 389,817 | | 1,716,040 |
Enel SpA
| | | 1,376,623 | | 9,575,060 |
| | | | | | 21,409,079 |
| LUXEMBOURG — 0.0% (d) | | | | | |
Corp. America Airports SA (a)(e)
| | | 43,856 | | 81,134 |
| MEXICO — 2.6% | | | | | |
Grupo Aeroportuario del Centro Norte SAB de CV ADR
| | | 65,865 | | 1,774,403 |
Grupo Aeroportuario del Pacifico SAB de CV ADR (a)
| | | 58,150 | | 3,136,611 |
Grupo Aeroportuario del Sureste SAB de CV ADR
| | | 31,250 | | 2,941,875 |
| | | | | | 7,852,889 |
| NETHERLANDS — 0.3% | | | | | |
Koninklijke Vopak NV
| | | 18,540 | | 964,666 |
| NEW ZEALAND — 1.4% | | | | | |
Auckland International Airport, Ltd.
| | | 1,458,156 | | 4,313,695 |
| SINGAPORE — 0.1% | | | | | |
SIA Engineering Co., Ltd.
| | | 374,800 | | 450,123 |
| SPAIN — 7.6% | | | | | |
Aena SME SA (c)
| | | 113,383 | | 12,381,238 |
Iberdrola SA
| | | 1,077,765 | | 10,624,281 |
| | | | | | 23,005,519 |
| SWITZERLAND — 1.1% | | | | | |
Flughafen Zurich AG
| | | 29,319 | | 3,302,952 |
| UNITED KINGDOM — 3.4% | | | | | |
National Grid PLC
| | | 669,399 | | 7,856,983 |
Signature Aviation PLC
| | | 1,123,663 | | 2,298,922 |
| | | | | | 10,155,905 |
| UNITED STATES — 43.2% | | | | | |
American Electric Power Co., Inc.
| | | 88,099 | | 7,046,158 |
American Water Works Co., Inc.
| | | 32,215 | | 3,851,625 |
Cheniere Energy, Inc. (e)
| | | 66,064 | | 2,213,144 |
Consolidated Edison, Inc.
| | | 59,267 | | 4,622,826 |
Dominion Energy, Inc.
| | | 146,533 | | 10,578,217 |
DTE Energy Co.
| | | 32,741 | | 3,109,413 |
See accompanying notes to financial statements.
89
SPDR S&P GLOBAL INFRASTRUCTURE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Duke Energy Corp.
| | | 129,962 | | $10,511,327 |
Edison International
| | | 63,923 | | 3,502,341 |
Equitrans Midstream Corp. (a)
| | | 56,934 | | 286,378 |
Eversource Energy
| | | 57,724 | | 4,514,594 |
Exelon Corp.
| | | 173,336 | | 6,380,498 |
FirstEnergy Corp.
| | | 96,119 | | 3,851,488 |
Kinder Morgan, Inc.
| | | 550,109 | | 7,657,517 |
Macquarie Infrastructure Corp.
| | | 119,130 | | 3,008,033 |
NextEra Energy, Inc.
| | | 87,108 | | 20,959,927 |
ONEOK, Inc.
| | | 116,431 | | 2,539,360 |
Public Service Enterprise Group, Inc.
| | | 90,011 | | 4,042,394 |
Sempra Energy
| | | 48,830 | | 5,517,302 |
Southern Co.
| | | 186,415 | | 10,092,508 |
Targa Resources Corp.
| | | 65,270 | | 451,016 |
WEC Energy Group, Inc.
| | | 56,120 | | 4,945,856 |
Williams Cos., Inc.
| | | 342,619 | | 4,848,059 |
Xcel Energy, Inc.
| | | 93,568 | | 5,642,149 |
| | | | | | 130,172,130 |
TOTAL COMMON STOCKS
(Cost $383,520,391)
| | | | | 300,713,942 |
| | | | |
| SHORT-TERM INVESTMENTS — 0.4% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (f) (g)
| 394,480 | 394,125 |
State Street Navigator Securities Lending Portfolio II (h) (i)
| 724,109 | 724,109 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,118,369)
| 1,118,234 |
TOTAL INVESTMENTS — 100.1%
(Cost $384,638,760)
| 301,832,176 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%
| (284,038) |
NET ASSETS — 100.0%
| $301,548,138 |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (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 4.8% of net assets as of March 31, 2020, 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) | Non-income producing security. |
| (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, 2020 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (h) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (i) | Investment of cash collateral for securities loaned. |
| ADR | American Depositary Receipt |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $300,713,942 | | $— | | $— | | $300,713,942 |
Short-Term Investments
| | 1,118,234 | | — | | — | | 1,118,234 |
TOTAL INVESTMENTS
| | $301,832,176 | | $— | | $— | | $301,832,176 |
See accompanying notes to financial statements.
90
SPDR S&P GLOBAL INFRASTRUCTURE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 912,789 | | $912,880 | | $10,699,585 | | $11,217,099 | | $(1,106) | | $(135) | | 394,480 | | $394,125 | | $5,861 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 31,430,744 | | 30,706,635 | | — | | — | | 724,109 | | 724,109 | | 5,168 |
State Street Navigator Securities Lending Portfolio III
| 1,828,735 | | 1,828,735 | | 327,469 | | 2,156,204 | | — | | — | | — | | — | | 386 |
Total
| | | $2,741,615 | | $42,457,798 | | $44,079,938 | | $(1,106) | | $(135) | | | | $1,118,234 | | $11,415 |
See accompanying notes to financial statements.
91
SPDR SOLACTIVE HONG KONG ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.7% | | | | | |
| AIRLINES — 0.1% | | | | | |
Cathay Pacific Airways, Ltd. (a)
| | | 8,000 | | $8,567 |
| AUTOMOBILES — 1.6% | | | | | |
Geely Automobile Holdings, Ltd.
| | | 73,000 | | 107,745 |
| BANKS — 3.4% | | | | | |
Bank of East Asia, Ltd.
| | | 19,481 | | 41,923 |
Hang Seng Bank, Ltd.
| | | 10,400 | | 177,786 |
| | | | | | 219,709 |
| BEVERAGES — 1.0% | | | | | |
Budweiser Brewing Co. APAC, Ltd. (b) (c)
| | | 24,200 | | 62,444 |
| CAPITAL MARKETS — 7.8% | | | | | |
Hong Kong Exchanges & Clearing, Ltd.
| | | 17,000 | | 512,792 |
| DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0% | | | | | |
HKT Trust & HKT, Ltd. Stapled Security
| | | 49,000 | | 66,759 |
| ELECTRIC UTILITIES — 6.6% | | | | | |
CK Infrastructure Holdings, Ltd.
| | | 9,000 | | 47,840 |
CLP Holdings, Ltd.
| | | 26,000 | | 239,843 |
HK Electric Investments & HK Electric Investments, Ltd. Class SS Stapled Security
| | | 32,500 | | 31,280 |
Power Assets Holdings, Ltd.
| | | 19,500 | | 116,609 |
| | | | | | 435,572 |
| EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 3.9% | | | | | |
Link REIT
| | | 30,000 | | 254,293 |
| FOOD & STAPLES RETAILING — 0.9% | | | | | |
Dairy Farm International Holdings, Ltd.
| | | 4,300 | | 19,780 |
Sun Art Retail Group, Ltd.
| | | 24,500 | | 36,351 |
| | | | | | 56,131 |
| FOOD PRODUCTS — 1.8% | | | | | |
WH Group, Ltd. (b)
| | | 128,000 | | 119,728 |
| GAS UTILITIES — 5.1% | | | | | |
China Gas Holdings, Ltd.
| | | 29,400 | | 102,414 |
Hong Kong & China Gas Co., Ltd.
| | | 141,000 | | 232,486 |
| | | | | | 334,900 |
| HEALTH CARE TECHNOLOGY — 1.4% | | | | | |
Alibaba Health Information Technology, Ltd. (c)
| | | 56,000 | | 93,636 |
| HOTELS, RESTAURANTS & LEISURE — 6.5% | | | | | |
Galaxy Entertainment Group, Ltd.
| | | 29,000 | | 154,711 |
| Security Description | | | Shares | | Value |
Melco Resorts & Entertainment, Ltd. ADR
| | | 6,535 | | $81,034 |
MGM China Holdings, Ltd.
| | | 11,600 | | 11,868 |
Sands China, Ltd.
| | | 34,800 | | 127,510 |
SJM Holdings, Ltd.
| | | 27,000 | | 22,817 |
Wynn Macau, Ltd.
| | | 20,800 | | 31,612 |
| | | | | | 429,552 |
| HOUSEHOLD DURABLES — 0.7% | | | | | |
Haier Electronics Group Co., Ltd.
| | | 17,000 | | 45,291 |
| INDUSTRIAL CONGLOMERATES — 8.5% | | | | | |
CK Hutchison Holdings, Ltd.
| | | 38,500 | | 259,783 |
Fosun International, Ltd.
| | | 34,500 | | 39,882 |
Jardine Matheson Holdings, Ltd.
| | | 3,700 | | 185,000 |
Jardine Strategic Holdings, Ltd.
| | | 2,500 | | 55,500 |
NWS Holdings, Ltd.
| | | 20,000 | | 20,565 |
| | | | | | 560,730 |
| INSURANCE — 23.9% | | | | | |
AIA Group, Ltd.
| | | 173,800 | | 1,572,988 |
| MACHINERY — 1.9% | | | | | |
Techtronic Industries Co., Ltd.
| | | 19,500 | | 126,547 |
| PHARMACEUTICALS — 3.9% | | | | | |
CSPC Pharmaceutical Group, Ltd.
| | | 68,000 | | 136,160 |
Sino Biopharmaceutical, Ltd.
| | | 90,000 | | 118,670 |
| | | | | | 254,830 |
| REAL ESTATE MANAGEMENT & DEVELOPMENT — 17.2% | | | | | |
CK Asset Holdings, Ltd.
| | | 35,000 | | 191,687 |
Hang Lung Properties, Ltd.
| | | 27,000 | | 54,830 |
Henderson Land Development Co., Ltd.
| | | 18,700 | | 71,293 |
Hongkong Land Holdings, Ltd.
| | | 16,800 | | 63,000 |
Kerry Properties, Ltd.
| | | 8,500 | | 22,426 |
New World Development Co., Ltd.
| | | 81,000 | | 87,156 |
Shimao Property Holdings, Ltd.
| | | 14,500 | | 51,072 |
Sino Land Co., Ltd.
| | | 43,450 | | 55,161 |
Sun Hung Kai Properties, Ltd.
| | | 21,000 | | 276,897 |
Swire Pacific, Ltd. Class A
| | | 7,000 | | 45,111 |
Swire Pacific, Ltd. Class B
| | | 12,500 | | 12,789 |
Swire Properties, Ltd.
| | | 15,000 | | 42,189 |
Wharf Holdings, Ltd. (a)
| | | 15,000 | | 26,590 |
Wharf Real Estate Investment Co., Ltd. (a)
| | | 15,000 | | 61,735 |
Wheelock & Co., Ltd.
| | | 10,000 | | 68,250 |
| | | | | | 1,130,186 |
| ROAD & RAIL — 1.7% | | | | | |
MTR Corp., Ltd.
| | | 22,000 | | 113,677 |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6% | | | | | |
ASM Pacific Technology, Ltd.
| | | 4,300 | | 40,276 |
See accompanying notes to financial statements.
92
SPDR SOLACTIVE HONG KONG ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| SPECIALTY RETAIL — 0.2% | | | | | |
Chow Tai Fook Jewellery Group, Ltd.
| | | 15,200 | | $10,766 |
TOTAL COMMON STOCKS
(Cost $7,473,272)
| | | | | 6,557,119 |
| | | | |
| SHORT-TERM INVESTMENT — 0.0% (d) | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (e) (f)
(Cost $896)
| 897 | 897 |
TOTAL INVESTMENTS — 99.7%
(Cost $7,474,168)
| 6,558,016 |
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%
| 22,171 |
NET ASSETS — 100.0%
| $6,580,187 |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (b) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 2.8% of net assets as of March 31, 2020, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (c) | Non-income producing security. |
| (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, 2020 are shown in the Affiliate Table below. |
| (f) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| 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 March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $6,557,119 | | $— | | $— | | $6,557,119 |
Short-Term Investment
| | 897 | | — | | — | | 897 |
TOTAL INVESTMENTS
| | $6,558,016 | | $— | | $— | | $6,558,016 |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 491 | | $491 | | $122,974 | | $122,565 | | $(3) | | $— | | 897 | | $897 | | $87 |
See accompanying notes to financial statements.
93
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2020 (Unaudited)
| | SPDR EURO STOXX Small Cap ETF | | SPDR MSCI ACWI Low Carbon Target ETF | | SPDR Solactive Canada ETF | | SPDR MSCI EAFE Fossil Fuel Reserves Free ETF |
| ASSETS | | | | | | | |
Investments in unaffiliated issuers, at value*
| $11,722,508 | | $54,481,032 | | $16,980,976 | | $89,453,679 |
Investments in affiliated issuers, at value
| 190,252 | | 648,767 | | 421,284 | | 1,115,857 |
Total Investments
| 11,912,760 | | 55,129,799 | | 17,402,260 | | 90,569,536 |
Foreign currency, at value
| 4,002 | | 52,947 | | 33,437 | | 105,690 |
Cash
| — | | 4,000 | | — | | — |
Receivable for investments sold
| — | | — | | 35 | | — |
Dividends receivable — unaffiliated issuers
| 4,196 | | 149,395 | | 47,653 | | 408,719 |
Dividends receivable — affiliated issuers
| 2 | | 382 | | 14 | | 29 |
Securities lending income receivable — unaffiliated issuers
| 469 | | 345 | | 755 | | 604 |
Securities lending income receivable — affiliated issuers
| 310 | | 709 | | 1,785 | | 1,296 |
Receivable from Adviser
| — | | 5,661 | | 932 | | 7,569 |
Receivable for foreign taxes recoverable
| 38,561 | | 78,713 | | — | | 149,823 |
Other Receivable
| 460 | | — | | — | | 1,382 |
TOTAL ASSETS
| 11,960,760 | | 55,421,951 | | 17,486,871 | | 91,244,648 |
| LIABILITIES | | | | | | | |
Due to custodian
| — | | — | | — | | — |
Payable upon return of securities loaned
| 189,720 | | 556,109 | | 406,358 | | 1,102,792 |
Payable for investments purchased
| — | | 338 | | 667 | | 11 |
Advisory fee payable
| 4,606 | | 16,747 | | 3,047 | | 22,428 |
Trustees’ fees and expenses payable
| 55 | | 113 | | 49 | | 25 |
Accrued expenses and other liabilities
| — | | 2,936 | | — | | 1,223 |
TOTAL LIABILITIES
| 194,381 | | 576,243 | | 410,121 | | 1,126,479 |
NET ASSETS
| $11,766,379 | | $54,845,708 | | $17,076,750 | | $90,118,169 |
| NET ASSETS CONSIST OF: | | | | | | | |
Paid-in Capital
| $18,037,076 | | $63,131,229 | | $22,855,475 | | $107,393,312 |
Total distributable earnings (loss)
| (6,270,697) | | (8,285,521) | | (5,778,725) | | (17,275,143) |
NET ASSETS
| $11,766,379 | | $54,845,708 | | $17,076,750 | | $90,118,169 |
| NET ASSET VALUE PER SHARE | | | | | | | |
Net asset value per share
| $47.07 | | $78.35 | | $45.54 | | $56.32 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 250,000 | | 700,000 | | 375,000 | | 1,600,000 |
| COST OF INVESTMENTS: | | | | | | | |
Investments in unaffiliated issuers
| $14,295,938 | | $60,611,198 | | $21,479,076 | | $106,099,979 |
Investments in affiliated issuers
| 190,252 | | 661,410 | | 421,287 | | 1,115,854 |
Total cost of investments
| $14,486,190 | | $61,272,608 | | $21,900,363 | | $107,215,833 |
Foreign currency, at cost
| $4,033 | | $54,049 | | $33,432 | | $106,005 |
* Includes investments in securities on loan, at value
| $605,652 | | $1,209,785 | | $1,885,107 | | $2,864,507 |
See accompanying notes to financial statements.
94
| 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 |
| | | | | | | | | | | | | |
| $311,475,213 | | $71,267,124 | | $156,752,602 | | $5,379,313 | | $6,475,677 | | $9,183,113 | | $20,683,684 |
| 6,523,182 | | 269,216 | | 1,595,731 | | 1,508 | | 238,025 | | 7,452 | | 133,319 |
| 317,998,395 | | 71,536,340 | | 158,348,333 | | 5,380,821 | | 6,713,702 | | 9,190,565 | | 20,817,003 |
| 1,226,914 | | 189,378 | | 513,789 | | 1,584 | | 23,861 | | 32,215 | | 48,626 |
| — | | — | | — | | — | | — | | — | | — |
| — | | — | | — | | — | | — | | 59 | | 28 |
| 1,567,361 | | 256,804 | | 524,730 | | — | | 72,872 | | 70,241 | | 66,659 |
| 143 | | 43 | | 174 | | — | | 1 | | 2 | | 128 |
| 954 | | 811 | | 745 | | — | | 14 | | 17 | | 86 |
| 5,191 | | 584 | | 1,313 | | — | | 175 | | 27 | | 199 |
| — | | — | | — | | 295 | | 335 | | 522 | | — |
| 692,504 | | 907 | | 1,917 | | 131,906 | | — | | 51 | | 14,035 |
| — | | 163,526 | | — | | — | | — | | — | | — |
| 321,491,462 | | 72,148,393 | | 159,391,001 | | 5,514,606 | | 6,810,960 | | 9,293,699 | | 20,946,764 |
| | | | | | | | | | | | | |
| — | | 159,730 | | — | | — | | — | | 12,242 | | — |
| 6,474,381 | | 267,719 | | 1,355,092 | | — | | 236,131 | | 7,452 | | 109,954 |
| 688,893 | | — | | 2,542 | | — | | — | | — | | 251 |
| 82,210 | | 19,894 | | 42,403 | | 961 | | 1,100 | | 1,704 | | 7,135 |
| 21 | | 3 | | 618 | | 17 | | 25 | | 8 | | 36 |
| — | | 1,253 | | — | | — | | — | | — | | — |
| 7,245,505 | | 448,599 | | 1,400,655 | | 978 | | 237,256 | | 21,406 | | 117,376 |
| $314,245,957 | | $71,699,794 | | $157,990,346 | | $5,513,628 | | $6,573,704 | | $9,272,293 | | $20,829,388 |
| | | | | | | | | | | | | |
| $377,382,577 | | $88,392,195 | | $208,324,572 | | $9,217,432 | | $9,449,822 | | $14,383,778 | | $25,152,663 |
| (63,136,620) | | (16,692,401) | | (50,334,226) | | (3,703,804) | | (2,876,118) | | (5,111,485) | | (4,323,275) |
| $314,245,957 | | $71,699,794 | | $157,990,346 | | $5,513,628 | | $6,573,704 | | $9,272,293 | | $20,829,388 |
| | | | | | | | | | | | | |
| $53.72 | | $51.21 | | $46.81 | | $44.11 | | $65.74 | | $37.09 | | $69.43 |
| 5,850,000 | | 1,400,000 | | 3,375,000 | | 125,000 | | 100,000 | | 250,000 | | 300,000 |
| | | | | | | | | | | | | |
| $369,907,495 | | $83,472,317 | | $182,243,961 | | $7,851,083 | | $8,118,919 | | $13,095,536 | | $24,767,602 |
| 6,523,148 | | 269,216 | | 1,595,568 | | 1,508 | | 238,024 | | 7,452 | | 137,923 |
| $376,430,643 | | $83,741,533 | | $183,839,529 | | $7,852,591 | | $8,356,943 | | $13,102,988 | | $24,905,525 |
| $1,223,663 | | $193,099 | | $519,368 | | $1,567 | | $23,492 | | $32,234 | | $49,949 |
| $14,167,663 | | $829,047 | | $2,039,364 | | $— | | $373,002 | | $16,154 | | $388,137 |
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)
March 31, 2020 (Unaudited)
| | SPDR S&P Emerging Asia Pacific ETF | | SPDR S&P Global Dividend ETF | | SPDR S&P Global Infrastructure ETF | | SPDR Solactive Hong Kong ETF |
| ASSETS | | | | | | | |
Investments in unaffiliated issuers, at value*
| $445,609,313 | | $224,975,460 | | $300,713,942 | | $6,557,119 |
Investments in affiliated issuers, at value
| 1,132,647 | | 15,802,103 | | 1,118,234 | | 897 |
Total Investments
| 446,741,960 | | 240,777,563 | | 301,832,176 | | 6,558,016 |
Foreign currency, at value
| 1,350,388 | | 1,261,344 | | 72,662 | | 1,452 |
Cash
| — | | — | | 2 | | — |
Receivable for investments sold
| 56,987 | | 3,593,983 | | — | | — |
Dividends receivable — unaffiliated issuers
| 443,285 | | 1,526,551 | | 398,304 | | 21,426 |
Dividends receivable — affiliated issuers
| 2,729 | | 821 | | 494 | | 4 |
Securities lending income receivable — unaffiliated issuers
| 9,378 | | 12,424 | | 1,321 | | 95 |
Securities lending income receivable — affiliated issuers
| 3,163 | | 14,396 | | 965 | | — |
Receivable from Adviser
| — | | — | | — | | 356 |
Receivable for foreign taxes recoverable
| 222 | | 161,316 | | 80,538 | | — |
TOTAL ASSETS
| 448,608,112 | | 247,348,398 | | 302,386,462 | | 6,581,349 |
| LIABILITIES | | | | | | | |
Due to custodian
| 56,987 | | 74,881 | | — | | — |
Payable upon return of securities loaned
| 980,825 | | 15,488,163 | | 724,109 | | — |
Payable for investments purchased
| 92,456 | | 4,533,791 | | — | | — |
Advisory fee payable
| 193,900 | | 84,314 | | 114,205 | | 1,157 |
Trustees’ fees and expenses payable
| 703 | | 183 | | 10 | | 5 |
TOTAL LIABILITIES
| 1,324,871 | | 20,181,332 | | 838,324 | | 1,162 |
NET ASSETS
| $447,283,241 | | $227,167,066 | | $301,548,138 | | $6,580,187 |
| NET ASSETS CONSIST OF: | | | | | | | |
Paid-in Capital
| $539,224,106 | | $353,047,188 | | $412,592,888 | | $7,563,996 |
Total distributable earnings (loss)
| (91,940,865) | | (125,880,122) | | (111,044,750) | | (983,809) |
NET ASSETS
| $447,283,241 | | $227,167,066 | | $301,548,138 | | $6,580,187 |
| NET ASSET VALUE PER SHARE | | | | | | | |
Net asset value per share
| $84.39 | | $48.33 | | $38.91 | | $52.64 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 5,300,000 | | 4,700,000 | | 7,750,000 | | 125,000 |
| COST OF INVESTMENTS: | | | | | | | |
Investments in unaffiliated issuers
| $466,420,053 | | $324,945,557 | | $383,520,391 | | $7,473,272 |
Investments in affiliated issuers
| 1,132,821 | | 15,802,005 | | 1,118,369 | | 896 |
Total cost of investments
| $467,552,874 | | $340,747,562 | | $384,638,760 | | $7,474,168 |
Foreign currency, at cost
| $1,366,360 | | $1,258,369 | | $72,522 | | $1,473 |
* Includes investments in securities on loan, at value
| $7,625,630 | | $35,592,659 | | $12,323,968 | | $90,287 |
See accompanying notes to financial statements.
96
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SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2020 (Unaudited)
| | SPDR EURO STOXX Small Cap ETF | | SPDR MSCI ACWI Low Carbon Target ETF | | SPDR Solactive Canada ETF | | SPDR MSCI EAFE Fossil Fuel Reserves Free ETF |
| INVESTMENT INCOME | | | | | | | |
Dividend income — unaffiliated issuers
| $51,491 | | $870,326 | | $352,605 | | $1,093,492 |
Dividend income — affiliated issuers
| 40 | | 1,925 | | 236 | | 655 |
Unaffiliated securities lending income
| 5,535 | | 2,162 | | 3,677 | | 2,521 |
Affiliated securities lending income
| 4,558 | | 3,616 | | 14,015 | | 4,511 |
Foreign taxes withheld
| (7,737) | | (27,792) | | (52,853) | | (86,504) |
TOTAL INVESTMENT INCOME (LOSS)
| 53,887 | | 850,237 | | 317,680 | | 1,014,675 |
| EXPENSES | | | | | | | |
Advisory fee
| 35,257 | | 125,909 | | 22,001 | | 141,965 |
Trustees’ fees and expenses
| 111 | | 473 | | 129 | | 532 |
TOTAL EXPENSES
| 35,368 | | 126,382 | | 22,130 | | 142,497 |
Expenses waived/reimbursed by the Adviser
| — | | (42,443) | | (6,729) | | (47,854) |
NET EXPENSES
| 35,368 | | 83,939 | | 15,401 | | 94,643 |
NET INVESTMENT INCOME (LOSS)
| $18,519 | | $766,298 | | $302,279 | | $920,032 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | |
| Net realized gain (loss) on: | | | | | | | |
Investments — unaffiliated issuers*
| (1,263,495) | | (630,652) | | (218,974) | | (169,793) |
Investments — affiliated issuers
| (3) | | (142) | | (10) | | (1) |
In-kind redemptions — unaffiliated issuers
| 55,266 | | 1,275,070 | | — | | — |
In-kind redemptions — affiliated issuers
| — | | (1,018) | | — | | — |
Foreign currency transactions
| 219 | | (9,900) | | (3,714) | | (6,789) |
Net realized gain (loss)
| (1,208,013) | | 633,358 | | (222,698) | | (176,583) |
| Net change in unrealized appreciation/depreciation on: | | | | | | | |
Investments — unaffiliated issuers**
| (883,168) | | (13,183,021) | | (5,237,361) | | (16,688,600) |
Investments — affiliated issuers
| — | | (2,746) | | (3) | | 3 |
Foreign currency translations
| 292 | | (661) | | (588) | | 1,170 |
Net change in unrealized appreciation/depreciation
| (882,876) | | (13,186,428) | | (5,237,952) | | (16,687,427) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| (2,090,889) | | (12,553,070) | | (5,460,650) | | (16,864,010) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $(2,072,370) | | $(11,786,772) | | $(5,158,371) | | $(15,943,978) |
* Includes foreign capital gain taxes
| $— | | $2,096 | | $— | | $— |
** Includes foreign deferred taxes
| $— | | $2,004 | | $— | | $— |
See accompanying notes to financial statements.
98
| 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 |
| | | | | | | | | | | | | |
| 4,706,487 | | $756,214 | | $1,935,807 | | $24,044 | | $94,880 | | $250,225 | | $316,564 |
| 3,319 | | 1,153 | | 3,050 | | 6 | | 49 | | 145 | | 523 |
| 8,009 | | 4,090 | | 5,250 | | — | | 172 | | 56 | | 434 |
| 21,385 | | 1,901 | | 5,252 | | — | | 361 | | 95 | | 655 |
| (385,619) | | (90,895) | | (186,065) | | (3,524) | | (9,482) | | (3,714) | | (11,066) |
| 4,353,581 | | 672,463 | | 1,763,294 | | 20,526 | | 85,980 | | 246,807 | | 307,110 |
| | | | | | | | | | | | | |
| 551,920 | | 130,229 | | 297,461 | | 7,409 | | 7,554 | | 12,115 | | 40,516 |
| 2,070 | | 529 | | 1,934 | | 49 | | 40 | | 63 | | 135 |
| 553,990 | | 130,758 | | 299,395 | | 7,458 | | 7,594 | | 12,178 | | 40,651 |
| — | | — | | — | | (2,272) | | (2,306) | | (3,697) | | — |
| 553,990 | | 130,758 | | 299,395 | | 5,186 | | 5,288 | | 8,481 | | 40,651 |
| $3,799,591 | | $541,705 | | $1,463,899 | | $15,340 | | $80,692 | | $238,326 | | $266,459 |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
| (322,193) | | (2,295,572) | | (2,952,088) | | (39,993) | | (8,589) | | (57,650) | | 151,615 |
| 78 | | (275) | | (186) | | — | | — | | 4 | | (85) |
| 7,506,966 | | 938,012 | | 7,509,648 | | 366,509 | | — | | (257,176) | | 23,246 |
| — | | — | | — | | — | | — | | — | | (1,078) |
| (16,888) | | (25,284) | | (82,409) | | 64 | | (1,113) | | (637) | | (1,965) |
| 7,167,963 | | (1,383,119) | | 4,474,965 | | 326,580 | | (9,702) | | (315,459) | | 171,733 |
| | | | | | | | | | | | | |
| (64,599,455) | | (10,840,018) | | (37,023,045) | | (1,541,171) | | (824,922) | | (2,976,062) | | (5,297,904) |
| 34 | | — | | 168 | | — | | 1 | | — | | (2,945) |
| 10,330 | | (13,640) | | (18,609) | | 868 | | 747 | | (595) | | (786) |
| (64,589,091) | | (10,853,658) | | (37,041,486) | | (1,540,303) | | (824,174) | | (2,976,657) | | (5,301,635) |
| (57,421,128) | | (12,236,777) | | (32,566,521) | | (1,213,723) | | (833,876) | | (3,292,116) | | (5,129,902) |
| $(53,621,537) | | $(11,695,072) | | $(31,102,622) | | $(1,198,383) | | $(753,184) | | $(3,053,790) | | $(4,863,443) |
| $— | | $— | | $— | | $— | | $— | | $— | | $— |
| $— | | $11,605 | | $315,294 | | $— | | $— | | $— | | $— |
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
For the Six Months Ended March 31, 2020 (Unaudited)
| | SPDR S&P Emerging Asia Pacific ETF | | SPDR S&P Global Dividend ETF | | SPDR S&P Global Infrastructure ETF | | SPDR Solactive Hong Kong ETF |
| INVESTMENT INCOME | | | | | | | |
Dividend income — unaffiliated issuers
| $1,947,763 | | $7,166,647 | | $6,704,850 | | 67,756 |
Dividend income — affiliated issuers
| 16,644 | | 3,473 | | 5,861 | | 87 |
Dividend income — non-cash transactions
| 60,185 | | — | | 455,028 | | — |
Unaffiliated securities lending income
| 66,292 | | 31,805 | | 9,910 | | 432 |
Affiliated securities lending income
| 33,464 | | 70,810 | | 5,554 | | — |
Foreign taxes withheld
| (158,120) | | (482,679) | | (313,401) | | — |
TOTAL INVESTMENT INCOME (LOSS)
| 1,966,228 | | 6,790,056 | | 6,867,802 | | 68,275 |
| EXPENSES | | | | | | | |
Advisory fee
| 1,197,980 | | 587,186 | | 810,565 | | 7,590 |
Trustees’ fees and expenses
| 3,228 | | 1,916 | | 2,485 | | 60 |
TOTAL EXPENSES
| 1,201,208 | | 589,102 | | 813,050 | | 7,650 |
Expenses waived/reimbursed by the Adviser
| — | | — | | — | | (2,337) |
NET EXPENSES
| 1,201,208 | | 589,102 | | 813,050 | | 5,313 |
NET INVESTMENT INCOME (LOSS)
| $765,020 | | $6,200,954 | | $6,054,752 | | $62,962 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | | | | | |
| Net realized gain (loss) on: | | | | | | | |
Investments — unaffiliated issuers
| (1,526,179) | | (12,533,337) | | (784,649) | | (61,865) |
Investments — affiliated issuers
| (4,058) | | (1,067) | | (1,106) | | (3) |
In-kind redemptions — unaffiliated issuers
| 2,135,762 | | 21,001,082 | | 4,930,339 | | — |
Foreign currency transactions
| (91,178) | | (39,995) | | (18,359) | | 156 |
Net realized gain (loss)
| 514,347 | | 8,426,683 | | 4,126,225 | | (61,712) |
| Net change in unrealized appreciation/depreciation on: | | | | | | | |
Investments — unaffiliated issuers
| (50,689,417) | | (100,498,724) | | (119,989,032) | | (688,341) |
Investments — affiliated issuers
| (174) | | 95 | | (135) | | 1 |
Foreign currency translations
| (21,363) | | 2,672 | | (3,653) | | 25 |
Net change in unrealized appreciation/depreciation
| (50,710,954) | | (100,495,957) | | (119,992,820) | | (688,315) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| (50,196,607) | | (92,069,274) | | (115,866,595) | | (750,027) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $(49,431,587) | | $(85,868,320) | | $(109,811,843) | | $(687,065) |
See accompanying notes to financial statements.
100
[This Page Intentionally Left Blank]
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
| | SPDR EURO STOXX Small Cap ETF | | SPDR MSCI ACWI Low Carbon Target ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 | | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | | | | | |
Net investment income (loss)
| $18,519 | | $422,694 | | $766,298 | | $2,162,322 |
Net realized gain (loss)
| (1,208,013) | | (1,040,203) | | 633,358 | | 13,654,138 |
Net change in unrealized appreciation/depreciation
| (882,876) | | (712,310) | | (13,186,428) | | (25,504,269) |
Net increase (decrease) in net assets resulting from operations
| (2,072,370) | | (1,329,819) | | (11,786,772) | | (9,687,809) |
Net equalization credits and charges
| 18,114 | | (12,895) | | (68,508) | | 27,374 |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
Distributions to shareholders
| (82,488) | | (598,209) | | (1,036,210) | | (2,546,683) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | | | | | |
Proceeds from sale of shares sold
| — | | — | | — | | 26,641,940 |
Cost of shares redeemed
| (3,007,209) | | (11,042,880) | | (15,172,302) | | (97,534,124) |
Net income equalization
| (18,114) | | 12,895 | | 68,508 | | (27,374) |
Other Capital
| — | | — | | 2,526 | | 3,410 |
Net increase (decrease) in net assets from beneficial interest transactions
| (3,025,323) | | (11,029,985) | | (15,101,268) | | (70,916,148) |
Net increase (decrease) in net assets during the period
| (5,162,067) | | (12,970,908) | | (27,992,758) | | (83,123,266) |
Net assets at beginning of period
| 16,928,446 | | 29,899,354 | | 82,838,466 | | 165,961,732 |
NET ASSETS AT END OF PERIOD
| $11,766,379 | | $16,928,446 | | $54,845,708 | | $82,838,466 |
| SHARES OF BENEFICIAL INTEREST: | | | | | | | |
Shares sold
| — | | — | | — | | 300,000 |
Shares redeemed
| (50,000) | | (200,000) | | (200,000) | | (1,200,000) |
Net increase (decrease)
| (50,000) | | (200,000) | | (200,000) | | (900,000) |
See accompanying notes to financial statements.
102
| SPDR Solactive Canada ETF | | SPDR MSCI EAFE Fossil Fuel Reserves Free ETF | | SPDR MSCI EAFE StrategicFactors ETF |
Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 | | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 | | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| | | | | | | | | | | |
| $302,279 | | $639,992 | | $920,032 | | $2,184,643 | | $3,799,591 | | $8,091,554 |
| (222,698) | | 132,897 | | (176,583) | | 230,992 | | 7,167,963 | | (2,464,713) |
| (5,237,952) | | 153,343 | | (16,687,427) | | (3,033,649) | | (64,589,091) | | (1,715,552) |
| (5,158,371) | | 926,232 | | (15,943,978) | | (618,014) | | (53,621,537) | | 3,911,289 |
| 17,131 | | (8,870) | | 115,220 | | 63,743 | | — | | — |
| | | | | | | | | | | |
| (368,354) | | (618,682) | | (997,718) | | (2,127,783) | | (4,815,121) | | (8,422,134) |
| | | | | | | | | | | |
| 1,503,914 | | 1,421,080 | | 22,881,827 | | 16,470,423 | | 94,999,310 | | 80,004,903 |
| — | | (4,366,949) | | — | | (6,484,850) | | (42,861,921) | | (20,899,522) |
| (17,131) | | 8,870 | | (115,220) | | (63,743) | | — | | — |
| — | | — | | 957 | | — | | 7,133 | | 2,698 |
| 1,486,783 | | (2,936,999) | | 22,767,564 | | 9,921,830 | | 52,144,522 | | 59,108,079 |
| (4,022,811) | | (2,638,319) | | 5,941,088 | | 7,239,776 | | (6,292,136) | | 54,597,234 |
| 21,099,561 | | 23,737,880 | | 84,177,081 | | 76,937,305 | | 320,538,093 | | 265,940,859 |
| $17,076,750 | | $21,099,561 | | $90,118,169 | | $84,177,081 | | $314,245,957 | | $320,538,093 |
| | | | | | | | | | | |
| 25,000 | | 25,000 | | 350,000 | | 250,000 | | 1,450,000 | | 1,300,000 |
| — | | (75,000) | | — | | (100,000) | | (700,000) | | (350,000) |
| 25,000 | | (50,000) | | 350,000 | | 150,000 | | 750,000 | | 950,000 |
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF | | SPDR MSCI Emerging Markets StrategicFactors ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 | | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | | | | | |
Net investment income (loss)
| $541,705 | | $1,713,787 | | $1,463,899 | | $7,671,203 |
Net realized gain (loss)
| (1,383,119) | | (1,173,367) | | 4,474,965 | | (8,577,105) |
Net change in unrealized appreciation/depreciation
| (10,853,658) | | (1,761,597) | | (37,041,486) | | (1,306,445) |
Net increase (decrease) in net assets resulting from operations
| (11,695,072) | | (1,221,177) | | (31,102,622) | | (2,212,347) |
Net equalization credits and charges
| 440,153 | | 212,906 | | — | | — |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
Distributions to shareholders
| (2,179,001) | | (820,869) | | (4,426,579) | | (7,885,947) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | | | | | |
Proceeds from sale of shares sold
| 22,376,803 | | 42,361,340 | | 15,807,287 | | 26,208,036 |
Cost of shares redeemed
| (8,559,275) | | — | | (91,287,370) | | (14,012,108) |
Net income equalization
| (440,153) | | (212,906) | | — | | — |
Other Capital
| 35,840 | | 43,362 | | 133,121 | | 43,644 |
Net increase (decrease) in net assets from beneficial interest transactions
| 13,413,215 | | 42,191,796 | | (75,346,962) | | 12,239,572 |
Net increase (decrease) in net assets during the period
| (20,705) | | 40,362,656 | | (110,876,163) | | 2,141,278 |
Net assets at beginning of period
| 71,720,499 | | 31,357,843 | | 268,866,509 | | 266,725,231 |
NET ASSETS AT END OF PERIOD
| $71,699,794 | | $71,720,499 | | $157,990,346 | | $268,866,509 |
| SHARES OF BENEFICIAL INTEREST: | | | | | | | |
Shares sold
| 350,000 | | 700,000 | | 275,000 | | 450,000 |
Shares redeemed
| (150,000) | | — | | (1,575,000) | | (250,000) |
Net increase (decrease)
| 200,000 | | 700,000 | | (1,300,000) | | 200,000 |
See accompanying notes to financial statements.
104
| SPDR Solactive Germany ETF | | SPDR Solactive Japan ETF | | SPDR Solactive United Kingdom ETF |
Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 | | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 | | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| | | | | | | | | | | |
| $15,340 | | $228,491 | | $80,692 | | $168,825 | | $238,326 | | $481,627 |
| 326,580 | | (148,848) | | (9,702) | | (663,979) | | (315,459) | | (164,382) |
| (1,540,303) | | (672,541) | | (824,174) | | (733,459) | | (2,976,657) | | (551,147) |
| (1,198,383) | | (592,898) | | (753,184) | | (1,228,613) | | (3,053,790) | | (233,902) |
| 109 | | 424 | | — | | 43,737 | | 12,077 | | (8,937) |
| | | | | | | | | | | |
| — | | (241,939) | | (109,930) | | (313,379) | | (276,448) | | (450,912) |
| | | | | | | | | | | |
| 1,515,129 | | 1,330,529 | | — | | — | | 2,537,037 | | 2,391,999 |
| (3,024,052) | | (1,349,117) | | — | | (7,067,661) | | (840,487) | | (1,290,282) |
| (109) | | (424) | | — | | (43,737) | | (12,077) | | 8,937 |
| — | | — | | — | | — | | — | | — |
| (1,509,032) | | (19,012) | | — | | (7,111,398) | | 1,684,473 | | 1,110,654 |
| (2,707,306) | | (853,425) | | (863,114) | | (8,609,653) | | (1,633,688) | | 416,903 |
| 8,220,934 | | 9,074,359 | | 7,436,818 | | 16,046,471 | | 10,905,981 | | 10,489,078 |
| $5,513,628 | | $8,220,934 | | $6,573,704 | | $7,436,818 | | $9,272,293 | | $10,905,981 |
| | | | | | | | | | | |
| 25,000 | | 25,000 | | — | | — | | 50,000 | | 50,000 |
| (50,000) | | (25,000) | | — | | (100,000) | | (25,000) | | (25,000) |
| (25,000) | | — | | — | | (100,000) | | 25,000 | | 25,000 |
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR MSCI World StrategicFactors ETF | | SPDR S&P Emerging Asia Pacific ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 | | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | | | | | |
Net investment income (loss)
| $266,459 | | $528,767 | | $765,020 | | $9,048,371 |
Net realized gain (loss)
| 171,733 | | 1,993,284 | | 514,347 | | 3,721,927 |
Net change in unrealized appreciation/depreciation
| (5,301,635) | | (1,491,987) | | (50,710,954) | | (20,574,692) |
Net increase (decrease) in net assets resulting from operations
| (4,863,443) | | 1,030,064 | | (49,431,587) | | (7,804,394) |
Net equalization credits and charges
| — | | — | | — | | — |
| DISTRIBUTIONS TO SHAREHOLDERS: | | | | | | | |
Distributions to shareholders
| (298,097) | | (637,363) | | (5,973,340) | | (9,768,703) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | | | | | |
Proceeds from sale of shares sold
| 8,675,898 | | 7,715,033 | | 72,097,298 | | 56,416,552 |
Cost of shares redeemed
| (6,860,732) | | (15,400,953) | | (9,770,357) | | (36,592,543) |
Net income equalization
| — | | — | | — | | — |
Other Capital
| 291 | | 628 | | 94,104 | | 113,100 |
Net increase (decrease) in net assets from beneficial interest transactions
| 1,815,457 | | (7,685,292) | | 62,421,045 | | 19,937,109 |
Net increase (decrease) in net assets during the period
| (3,346,083) | | (7,292,591) | | 7,016,118 | | 2,364,012 |
Net assets at beginning of period
| 24,175,471 | | 31,468,062 | | 440,267,123 | | 437,903,111 |
NET ASSETS AT END OF PERIOD
| $20,829,388 | | $24,175,471 | | $447,283,241 | | $440,267,123 |
| SHARES OF BENEFICIAL INTEREST: | | | | | | | |
Shares sold
| 100,000 | | 100,000 | | 700,000 | | 600,000 |
Shares redeemed
| (100,000) | | (200,000) | | (100,000) | | (400,000) |
Net increase (decrease)
| — | | (100,000) | | 600,000 | | 200,000 |
See accompanying notes to financial statements.
106
| SPDR S&P Global Dividend ETF | | SPDR S&P Global Infrastructure ETF | | SPDR Solactive Hong Kong ETF |
Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 | | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 | | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| | | | | | | | | | | |
| $6,200,954 | | $10,634,227 | | $6,054,752 | | $11,635,520 | | $62,962 | | $210,482 |
| 8,426,683 | | (1,525,623) | | 4,126,225 | | (4,321,824) | | (61,712) | | (43,114) |
| (100,495,957) | | 4,027,422 | | (119,992,820) | | 35,347,688 | | (688,315) | | (298,439) |
| (85,868,320) | | 13,136,026 | | (109,811,843) | | 42,661,384 | | (687,065) | | (131,071) |
| (9,208) | | 162,067 | | — | | — | | — | | — |
| | | | | | | | | | | |
| (6,417,803) | | (11,452,864) | | (7,452,337) | | (10,356,948) | | (94,192) | | (143,753) |
| | | | | | | | | | | |
| 174,180,220 | | 97,255,977 | | 48,867,244 | | 120,445,493 | | — | | 1,553,519 |
| (131,423,559) | | (29,671,050) | | (29,879,696) | | (5,141,469) | | — | | — |
| 9,208 | | (162,067) | | — | | — | | — | | — |
| 7,124 | | 4,025 | | 2,184 | | 4,889 | | — | | 2,121 |
| 42,772,993 | | 67,426,885 | | 18,989,732 | | 115,308,913 | | — | | 1,555,640 |
| (49,522,338) | | 69,272,114 | | (98,274,448) | | 147,613,349 | | (781,257) | | 1,280,816 |
| 276,689,404 | | 207,417,290 | | 399,822,586 | | 252,209,237 | | 7,361,444 | | 6,080,628 |
| $227,167,066 | | $276,689,404 | | $301,548,138 | | $399,822,586 | | $6,580,187 | | $7,361,444 |
| | | | | | | | | | | |
| 2,475,000 | | 1,500,000 | | 900,000 | | 2,400,000 | | — | | 25,000 |
| (1,875,000) | | (450,000) | | (650,000) | | (100,000) | | — | | — |
| 600,000 | | 1,050,000 | | 250,000 | | 2,300,000 | | — | | 25,000 |
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
| | SPDR EURO STOXX Small Cap ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $56.43 | | $59.80 | | $62.56 | | $47.42 | | $46.83 | | $50.65 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.07 | | 1.19 | | 1.41 | | 0.94 | | 1.00 | | 1.18 |
Net realized and unrealized gain (loss) (b)
| (9.17) | | (2.75) | | (3.00) | | 15.17 | | 0.43 | | (4.00) |
Total from investment operations
| (9.10) | | (1.56) | | (1.59) | | 16.11 | | 1.43 | | (2.82) |
Net equalization credits and charges (a)
| 0.07 | | (0.04) | | (0.02) | | 0.01 | | (0.04) | | 0.40 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.33) | | (1.77) | | (1.15) | | (0.98) | | (0.80) | | (1.40) |
Net asset value, end of period
| $47.07 | | $56.43 | | $59.80 | | $62.56 | | $47.42 | | $46.83 |
Total return (c)
| (16.15)% | | (2.59)% | | (2.59)% | | 34.30% | | 3.14% | | (4.97)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $11,766 | | $16,928 | | $29,899 | | $18,769 | | $11,854 | | $11,708 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.45%(d) | | 0.45% | | 0.46% | | 0.45% | | 0.45% | | 0.46% |
Net investment income (loss)
| 0.24%(d) | | 2.14% | | 2.25% | | 1.79% | | 2.13% | | 2.33% |
Portfolio turnover rate (e)
| 36%(f) | | 46% | | 61% | | 40% | | 53% | | 46% |
| (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.
108
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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | 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
| $92.04 | | $92.20 | | $86.02 | | $74.37 | | $67.90 | | $75.00 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.87 | | 2.09 | | 1.96 | | 1.82 | | 1.69 | | 1.53 |
Net realized and unrealized gain (loss) (b)
| (13.33) | | (0.25) | | 6.04 | | 11.37 | | 6.47 | | (7.64) |
Total from investment operations
| (12.46) | | 1.84 | | 8.00 | | 13.19 | | 8.16 | | (6.11) |
Net equalization credits and charges (a)
| (0.08) | | 0.03 | | 0.01 | | 0.17 | | 0.02 | | 0.03 |
Other capital
| 0.00(c) | | 0.00(c) | | — | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (1.15) | | (2.03) | | (1.83) | | (1.71) | | (1.66) | | (1.02) |
Net realized gains
| — | | — | | — | | — | | (0.05) | | — |
Total distributions
| (1.15) | | (2.03) | | (1.83) | | (1.71) | | (1.71) | | (1.02) |
Net asset value, end of period
| $78.35 | | $92.04 | | $92.20 | | $86.02 | | $74.37 | | $67.90 |
Total return (d)
| (13.88)% | | 2.25% | | 9.36% | | 18.16% | | 12.22% | | (8.25)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $54,846 | | $82,838 | | $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% | | 0.30%(e) |
Net expenses
| 0.20%(e) | | 0.20% | | 0.20% | | 0.20% | | 0.20% | | 0.20%(e) |
Net investment income (loss)
| 1.83%(e) | | 2.39% | | 2.17% | | 2.28% | | 2.38% | | 2.42%(e) |
Portfolio turnover rate (f)
| 4%(g) | | 15% | | 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.
109
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR Solactive Canada ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $60.28 | | $59.34 | | $59.62 | | $52.66 | | $46.60 | | $59.82 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.81 | | 1.66 | | 1.28 | | 1.17 | | 1.13 | | 1.18 |
Net realized and unrealized gain (loss) (b)
| (14.62) | | 0.86 | | (0.21) | | 6.80 | | 5.90 | | (13.19) |
Total from investment operations
| (13.81) | | 2.52 | | 1.07 | | 7.97 | | 7.03 | | (12.01) |
Net equalization credits and charges (a)
| 0.05 | | (0.02) | | (0.14) | | 0.09 | | 0.11 | | 0.40 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.98) | | (1.56) | | (1.21) | | (1.10) | | (1.08) | | (1.61) |
Net asset value, end of period
| $45.54 | | $60.28 | | $59.34 | | $59.62 | | $52.66 | | $46.60 |
Total return (c)
| (23.26)% | | 4.61% | | 1.54% | | 15.52% | | 15.62% | | (19.84)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $17,077 | | $21,100 | | $23,738 | | $38,753 | | $18,430 | | $9,319 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.20%(d) | | 0.20% | | 0.30% | | 0.30% | | 0.30% | | 0.30% |
Net expenses
| 0.14%(d) | | 0.14% | | 0.30% | | 0.30% | | 0.30% | | 0.30% |
Net investment income (loss)
| 2.75%(d) | | 2.92% | | 2.15% | | 2.11% | | 2.30% | | 2.21% |
Portfolio turnover rate (e)
| 3%(f) | | 8% | | 29% | | 17% | | 21% | | 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) | 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.
110
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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | For the
Period
10/25/16*-
9/30/17 |
Net asset value, beginning of period
| $67.34 | | $69.94 | | $70.74 | | $60.00 |
| Income (loss) from investment operations: | | | | | | | |
Net investment income (loss) (a)
| 0.66 | | 1.95 | | 2.10 | | 1.72 |
Net realized and unrealized gain (loss) (b)
| (11.05) | | (2.68) | | (1.07) | | 10.56 |
Total from investment operations
| (10.39) | | (0.73) | | 1.03 | | 12.28 |
Net equalization credits and charges (a)
| 0.08 | | 0.06 | | 0.04 | | 0.02 |
Other capital
| 0.00(c) | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | |
Net investment income
| (0.71) | | (1.93) | | (1.62) | | (1.56) |
Net realized gains
| — | | — | | (0.25) | | — |
Total distributions
| (0.71) | | (1.93) | | (1.87) | | (1.56) |
Net asset value, end of period
| $56.32 | | $67.34 | | $69.94 | | $70.74 |
Total return (d)
| (15.53)% | | (0.79)% | | 1.48% | | 20.89% |
| Ratios and Supplemental Data: | | | | | | | |
Net assets, end of period (in 000s)
| $90,118 | | $84,177 | | $76,937 | | $45,980 |
| Ratios to average net assets: | | | | | | | |
Total expenses
| 0.30%(e) | | 0.30% | | 0.30% | | 0.30%(e) |
Net expenses
| 0.20%(e) | | 0.20% | | 0.20% | | 0.20%(e) |
Net investment income (loss)
| 1.94%(e) | | 2.97% | | 2.93% | | 2.83%(e) |
Portfolio turnover rate (f)
| 4%(g) | | 6% | | 5% | | 9%(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.
111
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR MSCI EAFE StrategicFactors ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $62.85 | | $64.08 | | $63.16 | | $55.43 | | $52.68 | | $57.28 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.66 | | 1.84 | | 1.85 | | 1.90 | | 1.56 | | 1.60 |
Net realized and unrealized gain (loss) (b)
| (8.93) | | (1.08) | | 0.64 | | 6.86 | | 2.70 | | (4.56) |
Total from investment operations
| (8.27) | | 0.76 | | 2.49 | | 8.76 | | 4.26 | | (2.96) |
Other capital
| 0.00(c) | | 0.00(c) | | 0.00(c) | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.86) | | (1.99) | | (1.57) | | (1.03) | | (1.51) | | (1.64) |
Net realized gains
| — | | — | | — | | — | | — | | (0.00)(c) |
Total distributions
| (0.86) | | (1.99) | | (1.57) | | (1.03) | | (1.51) | | (1.64) |
Net asset value, end of period
| $53.72 | | $62.85 | | $64.08 | | $63.16 | | $55.43 | | $52.68 |
Total return (d)
| (13.42)% | | 1.39% | | 3.95% | | 15.92% | | 8.21% | | (5.34)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $314,246 | | $320,538 | | $265,941 | | $192,644 | | $8,315 | | $5,268 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.30%(e) | | 0.30% | | 0.30% | | 0.30% | | 0.30% | | 0.30% |
Net investment income (loss)
| 2.07%(e) | | 3.02% | | 2.87% | | 3.20% | | 2.89% | | 2.80% |
Portfolio turnover rate (f)
| 6%(g) | | 12% | | 6% | | 9% | | 20% | | 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.
112
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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | For the
Period
10/25/16*-
9/30/17 |
Net asset value, beginning of period
| $59.77 | | $62.72 | | $65.27 | | $55.00 |
| Income (loss) from investment operations: | | | | | | | |
Net investment income (loss) (a)
| 0.39 | | 2.15(b) | | 1.42 | | 1.38 |
Net realized and unrealized gain (loss) (c)
| (7.88) | | (4.16) | | (3.17) | | 9.81 |
Total from investment operations
| (7.49) | | (2.01) | | (1.75) | | 11.19 |
Net equalization credits and charges (a)
| 0.31 | | 0.27 | | 0.25 | | 0.17 |
Other capital
| 0.03 | | 0.05 | | 0.01 | | 0.03 |
| Distributions to shareholders from: | | | | | | | |
Net investment income
| (1.41) | | (1.26) | | (0.62) | | (1.12) |
Net realized gains
| — | | — | | (0.44) | | — |
Total distributions
| (1.41) | | (1.26) | | (1.06) | | (1.12) |
Net asset value, end of period
| $51.21 | | $59.77 | | $62.72 | | $65.27 |
Total return (d)
| (12.48)% | | (2.62)%(b) | | (2.41)% | | 21.02% |
| Ratios and Supplemental Data: | | | | | | | |
Net assets, end of period (in 000s)
| $71,700 | | $71,720 | | $31,358 | | $16,318 |
| Ratios to average net assets: | | | | | | | |
Total expenses
| 0.30%(e) | | 0.30% | | 0.30% | | 0.30%(e) |
Net investment income (loss)
| 1.25%(e) | | 3.54%(b) | | 2.10% | | 2.44%(e) |
Portfolio turnover rate (f)
| 16%(g) | | 7% | | 8% | | 2%(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) | 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 $0.68 per share and 1.13% of average net assets. If the special dividends were not received during the year ended September 30, 2019, the total return would have been (3.73%). |
| (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.
113
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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $57.51 | | $59.60 | | $60.69 | | $53.58 | | $47.58 | | $59.59 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.43 | | 1.63 | | 1.53 | | 1.40 | | 1.27 | | 1.58 |
Net realized and unrealized gain (loss) (b)
| (9.84) | | (2.02) | | (1.35) | | 6.69 | | 5.69 | | (12.48) |
Total from investment operations
| (9.41) | | (0.39) | | 0.18 | | 8.09 | | 6.96 | | (10.90) |
Other capital
| 0.04 | | 0.01 | | 0.04 | | 0.01 | | 0.05 | | 0.20 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (1.33) | | (1.71) | | (1.31) | | (0.99) | | (1.01) | | (1.31) |
Net realized gains
| — | | — | | — | | — | | — | | (0.00)(c) |
Total distributions
| (1.33) | | (1.71) | | (1.31) | | (0.99) | | (1.01) | | (1.31) |
Net asset value, end of period
| $46.81 | | $57.51 | | $59.60 | | $60.69 | | $53.58 | | $47.58 |
Total return (d)
| (16.82)% | | (0.52)% | | 0.23% | | 15.39% | | 15.00% | | (18.29)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $157,990 | | $268,867 | | $266,725 | | $213,945 | | $116,539 | | $71,371 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.30%(e) | | 0.30% | | 0.30% | | 0.30% | | 0.30% | | 0.30% |
Net investment income (loss)
| 1.48%(e) | | 2.84% | | 2.44% | | 2.50% | | 2.59% | | 2.82% |
Portfolio turnover rate (f)
| 14%(g) | | 23% | | 30% | | 17% | | 34% | | 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) | 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.
114
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR Solactive Germany ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $54.81 | | $60.50 | | $63.06 | | $52.12 | | $48.44 | | $53.58 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.12 | | 1.57 | | 1.13 | | 1.39(b) | | 1.20 | | 1.24 |
Net realized and unrealized gain (loss) (c)
| (10.82) | | (5.65) | | (2.06) | | 10.33 | | 3.33 | | (5.39) |
Total from investment operations
| (10.70) | | (4.08) | | (0.93) | | 11.72 | | 4.53 | | (4.15) |
Net equalization credits and charges (a)
| 0.00(d) | | 0.00(d) | | (0.05) | | 0.58 | | 0.20 | | 0.18 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| — | | (1.61) | | (1.58) | | (1.36) | | (1.05) | | (1.17) |
Net asset value, end of period
| $44.11 | | $54.81 | | $60.50 | | $63.06 | | $52.12 | | $48.44 |
Total return (e)
| (19.52)% | | (6.75)% | | (1.64)% | | 23.78%(b) | | 9.99% | | (7.64)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $5,514 | | $8,221 | | $9,074 | | $18,917 | | $13,031 | | $9,688 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.20%(f) | | 0.20% | | 0.30% | | 0.30% | | 0.30% | | 0.30% |
Net expenses
| 0.14%(f) | | 0.14% | | 0.30% | | 0.30% | | 0.30% | | 0.30% |
Net investment income (loss)
| 0.41%(f) | | 2.85% | | 1.76% | | 2.44%(b) | | 2.37% | | 2.26% |
Portfolio turnover rate (g)
| 1%(h) | | 13% | | 28% | | 19% | | 27% | | 18% |
| (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) | 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.
115
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR Solactive Japan ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $74.37 | | $80.23 | | $74.49 | | $67.43 | | $59.76 | | $60.46 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.81 | | 1.29 | | 1.50 | | 1.16 | | 0.95 | | 0.88 |
Net realized and unrealized gain (loss) (b)
| (8.34) | | (5.55) | | 5.63 | | 6.99 | | 7.42 | | (0.97) |
Total from investment operations
| (7.53) | | (4.26) | | 7.13 | | 8.15 | | 8.37 | | (0.09) |
Net equalization credits and charges (a)
| — | | 0.33 | | (0.06) | | (0.01) | | 0.27 | | 0.24 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (1.10) | | (1.93) | | (1.33) | | (1.08) | | (0.96) | | (0.84) |
Net realized gains
| — | | — | | — | | — | | (0.01) | | (0.01) |
Total distributions
| (1.10) | | (1.93) | | (1.33) | | (1.08) | | (0.97) | | (0.85) |
Net asset value, end of period
| $65.74 | | $74.37 | | $80.23 | | $74.49 | | $67.43 | | $59.76 |
Total return (c)
| (10.37)% | | (4.71)% | | 9.52% | | 12.21% | | 14.55% | | 0.21% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $6,574 | | $7,437 | | $16,046 | | $14,897 | | $13,487 | | $11,951 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.20%(d) | | 0.20% | | 0.30% | | 0.30% | | 0.30% | | 0.30% |
Net expenses
| 0.14%(d) | | 0.14% | | 0.30% | | 0.30% | | 0.30% | | 0.30% |
Net investment income (loss)
| 2.14%(d) | | 1.78% | | 1.89% | | 1.67% | | 1.48% | | 1.38% |
Portfolio turnover rate (e)
| 1%(f) | | 4% | | 53% | | 22% | | 23% | | 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.
116
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR Solactive United Kingdom ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $48.47 | | $52.45 | | $52.99 | | $48.26 | | $50.14 | | $57.08 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.95 | | 2.44 | | 2.34 | | 2.26 | | 1.82 | | 2.18 |
Net realized and unrealized gain (loss) (b)
| (11.27) | | (3.96) | | (1.29) | | 3.20 | | (1.77) | | (7.43) |
Total from investment operations
| (10.32) | | (1.52) | | 1.05 | | 5.46 | | 0.05 | | (5.25) |
Net equalization credits and charges (a)
| 0.05 | | (0.05) | | 0.28 | | 1.18 | | — | | 0.34 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (1.11) | | (2.41) | | (1.87) | | (1.91) | | (1.93) | | (2.03) |
Net asset value, end of period
| $37.09 | | $48.47 | | $52.45 | | $52.99 | | $48.26 | | $50.14 |
Total return (c)
| (21.80)% | | (2.77)% | | 2.46% | | 14.13% | | 0.18% | | (8.85)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $9,272 | | $10,906 | | $10,489 | | $5,299 | | $2,413 | | $2,507 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.20%(d) | | 0.20% | | 0.30% | | 0.30% | | 0.31% | | 0.30% |
Net expenses
| 0.14%(d) | | 0.14% | | 0.30% | | 0.30% | | 0.31% | | 0.30% |
Net investment income (loss)
| 3.93%(d) | | 5.01% | | 4.38% | | 4.49% | | 3.71% | | 3.90% |
Portfolio turnover rate (e)
| 3%(f) | | 13% | | 50% | | 27% | | 24% | | 31% |
| (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.
117
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR MSCI World StrategicFactors ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $80.58 | | $78.67 | | $72.02 | | $63.75 | | $57.96 | | $59.95 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.81 | | 1.61 | | 1.61 | | 1.58 | | 1.40 | | 1.35 |
Net realized and unrealized gain (loss) (b)
| (10.97) | | 2.10 | | 6.89 | | 8.20 | | 6.46 | | (2.04) |
Total from investment operations
| (10.16) | | 3.71 | | 8.50 | | 9.78 | | 7.86 | | (0.69) |
Other capital
| 0.00(c) | | 0.00(c) | | — | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.99) | | (1.80) | | (1.48) | | (1.51) | | (1.37) | | (1.30) |
Net realized gains
| — | | — | | (0.37) | | — | | (0.70) | | (0.00)(c) |
Total distributions
| (0.99) | | (1.80) | | (1.85) | | (1.51) | | (2.07) | | (1.30) |
Net asset value, end of period
| $69.43 | | $80.58 | | $78.67 | | $72.02 | | $63.75 | | $57.96 |
Total return (d)
| (12.84)% | | 4.99% | | 11.93% | | 15.53% | | 13.78% | | (1.25)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $20,829 | | $24,175 | | $31,468 | | $21,606 | | $6,375 | | $5,796 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.30%(e) | | 0.30% | | 0.30% | | 0.30% | | 0.30% | | 0.30% |
Net investment income (loss)
| 1.97%(e) | | 2.13% | | 2.13% | | 2.32% | | 2.29% | | 2.18% |
Portfolio turnover rate (f)
| 11%(g) | | 14% | | 18% | | 12% | | 18% | | 13% |
| (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.
118
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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $93.67 | | $97.31 | | $98.49 | | $81.92 | | $72.62 | | $83.84 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.15 | | 1.89 | | 1.93 | | 1.71 | | 1.38 | | 1.83 |
Net realized and unrealized gain (loss) (b)
| (8.23) | | (3.50) | | (1.22) | | 16.67 | | 10.81 | | (11.83) |
Total from investment operations
| (8.08) | | (1.61) | | 0.71 | | 18.38 | | 12.19 | | (10.00) |
Other capital
| 0.02 | | 0.02 | | 0.01 | | 0.00(c) | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (1.22) | | (2.05) | | (1.90) | | (1.81) | | (2.89) | | (1.22) |
Net asset value, end of period
| $84.39 | | $93.67 | | $97.31 | | $98.49 | | $81.92 | | $72.62 |
Total return (d)
| (8.84)% | | (1.56)% | | 0.63% | | 23.02% | | 17.24% | | (12.15)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $447,283 | | $440,267 | | $437,903 | | $413,653 | | $335,858 | | $428,447 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.49%(e) | | 0.49% | | 0.49% | | 0.49% | | 0.49% | | 0.53% |
Net investment income (loss)
| 0.31%(e) | | 2.01% | | 1.86% | | 1.98% | | 1.85% | | 2.14% |
Portfolio turnover rate (f)
| 2%(g) | | 14% | | 5% | | 4% | | 1% | | 28% |
| (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.
119
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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $67.49 | | $68.01 | | $67.64 | | $63.21 | | $58.60 | | $64.89 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 1.41 | | 2.85 | | 2.84 | | 2.44 | | 2.56 | | 2.70 |
Net realized and unrealized gain (loss) (b)
| (19.13) | | (0.34) | | (0.04) | | 4.19 | | 4.87 | | (6.27) |
Total from investment operations
| (17.72) | | 2.51 | | 2.80 | | 6.63 | | 7.43 | | (3.57) |
Net equalization credits and charges (a)
| (0.00)(c) | | 0.04 | | 0.06 | | 0.10 | | 0.08 | | 0.39 |
Other capital
| 0.00(c) | | 0.00(c) | | 0.00(c) | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (1.44) | | (3.07) | | (2.49) | | (2.30) | | (2.61) | | (2.61) |
Net realized gains
| — | | — | | — | | — | | (0.29) | | (0.50) |
Total distributions
| (1.44) | | (3.07) | | (2.49) | | (2.30) | | (2.90) | | (3.11) |
Net asset value, end of period
| $48.33 | | $67.49 | | $68.01 | | $67.64 | | $63.21 | | $58.60 |
Total return (d)
| (26.68)% | | 3.98% | | 4.23% | | 10.83% | | 13.16% | | (5.17)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $227,167 | | $276,689 | | $207,417 | | $165,725 | | $104,298 | | $73,250 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.40%(e) | | 0.40% | | 0.40% | | 0.40% | | 0.40% | | 0.40% |
Net investment income (loss)
| 4.22%(e) | | 4.31% | | 4.12% | | 3.76% | | 4.27% | | 4.16% |
Portfolio turnover rate (f)
| 53%(g) | | 53% | | 39% | | 47% | | 49% | | 31% |
| (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.
120
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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $53.31 | | $48.50 | | $51.82 | | $47.69 | | $43.31 | | $48.84 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.79 | | 1.86 | | 1.81 | | 1.73 | | 1.58 | | 1.46 |
Net realized and unrealized gain (loss) (b)
| (14.20) | | 4.63 | | (3.55) | | 4.03 | | 4.23 | | (5.62) |
Total from investment operations
| (13.41) | | 6.49 | | (1.74) | | 5.76 | | 5.81 | | (4.16) |
Other capital
| 0.00(c) | | 0.00(c) | | 0.00(c) | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.99) | | (1.68) | | (1.58) | | (1.63) | | (1.43) | | (1.37) |
Net asset value, end of period
| $38.91 | | $53.31 | | $48.50 | | $51.82 | | $47.69 | | $43.31 |
Total return (d)
| (25.70)% | | 13.76% | | (3.43)% | | 12.35% | | 13.85% | | (8.77)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $301,548 | | $399,823 | | $252,209 | | $181,377 | | $85,850 | | $56,299 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.40%(e) | | 0.40% | | 0.40% | | 0.40% | | 0.40% | | 0.40% |
Net investment income (loss)
| 2.99%(e) | | 3.69% | | 3.61% | | 3.54% | | 3.55% | | 3.03% |
Portfolio turnover rate (f)
| 2%(g) | | 14% | | 21% | | 22% | | 21% | | 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.
121
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR Solactive Hong Kong ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | For the
Period
09/18/18* -
9/30/18 |
Net asset value, beginning of period
| $58.89 | | $60.81 | | $60.00 |
| Income (loss) from investment operations: | | | | | |
Net investment income (loss) (a)
| 0.50 | | 1.81 | | 0.02 |
Net realized and unrealized gain (loss) (b)
| (6.00) | | (2.56) | | 0.69 |
Total from investment operations
| (5.50) | | (0.75) | | 0.71 |
Other capital
| — | | 0.02 | | 0.10 |
| Distributions to shareholders from: | | | | | |
Net investment income
| (0.75) | | (1.19) | | — |
Net asset value, end of period
| $52.64 | | $58.89 | | $60.81 |
Total return (c)
| (9.55)% | | (1.29)% | | 1.34% |
| Ratios and Supplemental Data: | | | | | |
Net assets, end of period (in 000s)
| $6,580 | | $7,361 | | $6,081 |
| Ratios to average net assets: | | | | | |
Total expenses
| 0.20%(d) | | 0.20% | | 0.20%(d) |
Net expenses
| 0.14%(d) | | 0.14% | | 0.14%(d) |
Net investment income (loss)
| 1.66%(d) | | 2.90% | | 0.80%(d) |
Portfolio turnover rate (e)
| 4%(f) | | 5% | | 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.
122
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
March 31, 2020 (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, 2020, the Trust consists of thirty (30) 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 Low Carbon Target ETF |
| SPDR Solactive Canada 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 diversified investment company under the 1940 Act, with the exceptions of SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF, SPDR Solactive Germany ETF, SPDR Solactive United Kingdom ETF, SPDR S&P Emerging Asia Pacific ETF and SPDR Solactive Hong Kong ETF which are each a non-diversified investment company.
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
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
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.
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, 2020, 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 received in the form of stock, if any, 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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (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 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, 2020, 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, 2020:
| SPDR EURO STOXX Small Cap ETF |
| SPDR MSCI ACWI Low Carbon Target ETF |
| SPDR Solactive Canada ETF |
| SPDR MSCI EAFE Fossil Fuel Reserves Free ETF |
| SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF |
| SPDR Solactive Germany ETF |
| SPDR Solactive United Kingdom 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 their shareholders semi-annually:
| SPDR EURO STOXX Small Cap ETF |
| SPDR MSCI ACWI Low Carbon Target ETF |
| SPDR Solactive Canada 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 INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
| 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 |
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 a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:
| | Annual Rate |
SPDR EURO STOXX Small Cap ETF
| 0.45% |
SPDR MSCI ACWI Low Carbon Target ETF
| 0.30(1) |
SPDR Solactive Canada ETF
| 0.20(1) |
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
| 0.30(1) |
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(1) |
SPDR Solactive Japan ETF
| 0.20(1) |
SPDR Solactive United Kingdom ETF
| 0.20(1) |
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(1) |
| (1) | The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses, until January 31, 2021, so that the net annual Fund operating expenses, before application of any fees and expenses not paid by the Adviser pursuant to the Investment Advisory Agreement, if any, of the SPDR MSCI ACWI Low Carbon Target ETF, SPDR Solactive Canada ETF, SPDR MSCI EAFE Fossil Fuel Reserves Free ETF, SPDR Solactive Germany ETF, SPDR Solactive Japan ETF, SPDR Solactive United Kingdom ETF and SPDR Solactive Hong Kong ETF are limited to 0.20%, 0.14%, 0.20%, 0.14%, 0.14%, 0.14%, and 0.14%, respectively, of the applicable Fund’s average daily net assets. Each contractual fee waiver and/or expense reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue each waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and a waiver and/or reimbursement may be cancelled or modified at any time after January 31, 2021. Each waiver and/or reimbursement may not be terminated prior to January 31, 2021 except with the approval of the Board. For the period ended March 31, 2020, the SPDR MSCI ACWI Low Carbon Target ETF, SPDR Solactive Canada ETF, SPDR MSCI EAFE Fossil Fuel Reserves Free ETF, SPDR Solactive Germany ETF, SPDR Solactive Japan ETF, SPDR Solactive United Kingdom ETF and SPDR Solactive Hong Kong ETF waived $42,443, $6,729, $47,854, $2,272, $2,306, $3,697 and $2,337 respectively. |
From time to time, the Adviser may also waive all or a portion of its management fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until January 31, 2021. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. This waiver and/or reimbursement may not be terminated prior to January 31, 2021 except with the approval of the Board.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
The Adviser pays all expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.
Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank & 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, as amended.
Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated 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, 2020 are disclosed in the Schedules of Investments.
Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.
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, 2020, were as follows:
| | Purchases | | Sales |
SPDR EURO STOXX Small Cap ETF
| $5,567,710 | | $5,690,797 |
SPDR MSCI ACWI Low Carbon Target ETF
| 3,510,008 | | 4,619,162 |
SPDR Solactive Canada ETF
| 707,424 | | 723,256 |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
| | Purchases | | Sales |
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
| $26,063,833 | | $3,246,666 |
SPDR MSCI EAFE StrategicFactors ETF
| 24,879,419 | | 20,754,068 |
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
| 26,476,967 | | 13,364,287 |
SPDR MSCI Emerging Markets StrategicFactors ETF
| 28,476,467 | | 66,638,672 |
SPDR Solactive Germany ETF
| 100,715 | | 87,339 |
SPDR Solactive Japan ETF
| 87,117 | | 113,374 |
SPDR Solactive United Kingdom ETF
| 334,719 | | 370,397 |
SPDR MSCI World StrategicFactors ETF
| 2,906,971 | | 2,767,382 |
SPDR S&P Emerging Asia Pacific ETF
| 51,673,692 | | 10,860,070 |
SPDR S&P Global Dividend ETF
| 158,046,285 | | 150,515,811 |
SPDR S&P Global Infrastructure ETF
| 8,252,807 | | 7,787,906 |
SPDR Solactive Hong Kong ETF
| 295,238 | | 325,573 |
For the period ended March 31, 2020, 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
| $— | | $2,935,236 | | $55,266 |
SPDR MSCI ACWI Low Carbon Target ETF
| — | | 14,096,977 | | 1,274,052 |
SPDR Solactive Canada ETF
| 1,503,329 | | — | | — |
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
| 21,724,298 | | — | | — |
SPDR MSCI EAFE StrategicFactors ETF
| 88,192,707 | | 41,687,738 | | 7,506,966 |
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
| — | | — | | 938,012 |
SPDR MSCI Emerging Markets StrategicFactors ETF
| 4,297,904 | | 43,256,433 | | 7,509,648 |
SPDR Solactive Germany ETF
| 1,515,392 | | 3,024,417 | | 366,509 |
SPDR Solactive Japan ETF
| — | | — | | — |
SPDR Solactive United Kingdom ETF
| 2,517,664 | | 840,632 | | (257,176) |
SPDR MSCI World StrategicFactors ETF
| 8,457,279 | | 6,808,037 | | 22,168 |
SPDR S&P Emerging Asia Pacific ETF
| 21,276,334 | | 5,911,709 | | 2,135,762 |
SPDR S&P Global Dividend ETF
| 169,473,263 | | 132,385,995 | | 21,001,082 |
SPDR S&P Global Infrastructure ETF
| 47,311,264 | | 29,801,577 | | 4,930,339 |
SPDR Solactive Hong Kong ETF
| — | | — | | — |
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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
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, 2019, 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, 2020, 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 EURO STOXX Small Cap ETF
| $14,528,362 | | $627,894 | | $3,243,496 | | $(2,615,602) |
SPDR MSCI ACWI Low Carbon Target ETF
| 61,374,110 | | 5,899,212 | | 12,143,523 | | (6,244,311) |
SPDR Solactive Canada ETF
| 21,921,204 | | 879,957 | | 5,398,901 | | (4,518,944) |
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
| 107,437,233 | | 4,724,087 | | 21,591,784 | | (16,867,697) |
SPDR MSCI EAFE StrategicFactors ETF
| 377,755,385 | | 14,587,730 | | 74,344,720 | | (59,756,990) |
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
| 84,059,514 | | 3,143,962 | | 15,667,136 | | (12,523,174) |
SPDR MSCI Emerging Markets StrategicFactors ETF
| 185,498,644 | | 13,295,774 | | 40,446,085 | | (27,150,311) |
SPDR Solactive Germany ETF
| 7,866,168 | | 9,742 | | 2,495,089 | | (2,485,347) |
SPDR Solactive Japan ETF
| 8,374,774 | | 301,547 | | 1,962,619 | | (1,661,072) |
SPDR Solactive United Kingdom ETF
| 13,123,519 | | 121,057 | | 4,054,011 | | (3,932,954) |
SPDR MSCI World StrategicFactors ETF
| 25,099,393 | | 367,243 | | 4,649,633 | | (4,282,390) |
SPDR S&P Emerging Asia Pacific ETF
| 469,733,376 | | 87,999,056 | | 110,990,472 | | (22,991,416) |
SPDR S&P Global Dividend ETF
| 341,977,009 | | 695,833 | | 101,895,279 | | (101,199,446) |
SPDR S&P Global Infrastructure ETF
| 384,958,464 | | 14,252,436 | | 97,378,724 | | (83,126,288) |
SPDR Solactive Hong Kong ETF
| 7,482,356 | | 268,483 | | 1,192,823 | | (924,340) |
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, 2020, 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
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
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, 2020:
| Fund | | Market Value of
Securities on Loan | | Cash
Collateral
Received | | Non-Cash
Collateral
Received* | | Total
Collateral
Received |
SPDR EURO STOXX Small Cap ETF
| | $ 605,652 | | $ 189,720 | | $ 420,451 | | $ 610,171 |
SPDR MSCI ACWI Low Carbon Target ETF
| | 1,209,785 | | 556,109 | | 699,153 | | 1,255,262 |
SPDR Solactive Canada ETF
| | 1,885,107 | | 406,358 | | 1,541,570 | | 1,947,928 |
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
| | 2,864,507 | | 1,102,792 | | 1,904,173 | | 3,006,965 |
SPDR MSCI EAFE StrategicFactors ETF
| | 14,167,663 | | 6,474,381 | | 8,450,293 | | 14,924,674 |
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
| | 829,047 | | 267,719 | | 568,262 | | 835,981 |
SPDR MSCI Emerging Markets StrategicFactors ETF
| | 2,039,364 | | 1,355,092 | | 753,251 | | 2,108,343 |
SPDR Solactive Japan ETF
| | 373,002 | | 236,131 | | 161,390 | | 397,521 |
SPDR Solactive United Kingdom ETF
| | 16,154 | | 7,452 | | 9,237 | | 16,689 |
SPDR MSCI World StrategicFactors ETF
| | 388,137 | | 109,954 | | 297,870 | | 407,824 |
SPDR S&P Emerging Asia Pacific ETF
| | 7,625,630 | | 980,825 | | 7,300,027 | | 8,280,852 |
SPDR S&P Global Dividend ETF
| | 35,592,659 | | 15,488,163 | | 20,489,038 | | 35,977,201 |
SPDR S&P Global Infrastructure ETF
| | 12,323,968 | | 724,109 | | 11,305,026 | | 12,029,135 |
| * | 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, 2020:
| | | | | Remaining Contractual Maturity of the Agreements
As of March 31, 2020 |
| 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 | | $189,720 | | $— | | $— | | $— | | $189,720 | | $189,720 |
SPDR MSCI ACWI Low Carbon Target ETF
| | Common Stocks | | 556,109 | | — | | — | | — | | 556,109 | | 556,109 |
SPDR Solactive Canada ETF
| | Common Stocks | | 406,358 | | — | | — | | — | | 406,358 | | 406,358 |
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
| | Common Stocks | | 1,102,792 | | — | | — | | — | | 1,102,792 | | 1,102,792 |
SPDR MSCI EAFE StrategicFactors ETF
| | Common Stocks | | 6,474,381 | | — | | — | | — | | 6,474,381 | | 6,474,381 |
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
| | Common Stocks | | 267,719 | | — | | — | | — | | 267,719 | | 267,719 |
SPDR MSCI Emerging Markets StrategicFactors ETF
| | Common Stocks | | 1,355,092 | | — | | — | | — | | 1,355,092 | | 1,355,092 |
SPDR Solactive Japan ETF
| | Common Stocks | | 236,131 | | — | | — | | — | | 236,131 | | 236,131 |
SPDR Solactive United Kingdom ETF
| | Common Stocks | | 7,452 | | — | | — | | — | | 7,452 | | 7,452 |
SPDR MSCI World StrategicFactors ETF
| | Common Stocks | | 109,954 | | — | | — | | — | | 109,954 | | 109,954 |
SPDR S&P Emerging Asia Pacific ETF
| | Common Stocks | | 980,825 | | — | | — | | — | | 980,825 | | 980,825 |
SPDR S&P Global Dividend ETF
| | Common Stocks | | 15,488,163 | | — | | — | | — | | 15,488,163 | | 15,488,163 |
SPDR S&P Global Infrastructure ETF
| | Common Stocks | | 724,109 | | — | | — | | — | | 724,109 | | 724,109 |
9. Line of Credit
Certain Funds and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility, provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2020 unless extended or renewed.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
The following Funds participate in the credit facility as of March 31, 2020:
| SPDR MSCI ACWI Low Carbon Target ETF |
| SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF |
| SPDR MSCI Emerging Markets StrategicFactors ETF |
| SPDR S&P Emerging Asia Pacific ETF |
The Funds had no outstanding loans as of March 31, 2020.
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.
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
Each Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.
An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
11. Subsequent Events
Change in Audit Firm
PricewaterhouseCoopers LLC (“PWC”) resigned as independent registered certified public accounting firm on April 20, 2020. On May 21, 2020, upon recommendation by the Audit Committee of the Trust, the Trust’s Board of Trustees selected Ernst & Young LLP (“EY”) to replace PWC as the independent public accountant for the fiscal year ending September 30, 2020.
The reports of PWC on the financial statements for the fiscal years ended September 30, 2019 and 2018 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.
During the fiscal years ended September 30, 2019 and 2018, and in the subsequent interim period through April 20, 2020, there were no disagreements between the Trust and PWC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which, if not resolved to the satisfaction of PWC, would have caused it to make reference to the disagreements in its report on the financial statements. In addition, during the fiscal years ended September 30, 2019 and 2018, and in the subsequent interim period through April 20, 2020, there were no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
The Trust requested and PWC furnished a letter addressed to the Securities and Exchange Commission stating whether or not it agreed with the above statements. A copy of such letter was filed as an Exhibit, under Item 13(a)(4), to Form N-CSR for the period ended March 31, 2020.
During this period, neither the Trust nor anyone on its behalf consulted EY concerning (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Trust’s financial statements or (ii) the subject of a disagreement (as defined in paragraph (a)(1)(iv) of item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).
SPDR INDEX SHARES FUNDS
OTHER INFORMATION
March 31, 2020 (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, 2019 to March 31, 2020.
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.
| | | | 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
| 0.45% | | $838.50 | | $2.07 | | $1,022.80 | | $2.28 |
SPDR MSCI ACWI Low Carbon Target ETF
| 0.20 | | 861.20 | | 0.93 | | 1,024.00 | | 1.01 |
SPDR Solactive Canada ETF
| 0.14 | | 767.40 | | 0.62 | | 1,024.30 | | 0.71 |
SPDR MSCI EAFE Fossil Fuel Reserves Free ETF
| 0.20 | | 844.70 | | 0.92 | | 1,024.00 | | 1.01 |
SPDR MSCI EAFE StrategicFactors ETF
| 0.30 | | 865.80 | | 1.40 | | 1,023.50 | | 1.52 |
SPDR MSCI Emerging Markets Fossil Fuel Reserves Free ETF
| 0.30 | | 875.20 | | 1.41 | | 1,023.50 | | 1.52 |
SPDR MSCI Emerging Markets StrategicFactors ETF
| 0.30 | | 831.80 | | 1.37 | | 1,023.50 | | 1.52 |
SPDR Solactive Germany ETF
| 0.14 | | 804.80 | | 0.63 | | 1,024.30 | | 0.71 |
SPDR Solactive Japan ETF
| 0.14 | | 896.30 | | 0.66 | | 1,024.30 | | 0.71 |
SPDR Solactive United Kingdom ETF
| 0.14 | | 782.00 | | 0.62 | | 1,024.30 | | 0.71 |
SPDR MSCI World StrategicFactors ETF
| 0.30 | | 871.60 | | 1.40 | | 1,023.50 | | 1.52 |
SPDR S&P Emerging Asia Pacific ETF
| 0.49 | | 911.60 | | 2.34 | | 1,022.60 | | 2.48 |
SPDR S&P Global Dividend ETF
| 0.40 | | 733.20 | | 1.73 | | 1,023.00 | | 2.02 |
SPDR S&P Global Infrastructure ETF
| 0.40 | | 743.00 | | 1.74 | | 1,023.00 | | 2.02 |
SPDR Solactive Hong Kong ETF
| 0.14 | | 904.50 | | 0.67 | | 1,024.30 | | 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 183, then divided by 366. |
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
March 31, 2020 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. The program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds’ liquidity risk management program. At a board meeting during the fiscal period, SSGA FM provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation, including:
| • | the program supported each Fund’s ability to honor redemption requests timely; |
| • | the program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions; |
| • | no material liquidity issues were identified during the period; |
| • | there were no material changes to the program during the period; |
| • | the implementation of the program was effective to manage each Fund’s liquidity risk; and |
| • | the program operated adequately during the period. |
There can be no assurance that the program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found 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 as an exhibit on Form N-PORT, which can be found on the SEC's website atwww.sec.gov. The Funds’ schedules of investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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
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
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.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., or 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
© 2020 State Street Corporation - All Rights Reserved
0515 Exp. Date: 11/30/2020 SPDRISMAINSAR
Semi-Annual Report
March 31, 2020
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 |
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.
[This Page Intentionally Left Blank]
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, 2020
| | | |
| | Description | % of Net Assets | |
| | SAP SE | 5.6% | |
| | ASML Holding NV | 5.1 | |
| | TOTAL SA | 4.6 | |
| | Sanofi | 4.5 | |
| | LVMH Moet Hennessy Louis Vuitton SE | 4.5 | |
| | Linde PLC | 4.4 | |
| | Allianz SE | 3.2 | |
| | Siemens AG | 3.1 | |
| | Unilever NV | 3.1 | |
| | L'Oreal SA | 2.9 | |
| | TOTAL | 41.0% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Financials | 14.5% | |
| | Consumer Discretionary | 13.8 | |
| | Information Technology | 12.5 | |
| | Industrials | 11.7 | |
| | Consumer Staples | 10.7 | |
| | Materials | 10.1 | |
| | Health Care | 9.5 | |
| | Utilities | 6.0 | |
| | Energy | 5.7 | |
| | Communication Services | 4.8 | |
| | Short-Term Investment | 0.0 * | |
| | Other Assets in Excess of Liabilities | 0.7 | |
| | 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.
1
SPDR MSCI ACWI ex-US ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Nestle SA | 1.9% | |
| | Alibaba Group Holding, Ltd. ADR | 1.8 | |
| | Tencent Holdings, Ltd. | 1.7 | |
| | Roche Holding AG | 1.4 | |
| | Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 1.4 | |
| | Novartis AG | 1.2 | |
| | Samsung Electronics Co., Ltd. GDR | 1.2 | |
| | Toyota Motor Corp. | 0.9 | |
| | SAP SE | 0.7 | |
| | Novo Nordisk A/S Class B | 0.7 | |
| | TOTAL | 12.9% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Financials | 18.8% | |
| | Industrials | 11.9 | |
| | Consumer Discretionary | 11.5 | |
| | Health Care | 10.6 | |
| | Consumer Staples | 10.4 | |
| | Information Technology | 10.3 | |
| | Communication Services | 7.8 | |
| | Materials | 6.6 | |
| | Energy | 5.2 | |
| | Utilities | 3.5 | |
| | Real Estate | 2.6 | |
| | Short-Term Investment | 1.1 | |
| | Liabilities in Excess of Other Assets | (0.3) | |
| | 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, 2020
| | | |
| | Description | % of Net Assets | |
| | Hengan International Group Co., Ltd. | 4.0% | |
| | China Resources Land, Ltd. | 4.0 | |
| | Longfor Group Holdings, Ltd. | 3.7 | |
| | China Mobile, Ltd. | 3.5 | |
| | Taiwan Semiconductor Manufacturing Co., Ltd. | 3.3 | |
| | CITIC, Ltd. | 3.0 | |
| | PTT PCL NVDR | 2.7 | |
| | CNOOC, Ltd. | 2.7 | |
| | Formosa Plastics Corp. | 2.6 | |
| | Guangdong Investment, Ltd. | 2.6 | |
| | TOTAL | 32.1% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Financials | 23.3% | |
| | Real Estate | 10.5 | |
| | Consumer Staples | 10.4 | |
| | Materials | 10.4 | |
| | Energy | 9.2 | |
| | Industrials | 8.5 | |
| | Utilities | 8.1 | |
| | Communication Services | 7.3 | |
| | Information Technology | 7.2 | |
| | Consumer Discretionary | 3.0 | |
| | Health Care | 1.1 | |
| | Short-Term Investments | 0.5 | |
| | 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.
3
SPDR S&P Emerging Markets Small Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Silergy Corp. | 0.5% | |
| | China Overseas Property Holdings, Ltd. | 0.4 | |
| | Airtac International Group | 0.4 | |
| | Parade Technologies, Ltd. | 0.4 | |
| | Simplo Technology Co., Ltd. | 0.4 | |
| | Aspen Pharmacare Holdings, Ltd. | 0.4 | |
| | Tripod Technology Corp. | 0.3 | |
| | Teco Electric and Machinery Co., Ltd. | 0.3 | |
| | Chicony Electronics Co., Ltd. | 0.3 | |
| | Far Eastern International Bank | 0.3 | |
| | TOTAL | 3.7% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Information Technology | 20.5% | |
| | Industrials | 13.5 | |
| | Consumer Discretionary | 13.5 | |
| | Materials | 11.3 | |
| | Real Estate | 9.2 | |
| | Financials | 8.2 | |
| | Health Care | 7.6 | |
| | Consumer Staples | 6.2 | |
| | Communication Services | 3.8 | |
| | Utilities | 3.4 | |
| | Energy | 2.0 | |
| | Short-Term Investments | 2.0 | |
| | 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.
4
SPDR S&P International Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Red Electrica Corp. SA | 2.3% | |
| | Enagas SA | 2.2 | |
| | Orange SA | 2.2 | |
| | TOTAL SA | 2.1 | |
| | Eni SpA | 2.0 | |
| | BCE, Inc. | 2.0 | |
| | Swisscom AG | 1.9 | |
| | Chugoku Electric Power Co., Inc. | 1.8 | |
| | Shaw Communications, Inc. Class B | 1.7 | |
| | EDP - Energias de Portugal SA | 1.7 | |
| | TOTAL | 19.9% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Financials | 23.0% | |
| | Utilities | 22.7 | |
| | Real Estate | 15.9 | |
| | Communication Services | 13.1 | |
| | Industrials | 8.0 | |
| | Energy | 5.2 | |
| | Health Care | 4.6 | |
| | Consumer Staples | 3.4 | |
| | Consumer Discretionary | 1.8 | |
| | Information Technology | 1.4 | |
| | Short-Term Investments | 1.1 | |
| | Liabilities in Excess of Other Assets | (0.2) | |
| | TOTAL | 100.0% | |
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
5
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.3% | | | | |
| BELGIUM — 1.7% | | | | | |
Anheuser-Busch InBev SA
| | | 594,282 | | $26,389,522 |
| FINLAND — 0.8% | | | | | |
Nokia Oyj
| | | 3,992,378 | | 12,568,051 |
| FRANCE — 38.4% | | | | | |
Air Liquide SA
| | | 333,511 | | 42,687,493 |
Airbus SE
| | | 408,404 | | 26,591,527 |
AXA SA
| | | 1,459,146 | | 25,277,354 |
BNP Paribas SA
| | | 813,089 | | 24,543,383 |
Danone SA
| | | 457,622 | | 29,444,664 |
Engie SA
| | | 1,312,457 | | 13,554,165 |
EssilorLuxottica SA
| | | 210,254 | | 22,673,322 |
Kering SA
| | | 52,728 | | 27,533,584 |
L'Oreal SA
| | | 171,005 | | 44,826,074 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 187,574 | | 69,658,306 |
Orange SA
| | | 1,397,689 | | 17,076,801 |
Safran SA
| | | 251,022 | | 22,073,280 |
Sanofi
| | | 801,578 | | 70,485,677 |
Schneider Electric SE
| | | 387,876 | | 33,443,420 |
Societe Generale SA
| | | 601,264 | | 10,125,646 |
TOTAL SA
| | | 1,836,779 | | 71,325,236 |
Vinci SA
| | | 392,440 | | 32,467,613 |
Vivendi SA
| | | 610,041 | | 13,069,405 |
| | | | | | 596,856,950 |
| GERMANY — 27.6% | | | | | |
Adidas AG
| | | 130,107 | | 29,394,275 |
Allianz SE
| | | 294,438 | | 50,683,569 |
BASF SE
| | | 648,721 | | 30,711,016 |
Bayer AG
| | | 693,534 | | 40,217,817 |
Bayerische Motoren Werke AG
| | | 225,353 | | 11,650,063 |
Daimler AG
| | | 593,221 | | 17,913,098 |
Deutsche Boerse AG
| | | 133,705 | | 18,338,483 |
Deutsche Post AG
| | | 693,540 | | 18,853,454 |
Deutsche Telekom AG
| | | 2,288,538 | | 29,666,127 |
Fresenius SE & Co. KGaA
| | | 290,953 | | 10,832,095 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 101,890 | | 20,582,167 |
SAP SE
| | | 770,121 | | 86,867,601 |
Siemens AG
| | | 563,916 | | 47,935,109 |
See accompanying notes to financial statements.
6
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Volkswagen AG Preference Shares
| | | 129,213 | | $15,147,670 |
| | | | | | 428,792,544 |
| IRELAND — 1.0% | | | | | |
CRH PLC
| | | 564,497 | | 15,391,955 |
| ITALY — 4.8% | | | | | |
Enel SpA
| | | 5,482,772 | | 38,135,258 |
Eni SpA
| | | 1,795,278 | | 18,162,197 |
Intesa Sanpaolo SpA
| | | 11,534,231 | | 18,837,100 |
| | | | | | 75,134,555 |
| NETHERLANDS — 8.9% | | | | | |
ASML Holding NV
| | | 300,491 | | 79,939,128 |
ING Groep NV
| | | 2,754,931 | | 14,453,753 |
Koninklijke Ahold Delhaize NV
| | | 776,293 | | 18,130,303 |
Koninklijke Philips NV
| | | 633,043 | | 25,641,406 |
| | | | | | 138,164,590 |
| SPAIN — 8.6% | | | | | |
Amadeus IT Group SA
| | | 303,587 | | 14,390,393 |
Banco Bilbao Vizcaya Argentaria SA
| | | 4,694,392 | | 15,017,518 |
Banco Santander SA
| | | 11,717,173 | | 28,516,100 |
Iberdrola SA
| | | 4,165,428 | | 41,061,530 |
Industria de Diseno Textil SA
| | | 785,004 | | 20,379,445 |
Telefonica SA
| | | 3,279,594 | | 15,018,489 |
| | | | | | 134,383,475 |
| UNITED KINGDOM — 7.5% | | | | | |
Linde PLC
| | | 389,684 | | 68,648,118 |
Unilever NV
| | | 968,375 | | 47,607,546 |
| | | | | | 116,255,664 |
TOTAL COMMON STOCKS
(Cost $2,148,558,380)
| | | | | 1,543,937,306 |
See accompanying notes to financial statements.
7
SPDR EURO STOXX 50 ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| SHORT-TERM INVESTMENT — 0.0% (a) | | | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (b) (c)
(Cost $537,726)
| | 538,471 | | $537,987 |
TOTAL INVESTMENTS — 99.3%
(Cost $2,149,096,106)
| | 1,544,475,293 | |
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%
| | 10,922,177 | |
NET ASSETS — 100.0%
| | $1,555,397,470 | |
| (a) | Amount is less than 0.05% of net assets. |
| (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, 2020 are shown in the Affiliate Table below. |
| (c) | The rate shown is the annualized seven-day yield at March 31, 2020. |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $1,543,937,306 | | $— | | $— | | $1,543,937,306 |
Short-Term Investment
| | 537,987 | | — | | — | | 537,987 |
TOTAL INVESTMENTS
| | $1,544,475,293 | | $— | | $— | | $1,544,475,293 |
Affiliate Table
| | Number of
Shares Held
at 9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 300,529 | | $300,559 | | $13,687,721 | | $13,448,386 | | $(2,168) | | $261 | | 538,471 | | $537,987 | | $6,558 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 128,473,685 | | 128,473,685 | | — | | — | | — | | — | | 20,002 |
State Street Navigator Securities Lending Portfolio III
| — | | — | | 11,788,401 | | 11,788,401 | | — | | — | | — | | — | | 1,944 |
Total
| | | $300,559 | | $153,949,807 | | $153,710,472 | | $(2,168) | | $261 | | | | $537,987 | | $28,504 |
See accompanying notes to financial statements.
8
SPDR MSCI ACWI EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 99.2% | | | | | |
| ARGENTINA – 0.0% (a) | | | | | |
Other Securities
| | | | $343,397 |
| AUSTRALIA – 4.0% | | | | | |
BHP Group, Ltd. (b)
| | 228,810 | | 4,058,452 |
Commonwealth Bank of Australia
| | 132,515 | | 5,013,962 |
CSL, Ltd.
| | 39,574 | | 7,185,967 |
Other Securities
| | | | 30,819,078 |
| | | | | | 47,077,459 |
| AUSTRIA – 0.2% | | | | | |
Other Securities
| | | | 1,878,189 |
| BELGIUM – 0.7% | | | | | |
Other Securities
| | | | 7,737,198 |
| BRAZIL – 1.2% | | | | | |
Other Securities
| | | | 14,783,802 |
| CANADA – 6.4% | | | | | |
Brookfield Asset Management, Inc. Class A (b)
| | 85,193 | | 3,733,684 |
Canadian National Railway Co.
| | 63,578 | | 4,914,805 |
Royal Bank of Canada
| | 108,108 | | 6,620,841 |
Toronto-Dominion Bank
| | 136,520 | | 5,738,569 |
Other Securities
| | | | 55,066,806 |
| | | | | | 76,074,705 |
| CHILE – 0.2% | | | | | |
Other Securities
| | | | 2,294,974 |
| CHINA – 10.1% | | | | | |
Alibaba Group Holding, Ltd. ADR (c)
| | 106,345 | | 20,681,976 |
China Common Rich Renewable Energy Investment, Ltd. (b)(c)(d)
| | 448,000 | | — |
China Construction Bank Corp. Class H
| | 4,945,720 | | 4,045,448 |
Ping An Insurance Group Co. of China, Ltd. Class H
| | 377,000 | | 3,703,899 |
Tencent Holdings, Ltd.
| | 408,000 | | 20,013,366 |
Other Securities
| | | | 70,429,651 |
| | | | | | 118,874,340 |
| COLOMBIA – 0.1% | | | | | |
Other Security
| | | | 870,056 |
| DENMARK – 1.4% | | | | | |
Novo Nordisk A/S Class B
| | 142,097 | | 8,548,845 |
Other Securities
| | | | 7,456,647 |
| | | | | | 16,005,492 |
See accompanying notes to financial statements.
9
SPDR MSCI ACWI EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| EGYPT – 0.1% | | | | | |
Other Security
| | | | $897,893 |
| FINLAND – 0.8% | | | | | |
Other Securities
| | | | 9,901,857 |
| FRANCE – 6.9% | | | | | |
Air Liquide SA
| | 39,887 | | 5,105,307 |
L'Oreal SA
| | 20,254 | | 5,309,244 |
LVMH Moet Hennessy Louis Vuitton SE
| | 20,910 | | 7,765,230 |
Sanofi
| | 86,872 | | 7,638,972 |
Schneider Electric SE
| | 47,808 | | 4,122,098 |
TOTAL SA
| | 167,670 | | 6,510,910 |
Other Securities
| | | | 44,908,772 |
| | | | | | 81,360,533 |
| GERMANY – 5.2% | | | | | |
Allianz SE
| | 31,801 | | 5,474,117 |
Bayer AG
| | 70,241 | | 4,073,253 |
SAP SE
| | 78,508 | | 8,855,494 |
Siemens AG
| | 61,214 | | 5,203,434 |
Other Securities
| | | | 37,864,770 |
| | | | | | 61,471,068 |
| GREECE – 0.1% | | | | | |
Other Securities
| | | | 916,771 |
| HONG KONG – 3.2% | | | | | |
AIA Group, Ltd.
| | 929,400 | | 8,411,592 |
China Huishan Dairy Holdings Co., Ltd. (b)(c)(d)
| | 1,418,000 | | — |
Other Securities
| | | | 29,154,591 |
| | | | | | 37,566,183 |
| HUNGARY – 0.1% | | | | | |
Other Securities
| | | | 1,190,822 |
| INDIA – 2.1% | | | | | |
Reliance Industries, Ltd. GDR (e)
| | 123,661 | | 3,808,759 |
Other Securities
| | | | 20,825,685 |
| | | | | | 24,634,444 |
| INDONESIA – 0.4% | | | | | |
Other Securities
| | | | 5,299,465 |
| IRELAND – 0.5% | | | | | |
Other Securities
| | | | 6,301,336 |
See accompanying notes to financial statements.
10
SPDR MSCI ACWI EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| ISRAEL – 0.5% | | | | | |
Other Securities
| | | | $5,497,796 |
| ITALY – 1.2% | | | | | |
Other Securities
| | | | 14,142,292 |
| JAPAN – 17.3% | | | | | |
NTT DOCOMO, Inc.
| | 121,500 | | 3,800,709 |
SoftBank Group Corp.
| | 116,100 | | 4,073,797 |
Sony Corp.
| | 100,500 | | 5,977,588 |
Toyota Motor Corp.
| | 169,700 | | 10,219,255 |
Other Securities
| | | | 180,007,936 |
| | | | | | 204,079,285 |
| LUXEMBOURG – 0.0% (a) | | | | | |
Other Securities
| | | | 427,877 |
| MACAU – 0.0% (a) | | | | | |
Other Security
| | | | 84,502 |
| MALAYSIA – 0.3% | | | | | |
Other Securities
| | | | 4,136,661 |
| MEXICO – 0.6% | | | | | |
Other Securities
| | | | 6,686,870 |
| NETHERLANDS – 3.3% | | | | | |
ASML Holding NV
| | 31,140 | | 8,284,123 |
Koninklijke Philips NV
| | 92,894 | | 3,762,671 |
Royal Dutch Shell PLC Class A
| | 265,520 | | 4,671,796 |
Royal Dutch Shell PLC Class B
| | 275,087 | | 4,638,199 |
Other Securities
| | | | 17,593,077 |
| | | | | | 38,949,866 |
| NEW ZEALAND – 0.1% | | | | | |
Other Securities
| | | | 1,550,370 |
| NORWAY – 0.4% | | | | | |
Other Securities
| | | | 4,388,032 |
| PERU – 0.1% | | | | | |
Other Securities
| | | | 1,212,308 |
| PHILIPPINES – 0.2% | | | | | |
Other Securities
| | | | 2,132,889 |
| POLAND – 0.1% | | | | | |
Other Securities
| | | | 1,508,996 |
| PORTUGAL – 0.1% | | | | | |
Other Securities
| | | | 1,059,693 |
See accompanying notes to financial statements.
11
SPDR MSCI ACWI EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| QATAR – 0.2% | | | | | |
Other Securities
| | | | $1,924,454 |
| ROMANIA – 0.0% (a) | | | | | |
Other Security
| | | | 116,044 |
| RUSSIA – 0.8% | | | | | |
Other Securities
| | | | 9,815,635 |
| SAUDI ARABIA – 0.5% | | | | | |
Other Securities
| | | | 5,819,770 |
| SINGAPORE – 1.0% | | | | | |
Other Securities
| | | | 11,460,483 |
| SOUTH AFRICA – 1.1% | | | | | |
Naspers, Ltd. Class N
| | 32,404 | | 4,633,282 |
Other Securities
| | | | 8,579,015 |
| | | | | | 13,212,297 |
| SOUTH KOREA – 3.4% | | | | | |
Samsung Electronics Co., Ltd. GDR
| | 14,032 | | 13,933,776 |
Samsung Electronics Co., Ltd. Preference Shares
| | 29,824 | | 982,415 |
Other Securities
| | | | 25,505,657 |
| | | | | | 40,421,848 |
| SPAIN – 1.7% | | | | | |
Iberdrola SA
| | 558,014 | | 5,500,733 |
Other Securities
| | | | 14,548,704 |
| | | | | | 20,049,437 |
| SWEDEN – 1.6% | | | | | |
Other Securities
| | | | 18,626,096 |
| SWITZERLAND – 7.6% | | | | | |
Nestle SA
| | 223,807 | | 23,004,089 |
Novartis AG
| | 171,134 | | 14,123,353 |
Roche Holding AG
| | 51,367 | | 16,672,840 |
Zurich Insurance Group AG
| | 12,605 | | 4,473,730 |
Other Securities
| | | | 31,849,574 |
| | | | | | 90,123,586 |
| TAIWAN – 3.4% | | | | | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
| | 343,930 | | 16,436,415 |
Other Securities
| | | | 23,802,084 |
| | | | | | 40,238,499 |
See accompanying notes to financial statements.
12
SPDR MSCI ACWI EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| THAILAND – 0.4% | | | | | |
Other Securities
| | | | $4,295,286 |
| TURKEY – 0.1% | | | | | |
Other Securities
| | | | 1,331,588 |
| UNITED ARAB EMIRATES – 0.1% | | | | | |
Other Securities
| | | | 1,122,708 |
| UNITED KINGDOM – 9.3% | | | | | |
AstraZeneca PLC
| | 88,763 | | 7,942,052 |
BP PLC
| | 1,421,222 | | 6,065,646 |
British American Tobacco PLC
| | 162,232 | | 5,549,993 |
Diageo PLC
| | 176,334 | | 5,655,263 |
GlaxoSmithKline PLC
| | 342,014 | | 6,423,121 |
HSBC Holdings PLC
| | 1,342,133 | | 7,559,529 |
National Grid PLC
| | 385,702 | | 4,527,126 |
Rio Tinto PLC
| | 86,383 | | 3,982,908 |
Unilever NV
| | 118,161 | | 5,809,067 |
Unilever PLC
| | 91,450 | | 4,621,350 |
Other Securities
| | | | 51,971,773 |
| | | | | | 110,107,828 |
| UNITED STATES – 0.1% | | | | | |
Other Securities
| | | | 1,237,192 |
TOTAL COMMON STOCKS
(Cost $1,459,753,628)
| | | | | 1,171,240,172 |
| WARRANTS — 0.0% (a) | | | | | |
| THAILAND – 0.0% (a) | | | | | |
Other Security
(cost: $0)
| | | | 625 |
| SHORT-TERM INVESTMENT - 1.1% | | | | | |
State Street Navigator Securities Lending Portfolio II (f)(g)
(Cost: $13,260,016)
| | 13,260,016 | | 13,260,016 |
TOTAL INVESTMENTS - 100.3%
(Cost $1,473,013,644)
| | | | | 1,184,500,813 |
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%
| | | | | (3,433,674) |
NET ASSETS - 100.0%
| | | | | $1,181,067,139 |
See accompanying notes to financial statements.
13
SPDR MSCI ACWI EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (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) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (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. Security value is determined based on Level 3 inputs. As of March 31, 2020, total aggregate fair value of these securities is $0, representing 0.0% of the Fund's net assets. |
| (e) | 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, 2020, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (f) | The Fund invested in an affiliated entity. Amounts related to these investments during the year ended March 31, 2020 are shown in the Affiliate Table below. |
| (g) | Investment of cash collateral for securities loaned. |
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $1,168,734,463 | | $2,505,709 | | $0(a) | | $1,171,240,172 |
Warrants
| | 625 | | — | | — | | 625 |
Short-Term Investment
| | 13,260,016 | | — | | — | | 13,260,016 |
TOTAL INVESTMENTS
| | $1,181,995,104 | | $2,505,709 | | $0 | | $1,184,500,813 |
| (a) | Fund held Level 3 securities that were valued at $0 at March 31, 2020. |
See accompanying notes to financial statements.
14
SPDR MSCI ACWI EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at 9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 230,076 | | $230,099 | | $36,839,743 | | $37,069,853 | | $11 | | $— | | — | | $— | | $16,793 |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| — | | — | | 3,704,401 | | 3,704,401 | | — | | — | | — | | — | | 2,179 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 158,131,145 | | 144,871,129 | | — | | — | | 13,260,016 | | 13,260,016 | | 80,292 |
State Street Navigator Securities Lending Portfolio III
| 50,583,890 | | 50,583,890 | | 28,972,306 | | 79,556,196 | | — | | — | | — | | — | | 31,958 |
Total
| | | $50,813,989 | | $227,647,595 | | $265,201,579 | | $11 | | $— | | | | $13,260,016 | | $131,222 |
See accompanying notes to financial statements.
15
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.0% | | | | |
| CHILE — 1.1% | | | | | |
Aguas Andinas SA Class A
| | | 2,950,935 | | $872,484 |
Banco Santander Chile
| | | 60,167,720 | | 2,329,565 |
| | | | | | 3,202,049 |
| CHINA — 17.5% | | | | | |
Agricultural Bank of China, Ltd. Class H
| | | 1,217,000 | | 488,314 |
Bank of China, Ltd. Class H
| | | 1,304,000 | | 499,668 |
Bank of Communications Co., Ltd. Class H
| | | 788,000 | | 482,912 |
China Construction Bank Corp. Class H
| | | 543,000 | | 444,157 |
China Merchants Port Holdings Co., Ltd.
| | | 2,067,812 | | 2,363,702 |
China Zhongwang Holdings, Ltd. (a)
| | | 2,280,800 | | 600,296 |
Chongqing Rural Commercial Bank Co., Ltd. Class H
| | | 323,000 | | 132,519 |
CITIC Telecom International Holdings, Ltd.
| | | 3,202,000 | | 1,061,701 |
CITIC, Ltd.
| | | 7,895,000 | | 8,260,776 |
CNOOC, Ltd.
| | | 7,112,000 | | 7,459,851 |
Far East Horizon, Ltd.
| | | 148,000 | | 119,341 |
Hengan International Group Co., Ltd.
| | | 1,482,500 | | 11,160,494 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 585,000 | | 400,773 |
Jiangsu Expressway Co., Ltd. Class H
| | | 1,428,000 | | 1,593,647 |
Longfor Group Holdings, Ltd. (b)
| | | 2,088,500 | | 10,171,835 |
Sinotrans, Ltd. Class H
| | | 3,754,000 | | 925,072 |
SITC International Holdings Co., Ltd.
| | | 861,000 | | 805,358 |
Zhejiang Expressway Co., Ltd. Class H
| | | 2,596,000 | | 1,808,616 |
| | | | | | 48,779,032 |
| GREECE — 0.3% | | | | | |
Motor Oil Hellas Corinth Refineries SA
| | | 59,343 | | 732,534 |
| HONG KONG — 12.8% | | | | | |
China Mobile, Ltd.
| | | 1,308,500 | | 9,732,421 |
China Resources Land, Ltd.
| | | 2,668,000 | | 11,014,979 |
Guangdong Investment, Ltd.
| | | 3,734,000 | | 7,197,352 |
Shanghai Industrial Holdings, Ltd.
| | | 557,000 | | 842,230 |
Xinyi Glass Holdings, Ltd.
| | | 3,606,000 | | 4,140,603 |
Yuexiu Property Co., Ltd.
| | | 11,900,000 | | 2,149,428 |
Yuexiu Transport Infrastructure, Ltd.
| | | 798,000 | | 486,981 |
| | | | | | 35,563,994 |
| INDIA — 2.7% | | | | | |
Castrol India, Ltd.
| | | 546,445 | | 718,349 |
Power Grid Corp. of India, Ltd.
| | | 3,223,586 | | 6,779,432 |
| | | | | | 7,497,781 |
See accompanying notes to financial statements.
16
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| INDONESIA — 1.2% | | | | | |
Gudang Garam Tbk PT
| | | 837,800 | | $2,111,194 |
Hanjaya Mandala Sampoerna Tbk PT
| | | 15,834,400 | | 1,383,447 |
| | | | | | 3,494,641 |
| LUXEMBOURG — 0.9% | | | | | |
Ternium SA ADR
| | | 208,494 | | 2,481,079 |
| MALAYSIA — 5.8% | | | | | |
AMMB Holdings Bhd
| | | 1,381,700 | | 959,514 |
CIMB Group Holdings Bhd
| | | 4,270,241 | | 3,558,534 |
Malayan Banking Bhd
| | | 3,263,771 | | 5,628,494 |
Maxis Bhd
| | | 757,400 | | 937,984 |
Petronas Chemicals Group Bhd
| | | 3,552,500 | | 4,152,807 |
Petronas Gas Bhd
| | | 285,000 | | 1,015,972 |
| | | | | | 16,253,305 |
| MEXICO — 1.3% | | | | | |
Bolsa Mexicana de Valores SAB de CV
| | | 454,501 | | 702,116 |
Grupo Aeroportuario del Centro Norte SAB de CV
| | | 312,523 | | 1,068,021 |
Kimberly-Clark de Mexico SAB de CV Class A
| | | 1,171,512 | | 1,793,779 |
| | | | | | 3,563,916 |
| MONACO — 0.5% | | | | | |
GasLog, Ltd.
| | | 380,160 | | 1,376,179 |
| PHILIPPINES — 0.3% | | | | | |
Globe Telecom, Inc.
| | | 22,065 | | 837,307 |
| POLAND — 1.0% | | | | | |
Polskie Gornictwo Naftowe i Gazownictwo SA
| | | 3,242,405 | | 2,685,415 |
| QATAR — 0.7% | | | | | |
Industries Qatar QSC
| | | 734,987 | | 1,342,396 |
Qatar Electricity & Water Co. QSC
| | | 157,631 | | 590,088 |
| | | | | | 1,932,484 |
| RUSSIA — 0.3% | | | | | |
Federal Grid Co. Unified Energy System PJSC
| | | 362,297,115 | | 744,158 |
| SOUTH AFRICA — 14.4% | | | | | |
Absa Group, Ltd.
| | | 852,267 | | 3,578,949 |
AVI, Ltd.
| | | 453,365 | | 1,786,553 |
FirstRand, Ltd. (a)
| | | 1,204,339 | | 2,715,494 |
Foschini Group, Ltd.
| | | 623,606 | | 2,362,789 |
JSE, Ltd. (a)
| | | 93,020 | | 527,339 |
KAP Industrial Holdings, Ltd.
| | | 4,894,922 | | 411,108 |
See accompanying notes to financial statements.
17
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Liberty Holdings, Ltd. (a)
| | | 154,803 | | $574,661 |
Nedbank Group, Ltd.
| | | 520,147 | | 2,407,354 |
Netcare, Ltd.
| | | 2,636,882 | | 2,214,627 |
Pick n Pay Stores, Ltd.
| | | 645,824 | | 2,191,318 |
RMB Holdings, Ltd.
| | | 914,654 | | 2,531,943 |
Sanlam, Ltd.
| | | 788,356 | | 2,255,157 |
SPAR Group, Ltd.
| | | 318,166 | | 3,237,775 |
Standard Bank Group, Ltd.
| | | 559,825 | | 3,211,941 |
Tiger Brands, Ltd.
| | | 446,721 | | 4,627,289 |
Vodacom Group, Ltd. (a)
| | | 844,129 | | 5,530,321 |
| | | | | | 40,164,618 |
| TAIWAN — 19.9% | | | | | |
CTBC Financial Holding Co., Ltd.
| | | 5,733,000 | | 3,393,373 |
CTCI Corp.
| | | 526,000 | | 509,624 |
Far Eastern International Bank
| | | 1,615,171 | | 536,761 |
Far Eastern New Century Corp.
| | | 4,318,000 | | 3,219,777 |
Formosa Plastics Corp.
| | | 2,937,000 | | 7,293,577 |
Formosa Taffeta Co., Ltd.
| | | 897,000 | | 913,566 |
Fubon Financial Holding Co., Ltd.
| | | 2,709,000 | | 3,363,687 |
Hota Industrial Manufacturing Co., Ltd.
| | | 426,000 | | 1,071,991 |
International CSRC Investment Holdings Co.
| | | 2,205,460 | | 1,414,808 |
Inventec Corp.
| | | 2,807,000 | | 2,162,694 |
Lien Hwa Industrial Holdings Corp.
| | | 612,300 | | 754,201 |
Mega Financial Holding Co., Ltd.
| | | 4,878,000 | | 4,589,028 |
Nan Ya Plastics Corp.
| | | 3,075,000 | | 5,561,976 |
Sercomm Corp.
| | | 604,000 | | 1,254,276 |
Sinbon Electronics Co., Ltd.
| | | 271,000 | | 1,124,630 |
St Shine Optical Co., Ltd.
| | | 71,000 | | 730,156 |
Taishin Financial Holding Co., Ltd.
| | | 6,926,132 | | 2,679,621 |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | | 1,029,000 | | 9,323,149 |
Vanguard International Semiconductor Corp.
| | | 1,824,000 | | 3,576,648 |
Wistron NeWeb Corp.
| | | 1,104,616 | | 1,910,336 |
| | | | | | 55,383,879 |
| THAILAND — 15.8% | | | | | |
Bangkok Bank PCL
| | | 346,301 | | 1,076,337 |
Bangkok Bank PCL NVDR (a)
| | | 669,700 | | 2,050,883 |
Hana Microelectronics PCL NVDR
| | | 853,700 | | 598,312 |
Land & Houses PCL NVDR
| | | 22,233,589 | | 4,539,195 |
Major Cineplex Group PCL
| | | 567,400 | | 233,409 |
Major Cineplex Group PCL NVDR (a)
| | | 1,237,300 | | 508,983 |
Pruksa Holding PCL NVDR
| | | 37,000 | | 10,429 |
See accompanying notes to financial statements.
18
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
PTT Exploration & Production PCL NVDR
| | | 2,794,900 | | $5,748,633 |
PTT Global Chemical PCL NVDR
| | | 7,177,500 | | 6,670,641 |
PTT PCL NVDR
| | | 8,125,630 | | 7,613,716 |
Quality Houses PCL NVDR
| | | 24,700,400 | | 1,399,946 |
Ratch Group PCL NVDR
| | | 2,169,300 | | 3,767,810 |
Ratch Group PCL (a)
| | | 483,200 | | 839,259 |
Siam Commercial Bank PCL NVDR
| | | 1,752,600 | | 3,698,257 |
Thanachart Capital PCL NVDR
| | | 1,001,300 | | 1,014,496 |
Thanachart Capital PCL
| | | 237,700 | | 240,833 |
Tisco Financial Group PCL NVDR (a)
| | | 1,356,850 | | 2,883,836 |
Tisco Financial Group PCL
| | | 197,763 | | 420,324 |
TTW PCL NVDR
| | | 1,981,200 | | 766,702 |
| | | | | | 44,082,001 |
| UNITED ARAB EMIRATES — 2.5% | | | | | |
Abu Dhabi Commercial Bank PJSC
| | | 1,910,734 | | 2,408,477 |
Emirates Telecommunications Group Co. PJSC
| | | 399,680 | | 1,525,534 |
First Abu Dhabi Bank PJSC
| | | 1,130,881 | | 2,971,020 |
| | | | | | 6,905,031 |
TOTAL COMMON STOCKS
(Cost $399,694,209)
| | | | | 275,679,403 |
| | | | |
| SHORT-TERM INVESTMENTS — 0.5% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (c) (d)
| 346,487 | 346,176 |
State Street Navigator Securities Lending Portfolio II (e) (f)
| 1,066,449 | 1,066,449 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,412,625)
| 1,412,625 |
TOTAL INVESTMENTS — 99.5%
(Cost $401,106,834)
| 277,092,028 |
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%
| 1,264,509 |
NET ASSETS — 100.0%
| $278,356,537 |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (b) | 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, 2020, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (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, 2020 are shown in the Affiliate Table below. |
| (d) | The rate shown is the annualized seven-day yield at March 31, 2020. |
See accompanying notes to financial statements.
19
SPDR S&P EMERGING MARKETS DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| (e) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (f) | Investment of cash collateral for securities loaned. |
| ADR | American Depositary Receipt |
| NVDR | Non Voting Depositary Receipt |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $273,945,578 | | $1,733,825 | | $— | | $275,679,403 |
Short-Term Investments
| | 1,412,625 | | — | | — | | 1,412,625 |
TOTAL INVESTMENTS
| | $275,358,203 | | $1,733,825 | | $— | | $277,092,028 |
Affiliate Table
| | Number of
Shares Held
at 9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 117,608 | | $117,619 | | $26,644,362 | | $26,414,810 | | $(995) | | $— | | 346,487 | | $346,176 | | $3,834 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 10,224,503 | | 9,158,054 | | — | | — | | 1,066,449 | | 1,066,449 | | 10,671 |
State Street Navigator Securities Lending Portfolio III
| 6,179,351 | | 6,179,351 | | 7,281,879 | | 13,461,230 | | — | | — | | — | | — | | 5,275 |
Total
| | | $6,296,970 | | $44,150,744 | | $49,034,094 | | $(995) | | $— | | | | $1,412,625 | | $19,780 |
See accompanying notes to financial statements.
20
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 99.2% | | | | | |
| BRAZIL – 3.6% | | | | | |
Other Securities
| | | | $13,995,068 |
| BRITISH VIRGIN ISLANDS – 0.0% (a) | | | | | |
Other Security
| | | | 117,701 |
| CAYMAN ISLANDS – 0.1% | | | | | |
Other Securities
| | | | 245,498 |
| CHILE – 0.8% | | | | | |
Other Securities
| | | | 3,201,482 |
| CHINA – 22.3% | | | | | |
Boshiwa International Holding, Ltd. (b)(c)(d)
| | 1,843,000 | | — |
China Forestry Holdings Co., Ltd. (b)(c)(d)
| | 1,642,000 | | — |
China Hongxing Sports, Ltd. (b)(c)(d)
| | 4,053,000 | | — |
China Huiyuan Juice Group, Ltd. (b)(c)
| | 1,494,400 | | 194,731 |
China Overseas Property Holdings, Ltd.
| | 1,781,232 | | 1,677,611 |
China SCE Group Holdings, Ltd.
| | 2,435,800 | | 1,084,198 |
Chinasoft International, Ltd. (d)
| | 1,952,000 | | 1,019,959 |
CT Environmental Group, Ltd. (b)(c)(d)
| | 3,217,900 | | 70,578 |
CWT International, Ltd. (b)(c)
| | 3,934,000 | | 50,248 |
Fu Shou Yuan International Group, Ltd.
| | 1,308,000 | | 1,150,906 |
National Agricultural Holdings, Ltd. (b)(c)(d)
| | 396,000 | | — |
Real Gold Mining, Ltd. (b)(c)(d)
| | 251,500 | | — |
Silergy Corp.
| | 59,000 | | 1,931,452 |
Other Securities
| | | | 79,363,428 |
| | | | | | 86,543,111 |
| COLOMBIA – 0.1% | | | | | |
Other Securities
| | | | 332,884 |
| CZECH REPUBLIC – 0.3% | | | | | |
Moneta Money Bank A/S (e)
| | 413,656 | | 851,555 |
Other Security
| | | | 353,157 |
| | | | | | 1,204,712 |
| EGYPT – 0.5% | | | | | |
Other Securities
| | | | 2,047,492 |
| GREECE – 0.9% | | | | | |
FF Group (b)(c)
| | 24,815 | | 13,070 |
Other Securities
| | | | 3,560,289 |
| | | | | | 3,573,359 |
See accompanying notes to financial statements.
21
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| HONG KONG – 2.7% | | | | | |
Anxin-China Holdings, Ltd. (b)(c)
| | 2,248,000 | | $— |
Camsing International Holding, Ltd. (b)(c)(d)
| | 276,000 | | 20,653 |
China Animal Healthcare, Ltd. (b)(c)
| | 1,059,700 | | — |
China Everbright, Ltd.
| | 582,000 | | 859,007 |
China High Precision Automation Group, Ltd. (b)(c)
| | 1,226,000 | | — |
China Lumena New Materials Corp. (b)(c)(d)
| | 104,532 | | — |
China Metal Recycling Holdings, Ltd. (b)(c)(d)
| | 693,675 | | — |
Tech Pro Technology Development, Ltd. (b)(c)(d)
| | 6,035,100 | | 26,473 |
Other Securities
| | | | 9,485,384 |
| | | | | | 10,391,517 |
| HUNGARY – 0.2% | | | | | |
Other Security
| | | | 658,966 |
| INDIA – 8.3% | | | | | |
Chennai Super Kings Cricket, Ltd. (b)
| | 418,560 | | — |
Ipca Laboratories, Ltd.
| | 65,100 | | 1,198,070 |
Other Securities
| | | | 30,930,810 |
| | | | | | 32,128,880 |
| INDONESIA – 1.8% | | | | | |
Other Securities
| | | | 6,773,851 |
| KUWAIT – 0.6% | | | | | |
Other Securities
| | | | 2,379,513 |
| LUXEMBOURG – 0.0% (a) | | | | | |
Other Security
| | | | 139,941 |
| MALAYSIA – 4.5% | | | | | |
PureCircle, Ltd. (b)(c)
| | 65,357 | | 53,162 |
Other Securities
| | | | 17,537,058 |
| | | | | | 17,590,220 |
| MEXICO – 2.1% | | | | | |
Bolsa Mexicana de Valores SAB de CV
| | 590,360 | | 911,992 |
PLA Administradora Industrial S de RL de CV REIT
| | 849,688 | | 950,406 |
Prologis Property Mexico SA de CV REIT
| | 552,801 | | 842,424 |
Other Securities
| | | | 5,585,588 |
| | | | | | 8,290,410 |
| MONACO – 0.1% | | | | | |
Other Securities
| | | | 441,849 |
| PAKISTAN – 0.8% | | | | | |
Other Securities
| | | | 3,152,662 |
See accompanying notes to financial statements.
22
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| PERU – 0.1% | | | | | |
Other Security
| | | | $397,840 |
| PHILIPPINES – 0.8% | | | | | |
Other Securities
| | | | 3,137,242 |
| POLAND – 1.2% | | | | | |
Other Securities
| | | | 4,548,294 |
| QATAR – 0.5% | | | | | |
Other Securities
| | | | 1,948,726 |
| RUSSIA – 0.9% | | | | | |
Other Securities
| | | | 3,649,649 |
| SAUDI ARABIA – 3.0% | | | | | |
Other Securities
| | | | 11,630,237 |
| SINGAPORE – 0.1% | | | | | |
Other Securities
| | | | 512,451 |
| SOUTH AFRICA – 4.5% | | | | | |
Aspen Pharmacare Holdings, Ltd. (c)
| | 253,722 | | 1,313,217 |
Northam Platinum, Ltd. (c)
| | 310,121 | | 1,205,235 |
Other Securities
| | | | 14,902,121 |
| | | | | | 17,420,573 |
| TAIWAN – 32.6% | | | | | |
Airtac International Group
| | 105,000 | | 1,565,895 |
Cheng Loong Corp.
| | 1,277,128 | | 867,847 |
Chicony Electronics Co., Ltd.
| | 492,656 | | 1,234,837 |
Chipbond Technology Corp.
| | 647,000 | | 1,059,025 |
Compeq Manufacturing Co., Ltd.
| | 887,000 | | 916,580 |
Elan Microelectronics Corp.
| | 326,029 | | 904,513 |
Elite Material Co., Ltd.
| | 262,782 | | 921,082 |
Eternal Materials Co., Ltd.
| | 1,153,805 | | 860,351 |
Far Eastern International Bank
| | 3,674,584 | | 1,221,155 |
FLEXium Interconnect, Inc.
| | 269,099 | | 848,901 |
Formosa Taffeta Co., Ltd.
| | 996,000 | | 1,014,394 |
Genius Electronic Optical Co., Ltd.
| | 64,391 | | 879,371 |
Great Wall Enterprise Co., Ltd.
| | 975,615 | | 1,192,037 |
Highwealth Construction Corp.
| | 780,730 | | 1,045,569 |
Huaku Development Co., Ltd.
| | 322,260 | | 880,204 |
King Yuan Electronics Co., Ltd.
| | 1,112,656 | | 1,112,969 |
King's Town Bank Co., Ltd.
| | 1,144,000 | | 1,072,447 |
Lien Hwa Industrial Holdings Corp.
| | 916,780 | | 1,129,245 |
Macronix International (d)
| | 1,012,000 | | 853,331 |
See accompanying notes to financial statements.
23
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Mitac Holdings Corp.
| | 1,013,879 | | $910,233 |
Nan Kang Rubber Tire Co., Ltd.
| | 643,204 | | 835,869 |
Parade Technologies, Ltd.
| | 65,000 | | 1,386,340 |
Powertech Technology, Inc.
| | 355,000 | | 1,008,366 |
Radiant Opto-Electronics Corp.
| | 431,331 | | 1,126,768 |
Simplo Technology Co., Ltd.
| | 155,177 | | 1,359,784 |
Sinbon Electronics Co., Ltd.
| | 293,444 | | 1,217,771 |
Sino-American Silicon Products, Inc.
| | 438,058 | | 1,132,753 |
Taichung Commercial Bank Co., Ltd.
| | 3,100,657 | | 1,061,184 |
Taiwan Fertilizer Co., Ltd.
| | 614,000 | | 848,675 |
Taiwan Secom Co., Ltd.
| | 330,961 | | 896,308 |
Taiwan Union Technology Corp.
| | 211,000 | | 851,214 |
Teco Electric and Machinery Co., Ltd.
| | 1,637,000 | | 1,304,555 |
Topco Scientific Co., Ltd.
| | 295,299 | | 884,681 |
Tripod Technology Corp.
| | 417,353 | | 1,311,064 |
Unimicron Technology Corp.
| | 1,043,000 | | 1,103,649 |
Voltronic Power Technology Corp.
| | 44,100 | | 923,079 |
Other Securities
| | | | 88,785,790 |
| | | | | | 126,527,836 |
| THAILAND – 3.2% | | | | | |
Inter Far East Energy Corp. NVDR (b)(c)
| | 283,900 | | — |
International Engineering PCL (b)
| | 63,855,934 | | — |
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund
| | 2,048,700 | | 948,891 |
Other Securities
| | | | 11,454,154 |
| | | | | | 12,403,045 |
| TURKEY – 1.9% | | | | | |
Other Securities
| | | | 7,444,677 |
| UNITED ARAB EMIRATES – 0.5% | | | | | |
Other Securities
| | | | 1,742,869 |
| UNITED STATES – 0.2% | | | | | |
Other Securities
| | | | 748,255 |
TOTAL COMMON STOCKS
(Cost $592,465,354)
| | | | | 385,320,810 |
| RIGHTS — 0.0% (a) | | | | | |
| INDIA – 0.0% (a) | | | | | |
Other Security
| | | | — |
See accompanying notes to financial statements.
24
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| THAILAND – 0.0% (a) | | | | | |
Other Security
| | | | $— |
TOTAL RIGHTS
(Cost $0)
| | | | | — |
| WARRANTS — 0.0% (a) | | | | | |
| MALAYSIA – 0.0% (a) | | | | | |
Other Security
(cost: $0)
| | | | 5,303 |
| SHORT-TERM INVESTMENTS - 2.0% | | | | | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (f)(g)
| | 624,810 | | 624,247 |
State Street Navigator Securities Lending Portfolio II (h)(i)
| | 6,998,700 | | 6,998,700 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,623,265)
| | | | | 7,622,947 |
TOTAL INVESTMENTS - 101.2%
(Cost $600,088,619)
| | | | | 392,949,060 |
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.2)%
| | | | | (4,653,894) |
NET ASSETS - 100.0%
| | | | | $388,295,166 |
| 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, 2020, total aggregate fair value of these securities is $428,915, representing 0.1% 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, 2020. |
| (e) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.4% of net assets as of March 31, 2020, 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, 2020 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2020. |
See accompanying notes to financial statements.
25
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| (h) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (i) | Investment of cash collateral for securities loaned. |
| REIT | Real Estate Investment Trust |
| NVDR | Non Voting Depositary Receipt |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $383,106,381 | | $1,785,514 | | $428,915 | | $385,320,810 |
Rights
| | — | | — | | 0(a) | | 0 |
Warrants
| | 5,303 | | — | | — | | 5,303 |
Short-Term Investments
| | 7,622,947 | | — | | — | | 7,622,947 |
TOTAL INVESTMENTS
| | $390,734,631 | | $1,785,514 | | $428,915 | | $392,949,060 |
| (a) | Fund held Level 3 securities that were valued at $0 at March 31, 2020. |
Affiliate Table
| | Number of
Shares Held
at 9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 3,090,741 | | $3,091,050 | | $17,530,508 | | $19,996,256 | | $(737) | | $(318) | | 624,810 | | $624,247 | | $8,972 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 26,208,717 | | 19,210,017 | | — | | — | | 6,998,700 | | 6,998,700 | | 189,934 |
State Street Navigator Securities Lending Portfolio III
| 9,464,642 | | 9,464,642 | | 2,838,930 | | 12,303,572 | | — | | — | | — | | — | | 58,387 |
Total
| | | $12,555,692 | | $46,578,155 | | $51,509,845 | | $(737) | | $(318) | | | | $7,622,947 | | $257,293 |
See accompanying notes to financial statements.
26
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.1% | | | | |
| AUSTRALIA — 7.7% | | | | | |
AusNet Services
| | | 3,768,665 | | $3,944,307 |
Australia & New Zealand Banking Group, Ltd.
| | | 722,173 | | 7,496,423 |
Commonwealth Bank of Australia
| | | 180,743 | | 6,838,762 |
GPT Group REIT
| | | 1,102,518 | | 2,449,511 |
Mirvac Group REIT
| | | 1,571,866 | | 2,010,707 |
Scentre Group REIT
| | | 2,168,868 | | 2,077,469 |
Sonic Healthcare, Ltd.
| | | 340,906 | | 5,076,493 |
Transurban Group Stapled Security
| | | 970,493 | | 7,151,644 |
Westpac Banking Corp.
| | | 823,221 | | 8,313,567 |
| | | | | | 45,358,883 |
| CANADA — 18.3% | | | | | |
Algonquin Power & Utilities Corp.
| | | 653,611 | | 8,701,955 |
Bank of Montreal
| | | 105,990 | | 5,291,495 |
Bank of Nova Scotia
| | | 181,195 | | 7,316,034 |
BCE, Inc.
| | | 290,895 | | 11,798,481 |
Canadian Imperial Bank of Commerce (a)
| | | 129,175 | | 7,441,845 |
Capital Power Corp.
| | | 219,051 | | 4,178,336 |
First Capital Real Estate Investment Trust
| | | 268,218 | | 2,568,456 |
Fortis, Inc.
| | | 204,952 | | 7,814,483 |
H&R Real Estate Investment Trust
| | | 206,167 | | 1,293,478 |
IGM Financial, Inc.
| | | 103,608 | | 1,699,685 |
Northland Power, Inc. (a)
| | | 333,148 | | 6,574,720 |
Pembina Pipeline Corp. (a)
| | | 337,222 | | 6,254,724 |
RioCan Real Estate Investment Trust
| | | 253,398 | | 2,871,612 |
Royal Bank of Canada
| | | 100,540 | | 6,157,355 |
Shaw Communications, Inc. Class B
| | | 625,842 | | 10,038,271 |
SmartCentres Real Estate Investment Trust
| | | 113,950 | | 1,508,285 |
TELUS Corp.
| | | 596,851 | | 9,330,056 |
Toronto-Dominion Bank
| | | 144,607 | | 6,078,503 |
| | | | | | 106,917,774 |
| CHINA — 2.8% | | | | | |
Bank of Communications Co., Ltd. Class H
| | | 13,014,000 | | 7,975,397 |
China Telecom Corp., Ltd. Class H
| | | 27,798,000 | | 8,428,092 |
| | | | | | 16,403,489 |
| FINLAND — 2.7% | | | | | |
Elisa Oyj
| | | 150,116 | | 9,303,094 |
Kone Oyj Class B
| | | 115,743 | | 6,555,691 |
| | | | | | 15,858,785 |
See accompanying notes to financial statements.
27
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| FRANCE — 5.6% | | | | | |
Gecina SA REIT
| | | 17,144 | | $2,270,519 |
Orange SA
| | | 1,037,875 | | 12,680,636 |
TOTAL SA
| | | 317,382 | | 12,324,480 |
Vinci SA
| | | 64,754 | | 5,357,272 |
| | | | | | 32,632,907 |
| GERMANY — 3.0% | | | | | |
alstria office REIT-AG
| | | 151,252 | | 2,164,136 |
LEG Immobilien AG
| | | 53,219 | | 5,997,122 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 23,047 | | 4,655,582 |
Vonovia SE
| | | 101,299 | | 4,986,205 |
| | | | | | 17,803,045 |
| HONG KONG — 6.0% | | | | | |
CK Infrastructure Holdings, Ltd.
| | | 1,409,500 | | 7,492,214 |
CLP Holdings, Ltd.
| | | 980,500 | | 9,044,853 |
Hongkong Land Holdings, Ltd.
| | | 1,511,300 | | 5,667,375 |
Hysan Development Co., Ltd.
| | | 1,643,000 | | 5,341,779 |
NWS Holdings, Ltd.
| | | 2,420,000 | | 2,488,408 |
Sino Land Co., Ltd.
| | | 3,854,850 | | 4,893,848 |
| | | | | | 34,928,477 |
| ITALY — 4.6% | | | | | |
A2A SpA
| | | 5,114,365 | | 6,358,100 |
Eni SpA
| | | 1,183,809 | | 11,976,180 |
Terna Rete Elettrica Nazionale SpA
| | | 1,396,409 | | 8,840,854 |
| | | | | | 27,175,134 |
| JAPAN — 11.1% | | | | | |
Advance Residence Investment Corp. REIT
| | | 1,013 | | 2,941,740 |
Chugoku Electric Power Co., Inc. (a)
| | | 739,200 | | 10,325,725 |
Electric Power Development Co., Ltd.
| | | 352,800 | | 7,117,766 |
Frontier Real Estate Investment Corp. REIT
| | | 748 | | 2,109,823 |
GLP J-REIT
| | | 2,815 | | 3,170,803 |
Japan Excellent, Inc. REIT
| | | 1,339 | | 1,540,492 |
Japan Logistics Fund, Inc. REIT
| | | 1,215 | | 2,700,000 |
Japan Real Estate Investment Corp. REIT
| | | 360 | | 2,110,879 |
Japan Retail Fund Investment Corp. REIT
| | | 1,883 | | 2,131,468 |
Kenedix Office Investment Corp. REIT
| | | 414 | | 2,182,076 |
Kenedix Residential Next Investment Corp. REIT
| | | 1,040 | | 1,621,342 |
Mori Hills REIT Investment Corp.
| | | 1,857 | | 2,468,431 |
Nippon Accommodations Fund, Inc. REIT
| | | 433 | | 2,342,383 |
Nippon Prologis REIT, Inc.
| | | 1,042 | | 2,617,668 |
See accompanying notes to financial statements.
28
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Orix JREIT, Inc.
| | | 1,546 | | $2,033,551 |
Sankyo Co., Ltd.
| | | 124,800 | | 3,635,737 |
Tokio Marine Holdings, Inc.
| | | 116,100 | | 5,323,468 |
Toyota Motor Corp.
| | | 108,700 | | 6,545,864 |
United Urban Investment Corp. REIT
| | | 1,985 | | 1,976,634 |
| | | | | | 64,895,850 |
| MALAYSIA — 2.4% | | | | | |
Malayan Banking Bhd
| | | 4,566,000 | | 7,874,236 |
Public Bank Bhd
| | | 1,601,400 | | 5,894,042 |
| | | | | | 13,768,278 |
| NEW ZEALAND — 0.7% | | | | | |
Spark New Zealand, Ltd.
| | | 1,577,674 | | 3,820,799 |
| PORTUGAL — 1.7% | | | | | |
EDP - Energias de Portugal SA
| | | 2,482,595 | | 9,964,496 |
| SINGAPORE — 1.6% | | | | | |
SATS, Ltd.
| | | 1,119,200 | | 2,483,880 |
Singapore Exchange, Ltd.
| | | 1,083,800 | | 6,995,204 |
| | | | | | 9,479,084 |
| SOUTH AFRICA — 2.9% | | | | | |
Sanlam, Ltd.
| | | 1,591,973 | | 4,553,970 |
Shoprite Holdings, Ltd.
| | | 926,942 | | 6,487,556 |
SPAR Group, Ltd.
| | | 575,141 | | 5,852,848 |
| | | | | | 16,894,374 |
| SOUTH KOREA — 1.0% | | | | | |
Shinhan Financial Group Co., Ltd.
| | | 240,639 | | 5,653,490 |
| SPAIN — 7.6% | | | | | |
ACS Actividades de Construccion y Servicios SA
| | | 474,380 | | 9,272,951 |
Enagas SA
| | | 649,594 | | 12,897,524 |
Iberdrola SA
| | | 940,016 | | 9,266,393 |
Red Electrica Corp. SA
| | | 736,116 | | 13,218,069 |
| | | | | | 44,654,937 |
| SWITZERLAND — 9.2% | | | | | |
Cembra Money Bank AG
| | | 42,551 | | 3,922,845 |
Helvetia Holding AG
| | | 47,328 | | 4,074,645 |
Novartis AG
| | | 86,575 | | 7,144,864 |
PSP Swiss Property AG
| | | 33,766 | | 4,212,243 |
Roche Holding AG Bearer Shares
| | | 16,405 | | 5,259,502 |
SGS SA
| | | 2,627 | | 6,087,266 |
See accompanying notes to financial statements.
29
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Swiss Prime Site AG
| | | 54,831 | | $5,369,477 |
Swiss Re AG
| | | 89,936 | | 6,930,524 |
Swisscom AG (a)
| | | 20,330 | | 10,930,356 |
| | | | | | 53,931,722 |
| TAIWAN — 1.4% | | | | | |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | | 888,000 | | 8,045,633 |
| THAILAND — 3.2% | | | | | |
Land & Houses PCL NVDR
| | | 20,678,000 | | 4,221,607 |
Ratch Group PCL NVDR
| | | 4,004,200 | | 6,954,808 |
Siam Commercial Bank PCL NVDR
| | | 3,539,100 | | 7,468,048 |
| | | | | | 18,644,463 |
| UNITED KINGDOM — 5.6% | | | | | |
GlaxoSmithKline PLC
| | | 511,753 | | 9,610,868 |
Legal & General Group PLC
| | | 2,749,729 | | 6,609,368 |
Meggitt PLC
| | | 767,074 | | 2,761,141 |
Smiths Group PLC
| | | 320,043 | | 4,865,226 |
Unilever NV
| | | 154,079 | | 7,574,879 |
UNITE Group PLC REIT
| | | 138,769 | | 1,379,113 |
| | | | | | 32,800,595 |
TOTAL COMMON STOCKS
(Cost $728,135,985)
| | | | | 579,632,215 |
| | | | |
| SHORT-TERM INVESTMENTS — 1.1% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (b) (c)
| 445,901 | 445,500 |
State Street Navigator Securities Lending Portfolio II (d) (e)
| 6,050,348 | 6,050,348 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,495,759)
| 6,495,848 |
TOTAL INVESTMENTS — 100.2%
(Cost $734,631,744)
| 586,128,063 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%
| (1,002,848) |
NET ASSETS — 100.0%
| $585,125,215 |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (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, 2020 are shown in the Affiliate Table below. |
| (c) | The rate shown is the annualized seven-day yield at March 31, 2020. |
See accompanying notes to financial statements.
30
SPDR S&P INTERNATIONAL DIVIDEND ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| (d) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (e) | Investment of cash collateral for securities loaned. |
| 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 March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $579,632,215 | | $— | | $— | | $579,632,215 |
Short-Term Investments
| | 6,495,848 | | — | | — | | 6,495,848 |
TOTAL INVESTMENTS
| | $586,128,063 | | $— | | $— | | $586,128,063 |
Affiliate Table
| | Number of
Shares Held
at 9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 632,277 | | $632,340 | | $17,677,708 | | $17,862,172 | | $(2,465) | | $89 | | 445,901 | | $445,500 | | $4,240 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 133,340,250 | | 127,289,902 | | — | | — | | 6,050,348 | | 6,050,348 | | 31,195 |
State Street Navigator Securities Lending Portfolio III
| 40,980,688 | | 40,980,688 | | 15,932,418 | | 56,913,106 | | — | | — | | — | | — | | 3,906 |
Total
| | | $41,613,028 | | $166,950,376 | | $202,065,180 | | $(2,465) | | $89 | | | | $6,495,848 | | $39,341 |
See accompanying notes to financial statements.
31
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2020 (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*
| $1,543,937,306 | | $1,171,240,797 | | $275,679,403 |
Investments in affiliated issuers, at value
| 537,987 | | 13,260,016 | | 1,412,625 |
Total Investments
| 1,544,475,293 | | 1,184,500,813 | | 277,092,028 |
Foreign currency, at value
| 648,605 | | 5,815,194 | | 1,068,227 |
Receivable for investments sold
| 230 | | 645,247 | | — |
Dividends receivable — unaffiliated issuers
| 1,546,109 | | 5,517,257 | | 1,374,591 |
Dividends receivable — affiliated issuers
| 736 | | 717 | | 375 |
Securities lending income receivable — unaffiliated issuers
| — | | 19,378 | | 639 |
Securities lending income receivable — affiliated issuers
| — | | 14,902 | | 1,864 |
Receivable from Adviser
| — | | 48,072 | | — |
Receivable for foreign taxes recoverable
| 9,105,647 | | 2,466,268 | | 18,726 |
Other Receivable
| 21,910 | | — | | 27,731 |
TOTAL ASSETS
| 1,555,798,530 | | 1,199,027,848 | | 279,584,181 |
| LIABILITIES | | | | | |
Due to custodian
| 230 | | 4,268,645 | | 27,730 |
Payable upon return of securities loaned
| — | | 13,260,016 | | 1,066,449 |
Payable for investments purchased
| — | | 3,599 | | — |
Advisory fee payable
| 394,845 | | 393,211 | | 132,547 |
Trustees’ fees and expenses payable
| 5,985 | | 2,356 | | 918 |
Accrued expenses and other liabilities
| — | | 32,882 | | — |
TOTAL LIABILITIES
| 401,060 | | 17,960,709 | | 1,227,644 |
NET ASSETS
| $1,555,397,470 | | $1,181,067,139 | | $278,356,537 |
| NET ASSETS CONSIST OF: | | | | | |
Paid-in Capital
| $2,631,117,220 | | $1,561,397,118 | | $630,057,513 |
Total distributable earnings (loss)
| (1,075,719,750) | | (380,329,979) | | (351,700,976) |
NET ASSETS
| $1,555,397,470 | | $1,181,067,139 | | $278,356,537 |
| NET ASSET VALUE PER SHARE | | | | | |
Net asset value per share
| $29.71 | | $19.85 | | $22.36 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 52,350,967 | | 59,499,982 | | 12,450,000 |
| COST OF INVESTMENTS: | | | | | |
Investments in unaffiliated issuers
| $2,148,558,380 | | $1,459,753,628 | | $399,694,209 |
Investments in affiliated issuers
| 537,726 | | 13,260,016 | | 1,412,625 |
Total cost of investments
| $2,149,096,106 | | $1,473,013,644 | | $401,106,834 |
Foreign currency, at cost
| $638,202 | | $5,870,723 | | $1,074,737 |
* Includes investments in securities on loan, at value
| $— | | $36,550,493 | | $5,354,827 |
See accompanying notes to financial statements.
32
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)
March 31, 2020 (Unaudited)
| | SPDR S&P Emerging Markets Small Cap ETF | | SPDR S&P International Dividend ETF |
| ASSETS | | | |
Investments in unaffiliated issuers, at value*
| $385,326,113 | | $579,632,215 |
Investments in affiliated issuers, at value
| 7,622,947 | | 6,495,848 |
Total Investments
| 392,949,060 | | 586,128,063 |
Foreign currency, at value
| 1,936,442 | | 1,030,384 |
Cash
| 40 | | — |
Receivable for investments sold
| — | | 55 |
Dividends receivable — unaffiliated issuers
| 549,890 | | 3,112,911 |
Dividends receivable — affiliated issuers
| 732 | | 597 |
Securities lending income receivable — unaffiliated issuers
| 49,869 | | 8,700 |
Securities lending income receivable — affiliated issuers
| 35,079 | | 5,295 |
Receivable for foreign taxes recoverable
| 8,884 | | 1,754,314 |
TOTAL ASSETS
| 395,529,996 | | 592,040,319 |
| LIABILITIES | | | |
Payable upon return of securities loaned
| 6,998,700 | | 6,050,348 |
Payable for investments purchased
| 3 | | 623,773 |
Advisory fee payable
| 235,514 | | 240,463 |
Trustees’ fees and expenses payable
| 613 | | 520 |
TOTAL LIABILITIES
| 7,234,830 | | 6,915,104 |
NET ASSETS
| $388,295,166 | | $585,125,215 |
| NET ASSETS CONSIST OF: | | | |
Paid-in Capital
| $684,420,208 | | $1,162,136,393 |
Total distributable earnings (loss)
| (296,125,042) | | (577,011,178) |
NET ASSETS
| $388,295,166 | | $585,125,215 |
| NET ASSET VALUE PER SHARE | | | |
Net asset value per share
| $32.91 | | $30.63 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 11,800,000 | | 19,101,326 |
| COST OF INVESTMENTS: | | | |
Investments in unaffiliated issuers
| $592,465,354 | | $728,135,985 |
Investments in affiliated issuers
| 7,623,265 | | 6,495,759 |
Total cost of investments
| $600,088,619 | | $734,631,744 |
Foreign currency, at cost
| $1,957,404 | | $1,028,434 |
* Includes investments in securities on loan, at value
| $19,410,814 | | $24,147,210 |
See accompanying notes to financial statements.
33
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2020 (Unaudited)
| | SPDR EURO STOXX 50 ETF | | SPDR MSCI ACWI ex-US ETF |
| INVESTMENT INCOME | | | |
Dividend income — unaffiliated issuers
| $14,185,219 | | $19,679,117 |
Dividend income — affiliated issuers
| 6,558 | | 18,972 |
Dividend income — non-cash transactions
| 815,589 | | — |
Unaffiliated securities lending income
| 24,619 | | 112,408 |
Affiliated securities lending income
| 21,946 | | 112,250 |
Foreign taxes withheld
| (1,923,748) | | (1,529,043) |
TOTAL INVESTMENT INCOME (LOSS)
| 13,130,183 | | 18,393,704 |
| EXPENSES | | | |
Advisory fee
| 3,007,398 | | 2,876,500 |
Trustees’ fees and expenses
| 13,762 | | 11,754 |
TOTAL EXPENSES
| 3,021,160 | | 2,888,254 |
Expenses waived/reimbursed by the Adviser
| — | | (350,166) |
NET EXPENSES
| 3,021,160 | | 2,538,088 |
NET INVESTMENT INCOME (LOSS)
| $10,109,023 | | $15,855,616 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | |
| Net realized gain (loss) on: | | | |
Investments — unaffiliated issuers
| (3,429,625) | | (15,936,718) |
Investments — affiliated issuers
| (2,168) | | 11 |
In-kind redemptions — unaffiliated issuers
| 15,484,469 | | 3,858,370 |
Foreign currency transactions
| (103,058) | | (380,218) |
Net realized gain (loss)
| 11,949,618 | | (12,458,555) |
| Net change in unrealized appreciation/depreciation on: | | | |
Investments — unaffiliated issuers
| (423,811,584) | | (276,948,818) |
Investment — affiliated issuers
| 261 | | — |
Foreign currency translations
| 82,408 | | (68,762) |
Net change in unrealized appreciation/depreciation
| (423,728,915) | | (277,017,580) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| (411,779,297) | | (289,476,135) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $(401,670,274) | | $(273,620,519) |
See accompanying notes to financial statements.
34
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
For the Six Months Ended March 31, 2020 (Unaudited)
| | SPDR S&P Emerging Markets Dividend ETF | | SPDR S&P Emerging Markets Small Cap ETF |
| INVESTMENT INCOME | | | |
Dividend income — unaffiliated issuers
| $4,893,345 | | $4,015,479 |
Dividend income — affiliated issuers
| 3,834 | | 8,972 |
Unaffiliated securities lending income
| 24,427 | | 304,191 |
Affiliated securities lending income
| 15,946 | | 248,321 |
Foreign taxes withheld
| (380,016) | | (401,656) |
TOTAL INVESTMENT INCOME (LOSS)
| 4,557,536 | | 4,175,307 |
| EXPENSES | | | |
Advisory fee
| 991,578 | | 1,665,911 |
Trustees’ fees and expenses
| 2,929 | | 3,348 |
TOTAL EXPENSES
| 994,507 | | 1,669,259 |
NET INVESTMENT INCOME (LOSS)
| $3,563,029 | | $2,506,048 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | |
| Net realized gain (loss) on: | | | |
Investments — unaffiliated issuers*
| 1,631,297 | | (6,297,056) |
Investments — affiliated issuers
| (995) | | (737) |
In-kind redemptions — unaffiliated issuers
| (4,389,246) | | 1,425,759 |
Foreign currency transactions
| (94,274) | | (9,191) |
Net realized gain (loss)
| (2,853,218) | | (4,881,225) |
| Net change in unrealized appreciation/depreciation on: | | | |
Investments — unaffiliated issuers
| (99,683,522) | | (110,898,172) |
Investment — affiliated issuers
| — | | (318) |
Foreign currency translations
| (43,947) | | (39,790) |
Net change in unrealized appreciation/depreciation
| (99,727,469) | | (110,938,280) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| (102,580,687) | | (115,819,505) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $(99,017,658) | | $(113,313,457) |
* Includes foreign capital gain taxes
| $— | | $9,694 |
See accompanying notes to financial statements.
35
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
For the Six Months Ended March 31, 2020 (Unaudited)
| | SPDR S&P International Dividend ETF |
| INVESTMENT INCOME | |
Dividend income — unaffiliated issuers
| $12,001,722 |
Dividend income — affiliated issuers
| 4,240 |
Dividend income — non-cash transactions
| 992,144 |
Unaffiliated securities lending income
| 40,035 |
Affiliated securities lending income
| 35,101 |
Foreign taxes withheld
| (1,260,658) |
TOTAL INVESTMENT INCOME (LOSS)
| 11,812,584 |
| EXPENSES | |
Advisory fee
| 1,743,937 |
Trustees’ fees and expenses
| 6,361 |
TOTAL EXPENSES
| 1,750,298 |
NET INVESTMENT INCOME (LOSS)
| $10,062,286 |
| REALIZED AND UNREALIZED GAIN (LOSS) | |
| Net realized gain (loss) on: | |
Investments — unaffiliated issuers
| 10,284,682 |
Investments — affiliated issuers
| (2,465) |
In-kind redemptions — unaffiliated issuers
| (6,210,773) |
Foreign currency transactions
| (96,037) |
Net realized gain (loss)
| 3,975,407 |
| Net change in unrealized appreciation/depreciation on: | |
Investments — unaffiliated issuers
| (165,856,077) |
Investment — affiliated issuers
| 89 |
Foreign currency translations
| 11,076 |
Net change in unrealized appreciation/depreciation
| (165,844,912) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| (161,869,505) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $(151,807,219) |
See accompanying notes to financial statements.
36
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
| | SPDR EURO STOXX 50 ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $10,109,023 | | $67,089,679 |
Net realized gain (loss)
| 11,949,618 | | (50,839,764) |
Net change in unrealized appreciation/depreciation
| (423,728,915) | | (52,208,313) |
Net increase (decrease) in net assets resulting from operations
| (401,670,274) | | (35,958,398) |
Net equalization credits and charges
| (7,861) | | (471,589) |
Distributions to shareholders
| (10,982,469) | | (67,649,383) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 109,182,392 | | 85,304,775 |
Cost of shares redeemed
| (191,439,393) | | (1,039,769,068) |
Net income equalization
| 7,861 | | 471,589 |
Net increase (decrease) in net assets from beneficial interest transactions
| (82,249,140) | | (953,992,704) |
Net increase (decrease) in net assets during the period
| (494,909,744) | | (1,058,072,074) |
Net assets at beginning of period
| 2,050,307,214 | | 3,108,379,288 |
NET ASSETS AT END OF PERIOD
| $1,555,397,470 | | $2,050,307,214 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 3,300,000 | | 2,300,000 |
Shares redeemed
| (5,200,000) | | (29,100,000) |
Net increase (decrease)
| (1,900,000) | | (26,800,000) |
See accompanying notes to financial statements.
37
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR MSCI ACWI ex-US ETF |
| | Six Months
Ended
3/31/20(a)
(Unaudited) | | Year Ended
9/30/19(a) |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $15,855,616 | | $53,085,832 |
Net realized gain (loss)
| (12,458,555) | | 34,067,777 |
Net change in unrealized appreciation/depreciation
| (277,017,580) | | (74,578,040) |
Net increase (decrease) in net assets resulting from operations
| (273,620,519) | | 12,575,569 |
Distributions to shareholders
| (27,440,426) | | (50,217,847) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| — | | 371,934,501 |
Cost of shares redeemed
| (201,024,313) | | (202,097,483) |
Other Capital
| 39,832 | | 25,873 |
Net increase (decrease) in net assets from beneficial interest transactions
| (200,984,481) | | 169,862,891 |
Net increase (decrease) in net assets during the period
| (502,045,426) | | 132,220,613 |
Net assets at beginning of period
| 1,683,112,565 | | 1,550,891,952 |
NET ASSETS AT END OF PERIOD
| $1,181,067,139 | | $1,683,112,565 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| — | | 16,500,009 |
Shares redeemed
| (10,400,000) | | (8,700,027) |
Net increase (decrease)
| (10,400,000) | | 7,799,982 |
| (a) On September 20, 2019, the SPDR MSCI ACWI ex-US ETF underwent a 3-for-2 share split. The capital share activity presented here has been retroactively adjusted to reflect this split. See Note 11. |
See accompanying notes to financial statements.
38
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR S&P Emerging Markets Dividend ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $3,563,029 | | $17,762,687 |
Net realized gain (loss)
| (2,853,218) | | 10,002,933 |
Net change in unrealized appreciation/depreciation
| (99,727,469) | | (23,369,878) |
Net increase (decrease) in net assets resulting from operations
| (99,017,658) | | 4,395,742 |
Net equalization credits and charges
| (101,516) | | (370,202) |
Distributions to shareholders
| (3,402,963) | | (17,333,681) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| — | | 163,474,358 |
Cost of shares redeemed
| (30,078,513) | | (142,833,612) |
Net income equalization
| 101,516 | | 370,202 |
Other Capital
| 45,036 | | 180,805 |
Net increase (decrease) in net assets from beneficial interest transactions
| (29,931,961) | | 21,191,753 |
Voluntary Contribution from an Affiliate (Note 3)
| — | | 82,258 |
Net increase (decrease) in net assets during the period
| (132,454,098) | | 7,965,870 |
Net assets at beginning of period
| 410,810,635 | | 402,844,765 |
NET ASSETS AT END OF PERIOD
| $278,356,537 | | $410,810,635 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| — | | 5,200,000 |
Shares redeemed
| (1,250,000) | | (4,550,000) |
Net increase (decrease)
| (1,250,000) | | 650,000 |
See accompanying notes to financial statements.
39
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR S&P
Emerging Markets Small Cap ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $2,506,048 | | $12,423,564 |
Net realized gain (loss)
| (4,881,225) | | (5,756,530) |
Net change in unrealized appreciation/depreciation
| (110,938,280) | | (5,761,789) |
Net increase (decrease) in net assets resulting from operations
| (113,313,457) | | 905,245 |
Distributions to shareholders
| (9,879,243) | | (14,381,108) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 16,944,765 | | 85,774,619 |
Cost of shares redeemed
| (27,572,826) | | (21,720,102) |
Other Capital
| 64,186 | | 124,166 |
Net increase (decrease) in net assets from beneficial interest transactions
| (10,563,875) | | 64,178,683 |
Net increase (decrease) in net assets during the period
| (133,756,575) | | 50,702,820 |
Net assets at beginning of period
| 522,051,741 | | 471,348,921 |
NET ASSETS AT END OF PERIOD
| $388,295,166 | | $522,051,741 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 400,000 | | 2,000,000 |
Shares redeemed
| (600,000) | | (500,000) |
Net increase (decrease)
| (200,000) | | 1,500,000 |
See accompanying notes to financial statements.
40
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR S&P International Dividend ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $10,062,286 | | $31,441,584 |
Net realized gain (loss)
| 3,975,407 | | (14,196,737) |
Net change in unrealized appreciation/depreciation
| (165,844,912) | | 35,569,504 |
Net increase (decrease) in net assets resulting from operations
| (151,807,219) | | 52,814,351 |
Net equalization credits and charges
| 487,169 | | (293,686) |
Distributions to shareholders
| (16,931,203) | | (35,674,688) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 3,982,043 | | 27,707,699 |
Cost of shares redeemed
| (31,679,673) | | (125,213,487) |
Net income equalization
| (487,169) | | 293,686 |
Other Capital
| 4,935 | | 12,844 |
Net increase (decrease) in net assets from beneficial interest transactions
| (28,179,864) | | (97,199,258) |
Net increase (decrease) in net assets during the period
| (196,431,117) | | (80,353,281) |
Net assets at beginning of period
| 781,556,332 | | 861,909,613 |
NET ASSETS AT END OF PERIOD
| $585,125,215 | | $781,556,332 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 100,000 | | 750,000 |
Shares redeemed
| (1,050,000) | | (3,350,000) |
Net increase (decrease)
| (950,000) | | (2,600,000) |
See accompanying notes to financial statements.
41
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
| | SPDR EURO STOXX 50 ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $37.79 | | $38.35 | | $41.30 | | $32.76 | | $33.77 | | $39.88 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.19 | | 1.02 | | 1.17 | | 1.04 | | 1.05 | | 1.20 |
Net realized and unrealized gain (loss) (b)
| (8.07) | | (0.49) | | (2.89) | | 8.34 | | (0.83) | | (6.11) |
Total from investment operations
| (7.88) | | 0.53 | | (1.72) | | 9.38 | | 0.22 | | (4.91) |
Net equalization credits and charges (a)
| (0.00)(c) | | (0.01) | | (0.08) | | 0.13 | | (0.06) | | (0.01) |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.20) | | (1.08) | | (1.15) | | (0.97) | | (1.17) | | (1.19) |
Net asset value, end of period
| $29.71 | | $37.79 | | $38.35 | | $41.30 | | $32.76 | | $33.77 |
Total return (d)
| (20.93)% | | 1.43% | | (4.40)% | | 29.30% | | 0.62% | | (12.60)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $1,555,397 | | $2,050,307 | | $3,108,379 | | $4,555,667 | | $2,538,715 | | $4,044,421 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.29%(e) | | 0.29% | | 0.29% | | 0.29% | | 0.29% | | 0.29% |
Net investment income (loss)
| 0.97%(e) | | 2.80% | | 2.89% | | 2.83% | | 3.13% | | 3.16% |
Portfolio turnover rate (f)
| 1%(g) | | 6% | | 7% | | 4% | | 7% | | 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) | 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.
42
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
3/31/20
(Unaudited) | | Year
Ended
9/30/19(a) | | Year
Ended
9/30/18(a) | | Year
Ended
9/30/17(a) | | Year
Ended
9/30/16(a) | | Year
Ended
9/30/15(a) |
Net asset value, beginning of period
| $24.08 | | $24.97 | | $25.11 | | $21.56 | | $20.21 | | $23.39 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (b)
| 0.23 | | 0.76 | | 0.67 | | 0.60 | | 0.58 | | 0.63 |
Net realized and unrealized gain (loss) (c)
| (4.07) | | (0.95) | | (0.21) | | 3.48 | | 1.33 | | (3.28) |
Total from investment operations
| (3.84) | | (0.19) | | 0.46 | | 4.08 | | 1.91 | | (2.65) |
Other capital
| 0.00(d) | | 0.00(d) | | 0.00(d) | | (0.00)(d) | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.39) | | (0.70) | | (0.60) | | (0.53) | | (0.56) | | (0.53) |
Net asset value, end of period
| $19.85 | | $24.08 | | $24.97 | | $25.11 | | $21.56 | | $20.21 |
Total return (e)
| (16.30)% | | (0.61)% | | 1.76% | | 19.24% | | 9.66% | | (11.58)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $1,181,067 | | $1,683,113 | | $1,550,892 | | $1,461,775 | | $847,299 | | $715,311 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.34%(f) | | 0.34% | | 0.34% | | 0.34% | | 0.34% | | 0.34% |
Net expenses
| 0.30%(f) | | 0.30% | | 0.30% | | 0.30% | | 0.30% | | 0.32% |
Net investment income (loss)
| 1.87%(f) | | 3.20% | | 2.61% | | 2.62% | | 2.80% | | 2.74% |
Portfolio turnover rate (g)
| 1%(h) | | 3% | | 3% | | 3% | | 7% | | 8% |
| (a) | On September 20, 2019, the SPDR MSCI ACWI ex-US ETF underwent a 3-for-2 share split. The per share activity presented here has been retroactively adjusted to reflect this split. See Note 11. |
| (b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (c) | Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund. |
| (d) | Amount is less than $0.005 per share. |
| (e) | Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation. |
| (f) | Annualized. |
| (g) | Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions. |
| (h) | Not annualized. |
See accompanying notes to financial statements.
43
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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $29.99 | | $30.87 | | $30.31 | | $27.40 | | $25.06 | | $36.66 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.26 | | 1.25 | | 1.05 | | 1.18 | | 1.28 | | 1.44 |
Net realized and unrealized gain (loss) (b)
| (7.62) | | (0.87) | | 0.57 | | 2.70 | | 2.29 | | (11.68) |
Total from investment operations
| (7.36) | | 0.38 | | 1.62 | | 3.88 | | 3.57 | | (10.24) |
Net equalization credits and charges (a)
| (0.01) | | (0.03) | | (0.01) | | 0.04 | | 0.04 | | (0.03) |
Voluntary Contribution from an Affiliate (Note 3)
| — | | 0.01 | | — | | — | | — | | — |
Other capital
| 0.00(c) | | 0.01 | | 0.00(c) | | 0.00(c) | | 0.02 | | 0.01 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.26) | | (1.25) | | (1.05) | | (1.01) | | (1.29) | | (1.34) |
Net asset value, end of period
| $22.36 | | $29.99 | | $30.87 | | $30.31 | | $27.40 | | $25.06 |
Total return (d)
| (24.65)% | | 1.09%(e) | | 5.26% | | 14.47% | | 14.70% | | (28.56)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $278,357 | | $410,811 | | $402,845 | | $422,858 | | $300,042 | | $298,163 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.49%(f) | | 0.49% | | 0.49% | | 0.49% | | 0.49% | | 0.53% |
Net investment income (loss)
| 1.76%(f) | | 4.00% | | 3.21% | | 4.05% | | 4.91% | | 4.32% |
Portfolio turnover rate (g)
| 12%(h) | | 73% | | 55% | | 123% | | 48% | | 78% |
| (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 year ended September 30, 2019, the total return would have been 1.06%. 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.
44
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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $43.50 | | $44.89 | | $49.42 | | $42.74 | | $37.00 | | $48.31 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.21 | | 1.12 | | 1.19 | | 1.04 | | 0.89 | | 1.01 |
Net realized and unrealized gain (loss) (b)
| (9.97) | | (1.21) | | (4.25) | | 6.61 | | 5.84 | | (11.19) |
Total from investment operations
| (9.76) | | (0.09) | | (3.06) | | 7.65 | | 6.73 | | (10.18) |
Other capital
| 0.01 | | 0.01 | | 0.01 | | 0.03 | | 0.04 | | 0.04 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.84) | | (1.31) | | (1.48) | | (1.00) | | (1.03) | | (1.17) |
Total distributions
| (0.84) | | (1.31) | | — | | — | | — | | — |
Net asset value, end of period
| $32.91 | | $43.50 | | $44.89 | | $49.42 | | $42.74 | | $37.00 |
Total return (c)
| (22.98)% | | (0.07)% | | (6.49)% | | 18.46% | | 18.67% | | (21.38)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $388,295 | | $522,052 | | $471,349 | | $479,338 | | $320,556 | | $373,681 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.65%(d) | | 0.65% | | 0.65% | | 0.65% | | 0.65% | | 0.65% |
Net investment income (loss)
| 0.98%(d) | | 2.58% | | 2.37% | | 2.30% | | 2.29% | | 2.26% |
Portfolio turnover rate (e)
| 3%(f) | | 23% | | 24% | | 34% | | 19% | | 12% |
| (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.
45
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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $38.98 | | $38.05 | | $40.25 | | $36.61 | | $33.95 | | $46.33 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.50 | | 1.47 | | 1.50 | | 1.51 | | 1.68 | | 2.05 |
Net realized and unrealized gain (loss) (b)
| (8.02) | | 1.16 | | (1.95) | | 4.13 | | 2.56 | | (12.36) |
Total from investment operations
| (7.52) | | 2.63 | | (0.45) | | 5.64 | | 4.24 | | (10.31) |
Net equalization credits and charges (a)
| 0.02 | | (0.01) | | (0.12) | | (0.01) | | 0.05 | | (0.01) |
Other capital
| 0.00(c) | | 0.00(c) | | (0.00)(c) | | 0.00(c) | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.85) | | (1.69) | | (1.63) | | (1.99) | | (1.63) | | (2.06) |
Net asset value, end of period
| $30.63 | | $38.98 | | $38.05 | | $40.25 | | $36.61 | | $33.95 |
Total return (d)
| (19.59)% | | 7.12% | | (1.49)% | | 15.84% | | 12.98% | | (22.86)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $585,125 | | $781,556 | | $861,910 | | $1,251,962 | | $1,010,508 | | $974,416 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.45%(e) | | 0.45% | | 0.45% | | 0.45% | | 0.45% | | 0.46% |
Net investment income (loss)
| 2.60%(e) | | 3.89% | | 3.74% | | 3.95% | | 4.81% | | 4.84% |
Portfolio turnover rate (f)
| 12%(g) | | 66% | | 47% | | 122% | | 39% | | 76% |
| (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.
46
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
March 31, 2020 (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, 2020, the Trust consists of thirty (30) 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 |
Each Fund is classified as a diversified investment company under the 1940 Act.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
2. Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (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, 2020 (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, 2020, 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, 2020 (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, 2020, 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, 2020 (Unaudited)
The following Funds utilized equalization during the period ended March 31, 2020:
| SPDR EURO STOXX 50 ETF |
| SPDR S&P Emerging Markets Dividend ETF |
| SPDR S&P International Dividend ETF |
Distributions
The SPDR EURO STOXX 50 ETF, SPDR S&P Emerging Markets Dividend ETF and SPDR S&P International Dividend 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 a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:
| | Annual Rate |
SPDR 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 |
From time to time, the Adviser may also waive all or a portion of its Management fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
(excluding holdings in acquired funds for cash management purposes, if any) for each Fund until January 31, 2021. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. This waiver and/or reimbursement may not be terminated prior to January 31, 2021 except with the approval of the Board.
The Adviser pays all expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), litigation expenses, acquired fund fees and expenses, and other extraordinary expenses. The Adviser has contractually agreed to waive a portion of its Management/Advisory fee and/or reimburse certain expenses, until January 31, 2021, so that the net annual Fund operating expenses of the SPDR MSCI ACWI ex-US ETF, before application of any fees and expenses not paid by the Adviser under the Investment Advisory Agreement, if any, are limited to 0.30% of the Fund’s average daily net assets.
The contractual fee waiver and/or expense reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and the waiver and/or reimbursement may be canceled or modified at any time after January 31, 2021. The waiver and/or reimbursement may not be terminated prior to January 31, 2021 except with the approval of the Board. For the period ended March 31, 2020, the SPDR MSCI ACWI ex-US ETF waived $350,166.
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, as amended.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (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 Portfolio II, an affiliated 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, 2020 are disclosed in the Schedules of Investments.
For the period ended September 30, 2019, 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, 2020 (Unaudited)
5. Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended March 31, 2020, were as follows:
| | Purchases | | Sales |
SPDR EURO STOXX 50 ETF
| $16,592,424 | | $15,356,864 |
SPDR MSCI ACWI ex-US ETF
| 17,642,676 | | 45,165,205 |
SPDR S&P Emerging Markets Dividend ETF
| 46,385,025 | | 57,129,760 |
SPDR S&P Emerging Markets Small Cap ETF
| 15,512,992 | | 28,377,453 |
SPDR S&P International Dividend ETF
| 87,261,074 | | 95,671,977 |
For the period ended March 31, 2020, 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
| $107,118,315 | | $191,447,346 | | $15,484,469 |
SPDR MSCI ACWI ex-US ETF
| — | | 184,303,608 | | 3,858,370 |
SPDR S&P Emerging Markets Dividend ETF
| — | | 19,821,651 | | (4,389,246) |
SPDR S&P Emerging Markets Small Cap ETF
| 3,812,421 | | 9,748,043 | | 1,425,759 |
SPDR S&P International Dividend ETF
| 3,811,394 | | 30,093,362 | | (6,210,773) |
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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
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, 2019, 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, 2020, 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
| $2,150,264,935 | | $97,364,710 | | $703,154,352 | | $(605,789,642) |
SPDR MSCI ACWI ex-US ETF
| 1,478,381,981 | | 114,903,002 | | 408,784,170 | | (293,881,168) |
SPDR S&P Emerging Markets Dividend ETF
| 401,392,998 | | 7,706,926 | | 132,007,896 | | (124,300,970) |
SPDR S&P Emerging Markets Small Cap ETF
| 606,521,066 | | 24,987,390 | | 238,559,396 | | (213,572,006) |
SPDR S&P International Dividend ETF
| 740,435,903 | | 14,800,130 | | 169,107,970 | | (154,307,840) |
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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of March 31, 2020, 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, 2020:
| Fund | | Market Value of
Securities on Loan | | Cash
Collateral
Received | | Non-Cash
Collateral
Received* | | Total
Collateral
Received |
SPDR MSCI ACWI ex-US ETF
| | $ 36,550,493 | | $ 13,260,016 | | $ 24,521,969 | | $ 37,781,985 |
SPDR S&P Emerging Markets Dividend ETF
| | 5,354,827 | | 1,066,449 | | 4,426,068 | | 5,492,517 |
SPDR S&P Emerging Markets Small Cap ETF
| | 19,410,814 | | 6,998,700 | | 14,970,694 | | 21,969,394 |
SPDR S&P International Dividend ETF
| | 24,147,210 | | 6,050,348 | | 19,006,944 | | 25,057,292 |
| * | 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, 2020 (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, 2020:
| | | | | Remaining Contractual Maturity of the Agreements
As of March 31, 2020 |
| 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 MSCI ACWI ex-US ETF
| | Common Stocks | | $13,260,016 | | $— | | $— | | $— | | $13,260,016 | | $13,260,016 |
SPDR S&P Emerging Markets Dividend ETF
| | Common Stocks | | 1,066,449 | | — | | — | | — | | 1,066,449 | | 1,066,449 |
SPDR S&P Emerging Markets Small Cap ETF
| | Common Stocks | | 6,998,700 | | — | | — | | — | | 6,998,700 | | 6,998,700 |
SPDR S&P International Dividend ETF
| | Common Stocks | | 6,050,348 | | — | | — | | — | | 6,050,348 | | 6,050,348 |
9. Line of Credit
Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2020 unless extended or renewed.
The following Funds participate in the credit facility as of March 31, 2020:
| 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 Funds had no outstanding loans as of March 31, 2020.
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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (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
Each Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.
An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.
11. Stock Split
The Board authorized a 3-for-2 split for the SPDR MSCI ACWI ex-US ETF, effective after the close of trading on September 20, 2019 for the shareholders of record on September 18, 2019. The impact of the stock split was to increase the number of shares outstanding by a factor of 1.5, while decreasing the NAV of shares outstanding by a factor of 1.5, resulting in no effect to the net assets of the aforementioned Fund. The financial statements and financial highlights of the aforementioned Fund have been adjusted to reflect the stock split.
12. Subsequent Events
Change in Audit Firm
PricewaterhouseCoopers LLC (“PWC”) resigned as independent registered certified public accounting firm on April 20, 2020. On May 21, 2020, upon recommendation by the Audit Committee of the Trust, the Trust’s Board of Trustees selected Ernst & Young LLP (“EY”) to replace PWC as the independent public accountant for the fiscal year ending September 30, 2020.
The reports of PWC on the financial statements for the fiscal years ended September 30, 2019 and 2018 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.
During the fiscal years ended September 30, 2019 and 2018, and in the subsequent interim period through April 20, 2020, there were no disagreements between the Trust and PWC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which, if not resolved to the satisfaction of PWC, would have caused it to make reference to the disagreements in its report on the financial statements. In addition, during the fiscal years ended September 30, 2019 and 2018, and in the subsequent interim period through April 20, 2020, there were no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
The Trust requested and PWC furnished a letter addressed to the Securities and Exchange Commission stating whether or not it agreed with the above statements. A copy of such letter was filed as an Exhibit, under Item 13(a)(4), to Form N-CSR for the period ended March 31, 2020.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
During this period, neither the Trust nor anyone on its behalf consulted EY concerning (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Trust’s financial statements or (ii) the subject of a disagreement (as defined in paragraph (a)(1)(iv) of item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).
SPDR INDEX SHARES FUNDS
OTHER INFORMATION
March 31, 2020 (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, 2019 to March 31, 2020.
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, 2020 (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
| $790.70 | | $837.00 | | $753.50 |
Expenses Paid During Period(a)
| 1.30 | | 1.38 | | 2.15 |
| Hypothetical (assuming a 5% return before expenses): | | | | | |
Ending Account Value
| 1,023.60 | | 1,023.50 | | 1,022.60 |
Expenses Paid During Period(a)
| 1.47 | | 1.52 | | 2.48 |
| | SPDR S&P Emerging Markets Small Cap ETF | | SPDR S&P International Dividend ETF |
Annualized Expense Ratio
| 0.65% | | 0.45% |
| Actual: | | | |
Ending Account Value
| $770.20 | | $804.10 |
Expenses Paid During Period(a)
| 2.88 | | 2.03 |
| Hypothetical (assuming a 5% return before expenses): | | | |
Ending Account Value
| 1,021.80 | | 1,022.80 |
Expenses Paid During Period(a)
| 3.29 | | 2.28 |
| (a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 183, then divided by 366. |
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
March 31, 2020 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. The program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds’ liquidity risk management program. At a board meeting during the fiscal period, SSGA FM provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation, including:
| • | the program supported each Fund’s ability to honor redemption requests timely; |
| • | the program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions; |
| • | no material liquidity issues were identified during the period; |
| • | there were no material changes to the program during the period; |
| • | the implementation of the program was effective to manage each Fund’s liquidity risk; and |
| • | the program operated adequately during the period. |
There can be no assurance that the program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found atwww.spdrs.com.
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
March 31, 2020 (Unaudited)
Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC’s website 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 as an exhibit on Form N-PORT, which can be found on the SEC's website atwww.sec.gov. The Funds’ schedules of investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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
[This Page Intentionally Left Blank]
[This Page Intentionally Left Blank]
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
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.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., or 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
© 2020 State Street Corporation - All Rights Reserved
0515 Exp. Date: 11/30/2020 SPDRISINTLSAR
Semi-Annual Report
March 31, 2020
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, 2020
| | | |
| | Description | % of Net Assets | |
| | Prologis, Inc. REIT | 6.6% | |
| | Digital Realty Trust, Inc. REIT | 4.0 | |
| | Public Storage REIT | 3.3 | |
| | Equity Residential REIT | 2.4 | |
| | AvalonBay Communities, Inc. REIT | 2.3 | |
| | Welltower, Inc. REIT | 2.0 | |
| | Link REIT | 2.0 | |
| | Mitsui Fudosan Co., Ltd. | 1.9 | |
| | Simon Property Group, Inc. REIT | 1.9 | |
| | Essex Property Trust, Inc. REIT | 1.6 | |
| | TOTAL | 28.0% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Equity Real Estate Investment Trusts (REITs) | 86.2% | |
| | Real Estate Management & Development | 13.2 | |
| | Diversified Financial Services | 0.0* | |
| | Short-Term Investments | 0.4 | |
| | Other Assets in Excess of Liabilities | 0.2 | |
| | 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, 2020
| | | |
| | Description | % of Net Assets | |
| | Link REIT | 4.6% | |
| | Mitsui Fudosan Co., Ltd. | 4.4 | |
| | Deutsche Wohnen SE | 3.5 | |
| | Goodman Group REIT | 3.1 | |
| | Segro PLC REIT | 2.7 | |
| | Nippon Building Fund, Inc. REIT | 2.5 | |
| | Japan Real Estate Investment Corp. REIT | 2.1 | |
| | LEG Immobilien AG | 2.0 | |
| | Swiss Prime Site AG | 1.9 | |
| | Gecina SA REIT | 1.9 | |
| | TOTAL | 28.7% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Equity Real Estate Investment Trusts (REITs) | 68.3% | |
| | Real Estate Management & Development | 31.0 | |
| | Diversified Financial Services | 0.0* | |
| | Short-Term Investments | 1.8 | |
| | Liabilities in Excess of Other Assets | (1.1) | |
| | 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, 2020
| | | |
| | Description | % of Net Assets | |
| | Alibaba Group Holding, Ltd. ADR | 13.9% | |
| | Tencent Holdings, Ltd. | 12.9 | |
| | China Construction Bank Corp. Class H | 3.7 | |
| | Ping An Insurance Group Co. of China, Ltd. Class H | 2.5 | |
| | Industrial & Commercial Bank of China, Ltd. Class H | 2.5 | |
| | Meituan Dianping Class B | 2.0 | |
| | China Mobile, Ltd. | 1.9 | |
| | JD.com, Inc. ADR | 1.6 | |
| | Bank of China, Ltd. Class H | 1.4 | |
| | Baidu, Inc. ADR | 1.3 | |
| | TOTAL | 43.7% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Consumer Discretionary | 26.1% | |
| | Communication Services | 19.9 | |
| | Financials | 19.4 | |
| | Industrials | 6.4 | |
| | Information Technology | 5.5 | |
| | Real Estate | 5.4 | |
| | Consumer Staples | 4.8 | |
| | Health Care | 4.5 | |
| | Materials | 3.0 | |
| | Energy | 2.8 | |
| | Utilities | 2.1 | |
| | Short-Term Investments | 0.7 | |
| | Liabilities in Excess of Other Assets | (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.
3
SPDR S&P Global Natural Resources ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | BHP Group, Ltd. | 4.7% | |
| | Nutrien, Ltd. | 4.3 | |
| | TOTAL SA | 3.8 | |
| | Exxon Mobil Corp. | 3.7 | |
| | UPM-Kymmene Oyj | 3.6 | |
| | BP PLC | 3.3 | |
| | Chevron Corp. | 3.1 | |
| | Barrick Gold Corp. | 2.9 | |
| | Royal Dutch Shell PLC Class A | 2.8 | |
| | Vale SA ADR | 2.4 | |
| | TOTAL | 34.6% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2020
| | | |
| | | % of Net Assets | |
| | Metals & Mining | 34.1% | |
| | Oil, Gas & Consumable Fuels | 28.4 | |
| | Chemicals | 11.6 | |
| | Paper & Forest Products | 8.9 | |
| | Containers & Packaging | 8.0 | |
| | Food Products | 4.7 | |
| | Equity Real Estate Investment Trusts (REITs) | 1.6 | |
| | Household Products | 1.5 | |
| | Energy Equipment & Services | 0.5 | |
| | Short-Term Investments | 5.4 | |
| | Liabilities in Excess of Other Assets | (4.7) | |
| | 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, 2020
| | | |
| | Description | % of Net Assets | |
| | Seegene, Inc. | 0.5% | |
| | HelloFresh SE | 0.4 | |
| | Iwatani Corp. | 0.3 | |
| | Assura PLC REIT | 0.3 | |
| | Premier Investment Corp. REIT | 0.3 | |
| | Nikkon Holdings Co., Ltd. | 0.3 | |
| | Hanjin Kal Corp. | 0.2 | |
| | Shochiku Co., Ltd. | 0.2 | |
| | Nitto Boseki Co., Ltd. | 0.2 | |
| | Kiyo Bank, Ltd. | 0.2 | |
| | TOTAL | 2.9% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Industrials | 20.8% | |
| | Consumer Discretionary | 13.2 | |
| | Information Technology | 11.2 | |
| | Materials | 10.4 | |
| | Real Estate | 9.8 | |
| | Financials | 9.5 | |
| | Health Care | 8.9 | |
| | Consumer Staples | 7.0 | |
| | Communication Services | 3.8 | |
| | Energy | 2.5 | |
| | Utilities | 2.0 | |
| | Short-Term Investments | 5.4 | |
| | Liabilities in Excess of Other Assets | (4.5) | |
| | 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, 2020
| | | |
| | Description | % of Net Assets | |
| | Newmont Goldcorp Corp. | 10.7% | |
| | Chevron Corp. | 9.7 | |
| | Barrick Gold Corp. | 9.6 | |
| | Exxon Mobil Corp. | 9.3 | |
| | Franco-Nevada Corp. | 5.6 | |
| | Archer-Daniels-Midland Co. | 4.9 | |
| | Nutrien, Ltd. | 4.8 | |
| | Corteva, Inc. | 4.8 | |
| | Wheaton Precious Metals Corp. | 3.6 | |
| | ConocoPhillips | 3.4 | |
| | TOTAL | 66.4% | |
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of March 31, 2020
| | | |
| | | % of Net Assets | |
| | Metals & Mining | 42.0% | |
| | Oil, Gas & Consumable Fuels | 35.1 | |
| | Chemicals | 15.5 | |
| | Food Products | 6.9 | |
| | Short-Term Investments | 0.9 | |
| | Liabilities in Excess of Other Assets | (0.4) | |
| | 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, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.4% | | | | |
| AUSTRALIA — 3.6% | | | | | |
BWP Trust REIT
| | | 832,147 | | $1,706,208 |
Charter Hall Retail REIT
| | | 609,702 | | 1,160,553 |
Dexus REIT
| | | 1,847,201 | | 10,276,969 |
Goodman Group REIT
| | | 2,733,570 | | 20,244,292 |
GPT Group REIT
| | | 3,282,744 | | 7,293,410 |
Scentre Group REIT
| | | 9,075,033 | | 8,692,598 |
Shopping Centres Australasia Property Group REIT
| | | 1,601,031 | | 2,224,399 |
Vicinity Centres REIT
| | | 5,466,907 | | 3,463,132 |
| | | | | | 55,061,561 |
| AUSTRIA — 0.3% | | | | | |
CA Immobilien Anlagen AG
| | | 125,583 | | 4,230,337 |
| BELGIUM — 0.8% | | | | | |
Cofinimmo SA REIT
| | | 41,803 | | 5,467,508 |
Warehouses De Pauw CVA REIT
| | | 222,323 | | 6,384,015 |
| | | | | | 11,851,523 |
| BRAZIL — 0.3% | | | | | |
BR Malls Participacoes SA
| | | 1,480,921 | | 2,849,572 |
Multiplan Empreendimentos Imobiliarios SA
| | | 459,000 | | 1,688,528 |
| | | | | | 4,538,100 |
| CANADA — 1.2% | | | | | |
Allied Properties Real Estate Investment Trust
| | | 103,795 | | 3,262,577 |
Artis Real Estate Investment Trust
| | | 116,252 | | 651,766 |
Boardwalk Real Estate Investment Trust
| | | 40,064 | | 644,863 |
Canadian Apartment Properties REIT
| | | 142,614 | | 4,267,348 |
Dream Office Real Estate Investment Trust
| | | 48,907 | | 801,974 |
First Capital Real Estate Investment Trust
| | | 184,952 | | 1,771,101 |
Granite Real Estate Investment Trust
| | | 45,583 | | 1,861,622 |
H&R Real Estate Investment Trust
| | | 241,141 | | 1,512,902 |
RioCan Real Estate Investment Trust
| | | 263,998 | | 2,991,736 |
SmartCentres Real Estate Investment Trust
| | | 120,946 | | 1,600,887 |
| | | | | | 19,366,776 |
| FRANCE — 2.4% | | | | | |
Covivio REIT
| | | 75,542 | | 4,256,324 |
Gecina SA REIT
| | | 93,998 | | 12,448,918 |
Klepierre SA REIT
| | | 355,988 | | 6,862,982 |
Unibail-Rodamco-Westfield
| | | 1,145,304 | | 3,021,239 |
See accompanying notes to financial statements.
7
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Unibail-Rodamco-Westfield REIT
| | | 178,233 | | $10,083,395 |
| | | | | | 36,672,858 |
| GERMANY — 3.5% | | | | | |
alstria office REIT-AG
| | | 270,950 | | 3,876,792 |
Aroundtown SA
| | | 1,884,420 | | 9,416,218 |
Deutsche EuroShop AG
| | | 86,117 | | 988,385 |
Deutsche Wohnen SE
| | | 615,223 | | 23,431,113 |
Grand City Properties SA
| | | 174,936 | | 3,677,735 |
LEG Immobilien AG
| | | 117,536 | | 13,244,852 |
| | | | | | 54,635,095 |
| HONG KONG — 3.6% | | | | | |
Hang Lung Properties, Ltd.
| | | 3,217,018 | | 6,532,901 |
Hongkong Land Holdings, Ltd.
| | | 1,988,600 | | 7,457,250 |
Hysan Development Co., Ltd.
| | | 1,047,731 | | 3,406,420 |
Link REIT
| | | 3,577,482 | | 30,324,294 |
Wharf Real Estate Investment Co., Ltd. (a)
| | | 1,966,000 | | 8,091,370 |
| | | | | | 55,812,235 |
| JAPAN — 14.3% | | | | | |
Activia Properties, Inc. REIT
| | | 1,197 | | 3,869,696 |
Advance Residence Investment Corp. REIT
| | | 2,378 | | 6,905,683 |
Aeon Mall Co., Ltd.
| | | 176,200 | | 2,224,636 |
AEON REIT Investment Corp.
| | | 2,578 | | 2,471,613 |
Comforia Residential REIT, Inc.
| | | 1,004 | | 2,859,803 |
Daiwa House REIT Investment Corp.
| | | 3,371 | | 8,234,289 |
Daiwa Office Investment Corp. REIT
| | | 516 | | 2,848,743 |
Frontier Real Estate Investment Corp. REIT
| | | 840 | | 2,369,321 |
Fukuoka REIT Corp.
| | | 1,246 | | 1,290,378 |
Global One Real Estate Investment Corp. REIT
| | | 1,655 | | 1,390,473 |
GLP J-REIT
| | | 6,527 | | 7,351,982 |
Hoshino Resorts REIT, Inc.
| | | 379 | | 1,165,560 |
Hulic Co., Ltd.
| | | 850,500 | | 8,650,354 |
Hulic Reit, Inc.
| | | 1,991 | | 2,309,047 |
Industrial & Infrastructure Fund Investment Corp. REIT
| | | 3,050 | | 4,130,517 |
Invesco Office J-Reit, Inc.
| | | 15,313 | | 2,028,400 |
Invincible Investment Corp. REIT
| | | 10,346 | | 2,322,112 |
Japan Excellent, Inc. REIT
| | | 2,102 | | 2,418,308 |
Japan Hotel REIT Investment Corp.
| | | 7,610 | | 2,213,459 |
Japan Logistics Fund, Inc. REIT
| | | 1,557 | | 3,460,000 |
Japan Prime Realty Investment Corp. REIT
| | | 1,574 | | 4,738,548 |
Japan Real Estate Investment Corp. REIT
| | | 2,362 | | 13,849,715 |
See accompanying notes to financial statements.
8
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Japan Rental Housing Investments, Inc. REIT
| | | 2,822 | | $2,381,401 |
Japan Retail Fund Investment Corp. REIT
| | | 4,445 | | 5,031,532 |
Kenedix Office Investment Corp. REIT
| | | 729 | | 3,842,351 |
Kenedix Residential Next Investment Corp. REIT
| | | 1,561 | | 2,433,572 |
Kenedix Retail REIT Corp.
| | | 922 | | 1,304,149 |
LaSalle Logiport REIT
| | | 2,345 | | 3,167,070 |
Leopalace21 Corp. (a)(b)
| | | 417,600 | | 1,028,962 |
MCUBS MidCity Investment Corp. REIT
| | | 3,058 | | 2,166,986 |
Mirai Corp. REIT
| | | 2,927 | | 995,053 |
Mitsui Fudosan Co., Ltd.
| | | 1,670,100 | | 28,937,261 |
Mitsui Fudosan Logistics Park, Inc. REIT
| | | 674 | | 2,846,964 |
Mori Hills REIT Investment Corp.
| | | 2,752 | | 3,658,117 |
Mori Trust Sogo Reit, Inc.
| | | 1,658 | | 2,005,788 |
Nippon Accommodations Fund, Inc. REIT
| | | 833 | | 4,506,248 |
Nippon Building Fund, Inc. REIT
| | | 2,404 | | 16,122,421 |
Nippon Prologis REIT, Inc.
| | | 4,006 | | 10,063,704 |
NIPPON REIT Investment Corp.
| | | 774 | | 2,287,120 |
Nomura Real Estate Master Fund, Inc. REIT
| | | 7,755 | | 9,812,728 |
Orix JREIT, Inc.
| | | 4,700 | | 6,182,206 |
Premier Investment Corp. REIT
| | | 2,266 | | 2,499,936 |
Sekisui House Reit, Inc.
| | | 7,004 | | 4,489,619 |
Tokyu Fudosan Holdings Corp.
| | | 1,039,700 | | 4,988,788 |
Tokyu REIT, Inc.
| | | 1,599 | | 2,094,378 |
United Urban Investment Corp. REIT
| | | 5,309 | | 5,286,624 |
Unizo Holdings Co., Ltd. (b)
| | | 59,100 | | 3,268,278 |
| | | | | | 220,503,893 |
| MALTA — 0.0% (c) | | | | | |
BGP Holdings PLC (d)
| | | 1,313,937 | | — |
| MEXICO — 0.3% | | | | | |
Fibra Uno Administracion SA de CV REIT
| | | 5,092,445 | | 4,035,447 |
| NETHERLANDS — 0.1% | | | | | |
Eurocommercial Properties NV REIT
| | | 70,795 | | 685,913 |
Wereldhave NV REIT (a)
| | | 69,293 | | 507,132 |
| | | | | | 1,193,045 |
| PHILIPPINES — 0.7% | | | | | |
SM Prime Holdings, Inc.
| | | 19,200,300 | | 10,721,363 |
| ROMANIA — 0.2% | | | | | |
NEPI Rockcastle PLC
| | | 818,079 | | 3,435,382 |
| SINGAPORE — 3.5% | | | | | |
Ascendas Real Estate Investment Trust
| | | 5,108,023 | | 10,152,548 |
See accompanying notes to financial statements.
9
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
CapitaLand Commercial Trust REIT
| | | 4,859,708 | | $5,222,006 |
CapitaLand Mall Trust REIT
| | | 4,837,404 | | 6,081,366 |
CapitaLand, Ltd.
| | | 4,292,251 | | 8,591,435 |
Frasers Logistics & Industrial Trust REIT (a)
| | | 2,679,100 | | 1,665,206 |
Keppel REIT
| | | 3,311,912 | | 2,209,725 |
Mapletree Commercial Trust REIT
| | | 3,693,831 | | 4,747,488 |
Mapletree Industrial Trust REIT
| | | 2,608,200 | | 4,451,259 |
Mapletree Logistics Trust REIT
| | | 5,105,416 | | 5,665,314 |
Mapletree North Asia Commercial Trust REIT
| | | 3,682,900 | | 2,082,196 |
Suntec Real Estate Investment Trust
| | | 3,992,095 | | 3,504,666 |
| | | | | | 54,373,209 |
| SOUTH AFRICA — 0.3% | | | | | |
Growthpoint Properties, Ltd. REIT
| | | 5,112,275 | | 3,683,929 |
Hyprop Investments, Ltd. REIT
| | | 440,336 | | 468,443 |
Redefine Properties, Ltd. REIT
| | | 9,370,442 | | 1,243,446 |
| | | | | | 5,395,818 |
| SPAIN — 0.6% | | | | | |
Inmobiliaria Colonial Socimi SA REIT
| | | 418,987 | | 3,969,800 |
Merlin Properties Socimi SA REIT
| | | 623,914 | | 4,703,133 |
| | | | | | 8,672,933 |
| SWEDEN — 1.0% | | | | | |
Castellum AB
| | | 437,306 | | 7,415,183 |
Fabege AB
| | | 467,293 | | 6,004,057 |
Kungsleden AB
| | | 308,170 | | 2,332,807 |
| | | | | | 15,752,047 |
| SWITZERLAND — 1.4% | | | | | |
PSP Swiss Property AG
| | | 70,335 | | 8,774,156 |
Swiss Prime Site AG
| | | 129,501 | | 12,681,742 |
| | | | | | 21,455,898 |
| THAILAND — 0.2% | | | | | |
Central Pattana PCL NVDR
| | | 2,322,300 | | 3,025,164 |
| UNITED KINGDOM — 4.2% | | | | | |
British Land Co. PLC REIT
| | | 1,603,884 | | 6,686,131 |
Capital & Counties Properties PLC REIT
| | | 1,450,400 | | 2,983,585 |
Derwent London PLC REIT
| | | 179,295 | | 7,269,762 |
Grainger PLC
| | | 1,146,696 | | 3,685,425 |
Great Portland Estates PLC REIT
| | | 435,907 | | 3,681,906 |
Hammerson PLC REIT
| | | 1,340,607 | | 1,286,277 |
Intu Properties PLC REIT (a)(b)
| | | 1,569,640 | | 86,687 |
See accompanying notes to financial statements.
10
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Land Securities Group PLC REIT
| | | 1,280,491 | | $8,840,564 |
Segro PLC REIT
| | | 1,879,140 | | 17,801,506 |
Shaftesbury PLC REIT
| | | 375,725 | | 2,876,811 |
Tritax Big Box REIT PLC
| | | 2,931,222 | | 4,077,987 |
UNITE Group PLC REIT
| | | 618,714 | | 6,148,904 |
| | | | | | 65,425,545 |
| UNITED STATES — 56.9% | | | | | |
Acadia Realty Trust REIT
| | | 149,865 | | 1,856,827 |
American Assets Trust, Inc. REIT
| | | 82,528 | | 2,063,200 |
American Campus Communities, Inc. REIT
| | | 233,974 | | 6,492,778 |
American Homes 4 Rent Class A, REIT
| | | 436,948 | | 10,137,194 |
Americold Realty Trust REIT
| | | 328,739 | | 11,190,276 |
Apartment Investment & Management Co. Class A, REIT
| | | 255,377 | | 8,976,502 |
Apple Hospitality REIT, Inc.
| | | 356,389 | | 3,268,087 |
Ashford Hospitality Trust, Inc. REIT
| | | 153,115 | | 113,183 |
AvalonBay Communities, Inc. REIT
| | | 239,204 | | 35,203,653 |
Boston Properties, Inc. REIT
| | | 245,919 | | 22,681,109 |
Brandywine Realty Trust REIT
| | | 303,591 | | 3,193,777 |
Brixmor Property Group, Inc. REIT
| | | 507,028 | | 4,816,766 |
Camden Property Trust REIT
| | | 165,935 | | 13,148,689 |
CBL & Associates Properties, Inc. REIT (a)
| | | 317,684 | | 63,569 |
Chatham Lodging Trust REIT
| | | 82,932 | | 492,616 |
Columbia Property Trust, Inc. REIT
| | | 201,197 | | 2,514,963 |
CorePoint Lodging, Inc. REIT
| | | 70,493 | | 276,333 |
Corporate Office Properties Trust REIT
| | | 192,478 | | 4,259,538 |
Cousins Properties, Inc. REIT
| | | 249,943 | | 7,315,832 |
CubeSmart REIT
| | | 331,944 | | 8,892,780 |
DiamondRock Hospitality Co. REIT
| | | 344,469 | | 1,749,903 |
Digital Realty Trust, Inc. REIT
| | | 450,176 | | 62,533,948 |
Diversified Healthcare Trust REIT
| | | 409,372 | | 1,486,020 |
Douglas Emmett, Inc. REIT
| | | 282,722 | | 8,625,848 |
Duke Realty Corp. REIT
| | | 628,725 | | 20,358,115 |
Easterly Government Properties, Inc. REIT
| | | 125,999 | | 3,104,615 |
EastGroup Properties, Inc. REIT
| | | 65,425 | | 6,835,604 |
Empire State Realty Trust, Inc. Class A, REIT
| | | 256,982 | | 2,302,559 |
Equity Commonwealth REIT
| | | 207,659 | | 6,584,867 |
Equity LifeStyle Properties, Inc. REIT
| | | 311,489 | | 17,904,388 |
Equity Residential REIT
| | | 597,888 | | 36,895,668 |
Essex Property Trust, Inc. REIT
| | | 113,051 | | 24,898,352 |
Extra Space Storage, Inc. REIT
| | | 221,852 | | 21,244,548 |
Federal Realty Investment Trust REIT
| | | 120,407 | | 8,983,566 |
First Industrial Realty Trust, Inc. REIT
| | | 216,206 | | 7,184,525 |
See accompanying notes to financial statements.
11
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Franklin Street Properties Corp. REIT
| | | 187,854 | | $1,076,403 |
Front Yard Residential Corp. REIT (a)
| | | 85,859 | | 1,026,015 |
Healthcare Realty Trust, Inc. REIT
| | | 227,777 | | 6,361,812 |
Healthpeak Properties, Inc. REIT
| | | 846,633 | | 20,192,197 |
Hersha Hospitality Trust REIT
| | | 61,824 | | 221,330 |
Highwoods Properties, Inc. REIT
| | | 176,550 | | 6,253,401 |
Host Hotels & Resorts, Inc. REIT
| | | 1,227,030 | | 13,546,411 |
Hudson Pacific Properties, Inc. REIT
| | | 265,870 | | 6,742,463 |
Independence Realty Trust, Inc. REIT
| | | 153,677 | | 1,373,872 |
Invitation Homes, Inc. REIT
| | | 920,945 | | 19,680,595 |
JBG SMITH Properties REIT
| | | 200,996 | | 6,397,703 |
Kilroy Realty Corp. REIT
| | | 167,248 | | 10,653,698 |
Kimco Realty Corp. REIT
| | | 719,316 | | 6,955,786 |
Kite Realty Group Trust REIT
| | | 144,526 | | 1,368,661 |
Life Storage, Inc. REIT
| | | 79,484 | | 7,515,212 |
LTC Properties, Inc. REIT
| | | 68,376 | | 2,112,818 |
Macerich Co. REIT (a)
| | | 191,677 | | 1,079,142 |
Mack-Cali Realty Corp. REIT
| | | 155,771 | | 2,372,392 |
Mid-America Apartment Communities, Inc. REIT
| | | 195,124 | | 20,103,626 |
National Storage Affiliates Trust REIT
| | | 102,123 | | 3,022,841 |
Office Properties Income Trust REIT
| | | 82,971 | | 2,260,960 |
Paramount Group, Inc. REIT
| | | 346,944 | | 3,053,107 |
Park Hotels & Resorts, Inc. REIT
| | | 414,587 | | 3,279,383 |
Pebblebrook Hotel Trust REIT
| | | 227,083 | | 2,472,934 |
Pennsylvania Real Estate Investment Trust (a)
| | | 102,511 | | 93,449 |
Piedmont Office Realty Trust, Inc. Class A, REIT
| | | 216,752 | | 3,827,840 |
Prologis, Inc. REIT
| | | 1,264,038 | | 101,590,734 |
PS Business Parks, Inc. REIT
| | | 34,071 | | 4,617,302 |
Public Storage REIT
| | | 257,294 | | 51,101,161 |
QTS Realty Trust, Inc. Class A, REIT
| | | 98,882 | | 5,736,145 |
Regency Centers Corp. REIT
| | | 287,255 | | 11,039,210 |
Retail Opportunity Investments Corp. REIT
| | | 199,645 | | 1,655,057 |
Retail Properties of America, Inc. Class A, REIT
| | | 371,645 | | 1,921,405 |
Retail Value, Inc. REIT
| | | 25,013 | | 306,409 |
Rexford Industrial Realty, Inc. REIT
| | | 190,231 | | 7,801,373 |
RLJ Lodging Trust REIT
| | | 296,601 | | 2,289,760 |
RPT Realty REIT
| | | 138,304 | | 833,973 |
Ryman Hospitality Properties, Inc. REIT
| | | 94,413 | | 3,384,706 |
Seritage Growth Properties Class A, REIT (a)(b)
| | | 57,696 | | 525,611 |
Service Properties Trust REIT
| | | 285,313 | | 1,540,690 |
Simon Property Group, Inc. REIT
| | | 524,748 | | 28,787,675 |
SITE Centers Corp. REIT
| | | 256,749 | | 1,337,662 |
See accompanying notes to financial statements.
12
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
SL Green Realty Corp. REIT
| | | 138,913 | | $5,987,150 |
Summit Hotel Properties, Inc. REIT
| | | 180,986 | | 763,761 |
Sun Communities, Inc. REIT
| | | 158,552 | | 19,795,217 |
Sunstone Hotel Investors, Inc. REIT
| | | 387,489 | | 3,375,029 |
Tanger Factory Outlet Centers, Inc. REIT (a)
| | | 162,633 | | 813,165 |
Taubman Centers, Inc. REIT
| | | 105,209 | | 4,406,153 |
UDR, Inc. REIT
| | | 501,354 | | 18,319,475 |
Universal Health Realty Income Trust REIT
| | | 21,772 | | 2,194,835 |
Urban Edge Properties REIT
| | | 198,150 | | 1,745,702 |
Ventas, Inc. REIT
| | | 637,667 | | 17,089,476 |
Vornado Realty Trust REIT
| | | 271,646 | | 9,836,302 |
Washington Prime Group, Inc. REIT (a)
| | | 321,137 | | 258,547 |
Washington Real Estate Investment Trust
| | | 138,690 | | 3,310,530 |
Weingarten Realty Investors REIT
| | | 208,507 | | 3,008,756 |
Welltower, Inc. REIT
| | | 694,952 | | 31,814,903 |
Xenia Hotels & Resorts, Inc. REIT
| | | 193,877 | | 1,996,933 |
| | | | | | 879,879,056 |
TOTAL COMMON STOCKS
(Cost $1,971,432,650)
| | | | | 1,536,037,285 |
| | | | |
| SHORT-TERM INVESTMENTS — 0.4% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (e) (f)
| 2,784,364 | 2,781,858 |
State Street Navigator Securities Lending Portfolio II (g) (h)
| 3,184,253 | 3,184,253 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,965,721)
| 5,966,111 |
TOTAL INVESTMENTS — 99.8%
(Cost $1,977,398,371)
| 1,542,003,396 |
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%
| 3,028,400 |
NET ASSETS — 100.0%
| $1,545,031,796 |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (b) | Non-income producing security. |
| (c) | Amount is less than 0.05% of net assets. |
| (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, 2020, total aggregate fair value of these securities is $0, representing 0.0% of the Fund's 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, 2020 are shown in the Affiliate Table below. |
See accompanying notes to financial statements.
13
SPDR DOW JONES GLOBAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| (f) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (g) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (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 the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $1,536,037,285 | | $— | | $0(a) | | $1,536,037,285 |
Short-Term Investments
| | 5,966,111 | | — | | — | | 5,966,111 |
TOTAL INVESTMENTS
| | $1,542,003,396 | | $— | | $0 | | $1,542,003,396 |
| (a) | The Fund held a Level 3 security that was valued at $0 at March 31, 2020. |
Affiliate Table
| | Number of
Shares Held
at 9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 3,235,062 | | $3,235,385 | | $78,324,663 | | $78,774,257 | | $(4,260) | | $327 | | 2,784,364 | | $2,781,858 | | $20,299 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 169,388,440 | | 166,204,187 | | — | | — | | 3,184,253 | | 3,184,253 | | 123,543 |
State Street Navigator Securities Lending Portfolio III
| 5,956,024 | | 5,956,024 | | 2,937,211 | | 8,893,235 | | — | | — | | — | | — | | 15,425 |
Total
| | | $9,191,409 | | $250,650,314 | | $253,871,679 | | $(4,260) | | $327 | | | | $5,966,111 | | $159,267 |
See accompanying notes to financial statements.
14
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.3% | | | | |
| AUSTRALIA — 8.3% | | | | | |
BWP Trust REIT
| | | 1,475,177 | | $3,024,656 |
Charter Hall Retail REIT
| | | 1,087,670 | | 2,070,354 |
Dexus REIT
| | | 3,305,828 | | 18,392,093 |
Goodman Group REIT
| | | 4,889,590 | | 36,211,360 |
GPT Group REIT
| | | 5,877,872 | | 13,059,116 |
Scentre Group REIT
| | | 16,243,811 | | 15,559,272 |
Shopping Centres Australasia Property Group REIT
| | | 2,861,558 | | 3,975,717 |
Vicinity Centres REIT
| | | 9,766,261 | | 6,186,652 |
| | | | | | 98,479,220 |
| AUSTRIA — 0.6% | | | | | |
CA Immobilien Anlagen AG
| | | 222,212 | | 7,485,342 |
| BELGIUM — 1.8% | | | | | |
Cofinimmo SA REIT
| | | 74,642 | | 9,762,595 |
Warehouses De Pauw CVA REIT
| | | 393,161 | | 11,289,635 |
| | | | | | 21,052,230 |
| BRAZIL — 0.7% | | | | | |
BR Malls Participacoes SA
| | | 2,713,897 | | 5,222,052 |
Multiplan Empreendimentos Imobiliarios SA
| | | 843,640 | | 3,103,507 |
| | | | | | 8,325,559 |
| CANADA — 2.9% | | | | | |
Allied Properties Real Estate Investment Trust
| | | 182,903 | | 5,749,169 |
Artis Real Estate Investment Trust
| | | 206,228 | | 1,156,216 |
Boardwalk Real Estate Investment Trust
| | | 69,150 | | 1,113,027 |
Canadian Apartment Properties REIT
| | | 252,267 | | 7,548,425 |
Dream Office Real Estate Investment Trust
| | | 83,994 | | 1,377,328 |
First Capital Real Estate Investment Trust
| | | 328,109 | | 3,141,972 |
Granite Real Estate Investment Trust
| | | 80,819 | | 3,300,670 |
H&R Real Estate Investment Trust
| | | 427,516 | | 2,682,206 |
RioCan Real Estate Investment Trust
| | | 472,379 | | 5,353,197 |
SmartCentres Real Estate Investment Trust
| | | 214,388 | | 2,837,721 |
| | | | | | 34,259,931 |
| FRANCE — 5.6% | | | | | |
Covivio REIT
| | | 135,061 | | 7,609,851 |
Gecina SA REIT
| | | 167,302 | | 22,157,163 |
Klepierre SA REIT
| | | 637,782 | | 12,295,601 |
Unibail-Rodamco-Westfield (a)
| | | 2,509,368 | | 6,619,553 |
Unibail-Rodamco-Westfield REIT (a)
| | | 8,552 | | 483,823 |
See accompanying notes to financial statements.
15
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Unibail-Rodamco-Westfield REIT (a)(b)
| | | 289,365 | | $16,370,602 |
| | | | | | 65,536,593 |
| GERMANY — 8.2% | | | | | |
alstria office REIT-AG
| | | 479,439 | | 6,859,883 |
Aroundtown SA
| | | 3,374,048 | | 16,859,707 |
Deutsche EuroShop AG
| | | 152,697 | | 1,752,540 |
Deutsche Wohnen SE
| | | 1,097,418 | | 41,795,781 |
Grand City Properties SA
| | | 308,956 | | 6,495,280 |
LEG Immobilien AG
| | | 209,208 | | 23,575,151 |
| | | | | | 97,338,342 |
| HONG KONG — 8.5% | | | | | |
Hang Lung Properties, Ltd.
| | | 5,748,755 | | 11,674,180 |
Hongkong Land Holdings, Ltd.
| | | 3,560,300 | | 13,351,125 |
Hysan Development Co., Ltd.
| | | 1,883,846 | | 6,124,827 |
Link REIT
| | | 6,396,955 | | 54,223,373 |
Wharf Real Estate Investment Co., Ltd. (b)
| | | 3,520,000 | | 14,487,092 |
| | | | | | 99,860,597 |
| JAPAN — 33.4% | | | | | |
Activia Properties, Inc. REIT
| | | 2,137 | | 6,908,554 |
Advance Residence Investment Corp. REIT
| | | 4,215 | | 12,240,308 |
Aeon Mall Co., Ltd. (b)
| | | 312,040 | | 3,939,702 |
AEON REIT Investment Corp.
| | | 4,608 | | 4,417,841 |
Comforia Residential REIT, Inc.
| | | 1,785 | | 5,084,410 |
Daiwa House REIT Investment Corp.
| | | 6,013 | | 14,687,862 |
Daiwa Office Investment Corp. REIT
| | | 929 | | 5,128,841 |
Frontier Real Estate Investment Corp. REIT
| | | 1,484 | | 4,185,800 |
Fukuoka REIT Corp.
| | | 2,215 | | 2,293,891 |
Global One Real Estate Investment Corp. REIT
| | | 2,995 | | 2,516,294 |
GLP J-REIT
| | | 11,663 | | 13,137,148 |
Hoshino Resorts REIT, Inc.
| | | 679 | | 2,088,166 |
Hulic Co., Ltd.
| | | 1,517,090 | | 15,430,178 |
Hulic Reit, Inc.
| | | 3,574 | | 4,144,920 |
Industrial & Infrastructure Fund Investment Corp. REIT
| | | 5,459 | | 7,392,949 |
Invesco Office J-Reit, Inc.
| | | 27,146 | | 3,595,830 |
Invincible Investment Corp. REIT
| | | 18,520 | | 4,156,728 |
Japan Excellent, Inc. REIT
| | | 3,783 | | 4,352,263 |
Japan Hotel REIT Investment Corp.
| | | 13,680 | | 3,978,991 |
Japan Logistics Fund, Inc. REIT
| | | 2,754 | | 6,120,000 |
Japan Prime Realty Investment Corp. REIT
| | | 2,810 | | 8,459,543 |
Japan Real Estate Investment Corp. REIT
| | | 4,225 | | 24,773,517 |
See accompanying notes to financial statements.
16
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Japan Rental Housing Investments, Inc. REIT
| | | 5,031 | | $4,245,511 |
Japan Retail Fund Investment Corp. REIT
| | | 7,968 | | 9,019,403 |
Kenedix Office Investment Corp. REIT
| | | 1,305 | | 6,878,283 |
Kenedix Residential Next Investment Corp. REIT
| | | 2,794 | | 4,355,798 |
Kenedix Retail REIT Corp.
| | | 1,644 | | 2,325,402 |
LaSalle Logiport REIT
| | | 4,169 | | 5,630,496 |
Leopalace21 Corp. (b)(c)
| | | 743,000 | | 1,830,744 |
MCUBS MidCity Investment Corp. REIT
| | | 5,453 | | 3,864,152 |
Mirai Corp. REIT
| | | 5,119 | | 1,740,237 |
Mitsui Fudosan Co., Ltd.
| | | 2,987,600 | | 51,765,141 |
Mitsui Fudosan Logistics Park, Inc. REIT
| | | 1,188 | | 5,018,091 |
Mori Hills REIT Investment Corp.
| | | 4,850 | | 6,446,899 |
Mori Trust Sogo Reit, Inc.
| | | 2,939 | | 3,555,494 |
Nippon Accommodations Fund, Inc. REIT
| | | 1,477 | | 7,990,070 |
Nippon Building Fund, Inc. REIT
| | | 4,308 | | 28,891,594 |
Nippon Prologis REIT, Inc.
| | | 7,152 | | 17,966,953 |
NIPPON REIT Investment Corp.
| | | 1,373 | | 4,057,126 |
Nomura Real Estate Master Fund, Inc. REIT
| | | 13,872 | | 17,552,825 |
Orix JREIT, Inc.
| | | 8,399 | | 11,047,733 |
Premier Investment Corp. REIT
| | | 4,006 | | 4,419,569 |
Sekisui House Reit, Inc.
| | | 12,470 | | 7,993,368 |
Tokyu Fudosan Holdings Corp.
| | | 1,849,600 | | 8,874,927 |
Tokyu REIT, Inc.
| | | 2,875 | | 3,765,689 |
United Urban Investment Corp. REIT
| | | 9,476 | | 9,436,061 |
Unizo Holdings Co., Ltd. (c)
| | | 108,700 | | 6,011,199 |
| | | | | | 393,716,501 |
| MALTA — 0.0% (d) | | | | | |
BGP Holdings PLC (e)
| | | 32,410,441 | | — |
| MEXICO — 0.6% | | | | | |
Fibra Uno Administracion SA de CV REIT
| | | 9,096,679 | | 7,208,554 |
| NETHERLANDS — 0.2% | | | | | |
Eurocommercial Properties NV REIT
| | | 125,531 | | 1,216,235 |
Wereldhave NV REIT (b)
| | | 122,873 | | 899,265 |
| | | | | | 2,115,500 |
| PHILIPPINES — 1.6% | | | | | |
SM Prime Holdings, Inc.
| | | 34,548,600 | | 19,291,786 |
| ROMANIA — 0.5% | | | | | |
NEPI Rockcastle PLC
| | | 1,440,059 | | 6,047,280 |
| SINGAPORE — 8.2% | | | | | |
Ascendas Real Estate Investment Trust
| | | 9,143,378 | | 18,173,094 |
See accompanying notes to financial statements.
17
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
CapitaLand Commercial Trust REIT
| | | 8,677,129 | | $9,324,021 |
CapitaLand Mall Trust REIT
| | | 8,632,647 | | 10,852,574 |
CapitaLand, Ltd.
| | | 7,684,397 | | 15,381,207 |
Frasers Logistics & Industrial Trust REIT
| | | 4,754,400 | | 2,955,117 |
Keppel REIT
| | | 5,871,653 | | 3,917,597 |
Mapletree Commercial Trust REIT
| | | 6,531,371 | | 8,394,430 |
Mapletree Industrial Trust REIT
| | | 4,614,100 | | 7,874,610 |
Mapletree Logistics Trust REIT (b)
| | | 9,169,497 | | 10,175,092 |
Mapletree North Asia Commercial Trust REIT
| | | 6,528,300 | | 3,690,896 |
Suntec Real Estate Investment Trust
| | | 7,065,476 | | 6,202,792 |
| | | | | | 96,941,430 |
| SOUTH AFRICA — 0.8% | | | | | |
Growthpoint Properties, Ltd. REIT (b)
| | | 9,029,271 | | 6,506,535 |
Hyprop Investments, Ltd. REIT
| | | 780,556 | | 830,379 |
Redefine Properties, Ltd. REIT
| | | 16,756,096 | | 2,223,513 |
| | | | | | 9,560,427 |
| SPAIN — 1.3% | | | | | |
Inmobiliaria Colonial Socimi SA REIT
| | | 741,230 | | 7,022,974 |
Merlin Properties Socimi SA REIT
| | | 1,113,625 | | 8,394,628 |
| | | | | | 15,417,602 |
| SWEDEN — 2.4% | | | | | |
Castellum AB
| | | 783,494 | | 13,285,323 |
Fabege AB
| | | 834,418 | | 10,721,097 |
Kungsleden AB
| | | 546,347 | | 4,135,775 |
| | | | | | 28,142,195 |
| SWITZERLAND — 3.3% | | | | | |
PSP Swiss Property AG
| | | 125,944 | | 15,711,271 |
Swiss Prime Site AG
| | | 231,702 | | 22,690,057 |
| | | | | | 38,401,328 |
| THAILAND — 0.5% | | | | | |
Central Pattana PCL NVDR
| | | 4,143,059 | | 5,396,992 |
| UNITED KINGDOM — 9.9% | | | | | |
British Land Co. PLC REIT
| | | 2,872,639 | | 11,975,206 |
Capital & Counties Properties PLC REIT
| | | 2,596,296 | | 5,340,782 |
Derwent London PLC REIT
| | | 321,182 | | 13,022,765 |
Grainger PLC
| | | 2,064,829 | | 6,636,259 |
Great Portland Estates PLC REIT
| | | 771,542 | | 6,516,861 |
Hammerson PLC REIT (b)
| | | 2,370,568 | | 2,274,497 |
Intu Properties PLC REIT (b)(c)
| | | 2,830,359 | | 156,313 |
See accompanying notes to financial statements.
18
SPDR DOW JONES INTERNATIONAL REAL ESTATE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Land Securities Group PLC REIT
| | | 2,292,059 | | $15,824,473 |
Segro PLC REIT
| | | 3,345,736 | | 31,694,892 |
Shaftesbury PLC REIT
| | | 672,388 | | 5,148,268 |
Tritax Big Box REIT PLC
| | | 5,187,686 | | 7,217,234 |
UNITE Group PLC REIT
| | | 1,104,840 | | 10,980,122 |
| | | | | | 116,787,672 |
TOTAL COMMON STOCKS
(Cost $1,576,888,957)
| | | | | 1,171,365,081 |
| | | | |
| SHORT-TERM INVESTMENTS — 1.8% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (f) (g)
| 594,513 | 593,978 |
State Street Navigator Securities Lending Portfolio II (h) (i)
| 20,721,775 | 20,721,775 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $21,315,521)
| 21,315,753 |
TOTAL INVESTMENTS — 101.1%
(Cost $1,598,204,478)
| 1,192,680,834 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.1)%
| (12,397,068) |
NET ASSETS — 100.0%
| $1,180,283,766 |
| (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, 2020. |
| (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, 2020, total aggregate fair value of these securities 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, 2020 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (h) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (i) | 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, 2020 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $1,171,365,081 | | $— | | $0(a) | | $1,171,365,081 |
Short-Term Investments
| | 21,315,753 | | — | | — | | 21,315,753 |
TOTAL INVESTMENTS
| | $1,192,680,834 | | $— | | $0 | | $1,192,680,834 |
| (a) | The Fund held a Level 3 security that was valued at $0 at March 31, 2020. |
Affiliate Table
| | Number of
Shares Held
at 9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 1,617,248 | | $1,617,410 | | $137,888,837 | | $138,907,761 | | $(4,740) | | $232 | | 594,513 | | $593,978 | | $23,242 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 165,732,894 | | 145,011,119 | | — | | — | | 20,721,775 | | 20,721,775 | | 86,193 |
State Street Navigator Securities Lending Portfolio III
| 6,903,374 | | 6,903,374 | | 1,765,232 | | 8,668,606 | | — | | — | | — | | — | | 14,033 |
Total
| | | $8,520,784 | | $305,386,963 | | $292,587,486 | | $(4,740) | | $232 | | | | $21,315,753 | | $123,468 |
See accompanying notes to financial statements.
20
SPDR S&P CHINA ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.9% | | | | | |
| AEROSPACE & DEFENSE — 0.3% | | | |
Other Securities
| | | | | $3,633,891 |
| AIR FREIGHT & LOGISTICS — 0.8% | | | |
ZTO Express Cayman, Inc. ADR (a)
| | | 242,961 | | 6,433,607 |
Other Securities
| | | | | 2,702,039 |
| | | | | | 9,135,646 |
| AIRLINES — 0.2% | | | |
Other Securities
| | | | | 2,578,870 |
| AUTO COMPONENTS — 0.4% | | | |
Other Securities
| | | | | 4,750,359 |
| AUTOMOBILES — 1.3% | | | |
Geely Automobile Holdings, Ltd.
| | | 2,796,000 | | 4,126,777 |
Other Securities
| | | | | 11,317,088 |
| | | | | | 15,443,865 |
| BANKS — 12.4% | | | |
Agricultural Bank of China, Ltd. Class H
| | | 15,939,000 | | 6,395,424 |
Bank of China, Ltd. Class H
| | | 43,059,700 | | 16,499,672 |
Bank of China, Ltd. Class A
| | | 2,647,000 | | 1,299,563 |
Bank of Communications Co., Ltd. Class H
| | | 13,085,824 | | 8,019,413 |
China CITIC Bank Corp., Ltd. Class H
| | | 7,457,471 | | 3,685,006 |
China Construction Bank Corp. Class H
| | | 54,397,623 | | 44,495,598 |
China Merchants Bank Co., Ltd. Class H
| | | 2,133,235 | | 9,632,846 |
China Merchants Bank Co., Ltd. Class A
| | | 836,400 | | 3,809,005 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 43,006,789 | | 29,463,166 |
Industrial & Commercial Bank of China, Ltd. Class A
| | | 2,485,400 | | 1,805,791 |
Other Securities
| | | | | 21,629,155 |
| | | | | | 146,734,639 |
| BEVERAGES — 1.8% | | | |
China Resources Beer Holdings Co., Ltd.
| | | 753,667 | | 3,442,157 |
Kweichow Moutai Co., Ltd. Class A
| | | 54,231 | | 8,500,133 |
Other Securities
| | | | | 9,168,738 |
| | | | | | 21,111,028 |
| BIOTECHNOLOGY — 0.9% | | | |
Other Securities
| | | | | 10,964,255 |
| BUILDING PRODUCTS — 0.1% | | | |
Other Securities
| | | | | 1,408,795 |
See accompanying notes to financial statements.
21
SPDR S&P CHINA ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| CAPITAL MARKETS — 2.1% | | | |
Other Securities
| | | | | $24,546,575 |
| CHEMICALS — 0.7% | | | |
China Lumena New Materials Corp. (a)(b)(c)
| | | 89,113 | | — |
Other Securities
| | | | | 8,549,351 |
| | | | | | 8,549,351 |
| COMMERCIAL SERVICES & SUPPLIES — 0.5% | | | |
CT Environmental Group, Ltd. (a)(b)(c)
| | | 1,980,400 | | 43,436 |
Other Securities
| | | | | 5,343,692 |
| | | | | | 5,387,128 |
| COMMUNICATIONS EQUIPMENT — 0.6% | | | |
China Fiber Optic Network System Group, Ltd. (a)(b)
| | | 1,131,600 | | — |
Other Securities
| | | | | 6,675,384 |
| | | | | | 6,675,384 |
| CONSTRUCTION & ENGINEERING — 1.0% | | | |
Other Securities
| | | | | 11,614,237 |
| CONSTRUCTION MATERIALS — 1.1% | | | |
Anhui Conch Cement Co., Ltd. Class H
| | | 728,500 | | 5,061,312 |
Other Securities
| | | | | 7,974,289 |
| | | | | | 13,035,601 |
| CONSUMER FINANCE — 0.0% (d) | | | |
Other Securities
| | | | | 189,624 |
| CONTAINERS & PACKAGING — 0.0% (d) | | | |
Other Securities
| | | | | 567,235 |
| DISTRIBUTORS — 0.0% (d) | | | |
Other Security
| | | | | 419,755 |
| DIVERSIFIED CONSUMER SERVICES — 1.8% | | | |
New Oriental Education & Technology Group, Inc. ADR (a)
| | | 65,348 | | 7,073,267 |
TAL Education Group ADR (a)
| | | 201,282 | | 10,720,279 |
Other Securities
| | | | | 3,200,886 |
| | | | | | 20,994,432 |
| DIVERSIFIED FINANCIAL SERVICES — 0.2% | | | |
China Common Rich Renewable Energy Investment, Ltd. (a)(b)(c)
| | | 17,589,376 | | — |
Other Securities
| | | | | 1,777,390 |
| | | | | | 1,777,390 |
| DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9% | | | |
China Tower Corp., Ltd. Class H (e)
| | | 24,536,000 | | 5,508,088 |
See accompanying notes to financial statements.
22
SPDR S&P CHINA ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Other Securities
| | | | | $4,760,662 |
| | | | | | 10,268,750 |
| ELECTRICAL EQUIPMENT — 0.5% | | | |
Tech Pro Technology Development, Ltd. (a)(b)(c)
| | | 4,481,396 | | 19,658 |
Other Securities
| | | | | 6,175,964 |
| | | | | | 6,195,622 |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.8% | | | |
Anxin-China Holdings, Ltd. (a)(b)
| | | 3,068,000 | | — |
Sunny Optical Technology Group Co., Ltd.
| | | 387,900 | | 5,224,782 |
Other Securities
| | | | | 16,148,223 |
| | | | | | 21,373,005 |
| ENERGY EQUIPMENT & SERVICES — 0.1% | | | |
Other Securities
| | | | | 1,001,977 |
| ENTERTAINMENT — 1.7% | | | |
NetEase, Inc. ADR
| | | 37,809 | | 12,135,177 |
Other Securities
| | | | | 8,238,316 |
| | | | | | 20,373,493 |
| FOOD & STAPLES RETAILING — 0.3% | | | |
Other Securities
| | | | | 3,996,043 |
| FOOD PRODUCTS — 2.3% | | | |
China Huishan Dairy Holdings Co., Ltd. (a)(b)(c)
| | | 2,729,000 | | — |
China Huiyuan Juice Group, Ltd. (a)(b)
| | | 701,000 | | 91,346 |
China Mengniu Dairy Co., Ltd.
| | | 1,535,220 | | 5,337,984 |
WH Group, Ltd. (e)
| | | 5,186,606 | | 4,851,423 |
Other Securities
| | | | | 17,244,513 |
| | | | | | 27,525,266 |
| GAS UTILITIES — 0.8% | | | |
China Gas Holdings, Ltd.
| | | 1,164,000 | | 4,054,755 |
Other Securities
| | | | | 5,053,740 |
| | | | | | 9,108,495 |
| HEALTH CARE EQUIPMENT & SUPPLIES — 0.2% | | | |
Other Securities
| | | | | 2,604,088 |
| HEALTH CARE PROVIDERS & SERVICES — 0.4% | | | |
Other Securities
| | | | | 4,336,722 |
| HEALTH CARE TECHNOLOGY — 0.1% | | | |
Other Security
| | | | | 923,971 |
See accompanying notes to financial statements.
23
SPDR S&P CHINA ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| HOTELS, RESTAURANTS & LEISURE — 1.3% | | | |
Yum China Holdings, Inc.
| | | 206,420 | | $8,799,685 |
Other Securities
| | | | | 6,234,486 |
| | | | | | 15,034,171 |
| HOUSEHOLD DURABLES — 0.8% | | | |
Other Securities
| | | | | 9,825,091 |
| HOUSEHOLD PRODUCTS — 0.1% | | | |
Other Security
| | | | | 1,251,571 |
| INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.9% | | | |
Other Securities
| | | | | 10,391,959 |
| INDUSTRIAL CONGLOMERATES — 0.2% | | | |
Other Securities
| | | | | 2,655,391 |
| INSURANCE — 4.8% | | | |
China Life Insurance Co., Ltd. Class H
| | | 4,217,040 | | 8,258,998 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 1,502,000 | | 4,544,233 |
PICC Property & Casualty Co., Ltd. Class H
| | | 3,860,287 | | 3,735,328 |
Ping An Insurance Group Co. of China, Ltd. Class H
| | | 3,004,100 | | 29,514,278 |
Ping An Insurance Group Co. of China, Ltd. Class A
| | | 428,800 | | 4,184,433 |
Other Securities
| | | | | 7,296,316 |
| | | | | | 57,533,586 |
| INTERACTIVE MEDIA & SERVICES — 15.1% | | | |
Baidu, Inc. ADR (a)
| | | 150,309 | | 15,149,644 |
China Metal Recycling Holdings, Ltd. (a)(b)(c)
| | | 268,085 | | — |
Tencent Holdings, Ltd.
| | | 3,122,115 | | 153,147,134 |
Other Securities
| | | | | 10,994,191 |
| | | | | | 179,290,969 |
| INTERNET & DIRECT MARKETING RETAIL — 18.9% | | | |
Alibaba Group Holding, Ltd. ADR (a)
| | | 852,333 | | 165,761,722 |
JD.com, Inc. ADR (a)
| | | 474,568 | | 19,220,004 |
Meituan Dianping Class B (a)
| | | 1,927,700 | | 23,291,373 |
Pinduoduo, Inc. ADR (a)(c)
| | | 188,600 | | 6,795,258 |
Trip.com Group, Ltd. ADR (a)
| | | 219,444 | | 5,145,962 |
Other Securities
| | | | | 4,661,882 |
| | | | | | 224,876,201 |
| IT SERVICES — 0.4% | | | |
Other Securities
| | | | | 5,213,864 |
See accompanying notes to financial statements.
24
SPDR S&P CHINA ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| LEISURE EQUIPMENT & PRODUCTS — 0.0% (d) | | | |
Other Security
| | | | | $459,045 |
| LIFE SCIENCES TOOLS & SERVICES — 0.5% | | | |
Other Securities
| | | | | 5,500,999 |
| MACHINERY — 1.4% | | | |
China Conch Venture Holdings, Ltd.
| | | 914,500 | | 4,082,326 |
Other Securities
| | | | | 12,940,558 |
| | | | | | 17,022,884 |
| MARINE — 0.1% | | | |
Other Securities
| | | | | 1,613,464 |
| MEDIA — 0.3% | | | |
Other Securities
| | | | | 3,161,549 |
| METALS & MINING — 1.0% | | | |
Other Securities
| | | | | 12,197,624 |
| MULTILINE RETAIL — 0.0% (d) | | | |
Other Security
| | | | | 494,305 |
| OIL, GAS & CONSUMABLE FUELS — 2.8% | | | |
China Petroleum & Chemical Corp. Class H
| | | 14,624,640 | | 7,207,695 |
China Shenhua Energy Co., Ltd. Class H
| | | 2,035,700 | | 3,876,573 |
CNOOC, Ltd.
| | | 8,775,174 | | 9,204,372 |
PetroChina Co., Ltd. Class H
| | | 12,702,930 | | 4,654,469 |
Other Securities
| | | | | 7,845,552 |
| | | | | | 32,788,661 |
| PAPER & FOREST PRODUCTS — 0.1% | | | |
Other Securities
| | | | | 1,739,655 |
| PERSONAL PRODUCTS — 0.3% | | | |
Other Security
| | | | | 2,981,151 |
| PHARMACEUTICALS — 2.4% | | | |
China Animal Healthcare, Ltd. (a)(b)
| | | 763,600 | | — |
CSPC Pharmaceutical Group, Ltd.
| | | 2,562,000 | | 5,130,016 |
Sino Biopharmaceutical, Ltd.
| | | 3,726,500 | | 4,913,601 |
Other Securities
| | | | | 18,512,843 |
| | | | | | 28,556,460 |
| PROFESSIONAL SERVICES — 0.1% | | | |
Other Securities
| | | | | 1,038,637 |
| REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.4% | | | |
China Overseas Land & Investment, Ltd.
| | | 2,059,862 | | 6,391,475 |
China Resources Land, Ltd.
| | | 1,534,555 | | 6,335,491 |
See accompanying notes to financial statements.
25
SPDR S&P CHINA ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Country Garden Holdings Co., Ltd.
| | | 4,174,883 | | $5,052,368 |
Longfor Group Holdings, Ltd. (e)
| | | 806,000 | | 3,925,544 |
Sunac China Holdings, Ltd.
| | | 1,268,300 | | 5,874,411 |
Other Securities
| | | | | 36,470,487 |
| | | | | | 64,049,776 |
| ROAD & RAIL — 0.2% | | | |
Other Securities
| | | | | 1,816,865 |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.7% | | | |
Other Securities
| | | | | 8,462,894 |
| SOFTWARE — 0.8% | | | |
Other Securities
| | | | | 9,006,998 |
| SPECIALTY RETAIL — 0.4% | | | |
Other Securities
| | | | | 4,667,728 |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.2% | | | |
Xiaomi Corp. Class B (a)(c)(e)
| | | 7,197,800 | | 9,695,008 |
Other Securities
| | | | | 4,372,038 |
| | | | | | 14,067,046 |
| TEXTILES, APPAREL & LUXURY GOODS — 1.1% | | | |
ANTA Sports Products, Ltd.
| | | 566,000 | | 4,158,704 |
Shenzhou International Group Holdings, Ltd.
| | | 401,300 | | 4,266,230 |
Other Securities
| | | | | 4,461,093 |
| | | | | | 12,886,027 |
| TRADING COMPANIES & DISTRIBUTORS — 0.2% | | | |
Other Securities
| | | | | 2,388,250 |
| TRANSPORTATION INFRASTRUCTURE — 0.8% | | | |
Other Securities
| | | | | 9,680,027 |
| WATER UTILITIES — 0.4% | | | |
Other Securities
| | | | | 4,895,447 |
| WIRELESS TELECOMMUNICATION SERVICES — 1.9% | | | |
China Mobile, Ltd.
| | | 3,017,504 | | 22,443,730 |
Other Security
| | | | | 642,319 |
| | | | | | 23,086,049 |
TOTAL COMMON STOCKS
(Cost $1,260,970,592)
| | | | | 1,185,859,836 |
See accompanying notes to financial statements.
26
SPDR S&P CHINA ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| RIGHTS — 0.0% (d) | | | | | |
| COMPUTERS & PERIPHERALS — 0.0% (d) | | | | | |
Legend Holdings Corp. (expiring 5/19/23)
(Cost $0)(a)(b)
| | | 15,323 | | $— |
| SHORT-TERM INVESTMENTS — 0.7% | | | | | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (f)(g)
| | | 392,710 | | 392,356 |
State Street Navigator Securities Lending Portfolio II (h)(i)
| | | 8,363,411 | | 8,363,411 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,755,505)
| | | | | 8,755,767 |
TOTAL INVESTMENTS — 100.6%
(Cost $1,269,726,097)
| | | | | 1,194,615,603 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%
| | | | | (7,355,535) |
NET ASSETS — 100.0%
| | | | | $1,187,260,068 |
| 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, 2020, total aggregate fair value of the security is $154,440, 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, 2020. |
| (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 3.8% of net assets as of March 31, 2020, 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, 2020 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (h) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (i) | 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, 2020 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $1,185,461,277 | | $244,119 | | $154,440 | | $1,185,859,836 |
Rights
| | — | | — | | 0(a) | | 0 |
Short-Term Investments
| | 8,755,767 | | — | | — | | 8,755,767 |
TOTAL INVESTMENTS
| | $1,194,217,044 | | $244,119 | | $154,440 | | $1,194,615,603 |
| (a) | Fund held Level 3 securities that were valued at $0 at March 31, 2020. |
Affiliate Table
| | Number of
Shares Held
at 9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 2,989,336 | | $2,989,635 | | $26,930,457 | | $29,527,753 | | $(245) | | $262 | | 392,710 | | $392,356 | | $17,556 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 55,852,194 | | 47,488,783 | | — | | — | | 8,363,411 | | 8,363,411 | | 115,967 |
State Street Navigator Securities Lending Portfolio III
| 16,691,048 | | 16,691,048 | | 9,878,378 | | 26,569,426 | | — | | — | | — | | — | | 28,974 |
Total
| | | $19,680,683 | | $92,661,029 | | $103,585,962 | | $(245) | | $262 | | | | $8,755,767 | | $162,497 |
See accompanying notes to financial statements.
28
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.3% | | | | |
| AUSTRALIA — 7.6% | | | | | |
BHP Group, Ltd.
| | | 1,901,667 | | $33,730,274 |
Fortescue Metals Group, Ltd.
| | | 1,108,402 | | 6,783,977 |
Newcrest Mining, Ltd.
| | | 492,984 | | 6,954,898 |
South32, Ltd.
| | | 3,321,149 | | 3,587,733 |
Woodside Petroleum, Ltd.
| | | 260,697 | | 2,905,581 |
| | | | | | 53,962,463 |
| BRAZIL — 2.7% | | | | | |
Petroleo Brasileiro SA ADR
| | | 360,761 | | 1,984,185 |
Vale SA ADR
| | | 2,049,958 | | 16,994,152 |
| | | | | | 18,978,337 |
| CANADA — 14.1% | | | | | |
Agnico Eagle Mines, Ltd.
| | | 155,278 | | 6,128,864 |
Barrick Gold Corp. (a)
| | | 21,096 | | 383,281 |
Barrick Gold Corp. (a)
| | | 1,130,835 | | 20,716,897 |
Canadian Natural Resources, Ltd. (b)
| | | 321,849 | | 4,352,825 |
Franco-Nevada Corp.
| | | 122,473 | | 12,098,871 |
Imperial Oil, Ltd. (b)
| | | 63,540 | | 710,241 |
Kirkland Lake Gold, Ltd.
| | | 172,985 | | 5,037,572 |
Nutrien, Ltd. (a)(b)
| | | 111,338 | | 3,763,285 |
Nutrien, Ltd. (a)
| | | 895,585 | | 30,396,155 |
Suncor Energy, Inc.
| | | 420,006 | | 6,627,558 |
Teck Resources, Ltd. Class B
| | | 315,098 | | 2,362,100 |
Wheaton Precious Metals Corp.
| | | 289,461 | | 7,876,365 |
| | | | | | 100,454,014 |
| CHILE — 0.9% | | | | | |
Antofagasta PLC
| | | 225,256 | | 2,159,037 |
Sociedad Quimica y Minera de Chile SA ADR
| | | 194,504 | | 4,386,065 |
| | | | | | 6,545,102 |
| CHINA — 0.6% | | | | | |
CNOOC, Ltd.
| | | 4,350,000 | | 4,562,761 |
| COLOMBIA — 0.1% | | | | | |
Ecopetrol SA ADR (b)
| | | 65,383 | | 621,792 |
| FINLAND — 5.7% | | | | | |
Neste Oyj
| | | 117,029 | | 3,961,452 |
Stora Enso Oyj Class R
| | | 1,077,259 | | 10,928,983 |
UPM-Kymmene Oyj (b)
| | | 935,404 | | 25,751,684 |
| | | | | | 40,642,119 |
See accompanying notes to financial statements.
29
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| FRANCE — 3.7% | | | | | |
TOTAL SA (b)
| | | 686,384 | | $26,653,452 |
| GERMANY — 0.5% | | | | | |
K+S AG (b)
| | | 335,963 | | 1,956,717 |
Thyssenkrupp AG (c)
| | | 259,172 | | 1,355,908 |
| | | | | | 3,312,625 |
| HONG KONG — 0.4% | | | | | |
Nine Dragons Paper Holdings, Ltd.
| | | 2,957,000 | | 2,697,234 |
| IRELAND — 1.6% | | | | | |
Smurfit Kappa Group PLC
| | | 415,677 | | 11,730,937 |
| ISRAEL — 0.5% | | | | | |
Israel Chemicals, Ltd.
| | | 1,205,543 | | 3,844,160 |
| ITALY — 1.0% | | | | | |
Eni SpA
| | | 689,760 | | 6,978,060 |
| JAPAN — 2.9% | | | | | |
JFE Holdings, Inc.
| | | 370,800 | | 2,414,639 |
Nippon Steel Corp. (b)
| | | 615,000 | | 5,271,836 |
Oji Holdings Corp.
| | | 1,778,600 | | 9,539,247 |
Sumitomo Metal Mining Co., Ltd.
| | | 176,400 | | 3,624,243 |
| | | | | | 20,849,965 |
| LUXEMBOURG — 0.6% | | | | | |
ArcelorMittal SA
| | | 412,593 | | 3,920,989 |
| NETHERLANDS — 3.0% | | | | | |
OCI NV (b)(c)
| | | 111,321 | | 1,338,731 |
Royal Dutch Shell PLC Class A
| | | 1,134,767 | | 19,966,105 |
| | | | | | 21,304,836 |
| NORWAY — 2.2% | | | | | |
Equinor ASA
| | | 299,336 | | 3,738,493 |
Norsk Hydro ASA
| | | 886,314 | | 1,909,192 |
Yara International ASA
| | | 309,739 | | 9,713,080 |
| | | | | | 15,360,765 |
| PERU — 0.2% | | | | | |
Southern Copper Corp. (b)
| | | 54,469 | | 1,533,847 |
| RUSSIA — 4.8% | | | | | |
Evraz PLC
| | | 363,714 | | 1,044,486 |
Gazprom PJSC ADR (a)
| | | 1,636,483 | | 7,591,645 |
Gazprom PJSC ADR (a)(b)
| | | 6,409 | | 29,225 |
LUKOIL PJSC ADR
| | | 114,835 | | 6,890,100 |
See accompanying notes to financial statements.
30
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
MMC Norilsk Nickel PJSC ADR
| | | 388,209 | | $9,674,168 |
Novatek PJSC GDR
| | | 27,237 | | 3,140,426 |
Novolipetsk Steel PJSC GDR
| | | 76,370 | | 1,214,283 |
Rosneft Oil Co. PJSC GDR
| | | 313,933 | | 1,277,393 |
Tatneft PJSC ADR
| | | 72,994 | | 3,083,997 |
| | | | | | 33,945,723 |
| SINGAPORE — 1.7% | | | | | |
Wilmar International, Ltd.
| | | 5,318,219 | | 12,064,366 |
| SOUTH AFRICA — 2.2% | | | | | |
Anglo American PLC
| | | 894,834 | | 15,715,661 |
| SOUTH KOREA — 1.2% | | | | | |
Korea Zinc Co., Ltd.
| | | 8,250 | | 2,412,618 |
POSCO ADR
| | | 183,248 | | 5,983,047 |
| | | | | | 8,395,665 |
| SPAIN — 0.5% | | | | | |
Repsol SA
| | | 399,758 | | 3,654,704 |
| SWEDEN — 1.5% | | | | | |
Svenska Cellulosa AB SCA Class B (b)
| | | 1,065,610 | | 10,803,771 |
| SWITZERLAND — 1.5% | | | | | |
Glencore PLC
| | | 7,077,411 | | 10,864,239 |
| UNITED KINGDOM — 9.6% | | | | | |
Amcor PLC (a)
| | | 573,404 | | 4,576,414 |
Amcor PLC (a)
| | | 596,678 | | 4,845,025 |
BP PLC
| | | 5,498,792 | | 23,468,342 |
DS Smith PLC
| | | 2,402,861 | | 8,205,345 |
Mondi PLC
| | | 853,844 | | 14,620,979 |
Rio Tinto, Ltd.
| | | 240,099 | | 12,427,784 |
| | | | | | 68,143,889 |
| UNITED STATES — 28.0% | | | | | |
Archer-Daniels-Midland Co.
| | | 394,730 | | 13,886,601 |
Avery Dennison Corp.
| | | 59,428 | | 6,053,930 |
Bunge, Ltd.
| | | 100,146 | | 4,108,990 |
CF Industries Holdings, Inc.
| | | 153,721 | | 4,181,211 |
Chevron Corp.
| | | 308,589 | | 22,360,359 |
ConocoPhillips
| | | 178,744 | | 5,505,315 |
Corteva, Inc. (c)
| | | 530,794 | | 12,473,659 |
EOG Resources, Inc.
| | | 94,873 | | 3,407,838 |
Exxon Mobil Corp.
| | | 690,496 | | 26,218,133 |
FMC Corp.
| | | 91,830 | | 7,501,593 |
See accompanying notes to financial statements.
31
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Freeport-McMoRan, Inc.
| | | 937,418 | | $6,327,572 |
Halliburton Co.
| | | 141,974 | | 972,522 |
Ingredion, Inc.
| | | 47,334 | | 3,573,717 |
International Paper Co.
| | | 277,644 | | 8,643,058 |
Marathon Petroleum Corp.
| | | 106,449 | | 2,514,325 |
Mosaic Co.
| | | 248,384 | | 2,687,515 |
Newmont Goldcorp Corp. (a)
| | | 341,316 | | 15,454,789 |
Newmont Goldcorp Corp. (a)
| | | 189,539 | | 8,384,006 |
Nucor Corp.
| | | 196,672 | | 7,084,125 |
Occidental Petroleum Corp.
| | | 144,491 | | 1,673,206 |
Packaging Corp. of America
| | | 66,950 | | 5,813,269 |
Phillips 66
| | | 72,460 | | 3,887,479 |
Pioneer Natural Resources Co.
| | | 26,758 | | 1,877,074 |
Rayonier, Inc. REIT
| | | 92,444 | | 2,177,056 |
Schlumberger, Ltd.
| | | 225,766 | | 3,045,583 |
Sealed Air Corp.
| | | 109,776 | | 2,712,565 |
Valero Energy Corp.
| | | 67,020 | | 3,040,027 |
Westrock Co.
| | | 182,260 | | 5,150,668 |
Weyerhaeuser Co. REIT
| | | 529,626 | | 8,977,161 |
| | | | | | 199,693,346 |
TOTAL COMMON STOCKS
(Cost $1,068,687,308)
| | | | | 707,234,822 |
| | | | |
| SHORT-TERM INVESTMENTS — 5.4% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (d) (e)
| 531,018 | 530,540 |
State Street Navigator Securities Lending Portfolio II (f) (g)
| 37,770,598 | 37,770,598 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $38,301,036)
| 38,301,138 |
TOTAL INVESTMENTS — 104.7%
(Cost $1,106,988,344)
| 745,535,960 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.7)%
| (33,601,124) |
NET ASSETS — 100.0%
| $711,934,836 |
| (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, 2020. |
| (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, 2020 are shown in the Affiliate Table below. |
See accompanying notes to financial statements.
32
SPDR S&P GLOBAL NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| (e) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (f) | The Fund invested in an affiliated entity. Amounts related to these investments during the year ended March 31, 2020 are shown in the Affiliate Table below. |
| (g) | 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 the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $707,234,822 | | $— | | $— | | $707,234,822 |
Short-Term Investments
| | 38,301,138 | | — | | — | | 38,301,138 |
TOTAL INVESTMENTS
| | $745,535,960 | | $— | | $— | | $745,535,960 |
Affiliate Table
| | Number of
Shares Held
at 9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| — | | $— | | $32,894,937 | | $32,362,336 | | $(2,163) | | $102 | | 531,018 | | $530,540 | | $16,194 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 175,107,839 | | 137,337,241 | | — | | — | | 37,770,598 | | 37,770,598 | | 45,431 |
State Street Navigator Securities Lending Portfolio III
| 30,153,220 | | 30,153,220 | | 5,773,322 | | 35,926,542 | | — | | — | | — | | — | | 5,729 |
Total
| | | $30,153,220 | | $213,776,098 | | $205,626,119 | | $(2,163) | | $102 | | | | $38,301,138 | | $67,354 |
See accompanying notes to financial statements.
33
SPDR S&P INTERNATIONAL SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 99.1% | | | | | |
| AUSTRALIA – 5.9% | | | | | |
AET&D Holdings No. 1 Pty, Ltd. (a)(b)
| | 220,632 | | $— |
Metcash, Ltd.
| | 465,544 | | 897,549 |
NEXTDC, Ltd. (b)(c)
| | 184,808 | | 1,008,957 |
Saracen Mineral Holdings, Ltd. (c)
| | 540,577 | | 1,214,257 |
Tiger Resources, Ltd. (a)(c)
| | 2,464 | | — |
Other Securities
| | | | 30,605,486 |
| | | | | | 33,726,249 |
| AUSTRIA – 0.3% | | | | | |
Other Securities
| | | | 1,666,527 |
| BELGIUM – 0.9% | | | | | |
Euronav NV
| | 95,522 | | 1,092,136 |
Other Securities
| | | | 4,243,011 |
| | | | | | 5,335,147 |
| BERMUDA – 0.1% | | | | | |
Other Security
| | | | 293,128 |
| CANADA – 5.8% | | | | | |
Colossus Minerals, Inc. (a)(c)
| | 390 | | — |
GASFRAC Energy Services, Inc. (a)(c)
| | 21,904 | | — |
Great Basin Gold, Ltd. (a)(c)
| | 266,255 | | — |
Kinaxis, Inc. (c)
| | 11,911 | | 911,223 |
Lightstream Resources, Ltd. (a)(b)(c)
| | 64,736 | | — |
Poseidon Concepts Corp. (a)(c)
| | 43,064 | | — |
Southern Pacific Resource Corp. (a)(c)
| | 281,142 | | — |
Twin Butte Energy, Ltd. (a)(c)
| | 83,708 | | — |
Other Securities
| | | | 32,000,910 |
| | | | | | 32,912,133 |
| CAYMAN ISLANDS – 0.0% (d) | | | | | |
Other Security
| | | | 42,931 |
| CHINA – 0.3% | | | | | |
Other Securities
| | | | 1,616,532 |
| COLOMBIA – 0.0% (d) | | | | | |
Other Security
| | | | 28,941 |
| DENMARK – 0.9% | | | | | |
AMAG Pharmaceuticals, Inc. (a)
| | 308,573 | | — |
OW Bunker A/S (a)(b)(c)
| | 9,828 | | — |
See accompanying notes to financial statements.
34
SPDR S&P INTERNATIONAL SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Other Securities
| | | | $5,067,657 |
| | | | | | 5,067,657 |
| EGYPT – 0.2% | | | | | |
Centamin PLC
| | 650,559 | | 980,899 |
Other Securities
| | | | |
| FINLAND – 0.7% | | | | | |
Other Securities
| | | | 4,004,560 |
| FRANCE – 1.5% | | | | | |
Other Securities
| | | | 8,430,814 |
| GERMANY – 3.3% | | | | | |
HelloFresh SE (c)
| | 65,491 | | 2,198,917 |
PATRIZIA AG
| | 43,666 | | 1,006,163 |
Other Securities
| | | | 15,709,226 |
| | | | | | 18,914,306 |
| GREECE – 0.0% (d) | | | | | |
TT Hellenic Postbank SA (a)(c)
| | 129,076 | | — |
Other Securities
| | | | |
| HONG KONG – 1.5% | | | | | |
China Household Holdings Ltd. (a)
| | 780,000 | | — |
China Ocean Resources Co., Ltd. (a)(b)(c)
| | 26,593 | | — |
Long Well International Holdings, Ltd. (a)(c)
| | 2,380,000 | | 18,117 |
Peace Mark Holdings, Ltd. (a)(c)
| | 504,228 | | — |
SMI Holdings Group, Ltd. (a)(b)(c)
| | 608,081 | | 91,790 |
Superb Summit International Group, Ltd. (a)(b)(c)
| | 1,685,500 | | — |
Town Health International Medical Group, Ltd. (a)(b)
| | 1,824,000 | | 40,594 |
Other Securities
| | | | 8,688,376 |
| | | | | | 8,838,877 |
| IRELAND – 0.6% | | | | | |
Other Securities
| | | | 3,129,971 |
| ISRAEL – 2.0% | | | | | |
Electra, Ltd.
| | 2,170 | | 913,345 |
Nova Measuring Instruments, Ltd. (c)
| | 25,588 | | 846,315 |
Other Securities
| | | | 9,913,031 |
| | | | | | 11,672,691 |
| ITALY – 1.4% | | | | | |
Banca Carige SpA (a)(b)(c)
| | 21,275,644 | | 17,509 |
Other Securities
| | | | 7,770,379 |
| | | | | | 7,787,888 |
See accompanying notes to financial statements.
35
SPDR S&P INTERNATIONAL SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| JAPAN – 41.4% | | | | | |
Awa Bank, Ltd.
| | 47,400 | | $1,001,962 |
Bank of Okinawa, Ltd.
| | 29,100 | | 850,452 |
Comforia Residential REIT, Inc.
| | 291 | | 828,887 |
DTS Corp.
| | 64,324 | | 1,120,181 |
Fukuoka REIT Corp.
| | 831 | | 860,597 |
Iwatani Corp. (b)
| | 47,400 | | 1,585,049 |
Kanematsu Corp.
| | 118,299 | | 1,215,262 |
Kiyo Bank, Ltd.
| | 87,560 | | 1,294,482 |
Marudai Food Co., Ltd.
| | 58,831 | | 1,065,394 |
Nichi-iko Pharmaceutical Co., Ltd.
| | 68,800 | | 909,431 |
Nikkon Holdings Co., Ltd.
| | 75,780 | | 1,486,048 |
NIPPON REIT Investment Corp.
| | 429 | | 1,267,667 |
Nitto Boseki Co., Ltd. (b)
| | 30,630 | | 1,354,808 |
Penta-Ocean Construction Co., Ltd.
| | 160,900 | | 848,058 |
Premier Investment Corp. REIT
| | 1,350 | | 1,489,371 |
Shimachu Co., Ltd. (b)
| | 42,560 | | 1,049,462 |
SHO-BOND Holdings Co., Ltd.
| | 29,000 | | 1,160,484 |
Shochiku Co., Ltd. (b)
| | 12,460 | | 1,398,872 |
SMS Co., Ltd.
| | 43,200 | | 837,549 |
Toagosei Co., Ltd.
| | 129,700 | | 1,129,341 |
Unizo Holdings Co., Ltd. (c)
| | 19,500 | | 1,078,366 |
Other Securities
| | | | 213,248,525 |
| | | | | | 237,080,248 |
| LIECHTENSTEIN – 0.0% (d) | | | | | |
Other Security
| | | | 220,496 |
| LUXEMBOURG – 0.2% | | | | | |
Other Securities
| | | | 1,012,161 |
| MALTA – 0.1% | | | | | |
Other Securities
| | | | 494,135 |
| MOROCCO – 0.0% (d) | | | | | |
Other Security
| | | | 189,884 |
| NETHERLANDS – 1.1% | | | | | |
Corbion NV
| | 40,307 | | 1,196,779 |
Other Securities
| | | | 5,289,953 |
| | | | | | 6,486,732 |
| NEW ZEALAND – 0.9% | | | | | |
Infratil, Ltd.
| | 357,028 | | 827,607 |
See accompanying notes to financial statements.
36
SPDR S&P INTERNATIONAL SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Other Securities
| | | | $4,525,576 |
| | | | | | 5,353,183 |
| NORWAY – 1.2% | | | | | |
Scatec Solar ASA (e)
| | 75,756 | | 952,992 |
Other Securities
| | | | 6,127,493 |
| | | | | | 7,080,485 |
| PERU – 0.1% | | | | | |
Other Security
| | | | 271,781 |
| PORTUGAL – 0.2% | | | | | |
Other Securities
| | | | 1,320,008 |
| SINGAPORE – 1.5% | | | | | |
Ezion Holdings, Ltd. (a)(c)
| | 4,945,500 | | 112,015 |
Ezra Holdings, Ltd. (a)(b)(c)
| | 1,444,295 | | — |
Hyflux, Ltd. (a)(c)
| | 33,300 | | — |
Midas Holdings, Ltd. (a)(b)(c)
| | 1,078,700 | | — |
Swiber Holdings, Ltd. (a)(b)(c)
| | 100,100 | | — |
Technics Oil & Gas, Ltd. (a)(c)
| | 1,254 | | — |
Other Securities
| | | | 8,683,326 |
| | | | | | 8,795,341 |
| SOUTH KOREA – 11.2% | | | | | |
Caregen Co., Ltd. (a)
| | 3,538 | | 166,750 |
CNK International Co., Ltd. (a)(c)
| | 16,071 | | — |
Douzone Bizon Co., Ltd.
| | 15,980 | | 1,063,277 |
Finetex EnE, Inc. (a)(c)
| | 22,588 | | — |
Hanjin Kal Corp.
| | 23,201 | | 1,416,055 |
Hanjin Shipping Co., Ltd. (a)(c)
| | 1,732 | | — |
HLB, Inc. (b)(c)
| | 15,831 | | 1,170,403 |
Seegene, Inc.
| | 31,351 | | 2,861,212 |
Woojeon Co., Ltd. (a)(c)
| | 7,674 | | — |
Other Securities
| | | | 57,287,350 |
| | | | | | 63,965,047 |
| SPAIN – 1.1% | | | | | |
Let's GOWEX SA (a)(b)(c)
| | 9,561 | | — |
Other Securities
| | | | 6,041,073 |
| | | | | | 6,041,073 |
| SWEDEN – 3.1% | | | | | |
Other Securities
| | | | 17,917,948 |
See accompanying notes to financial statements.
37
SPDR S&P INTERNATIONAL SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| SWITZERLAND – 2.4% | | | | | |
Mobimo Holding AG
| | 3,134 | | $876,179 |
Valora Holding AG (c)
| | 4,702 | | 825,177 |
Other Securities
| | | | 12,270,598 |
| | | | | | 13,971,954 |
| UNITED ARAB EMIRATES – 0.0% (d) | | | | | |
Other Security
| | | | 16,972 |
| UNITED KINGDOM – 8.2% | | | | | |
Assura PLC REIT
| | 1,453,730 | | 1,505,132 |
Big Yellow Group PLC REIT
| | 78,797 | | 980,952 |
Cranswick PLC
| | 25,067 | | 1,149,406 |
Domino's Pizza Group PLC
| | 268,317 | | 944,867 |
J D Wetherspoon PLC
| | 82,138 | | 899,819 |
Johnston Press PLC (a)(c)
| | 358 | | — |
Lb-shell PLC (a)(c)
| | 571 | | — |
Pets at Home Group PLC
| | 309,770 | | 988,672 |
Primary Health Properties PLC REIT
| | 469,643 | | 935,228 |
QinetiQ Group PLC
| | 281,874 | | 1,125,421 |
Safestore Holdings PLC REIT
| | 114,179 | | 906,796 |
Sole Realisation Co. PLC (a)(c)
| | 16,733 | | — |
Ultra Electronics Holdings PLC
| | 38,564 | | 960,174 |
Other Securities
| | | | 36,325,378 |
| | | | | | 46,721,845 |
| UNITED STATES – 1.0% | | | | | |
Ferroglobe Representation & Warranty Insurance Trust (a)(c)
| | 39,714 | | — |
Other Securities
| | | | 5,779,148 |
| | | | | | 5,779,148 |
TOTAL COMMON STOCKS
(Cost $792,615,340)
| | | | | 567,167,692 |
| RIGHTS — 0.0% (d) | | | | | |
| CANADA – 0.0% (d) | | | | | |
Other Security
| | | | 60,770 |
| JAPAN – 0.0% (d) | | | | | |
Chiba Kogyo Bank, Ltd. (expiring 06/17/20) (a)(c)
| | 118,600 | | — |
| NORWAY – 0.0% (d) | | | | | |
Other Security
| | | | — |
TOTAL RIGHTS
(Cost $56,757)
| | | | | 60,770 |
See accompanying notes to financial statements.
38
SPDR S&P INTERNATIONAL SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| WARRANTS — 0.0% (d) | | | | | |
| FRANCE – 0.0% (d) | | | | | |
Other Securities
| | | | $224 |
| SINGAPORE – 0.0% (d) | | | | | |
Ezion Holdings, Ltd. (expiring 04/24/20) (a)(b)(c)
| | 230,610 | | — |
Other Security
| | | | — |
| | | | | | — |
TOTAL WARRANTS
(Cost $0)
| | | | | 224 |
| SHORT-TERM INVESTMENTS - 5.4% | | | | | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (f)(g)
| | 72,102 | | 72,037 |
State Street Navigator Securities Lending Portfolio II (h)(i)
| | 30,722,336 | | 30,722,336 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $30,794,373)
| | | | | 30,794,373 |
TOTAL INVESTMENTS - 104.5%
(Cost $823,466,470)
| | | | | 598,023,059 |
LIABILITIES IN EXCESS OF OTHER ASSETS - (4.5)%
| | | | | (25,536,504) |
NET ASSETS - 100.0%
| | | | | $572,486,555 |
| 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, 2020, total aggregate fair value of these securities is $446,775, representing 0.0% of the Fund's net assets. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (c) | Non-income producing security. |
| (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 2.9% of net assets as of March 31, 2020, 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, 2020 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2020. |
See accompanying notes to financial statements.
39
SPDR S&P INTERNATIONAL SMALL CAP ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| (h) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (i) | Investment of cash collateral for securities loaned. |
| REIT | Real Estate Investment Trust |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $565,517,172 | | $1,203,745 | | $446,775 | | $567,167,692 |
Rights
| | 60,770 | | — | | — | | 60,770 |
Warrants
| | 224 | | — | | 0(a) | | 224 |
Short-Term Investments
| | 30,794,373 | | — | | — | | 30,794,373 |
TOTAL INVESTMENTS
| | $596,372,539 | | $1,203,745 | | $446,775 | | $598,023,059 |
| (a) | Fund held a Level 3 security that was valued at $0 at March 31, 2020. |
Affiliate Table
| | Number of
Shares Held
at 9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 2,808,634 | | $2,808,915 | | $22,217,787 | | $24,953,349 | | $(1,316) | | $— | | 72,102 | | $72,037 | | $10,031 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 98,831,120 | | 68,108,784 | | — | | — | | 30,722,336 | | 30,722,336 | | 624,138 |
State Street Navigator Securities Lending Portfolio III
| 65,464,495 | | 65,464,495 | | 8,767,009 | | 74,231,504 | | — | | — | | — | | — | | 157,516 |
Total
| | | $68,273,410 | | $129,815,916 | | $167,293,637 | | $(1,316) | | $— | | | | $30,794,373 | | $791,685 |
See accompanying notes to financial statements.
40
SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.5% | | | | |
| CANADA — 37.9% | | | | | |
Agnico Eagle Mines, Ltd.
| | | 303,347 | | $11,973,186 |
Barrick Gold Corp.
| | | 2,238,571 | | 40,671,266 |
Cameco Corp.
| | | 169,725 | | 1,279,481 |
Canadian Natural Resources, Ltd.
| | | 509,913 | | 6,896,284 |
Cenovus Energy, Inc.
| | | 439,016 | | 875,965 |
First Quantum Minerals, Ltd.
| | | 868,074 | | 4,385,044 |
Franco-Nevada Corp.
| | | 238,007 | | 23,512,252 |
Husky Energy, Inc. (a)
| | | 129,386 | | 321,795 |
Imperial Oil, Ltd.
| | | 99,951 | | 1,117,238 |
Kinross Gold Corp. (b)
| | | 1,578,273 | | 6,264,968 |
Kirkland Lake Gold, Ltd.
| | | 336,074 | | 9,786,958 |
Lundin Mining Corp.
| | | 805,051 | | 2,992,040 |
Nutrien, Ltd. (a)
| | | 604,828 | | 20,443,514 |
Suncor Energy, Inc.
| | | 664,037 | | 10,478,288 |
Teck Resources, Ltd. Class B
| | | 612,320 | | 4,590,195 |
Wheaton Precious Metals Corp.
| | | 563,127 | | 15,322,941 |
| | | | | | 160,911,415 |
| UNITED STATES — 61.6% | | | | | |
Apache Corp.
| | | 161,396 | | 674,635 |
Archer-Daniels-Midland Co.
| | | 586,074 | | 20,618,083 |
Bunge, Ltd.
| | | 210,635 | | 8,642,354 |
CF Industries Holdings, Inc.
| | | 308,168 | | 8,382,170 |
Chevron Corp.
| | | 566,126 | | 41,021,490 |
Concho Resources, Inc.
| | | 86,587 | | 3,710,253 |
ConocoPhillips
| | | 472,364 | | 14,548,811 |
Continental Resources, Inc. (a)
| | | 36,639 | | 279,922 |
Corteva, Inc. (b)
| | | 864,530 | | 20,316,455 |
Devon Energy Corp.
| | | 166,128 | | 1,147,945 |
Diamondback Energy, Inc.
| | | 69,417 | | 1,818,725 |
EOG Resources, Inc.
| | | 250,446 | | 8,996,020 |
Exxon Mobil Corp.
| | | 1,038,998 | | 39,450,754 |
FMC Corp.
| | | 149,770 | | 12,234,711 |
Freeport-McMoRan, Inc.
| | | 1,826,947 | | 12,331,892 |
Hess Corp.
| | | 111,497 | | 3,712,850 |
Marathon Oil Corp.
| | | 343,309 | | 1,129,487 |
Mosaic Co.
| | | 403,980 | | 4,371,064 |
Newmont Goldcorp Corp. (c)
| | | 1,005,527 | | 45,530,263 |
Newmont Goldcorp Corp. (c)
| | | 26,835 | | 1,187,011 |
Noble Energy, Inc.
| | | 205,878 | | 1,243,503 |
See accompanying notes to financial statements.
41
SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Occidental Petroleum Corp.
| | | 384,556 | | $4,453,159 |
Ovintiv, Inc. (a)
| | | 111,500 | | 301,050 |
Pioneer Natural Resources Co.
| | | 71,308 | | 5,002,256 |
| | | | | | 261,104,863 |
TOTAL COMMON STOCKS
(Cost $618,492,117)
| | | | | 422,016,278 |
| | | | |
| SHORT-TERM INVESTMENTS — 0.9% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (d) (e)
| 370,640 | 370,306 |
State Street Navigator Securities Lending Portfolio II (f) (g)
| 3,238,384 | 3,238,384 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,608,905)
| 3,608,690 |
TOTAL INVESTMENTS — 100.4%
(Cost $622,101,022)
| 425,624,968 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%
| (1,561,445) |
NET ASSETS — 100.0%
| $424,063,523 |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (b) | Non-income producing security. |
| (c) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (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, 2020 are shown in the Affiliate Table below. |
| (e) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (f) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (g) | Investment of cash collateral for securities loaned. |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $422,016,278 | | $— | | $— | | $422,016,278 |
Short-Term Investments
| | 3,608,690 | | — | | — | | 3,608,690 |
TOTAL INVESTMENTS
| | $425,624,968 | | $— | | $— | | $425,624,968 |
See accompanying notes to financial statements.
42
SPDR S&P NORTH AMERICAN NATURAL RESOURCES ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at 9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 236,062 | | $236,086 | | $14,611,821 | | $14,476,337 | | $(1,049) | | $(215) | | 370,640 | | $370,306 | | $11,576 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 31,076,701 | | 27,838,317 | | — | | — | | 3,238,384 | | 3,238,384 | | 4,748 |
State Street Navigator Securities Lending Portfolio III
| 494,725 | | 494,725 | | 1,861,097 | | 2,355,822 | | — | | — | | — | | — | | 452 |
Total
| | | $730,811 | | $47,549,619 | | $44,670,476 | | $(1,049) | | $(215) | | | | $3,608,690 | | $16,776 |
See accompanying notes to financial statements.
43
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2020 (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*
| $1,536,037,285 | | $1,171,365,081 | | $1,185,859,836 |
Investments in affiliated issuers, at value
| 5,966,111 | | 21,315,753 | | 8,755,767 |
Total Investments
| 1,542,003,396 | | 1,192,680,834 | | 1,194,615,603 |
Foreign currency, at value
| 424,374 | | 1,262,603 | | 1,550,820 |
Cash
| 1 | | — | | 2 |
Receivable for investments sold
| 1,348 | | 1,520,000 | | — |
Dividends receivable — unaffiliated issuers
| 7,619,644 | | 7,596,355 | | 29,005 |
Dividends receivable — affiliated issuers
| 1,803 | | 1,464 | | 537 |
Securities lending income receivable — unaffiliated issuers
| 17,551 | | 33,687 | | 38,313 |
Securities lending income receivable — affiliated issuers
| 17,949 | | 40,028 | | 11,472 |
Receivable for foreign taxes recoverable
| 415,974 | | 1,094,294 | | — |
TOTAL ASSETS
| 1,550,502,040 | | 1,204,229,265 | | 1,196,245,752 |
| LIABILITIES | | | | | |
Due to custodian
| — | | 1,519,979 | | — |
Payable upon return of securities loaned
| 3,184,253 | | 20,721,775 | | 8,363,411 |
Payable for investments purchased
| 1,545,633 | | 1,011,625 | | — |
Advisory fee payable
| 736,586 | | 686,920 | | 620,206 |
Trustees’ fees and expenses payable
| 3,772 | | 5,200 | | 2,067 |
TOTAL LIABILITIES
| 5,470,244 | | 23,945,499 | | 8,985,684 |
NET ASSETS
| $1,545,031,796 | | $1,180,283,766 | | $1,187,260,068 |
| NET ASSETS CONSIST OF: | | | | | |
Paid-in Capital
| $2,083,507,445 | | $2,310,372,992 | | $1,455,505,675 |
Total distributable earnings (loss)
| (538,475,649) | | (1,130,089,226) | | (268,245,607) |
NET ASSETS
| $1,545,031,796 | | $1,180,283,766 | | $1,187,260,068 |
| NET ASSET VALUE PER SHARE | | | | | |
Net asset value per share
| $36.10 | | $26.77 | | $91.68 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 42,800,000 | | 44,085,379 | | 12,950,000 |
| COST OF INVESTMENTS: | | | | | |
Investments in unaffiliated issuers
| $1,971,432,650 | | $1,576,888,957 | | $1,260,970,592 |
Investments in affiliated issuers
| 5,965,721 | | 21,315,521 | | 8,755,505 |
Total cost of investments
| $1,977,398,371 | | $1,598,204,478 | | $1,269,726,097 |
Foreign currency, at cost
| $421,346 | | $1,263,896 | | $1,550,563 |
* Includes investments in securities on loan, at value
| $11,794,933 | | $39,649,635 | | $39,420,326 |
See accompanying notes to financial statements.
44
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)
March 31, 2020 (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*
| $707,234,822 | | $567,228,686 | | $422,016,278 |
Investments in affiliated issuers, at value
| 38,301,138 | | 30,794,373 | | 3,608,690 |
Total Investments
| 745,535,960 | | 598,023,059 | | 425,624,968 |
Foreign currency, at value
| 1,181,908 | | 418,921 | | 381,262 |
Cash
| 14 | | 6 | | — |
Receivable for investments sold
| 15 | | 198,419 | | 10,422,860 |
Receivable for fund shares sold
| 18,313,285 | | — | | — |
Dividends receivable — unaffiliated issuers
| 4,157,354 | | 4,285,277 | | 1,071,230 |
Dividends receivable — affiliated issuers
| 1,217 | | 620 | | 527 |
Securities lending income receivable — unaffiliated issuers
| 3,328 | | 92,033 | | 3,391 |
Securities lending income receivable — affiliated issuers
| 13,243 | | 106,547 | | 2,019 |
Receivable for foreign taxes recoverable
| 98,975 | | 383,049 | | — |
Other Receivable
| 7,622 | | 210 | | — |
TOTAL ASSETS
| 769,312,921 | | 603,508,141 | | 437,506,257 |
| LIABILITIES | | | | | |
Payable upon return of securities loaned
| 37,770,598 | | 30,722,336 | | 3,238,384 |
Payable for investments purchased
| 19,359,254 | | 42,728 | | 3,558,915 |
Payable for fund shares repurchased
| — | | — | | 6,510,450 |
Deferred foreign taxes payable
| — | | 53,799 | | — |
Advisory fee payable
| 245,751 | | 201,443 | | 134,012 |
Trustees’ fees and expenses payable
| 2,482 | | 1,280 | | 973 |
TOTAL LIABILITIES
| 57,378,085 | | 31,021,586 | | 13,442,734 |
NET ASSETS
| $711,934,836 | | $572,486,555 | | $424,063,523 |
| NET ASSETS CONSIST OF: | | | | | |
Paid-in Capital
| $1,321,208,647 | | $876,809,270 | | $666,319,639 |
Total distributable earnings (loss)**
| (609,273,811) | | (304,322,715) | | (242,256,116) |
NET ASSETS
| $711,934,836 | | $572,486,555 | | $424,063,523 |
| NET ASSET VALUE PER SHARE | | | | | |
Net asset value per share
| $31.05 | | $22.90 | | $21.89 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 22,925,000 | | 25,000,000 | | 19,375,000 |
| COST OF INVESTMENTS: | | | | | |
Investments in unaffiliated issuers
| $1,068,687,308 | | $792,672,097 | | $618,492,117 |
Investments in affiliated issuers
| 38,301,036 | | 30,794,373 | | 3,608,905 |
Total cost of investments
| $1,106,988,344 | | $823,466,470 | | $622,101,022 |
Foreign currency, at cost
| $1,164,251 | | $414,960 | | $381,313 |
* Includes investments in securities on loan, at value
| $69,452,155 | | $63,783,328 | | $3,263,501 |
** Includes deferred foreign taxes
| $— | | $45,135 | | $— |
See accompanying notes to financial statements.
45
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2020 (Unaudited)
| | SPDR Dow Jones Global Real Estate ETF | | SPDR Dow Jones International Real Estate ETF |
| INVESTMENT INCOME | | | |
Dividend income — unaffiliated issuers
| $40,632,909 | | $33,197,044 |
Dividend income — affiliated issuers
| 20,299 | | 23,242 |
Unaffiliated securities lending income
| 66,244 | | 232,975 |
Affiliated securities lending income
| 138,968 | | 100,226 |
Foreign taxes withheld
| (1,799,961) | | (3,545,595) |
TOTAL INVESTMENT INCOME (LOSS)
| 39,058,459 | | 30,007,892 |
| EXPENSES | | | |
Advisory fee
| 5,375,188 | | 5,799,288 |
Trustees’ fees and expenses
| 15,093 | | 14,110 |
TOTAL EXPENSES
| 5,390,281 | | 5,813,398 |
NET INVESTMENT INCOME (LOSS)
| $33,668,178 | | $24,194,494 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | |
| Net realized gain (loss) on: | | | |
Investments — unaffiliated issuers
| (16,050,443) | | (20,733,117) |
Investments — affiliated issuers
| (4,260) | | (4,740) |
In-kind redemptions — unaffiliated issuers
| (293,687) | | 40,920,139 |
Foreign currency transactions
| (77,651) | | (133,410) |
Net realized gain (loss)
| (16,426,041) | | 20,048,872 |
| Net change in unrealized appreciation/depreciation on: | | | |
Investments — unaffiliated issuers
| (654,877,424) | | (501,929,090) |
Investment — affiliated issuers
| 327 | | 232 |
Foreign currency translations
| 49,841 | | 66,987 |
Net change in unrealized appreciation/depreciation
| (654,827,256) | | (501,861,871) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| (671,253,297) | | (481,812,999) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $(637,585,119) | | $(457,618,505) |
See accompanying notes to financial statements.
46
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
For the Six Months Ended March 31, 2020 (Unaudited)
| | SPDR S&P China ETF | | SPDR S&P Global Natural Resources ETF |
| INVESTMENT INCOME | | | |
Dividend income — unaffiliated issuers
| $1,335,607 | | $18,218,595 |
Dividend income — affiliated issuers
| 17,556 | | 16,194 |
Dividend income — non-cash transactions
| 200,940 | | — |
Unaffiliated securities lending income
| 313,694 | | 17,906 |
Affiliated securities lending income
| 144,941 | | 51,160 |
Foreign taxes withheld
| (26,063) | | (884,335) |
TOTAL INVESTMENT INCOME (LOSS)
| 1,986,675 | | 17,419,520 |
| EXPENSES | | | |
Advisory fee
| 3,783,368 | | 2,066,474 |
Trustees’ fees and expenses
| 8,802 | | 7,492 |
TOTAL EXPENSES
| 3,792,170 | | 2,073,966 |
NET INVESTMENT INCOME (LOSS)
| $(1,805,495) | | $15,345,554 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | |
| Net realized gain (loss) on: | | | |
Investments — unaffiliated issuers
| (3,580,212) | | (9,053,606) |
Investments — affiliated issuers
| (245) | | (2,163) |
In-kind redemptions — unaffiliated issuers
| 30,870,508 | | 1,454,010 |
Foreign currency transactions
| (3,586) | | (174,383) |
Net realized gain (loss)
| 27,286,465 | | (7,776,142) |
| Net change in unrealized appreciation/depreciation on: | | | |
Investments — unaffiliated issuers
| (16,558,986) | | (266,124,672) |
Investment — affiliated issuers
| 262 | | 102 |
Foreign currency translations
| 3,422 | | (28,252) |
Net change in unrealized appreciation/depreciation
| (16,555,302) | | (266,152,822) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| 10,731,163 | | (273,928,964) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $8,925,668 | | $(258,583,410) |
See accompanying notes to financial statements.
47
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
For the Six Months Ended March 31, 2020 (Unaudited)
| | SPDR S&P International Small Cap ETF | | SPDR S&P North American Natural Resources ETF |
| INVESTMENT INCOME | | | |
Dividend income — unaffiliated issuers
| $9,840,554 | | $8,679,380 |
Dividend income — affiliated issuers
| 10,031 | | 11,576 |
Dividend income — non-cash transactions
| — | | 586,101 |
Unaffiliated securities lending income
| 712,391 | | 9,690 |
Affiliated securities lending income
| 781,654 | | 5,200 |
Foreign taxes withheld
| (952,434) | | (376,290) |
TOTAL INVESTMENT INCOME (LOSS)
| 10,392,196 | | 8,915,657 |
| EXPENSES | | | |
Advisory fee
| 1,571,796 | | 1,185,866 |
Trustees’ fees and expenses
| 5,350 | | 4,694 |
TOTAL EXPENSES
| 1,577,146 | | 1,190,560 |
NET INVESTMENT INCOME (LOSS)
| $8,815,050 | | $7,725,097 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | |
| Net realized gain (loss) on: | | | |
Investments — unaffiliated issuers*
| (843,064) | | (17,986,125) |
Investments — affiliated issuers
| (1,316) | | (1,049) |
In-kind redemptions — unaffiliated issuers
| 4,287,139 | | 37,088,545 |
Foreign currency transactions
| (318,851) | | (44,755) |
Net realized gain (loss)
| 3,123,908 | | 19,056,616 |
| Net change in unrealized appreciation/depreciation on: | | | |
Investments — unaffiliated issuers**
| (158,491,425) | | (194,488,663) |
Investment — affiliated issuers
| — | | (215) |
Foreign currency translations
| (15,769) | | 3,451 |
Net change in unrealized appreciation/depreciation
| (158,507,194) | | (194,485,427) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| (155,383,286) | | (175,428,811) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $(146,568,236) | | $(167,703,714) |
* Includes foreign capital gain taxes
| $(8,664) | | $— |
** Includes foreign deferred taxes
| $69,523 | | $— |
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
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $33,668,178 | | $65,002,232 |
Net realized gain (loss)
| (16,426,041) | | 62,243,161 |
Net change in unrealized appreciation/depreciation
| (654,827,256) | | 133,891,542 |
Net increase (decrease) in net assets resulting from operations
| (637,585,119) | | 261,136,935 |
Net equalization credits and charges
| (161,282) | | (1,046,990) |
Distributions to shareholders
| (50,940,945) | | (73,012,869) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 49,431,156 | | 50,529,050 |
Cost of shares redeemed
| (35,623,988) | | (317,174,701) |
Net income equalization
| 161,282 | | 1,046,990 |
Other Capital
| 1,293 | | — |
Net increase (decrease) in net assets from beneficial interest transactions
| 13,969,743 | | (265,598,661) |
Net increase (decrease) in net assets during the period
| (674,717,603) | | (78,521,585) |
Net assets at beginning of period
| 2,219,749,399 | | 2,298,270,984 |
NET ASSETS AT END OF PERIOD
| $1,545,031,796 | | $2,219,749,399 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 950,000 | | 1,000,000 |
Shares redeemed
| (950,000) | | (6,500,000) |
Net increase (decrease)
| — | | (5,500,000) |
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
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $24,194,494 | | $68,668,830 |
Net realized gain (loss)
| 20,048,872 | | 42,738,358 |
Net change in unrealized appreciation/depreciation
| (501,861,871) | | 43,316,147 |
Net increase (decrease) in net assets resulting from operations
| (457,618,505) | | 154,723,335 |
Net equalization credits and charges
| 32,526,601 | | 25,297,099 |
Distributions to shareholders
| (140,255,393) | | (112,554,076) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 154,669,857 | | 88,178,782 |
Cost of shares redeemed
| (469,646,379) | | (1,027,591,211) |
Net income equalization
| (32,526,601) | | (25,297,099) |
Other Capital
| 31,080 | | 4,980 |
Net increase (decrease) in net assets from beneficial interest transactions
| (347,472,043) | | (964,704,548) |
Net increase (decrease) in net assets during the period
| (912,819,340) | | (897,238,190) |
Net assets at beginning of period
| 2,093,103,106 | | 2,990,341,296 |
NET ASSETS AT END OF PERIOD
| $1,180,283,766 | | $2,093,103,106 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 3,900,000 | | 2,300,000 |
Shares redeemed
| (12,850,000) | | (27,300,000) |
Net increase (decrease)
| (8,950,000) | | (25,000,000) |
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
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $(1,805,495) | | $21,389,593 |
Net realized gain (loss)
| 27,286,465 | | 88,843,836 |
Net change in unrealized appreciation/depreciation
| (16,555,302) | | (182,550,426) |
Net increase (decrease) in net assets resulting from operations
| 8,925,668 | | (72,316,997) |
Distributions to shareholders
| (11,104,931) | | (22,801,306) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 178,986,779 | | 682,110,785 |
Cost of shares redeemed
| (112,711,599) | | (504,433,585) |
Other Capital
| 221,686 | | 782,821 |
Net increase (decrease) in net assets from beneficial interest transactions
| 66,496,866 | | 178,460,021 |
Net increase (decrease) in net assets during the period
| 64,317,603 | | 83,341,718 |
Net assets at beginning of period
| 1,122,942,465 | | 1,039,600,747 |
NET ASSETS AT END OF PERIOD
| $1,187,260,068 | | $1,122,942,465 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 1,750,000 | | 7,100,000 |
Shares redeemed
| (1,200,000) | | (5,400,000) |
Net increase (decrease)
| 550,000 | | 1,700,000 |
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
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $15,345,554 | | $49,483,559 |
Net realized gain (loss)
| (7,776,142) | | 2,680,858 |
Net change in unrealized appreciation/depreciation
| (266,152,822) | | (236,099,380) |
Net increase (decrease) in net assets resulting from operations
| (258,583,410) | | (183,934,963) |
Distributions to shareholders
| (24,471,024) | | (48,139,196) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 97,686,683 | | 132,041,813 |
Cost of shares redeemed
| (147,567,428) | | (408,925,614) |
Other Capital
| 2,870 | | 4,180 |
Net increase (decrease) in net assets from beneficial interest transactions
| (49,877,875) | | (276,879,621) |
Net increase (decrease) in net assets during the period
| (332,932,309) | | (508,953,780) |
Net assets at beginning of period
| 1,044,867,145 | | 1,553,820,925 |
NET ASSETS AT END OF PERIOD
| $711,934,836 | | $1,044,867,145 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 2,450,000 | | 2,950,000 |
Shares redeemed
| (3,775,000) | | (9,400,000) |
Net increase (decrease)
| (1,325,000) | | (6,450,000) |
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
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $8,815,050 | | $18,840,623 |
Net realized gain (loss)
| 3,123,908 | | 2,453,339 |
Net change in unrealized appreciation/depreciation
| (158,507,194) | | (115,109,712) |
Net increase (decrease) in net assets resulting from operations
| (146,568,236) | | (93,815,750) |
Distributions to shareholders
| (18,432,950) | | (30,767,257) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 12,848,498 | | 100,502,507 |
Cost of shares redeemed
| (62,193,278) | | (60,235,248) |
Other Capital
| 24,734 | | 7,513 |
Net increase (decrease) in net assets from beneficial interest transactions
| (49,320,046) | | 40,274,772 |
Net increase (decrease) in net assets during the period
| (214,321,232) | | (84,308,235) |
Net assets at beginning of period
| 786,807,787 | | 871,116,022 |
NET ASSETS AT END OF PERIOD
| $572,486,555 | | $786,807,787 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 400,000 | | 3,500,000 |
Shares redeemed
| (2,200,000) | | (2,000,000) |
Net increase (decrease)
| (1,800,000) | | 1,500,000 |
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
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $7,725,097 | | $14,433,789 |
Net realized gain (loss)
| 19,056,616 | | 26,793,897 |
Net change in unrealized appreciation/depreciation
| (194,485,427) | | (87,760,837) |
Net increase (decrease) in net assets resulting from operations
| (167,703,714) | | (46,533,151) |
Net equalization credits and charges
| 32,877 | | 194,650 |
Distributions to shareholders
| (9,312,097) | | (13,741,277) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 109,198,103 | | 212,321,843 |
Cost of shares redeemed
| (225,672,971) | | (149,199,842) |
Net income equalization
| (32,877) | | (194,650) |
Net increase (decrease) in net assets from beneficial interest transactions
| (116,507,745) | | 62,927,351 |
Net increase (decrease) in net assets during the period
| (293,490,679) | | 2,847,573 |
Net assets at beginning of period
| 717,554,202 | | 714,706,629 |
NET ASSETS AT END OF PERIOD
| $424,063,523 | | $717,554,202 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 3,975,000 | | 6,775,000 |
Shares redeemed
| (7,475,000) | | (4,750,000) |
Net increase (decrease)
| (3,500,000) | | 2,025,000 |
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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $51.86 | | $47.58 | | $47.66 | | $49.68 | | $45.11 | | $44.24 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.78 | | 1.42 | | 1.43 | | 1.19 | | 1.23 | | 1.17 |
Net realized and unrealized gain (loss) (b)
| (15.35) | | 4.50 | | 0.27 | | (1.51) | | 4.88 | | 1.04 |
Total from investment operations
| (14.57) | | 5.92 | | 1.70 | | (0.32) | | 6.11 | | 2.21 |
Net equalization credits and charges (a)
| (0.00)(c) | | (0.02) | | (0.00)(c) | | (0.00)(c) | | 0.03 | | 0.02 |
Other capital
| 0.00(c) | | — | | — | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (1.19) | | (1.62) | | (1.78) | | (1.68) | | (1.57) | | (1.36) |
Net realized gains
| — | | — | | — | | (0.02) | | — | | — |
Total distributions
| (1.19) | | (1.62) | | (1.78) | | (1.70) | | (1.57) | | (1.36) |
Net asset value, end of period
| $36.10 | | $51.86 | | $47.58 | | $47.66 | | $49.68 | | $45.11 |
Total return (d)
| (28.60)% | | 12.68% | | 3.60% | | (0.55)% | | 13.71% | | 4.96% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $1,545,032 | | $2,219,749 | | $2,298,271 | | $2,688,166 | | $2,494,073 | | $1,899,194 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.50%(e) | | 0.50% | | 0.50% | | 0.50% | | 0.50% | | 0.50% |
Net investment income (loss)
| 3.13%(e) | | 2.92% | | 3.00% | | 2.52% | | 2.56% | | 2.46% |
Portfolio turnover rate (f)
| 3%(g) | | 7% | | 11% | | 13% | | 9% | | 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) | 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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $39.47 | | $38.32 | | $38.37 | | $41.61 | | $39.24 | | $41.54 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.47 | | 1.12 | | 1.26 | | 1.16 | | 1.08 | | 1.02 |
Net realized and unrealized gain (loss) (b)
| (11.10) | | 1.51 | | (0.33) | | (1.36) | | 2.32 | | (2.07) |
Total from investment operations
| (10.63) | | 2.63 | | 0.93 | | (0.20) | | 3.40 | | (1.05) |
Net equalization credits and charges (a)
| 0.63 | | 0.41 | | 0.19 | | 0.16 | | 0.08 | | (0.01) |
Other capital
| 0.00(c) | | 0.00(c) | | — | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (2.70) | | (1.89) | | (1.17) | | (3.20) | | (1.11) | | (1.24) |
Net asset value, end of period
| $26.77 | | $39.47 | | $38.32 | | $38.37 | | $41.61 | | $39.24 |
Total return (d)
| (27.22)% | | 8.31% | | 2.87% | | 0.48% | | 8.93% | | (2.66)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $1,180,284 | | $2,093,103 | | $2,990,341 | | $3,654,633 | | $4,528,235 | | $4,753,058 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.59%(e) | | 0.59% | | 0.59% | | 0.59% | | 0.59% | | 0.60% |
Net investment income (loss)
| 2.46%(e) | | 2.93% | | 3.18% | | 3.03% | | 2.65% | | 2.40% |
Portfolio turnover rate (f)
| 4%(g) | | 9% | | 15% | | 18% | | 14% | | 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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $90.56 | | $97.16 | | $101.90 | | $78.85 | | $68.73 | | $76.42 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| (0.14) | | 1.70 | | 1.74 | | 1.57(b) | | 1.38 | | 1.92 |
Net realized and unrealized gain (loss) (c)
| 2.07 | | (6.39) | | (4.21) | | 22.78 | | 10.68 | | (8.34) |
Total from investment operations
| 1.93 | | (4.69) | | (2.47) | | 24.35 | | 12.06 | | (6.42) |
Other capital
| 0.02 | | 0.06 | | — | | 0.01 | | 0.00(d) | | 0.02 |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.83) | | (1.97) | | (2.27) | | (1.31) | | (1.94) | | (1.29) |
Net asset value, end of period
| $91.68 | | $90.56 | | $97.16 | | $101.90 | | $78.85 | | $68.73 |
Total return (e)
| 2.06% | | (4.73)% | | (2.64)% | | 31.50%(b) | | 17.81% | | (8.69)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $1,187,260 | | $1,122,942 | | $1,039,601 | | $1,029,239 | | $812,123 | | $817,908 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.59%(f) | | 0.59% | | 0.59% | | 0.59% | | 0.59% | | 0.59% |
Net investment income (loss)
| (0.28)%(f) | | 1.81% | | 1.62% | | 1.85%(b) | | 1.94% | | 2.32% |
Portfolio turnover rate (g)
| 2%(h) | | 23% | | 3% | | 5% | | 6% | | 14% |
| (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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $43.09 | | $50.61 | | $45.84 | | $39.07 | | $32.56 | | $48.62 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.63 | | 1.81 | | 1.49 | | 1.19 | | 0.97 | | 1.51 |
Net realized and unrealized gain (loss) (b)
| (11.71) | | (7.67) | | 4.52 | | 6.51 | | 6.63 | | (16.27) |
Total from investment operations
| (11.08) | | (5.86) | | 6.01 | | 7.70 | | 7.60 | | (14.76) |
Other capital
| 0.00(c) | | 0.00(c) | | — | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.96) | | (1.66) | | (1.24) | | (0.93) | | (1.09) | | (1.30) |
Net asset value, end of period
| $31.05 | | $43.09 | | $50.61 | | $45.84 | | $39.07 | | $32.56 |
Total return (d)
| (26.43)% | | (11.50)% | | 13.17% | | 19.95% | | 23.87% | | (30.97)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $711,935 | | $1,044,867 | | $1,553,821 | | $1,226,154 | | $722,833 | | $569,822 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.40%(e) | | 0.40% | | 0.40% | | 0.41% | | 0.40% | | 0.40% |
Net investment income (loss)
| 2.97%(e) | | 4.03% | | 3.03% | | 2.82% | | 2.75% | | 3.52% |
Portfolio turnover rate (f)
| 4%(g) | | 16% | | 19% | | 25% | | 23% | | 21% |
| (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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $29.36 | | $34.43 | | $34.90 | | $31.21 | | $27.57 | | $32.76 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.33 | | 0.71 | | 0.74 | | 0.63 | | 0.62 | | 0.57 |
Net realized and unrealized gain (loss) (b)
| (6.11) | | (4.63) | | 0.71 | | 4.23 | | 3.76 | | (2.14) |
Total from investment operations
| (5.78) | | (3.92) | | 1.45 | | 4.86 | | 4.38 | | (1.57) |
Other capital
| 0.00(c) | | 0.00(c) | | — | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.68) | | (1.15) | | (0.91) | | (0.79) | | (0.59) | | (0.49) |
Net realized gains
| — | | — | | (1.01) | | (0.38) | | (0.15) | | (3.13) |
Total distributions
| (0.68) | | (1.15) | | (1.92) | | (1.17) | | (0.74) | | (3.62) |
Net asset value, end of period
| $22.90 | | $29.36 | | $34.43 | | $34.90 | | $31.21 | | $27.57 |
Total return (d)
| (20.34)% | | (11.28)% | | 4.02% | | 16.30% | | 16.18% | | (4.77)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $572,487 | | $786,808 | | $871,116 | | $886,430 | | $702,312 | | $650,556 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.40%(e) | | 0.40% | | 0.40% | | 0.40% | | 0.40% | | 0.47% |
Net investment income (loss)
| 2.24%(e) | | 2.35% | | 2.11% | | 1.99% | | 2.15% | | 1.93% |
Portfolio turnover rate (f)
| 1%(g) | | 15% | | 29% | | 31% | | 20% | | 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.
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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | For the
Period
12/15/15*-
9/30/16 |
Net asset value, beginning of period
| $31.37 | | $34.28 | | $33.67 | | $34.05 | | $25.00 |
| Income (loss) from investment operations: | | | | | | | | | |
Net investment income (loss) (a)
| 0.35 | | 0.67 | | 0.54 | | 0.50 | | 0.39 |
Net realized and unrealized gain (loss) (b)
| (9.43) | | (2.95) | | 0.72 | | 0.75 | | 8.91 |
Total from investment operations
| (9.08) | | (2.28) | | 1.26 | | 1.25 | | 9.30 |
Net equalization credits and charges (a)
| 0.00(c) | | 0.01 | | (0.00)(c) | | 0.01 | | (0.02) |
| Distributions to shareholders from: | | | | | | | | | |
Net investment income
| (0.40) | | (0.64) | | (0.50) | | (0.51) | | (0.25) |
Net realized gains
| — | | — | | (0.15) | | (1.13) | | — |
Total distributions
| (0.40) | | (0.64) | | (0.65) | | (1.64) | | (0.25) |
Net asset value, end of period
| $21.89 | | $31.37 | | $34.28 | | $33.67 | | $34.05 |
Total return (d)
| (29.39)% | | (6.50)% | | 3.67% | | 3.74% | | 37.21% |
| Ratios and Supplemental Data: | | | | | | | | | |
Net assets, end of period (in 000s)
| $424,064 | | $717,554 | | $714,707 | | $1,016,760 | | $829,092 |
| Ratios to average net assets: | | | | | | | | | |
Total expenses
| 0.35%(e) | | 0.35% | | 0.35% | | 0.35% | | 0.35%(e) |
Net investment income (loss)
| 2.28%(e) | | 2.11% | | 1.57% | | 1.53% | | 1.63%(e) |
Portfolio turnover rate (f)
| 8%(g) | | 19% | | 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, 2020 (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, 2020, the Trust consists of thirty (30) 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 diversified investment company under the 1940 Act, with the exceptions of SPDR S&P China ETF and SPDR S&P North American Natural Resources ETF, which are each a non-diversified investment company.
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, 2020 (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, 2020 (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, 2020, 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 received in the form of stock, if any, 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, 2020 (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, 2020, 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, 2020 (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, 2020:
| 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 a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:
| | Annual Rate |
SPDR 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, 2020 (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 |
From time to time, the Adviser may also waive all or a portion of its management fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until January 31, 2021. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. This waiver and/or reimbursement may not be terminated prior to January 31, 2021 except with the approval of the Board.
The Adviser pays all the expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.
Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.
Distributor
State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust.
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to a Master Amended and Restated Securities Lending Authorization Agreement dated January 6, 2017, as amended.
Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 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, 2020 are disclosed in the Schedules of Investments.
Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.
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, 2020, were as follows:
| | Purchases | | Sales |
SPDR Dow Jones Global Real Estate ETF
| $70,663,280 | | $86,815,809 |
SPDR Dow Jones International Real Estate ETF
| 83,620,608 | | 192,913,759 |
SPDR S&P China ETF
| 133,395,657 | | 24,398,961 |
SPDR S&P Global Natural Resources ETF
| 50,819,906 | | 35,926,216 |
SPDR S&P International Small Cap ETF
| 10,858,064 | | 12,988,437 |
SPDR S&P North American Natural Resources ETF
| 59,404,636 | | 53,842,070 |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
For the period ended March 31, 2020, 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
| $48,195,722 | | $35,460,762 | | $(293,687) |
SPDR Dow Jones International Real Estate ETF
| 140,316,524 | | 461,673,182 | | 40,920,139 |
SPDR S&P China ETF
| 40,477,553 | | 91,942,048 | | 30,870,508 |
SPDR S&P Global Natural Resources ETF
| 74,595,137 | | 146,979,973 | | 1,454,010 |
SPDR S&P International Small Cap ETF
| — | | 51,449,624 | | 4,287,139 |
SPDR S&P North American Natural Resources ETF
| 101,777,509 | | 225,876,770 | | 37,088,545 |
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
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
jurisdiction. As of September 30, 2019, 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, 2020, 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
| $2,042,448,553 | | $107,573,045 | | $608,018,202 | | $(500,445,157) |
SPDR Dow Jones International Real Estate ETF
| 1,756,598,546 | | 102,094,491 | | 666,012,203 | | (563,917,712) |
SPDR S&P China ETF
| 1,277,366,425 | | 152,988,257 | | 235,739,079 | | (82,750,822) |
SPDR S&P Global Natural Resources ETF
| 1,113,348,161 | | 13,567,225 | | 381,379,426 | | (367,812,201) |
SPDR S&P International Small Cap ETF
| 838,822,806 | | 34,738,887 | | 275,538,634 | | (240,799,747) |
SPDR S&P North American Natural Resources ETF
| 623,668,519 | | 21,693,554 | | 219,737,105 | | (198,043,551) |
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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
The market value of securities on loan as of March 31, 2020, 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, 2020:
| Fund | | Market Value of
Securities on Loan | | Cash
Collateral
Received | | Non-Cash
Collateral
Received* | | Total
Collateral
Received |
SPDR Dow Jones Global Real Estate ETF
| | $ 11,794,933 | | $ 3,184,253 | | $ 9,185,684 | | $ 12,369,937 |
SPDR Dow Jones International Real Estate ETF
| | 39,649,635 | | 20,721,775 | | 19,472,753 | | 40,194,528 |
SPDR S&P China ETF
| | 39,420,326 | | 8,363,411 | | 33,117,822 | | 41,481,233 |
SPDR S&P Global Natural Resources ETF
| | 69,452,155 | | 37,770,598 | | 30,643,281 | | 68,413,879 |
SPDR S&P International Small Cap ETF
| | 63,783,328 | | 30,722,336 | | 36,903,775 | | 67,626,111 |
SPDR S&P North American Natural Resources ETF
| | 3,263,501 | | 3,238,384 | | — | | 3,238,384 |
| * | 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, 2020 (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, 2020:
| | | | | Remaining Contractual Maturity of the Agreements
As of March 31, 2020 |
| 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 | | $3,184,253 | | $— | | $— | | $— | | $3,184,253 | | $3,184,253 |
SPDR Dow Jones International Real Estate ETF
| | Common Stocks | | 20,721,775 | | — | | — | | — | | 20,721,775 | | 20,721,775 |
SPDR S&P China ETF
| | Common Stocks | | 8,363,411 | | — | | — | | — | | 8,363,411 | | 8,363,411 |
SPDR S&P Global Natural Resources ETF
| | Common Stocks | | 37,770,598 | | — | | — | | — | | 37,770,598 | | 37,770,598 |
SPDR S&P International Small Cap ETF
| | Common Stocks | | 30,722,336 | | — | | — | | — | | 30,722,336 | | 30,722,336 |
SPDR S&P North American Natural Resources ETF
| | Common Stocks | | 3,238,384 | | — | | — | | — | | 3,238,384 | | 3,238,384 |
9. Line of Credit
Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2020 unless extended or renewed.
The following Fund participates in the credit facility as of March 31, 2020:
| SPDR S&P International Small Cap ETF |
The Fund had no outstanding loans as of March 31, 2020.
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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (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
Each Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.
An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.
11. Subsequent Events
Change in Audit Firm
PricewaterhouseCoopers LLC (“PWC”) resigned as independent registered certified public accounting firm on April 20, 2020. On May 21, 2020, upon recommendation by the Audit Committee of the Trust, the Trust’s Board of Trustees selected Ernst & Young LLP (“EY”) to replace PWC as the independent public accountant for the fiscal year ending September 30, 2020.
The reports of PWC on the financial statements for the fiscal years ended September 30, 2019 and 2018 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.
During the fiscal years ended September 30, 2019 and 2018, and in the subsequent interim period through April 20, 2020, there were no disagreements between the Trust and PWC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which, if not resolved to the satisfaction of PWC, would have caused it to make reference to the disagreements in its report on the financial statements. In addition, during the fiscal years ended September 30, 2019 and 2018, and in the subsequent interim period through April 20, 2020, there were no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
The Trust requested and PWC furnished a letter addressed to the Securities and Exchange Commission stating whether or not it agreed with the above statements. A copy of such letter was filed as an Exhibit, under Item 13(a)(4), to Form N-CSR for the period ended March 31, 2020.
During this period, neither the Trust nor anyone on its behalf consulted EY concerning (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Trust’s financial statements or (ii) the subject of a disagreement (as defined in paragraph (a)(1)(iv) of item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).
SPDR INDEX SHARES FUNDS
OTHER INFORMATION
March 31, 2020 (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, 2019 to March 31, 2020.
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, 2020 (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
| $714.00 | | $727.80 | | $1,020.60 |
Expenses Paid During Period(a)
| 2.14 | | 2.55 | | 2.98 |
| Hypothetical (assuming a 5% return before expenses): | | | | | |
Ending Account Value
| 1,022.50 | | 1,022.10 | | 1,022.10 |
Expenses Paid During Period(a)
| 2.53 | | 2.98 | | 2.98 |
| | 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
| $735.70 | | $796.60 | | $706.10 |
Expenses Paid During Period(a)
| 1.74 | | 1.80 | | 1.49 |
| Hypothetical (assuming a 5% return before expenses): | | | | | |
Ending Account Value
| 1,023.00 | | 1,023.00 | | 1,023.30 |
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 183, then divided by 366. |
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
March 31, 2020 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. The program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds’ liquidity risk management program. At a board meeting during the fiscal period, SSGA FM provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation, including:
| • | the program supported each Fund’s ability to honor redemption requests timely; |
| • | the program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions; |
| • | no material liquidity issues were identified during the period; |
| • | there were no material changes to the program during the period; |
| • | the implementation of the program was effective to manage each Fund’s liquidity risk; and |
| • | the program operated adequately during the period. |
There can be no assurance that the program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found atwww.spdrs.com.
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
March 31, 2020 (Unaudited)
Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC’s website 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 as an exhibit on Form N-PORT, which can be found on the SEC's website atwww.sec.gov. The Funds’ schedules of investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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
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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.
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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
© 2020 State Street Corporation - All Rights Reserved
0515 Exp. Date: 11/30/2020 SPDRISRASAR
Semi-Annual Report
March 31, 2020
SPDR® Index Shares Funds
| SPDR Portfolio Emerging Markets ETF |
| SPDR Portfolio Developed World ex-US ETF |
| SPDR Portfolio MSCI Global Stock Market ETF |
| SPDR Portfolio Europe ETF |
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.
[This Page Intentionally Left Blank]
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, 2020
| | | |
| | Description | % of Net Assets | |
| | Alibaba Group Holding, Ltd. ADR | 6.2% | |
| | Tencent Holdings, Ltd. | 5.6 | |
| | Taiwan Semiconductor Manufacturing Co., Ltd. | 3.4 | |
| | China Construction Bank Corp. Class H | 1.7 | |
| | Industrial & Commercial Bank of China, Ltd. Class H | 1.3 | |
| | Naspers, Ltd. Class N | 1.2 | |
| | Ping An Insurance Group Co. of China, Ltd. Class H | 1.2 | |
| | Reliance Industries, Ltd. GDR | 1.0 | |
| | HDFC Bank, Ltd. | 0.9 | |
| | Meituan Dianping Class B | 0.9 | |
| | TOTAL | 23.4% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Financials | 23.1% | |
| | Consumer Discretionary | 15.9 | |
| | Information Technology | 12.5 | |
| | Communication Services | 12.2 | |
| | Materials | 7.0 | |
| | Consumer Staples | 6.9 | |
| | Energy | 6.1 | |
| | Industrials | 5.7 | |
| | Health Care | 3.6 | |
| | Real Estate | 3.4 | |
| | Utilities | 2.5 | |
| | Short-Term Investment | 1.1 | |
| | 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.
1
SPDR Portfolio Developed World ex-US ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Nestle SA | 1.9% | |
| | Roche Holding AG | 1.5 | |
| | Novartis AG | 1.3 | |
| | Samsung Electronics Co., Ltd. GDR | 1.3 | |
| | Toyota Motor Corp. | 0.9 | |
| | AstraZeneca PLC | 0.8 | |
| | SAP SE | 0.8 | |
| | ASML Holding NV | 0.7 | |
| | Novo Nordisk A/S Class B | 0.7 | |
| | HSBC Holdings PLC | 0.7 | |
| | TOTAL | 10.6% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Financials | 16.6% | |
| | Industrials | 14.7 | |
| | Health Care | 12.6 | |
| | Consumer Staples | 11.0 | |
| | Consumer Discretionary | 10.0 | |
| | Information Technology | 9.8 | |
| | Materials | 7.2 | |
| | Communication Services | 5.3 | |
| | Energy | 4.3 | |
| | Real Estate | 4.0 | |
| | Utilities | 3.6 | |
| | Short-Term Investments | 1.0 | |
| | Liabilities in Excess of Other Assets | (0.1) | |
| | 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.
2
SPDR Portfolio MSCI Global Stock Market ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Microsoft Corp. | 2.9% | |
| | Apple, Inc. | 2.7 | |
| | Amazon.com, Inc. | 1.9 | |
| | Alphabet, Inc. Class C | 0.9 | |
| | Alphabet, Inc. Class A | 0.9 | |
| | Visa, Inc. Class A | 0.9 | |
| | JPMorgan Chase & Co. | 0.8 | |
| | Alibaba Group Holding, Ltd. ADR | 0.8 | |
| | Tencent Holdings, Ltd. | 0.7 | |
| | Facebook, Inc. Class A | 0.7 | |
| | TOTAL | 13.2% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Information Technology | 18.6% | |
| | Financials | 13.7 | |
| | Health Care | 13.5 | |
| | Industrials | 11.7 | |
| | Consumer Discretionary | 11.2 | |
| | Communication Services | 8.6 | |
| | Consumer Staples | 8.1 | |
| | Materials | 3.9 | |
| | Real Estate | 3.7 | |
| | Energy | 3.6 | |
| | Utilities | 2.8 | |
| | Short-Term Investments | 1.3 | |
| | Liabilities in Excess of Other Assets | (0.7) | |
| | 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.
3
SPDR Portfolio Europe ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of March 31, 2020
| | | |
| | Description | % of Net Assets | |
| | Nestle SA | 3.6% | |
| | Roche Holding AG | 2.7 | |
| | Novartis AG | 2.4 | |
| | SAP SE | 1.5 | |
| | AstraZeneca PLC | 1.4 | |
| | HSBC Holdings PLC | 1.4 | |
| | ASML Holding NV | 1.3 | |
| | Novo Nordisk A/S Class B | 1.2 | |
| | TOTAL SA | 1.2 | |
| | Sanofi | 1.2 | |
| | TOTAL | 17.9% | |
(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, 2020
| | | |
| | | % of Net Assets | |
| | Health Care | 15.5% | |
| | Financials | 15.4 | |
| | Consumer Staples | 13.7 | |
| | Industrials | 13.6 | |
| | Consumer Discretionary | 9.0 | |
| | Materials | 8.0 | |
| | Information Technology | 6.8 | |
| | Energy | 5.3 | |
| | Utilities | 4.6 | |
| | Communication Services | 4.3 | |
| | Real Estate | 2.7 | |
| | Short-Term Investments | 0.7 | |
| | Other Assets in Excess of Liabilities | 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.
4
SPDR PORTFOLIO EMERGING MARKETS ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 98.9% | | | | | |
| BRAZIL – 5.4% | | | | | |
B3 SA - Brasil Bolsa Balcao
| | 1,515,392 | | $10,489,063 |
Banco Bradesco SA ADR
| | 3,526,197 | | 14,316,360 |
Itau Unibanco Holding SA Preference Shares ADR
| | 3,603,299 | | 16,178,812 |
Vale SA ADR
| | 1,822,571 | | 15,109,114 |
Other Securities
| | | | 105,579,291 |
| | | | | | 161,672,640 |
| CAYMAN ISLANDS – 0.0% (a) | | | | | |
Other Security
| | | | 1,109 |
| CHILE – 0.6% | | | | | |
Other Securities
| | | | 18,953,686 |
| CHINA – 40.7% | | | | | |
Alibaba Group Holding, Ltd. ADR (b)
| | 949,853 | | 184,727,411 |
Baidu, Inc. ADR (b)
| | 174,999 | | 17,638,149 |
Bank of China, Ltd. Class H
| | 53,864,900 | | 20,640,023 |
Bank of Communications Co., Ltd. Class H
| | 15,422,864 | | 9,451,626 |
China Common Rich Renewable Energy Investment, Ltd. (b)(c)
| | 856,000 | | — |
China Construction Bank Corp. Class H
| | 64,238,280 | | 52,544,955 |
China Huiyuan Juice Group, Ltd. (b)(c)
| | 188,500 | | 24,563 |
China Life Insurance Co., Ltd. Class H
| | 5,312,260 | | 10,403,967 |
China Merchants Bank Co., Ltd. Class H
| | 3,254,241 | | 14,694,866 |
China Overseas Land & Investment, Ltd.
| | 3,086,304 | | 9,576,386 |
China Petroleum & Chemical Corp. Class H
| | 17,588,338 | | 8,668,342 |
CNOOC, Ltd.
| | 9,734,734 | | 10,210,864 |
Industrial & Commercial Bank of China, Ltd. Class H
| | 56,146,590 | | 38,465,003 |
JD.com, Inc. ADR (b)
| | 556,442 | | 22,535,901 |
Kweichow Moutai Co., Ltd. Class A
| | 73,200 | | 11,473,322 |
Link Motion, Inc. ADR (b)(c)
| | 16,509 | | — |
Meituan Dianping Class B (b)
| | 2,186,700 | | 26,420,732 |
National Agricultural Holdings, Ltd. (b)(c)(d)
| | 72,000 | | — |
NetEase, Inc. ADR
| | 45,671 | | 14,658,564 |
New Oriental Education & Technology Group, Inc. ADR (b)
| | 87,688 | | 9,491,349 |
Ping An Insurance Group Co. of China, Ltd. Class A
| | 216,800 | | 2,115,637 |
Ping An Insurance Group Co. of China, Ltd. Class H
| | 3,606,664 | | 35,434,267 |
TAL Education Group ADR (b)
| | 204,543 | | 10,893,960 |
Tencent Holdings, Ltd.
| | 3,408,356 | | 167,187,933 |
Xiaomi Corp. Class B (b)(d)(e)
| | 7,331,200 | | 9,874,689 |
Other Securities
| | | | 527,790,463 |
| | | | | | 1,214,922,972 |
See accompanying notes to financial statements.
5
SPDR PORTFOLIO EMERGING MARKETS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COLOMBIA – 0.3% | | | | | |
Other Securities
| | | | $9,531,776 |
| CZECH REPUBLIC – 0.2% | | | | | |
Other Securities
| | | | 5,896,397 |
| EGYPT – 0.3% | | | | | |
Other Securities
| | | | 9,258,683 |
| GREECE – 0.2% | | | | | |
FF Group (b)(c)
| | 5,627 | | 2,964 |
Other Securities
| | | | 6,164,678 |
| | | | | | 6,167,642 |
| HONG KONG – 2.7% | | | | | |
Asian Citrus Holdings, Ltd. (b)(c)(d)
| | 51,000 | | — |
Camsing International Holding, Ltd. (b)(c)(d)
| | 106,000 | | 7,932 |
China Fiber Optic Network System Group, Ltd. (b)(c)
| | 88,800 | | — |
China Huishan Dairy Holdings Co., Ltd. (b)(c)(d)
| | 310,600 | | — |
China Mobile, Ltd.
| | 3,533,158 | | 26,279,085 |
Real Nutriceutical Group, Ltd. (b)(c)
| | 199,000 | | 2,567 |
Tech Pro Technology Development, Ltd. (b)(c)(d)
| | 484,000 | | 2,123 |
Other Securities
| | | | 52,577,233 |
| | | | | | 78,868,940 |
| HUNGARY – 0.5% | | | | | |
Other Securities
| | | | 13,797,950 |
| INDIA – 10.1% | | | | | |
Amtek Auto, Ltd. (b)(c)
| | 25,821 | | — |
Bharti Airtel, Ltd. (b)
| | 1,539,691 | | 8,973,411 |
CORE Education & Technologies, Ltd. (b)(c)
| | 9,253 | | — |
Era Infra Engineering, Ltd. (b)(c)
| | 2,941 | | — |
Gammon India, Ltd. (b)(c)
| | 139,302 | | 1,519 |
Gitanjali Gems, Ltd. (b)(c)
| | 3,573 | | — |
Gujarat NRE Coke, Ltd. (b)(c)
| | 25,505 | | — |
HDFC Bank, Ltd.
| | 2,321,637 | | 26,450,573 |
Hindustan Unilever, Ltd.
| | 610,055 | | 18,535,205 |
Housing Development Finance Corp., Ltd.
| | 1,197,252 | | 25,845,339 |
ICICI Bank, Ltd. ADR
| | 1,328,355 | | 11,291,017 |
Infosys, Ltd. ADR
| | 2,462,611 | | 20,218,036 |
Lanco Infratech, Ltd. (b)(c)
| | 15,749,074 | | — |
REI Agro, Ltd. (b)(c)
| | 1,873,023 | | — |
Reliance Industries, Ltd. GDR (e)
| | 946,684 | | 29,157,867 |
Tata Consultancy Services, Ltd.
| | 623,089 | | 15,040,370 |
See accompanying notes to financial statements.
6
SPDR PORTFOLIO EMERGING MARKETS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Other Securities
| | | | $146,298,647 |
| | | | | | 301,811,984 |
| INDONESIA – 1.8% | | | | | |
Bank Central Asia Tbk PT
| | 9,450,140 | | 16,006,138 |
Sigmagold Inti Perkasa Tbk PT (b)(c)
| | 1,312,600 | | — |
Tiga Pilar Sejahtera Food Tbk (b)(c)
| | 2,383,200 | | 12,274 |
Other Securities
| | | | 38,513,618 |
| | | | | | 54,532,030 |
| KUWAIT – 0.5% | | | | | |
Other Securities
| | | | 14,008,371 |
| MACAU – 0.0% (a) | | | | | |
Other Security
| | | | 2,484 |
| MALAYSIA – 2.2% | | | | | |
Other Securities
| | | | 66,445,075 |
| MEXICO – 2.1% | | | | | |
America Movil SAB de CV Series L
| | 15,305,982 | | 9,166,919 |
Fomento Economico Mexicano SAB de CV
| | 1,458,873 | | 8,906,499 |
Sare Holding SAB de CV Class B (b)(c)
| | 1,493,393 | | — |
Wal-Mart de Mexico SAB de CV
| | 3,780,144 | | 8,983,366 |
Other Securities
| | | | 35,538,724 |
| | | | | | 62,595,508 |
| MONACO – 0.0% (a) | | | | | |
Other Security
| | | | 63,690 |
| NETHERLANDS – 0.0% (a) | | | | | |
Other Security
| | | | 602,304 |
| PERU – 0.5% | | | | | |
Credicorp, Ltd.
| | 65,720 | | 9,402,560 |
Other Securities
| | | | 5,414,981 |
| | | | | | 14,817,541 |
| PHILIPPINES – 1.0% | | | | | |
Other Securities
| | | | 29,853,255 |
| POLAND – 0.7% | | | | | |
Other Securities
| | | | 21,522,679 |
| QATAR – 0.8% | | | | | |
Qatar National Bank QPSC
| | 2,233,871 | | 10,307,342 |
Other Securities
| | | | 11,994,226 |
| | | | | | 22,301,568 |
See accompanying notes to financial statements.
7
SPDR PORTFOLIO EMERGING MARKETS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| ROMANIA – 0.0% (a) | | | | | |
Other Security
| | | | $619,090 |
| RUSSIA – 3.8% | | | | | |
Gazprom PJSC ADR
| | 3,713,912 | | 17,228,838 |
LUKOIL PJSC ADR
| | 289,758 | | 17,385,480 |
MMC Norilsk Nickel PJSC ADR
| | 557,577 | | 13,894,819 |
Other Securities
| | | | 64,202,205 |
| | | | | | 112,711,342 |
| SAUDI ARABIA – 2.9% | | | | | |
Other Securities
| | | | 85,414,212 |
| SINGAPORE – 0.0% (a) | | | | | |
Other Securities
| | | | 65,665 |
| SOUTH AFRICA – 3.8% | | | | | |
Group Five, Ltd. (b)(c)
| | 219,472 | | — |
Naspers, Ltd. Class N
| | 260,990 | | 37,317,625 |
Other Securities
| | | | 76,410,490 |
| | | | | | 113,728,115 |
| TAIWAN – 14.2% | | | | | |
Chunghwa Telecom Co., Ltd.
| | 3,021,457 | | 10,740,427 |
Formosa Plastics Corp.
| | 4,144,714 | | 10,292,744 |
Fubon Financial Holding Co., Ltd.
| | 7,148,903 | | 8,876,587 |
Hon Hai Precision Industry Co., Ltd.
| | 8,490,196 | | 19,624,182 |
MediaTek, Inc.
| | 1,010,329 | | 10,941,347 |
Pihsiang Machinery Manufacturing Co., Ltd. (c)
| | 51,000 | | — |
ProMOS Technologies, Inc. (c)
| | 257 | | — |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
| | 24,969 | | 1,193,269 |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | 11,311,500 | | 102,486,682 |
Transasia Airways Corp. (c)
| | 361,784 | | — |
Wei Mon Industry Co., Ltd. (c)
| | 240,450 | | — |
Other Securities
| | | | 260,881,303 |
| | | | | | 425,036,541 |
| THAILAND – 2.4% | | | | | |
Advanced Info Service PCL
| | 1,438,142 | | 8,808,305 |
Other Securities
| | | | 63,214,631 |
| | | | | | 72,022,936 |
| TURKEY – 0.6% | | | | | |
Other Securities
| | | | 18,736,626 |
| UNITED ARAB EMIRATES – 0.6% | | | | | |
Gulf General Investment Co. (b)(c)
| | 638,957 | | 15,525 |
See accompanying notes to financial statements.
8
SPDR PORTFOLIO EMERGING MARKETS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Other Securities
| | | | $16,781,641 |
| | | | | | 16,797,166 |
| UNITED KINGDOM – 0.0% (a) | | | | | |
Other Security
| | | | 375 |
| UNITED STATES – 0.0% (a) | | | | | |
Other Securities
| | | | 867,685 |
TOTAL COMMON STOCKS
(Cost $3,727,205,473)
| | | | | 2,953,628,037 |
| PREFERRED STOCKS - 0.0% (a) | | | | | |
| SOUTH AFRICA – 0.0% (a) | | | | | |
Other Security
(cost: $383,675)
| | | | 309,987 |
| WARRANTS — 0.0% (a) | | | | | |
| MALAYSIA – 0.0% (a) | | | | | |
Other Securities
| | | | 30,365 |
| THAILAND – 0.0% (a) | | | | | |
Other Securities
| | | | 1,005 |
TOTAL WARRANTS
(Cost $0)
| | | | | 31,370 |
| SHORT-TERM INVESTMENT - 1.1% | | | | | |
State Street Navigator Securities Lending Portfolio II (f)(g)
(Cost: $33,534,560)
| | 33,534,560 | | 33,534,560 |
TOTAL INVESTMENTS - 100.0%
(Cost $3,761,123,708)
| | | | | 2,987,503,954 |
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.0)% (a)
| | | | | (315,445) |
NET ASSETS - 100.0%
| | | | | $2,987,188,509 |
| 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. |
See accompanying notes to financial statements.
9
SPDR PORTFOLIO EMERGING MARKETS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| (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, 2020, total aggregate fair value of these securities is $69,467, representing less than 0.05% of the Fund's net assets. |
| (d) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (e) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 2.2% of net assets as of March 31, 2020, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (f) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 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, 2020, open futures contracts purchased were as follows:
| Description | | Number of
Contracts | | Expiration
Date | | Notional
Amount | | Value | | Unrealized
Appreciation
(Depreciation) |
| MSCI Taiwan Index Futures | | 22 | | 04/29/2020 | | $826,668 | | $816,200 | | $(10,468) |
During theperiod endedMarch 31, 2020, average notional value related to futures contracts was $931,229 or less than0.5% of net assets.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $2,886,595,415 | | $66,963,155 | | $69,467 | | $2,953,628,037 |
Preferred Stocks
| | 309,987 | | — | | — | | 309,987 |
Warrants
| | 31,370 | | — | | — | | 31,370 |
Short-Term Investment
| | 33,534,560 | | — | | — | | 33,534,560 |
TOTAL INVESTMENTS
| | $2,920,471,332 | | $66,963,155 | | $69,467 | | $2,987,503,954 |
| LIABILITIES: | | | | | | | | |
| OTHER FINANCIAL INSTRUMENTS: | | | | | | | | |
Futures Contracts(a)
| | (10,468) | | — | | — | | (10,468) |
TOTAL OTHER FINANCIAL INSTRUMENTS:
| | $(10,468) | | $— | | $— | | $(10,468) |
| (a) | Futures Contracts are valued at unrealized appreciation (depreciation). |
See accompanying notes to financial statements.
10
SPDR PORTFOLIO EMERGING MARKETS ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at 9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 11,806,853 | | $11,808,034 | | $335,509,528 | | $347,317,608 | | $46 | | $— | | — | | $— | | $144,102 |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| — | | — | | 38,260,791 | | 38,260,791 | | — | | — | | — | | — | | 43,051 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 140,906,157 | | 107,371,597 | | — | | — | | 33,534,560 | | 33,534,560 | | 213,293 |
State Street Navigator Securities Lending Portfolio III
| 40,363,989 | | 40,363,989 | | 22,671,496 | | 63,035,485 | | — | | — | | — | | — | | 51,205 |
Total
| | | $52,172,023 | | $537,347,972 | | $555,985,481 | | $46 | | $— | | | | $33,534,560 | | $451,651 |
See accompanying notes to financial statements.
11
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS - 99.1% | | | | | |
| ARGENTINA – 0.0% (a) | | | | | |
Other Security
| | | | $1,143,670 |
| AUSTRALIA – 5.1% | | | | | |
BHP Group, Ltd.
| | 859,540 | | 15,245,845 |
Commonwealth Bank of Australia
| | 548,336 | | 20,747,357 |
CSL, Ltd.
| | 165,616 | | 30,073,057 |
Other Securities
| | | | 194,106,272 |
| | | | | | 260,172,531 |
| AUSTRIA – 0.2% | | | | | |
Other Securities
| | | | 8,510,032 |
| BELGIUM – 1.0% | | | | | |
Other Securities
| | | | 48,618,268 |
| BERMUDA – 0.0% (a) | | | | | |
Other Security
| | | | 58 |
| CANADA – 7.9% | | | | | |
Bank of Nova Scotia
| | 387,192 | | 15,633,487 |
Brookfield Asset Management, Inc. Class A
| | 340,885 | | 14,939,689 |
Canadian National Railway Co.
| | 253,331 | | 19,583,384 |
Enbridge, Inc.
| | 625,581 | | 18,011,248 |
Royal Bank of Canada
| | 457,904 | | 28,043,343 |
Toronto-Dominion Bank
| | 636,220 | | 26,743,276 |
Other Securities
| | | | 280,866,310 |
| | | | | | 403,820,737 |
| CHILE – 0.0% (a) | | | | | |
Other Security
| | | | 1,065,362 |
| CHINA – 0.1% | | | | | |
Other Securities
| | | | 7,179,122 |
| DENMARK – 1.8% | | | | | |
Novo Nordisk A/S Class B
| | 608,183 | | 36,589,530 |
Other Securities
| | | | 55,498,438 |
| | | | | | 92,087,968 |
| EGYPT – 0.0% (a) | | | | | |
Other Security
| | | | 1,111,089 |
| FINLAND – 1.0% | | | | | |
Other Securities
| | | | 51,104,835 |
| FRANCE – 7.9% | | | | | |
Air Liquide SA
| | 141,492 | | 18,110,164 |
See accompanying notes to financial statements.
12
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
L'Oreal SA
| | 72,344 | | $18,963,758 |
LVMH Moet Hennessy Louis Vuitton SE
| | 81,303 | | 30,193,040 |
Sanofi
| | 387,193 | | 34,047,293 |
Schneider Electric SE (b)
| | 190,640 | | 16,437,350 |
TOTAL SA
| | 847,392 | | 32,905,665 |
Other Securities
| | | | 252,372,793 |
| | | | | | 403,030,063 |
| GERMANY – 6.6% | | | | | |
Allianz SE
| | 116,417 | | 20,039,632 |
Bayer AG
| | 291,356 | | 16,895,642 |
SAP SE
| | 336,758 | | 37,985,407 |
Siemens AG
| | 263,491 | | 22,397,786 |
Other Securities
| | | | 238,196,105 |
| | | | | | 335,514,572 |
| HONG KONG – 2.8% | | | | | |
AIA Group, Ltd.
| | 3,947,800 | | 35,729,808 |
Long Well International Holdings, Ltd. (c)(d)
| | 3,424,000 | | 26,064 |
Noble Group, Ltd. (c)(d)(e)
| | 60,740 | | 1,728 |
Other Securities
| | | | 107,169,805 |
| | | | | | 142,927,405 |
| IRELAND – 0.5% | | | | | |
Irish Bank Resolution Corp., Ltd. (c)(d)
| | 5,635 | | — |
Other Securities
| | | | 26,385,584 |
| | | | | | 26,385,584 |
| ISRAEL – 0.7% | | | | | |
Other Securities
| | | | 32,830,151 |
| ITALY – 1.8% | | | | | |
Other Securities
| | | | 89,189,966 |
| JAPAN – 25.3% | | | | | |
Astellas Pharma, Inc.
| | 945,300 | | 14,631,988 |
Daiichi Sankyo Co., Ltd.
| | 218,265 | | 15,030,170 |
Kao Corp.
| | 205,100 | | 16,775,814 |
KDDI Corp.
| | 562,100 | | 16,609,689 |
Keyence Corp.
| | 65,600 | | 21,164,819 |
Mitsubishi UFJ Financial Group, Inc.
| | 4,337,824 | | 16,193,257 |
SoftBank Group Corp.
| | 553,972 | | 19,438,154 |
Sony Corp.
| | 417,820 | | 24,851,301 |
Tokyo Electron, Ltd.
| | 89,555 | | 16,885,666 |
Toyota Motor Corp.
| | 789,588 | | 47,548,623 |
See accompanying notes to financial statements.
13
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Other Securities
| | | | $1,079,051,240 |
| | | | | | 1,288,180,721 |
| JORDAN – 0.0% (a) | | | | | |
Other Security
| | | | 1,137,226 |
| LUXEMBOURG – 0.1% | | | | | |
Other Securities
| | | | 5,387,072 |
| MACAU – 0.0% (a) | | | | | |
Other Securities
| | | | 638,540 |
| MALTA – 0.0% (a) | | | | | |
Other Securities
| | | | 368,302 |
| MEXICO – 0.0% (a) | | | | | |
Other Security
| | | | 531,367 |
| NETHERLANDS – 3.7% | | | | | |
ASML Holding NV
| | 138,755 | | 36,912,765 |
Royal Dutch Shell PLC Class A
| | 1,330,938 | | 23,417,712 |
Royal Dutch Shell PLC Class B
| | 1,183,844 | | 19,960,608 |
Other Securities
| | | | 109,765,773 |
| | | | | | 190,056,858 |
| NEW ZEALAND – 0.4% | | | | | |
Other Securities
| | | | 18,975,056 |
| NORWAY – 0.6% | | | | | |
Other Securities
| | | | 29,230,931 |
| PORTUGAL – 0.2% | | | | | |
Other Securities
| | | | 9,340,005 |
| SINGAPORE – 1.1% | | | | | |
Other Securities
| | | | 56,626,183 |
| SOUTH AFRICA – 0.2% | | | | | |
Other Securities
| | | | 9,188,757 |
| SOUTH KOREA – 4.4% | | | | | |
Digitech Systems Co., Ltd. (c)(d)
| | 19,094 | | — |
GY Commerce Co., Ltd. (c)(d)
| | 32,705 | | 30,224 |
Samsung Electronics Co., Ltd. GDR (e)
| | 66,679 | | 66,212,247 |
Samsung Electronics Co., Ltd. Preference Shares
| | 230,414 | | 7,589,930 |
Other Securities
| | | | 147,388,924 |
| | | | | | 221,221,325 |
| SPAIN – 2.1% | | | | | |
Iberdrola SA
| | 1,748,120 | | 17,232,438 |
See accompanying notes to financial statements.
14
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Let's GOWEX SA (c)(d)(e)
| | 4,019 | | $— |
Other Securities
| | | | 90,248,882 |
| | | | | | 107,481,320 |
| SWEDEN – 2.6% | | | | | |
Other Securities
| | | | 132,444,357 |
| SWITZERLAND – 8.7% | | | | | |
Nestle SA
| | 917,485 | | 94,304,050 |
Novartis AG
| | 820,428 | | 67,708,310 |
Roche Holding AG Bearer Shares
| | 1 | | 321 |
Roche Holding AG
| | 230,569 | | 74,838,711 |
Zurich Insurance Group AG
| | 50,123 | | 17,789,508 |
Other Securities
| | | | 187,159,849 |
| | | | | | 441,800,749 |
| THAILAND – 0.0% (a) | | | | | |
Other Security
| | | | 1,931,606 |
| UNITED ARAB EMIRATES – 0.0% (a) | | | | | |
NMC Health PLC (c)
| | 25,119 | | 73,069 |
Other Securities
| | | | |
| UNITED KINGDOM – 11.8% | | | | | |
Afren PLC (c)(e)
| | 55,933 | | — |
AstraZeneca PLC
| | 439,710 | | 39,342,967 |
BP PLC
| | 6,384,052 | | 27,246,550 |
British American Tobacco PLC
| | 721,669 | | 24,688,460 |
Diageo PLC
| | 757,291 | | 24,287,316 |
GlaxoSmithKline PLC
| | 1,685,485 | | 31,653,890 |
HSBC Holdings PLC
| | 6,394,150 | | 36,014,882 |
Reckitt Benckiser Group PLC
| | 230,298 | | 17,561,820 |
Rio Tinto PLC
| | 379,522 | | 17,498,829 |
Unilever NV
| | 532,240 | | 26,166,145 |
Unilever PLC
| | 371,653 | | 18,781,176 |
Other Securities
| | | | 338,818,971 |
| | | | | | 602,061,006 |
| UNITED STATES – 0.5% | | | | | |
Other Securities
| | | | 22,467,010 |
TOTAL COMMON STOCKS
(Cost $6,201,383,824)
| | | | | 5,043,832,873 |
| RIGHTS — 0.0% (a) | | | | | |
| AUSTRIA – 0.0% (a) | | | | | |
Other Security
| | | | 271 |
See accompanying notes to financial statements.
15
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| CANADA – 0.0% (a) | | | | | |
Other Security
| | | | $11,029 |
TOTAL RIGHTS
(Cost $16,059)
| | | | | 11,300 |
| WARRANTS — 0.0% (a) | | | | | |
| FRANCE – 0.0% (a) | | | | | |
Other Security
(cost: $2)
| | | | 1 |
| SHORT-TERM INVESTMENTS - 1.0% | | | | | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (f)(g)
| | 1,887,145 | | 1,885,446 |
State Street Navigator Securities Lending Portfolio II (h)(i)
| | 47,650,642 | | 47,650,642 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $49,536,197)
| | | | | 49,536,088 |
TOTAL INVESTMENTS - 100.1%
(Cost $6,250,936,082)
| | | | | 5,093,380,262 |
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%
| | | | | (6,659,890) |
NET ASSETS - 100.0%
| | | | | $5,086,720,372 |
| 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) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (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, 2020, total aggregate fair value of these securities is $131,085, representing less than 0.05% of the Fund's net assets. |
| (d) | Non-income producing security. |
| (e) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (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, 2020 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (h) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (i) | Investment of cash collateral for securities loaned. |
See accompanying notes to financial statements.
16
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SUMMARY SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| GDR | Global Depositary Receipt |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $5,043,563,861 | | $137,927 | | $131,085 | | $5,043,832,873 |
Rights
| | 11,029 | | 271 | | — | | 11,300 |
Warrants
| | 1 | | — | | — | | 1 |
Short-Term Investments
| | 49,536,088 | | — | | — | | 49,536,088 |
TOTAL INVESTMENTS
| | $5,093,110,979 | | $138,198 | | $131,085 | | $5,093,380,262 |
Affiliate Table
| | Number of
Shares Held
at 9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 2,670,096 | | $2,670,363 | | $123,795,916 | | $124,570,713 | | $(9,997) | | $(123) | | 1,887,145 | | $1,885,446 | | $45,006 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 429,074,735 | | 381,424,093 | | — | | — | | 47,650,642 | | 47,650,642 | | 400,352 |
State Street Navigator Securities Lending Portfolio III
| 108,197,946 | | 108,197,946 | | 86,953,244 | | 195,151,190 | | — | | — | | — | | — | | 128,830 |
Total
| | | $110,868,309 | | $639,823,895 | | $701,145,996 | | $(9,997) | | $(123) | | | | $49,536,088 | | $574,188 |
See accompanying notes to financial statements.
17
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.4% | | | | |
| ARGENTINA — 0.1% | | | | | |
Adecoagro SA (a)
| | | 1,325 | | $5,154 |
Banco Macro SA ADR
| | | 108 | | 1,834 |
Cresud SACIF y A ADR (a)(b)
| | | 3,646 | | 12,688 |
Despegar.com Corp. (a)(b)
| | | 773 | | 4,383 |
Globant SA (a)
| | | 328 | | 28,824 |
Grupo Supervielle SA ADR (b)
| | | 2,977 | | 4,644 |
IRSA Inversiones y Representaciones SA ADR (a)
| | | 2,760 | | 9,605 |
MercadoLibre, Inc. (a)
| | | 103 | | 50,324 |
Pampa Energia SA ADR (a)(b)
| | | 716 | | 8,091 |
| | | | | | 125,547 |
| AUSTRALIA — 1.9% | | | | | |
Alumina, Ltd.
| | | 79,896 | | 71,395 |
AMP, Ltd. (a)(b)
| | | 21,676 | | 17,711 |
Australia & New Zealand Banking Group, Ltd.
| | | 5,418 | | 56,241 |
Avita Medical, Ltd. (a)(b)
| | | 16,022 | | 5,001 |
BHP Group PLC
| | | 1,586 | | 24,621 |
BHP Group, Ltd. (b)
| | | 6,727 | | 119,318 |
Boral, Ltd.
| | | 31,792 | | 39,890 |
Brambles, Ltd.
| | | 16,166 | | 104,485 |
Coca-Cola Amatil, Ltd.
| | | 7,915 | | 42,824 |
Coles Group, Ltd.
| | | 7,378 | | 68,458 |
Commonwealth Bank of Australia
| | | 1,786 | | 67,577 |
CSL, Ltd.
| | | 2,857 | | 518,783 |
Ecofibre, Ltd. (a)(b)
| | | 2,714 | | 2,990 |
EML Payments, Ltd. (a)
| | | 4,074 | | 5,735 |
Fortescue Metals Group, Ltd.
| | | 12,020 | | 73,568 |
Iluka Resources, Ltd.
| | | 2,700 | | 11,535 |
Insurance Australia Group, Ltd.
| | | 36,055 | | 136,818 |
Kogan.com, Ltd. (b)
| | | 1,694 | | 5,547 |
LendLease Group Stapled Security
| | | 19,066 | | 120,194 |
Macquarie Group, Ltd.
| | | 3,238 | | 169,941 |
Megaport, Ltd. (a)(b)
| | | 3,096 | | 18,646 |
National Australia Bank, Ltd.
| | | 7,185 | | 73,352 |
Newcrest Mining, Ltd.
| | | 3,794 | | 53,525 |
Origin Energy, Ltd.
| | | 12,014 | | 32,207 |
Orora, Ltd.
| | | 1,195 | | 1,770 |
OZ Minerals, Ltd.
| | | 11,624 | | 52,291 |
PolyNovo, Ltd. (a)(b)
| | | 5,946 | | 5,841 |
Pro Medicus, Ltd. (b)
| | | 1,005 | | 11,952 |
See accompanying notes to financial statements.
18
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
QBE Insurance Group, Ltd.
| | | 5,648 | | $29,729 |
Santos, Ltd.
| | | 10,120 | | 21,183 |
Scentre Group REIT
| | | 16,865 | | 16,154 |
Shopping Centres Australasia Property Group REIT
| | | 204,374 | | 283,948 |
Sonic Healthcare, Ltd.
| | | 8,972 | | 133,604 |
South32, Ltd. (b)
| | | 4,947 | | 5,551 |
Suncorp Group, Ltd.
| | | 11,860 | | 66,274 |
Sydney Airport Stapled Security
| | | 1,218 | | 4,167 |
Transurban Group Stapled Security
| | | 14,989 | | 110,455 |
Vicinity Centres REIT
| | | 62,725 | | 39,735 |
Wesfarmers, Ltd.
| | | 7,378 | | 154,753 |
Westpac Banking Corp.
| | | 8,195 | | 82,760 |
Woodside Petroleum, Ltd.
| | | 3,646 | | 40,636 |
Woolworths Group, Ltd.
| | | 2,789 | | 59,916 |
| | | | | | 2,961,081 |
| AUSTRIA — 0.1% | | | | | |
DO & Co. AG
| | | 1,686 | | 66,414 |
OMV AG
| | | 3,245 | | 89,584 |
Schoeller-Bleckmann Oilfield Equipment AG
| | | 2,119 | | 69,752 |
| | | | | | 225,750 |
| BELGIUM — 0.3% | | | | | |
Anheuser-Busch InBev SA
| | | 1,888 | | 83,838 |
Biocartis NV (a)(b)(c)
| | | 1,948 | | 7,385 |
Exmar NV (a)
| | | 1,653 | | 7,536 |
Solvay SA
| | | 1,097 | | 79,901 |
UCB SA
| | | 2,852 | | 247,219 |
| | | | | | 425,879 |
| BRAZIL — 0.6% | | | | | |
Ambev SA ADR
| | | 24,581 | | 56,536 |
Anima Holding SA
| | | 5,218 | | 19,185 |
Banco Bradesco SA ADR
| | | 26,184 | | 106,307 |
Banco Inter SA
| | | 1,050 | | 6,395 |
BK Brasil Operacao e Assessoria a Restaurantes SA
| | | 1,312 | | 2,292 |
Cia Energetica de Minas Gerais ADR
| | | 2,767 | | 4,704 |
Cia Siderurgica Nacional SA ADR (b)
| | | 12,074 | | 15,817 |
Construtora Tenda SA
| | | 2,800 | | 11,132 |
Cyrela Brazil Realty SA Empreendimentos e Participacoes
| | | 3,258 | | 8,876 |
Dommo Energia SA (a)
| | | 254,330 | | 30,402 |
Even Construtora e Incorporadora SA (a)
| | | 19,200 | | 22,618 |
Ez Tec Empreendimentos e Participacoes SA
| | | 4,400 | | 25,196 |
See accompanying notes to financial statements.
19
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Gerdau SA ADR (b)
| | | 10,903 | | $20,825 |
Gol Linhas Aereas Inteligentes SA Preference Shares (a)
| | | 1,022 | | 2,240 |
Itau Unibanco Holding SA Preference Shares ADR
| | | 23,506 | | 105,542 |
Light SA
| | | 300 | | 558 |
Linx SA
| | | 2,176 | | 6,985 |
Marfrig Global Foods SA (a)
| | | 1,300 | | 2,218 |
Minerva SA (a)
| | | 5,248 | | 8,044 |
Natura & Co. Holding SA ADR (a)
| | | 3,201 | | 31,498 |
Omega Geracao SA (a)
| | | 7,931 | | 41,562 |
Petro Rio SA (a)
| | | 4,188 | | 13,485 |
Petroleo Brasileiro SA Preference Shares ADR
| | | 15,999 | | 86,235 |
Petroleo Brasileiro SA ADR
| | | 6,222 | | 34,221 |
Santos Brasil Participacoes SA
| | | 1,500 | | 1,296 |
TIM Participacoes SA ADR
| | | 4,155 | | 50,525 |
Trisul SA
| | | 8,190 | | 11,448 |
Vale SA ADR
| | | 18,857 | | 156,324 |
Via Varejo SA (a)
| | | 5,202 | | 5,296 |
| | | | | | 887,762 |
| CANADA — 2.9% | | | | | |
Advantage Oil & Gas, Ltd. (a)(b)
| | | 8,851 | | 8,892 |
Aimia, Inc. (a)
| | | 5,863 | | 8,691 |
AltaGas Canada, Inc. (b)
| | | 1,316 | | 30,973 |
Aphria, Inc. (a)(b)
| | | 1,421 | | 4,283 |
Aurinia Pharmaceuticals, Inc. (a)
| | | 2,232 | | 32,037 |
Aurora Cannabis, Inc. (a)(b)
| | | 2,295 | | 2,032 |
Ballard Power Systems, Inc. (a)(b)
| | | 2,431 | | 18,224 |
Bank of Montreal
| | | 1,769 | | 88,316 |
Bank of Nova Scotia
| | | 2,236 | | 90,282 |
Barrick Gold Corp.
| | | 3,214 | | 58,393 |
Baytex Energy Corp. (a)(b)
| | | 14,119 | | 3,323 |
Birchcliff Energy, Ltd. (b)
| | | 1,218 | | 667 |
Brookfield Asset Management, Inc. Class A
| | | 5,141 | | 225,310 |
Cameco Corp. (b)
| | | 4,608 | | 34,738 |
Canacol Energy, Ltd. (b)
| | | 5,946 | | 14,914 |
Canada Goose Holdings, Inc. (a)(b)
| | | 211 | | 4,172 |
Canadian Imperial Bank of Commerce (b)
| | | 806 | | 46,434 |
Canadian National Railway Co. (b)
| | | 3,487 | | 269,557 |
Canadian Natural Resources, Ltd.
| | | 3,487 | | 47,160 |
Canadian Pacific Railway, Ltd.
| | | 735 | | 160,364 |
Canadian Tire Corp., Ltd. Class A (b)
| | | 852 | | 50,844 |
Canopy Growth Corp. (a)(b)
| | | 577 | | 8,294 |
Cenovus Energy, Inc. (b)
| | | 4,416 | | 8,811 |
See accompanying notes to financial statements.
20
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
CES Energy Solutions Corp. (b)
| | | 22,500 | | $12,804 |
Corby Spirit and Wine, Ltd.
| | | 1,548 | | 16,803 |
Crescent Point Energy Corp. (b)
| | | 2,279 | | 1,745 |
Cronos Group, Inc. (a)(b)
| | | 1,772 | | 9,947 |
DIRTT Environmental Solutions (a)(b)
| | | 2,583 | | 2,577 |
Eldorado Gold Corp. (a)
| | | 1,769 | | 10,875 |
Enbridge, Inc.
| | | 4,782 | | 137,680 |
Endeavour Silver Corp. (a)(b)
| | | 10,951 | | 14,541 |
Enerplus Corp. (b)
| | | 4,555 | | 6,624 |
Ensign Energy Services, Inc.
| | | 31,500 | | 11,508 |
Equinox Gold Corp. (a)
| | | 1,790 | | 11,821 |
Equitable Group, Inc.
| | | 220 | | 8,976 |
First Majestic Silver Corp. (a)
| | | 15,556 | | 95,302 |
First Quantum Minerals, Ltd.
| | | 2,144 | | 10,830 |
George Weston, Ltd.
| | | 277 | | 19,584 |
goeasy, Ltd.
| | | 314 | | 8,028 |
HEXO Corp. (a)(b)
| | | 2,134 | | 1,724 |
IAMGOLD Corp. (a)(b)
| | | 4,048 | | 9,101 |
IGM Financial, Inc.
| | | 1,358 | | 22,278 |
Imperial Oil, Ltd. (b)
| | | 2,532 | | 28,302 |
Jamieson Wellness, Inc.
| | | 675 | | 12,207 |
Just Energy Group, Inc. (b)
| | | 30,967 | | 15,447 |
Kelt Exploration, Ltd. (a)(b)
| | | 5,099 | | 3,941 |
Kinross Gold Corp. (a)
| | | 7,486 | | 29,716 |
Kirkland Lake Gold, Ltd.
| | | 992 | | 28,888 |
Lightspeed POS, Inc. (a)(b)
| | | 768 | | 10,273 |
Lithium Americas Corp. (a)(b)
| | | 1,292 | | 3,386 |
Loblaw Cos., Ltd.
| | | 2,837 | | 144,606 |
Major Drilling Group International, Inc. (a)
| | | 2,486 | | 4,978 |
Manulife Financial Corp.
| | | 9,078 | | 112,698 |
MediPharm Labs Corp. (a)(b)
| | | 1,895 | | 2,117 |
MEG Energy Corp. (a)
| | | 1,450 | | 1,701 |
Minto Apartment Real Estate Investment Trust
| | | 2,520 | | 34,524 |
MTY Food Group, Inc.
| | | 1,400 | | 21,196 |
National Bank of Canada (b)
| | | 4,784 | | 182,809 |
New Gold, Inc. (a)
| | | 6,491 | | 3,329 |
NexGen Energy, Ltd. (a)(b)
| | | 12,548 | | 9,521 |
Nutrien, Ltd. (b)
| | | 2,829 | | 95,622 |
NuVista Energy, Ltd. (a)(b)
| | | 4,984 | | 1,698 |
Onex Corp.
| | | 3,014 | | 109,075 |
Organigram Holdings, Inc. (a)(b)
| | | 2,885 | | 5,756 |
Osisko Mining, Inc. (a)
| | | 11,317 | | 17,731 |
See accompanying notes to financial statements.
21
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Paramount Resources, Ltd. Class A (a)(b)
| | | 5,057 | | $4,015 |
Park Lawn Corp.
| | | 1,540 | | 17,852 |
Premier Gold Mines, Ltd. (a)
| | | 9,887 | | 8,266 |
Pretium Resources, Inc. (a)
| | | 1,040 | | 5,867 |
Real Matters, Inc. (a)
| | | 3,075 | | 30,246 |
Rogers Communications, Inc. Class B
| | | 4,798 | | 198,008 |
Royal Bank of Canada
| | | 4,201 | | 257,281 |
Shaw Communications, Inc. Class B
| | | 3,304 | | 52,995 |
Shopify, Inc. Class A (a)(b)
| | | 323 | | 133,802 |
Silvercorp Metals, Inc. (b)
| | | 3,226 | | 10,449 |
SilverCrest Metals, Inc. (a)
| | | 15,343 | | 79,445 |
SNC-Lavalin Group, Inc. (b)
| | | 2,007 | | 29,273 |
Summit Industrial Income REIT
| | | 2,503 | | 15,598 |
Sun Life Financial, Inc. (b)
| | | 4,949 | | 157,404 |
Suncor Energy, Inc.
| | | 7,049 | | 111,231 |
Surge Energy, Inc. (b)
| | | 28,672 | | 4,331 |
Tamarack Valley Energy, Ltd. (a)(b)
| | | 11,751 | | 4,004 |
TC Energy Corp.
| | | 3,167 | | 139,176 |
Teck Resources, Ltd. Class B
| | | 2,511 | | 18,823 |
TELUS Corp.
| | | 13,707 | | 214,270 |
Tervita Corp. (a)
| | | 9,606 | | 23,419 |
Theratechnologies, Inc. (a)(b)
| | | 2,980 | | 4,794 |
TMAC Resources, Inc. (a)(b)
| | | 1,012 | | 327 |
TORC Oil & Gas, Ltd.
| | | 3,953 | | 1,750 |
Toronto-Dominion Bank
| | | 6,772 | | 284,659 |
TransAlta Corp.
| | | 7,852 | | 40,602 |
Transat AT, Inc. (a)
| | | 6,375 | | 38,205 |
Wesdome Gold Mines, Ltd. (a)
| | | 1,656 | | 8,598 |
Wheaton Precious Metals Corp.
| | | 2,157 | | 58,693 |
WPT Industrial Real Estate Investment Trust
| | | 2,824 | | 25,953 |
Yamana Gold, Inc.
| | | 5,947 | | 16,337 |
| | | | | | 4,504,653 |
| CHILE — 0.0% (d) | | | | | |
Enel Americas SA ADR
| | | 2,929 | | 17,750 |
Enel Chile SA ADR
| | | 1,530 | | 5,079 |
Liberty Latin America, Ltd. Class C (a)
| | | 380 | | 3,899 |
Sociedad Quimica y Minera de Chile SA ADR
| | | 302 | | 6,810 |
| | | | | | 33,538 |
| CHINA — 4.2% | | | | | |
21Vianet Group, Inc. ADR (a)
| | | 1,242 | | 17,214 |
58.com, Inc. ADR (a)
| | | 314 | | 15,298 |
See accompanying notes to financial statements.
22
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
AAC Technologies Holdings, Inc. (b)
| | | 2,500 | | $12,966 |
Agricultural Bank of China, Ltd. Class H
| | | 155,000 | | 62,193 |
Alibaba Group Holding, Ltd. ADR (a)
| | | 5,911 | | 1,149,571 |
Alibaba Health Information Technology, Ltd. (a)
| | | 12,000 | | 20,065 |
Anhui Conch Cement Co., Ltd. Class H
| | | 2,000 | | 13,895 |
ANTA Sports Products, Ltd.
| | | 2,000 | | 14,695 |
Anton Oilfield Services Group (b)
| | | 148,000 | | 9,452 |
Ascletis Pharma, Inc. (a)(b)(c)
| | | 6,000 | | 2,245 |
Aurora Mobile, Ltd. ADR (a)(b)
| | | 917 | | 2,100 |
Autohome, Inc. ADR (a)
| | | 211 | | 14,985 |
Baidu, Inc. ADR (a)
| | | 962 | | 96,960 |
Bank of China, Ltd. Class H
| | | 321,000 | | 123,001 |
Bank of Communications Co., Ltd. Class H
| | | 109,000 | | 66,799 |
Baozun, Inc. ADR (a)(b)
| | | 2,643 | | 73,845 |
Beijing Chunlizhengda Medical Instruments Co., Ltd. Class H
| | | 2,000 | | 25,107 |
Beijing Shunxin Agriculture Co., Ltd. Class A
| | | 1,400 | | 12,125 |
Beijing Sinnet Technology Co., Ltd. Class A
| | | 4,300 | | 14,517 |
Beijing Tiantan Biological Products Corp., Ltd. Class A
| | | 4,000 | | 20,530 |
Centre Testing International Group Co., Ltd. Class A
| | | 5,357 | | 11,601 |
China CITIC Bank Corp., Ltd. Class H
| | | 31,000 | | 15,318 |
China Conch Venture Holdings, Ltd.
| | | 5,000 | | 22,320 |
China Construction Bank Corp. Class H
| | | 333,000 | | 272,384 |
China Life Insurance Co., Ltd. Class H
| | | 45,000 | | 88,132 |
China Mengniu Dairy Co., Ltd.
| | | 9,000 | | 31,293 |
China Merchants Bank Co., Ltd. Class H
| | | 59,674 | | 269,464 |
China Minsheng Banking Corp., Ltd. Class H
| | | 24,000 | | 17,835 |
China National Software & Service Co., Ltd. Class A
| | | 1,200 | | 12,216 |
China Overseas Land & Investment, Ltd.
| | | 34,000 | | 105,497 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 8,800 | | 26,624 |
China Petroleum & Chemical Corp. Class H
| | | 149,200 | | 73,533 |
China Resources Beer Holdings Co., Ltd.
| | | 2,000 | | 9,134 |
China Resources Gas Group, Ltd.
| | | 2,000 | | 10,063 |
China Shenhua Energy Co., Ltd. Class H
| | | 21,500 | | 40,942 |
China Telecom Corp., Ltd. Class H
| | | 122,000 | | 36,989 |
China Tower Corp., Ltd. Class H (c)
| | | 140,000 | | 31,429 |
China TransInfo Technology Co., Ltd. Class A
| | | 4,600 | | 13,239 |
China Unicom Hong Kong, Ltd.
| | | 34,000 | | 19,608 |
China Vanke Co., Ltd. Class H
| | | 2,500 | | 8,241 |
Chlitina Holding, Ltd.
| | | 2,000 | | 11,408 |
Chongqing Brewery Co., Ltd. Class A
| | | 2,100 | | 13,483 |
CITIC, Ltd.
| | | 46,000 | | 48,131 |
CNOOC, Ltd.
| | | 63,000 | | 66,081 |
See accompanying notes to financial statements.
23
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
COFCO Meat Holdings, Ltd. (a)(b)
| | | 31,000 | | $8,519 |
COSCO SHIPPING Ports, Ltd.
| | | 34,828 | | 16,805 |
Country Garden Holdings Co., Ltd. (b)
| | | 28,489 | | 34,477 |
Country Garden Services Holdings Co., Ltd.
| | | 4,000 | | 16,256 |
CSPC Pharmaceutical Group, Ltd.
| | | 14,000 | | 28,033 |
CStone Pharmaceuticals (a)(c)
| | | 7,500 | | 8,418 |
Daqo New Energy Corp. ADR (a)
| | | 824 | | 47,726 |
ENN Energy Holdings, Ltd.
| | | 1,800 | | 17,429 |
Ever Sunshine Lifestyle Services Group, Ltd.
| | | 20,000 | | 25,262 |
G-bits Network Technology Xiamen Co., Ltd. Class A
| | | 300 | | 17,369 |
Geely Automobile Holdings, Ltd.
| | | 17,000 | | 25,091 |
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A
| | | 2,400 | | 19,059 |
Health & Happiness H&H International Holdings, Ltd.
| | | 22,500 | | 83,168 |
Hengan International Group Co., Ltd.
| | | 8,500 | | 63,989 |
Huaneng Power International, Inc. Class H
| | | 90,000 | | 33,790 |
HUYA, Inc. ADR (a)(b)
| | | 661 | | 11,204 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 247,000 | | 169,215 |
Innovent Biologics, Inc. (a)(c)
| | | 5,500 | | 23,204 |
JD.com, Inc. ADR (a)
| | | 2,201 | | 89,141 |
Jiangsu King's Luck Brewery JSC, Ltd. Class A
| | | 2,700 | | 10,723 |
Jianpu Technology, Inc. ADR (a)(b)
| | | 11,913 | | 10,007 |
JinkoSolar Holding Co., Ltd. ADR (a)(b)
| | | 1,643 | | 24,399 |
Jinyu Bio-Technology Co., Ltd. Class A
| | | 3,800 | | 11,430 |
JOYY, Inc. ADR (a)
| | | 165 | | 8,788 |
Jumei International Holding, Ltd. ADR (a)(b)
| | | 185 | | 3,419 |
Kasen International Holdings, Ltd. (a)
| | | 18,000 | | 3,646 |
Konka Group Co., Ltd. Class B
| | | 125,900 | | 46,293 |
Lenovo Group, Ltd.
| | | 34,000 | | 18,248 |
Li Ning Co., Ltd.
| | | 6,500 | | 18,995 |
Lingyi iTech Guangdong Co. Class A (a)
| | | 6,700 | | 7,770 |
Longfor Group Holdings, Ltd. (c)
| | | 8,500 | | 41,398 |
Meituan Dianping Class B (a)
| | | 3,400 | | 41,080 |
Momo, Inc. ADR
| | | 496 | | 10,758 |
NanJi E-Commerce Co., Ltd. Class A (a)
| | | 7,700 | | 12,601 |
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. Class A
| | | 2,600 | | 18,516 |
NetEase, Inc. ADR
| | | 290 | | 93,078 |
New Oriental Education & Technology Group, Inc. ADR (a)
| | | 385 | | 41,672 |
NIO, Inc. ADR (a)
| | | 911 | | 2,533 |
NOVA Group Holdings, Ltd. (b)
| | | 45,000 | | 11,902 |
On-Bright Electronics, Inc.
| | | 1,000 | | 7,407 |
Ozner Water International Holding, Ltd. (a)(b)(c)
| | | 12,000 | | 449 |
PetroChina Co., Ltd. Class H
| | | 88,000 | | 32,244 |
See accompanying notes to financial statements.
24
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
PICC Property & Casualty Co., Ltd. Class H
| | | 89,788 | | $86,882 |
Pinduoduo, Inc. ADR (a)
| | | 550 | | 19,817 |
Ping An Insurance Group Co. of China, Ltd. Class H
| | | 22,500 | | 221,055 |
Postal Savings Bank of China Co., Ltd. Class H (c)
| | | 27,000 | | 16,442 |
Q Technology Group Co., Ltd. (a)
| | | 18,000 | | 20,042 |
Qutoutiao, Inc. ADR (a)(b)
| | | 597 | | 1,427 |
RISE Education Cayman, Ltd. ADR (a)
| | | 888 | | 3,614 |
Scholar Education Group
| | | 11,000 | | 14,192 |
Semiconductor Manufacturing International Corp. (a)(b)
| | | 10,000 | | 15,740 |
Shanghai Baosight Software Co., Ltd. Class A
| | | 2,100 | | 11,777 |
Shanxi Meijin Energy Co., Ltd. Class A (a)
| | | 10,800 | | 10,026 |
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A
| | | 900 | | 11,450 |
Shengyi Technology Co., Ltd. Class A
| | | 3,500 | | 13,070 |
Shenzhen Goodix Technology Co., Ltd. Class A
| | | 400 | | 14,716 |
Shenzhen Kangtai Biological Products Co., Ltd. Class A
| | | 1,000 | | 16,168 |
Shenzhou International Group Holdings, Ltd.
| | | 2,700 | | 28,704 |
Sichuan Swellfun Co., Ltd. Class A
| | | 1,400 | | 8,503 |
Sinosoft Technology Group, Ltd.
| | | 35,000 | | 5,374 |
Sohu.com, Ltd. ADR (a)
| | | 1,058 | | 6,591 |
Sunac China Holdings, Ltd.
| | | 8,000 | | 37,054 |
Sunny Optical Technology Group Co., Ltd.
| | | 2,500 | | 33,674 |
TAL Education Group ADR (a)
| | | 1,269 | | 67,587 |
Tech-Bank Food Co., Ltd. Class A (a)
| | | 6,600 | | 10,857 |
Tencent Holdings, Ltd.
| | | 23,100 | | 1,133,110 |
Tian Ge Interactive Holdings, Ltd. (a)(b)(c)
| | | 36,000 | | 7,849 |
Trip.com Group, Ltd. ADR (a)
| | | 1,239 | | 29,055 |
Tsaker Chemical Group, Ltd. (c)
| | | 17,000 | | 3,071 |
Vipshop Holdings, Ltd. ADR (a)
| | | 2,642 | | 41,162 |
Visionox Technology, Inc. Class A (a)
| | | 4,800 | | 7,639 |
Walvax Biotechnology Co., Ltd. Class A
| | | 2,400 | | 10,720 |
Will Semiconductor, Ltd. Class A
| | | 600 | | 13,197 |
Winning Health Technology Group Co., Ltd. Class A
| | | 4,700 | | 13,905 |
Wise Talent Information Technology Co., Ltd. (a)
| | | 7,200 | | 14,398 |
Wuhan Guide Infrared Co., Ltd. Class A
| | | 3,470 | | 16,522 |
WUS Printed Circuit Kunshan Co., Ltd. Class A
| | | 3,500 | | 11,693 |
Wuxi Biologics Cayman, Inc. (a)(c)
| | | 2,500 | | 32,416 |
Xiaomi Corp. Class B (a)(b)(c)
| | | 26,400 | | 35,559 |
Yanzhou Coal Mining Co., Ltd. Class H
| | | 34,000 | | 26,670 |
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (c)
| | | 3,600 | | 16,999 |
Yintech Investment Holdings, Ltd. ADR (b)
| | | 1,329 | | 7,841 |
Yum China Holdings, Inc.
| | | 2,394 | | 102,056 |
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. Class A
| | | 1,500 | | 9,436 |
See accompanying notes to financial statements.
25
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
ZTO Express Cayman, Inc. ADR (a)
| | | 935 | | $24,759 |
| | | | | | 6,470,858 |
| COLOMBIA — 0.0% (d) | | | | | |
Bancolombia SA ADR
| | | 396 | | 9,884 |
Frontera Energy Corp. (b)
| | | 303 | | 735 |
| | | | | | 10,619 |
| DENMARK — 0.7% | | | | | |
AP Moller - Maersk A/S Class B
| | | 90 | | 80,620 |
Danske Bank A/S
| | | 3,925 | | 44,382 |
Drilling Co. of 1972 A/S (a)
| | | 172 | | 3,280 |
DSV Panalpina A/S
| | | 3,902 | | 354,696 |
Novo Nordisk A/S Class B
| | | 8,614 | | 518,236 |
Zealand Pharma A/S (a)(b)
| | | 3,887 | | 133,514 |
| | | | | | 1,134,728 |
| EGYPT — 0.0% (d) | | | | | |
Cleopatra Hospital (a)
| | | 47,551 | | 13,897 |
Heliopolis Housing
| | | 36,156 | | 7,787 |
Medinet Nasr Housing (a)
| | | 22,172 | | 4,381 |
Oriental Weavers
| | | 49,525 | | 16,928 |
| | | | | | 42,993 |
| FINLAND — 0.3% | | | | | |
Fortum Oyj
| | | 3,060 | | 44,908 |
Metso Oyj
| | | 1,821 | | 43,398 |
Nokia Oyj
| | | 18,970 | | 59,718 |
Nordea Bank Abp (e)
| | | 12,723 | | 72,015 |
Nordea Bank Abp (b)(e)
| | | 216 | | 1,216 |
Sampo Oyj Class A
| | | 2,144 | | 62,624 |
UPM-Kymmene Oyj (b)
| | | 6,977 | | 192,077 |
Valmet Oyj
| | | 350 | | 6,863 |
Wartsila OYJ Abp (b)
| | | 6,221 | | 45,666 |
| | | | | | 528,485 |
| FRANCE — 2.8% | | | | | |
Accor SA (b)
| | | 3,829 | | 105,034 |
Airbus SE
| | | 1,569 | | 102,159 |
Alstom SA
| | | 2,831 | | 118,475 |
AXA SA
| | | 7,376 | | 127,777 |
BNP Paribas SA
| | | 3,911 | | 118,055 |
Bouygues SA
| | | 2,243 | | 65,761 |
Capgemini SE
| | | 2,760 | | 233,188 |
See accompanying notes to financial statements.
26
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Carrefour SA (b)
| | | 4,984 | | $78,831 |
CGG SA (a)
| | | 5,539 | | 5,075 |
Credit Agricole SA
| | | 8,013 | | 58,820 |
Danone SA
| | | 2,289 | | 147,281 |
Engie SA
| | | 3,763 | | 38,862 |
EssilorLuxottica SA
| | | 1,749 | | 188,608 |
Genfit (a)(b)
| | | 1,664 | | 24,649 |
Groupe Fnac SA (a)
| | | 1,869 | | 48,521 |
Hermes International
| | | 18 | | 12,419 |
Innate Pharma SA (a)(b)
| | | 2,706 | | 17,607 |
Kering SA
| | | 458 | | 239,159 |
L'Oreal SA
| | | 868 | | 227,532 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 734 | | 272,581 |
Orange SA
| | | 10,736 | | 131,171 |
Pernod Ricard SA
| | | 1,037 | | 147,294 |
Publicis Groupe SA
| | | 2,021 | | 57,922 |
Renault SA
| | | 2,601 | | 50,538 |
Sanofi
| | | 3,432 | | 301,788 |
Schneider Electric SE
| | | 2,486 | | 214,348 |
Societe Generale SA
| | | 3,450 | | 58,100 |
Sodexo SA
| | | 2,190 | | 148,120 |
Technicolor SA (a)
| | | 71,393 | | 17,203 |
TOTAL SA (b)
| | | 6,370 | | 247,358 |
Unibail-Rodamco-Westfield
| | | 4,965 | | 13,097 |
Unibail-Rodamco-Westfield REIT (b)
| | | 827 | | 46,787 |
Vallourec SA (a)(b)
| | | 21,868 | | 24,750 |
Veolia Environnement SA
| | | 6,597 | | 140,971 |
Vinci SA
| | | 3,174 | | 262,594 |
Vivendi SA
| | | 8,097 | | 173,469 |
| | | | | | 4,265,904 |
| GERMANY — 2.4% | | | | | |
Adidas AG
| | | 1,367 | | 308,838 |
AIXTRON SE (a)
| | | 1,125 | | 9,883 |
Allianz SE
| | | 1,744 | | 300,206 |
BASF SE
| | | 2,852 | | 135,016 |
Bayer AG
| | | 3,657 | | 212,068 |
Commerzbank AG
| | | 2,579 | | 9,362 |
CompuGroup Medical SE
| | | 4,240 | | 260,298 |
CropEnergies AG
| | | 1,594 | | 13,940 |
Daimler AG
| | | 3,946 | | 119,155 |
Deutsche Bank AG
| | | 5,214 | | 34,149 |
Deutsche Boerse AG
| | | 1,358 | | 186,258 |
See accompanying notes to financial statements.
27
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Deutsche Lufthansa AG
| | | 8,351 | | $78,455 |
Deutsche Post AG
| | | 6,773 | | 184,120 |
Deutsche Telekom AG
| | | 11,180 | | 144,925 |
E.ON SE
| | | 7,002 | | 72,535 |
Eckert & Ziegler Strahlen- und Medizintechnik AG
| | | 29 | | 4,544 |
Elmos Semiconductor AG
| | | 623 | | 12,947 |
Fresenius Medical Care AG & Co. KGaA
| | | 689 | | 45,512 |
HelloFresh SE (a)
| | | 622 | | 20,884 |
Merck KGaA
| | | 2,394 | | 245,923 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 1,037 | | 209,478 |
Puma SE
| | | 366 | | 21,847 |
RWE AG
| | | 2,348 | | 61,729 |
Salzgitter AG
| | | 2,335 | | 27,696 |
SAP SE
| | | 3,445 | | 388,587 |
Siemens AG
| | | 2,778 | | 236,141 |
Thyssenkrupp AG (a)
| | | 4,370 | | 22,862 |
Uniper SE
| | | 534 | | 13,178 |
VERBIO Vereinigte BioEnergie AG
| | | 2,594 | | 23,738 |
Volkswagen AG
| | | 827 | | 110,161 |
Volkswagen AG Preference Shares
| | | 724 | | 84,875 |
Wirecard AG
| | | 213 | | 24,458 |
| | | | | | 3,623,768 |
| HONG KONG — 1.3% | | | | | |
AIA Group, Ltd.
| | | 33,000 | | 298,669 |
Bank of East Asia, Ltd.
| | | 26,305 | | 56,609 |
China Gas Holdings, Ltd.
| | | 3,200 | | 11,147 |
China Mobile, Ltd.
| | | 23,000 | | 171,070 |
China Resources Land, Ltd.
| | | 9,000 | | 37,157 |
CK Asset Holdings, Ltd.
| | | 46,920 | | 256,971 |
CK Hutchison Holdings, Ltd.
| | | 22,920 | | 154,655 |
Guangdong Investment, Ltd.
| | | 4,000 | | 7,710 |
Hang Lung Properties, Ltd.
| | | 28,000 | | 56,860 |
Henderson Land Development Co., Ltd.
| | | 18,910 | | 72,094 |
Hong Kong Exchanges & Clearing, Ltd.
| | | 6,741 | | 203,337 |
Link REIT
| | | 22,558 | | 191,211 |
New World Development Co., Ltd.
| | | 73,533 | | 79,122 |
Sands China, Ltd.
| | | 18,400 | | 67,419 |
Shangri-La Asia, Ltd.
| | | 34,000 | | 23,030 |
Sino Biopharmaceutical, Ltd.
| | | 17,000 | | 22,415 |
Sun Hung Kai Properties, Ltd.
| | | 22,753 | | 300,011 |
See accompanying notes to financial statements.
28
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Swire Pacific, Ltd. Class A
| | | 8,500 | | $54,778 |
| | | | | | 2,064,265 |
| HUNGARY — 0.1% | | | | | |
MOL Hungarian Oil & Gas PLC
| | | 4,230 | | 24,834 |
Richter Gedeon Nyrt
| | | 4,303 | | 80,828 |
| | | | | | 105,662 |
| INDIA — 0.9% | | | | | |
Aavas Financiers, Ltd. (a)
| | | 2,402 | | 37,747 |
AstraZeneca Pharma India, Ltd.
| | | 186 | | 5,910 |
Can Fin Homes, Ltd.
| | | 2,293 | | 8,458 |
Dr Reddy's Laboratories, Ltd. ADR
| | | 4,911 | | 198,061 |
Equitas Holdings, Ltd. (a)
| | | 7,272 | | 4,100 |
ICICI Bank, Ltd. ADR
| | | 16,859 | | 143,302 |
IFB Industries, Ltd. (a)
| | | 1,351 | | 4,757 |
Infosys, Ltd. ADR
| | | 34,265 | | 281,316 |
Inox Leisure, Ltd.
| | | 1,230 | | 4,271 |
Just Dial, Ltd. (a)
| | | 1,656 | | 6,424 |
LA Opala RG, Ltd.
| | | 7,902 | | 15,412 |
Larsen & Toubro, Ltd. GDR
| | | 7,202 | | 77,638 |
Mahindra & Mahindra, Ltd. GDR
| | | 5,576 | | 21,523 |
Orient Electric, Ltd.
| | | 2,198 | | 5,706 |
Procter & Gamble Health, Ltd. (a)
| | | 65 | | 3,122 |
Radico Khaitan, Ltd.
| | | 827 | | 2,932 |
Reliance Industries, Ltd. GDR (c)
| | | 7,610 | | 234,388 |
Repco Home Finance, Ltd.
| | | 935 | | 1,450 |
SpiceJet, Ltd. (a)
| | | 3,200 | | 1,555 |
State Bank of India GDR (a)
| | | 3,207 | | 83,382 |
Suven Life Sciences, Ltd.
| | | 50,111 | | 14,175 |
Suven Pharmaceuticals, Ltd. (a)
| | | 53,534 | | 142,271 |
Tata Motors, Ltd. ADR (a)
| | | 4,577 | | 21,603 |
Ujjivan Financial Services, Ltd.
| | | 1,082 | | 2,123 |
Vedanta, Ltd. ADR
| | | 7,156 | | 25,475 |
Wipro, Ltd. ADR
| | | 27,219 | | 84,379 |
| | | | | | 1,431,480 |
| INDONESIA — 0.3% | | | | | |
Astra International Tbk PT
| | | 117,500 | | 28,096 |
Bank Central Asia Tbk PT
| | | 105,400 | | 178,521 |
Bank Mandiri Persero Tbk PT
| | | 210,600 | | 60,430 |
Bank Rakyat Indonesia Persero Tbk PT
| | | 617,400 | | 114,319 |
Gudang Garam Tbk PT
| | | 8,300 | | 20,915 |
See accompanying notes to financial statements.
29
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Telekomunikasi Indonesia Persero Tbk PT
| | | 627,700 | | $121,615 |
| | | | | | 523,896 |
| IRELAND — 0.6% | | | | | |
Accenture PLC Class A
| | | 2,394 | | 390,844 |
Cairn Homes PLC (a)
| | | 11,300 | | 8,382 |
CRH PLC
| | | 3,846 | | 104,868 |
Prothena Corp. PLC (a)
| | | 919 | | 9,833 |
Trane Technologies PLC
| | | 4,131 | | 341,179 |
| | | | | | 855,106 |
| ISRAEL — 0.3% | | | | | |
Bank Hapoalim BM
| | | 15,994 | | 96,350 |
Bank Leumi Le-Israel BM
| | | 72,842 | | 403,597 |
Isracard, Ltd.
| | | 790 | | 2,123 |
Teva Pharmaceutical Industries, Ltd. ADR (a)
| | | 2,418 | | 21,713 |
| | | | | | 523,783 |
| ITALY — 0.6% | | | | | |
Assicurazioni Generali SpA (b)
| | | 6,634 | | 90,334 |
Atlantia SpA (b)
| | | 1,778 | | 22,299 |
Enel SpA
| | | 29,229 | | 203,301 |
Eni SpA
| | | 10,070 | | 101,875 |
Ferrari NV
| | | 532 | | 82,628 |
Intesa Sanpaolo SpA
| | | 52,735 | | 86,124 |
Italgas SpA
| | | 2,722 | | 14,901 |
Mediaset SpA (a)(b)
| | | 25,933 | | 55,203 |
Saipem SpA (a)
| | | 2,253 | | 5,538 |
Snam SpA
| | | 16,550 | | 76,342 |
Telecom Italia SpA (a)(b)
| | | 123,224 | | 50,351 |
UniCredit SpA
| | | 7,002 | | 54,910 |
| | | | | | 843,806 |
| JAPAN — 8.0% | | | | | |
Advantest Corp. (b)
| | | 200 | | 8,040 |
Aisin Seiki Co., Ltd.
| | | 1,700 | | 41,951 |
Akatsuki, Inc.
| | | 100 | | 3,349 |
AnGes, Inc. (a)(b)
| | | 1,200 | | 7,681 |
Aruhi Corp. (a)
| | | 600 | | 6,808 |
Asahi Group Holdings, Ltd.
| | | 1,700 | | 55,273 |
Asahi Kasei Corp.
| | | 22,600 | | 160,108 |
Astellas Pharma, Inc.
| | | 9,100 | | 140,856 |
Ateam, Inc.
| | | 2,700 | | 15,031 |
BayCurrent Consulting, Inc.
| | | 300 | | 14,061 |
See accompanying notes to financial statements.
30
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Bengo4.com, Inc. (a)
| | | 300 | | $11,741 |
Bridgestone Corp.
| | | 1,700 | | 52,328 |
Canon, Inc.
| | | 1,700 | | 37,148 |
Change, Inc. (a)
| | | 300 | | 7,678 |
Comture Corp. (b)
| | | 400 | | 8,152 |
COOKPAD, Inc. (a)
| | | 8,900 | | 24,733 |
Corona Corp.
| | | 900 | | 8,003 |
Credit Saison Co., Ltd.
| | | 4,600 | | 53,519 |
Cybozu, Inc. (b)
| | | 2,900 | | 51,228 |
Daiichi Sankyo Co., Ltd.
| | | 4,500 | | 309,879 |
Daikin Industries, Ltd.
| | | 1,700 | | 207,392 |
Daiwa Securities Group, Inc.
| | | 23,000 | | 89,311 |
Denso Corp.
| | | 4,400 | | 142,285 |
Digital Arts, Inc. (b)
| | | 100 | | 4,326 |
Dip Corp.
| | | 500 | | 8,050 |
Eisai Co., Ltd.
| | | 1,700 | | 124,892 |
Elan Corp.
| | | 700 | | 9,370 |
EM Systems Co., Ltd.
| | | 5,300 | | 44,283 |
Enigmo, Inc. (b)
| | | 1,600 | | 12,257 |
eRex Co., Ltd.
| | | 700 | | 7,982 |
euglena Co., Ltd. (a)
| | | 1,700 | | 10,913 |
Fixstars Corp.
| | | 700 | | 6,633 |
France Bed Holdings Co., Ltd.
| | | 2,000 | | 16,914 |
FUJIFILM Holdings Corp.
| | | 4,600 | | 231,758 |
Fujio Food System Co., Ltd. (b)
| | | 800 | | 9,975 |
Fujitsu, Ltd.
| | | 1,700 | | 153,615 |
Fukui Computer Holdings, Inc.
| | | 300 | | 6,041 |
GNI Group, Ltd. (a)
| | | 1,900 | | 22,475 |
Gunosy, Inc. (a)
| | | 700 | | 5,609 |
Gurunavi, Inc.
| | | 3,400 | | 17,480 |
Hinokiya Group Co., Ltd.
| | | 400 | | 5,432 |
Hitachi, Ltd.
| | | 4,600 | | 133,924 |
Hokuhoku Financial Group, Inc.
| | | 4,300 | | 38,557 |
Honda Motor Co., Ltd. (b)
| | | 4,600 | | 103,543 |
Hoya Corp.
| | | 4,500 | | 383,493 |
Insource Co., Ltd.
| | | 600 | | 13,461 |
IR Japan Holdings, Ltd.
| | | 1,000 | | 53,726 |
Istyle, Inc. (a)
| | | 1,700 | | 3,260 |
ITOCHU Corp. (b)
| | | 4,100 | | 85,167 |
Itokuro, Inc. (a)
| | | 600 | | 7,120 |
Japan Medical Dynamic Marketing, Inc.
| | | 500 | | 7,573 |
Japan Tissue Engineering Co., Ltd. (a)(b)
| | | 4,200 | | 22,409 |
See accompanying notes to financial statements.
31
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Japan Tobacco, Inc.
| | | 4,600 | | $85,050 |
JFE Holdings, Inc.
| | | 4,600 | | 29,955 |
JSR Corp.
| | | 4,600 | | 84,922 |
JXTG Holdings, Inc.
| | | 8,500 | | 29,148 |
Kajima Corp.
| | | 9,000 | | 92,455 |
Kamakura Shinsho, Ltd. (b)
| | | 2,800 | | 27,545 |
Kamigumi Co., Ltd.
| | | 11,900 | | 201,502 |
Kansai Electric Power Co., Inc.
| | | 4,300 | | 47,937 |
Kao Corp.
| | | 1,700 | | 139,049 |
KDDI Corp.
| | | 13,600 | | 401,871 |
Keyence Corp.
| | | 200 | | 64,527 |
Kitanotatsujin Corp. (b)
| | | 4,000 | | 19,712 |
KLab, Inc. (a)(b)
| | | 1,700 | | 10,677 |
KNT-CT Holdings Co., Ltd. (a)(b)
| | | 1,200 | | 8,048 |
Kobe Steel, Ltd.
| | | 4,000 | | 12,376 |
Komatsu, Ltd.
| | | 4,600 | | 75,783 |
Konica Minolta, Inc.
| | | 8,700 | | 35,379 |
Kourakuen Holdings Corp. (b)
| | | 300 | | 3,790 |
Kyocera Corp.
| | | 4,500 | | 267,111 |
Lasertec Corp.
| | | 200 | | 9,374 |
LEC, Inc. (b)
| | | 600 | | 6,030 |
Leopalace21 Corp. (a)(b)
| | | 3,600 | | 8,870 |
M&A Capital Partners Co., Ltd. (a)
| | | 400 | | 9,534 |
Makita Corp.
| | | 4,600 | | 141,253 |
Marubeni Corp.
| | | 23,000 | | 114,835 |
Marui Group Co., Ltd. (b)
| | | 9,000 | | 151,313 |
Mebuki Financial Group, Inc.
| | | 21,800 | | 44,426 |
Media Do Holdings Co., Ltd.
| | | 700 | | 19,615 |
Medical Data Vision Co., Ltd. (a)
| | | 1,800 | | 10,955 |
Menicon Co., Ltd.
| | | 1,100 | | 49,164 |
Mirai Corp. REIT
| | | 136 | | 46,234 |
Mitsubishi Chemical Holdings Corp.
| | | 8,800 | | 52,398 |
Mitsubishi Corp.
| | | 4,600 | | 97,642 |
Mitsubishi Electric Corp.
| | | 22,500 | | 278,241 |
Mitsubishi UFJ Financial Group, Inc.
| | | 41,300 | | 154,174 |
Mitsui & Co., Ltd.
| | | 4,600 | | 64,065 |
Mitsuuroko Group Holdings Co., Ltd. (b)
| | | 800 | | 8,418 |
Mizuho Financial Group, Inc.
| | | 85,200 | | 97,547 |
Money Forward, Inc. (a)
| | | 400 | | 15,266 |
MS&AD Insurance Group Holdings, Inc.
| | | 4,600 | | 128,896 |
MTI, Ltd.
| | | 1,500 | | 7,586 |
Murata Manufacturing Co., Ltd.
| | | 4,500 | | 228,095 |
See accompanying notes to financial statements.
32
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
NEC Corp.
| | | 200 | | $7,309 |
Nippon Steel Corp. (b)
| | | 7,400 | | 63,433 |
Nissan Motor Co., Ltd.
| | | 8,700 | | 28,738 |
Nitto Denko Corp.
| | | 1,700 | | 75,981 |
Nomura Holdings, Inc.
| | | 22,900 | | 97,111 |
NTT Data Corp.
| | | 9,000 | | 86,703 |
NTT DOCOMO, Inc.
| | | 4,600 | | 143,895 |
Obayashi Corp.
| | | 23,000 | | 197,286 |
Oisix ra daichi, Inc. (a)(b)
| | | 1,700 | | 23,322 |
One REIT, Inc.
| | | 13 | | 29,407 |
Optim Corp. (a)
| | | 400 | | 7,422 |
ORIX Corp.
| | | 9,200 | | 110,830 |
Oro Co., Ltd.
| | | 300 | | 7,342 |
Osaka Gas Co., Ltd.
| | | 4,600 | | 86,755 |
Panasonic Corp.
| | | 13,800 | | 105,461 |
Pepper Food Service Co., Ltd. (b)
| | | 8,500 | | 34,250 |
PKSHA Technology, Inc. (a)
| | | 300 | | 4,338 |
Proto Corp.
| | | 1,400 | | 11,114 |
Rakus Co., Ltd.
| | | 600 | | 8,870 |
Resona Holdings, Inc.
| | | 13,800 | | 41,571 |
Riso Kyoiku Co., Ltd. (b)
| | | 3,600 | | 9,537 |
Rohm Co., Ltd.
| | | 1,700 | | 93,382 |
Samty Residential Investment Corp. REIT
| | | 87 | | 68,259 |
Secom Co., Ltd.
| | | 1,700 | | 141,316 |
Seven & i Holdings Co., Ltd.
| | | 1,700 | | 56,312 |
SFP Holdings Co., Ltd.
| | | 700 | | 8,974 |
SHIFT, Inc. (a)
| | | 200 | | 13,005 |
Shin-Etsu Chemical Co., Ltd.
| | | 1,700 | | 168,969 |
Softbank Corp. (b)
| | | 4,400 | | 56,021 |
SoftBank Group Corp.
| | | 8,300 | | 291,236 |
Sompo Holdings, Inc.
| | | 4,600 | | 142,446 |
Sony Corp.
| | | 9,400 | | 559,098 |
Sosei Group Corp. (a)
| | | 400 | | 4,787 |
S-Pool, Inc.
| | | 3,700 | | 18,850 |
Starts Proceed Investment Corp. REIT
| | | 7 | | 11,639 |
Strike Co., Ltd.
| | | 600 | | 19,564 |
Sumitomo Chemical Co., Ltd.
| | | 23,000 | | 68,390 |
Sumitomo Corp.
| | | 4,600 | | 52,794 |
Sumitomo Electric Industries, Ltd.
| | | 4,400 | | 46,382 |
Sumitomo Mitsui Financial Group, Inc.
| | | 4,600 | | 111,767 |
Sumitomo Mitsui Trust Holdings, Inc.
| | | 1,700 | | 49,195 |
Suruga Bank, Ltd. (b)
| | | 1,700 | | 5,575 |
See accompanying notes to financial statements.
33
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
T&D Holdings, Inc.
| | | 9,200 | | $75,335 |
Takeda Pharmaceutical Co., Ltd.
| | | 1,700 | | 52,092 |
Tama Home Co., Ltd.
| | | 1,500 | | 16,965 |
TDK Corp.
| | | 1,700 | | 131,962 |
TechMatrix Corp.
| | | 500 | | 10,231 |
Teijin, Ltd.
| | | 4,600 | | 77,977 |
Terumo Corp.
| | | 9,000 | | 310,129 |
Tokio Marine Holdings, Inc.
| | | 4,500 | | 206,336 |
Tokyo Base Co., Ltd. (a)
| | | 2,700 | | 5,827 |
Tokyo Electron, Ltd.
| | | 1,700 | | 320,536 |
Tokyu Corp.
| | | 11,900 | | 187,393 |
Toppan Printing Co., Ltd.
| | | 9,100 | | 139,592 |
Toshiba Corp.
| | | 1,700 | | 37,479 |
Toyota Motor Corp.
| | | 9,100 | | 547,998 |
Toyota Tsusho Corp.
| | | 4,500 | | 106,128 |
Tri Chemical Laboratories, Inc.
| | | 100 | | 6,790 |
Unizo Holdings Co., Ltd. (a)
| | | 200 | | 11,060 |
UT Group Co., Ltd. (a)(b)
| | | 200 | | 2,056 |
UUUM, Inc. (a)
| | | 600 | | 11,427 |
Uzabase, Inc. (a)
| | | 200 | | 2,571 |
ValueCommerce Co., Ltd.
| | | 400 | | 6,595 |
Vector, Inc. (a)
| | | 1,100 | | 6,633 |
Vision, Inc. (a)
| | | 1,300 | | 8,056 |
WATAMI Co., Ltd. (b)
| | | 800 | | 6,907 |
West Japan Railway Co.
| | | 1,700 | | 116,467 |
Yamada Denki Co., Ltd.
| | | 8,600 | | 34,335 |
Yamaha Corp.
| | | 9,500 | | 370,918 |
YA-MAN, Ltd. (b)
| | | 1,700 | | 10,519 |
Yokowo Co., Ltd.
| | | 400 | | 8,011 |
Yume No Machi Souzou Iinkai Co., Ltd.
| | | 400 | | 3,928 |
ZIGExN Co., Ltd. (b)
| | | 2,700 | | 6,603 |
| | | | | | 12,395,053 |
| LUXEMBOURG — 0.0% (d) | | | | | |
ArcelorMittal SA
| | | 2,640 | | 25,089 |
Millicom International Cellular SA SDR
| | | 495 | | 13,969 |
| | | | | | 39,058 |
| MALAYSIA — 0.1% | | | | | |
Bumi Armada Bhd (a)
| | | 574,900 | | 17,966 |
CIMB Group Holdings Bhd
| | | 19,184 | | 15,987 |
FGV Holdings Bhd (a)
| | | 45,400 | | 8,985 |
Frontken Corp. Bhd
| | | 17,000 | | 7,123 |
See accompanying notes to financial statements.
34
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Hibiscus Petroleum Bhd (a)
| | | 103,600 | | $8,154 |
Malayan Banking Bhd
| | | 11,552 | | 19,922 |
Public Bank Bhd
| | | 8,100 | | 29,812 |
Tenaga Nasional Bhd
| | | 7,700 | | 21,424 |
| | | | | | 129,373 |
| MEXICO — 0.3% | | | | | |
America Movil SAB de CV Series L
| | | 178,922 | | 107,158 |
Cemex SAB de CV Series CPO
| | | 82,795 | | 17,399 |
Concentradora Hipotecaria SAPI de CV REIT
| | | 25,027 | | 18,019 |
Fomento Economico Mexicano SAB de CV
| | | 18,386 | | 112,248 |
Grupo Financiero Banorte SAB de CV Series O
| | | 17,697 | | 49,034 |
Grupo Mexico SAB de CV Class B
| | | 29,443 | | 54,897 |
Grupo Televisa SAB Series CPO
| | | 15,637 | | 18,197 |
Industrias Penoles SAB de CV
| | | 838 | | 5,640 |
PLA Administradora Industrial S de RL de CV REIT
| | | 9,262 | | 10,360 |
| | | | | | 392,952 |
| NETHERLANDS — 1.6% | | | �� | | |
Akzo Nobel NV
| | | 1,508 | | 99,296 |
ASML Holding NV
| | | 1,686 | | 448,524 |
Heineken NV
| | | 1,241 | | 103,706 |
ING Groep NV
| | | 12,695 | | 66,604 |
Koninklijke Ahold Delhaize NV
| | | 6,880 | | 160,682 |
Koninklijke DSM NV
| | | 2,319 | | 263,358 |
Koninklijke KPN NV
| | | 1,090 | | 2,602 |
Koninklijke Philips NV
| | | 5,510 | | 223,183 |
Pharming Group NV (a)(b)
| | | 9,810 | | 10,441 |
Prosus NV (a)
| | | 1,503 | | 104,145 |
Royal Dutch Shell PLC Class A
| | | 4,405 | | 77,506 |
Royal Dutch Shell PLC Class B
| | | 22,931 | | 386,636 |
Wolters Kluwer NV
| | | 6,881 | | 484,571 |
| | | | | | 2,431,254 |
| NORWAY — 0.2% | | | | | |
DNB ASA
| | | 8,665 | | 96,337 |
Fjordkraft Holding ASA (c)
| | | 1,406 | | 9,105 |
Frontline, Ltd. (b)
| | | 794 | | 7,803 |
Norsk Hydro ASA
| | | 23,964 | | 51,620 |
Telenor ASA
| | | 7,095 | | 102,631 |
Yara International ASA
| | | 1,386 | | 43,464 |
| | | | | | 310,960 |
See accompanying notes to financial statements.
35
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| PAKISTAN — 0.0% (d) | | | | | |
Packages, Ltd.
| | | 5,199 | | $7,146 |
Pakistan State Oil Co., Ltd.
| | | 24,800 | | 18,141 |
Searle Co., Ltd.
| | | 42,500 | | 40,133 |
SUI Northern Gas Pipeline
| | | 30,000 | | 6,665 |
| | | | | | 72,085 |
| PERU — 0.0% (d) | | | | | |
Cia de Minas Buenaventura SAA ADR
| | | 200 | | 1,458 |
| PHILIPPINES — 0.0% (d) | | | | | |
PLDT, Inc. ADR (b)
| | | 689 | | 14,166 |
| POLAND — 0.0% (d) | | | | | |
Polski Koncern Naftowy ORLEN SA
| | | 845 | | 11,332 |
Powszechna Kasa Oszczednosci Bank Polski SA
| | | 2,876 | | 15,662 |
| | | | | | 26,994 |
| RUSSIA — 0.2% | | | | | |
Gazprom PJSC ADR (b)
| | | 18,304 | | 83,466 |
LUKOIL PJSC ADR
| | | 1,356 | | 80,221 |
MMC Norilsk Nickel PJSC ADR (b)
| | | 379 | | 9,195 |
Mobile TeleSystems PJSC ADR
| | | 4,349 | | 33,053 |
Sberbank of Russia PJSC ADR
| | | 8,895 | | 84,769 |
Surgutneftegas PJSC ADR
| | | 212 | | 992 |
Tatneft PJSC ADR
| | | 2,108 | | 89,063 |
| | | | | | 380,759 |
| SAUDI ARABIA — 0.2% | | | | | |
Al Rajhi Co. for Co-operative Insurance (a)
| | | 800 | | 10,274 |
Aldrees Petroleum and Transport Services Co.
| | | 6,807 | | 101,462 |
Aseer Trading Tourism & Manufacturing Co. (a)
| | | 8,272 | | 18,451 |
City Cement Co.
| | | 2,568 | | 8,585 |
Eastern Province Cement Co.
| | | 855 | | 6,417 |
Etihad Etisalat Co. (a)
| | | 1,235 | | 7,120 |
Leejam Sports Co. JSC
| | | 887 | | 12,324 |
Maharah Human Resources Co.
| | | 497 | | 7,672 |
Mobile Telecommunications Co. (a)
| | | 13,457 | | 33,992 |
National Medical Care Co.
| | | 590 | | 5,693 |
Saudi Ceramic Co. (a)
| | | 3,200 | | 19,965 |
Saudi Co. For Hardware CJSC
| | | 692 | | 6,981 |
Saudi Research & Marketing Group (a)
| | | 574 | | 9,228 |
Saudia Dairy & Foodstuff Co.
| | | 269 | | 9,809 |
| | | | | | 257,973 |
See accompanying notes to financial statements.
36
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| SINGAPORE — 0.4% | | | | | |
CapitaLand, Ltd.
| | | 69,000 | | $138,112 |
DBS Group Holdings, Ltd.
| | | 4,400 | | 57,385 |
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
| | | 114,000 | | 23,619 |
Singapore Exchange, Ltd.
| | | 45,000 | | 290,445 |
Singapore Press Holdings, Ltd. (b)
| | | 46,000 | | 59,121 |
Singapore Telecommunications, Ltd.
| | | 21,700 | | 38,711 |
| | | | | | 607,393 |
| SOUTH AFRICA — 0.5% | | | | | |
Anglo American PLC
| | | 5,325 | | 93,521 |
AngloGold Ashanti, Ltd.
| | | 1,843 | | 32,930 |
Discovery, Ltd. (b)
| | | 28,691 | | 125,238 |
FirstRand, Ltd. (b)
| | | 25,517 | | 57,535 |
Gold Fields, Ltd.
| | | 4,323 | | 22,336 |
Harmony Gold Mining Co., Ltd. (a)
| | | 3,516 | | 7,786 |
Impala Platinum Holdings, Ltd. (b)
| | | 2,822 | | 11,967 |
MTN Group, Ltd. (b)
| | | 9,429 | | 25,547 |
MultiChoice Group, Ltd. (a)
| | | 1,049 | | 5,038 |
Naspers, Ltd. Class N
| | | 1,503 | | 214,906 |
Nedbank Group, Ltd.
| | | 905 | | 4,189 |
Old Mutual, Ltd. (b)
| | | 33,262 | | 21,504 |
Sanlam, Ltd. (b)
| | | 23,620 | | 67,567 |
Sasol, Ltd. (a)
| | | 1,821 | | 3,765 |
Standard Bank Group, Ltd.
| | | 6,103 | | 35,015 |
| | | | | | 728,844 |
| SOUTH KOREA — 1.4% | | | | | |
Advanced Process Systems Corp.
| | | 835 | | 16,805 |
Ahnlab, Inc.
| | | 223 | | 10,423 |
Ananti, Inc. (a)
| | | 822 | | 4,058 |
Anterogen Co., Ltd. (a)
| | | 25 | | 767 |
BH Co., Ltd. (a)
| | | 1,481 | | 19,100 |
Binex Co., Ltd. (a)
| | | 1,431 | | 12,695 |
Celltrion, Inc. (a)
| | | 207 | | 38,939 |
CMG Pharmaceutical Co., Ltd. (a)
| | | 7,004 | | 21,173 |
CrystalGenomics, Inc. (a)
| | | 532 | | 7,342 |
Dae Hwa Pharmaceutical Co., Ltd.
| | | 350 | | 2,562 |
DIO Corp. (a)
| | | 3,636 | | 75,716 |
Dongsung Pharmaceutical Co., Ltd. (a)
| | | 518 | | 4,638 |
Duk San Neolux Co., Ltd. (a)
| | | 1,012 | | 21,739 |
Echo Marketing, Inc.
| | | 344 | | 7,121 |
E-MART, Inc.
| | | 11 | | 962 |
See accompanying notes to financial statements.
37
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Feelux Co., Ltd. (a)
| | | 1,161 | | $4,611 |
Genexine Co., Ltd. (a)
| | | 166 | | 8,236 |
Green Cross Cell Corp.
| | | 275 | | 8,697 |
Green Cross LabCell Corp.
| | | 637 | | 19,335 |
Hana Financial Group, Inc.
| | | 551 | | 10,456 |
Hanall Biopharma Co., Ltd. (a)
| | | 339 | | 6,600 |
Helixmith Co., Ltd. (a)
| | | 36 | | 2,032 |
HLB, Inc. (a)
| | | 44 | | 3,253 |
Huons Co., Ltd.
| | | 237 | | 8,878 |
Hyundai Mobis Co., Ltd.
| | | 314 | | 43,720 |
Hyundai Motor Co.
| | | 700 | | 51,004 |
Hyundai Steel Co.
| | | 130 | | 1,917 |
Inscobee, Inc. (a)
| | | 3,000 | | 5,865 |
iNtRON Biotechnology, Inc. (a)
| | | 389 | | 4,202 |
JW Holdings Corp.
| | | 8,974 | | 35,753 |
JW Pharmaceutical Corp.
| | | 1,721 | | 44,391 |
KB Financial Group, Inc.
| | | 1,699 | | 48,220 |
Kia Motors Corp.
| | | 428 | | 9,141 |
Korea Electric Power Corp. ADR (a)(b)
| | | 1,587 | | 11,982 |
Korea Shipbuilding & Offshore Engineering Co., Ltd. (a)
| | | 10 | | 646 |
KT&G Corp.
| | | 577 | | 35,406 |
LG Chem, Ltd. Preference Shares
| | | 928 | | 112,822 |
LG Electronics, Inc.
| | | 174 | | 6,889 |
LG Household & Health Care, Ltd.
| | | 88 | | 80,963 |
Lotte Chemical Corp.
| | | 20 | | 3,171 |
Naturecell Co., Ltd. (a)
| | | 1,631 | | 11,924 |
NAVER Corp.
| | | 895 | | 124,985 |
Oscotec, Inc. (a)
| | | 454 | | 8,205 |
PHARMA RESEARCH PRODUCTS Co., Ltd.
| | | 99 | | 3,164 |
POSCO ADR
| | | 2,608 | | 85,151 |
Sam Chun Dang Pharm Co., Ltd.
| | | 616 | | 16,370 |
Samsung C&T Corp.
| | | 180 | | 13,248 |
Samsung Electronics Co., Ltd. GDR
| | | 740 | | 734,820 |
Samsung Engineering Co., Ltd. (a)
| | | 420 | | 3,502 |
Samsung Fire & Marine Insurance Co., Ltd.
| | | 116 | | 14,674 |
Samsung Heavy Industries Co., Ltd. (a)
| | | 1,202 | | 3,851 |
Samsung Securities Co., Ltd.
| | | 403 | | 9,716 |
Sejong Telecom, Inc. (a)
| | | 37,542 | | 7,155 |
Shinhan Financial Group Co., Ltd.
| | | 1,699 | | 39,916 |
SillaJen, Inc. (a)
| | | 131 | | 1,426 |
SK Holdings Co., Ltd.
| | | 117 | | 16,098 |
SK Hynix, Inc.
| | | 2,529 | | 173,053 |
See accompanying notes to financial statements.
38
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
SK Innovation Co., Ltd.
| | | 115 | | $8,219 |
STCUBE (a)
| | | 123 | | 1,076 |
Telcon RF Pharmaceutical, Inc. (a)
| | | 1,698 | | 8,913 |
Theragen Etex Co., Ltd. (a)
| | | 1,914 | | 12,106 |
WeMade Entertainment Co., Ltd.
| | | 225 | | 3,715 |
Whanin Pharmaceutical Co., Ltd.
| | | 1,204 | | 14,588 |
| | | | | | 2,128,105 |
| SPAIN — 0.8% | | | | | |
Acciona SA
| | | 3,041 | | 324,832 |
Acerinox SA
| | | 6,976 | | 47,549 |
ACS Actividades de Construccion y Servicios SA
| | | 6,002 | | 117,324 |
Amadeus IT Group SA
| | | 2,322 | | 110,066 |
Banco Bilbao Vizcaya Argentaria SA
| | | 20,776 | | 66,463 |
Banco Santander SA
| | | 47,722 | | 116,141 |
Iberdrola SA
| | | 20,631 | | 203,374 |
Industria de Diseno Textil SA
| | | 4,624 | | 120,043 |
Repsol SA
| | | 3,687 | | 33,708 |
Telefonica SA
| | | 16,747 | | 76,691 |
| | | | | | 1,216,191 |
| SWEDEN — 0.8% | | | | | |
Assa Abloy AB Class B
| | | 7,876 | | 149,210 |
Atlas Copco AB Class B
| | | 6,360 | | 188,084 |
Climeon AB (a)(b)
| | | 1,189 | | 4,362 |
Epiroc AB Class B
| | | 7,330 | | 72,814 |
Hansa Biopharma AB (a)(b)
| | | 1,444 | | 11,354 |
PowerCell Sweden AB (a)
| | | 258 | | 5,286 |
Sandvik AB
| | | 6,819 | | 97,216 |
Securitas AB Class B
| | | 10,597 | | 114,925 |
Skandinaviska Enskilda Banken AB Class A
| | | 16,040 | | 108,761 |
Skanska AB Class B (a)
| | | 6,956 | | 106,330 |
SKF AB Class B (b)
| | | 4,949 | | 68,283 |
Svenska Handelsbanken AB Class A (a)
| | | 6,503 | | 54,570 |
Tele2 AB Class B
| | | 4,865 | | 65,504 |
Telefonaktiebolaget LM Ericsson Class B
| | | 12,980 | | 106,196 |
Telia Co. AB
| | | 11,180 | | 40,284 |
Volvo AB Class A
| | | 8,615 | | 103,647 |
| | | | | | 1,296,826 |
| SWITZERLAND — 3.0% | | | | | |
ABB, Ltd.
| | | 9,669 | | 169,936 |
Adecco Group AG
| | | 1,867 | | 73,596 |
See accompanying notes to financial statements.
39
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Alcon, Inc. (a)
| | | 1,267 | | $64,597 |
Basilea Pharmaceutica AG (a)(b)
| | | 244 | | 10,718 |
Cie Financiere Richemont SA
| | | 2,622 | | 143,789 |
Credit Suisse Group AG
| | | 8,167 | | 67,527 |
Garrett Motion, Inc. (a)
| | | 50 | | 143 |
Geberit AG
| | | 736 | | 324,051 |
Givaudan SA
| | | 92 | | 284,781 |
Glencore PLC
| | | 12,697 | | 19,491 |
Kuehne + Nagel International AG
| | | 860 | | 118,083 |
LafargeHolcim, Ltd.
| | | 1,870 | | 68,341 |
Meyer Burger Technology AG (a)(b)
| | | 17,255 | | 2,748 |
Molecular Partners AG (a)
| | | 1,125 | | 20,743 |
Nestle SA
| | | 9,327 | | 958,679 |
Novartis AG
| | | 6,230 | | 514,150 |
Roche Holding AG
| | | 2,327 | | 755,304 |
SGS SA
| | | 92 | | 213,182 |
Swatch Group AG
| | | 276 | | 55,183 |
Swiss Re AG
| | | 2,257 | | 173,926 |
TE Connectivity, Ltd.
| | | 4,773 | | 300,604 |
TRANSOCEAN, Ltd. (a)
| | | 1,509 | | 1,750 |
UBS Group AG
| | | 13,135 | | 122,804 |
Zurich Insurance Group AG
| | | 459 | | 162,907 |
| | | | | | 4,627,033 |
| TAIWAN — 1.5% | | | | | |
AU Optronics Corp. ADR (b)
| | | 46,931 | | 93,393 |
AURAS Technology Co., Ltd.
| | | 2,000 | | 8,432 |
Career Technology MFG. Co., Ltd.
| | | 12,480 | | 9,677 |
Century Iron & Steel Industrial Co., Ltd.
| | | 4,000 | | 10,277 |
Charoen Pokphand Enterprise
| | | 5,000 | | 9,771 |
Chaun-Choung Technology Corp.
| | | 3,000 | | 22,965 |
Chief Telecom, Inc.
| | | 3,000 | | 26,933 |
Chilisin Electronics Corp.
| | | 2,000 | | 5,344 |
Chunghwa Telecom Co., Ltd. ADR (b)
| | | 6,286 | | 223,593 |
Concraft Holding Co., Ltd.
| | | 2,093 | | 6,783 |
CTBC Financial Holding Co., Ltd.
| | | 36,000 | | 21,308 |
Darfon Electronics Corp.
| | | 8,000 | | 7,896 |
Egis Technology, Inc.
| | | 1,000 | | 4,894 |
Formosa Chemicals & Fibre Corp.
| | | 11,000 | | 24,371 |
Formosa Plastics Corp.
| | | 14,000 | | 34,767 |
Genius Electronic Optical Co., Ltd.
| | | 1,079 | | 14,736 |
Global Unichip Corp.
| | | 1,000 | | 6,068 |
Globalwafers Co., Ltd.
| | | 1,000 | | 11,276 |
See accompanying notes to financial statements.
40
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Hon Hai Precision Industry Co., Ltd. GDR
| | | 39,654 | | $183,995 |
International Games System Co., Ltd.
| | | 4,000 | | 73,012 |
Jentech Precision Industrial Co., Ltd.
| | | 2,000 | | 11,375 |
Lotus Pharmaceutical Co., Ltd. (a)
| | | 3,000 | | 5,972 |
MediaTek, Inc.
| | | 2,000 | | 21,659 |
Nan Ya Plastics Corp.
| | | 16,000 | | 28,940 |
Pan Jit International, Inc.
| | | 13,500 | | 8,549 |
PChome Online, Inc. (a)
| | | 2,000 | | 4,649 |
PharmaEngine, Inc.
| | | 1,000 | | 1,424 |
PharmaEssentia Corp. (a)
| | | 5,000 | | 11,127 |
Pharmally International Holding Co., Ltd.
| | | 1,282 | | 6,232 |
Power Wind Health Industry, Inc.
| | | 2,000 | | 8,796 |
RichWave Technology Corp.
| | | 2,000 | | 7,936 |
Sporton International, Inc.
| | | 4,000 | | 21,031 |
TaiDoc Technology Corp.
| | | 1,000 | | 5,539 |
Taigen Biopharmaceuticals Holdings, Ltd. (a)
| | | 32,000 | | 12,010 |
TaiMed Biologics, Inc. (a)
| | | 4,000 | | 8,941 |
Taiwan Semiconductor Co., Ltd.
| | | 3,000 | | 3,031 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
| | | 19,603 | | 936,827 |
Taiwan Surface Mounting Technology Corp.
| | | 3,000 | | 6,855 |
Taiwan Union Technology Corp.
| | | 2,000 | | 8,068 |
Tanvex BioPharma, Inc. (a)
| | | 5,000 | | 5,026 |
TCI Co., Ltd.
| | | 459 | | 2,732 |
United Integrated Services Co., Ltd.
| | | 7,000 | | 38,308 |
United Microelectronics Corp. ADR
| | | 88,046 | | 191,060 |
United Renewable Energy Co., Ltd. (a)
| | | 359,518 | | 56,231 |
Visual Photonics Epitaxy Co., Ltd.
| | | 2,000 | | 5,192 |
Wafer Works Corp.
| | | 5,000 | | 4,290 |
Win Semiconductors Corp.
| | | 2,000 | | 17,426 |
| | | | | | 2,238,717 |
| THAILAND — 0.1% | | | | | |
Bangkok Bank PCL
| | | 22,500 | | 69,932 |
CP ALL PCL NVDR
| | | 16,800 | | 31,227 |
Kasikornbank PCL NVDR
| | | 4,300 | | 11,989 |
PTT PCL
| | | 46,000 | | 43,102 |
Siam Commercial Bank PCL NVDR
| | | 3,700 | | 7,808 |
Taokaenoi Food & Marketing PCL Class F (b)
| | | 77,300 | | 12,484 |
TQM Corp. PCL NVDR
| | | 300 | | 615 |
| | | | | | 177,157 |
| TURKEY — 0.1% | | | | | |
Akbank T.A.S. (a)
| | | 21,504 | | 18,273 |
See accompanying notes to financial statements.
41
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT
| | | 7,174 | | $1,274 |
Koza Anadolu Metal Madencilik Isletmeleri A/S (a)
| | | 4,275 | | 5,890 |
Migros Ticaret A/S (a)
| | | 3,436 | | 11,814 |
Turkiye Garanti Bankasi A/S (a)
| | | 21,274 | | 26,245 |
Turkiye Is Bankasi A/S Class C (a)
| | | 15,877 | | 11,371 |
| | | | | | 74,867 |
| UNITED ARAB EMIRATES — 0.1% | | | | | |
Borr Drilling, Ltd. (a)
| | | 10,641 | | 5,100 |
Dana Gas PJSC
| | | 138,647 | | 21,515 |
Eshraq Properties Co. PJSC (a)
| | | 1,149,900 | | 61,672 |
RAK Properties PJSC (a)
| | | 188,753 | | 19,219 |
Union Properties PJSC (a)
| | | 390,044 | | 21,981 |
| | | | | | 129,487 |
| UNITED KINGDOM — 4.8% | | | | | |
3i Group PLC
| | | 32,614 | | 320,364 |
Amcor PLC
| | | 6,887 | | 54,966 |
AO World PLC (a)(b)
| | | 7,416 | | 6,207 |
AstraZeneca PLC
| | | 4,222 | | 377,763 |
BAE Systems PLC
| | | 21,306 | | 137,851 |
Barclays PLC
| | | 58,217 | | 67,934 |
BP PLC
| | | 52,053 | | 222,157 |
British American Tobacco PLC
| | | 3,946 | | 134,994 |
British Land Co. PLC REIT
| | | 15,270 | | 63,656 |
BT Group PLC
| | | 49,707 | | 72,667 |
Burberry Group PLC
| | | 3,788 | | 62,211 |
Cairn Energy PLC (a)
| | | 2,705 | | 2,596 |
Capita PLC (a)
| | | 2,081 | | 844 |
CNH Industrial NV
| | | 3,293 | | 18,847 |
Compass Group PLC
| | | 10,366 | | 162,466 |
Diageo PLC
| | | 6,496 | | 208,335 |
Experian PLC
| | | 8,881 | | 247,880 |
Fiat Chrysler Automobiles NV
| | | 4,083 | | 29,443 |
Frontier Developments PLC (a)
| | | 1,242 | | 19,065 |
G4S PLC
| | | 14,892 | | 17,043 |
GlaxoSmithKline PLC
| | | 14,938 | | 280,540 |
Gulf Keystone Petroleum, Ltd.
| | | 3,362 | | 2,814 |
Hammerson PLC REIT (b)
| | | 24,578 | | 23,582 |
HSBC Holdings PLC
| | | 62,376 | | 351,331 |
Hurricane Energy PLC (a)(b)
| | | 20,476 | | 2,696 |
Imperial Brands PLC
| | | 2,248 | | 41,722 |
InterContinental Hotels Group PLC
| | | 4,567 | | 199,078 |
See accompanying notes to financial statements.
42
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Intu Properties PLC REIT (a)
| | | 191,568 | | $10,580 |
iomart Group PLC (b)
| | | 5,829 | | 19,515 |
J Sainsbury PLC
| | | 17,604 | | 45,926 |
Land Securities Group PLC REIT
| | | 9,877 | | 68,191 |
Learning Technologies Group PLC (b)
| | | 10,445 | | 17,303 |
Liberty Global PLC Class A (a)
| | | 982 | | 16,213 |
Liberty Global PLC Class C (a)
| | | 3,843 | | 60,374 |
Linde PLC (e)
| | | 2,394 | | 414,162 |
Linde PLC (e)
| | | 631 | | 111,159 |
Lloyds Banking Group PLC
| | | 206,987 | | 82,129 |
M&G PLC (a)
| | | 10,490 | | 14,646 |
Marks & Spencer Group PLC
| | | 23,622 | | 29,067 |
National Grid PLC
| | | 4,522 | | 53,076 |
Next PLC
| | | 1,723 | | 86,996 |
nVent Electric PLC
| | | 169 | | 2,851 |
On the Beach Group PLC (c)
| | | 2,467 | | 6,730 |
Pearson PLC
| | | 2,420 | | 16,582 |
Pentair PLC
| | | 169 | | 5,029 |
Premier Oil PLC (a)(b)
| | | 8,705 | | 1,860 |
Prudential PLC
| | | 11,592 | | 148,838 |
Quilter PLC (c)
| | | 10,306 | | 15,079 |
Reckitt Benckiser Group PLC
| | | 1,914 | | 145,956 |
RELX PLC (e)
| | | 7,437 | | 159,717 |
RELX PLC (e)
| | | 12,556 | | 269,893 |
Rio Tinto PLC
| | | 5,132 | | 236,624 |
Rio Tinto, Ltd.
| | | 397 | | 20,549 |
Rolls-Royce Holdings PLC
| | | 7,559 | | 31,924 |
RSA Insurance Group PLC
| | | 16,865 | | 87,913 |
Sage Group PLC
| | | 40,013 | | 293,616 |
Severn Trent PLC
| | | 5,968 | | 168,720 |
Smith & Nephew PLC
| | | 10,826 | | 192,563 |
Smiths Group PLC
| | | 8,342 | | 126,813 |
Soco International PLC (b)
| | | 18,379 | | 2,735 |
SSE PLC
| | | 5,242 | | 84,823 |
Standard Chartered PLC
| | | 11,684 | | 64,586 |
Standard Life Aberdeen PLC
| | | 35,141 | | 97,560 |
TechnipFMC PLC
| | | 2,472 | | 17,001 |
Tesco PLC
| | | 28,247 | | 80,137 |
Tullow Oil PLC
| | | 1,846 | | 245 |
Unilever NV
| | | 4,799 | | 235,930 |
Unilever PLC
| | | 3,657 | | 184,803 |
United Utilities Group PLC
| | | 10,627 | | 118,962 |
See accompanying notes to financial statements.
43
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Virgin Money UK PLC (a)
| | | 333 | | $252 |
Vodafone Group PLC
| | | 79,054 | | 110,766 |
Whitbread PLC
| | | 6,422 | | 241,278 |
WPP PLC
| | | 8,235 | | 56,303 |
| | | | | | 7,385,027 |
| UNITED STATES — 54.9% | | | | | |
3M Co.
| | | 2,394 | | 326,805 |
Abbott Laboratories
| | | 9,103 | | 718,318 |
AbbVie, Inc.
| | | 2,348 | | 178,894 |
Activision Blizzard, Inc.
| | | 314 | | 18,677 |
Adobe, Inc. (a)
| | | 3,405 | | 1,083,607 |
Advanced Micro Devices, Inc. (a)
| | | 2,410 | | 109,607 |
Adverum Biotechnologies, Inc. (a)
| | | 511 | | 4,992 |
Aflac, Inc.
| | | 9,434 | | 323,020 |
Agenus, Inc. (a)
| | | 8,020 | | 19,649 |
Agilent Technologies, Inc.
| | | 4,773 | | 341,842 |
AGNC Investment Corp. REIT
| | | 2,182 | | 23,086 |
Akebia Therapeutics, Inc. (a)(b)
| | | 614 | | 4,654 |
Akorn, Inc. (a)
| | | 1,015 | | 570 |
Alacer Gold Corp. (a)
| | | 9,646 | | 30,767 |
Alexion Pharmaceuticals, Inc. (a)
| | | 1,818 | | 163,238 |
Allegion PLC
| | | 780 | | 71,776 |
Allergan PLC
| | | 534 | | 94,571 |
Allstate Corp.
| | | 4,773 | | 437,827 |
Alphabet, Inc. Class A (a)
| | | 1,228 | | 1,426,875 |
Alphabet, Inc. Class C (a)
| | | 1,228 | | 1,427,931 |
Altria Group, Inc.
| | | 4,773 | | 184,572 |
Amazon.com, Inc. (a)
| | | 1,473 | | 2,871,938 |
American Electric Power Co., Inc.
| | | 4,773 | | 381,745 |
American Express Co.
| | | 4,890 | | 418,633 |
American Tower Corp. REIT
| | | 2,394 | | 521,293 |
Amgen, Inc.
| | | 3,511 | | 711,785 |
Amyris, Inc. (a)(b)
| | | 1,542 | | 3,948 |
Annaly Capital Management, Inc. REIT
| | | 4,452 | | 22,572 |
Anthem, Inc.
| | | 1,773 | | 402,542 |
Anworth Mortgage Asset Corp. REIT
| | | 18,200 | | 20,566 |
Apache Corp.
| | | 1,042 | | 4,356 |
Apple, Inc.
| | | 16,336 | | 4,154,081 |
Applied Materials, Inc.
| | | 8,376 | | 383,788 |
Arbor Realty Trust, Inc. REIT
| | | 2,330 | | 11,417 |
Archer-Daniels-Midland Co.
| | | 7,162 | | 251,959 |
Arcus Biosciences, Inc. (a)
| | | 1,349 | | 18,724 |
See accompanying notes to financial statements.
44
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Arena Pharmaceuticals, Inc. (a)
| | | 2 | | $84 |
Armada Hoffler Properties, Inc. REIT
| | | 4,965 | | 53,126 |
ARMOUR Residential REIT, Inc.
| | | 1,900 | | 16,739 |
Arrowhead Pharmaceuticals, Inc. (a)
| | | 1,419 | | 40,825 |
Arvinas Holding Co. LLC (a)
| | | 415 | | 16,725 |
Assembly Biosciences, Inc. (a)
| | | 309 | | 4,582 |
AT&T, Inc.
| | | 27,527 | | 802,412 |
Athenex, Inc. (a)(b)
| | | 716 | | 5,542 |
Automatic Data Processing, Inc.
| | | 2,394 | | 327,212 |
Avanos Medical, Inc. (a)
| | | 304 | | 8,187 |
Avrobio, Inc. (a)
| | | 203 | | 3,159 |
AxoGen, Inc. (a)
| | | 203 | | 2,111 |
Axonics Modulation Technologies, Inc. (a)(b)
| | | 1,084 | | 27,544 |
Baker Hughes Co.
| | | 1,922 | | 20,181 |
Bank of America Corp.
| | | 41,310 | | 877,011 |
Bank of New York Mellon Corp.
| | | 7,230 | | 243,506 |
Baxter International, Inc.
| | | 4,614 | | 374,611 |
Becton Dickinson and Co.
| | | 2,394 | | 550,069 |
Berkshire Hathaway, Inc. Class B (a)
| | | 2,739 | | 500,771 |
BioCryst Pharmaceuticals, Inc. (a)
| | | 4,960 | | 9,920 |
BioDelivery Sciences International, Inc. (a)
| | | 2,454 | | 9,301 |
Biogen, Inc. (a)
| | | 1,347 | | 426,164 |
BioSpecifics Technologies Corp. (a)
| | | 220 | | 12,445 |
Bizlink Holding, Inc.
| | | 1,000 | | 5,423 |
Boeing Co.
| | | 2,184 | | 325,722 |
Booking Holdings, Inc. (a)
| | | 181 | | 243,503 |
Brighthouse Financial, Inc. (a)
| | | 600 | | 14,502 |
Bristol-Myers Squibb Co.
| | | 7,231 | | 403,056 |
Broadcom, Inc.
| | | 1,769 | | 419,430 |
C.H. Robinson Worldwide, Inc.
| | | 2,394 | | 158,483 |
California Resources Corp. (a)(b)
| | | 44 | | 44 |
Capital One Financial Corp.
| | | 2,394 | | 120,705 |
Cara Therapeutics, Inc. (a)(b)
| | | 1,133 | | 14,967 |
CareDx, Inc. (a)(b)
| | | 99 | | 2,161 |
Carnival Corp.
| | | 2,394 | | 31,529 |
Catalyst Pharmaceuticals, Inc. (a)(b)
| | | 19 | | 73 |
Caterpillar, Inc.
| | | 2,394 | | 277,800 |
Cato Corp. Class A
| | | 501 | | 5,346 |
CDK Global, Inc.
| | | 677 | | 22,239 |
CenturyLink, Inc.
| | | 1,615 | | 15,278 |
Change Healthcare, Inc. (a)
| | | 3,078 | | 30,749 |
ChannelAdvisor Corp. (a)
| | | 931 | | 6,759 |
See accompanying notes to financial statements.
45
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Charles Schwab Corp.
| | | 8,969 | | $301,538 |
Charter Communications, Inc. Class A (a)
| | | 1,018 | | 444,164 |
ChemoCentryx, Inc. (a)
| | | 1,098 | | 44,118 |
Chemours Co.
| | | 594 | | 5,269 |
Chevron Corp.
| | | 6,182 | | 447,948 |
Chubb, Ltd.
| | | 3,604 | | 402,531 |
Church & Dwight Co., Inc.
| | | 6,901 | | 442,906 |
Cigna Corp. (a)
| | | 701 | | 124,203 |
Cisco Systems, Inc.
| | | 21,851 | | 858,963 |
Citigroup, Inc.
| | | 12,186 | | 513,274 |
Citrix Systems, Inc.
| | | 2,394 | | 338,871 |
Clorox Co.
| | | 2,394 | | 414,760 |
Coca-Cola Co.
| | | 9,454 | | 418,339 |
Cognizant Technology Solutions Corp. Class A
| | | 4,784 | | 222,312 |
Coherus Biosciences, Inc. (a)
| | | 409 | | 6,634 |
Colgate-Palmolive Co.
| | | 4,773 | | 316,736 |
Collegium Pharmaceutical, Inc. (a)
| | | 624 | | 10,190 |
Comcast Corp. Class A
| | | 12,196 | | 419,298 |
Community Healthcare Trust, Inc. REIT
| | | 3,079 | | 117,864 |
Conagra Brands, Inc.
| | | 4,773 | | 140,040 |
ConocoPhillips
| | | 4,773 | | 147,008 |
Corning, Inc.
| | | 9,572 | | 196,609 |
Corteva, Inc. (a)
| | | 3,796 | | 89,206 |
Costco Wholesale Corp.
| | | 2,394 | | 682,601 |
Coty, Inc. Class A
| | | 379 | | 1,956 |
CryoPort, Inc. (a)(b)
| | | 511 | | 8,723 |
CSX Corp.
| | | 6,198 | | 355,145 |
Cummins, Inc.
| | | 2,394 | | 323,956 |
CVS Health Corp.
| | | 7,272 | | 431,448 |
Cyclerion Therapeutics, Inc. (a)(b)
| | | 3,254 | | 8,623 |
Cytokinetics, Inc. (a)(b)
| | | 119 | | 1,403 |
CytomX Therapeutics, Inc. (a)
| | | 2,455 | | 18,830 |
Danaher Corp.
| | | 4,891 | | 676,963 |
Deere & Co.
| | | 2,286 | | 315,834 |
Dell Technologies, Inc. Class C (a)
| | | 492 | | 19,459 |
Denbury Resources, Inc. (a)(b)
| | | 669 | | 124 |
Devon Energy Corp.
| | | 1,042 | | 7,200 |
DexCom, Inc. (a)
| | | 102 | | 27,466 |
Dicerna Pharmaceuticals, Inc. (a)
| | | 629 | | 11,555 |
Diebold Nixdorf, Inc. (a)(b)
| | | 411 | | 1,447 |
Discover Financial Services
| | | 4,773 | | 170,253 |
Dollar Tree, Inc. (a)
| | | 2,820 | | 207,185 |
See accompanying notes to financial statements.
46
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Dow, Inc.
| | | 3,847 | | $112,486 |
Duke Energy Corp.
| | | 2,601 | | 210,369 |
Duluth Holdings, Inc. Class B (a)(b)
| | | 409 | | 1,640 |
DuPont de Nemours, Inc.
| | | 3,796 | | 129,444 |
DXC Technology Co.
| | | 779 | | 10,166 |
Dynavax Technologies Corp. (a)(b)
| | | 2,871 | | 10,135 |
Dynex Capital, Inc. REIT
| | | 6,200 | | 64,728 |
Easterly Government Properties, Inc. REIT
| | | 13,466 | | 331,802 |
Eaton Corp. PLC
| | | 4,773 | | 370,814 |
eBay, Inc.
| | | 7,162 | | 215,290 |
Ecolab, Inc.
| | | 2,394 | | 373,057 |
Edison International
| | | 4,116 | | 225,516 |
Editas Medicine, Inc. (a)(b)
| | | 208 | | 4,125 |
Eidos Therapeutics, Inc. (a)(b)
| | | 550 | | 26,945 |
Elanco Animal Health, Inc. (a)
| | | 1,001 | | 22,412 |
Eli Lilly & Co.
| | | 4,663 | | 646,851 |
Ellington Financial, Inc. REIT
| | | 1,200 | | 6,852 |
Emerson Electric Co.
| | | 4,773 | | 227,433 |
Endo International PLC (a)
| | | 1,431 | | 5,295 |
Enphase Energy, Inc. (a)
| | | 204 | | 6,587 |
Entercom Communications Corp. Class A (b)
| | | 2,045 | | 3,497 |
EOG Resources, Inc.
| | | 4,890 | | 175,649 |
Equity Residential REIT
| | | 2,394 | | 147,734 |
Essential Properties Realty Trust, Inc. REIT
| | | 818 | | 10,683 |
Estee Lauder Cos., Inc. Class A
| | | 2,394 | | 381,460 |
EverQuote, Inc. Class A (a)(b)
| | | 204 | | 5,355 |
Exelon Corp.
| | | 4,773 | | 175,694 |
Expedia Group, Inc.
| | | 166 | | 9,341 |
Exterran Corp. (a)
| | | 1,100 | | 5,280 |
Exxon Mobil Corp.
| | | 13,173 | | 500,179 |
Facebook, Inc. Class A (a)
| | | 6,735 | | 1,123,398 |
Fastenal Co.
| | | 4,798 | | 149,937 |
Fate Therapeutics, Inc. (a)(b)
| | | 309 | | 6,863 |
FedEx Corp.
| | | 2,094 | | 253,918 |
Ferguson PLC
| | | 1,918 | | 120,243 |
FirstEnergy Corp.
| | | 4,773 | | 191,254 |
Flexion Therapeutics, Inc. (a)(b)
| | | 1,356 | | 10,672 |
Fluidigm Corp. (a)
| | | 3,374 | | 8,570 |
Ford Motor Co.
| | | 19,108 | | 92,292 |
Fortive Corp.
| | | 2,334 | | 128,813 |
Fox Corp. Class A
| | | 3,379 | | 79,846 |
Franklin Financial Network, Inc.
| | | 415 | | 8,462 |
See accompanying notes to financial statements.
47
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Franklin Resources, Inc.
| | | 7,162 | | $119,534 |
Freeport-McMoRan, Inc.
| | | 1,370 | | 9,248 |
GCI Liberty, Inc. Class A (a)
| | | 600 | | 34,182 |
General Dynamics Corp.
| | | 2,394 | | 316,750 |
General Electric Co.
| | | 22,071 | | 175,244 |
General Mills, Inc.
| | | 2,394 | | 126,331 |
General Motors Co.
| | | 4,773 | | 99,183 |
Geron Corp. (a)(b)
| | | 3,395 | | 4,040 |
Gilead Sciences, Inc.
| | | 6,267 | | 468,521 |
Gladstone Commercial Corp. REIT
| | | 8,656 | | 124,300 |
Global Medical REIT, Inc.
| | | 3,271 | | 33,103 |
Globalstar, Inc. (a)
| | | 19,015 | | 5,602 |
Gogo, Inc. (a)(b)
| | | 3,615 | | 7,664 |
Goldman Sachs Group, Inc.
| | | 2,394 | | 370,088 |
Gulfport Energy Corp. (a)(b)
| | | 22,800 | | 10,139 |
Halliburton Co.
| | | 4,773 | | 32,695 |
Hamilton Beach Brands Holding Co. Class A
| | | 517 | | 4,917 |
Healthpeak Properties, Inc. REIT
| | | 6,484 | | 154,643 |
Heron Therapeutics, Inc. (a)(b)
| | | 511 | | 5,999 |
Hershey Co.
| | | 2,394 | | 317,205 |
Hess Corp.
| | | 2,394 | | 79,720 |
Hewlett Packard Enterprise Co.
| | | 9,572 | | 92,944 |
Home Depot, Inc.
| | | 5,046 | | 942,139 |
Honeywell International, Inc.
| | | 4,952 | | 662,528 |
Hooker Furniture Corp.
| | | 629 | | 9,819 |
HP, Inc.
| | | 9,572 | | 166,170 |
Illinois Tool Works, Inc.
| | | 3,375 | | 479,655 |
ImmunoGen, Inc. (a)
| | | 3,839 | | 13,091 |
Ingersoll Rand, Inc. (a)
| | | 3,645 | | 90,396 |
Innovative Industrial Properties, Inc. REIT
| | | 211 | | 16,021 |
Inspire Medical Systems, Inc. (a)
| | | 211 | | 12,719 |
Intel Corp.
| | | 17,212 | | 931,513 |
Intellia Therapeutics, Inc. (a)(b)
| | | 414 | | 5,063 |
International Business Machines Corp.
| | | 3,863 | | 428,523 |
International Money Express, Inc. (a)
| | | 1,533 | | 13,996 |
Intra-Cellular Therapies, Inc. (a)
| | | 614 | | 9,437 |
Intuit, Inc.
| | | 2,394 | | 550,620 |
Invitae Corp. (a)(b)
| | | 99 | | 1,353 |
J.M. Smucker Co.
| | | 2,394 | | 265,734 |
Johnson & Johnson
| | | 7,329 | | 961,052 |
Johnson Controls International PLC
| | | 6,329 | | 170,630 |
JPMorgan Chase & Co.
| | | 13,148 | | 1,183,714 |
See accompanying notes to financial statements.
48
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Juniper Networks, Inc.
| | | 4,773 | | $91,355 |
Karyopharm Therapeutics, Inc. (a)
| | | 2,410 | | 46,296 |
Kellogg Co.
| | | 2,394 | | 143,616 |
Keysight Technologies, Inc. (a)
| | | 2,392 | | 200,163 |
Kimberly-Clark Corp.
| | | 2,394 | | 306,121 |
Kinder Morgan, Inc.
| | | 3,524 | | 49,054 |
Kohl's Corp.
| | | 2,394 | | 34,928 |
Kraft Heinz Co.
| | | 278 | | 6,878 |
Krystal Biotech, Inc. (a)(b)
| | | 2 | | 86 |
L Brands, Inc. (b)
| | | 692 | | 8,000 |
Lamb Weston Holdings, Inc.
| | | 1,587 | | 90,618 |
Laredo Petroleum, Inc. (a)
| | | 9,610 | | 3,650 |
Las Vegas Sands Corp.
| | | 2,394 | | 101,673 |
Leidos Holdings, Inc.
| | | 599 | | 54,898 |
Lockheed Martin Corp.
| | | 1,907 | | 646,378 |
LogMeIn, Inc.
| | | 411 | | 34,228 |
Lowe's Cos., Inc.
| | | 4,902 | | 421,817 |
Lumber Liquidators Holdings, Inc. (a)(b)
| | | 409 | | 1,918 |
LyondellBasell Industries NV Class A
| | | 2,350 | | 116,631 |
MacroGenics, Inc. (a)
| | | 1,454 | | 8,462 |
Macy's, Inc. (b)
| | | 4,248 | | 20,858 |
Marathon Oil Corp.
| | | 7,162 | | 23,563 |
Marathon Petroleum Corp.
| | | 4,798 | | 113,329 |
Marsh & McLennan Cos., Inc.
| | | 4,773 | | 412,674 |
Mastercard, Inc. Class A
| | | 1,275 | | 307,989 |
MasterCraft Boat Holdings, Inc. (a)
| | | 414 | | 3,022 |
Mattel, Inc. (a)(b)
| | | 156 | | 1,374 |
Maxar Technologies, Inc. (a)
| | | 1,211 | | 12,933 |
McCormick & Co., Inc.
| | | 3,292 | | 464,863 |
McDonald's Corp.
| | | 2,394 | | 395,848 |
McEwen Mining, Inc. (a)
| | | 6,747 | | 4,458 |
McKesson Corp.
| | | 1,548 | | 209,382 |
Medifast, Inc. (b)
| | | 180 | | 11,250 |
Medtronic PLC
| | | 8,324 | | 750,658 |
MeiraGTx Holdings PLC (a)
| | | 440 | | 5,914 |
Merchants Bancorp
| | | 414 | | 6,285 |
Merck & Co., Inc.
| | | 9,526 | | 732,930 |
Meta Financial Group, Inc.
| | | 312 | | 6,777 |
MetLife, Inc.
| | | 7,069 | | 216,099 |
MGP Ingredients, Inc.
| | | 74 | | 1,990 |
Micron Technology, Inc. (a)
| | | 532 | | 22,376 |
Microsoft Corp.
| | | 28,269 | | 4,458,304 |
See accompanying notes to financial statements.
49
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Mitek Systems, Inc. (a)
| | | 1,653 | | $13,026 |
Mondelez International, Inc. Class A
| | | 2,394 | | 119,892 |
Morgan Stanley
| | | 7,162 | | 243,508 |
Mosaic Co.
| | | 2,182 | | 23,609 |
Nabors Industries, Ltd.
| | | 2,580 | | 1,006 |
National Oilwell Varco, Inc.
| | | 1,042 | | 10,243 |
NetApp, Inc.
| | | 2,394 | | 99,806 |
Netflix, Inc. (a)
| | | 1,021 | | 383,385 |
New Senior Investment Group, Inc. REIT
| | | 4,707 | | 12,050 |
Newmont Goldcorp Corp. (e)
| | | 2,394 | | 108,400 |
Newmont Goldcorp Corp. (e)
| | | 1,004 | | 44,411 |
News Corp. Class A
| | | 1,242 | | 11,147 |
NexPoint Residential Trust, Inc. REIT
| | | 8,861 | | 223,386 |
NextEra Energy, Inc.
| | | 2,394 | | 576,044 |
NIKE, Inc. Class B
| | | 8,059 | | 666,802 |
Noble Energy, Inc.
| | | 2,996 | | 18,096 |
Norfolk Southern Corp.
| | | 2,394 | | 349,524 |
Northern Oil and Gas, Inc. (a)(b)
| | | 1,422 | | 943 |
Northrop Grumman Corp.
| | | 1,279 | | 386,961 |
NOW, Inc. (a)
| | | 275 | | 1,419 |
NVIDIA Corp.
| | | 1,542 | | 406,471 |
Occidental Petroleum Corp.
| | | 5,484 | | 63,505 |
Ocwen Financial Corp. (a)
| | | 6,635 | | 3,318 |
Omeros Corp. (a)(b)
| | | 920 | | 12,300 |
Optinose, Inc. (a)(b)
| | | 1,141 | | 5,123 |
Oracle Corp.
| | | 13,922 | | 672,850 |
O'Reilly Automotive, Inc. (a)
| | | 997 | | 300,147 |
Overstock.com, Inc. (a)
| | | 402 | | 2,006 |
Ovintiv, Inc. (b)
| | | 1,144 | | 3,102 |
Owens & Minor, Inc.
| | | 1,329 | | 12,160 |
Parker-Hannifin Corp.
| | | 2,394 | | 310,574 |
PayPal Holdings, Inc. (a)
| | | 6,815 | | 652,468 |
Paysign, Inc. (a)(b)
| | | 555 | | 2,864 |
Penn Virginia Corp. (a)
| | | 74 | | 229 |
Pennsylvania Real Estate Investment Trust (b)
| | | 1,028 | | 937 |
People's United Financial, Inc.
| | | 17,514 | | 193,530 |
PepsiCo, Inc.
| | | 4,891 | | 587,409 |
Perspecta, Inc.
| | | 441 | | 8,044 |
PetMed Express, Inc.
| | | 309 | | 8,893 |
Pfizer, Inc.
| | | 24,277 | | 792,401 |
Philip Morris International, Inc.
| | | 4,773 | | 348,238 |
Phillips 66
| | | 1,175 | | 63,039 |
See accompanying notes to financial statements.
50
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Pioneer Natural Resources Co.
| | | 1,621 | | $113,713 |
PNC Financial Services Group, Inc.
| | | 2,394 | | 229,154 |
Portola Pharmaceuticals, Inc. (a)(b)
| | | 211 | | 1,504 |
PPL Corp.
| | | 7,162 | | 176,758 |
Primo Water Corp.
| | | 966 | | 8,752 |
Principia Biopharma, Inc. (a)
| | | 314 | | 18,645 |
Procter & Gamble Co.
| | | 5,164 | | 568,040 |
Progenics Pharmaceuticals, Inc. (a)
| | | 3,100 | | 11,780 |
Prologis, Inc. REIT
| | | 7,228 | | 580,914 |
Prudential Financial, Inc.
| | | 3,569 | | 186,088 |
PTC Therapeutics, Inc. (a)
| | | 577 | | 25,740 |
Public Service Enterprise Group, Inc.
| | | 4,773 | | 214,355 |
Public Storage REIT
| | | 2,007 | | 398,610 |
Puma Biotechnology, Inc. (a)(b)
| | | 1,110 | | 9,368 |
QUALCOMM, Inc.
| | | 5,762 | | 389,799 |
QuinStreet, Inc. (a)
| | | 414 | | 3,333 |
Qurate Retail, Inc. Class A (a)(b)
| | | 4,346 | | 26,532 |
Ra Pharmaceuticals, Inc. (a)
| | | 220 | | 10,562 |
Radius Health, Inc. (a)(b)
| | | 922 | | 11,986 |
Raytheon Co.
| | | 2,394 | | 313,973 |
REGENXBIO, Inc. (a)
| | | 74 | | 2,396 |
Republic First Bancorp, Inc. (a)
| | | 7,199 | | 15,766 |
Resideo Technologies, Inc. (a)
| | | 474 | | 2,294 |
Retail Opportunity Investments Corp. REIT
| | | 19,657 | | 162,957 |
Revance Therapeutics, Inc. (a)
| | | 1,361 | | 20,143 |
Rigel Pharmaceuticals, Inc. (a)
| | | 6,449 | | 10,060 |
Roku, Inc. (a)(b)
| | | 314 | | 27,469 |
Rosetta Stone, Inc. (a)
| | | 225 | | 3,155 |
Ross Stores, Inc.
| | | 4,316 | | 375,363 |
Safehold, Inc. REIT (b)
| | | 307 | | 19,412 |
salesforce.com, Inc. (a)
| | | 5,120 | | 737,178 |
Sangamo Therapeutics, Inc. (a)(b)
| | | 305 | | 1,943 |
Sarepta Therapeutics, Inc. (a)(b)
| | | 180 | | 17,608 |
Schlumberger, Ltd.
| | | 7,190 | | 96,993 |
Scholar Rock Holding Corp. (a)(b)
| | | 119 | | 1,441 |
Seagate Technology PLC
| | | 2,394 | | 116,827 |
ServiceNow, Inc. (a)
| | | 102 | | 29,231 |
Simon Property Group, Inc. REIT
| | | 2,394 | | 131,335 |
Simulations Plus, Inc.
| | | 204 | | 7,124 |
Skyline Champion Corp. (a)
| | | 415 | | 6,507 |
Snap, Inc. Class A (a)(b)
| | | 2,080 | | 24,731 |
Southern Co.
| | | 2,394 | | 129,611 |
See accompanying notes to financial statements.
51
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Starbucks Corp.
| | | 9,069 | | $596,196 |
State Street Corp. (f)
| | | 2,394 | | 127,528 |
Stemline Therapeutics, Inc. (a)(b)
| | | 1,876 | | 9,080 |
Sterling Bancorp, Inc.
| | | 1,770 | | 7,611 |
Synchrony Financial
| | | 2,668 | | 42,928 |
Sysco Corp.
| | | 4,773 | | 217,792 |
Tabula Rasa HealthCare, Inc. (a)(b)
| | | 358 | | 18,720 |
Tandem Diabetes Care, Inc. (a)
| | | 211 | | 13,578 |
Tapestry, Inc.
| | | 2,288 | | 29,630 |
Target Corp.
| | | 2,394 | | 222,570 |
TechTarget, Inc. (a)
| | | 3,197 | | 65,890 |
Tesla, Inc. (a)
| | | 460 | | 241,040 |
Texas Instruments, Inc.
| | | 6,382 | | 637,753 |
Thermo Fisher Scientific, Inc.
| | | 2,877 | | 815,917 |
TJX Cos., Inc.
| | | 9,434 | | 451,040 |
Travelers Cos., Inc.
| | | 2,394 | | 237,844 |
Twist Bioscience Corp. (a)(b)
| | | 629 | | 19,235 |
Twitter, Inc. (a)
| | | 1,409 | | 34,605 |
Tyson Foods, Inc. Class A
| | | 3,798 | | 219,790 |
UMH Properties, Inc. REIT
| | | 13,656 | | 148,304 |
Union Pacific Corp.
| | | 3,606 | | 508,590 |
Unisys Corp. (a)
| | | 919 | | 11,350 |
United Parcel Service, Inc. Class B
| | | 2,394 | | 223,647 |
United Technologies Corp.
| | | 2,394 | | 225,826 |
UnitedHealth Group, Inc.
| | | 4,177 | | 1,041,660 |
Universal Corp.
| | | 74 | | 3,272 |
US Bancorp
| | | 7,231 | | 249,108 |
Valero Energy Corp.
| | | 4,665 | | 211,604 |
Vanda Pharmaceuticals, Inc. (a)
| | | 557 | | 5,771 |
Vector Group, Ltd.
| | | 17,369 | | 163,616 |
Verizon Communications, Inc.
| | | 8,164 | | 438,652 |
ViacomCBS, Inc. Class B
| | | 5,159 | | 72,278 |
Viking Therapeutics, Inc. (a)(b)
| | | 409 | | 1,914 |
Visa, Inc. Class A
| | | 8,667 | | 1,396,427 |
Vista Outdoor, Inc. (a)
| | | 614 | | 5,403 |
Voyager Therapeutics, Inc. (a)(b)
| | | 1,329 | | 12,160 |
Walmart, Inc.
| | | 4,891 | | 555,715 |
Walgreens Boots Alliance, Inc.
| | | 4,773 | | 218,365 |
Walt Disney Co.
| | | 8,666 | | 837,136 |
Waste Management, Inc.
| | | 4,729 | | 437,716 |
WaVe Life Sciences, Ltd. (a)(b)
| | | 1,533 | | 14,364 |
Wells Fargo & Co.
| | | 18,932 | | 543,348 |
See accompanying notes to financial statements.
52
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Western Asset Mortgage Capital Corp. REIT
| | | 16,800 | | $38,472 |
Western Digital Corp.
| | | 2,967 | | 123,487 |
Whitestone REIT
| | | 1,098 | | 6,808 |
Williams Cos., Inc.
| | | 4,323 | | 61,170 |
Yum! Brands, Inc.
| | | 2,394 | | 164,061 |
ZIOPHARM Oncology, Inc. (a)(b)
| | | 6,563 | | 16,079 |
Zoetis, Inc.
| | | 275 | | 32,365 |
| | | | | | 84,700,362 |
TOTAL COMMON STOCKS
(Cost $176,124,780)
| | | | | 153,351,657 |
| | | | |
| SHORT-TERM INVESTMENTS — 1.3% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (g) (h)
| 259,294 | 259,061 |
State Street Navigator Securities Lending Portfolio II (i) (j)
| 1,672,323 | 1,672,323 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,931,324)
| 1,931,384 |
TOTAL INVESTMENTS — 100.7%
(Cost $178,056,104)
| 155,283,041 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)%
| (1,037,917) |
NET ASSETS — 100.0%
| $154,245,124 |
| (a) | Non-income producing security. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (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, 2020, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (d) | Amount is less than 0.05% of net assets. |
| (e) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (f) | The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (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, 2020 are shown in the Affiliate Table below. |
| (h) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (i) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (j) | Investment of cash collateral for securities loaned. |
See accompanying notes to financial statements.
53
SPDR PORTFOLIO MSCI GLOBAL STOCK MARKET ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
| NVDR | Non Voting Depositary Receipt |
| REIT | Real Estate Investment Trust |
| SDR | Swedish Depositary Receipt |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $153,296,071 | | $55,586 | | $— | | $153,351,657 |
Short-Term Investments
| | 1,931,384 | | — | | — | | 1,931,384 |
TOTAL INVESTMENTS
| | $155,227,455 | | $55,586 | | $— | | $155,283,041 |
Affiliate Table
| | Number of
Shares Held
at 9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Corp.
| 2,186 | | $129,389 | | $42,461 | | $24,162 | | $1,178 | | $(21,338) | | 2,394 | | $127,528 | | $2,409 |
State Street Institutional Liquid Reserves Fund, Premier Class
| 480,359 | | 480,407 | | 5,598,475 | | 5,819,606 | | (272) | | 57 | | 259,294 | | 259,061 | | 2,752 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 9,912,356 | | 8,240,033 | | — | | — | | 1,672,323 | | 1,672,323 | | 16,705 |
State Street Navigator Securities Lending Portfolio III
| 4,245,094 | | 4,245,094 | | 1,472,145 | | 5,717,239 | | — | | — | | — | | — | | 5,344 |
Total
| | | $4,854,890 | | $17,025,437 | | $19,801,040 | | $906 | | $(21,281) | | | | $2,058,912 | | $27,210 |
See accompanying notes to financial statements.
54
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 98.9% | | | | |
| AUSTRALIA — 0.4% | | | | | |
BHP Group PLC
| | | 43,923 | | $681,868 |
| AUSTRIA — 0.5% | | | | | |
Agrana Beteiligungs AG
| | | 244 | | 4,337 |
ams AG (a)(b)
| | | 1,640 | | 16,170 |
ANDRITZ AG
| | | 1,464 | | 45,910 |
AT&S Austria Technologie & Systemtechnik AG
| | | 515 | | 7,578 |
BAWAG Group AG (c)
| | | 1,453 | | 40,782 |
CA Immobilien Anlagen AG
| | | 1,176 | | 39,614 |
DO & Co. AG (b)
| | | 134 | | 5,278 |
Erste Group Bank AG
| | | 6,145 | | 113,849 |
EVN AG
| | | 688 | | 10,071 |
FACC AG (b)
| | | 419 | | 3,584 |
Flughafen Wien AG
| | | 175 | | 4,513 |
IMMOFINANZ AG
| | | 1,916 | | 34,184 |
Lenzing AG
| | | 270 | | 14,931 |
Mayr Melnhof Karton AG
| | | 176 | | 21,822 |
Oberbank AG
| | | 301 | | 27,545 |
Oesterreichische Post AG (b)
| | | 656 | | 23,465 |
OMV AG
| | | 2,932 | | 80,943 |
Palfinger AG
| | | 265 | | 4,833 |
Porr AG (b)
| | | 243 | | 4,016 |
Raiffeisen Bank International AG
| | | 2,781 | | 40,813 |
S IMMO AG
| | | 847 | | 16,357 |
S&T AG
| | | 998 | | 18,934 |
Schoeller-Bleckmann Oilfield Equipment AG
| | | 218 | | 7,176 |
Strabag SE
| | | 303 | | 6,899 |
Telekom Austria AG
| | | 2,810 | | 19,579 |
UNIQA Insurance Group AG
| | | 2,391 | | 18,522 |
Verbund AG (b)
| | | 1,355 | | 49,093 |
Vienna Insurance Group AG Wiener Versicherung Gruppe
| | | 790 | | 14,857 |
Voestalpine AG
| | | 2,319 | | 47,163 |
Wienerberger AG
| | | 2,390 | | 37,737 |
Zumtobel Group AG (a)
| | | 561 | | 3,693 |
| | | | | | 784,248 |
| BELGIUM — 1.8% | | | | | |
Ackermans & van Haaren NV
| | | 461 | | 60,042 |
Aedifica SA REIT
| | | 505 | | 52,363 |
Ageas
| | | 3,860 | | 160,563 |
AGFA-Gevaert NV (a)
| | | 3,057 | | 11,418 |
See accompanying notes to financial statements.
55
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Anheuser-Busch InBev SA
| | | 17,436 | | $774,258 |
Ascencio REIT
| | | 109 | | 5,023 |
Banque Nationale de Belgique
| | | 4 | | 8,558 |
Barco NV
| | | 218 | | 33,679 |
Befimmo SA REIT
| | | 415 | | 19,922 |
Bekaert SA
| | | 739 | | 12,398 |
Biocartis NV (a)(b)(c)
| | | 949 | | 3,598 |
bpost SA
| | | 2,012 | | 14,195 |
Brederode SA
| | | 252 | | 19,632 |
Care Property Invest NV REIT
| | | 419 | | 13,149 |
Cie d'Entreprises CFE
| | | 141 | | 10,103 |
Cie du Bois Sauvage SA
| | | 15 | | 5,152 |
Cofinimmo SA REIT
| | | 502 | | 65,658 |
Colruyt SA
| | | 1,206 | | 65,198 |
D'ieteren SA
| | | 480 | | 23,780 |
Econocom Group SA
| | | 2,860 | | 4,547 |
Elia Group SA
| | | 688 | | 67,262 |
Euronav NV
| | | 4,203 | | 48,054 |
Fagron
| | | 941 | | 18,565 |
Financiere de Tubize SA
| | | 434 | | 30,811 |
Galapagos NV (a)
| | | 886 | | 175,962 |
Gimv NV
| | | 382 | | 19,931 |
Groupe Bruxelles Lambert SA
| | | 1,652 | | 129,822 |
Intervest Offices & Warehouses NV REIT
| | | 469 | | 12,248 |
Ion Beam Applications (a)(b)
| | | 493 | | 4,263 |
KBC Ancora
| | | 765 | | 21,522 |
KBC Group NV
| | | 5,476 | | 252,479 |
Kinepolis Group NV
| | | 300 | | 10,896 |
Lotus Bakeries NV
| | | 6 | | 18,368 |
Melexis NV (b)
| | | 384 | | 20,309 |
Mithra Pharmaceuticals SA (a)(b)
| | | 320 | | 7,809 |
Montea CVA REIT
| | | 260 | | 24,107 |
Ontex Group NV
| | | 1,352 | | 23,587 |
Orange Belgium SA
| | | 581 | | 10,225 |
Proximus SADP
| | | 3,229 | | 73,943 |
Recticel SA
| | | 828 | | 4,452 |
Retail Estates NV REIT
| | | 215 | | 11,182 |
Shurgard Self Storage SA
| | | 515 | | 15,257 |
Sipef NV
| | | 124 | | 6,095 |
Sofina SA
| | | 322 | | 65,646 |
Solvay SA
| | | 1,508 | | 109,836 |
Telenet Group Holding NV
| | | 894 | | 26,917 |
See accompanying notes to financial statements.
56
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Tessenderlo Group SA (a)
| | | 479 | | $13,455 |
TINC Comm
| | | 464 | | 6,288 |
UCB SA
| | | 2,598 | | 225,202 |
Umicore SA
| | | 4,170 | | 145,731 |
VGP NV
| | | 158 | | 16,227 |
Warehouses De Pauw CVA REIT
| | | 2,535 | | 72,793 |
Xior Student Housing NV REIT
| | | 322 | | 14,097 |
| | | | | | 3,066,577 |
| CHILE — 0.0% (d) | | | | | |
Antofagasta PLC
| | | 7,960 | | 76,295 |
| CYPRUS — 0.0% (d) | | | | | |
Bank of Cyprus Holdings PLC (a)
| | | 7,852 | | 5,781 |
| DENMARK — 3.4% | | | | | |
ALK-Abello A/S (a)
| | | 135 | | 30,610 |
Alm Brand A/S
| | | 1,389 | | 10,106 |
Ambu A/S Class B
| | | 3,450 | | 83,805 |
AP Moller - Maersk A/S Class A
| | | 67 | | 55,515 |
AP Moller - Maersk A/S Class B (b)
| | | 127 | | 113,764 |
Bavarian Nordic A/S (a)(b)(e)
| | | 626 | | 10,038 |
Bavarian Nordic A/S (a)(b)(e)(f)
| | | 536 | | 8,591 |
Carlsberg A/S Class B
| | | 2,234 | | 252,872 |
Chr. Hansen Holding A/S
| | | 2,111 | | 157,934 |
Coloplast A/S Class B
| | | 2,495 | | 361,952 |
D/S Norden A/S (a)(b)
| | | 550 | | 6,268 |
Danske Bank A/S
| | | 14,074 | | 159,142 |
Demant A/S (a)(b)
| | | 1,929 | | 42,717 |
Dfds A/S (a)
| | | 705 | | 16,068 |
Drilling Co. of 1972 A/S (a)
| | | 422 | | 8,048 |
DSV Panalpina A/S
| | | 4,276 | | 388,693 |
FLSmidth & Co. A/S (a)(b)
| | | 842 | | 19,011 |
Genmab A/S (a)
| | | 1,377 | | 278,810 |
GN Store Nord A/S
| | | 2,676 | | 119,540 |
H Lundbeck A/S
| | | 1,268 | | 37,625 |
ISS A/S
| | | 3,238 | | 44,508 |
Jeudan A/S
| | | 30 | | 5,293 |
Jyske Bank A/S (a)
| | | 1,219 | | 30,364 |
Netcompany Group A/S (a)(c)
| | | 922 | | 42,814 |
Nilfisk Holding A/S (a)
| | | 354 | | 4,476 |
NKT A/S (a)
| | | 531 | | 9,486 |
Novo Nordisk A/S Class B
| | | 35,458 | | 2,133,226 |
Novozymes A/S Class B
| | | 4,432 | | 201,567 |
See accompanying notes to financial statements.
57
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Orsted A/S (c)
| | | 3,580 | | $350,799 |
Pandora A/S
| | | 2,055 | | 66,749 |
Per Aarsleff Holding A/S
| | | 388 | | 8,558 |
Ringkjoebing Landbobank A/S
| | | 606 | | 34,039 |
Rockwool International A/S Class A
| | | 88 | | 15,851 |
Rockwool International A/S Class B
| | | 182 | | 32,917 |
Royal Unibrew A/S
| | | 875 | | 63,083 |
Scandinavian Tobacco Group A/S Class A (c)
| | | 1,301 | | 13,094 |
Schouw & Co. A/S
| | | 261 | | 17,301 |
SimCorp A/S
| | | 833 | | 69,939 |
Spar Nord Bank A/S
| | | 1,761 | | 10,811 |
Sydbank A/S
| | | 1,267 | | 17,903 |
Topdanmark A/S
| | | 983 | | 39,604 |
Tryg A/S
| | | 2,482 | | 61,057 |
Vestas Wind Systems A/S
| | | 4,059 | | 329,815 |
Zealand Pharma A/S (a)(b)
| | | 606 | | 20,815 |
| | | | | | 5,785,178 |
| EGYPT — 0.0% (d) | | | | | |
Centamin PLC
| | | 23,730 | | 35,780 |
| FAEROE ISLANDS — 0.0% (d) | | | | | |
Bakkafrost P/F
| | | 1,105 | | 52,046 |
| FINLAND — 2.1% | | | | | |
Afarak Group Oyj (a)
| | | 4,415 | | 1,400 |
Aktia Bank Oyj
| | | 1,301 | | 10,292 |
Alma Media Oyj
| | | 697 | | 4,726 |
Altia Oyj
| | | 472 | | 3,884 |
Asiakastieto Group Oyj (c)
| | | 431 | | 12,107 |
Aspo Oyj
| | | 535 | | 3,393 |
BasWare Oyj (a)
| | | 280 | | 5,807 |
Bittium Oyj
| | | 731 | | 3,525 |
CapMan Oyj Class B
| | | 3,149 | | 6,005 |
Cargotec Oyj Class B
| | | 825 | | 15,326 |
Caverion Oyj
| | | 1,843 | | 8,605 |
Citycon Oyj (b)
| | | 1,881 | | 11,610 |
Elisa Oyj
| | | 3,094 | | 191,744 |
eQ Oyj
| | | 160 | | 2,028 |
Finnair Oyj (a)(b)
| | | 1,165 | | 4,684 |
Fiskars Oyj Abp
| | | 1,021 | | 10,755 |
Fortum Oyj
| | | 8,982 | | 131,817 |
F-Secure Oyj (a)
| | | 2,028 | | 5,285 |
Huhtamaki Oyj
| | | 1,968 | | 63,011 |
See accompanying notes to financial statements.
58
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Kemira Oyj
| | | 2,157 | | $20,899 |
Kesko Oyj Class A
| | | 426 | | 23,558 |
Kesko Oyj Class B
| | | 1,401 | | 79,322 |
Kojamo Oyj
| | | 3,285 | | 62,285 |
Kone Oyj Class B
| | | 8,299 | | 470,056 |
Konecranes Oyj
| | | 1,340 | | 22,944 |
Lassila & Tikanoja Oyj
| | | 748 | | 9,439 |
Marimekko Oyj
| | | 76 | | 1,860 |
Metsa Board Oyj (b)
| | | 4,119 | | 22,453 |
Metso Oyj
| | | 2,631 | | 62,703 |
Neste Oyj
| | | 8,741 | | 295,884 |
Nokia Oyj
| | | 117,804 | | 370,848 |
Nokian Renkaat Oyj (b)
| | | 2,703 | | 65,457 |
Nordea Bank Abp (b)
| | | 66,751 | | 377,827 |
Olvi Oyj Class A
| | | 331 | | 13,293 |
Oriola Oyj Class B
| | | 2,303 | | 4,149 |
Orion Oyj Class A
| | | 663 | | 26,807 |
Orion Oyj Class B (b)
| | | 2,145 | | 87,742 |
Outokumpu Oyj (b)
| | | 6,692 | | 16,668 |
Outotec Oyj
| | | 3,199 | | 11,934 |
Ponsse Oyj
| | | 218 | | 4,904 |
QT Group Oyj (a)
| | | 382 | | 7,670 |
Raisio Oyj Class V
| | | 2,581 | | 8,383 |
Revenio Group Oyj
| | | 543 | | 13,555 |
Rovio Entertainment Oyj (b)(c)
| | | 994 | | 4,561 |
Sampo Oyj Class A
| | | 10,461 | | 305,553 |
Sanoma Oyj
| | | 1,678 | | 15,383 |
Stora Enso Oyj Class A
| | | 547 | | 6,542 |
Stora Enso Oyj Class R
| | | 12,570 | | 127,525 |
Terveystalo Oyj (c)
| | | 1,624 | | 14,487 |
TietoEVRY Oyj
| | | 1,725 | | 37,439 |
Tikkurila Oyj
| | | 744 | | 8,245 |
Tokmanni Group Corp.
| | | 994 | | 9,925 |
UPM-Kymmene Oyj (b)
| | | 11,237 | | 309,355 |
Uponor Oyj
| | | 1,133 | | 10,318 |
Vaisala Oyj Class A
| | | 552 | | 16,414 |
Valmet Oyj
| | | 2,735 | | 53,627 |
Wartsila OYJ Abp (b)
| | | 10,002 | | 73,421 |
YIT Oyj (b)
| | | 3,525 | | 15,634 |
| | | | | | 3,585,073 |
| FRANCE — 15.3% | | | | | |
Accor SA
| | | 3,907 | | 107,174 |
See accompanying notes to financial statements.
59
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Adevinta ASA (a)
| | | 4,597 | | $40,756 |
Aeroports de Paris
| | | 576 | | 55,270 |
Air France-KLM (a)(b)
| | | 4,766 | | 26,660 |
Air Liquide SA
| | | 9,686 | | 1,239,752 |
Airbus SE
| | | 11,886 | | 773,907 |
ALD SA (c)
| | | 1,676 | | 14,712 |
Alstom SA
| | | 3,837 | | 160,575 |
Altarea SCA REIT
| | | 75 | | 9,299 |
Alten SA
| | | 593 | | 42,586 |
Altran Technologies SA
| | | 2,343 | | 38,306 |
Amundi SA (c)
| | | 1,245 | | 73,563 |
Arkema SA
| | | 1,475 | | 101,962 |
Atos SE
| | | 1,985 | | 134,472 |
AXA SA
| | | 42,475 | | 735,811 |
BioMerieux
| | | 876 | | 98,618 |
BNP Paribas SA
| | | 23,602 | | 712,435 |
Bollore SA
| | | 18,794 | | 51,761 |
Bouygues SA
| | | 5,979 | | 175,296 |
Bureau Veritas SA
| | | 5,976 | | 113,505 |
Capgemini SE
| | | 3,506 | | 296,216 |
Carmila SA REIT
| | | 1,294 | | 18,401 |
Carrefour SA
| | | 11,855 | | 187,509 |
Casino Guichard Perrachon SA
| | | 1,077 | | 41,491 |
CGG SA (a)
| | | 14,578 | | 13,356 |
Christian Dior SE
| | | 94 | | 33,665 |
Cie de Saint-Gobain
| | | 11,452 | | 278,519 |
Cie Generale des Etablissements Michelin SCA
| | | 3,644 | | 324,109 |
Cie Plastic Omnium SA
| | | 1,265 | | 17,788 |
CNP Assurances
| | | 5,175 | | 50,650 |
Coface SA (a)
| | | 1,792 | | 11,503 |
Covivio REIT
| | | 1,106 | | 62,316 |
Covivio Hotels SACA REIT
| | | 1,438 | | 28,401 |
Credit Agricole SA
| | | 26,563 | | 194,989 |
Danone SA
| | | 13,385 | | 861,228 |
Dassault Aviation SA
| | | 47 | | 38,627 |
Dassault Systemes SE
| | | 2,865 | | 424,389 |
Edenred
| | | 4,997 | | 208,846 |
Eiffage SA
| | | 2,013 | | 142,465 |
Electricite de France SA
| | | 10,211 | | 80,512 |
Elior Group SA (c)
| | | 2,068 | | 13,637 |
Elis SA
| | | 3,988 | | 37,807 |
Engie SA
| | | 37,997 | | 392,407 |
See accompanying notes to financial statements.
60
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
EssilorLuxottica SA
| | | 6,168 | | $665,143 |
Eurazeo SE
| | | 936 | | 42,231 |
Eutelsat Communications SA (b)
| | | 3,155 | | 32,977 |
Faurecia SE
| | | 1,520 | | 45,532 |
Financiere de L'Odet SA
| | | 11 | | 6,469 |
Gaztransport Et Technigaz SA
| | | 455 | | 33,450 |
Gecina SA REIT
| | | 977 | | 129,392 |
Genfit (a)
| | | 725 | | 10,739 |
Getlink SE
| | | 8,973 | | 108,203 |
Groupe Fnac SA (a)
| | | 352 | | 9,138 |
Hermes International
| | | 719 | | 496,075 |
ICADE REIT
| | | 578 | | 45,758 |
Iliad SA
| | | 309 | | 41,924 |
Imerys SA
| | | 670 | | 16,850 |
Ingenico Group SA
| | | 1,243 | | 132,215 |
Interparfums SA
| | | 266 | | 8,931 |
Ipsen SA
| | | 751 | | 38,878 |
IPSOS
| | | 815 | | 16,991 |
JCDecaux SA
| | | 1,546 | | 27,990 |
Kaufman & Broad SA
| | | 351 | | 10,869 |
Kering SA
| | | 1,526 | | 796,849 |
Klepierre SA REIT (b)
| | | 4,968 | | 95,777 |
Korian SA
| | | 973 | | 30,192 |
La Francaise des Jeux SAEM (a)(c)
| | | 2,490 | | 62,020 |
Lagardere SCA
| | | 2,143 | | 27,041 |
Legrand SA
| | | 5,447 | | 349,519 |
L'Oreal SA
| | | 4,989 | | 1,307,782 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 5,444 | | 2,021,708 |
Maisons du Monde SA (c)
| | | 929 | | 7,446 |
Mercialys SA REIT
| | | 1,378 | | 10,010 |
Metropole Television SA
| | | 1,150 | | 12,896 |
Natixis SA
| | | 19,007 | | 61,878 |
Neoen SA (a)(c)
| | | 638 | | 20,056 |
Neopost SA
| | | 710 | | 12,465 |
Nexans SA
| | | 564 | | 16,721 |
Nexity SA
| | | 846 | | 26,010 |
Orange SA
| | | 40,450 | | 494,213 |
Orpea
| | | 991 | | 103,573 |
Pernod Ricard SA
| | | 4,165 | | 591,593 |
Peugeot SA (b)
| | | 12,108 | | 161,618 |
Publicis Groupe SA
| | | 4,590 | | 131,550 |
Remy Cointreau SA (b)
| | | 437 | | 47,782 |
See accompanying notes to financial statements.
61
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Renault SA
| | | 4,247 | | $82,520 |
Rexel SA
| | | 4,954 | | 36,855 |
Robertet SA
| | | 8 | | 6,785 |
Rothschild & Co.
| | | 805 | | 16,341 |
Rubis SCA
| | | 1,944 | | 81,184 |
Safran SA
| | | 7,274 | | 639,629 |
Sanofi
| | | 23,268 | | 2,046,040 |
Sartorius Stedim Biotech
| | | 489 | | 98,190 |
Schneider Electric SE
| | | 11,295 | | 973,877 |
SCOR SE
| | | 3,504 | | 77,203 |
SEB SA
| | | 499 | | 62,144 |
Societe BIC SA
| | | 519 | | 28,958 |
Societe Generale SA
| | | 17,851 | | 300,622 |
Sodexo SA
| | | 1,752 | | 118,496 |
SOITEC (a)
| | | 422 | | 30,468 |
Somfy SA
| | | 193 | | 16,306 |
Sopra Steria Group
| | | 339 | | 37,178 |
SPIE SA
| | | 2,634 | | 26,459 |
Suez
| | | 7,905 | | 80,458 |
Teleperformance
| | | 1,205 | | 250,951 |
Television Francaise 1
| | | 2,437 | | 13,322 |
Thales SA
| | | 2,178 | | 182,534 |
Tikehau Capital SCA
| | | 912 | | 21,415 |
TOTAL SA
| | | 53,300 | | 2,069,729 |
Trigano SA
| | | 167 | | 10,646 |
Ubisoft Entertainment SA (a)
| | | 2,172 | | 160,105 |
Unibail-Rodamco-Westfield REIT (b)
| | | 2,902 | | 164,178 |
Valeo SA
| | | 4,587 | | 76,755 |
Vallourec SA (a)(b)
| | | 6,668 | | 7,547 |
Veolia Environnement SA
| | | 10,862 | | 232,110 |
Verallia SASU (c)
| | | 633 | | 15,628 |
Vicat SA
| | | 365 | | 9,252 |
Vinci SA
| | | 11,494 | | 950,929 |
Vivendi SA
| | | 17,641 | | 377,938 |
Wendel SA
| | | 571 | | 45,611 |
Worldline SA (a)(c)
| | | 2,714 | | 159,915 |
| | | | | | 26,281,983 |
| GERMANY — 12.6% | | | | | |
1&1 Drillisch AG
| | | 907 | | 18,909 |
Aareal Bank AG
| | | 1,228 | | 20,474 |
Adidas AG
| | | 3,769 | | 851,507 |
Adler Real Estate Tend (a)
| | | 732 | | 6,890 |
See accompanying notes to financial statements.
62
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
ADO Properties SA (c)
| | | 560 | | $12,658 |
AIXTRON SE (a)
| | | 2,318 | | 20,363 |
Allianz SE
| | | 8,587 | | 1,478,137 |
alstria office REIT-AG
| | | 3,248 | | 46,473 |
Amadeus Fire AG
| | | 109 | | 9,293 |
Aroundtown SA
| | | 24,902 | | 124,432 |
Aurubis AG
| | | 690 | | 28,618 |
BASF SE
| | | 18,800 | | 890,008 |
Bayer AG
| | | 20,116 | | 1,166,520 |
Bayerische Motoren Werke AG
| | | 6,712 | | 346,990 |
Bayerische Motoren Werke AG Preference Shares
| | | 1,150 | | 49,414 |
Bechtle AG
| | | 561 | | 71,959 |
Beiersdorf AG
| | | 2,018 | | 204,951 |
Bilfinger SE
| | | 460 | | 7,753 |
Borussia Dortmund GmbH & Co. KGaA
| | | 1,147 | | 6,846 |
Brenntag AG
| | | 3,169 | | 117,633 |
CANCOM SE
| | | 642 | | 27,501 |
Carl Zeiss Meditec AG
| | | 752 | | 72,900 |
CECONOMY AG (a)
| | | 3,453 | | 7,525 |
Commerzbank AG
| | | 20,412 | | 74,101 |
CompuGroup Medical SE
| | | 453 | | 27,810 |
Continental AG
| | | 2,280 | | 164,139 |
Covestro AG (c)
| | | 3,184 | | 97,368 |
CTS Eventim AG & Co. KGaA
| | | 1,122 | | 50,697 |
Daimler AG
| | | 17,470 | | 527,530 |
Delivery Hero SE (a)(c)
| | | 2,866 | | 213,715 |
Deutsche Bank AG
| | | 43,681 | | 286,088 |
Deutsche Boerse AG
| | | 3,884 | | 532,715 |
Deutsche EuroShop AG
| | | 1,024 | | 11,753 |
Deutsche Lufthansa AG
| | | 4,877 | | 45,818 |
Deutsche Pfandbriefbank AG (c)
| | | 2,763 | | 21,192 |
Deutsche Post AG
| | | 20,152 | | 547,820 |
Deutsche Telekom AG
| | | 66,367 | | 860,310 |
Deutsche Wohnen SE
| | | 6,880 | | 262,029 |
Deutz AG
| | | 2,482 | | 9,150 |
DMG Mori AG
| | | 387 | | 17,176 |
Duerr AG
| | | 1,009 | | 20,692 |
DWS Group GmbH & Co. KGaA (c)
| | | 636 | | 15,730 |
E.ON SE
| | | 46,089 | | 477,442 |
Encavis AG
| | | 1,980 | | 20,096 |
Evonik Industries AG
| | | 3,414 | | 71,436 |
Evotec SE (a)
| | | 2,507 | | 56,199 |
See accompanying notes to financial statements.
63
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Fielmann AG
| | | 491 | | $28,635 |
Fraport AG Frankfurt Airport Services Worldwide
| | | 761 | | 30,812 |
Freenet AG
| | | 2,632 | | 46,395 |
Fresenius Medical Care AG & Co. KGaA
| | | 4,284 | | 282,977 |
Fresenius SE & Co. KGaA
| | | 8,616 | | 320,771 |
Fuchs Petrolub SE Preference Shares
| | | 1,428 | | 50,641 |
Fuchs Petrolub SE
| | | 655 | | 20,986 |
GEA Group AG
| | | 3,035 | | 62,357 |
Gerresheimer AG
| | | 581 | | 36,848 |
Grand City Properties SA
| | | 2,126 | | 44,696 |
GRENKE AG
| | | 562 | | 33,145 |
Hamborner REIT AG
| | | 1,433 | | 12,827 |
Hannover Rueck SE
| | | 1,231 | | 176,944 |
Hapag-Lloyd AG (c)
| | | 260 | | 20,312 |
HeidelbergCement AG
| | | 3,033 | | 130,090 |
Hella GmbH & Co. KGaA
| | | 914 | | 26,637 |
HelloFresh SE (a)
| | | 2,866 | | 96,228 |
Henkel AG & Co. KGaA Preference Shares
| | | 3,747 | | 300,954 |
Henkel AG & Co. KGaA
| | | 2,069 | | 152,899 |
HOCHTIEF AG
| | | 459 | | 30,470 |
HUGO BOSS AG
| | | 1,300 | | 32,965 |
Hypoport AG (a)
| | | 87 | | 25,536 |
Indus Holding AG
| | | 376 | | 9,757 |
Infineon Technologies AG
| | | 25,546 | | 376,448 |
Instone Real Estate Group AG (a)(c)
| | | 759 | | 12,076 |
Jenoptik AG
| | | 1,047 | | 17,117 |
Jungheinrich AG Preference Shares
| | | 983 | | 15,046 |
K+S AG
| | | 3,927 | | 22,872 |
KION Group AG
| | | 1,335 | | 57,773 |
Kloeckner & Co. SE
| | | 1,526 | | 5,603 |
Knorr-Bremse AG
| | | 991 | | 87,903 |
Koenig & Bauer AG
| | | 288 | | 5,499 |
Krones AG
| | | 312 | | 16,699 |
KWS SAA t SE & Co. KGaA
| | | 205 | | 10,459 |
Lanxess AG
| | | 1,606 | | 64,179 |
LEG Immobilien AG
| | | 1,482 | | 167,003 |
Leoni AG (a)
| | | 671 | | 4,309 |
MAN SE
| | | 156 | | 6,775 |
Merck KGaA
| | | 2,634 | | 270,577 |
METRO AG
| | | 3,449 | | 29,776 |
MorphoSys AG (a)
| | | 656 | | 64,818 |
MTU Aero Engines AG
| | | 1,100 | | 160,950 |
See accompanying notes to financial statements.
64
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 2,959 | | $597,729 |
Nemetschek SE
| | | 1,117 | | 55,496 |
New Work SE
| | | 56 | | 12,043 |
Nordex SE (a)
| | | 1,285 | | 10,011 |
Norma Group SE
| | | 657 | | 12,255 |
OSRAM Licht AG (a)
| | | 995 | | 44,053 |
PATRIZIA AG
| | | 915 | | 21,084 |
Pfeiffer Vacuum Technology AG
| | | 99 | | 14,208 |
Porsche Automobil Holding SE Preference Shares
| | | 3,146 | | 133,521 |
ProSiebenSat.1 Media SE
| | | 4,424 | | 35,096 |
Puma SE
| | | 1,727 | | 103,085 |
Rational AG
| | | 70 | | 37,159 |
Rheinmetall AG
| | | 893 | | 62,769 |
RIB Software SE
| | | 700 | | 21,936 |
Rocket Internet SE (a)(c)
| | | 1,594 | | 32,217 |
RWE AG
| | | 12,202 | | 320,792 |
Salzgitter AG
| | | 786 | | 9,323 |
SAP SE
| | | 22,424 | | 2,529,368 |
Sartorius AG Preference Shares
| | | 703 | | 171,398 |
Schaeffler AG Preference Shares
| | | 3,408 | | 20,754 |
Scout24 AG (c)
| | | 2,070 | | 124,354 |
Siemens AG
| | | 16,364 | | 1,391,005 |
Siemens Healthineers AG (c)
| | | 3,076 | | 121,657 |
Siltronic AG
| | | 426 | | 31,907 |
Sixt SE
| | | 259 | | 13,976 |
Sixt SE Preference Shares
| | | 340 | | 13,337 |
Software AG
| | | 1,007 | | 30,165 |
Stabilus SA
| | | 507 | | 18,302 |
Stroeer SE & Co. KGaA
| | | 522 | | 27,172 |
Suedzucker AG
| | | 1,379 | | 19,776 |
Symrise AG
| | | 2,616 | | 243,985 |
TAG Immobilien AG
| | | 3,011 | | 59,601 |
Takkt AG
| | | 671 | | 5,213 |
Talanx AG (a)
| | | 1,089 | | 36,994 |
TeamViewer AG (a)
| | | 1,551 | | 61,930 |
Telefonica Deutschland Holding AG
| | | 18,798 | | 46,594 |
Thyssenkrupp AG (a)
| | | 8,044 | | 42,084 |
TRATON SE (a)
| | | 1,180 | | 16,495 |
TUI AG
| | | 9,052 | | 40,721 |
Uniper SE
| | | 3,393 | | 83,730 |
United Internet AG
| | | 2,090 | | 61,620 |
Varta AG (a)
| | | 331 | | 23,862 |
See accompanying notes to financial statements.
65
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Volkswagen AG
| | | 656 | | $87,383 |
Volkswagen AG Preference Shares
| | | 3,752 | | 439,848 |
Vonovia SE
| | | 10,356 | | 509,750 |
Wacker Chemie AG
| | | 361 | | 18,027 |
Wacker Neuson SE
| | | 603 | | 6,643 |
Washtec AG
| | | 266 | | 10,551 |
Wirecard AG
| | | 2,407 | | 276,389 |
Zalando SE (a)(c)
| | | 3,484 | | 133,760 |
zooplus AG (a)
| | | 131 | | 16,013 |
| | | | | | 21,625,665 |
| GREECE — 0.0% (d) | | | | | |
Energean Oil & Gas PLC (a)
| | | 2,171 | | 15,532 |
| INDIA — 0.0% (d) | | | | | |
Rhi Magnesita NV
| | | 553 | | 14,057 |
| IRELAND — 1.0% | | | | | |
AIB Group PLC (a)
| | | 16,094 | | 18,048 |
Bank of Ireland Group PLC
| | | 23,646 | | 44,730 |
C&C Group PLC
| | | 6,588 | | 16,076 |
Cairn Homes PLC
| | | 15,380 | | 11,475 |
COSMO Pharmaceuticals NV (a)(b)
| | | 135 | | 8,790 |
CRH PLC
| | | 16,192 | | 441,502 |
Dalata Hotel Group PLC
| | | 3,788 | | 10,310 |
Flutter Entertainment PLC
| | | 1,691 | | 153,149 |
Glanbia PLC
| | | 4,161 | | 45,063 |
Greencore Group PLC
| | | 9,157 | | 18,729 |
Hibernia REIT PLC
| | | 14,193 | | 16,539 |
Kerry Group PLC Class A
| | | 3,226 | | 372,379 |
Kingspan Group PLC
| | | 3,195 | | 170,728 |
Ryanair Holdings PLC ADR (a)
| | | 2,616 | | 138,883 |
Smurfit Kappa Group PLC
| | | 4,540 | | 128,125 |
UDG Healthcare PLC
| | | 5,270 | | 41,266 |
| | | | | | 1,635,792 |
| ITALY — 3.5% | | | | | |
A2A SpA
| | | 32,160 | | 39,981 |
ACEA SpA
| | | 907 | | 14,411 |
Amplifon SpA
| | | 2,561 | | 52,604 |
Anima Holding SpA (c)
| | | 5,726 | | 15,380 |
Arnoldo Mondadori Editore SpA (a)
| | | 2,509 | | 3,623 |
Ascopiave SpA
| | | 1,350 | | 4,985 |
Assicurazioni Generali SpA (b)
| | | 26,749 | | 364,238 |
See accompanying notes to financial statements.
66
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
ASTM SpA
| | | 1,443 | | $25,302 |
Atlantia SpA (b)
| | | 9,587 | | 120,236 |
Autogrill SpA
| | | 2,607 | | 12,152 |
Avio SpA
| | | 344 | | 4,326 |
Azimut Holding SpA
| | | 2,226 | | 32,192 |
Banca Farmafactoring SpA (c)
| | | 2,352 | | 12,207 |
Banca Generali SpA
| | | 1,193 | | 25,028 |
Banca IFIS SpA
| | | 550 | | 5,371 |
Banca Mediolanum SpA
| | | 4,491 | | 22,914 |
Banca Monte dei Paschi di Siena SpA (a)
| | | 7,433 | | 9,241 |
Banca Popolare di Sondrio SCPA
| | | 9,306 | | 14,081 |
Banco BPM SpA (a)
| | | 31,107 | | 40,959 |
BPER Banca
| | | 7,491 | | 23,015 |
Brembo SpA (b)
| | | 3,189 | | 23,777 |
Brunello Cucinelli SpA
| | | 683 | | 20,744 |
Buzzi Unicem SpA (e)
| | | 837 | | 7,852 |
Buzzi Unicem SpA (e)
| | | 1,394 | | 25,498 |
Cairo Communication SpA
| | | 1,373 | | 2,371 |
Carel Industries SpA (c)
| | | 828 | | 10,502 |
Cementir Holding NV
| | | 938 | | 5,063 |
Cerved Group SpA
| | | 4,008 | | 23,836 |
Credito Emiliano SpA
| | | 1,526 | | 6,430 |
Credito Valtellinese SpA (a)
| | | 136,201 | | 7,398 |
Danieli & C Officine Meccaniche SpA
| | | 750 | | 5,324 |
Datalogic SpA (b)
| | | 256 | | 3,000 |
Davide Campari-Milano SpA
| | | 9,793 | | 70,382 |
De' Longhi SpA
| | | 1,318 | | 22,040 |
DiaSorin SpA
| | | 536 | | 70,987 |
doValue SpA (c)
| | | 823 | | 5,102 |
Enav SpA (c)
| | | 5,200 | | 22,891 |
Enel SpA
| | | 159,024 | | 1,106,087 |
Eni SpA
| | | 52,901 | | 535,181 |
ERG SpA
| | | 1,159 | | 20,742 |
Falck Renewables SpA
| | | 2,394 | | 12,551 |
Ferrari NV
| | | 2,500 | | 388,289 |
Fila SpA
| | | 518 | | 3,910 |
Fincantieri SpA (a)(b)
| | | 10,007 | | 6,143 |
FinecoBank Banca Fineco SpA
| | | 12,500 | | 113,703 |
Gruppo MutuiOnline SpA
| | | 508 | | 8,495 |
Guala Closures SpA (a)
| | | 1,168 | | 6,254 |
Hera SpA
| | | 16,004 | | 57,387 |
Illimity Bank SpA
| | | 1,221 | | 8,414 |
See accompanying notes to financial statements.
67
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
IMA Industria Macchine Automatiche SpA (b)
| | | 429 | | $25,089 |
Immobiliare Grande Distribuzione SIIQ SpA REIT
| | | 1,108 | | 4,559 |
Infrastrutture Wireless Italiane SpA (c)
| | | 4,918 | | 53,315 |
Interpump Group SpA
| | | 1,757 | | 42,375 |
Intesa Sanpaolo SpA
| | | 333,694 | | 544,971 |
Iren SpA
| | | 13,422 | | 33,136 |
Italgas SpA
| | | 10,044 | | 54,983 |
Italmobiliare SpA
| | | 445 | | 11,670 |
Juventus Football Club SpA (a)(b)
| | | 5,424 | | 4,650 |
Leonardo SpA
| | | 8,284 | | 55,192 |
Maire Tecnimont SpA (b)
| | | 3,308 | | 5,245 |
MARR SpA
| | | 677 | | 9,553 |
Mediaset SpA (a)(b)
| | | 6,553 | | 13,949 |
Mediobanca Banca di Credito Finanziario SpA
| | | 12,972 | | 71,566 |
Moncler SpA
| | | 3,953 | | 144,393 |
Nexi SpA (a)(c)
| | | 5,164 | | 67,190 |
OVS SpA (a)(c)
| | | 3,603 | | 3,121 |
Piaggio & C SpA
| | | 3,667 | | 6,558 |
Pirelli & C SpA (c)
| | | 7,831 | | 28,055 |
Poste Italiane SpA (c)
| | | 9,584 | | 81,184 |
Prysmian SpA
| | | 5,504 | | 88,173 |
RAI Way SpA (c)
| | | 1,959 | | 10,565 |
Recordati SpA
| | | 2,068 | | 87,452 |
Reply SpA
| | | 422 | | 25,791 |
Saipem SpA (a)
| | | 11,812 | | 29,032 |
Salini Impregilo SpA (a)
| | | 2,559 | | 3,274 |
Salvatore Ferragamo SpA (b)
| | | 1,007 | | 13,370 |
Saras SpA
| | | 11,711 | | 10,922 |
Sesa SpA
| | | 105 | | 4,551 |
Snam SpA
| | | 42,905 | | 197,914 |
Societa Cattolica di Assicurazioni SC
| | | 3,576 | | 17,704 |
SOL SpA
| | | 747 | | 8,057 |
Tamburi Investment Partners SpA
| | | 2,530 | | 15,629 |
Technogym SpA (c)
| | | 2,278 | | 14,997 |
Telecom Italia SpA (a)(e)
| | | 206,528 | | 84,391 |
Telecom Italia SpA (e)
| | | 123,753 | | 48,952 |
Terna Rete Elettrica Nazionale SpA
| | | 28,949 | | 183,280 |
Tod's SpA (b)
| | | 256 | | 8,567 |
UniCredit SpA
| | | 46,656 | | 365,879 |
Unione di Banche Italiane SpA
| | | 19,159 | | 50,600 |
Unipol Gruppo Finanziario SpA
| | | 8,886 | | 30,557 |
UnipolSai Assicurazioni SpA
| | | 12,031 | | 29,570 |
See accompanying notes to financial statements.
68
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Zignago Vetro SpA
| | | 479 | | $5,718 |
| | | | | | 6,038,298 |
| JORDAN — 0.0% (d) | | | | | |
Hikma Pharmaceuticals PLC
| | | 2,896 | | 73,075 |
| KAZAKHSTAN — 0.0% (d) | | | | | |
KAZ Minerals PLC
| | | 5,313 | | 23,137 |
| LIECHTENSTEIN — 0.0% (d) | | | | | |
Liechtensteinische Landesbank AG
| | | 228 | | 12,725 |
| LUXEMBOURG — 0.2% | | | | | |
APERAM SA
| | | 1,048 | | 22,170 |
ArcelorMittal SA
| | | 13,136 | | 124,835 |
B&S Group Sarl (c)
| | | 512 | | 2,270 |
Eurofins Scientific SE (b)
| | | 236 | | 116,787 |
Kernel Holding SA
| | | 1,011 | | 8,032 |
RTL Group SA
| | | 791 | | 26,663 |
SES SA
| | | 7,873 | | 46,200 |
Tenaris SA
| | | 9,586 | | 58,692 |
| | | | | | 405,649 |
| MALTA — 0.0% (d) | | | | | |
Catena Media PLC (a)(b)
| | | 1,073 | | 1,698 |
Kindred Group PLC SDR
| | | 4,723 | | 17,662 |
| | | | | | 19,360 |
| MEXICO — 0.0% (d) | | | | | |
Fresnillo PLC
| | | 3,784 | | 31,286 |
| NETHERLANDS — 6.7% | | | | | |
Aalberts NV
| | | 1,970 | | 46,777 |
ABN AMRO Bank NV (c)
| | | 9,669 | | 79,400 |
Adyen NV (a)(c)
| | | 526 | | 444,755 |
Aegon NV
| | | 37,292 | | 94,686 |
Akzo Nobel NV
| | | 4,126 | | 271,681 |
Altice Europe NV (a)
| | | 11,777 | | 45,629 |
AMG Advanced Metallurgical Group NV (b)
| | | 643 | | 9,101 |
Arcadis NV
| | | 1,523 | | 24,231 |
Argenx SE (a)
| | | 929 | | 125,379 |
ASM International NV
| | | 999 | | 100,123 |
ASML Holding NV
| | | 8,721 | | 2,320,033 |
ASR Nederland NV
| | | 2,896 | | 72,959 |
Basic-Fit NV (a)(c)
| | | 705 | | 11,774 |
BE Semiconductor Industries NV
| | | 1,560 | | 47,586 |
See accompanying notes to financial statements.
69
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Boskalis Westminster (b)
| | | 1,656 | | $29,881 |
Corbion NV
| | | 1,217 | | 36,135 |
Euronext NV (c)
| | | 1,094 | | 81,387 |
EXOR NV
| | | 2,322 | | 119,747 |
Flow Traders (c)
| | | 744 | | 22,254 |
GrandVision NV (b)(c)
| | | 1,217 | | 33,304 |
Heineken Holding NV (b)
| | | 2,058 | | 157,731 |
Heineken NV (b)
| | | 4,970 | | 415,326 |
IMCD NV
| | | 1,082 | | 76,873 |
ING Groep NV
| | | 81,118 | | 425,586 |
Intertrust NV (c)
| | | 1,854 | | 23,171 |
Just Eat Takeaway (a)(c)
| | | 1,125 | | 84,804 |
Just Eat Takeaway (a)(c)
| | | 1,088 | | 81,753 |
Koninklijke Ahold Delhaize NV
| | | 22,494 | | 525,347 |
Koninklijke DSM NV
| | | 3,703 | | 420,533 |
Koninklijke KPN NV
| | | 72,410 | | 172,887 |
Koninklijke Philips NV
| | | 18,341 | | 742,902 |
Koninklijke Vopak NV
| | | 1,359 | | 70,711 |
NN Group NV
| | | 6,614 | | 178,527 |
OCI NV (a)
| | | 1,718 | | 20,660 |
Prosus NV (a)
| | | 9,086 | | 629,581 |
Randstad NV
| | | 2,439 | | 86,093 |
Royal Dutch Shell PLC Class B
| | | 76,867 | | 1,296,042 |
Royal Dutch Shell PLC Class A (b)
| | | 84,392 | | 1,509,181 |
SBM Offshore NV
| | | 3,363 | | 44,428 |
Signify NV (c)
| | | 2,867 | | 55,649 |
TKH Group NV
| | | 830 | | 23,114 |
TomTom NV
| | | 1,519 | | 11,867 |
VEON, Ltd.
| | | 12,671 | | 18,561 |
Wolters Kluwer NV
| | | 5,569 | | 392,177 |
| | | | | | 11,480,326 |
| NORWAY — 1.1% | | | | | |
ABG Sundal Collier Holding ASA (b)
| | | 8,863 | | 2,600 |
AF Gruppen ASA
| | | 1,131 | | 15,725 |
Akastor ASA (a)
| | | 2,884 | | 1,083 |
Aker ASA Class A
| | | 504 | | 11,308 |
Aker BP ASA
| | | 2,220 | | 28,033 |
Aker Solutions ASA (a)(b)
| | | 2,968 | | 1,559 |
American Shipping Co. ASA
| | | 1,008 | | 1,851 |
Arcus ASA (c)
| | | 671 | | 1,974 |
Arendals Fossekompani A/S
| | | 9 | | 2,057 |
Atea ASA
| | | 1,686 | | 14,145 |
See accompanying notes to financial statements.
70
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Austevoll Seafood ASA
| | | 1,851 | | $13,026 |
Avance Gas Holding, Ltd. (c)
| | | 961 | | 1,949 |
Axactor SE (a)(b)
| | | 2,389 | | 1,399 |
B2Holding ASA
| | | 5,930 | | 2,036 |
Bonheur ASA
| | | 438 | | 6,298 |
Borregaard ASA
| | | 1,944 | | 17,920 |
Bouvet ASA
| | | 186 | | 5,757 |
BW Offshore, Ltd. (a)
| | | 1,901 | | 3,282 |
Crayon Group Holding ASA (a)(c)
| | | 667 | | 3,017 |
Data Respons ASA
| | | 1,211 | | 5,535 |
DNB ASA
| | | 19,091 | | 212,253 |
DNO ASA (b)
| | | 13,250 | | 3,681 |
Elkem ASA (c)
| | | 4,992 | | 6,275 |
Entra ASA (c)
| | | 2,906 | | 34,315 |
Equinor ASA
| | | 23,080 | | 288,253 |
Europris ASA (c)
| | | 3,431 | | 9,933 |
Fjord1 ASA (c)
| | | 837 | | 2,790 |
Fjordkraft Holding ASA (c)
| | | 1,317 | | 8,528 |
Frontline, Ltd.
| | | 1,694 | | 16,648 |
Gjensidige Forsikring ASA
| | | 3,873 | | 65,669 |
Grieg Seafood ASA
| | | 1,015 | | 9,347 |
Hexagon Composites ASA (a)
| | | 2,262 | | 5,385 |
Hoegh LNG Holdings, Ltd.
| | | 886 | | 898 |
Kitron ASA
| | | 3,434 | | 2,806 |
Komplett Bank ASA (a)
| | | 2,791 | | 1,119 |
Kongsberg Gruppen ASA
| | | 1,849 | | 22,978 |
Kvaerner ASA (a)(b)
| | | 2,383 | | 1,432 |
Leroy Seafood Group ASA
| | | 5,789 | | 28,192 |
Magseis Fairfield ASA (a)
| | | 3,114 | | 253 |
Medistim ASA
| | | 238 | | 3,626 |
Mowi ASA
| | | 9,100 | | 137,484 |
MPC Container Ships A/S (a)
| | | 1,102 | | 1,154 |
Multiconsult ASA (c)
| | | 432 | | 1,790 |
NEL ASA (a)
| | | 24,991 | | 24,632 |
Nordic Nanovector ASA (a)
| | | 1,014 | | 1,265 |
Nordic Semiconductor ASA (a)
| | | 3,329 | | 14,640 |
Norsk Hydro ASA
| | | 27,923 | | 60,148 |
Norway Royal Salmon ASA
| | | 487 | | 9,646 |
Norwegian Air Shuttle ASA (a)(b)
| | | 2,321 | | 1,998 |
Norwegian Energy Co. ASA (a)
| | | 467 | | 5,764 |
Norwegian Finans Holding ASA (a)
| | | 3,161 | | 12,709 |
Norwegian Property ASA
| | | 3,359 | | 3,359 |
See accompanying notes to financial statements.
71
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
NRC Group ASA (a)
| | | 800 | | $2,034 |
Ocean Yield ASA (b)
| | | 1,256 | | 2,799 |
Odfjell Drilling, Ltd. (a)
| | | 1,944 | | 1,420 |
Olav Thon Eiendomsselskap ASA
| | | 616 | | 6,629 |
Orkla ASA
| | | 15,314 | | 129,821 |
Otello Corp. ASA (a)
| | | 2,485 | | 2,816 |
Panoro Energy ASA (a)
| | | 1,313 | | 689 |
Pareto Bank ASA
| | | 846 | | 2,288 |
PGS ASA (a)
| | | 7,283 | | 2,115 |
Protector Forsikring ASA (a)
| | | 1,426 | | 3,229 |
Salmar ASA
| | | 1,105 | | 36,556 |
Sandnes Sparebank
| | | 403 | | 2,168 |
Sbanken ASA (c)
| | | 1,645 | | 7,958 |
Scatec Solar ASA (b)(c)
| | | 1,711 | | 21,524 |
Schibsted ASA Class A
| | | 1,639 | | 31,021 |
Schibsted ASA Class B
| | | 2,073 | | 36,758 |
Self Storage Group ASA (a)
| | | 1,304 | | 3,005 |
Selvaag Bolig ASA
| | | 894 | | 3,942 |
SpareBank 1 B.V.
| | | 792 | | 2,647 |
SpareBank 1 Nord Norge
| | | 2,062 | | 10,230 |
SpareBank 1 Oestlandet
| | | 899 | | 6,421 |
SpareBank 1 SMN (b)
| | | 2,661 | | 17,130 |
SpareBank 1 SR-Bank ASA
| | | 3,767 | | 21,237 |
Sparebanken More
| | | 169 | | 4,136 |
Sparebanken Vest
| | | 917 | | 4,296 |
Stolt-Nielsen, Ltd.
| | | 492 | | 3,945 |
Storebrand ASA
| | | 9,601 | | 38,172 |
Telenor ASA
| | | 13,314 | | 192,591 |
TGS Nopec Geophysical Co. ASA
| | | 2,438 | | 27,117 |
Tomra Systems ASA
| | | 2,237 | | 62,076 |
Veidekke ASA
| | | 2,245 | | 18,632 |
Wallenius Wilhelmsen ASA
| | | 2,112 | | 2,009 |
Wilh Wilhelmsen Holding ASA Class A
| | | 284 | | 2,759 |
Wilh Wilhelmsen Holding ASA Class B
| | | 198 | | 1,859 |
XXL ASA (a)(b)(c)
| | | 2,203 | | 986 |
Yara International ASA
| | | 3,569 | | 111,920 |
| | | | | | 1,964,459 |
| POLAND — 0.6% | | | | | |
11 bit studios SA (a)
| | | 41 | | 3,554 |
AB SA (a)
| | | 267 | | 1,186 |
Ac SA
| | | 173 | | 1,624 |
Agora SA
| | | 738 | | 1,279 |
See accompanying notes to financial statements.
72
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Alior Bank SA (a)
| | | 1,821 | | $5,647 |
Alumetal SA
| | | 213 | | 1,774 |
Ambra SA
| | | 202 | | 710 |
Amica SA
| | | 108 | | 2,192 |
Apator SA
| | | 521 | | 2,032 |
Asseco Business Solutions SA
| | | 369 | | 2,754 |
Asseco Poland SA
| | | 1,541 | | 21,519 |
Asseco South Eastern Europe SA
| | | 520 | | 3,405 |
Atal SA
| | | 133 | | 836 |
Atrium European Real Estate, Ltd.
| | | 3,097 | | 9,209 |
Auto Partner SA
| | | 1,348 | | 1,217 |
Bank Handlowy w Warszawie SA
| | | 671 | | 6,785 |
Bank Millennium SA (a)
| | | 12,431 | | 9,643 |
Bank Ochrony Srodowiska SA (a)
| | | 697 | | 727 |
Bank Polska Kasa Opieki SA
| | | 3,283 | | 44,374 |
Benefit Systems SA (a)
| | | 31 | | 5,299 |
Bioton SA (a)
| | | 780 | | 616 |
BNP PARIBAS BANK POLSKA SA (a)
| | | 340 | | 3,954 |
Boryszew SA (a)
| | | 1,563 | | 1,407 |
Budimex SA
| | | 237 | | 9,004 |
CCC SA
| | | 620 | | 4,475 |
CD Projekt SA
| | | 1,384 | | 96,332 |
Celon Pharma SA
| | | 306 | | 2,556 |
Ciech SA (a)
| | | 531 | | 3,452 |
ComArch SA
| | | 97 | | 4,344 |
Comp SA (a)
| | | 88 | | 1,284 |
Cyfrowy Polsat SA
| | | 5,599 | | 32,110 |
Datawalk SA (a)
| | | 68 | | 584 |
Develia SA (a)
| | | 9,191 | | 4,187 |
Dino Polska SA (a)(c)
| | | 983 | | 38,364 |
Dom Development SA
| | | 166 | | 2,878 |
Echo Investment SA
| | | 3,716 | | 3,480 |
Elemental Holding SA (a)
| | | 2,104 | | 642 |
Enea SA (a)
| | | 4,399 | | 5,014 |
Energa SA (a)
| | | 4,120 | | 6,844 |
Enter Air SA
| | | 172 | | 712 |
Eurocash SA
| | | 1,610 | | 6,590 |
Fabryki Mebli Forte SA (a)
| | | 290 | | 782 |
Famur SA
| | | 6,218 | | 3,361 |
Ferro SA
| | | 360 | | 1,101 |
Firma Oponiarska Debica SA
| | | 37 | | 624 |
Getin Holding SA (a)
| | | 1,756 | | 449 |
See accompanying notes to financial statements.
73
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Getin Noble Bank SA (a)
| | | 7,982 | | $442 |
Globe Trade Centre SA
| | | 3,836 | | 5,874 |
Grupa Azoty SA (a)
| | | 968 | | 4,824 |
Grupa Kety SA
| | | 198 | | 15,112 |
Grupa Lotos SA
| | | 1,776 | | 22,175 |
ING Bank Slaski SA
| | | 669 | | 23,967 |
Inter Cars SA
| | | 186 | | 6,493 |
Jastrzebska Spolka Weglowa SA
| | | 1,082 | | 3,241 |
KGHM Polska Miedz SA (a)
| | | 2,804 | | 40,384 |
KRUK SA
| | | 348 | | 5,488 |
LiveChat Software SA
| | | 281 | | 2,852 |
LPP SA
| | | 29 | | 36,516 |
Lubelski Wegiel Bogdanka SA
| | | 239 | | 1,030 |
Mabion SA (a)
| | | 170 | | 794 |
Mangata Holding SA
| | | 46 | | 554 |
mBank SA (a)
| | | 265 | | 14,151 |
MCI Capital SA (a)
| | | 320 | | 622 |
Medicalgorithmics SA (a)
| | | 68 | | 336 |
Mennica Polska SA
| | | 471 | | 2,211 |
MLP Group SA
| | | 124 | | 1,582 |
Netia SA (a)
| | | 1,946 | | 1,851 |
Neuca SA
| | | 29 | | 2,905 |
NEWAG SA
| | | 445 | | 2,132 |
Orange Polska SA (a)
| | | 13,291 | | 18,992 |
Orbis SA (a)
| | | 142 | | 3,812 |
PCC Rokita SA
| | | 67 | | 484 |
PGE Polska Grupa Energetyczna SA (a)
| | | 16,358 | | 14,993 |
PKP Cargo SA
| | | 618 | | 1,527 |
PLAY Communications SA (c)
| | | 2,128 | | 15,001 |
PlayWay SA
| | | 27 | | 1,992 |
Polenergia SA (a)
| | | 301 | | 1,812 |
Polimex-Mostostal SA (a)
| | | 1,377 | | 436 |
Polnord SA (a)
| | | 448 | | 376 |
Polski Bank Komorek Macierzystych SA (a)
| | | 85 | | 1,207 |
Polski Koncern Naftowy ORLEN SA
| | | 6,364 | | 85,344 |
Polskie Gornictwo Naftowe i Gazownictwo SA
| | | 33,357 | | 27,627 |
Powszechna Kasa Oszczednosci Bank Polski SA
| | | 18,112 | | 98,638 |
Powszechny Zaklad Ubezpieczen SA
| | | 11,664 | | 87,982 |
Poznanska Korporacja Budowlana Pekabex SA
| | | 202 | | 357 |
Rainbow Tours SA (a)
| | | 148 | | 374 |
Sanok Rubber Co. SA
| | | 493 | | 1,092 |
Santander Bank Polska SA
| | | 681 | | 28,447 |
See accompanying notes to financial statements.
74
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Selvita SA (a)(e)
| | | 183 | | $1,961 |
Selvita SA (a)(e)
| | | 177 | | 1,351 |
Sniezka SA
| | | 100 | | 1,709 |
Stalexport Autostrady SA
| | | 1,971 | | 1,167 |
Stalprodukt SA
| | | 43 | | 1,282 |
Tauron Polska Energia SA (a)
| | | 21,428 | | 5,768 |
TEN Square Games SA
| | | 59 | | 4,020 |
Vigo System SA (a)
| | | 8 | | 670 |
Vistula Group SA (a)
| | | 3,695 | | 1,646 |
Warsaw Stock Exchange
| | | 559 | | 4,643 |
Wawel SA
| | | 13 | | 1,940 |
Wielton SA
| | | 489 | | 377 |
Wirtualna Polska Holding SA
| | | 365 | | 4,745 |
Zaklady Tluszczowe Kruszwica SA
| | | 49 | | 597 |
Zespol Elektrocieplowni Wroclawskich Kogeneracja SA (a)
| | | 128 | | 835 |
Zespol Elektrowni Patnow Adamow Konin SA (a)
| | | 506 | | 892 |
| | | | | | 980,544 |
| PORTUGAL — 0.3% | | | | | |
Altri SGPS SA
| | | 1,725 | | 6,856 |
Banco Comercial Portugues SA Class R
| | | 165,259 | | 18,586 |
Corticeira Amorim SGPS SA
| | | 783 | | 7,105 |
CTT-Correios de Portugal SA
| | | 2,680 | | 6,716 |
EDP - Energias de Portugal SA
| | | 52,202 | | 209,525 |
Galp Energia SGPS SA
| | | 10,077 | | 114,938 |
Jeronimo Martins SGPS SA
| | | 5,019 | | 90,537 |
Mota-Engil SGPS SA (b)
| | | 1,723 | | 2,080 |
Navigator Co. SA
| | | 4,513 | | 10,686 |
NOS SGPS SA
| | | 5,060 | | 16,945 |
REN - Redes Energeticas Nacionais SGPS SA
| | | 7,216 | | 18,369 |
Semapa-Sociedade de Investimento e Gestao
| | | 465 | | 3,954 |
Sonae SGPS SA
| | | 19,427 | | 12,566 |
| | | | | | 518,863 |
| RUSSIA — 0.1% | | | | | |
Evraz PLC
| | | 11,955 | | 34,331 |
Polymetal International PLC
| | | 5,229 | | 89,443 |
| | | | | | 123,774 |
| SINGAPORE — 0.0% (d) | | | | | |
BW LPG, Ltd. (c)
| | | 1,545 | | 4,649 |
| SOUTH AFRICA — 0.3% | | | | | |
Anglo American PLC
| | | 25,000 | | 439,066 |
See accompanying notes to financial statements.
75
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Investec PLC
| | | 13,302 | | $25,054 |
Old Mutual, Ltd.
| | | 88,229 | | 57,041 |
| | | | | | 521,161 |
| SPAIN — 4.1% | | | | | |
Acciona SA
| | | 438 | | 46,786 |
Acerinox SA
| | | 3,095 | | 21,096 |
ACS Actividades de Construccion y Servicios SA
| | | 5,726 | | 111,929 |
Aedas Homes SA (a)(c)
| | | 420 | | 8,065 |
Aena SME SA (c)
| | | 1,510 | | 164,890 |
Almirall SA
| | | 1,209 | | 13,982 |
Amadeus IT Group SA
| | | 9,003 | | 426,753 |
AmRest Holdings SE (a)
| | | 1,484 | | 6,610 |
Applus Services SA
| | | 2,938 | | 18,859 |
Banco Bilbao Vizcaya Argentaria SA
| | | 136,254 | | 435,881 |
Banco de Sabadell SA
| | | 117,265 | | 60,346 |
Banco Santander SA
| | | 341,707 | | 831,613 |
Bankia SA (b)
| | | 24,087 | | 26,905 |
Bankinter SA
| | | 13,254 | | 48,632 |
Befesa SA (c)
| | | 701 | | 20,460 |
Bolsas y Mercados Espanoles SHMSF SA
| | | 1,553 | | 56,335 |
CaixaBank SA
| | | 73,681 | | 137,439 |
Cellnex Telecom SA (c)
| | | 5,175 | | 235,364 |
Cia de Distribucion Integral Logista Holdings SA
| | | 1,360 | | 21,772 |
CIE Automotive SA
| | | 1,128 | | 17,402 |
Construcciones y Auxiliar de Ferrocarriles SA
| | | 395 | | 12,244 |
Corp. Financiera Alba SA
| | | 337 | | 12,850 |
Ebro Foods SA
| | | 1,269 | | 25,913 |
EDP Renovaveis SA
| | | 3,120 | | 37,589 |
Elecnor SA
| | | 844 | | 6,760 |
Enagas SA
| | | 4,659 | | 92,503 |
Ence Energia y Celulosa SA (b)
| | | 2,933 | | 8,046 |
Endesa SA
| | | 6,502 | | 138,905 |
Euskaltel SA (c)
| | | 1,766 | | 13,060 |
Faes Farma SA
| | | 5,874 | | 22,848 |
Ferrovial SA
| | | 10,735 | | 257,606 |
Fomento de Construcciones y Contratas SA
| | | 2,307 | | 18,783 |
Gestamp Automocion SA (c)
| | | 3,571 | | 9,106 |
Global Dominion Access SA (a)(c)
| | | 2,497 | | 6,863 |
Grifols SA
| | | 6,054 | | 205,925 |
Grifols SA Class B, Preference Shares
| | | 5,370 | | 107,003 |
Grupo Catalana Occidente SA
| | | 934 | | 18,877 |
Iberdrola SA
| | | 120,819 | | 1,190,997 |
See accompanying notes to financial statements.
76
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Indra Sistemas SA (a)
| | | 2,532 | | $20,837 |
Industria de Diseno Textil SA
| | | 22,723 | | 589,911 |
Inmobiliaria Colonial Socimi SA REIT
| | | 5,553 | | 52,613 |
Lar Espana Real Estate Socimi SA REIT
| | | 1,580 | | 6,978 |
Liberbank SA
| | | 40,312 | | 6,042 |
Mapfre SA
| | | 20,407 | | 34,853 |
Masmovil Ibercom SA (a)
| | | 2,214 | | 34,739 |
Mediaset Espana Comunicacion SA
| | | 3,248 | | 12,032 |
Melia Hotels International SA
| | | 2,497 | | 10,631 |
Merlin Properties Socimi SA REIT
| | | 7,497 | | 56,513 |
Naturgy Energy Group SA
| | | 6,738 | | 119,143 |
Neinor Homes SA (a)(c)
| | | 1,182 | | 9,124 |
Parques Reunidos Servicios Centrales SAU (a)
| | | 1,617 | | 24,401 |
Pharma Mar SA (a)
| | | 3,262 | | 15,591 |
Prosegur Cash SA (c)
| | | 8,466 | | 8,137 |
Prosegur Cia de Seguridad SA
| | | 5,249 | | 13,178 |
Red Electrica Corp. SA
| | | 8,885 | | 159,544 |
Repsol SA
| | | 29,396 | | 268,747 |
Sacyr SA
| | | 7,645 | | 11,677 |
Siemens Gamesa Renewable Energy SA
| | | 4,609 | | 69,436 |
Tecnicas Reunidas SA (a)
| | | 720 | | 9,251 |
Telefonica SA
| | | 97,146 | | 444,868 |
Unicaja Banco SA (c)
| | | 16,637 | | 9,675 |
Vidrala SA
| | | 438 | | 38,928 |
Viscofan SA
| | | 725 | | 39,648 |
Zardoya Otis SA
| | | 3,700 | | 24,968 |
| | | | | | 6,988,462 |
| SWEDEN — 5.3% | | | | | |
AAK AB
| | | 3,590 | | 58,664 |
AcadeMedia AB (c)
| | | 1,708 | | 8,421 |
Adapteo Oyj (a)
| | | 919 | | 7,884 |
AddLife AB Class B
| | | 562 | | 16,280 |
AddNode Group AB
| | | 632 | | 9,313 |
AddTech AB Class B
| | | 1,336 | | 32,970 |
AF POYRY AB
| | | 2,105 | | 32,358 |
Ahlstrom-Munksjo Oyj
| | | 1,642 | | 20,107 |
Alfa Laval AB
| | | 6,104 | | 106,121 |
Alimak Group AB (c)
| | | 726 | | 6,419 |
Ambea AB (c)
| | | 968 | | 4,270 |
Arjo AB Class B
| | | 4,196 | | 20,938 |
Assa Abloy AB Class B
| | | 20,236 | | 383,368 |
Atlas Copco AB Class A
| | | 13,160 | | 443,506 |
See accompanying notes to financial statements.
77
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Atlas Copco AB Class B
| | | 8,013 | | $236,968 |
Atrium Ljungberg AB Class B
| | | 999 | | 15,609 |
Attendo AB (c)
| | | 2,367 | | 9,771 |
Avanza Bank Holding AB
| | | 2,478 | | 20,709 |
Axfood AB
| | | 2,151 | | 43,898 |
Beijer Alma AB
| | | 897 | | 7,487 |
Beijer Ref AB
| | | 1,459 | | 26,330 |
Bergman & Beving AB
| | | 500 | | 2,538 |
Betsson AB
| | | 2,510 | | 10,118 |
Bilia AB Class A
| | | 1,857 | | 11,489 |
BillerudKorsnas AB
| | | 3,631 | | 39,763 |
BioArctic AB (c)
| | | 739 | | 4,587 |
BioGaia AB Class B
| | | 340 | | 14,413 |
Biotage AB
| | | 1,340 | | 13,484 |
Boliden AB
| | | 5,619 | | 102,822 |
Bonava AB Class B
| | | 1,751 | | 7,585 |
Boozt AB (a)(b)(c)
| | | 961 | | 3,880 |
Bravida Holding AB (c)
| | | 4,161 | | 29,461 |
Bufab AB
| | | 556 | | 4,282 |
Bure Equity AB
| | | 972 | | 15,422 |
Bygghemma Group First AB (a)
| | | 787 | | 4,885 |
Castellum AB
| | | 5,270 | | 89,361 |
Catena AB
| | | 462 | | 13,500 |
Cellavision AB
| | | 383 | | 9,471 |
Clas Ohlson AB Class B
| | | 853 | | 6,203 |
Cloetta AB Class B
| | | 4,204 | | 9,980 |
CLX Communications AB (a)
| | | 680 | | 26,904 |
Collector AB (a)(b)
| | | 1,064 | | 1,675 |
Collector AB BTA (a)
| | | 1,087 | | 1,712 |
Coor Service Management Holding AB (c)
| | | 1,969 | | 9,649 |
Corem Property Group AB
| | | 3,068 | | 6,069 |
Dios Fastigheter AB
| | | 1,769 | | 11,838 |
Dometic Group AB (c)
| | | 6,071 | | 27,157 |
Duni AB
| | | 675 | | 5,375 |
Dustin Group AB (c)
| | | 1,349 | | 6,399 |
Electrolux AB Class B
| | | 4,726 | | 59,053 |
Elekta AB Class B (b)
| | | 7,567 | | 62,780 |
Eltel AB (a)(c)
| | | 2,030 | | 3,225 |
Eolus Vind AB Class B
| | | 281 | | 3,029 |
Epiroc AB Class A
| | | 12,911 | | 128,306 |
Epiroc AB Class B
| | | 8,005 | | 79,519 |
EQT AB (a)(b)
| | | 12,827 | | 153,416 |
See accompanying notes to financial statements.
78
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Essity AB Class A
| | | 428 | | $13,089 |
Essity AB Class B
| | | 13,033 | | 402,525 |
Evolution Gaming Group AB (c)
| | | 2,559 | | 87,300 |
Fabege AB
| | | 5,760 | | 74,008 |
Fagerhult AB
| | | 1,833 | | 7,234 |
Fastighets AB Balder Class B (a)
| | | 2,014 | | 72,570 |
FastPartner AB
| | | 1,048 | | 7,658 |
Fingerprint Cards AB Class B (a)
| | | 6,321 | | 8,396 |
Getinge AB Class B
| | | 4,470 | | 86,037 |
Granges AB
| | | 1,552 | | 7,707 |
Haldex AB (b)
| | | 754 | | 1,944 |
Hansa Biopharma AB (a)
| | | 705 | | 5,543 |
Heba Fastighets AB Class B
| | | 757 | | 6,403 |
Hennes & Mauritz AB Class B
| | | 16,356 | | 211,307 |
Hexagon AB Class B
| | | 5,918 | | 253,261 |
Hexpol AB
| | | 5,337 | | 32,105 |
HIQ International AB
| | | 1,145 | | 4,132 |
HMS Networks AB
| | | 581 | | 7,213 |
Hoist Finance AB (a)(b)(c)
| | | 1,737 | | 4,323 |
Holmen AB Class B
| | | 2,101 | | 57,849 |
Hufvudstaden AB Class A
| | | 2,425 | | 33,214 |
Husqvarna AB Class A
| | | 516 | | 2,614 |
Husqvarna AB Class B
| | | 8,513 | | 42,910 |
IAR Systems Group AB
| | | 280 | | 3,290 |
ICA Gruppen AB (b)
| | | 1,899 | | 80,099 |
Immunovia AB (a)
| | | 333 | | 4,329 |
Industrivarden AB Class A
| | | 3,475 | | 67,903 |
Industrivarden AB Class C
| | | 3,432 | | 67,166 |
Indutrade AB
| | | 1,818 | | 49,543 |
Infant Bacterial Therapeutics AB (a)
| | | 221 | | 1,838 |
Instalco Intressenter AB
| | | 921 | | 10,486 |
Intrum AB (b)
| | | 1,376 | | 18,381 |
Investment AB Latour Class B
| | | 2,821 | | 40,317 |
Investment AB Oresund
| | | 718 | | 7,827 |
Investor AB Class A
| | | 3,242 | | 147,576 |
Investor AB Class B
| | | 9,302 | | 429,156 |
INVISIO Communications AB
| | | 750 | | 7,979 |
Inwido AB
| | | 1,189 | | 6,864 |
JM AB
| | | 1,137 | | 19,813 |
Karnov Group AB (a)
| | | 1,554 | | 8,078 |
Karo Pharma AB (a)(b)
| | | 1,147 | | 5,265 |
Kinnevik AB Class B
| | | 4,965 | | 82,736 |
See accompanying notes to financial statements.
79
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Klovern AB Preference Shares
| | | 338 | | $9,620 |
Klovern AB Class B
| | | 10,185 | | 15,194 |
KNOW IT AB
| | | 393 | | 5,395 |
Kungsleden AB
| | | 3,831 | | 29,000 |
L E Lundbergforetagen AB Class B
| | | 1,513 | | 62,183 |
Lagercrantz Group AB Class B
| | | 1,359 | | 15,884 |
LeoVegas AB (c)
| | | 1,806 | | 5,206 |
Lifco AB Class B
| | | 930 | | 34,261 |
Lindab International AB
| | | 1,611 | | 12,520 |
Loomis AB Class B
| | | 1,547 | | 31,541 |
Lundin Petroleum AB
| | | 3,910 | | 75,179 |
Medicover AB Class B (a)
| | | 1,042 | | 8,940 |
Mekonomen AB (a)
| | | 849 | | 3,801 |
Midsona AB Class B
| | | 976 | | 4,413 |
MIPS AB
| | | 495 | | 11,191 |
Modern Times Group MTG AB Class B (a)
| | | 1,379 | | 10,842 |
Momentum Group AB Class B
| | | 557 | | 3,795 |
Munters Group AB (a)(c)
| | | 1,860 | | 5,238 |
Mycronic AB
| | | 1,446 | | 17,674 |
NCC AB Class B
| | | 1,778 | | 23,383 |
NetEnt AB
| | | 4,241 | | 10,594 |
New Wave Group AB Class B
| | | 897 | | 2,481 |
Nibe Industrier AB Class B
| | | 7,058 | | 103,009 |
Nobia AB
| | | 2,282 | | 8,144 |
Nobina AB (c)
| | | 1,814 | | 9,905 |
Nolato AB Class B
| | | 389 | | 17,645 |
Nordic Entertainment Group AB Class B
| | | 1,251 | | 26,440 |
Nordic Waterproofing Holding A/S (c)
| | | 496 | | 3,760 |
Nyfosa AB (a)
| | | 3,445 | | 17,420 |
OEM International AB Class B
| | | 296 | | 5,811 |
Oncopeptides AB (a)(b)(c)
| | | 661 | | 7,285 |
Pandox AB
| | | 1,717 | | 14,211 |
Peab AB Class B
| | | 4,262 | | 30,822 |
Platzer Fastigheter Holding AB Class B
| | | 1,274 | | 9,091 |
Ratos AB Class B
| | | 4,333 | | 9,053 |
RaySearch Laboratories AB (a)
| | | 532 | | 3,093 |
Recipharm AB Class B
| | | 949 | | 9,770 |
Resurs Holding AB (c)
| | | 2,916 | | 10,042 |
Saab AB Class B
| | | 1,698 | | 32,725 |
Sagax AB Class B
| | | 2,994 | | 30,219 |
Sagax AB Class D
| | | 2,100 | | 5,712 |
Samhallsbyggnadsbolaget i Norden AB (e)
| | | 19,226 | | 36,870 |
See accompanying notes to financial statements.
80
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Samhallsbyggnadsbolaget i Norden AB (e)
| | | 1,600 | | $3,908 |
Sandvik AB
| | | 22,390 | | 319,205 |
SAS AB (a)(b)
| | | 5,060 | | 4,482 |
Scandi Standard AB
| | | 1,232 | | 7,473 |
Scandic Hotels Group AB (c)
| | | 1,400 | | 4,217 |
Sectra AB Class B
| | | 588 | | 22,315 |
Securitas AB Class B
| | | 6,587 | | 71,437 |
Skandinaviska Enskilda Banken AB Class A
| | | 33,861 | | 229,597 |
Skanska AB Class B (a)(b)
| | | 7,758 | | 118,589 |
SKF AB Class A
| | | 286 | | 3,949 |
SKF AB Class B
| | | 7,736 | | 106,736 |
SkiStar AB
| | | 852 | | 6,561 |
SSAB AB Class A (b)
| | | 4,892 | | 11,253 |
SSAB AB Class B (b)
| | | 12,777 | | 28,333 |
Svenska Cellulosa AB SCA Class B
| | | 12,222 | | 123,914 |
Svenska Handelsbanken AB Class A (a)
| | | 31,998 | | 268,510 |
Svenska Handelsbanken AB Class B
| | | 723 | | 6,575 |
Sweco AB Class B
| | | 1,414 | | 40,475 |
Swedbank AB Class A
| | | 19,079 | | 213,461 |
Swedish Match AB
| | | 3,490 | | 200,079 |
Swedish Orphan Biovitrum AB (a)
| | | 3,902 | | 66,558 |
Systemair AB
| | | 262 | | 3,213 |
Tele2 AB Class B
| | | 10,246 | | 137,955 |
Telefonaktiebolaget LM Ericsson Class A
| | | 1,229 | | 10,048 |
Telefonaktiebolaget LM Ericsson Class B
| | | 62,746 | | 513,357 |
Telia Co. AB (b)
| | | 53,235 | | 191,819 |
Tethys Oil AB
| | | 740 | | 3,566 |
Thule Group AB (c)
| | | 2,115 | | 36,888 |
Tobii AB (a)(b)
| | | 2,001 | | 5,211 |
Trelleborg AB Class B
| | | 4,977 | | 53,926 |
Troax Group AB
| | | 792 | | 7,338 |
VBG Group AB Class B
| | | 361 | | 4,190 |
Vitec Software Group AB Class B
| | | 558 | | 10,081 |
Vitrolife AB
| | | 1,254 | | 18,137 |
Volvo AB Class A
| | | 4,317 | | 51,938 |
Volvo AB Class B
| | | 33,743 | | 406,985 |
Wallenstam AB Class B
| | | 4,229 | | 48,233 |
Wihlborgs Fastigheter AB
| | | 2,828 | | 39,476 |
Xvivo Perfusion AB (a)
| | | 428 | | 4,281 |
| | | | | | 9,172,360 |
| SWITZERLAND — 16.4% | | | | | |
ABB, Ltd.
| | | 36,984 | | 650,006 |
See accompanying notes to financial statements.
81
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Adecco Group AG
| | | 3,356 | | $132,291 |
Alcon, Inc. (a)
| | | 10,213 | | 520,704 |
Allreal Holding AG
| | | 293 | | 54,206 |
ALSO Holding AG
| | | 128 | | 20,267 |
Aryzta AG (a)
| | | 20,391 | | 7,334 |
Baloise Holding AG
| | | 1,003 | | 131,549 |
Banque Cantonale Vaudoise
| | | 55 | | 45,135 |
Barry Callebaut AG
| | | 57 | | 114,289 |
Belimo Holding AG
| | | 12 | | 77,639 |
Bell Food Group AG
| | | 43 | | 11,155 |
Berner Kantonalbank AG
| | | 73 | | 15,844 |
BKW AG
| | | 408 | | 33,482 |
Bossard Holding AG Class A
| | | 122 | | 14,122 |
Bucher Industries AG
| | | 135 | | 35,831 |
Burckhardt Compression Holding AG
| | | 59 | | 11,732 |
Cembra Money Bank AG
| | | 618 | | 56,974 |
Chocoladefabriken Lindt & Spruengli AG (e)
| | | 22 | | 185,427 |
Chocoladefabriken Lindt & Spruengli AG (e)
| | | 2 | | 174,461 |
Cie Financiere Richemont SA
| | | 10,674 | | 585,357 |
Clariant AG
| | | 5,064 | | 85,128 |
Coca-Cola HBC AG
| | | 4,194 | | 90,330 |
Conzzeta AG
| | | 32 | | 25,698 |
Credit Suisse Group AG
| | | 49,643 | | 410,464 |
Daetwyler Holding AG
| | | 155 | | 24,927 |
DKSH Holding AG
| | | 732 | | 36,330 |
dormakaba Holding AG
| | | 60 | | 26,678 |
Dufry AG
| | | 530 | | 16,477 |
Emmi AG
| | | 43 | | 39,242 |
EMS-Chemie Holding AG
| | | 173 | | 108,801 |
Fenix Outdoor International AG
| | | 111 | | 7,025 |
Flughafen Zurich AG
| | | 387 | | 43,598 |
Forbo Holding AG
| | | 25 | | 30,257 |
Galenica AG (c)
| | | 1,025 | | 69,919 |
Geberit AG
| | | 756 | | 332,857 |
Georg Fischer AG
| | | 84 | | 58,081 |
Givaudan SA
| | | 162 | | 501,462 |
Glencore PLC
| | | 223,890 | | 343,684 |
Helvetia Holding AG
| | | 673 | | 57,941 |
Huber + Suhner AG
| | | 391 | | 24,489 |
Idorsia, Ltd. (a)
| | | 1,682 | | 43,808 |
Inficon Holding AG
| | | 36 | | 23,441 |
Interroll Holding AG
| | | 13 | | 21,498 |
See accompanying notes to financial statements.
82
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
IWG PLC
| | | 13,944 | | $29,808 |
Julius Baer Group, Ltd.
| | | 4,592 | | 156,761 |
Jungfraubahn Holding AG
| | | 93 | | 11,573 |
Kardex AG
| | | 122 | | 17,022 |
Komax Holding AG (b)
| | | 74 | | 11,595 |
Kongsberg Automotive ASA (a)
| | | 7,304 | | 1,220 |
Kuehne + Nagel International AG
| | | 1,149 | | 157,764 |
LafargeHolcim, Ltd.
| | | 10,595 | | 387,204 |
Landis+Gyr Group AG
| | | 454 | | 31,250 |
Logitech International SA
| | | 3,557 | | 153,816 |
Lonza Group AG
| | | 1,523 | | 633,095 |
Luzerner Kantonalbank AG
| | | 69 | | 27,884 |
Mediclinic International PLC
| | | 7,192 | | 24,024 |
Mobimo Holding AG
| | | 134 | | 37,463 |
Nestle SA
| | | 61,008 | | 6,270,731 |
Novartis AG
| | | 49,209 | | 4,061,122 |
OC Oerlikon Corp. AG
| | | 4,088 | | 32,787 |
Pargesa Holding SA
| | | 781 | | 51,781 |
Partners Group Holding AG
| | | 393 | | 271,978 |
PSP Swiss Property AG
| | | 843 | | 105,163 |
Roche Holding AG Bearer Shares
| | | 546 | | 175,050 |
Roche Holding AG
| | | 14,402 | | 4,674,640 |
Schindler Holding AG (e)
| | | 837 | | 183,741 |
Schindler Holding AG (e)
| | | 396 | | 83,657 |
Schweiter Technologies AG
| | | 18 | | 17,469 |
SFS Group AG
| | | 345 | | 25,673 |
SGS SA
| | | 129 | | 298,918 |
Siegfried Holding AG
| | | 88 | | 35,471 |
SIG Combibloc Group AG
| | | 4,871 | | 72,898 |
Sika AG
| | | 2,584 | | 427,173 |
Sonova Holding AG
| | | 1,130 | | 203,681 |
St Galler Kantonalbank AG
| | | 58 | | 24,038 |
STADLER RAIL AG (a)(b)
| | | 891 | | 41,163 |
STMicroelectronics NV
| | | 13,462 | | 293,577 |
Straumann Holding AG
| | | 235 | | 175,215 |
Sulzer AG
| | | 362 | | 22,860 |
Sunrise Communications Group AG (c)
| | | 648 | | 52,172 |
Swatch Group AG (e)
| | | 581 | | 116,164 |
Swatch Group AG (e)
| | | 1,287 | | 50,653 |
Swiss Life Holding AG
| | | 649 | | 220,950 |
Swiss Prime Site AG
| | | 1,559 | | 152,669 |
Swiss Re AG
| | | 6,020 | | 463,905 |
See accompanying notes to financial statements.
83
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Swisscom AG (b)
| | | 519 | | $279,039 |
Tecan Group AG
| | | 211 | | 63,329 |
Temenos AG
| | | 1,334 | | 174,962 |
u-blox Holding AG
| | | 143 | | 8,786 |
UBS Group AG
| | | 73,220 | | 684,562 |
Valiant Holding AG
| | | 326 | | 26,146 |
Valora Holding AG (a)
| | | 71 | | 12,460 |
VAT Group AG (c)
| | | 552 | | 76,449 |
Vifor Pharma AG
| | | 891 | | 123,168 |
Vontobel Holding AG
| | | 577 | | 28,386 |
VZ Holding AG
| | | 67 | | 22,436 |
Wizz Air Holdings PLC (a)(c)
| | | 749 | | 21,426 |
Zuger Kantonalbank AG
| | | 3 | | 19,348 |
Zurich Insurance Group AG
| | | 3,063 | | 1,087,111 |
| | | | | | 28,213,326 |
| TANZANIA, UNITED REPUBLIC OF — 0.0% (d) | | | | | |
Helios Towers PLC
| | | 15,903 | | 27,311 |
| UNITED ARAB EMIRATES — 0.0% (d) | | | | | |
Borr Drilling, Ltd. (a)
| | | 1,727 | | 828 |
Network International Holdings PLC (a)(c)
| | | 8,176 | | 39,487 |
NMC Health PLC (g)
| | | 1,897 | | 5,518 |
RAK Petroleum PLC (a)
| | | 3,114 | | 1,186 |
Shelf Drilling, Ltd. (a)(c)
| | | 2,829 | | 1,374 |
| | | | | | 48,393 |
| UNITED KINGDOM — 22.9% | | | | | |
3i Group PLC
| | | 19,975 | | 196,212 |
4imprint Group PLC
| | | 578 | | 13,832 |
A.G. Barr PLC
| | | 1,978 | | 11,822 |
Admiral Group PLC
| | | 4,792 | | 132,503 |
Aggreko PLC
| | | 5,257 | | 31,771 |
Airtel Africa PLC
| | | 17,292 | | 8,817 |
AJ Bell PLC
| | | 5,008 | | 19,281 |
Amedeo Air Four Plus, Ltd.
| | | 13,188 | | 6,377 |
Ascential PLC (c)
| | | 8,270 | | 25,308 |
Ashmore Group PLC
| | | 9,098 | | 40,251 |
Ashtead Group PLC
| | | 9,264 | | 202,801 |
Associated British Foods PLC
| | | 7,394 | | 166,311 |
Assura PLC REIT
| | | 49,399 | | 51,146 |
Aston Martin Lagonda Global Holdings PLC (a)(c)
| | | 1,736 | | 4,269 |
AstraZeneca PLC
| | | 26,887 | | 2,405,709 |
Auto Trader Group PLC (c)
| | | 19,109 | | 104,041 |
See accompanying notes to financial statements.
84
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Avast PLC (c)
| | | 14,162 | | $69,082 |
AVEVA Group PLC
| | | 1,317 | | 57,057 |
Aviva PLC
| | | 82,185 | | 273,616 |
Avon Rubber PLC
| | | 578 | | 16,520 |
B&M European Value Retail SA (b)
| | | 17,464 | | 59,723 |
Babcock International Group PLC
| | | 5,188 | | 24,651 |
BAE Systems PLC
| | | 65,490 | | 423,724 |
Balfour Beatty PLC
| | | 14,160 | | 38,030 |
Bank of Georgia Group PLC
| | | 808 | | 9,167 |
Barclays PLC
| | | 339,078 | | 395,676 |
Barratt Developments PLC
| | | 20,898 | | 114,274 |
Beazley PLC
| | | 10,876 | | 52,675 |
Bellway PLC
| | | 2,529 | | 67,609 |
Berkeley Group Holdings PLC
| | | 2,361 | | 105,830 |
Biffa PLC (c)
| | | 4,599 | | 10,253 |
Big Yellow Group PLC REIT
| | | 3,432 | | 42,725 |
Bodycote PLC
| | | 3,935 | | 27,543 |
BP PLC
| | | 414,846 | | 1,770,525 |
Brewin Dolphin Holdings PLC
| | | 6,222 | | 16,896 |
British American Tobacco PLC
| | | 46,991 | | 1,607,573 |
British Land Co. PLC REIT
| | | 18,340 | | 76,454 |
Britvic PLC
| | | 5,453 | | 47,432 |
BT Group PLC
| | | 184,051 | | 269,064 |
Bunzl PLC
| | | 6,913 | | 139,677 |
Burberry Group PLC
| | | 8,448 | | 138,743 |
Cairn Energy PLC (a)
| | | 12,103 | | 11,615 |
Capita PLC (a)
| | | 34,312 | | 13,917 |
Capital & Counties Properties PLC REIT
| | | 13,501 | | 27,773 |
Centrica PLC
| | | 119,685 | | 56,512 |
Chemring Group PLC
| | | 5,789 | | 14,392 |
Cineworld Group PLC
| | | 20,278 | | 12,479 |
Clarkson PLC
| | | 582 | | 16,670 |
Close Brothers Group PLC
| | | 3,119 | | 43,779 |
CNH Industrial NV
| | | 20,479 | | 117,207 |
Coats Group PLC
| | | 29,639 | | 15,612 |
Compass Group PLC
| | | 32,497 | | 509,324 |
Computacenter PLC
| | | 1,992 | | 35,321 |
Concentric AB
| | | 805 | | 7,873 |
ConvaTec Group PLC (c)
| | | 28,846 | | 66,707 |
Countryside Properties PLC (c)
| | | 9,240 | | 32,653 |
Cranswick PLC
| | | 1,066 | | 48,880 |
Crest Nicholson Holdings PLC
| | | 5,272 | | 11,472 |
See accompanying notes to financial statements.
85
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Croda International PLC
| | | 2,706 | | $143,339 |
Daily Mail & General Trust PLC Class A
| | | 3,117 | | 26,359 |
DCC PLC
| | | 2,084 | | 131,787 |
Dechra Pharmaceuticals PLC
| | | 2,108 | | 61,477 |
Derwent London PLC REIT
| | | 2,179 | | 88,351 |
Diageo PLC
| | | 47,871 | | 1,535,286 |
Dialog Semiconductor PLC (a)
| | | 1,341 | | 36,256 |
Diploma PLC
| | | 2,321 | | 46,450 |
Direct Line Insurance Group PLC
| | | 28,225 | | 103,558 |
Dixons Carphone PLC
| | | 21,482 | | 20,798 |
Domino's Pizza Group PLC
| | | 9,491 | | 33,422 |
Drax Group PLC
| | | 8,420 | | 16,047 |
DS Smith PLC
| | | 26,713 | | 91,220 |
Dunelm Group PLC
| | | 2,029 | | 17,775 |
easyJet PLC
| | | 4,078 | | 28,873 |
Electrocomponents PLC
| | | 9,149 | | 58,559 |
Elementis PLC
| | | 11,914 | | 7,239 |
Empiric Student Property PLC REIT
| | | 12,376 | | 10,143 |
Equiniti Group PLC (c)
| | | 7,484 | | 16,425 |
Essentra PLC
| | | 5,422 | | 17,668 |
Euromoney Institutional Investor PLC
| | | 2,239 | | 22,488 |
Experian PLC
| | | 18,600 | | 519,150 |
FDM Group Holdings PLC
| | | 1,900 | | 17,410 |
Ferrexpo PLC
| | | 6,006 | | 8,791 |
Fiat Chrysler Automobiles NV
| | | 23,546 | | 169,793 |
Firstgroup PLC (a)
| | | 24,948 | | 15,606 |
Forterra PLC (c)
| | | 4,117 | | 9,015 |
Frasers Group PLC (a)
| | | 4,665 | | 10,562 |
Future PLC
| | | 1,693 | | 20,992 |
G4S PLC
| | | 31,854 | | 36,456 |
Games Workshop Group PLC
| | | 668 | | 35,865 |
Genus PLC
| | | 1,337 | | 54,045 |
GlaxoSmithKline PLC
| | | 103,209 | | 1,938,294 |
Go-Ahead Group PLC
| | | 886 | | 9,080 |
Grafton Group PLC
| | | 4,444 | | 29,260 |
Grainger PLC
| | | 12,600 | | 40,496 |
Great Portland Estates PLC REIT
| | | 4,862 | | 41,067 |
Greggs PLC
| | | 2,072 | | 41,466 |
GVC Holdings PLC
| | | 11,946 | | 83,098 |
Halfords Group PLC
| | | 4,085 | | 3,535 |
Halma PLC
| | | 7,793 | | 185,625 |
Hammerson PLC REIT
| | | 15,732 | | 15,094 |
See accompanying notes to financial statements.
86
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Hargreaves Lansdown PLC
| | | 5,702 | | $97,993 |
Hastings Group Holdings PLC (c)
| | | 9,542 | | 21,829 |
Hays PLC
| | | 30,059 | | 42,937 |
Hill & Smith Holdings PLC
| | | 1,628 | | 19,308 |
Hilton Food Group PLC
| | | 1,593 | | 21,333 |
Hiscox, Ltd.
| | | 6,071 | | 69,632 |
HomeServe PLC
| | | 6,041 | | 79,250 |
Howden Joinery Group PLC
| | | 12,435 | | 78,944 |
HSBC Holdings PLC
| | | 423,994 | | 2,388,135 |
Hunting PLC
| | | 3,201 | | 6,946 |
Ibstock PLC (c)
| | | 8,402 | | 15,835 |
IG Group Holdings PLC
| | | 7,583 | | 65,084 |
IMI PLC
| | | 5,879 | | 54,483 |
Imperial Brands PLC
| | | 19,312 | | 358,422 |
Inchcape PLC
| | | 8,394 | | 45,088 |
Informa PLC
| | | 25,699 | | 141,037 |
IntegraFin Holdings PLC
| | | 5,774 | | 31,179 |
InterContinental Hotels Group PLC
| | | 3,857 | | 168,128 |
Intermediate Capital Group PLC
| | | 6,041 | | 67,153 |
International Consolidated Airlines Group SA
| | | 20,632 | | 55,028 |
Intertek Group PLC
| | | 3,316 | | 194,318 |
IP Group PLC (a)
| | | 20,614 | | 12,806 |
ITE Group PLC
| | | 15,226 | | 3,719 |
ITV PLC
| | | 72,860 | | 59,644 |
J D Wetherspoon PLC
| | | 1,468 | | 16,082 |
J Sainsbury PLC
| | | 35,523 | | 92,674 |
James Fisher & Sons PLC
| | | 773 | | 12,058 |
JD Sports Fashion PLC
| | | 8,497 | | 48,223 |
John Laing Group PLC (c)
| | | 10,123 | | 42,627 |
John Wood Group PLC
| | | 13,992 | | 27,004 |
Johnson Matthey PLC
| | | 4,082 | | 91,005 |
JPJ Group PLC (a)
| | | 1,789 | | 16,238 |
Jupiter Fund Management PLC
| | | 9,393 | | 23,294 |
Just Group PLC (a)
| | | 21,247 | | 14,200 |
Kainos Group PLC
| | | 1,538 | | 12,548 |
Kingfisher PLC
| | | 43,319 | | 77,294 |
Lancashire Holdings, Ltd.
| | | 4,149 | | 31,922 |
Land Securities Group PLC REIT
| | | 14,306 | | 98,769 |
Legal & General Group PLC
| | | 125,307 | | 301,193 |
Linde PLC
| | | 11,310 | | 1,992,410 |
Liontrust Asset Management PLC
| | | 997 | | 11,621 |
Lloyds Banking Group PLC
| | | 1,439,125 | | 571,022 |
See accompanying notes to financial statements.
87
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
London Stock Exchange Group PLC
| | | 6,438 | | $581,148 |
LondonMetric Property PLC REIT
| | | 17,244 | | 37,610 |
LXI REIT PLC
| | | 10,775 | | 14,536 |
M&G PLC (a)
| | | 54,056 | | 75,472 |
Man Group PLC
| | | 31,654 | | 48,885 |
Marks & Spencer Group PLC
| | | 40,035 | | 49,264 |
Marshalls PLC
| | | 4,110 | | 29,838 |
Marston's PLC
| | | 13,556 | | 6,932 |
McCarthy & Stone PLC (c)
| | | 7,827 | | 6,284 |
Meggitt PLC
| | | 15,949 | | 57,410 |
Melrose Industries PLC
| | | 102,859 | | 116,699 |
Metro Bank PLC (a)(b)
| | | 3,221 | | 3,628 |
Micro Focus International PLC
| | | 6,972 | | 34,580 |
Mitchells & Butlers PLC (a)
| | | 4,339 | | 9,781 |
Mitie Group PLC
| | | 7,670 | | 6,182 |
Mondi PLC
| | | 9,123 | | 156,220 |
Moneysupermarket.com Group PLC
| | | 11,013 | | 41,499 |
Morgan Advanced Materials PLC
| | | 5,858 | | 13,445 |
Morgan Sindall Group PLC
| | | 764 | | 11,368 |
National Express Group PLC
| | | 9,084 | | 23,181 |
National Grid PLC
| | | 72,509 | | 851,065 |
Next PLC
| | | 2,736 | | 138,143 |
Northern Drilling, Ltd. (a)
| | | 1,336 | | 445 |
Ocado Group PLC (a)
| | | 12,231 | | 185,023 |
On the Beach Group PLC (c)
| | | 4,045 | | 11,034 |
OneSavings Bank PLC
| | | 10,630 | | 33,057 |
Oxford Instruments PLC
| | | 1,117 | | 17,728 |
Pagegroup PLC
| | | 6,743 | | 30,451 |
Paragon Banking Group PLC
| | | 5,370 | | 22,133 |
Pearson PLC
| | | 16,051 | | 109,981 |
Pennon Group PLC
| | | 8,633 | | 116,197 |
Persimmon PLC
| | | 6,543 | | 155,486 |
Petrofac, Ltd.
| | | 5,763 | | 13,977 |
Pets at Home Group PLC
| | | 10,266 | | 32,765 |
Phoenix Group Holdings PLC
| | | 14,810 | | 115,067 |
Playtech PLC
| | | 6,349 | | 13,360 |
Polypipe Group PLC
| | | 4,109 | | 23,437 |
Premier Oil PLC (a)(b)
| | | 17,036 | | 3,641 |
Primary Health Properties PLC REIT
| | | 23,330 | | 46,458 |
Provident Financial PLC
| | | 5,204 | | 14,009 |
Prudential PLC
| | | 53,199 | | 683,058 |
PZ Cussons PLC
| | | 6,634 | | 15,794 |
See accompanying notes to financial statements.
88
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
QinetiQ Group PLC
| | | 11,737 | | $46,862 |
Quilter PLC (c)
| | | 35,360 | | 51,737 |
Rathbone Brothers PLC
| | | 1,150 | | 21,361 |
Reckitt Benckiser Group PLC
| | | 15,078 | | 1,149,802 |
Redrow PLC
| | | 4,876 | | 21,735 |
RELX PLC
| | | 40,543 | | 870,699 |
Renishaw PLC
| | | 703 | | 27,580 |
Rentokil Initial PLC
| | | 37,966 | | 182,561 |
Restaurant Group PLC
| | | 10,090 | | 5,255 |
Rightmove PLC
| | | 18,468 | | 111,612 |
Rio Tinto PLC
| | | 22,162 | | 1,021,835 |
Rolls-Royce Holdings PLC
| | | 40,429 | | 170,743 |
Rotork PLC
| | | 17,904 | | 47,752 |
Royal Bank of Scotland Group PLC
| | | 94,129 | | 131,772 |
Royal Mail PLC
| | | 20,529 | | 31,870 |
RSA Insurance Group PLC
| | | 21,179 | | 110,401 |
S4 Capital PLC (a)
| | | 6,680 | | 12,590 |
Sabre Insurance Group PLC (c)
| | | 5,131 | | 18,450 |
Safestore Holdings PLC REIT
| | | 4,322 | | 34,325 |
Saga PLC
| | | 23,036 | | 4,844 |
Sage Group PLC
| | | 23,008 | | 168,833 |
Sanne Group PLC
| | | 2,992 | | 22,927 |
Savills PLC
| | | 2,938 | | 30,055 |
Schroders PLC
| | | 2,413 | | 74,321 |
Schroders PLC
| | | 1,042 | | 27,391 |
SDL PLC
| | | 1,861 | | 9,115 |
Seadrill, Ltd. (a)
| | | 1,498 | | 715 |
Segro PLC REIT
| | | 22,447 | | 212,645 |
Senior PLC
| | | 8,612 | | 7,502 |
Serco Group PLC (a)
| | | 25,115 | | 38,273 |
Severn Trent PLC
| | | 4,956 | | 140,110 |
Shaftesbury PLC REIT
| | | 3,070 | | 23,506 |
SIG PLC
| | | 12,145 | | 3,503 |
Signature Aviation PLC
| | | 14,535 | | 29,737 |
Smith & Nephew PLC
| | | 18,550 | | 329,950 |
Smiths Group PLC
| | | 8,128 | | 123,560 |
Softcat PLC
| | | 2,496 | | 32,094 |
Spectris PLC
| | | 2,487 | | 75,799 |
Spirax-Sarco Engineering PLC
| | | 1,512 | | 153,078 |
Spirent Communications PLC
| | | 12,561 | | 32,396 |
SSE PLC
| | | 21,591 | | 349,372 |
SSP Group PLC
| | | 9,133 | | 34,823 |
See accompanying notes to financial statements.
89
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
St James's Place PLC
| | | 10,924 | | $102,889 |
St Modwen Properties PLC
| | | 3,984 | | 16,327 |
Stagecoach Group PLC
| | | 8,659 | | 7,505 |
Standard Chartered PLC
| | | 54,791 | | 302,868 |
Standard Life Aberdeen PLC
| | | 49,380 | | 137,091 |
Subsea 7 SA
| | | 4,710 | | 22,220 |
Synthomer PLC
| | | 6,969 | | 20,998 |
TalkTalk Telecom Group PLC
| | | 14,134 | | 14,888 |
Tate & Lyle PLC
| | | 9,617 | | 78,225 |
Taylor Wimpey PLC
| | | 67,335 | | 98,103 |
TBC Bank Group PLC
| | | 766 | | 6,886 |
TechnipFMC PLC
| | | 8,664 | | 59,587 |
Telecom Plus PLC
| | | 1,370 | | 21,098 |
Tesco PLC
| | | 200,225 | | 568,040 |
TP ICAP PLC
| | | 11,565 | | 48,527 |
Trainline PLC (a)(c)
| | | 8,754 | | 36,905 |
Travis Perkins PLC
| | | 5,175 | | 56,634 |
Tritax Big Box REIT PLC
| | | 35,045 | | 48,755 |
Tullow Oil PLC
| | | 28,813 | | 3,832 |
UK Commercial Property REIT, Ltd.
| | | 15,102 | | 14,044 |
Ultra Electronics Holdings PLC
| | | 1,457 | | 36,277 |
Unilever NV
| | | 28,095 | | 1,381,215 |
Unilever PLC
| | | 23,929 | | 1,209,232 |
UNITE Group PLC REIT
| | | 5,835 | | 57,989 |
United Utilities Group PLC
| | | 13,998 | | 156,697 |
Vesuvius PLC
| | | 4,508 | | 18,021 |
Victrex PLC
| | | 1,774 | | 43,334 |
Virgin Money UK PLC (a)
| | | 25,570 | | 19,657 |
Vistry Group PLC
| | | 4,180 | | 29,854 |
Vodafone Group PLC
| | | 547,726 | | 767,443 |
Weir Group PLC
| | | 5,332 | | 47,668 |
WH Smith PLC
| | | 2,218 | | 31,380 |
Whitbread PLC
| | | 2,741 | | 102,981 |
William Hill PLC
| | | 18,492 | | 15,624 |
Wm Morrison Supermarkets PLC
| | | 49,272 | | 108,749 |
Workspace Group PLC REIT
| | | 2,634 | | 24,805 |
WPP PLC
| | | 25,147 | | 171,932 |
| | | | | | 39,531,833 |
| UNITED STATES — 0.3% | | | | | |
Carnival PLC
| | | 3,309 | | 40,267 |
Ferguson PLC
| | | 4,738 | | 297,034 |
See accompanying notes to financial statements.
90
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
QIAGEN NV (a)
| | | 4,742 | | $190,488 |
| | | | | | 527,789 |
TOTAL COMMON STOCKS
(Cost $211,463,040)
| | | | | 170,352,655 |
| | | | |
| RIGHTS — 0.0% (d) | | |
| NORWAY — 0.0% (d) | | | |
NEL ASA (expiring 04/07/20) (a)
(Cost: $0)
| | 288 | — |
| SHORT-TERM INVESTMENTS — 0.7% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (h) (i)
| 65,416 | 65,358 |
State Street Navigator Securities Lending Portfolio II (j) (k)
| 1,185,725 | 1,185,725 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,251,066)
| 1,251,083 |
TOTAL INVESTMENTS — 99.6%
(Cost $212,714,106)
| 171,603,738 |
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%
| 677,534 |
NET ASSETS — 100.0%
| $172,281,272 |
| (a) | Non-income producing security. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (c) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 2.7% of net assets as of March 31, 2020, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (d) | Amount is less than 0.05% of net assets. |
| (e) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (f) | When-issued security. |
| (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, 2020, total aggregate fair value of the security is $5,518, 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, 2020 are shown in the Affiliate Table below. |
| (i) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (j) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (k) | Investment of cash collateral for securities loaned. |
See accompanying notes to financial statements.
91
SPDR PORTFOLIO EUROPE ETF
SCHEDULE OF INVESTMENTS (continued)
March 31, 2020 (Unaudited)
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
| SDR | Swedish Depositary Receipt |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $170,315,846 | | $31,291 | | $5,518 | | $170,352,655 |
Rights
| | — | | — | | — | | 0 |
Short-Term Investments
| | 1,251,083 | | — | | — | | 1,251,083 |
TOTAL INVESTMENTS
| | $171,566,929 | | $31,291 | | $5,518 | | $171,603,738 |
Affiliate Table
| | Number of
Shares Held
at 9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at 3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 113,605 | | $113,617 | | $2,502,676 | | $2,550,509 | | $(442) | | $16 | | 65,416 | | $65,358 | | $1,004 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 17,321,486 | | 16,135,761 | | — | | — | | 1,185,725 | | 1,185,725 | | 11,470 |
State Street Navigator Securities Lending Portfolio III
| 554,184 | | 554,184 | | 5,381,973 | | 5,936,157 | | — | | — | | — | | — | | 1,961 |
Total
| | | $667,801 | | $25,206,135 | | $24,622,427 | | $(442) | | $16 | | | | $1,251,083 | | $14,435 |
See accompanying notes to financial statements.
92
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
March 31, 2020 (Unaudited)
| | SPDR Portfolio Emerging Markets ETF | | SPDR Portfolio Developed World ex-US ETF |
| ASSETS | | | |
Investments in unaffiliated issuers, at value*
| $2,953,969,394 | | $5,043,844,174 |
Investments in affiliated issuers, at value
| 33,534,560 | | 49,536,088 |
Total Investments
| 2,987,503,954 | | 5,093,380,262 |
Foreign currency, at value
| 25,858,256 | | 9,191,692 |
Cash at broker
| 61,754 | | — |
Cash
| — | | 3 |
Receivable for investments sold
| — | | 2,910 |
Receivable for fund shares sold
| 33,484,272 | | 71,762,166 |
Dividends receivable — unaffiliated issuers
| 4,958,348 | | 23,922,717 |
Dividends receivable — affiliated issuers
| 13,309 | | 2,573 |
Securities lending income receivable — unaffiliated issuers
| 43,340 | | 167,403 |
Securities lending income receivable — affiliated issuers
| 53,120 | | — |
Receivable for foreign taxes recoverable
| 33,898 | | 6,168,822 |
Other Receivable
| — | | 6,975 |
TOTAL ASSETS
| 3,052,010,251 | | 5,204,605,523 |
| LIABILITIES | | | |
Due to custodian
| 62,249 | | — |
Payable upon return of securities loaned
| 33,534,560 | | 47,650,642 |
Payable for investments purchased
| 30,922,135 | | 69,985,800 |
Payable to broker – accumulated variation margin on open futures contracts
| 10,465 | | — |
Deferred foreign taxes payable
| — | | 81,207 |
Advisory fee payable
| 291,132 | | 165,855 |
Trustees’ fees and expenses payable
| 1,201 | | 1,647 |
TOTAL LIABILITIES
| 64,821,742 | | 117,885,151 |
NET ASSETS
| $2,987,188,509 | | $5,086,720,372 |
| NET ASSETS CONSIST OF: | | | |
Paid-in Capital
| $3,878,939,191 | | $6,240,620,129 |
Total distributable earnings (loss)**
| (891,750,682) | | (1,153,899,757) |
NET ASSETS
| $2,987,188,509 | | $5,086,720,372 |
| NET ASSET VALUE PER SHARE | | | |
Net asset value per share
| $28.42 | | $23.99 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 105,100,000 | | 212,000,000 |
| COST OF INVESTMENTS: | | | |
Investments in unaffiliated issuers
| $3,727,589,148 | | $6,201,399,885 |
Investments in affiliated issuers
| 33,534,560 | | 49,536,197 |
Total cost of investments
| $3,761,123,708 | | $6,250,936,082 |
Foreign currency, at cost
| $26,406,069 | | $9,188,913 |
* Includes investments in securities on loan, at value
| $79,168,242 | | $166,019,852 |
** Includes deferred foreign taxes
| $— | | $81,207 |
See accompanying notes to financial statements.
93
SPDR INDEX SHARES FUNDS
STATEMENTS OF ASSETS AND LIABILITIES (continued)
March 31, 2020 (Unaudited)
| | SPDR Portfolio MSCI Global Stock Market ETF | | SPDR Portfolio Europe ETF |
| ASSETS | | | |
Investments in unaffiliated issuers, at value*
| $153,224,129 | | $170,352,655 |
Investments in affiliated issuers, at value
| 2,058,912 | | 1,251,083 |
Total Investments
| 155,283,041 | | 171,603,738 |
Foreign currency, at value
| 191,664 | | 570,714 |
Cash
| 1 | | 4,089 |
Receivable for investments sold
| 96 | | — |
Dividends receivable — unaffiliated issuers
| 364,204 | | 369,518 |
Dividends receivable — affiliated issuers
| 1,392 | | 102 |
Securities lending income receivable — unaffiliated issuers
| 1,652 | | 1,182 |
Securities lending income receivable — affiliated issuers
| 3,189 | | 2,205 |
Receivable for foreign taxes recoverable
| 84,388 | | 934,000 |
TOTAL ASSETS
| 155,929,627 | | 173,485,548 |
| LIABILITIES | | | |
Payable upon return of securities loaned
| 1,672,323 | | 1,185,725 |
Payable for investments purchased
| — | | 4,090 |
Deferred foreign taxes payable
| 62 | | — |
Advisory fee payable
| 11,946 | | 14,209 |
Trustees’ fees and expenses payable
| 172 | | 252 |
TOTAL LIABILITIES
| 1,684,503 | | 1,204,276 |
NET ASSETS
| $154,245,124 | | $172,281,272 |
| NET ASSETS CONSIST OF: | | | |
Paid-in Capital
| $179,040,409 | | $287,202,470 |
Total distributable earnings (loss)
| (24,795,285) | | (114,921,198) |
NET ASSETS
| $154,245,124 | | $172,281,272 |
| NET ASSET VALUE PER SHARE | | | |
Net asset value per share
| $33.53 | | $27.13 |
Shares outstanding (unlimited amount authorized, $0.01 par value)
| 4,600,000 | | 6,350,370 |
| COST OF INVESTMENTS: | | | |
Investments in unaffiliated issuers
| $175,950,397 | | $211,463,040 |
Investments in affiliated issuers
| 2,105,707 | | 1,251,066 |
Total cost of investments
| $178,056,104 | | $212,714,106 |
Foreign currency, at cost
| $196,802 | | $559,342 |
* Includes investments in securities on loan, at value
| $3,742,091 | | $5,068,515 |
See accompanying notes to financial statements.
94
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS
For the Six Months Ended March 31, 2020 (Unaudited)
| | SPDR Portfolio Emerging Markets ETF | | SPDR Portfolio Developed World ex-US ETF |
| INVESTMENT INCOME | | | |
Dividend income — unaffiliated issuers
| $24,375,193 | | $67,822,668 |
Dividend income — affiliated issuers
| 187,153 | | 45,006 |
Unaffiliated securities lending income
| 275,916 | | 503,718 |
Affiliated securities lending income
| 264,498 | | 529,182 |
Foreign taxes withheld
| (1,841,260) | | (6,304,883) |
TOTAL INVESTMENT INCOME (LOSS)
| 23,261,500 | | 62,595,691 |
| EXPENSES | | | |
Advisory fee
| 1,799,330 | | 1,071,426 |
Trustees’ fees and expenses
| 19,494 | | 33,862 |
TOTAL EXPENSES
| 1,818,824 | | 1,105,288 |
NET INVESTMENT INCOME (LOSS)
| $21,442,676 | | $61,490,403 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | |
| Net realized gain (loss) on: | | | |
Investments — unaffiliated issuers
| (4,050,106) | | (1,825,608) |
Investments — affiliated issuers
| 46 | | (9,997) |
In-kind redemptions — unaffiliated issuers
| 2,730,016 | | — |
Foreign currency transactions
| (649,423) | | (776,328) |
Futures contracts
| (47,265) | | — |
Net realized gain (loss)
| (2,016,732) | | (2,611,933) |
| Net change in unrealized appreciation/depreciation on: | | | |
Investments — unaffiliated issuers*
| (643,253,962) | | (1,049,744,286) |
Investment — affiliated issuers
| — | | (123) |
Foreign currency translations
| (664,778) | | (85,288) |
Futures contracts
| (16,941) | | — |
Net change in unrealized appreciation/depreciation
| (643,935,681) | | (1,049,829,697) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| (645,952,413) | | (1,052,441,630) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $(624,509,737) | | $(990,951,227) |
* Includes foreign deferred taxes
| $173,679 | | $109,965 |
See accompanying notes to financial statements.
95
SPDR INDEX SHARES FUNDS
STATEMENTS OF OPERATIONS (continued)
For the Six Months Ended March 31, 2020 (Unaudited)
| | SPDR Portfolio MSCI Global Stock Market ETF | | SPDR Portfolio Europe ETF |
| INVESTMENT INCOME | | | |
Dividend income — unaffiliated issuers
| $1,880,695 | | $2,450,019 |
Dividend income — affiliated issuers
| 5,161 | | 1,004 |
Unaffiliated securities lending income
| 12,138 | | 6,120 |
Affiliated securities lending income
| 22,049 | | 13,431 |
Foreign taxes withheld
| (79,229) | | (195,733) |
TOTAL INVESTMENT INCOME (LOSS)
| 1,840,814 | | 2,274,841 |
| EXPENSES | | | |
Advisory fee
| 78,852 | | 94,386 |
Trustees’ fees and expenses
| 1,259 | | 1,234 |
TOTAL EXPENSES
| 80,111 | | 95,620 |
NET INVESTMENT INCOME (LOSS)
| $1,760,703 | | $2,179,221 |
| REALIZED AND UNREALIZED GAIN (LOSS) | | | |
| Net realized gain (loss) on: | | | |
Investments — unaffiliated issuers*
| (1,231,859) | | (767,922) |
Investments — affiliated issuers
| 906 | | (442) |
In-kind redemptions — unaffiliated issuers
| 8,228,091 | | (2,142,849) |
Foreign currency transactions
| (17,839) | | (32,944) |
Net realized gain (loss)
| 6,979,299 | | (2,944,157) |
| Net change in unrealized appreciation/depreciation on: | | | |
Investments — unaffiliated issuers**
| (36,694,151) | | (42,095,585) |
Investment — affiliated issuers
| (21,281) | | 16 |
Foreign currency translations
| (4,386) | | 27,100 |
Net change in unrealized appreciation/depreciation
| (36,719,818) | | (42,068,469) |
NET REALIZED AND UNREALIZED GAIN (LOSS)
| (29,740,519) | | (45,012,626) |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
| $(27,979,816) | | $(42,833,405) |
* Includes foreign capital gain taxes
| $(105) | | $— |
** Includes foreign deferred taxes
| $171 | | $— |
See accompanying notes to financial statements.
96
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
| | SPDR Portfolio Emerging Markets ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $21,442,676 | | $86,226,696 |
Net realized gain (loss)
| (2,016,732) | | (36,543,323) |
Net change in unrealized appreciation/depreciation
| (643,935,681) | | (1,608,686) |
Net increase (decrease) in net assets resulting from operations
| (624,509,737) | | 48,074,687 |
Distributions to shareholders
| (64,896,832) | | (55,264,488) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 1,054,353,722 | | 1,463,685,734 |
Cost of shares redeemed
| (47,098,195) | | (275,842,568) |
Other Capital
| 953,680 | | 1,484,273 |
Net increase (decrease) in net assets from beneficial interest transactions
| 1,008,209,207 | | 1,189,327,439 |
Net increase (decrease) in net assets during the period
| 318,802,638 | | 1,182,137,638 |
Net assets at beginning of period
| 2,668,385,871 | | 1,486,248,233 |
NET ASSETS AT END OF PERIOD
| $2,987,188,509 | | $2,668,385,871 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 29,000,000 | | 42,900,000 |
Shares redeemed
| (1,500,000) | | (8,000,000) |
Net increase (decrease)
| 27,500,000 | | 34,900,000 |
See accompanying notes to financial statements.
97
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR Portfolio Developed World ex-US ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $61,490,403 | | $139,985,613 |
Net realized gain (loss)
| (2,611,933) | | 39,770,153 |
Net change in unrealized appreciation/depreciation
| (1,049,829,697) | | (135,962,557) |
Net increase (decrease) in net assets resulting from operations
| (990,951,227) | | 43,793,209 |
Distributions to shareholders
| (71,619,471) | | (126,731,994) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 1,340,322,613 | | 1,733,126,972 |
Cost of shares redeemed
| — | | (213,058,429) |
Other Capital
| 48,697 | | 46,933 |
Net increase (decrease) in net assets from beneficial interest transactions
| 1,340,371,310 | | 1,520,115,476 |
Net increase (decrease) in net assets during the period
| 277,800,612 | | 1,437,176,691 |
Net assets at beginning of period
| 4,808,919,760 | | 3,371,743,069 |
NET ASSETS AT END OF PERIOD
| $5,086,720,372 | | $4,808,919,760 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 47,800,000 | | 62,000,000 |
Shares redeemed
| — | | (7,400,000) |
Net increase (decrease)
| 47,800,000 | | 54,600,000 |
See accompanying notes to financial statements.
98
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR Portfolio MSCI Global Stock Market ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19(a) |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $1,760,703 | | $4,119,265 |
Net realized gain (loss)
| 6,979,299 | | 8,668,565 |
Net change in unrealized appreciation/depreciation
| (36,719,818) | | (3,699,860) |
Net increase (decrease) in net assets resulting from operations
| (27,979,816) | | 9,087,970 |
Distributions to shareholders
| (2,627,769) | | (3,350,875) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 45,760,426 | | 87,585,221 |
Cost of shares redeemed
| (28,799,861) | | (30,881,907) |
Other Capital
| 5,390 | | 3,473 |
Net increase (decrease) in net assets from beneficial interest transactions
| 16,965,955 | | 56,706,787 |
Net increase (decrease) in net assets during the period
| (13,641,630) | | 62,443,882 |
Net assets at beginning of period
| 167,886,754 | | 105,442,872 |
NET ASSETS AT END OF PERIOD
| $154,245,124 | | $167,886,754 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 1,100,000 | | 2,400,000 |
Shares redeemed
| (700,000) | | (800,000) |
Net increase (decrease)
| 400,000 | | 1,600,000 |
| (a)After the close of trading on September 20, 2019, the SPDR Portfolio MSCI Global Stock Market ETF underwent a 2-for-1 share split. The historical per share activity presented here has been retroactively adjusted to reflect this split. See Note 12. |
See accompanying notes to financial statements.
99
SPDR INDEX SHARES FUNDS
STATEMENTS OF CHANGES IN NET ASSETS (continued)
| | SPDR Portfolio Europe ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year Ended
9/30/19 |
| INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS: | | | |
Net investment income (loss)
| $2,179,221 | | $6,281,017 |
Net realized gain (loss)
| (2,944,157) | | (22,827,109) |
Net change in unrealized appreciation/depreciation
| (42,068,469) | | 19,944,364 |
Net increase (decrease) in net assets resulting from operations
| (42,833,405) | | 3,398,272 |
Net equalization credits and charges
| 76,440 | | 222,108 |
Distributions to shareholders
| (2,246,440) | | (6,535,765) |
| FROM BENEFICIAL INTEREST TRANSACTIONS: | | | |
Proceeds from sale of shares sold
| 47,586,639 | | 87,588,623 |
Cost of shares redeemed
| (16,725,561) | | (86,681,762) |
Net income equalization
| (76,440) | | (222,108) |
Net increase (decrease) in net assets from beneficial interest transactions
| 30,784,638 | | 684,753 |
Net increase (decrease) in net assets during the period
| (14,218,767) | | (2,230,632) |
Net assets at beginning of period
| 186,500,039 | | 188,730,671 |
NET ASSETS AT END OF PERIOD
| $172,281,272 | | $186,500,039 |
| SHARES OF BENEFICIAL INTEREST: | | | |
Shares sold
| 1,350,000 | | 2,600,000 |
Shares redeemed
| (600,000) | | (2,600,000) |
Net increase (decrease)
| 750,000 | | — |
See accompanying notes to financial statements.
100
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
| | SPDR Portfolio Emerging Markets ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18(a) | | Year
Ended
9/30/17(a) | | Year
Ended
9/30/16(a) | | Year
Ended
9/30/15(a) |
Net asset value, beginning of period
| $34.39 | | $34.81 | | $36.06 | | $30.10 | | $26.21 | | $33.18 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (b)
| 0.23 | | 1.26(c) | | 1.04 | | 0.70 | | 0.56 | | 0.64 |
Net realized and unrealized gain (loss) (d)
| (5.49) | | (0.88) | | (1.71) | | 5.64 | | 3.91 | | (6.94) |
Total from investment operations
| (5.26) | | 0.38 | | (0.67) | | 6.34 | | 4.47 | | (6.30) |
Net equalization credits and charges (b)
| — | | — | | — | | — | | — | | 0.00(e) |
Other capital
| 0.01 | | 0.02 | | 0.02 | | 0.01 | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.72) | | (0.82) | | (0.60) | | (0.39) | | (0.58) | | (0.67) |
Net asset value, end of period
| $28.42 | | $34.39 | | $34.81 | | $36.06 | | $30.10 | | $26.21 |
Total return (f)
| (15.75)% | | 1.18%(c) | | (1.88)% | | 21.36% | | 17.38% | | (19.34)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $2,987,189 | | $2,668,386 | | $1,486,248 | | $562,436 | | $234,783 | | $188,707 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.11%(g) | | 0.11% | | 0.12% | | 0.59% | | 0.59% | | 0.59% |
Net investment income (loss)
| 1.31%(g) | | 3.63%(c) | | 2.78% | | 2.16% | | 2.05% | | 2.02% |
Portfolio turnover rate (h)
| 1%(i) | | 17% | | 10% | | 0%(j) | | 12% | | 18% |
| (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. See Note 12. |
| (b) | Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period. |
| (c) | Net investment income per share and ratio of net investment income to average net assets reflect receipt of special dividend from portfolio holding. The resulting increase to net investment income amounted to $0.26 per share and 0.75% of average net assets. If the special dividends were not received during the year ended September 30, 2019, the total return would have been 0.42%. |
| (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. |
| (j) | Amount is less than 0.5%. |
See accompanying notes to financial statements.
101
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
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $29.29 | | $30.76 | | $30.52 | | $26.45 | | $25.17 | | $28.46 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.34 | | 0.96 | | 0.97 | | 0.70 | | 0.69 | | 0.71 |
Net realized and unrealized gain (loss) (b)
| (5.24) | | (1.57) | | 0.03 | | 4.16 | | 1.32 | | (3.25) |
Total from investment operations
| (4.90) | | (0.61) | | 1.00 | | 4.86 | | 2.01 | | (2.54) |
Other capital
| 0.00(c) | | 0.00(c) | | — | | 0.00(c) | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.40) | | (0.86) | | (0.76) | | (0.79) | | (0.69) | | (0.75) |
Net realized gains
| — | | — | | — | | — | | (0.04) | | — |
Total distributions
| (0.40) | | (0.86) | | (0.76) | | (0.79) | | (0.73) | | (0.75) |
Net asset value, end of period
| $23.99 | | $29.29 | | $30.76 | | $30.52 | | $26.45 | | $25.17 |
Total return (d)
| (17.02)% | | (1.92)% | | 3.28% | | 18.75% | | 8.12% | | (9.14)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $5,086,720 | | $4,808,920 | | $3,371,743 | | $1,013,376 | | $634,833 | | $714,914 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.04%(e) | | 0.04% | | 0.05% | | 0.34% | | 0.34% | | 0.34% |
Net investment income (loss)
| 2.30%(e) | | 3.34% | | 3.09% | | 2.49% | | 2.70% | | 2.53% |
Portfolio turnover rate (f)
| 0%(g)(h) | | 4% | | 3% | | 5% | | 3% | | 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) | Amount is less than 0.5%. |
| (h) | Not annualized. |
See accompanying notes to financial statements.
102
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR Portfolio MSCI Global Stock Market ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year
Ended
9/30/19(a) | | Year
Ended
9/30/18(a) | | Year
Ended
9/30/17(a) | | Year
Ended
9/30/16(a) | | Year
Ended
9/30/15(a) |
Net asset value, beginning of period
| $39.97 | | $40.56 | | $37.64 | | $32.44 | | $29.32 | | $31.91 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (b)
| 0.41 | | 1.01 | | 0.86 | | 0.78 | | 0.77 | | 0.87 |
Net realized and unrealized gain (loss) (c)
| (6.24) | | (0.79) | | 2.94 | | 5.17 | | 3.06 | | (2.58) |
Total from investment operations
| (5.83) | | 0.22 | | 3.80 | | 5.95 | | 3.83 | | (1.71) |
Other capital
| 0.00(d) | | 0.00(d) | | — | | — | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.61) | | (0.81) | | (0.88) | | (0.75) | | (0.71) | | (0.88) |
Net realized gains
| — | | — | | — | | — | | — | | (0.00)(d) |
Total distributions
| (0.61) | | (0.81) | | (0.88) | | (0.75) | | (0.71) | | (0.88) |
Net asset value, end of period
| $33.53 | | $39.97 | | $40.56 | | $37.64 | | $32.44 | | $29.32 |
Total return (e)
| (14.92)% | | 0.73% | | 10.17% | | 18.58% | | 13.20% | | (5.61)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $154,245 | | $167,887 | | $105,443 | | $90,321 | | $64,883 | | $35,186 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.09%(f) | | 0.25% | | 0.25% | | 0.25% | | 0.25% | | 0.25% |
Net investment income (loss)
| 2.01%(f) | | 2.62% | | 2.16% | | 2.25% | | 2.48% | | 2.70% |
Portfolio turnover rate (g)
| 3%(h) | | 5% | | 4% | | 2% | | 2% | | 3% |
| (a) | After the close of trading on September 20, 2019, the SPDR Portfolio MSCI Global Stock Market ETF underwent a 2-for-1 share split. The capital share activity presented here has 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. |
See accompanying notes to financial statements.
103
SPDR INDEX SHARES FUNDS
FINANCIAL HIGHLIGHTS (continued)
Selected data for a share outstanding throughout each period
| | SPDR Portfolio Europe ETF |
| | Six Months
Ended
3/31/20
(Unaudited) | | Year
Ended
9/30/19 | | Year
Ended
9/30/18 | | Year
Ended
9/30/17 | | Year
Ended
9/30/16 | | Year
Ended
9/30/15 |
Net asset value, beginning of period
| $33.30 | | $33.70 | | $35.49 | | $30.28 | | $31.54 | | $36.86 |
| Income (loss) from investment operations: | | | | | | | | | | | |
Net investment income (loss) (a)
| 0.35 | | 1.13 | | 1.14 | | 0.95 | | 1.10 | | 1.23 |
Net realized and unrealized gain (loss) (b)
| (6.18) | | (0.40) | | (1.68) | | 5.14 | | (1.21) | | (5.37) |
Total from investment operations
| (5.83) | | 0.73 | | (0.54) | | 6.09 | | (0.11) | | (4.14) |
Net equalization credits and charges (a)
| 0.01 | | 0.04 | | (0.06) | | 0.12 | | (0.04) | | 0.04 |
Other capital
| — | | — | | — | | 0.01 | | — | | — |
| Distributions to shareholders from: | | | | | | | | | | | |
Net investment income
| (0.35) | | (1.17) | | (1.19) | | (1.01) | | (1.11) | | (1.22) |
Net asset value, end of period
| $27.13 | | $33.30 | | $33.70 | | $35.49 | | $30.28 | | $31.54 |
Total return (c)
| (17.59)% | | 2.34% | | (1.68)% | | 20.83% | | (0.42)% | | (11.36)% |
| Ratios and Supplemental Data: | | | | | | | | | | | |
Net assets, end of period (in 000s)
| $172,281 | | $186,500 | | $188,731 | | $317,665 | | $186,220 | | $247,626 |
| Ratios to average net assets: | | | | | | | | | | | |
Total expenses
| 0.09%(d) | | 0.29% | | 0.29% | | 0.29% | | 0.29% | | 0.29% |
Net investment income (loss)
| 2.08%(d) | | 3.47% | | 3.25% | | 2.92% | | 3.57% | | 3.50% |
Portfolio turnover rate (e)
| 1%(f) | | 67% | | 5% | | 8% | | 8% | | 9% |
| (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.
104
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS
March 31, 2020 (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, 2020, the Trust consists of thirty (30) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):
| SPDR Portfolio Emerging Markets ETF |
| SPDR Portfolio Developed World ex-US ETF |
| SPDR Portfolio MSCI Global Stock Market ETF |
| SPDR Portfolio Europe ETF |
Each Fund is classified as a diversified investment company under the 1940 Act.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
2. Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
• Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
• Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.
• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.
• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.
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, 2020 (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, 2020, 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, 2020 (Unaudited)
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.'s (the “Adviser” or “SSGA FM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of March 31, 2020, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
The Fund in the Trust follows the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
The following Fund utilized equalization during the period ended March 31, 2020:
| SPDR Portfolio Europe ETF |
Distributions
The SPDR Portfolio Europe ETF declares and distributes from net investment income, if any, to its shareholders quarterly. The SPDR Portfolio Emerging Markets ETF, SPDR Portfolio Developed World ex-US ETF, and the SPDR Portfolio MSCI Global Stock Market ETF declare and distribute from net investment income, if any, to their shareholders semi-annually.
Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3. Derivative Financial Instruments
Futures Contracts
Certain Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Subsequent payments are made or received by a Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. A Fund recognizes a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
For the period ended March 31, 2020, the SPDR Portfolio Emerging Markets ETF entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
The following tables summarize the value of the Fund's derivative instruments as of March 31, 2020, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:
| | Liability Derivatives |
| | Interest Rate
Contracts
Risk | | Foreign
Exchange
Contracts
Risk | | Credit
Contracts
Risk | | Equity
Contracts
Risk | | Commodity
Contracts
Risk | | Total |
| SPDR Portfolio Emerging Markets ETF | | | | | | | | | | | |
Futures Contracts
| $— | | $— | | $— | | $(10,465) | | $— | | $(10,465) |
| | 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
| $— | | $— | | $— | | $(47,265) | | $— | | $(47,265) |
| | 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
| $— | | $— | | $— | | $(16,941) | | $— | | $(16,941) |
4. Fees and Transactions with Affiliates
Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
(“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:
| | Annual Rate |
SPDR Portfolio Emerging Markets ETF
| 0.11% |
SPDR Portfolio Developed World ex-US ETF
| 0.04 |
SPDR Portfolio MSCI Global Stock Market ETF
| 0.09 |
SPDR Portfolio Europe ETF
| 0.09 |
From time to time, the Adviser may also waive all or a portion of its management fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until January 31, 2021. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. This waiver and/or reimbursement may not be terminated prior to January 31, 2021 except with the approval of the Board.
The Adviser pays all expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.
Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.
Distributor
State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust.
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017, as amended.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (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 Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.
Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended March 31, 2020 are disclosed in the Schedules of Investments.
Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.
5. Trustees’ Fees
The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6. Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, derivative contracts and short term investments) for the period ended March 31, 2020, were as follows:
| | Purchases | | Sales |
SPDR Portfolio Emerging Markets ETF
| $643,031,150 | | $30,221,277 |
SPDR Portfolio Developed World ex-US ETF
| 140,426,647 | | 13,712,429 |
SPDR Portfolio MSCI Global Stock Market ETF
| 8,700,095 | | 5,900,732 |
SPDR Portfolio Europe ETF
| 2,778,472 | | 3,122,402 |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
For the period ended March 31, 2020, 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
| $380,792,913 | | $27,962,835 | | $2,730,016 |
SPDR Portfolio Developed World ex-US ETF
| 1,194,599,579 | | — | | — |
SPDR Portfolio MSCI Global Stock Market ETF
| 41,877,491 | | 28,145,156 | | 8,228,091 |
SPDR Portfolio Europe ETF
| 47,528,057 | | 16,676,172 | | (2,142,849) |
7. Shareholder Transactions
Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.
8. Income Tax Information
The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service 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, 2019, SSGA FM has analyzed each Fund's tax
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
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, 2020, 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
| $3,779,455,009 | | $103,853,697 | | $895,804,752 | | $(791,951,055) |
SPDR Portfolio Developed World ex-US ETF
| 6,267,997,775 | | 228,322,109 | | 1,402,939,622 | | (1,174,617,513) |
SPDR Portfolio MSCI Global Stock Market ETF
| 178,318,627 | | 9,683,078 | | 32,718,664 | | (23,035,586) |
SPDR Portfolio Europe ETF
| 212,908,705 | | 3,490,593 | | 44,795,560 | | (41,304,967) |
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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
The market value of securities on loan as of March 31, 2020, 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, 2020:
| Fund | | Market Value of
Securities on Loan | | Cash
Collateral
Received | | Non-Cash
Collateral
Received* | | Total
Collateral
Received |
SPDR Portfolio Emerging Markets ETF
| | $ 79,168,242 | | $ 33,534,560 | | $ 48,977,958 | | $ 82,512,518 |
SPDR Portfolio Developed World ex-US ETF
| | 166,019,852 | | 47,650,642 | | 125,179,414 | | 172,830,056 |
SPDR Portfolio MSCI Global Stock Market ETF
| | 3,742,091 | | 1,672,323 | | 2,218,157 | | 3,890,480 |
SPDR Portfolio Europe ETF
| | 5,068,515 | | 1,185,725 | | 3,924,843 | | 5,110,568 |
| * | 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, 2020:
| | | | | Remaining Contractual Maturity of the Agreements
As of March 31, 2020 |
| 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 | | $33,534,560 | | $— | | $— | | $— | | $33,534,560 | | $33,534,560 |
SPDR Portfolio Developed World ex-US ETF
| | Common Stocks | | 47,650,642 | | — | | — | | — | | 47,650,642 | | 47,650,642 |
SPDR Portfolio MSCI Global Stock Market ETF
| | Common Stocks | | 1,672,323 | | — | | — | | — | | 1,672,323 | | 1,672,323 |
SPDR Portfolio Europe ETF
| | Common Stocks | | 1,185,725 | | — | | — | | — | | 1,185,725 | | 1,185,725 |
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
10. Line of Credit
Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2020 unless extended or renewed.
The following Fund participates in the line of credit as of March 31, 2020:
SPDR Portfolio Emerging Markets ETF
The Funds had no outstanding loans as of March 31, 2020.
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.
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.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
Market and Credit Risk
Each Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.
An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.
12. Stock Split
The Board authorized a 2-for-1 stock split for the SPDR Portfolio MSCI Global Stock Market ETF, effective after the close of trading on September 20, 2019 for the shareholders of record on September 18, 2019. The impact of the stock split was to increase the number of shares outstanding by a factor of 2, while decreasing the NAV per share by the corresponding factor noted above, resulting in no effect to the net assets of the aforementioned Fund. The financial statements and financial highlights of the aforementioned Fund has been adjusted to reflect the stock split.
SPDR INDEX SHARES FUNDS
NOTES TO FINANCIAL STATEMENTS (continued)
March 31, 2020 (Unaudited)
13. Subsequent Events
Change in Audit Firm
PricewaterhouseCoopers LLC (“PWC”) resigned as independent registered certified public accounting firm on April 20, 2020. On May 21, 2020, upon recommendation by the Audit Committee of the Trust, the Trust’s Board of Trustees selected Ernst & Young LLP (“EY”) to replace PWC as the independent public accountant for the fiscal year ending September 30, 2020.
The reports of PWC on the financial statements for the fiscal years ended September 30, 2019 and 2018 contained no adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles.
During the fiscal years ended September 30, 2019 and 2018, and in the subsequent interim period through April 20, 2020, there were no disagreements between the Trust and PWC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure which, if not resolved to the satisfaction of PWC, would have caused it to make reference to the disagreements in its report on the financial statements. In addition, during the fiscal years ended September 30, 2019 and 2018, and in the subsequent interim period through April 20, 2020, there were no reportable events of the kind described in Item 304(a)(1)(v) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
The Trust requested and PWC furnished a letter addressed to the Securities and Exchange Commission stating whether or not it agreed with the above statements. A copy of such letter was filed as an Exhibit, under Item 13(a)(4), to Form N-CSR for the period ended March 31, 2020.
During this period, neither the Trust nor anyone on its behalf consulted EY concerning (i) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Trust’s financial statements or (ii) the subject of a disagreement (as defined in paragraph (a)(1)(iv) of item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304).
SPDR INDEX SHARES FUNDS
OTHER INFORMATION
March 31, 2020 (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, 2019 to March 31, 2020.
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, 2020 (Unaudited)
| | SPDR Portfolio Emerging Markets ETF | | SPDR Portfolio Developed World ex-US ETF | | SPDR Portfolio MSCI Global Stock Market ETF | | SPDR Portfolio Europe ETF |
Annualized Expense Ratio
| 0.11% | | 0.04% | | 0.09% | | 0.09% |
| Actual: | | | | | | | |
Ending Account Value
| $842.50 | | $829.80 | | $850.80 | | $824.10 |
Expenses Paid During Period(a)
| 0.51 | | 0.18 | | 0.42 | | 0.41 |
| Hypothetical (assuming a 5% return before expenses): | | | | | | | |
Ending Account Value
| 1,024.50 | | 1,024.80 | | 1,024.60 | | 1,024.60 |
Expenses Paid During Period(a)
| 0.56 | | 0.20 | | 0.46 | | 0.46 |
| (a) | Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 183, then divided by 366. |
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
March 31, 2020 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program. The program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds’ liquidity risk management program. At a board meeting during the fiscal period, SSGA FM provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation, including:
| • | the program supported each Fund’s ability to honor redemption requests timely; |
| • | the program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions; |
| • | no material liquidity issues were identified during the period; |
| • | there were no material changes to the program during the period; |
| • | the implementation of the program was effective to manage each Fund’s liquidity risk; and |
| • | the program operated adequately during the period. |
There can be no assurance that the program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found atwww.spdrs.com.
SPDR INDEX SHARES FUNDS
OTHER INFORMATION (continued)
March 31, 2020 (Unaudited)
Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC’s website 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 as an exhibit on Form N-PORT, which can be found on the SEC's website atwww.sec.gov. The Funds’ schedules of investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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
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
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.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., or 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
© 2020 State Street Corporation - All Rights Reserved
0515 Exp. Date: 11/30/2020 SPDRPTSAR
Item 2. Code of Ethics.
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. Audit Committee of Listed Registrants.
Not applicable to the registrant; this FormN-CSR is a Semi-Annual Report.
Item 6. Investments.
| (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 reports to shareholders filed under Item 1 of this FormN-CSR. |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.2% | | | | |
| ARGENTINA — 0.0% (a) | | | | | |
Globant SA (b)
| | | 2,940 | | $258,367 |
Grupo Financiero Galicia SA ADR
| | | 12,061 | | 85,030 |
| | | | | | 343,397 |
| AUSTRALIA — 4.0% | | | | | |
Alumina, Ltd.
| | | 525,633 | | 469,702 |
AMP, Ltd. (b)
| | | 257,166 | | 210,127 |
Australia & New Zealand Banking Group, Ltd.
| | | 230,996 | | 2,397,824 |
BHP Group PLC
| | | 139,887 | | 2,171,630 |
BHP Group, Ltd. (c)
| | | 228,810 | | 4,058,452 |
Boral, Ltd.
| | | 259,852 | | 326,037 |
Brambles, Ltd.
| | | 175,845 | | 1,136,530 |
Coca-Cola Amatil, Ltd.
| | | 145,075 | | 784,932 |
Coles Group, Ltd.
| | | 91,235 | | 846,540 |
Commonwealth Bank of Australia
| | | 132,515 | | 5,013,962 |
CSL, Ltd.
| | | 39,574 | | 7,185,967 |
Fortescue Metals Group, Ltd.
| | | 158,437 | | 969,714 |
Insurance Australia Group, Ltd.
| | | 267,555 | | 1,015,294 |
LendLease Group Stapled Security
| | | 93,249 | | 587,853 |
Macquarie Group, Ltd.
| | | 36,091 | | 1,894,175 |
Medibank Pvt, Ltd.
| | | 212,284 | | 345,610 |
National Australia Bank, Ltd.
| | | 208,610 | | 2,129,699 |
Newcrest Mining, Ltd.
| | | 57,227 | | 807,345 |
Origin Energy, Ltd.
| | | 216,123 | | 579,378 |
QBE Insurance Group, Ltd.
| | | 85,132 | | 448,103 |
Santos, Ltd.
| | | 175,787 | | 367,959 |
Scentre Group REIT
| | | 204,994 | | 196,355 |
Sonic Healthcare, Ltd.
| | | 86,910 | | 1,294,193 |
South32, Ltd. (c)(d)
| | | 157,045 | | 176,229 |
South32, Ltd. (d)
| | | 280,808 | | 303,348 |
Suncorp Group, Ltd.
| | | 176,656 | | 987,157 |
Sydney Airport Stapled Security
| | | 72,244 | | 247,173 |
Telstra Corp., Ltd.
| | | 309,941 | | 582,377 |
Transurban Group Stapled Security
| | | 183,190 | | 1,349,943 |
Vicinity Centres REIT
| | | 449,116 | | 284,502 |
Wesfarmers, Ltd.
| | | 91,235 | | 1,913,650 |
Westpac Banking Corp.
| | | 270,669 | | 2,733,440 |
Woodside Petroleum, Ltd.
| | | 71,413 | | 795,929 |
Woolworths Group, Ltd.
| | | 114,804 | | 2,466,330 |
| | | | | | 47,077,459 |
| AUSTRIA — 0.2% | | | | | |
Erste Group Bank AG
| | | 45,841 | | 849,300 |
OMV AG
| | | 22,727 | | 627,420 |
Raiffeisen Bank International AG
| | | 27,356 | | 401,469 |
| | | | | | 1,878,189 |
| BELGIUM — 0.7% | | | | | |
Ageas
| | | 35,967 | | 1,496,111 |
| Security Description | | | Shares | | Value |
Anheuser-Busch InBev SA
| | | 61,579 | | $2,734,460 |
KBC Group NV
| | | 29,431 | | 1,356,959 |
Solvay SA
| | | 11,404 | | 830,616 |
UCB SA
| | | 15,217 | | 1,319,052 |
| | | | | | 7,737,198 |
| BRAZIL — 1.2% | | | | | |
Ambev SA ADR
| | | 453,554 | | 1,043,174 |
B3 SA - Brasil Bolsa Balcao
| | | 158,638 | | 1,098,042 |
Banco Bradesco SA ADR
| | | 425,065 | | 1,725,764 |
Banco do Brasil SA
| | | 65,746 | | 353,537 |
BB Seguridade Participacoes SA
| | | 57,073 | | 273,448 |
Braskem SA Class A, Preference Shares
| | | 35,263 | | 117,076 |
BRF SA (b)
| | | 44,013 | | 128,052 |
Centrais Eletricas Brasileiras SA
| | | 9,654 | | 44,411 |
Cia Energetica de Minas Gerais ADR
| | | 182,820 | | 310,794 |
Cia Siderurgica Nacional SA ADR (c)
| | | 140,112 | | 183,547 |
Cielo SA
| | | 84,857 | | 72,642 |
Cogna Educacao
| | | 132,305 | | 102,036 |
Embraer SA (b)
| | | 61,249 | | 112,659 |
Gerdau SA ADR (c)
| | | 104,843 | | 200,250 |
Itau Unibanco Holding SA Preference Shares ADR
| | | 435,837 | | 1,956,908 |
JBS SA
| | | 59,307 | | 232,581 |
Lojas Renner SA
| | | 120,292 | | 778,352 |
Magazine Luiza SA
| | | 84,972 | | 638,773 |
Natura & Co. Holding SA
| | | 58,644 | | 291,038 |
Petroleo Brasileiro SA Preference Shares ADR
| | | 263,240 | | 1,418,864 |
Porto Seguro SA
| | | 11,112 | | 96,239 |
Raia Drogasil SA
| | | 31,732 | | 623,126 |
Sul America SA
| | | 60,108 | | 391,711 |
Suzano SA
| | | 42,410 | | 292,649 |
TIM Participacoes SA ADR (c)
| | | 23,317 | | 283,535 |
Vale SA ADR
| | | 243,015 | | 2,014,594 |
| | | | | | 14,783,802 |
| CANADA — 6.4% | | | | | |
Agnico Eagle Mines, Ltd.
| | | 13,595 | | 536,598 |
Alimentation Couche-Tard, Inc. Class B
| | | 45,860 | | 1,068,085 |
Aurora Cannabis, Inc. (b)(c)
| | | 58,350 | | 51,653 |
Bank of Montreal
| | | 54,588 | | 2,725,277 |
Bank of Nova Scotia
| | | 85,589 | | 3,455,791 |
Barrick Gold Corp.
| | | 128,543 | | 2,335,421 |
Bausch Health Cos., Inc. (b)
| | | 28,208 | | 432,231 |
BlackBerry, Ltd. (b)
| | | 45,782 | | 185,592 |
Bombardier, Inc. Class B (b)(c)
| | | 289,732 | | 92,618 |
Brookfield Asset Management, Inc. Class A (c)
| | | 85,193 | | 3,733,684 |
CAE, Inc.
| | | 51,571 | | 644,569 |
Cameco Corp.
| | | 38,006 | | 286,510 |
Canadian Imperial Bank of Commerce
| | | 33,801 | | 1,947,295 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Canadian National Railway Co.
| | | 63,578 | | $4,914,805 |
Canadian Natural Resources, Ltd. (c)
| | | 97,418 | | 1,317,523 |
Canadian Pacific Railway, Ltd.
| | | 12,493 | | 2,725,753 |
Canadian Tire Corp., Ltd. Class A (c)
| | | 11,079 | | 661,152 |
Canopy Growth Corp. (b)(c)
| | | 12,061 | | 173,371 |
Cenovus Energy, Inc. (c)
| | | 85,063 | | 169,726 |
CGI, Inc. (b)
| | | 11,853 | | 634,475 |
Constellation Software, Inc.
| | | 1,374 | | 1,234,674 |
Dollarama, Inc.
| | | 18,569 | | 509,315 |
Enbridge, Inc.
| | | 104,053 | | 2,995,814 |
Fairfax Financial Holdings, Ltd.
| | | 1,239 | | 375,552 |
First Quantum Minerals, Ltd.
| | | 60,989 | | 308,084 |
Franco-Nevada Corp.
| | | 12,877 | | 1,272,094 |
George Weston, Ltd.
| | | 5,176 | | 365,940 |
Gildan Activewear, Inc.
| | | 49,063 | | 618,393 |
H&R Real Estate Investment Trust
| | | 35,015 | | 219,682 |
Husky Energy, Inc. (c)
| | | 38,610 | | 96,027 |
IGM Financial, Inc.
| | | 19,568 | | 321,012 |
Imperial Oil, Ltd. (c)
| | | 43,135 | | 482,157 |
Kinross Gold Corp. (b)
| | | 116,306 | | 461,678 |
Kirkland Lake Gold, Ltd.
| | | 14,325 | | 417,165 |
Loblaw Cos., Ltd.
| | | 38,431 | | 1,958,878 |
Magna International, Inc.
| | | 16,666 | | 525,851 |
Manulife Financial Corp.
| | | 135,156 | | 1,677,877 |
National Bank of Canada
| | | 41,331 | | 1,579,368 |
Nutrien, Ltd. (c)
| | | 64,721 | | 2,187,605 |
Onex Corp.
| | | 6,725 | | 243,373 |
Open Text Corp. (c)
| | | 19,568 | | 676,532 |
Pembina Pipeline Corp.
| | | 2,852 | | 52,898 |
PrairieSky Royalty, Ltd. (c)
| | | 18,385 | | 95,971 |
Restaurant Brands International, Inc.
| | | 16,682 | | 664,655 |
Rogers Communications, Inc. Class B
| | | 45,781 | | 1,889,329 |
Royal Bank of Canada
| | | 108,108 | | 6,620,841 |
Shaw Communications, Inc. Class B
| | | 50,595 | | 811,525 |
Shopify, Inc. Class A (b)(c)
| | | 6,980 | | 2,891,452 |
SmartCentres Real Estate Investment Trust
| | | 35,220 | | 466,185 |
Sun Life Financial, Inc. (c)
| | | 54,547 | | 1,734,881 |
Suncor Energy, Inc.
| | | 115,115 | | 1,816,477 |
TC Energy Corp.
| | | 59,032 | | 2,594,198 |
Teck Resources, Ltd. Class B
| | | 41,162 | | 308,567 |
TELUS Corp.
| | | 65,002 | | 1,016,120 |
Thomson Reuters Corp.
| | | 26,524 | | 1,786,715 |
Toronto-Dominion Bank
| | | 136,520 | | 5,738,569 |
West Fraser Timber Co., Ltd.
| | | 6,732 | | 126,945 |
Wheaton Precious Metals Corp.
| | | 30,877 | | 840,177 |
| | | | | | 76,074,705 |
| CHILE — 0.2% | | | | | |
Embotelladora Andina SA Class B, Preference Shares
| | | 49,050 | | 109,228 |
| Security Description | | | Shares | | Value |
Enel Americas SA ADR
| | | 193,752 | | $1,174,137 |
Enel Chile SA ADR
| | | 228,344 | | 758,102 |
Sociedad Quimica y Minera de Chile SA ADR
| | | 11,242 | | 253,507 |
| | | | | | 2,294,974 |
| CHINA — 10.1% | | | | | |
3SBio, Inc. (b)(e)
| | | 221,000 | | 230,098 |
51job, Inc. ADR (b)
| | | 2,566 | | 157,527 |
58.com, Inc. ADR (b)
| | | 8,709 | | 424,302 |
AAC Technologies Holdings, Inc. (c)
| | | 73,000 | | 378,614 |
Agile Group Holdings, Ltd.
| | | 130,000 | | 140,719 |
Agricultural Bank of China, Ltd. Class H
| | | 2,188,000 | | 877,921 |
Air China, Ltd. Class H (c)
| | | 136,000 | | 87,732 |
Alibaba Group Holding, Ltd. ADR (b)
| | | 106,345 | | 20,681,976 |
Alibaba Health Information Technology, Ltd. (b)
| | | 306,000 | | 511,652 |
Anhui Conch Cement Co., Ltd. Class H
| | | 33,500 | | 232,744 |
ANTA Sports Products, Ltd.
| | | 67,000 | | 492,285 |
Asymchem Laboratories Tianjin Co., Ltd. Class A
| | | 8,300 | | 201,042 |
Autobio Diagnostics Co., Ltd. Class A
| | | 7,300 | | 119,971 |
Autohome, Inc. ADR (b)
| | | 5,500 | | 390,610 |
AviChina Industry & Technology Co., Ltd. Class H
| | | 592,000 | | 228,371 |
Baidu, Inc. ADR (b)
| | | 19,748 | | 1,990,401 |
Bank of Chengdu Co., Ltd. Class A
| | | 67,000 | | 71,176 |
Bank of China, Ltd. Class H
| | | 5,988,436 | | 2,294,657 |
Bank of Communications Co., Ltd. Class H
| | | 1,192,710 | | 730,931 |
Beijing Enterprises Water Group, Ltd.
| | | 372,000 | | 145,423 |
Beijing Shunxin Agriculture Co., Ltd. Class A
| | | 25,100 | | 217,388 |
Beijing Sinnet Technology Co., Ltd. Class A
| | | 73,200 | | 247,126 |
Beijing Tiantan Biological Products Corp., Ltd. Class A
| | | 94,524 | | 485,142 |
Beijing Tongrentang Co., Ltd. Class A
| | | 15,600 | | 55,791 |
BOC Hong Kong Holdings, Ltd.
| | | 176,500 | | 488,450 |
Brilliance China Automotive Holdings, Ltd.
| | | 278,000 | | 228,830 |
BYD Co., Ltd. Class H (c)
| | | 34,000 | | 177,657 |
Centre Testing International Group Co., Ltd. Class A
| | | 153,000 | | 331,332 |
CGN Power Co., Ltd. Class H (e)
| | | 158,400 | | 36,377 |
Changchun High & New Technology Industry Group, Inc. Class A
| | | 600 | | 46,387 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
China CITIC Bank Corp., Ltd. Class H
| | | 575,000 | | $284,128 |
China Common Rich Renewable Energy Investment, Ltd. (b)(c)(f)
| | | 448,000 | | — |
China Communications Construction Co., Ltd. Class H
| | | 386,000 | | 268,924 |
China Conch Venture Holdings, Ltd.
| | | 42,500 | | 189,720 |
China Construction Bank Corp. Class H
| | | 4,945,720 | | 4,045,448 |
China Enterprise Co., Ltd. Class A
| | | 310,800 | | 186,790 |
China Everbright Bank Co., Ltd. Class H
| | | 36,000 | | 13,795 |
China Everbright International, Ltd.
| | | 148,628 | | 85,331 |
China Evergrande Group (c)
| | | 216,000 | | 358,379 |
China Galaxy Securities Co., Ltd. Class H
| | | 204,500 | | 99,204 |
China Greatwall Technology Group Co., Ltd. Class A
| | | 74,100 | | 124,821 |
China Jinmao Holdings Group, Ltd.
| | | 310,000 | | 200,777 |
China Life Insurance Co., Ltd. Class H
| | | 603,000 | | 1,180,965 |
China Mengniu Dairy Co., Ltd.
| | | 448,000 | | 1,557,703 |
China Merchants Bank Co., Ltd. Class H
| | | 473,514 | | 2,138,202 |
China Merchants Port Holdings Co., Ltd.
| | | 403,366 | | 461,085 |
China Minsheng Banking Corp., Ltd. Class H (c)
| | | 366,700 | | 272,509 |
China National Software & Service Co., Ltd. Class A
| | | 14,100 | | 143,542 |
China Oilfield Services, Ltd. Class H
| | | 268,000 | | 207,114 |
China Overseas Land & Investment, Ltd.
| | | 350,000 | | 1,086,003 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 198,400 | | 600,250 |
China Petroleum & Chemical Corp. Class H
| | | 2,429,800 | | 1,197,517 |
China Railway Construction Corp., Ltd. Class H
| | | 113,000 | | 126,545 |
China Railway Group, Ltd. Class H
| | | 228,000 | | 121,488 |
China Resources Beer Holdings Co., Ltd.
| | | 329,670 | | 1,505,673 |
China Shenhua Energy Co., Ltd. Class H
| | | 201,500 | | 383,715 |
China South Publishing & Media Group Co., Ltd. Class A
| | | 57,300 | | 85,931 |
China Southern Airlines Co., Ltd. Class H (c)
| | | 156,000 | | 67,022 |
China Taiping Insurance Holdings Co., Ltd.
| | | 146,000 | | 239,224 |
| Security Description | | | Shares | | Value |
China Telecom Corp., Ltd. Class H
| | | 1,922,000 | | $582,732 |
China TransInfo Technology Co., Ltd. Class A
| | | 53,700 | | 154,550 |
China Unicom Hong Kong, Ltd.
| | | 808,000 | | 465,979 |
China Vanke Co., Ltd. Class H
| | | 73,400 | | 241,955 |
China Yangtze Power Co., Ltd. Class A
| | | 120,400 | | 293,688 |
Chongqing Brewery Co., Ltd. Class A
| | | 30,055 | | 192,969 |
CIFI Holdings Group Co., Ltd.
| | | 323,325 | | 233,601 |
CITIC Securities Co., Ltd. Class H
| | | 102,500 | | 187,785 |
CITIC, Ltd.
| | | 408,000 | | 426,903 |
CNOOC, Ltd.
| | | 1,580,217 | | 1,657,506 |
COSCO SHIPPING Ports, Ltd.
| | | 488,944 | | 235,928 |
Country Garden Holdings Co., Ltd.
| | | 433,757 | | 524,925 |
CRRC Corp., Ltd. Class H
| | | 353,000 | | 179,440 |
CSPC Pharmaceutical Group, Ltd.
| | | 388,000 | | 776,911 |
ENN Energy Holdings, Ltd.
| | | 44,100 | | 427,009 |
Fosun International, Ltd.
| | | 79,500 | | 91,902 |
G-bits Network Technology Xiamen Co., Ltd. Class A
| | | 4,700 | | 272,119 |
GDS Holdings, Ltd. ADR (b)
| | | 6,948 | | 402,776 |
Geely Automobile Holdings, Ltd.
| | | 678,000 | | 1,000,699 |
Genscript Biotech Corp. (b)
| | | 152,000 | | 246,309 |
GF Securities Co., Ltd. Class H
| | | 148,200 | | 158,890 |
Giant Network Group Co., Ltd. Class A
| | | 216,680 | | 507,753 |
GoerTek, Inc. Class A
| | | 97,600 | | 225,955 |
GOME Retail Holdings, Ltd. (b)(c)
| | | 1,584,000 | | 147,142 |
Great Wall Motor Co., Ltd. Class H
| | | 264,500 | | 169,602 |
Guangzhou Automobile Group Co., Ltd. Class H
| | | 179,600 | | 180,506 |
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A
| | | 29,400 | | 233,476 |
Haitong Securities Co., Ltd. Class H
| | | 160,000 | | 146,357 |
Hangzhou Tigermed Consulting Co., Ltd. Class A
| | | 14,000 | | 126,506 |
Hengan International Group Co., Ltd.
| | | 84,500 | | 636,129 |
Huadian Power International Corp., Ltd. Class A
| | | 74,600 | | 36,310 |
Hualan Biological Engineering, Inc. Class A
| | | 45,200 | | 305,576 |
Huaneng Power International, Inc. Class H
| | | 872,000 | | 327,384 |
Huatai Securities Co., Ltd. Class H (e)
| | | 151,400 | | 225,023 |
Huaxi Securities Co., Ltd. Class A
| | | 14,000 | | 20,778 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Huazhu Group, Ltd. ADR (c)
| | | 12,464 | | $358,091 |
Hubei Energy Group Co., Ltd. Class A
| | | 286,300 | | 142,984 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 5,249,045 | | 3,596,025 |
Jafron Biomedical Co., Ltd. Class A
| | | 13,200 | | 176,299 |
JD.com, Inc. ADR (b)
| | | 54,163 | | 2,193,601 |
Jiangsu Expressway Co., Ltd. Class H
| | | 14,000 | | 15,624 |
Jiangsu King's Luck Brewery JSC, Ltd. Class A
| | | 22,300 | | 88,562 |
Jiangxi Zhengbang Technology Co., Ltd. Class A
| | | 27,800 | | 74,754 |
Jinke Properties Group Co., Ltd. Class A
| | | 739,200 | | 830,117 |
Jinyu Bio-Technology Co., Ltd. Class A
| | | 86,000 | | 258,672 |
Jointown Pharmaceutical Group Co., Ltd. Class A
| | | 132,400 | | 317,542 |
JOYY, Inc. ADR (b)(c)
| | | 5,075 | | 270,294 |
Kingdee International Software Group Co., Ltd.
| | | 233,000 | | 310,831 |
Kingsoft Corp., Ltd. (b)
| | | 151,000 | | 492,885 |
Kweichow Moutai Co., Ltd. Class A
| | | 5,245 | | 822,098 |
Lenovo Group, Ltd.
| | | 468,000 | | 251,181 |
Lingyi iTech Guangdong Co. Class A (b)
| | | 101,800 | | 118,055 |
Logan Property Holdings Co., Ltd.
| | | 44,000 | | 67,894 |
Luxshare Precision Industry Co., Ltd. Class A
| | | 45,200 | | 243,339 |
Luye Pharma Group, Ltd. (e)
| | | 220,500 | | 107,535 |
Meituan Dianping Class B (b)
| | | 58,700 | | 709,241 |
Momo, Inc. ADR
| | | 15,309 | | 332,052 |
Muyuan Foodstuff Co., Ltd. Class A
| | | 10,900 | | 187,930 |
NanJi E-Commerce Co., Ltd. Class A (b)
| | | 150,900 | | 246,951 |
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. Class A
| | | 27,800 | | 197,983 |
NAURA Technology Group Co., Ltd. Class A
| | | 11,700 | | 191,968 |
NetEase, Inc. ADR
| | | 5,176 | | 1,661,289 |
New China Life Insurance Co., Ltd. Class H
| | | 73,200 | | 228,074 |
New Hope Liuhe Co., Ltd. Class A
| | | 51,600 | | 228,801 |
New Oriental Education & Technology Group, Inc. ADR (b)
| | | 10,312 | | 1,116,171 |
Noah Holdings, Ltd. ADR (b)(c)
| | | 4,525 | | 117,017 |
Ovctek China, Inc. Class A
| | | 48,100 | | 374,855 |
Perfect World Co., Ltd. Class A
| | | 27,200 | | 182,467 |
PetroChina Co., Ltd. Class H
| | | 1,466,000 | | 537,156 |
| Security Description | | | Shares | | Value |
PICC Property & Casualty Co., Ltd. Class H
| | | 661,415 | | $640,005 |
Pinduoduo, Inc. ADR (b)
| | | 10,560 | | 380,477 |
Ping An Insurance Group Co. of China, Ltd. Class H
| | | 377,000 | | 3,703,899 |
Sangfor Technologies, Inc. Class A
| | | 2,900 | | 64,667 |
Seazen Group, Ltd. (b)(c)
| | | 274,000 | | 247,455 |
Semiconductor Manufacturing International Corp. (b)(c)
| | | 172,400 | | 271,359 |
Shandong Gold Mining Co., Ltd. Class A
| | | 32,800 | | 158,905 |
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
| | | 268,000 | | 338,851 |
Shanghai Baosight Software Co., Ltd. Class A
| | | 34,300 | | 192,351 |
Shanghai Electric Group Co., Ltd. Class H
| | | 282,000 | | 74,585 |
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B
| | | 469,989 | | 378,811 |
Shanghai M&G Stationery, Inc. Class A
| | | 14,000 | | 91,448 |
Shanghai Pharmaceuticals Holding Co., Ltd. Class H
| | | 36,300 | | 61,726 |
Shanxi Meijin Energy Co., Ltd. Class A (b)
| | | 192,100 | | 178,327 |
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A
| | | 14,500 | | 184,477 |
Shenergy Co., Ltd. Class A
| | | 220,800 | | 164,474 |
Shengyi Technology Co., Ltd. Class A
| | | 46,000 | | 171,781 |
Shennan Circuits Co., Ltd. Class A
| | | 6,200 | | 172,682 |
Shenzhen Energy Group Co., Ltd. Class A
| | | 226,400 | | 171,839 |
Shenzhen Goodix Technology Co., Ltd. Class A
| | | 2,900 | | 106,693 |
Shenzhen Hepalink Pharmaceutical Group Co., Ltd. Class A
| | | 6,600 | | 19,181 |
Shenzhen Kangtai Biological Products Co., Ltd. Class A
| | | 17,851 | | 288,610 |
Shenzhou International Group Holdings, Ltd.
| | | 21,700 | | 230,693 |
Sichuan Chuantou Energy Co., Ltd. Class A
| | | 114,200 | | 148,224 |
SINA Corp. (b)
| | | 7,566 | | 240,901 |
Sinopec Shanghai Petrochemical Co., Ltd. Class H
| | | 278,000 | | 68,864 |
Sinopharm Group Co., Ltd. Class H
| | | 58,800 | | 132,304 |
Sunac China Holdings, Ltd.
| | | 138,300 | | 640,567 |
Sunny Optical Technology Group Co., Ltd.
| | | 56,200 | | 756,980 |
TAL Education Group ADR (b)
| | | 27,528 | | 1,466,141 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Tech-Bank Food Co., Ltd. Class A (b)
| | | 73,000 | | $120,084 |
Tencent Holdings, Ltd.
| | | 408,000 | | 20,013,366 |
Tingyi Cayman Islands Holding Corp.
| | | 346,000 | | 566,035 |
TravelSky Technology, Ltd. Class H
| | | 56,000 | | 98,838 |
Trip.com Group, Ltd. ADR (b)
| | | 30,584 | | 717,195 |
Tsingtao Brewery Co., Ltd. Class H
| | | 60,000 | | 306,158 |
Venustech Group, Inc. Class A
| | | 8,100 | | 42,282 |
Vipshop Holdings, Ltd. ADR (b)
| | | 49,917 | | 777,707 |
Walvax Biotechnology Co., Ltd. Class A
| | | 112,998 | | 504,714 |
Want Want China Holdings, Ltd.
| | | 173,000 | | 125,438 |
Weibo Corp. ADR (b)(c)
| | | 6,649 | | 220,148 |
Wens Foodstuffs Group Co., Ltd. Class A
| | | 14,400 | | 65,619 |
Will Semiconductor, Ltd. Class A
| | | 6,000 | | 131,966 |
Winning Health Technology Group Co., Ltd. Class A
| | | 65,600 | | 194,074 |
Wuhan Guide Infrared Co., Ltd. Class A
| | | 35,600 | | 169,507 |
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. Class A
| | | 23,000 | | 105,976 |
Wuliangye Yibin Co., Ltd. Class A
| | | 13,800 | | 224,283 |
WuXi AppTec Co., Ltd. Class A
| | | 8,680 | | 110,811 |
Wuxi Biologics Cayman, Inc. (b)(e)
| | | 58,000 | | 752,042 |
Yanzhou Coal Mining Co., Ltd. Class H
| | | 344,000 | | 269,842 |
Yealink Network Technology Corp., Ltd. Class A
| | | 12,700 | | 146,150 |
Yifeng Pharmacy Chain Co., Ltd. Class A
| | | 2,100 | | 27,582 |
Yonyou Network Technology Co., Ltd. Class A
| | | 15,500 | | 88,475 |
Yum China Holdings, Inc.
| | | 25,434 | | 1,084,251 |
Yunda Holding Co., Ltd. Class A
| | | 8,900 | | 38,685 |
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. Class A
| | | 15,100 | | 94,990 |
Zhongjin Gold Corp., Ltd. Class A
| | | 94,300 | | 107,362 |
Zhuzhou CRRC Times Electric Co., Ltd. Class H
| | | 78,100 | | 231,250 |
Zijin Mining Group Co., Ltd. Class H
| | | 1,466,000 | | 552,287 |
ZTE Corp. Class H (b)(c)
| | | 69,000 | | 214,098 |
| | | | | | 118,874,340 |
| COLOMBIA — 0.1% | | | | | |
Bancolombia SA ADR
| | | 34,858 | | 870,056 |
| Security Description | | | Shares | | Value |
| DENMARK — 1.4% | | | | | |
AP Moller - Maersk A/S Class B
| | | 869 | | $778,430 |
Danske Bank A/S
| | | 66,519 | | 752,163 |
DSV Panalpina A/S
| | | 25,257 | | 2,295,888 |
Genmab A/S (b)
| | | 5,284 | | 1,069,884 |
Novo Nordisk A/S Class B
| | | 142,097 | | 8,548,845 |
Novozymes A/S Class B
| | | 14,424 | | 656,003 |
Pandora A/S
| | | 8,725 | | 283,401 |
Vestas Wind Systems A/S
| | | 19,948 | | 1,620,878 |
| | | | | | 16,005,492 |
| EGYPT — 0.1% | | | | | |
Commercial International Bank Egypt SAE
| | | 240,477 | | 897,893 |
| FINLAND — 0.8% | | | | | |
Elisa Oyj
| | | 10,434 | | 646,623 |
Fortum Oyj
| | | 11,521 | | 169,079 |
Kone Oyj Class B
| | | 30,946 | | 1,752,783 |
Metso Oyj
| | | 25,853 | | 616,136 |
Neste Oyj
| | | 27,981 | | 947,162 |
Nokia Oyj (d)
| | | 207,778 | | 654,088 |
Nokia Oyj (d)
| | | 110,083 | | 344,912 |
Nordea Bank Abp (d)
| | | 214,925 | | 1,216,528 |
Nordea Bank Abp (d)
| | | 3,306 | | 18,620 |
Sampo Oyj Class A
| | | 32,692 | | 954,894 |
Stora Enso Oyj Class R
| | | 68,902 | | 699,023 |
UPM-Kymmene Oyj (c)
| | | 59,696 | | 1,643,432 |
Wartsila OYJ Abp
| | | 32,501 | | 238,577 |
| | | | | | 9,901,857 |
| FRANCE — 6.9% | | | | | |
Accor SA
| | | 24,583 | | 674,343 |
Air Liquide SA
| | | 39,887 | | 5,105,307 |
Airbus SE
| | | 43,454 | | 2,829,326 |
Alstom SA
| | | 20,919 | | 875,442 |
AXA SA
| | | 126,392 | | 2,189,538 |
BNP Paribas SA
| | | 76,973 | | 2,323,458 |
Bouygues SA
| | | 23,702 | | 694,908 |
Capgemini SE
| | | 15,412 | | 1,302,133 |
Carrefour SA
| | | 68,300 | | 1,080,292 |
Cie de Saint-Gobain
| | | 35,452 | | 862,212 |
Cie Generale des Etablissements Michelin SCA
| | | 11,995 | | 1,066,873 |
Credit Agricole SA
| | | 78,909 | | 579,240 |
Danone SA
| | | 49,092 | | 3,158,715 |
Dassault Systemes SE
| | | 9,009 | | 1,334,492 |
Edenred
| | | 11,960 | | 499,859 |
Electricite de France SA
| | | 6,640 | | 52,355 |
Engie SA
| | | 92,049 | | 950,620 |
EssilorLuxottica SA
| | | 20,835 | | 2,246,800 |
Hermes International
| | | 1,018 | | 702,370 |
ICADE REIT
| | | 668 | | 52,883 |
Kering SA
| | | 6,101 | | 3,185,829 |
Klepierre SA REIT
| | | 3,460 | | 66,704 |
Legrand SA
| | | 19,714 | | 1,264,992 |
L'Oreal SA
| | | 20,254 | | 5,309,244 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
LVMH Moet Hennessy Louis Vuitton SE
| | | 20,910 | | $7,765,230 |
Orange SA
| | | 170,821 | | 2,087,071 |
Pernod Ricard SA
| | | 18,182 | | 2,582,554 |
Peugeot SA (c)
| | | 34,298 | | 457,811 |
Publicis Groupe SA
| | | 26,527 | | 760,269 |
Renault SA
| | | 6,765 | | 131,445 |
Safran SA
| | | 22,254 | | 1,956,875 |
Sanofi
| | | 86,872 | | 7,638,972 |
Schneider Electric SE
| | | 47,808 | | 4,122,098 |
Societe Generale SA
| | | 61,587 | | 1,037,162 |
Sodexo SA
| | | 12,401 | | 838,736 |
TOTAL SA
| | | 167,670 | | 6,510,910 |
Unibail-Rodamco-Westfield
| | | 49,949 | | 131,762 |
Unibail-Rodamco-Westfield REIT
| | | 236 | | 13,352 |
Unibail-Rodamco-Westfield REIT (c)
| | | 6,659 | | 376,728 |
Valeo SA
| | | 16,826 | | 281,551 |
Veolia Environnement SA
| | | 42,107 | | 899,782 |
Vinci SA
| | | 40,978 | | 3,390,220 |
Vivendi SA
| | | 91,957 | | 1,970,070 |
| | | | | | 81,360,533 |
| GERMANY — 5.2% | | | | | |
Adidas AG
| | | 14,939 | | 3,375,077 |
Allianz SE
| | | 31,801 | | 5,474,117 |
BASF SE
| | | 71,242 | | 3,372,658 |
Bayer AG
| | | 70,241 | | 4,073,253 |
Bayerische Motoren Werke AG
| | | 25,357 | | 1,310,880 |
Commerzbank AG
| | | 52,886 | | 191,990 |
Continental AG
| | | 6,872 | | 494,719 |
Covestro AG (e)
| | | 12,256 | | 374,793 |
Daimler AG
| | | 60,737 | | 1,834,035 |
Deutsche Bank AG
| | | 129,989 | | 851,361 |
Deutsche Boerse AG
| | | 22,789 | | 3,125,655 |
Deutsche Lufthansa AG
| | | 26,890 | | 252,622 |
Deutsche Post AG
| | | 94,293 | | 2,563,297 |
Deutsche Telekom AG
| | | 265,335 | | 3,439,515 |
E.ON SE
| | | 169,524 | | 1,756,123 |
Fresenius Medical Care AG & Co. KGaA
| | | 19,875 | | 1,312,833 |
Fresenius SE & Co. KGaA
| | | 29,730 | | 1,106,839 |
Henkel AG & Co. KGaA Preference Shares
| | | 7,506 | | 602,872 |
Infineon Technologies AG
| | | 46,352 | | 683,046 |
Merck KGaA
| | | 20,000 | | 2,054,492 |
METRO AG
| | | 17,959 | | 155,043 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 14,760 | | 2,981,576 |
Puma SE
| | | 5,998 | | 358,023 |
RWE AG
| | | 43,725 | | 1,149,535 |
SAP SE
| | | 78,508 | | 8,855,494 |
Siemens AG
| | | 61,214 | | 5,203,434 |
Thyssenkrupp AG (b)
| | | 35,806 | | 187,326 |
TUI AG
| | | 28,557 | | 128,465 |
| Security Description | | | Shares | | Value |
United Internet AG
| | | 5,900 | | $173,950 |
Volkswagen AG
| | | 5,061 | | 674,157 |
Volkswagen AG Preference Shares
| | | 9,742 | | 1,142,057 |
Vonovia SE
| | | 24,992 | | 1,230,173 |
Wirecard AG
| | | 8,549 | | 981,658 |
| | | | | | 61,471,068 |
| GREECE — 0.1% | | | | | |
Alpha Bank AE (b)
| | | 140,488 | | 108,059 |
Hellenic Telecommunications Organization SA
| | | 2,673 | | 32,204 |
JUMBO SA
| | | 29,785 | | 402,637 |
OPAP SA
| | | 49,168 | | 373,871 |
| | | | | | 916,771 |
| HONG KONG — 3.2% | | | | | |
AIA Group, Ltd.
| | | 929,400 | | 8,411,592 |
Alibaba Pictures Group, Ltd. (b)
| | | 920,000 | | 118,696 |
ASM Pacific Technology, Ltd.
| | | 9,200 | | 86,173 |
Bank of East Asia, Ltd.
| | | 373,669 | | 804,139 |
China Everbright, Ltd.
| | | 44,000 | | 64,942 |
China First Capital Group, Ltd. (b)
| | | 266,000 | | 6,143 |
China Gas Holdings, Ltd.
| | | 72,400 | | 252,203 |
China Huishan Dairy Holdings Co., Ltd. (b)(c)(f)
| | | 1,418,000 | | — |
China Mobile, Ltd.
| | | 479,500 | | 3,566,447 |
China Resources Land, Ltd.
| | | 132,000 | | 544,969 |
China Traditional Chinese Medicine Holdings Co., Ltd.
| | | 374,000 | | 170,331 |
CK Asset Holdings, Ltd.
| | | 226,032 | | 1,237,928 |
CK Hutchison Holdings, Ltd.
| | | 269,532 | | 1,818,695 |
CLP Holdings, Ltd.
| | | 105,000 | | 968,597 |
Galaxy Entertainment Group, Ltd.
| | | 154,000 | | 821,569 |
Haier Electronics Group Co., Ltd.
| | | 103,000 | | 274,413 |
Hang Lung Properties, Ltd.
| | | 408,000 | | 828,539 |
Hang Seng Bank, Ltd.
| | | 58,000 | | 991,498 |
Henderson Land Development Co., Ltd.
| | | 245,317 | | 935,261 |
Hong Kong & China Gas Co., Ltd.
| | | 707,554 | | 1,166,644 |
Hong Kong Exchanges & Clearing, Ltd.
| | | 104,090 | | 3,139,796 |
Jardine Matheson Holdings, Ltd.
| | | 3,200 | | 160,000 |
Jardine Strategic Holdings, Ltd.
| | | 1,000 | | 22,200 |
Link REIT
| | | 308,086 | | 2,611,471 |
Melco Resorts & Entertainment, Ltd. ADR
| | | 11,020 | | 136,648 |
New World Development Co., Ltd.
| | | 850,406 | | 915,040 |
Sands China, Ltd.
| | | 232,800 | | 853,000 |
Sino Biopharmaceutical, Ltd.
| | | 938,000 | | 1,236,806 |
SJM Holdings, Ltd.
| | | 149,000 | | 125,915 |
SSY Group, Ltd.
| | | 280,000 | | 218,917 |
Sun Art Retail Group, Ltd.
| | | 220,500 | | 327,156 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Sun Hung Kai Properties, Ltd.
| | | 191,185 | | $2,520,882 |
Swire Pacific, Ltd. Class A
| | | 98,006 | | 631,591 |
Techtronic Industries Co., Ltd.
| | | 181,500 | | 1,177,857 |
WH Group, Ltd. (e)
| | | 367,601 | | 343,845 |
Wharf Holdings, Ltd. (c)
| | | 6,000 | | 10,636 |
Wharf Real Estate Investment Co., Ltd. (c)
| | | 6,000 | | 24,694 |
Wheelock & Co., Ltd.
| | | 6,000 | | 40,950 |
| | | | | | 37,566,183 |
| HUNGARY — 0.1% | | | | | |
MOL Hungarian Oil & Gas PLC
| | | 82,935 | | 486,910 |
OTP Bank Nyrt
| | | 24,358 | | 703,912 |
| | | | | | 1,190,822 |
| INDIA — 2.1% | | | | | |
Adani Ports & Special Economic Zone, Ltd.
| | | 53,817 | | 178,770 |
Ambuja Cements, Ltd.
| | | 138,787 | | 285,641 |
Aurobindo Pharma, Ltd.
| | | 31,180 | | 170,282 |
Axis Bank, Ltd.
| | | 104,729 | | 524,675 |
Bajaj Auto, Ltd.
| | | 6,362 | | 170,072 |
Bajaj Finance, Ltd.
| | | 19,167 | | 561,395 |
Bajaj Finserv, Ltd.
| | | 2,132 | | 129,389 |
Bharat Forge, Ltd.
| | | 10,344 | | 32,125 |
Bharat Petroleum Corp., Ltd.
| | | 49,587 | | 207,718 |
Bharti Airtel, Ltd. (b)
| | | 89,258 | | 520,201 |
Bharti Infratel, Ltd.
| | | 74,400 | | 157,354 |
Bosch, Ltd.
| | | 154 | | 19,126 |
Dabur India, Ltd.
| | | 65,537 | | 389,880 |
Dr Reddy's Laboratories, Ltd. ADR
| | | 19,539 | | 788,008 |
Eicher Motors, Ltd.
| | | 1,077 | | 186,438 |
Godrej Consumer Products, Ltd.
| | | 42,448 | | 292,250 |
HCL Technologies, Ltd.
| | | 86,933 | | 501,480 |
Hindalco Industries, Ltd.
| | | 60,215 | | 76,173 |
Hindustan Petroleum Corp., Ltd.
| | | 60,958 | | 153,178 |
Hindustan Unilever, Ltd.
| | | 80,467 | | 2,444,816 |
Housing Development Finance Corp., Ltd.
| | | 103,551 | | 2,235,378 |
ICICI Bank, Ltd. ADR
| | | 111,195 | | 945,157 |
Indian Oil Corp., Ltd.
| | | 57,805 | | 62,389 |
Info Edge India, Ltd.
| | | 3,531 | | 94,985 |
Infosys, Ltd. ADR
| | | 340,930 | | 2,799,035 |
ITC, Ltd.
| | | 203,081 | | 460,918 |
LIC Housing Finance, Ltd.
| | | 36,575 | | 113,760 |
Lupin, Ltd.
| | | 24,768 | | 193,050 |
Mahindra & Mahindra Financial Services, Ltd.
| | | 121,234 | | 235,894 |
Mahindra & Mahindra, Ltd., GDR
| | | 69,145 | | 266,900 |
Marico, Ltd.
| | | 103,255 | | 375,138 |
Maruti Suzuki India, Ltd.
| | | 4,690 | | 265,853 |
Motherson Sumi Systems, Ltd.
| | | 29,717 | | 23,981 |
Nestle India, Ltd.
| | | 4,482 | | 965,738 |
Piramal Enterprises, Ltd.
| | | 7,312 | | 90,806 |
REC, Ltd.
| | | 18,434 | | 21,626 |
| Security Description | | | Shares | | Value |
Reliance Industries, Ltd. GDR (e)
| | | 123,661 | | $3,808,759 |
Shree Cement, Ltd.
| | | 2,182 | | 506,087 |
Shriram Transport Finance Co., Ltd.
| | | 29,592 | | 258,422 |
State Bank of India (b)
| | | 30,750 | | 80,014 |
Sun Pharmaceutical Industries, Ltd.
| | | 60,681 | | 282,585 |
Tata Consultancy Services, Ltd.
| | | 54,875 | | 1,324,595 |
Tata Motors, Ltd. ADR (b)
| | | 39,615 | | 186,983 |
Tata Power Co., Ltd.
| | | 357,524 | | 155,247 |
Tech Mahindra, Ltd.
| | | 42,776 | | 319,755 |
United Spirits, Ltd. (b)
| | | 55,962 | | 358,476 |
UPL, Ltd.
| | | 46,486 | | 200,627 |
Vedanta, Ltd.
| | | 70,008 | | 59,874 |
Zee Entertainment Enterprises, Ltd.
| | | 93,651 | | 153,441 |
| | | | | | 24,634,444 |
| INDONESIA — 0.4% | | | | | |
Adaro Energy Tbk PT
| | | 395,400 | | 24,000 |
Astra International Tbk PT
| | | 2,151,600 | | 514,484 |
Bank Central Asia Tbk PT
| | | 694,800 | | 1,176,815 |
Bank Mandiri Persero Tbk PT
| | | 1,647,300 | | 472,677 |
Bank Rakyat Indonesia Persero Tbk PT
| | | 7,112,600 | | 1,316,987 |
Bumi Serpong Damai Tbk PT (b)
| | | 404,100 | | 16,600 |
Charoen Pokphand Indonesia Tbk PT
| | | 1,373,500 | | 416,008 |
Gudang Garam Tbk PT
| | | 99,800 | | 251,489 |
Indah Kiat Pulp & Paper Corp. Tbk PT
| | | 163,100 | | 40,100 |
Telekomunikasi Indonesia Persero Tbk PT
| | | 5,248,300 | | 1,016,838 |
United Tractors Tbk PT
| | | 51,600 | | 53,467 |
| | | | | | 5,299,465 |
| IRELAND — 0.5% | | | | | |
Bank of Ireland Group PLC
| | | 91,443 | | 172,979 |
CRH PLC
| | | 72,243 | | 1,969,826 |
Flutter Entertainment PLC (c)
| | | 6,897 | | 624,641 |
James Hardie Industries PLC
| | | 91,799 | | 1,040,557 |
Kerry Group PLC Class A
| | | 17,210 | | 1,986,563 |
Smurfit Kappa Group PLC
| | | 17,957 | | 506,770 |
| | | | | | 6,301,336 |
| ISRAEL — 0.5% | | | | | |
Bank Hapoalim BM
| | | 225,688 | | 1,359,570 |
Bank Leumi Le-Israel BM
| | | 231,959 | | 1,285,219 |
Check Point Software Technologies, Ltd. (b)
| | | 6,280 | | 631,391 |
Nice, Ltd. (b)
| | | 10,483 | | 1,551,358 |
Teva Pharmaceutical Industries, Ltd. ADR (b)
| | | 74,639 | | 670,258 |
| | | | | | 5,497,796 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| ITALY — 1.2% | | | | | |
Assicurazioni Generali SpA (c)
| | | 92,606 | | $1,261,005 |
Atlantia SpA (c)
| | | 59,749 | | 749,346 |
Enel SpA
| | | 528,634 | | 3,676,898 |
Eni SpA
| | | 182,173 | | 1,842,980 |
Ferrari NV
| | | 13,137 | | 2,040,384 |
Intesa Sanpaolo SpA
| | | 953,668 | | 1,557,481 |
Leonardo SpA
| | | 52,143 | | 347,403 |
Mediobanca Banca di Credito Finanziario SpA
| | | 63,350 | | 349,500 |
Snam SpA
| | | 178,967 | | 825,546 |
Telecom Italia SpA (b)
| | | 1,304,393 | | 532,996 |
UniCredit SpA
| | | 122,258 | | 958,753 |
| | | | | | 14,142,292 |
| JAPAN — 17.3% | | | | | |
Acom Co., Ltd.
| | | 45,000 | | 182,993 |
Aeon Co., Ltd.
| | | 59,000 | | 1,311,111 |
AGC, Inc.
| | | 36,200 | | 891,629 |
Aisin Seiki Co., Ltd.
| | | 26,100 | | 644,068 |
Ajinomoto Co., Inc.
| | | 22,900 | | 426,478 |
Alps Alpine Co., Ltd.
| | | 6,100 | | 59,274 |
Asahi Group Holdings, Ltd.
| | | 58,000 | | 1,885,786 |
Asahi Kasei Corp.
| | | 168,200 | | 1,191,602 |
Astellas Pharma, Inc.
| | | 182,100 | | 2,818,666 |
Bridgestone Corp.
| | | 59,400 | | 1,828,412 |
Canon, Inc.
| | | 77,200 | | 1,686,951 |
Central Japan Railway Co.
| | | 13,400 | | 2,149,859 |
Chiba Bank, Ltd.
| | | 192,800 | | 844,745 |
Chubu Electric Power Co., Inc.
| | | 77,400 | | 1,093,014 |
Concordia Financial Group, Ltd.
| | | 196,600 | | 573,656 |
Credit Saison Co., Ltd.
| | | 58,900 | | 685,271 |
Dai-ichi Life Holdings, Inc.
| | | 56,600 | | 679,221 |
Daiichi Sankyo Co., Ltd.
| | | 48,800 | | 3,360,467 |
Daikin Industries, Ltd.
| | | 15,300 | | 1,866,528 |
Daiwa Securities Group, Inc.
| | | 194,600 | | 755,651 |
Denso Corp.
| | | 41,400 | | 1,338,774 |
Dentsu Group, Inc.
| | | 2,200 | | 42,531 |
East Japan Railway Co.
| | | 39,400 | | 2,983,969 |
Eisai Co., Ltd.
| | | 18,100 | | 1,329,731 |
Electric Power Development Co., Ltd.
| | | 18,100 | | 365,169 |
FANUC Corp.
| | | 14,000 | | 1,900,514 |
Fast Retailing Co., Ltd.
| | | 4,100 | | 1,678,283 |
FUJIFILM Holdings Corp.
| | | 55,600 | | 2,801,245 |
Fujitsu, Ltd.
| | | 18,100 | | 1,635,547 |
Hitachi, Ltd.
| | | 77,400 | | 2,253,422 |
Honda Motor Co., Ltd.
| | | 136,000 | | 3,061,276 |
Hoya Corp.
| | | 41,400 | | 3,528,137 |
Idemitsu Kosan Co., Ltd. (c)
| | | 12,500 | | 286,925 |
Inpex Corp.
| | | 76,800 | | 433,105 |
ITOCHU Corp. (c)
| | | 161,600 | | 3,356,843 |
Japan Real Estate Investment Corp. REIT
| | | 220 | | 1,289,982 |
Japan Retail Fund Investment Corp. REIT
| | | 744 | | 842,173 |
Japan Tobacco, Inc.
| | | 77,500 | | 1,432,912 |
| Security Description | | | Shares | | Value |
JFE Holdings, Inc.
| | | 44,000 | | $286,527 |
JSR Corp.
| | | 41,400 | | 764,302 |
JXTG Holdings, Inc.
| | | 318,908 | | 1,093,601 |
Kajima Corp.
| | | 86,900 | | 892,706 |
Kamigumi Co., Ltd.
| | | 82,700 | | 1,400,358 |
Kansai Electric Power Co., Inc.
| | | 100,300 | | 1,118,161 |
Kao Corp.
| | | 39,300 | | 3,214,478 |
KDDI Corp.
| | | 119,000 | | 3,516,373 |
Keikyu Corp.
| | | 75,611 | | 1,272,615 |
Keyence Corp.
| | | 10,400 | | 3,355,398 |
Kintetsu Group Holdings Co., Ltd.
| | | 32,500 | | 1,505,257 |
Komatsu, Ltd.
| | | 88,700 | | 1,461,284 |
Konica Minolta, Inc.
| | | 100,900 | | 410,311 |
Kose Corp.
| | | 2,200 | | 271,650 |
Kubota Corp.
| | | 120,400 | | 1,540,759 |
Kyocera Corp.
| | | 40,400 | | 2,398,066 |
LIXIL Group Corp.
| | | 41,100 | | 512,061 |
Makita Corp.
| | | 30,500 | | 936,571 |
Marubeni Corp.
| | | 195,600 | | 976,596 |
Marui Group Co., Ltd. (c)
| | | 64,400 | | 1,082,729 |
Mazda Motor Corp. (c)
| | | 15,700 | | 83,186 |
Mebuki Financial Group, Inc.
| | | 234,000 | | 476,865 |
MEIJI Holdings Co., Ltd.
| | | 3,200 | | 227,650 |
Mitsubishi Chemical Holdings Corp.
| | | 196,600 | | 1,170,622 |
Mitsubishi Corp.
| | | 136,900 | | 2,905,899 |
Mitsubishi Electric Corp.
| | | 195,600 | | 2,418,841 |
Mitsubishi Estate Co., Ltd.
| | | 163,418 | | 2,414,448 |
Mitsubishi Heavy Industries, Ltd.
| | | 38,700 | | 979,554 |
Mitsubishi UFJ Financial Group, Inc.
| | | 825,000 | | 3,079,755 |
Mitsui & Co., Ltd.
| | | 192,700 | | 2,683,752 |
Mitsui Chemicals, Inc.
| | | 32,600 | | 619,356 |
Mitsui Fudosan Co., Ltd.
| | | 24,000 | | 415,840 |
Mizuho Financial Group, Inc.
| | | 1,141,500 | | 1,306,928 |
MS&AD Insurance Group Holdings, Inc.
| | | 59,400 | | 1,664,443 |
Murata Manufacturing Co., Ltd.
| | | 52,900 | | 2,681,384 |
NEC Corp.
| | | 17,600 | | 643,157 |
Nexon Co., Ltd.
| | | 19,600 | | 320,448 |
Nidec Corp.
| | | 46,000 | | 2,389,162 |
Nintendo Co., Ltd.
| | | 9,300 | | 3,584,577 |
Nippon Steel Corp.
| | | 65,000 | | 557,186 |
Nippon Telegraph & Telephone Corp.
| | | 115,200 | | 2,748,345 |
Nippon Yusen KK
| | | 13,900 | | 165,582 |
Nissan Motor Co., Ltd.
| | | 196,300 | | 648,424 |
Nitori Holdings Co., Ltd.
| | | 4,100 | | 553,731 |
Nitto Denko Corp.
| | | 18,000 | | 804,502 |
Nomura Holdings, Inc.
| | | 220,200 | | 933,792 |
NTT Data Corp.
| | | 100,900 | | 972,035 |
NTT DOCOMO, Inc.
| | | 121,500 | | 3,800,709 |
Obayashi Corp.
| | | 141,500 | | 1,213,737 |
Ono Pharmaceutical Co., Ltd.
| | | 23,100 | | 531,949 |
Oriental Land Co., Ltd. (c)
| | | 5,800 | | 742,495 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
ORIX Corp.
| | | 159,900 | | $1,926,265 |
Osaka Gas Co., Ltd.
| | | 74,600 | | 1,406,934 |
Otsuka Holdings Co., Ltd.
| | | 13,900 | | 544,772 |
Panasonic Corp.
| | | 197,800 | | 1,511,602 |
Rakuten, Inc.
| | | 54,000 | | 410,171 |
Recruit Holdings Co., Ltd.
| | | 66,200 | | 1,714,559 |
Resona Holdings, Inc.
| | | 59,400 | | 178,935 |
Rohm Co., Ltd.
| | | 15,200 | | 834,940 |
Ryohin Keikaku Co., Ltd.
| | | 14,500 | | 163,059 |
SBI Holdings, Inc.
| | | 18,300 | | 267,495 |
Secom Co., Ltd.
| | | 18,100 | | 1,504,603 |
Seven & i Holdings Co., Ltd.
| | | 60,200 | | 1,994,120 |
Sharp Corp.
| | | 38,000 | | 399,518 |
Shin-Etsu Chemical Co., Ltd.
| | | 32,400 | | 3,220,342 |
Shionogi & Co., Ltd.
| | | 16,300 | | 802,808 |
Shiseido Co., Ltd.
| | | 21,200 | | 1,253,285 |
Shizuoka Bank, Ltd.
| | | 155,600 | | 946,961 |
Showa Denko KK
| | | 4,600 | | 95,319 |
SMC Corp.
| | | 4,200 | | 1,779,908 |
SoftBank Group Corp.
| | | 116,100 | | 4,073,797 |
Sompo Holdings, Inc.
| | | 53,100 | | 1,644,327 |
Sony Corp.
| | | 100,500 | | 5,977,588 |
Subaru Corp.
| | | 21,800 | | 418,714 |
Sumitomo Chemical Co., Ltd.
| | | 196,600 | | 584,582 |
Sumitomo Corp.
| | | 100,800 | | 1,156,882 |
Sumitomo Electric Industries, Ltd.
| | | 77,500 | | 816,961 |
Sumitomo Mitsui Financial Group, Inc.
| | | 63,700 | | 1,547,729 |
Sumitomo Mitsui Trust Holdings, Inc.
| | | 18,000 | | 520,884 |
Suzuki Motor Corp.
| | | 14,600 | | 349,532 |
Sysmex Corp.
| | | 11,600 | | 843,070 |
T&D Holdings, Inc.
| | | 41,100 | | 336,551 |
Takeda Pharmaceutical Co., Ltd.
| | | 112,799 | | 3,456,432 |
TDK Corp.
| | | 16,300 | | 1,265,286 |
Teijin, Ltd.
| | | 65,900 | | 1,117,104 |
Terumo Corp.
| | | 87,700 | | 3,022,037 |
Tohoku Electric Power Co., Inc.
| | | 41,500 | | 400,181 |
Tokio Marine Holdings, Inc.
| | | 59,400 | | 2,723,635 |
Tokyo Electric Power Co. Holdings, Inc. (b)
| | | 136,800 | | 477,732 |
Tokyo Electron, Ltd.
| | | 15,200 | | 2,865,972 |
Tokyo Gas Co., Ltd.
| | | 62,700 | | 1,484,519 |
Tokyu Corp.
| | | 103,800 | | 1,634,570 |
Toppan Printing Co., Ltd.
| | | 100,900 | | 1,547,778 |
Toray Industries, Inc.
| | | 196,600 | | 854,110 |
Toshiba Corp.
| | | 32,200 | | 709,888 |
Toyota Motor Corp.
| | | 169,700 | | 10,219,255 |
Toyota Tsusho Corp.
| | | 49,800 | | 1,174,478 |
West Japan Railway Co.
| | | 18,700 | | 1,281,137 |
Yakult Honsha Co., Ltd.
| | | 3,400 | | 201,251 |
Yamada Denki Co., Ltd.
| | | 119,300 | | 476,294 |
Yamaha Corp.
| | | 25,500 | | 995,623 |
Yamaha Motor Co., Ltd.
| | | 59,500 | | 720,360 |
Z Holdings Corp.
| | | 259,400 | | 836,193 |
| Security Description | | | Shares | | Value |
ZOZO, Inc.
| | | 10,800 | | $145,160 |
| | | | | | 204,079,285 |
| LUXEMBOURG — 0.0% (a) | | | | | |
ArcelorMittal SA
| | | 29,174 | | 277,249 |
SES SA
| | | 25,669 | | 150,628 |
| | | | | | 427,877 |
| MACAU — 0.0% (a) | | | | | |
Wynn Macau, Ltd.
| | | 55,600 | | 84,502 |
| MALAYSIA — 0.3% | | | | | |
AirAsia Group Bhd
| | | 576,200 | | 105,370 |
AMMB Holdings Bhd
| | | 231,100 | | 160,486 |
British American Tobacco Malaysia Bhd
| | | 44,100 | | 105,146 |
CIMB Group Holdings Bhd
| | | 497,677 | | 414,731 |
Dialog Group Bhd
| | | 983,600 | | 692,163 |
Gamuda Bhd
| | | 155,780 | | 102,050 |
Genting Bhd
| | | 204,500 | | 177,517 |
Genting Malaysia Bhd
| | | 515,500 | | 239,851 |
Genting Plantations Bhd
| | | 227,900 | | 501,169 |
Hong Leong Financial Group Bhd
| | | 41,039 | | 129,957 |
Malaysia Airports Holdings Bhd
| | | 169,100 | | 169,100 |
Petronas Chemicals Group Bhd
| | | 17,300 | | 20,223 |
PPB Group Bhd
| | | 148,440 | | 564,210 |
RHB Bank Bhd
| | | 126,810 | | 137,671 |
Tenaga Nasional Bhd
| | | 173,700 | | 483,304 |
Westports Holdings Bhd
| | | 170,900 | | 133,713 |
| | | | | | 4,136,661 |
| MEXICO — 0.6% | | | | | |
America Movil SAB de CV Series L
| | | 2,853,597 | | 1,709,050 |
Cemex SAB de CV Series CPO (c)
| | | 1,685,744 | | 354,262 |
Fomento Economico Mexicano SAB de CV
| | | 268,437 | | 1,638,822 |
Grupo Financiero Banorte SAB de CV Series O
| | | 296,783 | | 822,315 |
Grupo Mexico SAB de CV Class B
| | | 232,940 | | 434,319 |
Grupo Televisa SAB Series CPO (c)
| | | 324,601 | | 377,745 |
Industrias Penoles SAB de CV
| | | 16,758 | | 112,781 |
Kimberly-Clark de Mexico SAB de CV Class A
| | | 326,959 | | 500,628 |
Wal-Mart de Mexico SAB de CV
| | | 310,103 | | 736,948 |
| | | | | | 6,686,870 |
| NETHERLANDS — 3.3% | | | | | |
Akzo Nobel NV
| | | 21,171 | | 1,394,026 |
ASML Holding NV
| | | 31,140 | | 8,284,123 |
Heineken NV (c)
| | | 25,263 | | 2,111,143 |
ING Groep NV
| | | 244,561 | | 1,283,090 |
Koninklijke Ahold Delhaize NV
| | | 123,936 | | 2,894,522 |
Koninklijke DSM NV
| | | 19,923 | | 2,262,564 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Koninklijke KPN NV
| | | 476,574 | | $1,137,876 |
Koninklijke Philips NV
| | | 92,894 | | 3,762,671 |
NXP Semiconductors NV
| | | 20,292 | | 1,682,815 |
Prosus NV (b)
| | | 32,404 | | 2,245,317 |
Royal Dutch Shell PLC Class A
| | | 265,520 | | 4,671,796 |
Royal Dutch Shell PLC Class B
| | | 275,087 | | 4,638,199 |
Wolters Kluwer NV
| | | 36,661 | | 2,581,724 |
| | | | | | 38,949,866 |
| NEW ZEALAND — 0.1% | | | | | |
a2 Milk Co., Ltd. (b)
| | | 57,638 | | 587,394 |
Meridian Energy, Ltd.
| | | 231,195 | | 553,739 |
Spark New Zealand, Ltd.
| | | 168,981 | | 409,237 |
| | | | | | 1,550,370 |
| NORWAY — 0.4% | | | | | |
DNB ASA
| | | 107,236 | | 1,192,249 |
Equinor ASA
| | | 90,822 | | 1,134,302 |
Norsk Hydro ASA
| | | 151,160 | | 325,611 |
Telenor ASA
| | | 77,200 | | 1,116,720 |
Yara International ASA
| | | 19,744 | | 619,150 |
| | | | | | 4,388,032 |
| PERU — 0.1% | | | | | |
Cia de Minas Buenaventura SAA ADR
| | | 19,420 | | 141,572 |
Credicorp, Ltd.
| | | 7,484 | | 1,070,736 |
| | | | | | 1,212,308 |
| PHILIPPINES — 0.2% | | | | | |
Ayala Land, Inc.
| | | 538,000 | | 319,457 |
BDO Unibank, Inc.
| | | 40,747 | | 82,920 |
Globe Telecom, Inc.
| | | 2,880 | | 109,288 |
GT Capital Holdings, Inc.
| | | 8,998 | | 72,005 |
JG Summit Holdings, Inc.
| | | 255,260 | | 262,487 |
Jollibee Foods Corp.
| | | 110,460 | | 231,084 |
Megaworld Corp.
| | | 1,757,600 | | 86,394 |
Metro Pacific Investments Corp.
| | | 3,813,500 | | 181,453 |
PLDT, Inc. ADR (c)
| | | 16,327 | | 335,683 |
SM Prime Holdings, Inc.
| | | 571,900 | | 319,347 |
Universal Robina Corp.
| | | 64,930 | | 132,771 |
| | | | | | 2,132,889 |
| POLAND — 0.1% | | | | | |
Bank Millennium SA (b)
| | | 131,888 | | 102,310 |
CCC SA
| | | 7,850 | | 56,661 |
CD Projekt SA
| | | 6,888 | | 479,432 |
LPP SA
| | | 48 | | 60,441 |
Orange Polska SA (b)
| | | 95,345 | | 136,240 |
Polski Koncern Naftowy ORLEN SA
| | | 18,385 | | 246,550 |
Powszechna Kasa Oszczednosci Bank Polski SA
| | | 49,786 | | 271,135 |
Santander Bank Polska SA
| | | 3,740 | | 156,227 |
| | | | | | 1,508,996 |
| PORTUGAL — 0.1% | | | | | |
EDP - Energias de Portugal SA
| | | 168,203 | | 675,124 |
| Security Description | | | Shares | | Value |
Jeronimo Martins SGPS SA
| | | 21,319 | | $384,569 |
| | | | | | 1,059,693 |
| QATAR — 0.2% | | | | | |
Commercial Bank PQSC
| | | 298,713 | | 319,716 |
Qatar Electricity & Water Co. QSC
| | | 110,823 | | 414,863 |
Qatar National Bank QPSC
| | | 257,877 | | 1,189,875 |
| | | | | | 1,924,454 |
| ROMANIA — 0.0% (a) | | | | | |
NEPI Rockcastle PLC
| | | 27,634 | | 116,044 |
| RUSSIA — 0.8% | | | | | |
Gazprom PJSC ADR
| | | 460,267 | | 2,135,179 |
LUKOIL PJSC ADR
| | | 44,113 | | 2,609,725 |
Magnit PJSC GDR
| | | 8,410 | | 75,370 |
MMC Norilsk Nickel PJSC ADR (c)
| | | 39,361 | | 954,898 |
Mobile TeleSystems PJSC ADR
| | | 93,077 | | 707,385 |
Sberbank of Russia PJSC ADR
| | | 120,102 | | 1,144,572 |
Surgutneftegas PJSC ADR
| | | 129,783 | | 607,384 |
Tatneft PJSC ADR
| | | 37,423 | | 1,581,122 |
| | | | | | 9,815,635 |
| SAUDI ARABIA — 0.5% | | | | | |
Bank AlBilad
| | | 37,916 | | 206,282 |
Bupa Arabia for Cooperative Insurance Co.
| | | 4,296 | | 104,513 |
Co. for Cooperative Insurance (b)
| | | 19,229 | | 310,162 |
Dar Al Arkan Real Estate Development Co. (b)
| | | 230,584 | | 503,271 |
Emaar Economic City (b)
| | | 554,783 | | 1,010,039 |
Etihad Etisalat Co. (b)
| | | 48,224 | | 278,023 |
Jarir Marketing Co.
| | | 25,466 | | 866,264 |
National Commercial Bank
| | | 19,715 | | 182,090 |
Riyad Bank
| | | 76,876 | | 306,113 |
Saudi Airlines Catering Co.
| | | 53,955 | | 1,084,270 |
Saudi Cement Co.
| | | 1,822 | | 23,763 |
Saudi Electricity Co.
| | | 67,245 | | 284,945 |
Saudi Telecom Co.
| | | 20,280 | | 472,318 |
Savola Group (b)
| | | 19,755 | | 187,717 |
| | | | | | 5,819,770 |
| SINGAPORE — 1.0% | | | | | |
CapitaLand, Ltd.
| | | 397,400 | | 795,442 |
DBS Group Holdings, Ltd.
| | | 216,358 | | 2,821,763 |
Singapore Exchange, Ltd.
| | | 397,400 | | 2,564,951 |
Singapore Press Holdings, Ltd. (c)
| | | 594,300 | | 763,823 |
Singapore Telecommunications, Ltd.
| | | 964,700 | | 1,720,924 |
United Overseas Bank, Ltd.
| | | 200,529 | | 2,739,256 |
Venture Corp., Ltd.
| | | 5,700 | | 54,324 |
| | | | | | 11,460,483 |
| SOUTH AFRICA — 1.1% | | | | | |
Anglo American Platinum, Ltd.
| | | 7,362 | | 310,882 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Anglo American PLC
| | | 95,666 | | $1,680,149 |
AngloGold Ashanti, Ltd.
| | | 41,472 | | 740,993 |
Aspen Pharmacare Holdings, Ltd. (b)
| | | 34,494 | | 178,534 |
Bid Corp., Ltd. (c)
| | | 23,089 | | 274,948 |
Bidvest Group, Ltd.
| | | 28,123 | | 230,212 |
Capitec Bank Holdings, Ltd.
| | | 5,139 | | 253,209 |
Discovery, Ltd. (c)
| | | 75,804 | | 330,889 |
Exxaro Resources, Ltd.
| | | 20,836 | | 115,485 |
FirstRand, Ltd.
| | | 321,583 | | 725,092 |
Foschini Group, Ltd.
| | | 30,764 | | 116,562 |
Gold Fields, Ltd.
| | | 76,046 | | 392,919 |
Mr. Price Group, Ltd.
| | | 31,144 | | 198,931 |
MTN Group, Ltd.
| | | 125,089 | | 338,917 |
MultiChoice Group, Ltd. (b)
| | | 32,878 | | 157,892 |
Naspers, Ltd. Class N
| | | 32,404 | | 4,633,282 |
Nedbank Group, Ltd.
| | | 15,579 | | 72,103 |
Old Mutual, Ltd. (c)
| | | 534,473 | | 345,542 |
PSG Group, Ltd.
| | | 16,181 | | 117,000 |
Rand Merchant Investment Holdings, Ltd. (c)
| | | 36,311 | | 44,809 |
Remgro, Ltd.
| | | 38,567 | | 265,326 |
Sanlam, Ltd.
| | | 226,340 | | 647,464 |
Sasol, Ltd. (b)
| | | 43,386 | | 89,711 |
Sibanye Stillwater, Ltd. (b)
| | | 86,025 | | 108,711 |
Standard Bank Group, Ltd.
| | | 130,239 | | 747,234 |
Woolworths Holdings, Ltd.
| | | 61,799 | | 95,501 |
| | | | | | 13,212,297 |
| SOUTH KOREA — 3.4% | | | | | |
Amorepacific Corp.
| | | 626 | | 86,648 |
Amorepacific Corp. Preference Shares
| | | 2,335 | | 114,319 |
AMOREPACIFIC Group
| | | 534 | | 24,302 |
BGF retail Co., Ltd.
| | | 849 | | 92,059 |
Celltrion Healthcare Co., Ltd. (b)
| | | 1,620 | | 119,369 |
Celltrion, Inc. (b)(c)
| | | 8,153 | | 1,533,690 |
CJ CheilJedang Corp.
| | | 2,610 | | 463,104 |
CJ Corp.
| | | 858 | | 45,460 |
Coway Co., Ltd.
| | | 3,478 | | 165,136 |
E-MART, Inc.
| | | 3,056 | | 267,354 |
Hana Financial Group, Inc.
| | | 31,488 | | 597,505 |
Hanmi Pharm Co., Ltd.
| | | 481 | | 103,324 |
HDC Hyundai Development Co-Engineering & Construction Class E (c)
| | | 10,808 | | 138,058 |
Helixmith Co., Ltd. (b)
| | | 1,185 | | 66,874 |
HLB, Inc. (b)
| | | 3,100 | | 229,186 |
Hotel Shilla Co., Ltd.
| | | 3,769 | | 218,273 |
Hyundai Department Store Co., Ltd.
| | | 5,149 | | 248,705 |
Hyundai Engineering & Construction Co., Ltd.
| | | 3,114 | | 70,217 |
Hyundai Heavy Industries Holdings Co., Ltd.
| | | 912 | | 147,961 |
Hyundai Mobis Co., Ltd.
| | | 4,285 | | 596,630 |
| Security Description | | | Shares | | Value |
Hyundai Motor Co.
| | | 12,508 | | $911,373 |
Hyundai Steel Co.
| | | 7,248 | | 106,873 |
KB Financial Group, Inc.
| | | 37,518 | | 1,064,810 |
Kia Motors Corp.
| | | 23,442 | | 500,671 |
Korea Aerospace Industries, Ltd.
| | | 4,952 | | 85,221 |
Korea Electric Power Corp. ADR (b)(c)
| | | 47,961 | | 362,106 |
Korea Shipbuilding & Offshore Engineering Co., Ltd. (b)
| | | 5,181 | | 334,519 |
Korea Zinc Co., Ltd.
| | | 2,734 | | 799,527 |
KT&G Corp.
| | | 15,167 | | 930,689 |
LG Chem, Ltd.
| | | 1,644 | | 411,895 |
LG Chem, Ltd. Preference Shares
| | | 631 | | 76,714 |
LG Electronics, Inc.
| | | 15,130 | | 599,060 |
LG Household & Health Care, Ltd.
| | | 1,334 | | 1,227,322 |
Lotte Chemical Corp.
| | | 2,044 | | 324,058 |
NAVER Corp.
| | | 13,970 | | 1,950,877 |
NCSoft Corp.
| | | 2,262 | | 1,211,504 |
Pearl Abyss Corp. (b)
| | | 858 | | 126,161 |
POSCO ADR
| | | 28,620 | | 934,443 |
Samsung Biologics Co., Ltd. (b)(e)
| | | 625 | | 247,464 |
Samsung C&T Corp.
| | | 4,960 | | 365,068 |
Samsung Electro-Mechanics Co., Ltd.
| | | 3,075 | | 246,788 |
Samsung Electronics Co., Ltd. GDR
| | | 14,032 | | 13,933,776 |
Samsung Electronics Co., Ltd. Preference Shares
| | | 29,824 | | 982,415 |
Samsung Fire & Marine Insurance Co., Ltd.
| | | 4,715 | | 596,468 |
Samsung Heavy Industries Co., Ltd. (b)
| | | 35,868 | | 114,910 |
Samsung SDI Co., Ltd.
| | | 2,765 | | 546,254 |
Samsung SDS Co., Ltd.
| | | 1,949 | | 239,352 |
Samsung Securities Co., Ltd.
| | | 29,516 | | 711,623 |
Shinhan Financial Group Co., Ltd.
| | | 43,876 | | 1,030,808 |
SK Holdings Co., Ltd.
| | | 4,687 | | 644,903 |
SK Hynix, Inc.
| | | 39,005 | | 2,669,008 |
SK Innovation Co., Ltd.
| | | 6,874 | | 491,262 |
SK Telecom Co., Ltd. ADR
| | | 19,407 | | 315,752 |
| | | | | | 40,421,848 |
| SPAIN — 1.7% | | | | | |
ACS Actividades de Construccion y Servicios SA
| | | 38,815 | | 758,737 |
Aena SME SA (e)
| | | 1,010 | | 110,290 |
Amadeus IT Group SA
| | | 24,313 | | 1,152,466 |
Banco Bilbao Vizcaya Argentaria SA
| | | 455,957 | | 1,458,622 |
Banco de Sabadell SA
| | | 353,694 | | 182,015 |
Banco Santander SA
| | | 1,141,145 | | 2,777,206 |
CaixaBank SA
| | | 85,108 | | 158,754 |
Ferrovial SA
| | | 76,854 | | 1,844,255 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Iberdrola SA
| | | 558,014 | | $5,500,733 |
Industria de Diseno Textil SA
| | | 93,739 | | 2,433,553 |
Mapfre SA
| | | 227,192 | | 388,014 |
Naturgy Energy Group SA (c)
| | | 33,229 | | 587,562 |
Repsol SA
| | | 116,797 | | 1,067,792 |
Telefonica SA
| | | 355,821 | | 1,629,438 |
| | | | | | 20,049,437 |
| SWEDEN — 1.6% | | | | | |
Assa Abloy AB Class B
| | | 103,984 | | 1,969,962 |
Atlas Copco AB Class B
| | | 86,213 | | 2,549,573 |
Epiroc AB Class B
| | | 86,213 | | 856,413 |
Essity AB Class B
| | | 5,458 | | 168,571 |
Hennes & Mauritz AB Class B (c)
| | | 73,422 | | 948,557 |
Husqvarna AB Class B
| | | 121,794 | | 613,906 |
Sandvik AB
| | | 97,400 | | 1,388,592 |
Securitas AB Class B
| | | 64,728 | | 701,982 |
Skandinaviska Enskilda Banken AB Class A
| | | 115,821 | | 785,334 |
Skanska AB Class B (b)
| | | 64,534 | | 986,473 |
SKF AB Class B (c)
| | | 42,451 | | 585,711 |
Svenska Handelsbanken AB Class A (b)
| | | 142,241 | | 1,193,609 |
Swedbank AB Class A
| | | 70,551 | | 789,343 |
Tele2 AB Class B
| | | 71,344 | | 960,595 |
Telefonaktiebolaget LM Ericsson Class B
| | | 271,364 | | 2,220,169 |
Telia Co. AB (c)
| | | 156,562 | | 564,133 |
Volvo AB Class B
| | | 111,362 | | 1,343,173 |
| | | | | | 18,626,096 |
| SWITZERLAND — 7.6% | | | | | |
ABB, Ltd.
| | | 189,103 | | 3,323,546 |
Adecco Group AG
| | | 16,031 | | 631,928 |
Alcon, Inc. (b)
| | | 34,551 | | 1,761,564 |
Cie Financiere Richemont SA
| | | 40,566 | | 2,224,621 |
Coca-Cola HBC AG
| | | 12,820 | | 276,116 |
Credit Suisse Group AG
| | | 133,771 | | 1,106,060 |
Geberit AG
| | | 4,341 | | 1,911,287 |
Givaudan SA
| | | 1,156 | | 3,578,337 |
Glencore PLC
| | | 809,662 | | 1,242,878 |
Julius Baer Group, Ltd.
| | | 14,417 | | 492,164 |
Kuehne + Nagel International AG
| | | 9,309 | | 1,278,177 |
LafargeHolcim, Ltd.
| | | 27,557 | | 1,007,096 |
Lonza Group AG
| | | 5,167 | | 2,147,866 |
Nestle SA
| | | 223,807 | | 23,004,089 |
Novartis AG
| | | 171,134 | | 14,123,353 |
Roche Holding AG
| | | 51,367 | | 16,672,840 |
SGS SA
| | | 775 | | 1,795,824 |
Sika AG
| | | 9,262 | | 1,531,142 |
Sonova Holding AG
| | | 2,351 | | 423,766 |
STMicroelectronics NV
| | | 43,133 | | 940,638 |
Swatch Group AG
| | | 4,551 | | 909,918 |
Swiss Re AG
| | | 27,049 | | 2,084,413 |
Temenos AG
| | | 4,528 | | 593,874 |
| Security Description | | | Shares | | Value |
UBS Group AG
| | | 276,848 | | $2,588,359 |
Zurich Insurance Group AG
| | | 12,605 | | 4,473,730 |
| | | | | | 90,123,586 |
| TAIWAN — 3.4% | | | | | |
Acer, Inc.
| | | 440,000 | | 226,973 |
Advantech Co., Ltd.
| | | 33,599 | | 277,200 |
Airtac International Group
| | | 17,000 | | 253,526 |
ASE Technology Holding Co., Ltd.
| | | 171,000 | | 331,353 |
Asustek Computer, Inc.
| | | 11,000 | | 74,384 |
AU Optronics Corp. ADR
| | | 264,770 | | 526,892 |
Catcher Technology Co., Ltd.
| | | 43,000 | | 277,979 |
Cathay Financial Holding Co., Ltd.
| | | 244,595 | | 285,508 |
Chicony Electronics Co., Ltd.
| | | 173,443 | | 434,733 |
China Airlines, Ltd.
| | | 1,058,000 | | 231,251 |
China Development Financial Holding Corp.
| | | 460,000 | | 112,865 |
China Life Insurance Co., Ltd. (b)
| | | 238,768 | | 133,037 |
Chunghwa Telecom Co., Ltd. ADR (c)
| | | 70,914 | | 2,522,411 |
Compal Electronics, Inc.
| | | 243,000 | | 139,011 |
CTBC Financial Holding Co., Ltd.
| | | 635,558 | | 376,188 |
Delta Electronics, Inc.
| | | 139,785 | | 556,986 |
E.Sun Financial Holding Co., Ltd.
| | | 1,011,062 | | 810,749 |
Eclat Textile Co., Ltd.
| | | 18,650 | | 148,317 |
Eva Airways Corp.
| | | 650,751 | | 191,299 |
Feng TAY Enterprise Co., Ltd.
| | | 45,139 | | 194,040 |
Formosa Plastics Corp.
| | | 392,000 | | 973,470 |
Foxconn Technology Co., Ltd.
| | | 24,240 | | 39,677 |
Fubon Financial Holding Co., Ltd.
| | | 416,000 | | 516,535 |
Giant Manufacturing Co., Ltd.
| | | 88,000 | | 389,928 |
Globalwafers Co., Ltd.
| | | 28,000 | | 315,725 |
Highwealth Construction Corp.
| | | 437,400 | | 585,774 |
Hiwin Technologies Corp.
| | | 24,585 | | 162,998 |
Hon Hai Precision Industry Co., Ltd. GDR
| | | 693,618 | | 3,218,387 |
Hotai Motor Co., Ltd.
| | | 7,000 | | 113,652 |
Innolux Corp.
| | | 353,000 | | 61,048 |
Largan Precision Co., Ltd.
| | | 7,000 | | 886,530 |
MediaTek, Inc.
| | | 157,000 | | 1,700,230 |
Mega Financial Holding Co., Ltd.
| | | 25,948 | | 24,411 |
Micro-Star International Co., Ltd.
| | | 79,000 | | 231,711 |
Pegatron Corp.
| | | 48,000 | | 92,059 |
Phison Electronics Corp.
| | | 40,000 | | 328,026 |
Pou Chen Corp.
| | | 151,000 | | 128,074 |
Powertech Technology, Inc.
| | | 168,000 | | 477,199 |
President Chain Store Corp.
| | | 35,000 | | 327,530 |
Ruentex Development Co., Ltd.
| | | 70,913 | | 89,575 |
Standard Foods Corp.
| | | 236,822 | | 477,693 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Taishin Financial Holding Co., Ltd.
| | | 935,151 | | $361,796 |
Taiwan Business Bank
| | | 2,373,651 | | 760,567 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
| | | 343,930 | | 16,436,415 |
Uni-President Enterprises Corp.
| | | 426,000 | | 924,081 |
United Microelectronics Corp. ADR
| | | 600,719 | | 1,303,560 |
Walsin Technology Corp.
| | | 37,000 | | 196,981 |
Win Semiconductors Corp.
| | | 42,000 | | 365,954 |
Yageo Corp.
| | | 21,169 | | 192,150 |
Zhen Ding Technology Holding, Ltd.
| | | 147,000 | | 452,061 |
| | | | | | 40,238,499 |
| THAILAND — 0.4% | | | | | |
Bangkok Bank PCL
| | | 199,876 | | 621,234 |
Bumrungrad Hospital PCL
| | | 76,300 | | 265,048 |
Central Pattana PCL
| | | 239,100 | | 311,466 |
CP ALL PCL NVDR
| | | 357,400 | | 664,322 |
Energy Absolute PCL
| | | 42,100 | | 43,296 |
Indorama Ventures PCL
| | | 143,700 | | 93,706 |
IRPC PCL
| | | 5,043,100 | | 328,856 |
Kasikornbank PCL
| | | 94,100 | | 260,931 |
Minor International PCL
| | | 360,200 | | 184,394 |
PTT PCL
| | | 1,141,220 | | 1,069,323 |
Siam Commercial Bank PCL NVDR
| | | 115,200 | | 243,090 |
Thai Union Group PCL Class F
| | | 281,300 | | 118,289 |
TMB Bank PCL
| | | 3,405,976 | | 91,331 |
| | | | | | 4,295,286 |
| TURKEY — 0.1% | | | | | |
Akbank T.A.S. (b)
| | | 565,257 | | 480,322 |
Turkiye Garanti Bankasi A/S (b)
| | | 381,901 | | 471,129 |
Turkiye Is Bankasi A/S Class C (b)
| | | 530,763 | | 380,137 |
| | | | | | 1,331,588 |
| UNITED ARAB EMIRATES — 0.1% | | | | | |
Abu Dhabi Commercial Bank PJSC
| | | 142,257 | | 179,315 |
DP World PLC
| | | 13,223 | | 198,477 |
Emaar Malls PJSC
| | | 1,008,188 | | 293,689 |
Emaar Properties PJSC
| | | 160,297 | | 96,881 |
Emirates Telecommunications Group Co. PJSC
| | | 14,924 | | 56,963 |
First Abu Dhabi Bank PJSC
| | | 113,195 | | 297,383 |
| | | | | | 1,122,708 |
| UNITED KINGDOM — 9.3% | | | | | |
3i Group PLC
| | | 111,851 | | 1,098,699 |
Associated British Foods PLC
| | | 11,949 | | 268,765 |
AstraZeneca PLC
| | | 88,763 | | 7,942,052 |
Auto Trader Group PLC (e)
| | | 64,804 | | 352,833 |
Aviva PLC
| | | 288,959 | | 962,021 |
BAE Systems PLC
| | | 247,623 | | 1,602,136 |
| Security Description | | | Shares | | Value |
Barclays PLC
| | | 1,201,618 | | $1,402,189 |
Barratt Developments PLC
| | | 44,557 | | 243,646 |
Berkeley Group Holdings PLC
| | | 3,938 | | 176,518 |
BP PLC
| | | 1,421,222 | | 6,065,646 |
British American Tobacco PLC
| | | 162,232 | | 5,549,993 |
British Land Co. PLC REIT
| | | 215,549 | | 898,562 |
BT Group PLC
| | | 562,345 | | 822,093 |
Burberry Group PLC
| | | 43,361 | | 712,124 |
Centrica PLC
| | | 650,261 | | 307,036 |
CNH Industrial NV
| | | 67,112 | | 384,099 |
Compass Group PLC
| | | 151,273 | | 2,370,897 |
Diageo PLC
| | | 176,334 | | 5,655,263 |
Experian PLC
| | | 75,819 | | 2,116,205 |
Fiat Chrysler Automobiles NV
| | | 78,841 | | 568,533 |
G4S PLC
| | | 117,088 | | 134,004 |
GlaxoSmithKline PLC
| | | 342,014 | | 6,423,121 |
HSBC Holdings PLC
| | | 1,342,133 | | 7,559,529 |
Imperial Brands PLC
| | | 79,322 | | 1,472,183 |
InterContinental Hotels Group PLC
| | | 12,731 | | 554,950 |
ITV PLC
| | | 53,138 | | 43,500 |
J Sainsbury PLC
| | | 199,304 | | 519,955 |
Land Securities Group PLC REIT
| | | 100,411 | | 693,242 |
Legal & General Group PLC
| | | 90,398 | | 217,284 |
Lloyds Banking Group PLC
| | | 4,034,489 | | 1,600,821 |
M&G PLC (b)
| | | 136,901 | | 191,139 |
Marks & Spencer Group PLC
| | | 200,476 | | 246,691 |
Micro Focus International PLC
| | | 19,950 | | 98,948 |
National Grid PLC
| | | 385,702 | | 4,527,126 |
Next PLC
| | | 16,692 | | 842,792 |
Pearson PLC
| | | 89,839 | | 615,574 |
Persimmon PLC
| | | 14,584 | | 346,569 |
Prudential PLC
| | | 136,901 | | 1,757,766 |
Reckitt Benckiser Group PLC
| | | 46,625 | | 3,555,480 |
RELX PLC (d)
| | | 130,786 | | 2,808,752 |
RELX PLC (d)
| | | 65,235 | | 1,402,235 |
Rio Tinto PLC
| | | 86,383 | | 3,982,908 |
Rio Tinto, Ltd.
| | | 27,841 | | 1,441,080 |
Rolls-Royce Holdings PLC
| | | 146,461 | | 618,544 |
Royal Bank of Scotland Group PLC
| | | 219,702 | | 307,562 |
RSA Insurance Group PLC
| | | 92,906 | | 484,296 |
Sage Group PLC
| | | 180,610 | | 1,325,321 |
Segro PLC REIT
| | | 94,389 | | 894,168 |
Severn Trent PLC
| | | 59,076 | | 1,670,130 |
Smith & Nephew PLC
| | | 121,203 | | 2,155,848 |
Smiths Group PLC
| | | 29,843 | | 453,667 |
SSE PLC
| | | 133,080 | | 2,153,414 |
Standard Chartered PLC
| | | 203,892 | | 1,127,053 |
Standard Life Aberdeen PLC
| | | 226,738 | | 629,481 |
Taylor Wimpey PLC
| | | 176,583 | | 257,271 |
Tesco PLC
| | | 728,253 | | 2,066,058 |
Unilever NV
| | | 118,161 | | 5,809,067 |
Unilever PLC
| | | 91,450 | | 4,621,350 |
United Utilities Group PLC
| | | 87,535 | | 979,890 |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Vodafone Group PLC
| | | 2,005,073 | | $2,809,395 |
Whitbread PLC
| | | 12,817 | | 481,541 |
WPP PLC
| | | 106,597 | | 728,813 |
| | | | | | 110,107,828 |
| UNITED STATES — 0.1% | | | | | |
Ferguson PLC
| | | 18,739 | | 1,174,783 |
Ovintiv, Inc. (c)
| | | 23,013 | | 62,409 |
| | | | | | 1,237,192 |
TOTAL COMMON STOCKS
(Cost $1,459,753,628)
| | | | | 1,171,240,172 |
| | | | |
| WARRANTS — 0.0% (a) | | |
| THAILAND — 0.0% (a) | | | |
Minor International PCL (expiring 9/30/21) (b)
(Cost: $0)
| | 14,555 | 625 |
| SHORT-TERM INVESTMENT — 1.1% | |
State Street Navigator Securities Lending Portfolio II (g) (h)
(Cost $13,260,016)
| 13,260,016 | 13,260,016 |
TOTAL INVESTMENTS — 100.3%
(Cost $1,473,013,644)
| 1,184,500,813 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%
| (3,433,674) |
NET ASSETS — 100.0%
| $1,181,067,139 |
| (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, 2020. |
| (d) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (e) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.6% of net assets as of March 31, 2020, 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, 2020, total aggregate fair value of these securities is $0, representing 0.0% of the Fund's net assets. |
| (g) | The Fund invested in an affiliated entity. Amounts related to these investments during the year ended March 31, 2020 are shown in the Affiliate Table below. |
| (h) | 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 March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $1,168,734,463 | | $2,505,709 | | $0(a) | | $1,171,240,172 |
Warrants
| | 625 | | — | | — | | 625 |
Short-Term Investment
| | 13,260,016 | | — | | — | | 13,260,016 |
TOTAL INVESTMENTS
| | $1,181,995,104 | | $2,505,709 | | $0 | | $1,184,500,813 |
| (a) | Fund held Level 3 securities that were valued at $0 at March 31, 2020. |
SPDR MSCI ACWI EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 230,076 | | $230,099 | | $36,839,743 | | $37,069,853 | | $11 | | $— | | — | | $— | | $16,793 |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| — | | — | | 3,704,401 | | 3,704,401 | | — | | — | | — | | — | | 2,179 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 158,131,145 | | 144,871,129 | | — | | — | | 13,260,016 | | 13,260,016 | | 80,292 |
State Street Navigator Securities Lending Portfolio III
| 50,583,890 | | 50,583,890 | | 28,972,306 | | 79,556,196 | | — | | — | | — | | — | | 31,958 |
Total
| | | $50,813,989 | | $227,647,595 | | $265,201,579 | | $11 | | $— | | | | $13,260,016 | | $131,222 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.2% | | | | |
| BRAZIL — 3.6% | | | | | |
AES Tiete Energia SA
| | | 52,661 | | $133,211 |
Alliar Medicos A Frente SA
| | | 21,940 | | 38,071 |
Alupar Investimento SA
| | | 67,657 | | 293,503 |
Anima Holding SA
| | | 106,999 | | 393,412 |
Arezzo Industria e Comercio SA
| | | 49,023 | | 348,490 |
Banco ABC Brasil SA Preference Shares
| | | 95,027 | | 242,578 |
BK Brasil Operacao e Assessoria a Restaurantes SA
| | | 88,215 | | 154,095 |
BR Properties SA (a)
| | | 123,793 | | 218,630 |
BrasilAgro - Co. Brasileira de Propriedades Agricolas
| | | 12,200 | | 40,811 |
Camil Alimentos SA
| | | 47,104 | | 70,748 |
Cia de Locacao das Americas
| | | 149,715 | | 302,802 |
Cia de Saneamento do Parana Preference Shares
| | | 402,981 | | 373,720 |
Cia de Saneamento do Parana
| | | 71,535 | | 328,946 |
Cia Ferro Ligas da Bahia - FERBASA
| | | 55,723 | | 139,345 |
Cia Hering
| | | 127,942 | | 367,057 |
Construtora Tenda SA
| | | 54,505 | | 216,692 |
CVC Brasil Operadora e Agencia de Viagens SA
| | | 111,310 | | 238,218 |
Direcional Engenharia SA
| | | 175,468 | | 283,504 |
Dommo Energia SA (a)
| | | 97,825 | | 11,694 |
EcoRodovias Infraestrutura e Logistica SA (a)
| | | 148,235 | | 270,085 |
Enauta Participacoes SA
| | | 109,293 | | 192,811 |
Even Construtora e Incorporadora SA (a)
| | | 78,504 | | 92,481 |
Ez Tec Empreendimentos e Participacoes SA
| | | 103,170 | | 590,782 |
Fleury SA
| | | 113,591 | | 443,273 |
Gafisa SA (a)
| | | 131,329 | | 96,219 |
Grendene SA
| | | 154,375 | | 224,124 |
Grupo SBF SA (a)
| | | 16,300 | | 75,614 |
Iguatemi Empresa de Shopping Centers SA
| | | 47,614 | | 286,881 |
Instituto Hermes Pardini SA
| | | 56,154 | | 208,090 |
International Meal Co. Alimentacao SA Class A
| | | 33,055 | | 17,462 |
Iochpe Maxion SA
| | | 112,894 | | 239,867 |
JHSF Participacoes SA
| | | 59,300 | | 40,017 |
JSL SA
| | | 8,300 | | 20,724 |
Light SA
| | | 148,990 | | 277,205 |
Linx SA
| | | 100,408 | | 322,329 |
LOG Commercial Properties e Participacoes SA
| | | 20,103 | | 84,883 |
Log-in Logistica Intermodal SA (a)
| | | 46,400 | | 127,572 |
Mahle-Metal Leve SA
| | | 40,114 | | 135,657 |
Marcopolo SA Preference Shares
| | | 522,524 | | 248,840 |
Marfrig Global Foods SA (a)
| | | 274,557 | | 468,482 |
Marisa Lojas SA (a)
| | | 17,100 | | 15,166 |
| Security Description | | | Shares | | Value |
Metalurgica Gerdau SA Preference Shares
| | | 509,803 | | $457,059 |
Minerva SA (a)
| | | 118,096 | | 181,017 |
Movida Participacoes SA
| | | 148,850 | | 232,175 |
MRV Engenharia e Participacoes SA
| | | 266,188 | | 628,184 |
Nexa Resources SA (b)
| | | 26,787 | | 93,219 |
Oi SA (a)
| | | 3,554,952 | | 342,705 |
Omega Geracao SA (a)
| | | 54,740 | | 286,861 |
Paranapanema SA (a)
| | | 12,561 | | 26,301 |
Petro Rio SA (a)
| | | 33,900 | | 109,152 |
Qualicorp Consultoria e Corretora de Seguros SA
| | | 160,968 | | 732,434 |
Randon SA Implementos e Participacoes Preference Shares
| | | 224,908 | | 236,330 |
Santos Brasil Participacoes SA
| | | 178,625 | | 154,290 |
Sao Martinho SA
| | | 108,214 | | 308,372 |
Ser Educacional SA (c)
| | | 60,530 | | 176,574 |
SLC Agricola SA
| | | 83,731 | | 366,462 |
Smiles Fidelidade SA
| | | 42,670 | | 101,603 |
Tegma Gestao Logistica SA
| | | 50,626 | | 201,953 |
Tupy SA
| | | 38,319 | | 96,932 |
Unipar Carbocloro SA Preference Shares
| | | 32,701 | | 151,318 |
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA
| | | 81,766 | | 145,983 |
Vulcabras Azaleia SA (a)
| | | 151,735 | | 119,069 |
Wiz Solucoes e Corretagem de Seguros SA
| | | 99,468 | | 172,984 |
| | | | | | 13,995,068 |
| BRITISH VIRGIN ISLANDS — 0.0% (d) | | | | | |
Asiainfo Technologies, Ltd. (c)
| | | 88,400 | | 117,701 |
| CAYMAN ISLANDS — 0.1% | | | | | |
CooTek Cayman, Inc. (a)(b)
| | | 10,300 | | 72,100 |
Homeland Interactive Technology, Ltd.
| | | 294,000 | | 117,966 |
Wanka Online, Inc.
| | | 346,494 | | 55,432 |
| | | | | | 245,498 |
| CHILE — 0.8% | | | | | |
Besalco SA
| | | 134,756 | | 45,365 |
CAP SA
| | | 65,034 | | 280,106 |
Engie Energia Chile SA
| | | 171,875 | | 190,363 |
Inversiones Aguas Metropolitanas SA
| | | 498,030 | | 380,978 |
Inversiones La Construccion SA
| | | 44,845 | | 288,331 |
Ripley Corp. SA
| | | 1,050,659 | | 239,823 |
Salfacorp SA
| | | 467,605 | | 153,615 |
SMU SA
| | | 2,239,070 | | 339,255 |
Sociedad Matriz SAAM SA
| | | 6,536,440 | | 375,781 |
SONDA SA
| | | 237,202 | | 125,060 |
Vina Concha y Toro SA
| | | 617,778 | | 782,805 |
| | | | | | 3,201,482 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| CHINA — 22.3% | | | | | |
21Vianet Group, Inc. ADR (a)
| | | 59,114 | | $819,320 |
360 Finance, Inc. ADR (a)(b)
| | | 29,191 | | 233,528 |
361 Degrees International, Ltd.
| | | 1,010,000 | | 165,490 |
500.com, Ltd. Class A, ADR (a)(b)
| | | 20,943 | | 94,662 |
51 Credit Card, Inc. (a)
| | | 416,500 | | 36,540 |
5I5J Holding Group Co., Ltd. Class A
| | | 167,790 | | 77,880 |
9F, Inc. (b)
| | | 17,284 | | 163,334 |
Advanced Technology & Materials Co., Ltd. Class A (a)
| | | 46,600 | | 40,038 |
Aerospace CH UAV Co., Ltd.
| | | 30,400 | | 47,992 |
Aerospace Hi-Tech Holdings Grp, Ltd. Class A
| | | 33,154 | | 45,277 |
AK Medical Holdings, Ltd. (c)
| | | 238,000 | | 522,004 |
Alpha Group Class A (a)
| | | 119,600 | | 122,330 |
Anhui Construction Engineering Class A
| | | 104,100 | | 61,389 |
Anhui Expressway Co., Ltd. Class H
| | | 288,000 | | 141,940 |
Anhui Guangxin Agrochemical Co., Ltd. Class A
| | | 24,200 | | 53,192 |
Anhui Hengyuan Coal Industry and Electricity Power Co., Ltd. Class A
| | | 71,792 | | 47,300 |
Anhui Jianghuai Automobile Group Corp., Ltd. Class A (a)
| | | 109,400 | | 76,707 |
Anhui Jiangnan Chemical Industry Co., Ltd. Class A (a)
| | | 63,800 | | 41,854 |
Anhui Jinhe Industrial Co., Ltd. Class A
| | | 18,400 | | 52,540 |
Anhui Sun-Create Electronics Co., Ltd. Class A
| | | 6,394 | | 33,412 |
Anhui Transport Consulting & Design Institute Co., Ltd. Class A
| | | 38,140 | | 54,184 |
Anhui Truchum Advanced Materials & Technology Co., Ltd. Class A (a)
| | | 52,500 | | 55,254 |
Anhui Xinhua Media Co., Ltd. Class A
| | | 59,200 | | 39,588 |
Anhui Zhongding Sealing Parts Co., Ltd. Class A
| | | 49,300 | | 64,614 |
Anton Oilfield Services Group (b)
| | | 1,484,000 | | 94,774 |
Aoyuan Healthy Life Group, Co.
| | | 19,000 | | 15,958 |
Apeloa Pharmaceutical Co., Ltd. Class A
| | | 42,900 | | 120,078 |
ArtGo Holdings, Ltd. (a)(b)
| | | 1,340,000 | | 20,919 |
Ascletis Pharma, Inc. (a)(c)
| | | 229,000 | | 85,680 |
Asia Cement China Holdings Corp.
| | | 190,500 | | 193,919 |
Aurora Mobile, Ltd. ADR (a)(b)
| | | 13,368 | | 30,613 |
Avic Heavy Machinery Co., Ltd. Class A
| | | 39,700 | | 49,568 |
Baosheng Science and Technology Innovation Co., Ltd. Class A
| | | 203,400 | | 116,791 |
Befar Group Co., Ltd. Class A
| | | 59,040 | | 37,149 |
| Security Description | | | Shares | | Value |
Beijing Aosaikang Pharmaceutical Co., Ltd. Class A
| | | 28,300 | | $61,605 |
Beijing BDStar Navigation Co., Ltd. Class A
| | | 20,400 | | 72,037 |
Beijing Capital Land, Ltd. Class H
| | | 1,252,400 | | 274,688 |
Beijing Changjiu Logistics Corp. Class A
| | | 32,680 | | 40,296 |
Beijing Enterprises Clean Energy Group, Ltd. (a)
| | | 13,083,885 | | 62,458 |
Beijing GeoEnviron Engineering & Technology, Inc. Class A
| | | 48,400 | | 74,291 |
Beijing Hualian Department Store Co., Ltd. Class A
| | | 201,400 | | 57,963 |
Beijing Jingneng Clean Energy Co., Ltd. Class H
| | | 604,000 | | 87,278 |
Beijing Jingxi Culture & Tourism Co., Ltd. Class A
| | | 51,900 | | 64,434 |
Beijing Konruns Pharmaceutical Co., Ltd. Class A
| | | 8,900 | | 47,035 |
Beijing North Star Co., Ltd. Class A
| | | 296,700 | | 110,925 |
Beijing Shouhang Resources Saving Co., Ltd. Class A (a)
| | | 179,300 | | 76,646 |
Beijing SPC Environment Protection Tech Co., Ltd. Class A
| | | 84,500 | | 68,309 |
Beijing UniStrong Science & Technology Co., Ltd. Class A (a)
| | | 46,900 | | 65,769 |
Beijing Zhong Ke San Huan High-Tech Co., Ltd. Class A
| | | 34,000 | | 45,089 |
Berry Genomics Co., Ltd. Class A (a)
| | | 32,200 | | 161,722 |
BEST, Inc. ADR (a)
| | | 136,520 | | 730,382 |
Bestsun Energy Co., Ltd. Class A
| | | 84,000 | | 63,875 |
Bestway Global Holding, Inc. (c)
| | | 50,000 | | 11,225 |
Bethel Automotive Safety Systems Co., Ltd. Class A
| | | 27,700 | | 87,068 |
Better Life Commercial Chain Share Co., Ltd. Class A
| | | 71,200 | | 94,623 |
Biem.L.Fdlkk Garment Co., Ltd. Class A
| | | 16,900 | | 48,209 |
Bitauto Holdings, Ltd. ADR (a)
| | | 25,705 | | 267,075 |
Blue Sail Medical Co., Ltd. Class A
| | | 49,100 | | 112,979 |
Boshiwa International Holding, Ltd. (a)(b)(e)
| | | 1,843,000 | | — |
Bright Dairy & Food Co., Ltd. Class A
| | | 37,300 | | 60,990 |
Bright Real Estate Group Co., Ltd. Class A
| | | 118,300 | | 50,570 |
Bright Scholar Education Holdings, Ltd. ADR
| | | 20,634 | | 138,867 |
C&D International Investment Group, Ltd.
| | | 31,000 | | 42,795 |
Camel Group Co., Ltd. Class A
| | | 61,800 | | 73,412 |
Cangzhou Dahua Co., Ltd. Class A
| | | 26,900 | | 31,081 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
CanSino Biologics, Inc. Class H (a)(c)
| | | 21,200 | | $341,896 |
CAR, Inc. (a)(b)
| | | 229,000 | | 127,930 |
CCOOP Group Co., Ltd. Class A (a)
| | | 313,500 | | 88,457 |
CCS Supply Chain Management Co., Ltd. Class A
| | | 46,815 | | 38,769 |
CECEP Wind-Power Corp. Class A
| | | 197,600 | | 59,657 |
Center International Group Co., Ltd. Class A
| | | 30,300 | | 37,318 |
Central China Real Estate, Ltd.
| | | 436,000 | | 222,756 |
CGN New Energy Holdings Co Ltd (a)(c)
| | | 1,918,000 | | 398,403 |
CGN Nuclear Technology Development Co., Ltd. Class A
| | | 45,900 | | 43,516 |
Chacha Food Co., Ltd. Class A
| | | 18,800 | | 119,645 |
Changyou.com, Ltd. ADR
| | | 17,707 | | 189,465 |
Chaowei Power Holdings, Ltd.
| | | 783,000 | | 196,990 |
Cheetah Mobile, Inc. ADR
| | | 42,724 | | 89,293 |
Chengdu Fusen Noble-House Industrial Co., Ltd. Class A
| | | 80,800 | | 137,475 |
Chengdu Hongqi Chain Co., Ltd. Class A
| | | 57,599 | | 79,066 |
Chengtun Mining Group Co., Ltd. Class A
| | | 119,800 | | 69,464 |
China Aerospace International Holdings, Ltd.
| | | 2,420,000 | | 109,278 |
China Aircraft Leasing Group Holdings, Ltd.
| | | 549,500 | | 484,213 |
China Baoan Group Co., Ltd. Class A
| | | 96,100 | | 79,720 |
China Bester Group Telecom Co., Ltd. Class A
| | | 11,500 | | 33,584 |
China BlueChemical, Ltd. Class H
| | | 2,000,000 | | 309,641 |
China Building Material Test & Certification Group Co., Ltd. Class A
| | | 17,800 | | 50,927 |
China CAMC Engineering Co., Ltd. Class A
| | | 76,800 | | 89,388 |
China CYTS Tours Holding Co., Ltd. Class A
| | | 61,900 | | 84,621 |
China Datang Corp. Renewable Power Co., Ltd. Class H
| | | 1,431,000 | | 103,389 |
China Dili Group (a)(b)
| | | 1,675,600 | | 395,612 |
China Dongxiang Group Co., Ltd.
| | | 4,538,000 | | 392,272 |
China Electronics Optics Valley Union Holding Co., Ltd.
| | | 1,552,000 | | 66,077 |
China Everbright Greentech, Ltd. (b)(c)
| | | 294,000 | | 124,035 |
China Express Airlines Co., Ltd. Class A
| | | 32,400 | | 59,560 |
China Fangda Group Co., Ltd. Class B
| | | 483,850 | | 152,317 |
China Foods, Ltd.
| | | 782,000 | | 286,532 |
China Forestry Holdings Co., Ltd. (a)(b)(e)
| | | 1,642,000 | | — |
| Security Description | | | Shares | | Value |
China Harmony New Energy Auto Holding, Ltd. (b)
| | | 750,000 | | $324,156 |
China High Speed Railway Technology Co., Ltd. Class A
| | | 187,300 | | 82,972 |
China Hongxing Sports, Ltd. (a)(b)(e)
| | | 4,053,000 | | — |
China Huiyuan Juice Group, Ltd. (a)(e)
| | | 1,494,400 | | 194,731 |
China Index Holdings, Ltd. ADR (a)(b)
| | | 38,732 | | 52,288 |
China Kepei Education Group, Ltd.
| | | 34,000 | | 17,766 |
China Lilang, Ltd.
| | | 644,000 | | 372,230 |
China Logistics Property Holdings Co., Ltd. (a)(c)
| | | 1,295,000 | | 474,500 |
China Maple Leaf Educational Systems, Ltd. (b)
| | | 1,390,000 | | 430,402 |
China Meidong Auto Holdings, Ltd.
| | | 372,000 | | 581,692 |
China Metal Resources Utilization, Ltd. (a)(b)(c)
| | | 364,000 | | 138,069 |
China Minmetals Rare Earth Co., Ltd. Class A (a)
| | | 43,800 | | 61,731 |
China Modern Dairy Holdings, Ltd. (a)
| | | 2,530,000 | | 235,018 |
China New Higher Education Group, Ltd. (b)(c)
| | | 338,000 | | 124,282 |
China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. Class A
| | | 73,700 | | 46,477 |
China Oriental Group Co., Ltd.
| | | 374,000 | | 96,022 |
China Overseas Grand Oceans Group, Ltd.
| | | 1,183,000 | | 692,929 |
China Overseas Property Holdings, Ltd.
| | | 1,781,232 | | 1,677,611 |
China Railway Tielong Container Logistics Co., Ltd. Class A
| | | 56,800 | | 38,224 |
China Rare Earth Holdings, Ltd. (a)(b)
| | | 1,892,400 | | 73,246 |
China Renaissance Holdings, Ltd. (a)(c)
| | | 40,900 | | 62,794 |
China Resources Double Crane Pharmaceutical Co., Ltd. Class A
| | | 50,600 | | 90,446 |
China Resources Medical Holdings Co., Ltd.
| | | 645,500 | | 346,448 |
China SCE Group Holdings, Ltd.
| | | 2,435,800 | | 1,084,198 |
China Science Publishing & Media, Ltd. Class A
| | | 29,000 | | 38,213 |
China Shineway Pharmaceutical Group, Ltd.
| | | 365,000 | | 274,542 |
China Silver Group, Ltd. (a)
| | | 1,026,000 | | 75,452 |
China South City Holdings, Ltd.
| | | 1,034,000 | | 100,053 |
China Suntien Green Energy Corp., Ltd. Class H
| | | 1,678,000 | | 292,263 |
China Tian Lun Gas Holdings, Ltd.
| | | 197,500 | | 150,337 |
China Tianying, Inc. Class A (a)
| | | 134,600 | | 87,731 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
China Travel International Investment Hong Kong, Ltd.
| | | 3,602,000 | | $450,779 |
China Union Holdings, Ltd. Class A
| | | 82,200 | | 39,081 |
China West Construction Group Co., Ltd. Class A
| | | 84,700 | | 119,853 |
China Xinhua Education Group, Ltd. (c)
| | | 541,000 | | 147,275 |
China Yongda Automobiles Services Holdings, Ltd.
| | | 843,000 | | 688,461 |
China Yuhua Education Corp., Ltd. (c)
| | | 630,000 | | 466,552 |
China Yurun Food Group, Ltd. (a)(b)
| | | 466,000 | | 39,079 |
China ZhengTong Auto Services Holdings, Ltd. (b)
| | | 616,500 | | 98,629 |
China Zhenhua Group Science & Technology Co., Ltd. Class A
| | | 6,000 | | 15,897 |
China Zhonghua Geotechnical Engineering Group Co., Ltd. Class A
| | | 156,800 | | 83,397 |
Chinasoft International, Ltd. (b)
| | | 1,952,000 | | 1,019,959 |
Chlitina Holding, Ltd.
| | | 72,678 | | 414,561 |
Chong Sing Holdings FinTech Group (a)(b)
| | | 9,212,000 | | 14,262 |
Chongqing Department Store Co., Ltd. Class A
| | | 20,300 | | 79,502 |
Chongqing Dima Industry Co., Ltd. Class A
| | | 98,000 | | 38,574 |
Chongqing Pharscin Pharmaceutical Co., Ltd. Class A
| | | 20,800 | | 55,109 |
CIMC Enric Holdings, Ltd.
| | | 324,000 | | 133,347 |
Cinda Real Estate Co., Ltd. Class A
| | | 92,500 | | 45,544 |
Cisen Pharmaceutical Co., Ltd. Class A
| | | 26,900 | | 63,719 |
CITIC Guoan Information Industry Co., Ltd. Class A (a)
| | | 216,500 | | 95,296 |
CITIC Resources Holdings, Ltd.
| | | 3,469,000 | | 123,079 |
CITIC Telecom International Holdings, Ltd.
| | | 1,979,000 | | 656,186 |
CMST Development Co., Ltd. Class A
| | | 124,100 | | 79,486 |
CNHTC Jinan Truck Co., Ltd. Class A
| | | 33,900 | | 96,752 |
CNNC Hua Yuan Titanium Dioxide Co., Ltd. Class A
| | | 84,200 | | 49,535 |
COFCO Biotechnology Co., Ltd. Class L
| | | 106,600 | | 118,358 |
COFCO Meat Holdings, Ltd. (a)(b)
| | | 285,000 | | 78,320 |
Colour Life Services Group Co., Ltd. (b)
| | | 538,000 | | 222,116 |
Consun Pharmaceutical Group, Ltd.
| | | 530,600 | | 240,283 |
Cosmo Lady China Holdings Co., Ltd. (c)
| | | 357,000 | | 42,374 |
| Security Description | | | Shares | | Value |
CPMC Holdings, Ltd. (b)
| | | 549,000 | | $177,076 |
CQ Pharmaceutical Holding Co., Ltd. Class A (a)
| | | 68,800 | | 50,084 |
Crystal International Group, Ltd. (c)
| | | 379,500 | | 117,019 |
CSG Holding Co., Ltd. Class A
| | | 259,050 | | 160,440 |
CSG Holding Co., Ltd. Class B
| | | 548,650 | | 151,481 |
CSSC Science & Technology Co., Ltd. Class A
| | | 34,500 | | 54,854 |
CStone Pharmaceuticals (a)(c)
| | | 262,000 | | 294,082 |
CT Environmental Group, Ltd. (a)(b)(e)
| | | 3,217,900 | | 70,578 |
CTS International Logistics Corp., Ltd. Class A
| | | 52,100 | | 40,794 |
CWT International, Ltd. (a)(e)
| | | 3,934,000 | | 50,248 |
D&O Home Collection Co., Ltd. Class A
| | | 26,900 | | 88,197 |
Da An Gene Co., Ltd. of Sun Yat-Sen University Class A
| | | 109,940 | | 268,948 |
DaFa Properties Group, Ltd.
| | | 31,000 | | 19,198 |
Dalian Huarui Heavy Industry Group Co., Ltd. Class A
| | | 105,300 | | 43,676 |
Dalian My Gym Education Technology Co., Ltd. Class A
| | | 44,770 | | 66,319 |
Daqo New Energy Corp. ADR (a)
| | | 8,926 | | 516,994 |
Dare Power Dekor Home Co., Ltd. Class A
| | | 37,000 | | 57,106 |
Datong Coal Industry Co., Ltd. Class A (a)
| | | 161,000 | | 79,953 |
Dazhong Transportation Group Co., Ltd. Class B
| | | 248,500 | | 88,963 |
Dazzle Fashion Co., Ltd. Class A
| | | 15,400 | | 45,647 |
Deppon Logistics Co., Ltd. Class A
| | | 49,200 | | 72,049 |
Digital China Group Co., Ltd. Class A
| | | 32,800 | | 116,287 |
Digital China Information Service Co., Ltd. Class A
| | | 39,400 | | 83,378 |
Do-Fluoride Chemicals Co., Ltd. Class A
| | | 28,200 | | 43,564 |
Dongjiang Environmental Co., Ltd. Class A
| | | 41,500 | | 55,386 |
Dongjiang Environmental Co., Ltd. Class H (b)
| | | 156,400 | | 107,752 |
Dongyue Group, Ltd.
| | | 549,000 | | 218,866 |
Duiba Group, Ltd.
| | | 122,400 | | 40,111 |
Dynagreen Environmental Protection Group Co., Ltd. Class A
| | | 50,900 | | 66,065 |
Easysight Supply Chain Management Co., Ltd. Class A (a)
| | | 62,000 | | 105,488 |
E-House China Enterprise Holdings, Ltd. (b)
| | | 252,000 | | 211,005 |
Elion Clean Energy Co., Ltd. Class A
| | | 129,300 | | 66,217 |
Eternal Asia Supply Chain Management, Ltd. Class A
| | | 140,100 | | 76,096 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Ever Sunshine Lifestyle Services Group, Ltd.
| | | 232,000 | | $293,034 |
Everbright Jiabao Co., Ltd. Class A
| | | 98,750 | | 50,850 |
Fangda Special Steel Technology Co., Ltd. Class A
| | | 72,800 | | 82,986 |
Fanhua, Inc. ADR (b)
| | | 41,349 | | 831,942 |
FIH Mobile, Ltd. (a)(b)
| | | 1,945,000 | | 218,317 |
FinVolution Group ADR (b)
| | | 65,825 | | 117,169 |
First Tractor Co., Ltd. Class A (a)
| | | 41,700 | | 38,357 |
First Tractor Co., Ltd. Class H (a)
| | | 124,500 | | 22,648 |
Fu Shou Yuan International Group, Ltd.
| | | 1,308,000 | | 1,150,906 |
Fufeng Group, Ltd. (b)
| | | 1,191,600 | | 410,478 |
Fujian Aonong Biological Technology Group, Inc., Ltd. Class A
| | | 21,000 | | 63,816 |
Fujian Dongbai Group Co., Ltd. Class A (a)
| | | 78,400 | | 55,414 |
Fujian Funeng Co., Ltd. Class A
| | | 67,500 | | 78,278 |
Fujian Longking Co., Ltd. Class A
| | | 56,400 | | 72,010 |
Fujian Longma Environmental Sanitation Equipment Co., Ltd. Class A
| | | 27,580 | | 53,657 |
Gansu Jingyuan Coal Industry and Electricity Power Co., Ltd. Class A
| | | 288,700 | | 90,420 |
Gansu Qilianshan Cement Group Co., Ltd. Class A
| | | 46,600 | | 85,729 |
GCI Science & Technology Co., Ltd. Class A
| | | 25,177 | | 50,118 |
Gem-Year Industrial Co., Ltd. Class A (a)
| | | 54,200 | | 46,338 |
Genertec Universal Medical Group Co., Ltd. (c)
| | | 957,400 | | 596,607 |
Genimous Technology Co., Ltd. Class A
| | | 97,260 | | 99,617 |
Getein Biotech, Inc. Class A
| | | 31,840 | | 143,204 |
Global Top E-Commerce Co., Ltd. Class A
| | | 103,900 | | 85,017 |
Golden Eagle Retail Group, Ltd.
| | | 174,000 | | 170,612 |
Goldenmax International Technology, Ltd. Class A (a)
| | | 13,000 | | 14,599 |
Goodbaby International Holdings, Ltd. (a)
| | | 947,000 | | 103,852 |
Grand Baoxin Auto Group, Ltd. (a)(b)
| | | 922,101 | | 123,726 |
Grandblue Environment Co., Ltd. Class A
| | | 19,200 | | 54,066 |
Greatview Aseptic Packaging Co., Ltd.
| | | 1,027,048 | | 318,017 |
Gree Real Estate Co., Ltd. Class A (a)
| | | 110,900 | | 64,930 |
Greentown China Holdings, Ltd. (b)
| | | 744,500 | | 677,176 |
GreenTree Hospitality Group, Ltd. ADR (b)
| | | 16,122 | | 176,858 |
| Security Description | | | Shares | | Value |
Grinm Advanced Materials Co., Ltd. Class A
| | | 30,100 | | $50,873 |
Guangdong Baolihua New Energy Stock Co., Ltd. Class A
| | | 65,500 | | 48,052 |
Guangdong Dongfang Precision Science & Technology Co., Ltd. Class A (a)
| | | 107,000 | | 67,175 |
Guangdong Ellington Electronics Technology Co., Ltd. Class A
| | | 33,600 | | 48,920 |
Guangdong Golden Dragon Development, Inc. Class A (a)
| | | 52,800 | | 94,602 |
Guangdong Highsun Group Co., Ltd. Class A
| | | 126,200 | | 41,662 |
Guangdong Hongda Blasting Co., Ltd. Class A
| | | 30,500 | | 97,117 |
Guangdong Hotata Technology Group Co., Ltd. Class A
| | | 22,500 | | 37,996 |
Guangdong Huatie Tongda High-speed Railway Equipment Corp. Class A (a)
| | | 120,600 | | 85,241 |
Guangdong Shenglu Telecommunication Tech Co., Ltd. Class A
| | | 33,700 | | 35,325 |
Guangdong Shirongzhaoye Co., Ltd. Class A
| | | 71,100 | | 68,209 |
Guangdong Tapai Group Co., Ltd. Class A
| | | 98,100 | | 171,061 |
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd. Class A
| | | 40,700 | | 106,685 |
Guangdong Zhongsheng Pharmaceutical Co., Ltd. Class A
| | | 33,500 | | 56,005 |
Guangxi Liugong Machinery Co., Ltd. Class A
| | | 99,720 | | 88,069 |
Guangxi Wuzhou Zhongheng Group Co., Ltd. Class A
| | | 118,600 | | 53,710 |
Guangzhou Holike Creative Home Co., Ltd. Class A
| | | 41,900 | | 82,639 |
Guangzhou Restaurant Group Co., Ltd. Class A
| | | 24,800 | | 96,916 |
Guangzhou Tinci Materials Technology Co., Ltd. Class A
| | | 27,300 | | 75,181 |
Guangzhou Zhujiang Brewery Co., Ltd. Class A
| | | 56,100 | | 54,927 |
Guizhou Bailing Group Pharmaceutical Co., Ltd. Class A
| | | 72,000 | | 84,715 |
Guizhou Broadcasting & TV Information Network Co., Ltd. Class A
| | | 39,700 | | 43,015 |
Guizhou Gas Group Corp., Ltd. Class A
| | | 47,300 | | 72,069 |
Guizhou Panjiang Refined Coal Co., Ltd. Class A
| | | 170,687 | | 128,349 |
Guizhou Xinbang Pharmaceutical Co., Ltd. Class A (a)
| | | 99,200 | | 64,797 |
Guocheng Mining Co., Ltd. Class A (a)
| | | 51,100 | | 129,549 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Guomai Technologies, Inc. Class A
| | | 39,700 | | $53,768 |
Guorui Properties, Ltd.
| | | 1,145,000 | | 193,519 |
Guoxuan High-Tech Co., Ltd. Class A
| | | 73,600 | | 181,503 |
Haichang Ocean Park Holdings, Ltd. (a)(c)
| | | 798,000 | | 56,626 |
Hailiang Education Group, Inc. ADR (a)
| | | 2,707 | | 161,067 |
Hailir Pesticides and Chemicals Group Co., Ltd. Class A
| | | 13,700 | | 51,335 |
Hainan Ruize New Building Material Co., Ltd. Class A
| | | 88,800 | | 106,988 |
Hainan Strait Shipping Co., Ltd. Class A
| | | 75,750 | | 185,736 |
Hang Zhou Great Star Industrial Co., Ltd. Class A
| | | 62,700 | | 82,707 |
Hangcha Group Co., Ltd. Class A
| | | 50,922 | | 83,694 |
Hangjin Technology Co., Ltd. Class A
| | | 37,000 | | 111,341 |
Hangxiao Steel Structure Co., Ltd. Class A
| | | 242,900 | | 136,730 |
Hangzhou Binjiang Real Estate Group Co., Ltd. Class A
| | | 149,200 | | 87,564 |
Hangzhou Hangyang Co., Ltd. Class A
| | | 50,800 | | 84,425 |
Hangzhou Lianluo Interactive Information Technology Co., Ltd. Class A (a)
| | | 167,797 | | 61,549 |
Hangzhou Zhongheng Electric Co., Ltd. Class A
| | | 39,800 | | 70,299 |
Harbin Boshi Automation Co., Ltd. Class A
| | | 42,993 | | 55,074 |
Harbin Electric Co., Ltd. Class H (a)
| | | 746,000 | | 169,395 |
Harbin Gloria Pharmaceuticals Co., Ltd. Class A
| | | 118,500 | | 43,299 |
Harbin Pharmaceutical Group Co., Ltd. Class A (a)
| | | 126,600 | | 71,979 |
Hebei Chengde Lolo Co. Class A
| | | 44,900 | | 44,785 |
Hebei Hengshui Laobaigan Liquor Co., Ltd. Class A
| | | 56,300 | | 67,831 |
Henan Lingrui Pharmaceutical Co. Class A
| | | 39,500 | | 46,253 |
Henan Pinggao Electric Co., Ltd. Class A
| | | 96,500 | | 110,819 |
Henan Senyuan Electric Co., Ltd. Class A
| | | 89,008 | | 74,464 |
Henan Shenhuo Coal & Power Co., Ltd. Class A
| | | 86,600 | | 50,580 |
Henan Yuguang Gold & Lead Co., Ltd. Class A
| | | 67,600 | | 37,671 |
Henan Zhongyuan Expressway Co., Ltd. Class A
| | | 77,600 | | 41,273 |
Hengdian Entertainment Co., Ltd. Class A
| | | 22,320 | | 42,793 |
Hengdian Group DMEGC Magnetics Co., Ltd. Class A
| | | 49,500 | | 69,765 |
| Security Description | | | Shares | | Value |
Hengxing Gold Holding Co., Ltd.
| | | 216,000 | | $51,555 |
Hisense Home Appliances Group Co., Ltd. Class A
| | | 57,000 | | 76,234 |
Hisense Home Appliances Group Co., Ltd. Class H
| | | 204,000 | | 188,185 |
Hollysys Automation Technologies, Ltd.
| | | 51,540 | | 664,866 |
Hongda Xingye Co., Ltd. Class A
| | | 115,300 | | 63,439 |
Honghua Group, Ltd. (a)
| | | 2,665,000 | | 82,176 |
Hope Education Group Co., Ltd. (c)
| | | 1,136,000 | | 260,883 |
Huadian Fuxin Energy Corp., Ltd. Class H
| | | 1,000,000 | | 165,142 |
Huafu Fashion Co., Ltd. Class A
| | | 87,100 | | 64,881 |
Huami Corp. ADR (a)
| | | 11,789 | | 154,672 |
Huangshan Tourism Development Co., Ltd. Class B
| | | 444,361 | | 323,939 |
Huangshi Dongbei Electrical Appliance Co., Ltd. Class B
| | | 63,600 | | 77,465 |
Huawen Media Group Class A (a)
| | | 120,200 | | 54,265 |
Hubei Fuxing Science And Technology Co., Ltd. Class A
| | | 52,600 | | 38,143 |
Hubei Xingfa Chemicals Group Co., Ltd. Class A
| | | 35,200 | | 50,604 |
Huifu Payment, Ltd. (a)(b)(c)
| | | 120,000 | | 35,454 |
Hunan Aihua Group Co., Ltd. Class A
| | | 5,300 | | 16,936 |
Hunan Baili Engineering Sci & Tech Co., Ltd. Class A
| | | 33,000 | | 35,522 |
Hunan Dakang International Food & Agriculture Co., Ltd. Class A (a)
| | | 284,200 | | 89,010 |
Hunan Gold Corp., Ltd. Class A
| | | 36,800 | | 40,807 |
Hunan New Wellful Co., Ltd. Class A (a)
| | | 32,400 | | 41,139 |
HY Energy Group Co., Ltd. Class A
| | | 73,900 | | 77,151 |
HyUnion Holding Co., Ltd. Class A
| | | 70,600 | | 48,905 |
iDreamSky Technology Holdings, Ltd. (a)(c)
| | | 238,000 | | 154,759 |
INESA Intelligent Tech, Inc. Class B
| | | 114,900 | | 66,297 |
Inke, Ltd. (a)
| | | 544,000 | | 70,185 |
Inner Mongolia Eerduosi Resourses Co., Ltd. Class B
| | | 208,800 | | 167,458 |
Inner Mongolia Yuan Xing Energy Co., Ltd. Class A (a)
| | | 143,000 | | 39,744 |
Inspur Software Co., Ltd. Class A
| | | 21,500 | | 56,145 |
IReader Technology Co., Ltd. Class A
| | | 22,400 | | 61,086 |
Jack Sewing Machine Co., Ltd. Class A
| | | 30,200 | | 73,410 |
JC Finance & Tax Interconnect Holdings, Ltd. Class A (a)
| | | 49,100 | | 68,023 |
Jiangling Motors Corp., Ltd. Class A
| | | 24,700 | | 40,805 |
Jiangnan Group, Ltd. (a)
| | | 756,000 | | 29,261 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Jiangsu Akcome Science & Technology Co., Ltd. Class A (a)
| | | 118,900 | | $26,336 |
Jiangsu Dingsheng New Energy Materials Co., Ltd. Class A
| | | 23,500 | | 43,531 |
Jiangsu Etern Co., Ltd. Class A
| | | 78,300 | | 50,483 |
Jiangsu Flowers King Horticulture Co., Ltd. Class A
| | | 60,500 | | 51,553 |
Jiangsu Guotai International Group Co., Ltd. Class A
| | | 61,500 | | 50,150 |
Jiangsu Hengshun Vinegar Industry Co., Ltd. Class A
| | | 28,700 | | 79,320 |
Jiangsu Huaxicun Co., Ltd. Class A
| | | 47,000 | | 54,372 |
Jiangsu Jiangyin Rural Commercial Bank Co., Ltd. Class A
| | | 217,400 | | 126,363 |
Jiangsu Kanion Pharmaceutical Co., Ltd. Class A
| | | 26,100 | | 49,488 |
Jiangsu Leike Defense Technology Co., Ltd. Class A (a)
| | | 35,100 | | 32,732 |
Jiangsu Linyang Energy Co., Ltd. Class A
| | | 132,300 | | 96,497 |
Jiangsu Nhwa Pharmaceutical Co., Ltd. Class A
| | | 55,000 | | 88,534 |
Jiangsu Yoke Technology Co., Ltd. Class A
| | | 22,700 | | 99,310 |
Jiangsu Zhangjiagang Rural Commercial Bank Co., Ltd. Class A
| | | 140,600 | | 109,097 |
Jiangsu Zhongli Group Co., Ltd. Class A (a)
| | | 73,000 | | 63,441 |
Jiangxi Lianchuang Optoelectronic Science & Technology Co., Ltd. Class A
| | | 9,800 | | 17,573 |
Jiangxi Special Electric Motor Co., Ltd. Class A (a)
| | | 200,700 | | 60,877 |
Jiangxi Wannianqing Cement Co., Ltd. Class A
| | | 54,300 | | 90,012 |
Jianpu Technology, Inc. ADR (a)(b)
| | | 32,940 | | 27,670 |
Jiayou International Logistics Co., Ltd. Class A
| | | 10,600 | | 40,601 |
Jilin Zixin Pharmaceutical Industrial Co., Ltd. Class A (a)
| | | 69,300 | | 51,622 |
Jinchuan Group International Resources Co., Ltd. (b)
| | | 2,353,000 | | 144,199 |
Jingrui Holdings, Ltd.
| | | 480,000 | | 132,527 |
Jingwei Textile Machinery Co., Ltd. Class A
| | | 28,000 | | 37,211 |
JinkoSolar Holding Co., Ltd. ADR (a)(b)
| | | 25,968 | | 385,625 |
Jinneng Science&Technology Co., Ltd. Class A
| | | 50,300 | | 67,060 |
Jinyuan EP Co., Ltd. Class A
| | | 84,800 | | 98,221 |
JiuGui Liquor Co., Ltd. Class A
| | | 14,600 | | 58,600 |
Jiuzhitang Co., Ltd. Class A
| | | 63,000 | | 70,215 |
| Security Description | | | Shares | | Value |
Jizhong Energy Resources Co., Ltd. Class A
| | | 253,000 | | $107,793 |
JNBY Design, Ltd.
| | | 116,000 | | 101,320 |
Joinn Laboratories China Co., Ltd. Class A
| | | 7,800 | | 79,780 |
Jointo Energy Investment Co., Ltd. Hebei Class A
| | | 60,400 | | 37,067 |
Joy City Property, Ltd.
| | | 1,638,000 | | 128,911 |
Jumei International Holding, Ltd. ADR (a)(b)
| | | 5,213 | | 96,336 |
Kama Co., Ltd. Class B (a)
| | | 291,600 | | 110,516 |
Kandi Technologies Group, Inc. (a)(b)
| | | 39,576 | | 103,689 |
Kangda International Environmental Co., Ltd. (a)(c)
| | | 826,200 | | 78,880 |
Kasen International Holdings, Ltd. (a)
| | | 376,000 | | 76,161 |
Keda Clean Energy Co., Ltd. Class A (a)
| | | 146,100 | | 85,745 |
Keda Group Co., Ltd. Class A
| | | 111,500 | | 56,000 |
KingClean Electric Co., Ltd. Class A
| | | 23,100 | | 66,482 |
Konka Group Co., Ltd. Class A
| | | 77,900 | | 91,767 |
Konka Group Co., Ltd. Class B
| | | 680,600 | | 250,256 |
Koolearn Technology Holding, Ltd. (a)(b)(c)
| | | 163,000 | | 613,019 |
KPC Pharmaceuticals, Inc. Class A
| | | 34,900 | | 48,744 |
KTK Group Co., Ltd. Class A
| | | 5,700 | | 7,342 |
Kunwu Jiuding Investment Holdings Co., Ltd. Class A
| | | 17,200 | | 56,442 |
L&K Engineering Suzhou Co., Ltd. Class A
| | | 5,600 | | 11,069 |
Lanzhou Minbai Shareholding Group Co., Ltd. Class A
| | | 57,400 | | 46,482 |
Launch Tech Co., Ltd. Class H
| | | 205,700 | | 61,039 |
Leo Group Co., Ltd. Class A (a)
| | | 390,700 | | 202,841 |
LexinFintech Holdings, Ltd. ADR (a)(b)
| | | 38,216 | | 338,976 |
Leyou Technologies Holdings, Ltd. (a)(b)
| | | 1,519,200 | | 444,927 |
Liaoning Wellhope Agri-Tech JSC, Ltd. Class A
| | | 40,700 | | 73,152 |
Lier Chemical Co., Ltd. Class A
| | | 33,400 | | 69,361 |
Lifetech Scientific Corp. (a)
| | | 2,496,000 | | 569,988 |
LingNan Eco&Culture-Tourism Co., Ltd. Class A
| | | 132,300 | | 83,805 |
Lingyuan Iron & Steel Co., Ltd. Class A
| | | 154,000 | | 48,667 |
Lionco Pharmaceutical Group Co., Ltd. Class A
| | | 43,296 | | 61,265 |
Liuzhou Iron & Steel Co., Ltd. Class A
| | | 63,200 | | 43,779 |
Loncin Motor Co., Ltd. Class A (a)
| | | 189,200 | | 88,885 |
Long Yuan Construction Group Co., Ltd. Class A
| | | 89,400 | | 90,179 |
Lonking Holdings, Ltd.
| | | 1,976,000 | | 591,456 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Luolai Lifestyle Technology Co., Ltd. Class A
| | | 59,400 | | $74,667 |
Luoniushan Co., Ltd. Class A
| | | 61,400 | | 94,765 |
Luoyang Glass Co., Ltd. Class A (a)
| | | 42,800 | | 78,557 |
Luthai Textile Co., Ltd. Class B
| | | 123,000 | | 88,232 |
LVGEM China Real Estate Investment Co., Ltd.
| | | 390,000 | | 119,251 |
Macrolink Culturaltainment Development Co., Ltd. Class A
| | | 128,300 | | 51,043 |
Maoyan Entertainment (a)(b)(c)
| | | 235,800 | | 299,659 |
Maoye Commericial Co., Ltd. Class A
| | | 80,323 | | 48,274 |
Markor International Home Furnishings Co., Ltd. Class A
| | | 132,100 | | 76,783 |
Mayinglong Pharmaceutical Group Co., Ltd. Class A
| | | 20,100 | | 42,507 |
Meitu, Inc. (a)(c)
| | | 939,000 | | 179,298 |
Microport Scientific Corp.
| | | 265,355 | | 600,489 |
Milkyway Chemical Supply Chain Service Co., Ltd. Class A
| | | 10,400 | | 73,508 |
MLS Co., Ltd. Class A
| | | 44,600 | | 71,353 |
MMG, Ltd. (a)
| | | 1,112,000 | | 159,249 |
Montnets Rongxin Technology Group Co., Ltd. Class A (a)
| | | 53,800 | | 101,859 |
Mulsanne Group Holding, Ltd. (a)(c)
| | | 25,500 | | 21,220 |
MYS Group Co., Ltd. Class A
| | | 85,600 | | 59,537 |
Nanfang Communication Holdings, Ltd. (b)
| | | 64,000 | | 26,340 |
Nanjing Iron & Steel Co., Ltd. Class A
| | | 199,100 | | 88,199 |
Nanjing Panda Electronics Co., Ltd. Class A
| | | 27,800 | | 33,259 |
Nanjing Redsun Co., Ltd. Class A
| | | 29,100 | | 38,837 |
National Agricultural Holdings, Ltd. (a)(b)(e)
| | | 396,000 | | — |
Ningbo Construction Co., Ltd. Class A
| | | 90,500 | | 52,858 |
Ningbo Huaxiang Electronic Co., Ltd. Class A
| | | 23,700 | | 55,303 |
Ningbo Jifeng Auto Parts Co., Ltd. Class A
| | | 39,700 | | 45,983 |
Ningbo Peacebird Fashion Co., Ltd. Class A
| | | 24,900 | | 51,534 |
Ningbo Sanxing Medical Electric Co., Ltd. Class A
| | | 139,100 | | 144,826 |
Ningbo Tuopu Group Co., Ltd. Class A
| | | 45,440 | | 104,237 |
Ningbo Xusheng Auto Technology Co., Ltd. Class A
| | | 12,700 | | 66,060 |
Ningxia Jiaze New Energy Co., Ltd. Class A
| | | 115,400 | | 49,819 |
Niu Technologies ADR (a)(b)
| | | 14,390 | | 100,298 |
Noah Holdings, Ltd. ADR (a)(b)
| | | 13,368 | | 345,696 |
Norinco International Cooperation, Ltd. Class A
| | | 49,100 | | 49,944 |
| Security Description | | | Shares | | Value |
Northeast Pharmaceutical Group Co., Ltd. Class A (a)
| | | 55,279 | | $58,101 |
On-Bright Electronics, Inc.
| | | 34,000 | | 251,839 |
OneSmart International Education Group, Ltd. ADR (a)(b)
| | | 37,943 | | 193,509 |
O-Net Technologies Group, Ltd.
| | | 37,000 | | 22,532 |
ORG Technology Co., Ltd. Class A
| | | 97,800 | | 55,604 |
Ozner Water International Holding, Ltd. (a)(b)(c)
| | | 1,309,000 | | 48,976 |
Pingdingshan Tianan Coal Mining Co., Ltd. Class A (a)
| | | 154,500 | | 90,675 |
Poly Culture Group Corp., Ltd. Class H
| | | 166,300 | | 94,834 |
Poly Property Group Co., Ltd.
| | | 2,114,000 | | 717,313 |
Poten Environment Group Co., Ltd. Class A
| | | 31,700 | | 30,143 |
Puxin, Ltd. ADR (a)(b)
| | | 23,901 | | 102,296 |
Q Technology Group Co., Ltd. (a)(b)
| | | 277,000 | | 308,417 |
Qeeka Home Cayman, Inc. (a)(c)
| | | 140,000 | | 44,975 |
Qianhe Condiment and Food Co., Ltd. Class A
| | | 17,000 | | 62,237 |
Qingdao East Steel Tower Stock Co., Ltd. Class A
| | | 54,100 | | 54,037 |
Qingdao Gon Technology Co., Ltd. Class A
| | | 16,300 | | 102,585 |
Qingdao Hanhe Cable Co., Ltd. Class A
| | | 223,900 | | 120,349 |
Qutoutiao, Inc. ADR (a)(b)
| | | 82,919 | | 198,176 |
Real Gold Mining, Ltd. (a)(b)(e)
| | | 251,500 | | — |
Realcan Pharmaceutical Group Co., Ltd. Class A
| | | 60,300 | | 46,108 |
Red Avenue New Materials Group Co., Ltd. Class A
| | | 19,300 | | 41,550 |
Redco Properties Group, Ltd. (b)(c)
| | | 402,000 | | 197,087 |
Redsun Properties Group, Ltd.
| | | 370,000 | | 120,773 |
Renhe Pharmacy Co., Ltd. Class A
| | | 47,500 | | 42,486 |
RISE Education Cayman, Ltd. ADR (a)(b)
| | | 6,782 | | 27,603 |
Rongan Property Co., Ltd. Class A (a)
| | | 124,400 | | 47,210 |
Runjian Co., Ltd. Class A
| | | 17,000 | | 82,287 |
Sailun Group Co., Ltd. Class A
| | | 82,080 | | 43,540 |
Sany Heavy Equipment International Holdings Co., Ltd.
| | | 431,000 | | 230,767 |
Saurer Intelligent Technology Co., Ltd. Class A
| | | 126,600 | | 95,733 |
Scholar Education Group
| | | 40,000 | | 51,607 |
Secoo Holding, Ltd. ADR (a)(b)
| | | 8,454 | | 31,280 |
SGIS Songshan Co., Ltd. Class A (a)
| | | 130,800 | | 71,045 |
Shandong Airlines Co., Ltd. Class B
| | | 237,700 | | 205,165 |
Shandong Chenming Paper Holdings, Ltd. Class A
| | | 149,400 | | 100,749 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Shandong Chenming Paper Holdings, Ltd. Class B
| | | 230,600 | | $83,304 |
Shandong Molong Petroleum Machinery Co., Ltd. Class A (a)
| | | 183,700 | | 80,600 |
Shandong New Beiyang Information Technology Co., Ltd. Class A
| | | 29,600 | | 45,393 |
Shandong Xinchao Energy Corp., Ltd. Class A (a)
| | | 468,300 | | 116,279 |
Shandong Xinhua Pharmaceutical Co., Ltd. Class A
| | | 49,810 | | 85,942 |
Shang Gong Group Co., Ltd. Class B (a)
| | | 346,700 | | 141,107 |
Shanghai AtHub Co., Ltd. Class A
| | | 8,800 | | 60,051 |
Shanghai Bairun Investment Holding Group Co., Ltd. Class A
| | | 24,500 | | 117,416 |
Shanghai Belling Co., Ltd. Class A
| | | 28,300 | | 65,318 |
Shanghai Chlor-Alkali Chemical Co., Ltd. Class B
| | | 462,600 | | 231,300 |
Shanghai Daimay Automotive Interior Co., Ltd. Class A
| | | 13,600 | | 49,847 |
Shanghai Dazhong Public Utilities Group Co., Ltd. Class A
| | | 82,400 | | 46,965 |
Shanghai Diesel Engine Co., Ltd. Class B
| | | 410,360 | | 157,168 |
Shanghai East China Computer Co., Ltd. Class A
| | | 20,377 | | 62,785 |
Shanghai Environment Group Co., Ltd. Class A
| | | 47,000 | | 77,779 |
Shanghai Fengyuzhu Culture and Technology Co., Ltd. Class A
| | | 21,300 | | 41,469 |
Shanghai Fudan Microelectronics Group Co., Ltd. Class H (a)(b)
| | | 158,000 | | 103,758 |
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H
| | | 486,000 | | 292,820 |
Shanghai Haixin Group Co. Class B
| | | 682,708 | | 243,044 |
Shanghai Haohai Biological Technology Co., Ltd. Class H (a)(c)
| | | 7,800 | | 29,284 |
Shanghai Highly Group Co., Ltd. Class B
| | | 285,400 | | 184,654 |
Shanghai Industrial Development Co., Ltd. Class A
| | | 91,070 | | 65,397 |
Shanghai Jin Jiang Capital Co., Ltd. Class H
| | | 1,072,000 | | 179,798 |
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B
| | | 124,400 | | 83,970 |
Shanghai Jinjiang International Travel Co., Ltd. Class B
| | | 134,500 | | 172,833 |
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class A
| | | 41,600 | | 71,894 |
| Security Description | | | Shares | | Value |
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B
| | | 178,539 | | $146,045 |
Shanghai La Chapelle Fashion Co., Ltd. Class A (a)
| | | 63,700 | | 39,811 |
Shanghai Lingyun Industries Development Co., Ltd. Class B (a)
| | | 112,400 | | 46,309 |
Shanghai Maling Aquarius Co., Ltd. Class A
| | | 38,000 | | 49,750 |
Shanghai Moons' Electric Co., Ltd. Class A
| | | 55,500 | | 106,252 |
Shanghai Phoenix Enterprise Group Co., Ltd. Class B (a)
| | | 172,600 | | 65,588 |
Shanghai Pudong Road & Bridge Construction Co., Ltd. Class A
| | | 53,300 | | 48,727 |
Shanghai Rongtai Health Technology Corp., Ltd. Class A
| | | 23,300 | | 92,468 |
Shanghai Runda Medical Technology Co., Ltd. Class A
| | | 32,900 | | 46,322 |
Shanghai Shibei Hi-Tech Co., Ltd. Class B
| | | 490,200 | | 163,727 |
Shanghai Shyndec Pharmaceutical Co., Ltd. Class A
| | | 73,500 | | 102,138 |
Shanghai Sinotec Co., Ltd. Class A
| | | 13,700 | | 29,533 |
Shanghai Tongji Science & Technology Industrial Co., Ltd. Class A
| | | 41,000 | | 47,662 |
Shanghai Wanye Enterprises Co., Ltd. Class A
| | | 45,300 | | 116,954 |
Shanghai Weaver Network Co., Ltd. Class A
| | | 9,600 | | 101,550 |
Shanghai Xin Nanyang Only Education & Technology Co., Ltd. Class A (a)
| | | 52,600 | | 117,842 |
Shanghai Zijiang Enterprise Group Co., Ltd. Class A
| | | 92,400 | | 54,620 |
Shanxi Blue Flame Holding Co., Ltd. Class A
| | | 62,800 | | 78,409 |
Shanxi Lanhua Sci-Tech Venture Co., Ltd. Class A
| | | 85,700 | | 63,113 |
Shede Spirits Co., Ltd. Class A
| | | 19,800 | | 63,689 |
Sheng Ye Capital, Ltd. (b)
| | | 190,000 | | 161,297 |
Shengda Mining Co., Ltd. Class A (a)
| | | 27,900 | | 44,203 |
Shenzhen Agricultural Products Group Co., Ltd. Class A
| | | 104,300 | | 106,534 |
Shenzhen Aisidi Co., Ltd. Class A
| | | 20,300 | | 16,582 |
Shenzhen Bauing Construction Holding Group Co., Ltd. Class A
| | | 96,100 | | 63,450 |
Shenzhen Cereals Holdings Co., Ltd. Class A
| | | 93,965 | | 103,931 |
Shenzhen Danbond Technology Co., Ltd. Class A
| | | 24,800 | | 34,428 |
Shenzhen Das Intellitech Co., Ltd. Class A (a)
| | | 86,093 | | 41,296 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Shenzhen Desay Battery Technology Co. Class A
| | | 11,200 | | $53,881 |
Shenzhen Ellassay Fashion Co., Ltd. Class A
| | | 32,585 | | 50,798 |
Shenzhen Fastprint Circuit Tech Co., Ltd. Class A
| | | 73,400 | | 112,769 |
Shenzhen Fenda Technology Co., Ltd. Class A (a)
| | | 136,000 | | 64,276 |
Shenzhen Gongjin Electronics Co., Ltd. Class A
| | | 24,048 | | 44,783 |
Shenzhen Grandland Group Co., Ltd. Class A
| | | 112,600 | | 58,459 |
Shenzhen H&T Intelligent Control Co., Ltd. Class A
| | | 34,300 | | 58,601 |
Shenzhen Heungkong Holding Co., Ltd. Class A
| | | 215,600 | | 61,746 |
Shenzhen Hifuture Information Technology Co., Ltd. Class A (a)
| | | 90,600 | | 92,285 |
Shenzhen Megmeet Electrical Co., Ltd. Class A
| | | 30,000 | | 95,271 |
Shenzhen MTC Co., Ltd. Class A (a)
| | | 217,300 | | 125,999 |
Shenzhen Neptunus Bioengineering Co., Ltd. Class A
| | | 130,095 | | 83,877 |
Shenzhen New Nanshan Holding Group Co., Ltd. Class A (a)
| | | 156,300 | | 58,214 |
Shenzhen Noposion Agrochemicals Co., Ltd. Class A (a)
| | | 52,200 | | 44,186 |
Shenzhen SDG Information Co., Ltd. Class A
| | | 32,000 | | 41,218 |
Shenzhen SEG Co., Ltd. Class B
| | | 150,300 | | 42,855 |
Shenzhen Sinovatio Technology Co., Ltd. Class A
| | | 4,600 | | 97,689 |
Shenzhen Tagen Group Co., Ltd. Class A
| | | 78,000 | | 51,170 |
Shenzhen Tellus Holding Co., Ltd. Class A (a)
| | | 15,700 | | 39,337 |
Shenzhen World Union Group, Inc. Class A
| | | 161,500 | | 66,302 |
Shenzhen Yan Tian Port Holding Co., Ltd. Class A
| | | 100,700 | | 62,936 |
Shenzhen Zhenye Group Co., Ltd. Class A
| | | 82,500 | | 52,143 |
Shijiazhuang Changshan BeiMing Technology Co., Ltd. Class A (a)
| | | 105,500 | | 129,192 |
Shijiazhuang Yiling Pharmaceutical Co., Ltd. Class A
| | | 58,302 | | 184,656 |
Shinva Medical Instrument Co., Ltd. Class A
| | | 8,900 | | 21,735 |
Shougang Concord International Enterprises Co., Ltd. (b)
| | | 2,449,200 | | 420,266 |
Shougang Fushan Resources Group, Ltd.
| | | 3,142,000 | | 571,575 |
Shui On Land, Ltd.
| | | 1,072,500 | | 179,882 |
| Security Description | | | Shares | | Value |
Sichuan Expressway Co., Ltd. Class H
| | | 1,652,000 | | $385,777 |
Sichuan Haite High-tech Co., Ltd. Class A (a)
| | | 33,300 | | 64,691 |
Sichuan Road & Bridge Co., Ltd. Class A
| | | 142,000 | | 77,128 |
Sichuan Shuangma Cement Co., Ltd. Class A (a)
| | | 58,850 | | 105,442 |
Sichuan Yahua Industrial Group Co., Ltd. Class A
| | | 55,100 | | 54,414 |
Sieyuan Electric Co., Ltd. Class A
| | | 60,300 | | 153,213 |
Sihuan Pharmaceutical Holdings Group, Ltd.
| | | 1,402,000 | | 141,088 |
Silergy Corp.
| | | 59,000 | | 1,931,452 |
Silver Grant International Industries, Ltd. (a)
| | | 734,000 | | 99,434 |
Sinochem International Corp. Class A
| | | 65,800 | | 47,529 |
Sinofert Holdings, Ltd. (a)
| | | 1,564,000 | | 145,284 |
Sinoma International Engineering Co. Class A
| | | 83,200 | | 70,896 |
Sinomach Automobile Co., Ltd. Class A
| | | 60,700 | | 43,931 |
Sinopec Kantons Holdings, Ltd.
| | | 1,106,000 | | 422,372 |
Sino-Platinum Metals Co., Ltd. Class A
| | | 20,800 | | 40,202 |
Sinosoft Technology Group, Ltd.
| | | 728,200 | | 111,801 |
Sinosteel Engineering & Technology Co., Ltd. Class A
| | | 62,840 | | 36,703 |
Sinovac Biotech, Ltd. (a)(b)
| | | 67,578 | | 437,230 |
Skshu Paint Co., Ltd. Class A
| | | 7,200 | | 90,282 |
Skyfame Realty Holdings, Ltd.
| | | 1,668,000 | | 219,505 |
Skyworth Digital Co., Ltd. Class A
| | | 50,900 | | 83,371 |
Smartac Group China Holdings, Ltd. (a)
| | | 2,624,000 | | 59,245 |
Sogou, Inc. ADR (a)(b)
| | | 19,658 | | 66,051 |
SOHO China, Ltd.
| | | 236,500 | | 122,050 |
Sohu.com, Ltd. ADR (a)
| | | 33,903 | | 211,216 |
Sou Yu Te Group Co., Ltd. Class A (a)
| | | 214,800 | | 100,912 |
So-Young International, Inc. ADR (a)(b)
| | | 3,700 | | 37,888 |
Square Technology Group Co., Ltd. Class A
| | | 23,200 | | 38,426 |
Suncity Group Holdings, Ltd. (a)(b)
| | | 800,000 | | 119,728 |
Sunflower Pharmaceutical Group Co., Ltd. Class A
| | | 36,500 | | 70,959 |
Suning Universal Co., Ltd. Class A
| | | 127,000 | | 54,468 |
Sunshine 100 China Holdings, Ltd. (a)(c)
| | | 463,000 | | 82,434 |
Sunward Intelligent Equipment Co., Ltd. Class A
| | | 190,925 | | 151,917 |
Sunwave Communications Co., Ltd. Class A
| | | 19,500 | | 25,200 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Suzhou Anjie Technology Co., Ltd. Class A
| | | 46,700 | | $116,088 |
Suzhou Chunxing Precision Mechanical Co., Ltd. Class A (a)
| | | 51,300 | | 58,550 |
Suzhou Keda Technology Co., Ltd. Class A
| | | 27,196 | | 40,593 |
Suzhou Secote Precision Electronic Co., Ltd. Class A
| | | 14,300 | | 76,158 |
Taihai Manoir Nuclear Equipment Co., Ltd. Class A
| | | 50,300 | | 34,417 |
Taiji Computer Corp., Ltd. Class A
| | | 18,900 | | 97,804 |
Tangrenshen Group Co., Ltd. Class A
| | | 30,300 | | 36,549 |
Tangshan Sanyou Chemical Industries Co., Ltd. Class A
| | | 91,400 | | 64,731 |
TCL Electronics Holdings, Ltd.
| | | 277,000 | | 116,148 |
Tecon Biology Co., Ltd. Class A
| | | 40,000 | | 72,515 |
Tian Di Science & Technology Co., Ltd. Class A
| | | 227,200 | | 96,160 |
Tian Ge Interactive Holdings, Ltd. (a)(b)(c)
| | | 741,000 | | 161,567 |
Tiangong International Co., Ltd.
| | | 1,728,000 | | 601,943 |
Tianjin Capital Environmental Protection Group Co., Ltd. Class A
| | | 103,200 | | 104,100 |
Tianjin Development Holdings, Ltd.
| | | 820,000 | | 160,807 |
Tianjin Guangyu Development Co., Ltd. Class A
| | | 100,500 | | 94,003 |
Tianjin Port Development Holdings, Ltd. (b)
| | | 4,086,000 | | 268,854 |
Tianjin ZhongXin Pharmaceutical Group Corp., Ltd. Class S
| | | 396,400 | | 223,966 |
Tianli Education International Holdings, Ltd.
| | | 703,000 | | 307,470 |
Tianneng Power International, Ltd. (b)
| | | 752,000 | | 559,811 |
Tibet Summit Resources Co., Ltd. Class A
| | | 50,000 | | 55,444 |
Tibet Tianlu Co., Ltd. Class A
| | | 55,900 | | 51,971 |
Titan Wind Energy Suzhou Co., Ltd. Class A
| | | 95,900 | | 68,459 |
Tong Ren Tang Technologies Co., Ltd. Class H
| | | 761,000 | | 606,766 |
Tongding Interconnection Information Co., Ltd. Class A
| | | 54,300 | | 44,049 |
TongFu Microelectronics Co., Ltd. Class A
| | | 61,700 | | 163,647 |
Tonghua Golden-Horse Pharmaceutical Industry Co., Ltd. Class A (a)
| | | 59,700 | | 46,997 |
Tongling Jingda Special Magnet Wire Co., Ltd. Class A
| | | 332,800 | | 127,707 |
Tongyu Communication, Inc. Class A
| | | 12,595 | | 47,976 |
Tsaker Chemical Group, Ltd. (c)
| | | 57,000 | | 10,296 |
| Security Description | | | Shares | | Value |
Tunghsu Azure Renewable Energy Co., Ltd. Class A
| | | 90,800 | | $42,401 |
Tuniu Corp. ADR (a)(b)
| | | 99,652 | | 98,655 |
UE Furniture Co., Ltd. Class A
| | | 32,298 | | 63,883 |
Uxin, Ltd. ADR (a)(b)
| | | 67,367 | | 103,745 |
Valiant Co., Ltd. Class A
| | | 39,700 | | 70,963 |
Vatti Corp., Ltd. Class A
| | | 53,100 | | 83,229 |
Virscend Education Co., Ltd. (b)(c)
| | | 1,031,000 | | 211,497 |
Viva Biotech Holdings (b)(c)
| | | 454,500 | | 239,244 |
Wangfujing Group Co., Ltd. Class A
| | | 35,661 | | 61,228 |
Wangneng Environment Co., Ltd. Class A
| | | 25,800 | | 47,573 |
Weimob, Inc. (a)(b)(c)
| | | 1,200,000 | | 760,170 |
West China Cement, Ltd.
| | | 2,640,000 | | 412,133 |
Western Region Gold Co., Ltd. Class A
| | | 25,500 | | 49,538 |
WG Tech JiangXi Co., Ltd. Class A
| | | 9,800 | | 42,528 |
Wisdom Education International Holdings Co., Ltd.
| | | 348,000 | | 115,837 |
Wise Talent Information Technology Co., Ltd. (a)
| | | 117,600 | | 235,173 |
Wolong Electric Group Co., Ltd. Class A
| | | 87,700 | | 127,686 |
Wuhan DDMC Culture Co., Ltd. Class A
| | | 34,700 | | 41,269 |
Wuhan Department Store Group Co., Ltd. Class A
| | | 34,110 | | 55,244 |
Wuxi Shangji Automation Co., Ltd. Class A
| | | 16,160 | | 82,302 |
X Financial ADR (b)
| | | 15,041 | | 15,793 |
Xiabuxiabu Catering Management China Holdings Co., Ltd. (c)
| | | 190,500 | | 145,746 |
Xiamen Comfort Science & Technology Group Co., Ltd. Class A
| | | 72,700 | | 121,539 |
Xiamen Goldenhome Co., Ltd. Class A
| | | 5,700 | | 46,681 |
Xiamen International Airport Co., Ltd. Class A
| | | 16,000 | | 39,299 |
Xiamen International Port Co., Ltd. Class H
| | | 2,010,000 | | 173,748 |
Xiamen Kingdomway Group Co. Class A
| | | 32,400 | | 100,790 |
Xi'an Haitiantian Holdings Co., Ltd. (a)
| | | 234,000 | | 56,153 |
Xian International Medical Investment Co., Ltd. Class A
| | | 79,500 | | 46,994 |
Xilinmen Furniture Co., Ltd. Class A (a)
| | | 32,600 | | 55,466 |
Xinfengming Group Co., Ltd. Class A
| | | 36,800 | | 53,631 |
Xingda International Holdings, Ltd.
| | | 661,326 | | 161,259 |
Xinhua Winshare Publishing and Media Co., Ltd. Class A
| | | 38,100 | | 58,804 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Xinhua Winshare Publishing and Media Co., Ltd. Class H
| | | 133,000 | | $85,625 |
Xinhuanet Co., Ltd. Class A
| | | 29,500 | | 91,602 |
Xinjiang Tianshan Cement Co., Ltd. Class A
| | | 59,400 | | 95,533 |
Xinjiang Yilite Industry Co., Ltd. Class A
| | | 26,200 | | 48,976 |
Xtep International Holdings, Ltd.
| | | 594,763 | | 195,674 |
Xuji Electric Co., Ltd. Class A
| | | 74,200 | | 137,027 |
Yadea Group Holdings, Ltd. (c)
| | | 608,000 | | 171,005 |
Yang Quan Coal Industry Group Co., Ltd. Class A
| | | 136,600 | | 88,649 |
Yantai Dongcheng Pharmaceutical Co., Ltd. Class A
| | | 97,000 | | 185,017 |
Yantai Eddie Precision Machinery Co., Ltd. Class A
| | | 24,600 | | 122,164 |
Yantai Tayho Advanced Materials Co., Ltd. Class A
| | | 34,100 | | 54,122 |
YGSOFT, Inc. Class A
| | | 33,028 | | 60,155 |
Yifan Pharmaceutical Co., Ltd. Class A
| | | 65,200 | | 149,934 |
Yijiahe Technology Co., Ltd. Class A
| | | 5,600 | | 70,393 |
Yintech Investment Holdings, Ltd. ADR (b)
| | | 7,700 | | 45,430 |
Yirendai, Ltd. ADR (a)(b)
| | | 10,368 | | 41,576 |
Yixin Group, Ltd. (a)(b)(c)
| | | 1,033,500 | | 169,341 |
Yotrio Group Co., Ltd. Class A
| | | 180,980 | | 89,109 |
Youzu Interactive Co., Ltd. Class A (a)
| | | 47,500 | | 125,917 |
Yunnan Aluminium Co., Ltd. Class A (a)
| | | 121,900 | | 66,555 |
YunNan Metropolitan Real Estate Development Co., Ltd. Class A
| | | 113,000 | | 45,275 |
Zall Smart Commerce Group, Ltd. (a)(b)
| | | 2,429,000 | | 216,234 |
ZBOM Home Collection Co., Ltd. Class A
| | | 21,400 | | 61,559 |
Zhefu Holding Group Co., Ltd. Class A
| | | 142,200 | | 72,623 |
Zhejiang Communications Technology Co., Ltd.
| | | 96,700 | | 69,440 |
Zhejiang Grandwall Electric Science&Technology Co., Ltd. Class A
| | | 33,500 | | 77,273 |
Zhejiang Hangmin Co., Ltd. Class A
| | | 86,296 | | 68,421 |
Zhejiang Hisoar Pharmaceutical Co., Ltd. Class A
| | | 61,500 | | 53,360 |
Zhejiang Huafeng Spandex Co., Ltd. Class A
| | | 130,400 | | 86,465 |
Zhejiang Jiecang Linear Motion Technology Co., Ltd. Class A
| | | 2,900 | | 16,304 |
Zhejiang Jiemei Electronic & Technology Co., Ltd. Class A
| | | 10,300 | | 52,007 |
Zhejiang Jingu Co., Ltd. Class A (a)
| | | 54,800 | | 47,315 |
| Security Description | | | Shares | | Value |
Zhejiang Jingxin Pharmaceutical Co., Ltd. Class A
| | | 33,300 | | $48,483 |
Zhejiang JIULI Hi-tech Metals Co., Ltd. Class A
| | | 44,300 | | 46,311 |
Zhejiang Medicine Co., Ltd. Class A
| | | 39,400 | | 104,223 |
Zhejiang Meida Industrial Co., Ltd. Class A
| | | 41,700 | | 67,714 |
Zhejiang Orient Financial Holdings Group Co., Ltd. Class A
| | | 39,060 | | 47,115 |
Zhejiang Runtu Co., Ltd. Class A
| | | 51,600 | | 69,885 |
Zhejiang Satellite Petrochemical Co., Ltd. Class A
| | | 52,400 | | 96,399 |
Zhejiang Wanliyang Co., Ltd. Class A
| | | 105,500 | | 120,113 |
Zhejiang Xianju Pharmaceutical Co., Ltd. Class A
| | | 44,500 | | 87,641 |
Zhejiang Xinan Chemical Industrial Group Co., Ltd. Class A
| | | 35,200 | | 42,956 |
Zhejiang Yankon Group Co., Ltd. Class A
| | | 101,700 | | 50,791 |
Zhejiang Yasha Decoration Co., Ltd. Class A
| | | 172,200 | | 168,357 |
Zhejiang Yatai Pharmaceutical Co., Ltd. Class A
| | | 34,500 | | 23,898 |
Zhejiang Yongtai Technology Co., Ltd. Class A
| | | 45,833 | | 74,942 |
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class A
| | | 65,300 | | 50,853 |
Zhengzhou Coal Mining Machinery Group Co., Ltd. Class H
| | | 236,600 | | 88,524 |
Zhongshan Broad Ocean Motor Co., Ltd. Class A (a)
| | | 164,400 | | 77,002 |
Zhou Hei Ya International Holdings Co., Ltd. (c)
| | | 318,000 | | 183,393 |
Zhuzhou Kibing Group Co., Ltd. Class A
| | | 175,400 | | 119,520 |
Zibo Qixiang Tengda Chemical Co., Ltd. Class A
| | | 116,600 | | 97,712 |
ZJBC Information Technology Co., Ltd. Class A
| | | 35,700 | | 45,127 |
Zotye Automobile Co., Ltd. Class A (a)
| | | 256,900 | | 91,333 |
| | | | | | 86,543,111 |
| COLOMBIA — 0.1% | | | | | |
Avianca Holdings SA Preference Shares
| | | 189,680 | | 23,359 |
Celsia SA ESP
| | | 244,103 | | 257,925 |
Cemex Latam Holdings SA (a)
| | | 140,605 | | 51,600 |
| | | | | | 332,884 |
| CZECH REPUBLIC — 0.3% | | | | | |
Moneta Money Bank A/S (c)
| | | 413,656 | | 851,555 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Philip Morris CR A/S
| | | 661 | | $353,157 |
| | | | | | 1,204,712 |
| EGYPT — 0.5% | | | | | |
Egypt Kuwait Holding Co. SAE
| | | 603,845 | | 565,199 |
Egyptian Financial Group-Hermes Holding Co.
| | | 516,365 | | 271,961 |
ElSewedy Electric Co.
| | | 127,291 | | 63,403 |
Emaar Misr for Development SAE (a)
| | | 203,020 | | 33,536 |
Ezz Steel Co SAE (a)
| | | 395,221 | | 137,348 |
Heliopolis Housing
| | | 292,497 | | 62,997 |
Ibnsina Pharma SAE (a)
| | | 201,694 | | 102,385 |
Medinet Nasr Housing (a)
| | | 608,016 | | 120,135 |
Orascom Investment Holding (a)
| | | 2,916,360 | | 61,514 |
Palm Hills Developments SAE (a)
| | | 914,861 | | 62,308 |
Pioneers Holding for Financial Investments SAE (a)
| | | 155,371 | | 29,909 |
Qalaa Holdings SAE (a)
| | | 498,270 | | 34,379 |
Six of October Development & Investment
| | | 444,462 | | 262,893 |
Talaat Moustafa Group
| | | 419,021 | | 132,841 |
Telecom Egypt Co.
| | | 159,925 | | 106,684 |
| | | | | | 2,047,492 |
| GREECE — 0.9% | | | | | |
Aegean Airlines SA
| | | 45,317 | | 206,355 |
Diana Shipping, Inc. (a)
| | | 4,462 | | 6,604 |
Ellaktor SA (a)
| | | 96,564 | | 62,301 |
FF Group (a)(e)
| | | 24,815 | | 13,070 |
Fourlis Holdings SA (a)
| | | 32,374 | | 109,409 |
GEK Terna Holding Real Estate Construction SA (a)
| | | 44,443 | | 251,628 |
Hellenic Exchanges - Athens Stock Exchange SA
| | | 79,329 | | 293,337 |
Holding Co. ADMIE IPTO SA
| | | 136,477 | | 284,524 |
LAMDA Development SA (a)
| | | 11,688 | | 73,101 |
Marfin Investment Group Holdings SA (a)
| | | 227,808 | | 13,998 |
Mytilineos Holdings SA
| | | 96,910 | | 648,641 |
Piraeus Bank SA (a)
| | | 240,471 | | 356,734 |
Public Power Corp. SA (a)
| | | 127,454 | | 317,457 |
Star Bulk Carriers Corp.
| | | 74,490 | | 420,124 |
StealthGas, Inc. (a)
| | | 74,435 | | 148,870 |
Tsakos Energy Navigation, Ltd.
| | | 112,640 | | 367,206 |
| | | | | | 3,573,359 |
| HONG KONG — 2.7% | | | | | |
Agritrade Resources, Ltd. (b)
| | | 1,595,000 | | 36,835 |
AGTech Holdings, Ltd. (a)
| | | 2,256,000 | | 66,653 |
Ajisen China Holdings, Ltd.
| | | 663,000 | | 159,957 |
Anxin-China Holdings, Ltd. (a)(e)
| | | 2,248,000 | | — |
Beijing Enterprises Medical & Health Group, Ltd. (a)
| | | 2,327,600 | | 44,444 |
Camsing International Holding, Ltd. (a)(b)(e)
| | | 276,000 | | 20,653 |
Central Wealth Group Holdings, Ltd. (a)
| | | 5,012,000 | | 19,399 |
| Security Description | | | Shares | | Value |
China Animal Healthcare, Ltd. (a)(e)
| | | 1,059,700 | | $— |
China Animation Characters Co., Ltd.
| | | 1,062,000 | | 411,049 |
China Everbright, Ltd.
| | | 582,000 | | 859,007 |
China First Capital Group, Ltd. (a)
| | | 2,110,000 | | 48,729 |
China Grand Pharmaceutical and Healthcare Holdings, Ltd. Class A (b)
| | | 688,000 | | 408,314 |
China High Precision Automation Group, Ltd. (a)(e)
| | | 1,226,000 | | — |
China High Speed Transmission Equipment Group Co., Ltd. (b)
| | | 533,000 | | 309,448 |
China Lumena New Materials Corp. (a)(b)(e)
| | | 104,532 | | — |
China Metal Recycling Holdings, Ltd. (a)(b)(e)
| | | 693,675 | | — |
China Minsheng Financial Holding Corp., Ltd. (a)(b)
| | | 7,540,000 | | 72,959 |
China Oil & Gas Group, Ltd. (b)
| | | 4,868,000 | | 153,874 |
China Star Entertainment, Ltd.
| | | 390,000 | | 82,016 |
China Water Affairs Group, Ltd. (b)
| | | 586,000 | | 440,016 |
Comba Telecom Systems Holdings, Ltd. (b)
| | | 1,092,575 | | 438,389 |
Concord New Energy Group, Ltd.
| | | 8,380,000 | | 318,944 |
Dawnrays Pharmaceutical Holdings, Ltd.
| | | 1,407,000 | | 208,756 |
Digital China Holdings, Ltd.
| | | 951,000 | | 430,661 |
Essex Bio-technology, Ltd.
| | | 238,000 | | 135,107 |
Fosun Tourism Group (c)
| | | 65,800 | | 54,247 |
Fullshare Holdings, Ltd. (a)(b)
| | | 5,270,000 | | 81,590 |
GCL-Poly Energy Holdings, Ltd. (a)(b)
| | | 8,161,000 | | 262,175 |
GR Properties, Ltd. (a)
| | | 366,000 | | 75,552 |
Guotai Junan International Holdings, Ltd. (b)
| | | 1,650,000 | | 217,136 |
Hi Sun Technology China, Ltd. (a)
| | | 1,791,000 | | 207,963 |
Huabao International Holdings, Ltd.
| | | 1,403,000 | | 510,452 |
Huayi Tencent Entertainment Co., Ltd. (a)
| | | 2,940,000 | | 29,966 |
IMAX China Holding, Inc. (b)(c)
| | | 73,000 | | 113,019 |
Jiayuan International Group, Ltd.
| | | 486,000 | | 197,513 |
Ju Teng International Holdings, Ltd.
| | | 999,500 | | 184,402 |
Lifestyle China Group, Ltd. (a)
| | | 390,500 | | 92,198 |
Meilleure Health International Industry Group, Ltd. (a)
| | | 924,000 | | 35,168 |
NetDragon Websoft Holdings, Ltd.
| | | 262,000 | | 632,107 |
NewOcean Energy Holdings, Ltd. (a)(b)
| | | 1,668,000 | | 247,481 |
Pou Sheng International Holdings, Ltd.
| | | 2,235,000 | | 455,599 |
Sansheng Holdings Group Co., Ltd. (a)
| | | 20,000 | | 18,733 |
Skyworth Group, Ltd. (a)
| | | 1,848,000 | | 393,399 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Tech Pro Technology Development, Ltd. (a)(b)(e)
| | | 6,035,100 | | $26,473 |
Tibet Water Resources, Ltd. (a)
| | | 1,982,000 | | 77,992 |
United Laboratories International Holdings, Ltd.
| | | 966,500 | | 779,345 |
VCredit Holdings, Ltd. (a)(c)
| | | 58,600 | | 48,311 |
Wasion Holdings, Ltd.
| | | 783,000 | | 268,715 |
Yuexiu Transport Infrastructure, Ltd.
| | | 1,174,549 | | 716,771 |
| | | | | | 10,391,517 |
| HUNGARY — 0.2% | | | | | |
Magyar Telekom Telecommunications PLC
| | | 592,683 | | 658,966 |
| INDIA — 8.3% | | | | | |
Aarti Industries, Ltd.
| | | 24,086 | | 244,119 |
Aavas Financiers, Ltd. (a)
| | | 9,075 | | 142,613 |
Adani Green Energy, Ltd. (a)
| | | 248,362 | | 503,118 |
Aegis Logistics, Ltd.
| | | 82,051 | | 151,247 |
Ajanta Pharma, Ltd.
| | | 8,499 | | 153,496 |
Akzo Nobel India, Ltd.
| | | 1,526 | | 44,641 |
Alembic Pharmaceuticals, Ltd.
| | | 27,600 | | 194,912 |
Amara Raja Batteries, Ltd.
| | | 7,726 | | 48,822 |
Andhra Bank (a)
| | | 92,942 | | 11,459 |
APL Apollo Tubes, Ltd.
| | | 8,321 | | 137,121 |
Apollo Tyres, Ltd.
| | | 80,126 | | 84,096 |
Arti Surfactants, Ltd. (a)
| | | 1,139 | | 8,225 |
Arvind Fashions, Ltd. (a)
| | | 36,623 | | 70,945 |
Arvind, Ltd.
| | | 193,356 | | 50,223 |
AstraZeneca Pharma India, Ltd.
| | | 2,355 | | 74,831 |
Atul, Ltd.
| | | 2,045 | | 107,816 |
Avanti Feeds, Ltd.
| | | 13,572 | | 52,789 |
Azure Power Global, Ltd. (a)
| | | 11,610 | | 177,633 |
Bajaj Corp., Ltd. (a)
| | | 61,343 | | 107,399 |
Bajaj Electricals, Ltd.
| | | 25,954 | | 92,098 |
Balkrishna Industries, Ltd.
| | | 44,696 | | 467,720 |
Balrampur Chini Mills, Ltd.
| | | 209,547 | | 288,209 |
BASF India, Ltd.
| | | 6,515 | | 96,905 |
Bayer CropScience, Ltd.
| | | 4,826 | | 220,465 |
Birla Corp., Ltd.
| | | 19,475 | | 106,847 |
Birlasoft, Ltd. (a)
| | | 251,096 | | 202,467 |
Blue Dart Express, Ltd.
| | | 6,856 | | 199,292 |
Blue Star, Ltd.
| | | 4,186 | | 25,423 |
Brigade Enterprises, Ltd.
| | | 17,344 | | 29,839 |
Can Fin Homes, Ltd.
| | | 20,517 | | 75,680 |
Carborundum Universal, Ltd.
| | | 8,492 | | 24,920 |
CARE Ratings, Ltd.
| | | 21,673 | | 93,781 |
Castrol India, Ltd.
| | | 90,417 | | 118,861 |
CCL Products India, Ltd.
| | | 18,099 | | 42,442 |
Ceat, Ltd.
| | | 34,379 | | 360,349 |
Central Bank of India (a)
| | | 183,737 | | 29,752 |
Century Plyboards India, Ltd.
| | | 17,873 | | 26,213 |
Century Textiles & Industries, Ltd.
| | | 15,534 | | 60,800 |
Cera Sanitaryware, Ltd.
| | | 5,233 | | 159,889 |
CESC, Ltd.
| | | 45,578 | | 246,141 |
CG Power and Industrial Solutions, Ltd. (a)
| | | 584,604 | | 39,024 |
| Security Description | | | Shares | | Value |
Chalet Hotels, Ltd. (a)
| | | 11,228 | | $30,448 |
Chambal Fertilizers and Chemicals, Ltd.
| | | 22,456 | | 32,192 |
Chennai Super Kings Cricket, Ltd. (e)
| | | 418,560 | | — |
Coffee Day Enterprises, Ltd. (a)(c)
| | | 7,365 | | 2,288 |
Coromandel International, Ltd.
| | | 38,579 | | 278,539 |
CreditAccess Grameen, Ltd. (a)
| | | 15,088 | | 67,282 |
CRISIL, Ltd.
| | | 10,454 | | 173,328 |
Cyient, Ltd.
| | | 48,921 | | 148,280 |
DB Corp., Ltd.
| | | 59,116 | | 62,202 |
DCB Bank, Ltd.
| | | 110,817 | | 138,867 |
DCM Shriram, Ltd.
| | | 19,526 | | 55,544 |
Deepak Nitrite, Ltd.
| | | 6,663 | | 33,913 |
Delta Corp., Ltd.
| | | 59,432 | | 51,339 |
Dewan Housing Finance Corp., Ltd. (a)
| | | 118,722 | | 13,575 |
Dilip Buildcon, Ltd. (c)
| | | 32,879 | | 91,725 |
Dish TV India, Ltd. (a)
| | | 314,577 | | 16,841 |
Dishman Carbogen Amcis, Ltd.
| | | 9,424 | | 6,646 |
Dixon Technologies India, Ltd.
| | | 431 | | 20,395 |
Dr Lal PathLabs, Ltd. (c)
| | | 31,651 | | 586,444 |
eClerx Services, Ltd.
| | | 18,786 | | 90,738 |
Edelweiss Financial Services, Ltd.
| | | 297,083 | | 150,797 |
EIH, Ltd.
| | | 65,430 | | 56,910 |
Emami, Ltd.
| | | 33,264 | | 74,727 |
Endurance Technologies, Ltd. (c)
| | | 6,713 | | 53,339 |
Engineers India, Ltd.
| | | 108,945 | | 86,478 |
Equitas Holdings, Ltd. (a)
| | | 29,931 | | 16,874 |
Eris Lifesciences, Ltd. (c)
| | | 17,793 | | 86,764 |
Escorts, Ltd.
| | | 80,063 | | 701,241 |
Essel Propack, Ltd.
| | | 12,427 | | 25,478 |
Fine Organic Industries, Ltd.
| | | 1,921 | | 48,400 |
Finolex Cables, Ltd.
| | | 25,533 | | 68,768 |
Fortis Healthcare, Ltd. (a)
| | | 240,823 | | 401,577 |
Future Consumer, Ltd. (a)
| | | 305,861 | | 29,514 |
Future Lifestyle Fashions, Ltd.
| | | 19,107 | | 29,790 |
Gateway Distriparks, Ltd.
| | | 164,853 | | 206,362 |
GE T&D India, Ltd.
| | | 92,937 | | 88,329 |
Glenmark Pharmaceuticals, Ltd.
| | | 62,461 | | 169,959 |
GMR Infrastructure, Ltd. (a)
| | | 2,538,835 | | 548,701 |
Godfrey Phillips India, Ltd.
| | | 24,032 | | 298,767 |
Granules India, Ltd.
| | | 50,959 | | 96,763 |
Graphite India, Ltd.
| | | 28,529 | | 47,988 |
Great Eastern Shipping Co. Ltd
| | | 45,169 | | 122,877 |
Gujarat Alkalies & Chemicals, Ltd.
| | | 4,302 | | 12,681 |
Gujarat Gas, Ltd.
| | | 74,630 | | 227,734 |
Gujarat Narmada Valley Fertilizers & Chemicals, Ltd.
| | | 9,652 | | 14,634 |
Gujarat Pipavav Port, Ltd.
| | | 388,296 | | 309,246 |
Gujarat State Petronet, Ltd.
| | | 49,215 | | 112,188 |
HEG, Ltd.
| | | 9,708 | | 62,110 |
Hexaware Technologies, Ltd.
| | | 144,385 | | 432,671 |
HFCL, Ltd.
| | | 374,060 | | 44,748 |
Himadri Speciality Chemical, Ltd.
| | | 37,337 | | 14,535 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Hindustan Construction Co., Ltd. (a)
| | | 206,923 | | $10,804 |
Hindustan Copper, Ltd.
| | | 246,681 | | 69,454 |
ICICI Securities, Ltd. (c)
| | | 43,440 | | 158,741 |
IDFC, Ltd.
| | | 905,213 | | 177,689 |
IFB Industries, Ltd. (a)
| | | 11,021 | | 38,810 |
IFCI, Ltd. (a)
| | | 298,615 | | 15,986 |
IIFL Holdings, Ltd.
| | | 59,267 | | 58,130 |
India Cements, Ltd.
| | | 330,919 | | 463,017 |
Indiabulls Real Estate, Ltd. (a)
| | | 264,014 | | 142,562 |
Indiabulls Ventures, Ltd.
| | | 129,487 | | 184,343 |
Infibeam Avenues, Ltd.
| | | 89,237 | | 40,165 |
Inox Leisure, Ltd.
| | | 55,401 | | 192,381 |
Intellect Design Arena, Ltd. (a)
| | | 14,489 | | 10,419 |
Ipca Laboratories, Ltd.
| | | 65,100 | | 1,198,070 |
IRB Infrastructure Developers, Ltd. (a)
| | | 217,167 | | 152,861 |
Jain Irrigation Systems, Ltd. (a)
| | | 322,196 | | 14,055 |
Jammu & Kashmir Bank, Ltd. (a)
| | | 450,326 | | 74,111 |
Jindal Saw, Ltd.
| | | 133,633 | | 80,903 |
Jindal Steel & Power, Ltd. (a)
| | | 221,376 | | 240,539 |
JK Cement, Ltd.
| | | 7,621 | | 94,246 |
JM Financial, Ltd.
| | | 168,996 | | 144,644 |
Johnson Controls-Hitachi Air Conditioning India, Ltd.
| | | 7,528 | | 212,965 |
JSW Energy, Ltd.
| | | 691,191 | | 390,130 |
Jubilant Life Sciences, Ltd.
| | | 81,421 | | 268,206 |
Just Dial, Ltd. (a)
| | | 41,743 | | 161,920 |
Jyothy Laboratories, Ltd.
| | | 109,677 | | 133,669 |
Kajaria Ceramics, Ltd.
| | | 80,133 | | 398,116 |
Kalpataru Power Transmission, Ltd.
| | | 42,183 | | 101,845 |
Karnataka Bank, Ltd.
| | | 130,425 | | 72,495 |
Karur Vysya Bank, Ltd.
| | | 516,482 | | 137,908 |
KEC International, Ltd.
| | | 25,390 | | 62,257 |
KEI Industries, Ltd.
| | | 22,111 | | 78,432 |
KPIT Technologies, Ltd. (a)
| | | 255,835 | | 119,207 |
KPR Mill, Ltd.
| | | 7,659 | | 34,235 |
KRBL, Ltd.
| | | 46,951 | | 83,660 |
Laurus Labs, Ltd. (c)
| | | 8,403 | | 36,077 |
Lemon Tree Hotels, Ltd. (a)(c)
| | | 180,158 | | 52,391 |
Linde India, Ltd.
| | | 6,935 | | 44,488 |
LUX Industries, Ltd.
| | | 2,941 | | 36,736 |
Magma Fincorp, Ltd.
| | | 111,528 | | 25,062 |
Mahanagar Gas, Ltd.
| | | 3,532 | | 38,212 |
Maharashtra Scooters, Ltd.
| | | 742 | | 20,111 |
Mahindra CIE Automotive, Ltd. (a)
| | | 117,964 | | 107,203 |
Mahindra Holidays & Resorts India, Ltd. (a)
| | | 55,071 | | 101,732 |
Mahindra Lifespace Developers, Ltd.
| | | 28,496 | | 72,472 |
MakeMyTrip, Ltd. (a)(b)
| | | 41,813 | | 499,874 |
Manappuram Finance, Ltd.
| | | 545,986 | | 683,824 |
Max Financial Services, Ltd. (a)
| | | 90,183 | | 458,477 |
Minda Industries, Ltd.
| | | 52,538 | | 166,952 |
Mindtree, Ltd.
| | | 53,507 | | 586,127 |
| Security Description | | | Shares | | Value |
Motilal Oswal Financial Services, Ltd.
| | | 22,180 | | $145,729 |
Multi Commodity Exchange of India, Ltd.
| | | 15,985 | | 237,552 |
Natco Pharma, Ltd.
| | | 87,078 | | 581,911 |
Navin Fluorine International, Ltd.
| | | 4,548 | | 73,443 |
NBCC India, Ltd.
| | | 239,727 | | 51,652 |
NCC, Ltd.
| | | 612,553 | | 151,820 |
Network18 Media & Investments, Ltd. (a)
| | | 53,162 | | 12,895 |
NIIT Technologies, Ltd.
| | | 15,233 | | 231,109 |
Omaxe, Ltd.
| | | 58,195 | | 117,465 |
Orient Electric, Ltd.
| | | 12,523 | | 32,511 |
Oriental Bank of Commerce (a)
| | | 40,391 | | 19,863 |
PC Jeweller, Ltd. (a)
| | | 108,608 | | 16,438 |
Persistent Systems, Ltd.
| | | 55,744 | | 405,970 |
Pfizer, Ltd.
| | | 5,431 | | 288,811 |
Phoenix Mills, Ltd.
| | | 44,095 | | 332,412 |
PNB Housing Finance, Ltd. (c)
| | | 14,536 | | 31,156 |
PNC Infratech, Ltd.
| | | 88,826 | | 110,370 |
POLYCAB INDIA LTD COMMON STOCK INR10.0 (a)
| | | 3,978 | | 39,020 |
Prestige Estates Projects, Ltd.
| | | 124,985 | | 277,887 |
Prism Johnson, Ltd.
| | | 124,753 | | 49,884 |
Procter & Gamble Health, Ltd. (a)
| | | 1,974 | | 94,797 |
PTC India, Ltd.
| | | 439,113 | | 224,922 |
PVR, Ltd.
| | | 39,967 | | 625,409 |
Quess Corp., Ltd. (a)(c)
| | | 44,304 | | 124,828 |
Radico Khaitan, Ltd.
| | | 27,384 | | 97,082 |
Rain Industries, Ltd.
| | | 50,836 | | 37,530 |
Raymond, Ltd.
| | | 2,659 | | 7,831 |
Redington India, Ltd.
| | | 325,140 | | 294,835 |
Relaxo Footwears, Ltd.
| | | 20,226 | | 160,134 |
Reliance Capital, Ltd. (a)
| | | 54,185 | | 3,223 |
Reliance Infrastructure, Ltd. (a)
| | | 99,892 | | 13,468 |
Repco Home Finance, Ltd.
| | | 36,122 | | 56,032 |
RITES, Ltd.
| | | 7,213 | | 23,465 |
Sadbhav Engineering, Ltd.
| | | 92,463 | | 33,122 |
Satin Creditcare Network, Ltd. (a)
| | | 40,510 | | 33,387 |
Schaeffler India, Ltd.
| | | 4,151 | | 203,933 |
Sequent Scientific, Ltd.
| | | 33,973 | | 34,938 |
Shilpa Medicare, Ltd.
| | | 13,057 | | 42,225 |
Shoppers Stop, Ltd.
| | | 5,077 | | 12,858 |
Shriram City Union Finance, Ltd.
| | | 10,775 | | 106,602 |
SKF India, Ltd.
| | | 25,223 | | 489,982 |
Sobha, Ltd.
| | | 16,432 | | 29,073 |
Solar Industries India, Ltd.
| | | 12,052 | | 145,641 |
Somany Home Innovation, Ltd. (a)
| | | 3,677 | | 3,303 |
South Indian Bank, Ltd.
| | | 849,973 | | 64,042 |
SpiceJet, Ltd. (a)
| | | 157,067 | | 76,300 |
Sterlite Technologies, Ltd.
| | | 46,792 | | 39,462 |
Strides Pharma Science, Ltd.
| | | 68,826 | | 293,086 |
Sun Pharma Advanced Research Co., Ltd. (a)
| | | 129,907 | | 165,622 |
Sundram Fasteners, Ltd.
| | | 23,475 | | 90,764 |
Sunteck Realty, Ltd.
| | | 7,698 | | 21,374 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Suven Life Sciences, Ltd.
| | | 7,588 | | $2,146 |
Suven Pharmaceuticals, Ltd. (a)
| | | 7,588 | | 20,166 |
Suzlon Energy, Ltd. (a)
| | | 2,589,520 | | 66,748 |
Swan Energy, Ltd.
| | | 14,434 | | 19,232 |
Symphony, Ltd.
| | | 27,479 | | 282,849 |
Syndicate Bank (a)
| | | 97,940 | | 18,512 |
Syngene International, Ltd. (c)
| | | 54,421 | | 172,756 |
Tata Communications, Ltd.
| | | 26,338 | | 81,171 |
Tata Elxsi, Ltd.
| | | 19,584 | | 162,856 |
Tata Investment Corp., Ltd.
| | | 4,699 | | 41,194 |
TeamLease Services, Ltd. (a)
| | | 6,476 | | 139,285 |
Thermax, Ltd.
| | | 54,113 | | 529,641 |
Thomas Cook India, Ltd.
| | | 59,216 | | 18,629 |
TI Financial Holdings, Ltd. (a)
| | | 25,796 | | 98,886 |
Time Technoplast, Ltd.
| | | 112,302 | | 37,038 |
Timken India, Ltd.
| | | 18,234 | | 184,916 |
Torrent Power, Ltd.
| | | 185,704 | | 684,995 |
Trident, Ltd.
| | | 1,956,082 | | 109,890 |
TTK Prestige, Ltd.
| | | 1,016 | | 65,331 |
Tube Investments of India, Ltd.
| | | 15,813 | | 57,252 |
TV18 Broadcast, Ltd. (a)
| | | 92,501 | | 19,075 |
Union Bank of India (a)
| | | 369,047 | | 140,006 |
VA Tech Wabag, Ltd. (a)
| | | 36,088 | | 39,284 |
Vakrangee, Ltd.
| | | 392,186 | | 103,164 |
Vardhman Textiles, Ltd.
| | | 14,943 | | 123,463 |
V-Guard Industries, Ltd.
| | | 67,379 | | 138,185 |
Vinati Organics, Ltd.
| | | 19,742 | | 202,127 |
VIP Industries, Ltd.
| | | 24,126 | | 76,586 |
V-Mart Retail, Ltd.
| | | 5,619 | | 105,571 |
VRL Logistics, Ltd.
| | | 7,622 | | 15,556 |
WABCO India, Ltd.
| | | 6,453 | | 523,849 |
Welspun Corp., Ltd.
| | | 177,628 | | 145,692 |
Welspun India, Ltd.
| | | 335,643 | | 95,833 |
Westlife Development, Ltd. (a)
| | | 16,422 | | 70,115 |
Wockhardt, Ltd. (a)
| | | 1,983 | | 4,526 |
Zensar Technologies, Ltd.
| | | 12,307 | | 14,316 |
| | | | | | 32,128,880 |
| INDONESIA — 1.8% | | | | | |
Adhi Karya Persero Tbk PT
| | | 4,238,991 | | 139,047 |
AKR Corporindo Tbk PT
| | | 2,148,600 | | 260,177 |
Alam Sutera Realty Tbk PT (a)
| | | 20,195,800 | | 128,778 |
Alfa Energi Investama Tbk PT (a)
| | | 269,600 | | 2,248 |
Aneka Tambang Tbk
| | | 6,017,000 | | 166,012 |
Astra Agro Lestari Tbk PT
| | | 296,100 | | 98,034 |
Bank CIMB Niaga Tbk PT
| | | 3,406,700 | | 128,456 |
Bank Pembangunan Daerah Jawa Barat Dan Banten Tbk PT
| | | 4,882,100 | | 220,009 |
Bank Pembangunan Daerah Jawa Timur Tbk PT
| | | 6,313,000 | | 169,534 |
Bank Tabungan Negara Persero Tbk PT
| | | 795,600 | | 40,975 |
Bank Tabungan Pensiunan Nasional Syariah Tbk PT (a)
| | | 1,881,600 | | 245,727 |
Bukit Asam Tbk PT
| | | 1,263,900 | | 168,933 |
Bumi Resources Tbk PT (a)
| | | 15,799,500 | | 48,435 |
Bumi Serpong Damai Tbk PT (a)
| | | 7,819,400 | | 321,214 |
| Security Description | | | Shares | | Value |
Bumitama Agri, Ltd.
| | | 609,300 | | $166,890 |
Ciputra Development Tbk PT
| | | 10,666,299 | | 290,364 |
Delta Dunia Makmur Tbk PT (a)
| | | 6,286,900 | | 39,317 |
Erajaya Swasembada Tbk PT
| | | 1,192,100 | | 68,339 |
Global Mediacom Tbk PT (a)
| | | 3,962,500 | | 46,403 |
Indika Energy Tbk PT
| | | 1,106,300 | | 47,142 |
Indo Tambangraya Megah Tbk PT
| | | 54,800 | | 27,215 |
Indosat Tbk PT (a)
| | | 338,800 | | 32,301 |
Inti Agri Resources Tbk PT (a)
| | | 258,200 | | 792 |
Japfa Comfeed Indonesia Tbk PT
| | | 4,443,300 | | 258,807 |
Kresna Graha Investama Tbk PT (a)
| | | 8,614,500 | | 140,494 |
Link Net Tbk PT
| | | 1,984,400 | | 319,986 |
Lippo Karawaci Tbk PT (a)
| | | 38,053,280 | | 310,306 |
Matahari Department Store Tbk PT
| | | 1,921,500 | | 157,278 |
Medco Energi Internasional Tbk PT (a)
| | | 6,944,166 | | 164,344 |
Media Nusantara Citra Tbk PT
| | | 6,394,800 | | 354,831 |
Mitra Adiperkasa Tbk PT
| | | 11,077,000 | | 320,561 |
Pelayaran Tamarin Samudra Tbk PT (a)
| | | 4,194,300 | | 46,289 |
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT
| | | 4,175,800 | | 215,063 |
PP Persero Tbk PT
| | | 3,308,798 | | 111,578 |
Ramayana Lestari Sentosa Tbk PT
| | | 2,189,500 | | 62,557 |
Rimo International Lestari Tbk PT (a)
| | | 100,200 | | 307 |
Sawit Sumbermas Sarana Tbk PT
| | | 2,913,100 | | 166,999 |
Siloam International Hospitals Tbk PT (a)
| | | 381,543 | | 140,359 |
Sitara Propertindo Tbk PT (a)
| | | 4,239,300 | | 51,464 |
Summarecon Agung Tbk PT
| | | 8,469,500 | | 207,713 |
Surya Citra Media Tbk PT
| | | 1,074,800 | | 51,071 |
Timah Persero Tbk PT
| | | 1,246,829 | | 32,719 |
Tower Bersama Infrastructure Tbk PT
| | | 7,651,200 | | 424,545 |
Trada Alam Minera Tbk PT (a)
| | | 6,757,200 | | 20,715 |
Tunas Baru Lampung Tbk PT
| | | 944,400 | | 28,141 |
Waskita Karya Persero Tbk PT
| | | 3,842,100 | | 114,014 |
Wijaya Karya Persero Tbk PT
| | | 4,245,836 | | 217,368 |
| | | | | | 6,773,851 |
| KUWAIT — 0.6% | | | | | |
ALAFCO Aviation Lease & Finance Co. KSCP
| | | 94,289 | | 46,693 |
Alimtiaz Investment Group KSC
| | | 390,344 | | 111,366 |
Boubyan Petrochemicals Co. KSCP
| | | 289,535 | | 420,889 |
Heavy Engineering & Ship Building Co. KSCP Class B
| | | 103,298 | | 120,129 |
Humansoft Holding Co. KSC
| | | 62,153 | | 466,644 |
Integrated Holding Co. KCSC
| | | 77,749 | | 103,086 |
Kuwait International Bank KSCP
| | | 417,942 | | 267,056 |
Kuwait Projects Co. Holding KSCP
| | | 353,925 | | 192,228 |
Kuwait Real Estate Co. KSC (a)
| | | 93,809 | | 22,988 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
National Industries Group Holding SAK
| | | 444,564 | | $215,890 |
National Real Estate Co. KPSC (a)
| | | 233,784 | | 48,027 |
Warba Bank KSCP (a)
| | | 591,160 | | 364,517 |
| | | | | | 2,379,513 |
| LUXEMBOURG — 0.0% (d) | | | | | |
Biotoscana Investments SA (a)
| | | 78,893 | | 139,941 |
| MALAYSIA — 4.5% | | | | | |
Aeon Co. M Bhd
| | | 967,600 | | 253,099 |
AEON Credit Service M Bhd
| | | 14,300 | | 27,806 |
AirAsia Group Bhd
| | | 562,100 | | 102,791 |
Alliance Bank Malaysia Bhd
| | | 681,600 | | 299,778 |
Astro Malaysia Holdings Bhd
| | | 1,612,700 | | 317,314 |
Axis Real Estate Investment Trust
| | | 187,929 | | 79,609 |
Bahvest Resources Bhd (a)
| | | 185,300 | | 12,225 |
Berjaya Corp. Bhd (a)
| | | 1,959,167 | | 99,772 |
Berjaya Sports Toto Bhd
| | | 1,201,758 | | 639,825 |
BerMaz Motor Sdn Bhd (a)
| | | 892,860 | | 233,549 |
BIMB Holdings Bhd
| | | 74,500 | | 56,047 |
British American Tobacco Malaysia Bhd
| | | 71,600 | | 170,713 |
Bumi Armada Bhd (a)
| | | 3,211,400 | | 100,356 |
Bursa Malaysia Bhd
| | | 561,809 | | 656,744 |
Cahya Mata Sarawak Bhd
| | | 604,800 | | 169,400 |
Carlsberg Brewery Malaysia Bhd Class B
| | | 121,500 | | 703,125 |
Datasonic Group Bhd
| | | 1,164,200 | | 210,203 |
Dayang Enterprise Holdings Bhd (a)
| | | 279,530 | | 74,412 |
DRB-Hicom Bhd
| | | 1,055,600 | | 322,544 |
Eastern & Oriental Bhd
| | | 1,372,029 | | 117,512 |
Eco World Development Group Bhd (a)
| | | 628,700 | | 59,668 |
Econpile Holdings Bhd
| | | 914,400 | | 85,725 |
Ekovest Bhd
| | | 1,174,400 | | 104,663 |
FGV Holdings Bhd (a)
| | | 1,824,800 | | 361,158 |
Focus Dynamics Group Bhd (a)
| | | 1,015,100 | | 159,784 |
Frontken Corp. Bhd
| | | 238,300 | | 99,843 |
George Kent Malaysia Bhd
| | | 547,500 | | 69,705 |
Globetronics Technology Bhd
| | | 325,500 | | 122,063 |
Guan Chong Bhd
| | | 89,000 | | 41,204 |
Heineken Malaysia Bhd
| | | 137,900 | | 698,438 |
Hengyuan Refining Co. Bhd (a)
| | | 70,300 | | 40,357 |
Hibiscus Petroleum Bhd (a)
| | | 420,400 | | 33,087 |
IGB Real Estate Investment Trust
| | | 1,243,900 | | 457,824 |
IJM Corp. Bhd
| | | 2,095,200 | | 771,150 |
Inari Amertron Bhd
| | | 1,855,379 | | 532,563 |
IOI Properties Group Bhd
| | | 567,700 | | 125,499 |
JAKS Resources Bhd (a)
| | | 217,000 | | 38,176 |
KNM Group Bhd (a)
| | | 1,201,100 | | 31,974 |
Kossan Rubber Industries
| | | 345,100 | | 409,806 |
KPJ Healthcare Bhd
| | | 3,620,072 | | 779,321 |
Lafarge Malaysia Bhd (a)
| | | 159,600 | | 65,761 |
Magnum Bhd
| | | 1,360,500 | | 598,368 |
Mah Sing Group Bhd
| | | 760,900 | | 66,931 |
| Security Description | | | Shares | | Value |
Malaysia Building Society Bhd
| | | 1,939,307 | | $251,392 |
Malaysian Pacific Industries Bhd
| | | 75,800 | | 160,549 |
Malaysian Resources Corp. Bhd
| | | 2,559,200 | | 231,039 |
My EG Services Bhd
| | | 1,998,150 | | 444,033 |
Padini Holdings Bhd
| | | 573,600 | | 268,211 |
Pavilion Real Estate Investment Trust
| | | 1,119,500 | | 409,447 |
Pentamaster Corp. Bhd (a)
| | | 173,300 | | 152,841 |
Petron Malaysia Refining & Marketing Bhd
| | | 10,800 | | 7,700 |
Pos Malaysia Bhd
| | | 710,200 | | 116,723 |
PureCircle, Ltd. (a)(e)
| | | 65,357 | | 53,162 |
Sapura Energy Bhd
| | | 5,508,300 | | 102,006 |
Scientex Bhd
| | | 208,800 | | 364,433 |
Serba Dinamik Holdings Bhd
| | | 491,110 | | 170,524 |
Sime Darby Property Bhd
| | | 1,163,800 | | 146,822 |
SKP Resources Bhd
| | | 222,900 | | 39,730 |
SP Setia Bhd Group
| | | 444,400 | | 76,124 |
Sunway Bhd
| | | 550,000 | | 197,338 |
Sunway Real Estate Investment Trust
| | | 2,133,900 | | 785,394 |
Supermax Corp. Bhd
| | | 559,221 | | 218,769 |
Syarikat Takaful Malaysia Keluarga Bhd
| | | 115,800 | | 87,118 |
TIME dotCom Bhd
| | | 253,200 | | 539,222 |
Uchi Technologies Bhd
| | | 37,200 | | 16,533 |
UEM Sunrise Bhd (a)
| | | 1,186,800 | | 108,515 |
UMW Holdings Bhd
| | | 377,000 | | 186,755 |
UOA Development Bhd
| | | 1,433,100 | | 527,460 |
Velesto Energy Bhd (a)
| | | 2,122,515 | | 56,502 |
ViTrox Corp. Bhd
| | | 126,200 | | 208,288 |
VS Industry Bhd
| | | 1,553,700 | | 271,538 |
WCT Holdings Bhd (a)
| | | 1,493,388 | | 129,634 |
Yinson Holdings Bhd
| | | 726,600 | | 802,288 |
YNH Property Bhd (a)
| | | 97,100 | | 60,238 |
| | | | | | 17,590,220 |
| MEXICO — 2.1% | | | | | |
Alsea SAB de CV (a)
| | | 245,989 | | 159,174 |
Banco del Bajio SA (c)
| | | 245,064 | | 213,942 |
Bolsa Mexicana de Valores SAB de CV
| | | 590,360 | | 911,992 |
Concentradora Fibra Danhos SA de CV REIT
| | | 223,619 | | 185,307 |
Concentradora Fibra Hotelera Mexicana SA de CV REIT (c)
| | | 529,879 | | 104,127 |
Concentradora Hipotecaria SAPI de CV REIT
| | | 596,180 | | 429,233 |
Consorcio ARA SAB de CV (b)
| | | 999,325 | | 152,928 |
Controladora Vuela Cia de Aviacion SAB de CV Class A (a)(b)
| | | 696,529 | | 248,514 |
Corp. Inmobiliaria Vesta SAB de CV
| | | 460,642 | | 538,611 |
Credito Real SAB de CV SOFOM ER (b)
| | | 301,593 | | 226,138 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Genomma Lab Internacional SAB de CV Class B (a)
| | | 706,277 | | $568,110 |
Gentera SAB de CV
| | | 599,066 | | 231,360 |
Grupo Aeromexico SAB de CV (a)(b)
| | | 189,518 | | 77,312 |
Grupo Cementos de Chihuahua SAB de CV (b)
| | | 31,340 | | 93,449 |
Hoteles City Express SAB de CV (a)(b)
| | | 383,042 | | 108,744 |
Industrias CH SAB de CV Class B
| | | 77,337 | | 289,974 |
La Comer SAB de CV (a)
| | | 17,000 | | 16,638 |
Macquarie Mexico Real Estate Management SA de CV REIT (c)
| | | 751,512 | | 631,085 |
Megacable Holdings SAB de CV
| | | 271,252 | | 750,187 |
PLA Administradora Industrial S de RL de CV REIT
| | | 849,688 | | 950,406 |
Prologis Property Mexico SA de CV REIT
| | | 552,801 | | 842,424 |
Qualitas Controladora SAB de CV
| | | 202,146 | | 525,028 |
Unifin Financiera SAB de CV
| | | 44,042 | | 35,727 |
| | | | | | 8,290,410 |
| MONACO — 0.1% | | | | | |
Costamare, Inc.
| | | 49,710 | | 224,689 |
GasLog, Ltd.
| | | 59,989 | | 217,160 |
| | | | | | 441,849 |
| PAKISTAN — 0.8% | | | | | |
Bank Alfalah, Ltd.
| | | 491,650 | | 94,156 |
Engro Corp., Ltd.
| | | 278,870 | | 448,106 |
Engro Fertilizers, Ltd.
| | | 553,500 | | 192,142 |
Fauji Fertilizer Co., Ltd.
| | | 347,500 | | 194,587 |
Habib Bank, Ltd.
| | | 391,200 | | 243,128 |
Hub Power Co. Ltd (a)
| | | 519,113 | | 213,365 |
Lucky Cement, Ltd.
| | | 162,950 | | 363,670 |
Mari Petroleum Co., Ltd.
| | | 9,932 | | 53,284 |
MCB Bank, Ltd.
| | | 376,100 | | 338,014 |
Millat Tractors, Ltd.
| | | 20,226 | | 66,153 |
National Bank of Pakistan (a)
| | | 163,000 | | 27,733 |
Pakistan Oilfields, Ltd.
| | | 81,480 | | 128,627 |
Pakistan Petroleum, Ltd.
| | | 234,740 | | 101,485 |
Pakistan State Oil Co., Ltd.
| | | 398,228 | | 291,299 |
Searle Co., Ltd.
| | | 39,295 | | 37,107 |
SUI Northern Gas Pipeline
| | | 833,900 | | 185,255 |
United Bank, Ltd.
| | | 287,600 | | 174,551 |
| | | | | | 3,152,662 |
| PERU — 0.1% | | | | | |
Ferreycorp SAA
| | | 1,085,707 | | 397,840 |
| PHILIPPINES — 0.8% | | | | | |
Cebu Air, Inc.
| | | 413,718 | | 368,490 |
CEMEX Holdings Philippines, Inc. (a)(c)
| | | 1,774,105 | | 37,324 |
Cosco Capital, Inc.
| | | 5,285,700 | | 493,651 |
D&L Industries, Inc.
| | | 3,172,600 | | 308,776 |
DoubleDragon Properties Corp. (a)
| | | 513,100 | | 163,030 |
| Security Description | | | Shares | | Value |
First Gen Corp.
| | | 1,711,100 | | $555,115 |
First Philippine Holdings Corp.
| | | 406,670 | | 383,802 |
Holcim Philippines, Inc. (a)
| | | 179,200 | | 43,267 |
Integrated Micro-Electronics, Inc.
| | | 839,800 | | 74,799 |
MacroAsia Corp.
| | | 195,310 | | 18,317 |
Manila Water Co., Inc.
| | | 943,500 | | 176,605 |
Megawide Construction Corp.
| | | 633,100 | | 78,422 |
Melco Resorts And Entertainment Philippines Corp. (a)
| | | 664,300 | | 94,695 |
Nickel Asia Corp.
| | | 6,430,680 | | 195,980 |
PXP Energy Corp. (a)
| | | 607,600 | | 48,981 |
Semirara Mining & Power Corp.
| | | 287,700 | | 62,224 |
SM Prime Holdings, Inc.
| | | 1 | | 1 |
Wilcon Depot, Inc.
| | | 132,500 | | 33,763 |
| | | | | | 3,137,242 |
| POLAND — 1.2% | | | | | |
11 bit studios SA (a)
| | | 1,861 | | 161,300 |
Alior Bank SA (a)
| | | 28,381 | | 88,009 |
Asseco Poland SA
| | | 39,293 | | 548,692 |
Benefit Systems SA (a)
| | | 609 | | 104,103 |
Budimex SA
| | | 8,526 | | 323,920 |
CCC SA
| | | 14,176 | | 102,322 |
Ciech SA (a)
| | | 48,255 | | 313,684 |
Develia SA (a)
| | | 318,295 | | 144,989 |
Enea SA (a)
| | | 150,483 | | 171,515 |
Energa SA (a)
| | | 215,620 | | 358,199 |
EPP NV
| | | 186,849 | | 64,864 |
Eurocash SA
| | | 98,755 | | 404,198 |
Grupa Azoty SA (a)
| | | 48,424 | | 241,333 |
Jastrzebska Spolka Weglowa SA
| | | 7,879 | | 23,598 |
KRUK SA
| | | 17,190 | | 271,083 |
Lubelski Wegiel Bogdanka SA
| | | 12,050 | | 51,931 |
Orange Polska SA (a)
| | | 327,190 | | 467,527 |
PKP Cargo SA
| | | 19,961 | | 49,308 |
PlayWay SA
| | | 4,501 | | 332,143 |
Tauron Polska Energia SA (a)
| | | 693,926 | | 186,784 |
TEN Square Games SA
| | | 2,037 | | 138,792 |
| | | | | | 4,548,294 |
| QATAR — 0.5% | | | | | |
Aamal Co.
| | | 297,838 | | 49,081 |
Al Meera Consumer Goods Co. QSC
| | | 135,972 | | 539,257 |
Gulf International Services QSC (a)
| | | 502,007 | | 133,602 |
Gulf Warehousing Co.
| | | 191,527 | | 221,458 |
Medicare Group
| | | 191,270 | | 309,940 |
Qatar Aluminium Manufacturing Co.
| | | 1,069,522 | | 154,216 |
Qatar First Bank (a)
| | | 1,072,525 | | 260,988 |
United Development Co. QSC
| | | 650,140 | | 176,775 |
Vodafone Qatar QSC
| | | 435,272 | | 103,409 |
| | | | | | 1,948,726 |
| RUSSIA — 0.9% | | | | | |
Aeroflot PJSC
| | | 447,907 | | 392,796 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Etalon Group PLC GDR
| | | 130,264 | | $168,041 |
Globaltrans Investment PLC GDR
| | | 122,515 | | 649,330 |
HeadHunter Group PLC (b)
| | | 5,394 | | 86,142 |
LSR Group PJSC GDR
| | | 237,349 | | 335,612 |
M. Video PJSC
| | | 63,364 | | 314,737 |
Mechel PJSC ADR (a)
| | | 61,384 | | 87,165 |
QIWI PLC ADR
| | | 40,361 | | 432,266 |
Sistema PJSC FC GDR
| | | 165,789 | | 550,419 |
TCS Group Holding PLC
| | | 38,199 | | 441,580 |
TMK PJSC GDR
| | | 91,876 | | 191,561 |
| | | | | | 3,649,649 |
| SAUDI ARABIA — 3.0% | | | | | |
Abdul Mohsen Al-Hokair Tourism and Development Co. (a)
| | | 45,894 | | 121,545 |
Abdullah Al Othaim Markets Co.
| | | 30,993 | | 765,544 |
Al Babtain Power & Telecommunication Co.
| | | 13,154 | | 68,273 |
Al Hammadi Co. for Development and Investment (a)
| | | 28,173 | | 141,577 |
Al Jouf Agricultural Development Co.
| | | 8,595 | | 44,382 |
Al Jouf Cement Co. (a)
| | | 57,194 | | 122,396 |
Al Khaleej Training and Education Co. (a)
| | | 43,742 | | 152,986 |
Al Rajhi Co. for Co-operative Insurance (a)
| | | 10,915 | | 140,178 |
Al Rajhi REIT
| | | 86,334 | | 194,636 |
Alandalus Property Co.
| | | 16,957 | | 65,896 |
Aldrees Petroleum and Transport Services Co.
| | | 19,772 | | 294,712 |
Al-Etihad Cooperative Insuarnce Co.
| | | 29,054 | | 95,893 |
Alujain Holding (a)
| | | 19,898 | | 126,474 |
Arabian Cement Co.
| | | 30,250 | | 201,291 |
Arriyadh Development Co.
| | | 34,504 | | 123,983 |
Aseer Trading Tourism & Manufacturing Co. (a)
| | | 43,608 | | 97,268 |
Astra Industrial Group (a)
| | | 12,765 | | 48,926 |
AXA Cooperative Insurance Co. (a)
| | | 10,708 | | 72,536 |
Basic Chemical Industries, Ltd.
| | | 9,148 | | 46,848 |
Batic Investments and Logistic Co. (a)
| | | 10,578 | | 60,253 |
Bawan Co. (a)
| | | 28,542 | | 84,327 |
Buruj Cooperative Insurance Co.
| | | 13,249 | | 54,096 |
City Cement Co.
| | | 59,209 | | 197,941 |
Dallah Healthcare Co.
| | | 14,296 | | 174,086 |
Derayah REIT
| | | 66,816 | | 178,200 |
Dur Hospitality Co.
| | | 42,628 | | 263,007 |
Eastern Province Cement Co.
| | | 28,088 | | 210,828 |
Fawaz Abdulaziz Al Hokair & Co. (a)
| | | 48,350 | | 225,470 |
Fitaihi Holding Group
| | | 17,112 | | 42,040 |
Hail Cement Co. (a)
| | | 32,767 | | 84,076 |
Herfy Food Services Co.
| | | 16,084 | | 181,304 |
Jadwa REIT Saudi Fund
| | | 30,812 | | 81,356 |
| Security Description | | | Shares | | Value |
Jazan Energy and Development Co. (a)
| | | 23,245 | | $58,840 |
Leejam Sports Co. JSC
| | | 11,723 | | 162,880 |
Maharah Human Resources Co.
| | | 10,456 | | 161,418 |
Mediterranean & Gulf Insurance & Reinsurance Co. (a)
| | | 24,618 | | 101,434 |
Methanol Chemicals Co. (a)
| | | 38,576 | | 62,736 |
Middle East Healthcare Co. (a)
| | | 19,286 | | 130,644 |
Musharaka Real Estate Income Fund REIT
| | | 51,215 | | 109,055 |
Najran Cement Co. (a)
| | | 51,601 | | 125,260 |
National Agriculture Development Co (a)
| | | 26,142 | | 152,385 |
National Co. for Learning & Education
| | | 19,570 | | 153,664 |
National Gas & Industrialization Co.
| | | 14,981 | | 117,432 |
National Medical Care Co.
| | | 12,223 | | 117,936 |
Northern Region Cement Co. (a)
| | | 49,244 | | 119,014 |
Qassim Cement Co.
| | | 30,407 | | 428,142 |
Riyad REIT Fund
| | | 68,139 | | 143,279 |
Saudi Advanced Industries Co.
| | | 27,587 | | 82,974 |
Saudi Airlines Catering Co.
| | | 28,487 | | 572,470 |
Saudi Arabia Refineries Co.
| | | 4,557 | | 38,814 |
Saudi Arabian Amiantit Co. (a)
| | | 9,479 | | 23,817 |
Saudi Automotive Services Co.
| | | 26,839 | | 194,667 |
Saudi Ceramic Co. (a)
| | | 19,791 | | 123,477 |
Saudi Chemical Co. Holding (a)
| | | 16,364 | | 89,464 |
Saudi Co. For Hardware CJSC
| | | 11,478 | | 115,788 |
Saudi Ground Services Co.
| | | 62,099 | | 379,173 |
Saudi Industrial Services Co.
| | | 20,248 | | 93,021 |
Saudi Pharmaceutical Industries & Medical Appliances Corp.
| | | 19,722 | | 141,996 |
Saudi Public Transport Co. (a)
| | | 23,867 | | 74,580 |
Saudi Re for Cooperative Reinsurance Co. (a)
| | | 20,496 | | 42,825 |
Saudi Real Estate Co. (a)
| | | 53,662 | | 174,255 |
Saudi Research & Marketing Group (a)
| | | 22,754 | | 365,808 |
Saudi Vitrified Clay Pipe Co., Ltd.
| | | 7,926 | | 78,374 |
Saudia Dairy & Foodstuff Co.
| | | 8,887 | | 324,067 |
Seera Group Holding
| | | 103,311 | | 382,226 |
Tabuk Cement Co. (a)
| | | 36,382 | | 100,324 |
Umm Al-Qura Cement Co.
| | | 30,924 | | 148,159 |
United Electronics Co.
| | | 16,743 | | 255,356 |
United International Transportation Co.
| | | 18,936 | | 137,597 |
Walaa Cooperative Insurance Co.
| | | 25,190 | | 85,285 |
Yamama Cement Co. (a)
| | | 63,795 | | 307,344 |
Yanbu Cement Co.
| | | 50,755 | | 347,193 |
Zamil Industrial Investment Co. (a)
| | | 12,197 | | 44,736 |
| | | | | | 11,630,237 |
| SINGAPORE — 0.1% | | | | | |
Asian Pay Television Trust
| | | 1,694,300 | | 142,793 |
Aslan Pharmaceuticals, Ltd. (a)
| | | 86,000 | | 10,977 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
SIIC Environment Holdings, Ltd.
| | | 1,287,760 | | $179,076 |
Silverlake Axis, Ltd.
| | | 1,043,800 | | 179,605 |
| | | | | | 512,451 |
| SOUTH AFRICA — 4.5% | | | | | |
Adcock Ingram Holdings, Ltd.
| | | 170,702 | | 416,433 |
Advtech, Ltd.
| | | 529,170 | | 221,920 |
AECI, Ltd.
| | | 103,466 | | 425,798 |
African Oxygen, Ltd.
| | | 98,576 | | 95,485 |
Alexander Forbes Group Holdings, Ltd.
| | | 958,171 | | 229,618 |
Arrowhead Properties, Ltd. Class B
| | | 1,117,594 | | 112,635 |
Ascendis Health, Ltd. (a)
| | | 112,336 | | 3,648 |
Aspen Pharmacare Holdings, Ltd. (a)
| | | 253,722 | | 1,313,217 |
Astral Foods, Ltd.
| | | 23,063 | | 247,895 |
Attacq, Ltd.
| | | 559,025 | | 146,486 |
AVI, Ltd.
| | | 143,681 | | 566,197 |
Barloworld, Ltd.
| | | 140,113 | | 507,969 |
Blue Label Telecoms, Ltd. (a)
| | | 488,617 | | 47,056 |
Brait SE (a)(b)
| | | 587,261 | | 123,305 |
Cashbuild, Ltd.
| | | 14,316 | | 107,033 |
City Lodge Hotels, Ltd.
| | | 24,009 | | 31,591 |
Coronation Fund Managers, Ltd.
| | | 230,085 | | 405,805 |
Curro Holdings, Ltd. (b)
| | | 218,651 | | 87,534 |
DataTec, Ltd.
| | | 279,630 | | 436,667 |
Dis-Chem Pharmacies, Ltd. (b)(c)
| | | 407,876 | | 605,191 |
Distell Group Holdings, Ltd.
| | | 60,696 | | 265,689 |
DRDGOLD, Ltd. (b)
| | | 211,805 | | 121,438 |
Emira Property Fund, Ltd. REIT
| | | 736,186 | | 259,685 |
EOH Holdings, Ltd. (a)
| | | 58,061 | | 10,240 |
Equites Property Fund, Ltd. REIT (b)
| | | 234,170 | | 216,994 |
Famous Brands, Ltd.
| | | 79,842 | | 102,820 |
Grindrod, Ltd.
| | | 579,889 | | 99,029 |
Harmony Gold Mining Co., Ltd. (a)
| | | 324,438 | | 718,450 |
Hosken Consolidated Investments, Ltd.
| | | 110,944 | | 170,578 |
Hudaco Industries, Ltd.
| | | 20,925 | | 82,985 |
Hyprop Investments, Ltd. REIT
| | | 141,288 | | 150,306 |
Imperial Logistics, Ltd. (b)
| | | 62,780 | | 93,010 |
Investec, Ltd. (b)
| | | 136,997 | | 260,724 |
JSE, Ltd. (b)
| | | 121,971 | | 691,465 |
KAP Industrial Holdings, Ltd.
| | | 1,512,810 | | 127,056 |
Lewis Group, Ltd.
| | | 63,683 | | 63,540 |
Libstar Holdings, Ltd.
| | | 403,889 | | 151,515 |
Long4Life, Ltd. (a)
| | | 628,666 | | 103,135 |
Massmart Holdings, Ltd. (a)(b)
| | | 62,848 | | 96,700 |
Metair Investments, Ltd.
| | | 179,591 | | 140,777 |
MiX Telematics, Ltd. ADR
| | | 4,376 | | 37,852 |
Momentum Metropolitan Holdings
| | | 335,428 | | 292,795 |
Montauk Holdings, Ltd. (a)
| | | 1 | | 2 |
Motus Holdings, Ltd. (a)
| | | 84,917 | | 129,325 |
Mpact, Ltd.
| | | 234,492 | | 105,036 |
| Security Description | | | Shares | | Value |
Murray & Roberts Holdings, Ltd.
| | | 158,036 | | $49,552 |
Nampak, Ltd. (a)
| | | 603,636 | | 33,798 |
Net 1 UEPS Technologies, Inc. (a)
| | | 73,083 | | 212,672 |
Netcare, Ltd.
| | | 629,989 | | 529,106 |
Ninety One, Ltd. (a)(b)
| | | 68,498 | | 131,742 |
Northam Platinum, Ltd. (a)
| | | 310,121 | | 1,205,235 |
Omnia Holdings, Ltd. (a)
| | | 163,102 | | 208,855 |
Pick n Pay Stores, Ltd.
| | | 128,652 | | 436,524 |
PPC, Ltd. (a)
| | | 1,145,790 | | 109,062 |
Raubex Group, Ltd.
| | | 149,822 | | 146,802 |
Resilient REIT, Ltd.
| | | 258,794 | | 463,685 |
Reunert, Ltd.
| | | 168,569 | | 409,058 |
Royal Bafokeng Platinum, Ltd. (a)(b)
| | | 131,001 | | 181,245 |
SA Corporate Real Estate, Ltd. REIT (b)
| | | 3,161,926 | | 200,055 |
Sappi, Ltd. (a)
| | | 324,511 | | 381,564 |
Steinhoff International Holdings NV (a)(b)
| | | 3,568,642 | | 221,791 |
Sun International, Ltd. (a)
| | | 128,941 | | 135,366 |
Super Group, Ltd. (a)
| | | 463,525 | | 318,446 |
Transaction Capital, Ltd.
| | | 195,669 | | 134,207 |
Trencor, Ltd. (a)
| | | 118,062 | | 56,189 |
Truworths International, Ltd.
| | | 240,917 | | 336,960 |
Tsogo Sun Gaming, Ltd.
| | | 244,311 | | 42,406 |
Tsogo Sun Hotels, Ltd. (a)
| | | 240,085 | | 21,239 |
Vukile Property Fund, Ltd. REIT
| | | 772,138 | | 306,088 |
Wilson Bayly Holmes-Ovcon, Ltd.
| | | 81,255 | | 364,647 |
Zeder Investments, Ltd.
| | | 656,152 | | 161,650 |
| | | | | | 17,420,573 |
| TAIWAN — 32.6% | | | | | |
AcBel Polytech, Inc.
| | | 839,000 | | 497,993 |
Acer, Inc.
| | | 982,000 | | 506,562 |
A-DATA Technology Co., Ltd.
| | | 255,652 | | 352,941 |
Advanced Ceramic X Corp.
| | | 54,642 | | 480,623 |
Advanced Lithium Electrochemistry Cayman Co., Ltd. (a)
| | | 101,717 | | 26,235 |
Advanced Wireless Semiconductor Co.
| | | 35,801 | | 92,221 |
AGV Products Corp. (a)
| | | 1,863,414 | | 422,082 |
Airtac International Group
| | | 105,000 | | 1,565,895 |
Alchip Technologies, Ltd.
| | | 55,000 | | 358,283 |
Alpha Networks, Inc.
| | | 486,513 | | 267,054 |
Altek Corp.
| | | 225,516 | | 127,890 |
AmTRAN Technology Co., Ltd. (a)
| | | 967,717 | | 208,958 |
Apex International Co., Ltd.
| | | 39,000 | | 60,741 |
Arcadyan Technology Corp.
| | | 210,318 | | 475,000 |
Ardentec Corp.
| | | 112,000 | | 77,218 |
Asia Optical Co., Inc.
| | | 218,540 | | 440,816 |
Asia Pacific Telecom Co., Ltd. (a)
| | | 944,476 | | 178,017 |
Asia Polymer Corp.
| | | 947,489 | | 437,064 |
ASMedia Technology, Inc.
| | | 20,000 | | 509,234 |
ASPEED Technology, Inc.
| | | 17,000 | | 584,627 |
Aten International Co., Ltd.
| | | 223,000 | | 577,382 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
AURAS Technology Co., Ltd.
| | | 24,000 | | $101,185 |
Aurora Corp.
| | | 12,000 | | 33,530 |
Bank of Kaohsiung Co., Ltd.
| | | 102,861 | | 31,292 |
Baotek Industrial Materials, Ltd. (a)
| | | 24,000 | | 21,031 |
Basso Industry Corp.
| | | 116,800 | | 148,696 |
BES Engineering Corp.
| | | 2,692,356 | | 520,817 |
Brighton-Best International Taiwan, Inc.
| | | 196,000 | | 174,991 |
Brogent Technologies, Inc.
| | | 6,300 | | 19,707 |
Capital Securities Corp.
| | | 2,306,771 | | 715,491 |
Career Technology MFG. Co., Ltd.
| | | 352,141 | | 273,059 |
Casetek Holdings, Ltd.
| | | 143,820 | | 170,492 |
Cathay Real Estate Development Co., Ltd.
| | | 880,332 | | 502,149 |
Center Laboratories, Inc.
| | | 292,468 | | 384,425 |
Century Iron & Steel Industrial Co., Ltd.
| | | 88,000 | | 226,100 |
Chang Wah Electromaterials, Inc.
| | | 80,419 | | 361,655 |
Chang Wah Technology Co., Ltd.
| | | 50,000 | | 35,961 |
Charoen Pokphand Enterprise
| | | 300,675 | | 587,600 |
Chaun-Choung Technology Corp.
| | | 34,000 | | 260,271 |
Cheng Loong Corp.
| | | 1,277,128 | | 867,847 |
Cheng Mei Materials Technology Corp. (a)
| | | 93,000 | | 15,622 |
Cheng Uei Precision Industry Co., Ltd.
| | | 352,915 | | 341,344 |
Chia Hsin Cement Corp.
| | | 118,000 | | 59,114 |
Chicony Electronics Co., Ltd.
| | | 492,656 | | 1,234,837 |
Chilisin Electronics Corp.
| | | 137,455 | | 367,256 |
China Airlines, Ltd.
| | | 802,000 | | 175,296 |
China Bills Finance Corp.
| | | 1,005,394 | | 465,437 |
China Chemical & Pharmaceutical Co., Ltd.
| | | 694,000 | | 431,434 |
China General Plastics Corp.
| | | 90,400 | | 42,298 |
China Man-Made Fiber Corp.
| | | 1,876,527 | | 323,908 |
China Motor Corp.
| | | 216,000 | | 177,848 |
China Petrochemical Development Corp.
| | | 2,167,103 | | 525,267 |
China Steel Chemical Corp.
| | | 183,000 | | 564,585 |
Chin-Poon Industrial Co., Ltd.
| | | 319,000 | | 219,407 |
Chipbond Technology Corp.
| | | 647,000 | | 1,059,025 |
ChipMOS Techinologies, Inc.
| | | 296,875 | | 261,127 |
Chong Hong Construction Co., Ltd.
| | | 274,275 | | 681,119 |
Chunghwa Precision Test Tech Co., Ltd.
| | | 11,000 | | 261,528 |
Cleanaway Co., Ltd.
| | | 29,000 | | 133,294 |
Clevo Co.
| | | 547,265 | | 520,274 |
CMC Magnetics Corp. (a)
| | | 894,303 | | 194,584 |
Compeq Manufacturing Co., Ltd.
| | | 887,000 | | 916,580 |
Concraft Holding Co., Ltd.
| | | 30,358 | | 98,378 |
Coretronic Corp.
| | | 453,652 | | 421,527 |
CSBC Corp. Taiwan (a)
| | | 219,082 | | 127,502 |
CTCI Corp.
| | | 694,000 | | 672,394 |
Cub Elecparts, Inc.
| | | 54,797 | | 202,942 |
| Security Description | | | Shares | | Value |
CyberTAN Technology, Inc.
| | | 558,210 | | $218,732 |
Darfon Electronics Corp.
| | | 138,000 | | 136,213 |
Darwin Precisions Corp.
| | | 416,576 | | 127,832 |
D-Link Corp. (b)
| | | 1,027,054 | | 397,352 |
Dynapack International Technology Corp.
| | | 183,000 | | 378,811 |
E Ink Holdings, Inc.
| | | 739,000 | | 603,584 |
Egis Technology, Inc.
| | | 49,000 | | 239,803 |
Elan Microelectronics Corp.
| | | 326,029 | | 904,513 |
Elite Advanced Laser Corp.
| | | 98,600 | | 198,560 |
Elite Material Co., Ltd.
| | | 262,782 | | 921,082 |
Elite Semiconductor Memory Technology, Inc.
| | | 319,674 | | 299,151 |
eMemory Technology, Inc.
| | | 61,000 | | 474,018 |
Ennoconn Corp.
| | | 40,371 | | 200,243 |
Episil-Precision, Inc. (b)
| | | 40,000 | | 64,547 |
Epistar Corp. (b)
| | | 855,572 | | 729,916 |
Eternal Materials Co., Ltd.
| | | 1,153,805 | | 860,351 |
Evergreen Marine Corp. Taiwan, Ltd. (a)
| | | 1,417,437 | | 433,553 |
Everlight Chemical Industrial Corp.
| | | 581,304 | | 233,548 |
Everlight Electronics Co., Ltd.
| | | 656,503 | | 540,546 |
Excelliance Mos Corp.
| | | 8,000 | | 20,687 |
Excelsior Medical Co., Ltd.
| | | 192,432 | | 322,613 |
Far Eastern Department Stores, Ltd.
| | | 891,490 | | 638,221 |
Far Eastern International Bank
| | | 3,674,584 | | 1,221,155 |
Faraday Technology Corp.
| | | 288,385 | | 346,159 |
Farglory Land Development Co., Ltd.
| | | 242,464 | | 304,669 |
Feng Hsin Steel Co., Ltd.
| | | 481,270 | | 734,441 |
Firich Enterprises Co., Ltd.
| | | 214,575 | | 178,804 |
FLEXium Interconnect, Inc.
| | | 269,099 | | 848,901 |
FocalTech Systems Co., Ltd.
| | | 143,000 | | 133,819 |
Formosa Taffeta Co., Ltd.
| | | 996,000 | | 1,014,394 |
Formosan Rubber Group, Inc.
| | | 363,610 | | 178,550 |
Foxsemicon Integrated Technology, Inc.
| | | 69,050 | | 264,861 |
Fulgent Sun International Holding Co., Ltd.
| | | 31,000 | | 86,004 |
Gamania Digital Entertainment Co., Ltd.
| | | 38,000 | | 56,796 |
Gemtek Technology Corp. (a)
| | | 465,234 | | 291,526 |
General Interface Solution Holding, Ltd.
| | | 20,000 | | 52,511 |
Genius Electronic Optical Co., Ltd.
| | | 64,391 | | 879,371 |
Getac Technology Corp.
| | | 253,000 | | 353,463 |
Gigabyte Technology Co., Ltd.
| | | 492,000 | | 829,721 |
Gigastorage Corp. (a)
| | | 257,809 | | 76,981 |
Ginko International Co., Ltd.
| | | 39,000 | | 176,678 |
Global Lighting Technologies, Inc.
| | | 12,000 | | 43,847 |
Global PMX Co., Ltd.
| | | 13,000 | | 47,071 |
Global Unichip Corp. (b)
| | | 88,669 | | 538,028 |
Gloria Material Technology Corp.
| | | 472,909 | | 238,476 |
Gold Circuit Electronics, Ltd. (a)
| | | 113,000 | | 90,612 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Goldsun Building Materials Co., Ltd.
| | | 1,760,041 | | $643,105 |
Gourmet Master Co., Ltd.
| | | 85,644 | | 212,683 |
Grand Pacific Petrochemical (a)
| | | 891,000 | | 380,070 |
Grape King Bio, Ltd.
| | | 114,000 | | 742,622 |
Great Wall Enterprise Co., Ltd.
| | | 975,615 | | 1,192,037 |
Gudeng Precision Industrial Co., Ltd.
| | | 8,000 | | 33,993 |
Hannstar Board Corp.
| | | 211,911 | | 231,941 |
HannStar Display Corp.
| | | 2,348,599 | | 402,286 |
HannsTouch Solution, Inc. (a)
| | | 715,498 | | 216,721 |
Highwealth Construction Corp.
| | | 780,730 | | 1,045,569 |
Himax Technologies, Inc. ADR (a)(b)
| | | 110,835 | | 303,688 |
HLJ Technology Co., Ltd. (a)
| | | 42,665 | | 75,478 |
Ho Tung Chemical Corp.
| | | 1,351,351 | | 272,580 |
Holtek Semiconductor, Inc.
| | | 70,000 | | 137,956 |
Holy Stone Enterprise Co., Ltd. (a)
| | | 107,000 | | 315,606 |
Hota Industrial Manufacturing Co., Ltd.
| | | 176,680 | | 444,599 |
Hsin Kuang Steel Co., Ltd.
| | | 152,000 | | 107,812 |
HTC Corp.
| | | 577,000 | | 541,865 |
Hu Lane Associate, Inc.
| | | 13,000 | | 25,878 |
Huaku Development Co., Ltd.
| | | 322,260 | | 880,204 |
Huang Hsiang Construction Corp.
| | | 315,484 | | 295,752 |
Hung Sheng Construction, Ltd.
| | | 90,400 | | 45,437 |
Ibase Technology, Inc. (a)
| | | 368,817 | | 412,825 |
Ichia Technologies, Inc.
| | | 376,000 | | 136,144 |
International CSRC Investment Holdings Co.
| | | 859,767 | | 551,543 |
International Games System Co., Ltd.
| | | 33,000 | | 602,351 |
Iron Force Industrial Co., Ltd.
| | | 72,000 | | 174,039 |
ITE Technology, Inc.
| | | 384,992 | | 498,402 |
ITEQ Corp.
| | | 120,872 | | 533,585 |
Jentech Precision Industrial Co., Ltd.
| | | 10,000 | | 56,875 |
Jess-Link Products Co., Ltd.
| | | 209,230 | | 187,149 |
Jih Sun Financial Holdings Co., Ltd.
| | | 2,015,949 | | 587,956 |
KEE TAI Properties Co., Ltd.
| | | 1,035,076 | | 302,224 |
Kenda Rubber Industrial Co., Ltd.
| | | 707,247 | | 605,714 |
Kerry TJ Logistics Co., Ltd.
| | | 243,000 | | 291,682 |
King Slide Works Co., Ltd.
| | | 65,000 | | 627,614 |
King Yuan Electronics Co., Ltd.
| | | 1,112,656 | | 1,112,969 |
King's Town Bank Co., Ltd.
| | | 1,144,000 | | 1,072,447 |
Kinpo Electronics
| | | 1,610,371 | | 523,984 |
Kinsus Interconnect Technology Corp.
| | | 277,030 | | 370,546 |
Kuoyang Construction Co., Ltd.
| | | 954,138 | | 566,334 |
Land Mark Optoelectronics Corp.
| | | 16,000 | | 138,088 |
Lien Hwa Industrial Holdings Corp.
| | | 916,780 | | 1,129,245 |
Lingsen Precision Industries, Ltd.
| | | 864,694 | | 235,606 |
Lite-On Semiconductor Corp.
| | | 26,000 | | 34,261 |
Long Chen Paper Co., Ltd.
| | | 670,191 | | 255,963 |
| Security Description | | | Shares | | Value |
Longwell Co.
| | | 219,000 | | $367,154 |
Lotes Co., Ltd.
| | | 84,418 | | 767,652 |
Lotus Pharmaceutical Co., Ltd. (a)
| | | 34,000 | | 67,682 |
Lumax International Corp., Ltd.
| | | 188,322 | | 343,745 |
Lung Yen Life Service Corp.
| | | 202,000 | | 362,700 |
Machvision, Inc.
| | | 23,000 | | 192,798 |
Macroblock, Inc.
| | | 9,000 | | 23,302 |
Macronix International (b)
| | | 1,012,000 | | 853,331 |
Makalot Industrial Co., Ltd. (b)
| | | 171,973 | | 602,786 |
Medigen Biotechnology Corp. (a)
| | | 96,000 | | 153,008 |
Mercuries & Associates Holding, Ltd.
| | | 534,096 | | 361,168 |
Merida Industry Co., Ltd.
| | | 214,000 | | 785,477 |
Merry Electronics Co., Ltd. (b)
| | | 144,464 | | 594,738 |
Microbio Co., Ltd. (a)
| | | 561,723 | | 232,182 |
Mirle Automation Corp.
| | | 309,331 | | 310,952 |
Mitac Holdings Corp.
| | | 1,013,879 | | 910,233 |
Motech Industries, Inc. (a)
| | | 470,728 | | 75,493 |
Nan Kang Rubber Tire Co., Ltd.
| | | 643,204 | | 835,869 |
Nan Liu Enterprise Co., Ltd.
| | | 7,000 | | 32,290 |
Nan Ya Printed Circuit Board Corp.
| | | 79,000 | | 143,677 |
Nantex Industry Co., Ltd.
| | | 678,504 | | 602,412 |
Nichidenbo Corp.
| | | 88,000 | | 121,634 |
OBI Pharma, Inc. (a)
| | | 113,797 | | 261,148 |
OptoTech Corp.
| | | 275,900 | | 162,850 |
Orient Semiconductor Electronics, Ltd. (a)
| | | 375,704 | | 120,383 |
Oriental Union Chemical Corp.
| | | 736,500 | | 347,044 |
Pan Jit International, Inc.
| | | 226,000 | | 143,111 |
Pan-International Industrial Corp.
| | | 526,539 | | 292,507 |
Panion & BF Biotech, Inc.
| | | 51,000 | | 123,109 |
Parade Technologies, Ltd.
| | | 65,000 | | 1,386,340 |
PChome Online, Inc. (a)
| | | 91,670 | | 213,098 |
PharmaEngine, Inc.
| | | 112,197 | | 159,717 |
PharmaEssentia Corp. (a)
| | | 109,000 | | 242,571 |
Pharmally International Holding Co., Ltd.
| | | 38,461 | | 186,954 |
Phihong Technology Co., Ltd. (a)
| | | 89,000 | | 17,128 |
Phison Electronics Corp.
| | | 100,000 | | 820,065 |
Phytohealth Corp. (a)
| | | 492,511 | | 198,688 |
Pixart Imaging, Inc.
| | | 113,060 | | 525,269 |
Polaris Group/Tw (a)
| | | 107,910 | | 39,786 |
Posiflex Technology, Inc.
| | | 13,000 | | 32,584 |
Powertech Technology, Inc.
| | | 355,000 | | 1,008,366 |
Poya International Co., Ltd.
| | | 46,300 | | 656,803 |
President Securities Corp.
| | | 1,405,943 | | 604,377 |
Primax Electronics, Ltd.
| | | 425,000 | | 542,466 |
Prince Housing & Development Corp.
| | | 1,580,996 | | 477,307 |
Promate Electronic Co., Ltd.
| | | 380,000 | | 371,311 |
Prosperity Dielectrics Co., Ltd.
| | | 74,000 | | 102,773 |
Qisda Corp.
| | | 1,500,641 | | 734,404 |
Radiant Opto-Electronics Corp.
| | | 431,331 | | 1,126,768 |
Radium Life Tech Co., Ltd.
| | | 993,406 | | 294,328 |
Rexon Industrial Corp., Ltd.
| | | 120,000 | | 166,857 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
RichWave Technology Corp.
| | | 12,000 | | $47,617 |
Ritek Corp. (a)
| | | 1,212,644 | | 170,018 |
Roo Hsing Co., Ltd. (a)
| | | 79,000 | | 22,361 |
Ruentex Development Co., Ltd.
| | | 499,800 | | 631,330 |
Ruentex Industries, Ltd.
| | | 327,000 | | 750,419 |
Samebest Co., Ltd.
| | | 6,300 | | 11,249 |
Sampo Corp.
| | | 729,221 | | 411,131 |
Sanyang Motor Co., Ltd.
| | | 852,945 | | 545,756 |
ScinoPharm Taiwan, Ltd.
| | | 438,500 | | 379,898 |
SDI Corp.
| | | 64,000 | | 79,996 |
Sercomm Corp.
| | | 245,000 | | 508,771 |
Shin Zu Shing Co., Ltd.
| | | 80,000 | | 308,186 |
Shinkong Insurance Co., Ltd.
| | | 417,841 | | 464,936 |
Shinkong Synthetic Fibers Corp.
| | | 1,997,796 | | 660,614 |
ShunSin Technology Holding, Ltd.
| | | 5,000 | | 14,335 |
Shuttle, Inc. (a)
| | | 73,000 | | 17,380 |
Sigurd Microelectronics Corp.
| | | 762,144 | | 780,000 |
Silicon Integrated Systems Corp. (a)
| | | 1,008,299 | | 267,399 |
Silicon Motion Technology Corp. ADR
| | | 14,780 | | 541,835 |
Simplo Technology Co., Ltd.
| | | 155,177 | | 1,359,784 |
Sinbon Electronics Co., Ltd.
| | | 293,444 | | 1,217,771 |
Sinmag Equipment Corp.
| | | 78,271 | | 217,409 |
Sino-American Silicon Products, Inc.
| | | 438,058 | | 1,132,753 |
Sinon Corp.
| | | 884,662 | | 555,812 |
Sinphar Pharmaceutical Co., Ltd. (a)
| | | 455,879 | | 250,992 |
Sinyi Realty, Inc.
| | | 689,828 | | 537,191 |
Sirtec International Co., Ltd.
| | | 38,000 | | 31,916 |
Sitronix Technology Corp.
| | | 77,000 | | 300,448 |
Soft-World International Corp.
| | | 111,848 | | 272,209 |
Sporton International, Inc.
| | | 12,000 | | 63,092 |
St Shine Optical Co., Ltd.
| | | 37,000 | | 380,504 |
Standard Foods Corp.
| | | 254,000 | | 512,342 |
Sunny Friend Environmental Technology Co., Ltd.
| | | 24,000 | | 184,515 |
Sunonwealth Electric Machine Industry Co., Ltd.
| | | 44,000 | | 45,686 |
Superalloy Industrial Co., Ltd.
| | | 130,370 | | 177,396 |
Swancor Holding Co., Ltd.
| | | 26,000 | | 51,671 |
Symtek Automation Asia Co., Ltd.
| | | 23,746 | | 32,900 |
Systex Corp.
| | | 308,000 | | 749,592 |
TA Chen Stainless Pipe
| | | 609,493 | | 542,148 |
TA-I Technology Co., Ltd.
| | | 54,000 | | 92,138 |
Taichung Commercial Bank Co., Ltd.
| | | 3,100,657 | | 1,061,184 |
TaiDoc Technology Corp.
| | | 7,000 | | 38,771 |
Taiflex Scientific Co., Ltd.
| | | 337,699 | | 467,886 |
TaiMed Biologics, Inc. (a)
| | | 119,000 | | 266,005 |
Taimide Tech, Inc.
| | | 32,550 | | 32,129 |
Tainan Spinning Co., Ltd.
| | | 1,700,105 | | 458,174 |
Taisun Enterprise Co., Ltd.
| | | 775,549 | | 591,122 |
Taiwan Cogeneration Corp.
| | | 744,469 | | 723,753 |
Taiwan Fertilizer Co., Ltd.
| | | 614,000 | | 848,675 |
Taiwan Glass Industry Corp.
| | | 1,007,000 | | 246,077 |
| Security Description | | | Shares | | Value |
Taiwan Hon Chuan Enterprise Co., Ltd.
| | | 424,218 | | $693,669 |
Taiwan Land Development Corp. (a)
| | | 959,781 | | 177,094 |
Taiwan Paiho, Ltd.
| | | 191,000 | | 329,054 |
Taiwan PCB Techvest Co., Ltd.
| | | 38,000 | | 36,252 |
Taiwan Secom Co., Ltd.
| | | 330,961 | | 896,308 |
Taiwan Semiconductor Co., Ltd.
| | | 145,000 | | 146,479 |
Taiwan Shin Kong Security Co., Ltd.
| | | 47,000 | | 53,230 |
Taiwan Surface Mounting Technology Corp.
| | | 263,308 | | 601,643 |
Taiwan Union Technology Corp.
| | | 211,000 | | 851,214 |
Taiyen Biotech Co., Ltd.
| | | 400,979 | | 380,540 |
Tatung Co., Ltd. (a)
| | | 812,000 | | 526,270 |
TBI Motion Technology Co., Ltd.
| | | 65,000 | | 96,614 |
TCI Co., Ltd.
| | | 68,545 | | 407,986 |
Teco Electric and Machinery Co., Ltd.
| | | 1,637,000 | | 1,304,555 |
Test Rite International Co., Ltd.
| | | 531,896 | | 334,177 |
Thye Ming Industrial Co., Ltd.
| | | 309,218 | | 290,389 |
Ton Yi Industrial Corp.
| | | 781,000 | | 206,604 |
Tong Hsing Electronic Industries, Ltd. (b)
| | | 138,327 | | 496,288 |
Tong Yang Industry Co., Ltd.
| | | 432,872 | | 458,043 |
Topco Scientific Co., Ltd.
| | | 295,299 | | 884,681 |
Topkey Corp.
| | | 50,000 | | 150,621 |
Toung Loong Textile Manufacturing
| | | 26,000 | | 19,473 |
TPK Holding Co., Ltd. (a)
| | | 243,000 | | 278,424 |
Transcend Information, Inc.
| | | 216,484 | | 476,041 |
Tripod Technology Corp.
| | | 417,353 | | 1,311,064 |
TSEC Corp. (a)
| | | 101,318 | | 16,349 |
TSRC Corp.
| | | 723,028 | | 347,868 |
TTY Biopharm Co., Ltd.
| | | 232,436 | | 478,069 |
Tung Ho Steel Enterprise Corp.
| | | 720,258 | | 514,444 |
TXC Corp.
| | | 398,080 | | 579,188 |
U-Ming Marine Transport Corp.
| | | 465,000 | | 399,782 |
Unimicron Technology Corp.
| | | 1,043,000 | | 1,103,649 |
Unitech Printed Circuit Board Corp.
| | | 181,240 | | 116,865 |
United Integrated Services Co., Ltd.
| | | 35,000 | | 191,541 |
United Renewable Energy Co., Ltd. (a)
| | | 2,240,832 | | 350,483 |
Unity Opto Technology Co., Ltd. (a)
| | | 771,307 | | 129,310 |
Universal Cement Corp.
| | | 49,000 | | 25,601 |
Unizyx Holding Corp. (a)(b)
| | | 561,694 | | 230,313 |
UPC Technology Corp.
| | | 1,064,632 | | 280,579 |
USI Corp.
| | | 1,097,590 | | 364,756 |
Visual Photonics Epitaxy Co., Ltd.
| | | 197,371 | | 512,330 |
Voltronic Power Technology Corp.
| | | 44,100 | | 923,079 |
Wafer Works Corp. (b)
| | | 453,418 | | 389,075 |
Walsin Lihwa Corp.
| | | 884,000 | | 321,545 |
Wan Hai Lines, Ltd.
| | | 1,114,320 | | 506,651 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Waterland Financial Holdings Co., Ltd.
| | | 2,385,951 | | $816,580 |
Wei Chuan Foods Corp.
| | | 648,899 | | 428,072 |
Wistron NeWeb Corp.
| | | 289,249 | | 500,231 |
WT Microelectronics Co., Ltd.
| | | 317,090 | | 357,547 |
WUS Printed Circuit Co., Ltd.
| | | 308,875 | | 242,063 |
XinTec, Inc. (a)
| | | 86,000 | | 167,783 |
Xxentria Technology Materials Corp.
| | | 86,000 | | 139,914 |
Yang Ming Marine Transport Corp. (a)
| | | 675,970 | | 113,550 |
Yeong Guan Energy Technology Group Co., Ltd. (a)
| | | 100,000 | | 167,320 |
YFY, Inc.
| | | 1,863,941 | | 711,887 |
Yieh Phui Enterprise Co., Ltd.
| | | 1,371,846 | | 352,471 |
Young Optics, Inc.
| | | 65,000 | | 97,581 |
Yulon Finance Corp.
| | | 251,800 | | 722,723 |
Yulon Motor Co., Ltd.
| | | 416,000 | | 202,212 |
Zenitron Corp. (a)
| | | 453,348 | | 254,846 |
Zinwell Corp.
| | | 559,674 | | 247,991 |
| | | | | | 126,527,836 |
| THAILAND — 3.2% | | | | | |
AEON Thana Sinsap Thailand PCL NVDR
| | | 39,200 | | 117,955 |
Ananda Development PCL NVDR
| | | 1,224,000 | | 44,011 |
Bangkok Airways PCL NVDR (b)
| | | 497,300 | | 60,917 |
Bangkok Chain Hospital PCL NVDR
| | | 742,300 | | 257,857 |
Bangkok Land PCL NVDR
| | | 16,619,600 | | 415,268 |
Bangkok Life Assurance PCL NVDR (b)
| | | 207,600 | | 75,278 |
Beauty Community PCL (b)
| | | 2,422,175 | | 94,474 |
BEC World PCL NVDR (a)
| | | 1,178,900 | | 116,390 |
Central Plaza Hotel PCL NVDR (b)
| | | 898,002 | | 421,398 |
CH Karnchang PCL NVDR
| | | 53,400 | | 24,896 |
Chularat Hospital PCL NVDR
| | | 8,478,400 | | 542,535 |
CK Power PCL NVDR
| | | 891,500 | | 80,410 |
Com7 PCL Class F
| | | 133,900 | | 63,650 |
Do Day Dream PCL NVDR
| | | 107,100 | | 37,530 |
DOHOME PCL NVDR NVDR
| | | 110,366 | | 15,806 |
Dynasty Ceramic PCL NVDR
| | | 4,355,520 | | 177,844 |
Erawan Group PCL NVDR (b)
| | | 814,900 | | 61,582 |
Esso Thailand PCL NVDR
| | | 1,598,267 | | 206,495 |
Frasers Property Thailand Industrial Freehold & Leasehold REIT
| | | 403,697 | | 166,067 |
GFPT PCL
| | | 334,100 | | 88,571 |
Group Lease PCL NVDR (a)
| | | 310,200 | | 24,576 |
Gunkul Engineering PCL NVDR
| | | 5,775,404 | | 387,168 |
Hana Microelectronics PCL NVDR
| | | 378,600 | | 265,340 |
Ichitan Group PCL NVDR (b)
| | | 476,363 | | 58,352 |
IMPACT Growth Real Estate Investment Trust
| | | 337,400 | | 150,104 |
| Security Description | | | Shares | | Value |
Inter Far East Energy Corp. NVDR (a)(e)
| | | 283,900 | | $— |
International Engineering PCL (e)
| | | 63,855,934 | | — |
Jasmine International PCL NVDR
| | | 3,166,225 | | 472,751 |
Jay Mart PCL
| | | 89,600 | | 15,016 |
JMT Network Services PCL NVDR
| | | 502,600 | | 200,626 |
KCE Electronics PCL NVDR
| | | 777,088 | | 324,403 |
Kiatnakin Bank PCL NVDR
| | | 189,600 | | 225,319 |
LPN Development PCL NVDR
| | | 994,200 | | 99,367 |
Major Cineplex Group PCL NVDR
| | | 838,000 | | 344,725 |
MBK PCL NVDR
| | | 284,400 | | 113,526 |
MC Group PCL NVDR
| | | 254,600 | | 53,918 |
Mega Lifesciences PCL
| | | 182,800 | | 123,658 |
Noble Development PCL
| | | 69,400 | | 25,165 |
Origin Property PCL NVDR
| | | 805,350 | | 86,873 |
Plan B Media Pcl NVDR
| | | 690,800 | | 62,307 |
Precious Shipping PCL (a)
| | | 675,200 | | 52,259 |
Pruksa Holding PCL NVDR
| | | 1,481,331 | | 417,531 |
PTG Energy PCL NVDR
| | | 873,700 | | 258,243 |
Ratchthani Leasing PCL NVDR
| | | 755,825 | | 91,664 |
Siamgas & Petrochemicals PCL NVDR
| | | 478,800 | | 112,341 |
Singha Estate PCL NVDR
| | | 1,839,000 | | 71,167 |
Sino-Thai Engineering & Construction PCL NVDR
| | | 1,416,100 | | 491,919 |
SPCG PCL NVDR
| | | 170,400 | | 74,251 |
Sri Trang Agro-Industry PCL NVDR
| | | 1,114,180 | | 373,459 |
Star Petroleum Refining PCL (b)
| | | 696,200 | | 93,767 |
Supalai PCL NVDR (b)
| | | 1,179,700 | | 535,615 |
Super Energy Corp. PCL NVDR
| | | 3,160,400 | | 33,706 |
SVI PCL
| | | 430,640 | | 25,457 |
Taokaenoi Food & Marketing PCL
| | | 385,300 | | 62,226 |
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund
| | | 2,048,700 | | 948,891 |
Thai Airways International PCL NVDR (a)(b)
| | | 978,700 | | 97,221 |
Thai Vegetable Oil PCL NVDR
| | | 515,100 | | 353,158 |
Thaicom PCL NVDR (b)
| | | 214,906 | | 15,062 |
Thanachart Capital PCL NVDR
| | | 356,700 | | 361,401 |
Thonburi Healthcare Group PCL NVDR
| | | 110,800 | | 60,435 |
Thoresen Thai Agencies PCL
| | | 3,499,106 | | 206,849 |
Tipco Asphalt PCL NVDR
| | | 1,057,200 | | 554,090 |
TPI Polene PCL
| | | 1,100,600 | | 37,226 |
TPI Polene Power PCL NVDR
| | | 4,917,600 | | 458,531 |
TQM Corp. PCL NVDR
| | | 48,900 | | 100,206 |
TTW PCL NVDR
| | | 455,200 | | 176,157 |
Vibhavadi Medical Center PCL NVDR (b)
| | | 2,770,100 | | 116,485 |
WHA Premium Growth Freehold & Leasehold Real Estate Investment Trust Class F,
| | | 220,500 | | 84,659 |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Workpoint Entertainment PCL NVDR
| | | 179,600 | | $36,941 |
| | | | | | 12,403,045 |
| TURKEY — 1.9% | | | | | |
Aksa Akrilik Kimya Sanayii A/S
| | | 193,573 | | 186,223 |
Aygaz A/S
| | | 138,897 | | 177,040 |
Bera Holding A/S (a)
| | | 222,512 | | 94,201 |
Coca-Cola Icecek A/S
| | | 47,035 | | 249,797 |
Dogan Sirketler Grubu Holding A/S
| | | 254,537 | | 59,094 |
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S REIT
| | | 1,209,620 | | 214,750 |
Enerjisa Enerji AS (c)
| | | 258,552 | | 265,996 |
Is Gayrimenkul Yatirim Ortakligi A/S REIT (a)
| | | 1,101,553 | | 212,279 |
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D (b)
| | | 1,058,294 | | 305,111 |
Koza Altin Isletmeleri A/S (a)
| | | 62,091 | | 578,018 |
Koza Anadolu Metal Madencilik Isletmeleri A/S (a)
| | | 204,109 | | 281,220 |
Mavi Giyim Sanayi Ve Ticaret AS Class B (a)(c)
| | | 39,468 | | 201,105 |
Migros Ticaret A/S (a)
| | | 137,073 | | 471,314 |
MLP Saglik Hizmetleri AS (a)(c)
| | | 133,769 | | 265,904 |
Pegasus Hava Tasimaciligi A/S (a)
| | | 41,381 | | 214,746 |
Petkim Petrokimya Holding A/S (a)(b)
| | | 742,452 | | 341,357 |
Sasa Polyester Sanayi A/S
| | | 141,966 | | 188,922 |
Soda Sanayii A/S
| | | 238,978 | | 184,938 |
Sok Marketler Ticaret AS (a)
| | | 196,351 | | 277,682 |
TAV Havalimanlari Holding A/S
| | | 128,287 | | 322,360 |
Tekfen Holding A/S
| | | 189,433 | | 365,054 |
Tofas Turk Otomobil Fabrikasi A/S
| | | 78,992 | | 197,173 |
Trakya Cam Sanayii A/S
| | | 262,549 | | 114,338 |
Turk Traktor ve Ziraat Makineleri A/S
| | | 26,374 | | 159,118 |
Turkiye Halk Bankasi A/S (a)
| | | 375,176 | | 285,783 |
Turkiye Sinai Kalkinma Bankasi A/S (a)
| | | 1,140,220 | | 162,635 |
Turkiye Vakiflar Bankasi TAO Class D (a)
| | | 656,247 | | 462,044 |
Ulker Biskuvi Sanayi A/S (a)
| | | 119,109 | | 355,145 |
Yatas Yatak ve Yorgan Sanayi ve Ticaret A/S (a)
| | | 36,152 | | 28,745 |
Yazicilar Holding A/S Class A
| | | 105,003 | | 222,585 |
| | | | | | 7,444,677 |
| UNITED ARAB EMIRATES — 0.5% | | | | | |
Air Arabia PJSC
| | | 1,836,781 | | 475,553 |
Al Waha Capital PJSC
| | | 1,111,016 | | 246,513 |
Arabtec Holding PJSC
| | | 780,748 | | 98,838 |
DAMAC Properties Dubai Co. PJSC (a)
| | | 326,711 | | 43,050 |
Dana Gas PJSC
| | | 1,664,972 | | 258,371 |
| Security Description | | | Shares | | Value |
Dubai Investments PJSC
| | | 339,240 | | $102,516 |
DXB Entertainments PJSC (a)
| | | 2,944,269 | | 96,989 |
Eshraq Properties Co. PJSC (a)
| | | 1,767,195 | | 94,779 |
Orascom Construction PLC
| | | 7,657 | | 31,615 |
RAK Properties PJSC (a)
| | | 2,787,126 | | 283,785 |
SHUAA Capital PSC (a)
| | | 89,040 | | 10,860 |
| | | | | | 1,742,869 |
| UNITED STATES — 0.2% | | | | | |
Bizlink Holding, Inc.
| | | 83,764 | | 454,253 |
Ideanomics, Inc. (a)(b)
| | | 40,770 | | 54,632 |
Titan Cement International SA (a)
| | | 21,180 | | 239,370 |
| | | | | | 748,255 |
TOTAL COMMON STOCKS
(Cost $592,465,354)
| | | | | 385,320,810 |
| | | | |
| RIGHTS — 0.0% | | |
| INDIA — 0.0% (d) | | | |
Arvind Fashions, Ltd. (expiring 4/17/20) (a)
| | 12,467 | — |
| THAILAND — 0.0% (d) | | | |
Frasers Property Thailand Industrial Freehold & Leasehold REIT (expiring 1/21/20) (a)
| | 21,438 | — |
TOTAL RIGHTS
(Cost $0)
| | | — |
| WARRANTS — 0.0% (d) | | |
| MALAYSIA — 0.0% (d) | | | |
Serba Dinamik Holdings Bhd, (expiring 12/31/99) (a)
(Cost: $0)
| | 127,260 | 5,303 |
| SHORT-TERM INVESTMENTS — 2.0% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (f) (g)
| 624,810 | 624,247 |
State Street Navigator Securities Lending Portfolio II (h) (i)
| 6,998,700 | 6,998,700 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,623,265)
| 7,622,947 |
TOTAL INVESTMENTS — 101.2%
(Cost $600,088,619)
| 392,949,060 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%
| (4,653,894) |
NET ASSETS — 100.0%
| $388,295,166 |
| (a) | Non-income producing security. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (c) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.4% of net assets as of March 31, 2020, 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. |
SPDR S&P EMERGING MARKETS SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| (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, 2020, total aggregate fair value of these securities is $428,915, representing 0.1% 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, 2020 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (h) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (i) | 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 March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $383,106,381 | | $1,785,514 | | $428,915 | | $385,320,810 |
Rights
| | — | | — | | 0(a) | | 0 |
Warrants
| | 5,303 | | — | | — | | 5,303 |
Short-Term Investments
| | 7,622,947 | | — | | — | | 7,622,947 |
TOTAL INVESTMENTS
| | $390,734,631 | | $1,785,514 | | $428,915 | | $392,949,060 |
| (a) | Fund held Level 3 securities that were valued at $0 at March 31, 2020. |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 3,090,741 | | $3,091,050 | | $17,530,508 | | $19,996,256 | | $(737) | | $(318) | | 624,810 | | $624,247 | | $8,972 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 26,208,717 | | 19,210,017 | | — | | — | | 6,998,700 | | 6,998,700 | | 189,934 |
State Street Navigator Securities Lending Portfolio III
| 9,464,642 | | 9,464,642 | | 2,838,930 | | 12,303,572 | | — | | — | | — | | — | | 58,387 |
Total
| | | $12,555,692 | | $46,578,155 | | $51,509,845 | | $(737) | | $(318) | | | | $7,622,947 | | $257,293 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.4% | | | | |
| ARGENTINA — 0.1% | | | | | |
Banco Macro SA ADR
| | | 87 | | $1,477 |
MercadoLibre, Inc. (a)
| | | 51 | | 24,918 |
| | | | | | 26,395 |
| AUSTRALIA — 1.6% | | | | | |
AMP, Ltd. (a)
| | | 10,587 | | 8,650 |
APA Group Stapled Security
| | | 857 | | 5,382 |
Aristocrat Leisure, Ltd.
| | | 1,087 | | 14,204 |
ASX, Ltd.
| | | 302 | | 14,249 |
Australia & New Zealand Banking Group, Ltd.
| | | 4,729 | | 49,089 |
Bendigo & Adelaide Bank, Ltd.
| | | 1,708 | | 6,555 |
Brambles, Ltd.
| | | 3,233 | | 20,896 |
Caltex Australia, Ltd.
| | | 471 | | 6,434 |
Challenger, Ltd.
| | | 1,140 | | 2,791 |
Cochlear, Ltd.
| | | 72 | | 8,260 |
Commonwealth Bank of Australia
| | | 2,641 | | 99,927 |
Computershare, Ltd.
| | | 1,216 | | 7,227 |
Crown Resorts, Ltd.
| | | 1,419 | | 6,601 |
CSL, Ltd.
| | | 647 | | 117,484 |
Dexus REIT
| | | 1,475 | | 8,206 |
Flight Centre Travel Group, Ltd. (b)
| | | 161 | | 977 |
Fortescue Metals Group, Ltd.
| | | 5,100 | | 31,215 |
Goodman Group REIT
| | | 3,305 | | 24,476 |
GPT Group REIT
| | | 1,629 | | 3,619 |
Insurance Australia Group, Ltd.
| | | 4,221 | | 16,017 |
LendLease Group Stapled Security
| | | 963 | | 6,071 |
Macquarie Group, Ltd.
| | | 551 | | 28,918 |
Medibank Pvt, Ltd.
| | | 4,770 | | 7,766 |
Mirvac Group REIT
| | | 8,978 | | 11,484 |
National Australia Bank, Ltd.
| | | 4,333 | | 44,236 |
Newcrest Mining, Ltd.
| | | 1,045 | | 14,743 |
QBE Insurance Group, Ltd.
| | | 2,766 | | 14,559 |
Ramsay Health Care, Ltd.
| | | 182 | | 6,381 |
REA Group, Ltd. (b)
| | | 97 | | 4,571 |
Scentre Group REIT
| | | 10,403 | | 9,965 |
SEEK, Ltd. (b)
| | | 866 | | 7,860 |
Sonic Healthcare, Ltd.
| | | 1,112 | | 16,559 |
Stockland REIT
| | | 8,635 | | 13,371 |
Suncorp Group, Ltd.
| | | 3,197 | | 17,865 |
Sydney Airport Stapled Security
| | | 5,321 | | 18,205 |
Tabcorp Holdings, Ltd.
| | | 6,755 | | 10,460 |
Telstra Corp., Ltd.
| | | 6,733 | | 12,651 |
Transurban Group Stapled Security
| | | 5,985 | | 44,104 |
Treasury Wine Estates, Ltd.
| | | 1,467 | | 9,006 |
Westpac Banking Corp. (b)
| | | 5,132 | | 51,827 |
Woolworths Group, Ltd.
| | | 1,736 | | 37,294 |
Worley, Ltd. (b)
| | | 4,368 | | 16,442 |
| | | | | | 856,597 |
| AUSTRIA — 0.1% | | | | | |
Erste Group Bank AG
| | | 354 | | 6,559 |
Raiffeisen Bank International AG
| | | 419 | | 6,149 |
| Security Description | | | Shares | | Value |
Verbund AG
| | | 438 | | $15,869 |
| | | | | | 28,577 |
| BELGIUM — 0.1% | | | | | |
Anheuser-Busch InBev SA
| | | 989 | | 43,917 |
Umicore SA
| | | 457 | | 15,971 |
| | | | | | 59,888 |
| BERMUDA — 0.1% | | | | | |
Marvell Technology Group, Ltd.
| | | 1,409 | | 31,886 |
| BRAZIL — 0.6% | | | | | |
Ambev SA
| | | 8,909 | | 20,475 |
B2W Cia Digital (a)
| | | 899 | | 8,320 |
B3 SA - Brasil Bolsa Balcao
| | | 4,167 | | 28,843 |
Banco Bradesco SA Preference Shares
| | | 6,564 | | 26,286 |
Banco Bradesco SA
| | | 1,491 | | 5,407 |
Banco BTG Pactual SA
| | | 437 | | 2,801 |
Banco do Brasil SA
| | | 2,053 | | 11,040 |
Banco Santander Brasil SA
| | | 872 | | 4,484 |
BB Seguridade Participacoes SA
| | | 1,031 | | 4,940 |
BR Malls Participacoes SA
| | | 1,614 | | 3,106 |
CCR SA
| | | 4,542 | | 10,272 |
Cielo SA
| | | 4,905 | | 4,199 |
Cogna Educacao
| | | 2,688 | | 2,073 |
Embraer SA (a)
| | | 1,070 | | 1,968 |
IRB Brasil Resseguros SA
| | | 854 | | 1,594 |
Itau Unibanco Holding SA Preference Shares
| | | 8,007 | | 35,646 |
Itausa - Investimentos Itau SA Preference Shares
| | | 7,004 | | 11,843 |
Localiza Rent a Car SA
| | | 1,395 | | 7,074 |
Lojas Americanas SA Preference Shares
| | | 1,254 | | 4,352 |
Lojas Renner SA
| | | 1,133 | | 7,331 |
Magazine Luiza SA
| | | 1,492 | | 11,216 |
Multiplan Empreendimentos Imobiliarios SA
| | | 1,087 | | 3,999 |
Natura & Co. Holding SA
| | | 701 | | 3,479 |
Raia Drogasil SA
| | | 437 | | 8,581 |
Suzano SA
| | | 1,748 | | 12,062 |
Telefonica Brasil SA Preference Shares
| | | 1,176 | | 11,212 |
TIM Participacoes SA
| | | 2,362 | | 5,665 |
Ultrapar Participacoes SA
| | | 6,265 | | 15,135 |
Vale SA
| | | 6,853 | | 57,106 |
WEG SA
| | | 1,087 | | 7,035 |
| | | | | | 337,544 |
| CANADA — 3.2% | | | | | |
Agnico Eagle Mines, Ltd.
| | | 695 | | 27,432 |
Algonquin Power & Utilities Corp.
| | | 2,817 | | 37,505 |
Alimentation Couche-Tard, Inc. Class B
| | | 1,506 | | 35,075 |
AltaGas, Ltd.
| | | 544 | | 4,873 |
Aurora Cannabis, Inc. (a)(b)
| | | 1,111 | | 983 |
Bank of Montreal
| | | 1,028 | | 51,322 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Bank of Nova Scotia
| | | 2,130 | | $86,002 |
Barrick Gold Corp.
| | | 2,946 | | 53,524 |
Bausch Health Cos., Inc. (a)
| | | 291 | | 4,459 |
BCE, Inc.
| | | 892 | | 36,179 |
BlackBerry, Ltd. (a)
| | | 1,416 | | 5,740 |
Bombardier, Inc. Class B (a)
| | | 5,060 | | 1,617 |
Brookfield Asset Management, Inc. Class A
| | | 1,245 | | 54,564 |
Cameco Corp.
| | | 1,962 | | 14,791 |
Canadian Imperial Bank of Commerce (b)
| | | 712 | | 41,019 |
Canadian National Railway Co.
| | | 1,075 | | 83,101 |
Canadian Pacific Railway, Ltd.
| | | 177 | | 38,618 |
Canadian Tire Corp., Ltd. Class A (b)
| | | 111 | | 6,624 |
Canopy Growth Corp. (a)(b)
| | | 291 | | 4,183 |
CCL Industries, Inc. Class B
| | | 624 | | 18,759 |
CGI, Inc. (a)
| | | 252 | | 13,489 |
Constellation Software, Inc.
| | | 26 | | 23,364 |
Cronos Group, Inc. (a)(b)
| | | 262 | | 1,471 |
Dollarama, Inc.
| | | 502 | | 13,769 |
Enbridge, Inc. (c)
| | | 753 | | 21,680 |
Enbridge, Inc. (c)
| | | 1,845 | | 53,671 |
Fairfax Financial Holdings, Ltd.
| | | 51 | | 15,458 |
First Quantum Minerals, Ltd.
| | | 3,644 | | 18,407 |
Franco-Nevada Corp.
| | | 639 | | 63,126 |
George Weston, Ltd.
| | | 387 | | 27,361 |
Great-West Lifeco, Inc.
| | | 834 | | 14,244 |
Hydro One, Ltd. (b)(d)
| | | 4,074 | | 72,530 |
Intact Financial Corp.
| | | 159 | | 13,587 |
Inter Pipeline, Ltd. (b)
| | | 466 | | 2,757 |
Kirkland Lake Gold, Ltd.
| | | 437 | | 12,726 |
Loblaw Cos., Ltd.
| | | 293 | | 14,935 |
Lundin Mining Corp.
| | | 6,146 | | 22,842 |
Manulife Financial Corp.
| | | 1,987 | | 24,667 |
Metro, Inc.
| | | 502 | | 20,071 |
National Bank of Canada
| | | 330 | | 12,610 |
Open Text Corp.
| | | 310 | | 10,718 |
Pembina Pipeline Corp. (b)
| | | 3,685 | | 68,349 |
Power Corp. of Canada
| | | 1,519 | | 24,161 |
PrairieSky Royalty, Ltd. (b)
| | | 5,728 | | 29,901 |
Restaurant Brands International, Inc.
| | | 491 | | 19,563 |
RioCan Real Estate Investment Trust
| | | 661 | | 7,491 |
Rogers Communications, Inc. Class B
| | | 612 | | 25,256 |
Royal Bank of Canada
| | | 2,302 | | 140,981 |
Shaw Communications, Inc. Class B
| | | 509 | | 8,164 |
Shopify, Inc. Class A (a)(b)
| | | 156 | | 64,623 |
Stars Group, Inc. (a)
| | | 371 | | 7,502 |
Sun Life Financial, Inc. (b)
| | | 525 | | 16,698 |
TELUS Corp.
| | | 1,093 | | 17,086 |
Thomson Reuters Corp.
| | | 427 | | 28,764 |
Toronto-Dominion Bank
| | | 2,683 | | 112,779 |
Wheaton Precious Metals Corp.
| | | 2,147 | | 58,421 |
| Security Description | | | Shares | | Value |
WSP Global, Inc.
| | | 291 | | $16,339 |
| | | | | | 1,725,931 |
| CHILE — 0.2% | | | | | |
Aguas Andinas SA Class A
| | | 41,862 | | 12,377 |
Antofagasta PLC
| | | 6,294 | | 60,327 |
Cencosud SA
| | | 326 | | 340 |
Itau CorpBanca
| | | 1,817,812 | | 4,733 |
SACI Falabella
| | | 2,105 | | 4,658 |
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares
| | | 777 | | 17,813 |
| | | | | | 100,248 |
| CHINA — 4.6% | | | | | |
360 Security Technology, Inc. Class A
| | | 2,500 | | 6,677 |
51job, Inc. ADR (a)
| | | 79 | | 4,850 |
AAC Technologies Holdings, Inc. (b)
| | | 500 | | 2,593 |
Agricultural Bank of China, Ltd. Class A
| | | 16,362 | | 7,779 |
Agricultural Bank of China, Ltd. Class H
| | | 69,000 | | 27,686 |
Alibaba Group Holding, Ltd. ADR (a)
| | | 2,319 | | 450,999 |
Alibaba Health Information Technology, Ltd. (a)
| | | 6,000 | | 10,032 |
ANTA Sports Products, Ltd.
| | | 1,000 | | 7,348 |
Baidu, Inc. ADR (a)
| | | 372 | | 37,494 |
Bank of Beijing Co., Ltd. Class A
| | | 18,296 | | 12,467 |
Bank of China, Ltd. Class H
| | | 146,000 | | 55,944 |
Bank of Communications Co., Ltd. Class A
| | | 22,228 | | 16,181 |
Bank of Communications Co., Ltd. Class H
| | | 18,000 | | 11,031 |
Bank of Shanghai Co., Ltd. Class A
| | | 5,900 | | 6,859 |
BeiGene, Ltd. ADR (a)
| | | 78 | | 9,603 |
BOE Technology Group Co., Ltd. Class A
| | | 14,700 | | 7,694 |
Bohai Leasing Co., Ltd. Class A (a)
| | | 15,800 | | 6,464 |
BYD Co., Ltd. Class H (b)
| | | 1,500 | | 7,838 |
China Cinda Asset Management Co., Ltd. Class H
| | | 46,000 | | 8,724 |
China CITIC Bank Corp., Ltd. Class H
| | | 28,000 | | 13,836 |
China Common Rich Renewable Energy Investment, Ltd. (a)(b)(e)
| | | 24,000 | | — |
China Conch Venture Holdings, Ltd.
| | | 3,500 | | 15,624 |
China Construction Bank Corp. Class A
| | | 7,600 | | 6,798 |
China Construction Bank Corp. Class H
| | | 149,000 | | 121,877 |
China Everbright Bank Co., Ltd. Class A
| | | 20,609 | | 10,496 |
China Evergrande Group (b)
| | | 3,700 | | 6,139 |
China Huarong Asset Management Co., Ltd. Class H (d)
| | | 52,000 | | 6,575 |
China Jushi Co., Ltd. Class A
| | | 6,000 | | 6,687 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
China Life Insurance Co., Ltd. Class H
| | | 14,000 | | $27,419 |
China Literature, Ltd. (a)(d)
| | | 2,000 | | 7,947 |
China Mengniu Dairy Co., Ltd.
| | | 3,000 | | 10,431 |
China Merchants Bank Co., Ltd. Class A
| | | 3,300 | | 15,028 |
China Merchants Bank Co., Ltd. Class H
| | | 4,500 | | 20,320 |
China Merchants Port Holdings Co., Ltd.
| | | 6,000 | | 6,859 |
China Minsheng Banking Corp., Ltd. Class A
| | | 19,845 | | 15,986 |
China Minsheng Banking Corp., Ltd. Class H
| | | 17,500 | | 13,005 |
China Molybdenum Co., Ltd. Class H
| | | 21,000 | | 5,879 |
China National Nuclear Power Co., Ltd. Class A
| | | 18,900 | | 11,732 |
China Northern Rare Earth Group High-Tech Co., Ltd. Class A
| | | 3,200 | | 4,059 |
China Oilfield Services, Ltd. Class H
| | | 18,000 | | 13,911 |
China Overseas Land & Investment, Ltd.
| | | 4,000 | | 12,411 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 3,800 | | 11,497 |
China Resources Beer Holdings Co., Ltd.
| | | 2,000 | | 9,134 |
China Resources Gas Group, Ltd.
| | | 12,000 | | 60,380 |
China Telecom Corp., Ltd. Class H
| | | 40,000 | | 12,128 |
China Tower Corp., Ltd. Class H (d)
| | | 74,000 | | 16,612 |
China Unicom Hong Kong, Ltd.
| | | 14,000 | | 8,074 |
China Vanke Co., Ltd. Class A
| | | 2,100 | | 7,599 |
China Vanke Co., Ltd. Class H
| | | 2,696 | | 8,887 |
China Yangtze Power Co., Ltd. Class A
| | | 13,296 | | 32,432 |
Chongqing Rural Commercial Bank Co., Ltd. Class H
| | | 22,000 | | 9,026 |
CITIC Securities Co., Ltd. Class H
| | | 3,500 | | 6,412 |
COSCO SHIPPING Ports, Ltd.
| | | 8,000 | | 3,860 |
Country Garden Holdings Co., Ltd. (b)
| | | 10,465 | | 12,665 |
CSPC Pharmaceutical Group, Ltd.
| | | 6,000 | | 12,014 |
ENN Energy Holdings, Ltd.
| | | 1,900 | | 18,397 |
Foshan Haitian Flavouring & Food Co., Ltd. Class A
| | | 400 | | 7,064 |
Fosun International, Ltd.
| | | 10,500 | | 12,138 |
Ganfeng Lithium Co., Ltd. Class A
| | | 1,500 | | 8,518 |
Geely Automobile Holdings, Ltd.
| | | 9,000 | | 13,284 |
Gree Electric Appliances, Inc. of Zhuhai Class A
| | | 1,000 | | 7,364 |
Guangzhou Automobile Group Co., Ltd. Class H
| | | 3,200 | | 3,216 |
Hangzhou Hikvision Digital Technology Co., Ltd. Class A
| | | 1,700 | | 6,691 |
Huazhu Group, Ltd. ADR
| | | 212 | | 6,091 |
Iflytek Co., Ltd. Class A
| | | 1,700 | | 8,265 |
| Security Description | | | Shares | | Value |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 116,000 | | $79,469 |
Industrial Bank Co., Ltd. Class A
| | | 4,832 | | 10,846 |
iQIYI, Inc. ADR (a)
| | | 466 | | 8,295 |
JD.com, Inc. ADR (a)
| | | 1,078 | | 43,659 |
Jiangsu Expressway Co., Ltd. Class H
| | | 8,000 | | 8,928 |
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A
| | | 417 | | 4,934 |
Jinduicheng Molybdenum Co., Ltd. Class A
| | | 15,500 | | 13,230 |
JOYY, Inc. ADR (a)
| | | 156 | | 8,309 |
Kweichow Moutai Co., Ltd. Class A
| | | 202 | | 31,661 |
Lenovo Group, Ltd.
| | | 8,000 | | 4,294 |
Luzhou Laojiao Co., Ltd. Class A
| | | 400 | | 4,156 |
Meituan Dianping Class B (a)
| | | 1,800 | | 21,748 |
Momo, Inc. ADR
| | | 233 | | 5,054 |
Muyuan Foodstuff Co., Ltd. Class A
| | | 500 | | 8,621 |
NetEase, Inc. ADR
| | | 111 | | 35,627 |
New China Life Insurance Co., Ltd. Class A
| | | 1,100 | | 6,176 |
New Oriental Education & Technology Group, Inc. ADR (a)
| | | 243 | | 26,302 |
NIO, Inc. ADR (a)(b)
| | | 1,320 | | 3,670 |
Oceanwide Holdings Co., Ltd. Class A
| | | 12,900 | | 7,189 |
Offshore Oil Engineering Co., Ltd. Class A
| | | 19,800 | | 13,660 |
People's Insurance Co. Group of China, Ltd. Class H
| | | 39,000 | | 12,881 |
PICC Property & Casualty Co., Ltd. Class H
| | | 18,000 | | 17,417 |
Pinduoduo, Inc. ADR (a)
| | | 262 | | 9,440 |
Ping An Bank Co., Ltd. Class A
| | | 3,300 | | 5,959 |
Ping An Insurance Group Co. of China, Ltd. Class A
| | | 785 | | 7,660 |
Ping An Insurance Group Co. of China, Ltd. Class H
| | | 7,000 | | 68,773 |
Postal Savings Bank of China Co., Ltd. Class H (d)
| | | 22,000 | | 13,397 |
Sany Heavy Industry Co., Ltd. Class A
| | | 2,500 | | 6,102 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H (b)
| | | 4,000 | | 13,160 |
Shanghai International Airport Co., Ltd. Class A
| | | 500 | | 4,290 |
Shanghai International Port Group Co., Ltd. Class A
| | | 5,900 | | 3,729 |
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B
| | | 7,400 | | 5,964 |
Shanghai Pudong Development Bank Co., Ltd. Class A
| | | 4,934 | | 7,065 |
Shenzhou International Group Holdings, Ltd.
| | | 1,700 | | 18,073 |
Sichuan Chuantou Energy Co., Ltd. Class A
| | | 6,600 | | 8,566 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Sinopec Engineering Group Co., Ltd. Class H
| | | 17,500 | | $7,360 |
SOHO China, Ltd.
| | | 25,500 | | 13,160 |
Sunac China Holdings, Ltd.
| | | 1,000 | | 4,632 |
Sunny Optical Technology Group Co., Ltd.
| | | 900 | | 12,122 |
TAL Education Group ADR (a)
| | | 585 | | 31,157 |
Tencent Holdings, Ltd.
| | | 8,084 | | 396,539 |
Tianqi Lithium Corp. Class A
| | | 2,000 | | 5,206 |
Tongkun Group Co., Ltd. Class A
| | | 4,300 | | 7,116 |
Towngas China Co., Ltd.
| | | 19,937 | | 9,877 |
Transfar Zhilian Co., Ltd. Class A
| | | 7,700 | | 6,692 |
Trip.com Group, Ltd. ADR (a)
| | | 681 | | 15,969 |
Tsingtao Brewery Co., Ltd. Class A
| | | 1,000 | | 6,449 |
Vipshop Holdings, Ltd. ADR (a)
| | | 575 | | 8,959 |
Want Want China Holdings, Ltd.
| | | 11,000 | | 7,976 |
Wens Foodstuffs Group Co., Ltd. Class A
| | | 900 | | 4,101 |
Wuliangye Yibin Co., Ltd. Class A
| | | 934 | | 15,180 |
Xiaomi Corp. Class B (a)(b)(d)
| | | 13,200 | | 17,780 |
Xinjiang Goldwind Science & Technology Co., Ltd. Class A
| | | 4,500 | | 6,031 |
Yangzijiang Shipbuilding Holdings, Ltd.
| | | 8,800 | | 5,130 |
Yantai Jereh Oilfield Services Group Co., Ltd. Class A
| | | 1,800 | | 5,615 |
Yintai Gold Co., Ltd. Class A
| | | 4,700 | | 9,568 |
Yum China Holdings, Inc.
| | | 424 | | 18,075 |
Zhejiang Expressway Co., Ltd. Class H
| | | 16,000 | | 11,147 |
Zhuzhou CRRC Times Electric Co., Ltd. Class H
| | | 2,300 | | 6,810 |
ZTO Express Cayman, Inc. ADR (a)
| | | 388 | | 10,274 |
| | | | | | 2,544,259 |
| COLOMBIA — 0.1% | | | | | |
Bancolombia SA
| | | 912 | | 5,414 |
Bancolombia SA Preference Shares
| | | 1,663 | | 11,264 |
Grupo Aval Acciones y Valores SA Preference Shares
| | | 44,382 | | 9,805 |
Grupo de Inversiones Suramericana SA
| | | 5,082 | | 25,059 |
Interconexion Electrica SA ESP
| | | 7,286 | | 27,779 |
| | | | | | 79,321 |
| DENMARK — 0.6% | | | | | |
Carlsberg A/S Class B
| | | 78 | | 8,829 |
Chr. Hansen Holding A/S
| | | 275 | | 20,574 |
Coloplast A/S Class B
| | | 141 | | 20,455 |
Danske Bank A/S
| | | 1,390 | | 15,717 |
Genmab A/S (a)
| | | 83 | | 16,806 |
ISS A/S (b)
| | | 344 | | 4,728 |
Novo Nordisk A/S Class B
| | | 2,616 | | 157,384 |
Novozymes A/S Class B
| | | 847 | | 38,522 |
Orsted A/S (d)
| | | 239 | | 23,419 |
Pandora A/S
| | | 159 | | 5,165 |
| Security Description | | | Shares | | Value |
Vestas Wind Systems A/S
| | | 345 | | $28,033 |
| | | | | | 339,632 |
| FINLAND — 0.4% | | | | | |
Elisa Oyj
| | | 195 | | 12,085 |
Kone Oyj Class B
| | | 788 | | 44,632 |
Neste Oyj
| | | 1,899 | | 64,281 |
Nokia Oyj (c)
| | | 1,021 | | 3,214 |
Nokia Oyj (c)
| | | 6,021 | | 18,865 |
Nokian Renkaat Oyj (b)
| | | 202 | | 4,892 |
Nordea Bank Abp (c)
| | | 3,784 | | 21,418 |
Nordea Bank Abp (b)(c)
| | | 104 | | 586 |
Orion Oyj Class B (b)
| | | 169 | | 6,913 |
Sampo Oyj Class A
| | | 1,176 | | 34,350 |
Wartsila OYJ Abp
| | | 900 | | 6,607 |
| | | | | | 217,843 |
| FRANCE — 3.0% | | | | | |
Aeroports de Paris
| | | 105 | | 10,075 |
Airbus SE
| | | 990 | | 64,460 |
Alstom SA
| | | 483 | | 20,213 |
Amundi SA (d)
| | | 176 | | 10,399 |
Atos SE
| | | 223 | | 15,107 |
AXA SA
| | | 2,873 | | 49,770 |
BNP Paribas SA
| | | 1,446 | | 43,648 |
Bollore SA (c)
| | | 4,844 | | 13,341 |
Bollore SA (a)(c)
| | | 28 | | 92 |
Bureau Veritas SA
| | | 618 | | 11,738 |
Capgemini SE
| | | 281 | | 23,741 |
CNP Assurances
| | | 296 | | 2,897 |
Covivio REIT
| | | 115 | | 6,479 |
Credit Agricole SA
| | | 1,152 | | 8,456 |
Danone SA
| | | 928 | | 59,710 |
Dassault Aviation SA
| | | 8 | | 6,575 |
Dassault Systemes SE
| | | 183 | | 27,108 |
Edenred
| | | 519 | | 21,691 |
Eiffage SA
| | | 149 | | 10,545 |
EssilorLuxottica SA
| | | 488 | | 52,625 |
Eurazeo SE
| | | 222 | | 10,016 |
Eutelsat Communications SA
| | | 408 | | 4,265 |
Gecina SA REIT
| | | 119 | | 15,760 |
Getlink SE
| | | 1,238 | | 14,929 |
Hermes International
| | | 49 | | 33,808 |
ICADE REIT
| | | 208 | | 16,467 |
Iliad SA
| | | 52 | | 7,055 |
Ingenico Group SA
| | | 78 | | 8,297 |
Kering SA
| | | 118 | | 61,617 |
Klepierre SA REIT
| | | 652 | | 12,570 |
Legrand SA
| | | 575 | | 36,896 |
L'Oreal SA
| | | 503 | | 131,853 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 435 | | 161,543 |
Natixis SA
| | | 414 | | 1,348 |
Orange SA
| | | 2,939 | | 35,908 |
Pernod Ricard SA
| | | 401 | | 56,958 |
Peugeot SA
| | | 1,496 | | 19,969 |
Publicis Groupe SA
| | | 187 | | 5,359 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Remy Cointreau SA
| | | 64 | | $6,998 |
Renault SA
| | | 401 | | 7,791 |
Safran SA
| | | 607 | | 53,376 |
Sanofi
| | | 1,663 | | 146,234 |
Schneider Electric SE
| | | 1,119 | | 96,482 |
SCOR SE
| | | 125 | | 2,754 |
Societe Generale SA
| | | 1,118 | | 18,828 |
Sodexo SA
| | | 229 | | 15,488 |
Teleperformance
| | | 93 | | 19,368 |
Thales SA
| | | 228 | | 19,108 |
Ubisoft Entertainment SA (a)
| | | 263 | | 19,387 |
Unibail-Rodamco-Westfield
| | | 2,143 | | 5,653 |
Unibail-Rodamco-Westfield REIT (b)
| | | 271 | | 15,332 |
Valeo SA
| | | 80 | | 1,339 |
Vinci SA
| | | 1,131 | | 93,571 |
Vivendi SA
| | | 1,952 | | 41,819 |
Worldline SA (a)(d)
| | | 87 | | 5,126 |
| | | | | | 1,661,942 |
| GERMANY — 2.2% | | | | | |
Adidas AG
| | | 261 | | 58,966 |
Allianz SE
| | | 698 | | 120,151 |
BASF SE
| | | 359 | | 16,995 |
Bayer AG
| | | 1,341 | | 77,764 |
Bayerische Motoren Werke AG
| | | 956 | | 49,422 |
Beiersdorf AG
| | | 148 | | 15,031 |
Brenntag AG
| | | 63 | | 2,339 |
Continental AG
| | | 132 | | 9,503 |
Daimler AG
| | | 2,026 | | 61,178 |
Delivery Hero SE (a)(d)
| | | 236 | | 17,598 |
Deutsche Bank AG
| | | 2,731 | | 17,887 |
Deutsche Boerse AG
| | | 230 | | 31,546 |
Deutsche Post AG
| | | 725 | | 19,709 |
Deutsche Telekom AG
| | | 4,226 | | 54,781 |
Deutsche Wohnen SE
| | | 343 | | 13,063 |
Fraport AG Frankfurt Airport Services Worldwide
| | | 195 | | 7,895 |
Fresenius Medical Care AG & Co. KGaA
| | | 376 | | 24,837 |
Fresenius SE & Co. KGaA
| | | 642 | | 23,902 |
Fuchs Petrolub SE Preference Shares
| | | 260 | | 9,221 |
GEA Group AG
| | | 317 | | 6,513 |
Henkel AG & Co. KGaA Preference Shares
| | | 443 | | 35,581 |
Infineon Technologies AG
| | | 1,838 | | 27,085 |
KION Group AG
| | | 90 | | 3,895 |
Merck KGaA
| | | 111 | | 11,403 |
MTU Aero Engines AG
| | | 95 | | 13,900 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 232 | | 46,865 |
Puma SE
| | | 70 | | 4,178 |
SAP SE
| | | 1,523 | | 171,790 |
Sartorius AG Preference Shares
| | | 40 | | 9,752 |
Siemens AG
| | | 1,245 | | 105,830 |
| Security Description | | | Shares | | Value |
Siemens Healthineers AG (d)
| | | 224 | | $8,859 |
Symrise AG
| | | 447 | | 41,690 |
Telefonica Deutschland Holding AG
| | | 1,089 | | 2,699 |
United Internet AG
| | | 199 | | 5,867 |
Volkswagen AG Preference Shares
| | | 303 | | 35,521 |
Vonovia SE
| | | 574 | | 28,254 |
Wirecard AG
| | | 194 | | 22,277 |
Zalando SE (a)(d)
| | | 225 | | 8,638 |
| | | | | | 1,222,385 |
| HONG KONG — 1.4% | | | | | |
AIA Group, Ltd.
| | | 17,000 | | 153,860 |
Bank of East Asia, Ltd.
| | | 1,205 | | 2,593 |
China Everbright, Ltd.
| | | 10,000 | | 14,760 |
China Gas Holdings, Ltd.
| | | 4,200 | | 14,631 |
China Mobile, Ltd.
| | | 8,500 | | 63,222 |
China Resources Land, Ltd.
| | | 2,000 | | 8,257 |
CK Asset Holdings, Ltd.
| | | 5,959 | | 32,636 |
CK Hutchison Holdings, Ltd.
| | | 3,000 | | 20,243 |
Dairy Farm International Holdings, Ltd.
| | | 700 | | 3,220 |
Galaxy Entertainment Group, Ltd.
| | | 2,000 | | 10,670 |
Hang Lung Properties, Ltd.
| | | 6,000 | | 12,184 |
Hang Seng Bank, Ltd.
| | | 1,400 | | 23,933 |
Henderson Land Development Co., Ltd.
| | | 2,632 | | 10,034 |
Hong Kong & China Gas Co., Ltd.
| | | 16,504 | | 27,212 |
Hong Kong Exchanges & Clearing, Ltd.
| | | 1,606 | | 48,444 |
Hongkong Land Holdings, Ltd.
| | | 2,800 | | 10,500 |
Hutchison China MediTech, Ltd. ADR (a)
| | | 310 | | 5,533 |
Jardine Matheson Holdings, Ltd.
| | | 300 | | 15,000 |
Jardine Strategic Holdings, Ltd.
| | | 400 | | 8,880 |
Kerry Properties, Ltd.
| | | 2,000 | | 5,277 |
Link REIT
| | | 5,900 | | 50,011 |
Melco Resorts & Entertainment, Ltd. ADR
| | | 578 | | 7,167 |
MTR Corp., Ltd.
| | | 2,932 | | 15,150 |
Power Assets Holdings, Ltd.
| | | 10,000 | | 59,799 |
Sands China, Ltd.
| | | 4,800 | | 17,588 |
Shenzhen International Holdings, Ltd.
| | | 6,016 | | 11,022 |
Sino Biopharmaceutical, Ltd.
| | | 10,500 | | 13,845 |
Sino Land Co., Ltd.
| | | 11,324 | | 14,376 |
Sun Hung Kai Properties, Ltd.
| | | 2,500 | | 32,964 |
Swire Properties, Ltd.
| | | 2,800 | | 7,875 |
Techtronic Industries Co., Ltd.
| | | 2,000 | | 12,979 |
Wharf Real Estate Investment Co., Ltd. (b)
| | | 3,000 | | 12,347 |
Wheelock & Co., Ltd.
| | | 2,000 | | 13,650 |
| | | | | | 759,862 |
| HUNGARY — 0.0% (f) | | | | | |
OTP Bank Nyrt
| | | 371 | | 10,721 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| INDIA — 1.0% | | | | | |
Adani Ports & Special Economic Zone, Ltd.
| | | 1,820 | | $6,046 |
Asian Paints, Ltd.
| | | 1,293 | | 28,483 |
Avenue Supermarts, Ltd. (a)(d)
| | | 249 | | 7,200 |
Axis Bank, Ltd.
| | | 2,788 | | 13,967 |
Bajaj Auto, Ltd.
| | | 237 | | 6,336 |
Bharat Petroleum Corp., Ltd.
| | | 2,019 | | 8,457 |
Bharti Airtel, Ltd. (a)
| | | 4,060 | | 23,662 |
Bharti Infratel, Ltd.
| | | 1,356 | | 2,868 |
Dabur India, Ltd.
| | | 980 | | 5,830 |
DLF, Ltd.
| | | 2,583 | | 4,693 |
Eicher Motors, Ltd.
| | | 36 | | 6,232 |
Godrej Consumer Products, Ltd.
| | | 475 | | 3,270 |
HCL Technologies, Ltd.
| | | 1,808 | | 10,430 |
Hindustan Unilever, Ltd.
| | | 1,271 | | 38,617 |
Housing Development Finance Corp., Ltd.
| | | 2,025 | | 43,714 |
ICICI Bank, Ltd. ADR
| | | 2,422 | | 20,587 |
Infosys, Ltd. ADR (b)
| | | 5,281 | | 43,357 |
ITC, Ltd.
| | | 7,837 | | 17,787 |
Larsen & Toubro, Ltd. GDR
| | | 1,396 | | 15,049 |
Mahindra & Mahindra, Ltd. GDR
| | | 1,451 | | 5,601 |
Maruti Suzuki India, Ltd.
| | | 242 | | 13,718 |
Nestle India, Ltd.
| | | 82 | | 17,669 |
Petronet LNG, Ltd.
| | | 2,529 | | 6,676 |
Piramal Enterprises, Ltd.
| | | 362 | | 4,496 |
Power Grid Corp. of India, Ltd.
| | | 2,199 | | 4,625 |
Reliance Industries, Ltd.
| | | 4,692 | | 69,076 |
State Bank of India GDR (a)
| | | 378 | | 9,828 |
Sun Pharmaceutical Industries, Ltd.
| | | 1,347 | | 6,273 |
Tata Consultancy Services, Ltd.
| | | 1,622 | | 39,152 |
Tata Motors, Ltd. (a)
| | | 5,884 | | 5,526 |
Tech Mahindra, Ltd.
| | | 1,208 | | 9,030 |
Titan Co., Ltd.
| | | 231 | | 2,851 |
United Spirits, Ltd. (a)
| | | 1,031 | | 6,604 |
Wipro, Ltd. ADR
| | | 2,509 | | 7,778 |
Zee Entertainment Enterprises, Ltd.
| | | 1,896 | | 3,106 |
| | | | | | 518,594 |
| INDONESIA — 0.1% | | | | | |
Astra International Tbk PT
| | | 39,600 | | 9,469 |
Bank Central Asia Tbk PT
| | | 8,000 | | 13,550 |
Bank Mandiri Persero Tbk PT
| | | 10,400 | | 2,984 |
Bank Rakyat Indonesia Persero Tbk PT
| | | 43,300 | | 8,017 |
Gudang Garam Tbk PT
| | | 1,600 | | 4,032 |
Hanjaya Mandala Sampoerna Tbk PT
| | | 84,800 | | 7,409 |
Jasa Marga Persero Tbk PT
| | | 16,950 | | 2,640 |
Telekomunikasi Indonesia Persero Tbk PT
| | | 84,300 | | 16,333 |
Unilever Indonesia Tbk PT
| | | 23,300 | | 10,357 |
| | | | | | 74,791 |
| IRELAND — 0.4% | | | | | |
Accenture PLC Class A
| | | 994 | | 162,280 |
| Security Description | | | Shares | | Value |
AerCap Holdings NV (a)
| | | 362 | | $8,250 |
Flutter Entertainment PLC
| | | 49 | | 4,438 |
James Hardie Industries PLC
| | | 975 | | 11,052 |
Kerry Group PLC Class A
| | | 216 | | 24,933 |
Trane Technologies PLC
| | | 364 | | 30,063 |
| | | | | | 241,016 |
| ISRAEL — 0.1% | | | | | |
Bank Hapoalim BM
| | | 2,313 | | 13,934 |
Bank Leumi Le-Israel BM
| | | 1,532 | | 8,488 |
Check Point Software Technologies, Ltd. (a)
| | | 257 | | 25,839 |
Nice, Ltd. (a)
| | | 95 | | 14,059 |
Teva Pharmaceutical Industries, Ltd. ADR (a)
| | | 489 | | 4,391 |
Teva Pharmaceutical Industries, Ltd. (a)
| | | 1,056 | | 9,726 |
| | | | | | 76,437 |
| ITALY — 0.5% | | | | | |
Assicurazioni Generali SpA
| | | 2,681 | | 36,507 |
Atlantia SpA
| | | 1,388 | | 17,408 |
Davide Campari-Milano SpA
| | | 779 | | 5,599 |
Ferrari NV
| | | 301 | | 46,750 |
FinecoBank Banca Fineco SpA
| | | 703 | | 6,394 |
Intesa Sanpaolo SpA
| | | 21,185 | | 34,598 |
Leonardo SpA
| | | 712 | | 4,744 |
Moncler SpA
| | | 265 | | 9,680 |
Poste Italiane SpA (d)
| | | 1,133 | | 9,597 |
Snam SpA
| | | 9,764 | | 45,040 |
Telecom Italia SpA
| | | 33,656 | | 13,313 |
Terna Rete Elettrica Nazionale SpA
| | | 7,843 | | 49,655 |
UniCredit SpA
| | | 2,341 | | 18,358 |
| | | | | | 297,643 |
| JAPAN — 7.6% | | | | | |
Advantest Corp. (b)
| | | 200 | | 8,040 |
Amada Holdings Co., Ltd.
| | | 600 | | 4,741 |
Asahi Group Holdings, Ltd.
| | | 300 | | 9,754 |
Asahi Intecc Co., Ltd.
| | | 500 | | 12,376 |
Astellas Pharma, Inc.
| | | 3,500 | | 54,175 |
Bandai Namco Holdings, Inc. (b)
| | | 200 | | 9,710 |
Bank of Kyoto, Ltd.
| | | 300 | | 9,560 |
Canon, Inc.
| | | 2,000 | | 43,703 |
Casio Computer Co., Ltd.
| | | 600 | | 8,431 |
Central Japan Railway Co.
| | | 200 | | 32,087 |
Chiba Bank, Ltd.
| | | 900 | | 3,943 |
Chugai Pharmaceutical Co., Ltd.
| | | 200 | | 23,158 |
Concordia Financial Group, Ltd.
| | | 2,700 | | 7,878 |
CyberAgent, Inc.
| | | 300 | | 11,644 |
Daifuku Co., Ltd.
| | | 300 | | 19,036 |
Dai-ichi Life Holdings, Inc.
| | | 1,300 | | 15,600 |
Daiichi Sankyo Co., Ltd.
| | | 900 | | 61,976 |
Daikin Industries, Ltd.
| | | 500 | | 60,998 |
Daito Trust Construction Co., Ltd.
| | | 100 | | 9,323 |
Daiwa House Industry Co., Ltd.
| | | 800 | | 19,842 |
Daiwa Securities Group, Inc.
| | | 3,300 | | 12,814 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Denso Corp.
| | | 800 | | $25,870 |
Dentsu Group, Inc.
| | | 700 | | 13,532 |
East Japan Railway Co.
| | | 300 | | 22,721 |
Eisai Co., Ltd.
| | | 300 | | 22,040 |
FANUC Corp.
| | | 300 | | 40,725 |
Fast Retailing Co., Ltd.
| | | 100 | | 40,934 |
FUJIFILM Holdings Corp.
| | | 400 | | 20,153 |
Fujitsu, Ltd.
| | | 300 | | 27,109 |
Fukuoka Financial Group, Inc.
| | | 500 | | 6,628 |
Hisamitsu Pharmaceutical Co., Inc.
| | | 200 | | 9,337 |
Hitachi, Ltd.
| | | 800 | | 23,291 |
Honda Motor Co., Ltd. (b)
| | | 2,300 | | 51,772 |
Hoshizaki Corp.
| | | 200 | | 15,025 |
Hoya Corp.
| | | 400 | | 34,088 |
Iida Group Holdings Co., Ltd.
| | | 900 | | 12,480 |
Isuzu Motors, Ltd.
| | | 1,100 | | 7,288 |
ITOCHU Corp. (b)
| | | 3,000 | | 62,318 |
Japan Airport Terminal Co., Ltd. (b)
| | | 300 | | 11,602 |
Japan Post Bank Co., Ltd. (b)
| | | 1,500 | | 13,853 |
Japan Post Holdings Co., Ltd.
| | | 2,832 | | 22,185 |
Japan Tobacco, Inc.
| | | 1,700 | | 31,432 |
JGC Holdings Corp.
| | | 400 | | 3,216 |
Kajima Corp.
| | | 2,000 | | 20,546 |
Kansai Paint Co., Ltd.
| | | 1,500 | | 28,595 |
Kao Corp.
| | | 600 | | 49,076 |
KDDI Corp.
| | | 2,600 | | 76,828 |
Keikyu Corp.
| | | 600 | | 10,099 |
Keio Corp.
| | | 200 | | 11,838 |
Keyence Corp.
| | | 300 | | 96,790 |
Kikkoman Corp.
| | | 400 | | 17,063 |
Kirin Holdings Co., Ltd.
| | | 1,000 | | 19,800 |
Koito Manufacturing Co., Ltd.
| | | 500 | | 16,928 |
Komatsu, Ltd.
| | | 900 | | 14,827 |
Konami Holdings Corp.
| | | 300 | | 9,212 |
Kose Corp.
| | | 100 | | 12,348 |
Kubota Corp.
| | | 1,600 | | 20,475 |
Kyocera Corp.
| | | 200 | | 11,872 |
Lawson, Inc.
| | | 200 | | 10,986 |
M3, Inc. (b)
| | | 800 | | 23,677 |
Makita Corp.
| | | 300 | | 9,212 |
Marubeni Corp.
| | | 16,200 | | 80,884 |
Mebuki Financial Group, Inc.
| | | 2,100 | | 4,280 |
Medipal Holdings Corp.
| | | 200 | | 3,739 |
Mercari, Inc. (a)(b)
| | | 200 | | 3,891 |
MISUMI Group, Inc.
| | | 100 | | 2,181 |
Mitsubishi Corp.
| | | 3,200 | | 67,925 |
Mitsubishi Electric Corp.
| | | 3,000 | | 37,099 |
Mitsubishi Estate Co., Ltd.
| | | 2,300 | | 33,982 |
Mitsubishi Heavy Industries, Ltd.
| | | 300 | | 7,593 |
Mitsubishi Motors Corp. (b)
| | | 1,500 | | 4,252 |
Mitsubishi UFJ Financial Group, Inc.
| | | 18,400 | | 68,688 |
Mitsubishi UFJ Lease & Finance Co., Ltd.
| | | 2,100 | | 10,349 |
Mitsui & Co., Ltd.
| | | 14,400 | | 200,550 |
Mitsui Fudosan Co., Ltd.
| | | 1,900 | | 32,921 |
| Security Description | | | Shares | | Value |
Mizuho Financial Group, Inc.
| | | 41,700 | | $47,743 |
MonotaRO Co., Ltd.
| | | 300 | | 7,970 |
MS&AD Insurance Group Holdings, Inc. (b)
| | | 800 | | 22,417 |
Murata Manufacturing Co., Ltd.
| | | 600 | | 30,413 |
NEC Corp.
| | | 400 | | 14,617 |
Nexon Co., Ltd.
| | | 600 | | 9,810 |
NGK Spark Plug Co., Ltd.
| | | 300 | | 4,230 |
Nidec Corp.
| | | 600 | | 31,163 |
Nikon Corp.
| | | 800 | | 7,396 |
Nintendo Co., Ltd.
| | | 200 | | 77,088 |
Nippon Paint Holdings Co., Ltd.
| | | 600 | | 31,458 |
Nippon Telegraph & Telephone Corp.
| | | 1,700 | | 40,557 |
Nissan Chemical Corp.
| | | 300 | | 10,949 |
Nissan Motor Co., Ltd.
| | | 2,200 | | 7,267 |
Nitori Holdings Co., Ltd.
| | | 100 | | 13,506 |
Nitto Denko Corp.
| | | 200 | | 8,939 |
Nomura Holdings, Inc.
| | | 6,200 | | 26,292 |
Nomura Research Institute, Ltd.
| | | 1,000 | | 21,194 |
NTT Data Corp.
| | | 1,900 | | 18,304 |
NTT DOCOMO, Inc.
| | | 2,100 | | 65,691 |
Obayashi Corp.
| | | 2,200 | | 18,871 |
Obic Co., Ltd.
| | | 200 | | 26,233 |
Olympus Corp.
| | | 1,700 | | 24,597 |
Omron Corp.
| | | 300 | | 15,645 |
Ono Pharmaceutical Co., Ltd.
| | | 400 | | 9,211 |
Oriental Land Co., Ltd. (b)
| | | 300 | | 38,405 |
ORIX Corp.
| | | 2,800 | | 33,731 |
Otsuka Holdings Co., Ltd.
| | | 300 | | 11,758 |
Pan Pacific International Holdings Corp.
| | | 900 | | 17,082 |
Panasonic Corp.
| | | 1,600 | | 12,227 |
Park24 Co., Ltd. (b)
| | | 700 | | 10,316 |
PeptiDream, Inc. (a)
| | | 100 | | 3,492 |
Persol Holdings Co., Ltd.
| | | 300 | | 3,018 |
Pigeon Corp.
| | | 200 | | 7,679 |
Pola Orbis Holdings, Inc.
| | | 300 | | 5,544 |
Rakuten, Inc.
| | | 3,000 | | 22,787 |
Recruit Holdings Co., Ltd. (b)
| | | 1,900 | | 49,209 |
Renesas Electronics Corp. (a)
| | | 1,500 | | 5,405 |
Resona Holdings, Inc.
| | | 4,900 | | 14,761 |
Ricoh Co., Ltd.
| | | 1,400 | | 10,297 |
Rohm Co., Ltd.
| | | 100 | | 5,493 |
Ryohin Keikaku Co., Ltd.
| | | 800 | | 8,996 |
Sankyo Co., Ltd.
| | | 700 | | 20,393 |
SBI Holdings, Inc.
| | | 700 | | 10,232 |
Secom Co., Ltd.
| | | 300 | | 24,938 |
Sekisui House, Ltd.
| | | 1,400 | | 23,142 |
Seven & i Holdings Co., Ltd.
| | | 800 | | 26,500 |
Seven Bank, Ltd.
| | | 2,600 | | 6,719 |
Shimadzu Corp.
| | | 800 | | 21,083 |
Shimano, Inc.
| | | 100 | | 14,302 |
Shimizu Corp.
| | | 2,100 | | 16,437 |
Shin-Etsu Chemical Co., Ltd.
| | | 400 | | 39,757 |
Shinsei Bank, Ltd. (a)
| | | 1,000 | | 13,357 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Shionogi & Co., Ltd.
| | | 200 | | $9,850 |
Shiseido Co., Ltd.
| | | 500 | | 29,559 |
Shizuoka Bank, Ltd.
| | | 1,900 | | 11,563 |
SMC Corp.
| | | 100 | | 42,379 |
Softbank Corp. (b)
| | | 2,400 | | 30,557 |
SoftBank Group Corp.
| | | 2,300 | | 80,704 |
Sohgo Security Services Co., Ltd.
| | | 300 | | 14,617 |
Sompo Holdings, Inc.
| | | 500 | | 15,483 |
Sony Corp.
| | | 1,700 | | 101,113 |
Square Enix Holdings Co., Ltd.
| | | 200 | | 8,939 |
Subaru Corp. (b)
| | | 500 | | 9,604 |
Sumitomo Corp.
| | | 2,600 | | 29,840 |
Sumitomo Dainippon Pharma Co., Ltd. (b)
| | | 700 | | 9,097 |
Sumitomo Metal Mining Co., Ltd.
| | | 300 | | 6,164 |
Sumitomo Mitsui Financial Group, Inc.
| | | 2,700 | | 65,602 |
Sumitomo Mitsui Trust Holdings, Inc.
| | | 100 | | 2,894 |
Suzuki Motor Corp.
| | | 300 | | 7,182 |
Sysmex Corp.
| | | 300 | | 21,804 |
T&D Holdings, Inc.
| | | 600 | | 4,913 |
Taisei Corp.
| | | 400 | | 12,246 |
Taisho Pharmaceutical Holdings Co., Ltd.
| | | 100 | | 6,151 |
Takeda Pharmaceutical Co., Ltd.
| | | 2,220 | | 68,026 |
Terumo Corp.
| | | 800 | | 27,567 |
Toho Gas Co., Ltd.
| | | 1,100 | | 49,928 |
Tokio Marine Holdings, Inc.
| | | 600 | | 27,511 |
Tokyo Century Corp. (b)
| | | 300 | | 9,407 |
Tokyo Electron, Ltd.
| | | 200 | | 37,710 |
Tokyu Corp.
| | | 800 | | 12,598 |
Toshiba Corp.
| | | 500 | | 11,023 |
TOTO, Ltd.
| | | 600 | | 19,981 |
Toyota Industries Corp.
| | | 200 | | 9,597 |
Toyota Motor Corp.
| | | 3,400 | | 204,746 |
Toyota Tsusho Corp.
| | | 1,500 | | 35,376 |
Trend Micro, Inc.
| | | 300 | | 14,840 |
Unicharm Corp.
| | | 300 | | 11,257 |
Welcia Holdings Co., Ltd.
| | | 200 | | 13,987 |
Yakult Honsha Co., Ltd.
| | | 300 | | 17,757 |
Yamaha Corp.
| | | 300 | | 11,713 |
Yaskawa Electric Corp.
| | | 300 | | 8,270 |
Yokogawa Electric Corp.
| | | 900 | | 10,863 |
Z Holdings Corp.
| | | 4,700 | | 15,151 |
ZOZO, Inc.
| | | 300 | | 4,032 |
| | | | | | 4,185,116 |
| LUXEMBOURG — 0.1% | | | | | |
Eurofins Scientific SE
| | | 11 | | 5,443 |
Millicom International Cellular SA SDR
| | | 185 | | 5,221 |
Reinet Investments SCA
| | | 778 | | 12,395 |
SES SA
| | | 638 | | 3,744 |
| | | | | | 26,803 |
| Security Description | | | Shares | | Value |
| MACAU — 0.0% (f) | | | | | |
Wynn Macau, Ltd.
| | | 800 | | $1,216 |
| MALAYSIA — 0.3% | | | | | |
AMMB Holdings Bhd
| | | 5,400 | | 3,750 |
CIMB Group Holdings Bhd
| | | 12,158 | | 10,132 |
Dialog Group Bhd
| | | 22,500 | | 15,833 |
Gamuda Bhd
| | | 2,860 | | 1,874 |
Genting Bhd
| | | 18,300 | | 15,885 |
Genting Malaysia Bhd
| | | 13,700 | | 6,374 |
Hong Leong Bank Bhd
| | | 1,100 | | 3,427 |
IHH Healthcare Bhd
| | | 9,500 | | 11,347 |
Malayan Banking Bhd
| | | 9,829 | | 16,950 |
Maxis Bhd
| | | 3,300 | | 4,087 |
Petronas Dagangan Bhd
| | | 2,300 | | 11,266 |
PPB Group Bhd
| | | 3,000 | | 11,403 |
Public Bank Bhd
| | | 4,700 | | 17,299 |
RHB Bank Bhd
| | | 5,500 | | 5,971 |
| | | | | | 135,598 |
| MEXICO — 0.2% | | | | | |
America Movil SAB de CV Series L
| | | 43,473 | | 26,037 |
Coca-Cola Femsa SAB de CV
| | | 2,178 | | 8,880 |
Fibra Uno Administracion SA de CV REIT
| | | 13,197 | | 10,458 |
Fomento Economico Mexicano SAB de CV
| | | 2,567 | | 15,672 |
Grupo Aeroportuario del Pacifico SAB de CV Class B
| | | 1,195 | | 6,489 |
Grupo Aeroportuario del Sureste SAB de CV Class B
| | | 762 | | 7,255 |
Grupo Financiero Banorte SAB de CV Series O
| | | 4,568 | | 12,657 |
Grupo Financiero Inbursa SAB de CV Series O
| | | 6,359 | | 4,619 |
Grupo Televisa SAB Series CPO
| | | 6,180 | | 7,192 |
Megacable Holdings SAB de CV
| | | 1,202 | | 3,324 |
Promotora y Operadora de Infraestructura SAB de CV
| | | 1,576 | | 10,694 |
Wal-Mart de Mexico SAB de CV
| | | 8,302 | | 19,729 |
| | | | | | 133,006 |
| NETHERLANDS — 1.0% | | | | | |
Aegon NV
| | | 1,484 | | 3,768 |
ASML Holding NV
| | | 608 | | 161,745 |
Heineken NV
| | | 267 | | 22,312 |
ING Groep NV
| | | 4,207 | | 22,072 |
Koninklijke Ahold Delhaize NV
| | | 1,258 | | 29,381 |
Koninklijke DSM NV
| | | 397 | | 45,086 |
Koninklijke KPN NV
| | | 2,730 | | 6,518 |
Koninklijke Philips NV
| | | 1,715 | | 69,466 |
Koninklijke Vopak NV
| | | 275 | | 14,309 |
NN Group NV
| | | 610 | | 16,465 |
NXP Semiconductors NV
| | | 313 | | 25,957 |
Prosus NV (a)
| | | 634 | | 43,931 |
Randstad NV
| | | 322 | | 11,366 |
Royal Dutch Shell PLC Class B
| | | 459 | | 7,739 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Wolters Kluwer NV
| | | 592 | | $41,690 |
| | | | | | 521,805 |
| NEW ZEALAND — 0.1% | | | | | |
Meridian Energy, Ltd.
| | | 11,013 | | 26,377 |
| NORWAY — 0.3% | | | | | |
DNB ASA
| | | 3,031 | | 33,698 |
Gjensidige Forsikring ASA
| | | 1,461 | | 24,772 |
Mowi ASA
| | | 1,977 | | 29,869 |
Orkla ASA
| | | 3,321 | | 28,153 |
Schibsted ASA Class B
| | | 462 | | 8,192 |
Telenor ASA
| | | 1,846 | | 26,703 |
| | | | | | 151,387 |
| PERU — 0.1% | | | | | |
Credicorp, Ltd.
| | | 40 | | 5,723 |
Southern Copper Corp.
| | | 2,093 | | 58,939 |
| | | | | | 64,662 |
| PHILIPPINES — 0.1% | | | | | |
Altus San Nicolas Corp. (a)
| | | 372 | | 38 |
Ayala Land, Inc.
| | | 12,080 | | 7,173 |
International Container Terminal Services, Inc.
| | | 2,660 | | 3,907 |
Robinsons Land Corp.
| | | 15,000 | | 4,377 |
SM Investments Corp.
| | | 760 | | 12,223 |
SM Prime Holdings, Inc.
| | | 13,200 | | 7,371 |
| | | | | | 35,089 |
| POLAND — 0.1% | | | | | |
Bank Polska Kasa Opieki SA
| | | 532 | | 7,191 |
CD Projekt SA
| | | 160 | | 11,136 |
LPP SA
| | | 1 | | 1,259 |
Powszechna Kasa Oszczednosci Bank Polski SA
| | | 1,271 | | 6,922 |
Powszechny Zaklad Ubezpieczen SA
| | | 1,790 | | 13,502 |
| | | | | | 40,010 |
| PORTUGAL — 0.0% (f) | | | | | |
Galp Energia SGPS SA
| | | 1,851 | | 21,112 |
| QATAR — 0.2% | | | | | |
Barwa Real Estate Co.
| | | 29,963 | | 24,688 |
Commercial Bank PQSC
| | | 9,492 | | 10,159 |
Industries Qatar QSC
| | | 5,521 | | 10,084 |
Mesaieed Petrochemical Holding Co.
| | | 13,731 | | 5,506 |
Qatar National Bank QPSC
| | | 9,588 | | 44,240 |
| | | | | | 94,677 |
| ROMANIA — 0.0% (f) | | | | | |
NEPI Rockcastle PLC
| | | 1,487 | | 6,244 |
| RUSSIA — 0.3% | | | | | |
Alrosa PJSC
| | | 10,902 | | 8,914 |
Magnit PJSC GDR
| | | 1,059 | | 9,491 |
Mobile TeleSystems PJSC ADR
| | | 2,783 | | 21,151 |
Moscow Exchange MICEX
| | | 13,288 | | 16,459 |
Polymetal International PLC
| | | 1,417 | | 24,238 |
| Security Description | | | Shares | | Value |
Sberbank of Russia PJSC ADR
| | | 6,709 | | $63,937 |
VTB Bank PJSC GDR
| | | 5,047 | | 4,164 |
X5 Retail Group NV GDR
| | | 461 | | 12,447 |
| | | | | | 160,801 |
| SAUDI ARABIA — 0.3% | | | | | |
Al Rajhi Bank
| | | 1,992 | | 28,525 |
Alinma Bank
| | | 1,336 | | 7,397 |
Almarai Co. JSC
| | | 654 | | 8,182 |
Arab National Bank
| | | 1,657 | | 8,071 |
Banque Saudi Fransi
| | | 972 | | 6,688 |
Dar Al Arkan Real Estate Development Co. (a)
| | | 1,617 | | 3,529 |
Emaar Economic City (a)
| | | 3,155 | | 5,744 |
Etihad Etisalat Co. (a)
| | | 800 | | 4,612 |
National Commercial Bank
| | | 2,491 | | 23,007 |
Riyad Bank
| | | 1,444 | | 5,750 |
Samba Financial Group
| | | 2,948 | | 15,788 |
Saudi Arabian Fertilizer Co.
| | | 1,079 | | 17,806 |
Saudi Arabian Mining Co. (a)
| | | 734 | | 6,056 |
Saudi British Bank
| | | 1,702 | | 9,160 |
Saudi Telecom Co.
| | | 1,105 | | 25,735 |
Yanbu National Petrochemical Co.
| | | 1,047 | | 11,593 |
| | | | | | 187,643 |
| SINGAPORE — 0.3% | | | | | |
CapitaLand Commercial Trust REIT
| | | 5,000 | | 5,373 |
CapitaLand Mall Trust REIT
| | | 5,100 | | 6,412 |
City Developments, Ltd.
| | | 2,332 | | 11,858 |
DBS Group Holdings, Ltd.
| | | 2,549 | | 33,244 |
Genting Singapore, Ltd.
| | | 20,700 | | 10,031 |
Jardine Cycle & Carriage, Ltd.
| | | 600 | | 8,289 |
Oversea-Chinese Banking Corp., Ltd.
| | | 5,162 | | 31,323 |
SATS, Ltd.
| | | 2,100 | | 4,661 |
Singapore Press Holdings, Ltd. (b)
| | | 7,100 | | 9,125 |
Singapore Technologies Engineering, Ltd.
| | | 4,100 | | 8,984 |
Singapore Telecommunications, Ltd.
| | | 15,929 | | 28,416 |
United Overseas Bank, Ltd.
| | | 1,454 | | 19,862 |
UOL Group, Ltd.
| | | 792 | | 3,654 |
| | | | | | 181,232 |
| SOUTH AFRICA — 0.4% | | | | | |
Absa Group, Ltd.
| | | 1,735 | | 7,286 |
Aspen Pharmacare Holdings, Ltd. (a)
| | | 364 | | 1,884 |
Bid Corp., Ltd.
| | | 274 | | 3,263 |
Discovery, Ltd.
| | | 1,289 | | 5,627 |
FirstRand, Ltd.
| | | 6,799 | | 15,330 |
Fortress REIT, Ltd. Class A,
| | | 5,864 | | 3,316 |
Growthpoint Properties, Ltd. REIT
| | | 12,005 | | 8,651 |
Kumba Iron Ore, Ltd. (b)
| | | 808 | | 12,670 |
Liberty Holdings, Ltd.
| | | 903 | | 3,352 |
Mr. Price Group, Ltd.
| | | 634 | | 4,050 |
MTN Group, Ltd. (b)
| | | 2,555 | | 6,922 |
MultiChoice Group, Ltd. (a)
| | | 475 | | 2,281 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Naspers, Ltd. Class N
| | | 634 | | $90,652 |
Nedbank Group, Ltd.
| | | 994 | | 4,600 |
Old Mutual, Ltd. (b)
| | | 4,039 | | 2,611 |
Rand Merchant Investment Holdings, Ltd.
| | | 4,965 | | 6,127 |
Redefine Properties, Ltd. REIT
| | | 38,848 | | 5,155 |
Remgro, Ltd.
| | | 660 | | 4,540 |
Resilient REIT, Ltd.
| | | 74 | | 133 |
RMB Holdings, Ltd.
| | | 4,074 | | 11,278 |
Sanlam, Ltd.
| | | 4,440 | | 12,701 |
SPAR Group, Ltd.
| | | 661 | | 6,727 |
Standard Bank Group, Ltd. (b)
| | | 2,616 | | 15,009 |
Vodacom Group, Ltd.
| | | 997 | | 6,532 |
| | | | | | 240,697 |
| SOUTH KOREA — 1.4% | | | | | |
Amorepacific Corp.
| | | 67 | | 9,274 |
AMOREPACIFIC Group
| | | 49 | | 2,230 |
BGF retail Co., Ltd.
| | | 50 | | 5,422 |
BNK Financial Group, Inc.
| | | 1,333 | | 4,856 |
Celltrion Healthcare Co., Ltd. (a)
| | | 182 | | 13,411 |
Celltrion, Inc. (a)
| | | 133 | | 25,019 |
CJ ENM Co., Ltd.
| | | 21 | | 1,796 |
Coway Co., Ltd.
| | | 148 | | 7,027 |
Daelim Industrial Co., Ltd.
| | | 225 | | 13,622 |
Daewoo Engineering & Construction Co., Ltd. (a)
| | | 2,138 | | 5,163 |
Fila Holdings Corp.
| | | 62 | | 1,479 |
GS Engineering & Construction Corp.
| | | 341 | | 5,742 |
Hana Financial Group, Inc.
| | | 483 | | 9,165 |
Hanwha Life Insurance Co., Ltd.
| | | 7,239 | | 8,266 |
HLB, Inc. (a)
| | | 61 | | 4,510 |
Hotel Shilla Co., Ltd.
| | | 126 | | 7,297 |
Hyundai Engineering & Construction Co., Ltd.
| | | 267 | | 6,021 |
Hyundai Mobis Co., Ltd.
| | | 126 | | 17,544 |
Hyundai Motor Co.
| | | 142 | | 10,347 |
Hyundai Motor Co. Preference Shares
| | | 168 | | 7,852 |
Industrial Bank of Korea
| | | 910 | | 5,606 |
Kakao Corp.
| | | 90 | | 11,496 |
Kangwon Land, Inc.
| | | 373 | | 6,051 |
KB Financial Group, Inc.
| | | 568 | | 16,121 |
Kia Motors Corp.
| | | 253 | | 5,404 |
Korea Gas Corp.
| | | 202 | | 3,568 |
Korea Shipbuilding & Offshore Engineering Co., Ltd. (a)
| | | 347 | | 22,405 |
KT&G Corp.
| | | 230 | | 14,113 |
LG Household & Health Care, Ltd.
| | | 5 | | 4,600 |
LG Household & Health Care, Ltd. Preference Shares
| | | 15 | | 7,886 |
NAVER Corp.
| | | 220 | | 30,722 |
NCSoft Corp.
| | | 22 | | 11,783 |
Netmarble Corp. (a)(d)
| | | 48 | | 3,675 |
S-1 Corp.
| | | 72 | | 4,732 |
Samsung Biologics Co., Ltd. (a)(d)
| | | 39 | | 15,442 |
| Security Description | | | Shares | | Value |
Samsung C&T Corp.
| | | 144 | | $10,599 |
Samsung Electronics Co., Ltd. Preference Shares
| | | 1,147 | | 37,783 |
Samsung Electronics Co., Ltd.
| | | 6,594 | | 258,647 |
Samsung Engineering Co., Ltd. (a)
| | | 474 | | 3,952 |
Samsung Fire & Marine Insurance Co., Ltd.
| | | 34 | | 4,301 |
Samsung Life Insurance Co., Ltd.
| | | 110 | | 3,885 |
Samsung SDI Co., Ltd.
| | | 72 | | 14,224 |
Samsung SDS Co., Ltd.
| | | 81 | | 9,947 |
Shinhan Financial Group Co., Ltd.
| | | 596 | | 14,002 |
SK Holdings Co., Ltd.
| | | 150 | | 20,639 |
SK Hynix, Inc.
| | | 756 | | 51,731 |
SK Telecom Co., Ltd.
| | | 32 | | 4,653 |
Woori Financial Group, Inc.
| | | 518 | | 3,255 |
| | | | | | 767,265 |
| SPAIN — 0.8% | | | | | |
Aena SME SA (d)
| | | 328 | | 35,817 |
Amadeus IT Group SA
| | | 695 | | 32,944 |
Banco Bilbao Vizcaya Argentaria SA
| | | 10,739 | | 34,354 |
Banco de Sabadell SA
| | | 5,593 | | 2,878 |
Banco Santander SA (c)
| | | 23,046 | | 56,087 |
Banco Santander SA (a)(c)
| | | 1,461 | | 3,511 |
Bankia SA
| | | 4,095 | | 4,574 |
CaixaBank SA
| | | 2,130 | | 3,973 |
Cellnex Telecom SA (d)
| | | 185 | | 8,414 |
Enagas SA
| | | 1,069 | | 21,225 |
Ferrovial SA
| | | 1,416 | | 33,980 |
Grifols SA
| | | 533 | | 18,130 |
Industria de Diseno Textil SA
| | | 2,009 | | 52,156 |
Mapfre SA
| | | 7,286 | | 12,444 |
Red Electrica Corp. SA
| | | 4,026 | | 72,293 |
Siemens Gamesa Renewable Energy SA
| | | 1,089 | | 16,406 |
Telefonica SA
| | | 9,630 | | 44,099 |
| | | | | | 453,285 |
| SWEDEN — 0.9% | | | | | |
Alfa Laval AB
| | | 552 | | 9,597 |
Assa Abloy AB Class B
| | | 2,166 | | 41,034 |
Atlas Copco AB Class A
| | | 177 | | 5,965 |
Atlas Copco AB Class B
| | | 1,241 | | 36,700 |
Autoliv, Inc.
| | | 24 | | 1,104 |
Boliden AB
| | | 2,623 | | 47,998 |
Epiroc AB Class A
| | | 177 | | 1,759 |
Hennes & Mauritz AB Class B (b)
| | | 1,650 | | 21,317 |
Hexagon AB Class B
| | | 352 | | 15,064 |
Husqvarna AB Class B
| | | 983 | | 4,955 |
ICA Gruppen AB
| | | 298 | | 12,569 |
Industrivarden AB Class C
| | | 1,462 | | 28,612 |
Investor AB Class B
| | | 1,294 | | 59,700 |
Kinnevik AB Class B
| | | 1,138 | | 18,963 |
Sandvik AB
| | | 1,021 | | 14,556 |
Securitas AB Class B
| | | 310 | | 3,362 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Skandinaviska Enskilda Banken AB Class A
| | | 947 | | $6,421 |
Skanska AB Class B (a)
| | | 750 | | 11,465 |
Svenska Handelsbanken AB Class A (a)
| | | 1,684 | | 14,131 |
Swedbank AB Class A
| | | 716 | | 8,011 |
Swedish Match AB (b)
| | | 310 | | 17,772 |
Tele2 AB Class B
| | | 398 | | 5,359 |
Telefonaktiebolaget LM Ericsson Class B
| | | 3,950 | | 32,317 |
Telia Co. AB
| | | 3,405 | | 12,269 |
Volvo AB Class B
| | | 2,702 | | 32,590 |
| | | | | | 463,590 |
| SWITZERLAND — 3.1% | | | | | |
ABB, Ltd.
| | | 2,276 | | 40,001 |
Adecco Group AG
| | | 380 | | 14,979 |
Alcon, Inc. (a)
| | | 585 | | 29,826 |
Chocoladefabriken Lindt & Spruengli AG
| | | 4 | | 33,714 |
Cie Financiere Richemont SA
| | | 773 | | 42,391 |
Coca-Cola HBC AG
| | | 184 | | 3,963 |
Credit Suisse Group AG
| | | 1,782 | | 14,734 |
EMS-Chemie Holding AG
| | | 22 | | 13,836 |
Geberit AG
| | | 75 | | 33,022 |
Givaudan SA
| | | 21 | | 65,004 |
Kuehne + Nagel International AG
| | | 82 | | 11,259 |
Lonza Group AG
| | | 62 | | 25,773 |
Nestle SA
| | | 4,193 | | 430,979 |
Novartis AG
| | | 2,929 | | 241,725 |
Roche Holding AG
| | | 975 | | 316,468 |
Schindler Holding AG
| | | 43 | | 9,440 |
SGS SA
| | | 11 | | 25,489 |
Sika AG
| | | 401 | | 66,291 |
Sonova Holding AG
| | | 37 | | 6,669 |
STMicroelectronics NV
| | | 359 | | 7,829 |
Swatch Group AG
| | | 50 | | 9,997 |
Swiss Life Holding AG
| | | 12 | | 4,085 |
Swiss Re AG
| | | 373 | | 28,744 |
Swisscom AG (b)
| | | 40 | | 21,506 |
TE Connectivity, Ltd.
| | | 575 | | 36,213 |
Temenos AG
| | | 65 | | 8,525 |
UBS Group AG
| | | 4,919 | | 45,990 |
Vifor Pharma AG
| | | 88 | | 12,165 |
Zurich Insurance Group AG
| | | 231 | | 81,986 |
| | | | | | 1,682,603 |
| TAIWAN — 1.4% | | | | | |
Acer, Inc.
| | | 2,000 | | 1,032 |
Asustek Computer, Inc.
| | | 2,000 | | 13,524 |
Catcher Technology Co., Ltd.
| | | 1,000 | | 6,465 |
Cathay Financial Holding Co., Ltd.
| | | 22,962 | | 26,803 |
Chailease Holding Co., Ltd.
| | | 2,307 | | 6,980 |
China Development Financial Holding Corp.
| | | 34,000 | | 8,342 |
China Life Insurance Co., Ltd. (a)
| | | 5,382 | | 2,999 |
Chunghwa Telecom Co., Ltd.
| | | 9,000 | | 31,992 |
| Security Description | | | Shares | | Value |
CTBC Financial Holding Co., Ltd.
| | | 35,359 | | $20,929 |
Delta Electronics, Inc.
| | | 3,000 | | 11,954 |
Fubon Financial Holding Co., Ltd.
| | | 18,000 | | 22,350 |
Hiwin Technologies Corp.
| | | 175 | | 1,160 |
Hon Hai Precision Industry Co., Ltd.
| | | 18,656 | | 43,121 |
Hotai Motor Co., Ltd.
| | | 1,000 | | 16,236 |
MediaTek, Inc.
| | | 3,000 | | 32,489 |
Mega Financial Holding Co., Ltd.
| | | 23,922 | | 22,505 |
Novatek Microelectronics Corp.
| | | 2,000 | | 11,375 |
President Chain Store Corp.
| | | 2,000 | | 18,716 |
Ruentex Development Co., Ltd.
| | | 9,000 | | 11,369 |
Ruentex Industries, Ltd.
| | | 4,400 | | 10,097 |
Shin Kong Financial Holding Co., Ltd.
| | | 48,568 | | 12,254 |
SinoPac Financial Holdings Co., Ltd.
| | | 51,160 | | 18,693 |
Synnex Technology International Corp.
| | | 12,000 | | 14,741 |
Taishin Financial Holding Co., Ltd.
| | | 54,957 | | 21,262 |
Taiwan Business Bank
| | | 21,300 | | 6,825 |
Taiwan Cooperative Financial Holding Co., Ltd.
| | | 19,863 | | 12,053 |
Taiwan Mobile Co., Ltd.
| | | 1,000 | | 3,303 |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | | 36,000 | | 326,174 |
Tatung Co., Ltd. (a)
| | | 14,000 | | 9,074 |
Uni-President Enterprises Corp.
| | | 13,000 | | 28,200 |
Yageo Corp.
| | | 198 | | 1,797 |
Yuanta Financial Holding Co., Ltd.
| | | 28,573 | | 14,692 |
| | | | | | 789,506 |
| THAILAND — 0.2% | | | | | |
Advanced Info Service PCL
| | | 1,000 | | 6,125 |
Airports of Thailand PCL
| | | 13,500 | | 20,877 |
Bangkok Bank PCL NVDR
| | | 2,000 | | 6,125 |
Bangkok Dusit Medical Services PCL NVDR
| | | 11,400 | | 6,565 |
Bangkok Expressway & Metro PCL NVDR
| | | 35,000 | | 8,265 |
CP ALL PCL
| | | 7,064 | | 13,130 |
Energy Absolute PCL NVDR
| | | 6,900 | | 7,096 |
Gulf Energy Development PCL
| | | 1,400 | | 6,399 |
Intouch Holdings PCL
| | | 3,600 | | 5,485 |
Kasikornbank PCL
| | | 2,000 | | 5,546 |
Kasikornbank PCL NVDR
| | | 2,100 | | 5,855 |
Krung Thai Bank PCL
| | | 26,400 | | 9,171 |
Minor International PCL NVDR
| | | 6,800 | | 3,481 |
Siam Commercial Bank PCL NVDR
| | | 1,900 | | 4,009 |
Siam Commercial Bank PCL
| | | 2,800 | | 5,909 |
| | | | | | 114,038 |
| TURKEY — 0.1% | | | | | |
Akbank T.A.S. (a)
| | | 10,585 | | 8,994 |
TAV Havalimanlari Holding A/S
| | | 1,181 | | 2,968 |
Turkiye Garanti Bankasi A/S (a)
| | | 7,190 | | 8,870 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Turkiye Is Bankasi A/S Class C (a)
| | | 5,514 | | $3,949 |
| | | | | | 24,781 |
| UNITED ARAB EMIRATES — 0.0% (f) | | | | | |
Emirates Telecommunications Group Co. PJSC
| | | 5,987 | | 22,852 |
NMC Health PLC (e)
| | | 222 | | 646 |
| | | | | | 23,498 |
| UNITED KINGDOM — 4.5% | | | | | |
3i Group PLC
| | | 2,260 | | 22,200 |
Amcor PLC
| | | 2,526 | | 20,511 |
Ashtead Group PLC
| | | 697 | | 15,258 |
AstraZeneca PLC
| | | 1,790 | | 160,160 |
Auto Trader Group PLC (d)
| | | 1,137 | | 6,191 |
Aviva PLC
| | | 9,249 | | 30,792 |
BAE Systems PLC
| | | 3,815 | | 24,683 |
Barclays PLC
| | | 24,514 | | 28,606 |
Barratt Developments PLC
| | | 2,709 | | 14,813 |
Berkeley Group Holdings PLC
| | | 265 | | 11,878 |
British American Tobacco PLC ADR (b)
| | | 3,345 | | 114,366 |
British Land Co. PLC REIT
| | | 5,084 | | 21,194 |
BT Group PLC
| | | 10,473 | | 15,310 |
Bunzl PLC
| | | 885 | | 17,881 |
Burberry Group PLC
| | | 773 | | 12,695 |
Capri Holdings, Ltd. (a)
| | | 305 | | 3,291 |
CNH Industrial NV
| | | 1,414 | | 8,093 |
Coca-Cola European Partners PLC
| | | 159 | | 5,967 |
Compass Group PLC
| | | 2,884 | | 45,201 |
Croda International PLC
| | | 267 | | 14,143 |
DCC PLC
| | | 227 | | 14,355 |
Diageo PLC
| | | 3,296 | | 105,707 |
Direct Line Insurance Group PLC
| | | 1,866 | | 6,846 |
Experian PLC
| | | 2,303 | | 64,280 |
Fiat Chrysler Automobiles NV
| | | 1,245 | | 8,978 |
GlaxoSmithKline PLC
| | | 7,129 | | 133,885 |
GVC Holdings PLC
| | | 1,231 | | 8,563 |
Hargreaves Lansdown PLC
| | | 231 | | 3,970 |
HSBC Holdings PLC
| | | 30,263 | | 170,456 |
Imperial Brands PLC
| | | 1,644 | | 30,512 |
Informa PLC
| | | 2,299 | | 12,617 |
Intertek Group PLC
| | | 298 | | 17,463 |
ITV PLC
| | | 5,416 | | 4,434 |
Johnson Matthey PLC
| | | 678 | | 15,115 |
Kingfisher PLC
| | | 4,152 | | 7,408 |
Land Securities Group PLC REIT
| | | 2,883 | | 19,904 |
Legal & General Group PLC
| | | 13,209 | | 31,750 |
Liberty Global PLC Class A (a)
| | | 352 | | 5,811 |
Linde PLC
| | | 621 | | 107,433 |
Lloyds Banking Group PLC
| | | 114,616 | | 45,478 |
London Stock Exchange Group PLC
| | | 357 | | 32,226 |
M&G PLC (a)
| | | 3,862 | | 5,392 |
Marks & Spencer Group PLC
| | | 2,215 | | 2,726 |
Meggitt PLC
| | | 1,496 | | 5,385 |
Melrose Industries PLC
| | | 7,615 | | 8,640 |
| Security Description | | | Shares | | Value |
Micro Focus International PLC
| | | 834 | | $4,136 |
National Grid PLC
| | | 6,601 | | 77,478 |
Next PLC
| | | 166 | | 8,381 |
Ocado Group PLC (a)
| | | 550 | | 8,320 |
Pearson PLC
| | | 1,880 | | 12,882 |
Pentair PLC
| | | 13 | | 387 |
Persimmon PLC
| | | 606 | | 14,401 |
Prudential PLC
| | | 3,862 | | 49,587 |
Reckitt Benckiser Group PLC
| | | 1,011 | | 77,096 |
RELX PLC (c)
| | | 2,245 | | 48,213 |
RELX PLC (c)
| | | 1,494 | | 32,114 |
Rio Tinto PLC
| | | 1,327 | | 61,185 |
Rolls-Royce Holdings PLC
| | | 3,191 | | 13,476 |
Royal Bank of Scotland Group PLC
| | | 3,448 | | 4,827 |
RSA Insurance Group PLC
| | | 2,518 | | 13,126 |
Sage Group PLC
| | | 1,691 | | 12,409 |
Schroders PLC
| | | 160 | | 4,928 |
Segro PLC REIT
| | | 2,178 | | 20,633 |
Severn Trent PLC
| | | 1,991 | | 56,287 |
Smith & Nephew PLC
| | | 1,475 | | 26,236 |
Smiths Group PLC
| | | 578 | | 8,787 |
St James's Place PLC
| | | 724 | | 6,819 |
Standard Chartered PLC
| | | 4,386 | | 24,244 |
Standard Life Aberdeen PLC
| | | 5,728 | | 15,902 |
Taylor Wimpey PLC
| | | 8,008 | | 11,667 |
TechnipFMC PLC
| | | 2,587 | | 17,792 |
Tesco PLC
| | | 13,377 | | 37,951 |
Unilever NV
| | | 2,173 | | 106,830 |
Unilever PLC
| | | 1,573 | | 79,490 |
United Utilities Group PLC
| | | 5,976 | | 66,897 |
Vodafone Group PLC
| | | 41,880 | | 58,680 |
Weir Group PLC
| | | 565 | | 5,051 |
Whitbread PLC
| | | 364 | | 13,676 |
WPP PLC
| | | 2,285 | | 15,623 |
| | | | | | 2,478,078 |
| UNITED STATES — 55.2% | | | | | |
3M Co.
| | | 840 | | 114,668 |
Abbott Laboratories
| | | 2,578 | | 203,430 |
AbbVie, Inc.
| | | 2,072 | | 157,866 |
ABIOMED, Inc. (a)
| | | 118 | | 17,129 |
Activision Blizzard, Inc.
| | | 969 | | 57,636 |
Acuity Brands, Inc.
| | | 79 | | 6,767 |
Adobe, Inc. (a)
| | | 663 | | 210,993 |
Advance Auto Parts, Inc.
| | | 91 | | 8,492 |
Advanced Micro Devices, Inc. (a)
| | | 1,437 | | 65,355 |
Aflac, Inc.
| | | 1,523 | | 52,148 |
Agilent Technologies, Inc.
| | | 551 | | 39,463 |
AGNC Investment Corp. REIT
| | | 1,070 | | 11,321 |
Akamai Technologies, Inc. (a)
| | | 263 | | 24,062 |
Albemarle Corp. (b)
| | | 264 | | 14,882 |
Alexandria Real Estate Equities, Inc. REIT
| | | 111 | | 15,214 |
Alexion Pharmaceuticals, Inc. (a)
| | | 275 | | 24,692 |
Align Technology, Inc. (a)
| | | 111 | | 19,308 |
Alleghany Corp.
| | | 8 | | 4,419 |
Allegion PLC
| | | 303 | | 27,882 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Allergan PLC
| | | 514 | | $91,029 |
Alliance Data Systems Corp.
| | | 148 | | 4,980 |
Allstate Corp.
| | | 564 | | 51,736 |
Ally Financial, Inc.
| | | 866 | | 12,496 |
Alnylam Pharmaceuticals, Inc. (a)(b)
| | | 78 | | 8,490 |
Alphabet, Inc. Class A (a)
| | | 437 | | 507,772 |
Alphabet, Inc. Class C (a)
| | | 405 | | 470,938 |
Altria Group, Inc.
| | | 2,744 | | 106,110 |
Amazon.com, Inc. (a)
| | | 587 | | 1,144,486 |
AMERCO
| | | 40 | | 11,622 |
American Express Co.
| | | 1,182 | | 101,191 |
American International Group, Inc.
| | | 1,520 | | 36,860 |
American Tower Corp. REIT
| | | 647 | | 140,884 |
American Water Works Co., Inc.
| | | 1,466 | | 175,275 |
Ameriprise Financial, Inc.
| | | 196 | | 20,086 |
AmerisourceBergen Corp.
| | | 212 | | 18,762 |
AMETEK, Inc.
| | | 371 | | 26,719 |
Amgen, Inc.
| | | 841 | | 170,496 |
Amphenol Corp. Class A
| | | 232 | | 16,908 |
Analog Devices, Inc.
| | | 605 | | 54,238 |
Annaly Capital Management, Inc. REIT
| | | 2,451 | | 12,427 |
ANSYS, Inc. (a)
| | | 51 | | 11,856 |
Anthem, Inc.
| | | 372 | | 84,459 |
AO Smith Corp.
| | | 372 | | 14,065 |
Aon PLC
| | | 444 | | 73,278 |
Apple, Inc.
| | | 6,195 | | 1,575,327 |
Applied Materials, Inc.
| | | 1,381 | | 63,277 |
Aptiv PLC
| | | 391 | | 19,253 |
Arch Capital Group, Ltd. (a)
| | | 450 | | 12,807 |
Arista Networks, Inc. (a)
| | | 32 | | 6,482 |
Assurant, Inc.
| | | 79 | | 8,223 |
AT&T, Inc.
| | | 10,374 | | 302,402 |
Athene Holding, Ltd. Class A (a)
| | | 212 | | 5,262 |
Atmos Energy Corp.
| | | 1,421 | | 141,006 |
Autodesk, Inc. (a)
| | | 321 | | 50,108 |
Automatic Data Processing, Inc.
| | | 697 | | 95,266 |
AutoZone, Inc. (a)
| | | 49 | | 41,454 |
AvalonBay Communities, Inc. REIT
| | | 242 | | 35,615 |
Avery Dennison Corp.
| | | 355 | | 36,164 |
Axalta Coating Systems, Ltd. (a)
| | | 1,043 | | 18,013 |
Baker Hughes Co.
| | | 5,161 | | 54,190 |
Ball Corp.
| | | 624 | | 40,348 |
Bank of America Corp.
| | | 12,056 | | 255,949 |
Bank of New York Mellon Corp.
| | | 1,189 | | 40,046 |
Baxter International, Inc.
| | | 627 | | 50,906 |
Becton Dickinson and Co.
| | | 401 | | 92,138 |
Berkshire Hathaway, Inc. Class B (a)
| | | 1,664 | | 304,229 |
Best Buy Co., Inc.
| | | 371 | | 21,147 |
Biogen, Inc. (a)
| | | 261 | | 82,575 |
BioMarin Pharmaceutical, Inc. (a)
| | | 119 | | 10,055 |
BlackRock, Inc.
| | | 199 | | 87,554 |
Blackstone Group, Inc. Class A
| | | 777 | | 35,408 |
Boeing Co.
| | | 724 | | 107,977 |
Booking Holdings, Inc. (a)
| | | 77 | | 103,590 |
| Security Description | | | Shares | | Value |
BorgWarner, Inc.
| | | 197 | | $4,801 |
Boston Properties, Inc. REIT
| | | 160 | | 14,757 |
Boston Scientific Corp. (a)
| | | 2,044 | | 66,696 |
Bristol-Myers Squibb Co.
| | | 3,343 | | 186,339 |
Broadcom, Inc.
| | | 534 | | 126,611 |
Broadridge Financial Solutions, Inc.
| | | 159 | | 15,078 |
Brown-Forman Corp. Class B
| | | 483 | | 26,811 |
Burlington Stores, Inc. (a)
| | | 40 | | 6,338 |
C.H. Robinson Worldwide, Inc.
| | | 213 | | 14,101 |
Cadence Design Systems, Inc. (a)
| | | 292 | | 19,284 |
Capital One Financial Corp.
| | | 821 | | 41,395 |
Cardinal Health, Inc.
| | | 482 | | 23,107 |
CarMax, Inc. (a)(b)
| | | 210 | | 11,304 |
Caterpillar, Inc.
| | | 812 | | 94,224 |
Cboe Global Markets, Inc.
| | | 79 | | 7,051 |
CBRE Group, Inc. Class A (a)
| | | 571 | | 21,532 |
CDK Global, Inc.
| | | 310 | | 10,183 |
CDW Corp.
| | | 119 | | 11,099 |
Centene Corp. (a)
| | | 610 | | 36,240 |
CenturyLink, Inc.
| | | 1,432 | | 13,547 |
Cerner Corp.
| | | 565 | | 35,589 |
Change Healthcare, Inc. (a)
| | | 469 | | 4,685 |
Charles Schwab Corp.
| | | 1,196 | | 40,210 |
Charter Communications, Inc. Class A (a)
| | | 194 | | 84,644 |
Cheniere Energy, Inc. (a)
| | | 592 | | 19,832 |
Chipotle Mexican Grill, Inc. (a)
| | | 42 | | 27,485 |
Chubb, Ltd.
| | | 701 | | 78,295 |
Church & Dwight Co., Inc.
| | | 344 | | 22,078 |
Cigna Corp. (a)
| | | 525 | | 93,019 |
Cincinnati Financial Corp.
| | | 104 | | 7,847 |
Cintas Corp.
| | | 166 | | 28,755 |
Cisco Systems, Inc.
| | | 6,055 | | 238,022 |
Citigroup, Inc.
| | | 3,333 | | 140,386 |
Citizens Financial Group, Inc.
| | | 782 | | 14,709 |
Citrix Systems, Inc.
| | | 271 | | 38,360 |
Clorox Co.
| | | 154 | | 26,680 |
CME Group, Inc.
| | | 454 | | 78,501 |
Coca-Cola Co.
| | | 6,290 | | 278,332 |
Cognex Corp.
| | | 159 | | 6,713 |
Cognizant Technology Solutions Corp. Class A
| | | 877 | | 40,754 |
Colgate-Palmolive Co.
| | | 1,278 | | 84,808 |
Comcast Corp. Class A
| | | 6,349 | | 218,279 |
Comerica, Inc.
| | | 126 | | 3,697 |
Conagra Brands, Inc.
| | | 543 | | 15,932 |
Consolidated Edison, Inc.
| | | 1,756 | | 136,968 |
Constellation Brands, Inc. Class A
| | | 264 | | 37,847 |
Cooper Cos., Inc.
| | | 30 | | 8,270 |
Copart, Inc. (a)
| | | 450 | | 30,834 |
Corning, Inc.
| | | 1,139 | | 23,395 |
Corteva, Inc. (a)
| | | 1,087 | | 25,544 |
CoStar Group, Inc. (a)
| | | 64 | | 37,581 |
Costco Wholesale Corp.
| | | 696 | | 198,450 |
Coty, Inc. Class A
| | | 624 | | 3,220 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Crown Castle International Corp. REIT
| | | 683 | | $98,625 |
CSX Corp.
| | | 1,099 | | 62,973 |
Cummins, Inc.
| | | 203 | | 27,470 |
CVS Health Corp.
| | | 1,811 | | 107,447 |
D.R. Horton, Inc.
| | | 327 | | 11,118 |
Danaher Corp.
| | | 1,013 | | 140,209 |
Darden Restaurants, Inc.
| | | 159 | | 8,659 |
DaVita, Inc. (a)
| | | 106 | | 8,062 |
Deere & Co.
| | | 423 | | 58,442 |
Dell Technologies, Inc. Class C (a)
| | | 401 | | 15,860 |
DENTSPLY SIRONA, Inc.
| | | 481 | | 18,677 |
DexCom, Inc. (a)
| | | 119 | | 32,043 |
Digital Realty Trust, Inc. REIT
| | | 184 | | 25,559 |
Discover Financial Services
| | | 462 | | 16,480 |
Discovery, Inc. Class A (a)(b)
| | | 564 | | 10,964 |
DISH Network Corp. Class A (a)
| | | 348 | | 6,957 |
DocuSign, Inc. (a)
| | | 156 | | 14,414 |
Dollar General Corp.
| | | 307 | | 46,360 |
Dollar Tree, Inc. (a)
| | | 253 | | 18,588 |
Domino's Pizza, Inc.
| | | 71 | | 23,009 |
Dover Corp.
| | | 252 | | 21,153 |
Dow, Inc.
| | | 1,009 | | 29,503 |
Dropbox, Inc. Class A (a)
| | | 466 | | 8,435 |
Duke Realty Corp. REIT
| | | 212 | | 6,865 |
DXC Technology Co.
| | | 467 | | 6,094 |
Eaton Corp. PLC
| | | 594 | | 46,148 |
eBay, Inc.
| | | 1,743 | | 52,395 |
Ecolab, Inc.
| | | 705 | | 109,860 |
Edison International
| | | 913 | | 50,023 |
Edwards Lifesciences Corp. (a)
| | | 278 | | 52,436 |
Elanco Animal Health, Inc. (a)
| | | 621 | | 13,904 |
Electronic Arts, Inc. (a)
| | | 391 | | 39,166 |
Eli Lilly & Co.
| | | 1,219 | | 169,100 |
Emerson Electric Co.
| | | 968 | | 46,125 |
Equifax, Inc.
| | | 251 | | 29,982 |
Equinix, Inc. REIT
| | | 121 | | 75,573 |
Equitable Holdings, Inc.
| | | 543 | | 7,846 |
Equity Residential REIT
| | | 629 | | 38,816 |
Essential Utilities, Inc.
| | | 2,219 | | 90,313 |
Essex Property Trust, Inc. REIT
| | | 81 | | 17,839 |
Estee Lauder Cos., Inc. Class A
| | | 394 | | 62,780 |
Everest Re Group, Ltd.
| | | 50 | | 9,621 |
Eversource Energy
| | | 2,657 | | 207,804 |
Exact Sciences Corp. (a)(b)
| | | 165 | | 9,570 |
Expedia Group, Inc.
| | | 188 | | 10,579 |
Expeditors International of Washington, Inc.
| | | 502 | | 33,493 |
Extra Space Storage, Inc. REIT
| | | 93 | | 8,906 |
F5 Networks, Inc. (a)
| | | 79 | | 8,424 |
Facebook, Inc. Class A (a)
| | | 3,245 | | 541,266 |
Fastenal Co.
| | | 924 | | 28,875 |
Ferguson PLC
| | | 444 | | 27,835 |
Fidelity National Financial, Inc.
| | | 624 | | 15,525 |
Fidelity National Information Services, Inc.
| | | 736 | | 89,527 |
| Security Description | | | Shares | | Value |
Fidelity National Information Services, Inc.
| | | 247 | | $30,045 |
Fifth Third Bancorp
| | | 970 | | 14,404 |
Fiserv, Inc. (a)
| | | 896 | | 85,111 |
FleetCor Technologies, Inc. (a)
| | | 133 | | 24,810 |
FLIR Systems, Inc.
| | | 161 | | 5,134 |
Flowserve Corp.
| | | 289 | | 6,904 |
FMC Corp.
| | | 682 | | 55,713 |
Ford Motor Co.
| | | 4,616 | | 22,295 |
Fortinet, Inc. (a)
| | | 133 | | 13,456 |
Fortive Corp.
| | | 457 | | 25,222 |
Fox Corp. Class A
| | | 587 | | 13,871 |
Franklin Resources, Inc.
| | | 447 | | 7,460 |
Freeport-McMoRan, Inc.
| | | 1,551 | | 10,469 |
Garmin, Ltd.
| | | 228 | | 17,091 |
Gartner, Inc. (a)
| | | 79 | | 7,866 |
General Dynamics Corp.
| | | 429 | | 56,761 |
General Electric Co.
| | | 13,248 | | 105,189 |
General Mills, Inc.
| | | 830 | | 43,799 |
General Motors Co.
| | | 1,468 | | 30,505 |
Genuine Parts Co.
| | | 161 | | 10,840 |
Gilead Sciences, Inc.
| | | 1,881 | | 140,624 |
Global Payments, Inc.
| | | 390 | | 56,250 |
GoDaddy, Inc. Class A (a)
| | | 79 | | 4,512 |
Goldman Sachs Group, Inc.
| | | 514 | | 79,459 |
GrubHub, Inc. (a)
| | | 315 | | 12,830 |
Halliburton Co.
| | | 5,177 | | 35,462 |
Harley-Davidson, Inc. (b)
| | | 355 | | 6,720 |
Hartford Financial Services Group, Inc.
| | | 606 | | 21,355 |
Hasbro, Inc.
| | | 214 | | 15,312 |
HCA Healthcare, Inc.
| | | 329 | | 29,561 |
HD Supply Holdings, Inc. (a)
| | | 314 | | 8,927 |
Healthpeak Properties, Inc. REIT
| | | 330 | | 7,870 |
HEICO Corp.
| | | 78 | | 5,820 |
Henry Schein, Inc. (a)
| | | 119 | | 6,012 |
Hershey Co.
| | | 149 | | 19,742 |
Hewlett Packard Enterprise Co.
| | | 2,504 | | 24,314 |
Hilton Worldwide Holdings, Inc.
| | | 294 | | 20,063 |
HollyFrontier Corp.
| | | 1,393 | | 34,142 |
Hologic, Inc. (a)
| | | 292 | | 10,249 |
Home Depot, Inc.
| | | 1,546 | | 288,654 |
Honeywell International, Inc.
| | | 1,263 | | 168,977 |
Host Hotels & Resorts, Inc. REIT (b)
| | | 1,418 | | 15,655 |
HP, Inc.
| | | 2,699 | | 46,855 |
Humana, Inc.
| | | 207 | | 65,002 |
Huntington Bancshares, Inc.
| | | 350 | | 2,873 |
Huntington Ingalls Industries, Inc.
| | | 33 | | 6,013 |
IAC/InterActiveCorp (a)
| | | 79 | | 14,159 |
IDEXX Laboratories, Inc. (a)
| | | 111 | | 26,889 |
IHS Markit, Ltd.
| | | 868 | | 52,080 |
Illinois Tool Works, Inc.
| | | 459 | | 65,233 |
Illumina, Inc. (a)
| | | 188 | | 51,347 |
Incyte Corp. (a)
| | | 130 | | 9,520 |
Ingersoll Rand, Inc. (a)
| | | 320 | | 7,936 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Insulet Corp. (a)(b)
| | | 78 | | $12,923 |
Intel Corp.
| | | 6,174 | | 334,137 |
Intercontinental Exchange, Inc.
| | | 638 | | 51,518 |
International Business Machines Corp.
| | | 1,382 | | 153,305 |
International Flavors & Fragrances, Inc. (b)(c)
| | | 223 | | 22,764 |
International Flavors & Fragrances, Inc. (c)
| | | 54 | | 5,795 |
Interpublic Group of Cos., Inc.
| | | 420 | | 6,800 |
Intuit, Inc.
| | | 357 | | 82,110 |
Intuitive Surgical, Inc. (a)
| | | 169 | | 83,690 |
Invesco, Ltd.
| | | 461 | | 4,186 |
Invitation Homes, Inc. REIT
| | | 251 | | 5,364 |
Ionis Pharmaceuticals, Inc. (a)
| | | 156 | | 7,376 |
IPG Photonics Corp. (a)
| | | 40 | | 4,411 |
IQVIA Holdings, Inc. (a)
| | | 173 | | 18,660 |
Iron Mountain, Inc. REIT (b)
| | | 233 | | 5,545 |
J.M. Smucker Co.
| | | 132 | | 14,652 |
Jack Henry & Associates, Inc.
| | | 119 | | 18,474 |
Jacobs Engineering Group, Inc.
| | | 461 | | 36,543 |
Johnson & Johnson
| | | 3,779 | | 495,540 |
Johnson Controls International PLC
| | | 1,182 | | 31,867 |
Jones Lang LaSalle, Inc.
| | | 111 | | 11,209 |
JPMorgan Chase & Co.
| | | 4,322 | | 389,110 |
Juniper Networks, Inc.
| | | 327 | | 6,259 |
Kellogg Co.
| | | 184 | | 11,038 |
KeyCorp
| | | 806 | | 8,358 |
Keysight Technologies, Inc. (a)
| | | 237 | | 19,832 |
Kimberly-Clark Corp.
| | | 251 | | 32,095 |
Kimco Realty Corp. REIT
| | | 737 | | 7,127 |
Kinder Morgan, Inc.
| | | 5,993 | | 83,423 |
KKR & Co., Inc. Class A
| | | 854 | | 20,043 |
KLA Corp.
| | | 190 | | 27,311 |
Kohl's Corp.
| | | 119 | | 1,736 |
Kraft Heinz Co.
| | | 1,248 | | 30,876 |
L3Harris Technologies, Inc.
| | | 317 | | 57,098 |
Laboratory Corp. of America Holdings (a)
| | | 114 | | 14,408 |
Lam Research Corp.
| | | 205 | | 49,200 |
Lamb Weston Holdings, Inc.
| | | 159 | | 9,079 |
Las Vegas Sands Corp.
| | | 816 | | 34,656 |
Lear Corp.
| | | 40 | | 3,250 |
Leidos Holdings, Inc.
| | | 214 | | 19,613 |
Lennar Corp. Class A
| | | 321 | | 12,262 |
Lennox International, Inc.
| | | 79 | | 14,361 |
Liberty Media Corp.-Liberty Formula One Class C (a)
| | | 448 | | 12,199 |
Liberty Media Corp.-Liberty SiriusXM Class A (a)
| | | 410 | | 12,993 |
Lincoln National Corp.
| | | 279 | | 7,343 |
Live Nation Entertainment, Inc. (a)
| | | 119 | | 5,410 |
LKQ Corp. (a)
| | | 518 | | 10,624 |
Lockheed Martin Corp.
| | | 306 | | 103,719 |
Loews Corp.
| | | 779 | | 27,133 |
Lowe's Cos., Inc.
| | | 1,146 | | 98,613 |
Lululemon Athletica, Inc. (a)
| | | 161 | | 30,518 |
| Security Description | | | Shares | | Value |
M&T Bank Corp.
| | | 176 | | $18,204 |
ManpowerGroup, Inc.
| | | 243 | | 12,877 |
Marathon Petroleum Corp.
| | | 519 | | 12,259 |
Markel Corp. (a)
| | | 19 | | 17,630 |
Marriott International, Inc. Class A
| | | 106 | | 7,930 |
Marsh & McLennan Cos., Inc.
| | | 873 | | 75,480 |
Masco Corp.
| | | 697 | | 24,095 |
Mastercard, Inc. Class A
| | | 1,244 | | 300,501 |
Maxim Integrated Products, Inc.
| | | 310 | | 15,069 |
McCormick & Co., Inc.
| | | 217 | | 30,643 |
McDonald's Corp.
| | | 1,158 | | 191,475 |
McKesson Corp.
| | | 237 | | 32,057 |
Medtronic PLC
| | | 2,035 | | 183,516 |
Merck & Co., Inc.
| | | 3,664 | | 281,908 |
MetLife, Inc.
| | | 1,437 | | 43,929 |
Mettler-Toledo International, Inc. (a)
| | | 40 | | 27,620 |
MGM Resorts International
| | | 911 | | 10,750 |
Microchip Technology, Inc. (b)
| | | 292 | | 19,798 |
Micron Technology, Inc. (a)
| | | 1,503 | | 63,216 |
Microsoft Corp.
| | | 10,066 | | 1,587,509 |
Mid-America Apartment Communities, Inc. REIT
| | | 40 | | 4,121 |
Middleby Corp. (a)
| | | 79 | | 4,494 |
Molson Coors Beverage Co. Class B
| | | 300 | | 11,703 |
Mondelez International, Inc. Class A
| | | 2,330 | | 116,686 |
Monster Beverage Corp. (a)
| | | 622 | | 34,994 |
Moody's Corp.
| | | 207 | | 43,780 |
Morgan Stanley
| | | 1,628 | | 55,352 |
Motorola Solutions, Inc.
| | | 160 | | 21,267 |
MSCI, Inc.
| | | 159 | | 45,945 |
Mylan NV (a)
| | | 697 | | 10,392 |
Nasdaq, Inc.
| | | 21 | | 1,994 |
National Oilwell Varco, Inc.
| | | 3,347 | | 32,901 |
NetApp, Inc.
| | | 420 | | 17,510 |
Netflix, Inc. (a)
| | | 601 | | 225,675 |
Newmont Goldcorp Corp.
| | | 699 | | 31,651 |
News Corp. Class A
| | | 898 | | 8,060 |
Nielsen Holdings PLC
| | | 891 | | 11,173 |
NIKE, Inc. Class B
| | | 1,864 | | 154,227 |
Nordstrom, Inc. (b)
| | | 79 | | 1,212 |
Norfolk Southern Corp.
| | | 371 | | 54,166 |
Northern Trust Corp.
| | | 139 | | 10,489 |
Northrop Grumman Corp.
| | | 243 | | 73,520 |
NortonLifeLock, Inc.
| | | 1,099 | | 20,562 |
NVIDIA Corp.
| | | 841 | | 221,688 |
Okta, Inc. (a)
| | | 78 | | 9,536 |
Old Dominion Freight Line, Inc.
| | | 238 | | 31,306 |
Omnicom Group, Inc.
| | | 28 | | 1,537 |
ONEOK, Inc.
| | | 3,511 | | 76,575 |
Oracle Corp.
| | | 3,647 | | 176,260 |
O'Reilly Automotive, Inc. (a)
| | | 106 | | 31,911 |
PACCAR, Inc.
| | | 486 | | 29,709 |
Palo Alto Networks, Inc. (a)
| | | 97 | | 15,904 |
Parker-Hannifin Corp.
| | | 145 | | 18,811 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Paychex, Inc.
| | | 709 | | $44,610 |
PayPal Holdings, Inc. (a)
| | | 1,536 | | 147,057 |
People's United Financial, Inc.
| | | 408 | | 4,508 |
PepsiCo, Inc.
| | | 1,986 | | 238,519 |
Perrigo Co. PLC
| | | 163 | | 7,839 |
Pfizer, Inc.
| | | 8,106 | | 264,580 |
Philip Morris International, Inc.
| | | 2,227 | | 162,482 |
Phillips 66
| | | 1,537 | | 82,460 |
Pioneer Natural Resources Co.
| | | 110 | | 7,716 |
PNC Financial Services Group, Inc.
| | | 733 | | 70,163 |
Polaris, Inc.
| | | 30 | | 1,445 |
PPG Industries, Inc.
| | | 827 | | 69,137 |
Principal Financial Group, Inc.
| | | 528 | | 16,548 |
Procter & Gamble Co.
| | | 3,621 | | 398,310 |
Progressive Corp.
| | | 737 | | 54,420 |
Prologis, Inc. REIT
| | | 1,017 | | 81,736 |
Prudential Financial, Inc.
| | | 730 | | 38,062 |
PTC, Inc. (a)
| | | 156 | | 9,549 |
Public Storage REIT
| | | 231 | | 45,879 |
PulteGroup, Inc.
| | | 327 | | 7,299 |
PVH Corp.
| | | 99 | | 3,726 |
QIAGEN NV (a)
| | | 310 | | 12,453 |
Qorvo, Inc. (a)
| | | 124 | | 9,998 |
QUALCOMM, Inc.
| | | 1,808 | | 122,311 |
Quest Diagnostics, Inc.
| | | 209 | | 16,783 |
Ralph Lauren Corp.
| | | 119 | | 7,953 |
Raytheon Co.
| | | 399 | | 52,329 |
Realty Income Corp. REIT
| | | 216 | | 10,770 |
Regeneron Pharmaceuticals, Inc. (a)
| | | 65 | | 31,739 |
Regions Financial Corp.
| | | 1,238 | | 11,105 |
ResMed, Inc.
| | | 214 | | 31,520 |
RingCentral, Inc. Class A (a)(b)
| | | 78 | | 16,529 |
Robert Half International, Inc.
| | | 270 | | 10,192 |
Rockwell Automation, Inc.
| | | 124 | | 18,713 |
Roku, Inc. (a)(b)
| | | 156 | | 13,647 |
Rollins, Inc.
| | | 371 | | 13,408 |
Roper Technologies, Inc.
| | | 210 | | 65,480 |
Ross Stores, Inc.
| | | 468 | | 40,702 |
Royal Caribbean Cruises, Ltd. (b)
| | | 40 | | 1,287 |
S&P Global, Inc.
| | | 383 | | 93,854 |
salesforce.com, Inc. (a)
| | | 1,063 | | 153,051 |
Sarepta Therapeutics, Inc. (a)(b)
| | | 78 | | 7,630 |
SBA Communications Corp. REIT
| | | 188 | | 50,754 |
Schlumberger, Ltd.
| | | 6,597 | | 88,994 |
Seagate Technology PLC
| | | 236 | | 11,517 |
Sealed Air Corp.
| | | 668 | | 16,506 |
Seattle Genetics, Inc. (a)
| | | 78 | | 9,000 |
SEI Investments Co.
| | | 159 | | 7,368 |
Sempra Energy
| | | 834 | | 94,234 |
Sensata Technologies Holding PLC (a)
| | | 303 | | 8,766 |
ServiceNow, Inc. (a)
| | | 173 | | 49,578 |
Sherwin-Williams Co.
| | | 221 | | 101,554 |
Signature Bank
| | | 40 | | 3,216 |
Simon Property Group, Inc. REIT
| | | 576 | | 31,599 |
Sirius XM Holdings, Inc. (b)
| | | 2,447 | | 12,088 |
| Security Description | | | Shares | | Value |
Skyworks Solutions, Inc.
| | | 146 | | $13,049 |
SL Green Realty Corp. REIT
| | | 156 | | 6,724 |
Snap, Inc. Class A (a)(b)
| | | 980 | | 11,652 |
Snap-on, Inc.
| | | 139 | | 15,126 |
Spirit AeroSystems Holdings, Inc. Class A
| | | 212 | | 5,073 |
Splunk, Inc. (a)
| | | 190 | | 23,984 |
Square, Inc. Class A (a)
| | | 409 | | 21,423 |
SS&C Technologies Holdings, Inc.
| | | 212 | | 9,290 |
Stanley Black & Decker, Inc.
| | | 231 | | 23,100 |
Starbucks Corp.
| | | 1,909 | | 125,498 |
State Street Corp. (g)
| | | 474 | | 25,250 |
Stryker Corp.
| | | 502 | | 83,578 |
SVB Financial Group (a)
| | | 79 | | 11,935 |
Synchrony Financial
| | | 944 | | 15,189 |
Synopsys, Inc. (a)
| | | 145 | | 18,675 |
Sysco Corp.
| | | 940 | | 42,892 |
T Rowe Price Group, Inc.
| | | 336 | | 32,810 |
Take-Two Interactive Software, Inc. (a)
| | | 119 | | 14,115 |
Tapestry, Inc.
| | | 406 | | 5,258 |
Target Corp.
| | | 610 | | 56,712 |
TD Ameritrade Holding Corp.
| | | 127 | | 4,402 |
Teleflex, Inc.
| | | 51 | | 14,936 |
Teradyne, Inc.
| | | 78 | | 4,225 |
Tesla, Inc. (a)
| | | 182 | | 95,368 |
Texas Instruments, Inc.
| | | 1,433 | | 143,200 |
Textron, Inc.
| | | 299 | | 7,974 |
Thermo Fisher Scientific, Inc.
| | | 634 | | 179,802 |
Tiffany & Co.
| | | 223 | | 28,878 |
TJX Cos., Inc.
| | | 1,788 | | 85,484 |
T-Mobile US, Inc. (a)
| | | 308 | | 25,841 |
Tractor Supply Co.
| | | 174 | | 14,712 |
TransDigm Group, Inc.
| | | 49 | | 15,689 |
TransUnion
| | | 291 | | 19,258 |
Travelers Cos., Inc.
| | | 472 | | 46,893 |
Trimble, Inc. (a)
| | | 448 | | 14,260 |
TripAdvisor, Inc.
| | | 81 | | 1,409 |
Truist Financial Corp.
| | | 1,897 | | 58,503 |
Twilio, Inc. Class A (a)(b)
| | | 78 | | 6,980 |
Twitter, Inc. (a)
| | | 987 | | 24,241 |
Tyson Foods, Inc. Class A
| | | 78 | | 4,514 |
Uber Technologies, Inc. (a)
| | | 621 | | 17,338 |
UDR, Inc. REIT
| | | 212 | | 7,746 |
Ulta Salon Cosmetics & Fragrance, Inc. (a)
| | | 72 | | 12,650 |
Under Armour, Inc. Class A (a)(b)
| | | 585 | | 5,388 |
Union Pacific Corp.
| | | 1,033 | | 145,694 |
United Parcel Service, Inc. Class B
| | | 801 | | 74,829 |
United Rentals, Inc. (a)
| | | 148 | | 15,229 |
United Technologies Corp.
| | | 1,361 | | 128,383 |
UnitedHealth Group, Inc.
| | | 1,331 | | 331,925 |
Unum Group
| | | 291 | | 4,368 |
US Bancorp
| | | 2,150 | | 74,067 |
Vail Resorts, Inc.
| | | 79 | | 11,669 |
Valero Energy Corp.
| | | 1,755 | | 79,607 |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Varian Medical Systems, Inc. (a)
| | | 95 | | $9,753 |
Veeva Systems, Inc. Class A (a)
| | | 193 | | 30,179 |
Ventas, Inc. REIT
| | | 334 | | 8,951 |
VEREIT, Inc.
| | | 840 | | 4,108 |
VeriSign, Inc. (a)
| | | 79 | | 14,227 |
Verisk Analytics, Inc.
| | | 336 | | 46,832 |
Verizon Communications, Inc.
| | | 5,796 | | 311,419 |
Vertex Pharmaceuticals, Inc. (a)
| | | 316 | | 75,192 |
VF Corp.
| | | 510 | | 27,581 |
ViacomCBS, Inc. Class B
| | | 400 | | 5,604 |
VICI Properties, Inc. REIT (b)
| | | 699 | | 11,631 |
Visa, Inc. Class A
| | | 2,597 | | 418,429 |
VMware, Inc. Class A (a)(b)
| | | 125 | | 15,137 |
Vornado Realty Trust REIT
| | | 156 | | 5,649 |
Voya Financial, Inc. (b)
| | | 429 | | 17,396 |
Vulcan Materials Co.
| | | 251 | | 27,126 |
W.W. Grainger, Inc.
| | | 93 | | 23,110 |
Walmart, Inc.
| | | 2,046 | | 232,467 |
Walgreens Boots Alliance, Inc.
| | | 1,381 | | 63,181 |
Walt Disney Co.
| | | 2,554 | | 246,716 |
Waters Corp. (a)
| | | 146 | | 26,579 |
Wayfair, Inc. Class A (a)(b)
| | | 119 | | 6,359 |
Wells Fargo & Co.
| | | 5,992 | | 171,970 |
Welltower, Inc. REIT
| | | 554 | | 25,362 |
Western Digital Corp.
| | | 459 | | 19,104 |
Western Union Co. (b)
| | | 948 | | 17,187 |
Westinghouse Air Brake Technologies Corp.
| | | 235 | | 11,311 |
Weyerhaeuser Co. REIT
| | | 1,630 | | 27,628 |
Whirlpool Corp. (b)
| | | 44 | | 3,775 |
Willis Towers Watson PLC
| | | 167 | | 28,365 |
Workday, Inc. Class A (a)
| | | 145 | | 18,882 |
WP Carey, Inc. REIT
| | | 79 | | 4,588 |
Wynn Resorts, Ltd.
| | | 158 | | 9,510 |
Xerox Holdings Corp. (a)
| | | 640 | | 12,122 |
Xilinx, Inc.
| | | 474 | | 36,944 |
XPO Logistics, Inc. (a)(b)
| | | 119 | | 5,801 |
Xylem, Inc.
| | | 628 | | 40,902 |
Yum! Brands, Inc.
| | | 541 | | 37,075 |
Zebra Technologies Corp. Class A (a)
| | | 78 | | 14,321 |
Zillow Group, Inc. Class C (a)(b)
| | | 236 | | 8,501 |
Zimmer Biomet Holdings, Inc.
| | | 282 | | 28,505 |
Zoetis, Inc.
| | | 617 | | 72,615 |
| | | | | | 30,284,634 |
TOTAL COMMON STOCKS
(Cost $60,649,106)
| | | | | 54,506,265 |
| | | | |
| WARRANTS — 0.0% (f) | | |
| THAILAND — 0.0% (f) | | | |
Minor International PCL (expiring 12/31/21) (a)
(Cost: $0)
| | 390 | 17 |
| Security Description | | | Shares | | Value |
| SHORT-TERM INVESTMENTS — 1.1% | | | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (h) (i)
| | 67,469 | | $67,408 |
State Street Navigator Securities Lending Portfolio II (g) (j)
| | 556,109 | | 556,109 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $623,502)
| | 623,517 | |
TOTAL INVESTMENTS — 100.5%
(Cost $61,272,608)
| | 55,129,799 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%
| | (284,091) | |
NET ASSETS — 100.0%
| | $54,845,708 | |
| (a) | Non-income producing security. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (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 0.5% of net assets as of March 31, 2020, 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, 2020, total aggregate fair value of these securities is $646, representing less than 0.05% of the Fund's net assets. |
| (f) | Amount is less than 0.05% of net assets. |
| (g) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 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, 2020 are shown in the Affiliate Table below. |
| (i) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (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 |
| SDR | Swedish Depositary Receipt |
SPDR MSCI ACWI LOW CARBON TARGET ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $54,419,073 | | $86,546 | | $646 | | $54,506,265 |
Warrants
| | 17 | | — | | — | | 17 |
Short-Term Investments
| | 623,517 | | — | | — | | 623,517 |
TOTAL INVESTMENTS
| | $55,042,607 | | $86,546 | | $646 | | $55,129,799 |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Corp.
| 611 | | $36,165 | | $— | | $7,136 | | $(1,018) | | $(2,761) | | 474 | | $25,250 | | $564 |
State Street Institutional Liquid Reserves Fund, Premier Class
| 115,387 | | 115,398 | | 1,551,155 | | 1,599,018 | | (142) | | 15 | | 67,469 | | 67,408 | | 1,361 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 3,727,054 | | 3,170,945 | | — | | — | | 556,109 | | 556,109 | | 2,883 |
State Street Navigator Securities Lending Portfolio III
| 1,636,978 | | 1,636,978 | | 920,196 | | 2,557,174 | | — | | — | | — | | — | | 733 |
Total
| | | $1,788,541 | | $6,198,405 | | $7,334,273 | | $(1,160) | | $(2,746) | | | | $648,767 | | $5,541 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.2% | | | | |
| ARGENTINA — 0.1% | | | | | |
Banco Macro SA ADR
| | | 5,124 | | $87,005 |
Grupo Financiero Galicia SA ADR
| | | 11,414 | | 80,469 |
Telecom Argentina SA ADR (a)
| | | 908 | | 8,372 |
YPF SA ADR (a)
| | | 5,746 | | 23,961 |
| | | | | | 199,807 |
| BRAZIL — 3.4% | | | | | |
Ambev SA ADR
| | | 331,766 | | 763,062 |
Ambev SA
| | | 8,324 | | 19,130 |
Atacadao SA
| | | 5,860 | | 23,308 |
B3 SA - Brasil Bolsa Balcao
| | | 8,197 | | 56,737 |
Banco Bradesco SA Preference Shares
| | | 40,191 | | 160,947 |
Banco Bradesco SA
| | | 14,374 | | 52,129 |
Banco BTG Pactual SA
| | | 1,196 | | 7,665 |
Banco do Brasil SA
| | | 13,437 | | 72,255 |
Banco Santander Brasil SA
| | | 4,700 | | 24,168 |
BB Seguridade Participacoes SA
| | | 108,090 | | 517,880 |
BR Malls Participacoes SA
| | | 4,682 | | 9,009 |
Braskem SA Class A, Preference Shares
| | | 3,129 | | 10,389 |
BRF SA (b)
| | | 4,178 | | 12,156 |
BRF SA ADR (b)
| | | 2,167 | | 6,284 |
CCR SA
| | | 9,587 | | 21,682 |
Centrais Eletricas Brasileiras SA
| | | 3,574 | | 16,442 |
Centrais Eletricas Brasileiras SA ADR
| | | 3,966 | | 20,821 |
Centrais Eletricas Brasileiras SA Class B, Preference Shares
| | | 370 | | 1,857 |
Cia Brasileira de Distribuicao ADR
| | | 1,995 | | 25,157 |
Cia Brasileira de Distribuicao
| | | 48 | | 614 |
Cia de Saneamento Basico do Estado de Sao Paulo
| | | 210 | | 1,584 |
Cia de Saneamento Basico do Estado de Sao Paulo ADR
| | | 5,401 | | 39,859 |
Cia Energetica de Minas Gerais ADR (a)
| | | 7,669 | | 13,037 |
Cia Energetica de Minas Gerais Preference Shares
| | | 3,999 | | 6,870 |
Cia Siderurgica Nacional SA ADR (a)
| | | 5,660 | | 7,415 |
Cia Siderurgica Nacional SA
| | | 980 | | 1,319 |
Cielo SA
| | | 118,771 | | 101,674 |
Cogna Educacao
| | | 23,133 | | 17,841 |
Cosan SA
| | | 1,839 | | 19,062 |
Embraer SA (b)
| | | 358 | | 658 |
Embraer SA ADR (b)
| | | 2,552 | | 18,885 |
Energisa SA
| | | 1,382 | | 10,072 |
Engie Brasil Energia SA
| | | 15,907 | | 119,365 |
Equatorial Energia SA
| | | 75,196 | | 255,167 |
Gerdau SA Preference Shares
| | | 14,998 | | 29,061 |
Hapvida Participacoes e Investimentos SA (c)
| | | 10,160 | | 83,057 |
| Security Description | | | Shares | | Value |
Hypera SA
| | | 27,194 | | $149,901 |
IRB Brasil Resseguros SA
| | | 60,023 | | 112,024 |
Itau Unibanco Holding SA Preference Shares ADR (d)
| | | 54,161 | | 243,183 |
Itau Unibanco Holding SA Preference Shares (d)
| | | 1,300 | | 5,787 |
Itausa - Investimentos Itau SA Preference Shares
| | | 339,838 | | 574,631 |
JBS SA
| | | 15,101 | | 59,221 |
Klabin SA
| | | 7,650 | | 23,585 |
Localiza Rent a Car SA
| | | 2,577 | | 13,067 |
Lojas Americanas SA Preference Shares
| | | 3,964 | | 13,757 |
Lojas Renner SA
| | | 67,033 | | 433,738 |
Magazine Luiza SA
| | | 17,108 | | 128,608 |
Multiplan Empreendimentos Imobiliarios SA
| | | 452 | | 1,663 |
Natura & Co. Holding SA
| | | 912 | | 4,526 |
Notre Dame Intermedica Participacoes SA
| | | 1,183 | | 10,255 |
Petrobras Distribuidora SA
| | | 15,588 | | 46,614 |
Petroleo Brasileiro SA Preference Shares ADR (d)
| | | 27,545 | | 148,468 |
Petroleo Brasileiro SA ADR
| | | 17,762 | | 97,691 |
Petroleo Brasileiro SA Preference Shares (d)
| | | 401 | | 1,082 |
Porto Seguro SA
| | | 1,720 | | 14,897 |
Raia Drogasil SA
| | | 3,102 | | 60,914 |
Rumo SA (b)
| | | 21,306 | | 80,720 |
Sul America SA
| | | 9,328 | | 60,789 |
Suzano Papel e Celulose SA ADR (a)(b)
| | | 2,788 | | 19,154 |
Suzano SA
| | | 2,051 | | 14,153 |
Telefonica Brasil SA ADR (a)
| | | 11,757 | | 112,044 |
Telefonica Brasil SA Preference Shares
| | | 124 | | 1,182 |
TIM Participacoes SA ADR (a)
| | | 2,117 | | 25,743 |
TIM Participacoes SA
| | | 558 | | 1,338 |
Ultrapar Participacoes SA
| | | 220 | | 531 |
Ultrapar Participacoes SA ADR (a)
| | | 14,648 | | 35,595 |
Vale SA ADR
| | | 38,348 | | 317,905 |
Vale SA
| | | 355 | | 2,958 |
WEG SA
| | | 3,779 | | 24,459 |
| | | | | | 5,386,801 |
| CHILE — 0.8% | | | | | |
Aguas Andinas SA Class A
| | | 421,823 | | 124,718 |
Banco de Chile
| | | 951,963 | | 77,178 |
Banco de Chile ADR (a)
| | | 27,354 | | 440,673 |
Banco de Credito e Inversiones SA
| | | 1,657 | | 56,379 |
Banco Santander Chile ADR
| | | 1,337 | | 20,229 |
Banco Santander Chile
| | | 39,996 | | 1,548 |
Cencosud SA
| | | 34,365 | | 35,888 |
Cia Cervecerias Unidas SA
| | | 897 | | 6,178 |
Cia Cervecerias Unidas SA ADR
| | | 6,694 | | 89,566 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Colbun SA
| | | 410,064 | | $44,744 |
Embotelladora Andina SA Class B, Preference Shares
| | | 968 | | 2,155 |
Empresa Nacional de Telecomunicaciones SA (b)
| | | 1,799 | | 7,641 |
Empresas CMPC SA
| | | 11,637 | | 24,972 |
Empresas COPEC SA
| | | 4,984 | | 28,654 |
Enel Americas SA ADR (a)
| | | 16,884 | | 102,317 |
Enel Americas SA
| | | 44,049 | | 5,406 |
Enel Chile SA ADR (a)
| | | 1,428 | | 4,741 |
Enel Chile SA
| | | 310,034 | | 21,098 |
Itau CorpBanca
| | | 1,542,185 | | 4,015 |
Itau CorpBanca ADR
| | | 621 | | 2,478 |
Latam Airlines Group SA ADR (a)
| | | 2,200 | | 5,830 |
Latam Airlines Group SA
| | | 1,208 | | 3,118 |
SACI Falabella
| | | 74,355 | | 164,531 |
Sociedad Quimica y Minera de Chile SA ADR
| | | 1,042 | | 23,497 |
| | | | | | 1,297,554 |
| CHINA — 30.1% | | | | | |
3SBio, Inc. (b)(c)
| | | 7,390 | | 7,694 |
51job, Inc. ADR (b)
| | | 398 | | 24,433 |
58.com, Inc. ADR (b)
| | | 210 | | 10,231 |
AAC Technologies Holdings, Inc. (a)
| | | 8,500 | | 44,085 |
Agile Group Holdings, Ltd.
| | | 44,000 | | 47,628 |
Agricultural Bank of China, Ltd. Class A
| | | 581,700 | | 276,562 |
Agricultural Bank of China, Ltd. Class H
| | | 2,023,000 | | 811,716 |
Aier Eye Hospital Group Co., Ltd. Class A
| | | 14,100 | | 78,336 |
Air China, Ltd. Class H (a)
| | | 52,000 | | 33,544 |
Alibaba Group Holding, Ltd. ADR (b)
| | | 6,037 | | 1,174,076 |
Aluminum Corp. of China, Ltd. Class H (b)
| | | 160,000 | | 31,790 |
Anhui Conch Cement Co., Ltd. Class A
| | | 34,200 | | 265,853 |
Anhui Conch Cement Co., Ltd. Class H
| | | 64,500 | | 448,119 |
Anhui Gujing Distillery Co., Ltd. Class A
| | | 1,800 | | 29,008 |
Anhui Kouzi Distillery Co., Ltd. Class A
| | | 2,600 | | 15,171 |
ANTA Sports Products, Ltd.
| | | 122,000 | | 896,399 |
Autobio Diagnostics Co., Ltd. Class A
| | | 1,500 | | 24,652 |
Autohome, Inc. ADR (b)
| | | 5,169 | | 367,102 |
AVIC Jonhon Optronic Technology Co., Ltd. Class A
| | | 11,200 | | 54,039 |
AviChina Industry & Technology Co., Ltd. Class H
| | | 58,000 | | 22,374 |
BAIC Motor Corp., Ltd. Class H (c)
| | | 48,500 | | 19,273 |
Baidu, Inc. ADR (b)
| | | 2,942 | | 296,524 |
Bank of Beijing Co., Ltd. Class A
| | | 175,800 | | 119,793 |
| Security Description | | | Shares | | Value |
Bank of Chengdu Co., Ltd. Class A
| | | 19,400 | | $20,609 |
Bank of China, Ltd. Class A
| | | 633,600 | | 311,070 |
Bank of China, Ltd. Class H
| | | 3,857,071 | | 1,477,958 |
Bank of Communications Co., Ltd. Class A
| | | 352,400 | | 256,537 |
Bank of Communications Co., Ltd. Class H
| | | 452,000 | | 277,000 |
Bank of Hangzhou Co., Ltd. Class A
| | | 80,900 | | 87,883 |
Bank of Jiangsu Co., Ltd. Class A
| | | 195,700 | | 165,932 |
Bank of Nanjing Co., Ltd. Class A
| | | 35,000 | | 35,799 |
Bank of Ningbo Co., Ltd. Class A
| | | 22,800 | | 74,175 |
Bank of Shanghai Co., Ltd. Class A
| | | 189,370 | | 220,142 |
Baoshan Iron & Steel Co., Ltd. Class A
| | | 34,800 | | 23,910 |
BBMG Corp. Class H
| | | 82,000 | | 20,524 |
Beijing Capital International Airport Co., Ltd. Class H
| | | 188,000 | | 119,821 |
Beijing Enterprises Holdings, Ltd.
| | | 17,000 | | 62,399 |
Beijing Enterprises Water Group, Ltd.
| | | 96,000 | | 37,529 |
Beijing Sinnet Technology Co., Ltd. Class A
| | | 21,000 | | 70,897 |
Beijing Tiantan Biological Products Corp., Ltd. Class A
| | | 14,700 | | 75,447 |
BOE Technology Group Co., Ltd. Class A
| | | 82,200 | | 43,024 |
Brilliance China Automotive Holdings, Ltd.
| | | 62,000 | | 51,034 |
BYD Co., Ltd. Class H (a)
| | | 9,000 | | 47,027 |
BYD Electronic International Co., Ltd. (a)
| | | 11,000 | | 18,364 |
CGN Power Co., Ltd. Class H (c)
| | | 971,100 | | 223,014 |
Changchun High & New Technology Industry Group, Inc. Class A
| | | 700 | | 54,118 |
Chaozhou Three-Circle Group Co., Ltd. Class A
| | | 7,700 | | 19,814 |
China Aoyuan Group, Ltd.
| | | 20,000 | | 23,430 |
China Cinda Asset Management Co., Ltd. Class H
| | | 228,548 | | 43,345 |
China CITIC Bank Corp., Ltd. Class A
| | | 23,400 | | 17,101 |
China CITIC Bank Corp., Ltd. Class H
| | | 600,000 | | 296,482 |
China Coal Energy Co., Ltd. Class H
| | | 77,000 | | 21,359 |
China Common Rich Renewable Energy Investment, Ltd. (b)(e)
| | | 598,000 | | — |
China Communications Construction Co., Ltd. Class H
| | | 188,000 | | 130,978 |
China Communications Services Corp., Ltd. Class H
| | | 50,000 | | 36,383 |
China Conch Venture Holdings, Ltd.
| | | 129,500 | | 578,088 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
China Construction Bank Corp. Class A
| | | 37,600 | | $33,631 |
China Construction Bank Corp. Class H
| | | 2,698,394 | | 2,207,204 |
China Eastern Airlines Corp., Ltd. Class H (a)(b)
| | | 42,000 | | 14,360 |
China Everbright Bank Co., Ltd. Class A
| | | 65,300 | | 33,257 |
China Everbright Bank Co., Ltd. Class H
| | | 319,274 | | 122,340 |
China Everbright International, Ltd.
| | | 57,888 | | 33,235 |
China Evergrande Group (a)
| | | 23,625 | | 39,198 |
China Galaxy Securities Co., Ltd. Class H
| | | 80,334 | | 38,970 |
China Hongqiao Group, Ltd.
| | | 56,000 | | 23,842 |
China Huarong Asset Management Co., Ltd. Class H (c)
| | | 341,200 | | 43,140 |
China International Capital Corp., Ltd. Class H (c)
| | | 12,800 | | 20,709 |
China International Travel Service Corp., Ltd. Class A
| | | 22,600 | | 214,260 |
China Jinmao Holdings Group, Ltd.
| | | 94,000 | | 60,881 |
China Life Insurance Co., Ltd. Class H
| | | 101,000 | | 197,807 |
China Longyuan Power Group Corp., Ltd. Class H
| | | 42,000 | | 23,084 |
China Medical System Holdings, Ltd.
| | | 96,733 | | 104,709 |
China Mengniu Dairy Co., Ltd.
| | | 75,000 | | 260,776 |
China Merchants Bank Co., Ltd. Class A
| | | 13,291 | | 60,528 |
China Merchants Bank Co., Ltd. Class H
| | | 50,000 | | 225,780 |
China Merchants Port Holdings Co., Ltd.
| | | 59,812 | | 68,371 |
China Minsheng Banking Corp., Ltd. Class A
| | | 318,800 | | 256,814 |
China Minsheng Banking Corp., Ltd. Class H
| | | 265,960 | | 197,645 |
China Molybdenum Co., Ltd. Class H
| | | 60,000 | | 16,798 |
China National Building Material Co., Ltd. Class H
| | | 166,000 | | 181,401 |
China National Medicines Corp., Ltd. Class A
| | | 12,500 | | 49,872 |
China National Nuclear Power Co., Ltd. Class A
| | | 73,000 | | 45,315 |
China Oilfield Services, Ltd. Class H
| | | 28,000 | | 21,639 |
China Overseas Land & Investment, Ltd.
| | | 90,000 | | 279,258 |
China Pacific Insurance Group Co., Ltd. Class A
| | | 12,500 | | 49,766 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 37,800 | | 114,362 |
| Security Description | | | Shares | | Value |
China Petroleum & Chemical Corp. Class A
| | | 124,900 | | $78,060 |
China Petroleum & Chemical Corp. Class H
| | | 1,288,395 | | 634,980 |
China Power International Development, Ltd.
| | | 130,000 | | 24,152 |
China Railway Construction Corp., Ltd. Class A
| | | 10,500 | | 14,562 |
China Railway Construction Corp., Ltd. Class H
| | | 80,500 | | 90,150 |
China Railway Group, Ltd. Class A
| | | 68,300 | | 51,840 |
China Railway Group, Ltd. Class H
| | | 134,000 | | 71,401 |
China Railway Signal & Communication Corp., Ltd. Class H (c)
| | | 349,000 | | 176,056 |
China Reinsurance Group Corp. Class H
| | | 1,473,000 | | 171,038 |
China Resources Beer Holdings Co., Ltd.
| | | 66,092 | | 301,856 |
China Resources Gas Group, Ltd.
| | | 100,000 | | 503,167 |
China Resources Pharmaceutical Group, Ltd. (c)
| | | 136,500 | | 81,891 |
China Resources Power Holdings Co., Ltd.
| | | 142,267 | | 156,751 |
China Shenhua Energy Co., Ltd. Class A
| | | 48,000 | | 109,974 |
China Shenhua Energy Co., Ltd. Class H
| | | 63,500 | | 120,923 |
China South Publishing & Media Group Co., Ltd. Class A
| | | 33,300 | | 49,939 |
China Southern Airlines Co., Ltd. Class H (a)
| | | 58,000 | | 24,918 |
China State Construction Engineering Corp., Ltd. Class A
| | | 64,600 | | 48,029 |
China Taiping Insurance Holdings Co., Ltd.
| | | 33,210 | | 54,415 |
China Telecom Corp., Ltd. Class H
| | | 1,574,000 | | 477,222 |
China Tower Corp., Ltd. Class H (c)
| | | 516,000 | | 115,837 |
China Unicom Hong Kong, Ltd.
| | | 116,000 | | 66,898 |
China United Network Communications, Ltd. Class A
| | | 21,300 | | 15,686 |
China Vanke Co., Ltd. Class A
| | | 5,600 | | 20,265 |
China Vanke Co., Ltd. Class H
| | | 14,492 | | 47,771 |
China Yangtze Power Co., Ltd. Class A
| | | 277,200 | | 676,164 |
China Zhongwang Holdings, Ltd.
| | | 34,400 | | 9,054 |
Chongqing Rural Commercial Bank Co., Ltd. Class H
| | | 94,000 | | 38,566 |
CIFI Holdings Group Co., Ltd.
| | | 69,288 | | 50,060 |
CITIC Securities Co., Ltd. Class H
| | | 32,000 | | 58,625 |
CITIC, Ltd.
| | | 258,000 | | 269,953 |
CNOOC, Ltd.
| | | 224,000 | | 234,956 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
COSCO SHIPPING Energy Transportation Co., Ltd. Class H
| | | 78,000 | | $41,964 |
COSCO SHIPPING Holdings Co., Ltd. Class H (b)
| | | 37,500 | | 10,354 |
COSCO SHIPPING Ports, Ltd.
| | | 242,592 | | 117,057 |
Country Garden Holdings Co., Ltd. (a)
| | | 149,171 | | 180,524 |
Country Garden Services Holdings Co., Ltd.
| | | 92,000 | | 373,892 |
CRRC Corp., Ltd. Class H
| | | 216,000 | | 109,799 |
CSPC Pharmaceutical Group, Ltd.
| | | 340,000 | | 680,798 |
Dali Foods Group Co., Ltd. (c)
| | | 239,000 | | 166,510 |
Daqin Railway Co., Ltd. Class A
| | | 239,800 | | 230,050 |
Datang International Power Generation Co., Ltd. Class H
| | | 98,000 | | 13,149 |
Dongfeng Motor Group Co., Ltd. Class H
| | | 240,000 | | 158,227 |
ENN Energy Holdings, Ltd.
| | | 14,800 | | 143,305 |
Far East Horizon, Ltd.
| | | 39,000 | | 31,448 |
Fiberhome Telecommunication Technologies Co., Ltd. Class A
| | | 12,700 | | 59,198 |
Focus Media Information Technology Co., Ltd. Class A
| | | 78,500 | | 48,950 |
Foshan Haitian Flavouring & Food Co., Ltd. Class A
| | | 12,900 | | 227,800 |
Fosun International, Ltd.
| | | 47,500 | | 54,910 |
Foxconn Industrial Internet Co., Ltd. Class A
| | | 8,800 | | 16,400 |
Fuyao Glass Industry Group Co., Ltd. Class A
| | | 21,000 | | 56,824 |
Fuyao Glass Industry Group Co., Ltd. Class H (c)
| | | 48,000 | | 102,677 |
G-bits Network Technology Xiamen Co., Ltd. Class A
| | | 500 | | 28,949 |
GCL System Integration Technology Co., Ltd. Class A (b)
| | | 51,400 | | 21,972 |
GD Power Development Co., Ltd. Class A
| | | 328,700 | | 94,137 |
Geely Automobile Holdings, Ltd.
| | | 482,000 | | 711,412 |
GF Securities Co., Ltd. Class H
| | | 24,000 | | 25,731 |
Giant Network Group Co., Ltd. Class A
| | | 22,200 | | 52,022 |
Glodon Co., Ltd. Class A
| | | 11,500 | | 69,228 |
GOME Retail Holdings, Ltd. (a)(b)
| | | 1,273,000 | | 118,252 |
Great Wall Motor Co., Ltd. Class H
| | | 104,000 | | 66,686 |
Gree Electric Appliances, Inc. of Zhuhai Class A
| | | 12,900 | | 95,000 |
Greentown Service Group Co., Ltd.
| | | 134,000 | | 162,510 |
Guangdong Haid Group Co., Ltd. Class A
| | | 23,800 | | 134,979 |
Guangzhou Automobile Group Co., Ltd. Class H
| | | 85,200 | | 85,630 |
| Security Description | | | Shares | | Value |
Guangzhou R&F Properties Co., Ltd. Class H
| | | 17,600 | | $22,980 |
Guotai Junan Securities Co., Ltd. Class H (c)
| | | 10,600 | | 15,782 |
Haitian International Holdings, Ltd.
| | | 23,000 | | 42,731 |
Haitong Securities Co., Ltd. Class H
| | | 53,200 | | 48,664 |
Hangzhou Hikvision Digital Technology Co., Ltd. Class A
| | | 63,807 | | 251,152 |
Hansoh Pharmaceutical Group Co., Ltd. (b)(c)
| | | 10,000 | | 33,932 |
Henan Shuanghui Investment & Development Co., Ltd. Class A
| | | 36,000 | | 199,599 |
Hengan International Group Co., Ltd.
| | | 26,374 | | 198,548 |
Hesteel Co., Ltd. Class A
| | | 82,011 | | 24,644 |
HLA Corp., Ltd. Class A
| | | 84,500 | | 75,461 |
Huadian Power International Corp., Ltd. Class A
| | | 48,500 | | 23,606 |
Huadian Power International Corp., Ltd. Class H
| | | 100,000 | | 29,803 |
Huadong Medicine Co., Ltd. Class A
| | | 5,760 | | 14,180 |
Hualan Biological Engineering, Inc. Class A
| | | 13,100 | | 88,563 |
Huaneng Power International, Inc. Class A
| | | 32,700 | | 21,636 |
Huaneng Power International, Inc. Class H
| | | 510,000 | | 191,475 |
Huatai Securities Co., Ltd. Class H (c)
| | | 16,643 | | 24,736 |
Huaxia Bank Co., Ltd. Class A
| | | 126,500 | | 115,467 |
Huayu Automotive Systems Co., Ltd. Class A
| | | 5,400 | | 16,410 |
Huazhu Group, Ltd. ADR (a)
| | | 260 | | 7,470 |
Hubei Energy Group Co., Ltd. Class A
| | | 45,100 | | 22,524 |
Industrial & Commercial Bank of China, Ltd. Class A
| | | 115,000 | | 83,554 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 2,183,448 | | 1,495,840 |
Industrial Bank Co., Ltd. Class A
| | | 110,000 | | 246,903 |
Inner Mongolia BaoTou Steel Union Co., Ltd. Class A
| | | 126,700 | | 20,556 |
Inner Mongolia Yili Industrial Group Co., Ltd. Class A
| | | 32,100 | | 135,226 |
Inner Mongolia Yitai Coal Co., Ltd. Class B
| | | 190,200 | | 124,201 |
Jafron Biomedical Co., Ltd. Class A
| | | 2,100 | | 28,048 |
JD.com, Inc. ADR (b)
| | | 4,266 | | 172,773 |
Jiangsu Expressway Co., Ltd. Class H
| | | 258,000 | | 287,928 |
Jiangsu Hengrui Medicine Co., Ltd. Class A
| | | 28,460 | | 369,512 |
Jiangsu King's Luck Brewery JSC, Ltd. Class A
| | | 4,800 | | 19,063 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A
| | | 7,600 | | $89,926 |
Jiangxi Copper Co., Ltd. Class H
| | | 72,000 | | 66,511 |
Jinyu Bio-Technology Co., Ltd. Class A
| | | 15,500 | | 46,621 |
Jointown Pharmaceutical Group Co., Ltd. Class A
| | | 34,800 | | 83,463 |
JOYY, Inc. ADR (b)
| | | 314 | | 16,724 |
Juewei Food Co., Ltd. Class A
| | | 3,100 | | 22,633 |
Kaisa Group Holdings, Ltd.
| | | 63,000 | | 23,328 |
Kingsoft Corp., Ltd. (b)
| | | 7,000 | | 22,849 |
Kunlun Energy Co., Ltd.
| | | 182,000 | | 106,370 |
Kweichow Moutai Co., Ltd. Class A
| | | 7,800 | | 1,222,567 |
KWG Group Holdings, Ltd.
| | | 27,500 | | 39,099 |
Laobaixing Pharmacy Chain JSC Class A
| | | 4,100 | | 45,059 |
Legend Holdings Corp. Class H (c)
| | | 13,400 | | 16,545 |
Lenovo Group, Ltd.
| | | 580,915 | | 311,784 |
Li Ning Co., Ltd.
| | | 12,500 | | 36,528 |
Logan Property Holdings Co., Ltd.
| | | 16,000 | | 24,689 |
Longfor Group Holdings, Ltd. (c)
| | | 31,000 | | 150,982 |
Luye Pharma Group, Ltd. (c)
| | | 22,500 | | 10,973 |
Luzhou Laojiao Co., Ltd. Class A
| | | 7,400 | | 76,890 |
Maanshan Iron & Steel Co., Ltd. Class A
| | | 55,300 | | 19,660 |
Meituan Dianping Class B (b)
| | | 3,100 | | 37,456 |
Metallurgical Corp. of China, Ltd. Class A
| | | 55,100 | | 20,367 |
Metallurgical Corp. of China, Ltd. Class H
| | | 87,000 | | 15,265 |
Momo, Inc. ADR
| | | 618 | | 13,404 |
NanJi E-Commerce Co., Ltd. Class A (b)
| | | 16,300 | | 26,675 |
NetEase, Inc. ADR
| | | 843 | | 270,569 |
New China Life Insurance Co., Ltd. Class H
| | | 10,600 | | 33,027 |
New Oriental Education & Technology Group, Inc. ADR (b)
| | | 2,827 | | 305,994 |
Nexteer Automotive Group, Ltd.
| | | 44,000 | | 22,083 |
Noah Holdings, Ltd. ADR (a)(b)
| | | 824 | | 21,309 |
Oppein Home Group, Inc. Class A
| | | 1,200 | | 16,010 |
Ovctek China, Inc. Class A
| | | 2,800 | | 21,821 |
People's Insurance Co. Group of China, Ltd. Class H
| | | 266,000 | | 87,856 |
Perfect World Co., Ltd. Class A
| | | 7,100 | | 47,629 |
PetroChina Co., Ltd. Class A
| | | 134,500 | | 87,665 |
PetroChina Co., Ltd. Class H
| | | 1,248,000 | | 457,279 |
PICC Property & Casualty Co., Ltd. Class H
| | | 100,270 | | 97,024 |
Pinduoduo, Inc. ADR (b)
| | | 576 | | 20,753 |
Ping An Bank Co., Ltd. Class A
| | | 9,100 | | 16,433 |
Ping An Insurance Group Co. of China, Ltd. Class A
| | | 5,100 | | 49,768 |
| Security Description | | | Shares | | Value |
Ping An Insurance Group Co. of China, Ltd. Class H
| | | 52,500 | | $515,795 |
Poly Developments and Holdings Group Co., Ltd. Class A
| | | 9,000 | | 18,881 |
Postal Savings Bank of China Co., Ltd. Class H (c)
| | | 228,000 | | 138,843 |
Power Construction Corp. of China, Ltd. Class A
| | | 54,000 | | 30,016 |
SAIC Motor Corp., Ltd. Class A
| | | 21,500 | | 62,181 |
Sanan Optoelectronics Co., Ltd. Class A
| | | 8,600 | | 23,234 |
Sangfor Technologies, Inc. Class A
| | | 1,700 | | 37,908 |
SDIC Power Holdings Co., Ltd. Class A
| | | 90,800 | | 101,712 |
Seazen Group, Ltd. (b)
| | | 28,000 | | 25,287 |
Semiconductor Manufacturing International Corp. (a)(b)
| | | 45,700 | | 71,932 |
Shaanxi Coal Industry Co., Ltd. Class A
| | | 17,600 | | 18,573 |
Shandong Gold Mining Co., Ltd. Class A
| | | 37,680 | | 182,547 |
Shandong Nanshan Aluminum Co., Ltd. Class A
| | | 68,200 | | 19,821 |
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
| | | 104,000 | | 131,494 |
Shanghai Construction Group Co., Ltd. Class A
| | | 92,100 | | 41,709 |
Shanghai Electric Group Co., Ltd. Class H
| | | 104,000 | | 27,506 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H (a)
| | | 6,000 | | 19,740 |
Shanghai Jahwa United Co., Ltd. Class A
| | | 12,300 | | 43,503 |
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B
| | | 308,952 | | 249,015 |
Shanghai M&G Stationery, Inc. Class A
| | | 12,500 | | 81,650 |
Shanghai Pharmaceuticals Holding Co., Ltd. Class H
| | | 67,400 | | 114,610 |
Shanghai Pudong Development Bank Co., Ltd. Class A
| | | 163,524 | | 234,159 |
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A
| | | 4,500 | | 57,251 |
Shenergy Co., Ltd. Class A
| | | 34,600 | | 25,774 |
Shennan Circuits Co., Ltd. Class A
| | | 1,200 | | 33,422 |
Shenzhen Airport Co., Ltd. Class A
| | | 23,700 | | 25,545 |
Shenzhen Energy Group Co., Ltd. Class A
| | | 23,700 | | 17,988 |
Shenzhen Expressway Co., Ltd. Class H
| | | 90,000 | | 91,731 |
Shenzhen Goodix Technology Co., Ltd. Class A
| | | 1,700 | | 62,544 |
Shenzhen Inovance Technology Co., Ltd. Class A
| | | 7,300 | | 26,622 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Shenzhen Investment, Ltd.
| | | 92,046 | | $28,739 |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class A
| | | 3,400 | | 125,530 |
Shenzhou International Group Holdings, Ltd.
| | | 90,900 | | 966,360 |
Shui On Land, Ltd.
| | | 56,500 | | 9,476 |
Sichuan Chuantou Energy Co., Ltd. Class A
| | | 80,599 | | 104,612 |
Sichuan Swellfun Co., Ltd. Class A
| | | 2,400 | | 14,576 |
SINA Corp. (b)
| | | 825 | | 26,268 |
Sino-Ocean Group Holding, Ltd.
| | | 65,000 | | 16,521 |
Sinopec Engineering Group Co., Ltd. Class H
| | | 32,000 | | 13,459 |
Sinopec Shanghai Petrochemical Co., Ltd. Class A
| | | 84,816 | | 46,547 |
Sinopec Shanghai Petrochemical Co., Ltd. Class H
| | | 326,000 | | 80,755 |
Sinopharm Group Co., Ltd. Class H
| | | 55,200 | | 124,203 |
Sinotrans, Ltd. Class H
| | | 73,000 | | 17,989 |
Sinotruk Hong Kong, Ltd.
| | | 16,500 | | 27,461 |
SOHO China, Ltd.
| | | 22,000 | | 11,354 |
Songcheng Performance Development Co., Ltd. Class A
| | | 17,300 | | 60,968 |
Sunac China Holdings, Ltd.
| | | 32,697 | | 151,443 |
Suning.com Co., Ltd. Class A
| | | 58,100 | | 74,016 |
Sunny Optical Technology Group Co., Ltd.
| | | 52,393 | | 705,702 |
TAL Education Group ADR (b)
| | | 3,156 | | 168,089 |
Tencent Holdings, Ltd.
| | | 94,678 | | 4,644,180 |
Tencent Music Entertainment Group ADR (b)
| | | 1,196 | | 12,032 |
Tingyi Cayman Islands Holding Corp.
| | | 18,000 | | 29,447 |
Toly Bread Co., Ltd. Class A
| | | 3,000 | | 20,942 |
Tonghua Dongbao Pharmaceutical Co., Ltd. Class A
| | | 7,500 | | 11,226 |
Tongling Nonferrous Metals Group Co., Ltd. Class A
| | | 147,000 | | 41,270 |
Topchoice Medical Corp. Class A (b)
| | | 5,700 | | 86,672 |
Towngas China Co., Ltd.
| | | 31,814 | | 15,761 |
TravelSky Technology, Ltd. Class H
| | | 63,000 | | 111,192 |
Trip.com Group, Ltd. ADR (b)
| | | 2,613 | | 61,275 |
Tsingtao Brewery Co., Ltd. Class H
| | | 4,000 | | 20,411 |
Uni-President China Holdings, Ltd.
| | | 28,000 | | 27,166 |
Vipshop Holdings, Ltd. ADR (b)
| | | 5,059 | | 78,819 |
Visionox Technology, Inc. Class A (b)
| | | 9,000 | | 14,322 |
Want Want China Holdings, Ltd.
| | | 386,000 | | 279,880 |
Weibo Corp. ADR (a)(b)
| | | 4,150 | | 137,407 |
Weichai Power Co., Ltd. Class H
| | | 61,000 | | 98,218 |
Wens Foodstuffs Group Co., Ltd. Class A
| | | 30,900 | | 140,807 |
| Security Description | | | Shares | | Value |
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. Class A
| | | 12,600 | | $58,057 |
Wuliangye Yibin Co., Ltd. Class A
| | | 15,200 | | 247,036 |
WuXi AppTec Co., Ltd. Class A
| | | 1,335 | | 17,043 |
Xiaomi Corp. Class B (a)(b)(c)
| | | 39,400 | | 53,069 |
Xinjiang Goldwind Science & Technology Co., Ltd. Class H
| | | 14,600 | | 12,715 |
Xinyi Solar Holdings, Ltd.
| | | 26,759 | | 15,156 |
Yanzhou Coal Mining Co., Ltd. Class H
| | | 76,000 | | 59,616 |
Yealink Network Technology Corp., Ltd. Class A
| | | 2,500 | | 28,770 |
Yihai International Holding, Ltd.
| | | 47,000 | | 355,946 |
Yonghui Superstores Co., Ltd. Class A
| | | 18,500 | | 26,726 |
Yum China Holdings, Inc.
| | | 37,265 | | 1,588,607 |
Yunnan Baiyao Group Co., Ltd. Class A
| | | 7,500 | | 90,520 |
Yuzhou Properties Co., Ltd.
| | | 42,574 | | 18,126 |
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A
| | | 1,900 | | 33,319 |
Zhaojin Mining Industry Co., Ltd. Class H
| | | 254,500 | | 255,456 |
Zhejiang Dahua Technology Co., Ltd. Class A
| | | 5,100 | | 11,634 |
Zhejiang Expressway Co., Ltd. Class H
| | | 48,000 | | 33,441 |
Zhejiang Supor Co., Ltd. Class A
| | | 6,100 | | 59,492 |
Zhejiang Weixing New Building Materials Co., Ltd. Class A
| | | 11,500 | | 17,944 |
Zhejiang Wolwo Bio-Pharmaceutical Co., Ltd. Class A
| | | 2,600 | | 16,356 |
Zhongjin Gold Corp., Ltd. Class A
| | | 58,000 | | 66,034 |
Zhongsheng Group Holdings, Ltd.
| | | 9,500 | | 33,216 |
Zhuzhou CRRC Times Electric Co., Ltd. Class H
| | | 9,500 | | 28,129 |
Zijin Mining Group Co., Ltd. Class A
| | | 143,800 | | 74,860 |
Zijin Mining Group Co., Ltd. Class H
| | | 110,000 | | 41,440 |
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class A
| | | 48,047 | | 38,569 |
ZTE Corp. Class H (a)(b)
| | | 33,680 | | 104,505 |
ZTO Express Cayman, Inc. ADR (b)
| | | 3,010 | | 79,705 |
| | | | | | 47,570,180 |
| COLOMBIA — 0.1% | | | | | |
Bancolombia SA ADR
| | | 1,004 | | 25,060 |
Bancolombia SA
| | | 2,542 | | 15,089 |
Bancolombia SA Preference Shares
| | | 1,505 | | 10,194 |
Ecopetrol SA ADR (a)
| | | 1,134 | | 10,784 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Ecopetrol SA
| | | 22,940 | | $10,735 |
Grupo Argos SA
| | | 11,260 | | 34,167 |
Grupo Aval Acciones y Valores SA Preference Shares
| | | 66,796 | | 14,757 |
Grupo de Inversiones Suramericana SA
| | | 3,014 | | 14,862 |
Interconexion Electrica SA ESP
| | | 4,886 | | 18,629 |
| | | | | | 154,277 |
| CZECH REPUBLIC — 0.2% | | | | | |
CEZ A/S
| | | 3,597 | | 58,748 |
Komercni banka A/S
| | | 5,236 | | 99,023 |
Moneta Money Bank A/S (c)
| | | 42,464 | | 87,417 |
| | | | | | 245,188 |
| EGYPT — 0.5% | | | | | |
Commercial International Bank Egypt SAE GDR
| | | 192,775 | | 693,990 |
Eastern Co SAE
| | | 87,649 | | 68,772 |
ElSewedy Electric Co.
| | | 64,888 | | 32,320 |
| | | | | | 795,082 |
| GREECE — 0.2% | | | | | |
Alpha Bank AE (b)
| | | 55,331 | | 42,559 |
Eurobank Ergasias Services and Holdings SA Class A (b)
| | | 86,455 | | 37,471 |
FF Group (b)(e)
| | | 491 | | 258 |
Hellenic Telecommunications Organization SA
| | | 8,297 | | 99,961 |
JUMBO SA
| | | 3,510 | | 47,449 |
Motor Oil Hellas Corinth Refineries SA
| | | 5,849 | | 72,200 |
National Bank of Greece SA (b)
| | | 13,978 | | 19,003 |
OPAP SA
| | | 9,193 | | 69,903 |
| | | | | | 388,804 |
| HONG KONG — 2.5% | | | | | |
Alibaba Pictures Group, Ltd. (b)
| | | 30,000 | | 3,871 |
China Everbright, Ltd.
| | | 30,000 | | 44,279 |
China First Capital Group, Ltd. (b)
| | | 80,000 | | 1,848 |
China Gas Holdings, Ltd.
| | | 38,000 | | 132,372 |
China Huishan Dairy Holdings Co., Ltd. (b)(e)
| | | 1,072,393 | | — |
China Mobile, Ltd.
| | | 197,497 | | 1,468,952 |
China Resources Cement Holdings, Ltd.
| | | 50,000 | | 59,670 |
China Resources Land, Ltd.
| | | 52,444 | | 216,518 |
China State Construction International Holdings, Ltd.
| | | 50,000 | | 37,028 |
China Traditional Chinese Medicine Holdings Co., Ltd.
| | | 36,000 | | 16,396 |
Guangdong Investment, Ltd.
| | | 492,000 | | 948,339 |
Haier Electronics Group Co., Ltd.
| | | 83,000 | | 221,129 |
Hutchison China MediTech, Ltd. ADR (b)
| | | 708 | | 12,638 |
Kingboard Holdings, Ltd.
| | | 23,500 | | 55,059 |
Kingboard Laminates Holdings, Ltd.
| | | 20,500 | | 18,964 |
| Security Description | | | Shares | | Value |
Lee & Man Paper Manufacturing, Ltd.
| | | 110,000 | | $66,702 |
Nine Dragons Paper Holdings, Ltd.
| | | 59,000 | | 53,817 |
Shanghai Industrial Holdings, Ltd.
| | | 30,000 | | 45,362 |
Shenzhen International Holdings, Ltd.
| | | 31,930 | | 58,497 |
Shimao Property Holdings, Ltd.
| | | 28,500 | | 100,382 |
Sino Biopharmaceutical, Ltd.
| | | 36,000 | | 47,468 |
SSY Group, Ltd.
| | | 154,000 | | 120,404 |
Sun Art Retail Group, Ltd.
| | | 86,832 | | 128,832 |
Yuexiu Property Co., Ltd.
| | | 162,000 | | 29,261 |
| | | | | | 3,887,788 |
| HUNGARY — 0.4% | | | | | |
MOL Hungarian Oil & Gas PLC
| | | 28,081 | | 164,863 |
OTP Bank Nyrt
| | | 5,485 | | 158,509 |
Richter Gedeon Nyrt
| | | 17,307 | | 325,096 |
| | | | | | 648,468 |
| INDIA — 12.3% | | | | | |
Adani Ports & Special Economic Zone, Ltd.
| | | 3,062 | | 10,171 |
Ambuja Cements, Ltd.
| | | 2,189 | | 4,505 |
Ashok Leyland, Ltd.
| | | 10,895 | | 6,200 |
Asian Paints, Ltd.
| | | 45,000 | | 991,292 |
Aurobindo Pharma, Ltd.
| | | 18,532 | | 101,208 |
Avenue Supermarts, Ltd. (b)(c)
| | | 8,696 | | 251,450 |
Axis Bank, Ltd.
| | | 9,923 | | 49,713 |
Bajaj Auto, Ltd.
| | | 6,720 | | 179,643 |
Bajaj Finance, Ltd.
| | | 3,769 | | 110,393 |
Bajaj Finserv, Ltd.
| | | 1,758 | | 106,691 |
Berger Paints India, Ltd.
| | | 14,860 | | 97,811 |
Bharat Forge, Ltd.
| | | 534 | | 1,658 |
Bharat Petroleum Corp., Ltd.
| | | 18,311 | | 76,704 |
Bharti Airtel, Ltd. (b)
| | | 15,541 | | 90,574 |
Bharti Infratel, Ltd.
| | | 41,444 | | 87,653 |
Bosch, Ltd.
| | | 459 | | 57,006 |
Britannia Industries, Ltd.
| | | 10,614 | | 377,264 |
Cipla, Ltd.
| | | 7,455 | | 41,669 |
Coal India, Ltd.
| | | 127,015 | | 235,138 |
Colgate-Palmolive India, Ltd.
| | | 8,776 | | 145,321 |
Container Corp. Of India, Ltd.
| | | 355 | | 1,556 |
Dabur India, Ltd.
| | | 119,645 | | 711,769 |
Divi's Laboratories, Ltd.
| | | 5,938 | | 156,124 |
Dr Reddy's Laboratories, Ltd. ADR
| | | 1,082 | | 43,637 |
Dr Reddy's Laboratories, Ltd.
| | | 348 | | 14,356 |
Eicher Motors, Ltd.
| | | 1,238 | | 214,309 |
GAIL India, Ltd. GDR
| | | 3,354 | | 20,392 |
Godrej Consumer Products, Ltd.
| | | 32,136 | | 221,253 |
Grasim Industries, Ltd.
| | | 3,135 | | 19,730 |
Havells India, Ltd.
| | | 16,642 | | 105,691 |
HCL Technologies, Ltd.
| | | 142,804 | | 823,776 |
HDFC Asset Management Co., Ltd. (c)
| | | 3,799 | | 106,099 |
HDFC Life Insurance Co., Ltd. (c)
| | | 41,010 | | 239,253 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Hero MotoCorp, Ltd.
| | | 8,214 | | $173,338 |
Hindalco Industries, Ltd.
| | | 22,797 | | 28,839 |
Hindustan Petroleum Corp., Ltd.
| | | 30,426 | | 76,456 |
Hindustan Unilever, Ltd.
| | | 77,789 | | 2,363,451 |
Housing Development Finance Corp., Ltd.
| | | 14,143 | | 305,308 |
ICICI Bank, Ltd. ADR
| | | 8,848 | | 75,208 |
ICICI Bank, Ltd.
| | | 993 | | 4,250 |
ICICI Lombard General Insurance Co., Ltd. (c)
| | | 12,786 | | 182,812 |
Indian Oil Corp., Ltd.
| | | 41,957 | | 45,284 |
Infosys, Ltd. ADR (d)
| | | 226,039 | | 1,855,780 |
Infosys, Ltd. (d)
| | | 128,317 | | 1,088,090 |
InterGlobe Aviation, Ltd. (c)
| | | 4,743 | | 66,843 |
ITC, Ltd.
| | | 297,892 | | 676,103 |
JSW Steel, Ltd.
| | | 7,681 | | 14,849 |
Larsen & Toubro, Ltd. GDR
| | | 2,465 | | 26,573 |
Larsen & Toubro, Ltd.
| | | 209 | | 2,234 |
LIC Housing Finance, Ltd.
| | | 4,619 | | 14,367 |
Lupin, Ltd.
| | | 4,872 | | 37,974 |
Mahindra & Mahindra Financial Services, Ltd.
| | | 818 | | 1,592 |
Mahindra & Mahindra, Ltd. GDR
| | | 7,440 | | 28,718 |
Mahindra & Mahindra, Ltd.
| | | 260 | | 979 |
Marico, Ltd.
| | | 93,700 | | 340,423 |
Maruti Suzuki India, Ltd.
| | | 1,833 | | 103,904 |
Motherson Sumi Systems, Ltd.
| | | 4,349 | | 3,510 |
Nestle India, Ltd.
| | | 2,711 | | 584,140 |
NTPC, Ltd.
| | | 27,161 | | 30,230 |
Oil & Natural Gas Corp., Ltd.
| | | 50,710 | | 45,782 |
Page Industries, Ltd.
| | | 477 | | 106,959 |
Petronet LNG, Ltd.
| | | 91,797 | | 242,321 |
Pidilite Industries, Ltd.
| | | 12,429 | | 222,848 |
Piramal Enterprises, Ltd.
| | | 665 | | 8,258 |
Power Grid Corp. of India, Ltd.
| | | 52,404 | | 110,209 |
REC, Ltd.
| | | 17,406 | | 20,420 |
Reliance Industries, Ltd. GDR (c)
| | | 10,098 | | 311,018 |
Reliance Industries, Ltd.
| | | 7,879 | | 115,996 |
SBI Life Insurance Co., Ltd. (c)
| | | 1,459 | | 12,362 |
Shree Cement, Ltd.
| | | 37 | | 8,582 |
Shriram Transport Finance Co., Ltd.
| | | 885 | | 7,729 |
State Bank of India GDR (b)
| | | 1,803 | | 46,878 |
Sun Pharmaceutical Industries, Ltd.
| | | 16,664 | | 77,602 |
Tata Consultancy Services, Ltd.
| | | 102,093 | | 2,464,361 |
Tata Motors, Ltd. ADR (a)(b)
| | | 11,089 | | 52,340 |
Tata Motors, Ltd. (b)
| | | 12,696 | | 11,924 |
Tata Power Co., Ltd.
| | | 15,462 | | 6,714 |
Tata Steel, Ltd.
| | | 252 | | 898 |
Tata Steel, Ltd. GDR
| | | 6,347 | | 23,611 |
Tech Mahindra, Ltd.
| | | 60,921 | | 455,390 |
Titan Co., Ltd.
| | | 32,869 | | 405,674 |
UltraTech Cement, Ltd.
| | | 500 | | 21,446 |
United Spirits, Ltd. (b)
| | | 19,675 | | 126,032 |
UPL, Ltd.
| | | 8,967 | | 38,700 |
| Security Description | | | Shares | | Value |
Vedanta, Ltd.
| | | 31,359 | | $26,819 |
Wipro, Ltd. ADR
| | | 17,132 | | 53,109 |
Wipro, Ltd.
| | | 172,834 | | 449,384 |
Zee Entertainment Enterprises, Ltd.
| | | 52,890 | | 86,657 |
| | | | | | 19,391,287 |
| INDONESIA — 3.0% | | | | | |
Adaro Energy Tbk PT
| | | 361,100 | | 21,918 |
AKR Corporindo Tbk PT
| | | 400 | | 48 |
Astra International Tbk PT
| | | 206,400 | | 49,354 |
Bank Central Asia Tbk PT
| | | 1,144,425 | | 1,938,365 |
Bank Danamon Indonesia Tbk PT
| | | 400 | | 51 |
Bank Mandiri Persero Tbk PT
| | | 194,100 | | 55,695 |
Bank Negara Indonesia Persero Tbk PT
| | | 118,600 | | 27,778 |
Bank Rakyat Indonesia Persero Tbk PT
| | | 305,700 | | 56,604 |
Bank Tabungan Negara Persero Tbk PT
| | | 115,800 | | 5,964 |
Bukit Asam Tbk PT
| | | 256,700 | | 34,311 |
Bumi Serpong Damai Tbk PT (b)
| | | 83,800 | | 3,442 |
Charoen Pokphand Indonesia Tbk PT
| | | 567,000 | | 171,734 |
Gudang Garam Tbk PT
| | | 52,600 | | 132,548 |
Hanjaya Mandala Sampoerna Tbk PT
| | | 1,308,100 | | 114,288 |
Indah Kiat Pulp & Paper Corp. Tbk PT
| | | 72,500 | | 17,825 |
Indocement Tunggal Prakarsa Tbk PT
| | | 17,300 | | 13,259 |
Indofood CBP Sukses Makmur Tbk PT
| | | 349,900 | | 219,358 |
Indofood Sukses Makmur Tbk PT
| | | 328,200 | | 127,779 |
Jasa Marga Persero Tbk PT
| | | 18,500 | | 2,881 |
Kalbe Farma Tbk PT
| | | 1,466,200 | | 107,875 |
Pabrik Kertas Tjiwi Kimia Tbk PT
| | | 21,900 | | 5,358 |
Pakuwon Jati Tbk PT
| | | 1,193,378 | | 22,536 |
Perusahaan Gas Negara Tbk PT
| | | 207,900 | | 9,879 |
Semen Indonesia Persero Tbk PT
| | | 36,900 | | 17,251 |
Telekomunikasi Indonesia Persero Tbk PT
| | | 4,821,675 | | 934,181 |
Unilever Indonesia Tbk PT
| | | 1,297,300 | | 576,666 |
United Tractors Tbk PT
| | | 130,500 | | 135,221 |
| | | | | | 4,802,169 |
| LUXEMBOURG — 0.1% | | | | | |
Reinet Investments SCA
| | | 5,512 | | 87,819 |
| MALAYSIA — 2.9% | | | | | |
AirAsia Group Bhd
| | | 32,700 | | 5,980 |
AMMB Holdings Bhd
| | | 55,500 | | 38,542 |
Axiata Group Bhd
| | | 24,004 | | 18,225 |
CIMB Group Holdings Bhd
| | | 95,635 | | 79,696 |
Dialog Group Bhd
| | | 5,500 | | 3,870 |
DiGi.Com Bhd
| | | 68,100 | | 68,573 |
Fraser & Neave Holdings Bhd
| | | 21,000 | | 150,792 |
Gamuda Bhd
| | | 21,343 | | 13,982 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Genting Bhd
| | | 40,300 | | $34,983 |
Genting Malaysia Bhd
| | | 37,900 | | 17,634 |
Genting Plantations Bhd
| | | 800 | | 1,759 |
HAP Seng Consolidated Bhd
| | | 102,500 | | 180,798 |
Hartalega Holdings Bhd
| | | 107,600 | | 171,363 |
Hong Leong Bank Bhd
| | | 105,220 | | 327,838 |
Hong Leong Financial Group Bhd
| | | 8,900 | | 28,183 |
IHH Healthcare Bhd
| | | 221,600 | | 264,689 |
IJM Corp. Bhd
| | | 59,600 | | 21,936 |
IOI Corp. Bhd
| | | 40,500 | | 37,500 |
Kuala Lumpur Kepong Bhd
| | | 38,476 | | 184,898 |
Malayan Banking Bhd
| | | 397,630 | | 685,728 |
Malaysia Airports Holdings Bhd
| | | 9,200 | | 9,200 |
Maxis Bhd
| | | 231,300 | | 286,448 |
MISC Bhd
| | | 19,300 | | 33,239 |
Nestle Malaysia Bhd
| | | 4,800 | | 151,889 |
Petronas Chemicals Group Bhd
| | | 156,000 | | 182,361 |
Petronas Dagangan Bhd
| | | 21,000 | | 102,861 |
Petronas Gas Bhd
| | | 6,200 | | 22,102 |
PPB Group Bhd
| | | 49,560 | | 188,374 |
Public Bank Bhd
| | | 189,511 | | 697,506 |
RHB Bank Bhd
| | | 25,438 | | 27,617 |
Sime Darby Bhd
| | | 44,227 | | 17,302 |
Sime Darby Plantation Bhd
| | | 22,527 | | 25,760 |
Telekom Malaysia Bhd
| | | 44,685 | | 38,789 |
Tenaga Nasional Bhd
| | | 125,600 | | 349,470 |
Top Glove Corp. Bhd
| | | 7,400 | | 11,048 |
Westports Holdings Bhd
| | | 124,638 | | 97,518 |
YTL Corp. Bhd
| | | 124,638 | | 20,917 |
| | | | | | 4,599,370 |
| MEXICO — 1.7% | | | | | |
Alfa SAB de CV Class A
| | | 75,078 | | 20,482 |
Alsea SAB de CV (b)
| | | 6,314 | | 4,086 |
America Movil SAB de CV Series L
| | | 369,927 | | 221,553 |
Arca Continental SAB de CV
| | | 38,546 | | 157,097 |
Cemex SAB de CV Series CPO
| | | 355,877 | | 74,788 |
Coca-Cola Femsa SAB de CV
| | | 13,714 | | 55,916 |
El Puerto de Liverpool SAB de CV Series C1 (a)
| | | 304 | | 671 |
Fibra Uno Administracion SA de CV REIT
| | | 56,633 | | 44,878 |
Fomento Economico Mexicano SAB de CV
| | | 12,692 | | 77,485 |
Gruma SAB de CV Class B
| | | 12,563 | | 97,289 |
Grupo Aeroportuario del Pacifico SAB de CV Class B
| | | 26,287 | | 142,746 |
Grupo Aeroportuario del Sureste SAB de CV Class B
| | | 9,840 | | 93,689 |
Grupo Bimbo SAB de CV Class A
| | | 19,565 | | 28,756 |
Grupo Carso SAB de CV Series A1
| | | 3,677 | | 7,299 |
Grupo Financiero Banorte SAB de CV Series O
| | | 32,259 | | 89,382 |
Grupo Financiero Inbursa SAB de CV Series O
| | | 37,917 | | 27,542 |
| Security Description | | | Shares | | Value |
Grupo Mexico SAB de CV Class B
| | | 41,712 | | $77,772 |
Grupo Televisa SAB Series CPO
| | | 35,403 | | 41,199 |
Industrias Penoles SAB de CV
| | | 2,343 | | 15,768 |
Infraestructura Energetica Nova SAB de CV
| | | 31,852 | | 98,668 |
Kimberly-Clark de Mexico SAB de CV Class A
| | | 8,101 | | 12,404 |
Megacable Holdings SAB de CV
| | | 2,828 | | 7,821 |
Orbia Advance Corp. SAB de CV
| | | 8,943 | | 9,946 |
Promotora y Operadora de Infraestructura SAB de CV
| | | 866 | | 5,877 |
Wal-Mart de Mexico SAB de CV
| | | 547,697 | | 1,301,581 |
| | | | | | 2,714,695 |
| PAKISTAN — 0.0% (f) | | | | | |
Habib Bank, Ltd.
| | | 36,634 | | 22,768 |
MCB Bank, Ltd.
| | | 48,997 | | 44,035 |
Oil & Gas Development Co., Ltd.
| | | 5,662 | | 2,625 |
| | | | | | 69,428 |
| PERU — 0.4% | | | | | |
Cia de Minas Buenaventura SAA ADR
| | | 5,920 | | 43,157 |
Credicorp, Ltd.
| | | 3,939 | | 563,553 |
Southern Copper Corp.
| | | 2,122 | | 59,755 |
| | | | | | 666,465 |
| PHILIPPINES — 1.1% | | | | | |
Aboitiz Equity Ventures, Inc.
| | | 63,440 | | 47,025 |
Aboitiz Power Corp.
| | | 358,800 | | 185,537 |
Altus San Nicolas Corp. (b)
| | | 382 | | 39 |
Ayala Corp.
| | | 2,110 | | 19,391 |
Ayala Land, Inc.
| | | 24,700 | | 14,666 |
Bank of the Philippine Islands
| | | 208,399 | | 253,226 |
BDO Unibank, Inc.
| | | 189,582 | | 385,799 |
Globe Telecom, Inc.
| | | 560 | | 21,250 |
GT Capital Holdings, Inc.
| | | 1,947 | | 15,581 |
International Container Terminal Services, Inc.
| | | 63,380 | | 93,089 |
JG Summit Holdings, Inc.
| | | 32,360 | | 33,276 |
Jollibee Foods Corp.
| | | 71,560 | | 149,705 |
Manila Electric Co.
| | | 42,030 | | 185,937 |
Megaworld Corp.
| | | 143,000 | | 7,029 |
Metro Pacific Investments Corp.
| | | 284,200 | | 13,523 |
Metropolitan Bank & Trust Co.
| | | 107,626 | | 84,645 |
PLDT, Inc.
| | | 1,481 | | 32,875 |
Robinsons Land Corp.
| | | 14,263 | | 4,162 |
Security Bank Corp.
| | | 24,530 | | 51,606 |
SM Investments Corp.
| | | 2,915 | | 46,883 |
SM Prime Holdings, Inc.
| | | 52,200 | | 29,148 |
Universal Robina Corp.
| | | 44,070 | | 90,116 |
| | | | | | 1,764,508 |
| POLAND — 0.4% | | | | | |
Bank Millennium SA (b)
| | | 14,706 | | 11,408 |
Bank Polska Kasa Opieki SA
| | | 5,897 | | 79,706 |
CCC SA
| | | 149 | | 1,075 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
CD Projekt SA
| | | 37 | | $2,575 |
Cyfrowy Polsat SA
| | | 13,766 | | 78,947 |
Dino Polska SA (b)(c)
| | | 3,349 | | 130,703 |
Grupa Lotos SA
| | | 1,468 | | 18,329 |
KGHM Polska Miedz SA (b)
| | | 2,111 | | 30,403 |
LPP SA
| | | 11 | | 13,851 |
mBank SA (b)
| | | 297 | | 15,860 |
Orange Polska SA (b)
| | | 16,044 | | 22,926 |
PGE Polska Grupa Energetyczna SA (b)
| | | 34,890 | | 31,979 |
Polski Koncern Naftowy ORLEN SA
| | | 7,124 | | 95,536 |
Polskie Gornictwo Naftowe i Gazownictwo SA
| | | 26,253 | | 21,743 |
Powszechna Kasa Oszczednosci Bank Polski SA
| | | 13,830 | | 75,318 |
Powszechny Zaklad Ubezpieczen SA
| | | 6,872 | | 51,836 |
Santander Bank Polska SA
| | | 484 | | 20,218 |
| | | | | | 702,413 |
| QATAR — 1.4% | | | | | |
Barwa Real Estate Co.
| | | 269,426 | | 221,993 |
Commercial Bank PQSC
| | | 145,974 | | 156,237 |
Industries Qatar QSC
| | | 14,268 | | 26,059 |
Masraf Al Rayan QSC
| | | 410,638 | | 412,781 |
Mesaieed Petrochemical Holding Co.
| | | 25,122 | | 10,074 |
Ooredoo QSC
| | | 23,664 | | 38,151 |
Qatar Electricity & Water Co. QSC
| | | 73,090 | | 273,611 |
Qatar Fuel QSC
| | | 11,784 | | 52,981 |
Qatar Insurance Co. SAQ
| | | 25,152 | | 14,438 |
Qatar Islamic Bank SAQ
| | | 93,401 | | 368,371 |
Qatar National Bank QPSC
| | | 125,040 | | 576,949 |
| | | | | | 2,151,645 |
| ROMANIA — 0.0% (f) | | | | | |
NEPI Rockcastle PLC
| | | 3,404 | | 14,295 |
| RUSSIA — 3.4% | | | | | |
Alrosa PJSC
| | | 208,700 | | 170,654 |
Gazprom PJSC ADR
| | | 168,428 | | 781,337 |
Inter RAO UES PJSC
| | | 1,217,654 | | 76,058 |
LUKOIL PJSC ADR
| | | 9,225 | | 553,500 |
Magnit PJSC GDR
| | | 7,896 | | 70,764 |
Magnitogorsk Iron & Steel Works PJSC
| | | 33,470 | | 16,443 |
MMC Norilsk Nickel PJSC ADR
| | | 5,006 | | 124,750 |
Mobile TeleSystems PJSC ADR
| | | 7,454 | | 56,650 |
Moscow Exchange MICEX
| | | 13,210 | | 16,363 |
Novatek PJSC GDR
| | | 6,302 | | 726,621 |
Novolipetsk Steel PJSC GDR
| | | 9,435 | | 150,016 |
Novolipetsk Steel PJSC
| | | 19,336 | | 30,622 |
PhosAgro PJSC GDR
| | | 1,697 | | 17,513 |
Polymetal International PLC
| | | 1,823 | | 31,183 |
Polyus PJSC
| | | 255 | | 34,945 |
Rosneft Oil Co. PJSC GDR
| | | 32,892 | | 133,838 |
| Security Description | | | Shares | | Value |
Rosneft Oil Co. PJSC
| | | 14,327 | | $57,998 |
Sberbank of Russia PJSC ADR (d)
| | | 48,455 | | 461,776 |
Sberbank of Russia PJSC ADR (d)
| | | 6,842 | | 64,315 |
Severstal PJSC GDR
| | | 18,089 | | 200,064 |
Surgutneftegas PJSC ADR (d)
| | | 18,578 | | 86,945 |
Surgutneftegas PJSC ADR (d)
| | | 28,908 | | 123,611 |
Tatneft PJSC ADR (d)
| | | 21,334 | | 901,361 |
Tatneft PJSC ADR (a)(d)
| | | 1,551 | | 58,783 |
Transneft PJSC Preference Shares
| | | 36 | | 67,638 |
VTB Bank PJSC GDR
| | | 24,166 | | 19,937 |
VTB Bank PJSC
| | | 45,035,374 | | 18,735 |
X5 Retail Group NV GDR
| | | 9,457 | | 255,339 |
| | | | | | 5,307,759 |
| SAUDI ARABIA — 3.7% | | | | | |
Advanced Petrochemical Co.
| | | 6,960 | | 82,438 |
Al Rajhi Bank
| | | 108,130 | | 1,548,415 |
Alinma Bank
| | | 64,368 | | 356,363 |
Almarai Co. JSC
| | | 2,342 | | 29,298 |
Arab National Bank
| | | 5,154 | | 25,105 |
Bank AlBilad
| | | 17,961 | | 97,717 |
Bank Al-Jazira
| | | 21,435 | | 64,699 |
Banque Saudi Fransi
| | | 5,495 | | 37,808 |
Bupa Arabia for Cooperative Insurance Co.
| | | 8,852 | | 215,351 |
Co. for Cooperative Insurance (b)
| | | 7,394 | | 119,264 |
Dar Al Arkan Real Estate Development Co. (b)
| | | 4,202 | | 9,171 |
Emaar Economic City (b)
| | | 13,749 | | 25,031 |
Etihad Etisalat Co. (b)
| | | 25,682 | | 148,063 |
Jarir Marketing Co.
| | | 21,709 | | 738,464 |
National Commercial Bank
| | | 10,109 | | 93,368 |
National Industrialization Co. (b)
| | | 3,141 | | 7,692 |
Rabigh Refining & Petrochemical Co. (b)
| | | 2,269 | | 6,462 |
Riyad Bank
| | | 10,948 | | 43,594 |
Sahara International Petrochemical Co.
| | | 2,448 | | 8,001 |
Samba Financial Group
| | | 8,964 | | 48,005 |
Saudi Airlines Catering Co.
| | | 15,977 | | 321,071 |
Saudi Arabian Fertilizer Co.
| | | 23,035 | | 380,136 |
Saudi Arabian Mining Co. (b)
| | | 1,186 | | 9,786 |
Saudi Basic Industries Corp.
| | | 22,965 | | 427,881 |
Saudi British Bank
| | | 8,894 | | 47,867 |
Saudi Electricity Co.
| | | 42,316 | | 179,311 |
Saudi Kayan Petrochemical Co. (b)
| | | 4,603 | | 8,883 |
Saudi Telecom Co.
| | | 25,633 | | 596,989 |
Savola Group (b)
| | | 6,691 | | 63,580 |
Yanbu National Petrochemical Co.
| | | 7,810 | | 86,477 |
| | | | | | 5,826,290 |
| SINGAPORE — 0.0% (f) | | | | | |
BOC Aviation, Ltd. (c)
| | | 10,900 | | 69,752 |
| SOUTH AFRICA — 2.0% | | | | | |
Absa Group, Ltd.
| | | 13,769 | | 57,821 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Anglo American Platinum, Ltd. (a)
| | | 315 | | $13,302 |
AngloGold Ashanti, Ltd.
| | | 12,375 | | 221,108 |
Aspen Pharmacare Holdings, Ltd. (b)
| | | 4,317 | | 22,344 |
Bid Corp., Ltd.
| | | 3,106 | | 36,987 |
Bidvest Group, Ltd.
| | | 4,987 | | 40,823 |
Capitec Bank Holdings, Ltd.
| | | 3,664 | | 180,533 |
Clicks Group, Ltd.
| | | 25,410 | | 366,638 |
Discovery, Ltd. (a)
| | | 3,193 | | 13,938 |
Exxaro Resources, Ltd.
| | | 3,549 | | 19,670 |
FirstRand, Ltd.
| | | 23,175 | | 52,254 |
Fortress REIT, Ltd. Class A,
| | | 105,787 | | 59,824 |
Foschini Group, Ltd.
| | | 1,741 | | 6,596 |
Gold Fields, Ltd.
| | | 21,748 | | 112,369 |
Growthpoint Properties, Ltd. REIT (a)
| | | 25,448 | | 18,338 |
Investec, Ltd.
| | | 6,581 | | 12,524 |
Kumba Iron Ore, Ltd. (a)
| | | 5,092 | | 79,847 |
Liberty Holdings, Ltd.
| | | 2,774 | | 10,298 |
Life Healthcare Group Holdings, Ltd.
| | | 10,304 | | 10,650 |
Momentum Metropolitan Holdings
| | | 19,325 | | 16,869 |
Mr. Price Group, Ltd.
| | | 23,732 | | 151,587 |
MTN Group, Ltd.
| | | 15,255 | | 41,332 |
MultiChoice Group, Ltd. (b)
| | | 1,204 | | 5,782 |
Naspers, Ltd. Class N
| | | 1,126 | | 161,001 |
Nedbank Group, Ltd.
| | | 6,249 | | 28,922 |
Ninety One, Ltd. (b)
| | | 3,290 | | 6,328 |
Old Mutual, Ltd.
| | | 73,917 | | 49,043 |
Pick n Pay Stores, Ltd.
| | | 34,625 | | 117,485 |
PSG Group, Ltd.
| | | 561 | | 4,056 |
Rand Merchant Investment Holdings, Ltd.
| | | 6,064 | | 7,483 |
Redefine Properties, Ltd. REIT
| | | 71,677 | | 9,511 |
Remgro, Ltd.
| | | 7,253 | | 49,898 |
Resilient REIT, Ltd.
| | | 1,355 | | 2,428 |
RMB Holdings, Ltd.
| | | 58,131 | | 160,918 |
Sanlam, Ltd. (a)
| | | 26,400 | | 75,519 |
Sasol, Ltd. (b)
| | | 7,625 | | 15,767 |
Shoprite Holdings, Ltd.
| | | 10,397 | | 72,767 |
SPAR Group, Ltd.
| | | 20,102 | | 204,565 |
Standard Bank Group, Ltd. (a)
| | | 15,229 | | 87,375 |
Telkom SA SOC, Ltd.
| | | 4,617 | | 5,307 |
Tiger Brands, Ltd.
| | | 5,625 | | 58,266 |
Vodacom Group, Ltd.
| | | 56,976 | | 373,279 |
Woolworths Holdings, Ltd.
| | | 75,275 | | 116,326 |
| | | | | | 3,157,678 |
| SOUTH KOREA — 9.0% | | | | | |
Amorepacific Corp.
| | | 257 | | 35,573 |
Amorepacific Corp. Preference Shares
| | | 52 | | 2,546 |
AMOREPACIFIC Group
| | | 268 | | 12,196 |
BGF retail Co., Ltd.
| | | 1,048 | | 113,637 |
BNK Financial Group, Inc.
| | | 13,634 | | 49,671 |
| Security Description | | | Shares | | Value |
Celltrion, Inc. (b)
| | | 379 | | $71,295 |
Cheil Worldwide, Inc.
| | | 3,675 | | 47,849 |
CJ CheilJedang Corp.
| | | 408 | | 72,393 |
CJ Corp.
| | | 855 | | 45,301 |
CJ ENM Co., Ltd.
| | | 103 | | 8,808 |
CJ Logistics Corp. (b)
| | | 889 | | 99,317 |
Coway Co., Ltd.
| | | 5,600 | | 265,889 |
Daelim Industrial Co., Ltd.
| | | 884 | | 53,519 |
Daewoo Engineering & Construction Co., Ltd. (b)
| | | 3,352 | | 8,095 |
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (b)
| | | 938 | | 10,364 |
DB Insurance Co., Ltd.
| | | 7,234 | | 206,499 |
Doosan Bobcat, Inc.
| | | 508 | | 7,491 |
E-MART, Inc.
| | | 1,120 | | 97,983 |
Fila Holdings Corp.
| | | 720 | | 17,182 |
GS Engineering & Construction Corp.
| | | 1,318 | | 22,195 |
GS Holdings Corp.
| | | 1,768 | | 53,446 |
GS Retail Co., Ltd.
| | | 1,530 | | 38,836 |
Hana Financial Group, Inc.
| | | 11,224 | | 212,983 |
Hankook Tire & Technology Co., Ltd.
| | | 1,560 | | 24,796 |
Hanmi Pharm Co., Ltd.
| | | 7 | | 1,504 |
Hanon Systems
| | | 2,069 | | 15,075 |
Hanwha Corp.
| | | 4,162 | | 52,309 |
Hanwha Life Insurance Co., Ltd.
| | | 28,330 | | 32,348 |
Hanwha Solutions Corp.
| | | 4,514 | | 49,688 |
HDC Hyundai Development Co-Engineering & Construction Class E
| | | 1,078 | | 13,770 |
Hotel Shilla Co., Ltd.
| | | 210 | | 12,162 |
Hyundai Department Store Co., Ltd.
| | | 522 | | 25,213 |
Hyundai Engineering & Construction Co., Ltd.
| | | 1,734 | | 39,100 |
Hyundai Glovis Co., Ltd.
| | | 838 | | 62,367 |
Hyundai Heavy Industries Holdings Co., Ltd.
| | | 304 | | 49,320 |
Hyundai Marine & Fire Insurance Co., Ltd.
| | | 6,595 | | 122,707 |
Hyundai Mobis Co., Ltd.
| | | 1,691 | | 235,450 |
Hyundai Motor Co.
| | | 4,390 | | 319,869 |
Hyundai Motor Co. Preference Shares (d)
| | | 1,711 | | 79,974 |
Hyundai Motor Co. Preference Shares (d)
| | | 754 | | 31,960 |
Hyundai Motor Co. GDR
| | | 846 | | 18,274 |
Hyundai Steel Co.
| | | 3,464 | | 51,077 |
Industrial Bank of Korea
| | | 9,780 | | 60,254 |
Kakao Corp.
| | | 250 | | 31,934 |
Kangwon Land, Inc.
| | | 13,082 | | 212,239 |
KB Financial Group, Inc.
| | | 2,819 | | 80,007 |
KB Financial Group, Inc. ADR (a)(b)
| | | 10,324 | | 280,710 |
KCC Corp.
| | | 136 | | 14,467 |
Kia Motors Corp.
| | | 10,814 | | 230,964 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Korea Aerospace Industries, Ltd.
| | | 526 | | $9,052 |
Korea Electric Power Corp. ADR (a)(b)
| | | 24,987 | | 188,652 |
Korea Electric Power Corp. (b)
| | | 5,771 | | 91,257 |
Korea Gas Corp.
| | | 2,334 | | 41,222 |
Korea Investment Holdings Co., Ltd.
| | | 591 | | 24,153 |
Korea Shipbuilding & Offshore Engineering Co., Ltd. (b)
| | | 631 | | 40,741 |
Korea Zinc Co., Ltd.
| | | 80 | | 23,395 |
Korean Air Lines Co., Ltd. (b)
| | | 1,502 | | 23,073 |
KT&G Corp.
| | | 7,589 | | 465,682 |
Kumho Petrochemical Co., Ltd.
| | | 535 | | 28,478 |
LG Chem, Ltd.
| | | 597 | | 149,575 |
LG Chem, Ltd. Preference Shares
| | | 157 | | 19,087 |
LG Corp.
| | | 1,938 | | 93,927 |
LG Display Co., Ltd. ADR (a)(b)
| | | 11,607 | | 51,535 |
LG Display Co., Ltd. (b)
| | | 5,108 | | 46,576 |
LG Electronics, Inc.
| | | 3,146 | | 124,563 |
LG Household & Health Care, Ltd.
| | | 644 | | 592,500 |
LG Household & Health Care, Ltd. Preference Shares
| | | 176 | | 92,529 |
LG Innotek Co., Ltd.
| | | 319 | | 29,873 |
LG Uplus Corp.
| | | 2,447 | | 21,709 |
Lotte Chemical Corp.
| | | 660 | | 104,637 |
Lotte Corp.
| | | 2,069 | | 40,790 |
Lotte Shopping Co., Ltd.
| | | 753 | | 46,392 |
Medy-Tox, Inc.
| | | 384 | | 62,236 |
Meritz Securities Co., Ltd.
| | | 5,008 | | 11,642 |
Mirae Asset Daewoo Co., Ltd.
| | | 10,173 | | 44,040 |
NAVER Corp.
| | | 2,189 | | 305,689 |
NCSoft Corp.
| | | 760 | | 407,048 |
Netmarble Corp. (b)(c)
| | | 166 | | 12,709 |
NH Investment & Securities Co., Ltd.
| | | 2,040 | | 15,065 |
OCI Co., Ltd. (b)
| | | 485 | | 13,865 |
Orion Corp/Republic of Korea
| | | 122 | | 11,525 |
Ottogi Corp.
| | | 4 | | 1,562 |
Pan Ocean Co., Ltd. (b)
| | | 3,610 | | 8,763 |
Pearl Abyss Corp. (b)
| | | 503 | | 73,961 |
POSCO ADR (a)
| | | 9,666 | | 315,595 |
POSCO
| | | 291 | | 38,486 |
Posco International Corp.
| | | 2,203 | | 20,540 |
S-1 Corp.
| | | 3,637 | | 239,011 |
Samsung Biologics Co., Ltd. (b)(c)
| | | 188 | | 74,437 |
Samsung C&T Corp.
| | | 1,285 | | 94,579 |
Samsung Card Co., Ltd.
| | | 287 | | 7,049 |
Samsung Electro-Mechanics Co., Ltd.
| | | 633 | | 50,802 |
Samsung Electronics Co., Ltd.
| | | 91,415 | | 3,585,712 |
Samsung Engineering Co., Ltd. (b)
| | | 1,335 | | 11,131 |
Samsung Fire & Marine Insurance Co., Ltd.
| | | 2,028 | | 256,551 |
| Security Description | | | Shares | | Value |
Samsung Heavy Industries Co., Ltd. (b)
| | | 5,127 | | $16,425 |
Samsung Life Insurance Co., Ltd.
| | | 5,227 | | 184,631 |
Samsung SDI Co., Ltd.
| | | 486 | | 96,014 |
Samsung SDS Co., Ltd.
| | | 286 | | 35,123 |
Samsung Securities Co., Ltd.
| | | 1,094 | | 26,376 |
Shinhan Financial Group Co., Ltd.
| | | 3,030 | | 71,186 |
Shinhan Financial Group Co., Ltd. ADR (a)(b)
| | | 10,152 | | 236,643 |
Shinsegae, Inc.
| | | 140 | | 25,013 |
SK Holdings Co., Ltd.
| | | 1,621 | | 223,040 |
SK Hynix, Inc.
| | | 13,110 | | 897,082 |
SK Innovation Co., Ltd.
| | | 1,489 | | 106,414 |
SK Telecom Co., Ltd. ADR
| | | 20,015 | | 325,644 |
SK Telecom Co., Ltd.
| | | 383 | | 55,687 |
S-Oil Corp.
| | | 749 | | 35,132 |
Woori Financial Group, Inc.
| | | 14,890 | | 93,571 |
Yuhan Corp.
| | | 181 | | 34,049 |
| | | | | | 14,174,032 |
| TAIWAN — 14.4% | | | | | |
Accton Technology Corp.
| | | 53,000 | | 285,667 |
Acer, Inc.
| | | 72,258 | | 37,274 |
Advantech Co., Ltd.
| | | 58,951 | | 486,361 |
ASE Technology Holding Co., Ltd.
| | | 68,124 | | 132,006 |
Asia Cement Corp.
| | | 43,200 | | 56,283 |
Asustek Computer, Inc.
| | | 54,000 | | 365,161 |
AU Optronics Corp.
| | | 636,000 | | 133,335 |
Catcher Technology Co., Ltd.
| | | 15,000 | | 96,969 |
Cathay Financial Holding Co., Ltd.
| | | 210,770 | | 246,026 |
Chailease Holding Co., Ltd.
| | | 14,673 | | 44,395 |
Chang Hwa Commercial Bank, Ltd.
| | | 93,823 | | 59,102 |
Cheng Shin Rubber Industry Co., Ltd.
| | | 38,000 | | 38,702 |
Chicony Electronics Co., Ltd.
| | | 139,822 | | 350,462 |
China Airlines, Ltd.
| | | 80,000 | | 17,486 |
China Development Financial Holding Corp.
| | | 522,000 | | 128,077 |
China Life Insurance Co., Ltd. (b)
| | | 77,884 | | 43,396 |
China Steel Corp.
| | | 158,440 | | 99,282 |
Chunghwa Telecom Co., Ltd.
| | | 257,540 | | 915,482 |
Compal Electronics, Inc.
| | | 307,000 | | 175,623 |
CTBC Financial Holding Co., Ltd.
| | | 299,900 | | 177,511 |
Delta Electronics, Inc.
| | | 27,623 | | 110,066 |
E.Sun Financial Holding Co., Ltd.
| | | 622,254 | | 498,972 |
Eclat Textile Co., Ltd.
| | | 23,379 | | 185,925 |
Eva Airways Corp.
| | | 180,444 | | 53,045 |
Evergreen Marine Corp. Taiwan, Ltd. (b)
| | | 45,565 | | 13,937 |
Far Eastern New Century Corp.
| | | 75,560 | | 56,342 |
Far EasTone Telecommunications Co., Ltd.
| | | 391,449 | | 819,362 |
Feng TAY Enterprise Co., Ltd.
| | | 44,814 | | 192,643 |
First Financial Holding Co., Ltd.
| | | 1,416,627 | | 920,481 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Formosa Chemicals & Fibre Corp.
| | | 58,000 | | $128,499 |
Formosa Petrochemical Corp.
| | | 47,000 | | 126,508 |
Formosa Plastics Corp.
| | | 58,000 | | 144,034 |
Formosa Taffeta Co., Ltd.
| | | 15,000 | | 15,277 |
Foxconn Technology Co., Ltd.
| | | 26,892 | | 44,017 |
Fubon Financial Holding Co., Ltd.
| | | 145,000 | | 180,042 |
Giant Manufacturing Co., Ltd.
| | | 4,000 | | 17,724 |
Globalwafers Co., Ltd.
| | | 25,000 | | 281,897 |
Highwealth Construction Corp.
| | | 15,500 | | 20,758 |
Hiwin Technologies Corp.
| | | 1,116 | | 7,399 |
Hon Hai Precision Industry Co., Ltd.
| | | 366,730 | | 847,657 |
Hotai Motor Co., Ltd.
| | | 5,000 | | 81,180 |
Hua Nan Financial Holdings Co., Ltd.
| | | 901,432 | | 538,030 |
Innolux Corp.
| | | 579,751 | | 100,263 |
Inventec Corp.
| | | 94,000 | | 72,424 |
Largan Precision Co., Ltd.
| | | 8,000 | | 1,013,177 |
Lite-On Technology Corp.
| | | 72,952 | | 99,629 |
MediaTek, Inc.
| | | 12,877 | | 139,451 |
Mega Financial Holding Co., Ltd.
| | | 257,657 | | 242,393 |
Micro-Star International Co., Ltd.
| | | 80,000 | | 234,644 |
Nan Ya Plastics Corp.
| | | 80,000 | | 144,702 |
Nanya Technology Corp.
| | | 104,000 | | 184,673 |
Nien Made Enterprise Co., Ltd.
| | | 21,000 | | 125,341 |
Novatek Microelectronics Corp.
| | | 58,000 | | 329,878 |
Pegatron Corp.
| | | 85,000 | | 163,021 |
Phison Electronics Corp.
| | | 4,000 | | 32,803 |
Pou Chen Corp.
| | | 63,000 | | 53,435 |
Powertech Technology, Inc.
| | | 73,000 | | 207,354 |
President Chain Store Corp.
| | | 90,000 | | 842,220 |
Quanta Computer, Inc.
| | | 93,000 | | 185,130 |
Realtek Semiconductor Corp.
| | | 3,000 | | 21,676 |
Ruentex Development Co., Ltd.
| | | 77,265 | | 97,598 |
Ruentex Industries, Ltd.
| | | 47,800 | | 109,694 |
Shanghai Commercial & Savings Bank, Ltd.
| | | 58,387 | | 75,973 |
Shin Kong Financial Holding Co., Ltd.
| | | 299,495 | | 75,563 |
SinoPac Financial Holdings Co., Ltd.
| | | 194,152 | | 70,942 |
Standard Foods Corp.
| | | 80,168 | | 161,707 |
Synnex Technology International Corp.
| | | 238,900 | | 293,475 |
Taishin Financial Holding Co., Ltd.
| | | 217,363 | | 84,095 |
Taiwan Business Bank
| | | 624,711 | | 200,170 |
Taiwan Cement Corp.
| | | 79,689 | | 104,086 |
Taiwan Cooperative Financial Holding Co., Ltd.
| | | 1,539,104 | | 933,901 |
Taiwan High Speed Rail Corp.
| | | 143,000 | | 135,947 |
Taiwan Mobile Co., Ltd.
| | | 361,542 | | 1,194,321 |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | | 515,495 | | 4,670,589 |
Tatung Co., Ltd. (b)
| | | 18,000 | | 11,666 |
Uni-President Enterprises Corp.
| | | 72,164 | | 156,539 |
United Microelectronics Corp.
| | | 304,000 | | 137,215 |
| Security Description | | | Shares | | Value |
Vanguard International Semiconductor Corp.
| | | 96,000 | | $188,245 |
Walsin Technology Corp.
| | | 5,000 | | 26,619 |
Win Semiconductors Corp.
| | | 1,000 | | 8,713 |
Winbond Electronics Corp.
| | | 46,000 | | 17,264 |
Wistron Corp.
| | | 165,535 | | 134,107 |
WPG Holdings, Ltd.
| | | 166,280 | | 195,193 |
Yageo Corp.
| | | 22,198 | | 201,490 |
Yuanta Financial Holding Co., Ltd.
| | | 124,466 | | 64,000 |
Zhen Ding Technology Holding, Ltd.
| | | 15,000 | | 46,129 |
| | | | | | 22,759,850 |
| THAILAND — 3.4% | | | | | |
Advanced Info Service PCL
| | | 115,900 | | 709,862 |
Airports of Thailand PCL
| | | 64,700 | | 100,054 |
Airports of Thailand PCL NVDR
| | | 244,270 | | 377,747 |
Bangkok Bank PCL
| | | 9,200 | | 28,595 |
Bangkok Bank PCL NVDR
| | | 3,500 | | 10,718 |
Bangkok Dusit Medical Services PCL Class F
| | | 646,392 | | 372,265 |
Bangkok Expressway & Metro PCL
| | | 1,187,533 | | 280,441 |
Banpu PCL
| | | 102,570 | | 16,565 |
Berli Jucker PCL NVDR
| | | 11,700 | | 14,439 |
BTS Group Holdings PCL
| | | 1,456,398 | | 403,846 |
Bumrungrad Hospital PCL
| | | 83,600 | | 290,406 |
Central Pattana PCL NVDR
| | | 16,047 | | 20,904 |
Central Pattana PCL
| | | 122,500 | | 159,576 |
Central Retail Corp. PCL NVDR (b)
| | | 4,434 | | 3,783 |
Central Retail Corp. PCL (b)
| | | 634 | | 541 |
Charoen Pokphand Foods PCL
| | | 72,186 | | 53,451 |
CP ALL PCL
| | | 278,700 | | 518,038 |
Electricity Generating PCL
| | | 25,800 | | 181,604 |
Energy Absolute PCL
| | | 900 | | 926 |
Energy Absolute PCL NVDR
| | | 2,700 | | 2,777 |
Home Product Center PCL
| | | 860,259 | | 290,969 |
Indorama Ventures PCL
| | | 1,400 | | 913 |
Indorama Ventures PCL NVDR
| | | 24,800 | | 16,172 |
Intouch Holdings PCL Class F
| | | 295,100 | | 449,608 |
IRPC PCL
| | | 618,400 | | 40,325 |
Kasikornbank PCL
| | | 15,600 | | 43,257 |
Kasikornbank PCL NVDR
| | | 40,900 | | 114,035 |
Krung Thai Bank PCL
| | | 568,000 | | 197,309 |
Land & Houses PCL
| | | 57,400 | | 11,719 |
Minor International PCL
| | | 8,500 | | 4,351 |
Minor International PCL NVDR
| | | 61,219 | | 31,339 |
PTT Exploration & Production PCL
| | | 14,728 | | 30,293 |
PTT Global Chemical PCL
| | | 68,703 | | 63,851 |
PTT PCL
| | | 177,960 | | 166,749 |
Ratch Group PCL
| | | 5,800 | | 10,074 |
Siam Cement PCL
| | | 5,524 | | 54,537 |
Siam Cement PCL NVDR
| | | 7,400 | | 73,059 |
Siam Commercial Bank PCL
| | | 16,000 | | 33,763 |
SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Thai Oil PCL
| | | 27,388 | | $25,663 |
Thai Union Group PCL NVDR
| | | 140,800 | | 59,207 |
Thai Union Group PCL Class F
| | | 31,700 | | 13,330 |
TMB Bank PCL
| | | 63,521 | | 1,703 |
TMB Bank PCL NVDR
| | | 190,200 | | 5,100 |
Total Access Communication PCL
| | | 7,600 | | 9,437 |
True Corp. PCL
| | | 124,300 | | 11,893 |
| | | | | | 5,305,194 |
| TURKEY — 0.5% | | | | | |
Akbank T.A.S. (b)
| | | 66,621 | | 56,611 |
Anadolu Efes Biracilik Ve Malt Sanayii A/S
| | | 3,642 | | 9,522 |
Arcelik A/S (b)
| | | 3,467 | | 7,123 |
Aselsan Elektronik Sanayi Ve Ticaret A/S
| | | 1,386 | | 4,963 |
BIM Birlesik Magazalar A/S
| | | 40,620 | | 309,107 |
Eregli Demir ve Celik Fabrikalari TAS
| | | 19,487 | | 22,207 |
Ford Otomotiv Sanayi A/S
| | | 5,638 | | 42,159 |
Haci Omer Sabanci Holding A/S
| | | 27,719 | | 31,504 |
KOC Holding A/S
| | | 19,872 | | 40,496 |
TAV Havalimanlari Holding A/S
| | | 2,192 | | 5,508 |
Tupras Turkiye Petrol Rafinerileri A/S (b)
| | | 3,619 | | 41,461 |
Turk Hava Yollari AO (b)
| | | 11,523 | | 15,859 |
Turkcell Iletisim Hizmetleri A/S
| | | 18,548 | | 34,674 |
Turkiye Garanti Bankasi A/S (b)
| | | 63,941 | | 78,880 |
Turkiye Is Bankasi A/S Class C (b)
| | | 62,891 | | 45,043 |
| | | | | | 745,117 |
| UNITED ARAB EMIRATES — 1.1% | | | | | |
Abu Dhabi Commercial Bank PJSC
| | | 43,602 | | 54,960 |
Aldar Properties PJSC
| | | 82,829 | | 34,727 |
DP World PLC
| | | 4,426 | | 66,434 |
Dubai Islamic Bank PJSC
| | | 88,980 | | 87,208 |
Emaar Malls PJSC
| | | 35,924 | | 10,465 |
Emaar Properties PJSC
| | | 84,429 | | 51,028 |
Emirates Telecommunications Group Co. PJSC
| | | 240,073 | | 916,332 |
First Abu Dhabi Bank PJSC
| | | 211,301 | | 555,124 |
| | | | | | 1,776,278 |
| UNITED STATES — 0.1% | | | | | |
Titan Cement International SA (b)
| | | 7,951 | | 89,860 |
TOTAL COMMON STOCKS
(Cost $182,243,961)
| | | | | 156,749,853 |
| | | | |
| RIGHTS — 0.0% (f) | | |
| CHINA — 0.0% (f) | | | |
Legend Holdings Corp. (expiring 5/19/23) (b) (e)
(Cost: $0)
| | 1,461 | — |
| Security Description | | | Shares | | Value |
| WARRANTS — 0.0% (f) | | | | |
| THAILAND — 0.0% (f) | | | | | |
BTS Group Holdings PCL (expiring 2/16/21) (b)
| | | 143,400 | | $2,534 |
Minor International PCL (expiring 12/31/21) (b)
| | | 4,110 | | 177 |
Minor International PCL (expiring 9/30/21) (b)
| | | 875 | | 38 |
TOTAL WARRANTS
(Cost $0)
| | | | | 2,749 |
| SHORT-TERM INVESTMENTS — 1.0% | | | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (g) (h)
| | 240,856 | | 240,639 |
State Street Navigator Securities Lending Portfolio II (i) (j)
| | 1,355,092 | | 1,355,092 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,595,568)
| | 1,595,731 | |
TOTAL INVESTMENTS — 100.2%
(Cost $183,839,529)
| | 158,348,333 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%
| | (357,987) | |
NET ASSETS — 100.0%
| | $157,990,346 | |
| (a) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (b) | Non-income producing security. |
| (c) | 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, 2020, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (d) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (e) | 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, 2020, total aggregate fair value of these securities is $258, representing less than 0.05% of the Fund's 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, 2020 are shown in the Affiliate Table below. |
| (h) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (i) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (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 EMERGING MARKETS STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $152,245,494 | | $4,504,101 | | $258 (a) | | $156,749,853 |
Rights
| | — | | — | | 0(a) | | 0 |
Warrants
| | 2,749 | | — | | — | | 2,749 |
Short-Term Investments
| | 1,595,731 | | — | | — | | 1,595,731 |
TOTAL INVESTMENTS
| | $153,843,974 | | $4,504,101 | | $258 | | $158,348,333 |
| (a) | Fund held Level 3 securities that were valued at $0 at March 31, 2020. |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 437,290 | | $437,334 | | $7,454,627 | | $7,651,304 | | $(186) | | $168 | | 240,856 | | $240,639 | | $3,050 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 11,247,979 | | 9,892,887 | | — | | — | | 1,355,092 | | 1,355,092 | | 4,200 |
State Street Navigator Securities Lending Portfolio III
| 1,941,419 | | 1,941,419 | | 1,316,966 | | 3,258,385 | | — | | — | | — | | — | | 1,052 |
Total
| | | $2,378,753 | | $20,019,572 | | $20,802,576 | | $(186) | | $168 | | | | $1,595,731 | | $8,302 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.3% | | | | |
| AUSTRALIA — 1.4% | | | | | |
AGL Energy, Ltd.
| | | 86 | | $905 |
AMP, Ltd. (a)
| | | 846 | | 691 |
Aristocrat Leisure, Ltd.
| | | 100 | | 1,307 |
Aurizon Holdings, Ltd.
| | | 876 | | 2,268 |
Australia & New Zealand Banking Group, Ltd.
| | | 1,060 | | 11,003 |
Bendigo & Adelaide Bank, Ltd.
| | | 232 | | 890 |
BHP Group PLC
| | | 465 | | 7,219 |
BHP Group, Ltd.
| | | 504 | | 8,940 |
BlueScope Steel, Ltd.
| | | 510 | | 2,694 |
Brambles, Ltd.
| | | 365 | | 2,359 |
Caltex Australia, Ltd.
| | | 81 | | 1,106 |
Cochlear, Ltd. (b)
| | | 53 | | 6,081 |
Coles Group, Ltd.
| | | 1,297 | | 12,034 |
Commonwealth Bank of Australia
| | | 510 | | 19,297 |
CSL, Ltd.
| | | 352 | | 63,917 |
Dexus REIT
| | | 504 | | 2,804 |
Flight Centre Travel Group, Ltd. (b)
| | | 112 | | 679 |
Fortescue Metals Group, Ltd.
| | | 173 | | 1,059 |
Goodman Group REIT
| | | 536 | | 3,969 |
GPT Group REIT
| | | 986 | | 2,191 |
Incitec Pivot, Ltd.
| | | 473 | | 585 |
Insurance Australia Group, Ltd.
| | | 136 | | 516 |
LendLease Group Stapled Security
| | | 51 | | 321 |
Macquarie Group, Ltd.
| | | 45 | | 2,362 |
Magellan Financial Group, Ltd. (b)
| | | 145 | | 3,862 |
Medibank Pvt, Ltd.
| | | 2,461 | | 4,007 |
Mirvac Group REIT
| | | 2,148 | | 2,748 |
National Australia Bank, Ltd.
| | | 1,048 | | 10,699 |
Newcrest Mining, Ltd.
| | | 819 | | 11,554 |
Oil Search, Ltd.
| | | 373 | | 543 |
Origin Energy, Ltd.
| | | 523 | | 1,402 |
QBE Insurance Group, Ltd.
| | | 410 | | 2,158 |
REA Group, Ltd.
| | | 56 | | 2,639 |
Santos, Ltd.
| | | 5 | | 10 |
Scentre Group REIT
| | | 1,753 | | 1,679 |
Sonic Healthcare, Ltd.
| | | 595 | | 8,860 |
South32, Ltd.
| | | 3,442 | | 3,718 |
Stockland REIT
| | | 1,177 | | 1,823 |
Suncorp Group, Ltd.
| | | 303 | | 1,693 |
Telstra Corp., Ltd.
| | | 1,772 | | 3,330 |
Transurban Group Stapled Security
| | | 1,974 | | 14,547 |
Vicinity Centres REIT
| | | 1,853 | | 1,174 |
Wesfarmers, Ltd.
| | | 1,216 | | 25,506 |
Westpac Banking Corp.
| | | 1,213 | | 12,250 |
Woodside Petroleum, Ltd.
| | | 132 | | 1,471 |
Woolworths Group, Ltd.
| | | 1,296 | | 27,842 |
| | | | | | 298,712 |
| AUSTRIA — 0.0% (c) | | | | | |
Erste Group Bank AG
| | | 211 | | 3,909 |
OMV AG
| | | 66 | | 1,822 |
Raiffeisen Bank International AG
| | | 5 | | 74 |
| Security Description | | | Shares | | Value |
Voestalpine AG
| | | 15 | | $305 |
| | | | | | 6,110 |
| BELGIUM — 0.3% | | | | | |
Ageas
| | | 96 | | 3,993 |
Anheuser-Busch InBev SA
| | | 110 | | 4,885 |
Colruyt SA
| | | 279 | | 15,083 |
Groupe Bruxelles Lambert SA
| | | 36 | | 2,829 |
KBC Group NV
| | | 71 | | 3,274 |
Proximus SADP
| | | 589 | | 13,488 |
Solvay SA
| | | 30 | | 2,185 |
Telenet Group Holding NV
| | | 192 | | 5,781 |
UCB SA
| | | 229 | | 19,850 |
| | | | | | 71,368 |
| CANADA — 3.8% | | | | | |
Agnico Eagle Mines, Ltd.
| | | 950 | | 37,497 |
Alimentation Couche-Tard, Inc. Class B
| | | 266 | | 6,195 |
Bank of Montreal
| | | 357 | | 17,823 |
Bank of Nova Scotia
| | | 349 | | 14,091 |
Barrick Gold Corp.
| | | 3,940 | | 71,583 |
Bausch Health Cos., Inc. (a)
| | | 151 | | 2,314 |
BCE, Inc.
| | | 589 | | 23,889 |
Bombardier, Inc. Class B (a)
| | | 726 | | 232 |
Brookfield Asset Management, Inc. Class A
| | | 182 | | 7,976 |
Canadian Imperial Bank of Commerce (b)
| | | 227 | | 13,078 |
Canadian National Railway Co.
| | | 556 | | 42,981 |
Canadian Natural Resources, Ltd.
| | | 230 | | 3,111 |
Canadian Pacific Railway, Ltd.
| | | 145 | | 31,636 |
Cenovus Energy, Inc.
| | | 373 | | 744 |
CGI, Inc. (a)
| | | 475 | | 25,426 |
CI Financial Corp. (b)
| | | 373 | | 3,661 |
Constellation Software, Inc.
| | | 21 | | 18,871 |
Empire Co., Ltd. Class A
| | | 500 | | 9,671 |
Enbridge, Inc.
| | | 391 | | 11,257 |
Fairfax Financial Holdings, Ltd.
| | | 45 | | 13,640 |
First Capital Real Estate Investment Trust
| | | 449 | | 4,300 |
Fortis, Inc.
| | | 152 | | 5,795 |
Franco-Nevada Corp.
| | | 776 | | 76,659 |
George Weston, Ltd.
| | | 78 | | 5,515 |
Great-West Lifeco, Inc.
| | | 340 | | 5,807 |
Husky Energy, Inc. (b)
| | | 301 | | 749 |
iA Financial Corp., Inc.
| | | 75 | | 2,331 |
Imperial Oil, Ltd.
| | | 80 | | 894 |
Intact Financial Corp.
| | | 548 | | 46,828 |
Inter Pipeline, Ltd. (b)
| | | 149 | | 881 |
Kinross Gold Corp. (a)
| | | 3,998 | | 15,870 |
Kirkland Lake Gold, Ltd.
| | | 300 | | 8,736 |
Loblaw Cos., Ltd.
| | | 221 | | 11,265 |
Magna International, Inc.
| | | 342 | | 10,791 |
Manulife Financial Corp.
| | | 673 | | 8,355 |
Metro, Inc.
| | | 130 | | 5,198 |
National Bank of Canada
| | | 75 | | 2,866 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Nutrien, Ltd. (b)
| | | 151 | | $5,104 |
Open Text Corp.
| | | 226 | | 7,814 |
Pembina Pipeline Corp. (b)
| | | 30 | | 556 |
Power Corp. of Canada
| | | 390 | | 6,203 |
PrairieSky Royalty, Ltd. (b)
| | | 71 | | 371 |
Restaurant Brands International, Inc.
| | | 8 | | 319 |
RioCan Real Estate Investment Trust
| | | 550 | | 6,233 |
Rogers Communications, Inc. Class B
| | | 524 | | 21,625 |
Royal Bank of Canada
| | | 386 | | 23,640 |
Saputo, Inc.
| | | 11 | | 261 |
Shaw Communications, Inc. Class B
| | | 616 | | 9,880 |
SmartCentres Real Estate Investment Trust
| | | 11 | | 146 |
Sun Life Financial, Inc. (b)
| | | 120 | | 3,817 |
Suncor Energy, Inc.
| | | 418 | | 6,596 |
TC Energy Corp.
| | | 153 | | 6,724 |
Teck Resources, Ltd. Class B
| | | 451 | | 3,381 |
TELUS Corp.
| | | 1,696 | | 26,512 |
Thomson Reuters Corp.
| | | 286 | | 19,266 |
Toronto-Dominion Bank
| | | 866 | | 36,402 |
Waste Connections, Inc.
| | | 374 | | 28,985 |
Wheaton Precious Metals Corp.
| | | 380 | | 10,340 |
| | | | | | 792,691 |
| CHINA — 0.0% (c) | | | | | |
BOC Hong Kong Holdings, Ltd.
| | | 2,500 | | 6,918 |
| DENMARK — 1.2% | | | | | |
AP Moller - Maersk A/S Class A
| | | 5 | | 4,143 |
Carlsberg A/S Class B
| | | 78 | | 8,829 |
Chr. Hansen Holding A/S
| | | 94 | | 7,033 |
Coloplast A/S Class B
| | | 274 | | 39,750 |
Danske Bank A/S
| | | 503 | | 5,688 |
DSV Panalpina A/S
| | | 156 | | 14,181 |
H Lundbeck A/S
| | | 33 | | 979 |
ISS A/S (b)
| | | 62 | | 852 |
Novo Nordisk A/S Class B
| | | 2,155 | | 129,649 |
Novozymes A/S Class B
| | | 200 | | 9,096 |
Orsted A/S (d)
| | | 50 | | 4,899 |
Pandora A/S
| | | 136 | | 4,417 |
Tryg A/S
| | | 495 | | 12,177 |
Vestas Wind Systems A/S
| | | 119 | | 9,669 |
| | | | | | 251,362 |
| FINLAND — 0.6% | | | | | |
Elisa Oyj
| | | 652 | | 40,406 |
Fortum Oyj
| | | 5 | | 73 |
Kone Oyj Class B
| | | 294 | | 16,652 |
Neste Oyj
| | | 235 | | 7,955 |
Nokia Oyj (e)
| | | 479 | | 1,508 |
Nokia Oyj (e)
| | | 5,583 | | 17,493 |
Nokian Renkaat Oyj (b)
| | | 99 | | 2,397 |
Nordea Bank Abp
| | | 1,380 | | 7,811 |
Orion Oyj Class B (b)
| | | 131 | | 5,359 |
Sampo Oyj Class A
| | | 525 | | 15,335 |
| Security Description | | | Shares | | Value |
Stora Enso Oyj Class R
| | | 193 | | $1,958 |
UPM-Kymmene Oyj (b)
| | | 157 | | 4,322 |
Wartsila OYJ Abp (b)
| | | 405 | | 2,973 |
| | | | | | 124,242 |
| FRANCE — 2.6% | | | | | |
Aeroports de Paris
| | | 3 | | 288 |
Air Liquide SA
| | | 69 | | 8,832 |
Airbus SE
| | | 439 | | 28,584 |
Arkema SA
| | | 9 | | 622 |
Atos SE
| | | 27 | | 1,829 |
AXA SA
| | | 973 | | 16,856 |
BNP Paribas SA
| | | 753 | | 22,730 |
Bouygues SA
| | | 101 | | 2,961 |
Bureau Veritas SA
| | | 5 | | 95 |
Capgemini SE
| | | 26 | | 2,197 |
Carrefour SA (b)
| | | 479 | | 7,576 |
Casino Guichard Perrachon SA (b)
| | | 90 | | 3,467 |
Cie de Saint-Gobain
| | | 263 | | 6,396 |
Cie Generale des Etablissements Michelin SCA
| | | 65 | | 5,781 |
CNP Assurances
| | | 15 | | 147 |
Credit Agricole SA
| | | 777 | | 5,704 |
Danone SA
| | | 102 | | 6,563 |
Dassault Systemes SE
| | | 8 | | 1,185 |
Eiffage SA
| | | 35 | | 2,477 |
Electricite de France SA
| | | 319 | | 2,515 |
Engie SA
| | | 949 | | 9,801 |
EssilorLuxottica SA
| | | 33 | | 3,559 |
Eurazeo SE
| | | 118 | | 5,324 |
Faurecia SE
| | | 45 | | 1,348 |
Gecina SA REIT
| | | 21 | | 2,781 |
Getlink SE
| | | 949 | | 11,444 |
Hermes International
| | | 61 | | 42,087 |
Iliad SA
| | | 5 | | 678 |
Ipsen SA
| | | 26 | | 1,346 |
Kering SA
| | | 54 | | 28,198 |
Klepierre SA REIT
| | | 98 | | 1,889 |
Legrand SA
| | | 11 | | 706 |
L'Oreal SA
| | | 168 | | 44,038 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 202 | | 75,016 |
Natixis SA
| | | 589 | | 1,917 |
Orange SA
| | | 3,949 | | 48,248 |
Pernod Ricard SA
| | | 46 | | 6,534 |
Peugeot SA
| | | 303 | | 4,044 |
Publicis Groupe SA
| | | 70 | | 2,006 |
Renault SA
| | | 272 | | 5,285 |
Safran SA
| | | 57 | | 5,012 |
Sanofi
| | | 229 | | 20,137 |
Sartorius Stedim Biotech
| | | 33 | | 6,626 |
Schneider Electric SE
| | | 96 | | 8,277 |
SCOR SE
| | | 110 | | 2,424 |
Societe Generale SA
| | | 786 | | 13,237 |
Sodexo SA
| | | 36 | | 2,435 |
Suez
| | | 206 | | 2,097 |
Thales SA
| | | 81 | | 6,788 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
TOTAL SA
| | | 727 | | $28,231 |
Unibail-Rodamco-Westfield (e)
| | | 780 | | 2,058 |
Unibail-Rodamco-Westfield REIT (b)(e)
| | | 20 | | 1,131 |
Valeo SA
| | | 185 | | 3,096 |
Veolia Environnement SA
| | | 227 | | 4,851 |
Vinci SA
| | | 107 | | 8,852 |
Vivendi SA
| | | 212 | | 4,542 |
Worldline SA (a)(d)
| | | 10 | | 589 |
| | | | | | 543,437 |
| GERMANY — 2.0% | | | | | |
Adidas AG
| | | 158 | | 35,696 |
Allianz SE
| | | 143 | | 24,616 |
BASF SE
| | | 317 | | 15,007 |
Bayer AG
| | | 247 | | 14,323 |
Bayerische Motoren Werke AG (e)
| | | 243 | | 12,562 |
Bayerische Motoren Werke AG Preference Shares (e)
| | | 41 | | 1,762 |
Beiersdorf AG
| | | 81 | | 8,226 |
Brenntag AG
| | | 66 | | 2,450 |
Commerzbank AG
| | | 1,072 | | 3,892 |
Continental AG
| | | 101 | | 7,271 |
Covestro AG (d)
| | | 117 | | 3,578 |
Daimler AG
| | | 622 | | 18,782 |
Deutsche Bank AG
| | | 1,589 | | 10,407 |
Deutsche Boerse AG
| | | 21 | | 2,880 |
Deutsche Lufthansa AG
| | | 152 | | 1,428 |
Deutsche Post AG
| | | 318 | | 8,645 |
Deutsche Telekom AG
| | | 6,336 | | 82,133 |
E.ON SE
| | | 565 | | 5,853 |
Fresenius Medical Care AG & Co. KGaA
| | | 36 | | 2,378 |
Fresenius SE & Co. KGaA
| | | 80 | | 2,978 |
Fuchs Petrolub SE Preference Shares
| | | 81 | | 2,872 |
Hannover Rueck SE
| | | 56 | | 8,049 |
HeidelbergCement AG
| | | 45 | | 1,930 |
Henkel AG & Co. KGaA Preference Shares (e)
| | | 120 | | 9,638 |
Henkel AG & Co. KGaA (e)
| | | 101 | | 7,464 |
Infineon Technologies AG
| | | 291 | | 4,288 |
Knorr-Bremse AG
| | | 55 | | 4,879 |
Lanxess AG
| | | 8 | | 320 |
Merck KGaA
| | | 8 | | 822 |
METRO AG
| | | 38 | | 328 |
MTU Aero Engines AG
| | | 39 | | 5,706 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 117 | | 23,634 |
Porsche Automobil Holding SE Preference Shares
| | | 107 | | 4,541 |
RWE AG
| | | 247 | | 6,494 |
SAP SE
| | | 88 | | 9,926 |
Siemens AG
| | | 161 | | 13,686 |
Siemens Healthineers AG (d)
| | | 172 | | 6,803 |
Telefonica Deutschland Holding AG
| | | 3,720 | | 9,221 |
| Security Description | | | Shares | | Value |
Thyssenkrupp AG (a)
| | | 140 | | $732 |
TUI AG
| | | 238 | | 1,071 |
Uniper SE
| | | 124 | | 3,060 |
Volkswagen AG (e)
| | | 14 | | 1,865 |
Volkswagen AG Preference Shares (e)
| | | 146 | | 17,116 |
Vonovia SE
| | | 84 | | 4,135 |
| | | | | | 413,447 |
| HONG KONG — 1.9% | | | | | |
AIA Group, Ltd.
| | | 1,800 | | 16,291 |
Bank of East Asia, Ltd.
| | | 363 | | 781 |
CK Asset Holdings, Ltd.
| | | 1,270 | | 6,955 |
CK Hutchison Holdings, Ltd.
| | | 2,500 | | 16,869 |
CK Infrastructure Holdings, Ltd.
| | | 500 | | 2,658 |
CLP Holdings, Ltd.
| | | 2,500 | | 23,062 |
Dairy Farm International Holdings, Ltd.
| | | 1,900 | | 8,740 |
Galaxy Entertainment Group, Ltd.
| | | 2,000 | | 10,670 |
Hang Seng Bank, Ltd.
| | | 2,900 | | 49,575 |
Henderson Land Development Co., Ltd.
| | | 1,310 | | 4,994 |
HK Electric Investments & HK Electric Investments, Ltd. Class SS, Stapled Security
| | | 7,331 | | 7,056 |
HKT Trust & HKT, Ltd. Stapled Security
| | | 14,540 | | 19,810 |
Hong Kong & China Gas Co., Ltd.
| | | 7,463 | | 12,305 |
Hong Kong Exchanges & Clearing, Ltd.
| | | 856 | | 25,821 |
Hongkong Land Holdings, Ltd.
| | | 800 | | 3,000 |
Jardine Matheson Holdings, Ltd.
| | | 700 | | 35,000 |
Jardine Strategic Holdings, Ltd.
| | | 1,000 | | 22,200 |
Link REIT
| | | 2,500 | | 21,191 |
MTR Corp., Ltd.
| | | 5,665 | | 29,272 |
New World Development Co., Ltd.
| | | 1,322 | | 1,422 |
NWS Holdings, Ltd.
| | | 5,000 | | 5,141 |
PCCW, Ltd.
| | | 17,000 | | 9,365 |
Power Assets Holdings, Ltd.
| | | 2,000 | | 11,960 |
Sands China, Ltd.
| | | 2,000 | | 7,328 |
Sun Hung Kai Properties, Ltd.
| | | 1,000 | | 13,186 |
Techtronic Industries Co., Ltd.
| | | 1,000 | | 6,490 |
WH Group, Ltd. (d)
| | | 2,500 | | 2,338 |
Wharf Real Estate Investment Co., Ltd. (b)
| | | 1,000 | | 4,116 |
Wheelock & Co., Ltd.
| | | 1,000 | | 6,825 |
Yue Yuen Industrial Holdings, Ltd.
| | | 3,500 | | 5,365 |
| | | | | | 389,786 |
| IRELAND — 0.9% | | | | | |
Accenture PLC Class A
| | | 750 | | 122,445 |
AerCap Holdings NV (a)
| | | 74 | | 1,686 |
AIB Group PLC (a)
| | | 1,180 | | 1,323 |
Bank of Ireland Group PLC
| | | 342 | | 647 |
CRH PLC
| | | 167 | | 4,554 |
Flutter Entertainment PLC
| | | 12 | | 1,087 |
Kerry Group PLC Class A
| | | 333 | | 38,438 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Kingspan Group PLC
| | | 116 | | $6,199 |
Smurfit Kappa Group PLC
| | | 92 | | 2,596 |
| | | | | | 178,975 |
| ISRAEL — 0.3% | | | | | |
Azrieli Group, Ltd.
| | | 69 | | 3,995 |
Bank Hapoalim BM
| | | 986 | | 5,940 |
Bank Leumi Le-Israel BM
| | | 1,823 | | 10,101 |
Check Point Software Technologies, Ltd. (a)
| | | 185 | | 18,600 |
Elbit Systems, Ltd.
| | | 2 | | 261 |
Israel Chemicals, Ltd.
| | | 5 | | 16 |
Mizrahi Tefahot Bank, Ltd.
| | | 562 | | 10,522 |
Nice, Ltd. (a)
| | | 57 | | 8,435 |
Teva Pharmaceutical Industries, Ltd. (a)
| | | 533 | | 4,909 |
| | | | | | 62,779 |
| ITALY — 0.6% | | | | | |
Assicurazioni Generali SpA
| | | 1,650 | | 22,468 |
Atlantia SpA
| | | 142 | | 1,781 |
Enel SpA
| | | 2,134 | | 14,843 |
Eni SpA
| | | 1,064 | | 10,764 |
Ferrari NV
| | | 96 | | 14,910 |
Intesa Sanpaolo SpA
| | | 10,853 | | 17,724 |
Leonardo SpA
| | | 389 | | 2,592 |
Mediobanca Banca di Credito Finanziario SpA
| | | 389 | | 2,146 |
Moncler SpA
| | | 223 | | 8,146 |
Poste Italiane SpA (d)
| | | 196 | | 1,660 |
Recordati SpA
| | | 104 | | 4,398 |
Snam SpA
| | | 293 | | 1,351 |
Telecom Italia SpA (a)(e)
| | | 6,482 | | 2,649 |
Telecom Italia SpA (e)
| | | 5,040 | | 1,994 |
UniCredit SpA
| | | 995 | | 7,803 |
| | | | | | 115,229 |
| JAPAN — 10.5% | | | | | |
ABC-Mart, Inc.
| | | 200 | | 10,023 |
Advantest Corp. (b)
| | | 200 | | 8,040 |
Aeon Co., Ltd.
| | | 500 | | 11,111 |
AGC, Inc.
| | | 200 | | 4,926 |
Aisin Seiki Co., Ltd.
| | | 100 | | 2,468 |
Ajinomoto Co., Inc.
| | | 600 | | 11,174 |
ANA Holdings, Inc.
| | | 600 | | 14,667 |
Aozora Bank, Ltd.
| | | 200 | | 3,820 |
Asahi Group Holdings, Ltd.
| | | 100 | | 3,251 |
Asahi Kasei Corp.
| | | 300 | | 2,125 |
Astellas Pharma, Inc.
| | | 1,600 | | 24,766 |
Bandai Namco Holdings, Inc. (b)
| | | 200 | | 9,710 |
Bank of Kyoto, Ltd.
| | | 100 | | 3,187 |
Bridgestone Corp. (b)
| | | 400 | | 12,313 |
Canon, Inc.
| | | 2,500 | | 54,629 |
Central Japan Railway Co.
| | | 100 | | 16,044 |
Chiba Bank, Ltd.
| | | 300 | | 1,314 |
Chubu Electric Power Co., Inc.
| | | 500 | | 7,061 |
| Security Description | | | Shares | | Value |
Chugoku Electric Power Co., Inc. (b)
| | | 200 | | $2,794 |
Concordia Financial Group, Ltd.
| | | 900 | | 2,626 |
Daifuku Co., Ltd.
| | | 100 | | 6,345 |
Dai-ichi Life Holdings, Inc.
| | | 500 | | 6,000 |
Daiichi Sankyo Co., Ltd.
| | | 100 | | 6,886 |
Daikin Industries, Ltd.
| | | 100 | | 12,200 |
Daito Trust Construction Co., Ltd.
| | | 100 | | 9,323 |
Daiwa House Industry Co., Ltd.
| | | 200 | | 4,960 |
Daiwa House REIT Investment Corp.
| | | 8 | | 19,541 |
Daiwa Securities Group, Inc.
| | | 600 | | 2,330 |
Denso Corp.
| | | 200 | | 6,468 |
Dentsu Group, Inc.
| | | 100 | | 1,933 |
East Japan Railway Co.
| | | 300 | | 22,721 |
FamilyMart Co., Ltd.
| | | 100 | | 1,795 |
FUJIFILM Holdings Corp. (b)
| | | 500 | | 25,191 |
Fujitsu, Ltd.
| | | 100 | | 9,036 |
Hamamatsu Photonics KK
| | | 400 | | 16,377 |
Hankyu Hanshin Holdings, Inc.
| | | 200 | | 6,734 |
Hitachi, Ltd.
| | | 500 | | 14,557 |
Honda Motor Co., Ltd. (b)
| | | 1,100 | | 24,760 |
Hoya Corp.
| | | 300 | | 25,566 |
Idemitsu Kosan Co., Ltd.
| | | 200 | | 4,591 |
IHI Corp.
| | | 100 | | 1,169 |
Inpex Corp.
| | | 300 | | 1,692 |
Isetan Mitsukoshi Holdings, Ltd.
| | | 200 | | 1,167 |
Isuzu Motors, Ltd.
| | | 200 | | 1,325 |
ITOCHU Corp. (b)
| | | 700 | | 14,541 |
Japan Airlines Co., Ltd. (b)
| | | 500 | | 9,217 |
Japan Exchange Group, Inc.
| | | 500 | | 8,828 |
Japan Post Bank Co., Ltd. (b)
| | | 2,000 | | 18,471 |
Japan Post Holdings Co., Ltd.
| | | 6,100 | | 47,786 |
Japan Post Insurance Co., Ltd.
| | | 300 | | 3,727 |
Japan Prime Realty Investment Corp. REIT
| | | 3 | | 9,032 |
Japan Real Estate Investment Corp. REIT
| | | 5 | | 29,318 |
Japan Retail Fund Investment Corp. REIT
| | | 11 | | 12,451 |
Japan Tobacco, Inc.
| | | 900 | | 16,640 |
JFE Holdings, Inc.
| | | 700 | | 4,558 |
JXTG Holdings, Inc.
| | | 3,900 | | 13,374 |
Kajima Corp.
| | | 300 | | 3,082 |
Kakaku.com, Inc.
| | | 200 | | 3,677 |
Kansai Electric Power Co., Inc.
| | | 500 | | 5,574 |
Kao Corp.
| | | 400 | | 32,717 |
Kawasaki Heavy Industries, Ltd.
| | | 100 | | 1,453 |
KDDI Corp.
| | | 2,600 | | 76,828 |
Keikyu Corp.
| | | 300 | | 5,049 |
Keio Corp.
| | | 300 | | 17,757 |
Kintetsu Group Holdings Co., Ltd.
| | | 500 | | 23,158 |
Kirin Holdings Co., Ltd.
| | | 200 | | 3,960 |
Koito Manufacturing Co., Ltd.
| | | 100 | | 3,386 |
Komatsu, Ltd. (b)
| | | 200 | | 3,295 |
Konica Minolta, Inc.
| | | 500 | | 2,033 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Kubota Corp.
| | | 300 | | $3,839 |
Kuraray Co., Ltd.
| | | 200 | | 2,023 |
Kyocera Corp.
| | | 100 | | 5,936 |
Kyushu Electric Power Co., Inc.
| | | 500 | | 4,025 |
Kyushu Railway Co.
| | | 657 | | 18,866 |
Lawson, Inc.
| | | 200 | | 10,986 |
M3, Inc. (b)
| | | 300 | | 8,879 |
Marubeni Corp.
| | | 1,100 | | 5,492 |
Mazda Motor Corp.
| | | 500 | | 2,649 |
McDonald's Holdings Co. Japan, Ltd.
| | | 300 | | 13,533 |
Mebuki Financial Group, Inc.
| | | 900 | | 1,834 |
MEIJI Holdings Co., Ltd.
| | | 200 | | 14,228 |
Mitsubishi Chemical Holdings Corp.
| | | 600 | | 3,573 |
Mitsubishi Corp.
| | | 800 | | 16,981 |
Mitsubishi Electric Corp.
| | | 600 | | 7,420 |
Mitsubishi Estate Co., Ltd.
| | | 200 | | 2,955 |
Mitsubishi Heavy Industries, Ltd.
| | | 200 | | 5,062 |
Mitsubishi Materials Corp.
| | | 200 | | 4,104 |
Mitsubishi Motors Corp. (b)
| | | 500 | | 1,417 |
Mitsubishi UFJ Financial Group, Inc.
| | | 10,500 | | 39,197 |
Mitsubishi UFJ Lease & Finance Co., Ltd.
| | | 500 | | 2,464 |
Mitsui & Co., Ltd.
| | | 900 | | 12,534 |
Mitsui Chemicals, Inc.
| | | 100 | | 1,900 |
Mitsui Fudosan Co., Ltd.
| | | 200 | | 3,465 |
Mitsui OSK Lines, Ltd.
| | | 100 | | 1,618 |
Mizuho Financial Group, Inc.
| | | 37,100 | | 42,477 |
MonotaRO Co., Ltd.
| | | 200 | | 5,313 |
MS&AD Insurance Group Holdings, Inc. (b)
| | | 200 | | 5,604 |
Murata Manufacturing Co., Ltd.
| | | 100 | | 5,069 |
Nagoya Railroad Co., Ltd.
| | | 800 | | 22,454 |
NEC Corp.
| | | 1,000 | | 36,543 |
NH Foods, Ltd.
| | | 100 | | 3,488 |
Nippon Building Fund, Inc. REIT
| | | 5 | | 33,533 |
Nippon Prologis REIT, Inc.
| | | 8 | | 20,097 |
Nippon Steel Corp.
| | | 900 | | 7,715 |
Nippon Telegraph & Telephone Corp.
| | | 3,000 | | 71,572 |
Nippon Yusen KK
| | | 200 | | 2,382 |
Nissan Chemical Corp.
| | | 100 | | 3,650 |
Nissan Motor Co., Ltd.
| | | 4,500 | | 14,865 |
Nitori Holdings Co., Ltd.
| | | 200 | | 27,011 |
Nitto Denko Corp.
| | | 100 | | 4,469 |
Nomura Holdings, Inc.
| | | 1,200 | | 5,089 |
Nomura Real Estate Master Fund, Inc. REIT
| | | 15 | | 18,980 |
NSK, Ltd.
| | | 300 | | 1,929 |
NTT Data Corp.
| | | 1,200 | | 11,560 |
NTT DOCOMO, Inc.
| | | 3,768 | | 117,869 |
Obayashi Corp.
| | | 500 | | 4,289 |
Oji Holdings Corp.
| | | 600 | | 3,218 |
Olympus Corp.
| | | 100 | | 1,447 |
Omron Corp.
| | | 100 | | 5,215 |
| Security Description | | | Shares | | Value |
Ono Pharmaceutical Co., Ltd.
| | | 100 | | $2,303 |
Oracle Corp. Japan
| | | 200 | | 17,489 |
Oriental Land Co., Ltd. (b)
| | | 300 | | 38,405 |
ORIX Corp.
| | | 600 | | 7,228 |
Otsuka Corp.
| | | 100 | | 4,280 |
Otsuka Holdings Co., Ltd.
| | | 100 | | 3,919 |
Pan Pacific International Holdings Corp.
| | | 500 | | 9,490 |
Panasonic Corp.
| | | 1,400 | | 10,699 |
Park24 Co., Ltd.
| | | 100 | | 1,474 |
PeptiDream, Inc. (a)
| | | 100 | | 3,492 |
Pigeon Corp.
| | | 100 | | 3,840 |
Rakuten, Inc.
| | | 500 | | 3,798 |
Recruit Holdings Co., Ltd.
| | | 898 | | 23,258 |
Resona Holdings, Inc.
| | | 1,200 | | 3,615 |
Ricoh Co., Ltd.
| | | 500 | | 3,677 |
Ryohin Keikaku Co., Ltd.
| | | 200 | | 2,249 |
Sankyo Co., Ltd.
| | | 200 | | 5,827 |
Secom Co., Ltd.
| | | 500 | | 41,564 |
Seibu Holdings, Inc.
| | | 400 | | 4,402 |
Seiko Epson Corp. (b)
| | | 200 | | 2,168 |
Sekisui Chemical Co., Ltd.
| | | 200 | | 2,655 |
Sekisui House, Ltd.
| | | 200 | | 3,306 |
Seven & i Holdings Co., Ltd.
| | | 300 | | 9,937 |
Shimamura Co., Ltd.
| | | 100 | | 6,040 |
Shimizu Corp.
| | | 500 | | 3,914 |
Shin-Etsu Chemical Co., Ltd.
| | | 100 | | 9,939 |
Shinsei Bank, Ltd. (a)
| | | 300 | | 4,007 |
Shionogi & Co., Ltd.
| | | 300 | | 14,776 |
Shizuoka Bank, Ltd.
| | | 500 | | 3,043 |
Softbank Corp. (b)
| | | 2,200 | | 28,011 |
SoftBank Group Corp. (b)
| | | 800 | | 28,071 |
Sompo Holdings, Inc.
| | | 200 | | 6,193 |
Sony Corp.
| | | 400 | | 23,791 |
Subaru Corp. (b)
| | | 300 | | 5,762 |
Sumitomo Chemical Co., Ltd.
| | | 600 | | 1,784 |
Sumitomo Corp.
| | | 700 | | 8,034 |
Sumitomo Electric Industries, Ltd.
| | | 500 | | 5,271 |
Sumitomo Metal Mining Co., Ltd.
| | | 100 | | 2,055 |
Sumitomo Mitsui Financial Group, Inc.
| | | 1,000 | | 24,297 |
Sumitomo Mitsui Trust Holdings, Inc.
| | | 200 | | 5,788 |
Sumitomo Realty & Development Co., Ltd.
| | | 100 | | 2,441 |
Sundrug Co., Ltd.
| | | 100 | | 3,205 |
Suntory Beverage & Food, Ltd.
| | | 500 | | 18,920 |
Suzuken Co., Ltd.
| | | 100 | | 3,645 |
Suzuki Motor Corp.
| | | 200 | | 4,788 |
Sysmex Corp.
| | | 100 | | 7,268 |
T&D Holdings, Inc.
| | | 400 | | 3,275 |
Taiheiyo Cement Corp.
| | | 100 | | 1,714 |
Taisei Corp.
| | | 100 | | 3,061 |
Takeda Pharmaceutical Co., Ltd.
| | | 468 | | 14,341 |
TDK Corp.
| | | 100 | | 7,762 |
Tobu Railway Co., Ltd.
| | | 500 | | 17,461 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Toho Co., Ltd.
| | | 300 | | $9,170 |
Tohoku Electric Power Co., Inc.
| | | 500 | | 4,821 |
Tokio Marine Holdings, Inc.
| | | 200 | | 9,170 |
Tokyo Electric Power Co. Holdings, Inc. (a)
| | | 3,200 | | 11,175 |
Tokyo Electron, Ltd.
| | | 100 | | 18,855 |
Tokyo Gas Co., Ltd.
| | | 300 | | 7,103 |
Tokyu Corp.
| | | 200 | | 3,149 |
Toppan Printing Co., Ltd.
| | | 200 | | 3,068 |
Toray Industries, Inc.
| | | 300 | | 1,303 |
Toshiba Corp.
| | | 100 | | 2,205 |
Toyo Suisan Kaisha, Ltd.
| | | 400 | | 19,341 |
Toyota Industries Corp.
| | | 100 | | 4,798 |
Toyota Motor Corp.
| | | 900 | | 54,198 |
Toyota Tsusho Corp.
| | | 200 | | 4,717 |
Trend Micro, Inc.
| | | 100 | | 4,947 |
United Urban Investment Corp. REIT
| | | 11 | | 10,954 |
USS Co., Ltd.
| | | 200 | | 2,753 |
West Japan Railway Co.
| | | 400 | | 27,404 |
Yamada Denki Co., Ltd.
| | | 2,400 | | 9,582 |
Yamaha Motor Co., Ltd.
| | | 200 | | 2,421 |
Yamato Holdings Co., Ltd.
| | | 200 | | 3,144 |
Yamazaki Baking Co., Ltd.
| | | 300 | | 6,272 |
Z Holdings Corp.
| | | 700 | | 2,257 |
| | | | | | 2,179,985 |
| LUXEMBOURG — 0.1% | | | | | |
ArcelorMittal SA
| | | 807 | | 7,669 |
Millicom International Cellular SA SDR
| | | 130 | | 3,669 |
SES SA
| | | 65 | | 381 |
| | | | | | 11,719 |
| NETHERLANDS — 1.3% | | | | | |
ABN AMRO Bank NV (d)
| | | 176 | | 1,445 |
Adyen NV (a)(d)
| | | 7 | | 5,919 |
Aegon NV
| | | 1,314 | | 3,336 |
Akzo Nobel NV
| | | 12 | | 790 |
ASML Holding NV
| | | 280 | | 74,488 |
EXOR NV
| | | 128 | | 6,601 |
Heineken Holding NV
| | | 33 | | 2,529 |
Heineken NV
| | | 38 | | 3,176 |
ING Groep NV
| | | 1,972 | | 10,346 |
Koninklijke Ahold Delhaize NV
| | | 1,449 | | 33,841 |
Koninklijke DSM NV
| | | 30 | | 3,407 |
Koninklijke KPN NV
| | | 5,012 | | 11,967 |
Koninklijke Philips NV
| | | 142 | | 5,752 |
NN Group NV
| | | 159 | | 4,292 |
NXP Semiconductors NV
| | | 51 | | 4,229 |
Prosus NV (a)
| | | 340 | | 23,559 |
Randstad NV
| | | 130 | | 4,589 |
Royal Dutch Shell PLC Class A
| | | 1,771 | | 31,161 |
Royal Dutch Shell PLC Class B
| | | 1,064 | | 17,940 |
Wolters Kluwer NV
| | | 214 | | 15,070 |
| | | | | | 264,437 |
| Security Description | | | Shares | | Value |
| NEW ZEALAND — 0.1% | | | | | |
Auckland International Airport, Ltd.
| | | 1,183 | | $3,500 |
Fisher & Paykel Healthcare Corp., Ltd.
| | | 510 | | 9,185 |
Ryman Healthcare, Ltd.
| | | 758 | | 4,629 |
Spark New Zealand, Ltd.
| | | 3,627 | | 8,784 |
| | | | | | 26,098 |
| NORWAY — 0.2% | | | | | |
DNB ASA
| | | 472 | | 5,248 |
Equinor ASA
| | | 191 | | 2,385 |
Gjensidige Forsikring ASA
| | | 272 | | 4,612 |
Norsk Hydro ASA
| | | 899 | | 1,937 |
Orkla ASA (b)
| | | 700 | | 5,934 |
Telenor ASA
| | | 1,926 | | 27,860 |
Yara International ASA
| | | 15 | | 470 |
| | | | | | 48,446 |
| PORTUGAL — 0.1% | | | | | |
EDP - Energias de Portugal SA
| | | 848 | | 3,404 |
Galp Energia SGPS SA
| | | 226 | | 2,578 |
Jeronimo Martins SGPS SA
| | | 270 | | 4,870 |
| | | | | | 10,852 |
| SINGAPORE — 0.6% | | | | | |
CapitaLand Commercial Trust REIT
| | | 2,600 | | 2,794 |
CapitaLand Mall Trust REIT
| | | 5,900 | | 7,417 |
DBS Group Holdings, Ltd.
| | | 500 | | 6,521 |
Keppel Corp., Ltd. (b)
| | | 800 | | 2,972 |
Oversea-Chinese Banking Corp., Ltd.
| | | 1,629 | | 9,885 |
SATS, Ltd.
| | | 2,708 | | 6,010 |
Singapore Airlines, Ltd. (b)
| | | 2,300 | | 9,272 |
Singapore Exchange, Ltd.
| | | 2,400 | | 15,490 |
Singapore Press Holdings, Ltd. (b)
| | | 2,600 | | 3,342 |
Singapore Technologies Engineering, Ltd.
| | | 3,100 | | 6,793 |
Singapore Telecommunications, Ltd.
| | | 24,742 | | 44,137 |
United Overseas Bank, Ltd.
| | | 300 | | 4,098 |
Venture Corp., Ltd.
| | | 200 | | 1,906 |
Wilmar International, Ltd.
| | | 1,700 | | 3,857 |
| | | | | | 124,494 |
| SOUTH AFRICA — 0.0% (c) | | | | | |
Anglo American PLC
| | | 279 | | 4,900 |
| SPAIN — 0.6% | | | | | |
ACS Actividades de Construccion y Servicios SA
| | | 106 | | 2,072 |
Aena SME SA (d)
| | | 2 | | 218 |
Amadeus IT Group SA
| | | 314 | | 14,884 |
Banco Bilbao Vizcaya Argentaria SA
| | | 4,567 | | 14,610 |
Banco de Sabadell SA
| | | 3,792 | | 1,951 |
Banco Santander SA
| | | 11,304 | | 27,511 |
Bankia SA
| | | 992 | | 1,108 |
Bankinter SA
| | | 218 | | 800 |
CaixaBank SA
| | | 3,324 | | 6,200 |
Enagas SA
| | | 24 | | 477 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Ferrovial SA
| | | 95 | | $2,280 |
Iberdrola SA
| | | 1,066 | | 10,508 |
Industria de Diseno Textil SA
| | | 953 | | 24,741 |
Mapfre SA
| | | 703 | | 1,201 |
Naturgy Energy Group SA
| | | 40 | | 707 |
Red Electrica Corp. SA
| | | 44 | | 790 |
Repsol SA
| | | 980 | | 8,959 |
Telefonica SA
| | | 2,401 | | 10,995 |
| | | | | | 130,012 |
| SWEDEN — 0.6% | | | | | |
Assa Abloy AB Class B
| | | 120 | | 2,273 |
Atlas Copco AB Class A
| | | 562 | | 18,940 |
Atlas Copco AB Class B
| | | 521 | | 15,408 |
Boliden AB
| | | 276 | | 5,051 |
Electrolux AB Class B
| | | 117 | | 1,462 |
Epiroc AB Class A
| | | 562 | | 5,585 |
Epiroc AB Class B
| | | 330 | | 3,278 |
Essity AB Class B
| | | 136 | | 4,200 |
Hennes & Mauritz AB Class B (b)
| | | 598 | | 7,726 |
Industrivarden AB Class C
| | | 176 | | 3,444 |
Investor AB Class B
| | | 229 | | 10,565 |
Sandvik AB
| | | 48 | | 684 |
Skandinaviska Enskilda Banken AB Class A
| | | 432 | | 2,929 |
Skanska AB Class B (a)
| | | 114 | | 1,743 |
SKF AB Class B (b)
| | | 191 | | 2,635 |
Svenska Handelsbanken AB Class A (a)
| | | 392 | | 3,290 |
Swedbank AB Class A
| | | 734 | | 8,212 |
Telefonaktiebolaget LM Ericsson Class B
| | | 2,289 | | 18,728 |
Telia Co. AB
| | | 2,036 | | 7,336 |
Volvo AB Class B
| | | 404 | | 4,873 |
| | | | | | 128,362 |
| SWITZERLAND — 4.8% | | | | | |
ABB, Ltd.
| | | 248 | | 4,359 |
Adecco Group AG
| | | 191 | | 7,529 |
Alcon, Inc. (a)
| | | 184 | | 9,381 |
Baloise Holding AG
| | | 8 | | 1,049 |
Chocoladefabriken Lindt & Spruengli AG
| | | 4 | | 33,714 |
Cie Financiere Richemont SA
| | | 65 | | 3,564 |
Coca-Cola HBC AG
| | | 169 | | 3,640 |
Credit Suisse Group AG
| | | 601 | | 4,969 |
EMS-Chemie Holding AG
| | | 12 | | 7,547 |
Geberit AG
| | | 34 | | 14,970 |
Givaudan SA
| | | 10 | | 30,954 |
Glencore PLC
| | | 7,875 | | 12,089 |
Julius Baer Group, Ltd.
| | | 39 | | 1,331 |
Kuehne + Nagel International AG
| | | 166 | | 22,793 |
LafargeHolcim, Ltd.
| | | 179 | | 6,542 |
Lonza Group AG
| | | 14 | | 5,820 |
Nestle SA
| | | 1,270 | | 130,537 |
Novartis AG
| | | 923 | | 76,173 |
Partners Group Holding AG
| | | 33 | | 22,838 |
| Security Description | | | Shares | | Value |
Roche Holding AG
| | | 896 | | $290,826 |
Schindler Holding AG (e)
| | | 30 | | 6,586 |
Schindler Holding AG (e)
| | | 26 | | 5,493 |
SGS SA
| | | 5 | | 11,586 |
Sika AG
| | | 19 | | 3,141 |
Sonova Holding AG
| | | 98 | | 17,664 |
STMicroelectronics NV
| | | 78 | | 1,701 |
Straumann Holding AG
| | | 1 | | 746 |
Swatch Group AG
| | | 6 | | 1,200 |
Swiss Life Holding AG
| | | 23 | | 7,830 |
Swiss Prime Site AG
| | | 227 | | 22,230 |
Swiss Re AG
| | | 932 | | 71,820 |
Swisscom AG (b)
| | | 101 | | 54,302 |
TE Connectivity, Ltd.
| | | 306 | | 19,272 |
Temenos AG
| | | 50 | | 6,558 |
UBS Group AG
| | | 1,577 | | 14,744 |
Zurich Insurance Group AG
| | | 197 | | 69,919 |
| | | | | | 1,005,417 |
| UNITED KINGDOM — 4.8% | | | | | |
3i Group PLC
| | | 1,000 | | 9,823 |
Admiral Group PLC
| | | 535 | | 14,793 |
Amcor PLC
| | | 1,414 | | 11,285 |
Ashtead Group PLC
| | | 396 | | 8,669 |
Associated British Foods PLC
| | | 80 | | 1,799 |
AstraZeneca PLC
| | | 1,106 | | 98,959 |
Auto Trader Group PLC (d)
| | | 65 | | 354 |
Aviva PLC
| | | 1,258 | | 4,188 |
BAE Systems PLC
| | | 2,985 | | 19,313 |
Barclays PLC
| | | 10,872 | | 12,687 |
Barratt Developments PLC
| | | 970 | | 5,304 |
Berkeley Group Holdings PLC
| | | 157 | | 7,037 |
BP PLC
| | | 7,547 | | 32,210 |
British American Tobacco PLC ADR (b)(e)
| | | 616 | | 21,061 |
British American Tobacco PLC (e)
| | | 148 | | 5,063 |
British Land Co. PLC REIT
| | | 313 | | 1,305 |
BT Group PLC
| | | 5,575 | | 8,150 |
Bunzl PLC
| | | 324 | | 6,546 |
Burberry Group PLC
| | | 383 | | 6,290 |
Capri Holdings, Ltd. (a)
| | | 179 | | 1,931 |
Centrica PLC
| | | 3,423 | | 1,616 |
CNH Industrial NV
| | | 349 | | 1,997 |
Coca-Cola European Partners PLC
| | | 69 | | 2,590 |
Compass Group PLC
| | | 2,646 | | 41,471 |
Croda International PLC
| | | 138 | | 7,310 |
DCC PLC
| | | 41 | | 2,593 |
Diageo PLC
| | | 1,921 | | 61,609 |
Direct Line Insurance Group PLC
| | | 5,689 | | 20,873 |
easyJet PLC (b)
| | | 57 | | 404 |
Experian PLC
| | | 675 | | 18,840 |
Fiat Chrysler Automobiles NV
| | | 854 | | 6,158 |
G4S PLC
| | | 520 | | 595 |
GlaxoSmithKline PLC
| | | 2,191 | | 41,148 |
Halma PLC
| | | 294 | | 7,003 |
Hargreaves Lansdown PLC
| | | 274 | | 4,709 |
HSBC Holdings PLC
| | | 7,952 | | 44,789 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Imperial Brands PLC
| | | 991 | | $18,393 |
Informa PLC
| | | 301 | | 1,652 |
Intertek Group PLC
| | | 157 | | 9,200 |
ITV PLC
| | | 3,995 | | 3,270 |
J Sainsbury PLC
| | | 2,531 | | 6,603 |
JD Sports Fashion PLC
| | | 512 | | 2,906 |
Johnson Matthey PLC
| | | 191 | | 4,258 |
Kingfisher PLC
| | | 2,024 | | 3,611 |
Land Securities Group PLC REIT
| | | 221 | | 1,526 |
Legal & General Group PLC
| | | 4,886 | | 11,744 |
Liberty Global PLC Class C (a)
| | | 200 | | 3,142 |
Linde PLC
| | | 36 | | 6,228 |
Lloyds Banking Group PLC
| | | 31,454 | | 12,480 |
London Stock Exchange Group PLC
| | | 47 | | 4,243 |
M&G PLC (a)
| | | 3,078 | | 4,297 |
Marks & Spencer Group PLC
| | | 1,659 | | 2,041 |
Melrose Industries PLC
| | | 8 | | 9 |
Mondi PLC
| | | 309 | | 5,291 |
National Grid PLC
| | | 873 | | 10,247 |
Next PLC
| | | 126 | | 6,362 |
Pearson PLC
| | | 197 | | 1,350 |
Pentair PLC
| | | 151 | | 4,494 |
Persimmon PLC
| | | 301 | | 7,153 |
Prudential PLC
| | | 774 | | 9,938 |
Reckitt Benckiser Group PLC
| | | 99 | | 7,549 |
RELX PLC
| | | 1,336 | | 28,692 |
Rio Tinto PLC
| | | 971 | | 44,770 |
Rio Tinto, Ltd.
| | | 389 | | 20,135 |
Rolls-Royce Holdings PLC
| | | 225 | | 950 |
Royal Bank of Scotland Group PLC
| | | 2,131 | | 2,983 |
RSA Insurance Group PLC
| | | 87 | | 454 |
Sage Group PLC
| | | 1,060 | | 7,778 |
Smith & Nephew PLC
| | | 779 | | 13,856 |
Smiths Group PLC
| | | 57 | | 867 |
Spirax-Sarco Engineering PLC
| | | 56 | | 5,670 |
SSE PLC
| | | 440 | | 7,120 |
St James's Place PLC
| | | 449 | | 4,229 |
Standard Chartered PLC
| | | 1,529 | | 8,452 |
Standard Life Aberdeen PLC
| | | 334 | | 927 |
Taylor Wimpey PLC
| | | 3,232 | | 4,709 |
TechnipFMC PLC
| | | 151 | | 1,018 |
Tesco PLC
| | | 2,914 | | 8,267 |
Unilever NV
| | | 1,481 | | 72,809 |
Unilever PLC
| | | 906 | | 45,784 |
United Utilities Group PLC
| | | 358 | | 4,008 |
Vodafone Group PLC
| | | 15,440 | | 21,634 |
Weir Group PLC
| | | 5 | | 45 |
Whitbread PLC
| | | 63 | | 2,367 |
Wm Morrison Supermarkets PLC
| | | 1,282 | | 2,830 |
WPP PLC
| | | 628 | | 4,294 |
| | | | | | 1,003,107 |
| UNITED STATES — 60.0% | | | | | |
3M Co.
| | | 509 | | 69,484 |
Abbott Laboratories
| | | 157 | | 12,389 |
AbbVie, Inc.
| | | 220 | | 16,762 |
| Security Description | | | Shares | | Value |
Activision Blizzard, Inc.
| | | 135 | | $8,030 |
Adobe, Inc. (a)
| | | 363 | | 115,521 |
AES Corp.
| | | 276 | | 3,754 |
Aflac, Inc.
| | | 506 | | 17,325 |
Agilent Technologies, Inc.
| | | 27 | | 1,934 |
AGNC Investment Corp. REIT
| | | 2,419 | | 25,593 |
Air Products & Chemicals, Inc.
| | | 38 | | 7,585 |
Align Technology, Inc. (a)
| | | 95 | | 16,525 |
Alleghany Corp.
| | | 41 | | 22,646 |
Allegion PLC
| | | 100 | | 9,202 |
Allergan PLC
| | | 65 | | 11,511 |
Alliant Energy Corp.
| | | 75 | | 3,622 |
Allstate Corp.
| | | 628 | | 57,606 |
Ally Financial, Inc.
| | | 217 | | 3,131 |
Alphabet, Inc. Class A (a)
| | | 190 | | 220,770 |
Alphabet, Inc. Class C (a)
| | | 186 | | 216,283 |
Altria Group, Inc.
| | | 2,111 | | 81,632 |
Amazon.com, Inc. (a)
| | | 15 | | 29,246 |
Ameren Corp.
| | | 289 | | 21,048 |
American Airlines Group, Inc. (b)
| | | 75 | | 914 |
American Electric Power Co., Inc.
| | | 434 | | 34,711 |
American Express Co.
| | | 151 | | 12,927 |
American Financial Group, Inc.
| | | 175 | | 12,264 |
American International Group, Inc.
| | | 280 | | 6,790 |
American Tower Corp. REIT
| | | 169 | | 36,800 |
American Water Works Co., Inc.
| | | 110 | | 13,152 |
Ameriprise Financial, Inc.
| | | 111 | | 11,375 |
AmerisourceBergen Corp.
| | | 140 | | 12,390 |
Amgen, Inc.
| | | 444 | | 90,012 |
Amphenol Corp. Class A
| | | 494 | | 36,003 |
Analog Devices, Inc.
| | | 100 | | 8,965 |
Annaly Capital Management, Inc. REIT
| | | 6,170 | | 31,282 |
Anthem, Inc.
| | | 111 | | 25,201 |
AO Smith Corp.
| | | 151 | | 5,709 |
Aon PLC
| | | 370 | | 61,065 |
Apache Corp.
| | | 75 | | 314 |
Apple, Inc.
| | | 2,032 | | 516,717 |
Applied Materials, Inc.
| | | 879 | | 40,276 |
Aptiv PLC
| | | 148 | | 7,288 |
Aramark
| | | 126 | | 2,516 |
Arch Capital Group, Ltd. (a)
| | | 1,258 | | 35,803 |
Archer-Daniels-Midland Co.
| | | 190 | | 6,684 |
Arista Networks, Inc. (a)
| | | 75 | | 15,191 |
Arrow Electronics, Inc. (a)
| | | 71 | | 3,683 |
Arthur J Gallagher & Co.
| | | 151 | | 12,308 |
AT&T, Inc.
| | | 3,152 | | 91,881 |
Athene Holding, Ltd. Class A (a)
| | | 118 | | 2,929 |
Automatic Data Processing, Inc.
| | | 580 | | 79,274 |
AutoZone, Inc. (a)
| | | 27 | | 22,842 |
AvalonBay Communities, Inc. REIT
| | | 285 | | 41,943 |
Avery Dennison Corp.
| | | 75 | | 7,640 |
Baker Hughes Co.
| | | 401 | | 4,210 |
Ball Corp.
| | | 30 | | 1,940 |
Bank of America Corp.
| | | 3,014 | | 63,987 |
Bank of New York Mellon Corp.
| | | 208 | | 7,005 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Baxter International, Inc.
| | | 371 | | $30,121 |
Becton Dickinson and Co.
| | | 55 | | 12,637 |
Berkshire Hathaway, Inc. Class B (a)
| | | 414 | | 75,692 |
Best Buy Co., Inc.
| | | 291 | | 16,587 |
Biogen, Inc. (a)
| | | 191 | | 60,429 |
Black Knight, Inc. (a)
| | | 600 | | 34,836 |
BlackRock, Inc.
| | | 21 | | 9,239 |
Boeing Co.
| | | 77 | | 11,484 |
Booking Holdings, Inc. (a)
| | | 42 | | 56,503 |
Booz Allen Hamilton Holding Corp.
| | | 300 | | 20,592 |
BorgWarner, Inc.
| | | 212 | | 5,166 |
Boston Scientific Corp. (a)
| | | 138 | | 4,503 |
Bristol-Myers Squibb Co.
| | | 1,626 | | 90,633 |
Broadcom, Inc.
| | | 35 | | 8,298 |
Broadridge Financial Solutions, Inc.
| | | 324 | | 30,725 |
Brown & Brown, Inc.
| | | 700 | | 25,354 |
Brown-Forman Corp. Class B
| | | 233 | | 12,934 |
Bunge, Ltd.
| | | 86 | | 3,529 |
Burlington Stores, Inc. (a)
| | | 75 | | 11,884 |
C.H. Robinson Worldwide, Inc.
| | | 364 | | 24,097 |
Cadence Design Systems, Inc. (a)
| | | 226 | | 14,925 |
Camden Property Trust REIT
| | | 66 | | 5,230 |
Campbell Soup Co.
| | | 342 | | 15,787 |
Capital One Financial Corp.
| | | 146 | | 7,361 |
Cardinal Health, Inc.
| | | 248 | | 11,889 |
CarMax, Inc. (a)(b)
| | | 15 | | 807 |
Carnival Corp.
| | | 95 | | 1,251 |
Carnival PLC
| | | 53 | | 645 |
Caterpillar, Inc.
| | | 86 | | 9,979 |
Cboe Global Markets, Inc.
| | | 200 | | 17,850 |
CBRE Group, Inc. Class A (a)
| | | 75 | | 2,828 |
CDK Global, Inc.
| | | 6 | | 197 |
Celanese Corp.
| | | 140 | | 10,275 |
Centene Corp. (a)
| | | 151 | | 8,971 |
CenterPoint Energy, Inc.
| | | 26 | | 402 |
CenturyLink, Inc.
| | | 619 | | 5,856 |
Cerner Corp.
| | | 23 | | 1,449 |
CF Industries Holdings, Inc.
| | | 54 | | 1,469 |
Charles Schwab Corp.
| | | 171 | | 5,749 |
Charter Communications, Inc. Class A (a)
| | | 41 | | 17,889 |
Chevron Corp.
| | | 589 | | 42,679 |
Chubb, Ltd.
| | | 389 | | 43,447 |
Church & Dwight Co., Inc.
| | | 518 | | 33,245 |
Cigna Corp. (a)
| | | 105 | | 18,604 |
Cincinnati Financial Corp.
| | | 298 | | 22,484 |
Cintas Corp.
| | | 100 | | 17,322 |
Cisco Systems, Inc.
| | | 4,421 | | 173,790 |
Citigroup, Inc.
| | | 1,127 | | 47,469 |
Citizens Financial Group, Inc.
| | | 179 | | 3,367 |
Citrix Systems, Inc.
| | | 465 | | 65,821 |
Clorox Co.
| | | 273 | | 47,297 |
CME Group, Inc.
| | | 190 | | 32,853 |
CMS Energy Corp.
| | | 175 | | 10,281 |
Coca-Cola Co.
| | | 1,865 | | 82,526 |
Cognex Corp.
| | | 151 | | 6,375 |
| Security Description | | | Shares | | Value |
Cognizant Technology Solutions Corp. Class A
| | | 633 | | $29,416 |
Colgate-Palmolive Co.
| | | 310 | | 20,572 |
Comcast Corp. Class A
| | | 1,414 | | 48,613 |
Comerica, Inc.
| | | 33 | | 968 |
Conagra Brands, Inc.
| | | 49 | | 1,438 |
Concho Resources, Inc.
| | | 100 | | 4,285 |
ConocoPhillips
| | | 216 | | 6,653 |
Consolidated Edison, Inc.
| | | 1,109 | | 86,502 |
Copart, Inc. (a)
| | | 151 | | 10,347 |
Corning, Inc.
| | | 197 | | 4,046 |
Corteva, Inc. (a)
| | | 533 | | 12,525 |
Costco Wholesale Corp.
| | | 399 | | 113,767 |
Crown Castle International Corp. REIT
| | | 272 | | 39,277 |
CSX Corp.
| | | 120 | | 6,876 |
Cummins, Inc.
| | | 161 | | 21,787 |
CVS Health Corp.
| | | 503 | | 29,843 |
D.R. Horton, Inc.
| | | 75 | | 2,550 |
Danaher Corp.
| | | 230 | | 31,834 |
Darden Restaurants, Inc.
| | | 157 | | 8,550 |
DaVita, Inc. (a)
| | | 56 | | 4,259 |
Deere & Co.
| | | 39 | | 5,388 |
Dell Technologies, Inc. Class C (a)
| | | 53 | | 2,096 |
Delta Air Lines, Inc.
| | | 26 | | 742 |
Devon Energy Corp.
| | | 95 | | 656 |
Diamondback Energy, Inc.
| | | 100 | | 2,620 |
Discover Financial Services
| | | 50 | | 1,784 |
Discovery, Inc. Class A (a)(b)
| | | 200 | | 3,888 |
Discovery, Inc. Class C (a)
| | | 81 | | 1,421 |
DISH Network Corp. Class A (a)
| | | 69 | | 1,379 |
Dollar General Corp.
| | | 365 | | 55,119 |
Dollar Tree, Inc. (a)
| | | 81 | | 5,951 |
Dominion Energy, Inc.
| | | 652 | | 47,068 |
Dover Corp.
| | | 45 | | 3,777 |
Dow, Inc.
| | | 133 | | 3,889 |
DTE Energy Co.
| | | 136 | | 12,916 |
Duke Energy Corp.
| | | 773 | | 62,520 |
Duke Realty Corp. REIT
| | | 226 | | 7,318 |
DuPont de Nemours, Inc.
| | | 233 | | 7,945 |
DXC Technology Co.
| | | 233 | | 3,041 |
E*TRADE Financial Corp.
| | | 75 | | 2,574 |
East West Bancorp, Inc.
| | | 100 | | 2,574 |
Eastman Chemical Co.
| | | 15 | | 699 |
Eaton Corp. PLC
| | | 90 | | 6,992 |
Eaton Vance Corp.
| | | 120 | | 3,870 |
eBay, Inc.
| | | 313 | | 9,409 |
Ecolab, Inc.
| | | 75 | | 11,687 |
Edison International
| | | 66 | | 3,616 |
Edwards Lifesciences Corp. (a)
| | | 126 | | 23,766 |
Eli Lilly & Co.
| | | 1,141 | | 158,280 |
Emerson Electric Co.
| | | 474 | | 22,586 |
Entergy Corp.
| | | 166 | | 15,599 |
EOG Resources, Inc.
| | | 105 | | 3,772 |
Equitable Holdings, Inc.
| | | 300 | | 4,335 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Equity LifeStyle Properties, Inc. REIT
| | | 200 | | $11,496 |
Equity Residential REIT
| | | 438 | | 27,029 |
Erie Indemnity Co. Class A (b)
| | | 100 | | 14,824 |
Essex Property Trust, Inc. REIT
| | | 75 | | 16,518 |
Estee Lauder Cos., Inc. Class A
| | | 226 | | 36,011 |
Everest Re Group, Ltd.
| | | 142 | | 27,324 |
Evergy, Inc.
| | | 386 | | 21,249 |
Eversource Energy
| | | 199 | | 15,564 |
Exelon Corp.
| | | 285 | | 10,491 |
Expeditors International of Washington, Inc.
| | | 225 | | 15,012 |
Extra Space Storage, Inc. REIT
| | | 275 | | 26,334 |
Exxon Mobil Corp.
| | | 1,323 | | 50,234 |
F5 Networks, Inc. (a)
| | | 136 | | 14,502 |
Facebook, Inc. Class A (a)
| | | 1,574 | | 262,543 |
FactSet Research Systems, Inc.
| | | 34 | | 8,863 |
Fastenal Co.
| | | 551 | | 17,219 |
Federal Realty Investment Trust REIT
| | | 21 | | 1,567 |
FedEx Corp.
| | | 65 | | 7,882 |
Ferguson PLC
| | | 190 | | 11,911 |
Fidelity National Financial, Inc.
| | | 492 | | 12,241 |
Fidelity National Information Services, Inc.
| | | 343 | | 41,723 |
Fifth Third Bancorp
| | | 319 | | 4,737 |
FirstEnergy Corp.
| | | 167 | | 6,692 |
Fiserv, Inc. (a)
| | | 401 | | 38,091 |
FleetCor Technologies, Inc. (a)
| | | 11 | | 2,052 |
Flex, Ltd. (a)
| | | 139 | | 1,164 |
Ford Motor Co.
| | | 3,107 | | 15,007 |
Fortinet, Inc. (a)
| | | 100 | | 10,117 |
Fortive Corp.
| | | 1 | | 55 |
Fox Corp. Class A
| | | 111 | | 2,623 |
Franklin Resources, Inc. (b)
| | | 232 | | 3,872 |
Freeport-McMoRan, Inc.
| | | 449 | | 3,031 |
Gap, Inc. (b)
| | | 294 | | 2,070 |
Garmin, Ltd.
| | | 75 | | 5,622 |
General Dynamics Corp.
| | | 239 | | 31,622 |
General Electric Co.
| | | 2,628 | | 20,866 |
General Mills, Inc.
| | | 267 | | 14,090 |
General Motors Co.
| | | 962 | | 19,990 |
Genuine Parts Co.
| | | 99 | | 6,666 |
Gilead Sciences, Inc.
| | | 358 | | 26,764 |
Goldman Sachs Group, Inc.
| | | 114 | | 17,623 |
Halliburton Co.
| | | 108 | | 740 |
Harley-Davidson, Inc. (b)
| | | 75 | | 1,420 |
Hartford Financial Services Group, Inc.
| | | 675 | | 23,787 |
Hasbro, Inc.
| | | 95 | | 6,797 |
HCA Healthcare, Inc.
| | | 80 | | 7,188 |
Healthpeak Properties, Inc. REIT
| | | 1,048 | | 24,995 |
Henry Schein, Inc. (a)
| | | 179 | | 9,043 |
Hershey Co.
| | | 346 | | 45,845 |
Hess Corp.
| | | 45 | | 1,499 |
Hewlett Packard Enterprise Co.
| | | 634 | | 6,156 |
| Security Description | | | Shares | | Value |
HollyFrontier Corp.
| | | 48 | | $1,176 |
Home Depot, Inc.
| | | 268 | | 50,038 |
Honeywell International, Inc.
| | | 510 | | 68,233 |
Hormel Foods Corp. (b)
| | | 1,353 | | 63,104 |
Host Hotels & Resorts, Inc. REIT (b)
| | | 182 | | 2,009 |
Howmet Aerospace, Inc.
| | | 105 | | 1,686 |
HP, Inc.
| | | 518 | | 8,992 |
Humana, Inc.
| | | 93 | | 29,204 |
Huntington Bancshares, Inc.
| | | 301 | | 2,471 |
Huntington Ingalls Industries, Inc.
| | | 20 | | 3,644 |
IDEX Corp.
| | | 75 | | 10,358 |
IDEXX Laboratories, Inc. (a)
| | | 100 | | 24,224 |
Illinois Tool Works, Inc.
| | | 288 | | 40,931 |
Illumina, Inc. (a)
| | | 95 | | 25,946 |
Intel Corp.
| | | 3,889 | | 210,473 |
Intercontinental Exchange, Inc.
| | | 311 | | 25,113 |
International Business Machines Corp.
| | | 983 | | 109,044 |
International Paper Co.
| | | 145 | | 4,514 |
Interpublic Group of Cos., Inc.
| | | 173 | | 2,801 |
Intuit, Inc.
| | | 244 | | 56,120 |
Intuitive Surgical, Inc. (a)
| | | 68 | | 33,674 |
Invesco, Ltd.
| | | 110 | | 999 |
J.M. Smucker Co.
| | | 182 | | 20,202 |
Jack Henry & Associates, Inc.
| | | 318 | | 49,366 |
JB Hunt Transport Services, Inc.
| | | 29 | | 2,675 |
Jefferies Financial Group, Inc.
| | | 151 | | 2,064 |
Johnson & Johnson
| | | 2,711 | | 355,493 |
Johnson Controls International PLC
| | | 187 | | 5,042 |
JPMorgan Chase & Co.
| | | 932 | | 83,908 |
Juniper Networks, Inc.
| | | 604 | | 11,561 |
Kellogg Co.
| | | 586 | | 35,154 |
KeyCorp
| | | 309 | | 3,204 |
Kimberly-Clark Corp.
| | | 211 | | 26,981 |
Kimco Realty Corp. REIT
| | | 226 | | 2,185 |
Kinder Morgan, Inc.
| | | 473 | | 6,584 |
KLA Corp.
| | | 140 | | 20,124 |
Kohl's Corp.
| | | 81 | | 1,182 |
Kraft Heinz Co.
| | | 364 | | 9,005 |
Kroger Co.
| | | 519 | | 15,632 |
L3Harris Technologies, Inc.
| | | 205 | | 36,925 |
Lam Research Corp.
| | | 151 | | 36,240 |
Lamb Weston Holdings, Inc.
| | | 374 | | 21,355 |
Las Vegas Sands Corp.
| | | 231 | | 9,811 |
Lear Corp.
| | | 95 | | 7,719 |
Leggett & Platt, Inc.
| | | 51 | | 1,361 |
Lennar Corp. Class A
| | | 75 | | 2,865 |
Liberty Broadband Corp. Class C (a)
| | | 11 | | 1,218 |
Liberty Media Corp.-Liberty SiriusXM Class C (a)
| | | 23 | | 727 |
Lincoln National Corp.
| | | 81 | | 2,132 |
LKQ Corp. (a)
| | | 151 | | 3,097 |
Lockheed Martin Corp.
| | | 91 | | 30,844 |
Loews Corp.
| | | 101 | | 3,518 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Lowe's Cos., Inc.
| | | 158 | | $13,596 |
Lululemon Athletica, Inc. (a)
| | | 110 | | 20,850 |
LyondellBasell Industries NV Class A
| | | 253 | | 12,556 |
M&T Bank Corp.
| | | 65 | | 6,723 |
ManpowerGroup, Inc.
| | | 50 | | 2,650 |
Marathon Oil Corp.
| | | 75 | | 247 |
Marathon Petroleum Corp.
| | | 264 | | 6,236 |
Markel Corp. (a)
| | | 43 | | 39,899 |
MarketAxess Holdings, Inc.
| | | 30 | | 9,977 |
Marsh & McLennan Cos., Inc.
| | | 703 | | 60,781 |
Mastercard, Inc. Class A
| | | 822 | | 198,562 |
Maxim Integrated Products, Inc.
| | | 280 | | 13,611 |
McCormick & Co., Inc.
| | | 213 | | 30,078 |
McDonald's Corp.
| | | 500 | | 82,675 |
McKesson Corp.
| | | 124 | | 16,772 |
Medtronic PLC
| | | 453 | | 40,852 |
Merck & Co., Inc.
| | | 2,859 | | 219,971 |
MetLife, Inc.
| | | 334 | | 10,210 |
Mettler-Toledo International, Inc. (a)
| | | 35 | | 24,168 |
MGM Resorts International
| | | 152 | | 1,794 |
Micron Technology, Inc. (a)
| | | 482 | | 20,273 |
Microsoft Corp.
| | | 3,372 | | 531,798 |
Molson Coors Beverage Co. Class B
| | | 60 | | 2,341 |
Mondelez International, Inc. Class A
| | | 333 | | 16,677 |
Monster Beverage Corp. (a)
| | | 334 | | 18,791 |
Moody's Corp.
| | | 11 | | 2,327 |
Morgan Stanley
| | | 318 | | 10,812 |
Mosaic Co.
| | | 90 | | 974 |
Motorola Solutions, Inc.
| | | 362 | | 48,117 |
Mylan NV (a)
| | | 380 | | 5,666 |
National Oilwell Varco, Inc.
| | | 95 | | 934 |
National Retail Properties, Inc. REIT
| | | 473 | | 15,226 |
NetApp, Inc.
| | | 158 | | 6,587 |
Newell Brands, Inc.
| | | 99 | | 1,315 |
Newmont Goldcorp Corp.
| | | 2,321 | | 105,095 |
NextEra Energy, Inc.
| | | 444 | | 106,835 |
Nielsen Holdings PLC
| | | 151 | | 1,894 |
NIKE, Inc. Class B
| | | 1,258 | | 104,087 |
NiSource, Inc.
| | | 151 | | 3,770 |
Noble Energy, Inc.
| | | 56 | | 338 |
Nordstrom, Inc. (b)
| | | 21 | | 322 |
Norfolk Southern Corp.
| | | 56 | | 8,176 |
Northrop Grumman Corp.
| | | 134 | | 40,542 |
Norwegian Cruise Line Holdings, Ltd. (a)
| | | 75 | | 822 |
Nucor Corp.
| | | 80 | | 2,882 |
NVIDIA Corp.
| | | 366 | | 96,478 |
NVR, Inc. (a)
| | | 3 | | 7,707 |
Occidental Petroleum Corp.
| | | 386 | | 4,470 |
Old Dominion Freight Line, Inc.
| | | 112 | | 14,701 |
Omnicom Group, Inc.
| | | 244 | | 13,396 |
ONEOK, Inc.
| | | 60 | | 1,309 |
| Security Description | | | Shares | | Value |
Oracle Corp.
| | | 2,016 | | $97,433 |
O'Reilly Automotive, Inc. (a)
| | | 59 | | 17,762 |
Ovintiv, Inc. (b)
| | | 60 | | 163 |
PACCAR, Inc.
| | | 66 | | 4,035 |
Packaging Corp. of America
| | | 100 | | 8,683 |
Paychex, Inc.
| | | 1,031 | | 64,871 |
PayPal Holdings, Inc. (a)
| | | 45 | | 4,308 |
People's United Financial, Inc.
| | | 113 | | 1,249 |
PepsiCo, Inc.
| | | 1,778 | | 213,538 |
Pfizer, Inc.
| | | 5,389 | | 175,897 |
Philip Morris International, Inc.
| | | 210 | | 15,322 |
Phillips 66
| | | 123 | | 6,599 |
Pinnacle West Capital Corp.
| | | 275 | | 20,842 |
Pioneer Natural Resources Co.
| | | 20 | | 1,403 |
PNC Financial Services Group, Inc.
| | | 126 | | 12,061 |
PPG Industries, Inc.
| | | 96 | | 8,026 |
PPL Corp.
| | | 166 | | 4,097 |
Principal Financial Group, Inc.
| | | 107 | | 3,353 |
Procter & Gamble Co.
| | | 2,223 | | 244,530 |
Progressive Corp.
| | | 788 | | 58,186 |
Prologis, Inc. REIT
| | | 101 | | 8,117 |
Prudential Financial, Inc.
| | | 206 | | 10,741 |
Public Service Enterprise Group, Inc.
| | | 36 | | 1,617 |
Public Storage REIT
| | | 363 | | 72,095 |
PulteGroup, Inc.
| | | 126 | | 2,812 |
QUALCOMM, Inc.
| | | 93 | | 6,291 |
Quest Diagnostics, Inc.
| | | 27 | | 2,168 |
Raymond James Financial, Inc.
| | | 75 | | 4,740 |
Raytheon Co.
| | | 175 | | 22,951 |
Realty Income Corp. REIT
| | | 298 | | 14,858 |
Regeneron Pharmaceuticals, Inc. (a)
| | | 95 | | 46,388 |
Regions Financial Corp.
| | | 282 | | 2,530 |
RenaissanceRe Holdings, Ltd.
| | | 151 | | 22,547 |
Republic Services, Inc.
| | | 881 | | 66,128 |
ResMed, Inc.
| | | 126 | | 18,559 |
Robert Half International, Inc.
| | | 142 | | 5,360 |
Rockwell Automation, Inc.
| | | 140 | | 21,127 |
Rollins, Inc.
| | | 111 | | 4,012 |
Ross Stores, Inc.
| | | 530 | | 46,094 |
Royal Caribbean Cruises, Ltd. (b)
| | | 27 | | 869 |
Schlumberger, Ltd.
| | | 264 | | 3,561 |
Seagate Technology PLC
| | | 15 | | 732 |
SEI Investments Co.
| | | 146 | | 6,766 |
Sempra Energy
| | | 81 | | 9,152 |
Simon Property Group, Inc. REIT
| | | 1 | | 55 |
Sirius XM Holdings, Inc. (b)
| | | 900 | | 4,446 |
Skyworks Solutions, Inc.
| | | 152 | | 13,586 |
Snap-on, Inc.
| | | 75 | | 8,161 |
Southern Co.
| | | 1,374 | | 74,388 |
Southwest Airlines Co.
| | | 96 | | 3,419 |
Spirit AeroSystems Holdings, Inc. Class A
| | | 75 | | 1,795 |
Starbucks Corp.
| | | 462 | | 30,372 |
State Street Corp. (f)
| | | 160 | | 8,523 |
Steel Dynamics, Inc.
| | | 200 | | 4,508 |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Stryker Corp.
| | | 85 | | $14,152 |
Synchrony Financial
| | | 271 | | 4,360 |
Sysco Corp.
| | | 391 | | 17,841 |
T Rowe Price Group, Inc.
| | | 250 | | 24,412 |
Tapestry, Inc.
| | | 234 | | 3,030 |
Targa Resources Corp.
| | | 75 | | 518 |
Target Corp.
| | | 141 | | 13,109 |
TD Ameritrade Holding Corp.
| | | 205 | | 7,105 |
Teradyne, Inc.
| | | 200 | | 10,834 |
Texas Instruments, Inc.
| | | 935 | | 93,435 |
Textron, Inc.
| | | 30 | | 800 |
Thermo Fisher Scientific, Inc.
| | | 50 | | 14,180 |
TJX Cos., Inc.
| | | 1,837 | | 87,827 |
T-Mobile US, Inc. (a)
| | | 151 | | 12,669 |
Tractor Supply Co.
| | | 46 | | 3,889 |
Travelers Cos., Inc.
| | | 313 | | 31,097 |
Truist Financial Corp.
| | | 377 | | 11,627 |
Tyler Technologies, Inc. (a)
| | | 100 | | 29,656 |
Tyson Foods, Inc. Class A
| | | 181 | | 10,474 |
UDR, Inc. REIT
| | | 520 | | 19,001 |
UGI Corp.
| | | 75 | | 2,000 |
Ulta Salon Cosmetics & Fragrance, Inc. (a)
| | | 56 | | 9,839 |
Union Pacific Corp.
| | | 554 | | 78,136 |
United Parcel Service, Inc. Class B
| | | 60 | | 5,605 |
United Technologies Corp.
| | | 107 | | 10,093 |
UnitedHealth Group, Inc.
| | | 203 | | 50,624 |
Universal Health Services, Inc. Class B
| | | 45 | | 4,459 |
Unum Group
| | | 111 | | 1,666 |
US Bancorp
| | | 553 | | 19,051 |
Valero Energy Corp.
| | | 152 | | 6,895 |
Varian Medical Systems, Inc. (a)
| | | 28 | | 2,874 |
Veeva Systems, Inc. Class A (a)
| | | 100 | | 15,637 |
Ventas, Inc. REIT
| | | 339 | | 9,085 |
VeriSign, Inc. (a)
| | | 95 | | 17,109 |
Verizon Communications, Inc.
| | | 2,329 | | 125,137 |
VF Corp.
| | | 270 | | 14,602 |
ViacomCBS, Inc. Class B
| | | 241 | | 3,376 |
Visa, Inc. Class A
| | | 1,823 | | 293,722 |
Voya Financial, Inc. (b)
| | | 42 | | 1,703 |
W.W. Grainger, Inc.
| | | 60 | | 14,910 |
WABCO Holdings, Inc. (a)
| | | 175 | | 23,634 |
Walmart, Inc.
| | | 816 | | 92,714 |
Walgreens Boots Alliance, Inc.
| | | 341 | | 15,601 |
Walt Disney Co.
| | | 418 | | 40,379 |
Waste Management, Inc.
| | | 926 | | 85,711 |
Waters Corp. (a)
| | | 80 | | 14,564 |
WEC Energy Group, Inc.
| | | 571 | | 50,322 |
Wells Fargo & Co.
| | | 1,518 | | 43,567 |
Welltower, Inc. REIT
| | | 291 | | 13,322 |
Western Digital Corp.
| | | 131 | | 5,452 |
Western Union Co. (b)
| | | 2,100 | | 38,073 |
Westinghouse Air Brake Technologies Corp.
| | | 33 | | 1,588 |
Westrock Co.
| | | 81 | | 2,289 |
| Security Description | | | Shares | | Value |
Weyerhaeuser Co. REIT
| | | 126 | | $2,136 |
Whirlpool Corp. (b)
| | | 26 | | 2,231 |
Williams Cos., Inc.
| | | 281 | | 3,976 |
Willis Towers Watson PLC
| | | 45 | | 7,643 |
WP Carey, Inc. REIT
| | | 376 | | 21,838 |
WR Berkley Corp.
| | | 551 | | 28,746 |
Xcel Energy, Inc.
| | | 1,036 | | 62,471 |
Xerox Holdings Corp. (a)
| | | 113 | | 2,140 |
Xilinx, Inc.
| | | 212 | | 16,523 |
Yum! Brands, Inc.
| | | 655 | | 44,887 |
Zimmer Biomet Holdings, Inc.
| | | 36 | | 3,639 |
Zions Bancorp NA
| | | 75 | | 2,007 |
Zoetis, Inc.
| | | 105 | | 12,358 |
| | | | | | 12,499,322 |
TOTAL COMMON STOCKS
(Cost $24,780,734)
| | | | | 20,692,207 |
| | | | |
| SHORT-TERM INVESTMENTS — 0.6% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (g) (h)
| 14,855 | 14,842 |
State Street Navigator Securities Lending Portfolio II (f) (i)
| 109,954 | 109,954 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $124,791)
| 124,796 |
TOTAL INVESTMENTS — 99.9%
(Cost $24,905,525)
| 20,817,003 |
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%
| 12,385 |
NET ASSETS — 100.0%
| $20,829,388 |
| (a) | Non-income producing security. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (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 0.1% of net assets as of March 31, 2020, 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 an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (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, 2020 are shown in the Affiliate Table below. |
| (h) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (i) | Investment of cash collateral for securities loaned. |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |
| SDR | Swedish Depositary Receipt |
SPDR MSCI WORLD STRATEGICFACTORS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $20,691,528 | | $679 | | $— | | $20,692,207 |
Short-Term Investments
| | 124,796 | | — | | — | | 124,796 |
TOTAL INVESTMENTS
| | $20,816,324 | | $679 | | $— | | $20,817,003 |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Corp.
| 60 | | $3,551 | | $11,628 | | $2,628 | | $(1,078) | | $(2,950) | | 160 | | $8,523 | | $166 |
State Street Institutional Liquid Reserves Fund, Premier Class
| 30,335 | | 30,339 | | 622,738 | | 638,155 | | (85) | | 5 | | 14,855 | | 14,842 | | 357 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 1,374,498 | | 1,264,544 | | — | | — | | 109,954 | | 109,954 | | 536 |
State Street Navigator Securities Lending Portfolio III
| 307,622 | | 307,622 | | 294,669 | | 602,291 | | — | | — | | — | | — | | 119 |
Total
| | | $341,512 | | $2,303,533 | | $2,507,618 | | $(1,163) | | $(2,945) | | | | $133,319 | | $1,178 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 98.9% | | | | |
| BRAZIL — 5.4% | | | | | |
Ambev SA ADR
| | | 3,119,872 | | $7,175,706 |
Anima Holding SA
| | | 24,120 | | 88,684 |
Azul SA Preference Shares (a)
| | | 53,493 | | 181,005 |
B2W Cia Digital (a)
| | | 66,508 | | 615,506 |
B3 SA - Brasil Bolsa Balcao
| | | 1,515,392 | | 10,489,063 |
Banco Bradesco SA ADR
| | | 3,526,197 | | 14,316,360 |
Banco Bradesco SA
| | | 74,341 | | 269,609 |
Banco do Brasil SA
| | | 714,125 | | 3,840,078 |
Banco Inter SA Preference Shares (b)
| | | 48,114 | | 98,239 |
Banco Pan SA Preference Shares
| | | 302,908 | | 276,242 |
Banco Santander Brasil SA
| | | 15,035 | | 77,311 |
BB Seguridade Participacoes SA
| | | 473,605 | | 2,269,133 |
BR Malls Participacoes SA
| | | 879,298 | | 1,691,936 |
Bradespar SA Preference Shares
| | | 394,505 | | 2,217,978 |
Brasil Brokers Participacoes SA (a)
| | | 3,585 | | 1,161 |
Braskem SA ADR (c)
| | | 141,008 | | 936,293 |
BRF SA ADR (a)
| | | 434,192 | | 1,259,157 |
CCR SA
| | | 425,639 | | 962,624 |
Centrais Eletricas Brasileiras SA ADR (c)
| | | 399,072 | | 1,839,722 |
Cia Brasileira de Distribuicao ADR (c)
| | | 193,061 | | 2,434,499 |
Cia de Saneamento Basico do Estado de Sao Paulo
| | | 408,845 | | 3,082,931 |
Cia Energetica de Minas Gerais ADR (c)
| | | 1,090,500 | | 1,853,850 |
Cia Energetica de Sao Paulo Class B, Preference Shares
| | | 39,966 | | 207,127 |
Cia Hering
| | | 35,096 | | 100,688 |
Cia Siderurgica Nacional SA ADR (c)
| | | 723,651 | | 947,983 |
Cielo SA
| | | 880,336 | | 753,613 |
Cogna Educacao
| | | 1,067,752 | | 823,470 |
Construtora Tenda SA
| | | 1,644 | | 6,536 |
Cosan Logistica SA (a)
| | | 35,319 | | 113,858 |
Cosan SA
| | | 156,020 | | 1,617,174 |
Cyrela Brazil Realty SA Empreendimentos e Participacoes
| | | 439,340 | | 1,196,906 |
Duratex SA
| | | 335,606 | | 605,004 |
Embraer SA (a)
| | | 671,037 | | 1,234,275 |
Engie Brasil Energia SA
| | | 66,026 | | 495,456 |
Eternit SA (a)
| | | 7,108 | | 3,508 |
Gafisa SA (a)
| | | 12,314 | | 9,022 |
Gerdau SA ADR (c)
| | | 930,958 | | 1,778,130 |
Gol Linhas Aereas Inteligentes SA Preference Shares (a)
| | | 22,907 | | 50,216 |
Hapvida Participacoes e Investimentos SA (b)
| | | 27,695 | | 226,404 |
Hypera SA
| | | 41,126 | | 226,698 |
Itau Unibanco Holding SA Preference Shares ADR
| | | 3,603,299 | | 16,178,812 |
| Security Description | | | Shares | | Value |
Itausa - Investimentos Itau SA Preference Shares
| | | 4,200,176 | | $7,102,060 |
Itausa - Investimentos Itau SA
| | | 263,475 | | 505,452 |
JBS SA
| | | 371,112 | | 1,455,369 |
Kepler Weber SA
| | | 9,722 | | 45,549 |
Klabin SA
| | | 127,608 | | 393,408 |
Linx SA
| | | 27,580 | | 88,537 |
Localiza Rent a Car SA
| | | 133,652 | | 677,717 |
LOG Commercial Properties e Participacoes SA
| | | 3,349 | | 14,141 |
Log-in Logistica Intermodal SA (a)
| | | 5,435 | | 14,943 |
Lojas Americanas SA Preference Shares
| | | 778,045 | | 2,700,191 |
Lojas Renner SA
| | | 916,139 | | 5,927,896 |
Magazine Luiza SA
| | | 247,019 | | 1,856,953 |
Marcopolo SA Preference Shares
| | | 320,380 | | 152,574 |
Metalurgica Gerdau SA Preference Shares
| | | 1,239,775 | | 1,111,509 |
Mills Estruturas e Servicos de Engenharia SA (a)
| | | 36,004 | | 26,795 |
MMX Mineracao e Metalicos SA (a)
| | | 6,878 | | 1,923 |
MRV Engenharia e Participacoes SA
| | | 77,963 | | 183,987 |
Natura & Co. Holding SA
| | | 420,407 | | 2,086,391 |
Notre Dame Intermedica Participacoes SA
| | | 109,968 | | 953,257 |
Oi SA ADR (a)(c)
| | | 553,315 | | 242,850 |
Pagseguro Digital, Ltd. Class A (a)(c)
| | | 78,774 | | 1,522,701 |
PDG Realty SA Empreendimentos e Participacoes (a)
| | | 68,715 | | 46,237 |
Petrobras Distribuidora SA
| | | 31,607 | | 94,518 |
Petroleo Brasileiro SA Preference Shares ADR
| | | 1,498,533 | | 8,077,093 |
Petroleo Brasileiro SA ADR
| | | 741,216 | | 4,076,688 |
Profarma Distribuidora de Produtos Farmaceuticos SA (a)
| | | 12,048 | | 9,989 |
Qualicorp Consultoria e Corretora de Seguros SA
| | | 68,529 | | 311,820 |
Raia Drogasil SA
| | | 87,764 | | 1,723,434 |
Restoque Comercio e Confeccoes de Roupas SA
| | | 8,631 | | 9,835 |
Rodobens Negocios Imobiliarios SA (a)
| | | 49,424 | | 66,704 |
Rossi Residencial SA (a)
| | | 83,149 | | 69,416 |
Rumo SA (a)
| | | 247,760 | | 938,666 |
Suzano Papel e Celulose SA ADR (a)(c)
| | | 146,716 | | 1,007,939 |
Suzano SA
| | | 161,586 | | 1,115,020 |
T4F Entretenimento SA
| | | 117,293 | | 45,229 |
Telefonica Brasil SA ADR (c)
| | | 95,502 | | 910,134 |
Telefonica Brasil SA Preference Shares
| | | 563,395 | | 5,371,512 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
TIM Participacoes SA ADR (c)
| | | 193,522 | | $2,353,228 |
TOTVS SA
| | | 52,972 | | 476,754 |
Ultrapar Participacoes SA
| | | 458,714 | | 1,108,180 |
Usinas Siderurgicas de Minas Gerais SA Usiminas ADR (c)
| | | 670,343 | | 629,251 |
Vale SA ADR
| | | 1,822,571 | | 15,109,114 |
WEG SA
| | | 1,180,753 | | 7,642,363 |
YDUQS Part
| | | 201,977 | | 863,346 |
| | | | | | 161,672,640 |
| CAYMAN ISLANDS — 0.0% (d) | | | | | |
Synertone Communication Corp.
| | | 10,880 | | 1,109 |
| CHILE — 0.6% | | | | | |
AntarChile SA
| | | 154,775 | | 1,071,396 |
Empresas COPEC SA
| | | 350,071 | | 2,012,604 |
Empresas Iansa SA (a)
| | | 2,983,800 | | 31,507 |
Enel Americas SA ADR
| | | 803,702 | | 4,870,434 |
Enel Chile SA ADR (c)
| | | 789,907 | | 2,622,491 |
Enel Generacion Chile SA ADR
| | | 3,641 | | 31,677 |
Enjoy SA (a)
| | | 2,464,304 | | 21,170 |
Latam Airlines Group SA ADR (c)
| | | 303,089 | | 803,186 |
Multiexport Foods SA
| | | 2,074,852 | | 554,596 |
Parque Arauco SA
| | | 2,409,247 | | 3,392,032 |
SACI Falabella
| | | 1,403,795 | | 3,106,295 |
Sociedad Quimica y Minera de Chile SA Class B, Preference Shares
| | | 19,031 | | 436,298 |
| | | | | | 18,953,686 |
| CHINA — 40.7% | | | | | |
21Vianet Group, Inc. ADR (a)
| | | 28,597 | | 396,354 |
360 Security Technology, Inc. Class A
| | | 77,300 | | 206,440 |
3SBio, Inc. (a)(b)
| | | 512,500 | | 533,599 |
500.com, Ltd. Class A, ADR (a)(c)
| | | 6,208 | | 28,060 |
51job, Inc. ADR (a)
| | | 2,193 | | 134,628 |
58.com, Inc. ADR (a)
| | | 38,520 | | 1,876,694 |
AAC Technologies Holdings, Inc. (c)
| | | 540,132 | | 2,801,392 |
Addsino Co., Ltd. Class A (a)
| | | 202,900 | | 385,007 |
Advanced Technology & Materials Co., Ltd. Class A (a)
| | | 124,600 | | 107,053 |
Agile Group Holdings, Ltd.
| | | 1,989,626 | | 2,153,681 |
Agricultural Bank of China, Ltd. Class A
| | | 1,461,000 | | 694,615 |
Agricultural Bank of China, Ltd. Class H
| | | 18,607,000 | | 7,465,942 |
Air China, Ltd. Class H (c)
| | | 2,081,744 | | 1,342,905 |
Aisino Corp. Class A
| | | 76,200 | | 205,222 |
Alibaba Group Holding, Ltd. ADR (a)
| | | 949,853 | | 184,727,411 |
Alpha Group Class A (a)
| | | 311,000 | | 318,099 |
| Security Description | | | Shares | | Value |
Aluminum Corp. of China, Ltd. Class H (a)
| | | 6,046,000 | | $1,201,259 |
An Hui Wenergy Co., Ltd. Class A
| | | 211,200 | | 115,013 |
Angang Steel Co., Ltd. Class H (c)
| | | 2,335,231 | | 614,622 |
Anhui Conch Cement Co., Ltd. Class H
| | | 1,166,271 | | 8,102,761 |
Anhui Construction Engineering Class A
| | | 319,000 | | 188,118 |
Anhui Expressway Co., Ltd. Class H
| | | 8,000 | | 3,943 |
Anhui Guangxin Agrochemical Co., Ltd. Class A
| | | 173,900 | | 382,236 |
Anhui Gujing Distillery Co., Ltd. Class A
| | | 7,700 | | 124,089 |
Anhui Gujing Distillery Co., Ltd. Class B
| | | 80,900 | | 638,670 |
Anhui Jiangnan Chemical Industry Co., Ltd. Class A (a)
| | | 266,400 | | 174,764 |
Anhui Jinhe Industrial Co., Ltd. Class A
| | | 73,700 | | 210,447 |
Anhui Kouzi Distillery Co., Ltd. Class A
| | | 16,300 | | 95,111 |
Anhui Sun-Create Electronics Co., Ltd. Class A
| | | 35,053 | | 183,172 |
Anhui Transport Consulting & Design Institute Co., Ltd. Class A
| | | 424,117 | | 602,531 |
ANTA Sports Products, Ltd.
| | | 897,000 | | 6,590,738 |
Anton Oilfield Services Group (c)
| | | 130,000 | | 8,302 |
Anxin Trust Co., Ltd. Class A (a)
| | | 207,900 | | 76,363 |
Aoshikang Technology Co., Ltd. Class A
| | | 13,700 | | 91,788 |
Apeloa Pharmaceutical Co., Ltd. Class A
| | | 162,300 | | 454,281 |
Asymchem Laboratories Tianjin Co., Ltd. Class A
| | | 18,400 | | 445,684 |
Autobio Diagnostics Co., Ltd. Class A
| | | 23,100 | | 379,634 |
Autohome, Inc. ADR (a)
| | | 28,495 | | 2,023,715 |
Avary Holding Shenzhen Co., Ltd. Class A
| | | 69,200 | | 310,063 |
Avic Capital Co., Ltd. Class A
| | | 205,000 | | 113,661 |
AVIC International Holding HK, Ltd.
| | | 2,318,527 | | 27,819 |
AVIC Jonhon Optronic Technology Co., Ltd. Class A
| | | 20,500 | | 98,911 |
AviChina Industry & Technology Co., Ltd. Class H
| | | 1,995,000 | | 769,595 |
BAIC Motor Corp., Ltd. Class H (b)
| | | 6,500 | | 2,583 |
Baidu, Inc. ADR (a)
| | | 174,999 | | 17,638,149 |
BAIOO Family Interactive, Ltd. (b)
| | | 1,784,000 | | 227,865 |
Bank of China, Ltd. Class H
| | | 53,864,900 | | 20,640,023 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Bank of Communications Co., Ltd. Class H
| | | 15,422,864 | | $9,451,626 |
Bank of Ningbo Co., Ltd. Class A
| | | 182,900 | | 595,028 |
Baosheng Science and Technology Innovation Co., Ltd. Class A
| | | 773,900 | | 444,369 |
Baozun, Inc. ADR (a)(c)
| | | 10,639 | | 297,254 |
BBMG Corp. Class H (c)
| | | 955,000 | | 239,030 |
Befar Group Co., Ltd. Class A
| | | 187,700 | | 118,104 |
BeiGene, Ltd. ADR (a)
| | | 27,762 | | 3,417,780 |
Beijing BDStar Navigation Co., Ltd. Class A
| | | 84,700 | | 299,094 |
Beijing Capital International Airport Co., Ltd. Class H
| | | 2,565,490 | | 1,635,103 |
Beijing Capital Land, Ltd. Class H
| | | 28,000 | | 6,141 |
Beijing Changjiu Logistics Corp. Class A
| | | 182,605 | | 225,158 |
Beijing Dabeinong Technology Group Co., Ltd. Class A
| | | 277,600 | | 338,766 |
Beijing Enterprises Clean Energy Group, Ltd. (a)
| | | 19,334,856 | | 92,298 |
Beijing Enterprises Holdings, Ltd.
| | | 508,000 | | 1,864,635 |
Beijing Enterprises Water Group, Ltd.
| | | 4,002,000 | | 1,564,471 |
Beijing GeoEnviron Engineering & Technology, Inc. Class A
| | | 425,300 | | 652,812 |
Beijing Jingcheng Machinery Electric Co., Ltd. Class A (a)
| | | 182,200 | | 95,107 |
Beijing Jingneng Clean Energy Co., Ltd. Class H
| | | 136,000 | | 19,652 |
Beijing Jingxi Culture & Tourism Co., Ltd. Class A
| | | 104,086 | | 129,223 |
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. Class A
| | | 107,800 | | 517,541 |
Beijing Shiji Information Technology Co., Ltd. Class A
| | | 78,100 | | 319,090 |
Beijing Shouhang Resources Saving Co., Ltd. Class A (a)
| | | 312,700 | | 133,670 |
Beijing Shunxin Agriculture Co., Ltd. Class A
| | | 26,900 | | 232,977 |
Beijing SL Pharmaceutical Co., Ltd. Class A
| | | 180,250 | | 303,884 |
Beijing Tiantan Biological Products Corp., Ltd. Class A
| | | 283,086 | | 1,452,931 |
Beijing UniStrong Science & Technology Co., Ltd. Class A (a)
| | | 186,800 | | 261,955 |
Berry Genomics Co., Ltd. Class A (a)
| | | 122,700 | | 616,252 |
BEST, Inc. ADR (a)
| | | 33,958 | | 181,675 |
Bestsun Energy Co., Ltd. Class A
| | | 205,000 | | 155,886 |
Biem.L.Fdlkk Garment Co., Ltd. Class A
| | | 82,290 | | 234,743 |
| Security Description | | | Shares | | Value |
Bilibili, Inc. ADR (a)(c)
| | | 20,565 | | $481,632 |
Bitauto Holdings, Ltd. ADR (a)
| | | 14,408 | | 149,699 |
Blue Sail Medical Co., Ltd. Class A
| | | 86,200 | | 198,347 |
BOE Technology Group Co., Ltd. Class A
| | | 743,800 | | 389,309 |
BOE Technology Group Co., Ltd. Class B
| | | 611,900 | | 217,101 |
Boer Power Holdings, Ltd. (a)
| | | 7,000 | | 230 |
Boyaa Interactive International, Ltd.
| | | 64,000 | | 6,193 |
Brilliance China Automotive Holdings, Ltd.
| | | 2,050,000 | | 1,687,417 |
BYD Co., Ltd. Class H (c)
| | | 509,500 | | 2,662,239 |
BYD Electronic International Co., Ltd. (c)
| | | 496,000 | | 828,064 |
C&S Paper Co., Ltd. Class A
| | | 7,400 | | 17,696 |
C.banner International Holdings, Ltd. (a)
| | | 12,000 | | 209 |
Cabbeen Fashion, Ltd.
| | | 904,000 | | 135,293 |
Caitong Securities Co., Ltd. Class A
| | | 110,000 | | 156,895 |
CAR, Inc. (a)(c)
| | | 956,000 | | 534,064 |
CECEP Wind-Power Corp. Class A
| | | 413,000 | | 124,689 |
Center International Group Co., Ltd. Class A
| | | 100,400 | | 123,655 |
Central China Securities Co., Ltd. Class A
| | | 362,200 | | 249,874 |
CGN Mining Co., Ltd.
| | | 325,000 | | 9,979 |
CGN New Energy Holdings Co Ltd (a)(b)
| | | 24,000 | | 4,985 |
CGN Nuclear Technology Development Co., Ltd. Class A
| | | 184,000 | | 174,442 |
CGN Power Co., Ltd. Class H (b)
| | | 7,191,000 | | 1,651,419 |
Chacha Food Co., Ltd. Class A
| | | 30,900 | | 196,651 |
Changchun High & New Technology Industry Group, Inc. Class A
| | | 5,200 | | 402,020 |
Changjiang Securities Co., Ltd. Class A
| | | 300,300 | | 270,720 |
Changyou.com, Ltd. ADR
| | | 5,096 | | 54,527 |
Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class A
| | | 27,200 | | 321,418 |
Chanjet Information Technology Co., Ltd. Class H
| | | 2,600 | | 3,321 |
Chaowei Power Holdings, Ltd.
| | | 75,000 | | 18,869 |
Cheetah Mobile, Inc. ADR
| | | 8,200 | | 17,138 |
Chengdu Fusen Noble-House Industrial Co., Ltd. Class A
| | | 91,100 | | 154,999 |
Chengdu Hongqi Chain Co., Ltd. Class A
| | | 745,186 | | 1,022,920 |
Chengdu Kanghong Pharmaceutical Group Co., Ltd. Class A
| | | 23,400 | | 130,004 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
China Aerospace International Holdings, Ltd.
| | | 1,700,000 | | $76,765 |
China Aircraft Leasing Group Holdings, Ltd.
| | | 6,500 | | 5,728 |
China Aoyuan Group, Ltd.
| | | 1,000,000 | | 1,171,477 |
China Baoan Group Co., Ltd. Class A
| | | 222,200 | | 184,326 |
China Bester Group Telecom Co., Ltd. Class A
| | | 84,100 | | 245,601 |
China Biologic Products Holdings, Inc. (a)(c)
| | | 12,088 | | 1,304,658 |
China Building Material Test & Certification Group Co., Ltd. Class A
| | | 309,658 | | 885,960 |
China Chengtong Development Group, Ltd. (a)(c)
| | | 3,300,000 | | 73,656 |
China Cinda Asset Management Co., Ltd. Class H
| | | 8,581,000 | | 1,627,433 |
China CITIC Bank Corp., Ltd. Class H
| | | 8,244,000 | | 4,073,659 |
China Coal Energy Co., Ltd. Class H
| | | 5,169,000 | | 1,433,814 |
China Common Rich Renewable Energy Investment, Ltd. (a)(e)
| | | 856,000 | | — |
China Communications Construction Co., Ltd. Class H
| | | 4,060,241 | | 2,828,743 |
China Communications Services Corp., Ltd. Class H
| | | 152,000 | | 110,604 |
China Conch Venture Holdings, Ltd.
| | | 1,040,200 | | 4,643,450 |
China Construction Bank Corp. Class H
| | | 64,238,280 | | 52,544,955 |
China Datang Corp. Renewable Power Co., Ltd. Class H
| | | 966,000 | | 69,793 |
China Dili Group (a)(c)
| | | 1,437,100 | | 339,302 |
China Distance Education Holdings, Ltd. ADR (c)
| | | 135 | | 903 |
China Dongxiang Group Co., Ltd.
| | | 857,000 | | 74,080 |
China Eastern Airlines Corp., Ltd. Class H (a)(c)
| | | 144,000 | | 49,233 |
China Education Group Holdings, Ltd.
| | | 121,000 | | 168,600 |
China Electronics Huada Technology Co., Ltd.
| | | 134,000 | | 8,385 |
China Energine International Holdings, Ltd. (a)(c)
| | | 1,322,000 | | 28,313 |
China Enterprise Co., Ltd. Class A
| | | 290,192 | | 174,405 |
China Everbright Bank Co., Ltd. Class A
| | | 283,500 | | 144,386 |
China Everbright International, Ltd.
| | | 2,364,111 | | 1,357,300 |
China Evergrande Group (c)
| | | 2,148,828 | | 3,565,254 |
China Fangda Group Co., Ltd. Class B
| | | 1,516,667 | | 477,450 |
| Security Description | | | Shares | | Value |
China Film Co., Ltd. Class A
| | | 117,800 | | $196,106 |
China Financial Services Holdings, Ltd.
| | | 1,662,000 | | 61,112 |
China Foods, Ltd.
| | | 16,000 | | 5,863 |
China Fortune Land Development Co., Ltd. Class A
| | | 27,400 | | 80,752 |
China Galaxy Securities Co., Ltd. Class A
| | | 131,800 | | 176,646 |
China Galaxy Securities Co., Ltd. Class H
| | | 2,069,400 | | 1,003,876 |
China Great Wall Securities Co., Ltd. Class A
| | | 95,400 | | 162,854 |
China Greatwall Technology Group Co., Ltd. Class A
| | | 133,200 | | 224,374 |
China Hanking Holdings, Ltd.
| | | 824,000 | | 152,024 |
China Harmony New Energy Auto Holding, Ltd.
| | | 7,000 | | 3,025 |
China High Speed Railway Technology Co., Ltd. Class A
| | | 561,400 | | 248,694 |
China Hongqiao Group, Ltd.
| | | 24,500 | | 10,431 |
China Huarong Energy Co., Ltd. (a)
| | | 128,400 | | 1,209 |
China Huiyuan Juice Group, Ltd. (a)(e)
| | | 188,500 | | 24,563 |
China Index Holdings, Ltd. ADR (a)(c)
| | | 26,268 | | 35,462 |
China International Marine Containers Group Co., Ltd. Class H
| | | 110,840 | | 103,534 |
China International Travel Service Corp., Ltd. Class A
| | | 100,200 | | 949,951 |
China Kings Resources Group Co., Ltd. Class A
| | | 7,400 | | 21,767 |
China Lesso Group Holdings, Ltd.
| | | 954,000 | | 1,257,903 |
China Life Insurance Co., Ltd. Class H
| | | 5,312,260 | | 10,403,967 |
China Longyuan Power Group Corp., Ltd. Class H
| | | 1,996,000 | | 1,097,029 |
China Machinery Engineering Corp. Class H
| | | 14,000 | | 3,793 |
China Medical System Holdings, Ltd.
| | | 1,040,000 | | 1,125,753 |
China Mengniu Dairy Co., Ltd.
| | | 2,126,345 | | 7,393,335 |
China Merchants Bank Co., Ltd. Class A
| | | 229,100 | | 1,043,332 |
China Merchants Bank Co., Ltd. Class H
| | | 3,254,241 | | 14,694,866 |
China Merchants China Direct Investments, Ltd.
| | | 4,000 | | 4,588 |
China Merchants Port Holdings Co., Ltd.
| | | 1,939,281 | | 2,216,779 |
China Merchants Securities Co., Ltd. Class A
| | | 221,786 | | 535,676 |
China Merchants Shekou Industrial Zone Holdings Co., Ltd. Class A
| | | 136,057 | | 316,331 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
China Minsheng Banking Corp., Ltd. Class H (c)
| | | 5,517,879 | | $4,100,554 |
China Modern Dairy Holdings, Ltd. (a)
| | | 6,000 | | 557 |
China Molybdenum Co., Ltd. Class A
| | | 291,300 | | 142,605 |
China Molybdenum Co., Ltd. Class H (c)
| | | 222,000 | | 62,153 |
China National Accord Medicines Corp., Ltd. Class B
| | | 196,795 | | 505,768 |
China National Building Material Co., Ltd. Class H
| | | 2,253,400 | | 2,462,462 |
China National Medicines Corp., Ltd. Class A
| | | 118,095 | | 471,167 |
China National Software & Service Co., Ltd. Class A
| | | 30,200 | | 307,445 |
China Ocean Industry Group, Ltd. (a)
| | | 60,875 | | 660 |
China Oilfield Services, Ltd. Class H
| | | 1,464,422 | | 1,131,725 |
China Overseas Grand Oceans Group, Ltd.
| | | 109,500 | | 64,138 |
China Overseas Land & Investment, Ltd.
| | | 3,086,304 | | 9,576,386 |
China Overseas Property Holdings, Ltd.
| | | 62,066 | | 58,455 |
China Pacific Insurance Group Co., Ltd. Class A
| | | 93,000 | | 370,258 |
China Pacific Insurance Group Co., Ltd. Class H
| | | 1,849,000 | | 5,594,067 |
China Petroleum & Chemical Corp. Class H
| | | 17,588,338 | | 8,668,342 |
China Power International Development, Ltd.
| | | 5,169,000 | | 960,322 |
China Railway Construction Corp., Ltd. Class H
| | | 2,034,490 | | 2,278,364 |
China Railway Group, Ltd. Class H
| | | 4,146,487 | | 2,209,420 |
China Rare Earth Holdings, Ltd. (a)
| | | 1,511,200 | | 58,491 |
China Resources Beer Holdings Co., Ltd.
| | | 1,401,867 | | 6,402,623 |
China Resources Gas Group, Ltd.
| | | 90,000 | | 452,851 |
China Resources Power Holdings Co., Ltd.
| | | 2,072,432 | | 2,283,421 |
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A
| | | 24,600 | | 96,655 |
China Sanjiang Fine Chemicals Co., Ltd.
| | | 73,000 | | 14,127 |
China Science Publishing & Media, Ltd. Class A
| | | 98,100 | | 129,265 |
China Shenhua Energy Co., Ltd. Class H
| | | 2,984,624 | | 5,683,605 |
China Shipbuilding Industry Co., Ltd. Class A
| | | 799,300 | | 474,740 |
| Security Description | | | Shares | | Value |
China Singyes Solar Technologies Holdings, Ltd. (a)
| | | 9,600 | | $607 |
China South City Holdings, Ltd.
| | | 1,896,000 | | 183,463 |
China Southern Airlines Co., Ltd. Class H (c)
| | | 1,910,000 | | 820,589 |
China State Construction Engineering Corp., Ltd. Class A
| | | 410,500 | | 305,202 |
China Taiping Insurance Holdings Co., Ltd.
| | | 826,235 | | 1,353,802 |
China Telecom Corp., Ltd. Class H
| | | 12,731,615 | | 3,860,106 |
China Tianying, Inc. Class A (a)
| | | 420,900 | | 274,337 |
China Tower Corp., Ltd. Class H (b)
| | | 17,156,000 | | 3,851,351 |
China TransInfo Technology Co., Ltd. Class A
| | | 220,900 | | 635,755 |
China Travel International Investment Hong Kong, Ltd.
| | | 6,056,000 | | 757,889 |
China Unicom Hong Kong, Ltd.
| | | 4,139,668 | | 2,387,376 |
China Vanke Co., Ltd. Class A
| | | 335,100 | | 1,212,623 |
China Vanke Co., Ltd. Class H
| | | 819,400 | | 2,701,063 |
China World Trade Center Co., Ltd. Class A
| | | 76,200 | | 141,903 |
China Yangtze Power Co., Ltd. Class A
| | | 941,500 | | 2,296,568 |
China Yurun Food Group, Ltd. (a)(c)
| | | 12,000 | | 1,006 |
China ZhengTong Auto Services Holdings, Ltd. (c)
| | | 38,000 | | 6,079 |
China Zhenhua Group Science & Technology Co., Ltd. Class A
| | | 212,600 | | 563,278 |
ChinaCache International Holdings, Ltd. ADR (a)
| | | 15,530 | | 547 |
Chinasoft International, Ltd. (c)
| | | 142,000 | | 74,198 |
Chinese Universe Publishing and Media Group Co., Ltd. Class A
| | | 160,600 | | 272,795 |
Chlitina Holding, Ltd.
| | | 2,000 | | 11,408 |
Chong Sing Holdings FinTech Group (a)
| | | 2,281,618 | | 3,532 |
Chongqing Brewery Co., Ltd. Class A
| | | 27,511 | | 176,635 |
Chongqing Changan Automobile Co., Ltd. Class B
| | | 815,900 | | 396,850 |
Chongqing Department Store Co., Ltd. Class A
| | | 24,800 | | 97,126 |
Chongqing Fuling Electric Power Industrial Co., Ltd. Class A
| | | 3,700 | | 8,618 |
Chongqing Gas Group Corp., Ltd. Class A
| | | 126,500 | | 113,147 |
Chongqing Machinery & Electric Co., Ltd. Class H
| | | 138,000 | | 7,923 |
Chow Tai Seng Jewellery Co., Ltd. Class A
| | | 83,962 | | 217,006 |
CIFI Holdings Group Co., Ltd.
| | | 27,295 | | 19,721 |
CIMC Enric Holdings, Ltd.
| | | 10,000 | | 4,116 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
CITIC Resources Holdings, Ltd.
| | | 1,720,000 | | $61,025 |
CITIC Securities Co., Ltd. Class A
| | | 393,400 | | 1,229,895 |
CITIC Securities Co., Ltd. Class H
| | | 1,065,500 | | 1,952,044 |
CITIC Telecom International Holdings, Ltd.
| | | 957,000 | | 317,317 |
CITIC, Ltd.
| | | 4,909,000 | | 5,136,434 |
CMST Development Co., Ltd. Class A
| | | 198,900 | | 127,396 |
CNHTC Jinan Truck Co., Ltd. Class A
| | | 87,800 | | 250,585 |
CNNC Hua Yuan Titanium Dioxide Co., Ltd. Class A
| | | 732,300 | | 430,813 |
CNOOC, Ltd.
| | | 9,734,734 | | 10,210,864 |
COFCO Biotechnology Co., Ltd. Class L
| | | 129,000 | | 143,228 |
Cogobuy Group (a)(b)(c)
| | | 64,000 | | 6,853 |
Colour Life Services Group Co., Ltd. (c)
| | | 69,000 | | 28,487 |
Comtec Solar Systems Group, Ltd.
| | | 211,500 | | 3,220 |
COSCO SHIPPING Development Co., Ltd. Class H
| | | 6,197,117 | | 647,623 |
COSCO SHIPPING Energy Transportation Co., Ltd. Class H
| | | 1,976,000 | | 1,063,092 |
COSCO SHIPPING Holdings Co., Ltd. Class H (a)
| | | 3,104,425 | | 857,122 |
COSCO SHIPPING Ports, Ltd.
| | | 2,129,692 | | 1,027,629 |
Cosmo Lady China Holdings Co., Ltd. (b)
| | | 71,000 | | 8,427 |
Country Garden Holdings Co., Ltd.
| | | 4,261,672 | | 5,157,399 |
Country Garden Services Holdings Co., Ltd.
| | | 278,000 | | 1,129,804 |
CQ Pharmaceutical Holding Co., Ltd. Class A (a)
| | | 435,700 | | 317,177 |
CRRC Corp., Ltd. Class H
| | | 3,094,000 | | 1,572,767 |
CSC Financial Co., Ltd. Class A
| | | 124,500 | | 545,023 |
CSG Holding Co., Ltd. Class B
| | | 568,345 | | 156,918 |
CSPC Pharmaceutical Group, Ltd.
| | | 2,338,000 | | 4,681,490 |
CSSC Offshore and Marine Engineering Group Co., Ltd. Class A (a)
| | | 96,800 | | 192,557 |
CSSC Science & Technology Co., Ltd. Class A
| | | 120,600 | | 191,750 |
CTS International Logistics Corp., Ltd. Class A
| | | 187,100 | | 146,498 |
D&O Home Collection Co., Ltd. Class A
| | | 71,300 | | 233,770 |
Da An Gene Co., Ltd. of Sun Yat-Sen University Class A
| | | 225,466 | | 551,562 |
Dalian Huarui Heavy Industry Group Co., Ltd. Class A
| | | 300,600 | | 124,681 |
Daqin Railway Co., Ltd. Class A
| | | 122,600 | | 117,615 |
| Security Description | | | Shares | | Value |
Daqo New Energy Corp. ADR (a)
| | | 9,312 | | $539,351 |
DaShenLin Pharmaceutical Group Co., Ltd. Class A
| | | 25,496 | | 226,609 |
Datang International Power Generation Co., Ltd. Class H
| | | 6,202,000 | | 832,172 |
Dazhong Transportation Group Co., Ltd. Class B
| | | 2,008,650 | | 719,097 |
Deppon Logistics Co., Ltd. Class A
| | | 88,600 | | 129,746 |
DHC Software Co., Ltd. Class A
| | | 125,200 | | 228,208 |
Digital China Group Co., Ltd. Class A
| | | 132,700 | | 470,465 |
Digital China Information Service Co., Ltd. Class A
| | | 92,800 | | 196,383 |
Do-Fluoride Chemicals Co., Ltd. Class A
| | | 85,100 | | 131,464 |
Dongfang Electric Corp., Ltd. Class A
| | | 102,100 | | 121,572 |
Dongfang Electric Corp., Ltd. Class H
| | | 182,400 | | 90,130 |
Dongfeng Motor Group Co., Ltd. Class H
| | | 2,582,000 | | 1,702,257 |
Dongjiang Environmental Co., Ltd. Class A
| | | 227,400 | | 303,491 |
Double Medical Technology, Inc. Class A
| | | 88,000 | | 835,157 |
Eastern Communications Co., Ltd. Class B
| | | 290,100 | | 147,371 |
Easysight Supply Chain Management Co., Ltd. Class A (a)
| | | 121,300 | | 206,382 |
E-Commodities Holdings, Ltd.
| | | 6,500 | | 175 |
Everbright Securities Co., Ltd. Class A
| | | 93,700 | | 145,543 |
Fang Holdings, Ltd. ADR (a)(c)
| | | 26,658 | | 35,988 |
Fanhua, Inc. ADR (c)
| | | 29,763 | | 598,832 |
Fantasia Holdings Group Co., Ltd. (a)
| | | 1,407,000 | | 254,138 |
Far East Horizon, Ltd.
| | | 1,988,000 | | 1,603,040 |
FAW CAR Co., Ltd. Class A
| | | 184,500 | | 226,974 |
Fiberhome Telecommunication Technologies Co., Ltd. Class A
| | | 30,400 | | 141,703 |
First Capital Securities Co., Ltd. Class A
| | | 176,900 | | 172,203 |
First Tractor Co., Ltd. Class A (a)
| | | 117,300 | | 107,897 |
Flat Glass Group Co., Ltd. Class A
| | | 3,700 | | 5,330 |
Focus Media Information Technology Co., Ltd. Class A
| | | 199,100 | | 124,153 |
Foshan Haitian Flavouring & Food Co., Ltd. Class A
| | | 96,400 | | 1,702,320 |
Founder Securities Co., Ltd. Class A
| | | 220,600 | | 223,457 |
Foxconn Industrial Internet Co., Ltd. Class A
| | | 84,700 | | 157,852 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Fufeng Group, Ltd.
| | | 71,000 | | $24,458 |
Fujian Aonong Biological Technology Group, Inc., Ltd. Class A
| | | 81,800 | | 248,578 |
Fujian Dongbai Group Co., Ltd. Class A (a)
| | | 399,000 | | 282,017 |
Fujian Longking Co., Ltd. Class A
| | | 98,500 | | 125,762 |
Fujian Star-net Communication Co., Ltd. Class A
| | | 124,600 | | 645,131 |
Fujian Sunner Development Co., Ltd. Class A
| | | 82,900 | | 276,598 |
Fuyao Glass Industry Group Co., Ltd. Class A
| | | 33,100 | | 89,565 |
G-bits Network Technology Xiamen Co., Ltd. Class A
| | | 14,600 | | 845,305 |
GCI Science & Technology Co., Ltd. Class A
| | | 215,181 | | 428,346 |
GDS Holdings, Ltd. ADR (a)
| | | 22,556 | | 1,307,571 |
Geely Automobile Holdings, Ltd.
| | | 2,576,000 | | 3,802,067 |
Gemdale Corp. Class A
| | | 93,300 | | 185,463 |
Genertec Universal Medical Group Co., Ltd. (b)
| | | 520,100 | | 324,102 |
Genimous Technology Co., Ltd. Class A
| | | 356,800 | | 365,448 |
Genscript Biotech Corp. (a)(c)
| | | 320,000 | | 518,546 |
Getein Biotech, Inc. Class A
| | | 104,616 | | 470,523 |
GF Securities Co., Ltd. Class H
| | | 1,237,800 | | 1,327,087 |
Giant Network Group Co., Ltd. Class A
| | | 203,700 | | 477,337 |
Global Bio-Chem Technology Group Co., Ltd. (a)
| | | 1,036,000 | | 17,643 |
Global Top E-Commerce Co., Ltd. Class A
| | | 239,200 | | 195,728 |
Glodon Co., Ltd. Class A
| | | 110,700 | | 666,399 |
GoerTek, Inc. Class A
| | | 200,700 | | 464,644 |
Goldpac Group, Ltd.
| | | 64,000 | | 12,716 |
GOME Retail Holdings, Ltd. (a)(c)
| | | 8,198,000 | | 761,532 |
Goodbaby International Holdings, Ltd. (a)
| | | 67,000 | | 7,348 |
Grand Baoxin Auto Group, Ltd. (a)
| | | 3,158 | | 424 |
Grandjoy Holdings Group Co., Ltd. Class A
| | | 156,000 | | 118,405 |
Great Wall Motor Co., Ltd. Class H
| | | 2,571,750 | | 1,649,047 |
Greattown Holdings, Ltd. Class A
| | | 205,400 | | 203,134 |
Greatview Aseptic Packaging Co., Ltd.
| | | 10,000 | | 3,096 |
Gree Electric Appliances, Inc. of Zhuhai Class A
| | | 269,787 | | 1,986,806 |
Gree Real Estate Co., Ltd. Class A (a)
| | | 214,200 | | 125,410 |
Greentown China Holdings, Ltd.
| | | 511,000 | | 464,791 |
| Security Description | | | Shares | | Value |
Gridsum Holding, Inc. ADR (a)(c)
| | | 34,025 | | $23,137 |
Grinm Advanced Materials Co., Ltd. Class A
| | | 93,500 | | 158,027 |
Guangdong Electric Power Development Co., Ltd. Class B
| | | 1,548,740 | | 415,614 |
Guangdong Ellington Electronics Technology Co., Ltd. Class A
| | | 88,100 | | 128,268 |
Guangdong Golden Dragon Development, Inc. Class A (a)
| | | 109,200 | | 195,655 |
Guangdong Haid Group Co., Ltd. Class A
| | | 78,500 | | 445,205 |
Guangdong Highsun Group Co., Ltd. Class A
| | | 396,700 | | 130,961 |
Guangdong Hongda Blasting Co., Ltd. Class A
| | | 80,600 | | 256,644 |
Guangdong Hotata Technology Group Co., Ltd. Class A
| | | 82,600 | | 139,488 |
Guangdong Huatie Tongda High-speed Railway Equipment Corp. Class A (a)
| | | 466,400 | | 329,655 |
Guangdong Provincial Expressway Development Co., Ltd. Class B
| | | 206,000 | | 127,307 |
Guangdong Shenglu Telecommunication Tech Co., Ltd. Class A
| | | 282,700 | | 296,332 |
Guangdong Xinbao Electrical Appliances Holdings Co., Ltd. Class A
| | | 265,600 | | 696,206 |
Guangdong Zhongsheng Pharmaceutical Co., Ltd. Class A
| | | 99,900 | | 167,012 |
Guangshen Railway Co., Ltd. Class H
| | | 4,134,000 | | 880,040 |
Guangxi Guidong Electric Power Co., Ltd. Class A
| | | 542,534 | | 281,669 |
Guangxi Guiguan Electric Power Co., Ltd. Class A
| | | 208,500 | | 134,427 |
Guangxi Liuzhou Pharmaceutical Co., Ltd. Class A
| | | 132,100 | | 585,935 |
Guangzhou Automobile Group Co., Ltd. Class H
| | | 2,466,090 | | 2,478,530 |
Guangzhou Baiyun International Airport Co., Ltd. Class A
| | | 89,900 | | 159,172 |
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class A
| | | 101,900 | | 452,557 |
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H
| | | 6,000 | | 16,179 |
Guangzhou Haige Communications Group, Inc. Co. Class A
| | | 228,500 | | 363,630 |
Guangzhou Holike Creative Home Co., Ltd. Class A
| | | 178,776 | | 352,598 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Guangzhou Kingmed Diagnostics Group Co., Ltd. Class A
| | | 3,700 | | $29,383 |
Guangzhou R&F Properties Co., Ltd. Class H
| | | 1,674,118 | | 2,185,820 |
Guangzhou Restaurant Group Co., Ltd. Class A
| | | 96,700 | | 377,894 |
Guangzhou Tinci Materials Technology Co., Ltd. Class A
| | | 81,500 | | 224,441 |
Guangzhou Yuexiu Financial Holdings Group Co., Ltd. Class A
| | | 231,100 | | 295,062 |
Guangzhou Zhujiang Brewery Co., Ltd. Class A
| | | 202,600 | | 198,364 |
Guizhou Broadcasting & TV Information Network Co., Ltd. Class A
| | | 175,300 | | 189,936 |
Guizhou Xinbang Pharmaceutical Co., Ltd. Class A (a)
| | | 214,300 | | 139,980 |
Guocheng Mining Co., Ltd. Class A (a)
| | | 105,100 | | 266,449 |
Guodian Technology & Environment Group Corp., Ltd. Class H (a)
| | | 73,000 | | 1,884 |
Guomai Technologies, Inc. Class A
| | | 201,900 | | 273,446 |
Guosen Securities Co., Ltd. Class A
| | | 320,200 | | 501,428 |
Guosheng Financial Holding, Inc. Class A (a)
| | | 112,600 | | 154,566 |
Guotai Junan Securities Co., Ltd. Class A
| | | 227,800 | | 523,205 |
Guoyuan Securities Co., Ltd. Class A
| | | 108,300 | | 127,273 |
Haichang Ocean Park Holdings, Ltd. (a)(b)
| | | 913,000 | | 64,786 |
Haidilao International Holding, Ltd. (b)(c)
| | | 63,000 | | 245,468 |
Haier Smart Home Co., Ltd. Class A
| | | 115,300 | | 234,237 |
Hailir Pesticides and Chemicals Group Co., Ltd. Class A
| | | 34,400 | | 128,899 |
Hainan Meilan International Airport Co., Ltd. Class H (a)
| | | 65,000 | | 55,181 |
Haisco Pharmaceutical Group Co., Ltd. Class A
| | | 109,700 | | 306,278 |
Haitian International Holdings, Ltd.
| | | 5,000 | | 9,289 |
Haitong Securities Co., Ltd. Class A
| | | 202,700 | | 367,183 |
Haitong Securities Co., Ltd. Class H
| | | 2,036,400 | | 1,862,761 |
Hang Zhou Great Star Industrial Co., Ltd. Class A
| | | 230,600 | | 304,183 |
Hangjin Technology Co., Ltd. Class A
| | | 99,900 | | 300,622 |
Hangzhou First Applied Material Co., Ltd. Class A
| | | 68,300 | | 392,367 |
| Security Description | | | Shares | | Value |
Hangzhou Hikvision Digital Technology Co., Ltd. Class A
| | | 389,900 | | $1,534,693 |
Hangzhou Lianluo Interactive Information Technology Co., Ltd. Class A (a)
| | | 880,183 | | 322,857 |
Hangzhou Robam Appliances Co., Ltd. Class A
| | | 34,200 | | 137,221 |
Hangzhou Silan Microelectronics Co., Ltd. Class A
| | | 73,900 | | 150,652 |
Hangzhou Steam Turbine Co., Ltd. Class B
| | | 524,820 | | 507,154 |
Harbin Boshi Automation Co., Ltd. Class A
| | | 436,620 | | 559,311 |
Harbin Electric Co., Ltd. Class H (a)
| | | 1,960,000 | | 445,058 |
Harbin Gloria Pharmaceuticals Co., Ltd. Class A
| | | 295,900 | | 108,121 |
Harbin Pharmaceutical Group Co., Ltd. Class A (a)
| | | 294,900 | | 167,666 |
Health & Happiness H&H International Holdings, Ltd.
| | | 5,000 | | 18,482 |
Hefei Meiya Optoelectronic Technology, Inc. Class A
| | | 88,900 | | 473,083 |
Henan Lingrui Pharmaceutical Co. Class A
| | | 229,500 | | 268,735 |
Hengan International Group Co., Ltd.
| | | 518,500 | | 3,903,350 |
Hengli Petrochemical Co., Ltd. Class A
| | | 269,200 | | 473,973 |
Hisense Home Appliances Group Co., Ltd. Class A
| | | 285,400 | | 381,704 |
HLA Corp., Ltd. Class A
| | | 113,190 | | 101,082 |
Holitech Technology Co., Ltd. Class A
| | | 194,500 | | 152,566 |
Hongda Xingye Co., Ltd. Class A
| | | 287,500 | | 158,185 |
Hongfa Technology Co., Ltd. Class A
| | | 29,900 | | 116,467 |
Honghua Group, Ltd. (a)
| | | 14,000 | | 432 |
Honworld Group, Ltd. (b)
| | | 35,000 | | 10,567 |
Hopson Development Holdings, Ltd.
| | | 26,000 | | 23,213 |
Hua Hong Semiconductor, Ltd. (b)(c)
| | | 103,000 | | 188,701 |
Huaan Securities Co., Ltd. Class A
| | | 310,500 | | 338,176 |
Huadian Fuxin Energy Corp., Ltd. Class H
| | | 128,000 | | 21,138 |
Huadian Power International Corp., Ltd. Class H
| | | 2,199,308 | | 655,460 |
Huadong Medicine Co., Ltd. Class A
| | | 34,200 | | 84,195 |
Huafu Fashion Co., Ltd. Class A
| | | 129,500 | | 96,465 |
Huagong Tech Co., Ltd. Class A
| | | 68,500 | | 190,766 |
Hualan Biological Engineering, Inc. Class A
| | | 174,283 | | 1,178,246 |
Huaneng Lancang River Hydropower, Inc. Class A
| | | 25,900 | | 13,300 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Huaneng Power International, Inc. Class H
| | | 4,134,000 | | $1,552,070 |
Huangshan Tourism Development Co., Ltd. Class B
| | | 722,232 | | 526,507 |
Huangshi Dongbei Electrical Appliance Co., Ltd. Class B
| | | 405,300 | | 493,655 |
Huatai Securities Co., Ltd. Class A
| | | 313,400 | | 761,813 |
Huatai Securities Co., Ltd. Class H (b)
| | | 604,000 | | 897,713 |
Huawen Media Group Class A (a)
| | | 309,700 | | 139,815 |
Huaxi Securities Co., Ltd. Class A
| | | 230,200 | | 341,653 |
Huaxin Cement Co., Ltd. Class B
| | | 279,200 | | 427,734 |
Huayu Automotive Systems Co., Ltd. Class A
| | | 96,361 | | 292,827 |
Huazhu Group, Ltd. ADR (c)
| | | 43,776 | | 1,257,684 |
Hubei Biocause Pharmaceutical Co., Ltd. Class A
| | | 326,400 | | 272,606 |
Hubei Kaile Science & Technology Co., Ltd. Class A
| | | 135,500 | | 253,864 |
Huizhou Desay Sv Automotive Co., Ltd. Class A
| | | 89,200 | | 383,695 |
Hunan Baili Engineering Sci & Tech Co., Ltd. Class A
| | | 89,600 | | 96,449 |
Hunan Dakang International Food & Agriculture Co., Ltd. Class A (a)
| | | 576,800 | | 180,652 |
Hunan Gold Corp., Ltd. Class A
| | | 105,800 | | 117,320 |
Hunan New Wellful Co., Ltd. Class A (a)
| | | 197,700 | | 251,023 |
Hundsun Technologies, Inc. Class A
| | | 79,800 | | 989,591 |
HUYA, Inc. ADR (a)
| | | 6,011 | | 101,886 |
Hytera Communications Corp., Ltd. Class A
| | | 335,800 | | 276,193 |
Iflytek Co., Ltd. Class A
| | | 127,800 | | 621,313 |
Industrial & Commercial Bank of China, Ltd. Class H
| | | 56,146,590 | | 38,465,003 |
Industrial Bank Co., Ltd. Class A
| | | 640,400 | | 1,437,426 |
Industrial Securities Co., Ltd. Class A
| | | 325,700 | | 287,185 |
INESA Intelligent Tech, Inc. Class B
| | | 2,009,100 | | 1,159,251 |
Inner Mongolia MengDian HuaNeng Thermal Power Corp., Ltd. Class A
| | | 694,400 | | 252,751 |
Inner Mongolia Yili Industrial Group Co., Ltd. Class A
| | | 121,200 | | 510,571 |
Inner Mongolia Yitai Coal Co., Ltd. Class B
| | | 411,136 | | 268,472 |
Innovent Biologics, Inc. (a)(b)
| | | 126,000 | | 531,577 |
Inspur Electronic Information Industry Co., Ltd. Class A
| | | 32,816 | | 179,538 |
| Security Description | | | Shares | | Value |
Inspur Software Co., Ltd. Class A
| | | 82,500 | | $215,439 |
iQIYI, Inc. ADR (a)(c)
| | | 78,921 | | 1,404,794 |
IReader Technology Co., Ltd. Class A
| | | 94,600 | | 257,981 |
Jack Sewing Machine Co., Ltd. Class A
| | | 35,040 | | 85,175 |
Jason Furniture Hangzhou Co., Ltd. Class A
| | | 88,300 | | 437,501 |
JC Finance & Tax Interconnect Holdings, Ltd. Class A (a)
| | | 99,600 | | 137,986 |
JD.com, Inc. ADR (a)
| | | 556,442 | | 22,535,901 |
Jiajiayue Group Co., Ltd. Class A
| | | 119,700 | | 545,457 |
Jiangling Motors Corp., Ltd. Class A
| | | 75,800 | | 125,225 |
Jiangnan Group, Ltd. (a)
| | | 201,000 | | 7,780 |
Jiangsu Changshu Rural Commercial Bank Co., Ltd. Class A
| | | 128,800 | | 124,290 |
Jiangsu Eastern Shenghong Co., Ltd. Class A
| | | 318,400 | | 214,267 |
Jiangsu Etern Co., Ltd. Class A
| | | 393,800 | | 253,896 |
Jiangsu Expressway Co., Ltd. Class H
| | | 2,200,000 | | 2,455,199 |
Jiangsu Flowers King Horticulture Co., Ltd. Class A
| | | 123,300 | | 105,066 |
Jiangsu Hengli Hydraulic Co., Ltd. Class A
| | | 58,386 | | 506,580 |
Jiangsu Hengrui Medicine Co., Ltd. Class A
| | | 196,020 | | 2,545,036 |
Jiangsu Huaxicun Co., Ltd. Class A
| | | 192,700 | | 222,925 |
Jiangsu Kanion Pharmaceutical Co., Ltd. Class A
| | | 137,200 | | 260,146 |
Jiangsu King's Luck Brewery JSC, Ltd. Class A
| | | 33,100 | | 131,453 |
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A
| | | 28,900 | | 341,955 |
Jiangsu Yangnong Chemical Co., Ltd. Class A
| | | 14,500 | | 137,897 |
Jiangsu Yoke Technology Co., Ltd. Class A
| | | 92,500 | | 404,676 |
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A
| | | 235,778 | | 1,206,798 |
Jiangsu Zhongnan Construction Group Co., Ltd. Class A
| | | 125,900 | | 137,655 |
Jiangxi Copper Co., Ltd. Class H
| | | 1,035,000 | | 956,095 |
Jiangxi Lianchuang Optoelectronic Science & Technology Co., Ltd. Class A
| | | 89,200 | | 159,946 |
Jiangxi Zhengbang Technology Co., Ltd. Class A
| | | 188,400 | | 506,603 |
Jiayou International Logistics Co., Ltd. Class A
| | | 202,428 | | 775,362 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Jilin Zixin Pharmaceutical Industrial Co., Ltd. Class A (a)
| | | 117,900 | | $87,824 |
Jinke Properties Group Co., Ltd. Class A
| | | 524,130 | | 588,594 |
JinkoSolar Holding Co., Ltd. ADR (a)(c)
| | | 11,304 | | 167,864 |
Jinyu Bio-Technology Co., Ltd. Class A
| | | 215,600 | | 648,485 |
Jinyuan EP Co., Ltd. Class A
| | | 130,300 | | 150,922 |
JiuGui Liquor Co., Ltd. Class A
| | | 22,500 | | 90,309 |
Joinn Laboratories China Co., Ltd. Class A
| | | 34,500 | | 352,875 |
Jointown Pharmaceutical Group Co., Ltd. Class A
| | | 216,000 | | 518,044 |
Joy City Property, Ltd.
| | | 2,070,000 | | 162,910 |
Joyoung Co., Ltd. Class A
| | | 181,256 | | 719,838 |
JOYY, Inc. ADR (a)
| | | 20,686 | | 1,101,736 |
Juewei Food Co., Ltd. Class A
| | | 19,000 | | 138,716 |
Jumei International Holding, Ltd. ADR (a)(c)
| | | 615 | | 11,365 |
Kama Co., Ltd. Class B (a)
| | | 784,400 | | 297,288 |
KingClean Electric Co., Ltd. Class A
| | | 32,600 | | 93,824 |
Kingdee International Software Group Co., Ltd.
| | | 1,925,000 | | 2,568,024 |
Kingsoft Corp., Ltd. (a)
| | | 223,000 | | 727,903 |
Konka Group Co., Ltd. Class B
| | | 11,131,563 | | 4,093,067 |
KPC Pharmaceuticals, Inc. Class A
| | | 104,700 | | 146,233 |
Kuang-Chi Technologies Co., Ltd. Class A (a)
| | | 107,100 | | 110,602 |
Kunlun Energy Co., Ltd.
| | | 4,192,622 | | 2,450,371 |
Kunwu Jiuding Investment Holdings Co., Ltd. Class A
| | | 78,000 | | 255,958 |
Kweichow Moutai Co., Ltd. Class A
| | | 73,200 | | 11,473,322 |
KWG Group Holdings, Ltd.
| | | 1,044,668 | | 1,485,278 |
Lao Feng Xiang Co., Ltd. Class A
| | | 27,600 | | 155,985 |
Lao Feng Xiang Co., Ltd. Class B
| | | 109,630 | | 301,263 |
Laobaixing Pharmacy Chain JSC Class A
| | | 19,000 | | 208,812 |
Lenovo Group, Ltd.
| | | 5,571,220 | | 2,990,140 |
Leo Group Co., Ltd. Class A (a)
| | | 1,088,000 | | 564,860 |
LexinFintech Holdings, Ltd. ADR (a)(c)
| | | 17,313 | | 153,566 |
Leyou Technologies Holdings, Ltd. (a)(c)
| | | 425,000 | | 124,469 |
Li Ning Co., Ltd.
| | | 1,544,833 | | 4,514,375 |
Lianhua Supermarket Holdings Co., Ltd. Class H (a)
| | | 13,000 | | 1,929 |
Liaoning Wellhope Agri-Tech JSC, Ltd. Class A
| | | 163,100 | | 293,148 |
Lifetech Scientific Corp. (a)
| | | 1,908,000 | | 435,712 |
Lingyi iTech Guangdong Co. Class A (a)
| | | 392,900 | | 455,636 |
| Security Description | | | Shares | | Value |
Link Motion, Inc. ADR (a)(e)
| | | 16,509 | | $— |
Lionco Pharmaceutical Group Co., Ltd. Class A
| | | 114,900 | | 162,587 |
Livzon Pharmaceutical Group, Inc. Class H
| | | 162,327 | | 597,922 |
Lomon Billions Group Co., Ltd. Class A
| | | 108,000 | | 227,482 |
Longfor Group Holdings, Ltd. (b)
| | | 96,500 | | 469,994 |
LONGi Green Energy Technology Co., Ltd. Class A
| | | 219,500 | | 769,219 |
Luenmei Quantum Co., Ltd. Class A
| | | 226,408 | | 445,904 |
Luthai Textile Co., Ltd. Class B
| | | 130,600 | | 93,684 |
Luxshare Precision Industry Co., Ltd. Class A
| | | 333,569 | | 1,795,801 |
Luye Pharma Group, Ltd. (b)
| | | 512,500 | | 249,939 |
Luzhou Laojiao Co., Ltd. Class A
| | | 84,114 | | 873,987 |
Maanshan Iron & Steel Co., Ltd. Class H (c)
| | | 976,000 | | 305,988 |
Maoye Commericial Co., Ltd. Class A
| | | 427,722 | | 257,060 |
Markor International Home Furnishings Co., Ltd. Class A
| | | 417,600 | | 242,729 |
Meinian Onehealth Healthcare Holdings Co., Ltd. Class A
| | | 208,160 | | 346,826 |
Meitu, Inc. (a)(b)
| | | 294,500 | | 56,233 |
Meituan Dianping Class B (a)
| | | 2,186,700 | | 26,420,732 |
Metallurgical Corp. of China, Ltd. Class H
| | | 1,035,000 | | 181,605 |
Milkyway Chemical Supply Chain Service Co., Ltd. Class A
| | | 23,525 | | 166,277 |
Ming Yang Smart Energy Group, Ltd. Class A
| | | 3,700 | | 5,241 |
Minth Group, Ltd.
| | | 68,000 | | 145,810 |
MOBI Development Co., Ltd.
| | | 934,000 | | 98,812 |
Momo, Inc. ADR
| | | 75,769 | | 1,643,430 |
Montnets Rongxin Technology Group Co., Ltd. Class A (a)
| | | 200,500 | | 379,604 |
Muyuan Foodstuff Co., Ltd. Class A
| | | 117,900 | | 2,032,753 |
MYS Group Co., Ltd. Class A
| | | 213,800 | | 148,703 |
NanJi E-Commerce Co., Ltd. Class A (a)
| | | 360,100 | | 589,312 |
Nanjing King-Friend Biochemical Pharmaceutical Co., Ltd. Class A
| | | 3,700 | | 26,350 |
Nanjing Panda Electronics Co., Ltd. Class A
| | | 135,700 | | 162,345 |
Nanjing Well Pharmaceutical Co., Ltd. Class A
| | | 22,445 | | 97,054 |
Nanjing Xinjiekou Department Store Co., Ltd. Class A (a)
| | | 89,600 | | 106,182 |
Nanyang Topsec Technologies Group, Inc. Class A (a)
| | | 180,000 | | 586,101 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
NARI Technology Co., Ltd. Class A
| | | 133,200 | | $371,138 |
National Agricultural Holdings, Ltd. (a)(c)(e)
| | | 72,000 | | — |
NAURA Technology Group Co., Ltd. Class A
| | | 23,800 | | 390,500 |
NavInfo Co., Ltd. Class A
| | | 120,500 | | 239,191 |
NetEase, Inc. ADR
| | | 45,671 | | 14,658,564 |
New China Life Insurance Co., Ltd. Class H
| | | 515,000 | | 1,604,620 |
New Hope Liuhe Co., Ltd. Class A
| | | 302,600 | | 1,341,768 |
New Oriental Education & Technology Group, Inc. ADR (a)
| | | 87,688 | | 9,491,349 |
Newater Technology, Inc. (a)(c)
| | | 17,191 | | 37,304 |
Newland Digital Technology Co., Ltd. Class A
| | | 264,320 | | 589,557 |
Ninestar Corp. Class A
| | | 26,600 | | 100,685 |
Ningbo Construction Co., Ltd. Class A
| | | 291,000 | | 169,964 |
Ningbo Jifeng Auto Parts Co., Ltd. Class A
| | | 198,600 | | 230,031 |
Ningbo Xusheng Auto Technology Co., Ltd. Class A
| | | 27,200 | | 141,484 |
Ningbo Yunsheng Co., Ltd. Class A
| | | 126,600 | | 115,023 |
Ningxia Jiaze New Energy Co., Ltd. Class A
| | | 260,200 | | 112,329 |
NIO, Inc. ADR (a)
| | | 201,702 | | 560,732 |
Noah Holdings, Ltd. ADR (a)(c)
| | | 9,312 | | 240,808 |
Northeast Securities Co., Ltd. Class A
| | | 111,600 | | 130,522 |
Offcn Education Technology Co., Ltd. Class A
| | | 7,400 | | 23,772 |
OFILM Group Co., Ltd. Class A (a)
| | | 101,400 | | 195,127 |
On-Bright Electronics, Inc.
| | | 19,000 | | 140,734 |
Oppein Home Group, Inc. Class A
| | | 13,300 | | 177,447 |
Orient Securities Co., Ltd. Class A
| | | 211,700 | | 272,383 |
Ourgame International Holdings, Ltd. (a)
| | | 65,000 | | 3,858 |
Ozner Water International Holding, Ltd. (a)(b)(c)
| | | 948,000 | | 35,469 |
Pacific Online, Ltd. (c)
| | | 64,000 | | 10,817 |
Pacific Securities Co., Ltd. Class A (a)
| | | 569,900 | | 266,932 |
Parkson Retail Group, Ltd. (a)
| | | 1,269,634 | | 68,798 |
PCI-Suntek Technology Co., Ltd. Class A
| | | 11,100 | | 13,937 |
People's Insurance Co. Group of China, Ltd. Class A (f)
| | | 305,100 | | 271,173 |
People's Insurance Co. Group of China, Ltd. Class H (f)
| | | 4,064,000 | | 1,342,275 |
Perfect World Co., Ltd. Class A
| | | 177,300 | | 1,189,387 |
PetroChina Co., Ltd. Class H
| | | 15,528,627 | | 5,689,830 |
| Security Description | | | Shares | | Value |
PICC Property & Casualty Co., Ltd. Class H
| | | 5,921,307 | | $5,729,632 |
Pinduoduo, Inc. ADR (a)
| | | 187,392 | | 6,751,734 |
Ping An Bank Co., Ltd. Class A
| | | 529,900 | | 956,903 |
Ping An Healthcare and Technology Co., Ltd. (a)(b)(c)
| | | 211,100 | | 1,969,130 |
Ping An Insurance Group Co. of China, Ltd. Class A
| | | 216,800 | | 2,115,637 |
Ping An Insurance Group Co. of China, Ltd. Class H
| | | 3,606,664 | | 35,434,267 |
Poly Culture Group Corp., Ltd. Class H
| | | 7,200 | | 4,106 |
Poly Developments and Holdings Group Co., Ltd. Class A
| | | 342,000 | | 717,466 |
Poly Property Group Co., Ltd.
| | | 959,000 | | 325,404 |
Poten Environment Group Co., Ltd. Class A
| | | 88,900 | | 84,533 |
Prosperous Future Holdings, Ltd. (a)
| | | 415,000 | | 5,194 |
PW Medtech Group, Ltd. (a)
| | | 68,000 | | 8,861 |
Qianhe Condiment and Food Co., Ltd. Class A
| | | 86,100 | | 315,213 |
Qingdao Gon Technology Co., Ltd. Class A
| | | 92,300 | | 580,895 |
Qingdao Hanhe Cable Co., Ltd. Class A
| | | 527,700 | | 283,646 |
Raisecom Technology Co., Ltd. Class A
| | | 208,100 | | 371,387 |
Realcan Pharmaceutical Group Co., Ltd. Class A
| | | 111,300 | | 85,106 |
ReneSola, Ltd. ADR (a)(c)
| | | 26,466 | | 30,587 |
Rongan Property Co., Ltd. Class A (a)
| | | 390,000 | | 148,007 |
Rongsheng Petro Chemical Co., Ltd. Class A
| | | 207,200 | | 320,087 |
SAIC Motor Corp., Ltd. Class A
| | | 211,800 | | 612,553 |
Sailun Group Co., Ltd. Class A
| | | 632,000 | | 335,250 |
Sanan Optoelectronics Co., Ltd. Class A
| | | 84,600 | | 228,562 |
Sany Heavy Industry Co., Ltd. Class A
| | | 389,500 | | 950,643 |
SDIC Capital Co., Ltd. Class A
| | | 328,385 | | 567,523 |
SDIC Power Holdings Co., Ltd. Class A
| | | 199,900 | | 223,922 |
Sealand Securities Co., Ltd. Class A
| | | 652,540 | | 403,223 |
Seazen Group, Ltd. (a)
| | | 90,000 | | 81,281 |
Seazen Holdings Co., Ltd. Class A
| | | 31,600 | | 139,405 |
Semiconductor Manufacturing International Corp. (a)(c)
| | | 2,037,900 | | 3,207,677 |
SF Holding Co., Ltd. Class A
| | | 102,400 | | 682,455 |
Shaan Xi Provincial Natural Gas Co., Ltd. Class A
| | | 124,900 | | 102,201 |
Shaanxi International Trust Co., Ltd. Class A
| | | 434,200 | | 215,624 |
Shandong Airlines Co., Ltd. Class B
| | | 5,800 | | 5,006 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Shandong Chenming Paper Holdings, Ltd. Class B
| | | 291,200 | | $105,196 |
Shandong Gold Mining Co., Ltd. Class A
| | | 208,700 | | 1,011,083 |
Shandong Himile Mechanical Science & Technology Co., Ltd. Class A
| | | 178,900 | | 426,794 |
Shandong Humon Smelting Co., Ltd. Class A (a)
| | | 84,000 | | 150,622 |
Shandong Linglong Tyre Co., Ltd. Class A
| | | 81,000 | | 225,921 |
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
| | | 272,000 | | 343,908 |
Shandong Xinhua Pharmaceutical Co., Ltd. Class A
| | | 236,092 | | 407,354 |
Shandong Yisheng Livestock & Poultry Breeding Co., Ltd. Class A
| | | 122,040 | | 327,302 |
Shanghai 2345 Network Holding Group Co., Ltd. Class A
| | | 533,200 | | 209,122 |
Shanghai AtHub Co., Ltd. Class A
| | | 85,800 | | 585,501 |
Shanghai Bairun Investment Holding Group Co., Ltd. Class A
| | | 127,600 | | 611,519 |
Shanghai Baosight Software Co., Ltd. Class A
| | | 84,400 | | 473,308 |
Shanghai Baosight Software Co., Ltd. Class B
| | | 541,520 | | 1,096,578 |
Shanghai Belling Co., Ltd. Class A
| | | 82,000 | | 189,261 |
Shanghai Chlor-Alkali Chemical Co., Ltd. Class B
| | | 1,555,520 | | 777,760 |
Shanghai Daimay Automotive Interior Co., Ltd. Class A
| | | 92,900 | | 340,501 |
Shanghai Dazhong Public Utilities Group Co., Ltd. Class A
| | | 324,700 | | 185,066 |
Shanghai Diesel Engine Co., Ltd. Class B
| | | 300,080 | | 114,931 |
Shanghai East China Computer Co., Ltd. Class A
| | | 83,000 | | 255,738 |
Shanghai Electric Group Co., Ltd. Class H
| | | 4,152,077 | | 1,098,164 |
Shanghai Environment Group Co., Ltd. Class A
| | | 93,700 | | 155,061 |
Shanghai Fengyuzhu Culture and Technology Co., Ltd. Class A
| | | 81,200 | | 158,088 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A
| | | 127,800 | | 592,465 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H
| | | 33,500 | | 110,213 |
Shanghai Fudan Microelectronics Group Co., Ltd. Class H (a)(c)
| | | 16,000 | | 10,507 |
| Security Description | | | Shares | | Value |
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H
| | | 8,000 | | $4,820 |
Shanghai Greencourt Investment Group Co., Ltd. Class B (a)
| | | 992,548 | | 356,325 |
Shanghai Huayi Group Co., Ltd. Class B
| | | 212,400 | | 103,439 |
Shanghai Industrial Development Co., Ltd. Class A
| | | 267,000 | | 191,731 |
Shanghai Industrial Urban Development Group, Ltd.
| | | 26,000 | | 2,482 |
Shanghai International Airport Co., Ltd. Class A
| | | 89,700 | | 769,541 |
Shanghai International Port Group Co., Ltd. Class A
| | | 737,100 | | 465,874 |
Shanghai Jin Jiang Capital Co., Ltd. Class H
| | | 28,000 | | 4,696 |
Shanghai Jinjiang International Hotels Co., Ltd. Class B
| | | 228,300 | | 323,958 |
Shanghai Jinjiang International Industrial Investment Co., Ltd. Class B
| | | 860,718 | | 580,985 |
Shanghai Jinjiang International Travel Co., Ltd. Class B
| | | 439,400 | | 564,629 |
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class B
| | | 734,666 | | 600,957 |
Shanghai Lingang Holdings Corp., Ltd. Class B
| | | 187,700 | | 219,046 |
Shanghai Lingyun Industries Development Co., Ltd. Class B (a)
| | | 1,773,772 | | 730,794 |
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class A
| | | 83,000 | | 129,859 |
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class B
| | | 497,568 | | 401,040 |
Shanghai M&G Stationery, Inc. Class A
| | | 92,581 | | 604,738 |
Shanghai Maling Aquarius Co., Ltd. Class A
| | | 107,900 | | 141,265 |
Shanghai Moons' Electric Co., Ltd. Class A
| | | 208,316 | | 398,810 |
Shanghai Pharmaceuticals Holding Co., Ltd. Class A
| | | 188,500 | | 518,839 |
Shanghai Pharmaceuticals Holding Co., Ltd. Class H
| | | 206,800 | | 351,653 |
Shanghai Phoenix Enterprise Group Co., Ltd. Class B (a)
| | | 1,115,180 | | 423,768 |
Shanghai Prime Machinery Co., Ltd. Class H
| | | 136,000 | | 10,177 |
Shanghai Pudong Development Bank Co., Ltd. Class A
| | | 776,400 | | 1,111,772 |
Shanghai RAAS Blood Products Co., Ltd. Class A (a)
| | | 290,900 | | 319,292 |
Shanghai Runda Medical Technology Co., Ltd. Class A
| | | 129,500 | | 182,333 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Shanghai Shenda Co., Ltd. Class A
| | | 199,900 | | $142,419 |
Shanghai Shibei Hi-Tech Co., Ltd. Class B
| | | 392,400 | | 131,062 |
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class A
| | | 72,400 | | 149,535 |
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class B
| | | 105,200 | | 98,783 |
Shanghai Wanye Enterprises Co., Ltd. Class A
| | | 92,500 | | 238,812 |
Shanghai Weaver Network Co., Ltd. Class A
| | | 71,900 | | 760,569 |
Shanghai Xin Nanyang Only Education & Technology Co., Ltd. Class A (a)
| | | 325,800 | | 729,904 |
Shanghai Yuyuan Tourist Mart Group Co., Ltd. Class A
| | | 289,888 | | 298,959 |
Shanghai Zhangjiang High-Tech Park Development Co., Ltd. Class A
| | | 85,500 | | 146,316 |
Shanghai Zijiang Enterprise Group Co., Ltd. Class A
| | | 410,900 | | 242,893 |
Shanxi Meijin Energy Co., Ltd. Class A (a)
| | | 199,700 | | 185,382 |
Shanxi Securities Co., Ltd. Class A
| | | 116,000 | | 114,884 |
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A
| | | 31,200 | | 396,944 |
Shengda Mining Co., Ltd. Class A (a)
| | | 90,500 | | 143,381 |
Shengjing Bank Co., Ltd. Class H (b)
| | | 491,800 | | 447,962 |
Shengyi Technology Co., Ltd. Class A
| | | 202,900 | | 757,705 |
Shennan Circuits Co., Ltd. Class A
| | | 16,900 | | 470,698 |
Shenwan Hongyuan Group Co., Ltd. Class A
| | | 423,000 | | 263,174 |
Shenzhen Agricultural Products Group Co., Ltd. Class A
| | | 394,200 | | 402,642 |
Shenzhen Das Intellitech Co., Ltd. Class A (a)
| | | 747,637 | | 358,619 |
Shenzhen Desay Battery Technology Co. Class A
| | | 32,600 | | 156,832 |
Shenzhen Expressway Co., Ltd. Class H
| | | 2,038,482 | | 2,077,695 |
Shenzhen Fastprint Circuit Tech Co., Ltd. Class A
| | | 281,600 | | 432,638 |
Shenzhen Fenda Technology Co., Ltd. Class A (a)
| | | 497,700 | | 235,221 |
Shenzhen Gongjin Electronics Co., Ltd. Class A
| | | 216,600 | | 403,363 |
Shenzhen Goodix Technology Co., Ltd. Class A
| | | 19,400 | | 713,740 |
Shenzhen H&T Intelligent Control Co., Ltd. Class A
| | | 200,200 | | 342,036 |
Shenzhen Hepalink Pharmaceutical Group Co., Ltd. Class A
| | | 123,000 | | 357,467 |
| Security Description | | | Shares | | Value |
Shenzhen Heungkong Holding Co., Ltd. Class A
| | | 516,300 | | $147,864 |
Shenzhen Investment, Ltd.
| | | 1,973,643 | | 616,214 |
Shenzhen Jinjia Group Co., Ltd. Class A
| | | 183,500 | | 238,429 |
Shenzhen Kaifa Technology Co., Ltd. Class A
| | | 126,600 | | 307,204 |
Shenzhen Kingdom Sci-Tech Co., Ltd. Class A (a)
| | | 107,400 | | 254,401 |
Shenzhen Kinwong Electronic Co., Ltd. Class A
| | | 15,300 | | 94,435 |
Shenzhen Megmeet Electrical Co., Ltd. Class A
| | | 93,400 | | 296,610 |
Shenzhen MTC Co., Ltd. Class A (a)
| | | 1,520,600 | | 881,700 |
Shenzhen Nanshan Power Co., Ltd. Class B (a)
| | | 1,049,471 | | 509,104 |
Shenzhen Neptunus Bioengineering Co., Ltd. Class A
| | | 840,562 | | 541,938 |
Shenzhen New Nanshan Holding Group Co., Ltd. Class A (a)
| | | 318,800 | | 118,737 |
Shenzhen Noposion Agrochemicals Co., Ltd. Class A (a)
| | | 176,700 | | 149,573 |
Shenzhen SDG Information Co., Ltd. Class A
| | | 173,300 | | 223,220 |
Shenzhen SEG Co., Ltd. Class B
| | | 400,485 | | 114,190 |
Shenzhen Sunlord Electronics Co., Ltd. Class A
| | | 80,700 | | 230,093 |
Shenzhen Suntak Circuit Technology Co., Ltd. Class A
| | | 35,400 | | 82,554 |
Shenzhen Tagen Group Co., Ltd. Class A
| | | 199,200 | | 130,679 |
Shenzhen Tellus Holding Co., Ltd. Class A (a)
| | | 33,000 | | 82,684 |
Shenzhen YUTO Packaging Technology Co., Ltd. Class A
| | | 34,400 | | 108,031 |
Shenzhou International Group Holdings, Ltd.
| | | 231,800 | | 2,464,271 |
Shijiazhuang Changshan BeiMing Technology Co., Ltd. Class A (a)
| | | 221,000 | | 270,630 |
Shinva Medical Instrument Co., Ltd. Class A
| | | 162,900 | | 397,816 |
Shougang Concord International Enterprises Co., Ltd.
| | | 696,400 | | 119,497 |
Sichuan Hebang Biotechnology Co., Ltd. Class A (a)
| | | 672,900 | | 137,652 |
Sichuan Kelun Pharmaceutical Co., Ltd. Class A
| | | 26,500 | | 77,352 |
Sichuan Swellfun Co., Ltd. Class A
| | | 16,500 | | 100,212 |
Sieyuan Electric Co., Ltd. Class A
| | | 96,400 | | 244,937 |
Silergy Corp.
| | | 27,000 | | 883,885 |
Silver Grant International Industries, Ltd. (a)
| | | 142,000 | | 19,236 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
SINA Corp. (a)
| | | 61,661 | | $1,963,286 |
Sinofert Holdings, Ltd. (a)
| | | 130,000 | | 12,076 |
Sinoma Science & Technology Co., Ltd. Class A
| | | 339,400 | | 543,944 |
SinoMedia Holding, Ltd. (c)
| | | 65,000 | | 7,883 |
Sino-Ocean Group Holding, Ltd.
| | | 4,121,980 | | 1,047,659 |
Sinopec Oilfield Service Corp. Class H (a)
| | | 148,000 | | 11,266 |
Sinopec Shanghai Petrochemical Co., Ltd. Class H
| | | 4,132,600 | | 1,023,699 |
Sinopharm Group Co., Ltd. Class H
| | | 798,400 | | 1,796,449 |
Sino-Platinum Metals Co., Ltd. Class A
| | | 76,900 | | 148,632 |
Sinosoft Technology Group, Ltd.
| | | 955,600 | | 146,714 |
Sinotrans, Ltd. Class H
| | | 5,093,300 | | 1,255,106 |
Sinotruk Hong Kong, Ltd.
| | | 110,500 | | 183,908 |
Sinovac Biotech, Ltd. (a)
| | | 63,289 | | 409,480 |
SITC International Holdings Co., Ltd.
| | | 69,000 | | 64,541 |
Skshu Paint Co., Ltd. Class A
| | | 78,600 | | 985,577 |
Skyworth Digital Co., Ltd. Class A
| | | 283,700 | | 464,682 |
SOHO China, Ltd.
| | | 478,000 | | 246,681 |
SooChow Securities Co., Ltd. Class A
| | | 148,430 | | 165,848 |
Sou Yu Te Group Co., Ltd. Class A (a)
| | | 426,500 | | 200,368 |
Southwest Securities Co., Ltd. Class A
| | | 453,900 | | 289,443 |
SPT Energy Group, Inc. (a)
| | | 20,000 | | 852 |
Square Technology Group Co., Ltd. Class A
| | | 81,500 | | 134,986 |
STO Express Co., Ltd. Class A
| | | 112,079 | | 276,237 |
Suli Co., Ltd. Class A
| | | 208,980 | | 579,337 |
Sunac China Holdings, Ltd.
| | | 1,141,000 | | 5,284,793 |
Suning Universal Co., Ltd. Class A
| | | 294,100 | | 126,134 |
Suning.com Co., Ltd. Class A
| | | 227,500 | | 289,823 |
Sunny Optical Technology Group Co., Ltd.
| | | 393,100 | | 5,294,823 |
Sunward Intelligent Equipment Co., Ltd. Class A
| | | 188,000 | | 149,589 |
Suofeiya Home Collection Co., Ltd. Class A
| | | 71,800 | | 182,129 |
Suzhou Anjie Technology Co., Ltd. Class A
| | | 100,200 | | 249,079 |
Suzhou Chunxing Precision Mechanical Co., Ltd. Class A (a)
| | | 131,900 | | 150,542 |
Suzhou Dongshan Precision Manufacturing Co., Ltd. Class A
| | | 121,900 | | 354,442 |
Suzhou Keda Technology Co., Ltd. Class A
| | | 219,167 | | 327,133 |
Taiji Computer Corp., Ltd. Class A
| | | 75,400 | | 390,180 |
TAL Education Group ADR (a)
| | | 204,543 | | 10,893,960 |
| Security Description | | | Shares | | Value |
Tangrenshen Group Co., Ltd. Class A
| | | 199,000 | | $240,040 |
Tangshan Jidong Cement Co., Ltd. Class A
| | | 116,400 | | 322,029 |
TCL Electronics Holdings, Ltd.
| | | 52,000 | | 21,804 |
TCL Technology Group Corp Class A
| | | 720,400 | | 420,764 |
Tech-Bank Food Co., Ltd. Class A (a)
| | | 196,900 | | 323,898 |
Tecon Biology Co., Ltd. Class A
| | | 215,000 | | 389,768 |
Tencent Holdings, Ltd.
| | | 3,408,356 | | 167,187,933 |
Tian Ge Interactive Holdings, Ltd. (a)(b)
| | | 70,000 | | 15,263 |
Tianfeng Securities Co., Ltd. Class A
| | | 425,530 | | 307,372 |
Tiangong International Co., Ltd.
| | | 138,000 | | 48,072 |
Tianjin 712 Communication & Broadcasting Co., Ltd. Class A
| | | 3,700 | | 12,528 |
Tianjin Capital Environmental Protection Group Co., Ltd. Class A
| | | 124,600 | | 125,686 |
Tianjin Zhonghuan Semiconductor Co., Ltd. Class A
| | | 190,100 | | 383,247 |
Tianma Microelectronics Co., Ltd. Class A
| | | 82,100 | | 154,396 |
Tianneng Power International, Ltd. (c)
| | | 130,000 | | 96,776 |
Tingyi Cayman Islands Holding Corp.
| | | 1,958,000 | | 3,203,169 |
Titan Wind Energy Suzhou Co., Ltd. Class A
| | | 424,100 | | 302,749 |
Tong Ren Tang Technologies Co., Ltd. Class H
| | | 10,000 | | 7,973 |
Tongding Interconnection Information Co., Ltd. Class A
| | | 192,442 | | 156,110 |
Tonghua Dongbao Pharmaceutical Co., Ltd. Class A
| | | 72,100 | | 107,923 |
Tongwei Co., Ltd. Class A
| | | 235,800 | | 386,225 |
Tongyu Communication, Inc. Class A
| | | 96,563 | | 367,823 |
Topchoice Medical Corp. Class A (a)
| | | 29,500 | | 448,564 |
Transfar Zhilian Co., Ltd. Class A
| | | 123,700 | | 107,501 |
TravelSky Technology, Ltd. Class H
| | | 1,274,427 | | 2,249,308 |
Trigiant Group, Ltd.
| | | 22,000 | | 3,633 |
Trip.com Group, Ltd. ADR (a)
| | | 252,820 | | 5,928,629 |
Tsingtao Brewery Co., Ltd. Class A
| | | 173,900 | | 1,121,437 |
UE Furniture Co., Ltd. Class A
| | | 330,287 | | 653,286 |
Unigroup Guoxin Microelectronics Co., Ltd. Class A
| | | 22,800 | | 160,509 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Uni-President China Holdings, Ltd.
| | | 72,000 | | $69,855 |
Unisplendour Corp., Ltd. Class A
| | | 90,840 | | 452,649 |
Universal Health International Group Holding, Ltd. (a)
| | | 69,000 | | 481 |
Universal Scientific Industrial Shanghai Co., Ltd. Class A
| | | 111,400 | | 249,574 |
Uxin, Ltd. ADR (a)(c)
| | | 34,575 | | 53,246 |
V1 Group, Ltd. (a)
| | | 2,046,200 | | 40,655 |
Valiant Co., Ltd. Class A
| | | 211,500 | | 378,052 |
Vatti Corp., Ltd. Class A
| | | 105,900 | | 165,987 |
Venustech Group, Inc. Class A
| | | 154,975 | | 808,961 |
Vipshop Holdings, Ltd. ADR (a)
| | | 216,032 | | 3,365,779 |
Visionox Technology, Inc. Class A (a)
| | | 85,500 | | 136,063 |
Visual China Group Co., Ltd. Class A
| | | 114,200 | | 250,047 |
Wangneng Environment Co., Ltd. Class A
| | | 96,910 | | 178,693 |
Wanhua Chemical Group Co., Ltd. Class A
| | | 104,500 | | 608,141 |
Want Want China Holdings, Ltd.
| | | 6,127,000 | | 4,442,547 |
Wasu Media Holding Co., Ltd. Class A
| | | 174,700 | | 229,953 |
Weibo Corp. ADR (a)(c)
| | | 23,649 | | 783,018 |
Weichai Power Co., Ltd. Class A
| | | 1,134,863 | | 1,914,867 |
West China Cement, Ltd.
| | | 1,928,000 | | 300,982 |
Westone Information Industry, Inc. Class A
| | | 27,100 | | 85,947 |
Wisdom Sports Group
| | | 75,000 | | 1,093 |
Wolong Electric Group Co., Ltd. Class A
| | | 109,800 | | 159,862 |
Wuhan DDMC Culture Co., Ltd. Class A
| | | 89,300 | | 106,205 |
Wuhan Guide Infrared Co., Ltd. Class A
| | | 125,400 | | 597,084 |
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. Class A
| | | 273,130 | | 1,258,490 |
Wuliangye Yibin Co., Ltd. Class A
| | | 193,100 | | 3,138,331 |
WUS Printed Circuit Kunshan Co., Ltd. Class A
| | | 120,300 | | 401,894 |
WuXi AppTec Co., Ltd. Class A
| | | 103,800 | | 1,325,141 |
Wuxi Biologics Cayman, Inc. (a)(b)
| | | 179,000 | | 2,320,956 |
Xiamen Goldenhome Co., Ltd. Class A
| | | 23,000 | | 188,362 |
Xiamen International Port Co., Ltd. Class H
| | | 26,000 | | 2,247 |
Xiamen Kingdomway Group Co. Class A
| | | 83,200 | | 258,819 |
Xiangpiaopiao Food Co., Ltd. Class A
| | | 3,700 | | 14,632 |
Xiaomi Corp. Class B (a)(b)(c)
| | | 7,331,200 | | 9,874,689 |
| Security Description | | | Shares | | Value |
Xilinmen Furniture Co., Ltd. Class A (a)
| | | 94,000 | | $159,933 |
Xinchen China Power Holdings, Ltd. (a)(c)
| | | 627,000 | | 28,313 |
Xinhua Winshare Publishing and Media Co., Ltd. Class A
| | | 136,520 | | 210,706 |
Xinhuanet Co., Ltd. Class A
| | | 63,300 | | 196,557 |
Xinjiang Goldwind Science & Technology Co., Ltd. Class A
| | | 416,300 | | 557,948 |
Xinjiang Goldwind Science & Technology Co., Ltd. Class H
| | | 16,260 | | 14,160 |
Xinjiang Tianshan Cement Co., Ltd. Class A
| | | 102,200 | | 164,369 |
Xinyangfeng Agricultural Technology Co., Ltd. Class A
| | | 238,800 | | 273,224 |
Xinyi Solar Holdings, Ltd.
| | | 2,128,952 | | 1,205,808 |
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (b)(c)
| | | 6,500 | | 11,791 |
Yantai Dongcheng Pharmaceutical Co., Ltd. Class A
| | | 495,112 | | 944,374 |
Yantai Eddie Precision Machinery Co., Ltd. Class A
| | | 127,954 | | 635,420 |
Yantai Tayho Advanced Materials Co., Ltd. Class A
| | | 184,400 | | 292,670 |
Yanzhou Coal Mining Co., Ltd. Class H
| | | 1,754,000 | | 1,375,882 |
Yestar Healthcare Holdings Co., Ltd. (a)
| | | 22,500 | | 3,774 |
YGSOFT, Inc. Class A
| | | 314,406 | | 572,639 |
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (b)
| | | 37,000 | | 174,715 |
Yifeng Pharmacy Chain Co., Ltd. Class A
| | | 29,700 | | 390,095 |
Yihai International Holding, Ltd.
| | | 55,000 | | 416,532 |
Yijiahe Technology Co., Ltd. Class A
| | | 10,980 | | 138,021 |
Yingli Green Energy Holding Co., Ltd. ADR (a)(c)
| | | 15,762 | | 2,364 |
Yixintang Pharmaceutical Group Co., Ltd. Class A
| | | 33,900 | | 123,678 |
Yonghui Superstores Co., Ltd. Class A
| | | 398,200 | | 575,261 |
Yonyou Network Technology Co., Ltd. Class A
| | | 191,700 | | 1,094,239 |
Yotrio Group Co., Ltd. Class A
| | | 601,630 | | 296,223 |
Youzu Interactive Co., Ltd. Class A (a)
| | | 132,000 | | 349,917 |
YTO Express Group Co., Ltd. Class A
| | | 206,600 | | 337,231 |
Yum China Holdings, Inc.
| | | 198,509 | | 8,462,439 |
Yunda Holding Co., Ltd. Class A
| | | 174,222 | | 757,284 |
Yunnan Baiyao Group Co., Ltd. Class A
| | | 19,400 | | 234,145 |
Yunnan Energy New Material Co., Ltd.
| | | 3,700 | | 22,185 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Zai Lab, Ltd. ADR (a)
| | | 9,205 | | $473,873 |
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A
| | | 8,300 | | 145,550 |
Zhaojin Mining Industry Co., Ltd. Class H
| | | 36,500 | | 36,637 |
Zhefu Holding Group Co., Ltd. Class A
| | | 885,800 | | 452,385 |
Zhejiang Century Huatong Group Co., Ltd. Class A
| | | 102,700 | | 178,938 |
Zhejiang Chint Electrics Co., Ltd. Class A
| | | 32,900 | | 109,772 |
Zhejiang Communications Technology Co., Ltd.
| | | 200,200 | | 143,763 |
Zhejiang Conba Pharmaceutical Co., Ltd. Class A
| | | 164,100 | | 119,228 |
Zhejiang Crystal-Optech Co., Ltd. Class A
| | | 199,900 | | 375,084 |
Zhejiang Dahua Technology Co., Ltd. Class A
| | | 91,700 | | 209,191 |
Zhejiang Dingli Machinery Co., Ltd. Class A
| | | 25,000 | | 202,449 |
Zhejiang Expressway Co., Ltd. Class H
| | | 3,575,862 | | 2,491,279 |
Zhejiang Grandwall Electric Science&Technology Co., Ltd. Class A
| | | 78,800 | | 181,764 |
Zhejiang Hangmin Co., Ltd. Class A
| | | 411,375 | | 326,166 |
Zhejiang Hisoar Pharmaceutical Co., Ltd. Class A
| | | 163,500 | | 141,859 |
Zhejiang Huafeng Spandex Co., Ltd. Class A
| | | 833,200 | | 552,473 |
Zhejiang Jiahua Energy Chemical Industry Co., Ltd. Class A
| | | 89,700 | | 111,616 |
Zhejiang Jingu Co., Ltd. Class A (a)
| | | 221,500 | | 191,245 |
Zhejiang Jingxin Pharmaceutical Co., Ltd. Class A
| | | 95,400 | | 138,897 |
Zhejiang Juhua Co., Ltd. Class A
| | | 194,100 | | 185,660 |
Zhejiang Longsheng Group Co., Ltd. Class A
| | | 130,600 | | 219,442 |
Zhejiang Meida Industrial Co., Ltd. Class A
| | | 87,300 | | 141,760 |
Zhejiang NHU Co., Ltd. Class A
| | | 96,500 | | 371,667 |
Zhejiang Orient Financial Holdings Group Co., Ltd. Class A
| | | 160,460 | | 193,552 |
Zhejiang Satellite Petrochemical Co., Ltd. Class A
| | | 93,100 | | 171,274 |
Zhejiang Semir Garment Co., Ltd. Class A
| | | 109,500 | | 109,991 |
Zhejiang Supor Co., Ltd. Class A
| | | 24,277 | | 236,769 |
Zhejiang Weiming Environment Protection Co., Ltd. Class A
| | | 128,400 | | 516,629 |
| Security Description | | | Shares | | Value |
Zhejiang Weixing New Building Materials Co., Ltd. Class A
| | | 79,800 | | $124,515 |
Zhejiang Xianju Pharmaceutical Co., Ltd. Class A
| | | 118,300 | | 232,988 |
Zhejiang Yankon Group Co., Ltd. Class A
| | | 423,600 | | 211,555 |
Zhejiang Yasha Decoration Co., Ltd. Class A
| | | 1,305,625 | | 1,276,485 |
Zhejiang Yongtai Technology Co., Ltd. Class A
| | | 199,039 | | 325,451 |
Zheshang Securities Co., Ltd. Class A
| | | 104,000 | | 146,869 |
Zhongjin Gold Corp., Ltd. Class A
| | | 106,000 | | 120,682 |
Zhuzhou CRRC Times Electric Co., Ltd. Class H
| | | 512,700 | | 1,518,077 |
Zijin Mining Group Co., Ltd. Class H
| | | 6,115,000 | | 2,303,707 |
ZJBC Information Technology Co., Ltd. Class A
| | | 178,100 | | 225,131 |
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class A
| | | 917,400 | | 736,436 |
ZTE Corp. Class H (a)(c)
| | | 840,745 | | 2,608,719 |
ZTO Express Cayman, Inc. ADR (a)
| | | 141,879 | | 3,756,956 |
| | | | | | 1,214,922,972 |
| COLOMBIA — 0.3% | | | | | |
Avianca Holdings SA Preference Shares
| | | 1,590,399 | | 195,857 |
Banco Davivienda SA Preference Shares
| | | 183,452 | | 1,378,115 |
Banco de Bogota SA
| | | 33,677 | | 588,918 |
Bancolombia SA ADR
| | | 61,622 | | 1,538,085 |
Bancolombia SA
| | | 170,417 | | 1,011,564 |
Bolsa de Valores de Colombia
| | | 145,837 | | 317,529 |
Celsia SA ESP
| | | 90,614 | | 95,745 |
Cementos Argos SA
| | | 124,563 | | 125,480 |
Cementos Argos SA Preference Shares
| | | 138,976 | | 119,462 |
Cemex Latam Holdings SA (a)
| | | 22,914 | | 8,409 |
Constructora Conconcreto SA (a)
| | | 135,265 | | 10,994 |
Corp. Financiera Colombiana SA (a)
| | | 61,539 | | 390,748 |
Ecopetrol SA
| | | 1,640,798 | | 767,842 |
Empresa de Telecomunicaciones de Bogota (a)
| | | 2,955,474 | | 128,844 |
Grupo Argos SA Preference Shares
| | | 133,450 | | 309,623 |
Grupo Argos SA
| | | 44,948 | | 136,391 |
Grupo Aval Acciones y Valores SA
| | | 2,062,747 | | 558,858 |
Grupo de Inversiones Suramericana SA Preference Shares
| | | 67,304 | | 278,161 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Grupo de Inversiones Suramericana SA
| | | 66,889 | | $329,824 |
Grupo Nutresa SA
| | | 62,338 | | 293,258 |
Interconexion Electrica SA ESP
| | | 248,660 | | 948,069 |
| | | | | | 9,531,776 |
| CZECH REPUBLIC — 0.2% | | | | | |
CEZ A/S
| | | 223,997 | | 3,658,471 |
Komercni banka A/S
| | | 118,334 | | 2,237,926 |
| | | | | | 5,896,397 |
| EGYPT — 0.3% | | | | | |
Commercial International Bank Egypt SAE
| | | 2,093,806 | | 7,817,851 |
Egypt Kuwait Holding Co. SAE
| | | 835,438 | | 781,970 |
Egyptian Financial Group-Hermes Holding Co.
| | | 1,159,322 | | 610,596 |
Orascom Investment Holding (a)
| | | 102,728 | | 2,167 |
Qalaa Holdings SAE (a)
| | | 668,138 | | 46,099 |
| | | | | | 9,258,683 |
| GREECE — 0.2% | | | | | |
Alpha Bank AE (a)
| | | 487,396 | | 374,892 |
Diana Shipping, Inc. (a)
| | | 4,959 | | 7,339 |
Ellaktor SA (a)
| | | 369 | | 238 |
Eurobank Ergasias Services and Holdings SA Class A (a)
| | | 1,997,784 | | 865,867 |
FF Group (a)(e)
| | | 5,627 | | 2,964 |
Fourlis Holdings SA (a)
| | | 176 | | 595 |
Frigoglass SAIC (a)
| | | 99 | | 12 |
GEK Terna Holding Real Estate Construction SA (a)
| | | 715 | | 4,048 |
Hellenic Exchanges - Athens Stock Exchange SA
| | | 137,593 | | 508,782 |
Hellenic Telecommunications Organization SA
| | | 114,984 | | 1,385,305 |
Holding Co. ADMIE IPTO SA
| | | 5,807 | | 12,106 |
Intralot SA-Integrated Lottery Systems & Services (a)
| | | 515,050 | | 77,989 |
JUMBO SA
| | | 47,169 | | 637,637 |
Marfin Investment Group Holdings SA (a)
| | | 1,613,634 | | 99,151 |
Mytilineos Holdings SA
| | | 181 | | 1,212 |
National Bank of Greece SA (a)
| | | 200,581 | | 272,689 |
OPAP SA
| | | 162,492 | | 1,235,580 |
Piraeus Bank SA (a)
| | | 197,846 | | 293,501 |
Public Power Corp. SA (a)
| | | 32,610 | | 81,224 |
Safe Bulkers, Inc. (a)
| | | 86,375 | | 102,786 |
Sarantis SA
| | | 17,321 | | 132,278 |
Star Bulk Carriers Corp.
| | | 12,363 | | 69,727 |
Terna Energy SA
| | | 215 | | 1,720 |
| | | | | | 6,167,642 |
| HONG KONG — 2.7% | | | | | |
AGTech Holdings, Ltd. (a)
| | | 56,000 | | 1,655 |
Alibaba Pictures Group, Ltd. (a)
| | | 10,202,400 | | 1,316,286 |
AMVIG Holdings, Ltd.
| | | 130,000 | | 24,823 |
| Security Description | | | Shares | | Value |
Asian Citrus Holdings, Ltd. (a)(c)(e)
| | | 51,000 | | $— |
Bosideng International Holdings, Ltd.
| | | 1,886,000 | | 442,854 |
Camsing International Holding, Ltd. (a)(c)(e)
| | | 106,000 | | 7,932 |
Carnival Group International Holdings, Ltd. (a)
| | | 680,000 | | 877 |
Central Wealth Group Holdings, Ltd. (a)
| | | 168,000 | | 650 |
Chia Tai Enterprises International, Ltd. (a)
| | | 2,300 | | 433 |
China All Access Holdings, Ltd. (a)
| | | 28,000 | | 524 |
China Animation Characters Co., Ltd.
| | | 65,000 | | 25,158 |
China Everbright, Ltd.
| | | 24,000 | | 35,423 |
China Fiber Optic Network System Group, Ltd. (a)(e)
| | | 88,800 | | — |
China Financial International Investments, Ltd. (a)
| | | 640,000 | | 8,175 |
China Financial Leasing Group, Ltd. (a)
| | | 80,000 | | 1,600 |
China First Capital Group, Ltd. (a)
| | | 682,000 | | 15,750 |
China Gas Holdings, Ltd.
| | | 1,715,200 | | 5,974,842 |
China High Speed Transmission Equipment Group Co., Ltd. (c)
| | | 908,000 | | 527,165 |
China Huishan Dairy Holdings Co., Ltd. (a)(c)(e)
| | | 310,600 | | — |
China Jicheng Holdings, Ltd. (a)(b)
| | | 117,414 | | 424 |
China Mobile, Ltd.
| | | 3,533,158 | | 26,279,085 |
China National Culture Group, Ltd. (a)
| | | 670,000 | | 864 |
China NT Pharma Group Co., Ltd. (a)
| | | 1,709,600 | | 36,173 |
China Oil & Gas Group, Ltd.
| | | 132,000 | | 4,172 |
China Public Procurement, Ltd.
| | | 6,720 | | 182 |
China Resources Cement Holdings, Ltd.
| | | 332,000 | | 396,212 |
China Resources Land, Ltd.
| | | 2,092,222 | | 8,637,849 |
China State Construction International Holdings, Ltd.
| | | 159,250 | | 117,934 |
China Vanguard You Champion Holdings, Ltd. (a)
| | | 70,000 | | 2,186 |
Citychamp Watch & Jewellery Group, Ltd. (a)
| | | 1,912,000 | | 407,024 |
Comba Telecom Systems Holdings, Ltd. (c)
| | | 146,117 | | 58,629 |
Concord New Energy Group, Ltd.
| | | 120,000 | | 4,567 |
CP Pokphand Co., Ltd.
| | | 4,010,000 | | 315,589 |
Digital China Holdings, Ltd.
| | | 965,000 | | 437,001 |
Essex Bio-technology, Ltd.
| | | 951,000 | | 539,860 |
Eternity Investment, Ltd. (a)
| | | 40,574 | | 681 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Feiyu Technology International Co., Ltd. (a)(b)
| | | 19,500 | | $377 |
First Shanghai Investments, Ltd. (a)
| | | 40,000 | | 1,677 |
Fullshare Holdings, Ltd. (a)(c)
| | | 4,897,000 | | 75,816 |
GCL-Poly Energy Holdings, Ltd. (a)(c)
| | | 6,168,000 | | 198,149 |
Golden Meditech Holdings, Ltd. (a)
| | | 44,000 | | 3,406 |
Ground International Development, Ltd. (a)
| | | 2,980,000 | | 20,377 |
Guangdong Investment, Ltd.
| | | 2,722,229 | | 5,247,146 |
Guotai Junan International Holdings, Ltd. (c)
| | | 1,073,000 | | 141,204 |
Haier Electronics Group Co., Ltd.
| | | 72,000 | | 191,823 |
Hengdeli Holdings, Ltd.
| | | 12,661,600 | | 506,405 |
Hi Sun Technology China, Ltd. (a)
| | | 225,000 | | 26,126 |
Huabao International Holdings, Ltd.
| | | 933,000 | | 339,452 |
Huayi Tencent Entertainment Co., Ltd. (a)
| | | 110,000 | | 1,121 |
Imperial Pacific International Holdings, Ltd. (a)(c)
| | | 20,150,000 | | 111,787 |
Ju Teng International Holdings, Ltd.
| | | 134,500 | | 24,815 |
Kingboard Holdings, Ltd.
| | | 901,340 | | 2,111,798 |
Kingboard Laminates Holdings, Ltd.
| | | 515,000 | | 476,403 |
Lee & Man Paper Manufacturing, Ltd.
| | | 76,000 | | 46,085 |
Life Healthcare Group, Ltd. (a)
| | | 88,000 | | 341 |
Millennium Pacific Group Holdings, Ltd.
| | | 23,750 | | 322 |
Munsun Capital Group, Ltd. (a)
| | | 51,111 | | 290 |
Neo Telemedia, Ltd. (a)
| | | 7,288,000 | | 130,699 |
NetDragon Websoft Holdings, Ltd.
| | | 34,500 | | 83,235 |
New Provenance Everlasting Holdings, Ltd. Class H (a)
| | | 470,000 | | 788 |
New Provenance Everlasting Holdings, Ltd. Class H (a)
| | | 5,088,030 | | 8,534 |
NewOcean Energy Holdings, Ltd. (a)(c)
| | | 22,000 | | 3,264 |
Nine Dragons Paper Holdings, Ltd.
| | | 1,989,000 | | 1,814,271 |
Pou Sheng International Holdings, Ltd.
| | | 1,023,000 | | 208,536 |
Real Nutriceutical Group, Ltd. (a)(e)
| | | 199,000 | | 2,567 |
Shenwan Hongyuan HK, Ltd.
| | | 10,000 | | 1,264 |
Shenzhen International Holdings, Ltd.
| | | 569,093 | | 1,042,604 |
Shimao Property Holdings, Ltd.
| | | 1,045,220 | | 3,681,444 |
SIM Technology Group, Ltd.
| | | 3,480,000 | | 88,449 |
Sino Biopharmaceutical, Ltd.
| | | 4,474,000 | | 5,899,222 |
Skyworth Group, Ltd. (a)(c)
| | | 1,911,225 | | 406,859 |
| Security Description | | | Shares | | Value |
Solargiga Energy Holdings, Ltd. (a)
| | | 5,211,000 | | $32,943 |
Solartech International Holdings, Ltd. (a)
| | | 1,000,000 | | 6,967 |
SSY Group, Ltd.
| | | 199,740 | | 156,166 |
Sun Art Retail Group, Ltd.
| | | 997,500 | | 1,479,989 |
Suncorp Technologies, Ltd. (a)
| | | 270,500 | | 3,699 |
Tech Pro Technology Development, Ltd. (a)(c)(e)
| | | 484,000 | | 2,123 |
Tibet Water Resources, Ltd. (a)
| | | 67,000 | | 2,636 |
United Laboratories International Holdings, Ltd. (c)
| | | 12,000 | | 9,676 |
Vision Values Holdings, Ltd. (a)
| | | 90,000 | | 3,367 |
Wanda Hotel Development Co., Ltd. (a)
| | | 696,000 | | 26,490 |
Wasion Holdings, Ltd.
| | | 24,000 | | 8,236 |
WH Group, Ltd. (b)
| | | 5,145,500 | | 4,812,973 |
Xinyi Automobile Glass Hong Kong Enterprises, Ltd. (a)
| | | 12,250 | | 1,881 |
Xinyi Glass Holdings, Ltd.
| | | 2,032,000 | | 2,333,252 |
Yip's Chemical Holdings, Ltd.
| | | 10,000 | | 2,954 |
Yuexiu Property Co., Ltd.
| | | 8,114,000 | | 1,465,585 |
Yuexiu Transport Infrastructure, Ltd.
| | | 1,258 | | 768 |
| | | | | | 78,868,940 |
| HUNGARY — 0.5% | | | | | |
MOL Hungarian Oil & Gas PLC
| | | 445,559 | | 2,615,869 |
OTP Bank Nyrt
| | | 243,505 | | 7,036,957 |
Richter Gedeon Nyrt
| | | 220,672 | | 4,145,124 |
| | | | | | 13,797,950 |
| INDIA — 10.1% | | | | | |
Adani Enterprises, Ltd.
| | | 129,805 | | 236,099 |
Adani Gas, Ltd.
| | | 2,430 | | 2,774 |
Adani Green Energy, Ltd. (a)
| | | 208,298 | | 421,958 |
Adani Ports & Special Economic Zone, Ltd.
| | | 454,298 | | 1,509,097 |
Adani Power, Ltd. (a)
| | | 509,788 | | 186,998 |
Adani Transmission, Ltd. (a)
| | | 79,895 | | 199,655 |
Aditya Birla Capital, Ltd. GDR (a)
| | | 285 | | 160 |
Aditya Birla Fashion and Retail, Ltd. (a)
| | | 73,200 | | 147,946 |
AIA Engineering, Ltd.
| | | 8,470 | | 155,990 |
Alok Industries, Ltd. (a)
| | | 2,600,948 | | 135,804 |
Amtek Auto, Ltd. (a)(e)
| | | 25,821 | | — |
Anant Raj, Ltd.
| | | 799,711 | | 209,306 |
Apollo Hospitals Enterprise, Ltd.
| | | 77,283 | | 1,163,619 |
Ashok Leyland, Ltd.
| | | 464,871 | | 264,539 |
Asian Paints, Ltd.
| | | 84,082 | | 1,852,219 |
AstraZeneca Pharma India, Ltd.
| | | 56,281 | | 1,788,352 |
Aurobindo Pharma, Ltd.
| | | 252,143 | | 1,377,015 |
Avenue Supermarts, Ltd. (a)(b)
| | | 28,601 | | 827,015 |
Axis Bank, Ltd.
| | | 981,223 | | 4,915,762 |
Bajaj Finance, Ltd.
| | | 85,867 | | 2,515,016 |
Bajaj Hindusthan Sugar, Ltd. (a)
| | | 1,210,728 | | 42,411 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Balkrishna Industries, Ltd.
| | | 16,146 | | $168,959 |
Balrampur Chini Mills, Ltd.
| | | 626,842 | | 862,152 |
Bandhan Bank, Ltd. (b)
| | | 277,731 | | 748,007 |
BF Investment, Ltd. (a)
| | | 136,759 | | 409,999 |
Bharat Electronics, Ltd.
| | | 146,172 | | 143,851 |
Bharat Forge, Ltd.
| | | 34,447 | | 106,982 |
Bharat Heavy Electricals, Ltd.
| | | 1,508,131 | | 414,654 |
Bharat Petroleum Corp., Ltd.
| | | 287,628 | | 1,204,862 |
Bharti Airtel, Ltd. (a)
| | | 1,539,691 | | 8,973,411 |
Bharti Infratel, Ltd.
| | | 298,039 | | 630,343 |
Biocon, Ltd.
| | | 283,396 | | 1,013,503 |
Birlasoft, Ltd. (a)
| | | 155,013 | | 124,992 |
Bombay Dyeing & Manufacturing Co., Ltd.
| | | 44,303 | | 26,821 |
Bosch, Ltd.
| | | 1,052 | | 130,654 |
Britannia Industries, Ltd.
| | | 129,597 | | 4,606,399 |
Caplin Point Laboratories, Ltd.
| | | 54,643 | | 203,978 |
CG Power and Industrial Solutions, Ltd. (a)
| | | 387,296 | | 25,853 |
Cipla, Ltd.
| | | 686,306 | | 3,836,083 |
Coal India, Ltd.
| | | 503,733 | | 932,540 |
CORE Education & Technologies, Ltd. (a)(e)
| | | 9,253 | | — |
Crompton Greaves Consumer Electricals, Ltd.
| | | 51,225 | | 141,383 |
Dabur India, Ltd.
| | | 68,729 | | 408,869 |
DCB Bank, Ltd.
| | | 1,436,823 | | 1,800,510 |
Delta Corp., Ltd.
| | | 125,793 | | 108,664 |
Dewan Housing Finance Corp., Ltd. (a)
| | | 484,744 | | 55,426 |
Dilip Buildcon, Ltd. (b)
| | | 13,968 | | 38,968 |
Dish TV India, Ltd. (a)
| | | 211,848 | | 11,341 |
Dishman Carbogen Amcis, Ltd.
| | | 39,172 | | 27,624 |
Divi's Laboratories, Ltd.
| | | 16,711 | | 439,372 |
Dr Reddy's Laboratories, Ltd. ADR (c)
| | | 127,261 | | 5,132,436 |
Edelweiss Financial Services, Ltd.
| | | 217,396 | | 110,349 |
Educomp Solutions, Ltd. (a)
| | | 22,435 | | 282 |
Eicher Motors, Ltd.
| | | 6,272 | | 1,085,739 |
Equitas Holdings, Ltd. (a)
| | | 64,176 | | 36,181 |
Era Infra Engineering, Ltd. (a)(e)
| | | 2,941 | | — |
FDC, Ltd.
| | | 132,310 | | 340,957 |
Federal Bank, Ltd.
| | | 288,376 | | 156,479 |
Fortis Healthcare, Ltd. (a)
| | | 358,713 | | 598,161 |
Future Retail, Ltd. (a)
| | | 59,123 | | 61,193 |
GAIL India, Ltd.
| | | 2,181,914 | | 2,207,835 |
Gammon India, Ltd. (a)(e)
| | | 139,302 | | 1,519 |
Gateway Distriparks, Ltd.
| | | 222,464 | | 278,480 |
Gitanjali Gems, Ltd. (a)(e)
| | | 3,573 | | — |
Glenmark Pharmaceuticals, Ltd.
| | | 59,053 | | 160,685 |
Godrej Consumer Products, Ltd.
| | | 133,595 | | 919,786 |
Godrej Industries, Ltd.
| | | 369,263 | | 1,382,090 |
Granules India, Ltd.
| | | 748,675 | | 1,421,618 |
Graphite India, Ltd.
| | | 61,081 | | 102,742 |
Grasim Industries, Ltd. GDR
| | | 209 | | 1,327 |
| Security Description | | | Shares | | Value |
Grasim Industries, Ltd.
| | | 70,243 | | $442,064 |
GTL Infrastructure, Ltd. (a)
| | | 2,249,785 | | 7,435 |
GTL, Ltd. (a)
| | | 338,927 | | 5,152 |
Gujarat NRE Coke, Ltd. (a)(e)
| | | 25,505 | | — |
Gujarat Pipavav Port, Ltd.
| | | 18,493 | | 14,728 |
GVK Power & Infrastructure, Ltd. (a)
| | | 1,500,818 | | 44,637 |
HCL Technologies, Ltd.
| | | 773,574 | | 4,462,421 |
HDFC Bank, Ltd.
| | | 2,321,637 | | 26,450,573 |
HEG, Ltd.
| | | 16,698 | | 106,830 |
Hemisphere Properties India, Ltd. (a)
| | | 123,253 | | 247,431 |
Hero MotoCorp, Ltd.
| | | 140,216 | | 2,958,944 |
Himadri Speciality Chemical, Ltd.
| | | 238,801 | | 92,962 |
Himatsingka Seide, Ltd.
| | | 42,100 | | 33,140 |
Hindalco Industries, Ltd.
| | | 699,573 | | 884,971 |
Hindustan Construction Co., Ltd. (a)
| | | 1,293,222 | | 67,523 |
Hindustan Petroleum Corp., Ltd.
| | | 209,844 | | 527,306 |
Hindustan Unilever, Ltd.
| | | 610,055 | | 18,535,205 |
Housing Development & Infrastructure, Ltd. (a)
| | | 93,913 | | 1,738 |
Housing Development Finance Corp., Ltd.
| | | 1,197,252 | | 25,845,339 |
ICICI Bank, Ltd. ADR
| | | 1,328,355 | | 11,291,017 |
IDFC First Bank, Ltd. (a)
| | | 181,846 | | 50,719 |
IDFC, Ltd.
| | | 18 | | 4 |
IFB Industries, Ltd. (a)
| | | 9,401 | | 33,105 |
IIFL Holdings, Ltd.
| | | 63,651 | | 62,430 |
IIFL Securities, Ltd.
| | | 54,522 | | 22,378 |
IIFL Wealth Management, Ltd.
| | | 6,940 | | 92,269 |
India Cements, Ltd.
| | | 202,785 | | 283,733 |
Indiabulls Housing Finance, Ltd.
| | | 159,975 | | 204,591 |
Indiabulls Integrated Services, Ltd. (a)
| | | 29,044 | | 16,393 |
Indiabulls Real Estate, Ltd. (a)
| | | 262,874 | | 141,946 |
Indiabulls Ventures, Ltd.
| | | 112,151 | | 159,662 |
Indian Hotels Co., Ltd.
| | | 943,884 | | 935,758 |
Indian Oil Corp., Ltd.
| | | 628,259 | | 678,077 |
IndusInd Bank, Ltd.
| | | 214,543 | | 996,268 |
Infibeam Avenues, Ltd.
| | | 369,174 | | 166,162 |
Info Edge India, Ltd.
| | | 39,440 | | 1,060,952 |
Infosys, Ltd. ADR
| | | 2,462,611 | | 20,218,036 |
InterGlobe Aviation, Ltd. (b)
| | | 21,827 | | 307,607 |
IRB Infrastructure Developers, Ltd. (a)
| | | 41,259 | | 29,042 |
ITC, Ltd.
| | | 1,865,840 | | 4,234,758 |
ITC, Ltd. GDR
| | | 59,053 | | 134,027 |
IVRCL, Ltd. (a)
| | | 5,304,684 | | 28,048 |
Jain Irrigation Systems, Ltd. (a)
| | | 219,934 | | 9,594 |
Jaiprakash Associates, Ltd. (a)
| | | 470,629 | | 6,532 |
Jet Airways India, Ltd. (a)
| | | 164,054 | | 29,601 |
Jindal Steel & Power, Ltd. (a)
| | | 65,626 | | 71,307 |
JSW Steel, Ltd.
| | | 109,163 | | 211,035 |
Jubilant Foodworks, Ltd.
| | | 50,517 | | 982,578 |
Jubilant Life Sciences, Ltd.
| | | 43,903 | | 144,619 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Just Dial, Ltd. (a)
| | | 72,618 | | $281,684 |
KEI Industries, Ltd.
| | | 111,127 | | 394,190 |
Kotak Mahindra Bank, Ltd.
| | | 430,251 | | 7,371,019 |
KPIT Technologies, Ltd. (a)
| | | 135,430 | | 63,104 |
L&T Finance Holdings, Ltd.
| | | 69,556 | | 47,167 |
Lanco Infratech, Ltd. (a)(e)
| | | 15,749,074 | | — |
Larsen & Toubro, Ltd. GDR
| | | 563,308 | | 6,072,460 |
LIC Housing Finance, Ltd.
| | | 217,016 | | 674,990 |
Lupin, Ltd.
| | | 132,018 | | 1,028,990 |
LUX Industries, Ltd.
| | | 35,062 | | 437,955 |
Magma Fincorp, Ltd.
| | | 87,818 | | 19,734 |
Mahanagar Telephone Nigam, Ltd. (a)
| | | 523,964 | | 41,903 |
Mahindra & Mahindra Financial Services, Ltd.
| | | 195,725 | | 380,836 |
Mahindra & Mahindra, Ltd. GDR
| | | 923,279 | | 3,563,857 |
MakeMyTrip, Ltd. (a)(c)
| | | 24,107 | | 288,199 |
Manpasand Beverages, Ltd. (a)
| | | 64,129 | | 5,340 |
Marico, Ltd.
| | | 103,418 | | 375,730 |
Marksans Pharma, Ltd.
| | | 1,833,031 | | 336,797 |
Maruti Suzuki India, Ltd.
| | | 108,528 | | 6,151,922 |
Max India, Ltd. (a)
| | | 163,679 | | 131,980 |
Mindtree, Ltd.
| | | 39,877 | | 436,821 |
Monnet Ispat & Energy, Ltd. (a)
| | | 4,550 | | 553 |
Motherson Sumi Systems, Ltd.
| | | 261,669 | | 211,165 |
Mphasis, Ltd.
| | | 9,970 | | 87,567 |
MRF, Ltd.
| | | 2,056 | | 1,580,755 |
NCC, Ltd.
| | | 247,118 | | 61,248 |
Nestle India, Ltd.
| | | 2,371 | | 510,880 |
NIIT Technologies, Ltd.
| | | 733 | | 11,121 |
NIIT, Ltd.
| | | 77,883 | | 84,625 |
NTPC, Ltd.
| | | 1,655,329 | | 1,842,385 |
Oil & Natural Gas Corp., Ltd.
| | | 2,734,478 | | 2,468,761 |
OnMobile Global, Ltd.
| | | 14,720 | | 2,744 |
Opto Circuits India, Ltd. (a)
| | | 2,720,192 | | 59,329 |
Orient Electric, Ltd.
| | | 71,533 | | 185,708 |
Page Industries, Ltd.
| | | 3,079 | | 690,413 |
Paisalo Digital, Ltd.
| | | 18,900 | | 40,785 |
PC Jeweller, Ltd. (a)
| | | 166,544 | | 25,207 |
Pfizer, Ltd.
| | | 12,422 | | 660,580 |
Phillips Carbon Black, Ltd.
| | | 57,647 | | 47,778 |
Piramal Enterprises, Ltd.
| | | 49,851 | | 619,091 |
Power Grid Corp. of India, Ltd.
| | | 478,336 | | 1,005,975 |
Prism Johnson, Ltd.
| | | 100,734 | | 40,280 |
Procter & Gamble Health, Ltd. (a)
| | | 4,421 | | 212,310 |
PS IT Infrastructure & Services, Ltd. (a)
| | | 620,932 | | 149,382 |
PTC India, Ltd.
| | | 631,604 | | 323,519 |
Punj Lloyd, Ltd. (a)
| | | 735,025 | | 8,259 |
Radico Khaitan, Ltd.
| | | 83,708 | | 296,763 |
Rain Industries, Ltd.
| | | 128,308 | | 94,724 |
Rajesh Exports, Ltd.
| | | 102,896 | | 744,879 |
RattanIndia Infrastructure, Ltd. (a)
| | | 178,049 | | 4,825 |
Raymond, Ltd.
| | | 38,837 | | 114,379 |
| Security Description | | | Shares | | Value |
Redington India, Ltd.
| | | 100,254 | | $90,910 |
REI Agro, Ltd. (a)(e)
| | | 1,873,023 | | — |
Reliance Capital, Ltd. (a)
| | | 71,003 | | 4,223 |
Reliance Communications, Ltd. (a)
| | | 798,601 | | 6,862 |
Reliance Home Finance, Ltd. (a)
| | | 12,884 | | 128 |
Reliance Industries, Ltd. GDR (b)
| | | 946,684 | | 29,157,867 |
Reliance Infrastructure, Ltd. (a)
| | | 238,078 | | 32,100 |
Repco Home Finance, Ltd.
| | | 41,921 | | 65,028 |
Rolta India, Ltd. (a)
| | | 967,429 | | 26,855 |
Ruchi Soya Industries, Ltd. (a)
| | | 11,980 | | 27,246 |
Schneider Electric Infrastructure, Ltd. (a)
| | | 81,603 | | 70,869 |
Sequent Scientific, Ltd.
| | | 695,103 | | 714,846 |
Shankara Building Products, Ltd.
| | | 33,053 | | 96,798 |
Sharda Cropchem, Ltd.
| | | 20,345 | | 28,856 |
Shilpa Medicare, Ltd.
| | | 70,438 | | 227,791 |
Shriram Transport Finance Co., Ltd.
| | | 90,316 | | 788,715 |
Siemens, Ltd.
| | | 232,880 | | 3,427,420 |
Sintex Industries, Ltd. (a)
| | | 375,264 | | 3,224 |
Sintex Plastics Technology, Ltd. (a)
| | | 91,543 | | 787 |
Solara Active Pharma Sciences, Ltd.
| | | 53,069 | | 311,850 |
Srei Infrastructure Finance, Ltd.
| | | 232,500 | | 11,064 |
State Bank of India GDR (a)
| | | 111,055 | | 2,887,430 |
Sterlite Technologies, Ltd.
| | | 103,561 | | 87,337 |
Strides Pharma Science, Ltd.
| | | 103,652 | | 441,387 |
Sun Pharma Advanced Research Co., Ltd. (a)
| | | 18,524 | | 23,617 |
Sun Pharmaceutical Industries, Ltd.
| | | 820,244 | | 3,819,791 |
Sun TV Network, Ltd.
| | | 77,497 | | 292,927 |
Suven Life Sciences, Ltd.
| | | 257,325 | | 72,791 |
Suven Pharmaceuticals, Ltd. (a)
| | | 250,803 | | 666,532 |
Suzlon Energy, Ltd. (a)
| | | 4,161,817 | | 107,276 |
Swan Energy, Ltd.
| | | 159,735 | | 212,836 |
Symphony, Ltd.
| | | 11,993 | | 123,447 |
TAKE Solutions, Ltd.
| | | 143,443 | | 75,181 |
Tata Communications, Ltd.
| | | 169,173 | | 521,375 |
Tata Consultancy Services, Ltd.
| | | 623,089 | | 15,040,370 |
Tata Elxsi, Ltd.
| | | 29,362 | | 244,168 |
Tata Motors, Ltd. ADR (a)(c)
| | | 277,841 | | 1,311,409 |
Tata Power Co., Ltd.
| | | 2,475,078 | | 1,074,752 |
Tata Steel, Ltd.
| | | 369,494 | | 1,316,774 |
TeamLease Services, Ltd. (a)
| | | 5,845 | | 125,714 |
Tech Mahindra, Ltd.
| | | 314,120 | | 2,348,076 |
Tejas Networks, Ltd. (b)
| | | 139,252 | | 58,719 |
Thyrocare Technologies, Ltd. (b)
| | | 51,543 | | 338,311 |
Titan Co., Ltd.
| | | 105,165 | | 1,297,963 |
Ujjivan Financial Services, Ltd.
| | | 56,544 | | 110,956 |
UltraTech Cement, Ltd.
| | | 24,396 | | 1,046,399 |
Unichem Laboratories, Ltd.
| | | 146,601 | | 302,014 |
Unitech, Ltd. (a)
| | | 725,404 | | 11,986 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
United Breweries, Ltd.
| | | 54,539 | | $662,423 |
United Spirits, Ltd. (a)
| | | 241,394 | | 1,546,300 |
UPL, Ltd.
| | | 187,958 | | 811,200 |
Vakrangee, Ltd.
| | | 345,377 | | 90,851 |
Vedanta, Ltd.
| | | 621,225 | | 531,297 |
Venky's India, Ltd.
| | | 9,173 | | 102,423 |
Videocon Industries, Ltd. (a)
| | | 1,109,727 | | 20,537 |
VIP Industries, Ltd.
| | | 51,668 | | 164,017 |
V-Mart Retail, Ltd.
| | | 13,298 | | 249,845 |
Vodafone Idea, Ltd. (a)
| | | 884,727 | | 36,254 |
VST Industries, Ltd.
| | | 14,228 | | 521,330 |
Welspun India, Ltd.
| | | 149,068 | | 42,562 |
Wipro, Ltd. ADR
| | | 1,187,451 | | 3,681,098 |
Wockhardt, Ltd. (a)
| | | 70,111 | | 160,006 |
Yes Bank, Ltd.
| | | 739,104 | | 219,334 |
Zee Entertainment Enterprises, Ltd.
| | | 426,260 | | 698,401 |
Zensar Technologies, Ltd.
| | | 46,440 | | 54,020 |
| | | | | | 301,811,984 |
| INDONESIA — 1.8% | | | | | |
Alam Sutera Realty Tbk PT (a)
| | | 6,771,400 | | 43,178 |
Astra International Tbk PT
| | | 16,727,503 | | 3,999,832 |
Bank Central Asia Tbk PT
| | | 9,450,140 | | 16,006,138 |
Bank Danamon Indonesia Tbk PT
| | | 2,403,218 | | 307,954 |
Bank Mandiri Persero Tbk PT
| | | 16,241,163 | | 4,660,248 |
Bank Negara Indonesia Persero Tbk PT
| | | 1,827,100 | | 427,929 |
Bank Rakyat Indonesia Persero Tbk PT
| | | 41,593,963 | | 7,701,641 |
Barito Pacific Tbk PT (a)
| | | 30,451,020 | | 1,353,586 |
Bekasi Fajar Industrial Estate Tbk PT
| | | 4,300,100 | | 26,892 |
Bumi Resources Tbk PT (a)
| | | 2,510,700 | | 7,697 |
Bumi Serpong Damai Tbk PT (a)
| | | 3,576,700 | | 146,928 |
Charoen Pokphand Indonesia Tbk PT
| | | 3,933,000 | | 1,191,234 |
Ciputra Development Tbk PT
| | | 5,586,452 | | 152,078 |
Citra Marga Nusaphala Persada Tbk PT (a)
| | | 1,483,241 | | 145,505 |
Garuda Indonesia Persero Tbk PT (a)
| | | 11,978,600 | | 132,932 |
Global Mediacom Tbk PT (a)
| | | 609,500 | | 7,138 |
Indah Kiat Pulp & Paper Corp. Tbk PT
| | | 638,000 | | 156,860 |
Indocement Tunggal Prakarsa Tbk PT
| | | 506,800 | | 388,412 |
Indofood Sukses Makmur Tbk PT
| | | 7,154,751 | | 2,785,571 |
Indosat Tbk PT (a)
| | | 2,359,600 | | 224,965 |
Japfa Comfeed Indonesia Tbk PT
| | | 1,026,500 | | 59,790 |
Kalbe Farma Tbk PT
| | | 33,642,861 | | 2,475,256 |
Kawasan Industri Jababeka Tbk PT (a)
| | | 4,745,431 | | 35,496 |
Lippo Cikarang Tbk PT (a)
| | | 199,100 | | 5,127 |
| Security Description | | | Shares | | Value |
Lippo Karawaci Tbk PT (a)
| | | 37,088,230 | | $302,436 |
Matahari Department Store Tbk PT
| | | 336,400 | | 27,535 |
Matahari Putra Prima Tbk PT (a)
| | | 618,700 | | 3,376 |
Mayora Indah Tbk PT
| | | 5,501,907 | | 625,753 |
Medco Energi Internasional Tbk PT (a)
| | | 13,511,507 | | 319,770 |
Media Nusantara Citra Tbk PT
| | | 810,700 | | 44,984 |
Modernland Realty Tbk PT (a)
| | | 7,230,800 | | 36,353 |
Pabrik Kertas Tjiwi Kimia Tbk PT
| | | 309,638 | | 75,748 |
Pakuwon Jati Tbk PT
| | | 5,107,100 | | 96,443 |
Perusahaan Gas Negara Tbk PT
| | | 12,643,000 | | 600,756 |
Semen Indonesia Persero Tbk PT
| | | 813,500 | | 380,315 |
Sigmagold Inti Perkasa Tbk PT (a)(e)
| | | 1,312,600 | | — |
Summarecon Agung Tbk PT
| | | 3,942,400 | | 96,687 |
Telekomunikasi Indonesia Persero Tbk PT
| | | 34,342,300 | | 6,653,689 |
Tiga Pilar Sejahtera Food Tbk (a)(e)
| | | 2,383,200 | | 12,274 |
Unilever Indonesia Tbk PT
| | | 3,026,100 | | 1,345,139 |
United Tractors Tbk PT
| | | 1,417,122 | | 1,468,385 |
| | | | | | 54,532,030 |
| KUWAIT — 0.5% | | | | | |
A'ayan Leasing & Investment Co. KSCP (a)
| | | 921,944 | | 103,387 |
Agility Public Warehousing Co. KSC
| | | 251,600 | | 457,382 |
Boubyan Bank KSCP
| | | 182,636 | | 298,169 |
Burgan Bank SAK
| | | 97,864 | | 64,096 |
Gulf Bank KSCP
| | | 471,310 | | 313,203 |
Humansoft Holding Co. KSC
| | | 109,460 | | 821,824 |
Kuwait Finance House KSCP
| | | 1,469,923 | | 2,968,024 |
Kuwait Real Estate Co. KSC (a)
| | | 2,274,877 | | 557,454 |
Mabanee Co. SAK
| | | 56,395 | | 114,231 |
Mobile Telecommunications Co. KSC
| | | 123,409 | | 203,448 |
National Bank of Kuwait SAKP
| | | 3,166,029 | | 7,282,878 |
National Industries Group Holding SAK
| | | 620,910 | | 301,528 |
National Investments Co. KSCP
| | | 762,057 | | 238,599 |
Warba Bank KSCP (a)
| | | 460,820 | | 284,148 |
| | | | | | 14,008,371 |
| MACAU — 0.0% (d) | | | | | |
Newtree Group Holdings, Ltd. (a)
| | | 35,000 | | 2,484 |
| MALAYSIA — 2.2% | | | | | |
Aeon Co. M Bhd
| | | 5,584,690 | | 1,460,810 |
AEON Credit Service M Bhd
| | | 109,250 | | 212,431 |
AirAsia Group Bhd
| | | 1,062,500 | | 194,300 |
Alliance Bank Malaysia Bhd
| | | 4,416,100 | | 1,942,266 |
Axiata Group Bhd
| | | 1,380,338 | | 1,048,034 |
Bahvest Resources Bhd (a)
| | | 1,657,600 | | 109,356 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Berjaya Sports Toto Bhd
| | | 2,143,414 | | $1,141,169 |
Bintulu Port Holdings Bhd
| | | 94 | | 83 |
British American Tobacco Malaysia Bhd
| | | 7,200 | | 17,167 |
Bursa Malaysia Bhd
| | | 1,366,139 | | 1,596,991 |
Capitaland Malaysia Mall Trust REIT
| | | 1,423,600 | | 299,879 |
Carlsberg Brewery Malaysia Bhd Class B
| | | 1,277,877 | | 7,395,122 |
CIMB Group Holdings Bhd
| | | 1,702,794 | | 1,418,995 |
Dagang NeXchange Bhd
| | | 1,893,200 | | 48,206 |
Datasonic Group Bhd
| | | 1,055,200 | | 190,522 |
Dialog Group Bhd
| | | 5,514,406 | | 3,880,508 |
DiGi.Com Bhd
| | | 5,732,900 | | 5,772,712 |
FGV Holdings Bhd (a)
| | | 347,200 | | 68,717 |
Gamuda Bhd
| | | 369,500 | | 242,057 |
Genting Bhd
| | | 3,472,600 | | 3,014,410 |
Genting Malaysia Bhd
| | | 621,700 | | 289,263 |
George Kent Malaysia Bhd
| | | 484,900 | | 61,735 |
Globetronics Technology Bhd
| | | 646,900 | | 242,588 |
Guan Chong Bhd
| | | 1,947,700 | | 901,713 |
Hap Seng Plantations Holdings Bhd
| | | 55,800 | | 17,438 |
Hartalega Holdings Bhd
| | | 410,200 | | 653,281 |
IHH Healthcare Bhd
| | | 873,800 | | 1,043,706 |
Inari Amertron Bhd
| | | 1,152,200 | | 330,724 |
IOI Corp. Bhd
| | | 5,496,160 | | 5,089,037 |
IOI Properties Group Bhd
| | | 4,186,062 | | 925,391 |
Iskandar Waterfront City Bhd (a)
| | | 235,000 | | 22,031 |
Karex Bhd
| | | 1,699,900 | | 163,301 |
KLCCP Stapled Group
| | | 613,300 | | 1,105,928 |
KNM Group Bhd (a)
| | | 4,143,821 | | 110,310 |
KPJ Healthcare Bhd
| | | 1,584,180 | | 341,039 |
Lingkaran Trans Kota Holdings Bhd
| | | 375,700 | | 321,780 |
Magnum Bhd
| | | 3,306,360 | | 1,454,186 |
Malayan Banking Bhd
| | | 2,733,640 | | 4,714,263 |
Malaysian Pacific Industries Bhd
| | | 69,900 | | 148,052 |
Malaysian Resources Corp. Bhd
| | | 8,129,100 | | 733,877 |
MPHB Capital Bhd (a)
| | | 1,514,730 | | 206,873 |
Muda Holdings Bhd
| | | 280,600 | | 69,500 |
My EG Services Bhd
| | | 1,349,200 | | 299,822 |
Naim Holdings Bhd (a)
| | | 87 | | 11 |
OSK Holdings Bhd
| | | 6,676,942 | | 1,105,096 |
Padini Holdings Bhd
| | | 177,300 | | 82,904 |
Pavilion Real Estate Investment Trust
| | | 1,356,100 | | 495,981 |
Petronas Chemicals Group Bhd
| | | 561,200 | | 656,032 |
Petronas Gas Bhd
| | | 78,700 | | 280,551 |
Pos Malaysia Bhd
| | | 1,034,800 | | 170,071 |
Press Metal Aluminium Holdings Bhd
| | | 121,400 | | 92,455 |
Public Bank Bhd
| | | 1,134,000 | | 4,173,750 |
RHB Bank Bhd
| | | 303,500 | | 329,494 |
Sapura Energy Bhd
| | | 305,200 | | 5,652 |
Sime Darby Bhd
| | | 1,042,824 | | 407,957 |
| Security Description | | | Shares | | Value |
Sime Darby Plantation Bhd
| | | 502,924 | | $575,103 |
Sime Darby Property Bhd
| | | 479,924 | | 60,546 |
SP Setia Bhd Group
| | | 309,363 | | 52,993 |
Sunway Real Estate Investment Trust
| | | 1,451,500 | | 534,233 |
Supermax Corp. Bhd
| | | 1,063,978 | | 416,232 |
TA Enterprise Bhd
| | | 5,209,200 | | 524,537 |
TA Global Bhd
| | | 3,872,156 | | 201,675 |
Telekom Malaysia Bhd
| | | 726,827 | | 630,926 |
Tenaga Nasional Bhd
| | | 1,002,800 | | 2,790,198 |
Top Glove Corp. Bhd
| | | 569,500 | | 850,295 |
UEM Edgenta Bhd
| | | 664,500 | | 349,170 |
UEM Sunrise Bhd (a)
| | | 4,562,988 | | 417,218 |
UMW Holdings Bhd
| | | 308,400 | | 152,772 |
Unisem M Bhd
| | | 70,600 | | 25,821 |
United Plantations Bhd
| | | 90,200 | | 518,232 |
Velesto Energy Bhd (a)
| | | 46,163 | | 1,229 |
ViTrox Corp. Bhd
| | | 108,100 | | 178,415 |
VS Industry Bhd
| | | 1,832,250 | | 320,220 |
WCT Holdings Bhd (a)
| | | 8,590,841 | | 745,733 |
| | | | | | 66,445,075 |
| MEXICO — 2.1% | | | | | |
Alfa SAB de CV Class A (c)
| | | 3,233,815 | | 882,228 |
America Movil SAB de CV Series L
| | | 15,305,982 | | 9,166,919 |
Axtel SAB de CV (a)(c)
| | | 1,786,089 | | 216,987 |
Cemex SAB de CV Series CPO (c)
| | | 10,485,020 | | 2,203,444 |
Coca-Cola Femsa SAB de CV
| | | 639,164 | | 2,606,052 |
Consorcio ARA SAB de CV (c)
| | | 1,737,313 | | 265,863 |
Desarrolladora Homex SAB de CV (a)
| | | 34,025 | | 57 |
El Puerto de Liverpool SAB de CV Series C1 (c)
| | | 361,979 | | 798,817 |
Fibra Uno Administracion SA de CV REIT
| | | 1,488,047 | | 1,179,185 |
Fomento Economico Mexicano SAB de CV
| | | 1,458,873 | | 8,906,499 |
Grupo Aeroportuario del Sureste SAB de CV Class B (c)
| | | 249,707 | | 2,377,508 |
Grupo Bimbo SAB de CV Class A (c)
| | | 1,854,589 | | 2,725,843 |
Grupo Elektra SAB DE CV (c)
| | | 53,956 | | 3,229,253 |
Grupo Financiero Banorte SAB de CV Series O (c)
| | | 1,624,527 | | 4,501,178 |
Grupo Financiero Inbursa SAB de CV Series O
| | | 1,340,913 | | 973,994 |
Grupo Mexico SAB de CV Class B
| | | 2,126,729 | | 3,965,307 |
Grupo Televisa SAB Series CPO (c)
| | | 1,767,324 | | 2,056,670 |
Impulsora del Desarrollo y el Empleo en America Latina SAB de CV (a)(c)
| | | 1,168,909 | | 1,934,791 |
Industrias CH SAB de CV Class B (c)
| | | 288,945 | | 1,083,394 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Industrias Penoles SAB de CV (c)
| | | 112,378 | | $756,300 |
Kimberly-Clark de Mexico SAB de CV Class A
| | | 1,887,759 | | 2,890,472 |
Sare Holding SAB de CV Class B (a)(e)
| | | 1,493,393 | | — |
Telesites SAB de CV (a)(c)
| | | 1,240,793 | | 807,652 |
TV Azteca SAB de CV Series CPO (c)
| | | 4,082,820 | | 61,262 |
Urbi Desarrollos Urbanos SAB de CV (a)
| | | 625,222 | | 22,467 |
Wal-Mart de Mexico SAB de CV
| | | 3,780,144 | | 8,983,366 |
| | | | | | 62,595,508 |
| MONACO — 0.0% (d) | | | | | |
GasLog, Ltd.
| | | 17,594 | | 63,690 |
| NETHERLANDS — 0.0% (d) | | | | | |
VEON, Ltd. ADR (c)
| | | 398,877 | | 602,304 |
| PERU — 0.5% | | | | | |
Cia de Minas Buenaventura SAA ADR (f)
| | | 245,506 | | 1,789,739 |
Cia de Minas Buenaventura SAA ADR (f)
| | | 5,932 | | 43,422 |
Credicorp, Ltd.
| | | 65,720 | | 9,402,560 |
Southern Copper Corp. (c)(f)
| | | 106,855 | | 3,009,037 |
Southern Copper Corp. (f)
| | | 4,688 | | 131,920 |
Volcan Cia Minera SAA Class B (a)
| | | 4,890,091 | | 440,863 |
| | | | | | 14,817,541 |
| PHILIPPINES — 1.0% | | | | | |
Alliance Global Group, Inc. (a)
| | | 2,151,900 | | 295,326 |
Ayala Land, Inc.
| | | 9,291,510 | | 5,517,177 |
Bank of the Philippine Islands
| | | 2,971,314 | | 3,610,444 |
BDO Unibank, Inc.
| | | 2,821,068 | | 5,740,868 |
Bloomberry Resorts Corp.
| | | 831,200 | | 98,057 |
Cebu Air, Inc.
| | | 1,508,290 | | 1,343,404 |
Cebu Holdings, Inc.
| | | 5,937,164 | | 712,086 |
D&L Industries, Inc.
| | | 2,253,300 | | 219,305 |
DoubleDragon Properties Corp. (a)
| | | 1,525,450 | | 484,689 |
East West Banking Corp. (a)
| | | 1,250,000 | | 189,245 |
Filinvest Land, Inc.
| | | 63,864,000 | | 1,142,671 |
First Philippine Holdings Corp.
| | | 421,210 | | 397,524 |
Global Ferronickel Holdings, Inc. (a)
| | | 2,030,449 | | 22,756 |
GMA Holdings, Inc.
| | | 3,750,400 | | 387,133 |
GT Capital Holdings, Inc.
| | | 11,087 | | 88,722 |
JG Summit Holdings, Inc.
| | | 504,990 | | 519,288 |
Megawide Construction Corp.
| | | 4,833,388 | | 598,709 |
Megaworld Corp.
| | | 7,153,300 | | 351,617 |
Nickel Asia Corp.
| | | 1,046,000 | | 31,878 |
PLDT, Inc.
| | | 107,460 | | 2,385,418 |
Puregold Price Club, Inc.
| | | 318,850 | | 228,511 |
San Miguel Corp.
| | | 144,660 | | 260,251 |
SM Investments Corp.
| | | 173,840 | | 2,795,932 |
| Security Description | | | Shares | | Value |
SM Prime Holdings, Inc.
| | | 3,201,690 | | $1,787,810 |
Top Frontier Investment Holdings, Inc. (a)
| | | 20,311 | | 60,701 |
Universal Robina Corp.
| | | 241,240 | | 493,295 |
Vista Land & Lifescapes, Inc.
| | | 1,127,378 | | 90,438 |
| | | | | | 29,853,255 |
| POLAND — 0.7% | | | | | |
11 bit studios SA (a)
| | | 1,379 | | 119,523 |
Asseco Poland SA
| | | 51,470 | | 718,734 |
Bank Polska Kasa Opieki SA
| | | 163,895 | | 2,215,256 |
Bioton SA (a)
| | | 1,057 | | 835 |
CCC SA
| | | 2,392 | | 17,265 |
CD Projekt SA
| | | 23,605 | | 1,643,001 |
Eurocash SA
| | | 8,280 | | 33,890 |
Getin Holding SA (a)
| | | 80,282 | | 20,527 |
Getin Noble Bank SA (a)
| | | 310,327 | | 17,184 |
Globe Trade Centre SA
| | | 284,615 | | 435,814 |
Grupa Lotos SA
| | | 102,500 | | 1,279,800 |
KGHM Polska Miedz SA (a)
| | | 175,534 | | 2,528,095 |
LPP SA
| | | 73 | | 91,920 |
mBank SA (a)
| | | 26,625 | | 1,421,795 |
Orange Polska SA (a)
| | | 1,074,880 | | 1,535,913 |
Orbis SA (a)
| | | 108 | | 2,899 |
PGE Polska Grupa Energetyczna SA (a)
| | | 611,572 | | 560,552 |
Polimex-Mostostal SA (a)
| | | 15,792 | | 4,996 |
Polski Koncern Naftowy ORLEN SA
| | | 212,052 | | 2,843,697 |
Powszechna Kasa Oszczednosci Bank Polski SA
| | | 486,210 | | 2,647,904 |
Powszechny Zaklad Ubezpieczen SA
| | | 312,622 | | 2,358,119 |
Santander Bank Polska SA
| | | 24,537 | | 1,024,960 |
| | | | | | 21,522,679 |
| QATAR — 0.8% | | | | | |
Aamal Co.
| | | 358,784 | | 59,124 |
Al Meera Consumer Goods Co. QSC
| | | 83,442 | | 330,926 |
Commercial Bank PQSC
| | | 308,076 | | 329,737 |
Industries Qatar QSC
| | | 540,841 | | 987,803 |
Mannai Corp. QSC
| | | 285,601 | | 233,360 |
Masraf Al Rayan QSC
| | | 3,271,811 | | 3,288,884 |
Mazaya Qatar Real Estate Development QSC
| | | 1,799,909 | | 257,059 |
Medicare Group
| | | 241,457 | | 391,265 |
Mesaieed Petrochemical Holding Co.
| | | 2,029,982 | | 814,000 |
National Leasing
| | | 3,061,385 | | 500,281 |
Ooredoo QSC
| | | 837,662 | | 1,350,474 |
Qatar Electricity & Water Co. QSC
| | | 80,813 | | 302,522 |
Qatar Fuel QSC
| | | 62,894 | | 282,773 |
Qatar Insurance Co. SAQ
| | | 917,062 | | 526,410 |
Qatar International Islamic Bank QSC
| | | 112,912 | | 225,142 |
Qatar Islamic Bank SAQ
| | | 344,293 | | 1,357,882 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Qatar National Bank QPSC
| | | 2,233,871 | | $10,307,342 |
Qatar Navigation QSC
| | | 76,408 | | 100,730 |
Qatari Investors Group QSC
| | | 852,723 | | 268,862 |
Vodafone Qatar QSC
| | | 1,628,944 | | 386,992 |
| | | | | | 22,301,568 |
| ROMANIA — 0.0% (d) | | | | | |
NEPI Rockcastle PLC
| | | 147,426 | | 619,090 |
| RUSSIA — 3.8% | | | | | |
Evraz PLC
| | | 202,603 | | 581,820 |
Gazprom PJSC ADR
| | | 3,713,912 | | 17,228,838 |
LSR Group PJSC, GDR
| | | 122,436 | | 173,124 |
LUKOIL PJSC ADR
| | | 289,758 | | 17,385,480 |
Magnit PJSC GDR
| | | 143,728 | | 1,288,090 |
Mail.Ru Group, Ltd. GDR (a)
| | | 35,928 | | 583,471 |
Mechel PJSC ADR (a)
| | | 154,145 | | 218,886 |
MMC Norilsk Nickel PJSC ADR
| | | 557,577 | | 13,894,819 |
Mobile TeleSystems PJSC ADR
| | | 561,034 | | 4,263,858 |
Novatek PJSC GDR
| | | 69,736 | | 8,040,561 |
Novolipetsk Steel PJSC, GDR
| | | 32,853 | | 522,363 |
Novorossiysk Commercial Sea Port PJSC, GDR
| | | 50,850 | | 655,965 |
Polymetal International PLC
| | | 111,715 | | 1,910,898 |
Rosneft Oil Co. PJSC GDR
| | | 1,152,235 | | 4,688,444 |
Rostelecom PJSC ADR (c)
| | | 92,784 | | 511,240 |
Sberbank of Russia PJSC ADR (f)
| | | 842,938 | | 8,033,199 |
Sberbank of Russia PJSC ADR (c)(f)
| | | 785,413 | | 7,382,882 |
Severstal PJSC GDR (c)
| | | 469,980 | | 5,197,979 |
Sistema PJSC FC GDR
| | | 135,593 | | 450,169 |
Surgutneftegas PJSC ADR
| | | 1,152,572 | | 4,928,398 |
Tatneft PJSC ADR (f)
| | | 198,222 | | 8,374,879 |
Tatneft PJSC ADR (c)(f)
| | | 1,402 | | 53,136 |
TMK PJSC GDR
| | | 1,907 | | 3,976 |
TMK PJSC GDR (c)
| | | 44,462 | | 92,703 |
VTB Bank PJSC GDR (c)
| | | 2,049,739 | | 1,691,035 |
X5 Retail Group NV GDR
| | | 37,843 | | 1,021,761 |
Yandex NV Class A (a)
| | | 103,770 | | 3,533,368 |
| | | | | | 112,711,342 |
| SAUDI ARABIA — 2.9% | | | | | |
Abdul Mohsen Al-Hokair Tourism and Development Co. (a)
| | | 170,262 | | 450,920 |
Abdullah Al Othaim Markets Co.
| | | 36,574 | | 903,398 |
Advanced Petrochemical Co.
| | | 26,259 | | 311,026 |
Al Hammadi Co. for Development and Investment (a)
| | | 104,628 | | 525,786 |
Al Jouf Agricultural Development Co.
| | | 29,913 | | 154,462 |
Al Khaleej Training and Education Co. (a)
| | | 344,270 | | 1,204,074 |
Al Rajhi Bank
| | | 520,888 | | 7,459,083 |
| Security Description | | | Shares | | Value |
Al Rajhi Co. for Co-operative Insurance (a)
| | | 7,942 | | $101,997 |
Al Rajhi REIT
| | | 206,729 | | 466,062 |
Aldrees Petroleum and Transport Services Co.
| | | 19,146 | | 285,381 |
Al-Etihad Cooperative Insuarnce Co.
| | | 162,636 | | 536,781 |
Almarai Co. JSC
| | | 60,936 | | 762,308 |
Alujain Holding (a)
| | | 40,825 | | 259,489 |
Arabian Cement Co.
| | | 27,040 | | 179,931 |
AXA Cooperative Insurance Co. (a)
| | | 85,492 | | 579,125 |
Bank AlBilad
| | | 108,025 | | 587,711 |
Banque Saudi Fransi
| | | 197,123 | | 1,356,303 |
Basic Chemical Industries, Ltd.
| | | 142,422 | | 729,358 |
Batic Investments and Logistic Co. (a)
| | | 113,760 | | 647,981 |
Bawan Co. (a)
| | | 177,429 | | 524,211 |
Bupa Arabia for Cooperative Insurance Co.
| | | 15,277 | | 371,658 |
Buruj Cooperative Insurance Co.
| | | 89,458 | | 365,261 |
City Cement Co.
| | | 68,092 | | 227,638 |
Co. for Cooperative Insurance (a)
| | | 19,018 | | 306,758 |
Dallah Healthcare Co.
| | | 49,340 | | 600,826 |
Dar Al Arkan Real Estate Development Co. (a)
| | | 146,107 | | 318,892 |
Derayah REIT
| | | 202,397 | | 539,797 |
Dur Hospitality Co.
| | | 99,173 | | 611,879 |
Eastern Province Cement Co.
| | | 75,113 | | 563,797 |
Etihad Etisalat Co. (a)
| | | 167,222 | | 964,075 |
Fawaz Abdulaziz Al Hokair & Co. (a)
| | | 27,057 | | 126,175 |
Fitaihi Holding Group
| | | 499,044 | | 1,226,025 |
Hail Cement Co. (a)
| | | 66,806 | | 171,416 |
Herfy Food Services Co.
| | | 29,202 | | 329,173 |
Jadwa REIT Saudi Fund
| | | 96,293 | | 254,252 |
Jarir Marketing Co.
| | | 27,774 | | 944,774 |
Jazan Energy and Development Co. (a)
| | | 80,713 | | 204,307 |
Leejam Sports Co. JSC
| | | 39,530 | | 549,232 |
Malath Cooperative Insurance Co. (a)
| | | 137,788 | | 326,408 |
Mediterranean & Gulf Insurance & Reinsurance Co. (a)
| | | 66,872 | | 275,533 |
Methanol Chemicals Co. (a)
| | | 270,858 | | 440,496 |
Middle East Healthcare Co. (a)
| | | 33,488 | | 226,848 |
Mobile Telecommunications Co. (a)
| | | 227,243 | | 574,005 |
Mouwasat Medical Services Co.
| | | 40,938 | | 909,854 |
Musharaka Real Estate Income Fund REIT
| | | 164,776 | | 350,867 |
Najran Cement Co. (a)
| | | 61,463 | | 149,199 |
Nama Chemicals Co. (a)
| | | 79,208 | | 377,382 |
National Co. for Glass Manufacturing
| | | 236,788 | | 865,975 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
National Co. for Learning & Education
| | | 182,516 | | $1,433,117 |
National Commercial Bank
| | | 674,249 | | 6,227,426 |
National Gas & Industrialization Co.
| | | 19,389 | | 151,985 |
National Medical Care Co.
| | | 52,482 | | 506,381 |
National Petrochemical Co.
| | | 18,739 | | 93,072 |
Qassim Cement Co.
| | | 46,007 | | 647,796 |
Red Sea International Co. (a)
| | | 129,928 | | 349,287 |
Riyad Bank
| | | 729,036 | | 2,902,949 |
Riyad REIT Fund
| | | 91,480 | | 192,359 |
Sahara International Petrochemical Co.
| | | 94,217 | | 307,954 |
Samba Financial Group
| | | 392,275 | | 2,100,765 |
Saudi Advanced Industries Co.
| | | 319,248 | | 960,208 |
Saudi Airlines Catering Co.
| | | 6,282 | | 126,242 |
Saudi Arabian Amiantit Co. (a)
| | | 78,664 | | 197,655 |
Saudi Arabian Fertilizer Co.
| | | 73,554 | | 1,213,827 |
Saudi Arabian Mining Co. (a)
| | | 152,517 | | 1,258,458 |
Saudi Arabian Oil Co. (b)
| | | 596,635 | | 4,788,008 |
Saudi Automotive Services Co.
| | | 241,904 | | 1,754,561 |
Saudi Basic Industries Corp.
| | | 340,652 | | 6,346,990 |
Saudi Cement Co.
| | | 38,763 | | 505,559 |
Saudi Ceramic Co. (a)
| | | 120,653 | | 752,757 |
Saudi Chemical Co. Holding (a)
| | | 121,493 | | 664,218 |
Saudi Co. For Hardware CJSC
| | | 30,741 | | 310,110 |
Saudi Electricity Co.
| | | 254,490 | | 1,078,382 |
Saudi Industrial Investment Group
| | | 33,706 | | 141,571 |
Saudi Industrial Services Co.
| | | 119,688 | | 549,858 |
Saudi Kayan Petrochemical Co. (a)
| | | 40,171 | | 77,519 |
Saudi Pharmaceutical Industries & Medical Appliances Corp.
| | | 99,176 | | 714,057 |
Saudi Printing & Packaging Co. (a)
| | | 69,578 | | 191,492 |
Saudi Public Transport Co. (a)
| | | 212,932 | | 665,377 |
Saudi Re for Cooperative Reinsurance Co. (a)
| | | 468,600 | | 979,108 |
Saudi Research & Marketing Group (a)
| | | 19,969 | | 321,035 |
Saudi Telecom Co.
| | | 318,125 | | 7,409,086 |
Saudi Vitrified Clay Pipe Co., Ltd.
| | | 25,755 | | 254,671 |
Saudia Dairy & Foodstuff Co.
| | | 8,485 | | 309,408 |
Savola Group (a)
| | | 71,531 | | 679,706 |
Southern Province Cement Co.
| | | 50,397 | | 731,072 |
Tabuk Cement Co. (a)
| | | 115,209 | | 317,691 |
Takween Advanced Industries Co. (a)
| | | 281,357 | | 482,283 |
Umm Al-Qura Cement Co.
| | | 631,192 | | 3,024,077 |
United Electronics Co.
| | | 28,986 | | 442,081 |
United International Transportation Co.
| | | 55,592 | | 403,956 |
Walaa Cooperative Insurance Co.
| | | 52,156 | | 176,584 |
Yamama Cement Co. (a)
| | | 54,033 | | 260,313 |
| Security Description | | | Shares | | Value |
Yanbu Cement Co.
| | | 67,879 | | $464,331 |
Yanbu National Petrochemical Co.
| | | 67,823 | | 750,981 |
| | | | | | 85,414,212 |
| SINGAPORE — 0.0% (d) | | | | | |
Aslan Pharmaceuticals, Ltd. (a)
| | | 142,000 | | 18,125 |
Grindrod Shipping Holdings, Ltd. (a)
| | | 15,116 | | 47,540 |
| | | | | | 65,665 |
| SOUTH AFRICA — 3.8% | | | | | |
Absa Group, Ltd.
| | | 363,849 | | 1,527,921 |
Adcock Ingram Holdings, Ltd.
| | | 107,479 | | 262,198 |
Adcorp Holdings, Ltd.
| | | 408,962 | | 146,549 |
African Phoenix Investments, Ltd. (a)
| | | 2,402,783 | | 49,778 |
African Rainbow Minerals, Ltd. (c)
| | | 112,166 | | 632,928 |
Alexander Forbes Group Holdings, Ltd.
| | | 472,669 | | 113,271 |
Allied Electronics Corp., Ltd.
| | | 118,362 | | 123,664 |
Anglo American Platinum, Ltd.
| | | 30,754 | | 1,298,676 |
AngloGold Ashanti, Ltd.
| | | 270,194 | | 4,827,638 |
ArcelorMittal South Africa, Ltd. (a)
| | | 165,300 | | 6,386 |
Ascendis Health, Ltd. (a)
| | | 205,727 | | 6,681 |
Aspen Pharmacare Holdings, Ltd. (a)
| | | 245,297 | | 1,269,611 |
Astral Foods, Ltd.
| | | 15,225 | | 163,648 |
Aveng, Ltd. (a)(c)
| | | 663,716 | | 743 |
Barloworld, Ltd.
| | | 259,011 | | 939,024 |
Bid Corp., Ltd. (c)
| | | 103,878 | | 1,236,997 |
Bidvest Group, Ltd.
| | | 277,237 | | 2,269,432 |
Blue Label Telecoms, Ltd. (a)
| | | 1,059,813 | | 102,065 |
Clicks Group, Ltd.
| | | 48,832 | | 704,592 |
Coronation Fund Managers, Ltd.
| | | 547,051 | | 964,844 |
Curro Holdings, Ltd. (c)
| | | 127,989 | | 51,239 |
Discovery, Ltd. (c)
| | | 313,172 | | 1,367,015 |
EOH Holdings, Ltd. (a)
| | | 99,094 | | 17,477 |
FirstRand, Ltd. (c)
| | | 2,489,496 | | 5,613,214 |
Foschini Group, Ltd.
| | | 248,760 | | 942,530 |
Gold Fields, Ltd.
| | | 602,153 | | 3,111,236 |
Grindrod, Ltd.
| | | 1,018,677 | | 173,962 |
Group Five, Ltd. (a)(e)
| | | 219,472 | | — |
Growthpoint Properties, Ltd. REIT (c)
| | | 831,757 | | 599,368 |
Harmony Gold Mining Co., Ltd. (a)
| | | 243,937 | | 540,185 |
Impala Platinum Holdings, Ltd.
| | | 432,914 | | 1,835,885 |
Imperial Logistics, Ltd. (c)
| | | 199,871 | | 296,114 |
Investec, Ltd.
| | | 220,895 | | 420,393 |
Invicta Holdings, Ltd. (a)(c)
| | | 313,017 | | 122,858 |
Kumba Iron Ore, Ltd.
| | | 43,097 | | 675,798 |
Lewis Group, Ltd.
| | | 261,481 | | 260,895 |
Life Healthcare Group Holdings, Ltd.
| | | 129,223 | | 133,564 |
Massmart Holdings, Ltd. (a)(c)
| | | 173,081 | | 266,308 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Mediclinic International PLC
| | | 132,615 | | $425,393 |
Momentum Metropolitan Holdings
| | | 968,363 | | 845,284 |
Motus Holdings, Ltd. (a)
| | | 131,347 | | 200,036 |
Mr. Price Group, Ltd.
| | | 177,602 | | 1,134,425 |
MTN Group, Ltd.
| | | 1,096,731 | | 2,971,490 |
MultiChoice Group, Ltd. (a)
| | | 293,991 | | 1,411,848 |
Murray & Roberts Holdings, Ltd.
| | | 406,124 | | 127,340 |
Naspers, Ltd. Class N
| | | 260,990 | | 37,317,625 |
Nedbank Group, Ltd.
| | | 295,265 | | 1,366,551 |
Net 1 UEPS Technologies, Inc. (a)
| | | 32,585 | | 94,822 |
Netcare, Ltd.
| | | 2,050,142 | | 1,721,844 |
Ninety One, Ltd. (a)(c)
| | | 107,612 | | 206,969 |
Northam Platinum, Ltd. (a)
| | | 304,567 | | 1,183,650 |
Old Mutual, Ltd. (c)
| | | 1,507,823 | | 974,823 |
PPC, Ltd. (a)
| | | 1,043,250 | | 99,302 |
PSG Group, Ltd.
| | | 247,600 | | 1,790,317 |
Rand Merchant Investment Holdings, Ltd. (c)
| | | 1,230,932 | | 1,519,023 |
Remgro, Ltd.
| | | 514,126 | | 3,536,991 |
RMB Holdings, Ltd.
| | | 906,456 | | 2,509,249 |
Sanlam, Ltd.
| | | 1,397,083 | | 3,996,471 |
Sappi, Ltd. (a)
| | | 307,580 | | 361,656 |
Sasol, Ltd. (a)
| | | 343,620 | | 710,520 |
Shoprite Holdings, Ltd.
| | | 359,401 | | 2,515,405 |
Sibanye Stillwater, Ltd. (a)
| | | 951,862 | | 1,202,885 |
Standard Bank Group, Ltd.
| | | 857,059 | | 4,917,292 |
Steinhoff International Holdings NV (a)(c)
| | | 2,215,815 | | 137,713 |
Sun International, Ltd. (a)
| | | 180,012 | | 188,982 |
Telkom SA SOC, Ltd.
| | | 291,321 | | 334,872 |
Tiger Brands, Ltd.
| | | 186,184 | | 1,928,558 |
Truworths International, Ltd.
| | | 431,302 | | 603,243 |
Vodacom Group, Ltd. (c)
| | | 381,519 | | 2,499,526 |
Wilson Bayly Holmes-Ovcon, Ltd.
| | | 99,583 | | 446,897 |
Woolworths Holdings, Ltd.
| | | 888,099 | | 1,372,426 |
| | | | | | 113,728,115 |
| TAIWAN — 14.2% | | | | | |
Accton Technology Corp.
| | | 187,000 | | 1,007,920 |
Acer, Inc.
| | | 3,072,701 | | 1,585,045 |
Adimmune Corp. (a)
| | | 775,505 | | 671,866 |
Advanced Ceramic X Corp.
| | | 4,000 | | 35,183 |
Advanced Wireless Semiconductor Co.
| | | 13,688 | | 35,259 |
Advancetek Enterprise Co., Ltd.
| | | 2,832,996 | | 1,377,083 |
Advantech Co., Ltd.
| | | 5,499 | | 45,368 |
AGV Products Corp. (a)
| | | 5,173,415 | | 1,171,830 |
Airmate Cayman International Co., Ltd. (a)
| | | 11,000 | | 6,911 |
Airtac International Group
| | | 30,000 | | 447,398 |
Alchip Technologies, Ltd.
| | | 34,000 | | 221,484 |
APCB, Inc.
| | | 1,030,000 | | 648,827 |
Arcadyan Technology Corp.
| | | 37,169 | | 83,946 |
| Security Description | | | Shares | | Value |
ASE Technology Holding Co., Ltd.
| | | 2,978,058 | | $5,770,686 |
ASMedia Technology, Inc.
| | | 5,000 | | 127,308 |
ASPEED Technology, Inc.
| | | 10,000 | | 343,898 |
Asustek Computer, Inc.
| | | 957,340 | | 6,473,754 |
AU Optronics Corp. ADR (c)
| | | 1,110,555 | | 2,210,004 |
Audix Corp. (a)
| | | 662,657 | | 811,846 |
Bank of Kaohsiung Co., Ltd.
| | | 2,091,739 | | 636,344 |
Basso Industry Corp.
| | | 1,807,905 | | 2,301,617 |
Biostar Microtech International Corp. (a)
| | | 1,658,952 | | 433,369 |
C Sun Manufacturing, Ltd.
| | | 1,028,000 | | 851,525 |
Career Technology MFG. Co., Ltd.
| | | 100,940 | | 78,271 |
Carnival Industrial Corp.
| | | 890,984 | | 219,494 |
Catcher Technology Co., Ltd.
| | | 745,346 | | 4,818,383 |
Cathay Financial Holding Co., Ltd.
| | | 5,308,136 | | 6,196,029 |
Cathay No. 1 REIT
| | | 1,014,000 | | 562,970 |
Center Laboratories, Inc.
| | | 1,097,857 | | 1,443,044 |
Chailease Holding Co., Ltd.
| | | 984,248 | | 2,977,984 |
Champion Building Materials Co., Ltd. (a)
| | | 1,046,000 | | 138,353 |
Chang Hwa Commercial Bank, Ltd.
| | | 9,522,052 | | 5,998,217 |
Chang Wah Electromaterials, Inc.
| | | 7,431 | | 33,418 |
Charoen Pokphand Enterprise
| | | 1,235,373 | | 2,414,250 |
Chen Full International Co., Ltd.
| | | 12,000 | | 11,984 |
Cheng Loong Corp.
| | | 961,000 | | 653,028 |
Cheng Shin Rubber Industry Co., Ltd.
| | | 68,850 | | 70,122 |
Chieftek Precision Co., Ltd.
| | | 34,100 | | 73,857 |
Chilisin Electronics Corp.
| | | 66,150 | | 176,741 |
China Airlines, Ltd.
| | | 2,074,000 | | 453,322 |
China Chemical & Pharmaceutical Co., Ltd.
| | | 1,989,000 | | 1,236,486 |
China Development Financial Holding Corp.
| | | 13,105,945 | | 3,215,651 |
China Steel Chemical Corp.
| | | 962,595 | | 2,969,764 |
China Steel Corp.
| | | 8,254,451 | | 5,172,424 |
Chipbond Technology Corp.
| | | 66,000 | | 108,030 |
Chong Hong Construction Co., Ltd.
| | | 7,717 | | 19,164 |
Chroma ATE, Inc.
| | | 103,000 | | 424,037 |
Chung Hwa Pulp Corp.
| | | 2,061,794 | | 457,472 |
Chunghwa Chemical Synthesis & Biotech Co., Ltd.
| | | 887,000 | | 934,178 |
Chunghwa Telecom Co., Ltd.
| | | 3,021,457 | | 10,740,427 |
CMC Magnetics Corp. (a)
| | | 993,656 | | 216,201 |
Coland Holdings, Ltd.
| | | 11,938 | | 7,362 |
Compal Electronics, Inc.
| | | 5,169,774 | | 2,957,429 |
Concraft Holding Co., Ltd.
| | | 13,609 | | 44,101 |
Coxon Precise Industrial Co., Ltd.
| | | 10,000 | | 2,976 |
CTBC Financial Holding Co., Ltd.
| | | 14,452,527 | | 8,554,478 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Da-Li Development Co., Ltd.
| | | 1,141,629 | | $972,073 |
Darfon Electronics Corp.
| | | 76,000 | | 75,016 |
Delta Electronics, Inc.
| | | 1,871,167 | | 7,455,835 |
Dimerco Express Corp.
| | | 1,816,445 | | 1,321,422 |
E Ink Holdings, Inc.
| | | 108,000 | | 88,210 |
E.Sun Financial Holding Co., Ltd.
| | | 2,187,204 | | 1,753,871 |
Eclat Textile Co., Ltd.
| | | 19,854 | | 157,892 |
Egis Technology, Inc.
| | | 43,000 | | 210,439 |
Elan Microelectronics Corp.
| | | 1,400 | | 3,884 |
Elite Advanced Laser Corp.
| | | 12,672 | | 25,519 |
Elite Material Co., Ltd.
| | | 13,000 | | 45,567 |
Elite Semiconductor Memory Technology, Inc.
| | | 1,993,750 | | 1,865,752 |
Episil Holdings, Inc.
| | | 144,000 | | 115,470 |
Episil-Precision, Inc.
| | | 66,998 | | 108,113 |
Epistar Corp.
| | | 955,180 | | 814,895 |
Etron Technology, Inc. (a)
| | | 12,445 | | 2,021 |
Eva Airways Corp.
| | | 1,183,110 | | 347,795 |
Excelliance Mos Corp.
| | | 35,000 | | 90,505 |
Excelsior Medical Co., Ltd.
| | | 77,848 | | 130,512 |
Far Eastern New Century Corp.
| | | 6,121,850 | | 4,564,844 |
Feng TAY Enterprise Co., Ltd.
| | | 110,821 | | 476,389 |
Flytech Technology Co., Ltd. (a)
| | | 8,854 | | 17,508 |
Formosa Chemicals & Fibre Corp.
| | | 3,031,243 | | 6,715,715 |
Formosa Petrochemical Corp.
| | | 59,000 | | 158,808 |
Formosa Plastics Corp.
| | | 4,144,714 | | 10,292,744 |
Founding Construction & Development Co., Ltd.
| | | 2,533,059 | | 1,281,544 |
Foxconn Technology Co., Ltd.
| | | 1,097,223 | | 1,795,960 |
Fubon Financial Holding Co., Ltd.
| | | 7,148,903 | | 8,876,587 |
Fullerton Technology Co., Ltd. (a)
| | | 880,000 | | 496,139 |
Fwusow Industry Co., Ltd.
| | | 1,083,830 | | 650,481 |
General Interface Solution Holding, Ltd.
| | | 38,000 | | 99,770 |
Genius Electronic Optical Co., Ltd.
| | | 22,665 | | 309,530 |
Giant Manufacturing Co., Ltd.
| | | 72,302 | | 320,370 |
Global Unichip Corp.
| | | 23,000 | | 139,560 |
Globalwafers Co., Ltd.
| | | 69,000 | | 778,037 |
Grape King Bio, Ltd.
| | | 73,664 | | 479,864 |
Great Wall Enterprise Co., Ltd.
| | | 1,012,615 | | 1,237,244 |
HannStar Display Corp.
| | | 1,111,500 | | 190,386 |
Himax Technologies, Inc. ADR (a)(c)
| | | 53,715 | | 147,179 |
Hiwin Technologies Corp.
| | | 47,839 | | 317,171 |
Hocheng Corp.
| | | 2,875,000 | | 577,063 |
Holy Stone Enterprise Co., Ltd. (a)
| | | 57,000 | | 168,127 |
Hon Hai Precision Industry Co., Ltd.
| | | 8,490,196 | | 19,624,182 |
Hong TAI Electric Industrial
| | | 1,911,000 | | 579,464 |
Hota Industrial Manufacturing Co., Ltd.
| | | 9,574 | | 24,092 |
| Security Description | | | Shares | | Value |
Hotai Motor Co., Ltd.
| | | 72,433 | | $1,176,020 |
HTC Corp.
| | | 1,025,198 | | 962,770 |
Hua Nan Financial Holdings Co., Ltd.
| | | 10,026,751 | | 5,984,586 |
Hung Sheng Construction, Ltd.
| | | 912,040 | | 458,410 |
Ibase Technology, Inc. (a)
| | | 1,978,222 | | 2,214,269 |
Innolux Corp.
| | | 4,125,820 | | 713,524 |
Iron Force Industrial Co., Ltd.
| | | 6,000 | | 14,503 |
Janfusun Fancyworld Corp. (a)
| | | 789,112 | | 29,747 |
KEE TAI Properties Co., Ltd.
| | | 1,018,000 | | 297,239 |
Kenda Rubber Industrial Co., Ltd.
| | | 4,766 | | 4,082 |
Kerry TJ Logistics Co., Ltd.
| | | 1,024,000 | | 1,229,145 |
Kindom Construction Corp.
| | | 967,000 | | 733,848 |
Kung Long Batteries Industrial Co., Ltd.
| | | 9,000 | | 39,581 |
Kuoyang Construction Co., Ltd.
| | | 1,017,036 | | 603,667 |
Kwong Fong Industries Corp.
| | | 55,776 | | 18,259 |
Land Mark Optoelectronics Corp.
| | | 14,600 | | 126,006 |
Largan Precision Co., Ltd.
| | | 44,000 | | 5,572,475 |
Laser Tek Taiwan Co., Ltd.
| | | 89,000 | | 57,977 |
Leatec Fine Ceramics Co., Ltd. (a)
| | | 139,000 | | 49,640 |
Leofoo Development Co., Ltd. (a)
| | | 1,025,154 | | 354,244 |
Li Cheng Enterprise Co., Ltd.
| | | 10,599 | | 9,919 |
Lite-On Technology Corp.
| | | 3,032,265 | | 4,141,082 |
Long Bon International Co., Ltd.
| | | 9,020 | | 3,907 |
Long Chen Paper Co., Ltd.
| | | 3,143,020 | | 1,200,399 |
Lotus Pharmaceutical Co., Ltd. (a)
| | | 27,000 | | 53,747 |
Machvision, Inc.
| | | 15,000 | | 125,738 |
Macroblock, Inc.
| | | 30,000 | | 77,675 |
Macronix International
| | | 520,221 | | 438,657 |
Makalot Industrial Co., Ltd.
| | | 4,345 | | 15,230 |
MediaTek, Inc.
| | | 1,010,329 | | 10,941,347 |
Medigen Biotechnology Corp. (a)
| | | 114,248 | | 182,093 |
Mega Financial Holding Co., Ltd.
| | | 6,188,333 | | 5,821,737 |
Merida Industry Co., Ltd.
| | | 2,100 | | 7,708 |
Merry Electronics Co., Ltd.
| | | 13,571 | | 55,870 |
Micro-Star International Co., Ltd.
| | | 120,000 | | 351,967 |
Mosel Vitelic, Inc.
| | | 759 | | 502 |
Namchow Holdings Co., Ltd.
| | | 1,023,000 | | 1,366,639 |
Nan Ya Plastics Corp.
| | | 4,136,486 | | 7,481,963 |
Nanya Technology Corp.
| | | 59,982 | | 106,510 |
National Petroleum Co., Ltd.
| | | 2,105,468 | | 2,906,711 |
New Era Electronics Co., Ltd. (a)
| | | 70,000 | | 28,008 |
Newmax Technology Co., Ltd. (a)
| | | 75,654 | | 110,573 |
Nexcom International Co., Ltd.
| | | 1,041,638 | | 688,880 |
Novatek Microelectronics Corp.
| | | 711,225 | | 4,045,127 |
OBI Pharma, Inc. (a)
| | | 43,664 | | 100,203 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Pacific Hospital Supply Co., Ltd.
| | | 68,000 | | $170,441 |
Pan Jit International, Inc.
| | | 99,900 | | 63,260 |
Parade Technologies, Ltd.
| | | 4,000 | | 85,313 |
PChome Online, Inc. (a)
| | | 3,519 | | 8,180 |
Pegatron Corp.
| | | 1,025,686 | | 1,967,157 |
Pharmally International Holding Co., Ltd.
| | | 23,076 | | 112,169 |
Phytohealth Corp. (a)
| | | 9,000 | | 3,631 |
Pihsiang Machinery Manufacturing Co., Ltd. (e)
| | | 51,000 | | — |
Polaris Group/Tw (a)
| | | 187,777 | | 69,233 |
Pou Chen Corp.
| | | 3,943,462 | | 3,344,735 |
Powertech Technology, Inc.
| | | 1,037,285 | | 2,946,374 |
President Chain Store Corp.
| | | 22,000 | | 205,876 |
Promate Electronic Co., Ltd.
| | | 1,027,000 | | 1,003,517 |
ProMOS Technologies, Inc. (e)
| | | 257 | | — |
Prosperity Dielectrics Co., Ltd.
| | | 52,000 | | 72,219 |
Quanta Computer, Inc.
| | | 4,055,664 | | 8,073,375 |
Radiant Opto-Electronics Corp.
| | | 51,000 | | 133,228 |
Realtek Semiconductor Corp.
| | | 18,000 | | 130,053 |
Ritek Corp. (a)
| | | 322,000 | | 45,146 |
Sampo Corp.
| | | 2,898,600 | | 1,634,216 |
Sesoda Corp.
| | | 1,151,752 | | 816,926 |
Shih Wei Navigation Co., Ltd. (a)
| | | 1,238,221 | | 187,116 |
Shin Kong Financial Holding Co., Ltd.
| | | 5,191,647 | | 1,309,864 |
Silicon Motion Technology Corp. ADR
| | | 14,539 | | 533,000 |
Sinbon Electronics Co., Ltd.
| | | 1,045,068 | | 4,336,955 |
Sino-American Silicon Products, Inc.
| | | 160,000 | | 413,736 |
Sinon Corp.
| | | 2,056,000 | | 1,291,735 |
SinoPac Financial Holdings Co., Ltd.
| | | 13,462,165 | | 4,918,966 |
Sinphar Pharmaceutical Co., Ltd. (a)
| | | 1,090,524 | | 600,408 |
Solar Applied Materials Technology Co. (a)
| | | 1,978,829 | | 1,050,219 |
Stark Technology, Inc.
| | | 882,747 | | 1,547,066 |
Supreme Electronics Co., Ltd.
| | | 3,022,818 | | 3,028,665 |
Ta Ya Electric Wire & Cable
| | | 6,368,720 | | 1,735,306 |
TA-I Technology Co., Ltd.
| | | 60,000 | | 102,376 |
TaiMed Biologics, Inc. (a)
| | | 80,000 | | 178,827 |
Taimide Tech, Inc.
| | | 61,950 | | 61,148 |
Tainan Enterprises Co., Ltd.
| | | 732,589 | | 511,140 |
Taishin Financial Holding Co., Ltd.
| | | 13,058,855 | | 5,052,283 |
Taisun Enterprise Co., Ltd.
| | | 2,136,000 | | 1,628,054 |
Taiwan Cement Corp.
| | | 5,695,357 | | 7,439,003 |
Taiwan Chinsan Electronic Industrial Co., Ltd.
| | | 77,654 | | 76,007 |
Taiwan Cogeneration Corp.
| | | 964,000 | | 937,176 |
Taiwan Fire & Marine Insurance Co., Ltd.
| | | 69,000 | | 41,982 |
| Security Description | | | Shares | | Value |
Taiwan FU Hsing Industrial Co., Ltd.
| | | 956,000 | | $1,141,200 |
Taiwan Land Development Corp. (a)
| | | 3,122,750 | | 576,193 |
Taiwan Mobile Co., Ltd.
| | | 4,000 | | 13,214 |
Taiwan Paiho, Ltd.
| | | 864,433 | | 1,489,244 |
Taiwan Pulp & Paper Corp.
| | | 5,031,000 | | 3,343,852 |
Taiwan Sakura Corp.
| | | 1,052,200 | | 1,452,618 |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR
| | | 24,969 | | 1,193,269 |
Taiwan Semiconductor Manufacturing Co., Ltd.
| | | 11,311,500 | | 102,486,682 |
Taiwan Surface Mounting Technology Corp.
| | | 62,000 | | 141,666 |
Taiwan TEA Corp.
| | | 1,993,913 | | 834,053 |
Taiwan Union Technology Corp.
| | | 260,612 | | 1,051,359 |
Taiyen Biotech Co., Ltd.
| | | 1,017,500 | | 965,635 |
Tatung Co., Ltd. (a)
| | | 2,069,399 | | 1,341,211 |
TCI Co., Ltd.
| | | 28,724 | | 170,968 |
Teapo Electronic Corp.
| | | 69,000 | | 67,764 |
TPK Holding Co., Ltd. (a)
| | | 8,000 | | 9,166 |
Transasia Airways Corp. (e)
| | | 361,784 | | — |
Tripod Technology Corp.
| | | 1,037,320 | | 3,258,615 |
TrueLight Corp. (a)
| | | 9,100 | | 7,267 |
Tul Corp.
| | | 48,000 | | 52,220 |
Tung Thih Electronic Co., Ltd. (a)
| | | 5,000 | | 5,018 |
Unimicron Technology Corp.
| | | 190,000 | | 201,048 |
Uni-President Enterprises Corp.
| | | 2,056,993 | | 4,462,039 |
United Microelectronics Corp. ADR
| | | 2,198,296 | | 4,770,302 |
United Renewable Energy Co., Ltd. (a)
| | | 79,295 | | 12,402 |
Unity Opto Technology Co., Ltd. (a)
| | | 12,759 | | 2,139 |
Ve Wong Corp.
| | | 769,340 | | 666,525 |
Via Technologies, Inc. (a)
| | | 91,000 | | 57,925 |
Visual Photonics Epitaxy Co., Ltd.
| | | 310,151 | | 805,081 |
Wafer Works Corp.
| | | 177,000 | | 151,882 |
Walsin Lihwa Corp.
| | | 179,000 | | 65,109 |
Walsin Technology Corp.
| | | 100,000 | | 532,381 |
Wei Chuan Foods Corp.
| | | 951,000 | | 627,365 |
Wei Mon Industry Co., Ltd. (e)
| | | 240,450 | | — |
Weikeng Industrial Co., Ltd.
| | | 1,098,199 | | 472,086 |
Win Semiconductors Corp.
| | | 156,000 | | 1,359,258 |
Winbond Electronics Corp.
| | | 977,670 | | 366,931 |
Wistron Corp.
| | | 3,066,476 | | 2,484,290 |
Wiwynn Corp.
| | | 21,733 | | 504,491 |
Yageo Corp.
| | | 111,858 | | 1,015,327 |
Young Optics, Inc.
| | | 43,000 | | 64,554 |
Yulon Finance Corp.
| | | 9,900 | | 28,415 |
Zeng Hsing Industrial Co., Ltd.
| | | 70,350 | | 273,337 |
Zenitron Corp. (a)
| | | 2,068,000 | | 1,162,508 |
| | | | | | 425,036,541 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| THAILAND — 2.4% | | | | | |
Advanced Info Service PCL
| | | 1,438,142 | | $8,808,305 |
Airports of Thailand PCL (c)
| | | 2,761,700 | | 4,270,779 |
Bangkok Dusit Medical Services PCL Class F
| | | 819,500 | | 471,960 |
Bangkok Expressway & Metro PCL
| | | 18,819,939 | | 4,444,413 |
Bangkok Land PCL
| | | 11,243,100 | | 280,928 |
Bank of Ayudhya PCL
| | | 396,800 | | 229,731 |
Banpu PCL (c)
| | | 3,458,560 | | 558,555 |
Beauty Community PCL
| | | 832,800 | | 32,482 |
BEC World PCL (a)
| | | 414,200 | | 40,893 |
BTS Group Holdings PCL
| | | 516,500 | | 143,221 |
Bumrungrad Hospital PCL
| | | 104,700 | | 363,702 |
Central Pattana PCL
| | | 825,600 | | 1,075,475 |
Central Plaza Hotel PCL
| | | 617,900 | | 289,957 |
CH Karnchang PCL
| | | 103,448 | | 48,229 |
Charoen Pokphand Foods PCL
| | | 309,900 | | 229,468 |
CP ALL PCL
| | | 2,867,200 | | 5,329,449 |
Electricity Generating PCL
| | | 871,227 | | 6,132,504 |
Energy Absolute PCL
| | | 103,700 | | 106,647 |
Gulf Energy Development PCL
| | | 166,800 | | 762,398 |
IRPC PCL
| | | 14,319,758 | | 933,779 |
Jasmine International PCL
| | | 4,320,141 | | 645,043 |
Kasikornbank PCL
| | | 926,400 | | 2,568,825 |
Krung Thai Bank PCL
| | | 719,500 | | 249,937 |
Land & Houses PCL
| | | 1,123,600 | | 229,393 |
Minor International PCL
| | | 109,928 | | 56,275 |
Pruksa Holding PCL
| | | 413,700 | | 116,606 |
PTT Exploration & Production PCL
| | | 1,315,372 | | 2,705,496 |
PTT Global Chemical PCL
| | | 317,100 | | 294,707 |
PTT PCL
| | | 7,334,691 | | 6,872,606 |
Quality Houses PCL
| | | 3,851,283 | | 218,279 |
Sansiri PCL
| | | 4,004,633 | | 71,996 |
Siam Cement PCL
| | | 619,923 | | 6,120,364 |
Siam Commercial Bank PCL
| | | 1,840,102 | | 3,882,900 |
Siam Future Development PCL
| | | 3,398,275 | | 378,996 |
Tesco Lotus Retail Growth Freehold & Leasehold Property Fund
| | | 1,349,666 | | 625,121 |
Thai Airways International PCL (a)
| | | 1,026,400 | | 101,960 |
Thai Beverage PCL (c)
| | | 6,276,000 | | 2,666,699 |
Thai Oil PCL
| | | 1,699,595 | | 1,592,521 |
Thaicom PCL
| | | 620,800 | | 43,508 |
Tisco Financial Group PCL NVDR
| | | 35,500 | | 75,451 |
Tisco Financial Group PCL
| | | 2,154,818 | | 4,579,829 |
TMB Bank PCL
| | | 91,068,327 | | 2,441,994 |
Total Access Communication PCL
| | | 104,200 | | 129,387 |
True Corp. PCL (c)
| | | 7,957,110 | | 761,341 |
TTCL PCL
| | | 105,500 | | 7,587 |
U City PCL Class F (a)
| | | 1,346,750 | | 33,240 |
| | | | | | 72,022,936 |
| Security Description | | | Shares | | Value |
| TURKEY — 0.6% | | | | | |
Akbank T.A.S. (a)
| | | 1,985,923 | | $1,687,519 |
Anadolu Efes Biracilik Ve Malt Sanayii A/S
| | | 348,274 | | 910,551 |
Aselsan Elektronik Sanayi Ve Ticaret A/S
| | | 96,175 | | 344,407 |
BIM Birlesik Magazalar A/S
| | | 126,950 | | 966,055 |
Coca-Cola Icecek A/S
| | | 7,238 | | 38,440 |
Dogan Sirketler Grubu Holding A/S
| | | 2,364,659 | | 548,982 |
Eregli Demir ve Celik Fabrikalari TAS
| | | 1,282,204 | | 1,461,151 |
Haci Omer Sabanci Holding A/S
| | | 864,350 | | 982,358 |
KOC Holding A/S
| | | 1,297,386 | | 2,643,890 |
Migros Ticaret A/S (a)
| | | 13,445 | | 46,229 |
Tupras Turkiye Petrol Rafinerileri A/S (a)
| | | 98,934 | | 1,133,419 |
Turk Hava Yollari AO (a)
| | | 425,594 | | 585,735 |
Turkcell Iletisim Hizmetleri A/S
| | | 744,980 | | 1,392,687 |
Turkiye Garanti Bankasi A/S (a)
| | | 1,870,671 | | 2,307,736 |
Turkiye Halk Bankasi A/S (a)
| | | 165,887 | | 126,361 |
Turkiye Is Bankasi A/S Class C (a)
| | | 2,024,114 | | 1,449,690 |
Turkiye Vakiflar Bankasi TAO Class D (a)
| | | 282,852 | | 199,148 |
Ulker Biskuvi Sanayi A/S (a)
| | | 447,301 | | 1,333,707 |
Yapi ve Kredi Bankasi A/S (a)
| | | 2,017,388 | | 578,561 |
| | | | | | 18,736,626 |
| UNITED ARAB EMIRATES — 0.6% | | | | | |
Abu Dhabi Commercial Bank PJSC
| | | 1,780,928 | | 2,244,857 |
Agthia Group PJSC
| | | 67,874 | | 46,935 |
Air Arabia PJSC
| | | 3,375,598 | | 873,962 |
Ajman Bank PJSC
| | | 1,319,749 | | 196,894 |
Al Waha Capital PJSC
| | | 663,999 | | 147,328 |
Aldar Properties PJSC
| | | 2,831,820 | | 1,187,265 |
Arabtec Holding PJSC
| | | 477,845 | | 60,492 |
Bank of Sharjah (a)
| | | 498,502 | | 92,286 |
DAMAC Properties Dubai Co. PJSC (a)
| | | 2,346,950 | | 309,251 |
Depa, Ltd. (a)
| | | 198,410 | | 16,529 |
Deyaar Development PJSC (a)
| | | 2,229,603 | | 129,291 |
DP World PLC
| | | 115,476 | | 1,733,295 |
Dubai Financial Market PJSC (a)
| | | 1,364,538 | | 207,291 |
Dubai Investments PJSC
| | | 1,157,674 | | 349,841 |
DXB Entertainments PJSC (a)
| | | 3,120,996 | | 102,811 |
Emaar Malls PJSC
| | | 689,350 | | 200,810 |
Emaar Properties PJSC
| | | 2,445,313 | | 1,477,913 |
Emirates NBD PJSC
| | | 249,684 | | 491,462 |
Emirates Telecommunications Group Co. PJSC
| | | 179,988 | | 686,994 |
Eshraq Properties Co. PJSC (a)
| | | 1,735,247 | | 93,066 |
First Abu Dhabi Bank PJSC
| | | 1,693,476 | | 4,449,054 |
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Gulf General Investment Co. (a)(e)
| | | 638,957 | | $15,525 |
Gulf Pharmaceutical Industries PSC (a)
| | | 136,747 | | 28,294 |
Invest bank PSC (a)
| | | 76,929 | | 11,100 |
National Central Cooling Co. PJSC
| | | 1,540,070 | | 796,628 |
Orascom Construction PLC
| | | 5,280 | | 28,987 |
RAK Properties PJSC (a)
| | | 2,605,557 | | 265,298 |
Ras Al Khaimah Ceramics
| | | 195,678 | | 71,918 |
SHUAA Capital PSC (a)
| | | 3,507,693 | | 427,820 |
Union Properties PJSC (a)
| | | 957,656 | | 53,969 |
| | | | | | 16,797,166 |
| UNITED KINGDOM — 0.0% (d) | | | | | |
Tiso Blackstar Group SE (a)
| | | 2,085 | | 375 |
| UNITED STATES — 0.0% (d) | | | | | |
Bizlink Holding, Inc.
| | | 29,000 | | 157,267 |
Ideanomics, Inc. (a)(c)
| | | 111,257 | | 149,084 |
IntelliEPI, Inc.
| | | 209,000 | | 278,169 |
Titan Cement International SA (a)
| | | 25,055 | | 283,165 |
| | | | | | 867,685 |
TOTAL COMMON STOCKS
(Cost $3,727,205,473)
| | | | | 2,953,628,037 |
| | | | |
| PREFERRED STOCKS — 0.0% (d) | | |
| SOUTH AFRICA — 0.0% (d) | | | |
Zambezi Platinum RF, Ltd. Preference Shares 12.25%
(Cost: $383,675)
| | 77,977 | 309,987 |
| WARRANTS — 0.0% (d) | | |
| MALAYSIA — 0.0% (d) | | | |
Guan Chong Bhd (expiring 11/4/22) (a)
| | 227,666 | 27,667 |
Malaysian Resources Corp. Bhd (expiring 10/29/27) (a)
| | 179,301 | 2,698 |
| | | | 30,365 |
| THAILAND — 0.0% (d) | | | |
BTS Group Holdings PCL (expiring 2/16/21) (a)
| | 43,400 | 767 |
| Security Description | | | Shares | | Value |
Minor International PCL (expiring 9/30/21) (a)
| | | 4,311 | | $185 |
TTCL PCL (expiring 6/28/21) (a)
| | | 9,560 | | 53 |
| | | | | | 1,005 |
TOTAL WARRANTS
(Cost $0)
| | | | | 31,370 |
| SHORT-TERM INVESTMENT — 1.1% | | | |
State Street Navigator Securities Lending Portfolio II (g) (h)
(Cost $33,534,560)
| | 33,534,560 | | 33,534,560 |
TOTAL INVESTMENTS — 100.0%
(Cost $3,761,123,708)
| �� | 2,987,503,954 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (d)
| | (315,445) | |
NET ASSETS — 100.0%
| | $2,987,188,509 | |
| (a) | Non-income producing security. |
| (b) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 2.2% of net assets as of March 31, 2020, 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, 2020. |
| (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, 2020, total aggregate fair value of these securities is $69,467, representing less than 0.05% of the Fund's net assets. |
| (f) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (g) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (h) | 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 |
At March 31, 2020, open futures contracts purchased were as follows:
| Description | | Number of
Contracts | | Expiration
Date | | Notional
Amount | | Value | | Unrealized
Appreciation
(Depreciation) |
| MSCI Taiwan Index Futures | | 22 | | 04/29/2020 | | $826,668 | | $816,200 | | $(10,468) |
During theperiod endedMarch 31, 2020, average notional value related to futures contracts was $931,229 or less than0.5% of net assets.
SPDR PORTFOLIO EMERGING MARKETS ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $2,886,595,415 | | $66,963,155 | | $69,467 | | $2,953,628,037 |
Preferred Stocks
| | 309,987 | | — | | — | | 309,987 |
Warrants
| | 31,370 | | — | | — | | 31,370 |
Short-Term Investment
| | 33,534,560 | | — | | — | | 33,534,560 |
TOTAL INVESTMENTS
| | $2,920,471,332 | | $66,963,155 | | $69,467 | | $2,987,503,954 |
| LIABILITIES: | | | | | | | | |
| OTHER FINANCIAL INSTRUMENTS: | | | | | | | | |
Futures Contracts(a)
| | (10,468) | | — | | — | | (10,468) |
TOTAL OTHER FINANCIAL INSTRUMENTS:
| | $(10,468) | | $— | | $— | | $(10,468) |
| (a) | Futures Contracts are valued at unrealized appreciation (depreciation). |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 11,806,853 | | $11,808,034 | | $335,509,528 | | $347,317,608 | | $46 | | $— | | — | | $— | | $144,102 |
State Street Institutional U.S. Government Money Market Fund, Class G Shares
| — | | — | | 38,260,791 | | 38,260,791 | | — | | — | | — | | — | | 43,051 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 140,906,157 | | 107,371,597 | | — | | — | | 33,534,560 | | 33,534,560 | | 213,293 |
State Street Navigator Securities Lending Portfolio III
| 40,363,989 | | 40,363,989 | | 22,671,496 | | 63,035,485 | | — | | — | | — | | — | | 51,205 |
Total
| | | $52,172,023 | | $537,347,972 | | $555,985,481 | | $46 | | $— | | | | $33,534,560 | | $451,651 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.1% | | | | |
| ARGENTINA — 0.0% (a) | | | | | |
Globant SA (b)
| | | 13,014 | | $1,143,670 |
| AUSTRALIA — 5.1% | | | | | |
Abacus Property Group REIT
| | | 95,835 | | 137,255 |
Afterpay, Ltd. (b)
| | | 54,873 | | 631,399 |
AGL Energy, Ltd.
| | | 218,415 | | 2,297,975 |
Alumina, Ltd.
| | | 2,151,077 | | 1,922,188 |
AMP, Ltd. (b)
| | | 1,209,480 | | 988,250 |
Ansell, Ltd.
| | | 190,575 | | 3,171,481 |
APA Group Stapled Security
| | | 601,367 | | 3,776,365 |
Aristocrat Leisure, Ltd.
| | | 319,979 | | 4,181,252 |
ASX, Ltd.
| | | 66,500 | | 3,137,666 |
Atlas Arteria, Ltd. Stapled Security
| | | 203,259 | | 685,470 |
Atlassian Corp. PLC Class A (b)
| | | 37,618 | | 5,163,447 |
Aurizon Holdings, Ltd.
| | | 715,101 | | 1,851,377 |
Australia & New Zealand Banking Group, Ltd.
| | | 896,136 | | 9,302,224 |
Bendigo & Adelaide Bank, Ltd. (c)
| | | 187,383 | | 719,092 |
BHP Group PLC
| | | 611,951 | | 9,500,035 |
BHP Group, Ltd.
| | | 859,540 | | 15,245,845 |
BlueScope Steel, Ltd.
| | | 275,043 | | 1,452,775 |
Boral, Ltd.
| | | 222,577 | | 279,268 |
Brambles, Ltd.
| | | 869,974 | | 5,622,859 |
BWP Trust REIT
| | | 1,326,542 | | 2,719,899 |
Caltex Australia, Ltd.
| | | 87,662 | | 1,197,547 |
carsales.com, Ltd. (c)
| | | 117,889 | | 847,809 |
Challenger, Ltd.
| | | 216,077 | | 529,000 |
Charter Hall Group REIT
| | | 142,697 | | 599,137 |
CIMIC Group, Ltd.
| | | 38,659 | | 550,124 |
Coca-Cola Amatil, Ltd.
| | | 205,299 | | 1,110,775 |
Cochlear, Ltd.
| | | 17,866 | | 2,049,745 |
Coles Group, Ltd.
| | | 384,051 | | 3,563,487 |
Commonwealth Bank of Australia
| | | 548,336 | | 20,747,357 |
Computershare, Ltd.
| | | 157,374 | | 935,275 |
CSL, Ltd.
| | | 165,616 | | 30,073,057 |
CSR, Ltd.
| | | 766,899 | | 1,487,937 |
Dexus REIT
| | | 356,351 | | 1,982,572 |
Domain Holdings Australia, Ltd.
| | | 52,477 | | 64,879 |
Evolution Mining, Ltd.
| | | 473,301 | | 1,106,593 |
Flight Centre Travel Group, Ltd. (c)
| | | 17,433 | | 105,738 |
Fortescue Metals Group, Ltd.
| | | 556,773 | | 3,407,730 |
Goodman Group REIT
| | | 514,272 | | 3,808,599 |
GPT Group REIT
| | | 572,864 | | 1,272,756 |
GWA Group, Ltd. (c)
| | | 712,627 | | 1,134,025 |
Harvey Norman Holdings, Ltd. (c)
| | | 190,128 | | 343,285 |
Iluka Resources, Ltd.
| | | 175,838 | | 751,199 |
Incitec Pivot, Ltd.
| | | 549,929 | | 679,900 |
Infigen Energy Stapled Security
| | | 514,211 | | 133,757 |
Ingenia Communities Group REIT
| | | 491,119 | | 988,939 |
| Security Description | | | Shares | | Value |
Insurance Australia Group, Ltd.
| | | 1,349,726 | | $5,121,820 |
LendLease Group Stapled Security
| | | 183,365 | | 1,155,954 |
Macquarie Group, Ltd.
| | | 127,455 | | 6,689,259 |
Magellan Financial Group, Ltd. (c)
| | | 44,101 | | 1,174,693 |
Medibank Pvt, Ltd.
| | | 894,384 | | 1,456,105 |
Mineral Resources, Ltd. (c)
| | | 48,817 | | 417,402 |
Mirvac Group REIT
| | | 1,231,223 | | 1,574,962 |
National Australia Bank, Ltd.
| | | 908,080 | | 9,270,586 |
Newcrest Mining, Ltd.
| | | 282,878 | | 3,990,774 |
nib holdings, Ltd.
| | | 142,240 | | 446,608 |
Nine Entertainment Co. Holdings, Ltd.
| | | 156,022 | | 109,340 |
Northern Star Resources, Ltd.
| | | 236,957 | | 1,527,161 |
Oil Search, Ltd.
| | | 379,828 | | 553,288 |
Orica, Ltd.
| | | 99,152 | | 931,530 |
Origin Energy, Ltd.
| | | 731,235 | | 1,960,280 |
Orora, Ltd.
| | | 612,520 | | 907,241 |
OZ Minerals, Ltd.
| | | 155,637 | | 700,144 |
Perpetual, Ltd. (c)
| | | 98,337 | | 1,518,523 |
Qantas Airways, Ltd.
| | | 328,870 | | 650,150 |
QBE Insurance Group, Ltd.
| | | 438,857 | | 2,309,982 |
Ramsay Health Care, Ltd.
| | | 41,917 | | 1,469,536 |
REA Group, Ltd.
| | | 16,830 | | 793,059 |
Santos, Ltd.
| | | 815,049 | | 1,706,070 |
Scentre Group REIT
| | | 1,697,857 | | 1,626,307 |
SEEK, Ltd. (c)
| | | 115,060 | | 1,044,366 |
Sonic Healthcare, Ltd.
| | | 198,841 | | 2,960,977 |
South32, Ltd. (c)(d)
| | | 575,071 | | 645,319 |
South32, Ltd. (d)
| | | 1,027,459 | | 1,109,932 |
Stockland REIT
| | | 808,606 | | 1,252,116 |
Suncorp Group, Ltd.
| | | 405,755 | | 2,267,366 |
Sydney Airport Stapled Security
| | | 360,690 | | 1,234,051 |
Tabcorp Holdings, Ltd.
| | | 1,001,298 | | 1,550,497 |
Telstra Corp., Ltd.
| | | 1,408,583 | | 2,646,719 |
TPG Telecom, Ltd.
| | | 76,288 | | 321,708 |
Transurban Group Stapled Security
| | | 817,544 | | 6,024,550 |
Treasury Wine Estates, Ltd.
| | | 406,710 | | 2,496,737 |
Vicinity Centres REIT
| | | 1,060,970 | | 672,095 |
Wesfarmers, Ltd.
| | | 384,060 | | 8,055,643 |
Westpac Banking Corp.
| | | 1,073,711 | | 10,843,222 |
WiseTech Global, Ltd. (c)
| | | 45,029 | | 471,276 |
Woodside Petroleum, Ltd.
| | | 347,196 | | 3,869,650 |
Woolworths Group, Ltd.
| | | 524,390 | | 11,265,450 |
Worley, Ltd. (c)
| | | 298,275 | | 1,122,739 |
| | | | | | 260,172,531 |
| AUSTRIA — 0.2% | | | | | |
ams AG (b)(c)
| | | 19,867 | | 195,888 |
ANDRITZ AG
| | | 11,535 | | 361,731 |
Erste Group Bank AG
| | | 114,626 | | 2,123,684 |
OMV AG
| | | 113,703 | | 3,138,978 |
Raiffeisen Bank International AG
| | | 42,952 | | 630,352 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Voestalpine AG (c)
| | | 101,261 | | $2,059,399 |
| | | | | | 8,510,032 |
| BELGIUM — 1.0% | | | | | |
Ackermans & van Haaren NV
| | | 7,312 | | 952,341 |
Aedifica SA REIT
| | | 31,975 | | 3,315,493 |
Ageas
| | | 149,985 | | 6,238,890 |
Anheuser-Busch InBev SA
| | | 315,113 | | 13,992,821 |
Bekaert SA
| | | 31,525 | | 528,894 |
Celyad SA (b)(c)
| | | 8,245 | | 61,518 |
Colruyt SA
| | | 20,000 | | 1,081,231 |
Euronav NV
| | | 58,414 | | 667,868 |
Galapagos NV (b)
| | | 13,704 | | 2,721,646 |
Gimv NV
| | | 6,252 | | 326,193 |
Groupe Bruxelles Lambert SA
| | | 26,190 | | 2,058,143 |
KBC Group NV
| | | 109,665 | | 5,056,265 |
Proximus SADP
| | | 46,114 | | 1,055,993 |
Solvay SA
| | | 24,083 | | 1,754,097 |
UCB SA
| | | 75,852 | | 6,575,062 |
Umicore SA
| | | 63,862 | | 2,231,813 |
| | | | | | 48,618,268 |
| BERMUDA — 0.0% (a) | | | | | |
China Eco Farming, Ltd.
| | | 14,000 | | 58 |
| CANADA — 7.9% | | | | | |
AGF Management, Ltd. Class B
| | | 215,240 | | 453,662 |
Agnico Eagle Mines, Ltd.
| | | 74,540 | | 2,942,113 |
Aimia, Inc. (b)
| | | 82,483 | | 122,274 |
Air Canada (b)
| | | 85,374 | | 944,701 |
Alamos Gold, Inc. Class A
| | | 124,076 | | 616,305 |
Algonquin Power & Utilities Corp. (c)
| | | 86,655 | | 1,153,695 |
Alimentation Couche-Tard, Inc. Class B
| | | 272,466 | | 6,345,767 |
AltaGas, Ltd. (c)
| | | 47,142 | | 422,286 |
Aphria, Inc. (b)(c)
| | | 30,341 | | 91,448 |
ARC Resources, Ltd. (c)
| | | 120,635 | | 343,255 |
Atco, Ltd. Class I
| | | 24,083 | | 659,370 |
Athabasca Oil Corp. (b)(c)
| | | 110,735 | | 10,892 |
Aurora Cannabis, Inc. (b)(c)
| | | 323,479 | | 286,355 |
B2Gold Corp.
| | | 359,210 | | 1,075,094 |
Badger Daylighting, Ltd. (c)
| | | 21,012 | | 336,139 |
Bank of Montreal
| | | 195,212 | | 9,745,856 |
Bank of Nova Scotia
| | | 387,192 | | 15,633,487 |
Barrick Gold Corp.
| | | 668,229 | | 12,140,655 |
Bausch Health Cos., Inc. (b)
| | | 108,680 | | 1,665,304 |
BCE, Inc.
| | | 88,579 | | 3,592,697 |
BlackBerry, Ltd. (b)
| | | 208,927 | | 846,952 |
Bombardier, Inc. Class B (b)(c)
| | | 776,385 | | 248,186 |
Brookfield Asset Management, Inc. Class A
| | | 340,885 | | 14,939,689 |
CAE, Inc.
| | | 93,100 | | 1,163,627 |
Cameco Corp.
| | | 215,895 | | 1,627,536 |
Canadian Apartment Properties REIT
| | | 24,161 | | 722,954 |
Canadian Imperial Bank of Commerce (c)
| | | 143,526 | | 8,268,614 |
| Security Description | | | Shares | | Value |
Canadian National Railway Co.
| | | 253,331 | | $19,583,384 |
Canadian Natural Resources, Ltd. (c)
| | | 422,125 | | 5,709,001 |
Canadian Pacific Railway, Ltd.
| | | 43,853 | | 9,567,955 |
Canadian Solar, Inc. (b)(c)
| | | 14,670 | | 233,400 |
Canadian Tire Corp., Ltd. Class A (c)
| | | 27,215 | | 1,624,085 |
Canadian Utilities, Ltd. Class A (c)
| | | 37,739 | | 891,938 |
Canadian Western Bank
| | | 143,351 | | 1,950,826 |
Canopy Growth Corp. (b)(c)
| | | 55,514 | | 797,988 |
CCL Industries, Inc. Class B (c)
| | | 38,841 | | 1,167,672 |
Cenovus Energy, Inc. (c)
| | | 248,666 | | 496,161 |
CES Energy Solutions Corp. (c)
| | | 101,261 | | 57,626 |
CGI, Inc. (b)
| | | 137,327 | | 7,350,929 |
CI Financial Corp.
| | | 78,000 | | 765,560 |
Cineplex, Inc. (c)
| | | 20,000 | | 164,401 |
Constellation Software, Inc.
| | | 6,323 | | 5,681,838 |
Crescent Point Energy Corp. (c)
| | | 229,902 | | 176,059 |
CT Real Estate Investment Trust
| | | 94,086 | | 773,391 |
Descartes Systems Group, Inc. (b)
| | | 26,075 | | 886,845 |
Dollarama, Inc.
| | | 110,169 | | 3,021,743 |
ECN Capital Corp.
| | | 9,518 | | 25,143 |
Eldorado Gold Corp. (b)
| | | 33,543 | | 206,205 |
Element Fleet Management Corp. (c)
| | | 124,472 | | 783,552 |
Emera, Inc.
| | | 47,177 | | 1,839,550 |
Empire Co., Ltd. Class A
| | | 52,043 | | 1,006,600 |
Enbridge, Inc.
| | | 625,581 | | 18,011,248 |
Enerplus Corp. (c)
| | | 50,376 | | 73,263 |
Exchange Income Corp. (c)
| | | 46,084 | | 574,694 |
Fairfax Financial Holdings, Ltd.
| | | 12,508 | | 3,791,286 |
Finning International, Inc. (c)
| | | 45,049 | | 477,915 |
Firm Capital Mortgage Investment Corp.
| | | 188,075 | | 1,335,889 |
First Capital Real Estate Investment Trust
| | | 43,380 | | 415,407 |
First Majestic Silver Corp. (b)(c)
| | | 88,732 | | 543,607 |
First Quantum Minerals, Ltd.
| | | 216,248 | | 1,092,369 |
FirstService Corp. (c)
| | | 10,170 | | 775,388 |
Fortis, Inc.
| | | 132,095 | | 5,036,566 |
Franco-Nevada Corp.
| | | 55,284 | | 5,461,400 |
George Weston, Ltd.
| | | 23,078 | | 1,631,601 |
Gildan Activewear, Inc.
| | | 74,930 | | 944,423 |
Gran Tierra Energy, Inc. (b)(c)
| | | 161,490 | | 40,845 |
Great Canadian Gaming Corp. (b)(c)
| | | 18,642 | | 327,170 |
Great-West Lifeco, Inc.
| | | 98,096 | | 1,675,423 |
H&R Real Estate Investment Trust
| | | 43,380 | | 272,163 |
Home Capital Group, Inc. (b)
| | | 18,189 | | 205,231 |
Husky Energy, Inc. (c)
| | | 193,142 | | 480,362 |
Hydro One, Ltd. (e)
| | | 53,874 | | 959,123 |
iA Financial Corp., Inc.
| | | 30,298 | | 941,710 |
IAMGOLD Corp. (b)(c)
| | | 272,957 | | 613,667 |
Imperial Oil, Ltd. (c)
| | | 80,023 | | 894,486 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Innergex Renewable Energy, Inc.
| | | 163,410 | | $2,198,547 |
Intact Financial Corp.
| | | 45,470 | | 3,885,563 |
Inter Pipeline, Ltd. (c)
| | | 108,677 | | 642,892 |
International Petroleum Corp. (b)(c)
| | | 24,102 | | 28,778 |
Keyera Corp. (c)
| | | 55,540 | | 510,390 |
Kinross Gold Corp. (b)
| | | 354,664 | | 1,407,842 |
Kirkland Lake Gold, Ltd.
| | | 85,431 | | 2,487,874 |
Linamar Corp.
| | | 15,805 | | 323,462 |
Loblaw Cos., Ltd.
| | | 61,342 | | 3,126,681 |
Lundin Mining Corp. (c)
| | | 238,613 | | 886,825 |
Magna International, Inc.
| | | 126,874 | | 4,003,170 |
Manulife Financial Corp.
| | | 671,886 | | 8,341,044 |
Maple Leaf Foods, Inc.
| | | 24,076 | | 431,671 |
Methanex Corp.
| | | 27,223 | | 327,628 |
Metro, Inc.
| | | 79,264 | | 3,169,223 |
National Bank of Canada (c)
| | | 120,996 | | 4,623,580 |
New Gold, Inc. (b)
| | | 193,198 | | 99,086 |
Northland Power, Inc. (c)
| | | 48,760 | | 962,285 |
Nutrien, Ltd. (c)
| | | 271,498 | | 9,176,779 |
Onex Corp.
| | | 26,230 | | 949,245 |
Open Text Corp. (c)
| | | 70,645 | | 2,442,435 |
Pan American Silver Corp. (c)
| | | 57,167 | | 813,315 |
Parex Resources, Inc. (b)
| | | 117,661 | | 983,712 |
Pembina Pipeline Corp.
| | | 127,183 | | 2,358,964 |
Peyto Exploration & Development Corp. (c)
| | | 42,948 | | 44,959 |
Power Corp. of Canada (c)
| | | 205,002 | | 3,260,790 |
PrairieSky Royalty, Ltd. (c)
| | | 66,471 | | 346,984 |
Precision Drilling Corp. (b)(c)
| | | 100,066 | | 30,933 |
Premium Brands Holdings Corp. (c)
| | | 9,308 | | 473,460 |
Quebecor, Inc. Class B
| | | 53,318 | | 1,165,366 |
Restaurant Brands International, Inc.
| | | 73,867 | | 2,943,055 |
RioCan Real Estate Investment Trust
| | | 50,351 | | 570,599 |
Ritchie Bros Auctioneers, Inc.
| | | 34,564 | | 1,170,467 |
Rogers Communications, Inc. Class B
| | | 182,325 | | 7,524,341 |
Royal Bank of Canada
| | | 457,904 | | 28,043,343 |
Russel Metals, Inc. (c)
| | | 18,927 | | 174,064 |
Saputo, Inc.
| | | 84,657 | | 2,012,711 |
Secure Energy Services, Inc.
| | | 55,459 | | 36,236 |
SEMAFO, Inc. (b)
| | | 149,035 | | 285,851 |
Seven Generations Energy, Ltd. Class A (b)
| | | 56,324 | | 61,336 |
Shaw Communications, Inc. Class B
| | | 271,697 | | 4,357,918 |
Sherritt International Corp. (b)(c)
| | | 184,281 | | 13,594 |
Shopify, Inc. Class A (b)
| | | 29,220 | | 12,104,329 |
SmartCentres Real Estate Investment Trust
| | | 21,685 | | 287,031 |
SNC-Lavalin Group, Inc. (c)
| | | 64,326 | | 938,215 |
Stantec, Inc.
| | | 25,113 | | 635,169 |
Stars Group, Inc. (b)(c)
| | | 59,223 | | 1,197,483 |
| Security Description | | | Shares | | Value |
Sun Life Financial, Inc.
| | | 249,840 | | $7,946,223 |
Suncor Energy, Inc.
| | | 622,200 | | 9,818,114 |
TC Energy Corp.
| | | 293,152 | | 12,882,747 |
Teck Resources, Ltd. Class B
| | | 189,991 | | 1,424,248 |
TELUS Corp. (c)
| | | 307,598 | | 4,808,414 |
Thomson Reuters Corp.
| | | 81,077 | | 5,461,526 |
TMX Group, Ltd.
| | | 15,762 | | 1,160,210 |
Toromont Industries, Ltd. (c)
| | | 25,113 | | 1,087,727 |
Toronto-Dominion Bank
| | | 636,220 | | 26,743,276 |
Tourmaline Oil Corp.
| | | 40,911 | | 248,337 |
Turquoise Hill Resources, Ltd. (b)(c)
| | | 307,751 | | 118,919 |
Vermilion Energy, Inc. (c)
| | | 35,751 | | 108,508 |
Waste Connections, Inc. (c)
| | | 83,200 | | 6,383,138 |
West Fraser Timber Co., Ltd.
| | | 13,554 | | 255,587 |
Wheaton Precious Metals Corp.
| | | 129,767 | | 3,531,019 |
Whitecap Resources, Inc.
| | | 116,649 | | 95,886 |
WSP Global, Inc. (c)
| | | 19,833 | | 1,113,608 |
Yamana Gold, Inc.
| | | 377,870 | | 1,038,024 |
| | | | | | 403,820,737 |
| CHILE — 0.0% (a) | | | | | |
Antofagasta PLC
| | | 111,151 | | 1,065,362 |
| CHINA — 0.1% | | | | | |
Alibaba Health Information Technology, Ltd. (b)
| | | 1,368,000 | | 2,287,383 |
BOC Hong Kong Holdings, Ltd.
| | | 1,056,500 | | 2,923,780 |
ENN Energy Holdings, Ltd.
| | | 90,500 | | 876,288 |
Fosun International, Ltd.
| | | 557,500 | | 644,467 |
Gemdale Properties & Investment Corp., Ltd.
| | | 2,202,000 | | 366,484 |
HC Group, Inc. (b)(c)
| | | 485,000 | | 80,720 |
| | | | | | 7,179,122 |
| DENMARK — 1.8% | | | | | |
Ambu A/S Class B
| | | 110,533 | | 2,684,986 |
AP Moller - Maersk A/S Class A
| | | 1,043 | | 864,208 |
AP Moller - Maersk A/S Class B (c)
| | | 2,087 | | 1,869,487 |
Ascendis Pharma A/S ADR (b)
| | | 11,271 | | 1,269,227 |
Bavarian Nordic A/S (b)(c)
| | | 12,669 | | 203,146 |
Bavarian Nordic A/S (b)
| | | 9,387 | | 150,450 |
Carlsberg A/S Class B
| | | 33,528 | | 3,795,120 |
Chr. Hansen Holding A/S
| | | 31,410 | | 2,349,931 |
Coloplast A/S Class B
| | | 28,252 | | 4,098,551 |
Danske Bank A/S
| | | 323,949 | | 3,663,051 |
DSV Panalpina A/S
| | | 64,262 | | 5,841,485 |
FLSmidth & Co. A/S (b)(c)
| | | 59,384 | | 1,340,785 |
Genmab A/S (b)
| | | 17,744 | | 3,592,737 |
GN Store Nord A/S
| | | 46,205 | | 2,064,033 |
H&H International A/S Class B (b)
| | | 29,476 | | 336,334 |
ISS A/S
| | | 58,050 | | 797,923 |
Jyske Bank A/S (b)
| | | 15,647 | | 389,749 |
NNIT A/S (e)
| | | 3,081 | | 38,870 |
Novo Nordisk A/S Class B
| | | 608,183 | | 36,589,530 |
Novozymes A/S Class B
| | | 70,675 | | 3,214,295 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Orsted A/S (e)
| | | 65,350 | | $6,403,547 |
Pandora A/S
| | | 39,796 | | 1,292,633 |
SimCorp A/S
| | | 12,619 | | 1,059,500 |
Vestas Wind Systems A/S
| | | 87,484 | | 7,108,525 |
Zealand Pharma A/S (b)(c)
| | | 31,147 | | 1,069,865 |
| | | | | | 92,087,968 |
| EGYPT — 0.0% (a) | | | | | |
Centamin PLC
| | | 736,904 | | 1,111,089 |
| FINLAND — 1.0% | | | | | |
Cargotec Oyj Class B
| | | 21,264 | | 395,010 |
Caverion Oyj
| | | 84,550 | | 394,747 |
Citycon Oyj (c)
| | | 50,453 | | 311,398 |
Elisa Oyj
| | | 49,290 | | 3,054,634 |
Fortum Oyj (c)
| | | 145,195 | | 2,130,842 |
Huhtamaki Oyj
| | | 30,084 | | 963,222 |
Kemira Oyj
| | | 31,919 | | 309,254 |
Kesko Oyj Class B
| | | 24,148 | | 1,367,214 |
Kone Oyj Class B
| | | 124,092 | | 7,028,579 |
Konecranes Oyj
| | | 22,065 | | 377,810 |
Metsa Board Oyj (c)
| | | 62,206 | | 339,094 |
Metso Oyj
| | | 40,866 | | 973,930 |
Neste Oyj
| | | 122,488 | | 4,146,240 |
Nokia Oyj (d)
| | | 1,280,219 | | 4,030,144 |
Nokia Oyj (d)
| | | 687,533 | | 2,154,177 |
Nokian Renkaat Oyj (c)
| | | 35,742 | | 865,540 |
Nordea Bank Abp (d)
| | | 1,035,732 | | 5,862,496 |
Nordea Bank Abp (d)
| | | 14,476 | | 81,532 |
Orion Oyj Class B (c)
| | | 32,490 | | 1,329,019 |
Outokumpu Oyj (c)
| | | 194,777 | | 485,142 |
Outotec Oyj (c)
| | | 104,426 | | 389,577 |
Sampo Oyj Class A
| | | 145,881 | | 4,261,010 |
Sanoma Oyj
| | | 25,301 | | 231,948 |
Stora Enso Oyj Class R
| | | 181,672 | | 1,843,095 |
Terveystalo Oyj (e)
| | | 41,447 | | 369,734 |
Tokmanni Group Corp.
| | | 37,243 | | 371,871 |
UPM-Kymmene Oyj (c)
| | | 166,654 | | 4,587,987 |
Uponor Oyj
| | | 40,694 | | 370,607 |
Valmet Oyj
| | | 42,545 | | 834,217 |
Wartsila OYJ Abp (c)
| | | 145,204 | | 1,065,885 |
YIT Oyj
| | | 40,333 | | 178,880 |
| | | | | | 51,104,835 |
| FRANCE — 7.9% | | | | | |
Accor SA (c)
| | | 114,029 | | 3,127,959 |
Adevinta ASA (b)
| | | 44,046 | | 390,504 |
Adocia (b)
| | | 9,444 | | 84,039 |
Aeroports de Paris
| | | 10,452 | | 1,002,917 |
Air Liquide SA
| | | 141,492 | | 18,110,164 |
Airbus SE
| | | 191,606 | | 12,475,627 |
Albioma SA
| | | 100,721 | | 2,989,462 |
Alstom SA
| | | 101,476 | | 4,246,682 |
Alten SA
| | | 9,133 | | 655,887 |
Altran Technologies SA
| | | 666 | | 10,888 |
Arkema SA
| | | 13,708 | | 947,590 |
Atos SE
| | | 27,707 | | 1,876,990 |
| Security Description | | | Shares | | Value |
AXA SA
| | | 465,500 | | $8,064,038 |
BioMerieux
| | | 13,515 | | 1,521,490 |
BNP Paribas SA
| | | 353,953 | | 10,684,198 |
Bollore SA (d)
| | | 173,295 | | 477,271 |
Bollore SA (b)(d)
| | | 996 | | 3,263 |
Bouygues SA
| | | 104,400 | | 3,060,855 |
Bureau Veritas SA
| | | 74,514 | | 1,415,275 |
Capgemini SE
| | | 50,397 | | 4,257,956 |
Carrefour SA (c)
| | | 312,933 | | 4,949,619 |
Casino Guichard Perrachon SA (c)
| | | 45,055 | | 1,735,720 |
CGG SA (b)
| | | 223,836 | | 205,079 |
Christian Dior SE
| | | 974 | | 348,831 |
Cie de Saint-Gobain
| | | 211,919 | | 5,153,988 |
Cie Generale des Etablissements Michelin SCA
| | | 49,337 | | 4,388,187 |
Cie Plastic Omnium SA
| | | 23,087 | | 324,632 |
CNP Assurances
| | | 49,875 | | 488,150 |
Covivio REIT
| | | 17,739 | | 999,483 |
Credit Agricole SA
| | | 386,106 | | 2,834,252 |
Danone SA
| | | 171,874 | | 11,058,848 |
Dassault Systemes SE
| | | 32,588 | | 4,827,221 |
Edenred
| | | 126,175 | | 5,273,392 |
Eiffage SA
| | | 16,833 | | 1,191,316 |
Electricite de France SA
| | | 135,339 | | 1,067,127 |
Elior Group SA (e)
| | | 38,188 | | 251,830 |
Elis SA
| | | 59,090 | | 560,188 |
Engie SA
| | | 525,073 | | 5,422,597 |
EssilorLuxottica SA
| | | 77,116 | | 8,316,017 |
Eurazeo SE
| | | 16,220 | | 731,829 |
Eutelsat Communications SA
| | | 27,315 | | 285,508 |
Faurecia SE
| | | 17,846 | | 534,576 |
Fnac Darty SA (b)
| | | 1,426 | | 37,427 |
Gaztransport Et Technigaz SA
| | | 7,065 | | 519,389 |
Gecina SA REIT
| | | 13,731 | | 1,818,508 |
Getlink SE
| | | 131,129 | | 1,581,256 |
Groupe Fnac SA (b)
| | | 10,824 | | 281,001 |
Hermes International
| | | 11,528 | | 7,953,756 |
ICADE REIT
| | | 14,352 | | 1,136,199 |
Iliad SA
| | | 5,146 | | 698,184 |
Imerys SA
| | | 11,593 | | 291,552 |
Ingenico Group SA
| | | 17,119 | | 1,820,904 |
Ipsen SA
| | | 11,492 | | 594,921 |
Kering SA
| | | 24,142 | | 12,606,505 |
Klepierre SA REIT
| | | 61,217 | | 1,180,184 |
Lagardere SCA
| | | 100,086 | | 1,262,923 |
Legrand SA
| | | 87,787 | | 5,633,046 |
L'Oreal SA
| | | 72,344 | | 18,963,758 |
LVMH Moet Hennessy Louis Vuitton SE
| | | 81,303 | | 30,193,040 |
Nanobiotix (b)(c)
| | | 27,123 | | 188,832 |
Natixis SA
| | | 150,618 | | 490,343 |
Nexans SA
| | | 31,427 | | 931,738 |
Orange SA
| | | 671,937 | | 8,209,648 |
Orpea
| | | 14,681 | | 1,534,357 |
Pernod Ricard SA
| | | 67,460 | | 9,581,955 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Peugeot SA (c)
| | | 194,157 | | $2,591,618 |
Publicis Groupe SA
| | | 112,842 | | 3,234,072 |
Renault SA
| | | 77,412 | | 1,504,124 |
Rexel SA
| | | 95,053 | | 707,133 |
Rubis SCA
| | | 30,305 | | 1,265,578 |
Safran SA
| | | 110,100 | | 9,681,495 |
Sanofi
| | | 387,193 | | 34,047,293 |
Sartorius Stedim Biotech
| | | 7,529 | | 1,511,799 |
Schneider Electric SE (d)
| | | 190,640 | | 16,437,350 |
Schneider Electric SE (d)
| | | 2,344 | | 200,561 |
SCOR SE
| | | 59,032 | | 1,300,640 |
SEB SA
| | | 8,398 | | 1,045,869 |
Societe BIC SA
| | | 8,444 | | 471,135 |
Societe Generale SA
| | | 294,507 | | 4,959,674 |
Sodexo SA
| | | 32,487 | | 2,197,242 |
SOITEC (b)
| | | 6,491 | | 468,644 |
Suez
| | | 125,403 | | 1,276,364 |
Technicolor SA (b)(c)
| | | 152,664 | | 36,785 |
Teleperformance
| | | 18,790 | | 3,913,170 |
Television Francaise 1
| | | 37,864 | | 206,984 |
Thales SA
| | | 32,537 | | 2,726,860 |
TOTAL SA
| | | 847,392 | | 32,905,665 |
Ubisoft Entertainment SA (b)
| | | 50,990 | | 3,758,640 |
Unibail-Rodamco-Westfield
| | | 235,281 | | 620,656 |
Unibail-Rodamco-Westfield REIT
| | | 480 | | 27,156 |
Unibail-Rodamco-Westfield REIT (c)
| | | 30,728 | | 1,738,413 |
Valeo SA
| | | 123,533 | | 2,067,086 |
Vallourec SA (b)(c)
| | | 160,311 | | 181,442 |
Veolia Environnement SA
| | | 276,125 | | 5,900,502 |
Vinci SA
| | | 151,443 | | 12,529,285 |
Vivendi SA
| | | 386,176 | | 8,273,363 |
Wendel SA
| | | 9,398 | | 750,711 |
Worldline SA (b)(e)
| | | 10,724 | | 631,883 |
| | | | | | 403,030,063 |
| GERMANY — 6.6% | | | | | |
1&1 Drillisch AG
| | | 13,689 | | 285,385 |
Aareal Bank AG
| | | 15,807 | | 263,546 |
Adidas AG
| | | 63,893 | | 14,434,953 |
ADO Properties SA (e)
| | | 13,658 | | 308,717 |
AIXTRON SE (b)
| | | 35,699 | | 313,601 |
Allianz SE
| | | 116,417 | | 20,039,632 |
alstria office REIT-AG
| | | 49,708 | | 711,229 |
Aroundtown SA
| | | 315,301 | | 1,575,521 |
AURELIUS Equity Opportunities SE & Co. KGaA
| | | 16,491 | | 304,716 |
Aurubis AG
| | | 9,383 | | 389,170 |
BASF SE
| | | 290,606 | | 13,757,540 |
Bayer AG
| | | 291,356 | | 16,895,642 |
Bayerische Motoren Werke AG
| | | 101,877 | | 5,266,730 |
Bayerische Motoren Werke AG Preference Shares
| | | 13,706 | | 588,924 |
Bechtle AG
| | | 8,424 | | 1,080,534 |
Beiersdorf AG
| | | 26,699 | | 2,711,590 |
| Security Description | | | Shares | | Value |
Bilfinger SE
| | | 39,868 | | $671,926 |
Brenntag AG
| | | 50,275 | | 1,866,207 |
CANCOM SE
| | | 17,247 | | 738,804 |
Carl Zeiss Meditec AG
| | | 11,526 | | 1,117,354 |
CECONOMY AG (b)
| | | 52,451 | | 114,298 |
Commerzbank AG
| | | 296,267 | | 1,075,524 |
CompuGroup Medical SE
| | | 12,804 | | 786,052 |
Continental AG
| | | 33,434 | | 2,406,934 |
Covestro AG (e)
| | | 58,280 | | 1,782,224 |
CTS Eventim AG & Co. KGaA
| | | 14,779 | | 667,786 |
Daimler AG
| | | 313,000 | | 9,451,452 |
Delivery Hero SE (b)(e)
| | | 36,259 | | 2,703,802 |
Deutsche Bank AG
| | | 655,756 | | 4,294,866 |
Deutsche Boerse AG
| | | 74,958 | | 10,280,962 |
Deutsche EuroShop AG
| | | 19,990 | | 229,430 |
Deutsche Lufthansa AG
| | | 59,271 | | 556,831 |
Deutsche Pfandbriefbank AG (e)
| | | 66,523 | | 510,217 |
Deutsche Post AG
| | | 383,689 | | 10,430,347 |
Deutsche Telekom AG
| | | 883,000 | | 11,446,255 |
Deutsche Wohnen SE
| | | 114,116 | | 4,346,172 |
Deutz AG
| | | 38,253 | | 141,030 |
DMG Mori AG
| | | 23,078 | | 1,024,289 |
Duerr AG
| | | 14,812 | | 303,759 |
DWS Group GmbH & Co. KGaA (e)
| | | 10,705 | | 264,756 |
E.ON SE
| | | 654,072 | | 6,775,624 |
Evonik Industries AG
| | | 38,900 | | 813,966 |
Evotec SE (b)(c)
| | | 37,716 | | 845,473 |
Fielmann AG
| | | 8,320 | | 485,213 |
Fraport AG Frankfurt Airport Services Worldwide
| | | 16,764 | | 678,750 |
Freenet AG
| | | 41,904 | | 738,656 |
Fresenius Medical Care AG & Co. KGaA
| | | 69,695 | | 4,603,667 |
Fresenius SE & Co. KGaA
| | | 128,370 | | 4,779,177 |
Fuchs Petrolub SE Preference Shares
| | | 22,103 | | 783,842 |
Fuchs Petrolub SE
| | | 17,450 | | 559,093 |
GEA Group AG
| | | 57,054 | | 1,172,232 |
Gerresheimer AG
| | | 13,621 | | 863,858 |
Grand City Properties SA
| | | 35,073 | | 737,351 |
GRENKE AG
| | | 8,322 | | 490,808 |
Hamborner REIT AG
| | | 150,973 | | 1,351,415 |
Hannover Rueck SE
| | | 18,984 | | 2,728,756 |
HeidelbergCement AG
| | | 46,082 | | 1,976,527 |
Hella GmbH & Co. KGaA
| | | 13,719 | | 399,812 |
Henkel AG & Co. KGaA Preference Shares
| | | 64,070 | | 5,146,021 |
Henkel AG & Co. KGaA
| | | 40,235 | | 2,973,359 |
HOCHTIEF AG
| | | 5,244 | | 348,116 |
HUGO BOSS AG
| | | 20,994 | | 532,354 |
Hypoport AG (b)
| | | 1,267 | | 371,883 |
Infineon Technologies AG
| | | 366,103 | | 5,394,920 |
Jenoptik AG
| | | 16,052 | | 262,435 |
Jungheinrich AG Preference Shares
| | | 14,779 | | 226,217 |
K+S AG (c)
| | | 68,451 | | 398,673 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
KION Group AG
| | | 24,258 | | $1,049,778 |
Krones AG
| | | 5,171 | | 276,772 |
Lanxess AG
| | | 29,428 | | 1,175,998 |
LEG Immobilien AG
| | | 18,896 | | 2,129,345 |
Leoni AG (b)(c)
| | | 10,458 | | 67,152 |
Merck KGaA
| | | 67,455 | | 6,929,287 |
METRO AG
| | | 52,451 | | 452,818 |
MorphoSys AG (b)
| | | 7,293 | | 720,602 |
MTU Aero Engines AG
| | | 16,720 | | 2,446,443 |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
| | | 47,655 | | 9,626,491 |
Nemetschek SE
| | | 16,689 | | 829,168 |
New Work SE
| | | 925 | | 198,931 |
Nordex SE (b)
| | | 19,731 | | 153,714 |
Norma Group SE
| | | 15,771 | | 294,180 |
OSRAM Licht AG (b)
| | | 25,232 | | 1,117,123 |
Pfeiffer Vacuum Technology AG
| | | 2,048 | | 293,930 |
Porsche Automobil Holding SE Preference Shares
| | | 56,567 | | 2,400,797 |
ProSiebenSat.1 Media SE
| | | 71,794 | | 569,550 |
Puma SE
| | | 29,780 | | 1,777,581 |
Rational AG
| | | 1,047 | | 555,800 |
Rheinmetall AG
| | | 13,656 | | 959,878 |
Rocket Internet SE (b)(e)
| | | 24,916 | | 503,586 |
RWE AG
| | | 174,378 | | 4,584,418 |
Salzgitter AG
| | | 32,605 | | 386,737 |
SAP SE
| | | 336,758 | | 37,985,407 |
Sartorius AG Preference Shares
| | | 14,744 | | 3,594,720 |
Schaeffler AG Preference Shares
| | | 52,796 | | 321,514 |
Scout24 AG (e)
| | | 23,320 | | 1,400,936 |
Siemens AG
| | | 263,491 | | 22,397,786 |
Siemens Healthineers AG (e)
| | | 44,005 | | 1,740,415 |
Siltronic AG
| | | 6,329 | | 474,031 |
Sixt SE
| | | 3,618 | | 195,237 |
Sixt SE Preference Shares
| | | 5,248 | | 205,862 |
Software AG
| | | 15,831 | | 474,217 |
Stabilus SA
| | | 7,412 | | 267,570 |
Stroeer SE & Co. KGaA
| | | 13,051 | | 679,351 |
Suedzucker AG
| | | 22,005 | | 315,575 |
Symrise AG
| | | 39,798 | | 3,711,812 |
TAG Immobilien AG
| | | 46,191 | | 914,323 |
Talanx AG (b)
| | | 20,452 | | 694,772 |
Telefonica Deutschland Holding AG
| | | 164,509 | | 407,767 |
Thyssenkrupp AG (b)
| | | 167,609 | | 876,878 |
TUI AG
| | | 154,164 | | 693,513 |
Uniper SE
| | | 65,393 | | 1,613,714 |
United Internet AG
| | | 39,839 | | 1,174,578 |
Volkswagen AG
| | | 12,554 | | 1,672,271 |
Volkswagen AG Preference Shares
| | | 57,411 | | 6,730,305 |
Vonovia SE
| | | 168,289 | | 8,283,631 |
Wacker Chemie AG
| | | 5,169 | | 258,118 |
Wirecard AG
| | | 43,387 | | 4,982,010 |
| Security Description | | | Shares | | Value |
Zalando SE (b)(e)
| | | 35,717 | | $1,371,275 |
| | | | | | 335,514,572 |
| HONG KONG — 2.8% | | | | | |
AIA Group, Ltd.
| | | 3,947,800 | | 35,729,808 |
ASM Pacific Technology, Ltd.
| | | 100,000 | | 936,665 |
Bank of East Asia, Ltd.
| | | 433,755 | | 933,444 |
Cathay Pacific Airways, Ltd. (c)
| | | 260,000 | | 278,419 |
Champion REIT
| | | 673,000 | | 406,358 |
China Regenerative Medicine International, Ltd.
| | | 3,500 | | 117 |
China Traditional Chinese Medicine Holdings Co., Ltd.
| | | 690,000 | | 314,247 |
China Youzan, Ltd. (b)(c)
| | | 3,136,000 | | 311,541 |
Chow Tai Fook Jewellery Group, Ltd.
| | | 355,200 | | 251,590 |
CK Asset Holdings, Ltd.
| | | 1,032,348 | | 5,653,946 |
CK Hutchison Holdings, Ltd.
| | | 706,348 | | 4,766,156 |
CK Infrastructure Holdings, Ltd.
| | | 26,000 | | 138,203 |
CLP Holdings, Ltd.
| | | 529,500 | | 4,884,497 |
Dah Sing Banking Group, Ltd.
| | | 841,325 | | 732,682 |
Dah Sing Financial Holdings, Ltd.
| | | 420,885 | | 1,197,347 |
Dairy Farm International Holdings, Ltd.
| | | 103,700 | | 477,020 |
Esprit Holdings, Ltd. (b)(c)
| | | 1,069,819 | | 91,097 |
Fortune Real Estate Investment Trust
| | | 374,000 | | 346,453 |
Galaxy Entertainment Group, Ltd.
| | | 1,010,000 | | 5,388,213 |
GTI Holdings, Ltd. (b)
| | | 1,764,000 | | 6,145 |
Hang Lung Group, Ltd.
| | | 1,026,000 | | 2,162,954 |
Hang Lung Properties, Ltd.
| | | 977,000 | | 1,984,025 |
Hang Seng Bank, Ltd.
| | | 211,600 | | 3,617,257 |
Henderson Land Development Co., Ltd.
| | | 215,869 | | 822,992 |
HK Electric Investments & HK Electric Investments, Ltd. Class SS, Stapled Security
| | | 541,000 | | 520,696 |
HKBN, Ltd.
| | | 327,500 | | 517,179 |
HKT Trust & HKT, Ltd. Stapled Security
| | | 1,009,900 | | 1,375,910 |
Hong Kong & China Gas Co., Ltd.
| | | 3,382,141 | | 5,576,612 |
Hong Kong Exchanges & Clearing, Ltd.
| | | 422,024 | | 12,730,033 |
Hongkong Land Holdings, Ltd.
| | | 732,000 | | 2,745,000 |
Hutchison China MediTech, Ltd. ADR (b)
| | | 19,242 | | 343,470 |
Hysan Development Co., Ltd.
| | | 26,841 | | 87,266 |
Jardine Matheson Holdings, Ltd.
| | | 102,905 | | 5,145,250 |
Jardine Strategic Holdings, Ltd.
| | | 98,300 | | 2,182,260 |
Johnson Electric Holdings, Ltd.
| | | 110,500 | | 173,928 |
Kerry Properties, Ltd.
| | | 158,000 | | 416,868 |
Landing International Development, Ltd. (b)
| | | 132,000 | | 4,224 |
Li & Fung, Ltd. (c)
| | | 2,150,000 | | 282,935 |
Link REIT
| | | 914,051 | | 7,747,894 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Long Well International Holdings, Ltd. (b)(f)
| | | 3,424,000 | | $26,064 |
Man Wah Holdings, Ltd.
| | | 422,400 | | 231,612 |
Melco International Development, Ltd.
| | | 34,000 | | 49,305 |
Melco Resorts & Entertainment, Ltd. ADR
| | | 47,179 | | 585,020 |
MTR Corp., Ltd.
| | | 502,689 | | 2,597,465 |
New World Development Co., Ltd.
| | | 2,044,516 | | 2,199,908 |
Noble Group, Ltd. (b)(c)(f)
| | | 60,740 | | 1,728 |
NWS Holdings, Ltd.
| | | 383,000 | | 393,827 |
Pacific Basin Shipping, Ltd.
| | | 8,284,000 | | 993,965 |
PCCW, Ltd.
| | | 1,079,000 | | 594,425 |
Power Assets Holdings, Ltd.
| | | 102,500 | | 612,945 |
Sands China, Ltd.
| | | 827,600 | | 3,032,401 |
Shangri-La Asia, Ltd.
| | | 60,000 | | 40,640 |
Sino Land Co., Ltd.
| | | 2,221,287 | | 2,819,990 |
SJM Holdings, Ltd.
| | | 57,000 | | 48,169 |
Summit Ascent Holdings, Ltd. (b)
| | | 2,276,000 | | 184,995 |
Sun Hung Kai Properties, Ltd.
| | | 602,509 | | 7,944,422 |
Swire Pacific, Ltd. Class A
| | | 25,500 | | 164,333 |
Swire Pacific, Ltd. Class B
| | | 237,500 | | 242,988 |
Swire Properties, Ltd.
| | | 403,400 | | 1,134,593 |
Techtronic Industries Co., Ltd.
| | | 505,500 | | 3,280,477 |
Vitasoy International Holdings, Ltd. (c)
| | | 230,000 | | 697,338 |
VTech Holdings, Ltd.
| | | 96,000 | | 694,216 |
Wharf Holdings, Ltd. (c)
| | | 983,000 | | 1,742,562 |
Wharf Real Estate Investment Co., Ltd. (c)
| | | 133,000 | | 547,382 |
Wheelock & Co., Ltd.
| | | 34,000 | | 232,050 |
Yue Yuen Industrial Holdings, Ltd.
| | | 226,000 | | 346,396 |
Yuexiu Real Estate Investment Trust
| | | 421,000 | | 207,488 |
| | | | | | 142,927,405 |
| IRELAND — 0.5% | | | | | |
AerCap Holdings NV (b)
| | | 26,254 | | 598,329 |
Amarin Corp. PLC ADR (b)(c)
| | | 91,718 | | 366,872 |
Bank of Ireland Group PLC
| | | 292,011 | | 552,385 |
C&C Group PLC
| | | 132,439 | | 323,181 |
CRH PLC
| | | 263,737 | | 7,191,230 |
Flutter Entertainment PLC (c)
| | | 27,395 | | 2,481,084 |
Glanbia PLC
| | | 39,818 | | 431,223 |
Greencore Group PLC
| | | 137,553 | | 281,337 |
Irish Bank Resolution Corp., Ltd. (b)(f)
| | | 5,635 | | — |
James Hardie Industries PLC
| | | 135,248 | | 1,533,059 |
Kerry Group PLC Class A
| | | 49,214 | | 5,680,809 |
Kingspan Group PLC
| | | 46,087 | | 2,462,709 |
Ryanair Holdings PLC ADR (b)
| | | 39,840 | | 2,115,106 |
Smurfit Kappa Group PLC
| | | 61,994 | | 1,749,550 |
UDG Healthcare PLC
| | | 79,015 | | 618,710 |
| | | | | | 26,385,584 |
| Security Description | | | Shares | | Value |
| ISRAEL — 0.7% | | | | | |
Bank Hapoalim BM
| | | 340,980 | | $2,054,102 |
Bank Leumi Le-Israel BM
| | | 432,215 | | 2,394,780 |
Bezeq The Israeli Telecommunication Corp., Ltd. (b)
| | | 685,434 | | 497,588 |
Check Point Software Technologies, Ltd. (b)
| | | 46,490 | | 4,674,105 |
CyberArk Software, Ltd. (b)
| | | 19,659 | | 1,682,024 |
Isracard, Ltd.
| | | 16,856 | | 45,291 |
Israel Chemicals, Ltd.
| | | 141,696 | | 451,831 |
Israel Discount Bank, Ltd. Class A
| | | 368,938 | | 1,095,096 |
Nice, Ltd. (b)
| | | 19,965 | | 2,954,580 |
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.
| | | 52,039 | | 2,889,217 |
Reit 1, Ltd.
| | | 487,523 | | 2,378,732 |
Shufersal, Ltd.
| | | 749,538 | | 4,258,919 |
Strauss Group, Ltd.
| | | 113,998 | | 2,980,909 |
Teva Pharmaceutical Industries, Ltd. ADR (b)
| | | 346,515 | | 3,111,705 |
Wix.com, Ltd. (b)
| | | 13,502 | | 1,361,272 |
| | | | | | 32,830,151 |
| ITALY — 1.8% | | | | | |
A2A SpA
| | | 472,066 | | 586,865 |
Amplifon SpA
| | | 26,329 | | 540,812 |
Anima Holding SpA (e)
| | | 87,884 | | 236,062 |
Assicurazioni Generali SpA
| | | 153,424 | | 2,089,156 |
ASTM SpA
| | | 11,503 | | 201,694 |
Atlantia SpA
| | | 131,544 | | 1,649,769 |
Autogrill SpA
| | | 39,225 | | 182,832 |
Azimut Holding SpA
| | | 33,970 | | 491,266 |
Banca Generali SpA
| | | 23,096 | | 484,541 |
Banca IFIS SpA
| | | 62,178 | | 607,201 |
Banca Mediolanum SpA
| | | 79,327 | | 404,743 |
Banca Monte dei Paschi di Siena SpA (b)(c)
| | | 5,267 | | 6,548 |
Banca Popolare di Sondrio SCPA
| | | 230,144 | | 348,233 |
Banco BPM SpA (b)(c)
| | | 324,106 | | 426,751 |
Biesse SpA (c)
| | | 3,200 | | 31,776 |
BPER Banca
| | | 171,415 | | 526,638 |
Brembo SpA (c)
| | | 142,546 | | 1,062,797 |
Buzzi Unicem SpA
| | | 36,403 | | 665,853 |
Cairo Communication SpA
| | | 163,728 | | 282,770 |
Cerved Group SpA
| | | 61,008 | | 362,821 |
Credito Valtellinese SpA (b)
| | | 2,961,840 | | 160,869 |
Davide Campari-Milano SpA
| | | 154,129 | | 1,107,724 |
DiaSorin SpA
| | | 7,472 | | 989,578 |
Enav SpA (e)
| | | 78,558 | | 345,826 |
Enel SpA
| | | 1,780,248 | | 12,382,462 |
Eni SpA
| | | 809,299 | | 8,187,394 |
ERG SpA
| | | 17,098 | | 305,988 |
Esprinet SpA
| | | 128,983 | | 455,716 |
Falck Renewables SpA
| | | 37,759 | | 197,958 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Ferrari NV
| | | 34,185 | | $5,309,470 |
FinecoBank Banca Fineco SpA
| | | 124,069 | | 1,128,557 |
Hera SpA
| | | 232,936 | | 835,265 |
IMA Industria Macchine Automatiche SpA (c)
| | | 9,626 | | 562,962 |
Immobiliare Grande Distribuzione SIIQ SpA REIT
| | | 169,710 | | 698,304 |
Infrastrutture Wireless Italiane SpA (e)
| | | 74,014 | | 802,373 |
Interpump Group SpA
| | | 63,452 | | 1,530,308 |
Intesa Sanpaolo SpA
| | | 4,665,899 | | 7,620,101 |
Iren SpA
| | | 960,162 | | 2,370,461 |
Italgas SpA
| | | 104,164 | | 570,213 |
Leonardo SpA
| | | 249,731 | | 1,663,834 |
Mediaset SpA (b)(c)
| | | 232,098 | | 494,059 |
Mediobanca Banca di Credito Finanziario SpA
| | | 134,775 | | 743,550 |
Moncler SpA
| | | 51,264 | | 1,872,544 |
Nexi SpA (b)(e)
| | | 77,440 | | 1,007,587 |
Pirelli & C SpA (e)
| | | 125,907 | | 451,065 |
Poste Italiane SpA (e)
| | | 143,897 | | 1,218,919 |
PRADA SpA
| | | 107,000 | | 313,370 |
Prysmian SpA
| | | 65,510 | | 1,049,461 |
Recordati SpA
| | | 50,278 | | 2,126,158 |
Reply SpA
| | | 43,992 | | 2,688,652 |
Saipem SpA (b)
| | | 317,197 | | 779,620 |
Salvatore Ferragamo SpA (c)
| | | 21,939 | | 291,278 |
Snam SpA
| | | 693,615 | | 3,199,535 |
Societa Cattolica di Assicurazioni SC
| | | 161,362 | | 798,870 |
Telecom Italia SpA (b)(c)(d)
| | | 4,640,203 | | 1,896,061 |
Telecom Italia SpA (d)
| | | 1,957,099 | | 774,148 |
Terna Rete Elettrica Nazionale SpA
| | | 454,759 | | 2,879,141 |
UniCredit SpA
| | | 632,231 | | 4,957,986 |
Unione di Banche Italiane SpA
| | | 329,891 | | 871,269 |
Unipol Gruppo Finanziario SpA
| | | 116,838 | | 401,780 |
UnipolSai Assicurazioni SpA
| | | 183,332 | | 450,601 |
Zignago Vetro SpA
| | | 126,471 | | 1,509,821 |
| | | | | | 89,189,966 |
| JAPAN — 25.3% | | | | | |
3-D Matrix, Ltd. (b)
| | | 111,900 | | 300,597 |
ABC-Mart, Inc.
| | | 9,500 | | 476,078 |
Acom Co., Ltd.
| | | 204,400 | | 831,194 |
Activia Properties, Inc. REIT
| | | 169 | | 546,348 |
ADEKA Corp.
| | | 22,400 | | 280,324 |
Advance Residence Investment Corp. REIT
| | | 419 | | 1,216,771 |
Advanced Media, Inc. (b)
| | | 6,800 | | 52,092 |
Advantest Corp. (c)
| | | 204,400 | | 8,217,276 |
Aeon Co., Ltd.
| | | 419,820 | | 9,329,333 |
AEON Financial Service Co., Ltd.
| | | 3,500 | | 37,543 |
Aeon Mall Co., Ltd.
| | | 22,100 | | 279,026 |
AEON REIT Investment Corp.
| | | 58 | | 55,606 |
| Security Description | | | Shares | | Value |
AGC, Inc.
| | | 98,600 | | $2,428,580 |
Aica Kogyo Co., Ltd.
| | | 13,300 | | 381,302 |
Ain Holdings, Inc.
| | | 6,000 | | 352,925 |
Air Water, Inc.
| | | 98,600 | | 1,357,228 |
Aisin Seiki Co., Ltd.
| | | 99,300 | | 2,450,421 |
Ajinomoto Co., Inc.
| | | 205,000 | | 3,817,818 |
Akita Bank, Ltd.
| | | 16,555 | | 238,307 |
Alconix Corp.
| | | 7,800 | | 77,960 |
Alfresa Holdings Corp.
| | | 100,400 | | 1,873,054 |
Alps Alpine Co., Ltd.
| | | 99,400 | | 965,871 |
Amada Holdings Co., Ltd.
| | | 106,600 | | 842,294 |
Amano Corp.
| | | 23,000 | | 508,554 |
ANA Holdings, Inc. (c)
| | | 29,500 | | 721,138 |
Anritsu Corp. (c)
| | | 34,000 | | 631,782 |
Aomori Bank, Ltd.
| | | 1,010 | | 24,475 |
Aoyama Trading Co., Ltd.
| | | 2,100 | | 18,052 |
Aozora Bank, Ltd. (c)
| | | 14,200 | | 271,228 |
Asahi Group Holdings, Ltd.
| | | 214,636 | | 6,978,578 |
Asahi Intecc Co., Ltd.
| | | 66,900 | | 1,655,845 |
Asahi Kasei Corp.
| | | 417,150 | | 2,955,271 |
Asics Corp. (c)
| | | 99,800 | | 923,535 |
Astellas Pharma, Inc.
| | | 945,300 | | 14,631,988 |
Asteria Corp.
| | | 11,900 | | 34,613 |
Atom Corp. (c)
| | | 317,900 | | 2,511,868 |
Awa Bank, Ltd.
| | | 2,310 | | 48,830 |
Azbil Corp.
| | | 33,200 | | 862,330 |
Bandai Namco Holdings, Inc.
| | | 100,800 | | 4,893,639 |
Bank of Iwate, Ltd.
| | | 101,355 | | 2,514,276 |
Bank of Kyoto, Ltd.
| | | 10,700 | | 340,957 |
Bank of Okinawa, Ltd.
| | | 104,900 | | 3,065,717 |
BayCurrent Consulting, Inc.
| | | 3,100 | | 145,301 |
Benesse Holdings, Inc.
| | | 4,100 | | 104,480 |
Bic Camera, Inc.
| | | 66,900 | | 542,240 |
Bridgestone Corp.
| | | 177,065 | | 5,450,299 |
Brightpath Biotherapeutics Co., Ltd. (b)(c)
| | | 93,600 | | 188,145 |
Brother Industries, Ltd.
| | | 99,600 | | 1,525,991 |
Calbee, Inc.
| | | 15,800 | | 427,510 |
Can Do Co., Ltd.
| | | 5,300 | | 82,479 |
Canon, Inc.
| | | 409,616 | | 8,950,805 |
Capcom Co., Ltd.
| | | 17,600 | | 552,675 |
Casio Computer Co., Ltd.
| | | 213,900 | | 3,005,755 |
Central Japan Railway Co.
| | | 83,200 | | 13,348,377 |
Chiba Bank, Ltd.
| | | 193,550 | | 848,031 |
Chubu Electric Power Co., Inc.
| | | 207,765 | | 2,933,979 |
Chugai Pharmaceutical Co., Ltd.
| | | 107,080 | | 12,398,685 |
Chugoku Bank, Ltd.
| | | 98,600 | | 879,550 |
Chugoku Electric Power Co., Inc.
| | | 99,100 | | 1,384,306 |
Citizen Watch Co., Ltd. (c)
| | | 101,500 | | 361,039 |
Coca-Cola Bottlers Japan Holdings, Inc.
| | | 98,200 | | 2,018,487 |
COLOPL, Inc.
| | | 2,000 | | 14,747 |
Colowide Co., Ltd. (c)
| | | 2,400 | | 36,348 |
Comforia Residential REIT, Inc.
| | | 127 | | 361,748 |
COMSYS Holdings Corp. (c)
| | | 32,900 | | 848,138 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Concordia Financial Group, Ltd.
| | | 417,300 | | $1,217,632 |
COOKPAD, Inc. (b)
| | | 99,300 | | 275,948 |
Cosmo Energy Holdings Co., Ltd.
| | | 8,700 | | 122,576 |
Cosmos Pharmaceutical Corp.
| | | 3,000 | | 716,410 |
Credit Saison Co., Ltd.
| | | 207,800 | | 2,417,644 |
Creek & River Co., Ltd.
| | | 9,600 | | 66,694 |
CyberAgent, Inc.
| | | 30,600 | | 1,187,662 |
Dai Nippon Printing Co., Ltd.
| | | 95,100 | | 2,027,003 |
Daicel Corp.
| | | 102,500 | | 749,132 |
Daido Steel Co., Ltd. (c)
| | | 8,500 | | 274,003 |
Daifuku Co., Ltd. (c)
| | | 10,600 | | 672,595 |
Dai-ichi Life Holdings, Inc.
| | | 415,100 | | 4,981,354 |
Daiichi Sankyo Co., Ltd.
| | | 218,265 | | 15,030,170 |
Daiichikosho Co., Ltd.
| | | 15,000 | | 400,306 |
Daikin Industries, Ltd.
| | | 108,810 | | 13,274,306 |
Daishi Hokuetsu Financial Group, Inc.
| | | 1,517 | | 33,205 |
Daito Trust Construction Co., Ltd.
| | | 14,155 | | 1,319,717 |
Daiwa House Industry Co., Ltd.
| | | 211,400 | | 5,243,143 |
Daiwa House REIT Investment Corp.
| | | 874 | | 2,134,906 |
Daiwa Office Investment Corp. REIT
| | | 92 | | 507,915 |
Daiwa Securities Group, Inc.
| | | 956,250 | | 3,713,214 |
DeNA Co., Ltd. (c)
| | | 99,200 | | 1,086,141 |
Denka Co., Ltd.
| | | 7,000 | | 147,645 |
Denso Corp.
| | | 179,710 | | 5,811,381 |
Dentsu Group, Inc.
| | | 100,400 | | 1,940,946 |
DIC Corp.
| | | 5,300 | | 117,483 |
Disco Corp.
| | | 7,100 | | 1,404,808 |
DMG Mori Co., Ltd. (c)
| | | 27,200 | | 227,265 |
Dowa Holdings Co., Ltd.
| | | 4,400 | | 115,304 |
East Japan Railway Co.
| | | 111,400 | | 8,436,908 |
Ebara Corp.
| | | 3,800 | | 72,406 |
Eisai Co., Ltd.
| | | 105,051 | | 7,717,655 |
Electric Power Development Co., Ltd.
| | | 92,600 | | 1,868,212 |
euglena Co., Ltd. (b)
| | | 5,000 | | 32,097 |
Ezaki Glico Co., Ltd.
| | | 2,700 | | 113,547 |
F@N Communications, Inc.
| | | 5,200 | | 19,990 |
FamilyMart Co., Ltd.
| | | 93,200 | | 1,673,119 |
Fancl Corp. (c)
| | | 16,900 | | 379,939 |
FANUC Corp.
| | | 85,055 | | 11,546,302 |
Fast Retailing Co., Ltd.
| | | 15,800 | | 6,467,528 |
Feed One Co., Ltd.
| | | 1,576,900 | | 2,205,659 |
FFRI, Inc. (b)
| | | 7,500 | | 130,957 |
Financial Products Group Co., Ltd.
| | | 103,600 | | 523,974 |
FINDEX, Inc.
| | | 85,300 | | 536,508 |
Fixstars Corp.
| | | 7,700 | | 72,967 |
Focus Systems Corp. (c)
| | | 13,300 | | 83,283 |
Foster Electric Co., Ltd.
| | | 106,600 | | 1,098,043 |
FP Corp.
| | | 5,800 | | 385,216 |
Frontier Real Estate Investment Corp. REIT
| | | 20 | | 56,412 |
| Security Description | | | Shares | | Value |
Fuji Electric Co., Ltd.
| | | 38,300 | | $868,850 |
Fuji Oil Holdings, Inc.
| | | 20,000 | | 483,164 |
Fuji Seal International, Inc.
| | | 17,500 | | 309,944 |
FUJIFILM Holdings Corp.
| | | 209,910 | | 10,575,707 |
Fujitsu, Ltd.
| | | 100,151 | | 9,049,817 |
Fukuoka Financial Group, Inc.
| | | 210,834 | | 2,794,715 |
Fukuoka REIT Corp.
| | | 10 | | 10,356 |
Fukuyama Transporting Co., Ltd.
| | | 9,000 | | 322,218 |
Furukawa Electric Co., Ltd.
| | | 101,855 | | 1,853,968 |
Gakujo Co., Ltd.
| | | 17,400 | | 208,887 |
Glory, Ltd.
| | | 15,000 | | 345,977 |
GLP J-REIT
| | | 1,063 | | 1,197,358 |
GMO internet, Inc.
| | | 3,500 | | 58,876 |
GMO Payment Gateway, Inc.
| | | 7,400 | | 519,587 |
Goldwin, Inc. (c)
| | | 7,600 | | 423,806 |
GS Yuasa Corp.
| | | 3,400 | | 45,793 |
Gumi, Inc. (b)
| | | 15,300 | | 85,744 |
GungHo Online Entertainment, Inc.
| | | 8,100 | | 113,447 |
Gunma Bank, Ltd.
| | | 110,400 | | 335,429 |
Gurunavi, Inc.
| | | 5,200 | | 26,733 |
Hachijuni Bank, Ltd.
| | | 202,300 | | 732,706 |
Hakuhodo DY Holdings, Inc.
| | | 103,000 | | 1,039,970 |
Hamamatsu Photonics KK
| | | 99,400 | | 4,069,733 |
Hankyu Hanshin Holdings, Inc.
| | | 104,100 | | 3,505,197 |
Hankyu Hanshin REIT, Inc.
| | | 1,075 | | 1,163,077 |
Harmonic Drive Systems, Inc. (c)
| | | 10,200 | | 446,436 |
Haseko Corp.
| | | 103,400 | | 1,108,182 |
Heiwa Real Estate REIT, Inc.
| | | 3,131 | | 2,911,884 |
Hikari Tsushin, Inc.
| | | 5,000 | | 839,702 |
Hino Motors, Ltd.
| | | 100,100 | | 538,725 |
Hirose Electric Co., Ltd.
| | | 8,240 | | 854,875 |
Hiroshima Bank, Ltd.
| | | 15,500 | | 64,754 |
Hisamitsu Pharmaceutical Co., Inc.
| | | 23,800 | | 1,111,130 |
Hitachi Chemical Co., Ltd.
| | | 25,100 | | 1,067,195 |
Hitachi Construction Machinery Co., Ltd. (c)
| | | 13,700 | | 277,794 |
Hitachi High-Tech Corp.
| | | 16,300 | | 1,204,891 |
Hitachi Metals, Ltd. (c)
| | | 102,100 | | 1,077,226 |
Hitachi, Ltd.
| | | 381,395 | | 11,103,927 |
Hokkoku Bank, Ltd.
| | | 16,555 | | 516,793 |
Hokuhoku Financial Group, Inc.
| | | 28,600 | | 256,448 |
Hokuriku Electric Power Co.
| | | 101,000 | | 708,230 |
Honda Motor Co., Ltd.
| | | 542,275 | | 12,206,273 |
Horiba, Ltd.
| | | 4,900 | | 244,194 |
Hoshizaki Corp.
| | | 15,400 | | 1,156,908 |
House Foods Group, Inc.
| | | 12,000 | | 391,830 |
Hoya Corp.
| | | 107,206 | | 9,136,170 |
Hulic Co., Ltd.
| | | 105,600 | | 1,074,048 |
Hulic Reit, Inc.
| | | 665 | | 771,229 |
Hyakugo Bank, Ltd.
| | | 98,950 | | 276,809 |
Ibiden Co., Ltd.
| | | 105,400 | | 2,314,885 |
IBJ, Inc. (c)
| | | 17,100 | | 78,408 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Ichigo Office REIT Investment Corp.
| | | 4,193 | | $2,909,135 |
Idemitsu Kosan Co., Ltd.
| | | 77,794 | | 1,785,684 |
IHI Corp.
| | | 30,800 | | 360,054 |
Iida Group Holdings Co., Ltd.
| | | 85,000 | | 1,178,686 |
Industrial & Infrastructure Fund Investment Corp. REIT
| | | 160 | | 216,683 |
Infomart Corp.
| | | 412,800 | | 2,718,733 |
Inpex Corp.
| | | 318,300 | | 1,795,017 |
Intage Holdings, Inc.
| | | 203,200 | | 1,509,577 |
Invesco Office J-Reit, Inc.
| | | 2,878 | | 381,227 |
Invincible Investment Corp. REIT
| | | 1,871 | | 419,937 |
Iriso Electronics Co., Ltd. (c)
| | | 4,400 | | 130,017 |
Isetan Mitsukoshi Holdings, Ltd.
| | | 107,900 | | 629,679 |
Isuzu Motors, Ltd.
| | | 423,500 | | 2,806,072 |
Ito En, Ltd.
| | | 8,200 | | 434,477 |
ITOCHU Corp. (c)
| | | 501,350 | | 10,414,315 |
Itochu Techno-Solutions Corp.
| | | 23,600 | | 674,411 |
Iwatani Corp. (c)
| | | 2,800 | | 93,632 |
Iyo Bank, Ltd.
| | | 104,300 | | 528,480 |
Izumi Co., Ltd.
| | | 6,100 | | 168,385 |
J Front Retailing Co., Ltd.
| | | 99,000 | | 823,510 |
Jafco Co., Ltd. (b)
| | | 2,100 | | 54,778 |
Japan Airlines Co., Ltd. (c)
| | | 14,000 | | 258,070 |
Japan Airport Terminal Co., Ltd. (c)
| | | 18,600 | | 719,327 |
Japan Excellent, Inc. REIT
| | | 992 | | 1,141,276 |
Japan Exchange Group, Inc.
| | | 209,200 | | 3,693,532 |
Japan Hotel REIT Investment Corp.
| | | 1,064 | | 309,477 |
Japan Logistics Fund, Inc. REIT
| | | 37 | | 82,222 |
Japan Post Bank Co., Ltd. (c)
| | | 107,800 | | 995,569 |
Japan Post Holdings Co., Ltd.
| | | 303,300 | | 2,375,997 |
Japan Post Insurance Co., Ltd.
| | | 14,300 | | 177,632 |
Japan Prime Realty Investment Corp. REIT
| | | 120 | | 361,262 |
Japan Real Estate Investment Corp. REIT
| | | 151 | | 885,397 |
Japan Retail Fund Investment Corp. REIT
| | | 1,034 | | 1,170,440 |
Japan Tissue Engineering Co., Ltd. (b)(c)
| | | 2,200 | | 11,738 |
Japan Tobacco, Inc.
| | | 321,800 | | 5,949,820 |
JFE Holdings, Inc.
| | | 209,910 | | 1,366,928 |
JGC Holdings Corp. (c)
| | | 100,300 | | 806,451 |
JSR Corp.
| | | 205,300 | | 3,790,125 |
JTEKT Corp.
| | | 101,300 | | 689,690 |
JXTG Holdings, Inc.
| | | 1,148,100 | | 3,937,072 |
Kagome Co., Ltd.
| | | 11,700 | | 304,002 |
Kajima Corp.
| | | 100,437 | | 1,031,769 |
Kakaku.com, Inc.
| | | 102,700 | | 1,888,375 |
Kaken Pharmaceutical Co., Ltd.
| | | 2,000 | | 93,187 |
Kamigumi Co., Ltd.
| | | 18,400 | | 311,567 |
Kaneka Corp.
| | | 7,600 | | 182,335 |
Kansai Electric Power Co., Inc.
| | | 415,600 | | 4,633,177 |
Kansai Paint Co., Ltd.
| | | 102,800 | | 1,959,728 |
| Security Description | | | Shares | | Value |
Kao Corp.
| | | 205,100 | | $16,775,814 |
Kawasaki Heavy Industries, Ltd. (c)
| | | 40,200 | | 584,260 |
KDDI Corp.
| | | 562,100 | | 16,609,689 |
Keihan Holdings Co., Ltd.
| | | 22,700 | | 1,009,309 |
Keikyu Corp.
| | | 104,400 | | 1,757,165 |
Keio Corp. (c)
| | | 14,700 | | 870,113 |
Keisei Electric Railway Co., Ltd.
| | | 100,500 | | 2,904,544 |
Kenedix Office Investment Corp. REIT
| | | 42 | | 221,370 |
Kenedix Residential Next Investment Corp. REIT
| | | 223 | | 347,653 |
Kenedix, Inc.
| | | 104,300 | | 396,119 |
Kewpie Corp.
| | | 5,500 | | 110,097 |
Keyence Corp.
| | | 65,600 | | 21,164,819 |
Kikkoman Corp. (c)
| | | 24,800 | | 1,057,885 |
Kinden Corp.
| | | 43,500 | | 642,698 |
Kintetsu Group Holdings Co., Ltd.
| | | 24,410 | | 1,130,564 |
Kirin Holdings Co., Ltd.
| | | 309,000 | | 6,118,174 |
Kiyo Bank, Ltd.
| | | 213,200 | | 3,151,936 |
KNT-CT Holdings Co., Ltd. (b)(c)
| | | 15,000 | | 100,597 |
Kobayashi Pharmaceutical Co., Ltd.
| | | 14,300 | | 1,324,626 |
Kobe Bussan Co., Ltd. (c)
| | | 15,200 | | 599,805 |
Kobe Steel, Ltd.
| | | 106,599 | | 329,805 |
Koito Manufacturing Co., Ltd.
| | | 16,700 | | 565,407 |
Kokuyo Co., Ltd.
| | | 67,700 | | 948,195 |
Komatsu, Ltd.
| | | 415,720 | | 6,848,761 |
Konami Holdings Corp.
| | | 26,100 | | 801,459 |
Konica Minolta, Inc.
| | | 321,375 | | 1,306,874 |
Kose Corp.
| | | 10,300 | | 1,271,817 |
K's Holdings Corp.
| | | 99,000 | | 938,141 |
Kubota Corp.
| | | 434,650 | | 5,562,215 |
Kuraray Co., Ltd.
| | | 106,200 | | 1,074,248 |
Kurita Water Industries, Ltd.
| | | 105,710 | | 2,446,052 |
Kyocera Corp.
| | | 106,000 | | 6,291,955 |
Kyoritsu Maintenance Co., Ltd.
| | | 1,200 | | 26,500 |
Kyowa Exeo Corp.
| | | 12,400 | | 276,360 |
Kyowa Kirin Co., Ltd.
| | | 100,500 | | 2,254,745 |
Kyudenko Corp.
| | | 8,200 | | 222,024 |
Kyushu Electric Power Co., Inc.
| | | 108,700 | | 874,997 |
Kyushu Financial Group, Inc.
| | | 100,300 | | 383,715 |
Kyushu Railway Co. (c)
| | | 18,500 | | 531,240 |
LaSalle Logiport REIT
| | | 298 | | 402,468 |
Lasertec Corp.
| | | 31,600 | | 1,481,136 |
Lawson, Inc.
| | | 12,900 | | 708,601 |
Leopalace21 Corp. (b)(c)
| | | 1,600 | | 3,942 |
Like Co., Ltd. (c)
| | | 6,200 | | 80,576 |
LINE Corp. (b)(c)
| | | 22,000 | | 1,061,739 |
Lion Corp.
| | | 84,300 | | 1,806,178 |
LIXIL Group Corp.
| | | 100,600 | | 1,253,365 |
M3, Inc. (c)
| | | 199,000 | | 5,889,537 |
Mabuchi Motor Co., Ltd.
| | | 3,500 | | 104,395 |
Maeda Corp. (c)
| | | 35,900 | | 265,039 |
Makita Corp.
| | | 101,800 | | 3,125,997 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Mani, Inc.
| | | 21,000 | | $515,298 |
Marubeni Corp.
| | | 1,052,050 | | 5,252,697 |
Maruha Nichiro Corp.
| | | 10,200 | | 213,344 |
Marui Group Co., Ltd.
| | | 100,900 | | 1,696,387 |
Maruichi Steel Tube, Ltd.
| | | 10,200 | | 245,563 |
Matsumotokiyoshi Holdings Co., Ltd.
| | | 22,600 | | 822,732 |
Matsuya Co., Ltd. (c)
| | | 207,800 | | 1,179,949 |
Mazda Motor Corp. (c)
| | | 210,400 | | 1,114,805 |
McDonald's Holdings Co. Japan, Ltd.
| | | 20,100 | | 906,739 |
MCUBS MidCity Investment Corp. REIT
| | | 5,096 | | 3,611,171 |
Mebuki Financial Group, Inc.
| | | 308,000 | | 627,669 |
Medipal Holdings Corp.
| | | 212,199 | | 3,966,630 |
MEIJI Holdings Co., Ltd.
| | | 29,100 | | 2,070,196 |
Meiko Network Japan Co., Ltd.
| | | 207,700 | | 1,466,050 |
Mercari, Inc. (b)(c)
| | | 25,300 | | 492,150 |
Metaps, Inc. (b)
| | | 4,100 | | 18,078 |
Milbon Co., Ltd.
| | | 1,200 | | 60,581 |
MINEBEA MITSUMI, Inc.
| | | 107,900 | | 1,613,178 |
MISUMI Group, Inc.
| | | 102,800 | | 2,242,545 |
Mitsubishi Chemical Holdings Corp.
| | | 520,300 | | 3,098,039 |
Mitsubishi Corp.
| | | 627,938 | | 13,328,886 |
Mitsubishi Electric Corp.
| | | 939,550 | | 11,618,723 |
Mitsubishi Estate Co., Ltd.
| | | 420,625 | | 6,214,598 |
Mitsubishi Gas Chemical Co., Inc.
| | | 100,500 | | 1,094,789 |
Mitsubishi Heavy Industries, Ltd.
| | | 51,410 | | 1,301,263 |
Mitsubishi Logistics Corp. (c)
| | | 4,500 | | 90,955 |
Mitsubishi Materials Corp.
| | | 17,100 | | 350,855 |
Mitsubishi Motors Corp.
| | | 314,700 | | 892,022 |
Mitsubishi UFJ Financial Group, Inc.
| | | 4,337,824 | | 16,193,257 |
Mitsubishi UFJ Lease & Finance Co., Ltd.
| | | 203,600 | | 1,003,337 |
Mitsui & Co., Ltd.
| | | 736,026 | | 10,250,707 |
Mitsui Chemicals, Inc.
| | | 63,610 | | 1,208,505 |
Mitsui Fudosan Co., Ltd.
| | | 317,700 | | 5,504,681 |
Mitsui Mining & Smelting Co., Ltd.
| | | 3,200 | | 53,563 |
Mitsui OSK Lines, Ltd.
| | | 14,255 | | 230,684 |
Miura Co., Ltd.
| | | 16,300 | | 582,062 |
Mixi, Inc.
| | | 2,100 | | 30,521 |
Mizuho Financial Group, Inc.
| | | 8,218,500 | | 9,409,537 |
Mochida Pharmaceutical Co., Ltd.
| | | 12,000 | | 463,526 |
MonotaRO Co., Ltd.
| | | 41,700 | | 1,107,828 |
Mori Hills REIT Investment Corp.
| | | 482 | | 640,702 |
Mori Trust Sogo Reit, Inc.
| | | 237 | | 286,714 |
Morinaga & Co., Ltd.
| | | 2,600 | | 106,452 |
Morinaga Milk Industry Co., Ltd.
| | | 12,000 | | 464,638 |
Morpho, Inc. (b)
| | | 5,800 | | 90,905 |
| Security Description | | | Shares | | Value |
MS&AD Insurance Group Holdings, Inc.
| | | 210,199 | | $5,889,972 |
Murata Manufacturing Co., Ltd.
| | | 238,200 | | 12,073,831 |
Musashino Bank, Ltd.
| | | 104,955 | | 1,337,762 |
Nabtesco Corp.
| | | 15,000 | | 346,672 |
Nachi-Fujikoshi Corp.
| | | 1,500 | | 40,586 |
Nagase & Co., Ltd.
| | | 72,000 | | 853,022 |
Nagoya Railroad Co., Ltd. (c)
| | | 86,800 | | 2,436,237 |
Nankai Electric Railway Co., Ltd.
| | | 29,100 | | 663,110 |
Nanto Bank, Ltd.
| | | 104,755 | | 2,163,898 |
NEC Corp.
| | | 33,800 | | 1,235,154 |
NET One Systems Co., Ltd.
| | | 18,600 | | 387,317 |
Nexon Co., Ltd.
| | | 194,600 | | 3,181,594 |
NGK Insulators, Ltd.
| | | 104,300 | | 1,369,025 |
NGK Spark Plug Co., Ltd.
| | | 85,900 | | 1,211,058 |
NH Foods, Ltd.
| | | 28,800 | | 1,004,419 |
NHK Spring Co., Ltd.
| | | 101,100 | | 663,043 |
Nichirei Corp.
| | | 98,000 | | 2,773,285 |
Nidec Corp.
| | | 208,200 | | 10,813,556 |
Nifco, Inc.
| | | 5,000 | | 89,852 |
Nihon Kohden Corp.
| | | 21,800 | | 819,860 |
Nihon M&A Center, Inc.
| | | 32,700 | | 895,081 |
Nihon Unisys, Ltd.
| | | 19,300 | | 517,205 |
Nikkon Holdings Co., Ltd.
| | | 14,700 | | 288,267 |
Nikon Corp.
| | | 209,600 | | 1,937,667 |
Nintendo Co., Ltd.
| | | 33,900 | | 13,066,361 |
Nippon Accommodations Fund, Inc. REIT (c)
| | | 119 | | 643,750 |
Nippon Building Fund, Inc. REIT
| | | 284 | | 1,904,645 |
Nippon Electric Glass Co., Ltd.
| | | 4,000 | | 53,652 |
Nippon Express Co., Ltd.
| | | 27,000 | | 1,323,051 |
Nippon Paint Holdings Co., Ltd.
| | | 100,500 | | 5,269,140 |
Nippon Paper Industries Co., Ltd.
| | | 4,200 | | 59,875 |
Nippon Prologis REIT, Inc.
| | | 984 | | 2,471,963 |
NIPPON REIT Investment Corp.
| | | 97 | | 286,629 |
Nippon Shinyaku Co., Ltd.
| | | 18,500 | | 1,453,198 |
Nippon Steel Corp.
| | | 307,600 | | 2,636,775 |
Nippon Suisan Kaisha, Ltd.
| | | 634,500 | | 2,809,421 |
Nippon Telegraph & Telephone Corp.
| | | 421,000 | | 10,043,865 |
Nippon Television Holdings, Inc.
| | | 2,000 | | 22,324 |
Nippon Yusen KK
| | | 16,555 | | 197,209 |
Nipro Corp.
| | | 77,700 | | 914,795 |
Nishi-Nippon Railroad Co., Ltd. (c)
| | | 16,000 | | 393,794 |
Nissan Chemical Corp.
| | | 24,900 | | 908,768 |
Nissan Motor Co., Ltd.
| | | 829,741 | | 2,740,824 |
Nissei ASB Machine Co., Ltd.
| | | 4,300 | | 125,071 |
Nisshin Seifun Group, Inc.
| | | 102,000 | | 1,702,598 |
Nissin Foods Holdings Co., Ltd.
| | | 10,400 | | 867,028 |
Nitori Holdings Co., Ltd.
| | | 14,600 | | 1,971,822 |
Nitto Denko Corp.
| | | 100,200 | | 4,478,394 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
NOF Corp.
| | | 11,300 | | $359,029 |
NOK Corp.
| | | 5,700 | | 62,990 |
Nomura Holdings, Inc.
| | | 1,262,485 | | 5,353,764 |
Nomura Real Estate Holdings, Inc.
| | | 33,900 | | 551,105 |
Nomura Real Estate Master Fund, Inc. REIT
| | | 1,083 | | 1,370,365 |
Nomura Research Institute, Ltd.
| | | 73,400 | | 1,555,641 |
NSK, Ltd.
| | | 108,600 | | 698,146 |
NTN Corp.
| | | 191,700 | | 335,615 |
NTT Data Corp.
| | | 419,600 | | 4,042,277 |
NTT DOCOMO, Inc.
| | | 346,800 | | 10,848,442 |
Obayashi Corp.
| | | 211,750 | | 1,816,317 |
Obic Co., Ltd.
| | | 8,000 | | 1,049,326 |
Odakyu Electric Railway Co., Ltd.
| | | 106,999 | | 2,350,995 |
Ogaki Kyoritsu Bank, Ltd.
| | | 16,555 | | 333,538 |
Oji Holdings Corp.
| | | 226,400 | | 1,214,261 |
Oki Electric Industry Co., Ltd.
| | | 3,600 | | 33,814 |
Olympus Corp.
| | | 423,200 | | 6,123,277 |
Omron Corp.
| | | 100,100 | | 5,220,351 |
OncoTherapy Science, Inc. (b)(c)
| | | 190,700 | | 109,522 |
Ono Pharmaceutical Co., Ltd.
| | | 204,900 | | 4,718,460 |
Oracle Corp. Japan
| | | 8,500 | | 743,273 |
Oriental Land Co., Ltd. (c)
| | | 102,800 | | 13,160,076 |
ORIX Corp.
| | | 419,700 | | 5,055,994 |
Orix JREIT, Inc.
| | | 969 | | 1,274,587 |
Osaka Gas Co., Ltd.
| | | 116,100 | | 2,189,612 |
Otsuka Corp.
| | | 28,300 | | 1,211,116 |
Otsuka Holdings Co., Ltd.
| | | 205,700 | | 8,061,847 |
PALTAC Corp.
| | | 12,000 | | 599,139 |
Pan Pacific International Holdings Corp.
| | | 136,500 | | 2,590,788 |
Panasonic Corp.
| | | 751,250 | | 5,741,107 |
Park24 Co., Ltd.
| | | 5,100 | | 75,162 |
Penta-Ocean Construction Co., Ltd.
| | | 94,100 | | 495,974 |
PeptiDream, Inc. (b)
| | | 25,100 | | 876,541 |
Persol Holdings Co., Ltd.
| | | 92,000 | | 925,497 |
Pigeon Corp. (c)
| | | 100,900 | | 3,874,119 |
Pilot Corp.
| | | 15,200 | | 506,174 |
Pola Orbis Holdings, Inc.
| | | 4,800 | | 88,704 |
Premier Investment Corp. REIT
| | | 285 | | 314,423 |
Rakuten, Inc.
| | | 212,000 | | 1,610,301 |
Raysum Co., Ltd. (c)
| | | 3,300 | | 20,175 |
Recruit Holdings Co., Ltd.
| | | 519,900 | | 13,465,244 |
Relo Group, Inc.
| | | 10,000 | | 209,995 |
Renesas Electronics Corp. (b)
| | | 101,300 | | 365,020 |
Rengo Co., Ltd.
| | | 113,500 | | 885,248 |
ReproCELL, Inc. (b)(c)
| | | 211,200 | | 717,988 |
Resona Holdings, Inc.
| | | 731,200 | | 2,202,642 |
Ricoh Co., Ltd. (c)
| | | 208,200 | | 1,531,294 |
Ringer Hut Co., Ltd. (c)
| | | 900 | | 17,224 |
Rinnai Corp.
| | | 5,100 | | 361,401 |
Riso Kyoiku Co., Ltd. (c)
| | | 331,518 | | 878,275 |
Rock Field Co., Ltd. (c)
| | | 207,000 | | 2,812,922 |
| Security Description | | | Shares | | Value |
Rohm Co., Ltd.
| | | 12,300 | | $675,643 |
Rohto Pharmaceutical Co., Ltd.
| | | 28,501 | | 781,464 |
Ryohin Keikaku Co., Ltd.
| | | 68,500 | | 770,312 |
San-In Godo Bank, Ltd.
| | | 99,050 | | 501,879 |
Sankyo Co., Ltd.
| | | 10,000 | | 291,325 |
Sankyu, Inc.
| | | 7,300 | | 272,850 |
Sanrio Co., Ltd. (c)
| | | 3,900 | | 51,913 |
Santen Pharmaceutical Co., Ltd.
| | | 108,700 | | 1,870,822 |
Sanwa Holdings Corp.
| | | 99,300 | | 776,335 |
Sapporo Holdings, Ltd.
| | | 17,300 | | 319,382 |
Sawai Pharmaceutical Co., Ltd.
| | | 12,300 | | 657,413 |
SBI Holdings, Inc.
| | | 99,900 | | 1,460,258 |
SCREEN Holdings Co., Ltd. (c)
| | | 13,100 | | 485,387 |
SCSK Corp.
| | | 13,100 | | 584,285 |
Secom Co., Ltd.
| | | 105,148 | | 8,740,662 |
Sega Sammy Holdings, Inc.
| | | 87,200 | | 1,062,183 |
Seibu Holdings, Inc.
| | | 100,800 | | 1,109,262 |
Seiko Epson Corp. (c)
| | | 109,000 | | 1,181,326 |
Seino Holdings Co., Ltd.
| | | 100,000 | | 1,086,564 |
Sekisui Chemical Co., Ltd.
| | | 107,800 | | 1,430,943 |
Sekisui House Reit, Inc.
| | | 1,956 | | 1,253,811 |
Sekisui House, Ltd.
| | | 209,600 | | 3,464,695 |
Seria Co., Ltd.
| | | 3,800 | | 110,000 |
Seven & i Holdings Co., Ltd.
| | | 314,728 | | 10,425,338 |
Seven Bank, Ltd.
| | | 213,100 | | 550,738 |
SG Holdings Co., Ltd.
| | | 89,300 | | 2,128,377 |
Sharp Corp.
| | | 70,100 | | 737,006 |
Shiga Bank, Ltd. (c)
| | | 2,310 | | 54,950 |
Shikoku Bank, Ltd.
| | | 1,820 | | 14,381 |
Shikoku Electric Power Co., Inc.
| | | 100,100 | | 791,861 |
Shimadzu Corp.
| | | 105,800 | | 2,788,208 |
Shimamura Co., Ltd.
| | | 1,400 | | 84,554 |
Shimano, Inc.
| | | 14,200 | | 2,030,920 |
Shimizu Corp.
| | | 208,313 | | 1,630,536 |
Shin-Etsu Chemical Co., Ltd.
| | | 114,317 | | 11,362,340 |
Shinsei Bank, Ltd. (b)(c)
| | | 51,200 | | 683,900 |
Shionogi & Co., Ltd.
| | | 104,700 | | 5,156,685 |
Ship Healthcare Holdings, Inc.
| | | 9,600 | | 393,497 |
Shiseido Co., Ltd.
| | | 113,500 | | 6,709,805 |
Shizuoka Bank, Ltd.
| | | 198,000 | | 1,205,002 |
SHO-BOND Holdings Co., Ltd.
| | | 17,600 | | 704,293 |
Shochiku Co., Ltd.
| | | 3,400 | | 381,715 |
Showa Denko KK
| | | 77,600 | | 1,607,996 |
Skylark Holdings Co., Ltd. (c)
| | | 93,800 | | 1,391,947 |
SMC Corp.
| | | 17,500 | | 7,416,285 |
SMS Co., Ltd.
| | | 123,700 | | 2,398,259 |
Softbank Corp. (c)
| | | 329,100 | | 4,190,153 |
SoftBank Group Corp.
| | | 553,972 | | 19,438,154 |
Sohgo Security Services Co., Ltd.
| | | 26,200 | | 1,276,569 |
Sojitz Corp.
| | | 415,400 | | 977,366 |
Sompo Holdings, Inc.
| | | 210,600 | | 6,521,567 |
Sony Corp.
| | | 417,820 | | 24,851,301 |
Sony Financial Holdings, Inc.
| | | 97,300 | | 1,646,678 |
Sotetsu Holdings, Inc.
| | | 11,800 | | 303,102 |
Square Enix Holdings Co., Ltd.
| | | 24,700 | | 1,103,955 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Stanley Electric Co., Ltd.
| | | 92,173 | | $1,820,322 |
Starts Proceed Investment Corp. REIT
| | | 51 | | 84,799 |
Subaru Corp.
| | | 210,100 | | 4,035,407 |
Sugi Holdings Co., Ltd.
| | | 8,100 | | 432,930 |
SUMCO Corp.
| | | 98,000 | | 1,264,545 |
Sumitomo Chemical Co., Ltd.
| | | 1,049,550 | | 3,120,796 |
Sumitomo Corp.
| | | 530,275 | | 6,085,968 |
Sumitomo Dainippon Pharma Co., Ltd.
| | | 86,300 | | 1,121,568 |
Sumitomo Electric Industries, Ltd.
| | | 318,920 | | 3,361,873 |
Sumitomo Forestry Co., Ltd.
| | | 97,000 | | 1,244,454 |
Sumitomo Heavy Industries, Ltd.
| | | 14,800 | | 267,471 |
Sumitomo Metal Mining Co., Ltd.
| | | 36,200 | | 743,751 |
Sumitomo Mitsui Financial Group, Inc.
| | | 422,200 | | 10,258,261 |
Sumitomo Mitsui Trust Holdings, Inc.
| | | 205,855 | | 5,957,029 |
Sumitomo Osaka Cement Co., Ltd.
| | | 8,800 | | 264,110 |
Sumitomo Realty & Development Co., Ltd.
| | | 123,200 | | 3,007,105 |
Sumitomo Rubber Industries, Ltd.
| | | 100,600 | | 949,575 |
Sun Corp. (c)
| | | 3,000 | | 36,154 |
Sun Frontier Fudousan Co., Ltd.
| | | 3,100 | | 23,547 |
Sundrug Co., Ltd.
| | | 3,900 | | 124,997 |
Suntory Beverage & Food, Ltd.
| | | 11,100 | | 420,022 |
Suruga Bank, Ltd. (c)
| | | 99,700 | | 326,931 |
Suzuken Co., Ltd.
| | | 11,800 | | 430,114 |
Suzuki Motor Corp.
| | | 118,400 | | 2,834,559 |
Sysmex Corp.
| | | 90,700 | | 6,591,934 |
T&D Holdings, Inc.
| | | 315,100 | | 2,580,227 |
Tadano, Ltd. (c)
| | | 5,200 | | 37,282 |
Taiheiyo Cement Corp.
| | | 17,700 | | 303,321 |
Taisei Corp.
| | | 90,887 | | 2,782,470 |
Taisho Pharmaceutical Holdings Co., Ltd.
| | | 6,300 | | 387,495 |
Taiyo Nippon Sanso Corp.
| | | 99,300 | | 1,472,644 |
Taiyo Yuden Co., Ltd. (c)
| | | 110,200 | | 2,920,496 |
Takara Holdings, Inc. (c)
| | | 82,400 | | 618,258 |
Takashimaya Co., Ltd.
| | | 10,500 | | 94,637 |
Takeda Pharmaceutical Co., Ltd.
| | | 447,615 | | 13,715,997 |
Takeuchi Manufacturing Co., Ltd.
| | | 107,400 | | 1,341,070 |
TDK Corp.
| | | 16,955 | | 1,316,131 |
TechnoPro Holdings, Inc.
| | | 9,800 | | 460,247 |
Teijin, Ltd.
| | | 210,710 | | 3,571,852 |
Terumo Corp.
| | | 210,600 | | 7,257,024 |
THK Co., Ltd.
| | | 14,200 | | 290,958 |
TIS, Inc.
| | | 62,400 | | 1,032,919 |
Tobu Railway Co., Ltd.
| | | 91,700 | | 3,202,344 |
Toda Corp.
| | | 87,400 | | 509,236 |
Toho Bank, Ltd.
| | | 12,101 | | 30,265 |
| Security Description | | | Shares | | Value |
Toho Co., Ltd.
| | | 99,200 | | $3,032,375 |
Toho Gas Co., Ltd.
| | | 29,600 | | 1,343,523 |
Toho Holdings Co., Ltd.
| | | 13,500 | | 283,493 |
Tohoku Electric Power Co., Inc.
| | | 207,600 | | 2,001,867 |
Tokai Carbon Co., Ltd. (c)
| | | 99,900 | | 825,444 |
Tokio Marine Holdings, Inc.
| | | 247,465 | | 11,346,874 |
Tokuyama Corp.
| | | 9,100 | | 176,344 |
Tokyo Base Co., Ltd. (b)
| | | 17,000 | | 36,691 |
Tokyo Century Corp.
| | | 6,500 | | 203,812 |
Tokyo Dome Corp.
| | | 215,000 | | 1,441,897 |
Tokyo Electric Power Co. Holdings, Inc. (b)
| | | 420,175 | | 1,467,333 |
Tokyo Electron, Ltd.
| | | 89,555 | | 16,885,666 |
Tokyo Gas Co., Ltd.
| | | 98,995 | | 2,343,858 |
Tokyo Tatemono Co., Ltd.
| | | 99,100 | | 1,052,917 |
Tokyu Corp.
| | | 121,975 | | 1,920,777 |
Tokyu Fudosan Holdings Corp.
| | | 109,300 | | 524,454 |
Tokyu REIT, Inc.
| | | 379 | | 496,416 |
Toppan Printing Co., Ltd.
| | | 88,700 | | 1,360,634 |
Toray Industries, Inc.
| | | 1,031,550 | | 4,481,469 |
Toshiba Corp.
| | | 200,651 | | 4,423,597 |
Tosoh Corp.
| | | 96,000 | | 1,093,789 |
TOTO, Ltd.
| | | 84,200 | | 2,803,937 |
Toyo Seikan Group Holdings, Ltd.
| | | 98,000 | | 1,120,207 |
Toyo Suisan Kaisha, Ltd.
| | | 30,900 | | 1,494,123 |
Toyo Tire Corp.
| | | 99,100 | | 1,138,289 |
Toyoda Gosei Co., Ltd.
| | | 16,000 | | 274,781 |
Toyota Industries Corp.
| | | 99,800 | | 4,788,699 |
Toyota Motor Corp.
| | | 789,588 | | 47,548,623 |
Toyota Tsusho Corp.
| | | 99,200 | | 2,339,523 |
Trend Micro, Inc.
| | | 20,000 | | 989,301 |
Tsumura & Co.
| | | 3,500 | | 89,222 |
Tsuruha Holdings, Inc.
| | | 10,000 | | 1,320,921 |
Ube Industries, Ltd.
| | | 5,200 | | 79,815 |
Ulvac, Inc.
| | | 2,600 | | 62,378 |
Unicharm Corp.
| | | 107,600 | | 4,037,679 |
United Urban Investment Corp. REIT
| | | 1,034 | | 1,029,642 |
Ushio, Inc.
| | | 30,600 | | 292,805 |
USS Co., Ltd.
| | | 100,610 | | 1,384,896 |
Wacoal Holdings Corp.
| | | 25,300 | | 550,036 |
Warabeya Nichiyo Holdings Co., Ltd.
| | | 105,200 | | 1,708,264 |
Welcia Holdings Co., Ltd.
| | | 6,500 | | 454,588 |
West Japan Railway Co.
| | | 99,100 | | 6,789,344 |
Workman Co., Ltd. (c)
| | | 5,600 | | 308,128 |
Yakult Honsha Co., Ltd.
| | | 97,600 | | 5,777,074 |
Yamada Denki Co., Ltd.
| | | 529,080 | | 2,112,301 |
Yamagata Bank, Ltd.
| | | 1,634 | | 20,267 |
Yamaguchi Financial Group, Inc.
| | | 12,000 | | 68,028 |
Yamaha Corp.
| | | 100,800 | | 3,935,640 |
Yamaha Motor Co., Ltd.
| | | 101,900 | | 1,233,693 |
Yamanashi Chuo Bank, Ltd.
| | | 1,510 | | 10,295 |
Yamato Holdings Co., Ltd. (c)
| | | 105,800 | | 1,663,124 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Yamazaki Baking Co., Ltd.
| | | 100,000 | | $2,090,686 |
Yaskawa Electric Corp.
| | | 100,700 | | 2,776,001 |
Yokogawa Electric Corp.
| | | 100,400 | | 1,211,812 |
Yokohama Rubber Co., Ltd.
| | | 6,300 | | 78,374 |
Z Holdings Corp.
| | | 316,800 | | 1,021,225 |
Zenkoku Hosho Co., Ltd.
| | | 15,800 | | 496,883 |
Zenrin Co., Ltd.
| | | 2,100 | | 20,561 |
Zensho Holdings Co., Ltd. (c)
| | | 20,500 | | 391,371 |
Zeon Corp.
| | | 87,800 | | 662,028 |
ZOZO, Inc.
| | | 33,800 | | 454,299 |
| | | | | | 1,288,180,721 |
| JORDAN — 0.0% (a) | | | | | |
Hikma Pharmaceuticals PLC
| | | 45,069 | | 1,137,226 |
| LUXEMBOURG — 0.1% | | | | | |
APERAM SA
| | | 14,662 | | 310,174 |
ArcelorMittal SA
| | | 168,625 | | 1,602,492 |
Eurofins Scientific SE (c)
| | | 3,135 | | 1,551,386 |
Millicom International Cellular SA SDR
| | | 19,277 | | 544,006 |
SES SA
| | | 108,729 | | 638,032 |
Tenaris SA
| | | 121,023 | | 740,982 |
| | | | | | 5,387,072 |
| MACAU — 0.0% (a) | | | | | |
MGM China Holdings, Ltd.
| | | 21,600 | | 22,099 |
Wynn Macau, Ltd.
| | | 405,600 | | 616,441 |
| | | | | | 638,540 |
| MALTA — 0.0% (a) | | | | | |
Catena Media PLC (b)(c)
| | | 60,932 | | 96,432 |
Kindred Group PLC SDR
| | | 72,702 | | 271,870 |
| | | | | | 368,302 |
| MEXICO — 0.0% (a) | | | | | |
Fresnillo PLC
| | | 64,268 | | 531,367 |
| NETHERLANDS — 3.7% | | | | | |
Aalberts NV
| | | 30,289 | | 719,197 |
ABN AMRO Bank NV (e)
| | | 130,631 | | 1,072,719 |
Adyen NV (b)(e)
| | | 6,570 | | 5,555,205 |
Aegon NV
| | | 866,781 | | 2,200,789 |
Akzo Nobel NV
| | | 107,209 | | 7,059,284 |
Altice Europe NV (b)
| | | 101,261 | | 392,325 |
Argenx SE (b)
| | | 10,769 | | 1,453,404 |
ASML Holding NV
| | | 138,755 | | 36,912,765 |
ASR Nederland NV
| | | 47,232 | | 1,189,910 |
Euronext NV (e)
| | | 21,943 | | 1,632,418 |
EXOR NV
| | | 31,406 | | 1,619,632 |
Fugro NV (b)
| | | 42,977 | | 175,328 |
Heineken Holding NV (c)
| | | 30,493 | | 2,337,073 |
Heineken NV (c)
| | | 70,545 | | 5,895,205 |
IMCD NV
| | | 16,591 | | 1,178,740 |
ING Groep NV
| | | 1,334,984 | | 7,003,997 |
Just Eat Takeaway (b)(e)
| | | 19,332 | | 1,452,608 |
Koninklijke Ahold Delhaize NV
| | | 483,822 | | 11,299,651 |
Koninklijke DSM NV
| | | 77,125 | | 8,758,733 |
Koninklijke KPN NV
| | | 1,480,617 | | 3,535,146 |
| Security Description | | | Shares | | Value |
Koninklijke Philips NV
| | | 295,854 | | $11,983,566 |
NN Group NV
| | | 110,782 | | 2,990,268 |
NXP Semiconductors NV
| | | 107,094 | | 8,881,305 |
OCI NV (b)(c)
| | | 12,615 | | 151,706 |
Pharming Group NV (b)(c)
| | | 142,919 | | 152,113 |
PostNL NV
| | | 318,313 | | 400,262 |
Prosus NV (b)
| | | 137,498 | | 9,527,424 |
Randstad NV
| | | 20,898 | | 737,669 |
Royal Dutch Shell PLC Class A
| | | 1,330,938 | | 23,417,712 |
Royal Dutch Shell PLC Class B
| | | 1,183,844 | | 19,960,608 |
SBM Offshore NV
| | | 134,775 | | 1,780,498 |
Signify NV (e)
| | | 47,246 | | 917,062 |
uniQure NV (b)(c)
| | | 17,092 | | 811,015 |
Wolters Kluwer NV
| | | 98,003 | | 6,901,521 |
| | | | | | 190,056,858 |
| NEW ZEALAND — 0.4% | | | | | |
a2 Milk Co., Ltd. (b)
| | | 526,855 | | 5,369,229 |
Air New Zealand, Ltd.
| | | 405,263 | | 204,221 |
Auckland International Airport, Ltd.
| | | 188,652 | | 558,093 |
Contact Energy, Ltd.
| | | 225,501 | | 770,045 |
Fisher & Paykel Healthcare Corp., Ltd.
| | | 220,370 | | 3,969,037 |
Fletcher Building, Ltd.
| | | 139,450 | | 289,355 |
Goodman Property Trust REIT
| | | 750,157 | | 953,947 |
Infratil, Ltd.
| | | 363,838 | | 843,393 |
Kiwi Property Group, Ltd.
| | | 872,471 | | 486,210 |
Meridian Energy, Ltd.
| | | 395,235 | | 946,633 |
Ryman Healthcare, Ltd.
| | | 130,603 | | 797,508 |
Spark New Zealand, Ltd.
| | | 578,189 | | 1,400,254 |
Vital Healthcare Property Trust REIT
| | | 714,852 | | 991,692 |
Xero, Ltd. (b)
| | | 33,573 | | 1,395,439 |
| | | | | | 18,975,056 |
| NORWAY — 0.6% | | | | | |
Aker BP ASA
| | | 33,793 | | 426,717 |
Aker Solutions ASA (b)(c)
| | | 45,049 | | 23,663 |
DNB ASA
| | | 388,245 | | 4,316,504 |
DNO ASA (c)
| | | 257,529 | | 71,537 |
Equinor ASA
| | | 376,632 | | 4,703,865 |
Gjensidige Forsikring ASA
| | | 59,449 | | 1,007,989 |
Leroy Seafood Group ASA
| | | 88,407 | | 430,543 |
Mowi ASA
| | | 111,159 | | 1,679,400 |
Nordic Nanovector ASA (b)(c)
| | | 30,475 | | 38,018 |
Norsk Hydro ASA
| | | 651,250 | | 1,402,845 |
Norwegian Finans Holding ASA (b)
| | | 48,833 | | 196,336 |
Orkla ASA
| | | 471,750 | | 3,999,161 |
Salmar ASA
| | | 17,123 | | 566,473 |
Schibsted ASA Class A
| | | 22,103 | | 418,338 |
Schibsted ASA Class B
| | | 21,943 | | 389,085 |
SpareBank 1 SR-Bank ASA
| | | 57,968 | | 326,798 |
Storebrand ASA (c)
| | | 360,991 | | 1,435,232 |
Telenor ASA
| | | 268,849 | | 3,888,979 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
TGS Nopec Geophysical Co. ASA
| | | 36,667 | | $407,838 |
Tomra Systems ASA
| | | 34,604 | | 960,252 |
Yara International ASA
| | | 81,041 | | 2,541,358 |
| | | | | | 29,230,931 |
| PORTUGAL — 0.2% | | | | | |
Banco Comercial Portugues SA Class R
| | | 2,703,886 | | 304,101 |
EDP - Energias de Portugal SA
| | | 1,109,300 | | 4,452,444 |
Galp Energia SGPS SA
| | | 135,156 | | 1,541,578 |
Jeronimo Martins SGPS SA
| | | 77,929 | | 1,405,745 |
Mota-Engil SGPS SA (c)
| | | 175,032 | | 211,259 |
NOS SGPS SA
| | | 414,766 | | 1,388,972 |
Pharol SGPS SA (b)(c)
| | | 479,813 | | 35,906 |
| | | | | | 9,340,005 |
| SINGAPORE — 1.1% | | | | | |
AIMS AMP Capital Industrial REIT
| | | 949,031 | | 693,185 |
Ascendas Real Estate Investment Trust
| | | 734,453 | | 1,459,776 |
Ascott Residence Trust
| | | 1,056,626 | | 586,252 |
Cache Logistics Trust REIT
| | | 1,259,629 | | 411,369 |
CapitaLand Commercial Trust REIT
| | | 843,000 | | 905,847 |
CapitaLand Mall Trust REIT
| | | 722,900 | | 908,797 |
CapitaLand, Ltd.
| | | 2,099,000 | | 4,201,391 |
City Developments, Ltd.
| | | 204,200 | | 1,038,317 |
ComfortDelGro Corp., Ltd.
| | | 635,300 | | 678,201 |
COSCO Shipping International Singapore Co., Ltd. (b)
| | | 3,047,900 | | 363,903 |
DBS Group Holdings, Ltd.
| | | 623,092 | | 8,126,431 |
Genting Singapore, Ltd.
| | | 4,266,264 | | 2,067,438 |
IGG, Inc. (c)
| | | 52,000 | | 31,062 |
Jardine Cycle & Carriage, Ltd.
| | | 3,333 | | 46,044 |
Keppel REIT
| | | 310,709 | | 207,307 |
Keppel Corp., Ltd. (c)
| | | 1,048,175 | | 3,894,263 |
Lippo Malls Indonesia Retail Trust REIT
| | | 6,324,100 | | 519,661 |
Mapletree Commercial Trust REIT
| | | 635,200 | | 816,389 |
Mapletree Logistics Trust REIT
| | | 730,900 | | 811,056 |
Oversea-Chinese Banking Corp., Ltd.
| | | 1,342,956 | | 8,149,131 |
SATS, Ltd.
| | | 209,400 | | 464,729 |
Sembcorp Industries, Ltd.
| | | 311,000 | | 338,554 |
Singapore Airlines, Ltd. (c)
| | | 321,356 | | 1,295,490 |
Singapore Exchange, Ltd.
| | | 309,100 | | 1,995,034 |
Singapore Press Holdings, Ltd. (c)
| | | 523,000 | | 672,185 |
Singapore Technologies Engineering, Ltd.
| | | 216,800 | �� | 475,061 |
Singapore Telecommunications, Ltd.
| | | 2,517,600 | | 4,491,136 |
Soilbuild Business Space REIT
| | | 2,105,184 | | 473,125 |
Suntec Real Estate Investment Trust
| | | 713,200 | | 626,119 |
| Security Description | | | Shares | | Value |
United Overseas Bank, Ltd.
| | | 415,108 | | $5,670,436 |
UOL Group, Ltd.
| | | 208,754 | | 963,243 |
Venture Corp., Ltd.
| | | 91,300 | | 870,134 |
Wilmar International, Ltd.
| | | 1,047,000 | | 2,375,117 |
| | | | | | 56,626,183 |
| SOUTH AFRICA — 0.2% | | | | | |
Anglo American PLC
| | | 503,599 | | 8,844,535 |
Investec PLC
| | | 182,758 | | 344,222 |
| | | | | | 9,188,757 |
| SOUTH KOREA — 4.4% | | | | | |
Advanced Process Systems Corp.
| | | 11,236 | | 226,132 |
Alteogen, Inc. (b)(c)
| | | 8,568 | | 577,136 |
Amorepacific Corp.
| | | 9,583 | | 1,326,435 |
AMOREPACIFIC Group
| | | 9,147 | | 416,268 |
Anterogen Co., Ltd. (b)
| | | 1,931 | | 59,246 |
Asiana Airlines, Inc. (b)
| | | 228,925 | | 633,735 |
BGF retail Co., Ltd.
| | | 2,892 | | 313,586 |
BNK Financial Group, Inc.
| | | 97,132 | | 353,867 |
Celltrion Healthcare Co., Ltd. (b)
| | | 14,615 | | 1,076,901 |
Celltrion, Inc. (b)(c)
| | | 35,697 | | 6,715,089 |
Cheil Worldwide, Inc.
| | | 22,582 | | 294,020 |
CJ CGV Co., Ltd. (b)(c)
| | | 36,408 | | 529,364 |
CJ CheilJedang Corp.
| | | 3,962 | | 702,996 |
CJ ENM Co., Ltd.
| | | 4,933 | | 421,839 |
CMG Pharmaceutical Co., Ltd. (b)
| | | 59,808 | | 180,797 |
CORESTEM, Inc. (b)
| | | 16,913 | | 152,826 |
Coway Co., Ltd.
| | | 11,787 | | 559,649 |
CUROCOM Co., Ltd. (b)(c)
| | | 40,791 | | 83,435 |
Dae Han Flour Mills Co., Ltd.
| | | 13,120 | | 1,212,470 |
Daelim Industrial Co., Ltd.
| | | 8,512 | | 515,328 |
Daewoo Shipbuilding & Marine Engineering Co., Ltd. (b)
| | | 696 | | 7,690 |
DB Insurance Co., Ltd.
| | | 20,452 | | 583,815 |
Deutsch Motors, Inc. (b)(c)
| | | 39,382 | | 190,869 |
Digitech Systems Co., Ltd. (b)(f)
| | | 19,094 | | — |
DIO Corp. (b)
| | | 8,103 | | 168,736 |
Dongwon F&B Co., Ltd.
| | | 7,184 | | 982,574 |
Dongwon Industries Co., Ltd.
| | | 8,182 | | 1,159,400 |
E-MART, Inc.
| | | 5,123 | | 448,186 |
Fila Holdings Corp.
| | | 15,477 | | 369,332 |
GS Engineering & Construction Corp.
| | | 26,720 | | 449,961 |
GS Holdings Corp.
| | | 21,664 | | 654,894 |
GS Home Shopping, Inc.
| | | 7,155 | | 623,017 |
GY Commerce Co., Ltd. (b)(f)
| | | 32,705 | | 30,224 |
Hana Financial Group, Inc.
| | | 79,396 | | 1,506,590 |
Hana Tour Service, Inc. (c)
| | | 24,455 | | 745,291 |
Hancom, Inc. (b)
| | | 52,923 | | 407,351 |
Hankook Shell Oil Co., Ltd.
| | | 3,049 | | 616,137 |
Hankook Tire & Technology Co., Ltd.
| | | 12,305 | | 195,590 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Hanmi Pharm Co., Ltd.
| | | 2,195 | | $471,510 |
Hanmi Science Co., Ltd.
| | | 12,065 | | 267,098 |
Hanon Systems
| | | 81,077 | | 590,753 |
Hanssem Co., Ltd.
| | | 14,153 | | 584,791 |
Hanwha Aerospace Co., Ltd. (b)
| | | 19,851 | | 335,103 |
Hanwha Solutions Corp.
| | | 32,986 | | 363,094 |
Harim Co., Ltd. (b)
| | | 281,481 | | 512,162 |
HDC Hyundai Engineering Plastics Co., Ltd.
| | | 348,517 | | 795,890 |
Helixmith Co., Ltd. (b)
| | | 2,384 | | 134,539 |
HLB, Inc. (b)(c)
| | | 5,342 | | 394,940 |
Hotel Shilla Co., Ltd. (c)
| | | 29,361 | | 1,700,374 |
HS Industries Co., Ltd.
| | | 46,488 | | 261,587 |
Huons Co., Ltd.
| | | 19,778 | | 740,853 |
Huons Global Co., Ltd.
| | | 12,838 | | 269,974 |
Hyundai Construction Equipment Co., Ltd. (b)
| | | 924 | | 11,385 |
Hyundai Electric & Energy System Co., Ltd. (b)
| | | 1,269 | | 6,817 |
Hyundai Elevator Co., Ltd.
| | | 18,389 | | 862,539 |
Hyundai Engineering & Construction Co., Ltd.
| | | 22,001 | | 496,100 |
Hyundai Glovis Co., Ltd.
| | | 3,931 | | 292,561 |
Hyundai Heavy Industries Holdings Co., Ltd.
| | | 5,160 | | 837,146 |
Hyundai Marine & Fire Insurance Co., Ltd.
| | | 33,724 | | 627,468 |
Hyundai Mobis Co., Ltd.
| | | 21,128 | | 2,941,797 |
Hyundai Motor Co.
| | | 47,019 | | 3,425,954 |
Hyundai Motor Co. Preference Shares (d)
| | | 7,657 | | 357,895 |
Hyundai Motor Co. Preference Shares (d)
| | | 10,450 | | 442,946 |
Hyundai Steel Co.
| | | 26,216 | | 386,559 |
Industrial Bank of Korea
| | | 81,905 | | 504,610 |
Inscobee, Inc. (b)
| | | 21,317 | | 41,676 |
Jeil Pharmaceutical Co., Ltd.
| | | 2,711 | | 51,220 |
Jenax, Inc. (b)
| | | 97,728 | | 256,091 |
Kakao Corp.
| | | 12,263 | | 1,566,432 |
Kangstem Biotech Co., Ltd. (b)
| | | 11,022 | | 83,298 |
Kangwon Land, Inc.
| | | 26,177 | | 424,689 |
KB Financial Group, Inc. (c)
| | | 179,194 | | 5,085,762 |
KCC Corp.
| | | 814 | | 86,592 |
KCC Glass Corp. (b)
| | | 660 | | 9,949 |
Kia Motors Corp.
| | | 67,861 | | 1,449,366 |
Kiwi Media Group Co., Ltd. (b)
| | | 164,731 | | 20,298 |
KIWOOM Securities Co., Ltd.
| | | 53,859 | | 3,096,998 |
KMW Co., Ltd. (b)(c)
| | | 11,791 | | 486,227 |
Koh Young Technology, Inc.
| | | 44,035 | | 2,807,012 |
Korea Aerospace Industries, Ltd.
| | | 14,783 | | 254,408 |
Korea Electric Power Corp. ADR (b)(c)
| | | 243,445 | | 1,838,010 |
Korea Investment Holdings Co., Ltd.
| | | 17,610 | | 719,676 |
Korea Shipbuilding & Offshore Engineering Co., Ltd. (b)
| | | 8,177 | | 527,960 |
Korea Zinc Co., Ltd.
| | | 4,165 | | 1,218,006 |
| Security Description | | | Shares | | Value |
Korean Air Lines Co., Ltd. (b)
| | | 27,147 | | $417,011 |
KT&G Corp.
| | | 38,732 | | 2,376,704 |
LG Chem, Ltd.
| | | 13,450 | | 3,369,820 |
LG Chem, Ltd. Preference Shares
| | | 6,117 | | 743,678 |
LG Corp.
| | | 40,433 | | 1,959,623 |
LG Display Co., Ltd. ADR (b)(c)
| | | 316,143 | | 1,403,675 |
LG Display Co., Ltd. (b)
| | | 67,019 | | 611,090 |
LG Electronics, Inc.
| | | 38,393 | | 1,520,140 |
LG Household & Health Care, Ltd.
| | | 3,100 | | 2,852,097 |
LG Innotek Co., Ltd.
| | | 8,076 | | 756,285 |
LG Uplus Corp.
| | | 70,867 | | 628,713 |
Lotte Chemical Corp.
| | | 4,151 | | 658,104 |
Lotte Corp.
| | | 24,204 | | 477,181 |
Lotte Food Co., Ltd.
| | | 2,083 | | 513,328 |
Lotte Shopping Co., Ltd.
| | | 4,105 | | 252,906 |
Medifron DBT Co., Ltd. (b)
| | | 40,385 | | 84,595 |
Medy-Tox, Inc.
| | | 4,495 | | 728,520 |
Meritz Securities Co., Ltd.
| | | 167,157 | | 388,594 |
Mirae Asset Daewoo Co., Ltd.
| | | 119,686 | | 518,130 |
Modetour Network, Inc.
| | | 128,118 | | 1,038,752 |
Muhak Co., Ltd. (b)
| | | 74,032 | | 294,340 |
NAVER Corp.
| | | 49,706 | | 6,941,323 |
NCSoft Corp.
| | | 5,133 | | 2,749,181 |
Netmarble Corp. (b)(c)(e)
| | | 19,498 | | 1,492,762 |
Nexon GT Co., Ltd. (b)
| | | 54,730 | | 191,073 |
NH Investment & Securities Co., Ltd.
| | | 44,786 | | 330,740 |
NHN Entertainment Corp. (b)
| | | 1,964 | | 110,514 |
OCI Co., Ltd. (b)
| | | 3,978 | | 113,718 |
Orientbio, Inc. (b)
| | | 23,446 | | 11,055 |
Orion Corp/Republic of Korea
| | | 5,052 | | 477,250 |
Orion Holdings Corp.
| | | 854 | | 8,453 |
Ottogi Corp.
| | | 2,109 | | 823,781 |
Pharmicell Co., Ltd. (b)
| | | 13,233 | | 223,929 |
POSCO ADR (c)
| | | 122,576 | | 4,002,106 |
Prostemics Co., Ltd. (b)
| | | 30,234 | | 113,003 |
S-1 Corp.
| | | 11,283 | | 741,479 |
Sajo Industries Co., Ltd.
| | | 46,803 | | 907,340 |
Samsung Biologics Co., Ltd. (b)(e)
| | | 4,147 | | 1,641,971 |
Samsung C&T Corp.
| | | 28,618 | | 2,106,356 |
Samsung Electro-Mechanics Co., Ltd.
| | | 17,242 | | 1,383,779 |
Samsung Electronics Co., Ltd. GDR (c)
| | | 66,679 | | 66,212,247 |
Samsung Electronics Co., Ltd. Preference Shares
| | | 230,414 | | 7,589,930 |
Samsung Engineering Co., Ltd. (b)
| | | 39,278 | | 327,491 |
Samsung Fire & Marine Insurance Co., Ltd.
| | | 8,274 | | 1,046,697 |
Samsung Heavy Industries Co., Ltd. (b)
| | | 115,135 | | 368,856 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Samsung Life Insurance Co., Ltd.
| | | 25,256 | | $892,108 |
Samsung SDI Co., Ltd.
| | | 18,371 | | 3,629,380 |
Samsung SDS Co., Ltd.
| | | 11,356 | | 1,394,605 |
Samsung Securities Co., Ltd.
| | | 30,300 | | 730,525 |
Shinhan Financial Group Co., Ltd.
| | | 145,568 | | 3,419,924 |
Shinsegae Food Co., Ltd.
| | | 17,980 | | 697,872 |
Shinsegae, Inc.
| | | 3,090 | | 552,080 |
SillaJen, Inc. (b)(c)
| | | 22,552 | | 245,463 |
SK Bioland Co., Ltd.
| | | 83,419 | | 1,579,503 |
SK Holdings Co., Ltd.
| | | 10,372 | | 1,427,124 |
SK Hynix, Inc.
| | | 177,479 | | 12,144,413 |
SK Innovation Co., Ltd.
| | | 37,404 | | 2,673,141 |
SK Telecom Co., Ltd. ADR
| | | 190,680 | | 3,102,364 |
S-Oil Corp.
| | | 12,379 | | 580,639 |
SundayToz Corp. (b)
| | | 7,386 | | 93,739 |
Wonpung Mulsan Co., Ltd. (b)
| | | 61,441 | | 116,084 |
Woori Financial Group, Inc.
| | | 152,346 | | 957,364 |
Youlchon Chemical Co., Ltd.
| | | 67,745 | | 684,490 |
Yuhan Corp.
| | | 2,939 | | 552,866 |
Yungjin Pharmaceutical Co., Ltd. (b)
| | | 27,216 | | 108,430 |
| | | | | | 221,221,325 |
| SPAIN — 2.1% | | | | | |
Abertis Infraestructuras SA (b)(c)
| | | 1,675 | | 11,891 |
Acciona SA
| | | 8,404 | | 897,693 |
Acerinox SA
| | | 46,121 | | 314,366 |
ACS Actividades de Construccion y Servicios SA
| | | 72,250 | | 1,412,308 |
Aena SME SA (e)
| | | 24,036 | | 2,624,692 |
Almirall SA
| | | 18,030 | | 208,517 |
Amadeus IT Group SA
| | | 145,405 | | 6,892,374 |
Applus Services SA
| | | 40,816 | | 261,994 |
Atresmedia Corp. de Medios de Comunicacion SA
| | | 73,959 | | 202,879 |
Banco Bilbao Vizcaya Argentaria SA
| | | 2,204,275 | | 7,051,550 |
Banco de Sabadell SA
| | | 1,578,770 | | 812,452 |
Banco Santander SA
| | | 5,169,661 | | 12,581,411 |
Bankia SA (c)
| | | 242,615 | | 271,001 |
Bankinter SA
| | | 266,645 | | 978,375 |
Bolsas y Mercados Espanoles SHMSF SA
| | | 19,908 | | 722,165 |
CaixaBank SA
| | | 1,134,504 | | 2,116,220 |
Cellnex Telecom SA (e)
| | | 78,902 | | 3,588,544 |
Cia de Distribucion Integral Logista Holdings SA
| | | 12,612 | | 201,904 |
CIE Automotive SA
| | | 17,639 | | 272,123 |
Ebro Foods SA
| | | 33,519 | | 684,452 |
Enagas SA
| | | 73,782 | | 1,464,923 |
Endesa SA
| | | 100,255 | | 2,141,794 |
Faes Farma SA
| | | 97,195 | | 378,065 |
Ferrovial SA
| | | 151,730 | | 3,641,045 |
Gestamp Automocion SA (e)
| | | 54,678 | | 139,429 |
| Security Description | | | Shares | | Value |
Grifols SA
| | | 133,155 | | $4,529,236 |
Grifols SA ADR
| | | 82,186 | | 1,655,226 |
Iberdrola SA
| | | 1,748,120 | | 17,232,438 |
Indra Sistemas SA (b)
| | | 162,476 | | 1,337,076 |
Industria de Diseno Textil SA
| | | 360,874 | | 9,368,630 |
Inmobiliaria Colonial Socimi SA REIT
| | | 94,966 | | 899,780 |
Let's GOWEX SA (b)(c)(f)
| | | 4,019 | | — |
Mapfre SA
| | | 312,587 | | 533,858 |
Masmovil Ibercom SA (b)
| | | 22,451 | | 352,272 |
Mediaset Espana Comunicacion SA
| | | 65,796 | | 243,729 |
Melia Hotels International SA
| | | 34,868 | | 148,445 |
Merlin Properties Socimi SA REIT
| | | 102,316 | | 771,269 |
Naturgy Energy Group SA
| | | 116,866 | | 2,066,447 |
Pharma Mar SA (b)(c)
| | | 343,050 | | 1,639,650 |
Prosegur Cia de Seguridad SA
| | | 85,966 | | 215,818 |
Red Electrica Corp. SA
| | | 140,879 | | 2,529,694 |
Repsol SA
| | | 516,123 | | 4,718,546 |
Sacyr SA
| | | 187,079 | | 285,739 |
Siemens Gamesa Renewable Energy SA
| | | 72,683 | | 1,094,987 |
Telefonica SA
| | | 1,497,708 | | 6,858,566 |
Viscofan SA
| | | 13,635 | | 745,657 |
Zardoya Otis SA
| | | 56,622 | | 382,090 |
| | | | | | 107,481,320 |
| SWEDEN — 2.6% | | | | | |
AAK AB
| | | 55,148 | | 901,164 |
Alfa Laval AB
| | | 270,734 | | 4,706,837 |
Arjo AB Class B
| | | 24,072 | | 120,121 |
Assa Abloy AB Class B
| | | 321,893 | | 6,098,218 |
Atlas Copco AB Class A
| | | 207,561 | | 6,995,026 |
Atlas Copco AB Class B
| | | 127,197 | | 3,761,592 |
Beijer Ref AB
| | | 22,217 | | 400,941 |
Bilia AB Class A
| | | 97,936 | | 605,940 |
BillerudKorsnas AB
| | | 57,681 | | 631,669 |
Boliden AB
| | | 86,471 | | 1,582,324 |
Bravida Holding AB (e)
| | | 63,508 | | 449,659 |
Castellum AB
| | | 86,517 | | 1,467,026 |
Dometic Group AB (e)
| | | 93,979 | | 420,395 |
Electrolux AB Class B
| | | 157,092 | | 1,962,917 |
Electrolux Professional AB Class B (b)
| | | 2,448 | | 7,042 |
Elekta AB Class B (c)
| | | 84,547 | | 701,451 |
Epiroc AB Class A
| | | 207,561 | | 2,062,684 |
Epiroc AB Class B
| | | 127,187 | | 1,263,436 |
Essity AB Class B
| | | 192,757 | | 5,953,313 |
Fabege AB
| | | 88,737 | | 1,140,146 |
Fastighets AB Balder Class B (b)
| | | 30,532 | | 1,100,147 |
Getinge AB Class B
| | | 32,577 | | 627,031 |
Hennes & Mauritz AB Class B (c)
| | | 331,333 | | 4,280,572 |
Hexagon AB Class B
| | | 84,317 | | 3,608,346 |
Hexpol AB
| | | 101,381 | | 609,860 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Holmen AB Class B
| | | 31,444 | | $865,783 |
Husqvarna AB Class B
| | | 133,745 | | 674,145 |
ICA Gruppen AB (c)
| | | 25,131 | | 1,060,008 |
Industrivarden AB Class A
| | | 63,218 | | 1,235,302 |
Industrivarden AB Class C
| | | 53,296 | | 1,043,037 |
Indutrade AB
| | | 28,292 | | 771,000 |
Intrum AB (c)
| | | 23,122 | | 308,871 |
Investment AB Latour Class B
| | | 39,141 | | 559,400 |
Investor AB Class B
| | | 127,012 | | 5,859,804 |
JM AB (c)
| | | 26,307 | | 458,422 |
Karo Pharma AB (b)(c)
| | | 419,650 | | 1,926,348 |
Kinnevik AB Class B
| | | 104,554 | | 1,742,268 |
KNOW IT AB
| | | 124,370 | | 1,707,189 |
Kungsleden AB
| | | 56,466 | | 427,440 |
L E Lundbergforetagen AB Class B
| | | 23,138 | | 950,957 |
Loomis AB Class B
| | | 23,032 | | 469,581 |
Lundin Petroleum AB
| | | 73,871 | | 1,420,352 |
Modern Times Group MTG AB Class B (b)
| | | 5,120 | | 40,256 |
NetEnt AB
| | | 461,564 | | 1,153,013 |
Nibe Industrier AB Class B
| | | 122,470 | | 1,787,414 |
Nordic Entertainment Group AB Class B
| | | 5,075 | | 107,260 |
Pandox AB
| | | 23,969 | | 198,377 |
Saab AB Class B (c)
| | | 31,916 | | 615,114 |
Samhallsbyggnadsbolaget i Norden AB
| | | 264,753 | | 507,717 |
Sandvik AB
| | | 499,906 | | 7,126,954 |
Securitas AB Class B
| | | 104,058 | | 1,128,519 |
Skandinaviska Enskilda Banken AB Class A
| | | 564,387 | | 3,826,874 |
Skanska AB Class B (b)(c)
| | | 129,928 | | 1,986,091 |
SKF AB Class B (c)
| | | 118,728 | | 1,638,132 |
SSAB AB Class B (c)
| | | 199,024 | | 441,329 |
Svenska Cellulosa AB SCA Class B (c)
| | | 160,301 | | 1,625,224 |
Svenska Handelsbanken AB Class A (b)
| | | 483,428 | | 4,056,663 |
Swedbank AB Class A
| | | 334,505 | | 3,742,531 |
Swedish Match AB (c)
| | | 51,395 | | 2,946,432 |
Swedish Orphan Biovitrum AB (b)
| | | 71,667 | | 1,222,456 |
Tele2 AB Class B
| | | 278,118 | | 3,744,657 |
Telefonaktiebolaget LM Ericsson Class B
| | | 1,120,177 | | 9,164,745 |
Telia Co. AB (c)
| | | 467,249 | | 1,683,619 |
Tethys Oil AB
| | | 100,195 | | 482,787 |
Thule Group AB (e)
| | | 28,883 | | 503,748 |
Trelleborg AB Class B
| | | 78,976 | | 855,706 |
Volvo AB Class A
| | | 113,667 | | 1,367,533 |
Volvo AB Class B
| | | 514,507 | | 6,205,637 |
Wallenstam AB Class B
| | | 66,397 | | 757,276 |
Wihlborgs Fastigheter AB
| | | 42,305 | | 590,529 |
| | | | | | 132,444,357 |
| Security Description | | | Shares | | Value |
| SWITZERLAND — 8.7% | | | | | |
ABB, Ltd.
| | | 650,649 | | $11,435,364 |
Adecco Group AG
| | | 97,140 | | 3,829,176 |
Alcon, Inc. (b)
| | | 167,001 | | 8,514,453 |
Aryzta AG (b)
| | | 129,965 | | 46,745 |
Baloise Holding AG
| | | 15,814 | | 2,074,101 |
Barry Callebaut AG
| | | 999 | | 2,003,059 |
Belimo Holding AG
| | | 108 | | 698,755 |
Bucher Industries AG
| | | 2,086 | | 553,651 |
Cembra Money Bank AG
| | | 8,706 | | 802,620 |
Chocoladefabriken Lindt & Spruengli AG (d)
| | | 200 | | 1,685,701 |
Chocoladefabriken Lindt & Spruengli AG (d)
| | | 12 | | 1,046,768 |
Cie Financiere Richemont SA
| | | 169,739 | | 9,308,409 |
Clariant AG
| | | 92,767 | | 1,559,460 |
Coca-Cola HBC AG
| | | 56,616 | | 1,219,392 |
Comet Holding AG
| | | 17,766 | | 1,833,430 |
Credit Suisse Group AG
| | | 604,868 | | 5,001,234 |
DKSH Holding AG
| | | 9,921 | | 492,384 |
Dufry AG
| | | 10,460 | | 325,189 |
EMS-Chemie Holding AG
| | | 2,112 | | 1,328,254 |
Flughafen Zurich AG
| | | 6,226 | | 701,394 |
Galenica AG (e)
| | | 15,649 | | 1,067,473 |
Geberit AG
| | | 12,558 | | 5,529,128 |
Georg Fischer AG
| | | 1,086 | | 750,901 |
Givaudan SA
| | | 3,124 | | 9,670,177 |
Glencore PLC
| | | 3,825,647 | | 5,872,591 |
Helvetia Holding AG
| | | 10,269 | | 884,097 |
Idorsia, Ltd. (b)
| | | 31,571 | | 822,272 |
IWG PLC
| | | 221,093 | | 472,625 |
Julius Baer Group, Ltd.
| | | 107,005 | | 3,652,912 |
Kuehne + Nagel International AG
| | | 38,860 | | 5,335,694 |
LafargeHolcim, Ltd. (d)
| | | 197,290 | | 7,210,143 |
LafargeHolcim, Ltd. (d)
| | | 3,268 | | 118,224 |
Leonteq AG (b)(c)
| | | 14,726 | | 579,573 |
Logitech International SA
| | | 54,564 | | 2,359,524 |
Lonza Group AG
| | | 22,018 | | 9,152,643 |
Meyer Burger Technology AG (b)(c)
| | | 40,850 | | 6,506 |
Mobimo Holding AG
| | | 2,071 | | 578,994 |
Nestle SA
| | | 917,485 | | 94,304,050 |
Novartis AG
| | | 820,428 | | 67,708,310 |
OC Oerlikon Corp. AG
| | | 60,418 | | 484,568 |
Pargesa Holding SA
| | | 10,583 | | 701,669 |
Partners Group Holding AG
| | | 6,224 | | 4,307,364 |
PSP Swiss Property AG
| | | 12,588 | | 1,570,329 |
Roche Holding AG Bearer Shares
| | | 1 | | 321 |
Roche Holding AG
| | | 230,569 | | 74,838,711 |
Schindler Holding AG (d)
| | | 14,632 | | 3,212,068 |
Schindler Holding AG (d)
| | | 7,381 | | 1,559,275 |
SGS SA
| | | 2,041 | | 4,729,391 |
Sika AG
| | | 55,141 | | 9,115,604 |
Sonova Holding AG
| | | 17,909 | | 3,228,081 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
STMicroelectronics NV
| | | 265,374 | | $5,787,237 |
Straumann Holding AG
| | | 3,171 | | 2,364,280 |
Sulzer AG
| | | 24,566 | | 1,551,323 |
Sunrise Communications Group AG (e)
| | | 10,531 | | 847,879 |
Swatch Group AG (d)
| | | 9,600 | | 1,919,405 |
Swatch Group AG (d)
| | | 18,898 | | 743,771 |
Swiss Life Holding AG
| | | 10,469 | | 3,564,145 |
Swiss Prime Site AG
| | | 22,986 | | 2,250,967 |
Swiss Re AG
| | | 113,593 | | 8,753,547 |
Swisscom AG (c)
| | | 8,363 | | 4,496,339 |
Temenos AG
| | | 31,415 | | 4,120,266 |
u-blox Holding AG
| | | 5,305 | | 325,960 |
UBS Group AG
| | | 1,098,231 | | 10,267,787 |
VAT Group AG (e)
| | | 8,143 | | 1,127,758 |
Vifor Pharma AG
| | | 11,631 | | 1,607,820 |
Zurich Insurance Group AG
| | | 50,123 | | 17,789,508 |
| | | | | | 441,800,749 |
| THAILAND — 0.0% (a) | | | | | |
Sea, Ltd. ADR (b)(c)
| | | 43,593 | | 1,931,606 |
| UNITED ARAB EMIRATES — 0.0% (a) | | | | | |
NMC Health PLC (f)
| | | 25,119 | | 73,069 |
| UNITED KINGDOM — 11.8% | | | | | |
3i Group PLC
| | | 311,790 | | 3,062,678 |
Admiral Group PLC
| | | 79,395 | | 2,195,342 |
Afren PLC (c)(f)
| | | 55,933 | | — |
Aggreko PLC
| | | 70,587 | | 426,594 |
Ashtead Group PLC
| | | 142,236 | | 3,113,734 |
Associated British Foods PLC
| | | 115,743 | | 2,603,372 |
AstraZeneca PLC
| | | 439,710 | | 39,342,967 |
Auto Trader Group PLC (e)
| | | 241,505 | | 1,314,903 |
AVEVA Group PLC
| | | 20,614 | | 893,078 |
Aviva PLC
| | | 1,649,084 | | 5,490,240 |
Avon Rubber PLC
| | | 148,806 | | 4,253,002 |
B&M European Value Retail SA (c)
| | | 251,115 | | 858,759 |
Babcock International Group PLC
| | | 167,733 | | 796,982 |
BAE Systems PLC
| | | 1,013,489 | | 6,557,335 |
Balfour Beatty PLC
| | | 869,936 | | 2,336,415 |
Barclays PLC
| | | 4,558,581 | | 5,319,486 |
Barratt Developments PLC
| | | 521,574 | | 2,852,066 |
Beazley PLC
| | | 171,008 | | 828,234 |
Bellway PLC
| | | 32,593 | | 871,319 |
Berkeley Group Holdings PLC
| | | 34,561 | | 1,549,169 |
Big Yellow Group PLC REIT
| | | 90,306 | | 1,124,228 |
BP PLC
| | | 6,384,052 | | 27,246,550 |
British American Tobacco PLC
| | | 721,669 | | 24,688,460 |
British Land Co. PLC REIT
| | | 560,025 | | 2,334,583 |
Britvic PLC
| | | 69,696 | | 606,233 |
BT Group PLC
| | | 3,057,060 | | 4,469,120 |
Bunzl PLC
| | | 107,571 | | 2,173,471 |
Burberry Group PLC
| | | 177,743 | | 2,919,098 |
| Security Description | | | Shares | | Value |
Cairn Energy PLC (b)
| | | 141,700 | | $135,993 |
Capita PLC (b)
| | | 751,354 | | 304,740 |
Capital & Counties Properties PLC REIT
| | | 242,021 | | 497,856 |
Centrica PLC
| | | 2,213,458 | | 1,045,135 |
Cineworld Group PLC
| | | 386,562 | | 237,885 |
Close Brothers Group PLC
| | | 48,417 | | 679,592 |
CNH Industrial NV
| | | 322,357 | | 1,844,932 |
Coca-Cola European Partners PLC
| | | 74,834 | | 2,808,520 |
Compass Group PLC
| | | 541,739 | | 8,490,659 |
Croda International PLC
| | | 41,986 | | 2,224,027 |
Daily Mail & General Trust PLC Class A
| | | 39,449 | | 333,599 |
DCC PLC
| | | 27,330 | | 1,728,280 |
Dechra Pharmaceuticals PLC
| | | 41,282 | | 1,203,933 |
Derwent London PLC REIT
| | | 36,651 | | 1,486,065 |
Diageo PLC
| | | 757,291 | | 24,287,316 |
Dialog Semiconductor PLC (b)
| | | 25,193 | | 681,124 |
Direct Line Insurance Group PLC
| | | 463,878 | | 1,701,974 |
Dixons Carphone PLC
| | | 328,930 | | 318,455 |
Drax Group PLC
| | | 124,398 | | 237,078 |
DS Smith PLC
| | | 221,859 | | 757,609 |
easyJet PLC (c)
| | | 81,197 | | 574,884 |
Electrocomponents PLC
| | | 178,102 | | 1,139,964 |
Experian PLC
| | | 358,851 | | 10,015,990 |
Fiat Chrysler Automobiles NV
| | | 345,678 | | 2,492,729 |
Firstgroup PLC (b)
| | | 1,120,648 | | 701,027 |
Frasers Group PLC (b)
| | | 50,312 | | 113,914 |
G4S PLC
| | | 1,174,415 | | 1,344,088 |
GlaxoSmithKline PLC
| | | 1,685,485 | | 31,653,890 |
Grafton Group PLC
| | | 70,546 | | 464,484 |
Great Portland Estates PLC REIT
| | | 91,336 | | 771,473 |
GVC Holdings PLC
| | | 177,217 | | 1,232,743 |
GW Pharmaceuticals PLC ADR (b)(c)
| | | 9,355 | | 819,217 |
Halma PLC
| | | 122,694 | | 2,922,503 |
Hammerson PLC REIT (c)
| | | 238,620 | | 228,950 |
Hargreaves Lansdown PLC
| | | 63,598 | | 1,092,977 |
Hays PLC
| | | 448,042 | | 639,993 |
Hiscox, Ltd.
| | | 94,861 | | 1,088,012 |
HomeServe PLC
| | | 129,635 | | 1,700,639 |
Howden Joinery Group PLC
| | | 192,255 | | 1,220,540 |
HSBC Holdings PLC
| | | 6,394,150 | | 36,014,882 |
IG Group Holdings PLC
| | | 117,115 | | 1,005,191 |
IMI PLC
| | | 74,833 | | 693,506 |
Imperial Brands PLC
| | | 309,656 | | 5,747,084 |
Inchcape PLC
| | | 134,268 | | 721,216 |
Indivior PLC (b)
| | | 260,451 | | 147,102 |
Informa PLC
| | | 385,206 | | 2,114,018 |
InterContinental Hotels Group PLC
| | | 63,970 | | 2,788,481 |
Intermediate Capital Group PLC
| | | 95,659 | | 1,063,360 |
International Consolidated Airlines Group SA
| | | 219,126 | | 584,438 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
International Personal Finance PLC
| | | 108,547 | | $102,560 |
Intertek Group PLC
| | | 54,142 | | 3,172,724 |
Intu Properties PLC REIT (b)(c)
| | | 256,486 | | 14,165 |
ITV PLC
| | | 1,176,612 | | 963,192 |
J Sainsbury PLC
| | | 791,952 | | 2,066,088 |
JD Sports Fashion PLC
| | | 133,589 | | 758,151 |
John Wood Group PLC
| | | 336,096 | | 648,659 |
Johnson Matthey PLC
| | | 64,095 | | 1,428,953 |
Keller Group PLC
| | | 32,477 | | 211,820 |
Kingfisher PLC
| | | 1,258,305 | | 2,245,179 |
Lancashire Holdings, Ltd.
| | | 64,128 | | 493,394 |
Land Securities Group PLC REIT
| | | 396,500 | | 2,737,453 |
Legal & General Group PLC
| | | 1,898,428 | | 4,563,144 |
Lloyds Banking Group PLC
| | | 22,516,220 | | 8,934,077 |
London Stock Exchange Group PLC
| | | 100,089 | | 9,034,871 |
LondonMetric Property PLC REIT
| | | 220,753 | | 481,478 |
M&G PLC (b)
| | | 819,646 | | 1,144,377 |
Man Group PLC
| | | 885,554 | | 1,367,612 |
Marks & Spencer Group PLC
| | | 969,783 | | 1,193,344 |
Meggitt PLC
| | | 203,212 | | 731,477 |
Melrose Industries PLC
| | | 1,493,886 | | 1,694,895 |
Micro Focus International PLC
| | | 115,388 | | 572,302 |
Mondi PLC
| | | 234,222 | | 4,010,750 |
National Grid PLC
| | | 1,236,965 | | 14,518,714 |
Next PLC
| | | 68,622 | | 3,464,778 |
Ninety One PLC (b)
| | | 91,386 | | 195,920 |
Nomad Foods, Ltd. (b)
| | | 65,720 | | 1,219,763 |
Ocado Group PLC (b)
| | | 128,371 | | 1,941,919 |
Pearson PLC
| | | 383,025 | | 2,624,474 |
Pennon Group PLC
| | | 133,784 | | 1,800,687 |
Persimmon PLC
| | | 40,552 | | 963,663 |
Petrofac, Ltd.
| | | 76,922 | | 186,562 |
Phoenix Group Holdings PLC
| | | 180,381 | | 1,401,475 |
Provident Financial PLC
| | | 35,617 | | 95,879 |
Prudential PLC
| | | 819,646 | | 10,523,996 |
Quilter PLC (e)
| | | 756,152 | | 1,106,357 |
Reckitt Benckiser Group PLC
| | | 230,298 | | 17,561,820 |
Redrow PLC
| | | 66,082 | | 294,569 |
RELX PLC (d)
| | | 404,337 | | 8,683,516 |
RELX PLC (d)
| | | 328,602 | | 7,063,345 |
Rentokil Initial PLC
| | | 593,892 | | 2,855,746 |
Rightmove PLC
| | | 327,411 | | 1,978,714 |
Rio Tinto PLC
| | | 379,522 | | 17,498,829 |
Rio Tinto, Ltd.
| | | 126,505 | | 6,548,036 |
Rolls-Royce Holdings PLC
| | | 688,905 | | 2,909,432 |
Rotork PLC
| | | 351,466 | | 937,407 |
Royal Bank of Scotland Group PLC
| | | 1,440,276 | | 2,016,248 |
Royal Mail PLC
| | | 146,814 | | 227,917 |
RSA Insurance Group PLC
| | | 438,459 | | 2,285,577 |
Sage Group PLC
| | | 360,235 | | 2,643,414 |
Schroders PLC
| | | 36,670 | | 1,129,449 |
| Security Description | | | Shares | | Value |
Segro PLC REIT
| | | 308,319 | | $2,920,774 |
Serco Group PLC (b)
| | | 581,416 | | 886,019 |
Severn Trent PLC
| | | 76,864 | | 2,173,012 |
Shaftesbury PLC REIT
| | | 89,596 | | 686,009 |
Signature Aviation PLC
| | | 304,651 | | 623,291 |
Smith & Nephew PLC
| | | 307,273 | | 5,465,491 |
Smiths Group PLC
| | | 183,211 | | 2,785,135 |
Spectris PLC
| | | 39,573 | | 1,206,105 |
Spirax-Sarco Engineering PLC
| | | 23,110 | | 2,339,701 |
SSE PLC
| | | 491,624 | | 7,955,140 |
SSP Group PLC
| | | 142,405 | | 542,969 |
St James's Place PLC
| | | 167,931 | | 1,581,685 |
Standard Chartered PLC
| | | 934,068 | | 5,163,246 |
Standard Life Aberdeen PLC
| | | 1,191,572 | | 3,308,100 |
Subsea 7 SA
| | | 81,061 | | 382,417 |
TalkTalk Telecom Group PLC
| | | 139,833 | | 147,291 |
Tate & Lyle PLC
| | | 292,401 | | 2,378,411 |
Taylor Wimpey PLC
| | | 791,148 | | 1,152,656 |
Telecom Plus PLC
| | | 19,970 | | 307,542 |
Tesco PLC
| | | 3,504,524 | | 9,942,356 |
TP ICAP PLC
| | | 187,811 | | 788,053 |
Travis Perkins PLC
| | | 51,391 | | 562,413 |
Tritax Big Box REIT PLC
| | | 698,198 | | 971,350 |
Tullow Oil PLC
| | | 582,303 | | 77,437 |
Unilever NV
| | | 532,240 | | 26,166,145 |
Unilever PLC
| | | 371,653 | | 18,781,176 |
UNITE Group PLC REIT
| | | 84,499 | | 839,768 |
United Utilities Group PLC
| | | 228,042 | | 2,552,764 |
Victrex PLC
| | | 30,432 | | 743,363 |
Virgin Money UK PLC (b)
| | | 239,171 | | 180,785 |
Vodafone Group PLC
| | | 9,238,087 | | 12,943,888 |
Weir Group PLC
| | | 37,232 | | 332,856 |
WH Smith PLC
| | | 34,634 | | 489,996 |
Whitbread PLC
| | | 60,086 | | 2,257,461 |
William Hill PLC
| | | 462,109 | | 390,437 |
Wm Morrison Supermarkets PLC
| | | 1,266,691 | | 2,795,728 |
Workspace Group PLC REIT
| | | 75,878 | | 714,575 |
WPP PLC
| | | 431,047 | | 2,947,105 |
| | | | | | 602,061,006 |
| UNITED STATES — 0.5% | | | | | |
Argonaut Gold, Inc. (b)
| | | 112,996 | | 85,738 |
Carnival PLC
| | | 103,026 | | 1,253,710 |
Constellium SE (b)(c)
| | | 26,223 | | 136,622 |
Cushman & Wakefield PLC (b)(c)
| | | 51,731 | | 607,322 |
Ferguson PLC
| | | 110,631 | | 6,935,666 |
Flex, Ltd. (b)
| | | 442,904 | | 3,709,321 |
ICON PLC (b)
| | | 19,841 | | 2,698,376 |
International Game Technology PLC (c)
| | | 33,651 | | 200,223 |
Mellanox Technologies, Ltd. (b)(c)
| | | 14,856 | | 1,802,330 |
QIAGEN NV (b)
| | | 74,907 | | 3,009,040 |
REC Silicon ASA (b)(c)
| | | 97,527 | | 26,432 |
Spotify Technology SA (b)
| | | 14,550 | | 1,766,952 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Stratasys, Ltd. (b)(c)
| | | 14,751 | | $235,278 |
| | | | | | 22,467,010 |
TOTAL COMMON STOCKS
(Cost $6,201,383,824)
| | | | | 5,043,832,873 |
| | | | |
| RIGHTS — 0.0% (a) | | |
| AUSTRIA — 0.0% (a) | | | |
AMS AG RIGHT (b)
| | 342 | 271 |
| CANADA — 0.0% (a) | | | |
Pan American Silver Corp. (CVR) (expiring 02/22/29) (b)
| | 32,808 | 11,029 |
TOTAL RIGHTS
(Cost $16,059)
| | | 11,300 |
| WARRANTS — 0.0% (a) | | |
| FRANCE — 0.0% (a) | | | |
CGG SA (expiring 02/21/23) (b)
(Cost: $2)
| | 13 | 1 |
| SHORT-TERM INVESTMENTS — 1.0% | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (g) (h)
| 1,887,145 | 1,885,446 |
State Street Navigator Securities Lending Portfolio II (i) (j)
| 47,650,642 | 47,650,642 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $49,536,197)
| 49,536,088 |
TOTAL INVESTMENTS — 100.1%
(Cost $6,250,936,082)
| 5,093,380,262 |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%
| (6,659,890) |
NET ASSETS — 100.0%
| $5,086,720,372 |
| (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, 2020. |
| (d) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (e) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.0% of net assets as of March 31, 2020, 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, 2020, total aggregate fair value of these securities is $131,085, representing less than 0.05% of the Fund's net assets. |
| (g) | The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (h) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (i) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (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 the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $5,043,563,861 | | $137,927 | | $131,085 | | $5,043,832,873 |
Rights
| | 11,029 | | 271 | | — | | 11,300 |
Warrants
| | 1 | | — | | — | | 1 |
Short-Term Investments
| | 49,536,088 | | — | | — | | 49,536,088 |
TOTAL INVESTMENTS
| | $5,093,110,979 | | $138,198 | | $131,085 | | $5,093,380,262 |
SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 2,670,096 | | $2,670,363 | | $123,795,916 | | $124,570,713 | | $(9,997) | | $(123) | | 1,887,145 | | $1,885,446 | | $45,006 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 429,074,735 | | 381,424,093 | | — | | — | | 47,650,642 | | 47,650,642 | | 400,352 |
State Street Navigator Securities Lending Portfolio III
| 108,197,946 | | 108,197,946 | | 86,953,244 | | 195,151,190 | | — | | — | | — | | — | | 128,830 |
Total
| | | $110,868,309 | | $639,823,895 | | $701,145,996 | | $(9,997) | | $(123) | | | | $49,536,088 | | $574,188 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.9% | | | | | |
| AEROSPACE & DEFENSE — 0.3% | | | |
AECC Aviation Power Co., Ltd. Class A
| | 128,500 | | $384,329 |
AVIC Aircraft Co., Ltd. Class A
| | 177,600 | | 397,384 |
AVIC Electromechanical Systems Co., Ltd. Class A
| | 440,000 | | 447,561 |
AVIC Shenyang Aircraft Co., Ltd. Class A (a)
| | 86,200 | | 348,171 |
AviChina Industry & Technology Co., Ltd. Class H
| | 2,056,000 | | 793,126 |
AVICOPTER PLC Class A
| | 62,800 | | 368,479 |
China Avionics Systems Co., Ltd. Class A
| | 200,087 | | 364,708 |
China Spacesat Co., Ltd. Class A
| | 128,600 | | 530,133 |
| | | | | | 3,633,891 |
| AIR FREIGHT & LOGISTICS — 0.8% | | | |
BEST, Inc. ADR (a)
| | 95,628 | | 511,610 |
SF Holding Co., Ltd. Class A
| | 81,600 | | 543,831 |
Sinotrans, Ltd. Class A
| | 684,560 | | 338,021 |
Sinotrans, Ltd. Class H
| | 946,000 | | 233,116 |
STO Express Co., Ltd. Class A
| | 128,271 | | 316,144 |
YTO Express Group Co., Ltd. Class A
| | 245,600 | | 400,891 |
Yunda Holding Co., Ltd. Class A
| | 82,460 | | 358,426 |
ZTO Express Cayman, Inc. ADR (a)
| | 242,961 | | 6,433,607 |
| | | | | | 9,135,646 |
| AIRLINES — 0.2% | | | |
Air China, Ltd. Class A
| | 358,400 | | 329,165 |
Air China, Ltd. Class H (b)
| | 1,230,000 | | 793,456 |
China Eastern Airlines Corp., Ltd. Class H (a) (b)
| | 1,412,000 | | 482,757 |
China Southern Airlines Co., Ltd. Class A
| | 448,100 | | 325,571 |
China Southern Airlines Co., Ltd. Class H (b)
| | 782,000 | | 335,969 |
Spring Airlines Co., Ltd. Class A
| | 68,500 | | 311,952 |
| | | | | | 2,578,870 |
| AUTO COMPONENTS — 0.4% | | | |
China First Capital Group, Ltd. (a)
| | 2,022,000 | | 46,696 |
Fuyao Glass Industry Group Co., Ltd. Class A
| | 132,700 | | 359,074 |
Fuyao Glass Industry Group Co., Ltd. Class H (c)
| | 218,800 | | 468,036 |
Huayu Automotive Systems Co., Ltd. Class A
| | 130,100 | | 395,355 |
Minth Group, Ltd.
| | 372,000 | | 797,667 |
Shandong Linglong Tyre Co., Ltd. Class A
| | 148,500 | | 414,188 |
Tianneng Power International, Ltd. (b)
| | 416,000 | | 309,683 |
Xinyi Glass Holdings, Ltd.
| | 1,226,000 | | 1,407,759 |
| Security Description | | | Shares | | Value |
Zhejiang Century Huatong Group Co., Ltd. Class A
| | 316,760 | | $551,901 |
| | | | | | 4,750,359 |
| AUTOMOBILES — 1.3% | | | |
BAIC Motor Corp., Ltd. Class H (c)
| | 1,101,900 | | 437,866 |
Brilliance China Automotive Holdings, Ltd.
| | 1,634,000 | | 1,344,995 |
BYD Co., Ltd. Class A
| | 59,400 | | 502,556 |
BYD Co., Ltd. Class H (b)
| | 363,000 | | 1,896,747 |
Chongqing Changan Automobile Co., Ltd. Class A
| | 366,900 | | 547,643 |
Dongfeng Motor Group Co., Ltd. Class H
| | 1,471,300 | | 969,996 |
Geely Automobile Holdings, Ltd.
| | 2,796,000 | | 4,126,777 |
Great Wall Motor Co., Ltd. Class H
| | 1,940,000 | | 1,243,959 |
Guangzhou Automobile Group Co., Ltd. Class H
| | 1,679,691 | | 1,688,164 |
NIO, Inc. ADR (a) (b)
| | 316,374 | | 879,520 |
Qingling Motors Co., Ltd. Class H
| | 3,000,000 | | 611,542 |
SAIC Motor Corp., Ltd. Class A
| | 412,879 | | 1,194,100 |
| | | | | | 15,443,865 |
| BANKS — 12.4% | | | |
Agricultural Bank of China, Ltd. Class A
| | 4,586,100 | | 2,180,406 |
Agricultural Bank of China, Ltd. Class H
| | 15,939,000 | | 6,395,424 |
Bank of Beijing Co., Ltd. Class A
| | 661,000 | | 450,415 |
Bank of Chengdu Co., Ltd. Class A
| | 363,400 | | 386,050 |
Bank of China, Ltd. Class A
| | 2,647,000 | | 1,299,563 |
Bank of China, Ltd. Class H
| | 43,059,700 | | 16,499,672 |
Bank of Chongqing Co., Ltd. Class H
| | 1,329,500 | | 667,246 |
Bank of Communications Co., Ltd. Class A
| | 876,500 | | 638,066 |
Bank of Communications Co., Ltd. Class H
| | 13,085,824 | | 8,019,413 |
Bank of Guiyang Co., Ltd. Class A
| | 348,000 | | 376,073 |
Bank of Hangzhou Co., Ltd. Class A
| | 359,600 | | 390,638 |
Bank of Jiangsu Co., Ltd. Class A
| | 443,100 | | 375,699 |
Bank of Nanjing Co., Ltd. Class A
| | 363,400 | | 371,695 |
Bank of Ningbo Co., Ltd. Class A
| | 227,800 | | 741,100 |
Bank of Shanghai Co., Ltd. Class A
| | 513,700 | | 597,174 |
Bank of Zhengzhou Co., Ltd. Class A
| | 619,900 | | 341,950 |
China CITIC Bank Corp., Ltd. Class H
| | 7,457,471 | | 3,685,006 |
China Construction Bank Corp. Class H
| | 54,397,623 | | 44,495,598 |
China Everbright Bank Co., Ltd. Class A
| | 1,700,100 | | 865,856 |
China Everbright Bank Co., Ltd. Class H
| | 832,000 | | 318,807 |
China Merchants Bank Co., Ltd. Class A
| | 836,400 | | 3,809,005 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
China Merchants Bank Co., Ltd. Class H
| | 2,133,235 | | $9,632,846 |
China Minsheng Banking Corp., Ltd. Class A
| | 819,700 | | 660,321 |
China Minsheng Banking Corp., Ltd. Class H
| | 4,457,259 | | 3,312,365 |
Chongqing Rural Commercial Bank Co., Ltd. Class H
| | 2,217,000 | | 909,580 |
Huaxia Bank Co., Ltd. Class A
| | 445,000 | | 406,189 |
Industrial & Commercial Bank of China, Ltd. Class A
| | 2,485,400 | | 1,805,791 |
Industrial & Commercial Bank of China, Ltd. Class H
| | 43,006,789 | | 29,463,166 |
Industrial Bank Co., Ltd. Class A
| | 860,700 | | 1,931,906 |
Jiangsu Changshu Rural Commercial Bank Co., Ltd. Class A
| | 411,600 | | 397,187 |
Ping An Bank Co., Ltd. Class A
| | 706,800 | | 1,276,352 |
Postal Savings Bank of China Co., Ltd. Class H (c)
| | 3,804,000 | | 2,316,490 |
Shanghai Pudong Development Bank Co., Ltd. Class A
| | 1,199,470 | | 1,717,590 |
| | | | | | 146,734,639 |
| BEVERAGES — 1.8% | | | |
Anhui Gujing Distillery Co., Ltd. Class A
| | 30,400 | | 489,912 |
Anhui Kouzi Distillery Co., Ltd. Class A
| | 50,300 | | 293,503 |
Beijing Shunxin Agriculture Co., Ltd. Class A
| | 56,400 | | 488,473 |
Beijing Yanjing Brewery Co., Ltd. Class A
| | 490,600 | | 418,050 |
China Resources Beer Holdings Co., Ltd.
| | 753,667 | | 3,442,157 |
Chongqing Brewery Co., Ltd. Class A
| | 70,839 | | 454,824 |
Jiangsu King's Luck Brewery JSC, Ltd. Class A
| | 102,700 | | 407,862 |
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. Class A
| | 60,100 | | 711,124 |
Kweichow Moutai Co., Ltd. Class A
| | 54,231 | | 8,500,133 |
Luzhou Laojiao Co., Ltd. Class A
| | 60,100 | | 624,470 |
Shanxi Xinghuacun Fen Wine Factory Co., Ltd. Class A
| | 40,900 | | 520,352 |
Sichuan Swellfun Co., Ltd. Class A
| | 66,600 | | 404,493 |
Tibet Water Resources, Ltd. (a)
| | 1,748,000 | | 68,784 |
Tsingtao Brewery Co., Ltd. Class H
| | 245,000 | | 1,250,145 |
Wuliangye Yibin Co., Ltd. Class A
| | 166,000 | | 2,697,892 |
Yantai Changyu Pioneer Wine Co., Ltd. Class A
| | 102,600 | | 338,854 |
| | | | | | 21,111,028 |
| BIOTECHNOLOGY — 0.9% | | | |
3SBio, Inc. (a) (c)
| | 647,500 | | 674,157 |
BeiGene, Ltd. ADR (a)
| | 19,128 | | 2,354,848 |
Beijing SL Pharmaceutical Co., Ltd. Class A
| | 214,375 | | 361,415 |
| Security Description | | | Shares | | Value |
Beijing Tiantan Biological Products Corp., Ltd. Class A
| | 108,691 | | $557,854 |
Berry Genomics Co., Ltd. Class A (a)
| | 90,600 | | 455,032 |
China Biologic Products Holdings, Inc. (a) (b)
| | 12,552 | | 1,354,737 |
Da An Gene Co., Ltd. of Sun Yat-Sen University Class A
| | 224,900 | | 550,177 |
Getein Biotech, Inc. Class A
| | 94,880 | | 426,734 |
Hualan Biological Engineering, Inc. Class A
| | 90,185 | | 609,698 |
Innovent Biologics, Inc. (a) (c)
| | 210,000 | | 885,962 |
Jinyu Bio-Technology Co., Ltd. Class A
| | 169,100 | | 508,622 |
Shanghai Haohai Biological Technology Co., Ltd. Class H (a) (c)
| | 19,900 | | 74,713 |
Shanghai RAAS Blood Products Co., Ltd. Class A (a)
| | 359,600 | | 394,697 |
Yantai Dongcheng Pharmaceutical Co., Ltd. Class A
| | 233,400 | | 445,186 |
Zai Lab, Ltd. ADR (a)
| | 25,455 | | 1,310,423 |
| | | | | | 10,964,255 |
| BUILDING PRODUCTS — 0.1% | | | |
Beijing New Building Materials PLC Class A
| | 161,400 | | 537,378 |
China Lesso Group Holdings, Ltd.
| | 433,000 | | 570,935 |
Zhejiang Weixing New Building Materials Co., Ltd. Class A
| | 192,575 | | 300,482 |
| | | | | | 1,408,795 |
| CAPITAL MARKETS — 2.1% | | | |
Anxin Trust Co., Ltd. Class A (a)
| | 589,600 | | 216,563 |
Caitong Securities Co., Ltd. Class A
| | 275,100 | | 392,379 |
Central China Securities Co., Ltd. Class H
| | 473,000 | | 77,502 |
Changjiang Securities Co., Ltd. Class A
| | 407,900 | | 367,721 |
China Cinda Asset Management Co., Ltd. Class H
| | 5,746,200 | | 1,089,798 |
China Everbright, Ltd.
| | 780,000 | | 1,151,247 |
China Galaxy Securities Co., Ltd. Class H
| | 2,503,000 | | 1,214,218 |
China Huarong Asset Management Co., Ltd. Class H (c)
| | 6,307,000 | | 797,438 |
China International Capital Corp., Ltd. Class H (b) (c)
| | 299,200 | | 484,069 |
China Merchants Securities Co., Ltd. Class A
| | 312,379 | | 754,483 |
CITIC Securities Co., Ltd. Class A
| | 293,000 | | 916,012 |
CITIC Securities Co., Ltd. Class H
| | 1,434,000 | | 2,627,153 |
CSC Financial Co., Ltd. Class A
| | 120,900 | | 529,264 |
Dongxing Securities Co., Ltd. Class A
| | 261,700 | | 402,803 |
Everbright Securities Co., Ltd. Class A
| | 249,500 | | 387,545 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Founder Securities Co., Ltd. Class A
| | 419,900 | | $425,338 |
GF Securities Co., Ltd. Class A
| | 209,400 | | 404,135 |
GF Securities Co., Ltd. Class H
| | 906,800 | | 972,211 |
Guosen Securities Co., Ltd. Class A
| | 244,600 | | 383,039 |
Guotai Junan International Holdings, Ltd. (b)
| | 1,979,000 | | 260,432 |
Guotai Junan Securities Co., Ltd. Class A
| | 404,800 | | 929,734 |
Guoyuan Securities Co., Ltd. Class A
| | 332,900 | | 391,222 |
Haitong Securities Co., Ltd. Class A
| | 220,800 | | 399,971 |
Haitong Securities Co., Ltd. Class H
| | 1,917,400 | | 1,753,908 |
Huaan Securities Co., Ltd. Class A
| | 448,600 | | 488,585 |
Huatai Securities Co., Ltd. Class A
| | 283,800 | | 689,861 |
Huatai Securities Co., Ltd. Class H (c)
| | 847,200 | | 1,259,176 |
Huaxi Securities Co., Ltd. Class A
| | 290,900 | | 431,741 |
Industrial Securities Co., Ltd. Class A
| | 451,400 | | 398,021 |
Noah Holdings, Ltd. ADR (a) (b)
| | 3,574 | | 92,424 |
Orient Securities Co., Ltd. Class A
| | 324,300 | | 417,259 |
SDIC Capital Co., Ltd. Class A
| | 227,985 | | 394,009 |
Shanxi Securities Co., Ltd. Class A
| | 361,700 | | 358,220 |
Shenwan Hongyuan Group Co., Ltd. Class A
| | 937,510 | | 583,282 |
Sinolink Securities Co., Ltd. Class A
| | 327,300 | | 422,504 |
SooChow Securities Co., Ltd. Class A
| | 402,652 | | 449,903 |
Southwest Securities Co., Ltd. Class A
| | 628,600 | | 400,845 |
Western Securities Co., Ltd. Class A
| | 324,200 | | 378,253 |
Zheshang Securities Co., Ltd. Class A
| | 321,700 | | 454,307 |
| | | | | | 24,546,575 |
| CHEMICALS — 0.7% | | | |
ADAMA, Ltd. Class A
| | 311,500 | | 470,225 |
China BlueChemical, Ltd. Class H
| | 2,400,000 | | 371,570 |
China Lumena New Materials Corp. (a) (b) (d)
| | 89,113 | | — |
COFCO Biotechnology Co., Ltd. Class L
| | 417,600 | | 463,660 |
Fufeng Group, Ltd.
| | 532,000 | | 183,261 |
Hengli Petrochemical Co., Ltd. Class A
| | 214,400 | | 377,488 |
Hengyi Petrochemical Co., Ltd. Class A
| | 229,978 | | 405,565 |
Huapont Life Sciences Co., Ltd. Class A
| | 624,800 | | 429,273 |
Inner Mongolia Junzheng Energy & Chemical Industry Group Co., Ltd. Class A (a)
| | 950,400 | | 329,842 |
| Security Description | | | Shares | | Value |
Jiangsu Eastern Shenghong Co., Ltd. Class A
| | 547,000 | | $368,103 |
Lomon Billions Group Co., Ltd. Class A
| | 229,100 | | 482,557 |
Rongsheng Petro Chemical Co., Ltd. Class A
| | 261,200 | | 403,507 |
Shandong Hualu Hengsheng Chemical Co., Ltd. Class A
| | 167,096 | | 370,109 |
Shanghai Huayi Group Co., Ltd. Class A
| | 395,753 | | 298,705 |
Sinopec Shanghai Petrochemical Co., Ltd. Class H
| | 1,969,999 | | 487,995 |
Suli Co., Ltd. Class A
| | 130,900 | | 362,883 |
Tianqi Lithium Corp. Class A
| | 115,700 | | 301,158 |
Tongkun Group Co., Ltd. Class A
| | 223,400 | | 369,696 |
Transfar Zhilian Co., Ltd. Class A
| | 369,400 | | 321,027 |
Wanhua Chemical Group Co., Ltd. Class A
| | 123,000 | | 715,802 |
Zhejiang Juhua Co., Ltd. Class A
| | 411,600 | | 393,703 |
Zhejiang Longsheng Group Co., Ltd. Class A
| | 189,300 | | 318,073 |
Zibo Qixiang Tengda Chemical Co., Ltd. Class A
| | 388,000 | | 325,149 |
| | | | | | 8,549,351 |
| COMMERCIAL SERVICES & SUPPLIES — 0.5% | | | |
China Everbright International, Ltd.
| | 2,217,925 | | 1,273,370 |
Country Garden Services Holdings Co., Ltd.
| | 635,000 | | 2,580,668 |
CT Environmental Group, Ltd. (a) (b) (d)
| | 1,980,400 | | 43,436 |
Dongjiang Environmental Co., Ltd. Class H (b)
| | 185,800 | | 128,007 |
Greentown Service Group Co., Ltd.
| | 734,000 | | 890,168 |
Shanghai M&G Stationery, Inc. Class A
| | 72,180 | | 471,479 |
| | | | | | 5,387,128 |
| COMMUNICATIONS EQUIPMENT — 0.6% | | | |
Addsino Co., Ltd. Class A (a)
| | 253,700 | | 481,401 |
Beijing UniStrong Science & Technology Co., Ltd. Class A (a)
| | 259,700 | | 364,185 |
BYD Electronic International Co., Ltd. (b)
| | 339,000 | | 565,955 |
China Fiber Optic Network System Group, Ltd. (a) (d)
| | 1,131,600 | | — |
Comba Telecom Systems Holdings, Ltd. (b)
| | 1,530,310 | | 614,027 |
Fiberhome Telecommunication Technologies Co., Ltd. Class A
| | 104,100 | | 485,238 |
Fujian Star-net Communication Co., Ltd. Class A
| | 100,900 | | 522,422 |
Guangzhou Haige Communications Group, Inc. Co. Class A
| | 298,000 | | 474,230 |
Hengtong Optic-electric Co., Ltd. Class A
| | 187,800 | | 428,685 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Hytera Communications Corp., Ltd. Class A
| | 279,000 | | $229,476 |
Yangtze Optical Fibre and Cable Joint Stock, Ltd. Co. Class H (b) (c)
| | 209,000 | | 379,122 |
ZTE Corp. Class A (a)
| | 120,900 | | 730,019 |
ZTE Corp. Class H (a) (b)
| | 451,397 | | 1,400,624 |
| | | | | | 6,675,384 |
| CONSTRUCTION & ENGINEERING — 1.0% | | | |
China Communications Construction Co., Ltd. Class A
| | 288,700 | | 336,427 |
China Communications Construction Co., Ltd. Class H
| | 2,697,394 | | 1,879,256 |
China Communications Services Corp., Ltd. Class H
| | 1,247,600 | | 907,825 |
China Machinery Engineering Corp. Class H
| | 443,000 | | 120,025 |
China National Chemical Engineering Co., Ltd. Class A
| | 509,400 | | 429,039 |
China Railway Construction Corp., Ltd. Class A
| | 349,700 | | 484,968 |
China Railway Construction Corp., Ltd. Class H
| | 1,075,875 | | 1,204,840 |
China Railway Group, Ltd. Class A
| | 483,100 | | 366,677 |
China Railway Group, Ltd. Class H
| | 2,546,000 | | 1,356,614 |
China Railway Hi-tech Industry Co., Ltd. Class A
| | 282,700 | | 379,688 |
China State Construction Engineering Corp., Ltd. Class A
| | 1,573,100 | | 1,169,583 |
China State Construction International Holdings, Ltd.
| | 1,228,000 | | 909,407 |
Metallurgical Corp. of China, Ltd. Class A
| | 1,015,800 | | 375,469 |
Metallurgical Corp. of China, Ltd. Class H
| | 1,832,000 | | 321,449 |
Power Construction Corp. of China, Ltd. Class A
| | 622,300 | | 345,908 |
Shanghai Construction Group Co., Ltd. Class A
| | 851,300 | | 385,524 |
Sinopec Engineering Group Co., Ltd. Class H
| | 665,000 | | 279,697 |
Suzhou Gold Mantis Construction Decoration Co., Ltd. Class A
| | 312,400 | | 361,841 |
| | | | | | 11,614,237 |
| CONSTRUCTION MATERIALS — 1.1% | | | |
Anhui Conch Cement Co., Ltd. Class A
| | 94,200 | | 732,262 |
Anhui Conch Cement Co., Ltd. Class H
| | 728,500 | | 5,061,312 |
BBMG Corp. Class H (b)
| | 1,466,000 | | 366,930 |
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. Class A
| | 139,300 | | 668,771 |
China Jushi Co., Ltd. Class A
| | 361,300 | | 402,679 |
China National Building Material Co., Ltd. Class H
| | 2,294,000 | | 2,506,829 |
China Resources Cement Holdings, Ltd.
| | 965,163 | | 1,151,835 |
| Security Description | | | Shares | | Value |
CSG Holding Co., Ltd. Class A
| | 658,817 | | $408,031 |
Huaxin Cement Co., Ltd. Class A
| | 151,700 | | 498,019 |
Jinyuan EP Co., Ltd. Class A
| | 318,700 | | 369,139 |
Sichuan Shuangma Cement Co., Ltd. Class A (a)
| | 206,900 | | 370,705 |
Tangshan Jidong Cement Co., Ltd. Class A
| | 180,400 | | 499,089 |
| | | | | | 13,035,601 |
| CONSUMER FINANCE — 0.0% (e) | | | |
Chong Sing Holdings FinTech Group (a)
| | 17,798,900 | | 27,556 |
LexinFintech Holdings, Ltd. ADR (a) (b)
| | 10,804 | | 95,832 |
Qudian, Inc. ADR (a) (b)
| | 36,798 | | 66,236 |
| | | | | | 189,624 |
| CONTAINERS & PACKAGING — 0.0% (e) | | | |
Greatview Aseptic Packaging Co., Ltd.
| | 440,000 | | 136,242 |
Shenzhen YUTO Packaging Technology Co., Ltd. Class A
| | 137,240 | | 430,993 |
| | | | | | 567,235 |
| DISTRIBUTORS — 0.0% (e) | | | |
Xinhua Winshare Publishing and Media Co., Ltd. Class H
| | 652,000 | | 419,755 |
| DIVERSIFIED CONSUMER SERVICES — 1.8% | | | |
Bright Scholar Education Holdings, Ltd. ADR
| | 18,946 | | 127,507 |
China Education Group Holdings, Ltd. (b)
| | 471,000 | | 656,285 |
China Maple Leaf Educational Systems, Ltd.
| | 1,003,497 | | 310,724 |
China Yuhua Education Corp., Ltd. (c)
| | 628,000 | | 465,071 |
Fu Shou Yuan International Group, Ltd.
| | 862,000 | | 758,472 |
New Oriental Education & Technology Group, Inc. ADR (a)
| | 65,348 | | 7,073,267 |
Shanghai Xin Nanyang Only Education & Technology Co., Ltd. Class A (a)
| | 157,400 | | 352,630 |
TAL Education Group ADR (a)
| | 201,282 | | 10,720,279 |
Zhejiang Yasha Decoration Co., Ltd. Class A
| | 542,300 | | 530,197 |
| | | | | | 20,994,432 |
| DIVERSIFIED FINANCIAL SERVICES — 0.2% | | | |
Avic Capital Co., Ltd. Class A
| | 611,300 | | 338,931 |
Bohai Leasing Co., Ltd. Class A (a)
| | 792,100 | | 324,072 |
China Common Rich Renewable Energy Investment, Ltd. (a) (b) (d)
| | 17,589,376 | | — |
Far East Horizon, Ltd.
| | 1,382,000 | | 1,114,387 |
| | | | | | 1,777,390 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9% | | | |
China Telecom Corp., Ltd. Class H
| | 7,972,951 | | $2,417,324 |
China Tower Corp., Ltd. Class H (c)
| | 24,536,000 | | 5,508,088 |
China Unicom Hong Kong, Ltd.
| | 3,303,805 | | 1,905,328 |
CITIC Telecom International Holdings, Ltd.
| | 1,321,000 | | 438,010 |
| | | | | | 10,268,750 |
| ELECTRICAL EQUIPMENT — 0.5% | | | |
Baosheng Science and Technology Innovation Co., Ltd. Class A
| | 775,952 | | 445,547 |
Dongfang Electric Corp., Ltd. Class A
| | 308,100 | | 366,858 |
Dongfang Electric Corp., Ltd. Class H
| | 242,200 | | 119,680 |
Fangda Carbon New Material Co., Ltd. Class A (a)
| | 243,300 | | 308,579 |
Fullshare Holdings, Ltd. (a) (b)
| | 4,952,500 | | 76,675 |
Jiangxi Special Electric Motor Co., Ltd. Class A (a)
| | 704,300 | | 213,629 |
Nanyang Topsec Technologies Group, Inc. Class A (a)
| | 171,800 | | 559,401 |
NARI Technology Co., Ltd. Class A
| | 178,700 | | 497,916 |
Ningbo Sanxing Medical Electric Co., Ltd. Class A
| | 461,300 | | 480,290 |
Shanghai Electric Group Co., Ltd. Class A
| | 578,500 | | 375,427 |
Shanghai Electric Group Co., Ltd. Class H
| | 2,532,000 | | 669,677 |
Tech Pro Technology Development, Ltd. (a) (b) (d)
| | 4,481,396 | | 19,658 |
Xinjiang Goldwind Science & Technology Co., Ltd. Class A
| | 228,500 | | 306,248 |
Xinjiang Goldwind Science & Technology Co., Ltd. Class H
| | 403,360 | | 351,273 |
Zhejiang Chint Electrics Co., Ltd. Class A
| | 131,900 | | 440,088 |
Zhuzhou CRRC Times Electric Co., Ltd. Class H
| | 325,800 | | 964,676 |
| | | | | | 6,195,622 |
| ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.8% | | | |
AAC Technologies Holdings, Inc. (b)
| | 391,745 | | 2,031,783 |
Accelink Technologies Co., Ltd. Class A
| | 98,100 | | 434,711 |
Anxin-China Holdings, Ltd. (a) (d)
| | 3,068,000 | | — |
Avary Holding Shenzhen Co., Ltd. Class A
| | 74,100 | | 332,019 |
AVIC Jonhon Optronic Technology Co., Ltd. Class A
| | 73,800 | | 356,079 |
BOE Technology Group Co., Ltd. Class A
| | 1,530,100 | | 800,862 |
Foxconn Industrial Internet Co., Ltd. Class A
| | 210,600 | | 392,487 |
| Security Description | | | Shares | | Value |
GoerTek, Inc. Class A
| | 197,900 | | $458,161 |
Hangzhou Hikvision Digital Technology Co., Ltd. Class A
| | 386,800 | | 1,522,491 |
Hollysys Automation Technologies, Ltd.
| | 23,780 | | 306,762 |
Ju Teng International Holdings, Ltd.
| | 1,120,000 | | 206,634 |
Kingboard Holdings, Ltd.
| | 385,499 | | 903,206 |
Kingboard Laminates Holdings, Ltd.
| | 372,500 | | 344,583 |
Lingyi iTech Guangdong Co. Class A (a)
| | 298,800 | | 346,511 |
Luxshare Precision Industry Co., Ltd. Class A
| | 225,300 | | 1,212,924 |
NAURA Technology Group Co., Ltd. Class A
| | 38,500 | | 631,691 |
OFILM Group Co., Ltd. Class A (a)
| | 222,400 | | 427,970 |
Shengyi Technology Co., Ltd. Class A
| | 111,100 | | 414,889 |
Shennan Circuits Co., Ltd. Class A
| | 26,000 | | 724,150 |
Shenzhen Kinwong Electronic Co., Ltd. Class A
| | 60,900 | | 375,889 |
Sunny Optical Technology Group Co., Ltd.
| | 387,900 | | 5,224,782 |
Suzhou Dongshan Precision Manufacturing Co., Ltd. Class A
| | 136,100 | | 395,731 |
Tianma Microelectronics Co., Ltd. Class A
| | 202,800 | | 381,384 |
Tunghsu Optoelectronic Technology Co., Ltd. Class A
| | 577,400 | | 244,378 |
Unigroup Guoxin Microelectronics Co., Ltd. Class A
| | 53,800 | | 378,745 |
Unisplendour Corp., Ltd. Class A
| | 88,940 | | 443,182 |
Universal Scientific Industrial Shanghai Co., Ltd. Class A
| | 172,600 | | 386,683 |
Wasion Holdings, Ltd.
| | 452,000 | | 155,120 |
Westone Information Industry, Inc. Class A
| | 98,800 | | 313,341 |
Wuhan Guide Infrared Co., Ltd. Class A
| | 97,200 | | 462,811 |
WUS Printed Circuit Kunshan Co., Ltd. Class A
| | 111,500 | | 372,495 |
Zhejiang Dahua Technology Co., Ltd. Class A
| | 171,200 | | 390,551 |
| | | | | | 21,373,005 |
| ENERGY EQUIPMENT & SERVICES — 0.1% | | | |
Anton Oilfield Services Group (b)
| | 1,236,000 | | 78,935 |
China Oilfield Services, Ltd. Class H
| | 1,029,900 | | 795,921 |
Sinopec Oilfield Service Corp. Class H (a)
| | 1,670,000 | | 127,121 |
| | | | | | 1,001,977 |
| ENTERTAINMENT — 1.7% | | | |
Alibaba Pictures Group, Ltd. (a)
| | 8,760,000 | | 1,130,191 |
Bilibili, Inc. ADR (a) (b)
| | 44,284 | | 1,037,131 |
Changyou.com, Ltd. ADR
| | 11,109 | | 118,866 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
China Film Co., Ltd. Class A
| | 185,400 | | $308,643 |
Giant Network Group Co., Ltd. Class A
| | 161,500 | | 378,448 |
HUYA, Inc. ADR (a) (b)
| | 24,592 | | 416,834 |
iQIYI, Inc. ADR (a) (b)
| | 124,572 | | 2,217,382 |
Leyou Technologies Holdings, Ltd. (a) (b)
| | 455,000 | | 133,256 |
NetDragon Websoft Holdings, Ltd.
| | 233,000 | | 562,141 |
NetEase, Inc. ADR
| | 37,809 | | 12,135,177 |
Perfect World Co., Ltd. Class A
| | 102,400 | | 686,933 |
Poly Culture Group Corp., Ltd. Class H
| | 124,200 | | 70,826 |
Wanda Film Holding Co., Ltd. Class A (a)
| | 175,200 | | 389,295 |
Wuhu Sanqi Interactive Entertainment Network Technology Group Co., Ltd. Class A
| | 171,100 | | 788,370 |
| | | | | | 20,373,493 |
| FOOD & STAPLES RETAILING — 0.3% | | | |
Jiajiayue Group Co., Ltd. Class A
| | 118,108 | | 538,203 |
Laobaixing Pharmacy Chain JSC Class A
| | 43,100 | | 473,673 |
Sun Art Retail Group, Ltd.
| | 1,298,000 | | 1,925,841 |
Yifeng Pharmacy Chain Co., Ltd. Class A
| | 40,100 | | 526,693 |
Yonghui Superstores Co., Ltd. Class A
| | 368,000 | | 531,633 |
| | | | | | 3,996,043 |
| FOOD PRODUCTS — 2.3% | | | |
Ausnutria Dairy Corp., Ltd.
| | 177,000 | | 280,883 |
China Huishan Dairy Holdings Co., Ltd. (a) (b) (d)
| | 2,729,000 | | — |
China Huiyuan Juice Group, Ltd. (a) (d)
| | 701,000 | | 91,346 |
China Mengniu Dairy Co., Ltd.
| | 1,535,220 | | 5,337,984 |
China Yurun Food Group, Ltd. (a) (b)
| | 1,181,000 | | 99,040 |
CP Pokphand Co., Ltd.
| | 3,012,000 | | 237,046 |
Dali Foods Group Co., Ltd. (c)
| | 672,000 | | 468,178 |
Foshan Haitian Flavouring & Food Co., Ltd. Class A
| | 98,200 | | 1,734,107 |
Fujian Sunner Development Co., Ltd. Class A
| | 109,600 | | 365,684 |
Guangdong Haid Group Co., Ltd. Class A
| | 88,000 | | 499,083 |
Health & Happiness H&H International Holdings, Ltd.
| | 188,000 | | 694,913 |
Henan Shuanghui Investment & Development Co., Ltd. Class A
| | 122,900 | | 681,410 |
Inner Mongolia Yili Industrial Group Co., Ltd. Class A
| | 232,200 | | 978,174 |
Jiangxi Zhengbang Technology Co., Ltd. Class A
| | 171,900 | | 462,235 |
Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd. Class A
| | 75,593 | | 509,769 |
| Security Description | | | Shares | | Value |
Muyuan Foodstuff Co., Ltd. Class A
| | 90,731 | | $1,564,323 |
New Hope Liuhe Co., Ltd. Class A
| | 184,200 | | 816,767 |
Tingyi Cayman Islands Holding Corp.
| | 1,073,844 | | 1,756,743 |
Toly Bread Co., Ltd. Class A
| | 62,978 | | 439,625 |
Tongwei Co., Ltd. Class A
| | 206,100 | | 337,578 |
Uni-President China Holdings, Ltd.
| | 850,400 | | 825,066 |
Want Want China Holdings, Ltd.
| | 3,617,933 | | 2,623,280 |
WH Group, Ltd. (c)
| | 5,186,606 | | 4,851,423 |
Yihai International Holding, Ltd.
| | 247,000 | | 1,870,609 |
| | | | | | 27,525,266 |
| GAS UTILITIES — 0.8% | | | |
Beijing Enterprises Holdings, Ltd.
| | 313,000 | | 1,148,880 |
China Gas Holdings, Ltd.
| | 1,164,000 | | 4,054,755 |
China Oil & Gas Group, Ltd.
| | 2,216,000 | | 70,046 |
China Resources Gas Group, Ltd.
| | 499,000 | | 2,510,805 |
Kunlun Energy Co., Ltd.
| | 2,265,400 | | 1,324,009 |
| | | | | | 9,108,495 |
| HEALTH CARE EQUIPMENT & SUPPLIES — 0.2% | | | |
Jiangsu Yuyue Medical Equipment & Supply Co., Ltd. Class A
| | 134,282 | | 687,304 |
Shandong Weigao Group Medical Polymer Co., Ltd. Class H
| | 1,516,000 | | 1,916,784 |
| | | | | | 2,604,088 |
| HEALTH CARE PROVIDERS & SERVICES — 0.4% | | | |
China National Accord Medicines Corp., Ltd. Class A
| | 66,900 | | 377,057 |
China Resources Medical Holdings Co., Ltd.
| | 478,500 | | 256,817 |
Huadong Medicine Co., Ltd. Class A
| | 106,000 | | 260,955 |
Jointown Pharmaceutical Group Co., Ltd. Class A
| | 217,100 | | 520,682 |
Meinian Onehealth Healthcare Holdings Co., Ltd. Class A
| | 240,000 | | 399,876 |
Shanghai Pharmaceuticals Holding Co., Ltd. Class H
| | 590,900 | | 1,004,794 |
Sinopharm Group Co., Ltd. Class H
| | 674,000 | | 1,516,541 |
| | | | | | 4,336,722 |
| HEALTH CARE TECHNOLOGY — 0.1% | | | |
Ping An Healthcare and Technology Co., Ltd. (a) (b) (c)
| | 99,054 | | 923,971 |
| HOTELS, RESTAURANTS & LEISURE — 1.3% | | | |
Ajisen China Holdings, Ltd.
| | 577,000 | | 139,208 |
China International Travel Service Corp., Ltd. Class A
| | 81,200 | | 769,820 |
China Travel International Investment Hong Kong, Ltd.
| | 3,608,000 | | 451,530 |
Haidilao International Holding, Ltd. (b) (c)
| | 379,000 | | 1,476,706 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Huazhu Group, Ltd. ADR (b)
| | 62,043 | | $1,782,495 |
Imperial Pacific International Holdings, Ltd. (a) (b)
| | 26,890,300 | | 149,180 |
Luckin Coffee, Inc. ADR (a) (b)
| | 15,480 | | 420,901 |
Shanghai Jin Jiang Capital Co., Ltd. Class H
| | 1,408,187 | | 236,185 |
Shanghai Jinjiang International Hotels Co., Ltd. Class A
| | 125,410 | | 425,865 |
Shenzhen Overseas Chinese Town Co., Ltd. Class A
| | 424,400 | | 382,596 |
Yum China Holdings, Inc.
| | 206,420 | | 8,799,685 |
| | | | | | 15,034,171 |
| HOUSEHOLD DURABLES — 0.8% | | | |
Gree Electric Appliances, Inc. of Zhuhai Class A
| | 251,600 | | 1,852,871 |
Guangzhou Holike Creative Home Co., Ltd. Class A
| | 198,776 | | 392,044 |
Haier Electronics Group Co., Ltd.
| | 709,000 | | 1,888,923 |
Haier Smart Home Co., Ltd. Class A
| | 211,100 | | 428,859 |
Hang Zhou Great Star Industrial Co., Ltd. Class A
| | 257,400 | | 339,535 |
Hangzhou Robam Appliances Co., Ltd. Class A
| | 110,800 | | 444,563 |
Hisense Home Appliances Group Co., Ltd. Class H
| | 325,000 | | 299,804 |
Jason Furniture Hangzhou Co., Ltd. Class A
| | 86,100 | | 426,601 |
Joyoung Co., Ltd. Class A
| | 131,854 | | 523,643 |
KingClean Electric Co., Ltd. Class A
| | 130,600 | | 375,870 |
NavInfo Co., Ltd. Class A
| | 177,900 | | 353,130 |
Oppein Home Group, Inc. Class A
| | 25,200 | | 336,216 |
Shenzhen MTC Co., Ltd. Class A (a)
| | 745,600 | | 432,326 |
Skyworth Group, Ltd. (a)
| | 2,043,423 | | 435,001 |
Suofeiya Home Collection Co., Ltd. Class A
| | 160,900 | | 408,140 |
TCL Technology Group Corp Class A
| | 807,200 | | 471,461 |
Zhejiang Supor Co., Ltd. Class A
| | 42,665 | | 416,104 |
| | | | | | 9,825,091 |
| HOUSEHOLD PRODUCTS — 0.1% | | | |
Vinda International Holdings, Ltd.
| | 516,000 | | 1,251,571 |
| INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.9% | | | |
Beijing Enterprises Clean Energy Group, Ltd. (a)
| | 12,225,714 | | 58,361 |
Beijing Jingneng Clean Energy Co., Ltd. Class H
| | 1,114,000 | | 160,972 |
CGN Power Co., Ltd. Class H (c)
| | 6,290,000 | | 1,444,503 |
China Datang Corp. Renewable Power Co., Ltd. Class H
| | 1,814,000 | | 131,061 |
China Longyuan Power Group Corp., Ltd. Class H
| | 1,872,000 | | 1,028,877 |
| Security Description | | | Shares | | Value |
China National Nuclear Power Co., Ltd. Class A
| | 550,800 | | $341,909 |
China Power International Development, Ltd.
| | 2,820,000 | | 523,913 |
China Resources Power Holdings Co., Ltd.
| | 1,078,092 | | 1,187,850 |
China Yangtze Power Co., Ltd. Class A
| | 914,700 | | 2,231,196 |
Concord New Energy Group, Ltd.
| | 4,420,000 | | 168,226 |
Datang International Power Generation Co., Ltd. Class H
| | 3,610,287 | | 484,421 |
Huadian Fuxin Energy Corp., Ltd. Class H
| | 2,108,000 | | 348,120 |
Huadian Power International Corp., Ltd. Class H
| | 1,144,000 | | 340,946 |
Huaneng Power International, Inc. Class A
| | 480,100 | | 317,664 |
Huaneng Power International, Inc. Class H
| | 2,268,129 | | 851,547 |
SDIC Power Holdings Co., Ltd. Class A
| | 330,800 | | 370,553 |
Sichuan Chuantou Energy Co., Ltd. Class A
| | 309,600 | | 401,840 |
| | | | | | 10,391,959 |
| INDUSTRIAL CONGLOMERATES — 0.2% | | | |
CITIC, Ltd.
| | 1,993,000 | | 2,085,336 |
Shanghai Industrial Holdings, Ltd.
| | 377,000 | | 570,055 |
| | | | | | 2,655,391 |
| INSURANCE — 4.8% | | | |
China Life Insurance Co., Ltd. Class A
| | 160,800 | | 597,538 |
China Life Insurance Co., Ltd. Class H
| | 4,217,040 | | 8,258,998 |
China Pacific Insurance Group Co., Ltd. Class A
| | 226,400 | | 901,358 |
China Pacific Insurance Group Co., Ltd. Class H
| | 1,502,000 | | 4,544,233 |
China Reinsurance Group Corp. Class H
| | 1,682,000 | | 195,306 |
China Taiping Insurance Holdings Co., Ltd.
| | 769,891 | | 1,261,481 |
Fanhua, Inc. ADR (b)
| | 32,457 | | 653,035 |
Hubei Biocause Pharmaceutical Co., Ltd. Class A
| | 415,400 | | 346,938 |
New China Life Insurance Co., Ltd. Class A
| | 59,000 | | 331,283 |
New China Life Insurance Co., Ltd. Class H
| | 500,700 | | 1,560,065 |
People's Insurance Co. Group of China, Ltd. Class A
| | 331,500 | | 294,638 |
People's Insurance Co. Group of China, Ltd. Class H
| | 3,496,000 | | 1,154,674 |
PICC Property & Casualty Co., Ltd. Class H
| | 3,860,287 | | 3,735,328 |
Ping An Insurance Group Co. of China, Ltd. Class A
| | 428,800 | | 4,184,433 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Ping An Insurance Group Co. of China, Ltd. Class H
| | 3,004,100 | | $29,514,278 |
| | | | | | 57,533,586 |
| INTERACTIVE MEDIA & SERVICES — 15.1% | | | |
58.com, Inc. ADR (a)
| | 51,558 | | 2,511,906 |
Autohome, Inc. ADR (a)
| | 31,509 | | 2,237,769 |
Baidu, Inc. ADR (a)
| | 150,309 | | 15,149,644 |
Bitauto Holdings, Ltd. ADR (a)
| | 23,396 | | 243,084 |
China Metal Recycling Holdings, Ltd. (a) (b) (d)
| | 268,085 | | — |
JOYY, Inc. ADR (a)
| | 24,668 | | 1,313,818 |
Momo, Inc. ADR
| | 91,113 | | 1,976,241 |
Phoenix New Media, Ltd. ADR
| | 50,514 | | 62,536 |
Qutoutiao, Inc. ADR (a) (b)
| | 54,861 | | 131,118 |
SINA Corp. (a)
| | 34,374 | | 1,094,468 |
Sogou, Inc. ADR (a) (b)
| | 14,135 | | 47,494 |
Sohu.com, Ltd. ADR (a)
| | 33,483 | | 208,599 |
Tencent Holdings, Ltd.
| | 3,122,115 | | 153,147,134 |
Tian Ge Interactive Holdings, Ltd. (a) (c)
| | 169,000 | | 36,849 |
Weibo Corp. ADR (a) (b)
| | 34,138 | | 1,130,309 |
| | | | | | 179,290,969 |
| INTERNET & DIRECT MARKETING RETAIL — 18.9% | | | |
Alibaba Group Holding, Ltd. ADR (a)
| | 852,333 | | 165,761,722 |
Baozun, Inc. ADR (a) (b)
| | 17,318 | | 483,865 |
Hangzhou Lianluo Interactive Information Technology Co., Ltd. Class A (a)
| | 838,579 | | 307,596 |
JD.com, Inc. ADR (a)
| | 474,568 | | 19,220,004 |
Meituan Dianping Class B (a)
| | 1,927,700 | | 23,291,373 |
Pinduoduo, Inc. ADR (a) (b)
| | 188,600 | | 6,795,258 |
Tongcheng-Elong Holdings, Ltd. (a)
| | 406,907 | | 572,229 |
Trip.com Group, Ltd. ADR (a)
| | 219,444 | | 5,145,962 |
Vipshop Holdings, Ltd. ADR (a)
| | 211,694 | | 3,298,192 |
| | | | | | 224,876,201 |
| IT SERVICES — 0.4% | | | |
21Vianet Group, Inc. ADR (a)
| | 46,867 | | 649,577 |
AGTech Holdings, Ltd. (a)
| | 1,880,000 | | 55,545 |
China TransInfo Technology Co., Ltd. Class A
| | 163,100 | | 469,405 |
Chinasoft International, Ltd.
| | 1,110,000 | | 579,997 |
Digital China Holdings, Ltd.
| | 825,000 | | 373,602 |
GDS Holdings, Ltd. ADR (a)
| | 35,558 | | 2,061,297 |
Hi Sun Technology China, Ltd. (a)
| | 1,329,000 | | 154,318 |
TravelSky Technology, Ltd. Class H
| | 493,000 | | 870,123 |
| | | | | | 5,213,864 |
| LEISURE EQUIPMENT & PRODUCTS — 0.0% (e) | | | |
Alpha Group Class A (a)
| | 448,800 | | 459,045 |
| Security Description | | | Shares | | Value |
| LIFE SCIENCES TOOLS & SERVICES — 0.5% | | | |
Genscript Biotech Corp. (a) (b)
| | 596,000 | | $965,792 |
WuXi AppTec Co., Ltd. Class A
| | 92,700 | | 1,183,435 |
Wuxi Biologics Cayman, Inc. (a) (c)
| | 258,500 | | 3,351,772 |
| | | | | | 5,500,999 |
| MACHINERY — 1.4% | | | |
China Conch Venture Holdings, Ltd.
| | 914,500 | | 4,082,326 |
China International Marine Containers Group Co., Ltd. Class H
| | 305,460 | | 285,326 |
China Shipbuilding Industry Co., Ltd. Class A
| | 901,300 | | 535,322 |
CIMC Enric Holdings, Ltd.
| | 728,000 | | 299,619 |
CRRC Corp., Ltd. Class A
| | 641,000 | | 593,234 |
CRRC Corp., Ltd. Class H
| | 2,761,950 | | 1,403,977 |
First Tractor Co., Ltd. Class H (a)
| | 480,000 | | 87,319 |
Haitian International Holdings, Ltd.
| | 413,000 | | 767,292 |
Han's Laser Technology Industry Group Co., Ltd. Class A
| | 82,500 | | 328,105 |
Hefei Meiya Optoelectronic Technology, Inc. Class A
| | 94,400 | | 502,351 |
Inner Mongolia First Machinery Group Co., Ltd. Class A
| | 267,823 | | 344,215 |
Jiangsu Hengli Hydraulic Co., Ltd. Class A
| | 82,511 | | 715,898 |
Lonking Holdings, Ltd.
| | 2,350,000 | | 703,402 |
Sany Heavy Industry Co., Ltd. Class A
| | 321,218 | | 783,989 |
Shanghai Mechanical and Electrical Industry Co., Ltd. Class A
| | 173,200 | | 331,827 |
Sinotruk Hong Kong, Ltd.
| | 197,500 | | 328,704 |
Weichai Power Co., Ltd. Class H
| | 1,246,680 | | 2,007,324 |
XCMG Construction Machinery Co., Ltd. Class A
| | 657,500 | | 468,437 |
Yangzijiang Shipbuilding Holdings, Ltd.
| | 1,434,700 | | 836,325 |
Zhejiang Sanhua Intelligent Controls Co., Ltd. Class A
| | 228,600 | | 518,270 |
Zhengzhou Yutong Bus Co., Ltd. Class A
| | 205,400 | | 396,705 |
Zoomlion Heavy Industry Science and Technology Co., Ltd. Class H (b)
| | 966,000 | | 702,917 |
| | | | | | 17,022,884 |
| MARINE — 0.1% | | | |
Atlas Corp.
| | 15,860 | | 121,963 |
COSCO SHIPPING Development Co., Ltd. Class H
| | 1,980,500 | | 206,970 |
COSCO SHIPPING Holdings Co., Ltd. Class H (a) (b)
| | 1,776,175 | | 490,397 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
SITC International Holdings Co., Ltd.
| | 849,000 | | $794,134 |
| | | | | | 1,613,464 |
| MEDIA — 0.3% | | | |
China Literature, Ltd. (a) (c)
| | 201,600 | | 801,104 |
China South Publishing & Media Group Co., Ltd. Class A
| | 237,956 | | 356,857 |
Chinese Universe Publishing and Media Group Co., Ltd. Class A
| | 221,500 | | 376,239 |
Focus Media Information Technology Co., Ltd. Class A
| | 545,100 | | 339,909 |
NanJi E-Commerce Co., Ltd. Class A (a)
| | 318,400 | | 521,069 |
Oriental Pearl Group Co., Ltd. Class A
| | 307,760 | | 379,913 |
Wasu Media Holding Co., Ltd. Class A
| | 293,600 | | 386,458 |
| | | | | | 3,161,549 |
| METALS & MINING — 1.0% | | | |
Aluminum Corp. of China, Ltd. Class H (a)
| | 3,276,000 | | 650,897 |
Angang Steel Co., Ltd. Class H (b)
| | 1,657,435 | | 436,229 |
Baoshan Iron & Steel Co., Ltd. Class A
| | 851,300 | | 584,892 |
China Hongqiao Group, Ltd.
| | 668,500 | | 284,619 |
China Molybdenum Co., Ltd. Class A
| | 796,900 | | 390,119 |
China Molybdenum Co., Ltd. Class H (b)
| | 1,815,000 | | 508,141 |
China Northern Rare Earth Group High-Tech Co., Ltd. Class A
| | 259,100 | | 328,618 |
China Zhongwang Holdings, Ltd.
| | 910,000 | | 239,508 |
Chongqing Iron & Steel Co., Ltd. Class A (a)
| | 1,571,900 | | 345,950 |
Ganfeng Lithium Co., Ltd. Class A
| | 123,300 | | 700,153 |
Guangdong HEC Technology Holding Co., Ltd. Class A
| | 389,000 | | 383,611 |
Inner Mongolia BaoTou Steel Union Co., Ltd. Class A
| | 2,004,400 | | 325,197 |
Jiangxi Copper Co., Ltd. Class H
| | 1,170,000 | | 1,080,803 |
Maanshan Iron & Steel Co., Ltd. Class A
| | 1,086,400 | | 386,237 |
Maanshan Iron & Steel Co., Ltd. Class H (b)
| | 84,000 | | 26,335 |
MMG, Ltd. (a)
| | 1,352,000 | | 193,619 |
Pangang Group Vanadium Titanium & Resources Co., Ltd. Class A (a)
| | 972,800 | | 304,678 |
Shandong Gold Mining Co., Ltd. Class A
| | 173,900 | | 842,488 |
Shougang Fushan Resources Group, Ltd.
| | 3,272,000 | | 595,224 |
Xiamen Tungsten Co., Ltd. Class A
| | 223,600 | | 357,409 |
Zhaojin Mining Industry Co., Ltd. Class H
| | 552,000 | | 554,072 |
Zhejiang Hailiang Co., Ltd. Class A
| | 290,000 | | 369,854 |
| Security Description | | | Shares | | Value |
Zhejiang Huayou Cobalt Co., Ltd. Class A
| | 99,800 | | $414,085 |
Zhongjin Gold Corp., Ltd. Class A
| | 320,000 | | 364,324 |
Zijin Mining Group Co., Ltd. Class H
| | 4,062,750 | | 1,530,562 |
| | | | | | 12,197,624 |
| MULTILINE RETAIL — 0.0% (e) | | | |
Golden Eagle Retail Group, Ltd.
| | 504,120 | | 494,305 |
| OIL, GAS & CONSUMABLE FUELS — 2.8% | | | |
China Coal Energy Co., Ltd. Class H
| | 2,221,013 | | 616,080 |
China Merchants Energy Shipping Co., Ltd. Class A
| | 605,400 | | 545,767 |
China Petroleum & Chemical Corp. Class A
| | 904,900 | | 565,546 |
China Petroleum & Chemical Corp. Class H
| | 14,624,640 | | 7,207,695 |
China Shenhua Energy Co., Ltd. Class A
| | 237,700 | | 544,602 |
China Shenhua Energy Co., Ltd. Class H
| | 2,035,700 | | 3,876,573 |
China Suntien Green Energy Corp., Ltd. Class H
| | 906,000 | | 157,801 |
CNOOC, Ltd.
| | 8,775,174 | | 9,204,372 |
COSCO SHIPPING Energy Transportation Co., Ltd. Class H
| | 915,800 | | 492,702 |
Gansu Jingyuan Coal Industry and Electricity Power Co., Ltd. Class A
| | 1,162,509 | | 364,094 |
Guanghui Energy Co., Ltd. Class A
| | 853,570 | | 310,687 |
Guizhou Panjiang Refined Coal Co., Ltd. Class A
| | 563,931 | | 424,050 |
Jizhong Energy Resources Co., Ltd. Class A
| | 829,800 | | 353,545 |
NewOcean Energy Holdings, Ltd. (a) (b)
| | 628,000 | | 93,176 |
PetroChina Co., Ltd. Class A
| | 921,525 | | 600,638 |
PetroChina Co., Ltd. Class H
| | 12,702,930 | | 4,654,469 |
Shaanxi Coal Industry Co., Ltd. Class A
| | 385,400 | | 406,703 |
Shandong Xinchao Energy Corp., Ltd. Class A (a)
| | 1,357,300 | | 337,018 |
Shanxi Lu'an Environmental Energy Development Co., Ltd. Class A
| | 389,900 | | 320,690 |
Shanxi Meijin Energy Co., Ltd. Class A (a)
| | 280,200 | | 260,111 |
Sinopec Kantons Holdings, Ltd.
| | 1,178,000 | | 449,868 |
United Energy Group, Ltd. (b)
| | 1,346,000 | | 260,486 |
Yanzhou Coal Mining Co., Ltd. Class H
| | 945,900 | | 741,988 |
| | | | | | 32,788,661 |
| PAPER & FOREST PRODUCTS — 0.1% | | | |
Lee & Man Paper Manufacturing, Ltd.
| | 1,309,000 | | 793,753 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Nine Dragons Paper Holdings, Ltd.
| | 1,037,000 | | $945,902 |
| | | | | | 1,739,655 |
| PERSONAL PRODUCTS — 0.3% | | | |
Hengan International Group Co., Ltd.
| | 396,000 | | 2,981,151 |
| PHARMACEUTICALS — 2.4% | | | |
Asymchem Laboratories Tianjin Co., Ltd. Class A
| | 27,500 | | 666,103 |
Beijing Tongrentang Co., Ltd. Class A
| | 107,700 | | 385,175 |
Changchun High & New Technology Industry Group, Inc. Class A
| | 12,300 | | 950,932 |
Chengdu Kanghong Pharmaceutical Group Co., Ltd. Class A
| | 86,100 | | 478,347 |
China Animal Healthcare, Ltd. (a) (d)
| | 763,600 | | — |
China Medical System Holdings, Ltd.
| | 1,007,300 | | 1,090,357 |
China Resources Pharmaceutical Group, Ltd. (c)
| | 808,000 | | 484,744 |
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd. Class A
| | 98,900 | | 388,585 |
China Shineway Pharmaceutical Group, Ltd.
| | 327,000 | | 245,960 |
Consun Pharmaceutical Group, Ltd.
| | 702,000 | | 317,901 |
CSPC Pharmaceutical Group, Ltd.
| | 2,562,000 | | 5,130,016 |
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class A
| | 81,700 | | 362,845 |
Guangzhou Baiyunshan Pharmaceutical Holdings Co., Ltd. Class H
| | 114,000 | | 307,397 |
Hansoh Pharmaceutical Group Co., Ltd. (a) (c)
| | 204,000 | | 692,203 |
Hubei Jumpcan Pharmaceutical Co., Ltd. Class A
| | 100,400 | | 310,483 |
Jiangsu Hengrui Medicine Co., Ltd. Class A
| | 184,038 | | 2,389,467 |
Joincare Pharmaceutical Group Industry Co., Ltd. Class A
| | 319,304 | | 516,242 |
Livzon Pharmaceutical Group, Inc. Class A
| | 109,300 | | 605,697 |
Luye Pharma Group, Ltd. (c)
| | 1,303,000 | | 635,454 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class A
| | 110,100 | | 510,410 |
Shanghai Fosun Pharmaceutical Group Co., Ltd. Class H
| | 257,000 | | 845,515 |
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. Class H
| | 521,000 | | 313,908 |
Shenzhen Hepalink Pharmaceutical Group Co., Ltd. Class A
| | 141,700 | | 411,814 |
Shenzhen Salubris Pharmaceuticals Co., Ltd. Class A
| | 128,100 | | 320,602 |
| Security Description | | | Shares | | Value |
Sichuan Kelun Pharmaceutical Co., Ltd. Class A
| | 106,100 | | $309,699 |
Sihuan Pharmaceutical Holdings Group, Ltd.
| | 1,223,000 | | 123,075 |
Sino Biopharmaceutical, Ltd.
| | 3,726,500 | | 4,913,601 |
SSY Group, Ltd.
| | 980,332 | | 766,467 |
Tasly Pharmaceutical Group Co., Ltd. Class A
| | 177,100 | | 345,295 |
Tong Ren Tang Technologies Co., Ltd. Class H
| | 509,000 | | 405,839 |
Tonghua Dongbao Pharmaceutical Co., Ltd. Class A
| | 162,000 | | 242,490 |
United Laboratories International Holdings, Ltd. (b)
| | 658,000 | | 530,584 |
YiChang HEC ChangJiang Pharmaceutical Co., Ltd. Class H (c)
| | 103,600 | | 489,202 |
Yifan Pharmaceutical Co., Ltd. Class A
| | 227,000 | | 522,008 |
Yunnan Baiyao Group Co., Ltd. Class A
| | 41,707 | | 503,377 |
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class A
| | 29,900 | | 524,332 |
Zhejiang NHU Co., Ltd. Class A
| | 135,100 | | 520,334 |
| | | | | | 28,556,460 |
| PROFESSIONAL SERVICES — 0.1% | | | |
51job, Inc. ADR (a)
| | 16,298 | | 1,000,534 |
China Index Holdings, Ltd. ADR (a) (b)
| | 28,224 | | 38,103 |
| | | | | | 1,038,637 |
| REAL ESTATE MANAGEMENT & DEVELOPMENT — 5.4% | | | |
Agile Group Holdings, Ltd.
| | 880,747 | | 953,369 |
Beijing Capital Development Co., Ltd. Class A
| | 356,400 | | 332,356 |
Beijing Capital Land, Ltd. Class H
| | 944,000 | | 207,047 |
Beijing North Star Co., Ltd. Class A
| | 868,200 | | 324,586 |
China Aoyuan Group, Ltd.
| | 645,000 | | 755,603 |
China Dili Group (a) (b)
| | 2,397,500 | | 566,054 |
China Enterprise Co., Ltd. Class A
| | 635,378 | | 381,861 |
China Evergrande Group (b)
| | 1,674,600 | | 2,778,433 |
China Fortune Land Development Co., Ltd. Class A
| | 111,700 | | 329,197 |
China Jinmao Holdings Group, Ltd.
| | 1,986,000 | | 1,286,266 |
China Merchants Shekou Industrial Zone Holdings Co., Ltd. Class A
| | 302,919 | | 704,284 |
China Overseas Grand Oceans Group, Ltd.
| | 475,000 | | 278,226 |
China Overseas Land & Investment, Ltd.
| | 2,059,862 | | 6,391,475 |
China Overseas Property Holdings, Ltd.
| | 1,277,620 | | 1,203,296 |
China Resources Land, Ltd.
| | 1,534,555 | | 6,335,491 |
China SCE Group Holdings, Ltd.
| | 458,000 | | 203,860 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
China South City Holdings, Ltd.
| | 2,428,000 | | $234,940 |
China Vanke Co., Ltd. Class A
| | 342,710 | | 1,240,161 |
China Vanke Co., Ltd. Class H
| | 946,564 | | 3,120,245 |
CIFI Holdings Group Co., Ltd.
| | 2,478,267 | | 1,790,540 |
Colour Life Services Group Co., Ltd. (b)
| | 366,000 | | 151,105 |
Country Garden Holdings Co., Ltd.
| | 4,174,883 | | 5,052,368 |
Gemdale Corp. Class A
| | 247,300 | | 491,586 |
Grandjoy Holdings Group Co., Ltd. Class A
| | 429,100 | | 325,690 |
Greenland Holdings Corp., Ltd. Class A
| | 422,700 | | 322,622 |
Greentown China Holdings, Ltd. (b)
| | 422,500 | | 384,294 |
Guangzhou R&F Properties Co., Ltd. Class H
| | 628,624 | | 820,766 |
Hopson Development Holdings, Ltd.
| | 440,000 | | 392,832 |
Jiangsu Zhongnan Construction Group Co., Ltd. Class A
| | 365,100 | | 399,188 |
Jiayuan International Group, Ltd.
| | 520,000 | | 211,330 |
Jinke Properties Group Co., Ltd. Class A
| | 441,200 | | 495,465 |
Kaisa Group Holdings, Ltd.
| | 1,049,000 | | 388,423 |
KWG Group Holdings, Ltd.
| | 1,001,806 | | 1,424,338 |
Logan Property Holdings Co., Ltd.
| | 512,000 | | 790,040 |
Longfor Group Holdings, Ltd. (c)
| | 806,000 | | 3,925,544 |
Oceanwide Holdings Co., Ltd. Class A
| | 635,400 | | 354,086 |
Poly Developments and Holdings Group Co., Ltd. Class A
| | 478,900 | | 1,004,662 |
Poly Property Group Co., Ltd.
| | 1,477,000 | | 501,169 |
Powerlong Real Estate Holdings, Ltd.
| | 414,000 | | 243,564 |
Red Star Macalline Group Corp., Ltd. Class A
| | 268,200 | | 352,267 |
Redco Properties Group, Ltd. (b) (c)
| | 526,200 | | 257,978 |
RiseSun Real Estate Development Co., Ltd. Class A
| | 348,000 | | 380,492 |
Ronshine China Holdings, Ltd.
| | 196,000 | | 191,678 |
Seazen Group, Ltd. (a) (b)
| | 1,002,000 | | 904,927 |
Seazen Holdings Co., Ltd. Class A
| | 112,700 | | 497,183 |
Shanghai Industrial Urban Development Group, Ltd.
| | 338,000 | | 32,270 |
Shanghai Jinqiao Export Processing Zone Development Co., Ltd. Class A
| | 213,900 | | 369,667 |
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd. Class A
| | 211,500 | | 330,907 |
Shenzhen Investment, Ltd.
| | 2,376,242 | | 741,915 |
Shimao Property Holdings, Ltd.
| | 569,441 | | 2,005,669 |
Shui On Land, Ltd.
| | 3,720,500 | | 624,011 |
Sino-Ocean Group Holding, Ltd.
| | 1,968,212 | | 500,249 |
Skyfame Realty Holdings, Ltd.
| | 802,000 | | 105,541 |
SOHO China, Ltd.
| | 1,049,000 | | 541,357 |
Sunac China Holdings, Ltd.
| | 1,268,300 | | 5,874,411 |
| Security Description | | | Shares | | Value |
Suncity Group Holdings, Ltd. (a) (b)
| | 1,231,376 | | $184,288 |
Times China Holdings, Ltd.
| | 218,000 | | 365,072 |
Xinhu Zhongbao Co., Ltd. Class A
| | 992,100 | | 422,694 |
Yanlord Land Group, Ltd.
| | 489,900 | | 338,906 |
Yuexiu Property Co., Ltd.
| | 4,596,000 | | 830,149 |
Yuzhou Properties Co., Ltd.
| | 1,351,657 | | 575,477 |
Zall Smart Commerce Group, Ltd. (a) (b)
| | 1,844,000 | | 164,156 |
Zhongtian Financial Group Co., Ltd. Class A
| | 825,400 | | 362,150 |
| | | | | | 64,049,776 |
| ROAD & RAIL — 0.2% | | | |
CAR, Inc. (a) (b)
| | 433,300 | | 242,061 |
China High Speed Railway Technology Co., Ltd. Class A
| | 836,354 | | 370,496 |
Daqin Railway Co., Ltd. Class A
| | 500,500 | | 480,150 |
Dazhong Transportation Group Co., Ltd. Class A
| | 712,800 | | 346,937 |
Guangshen Railway Co., Ltd. Class H
| | 1,772,000 | | 377,221 |
| | | | | | 1,816,865 |
| SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.7% | | | |
Daqo New Energy Corp. ADR (a)
| | 4,453 | | 257,918 |
GCL System Integration Technology Co., Ltd. Class A (a)
| | 470,200 | | 200,997 |
GCL-Poly Energy Holdings, Ltd. (a) (b)
| | 8,545,000 | | 274,511 |
Gigadevice Semiconductor Beijing, Inc. Class A
| | 16,060 | | 548,331 |
Hua Hong Semiconductor, Ltd. (b) (c)
| | 256,000 | | 469,004 |
JinkoSolar Holding Co., Ltd. ADR (a) (b)
| | 16,072 | | 238,669 |
LONGi Green Energy Technology Co., Ltd. Class A
| | 145,900 | | 511,294 |
Sanan Optoelectronics Co., Ltd. Class A
| | 217,100 | | 586,533 |
Semiconductor Manufacturing International Corp. (a) (b)
| | 1,680,600 | | 2,645,283 |
Shenzhen Goodix Technology Co., Ltd. Class A
| | 17,100 | | 629,121 |
Tianjin Zhonghuan Semiconductor Co., Ltd. Class A
| | 247,100 | | 498,160 |
Will Semiconductor, Ltd. Class A
| | 22,034 | | 484,622 |
Xinyi Solar Holdings, Ltd.
| | 1,974,716 | | 1,118,451 |
| | | | | | 8,462,894 |
| SOFTWARE — 0.8% | | | |
360 Security Technology, Inc. Class A
| | 120,100 | | 320,743 |
Aisino Corp. Class A
| | 132,800 | | 357,658 |
Beijing Shiji Information Technology Co., Ltd. Class A
| | 74,300 | | 303,565 |
Cheetah Mobile, Inc. ADR
| | 19,991 | | 41,781 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
China National Software & Service Co., Ltd. Class A
| | 36,900 | | $375,653 |
Genimous Technology Co., Ltd. Class A
| | 347,100 | | 355,513 |
Glodon Co., Ltd. Class A
| | 81,200 | | 488,813 |
Hundsun Technologies, Inc. Class A
| | 37,200 | | 461,313 |
Iflytek Co., Ltd. Class A
| | 88,900 | | 432,196 |
Kingdee International Software Group Co., Ltd.
| | 1,285,000 | | 1,714,240 |
Kingsoft Corp., Ltd. (a)
| | 623,000 | | 2,033,557 |
Newland Digital Technology Co., Ltd. Class A
| | 165,198 | | 368,469 |
Shanghai Baosight Software Co., Ltd. Class A
| | 84,900 | | 476,112 |
Venustech Group, Inc. Class A
| | 88,100 | | 459,877 |
Weimob, Inc. (a) (b) (c)
| | 357,000 | | 226,151 |
Yonyou Network Technology Co., Ltd. Class A
| | 103,600 | | 591,357 |
| | | | | | 9,006,998 |
| SPECIALTY RETAIL — 0.4% | | | |
Chengdu Fusen Noble-House Industrial Co., Ltd. Class A
| | 238,440 | | 405,686 |
China Grand Automotive Services Group Co., Ltd. Class A
| | 745,300 | | 427,947 |
China Harmony New Energy Auto Holding, Ltd.
| | 924,500 | | 399,576 |
China Yongda Automobiles Services Holdings, Ltd.
| | 267,500 | | 218,462 |
GOME Retail Holdings, Ltd. (a) (b)
| | 8,621,279 | | 800,852 |
Grand Baoxin Auto Group, Ltd. (a)
| | 810,074 | | 108,694 |
Hengdeli Holdings, Ltd.
| | 3,412,895 | | 136,500 |
HLA Corp., Ltd. Class A
| | 350,366 | | 312,888 |
Shanghai Yuyuan Tourist Mart Group Co., Ltd. Class A
| | 335,683 | | 346,187 |
Suning.com Co., Ltd. Class A
| | 361,300 | | 460,277 |
Zhongsheng Group Holdings, Ltd.
| | 300,500 | | 1,050,659 |
| | | | | | 4,667,728 |
| TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.2% | | | |
China Greatwall Technology Group Co., Ltd. Class A
| | 234,100 | | 394,339 |
Dawning Information Industry Co., Ltd. Class A
| | 79,800 | | 491,643 |
Inspur Electronic Information Industry Co., Ltd. Class A
| | 139,440 | | 762,885 |
Legend Holdings Corp. Class H (c)
| | 173,600 | | 214,343 |
Lenovo Group, Ltd.
| | 3,474,000 | | 1,864,537 |
Meitu, Inc. (a) (c)
| | 1,267,000 | | 241,928 |
Ninestar Corp. Class A
| | 106,300 | | 402,363 |
Xiaomi Corp. Class B (a) (b) (c)
| | 7,197,800 | | 9,695,008 |
| | | | | | 14,067,046 |
| TEXTILES, APPAREL & LUXURY GOODS — 1.1% | | | |
ANTA Sports Products, Ltd.
| | 566,000 | | 4,158,704 |
| Security Description | | | Shares | | Value |
Bosideng International Holdings, Ltd.
| | 2,162,000 | | $507,662 |
China Dongxiang Group Co., Ltd.
| | 3,537,000 | | 305,744 |
Cosmo Lady China Holdings Co., Ltd. (c)
| | 397,000 | | 47,122 |
Lao Feng Xiang Co., Ltd. Class A
| | 58,600 | | 331,187 |
Li Ning Co., Ltd.
| | 986,707 | | 2,883,396 |
Shenzhou International Group Holdings, Ltd.
| | 401,300 | | 4,266,230 |
Xtep International Holdings, Ltd.
| | 406,865 | | 133,856 |
Zhejiang Semir Garment Co., Ltd. Class A
| | 251,000 | | 252,126 |
| | | | | | 12,886,027 |
| TRADING COMPANIES & DISTRIBUTORS — 0.2% | | | |
ArtGo Holdings, Ltd. (a) (b)
| | 1,230,000 | | 19,202 |
CITIC Resources Holdings, Ltd.
| | 2,194,000 | | 77,843 |
Guocheng Mining Co., Ltd. Class A (a)
| | 294,100 | | 745,602 |
Jiangsu Guotai International Group Co., Ltd. Class A
| | 533,120 | | 434,727 |
Shanghai Waigaoqiao Free Trade Zone Group Co., Ltd. Class A
| | 163,200 | | 337,074 |
Sinochem International Corp. Class A
| | 566,990 | | 409,552 |
Xiamen C & D, Inc. Class A
| | 337,500 | | 364,250 |
| | | | | | 2,388,250 |
| TRANSPORTATION INFRASTRUCTURE — 0.8% | | | |
Anhui Expressway Co., Ltd. Class H
| | 678,000 | | 334,150 |
Beijing Capital International Airport Co., Ltd. Class H
| | 997,939 | | 636,032 |
China Merchants Port Holdings Co., Ltd.
| | 994,663 | | 1,136,992 |
COSCO SHIPPING International Hong Kong Co., Ltd.
| | 594,000 | | 167,067 |
COSCO SHIPPING Ports, Ltd.
| | 1,255,078 | | 605,606 |
Dalian Port PDA Co., Ltd. Class H (b)
| | 150,000 | | 12,386 |
Guangzhou Baiyun International Airport Co., Ltd. Class A
| | 151,800 | | 268,769 |
Hainan Meilan International Airport Co., Ltd. Class H (a)
| | 449,000 | | 381,171 |
Jiangsu Expressway Co., Ltd. Class H
| | 994,795 | | 1,110,191 |
Ningbo Zhoushan Port Co., Ltd. Class A
| | 772,200 | | 386,743 |
Qingdao Port International Co., Ltd. Class H (c)
| | 966,000 | | 528,434 |
Shanghai International Airport Co., Ltd. Class A
| | 78,000 | | 669,166 |
Shanghai International Port Group Co., Ltd. Class A
| | 829,700 | | 524,401 |
Shenzhen Expressway Co., Ltd. Class H
| | 470,000 | | 479,041 |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Shenzhen International Holdings, Ltd.
| | 624,595 | | $1,144,286 |
Sichuan Expressway Co., Ltd. Class H
| | 904,000 | | 211,103 |
Xiamen International Port Co., Ltd. Class H
| | 1,237,000 | | 106,928 |
Yuexiu Transport Infrastructure, Ltd.
| | 426,000 | | 259,967 |
Zhejiang Expressway Co., Ltd. Class H
| | 1,030,000 | | 717,594 |
| | | | | | 9,680,027 |
| WATER UTILITIES — 0.4% | | | |
Beijing Enterprises Water Group, Ltd.
| | 3,376,000 | | 1,319,754 |
China Water Affairs Group, Ltd.
| | 446,000 | | 334,893 |
Guangdong Investment, Ltd.
| | 1,632,000 | | 3,145,709 |
Kangda International Environmental Co., Ltd. (a) (c)
| | 996,000 | | 95,091 |
| | | | | | 4,895,447 |
| WIRELESS TELECOMMUNICATION SERVICES — 1.9% | | | |
China Mobile, Ltd.
| | 3,017,504 | | 22,443,730 |
China United Network Communications, Ltd. Class A
| | 872,200 | | 642,319 |
| | | | | | 23,086,049 |
TOTAL COMMON STOCKS
(Cost $1,260,970,592)
| | | | | 1,185,859,836 |
| RIGHTS — 0.0% (e) | | | | | |
| COMPUTERS & PERIPHERALS — 0.0% (e) | | | | | |
Legend Holdings Corp. (expiring 5/19/23) (a) (d)
| | | 15,323 | | — |
TOTAL RIGHTS
(Cost $0)
| | | | | — |
| SHORT-TERM INVESTMENTS — 0.7% | | | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (f) (g)
| | 392,710 | | 392,356 |
| Security Description | | | Shares | | Value |
State Street Navigator Securities Lending Portfolio II (h) (i)
| | 8,363,411 | | $8,363,411 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,755,505)
| | 8,755,767 | |
TOTAL INVESTMENTS — 100.6%
(Cost $1,269,726,097)
| | 1,194,615,603 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%
| | (7,355,535) | |
NET ASSETS — 100.0%
| | $1,187,260,068 | |
| (a) | Non-income producing security. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (c) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.8% of net assets as of March 31, 2020, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
| (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, 2020, total aggregate fair value of the security is $154,440, representing less than 0.05% of the Fund's 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, 2020 are shown in the Affiliate Table below. |
| (g) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (h) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (i) | Investment of cash collateral for securities loaned. |
| ADR | American Depositary Receipt |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $1,185,461,277 | | $244,119 | | $154,440 | | $1,185,859,836 |
Rights
| | — | | — | | 0(a) | | 0 |
Short-Term Investments
| | 8,755,767 | | — | | — | | 8,755,767 |
TOTAL INVESTMENTS
| | $1,194,217,044 | | $244,119 | | $154,440 | | $1,194,615,603 |
| (a) | Fund held Level 3 securities that were valued at $0 at March 31, 2020. |
SPDR S&P CHINA ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 2,989,336 | | $2,989,635 | | $26,930,457 | | $29,527,753 | | $(245) | | $262 | | 392,710 | | $392,356 | | $17,556 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 55,852,194 | | 47,488,783 | | — | | — | | 8,363,411 | | 8,363,411 | | 115,967 |
State Street Navigator Securities Lending Portfolio III
| 16,691,048 | | 16,691,048 | | 9,878,378 | | 26,569,426 | | — | | — | | — | | — | | 28,974 |
Total
| | | $19,680,683 | | $92,661,029 | | $103,585,962 | | $(245) | | $262 | | | | $8,755,767 | | $162,497 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
| COMMON STOCKS — 99.1% | | | | |
| AUSTRALIA — 5.9% | | | | | |
Abacus Property Group REIT
| | | 158,983 | | $227,695 |
Accent Group, Ltd.
| | | 259,815 | | 124,831 |
Adelaide Brighton, Ltd.
| | | 111,226 | | 140,917 |
AET&D Holdings No. 1 Pty, Ltd. (a)(b)
| | | 220,632 | | — |
Altura Mining, Ltd. (c)
| | | 31,575 | | 599 |
AMA Group, Ltd.
| | | 387,048 | | 66,330 |
AP Eagers, Ltd. (b)
| | | 53,174 | | 98,612 |
APN Industria REIT (b)
| | | 97,789 | | 123,295 |
Appen, Ltd.
| | | 51,789 | | 624,123 |
ARB Corp., Ltd. (b)
| | | 41,396 | | 362,058 |
Ardent Leisure Group, Ltd. (b)(c)
| | | 121,379 | | 15,601 |
Arena REIT
| | | 184,603 | | 191,512 |
AUB Group, Ltd.
| | | 9,341 | | 55,514 |
Aurelia Metals, Ltd.
| | | 519,893 | | 76,368 |
Austal, Ltd.
| | | 60,168 | | 107,163 |
Australian Agricultural Co., Ltd. (b)(c)
| | | 184,274 | | 123,499 |
Australian Pharmaceutical Industries, Ltd.
| | | 295,833 | | 226,331 |
Avita Medical, Ltd. (c)
| | | 746,297 | | 232,953 |
Baby Bunting Group, Ltd.
| | | 31,726 | | 43,496 |
Bapcor, Ltd.
| | | 102,549 | | 256,709 |
Bega Cheese, Ltd. (b)
| | | 83,749 | | 234,764 |
Bingo Industries, Ltd.
| | | 247,799 | | 288,164 |
Blackmores, Ltd. (b)
| | | 3,373 | | 150,601 |
Bravura Solutions, Ltd.
| | | 87,683 | | 207,152 |
Breville Group, Ltd.
| | | 56,641 | | 585,181 |
Brickworks, Ltd.
| | | 39,399 | | 318,548 |
Bubs Australia, Ltd. (b)(c)
| | | 426,066 | | 149,945 |
BWP Trust REIT
| | | 162,433 | | 333,047 |
BWX, Ltd.
| | | 56,599 | | 103,924 |
Carnarvon Petroleum, Ltd. (c)
| | | 525,973 | | 46,679 |
Castile Resources, Ltd. (b)(c)
| | | 25,421 | | 1,167 |
Cedar Woods Properties, Ltd.
| | | 60,048 | | 152,890 |
Charter Hall Long Wale REIT
| | | 104,052 | | 279,577 |
Charter Hall Retail REIT
| | | 256,872 | | 488,950 |
Charter Hall Social Infrastructure REIT
| | | 151,374 | | 172,326 |
Clean TeQ Holdings, Ltd. (b)(c)
| | | 337,706 | | 25,837 |
Clinuvel Pharmaceuticals, Ltd. (b)
| | | 19,978 | | 233,668 |
Collins Foods, Ltd.
| | | 49,597 | | 164,529 |
Cooper Energy, Ltd. (b)(c)
| | | 881,462 | | 229,287 |
Corporate Travel Management, Ltd. (b)
| | | 24,140 | | 128,837 |
Costa Group Holdings, Ltd. (b)
| | | 182,135 | | 306,558 |
Credit Corp. Group, Ltd. (b)
| | | 26,695 | | 223,677 |
CSR, Ltd.
| | | 245,199 | | 475,735 |
Dacian Gold, Ltd. (b)(c)
| | | 131,232 | | 112,449 |
Domain Holdings Australia, Ltd.
| | | 97,028 | | 119,960 |
Dubber Corp., Ltd. (c)
| | | 69,325 | | 34,156 |
Eclipx Group, Ltd. (b)(c)
| | | 142,158 | | 59,165 |
Ecofibre, Ltd. (b)(c)
| | | 33,234 | | 36,614 |
Elders, Ltd.
| | | 69,658 | | 320,609 |
| Security Description | | | Shares | | Value |
Emeco Holdings, Ltd. (b)(c)
| | | 130,413 | | $67,447 |
EML Payments, Ltd. (c)
| | | 218,513 | | 307,604 |
Estia Health, Ltd.
| | | 96,593 | | 79,220 |
FlexiGroup, Ltd.
| | | 111,980 | | 51,403 |
Freedom Foods Group, Ltd. (b)
| | | 36,222 | | 97,325 |
G8 Education, Ltd. (b)
| | | 300,782 | | 153,718 |
Galaxy Resources, Ltd. (b)(c)
| | | 158,040 | | 77,383 |
GDI Property Group REIT
| | | 211,610 | | 121,097 |
Genworth Mortgage Insurance Australia, Ltd. (b)
| | | 86,235 | | 114,533 |
Gold Road Resources, Ltd. (c)
| | | 443,829 | | 373,513 |
GrainCorp, Ltd. Class A (c)
| | | 101,844 | | 192,611 |
GUD Holdings, Ltd.
| | | 44,362 | | 254,412 |
GWA Group, Ltd. (b)
| | | 129,980 | | 206,841 |
Hansen Technologies, Ltd.
| | | 94,585 | | 167,883 |
Healius, Ltd.
| | | 323,916 | | 410,383 |
Hotel Property Investments REIT
| | | 91,053 | | 122,047 |
HT&E, Ltd. (b)
| | | 68,051 | | 47,482 |
HUB24, Ltd.
| | | 28,864 | | 136,030 |
IGO, Ltd.
| | | 229,495 | | 594,156 |
Imdex, Ltd.
| | | 301,595 | | 164,286 |
IMF Bentham, Ltd. (b)
| | | 113,210 | | 263,303 |
Infigen Energy Stapled Security
| | | 174,802 | | 45,470 |
Infomedia, Ltd.
| | | 47,802 | | 41,692 |
Ingenia Communities Group REIT
| | | 64,612 | | 130,106 |
Inghams Group, Ltd. (b)
| | | 82,706 | | 166,541 |
Integrated Research, Ltd.
| | | 138,782 | | 220,848 |
InvoCare, Ltd. (b)
| | | 124,359 | | 799,958 |
ioneer, Ltd. (b)(c)
| | | 1,124,886 | | 55,079 |
IOOF Holdings, Ltd. (b)
| | | 123,764 | | 277,244 |
IPH, Ltd.
| | | 101,010 | | 445,745 |
IRESS, Ltd.
| | | 52,530 | | 335,013 |
iSignthis, Ltd. (b)(c)
| | | 218,742 | | 143,253 |
Jumbo Interactive, Ltd. (b)
| | | 12,673 | | 72,989 |
Jupiter Mines, Ltd.
| | | 928,877 | | 125,074 |
Karoon Energy, Ltd. (b)(c)
| | | 615,167 | | 167,548 |
Kogan.com, Ltd. (b)
| | | 60,247 | | 197,277 |
Link Administration Holdings, Ltd.
| | | 181,513 | | 358,837 |
Liquefied Natural Gas, Ltd. (b)(c)
| | | 255,645 | | 15,177 |
Lovisa Holdings, Ltd. (b)
| | | 35,447 | | 107,175 |
Lynas Corp., Ltd. (c)
| | | 350,147 | | 309,674 |
MACA, Ltd.
| | | 305,391 | | 119,625 |
Mayne Pharma Group, Ltd. (b)(c)
| | | 912,985 | | 173,226 |
McMillan Shakespeare, Ltd.
| | | 40,657 | | 176,926 |
Megaport, Ltd. (b)(c)
| | | 49,295 | | 296,883 |
Mesoblast, Ltd. (b)(c)
| | | 200,837 | | 170,247 |
Metcash, Ltd.
| | | 465,544 | | 897,549 |
Mineral Resources, Ltd. (b)
| | | 43,380 | | 370,914 |
Monadelphous Group, Ltd.
| | | 45,649 | | 287,218 |
Monash IVF Group, Ltd.
| | | 311,005 | | 86,610 |
Mount Gibson Iron, Ltd.
| | | 54,872 | | 22,166 |
Myer Holdings, Ltd. (b)(c)
| | | 426,883 | | 36,578 |
Nanosonics, Ltd. (c)
| | | 151,731 | | 520,055 |
Navigator Global Investments, Ltd.
| | | 60,152 | | 84,677 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
nearmap, Ltd. (b)(c)
| | | 193,519 | | $133,841 |
Netwealth Group, Ltd. (b)
| | | 42,949 | | 177,437 |
New Hope Corp., Ltd. (b)
| | | 94,915 | | 80,749 |
New South Resources, Ltd.
| | | 313,548 | | 303,213 |
NEXTDC, Ltd. (b)(c)
| | | 184,808 | | 1,008,957 |
Nick Scali, Ltd.
| | | 40,700 | | 84,197 |
Nine Entertainment Co. Holdings, Ltd. (b)
| | | 749,141 | | 524,996 |
NRW Holdings, Ltd.
| | | 192,096 | | 147,553 |
Nufarm, Ltd. (c)
| | | 107,978 | | 337,049 |
OceanaGold Corp.
| | | 322,630 | | 306,004 |
OFX Group, Ltd.
| | | 220,340 | | 167,225 |
oOh!media, Ltd. (b)
| | | 131,719 | | 51,596 |
oOh!media, Ltd.
| | | 131,719 | | 42,728 |
Orocobre, Ltd. (b)(c)
| | | 94,530 | | 120,921 |
Pact Group Holdings, Ltd. (b)(c)
| | | 51,121 | | 48,028 |
Paladin Energy, Ltd. (b)(c)
| | | 775,481 | | 23,257 |
Paradigm Biopharmaceuticals, Ltd. (c)
| | | 53,416 | | 52,146 |
Pendal Group, Ltd.
| | | 57,115 | | 155,560 |
Perenti Global, Ltd.
| | | 205,533 | | 76,736 |
Perpetual, Ltd.
| | | 25,974 | | 401,091 |
Perseus Mining, Ltd. (c)
| | | 547,717 | | 310,088 |
Pilbara Minerals, Ltd. (b)(c)
| | | 391,496 | | 40,735 |
Pinnacle Investment Management Group, Ltd. (b)
| | | 39,246 | | 67,978 |
Platinum Asset Management, Ltd. (b)
| | | 67,317 | | 137,201 |
PolyNovo, Ltd. (b)(c)
| | | 228,372 | | 224,339 |
Praemium, Ltd. (b)(c)
| | | 111,657 | | 16,402 |
Premier Investments, Ltd.
| | | 31,674 | | 240,193 |
Pro Medicus, Ltd. (b)
| | | 14,498 | | 172,412 |
Ramelius Resources, Ltd.
| | | 184,174 | | 113,851 |
Regis Healthcare, Ltd. (b)
| | | 98,169 | | 91,028 |
Regis Resources, Ltd.
| | | 295,088 | | 657,415 |
Resolute Mining, Ltd. (c)
| | | 302,482 | | 149,959 |
Rural Funds Group REIT (b)
| | | 173,501 | | 201,233 |
Sandfire Resources, Ltd.
| | | 105,425 | | 212,934 |
Saracen Mineral Holdings, Ltd. (c)
| | | 540,577 | | 1,214,257 |
Senex Energy, Ltd. (c)
| | | 308,019 | | 30,164 |
Service Stream, Ltd.
| | | 216,269 | | 240,909 |
Seven West Media, Ltd. (c)
| | | 473,237 | | 22,592 |
SG Fleet Group, Ltd.
| | | 74,205 | | 54,955 |
Shopping Centres Australasia Property Group REIT
| | | 348,788 | | 484,590 |
Sigma Healthcare, Ltd.
| | | 438,000 | | 171,570 |
Silver Lake Resources, Ltd. (c)
| | | 268,226 | | 226,552 |
SmartGroup Corp., Ltd.
| | | 45,153 | | 135,140 |
SolGold PLC (b)(c)
| | | 663,311 | | 135,708 |
Southern Cross Media Group, Ltd.
| | | 495,204 | | 50,010 |
SpeedCast International, Ltd. (b)
| | | 131,112 | | 63,395 |
St Barbara, Ltd.
| | | 343,897 | | 448,327 |
Starpharma Holdings, Ltd. (b)(c)
| | | 232,995 | | 109,806 |
Steadfast Group, Ltd.
| | | 373,304 | | 568,917 |
Super Retail Group, Ltd. (b)
| | | 56,385 | | 159,783 |
Superloop, Ltd. (b)(c)
| | | 101,964 | | 34,948 |
| Security Description | | | Shares | | Value |
Tassal Group, Ltd.
| | | 128,893 | | $276,111 |
Technology One, Ltd.
| | | 126,056 | | 617,221 |
Tiger Resources, Ltd. (a)(c)
| | | 2,464 | | — |
United Malt Grp, Ltd. (c)
| | | 103,504 | | 278,738 |
Virtus Health, Ltd.
| | | 16,221 | | 18,565 |
Vita Group, Ltd.
| | | 150 | | 70 |
Viva Energy REIT
| | | 173,847 | | 244,727 |
Vocus Group, Ltd. (c)
| | | 322,952 | | 490,204 |
Webjet, Ltd. (b)
| | | 80,541 | | 180,913 |
Western Areas, Ltd.
| | | 43,137 | | 51,352 |
Westgold Resources, Ltd. (c)
| | | 93,391 | | 107,747 |
Zip Co., Ltd. (c)
| | | 90,994 | | 88,273 |
| | | | | | 33,726,249 |
| AUSTRIA — 0.3% | | | | | |
AT&S Austria Technologie & Systemtechnik AG
| | | 12,146 | | 178,718 |
FACC AG (b)
| | | 10,910 | | 93,314 |
Palfinger AG
| | | 5,237 | | 95,503 |
Porr AG (b)
| | | 7,794 | | 128,793 |
S IMMO AG
| | | 30,107 | | 581,415 |
S&T AG
| | | 22,653 | | 429,760 |
Schoeller-Bleckmann Oilfield Equipment AG
| | | 4,831 | | 159,024 |
| | | | | | 1,666,527 |
| BELGIUM — 0.9% | | | | | |
AGFA-Gevaert NV (c)
| | | 90,463 | | 337,883 |
Befimmo SA REIT
| | | 7,048 | | 338,337 |
Bekaert SA
| | | 22,455 | | 376,727 |
Biocartis NV (b)(c)(d)
| | | 17,542 | | 66,502 |
Econocom Group SA
| | | 48,479 | | 77,077 |
Euronav NV
| | | 95,522 | | 1,092,136 |
Fagron
| | | 14,539 | | 286,834 |
Intervest Offices & Warehouses NV REIT
| | | 12,013 | | 313,714 |
Ion Beam Applications (b)(c)
| | | 10,758 | | 93,017 |
Kinepolis Group NV
| | | 3,385 | | 122,940 |
Materialise NV ADR (b)(c)
| | | 18,171 | | 337,435 |
Mithra Pharmaceuticals SA (b)(c)
| | | 7,216 | | 176,091 |
Ontex Group NV
| | | 24,187 | | 421,973 |
Recticel SA
| | | 29,432 | | 158,242 |
Retail Estates NV REIT
| | | 5,281 | | 274,663 |
Tessenderlo Group SA (c)
| | | 27,183 | | 763,560 |
X-Fab Silicon Foundries SE (c)(d)
| | | 44,222 | | 98,016 |
| | | | | | 5,335,147 |
| BERMUDA — 0.1% | | | | | |
Golar LNG, Ltd. (b)
| | | 37,199 | | 293,128 |
| CANADA — 5.8% | | | | | |
Advantage Oil & Gas, Ltd. (b)(c)
| | | 67,594 | | 67,910 |
Aecon Group, Inc.
| | | 28,323 | | 249,929 |
Ag Growth International, Inc.
| | | 6,342 | | 75,747 |
Aimia, Inc. (c)
| | | 57,661 | | 85,478 |
Aleafia Health, Inc. (b)(c)
| | | 110,486 | | 31,438 |
Altius Minerals Corp. (b)
| | | 36,452 | | 181,575 |
Altus Group, Ltd.
| | | 19,070 | | 489,026 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Aphria, Inc. (b)(c)
| | | 110,398 | | $332,741 |
Arbutus Biopharma Corp. (c)
| | | 11,276 | | 11,260 |
ARC Resources, Ltd. (b)
| | | 139,784 | | 397,741 |
Aritzia, Inc. (c)
| | | 31,917 | | 276,038 |
Artis Real Estate Investment Trust
| | | 46,021 | | 258,016 |
Athabasca Oil Corp. (b)(c)
| | | 155,899 | | 15,334 |
Atrium Mortgage Investment Corp. (b)
| | | 34,806 | | 225,706 |
ATS Automation Tooling Systems, Inc. (b)(c)
| | | 33,543 | | 387,900 |
AutoCanada, Inc. (b)
| | | 16,527 | | 62,121 |
Badger Daylighting, Ltd. (b)
| | | 15,103 | | 241,610 |
Ballard Power Systems, Inc. (b)(c)
| | | 71,343 | | 534,816 |
Baytex Energy Corp. (b)(c)
| | | 261,852 | | 61,630 |
Birchcliff Energy, Ltd. (b)
| | | 66,815 | | 36,615 |
Boardwalk Real Estate Investment Trust
| | | 12,463 | | 200,602 |
Bonavista Energy Corp. (b)
| | | 127,659 | | 11,211 |
Bonterra Energy Corp. (b)
| | | 334 | | 223 |
Boralex, Inc. Class A
| | | 24,949 | | 438,209 |
Boston Pizza Royalties Income Fund
| | | 18,789 | | 86,728 |
Canaccord Genuity Group, Inc. (b)
| | | 54,426 | | 165,570 |
Canacol Energy, Ltd. (b)
| | | 51,101 | | 128,170 |
Canadian Solar, Inc. (b)(c)
| | | 18,268 | | 290,644 |
Canfor Corp. (c)
| | | 20,848 | | 106,924 |
CanWel Building Materials Group, Ltd.
| | | 58,021 | | 134,520 |
Cardinal Energy, Ltd. (b)
| | | 38,202 | | 12,078 |
Cargojet, Inc. (b)
| | | 1,646 | | 116,949 |
Cascades, Inc.
| | | 25,465 | | 224,888 |
Celestica, Inc. (c)
| | | 57,652 | | 200,092 |
CES Energy Solutions Corp. (b)
| | | 90,413 | | 51,452 |
Chemtrade Logistics Income Fund
| | | 22,204 | | 76,751 |
Chorus Aviation, Inc. (b)
| | | 79,502 | | 164,215 |
Cineplex, Inc. (b)
| | | 34,045 | | 279,851 |
Cogeco, Inc.
| | | 4,362 | | 266,253 |
Colossus Minerals, Inc. (a)(c)
| | | 390 | | — |
Cominar Real Estate Investment Trust
| | | 54,224 | | 308,959 |
Computer Modelling Group, Ltd.
| | | 1,984 | | 5,339 |
Corus Entertainment, Inc. Class B
| | | 79,047 | | 139,395 |
Crescent Point Energy Corp. (b)
| | | 239,991 | | 183,785 |
Crew Energy, Inc. (b)(c)
| | | 80,701 | | 11,340 |
CRH Medical Corp. (b)(c)
| | | 63,478 | | 83,843 |
Crombie Real Estate Investment Trust
| | | 18,630 | | 162,563 |
DIRTT Environmental Solutions (b)(c)
| | | 30,385 | | 30,313 |
Dream Industrial Real Estate Investment Trust
| | | 31,548 | | 208,126 |
Dream Office Real Estate Investment Trust
| | | 18,703 | | 306,691 |
DREAM Unlimited Corp. Class A
| | | 43,950 | | 291,487 |
Dundee Precious Metals, Inc.
| | | 54,563 | | 170,204 |
ECN Capital Corp. (b)
| | | 121,344 | | 320,549 |
| Security Description | | | Shares | | Value |
Eldorado Gold Corp. (c)
| | | 77,331 | | $475,390 |
Endeavour Silver Corp. (b)(c)
| | | 41,645 | | 55,298 |
Enerflex, Ltd. (b)
| | | 41,591 | | 170,356 |
Enerplus Corp. (b)
| | | 84,219 | | 122,481 |
Enghouse Systems, Ltd.
| | | 22,971 | | 702,517 |
Ensign Energy Services, Inc. (b)
| | | 55,895 | | 20,420 |
Equitable Group, Inc.
| | | 6,506 | | 265,433 |
ERO Copper Corp. (b)(c)
| | | 14,510 | | 107,753 |
Exchange Income Corp. (b)
| | | 12,769 | | 159,237 |
Extendicare, Inc. (b)
| | | 45,725 | | 185,682 |
Fiera Capital Corp. (b)
| | | 30,573 | | 140,477 |
Firm Capital Mortgage Investment Corp.
| | | 31,021 | | 220,341 |
Fortuna Silver Mines, Inc. (b)(c)
| | | 76,449 | | 174,022 |
Freehold Royalties, Ltd. (b)
| | | 18,727 | | 38,682 |
GASFRAC Energy Services, Inc. (a)(c)
| | | 21,904 | | — |
goeasy, Ltd. (b)
| | | 6,326 | | 161,733 |
Golden Star Resources, Ltd. (b)(c)
| | | 51,289 | | 127,710 |
Gran Tierra Energy, Inc. (b)(c)
| | | 112,218 | | 28,383 |
Great Basin Gold, Ltd. (a)(c)
| | | 266,255 | | — |
Great Canadian Gaming Corp. (b)(c)
| | | 17,634 | | 309,479 |
Green Organic Dutchman Holdings, Ltd. (b)(c)
| | | 115,078 | | 24,255 |
HEXO Corp. (b)(c)
| | | 91,896 | | 74,248 |
Home Capital Group, Inc. (c)
| | | 32,106 | | 362,260 |
Horizon North Logistics, Inc. (b)
| | | 13,910 | | 2,736 |
Hudbay Minerals, Inc. (b)
| | | 159,760 | | 298,564 |
IAMGOLD Corp. (b)(c)
| | | 265,376 | | 596,623 |
Innergex Renewable Energy, Inc.
| | | 57,510 | | 773,750 |
Interfor Corp. (b)(c)
| | | 27,872 | | 122,583 |
International Petroleum Corp. (b)(c)
| | | 39,417 | | 47,065 |
InterRent Real Estate Investment Trust
| | | 8,110 | | 75,838 |
Intertape Polymer Group, Inc. (b)
| | | 35,363 | | 249,443 |
Jamieson Wellness, Inc.
| | | 16,394 | | 296,471 |
Just Energy Group, Inc. (b)
| | | 44,362 | | 22,129 |
Kelt Exploration, Ltd. (b)(c)
| | | 23,239 | | 17,960 |
Killam Apartment Real Estate Investment Trust
| | | 20,465 | | 226,886 |
Kinaxis, Inc. (c)
| | | 11,911 | | 911,223 |
Knight Therapeutics, Inc. (c)
| | | 71,303 | | 310,590 |
Labrador Iron Ore Royalty Corp. (b)
| | | 37,709 | | 445,350 |
Largo Resources, Ltd. (b)(c)
| | | 64,749 | | 31,843 |
Laurentian Bank of Canada (b)
| | | 26,243 | | 563,450 |
Lightstream Resources, Ltd. (a)(b)(c)
| | | 64,736 | | — |
Linamar Corp.
| | | 14,251 | | 291,658 |
Lithium Americas Corp. (b)(c)
| | | 29,422 | | 77,103 |
MAG Silver Corp. (b)(c)
| | | 51,131 | | 390,124 |
Martinrea International, Inc.
| | | 67,989 | | 325,292 |
Medical Facilities Corp. (b)
| | | 16,408 | | 40,232 |
MediPharm Labs Corp. (b)(c)
| | | 40,596 | | 45,349 |
MEG Energy Corp. (c)
| | | 143,334 | | 168,172 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Morguard North American Residential Real Estate Investment Trust
| | | 20,254 | | $190,537 |
Morneau Shepell, Inc. (b)
| | | 34,122 | | 680,594 |
MTY Food Group, Inc. (b)
| | | 9,704 | | 146,922 |
Mullen Group, Ltd.
| | | 58,710 | | 169,116 |
Nemaska Lithium, Inc. (b)(c)
| | | 330,166 | | 38,274 |
Neptune Wellness Solutions, Inc. (b)(c)
| | | 54,124 | | 64,644 |
New Gold, Inc. (b)(c)
| | | 336,644 | | 172,656 |
NexGen Energy, Ltd. (b)(c)
| | | 149,736 | | 113,616 |
NFI Group, Inc. (b)
| | | 17,812 | | 188,463 |
Norbord, Inc.
| | | 13,776 | | 161,148 |
North West Co., Inc. (b)
| | | 28,745 | | 452,779 |
Northview Apartment Real Estate Investment Trust
| | | 15,126 | | 347,929 |
NorthWest Healthcare Properties Real Estate Investment Trust
| | | 21,340 | | 144,830 |
NuVista Energy, Ltd. (b)(c)
| | | 136,971 | | 46,672 |
Obsidian Energy, Ltd. (b)(c)
| | | 65,421 | | 10,571 |
Optiva, Inc. (c)
| | | 2 | | 31 |
Osisko Gold Royalties, Ltd. (b)
| | | 71,148 | | 524,856 |
Osisko Mining, Inc. (c)
| | | 88,685 | | 138,945 |
Painted Pony Energy, Ltd. (b)(c)
| | | 81,722 | | 13,205 |
Paramount Resources, Ltd. Class A (b)(c)
| | | 31,318 | | 24,863 |
Park Lawn Corp. (b)
| | | 12,654 | | 146,690 |
Pason Systems, Inc.
| | | 39,042 | | 171,435 |
Patriot One Technologies, Inc. (b)(c)
| | | 52,534 | | 30,265 |
Peyto Exploration & Development Corp.
| | | 5,034 | | 5,270 |
Points International, Ltd. (c)
| | | 20,211 | | 166,337 |
Polaris Infrastructure, Inc.
| | | 26,881 | | 210,954 |
Poseidon Concepts Corp. (a)(c)
| | | 43,064 | | — |
Precision Drilling Corp. (b)(c)
| | | 141,051 | | 43,603 |
Real Matters, Inc. (c)
| | | 37,786 | | 371,661 |
Recipe Unlimited Corp.
| | | 825 | | 5,019 |
Richelieu Hardware, Ltd. (b)
| | | 4,782 | | 74,686 |
Rogers Sugar, Inc. (b)
| | | 62,372 | | 192,372 |
Russel Metals, Inc.
| | | 32,819 | | 301,824 |
Sandstorm Gold, Ltd. (b)(c)
| | | 105,163 | | 520,883 |
Savaria Corp. (b)
| | | 23,176 | | 173,085 |
Seabridge Gold, Inc. (c)
| | | 13,157 | | 121,370 |
Secure Energy Services, Inc. (b)
| | | 106,252 | | 69,424 |
SEMAFO, Inc. (c)
| | | 139,130 | | 266,853 |
Seven Generations Energy, Ltd. Class A (c)
| | | 120,870 | | 131,625 |
ShawCor, Ltd. (b)
| | | 32,313 | | 40,410 |
Sienna Senior Living, Inc. (b)
| | | 37,369 | | 321,352 |
Sierra Wireless, Inc. (b)(c)
| | | 16,917 | | 94,488 |
Silvercorp Metals, Inc. (b)
| | | 35,544 | | 115,121 |
Slate Office REIT
| | | 35,497 | | 91,526 |
Sleep Country Canada Holdings, Inc. (d)
| | | 16,573 | | 116,553 |
Southern Pacific Resource Corp. (a)(c)
| | | 281,142 | | — |
| Security Description | | | Shares | | Value |
Sprott, Inc. (b)
| | | 126,246 | | $203,115 |
SSR Mining, Inc. (b)(c)
| | | 65,861 | | 742,663 |
Summit Industrial Income REIT
| | | 39,114 | | 243,750 |
SunOpta, Inc. (b)(c)
| | | 31,141 | | 53,563 |
Superior Plus Corp.
| | | 84,310 | | 489,269 |
Supreme Cannabis Co. Inc (b)(c)
| | | 117,835 | | 22,766 |
Surge Energy, Inc. (b)
| | | 85,384 | | 12,897 |
Tamarack Valley Energy, Ltd. (b)(c)
| | | 166,579 | | 56,761 |
Teranga Gold Corp. (c)
| | | 32,442 | | 157,498 |
Theratechnologies, Inc. (b)(c)
| | | 53,085 | | 85,407 |
Timbercreek Financial Corp. (b)
| | | 25,222 | | 125,636 |
TORC Oil & Gas, Ltd.
| | | 52,368 | | 23,179 |
Torex Gold Resources, Inc. (c)
| | | 37,204 | | 356,265 |
TransAlta Corp.
| | | 141,361 | | 730,964 |
Transat AT, Inc. (c)
| | | 40,797 | | 244,492 |
Transcontinental, Inc. Class A
| | | 15,252 | | 133,837 |
Trican Well Service, Ltd. (b)(c)
| | | 36,268 | | 11,466 |
Tricon Capital Group, Inc.
| | | 65,312 | | 316,155 |
True North Commercial Real Estate Investment Trust
| | | 49,555 | | 169,205 |
Turquoise Hill Resources, Ltd. (b)(c)
| | | 282,419 | | 109,130 |
Twin Butte Energy, Ltd. (a)(c)
| | | 83,708 | | — |
Uni-Select, Inc. (b)
| | | 37,809 | | 135,739 |
Valeura Energy, Inc. (b)(c)
| | | 29,300 | | 4,735 |
Village Farms International, Inc. (b)(c)
| | | 13,868 | | 39,363 |
Wesdome Gold Mines, Ltd. (c)
| | | 92,382 | | 479,645 |
Western Forest Products, Inc. (b)
| | | 186,933 | | 82,740 |
Westshore Terminals Investment Corp. (b)
| | | 28,665 | | 263,420 |
Whitecap Resources, Inc.
| | | 155,216 | | 127,588 |
Xenon Pharmaceuticals, Inc. (b)(c)
| | | 18,978 | | 215,211 |
Yangarra Resources, Ltd. (b)(c)
| | | 4,380 | | 1,139 |
Zymeworks, Inc. (c)
| | | 11,388 | | 403,932 |
| | | | | | 32,912,133 |
| CAYMAN ISLANDS — 0.0% (e) | | | | | |
Zheng Li Holdings, Ltd. (c)
| | | 1,210,000 | | 42,931 |
| CHINA — 0.3% | | | | | |
Beijing Tong Ren Tang Chinese Medicine Co., Ltd.
| | | 87,000 | | 127,959 |
China Merchants Land, Ltd.
| | | 212,000 | | 33,096 |
China New Town Development Co., Ltd.
| | | 427,000 | | 7,107 |
China Shandong Hi-Speed Financial Group, Ltd. (b)(c)
| | | 3,294,000 | | 159,369 |
China Yuchai International, Ltd.
| | | 8,036 | | 86,467 |
GCL New Energy Holdings, Ltd. (c)
| | | 2,052,000 | | 28,592 |
Gemdale Properties & Investment Corp., Ltd.
| | | 2,616,000 | | 435,387 |
Greenland Hong Kong Holdings, Ltd.
| | | 177,000 | | 68,051 |
HC Group, Inc. (b)(c)
| | | 332,000 | | 55,256 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
HengTen Networks Group, Ltd. (b)(c)
| | | 6,536,000 | | $61,558 |
NOVA Group Holdings, Ltd. (b)
| | | 880,000 | | 232,747 |
Towngas China Co., Ltd.
| | | 174,000 | | 86,204 |
VSTECS Holdings, Ltd.
| | | 504,000 | | 234,739 |
| | | | | | 1,616,532 |
| COLOMBIA — 0.0% (e) | | | | | |
Frontera Energy Corp. (b)
| | | 11,940 | | 28,941 |
| DENMARK — 0.9% | | | | | |
Alm Brand A/S
| | | 19,895 | | 144,748 |
AMAG Pharmaceuticals, Inc. (a)
| | | 308,573 | | — |
Bang & Olufsen A/S (b)(c)
| | | 17,105 | | 58,301 |
Bavarian Nordic A/S (b)(c)(f)
| | | 17,685 | | 283,577 |
Bavarian Nordic A/S (c)(f)(g)
| | | 14,378 | | 230,444 |
H&H International A/S Class B (c)
| | | 30,381 | | 346,660 |
Matas A/S
| | | 26,360 | | 165,312 |
Netcompany Group A/S (c)(d)
| | | 15,781 | | 732,802 |
Nilfisk Holding A/S (b)(c)
| | | 9,759 | | 123,408 |
NKT A/S (c)
| | | 15,484 | | 276,630 |
NNIT A/S (d)
| | | 7,740 | | 97,649 |
OW Bunker A/S (a)(b)(c)
| | | 9,828 | | — |
Per Aarsleff Holding A/S
| | | 11,525 | | 254,198 |
Ringkjoebing Landbobank A/S
| | | 10,424 | | 585,515 |
Scandinavian Tobacco Group A/S Class A (d)
| | | 29,702 | | 298,950 |
Spar Nord Bank A/S
| | | 34,656 | | 212,753 |
Sydbank A/S
| | | 35,253 | | 498,149 |
Zealand Pharma A/S (b)(c)
| | | 22,084 | | 758,561 |
| | | | | | 5,067,657 |
| EGYPT — 0.2% | | | | | |
Centamin PLC
| | | 650,559 | | 980,899 |
| FINLAND — 0.7% | | | | | |
Aktia Bank Oyj
| | | 23,700 | | 187,495 |
Cargotec Oyj Class B
| | | 12,921 | | 240,026 |
Caverion Oyj
| | | 64,206 | | 299,765 |
Citycon Oyj (b)
| | | 22,841 | | 140,975 |
Finnair Oyj (b)(c)
| | | 28,140 | | 113,132 |
F-Secure Oyj (c)
| | | 63,532 | | 165,562 |
Metsa Board Oyj (b)
| | | 66,590 | | 362,991 |
Oriola Oyj Class B
| | | 34,896 | | 62,872 |
Outokumpu Oyj (b)
| | | 91,979 | | 229,098 |
Outotec Oyj
| | | 96,593 | | 360,355 |
Raisio Oyj Class V
| | | 45,225 | | 146,885 |
Rovio Entertainment Oyj (b)(d)
| | | 11,970 | | 54,927 |
Sanoma Oyj
| | | 34,243 | | 313,924 |
Terveystalo Oyj (d)
| | | 26,423 | | 235,710 |
TietoEVRY Oyj (b)
| | | 15,016 | | 325,901 |
Tokmanni Group Corp.
| | | 21,827 | | 217,942 |
Uponor Oyj
| | | 25,445 | | 231,732 |
YIT Oyj
| | | 71,085 | | 315,268 |
| | | | | | 4,004,560 |
| FRANCE — 1.5% | | | | | |
Akka Technologies (b)
| | | 7,084 | | 192,380 |
| Security Description | | | Shares | | Value |
AKWEL
| | | 10,109 | | $118,686 |
Albioma SA
| | | 11,859 | | 351,983 |
Aubay
| | | 5,333 | | 117,618 |
Beneteau SA (b)
| | | 27,862 | | 186,028 |
Bigben Interactive
| | | 22,195 | | 255,711 |
Boiron SA
| | | 3,247 | | 100,114 |
Bonduelle SCA
| | | 12,996 | | 268,085 |
Cellectis SA (c)
| | | 18,335 | | 169,998 |
CGG SA (c)
| | | 418,887 | | 383,786 |
Chargeurs SA (b)
| | | 8,889 | | 90,122 |
Cie des Alpes
| | | 5,673 | | 97,852 |
Claranova SADIR (b)(c)
| | | 22,173 | | 118,934 |
Coface SA (c)
| | | 42,027 | | 269,768 |
Criteo SA ADR (c)
| | | 33,725 | | 268,114 |
DBV Technologies SA (c)
| | | 8,382 | | 69,622 |
Devoteam SA
| | | 2,910 | | 187,748 |
Eramet (b)
| | | 3,219 | | 102,853 |
Etablissements Maurel et Prom
| | | 1,976 | | 3,313 |
Europcar Mobility Group (b)(d)
| | | 56,116 | | 89,835 |
Genfit (b)(c)
| | | 13,108 | | 194,167 |
GL Events
| | | 8,895 | | 131,370 |
Groupe Fnac SA (c)
| | | 7,482 | | 194,240 |
Haulotte Group SA
| | | 3,198 | | 14,510 |
Interparfums SA
| | | 2,679 | | 89,950 |
IPSOS
| | | 14,739 | | 307,275 |
Jacquet Metal Service SA
| | | 17,627 | | 164,981 |
Kaufman & Broad SA
| | | 9,183 | | 284,346 |
LISI
| | | 5,567 | | 102,254 |
LNA Sante SA
| | | 7,325 | | 306,625 |
Maisons du Monde SA (d)
| | | 28,246 | | 226,403 |
Manitou BF SA
| | | 6,001 | | 90,604 |
Mercialys SA REIT
| | | 34,492 | | 250,543 |
Mersen SA
| | | 7,545 | | 138,255 |
Nanobiotix (b)(c)
| | | 13,528 | | 94,183 |
Neopost SA
| | | 18,300 | | 321,275 |
Nexans SA
| | | 17,508 | | 519,072 |
Nicox (b)(c)
| | | 17,562 | | 68,601 |
Rallye SA
| | | 12,150 | | 85,989 |
SMCP SA (b)(c)(d)
| | | 28,245 | | 119,938 |
Solocal Group (b)(c)
| | | 201,939 | | 50,786 |
Talend SA ADR (b)(c)
| | | 9,128 | | 204,741 |
Tarkett SA
| | | 19,317 | | 182,176 |
Technicolor SA (b)(c)
| | | 130,525 | | 31,451 |
Trigano SA
| | | 2,840 | | 181,051 |
Vallourec SA (b)(c)
| | | 127,112 | | 143,867 |
Vilmorin & Cie SA
| | | 4,000 | | 157,565 |
Virbac SA (c)
| | | 1,868 | | 332,046 |
| | | | | | 8,430,814 |
| GERMANY — 3.3% | | | | | |
Aareal Bank AG
| | | 18,888 | | 314,914 |
Adler Real Estate Tend (c)
| | | 14,252 | | 134,140 |
ADO Properties SA (d)
| | | 8,927 | | 201,780 |
ADVA Optical Networking SE (c)
| | | 12,117 | | 68,737 |
AIXTRON SE (c)
| | | 61,412 | | 539,479 |
Amadeus Fire AG
| | | 3,170 | | 270,263 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Aumann AG (d)
| | | 370 | | $3,025 |
AURELIUS Equity Opportunities SE & Co. KGaA
| | | 15,444 | | 285,369 |
Aurubis AG
| | | 8,058 | | 334,214 |
Bertrandt AG
| | | 2,844 | | 98,142 |
bet-at-home.com AG
| | | 1,774 | | 53,257 |
Bilfinger SE
| | | 10,096 | | 170,156 |
Borussia Dortmund GmbH & Co. KGaA
| | | 39,672 | | 236,804 |
CANCOM SE
| | | 17,639 | | 755,596 |
CECONOMY AG (c)
| | | 61,356 | | 133,703 |
Cewe Stiftung & Co. KGaA
| | | 3,182 | | 279,316 |
Corestate Capital Holding SA
| | | 7,099 | | 207,587 |
Deutsche Beteiligungs AG
| | | 6,325 | | 179,749 |
Deutsche Pfandbriefbank AG (d)
| | | 58,435 | | 448,184 |
Deutz AG
| | | 61,446 | | 226,537 |
DIC Asset AG
| | | 42,948 | | 446,271 |
Dr Hoenle AG
| | | 1,352 | | 41,167 |
Draegerwerk AG & Co. KGaA Preference Shares
| | | 4,963 | | 483,029 |
Duerr AG
| | | 15,536 | | 318,606 |
Eckert & Ziegler Strahlen- und Medizintechnik AG
| | | 1,001 | | 156,844 |
Elmos Semiconductor AG
| | | 10,137 | | 210,666 |
Encavis AG
| | | 64,326 | | 652,881 |
FinTech Group AG (c)
| | | 7,879 | | 236,447 |
GFT Technologies SE
| | | 11,857 | | 101,219 |
Hamborner REIT AG
| | | 45,429 | | 406,652 |
Hamburger Hafen und Logistik AG
| | | 12,106 | | 168,831 |
Heidelberger Druckmaschinen AG (c)
| | | 115,807 | | 71,159 |
HelloFresh SE (c)
| | | 65,491 | | 2,198,917 |
Hornbach Holding AG & Co. KGaA
| | | 6,488 | | 271,232 |
Hypoport AG (c)
| | | 1,939 | | 569,125 |
Indus Holding AG
| | | 22,436 | | 582,214 |
Isra Vision AG
| | | 7,126 | | 389,230 |
Jenoptik AG
| | | 16,156 | | 264,135 |
JOST Werke AG (d)
| | | 7,782 | | 188,281 |
Jumia Technologies AG ADR (c)
| | | 6,706 | | 19,581 |
Kloeckner & Co. SE
| | | 26,000 | | 95,456 |
Koenig & Bauer AG
| | | 8,717 | | 166,426 |
Krones AG
| | | 3,865 | | 206,870 |
Leoni AG (b)(c)
| | | 14,948 | | 95,983 |
MBB SE
| | | 2,418 | | 139,290 |
Medigene AG (c)
| | | 14,714 | | 65,452 |
New Work SE
| | | 888 | | 190,974 |
Nordex SE (c)
| | | 39,036 | | 304,109 |
Norma Group SE
| | | 10,820 | | 201,828 |
PATRIZIA AG
| | | 43,666 | | 1,006,163 |
Pfeiffer Vacuum Technology AG
| | | 3,843 | | 551,549 |
RHOEN-KLINIKUM AG
| | | 10,004 | | 195,389 |
RIB Software SE
| | | 20,493 | | 642,199 |
SAF-Holland SE
| | | 32,426 | | 131,217 |
Salzgitter AG
| | | 8,500 | | 100,821 |
SGL Carbon SE (c)
| | | 23,534 | | 64,144 |
| Security Description | | | Shares | | Value |
SLM Solutions Group AG (c)
| | | 5,028 | | $39,170 |
SMA Solar Technology AG (c)
| | | 3,201 | | 91,741 |
Software AG
| | | 15,536 | | 465,380 |
Stabilus SA
| | | 8,474 | | 305,907 |
SUESS MicroTec SE (c)
| | | 10,572 | | 75,401 |
Takkt AG
| | | 16,443 | | 127,738 |
Tele Columbus AG (c)(d)
| | | 37,451 | | 93,199 |
Trivago NV ADR (c)
| | | 15,888 | | 23,196 |
Vossloh AG
| | | 4,164 | | 144,379 |
Wacker Neuson SE
| | | 9,744 | | 107,344 |
Washtec AG
| | | 6,073 | | 240,889 |
zooplus AG (c)
| | | 2,656 | | 324,653 |
| | | | | | 18,914,306 |
| GREECE — 0.0% (e) | | | | | |
TT Hellenic Postbank SA (a)(c)
| | | 129,076 | | — |
| HONG KONG — 1.5% | | | | | |
Aidigong Maternal & Child Health, Ltd. (c)
| | | 2,214,000 | | 122,827 |
Beijing Gas Blue Sky Holdings, Ltd. (c)
| | | 3,400,000 | | 71,501 |
Bright Smart Securities & Commodities Group, Ltd.
| | | 1,232,000 | | 139,875 |
Cafe de Coral Holdings, Ltd.
| | | 177,191 | | 290,788 |
China Baoli Technologies Holdings, Ltd. (c)
| | | 5,000 | | 64 |
China Household Holdings Ltd. (a)
| | | 780,000 | | — |
China Ocean Resources Co., Ltd. (a)(b)(c)
| | | 26,593 | | — |
China Youzan, Ltd. (b)(c)
| | | 5,364,000 | | 532,877 |
Chinese Estates Holdings, Ltd.
| | | 108,500 | | 48,994 |
Chow Sang Sang Holdings International, Ltd.
| | | 68,000 | | 67,466 |
CMBC Capital Holdings, Ltd. (b)
| | | 4,830,000 | | 87,865 |
C-Mer Eye Care Holdings, Ltd. (b)
| | | 328,000 | | 186,198 |
Dah Sing Financial Holdings, Ltd.
| | | 42,000 | | 119,483 |
Digital Domain Holdings, Ltd. (c)
| | | 9,816,696 | | 56,993 |
Esprit Holdings, Ltd. (b)(c)
| | | 638,800 | | 54,395 |
Fairwood Holdings, Ltd. (b)
| | | 152,000 | | 289,061 |
Far East Consortium International, Ltd.
| | | 497,217 | | 179,619 |
First Pacific Co., Ltd.
| | | 1,200,000 | | 222,942 |
Giordano International, Ltd.
| | | 1,358,000 | | 247,040 |
Global Cord Blood Corp. (c)
| | | 7,377 | | 23,459 |
Glory Sun Financial Group, Ltd.
| | | 3,936,000 | | 132,031 |
Gold-Finance Holdings, Ltd. (c)
| | | 1,158,000 | | 10,757 |
Haitong International Securities Group, Ltd. (b)
| | | 691,000 | | 176,519 |
Hutchison Port Holdings Trust
| | | 1,486,100 | | 153,068 |
Hutchison Telecommunications Hong Kong Holdings, Ltd.
| | | 752,000 | | 124,187 |
Johnson Electric Holdings, Ltd.
| | | 124,500 | | 195,964 |
K Wah International Holdings, Ltd.
| | | 1,123,238 | | 485,472 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Landing International Development, Ltd. (c)
| | | 739,320 | | $23,655 |
Lee's Pharmaceutical Holdings, Ltd.
| | | 199,000 | | 91,658 |
Li & Fung, Ltd.
| | | 2,478,000 | | 326,099 |
Lifestyle International Holdings, Ltd.
| | | 88,500 | | 74,331 |
Long Well International Holdings, Ltd. (a)(c)
| | | 2,380,000 | | 18,117 |
Luk Fook Holdings International, Ltd.
| | | 123,000 | | 247,876 |
Man Wah Holdings, Ltd.
| | | 490,800 | | 269,117 |
OP Financial, Ltd. (b)
| | | 688,000 | | 98,528 |
Pacific Basin Shipping, Ltd.
| | | 2,785,000 | | 334,161 |
Pacific Textiles Holdings, Ltd.
| | | 468,000 | | 225,218 |
Peace Mark Holdings, Ltd. (a)(c)
| | | 504,228 | | — |
Prosperity REIT
| | | 564,000 | | 176,821 |
Road King Infrastructure, Ltd.
| | | 492,482 | | 745,944 |
Sa Sa International Holdings, Ltd. (b)
| | | 729,248 | | 109,139 |
Shun Tak Holdings, Ltd.
| | | 942,849 | | 322,356 |
SmarTone Telecommunications Holdings, Ltd.
| | | 223,792 | | 131,372 |
SMI Holdings Group, Ltd. (a)(b)(c)
| | | 608,081 | | 91,790 |
Summit Ascent Holdings, Ltd. (c)
| | | 472,000 | | 38,365 |
Sun Hung Kai & Co., Ltd.
| | | 329,000 | | 123,944 |
SUNeVision Holdings, Ltd.
| | | 273,000 | | 158,850 |
Sunlight Real Estate Investment Trust
| | | 527,000 | | 258,370 |
Superb Summit International Group, Ltd. (a)(b)(c)
| | | 1,685,500 | | — |
Television Broadcasts, Ltd.
| | | 169,616 | | 211,175 |
Texhong Textile Group, Ltd.
| | | 215,500 | | 163,761 |
Tongda Group Holdings, Ltd. (b)
| | | 1,220,000 | | 70,043 |
Town Health International Medical Group, Ltd. (a)(b)
| | | 1,824,000 | | 40,594 |
Truly International Holdings, Ltd. (c)
| | | 562,000 | | 64,532 |
Value Partners Group, Ltd. (b)
| | | 414,000 | | 177,332 |
We Solutions, Ltd. (c)
| | | 1,413,072 | | 75,659 |
Zhuguang Holdings Group Co., Ltd. (b)(c)
| | | 1,242,000 | | 150,625 |
| | | | | | 8,838,877 |
| IRELAND — 0.6% | | | | | |
C&C Group PLC
| | | 169,889 | | 414,567 |
Cairn Homes PLC
| | | 376,382 | | 280,830 |
COSMO Pharmaceuticals NV (b)(c)
| | | 2,182 | | 142,076 |
Dalata Hotel Group PLC
| | | 80,423 | | 217,963 |
Fly Leasing, Ltd. ADR (c)
| | | 24,114 | | 169,763 |
Glenveagh Properties PLC (c)(d)
| | | 228,224 | | 121,453 |
Greencore Group PLC
| | | 205,808 | | 420,939 |
Hibernia REIT PLC
| | | 377,157 | | 439,493 |
Irish Continental Group PLC
| | | 76,679 | | 272,601 |
Irish Residential Properties REIT PLC
| | | 353,615 | | 473,365 |
| Security Description | | | Shares | | Value |
Origin Enterprises PLC
| | | 59,534 | | $130,517 |
Total Produce PLC
| | | 49,754 | | 46,404 |
| | | | | | 3,129,971 |
| ISRAEL — 2.0% | | | | | |
Airport City, Ltd. (c)
| | | 1 | | 12 |
AudioCodes, Ltd. (b)
| | | 15,526 | | 370,916 |
Bezeq The Israeli Telecommunication Corp., Ltd. (c)
| | | 848,242 | | 615,778 |
Cellcom Israel, Ltd. (c)
| | | 35,002 | | 102,905 |
Ceragon Networks, Ltd. (b)(c)
| | | 46,721 | | 58,869 |
Clal Insurance Enterprises Holdings, Ltd. (c)
| | | 16,716 | | 139,826 |
Compugen, Ltd. (b)(c)
| | | 20,023 | | 145,367 |
Delek Group, Ltd.
| | | 1,984 | | 52,558 |
Delta Galil Industries, Ltd.
| | | 5,588 | | 86,819 |
Electra, Ltd.
| | | 2,170 | | 913,345 |
Equital, Ltd. (c)
| | | 0 | | 13 |
Formula Systems 1985, Ltd.
| | | 5,945 | | 331,076 |
Gazit-Globe, Ltd.
| | | 44,130 | | 339,322 |
Harel Insurance Investments & Financial Services, Ltd.
| | | 43,673 | | 239,510 |
IDI Insurance Co., Ltd.
| | | 6,887 | | 185,441 |
Inrom Construction Industries, Ltd.
| | | 73,724 | | 255,511 |
Israel Corp., Ltd. (c)
| | | 985 | | 99,963 |
Israel Discount Bank, Ltd. Class A
| | | 1 | | 3 |
Ituran Location & Control, Ltd.
| | | 13,692 | | 194,563 |
Kornit Digital, Ltd. (b)(c)
| | | 18,353 | | 456,806 |
Matrix IT, Ltd.
| | | 15,249 | | 250,454 |
Mehadrin, Ltd. (c)
| | | 231 | | 6,643 |
Migdal Insurance & Financial Holding, Ltd.
| | | 70,491 | | 37,084 |
Mivne Real Estate KD, Ltd. (c)
| | | 254,084 | | 553,785 |
Nova Measuring Instruments, Ltd. (c)
| | | 25,588 | | 846,315 |
Oil Refineries, Ltd.
| | | 1,012,255 | | 277,855 |
Partner Communications Co., Ltd. (c)
| | | 55,780 | | 208,616 |
Paz Oil Co., Ltd.
| | | 5,804 | | 489,594 |
Phoenix Holdings, Ltd.
| | | 43,182 | | 207,521 |
Plus500, Ltd.
| | | 46,248 | | 619,328 |
Radware, Ltd. (c)
| | | 26,972 | | 568,300 |
Rami Levy Chain Stores Hashikma Marketing 2006, Ltd.
| | | 4,642 | | 257,725 |
Redhill Biopharma, Ltd. ADR (b)(c)
| | | 9,004 | | 40,788 |
Reit 1, Ltd.
| | | 118,751 | | 579,412 |
Sapiens International Corp. NV
| | | 25,976 | | 505,943 |
Sella Capital Real Estate, Ltd. REIT
| | | 138,904 | | 282,720 |
Shapir Engineering and Industry, Ltd.
| | | 69,160 | | 443,608 |
Shikun & Binui, Ltd.
| | | 81,817 | | 284,484 |
Shufersal, Ltd.
| | | 59,393 | | 337,475 |
Silicom, Ltd. (b)(c)
| | | 6,686 | | 180,522 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
UroGen Pharma, Ltd. (b)(c)
| | | 5,937 | | $105,916 |
| | | | | | 11,672,691 |
| ITALY — 1.4% | | | | | |
Anima Holding SpA (d)
| | | 156,578 | | 420,579 |
Arnoldo Mondadori Editore SpA (c)
| | | 147,097 | | 212,405 |
Ascopiave SpA
| | | 38,156 | | 140,881 |
Banca Carige SpA (a)(b)(c)
| | | 21,275,644 | | 17,509 |
Banca Farmafactoring SpA (d)
| | | 46,374 | | 240,681 |
Banca IFIS SpA
| | | 14,065 | | 137,352 |
Banca Monte dei Paschi di Siena SpA (b)(c)
| | | 174,168 | | 216,523 |
Banca Popolare di Sondrio SCPA
| | | 234,267 | | 354,471 |
Biesse SpA (b)
| | | 471 | | 4,677 |
BPER Banca
| | | 172,835 | | 531,001 |
Cairo Communication SpA (b)
| | | 35,874 | | 61,957 |
Cementir Holding NV
| | | 34,186 | | 184,515 |
Cerved Group SpA
| | | 73,780 | | 438,777 |
CIR SpA-Compagnie Industriali
| | | 175,605 | | 80,541 |
Credito Emiliano SpA
| | | 14,662 | | 61,777 |
Credito Valtellinese SpA (c)
| | | 5,304,261 | | 288,095 |
Datalogic SpA (b)
| | | 5,542 | | 64,945 |
doValue SpA (d)
| | | 21,955 | | 136,109 |
El.En. SpA
| | | 9,661 | | 169,927 |
Falck Renewables SpA
| | | 107,600 | | 564,110 |
Fila SpA
| | | 10,832 | | 81,772 |
Fincantieri SpA (b)(c)
| | | 136,912 | | 84,052 |
Gruppo MutuiOnline SpA
| | | 12,391 | | 207,203 |
IMA Industria Macchine Automatiche SpA (b)
| | | 2,026 | | 118,487 |
Immobiliare Grande Distribuzione SIIQ SpA REIT
| | | 21,617 | | 88,947 |
Italmobiliare SpA
| | | 2,259 | | 59,241 |
Juventus Football Club SpA (b)(c)
| | | 199,931 | | 171,419 |
Maire Tecnimont SpA (b)
| | | 64,502 | | 102,270 |
MARR SpA
| | | 12,626 | | 178,161 |
OVS SpA (c)(d)
| | | 75,727 | | 65,601 |
Piaggio & C SpA
| | | 86,009 | | 153,829 |
Prima Industrie SpA (b)
| | | 420 | | 5,945 |
RAI Way SpA (d)
| | | 49,387 | | 266,343 |
Retelit SpA (b)
| | | 144,446 | | 234,412 |
Safilo Group SpA (b)(c)
| | | 63,505 | | 53,167 |
Salini Impregilo SpA (c)
| | | 252,569 | | 323,135 |
Saras SpA
| | | 188,808 | | 176,094 |
Societa Cattolica di Assicurazioni SC
| | | 46,930 | | 232,341 |
Tamburi Investment Partners SpA
| | | 68,136 | �� | 420,912 |
Technogym SpA (d)
| | | 37,439 | | 246,480 |
Tod's SpA (b)
| | | 1,671 | | 55,922 |
Unieuro SpA (b)(d)
| | | 19,924 | | 135,323 |
| | | | | | 7,787,888 |
| JAPAN — 41.4% | | | | | |
77 Bank, Ltd.
| | | 38,000 | | 492,446 |
Access Co., Ltd.
| | | 13,800 | | 113,770 |
Achilles Corp.
| | | 10,000 | | 162,382 |
| Security Description | | | Shares | | Value |
Adastria Co., Ltd.
| | | 10,000 | | $113,381 |
ADEKA Corp.
| | | 42,400 | | 530,614 |
Advanced Media, Inc. (c)
| | | 14,900 | | 114,143 |
Adways, Inc.
| | | 10,500 | | 21,884 |
Aeon Delight Co., Ltd.
| | | 12,100 | | 370,437 |
Aeon Fantasy Co., Ltd. (b)
| | | 7,900 | | 106,548 |
Ahresty Corp.
| | | 8,100 | | 26,561 |
Ai Holdings Corp.
| | | 20,900 | | 258,068 |
Aica Kogyo Co., Ltd.
| | | 12,100 | | 346,899 |
Aichi Bank, Ltd.
| | | 8,100 | | 238,224 |
Aichi Steel Corp.
| | | 3,200 | | 93,224 |
Aida Engineering, Ltd.
| | | 30,900 | | 197,785 |
Aiful Corp. (c)
| | | 123,876 | | 277,690 |
Ain Holdings, Inc.
| | | 10,000 | | 588,208 |
Aisan Industry Co., Ltd.
| | | 30,000 | | 140,336 |
Akatsuki, Inc. (b)
| | | 2,300 | | 77,018 |
Akebono Brake Industry Co., Ltd. (b)(c)
| | | 72,200 | | 103,664 |
Akita Bank, Ltd.
| | | 12,100 | | 174,178 |
ALBERT, Inc. (c)
| | | 900 | | 28,637 |
Albis Co., Ltd.
| | | 9,500 | | 181,719 |
Alconix Corp.
| | | 13,700 | | 136,930 |
Altech Corp.
| | | 15,180 | | 205,015 |
Amiyaki Tei Co., Ltd.
| | | 1,700 | | 46,990 |
Amuse, Inc. (b)
| | | 9,300 | | 195,898 |
Anest Iwata Corp.
| | | 24,300 | | 224,193 |
AnGes, Inc. (b)(c)
| | | 48,400 | | 309,799 |
Anicom Holdings, Inc.
| | | 10,800 | | 358,649 |
AOI TYO Holdings, Inc.
| | | 4,300 | | 17,207 |
AOKI Holdings, Inc.
| | | 10,000 | | 67,250 |
Aomori Bank, Ltd.
| | | 7,600 | | 184,166 |
Aoyama Trading Co., Ltd.
| | | 21,700 | | 186,537 |
Arakawa Chemical Industries, Ltd.
| | | 11,100 | | 123,693 |
Arata Corp. (b)
| | | 7,300 | | 312,746 |
Arcland Sakamoto Co., Ltd.
| | | 13,100 | | 118,313 |
Arcland Service Holdings Co., Ltd. (b)
| | | 13,500 | | 180,950 |
Arcs Co., Ltd.
| | | 25,500 | | 460,136 |
Arealink Co., Ltd.
| | | 4,100 | | 26,661 |
Argo Graphics, Inc.
| | | 14,200 | | 466,296 |
Arisawa Manufacturing Co., Ltd. (b)
| | | 13,400 | | 99,549 |
Aruhi Corp. (b)(c)
| | | 11,900 | | 135,033 |
As One Corp.
| | | 3,800 | | 335,103 |
Asahi Holdings, Inc.
| | | 24,173 | | 506,725 |
ASAHI YUKIZAI Corp.
| | | 11,000 | | 142,143 |
Asanuma Corp.
| | | 8,200 | | 286,740 |
Asia Pile Holdings Corp.
| | | 6,600 | | 24,577 |
ASKA Pharmaceutical Co., Ltd.
| | | 11,000 | | 111,880 |
ASKUL Corp.
| | | 11,800 | | 349,775 |
Atom Corp. (b)
| | | 14,700 | | 116,151 |
Autobacs Seven Co., Ltd.
| | | 43,500 | | 502,070 |
Avex, Inc.
| | | 18,700 | | 147,411 |
Awa Bank, Ltd.
| | | 47,400 | | 1,001,962 |
Axial Retailing, Inc.
| | | 10,000 | | 368,672 |
Bando Chemical Industries, Ltd.
| | | 32,700 | | 190,527 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Bank of Iwate, Ltd.
| | | 8,000 | | $198,453 |
Bank of Nagoya, Ltd.
| | | 3,160 | | 76,516 |
Bank of Okinawa, Ltd.
| | | 29,100 | | 850,452 |
Bank of Saga, Ltd.
| | | 12,400 | | 131,862 |
Bank of the Ryukyus, Ltd.
| | | 48,720 | | 478,377 |
BayCurrent Consulting, Inc.
| | | 9,000 | | 421,842 |
Belc Co., Ltd.
| | | 6,300 | | 334,973 |
Bell System24 Holdings, Inc.
| | | 15,700 | | 163,901 |
Belluna Co., Ltd.
| | | 25,600 | | 114,062 |
BeNEXT Group, Inc.
| | | 12,100 | | 57,275 |
Bengo4.com, Inc. (b)(c)
| | | 2,000 | | 78,273 |
Bic Camera, Inc.
| | | 36,900 | | 299,083 |
BML, Inc.
| | | 15,000 | | 403,779 |
BrainPad, Inc. (b)(c)
| | | 1,300 | | 51,058 |
Broadleaf Co., Ltd.
| | | 56,600 | | 246,417 |
BRONCO BILLY Co., Ltd.
| | | 8,200 | | 165,360 |
Bunka Shutter Co., Ltd.
| | | 41,600 | | 302,496 |
Can Do Co., Ltd.
| | | 23,300 | | 362,596 |
Carna Biosciences, Inc. (c)
| | | 4,400 | | 53,352 |
Cawachi, Ltd.
| | | 12,400 | | 272,454 |
Central Glass Co., Ltd.
| | | 35,469 | | 618,338 |
Central Security Patrols Co., Ltd.
| | | 6,500 | | 234,820 |
Chiba Kogyo Bank, Ltd.
| | | 59,300 | | 138,974 |
Chiyoda Co., Ltd.
| | | 19,600 | | 211,333 |
Chiyoda Corp. (c)
| | | 104,300 | | 203,856 |
Chiyoda Integre Co., Ltd.
| | | 5,600 | | 83,205 |
Chofu Seisakusho Co., Ltd.
| | | 12,400 | | 292,326 |
Chubu Shiryo Co., Ltd.
| | | 13,600 | | 182,039 |
Chudenko Corp.
| | | 10,000 | | 203,881 |
Chugoku Bank, Ltd.
| | | 40,800 | | 363,952 |
Chugoku Marine Paints, Ltd.
| | | 34,700 | | 282,537 |
CI Takiron Corp.
| | | 43,400 | | 240,810 |
CKD Corp.
| | | 44,400 | | 608,698 |
CMK Corp. (c)
| | | 35,200 | | 145,097 |
cocokara fine, Inc.
| | | 14,400 | | 748,312 |
COLOPL, Inc.
| | | 10,000 | | 73,734 |
Comforia Residential REIT, Inc.
| | | 291 | | 828,887 |
Computer Engineering & Consulting, Ltd.
| | | 11,200 | | 142,133 |
Comture Corp. (b)
| | | 12,200 | | 248,622 |
CONEXIO Corp.
| | | 13,200 | | 165,680 |
Cosel Co., Ltd.
| | | 22,300 | | 203,882 |
Cosmo Energy Holdings Co., Ltd.
| | | 24,100 | | 339,550 |
Create Restaurants Holdings, Inc. (b)
| | | 31,200 | | 182,365 |
Create SD Holdings Co., Ltd.
| | | 12,100 | | 303,299 |
CTS Co., Ltd. (b)
| | | 35,800 | | 181,728 |
Curves Holdings Co., Ltd. (b)(c)
| | | 23,400 | | 111,196 |
CYBERDYNE, Inc. (b)(c)
| | | 12,300 | | 45,575 |
Dai Nippon Toryo Co., Ltd.
| | | 13,600 | | 100,153 |
Daibiru Corp.
| | | 24,100 | | 199,131 |
Daido Metal Co., Ltd.
| | | 27,600 | | 137,546 |
Daido Steel Co., Ltd.
| | | 20,500 | | 660,831 |
Daihen Corp.
| | | 9,600 | | 258,419 |
Daiho Corp.
| | | 15,700 | | 329,256 |
| Security Description | | | Shares | | Value |
Daiichi Kigenso Kagaku-Kogyo Co., Ltd.
| | | 21,700 | | $151,159 |
Daiken Corp.
| | | 9,900 | | 155,531 |
Daiki Aluminium Industry Co., Ltd.
| | | 37,300 | | 199,707 |
Daikyonishikawa Corp.
| | | 18,900 | | 86,486 |
Dainichiseika Color & Chemicals Manufacturing Co., Ltd.
| | | 8,800 | | 192,295 |
Daio Paper Corp. (b)
| | | 15,500 | | 208,619 |
Daiseki Co., Ltd.
| | | 23,700 | | 504,933 |
Daishi Hokuetsu Financial Group, Inc.
| | | 31,100 | | 680,740 |
Daito Pharmaceutical Co., Ltd.
| | | 8,600 | | 235,005 |
Daiwabo Holdings Co., Ltd.
| | | 10,600 | | 509,601 |
DCM Holdings Co., Ltd.
| | | 76,393 | | 705,515 |
DDS, Inc. (b)(c)
| | | 67,700 | | 105,355 |
Denki Kogyo Co., Ltd.
| | | 8,700 | | 201,070 |
Denyo Co., Ltd.
| | | 10,000 | | 178,315 |
Descente, Ltd. (c)
| | | 23,100 | | 271,752 |
Dexerials Corp.
| | | 32,400 | | 209,487 |
Digital Arts, Inc.
| | | 8,300 | | 359,048 |
Digital Garage, Inc.
| | | 17,600 | | 563,272 |
Digital Hearts Holdings Co., Ltd.
| | | 6,200 | | 41,982 |
Dip Corp.
| | | 15,900 | | 255,979 |
DKS Co., Ltd.
| | | 8,400 | | 291,788 |
DMG Mori Co., Ltd. (b)
| | | 36,700 | | 306,641 |
Doshisha Co., Ltd.
| | | 12,700 | | 150,581 |
Doutor Nichires Holdings Co., Ltd.
| | | 48,372 | | 734,396 |
Dowa Holdings Co., Ltd.
| | | 30,000 | | 786,161 |
DTS Corp.
| | | 64,324 | | 1,120,181 |
Duskin Co., Ltd.
| | | 22,400 | | 589,490 |
DyDo Group Holdings, Inc.
| | | 4,100 | | 138,812 |
Dynam Japan Holdings Co., Ltd.
| | | 10,000 | | 9,663 |
Earth Corp.
| | | 10,600 | | 562,623 |
EDION Corp.
| | | 73,100 | | 604,681 |
eGuarantee, Inc.
| | | 24,400 | | 357,338 |
E-Guardian, Inc. (b)
| | | 11,000 | | 158,853 |
Ehime Bank, Ltd.
| | | 20,540 | | 223,180 |
Eiken Chemical Co., Ltd.
| | | 18,900 | | 345,069 |
Eizo Corp.
| | | 11,500 | | 335,556 |
Elecom Co., Ltd.
| | | 10,000 | | 348,756 |
en-japan, Inc.
| | | 10,700 | | 200,411 |
EPS Holdings, Inc.
| | | 19,600 | | 204,978 |
eRex Co., Ltd.
| | | 26,200 | | 298,756 |
ES-Con Japan, Ltd.
| | | 35,100 | | 193,781 |
ESPEC Corp.
| | | 16,000 | | 243,361 |
euglena Co., Ltd. (c)
| | | 41,900 | | 268,970 |
Exedy Corp.
| | | 17,200 | | 254,762 |
F@N Communications, Inc.
| | | 43,900 | | 168,760 |
FCC Co., Ltd.
| | | 34,828 | | 509,411 |
FDK Corp. (c)
| | | 22,600 | | 99,649 |
Feed One Co., Ltd.
| | | 50,000 | | 69,937 |
Ferrotec Holdings Corp.
| | | 35,200 | | 180,312 |
FIDEA Holdings Co., Ltd.
| | | 168,900 | | 159,583 |
Financial Products Group Co., Ltd.
| | | 27,700 | | 140,097 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Fintech Global, Inc. (b)(c)
| | | 144,700 | | $46,913 |
Fixstars Corp.
| | | 17,600 | | 166,781 |
F-Tech, Inc.
| | | 22,700 | | 89,576 |
Fudo Tetra Corp.
| | | 9,040 | | 107,437 |
Fuji Co., Ltd. (b)
| | | 11,900 | | 198,196 |
Fuji Corp.
| | | 41,400 | | 632,764 |
Fuji Oil Co., Ltd.
| | | 62,600 | | 109,596 |
Fuji Pharma Co., Ltd.
| | | 7,000 | | 78,653 |
Fuji Seal International, Inc.
| | | 10,100 | | 178,882 |
Fuji Soft, Inc.
| | | 18,000 | | 579,408 |
Fujibo Holdings, Inc.
| | | 7,200 | | 192,347 |
Fujicco Co., Ltd.
| | | 10,000 | | 180,353 |
Fujikura, Ltd.
| | | 161,100 | | 467,086 |
Fujimi, Inc.
| | | 11,200 | | 278,872 |
Fujimori Kogyo Co., Ltd.
| | | 7,500 | | 203,210 |
Fujita Kanko, Inc.
| | | 4,399 | | 63,527 |
Fujitec Co., Ltd.
| | | 38,400 | | 494,784 |
Fujitsu General, Ltd.
| | | 29,900 | | 540,917 |
Fujiya Co., Ltd.
| | | 6,800 | | 129,884 |
Fukuda Corp.
| | | 4,000 | | 156,732 |
Fukui Bank, Ltd.
| | | 12,900 | | 181,153 |
Fukuoka REIT Corp.
| | | 831 | | 860,597 |
Fukushima Industries Corp.
| | | 8,400 | | 264,555 |
Fukuyama Transporting Co., Ltd.
| | | 10,000 | | 358,020 |
FULLCAST Holdings Co., Ltd.
| | | 13,300 | | 152,275 |
Fumakilla, Ltd.
| | | 17,700 | | 210,029 |
Funai Electric Co., Ltd. (c)
| | | 41,700 | | 186,183 |
Funai Soken Holdings, Inc.
| | | 21,100 | | 419,635 |
Furukawa Co., Ltd.
| | | 17,838 | | 175,150 |
Furukawa Electric Co., Ltd.
| | | 19,000 | | 345,839 |
Furuno Electric Co., Ltd.
| | | 19,600 | | 153,053 |
Fuso Chemical Co., Ltd.
| | | 12,500 | | 351,420 |
Futaba Corp.
| | | 13,200 | | 128,754 |
Fuyo General Lease Co., Ltd.
| | | 10,000 | | 507,619 |
Gakken Holdings Co., Ltd.
| | | 20,800 | | 355,674 |
Genki Sushi Co., Ltd. (b)
| | | 1,600 | | 32,873 |
Genky DrugStores Co., Ltd.
| | | 5,100 | | 97,555 |
Geo Holdings Corp.
| | | 20,000 | | 242,323 |
Giken, Ltd. (b)
| | | 8,900 | | 291,432 |
Global One Real Estate Investment Corp. REIT
| | | 331 | | 278,095 |
GLOBERIDE, Inc.
| | | 6,800 | | 117,853 |
Glory, Ltd.
| | | 30,500 | | 703,488 |
GMO internet, Inc.
| | | 31,300 | | 526,523 |
Goldcrest Co., Ltd.
| | | 14,900 | | 224,145 |
Gree, Inc.
| | | 46,800 | | 180,775 |
GS Yuasa Corp.
| | | 39,400 | | 530,662 |
G-Tekt Corp.
| | | 15,200 | | 155,583 |
Gunma Bank, Ltd.
| | | 70,500 | | 214,200 |
Gunosy, Inc. (c)
| | | 8,653 | | 69,333 |
Gunze, Ltd.
| | | 9,200 | | 309,351 |
Gurunavi, Inc.
| | | 8,900 | | 45,755 |
H2O Retailing Corp.
| | | 10,000 | | 73,271 |
Hachijuni Bank, Ltd.
| | | 122,300 | | 442,956 |
Hamakyorex Co., Ltd.
| | | 7,200 | | 175,540 |
Hankyu Hanshin REIT, Inc.
| | | 457 | | 494,443 |
| Security Description | | | Shares | | Value |
Hanwa Co., Ltd.
| | | 25,300 | | $394,188 |
Happinet Corp.
| | | 3,700 | | 37,564 |
Hazama Ando Corp.
| | | 96,400 | | 615,253 |
HEALIOS KK (c)
| | | 16,400 | | 228,936 |
Heiwa Real Estate Co., Ltd.
| | | 15,900 | | 412,247 |
Heiwa Real Estate REIT, Inc.
| | | 392 | | 364,567 |
Heiwado Co., Ltd.
| | | 19,600 | | 345,685 |
Hibiya Engineering, Ltd.
| | | 7,500 | | 134,639 |
Hiday Hidaka Corp. (b)
| | | 12,104 | | 170,536 |
Hioki EE Corp.
| | | 8,200 | | 233,570 |
Hirano Tecseed Co., Ltd.
| | | 13,100 | | 131,176 |
Hirata Corp.
| | | 6,800 | | 290,065 |
Hiroshima Bank, Ltd.
| | | 46,300 | | 193,426 |
HIS Co., Ltd. (b)
| | | 10,000 | | 130,888 |
Hochiki Corp.
| | | 16,900 | | 213,843 |
Hogy Medical Co., Ltd.
| | | 10,800 | | 336,640 |
Hokkaido Electric Power Co., Inc.
| | | 107,100 | | 464,293 |
Hokkaido Gas Co., Ltd.
| | | 10,000 | | 143,115 |
Hokkoku Bank, Ltd.
| | | 16,300 | | 508,832 |
Hokuetsu Corp.
| | | 49,700 | | 185,992 |
Hokuhoku Financial Group, Inc.
| | | 68,100 | | 610,632 |
Hokuriku Electric Power Co.
| | | 36,900 | | 258,749 |
Hokuto Corp.
| | | 10,000 | | 174,610 |
H-One Co., Ltd.
| | | 20,800 | | 95,951 |
Hoosiers Holdings (b)
| | | 40,000 | | 221,203 |
Hoshino Resorts REIT, Inc.
| | | 162 | | 498,208 |
Hosiden Corp.
| | | 23,800 | | 166,669 |
Hosokawa Micron Corp.
| | | 4,800 | | 212,755 |
Howa Machinery, Ltd. (b)
| | | 30,700 | | 177,167 |
Hyakugo Bank, Ltd.
| | | 111,200 | | 311,078 |
Hyakujushi Bank, Ltd.
| | | 16,100 | | 292,456 |
IBJ Leasing Co., Ltd.
| | | 13,300 | | 259,581 |
Ichibanya Co., Ltd.
| | | 5,600 | | 232,134 |
Ichigo Hotel REIT Investment Corp.
| | | 233 | | 114,606 |
Ichigo Office REIT Investment Corp.
| | | 562 | | 389,920 |
Ichigo, Inc.
| | | 28,000 | | 64,842 |
Ichikoh Industries, Ltd.
| | | 31,600 | | 140,796 |
Idec Corp.
| | | 14,300 | | 181,474 |
Iino Kaiun Kaisha, Ltd.
| | | 94,480 | | 271,306 |
Imasen Electric Industrial
| | | 24,400 | | 147,139 |
Imuraya Group Co., Ltd.
| | | 8,600 | | 143,791 |
Inaba Denki Sangyo Co., Ltd.
| | | 17,800 | | 379,562 |
Inabata & Co., Ltd.
| | | 19,700 | | 215,330 |
Infocom Corp.
| | | 14,500 | | 331,356 |
Infomart Corp.
| | | 90,400 | | 595,381 |
Intage Holdings, Inc.
| | | 36,600 | | 271,902 |
Internet Initiative Japan, Inc.
| | | 14,800 | | 485,999 |
Invesco Office J-Reit, Inc.
| | | 4,114 | | 544,951 |
Iriso Electronics Co., Ltd. (b)
| | | 10,300 | | 304,358 |
Ishihara Sangyo Kaisha, Ltd.
| | | 16,800 | | 85,902 |
Istyle, Inc. (b)(c)
| | | 37,400 | | 71,713 |
Itfor, Inc.
| | | 39,000 | | 204,474 |
Itochu Enex Co., Ltd.
| | | 28,200 | | 220,470 |
Itoki Corp.
| | | 28,900 | | 85,398 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Itokuro, Inc. (b)(c)
| | | 4,000 | | $47,464 |
Iwatani Corp. (b)
| | | 47,400 | | 1,585,049 |
Iyo Bank, Ltd.
| | | 32,800 | | 166,195 |
J Trust Co., Ltd. (b)
| | | 56,000 | | 116,715 |
Jaccs Co., Ltd.
| | | 15,000 | | 254,828 |
Jafco Co., Ltd. (c)
| | | 16,800 | | 438,227 |
Jamco Corp.
| | | 9,500 | | 61,688 |
Japan Asset Marketing Co., Ltd. (b)(c)
| | | 37,500 | | 29,526 |
Japan Aviation Electronics Industry, Ltd.
| | | 33,700 | | 406,129 |
Japan Cash Machine Co., Ltd. (b)
| | | 3,200 | | 16,036 |
Japan Communications, Inc. (b)(c)
| | | 132,300 | | 194,856 |
Japan Display, Inc. (b)(c)
| | | 389,510 | | 176,796 |
Japan Elevator Service Holdings Co., Ltd.
| | | 10,000 | | 229,911 |
Japan Excellent, Inc. REIT
| | | 702 | | 807,637 |
Japan Investment Adviser Co., Ltd. (b)
| | | 7,100 | | 41,105 |
Japan Lifeline Co., Ltd.
| | | 31,300 | | 394,892 |
Japan Material Co., Ltd.
| | | 45,700 | | 600,698 |
Japan Petroleum Exploration Co., Ltd. (b)
| | | 16,200 | | 266,661 |
Japan Pulp & Paper Co., Ltd.
| | | 7,900 | | 275,883 |
Japan Rental Housing Investments, Inc. REIT
| | | 569 | | 480,162 |
Japan Securities Finance Co., Ltd.
| | | 26,100 | | 119,191 |
Japan Steel Works, Ltd.
| | | 40,500 | | 490,704 |
Japan Tissue Engineering Co., Ltd. (b)(c)
| | | 7,600 | | 40,550 |
Japan Wool Textile Co., Ltd.
| | | 22,200 | | 192,891 |
JCU Corp.
| | | 12,300 | | 256,699 |
Jeol, Ltd.
| | | 19,800 | | 483,652 |
Jimoto Holdings, Inc.
| | | 160,200 | | 135,040 |
JINS, Inc.
| | | 6,600 | | 362,540 |
Joshin Denki Co., Ltd.
| | | 13,500 | | 259,858 |
Joyful Honda Co., Ltd.
| | | 45,400 | | 524,000 |
JSP Corp.
| | | 8,100 | | 104,894 |
Juki Corp.
| | | 33,200 | | 169,452 |
Juroku Bank, Ltd.
| | | 19,400 | | 338,743 |
JVC Kenwood Corp.
| | | 78,600 | | 141,976 |
Kadokawa Dwango (c)
| | | 26,600 | | 335,842 |
Kaga Electronics Co., Ltd.
| | | 18,100 | | 285,361 |
Kamakura Shinsho, Ltd. (b)
| | | 5,300 | | 52,138 |
Kameda Seika Co., Ltd.
| | | 8,400 | | 384,771 |
Kamei Corp.
| | | 19,100 | | 179,579 |
Kanamoto Co., Ltd.
| | | 17,900 | | 348,698 |
Kanematsu Corp.
| | | 118,299 | | 1,215,262 |
Kanematsu Electronics, Ltd.
| | | 7,900 | | 248,807 |
Kanto Denka Kogyo Co., Ltd.
| | | 24,000 | | 172,294 |
Kasai Kogyo Co., Ltd.
| | | 31,500 | | 154,064 |
Katakura Industries Co., Ltd.
| | | 65,074 | | 640,161 |
Katitas Co., Ltd. (b)
| | | 22,400 | | 360,002 |
Kato Sangyo Co., Ltd.
| | | 15,600 | | 492,038 |
Kato Works Co., Ltd.
| | | 8,400 | | 91,972 |
KAWADA TECHNOLOGIES, Inc.
| | | 1,300 | | 65,148 |
| Security Description | | | Shares | | Value |
Kawai Musical Instruments Manufacturing Co., Ltd.
| | | 6,200 | | $138,869 |
Kawasaki Kisen Kaisha, Ltd. (b)(c)
| | | 35,200 | | 264,762 |
Keihin Corp.
| | | 13,800 | | 322,773 |
Keiyo Bank, Ltd.
| | | 76,400 | | 377,913 |
Keiyo Co., Ltd.
| | | 31,600 | | 144,601 |
Kenedix Residential Next Investment Corp. REIT
| | | 265 | | 413,130 |
Kenedix Retail REIT Corp.
| | | 253 | | 357,863 |
Kenedix, Inc.
| | | 105,600 | | 401,056 |
Kenko Mayonnaise Co., Ltd.
| | | 12,700 | | 239,636 |
Key Coffee, Inc.
| | | 6,100 | | 129,849 |
KH Neochem Co., Ltd.
| | | 17,000 | | 239,516 |
Kintetsu World Express, Inc.
| | | 15,100 | | 221,979 |
Kisoji Co., Ltd. (b)
| | | 10,300 | | 228,984 |
Kissei Pharmaceutical Co., Ltd.
| | | 22,800 | | 587,345 |
Kitanotatsujin Corp. (b)
| | | 46,400 | | 228,658 |
Kito Corp.
| | | 16,000 | | 147,765 |
Kitz Corp.
| | | 113,100 | | 684,121 |
Kiyo Bank, Ltd.
| | | 87,560 | | 1,294,482 |
KLab, Inc. (b)(c)
| | | 10,100 | | 63,432 |
Koa Corp.
| | | 18,500 | | 152,860 |
Kobe Steel, Ltd.
| | | 85,000 | | 262,980 |
Kohnan Shoji Co., Ltd.
| | | 14,100 | | 285,775 |
Kokuyo Co., Ltd.
| | | 10,000 | | 140,058 |
Komatsu Matere Co., Ltd. (b)
| | | 27,500 | | 187,231 |
KOMEDA Holdings Co., Ltd.
| | | 21,600 | | 332,539 |
Komeri Co., Ltd.
| | | 10,300 | | 184,714 |
Komori Corp.
| | | 48,036 | | 327,938 |
Konishi Co., Ltd.
| | | 14,400 | | 191,013 |
Konoike Transport Co., Ltd.
| | | 13,900 | | 149,101 |
Koshidaka Holdings Co., Ltd.
| | | 23,400 | | 79,550 |
Kotobuki Spirits Co., Ltd.
| | | 18,100 | | 815,678 |
Kourakuen Holdings Corp. (b)
| | | 8,000 | | 101,079 |
Krosaki Harima Corp.
| | | 3,300 | | 124,871 |
Kumagai Gumi Co., Ltd.
| | | 18,200 | | 421,641 |
Kumiai Chemical Industry Co., Ltd. (b)
| | | 50,300 | | 389,987 |
Kura Corp.
| | | 5,700 | | 212,783 |
Kurabo Industries, Ltd.
| | | 27,770 | | 665,986 |
Kureha Corp.
| | | 8,200 | | 334,593 |
Kurimoto, Ltd.
| | | 15,100 | | 265,060 |
KYB Corp. (c)
| | | 13,683 | | 262,240 |
Kyoei Steel, Ltd.
| | | 17,000 | | 196,369 |
Kyokuto Kaihatsu Kogyo Co., Ltd.
| | | 16,800 | | 184,099 |
Kyokuyo Co., Ltd.
| | | 2,200 | | 51,864 |
KYORIN Holdings, Inc.
| | | 31,300 | | 637,278 |
Kyoritsu Maintenance Co., Ltd.
| | | 12,700 | | 280,458 |
Kyosan Electric Manufacturing Co., Ltd.
| | | 11,700 | | 50,504 |
Kyushu Financial Group, Inc.
| | | 110,800 | | 423,884 |
LAC Co., Ltd.
| | | 6,900 | | 48,001 |
Lacto Japan Co., Ltd. (b)
| | | 7,400 | | 228,262 |
LaSalle Logiport REIT
| | | 352 | | 475,398 |
LEC, Inc.
| | | 15,700 | | 157,793 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Leopalace21 Corp. (b)(c)
| | | 130,700 | | $322,043 |
Life Corp.
| | | 14,400 | | 397,899 |
LIFULL Co., Ltd. (b)
| | | 31,900 | | 89,830 |
Link And Motivation, Inc. (b)
| | | 22,600 | | 64,060 |
LIXIL VIVA Corp.
| | | 11,200 | | 190,479 |
M&A Capital Partners Co., Ltd. (c)
| | | 8,400 | | 200,206 |
Macnica Fuji Electronics Holdings, Inc.
| | | 31,300 | | 388,804 |
Macromill, Inc.
| | | 10,800 | | 62,326 |
Maeda Corp. (b)
| | | 33,500 | | 247,321 |
Maeda Kosen Co., Ltd. (b)
| | | 13,100 | | 248,640 |
Maeda Road Construction Co., Ltd. (b)
| | | 11,300 | | 211,545 |
Makino Milling Machine Co., Ltd.
| | | 19,700 | | 520,625 |
Mandom Corp.
| | | 16,800 | | 322,290 |
Mars Group Holdings Corp.
| | | 12,300 | | 195,401 |
Marudai Food Co., Ltd.
| | | 58,831 | | 1,065,394 |
Maruha Nichiro Corp.
| | | 35,520 | | 742,941 |
Marusan Securities Co., Ltd. (b)
| | | 62,238 | | 261,163 |
Maruwa Co., Ltd.
| | | 3,600 | | 219,758 |
Maruwa Unyu Kikan Co., Ltd. (b)
| | | 12,200 | | 276,310 |
Matsui Construction Co., Ltd.
| | | 34,700 | | 213,751 |
Matsuya Co., Ltd. (b)
| | | 28,900 | | 164,103 |
Max Co., Ltd.
| | | 20,200 | | 311,546 |
Maxell Holdings, Ltd.
| | | 26,200 | | 258,226 |
MCJ Co., Ltd.
| | | 40,200 | | 222,682 |
MCUBS MidCity Investment Corp. REIT
| | | 833 | | 590,288 |
MEC Co., Ltd.
| | | 15,400 | | 214,406 |
Media Do Holdings Co., Ltd.
| | | 2,300 | | 64,448 |
Medical Data Vision Co., Ltd. (c)
| | | 15,700 | | 95,548 |
Megachips Corp. (c)
| | | 11,100 | | 159,886 |
Megmilk Snow Brand Co., Ltd.
| | | 23,300 | | 530,080 |
Meidensha Corp.
| | | 27,900 | | 419,191 |
Meiko Electronics Co., Ltd. (b)
| | | 12,567 | | 155,756 |
Meiko Network Japan Co., Ltd.
| | | 27,400 | | 193,403 |
Meisei Industrial Co., Ltd.
| | | 31,700 | | 215,532 |
Meitec Corp.
| | | 13,500 | | 537,724 |
Melco Holdings, Inc.
| | | 4,000 | | 80,886 |
Menicon Co., Ltd.
| | | 17,400 | | 777,685 |
Mercuria Investment Co., Ltd.
| | | 30,200 | | 151,343 |
Metaps, Inc. (c)
| | | 2,500 | | 11,023 |
Michinoku Bank, Ltd.
| | | 5,720 | | 63,211 |
Mie Kotsu Group Holdings, Inc.
| | | 51,100 | | 240,933 |
Milbon Co., Ltd.
| | | 14,400 | | 726,970 |
Mimasu Semiconductor Industry Co., Ltd.
| | | 16,100 | | 263,822 |
Miraca Holdings, Inc.
| | | 30,100 | | 635,152 |
Mirai Corp. REIT
| | | 618 | | 210,093 |
Mirait Holdings Corp. (b)
| | | 43,860 | | 547,260 |
Miroku Jyoho Service Co., Ltd.
| | | 13,600 | | 299,955 |
Mitsubishi Estate Logistics REIT Investment Corp.
| | | 118 | | 388,579 |
Mitsubishi Kakoki Kaisha, Ltd.
| | | 16,500 | | 245,158 |
Mitsubishi Logisnext Co., Ltd.
| | | 10,900 | | 88,246 |
Mitsubishi Pencil Co., Ltd.
| | | 27,200 | | 358,031 |
| Security Description | | | Shares | | Value |
Mitsubishi Research Institute, Inc.
| | | 6,900 | | $210,282 |
Mitsubishi Shokuhin Co., Ltd.
| | | 8,000 | | 205,938 |
Mitsubishi Steel Manufacturing Co., Ltd. (b)
| | | 12,900 | | 95,117 |
Mitsuboshi Belting, Ltd.
| | | 14,300 | | 161,737 |
Mitsui E&S Holdings Co., Ltd. (c)
| | | 45,500 | | 219,587 |
Mitsui Fudosan Logistics Park, Inc. REIT
| | | 65 | | 274,559 |
Mitsui Matsushima Holdings Co., Ltd.
| | | 14,800 | | 120,506 |
Mitsui Mining & Smelting Co., Ltd.
| | | 32,800 | | 549,021 |
Mitsui Sugar Co., Ltd.
| | | 32,400 | | 623,360 |
Mitsui-Soko Holdings Co., Ltd.
| | | 15,700 | | 203,458 |
Mixi, Inc.
| | | 20,900 | | 303,757 |
Miyaji Engineering Group, Inc.
| | | 2,600 | | 39,016 |
Miyazaki Bank, Ltd.
| | | 12,380 | | 273,506 |
Mizuno Corp.
| | | 7,800 | | 135,184 |
Mochida Pharmaceutical Co., Ltd.
| | | 16,000 | | 618,035 |
Modec, Inc.
| | | 9,000 | | 108,962 |
Monex Group, Inc. (b)
| | | 95,600 | | 151,430 |
Money Forward, Inc. (c)
| | | 6,600 | | 251,883 |
Monogatari Corp
| | | 1,400 | | 80,793 |
Mori Trust Hotel Reit, Inc.
| | | 170 | | 128,970 |
Morinaga Milk Industry Co., Ltd.
| | | 19,400 | | 751,165 |
Morita Holdings Corp.
| | | 21,800 | | 335,820 |
MOS Food Services, Inc.
| | | 11,800 | | 273,918 |
Musashi Seimitsu Industry Co., Ltd.
| | | 28,300 | | 218,630 |
Musashino Bank, Ltd.
| | | 12,680 | | 161,620 |
Nachi-Fujikoshi Corp.
| | | 12,700 | | 343,631 |
Nagaileben Co., Ltd.
| | | 11,900 | | 292,443 |
Nagano Keiki Co., Ltd. (b)
| | | 24,900 | | 185,444 |
Nakanishi, Inc.
| | | 61,340 | | 815,367 |
Nanto Bank, Ltd.
| | | 10,000 | | 206,568 |
NEC Networks & System Integration Corp.
| | | 13,900 | | 566,532 |
Neturen Co., Ltd.
| | | 57,583 | | 375,512 |
Nextage Co., Ltd. (b)
| | | 36,200 | | 237,075 |
NHK Spring Co., Ltd.
| | | 37,600 | | 246,592 |
Nichias Corp.
| | | 36,900 | | 691,822 |
Nichiban Co., Ltd.
| | | 10,000 | | 138,576 |
Nichicon Corp.
| | | 39,900 | | 249,849 |
Nichiha Corp.
| | | 16,900 | | 320,608 |
NichiiGakkan Co., Ltd.
| | | 28,600 | | 273,933 |
Nichi-iko Pharmaceutical Co., Ltd.
| | | 68,800 | | 909,431 |
Nichireki Co., Ltd.
| | | 11,000 | | 132,463 |
Nihon Dempa Kogyo Co., Ltd. (c)
| | | 58,700 | | 184,330 |
Nihon Eslead Corp.
| | | 18,200 | | 235,350 |
Nihon House Holdings Co., Ltd.
| | | 48,800 | | 132,448 |
Nihon Nohyaku Co., Ltd. (b)
| | | 37,000 | | 143,263 |
Nihon Parkerizing Co., Ltd.
| | | 56,600 | | 587,208 |
Nihon Plast Co., Ltd. (b)
| | | 27,600 | | 111,724 |
Nihon Tokushu Toryo Co., Ltd.
| | | 13,600 | | 99,649 |
Nihon Trim Co., Ltd.
| | | 1,500 | | 39,516 |
Nikkiso Co., Ltd.
| | | 65,240 | | 487,087 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Nikkon Holdings Co., Ltd.
| | | 75,780 | | $1,486,048 |
Nippon Carbide Industries Co., Inc.
| | | 16,100 | | 149,285 |
Nippon Carbon Co., Ltd.
| | | 12,471 | | 371,398 |
Nippon Ceramic Co., Ltd.
| | | 10,400 | | 177,837 |
Nippon Chemical Industrial Co., Ltd. (b)
| | | 8,100 | | 166,569 |
Nippon Coke & Engineering Co., Ltd. (b)
| | | 88,200 | | 49,837 |
Nippon Densetsu Kogyo Co., Ltd.
| | | 24,200 | | 472,321 |
Nippon Flour Mills Co., Ltd.
| | | 29,100 | | 454,742 |
Nippon Gas Co., Ltd.
| | | 12,100 | | 400,699 |
Nippon Koei Co., Ltd. (b)
| | | 9,800 | | 266,707 |
Nippon Light Metal Holdings Co., Ltd.
| | | 360,000 | | 563,568 |
Nippon Paper Industries Co., Ltd.
| | | 17,200 | | 245,202 |
Nippon Parking Development Co., Ltd.
| | | 44,100 | | 55,148 |
Nippon Pillar Packing Co., Ltd.
| | | 14,800 | | 172,464 |
NIPPON REIT Investment Corp.
| | | 429 | | 1,267,667 |
Nippon Road Co., Ltd.
| | | 4,700 | | 299,097 |
Nippon Sheet Glass Co., Ltd. (b)(c)
| | | 43,400 | | 133,872 |
Nippon Signal Co., Ltd.
| | | 32,600 | | 318,586 |
Nippon Soda Co., Ltd.
| | | 12,100 | | 302,290 |
Nippon Steel & Sumikin Bussan Corp.
| | | 3,600 | | 121,717 |
Nippon Suisan Kaisha, Ltd.
| | | 160,699 | | 711,538 |
Nippon Thompson Co., Ltd.
| | | 54,800 | | 187,311 |
Nippon Yakin Kogyo Co., Ltd. (b)
| | | 8,600 | | 134,073 |
Nipro Corp.
| | | 10,400 | | 122,444 |
Nishimatsu Construction Co., Ltd.
| | | 28,600 | | 548,660 |
Nishimatsuya Chain Co., Ltd.
| | | 24,253 | | 167,595 |
Nishi-Nippon Financial Holdings, Inc.
| | | 77,700 | | 439,044 |
Nishio Rent All Co., Ltd.
| | | 14,400 | | 302,393 |
Nissan Shatai Co., Ltd.
| | | 22,200 | | 193,097 |
Nissei ASB Machine Co., Ltd.
| | | 4,700 | | 136,705 |
Nissei Plastic Industrial Co., Ltd.
| | | 24,600 | | 210,782 |
Nissha Co., Ltd.
| | | 24,400 | | 162,282 |
Nisshin Oillio Group, Ltd.
| | | 13,600 | | 459,821 |
Nisshinbo Holdings, Inc.
| | | 73,500 | | 490,885 |
Nissin Corp.
| | | 10,800 | | 159,967 |
Nissin Kogyo Co., Ltd.
| | | 13,900 | | 283,781 |
Nitta Corp.
| | | 9,900 | | 193,956 |
Nittetsu Mining Co., Ltd.
| | | 3,200 | | 125,534 |
Nitto Boseki Co., Ltd. (b)
| | | 30,630 | | 1,354,808 |
Nitto Kogyo Corp.
| | | 22,300 | | 357,155 |
Nittoku Co., Ltd.
| | | 9,400 | | 242,064 |
Nohmi Bosai, Ltd.
| | | 17,400 | | 322,679 |
Nojima Corp.
| | | 13,100 | | 216,361 |
Nomura Co., Ltd.
| | | 43,200 | | 328,137 |
Noritake Co., Ltd.
| | | 6,900 | | 219,869 |
Noritsu Koki Co., Ltd. (b)
| | | 9,800 | | 84,243 |
Noritz Corp.
| | | 14,900 | | 162,450 |
North Pacific Bank, Ltd.
| | | 152,200 | | 287,609 |
NS United Kaiun Kaisha, Ltd.
| | | 10,000 | | 128,479 |
| Security Description | | | Shares | | Value |
NSD Co., Ltd.
| | | 40,200 | | $536,223 |
NTN Corp.
| | | 55,100 | | 96,465 |
Obara Group, Inc.
| | | 8,900 | | 191,265 |
Oenon Holdings, Inc.
| | | 95,000 | | 345,839 |
Ogaki Kyoritsu Bank, Ltd.
| | | 10,000 | | 201,473 |
Ohara, Inc. (b)
| | | 9,600 | | 77,543 |
Ohsho Food Service Corp.
| | | 6,800 | | 364,078 |
Oiles Corp.
| | | 10,900 | | 138,124 |
Oisix ra daichi, Inc. (b)(c)
| | | 13,800 | | 189,318 |
Oita Bank, Ltd.
| | | 15,380 | | 271,684 |
Okabe Co., Ltd.
| | | 18,400 | | 123,229 |
Okamoto Industries, Inc.
| | | 6,360 | | 228,584 |
Okamura Corp.
| | | 58,700 | | 470,339 |
Okasan Securities Group, Inc.
| | | 86,382 | | 273,657 |
Oki Electric Industry Co., Ltd.
| | | 48,500 | | 455,551 |
Okinawa Electric Power Co., Inc.
| | | 24,312 | | 445,906 |
OKUMA Corp.
| | | 13,600 | | 439,035 |
Okumura Corp.
| | | 16,800 | | 349,835 |
Okuwa Co., Ltd.
| | | 17,300 | | 278,197 |
Oncolys BioPharma, Inc. (b)(c)
| | | 4,300 | | 52,259 |
One REIT, Inc.
| | | 96 | | 217,157 |
Onward Holdings Co., Ltd.
| | | 64,200 | | 282,479 |
Open Door, Inc. (c)
| | | 8,500 | | 58,108 |
OPT Holding, Inc.
| | | 10,000 | | 127,553 |
Optex Group Co., Ltd.
| | | 17,500 | | 162,105 |
Optorun Co., Ltd.
| | | 11,300 | | 269,220 |
Orient Corp.
| | | 71,100 | | 79,692 |
Osaka Organic Chemical Industry, Ltd.
| | | 21,000 | | 292,177 |
Osaka Soda Co., Ltd.
| | | 11,200 | | 267,045 |
OSAKA Titanium Technologies Co., Ltd. (c)
| | | 8,500 | | 73,619 |
Osaki Electric Co., Ltd.
| | | 16,000 | | 79,144 |
OSG Corp.
| | | 11,000 | | 147,441 |
OSJB Holdings Corp.
| | | 95,800 | | 212,090 |
Outsourcing, Inc.
| | | 46,900 | | 204,187 |
Oyo Corp.
| | | 19,000 | | 216,303 |
Pacific Industrial Co., Ltd.
| | | 30,300 | | 264,113 |
Pacific Metals Co., Ltd. (b)
| | | 7,399 | | 107,604 |
Pack Corp.
| | | 10,000 | | 335,325 |
PAL GROUP Holdings Co., Ltd.
| | | 11,400 | | 138,863 |
Paramount Bed Holdings Co., Ltd.
| | | 10,000 | | 414,525 |
Pasona Group, Inc.
| | | 13,600 | | 108,341 |
PC Depot Corp. (b)
| | | 54,800 | | 217,769 |
Penta-Ocean Construction Co., Ltd.
| | | 160,900 | | 848,058 |
Pepper Food Service Co., Ltd. (b)
| | | 7,400 | | 29,818 |
PIA Corp. (b)
| | | 5,100 | | 105,349 |
Pilot Corp.
| | | 10,000 | | 333,009 |
Piolax, Inc.
| | | 16,000 | | 225,131 |
PKSHA Technology, Inc. (c)
| | | 5,200 | | 75,191 |
Plenus Co., Ltd.
| | | 9,900 | | 169,104 |
Poletowin Pitcrew Holdings, Inc.
| | | 17,300 | | 123,875 |
Premier Investment Corp. REIT
| | | 1,350 | | 1,489,371 |
Press Kogyo Co., Ltd.
| | | 63,800 | | 143,019 |
Pressance Corp. (b)
| | | 17,200 | | 151,837 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Prestige International, Inc.
| | | 55,800 | | $428,495 |
Prima Meat Packers, Ltd.
| | | 14,500 | | 329,475 |
Qol Holdings Co., Ltd.
| | | 11,000 | | 135,010 |
Raito Kogyo Co., Ltd.
| | | 35,300 | | 401,214 |
Raiznext Corp.
| | | 30,300 | | 343,824 |
Raksul, Inc. (c)
| | | 7,200 | | 156,732 |
Rakus Co., Ltd.
| | | 26,200 | | 387,339 |
RaQualia Pharma, Inc. (c)
| | | 18,100 | | 152,573 |
Relia, Inc.
| | | 23,600 | | 228,447 |
RENOVA, Inc. (c)
| | | 22,500 | | 191,747 |
Resorttrust, Inc.
| | | 43,200 | | 422,576 |
Rheon Automatic Machinery Co., Ltd.
| | | 14,100 | | 155,818 |
Ricoh Leasing Co., Ltd.
| | | 7,700 | | 202,780 |
Riken Corp. (b)
| | | 7,000 | | 178,769 |
Riken Keiki Co., Ltd.
| | | 12,100 | | 228,875 |
Riken Technos Corp.
| | | 48,300 | | 172,252 |
Riken Vitamin Co., Ltd.
| | | 10,800 | | 219,191 |
Ringer Hut Co., Ltd. (b)
| | | 13,700 | | 262,185 |
Riso Kagaku Corp.
| | | 9,200 | | 139,165 |
Rock Field Co., Ltd.
| | | 10,600 | | 144,043 |
Rokko Butter Co., Ltd.
| | | 10,600 | | 134,421 |
Rorze Corp.
| | | 12,200 | | 350,896 |
Round One Corp.
| | | 43,100 | | 224,373 |
Royal Holdings Co., Ltd. (b)
| | | 12,600 | | 205,302 |
RPA Holdings, Inc. (b)(c)
| | | 5,100 | | 35,431 |
RS Technologies Co., Ltd.
| | | 4,900 | | 96,180 |
Ryobi, Ltd.
| | | 16,400 | | 201,591 |
Ryosan Co., Ltd.
| | | 10,000 | | 221,296 |
S Foods, Inc.
| | | 12,000 | | 248,548 |
Sac's Bar Holdings, Inc.
| | | 32,100 | | 182,273 |
Sagami Holdings Corp. (b)
| | | 22,200 | | 248,826 |
Saizeriya Co., Ltd.
| | | 14,400 | | 273,314 |
Sakai Chemical Industry Co., Ltd.
| | | 26,953 | | 448,655 |
Sakai Moving Service Co., Ltd. (b)
| | | 4,200 | | 223,315 |
Sakata INX Corp.
| | | 23,000 | | 193,664 |
Sakata Seed Corp.
| | | 15,800 | | 480,052 |
Sakura Internet, Inc.
| | | 40,300 | | 173,960 |
Sala Corp.
| | | 58,000 | | 299,254 |
SAMTY Co., Ltd.
| | | 15,500 | | 172,725 |
San ju San Financial Group, Inc.
| | | 12,700 | | 175,521 |
San-A Co., Ltd.
| | | 10,200 | | 425,650 |
San-Ai Oil Co., Ltd.
| | | 38,800 | | 405,773 |
SanBio Co., Ltd. (b)(c)
| | | 12,400 | | 133,241 |
Sanei Architecture Planning Co., Ltd.
| | | 16,700 | | 183,931 |
Sangetsu Corp.
| | | 33,300 | | 495,081 |
San-In Godo Bank, Ltd.
| | | 79,300 | | 401,807 |
Sanken Electric Co., Ltd.
| | | 12,900 | | 251,296 |
Sanki Engineering Co., Ltd.
| | | 24,900 | | 279,319 |
Sankyo Tateyama, Inc.
| | | 27,800 | | 267,300 |
Sanoh Industrial Co., Ltd.
| | | 39,400 | | 249,637 |
Sanrio Co., Ltd. (b)
| | | 29,300 | | 390,015 |
Sanyo Chemical Industries, Ltd.
| | | 5,400 | | 197,832 |
Sanyo Denki Co., Ltd.
| | | 5,000 | | 201,704 |
| Security Description | | | Shares | | Value |
Sanyo Electric Railway Co., Ltd. (b)
| | | 7,800 | | $145,083 |
Sanyo Shokai, Ltd.
| | | 3,000 | | 37,488 |
Sanyo Special Steel Co., Ltd. (b)
| | | 20,287 | | 181,907 |
Sanyo Trading Co., Ltd.
| | | 27,500 | | 210,412 |
Sapporo Holdings, Ltd.
| | | 40,500 | | 747,687 |
Sato Holdings Corp.
| | | 27,540 | | 541,336 |
SEC Carbon, Ltd. (b)
| | | 1,500 | | 86,286 |
Seed Co., Ltd.
| | | 6,300 | | 47,503 |
Seika Corp.
| | | 4,400 | | 44,181 |
Seikagaku Corp.
| | | 21,600 | | 225,694 |
Seiko Holdings Corp.
| | | 11,800 | | 190,628 |
Seiren Co., Ltd.
| | | 40,880 | | 492,279 |
Sekisui Jushi Corp.
| | | 14,300 | | 263,601 |
Sekisui Plastics Co., Ltd.
| | | 22,200 | | 115,159 |
Senko Group Holdings Co., Ltd.
| | | 45,400 | | 352,417 |
Senshu Ikeda Holdings, Inc.
| | | 136,060 | | 205,435 |
Septeni Holdings Co., Ltd. (b)
| | | 15,800 | | 26,052 |
Seria Co., Ltd.
| | | 12,600 | | 364,735 |
Shibuya Corp.
| | | 10,900 | | 256,661 |
SHIFT, Inc. (c)
| | | 2,300 | | 149,562 |
Shiga Bank, Ltd. (b)
| | | 28,300 | | 673,192 |
Shikoku Bank, Ltd.
| | | 24,000 | | 189,635 |
Shikoku Chemicals Corp.
| | | 23,200 | | 213,400 |
Shima Seiki Manufacturing, Ltd.
| | | 20,445 | | 270,630 |
Shimachu Co., Ltd. (b)
| | | 42,560 | | 1,049,462 |
Shinagawa Refractories Co., Ltd.
| | | 6,400 | | 131,314 |
Shindengen Electric Manufacturing Co., Ltd.
| | | 4,100 | | 88,453 |
Shin-Etsu Polymer Co., Ltd.
| | | 21,800 | | 170,434 |
Shinkawa, Ltd. (c)
| | | 9,200 | | 63,575 |
Shinko Electric Industries Co., Ltd.
| | | 27,500 | | 263,906 |
Shinmaywa Industries, Ltd.
| | | 26,000 | | 271,187 |
Shinoken Group Co., Ltd.
| | | 22,800 | | 159,455 |
Shinsho Corp.
| | | 4,000 | | 69,844 |
Shizuoka Gas Co., Ltd.
| | | 27,400 | | 222,845 |
SHO-BOND Holdings Co., Ltd.
| | | 29,000 | | 1,160,484 |
Shochiku Co., Ltd. (b)
| | | 12,460 | | 1,398,872 |
Shoei Co., Ltd. (b)
| | | 11,200 | | 235,402 |
Shoei Foods Corp. (b)
| | | 7,200 | | 264,110 |
Showa Corp.
| | | 23,500 | | 490,223 |
Showa Sangyo Co., Ltd.
| | | 10,000 | | 297,346 |
Siix Corp.
| | | 20,700 | | 166,436 |
Sinfonia Technology Co., Ltd.
| | | 41,880 | | 372,422 |
Sinko Industries, Ltd.
| | | 13,700 | | 177,159 |
Sintokogio, Ltd.
| | | 34,000 | | 237,154 |
SKY Perfect JSAT Holdings, Inc.
| | | 56,600 | | 201,328 |
SMK Corp.
| | | 504 | | 10,770 |
SMS Co., Ltd.
| | | 43,200 | | 837,549 |
Sodick Co., Ltd. (b)
| | | 25,100 | | 150,663 |
Sogo Medical Holdings Co., Ltd.
| | | 7,800 | | 183,304 |
Solasto Corp.
| | | 23,700 | | 220,414 |
Sosei Group Corp. (b)(c)
| | | 37,100 | | 444,011 |
Sourcenext Corp. (b)
| | | 21,800 | | 58,965 |
Space Value Holdings Co., Ltd.
| | | 26,200 | | 90,525 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
S-Pool, Inc.
| | | 12,300 | | $62,665 |
ST Corp.
| | | 13,300 | | 197,242 |
St Marc Holdings Co., Ltd.
| | | 10,000 | | 160,437 |
Star Asia Investment Corp. REIT (b)
| | | 207 | | 163,943 |
Star Micronics Co., Ltd.
| | | 19,200 | | 194,036 |
Starts Corp., Inc.
| | | 14,700 | | 273,017 |
Starts Proceed Investment Corp. REIT
| | | 146 | | 242,759 |
Starzen Co., Ltd.
| | | 4,800 | | 197,416 |
Stella Chemifa Corp. (b)
| | | 7,200 | | 161,734 |
Studio Alice Co., Ltd.
| | | 12,100 | | 165,436 |
Sumida Corp.
| | | 18,100 | | 110,993 |
Sumitomo Bakelite Co., Ltd.
| | | 10,000 | | 212,589 |
Sumitomo Densetsu Co., Ltd.
| | | 15,100 | | 310,938 |
Sumitomo Mitsui Construction Co., Ltd.
| | | 75,960 | | 335,630 |
Sumitomo Osaka Cement Co., Ltd.
| | | 19,479 | | 584,614 |
Sumitomo Seika Chemicals Co., Ltd.
| | | 2,400 | | 59,091 |
Sumitomo Warehouse Co., Ltd.
| | | 41,100 | | 450,385 |
Sun Frontier Fudousan Co., Ltd.
| | | 10,000 | | 75,958 |
Sun-Wa Technos Corp.
| | | 20,000 | | 150,989 |
Suruga Bank, Ltd. (b)
| | | 130,300 | | 427,272 |
Sushiro Global Holdings, Ltd.
| | | 44,000 | | 648,455 |
SWCC Showa Holdings Co., Ltd.
| | | 4,500 | | 42,101 |
Systena Corp.
| | | 42,200 | | 573,065 |
Syuppin Co., Ltd.
| | | 20,000 | | 117,642 |
T Hasegawa Co., Ltd.
| | | 14,100 | | 266,053 |
T RAD Co., Ltd.
| | | 11,200 | | 128,854 |
Tachi-S Co., Ltd.
| | | 19,500 | | 177,018 |
Tadano, Ltd. (b)
| | | 63,800 | | 457,424 |
Taihei Dengyo Kaisha, Ltd.
| | | 12,500 | | 268,515 |
Taiho Kogyo Co., Ltd.
| | | 22,300 | | 111,133 |
Taikisha, Ltd.
| | | 14,100 | | 408,809 |
Taiko Pharmaceutical Co., Ltd. (b)
| | | 37,800 | | 544,827 |
Taiyo Holdings Co., Ltd.
| | | 10,000 | | 377,009 |
Takamatsu Construction Group Co., Ltd.
| | | 7,900 | | 169,848 |
Takaoka Toko Co., Ltd.
| | | 1,900 | | 16,720 |
Takara Holdings, Inc. (b)
| | | 61,700 | | 462,943 |
Takara Standard Co., Ltd.
| | | 28,600 | | 439,246 |
Takasago International Corp.
| | | 23,200 | | 433,462 |
Takasago Thermal Engineering Co., Ltd.
| | | 33,300 | | 512,355 |
Takeei Corp.
| | | 34,700 | | 250,394 |
Takeuchi Manufacturing Co., Ltd.
| | | 21,100 | | 263,469 |
Takuma Co., Ltd.
| | | 37,100 | | 413,081 |
Tamron Co., Ltd.
| | | 10,000 | | 167,940 |
Tamura Corp.
| | | 47,400 | | 173,872 |
Tanseisha Co., Ltd.
| | | 22,600 | | 152,404 |
Tatsuta Electric Wire and Cable Co., Ltd.
| | | 46,700 | | 198,990 |
Tayca Corp. (b)
| | | 11,500 | | 153,078 |
TechMatrix Corp.
| | | 13,200 | | 270,101 |
| Security Description | | | Shares | | Value |
Teikoku Electric Manufacturing Co., Ltd.
| | | 3,600 | | $43,785 |
Teikoku Sen-I Co., Ltd. (b)
| | | 14,200 | | 276,226 |
TKC Corp.
| | | 7,700 | | 346,288 |
TKP Corp. (c)
| | | 1,700 | | 19,542 |
Toa Corp. (f)
| | | 18,500 | | 137,951 |
Toa Corp. (f)
| | | 8,000 | | 107,008 |
TOA ROAD Corp.
| | | 7,900 | | 219,536 |
Toagosei Co., Ltd.
| | | 129,700 | | 1,129,341 |
Tobishima Corp.
| | | 10,710 | | 99,506 |
TOC Co., Ltd.
| | | 71,360 | | 388,016 |
Tocalo Co., Ltd.
| | | 31,700 | | 299,220 |
Toei Animation Co., Ltd. (b)
| | | 8,700 | | 406,975 |
Toho Bank, Ltd.
| | | 90,000 | | 225,094 |
Toho Titanium Co., Ltd.
| | | 22,700 | | 136,047 |
Toho Zinc Co., Ltd. (b)(c)
| | | 6,800 | | 75,587 |
TOKAI Holdings Corp.
| | | 59,300 | | 514,697 |
Tokai Rika Co., Ltd.
| | | 18,500 | | 230,661 |
Tokai Tokyo Financial Holdings, Inc.
| | | 114,900 | | 261,826 |
Tokushu Tokai Paper Co., Ltd.
| | | 5,100 | | 201,959 |
Tokuyama Corp.
| | | 17,800 | | 344,936 |
Tokyo Dome Corp. (b)
| | | 42,500 | | 285,026 |
Tokyo Energy & Systems, Inc.
| | | 25,600 | | 194,926 |
Tokyo Kiraboshi Financial Group, Inc.
| | | 10,000 | | 105,692 |
Tokyo Ohka Kogyo Co., Ltd.
| | | 17,900 | | 687,282 |
Tokyo Rope Manufacturing Co., Ltd. (c)
| | | 19,200 | | 109,735 |
Tokyo Seimitsu Co., Ltd.
| | | 22,200 | | 633,375 |
Tokyo Steel Manufacturing Co., Ltd.
| | | 53,100 | | 332,505 |
Tokyotokeiba Co., Ltd.
| | | 8,900 | | 230,425 |
Tokyu Construction Co., Ltd.
| | | 38,600 | | 203,450 |
Tokyu REIT, Inc.
| | | 566 | | 741,350 |
Tomoe Engineering Co., Ltd.
| | | 2,800 | | 53,482 |
TOMONY Holdings, Inc.
| | | 88,680 | | 294,902 |
Tomy Co., Ltd.
| | | 54,400 | | 383,982 |
Tonami Holdings Co., Ltd.
| | | 4,200 | | 188,690 |
Topcon Corp.
| | | 54,700 | | 406,367 |
Toppan Forms Co., Ltd.
| | | 25,700 | | 229,254 |
Topre Corp.
| | | 24,000 | | 266,778 |
Topy Industries, Ltd.
| | | 21,498 | | 274,015 |
Torex Semiconductor, Ltd.
| | | 18,300 | | 173,414 |
Toridoll Holdings Corp. (b)
| | | 20,400 | | 218,636 |
Torii Pharmaceutical Co., Ltd.
| | | 5,600 | | 140,006 |
Torikizoku Co., Ltd. (b)
| | | 12,200 | | 182,850 |
Tosei Reit Investment Corp.
| | | 200 | | 178,963 |
Toshiba Machine Co., Ltd. (b)
| | | 10,200 | | 202,762 |
Toshiba TEC Corp.
| | | 10,800 | | 340,142 |
Tosho Co., Ltd.
| | | 9,000 | | 82,784 |
Totetsu Kogyo Co., Ltd.
| | | 14,100 | | 380,989 |
Towa Bank, Ltd.
| | | 27,400 | | 159,646 |
Towa Pharmaceutical Co., Ltd.
| | | 10,000 | | 209,995 |
Toyo Construction Co., Ltd.
| | | 38,000 | | 154,175 |
Toyo Corp.
| | | 5,668 | | 50,981 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Toyo Denki Seizo KK
| | | 17,000 | | $177,315 |
Toyo Ink SC Holdings Co., Ltd.
| | | 21,100 | | 399,699 |
Toyo Kanetsu KK
| | | 7,500 | | 135,820 |
Toyo Machinery & Metal Co., Ltd.
| | | 37,700 | | 142,132 |
Toyo Securities Co., Ltd. (b)
| | | 111,600 | | 136,457 |
Toyo Tanso Co., Ltd.
| | | 8,300 | | 107,561 |
Toyo Tire Corp.
| | | 45,500 | | 522,625 |
Toyobo Co., Ltd.
| | | 42,778 | | 452,923 |
Toyota Motor Corp.
| | | 5,409 | | 325,727 |
TPR Co., Ltd.
| | | 16,100 | | 171,805 |
Trancom Co., Ltd.
| | | 3,800 | | 248,511 |
Transcosmos, Inc. (c)
| | | 13,800 | | 244,669 |
Tri Chemical Laboratories, Inc. (b)
| | | 6,700 | | 454,921 |
Trusco Nakayama Corp.
| | | 21,500 | | 466,426 |
TS Tech Co., Ltd.
| | | 10,000 | | 236,951 |
TSI Holdings Co., Ltd.
| | | 68,100 | | 249,804 |
Tsubaki Nakashima Co., Ltd.
| | | 26,400 | | 165,313 |
Tsubakimoto Chain Co.
| | | 17,500 | | 398,777 |
Tsugami Corp. (b)
| | | 37,600 | | 262,613 |
Tsukishima Kikai Co., Ltd.
| | | 26,700 | | 335,126 |
Tsukuba Bank, Ltd.
| | | 104,100 | | 163,929 |
Tsukui Corp.
| | | 28,700 | | 109,797 |
Tsurumi Manufacturing Co., Ltd.
| | | 10,900 | | 195,979 |
UACJ Corp.
| | | 10,000 | | 143,856 |
Uchida Yoko Co., Ltd.
| | | 6,800 | | 222,037 |
UKC Holdings Corp.
| | | 10,800 | | 151,463 |
Union Tool Co.
| | | 7,200 | | 168,937 |
Unipres Corp.
| | | 17,200 | | 153,590 |
United Arrows, Ltd.
| | | 13,500 | | 203,210 |
United Super Markets Holdings, Inc. (b)
| | | 32,900 | | 292,871 |
UNITED, Inc.
| | | 5,300 | | 39,423 |
Unitika, Ltd. (c)
| | | 6,400 | | 16,007 |
Unizo Holdings Co., Ltd. (c)
| | | 19,500 | | 1,078,366 |
Ushio, Inc.
| | | 59,100 | | 565,516 |
UT Group Co., Ltd. (c)
| | | 13,200 | | 135,723 |
UUUM, Inc. (b)(c)
| | | 2,700 | | 51,421 |
Uzabase, Inc. (c)
| | | 9,600 | | 123,429 |
V Technology Co., Ltd.
| | | 3,872 | | 112,263 |
Valor Holdings Co., Ltd.
| | | 32,400 | | 577,140 |
Valqua, Ltd.
| | | 10,476 | | 169,821 |
ValueCommerce Co., Ltd.
| | | 12,200 | | 201,158 |
Vector, Inc. (b)(c)
| | | 17,200 | | 103,721 |
VIA Holdings, Inc. (b)(c)
| | | 38,200 | | 174,449 |
Vision, Inc. (c)
| | | 14,900 | | 92,336 |
Vital KSK Holdings, Inc.
| | | 27,500 | | 279,445 |
VT Holdings Co., Ltd.
| | | 79,300 | | 215,228 |
Wacom Co., Ltd.
| | | 72,000 | | 212,088 |
Wakachiku Construction Co., Ltd.
| | | 3,800 | | 42,592 |
Wakita & Co., Ltd.
| | | 10,900 | | 99,756 |
Warabeya Nichiyo Holdings Co., Ltd.
| | | 12,300 | | 199,730 |
Watahan & Co., Ltd. (b)
| | | 9,800 | | 144,156 |
WATAMI Co., Ltd. (b)
| | | 15,600 | | 134,678 |
WDB Holdings Co., Ltd. (b)
| | | 7,500 | | 146,380 |
| Security Description | | | Shares | | Value |
World Co., Ltd.
| | | 10,000 | | $139,595 |
World Holdings Co., Ltd. (b)
| | | 9,000 | | 102,459 |
Yahagi Construction Co., Ltd.
| | | 26,000 | | 188,579 |
YAKUODO Holdings Co., Ltd.
| | | 7,700 | | 172,324 |
YAMABIKO Corp.
| | | 21,800 | | 163,972 |
YAMADA Consulting Group Co., Ltd.
| | | 11,200 | | 98,871 |
Yamagata Bank, Ltd.
| | | 15,600 | | 193,492 |
Yamaguchi Financial Group, Inc.
| | | 61,600 | | 349,212 |
Yamaichi Electronics Co., Ltd.
| | | 15,600 | | 200,283 |
YA-MAN, Ltd. (b)
| | | 13,500 | | 83,535 |
Yamanashi Chuo Bank, Ltd.
| | | 21,700 | | 147,943 |
Yamashin-Filter Corp. (b)
| | | 30,700 | | 202,761 |
Yamato Kogyo Co., Ltd.
| | | 22,300 | | 382,976 |
Yamazen Corp.
| | | 48,100 | | 401,446 |
Yellow Hat, Ltd.
| | | 18,400 | | 256,173 |
Yodogawa Steel Works, Ltd.
| | | 30,900 | | 505,769 |
Yokogawa Bridge Holdings Corp.
| | | 17,700 | | 322,668 |
Yokohama Reito Co., Ltd.
| | | 26,100 | | 223,393 |
Yokowo Co., Ltd.
| | | 19,800 | | 396,532 |
Yondoshi Holdings, Inc. (b)
| | | 14,000 | | 251,975 |
Yonex Co., Ltd.
| | | 25,300 | | 115,304 |
Yorozu Corp.
| | | 14,000 | | 136,946 |
Yoshinoya Holdings Co., Ltd. (b)
| | | 31,400 | | 605,284 |
Yuasa Trading Co., Ltd.
| | | 10,300 | | 272,682 |
Yume No Machi Souzou Iinkai Co., Ltd. (b)
| | | 12,972 | | 127,371 |
Yumeshin Holdings Co., Ltd. (b)
| | | 43,500 | | 228,873 |
Yurtec Corp.
| | | 30,900 | | 176,032 |
Yushin Precision Equipment Co., Ltd.
| | | 14,700 | | 91,641 |
Zenrin Co., Ltd.
| | | 43,565 | | 426,550 |
ZERIA Pharmaceutical Co., Ltd.
| | | 21,700 | | 419,708 |
ZIGExN Co., Ltd.
| | | 35,800 | | 87,548 |
Zojirushi Corp. (b)
| | | 23,100 | | 316,901 |
| | | | | | 237,080,248 |
| LIECHTENSTEIN — 0.0% (e) | | | | | |
VP Bank AG
| | | 1,704 | | 220,496 |
| LUXEMBOURG — 0.2% | | | | | |
APERAM SA
| | | 11,424 | | 241,675 |
Corp. America Airports SA (b)(c)
| | | 27,378 | | 50,649 |
Orion Engineered Carbons SA
| | | 19,200 | | 143,232 |
Solutions 30 SE (b)(c)
| | | 75,666 | | 576,605 |
| | | | | | 1,012,161 |
| MALTA — 0.1% | | | | | |
Catena Media PLC (b)(c)
| | | 27,806 | | 44,006 |
Kambi Group PLC (b)(c)
| | | 11,820 | | 111,725 |
Kindred Group PLC SDR
| | | 90,494 | | 338,404 |
| | | | | | 494,135 |
| MOROCCO — 0.0% (e) | | | | | |
Vivo Energy PLC (d)
| | | 226,872 | | 189,884 |
| NETHERLANDS — 1.1% | | | | | |
Accell Group NV
| | | 12,970 | | 179,884 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
AMG Advanced Metallurgical Group NV (b)
| | | 13,037 | | $184,533 |
Arcadis NV
| | | 32,456 | | 516,379 |
Basic-Fit NV (c)(d)
| | | 8,489 | | 141,768 |
Brack Capital Properties NV (c)
| | | 987 | | 80,741 |
Brunel International NV (b)
| | | 17,676 | | 98,139 |
Corbion NV
| | | 40,307 | | 1,196,779 |
Eurocommercial Properties NV REIT
| | | 20,625 | | 199,830 |
Flow Traders (d)
| | | 19,634 | | 587,274 |
ForFarmers NV
| | | 10,000 | | 61,885 |
Fugro NV (c)
| | | 49,367 | | 201,396 |
Heijmans NV (b)(c)
| | | 23,481 | | 140,674 |
Intertrust NV (d)
| | | 40,148 | | 501,757 |
Kendrion NV
| | | 12,644 | | 136,239 |
Koninklijke BAM Groep NV
| | | 130,165 | | 182,100 |
NSI NV REIT
| | | 11,550 | | 456,870 |
Pharming Group NV (b)(c)
| | | 388,755 | | 413,765 |
PostNL NV
| | | 278,581 | | 350,301 |
ProQR Therapeutics NV (c)
| | | 11,026 | | 60,533 |
Shop Apotheke Europe NV (c)(d)
| | | 4,843 | | 269,950 |
TomTom NV
| | | 18,441 | | 144,069 |
Vastned Retail NV REIT
| | | 12,799 | | 214,869 |
Wereldhave NV REIT (b)
| | | 22,818 | | 166,997 |
| | | | | | 6,486,732 |
| NEW ZEALAND — 0.9% | | | | | |
Air New Zealand, Ltd.
| | | 51,202 | | 25,802 |
Argosy Property, Ltd.
| | | 363,488 | | 193,944 |
Arvida Group, Ltd.
| | | 43,908 | | 32,539 |
Chorus, Ltd.
| | | 169,403 | | 691,967 |
Goodman Property Trust REIT
| | | 380,025 | | 483,264 |
Infratil, Ltd.
| | | 357,028 | | 827,607 |
Kiwi Property Group, Ltd.
| | | 584,492 | | 325,725 |
Metlifecare, Ltd.
| | | 67,874 | | 152,909 |
New Zealand Refining Co., Ltd.
| | | 104,078 | | 48,128 |
Precinct Properties New Zealand, Ltd.
| | | 483,936 | | 489,167 |
Pushpay Holdings, Ltd. (b)(c)
| | | 91,506 | | 183,905 |
Restaurant Brands New Zealand, Ltd. (c)
| | | 26,352 | | 126,545 |
SKY Network Television, Ltd. (c)
| | | 99,918 | | 16,586 |
SKYCITY Entertainment Group, Ltd.
| | | 363,298 | | 402,763 |
Summerset Group Holdings, Ltd.
| | | 139,045 | | 449,259 |
Synlait Milk, Ltd. (c)
| | | 32,041 | | 117,772 |
Tourism Holdings, Ltd.
| | | 69,110 | | 44,659 |
Vital Healthcare Property Trust REIT (b)
| | | 248,189 | | 344,305 |
Volpara Health Technologies, Ltd. (c)
| | | 65,431 | | 42,850 |
Z Energy, Ltd.
| | | 206,315 | | 353,487 |
| | | | | | 5,353,183 |
| NORWAY — 1.2% | | | | | |
Aker Solutions ASA (b)(c)
| | | 58,861 | | 30,919 |
Atea ASA
| | | 41,307 | | 346,552 |
| Security Description | | | Shares | | Value |
Avance Gas Holding, Ltd. (d)
| | | 14,223 | | $28,850 |
Axactor SE (b)(c)
| | | 72,781 | | 42,625 |
B2Holding ASA
| | | 157,249 | | 53,999 |
Borregaard ASA
| | | 55,451 | | 511,157 |
BW Energy, Ltd. (c)
| | | 10,145 | | 8,762 |
BW Offshore, Ltd. (c)
| | | 49,720 | | 85,842 |
DNO ASA (b)
| | | 183,623 | | 51,007 |
Elkem ASA (d)
| | | 81,314 | | 102,214 |
Europris ASA (d)
| | | 50,948 | | 147,493 |
Frontline, Ltd.
| | | 46,862 | | 460,543 |
Golden Ocean Group, Ltd. (b)
| | | 35,713 | | 111,782 |
Grieg Seafood ASA
| | | 28,663 | | 263,947 |
Hexagon Composites ASA (b)(c)
| | | 24,515 | | 58,363 |
Kitron ASA
| | | 215,010 | | 175,677 |
Kvaerner ASA (b)(c)
| | | 110,947 | | 66,667 |
NEL ASA (c)
| | | 593,953 | | 585,412 |
Nordic Nanovector ASA (b)(c)
| | | 29,784 | | 37,156 |
Nordic Semiconductor ASA (c)
| | | 83,742 | | 368,270 |
Norway Royal Salmon ASA
| | | 9,161 | | 181,458 |
Norwegian Air Shuttle ASA (b)(c)
| | | 35,049 | | 30,173 |
Norwegian Finans Holding ASA (c)
| | | 55,309 | | 222,374 |
Ocean Yield ASA (b)
| | | 21,753 | | 48,473 |
Odfjell Drilling, Ltd. (c)
| | | 58,463 | | 42,702 |
Opera, Ltd. ADR (b)(c)
| | | 21,216 | | 113,930 |
PGS ASA (c)
| | | 62,649 | | 18,190 |
Protector Forsikring ASA (b)(c)
| | | 57,553 | | 130,331 |
Sbanken ASA (d)
| | | 37,797 | | 182,848 |
Scatec Solar ASA (d)
| | | 75,756 | | 952,992 |
SFL Corp., Ltd.
| | | 34,274 | | 324,575 |
SpareBank 1 Nord Norge
| | | 39,586 | | 196,403 |
SpareBank 1 SMN (b)
| | | 41,063 | | 264,342 |
Stolt-Nielsen, Ltd.
| | | 12,679 | | 101,664 |
Veidekke ASA
| | | 79,167 | | 657,023 |
Wallenius Wilhelmsen ASA (b)
| | | 63,605 | | 60,510 |
XXL ASA (b)(c)(d)
| | | 34,094 | | 15,260 |
| | | | | | 7,080,485 |
| PERU — 0.1% | | | | | |
Hochschild Mining PLC
| | | 206,003 | | 271,781 |
| PORTUGAL — 0.2% | | | | | |
Altri SGPS SA
| | | 130,574 | | 518,933 |
Mota-Engil SGPS SA (b)
| | | 39,983 | | 48,259 |
REN - Redes Energeticas Nacionais SGPS SA
| | | 295,730 | | 752,816 |
| | | | | | 1,320,008 |
| SINGAPORE — 1.5% | | | | | |
Accordia Golf Trust
| | | 407,200 | | 138,703 |
AIMS AMP Capital Industrial REIT
| | | 258,304 | | 188,669 |
Ascendas India Trust
| | | 177,100 | | 149,257 |
Ascott Residence Trust
| | | 956,809 | | 530,870 |
Best World International, Ltd. (b)
| | | 280,300 | | 265,368 |
BW LPG, Ltd. (d)
| | | 21,035 | | 63,299 |
Cache Logistics Trust REIT
| | | 40,348 | | 13,177 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
CapitaLand Retail China Trust REIT
| | | 378,834 | | $324,597 |
CDL Hospitality Trusts Stapled Security
| | | 445,080 | | 250,071 |
China Aviation Oil Singapore Corp., Ltd.
| | | 224,900 | | 135,049 |
Chip Eng Seng Corp., Ltd.
| | | 412,000 | | 144,678 |
ESR-REIT
| | | 2,615,545 | | 551,086 |
Ezion Holdings, Ltd. (a)(c)
| | | 4,945,500 | | 112,015 |
Ezra Holdings, Ltd. (a)(b)(c)
| | | 1,444,295 | | — |
First Real Estate Investment Trust
| | | 583,900 | | 278,858 |
First Resources, Ltd.
| | | 212,200 | | 180,329 |
Frasers Commercial Trust REIT
| | | 334,399 | | 277,130 |
Frasers Logistics & Industrial Trust REIT (b)
| | | 626,049 | | 389,123 |
Hyflux, Ltd. (a)(c)
| | | 33,300 | | — |
IGG, Inc. (b)
| | | 444,000 | | 265,223 |
Keppel DC REIT
| | | 341,547 | | 549,315 |
Keppel Infrastructure Trust
| | | 1,448,892 | | 432,475 |
Manulife US Real Estate Investment Trust
| | | 745,455 | | 540,455 |
Midas Holdings, Ltd. (a)(b)(c)
| | | 1,078,700 | | — |
OUE Commercial Real Estate Investment Trust
| | | 1,157,418 | | 284,508 |
Parkway Life Real Estate Investment Trust
| | | 253,300 | | 549,705 |
Raffles Medical Group, Ltd.
| | | 499,268 | | 271,751 |
Sabana Shari'ah Compliant Industrial Real Estate Investment Trust
| | | 197,249 | | 40,867 |
Sembcorp Marine, Ltd. (b)(c)
| | | 190,700 | | 91,074 |
Sheng Siong Group, Ltd.
| | | 284,900 | | 238,109 |
Singapore Post, Ltd.
| | | 715,300 | | 324,029 |
Soilbuild Business Space REIT
| | | 338,551 | | 76,087 |
Starhill Global REIT
| | | 752,400 | | 229,866 |
Swiber Holdings, Ltd. (a)(b)(c)
| | | 100,100 | | — |
Technics Oil & Gas, Ltd. (a)(c)
| | | 1,254 | | — |
UMS Holdings, Ltd.
| | | 418,074 | | 183,514 |
Wing Tai Holdings, Ltd.
| | | 567,399 | | 617,669 |
XP Power, Ltd.
| | | 3,350 | | 108,415 |
| | | | | | 8,795,341 |
| SOUTH KOREA — 11.2% | | | | | |
AbClon, Inc. (c)
| | | 4,669 | | 190,810 |
ABLBio, Inc. (c)
| | | 11,254 | | 156,235 |
Able C&C Co., Ltd. (c)
| | | 7,663 | | 50,673 |
Ace Technologies Corp. (c)
| | | 10,696 | | 63,701 |
Advanced Process Systems Corp.
| | | 7,628 | | 153,519 |
Aekyung Industrial Co., Ltd.
| | | 4,048 | | 77,645 |
AfreecaTV Co., Ltd.
| | | 5,228 | | 225,465 |
Ahnlab, Inc.
| | | 2,724 | | 127,322 |
Air Busan Co., Ltd. (c)
| | | 14,000 | | 34,501 |
AK Holdings, Inc.
| | | 2,023 | | 29,913 |
Alteogen, Inc. (b)(c)
| | | 7,498 | | 505,061 |
Amicogen, Inc. (c)
| | | 13,066 | | 192,123 |
Amotech Co., Ltd. (c)
| | | 9,476 | | 140,114 |
Anam Electronics Co., Ltd. (c)
| | | 84,181 | | 90,242 |
| Security Description | | | Shares | | Value |
Ananti, Inc. (c)
| | | 19,918 | | $98,334 |
Anterogen Co., Ltd. (c)
| | | 2,935 | | 90,050 |
Aprogen KIC, Inc. (b)(c)
| | | 42,902 | | 71,542 |
Asiana Airlines, Inc. (c)
| | | 44,429 | | 122,993 |
BGF Co., Ltd.
| | | 30,484 | | 92,152 |
BH Co., Ltd. (b)(c)
| | | 16,218 | | 209,161 |
Binex Co., Ltd. (c)
| | | 15,664 | | 138,967 |
Binggrae Co., Ltd.
| | | 1,439 | | 56,976 |
Biosolution Co., Ltd. (c)
| | | 3,292 | | 50,299 |
BNK Financial Group, Inc.
| | | 91,080 | | 331,819 |
Boryung Pharmaceutical Co., Ltd.
| | | 18,473 | | 184,373 |
Bukwang Pharmaceutical Co., Ltd.
| | | 17,722 | | 369,042 |
Byucksan Corp. (c)
| | | 6,431 | | 5,943 |
Cafe24 Corp. (c)
| | | 1,892 | | 42,274 |
CammSys Corp. (b)(c)
| | | 132,097 | | 236,556 |
Caregen Co., Ltd. (a)
| | | 3,538 | | 166,750 |
Cell Biotech Co., Ltd.
| | | 3,460 | | 38,939 |
Cellivery Therapeutics, Inc. (c)
| | | 2,259 | | 149,381 |
Celltrion Pharm, Inc. (c)
| | | 4,902 | | 321,740 |
Cellumed Co., Ltd. (c)
| | | 4,876 | | 23,952 |
Chabiotech Co., Ltd. (c)
| | | 26,936 | | 338,539 |
Chong Kun Dang Pharmaceutical Corp.
| | | 4,094 | | 285,859 |
Chongkundang Holdings Corp.
| | | 1,973 | | 170,987 |
CJ CGV Co., Ltd. (c)
| | | 545 | | 7,924 |
CJ Corp.
| | | 2,007 | | 106,339 |
CJ Freshway Corp.
| | | 1,771 | | 22,549 |
CMG Pharmaceutical Co., Ltd. (c)
| | | 53,528 | | 161,813 |
CNK International Co., Ltd. (a)(c)
| | | 16,071 | | — |
Com2uSCorp
| | | 6,935 | | 480,810 |
Coreana Cosmetics Co., Ltd. (c)
| | | 45,058 | | 162,858 |
Cosmax, Inc.
| | | 5,371 | | 345,904 |
Cosmecca Korea Co., Ltd. (c)
| | | 860 | | 5,327 |
CosmoAM&T Co., Ltd. (c)
| | | 5,541 | | 31,043 |
CROWNHAITAI Holdings Co., Ltd.
| | | 1,932 | | 12,204 |
CrystalGenomics, Inc. (c)
| | | 17,547 | | 242,157 |
CS Wind Corp.
| | | 8,579 | | 189,924 |
Cuckoo Homesys Co., Ltd.
| | | 6,393 | | 168,313 |
CUROCOM Co., Ltd. (c)
| | | 47,021 | | 96,178 |
Dae Han Flour Mills Co., Ltd.
| | | 489 | | 45,190 |
Dae Hwa Pharmaceutical Co., Ltd.
| | | 2,481 | | 18,159 |
Daea TI Co., Ltd.
| | | 30,857 | | 102,658 |
Daeduck Electronics Co.
| | | 44,248 | | 264,975 |
Daejoo Electronic Materials Co., Ltd. (c)
| | | 4,418 | | 43,369 |
Daesang Corp.
| | | 16,822 | | 234,224 |
Daewon Pharmaceutical Co., Ltd.
| | | 11,079 | | 129,688 |
Daewoo Engineering & Construction Co., Ltd. (c)
| | | 112,698 | | 272,175 |
Daewoong Co., Ltd.
| | | 24,625 | | 226,558 |
Daewoong Pharmaceutical Co., Ltd.
| | | 988 | | 68,742 |
Daishin Securities Co., Ltd. Preference Shares
| | | 62,113 | | 390,327 |
Daou Technology, Inc.
| | | 18,847 | | 229,133 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Dasan Networks, Inc. (c)
| | | 9,572 | | $43,325 |
Dawonsys Co., Ltd.
| | | 16,256 | | 177,603 |
DB HiTek Co., Ltd.
| | | 25,420 | | 452,083 |
Dentium Co., Ltd. (c)
| | | 5,876 | | 164,838 |
DGB Financial Group, Inc.
| | | 101,702 | | 383,466 |
Digital Power Communications Co., Ltd.
| | | 14,100 | | 69,843 |
DIO Corp. (c)
| | | 828 | | 17,242 |
DMS Co., Ltd.
| | | 43,258 | | 116,553 |
Dong-A Socio Holdings Co., Ltd.
| | | 4,307 | | 289,056 |
Dong-A ST Co., Ltd.
| | | 4,548 | | 299,999 |
Dongjin Semichem Co., Ltd.
| | | 10,881 | | 119,326 |
Dongkoo Bio & Pharma Co., Ltd.
| | | 1,024 | | 13,080 |
DongKook Pharmaceutical Co., Ltd.
| | | 3,244 | | 207,055 |
Dongkuk Steel Mill Co., Ltd. (c)
| | | 20,649 | | 62,251 |
Dongsuh Cos., Inc.
| | | 5,753 | | 74,432 |
Dongsung Finetec Co., Ltd.
| | | 8,740 | | 45,518 |
Dongsung Pharmaceutical Co., Ltd. (b)(c)
| | | 9,189 | | 82,277 |
Dongwha Pharm Co., Ltd.
| | | 30,729 | | 165,339 |
Dongwon F&B Co., Ltd.
| | | 412 | | 56,350 |
Dongwon Industries Co., Ltd.
| | | 190 | | 26,923 |
Doosan Corp.
| | | 4,167 | | 114,328 |
Doosan Fuel Cell Co., Ltd. (b)(c)
| | | 14,215 | | 60,954 |
Doosan Heavy Industries & Construction Co., Ltd. (b)(c)
| | | 70,508 | | 197,794 |
Doosan Infracore Co., Ltd. (c)
| | | 58,503 | | 151,141 |
Doosan Solus Co., Ltd. (c)
| | | 7,687 | | 116,503 |
DoubleUGames Co., Ltd.
| | | 6,525 | | 232,624 |
Douzone Bizon Co., Ltd.
| | | 15,980 | | 1,063,277 |
Easy Bio, Inc.
| | | 35,886 | | 105,534 |
Ecopro BM Co., Ltd.
| | | 1,622 | | 81,676 |
Ecopro Co., Ltd.
| | | 10,908 | | 159,496 |
EM-Tech Co., Ltd. (c)
| | | 16,834 | | 89,470 |
ENF Technology Co., Ltd.
| | | 21,484 | | 397,084 |
Enzychem Lifesciences Corp. (c)
| | | 979 | | 46,081 |
Eo Technics Co., Ltd.
| | | 2,111 | | 105,086 |
Esmo Corp. (c)
| | | 33,624 | | 16,075 |
Eugene Corp.
| | | 39,209 | | 108,221 |
Eugene Investment & Securities Co., Ltd.
| | | 112,723 | | 166,675 |
Eugene Technology Co., Ltd.
| | | 3,881 | | 51,009 |
Eutilex Co., Ltd. (c)
| | | 1,581 | | 93,898 |
F&F Co., Ltd.
| | | 3,967 | | 301,757 |
Feelux Co., Ltd. (c)
| | | 25,679 | | 101,990 |
Finetex EnE, Inc. (a)(c)
| | | 22,588 | | — |
Foosung Co., Ltd.
| | | 38,268 | | 193,957 |
GemVax & Kael Co., Ltd. (c)
| | | 15,290 | | 297,046 |
Genexine Co., Ltd. (c)
| | | 8,001 | | 396,977 |
Genomictree, Inc. (c)
| | | 5,853 | | 101,448 |
Golfzon Newdin Holdings Co., Ltd.
| | | 2,694 | | 4,858 |
Grand Korea Leisure Co., Ltd.
| | | 14,918 | | 165,436 |
Green Cross Cell Corp.
| | | 3,221 | | 101,868 |
Green Cross Corp.
| | | 4,026 | | 456,391 |
Green Cross Holdings Corp.
| | | 14,638 | | 239,888 |
| Security Description | | | Shares | | Value |
Green Cross LabCell Corp.
| | | 4,803 | | $145,785 |
GS Home Shopping, Inc.
| | | 2,534 | | 220,646 |
G-SMATT GLOBAL Co., Ltd. (c)
| | | 49,298 | | 2,511 |
G-treeBNT Co., Ltd. (c)
| | | 13,906 | | 224,465 |
HAESUNG DS Co., Ltd.
| | | 16,604 | | 188,225 |
Halla Holdings Corp.
| | | 2,744 | | 61,085 |
Hana Tour Service, Inc. (b)
| | | 4,693 | | 143,024 |
Hanall Biopharma Co., Ltd. (c)
| | | 15,833 | | 308,245 |
Handsome Co., Ltd.
| | | 11,601 | | 185,353 |
Hanil Cement Co., Ltd.
| | | 16 | | 807 |
Hanil Holdings Co., Ltd.
| | | 3,225 | | 90,205 |
Hanjin Kal Corp.
| | | 23,201 | | 1,416,055 |
Hanjin Shipping Co., Ltd. (a)(c)
| | | 1,732 | | — |
Hanjin Transportation Co., Ltd.
| | | 4,055 | | 102,095 |
Hankook Tire Worldwide Co., Ltd.
| | | 14,015 | | 98,434 |
Hanmi Semiconductor Co., Ltd.
| | | 14,289 | | 80,639 |
Hansae Co., Ltd.
| | | 10,771 | | 79,631 |
Hansol Chemical Co., Ltd. (b)
| | | 8,485 | | 549,938 |
Hansol Holdings Co., Ltd. (c)
| | | 48,531 | | 107,439 |
Hansol Paper Co., Ltd.
| | | 25,355 | | 218,694 |
Hanssem Co., Ltd.
| | | 7,291 | | 301,259 |
Hanwha Aerospace Co., Ltd. (c)
| | | 22,509 | | 379,973 |
Hanwha Corp.
| | | 9,552 | | 120,052 |
Hanwha General Insurance Co., Ltd. (c)
| | | 42,577 | | 59,283 |
Hanwha Investment & Securities Co., Ltd. (c)
| | | 84,197 | | 96,830 |
Hanwha Life Insurance Co., Ltd.
| | | 66,067 | | 75,437 |
Harim Holdings Co., Ltd.
| | | 45,714 | | 191,891 |
HDC Holdings Co., Ltd.
| | | 14,796 | | 90,063 |
HDC Hyundai Development Co-Engineering & Construction Class E
| | | 14,687 | | 187,607 |
HDC Hyundai Engineering Plastics Co., Ltd.
| | | 5,331 | | 12,174 |
Hite Jinro Co., Ltd.
| | | 16,450 | | 362,823 |
HLB Life Science Co., Ltd. (c)
| | | 14,014 | | 234,843 |
HLB, Inc. (b)(c)
| | | 15,831 | | 1,170,403 |
Homecast Co., Ltd. (c)
| | | 17,938 | | 42,290 |
HS Industries Co., Ltd.
| | | 35,235 | | 198,267 |
Huchems Fine Chemical Corp.
| | | 21,443 | | 259,814 |
Hugel, Inc. (c)
| | | 1,391 | | 385,072 |
Humedix Co., Ltd.
| | | 1,241 | | 17,636 |
Huons Co., Ltd.
| | | 3,716 | | 139,195 |
Huons Global Co., Ltd.
| | | 2,459 | | 51,711 |
Hyosung Advanced Materials Corp. (c)
| | | 2,014 | | 101,085 |
Hyosung Chemical Corp.
| | | 1,784 | | 120,902 |
Hyosung Corp.
| | | 5,827 | | 292,463 |
Hyosung Heavy Industries Corp. (c)
| | | 4,654 | | 49,317 |
Hyosung TNC Co., Ltd.
| | | 1,640 | | 148,864 |
Hyundai Bioscience Co., Ltd. (c)
| | | 28,640 | | 222,561 |
Hyundai Construction Equipment Co., Ltd. (c)
| | | 7,051 | | 86,881 |
Hyundai Corp.
| | | 2,543 | | 22,352 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Hyundai Department Store Co., Ltd.
| | | 4,154 | | $200,645 |
Hyundai Electric & Energy System Co., Ltd. (c)
| | | 9,867 | | 53,009 |
Hyundai Elevator Co., Ltd.
| | | 6,925 | | 324,818 |
Hyundai Greenfood Co., Ltd.
| | | 35,116 | | 189,808 |
Hyundai Home Shopping Network Corp. (b)
| | | 4,086 | | 193,668 |
Hyundai Livart Furniture Co., Ltd.
| | | 13,246 | | 77,255 |
Hyundai Marine & Fire Insurance Co., Ltd.
| | | 20,714 | | 385,404 |
Hyundai Merchant Marine Co., Ltd. (b)(c)
| | | 123,721 | | 315,057 |
Hyundai Mipo Dockyard Co., Ltd.
| | | 8,489 | | 188,978 |
Hyundai Rotem Co., Ltd. (b)(c)
| | | 18,331 | | 187,474 |
Hyundai Wia Corp.
| | | 5,472 | | 120,466 |
Il Dong Pharmaceutical Co., Ltd. (c)
| | | 9,141 | | 94,613 |
Iljin Materials Co., Ltd.
| | | 5,523 | | 142,459 |
Ilyang Pharmaceutical Co., Ltd.
| | | 8,291 | | 284,006 |
Innocean Worldwide, Inc.
| | | 5,835 | | 252,122 |
Innox Advanced Materials Co., Ltd. (c)
| | | 2,854 | | 78,773 |
Inscobee, Inc. (c)
| | | 54,461 | | 106,475 |
Insun ENT Co., Ltd. (c)
| | | 39,215 | | 211,642 |
Interojo Co., Ltd.
| | | 4,000 | | 72,288 |
iNtRON Biotechnology, Inc. (b)(c)
| | | 14,971 | | 161,719 |
IS Dongseo Co., Ltd.
| | | 6,097 | | 112,439 |
ISC Co., Ltd.
| | | 1 | | 8 |
Jahwa Electronics Co., Ltd. (c)
| | | 23,448 | | 113,450 |
JB Financial Group Co., Ltd.
| | | 149,137 | | 548,230 |
Jeil Pharmaceutical Co., Ltd.
| | | 4,923 | | 93,013 |
Jeju Air Co., Ltd. (c)
| | | 5,263 | | 72,848 |
Jenax, Inc. (c)
| | | 7,821 | | 20,495 |
Jin Air Co., Ltd. (c)
| | | 13,254 | | 120,852 |
JW Pharmaceutical Corp.
| | | 6,499 | | 167,633 |
JW Shinyak Corp.
| | | 11,603 | | 38,173 |
JYP Entertainment Corp.
| | | 21,525 | | 314,737 |
Kangstem Biotech Co., Ltd. (b)(c)
| | | 14,396 | | 108,796 |
KC Co., Ltd.
| | | 5,892 | | 61,468 |
KCC Corp.
| | | 1,516 | | 161,270 |
KCC Glass Corp. (c)
| | | 1,526 | | 23,003 |
KEPCO Engineering & Construction Co., Inc. (b)
| | | 14,144 | | 174,861 |
KEPCO Plant Service & Engineering Co., Ltd.
| | | 15,396 | | 367,400 |
Kginicis Co., Ltd.
| | | 16,338 | | 252,314 |
KGMobilians Co., Ltd.
| | | 11,521 | | 43,440 |
Kiwi Media Group Co., Ltd. (c)
| | | 677,509 | | 83,482 |
KIWOOM Securities Co., Ltd.
| | | 7,100 | | 408,264 |
KMW Co., Ltd. (b)(c)
| | | 10,846 | | 447,258 |
Koh Young Technology, Inc.
| | | 4,822 | | 307,378 |
Kolmar Korea Co., Ltd.
| | | 9,276 | | 285,363 |
Kolon Industries, Inc.
| | | 9,317 | | 229,605 |
Kolon Life Science, Inc. (c)
| | | 3,100 | | 45,073 |
Komipharm International Co., Ltd. (b)(c)
| | | 16,365 | | 354,899 |
| Security Description | | | Shares | | Value |
KONA I Co., Ltd. (c)
| | | 1,185 | | $12,703 |
Korea Electric Terminal Co., Ltd.
| | | 2,698 | | 53,967 |
Korea Line Corp. (c)
| | | 6,924 | | 75,932 |
Korea Petrochemical Ind Co., Ltd.
| | | 2,651 | | 190,112 |
Korea Real Estate Investment & Trust Co., Ltd.
| | | 54,519 | | 73,671 |
Korea United Pharm, Inc.
| | | 7,222 | | 116,871 |
Korean Air Lines Co., Ltd. (c)
| | | 13,647 | | 209,635 |
Korean Reinsurance Co.
| | | 95,642 | | 573,530 |
Kortek Corp.
| | | 8,097 | | 55,805 |
KT Skylife Co., Ltd.
| | | 5,609 | | 28,060 |
Kuk-il Paper Manufacturing Co., Ltd. (b)(c)
| | | 31,299 | | 132,668 |
Kumho Industrial Co., Ltd. (b)
| | | 14,089 | | 72,566 |
Kumho Petrochemical Co., Ltd.
| | | 4,236 | | 225,484 |
Kumho Tire Co., Inc. (c)
| | | 50,935 | | 128,033 |
Kwang Dong Pharmaceutical Co., Ltd.
| | | 18,221 | | 85,167 |
L&F Co., Ltd. (b)
| | | 11,070 | | 157,773 |
LB Semicon, Inc.
| | | 10,764 | | 52,257 |
LEENO Industrial, Inc.
| | | 6,901 | | 424,598 |
LegoChem Biosciences, Inc. (c)
| | | 5,808 | | 229,009 |
LF Corp.
| | | 2,426 | | 21,423 |
LG International Corp.
| | | 24,270 | | 182,820 |
Lock&Lock Co., Ltd. (c)
| | | 3,733 | | 27,782 |
Lotte Chilsung Beverage Co., Ltd.
| | | 2,768 | | 193,272 |
LOTTE Fine Chemical Co., Ltd.
| | | 14,998 | | 382,542 |
Lotte Food Co., Ltd.
| | | 686 | | 169,056 |
LOTTE Himart Co., Ltd.
| | | 4,289 | | 55,138 |
Lotte Non-Life Insurance Co., Ltd. (c)
| | | 106,554 | | 114,664 |
Lotte Tour Development Co., Ltd. (c)
| | | 7,387 | | 51,943 |
LS Corp.
| | | 7,877 | | 187,001 |
LS Industrial Systems Co., Ltd.
| | | 11,588 | | 328,407 |
Lutronic Corp. (c)
| | | 10,767 | | 45,461 |
Macrogen, Inc. (b)(c)
| | | 4,473 | | 151,201 |
Maeil Dairies Co., Ltd.
| | | 927 | | 52,391 |
MagnaChip Semiconductor Corp. (c)
| | | 24,424 | | 269,885 |
Mando Corp.
| | | 18,315 | | 311,431 |
ME2ON Co., Ltd. (c)
| | | 39,719 | | 158,896 |
Medipost Co., Ltd. (c)
| | | 8,721 | | 189,844 |
Medy-Tox, Inc.
| | | 1,679 | | 272,121 |
Meerecompany, Inc.
| | | 350 | | 4,974 |
Meritz Financial Group, Inc.
| | | 33,725 | | 285,347 |
Meritz Fire & Marine Insurance Co., Ltd.
| | | 30,276 | | 303,419 |
Mezzion Pharma Co., Ltd. (c)
| | | 3,344 | | 357,378 |
Minwise Co., Ltd.
| | | 24,017 | | 209,127 |
Mirae Asset Life Insurance Co., Ltd.
| | | 55,557 | | 141,477 |
Mirae Corp. (b)(c)
| | | 299,144 | | 27,768 |
Modetour Network, Inc.
| | | 7,469 | | 60,557 |
Namhae Chemical Corp.
| | | 19,815 | | 113,777 |
Nanomedics Co., Ltd. (c)
| | | 24,465 | | 89,532 |
Naturecell Co., Ltd. (b)(c)
| | | 33,540 | | 245,210 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Neowiz (c)
| | | 6,677 | | $94,888 |
NEPES Corp. (b)
| | | 9,939 | | 234,320 |
NHN Entertainment Corp. (c)
| | | 8,672 | | 487,971 |
NHN KCP Corp.
| | | 7,893 | | 198,403 |
NICE Holdings Co., Ltd.
| | | 5,464 | | 82,138 |
NICE Information Service Co., Ltd.
| | | 27,920 | | 305,036 |
NKMax Co., Ltd. (c)
| | | 17,618 | | 144,724 |
NongShim Co., Ltd.
| | | 2,899 | | 687,035 |
OCI Co., Ltd. (c)
| | | 7,034 | | 201,079 |
OliX Pharmaceuticals, Inc. (c)
| | | 2,380 | | 66,277 |
OptoElectronics Solutions Co., Ltd.
| | | 2,118 | | 61,677 |
OPTRON-TEC, Inc.
| | | 57,745 | | 196,855 |
Orion Holdings Corp. (b)
| | | 12,405 | | 122,792 |
Oscotec, Inc. (b)(c)
| | | 10,573 | | 191,076 |
Osstem Implant Co., Ltd. (c)
| | | 7,949 | | 184,792 |
Paradise Co., Ltd.
| | | 25,849 | | 274,978 |
Partron Co., Ltd.
| | | 7,440 | | 46,632 |
Pearl Abyss Corp. (c)
| | | 2,560 | | 376,424 |
Peptron, Inc. (c)
| | | 14,007 | | 181,797 |
PharmAbcine (c)
| | | 2,380 | | 54,644 |
Pharmicell Co., Ltd. (c)
| | | 40,541 | | 686,035 |
POLUS BioPharm, Inc. (c)
| | | 21,662 | | 21,798 |
Poongsan Corp.
| | | 16,603 | | 240,722 |
Posco ICT Co., Ltd.
| | | 8,220 | | 25,794 |
Posco International Corp.
| | | 4,677 | | 43,606 |
Power Logics Co., Ltd.
| | | 15,177 | | 82,533 |
Prostemics Co., Ltd. (c)
| | | 5,430 | | 20,295 |
PSK Holdings, Inc.
| | | 2 | | 10 |
PSK, Inc.
| | | 10,658 | | 138,330 |
RFHIC Corp. (b)
| | | 4,157 | | 133,348 |
Sajo Industries Co., Ltd.
| | | 1,280 | | 24,815 |
Sam Chun Dang Pharm Co., Ltd.
| | | 6,087 | | 161,757 |
Sam Yung Trading Co., Ltd.
| | | 6,404 | | 65,758 |
Samick THK Co., Ltd.
| | | 18,473 | | 142,643 |
Samjin Pharmaceutical Co., Ltd.
| | | 10,276 | | 188,663 |
Samwha Capacitor Co., Ltd.
| | | 3,719 | | 123,575 |
Samyang Holdings Corp.
| | | 3,997 | | 135,110 |
Sangsangin Co., Ltd. (b)
| | | 23,592 | | 118,217 |
SeAH Steel Corp.
| | | 324 | | 9,262 |
SeAH Steel Holdings Corp.
| | | 361 | | 7,206 |
Seegene, Inc.
| | | 31,351 | | 2,861,212 |
Seobu T&D (c)
| | | 13,248 | | 54,413 |
Seohan Co., Ltd.
| | | 149,920 | | 98,522 |
Seoul Semiconductor Co., Ltd.
| | | 24,387 | | 237,389 |
SFA Engineering Corp.
| | | 20,969 | | 538,285 |
Shinhan Financial Group Co., Ltd.
| | | 6,088 | | 143,029 |
Shinsegae Information & Communication Co., Ltd.
| | | 2,633 | | 207,638 |
Shinsegae International, Inc.
| | | 1,235 | | 190,218 |
Shinsegae, Inc.
| | | 2,868 | | 512,416 |
Shinsung E&G Co., Ltd. (b)(c)
| | | 206,743 | | 152,677 |
Silicon Works Co., Ltd.
| | | 5,092 | | 115,238 |
SillaJen, Inc. (c)
| | | 29,796 | | 324,309 |
Sindoh Co., Ltd.
| | | 1,372 | | 25,133 |
| Security Description | | | Shares | | Value |
SK Bioland Co., Ltd.
| | | 4,075 | | $77,158 |
SK Chemicals Co., Ltd.
| | | 3,965 | | 275,549 |
SK Discovery Co., Ltd.
| | | 3,846 | | 66,978 |
SK Materials Co., Ltd.
| | | 3,043 | | 334,959 |
SK Networks Co., Ltd.
| | | 71,312 | | 266,538 |
SK Rent A Car Co., Ltd. (c)
| | | 2,836 | | 16,867 |
SK Securities Co., Ltd.
| | | 306,986 | | 129,114 |
SKC Co., Ltd.
| | | 14,508 | | 443,338 |
SKCKOLONPI, Inc.
| | | 8,975 | | 192,793 |
SL Corp.
| | | 4,014 | | 43,525 |
SM Entertainment Co., Ltd. (c)
| | | 9,387 | | 162,317 |
S-MAC Co., Ltd. (c)
| | | 199,340 | | 194,861 |
Solid, Inc. (b)(c)
| | | 14,107 | | 58,984 |
Songwon Industrial Co., Ltd.
| | | 15,146 | | 113,718 |
Soulbrain Co., Ltd.
| | | 7,793 | | 406,502 |
SPC Samlip Co., Ltd.
| | | 1,677 | | 83,344 |
ST Pharm Co., Ltd. (c)
| | | 8,399 | | 216,987 |
STCUBE (b)(c)
| | | 12,610 | | 110,319 |
Studio Dragon Corp. (c)
| | | 2,307 | | 147,628 |
Suheung Co., Ltd.
| | | 1,511 | | 43,443 |
SundayToz Corp. (c)
| | | 1,014 | | 12,869 |
Sungshin Cement Co., Ltd.
| | | 14,207 | | 64,888 |
Synopex, Inc. (c)
| | | 30,743 | | 53,412 |
Taekwang Industrial Co., Ltd.
| | | 385 | | 198,928 |
Taeyoung Engineering & Construction Co., Ltd. (b)
| | | 45,581 | | 428,720 |
Taihan Fiberoptics Co., Ltd. (b)(c)
| | | 22,822 | | 38,057 |
TechWing, Inc.
| | | 18,796 | | 169,069 |
Tego Science, Inc. (c)
| | | 533 | | 6,239 |
Telcon RF Pharmaceutical, Inc. (c)
| | | 39,514 | | 207,413 |
Theragen Etex Co., Ltd. (c)
| | | 18,382 | | 116,270 |
Tovis Co., Ltd.
| | | 7,497 | | 42,493 |
Ubiquoss Holdings, Inc.
| | | 3,214 | | 55,179 |
Union Semiconductor Equipment & Materials Co., Ltd.
| | | 51,396 | | 188,721 |
UTI, Inc.
| | | 4,360 | | 35,207 |
Value Added Technology Co., Ltd.
| | | 3,683 | | 65,500 |
Vidente Co., Ltd. (c)
| | | 10,583 | | 39,686 |
Wave Electronics Co., Ltd. (c)
| | | 6,718 | | 69,258 |
Webzen, Inc. (c)
| | | 11,653 | | 121,091 |
Wellbiotec Co., Ltd. (c)
| | | 27,680 | | 46,840 |
WeMade Entertainment Co., Ltd.
| | | 5,718 | | 94,411 |
Whanin Pharmaceutical Co., Ltd.
| | | 9,028 | | 109,388 |
Wins Co., Ltd.
| | | 6,858 | | 69,574 |
WiSoL Co., Ltd.
| | | 6,258 | | 46,472 |
Wonik Holdings Co., Ltd. (c)
| | | 104,053 | | 288,478 |
WONIK IPS Co., Ltd. (c)
| | | 17,043 | | 349,302 |
Woojeon Co., Ltd. (a)(c)
| | | 7,674 | | — |
Woongjin Thinkbig Co., Ltd.
| | | 8,539 | | 17,185 |
Woori Technology Investment Co., Ltd. (c)
| | | 73,367 | | 102,154 |
Woory Industrial Co., Ltd.
| | | 8,715 | | 98,436 |
YG Entertainment, Inc. (c)
| | | 3,919 | | 77,424 |
Yong Pyong Resort Co., Ltd. (c)
| | | 40,303 | | 123,159 |
Y-Optics Manufacture Co., Ltd. (b)(c)
| | | 7,306 | | 10,653 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Young Poong Corp.
| | | 588 | | $230,399 |
Youngone Corp.
| | | 10,413 | | 191,178 |
Yuanta Securities Korea Co., Ltd. (c)
| | | 74,865 | | 122,074 |
Yungjin Pharmaceutical Co., Ltd. (c)
| | | 54,111 | | 215,582 |
Yuyang D&U Co., Ltd. (b)(c)
| | | 30,821 | | 30,888 |
| | | | | | 63,965,047 |
| SPAIN — 1.1% | | | | | |
Abengoa SA Class B (c)
| | | 12,552,624 | | 66,112 |
Aedas Homes SA (c)(d)
| | | 13,084 | | 251,237 |
Amper SA (c)
| | | 699,151 | | 106,633 |
Applus Services SA
| | | 55,173 | | 354,151 |
Atresmedia Corp. de Medios de Comunicacion SA
| | | 52,764 | | 144,738 |
Befesa SA (d)
| | | 11,030 | | 321,931 |
Construcciones y Auxiliar de Ferrocarriles SA
| | | 11,817 | | 366,295 |
Ence Energia y Celulosa SA (b)
| | | 55,855 | | 153,217 |
Ercros SA
| | | 64,999 | | 162,610 |
Euskaltel SA (d)
| | | 47,888 | | 354,154 |
Faes Farma SA
| | | 191,432 | | 744,623 |
Global Dominion Access SA (c)(d)
| | | 43,716 | | 120,158 |
Grupo Ezentis SA (b)(c)
| | | 304,088 | | 72,071 |
Indra Sistemas SA (c)
| | | 34,360 | | 282,762 |
Lar Espana Real Estate Socimi SA REIT
| | | 25,723 | | 113,604 |
Let's GOWEX SA (a)(b)(c)
| | | 9,561 | | — |
Liberbank SA
| | | 1,097,261 | | 164,462 |
Melia Hotels International SA
| | | 17,231 | | 73,358 |
Miquel y Costas & Miquel SA
| | | 10,561 | | 133,263 |
Neinor Homes SA (c)(d)
| | | 24,789 | | 191,350 |
Obrascon Huarte Lain SA (b)(c)
| | | 84,357 | | 54,611 |
Pharma Mar SA (b)(c)
| | | 60,959 | | 291,361 |
Promotora de Informaciones SA Class A (c)
| | | 280,603 | | 181,348 |
Quabit Inmobiliaria SA (b)(c)
| | | 26,114 | | 12,178 |
Sacyr SA
| | | 138,641 | | 211,757 |
Solaria Energia y Medio Ambiente SA (c)
| | | 41,304 | | 347,611 |
Talgo SA (c)(d)
| | | 38,430 | | 172,886 |
Tecnicas Reunidas SA (c)
| | | 20,305 | | 260,895 |
Tubacex SA
| | | 83,837 | | 117,748 |
Unicaja Banco SA (d)
| | | 367,899 | | 213,949 |
| | | | | | 6,041,073 |
| SWEDEN — 3.1% | | | | | |
AcadeMedia AB (d)
| | | 30,102 | | 148,418 |
Adapteo Oyj (c)
| | | 27,574 | | 236,562 |
Alimak Group AB (d)
| | | 20,572 | | 181,890 |
Arjo AB Class B
| | | 82,698 | | 412,668 |
Attendo AB (d)
| | | 49,846 | | 205,769 |
Avanza Bank Holding AB
| | | 51,757 | | 432,540 |
Betsson AB
| | | 51,861 | | 209,062 |
Bilia AB Class A
| | | 28,589 | | 176,883 |
| Security Description | | | Shares | | Value |
BioArctic AB (b)(d)
| | | 11,384 | | $70,664 |
BioGaia AB Class B
| | | 6,455 | | 273,636 |
Biotage AB
| | | 37,226 | | 374,601 |
Bonava AB Class B (b)
| | | 38,895 | | 168,493 |
Boozt AB (b)(c)(d)
| | | 20,425 | | 82,461 |
Bravida Holding AB (d)
| | | 84,242 | | 596,463 |
Bufab AB
| | | 23,652 | | 182,146 |
Bure Equity AB
| | | 22,964 | | 364,357 |
Cellavision AB
| | | 19,372 | | 479,036 |
Clas Ohlson AB Class B
| | | 7,361 | | 53,530 |
Climeon AB (b)(c)
| | | 10,526 | | 38,618 |
Cloetta AB Class B
| | | 112,302 | | 266,595 |
Collector AB (b)(c)
| | | 35,611 | | 56,071 |
Collector AB BTA (b)(c)
| | | 37,063 | | 58,357 |
Coor Service Management Holding AB (d)
| | | 44,586 | | 218,482 |
Duni AB
| | | 17,196 | | 136,940 |
Dustin Group AB (d)
| | | 37,620 | | 178,461 |
Fingerprint Cards AB Class B (b)(c)
| | | 161,514 | | 214,533 |
Granges AB
| | | 37,843 | | 187,922 |
Haldex AB (b)
| | | 45,133 | | 116,389 |
Hansa Biopharma AB (b)(c)
| | | 14,371 | | 112,993 |
HIQ International AB
| | | 32,812 | | 118,396 |
Hoist Finance AB (b)(c)(d)
| | | 26,482 | | 65,913 |
Immunovia AB (b)(c)
| | | 4,863 | | 63,219 |
Instalco Intressenter AB
| | | 32,568 | | 370,789 |
Inwido AB
| | | 31,594 | | 182,401 |
JM AB (b)
| | | 34,699 | | 604,659 |
Karo Pharma AB (c)
| | | 84,135 | | 386,211 |
Klovern AB Class B
| | | 193,609 | | 288,820 |
KNOW IT AB
| | | 23,947 | | 328,713 |
Kungsleden AB
| | | 83,235 | | 630,078 |
LeoVegas AB (b)(d)
| | | 65,986 | | 190,212 |
Lindab International AB
| | | 53,982 | | 419,534 |
Mekonomen AB (b)(c)
| | | 15,069 | | 67,469 |
Minesto AB (b)(c)
| | | 40,670 | | 44,743 |
MIPS AB
| | | 5,885 | | 133,052 |
Modern Times Group MTG AB Class B (c)
| | | 22,405 | | 176,161 |
Munters Group AB (c)(d)
| | | 53,439 | | 150,484 |
Mycronic AB
| | | 31,140 | | 380,619 |
NCC AB Class B
| | | 43,645 | | 573,992 |
NetEnt AB
| | | 95,789 | | 239,286 |
New Wave Group AB Class B
| | | 96,912 | | 268,013 |
Nobia AB
| | | 53,862 | | 192,230 |
Nobina AB (d)
| | | 49,813 | | 271,999 |
Nolato AB Class B
| | | 12,315 | | 558,592 |
Nordic Entertainment Group AB Class B
| | | 35,792 | | 756,467 |
Oncopeptides AB (b)(c)(d)
| | | 14,566 | | 160,543 |
Paradox Interactive AB (b)
| | | 15,492 | | 248,305 |
PowerCell Sweden AB (c)
| | | 9,799 | | 200,773 |
Ratos AB Class B
| | | 67,123 | | 140,239 |
RaySearch Laboratories AB (c)
| | | 14,424 | | 83,856 |
Recipharm AB Class B
| | | 25,919 | | 266,837 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Resurs Holding AB (d)
| | | 51,501 | | $177,358 |
Samhallsbyggnadsbolaget i Norden AB
| | | 336,374 | | 645,065 |
SAS AB (c)
| | | 89,058 | | 78,876 |
Scandi Standard AB
| | | 29,585 | | 179,462 |
Scandic Hotels Group AB (d)
| | | 31,364 | | 94,462 |
SkiStar AB
| | | 22,025 | | 169,616 |
SpectraCure AB (c)
| | | 26,653 | | 49,929 |
Stillfront Group AB (c)
| | | 11,776 | | 526,537 |
Storytel AB (c)
| | | 9,357 | | 136,940 |
Tethys Oil AB
| | | 31,799 | | 153,223 |
Tobii AB (b)(c)
| | | 40,374 | | 105,135 |
Troax Group AB
| | | 19,280 | | 178,639 |
Vitrolife AB
| | | 43,251 | | 625,561 |
| | | | | | 17,917,948 |
| SWITZERLAND — 2.4% | | | | | |
AC Immune SA (b)(c)
| | | 29,793 | | 205,870 |
ALSO Holding AG
| | | 2,611 | | 413,421 |
APG SGA SA
| | | 304 | | 56,241 |
Arbonia AG (b)
| | | 20,611 | | 162,962 |
Aryzta AG (c)
| | | 471,876 | | 169,720 |
Ascom Holding AG
| | | 21,339 | | 120,198 |
Autoneum Holding AG (b)
| | | 1,438 | | 90,363 |
Bachem Holding AG Class B
| | | 3,670 | | 736,617 |
Basilea Pharmaceutica AG (b)(c)
| | | 3,603 | | 158,263 |
Bell Food Group AG
| | | 829 | | 215,058 |
Bobst Group SA (b)
| | | 2,820 | | 128,008 |
Bossard Holding AG Class A
| | | 2,024 | | 234,291 |
Burckhardt Compression Holding AG
| | | 1,397 | | 277,797 |
Coltene Holding AG (b)
| | | 2,350 | | 150,587 |
Comet Holding AG
| | | 3,441 | | 355,107 |
Conzzeta AG
| | | 91 | | 73,078 |
Feintool International Holding AG (b)
| | | 2,228 | | 86,467 |
GAM Holding AG (c)
| | | 89,966 | | 169,788 |
Gurit Holding AG
| | | 238 | | 283,371 |
Huber + Suhner AG
| | | 6,352 | | 397,841 |
Implenia AG
| | | 8,349 | | 295,112 |
Inficon Holding AG
| | | 951 | | 619,224 |
Interroll Holding AG
| | | 408 | | 674,694 |
Intershop Holding AG
| | | 255 | | 133,621 |
Kardex AG
| | | 4,119 | | 574,714 |
Komax Holding AG (b)
| | | 2,232 | | 349,720 |
LEM Holding SA
| | | 275 | | 301,845 |
Leonteq AG (b)(c)
| | | 3,686 | | 145,070 |
Medartis Holding AG (b)(c)(d)
| | | 2,976 | | 112,575 |
Metall Zug AG Class B
| | | 131 | | 209,860 |
Meyer Burger Technology AG (b)(c)
| | | 53,631 | | 8,542 |
Mobilezone Holding AG
| | | 18,554 | | 160,697 |
Mobimo Holding AG
| | | 3,134 | | 876,179 |
Orior AG
| | | 5,825 | | 473,200 |
Phoenix Mecano AG
| | | 454 | | 160,475 |
Rieter Holding AG
| | | 1,482 | | 134,637 |
Schweiter Technologies AG
| | | 544 | | 527,948 |
| Security Description | | | Shares | | Value |
Schweizerische Nationalbank (b)
| | | 44 | | $202,594 |
Sensirion Holding AG (b)(c)(d)
| | | 4,068 | | 151,360 |
Siegfried Holding AG
| | | 1,135 | | 457,496 |
Swissquote Group Holding SA
| | | 5,588 | | 323,712 |
u-blox Holding AG
| | | 3,725 | | 228,878 |
Valiant Holding AG
| | | 6,705 | | 537,758 |
Valora Holding AG (c)
| | | 4,702 | | 825,177 |
Vetropack Holding AG
| | | 124 | | 329,368 |
Ypsomed Holding AG (b)
| | | 1,873 | | 241,977 |
Zehnder Group AG
| | | 2,604 | | 99,445 |
Zur Rose Group AG (c)
| | | 2,621 | | 331,028 |
| | | | | | 13,971,954 |
| UNITED ARAB EMIRATES — 0.0% (e) | | | | | |
Borr Drilling, Ltd. (b)(c)
| | | 35,411 | | 16,972 |
| UNITED KINGDOM — 8.2% | | | | | |
888 Holdings PLC
| | | 164,400 | | 253,587 |
A.G. Barr PLC
| | | 46,642 | | 278,759 |
AA PLC (b)
| | | 346,486 | | 73,036 |
AJ Bell PLC
| | | 81,487 | | 313,729 |
Allied Minds PLC
| | | 101,666 | | 33,091 |
Amigo Holdings PLC (b)(d)
| | | 79,451 | | 15,073 |
Anglo Pacific Group PLC
| | | 125,298 | | 175,561 |
AO World PLC (b)(c)
| | | 83,188 | | 69,626 |
Arrow Global Group PLC
| | | 89,567 | | 118,833 |
Ascential PLC (d)
| | | 140,772 | | 430,790 |
Assura PLC REIT
| | | 1,453,730 | | 1,505,132 |
Aston Martin Lagonda Global Holdings PLC (b)(c)(d)
| | | 38,226 | | 93,991 |
Autolus Therapeutics PLC (b)(c)
| | | 11,844 | | 70,946 |
Avon Rubber PLC
| | | 17,181 | | 491,048 |
Balfour Beatty PLC
| | | 216,303 | | 580,932 |
Biffa PLC (d)
| | | 142,021 | | 316,626 |
Big Yellow Group PLC REIT
| | | 78,797 | | 980,952 |
BMO Commercial Property Trust (b)(c)
| | | 284,092 | | 262,434 |
Bodycote PLC
| | | 43,892 | | 307,223 |
Brewin Dolphin Holdings PLC
| | | 165,635 | | 449,780 |
Cairn Energy PLC (c)
| | | 342,523 | | 328,727 |
Capital & Counties Properties PLC REIT
| | | 305,786 | | 629,025 |
Capital & Regional PLC REIT
| | | 3,602 | | 4,122 |
Card Factory PLC
| | | 201,994 | | 82,252 |
Chemring Group PLC
| | | 102,103 | | 253,838 |
Civitas Social Housing PLC REIT
| | | 131,385 | | 157,046 |
Clarkson PLC
| | | 12,256 | | 351,047 |
CMC Markets PLC (d)
| | | 37,658 | | 84,049 |
Coats Group PLC
| | | 579,775 | | 305,385 |
Costain Group PLC
| | | 53,434 | | 23,256 |
Countryside Properties PLC (d)
| | | 111,589 | | 394,340 |
Cranswick PLC
| | | 25,067 | | 1,149,406 |
Crest Nicholson Holdings PLC
| | | 136,528 | | 297,100 |
Devro PLC
| | | 155,767 | | 307,484 |
Dixons Carphone PLC
| | | 408,912 | | 395,889 |
Domino's Pizza Group PLC
| | | 268,317 | | 944,867 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
Drax Group PLC
| | | 210,187 | | $400,575 |
Elementis PLC
| | | 265,117 | | 161,079 |
Empiric Student Property PLC REIT
| | | 366,515 | | 300,398 |
Endava PLC (c)
| | | 2,024 | | 71,164 |
EnQuest PLC (b)(c)
| | | 716,609 | | 70,107 |
Equiniti Group PLC (d)
| | | 200,579 | | 440,213 |
Essentra PLC
| | | 154,825 | | 504,511 |
FDM Group Holdings PLC
| | | 39,712 | | 363,890 |
Firstgroup PLC (c)
| | | 526,386 | | 329,283 |
Forterra PLC (d)
| | | 102,746 | | 224,988 |
Frasers Group PLC (c)
| | | 78,974 | | 178,809 |
Funding Circle Holdings PLC (c)(d)
| | | 103,317 | | 70,459 |
Future PLC (b)
| | | 42,562 | | 527,748 |
Galliford Try Holdings PLC
| | | 55,614 | | 90,722 |
Games Workshop Group PLC
| | | 12,491 | | 670,640 |
Genel Energy PLC (b)
| | | 109,820 | | 119,014 |
Go-Ahead Group PLC
| | | 17,681 | | 181,198 |
Gocompare.Com Group PLC
| | | 168,380 | | 127,775 |
Grainger PLC
| | | 250,403 | | 804,783 |
Gulf Keystone Petroleum, Ltd.
| | | 160,768 | | 134,557 |
Gym Group PLC (d)
| | | 62,863 | | 109,905 |
Halfords Group PLC
| | | 86,595 | | 74,947 |
Hammerson PLC REIT
| | | 330,425 | | 317,034 |
Hastings Group Holdings PLC (d)
| | | 90,536 | | 207,120 |
Helical PLC
| | | 41,391 | | 179,630 |
Hill & Smith Holdings PLC
| | | 38,135 | | 452,286 |
Hunting PLC
| | | 65,300 | | 141,695 |
Ibstock PLC (d)
| | | 208,499 | | 392,963 |
Indivior PLC (c)
| | | 311,573 | | 175,976 |
IntegraFin Holdings PLC
| | | 112,467 | | 607,320 |
International Personal Finance PLC
| | | 108,992 | | 102,980 |
Intu Properties PLC REIT (b)(c)
| | | 425,215 | | 23,484 |
ITE Group PLC
| | | 183,489 | | 44,821 |
J D Wetherspoon PLC
| | | 82,138 | | 899,819 |
John Menzies PLC (b)
| | | 61,414 | | 58,636 |
Johnston Press PLC (a)(c)
| | | 358 | | — |
JPJ Group PLC (c)
| | | 41,322 | | 375,056 |
Jupiter Fund Management PLC
| | | 141,602 | | 351,159 |
Just Group PLC (c)
| | | 471,908 | | 315,392 |
Kainos Group PLC
| | | 36,860 | | 300,736 |
Keller Group PLC
| | | 56,237 | | 366,786 |
Kier Group PLC (b)(c)
| | | 85,487 | | 79,553 |
Lancashire Holdings, Ltd.
| | | 102,851 | | 791,324 |
Lb-shell PLC (a)(c)
| | | 571 | | — |
LondonMetric Property PLC REIT
| | | 2,501 | | 5,455 |
Lookers PLC
| | | 131,086 | | 26,006 |
Luxfer Holdings PLC (b)
| | | 8,889 | | 125,690 |
LXI REIT PLC
| | | 205,618 | | 277,392 |
Marshalls PLC
| | | 103,884 | | 754,188 |
Marston's PLC
| | | 215,591 | | 110,244 |
McCarthy & Stone PLC (d)
| | | 266,720 | | 214,141 |
Metro Bank PLC (b)(c)
| | | 74,097 | | 83,470 |
| Security Description | | | Shares | | Value |
Mitchells & Butlers PLC (c)
| | | 107,047 | | $241,309 |
Mitie Group PLC
| | | 116,251 | | 93,695 |
Morgan Advanced Materials PLC
| | | 179,253 | | 411,412 |
Morgan Sindall Group PLC
| | | 23,292 | | 346,571 |
N Brown Group PLC
| | | 57,263 | | 10,437 |
NCC Group PLC
| | | 36,367 | | 74,855 |
NewRiver REIT PLC
| | | 227,883 | | 168,690 |
Northern Drilling, Ltd. (b)(c)
| | | 19,754 | | 6,584 |
NuCana PLC ADR (b)(c)
| | | 7,618 | | 44,413 |
On the Beach Group PLC (d)
| | | 75,249 | | 205,271 |
OneSavings Bank PLC
| | | 154,259 | | 479,714 |
Orchard Therapeutics PLC ADR (b)(c)
| | | 29,850 | | 224,771 |
Oxford Biomedica PLC (c)
| | | 33,788 | | 225,816 |
Pagegroup PLC
| | | 94,628 | | 427,330 |
Paragon Banking Group PLC
| | | 131,044 | | 540,110 |
Pendragon PLC
| | | 653,962 | | 51,085 |
Petrofac, Ltd.
| | | 95,361 | | 231,283 |
Pets at Home Group PLC
| | | 309,770 | | 988,672 |
Photo-Me International PLC
| | | 105,380 | | 51,090 |
Picton Property Income, Ltd. REIT (c)
| | | 175,221 | | 193,366 |
Playtech PLC
| | | 110,470 | | 232,451 |
Polypipe Group PLC
| | | 114,043 | | 650,475 |
Premier Oil PLC (b)(c)
| | | 356,463 | | 76,178 |
Primary Health Properties PLC REIT
| | | 469,643 | | 935,228 |
Provident Financial PLC
| | | 108,841 | | 292,993 |
PZ Cussons PLC
| | | 194,391 | | 462,788 |
QinetiQ Group PLC
| | | 281,874 | | 1,125,421 |
Rathbone Brothers PLC
| | | 24,972 | | 463,841 |
RDI REIT PLC
| | | 117,020 | | 94,459 |
Redde Northgate PLC
| | | 48,789 | | 84,089 |
Regional REIT, Ltd. (d)
| | | 177,039 | | 180,006 |
Renewi PLC
| | | 290,773 | | 84,548 |
Restaurant Group PLC
| | | 204,836 | | 106,674 |
RPS Group PLC
| | | 63,874 | | 27,166 |
Sabre Insurance Group PLC (d)
| | | 116,917 | | 420,417 |
Safestore Holdings PLC REIT
| | | 114,179 | | 906,796 |
Saga PLC
| | | 561,931 | | 118,172 |
Sanne Group PLC
| | | 79,984 | | 612,909 |
Savills PLC
| | | 56,164 | | 574,535 |
Schroder Real Estate Investment Trust, Ltd.
| | | 563,536 | | 271,467 |
Seadrill, Ltd. (b)(c)
| | | 27,096 | | 11,651 |
Senior PLC
| | | 422,237 | | 367,796 |
SIG PLC
| | | 263,970 | | 76,132 |
Sole Realisation Co. PLC (a)(c)
| | | 16,733 | | — |
Spire Healthcare Group PLC (d)
| | | 99,990 | | 96,830 |
Spirent Communications PLC
| | | 297,617 | | 767,583 |
St Modwen Properties PLC
| | | 120,767 | | 494,907 |
Stagecoach Group PLC
| | | 269,874 | | 233,907 |
SThree PLC
| | | 20,407 | | 57,945 |
Stobart Group, Ltd. (b)
| | | 200,572 | | 117,883 |
Superdry PLC
| | | 24,099 | | 32,063 |
Synthomer PLC
| | | 42,668 | | 128,562 |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| Security Description | | | Shares | | Value |
TalkTalk Telecom Group PLC
| | | 396,581 | | $417,734 |
Ted Baker PLC (b)
| | | 19,558 | | 24,930 |
Telecom Plus PLC
| | | 34,159 | | 526,055 |
Triple Point Social Housing REIT PLC (d)
| | | 178,112 | | 200,974 |
Tyman PLC
| | | 115,654 | | 220,557 |
U & I Group PLC
| | | 83,817 | | 82,727 |
UK Commercial Property REIT, Ltd.
| | | 162,006 | | 150,660 |
Ultra Electronics Holdings PLC
| | | 38,564 | | 960,174 |
Vectura Group PLC
| | | 155,068 | | 186,508 |
Vesuvius PLC
| | | 86,208 | | 344,625 |
Victrex PLC
| | | 27,650 | | 675,407 |
Virgin Money UK PLC (c)
| | | 381,204 | | 288,145 |
Vistry Group PLC
| | | 106,026 | | 757,250 |
William Hill PLC
| | | 366,225 | | 309,424 |
Workspace Group PLC REIT
| | | 19,987 | | 188,226 |
| | | | | | 46,721,845 |
| UNITED STATES — 1.0% | | | | | |
Alacer Gold Corp. (c)
| | | 226,043 | | 721,000 |
Argonaut Gold, Inc. (c)
| | | 39,403 | | 29,898 |
Civeo Corp. (c)
| | | 96,920 | | 39,921 |
Constellium SE (b)(c)
| | | 70,469 | | 367,144 |
DHT Holdings, Inc.
| | | 61,352 | | 470,570 |
Energy Fuels, Inc. (b)(c)
| | | 34,992 | | 40,564 |
Ferroglobe Representation & Warranty Insurance Trust (a)(c)
| | | 39,714 | | — |
Foamix Pharmaceuticals, Ltd. (b)
| | | 46,212 | | 24,492 |
Hudson, Ltd. Class A (c)
| | | 18,978 | | 95,270 |
IMAX Corp. (b)(c)
| | | 35,713 | | 323,203 |
MeiraGTx Holdings PLC (c)
| | | 6,884 | | 92,521 |
Menlo Therapeutics, Inc. (b)(c)
| | | 26,934 | | 72,183 |
Myovant Sciences, Ltd. (b)(c)
| | | 15,058 | | 113,688 |
Nabriva Therapeutics PLC (b)(c)
| | | 29,664 | | 17,057 |
New Pride Corp. (c)
| | | 8,992 | | 5,296 |
Nordic American Tankers, Ltd.
| | | 96,116 | | 435,405 |
Ormat Technologies, Inc.
| | | 1 | | 53 |
Oxford Immunotec Global PLC (c)
| | | 18,473 | | 171,060 |
Primo Water Corp.
| | | 79,160 | | 710,207 |
Quotient, Ltd. (b)(c)
| | | 38,517 | | 152,142 |
Reliance Worldwide Corp., Ltd.
| | | 307,078 | | 488,663 |
Sims, Ltd.
| | | 85,814 | | 320,912 |
Stratasys, Ltd. (b)(c)
| | | 31,445 | | 501,548 |
TI Fluid Systems PLC (d)
| | | 89,673 | | 163,449 |
Tucows, Inc. Class A (b)(c)
| | | 7,676 | | 370,444 |
Viemed Healthcare, Inc. (b)(c)
| | | 11,296 | | 52,458 |
| | | | | | 5,779,148 |
TOTAL COMMON STOCKS
(Cost $792,615,340)
| | | | | 567,167,692 |
| Security Description | | | Shares | | Value |
| RIGHTS — 0.0% (e) | | | | |
| CANADA — 0.0% (e) | | | | | |
Pan American Silver Corp. (CVR) (expiring 02/22/29) (c)
| | | 180,773 | | $60,770 |
| JAPAN — 0.0% (e) | | | | | |
Chiba Kogyo Bank, Ltd. (expiring 06/17/20) (a) (c)
| | | 118,600 | | — |
| NORWAY — 0.0% (e) | | | | | |
NEL ASA (expiring 04/07/20) (c)
| | | 15,062 | | — |
TOTAL RIGHTS
(Cost $56,757)
| | | | | 60,770 |
| WARRANTS — 0.0% (e) | | | | |
| FRANCE — 0.0% (e) | | | | | |
CGG SA (expiring 02/21/22) (c)
| | | 533 | | 93 |
CGG SA (expiring 02/21/23) (c)
| | | 1,729 | | 131 |
| | | | | | 224 |
| SINGAPORE — 0.0% (e) | | | | | |
Ezion Holdings, Ltd. (expiring 04/16/23) (b)
| | | 778,128 | | — |
Ezion Holdings, Ltd. (expiring 04/24/20) (a) (b) (c)
| | | 230,610 | | — |
| | | | | | — |
TOTAL WARRANTS
(Cost $0)
| | | | | 224 |
| SHORT-TERM INVESTMENTS — 5.4% | | | |
State Street Institutional Liquid Reserves Fund, Premier Class 0.81% (h) (i)
| | 72,102 | | 72,037 |
State Street Navigator Securities Lending Portfolio II (j) (k)
| | 30,722,336 | | 30,722,336 |
TOTAL SHORT-TERM INVESTMENTS
(Cost $30,794,373)
| | 30,794,373 | |
TOTAL INVESTMENTS — 104.5%
(Cost $823,466,470)
| | 598,023,059 | |
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.5)%
| | (25,536,504) | |
NET ASSETS — 100.0%
| | $572,486,555 | |
| (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, 2020, total aggregate fair value of these securities is $446,775, representing 0.0% of the Fund's net assets. |
| (b) | All or a portion of the shares of the security are on loan at March 31, 2020. |
| (c) | Non-income producing security. |
| (d) | 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, 2020, 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. |
SPDR S&P INTERNATIONAL SMALL CAP ETF
SCHEDULE OF INVESTMENTS
March 31, 2020 (Unaudited)
| (f) | Reflects separate holdings of the issuer's common stock traded on different securities exchanges. |
| (g) | When-issued security. |
| (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, 2020 are shown in the Affiliate Table below. |
| (i) | The rate shown is the annualized seven-day yield at March 31, 2020. |
| (j) | The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended March 31, 2020 are shown in the Affiliate Table below. |
| (k) | Investment of cash collateral for securities loaned. |
| ADR | American Depositary Receipt |
| CVR | Contingent Value Rights |
| REIT | Real Estate Investment Trust |
| SDR | Swedish Depositary Receipt |
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of March 31, 2020.
| Description | | Level 1 –
Quoted Prices | | Level 2 –
Other Significant
Observable Inputs | | Level 3 –
Significant
Unobservable Inputs | | Total |
| ASSETS: | | | | | | | | |
| INVESTMENTS: | | | | | | | | |
Common Stocks
| | $565,517,172 | | $1,203,745 | | $446,775 | | $567,167,692 |
Rights
| | 60,770 | | — | | — | | 60,770 |
Warrants
| | 224 | | — | | 0(a) | | 224 |
Short-Term Investments
| | 30,794,373 | | — | | — | | 30,794,373 |
TOTAL INVESTMENTS
| | $596,372,539 | | $1,203,745 | | $446,775 | | $598,023,059 |
| (a) | Fund held a Level 3 security that was valued at $0 at March 31, 2020. |
Affiliate Table
| | Number of
Shares Held
at
9/30/19 | | Value at
9/30/19 | | Cost of
Purchases | | Proceeds
from
Shares Sold | | Realized
Gain (Loss) | | Change in
Unrealized
Appreciation/
Depreciation | | Number of
Shares Held
at
3/31/20 | | Value at
3/31/20 | | Dividend
Income |
State Street Institutional Liquid Reserves Fund, Premier Class
| 2,808,634 | | $2,808,915 | | $22,217,787 | | $24,953,349 | | $(1,316) | | $— | | 72,102 | | $72,037 | | $10,031 |
State Street Navigator Securities Lending Portfolio II
| — | | — | | 98,831,120 | | 68,108,784 | | — | | — | | 30,722,336 | | 30,722,336 | | 624,138 |
State Street Navigator Securities Lending Portfolio III
| 65,464,495 | | 65,464,495 | | 8,767,009 | | 74,231,504 | | — | | — | | — | | — | | 157,516 |
Total
| | | $68,273,410 | | $129,815,916 | | $167,293,637 | | $(1,316) | | $— | | | | $30,794,373 | | $791,685 |
| (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 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 to the registrant.
(b) Not applicable to the registrant.
Item 13. Exhibits.
(a)(1) Not applicable to the registrant; this FormN-CSR is a Semi-Annual Report.
(a)(2)Separate certifications required by Rule30a-2(a) 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)The exhibit related to a change in the registrant’s independent registered public accountant, as required by Item 4 of Form8-K under the Securities Exchange Act of 1934, as amended, is attached.
(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: | | June 5, 2020 |
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: | | June 5, 2020 |
| |
| By: | | /s/ Bruce S. Rosenberg |
| | Bruce S. Rosenberg |
| | Treasurer and Principal Financial Officer |
| |
| Date: | | June 5, 2020 |
