Annual Report
December 31, 2022
SPDR® Series Trust - Fixed Income Funds
SPDR Bloomberg Emerging Markets Local Bond ETF
SPDR Bloomberg International Corporate Bond ETF
SPDR Bloomberg International Treasury Bond ETF
SPDR Bloomberg Short Term International Treasury Bond ETF
SPDR FTSE International Government Inflation-Protected Bond ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.





TABLE OF CONTENTS

1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)  

2

5

8

11

14
Schedules of Investments  

17

28

45

64

69

74

82

87

97

99
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


Table of Contents
[This Page Intentionally Left Blank]


Table of Contents
Notes to Performance Summaries (Unaudited)
The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
The Bloomberg EM Local Currency Government Diversified Index is designed to measure the performance of the fixed-rate local currency sovereign debt of emerging market countries. The index includes government bonds issued by investment grade and non-investment grade countries outside the United States, in local currencies, that have a remaining maturity of one year or more and are rated B3/B-/B- or higher using the middle rating of Moody’s Investors Service, Inc., Standard & Poor’s Financial Services, LLC and Fitch Inc., respectively.
The Bloomberg Global Aggregate ex-USD >$1B: Corporate Bond Index is designed to be a broad based measure of the global investment-grade, fixed rate, fixed income corporate markets outside the United States. The index is part of the Bloomberg Global ex-USD Aggregate Bond Index (the “Aggregate Index”). The major components of the Aggregate Index are the Pan-European Aggregate and the Asian Pacific Aggregate Indices. The securities in the index must have a $1 billion USD equivalent market capitalization outstanding and at least 1 year remaining. Securities must be fixed rate, although zero coupon bonds and step-ups are permitted. Additionally, securities must be rated investmen grade (Baa3/BBB-/BBB- or better) using the middle rating from Moody’s Investors Service, Inc., Fitch Inc.,or Standard & Poor’s Financial Services, LLC. after dropping the highest and lowest available ratings. If only two agencies rate a security, then the more conservative (lower) rating will be used. If only one rating agency rates a security, then that one rating will be used. Excluded from the index are subordinated debts, convertible securities, floating-rate notes, fixed-rate perpetuals, warrants, inflation-linked bonds and structured notes. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.
The Bloomberg Global Treasury ex-US Capped Index is designed to track the fixed-rate local currency sovereign debt of investment grade countries outside the United States. The index includes government bonds issued by investment grade countries outside the United States, in local currencies, that have a remaining maturity of one year or more and are rated investment grade (Baa3/BBB-/BBB-or higher using the middle rating of Moody’s Investors Service, Inc., Standard & Poor’s, Inc. and Fitch Inc., respectively). The index is calculated by Bloomberg Index Services Limited using a modified “market capitalization” methodology. This design ensures that each constituent country within the index is represented in a proportion consistent with its percentage with respect to the total market capitalization of the index. The index is rebalanced on a monthly basis.
The Bloomberg 1-3 Year Global Treasury ex-US Capped Index is designed to measure the performance of fixed-rate local currency sovereign debt of investment grade countries outside the United States that have remaining maturities of one to three years. The index includes government bonds issued by investment grade countries outside the United States, in local currencies, that have remaining maturities of one to three years and are rated investment grade (Baa3/BBB-/BBB- or higher using the middle rating of Moody’s Investors Service, Inc., Standard & Poor’s, Inc. and Fitch Inc., respectively). The securities in the index must be fixed-rate and have certain minimum amounts outstanding, depending upon the currency in which the bonds are denominated. The index is calculated by Bloomberg Index Services Limited using a modified “market capitalization” methodology. This design ensures that each constituent country within the index is represented in a proportion consistent with its percentage with respect to the total market capitalization of the index. Component securities in each constituent country are represented in a proportion consistent with their percentage relative to the other component securities in the constituent country. The securities in the index are updated monthly, on the last business day of each month.
The FTSE International Inflation-Linked Securities Select Index is designed to measure the total return performance of inflation-linked bonds outside the United States with fixed-rate coupon payments that are linked to an inflation index. Inflation-protected public obligations of the inflation-linked government bond markets of developed and emerging market countries, commonly known in the United States as TIPS, are securities issued by such governments that are designed to provide inflation protection to investors. The index includes government debt (direct obligations of the issuer country) but does not include quasi-government debt or corporate debt.
See accompanying notes to financial statements.
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Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Bloomberg Emerging Markets Local Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the fixed-rate local currency sovereign debt of emerging market countries. The Fund’s benchmark is the Bloomberg EM Local Currency Government Diversified Index (the “Index”).
For the 12-month period ended December 31, 2022 (the “Reporting Period”), the total return for the Fund was –11.89%, and the Index was 12.73%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, expenses, cash drag, taxes, and sampling contributed to the difference between the Fund’s performance and that of the Index.
Global concerns around heightened inflation, tighter financial conditions, and the war in Ukraine were the primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations.
In order to reign in persistent inflation and overheated economies across the globe, countries’ central banks began an about-face on previous easy monetary policy, with many embarking on aggressive rate hiking cycles. The European Central bank and Bank of England raised interest rates by 2.50% and 3.25% respectively. Even the Bank of Japan, notorious for uber-easy monetary policy, announced that it would allow benchmark yields to rise to 0.50%, from the previous ceiling of 0.25%. The effects of the hawkish pivot of developed market central banks spilled over into emerging market countries, tightening fiscal conditions and stalling growth, ultimately leading to negative returns.
The invasion of Ukraine by Russia in the first quarter of the year led to major index providers pricing Russia-related bonds at zero, essentially making them untradeable, before eventually dropping them from the index all together. The Fund exited positions in Russia sovereigns in advance of index exit at a non-zero price, leading to a small pick-up in performance relative to the Index.
Most emerging market debt sold off throughout the year before recovering slightly in the fourth quarter. On a country specific level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Turkey, Brazil, and Chile bonds. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Egypt, Russia, and Hungary bonds.
The Fund used forwards to manage currency exposure during the Reporting Period. The use of forwards helped the Fund track the Index.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
2


Table of Contents
SPDR Bloomberg Emerging Markets Local Bond ETF
Performance Summary (Unaudited)
Performance as of December 31, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg EM Local Currency Government Diversified Index   Net
Asset
Value
Market
Value
Bloomberg EM Local Currency Government Diversified Index
ONE YEAR (11.89)% (11.75)% (12.73)%   (11.89)% (11.75)% (12.73)%
FIVE YEARS (14.19)% (14.04)% (12.85)%   (3.01)% (2.98)% (2.71)%
TEN YEARS (16.98)% (17.42)% (12.27)%   (1.84)% (1.90)% (1.30)%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Bloomberg Emerging Markets Local Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.30%.Please see the financial highlights for the total expense ratio for the fiscal period ended December 31, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Bloomberg Emerging Markets Local Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

     
  Description % of Net Assets  
  Brazil Letras do Tesouro Nacional
Zero Coupon, 1/1/2024
1.5%  
  Brazil Letras do Tesouro Nacional
10.00% 1/1/2025
1.4  
  Turkey Government Bond
16.90% 9/2/2026
0.9  
  Brazil Letras do Tesouro Nacional
Zero Coupon, 1/1/2026
0.8  
  Bonos de la Tesoreria de la Republica en pesos
5.80% 6/1/2024
0.8  
  TOTAL 5.4%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

     
    % of Net Assets  
  Foreign Government Obligations 97.9%  
  Corporate Bonds & Notes 0.0 *  
  Short-Term Investments 2.0  
  Other Assets in Excess of Liabilities 0.1  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.
Top Ten Countries as of December 31, 2022

     
  Description % of Total Investments  
  China 12.4%  
  South Korea 12.4  
  Indonesia 8.7  
  Malaysia 7.2  
  Brazil 6.6  
  Poland 4.4  
  Thailand 4.3  
  Czech Republic 4.2  
  Israel 4.2  
  Mexico 4.2  
  TOTAL 68.6%  
(The Fund's asset allocation and sector breakdown are expressed as a percentage of net assets and total investments, respectively, and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR BLOOMBERG INTERNATIONAL COPORATE BOND ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Bloomberg International Corporate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the investment grade corporate sector of the global bond market outside of the United States. The Fund’s benchmark is the Bloomberg Global Aggregate ex-USD >$1B: Corporate Bond Index (the “Index”).
For the 12-month period ended December 31, 2022 (the “Reporting Period”), the total return for the Fund was –19.86%, and the Index was 19.59%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, expenses, cash drag, tax withholdings, and sampling contributed to the difference between the Fund’s performance and that of the index.
Global concerns around heightened inflation, changes in central bank policies, and the war in Ukraine were the primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations.
In order to reign in persistent inflation and overheated economies across the globe, countries’ central banks began an about-face on previous easy monetary policy, with many embarking on aggressive rate hiking cycles. The European Central bank and Bank of England raised interest rates by 2.50% and 3.25% respectively. Even the Bank of Japan, notorious for uber-easy monetary policy, announced that it would allow benchmark yields to rise to 0.50%, from the previous ceiling of 0.25%. The hawkish pivot of global central banks roiled corporate markets and sent spreads soaring, leading to negative returns within the sector.
The invasion of Ukraine by Russia in the first quarter of the year did not have a direct impact on Fund or Index performance as Russia corporate bonds were not held in the index previously. However, the war in Ukraine did have cascading effects on overall market sentiment as well as in the energy sector due to sanctions on Russian oil exports.
Most international corporate bonds sold off throughout the year before recovering slightly in the fourth quarter. On a country specific level, the top positive to the Fund's performance on an absolute basis during the Reporting Period were Eurozone, Portugal and Hong Kong corporate bonds. The top negative contributors to the Fund's performance on an absolute basis during the Reporting Period were Mexico, China and Luxembourg corporate bonds
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR Bloomberg International Corporate Bond ETF
Performance Summary (Unaudited)
Performance as of December 31, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg Global Aggregate ex-USD >$1B: Corporate Bond Index   Net
Asset
Value
Market
Value
Bloomberg Global Aggregate ex-USD >$1B: Corporate Bond Index
ONE YEAR (19.86)% (19.46)% (19.59)%   (19.86)% (19.46)% (19.59)%
FIVE YEARS (19.77)% (19.28)% (17.89)%   (4.31)% (4.19)% (3.87)%
TEN YEARS (17.09)% (16.93)% (13.18)%   (1.86)% (1.84)% (1.40)%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Bloomberg International Corporate Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.50%.Please see the financial highlights for the total expense ratio for the fiscal period ended December 31, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Bloomberg International Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

     
  Description % of Net Assets  
  Seven & i Holdings Co., Ltd.
0.19% 12/19/2025
0.5%  
  NTT Finance Corp.
0.38% 9/20/2030
0.5  
  Orange SA
8.13% 1/28/2033
0.4  
  UniCredit SpA
2.20% 7/22/2027
0.3  
  Volkswagen International Finance NV
1.88% 3/30/2027
0.3  
  TOTAL 2.0%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

     
    % of Net Assets  
  Corporate Bonds & Notes 98.3%  
  Short-Term Investments 6.3  
  Liabilities in Excess of Other Assets (4.6)  
  TOTAL 100.0%  
See accompanying notes to financial statements.
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SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Bloomberg International Treasury Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the fixed-rate local currency sovereign debt of investment grade countries outside the United States. The Fund’s benchmark is the Bloomberg Global Treasury ex-US Capped Index (the “Index”).
For the 12-month period ended December 31, 2022 (the “Reporting Period”), the total return for the Fund was –19.66%, and the Index was 19.44%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, expenses, cash drag, tax withholdings, and sampling contributed to the difference between the Fund’s performance and that of the Index.
Global concerns around heightened inflation, changes in central bank policies, and the war in Ukraine were the primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations.
In order to reign in persistent inflation and overheated economies across the globe, countries’ central banks began an about-face on previous easy monetary policy, with many embarking on aggressive rate hiking cycles. The European Central bank and Bank of England raised interest rates by 2.50% and 3.25% respectively. Even the Bank of Japan, notorious for uber-easy monetary policy, announced that it would allow benchmark yields to rise to 0.50%, from the previous ceiling of 0.25%. The hawkish pivot of global central banks roiled sovereign markets and sent yields soaring, leading to negative returns within the sector.
The invasion of Ukraine by Russia in the first quarter of the year led to major index providers pricing Russia-related bonds at zero, essentially making them untradeable, before eventually dropping them from the index all together. The Fund exited positions in Russia sovereigns in advance of index exit at a non-zero price, leading to a small pickup in performance relative to the index.
Most international sovereigns sold off throughout the year before recovering slightly in the fourth quarter. On a country specific level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Russia, Chile and Mexico government bonds. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were United Kingdom, Hungary and Latvia government bonds.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR Bloomberg International Treasury Bond ETF
Performance Summary (Unaudited)
Performance as of December 31, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg Global Treasury ex-US Capped Index   Net
Asset
Value
Market
Value
Bloomberg Global Treasury ex-US Capped Index
ONE YEAR (19.66)% (19.59)% (19.44)%   (19.66)% (21.50)% (19.44)%
FIVE YEARS (17.18)% (16.74)% (15.65)%   (3.70)% (3.60)% (3.35)%
TEN YEARS (19.47)% (19.16)% (15.68)%   (2.14)% (2.10)% (1.69)%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Bloomberg International Treasury Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%.Please see the financial highlights for the total expense ratio for the fiscal period ended December 31, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
9


Table of Contents
SPDR Bloomberg International Treasury Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

     
  Description % of Net Assets  
  China Government Bond
3.25% 11/22/2028
0.8%  
  China Government Bond
4.08% 10/22/2048
0.7  
  Japan Government Five Year Bond
0.01% 6/20/2027
0.4  
  Korea Treasury Bond
2.00% 3/10/2049
0.4  
  Japan Government 10 Year Bond
0.10% 12/20/2031
0.4  
  TOTAL 2.7%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

     
    % of Net Assets  
  Foreign Government Obligations 99.3%  
  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.
Top Ten Countries as of December 31, 2022

     
  Description % of Total Investments  
  Japan 23.4%  
  France 5.0  
  United Kingdom 5.0  
  South Korea 4.6  
  China 4.6  
  Italy 4.6  
  Australia 4.6  
  Canada 4.6  
  Germany 4.6  
  Spain 4.6  
  TOTAL 65.6%  
(The Fund's asset allocation and top ten countries are expressed as a percentage of net assets and total investments, respectively, and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR BLOOMBERG SHORT TERM INTERNATIONAL TREASURY BOND ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Bloomberg Short Term International Treasury Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the short-term (1-3 year remaining maturity) fixed rate, investment grade debt issued by foreign governments of investment grade countries. The Fund’s benchmark is the Bloomberg 1-3 Year Global Treasury ex-US Capped Index (the “Index”).
For the 12-month period ended December 31, 2022 (the “Reporting Period”), the total return for the Fund was –11.07%, and the Index was 10.70%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, expenses, cash drag, tax withholdings, and sampling contributed to the difference between the Fund’s performance and that of the index.
Global concerns around heightened inflation, changes in central bank policies, and the war in Ukraine were the primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations.
In order to reign in persistent inflation and overheated economies across the globe, countries’ central banks began an about-face on previous easy monetary policy, with many embarking on aggressive rate hiking cycles. The European Central bank and Bank of England raised interest rates by 2.50% and 3.25% respectively. Even the Bank of Japan, notorious for uber-easy monetary policy, announced that it would allow benchmark yields to rise to 0.50%, from the previous ceiling of 0.25%. The hawkish pivot of global central banks roiled sovereign markets and sent yields soaring, leading to negative returns within the sector.
The invasion of Ukraine by Russia in the first quarter of the year led to major index providers pricing Russia-related bonds at zero, essentially making them untradeable, before eventually dropping them from the index all together. The Fund exited positions in Russia sovereigns in advance of index exit at a non-zero price, leading to a small pickup in performance relative to the index.
Most international sovereigns sold off throughout the year before recovering slightly in the fourth quarter. On a country specific level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Mexico, Peru, and Chile government bonds. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Russia, Turkey and Hungary government bonds.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR Bloomberg Short Term International Treasury Bond ETF
Performance Summary (Unaudited)
Performance as of December 31, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg 1-3 Year Global Treasury ex-US Capped Index   Net
Asset
Value
Market
Value
Bloomberg 1-3 Year Global Treasury ex-US Capped Index
ONE YEAR (11.07)% (10.56)% (10.70)%   (11.07)% (10.56)% (10.70)%
FIVE YEARS (13.88)% (13.33)% (12.07)%   (2.94)% (2.82)% (2.54)%
TEN YEARS (23.90)% (23.48)% (20.80)%   (2.69)% (2.64)% (2.30)%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Bloomberg Short Term International Treasury Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%.Please see the financial highlights for the total expense ratio for the fiscal period ended December 31, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Bloomberg Short Term International Treasury Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

     
  Description % of Net Assets  
  Government of Japan 5 Year Bond
0.10% 9/20/2024
3.0%  
  Government of Japan 5 Year Bond
0.10% 3/20/2024
2.9  
  Government of Japan 5 Year Bond
0.10% 6/20/2025
2.9  
  Government of Japan 5 Year Bond
0.10% 3/20/2025
2.7  
  Government of Japan 5 Year Bond
0.10% 12/20/2025
2.6  
  TOTAL 14.1%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

     
    % of Net Assets  
  Foreign Government Obligations 99.1%  
  Other Assets in Excess of Liabilities 0.9  
  TOTAL 100.0%  
Top Ten Countries as of December 31, 2022

     
  Description % of Total Investments  
  Japan 23.4%  
  Italy 5.2  
  France 5.1  
  South Korea 4.7  
  China 4.6  
  Australia 4.6  
  Canada 4.6  
  United Kingdom 4.6  
  Germany 4.6  
  Spain 4.5  
  TOTAL 65.9%  
(The Fund's asset allocation and top ten countries are expressed as a percentage of net assets and total investments, respectively, and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR FTSE INTERNATIONAL GOVERNMENT INFLATION-PROTECTION BOND ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR FTSE International Government Inflation-Protected Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the inflation protected sector of the global bond market outside the United States. The Fund’s benchmark is the FTSE International Inflation-Linked Securities Select Index (the “Index”).
For the 12-month period ended December 31, 2022 (the “Reporting Period”), the total return for the Fund was –15.41%, and the Index was 14.78%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, expenses, cash drag, tax withholdings and sampling contributed to the difference between the Fund’s performance and that of the index.
Global concerns around heightened inflation, changes in central bank policies, and the war in Ukraine were the primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations.
In order to reign in persistent inflation and overheated economies across the globe, countries’ central banks began an about-face on previous easy monetary policy, with many embarking on aggressive rate hiking cycles. The European Central Bank and Bank of England raised interest rates by 2.50% and 3.25% respectively. Even the Bank of Japan, notorious for uber-easy monetary policy, announced that it would allow benchmark yields to rise to 0.50%, from the previous ceiling of 0.25%. The hawkish pivot of global central banks roiled sovereign markets and sent yields soaring, leading to negative returns within the sector.
The invasion of Ukraine by Russia in the first quarter of the year did not directly affect the Fund or Index performance as Russia inflation-linked government bonds were not a part of the index to begin with. However, the war in Ukraine had cascading effects on market sentiment that increased overall market volatility.
Most international sovereigns sold off throughout the year before recovering slightly in the fourth quarter. On a country specific level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Turkey, Brazil and Eurozone government inflation-linked bonds. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Chile, United Kingdom and Israel government inflation-linked bonds.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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SPDR FTSE International Government Inflation-Protected Bond ETF
Performance Summary (Unaudited)
Performance as of December 31, 2022
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
FTSE International Inflation-Linked Securities Select Index   Net
Asset
Value
Market
Value
FTSE International Inflation-Linked Securities Select Index
ONE YEAR (15.41)% (15.44)% (14.78)%   (15.41)% (15.44)% (14.78)%
FIVE YEARS(1) (2) (10.14)% (10.29)% (7.44)%   (2.12)% (2.15)% (1.53)%
TEN YEARS(1) (2) (10.41)% (11.14)% (5.19)%   (1.09)% (1.17)% (0.53)%
(1) Effective February 15, 2016, the Fund changed its benchmark index from the DB Global Government ex-US Inflation-Linked Securities Select Index. The Fund's performance in the tables is based on the Fund's prior investment strategy to track a different benchmark index for periods prior to February 15, 2016.
(2) The FTSE International Inflation-Linked Securities Select Index (formerly, Citi International Inflation-Linked Securities Select Index) inception date is January 15, 2016. Index returns in the line graph below represent the Fund’s prior benchmark index from December 31, 2009 through February 14, 2016 and the FTSE International Inflation-Linked Securities Select Index (formerly, Citi International Inflation-Linked Securities Select Index from February 15, 2016 through December 31, 2022.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR FTSE International Government Inflation-Protected Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.50%.Please see the financial highlights for the total expense ratio for the fiscal period ended December 31, 2022.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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SPDR FTSE International Government Inflation-Protected Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

     
  Description % of Net Assets  
  Deutsche Bundesrepublik Inflation Linked Bond
0.50% 4/15/2030
1.6%  
  United Kingdom Gilt Inflation Linked
0.13% 3/22/2024
1.5  
  United Kingdom Gilt Inflation Linked
0.13% 8/10/2041
1.4  
  Deutsche Bundesrepublik Inflation Linked Bond
0.10% 4/15/2026
1.4  
  Bonos de la Tesoreria de la Republica
3.00% 1/1/2044
1.3  
  TOTAL 7.2%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

     
    % of Net Assets  
  Foreign Government Obligations 99.4%  
  Short-Term Investment 0.1  
  Other Assets in Excess of Liabilities 0.5  
  TOTAL 100.0%  
Top Ten Countries as of December 31, 2022

     
  Description % of Total Investments  
  United Kingdom 20.5%  
  France 7.9  
  Brazil 7.5  
  Chile 4.9  
  Japan 4.9  
  Turkey 4.7  
  Mexico 4.7  
  South Africa 4.7  
  Spain 4.7  
  Australia 4.6  
  TOTAL 69.1%  
(The Fund's asset allocation and top ten countries are expressed as a percentage of net assets and total investments, respectively, and may change over time.)
See accompanying notes to financial statements.
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SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS
December 31, 2022

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 0.0% (a)      
SUPRANATIONAL — 0.0% (a)      
International Bank for Reconstruction & Development Series GDIF, 4.00%, 5/30/2023

  PEN 3,500,000   $ 901,988
TOTAL CORPORATE BONDS & NOTES

(Cost $1,061,970)

        901,988
FOREIGN GOVERNMENT OBLIGATIONS — 97.9%      
BRAZIL — 6.6%      
Brazil Letras do Tesouro Nacional:          
Series LTN, Zero Coupon, 7/1/2023

  BRL 2,900,000   515,386
Series LTN, Zero Coupon, 1/1/2024

  BRL 189,000,000   31,590,949
Series LTN, Zero Coupon, 4/1/2024

  BRL 41,300,000   6,712,546
Series LTN, Zero Coupon, 7/1/2024

  BRL 102,200,000   16,129,278
Zero Coupon, 10/1/2024

  BRL 25,000,000   3,832,447
Series LTN, Zero Coupon, 1/1/2025

  BRL 28,400,000   4,234,721
Zero Coupon, 1/1/2026

  BRL 137,000,000   18,084,259
Series NTNF, 10.00%, 1/1/2025

  BRL 166,450,000   30,085,440
Series NTNF, 10.00%, 1/1/2027

  BRL 74,075,000   12,905,365
Series NTNF, 10.00%, 1/1/2029

  BRL 58,890,000   9,921,950
Series NTNF, 10.00%, 1/1/2031

  BRL 40,000,000   6,574,112
Series NTNF, 10.00%, 1/1/2033

  BRL 10,000,000   1,713,149
Brazilian Government International Bond:          
8.50%, 1/5/2024

  BRL 350,000   63,229
10.25%, 1/10/2028

  BRL 1,000,000   174,959
          142,537,790
CHILE — 3.4%      
Bonos de la Tesoreria de la Republica en pesos:          
2.30%, 10/1/2028 (b)

  CLP 5,535,000,000   5,426,437
2.50%, 3/1/2025

  CLP 490,000,000   518,287
2.80%, 10/1/2033 (b)

  CLP 1,000,000,000   949,317
4.00%, 3/1/2023 (b)

  CLP 2,135,000,000   2,479,947
4.50%, 3/1/2026

  CLP 715,000,000   801,919
4.70%, 9/1/2030 (b)

  CLP 10,640,000,000   12,026,327
5.00%, 10/1/2028 (b)

  CLP 4,600,000,000   5,224,933
Security Description     Principal
Amount
  Value
5.00%, 3/1/2035

  CLP 11,875,000,000   $ 13,779,887
5.10%, 7/15/2050

  CLP 2,470,000,000   2,887,017
5.80%, 6/1/2024 (b)

  CLP 14,770,000,000   16,946,512
Series 30YR, 6.00%, 1/1/2043

  CLP 9,715,000,000   12,579,456
          73,620,039
CHINA — 12.4%      
China Development Bank:          
Series 1903, 3.30%, 2/1/2024

  CNY 21,000,000   3,054,556
Series 1908, 3.42%, 7/2/2024

  CNY 6,300,000   919,868
Series 1518, 3.74%, 9/10/2025

  CNY 2,000,000   296,229
Series 1605, 3.80%, 1/25/2036

  CNY 6,500,000   987,749
Series 1510, 4.21%, 4/13/2025

  CNY 9,000,000   1,342,556
Series 1708, 4.30%, 8/21/2024

  CNY 10,000,000   1,481,178
Series 1805, 4.88%, 2/9/2028

  CNY 3,000,000   472,592
China Government Bond:          
1.99%, 9/15/2024

  CNY 23,000,000   3,290,512
Series INBK, 1.99%, 4/9/2025

  CNY 43,000,000   6,123,373
2.18%, 6/25/2024

  CNY 10,000,000   1,435,011
2.18%, 8/25/2025

  CNY 48,000,000   6,858,882
2.24%, 5/25/2025

  CNY 26,000,000   3,726,401
Series INBK, 2.26%, 2/24/2025

  CNY 58,000,000   8,302,409
Series INBK, 2.28%, 3/17/2024

  CNY 64,000,000   9,202,661
2.28%, 11/25/2025

  CNY 10,000,000   1,434,851
Series INBK, 2.37%, 1/20/2027

  CNY 28,500,000   4,054,813
2.44%, 10/15/2027

  CNY 40,000,000   5,690,484
Series INBK, 2.47%, 9/2/2024

  CNY 20,000,000   2,879,956
Series INBK, 2.48%, 4/15/2027

  CNY 35,000,000   4,986,955
2.50%, 7/25/2027

  CNY 19,000,000   2,707,513
2.60%, 9/1/2032

  CNY 10,000,000   1,406,505
Series INBK, 2.62%, 9/25/2029

  CNY 10,000,000   1,419,373
Series INBK, 2.68%, 5/21/2030

  CNY 46,000,000   6,527,094
Series INBK, 2.69%, 8/12/2026

  CNY 69,920,000   10,072,043
2.69%, 8/15/2032

  CNY 30,000,000   4,248,774
2.75%, 6/15/2029

  CNY 24,000,000   3,441,000
Series INBK, 2.75%, 2/17/2032

  CNY 43,000,000   6,103,028
2.76%, 5/15/2032

  CNY 15,000,000   2,137,455
 
See accompanying notes to financial statements.
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SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022

Security Description     Principal
Amount
  Value
Series INBK, 2.80%, 3/24/2029

  CNY 20,000,000   $ 2,878,433
Series INBK, 2.84%, 4/8/2024

  CNY 55,000,000   7,961,865
Series INBK, 2.85%, 6/4/2027

  CNY 30,000,000   4,345,681
Series INBK, 2.89%, 11/18/2031

  CNY 30,500,000   4,381,480
Series 1610, 2.90%, 5/5/2026

  CNY 10,000,000   1,453,710
Series INBK, 2.91%, 10/14/2028

  CNY 30,000,000   4,351,254
Series 1913, 2.94%, 10/17/2024

  CNY 21,000,000   3,049,235
Series INBK, 3.01%, 5/13/2028

  CNY 38,000,000   5,537,720
Series INBK, 3.02%, 10/22/2025

  CNY 34,000,000   4,963,218
Series INBK, 3.02%, 5/27/2031

  CNY 46,000,000   6,691,030
Series INBK, 3.03%, 3/11/2026

  CNY 37,000,000   5,403,180
Series 1916, 3.12%, 12/5/2026

  CNY 42,600,000   6,258,034
Series 1915, 3.13%, 11/21/2029

  CNY 53,000,000   7,782,856
Series 1904, 3.19%, 4/11/2024

  CNY 27,000,000   3,927,632
Series 1828, 3.22%, 12/6/2025

  CNY 7,790,000   1,144,427
Series 1907, 3.25%, 6/6/2026

  CNY 29,800,000   4,385,227
Series 1827, 3.25%, 11/22/2028

  CNY 10,000,000   1,478,854
Series INBK, 3.27%, 11/19/2030

  CNY 37,000,000   5,494,354
Series 1619, 3.27%, 8/22/2046

  CNY 15,000,000   2,141,525
Series INBK, 3.28%, 12/3/2027

  CNY 35,400,000   5,230,205
Series 1906, 3.29%, 5/23/2029

  CNY 34,600,000   5,145,429
Series INBK, 3.32%, 4/15/2052

  CNY 10,000,000   1,468,346
Series INBK, 3.39%, 3/16/2050

  CNY 29,000,000   4,249,901
3.40%, 7/15/2072

  CNY 10,000,000   1,457,266
Series 1626, 3.48%, 11/21/2066

  CNY 6,700,000   992,911
Series 1710, 3.52%, 5/4/2027

  CNY 5,000,000   746,274
Series 1608, 3.52%, 4/25/2046

  CNY 11,000,000   1,637,256
Series INBK, 3.53%, 10/18/2051

  CNY 40,000,000   6,042,493
Series 1819, 3.54%, 8/16/2028

  CNY 10,000,000   1,509,295
Security Description     Principal
Amount
  Value
Series INBK, 3.72%, 4/12/2051

  CNY 20,000,000   $ 3,120,129
Series INBK, 3.73%, 5/25/2070

  CNY 35,000,000   5,487,413
Series 1521, 3.74%, 9/22/2035

  CNY 17,800,000   2,752,436
Series 1525, 3.74%, 10/20/2045

  CNY 13,000,000   2,064,282
Series INBK, 3.76%, 3/22/2071

  CNY 21,000,000   3,329,247
Series 1705, 3.77%, 2/20/2047

  CNY 13,000,000   2,029,192
Series INBK, 3.81%, 9/14/2050

  CNY 29,000,000   4,579,795
Series 1910, 3.86%, 7/22/2049

  CNY 26,500,000   4,209,077
Series 1023, 3.96%, 7/29/2040

  CNY 18,000,000   2,919,670
Series 1817, 3.97%, 7/23/2048

  CNY 10,000,000   1,617,517
Series 1908, 4.00%, 6/24/2069

  CNY 9,000,000   1,486,215
Series 1715, 4.05%, 7/24/2047

  CNY 15,000,000   2,436,354
Series 1003, 4.08%, 3/1/2040

  CNY 5,000,000   821,226
Series 1824, 4.08%, 10/22/2048

  CNY 25,300,000   4,164,694
Series 1508, 4.09%, 4/27/2035

  CNY 1,000,000   159,947
Series 1806, 4.22%, 3/19/2048

  CNY 8,000,000   1,334,302
Series 1722, 4.28%, 10/23/2047

  CNY 3,250,000   548,063
Series 1116, 4.50%, 6/23/2041

  CNY 21,000,000   3,655,303
Series 2417, 4.63%, 8/11/2034

  CNY 17,000,000   2,862,796
Series 1319, 4.76%, 9/16/2043

  CNY 2,000,000   360,813
          266,651,383
COLOMBIA — 3.8%      
Colombia Government International Bond 9.85%, 6/28/2027

  COP 115,000,000   20,885
Colombian TES:          
Series B, 5.75%, 11/3/2027

  COP 27,750,000,000   4,328,749
Series B, 6.00%, 4/28/2028

  COP 70,015,000,000   10,773,392
Series B, 6.25%, 11/26/2025

  COP 68,875,000,000   12,151,336
Series B, 6.25%, 7/9/2036

  COP 11,300,000,000   1,340,447
Series B, 7.00%, 3/26/2031

  COP 81,850,000,000   11,907,243
 
See accompanying notes to financial statements.
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SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022

Security Description     Principal
Amount
  Value
Series B, 7.00%, 6/30/2032

  COP 62,464,000,000   $ 8,750,257
Series B, 7.25%, 10/18/2034

  COP 34,525,000,000   4,683,134
Series B, 7.25%, 10/26/2050

  COP 30,600,000,000   3,577,387
Series B, 7.50%, 8/26/2026

  COP 74,702,000,000   13,153,554
Series B, 7.75%, 9/18/2030

  COP 21,800,000,000   3,376,568
Series B, 9.25%, 5/28/2042

  COP 47,400,000,000   7,059,408
Series B, 10.00%, 7/24/2024

  COP 5,530,000,000   1,110,572
          82,232,932
CZECH REPUBLIC — 4.2%      
Czech Republic Government Bond:          
Series 130, 0.05%, 11/29/2029

  CZK 61,550,000   1,923,030
Series 100, 0.25%, 2/10/2027

  CZK 217,730,000   7,868,950
Series 94, 0.95%, 5/15/2030

  CZK 269,280,000   8,862,658
Series 95, 1.00%, 6/26/2026

  CZK 185,930,000   7,101,028
Series 121, 1.20%, 3/13/2031

  CZK 182,570,000   5,961,436
Series 120, 1.25%, 2/14/2025

  CZK 280,390,000   11,344,694
Series 125, 1.50%, 4/24/2040

  CZK 29,460,000   777,113
Series 138, 1.75%, 6/23/2032

  CZK 6,540,000   216,729
Series 142, 1.95%, 7/30/2037

  CZK 60,000,000   1,839,873
Series 103, 2.00%, 10/13/2033

  CZK 259,550,000   8,600,518
Series 89, 2.40%, 9/17/2025

  CZK 182,700,000   7,474,458
Series 78, 2.50%, 8/25/2028

  CZK 238,700,000   9,132,237
Series 105, 2.75%, 7/23/2029

  CZK 97,250,000   3,708,322
Series 145, 3.50%, 5/30/2035

  CZK 60,000,000   2,277,307
Series 49, 4.20%, 12/4/2036

  CZK 128,380,000   5,219,266
Series 53, 4.85%, 11/26/2057

  CZK 12,300,000   527,174
Series 8Y, 5.00%, 9/30/2030

  CZK 41,000,000   1,788,351
Series 6Y, 5.50%, 12/12/2028

  CZK 92,000,000   4,121,951
Security Description     Principal
Amount
  Value
Series 58, 5.70%, 5/25/2024

  CZK 52,540,000   $ 2,322,652
          91,067,747
HUNGARY — 3.5%      
Hungary Government Bond:          
Series 26/E, 1.50%, 4/22/2026 (c)

  HUF 3,571,180,000   7,141,566
Series 26/F, 1.50%, 8/26/2026 (c)

  HUF 2,405,000,000   4,672,940
Series 29/A, 2.00%, 5/23/2029 (c)

  HUF 1,831,220,000   3,242,560
Series 33/A, 2.25%, 4/20/2033 (c)

  HUF 929,670,000   1,433,838
Series 34/A, 2.25%, 6/22/2034

  HUF 2,237,500,000   3,294,083
Series 24/C, 2.50%, 10/24/2024

  HUF 2,542,600,000   5,800,556
Series 26/D, 2.75%, 12/22/2026 (c)

  HUF 3,938,000,000   7,887,152
Series 24/B, 3.00%, 6/26/2024

  HUF 979,170,000   2,296,980
Series 27/A, 3.00%, 10/27/2027

  HUF 1,580,970,000   3,059,412
Series 30/A, 3.00%, 8/21/2030

  HUF 4,357,500,000   7,783,459
Series 38/A, 3.00%, 10/27/2038

  HUF 2,203,760,000   3,102,864
Series 41/A, 3.00%, 4/25/2041

  HUF 868,900,000   1,131,697
Series 31/A, 3.25%, 10/22/2031

  HUF 1,219,870,000   2,129,151
Series 28/B, 4.50%, 3/23/2028

  HUF 2,380,000,000   4,907,155
Series 32/A, 4.75%, 11/24/2032 (c)

  HUF 1,470,000,000   2,832,523
Series 25/B, 5.50%, 6/24/2025

  HUF 3,084,620,000   7,192,057
Series 23/A, 6.00%, 11/24/2023 (c)

  HUF 10,000   25
Series 28/A, 6.75%, 10/22/2028 (c)

  HUF 2,744,500,000   6,326,936
          74,234,954
INDONESIA — 8.7%      
Indonesia Treasury Bond:          
Series FR90, 5.13%, 4/15/2027

  IDR 44,000,000,000   2,717,896
Series FR86, 5.50%, 4/15/2026

  IDR 110,900,000,000   6,977,777
Series FR64, 6.13%, 5/15/2028

  IDR 113,750,000,000   7,145,445
Series FR88, 6.25%, 6/15/2036

  IDR 20,000,000,000   1,202,691
Series FR91, 6.38%, 4/15/2032

  IDR 135,000,000,000   8,339,952
 
See accompanying notes to financial statements.
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SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022

Security Description     Principal
Amount
  Value
Series FR93, 6.38%, 7/15/2037

  IDR 35,000,000,000   $ 2,162,457
Series FR62, 6.38%, 4/15/2042

  IDR 1,700,000,000   97,938
Series FR81, 6.50%, 6/15/2025

  IDR 112,000,000,000   7,255,439
Series FR87, 6.50%, 2/15/2031

  IDR 151,700,000,000   9,457,193
Series FR65, 6.63%, 5/15/2033

  IDR 60,000,000,000   3,747,522
Series FR89, 6.88%, 8/15/2051

  IDR 36,000,000,000   2,205,441
Series FR59, 7.00%, 5/15/2027

  IDR 118,000,000,000   7,760,472
Series FR82, 7.00%, 9/15/2030

  IDR 132,600,000,000   8,598,833
Series FR96, 7.00%, 2/15/2033

  IDR 65,000,000,000   4,181,628
Series FR92, 7.13%, 6/15/2042

  IDR 95,000,000,000   6,110,756
Series FR97, 7.13%, 6/15/2043

  IDR 11,000,000,000   706,600
Series FR76, 7.38%, 5/15/2048

  IDR 56,700,000,000   3,668,791
Series FR74, 7.50%, 8/15/2032

  IDR 51,300,000,000   3,409,156
Series FR80, 7.50%, 6/15/2035

  IDR 70,600,000,000   4,671,226
Series FR75, 7.50%, 5/15/2038

  IDR 56,910,000,000   3,762,016
Series FR83, 7.50%, 4/15/2040

  IDR 98,500,000,000   6,499,697
Series FR85, 7.75%, 4/15/2031

  IDR 11,000,000,000   739,104
Series FR77, 8.13%, 5/15/2024

  IDR 70,100,000,000   4,643,964
Series FR78, 8.25%, 5/15/2029

  IDR 98,150,000,000   6,787,483
Series FR58, 8.25%, 6/15/2032

  IDR 3,710,000,000   258,242
Series FR72, 8.25%, 5/15/2036

  IDR 55,090,000,000   3,858,149
Series FR70, 8.38%, 3/15/2024

  IDR 105,600,000,000   7,004,482
Series FR56, 8.38%, 9/15/2026

  IDR 94,300,000,000   6,470,276
Series FR68, 8.38%, 3/15/2034

  IDR 97,700,000,000   6,867,018
Series FR79, 8.38%, 4/15/2039

  IDR 81,000,000,000   5,754,950
Series FR73, 8.75%, 5/15/2031

  IDR 69,050,000,000   4,942,303
Series FR67, 8.75%, 2/15/2044

  IDR 47,050,000,000   3,423,007
Series FR71, 9.00%, 3/15/2029

  IDR 86,000,000,000   6,147,971
Security Description     Principal
Amount
  Value
Series FR57, 9.50%, 5/15/2041

  IDR 1,000,000,000   $ 76,060
Series FR45, 9.75%, 5/15/2037

  IDR 1,250,000,000   97,024
Perusahaan Penerbit SBSN Indonesia:          
Series PBS, 4.00%, 7/15/2024

  IDR 30,000,000,000   1,863,120
Series PBS, 4.88%, 7/15/2026

  IDR 82,000,000,000   5,019,006
Series PBS, 5.38%, 8/15/2025

  IDR 10,000,000,000   628,853
5.88%, 7/15/2028

  IDR 2,338,000,000   147,197
Series PBS, 6.13%, 10/15/2025

  IDR 33,000,000,000   2,107,253
Series PBS, 6.38%, 3/15/2034

  IDR 77,522,000,000   4,666,558
Series PBS, 6.50%, 6/15/2039

  IDR 9,000,000,000   536,299
Series PBS, 6.63%, 10/15/2024

  IDR 66,000,000,000   4,268,584
Series PBS, 6.75%, 6/15/2047

  IDR 41,875,000,000   2,507,725
Series PBS, 7.75%, 10/15/2046

  IDR 23,000,000,000   1,544,394
Series PBS, 8.88%, 11/15/2031

  IDR 74,200,000,000   5,326,459
          186,364,407
ISRAEL — 4.2%      
Israel Government Bond:          
Series 1024, 0.40%, 10/31/2024

  ILS 24,600,000   6,542,600
Series 0425, 0.50%, 4/30/2025

  ILS 25,700,000   6,767,364
Series 0226, 0.50%, 2/27/2026

  ILS 34,000,000   8,732,675
Series 0330, 1.00%, 3/31/2030

  ILS 29,200,000   6,888,446
Series 0537, 1.50%, 5/31/2037

  ILS 39,600,000   8,472,690
Series 0825, 1.75%, 8/31/2025

  ILS 22,980,000   6,191,272
Series 0327, 2.00%, 3/31/2027

  ILS 38,850,000   10,280,758
Series 0928, 2.25%, 9/28/2028

  ILS 36,495,000   9,575,895
Series 1152, 2.80%, 11/29/2052

  ILS 5,000,000   1,192,714
Series 0324, 3.75%, 3/31/2024

  ILS 26,950,000   7,604,391
Series 0347, 3.75%, 3/31/2047

  ILS 37,125,000   10,527,248
Series 0142, 5.50%, 1/31/2042

  ILS 17,710,000   6,406,025
 
See accompanying notes to financial statements.
20


Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022

Security Description     Principal
Amount
  Value
Series 1026, 6.25%, 10/30/2026

  ILS 5,225,000   $ 1,612,407
          90,794,485
MALAYSIA — 7.2%      
Malaysia Government Bond:          
Series 0220, 2.63%, 4/15/2031

  MYR 15,800,000   3,234,788
Series 0319, 3.48%, 6/14/2024

  MYR 13,000,000   2,940,096
Series 0307, 3.50%, 5/31/2027

  MYR 23,670,000   5,293,893
Series 0122, 3.58%, 7/15/2032

  MYR 12,300,000   2,680,143
Series 0513, 3.73%, 6/15/2028

  MYR 28,150,000   6,314,369
Series 0519, 3.76%, 5/22/2040

  MYR 15,330,000   3,213,755
Series 0419, 3.83%, 7/5/2034

  MYR 17,350,000   3,813,084
Series 0413, 3.84%, 4/15/2033

  MYR 12,860,000   2,849,230
Series 0118, 3.88%, 3/14/2025

  MYR 7,700,000   1,755,862
Series 0212, 3.89%, 3/15/2027

  MYR 600,000   136,372
Series 0219, 3.89%, 8/15/2029

  MYR 16,805,000   3,787,524
Series 0316, 3.90%, 11/30/2026

  MYR 26,605,000   6,054,306
Series 0417, 3.90%, 11/16/2027

  MYR 3,530,000   802,532
Series 0119, 3.91%, 7/15/2026

  MYR 17,540,000   3,996,155
Series 0115, 3.96%, 9/15/2025

  MYR 37,912,000   8,648,904
Series 0217, 4.06%, 9/30/2024

  MYR 915,000   208,813
Series 0120, 4.07%, 6/15/2050

  MYR 24,800,000   5,134,304
Series 0412, 4.13%, 4/15/2032

  MYR 800,000   182,214
Series 0114, 4.18%, 7/15/2024

  MYR 4,462,000   1,019,104
Series 0415, 4.25%, 5/31/2035

  MYR 14,650,000   3,337,619
Series 0322, 4.50%, 4/30/2029

  MYR 8,300,000   1,934,079
Series 0318, 4.64%, 11/7/2033

  MYR 9,430,000   2,230,937
Series 0222, 4.70%, 10/15/2042

  MYR 11,000,000   2,595,650
Series 0216, 4.74%, 3/15/2046

  MYR 10,425,000   2,426,735
Series 0317, 4.76%, 4/7/2037

  MYR 9,975,000   2,378,692
Security Description     Principal
Amount
  Value
Series 3/05, 4.84%, 7/15/2025

  MYR 170,000   $ 39,585
Series 0418, 4.89%, 6/8/2038

  MYR 5,750,000   1,388,525
Series 0518, 4.92%, 7/6/2048

  MYR 8,500,000   2,011,090
Series 0713, 4.94%, 9/30/2043

  MYR 9,550,000   2,302,167
Malaysia Government Investment Issue:          
Series 0120, 3.42%, 9/30/2027

  MYR 19,700,000   4,387,912
Series 0121, 3.45%, 7/15/2036

  MYR 23,000,000   4,743,102
Series 0220, 3.47%, 10/15/2030

  MYR 33,740,000   7,349,244
Series 0419, 3.66%, 10/15/2024

  MYR 14,350,000   3,258,922
Series 0319, 3.73%, 3/31/2026

  MYR 30,400,000   6,876,187
Series 0217, 4.05%, 8/15/2024

  MYR 12,000,000   2,747,318
Series 0316, 4.07%, 9/30/2026

  MYR 4,925,000   1,125,071
Series 0318, 4.09%, 11/30/2023

  MYR 870,000   198,614
Series 0619, 4.12%, 11/30/2034

  MYR 10,000,000   2,238,753
Series 0118, 4.13%, 8/15/2025

  MYR 7,380,000   1,691,344
Series 0119, 4.13%, 7/9/2029

  MYR 14,500,000   3,301,027
Series 0122, 4.19%, 10/7/2032

  MYR 19,000,000   4,320,934
Series 0117, 4.26%, 7/26/2027

  MYR 3,720,000   857,701
Series 0218, 4.37%, 10/31/2028

  MYR 30,180,000   6,977,992
Series 0221, 4.42%, 9/30/2041

  MYR 22,200,000   5,018,435
Series 0813, 4.44%, 5/22/2024

  MYR 16,000,000   3,670,516
Series 0219, 4.47%, 9/15/2039

  MYR 15,800,000   3,607,848
Series 0513, 4.58%, 8/30/2033

  MYR 8,400,000   1,968,020
Series 0519, 4.64%, 11/15/2049

  MYR 12,500,000   2,775,236
Series 0617, 4.72%, 6/15/2033

  MYR 13,200,000   3,129,237
Series 0517, 4.76%, 8/4/2037

  MYR 3,300,000   778,866
Series 0615, 4.79%, 10/31/2035

  MYR 810,000   192,349
Series 0417, 4.90%, 5/8/2047

  MYR 1,750,000   409,845
 
See accompanying notes to financial statements.
21


Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022

Security Description     Principal
Amount
  Value
Series 0222, 5.36%, 5/15/2052

  MYR 5,000,000   $ 1,243,854
          155,578,854
MEXICO — 4.2%      
Mexican Bonos:          
Series M, 5.50%, 3/4/2027

  MXN 148,829,300   6,660,994
Series M, 5.75%, 3/5/2026

  MXN 244,157,200   11,332,548
Series M 20, 7.50%, 6/3/2027

  MXN 111,220,700   5,379,413
Series M, 7.75%, 5/29/2031

  MXN 148,396,800   7,046,606
Series M, 7.75%, 11/23/2034

  MXN 110,268,100   5,110,790
Series M, 7.75%, 11/13/2042

  MXN 110,089,600   4,929,309
Series M, 8.00%, 9/5/2024

  MXN 279,640,200   13,873,919
Series M, 8.00%, 11/7/2047

  MXN 166,950,800   7,637,985
Series M, 8.00%, 7/31/2053

  MXN 30,000,000