Semi-Annual Report
June 30, 2023
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 (Unaudited)
Portfolio Statistics (Unaudited)  

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Schedules of Investments (Unaudited)  

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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 https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


Table of Contents
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Table of Contents
SPDR Bloomberg Emerging Markets Local Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Brazil Letras do Tesouro Nacional
Zero Coupon, 1/1/2026
1.2%  
  Mexico Bonos
7.75% 5/29/2031
0.9  
  Peru Government Bonds
6.90% 8/12/2037
0.9  
  Colombia TES
7.50% 8/26/2026
0.8  
  Brazil Letras do Tesouro Nacional
Zero Coupon, 7/1/2024
0.8  
  TOTAL 4.6%  
(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 June 30, 2023

     
    % of Net Assets  
  Foreign Government Obligations 96.7%  
  Short-Term Investments 1.9  
  Other Assets in Excess of Liabilities 1.4  
  TOTAL 100.0%  
Top Ten Countries as of June 30, 2023

     
  Description % of Total Investments  
  South Korea 12.4%  
  China 12.4  
  Indonesia 8.7  
  Mexico 7.2  
  Malaysia 6.9  
  Brazil 4.4  
  Israel 4.4  
  Poland 4.3  
  Czech Republic 4.2  
  Philippines 4.2  
  TOTAL 69.1%  
(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.
1


Table of Contents
SPDR Bloomberg International Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Seven & i Holdings Co. Ltd.
0.19% 12/19/2025
0.4%  
  NTT Finance Corp.
0.38% 9/20/2030
0.4  
  UBS Group AG
1.00% 6/24/2027
0.3  
  UBS Group AG
0.25% 11/5/2028
0.3  
  UBS Group AG
3.25% 4/2/2026
0.3  
  TOTAL 1.7%  
(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 June 30, 2023

     
    % of Net Assets  
  Corporate Bonds & Notes 98.2%  
  Short-Term Investments 1.4  
  Other Assets in Excess of Liabilities 0.4  
  TOTAL 100.0%  
See accompanying notes to financial statements.
2


Table of Contents
SPDR Bloomberg International Treasury Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  China Government Bonds
3.25% 11/22/2028
0.7%  
  China Government Bonds
4.08% 10/22/2048
0.6  
  Japan Government Ten Year Bonds
0.20% 9/20/2032
0.5  
  Japan Government Ten Year Bonds
0.50% 3/20/2033
0.4  
  Indonesia Treasury Bonds
6.63% 5/15/2033
0.4  
  TOTAL 2.6%  
(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 June 30, 2023

     
    % of Net Assets  
  Foreign Government Obligations 99.1%  
  Short-Term Investments 0.2  
  Other Assets in Excess of Liabilities 0.7  
  TOTAL 100.0%  
Top Ten Countries as of June 30, 2023

     
  Description % of Total Investments  
  Japan 23.1%  
  France 5.1  
  United Kingdom 5.0  
  Canada 4.6  
  Italy 4.6  
  Spain 4.6  
  Australia 4.6  
  China 4.6  
  Germany 4.6  
  South Korea 4.5  
  TOTAL 65.3%  
(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.
3


Table of Contents
SPDR Bloomberg Short Term International Treasury Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Japan Government Five Year Bonds
0.10% 12/20/2025
2.0%  
  Japan Government Five Year Bonds
0.10% 3/20/2025
1.9  
  Australia Government Bonds
4.25% 4/21/2026
1.7  
  Mexico Bonos
5.75% 3/5/2026
1.7  
  Japan Government Five Year Bonds
0.10% 12/20/2024
1.5  
  TOTAL 8.8%  
(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 June 30, 2023

     
    % of Net Assets  
  Foreign Government Obligations 99.1%  
  Short-Term Investment 0.2  
  Other Assets in Excess of Liabilities 0.7  
  TOTAL 100.0%  
Top Ten Countries as of June 30, 2023

     
  Description % of Total Investments  
  Japan 23.1%  
  Italy 5.1  
  France 5.1  
  United Kingdom 4.6  
  Canada 4.6  
  Australia 4.6  
  South Korea 4.6  
  China 4.6  
  Germany 4.5  
  Spain 4.5  
  TOTAL 65.3%  
(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.
4


Table of Contents
SPDR FTSE International Government Inflation-Protected Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Deutsche Bundesrepublik Bonds Inflation-Linked
0.50% 4/15/2030
1.7%  
  Brazil Notas do Tesouro Nacional
6.00% 8/15/2024
1.4  
  Spain Government Bonds Inflation-Linked
1.00% 11/30/2030
1.4  
  Deutsche Bundesrepublik Bonds Inflation-Linked
0.10% 4/15/2026
1.3  
  United Kingdom Gilt Inflation Linked
0.13% 8/10/2041
1.3  
  TOTAL 7.1%  
(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 June 30, 2023

     
    % of Net Assets  
  Foreign Government Obligations 98.4%  
  Other Assets in Excess of Liabilities 1.6  
  TOTAL 100.0%  
Top Ten Countries as of June 30, 2023

     
  Description % of Total Investments  
  United Kingdom 18.7%  
  Brazil 9.7  
  France 8.1  
  Italy 5.0  
  South Africa 4.7  
  Mexico 4.6  
  Spain 4.6  
  Germany 4.6  
  Canada 4.6  
  Chile 4.6  
  TOTAL 69.2%  
(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.
5


Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
FOREIGN GOVERNMENT OBLIGATIONS — 96.7%      
BRAZIL — 4.3%      
Brazil Government International Bonds:          
8.50%, 1/5/2024

  BRL 350,000   $ 70,419
10.25%, 1/10/2028

  BRL 1,000,000   202,494
Brazil Letras do Tesouro Nacional:          
Series LTN, Zero Coupon, 7/1/2024

  BRL 72,100,000   13,394,409
Series LTN, Zero Coupon, 10/1/2024

  BRL 25,000,000   4,536,929
Series LTN, Zero Coupon, 1/1/2025

  BRL 23,400,000   4,157,667
Series LTN, Zero Coupon, 7/1/2025

  BRL 20,000,000   3,401,194
Series LTN, Zero Coupon, 1/1/2026

  BRL 125,000,000   20,276,901
Brazil Notas do Tesouro Nacional:          
Series NTNF, 10.00%, 1/1/2025

  BRL 31,450,000   6,440,138
Series NTNF, 10.00%, 1/1/2027

  BRL 11,875,000   2,442,760
Series NTNF, 10.00%, 1/1/2029

  BRL 48,890,000   9,897,474
Series NTNF, 10.00%, 1/1/2031

  BRL 34,000,000   6,827,296
Series NTNF, 10.00%, 1/1/2033

  BRL 10,000,000   1,989,975
          73,637,656
CHILE — 3.4%      
Bonos de la Tesoreria de la Republica en pesos:          
Zero Coupon, 7/15/2024

  CLP 2,100,000,000   2,370,436
2.30%, 10/1/2028 (a)

  CLP 1,535,000,000   1,663,218
2.50%, 3/1/2025

  CLP 490,000,000   571,671
2.80%, 10/1/2033 (a)

  CLP 1,000,000,000   1,014,014
4.50%, 3/1/2026

  CLP 5,915,000,000   7,168,880
4.70%, 9/1/2030 (a)

  CLP 6,990,000,000   8,416,382
5.00%, 10/1/2028 (a)

  CLP 4,600,000,000   5,634,413
5.00%, 3/1/2035

  CLP 7,875,000,000   9,706,719
5.10%, 7/15/2050

  CLP 2,470,000,000   3,049,599
5.80%, 6/1/2024 (a)

  CLP 4,770,000,000   5,859,820
6.00%, 4/1/2033 (a)

  CLP 3,650,000,000   4,877,246
Series 30YR, 6.00%, 1/1/2043

  CLP 5,065,000,000   6,962,506
          57,294,904
Security Description     Principal
Amount
  Value
CHINA — 12.2%      
China Development Bank:          
Series 1908, 3.42%, 7/2/2024

  CNY 6,300,000   $ 877,712
Series 1518, 3.74%, 9/10/2025

  CNY 2,000,000   283,053
Series 1605, 3.80%, 1/25/2036

  CNY 6,500,000   967,828
Series 1510, 4.21%, 4/13/2025

  CNY 9,000,000   1,278,319
Series 1708, 4.30%, 8/21/2024

  CNY 10,000,000   1,408,268
Series 1805, 4.88%, 2/9/2028

  CNY 3,000,000   452,481
China Government Bonds:          
1.99%, 9/15/2024

  CNY 23,000,000   3,161,748
Series INBK, 1.99%, 4/9/2025

  CNY 43,000,000   5,896,663
Series INBK, 2.00%, 6/15/2025

  CNY 10,000,000   1,373,512
2.18%, 8/25/2025

  CNY 25,000,000   3,436,538
Series INBK, 2.24%, 5/25/2025

  CNY 20,000,000   2,753,387
Series INBK, 2.26%, 2/24/2025

  CNY 23,000,000   3,169,049
2.28%, 11/25/2025

  CNY 15,000,000   2,064,763
2.29%, 12/25/2024

  CNY 30,000,000   4,140,583
2.30%, 5/15/2026

  CNY 10,000,000   1,378,228
2.35%, 3/15/2025

  CNY 25,000,000   3,452,764
Series INBK, 2.37%, 1/20/2027

  CNY 18,500,000   2,543,727
2.44%, 10/15/2027

  CNY 15,000,000   2,063,537
2.46%, 2/15/2026

  CNY 25,000,000   3,459,244
Series INBK, 2.47%, 9/2/2024

  CNY 20,000,000   2,765,329
Series INBK, 2.48%, 4/15/2027

  CNY 20,000,000   2,758,716
Series 2216, 2.50%, 7/25/2027

  CNY 19,000,000   2,620,611
2.60%, 9/1/2032

  CNY 10,000,000   1,360,786
2.62%, 4/15/2028

  CNY 16,000,000   2,219,415
Series INBK, 2.62%, 9/25/2029

  CNY 10,000,000   1,373,219
Series INBK, 2.62%, 6/25/2030

  CNY 10,000,000   1,371,348
2.64%, 1/15/2028

  CNY 13,000,000   1,805,107
Series INBK, 2.67%, 5/25/2033

  CNY 15,000,000   2,065,994
Series INBK, 2.68%, 5/21/2030

  CNY 31,000,000   4,261,323
Series INBK, 2.69%, 8/12/2026

  CNY 29,920,000   4,161,802
2.69%, 8/15/2032

  CNY 30,000,000   4,111,943
Series INBK, 2.75%, 6/15/2029

  CNY 24,000,000   3,325,505
 
See accompanying notes to financial statements.
6


Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series INBK, 2.75%, 2/17/2032

  CNY 23,000,000   $ 3,168,923
2.76%, 5/15/2032

  CNY 15,000,000   2,067,109
2.79%, 12/15/2029

  CNY 20,000,000   2,769,744
Series INBK, 2.80%, 3/24/2029

  CNY 20,000,000   2,784,751
2.80%, 3/25/2030

  CNY 6,000,000   831,840
2.80%, 11/15/2032

  CNY 12,000,000   1,661,668
Series INBK, 2.85%, 6/4/2027

  CNY 30,000,000   4,195,134
2.88%, 2/25/2033

  CNY 25,000,000   3,497,742
Series INBK, 2.89%, 11/18/2031

  CNY 20,500,000   2,855,750
Series 1610, 2.90%, 5/5/2026

  CNY 10,000,000   1,399,250
Series INBK, 2.91%, 10/14/2028

  CNY 30,000,000   4,208,700
Series 1913, 2.94%, 10/17/2024

  CNY 21,000,000   2,923,095
Series INBK, 3.01%, 5/13/2028

  CNY 28,000,000   3,949,673
Series INBK, 3.02%, 10/22/2025

  CNY 34,000,000   4,765,104
Series INBK, 3.02%, 5/27/2031

  CNY 36,000,000   5,074,799
Series INBK, 3.03%, 3/11/2026

  CNY 37,000,000   5,196,538
Series 1916, 3.12%, 12/5/2026

  CNY 27,600,000   3,897,345
Series 1915, 3.13%, 11/21/2029

  CNY 28,000,000   3,967,271
3.19%, 4/15/2053

  CNY 11,000,000   1,562,116
Series 1828, 3.22%, 12/6/2025

  CNY 7,790,000   1,097,566
Series 1907, 3.25%, 6/6/2026

  CNY 29,800,000   4,219,716
Series 1827, 3.25%, 11/22/2028

  CNY 10,000,000   1,432,953
Series INBK, 3.27%, 11/19/2030

  CNY 37,000,000   5,335,329
Series 1619, 3.27%, 8/22/2046

  CNY 10,000,000   1,419,084
Series INBK, 3.28%, 12/3/2027

  CNY 25,400,000   3,626,631
Series 1906, 3.29%, 5/23/2029

  CNY 24,600,000   3,528,466
Series INBK, 3.32%, 4/15/2052

  CNY 5,000,000   716,781
Series INBK, 3.39%, 3/16/2050

  CNY 24,000,000   3,468,949
3.40%, 7/15/2072

  CNY 10,000,000   1,458,138
Series 1626, 3.48%, 11/21/2066

  CNY 6,700,000   992,158
Series 1710, 3.52%, 5/4/2027

  CNY 5,000,000   719,894
Series 1608, 3.52%, 4/25/2046

  CNY 11,000,000   1,616,102
Security Description     Principal
Amount
  Value
Series INBK, 3.53%, 10/18/2051

  CNY 10,000,000   $ 1,485,717
Series 1819, 3.54%, 8/16/2028

  CNY 10,000,000   1,453,862
Series INBK, 3.72%, 4/12/2051

  CNY 14,000,000   2,146,981
Series INBK, 3.73%, 5/25/2070

  CNY 25,000,000   3,915,541
Series 1521, 3.74%, 9/22/2035

  CNY 7,800,000   1,186,801
Series 1525, 3.74%, 10/20/2045

  CNY 8,000,000   1,245,762
Series INBK, 3.76%, 3/22/2071

  CNY 21,000,000   3,318,981
Series 1705, 3.77%, 2/20/2047

  CNY 13,000,000   1,985,943
Series INBK, 3.81%, 9/14/2050

  CNY 24,000,000   3,727,844
Series 1910, 3.86%, 7/22/2049

  CNY 26,500,000   4,136,316
Series 1023, 3.96%, 7/29/2040

  CNY 8,000,000   1,252,128
Series 1817, 3.97%, 7/23/2048

  CNY 10,000,000   1,579,381
Series 1908, 4.00%, 6/24/2069

  CNY 9,000,000   1,489,124
Series 1715, 4.05%, 7/24/2047

  CNY 10,000,000   1,593,097
Series 1003, 4.08%, 3/1/2040

  CNY 5,000,000   805,474
Series 1824, 4.08%, 10/22/2048

  CNY 19,300,000   3,104,894
Series 1508, 4.09%, 4/27/2035

  CNY 1,000,000   157,306
Series 1806, 4.22%, 3/19/2048

  CNY 8,000,000   1,313,231
Series 1722, 4.28%, 10/23/2047

  CNY 3,250,000   536,109
Series 1116, 4.50%, 6/23/2041

  CNY 11,000,000   1,854,084
Series 1417, 4.63%, 8/11/2034

  CNY 7,000,000   1,143,120
Series 1319, 4.76%, 9/16/2043

  CNY 2,000,000   352,219
          208,554,736
COLOMBIA — 4.1%      
Colombia Government International Bonds 9.85%, 6/28/2027

  COP 115,000,000   26,394
Colombia TES:          
Series B, 5.75%, 11/3/2027

  COP 17,750,000,000   3,657,713
Series B, 6.00%, 4/28/2028

  COP 23,015,000,000   4,723,896
Series B, 6.25%, 11/26/2025

  COP 26,875,000,000   5,955,090
 
See accompanying notes to financial statements.
7


Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series B, 6.25%, 7/9/2036

  COP 5,300,000,000   $ 918,474
Series B, 7.00%, 3/26/2031

  COP 41,850,000,000   8,447,252
Series B, 7.00%, 6/30/2032

  COP 44,464,000,000   8,727,886
Series B, 7.25%, 10/18/2034

  COP 37,025,000,000   7,151,237
Series B, 7.25%, 10/26/2050

  COP 26,100,000,000   4,437,146
Series B, 7.50%, 8/26/2026

  COP 62,202,000,000   13,980,767
Series B, 7.75%, 9/18/2030

  COP 21,800,000,000   4,642,564
Series B, 9.25%, 5/28/2042

  COP 33,400,000,000   7,157,825
          69,826,244
CZECH REPUBLIC — 4.2%      
Czech Republic Government Bonds:          
Series 1351, Zero Coupon, 12/12/2024

  CZK 25,000,000   1,058,463
Series 130, 0.05%, 11/29/2029

  CZK 61,350,000   2,131,508
Series 100, 0.25%, 2/10/2027

  CZK 119,730,000   4,676,083
Series 94, 0.95%, 5/15/2030

  CZK 194,280,000   7,102,505
Series 95, 1.00%, 6/26/2026

  CZK 101,930,000   4,165,225
Series 121, 1.20%, 3/13/2031

  CZK 180,570,000   6,578,077
Series 120, 1.25%, 2/14/2025

  CZK 140,390,000   6,021,268
Series 125, 1.50%, 4/24/2040

  CZK 29,460,000   879,328
Series 11Y, 1.75%, 6/23/2032

  CZK 36,540,000   1,359,122
Series 142, 1.95%, 7/30/2037

  CZK 60,000,000   2,070,547
Series 103, 2.00%, 10/13/2033

  CZK 154,550,000   5,722,016
Series 89, 2.40%, 9/17/2025

  CZK 171,300,000   7,385,058
Series 78, 2.50%, 8/25/2028

  CZK 197,700,000   8,201,470
Series 105, 2.75%, 7/23/2029

  CZK 66,750,000   2,774,112
Series 145, 3.50%, 5/30/2035

  CZK 40,000,000   1,692,623
Series 49, 4.20%, 12/4/2036

  CZK 83,380,000   3,747,665
Series 53, 4.85%, 11/26/2057

  CZK 22,300,000   1,038,360
Series 11Y, 4.90%, 4/14/2034

  CZK 20,000,000   962,490
Security Description     Principal
Amount
  Value
Series 8Y, 5.00%, 9/30/2030

  CZK 40,000,000   $ 1,897,428
Series 6Y, 5.50%, 12/12/2028

  CZK 41,000,000   1,973,105
          71,436,453
HUNGARY — 3.6%      
Hungary Government Bonds:          
Series 26/E, 1.50%, 4/22/2026

  HUF 1,368,180,000   3,284,306
Series 26/F, 1.50%, 8/26/2026 (b)

  HUF 1,703,000,000   4,034,242
Series 29/A, 2.00%, 5/23/2029

  HUF 31,220,000   69,263
Series 33/A, 2.25%, 4/20/2033 (b)

  HUF 929,670,000   1,860,492
Series 34/A, 2.25%, 6/22/2034

  HUF 1,187,500,000   2,278,870
Series 24/C, 2.50%, 10/24/2024

  HUF 2,512,600,000   6,635,580
Series 26/D, 2.75%, 12/22/2026

  HUF 2,230,000,000   5,414,541
Series 27/A, 3.00%, 10/27/2027

  HUF 1,580,970,000   3,848,285
Series 30/A, 3.00%, 8/21/2030 (b)

  HUF 2,787,500,000   6,342,250
Series 38/A, 3.00%, 10/27/2038

  HUF 2,203,760,000   4,136,302
Series 41/A, 3.00%, 4/25/2041

  HUF 68,900,000   123,776
Series 31/A, 3.25%, 10/22/2031 (b)

  HUF 1,219,870,000   2,757,379
Series 28/B, 4.50%, 3/23/2028

  HUF 978,000,000   2,503,495
4.50%, 5/27/2032

  HUF 440,000,000   1,076,165
Series 32/A, 4.75%, 11/24/2032

  HUF 1,720,000,000   4,257,637
Series 25/B, 5.50%, 6/24/2025

  HUF 2,564,620,000   6,939,213
Series 23/A, 6.00%, 11/24/2023

  HUF 10,000   29
Series 28/A, 6.75%, 10/22/2028

  HUF 2,142,500,000   6,002,644
          61,564,469
INDONESIA — 8.6%      
Indonesia Treasury Bonds:          
Series FR90, 5.13%, 4/15/2027

  IDR 33,000,000,000   2,160,385
Series FR86, 5.50%, 4/15/2026

  IDR 70,900,000,000   4,699,265
Series FR64, 6.13%, 5/15/2028

  IDR 73,750,000,000   4,938,815
Series FR88, 6.25%, 6/15/2036

  IDR 20,000,000,000   1,318,952
 
See accompanying notes to financial statements.
8


Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series FR95, 6.38%, 8/15/2028

  IDR 47,500,000,000   $ 3,228,955
Series FR91, 6.38%, 4/15/2032

  IDR 90,000,000,000   6,019,944
Series FR93, 6.38%, 7/15/2037

  IDR 20,000,000,000   1,320,679
Series FR62, 6.38%, 4/15/2042

  IDR 1,700,000,000   111,395
Series FR81, 6.50%, 6/15/2025

  IDR 72,000,000,000   4,858,146
Series FR87, 6.50%, 2/15/2031

  IDR 81,700,000,000   5,490,501
Series FR65, 6.63%, 5/15/2033

  IDR 60,000,000,000   4,068,518
Series FR89, 6.88%, 8/15/2051

  IDR 20,000,000,000   1,355,743
Series FR59, 7.00%, 5/15/2027

  IDR 68,000,000,000   4,690,730
Series FR82, 7.00%, 9/15/2030

  IDR 88,600,000,000   6,143,590
Series FR96, 7.00%, 2/15/2033

  IDR 60,000,000,000   4,204,262
Series FR98, 7.13%, 6/15/2038

  IDR 8,000,000,000   564,277
Series FR92, 7.13%, 6/15/2042

  IDR 65,000,000,000   4,529,814
Series FR97, 7.13%, 6/15/2043

  IDR 28,000,000,000   1,973,643
Series FR84, 7.25%, 2/15/2026

  IDR 18,000,000,000   1,240,580
Series FR76, 7.38%, 5/15/2048

  IDR 41,700,000,000   2,950,499
Series FR74, 7.50%, 8/15/2032

  IDR 31,300,000,000   2,253,100
Series FR80, 7.50%, 6/15/2035

  IDR 60,600,000,000   4,376,962
Series FR75, 7.50%, 5/15/2038

  IDR 46,910,000,000   3,390,753
Series FR83, 7.50%, 4/15/2040

  IDR 78,500,000,000   5,664,023
Series FR85, 7.75%, 4/15/2031

  IDR 11,000,000,000   794,019
Series FR78, 8.25%, 5/15/2029

  IDR 68,150,000,000   5,007,687
Series FR58, 8.25%, 6/15/2032

  IDR 3,710,000,000   279,703
Series FR72, 8.25%, 5/15/2036

  IDR 47,090,000,000   3,610,534
Series FR56, 8.38%, 9/15/2026

  IDR 74,300,000,000   5,302,728
Series FR68, 8.38%, 3/15/2034

  IDR 77,700,000,000   5,959,079
Series FR79, 8.38%, 4/15/2039

  IDR 46,000,000,000   3,576,950
Series FR73, 8.75%, 5/15/2031

  IDR 39,050,000,000   2,990,448
Security Description     Principal
Amount
  Value
Series FR67, 8.75%, 2/15/2044

  IDR 17,050,000,000   $ 1,362,428
Series FR71, 9.00%, 3/15/2029

  IDR 60,000,000,000   4,568,014
Series FR57, 9.50%, 5/15/2041

  IDR 1,000,000,000   85,323
Series FR45, 9.75%, 5/15/2037

  IDR 1,250,000,000   105,303
Series FR40, 11.00%, 9/15/2025

  IDR 14,000,000,000   1,030,917
Perusahaan Penerbit SBSN Indonesia:          
Series PBS, 4.00%, 7/15/2024

  IDR 30,000,000,000   1,963,890
Series PBS, 4.88%, 7/15/2026

  IDR 67,000,000,000   4,315,802
Series PBS, 5.38%, 8/15/2025

  IDR 15,000,000,000   989,093
Series PBS, 5.88%, 7/15/2028

  IDR 2,338,000,000   153,684
Series PBS, 6.00%, 1/15/2027

  IDR 25,000,000,000   1,659,331
Series PBS, 6.13%, 10/15/2025

  IDR 33,000,000,000   2,205,241
Series PBS, 6.38%, 3/15/2034

  IDR 87,522,000,000   5,675,469
Series PBS, 6.50%, 6/15/2039

  IDR 9,000,000,000   582,604
Series PBS, 6.63%, 10/15/2024

  IDR 46,000,000,000   3,101,652
Series PBS, 6.75%, 6/15/2047

  IDR 51,875,000,000   3,399,202
Series PBS, 7.75%, 10/15/2046

  IDR 23,000,000,000   1,685,255
Series PBS, 8.88%, 11/15/2031

  IDR 64,200,000,000   4,935,641
          146,893,528
ISRAEL — 4.3%      
Israel Government Bonds - Fixed:          
Series 1024, 0.40%, 10/31/2024

  ILS 24,100,000   6,128,990
Series 0425, 0.50%, 4/30/2025

  ILS 28,050,000   7,060,323
Series 0226, 0.50%, 2/27/2026

  ILS 22,000,000   5,400,055
Series 0330, 1.00%, 3/31/2030

  ILS 31,200,000   7,045,585
Series 0432, 1.30%, 4/30/2032

  ILS 9,000,000   1,987,496
Series 0537, 1.50%, 5/31/2037

  ILS 33,600,000   6,717,982
Series 0825, 1.75%, 8/31/2025

  ILS 27,980,000   7,153,979
Series 0327, 2.00%, 3/31/2027

  ILS 29,750,000   7,493,427
 
See accompanying notes to financial statements.
9


Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 0928, 2.25%, 9/28/2028

  ILS 38,245,000   $ 9,563,143
Series 1152, 2.80%, 11/29/2052

  ILS 8,000,000   1,655,505
Series 0347, 3.75%, 3/31/2047

  ILS 28,125,000   7,226,886
Series 0142, 5.50%, 1/31/2042

  ILS 18,710,000   6,020,607
Series 1026, 6.25%, 10/30/2026

  ILS 225,000   64,888
          73,518,866
MALAYSIA — 6.8%      
Malaysia Government Bonds:          
Series 0220, 2.63%, 4/15/2031

  MYR 15,800,000   3,102,111
Series 0319, 3.48%, 6/14/2024

  MYR 4,000,000   858,466
Series 0307, 3.50%, 5/31/2027

  MYR 23,670,000   5,042,519
Series 0122, 3.58%, 7/15/2032

  MYR 4,300,000   901,531
Series 0513, 3.73%, 6/15/2028

  MYR 18,150,000   3,903,945
Series 0519, 3.76%, 5/22/2040

  MYR 15,330,000   3,122,977
Series 0419, 3.83%, 7/5/2034

  MYR 9,350,000   1,967,240
Series 0413, 3.84%, 4/15/2033

  MYR 12,860,000   2,736,897
Series 0118, 3.88%, 3/14/2025

  MYR 2,700,000   583,002
Series 0212, 3.89%, 3/15/2027

  MYR 600,000   129,586
Series 0219, 3.89%, 8/15/2029

  MYR 6,805,000   1,464,978
Series 0316, 3.90%, 11/30/2026

  MYR 26,605,000   5,761,454
Series 0417, 3.90%, 11/16/2027

  MYR 3,530,000   763,688
Series 0119, 3.91%, 7/15/2026

  MYR 17,540,000   3,801,417
Series 0115, 3.96%, 9/15/2025

  MYR 16,912,000   3,656,582
Series 0217, 4.06%, 9/30/2024

  MYR 915,000   197,337
Series 0120, 4.07%, 6/15/2050

  MYR 8,800,000   1,835,148
Series 0412, 4.13%, 4/15/2032

  MYR 800,000   173,846
Series 0114, 4.18%, 7/15/2024

  MYR 4,462,000   962,722
Series 0415, 4.25%, 5/31/2035

  MYR 14,650,000   3,186,339
Series 0123, 4.46%, 3/31/2053

  MYR 4,500,000   1,006,756
Security Description     Principal
Amount
  Value
Series 0322, 4.50%, 4/30/2029

  MYR 10,300,000   $ 2,290,812
Series 0318, 4.64%, 11/7/2033

  MYR 5,030,000   1,144,300
Series 0222, 4.70%, 10/15/2042

  MYR 5,000,000   1,152,726
Series 0216, 4.74%, 3/15/2046

  MYR 10,425,000   2,401,888
Series 0317, 4.76%, 4/7/2037

  MYR 9,975,000   2,280,081
Series 3/05, 4.84%, 7/15/2025

  MYR 170,000   37,320
Series 0418, 4.89%, 6/8/2038

  MYR 5,750,000   1,350,298
Series 0518, 4.92%, 7/6/2048

  MYR 8,500,000   2,021,545
Series 0713, 4.94%, 9/30/2043

  MYR 5,000,000   1,184,876
Malaysia Government Investment Issue:          
Series 0120, 3.42%, 9/30/2027

  MYR 19,700,000   4,184,784
Series 0121, 3.45%, 7/15/2036

  MYR 21,000,000   4,235,069
Series 0220, 3.47%, 10/15/2030

  MYR 23,740,000   4,964,014
Series 0123, 3.60%, 7/31/2028

  MYR 5,000,000   1,066,250
Series 0419, 3.66%, 10/15/2024

  MYR 14,350,000   3,080,588
Series 0319, 3.73%, 3/31/2026

  MYR 15,400,000   3,312,786
Series 0415, 3.99%, 10/15/2025

  MYR 8,500,000   1,840,239
Series 0217, 4.05%, 8/15/2024

  MYR 12,000,000   2,588,133
Series 0316, 4.07%, 9/30/2026

  MYR 4,925,000   1,072,433
Series 0318, 4.09%, 11/30/2023

  MYR 870,000   186,989
Series 0619, 4.12%, 11/30/2034

  MYR 10,000,000   2,166,390
Series 0118, 4.13%, 8/15/2025

  MYR 7,380,000   1,605,448
Series 0119, 4.13%, 7/9/2029

  MYR 6,500,000   1,417,948
Series 0122, 4.19%, 10/7/2032

  MYR 9,000,000   1,974,742
Series 0117, 4.26%, 7/26/2027

  MYR 3,720,000   815,590
Series 0223, 4.29%, 8/14/2043

  MYR 5,000,000   1,087,102
Series 0218, 4.37%, 10/31/2028

  MYR 20,180,000   4,462,083
Series 0221, 4.42%, 9/30/2041

  MYR 12,200,000   2,688,498
 
See accompanying notes to financial statements.
10


Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 0219, 4.47%, 9/15/2039

  MYR 15,800,000   $ 3,507,299
Series 0513, 4.58%, 8/30/2033

  MYR 8,400,000   1,902,559
Series 0519, 4.64%, 11/15/2049

  MYR 12,500,000   2,811,642
Series 0617, 4.72%, 6/15/2033

  MYR 13,200,000   3,016,953
Series 0517, 4.76%, 8/4/2037

  MYR 3,300,000   762,520
Series 0615, 4.79%, 10/31/2035

  MYR 810,000   186,375
Series 0417, 4.90%, 5/8/2047

  MYR 1,750,000   410,649
Series 0222, 5.36%, 5/15/2052

  MYR 7,000,000   1,758,949
          116,128,419
MEXICO — 7.1%      
Mexico Bonos:          
Series M, 5.00%, 3/6/2025

  MXN 198,000,000   10,655,091
Series M, 5.50%, 3/4/2027

  MXN 231,829,300   12,041,120
Series M, 5.75%, 3/5/2026

  MXN 244,157,200   13,010,423
Series M 20, 7.50%, 6/3/2027

  MXN 61,220,700   3,394,348
Series M, 7.50%, 5/26/2033

  MXN 69,200,000   3,714,661
Series M, 7.75%, 5/29/2031

  MXN 278,396,800   15,346,115
Series M, 7.75%, 11/23/2034

  MXN 20,268,100   1,102,895
Series M, 7.75%, 11/13/2042

  MXN 214,089,600   11,195,498
Series M, 8.00%, 9/5/2024

  MXN 173,640,200   9,793,427
Series M, 8.00%, 11/7/2047

  MXN 105,950,800   5,642,719
Series M, 8.00%, 7/31/2053

  MXN 45,000,000   2,379,158
Series M 20, 8.50%, 5/31/2029

  MXN 156,486,300   9,033,695
Series M 30, 8.50%, 11/18/2038

  MXN 167,050,000   9,486,800
Series M 20, 10.00%, 12/5/2024

  MXN 123,495,500   7,147,841
Series M 30, 10.00%, 11/20/2036

  MXN 28,100,000   1,810,800
Mexico Cetes:          
Series BI, Zero Coupon, 10/3/2024

  MXN 400,000,000   2,048,143
Series BI, Zero Coupon, 1/23/2025

  MXN 190,000,000   946,328
Security Description     Principal
Amount
  Value
Series BI, Zero Coupon, 5/15/2025

  MXN 500,000,000   $ 2,420,921
          121,169,983
PERU — 3.4%      
Peru Government Bonds:          
5.35%, 8/12/2040

  PEN 500,000   114,595
5.40%, 8/12/2034

  PEN 11,000,000   2,676,685
5.70%, 8/12/2024

  PEN 8,200,000   2,247,747
5.94%, 2/12/2029

  PEN 4,025,000   1,088,105
6.15%, 8/12/2032

  PEN 20,707,000   5,451,908
6.35%, 8/12/2028

  PEN 42,400,000   11,863,804
6.71%, 2/12/2055

  PEN 1,000,000   261,190
6.85%, 2/12/2042

  PEN 9,200,000   2,470,302
6.90%, 8/12/2037

  PEN 54,775,000   14,869,466
6.95%, 8/12/2031

  PEN 27,420,000   7,666,506
7.30%, 8/12/2033

  PEN 30,000,000   8,505,562
Peruvian Government International Bonds Series REGS, 6.71%, 2/12/2055

  PEN 475,000   124,065
          57,339,935
PHILIPPINES — 4.2%      
Philippines Government Bonds:          
Series 1065, 2.88%, 7/9/2030

  PHP 153,500,000   2,234,552
Series 5-77, 3.38%, 4/8/2026

  PHP 270,000,000   4,532,796
Series R105, 3.50%, 9/20/2026

  PHP 22,000,000   362,205
Series 1060, 3.63%, 9/9/2025

  PHP 82,000,000   1,400,166
Series 7-64, 3.63%, 4/22/2028

  PHP 70,000,000   1,136,155
Series 2020, 3.63%, 3/21/2033

  PHP 43,150,000   620,946
Series 7-65, 3.75%, 8/12/2028

  PHP 460,000,000   7,416,852
Series 1066, 4.00%, 7/22/2031

  PHP 227,000,000   3,482,911
Series 1059, 4.13%, 8/20/2024

  PHP 18,700,000   329,910
Series 5-76, 4.25%, 10/17/2024

  PHP 50,000,000   880,390
Series 3-27, 4.25%, 4/7/2025

  PHP 215,000,000   3,750,992
Series 7-59, 4.50%, 4/20/2024

  PHP 68,200,000   1,215,806
Series 2511, 4.63%, 9/9/2040

  PHP 156,500,000   2,306,366
Series 1061, 4.75%, 5/4/2027

  PHP 276,950,000   4,708,903
Series 1067, 4.88%, 1/20/2032

  PHP 380,000,000   6,170,018
 
See accompanying notes to financial statements.
11


Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 2024, 5.13%, 7/15/2041

  PHP 20,000,000   $ 311,926
Series 3-01, 5.25%, 2/4/2026

  PHP 30,000,000   529,649
Series 2021, 5.25%, 5/18/2037

  PHP 48,800,000   789,196
Series 7-61, 5.75%, 4/12/2025

  PHP 89,500,000   1,603,402
Series R251, 6.13%, 10/24/2037

  PHP 67,000,000   1,161,250
Series 7-62, 6.25%, 2/14/2026

  PHP 105,000,000   1,895,248
Series 1063, 6.25%, 3/22/2028

  PHP 97,700,000   1,780,492
Series 2022, 6.50%, 2/22/2038

  PHP 40,000,000   735,656
Series 1069, 6.75%, 9/15/2032

  PHP 200,000,000   3,707,389
Series 2023, 6.75%, 1/24/2039

  PHP 52,700,000   985,190
Series 1064, 6.88%, 1/10/2029

  PHP 93,000,000   1,735,174
Series 2017, 8.00%, 7/19/2031

  PHP 274,237,338   5,439,492
Series 25-7, 8.00%, 9/30/2035

  PHP 108,000,000   2,221,930
Series 25-8, 8.13%, 12/16/2035

  PHP 198,800,000   4,131,643
Series 4211, 8.13%, 11/24/2042

  PHP 95,000,000   2,095,440
Series 25-6, 9.25%, 11/5/2034

  PHP 30,000,000   669,680
Philippines Government International Bonds Series 3601, 6.25%, 1/14/2036

  PHP 20,000,000   347,561
          70,689,286
POLAND — 4.2%      
Republic of Poland Government Bonds:          
Series 0724, 0.01%, 7/25/2024

  PLN 2,000,000   462,287
Series 1026, 0.25%, 10/25/2026

  PLN 40,493,000   8,363,009
Series 0425, 0.75%, 4/25/2025

  PLN 14,900,000   3,355,200
Series 1030, 1.25%, 10/25/2030

  PLN 1,590,000   291,377
Series 0432, 1.75%, 4/25/2032

  PLN 58,200,000   10,436,880
Series 1024, 2.25%, 10/25/2024

  PLN 10,000,000   2,346,817
Series 0424, 2.50%, 4/25/2024 (b)

  PLN 13,790,000   3,297,694
Series 0726, 2.50%, 7/25/2026

  PLN 37,000,000   8,304,931
Security Description     Principal
Amount
  Value
Series 0727, 2.50%, 7/25/2027

  PLN 18,000,000   $ 3,930,100
Series 0428, 2.75%, 4/25/2028

  PLN 46,250,000   10,000,049
Series 1029, 2.75%, 10/25/2029

  PLN 12,000,000   2,513,917
Series 0725, 3.25%, 7/25/2025

  PLN 22,000,000   5,149,265
Series 5Y, 3.75%, 5/25/2027

  PLN 37,000,000   8,503,821
Series 0447, 4.00%, 4/25/2047

  PLN 400,000   76,014
Series 0429, 5.75%, 4/25/2029

  PLN 450,000   111,488
Series 1033, 6.00%, 10/25/2033 (b)

  PLN 5,250,000   1,312,839
Series 0728, 7.50%, 7/25/2028

  PLN 13,000,000   3,454,023
          71,909,711
ROMANIA — 3.8%      
Romania Government Bonds:          
Series 7Y, 2.50%, 10/25/2027

  RON 19,100,000   3,549,285
Series 5Y, 3.25%, 6/24/2026

  RON 28,900,000   5,799,226
Series 4Y, 3.50%, 11/25/2025

  RON 12,000,000   2,467,585
Series 5Y, 3.65%, 7/28/2025

  RON 19,100,000   3,978,343
Series 15Y, 3.65%, 9/24/2031 (b)

  RON 9,900,000   1,755,869
Series 4YR, 3.70%, 11/25/2024

  RON 21,800,000   4,624,440
Series 8Y, 4.15%, 1/26/2028

  RON 19,750,000   3,905,752
Series 10YR, 4.15%, 10/24/2030

  RON 18,930,000   3,526,998
Series 5Y, 4.25%, 4/28/2036

  RON 15,000,000   2,561,378
Series 5Y, 4.50%, 6/17/2024

  RON 3,700,000   799,974
Series 10Y, 4.75%, 2/24/2025

  RON 11,025,000   2,362,531
Series 15Y, 4.75%, 10/11/2034

  RON 37,900,000   6,967,510
Series 7Y, 4.85%, 4/22/2026

  RON 13,725,000   2,888,905
Series 8Y, 4.85%, 7/25/2029

  RON 10,000,000   1,990,386
Series 10Y, 5.00%, 2/12/2029

  RON 25,185,000   5,085,646
Series 15YR, 5.80%, 7/26/2027

  RON 15,410,000   3,275,947
Series 10Y, 6.70%, 2/25/2032

  RON 16,500,000   3,600,291
 
See accompanying notes to financial statements.
12


Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 10Y, 7.20%, 10/30/2033

  RON 5,000,000   $ 1,126,419
Series 7Y, 8.00%, 4/29/2030

  RON 6,500,000   1,512,734
8.25%, 9/29/2032

  RON 9,000,000   2,165,569
8.75%, 10/30/2028

  RON 4,000,000   953,943
          64,898,731
SOUTH AFRICA — 4.1%      
Republic of South Africa Government Bonds:          
Series R209, 6.25%, 3/31/2036

  ZAR 6,241,000   210,674
Series R214, 6.50%, 2/28/2041

  ZAR 3,330,000   104,353
Series R213, 7.00%, 2/28/2031 (b)

  ZAR 157,267,000   6,659,055
Series 2030, 8.00%, 1/31/2030

  ZAR 211,125,000   9,866,563
Series 2032, 8.25%, 3/31/2032

  ZAR 90,877,000   4,037,000
Series 2037, 8.50%, 1/31/2037 (b)

  ZAR 225,927,000   9,138,136
Series 2044, 8.75%, 1/31/2044

  ZAR 216,256,000   8,392,673
Series 2048, 8.75%, 2/28/2048 (b)

  ZAR 115,885,000   4,445,543
Series 2035, 8.88%, 2/28/2035

  ZAR 159,125,000   6,890,187
Series 2040, 9.00%, 1/31/2040

  ZAR 180,590,000   7,341,659
Series R186, 10.50%, 12/21/2026

  ZAR 214,980,000   11,811,738
Series 2053, 11.63%, 3/31/2053

  ZAR 20,000,000   989,312
          69,886,893
SOUTH KOREA — 12.2%      
Korea Treasury Bonds:          
Series 2312, 0.88%, 12/10/2023

  KRW 180,000,000   135,044
Series 2509, 1.13%, 9/10/2025

  KRW 8,000,000,000   5,741,673
Series 3909, 1.13%, 9/10/2039

  KRW 5,450,000,000   2,840,156
Series 2603, 1.25%, 3/10/2026

  KRW 9,300,000,000   6,618,226
Series 2409, 1.38%, 9/10/2024

  KRW 3,160,000,000   2,336,133
Series 2912, 1.38%, 12/10/2029

  KRW 10,000,000,000   6,564,255
Series 3006, 1.38%, 6/10/2030

  KRW 10,000,000,000   6,504,531
Series 2503, 1.50%, 3/10/2025

  KRW 8,840,000,000   6,462,489
Series 2612, 1.50%, 12/10/2026

  KRW 4,344,000,000   3,065,384
Security Description     Principal
Amount
  Value
Series 3012, 1.50%, 12/10/2030

  KRW 9,500,000,000   $ 6,173,168
Series 3609, 1.50%, 9/10/2036

  KRW 6,003,000,000   3,512,447
Series 4009, 1.50%, 9/10/2040

  KRW 6,000,000,000   3,277,765
Series 5003, 1.50%, 3/10/2050

  KRW 16,730,000,000   7,949,667
Series 7009, 1.63%, 9/10/2070

  KRW 7,050,000,000   2,866,086
Series 2609, 1.75%, 9/10/2026

  KRW 7,200,000,000   5,147,467
Series 2412, 1.88%, 12/10/2024

  KRW 5,000,000,000   3,699,182
Series 2606, 1.88%, 6/10/2026

  KRW 3,959,000,000   2,853,552
Series 2906, 1.88%, 6/10/2029

  KRW 7,280,000,000   4,979,640
Series 4109, 1.88%, 9/10/2041

  KRW 5,000,000,000   2,873,772
Series 5103, 1.88%, 3/10/2051

  KRW 17,000,000,000   8,806,061
Series 3106, 2.00%, 6/10/2031

  KRW 9,500,000,000   6,356,233
Series 4603, 2.00%, 3/10/2046

  KRW 1,370,000,000   766,760
Series 4903, 2.00%, 3/10/2049

  KRW 10,835,000,000   5,893,035
Series 2706, 2.13%, 6/10/2027

  KRW 6,282,000,000   4,495,722
Series 4703, 2.13%, 3/10/2047

  KRW 5,812,000,000   3,307,369
Series 2506, 2.25%, 6/10/2025

  KRW 30,000,000   22,137
Series 3709, 2.25%, 9/10/2037

  KRW 3,570,000,000   2,274,838
Series 2703, 2.38%, 3/10/2027

  KRW 7,000,000,000   5,072,554
Series 2712, 2.38%, 12/10/2027

  KRW 5,600,000,000   4,022,396
Series 2812, 2.38%, 12/10/2028

  KRW 1,839,000,000   1,303,673
Series 3112, 2.38%, 12/10/2031

  KRW 7,500,000,000   5,138,078
Series 3809, 2.38%, 9/10/2038

  KRW 5,409,000,000   3,470,127
Series 5203, 2.50%, 3/10/2052

  KRW 5,500,000,000   3,279,826
Series 2806, 2.63%, 6/10/2028

  KRW 2,000,000,000   1,444,454
Series 3509, 2.63%, 9/10/2035

  KRW 870,000,000   590,217
Series 4803, 2.63%, 3/10/2048

  KRW 6,754,000,000   4,221,890
Series 4412, 2.75%, 12/10/2044

  KRW 5,000,000,000   3,251,971
 
See accompanying notes to financial statements.
13


Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 4212, 3.00%, 12/10/2042

  KRW 6,265,000,000   $ 4,280,651
Series 2409, 3.13%, 9/10/2024

  KRW 5,000,000,000   3,772,682
Series 2506, 3.13%, 6/10/2025

  KRW 7,000,000,000   5,251,446
Series 2606, 3.13%, 6/10/2026

  KRW 2,000,000,000   1,494,091
Series 2709, 3.13%, 9/10/2027

  KRW 5,000,000,000   3,711,059
Series 5209, 3.13%, 9/10/2052

  KRW 6,000,000,000   4,072,683
Series 2803, 3.25%, 3/10/2028

  KRW 5,000,000,000   3,721,903
Series 3306, 3.25%, 6/10/2033

  KRW 2,000,000,000   1,458,943
Series 4209, 3.25%, 9/10/2042

  KRW 4,000,000,000   2,838,748
Series 5303, 3.25%, 3/10/2053

  KRW 14,000,000,000   9,730,187
Series 2503, 3.38%, 3/10/2025

  KRW 3,300,000,000   2,488,583
Series 3206, 3.38%, 6/10/2032

  KRW 9,500,000,000   7,020,870
Series 7209, 3.50%, 9/10/2072

  KRW 1,000,000,000   721,245
Series 3112, 4.00%, 12/10/2031

  KRW 395,000,000   305,587
Series 2412, 4.25%, 12/10/2024

  KRW 3,000,000,000   2,294,490
Series 2512, 4.25%, 12/10/2025

  KRW 4,500,000,000   3,457,037
Series 3212, 4.25%, 12/10/2032

  KRW 6,000,000,000   4,744,190
          208,682,373
THAILAND — 4.1%      
Thailand Government Bonds:          
0.75%, 9/17/2024

  THB 137,000,000   3,800,548
0.95%, 6/17/2025

  THB 153,800,000   4,238,758
Series LB, 1.00%, 6/17/2027

  THB 138,000,000   3,703,363
1.45%, 12/17/2024

  THB 129,210,000   3,607,750
1.59%, 12/17/2035

  THB 100,000,000   2,471,720
1.60%, 12/17/2029

  THB 182,400,000   4,880,329
1.60%, 6/17/2035

  THB 86,700,000   2,164,343
1.88%, 6/17/2049

  THB 59,000,000   1,262,426
2.00%, 12/17/2031

  THB 150,000,000   4,082,815
2.00%, 6/17/2042

  THB 3,000,000   72,161
2.13%, 12/17/2026

  THB 74,380,000   2,090,162
2.50%, 6/17/2071

  THB 59,000,000   1,184,902
2.65%, 6/17/2028

  THB 33,000,000   943,891
2.88%, 12/17/2028

  THB 77,510,000   2,238,834
2.88%, 6/17/2046

  THB 123,955,000   3,301,403
3.30%, 6/17/2038

  THB 2,160,000   63,823
3.35%, 6/17/2033

  THB 107,000,000   3,210,701
Security Description     Principal
Amount
  Value
3.39%, 6/17/2037

  THB 55,000,000   $ 1,642,258
3.40%, 6/17/2036

  THB 31,940,000   956,687
3.45%, 6/17/2043

  THB 40,000,000   1,187,585
3.58%, 12/17/2027

  THB 4,650,000   138,568
3.60%, 6/17/2067

  THB 62,200,000   1,725,761
3.65%, 6/20/2031

  THB 86,575,000   2,646,063
3.78%, 6/25/2032

  THB 86,120,000   2,679,572
3.80%, 6/14/2041

  THB 12,750,000   401,885
3.85%, 12/12/2025

  THB 88,882,000   2,605,408
4.00%, 6/17/2066

  THB 133,080,000   4,015,968
4.68%, 6/29/2044

  THB 78,400,000   2,733,843
4.75%, 12/20/2024

  THB 14,000,000   409,363
4.85%, 6/17/2061

  THB 53,195,000   1,866,778
4.88%, 6/22/2029

  THB 113,904,000   3,650,370
5.67%, 3/13/2028

  THB 10,000,000   323,002
          70,301,040
TURKEY — 2.1%      
Turkey Government Bonds:          
9.00%, 7/24/2024

  TRY 23,550,000   854,015
9.10%, 2/16/2028

  TRY 80,000,000   2,516,302
10.28%, 9/15/2027

  TRY 117,735,000   3,658,050
10.40%, 3/20/2024

  TRY 1,760,000   65,485
10.40%, 10/13/2032

  TRY 175,000,000   4,866,705
10.50%, 8/11/2027

  TRY 81,380,000   2,850,017
10.60%, 2/11/2026

  TRY 76,104,000   2,698,822
11.00%, 2/24/2027

  TRY 13,298,000   464,854
11.70%, 11/13/2030

  TRY 63,800,000   2,273,502
12.40%, 3/8/2028

  TRY 28,050,000   946,297
12.60%, 10/1/2025

  TRY 50,000,000   1,897,775
16.90%, 9/2/2026

  TRY 84,500,000   3,487,610
20.20%, 6/9/2027

  TRY 136,500,000   5,877,302
20.90%, 4/17/2024

  TRY 4,000,000   162,869
21.50%, 4/28/2032

  TRY 73,000,000   3,556,195
          36,175,800
TOTAL FOREIGN GOVERNMENT OBLIGATIONS

(Cost $1,748,949,470)

        1,649,909,027
    Shares  
SHORT-TERM INVESTMENTS — 1.9%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.07% (c)(d)

3,569,170 3,569,170
 
See accompanying notes to financial statements.
14


Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (e)(f)

  27,991,543   $ 27,991,543
TOTAL SHORT-TERM INVESTMENTS

(Cost $31,560,713)

  31,560,713  
TOTAL INVESTMENTS — 98.6%

(Cost $1,780,510,183)

  1,681,469,740  
OTHER ASSETS IN EXCESS OF

LIABILITIES — 1.4%

  24,209,305  
NET ASSETS — 100.0%

  $ 1,705,679,045  
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.6% of net assets as of June 30, 2023, 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 June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
BRL Brazilian Real
CLP Chilean Peso
CNY China Yuan Renminbi
COP Colombian Peso
CZK Czech Koruna
HUF Hungary Forint
IDR Indonesia Rupiah
ILS Israeli New Shekel
KRW South Korean Won
MXN Mexican Peso
MYR Malaysian Ringgit
PEN Peru Nuevo Sol
PHP Philippines Peso
PLN Polish Zloty
RON Romania New Leu
THB Thai Baht
TRY Turkish New Lira
ZAR South African Rand
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Foreign Government Obligations

  $   $1,649,909,027   $—   $1,649,909,027
Short-Term Investments

  31,560,713       31,560,713
TOTAL INVESTMENTS

  $31,560,713   $1,649,909,027   $—   $1,681,469,740
 
Affiliate Table
  Number of
Shares Held
at
12/31/22
  Value at

12/31/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares

6,612,110   $ 6,612,110   $ 78,621,352   $ 81,664,292   $—   $—   3,569,170   $ 3,569,170   $ 78,584
State Street Navigator Securities Lending Portfolio II

36,893,506   36,893,506   144,965,248   153,867,211       27,991,543   27,991,543   112,867
Total

    $43,505,616   $223,586,600   $235,531,503   $—   $—       $31,560,713   $191,451
See accompanying notes to financial statements.
15


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 98.2%      
AUSTRALIA — 1.0%      
Australia & New Zealand Banking Group Ltd.:          
0.75%, 9/29/2026

  EUR 200,000   $ 196,605
3.65%, 1/20/2026

  EUR 100,000   107,636
Series MTN, 4.05%, 5/12/2025

  AUD 100,000   65,340
BHP Billiton Finance Ltd. Series 12, 4.30%, 9/25/2042

  GBP 200,000   212,550
National Australia Bank Ltd.:          
Series GMTN, 1.25%, 5/18/2026

  EUR 100,000   101,722
Series GMTN, 1.38%, 8/30/2028

  EUR 100,000   97,040
2.13%, 5/24/2028

  EUR 300,000   303,706
Series MTN, 2.90%, 2/25/2027

  AUD 250,000   154,357
Series MTN, 3.90%, 5/30/2025

  AUD 220,000   143,268
Sydney Airport Finance Co. Pty. Ltd. Series EMTN, 4.38%, 5/3/2033

  EUR 150,000   162,951
Westpac Banking Corp. 3.70%, 1/16/2026

  EUR 200,000   215,331
          1,760,506
AUSTRIA — 0.2%      
OMV AG Series EMTN, 1.00%, 12/14/2026

  EUR 200,000   200,132
Raiffeisen Bank International AG 3 Month EURIBOR + 1.95%, 4.75%, 1/26/2027 (a)

  EUR 200,000   213,635
          413,767
BELGIUM — 1.8%      
Anheuser-Busch InBev SA:          
Series EMTN, 1.13%, 7/1/2027

  EUR 400,000   396,423
Series EMTN, 1.15%, 1/22/2027

  EUR 200,000   200,046
Series EMTN, 1.50%, 4/18/2030

  EUR 200,000   191,425
Series EMTN, 1.65%, 3/28/2031

  EUR 200,000   189,049
Series EMTN, 2.00%, 3/17/2028

  EUR 380,000   387,657
Series EMTN, 2.13%, 12/2/2027

  EUR 300,000   308,145
Series EMTN, 2.75%, 3/17/2036

  EUR 500,000   490,296
Series EMTN, 2.88%, 4/2/2032

  EUR 200,000   205,316
Series EMTN, 3.70%, 4/2/2040

  EUR 250,000   258,995
Security Description     Principal
Amount
  Value
KBC Group NV:          
Series EMTN, 4.38%, 4/19/2030

  EUR 100,000   $ 108,081
3 Month EURIBOR + 1.70%, 4.38%, 11/23/2027 (a)

  EUR 300,000   324,778
          3,060,211
CANADA — 0.9%      
Royal Bank of Canada:          
0.13%, 7/23/2024

  EUR 100,000   104,572
2.13%, 4/26/2029

  EUR 200,000   196,079
Toronto-Dominion Bank:          
Series EMTN, 0.50%, 1/18/2027

  EUR 300,000   286,448
Series EMTN, 1.95%, 4/8/2030

  EUR 400,000   378,792
2.55%, 8/3/2027

  EUR 100,000   102,226
2.88%, 4/5/2027

  GBP 200,000   221,897
Series EMTN, 3.13%, 8/3/2032

  EUR 200,000   202,306
          1,492,320
DENMARK — 0.6%      
Danske Bank AS:          
Series EMTN, 0.63%, 5/26/2025

  EUR 300,000   305,892
1 year GBP Swap - 1.15%, 0.50%, 8/27/2025 (a)

  EUR 100,000   103,675
1 year GBP Swap + 0.95%, 4.00%, 1/12/2027 (a)

  EUR 200,000   214,876
Series EMTN, UK 10 year Gilt + 1.65%, 2.25%, 1/14/2028 (a)

  GBP 200,000   212,518
UK 10 year Gilt + 1.70%, 4.63%, 4/13/2027 (a)

  GBP 100,000   119,737
          956,698
FINLAND — 1.2%      
Nordea Bank Abp:          
Series EMTN, 0.50%, 5/14/2027

  EUR 400,000   385,444
Series EMTN, 0.50%, 11/2/2028

  EUR 100,000   90,158
Series EMTN, 1.13%, 2/12/2025

  EUR 200,000   207,841
Series EMTN, 1.13%, 2/16/2027

  EUR 100,000   98,335
Series EMTN, 1.13%, 9/27/2027

  EUR 100,000   97,611
Series EMTN, 2.50%, 5/23/2029

  EUR 200,000   198,895
3 Month EURIBOR + 0.48%, 3.63%, 2/10/2026 (a)

  EUR 200,000   215,049
 
See accompanying notes to financial statements.
16


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
OP Corporate Bank PLC:          
Series EMTN, 0.10%, 11/16/2027

  EUR 200,000   $ 184,773
Series EMTN, 0.13%, 7/1/2024

  EUR 300,000   314,581
Series EMTN, 0.50%, 8/12/2025

  EUR 100,000   101,127
2.88%, 12/15/2025

  EUR 100,000   105,653
          1,999,467
FRANCE — 19.1%      
Air Liquide Finance SA Series EMTN, 1.25%, 6/13/2028

  EUR 200,000   196,920
Airbus SE:          
Series EMTN, 1.63%, 6/9/2030

  EUR 200,000   192,265
Series EMTN, 2.38%, 4/7/2032

  EUR 200,000   197,740
Series EMTN, 2.38%, 6/9/2040

  EUR 100,000   87,109
Autoroutes du Sud de la France SA:          
Series EMTN, 1.38%, 1/22/2030

  EUR 200,000   189,171
Series EMTN, 1.38%, 2/21/2031

  EUR 200,000   185,053
Banque Federative du Credit Mutuel SA:          
Series EMTN, Zero Coupon, 3/7/2025

  EUR 300,000   304,538
Series EMTN, Zero Coupon, 5/11/2026

  EUR 100,000   96,911
0.25%, 7/19/2028

  EUR 200,000   177,088
0.63%, 11/3/2028

  EUR 200,000   178,620
Series EMTN, 0.63%, 2/21/2031

  EUR 200,000   165,980
Series EMTN, 0.75%, 7/17/2025

  EUR 200,000   202,804
Series EMTN, 0.75%, 6/8/2026

  EUR 300,000   296,012
0.75%, 1/17/2030

  EUR 200,000   173,267
1.00%, 5/23/2025

  EUR 300,000   308,088
Series EMTN, 1.13%, 1/19/2032

  EUR 200,000   170,695
Series EMTN, 1.25%, 1/14/2025

  EUR 100,000   104,115
Series EMTN, 1.25%, 5/26/2027

  EUR 300,000   293,408
1.25%, 6/3/2030

  EUR 300,000   265,677
Series EMTN, 1.38%, 7/16/2028

  EUR 200,000   191,343
Series EMTN, 1.63%, 1/19/2026

  EUR 200,000   204,139
Series EMTN, 1.75%, 3/15/2029

  EUR 200,000   188,590
Security Description     Principal
Amount
  Value
Series EMTN, 2.63%, 11/6/2029

  EUR 200,000   $ 196,137
3.13%, 9/14/2027

  EUR 200,000   209,707
3.75%, 2/1/2033

  EUR 400,000   423,116
3.88%, 1/26/2028

  EUR 100,000   105,991
4.13%, 3/13/2029

  EUR 200,000   217,608
BNP Paribas SA:          
Series EMTN, 0.13%, 9/4/2026

  EUR 100,000   96,960
Series EMTN, 0.63%, 12/3/2032

  EUR 300,000   235,410
Series EMTN, 1.13%, 6/11/2026

  EUR 300,000   300,726
Series EMTN, 1.25%, 7/13/2031

  GBP 200,000   174,327
Series EMTN, 1.38%, 5/28/2029

  EUR 300,000   275,788
Series EMTN, 1.50%, 11/17/2025 (b)

  EUR 200,000   206,350
Series EMTN, 1.50%, 5/23/2028

  EUR 200,000   191,723
Series EMTN, 1.50%, 5/25/2028

  EUR 100,000   97,210
Series EMTN, 1.63%, 2/23/2026

  EUR 100,000   103,240
1.88%, 12/14/2027

  GBP 200,000   207,192
Series EMTN, 2.10%, 4/7/2032

  EUR 300,000   275,734
Series EMTN, 3.38%, 1/23/2026

  GBP 100,000   116,850
5.75%, 6/13/2032

  GBP 100,000   120,454
Series EMTN, 3 Month EURIBOR - 0.70%, 0.25%, 4/13/2027 (a)

  EUR 100,000   96,372
Series EMTN, 3 Month EURIBOR - 0.73%, 0.50%, 2/19/2028 (a)

  EUR 500,000   471,328
Series EMTN, 3 Month EURIBOR - 0.75%, 0.50%, 7/15/2025 (a)

  EUR 100,000   104,655
Series EMTN, 3 Month EURIBOR - 0.83%, 0.50%, 1/19/2030 (a)

  EUR 200,000   174,844
3 Month EURIBOR - 0.95%, 0.50%, 9/1/2028 (a)

  EUR 300,000   276,162
Series EMTN, 3 Month EURIBOR - 1.35%, 1.13%, 4/17/2029 (a)

  EUR 300,000   279,045
3 Month EURIBOR + 0.78%, 3.88%, 2/23/2029 (a)

  EUR 200,000   214,879
Series EMTN, 3 Month EURIBOR + 0.83%, 0.88%, 7/11/2030 (a)

  EUR 100,000   88,030
3 Month EURIBOR + 0.92%, 3.88%, 1/10/2031 (a)

  EUR 200,000   214,741
 
See accompanying notes to financial statements.
17


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
3 Month EURIBOR + 1.37%, 2.75%, 7/25/2028 (a)

  EUR 300,000   $ 304,197
3 Month EURIBOR + 1.37%, 4.25%, 4/13/2031 (a)

  EUR 200,000   214,060
Series EMTN, 3 Month EURIBOR + 1.80%, 2.13%, 1/23/2027 (a)

  EUR 500,000   510,847
Bouygues SA:          
1.13%, 7/24/2028

  EUR 200,000   193,488
2.25%, 6/29/2029

  EUR 100,000   100,109
3.25%, 6/30/2037

  EUR 200,000   196,595
4.63%, 6/7/2032

  EUR 200,000   228,234
5.38%, 6/30/2042

  EUR 200,000   238,929
BPCE SA:          
0.25%, 1/15/2026

  EUR 200,000   197,614
0.25%, 1/14/2031

  EUR 200,000   164,107
0.38%, 2/2/2026

  EUR 300,000   297,014
0.50%, 2/24/2027

  EUR 200,000   189,718
0.63%, 9/26/2024

  EUR 200,000   208,556
0.63%, 4/28/2025

  EUR 200,000   204,469
Series EMTN, 0.75%, 3/3/2031

  EUR 200,000   167,866
1.00%, 7/15/2024

  EUR 100,000   105,621
Series EMTN, 1.00%, 4/1/2025

  EUR 200,000   205,764
Series EMTN, 1.00%, 10/5/2028 (b)

  EUR 300,000   279,212
Series EMTN, 1.00%, 1/14/2032 (b)

  EUR 400,000   338,256
1.75%, 4/26/2027

  EUR 300,000   299,647
3.50%, 1/25/2028

  EUR 200,000   212,080
4.00%, 11/29/2032

  EUR 100,000   107,424
4.38%, 7/13/2028

  EUR 100,000   108,162
Series DMTN, 3 Month EURIBOR - 1.00%, 0.50%, 9/15/2027 (a)

  EUR 200,000   190,977
3 Month EURIBOR + 1.60%, 4.63%, 3/2/2030 (a)

  EUR 100,000   109,271
Capgemini SE:          
2.00%, 4/15/2029

  EUR 200,000   198,655
2.38%, 4/15/2032

  EUR 200,000   194,284
Carrefour SA Series EMTN, 2.63%, 12/15/2027

  EUR 100,000   103,950
Cie de Saint-Gobain Series EMTN, 1.88%, 3/15/2031

  EUR 200,000   189,284
Cie Generale des Etablissements Michelin SCA 1.75%, 9/3/2030

  EUR 200,000   196,963
Credit Agricole SA:          
Series EMTN, 0.13%, 12/9/2027

  EUR 200,000   184,031
Series EMTN, 0.38%, 4/20/2028

  EUR 200,000   182,287
Security Description     Principal
Amount
  Value
Series EMTN, 0.88%, 1/14/2032

  EUR 200,000   $ 167,128
Series EMTN, 1.00%, 9/18/2025

  EUR 400,000   409,328
Series EMTN, 1.00%, 7/3/2029 (b)

  EUR 300,000   277,264
1.13%, 2/24/2029

  EUR 200,000   188,435
Series EMTN, 1.13%, 7/12/2032 (b)

  EUR 200,000   170,148
Series EMTN, 1.25%, 4/14/2026

  EUR 100,000   101,247
Series EMTN, 1.38%, 3/13/2025

  EUR 200,000   207,913
Series EMTN, 1.38%, 5/3/2027

  EUR 200,000   197,857
Series EMTN, 1.75%, 3/5/2029

  EUR 200,000   190,458
Series EMTN, 1.88%, 12/20/2026

  EUR 300,000   303,672
2.50%, 8/29/2029

  EUR 200,000   200,808
Series EMTN, 3.13%, 2/5/2026

  EUR 100,000   106,970
3.38%, 7/28/2027

  EUR 200,000   212,486
3.88%, 4/20/2031

  EUR 200,000   215,224
3.88%, 11/28/2034

  EUR 300,000   324,112
4.13%, 3/7/2030

  EUR 100,000   110,223
4.88%, 10/23/2029

  GBP 100,000   118,201
3 Month EURIBOR - 0.68%, 0.50%, 9/21/2029 (a)

  EUR 200,000   179,677
Series EMTN, 3 Month EURIBOR - 1.25%, 1.00%, 4/22/2026 (a)

  EUR 300,000   306,739
3 Month EURIBOR + 1.35%, 4.00%, 10/12/2026 (a)(b)

  EUR 300,000   323,176
UK 10 year Gilt + 2.60%, 5.75%, 11/29/2027 (a)

  GBP 100,000   122,075
Credit Mutuel Arkea SA 3.38%, 9/19/2027

  EUR 200,000   211,723
Danone SA:          
Zero Coupon, 12/1/2025

  EUR 200,000   199,482
Series EMTN, 0.71%, 11/3/2024

  EUR 200,000   208,887
Series EMTN, 1.21%, 11/3/2028

  EUR 200,000   192,679
Dassault Systemes SE 0.38%, 9/16/2029

  EUR 200,000   182,644
Engie SA:          
Series EMTN, 2.38%, 5/19/2026

  EUR 200,000   210,495
3.63%, 1/11/2030

  EUR 200,000   215,738
4.00%, 1/11/2035

  EUR 100,000   108,564
Series EMTN, 5.00%, 10/1/2060

  GBP 200,000   222,510
 
See accompanying notes to financial statements.
18


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
EssilorLuxottica SA:          
Series EMTN, 0.13%, 5/27/2025

  EUR 300,000   $ 305,404
Series EMTN, 0.38%, 1/5/2026

  EUR 100,000   100,457
Series EMTN, 0.38%, 11/27/2027

  EUR 200,000   190,932
0.50%, 6/5/2028

  EUR 200,000   189,971
0.75%, 11/27/2031

  EUR 200,000   177,628
Holding d'Infrastructures de Transport SASU Series EMTN, 1.48%, 1/18/2031

  EUR 200,000   177,711
HSBC Continental Europe SA 0.10%, 9/3/2027

  EUR 200,000   186,989
L'Oreal SA 0.88%, 6/29/2026

  EUR 400,000   404,524
LVMH Moet Hennessy Louis Vuitton SE:          
Zero Coupon, 2/11/2026

  EUR 300,000   298,411
0.13%, 2/11/2028

  EUR 200,000   189,392
0.38%, 2/11/2031

  EUR 300,000   267,144
0.75%, 4/7/2025

  EUR 400,000   414,743
Series EMTN, 1.13%, 2/11/2027

  GBP 100,000   108,763
Orange SA:          
Series EMTN, 0.50%, 9/4/2032

  EUR 100,000   82,669
0.63%, 12/16/2033

  EUR 100,000   80,599
Series EMTN, 1.13%, 7/15/2024

  EUR 300,000   317,746
Series EMTN, 1.38%, 3/20/2028

  EUR 100,000   98,944
Series EMTN, 1.38%, 1/16/2030

  EUR 100,000   94,762
1.88%, 9/12/2030

  EUR 200,000   194,960
Series EMTN, 2.00%, 1/15/2029

  EUR 200,000   201,733
Series EMTN, 3.25%, 1/15/2032

  GBP 100,000   106,727
Series EMTN, 8.13%, 1/28/2033

  EUR 250,000   365,920
Pernod Ricard SA:          
1.13%, 4/7/2025

  EUR 200,000   208,054
1.75%, 4/8/2030

  EUR 100,000   97,725
Societe Generale SA:          
0.13%, 2/24/2026

  EUR 300,000   293,258
Series EMTN, 0.13%, 2/18/2028

  EUR 100,000   90,751
Series EMTN, 0.25%, 7/8/2027

  EUR 300,000   278,849
0.75%, 1/25/2027

  EUR 200,000   190,922
Series EMTN, 1.13%, 1/23/2025

  EUR 200,000   207,491
1.25%, 6/12/2030

  EUR 200,000   175,361
Series EMTN, 1.75%, 3/22/2029

  EUR 200,000   186,821
Security Description     Principal
Amount
  Value
Series EMTN, 2.13%, 9/27/2028

  EUR 100,000   $ 96,903
2.63%, 5/30/2029

  EUR 200,000   201,650
Series EMTN, 4.25%, 11/16/2032 (b)

  EUR 200,000   220,701
3 Month EURIBOR - 0.38%, 0.13%, 11/17/2026 (a)

  EUR 200,000   196,862
3 Month EURIBOR - 0.80%, 0.63%, 12/2/2027 (a)

  EUR 200,000   188,973
3 Month EURIBOR - 0.95%, 0.50%, 6/12/2029 (a)

  EUR 100,000   88,490
3 Month EURIBOR - 1.28%, 0.88%, 9/22/2028 (a)

  EUR 100,000   93,175
3 Month EURIBOR + 1.80%, 4.25%, 12/6/2030 (a)

  EUR 300,000   316,169
Suez SACA Series EMTN, 2.88%, 5/24/2034

  EUR 200,000   192,302
TotalEnergies Capital Canada Ltd. Series EMTN, 2.13%, 9/18/2029

  EUR 200,000   198,045
TotalEnergies Capital International SA:          
Series EMTN, 0.75%, 7/12/2028

  EUR 100,000   94,367
Series EMTN, 1.38%, 10/4/2029

  EUR 200,000   190,364
Series EMTN, 1.49%, 4/8/2027

  EUR 300,000   301,883
Series EMTN, 1.62%, 5/18/2040

  EUR 200,000   157,744
Series EMTN, 1.99%, 4/8/2032

  EUR 400,000   382,038
Unibail-Rodamco-Westfield SE:          
Series EMTN, 0.63%, 5/4/2027

  EUR 200,000   185,345
Series EMTN, 1.38%, 12/4/2031

  EUR 100,000   81,676
Vinci SA Series EMTN, 1.75%, 9/26/2030

  EUR 200,000   191,310
          32,315,004
GERMANY — 10.8%      
Allianz Finance II BV Series 62, 4.50%, 3/13/2043

  GBP 100,000   115,579
Amprion GmbH 3.97%, 9/22/2032

  EUR 100,000   109,521
Aroundtown SA Series EMTN, 0.38%, 4/15/2027

  EUR 100,000   78,189
 
See accompanying notes to financial statements.
19


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
BASF SE:          
Series EMTN, 0.25%, 6/5/2027

  EUR 100,000   $ 95,834
0.88%, 11/15/2027

  EUR 200,000   198,627
1.50%, 3/17/2031

  EUR 200,000   185,912
Bayer AG:          
0.05%, 1/12/2025

  EUR 200,000   204,935
0.38%, 7/6/2024

  EUR 200,000   209,915
0.38%, 1/12/2029

  EUR 100,000   90,000
0.63%, 7/12/2031

  EUR 400,000   334,471
0.75%, 1/6/2027

  EUR 300,000   292,551
1.13%, 1/6/2030

  EUR 100,000   90,610
1.38%, 7/6/2032

  EUR 300,000   259,826
Bayer Capital Corp. BV:          
1.50%, 6/26/2026

  EUR 300,000   303,922
2.13%, 12/15/2029

  EUR 200,000   193,464
BMW Finance NV:          
Zero Coupon, 1/11/2026

  EUR 200,000   199,138
0.50%, 2/22/2025

  EUR 200,000   206,347
Series EMTN, 1.00%, 11/14/2024

  EUR 100,000   104,848
Series EMTN, 1.50%, 2/6/2029

  EUR 200,000   196,977
Commerzbank AG:          
0.50%, 12/4/2026

  EUR 200,000   194,868
Series EMTN, 0.63%, 8/28/2024

  EUR 100,000   104,855
Series EMTN, 1.00%, 3/4/2026

  EUR 200,000   202,666
Deutsche Bank AG:          
Series EMTN, 1.63%, 1/20/2027

  EUR 400,000   386,952
Series EMTN, 3 Month EURIBOR - 2.05%, 1.75%, 11/19/2030 (a)

  EUR 300,000   258,234
3 Month EURIBOR + 1.38%, 1.88%, 2/23/2028 (a)

  EUR 300,000   289,411
3 Month EURIBOR + 2.95%, 5.00%, 9/5/2030 (a)

  EUR 400,000   419,669
SONIA + 2.62%, 6.13%, 12/12/2030 (a)

  GBP 200,000   233,081
Deutsche Telekom AG:          
Series EMTN, 0.50%, 7/5/2027

  EUR 200,000   196,892
Series EMTN, 1.75%, 3/25/2031

  EUR 200,000   194,641
Deutsche Telekom International Finance BV:          
Series EMTN, 1.50%, 4/3/2028

  EUR 250,000   247,185
Series EMTN, 2.00%, 12/1/2029

  EUR 100,000   100,186
Security Description     Principal
Amount
  Value
E.ON International Finance BV:          
Series EMTN, 1.50%, 7/31/2029

  EUR 150,000   $ 143,866
Series EMTN, 5.88%, 10/30/2037

  GBP 100,000   122,094
Series EMTN, 6.13%, 7/6/2039

  GBP 100,000   124,905
Series EMTN, 6.25%, 6/3/2030

  GBP 200,000   255,669
Series EMTN, 6.38%, 6/7/2032

  GBP 190,000   245,960
6.75%, 1/27/2039

  GBP 100,000   132,581
E.ON SE:          
Series EMTN, 0.38%, 9/29/2027

  EUR 200,000   191,238
3.88%, 1/12/2035

  EUR 100,000   108,226
Grand City Properties SA Series EMTN, 0.13%, 1/11/2028

  EUR 200,000   162,550
Heidelberg Materials AG Series EMTN, 1.50%, 2/7/2025

  EUR 100,000   104,681
HeidelbergCement Finance Luxembourg SA Series EMTN, 1.63%, 4/7/2026

  EUR 200,000   205,699
Mercedes-Benz Group AG:          
Series EMTN, 0.75%, 9/10/2030

  EUR 100,000   91,070
Series EMTN, 0.75%, 3/11/2033

  EUR 250,000   212,347
Series EMTN, 1.00%, 11/15/2027

  EUR 100,000   98,553
Series EMTN, 1.13%, 11/6/2031

  EUR 325,000   293,524
Series EMTN, 1.38%, 5/11/2028

  EUR 200,000   198,213
Series EMTN, 1.50%, 7/3/2029

  EUR 325,000   318,126
Series EMTN, 2.13%, 7/3/2037

  EUR 250,000   230,915
Mercedes-Benz International Finance BV:          
Series EMTN, 0.63%, 5/6/2027

  EUR 300,000   294,505
Series EMTN, 0.85%, 2/28/2025

  EUR 200,000   207,869
Series EMTN, 1.00%, 11/11/2025

  EUR 100,000   102,706
1.38%, 6/26/2026

  EUR 100,000   102,118
Series EMTN, 1.50%, 3/9/2026

  EUR 200,000   206,248
Series EMTN, 2.00%, 8/22/2026

  EUR 200,000   208,114
Series EMTN, 2.63%, 4/7/2025

  EUR 400,000   428,054
 
See accompanying notes to financial statements.
20


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
RWE AG:          
2.13%, 5/24/2026

  EUR 300,000   $ 309,912
2.75%, 5/24/2030

  EUR 200,000   200,445
SAP SE:          
1.25%, 3/10/2028

  EUR 300,000   297,495
1.63%, 3/10/2031

  EUR 100,000   96,676
Series EMTN, 1.75%, 2/22/2027

  EUR 150,000   158,369
Siemens Financieringsmaatschappij NV:          
Series EMTN, Zero Coupon, 2/20/2026

  EUR 200,000   198,930
0.25%, 2/20/2029

  EUR 300,000   275,138
Series EMTN, 0.38%, 6/5/2026

  EUR 200,000   198,794
Series EMTN, 0.50%, 9/5/2034

  EUR 200,000   162,432
Series EMTN, 1.00%, 2/20/2025

  GBP 100,000   117,392
Series EMTN, 1.38%, 9/6/2030

  EUR 200,000   190,734
2.25%, 3/10/2025

  EUR 400,000   424,897
Series EMTN, 2.88%, 3/10/2028

  EUR 100,000   107,142
3.38%, 8/24/2031

  EUR 200,000   217,875
Traton Finance Luxembourg SA:          
Series EMTN, 0.13%, 3/24/2025

  EUR 100,000   100,994
Series EMTN, 0.75%, 3/24/2029

  EUR 300,000   268,487
Volkswagen Financial Services AG:          
Series EMTN, 0.13%, 2/12/2027

  EUR 200,000   188,353
Series EMTN, 0.25%, 1/31/2025

  EUR 300,000   306,666
Series EMTN, 0.88%, 1/31/2028

  EUR 200,000   186,446
Series EMTN, 1.50%, 10/1/2024

  EUR 100,000   105,666
Volkswagen International Finance NV:          
Series EMTN, 0.88%, 9/22/2028

  EUR 100,000   91,930
Series EMTN, 1.63%, 1/16/2030 (b)

  EUR 200,000   186,131
Series 10Y, 1.88%, 3/30/2027

  EUR 200,000   199,867
3.25%, 11/18/2030

  EUR 200,000   202,954
4.13%, 11/15/2025

  EUR 200,000   216,618
4.13%, 11/16/2038 (b)

  EUR 200,000   208,069
Volkswagen Leasing GmbH:          
Zero Coupon, 7/19/2024

  EUR 100,000   104,499
0.38%, 7/20/2026

  EUR 400,000   386,582
Security Description     Principal
Amount
  Value
Series EMTN, 1.38%, 1/20/2025

  EUR 200,000   $ 208,322
Vonovia SE:          
Series EMTN, Zero Coupon, 12/1/2025

  EUR 100,000   96,113
Series EMTN, 0.25%, 9/1/2028

  EUR 200,000   169,421
Series EMTN, 0.38%, 6/16/2027

  EUR 200,000   181,051
Series EMTN, 0.63%, 12/14/2029

  EUR 100,000   81,917
1.00%, 6/16/2033

  EUR 300,000   221,902
Wintershall Dea Finance BV:          
0.84%, 9/25/2025

  EUR 200,000   200,453
1.33%, 9/25/2028

  EUR 100,000   91,513
1.82%, 9/25/2031

  EUR 200,000   170,205
          18,219,527
IRELAND — 0.5%      
AIB Group PLC Series EMTN, 1 year GBP Swap + 1.30%, 2.25%, 4/4/2028 (a)

  EUR 200,000   197,825
Bank of Ireland Group PLC Series EMTN, 1 year GBP Swap + 1.10%, 1.88%, 6/5/2026 (a)

  EUR 200,000   205,421
Ryanair DAC Series EMTN, 0.88%, 5/25/2026

  EUR 200,000   198,962
Smurfit Kappa Acquisitions ULC 2.88%, 1/15/2026

  EUR 200,000   210,468
          812,676
ITALY — 5.4%      
Assicurazioni Generali SpA Series EMTN, 5.13%, 9/16/2024

  EUR 350,000   387,757
ASTM SpA:          
Series EMTN, 1.50%, 1/25/2030

  EUR 200,000   176,945
Series EMTN, 2.38%, 11/25/2033

  EUR 100,000   85,075
Autostrade per l'Italia SpA:          
2.00%, 12/4/2028

  EUR 200,000   190,679
2.00%, 1/15/2030

  EUR 300,000   274,428
Enel Finance International NV:          
Zero Coupon, 5/28/2026

  EUR 100,000   97,285
Series EMTN, Zero Coupon, 6/17/2027

  EUR 100,000   93,600
Series EMTN, 0.38%, 6/17/2027

  EUR 200,000   190,277
0.50%, 6/17/2030

  EUR 350,000   300,921
Series EMTN, 0.88%, 9/28/2034

  EUR 100,000   76,441
Series EMTN, 0.88%, 6/17/2036

  EUR 300,000   216,250
 
See accompanying notes to financial statements.
21


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series EMTN, 1.00%, 9/16/2024

  EUR 200,000   $ 210,292
Series EMTN, 1.13%, 9/16/2026

  EUR 100,000   100,373
Series EMTN, 1.50%, 7/21/2025

  EUR 500,000   518,785
2.88%, 4/11/2029

  GBP 200,000   210,875
3.88%, 3/9/2029

  EUR 100,000   108,752
Series EMTN, 5.63%, 8/14/2024

  GBP 50,000   63,051
Series EMTN, 5.75%, 9/14/2040

  GBP 250,000   298,640
Eni SpA:          
Series EMTN, 0.38%, 6/14/2028

  EUR 100,000   91,936
Series EMTN, 0.63%, 1/23/2030

  EUR 200,000   175,590
1.25%, 5/18/2026

  EUR 100,000   100,985
Series EMTN, 1.50%, 2/2/2026 (b)

  EUR 200,000   205,161
2.00%, 5/18/2031

  EUR 150,000   141,064
Series EMTN, 3.63%, 1/29/2029

  EUR 300,000   320,647
Series EMTN, 3.75%, 9/12/2025

  EUR 150,000   163,057
Intesa Sanpaolo SpA:          
Series EMTN, 0.75%, 3/16/2028

  EUR 400,000   371,590
Series EMTN, 1.00%, 7/4/2024

  EUR 200,000   211,238
1.00%, 11/19/2026

  EUR 200,000   195,893
Series EMTN, 1.75%, 3/20/2028

  EUR 100,000   97,416
Series EMTN, 1.75%, 7/4/2029

  EUR 300,000   279,756
Series EMTN, 2.13%, 5/26/2025

  EUR 200,000   208,891
4.75%, 9/6/2027

  EUR 200,000   218,702
3 Month EURIBOR + 1.70%, 5.00%, 3/8/2028 (a)

  EUR 450,000   489,898
Snam SpA Series EMTN, 0.88%, 10/25/2026

  EUR 200,000   197,825
Terna - Rete Elettrica Nazionale Series EMTN, 1.38%, 7/26/2027

  EUR 200,000   199,009
UniCredit SpA:          
Series EMTN, 0.33%, 1/19/2026

  EUR 200,000   197,657
Series EMTN, 0.50%, 4/9/2025

  EUR 100,000   102,048
Series EMTN, 0.85%, 1/19/2031

  EUR 100,000   82,990
Series EMTN, 2.13%, 10/24/2026

  EUR 100,000   102,384
Security Description     Principal
Amount
  Value
Series EMTN, 3 Month EURIBOR - 0.90%, 0.80%, 7/5/2029 (a)

  EUR 200,000   $ 182,369
Series EMTN, 3 Month EURIBOR - 1.35%, 1.20%, 1/20/2026 (a)

  EUR 250,000   258,048
Series EMTN, 3 Month EURIBOR - 1.60%, 1.25%, 6/16/2026 (a)

  EUR 300,000   306,834
Series EMTN, 3 Month EURIBOR - 2.55%, 2.20%, 7/22/2027 (a)

  EUR 250,000   251,661
3 Month EURIBOR + 0.85%, 0.93%, 1/18/2028 (a)

  EUR 100,000   96,085
3 Month EURIBOR + 1.60%, 4.45%, 2/16/2029 (a)

  EUR 200,000   211,323
3 Month EURIBOR + 2.85%, 5.85%, 11/15/2027 (a)

  EUR 150,000   167,434
          9,227,917
JAPAN — 2.2%      
Mitsubishi UFJ Financial Group, Inc. Series EMTN, 3 Month EURIBOR + 1.03%, 3.27%, 9/19/2025 (a)

  EUR 200,000   214,827
Mizuho Financial Group, Inc. Series EMTN, 0.69%, 10/7/2030

  EUR 300,000   256,956
NTT Finance Corp.:          
Series REGS, Zero Coupon, 3/3/2025

  EUR 200,000   204,146
Series REGS, 0.34%, 3/3/2030

  EUR 300,000   263,968
Series 18, 0.38%, 9/20/2030

  JPY 100,000,000   681,262
Seven & i Holdings Co. Ltd. Series 14, 0.19%, 12/19/2025

  JPY 100,000,000   691,057
Sumitomo Mitsui Financial Group, Inc.:          
Series EMTN, 0.63%, 10/23/2029

  EUR 100,000   87,478
1.55%, 6/15/2026

  EUR 400,000   404,077
Takeda Pharmaceutical Co. Ltd.:          
1.38%, 7/9/2032

  EUR 400,000   350,459
2.00%, 7/9/2040

  EUR 300,000   241,714
Series REGS, 2.25%, 11/21/2026

  EUR 100,000   103,203
Series REGS, 3.00%, 11/21/2030

  EUR 250,000   256,053
          3,755,200
 
See accompanying notes to financial statements.
22


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
MEXICO — 0.1%      
America Movil SAB de CV 4.38%, 8/7/2041

  GBP 100,000   $ 105,036
NETHERLANDS — 6.2%      
ABN AMRO Bank NV:          
0.50%, 9/23/2029

  EUR 400,000   347,539
0.60%, 1/15/2027

  EUR 300,000   287,275
Series EMTN, 1.00%, 4/16/2025

  EUR 218,000   225,652
1.00%, 6/2/2033

  EUR 200,000   166,602
Series EMTN, 1.25%, 5/28/2025

  EUR 200,000   206,321
1.25%, 1/20/2034

  EUR 100,000   82,390
4.25%, 2/21/2030

  EUR 300,000   323,895
4.38%, 10/20/2028

  EUR 200,000   216,389
4.50%, 11/21/2034

  EUR 200,000   220,860
ASML Holding NV 1.38%, 7/7/2026

  EUR 200,000   204,182
Cooperatieve Rabobank UA:          
Series GMTN, 1.13%, 5/7/2031 (b)

  EUR 300,000   262,433
Series GMTN, 1.25%, 3/23/2026

  EUR 300,000   307,157
Series GMTN, 1.38%, 2/3/2027 (b)

  EUR 200,000   201,204
4.00%, 1/10/2030

  EUR 200,000   213,820
4.13%, 7/14/2025

  EUR 450,000   492,789
Series GMTN, 3 Month EURIBOR - 0.52%, 0.38%, 12/1/2027 (a)

  EUR 300,000   285,960
Series GMTN, 3 Month EURIBOR - 1.18%, 0.88%, 5/5/2028 (a)

  EUR 300,000   286,626
Heineken NV Series EMTN, 1.00%, 5/4/2026

  EUR 100,000   101,276
ING Groep NV:          
Series EMTN, 1.38%, 1/11/2028

  EUR 100,000   96,885
Series EMTN, 2.00%, 9/20/2028

  EUR 200,000   196,644
Series EMTN, 2.13%, 1/10/2026

  EUR 200,000   208,106
Series EMTN, 2.50%, 11/15/2030

  EUR 200,000   197,216
Series EMTN, 3.00%, 2/18/2026

  GBP 200,000   230,987
3 Month EURIBOR - 0.43%, 0.13%, 11/29/2025 (a)

  EUR 100,000   102,369
Series EMTN, 3 Month EURIBOR - 0.60%, 0.10%, 9/3/2025 (a)

  EUR 300,000   310,814
3 Month EURIBOR - 0.68%, 0.25%, 2/18/2029 (a)

  EUR 300,000   267,880
Security Description     Principal
Amount
  Value
3 Month EURIBOR - 0.70%, 0.25%, 2/1/2030 (a)

  EUR 200,000   $ 172,631
3 Month EURIBOR - 0.70%, 0.38%, 9/29/2028 (a)

  EUR 200,000   183,081
3 Month EURIBOR + 0.85%, 1.25%, 2/16/2027 (a)

  EUR 300,000   299,452
Series EMTN, 3 Month EURIBOR + 1.10%, 2.13%, 5/23/2026 (a)

  EUR 300,000   311,981
3 Month EURIBOR + 1.15%, 1.75%, 2/16/2031 (a)

  EUR 400,000   370,664
3 Month EURIBOR + 1.85%, 4.88%, 11/14/2027 (a)

  EUR 200,000   219,655
3 Month EURIBOR + 2.15%, 5.25%, 11/14/2033 (a)

  EUR 400,000   459,576
Series EMTN, SONIA + 0.90%, 1.13%, 12/7/2028 (a)

  GBP 100,000   99,623
Koninklijke KPN NV Series GMTN, 5.75%, 9/17/2029

  GBP 120,000   145,923
LeasePlan Corp. NV:          
Series EMTN, 0.25%, 2/23/2026

  EUR 200,000   195,409
Series EMTN, 0.25%, 9/7/2026

  EUR 100,000   95,881
Shell International Finance BV:          
Series EMTN, 0.13%, 11/8/2027

  EUR 300,000   281,770
Series EMTN, 0.38%, 2/15/2025

  EUR 200,000   206,280
Series EMTN, 0.50%, 11/8/2031

  EUR 100,000   83,998
Series EMTN, 0.75%, 8/15/2028

  EUR 200,000   187,974
Series EMTN, 0.88%, 11/8/2039

  EUR 200,000   137,566
Series EMTN, 1.25%, 11/11/2032

  EUR 100,000   87,450
Series EMTN, 1.50%, 4/7/2028

  EUR 200,000   197,535
Series EMTN, 1.63%, 1/20/2027

  EUR 200,000   202,503
Series EMTN, 1.88%, 9/15/2025

  EUR 200,000   209,293
Series EMTN, 1.88%, 4/7/2032

  EUR 200,000   187,465
Series EMTN, 2.50%, 3/24/2026

  EUR 100,000   105,334
          10,484,315
 
See accompanying notes to financial statements.
23


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
NORWAY — 0.7%      
DNB Bank ASA:          
Series EMTN, 3 Month EURIBOR - 0.53%, 0.25%, 2/23/2029 (a)

  EUR 300,000   $ 271,221
3 Month EURIBOR + 0.32%, 0.38%, 1/18/2028 (a)

  EUR 100,000   95,779
3 Month EURIBOR + 0.63%, 3.63%, 2/16/2027 (a)

  EUR 100,000   106,798
Series EMTN, 3 Month EURIBOR + 0.77%, 3.13%, 9/21/2027 (a)

  EUR 300,000   316,942
UK 10 year Gilt + 1.35%, 2.63%, 6/10/2026 (a)

  GBP 200,000   234,906
UK 10 year Gilt + 2.15%, 4.00%, 8/17/2027 (a)

  GBP 100,000   116,203
SpareBank 1 SR-Bank ASA 3.75%, 11/23/2027

  EUR 100,000   106,726
          1,248,575
PORTUGAL — 0.1%      
EDP Finance BV Series EMTN, 1.88%, 9/21/2029

  EUR 200,000   194,336
SPAIN — 5.7%      
Abertis Infraestructuras SA:          
Series EMTN, 2.38%, 9/27/2027 (b)

  EUR 300,000   305,649
Series EMTN, 3.00%, 3/27/2031

  EUR 100,000   98,429
Banco Bilbao Vizcaya Argentaria SA:          
Series EMTN, 0.38%, 10/2/2024

  EUR 200,000   207,963
Series GMTN, 0.38%, 11/15/2026

  EUR 100,000   96,581
Series GMTN, 0.50%, 1/14/2027

  EUR 200,000   191,523
Series GMTN, 0.75%, 6/4/2025

  EUR 300,000   306,464
1.00%, 6/21/2026

  EUR 200,000   199,316
Series GMTN, 1.38%, 5/14/2025

  EUR 200,000   206,693
1.75%, 11/26/2025

  EUR 100,000   102,794
3.38%, 9/20/2027

  EUR 300,000   316,941
3 Month EURIBOR - 0.52%, 0.13%, 3/24/2027 (a)

  EUR 300,000   291,665
3 Month EURIBOR + 0.82%, 0.88%, 1/14/2029 (a)

  EUR 100,000   93,031
3 Month EURIBOR + 1.70%, 4.63%, 1/13/2031 (a)

  EUR 100,000   108,824
Security Description     Principal
Amount
  Value
Banco de Sabadell SA Series EMTN, 0.88%, 7/22/2025

  EUR 200,000   $ 202,158
Banco Santander SA:          
Series EMTN, 0.20%, 2/11/2028

  EUR 100,000   91,236
Series EMTN, 0.30%, 10/4/2026

  EUR 100,000   96,901
0.50%, 2/4/2027

  EUR 300,000   285,366
Series EMTN, 1.00%, 11/4/2031

  EUR 200,000   172,379
Series EMTN, 1.13%, 1/17/2025

  EUR 200,000   207,584
Series EMTN, 1.38%, 7/31/2024

  GBP 100,000   120,333
Series EMTN, 1.38%, 1/5/2026

  EUR 200,000   202,548
3.75%, 1/16/2026

  EUR 400,000   429,646
3.88%, 1/16/2028

  EUR 100,000   107,153
Series EMTN, 1 year GBP Swap - 0.78%, 0.63%, 6/24/2029 (a)

  EUR 300,000   271,279
Series EMTN, 1 year GBP Swap + 1.05%, 3.63%, 9/27/2026 (a)

  EUR 300,000   321,162
3 Month EURIBOR - 0.85%, 0.50%, 3/24/2027 (a)

  EUR 200,000   194,475
CaixaBank SA:          
Series EMTN, 0.38%, 2/3/2025

  EUR 200,000   204,880
Series EMTN, 1.13%, 3/27/2026

  EUR 200,000   200,358
Series EMTN, 1.38%, 6/19/2026

  EUR 200,000   198,703
3 Month EURIBOR - 0.85%, 0.38%, 11/18/2026 (a)

  EUR 100,000   98,275
Series EMTN, 3 Month EURIBOR - 0.90%, 0.50%, 2/9/2029 (a)

  EUR 200,000   180,883
Series EMTN, 3 Month EURIBOR - 1.00%, 0.75%, 5/26/2028 (a)

  EUR 100,000   93,691
Series EMTN, 3 Month EURIBOR - 1.17%, 0.75%, 7/10/2026 (a)

  EUR 200,000   202,913
3 Month EURIBOR + 0.62%, 0.63%, 1/21/2028 (a)

  EUR 100,000   95,982
3 Month EURIBOR + 0.80%, 1.63%, 4/13/2026

  EUR 200,000   206,034
3 Month EURIBOR + 2.40%, 5.38%, 11/14/2030 (a)

  EUR 400,000   448,148
 
See accompanying notes to financial statements.
24


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Iberdrola Finanzas SA:          
Series EMTN, 1.00%, 3/7/2025

  EUR 100,000   $ 104,232
Series EMTN, 1.38%, 3/11/2032

  EUR 200,000   187,404
Iberdrola International BV Series EMTN, 1.13%, 4/21/2026

  EUR 200,000   204,183
Naturgy Finance BV:          
Series EMTN, 1.25%, 1/15/2026

  EUR 200,000   203,129
Series EMTN, 1.38%, 1/19/2027

  EUR 100,000   99,891
Santander Consumer Finance SA Series EMTN, 0.38%, 1/17/2025

  EUR 300,000   308,535
Telefonica Emisiones SA:          
Series EMTN, 0.66%, 2/3/2030

  EUR 100,000   89,967
Series EMTN, 1.20%, 8/21/2027

  EUR 200,000   198,239
Series EMTN, 1.45%, 1/22/2027

  EUR 300,000   303,291
Series EMTN, 1.46%, 4/13/2026

  EUR 200,000   205,326
Series EMTN, 1.53%, 1/17/2025

  EUR 100,000   105,353
Series EMTN, 1.72%, 1/12/2028

  EUR 200,000   201,302
Series EMTN, 1.79%, 3/12/2029

  EUR 200,000   198,240
Series EMTN, 2.59%, 5/25/2031

  EUR 100,000   101,305
          9,668,357
SWEDEN — 2.3%      
Heimstaden Bostad Treasury BV Series EMTN, 0.25%, 10/13/2024

  EUR 100,000   95,708
Skandinaviska Enskilda Banken AB:          
Series EMTN, 0.05%, 7/1/2024

  EUR 100,000   104,849
Series EMTN, 0.38%, 2/11/2027

  EUR 200,000   189,262
Series GMTN, 0.38%, 6/21/2028

  EUR 200,000   179,445
Series EMTN, 0.63%, 11/12/2029

  EUR 200,000   172,600
Series EMTN, 0.75%, 8/9/2027

  EUR 200,000   189,083
1.75%, 11/11/2026

  EUR 400,000   404,404
3.75%, 2/7/2028

  EUR 200,000   211,424
Series EMTN, 3.88%, 5/9/2028

  EUR 250,000   269,534
Security Description     Principal
Amount
  Value
Svenska Handelsbanken AB:          
Series EMTN, 0.05%, 9/6/2028

  EUR 300,000   $ 268,757
Series EMTN, 0.13%, 11/3/2026

  EUR 100,000   96,030
0.50%, 2/18/2030

  EUR 300,000   257,301
Series EMTN, 1.00%, 4/15/2025

  EUR 500,000   516,913
3.38%, 2/17/2028

  EUR 200,000   212,635
Swedbank AB:          
Series GMTN, 0.25%, 11/2/2026

  EUR 100,000   95,818
Series EMTN, 0.75%, 5/5/2025

  EUR 100,000   102,152
2.10%, 5/25/2027

  EUR 200,000   201,869
3.75%, 11/14/2025

  EUR 200,000   215,237
1 year GBP Swap - 0.57%, 0.30%, 5/20/2027 (a)

  EUR 200,000   192,016
          3,975,037
SWITZERLAND — 4.2%      
Credit Suisse AG:          
Series EMTN, 0.25%, 1/5/2026

  EUR 300,000   291,725
0.25%, 9/1/2028

  EUR 200,000   174,713
Series EMTN, 1.13%, 12/15/2025

  GBP 100,000   109,992
Series EMTN, 1.50%, 4/10/2026

  EUR 200,000   199,073
Holcim Finance Luxembourg SA:          
0.50%, 9/3/2030

  EUR 100,000   84,472
Series EMTN, 2.25%, 5/26/2028

  EUR 200,000   202,317
Novartis Finance SA Zero Coupon, 9/23/2028

  EUR 300,000   275,292
Richemont International Holding SA:          
1.00%, 3/26/2026

  EUR 200,000   203,487
1.50%, 3/26/2030

  EUR 200,000   193,122
2.00%, 3/26/2038

  EUR 200,000   175,905
UBS AG:          
Series EMTN, Zero Coupon, 3/31/2026

  EUR 200,000   193,730
0.50%, 3/31/2031

  EUR 200,000   167,201
UBS Group AG:          
0.25%, 2/24/2028

  EUR 200,000   178,122
Series EMTN, 0.63%, 1/18/2033

  EUR 200,000   150,966
0.63%, 2/24/2033

  EUR 300,000   229,985
Series EMTN, 0.65%, 9/10/2029

  EUR 200,000   170,694
0.88%, 11/3/2031

  EUR 200,000   161,237
Series EMTN, 1.25%, 9/1/2026

  EUR 300,000   294,344
 
See accompanying notes to financial statements.
25


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
1 year GBP Swap - 0.48%, 0.25%, 11/3/2026 (a)

  EUR 200,000   $ 194,349
Series EMTN, 1 year GBP Swap - 0.55%, 0.25%, 1/29/2026 (a)

  EUR 200,000   201,016
Series EMTN, 1 year GBP Swap - 0.77%, 0.25%, 11/5/2028 (a)

  EUR 600,000   536,222
Series EMTN, 1 year GBP Swap - 1.05%, 1.00%, 6/24/2027 (a)

  EUR 600,000   579,557
Series EMTN, 1 year GBP Swap - 3.50%, 3.25%, 4/2/2026 (a)

  EUR 500,000   525,251
Series EMTN, 1 year GBP Swap + 0.75%, 1.25%, 7/17/2025 (a)

  EUR 100,000   104,327
1 year GBP Swap + 1.15%, 2.75%, 6/15/2027 (a)

  EUR 200,000   203,909
1 year GBP Swap + 1.60%, 2.13%, 10/13/2026 (a)

  EUR 200,000   203,012
1 year GBP Swap + 4.95%, 7.75%, 3/1/2029 (a)

  EUR 300,000   362,315
Series EMTN, UK 10 year Gilt + 2.23%, 2.25%, 6/9/2028 (a)

  GBP 300,000   314,485
UK 10 year Gilt + 4.55%, 7.38%, 9/7/2033 (a)

  GBP 100,000   132,794
Series EMTN, 1 year GBP Swap - 0.77%, 0.65%, 1/14/2028 (a)

  EUR 300,000   280,955
          7,094,569
UNITED KINGDOM — 9.0%      
Annington Funding PLC Series EMTN, 3.94%, 7/12/2047

  GBP 100,000   86,977
Barclays PLC:          
Series EMTN, 3.25%, 2/12/2027

  GBP 200,000   222,724
Series EMTN, 3.25%, 1/17/2033

  GBP 200,000   190,108
1 year GBP Swap - 1.26%, 0.58%, 8/9/2029 (a)

  EUR 200,000   174,564
Series EMTN, 1 year GBP Swap + 0.78%, 1.38%, 1/24/2026 (a)

  EUR 200,000   206,515
1 year GBP Swap + 0.85%, 0.88%, 1/28/2028 (a)

  EUR 200,000   189,185
1 year GBP Swap + 2.55%, 5.26%, 1/29/2034 (a)

  EUR 200,000   217,726
Security Description     Principal
Amount
  Value
UK 10 year Gilt + 2.80%, 6.37%, 1/31/2031 (a)

  GBP 100,000   $ 121,606
1 year GBP Swap + 1.00%, 1.11%, 5/12/2032 (a)

  EUR 300,000   243,967
BAT International Finance PLC Series EMTN, 2.25%, 1/16/2030

  EUR 200,000   182,108
BG Energy Capital PLC:          
Series EMTN, 5.00%, 11/4/2036

  GBP 100,000   117,305
Series EMTN, 5.13%, 12/1/2025

  GBP 100,000   123,710
BP Capital Markets PLC:          
Series EMTN, 1.23%, 5/8/2031

  EUR 100,000   88,739
Series EMTN, 2.52%, 4/7/2028

  EUR 200,000   205,482
2.82%, 4/7/2032

  EUR 200,000   198,342
British Telecommunications PLC:          
Series EMTN, 1.50%, 6/23/2027

  EUR 200,000   198,457
Series EMTN, 1.75%, 3/10/2026

  EUR 200,000   205,397
Cadent Finance PLC:          
Series EMTN, 2.13%, 9/22/2028

  GBP 100,000   102,775
Series EMTN, 2.63%, 9/22/2038

  GBP 100,000   81,668
Series EMTN, 2.75%, 9/22/2046

  GBP 200,000   147,122
CCEP Finance Ireland DAC 0.88%, 5/6/2033

  EUR 200,000   166,279
Centrica PLC Series EMTN, 7.00%, 9/19/2033

  GBP 100,000   135,241
CK Hutchison Finance 16 II Ltd. 0.88%, 10/3/2024

  EUR 200,000   208,628
CK Hutchison Group Telecom Finance SA:          
0.75%, 4/17/2026

  EUR 100,000   98,995
1.13%, 10/17/2028

  EUR 200,000   186,114
Connect Plus M25 Issuer PLC 2.61%, 3/31/2039

  GBP 87,893   86,613
Diageo Finance PLC Series EMTN, 2.50%, 3/27/2032

  EUR 200,000   199,654
easyJet FinCo BV Series EMTN, 1.88%, 3/3/2028

  EUR 200,000   190,236
GlaxoSmithKline Capital PLC:          
Series EMTN, 1.25%, 5/21/2026

  EUR 100,000   101,694
Series EMTN, 1.25%, 10/12/2028

  GBP 100,000   102,081
 
See accompanying notes to financial statements.
26


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series EMTN, 1.38%, 12/2/2024

  EUR 150,000   $ 158,214
Series EMTN, 1.63%, 5/12/2035

  GBP 200,000   171,180
Heathrow Funding Ltd.:          
Series EMTN, 4.63%, 10/31/2046

  GBP 200,000   205,778
Series EMTN, 5.88%, 5/13/2043

  GBP 100,000   122,488
Series REGS, 6.45%, 12/10/2031

  GBP 100,000   128,838
Series EMTN, 6.75%, 12/3/2028

  GBP 100,000   126,766
HSBC Holdings PLC:          
0.88%, 9/6/2024

  EUR 300,000   314,591
Series EMTN, 2.50%, 3/15/2027

  EUR 300,000   308,333
2.63%, 8/16/2028 (b)

  GBP 200,000   212,031
4.75%, 3/10/2028

  EUR 200,000   218,015
1 year GBP SONIA ICE Swap + 1.32%, 2.26%, 11/13/2026 (a)

  GBP 200,000   226,590
1 year GBP Swap + 1.65%, 3.00%, 7/22/2028 (a)

  GBP 200,000   218,017
1 year GBP Swap + 1.77%, 3.00%, 5/29/2030 (a)

  GBP 100,000   103,067
3 Month EURIBOR - 0.78%, 0.64%, 9/24/2029 (a)

  EUR 200,000   178,580
3 Month EURIBOR - 0.81%, 0.31%, 11/13/2026 (a)

  EUR 100,000   98,645
3 Month EURIBOR - 1.03%, 0.77%, 11/13/2031 (a)

  EUR 300,000   254,466
3 Month EURIBOR + 1.45%, 3.02%, 6/15/2027 (a)

  EUR 300,000   311,653
3 Month EURIBOR + 1.55%, 4.79%, 3/10/2032 (a)

  EUR 200,000   218,763
SONIA + 1.31%, 1.75%, 7/24/2027 (a)

  GBP 100,000   108,277
Imperial Brands Finance Netherlands BV Series EMTN, 1.75%, 3/18/2033

  EUR 200,000   157,533
Lloyds Bank Corporate Markets PLC Series EMTN, 2.38%, 4/9/2026

  EUR 200,000   207,746
Lloyds Bank PLC Series EMTN, 6.50%, 9/17/2040

  GBP 140,000   200,288
Security Description     Principal
Amount
  Value
Lloyds Banking Group PLC:          
Series EMTN, 2.25%, 10/16/2024

  GBP 200,000   $ 240,474
Series EMTN, 1 year GBP Swap - 0.85%, 0.50%, 11/12/2025 (a)

  EUR 100,000   103,100
Series EMTN, 1 year GBP Swap - 3.75%, 3.50%, 4/1/2026 (a)

  EUR 200,000   213,341
1 year GBP Swap + 1.50%, 3.13%, 8/24/2030 (a)

  EUR 300,000   299,691
UK 10 year Gilt + 1.30%, 1.88%, 1/15/2026 (a)

  GBP 100,000   117,715
National Grid Electricity Distribution West Midlands PLC Series EMTN, 5.75%, 4/16/2032

  GBP 100,000   124,029
National Grid PLC 4.28%, 1/16/2035

  EUR 200,000   215,114
Nationwide Building Society:          
0.25%, 7/22/2025

  EUR 100,000   100,709
3 Month EURIBOR + 0.93%, 1.50%, 3/8/2026 (a)

  EUR 200,000   206,104
NatWest Group PLC:          
Series EMTN, 1 year GBP Swap + 1.49%, 2.88%, 9/19/2026 (a)

  GBP 200,000   230,471
3 Month EURIBOR - 0.89%, 0.67%, 9/14/2029 (a)

  EUR 200,000   176,102
Series EMTN, 3 Month EURIBOR - 0.95%, 0.78%, 2/26/2030 (a)

  EUR 200,000   173,742
Series EMTN, 3 Month EURIBOR + 1.08%, 1.75%, 3/2/2026 (a)

  EUR 200,000   207,056
3 Month EURIBOR + 1.91%, 4.07%, 9/6/2028 (a)

  EUR 200,000   211,290
Series EMTN, UK 10 year Gilt + 2.10%, 3.62%, 3/29/2029 (a)

  GBP 200,000   218,146
NatWest Markets PLC:          
Series EMTN, 0.13%, 11/12/2025

  EUR 300,000   296,213
Series EMTN, 0.13%, 6/18/2026

  EUR 100,000   96,228
1.38%, 3/2/2027

  EUR 200,000   195,885
Series EMTN, 2.75%, 4/2/2025

  EUR 200,000   212,350
Santander U.K. Group Holdings PLC 1 year GBP Swap + 2.87%, 7.10%, 11/16/2027 (a)

  GBP 100,000   124,658
 
See accompanying notes to financial statements.
27


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Sky Ltd. Series EMTN, 2.50%, 9/15/2026

  EUR 200,000   $ 208,957
Standard Chartered PLC 4.87%, 5/10/2031

  EUR 100,000   107,660
Thames Water Utilities Finance PLC 4.38%, 1/18/2031

  EUR 200,000   193,089
THFC Funding No. 3 PLC Series EMTN, 5.20%, 10/11/2045

  GBP 150,000   177,015
Unilever Finance Netherlands BV:          
Series EMTN, 1.25%, 3/25/2025

  EUR 100,000   104,548
1.75%, 3/25/2030

  EUR 200,000   195,955
University of Oxford 2.54%, 12/8/2117

  GBP 250,000   165,431
Vodafone Group PLC:          
Series EMTN, 1.13%, 11/20/2025

  EUR 300,000   305,963
Series EMTN, 1.60%, 7/29/2031

  EUR 100,000   92,126
Series EMTN, 1.63%, 11/24/2030

  EUR 100,000   93,379
Series EMTN, 1.88%, 9/11/2025

  EUR 50,000   52,079
Series EMTN, 2.20%, 8/25/2026

  EUR 328,000   339,117
Series EMTN, 3.00%, 8/12/2056

  GBP 150,000   105,783
Series EMTN, 3.38%, 8/8/2049

  GBP 100,000   80,406
Wellcome Trust Ltd.:          
1.50%, 7/14/2071

  GBP 200,000   100,045
2.52%, 2/7/2118

  GBP 100,000   65,834
Yorkshire Water Finance PLC Series EMTN, 2.75%, 4/18/2041

  GBP 100,000   80,743
          15,260,419
UNITED STATES — 26.2%      
Abbott Ireland Financing DAC 1.50%, 9/27/2026

  EUR 150,000   152,946
Altria Group, Inc.:          
2.20%, 6/15/2027

  EUR 100,000   101,185
3.13%, 6/15/2031

  EUR 200,000   187,646
American Honda Finance Corp.:          
0.30%, 7/7/2028

  EUR 100,000   91,438
1.95%, 10/18/2024

  EUR 200,000   212,479
American International Group, Inc. 1.88%, 6/21/2027

  EUR 200,000   199,226
American Medical Systems Europe BV 0.75%, 3/8/2025

  EUR 200,000   206,406
Amgen, Inc. 4.00%, 9/13/2029

  GBP 100,000   114,294
Security Description     Principal
Amount
  Value
Apple, Inc.:          
0.50%, 11/15/2031

  EUR 300,000   $ 263,321
0.88%, 5/24/2025

  EUR 100,000   103,669
1.38%, 5/24/2029

  EUR 200,000   195,640
1.63%, 11/10/2026

  EUR 440,000   450,811
3.05%, 7/31/2029

  GBP 100,000   112,160
AT&T, Inc.:          
0.25%, 3/4/2026

  EUR 100,000   98,719
0.80%, 3/4/2030

  EUR 300,000   266,523
1.60%, 5/19/2028

  EUR 200,000   195,163
1.80%, 9/5/2026

  EUR 200,000   203,576
2.35%, 9/5/2029

  EUR 100,000   99,027
2.45%, 3/15/2035

  EUR 200,000   181,571
Series GBP, 2.90%, 12/4/2026

  GBP 100,000   113,092
3.15%, 9/4/2036

  EUR 303,000   290,499
3.50%, 12/17/2025

  EUR 100,000   107,750
3.55%, 11/18/2025

  EUR 150,000   161,597
3.55%, 12/17/2032

  EUR 300,000   310,512
3.95%, 4/30/2031

  EUR 200,000   216,214
4.25%, 6/1/2043

  GBP 200,000   193,700
4.30%, 11/18/2034

  EUR 150,000   163,879
4.38%, 9/14/2029

  GBP 150,000   171,719
4.88%, 6/1/2044

  GBP 150,000   157,740
Series EMTN, 7.00%, 4/30/2040

  GBP 150,000   200,672
Bank of America Corp.:          
Series EMTN, 7.00%, 7/31/2028

  GBP 250,000   324,376
Series EMTN, 3 Month EURIBOR - 0.73%, 0.58%, 8/8/2029 (a)

  EUR 100,000   90,386
Series EMTN, 3 Month EURIBOR - 0.76%, 0.58%, 8/24/2028 (a)

  EUR 100,000   93,110
Series EMTN, 3 Month EURIBOR - 0.79%, 0.69%, 3/22/2031 (a)

  EUR 200,000   172,258
Series EMTN, 3 Month EURIBOR - 0.94%, 0.65%, 10/26/2031 (a)

  EUR 400,000   337,023
Series EMTN, 3 Month EURIBOR - 3.67%, 3.65%, 3/31/2029 (a)

  EUR 200,000   211,417
Series EMTN, 3 Month EURIBOR + 0.75%, 0.81%, 5/9/2026 (a)

  EUR 300,000   305,135
Series EMTN, 3 Month EURIBOR + 0.89%, 1.66%, 4/25/2028 (a)

  EUR 300,000   293,871
Series EMTN, 3 Month EURIBOR + 0.91%, 1.38%, 5/9/2030 (a)

  EUR 200,000   184,213
 
See accompanying notes to financial statements.
28


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series EMTN, 3 Month EURIBOR + 0.91%, 1.95%, 10/27/2026 (a)

  EUR 300,000   $ 307,748
Series EMTN, 3 Month EURIBOR + 0.95%, 1.10%, 5/24/2032 (a)

  EUR 300,000   257,405
Series EMTN, 3 Month EURIBOR + 1.20%, 1.78%, 5/4/2027 (a)

  EUR 100,000   100,830
Series EMTN, 3 Month EURIBOR + 1.20%, 2.82%, 4/27/2033 (a)

  EUR 300,000   291,101
UK 10 year Gilt + 1.10%, 1.67%, 6/2/2029 (a)

  GBP 100,000   101,404
Berkshire Hathaway Finance Corp.:          
2.38%, 6/19/2039

  GBP 300,000   258,119
2.63%, 6/19/2059

  GBP 100,000   74,267
Berkshire Hathaway, Inc.:          
Zero Coupon, 3/12/2025

  EUR 200,000   204,169
1.13%, 3/16/2027

  EUR 100,000   98,811
1.63%, 3/16/2035

  EUR 200,000   172,647
Booking Holdings, Inc.:          
2.38%, 9/23/2024

  EUR 200,000   213,569
4.13%, 5/12/2033

  EUR 400,000   433,789
4.50%, 11/15/2031

  EUR 100,000   112,219
4.75%, 11/15/2034

  EUR 200,000   227,694
BorgWarner, Inc. 1.00%, 5/19/2031

  EUR 200,000   169,486
Celanese U.S. Holdings LLC 4.78%, 7/19/2026

  EUR 200,000   212,671
Citigroup, Inc.:          
Series EMTN, 1.25%, 4/10/2029

  EUR 200,000   185,893
Series EMTN, 1.50%, 10/26/2028

  EUR 100,000   94,888
1.75%, 1/28/2025

  EUR 150,000   157,755
3 Month EURIBOR - 0.96%, 0.50%, 10/8/2027 (a)

  EUR 300,000   287,896
Series EMTN, 3 Month EURIBOR - 1.66%, 1.25%, 7/6/2026 (a)

  EUR 300,000   306,068
Series EMTN, 3 Month EURIBOR + 1.07%, 1.50%, 7/24/2026 (a)

  EUR 300,000   306,966
3 Month EURIBOR + 1.25%, 3.71%, 9/22/2028 (a)

  EUR 100,000   106,400
3 Month EURIBOR + 1.60%, 4.11%, 9/22/2033 (a)

  EUR 200,000   213,496
Coca-Cola Co.:          
0.13%, 3/15/2029

  EUR 300,000   271,090
1.13%, 3/9/2027

  EUR 100,000   99,623
1.63%, 3/9/2035

  EUR 200,000   179,075
Security Description     Principal
Amount
  Value
Comcast Corp.:          
Zero Coupon, 9/14/2026

  EUR 300,000   $ 289,156
0.75%, 2/20/2032

  EUR 100,000   85,617
1.88%, 2/20/2036

  GBP 125,000   106,032
DH Europe Finance II SARL:          
0.20%, 3/18/2026

  EUR 400,000   395,284
0.75%, 9/18/2031

  EUR 300,000   258,829
1.35%, 9/18/2039

  EUR 200,000   151,966
Digital Euro Finco LLC 2.50%, 1/16/2026

  EUR 200,000   203,080
Digital Intrepid Holding BV 0.63%, 7/15/2031

  EUR 100,000   75,609
Dow Chemical Co. 0.50%, 3/15/2027

  EUR 100,000   94,849
Eli Lilly & Co. 1.70%, 11/1/2049

  EUR 100,000   75,757
Exxon Mobil Corp.:          
0.52%, 6/26/2028

  EUR 200,000   187,613
0.84%, 6/26/2032

  EUR 100,000   84,438
1.41%, 6/26/2039

  EUR 200,000   146,107
FedEx Corp. 1.63%, 1/11/2027

  EUR 200,000   202,084
Fidelity National Information Services, Inc.:          
1.50%, 5/21/2027

  EUR 200,000   198,011
2.00%, 5/21/2030

  EUR 100,000   94,387
Goldman Sachs Group, Inc.:          
Series EMTN, 0.25%, 1/26/2028

  EUR 280,000   255,420
0.88%, 5/9/2029

  EUR 300,000   269,015
Series EMTN, 0.88%, 1/21/2030

  EUR 300,000   265,036
Series EMTN, 1.00%, 3/18/2033

  EUR 300,000   242,921
Series EMTN, 1.25%, 5/1/2025

  EUR 200,000   206,855
Series EMTN, 1.50%, 12/7/2027

  GBP 100,000   102,697
Series EMTN, 1.63%, 7/27/2026

  EUR 300,000   304,891
Series EMTN, 2.00%, 11/1/2028

  EUR 277,000   272,696
Series EMTN, 2.13%, 9/30/2024

  EUR 200,000   213,128
Series EMTN, 3.00%, 2/12/2031

  EUR 150,000   152,379
Series EMTN, 3.13%, 7/25/2029

  GBP 200,000   212,084
3.38%, 3/27/2025

  EUR 400,000   430,268
4.00%, 9/21/2029

  EUR 200,000   215,030
Series EMTN, 4.25%, 1/29/2026

  GBP 50,000   59,893
 
See accompanying notes to financial statements.
29


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series EMTN, UK 10 year Gilt + 1.95%, 3.63%, 10/29/2029 (a)

  GBP 100,000   $ 109,623
Honeywell International, Inc. 4.13%, 11/2/2034

  EUR 200,000   220,555
International Business Machines Corp.:          
0.30%, 2/11/2028

  EUR 300,000   279,899
0.65%, 2/11/2032

  EUR 200,000   167,859
Series EMTN, 0.88%, 1/31/2025

  EUR 100,000   103,821
Series EMTN, 0.88%, 2/9/2030

  EUR 100,000   91,215
0.95%, 5/23/2025

  EUR 200,000   206,261
1.25%, 2/9/2034

  EUR 100,000   83,766
1.50%, 5/23/2029

  EUR 100,000   95,997
1.75%, 1/31/2031

  EUR 200,000   189,530
Series EMTN, 2.88%, 11/7/2025

  EUR 200,000   213,262
3.38%, 2/6/2027

  EUR 300,000   322,106
3.63%, 2/6/2031

  EUR 300,000   323,442
3.75%, 2/6/2035

  EUR 100,000   106,646
4.00%, 2/6/2043

  EUR 100,000   106,145
4.88%, 2/6/2038

  GBP 100,000   113,103
Johnson & Johnson 1.65%, 5/20/2035

  EUR 200,000   186,566
JPMorgan Chase & Co.:          
Series EMTN, 1.50%, 1/27/2025

  EUR 100,000   104,901
Series EMTN, 1.50%, 10/29/2026

  EUR 300,000   302,442
Series EMTN, 2.88%, 5/24/2028

  EUR 200,000   206,390
Series EMTN, 3 Month EURIBOR - 0.65%, 0.39%, 2/24/2028 (a)

  EUR 150,000   141,898
Series EMTN, 3 Month EURIBOR - 0.65%, 0.60%, 2/17/2033 (a)

  EUR 300,000   243,537
Series EMTN, 3 Month EURIBOR + 0.76%, 1.09%, 3/11/2027 (a)

  EUR 300,000   299,050
Series EMTN, 3 Month EURIBOR + 0.84%, 1.64%, 5/18/2028 (a)

  EUR 400,000   394,467
Series EMTN, 3 Month EURIBOR + 0.85%, 1.00%, 7/25/2031 (a)

  EUR 400,000   351,253
Series EMTN, 3 Month EURIBOR + 0.87%, 1.05%, 11/4/2032 (a)

  EUR 200,000   169,904
Series EMTN, 3 Month EURIBOR + 0.95%, 1.81%, 6/12/2029 (a)

  EUR 200,000   194,480
Security Description     Principal
Amount
  Value
Series EMTN, 3 Month EURIBOR + 1.13%, 1.96%, 3/23/2030 (a)

  EUR 400,000   $ 384,815
SONIA + 0.68%, 0.99%, 4/28/2026 (a)

  GBP 200,000   230,023
Series EMTN, SONIA + 1.13%, 1.90%, 4/28/2033 (a)

  GBP 100,000   92,029
Kraft Heinz Foods Co. 2.25%, 5/25/2028

  EUR 200,000   201,477
Medtronic Global Holdings SCA:          
Zero Coupon, 10/15/2025

  EUR 100,000   99,728
0.25%, 7/2/2025

  EUR 200,000   202,505
0.38%, 10/15/2028

  EUR 100,000   92,150
1.00%, 7/2/2031

  EUR 100,000   88,550
1.13%, 3/7/2027

  EUR 300,000   297,895
1.38%, 10/15/2040

  EUR 100,000   72,952
1.50%, 7/2/2039

  EUR 200,000   153,070
1.63%, 3/7/2031

  EUR 100,000   94,031
1.63%, 10/15/2050

  EUR 200,000   132,088
1.75%, 7/2/2049

  EUR 100,000   69,091
2.25%, 3/7/2039

  EUR 100,000   86,513
3.00%, 10/15/2028

  EUR 200,000   211,095
3.13%, 10/15/2031

  EUR 200,000   208,858
3.38%, 10/15/2034

  EUR 300,000   314,110
Merck & Co., Inc. 1.88%, 10/15/2026

  EUR 200,000   205,769
Microsoft Corp. 3.13%, 12/6/2028

  EUR 300,000   327,061
Morgan Stanley:          
Series GMTN, 1.38%, 10/27/2026

  EUR 150,000   149,731
Series GMTN, 1.75%, 1/30/2025

  EUR 300,000   314,679
Series GMTN, 1.88%, 4/27/2027

  EUR 500,000   500,532
Series GMTN, 2.63%, 3/9/2027

  GBP 100,000   111,085
3 Month EURIBOR - 0.70%, 0.41%, 10/29/2027 (a)

  EUR 200,000   190,190
3 Month EURIBOR - 0.87%, 0.50%, 10/26/2029 (a)

  EUR 500,000   444,359
3 Month EURIBOR + 0.83%, 1.10%, 4/29/2033 (a)

  EUR 400,000   330,564
Series EMTN, 3 Month EURIBOR + 0.83%, 1.34%, 10/23/2026 (a)

  EUR 100,000   101,325
3 Month EURIBOR + 0.90%, 2.10%, 5/8/2026 (a)

  EUR 200,000   208,174
 
See accompanying notes to financial statements.
30


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
3 Month EURIBOR + 1.24%, 2.95%, 5/7/2032 (a)

  EUR 300,000   $ 295,062
3 Month EURIBOR + 1.30%, 4.66%, 3/2/2029 (a)

  EUR 400,000   438,405
3 Month EURIBOR + 1.76%, 4.81%, 10/25/2028 (a)

  EUR 100,000   110,200
3 Month EURIBOR + 1.95%, 5.15%, 1/25/2034 (a)

  EUR 100,000   114,175
SONIA + 2.25%, 5.79%, 11/18/2033 (a)

  GBP 300,000   364,952
Nestle Finance International Ltd.:          
Series EMTN, Zero Coupon, 6/14/2026

  EUR 100,000   98,593
0.38%, 5/12/2032

  EUR 100,000   86,196
Series EMTN, 1.13%, 4/1/2026

  EUR 200,000   205,127
Series EMTN, 1.50%, 4/1/2030

  EUR 200,000   194,975
Netflix, Inc.:          
3.63%, 5/15/2027

  EUR 200,000   212,985
3.63%, 6/15/2030

  EUR 200,000   207,366
3.88%, 11/15/2029

  EUR 200,000   212,378
4.63%, 5/15/2029

  EUR 200,000   220,585
PepsiCo, Inc.:          
Series EMTN, 0.50%, 5/6/2028

  EUR 200,000   189,441
0.75%, 10/14/2033

  EUR 100,000   83,753
Pfizer, Inc. Series REGS, 2.74%, 6/15/2043 (b)

  GBP 200,000   172,827
Philip Morris International, Inc. Series EMTN, 2.88%, 3/3/2026

  EUR 200,000   211,552
Procter & Gamble Co. 4.88%, 5/11/2027

  EUR 200,000   229,481
Roche Finance Europe BV Series EMTN, 0.88%, 2/25/2025

  EUR 100,000   104,711
Sanofi:          
Series EMTN, 0.50%, 1/13/2027

  EUR 100,000   98,660
1.00%, 4/1/2025

  EUR 300,000   312,151
Series 12FX, 1.38%, 3/21/2030

  EUR 300,000   288,116
Series EMTN, 1.50%, 4/1/2030

  EUR 200,000   195,056
Series EMTN, 1.75%, 9/10/2026

  EUR 300,000   309,667
Series 20FX, 1.88%, 3/21/2038

  EUR 200,000   183,303
Schlumberger Finance BV:          
1.38%, 10/28/2026

  EUR 200,000   202,066
2.00%, 5/6/2032

  EUR 100,000   94,651
Security Description     Principal
Amount
  Value
Schneider Electric SE Series EMTN, 0.25%, 9/9/2024

  EUR 100,000   $ 104,591
Stellantis NV:          
Series EMTN, 0.63%, 3/30/2027

  EUR 200,000   191,974
0.75%, 1/18/2029

  EUR 200,000   182,177
Series EMTN, 1.25%, 6/20/2033

  EUR 300,000   245,754
2.75%, 5/15/2026

  EUR 100,000   105,270
Series EMTN, 2.75%, 4/1/2032

  EUR 200,000   192,462
3.88%, 1/5/2026

  EUR 200,000   216,682
4.38%, 3/14/2030 (b)

  EUR 200,000   218,200
4.50%, 7/7/2028

  EUR 100,000   111,054
Thermo Fisher Scientific Finance I BV:          
0.80%, 10/18/2030

  EUR 300,000   267,994
1.13%, 10/18/2033

  EUR 200,000   169,057
1.63%, 10/18/2041

  EUR 200,000   149,493
Thermo Fisher Scientific, Inc.:          
0.75%, 9/12/2024

  EUR 148,000   155,310
Series EMTN, 1.88%, 10/1/2049

  EUR 100,000   70,205
Toyota Motor Credit Corp.:          
0.13%, 11/5/2027

  EUR 200,000   186,659
Series EMTN, 0.25%, 7/16/2026

  EUR 100,000   98,135
4.05%, 9/13/2029

  EUR 150,000   165,420
Upjohn Finance BV 1.91%, 6/23/2032

  EUR 300,000   251,033
Utah Acquisition Sub, Inc. 2.25%, 11/22/2024

  EUR 100,000   105,661
Verizon Communications, Inc.:          
0.88%, 4/8/2027

  EUR 500,000   487,363
1.25%, 4/8/2030

  EUR 200,000   183,040
1.30%, 5/18/2033

  EUR 300,000   252,239
1.38%, 10/27/2026

  EUR 400,000   402,755
1.38%, 11/2/2028

  EUR 100,000   95,615
2.63%, 12/1/2031

  EUR 100,000   97,986
Series 20Y, 2.88%, 1/15/2038

  EUR 400,000   371,486
Series EMTN, 3.25%, 2/17/2026

  EUR 250,000   268,225
3.38%, 10/27/2036

  GBP 200,000   192,983
4.25%, 10/31/2030

  EUR 100,000   110,372
4.75%, 10/31/2034

  EUR 100,000   114,171
Visa, Inc. 1.50%, 6/15/2026

  EUR 400,000   409,318
Walmart, Inc.:          
4.88%, 9/21/2029

  EUR 221,000   260,237
5.25%, 9/28/2035

  GBP 168,000   213,645
5.63%, 3/27/2034

  GBP 100,000   131,207
 
See accompanying notes to financial statements.
31


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Wells Fargo & Co.:          
Series EMTN, 0.63%, 3/25/2030

  EUR 100,000   $ 85,050
0.63%, 8/14/2030

  EUR 100,000   84,248
Series EMTN, 1.00%, 2/2/2027

  EUR 300,000   289,412
Series EMTN, 1.38%, 10/26/2026

  EUR 400,000   395,175
Series EMTN, 1.50%, 5/24/2027

  EUR 200,000   195,509
Series EMTN, 2.00%, 7/28/2025

  GBP 200,000   230,470
Series EMTN, 2.00%, 4/27/2026

  EUR 400,000   407,837
4.63%, 11/2/2035

  GBP 50,000   56,016
Series EMTN, 3 Month EURIBOR - 1.85%, 1.74%, 5/4/2030 (a)

  EUR 400,000   372,634
          44,404,299
TOTAL CORPORATE BONDS & NOTES

(Cost $186,798,053)

        166,448,236
    Shares  
SHORT-TERM INVESTMENTS — 1.4%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.07% (c)(d)

17,435 17,435
State Street Navigator Securities Lending Portfolio II (e)(f)

2,329,682 2,329,682
TOTAL SHORT-TERM INVESTMENTS

(Cost $2,347,117)

2,347,117
TOTAL INVESTMENTS — 99.6%

(Cost $189,145,170)

168,795,353
OTHER ASSETS IN EXCESS OF

LIABILITIES — 0.4%

716,390
NET ASSETS — 100.0%

$ 169,511,743
    
(a) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
DMTN Domestic Medium - Term Note
EMTN Euro Medium Term Note
GMTN Global Medium Term Note
MTN Medium Term Note
SONIA Sterling Overnight Index Average
AUD Australian Dollar
EUR Euro
GBP British Pound
JPY Japanese Yen
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes

  $   $166,448,236   $—   $166,448,236
Short-Term Investments

  2,347,117       2,347,117
TOTAL INVESTMENTS

  $2,347,117   $166,448,236   $—   $168,795,353
See accompanying notes to financial statements.
32


Table of Contents
SPDR BLOOMBERG INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Sector Breakdown as of June 30, 2023

   
    % of Total Investments
  Financial 53.6%
  Consumer, Non-cyclical 12.9
  Communications 8.9
  Consumer, Cyclical 7.3
  Utilities 4.7
  Energy 3.9
  Industrial 3.4
  Technology 3.2
  Basic Materials 0.7
  Short-Term Investments 1.4
  TOTAL 100.0%
(The sector breakdown is expressed as a percentage of total investments and may change over time.)
Affiliate Table
  Number of
Shares Held
at
12/31/22
  Value at

12/31/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares

126,467   $ 126,467   $19,238,328   $19,347,360   $—   $—   17,435   $ 17,435   $ 4,819
State Street Navigator Securities Lending Portfolio II

8,734,973   8,734,973   11,390,906   17,796,197       2,329,682   2,329,682   10,298
Total

    $8,861,440   $30,629,234   $37,143,557   $—   $—       $ 2,347,117   $ 15,117
See accompanying notes to financial statements.
33


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
FOREIGN GOVERNMENT OBLIGATIONS — 99.1%      
AUSTRALIA — 4.6%      
Australia Government Bonds:          
Series 159, 0.25%, 11/21/2024

  AUD 610,000   $ 384,183
Series 161, 0.25%, 11/21/2025

  AUD 4,216,000   2,563,081
Series 164, 0.50%, 9/21/2026

  AUD 4,048,000   2,410,542
Series 160, 1.00%, 12/21/2030

  AUD 2,996,000   1,610,612
Series 163, 1.00%, 11/21/2031

  AUD 2,393,000   1,252,997
Series 158, 1.25%, 5/21/2032

  AUD 3,980,000   2,103,952
Series 157, 1.50%, 6/21/2031

  AUD 3,039,000   1,678,807
Series 165, 1.75%, 11/21/2032

  AUD 2,823,000   1,546,670
Series 162, 1.75%, 6/21/2051

  AUD 1,721,000   666,053
Series 149, 2.25%, 5/21/2028

  AUD 3,673,000   2,260,642
Series 155, 2.50%, 5/21/2030

  AUD 3,785,000   2,294,745
Series 148, 2.75%, 11/21/2027

  AUD 3,178,000   2,012,301
Series 152, 2.75%, 11/21/2028

  AUD 3,705,000   2,322,427
Series 154, 2.75%, 11/21/2029

  AUD 3,354,000   2,078,793
Series 145, 2.75%, 6/21/2035

  AUD 852,000   495,698
Series 156, 2.75%, 5/21/2041

  AUD 1,272,000   682,550
Series 166, 3.00%, 11/21/2033

  AUD 3,653,000   2,218,623
Series 150, 3.00%, 3/21/2047

  AUD 1,657,000   882,780
Series 139, 3.25%, 4/21/2025

  AUD 4,159,000   2,722,025
Series 138, 3.25%, 4/21/2029

  AUD 3,402,000   2,180,316
Series 147, 3.25%, 6/21/2039

  AUD 1,257,000   739,903
Series 144, 3.75%, 4/21/2037

  AUD 1,225,000   779,861
Series 142, 4.25%, 4/21/2026

  AUD 3,506,000   2,345,627
Series 140, 4.50%, 4/21/2033

  AUD 2,113,000   1,459,197
Series 136, 4.75%, 4/21/2027

  AUD 4,771,000   3,259,490
Security Description     Principal
Amount
  Value
Series 167, COR, 3.75%, 5/21/2034

  AUD 3,075,000   $ 1,992,785
          44,944,660
AUSTRIA — 2.8%      
Republic of Austria Government Bonds:          
0.01%, 7/15/2024 (a)

  EUR 786,000   827,638
0.01%, 4/20/2025 (a)

  EUR 944,000   970,672
0.01%, 10/20/2028 (a)

  EUR 1,184,000   1,104,044
0.01%, 2/20/2030 (a)

  EUR 969,000   870,344
0.01%, 2/20/2031 (a)

  EUR 1,114,000   969,767
0.01%, 10/20/2040 (a)

  EUR 514,000   332,158
0.25%, 10/20/2036 (a)

  EUR 381,000   288,650
0.50%, 4/20/2027 (a)

  EUR 1,629,000   1,617,519
0.50%, 2/20/2029 (a)

  EUR 1,487,000   1,416,007
0.70%, 4/20/2071 (a)

  EUR 330,000   162,374
0.75%, 10/20/2026 (a)

  EUR 1,394,000   1,411,788
0.75%, 2/20/2028 (a)

  EUR 1,176,000   1,159,205
0.75%, 3/20/2051 (a)

  EUR 264,000   166,812
0.85%, 6/30/2120 (a)

  EUR 600,000   267,390
0.90%, 2/20/2032 (a)

  EUR 1,854,000   1,703,886
1.20%, 10/20/2025 (a)

  EUR 1,335,000   1,393,143
1.50%, 2/20/2047 (a)

  EUR 1,002,000   803,815
1.50%, 11/2/2086 (a)

  EUR 222,000   145,205
Series 1, 1.65%, 10/21/2024 (a)

  EUR 1,298,000   1,384,941
1.85%, 5/23/2049 (a)

  EUR 400,000   342,482
2.00%, 7/15/2026 (a)

  EUR 670,000   707,658
2.10%, 9/20/2117 (a)

  EUR 625,000   499,247
2.40%, 5/23/2034 (a)

  EUR 857,000   878,608
3.15%, 6/20/2044 (a)

  EUR 1,356,000   1,497,859
3.80%, 1/26/2062 (a)

  EUR 665,000   845,414
4.15%, 3/15/2037 (a)

  EUR 1,843,000   2,239,513
4.85%, 3/15/2026 (a)

  EUR 1,396,000   1,588,040
6.25%, 7/15/2027

  EUR 947,000   1,157,088
COR, 2.90%, 2/20/2033 (a)

  EUR 575,000   619,885
          27,371,152
BELGIUM — 4.0%      
Kingdom of Belgium Government Bonds:          
Series 92, 0.01%, 10/22/2031 (a)

  EUR 1,813,000   1,553,326
Series 89, 0.10%, 6/22/2030 (a)

  EUR 651,200   587,240
Series 94, 0.35%, 6/22/2032 (a)

  EUR 1,992,000   1,725,670
Series 82, 0.50%, 10/22/2024 (a)

  EUR 341,000   358,195
Series 93, 0.65%, 6/22/2071 (a)

  EUR 738,000   332,248
Series 74, 0.80%, 6/22/2025 (a)

  EUR 2,400,000   2,498,505
Series 81, 0.80%, 6/22/2027 (a)

  EUR 2,023,000   2,028,668
 
See accompanying notes to financial statements.
34


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 85, 0.80%, 6/22/2028 (a)

  EUR 2,136,000   $ 2,108,292
Series 87, 0.90%, 6/22/2029 (a)

  EUR 2,101,000   2,048,353
Series 77, 1.00%, 6/22/2026 (a)

  EUR 2,069,000   2,126,940
Series 75, 1.00%, 6/22/2031 (a)

  EUR 1,983,000   1,870,020
Series 86, 1.25%, 4/22/2033 (a)

  EUR 1,334,000   1,246,330
Series 95, 1.40%, 6/22/2053 (a)

  EUR 1,448,000   1,006,218
Series 84, 1.45%, 6/22/2037 (a)

  EUR 609,000   534,982
Series 78, 1.60%, 6/22/2047 (a)

  EUR 1,583,000   1,234,550
Series 88, 1.70%, 6/22/2050 (a)

  EUR 1,312,000   1,015,859
Series 76, 1.90%, 6/22/2038 (a)

  EUR 827,000   758,860
Series 80, 2.15%, 6/22/2066 (a)

  EUR 991,000   807,229
Series 83, 2.25%, 6/22/2057 (a)

  EUR 594,000   508,198
Series 96, 2.75%, 4/22/2039 (a)

  EUR 650,000   662,338
Series 97, 3.00%, 6/22/2033 (a)

  EUR 255,000   276,825
Series 73, 3.00%, 6/22/2034 (a)

  EUR 1,192,000   1,288,677
Series 71, 3.75%, 6/22/2045

  EUR 1,243,000   1,442,490
Series 66, 4.00%, 3/28/2032

  EUR 989,000   1,161,090
Series 60, 4.25%, 3/28/2041 (a)

  EUR 2,124,000   2,607,385
Series 64, 4.50%, 3/28/2026 (a)

  EUR 1,463,000   1,652,956
Series 44, 5.00%, 3/28/2035 (a)

  EUR 2,460,000   3,164,809
Series 31, 5.50%, 3/28/2028

  EUR 2,112,000   2,565,645
          39,171,898
CANADA — 4.6%      
Canada Government Bonds:          
0.25%, 3/1/2026

  CAD 1,061,000   722,477
0.50%, 9/1/2025

  CAD 3,432,000   2,385,155
0.50%, 12/1/2030

  CAD 2,320,000   1,426,196
0.75%, 10/1/2024

  CAD 1,045,000   751,071
1.00%, 9/1/2026

  CAD 1,300,000   896,472
1.00%, 6/1/2027

  CAD 857,000   584,814
1.25%, 3/1/2025

  CAD 1,423,000   1,018,398
1.25%, 3/1/2027

  CAD 1,050,000   723,155
1.25%, 6/1/2030

  CAD 3,087,000   2,028,371
1.50%, 9/1/2024

  CAD 1,032,000   750,313
Security Description     Principal
Amount
  Value
1.50%, 4/1/2025

  CAD 1,185,000   $ 848,901
1.50%, 6/1/2026

  CAD 903,000   635,077
1.50%, 6/1/2031

  CAD 3,590,000   2,367,018
1.50%, 12/1/2031

  CAD 1,490,000   976,201
1.75%, 12/1/2053

  CAD 2,845,000   1,585,578
2.00%, 6/1/2028

  CAD 1,350,000   950,863
2.00%, 6/1/2032

  CAD 2,446,000   1,663,143
2.00%, 12/1/2051

  CAD 4,707,000   2,814,244
2.25%, 6/1/2025

  CAD 910,000   660,005
2.25%, 6/1/2029

  CAD 1,525,000   1,081,864
2.25%, 12/1/2029

  CAD 1,118,000   789,579
2.50%, 12/1/2032

  CAD 3,030,000   2,145,068
2.75%, 8/1/2024

  CAD 1,787,000   1,319,301
2.75%, 9/1/2027

  CAD 1,703,000   1,236,712
2.75%, 6/1/2033

  CAD 1,125,000   813,515
2.75%, 12/1/2048

  CAD 952,000   671,481
2.75%, 12/1/2064

  CAD 685,000   475,601
3.00%, 11/1/2024

  CAD 3,212,000   2,370,137
3.00%, 10/1/2025

  CAD 1,525,000   1,117,388
3.25%, 8/24/2027

  CAD 1,000,000   740,342
3.50%, 8/1/2025

  CAD 250,000   185,167
3.50%, 3/1/2028

  CAD 1,000,000   749,833
3.50%, 12/1/2045

  CAD 1,532,000   1,216,646
3.75%, 2/1/2025

  CAD 1,625,000   1,209,955
4.00%, 6/1/2041

  CAD 1,312,000   1,095,070
5.00%, 6/1/2037

  CAD 1,020,000   920,232
Series WL43, 5.75%, 6/1/2029

  CAD 1,172,000   993,933
5.75%, 6/1/2033

  CAD 1,356,000   1,235,882
Series VW17, 8.00%, 6/1/2027

  CAD 370,000   322,823
Series A-76, 9.00%, 6/1/2025

  CAD 330,000   269,677
COR, 3.00%, 4/1/2026

  CAD 278,000   203,545
COR, 3.75%, 5/1/2025

  CAD 719,000   535,600
          45,486,803
CHILE — 0.4%      
Bonos de la Tesoreria de la Republica en pesos:          
0.01%, 6/19/2024

  CLP 135,000,000   156,290
2.30%, 10/1/2028 (a)

  CLP 170,000,000   184,200
2.50%, 3/1/2025

  CLP 250,000,000   291,669
4.50%, 3/1/2026

  CLP 410,000,000   496,913
4.70%, 9/1/2030 (a)

  CLP 420,000,000   505,705
5.00%, 10/1/2028 (a)

  CLP 150,000,000   183,731
5.00%, 3/1/2035

  CLP 540,000,000   665,604
5.10%, 7/15/2050

  CLP 240,000,000   296,317
Series 30YR, 6.00%, 1/1/2043

  CLP 330,000,000   453,628
7.00%, 5/1/2034 (a)

  CLP 360,000,000   520,639
          3,754,696
 
See accompanying notes to financial statements.
35


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
CHINA — 4.6%      
China Government Bonds:          
1.99%, 9/15/2024

  CNY 3,520,000   $ 483,885
2.18%, 8/25/2025

  CNY 18,000,000   2,474,308
Series INBK, 2.24%, 5/25/2025

  CNY 5,550,000   764,065
Series INBK, 2.26%, 2/24/2025

  CNY 6,800,000   936,936
2.28%, 11/25/2025

  CNY 13,500,000   1,858,286
2.29%, 12/25/2024

  CNY 1,400,000   193,227
2.30%, 5/15/2026

  CNY 9,000,000   1,240,405
2.44%, 10/15/2027

  CNY 13,050,000   1,795,277
Series INBK, 2.47%, 9/2/2024

  CNY 12,550,000   1,735,244
Series INBK, 2.48%, 4/15/2027

  CNY 6,500,000   896,583
Series 2216, 2.50%, 7/25/2027

  CNY 7,500,000   1,034,452
2.60%, 9/1/2032

  CNY 7,500,000   1,020,589
2.64%, 1/15/2028

  CNY 5,500,000   763,699
2.69%, 8/15/2032

  CNY 8,000,000   1,096,518
Series INBK, 2.75%, 6/15/2029

  CNY 2,550,000   353,335
Series INBK, 2.75%, 2/17/2032

  CNY 10,650,000   1,467,349
2.76%, 5/15/2032

  CNY 2,650,000   365,189
2.79%, 12/15/2029

  CNY 2,000,000   276,974
Series INBK, 2.80%, 3/24/2029

  CNY 4,000,000   556,950
2.80%, 11/15/2032

  CNY 7,750,000   1,073,161
Series INBK, 2.85%, 6/4/2027

  CNY 9,700,000   1,356,427
2.88%, 2/25/2033

  CNY 7,500,000   1,049,323
Series INBK, 2.89%, 11/18/2031

  CNY 6,400,000   891,551
3.12%, 10/25/2052

  CNY 5,500,000   765,190
Series 1907, 3.25%, 6/6/2026

  CNY 20,150,000   2,853,265
Series 1827, 3.25%, 11/22/2028

  CNY 48,850,000   6,999,975
Series INBK, 3.27%, 11/19/2030

  CNY 8,350,000   1,204,054
Series INBK, 3.32%, 4/15/2052

  CNY 6,000,000   860,137
Series INBK, 3.39%, 3/16/2050

  CNY 7,550,000   1,091,274
Series INBK, 3.76%, 3/22/2071

  CNY 4,000,000   632,187
Series INBK, 3.81%, 9/14/2050

  CNY 2,500,000   388,317
Series 1824, 4.08%, 10/22/2048

  CNY 39,630,000   6,375,489
Series 1417, 4.63%, 8/11/2034

  CNY 500,000   81,651
          44,935,272
Security Description     Principal
Amount
  Value
COLOMBIA — 0.7%      
Colombia TES:          
Series B, 5.75%, 11/3/2027

  COP 758,000,000   $ 156,200
Series B, 6.00%, 4/28/2028

  COP 6,475,000,000   1,329,013
Series B, 6.25%, 11/26/2025

  COP 695,000,000   154,001
Series B, 7.00%, 3/26/2031

  COP 3,645,000,000   735,728
Series B, 7.00%, 6/30/2032

  COP 6,590,000,000   1,293,558
Series B, 7.25%, 10/26/2050

  COP 2,162,000,000   367,552
Series B, 7.50%, 8/26/2026

  COP 6,008,000,000   1,350,382
Series B, 9.25%, 5/28/2042

  COP 5,845,000,000   1,252,620
          6,639,054
CROATIA — 0.3%      
Croatia Government International Bonds:          
1.13%, 6/19/2029

  EUR 341,000   324,690
2.88%, 4/22/2032

  EUR 1,150,000   1,175,537
3.00%, 3/20/2027

  EUR 1,000,000   1,076,185
          2,576,412
CYPRUS — 0.1%      
Cyprus Government International Bonds:          
Series EMTN, 0.63%, 1/21/2030

  EUR 150,000   135,815
Series EMTN, 0.95%, 1/20/2032

  EUR 150,000   130,953
Series EMTN, 1.25%, 1/21/2040

  EUR 100,000   72,248
Series EMTN, 1.50%, 4/16/2027

  EUR 150,000   151,600
Series EMTN, 2.38%, 9/25/2028

  EUR 250,000   256,703
Series EMTN, 2.75%, 2/26/2034

  EUR 100,000   97,334
Series EMTN, 2.75%, 5/3/2049

  EUR 250,000   223,588
Series EMTN, 4.25%, 11/4/2025

  EUR 170,000   188,594
          1,256,835
CZECH REPUBLIC — 0.9%      
Czech Republic Government Bonds:          
Series 1351, Zero Coupon, 12/12/2024

  CZK 1,950,000   82,560
Series 130, 0.05%, 11/29/2029

  CZK 10,750,000   373,492
Series 100, 0.25%, 2/10/2027

  CZK 12,560,000   490,534
 
See accompanying notes to financial statements.
36


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 94, 0.95%, 5/15/2030

  CZK 14,680,000   $ 536,673
Series 95, 1.00%, 6/26/2026

  CZK 10,690,000   436,832
Series 121, 1.20%, 3/13/2031

  CZK 15,160,000   552,271
Series 125, 1.50%, 4/24/2040

  CZK 9,600,000   286,543
Series 11Y, 1.75%, 6/23/2032

  CZK 11,300,000   420,309
Series 142, 1.95%, 7/30/2037

  CZK 3,500,000   120,782
Series 103, 2.00%, 10/13/2033

  CZK 20,200,000   747,879
Series 89, 2.40%, 9/17/2025

  CZK 17,190,000   741,092
Series 78, 2.50%, 8/25/2028

  CZK 18,700,000   775,759
Series 105, 2.75%, 7/23/2029

  CZK 21,430,000   890,625
Series 145, 3.50%, 5/30/2035

  CZK 9,400,000   397,766
Series 49, 4.20%, 12/4/2036

  CZK 7,560,000   339,798
Series 53, 4.85%, 11/26/2057

  CZK 1,750,000   81,485
Series 11Y, 4.90%, 4/14/2034

  CZK 3,850,000   185,279
Series 8Y, 5.00%, 9/30/2030

  CZK 11,400,000   540,767
Series 6Y, 5.50%, 12/12/2028

  CZK 8,400,000   404,246
Series 148, 6.00%, 2/26/2026

  CZK 15,050,000   708,033
          9,112,725
DENMARK — 0.7%      
Denmark Government Bonds:          
Series 2024, 0.01%, 11/15/2024

  DKK 3,750,000   524,424
Series 10Y, 0.01%, 11/15/2031

  DKK 8,717,000   1,025,611
Series 30Y, 0.25%, 11/15/2052

  DKK 6,167,000   476,249
Series 10Y, 0.50%, 11/15/2027

  DKK 7,522,000   996,714
Series 10YR, 0.50%, 11/15/2029

  DKK 7,775,000   992,511
1.75%, 11/15/2025

  DKK 5,128,000   726,039
4.50%, 11/15/2039

  DKK 12,909,000   2,329,607
7.00%, 11/10/2024

  DKK 1,002,000   153,570
          7,224,725
ESTONIA — 0.0% (b)      
Estonia Government International Bonds:          
0.13%, 6/10/2030

  EUR 188,000   164,166
Security Description     Principal
Amount
  Value
4.00%, 10/12/2032

  EUR 175,000   $ 195,981
          360,147
FINLAND — 1.1%      
Finland Government Bonds:          
0.01%, 9/15/2024 (a)

  EUR 366,000   383,054
0.01%, 9/15/2026 (a)

  EUR 143,000   141,498
0.01%, 9/15/2030 (a)

  EUR 575,000   509,428
0.13%, 9/15/2031 (a)

  EUR 642,000   557,795
0.13%, 4/15/2036 (a)

  EUR 471,000   353,423
0.13%, 4/15/2052 (a)

  EUR 634,000   323,353
0.25%, 9/15/2040 (a)

  EUR 185,000   125,694
0.50%, 4/15/2026 (a)

  EUR 814,000   826,822
0.50%, 9/15/2027 (a)

  EUR 473,000   465,832
0.50%, 9/15/2028 (a)

  EUR 454,000   437,812
0.50%, 9/15/2029 (a)

  EUR 748,000   705,413
0.50%, 4/15/2043 (a)

  EUR 442,000   299,716
0.75%, 4/15/2031 (a)

  EUR 737,000   683,707
0.88%, 9/15/2025 (a)

  EUR 202,000   209,415
1.13%, 4/15/2034 (a)

  EUR 716,000   646,419
1.38%, 4/15/2027 (a)

  EUR 683,000   700,219
Series 30Y, 1.38%, 4/15/2047 (a)

  EUR 626,000   500,786
1.50%, 9/15/2032 (a)

  EUR 1,041,000   1,002,724
2.63%, 7/4/2042 (a)

  EUR 716,000   733,112
2.75%, 7/4/2028 (a)

  EUR 804,000   870,368
4.00%, 7/4/2025 (a)

  EUR 699,000   772,348
          11,248,938
FRANCE — 5.0%      
French Republic Government Bonds OAT:          
0.01%, 2/25/2025

  EUR 903,000   932,604
0.01%, 3/25/2025

  EUR 636,000   655,442
0.01%, 2/25/2026

  EUR 253,000   254,331
0.01%, 2/25/2027

  EUR 1,253,000   1,227,661
0.01%, 11/25/2029

  EUR 1,278,000   1,165,790
0.01%, 11/25/2030

  EUR 1,643,000   1,456,202
0.01%, 11/25/2031

  EUR 778,000   670,128
0.01%, 5/25/2032

  EUR 1,048,000   888,649
0.25%, 11/25/2026

  EUR 1,430,000   1,421,851
0.50%, 5/25/2025

  EUR 1,559,000   1,613,771
0.50%, 5/25/2026

  EUR 1,653,000   1,675,607
0.50%, 5/25/2029

  EUR 1,287,000   1,226,878
0.50%, 5/25/2040 (a)

  EUR 367,000   261,068
0.50%, 6/25/2044 (a)

  EUR 500,000   322,646
0.50%, 5/25/2072 (a)

  EUR 617,000   262,124
0.75%, 2/25/2028

  EUR 1,842,000   1,822,125
0.75%, 5/25/2028

  EUR 1,666,000   1,641,382
0.75%, 11/25/2028

  EUR 1,300,000   1,270,043
0.75%, 5/25/2052

  EUR 402,000   238,466
0.75%, 5/25/2053 (a)

  EUR 700,000   406,117
1.00%, 11/25/2025

  EUR 1,680,000   1,742,080
1.00%, 5/25/2027

  EUR 1,147,000   1,161,366
 
See accompanying notes to financial statements.
37


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
1.25%, 5/25/2034

  EUR 1,227,000   $ 1,123,701
1.25%, 5/25/2036 (a)

  EUR 1,770,000   1,558,880
1.50%, 5/25/2031

  EUR 1,293,000   1,280,967
1.50%, 5/25/2050 (a)

  EUR 1,042,000   789,137
1.75%, 11/25/2024

  EUR 1,227,000   1,308,752
1.75%, 6/25/2039 (a)

  EUR 1,015,000   918,254
1.75%, 5/25/2066 (a)

  EUR 750,000   557,492
2.00%, 11/25/2032

  EUR 1,250,000   1,263,768
2.00%, 5/25/2048 (a)

  EUR 898,000   773,580
2.50%, 5/25/2030

  EUR 1,767,000   1,889,627
2.75%, 10/25/2027

  EUR 1,792,000   1,940,214
3.00%, 5/25/2033

  EUR 685,000   751,314
3.25%, 5/25/2045

  EUR 1,007,000   1,100,786
3.50%, 4/25/2026

  EUR 1,586,000   1,747,405
4.00%, 10/25/2038

  EUR 956,000   1,148,923
4.00%, 4/25/2055 (a)

  EUR 806,000   1,002,734
4.00%, 4/25/2060

  EUR 519,000   655,407
4.50%, 4/25/2041

  EUR 1,330,000   1,703,372
4.75%, 4/25/2035

  EUR 966,000   1,229,097
5.50%, 4/25/2029

  EUR 1,499,000   1,860,259
5.75%, 10/25/2032

  EUR 1,025,000   1,374,249
6.00%, 10/25/2025

  EUR 1,051,000   1,216,531
COR, 1.25%, 5/25/2038

  EUR 367,000   310,542
          49,821,322
GERMANY — 4.5%      
Bundesobligation:          
Series 180, 0.01%, 10/18/2024

  EUR 401,000   419,044
Series 181, 0.01%, 4/11/2025

  EUR 879,000   906,751
Series 182, 0.01%, 10/10/2025

  EUR 1,241,000   1,263,719
Series 183, 0.01%, 4/10/2026

  EUR 1,196,000   1,204,560
Series 186, 1.30%, 10/15/2027

  EUR 756,000   780,449
Bundesrepublik Deutschland Bundesanleihe:          
0.01%, 8/15/2026

  EUR 559,000   559,265
0.01%, 11/15/2028

  EUR 890,000   850,504
0.01%, 8/15/2029

  EUR 1,029,000   968,155
0.01%, 2/15/2030

  EUR 484,000   450,650
0.01%, 8/15/2030

  EUR 1,856,000   1,711,610
0.01%, 2/15/2031

  EUR 1,462,000   1,333,051
0.01%, 8/15/2031

  EUR 1,409,000   1,272,026
0.01%, 2/15/2032

  EUR 1,460,000   1,303,017
0.01%, 8/15/2050

  EUR 1,769,000   1,036,482
0.01%, 8/15/2052

  EUR 575,000   320,887
0.25%, 2/15/2027

  EUR 1,472,000   1,470,731
0.25%, 8/15/2028

  EUR 1,230,000   1,197,136
0.25%, 2/15/2029

  EUR 890,000   858,620
0.50%, 2/15/2025

  EUR 1,316,000   1,374,527
0.50%, 2/15/2026

  EUR 1,561,000   1,598,763
Security Description     Principal
Amount
  Value
0.50%, 8/15/2027

  EUR 1,263,000   $ 1,264,479
0.50%, 2/15/2028

  EUR 1,238,000   1,230,331
1.00%, 8/15/2024

  EUR 1,040,000   1,105,451
1.00%, 8/15/2025

  EUR 944,000   985,680
1.00%, 5/15/2038

  EUR 503,000   447,469
1.25%, 8/15/2048

  EUR 1,036,000   896,757
1.70%, 8/15/2032

  EUR 1,300,000   1,341,170
1.80%, 8/15/2053

  EUR 589,000   561,255
2.50%, 7/4/2044

  EUR 844,000   927,971
2.50%, 8/15/2046

  EUR 973,000   1,080,778
3.25%, 7/4/2042

  EUR 972,000   1,180,262
Series 05, 4.00%, 1/4/2037

  EUR 1,179,000   1,508,483
Series 2007, 4.25%, 7/4/2039

  EUR 778,000   1,041,874
Series 98, 4.75%, 7/4/2028

  EUR 745,000   895,703
Series 03, 4.75%, 7/4/2034

  EUR 932,000   1,242,982
Series 08, 4.75%, 7/4/2040

  EUR 744,000   1,061,469
Series 00, 5.50%, 1/4/2031

  EUR 954,000   1,256,887
Series 98, 5.63%, 1/4/2028

  EUR 875,000   1,075,975
Series 00, 6.25%, 1/4/2030

  EUR 599,000   800,869
Series 97, 6.50%, 7/4/2027

  EUR 1,010,000   1,258,441
COR, 2.10%, 11/15/2029

  EUR 350,000   373,469
COR, 2.30%, 2/15/2033

  EUR 1,136,000   1,228,937
Bundesschatzanweisungen:          
2.20%, 12/12/2024

  EUR 205,000   220,085
COR, 2.50%, 3/13/2025

  EUR 716,000   771,361
          44,638,085
HONG KONG — 0.1%      
Hong Kong Government Bonds Programme:          
1.25%, 6/29/2027

  HKD 1,000,000   116,442
1.59%, 3/4/2036

  HKD 200,000   19,748
1.68%, 1/21/2026

  HKD 1,350,000   163,312
1.79%, 4/14/2025

  HKD 950,000   116,630
1.89%, 3/2/2032

  HKD 800,000   89,165
1.97%, 1/17/2029

  HKD 600,000   70,724
2.02%, 3/7/2034

  HKD 300,000   32,605
2.13%, 7/16/2030

  HKD 500,000   57,999
2.22%, 8/7/2024

  HKD 1,550,000   193,642
          860,267
 
See accompanying notes to financial statements.
38


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
HUNGARY — 0.4%      
Hungary Government Bonds:          
Series 25/C, 1.00%, 11/26/2025

  HUF 140,930,000   $ 344,278
Series 26/E, 1.50%, 4/22/2026

  HUF 92,000,000   220,845
Series 26/F, 1.50%, 8/26/2026

  HUF 65,000,000   153,979
Series 29/A, 2.00%, 5/23/2029

  HUF 50,000,000   110,928
Series 33/A, 2.25%, 4/20/2033 (c)

  HUF 51,720,000   103,504
Series 34/A, 2.25%, 6/22/2034

  HUF 40,000,000   76,762
Series 24/C, 2.50%, 10/24/2024

  HUF 39,830,000   105,188
Series 26/D, 2.75%, 12/22/2026

  HUF 100,080,000   242,999
Series 27/A, 3.00%, 10/27/2027

  HUF 156,260,000   380,357
Series 30/A, 3.00%, 8/21/2030

  HUF 129,210,000   293,985
Series 38/A, 3.00%, 10/27/2038

  HUF 103,500,000   194,262
Series 41/A, 3.00%, 4/25/2041

  HUF 45,000,000   80,841
Series 31/A, 3.25%, 10/22/2031

  HUF 135,000,000   305,152
Series 28/B, 4.50%, 3/23/2028

  HUF 151,000,000   386,531
4.50%, 5/27/2032

  HUF 71,000,000   173,654
Series 32/A, 4.75%, 11/24/2032

  HUF 251,000,000   621,318
Series 25/B, 5.50%, 6/24/2025

  HUF 142,840,000   386,489
Series 28/A, 6.75%, 10/22/2028

  HUF 92,270,000   258,513
          4,439,585
INDONESIA — 2.9%      
Indonesia Treasury Bonds:          
Series FR90, 5.13%, 4/15/2027

  IDR 10,006,000,000   655,055
Series FR86, 5.50%, 4/15/2026

  IDR 22,730,000,000   1,506,549
Series FR64, 6.13%, 5/15/2028

  IDR 60,343,000,000   4,040,988
Series FR88, 6.25%, 6/15/2036

  IDR 33,161,000,000   2,186,888
Series FR95, 6.38%, 8/15/2028

  IDR 29,328,000,000   1,993,658
Series FR91, 6.38%, 4/15/2032

  IDR 4,815,000,000   322,067
Series FR93, 6.38%, 7/15/2037

  IDR 5,605,000,000   370,120
Security Description     Principal
Amount
  Value
Series FR81, 6.50%, 6/15/2025

  IDR 12,339,000,000   $ 832,565
Series FR65, 6.63%, 5/15/2033

  IDR 61,300,000,000   4,156,669
Series FR89, 6.88%, 8/15/2051

  IDR 6,515,000,000   441,633
Series FR59, 7.00%, 5/15/2027

  IDR 44,850,000,000   3,093,812
Series FR96, 7.00%, 2/15/2033

  IDR 16,205,000,000   1,135,501
Series FR98, 7.13%, 6/15/2038

  IDR 5,250,000,000   370,307
Series FR92, 7.13%, 6/15/2042

  IDR 11,230,000,000   782,612
Series FR97, 7.13%, 6/15/2043

  IDR 5,000,000,000   352,436
Series FR76, 7.38%, 5/15/2048

  IDR 10,875,000,000   769,465
Series FR75, 7.50%, 5/15/2038

  IDR 48,206,000,000   3,484,431
Perusahaan Penerbit SBSN Indonesia:          
Series PBS, 4.88%, 7/15/2026

  IDR 6,200,000,000   399,373
Series PBS, 5.38%, 8/15/2025

  IDR 12,010,000,000   791,934
Series PBS, 6.75%, 6/15/2047

  IDR 7,500,000,000   491,451
          28,177,514
IRELAND — 1.3%      
Ireland Government Bonds:          
0.01%, 10/18/2031

  EUR 1,013,000   878,400
0.20%, 5/15/2027

  EUR 301,000   295,078
0.20%, 10/18/2030

  EUR 472,000   427,235
0.35%, 10/18/2032

  EUR 527,000   460,014
0.40%, 5/15/2035

  EUR 740,900   603,477
0.55%, 4/22/2041

  EUR 219,000   155,151
0.90%, 5/15/2028

  EUR 953,000   948,100
1.00%, 5/15/2026

  EUR 1,110,000   1,143,702
1.10%, 5/15/2029

  EUR 980,000   968,648
1.30%, 5/15/2033

  EUR 584,000   550,977
1.35%, 3/18/2031

  EUR 937,000   921,734
1.50%, 5/15/2050

  EUR 1,102,000   841,465
1.70%, 5/15/2037

  EUR 813,000   747,088
2.00%, 2/18/2045

  EUR 1,160,000   1,030,386
2.40%, 5/15/2030

  EUR 1,143,000   1,217,031
5.40%, 3/13/2025

  EUR 1,309,000   1,478,189
COR, 3.00%, 10/18/2043

  EUR 150,000   160,675
          12,827,350
 
See accompanying notes to financial statements.
39


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
ISRAEL — 0.6%      
Israel Government Bonds - Fixed:          
Series 0425, 0.50%, 4/30/2025

  ILS 2,395,000   $ 602,833
Series 0226, 0.50%, 2/27/2026

  ILS 1,850,000   454,096
Series 0330, 1.00%, 3/31/2030

  ILS 2,725,000   615,360
Series 0432, 1.30%, 4/30/2032

  ILS 1,400,000   309,166
Series 0537, 1.50%, 5/31/2037

  ILS 1,600,000   319,904
Series 0825, 1.75%, 8/31/2025

  ILS 2,404,000   614,659
Series 0327, 2.00%, 3/31/2027

  ILS 2,215,000   557,914
Series 0928, 2.25%, 9/28/2028

  ILS 2,975,000   743,897
Series 1152, 2.80%, 11/29/2052

  ILS 900,000   186,244
Series 0347, 3.75%, 3/31/2047

  ILS 2,585,000   664,231
Series 0142, 5.50%, 1/31/2042

  ILS 2,948,000   948,624
Series 1026, 6.25%, 10/30/2026

  ILS 1,490,000   429,705
          6,446,633
ITALY — 4.6%      
Italy Buoni Poliennali Del Tesoro:          
0.01%, 12/15/2024

  EUR 500,000   516,781
Series 5Y, 0.01%, 4/1/2026

  EUR 1,045,000   1,028,900
0.01%, 8/1/2026

  EUR 645,000   627,767
0.25%, 3/15/2028

  EUR 310,000   288,324
0.35%, 2/1/2025

  EUR 367,000   379,464
Series 5Y, 0.50%, 2/1/2026

  EUR 434,000   435,792
0.60%, 8/1/2031 (a)

  EUR 1,296,000   1,097,763
0.90%, 4/1/2031

  EUR 732,000   643,043
0.95%, 8/1/2030

  EUR 954,000   857,421
0.95%, 12/1/2031 (a)

  EUR 690,000   596,824
0.95%, 6/1/2032

  EUR 650,000   553,704
0.95%, 3/1/2037 (a)

  EUR 186,000   136,683
1.20%, 8/15/2025

  EUR 864,000   893,104
1.25%, 12/1/2026

  EUR 688,000   692,130
1.35%, 4/1/2030

  EUR 897,000   837,445
1.45%, 11/15/2024

  EUR 334,000   353,210
1.45%, 5/15/2025

  EUR 600,000   627,568
1.45%, 3/1/2036 (a)

  EUR 518,000   418,089
1.50%, 6/1/2025

  EUR 405,000   423,209
1.50%, 4/30/2045 (a)

  EUR 300,000   202,206
Series 10Y, 1.60%, 6/1/2026

  EUR 898,000   922,276
1.65%, 12/1/2030 (a)

  EUR 919,000   862,245
Security Description     Principal
Amount
  Value
1.65%, 3/1/2032 (a)

  EUR 1,277,000   $ 1,168,622
1.70%, 9/1/2051 (a)

  EUR 150,000   98,005
1.80%, 3/1/2041 (a)

  EUR 140,000   107,324
1.85%, 7/1/2025 (a)

  EUR 444,000   466,568
2.00%, 12/1/2025

  EUR 899,000   941,520
2.00%, 2/1/2028

  EUR 826,000   837,183
2.05%, 8/1/2027

  EUR 1,153,000   1,180,043
2.10%, 7/15/2026

  EUR 727,000   756,228
2.15%, 9/1/2052 (a)

  EUR 700,000   499,941
2.15%, 3/1/2072 (a)

  EUR 240,000   155,233
2.20%, 6/1/2027

  EUR 750,000   774,165
2.25%, 9/1/2036 (a)

  EUR 645,000   571,158
2.45%, 9/1/2033 (a)

  EUR 229,000   217,901
Series CAC, 2.45%, 9/1/2050 (a)

  EUR 500,000   390,074
2.50%, 12/1/2024

  EUR 542,000   581,102
Series 7Y, 2.50%, 11/15/2025

  EUR 843,000   894,145
2.65%, 12/1/2027

  EUR 371,000   387,407
2.70%, 3/1/2047 (a)

  EUR 675,000   571,463
2.80%, 12/1/2028

  EUR 1,302,000   1,358,251
2.80%, 6/15/2029

  EUR 942,000   974,536
2.80%, 3/1/2067 (a)

  EUR 245,000   190,863
2.95%, 9/1/2038 (a)

  EUR 658,000   618,629
3.00%, 8/1/2029

  EUR 797,000   834,355
3.10%, 3/1/2040 (a)

  EUR 254,000   239,603
3.25%, 3/1/2038 (a)

  EUR 637,000   621,794
3.25%, 9/1/2046 (a)

  EUR 631,000   588,859
3.35%, 3/1/2035 (a)

  EUR 374,000   378,860
3.45%, 3/1/2048 (a)

  EUR 475,000   455,644
3.50%, 3/1/2030 (a)

  EUR 309,000   331,826
3.75%, 9/1/2024

  EUR 430,000   468,799
3.85%, 9/1/2049 (a)

  EUR 319,000   324,644
4.00%, 2/1/2037 (a)

  EUR 969,000   1,041,692
4.50%, 3/1/2026 (a)

  EUR 1,157,000   1,285,261
4.75%, 9/1/2028 (a)

  EUR 924,000   1,056,702
4.75%, 9/1/2044 (a)

  EUR 781,000   902,865
5.00%, 3/1/2025 (a)

  EUR 550,000   610,958
5.00%, 8/1/2034 (a)

  EUR 906,000   1,067,601
5.00%, 8/1/2039 (a)

  EUR 579,000   686,031
5.00%, 9/1/2040 (a)

  EUR 808,000   960,497
5.25%, 11/1/2029

  EUR 1,318,000   1,561,035
5.75%, 2/1/2033

  EUR 567,000   704,481
6.00%, 5/1/2031

  EUR 945,000   1,182,453
6.50%, 11/1/2027

  EUR 946,000   1,148,025
7.25%, 11/1/2026

  EUR 703,000   850,698
Series 5Y, COR, 3.40%, 4/1/2028

  EUR 150,000   161,364
COR, 4.00%, 4/30/2035 (a)

  EUR 750,000   809,250
          45,407,606
 
See accompanying notes to financial statements.
40


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
JAPAN — 22.9%      
Japan Government Five Year Bonds:          
Series 147, 0.01%, 3/20/2026

  JPY 348,800,000   $ 2,418,348
Series 148, 0.01%, 6/20/2026

  JPY 315,000,000   2,183,696
Series 149, 0.01%, 9/20/2026

  JPY 388,100,000   2,690,050
Series 150, 0.01%, 12/20/2026

  JPY 355,000,000   2,460,279
Series 151, 0.01%, 3/20/2027

  JPY 234,000,000   1,621,365
Series 153, 0.01%, 6/20/2027

  JPY 355,500,000   2,462,096
Series 141, 0.10%, 9/20/2024

  JPY 171,550,000   1,190,019
Series 142, 0.10%, 12/20/2024

  JPY 255,000,000   1,769,518
Series 143, 0.10%, 3/20/2025

  JPY 236,500,000   1,641,420
Series 144, 0.10%, 6/20/2025

  JPY 280,850,000   1,949,987
Series 145, 0.10%, 9/20/2025

  JPY 300,000,000   2,083,924
Series 146, 0.10%, 12/20/2025

  JPY 260,200,000   1,808,231
Series 152, 0.10%, 3/20/2027

  JPY 150,000,000   1,042,917
Series 154, 0.10%, 9/20/2027

  JPY 375,000,000   2,605,295
Series 158, 0.10%, 3/20/2028

  JPY 500,000,000   3,467,949
Series 156, COR, 0.20%, 12/20/2027

  JPY 237,000,000   1,651,908
Series 155, COR, 0.30%, 12/20/2027

  JPY 148,000,000   1,036,364
Japan Government Forty Year Bonds:          
Series 9, 0.40%, 3/20/2056

  JPY 115,250,000   609,074
Series 12, 0.50%, 3/20/2059

  JPY 92,000,000   488,749
Series 13, 0.50%, 3/20/2060

  JPY 140,000,000   736,716
Series 14, 0.70%, 3/20/2061

  JPY 134,250,000   753,522
Series 11, 0.80%, 3/20/2058

  JPY 79,450,000   472,116
Series 10, 0.90%, 3/20/2057

  JPY 136,750,000   844,399
Series 15, 1.00%, 3/20/2062

  JPY 119,100,000   733,561
Series 8, 1.40%, 3/20/2055

  JPY 72,750,000   519,083
Series 7, 1.70%, 3/20/2054

  JPY 103,900,000   797,392
Security Description     Principal
Amount
  Value
Series 6, 1.90%, 3/20/2053

  JPY 58,350,000   $ 467,971
Series 5, 2.00%, 3/20/2052

  JPY 60,700,000   495,318
Series 2, 2.20%, 3/20/2049

  JPY 76,750,000   650,443
Series 3, 2.20%, 3/20/2050

  JPY 31,250,000   264,769
Series 4, 2.20%, 3/20/2051

  JPY 62,500,000   529,292
Series 1, 2.40%, 3/20/2048

  JPY 42,950,000   377,432
Japan Government Ten Year Bonds:          
Series 342, 0.10%, 3/20/2026

  JPY 273,450,000   1,900,840
Series 343, 0.10%, 6/20/2026

  JPY 240,000,000   1,668,451
Series 344, 0.10%, 9/20/2026

  JPY 314,550,000   2,186,910
Series 345, 0.10%, 12/20/2026

  JPY 311,250,000   2,164,333
Series 346, 0.10%, 3/20/2027

  JPY 280,000,000   1,946,856
Series 347, 0.10%, 6/20/2027

  JPY 240,000,000   1,668,435
Series 348, 0.10%, 9/20/2027

  JPY 314,000,000   2,181,500
Series 349, 0.10%, 12/20/2027

  JPY 277,550,000   1,926,422
Series 350, 0.10%, 3/20/2028

  JPY 302,550,000   2,097,556
Series 351, 0.10%, 6/20/2028

  JPY 197,500,000   1,368,378
Series 352, 0.10%, 9/20/2028

  JPY 242,400,000   1,678,109
Series 353, 0.10%, 12/20/2028

  JPY 229,300,000   1,586,689
Series 354, 0.10%, 3/20/2029

  JPY 309,050,000   2,136,975
Series 355, 0.10%, 6/20/2029

  JPY 210,600,000   1,455,280
Series 356, 0.10%, 9/20/2029

  JPY 302,000,000   2,085,218
Series 357, 0.10%, 12/20/2029

  JPY 290,000,000   2,000,034
Series 358, 0.10%, 3/20/2030

  JPY 349,500,000   2,407,847
Series 359, 0.10%, 6/20/2030

  JPY 479,450,000   3,298,083
Series 360, 0.10%, 9/20/2030

  JPY 377,650,000   2,591,410
Series 361, 0.10%, 12/20/2030

  JPY 512,950,000   3,513,655
Series 362, 0.10%, 3/20/2031

  JPY 350,000,000   2,392,161
 
See accompanying notes to financial statements.
41


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 363, 0.10%, 6/20/2031

  JPY 185,650,000   $ 1,266,790
Series 364, 0.10%, 9/20/2031

  JPY 107,500,000   732,273
Series 365, 0.10%, 12/20/2031

  JPY 195,000,000   1,325,935
Series 366, 0.20%, 3/20/2032

  JPY 353,000,000   2,417,135
Series 367, 0.20%, 6/20/2032

  JPY 467,950,000   3,199,129
Series 368, 0.20%, 9/20/2032

  JPY 772,850,000   5,273,838
Series 337, 0.30%, 12/20/2024

  JPY 163,300,000   1,136,507
Series 341, 0.30%, 12/20/2025

  JPY 284,500,000   1,986,766
Series 338, 0.40%, 3/20/2025

  JPY 287,650,000   2,006,614
Series 339, 0.40%, 6/20/2025

  JPY 346,700,000   2,421,323
Series 340, 0.40%, 9/20/2025

  JPY 297,150,000   2,077,819
Series 335, 0.50%, 9/20/2024

  JPY 355,100,000   2,475,320
Series 336, 0.50%, 12/20/2024

  JPY 119,700,000   835,494
Series 370, 0.50%, 3/20/2033

  JPY 600,000,000   4,190,763
Series 369, COR, 0.50%, 12/20/2032

  JPY 473,000,000   3,310,656
Japan Government Thirty Year Bonds:          
Series 51, 0.30%, 6/20/2046

  JPY 89,000,000   517,978
Series 64, 0.40%, 9/20/2049

  JPY 60,000,000   340,423
Series 65, 0.40%, 12/20/2049

  JPY 64,850,000   367,375
Series 66, 0.40%, 3/20/2050

  JPY 120,000,000   676,362
Series 52, 0.50%, 9/20/2046

  JPY 85,500,000   520,258
Series 62, 0.50%, 3/20/2049

  JPY 52,050,000   305,555
Series 53, 0.60%, 12/20/2046

  JPY 83,650,000   519,083
Series 67, 0.60%, 6/20/2050

  JPY 95,000,000   562,967
Series 68, 0.60%, 9/20/2050

  JPY 90,000,000   532,086
Series 59, 0.70%, 6/20/2048

  JPY 57,000,000   355,752
Series 61, 0.70%, 12/20/2048

  JPY 75,000,000   464,690
Series 69, 0.70%, 12/20/2050

  JPY 107,900,000   653,387
Security Description     Principal
Amount
  Value
Series 70, 0.70%, 3/20/2051

  JPY 90,000,000   $ 543,823
Series 71, 0.70%, 6/20/2051

  JPY 90,500,000   545,649
Series 72, 0.70%, 9/20/2051

  JPY 95,450,000   574,939
Series 73, 0.70%, 12/20/2051

  JPY 145,000,000   872,026
Series 50, 0.80%, 3/20/2046

  JPY 99,650,000   650,705
Series 54, 0.80%, 3/20/2047

  JPY 80,750,000   522,955
Series 55, 0.80%, 6/20/2047

  JPY 90,500,000   584,664
Series 56, 0.80%, 9/20/2047

  JPY 88,850,000   572,584
Series 57, 0.80%, 12/20/2047

  JPY 88,250,000   567,301
Series 58, 0.80%, 3/20/2048

  JPY 77,150,000   494,607
Series 60, 0.90%, 9/20/2048

  JPY 71,650,000   466,861
Series 74, 1.00%, 3/20/2052

  JPY 70,000,000   454,996
Series 75, 1.30%, 6/20/2052

  JPY 150,000,000   1,049,092
Series 48, 1.40%, 9/20/2045

  JPY 84,350,000   621,407
Series 49, 1.40%, 12/20/2045

  JPY 91,550,000   673,841
Series 76, 1.40%, 9/20/2052

  JPY 145,000,000   1,039,233
Series 78, 1.40%, 3/20/2053

  JPY 210,000,000   1,503,120
Series 45, 1.50%, 12/20/2044

  JPY 65,950,000   495,564
Series 46, 1.50%, 3/20/2045

  JPY 69,650,000   523,106
Series 47, 1.60%, 6/20/2045

  JPY 102,850,000   786,224
Series 11, 1.70%, 6/20/2033

  JPY 46,550,000   361,975
Series 41, 1.70%, 12/20/2043

  JPY 104,850,000   815,173
Series 42, 1.70%, 3/20/2044

  JPY 50,750,000   394,659
Series 43, 1.70%, 6/20/2044

  JPY 100,550,000   782,117
Series 44, 1.70%, 9/20/2044

  JPY 67,000,000   520,995
Series 38, 1.80%, 3/20/2043

  JPY 64,000,000   505,881
Series 40, 1.80%, 9/20/2043

  JPY 70,000,000   553,287
Series 37, 1.90%, 9/20/2042

  JPY 87,300,000   701,124
 
See accompanying notes to financial statements.
42


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 39, 1.90%, 6/20/2043

  JPY 63,500,000   $ 509,986
Series 13, 2.00%, 12/20/2033

  JPY 87,900,000   703,346
Series 33, 2.00%, 9/20/2040

  JPY 110,200,000   896,147
Series 35, 2.00%, 9/20/2041

  JPY 118,250,000   963,214
Series 36, 2.00%, 3/20/2042

  JPY 171,750,000   1,400,546
Series 34, 2.20%, 3/20/2041

  JPY 92,400,000   772,987
Series 21, 2.30%, 12/20/2035

  JPY 39,000,000   325,063
Series 25, 2.30%, 12/20/2036

  JPY 43,400,000   363,460
Series 30, 2.30%, 3/20/2039

  JPY 99,350,000   838,538
Series 32, 2.30%, 3/20/2040

  JPY 63,650,000   538,705
Series 26, 2.40%, 3/20/2037

  JPY 69,300,000   587,244
Series 29, 2.40%, 9/20/2038

  JPY 50,000,000   426,568
Series 16, 2.50%, 9/20/2034

  JPY 20,000,000   168,138
Series 20, 2.50%, 9/20/2035

  JPY 30,000,000   254,471
Series 22, 2.50%, 3/20/2036

  JPY 41,750,000   355,479
Series 24, 2.50%, 9/20/2036

  JPY 30,000,000   256,163
Series 27, 2.50%, 9/20/2037

  JPY 67,550,000   580,322
Series 77, COR, 1.60%, 12/20/2052

  JPY 140,000,000   1,050,927
Japan Government Twenty Year Bonds:          
Series 157, 0.20%, 6/20/2036

  JPY 124,650,000   816,531
Series 169, 0.30%, 6/20/2039

  JPY 75,000,000   478,535
Series 170, 0.30%, 9/20/2039

  JPY 47,750,000   303,531
Series 171, 0.30%, 12/20/2039

  JPY 65,400,000   414,337
Series 156, 0.40%, 3/20/2036

  JPY 113,900,000   767,815
Series 168, 0.40%, 3/20/2039

  JPY 181,000,000   1,177,806
Series 172, 0.40%, 3/20/2040

  JPY 169,150,000   1,085,961
Series 173, 0.40%, 6/20/2040

  JPY 258,850,000   1,656,991
Series 174, 0.40%, 9/20/2040

  JPY 133,000,000   848,095
Security Description     Principal
Amount
  Value
Series 177, 0.40%, 6/20/2041

  JPY 226,400,000   $ 1,430,736
Series 158, 0.50%, 9/20/2036

  JPY 134,050,000   910,540
Series 164, 0.50%, 3/20/2038

  JPY 139,800,000   935,224
Series 165, 0.50%, 6/20/2038

  JPY 140,000,000   933,801
Series 167, 0.50%, 12/20/2038

  JPY 101,000,000   669,590
Series 175, 0.50%, 12/20/2040

  JPY 216,600,000   1,400,351
Series 176, 0.50%, 3/20/2041

  JPY 60,000,000   386,755
Series 178, 0.50%, 9/20/2041

  JPY 95,000,000   609,286
Series 179, 0.50%, 12/20/2041

  JPY 95,000,000   607,491
Series 159, 0.60%, 12/20/2036

  JPY 90,050,000   618,117
Series 161, 0.60%, 6/20/2037

  JPY 76,150,000   520,434
Series 162, 0.60%, 9/20/2037

  JPY 105,850,000   721,957
Series 163, 0.60%, 12/20/2037

  JPY 96,000,000   653,173
Series 160, 0.70%, 3/20/2037

  JPY 101,450,000   704,033
Series 166, 0.70%, 9/20/2038

  JPY 95,000,000   650,675
Series 180, 0.80%, 3/20/2042

  JPY 235,000,000   1,582,915
Series 181, 0.90%, 6/20/2042

  JPY 233,250,000   1,595,738
Series 155, 1.00%, 12/20/2035

  JPY 159,900,000   1,159,785
Series 182, 1.10%, 9/20/2042

  JPY 180,000,000   1,272,447
Series 184, 1.10%, 3/20/2043

  JPY 265,000,000   1,870,484
Series 151, 1.20%, 12/20/2034

  JPY 155,000,000   1,151,430
Series 152, 1.20%, 3/20/2035

  JPY 145,000,000   1,076,392
Series 154, 1.20%, 9/20/2035

  JPY 104,950,000   779,259
Series 153, 1.30%, 6/20/2035

  JPY 110,000,000   825,318
Series 150, 1.40%, 9/20/2034

  JPY 362,150,000   2,745,409
Series 144, 1.50%, 3/20/2033

  JPY 86,200,000   658,766
Series 148, 1.50%, 3/20/2034

  JPY 157,950,000   1,208,467
Series 149, 1.50%, 6/20/2034

  JPY 100,000,000   765,379
 
See accompanying notes to financial statements.
43


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 136, 1.60%, 3/20/2032

  JPY 110,600,000   $ 849,225
Series 143, 1.60%, 3/20/2033

  JPY 29,850,000   230,056
Series 147, 1.60%, 12/20/2033

  JPY 176,000,000   1,358,464
Series 140, 1.70%, 9/20/2032

  JPY 84,000,000   652,083
Series 141, 1.70%, 12/20/2032

  JPY 100,000,000   777,009
Series 145, 1.70%, 6/20/2033

  JPY 166,400,000   1,293,806
Series 146, 1.70%, 9/20/2033

  JPY 177,650,000   1,382,667
Series 122, 1.80%, 9/20/2030

  JPY 95,050,000   732,615
Series 130, 1.80%, 9/20/2031

  JPY 152,100,000   1,180,968
Series 133, 1.80%, 12/20/2031

  JPY 86,550,000   673,735
Series 142, 1.80%, 12/20/2032

  JPY 33,450,000   262,029
Series 108, 1.90%, 12/20/2028

  JPY 51,350,000   390,162
Series 109, 1.90%, 3/20/2029

  JPY 54,300,000   413,996
Series 121, 1.90%, 9/20/2030

  JPY 74,600,000   578,663
Series 73, 2.00%, 12/20/2024

  JPY 35,000,000   249,619
Series 77, 2.00%, 3/20/2025

  JPY 34,000,000   243,623
Series 93, 2.00%, 3/20/2027

  JPY 30,000,000   223,231
Series 72, 2.10%, 9/20/2024

  JPY 70,000,000   497,364
Series 82, 2.10%, 9/20/2025

  JPY 45,000,000   326,390
Series 92, 2.10%, 12/20/2026

  JPY 83,800,000   622,915
Series 94, 2.10%, 3/20/2027

  JPY 99,000,000   739,204
Series 96, 2.10%, 6/20/2027

  JPY 43,000,000   322,505
Series 99, 2.10%, 12/20/2027

  JPY 90,000,000   680,154
Series 105, 2.10%, 9/20/2028

  JPY 78,200,000   597,715
Series 107, 2.10%, 12/20/2028

  JPY 50,000,000   383,665
Series 113, 2.10%, 9/20/2029

  JPY 120,250,000   933,072
Series 117, 2.10%, 3/20/2030

  JPY 156,450,000   1,222,331
Series 90, 2.20%, 9/20/2026

  JPY 78,550,000   582,836
Security Description     Principal
Amount
  Value
Series 97, 2.20%, 9/20/2027

  JPY 136,800,000   $ 1,034,156
Series 100, 2.20%, 3/20/2028

  JPY 83,000,000   632,106
Series 106, 2.20%, 9/20/2028

  JPY 50,000,000   383,966
Series 115, 2.20%, 12/20/2029

  JPY 75,000,000   587,225
Series 125, 2.20%, 3/20/2031

  JPY 53,650,000   426,201
Series 95, 2.30%, 6/20/2027

  JPY 70,000,000   528,849
Series 102, 2.40%, 6/20/2028

  JPY 105,800,000   816,556
Series 183, COR, 1.40%, 12/20/2042

  JPY 151,900,000   1,126,993
Japan Government Two Year Bonds:          
Series 438, 0.01%, 7/1/2024

  JPY 70,000,000   484,956
Series 439, 0.01%, 8/1/2024

  JPY 150,000,000   1,039,285
Series 440, 0.01%, 9/1/2024

  JPY 212,000,000   1,469,002
Series 441, 0.01%, 10/1/2024

  JPY 129,500,000   897,410
Series 442, 0.01%, 11/1/2024

  JPY 223,000,000   1,545,579
Series 443, 0.01%, 12/1/2024

  JPY 210,000,000   1,455,347
Series 444, 0.01%, 1/1/2025

  JPY 157,000,000   1,087,991
Series 445, 0.01%, 2/1/2025

  JPY 173,000,000   1,198,785
          225,827,898
LATVIA — 0.1%      
Latvia Government International Bonds:          
0.38%, 10/7/2026

  EUR 200,000   195,634
Series GMTN, 1.38%, 9/23/2025

  EUR 100,000   103,050
1.38%, 5/16/2036

  EUR 350,000   281,771
Series 7, 2.25%, 2/15/2047

  EUR 100,000   81,929
          662,384
LITHUANIA — 0.1%      
Lithuania Government International Bonds:          
Series EMTN, 0.75%, 5/6/2030

  EUR 250,000   223,599
Series EMTN, 0.95%, 5/26/2027

  EUR 70,000   68,955
Series EMTN, 1.25%, 10/22/2025

  EUR 150,000   153,735
Series EMTN, 2.10%, 5/26/2047

  EUR 255,000   210,818
 
See accompanying notes to financial statements.
44


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series EMTN, 2.13%, 10/29/2026

  EUR 100,000   $ 103,685
Series EMTN, 2.13%, 10/22/2035

  EUR 272,000   248,961
          1,009,753
LUXEMBOURG — 0.1%      
Luxembourg Government Bonds:          
0.01%, 11/13/2026

  EUR 154,000   150,503
0.63%, 2/1/2027

  EUR 488,000   484,482
2.25%, 3/19/2028

  EUR 80,000   83,891
          718,876
MALAYSIA — 2.2%      
Malaysia Government Bonds:          
Series 0220, 2.63%, 4/15/2031

  MYR 1,750,000   343,588
Series 0122, 3.58%, 7/15/2032

  MYR 3,400,000   712,838
Series 0513, 3.73%, 6/15/2028

  MYR 5,050,000   1,086,222
Series 0519, 3.76%, 5/22/2040

  MYR 1,650,000   336,133
Series 0413, 3.84%, 4/15/2033

  MYR 3,875,000   824,687
Series 0219, 3.89%, 8/15/2029

  MYR 4,250,000   914,939
Series 0316, 3.90%, 11/30/2026

  MYR 2,000,000   433,111
Series 0417, 3.90%, 11/16/2027

  MYR 2,820,000   610,085
Series 0115, 3.96%, 9/15/2025

  MYR 2,550,000   551,341
Series 0217, 4.06%, 9/30/2024

  MYR 1,725,000   372,029
Series 0120, 4.07%, 6/15/2050

  MYR 5,425,000   1,131,327
Series 0114, 4.18%, 7/15/2024

  MYR 1,295,000   279,409
Series 0411, 4.23%, 6/30/2031

  MYR 1,720,000   377,336
Series 0415, 4.25%, 5/31/2035

  MYR 1,350,000   293,622
Series 0311, 4.39%, 4/15/2026

  MYR 2,300,000   504,506
Series 0322, 4.50%, 4/30/2029

  MYR 4,375,000   973,039
Series 0222, 4.70%, 10/15/2042

  MYR 3,250,000   749,272
Series 0216, 4.74%, 3/15/2046

  MYR 2,670,000   615,160
Series 0317, 4.76%, 4/7/2037

  MYR 3,870,000   884,603
Series 0713, 4.94%, 9/30/2043

  MYR 1,910,000   452,623
Security Description     Principal
Amount
  Value
Malaysia Government Investment Issue:          
Series 0220, 3.47%, 10/15/2030

  MYR 2,860,000   $ 598,024
Series 0123, 3.60%, 7/31/2028

  MYR 3,035,000   647,214
Series 0419, 3.66%, 10/15/2024

  MYR 3,115,000   668,713
Series 0319, 3.73%, 3/31/2026

  MYR 2,325,000   500,145
Series 0113, 3.87%, 8/8/2028

  MYR 1,250,000   269,770
Series 0415, 3.99%, 10/15/2025

  MYR 1,250,000   270,623
Series 0217, 4.05%, 8/15/2024

  MYR 1,850,000   399,004
Series 0316, 4.07%, 9/30/2026

  MYR 1,300,000   283,079
Series 0619, 4.12%, 11/30/2034

  MYR 1,500,000   324,958
Series 0122, 4.19%, 10/7/2032

  MYR 2,150,000   471,744
Series 0315, 4.25%, 9/30/2030

  MYR 1,000,000   220,105
Series 0117, 4.26%, 7/26/2027

  MYR 4,220,000   925,213
Series 0219, 4.47%, 9/15/2039

  MYR 2,950,000   654,844
Series 0513, 4.58%, 8/30/2033

  MYR 2,978,000   674,502
Series 0617, 4.72%, 6/15/2033

  MYR 1,600,000   365,691
Series 0517, 4.76%, 8/4/2037

  MYR 2,100,000   485,240
Series 0615, 4.79%, 10/31/2035

  MYR 2,520,000   579,832
Series 0417, 4.90%, 5/8/2047

  MYR 2,530,000   593,681
Series 0913, 4.94%, 12/6/2028

  MYR 725,000   164,377
Series 0222, 5.36%, 5/15/2052

  MYR 1,000,000   251,278
          21,793,907
MEXICO — 2.2%      
Mexico Bonos:          
Series M, 5.00%, 3/6/2025

  MXN 2,350,000   126,462
Series M, 5.50%, 3/4/2027

  MXN 29,940,000   1,555,071
Series M, 5.75%, 3/5/2026

  MXN 44,185,000   2,354,489
Series M 20, 7.50%, 6/3/2027

  MXN 27,785,000   1,540,524
Series M, 7.50%, 5/26/2033

  MXN 17,552,000   942,193
Series M, 7.75%, 5/29/2031

  MXN 39,529,000   2,178,964
 
See accompanying notes to financial statements.
45


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series M, 7.75%, 11/23/2034

  MXN 11,965,000   $ 651,079
Series M, 7.75%, 11/13/2042

  MXN 27,375,000   1,431,535
Series M, 8.00%, 9/5/2024

  MXN 42,485,000   2,396,183
Series M, 8.00%, 11/7/2047

  MXN 26,158,000   1,393,121
Series M, 8.00%, 7/31/2053

  MXN 9,400,000   496,980
Series M 20, 8.50%, 5/31/2029

  MXN 30,610,000   1,767,065
Series M 30, 8.50%, 11/18/2038

  MXN 33,014,000   1,874,871
Series M 20, 10.00%, 12/5/2024

  MXN 37,078,000   2,146,051
Series M 30, 10.00%, 11/20/2036

  MXN 8,950,000   576,749
          21,431,337
NETHERLANDS — 3.4%      
Netherlands Government Bonds:          
0.01%, 1/15/2026 (a)

  EUR 1,315,000   1,328,331
0.01%, 1/15/2027 (a)

  EUR 1,667,900   1,644,231
0.01%, 1/15/2029

  EUR 1,479,000   1,386,841
0.01%, 7/15/2030 (a)

  EUR 1,059,000   958,696
0.01%, 7/15/2031 (a)

  EUR 1,208,000   1,065,529
0.01%, 1/15/2038 (a)

  EUR 1,345,000   983,912
0.01%, 1/15/2052 (a)

  EUR 1,046,000   554,206
0.25%, 7/15/2025 (a)

  EUR 1,909,000   1,964,059
0.25%, 7/15/2029 (a)

  EUR 1,337,000   1,260,668
0.50%, 7/15/2026 (a)

  EUR 2,411,000   2,442,573
0.50%, 7/15/2032 (a)

  EUR 1,561,000   1,406,986
0.50%, 1/15/2040 (a)

  EUR 1,822,000   1,398,475
0.75%, 7/15/2027 (a)

  EUR 1,654,000   1,662,456
0.75%, 7/15/2028 (a)

  EUR 2,062,000   2,037,366
2.00%, 7/15/2024 (a)

  EUR 1,395,000   1,499,457
2.00%, 1/15/2054 (a)

  EUR 946,000   894,880
2.50%, 1/15/2033 (a)

  EUR 1,672,000   1,794,685
2.50%, 7/15/2033 (a)

  EUR 450,000   480,586
2.75%, 1/15/2047 (a)

  EUR 2,083,000   2,311,510
3.75%, 1/15/2042 (a)

  EUR 1,812,000   2,265,535
4.00%, 1/15/2037 (a)

  EUR 2,210,000   2,737,556
5.50%, 1/15/2028 (a)

  EUR 1,635,000   1,983,384
          34,061,922
NEW ZEALAND — 0.7%      
New Zealand Government Bonds:          
Series 0526, 0.50%, 5/15/2026

  NZD 775,000   420,496
Series 0531, 1.50%, 5/15/2031

  NZD 1,162,000   568,274
Series 0541, 1.75%, 5/15/2041

  NZD 1,111,000   430,636
Security Description     Principal
Amount
  Value
Series 0532, 2.00%, 5/15/2032

  NZD 657,000   $ 326,988
Series 0425, 2.75%, 4/15/2025

  NZD 1,515,000   888,811
Series 0437, 2.75%, 4/15/2037

  NZD 801,000   390,726
Series 0551, 2.75%, 5/15/2051

  NZD 780,000   330,111
Series 0429, 3.00%, 4/20/2029

  NZD 2,343,000   1,320,791
Series 0433, 3.50%, 4/14/2033

  NZD 780,000   435,609
Series 0427, 4.50%, 4/15/2027

  NZD 1,560,000   949,082
Series 0534, COR, 4.25%, 5/15/2034

  NZD 900,000   531,563
          6,593,087
NORWAY — 0.4%      
Norway Government Bonds:          
Series 483, 1.25%, 9/17/2031 (a)

  NOK 3,275,000   253,323
Series 482, 1.38%, 8/19/2030 (a)

  NOK 4,613,000   367,893
Series 478, 1.50%, 2/19/2026 (a)

  NOK 5,163,000   451,731
Series 477, 1.75%, 3/13/2025 (a)

  NOK 4,795,000   430,154
Series 479, 1.75%, 2/17/2027 (a)

  NOK 4,655,000   403,095
Series 481, 1.75%, 9/6/2029 (a)

  NOK 4,715,000   392,095
Series 480, 2.00%, 4/26/2028 (a)

  NOK 4,734,000   406,764
Series 484, 2.13%, 5/18/2032 (a)

  NOK 7,150,000   588,906
Series 485, 3.50%, 10/6/2042 (a)

  NOK 3,325,000   316,986
          3,610,947
PERU — 0.4%      
Peru Government Bonds:          
5.35%, 8/12/2040

  PEN 800,000   183,351
5.40%, 8/12/2034

  PEN 2,875,000   699,588
5.94%, 2/12/2029

  PEN 1,505,000   406,857
6.15%, 8/12/2032

  PEN 2,065,000   543,690
6.35%, 8/12/2028

  PEN 2,125,000   594,589
6.90%, 8/12/2037

  PEN 3,450,000   936,553
8.20%, 8/12/2026

  PEN 1,650,000   482,882
          3,847,510
POLAND — 1.1%      
Republic of Poland Government Bonds:          
Series 1026, 0.25%, 10/25/2026

  PLN 2,875,000   593,773
 
See accompanying notes to financial statements.
46


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 0425, 0.75%, 4/25/2025

  PLN 1,300,000   $ 292,736
Series 1030, 1.25%, 10/25/2030

  PLN 4,399,000   806,143
Series 0432, 1.75%, 4/25/2032

  PLN 4,450,000   798,009
Series 1024, 2.25%, 10/25/2024

  PLN 5,000,000   1,173,408
Series 0726, 2.50%, 7/25/2026

  PLN 6,105,000   1,370,314
Series 0727, 2.50%, 7/25/2027

  PLN 3,075,000   671,392
Series 0428, 2.75%, 4/25/2028

  PLN 4,370,000   944,869
Series 1029, 2.75%, 10/25/2029

  PLN 6,550,000   1,372,180
Series 0725, 3.25%, 7/25/2025

  PLN 5,090,000   1,191,353
Series 5Y, 3.75%, 5/25/2027

  PLN 4,925,000   1,131,927
Series 0447, 4.00%, 4/25/2047

  PLN 115,000   21,854
Series 0429, 5.75%, 4/25/2029

  PLN 885,000   219,260
Series 0728, 7.50%, 7/25/2028

  PLN 1,550,000   411,826
          10,999,044
PORTUGAL — 1.6%      
Portugal Obrigacoes do Tesouro OT:          
0.30%, 10/17/2031 (a)

  EUR 978,000   853,876
0.48%, 10/18/2030 (a)

  EUR 928,000   845,528
0.90%, 10/12/2035 (a)

  EUR 813,000   665,709
1.00%, 4/12/2052 (a)

  EUR 453,000   270,825
1.65%, 7/16/2032 (a)

  EUR 690,000   665,415
1.95%, 6/15/2029 (a)

  EUR 921,400   948,725
2.13%, 10/17/2028 (a)

  EUR 1,336,000   1,397,486
Series 15Y, 2.25%, 4/18/2034 (a)

  EUR 858,000   849,201
2.88%, 10/15/2025 (a)

  EUR 1,532,000   1,664,894
2.88%, 7/21/2026 (a)

  EUR 1,451,000   1,578,463
3.88%, 2/15/2030 (a)

  EUR 1,125,000   1,290,561
4.10%, 4/15/2037 (a)

  EUR 1,358,000   1,580,044
4.10%, 2/15/2045 (a)

  EUR 695,000   823,576
4.13%, 4/14/2027 (a)

  EUR 1,358,000   1,541,879
COR, 1.15%, 4/11/2042 (a)

  EUR 161,000   119,432
COR, 3.50%, 6/18/2038 (a)

  EUR 230,000   250,415
          15,346,029
ROMANIA — 0.5%      
Romania Government Bonds:          
Series 7Y, 2.50%, 10/25/2027

  RON 600,000   111,496
Security Description     Principal
Amount
  Value
Series 5Y, 3.25%, 6/24/2026

  RON 1,755,000   $ 352,167
Series 5Y, 3.65%, 7/28/2025

  RON 1,475,000   307,228
Series 15Y, 3.65%, 9/24/2031

  RON 1,600,000   283,777
Series 4YR, 3.70%, 11/25/2024

  RON 1,025,000   217,433
Series 8Y, 4.15%, 1/26/2028

  RON 3,050,000   603,167
Series 10YR, 4.15%, 10/24/2030

  RON 2,000,000   372,636
Series 15Y, 4.75%, 10/11/2034

  RON 900,000   165,455
Series 7Y, 4.85%, 4/22/2026

  RON 1,600,000   336,776
Series 8Y, 4.85%, 7/25/2029

  RON 950,000   189,087
Series 10Y, 5.00%, 2/12/2029

  RON 4,330,000   874,364
Series 10Y, 6.70%, 2/25/2032

  RON 2,250,000   490,949
Series 15Y, 7.90%, 2/24/2038

  RON 500,000   122,172
8.25%, 9/29/2032

  RON 2,775,000   667,717
          5,094,424
SINGAPORE — 1.1%      
Singapore Government Bonds:          
0.50%, 11/1/2025

  SGD 365,000   251,685
1.25%, 11/1/2026

  SGD 330,000   228,039
1.88%, 3/1/2050

  SGD 750,000   487,679
1.88%, 10/1/2051

  SGD 470,000   310,366
2.13%, 6/1/2026

  SGD 675,000   481,306
2.25%, 8/1/2036

  SGD 1,467,000   997,801
2.38%, 6/1/2025

  SGD 1,158,000   836,591
2.38%, 7/1/2039

  SGD 615,000   431,075
2.63%, 5/1/2028

  SGD 715,000   516,785
2.63%, 8/1/2032

  SGD 850,000   606,064
2.75%, 4/1/2042

  SGD 810,000   614,896
2.75%, 3/1/2046

  SGD 985,000   752,933
2.88%, 9/1/2027

  SGD 973,000   710,904
2.88%, 7/1/2029

  SGD 1,040,000   758,089
2.88%, 9/1/2030

  SGD 1,000,000   728,193
3.00%, 9/1/2024

  SGD 1,025,000   750,412
3.38%, 9/1/2033

  SGD 690,000   523,102
3.50%, 3/1/2027

  SGD 730,000   543,825
          10,529,745
SLOVAKIA — 0.5%      
Slovakia Government Bonds:          
Series 234, 1.00%, 6/12/2028

  EUR 709,000   687,355
Series 237, 1.00%, 10/9/2030

  EUR 375,000   342,266
 
See accompanying notes to financial statements.
47


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 239, 1.00%, 5/14/2032

  EUR 150,000   $ 131,427
Series 228, 1.38%, 1/21/2027

  EUR 334,000   338,637
Series 229, 1.63%, 1/21/2031

  EUR 964,000   916,847
Series 232, 1.88%, 3/9/2037

  EUR 214,000   184,505
Series 233, 2.00%, 10/17/2047

  EUR 380,000   293,519
Series 235, 2.25%, 6/12/2068

  EUR 71,000   54,162
Series 223, 3.38%, 11/15/2024

  EUR 495,000   539,267
Series 227, 3.63%, 1/16/2029

  EUR 584,000   645,446
4.00%, 10/19/2032

  EUR 925,000   1,033,214
Series 216, 4.35%, 10/14/2025

  EUR 230,000   254,555
          5,421,200
SLOVENIA — 0.3%      
Slovenia Government Bonds:          
Series RS80, 1.00%, 3/6/2028

  EUR 297,000   291,233
Series RS81, 1.19%, 3/14/2029

  EUR 270,000   261,643
Series RS79, 1.25%, 3/22/2027

  EUR 362,000   365,728
Series RS74, 1.50%, 3/25/2035

  EUR 225,000   197,050
Series RS78, 1.75%, 11/3/2040

  EUR 285,000   235,369
Series RS75, 2.13%, 7/28/2025

  EUR 201,000   215,460
Series RS77, 2.25%, 3/3/2032

  EUR 564,000   568,035
Series RS76, 3.13%, 8/7/2045

  EUR 498,000   504,265
Series RS66, 4.63%, 9/9/2024

  EUR 210,000   233,963
Series RS70, 5.13%, 3/30/2026

  EUR 375,000   428,132
COR, 1.18%, 2/13/2062

  EUR 200,000   120,891
          3,421,769
SOUTH KOREA — 4.5%      
Korea Treasury Bonds:          
Series 3006, 1.38%, 6/10/2030

  KRW 1,610,000,000   1,047,229
Series 2503, 1.50%, 3/10/2025

  KRW 1,890,000,000   1,381,686
Series 2612, 1.50%, 12/10/2026

  KRW 1,139,150,000   803,852
Series 3609, 1.50%, 9/10/2036

  KRW 685,690,000   401,208
Security Description     Principal
Amount
  Value
Series 4009, 1.50%, 9/10/2040

  KRW 550,000,000   $ 300,462
Series 5003, 1.50%, 3/10/2050

  KRW 3,050,000,000   1,449,282
Series 7009, 1.63%, 9/10/2070

  KRW 750,000,000   304,903
Series 2412, 1.88%, 12/10/2024

  KRW 1,315,000,000   972,885
Series 2606, 1.88%, 6/10/2026

  KRW 866,000,000   624,192
Series 5103, 1.88%, 3/10/2051

  KRW 5,355,000,000   2,773,909
Series 3106, 2.00%, 6/10/2031

  KRW 3,920,000,000   2,622,782
Series 4603, 2.00%, 3/10/2046

  KRW 975,000,000   545,687
Series 4903, 2.00%, 3/10/2049

  KRW 4,214,000,000   2,291,947
Series 2706, 2.13%, 6/10/2027

  KRW 2,219,870,000   1,588,653
Series 4703, 2.13%, 3/10/2047

  KRW 1,770,330,000   1,007,422
Series 2506, 2.25%, 6/10/2025

  KRW 2,299,940,000   1,697,157
Series 2512, 2.25%, 12/10/2025

  KRW 921,000,000   675,296
Series 3709, 2.25%, 9/10/2037

  KRW 500,000,000   318,605
Series 2703, 2.38%, 3/10/2027

  KRW 2,110,000,000   1,529,013
Series 5203, 2.50%, 3/10/2052

  KRW 1,435,000,000   855,736
Series 3509, 2.63%, 9/10/2035

  KRW 939,210,000   637,170
Series 4803, 2.63%, 3/10/2048

  KRW 590,000,000   368,806
Series 4412, 2.75%, 12/10/2044

  KRW 1,248,000,000   811,692
Series 2409, 3.00%, 9/10/2024

  KRW 1,644,000,000   1,238,667
Series 4212, 3.00%, 12/10/2042

  KRW 1,921,780,000   1,313,084
Series 2506, 3.13%, 6/10/2025

  KRW 2,152,000,000   1,614,445
Series 5209, 3.13%, 9/10/2052

  KRW 1,000,000,000   678,780
Series 2803, 3.25%, 3/10/2028

  KRW 500,000,000   372,190
Series 4209, 3.25%, 9/10/2042

  KRW 2,000,000,000   1,419,374
Series 2503, 3.38%, 3/10/2025

  KRW 557,000,000   420,043
Series 3206, 3.38%, 6/10/2032

  KRW 2,079,000,000   1,536,462
Series 3312, 3.75%, 12/10/2033

  KRW 1,936,250,000   1,473,332
 
See accompanying notes to financial statements.
48


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 3112, 4.00%, 12/10/2031

  KRW 1,622,640,000   $ 1,255,334
Series 2412, 4.25%, 12/10/2024

  KRW 235,000,000   179,735
Series 2512, 4.25%, 12/10/2025

  KRW 1,038,000,000   797,423
Series 3212, 4.25%, 12/10/2032

  KRW 750,000,000   593,024
Series 3012, 4.75%, 12/10/2030

  KRW 3,095,050,000   2,502,931
Series 2803, 5.50%, 3/10/2028

  KRW 4,937,000,000   4,034,387
          44,438,785
SPAIN — 4.6%      
Spain Government Bonds:          
0.01%, 1/31/2025 (a)

  EUR 816,000   842,962
0.01%, 5/31/2025 (a)

  EUR 892,000   911,148
0.01%, 1/31/2027 (a)

  EUR 702,000   681,474
0.01%, 1/31/2028 (a)

  EUR 295,000   277,868
0.10%, 4/30/2031 (a)

  EUR 1,420,000   1,214,229
Series 5YR, 0.25%, 7/30/2024 (a)

  EUR 641,000   674,274
0.50%, 4/30/2030 (a)

  EUR 788,000   717,470
0.50%, 10/31/2031 (a)

  EUR 1,358,000   1,183,832
0.60%, 10/31/2029 (a)

  EUR 1,130,000   1,050,145
0.70%, 4/30/2032 (a)

  EUR 1,691,000   1,481,163
0.80%, 7/30/2029 (a)

  EUR 29,000   27,404
1.00%, 7/30/2042 (a)

  EUR 247,000   169,338
1.00%, 10/31/2050 (a)

  EUR 1,272,000   740,310
1.20%, 10/31/2040 (a)

  EUR 650,000   482,846
1.25%, 10/31/2030 (a)

  EUR 1,150,000   1,092,043
1.30%, 10/31/2026 (a)

  EUR 1,700,000   1,739,683
1.40%, 4/30/2028 (a)

  EUR 1,523,000   1,526,971
1.40%, 7/30/2028 (a)

  EUR 1,333,000   1,331,086
1.45%, 10/31/2027 (a)

  EUR 1,033,000   1,045,352
1.45%, 4/30/2029 (a)

  EUR 865,000   856,088
1.50%, 4/30/2027 (a)

  EUR 1,554,000   1,588,502
1.60%, 4/30/2025 (a)

  EUR 824,000   869,695
1.85%, 7/30/2035 (a)

  EUR 850,000   777,318
1.90%, 10/31/2052 (a)

  EUR 300,000   216,207
1.95%, 4/30/2026 (a)

  EUR 1,326,000   1,392,561
1.95%, 7/30/2030 (a)

  EUR 1,171,000   1,174,028
2.15%, 10/31/2025 (a)

  EUR 1,201,000   1,275,618
2.35%, 7/30/2033 (a)

  EUR 477,000   474,143
2.55%, 10/31/2032 (a)

  EUR 598,000   611,180
Series 30Y, 2.70%, 10/31/2048 (a)

  EUR 765,000   686,388
2.75%, 10/31/2024 (a)

  EUR 933,000   1,008,337
2.90%, 10/31/2046 (a)

  EUR 1,206,000   1,137,026
3.45%, 7/30/2066 (a)

  EUR 897,000   885,951
4.20%, 1/31/2037 (a)

  EUR 1,213,000   1,408,660
4.65%, 7/30/2025 (a)

  EUR 1,052,000   1,175,232
4.70%, 7/30/2041 (a)

  EUR 1,060,000   1,303,712
4.90%, 7/30/2040 (a)

  EUR 952,000   1,194,157
Security Description     Principal
Amount
  Value
5.15%, 10/31/2028 (a)

  EUR 1,016,000   $ 1,209,880
5.15%, 10/31/2044 (a)

  EUR 838,000   1,094,148
5.75%, 7/30/2032

  EUR 1,280,000   1,661,896
5.90%, 7/30/2026 (a)

  EUR 1,478,000   1,730,385
6.00%, 1/31/2029

  EUR 1,568,000   1,948,019
COR, 2.80%, 5/31/2026 (a)

  EUR 525,000   563,319
COR, 3.15%, 4/30/2033 (a)

  EUR 1,300,000   1,389,708
COR, 3.45%, 7/30/2043 (a)

  EUR 500,000   517,153
          45,338,909
SWEDEN — 0.5%      
Sweden Government Bonds:          
Series 1062, 0.13%, 5/12/2031

  SEK 5,315,000   405,716
Series 1063, 0.50%, 11/24/2045

  SEK 2,075,000   123,763
Series 1060, 0.75%, 5/12/2028

  SEK 7,285,000   612,391
Series 1061, 0.75%, 11/12/2029

  SEK 6,800,000   559,233
Series 1059, 1.00%, 11/12/2026

  SEK 6,620,000   572,867
Series 1064, 1.38%, 6/23/2071

  SEK 1,455,000   80,584
Series 1065, 1.75%, 11/11/2033

  SEK 875,000   75,371
Series 1056, 2.25%, 6/1/2032

  SEK 8,815,000   796,323
Series 1058, 2.50%, 5/12/2025

  SEK 8,280,000   753,474
Series 1053, 3.50%, 3/30/2039

  SEK 4,490,000   461,151
Sweden Government International Bonds Series REGS, 0.13%, 9/9/2030

  SEK 2,000,000   155,481
          4,596,354
SWITZERLAND — 0.9%      
Swiss Confederation Government Bonds:          
0.01%, 6/22/2029

  CHF 327,000   344,444
0.01%, 6/26/2034

  CHF 200,000   201,105
0.01%, 7/24/2039

  CHF 220,000   209,787
0.25%, 6/23/2035

  CHF 224,000   230,397
0.50%, 5/27/2030

  CHF 418,000   452,644
0.50%, 6/27/2032

  CHF 170,000   182,438
0.50%, 6/28/2045

  CHF 445,000   452,524
0.50%, 5/24/2055

  CHF 130,000   129,493
0.50%, 5/30/2058

  CHF 184,000   183,443
1.25%, 5/28/2026

  CHF 475,000   532,420
1.25%, 6/27/2037

  CHF 340,000   392,704
1.50%, 10/26/2038

  CHF 310,000   371,166
 
See accompanying notes to financial statements.
49


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
1.50%, 4/30/2042

  CHF 385,000   $ 470,438
2.00%, 6/25/2064

  CHF 554,000   884,042
2.25%, 6/22/2031

  CHF 573,000   702,541
2.50%, 3/8/2036

  CHF 495,000   654,050
3.25%, 6/27/2027

  CHF 270,000   327,189
3.50%, 4/8/2033

  CHF 449,000   619,809
4.00%, 4/8/2028

  CHF 620,000   788,721
4.00%, 1/6/2049

  CHF 275,000   522,631
          8,651,986
THAILAND — 1.9%      
Thailand Government Bonds:          
0.75%, 9/17/2024

  THB 6,000,000   166,447
0.95%, 6/17/2025

  THB 14,550,000   401,001
Series LB, 1.00%, 6/17/2027

  THB 27,850,000   747,382
1.45%, 12/17/2024

  THB 28,550,000   797,162
1.59%, 12/17/2035

  THB 19,500,000   481,985
1.88%, 6/17/2049

  THB 4,500,000   96,287
2.00%, 12/17/2031

  THB 19,500,000   530,766
2.00%, 6/17/2042

  THB 31,600,000   760,098
2.13%, 12/17/2026

  THB 37,825,000   1,062,925
2.35%, 6/17/2026

  THB 31,350,000   887,883
2.65%, 6/17/2028

  THB 38,325,000   1,096,200
2.88%, 6/17/2046

  THB 25,850,000   688,486
3.30%, 6/17/2038

  THB 39,300,000   1,161,225
3.35%, 6/17/2033

  THB 18,600,000   558,122
3.39%, 6/17/2037

  THB 15,000,000   447,889
3.40%, 6/17/2036

  THB 17,710,000   530,461
3.58%, 12/17/2027

  THB 16,000,000   476,793
3.60%, 6/17/2067

  THB 16,750,000   464,735
3.78%, 6/25/2032

  THB 37,250,000   1,159,011
3.85%, 12/12/2025

  THB 35,350,000   1,036,219
4.00%, 6/17/2066

  THB 16,920,000   510,596
4.26%, 12/12/2037

  THB 56,550,000   1,811,543
4.68%, 6/29/2044

  THB 18,340,000   639,524
4.75%, 12/20/2024

  THB 5,000,000   146,201
4.85%, 6/17/2061

  THB 19,010,000   667,120
4.88%, 6/22/2029

  THB 41,255,000   1,322,131
          18,648,192
UNITED KINGDOM — 4.9%      
U.K. Gilts:          
0.13%, 1/30/2026

  GBP 613,000   687,142
0.13%, 1/31/2028

  GBP 1,135,000   1,169,215
0.25%, 1/31/2025

  GBP 540,000   633,873
0.25%, 7/31/2031

  GBP 1,098,000   1,007,731
0.38%, 10/22/2026

  GBP 747,000   813,607
0.38%, 10/22/2030

  GBP 643,000   612,932
0.50%, 1/31/2029

  GBP 945,000   955,495
0.50%, 10/22/2061

  GBP 350,000   140,923
0.63%, 6/7/2025

  GBP 600,000   698,582
0.63%, 7/31/2035

  GBP 807,000   663,452
0.63%, 10/22/2050

  GBP 875,000   451,271
0.88%, 10/22/2029

  GBP 1,477,000   1,505,624
Security Description     Principal
Amount
  Value
0.88%, 1/31/2046

  GBP 225,000   $ 140,854
1.00%, 1/31/2032

  GBP 784,000   757,890
1.13%, 1/31/2039

  GBP 325,000   258,091
1.13%, 10/22/2073

  GBP 1,156,000   572,382
1.25%, 7/22/2027

  GBP 916,000   1,011,306
1.25%, 10/22/2041

  GBP 888,000   677,312
1.25%, 7/31/2051

  GBP 907,000   571,357
1.50%, 7/22/2026

  GBP 920,000   1,053,584
1.50%, 7/22/2047

  GBP 1,169,000   840,005
1.50%, 7/31/2053

  GBP 150,000   99,580
1.63%, 10/22/2028

  GBP 1,236,000   1,348,881
1.63%, 10/22/2054

  GBP 520,000   356,063
1.63%, 10/22/2071

  GBP 906,000   571,084
1.75%, 9/7/2037

  GBP 886,000   805,037
1.75%, 1/22/2049

  GBP 653,000   491,391
1.75%, 7/22/2057

  GBP 944,000   665,774
Series REGS, 2.00%, 9/7/2025

  GBP 1,325,000   1,568,798
2.50%, 7/22/2065

  GBP 563,000   482,887
2.75%, 9/7/2024

  GBP 800,000   986,100
3.25%, 1/31/2033

  GBP 750,000   869,385
3.25%, 1/22/2044

  GBP 740,000   782,369
3.50%, 1/22/2045

  GBP 896,000   979,880
3.50%, 7/22/2068

  GBP 510,000   563,800
3.75%, 1/29/2038

  GBP 746,000   870,258
3.75%, 7/22/2052

  GBP 1,034,000   1,172,694
3.75%, 10/22/2053

  GBP 47,000   53,108
4.00%, 1/22/2060

  GBP 795,000   965,484
4.13%, 1/29/2027

  GBP 2,093,000   2,566,873
4.25%, 12/7/2027

  GBP 970,000   1,203,373
4.25%, 6/7/2032

  GBP 1,095,000   1,384,772
4.25%, 3/7/2036

  GBP 715,000   892,622
4.25%, 9/7/2039

  GBP 597,000   736,252
4.25%, 12/7/2040

  GBP 842,000   1,036,468
4.25%, 12/7/2046

  GBP 638,000   781,338
4.25%, 12/7/2049

  GBP 715,000   878,882
4.25%, 12/7/2055

  GBP 789,000   985,293
4.50%, 9/7/2034

  GBP 2,099,000   2,689,626
4.50%, 12/7/2042

  GBP 931,000   1,182,417
4.75%, 12/7/2030

  GBP 1,377,000   1,789,374
4.75%, 12/7/2038

  GBP 784,000   1,024,548
5.00%, 3/7/2025

  GBP 978,000   1,237,458
6.00%, 12/7/2028

  GBP 445,000   599,532
COR, 3.50%, 10/22/2025

  GBP 800,000   970,965
          48,814,994
TOTAL FOREIGN GOVERNMENT OBLIGATIONS

(Cost $1,148,510,295)

        977,560,731
    
 
See accompanying notes to financial statements.
50


Table of Contents
SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 0.2%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.07% (d)(e)

  1,634,133   $ 1,634,133
State Street Navigator Securities Lending Portfolio II (f)(g)

  113,784   113,784
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,747,917)

  1,747,917  
TOTAL INVESTMENTS — 99.3%

(Cost $1,150,258,212)

  979,308,648  
OTHER ASSETS IN EXCESS OF

LIABILITIES — 0.7%

  7,082,505  
NET ASSETS — 100.0%

  $ 986,391,153  
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 19.5% of net assets as of June 30, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b) Amount is less than 0.05% of net assets.
(c) All or a portion of the shares of the security are on loan at June 30, 2023.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2023.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
EMTN Euro Medium Term Note
GMTN Global Medium Term Note
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
CLP Chilean Peso
CNY China Yuan Renminbi
COP Colombian Peso
CZK Czech Koruna
DKK Danish Krone
EUR Euro
GBP British Pound
HKD Hong Kong Dollar
HUF Hungary Forint
IDR Indonesia Rupiah
ILS Israeli New Shekel
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
NZD New Zealand Dollar
PEN Peru Nuevo Sol
PLN Polish Zloty
RON Romania New Leu
SEK Swedish Krona
SGD Singapore Dollar
THB Thai Baht
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Foreign Government Obligations

  $   $977,560,731   $—   $977,560,731
Short-Term Investments

  1,747,917       1,747,917
TOTAL INVESTMENTS

  $1,747,917   $977,560,731   $—   $979,308,648
 
Affiliate Table
  Number of
Shares Held
at
12/31/22
  Value at

12/31/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares

311,474   $311,474   $27,205,826   $25,883,167   $—   $—   1,634,133   $1,634,133   $16,012
State Street Navigator Securities Lending Portfolio II

    3,123,811   3,010,027       113,784   113,784   264
Total

    $311,474   $30,329,637   $28,893,194   $—   $—       $1,747,917   $16,276
See accompanying notes to financial statements.
51


Table of Contents
SPDR BLOOMBERG SHORT TERM INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
FOREIGN GOVERNMENT OBLIGATIONS — 99.1%      
AUSTRALIA — 4.6%      
Australia Government Bonds:          
Series 159, 0.25%, 11/21/2024

  AUD 2,724,000   $ 1,715,599
Series 161, 0.25%, 11/21/2025

  AUD 2,850,000   1,732,633
Series 139, 3.25%, 4/21/2025

  AUD 3,075,000   2,012,558
Series 142, 4.25%, 4/21/2026

  AUD 4,775,000   3,194,628
          8,655,418
AUSTRIA — 3.1%      
Republic of Austria Government Bonds:          
0.01%, 4/20/2025 (a)

  EUR 915,000   940,853
1.20%, 10/20/2025 (a)

  EUR 1,325,000   1,382,707
Series 1, 1.65%, 10/21/2024 (a)

  EUR 1,100,000   1,173,679
4.85%, 3/15/2026 (a)

  EUR 2,025,000   2,303,568
          5,800,807
BELGIUM — 3.4%      
Kingdom of Belgium Government Bonds:          
Series 82, 0.50%, 10/22/2024 (a)

  EUR 935,000   982,148
Series 74, 0.80%, 6/22/2025 (a)

  EUR 2,175,000   2,264,271
Series 77, 1.00%, 6/22/2026 (a)

  EUR 1,350,000   1,387,805
Series 64, 4.50%, 3/28/2026 (a)

  EUR 1,670,000   1,886,833
          6,521,057
CANADA — 4.6%      
Canada Government Bonds:          
0.25%, 3/1/2026

  CAD 2,550,000   1,736,395
0.50%, 9/1/2025

  CAD 2,088,000   1,451,109
0.75%, 10/1/2024

  CAD 1,275,000   916,378
1.50%, 9/1/2024

  CAD 950,000   690,696
2.25%, 6/1/2025

  CAD 550,000   398,904
3.00%, 11/1/2024

  CAD 771,000   568,921
3.00%, 10/1/2025

  CAD 650,000   476,264
3.75%, 2/1/2025

  CAD 655,000   487,705
COR, 3.00%, 4/1/2026

  CAD 1,000,000   732,178
COR, 3.75%, 5/1/2025

  CAD 1,625,000   1,210,500
          8,669,050
CHILE — 0.6%      
Bonos de la Tesoreria de la Republica en pesos:          
2.50%, 3/1/2025

  CLP 435,000,000   507,504
4.50%, 3/1/2026

  CLP 475,000,000   575,692
Security Description     Principal
Amount
  Value
5.80%, 6/1/2024 (a)

  CLP 85,000,000   $ 104,420
          1,187,616
CHINA — 4.5%      
China Government Bonds:          
1.99%, 9/15/2024

  CNY 3,450,000   474,262
Series INBK, 1.99%, 4/9/2025

  CNY 1,000,000   137,132
2.18%, 8/25/2025

  CNY 1,650,000   226,812
Series INBK, 2.26%, 2/24/2025

  CNY 2,550,000   351,351
2.28%, 11/25/2025

  CNY 2,200,000   302,832
2.46%, 2/15/2026

  CNY 12,000,000   1,660,437
Series INBK, 2.47%, 9/2/2024

  CNY 6,900,000   954,038
Series 1610, 2.90%, 5/5/2026

  CNY 1,600,000   223,880
Series 1913, 2.94%, 10/17/2024

  CNY 4,450,000   619,418
Series INBK, 3.02%, 10/22/2025

  CNY 6,250,000   875,938
Series INBK, 3.03%, 3/11/2026

  CNY 800,000   112,358
Series 1907, 3.25%, 6/6/2026

  CNY 7,800,000   1,104,489
Series 1813, 3.61%, 6/7/2025

  CNY 10,850,000   1,541,423
          8,584,370
COLOMBIA — 0.5%      
Colombia TES:          
Series B, 6.25%, 11/26/2025

  COP 2,774,000,000   614,676
Series B, 10.00%, 7/24/2024

  COP 1,130,000,000   270,791
          885,467
CROATIA — 0.3%      
Croatia Government International Bonds 3.00%, 3/11/2025

  EUR 475,000   511,602
CYPRUS — 0.1%      
Cyprus Government International Bonds:          
0.01%, 2/9/2026

  EUR 125,000   124,035
Series EMTN, 4.25%, 11/4/2025

  EUR 150,000   166,406
          290,441
CZECH REPUBLIC — 1.2%      
Czech Republic Government Bonds:          
Series 95, 1.00%, 6/26/2026

  CZK 13,850,000   565,960
Series 120, 1.25%, 2/14/2025

  CZK 7,530,000   322,959
 
See accompanying notes to financial statements.
52


Table of Contents
SPDR BLOOMBERG SHORT TERM INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 89, 2.40%, 9/17/2025

  CZK 12,850,000   $ 553,987
Series 148, 6.00%, 2/26/2026

  CZK 17,550,000   825,646
          2,268,552
DENMARK — 0.9%      
Denmark Government Bonds:          
Series 2024, 0.01%, 11/15/2024

  DKK 4,730,000   661,473
1.75%, 11/15/2025

  DKK 6,925,000   980,465
7.00%, 11/10/2024

  DKK 250,000   38,316
          1,680,254
FINLAND — 1.2%      
Finland Government Bonds:          
0.01%, 9/15/2024 (a)

  EUR 360,000   376,775
0.50%, 4/15/2026 (a)

  EUR 825,000   837,995
0.88%, 9/15/2025 (a)

  EUR 350,000   362,848
4.00%, 7/4/2025 (a)

  EUR 600,000   662,959
          2,240,577
FRANCE — 5.1%      
French Republic Government Bonds OAT:          
0.01%, 2/25/2025

  EUR 800,000   826,228
0.01%, 3/25/2025

  EUR 1,600,000   1,648,912
0.01%, 2/25/2026

  EUR 1,000,000   1,005,262
0.50%, 5/25/2025

  EUR 1,425,000   1,475,064
0.50%, 5/25/2026

  EUR 1,500,000   1,520,515
1.00%, 11/25/2025

  EUR 1,250,000   1,296,190
1.75%, 11/25/2024

  EUR 900,000   959,964
3.50%, 4/25/2026

  EUR 775,000   853,870
          9,586,005
GERMANY — 4.5%      
Bundesobligation:          
Series 180, 0.01%, 10/18/2024

  EUR 645,000   674,023
Series 181, 0.01%, 4/11/2025

  EUR 535,000   551,891
Series 182, 0.01%, 10/10/2025

  EUR 700,000   712,994
Series 183, 0.01%, 4/10/2026

  EUR 1,400,000   1,410,020
Bundesrepublik Deutschland Bundesanleihe:          
0.50%, 2/15/2025

  EUR 865,000   903,470
0.50%, 2/15/2026

  EUR 900,000   921,773
1.00%, 8/15/2024

  EUR 825,000   876,920
1.00%, 8/15/2025

  EUR 760,000   793,556
Bundesschatzanweisungen:          
0.40%, 9/13/2024

  EUR 375,000   394,969
2.20%, 12/12/2024

  EUR 575,000   617,311
Security Description     Principal
Amount
  Value
COR, 2.50%, 3/13/2025

  EUR 600,000   $ 646,391
          8,503,318
HONG KONG — 0.2%      
Hong Kong Government Bonds Programme:          
1.68%, 1/21/2026

  HKD 1,750,000   211,701
1.79%, 4/14/2025

  HKD 650,000   79,799
2.22%, 8/7/2024

  HKD 900,000   112,437
          403,937
HUNGARY — 0.7%      
Hungary Government Bonds:          
Series 25/C, 1.00%, 11/26/2025

  HUF 127,000,000   310,249
Series 26/E, 1.50%, 4/22/2026

  HUF 187,000,000   448,892
Series 24/C, 2.50%, 10/24/2024

  HUF 107,000,000   282,578
Series 25/B, 5.50%, 6/24/2025

  HUF 95,000,000   257,046
          1,298,765
INDONESIA — 2.0%      
Indonesia Treasury Bonds:          
Series FR86, 5.50%, 4/15/2026

  IDR 20,265,000,000   1,343,168
Series FR81, 6.50%, 6/15/2025

  IDR 12,500,000,000   843,428
Series FR84, 7.25%, 2/15/2026

  IDR 3,080,000,000   212,277
Perusahaan Penerbit SBSN Indonesia:          
Series PBS, 5.38%, 8/15/2025

  IDR 6,192,000,000   408,298
Series PBS, 6.13%, 10/15/2025

  IDR 8,904,000,000   595,014
Series PBS, 6.63%, 10/15/2024

  IDR 6,670,000,000   449,739
          3,851,924
IRELAND — 1.3%      
Ireland Government Bonds:          
1.00%, 5/15/2026

  EUR 1,000,000   1,030,362
5.40%, 3/13/2025

  EUR 1,240,000   1,400,271
          2,430,633
ISRAEL — 1.0%      
Israel Government Bonds - Fixed:          
Series 1024, 0.40%, 10/31/2024

  ILS 530,000   134,787
Series 0425, 0.50%, 4/30/2025

  ILS 2,255,000   567,594
 
See accompanying notes to financial statements.
53


Table of Contents
SPDR BLOOMBERG SHORT TERM INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 0226, 0.50%, 2/27/2026

  ILS 2,975,000   $ 730,235
Series 0825, 1.75%, 8/31/2025

  ILS 2,200,000   562,500
          1,995,116
ITALY — 5.1%      
Italy Buoni Poliennali Del Tesoro:          
0.01%, 8/15/2024

  EUR 125,000   130,782
0.01%, 12/15/2024

  EUR 425,000   439,264
Series 5Y, 0.01%, 4/1/2026

  EUR 500,000   492,296
0.35%, 2/1/2025

  EUR 325,000   336,037
Series 5Y, 0.50%, 2/1/2026

  EUR 500,000   502,064
1.20%, 8/15/2025

  EUR 1,050,000   1,085,370
1.45%, 11/15/2024

  EUR 200,000   211,503
1.45%, 5/15/2025

  EUR 775,000   810,609
Series 10Y, 1.60%, 6/1/2026

  EUR 100,000   102,703
1.75%, 7/1/2024

  EUR 100,000   106,889
1.85%, 7/1/2025 (a)

  EUR 225,000   236,436
2.00%, 12/1/2025

  EUR 775,000   811,655
2.50%, 12/1/2024

  EUR 735,000   788,026
Series 7Y, 2.50%, 11/15/2025

  EUR 400,000   424,268
3.75%, 9/1/2024

  EUR 1,000,000   1,090,230
4.50%, 3/1/2026 (a)

  EUR 575,000   638,743
5.00%, 3/1/2025 (a)

  EUR 700,000   777,583
COR, 3.50%, 1/15/2026

  EUR 125,000   135,429
COR, 3.80%, 4/15/2026

  EUR 500,000   545,771
          9,665,658
JAPAN — 22.9%      
Japan Government Five Year Bonds:          
Series 147, 0.01%, 3/20/2026

  JPY 293,000,000   2,031,468
Series 148, 0.01%, 6/20/2026

  JPY 375,000,000   2,599,639
Series 141, 0.10%, 9/20/2024

  JPY 269,500,000   1,869,486
Series 142, 0.10%, 12/20/2024

  JPY 398,350,000   2,764,265
Series 143, 0.10%, 3/20/2025

  JPY 525,000,000   3,643,744
Series 144, 0.10%, 6/20/2025

  JPY 387,000,000   2,687,004
Series 145, 0.10%, 9/20/2025

  JPY 365,000,000   2,535,441
Series 146, 0.10%, 12/20/2025

  JPY 534,700,000   3,715,839
Security Description     Principal
Amount
  Value
Japan Government Ten Year Bonds:          
Series 342, 0.10%, 3/20/2026

  JPY 250,000,000   $ 1,737,832
Series 343, 0.10%, 6/20/2026

  JPY 375,000,000   2,606,955
Series 337, 0.30%, 12/20/2024

  JPY 143,000,000   995,227
Series 341, 0.30%, 12/20/2025

  JPY 260,000,000   1,815,674
Series 338, 0.40%, 3/20/2025

  JPY 250,000,000   1,743,972
Series 339, 0.40%, 6/20/2025

  JPY 250,000,000   1,745,978
Series 340, 0.40%, 9/20/2025

  JPY 190,000,000   1,328,574
Series 335, 0.50%, 9/20/2024

  JPY 350,000,000   2,439,769
Japan Government Two Year Bonds:          
Series 440, 0.01%, 9/1/2024

  JPY 248,000,000   1,718,455
Series 441, 0.01%, 10/1/2024

  JPY 246,000,000   1,704,733
Series 442, 0.01%, 11/1/2024

  JPY 279,950,000   1,940,291
Series 443, 0.01%, 12/1/2024

  JPY 100,000,000   693,022
Series 444, 0.01%, 1/1/2025

  JPY 39,000,000   270,265
Series 445, 0.01%, 2/1/2025

  JPY 125,000,000   866,174
          43,453,807
MALAYSIA — 1.9%      
Malaysia Government Bonds:          
Series 0118, 3.88%, 3/14/2025

  MYR 1,575,000   340,085
Series 0115, 3.96%, 9/15/2025

  MYR 2,800,000   605,394
Series 0217, 4.06%, 9/30/2024

  MYR 1,250,000   269,587
Malaysia Government Investment Issue:          
Series 0419, 3.66%, 10/15/2024

  MYR 990,000   212,528
Series 0319, 3.73%, 3/31/2026

  MYR 5,140,000   1,105,696
Series 0415, 3.99%, 10/15/2025

  MYR 3,260,000   705,786
Series 0217, 4.05%, 8/15/2024

  MYR 1,825,000   393,612
          3,632,688
 
See accompanying notes to financial statements.
54


Table of Contents
SPDR BLOOMBERG SHORT TERM INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
MEXICO — 3.6%      
Mexico Bonos:          
Series M, 5.00%, 3/6/2025

  MXN 12,375,000   $ 665,943
Series M, 5.75%, 3/5/2026

  MXN 58,920,000   3,139,675
Series M, 8.00%, 9/5/2024

  MXN 29,565,000   1,667,486
Series M 20, 10.00%, 12/5/2024

  MXN 21,725,000   1,257,429
          6,730,533
NETHERLANDS — 2.7%      
Netherlands Government Bonds:          
0.01%, 1/15/2026 (a)

  EUR 1,275,000   1,287,925
0.25%, 7/15/2025 (a)

  EUR 2,273,000   2,338,557
2.00%, 7/15/2024 (a)

  EUR 1,343,000   1,443,564
          5,070,046
NEW ZEALAND — 0.7%      
New Zealand Government Bonds:          
Series 0526, 0.50%, 5/15/2026

  NZD 675,000   366,238
Series 0425, 2.75%, 4/15/2025

  NZD 1,595,000   935,745
          1,301,983
NORWAY — 0.5%      
Norway Government Bonds:          
Series 478, 1.50%, 2/19/2026 (a)

  NOK 5,225,000   457,156
Series 477, 1.75%, 3/13/2025 (a)

  NOK 5,525,000   495,641
          952,797
PERU — 0.1%      
Peru Government Bonds 5.70%, 8/12/2024

  PEN 550,000   150,764
POLAND — 1.6%      
Republic of Poland Government Bonds:          
Series 0724, 0.01%, 7/25/2024

  PLN 725,000   167,579
Series 0425, 0.75%, 4/25/2025

  PLN 1,995,000   449,236
Series 1024, 2.25%, 10/25/2024

  PLN 3,975,000   932,860
Series 0725, 3.25%, 7/25/2025

  PLN 3,750,000   877,716
Series 1025, COR, 0.01%, 10/25/2025

  PLN 2,575,000   556,172
          2,983,563
Security Description     Principal
Amount
  Value
PORTUGAL — 0.8%      
Portugal Obrigacoes do Tesouro OT 2.88%, 10/15/2025 (a)

  EUR 1,425,000   $ 1,548,612
ROMANIA — 0.8%      
Romania Government Bonds:          
Series 5Y, 3.25%, 6/24/2026

  RON 850,000   170,565
Series 4Y, 3.50%, 11/25/2025

  RON 1,425,000   293,026
Series 5Y, 3.65%, 7/28/2025

  RON 1,650,000   343,679
Series 4YR, 3.70%, 11/25/2024

  RON 915,000   194,099
Series 10Y, 4.75%, 2/24/2025

  RON 1,135,000   243,217
Series 7Y, 4.85%, 4/22/2026

  RON 1,350,000   284,155
          1,528,741
SINGAPORE — 1.4%      
Singapore Government Bonds:          
0.50%, 11/1/2025

  SGD 790,000   544,743
2.13%, 6/1/2026

  SGD 800,000   570,436
2.38%, 6/1/2025

  SGD 945,000   682,710
3.00%, 9/1/2024

  SGD 1,100,000   805,320
          2,603,209
SLOVAKIA — 0.6%      
Slovakia Government Bonds:          
Series 238, 0.25%, 5/14/2025

  EUR 140,000   143,257
Series 231, 0.63%, 5/22/2026

  EUR 150,000   150,547
Series 223, 3.38%, 11/15/2024

  EUR 475,000   517,479
Series 216, 4.35%, 10/14/2025

  EUR 350,000   387,365
          1,198,648
SLOVENIA — 0.3%      
Slovenia Government Bonds:          
Series RS89, 0.01%, 2/13/2026

  EUR 230,000   230,023
Series RS75, 2.13%, 7/28/2025

  EUR 250,000   267,985
Series RS66, 4.63%, 9/9/2024

  EUR 150,000   167,116
          665,124
SOUTH KOREA — 4.5%      
Korea Treasury Bonds:          
Series 2509, 1.13%, 9/10/2025

  KRW 1,000,000,000   717,709
 
See accompanying notes to financial statements.
55


Table of Contents
SPDR BLOOMBERG SHORT TERM INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 2603, 1.25%, 3/10/2026

  KRW 1,679,000,000   $ 1,194,839
Series 2409, 1.38%, 9/10/2024

  KRW 1,355,000,000   1,001,728
Series 2503, 1.50%, 3/10/2025

  KRW 900,000,000   657,946
Series 2412, 1.88%, 12/10/2024

  KRW 195,000,000   144,268
Series 2506, 2.25%, 6/10/2025

  KRW 1,790,000,000   1,320,865
Series 2512, 2.25%, 12/10/2025

  KRW 1,500,000,000   1,099,831
Series 2409, 3.13%, 9/10/2024

  KRW 461,750,000   348,407
Series 2506, 3.13%, 6/10/2025

  KRW 1,343,000,000   1,007,528
Series 2606, 3.13%, 6/10/2026

  KRW 730,000,000   545,343
Series 2503, 3.38%, 3/10/2025

  KRW 725,000,000   546,734
          8,585,198
SPAIN — 4.5%      
Spain Government Bonds:          
0.01%, 1/31/2025 (a)

  EUR 694,000   716,931
0.01%, 5/31/2025 (a)

  EUR 625,000   638,417
0.01%, 1/31/2026 (a)

  EUR 1,200,000   1,201,715
Series 5YR, 0.25%, 7/30/2024 (a)

  EUR 525,000   552,253
1.60%, 4/30/2025 (a)

  EUR 950,000   1,002,683
1.95%, 4/30/2026 (a)

  EUR 800,000   840,157
2.15%, 10/31/2025 (a)

  EUR 1,175,000   1,248,003
2.75%, 10/31/2024 (a)

  EUR 925,000   999,691
4.65%, 7/30/2025 (a)

  EUR 775,000   865,784
COR, 2.80%, 5/31/2026 (a)

  EUR 400,000   429,195
          8,494,829
SWEDEN — 0.4%      
Sweden Government Bonds Series 1058, 2.50%, 5/12/2025

  SEK 8,010,000   728,904
SWITZERLAND — 0.5%      
Swiss Confederation Government Bonds:          
1.50%, 7/24/2025

  CHF 320,000   359,717
COR, 1.25%, 5/28/2026

  CHF 450,000   504,398
          864,115
THAILAND — 1.8%      
Thailand Government Bonds:          
0.75%, 9/17/2024

  THB 3,900,000   108,191
0.95%, 6/17/2025

  THB 20,025,000   551,893
1.45%, 12/17/2024

  THB 40,300,000   1,125,240
Security Description     Principal
Amount
  Value
2.35%, 6/17/2026

  THB 10,175,000   $ 288,173
3.85%, 12/12/2025

  THB 43,600,000   1,278,052
          3,351,549
UNITED KINGDOM — 4.6%      
U.K. Gilts:          
0.13%, 1/30/2026

  GBP 1,575,000   1,765,496
0.25%, 1/31/2025

  GBP 1,130,000   1,326,437
0.63%, 6/7/2025

  GBP 1,425,000   1,659,132
Series REGS, 2.00%, 9/7/2025

  GBP 1,050,000   1,243,199
2.75%, 9/7/2024

  GBP 935,000   1,152,505
5.00%, 3/7/2025

  GBP 800,000   1,012,235
COR, 3.50%, 10/22/2025

  GBP 450,000   546,168
          8,705,172
TOTAL FOREIGN GOVERNMENT OBLIGATIONS

(Cost $193,432,315)

        187,580,849
    Shares  
SHORT-TERM INVESTMENT — 0.2%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.07% (b)(c)

(Cost $445,762)

445,762 445,762
TOTAL INVESTMENTS — 99.3%

(Cost $193,878,077)

188,026,611
OTHER ASSETS IN EXCESS OF

LIABILITIES — 0.7%

1,307,104
NET ASSETS — 100.0%

$ 189,333,715
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 17.1% of net assets as of June 30, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at June 30, 2023.
EMTN Euro Medium Term Note
AUD Australian Dollar
CAD Canadian Dollar
CHF Swiss Franc
CLP Chilean Peso
CNY China Yuan Renminbi
COP Colombian Peso
CZK Czech Koruna
DKK Danish Krone
EUR Euro
 
See accompanying notes to financial statements.
56


Table of Contents
SPDR BLOOMBERG SHORT TERM INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

GBP British Pound
HKD Hong Kong Dollar
HUF Hungary Forint
IDR Indonesia Rupiah
ILS Israeli New Shekel
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
MYR Malaysian Ringgit
NOK Norwegian Krone
NZD New Zealand Dollar
PEN Peru Nuevo Sol
PLN Polish Zloty
RON Romania New Leu
SEK Swedish Krona
SGD Singapore Dollar
THB Thai Baht
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Foreign Government Obligations

  $   $187,580,849   $—   $187,580,849
Short-Term Investment

  445,762       445,762
TOTAL INVESTMENTS

  $445,762   $187,580,849   $—   $ 188,026,611
 
Affiliate Table
  Number of
Shares Held
at
12/31/22
  Value at

12/31/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares

  $—   $15,233,066   $14,787,304   $—   $—   445,762   $445,762   $6,685
See accompanying notes to financial statements.
57


Table of Contents
SPDR FTSE INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF
SCHEDULE OF INVESTMENTS
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
FOREIGN GOVERNMENT OBLIGATIONS — 98.4%      
AUSTRALIA — 4.5%      
Australia Government Bonds:          
Series 32CI, 0.25%, 11/21/2032

  AUD 3,195,990   $ 1,881,278
Series 27CI, 0.75%, 11/21/2027

  AUD 5,116,488   3,332,213
Series 50CI, 1.00%, 2/21/2050

  AUD 3,226,575   1,764,694
Series 40CI, 1.25%, 8/21/2040

  AUD 3,459,651   2,124,840
Series 35CI, 2.00%, 8/21/2035

  AUD 3,992,550   2,759,562
Series 30CI, 2.50%, 9/20/2030

  AUD 5,754,680   4,111,322
Series 25CI, 3.00%, 9/20/2025

  AUD 7,471,104   5,203,059
          21,176,968
BRAZIL — 9.5%      
Brazil Notas do Tesouro Nacional:          
Series NTNB, 6.00%, 8/15/2024

  BRL 32,803,462   6,706,195
Series NTNB, 6.00%, 5/15/2025

  BRL 18,155,375   3,761,371
Series NTNB, 6.00%, 8/15/2026

  BRL 20,321,641   4,275,137
Series B, 6.00%, 5/15/2027

  BRL 12,378,665   2,623,082
Series NTNB, 6.00%, 8/15/2028

  BRL 10,625,021   2,273,317
Series NTNB, 6.00%, 8/15/2030

  BRL 16,876,246   3,664,462
Series NTNB, 6.00%, 8/15/2032

  BRL 5,776,710   1,262,105
Series NTNB, 6.00%, 5/15/2035

  BRL 17,949,062   3,948,755
Series NTNB, 6.00%, 8/15/2040

  BRL 16,711,197   3,685,000
Series NTNB, 6.00%, 5/15/2045

  BRL 18,733,046   4,124,977
Series NTNB, 6.00%, 8/15/2050

  BRL 21,868,975   4,847,044
Series NTNB, 6.00%, 5/15/2055

  BRL 15,432,069   3,435,422
Series NTNB, 6.00%, 8/15/2060

  BRL 1,856,800   414,700
          45,021,567
CANADA — 4.5%      
Canada Government Real Return Bonds:          
Series CPI, 0.25%, 12/1/2054

  CAD 1,315,436   720,907
Security Description     Principal
Amount
  Value
Series CPI, 0.50%, 12/1/2050

  CAD 3,049,858   $ 1,842,545
Series CPI, 1.25%, 12/1/2047

  CAD 3,994,987   2,900,242
Series CPI, 1.50%, 12/1/2044

  CAD 4,328,384   3,285,843
Series CPI, 2.00%, 12/1/2041

  CAD 3,866,255   3,156,114
Series CPI, 3.00%, 12/1/2036

  CAD 3,894,053   3,483,033
Series CPI, 4.00%, 12/1/2031

  CAD 3,353,738   3,019,416
Series CPI, 4.25%, 12/1/2026

  CAD 3,658,681   2,979,119
          21,387,219
CHILE — 4.5%      
Bonos de la Tesoreria de la Republica:          
Zero Coupon, 3/1/2025

  CLP 938,326,480   1,100,605
Zero Coupon, 10/1/2028

  CLP 1,028,559,955   1,132,201
Zero Coupon, 10/1/2033

  CLP 1,407,489,720   1,442,182
1.50%, 3/1/2026

  CLP 3,464,590,080   4,148,579
1.90%, 9/1/2030

  CLP 2,201,458,280   2,715,253
2.00%, 3/1/2035

  CLP 2,778,889,960   3,482,272
2.10%, 7/15/2050

  CLP 1,443,579,200   1,899,010
Series 30YR, 3.00%, 1/1/2044

  CLP 3,626,992,740   5,279,550
          21,199,652
COLOMBIA — 4.5%      
Colombia TES:          
Series UVR, 2.25%, 4/18/2029

  COP 12,812,225,440   2,803,746
Series UVR, 3.00%, 3/25/2033

  COP 7,137,245,150   1,547,837
Series UVR, 3.30%, 3/17/2027

  COP 10,792,907,300   2,528,199
Series UVR, 3.50%, 5/7/2025

  COP 11,409,147,491   2,704,245
Series UVR, 3.75%, 2/25/2037

  COP 16,885,677,550   3,812,867
Series UVR, 3.75%, 6/16/2049

  COP 15,069,335,699   3,371,043
Series UVR, 4.75%, 4/4/2035

  COP 17,671,363,049   4,419,856
          21,187,793
FRANCE — 8.0%      
French Republic Government Bonds OAT:          
Series OATI, 0.10%, 3/1/2025

  EUR 1,554,546   1,663,277
 
See accompanying notes to financial statements.
58


Table of Contents
SPDR FTSE INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series OATE, 0.10%, 3/1/2026 (a)

  EUR 2,091,404   $ 2,234,035
Series OATI, 0.10%, 3/1/2028

  EUR 2,375,085   2,540,431
Series OATE, 0.10%, 3/1/2029

  EUR 1,735,915   1,841,802
Series OATE, 0.10%, 7/25/2031 (a)

  EUR 1,826,822   1,935,463
Series OATI, 0.10%, 3/1/2032

  EUR 728,039   775,069
Series OATI, 0.10%, 3/1/2036 (a)

  EUR 1,234,108   1,272,360
Series OATE, 0.10%, 7/25/2036 (a)

  EUR 1,666,709   1,708,004
0.10%, 7/25/2038 (a)

  EUR 918,656   931,294
Series OATE, 0.10%, 7/25/2047 (a)

  EUR 1,889,350   1,843,404
Series OATE, 0.10%, 7/25/2053 (a)

  EUR 948,512   916,857
Series OATE, 0.25%, 7/25/2024

  EUR 3,027,062   3,266,528
Series OATE, 0.70%, 7/25/2030 (a)

  EUR 3,317,463   3,683,054
Series OATE, 1.80%, 7/25/2040 (a)

  EUR 2,455,705   3,183,664
Series OATE, 1.85%, 7/25/2027

  EUR 4,247,746   4,866,934
Series OATE, 3.15%, 7/25/2032

  EUR 1,810,282   2,438,160
Series OATI, 3.40%, 7/25/2029

  EUR 2,112,620   2,721,589
          37,821,925
GERMANY — 4.5%      
Deutsche Bundesrepublik Bonds Inflation-Linked:          
Series I/L, 0.10%, 4/15/2026

  EUR 5,985,158   6,376,685
Series I/L, 0.10%, 4/15/2033

  EUR 1,948,680   2,128,604
Series I/L, 0.10%, 4/15/2046

  EUR 4,318,236   4,882,025
Series I/L, 0.50%, 4/15/2030

  EUR 7,245,402   8,049,156
          21,436,470
ISRAEL — 4.4%      
Israel Government Bonds - Galil Series 5904, 4.00%, 7/31/2024

  ILS 7,643,700   2,109,933
Israel Government Bonds CPI-Linked:          
Series 0726, 0.10%, 7/31/2026

  ILS 7,214,580   1,879,618
Series 1131, 0.10%, 11/30/2031

  ILS 7,684,495   1,911,905
Series 0529, 0.50%, 5/31/2029

  ILS 9,177,167   2,395,337
Security Description     Principal
Amount
  Value
Series 1151, 0.50%, 11/30/2051

  ILS 4,970,607   $ 1,103,985
Series 1025, 0.75%, 10/31/2025

  ILS 7,936,499   2,110,161
Series 0527, 0.75%, 5/31/2027

  ILS 9,129,346   2,424,852
Series 0545, 1.00%, 5/31/2045

  ILS 7,857,054   2,037,545
Series 0841, 2.75%, 8/30/2041

  ILS 8,280,756   2,832,828
Series 0536, 4.00%, 5/30/2036

  ILS 6,077,278   2,223,450
          21,029,614
ITALY — 4.9%      
Italy Buoni Poliennali Del Tesoro:          
Series CPI, 0.10%, 5/15/2033 (a)

  EUR 2,017,151   1,847,718
Series CPI, 0.15%, 5/15/2051 (a)

  EUR 1,103,194   790,743
Series CPI, 0.40%, 5/15/2030 (a)

  EUR 1,981,522   1,975,253
Series CPI, 0.65%, 5/15/2026

  EUR 1,402,476   1,480,144
Series CPI, 1.25%, 9/15/2032 (a)

  EUR 2,724,491   2,856,793
Series CPI, 1.30%, 5/15/2028 (a)

  EUR 2,581,880   2,761,623
Series CPI, 2.35%, 9/15/2024 (a)

  EUR 2,431,916   2,668,610
Series CPI, 2.35%, 9/15/2035 (a)

  EUR 2,812,301   3,230,315
Series CPI, 2.55%, 9/15/2041 (a)

  EUR 2,370,938   2,855,038
Series CPI, 3.10%, 9/15/2026 (a)

  EUR 2,501,348   2,858,461
          23,324,698
JAPAN — 4.4%      
Japanese Government CPI-Linked Bond:          
Series 26, 0.01%, 3/10/2031

  JPY 211,432,000   1,569,908
Series 27, 0.01%, 3/10/2032

  JPY 414,085,320   3,065,523
Series 19, 0.10%, 9/10/2024

  JPY 288,730,200   2,054,123
Series 20, 0.10%, 3/10/2025

  JPY 525,092,800   3,751,924
Series 21, 0.10%, 3/10/2026

  JPY 399,151,116   2,893,932
Series 22, 0.10%, 3/10/2027

  JPY 228,858,773   1,675,616
Series 23, 0.10%, 3/10/2028

  JPY 325,306,840   2,374,683
 
See accompanying notes to financial statements.
59


Table of Contents
SPDR FTSE INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series 24, 0.10%, 3/10/2029

  JPY 433,733,345   $ 3,186,523
          20,572,232
MEXICO — 4.6%      
Mexico Udibonos:          
Series S, 2.75%, 11/27/2031

  MXN 48,930,638   2,538,042
Series S, 3.00%, 12/3/2026

  MXN 28,737,042   1,556,466
Series S, 4.00%, 11/30/2028

  MXN 37,280,486   2,124,034
Series S, 4.00%, 11/15/2040

  MXN 58,646,861   3,271,886
Series S, 4.00%, 11/8/2046

  MXN 52,037,346   2,861,273
Series S, 4.00%, 11/3/2050

  MXN 61,745,803   3,379,323
Series S, 4.50%, 12/4/2025

  MXN 36,814,480   2,091,023
Series S, 4.50%, 11/22/2035

  MXN 61,668,138   3,704,008
          21,526,055
NEW ZEALAND — 3.0%      
New Zealand Government Bonds Inflation-Linked:          
Series 0925, 2.00%, 9/20/2025

  NZD 3,911,794   2,421,091
Series 0935, 2.50%, 9/20/2035

  NZD 8,742,697   5,370,060
Series 0940, 2.50%, 9/20/2040

  NZD 5,591,542   3,360,858
Series 0930, 3.00%, 9/20/2030

  NZD 4,713,528   3,051,468
          14,203,477
SOUTH AFRICA — 4.6%      
Republic of South Africa Government Bond CPI-Linked:          
Series 2029, 1.88%, 3/31/2029

  ZAR 33,741,121   1,552,388
Series 2033, 1.88%, 2/28/2033

  ZAR 49,713,178   2,023,255
Series 2025, 2.00%, 1/31/2025

  ZAR 67,598,181   3,466,372
Series 2038, 2.25%, 1/31/2038

  ZAR 79,147,838   3,006,859
Series 2046, 2.50%, 3/31/2046

  ZAR 81,827,644   2,869,630
Series 2050, 2.50%, 12/31/2050

  ZAR 128,453,406   4,274,076
Series R210, 2.60%, 3/31/2028

  ZAR 34,728,273   1,714,610
Security Description     Principal
Amount
  Value
Series R202, 3.45%, 12/7/2033

  ZAR 64,015,330   $ 2,988,237
          21,895,427
SOUTH KOREA — 1.0%      
Korea Treasury Bonds Inflation-Linked:          
Series 2606, 1.00%, 6/10/2026

  KRW 1,630,046,100   1,251,328
Series 3006, 1.13%, 6/10/2030

  KRW 1,740,055,310   1,324,360
Series 3206, 1.63%, 6/10/2032

  KRW 934,668,000   728,387
Series 2806, 1.75%, 6/10/2028

  KRW 1,741,864,350   1,378,984
          4,683,059
SPAIN — 4.5%      
Spain Government Bonds Inflation-Linked:          
0.65%, 11/30/2027 (a)

  EUR 4,430,562   4,742,339
0.70%, 11/30/2033 (a)

  EUR 5,279,949   5,507,025
1.00%, 11/30/2030 (a)

  EUR 6,043,163   6,571,006
1.80%, 11/30/2024 (a)

  EUR 4,264,774   4,670,504
          21,490,874
SWEDEN — 4.4%      
Sweden Bonds Inflation-Linked:          
Series 3112, 0.13%, 6/1/2026

  SEK 41,458,858   3,728,646
Series 3113, 0.13%, 12/1/2027

  SEK 37,277,886   3,324,645
Series 3114, 0.13%, 6/1/2030

  SEK 22,712,226   1,982,571
Series 3111, 0.13%, 6/1/2032

  SEK 32,111,711   2,823,374
Series 3109, 1.00%, 6/1/2025

  SEK 45,554,701   4,189,288
Series 3104, 3.50%, 12/1/2028

  SEK 44,364,783   4,648,970
          20,697,494
TURKEY — 4.2%      
Turkey Government Bonds:          
Series CPI, Zero Coupon, 2/11/2032

  TRY 26,199,714   1,214,253
Series CPI, 0.01%, 8/4/2032

  TRY 13,594,238   636,776
1.50%, 6/18/2025

  TRY 74,757,055   3,671,167
Series CPI, 2.00%, 9/18/2024

  TRY 2,537,482   112,963
2.36%, 1/29/2025

  TRY 26,710,804   1,216,205
Series CPI, 2.40%, 5/8/2024

  TRY 34,779,269   1,487,891
Series CPI, 2.70%, 1/14/2026

  TRY 50,618,559   2,474,409
 
See accompanying notes to financial statements.
60


Table of Contents
SPDR FTSE INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

Security Description     Principal
Amount
  Value
Series CPI, 2.90%, 7/7/2027

  TRY 48,603,971   $ 2,503,378
Series CPI, 2.90%, 1/12/2028

  TRY 40,300,657   2,060,385
Series CPI, 3.00%, 5/28/2031

  TRY 30,445,599   1,694,295
3.20%, 11/6/2024

  TRY 9,179,994   422,772
Series CPI, 3.30%, 6/28/2028

  TRY 33,835,439   1,732,267
4.10%, 6/5/2024

  TRY 11,698,337   511,967
          19,738,728
UNITED KINGDOM — 18.4%      
United Kingdom Gilt Inflation Linked:          
Series 3MO, 0.13%, 3/22/2026

  GBP 3,325,851   4,076,653
Series 3MO, 0.13%, 8/10/2028

  GBP 3,582,918   4,377,358
Series 3MO, 0.13%, 3/22/2029

  GBP 2,432,617   2,966,495
Series 3MO, 0.13%, 8/10/2031

  GBP 2,665,131   3,293,105
Series 3MO, 0.13%, 11/22/2036

  GBP 2,493,469   2,924,868
Series 3MO, 0.13%, 3/22/2039

  GBP 1,067,388   1,208,973
Series 3MO, 0.13%, 8/10/2041

  GBP 5,687,887   6,313,793
Series 3MO, 0.13%, 3/22/2044

  GBP 2,728,246   2,910,224
Series 3MO, 0.13%, 3/22/2046

  GBP 3,107,631   3,238,110
Series 3MO, 0.13%, 8/10/2048

  GBP 1,478,018   1,517,469
Series 3MO, 0.13%, 3/22/2051

  GBP 823,498   831,491
Series 3MO, 0.13%, 11/22/2056

  GBP 1,596,616   1,596,626
Series 3MO, 0.13%, 3/22/2058

  GBP 2,395,383   2,389,429
Series 3MO, 0.13%, 11/22/2065

  GBP 1,645,361   1,655,852
Series 3MO, 0.13%, 3/22/2068

  GBP 1,865,303   1,877,267
Series 3MO, 0.13%, 3/22/2073

  GBP 543,839   582,651
Series 3MO, 0.25%, 3/22/2052

  GBP 2,693,963   2,824,541
Series 3MO, 0.38%, 3/22/2062

  GBP 2,725,517   2,997,197
Series 3MO, 0.50%, 3/22/2050

  GBP 3,230,248   3,638,400
Series 3MO, 0.63%, 3/22/2040

  GBP 2,753,440   3,365,360
Security Description     Principal
Amount
  Value
Series 3MO, 0.63%, 11/22/2042

  GBP 1,718,731   $ 2,075,308
Series 3MO, 0.75%, 3/22/2034

  GBP 4,033,740   5,179,940
Series 3MO, 0.75%, 11/22/2047

  GBP 2,358,375   2,829,757
Series 3MO, 1.13%, 11/22/2037

  GBP 2,524,180   3,351,474
Series 3MO, 1.25%, 11/22/2027

  GBP 3,936,055   5,051,345
Series 3MO, 1.25%, 11/22/2032

  GBP 3,325,581   4,507,027
Series 3MO, 1.25%, 11/22/2055

  GBP 2,675,370   3,732,250
Series 8MO, 2.00%, 1/26/2035

  GBP 1,322,986   1,966,303
Series 8MO, 2.50%, 7/17/2024

  GBP 2,017,704   2,630,951
Series 8MO, 4.13%, 7/22/2030

  GBP 795,633   1,279,677
          87,189,894
TOTAL FOREIGN GOVERNMENT OBLIGATIONS

(Cost $534,503,182)

        465,583,146
TOTAL INVESTMENTS — 98.4%

(Cost $534,503,182)

  465,583,146  
OTHER ASSETS IN EXCESS OF

LIABILITIES — 1.6%

  7,501,399  
NET ASSETS — 100.0%

  $ 473,084,545  
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 12.9% of net assets as of June 30, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
AUD Australian Dollar
BRL Brazilian Real
CAD Canadian Dollar
CLP Chilean Peso
COP Colombian Peso
EUR Euro
GBP British Pound
ILS Israeli New Shekel
JPY Japanese Yen
KRW South Korean Won
MXN Mexican Peso
NZD New Zealand Dollar
SEK Swedish Krona
TRY Turkish New Lira
ZAR South African Rand
 
See accompanying notes to financial statements.
61


Table of Contents
SPDR FTSE INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023 (Unaudited)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Foreign Government Obligations

  $—   $465,583,146   $—   $465,583,146
 
Affiliate Table
  Number of
Shares Held
at
12/31/22
  Value at

12/31/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares

367,253   $367,253   $27,858,184   $28,225,437   $—   $—     $—   $13,707
See accompanying notes to financial statements.
62


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[This Page Intentionally Left Blank]
63


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2023 (Unaudited)

  SPDR Bloomberg Emerging Markets Local Bond ETF   SPDR Bloomberg International Corporate Bond ETF
ASSETS      
Investments in unaffiliated issuers, at value*

$1,649,909,027   $166,448,236
Investments in affiliated issuers, at value

31,560,713   2,347,117
Total Investments

1,681,469,740   168,795,353
Foreign currency, at value

17,168,273   1,447,524
Cash

10,256  
Receivable for investments sold

43,245,015   1,478,164
Dividends receivable — affiliated issuers

11,768   323
Interest receivable — unaffiliated issuers

23,540,516   1,576,862
Securities lending income receivable — unaffiliated issuers

36  
Securities lending income receivable — affiliated issuers  

13,345   727
Receivable for foreign taxes recoverable

316,739  
TOTAL ASSETS

1,765,775,688   173,298,953
LIABILITIES      
Due to custodian

 
Payable upon return of securities loaned

27,991,543   2,329,682
Payable for investments purchased

31,221,611   1,388,187
Deferred foreign taxes payable

468,148  
Advisory fee payable

415,341   69,341
TOTAL LIABILITIES

60,096,643   3,787,210
NET ASSETS

$1,705,679,045   $ 169,511,743
NET ASSETS CONSIST OF:      
Paid-in Capital

$1,951,534,987   $192,343,226
Total distributable earnings (loss)**

(245,855,942)   (22,831,483)
NET ASSETS

$1,705,679,045   $ 169,511,743
NET ASSET VALUE PER SHARE      
Net asset value per share

$ 21.06   $ 28.25
Shares outstanding (unlimited amount authorized, $0.01 par value)

81,000,000   6,000,000
COST OF INVESTMENTS:      
Investments in unaffiliated issuers

$1,748,949,470   $186,798,053
Investments in affiliated issuers

31,560,713   2,347,117
Total cost of investments

$1,780,510,183   $189,145,170
Foreign currency, at cost

$ 17,638,183   $ 1,498,189
* Includes investments in securities on loan, at value

$ 27,083,309   $ 2,272,559
**  Includes deferred foreign taxes

$ 468,148   $
See accompanying notes to financial statements.
64


Table of Contents

SPDR Bloomberg International Treasury Bond ETF   SPDR Bloomberg Short Term International Treasury Bond ETF   SPDR FTSE International Government Inflation-Protected Bond ETF
         
$ 977,560,731   $187,580,849   $ 465,583,146
1,747,917   445,762  
979,308,648   188,026,611   465,583,146
2,501,656   588,552   1,488,708
   
11,761,438   11,200,788   3,713,180
4,916   3,823   1,447
6,817,827   1,064,601   2,558,056
   
27    
479,017   137,151  
1,000,873,529   201,021,526   473,344,537
         
187,285     50,835
113,784    
13,744,559   11,632,085   12,092
151,076   1,259   3,665
285,672   54,467   193,400
14,482,376   11,687,811   259,992
$ 986,391,153   $189,333,715   $ 473,084,545
         
$1,175,192,698   $203,030,394   $ 575,706,580
(188,801,545)   (13,696,679)   (102,622,035)
$ 986,391,153   $189,333,715   $ 473,084,545
         
$ 22.47   $ 26.67   $ 41.86
43,900,038   7,100,000   11,300,483
         
$1,148,510,295   $193,432,315   $ 534,503,182
1,747,917   445,762  
$1,150,258,212   $193,878,077   $ 534,503,182
$ 2,489,044   $ 603,001   $ 1,501,731
$ 104,218   $   $
$ 151,076   $ 1,259   $ 1,738
65


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 2023 (Unaudited)

  SPDR Bloomberg Emerging Markets Local Bond ETF   SPDR Bloomberg International Corporate Bond ETF
INVESTMENT INCOME      
Interest income — unaffiliated issuers

$ 56,670,428   $ 2,127,625
Dividend income — affiliated issuers

78,584   4,819
Unaffiliated securities lending income

  33
Affiliated securities lending income

112,867   10,298
Foreign taxes withheld

(1,504,829)  
TOTAL INVESTMENT INCOME (LOSS)

55,357,050   2,142,775
EXPENSES      
Advisory fee

2,885,101   439,193
Trustees’ fees and expenses  

11,377   789
Miscellaneous expenses

1,071   90
TOTAL EXPENSES

2,897,549   440,072
NET INVESTMENT INCOME (LOSS)

$ 52,459,501   $ 1,702,703
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers*

(41,545,885)   (1,756,866)
In-kind redemptions — unaffiliated issuers

7,826,583   (664,222)
Forward foreign currency exchange contracts

17,963  
Foreign currency transactions

(2,102,977)   (13,433)
Net realized gain (loss)

(35,804,316)   (2,434,521)
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers**

88,024,467   6,737,255
Forward foreign currency exchange contracts

(70,505)  
Foreign currency translations

(598,120)   (74,689)
Net change in unrealized appreciation/depreciation

87,355,842   6,662,566
NET REALIZED AND UNREALIZED GAIN (LOSS)

51,551,526   4,228,045
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$104,011,027   $ 5,930,748
* Includes foreign capital gain taxes

$ (120,213)   $
** Includes foreign deferred taxes

$ (468,148)   $
See accompanying notes to financial statements.
66


Table of Contents

SPDR Bloomberg International Treasury Bond ETF   SPDR Bloomberg Short Term International Treasury Bond ETF   SPDR FTSE International Government Inflation-Protected Bond ETF
         
$ 11,773,828   $ 1,430,989   $ 19,969,614
16,012   6,685   13,707
  154  
264    
(207,143)   (25,389)  
11,582,961   1,412,439   19,983,321
         
1,881,528   286,146   1,252,916
5,609   812   2,700
15,800   10,084   269
1,902,937   297,042   1,255,885
$ 9,680,024   $ 1,115,397   $ 18,727,436
         
         
(7,946,890)   (5,367,813)   (12,301,022)
(4,399,323)   (1,530,897)   (1,872,691)
   
(551,875)   (37,339)   (189,038)
(12,898,088)   (6,936,049)   (14,362,751)
         
16,092,391   5,338,629   17,022,542
   
(97,095)   (6,261)   43,836
15,995,296   5,332,368   17,066,378
3,097,208   (1,603,681)   2,703,627
$ 12,777,232   $ (488,284)   $ 21,431,063
$ (25,179)   $ (470)   $ (752)
$ (151,076)   $ (1,259)   $ (1,738)
67


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS

  SPDR Bloomberg Emerging Markets Local Bond ETF
  Six-Months
Ended
6/30/23 (Unaudited)
  Year Ended
12/31/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)

$ 52,459,501   $ 98,759,769
Net realized gain (loss)

(35,804,316)   (197,884,844)
Net change in unrealized appreciation/depreciation

87,355,842   (76,033,218)
Net increase (decrease) in net assets resulting from operations

104,011,027   (175,158,293)
Distributions to shareholders

(42,290,434)   (3,714,999)
Return of capital

  (86,940,908)
Total Distributions to shareholders

(42,290,434)   (90,655,907)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold

72,104,011   1,604,488,801
Cost of shares redeemed

(580,920,285)   (370,867,980)
Other Capital

1,290,321   3,574,214
Net increase (decrease) in net assets from beneficial interest transactions

(507,525,953)   1,237,195,035
Contribution from Affiliate (Note 4)

  534,103
Net increase (decrease) in net assets during the period

(445,805,360)   971,914,938
Net assets at beginning of period

2,151,484,405   1,179,569,467
NET ASSETS AT END OF PERIOD

$1,705,679,045   $2,151,484,405
SHARES OF BENEFICIAL INTEREST:      
Shares sold

3,400,000   74,600,000
Shares redeemed

(27,400,000)   (18,000,000)
Net increase (decrease) from share transactions

(24,000,000)   56,600,000
See accompanying notes to financial statements.
68


Table of Contents

SPDR Bloomberg International Corporate Bond ETF   SPDR Bloomberg International Treasury Bond ETF
Six-Months
Ended
6/30/23 (Unaudited)
  Year Ended
12/31/22
  Six-Months
Ended
6/30/23 (Unaudited)
  Year Ended
12/31/22
             
$ 1,702,703   $ 924,776   $ 9,680,024   $ 12,417,484
(2,434,521)   (4,585,386)   (12,898,088)   (33,111,730)
6,662,566   (23,193,521)   15,995,296   (155,034,071)
5,930,748   (26,854,131)   12,777,232   (175,728,317)
(1,464,815)   (628,666)   (7,607,863)   (10,363,828)
     
(1,464,815)   (628,666)   (7,607,863)   (10,363,828)
             
79,104,305   35,563,928   117,601,137   471,484,457
(54,219,916)   (19,639,302)   (252,057,789)   (121,779,953)
56,069   22,126   312,343   175,444
24,940,458   15,946,752   (134,144,309)   349,879,948
     
29,406,391   (11,536,045)   (128,974,940)   163,787,803
140,105,352   151,641,397   1,115,366,093   951,578,290
$ 169,511,743   $140,105,352   $ 986,391,153   $1,115,366,093
             
2,800,000   1,300,000   5,100,000   20,600,000
(1,900,000)   (600,000)   (11,100,000)   (4,500,000)
900,000   700,000   (6,000,000)   16,100,000
69


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)

  SPDR Bloomberg Short Term International Treasury Bond ETF
  Six-Months
Ended
6/30/23 (Unaudited)
  Year Ended
12/31/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)

$ 1,115,397   $ 716,345
Net realized gain (loss)

(6,936,049)   (15,252,526)
Net change in unrealized appreciation/depreciation

5,332,368   (6,716,636)
Net increase (decrease) in net assets resulting from operations

(488,284)   (21,252,817)
Distributions to shareholders

(840,288)   (665,086)
Return of capital

 
Total Distributions to shareholders

(840,288)   (665,086)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold

69,937,787   18,163,682
Cost of shares redeemed

(24,491,474)   (21,099,179)
Other Capital

(20,248)   (46,964)
Net increase (decrease) in net assets from beneficial interest transactions

45,426,065   (2,982,461)
Contribution from Affiliate (Note 4)

  2,298
Net increase (decrease) in net assets during the period

44,097,493   (24,898,066)
Net assets at beginning of period

145,236,222   170,134,288
NET ASSETS AT END OF PERIOD

$189,333,715   $145,236,222
SHARES OF BENEFICIAL INTEREST:      
Shares sold

2,600,000   600,000
Shares redeemed

(900,000)   (800,000)
Net increase (decrease) from share transactions

1,700,000   (200,000)
See accompanying notes to financial statements.
70


Table of Contents

SPDR FTSE International Government Inflation-Protected Bond ETF
Six-Months
Ended
6/30/23 (Unaudited)
  Year Ended
12/31/22
     
$ 18,727,436   $ 51,795,927
(14,362,751)   (41,175,258)
17,066,378   (97,436,182)
21,431,063   (86,815,513)
(14,732,626)   (37,295,303)
  (11,096,490)
(14,732,626)   (48,391,793)
     
  237,160,404
(54,426,115)   (34,725,536)
37,467   267,829
(54,388,648)   202,702,697
  51,944
(47,690,211)   67,547,335
520,774,756   453,227,421
$473,084,545   $520,774,756
     
  4,900,000
(1,300,000)   (700,000)
(1,300,000)   4,200,000
71


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period

  SPDR Bloomberg Emerging Markets Local Bond ETF
  Six-Months
Ended
6/30/23
(Unaudited)
  Year Ended
12/31/22
  Year Ended
12/31/21
  Year Ended
12/31/20
  Six-month Period
Ended
12/31/19(a)
  Year Ended
6/30/19
Net asset value, beginning of period

$ 20.49   $ 24.37   $ 28.00   $ 27.83   $ 27.76   $ 27.08
Income (loss) from investment operations:                      
Net investment income (loss) (b)

0.57   1.13   1.01   1.13   0.65   1.51
Net realized and unrealized gain (loss) (c)

0.46   (4.08)   (3.72)   0.05   0.15   0.45
Total from investment operations

1.03   (2.95)   (2.71)   1.18   0.80   1.96
Contribution from Affiliate (Note 4)

  0.01         0.01
Other capital (b)

0.01   0.04   0.02   0.02   0.01   0.02
Distributions to shareholders from:                      
Net investment income

(0.47)   (0.04)   (0.81)   (0.22)   (0.07)   (0.79)
Return of Capital

  (0.94)   (0.13)   (0.81)   (0.67)   (0.52)
Total distributions

(0.47)   (0.98)   (0.94)   (1.03)   (0.74)   (1.31)
Net asset value, end of period

$ 21.06   $ 20.49   $ 24.37   $ 28.00   $ 27.83   $ 27.76
Total return (d)

5.13%   (11.89)%(e)   (9.74)%   4.59%   2.94%   7.70%(f)
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)

$1,705,679   $2,151,484   $1,179,569   $1,013,443   $1,015,629   $810,738
Ratios to average net assets:                      
Total expenses

0.30%(g)   0.31%   0.30%   0.30%   0.30%(g)   0.39%
Net expenses

0.30%(g)   0.31%   0.30%   0.30%   0.30%(g)   0.38%
Net investment income (loss)

5.45%(g)   5.45%   3.86%   4.26%   4.69%(g)   5.68%
Portfolio turnover rate (h)

18%(i)   39%   22%   50%   18%(i)   43%
(a) Effective November 12, 2019, the Board of Trustees approved a change in fiscal year end for the Fund from June 30 to December 31.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) If an Affiliate had not made a contribution during the year ended December 31, 2022, the total return would have been (11.93)%.
(f) If an Affiliate had not made a contribution during the year ended June 30, 2019, the total return would have been 7.66%.
(g) Annualized.
(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(i) Not annualized.
See accompanying notes to financial statements.
72


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Bloomberg International Corporate Bond ETF
  Six-Months
Ended
6/30/23
(Unaudited)
  Year Ended
12/31/22
  Year Ended
12/31/21
  Year Ended
12/31/20
  Six-month Period
Ended
12/31/19(a)
  Year Ended
6/30/19
Net asset value, beginning of period

$ 27.47   $ 34.46   $ 37.76   $ 33.98   $ 34.15   $ 33.87
Income (loss) from investment operations:                      
Net investment income (loss) (b)

0.27   0.23   0.12   0.18   0.14   0.29
Net realized and unrealized gain (loss) (c)

0.73   (7.08)   (3.30)   3.74   (0.20)   0.23
Total from investment operations

1.00   (6.85)   (3.18)   3.92   (0.06)   0.52
Other capital (b)

0.01   0.01   0.01   0.02   0.02   0.00(d)
Distributions to shareholders from:                      
Net investment income

(0.23)   (0.15)   (0.13)   (0.04)   (0.10)  
Return of Capital

      (0.12)   (0.03)   (0.24)
Total distributions

(0.23)   (0.15)   (0.13)   (0.16)   (0.13)   (0.24)
Net asset value, end of period

$ 28.25   $ 27.47   $ 34.46   $ 37.76   $ 33.98   $ 34.15
Total return (e)

3.67%   (19.86)%   (8.41)%   11.69%   (0.15)%   1.59%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)

$169,512   $140,105   $151,641   $260,546   $190,273   $167,358
Ratios to average net assets:                      
Total expenses

0.50%(f)   0.51%   0.50%   0.50%   0.50%(f)   0.51%
Net investment income (loss)

1.94%(f)   0.78%   0.32%   0.54%   0.81%(f)   0.88%
Portfolio turnover rate (g)

9%(h)   14%   14%   23%   5%(h)   16%
(a) Effective November 12, 2019, the Board of Trustees approved a change in fiscal year end for the Fund from June 30 to December 31.
(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.
73


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Bloomberg International Treasury Bond ETF
  Six-Months
Ended
6/30/23
(Unaudited)
  Year Ended
12/31/22
  Year Ended
12/31/21
  Year Ended
12/31/20
  Six-month Period
Ended
12/31/19(a)
  Year Ended
6/30/19
Net asset value, beginning of period

$ 22.35   $ 28.15   $ 31.22   $ 28.74   $ 28.87   $ 27.88
Income (loss) from investment operations:                      
Net investment income (loss) (b)

0.20   0.34   0.28   0.35   0.19   0.39
Net realized and unrealized gain (loss) (c)

0.07   (5.87)   (3.10)   2.42   (0.13)   0.92
Total from investment operations

0.27   (5.53)   (2.82)   2.77   0.06   1.31
Contribution from Affiliate

      0.00(d)    
Other capital (b)

0.01   0.00(d)   0.01   0.01   0.00(d)   0.01
Distributions to shareholders from:                      
Net investment income

(0.16)   (0.27)   (0.26)   (0.30)   (0.19)   (0.33)
Net asset value, end of period

$ 22.47   $ 22.35   $ 28.15   $ 31.22   $ 28.74   $ 28.87
Total return (e)

1.22%   (19.66)%   (9.01)%   9.73%(f)   0.20%   4.78%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)

$986,391   $1,115,366   $951,578   $1,011,547   $1,028,855   $1,122,866
Ratios to average net assets:                      
Total expenses

0.35%(g)   0.36%   0.35%   0.35%   0.35%(g)   0.38%
Net investment income (loss)

1.80%(g)   1.43%   0.95%   1.19%   1.31%(g)   1.42%
Portfolio turnover rate (h)

9%(i)   14%   15%   16%   7%(i)   18%
(a) Effective November 12, 2019, the Board of Trustees approved a change in fiscal year end for the Fund from June 30 to December 31.
(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) If an affiliate had not made a contribution during the year ended December 31, 2020, the total return would have remained 9.73%.
(g) Annualized.
(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(i) Not annualized.
See accompanying notes to financial statements.
74


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Bloomberg Short Term International Treasury Bond ETF
  Six-Months
Ended
6/30/23
(Unaudited)
  Year Ended
12/31/22
  Year Ended
12/31/21
  Year Ended
12/31/20
  Six-month Period
Ended
12/31/19(a)
  Year Ended
6/30/19
Net asset value, beginning of period

$ 26.90   $ 30.38   $ 32.84   $ 30.88   $ 31.05   $ 31.38
Income (loss) from investment operations:                      
Net investment income (loss) (b)

0.18   0.12   (0.03)   0.05   0.07   0.16
Net realized and unrealized gain (loss) (c)

(0.27)   (3.47)   (2.26)   1.94   (0.17)   (0.10)
Total from investment operations

(0.09)   (3.35)   (2.29)   1.99   (0.10)   0.06
Contribution from Affiliate (Note 4)

  0.00(d)     0.00(d)    
Other capital (b)

(0.00)(d)   (0.01)   0.01   0.01   0.00(d)   0.00(d)
Distributions to shareholders from:                      
Net investment income

(0.14)   (0.12)   (0.18)   (0.04)     (0.33)
Return of Capital

        (0.07)   (0.06)
Total distributions

(0.14)   (0.12)   (0.18)   (0.04)   (0.07)   (0.39)
Net asset value, end of period

$ 26.67   $ 26.90   $ 30.38   $ 32.84   $ 30.88   $ 31.05
Total return (e)

(0.32)%   (11.07)%(f)   (6.91)%   6.49%(g)   (0.36)%   0.21%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)

$189,334   $145,236   $170,134   $213,429   $299,496   $298,118
Ratios to average net assets:                      
Total expenses

0.36%(h)   0.36%   0.35%   0.35%   0.35%(h)   0.36%
Net investment income (loss)

1.36%(h)   0.45%   (0.09)%   0.16%   0.43%(h)   0.51%
Portfolio turnover rate (i)

25%(j)   56%   64%   67%   31%(j)   66%
(a) Effective November 12, 2019, the Board of Trustees approved a change in fiscal year end for the Fund from June 30 to December 31.
(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) If an affiliate had not made a contribution during the year ended ended December 31, 2022, the total return would have remained (11.07)%.
(g) If an affiliate had not made a contribution during the year ended ended December 31, 2020, the total return would have remained 6.49%.
(h) Annualized.
(i) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(j) Not annualized.
See accompanying notes to financial statements.
75


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR FTSE International Government Inflation-Protected Bond ETF
  Six-Months
Ended
6/30/23
(Unaudited)
  Year Ended
12/31/22
  Year Ended
12/31/21
  Year Ended
12/31/20
  Six-month Period
Ended
12/31/19(a)
  Year Ended
6/30/19
Net asset value, beginning of period

$ 41.33   $ 53.95   $ 58.57   $ 55.28   $ 55.31   $ 54.63
Income (loss) from investment operations:                      
Net investment income (loss) (b)

1.56   4.91   2.56   1.02   0.66   1.92
Net realized and unrealized gain (loss) (c)

0.20   (12.97)   (4.71)   3.17   0.19   0.57
Total from investment operations

1.76   (8.06)   (2.15)   4.19   0.85   2.49
Contribution from Affiliate (Note 4)

  0.00(d)        
Other capital (b)

0.00(d)   0.03   0.02   0.03   0.01   0.03
Distributions to shareholders from:                      
Net investment income

(1.23)   (3.53)   (2.49)   (0.93)   (0.87)  
Return of Capital

  (1.06)       (0.02)   (1.84)
Total distributions

(1.23)   (4.59)   (2.49)   (0.93)   (0.89)   (1.84)
Net asset value, end of period

$ 41.86   $ 41.33   $ 53.95   $ 58.57   $ 55.28   $ 55.31
Total return (e)

4.30%   (15.41)%(f)   (3.68)%   7.76%   1.58%   4.78%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)

$473,085   $520,775   $453,227   $380,717   $431,216   $475,714
Ratios to average net assets:                      
Total expenses

0.50%(g)   0.51%   0.50%   0.50%   0.50%(g)   0.50%
Net investment income (loss)

7.47%(g)   10.68%   4.57%   1.90%   2.39%(g)   3.60%
Portfolio turnover rate (h)

11%(i)   37%   20%   28%   8%(i)   37%
(a) Effective November 12, 2019, the Board of Trustees approved a change in fiscal year end for the Fund from June 30 to December 31.
(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) If an Affiliate had not made a contribution during the year ended December 31 2022, the total return would have remained (15.41)%.
(g) Annualized.
(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(i) Not annualized.
See accompanying notes to financial statements.
76


Table of Contents
SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 2023 (Unaudited)

1.    Organization
SPDR Series Trust (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 June 30, 2023, the Trust consists of eighty-three (83) 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 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
Each Fund, except for SPDR Bloomberg International Corporate Bond ETF, is classified as a non-diversified investment company under the 1940 Act. SPDR Bloomberg International Corporate Bond ETF is classified as a diversified investment company under the 1940 Act.
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:
•   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.
•   Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.
•   Debt obligations (including short-term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.
•   Forward foreign currency exchange contracts are valued based on that day’s prevailing forward exchange rate for the underlying currencies. The rates are obtained from independent pricing services in accordance with the valuation policy and procedures approved by the Board.
77


Table of Contents
SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023 (Unaudited)

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
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 June 30, 2023 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.
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.
78


Table of Contents
SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023 (Unaudited)

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 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 June 30, 2023, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Distributions
Distributions from net investment income, if any, are declared and paid monthly. 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 (the “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
Forward Foreign Currency Exchange Contracts
Certain Funds may engage in forward foreign currency contracts to acquire exposure to foreign currencies or to hedge the Fund’s investments against currency fluctuations. A forward foreign currency exchange contract is a commitment to purchase or sell a foreign currency at the settlement date at a negotiated rate. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, a Fund recognizes a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Certain risks may arise upon entering into forward foreign currency exchange contracts from the potential inability of counterparties to meet the terms of their contracts and are generally limited to the amount of unrealized gains on appreciated contracts, if any. Additionally, when utilizing forward foreign currency exchange contracts to hedge, the Funds give up the opportunity to profit from favorable exchange rate movements during the term of the contract.
For the period ended June 30, 2023, the SPDR Bloomberg Emerging Markets Local Bond ETF entered into forward foreign currency exchange contracts to manage currency exposure.
The following tables summarize the value of the Funds' derivative instruments as of June 30, 2023, and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:
  Net Realized Gain (Loss)
  Interest
Rate
Risk
  Foreign
Exchange
Risk
  Credit
Risk
  Equity
Risk
  Commodity
Risk
  Total
SPDR Bloomberg Emerging Markets Local Bond ETF                      
Forward Foreign Currency Exchange Contracts

$—   $17,963   $—   $—   $—   $17,963
  Net Change in Unrealized Appreciation/Depreciation
  Interest
Rate
Risk
  Foreign
Exchange
Risk
  Credit
Risk
  Equity
Risk
  Commodity
Risk
  Total
SPDR Bloomberg Emerging Markets Local Bond ETF                      
Forward Foreign Currency Exchange Contracts

$—   $(70,505)   $—   $—   $—   $(70,505)
For financial reporting purposes, the Funds do not offset derivative assets or liabilities, including those that may be subject to an enforceable Foreign Exchange Master Agreement that allows for net settlement between counterparties, on their Statements of Assets and Liabilities. The following tables set forth the Funds’ net exposure
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to derivative assets and liabilities available for offset and net of collateral at June 30, 2023:
Amounts presented on the Schedules of Investments and Statements of Assets and Liabilities are not net settlement amounts but gross.
4.    Fees and Transactions with Affiliates
Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA Funds Management, Inc. (the "Adviser" or "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 Bloomberg Emerging Markets Local Bond ETF

0.30%
SPDR Bloomberg International Corporate Bond ETF

0.50
SPDR Bloomberg International Treasury Bond ETF

0.35
SPDR Bloomberg Short Term International Treasury Bond ETF

0.35
SPDR FTSE International Government Inflation-Protected Bond ETF

0.50
From time to time, the Adviser may 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 April 30, 2024.
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 April 30, 2024 except with the approval of the Funds’ Board of Trustees.
The Adviser pays all expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Trust’s Trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”) (including any Trustee’s counsel fees), litigation expenses, acquired fund fees and expenses and other extraordinary expenses.
State Street Global Advisors Limited receives fees from the Adviser for its services as the sub-adviser to the SPDR Bloomberg International Corporate Bond ETF and SPDR Bloomberg Emerging Markets Local Bond ETF.
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.
Net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers are paid as follows: If the calendar year to date net proceeds are below a specified threshold across SPDR ETFs each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street.
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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 June 30, 2023 are disclosed in the Schedules of Investments.
During the fiscal year ended December 31, 2022, State Street made contributions of $489,633, $2,298 and $51,944 to the SPDR Bloomberg Emerging Markets Local Bond ETF, SPDR Bloomberg Short Term International Treasury Bond ETF and SPDR FTSE International Government Inflation-Protected Bond ETF, respectively, related to an accounting matter.
During the fiscal year ended December 31, 2022, the Adviser agreed to make a contribution $44,470 to the SPDR Bloomberg Emerging Markets Local Bond ETF related to a trade processing matter.
Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the Custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to Custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.
5.    Trustees’ Fees
The fees and expenses of the Independent Trustees and one interested, non-management Trustee are paid directly by the Funds. The Independent Trustees and one interested, non-management Trustee are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6.    Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended June 30, 2023, were as follows:
  Purchases   Sales
SPDR Bloomberg Emerging Markets Local Bond ETF

$340,958,054   $578,904,103
SPDR Bloomberg International Corporate Bond ETF

32,762,776   16,272,436
SPDR Bloomberg International Treasury Bond ETF

104,764,969   92,582,383
SPDR Bloomberg Short Term International Treasury Bond ETF

46,359,003   39,321,381
SPDR FTSE International Government Inflation-Protected Bond ETF

55,225,469   71,895,848
For the period ended June 30, 2023, 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 Bloomberg Emerging Markets Local Bond ETF

$   $285,782,934   $ 7,826,583
SPDR Bloomberg International Corporate Bond ETF

60,245,877   52,773,710   (664,222)
SPDR Bloomberg International Treasury Bond ETF

61,638,413   206,017,173   (4,399,323)
SPDR Bloomberg Short Term International Treasury Bond ETF

58,337,732   20,039,498   (1,530,897)
SPDR FTSE International Government Inflation-Protected Bond ETF

  53,388,252   (1,872,691)
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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 December 31, 2022, 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 June 30, 2023, 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 Bloomberg Emerging Markets Local Bond ETF

$1,790,016,136   $44,794,053   $153,340,449   $(108,546,396)
SPDR Bloomberg International Corporate Bond ETF

189,243,015   737,704   21,185,366   (20,447,662)
SPDR Bloomberg International Treasury Bond ETF

1,152,032,244   5,407,426   178,131,022   (172,723,596)
SPDR Bloomberg Short Term International Treasury Bond ETF

194,128,256   2,013,573   8,115,218   (6,101,645)
SPDR FTSE International Government Inflation-Protected Bond ETF

1,155,254,742   8,601,637   698,273,233   (689,671,596)
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.
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The market value of securities on loan as of June 30, 2023, 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 June 30, 2023:
Fund   Market Value of
Securities on Loan
  Cash
Collateral
Received
  Total
Collateral
Received
SPDR Bloomberg Emerging Markets Local Bond ETF

  $ 27,083,309   $ 27,991,543   $ 27,991,543
SPDR Bloomberg International Corporate Bond ETF

  2,272,559   2,329,682   2,329,682
SPDR Bloomberg International Treasury Bond ETF

  104,218   113,784   113,784
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 June 30, 2023:
        Remaining Contractual Maturity of the Agreements
as of June 30, 2023
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 Bloomberg Emerging Markets Local Bond ETF

  Foreign Government Obligations   $27,991,543   $—   $—   $—   $27,991,543   $27,991,543
SPDR Bloomberg International Corporate Bond ETF

  Corporate Bonds & Notes   2,329,682         2,329,682   2,329,682
SPDR Bloomberg International Treasury Bond ETF

  Foreign Government Obligations   113,784         113,784   113,784
10.    Line of Credit
The Funds and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $1.275 billion revolving credit facility, provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2023 unless extended or renewed.
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate.
The Fund had no outstanding loans as of June 30, 2023.
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.
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Foreign and Emerging Markets Risk
Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds' invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.
Credit Risk
A Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Risk
Each Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. The Funds are 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, such as COVID-19, or other public health issues, or other events could have a significant impact on a Fund and its investments.
Russian Sanctions Risk
Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impair the ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund’s Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.
12.    Recent Accounting Pronouncement
In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2206 Reference Rate Reform (Topic 848). ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.
13.    Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements. 
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OTHER INFORMATION
June 30, 2023 (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 January 1, 2023 to June 30, 2023.
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 each 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 Bloomberg Emerging Markets Local Bond ETF

0.30%   $1,051.30   $1.53   $1,023.30   $1.51
SPDR Bloomberg International Corporate Bond ETF

0.50   1,036.70   2.52   1,022.30   2.51
SPDR Bloomberg International Treasury Bond ETF

0.35   1,012.20   1.75   1,023.10   1.76
SPDR Bloomberg Short Term International Treasury Bond ETF

0.36   996.80   1.78   1,023.00   1.81
SPDR FTSE International Government Inflation-Protected Bond ETF

0.50   1,043.00   2.53   1,022.30   2.51
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 181, then divided by 365.
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Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds’ Program. Over the course of the prior year, SSGA FM provided the Board with reports addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for the period from December 31, 2021 through December 31, 2022 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 aninvestment in the Fund may be subject.
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Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at https://www.ssga.com/spdrs.
Proxy Voting Policies and Procedures and Records
A description of the Trust's proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at www.sec.gov.
Information regarding how the investment adviser voted for the 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website, at www.sec.gov and on the Funds’ website at https://www.ssga.com/spdrs.
Quarterly Portfolio Schedule
Following the Funds’ first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibits on Form N-PORT, which can be found on the Funds' website at https://www.ssga.com/spdrs and on the SEC's website at www.sec.gov. The Funds’ Schedules of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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Approval of Advisory Agreement
At a meeting held prior to June 30, 2023, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to with respect to the fixed income series of the Trust (collectively, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), also met separately to consider the Agreement. The Independent Trustees were advised by their independent legal counsel throughout the process.
To evaluate the Agreement, the Board requested and SSGA FM, the Trust’s investment adviser and administrator, and State Street Bank and Trust Company, the Trust’s sub-administrator, transfer agent and custodian (“State Street”) provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the SPDR ETFs, (iii) profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent to which economies of scale would be shared as the SPDR ETFs grow.
Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and the materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser in managing exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and ensuring each SPDR ETF’s compliance with its investment objectives and policies, and applicable laws and regulations. The Board further considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment management business and that of its affiliates which make up State Street Global Advisors, through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board specifically considered the Adviser’s experience in managing fixed income exchange-traded funds with index-based investment objectives.
Investment Performance
The Board then reviewed the SPDR ETFs’ performance, noting that the analysis of investment performance, in absolute terms, was more complex for actively-managed funds. The Board focused on the extent to which each index-based SPDR ETF achieved its objective as a passively-managed index fund and reviewed information regarding such SPDR ETFs’ index tracking.
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Profits Realized by Adviser
The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser and its affiliates, including data on the SPDR ETFs’ historical profitability to these entities. The Board, including the Independent Trustees, with their independent legal counsel, had the opportunity to discuss, with representatives of the Adviser and State Street Global Advisors, methodologies used in computing costs that formed the bases of profitability calculations.
Fees Charged to Comparable Funds
The Board evaluated each SPDR ETF’s unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., exchange-traded funds tracking similar fixed income indexes with respect to each SPDR ETF. The Board reviewed the universe of similar exchange-traded funds for each SPDR ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund by fund analysis of the data. In certain instances as considered appropriate by the Board, the Board explored with management the reasons for the differences between a SPDR ETF’s fee and fees paid by similar funds.
Other Benefits
The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions.
Economies of Scale
The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF’s assets grow in size. The Board noted that the advisory fee rate for each SPDR ETF does not provide for breakpoints as assets of the SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.
Conclusion
After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the continuation of the Agreement for each SPDR ETF. In approving the continuance of the Agreement, the Board, including the Independent Trustees voting separately, found that the terms of the Agreement are fair and reasonable and that the continuance of the Agreement is in the best interests of the applicable SPDR ETF and its shareholders. The Board’s conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly for those SPDR ETFs measured against an index, the index tracking, of each SPDR ETF had been satisfactory or the Adviser had demonstrated due attention to the remediation of underperformance, where appropriate; (c) the Adviser’s unitary fee for each SPDR ETF considered in relation to the services provided, and in relation to the fees charged to comparable funds, was reasonable; (d) the profitability of the Trust’s relationships with the Adviser and its affiliates was not excessive in view of the nature, extent and quality of the services provided; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) the fees paid to the Adviser adequately shared the economies of scale with respect to the SPDR ETFs by way of the relatively low fee structure of the Trust. The Independent Trustees were advised by their independent counsel throughout the process.
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Table of Contents
SPDR Series Trust
Trustees
Gunjan Chauhan, Interested Trustee
Dwight D. Churchill
Carolyn M. Clancy
Clare S. Richer
James E. Ross, Interested Non-management Trustee
Kristi L. Rowsell
Sandra G. Sponem
Carl G. Verboncoeur, Chairman
Investment Manager and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, MA 02210
Custodian, Sub-Administrator
and Transfer Agent
State Street Bank and Trust Company
One Congress Street
Boston, MA 02114
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
 
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


Table of Contents
SPDR® Series Trust - Fixed Income Funds
For more complete information, please call 1.866.787.2257 or visit https://www.ssga.com/spdrs today.
State Street Global Advisors
One Iron Street
Boston, MA 02210
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.
Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.
BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, has been licensed for use in connection with the listing and trading of the SPDR Bloomberg ETFs.
London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). © LSE Group 2020. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE®" is a trade mark(s) of
the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
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 objectives, 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.sssga.com/spdrs. Read it carefully.
Not FDIC Insured. No Bank Guarantee. May Lose Value.
 
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.
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