Annual Report
December 31, 2021
SPDR® Series Trust - Fixed Income Funds
SPDR Bloomberg Emerging Markets Local Bond ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets Local Bond ETF)
SPDR Bloomberg International Corporate Bond ETF (Formerly, SPDR Bloomberg Barclays International Corporate Bond ETF)
SPDR Bloomberg International Treasury Bond ETF (Formerly, SPDR Bloomberg Barclays International Treasury Bond ETF)
SPDR Bloomberg Short Term International Treasury Bond ETF (Formerly, SPDR Bloomberg Barclays Short Term International Treasury Bond ETF)
SPDR FTSE International Government Inflation-Protected Bond ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.





TABLE OF CONTENTS

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

2

5

8

11

14
Schedules of Investments  

17

28

44

61

66

72

80

85

95

97
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


Table of Contents
[This Page Intentionally Left Blank]


Table of Contents
Notes to Performance Summaries (Unaudited)
The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
The Bloomberg EM Local Currency Government Diversified Index is designed to measure the performance of the fixed-rate local currency sovereign debt of emerging market countries. The index includes government bonds issued by investment grade and non-investment grade countries outside the United States, in local currencies, that have a remaining maturity of one year or more and are rated B3/B-/B- or higher using the middle rating of Moody’s Investors Service, Inc., Standard & Poor’s Financial Services, LLC and Fitch Inc., respectively.
The Bloomberg Global Aggregate ex-USD >$1B: Corporate Bond Index is designed to be a broad based measure of the global investment-grade, fixed rate, fixed income corporate markets outside the United States. The index is part of the Bloomberg Global ex-USD Aggregate Bond Index (the “Aggregate Index”). The major components of the Aggregate Index are the Pan-European Aggregate and the Asian Pacific Aggregate Indices. The securities in the index must have a $1 billion USD equivalent market capitalization outstanding and at least 1 year remaining. Securities must be fixed rate, although zero coupon bonds and step-ups are permitted. Additionally, securities must be rated investmen grade (Baa3/BBB-/BBB- or better) using the middle rating from Moody’s Investors Service, Inc., Fitch Inc.,or Standard & Poor’s Financial Services, LLC. after dropping the highest and lowest available ratings. If only two agencies rate a security, then the more conservative (lower) rating will be used. If only one rating agency rates a security, then that one rating will be used. Excluded from the index are subordinated debts, convertible securities, floating-rate notes, fixed-rate perpetuals, warrants, inflation-linked bonds and structured notes. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.
The Bloomberg Global Treasury ex-US Capped Index is designed to track the fixed-rate local currency sovereign debt of investment grade countries outside the United States. The index includes government bonds issued by investment grade countries outside the United States, in local currencies, that have a remaining maturity of one year or more and are rated investment grade (Baa3/BBB-/BBB-or higher using the middle rating of Moody’s Investors Service, Inc., Standard & Poor’s, Inc. and Fitch Inc., respectively). The index is calculated by Bloomberg Index Services Limited using a modified “market capitalization” methodology. This design ensures that each constituent country within the index is represented in a proportion consistent with its percentage with respect to the total market capitalization of the index. The index is rebalanced on a monthly basis.
The Bloomberg 1-3 Year Global Treasury ex-US Capped Index is designed to measure the performance of fixed-rate local currency sovereign debt of investment grade countries outside the United States that have remaining maturities of one to three years. The index includes government bonds issued by investment grade countries outside the United States, in local currencies, that have remaining maturities of one to three years and are rated investment grade (Baa3/BBB-/BBB- or higher using the middle rating of Moody’s Investors Service, Inc., Standard & Poor’s, Inc. and Fitch Inc., respectively). The securities in the index must be fixed-rate and have certain minimum amounts outstanding, depending upon the currency in which the bonds are denominated. The index is calculated by Bloomberg Index Services Limited using a modified “market capitalization” methodology. This design ensures that each constituent country within the index is represented in a proportion consistent with its percentage with respect to the total market capitalization of the index. Component securities in each constituent country are represented in a proportion consistent with their percentage relative to the other component securities in the constituent country. The securities in the index are updated monthly, on the last business day of each month.
The FTSE International Inflation-Linked Securities Select Index is designed to measure the total return performance of inflation-linked bonds outside the United States with fixed-rate coupon payments that are linked to an inflation index. Inflation-protected public obligations of the inflation-linked government bond markets of developed and emerging market countries, commonly known in the United States as TIPS, are securities issued by such governments that are designed to provide inflation protection to investors. The index includes government debt (direct obligations of the issuer country) but does not include quasi-government debt or corporate debt.
See accompanying notes to financial statements.
1


Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Bloomberg Emerging Markets Local Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the fixed-rate local currency sovereign debt of emerging market countries. The Fund’s benchmark is the Bloomberg EM Local Currency Government Diversified Index (the “Index”).*
For the 12-month period ended December 31, 2021 (the “Reporting Period”), the total return for the Fund was 9.74% and the Index was 9.32%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, expenses, cash drag, tax withholdings and sampling contributed to the difference between the Fund’s performance and that of the Index.
Ongoing repercussions from the COVID-19 pandemic and policy action were the primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations. The COVID-19 virus continued to surge throughout 2021 with multiple new variants constraining the global recovery. Though many countries experienced strong growth in the beginning of the year especially, as the year progressed growth was hampered by continued supply chain issues and labor shortages. Inflation was a concern around the world and central banks began to diverge in their future plans to combat overheated economies. As a riskier segment of the fixed income market EM was negatively impacted throughout the year amid investor concerns surrounding virus resurgence, inflation and global growth. Local debt, especially, was adversely impacted by rising yields and weaker currencies. EM securities sold off throughout the year – the Fund began the year at a NAV of $28.00 and ended the year at $24.37.
The Fund used forwards to manage currency exposure during the Reporting Period. The use of forwards helped the Fund track the Index.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
*Effective November 1, 2021, Barclays was removed from both the Fund and Index name. The principal investment strategy of the Fund did not change due to the name change.
See accompanying notes to financial statements.
2


Table of Contents
SPDR Bloomberg Emerging Markets Local Bond ETF
Performance Summary (Unaudited)
Performance as of December 31, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg EM Local Currency Government Diversified Index   Net
Asset
Value
Market
Value
Bloomberg EM Local Currency Government Diversified Index
ONE YEAR (9.74)% (9.75)% (9.32)%   (9.74)% (9.74)% (9.32)%
FIVE YEARS 10.64% 11.02% 14.28%   2.04% 2.11% 2.71%
TEN YEARS 8.30% 7.37% 16.73%   0.80% 0.71% 1.56%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Bloomberg Emerging Markets Local Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.30%. Please see the financial highlights for the total expense ratio for the fiscal period ended December 31, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
3


Table of Contents
SPDR Bloomberg Emerging Markets Local Bond ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets Local Bond ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Brazil Letras do Tesouro Nacional
Zero Coupon, 1/1/2024
1.2%  
  South Africa Government Bond
10.50% 12/21/2026
0.8  
  Korea Treasury Bond
1.50% 3/10/2050
0.8  
  Poland Government Bond
2.50% 4/25/2024
0.7  
  Poland Government Bond
0.25% 10/25/2026
0.7  
  TOTAL 4.2%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

     
    % of Net Assets  
  Foreign Government Obligations 97.9%  
  Corporate Bonds & Notes 0.1  
  Short-Term Investments 0.6  
  Other Assets in Excess of Liabilities 1.4  
  TOTAL 100.0%  
Top Ten Countries as of December 31, 2021

     
  Description % of Total Investments  
  China 12.7%  
  South Korea 12.3  
  Indonesia 7.2  
  Malaysia 5.6  
  Brazil 5.4  
  Thailand 5.0  
  Israel 4.9  
  Philippines 4.8  
  Mexico 4.8  
  Poland 4.7  
  TOTAL 67.4%  
(The Fund's asset allocation and sector breakdown are expressed as a percentage of net assets and total investments, respectively, and may change over time.)
See accompanying notes to financial statements.
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SPDR BLOOMBERG INTERNATIONAL COPORATE BOND ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Bloomberg International Corporate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the investment grade corporate sector of the global bond market outside of the United States. The Fund’s benchmark is the Bloomberg Global Aggregate ex-USD >$1B: Corporate Bond Index (the “Index”).*
For the 12-month period ended December 31, 2021 (the “Reporting Period”), the total return for the Fund was 8.41% and the Index was 7.98%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, expenses, cash drag, tax withholdings and sampling contributed to the difference between the Fund’s performance and that of the Index.
Ongoing repercussions from the COVID-19 pandemic and policy action were the primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations. The COVID-19 virus continued to surge throughout 2021 with multiple new variants constraining the global recovery. Though many countries experienced strong growth in the beginning of the year especially, as the year progressed growth was hampered by continued supply chain issues and labor shortages. Inflation was a concern around the world and central banks began to diverge in their future plans to combat overheated economies. While the Bank of Japan favors further fiscal stimulus, the European Central Bank proved more hawkish, announcing at their December meeting that purchases under their Pandemic Emergency Purchase Program would end in March. Meanwhile, the Bank of England surprised markets by raising the Bank Rate by 15 bps to 0.25%, marking the first rate hike since August 2018.
International corporate securities are sensitive to International Government Bond security movements and thus sold off throughout the year – the Fund began the year at a NAV of $37.76 and ended the year at $34.46. On a country specific level, all countries held produced negative returns during the Reporting Period, with the top negative contributors to the Fund’s performance being Luxembourg, Japan and Australia corporate bonds.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
*Effective November 1, 2021, Barclays was removed from both the Fund and Index name. The principal investment strategy of the Fund did not change due to the name change.
See accompanying notes to financial statements.
5


Table of Contents
SPDR Bloomberg International Corporate Bond ETF
Performance Summary (Unaudited)
Performance as of December 31, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg Global Aggregate ex-USD >$1B: Corporate Bond Index   Net
Asset
Value
Market
Value
Bloomberg Global Aggregate ex-USD >$1B: Corporate Bond Index
ONE YEAR (8.41)% (8.51)% (7.98)%   (8.41)% (8.51)% (7.98)%
FIVE YEARS 14.90% 15.15% 17.84%   2.82% 2.86% 3.34%
TEN YEARS 16.88% 16.97% 22.49%   1.57% 1.58% 2.05%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Bloomberg International Corporate Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.50%. Please see the financial highlights for the total expense ratio for the fiscal period ended December 31, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
6


Table of Contents
SPDR Bloomberg International Corporate Bond ETF (Formerly, SPDR Bloomberg Barclays International Corporate Bond ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  NTT Finance Corp.
0.38% 9/20/2030
0.6%  
  Seven & i Holdings Co., Ltd.
0.19% 12/19/2025
0.6  
  Orange SA
8.13% 1/28/2033
0.5  
  Eni SpA
3.63% 1/29/2029
0.4  
  AT&T, Inc.
4.88% 6/1/2044
0.4  
  TOTAL 2.5%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

     
    % of Net Assets  
  Corporate Bonds & Notes 98.1%  
  Short-Term Investments 1.9  
  Other Assets in Excess of Liabilities 0.0 *  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.
See accompanying notes to financial statements.
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SPDR BLOOMBERG INTERNATIONAL TREASURY BOND ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Bloomberg International Treasury Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the fixed-rate local currency sovereign debt of investment grade countries outside the United States. The Fund’s benchmark is the Bloomberg Global Treasury ex-US Capped Index (the “Index”).*
For the 12-month period ended December 31, 2021 (the “Reporting Period”), the total return for the Fund was 9.01% and the Index was 8.67%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, expenses, cash drag, tax withholdings and sampling contributed to the difference between the Fund’s performance and that of the Index.
Ongoing repercussions from the COVID-19 pandemic and policy action were the primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations. The COVID-19 virus continued to surge throughout 2021 with multiple new variants constraining the global recovery. Though many countries experienced strong growth in the beginning of the year especially, as the year progressed growth was hampered by continued supply chain issues and labor shortages. Inflation was a concern around the world, and central banks began to diverge in their future plans to combat overheated economies. While the Bank of Japan favors further fiscal stimulus, the European Central Bank proved more hawkish, announcing at their December meeting that purchases under their Pandemic Emergency Purchase Program would end in March. Meanwhile, the Bank of England surprised markets by raising the Bank Rate by 15 bps to 0.25%, marking the first rate hike since August 2018.
International Treasury securities sold off throughout the year – the Fund began the year at a NAV of $31.23 and ended the year at $38.27. On a country specific level, the top positive contributors to the Fund’s performance during the Reporting Period were China, Indonesia and Israel government bonds. The top negative contributors to the Fund’s performance during the Reporting Period were Chile, Colombia and Peru government bonds.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
* Effective November 1, 2021, Barclays was removed from both the Fund and Index name. The principal investment strategy of the Fund did not change due to the name change.
See accompanying notes to financial statements.
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Table of Contents
SPDR Bloomberg International Treasury Bond ETF
Performance Summary (Unaudited)
Performance as of December 31, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg Global Treasury ex-US Capped Index   Net
Asset
Value
Market
Value
Bloomberg Global Treasury ex-US Capped Index
ONE YEAR (9.01)% (8.74)% (8.67)%   (9.01)% (8.74)% (8.67)%
FIVE YEARS 13.54% 13.95% 16.04%   2.57% 2.65% 3.02%
TEN YEARS 6.11% 6.37% 11.34%   0.59% 0.62% 1.08%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Bloomberg International Treasury Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended December 31, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
9


Table of Contents
SPDR Bloomberg International Treasury Bond ETF (Formerly, SPDR Bloomberg Barclays International Treasury Bond ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  China Government Bond
3.25% 11/22/2028
1.5%  
  China Government Bond
3.29% 10/18/2023
1.3  
  China Government Bond
4.08% 10/22/2048
1.2  
  Korea Treasury Bond
2.00% 3/10/2049
0.6  
  Indonesia Treasury Bond
7.50% 5/15/2038
0.6  
  TOTAL 5.2%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

     
    % of Net Assets  
  Foreign Government Obligations 99.3%  
  Short-Term Investment 0.3  
  Other Assets in Excess of Liabilities 0.4  
  TOTAL 100.0%  
Top Ten Countries as of December 31, 2021

     
  Description % of Total Investments  
  Japan 23.0%  
  United Kingdom 5.5  
  Canada 4.7  
  Australia 4.6  
  China 4.6  
  France 4.6  
  Spain 4.6  
  South Korea 4.6  
  Germany 4.5  
  Italy 4.5  
  TOTAL 65.2%  
(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.
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Table of Contents
SPDR BLOOMBERG SHORT TERM INTERNATIONAL TREASURY BOND ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Bloomberg Short Term International Treasury Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the short-term (1-3 year remaining maturity) fixed rate, investment grade debt issued by foreign governments of investment grade countries. The Fund’s benchmark is the Bloomberg 1-3 Year Global Treasury ex-US Capped Index (the “Index”). *
For the 12-month period ended December 31, 2021 (the “Reporting Period”), the total return for the Fund was 6.91% and the Index was 6.55%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, expenses, cash drag, tax withholdings and sampling contributed to the difference between the Fund’s performance and that of the Index.
Ongoing repercussions from the COVID-19 pandemic and policy action were the primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations. The COVID-19 virus continued to surge throughout 2021 with multiple new variants constraining the global recovery. Though many countries experienced strong growth in the beginning of the year especially, as the year progressed growth was hampered by continued supply chain issues and labor shortages. Inflation was a concern around the world and central banks began to diverge in their future plans to combat overheated economies. While the Bank of Japan favors further fiscal stimulus, the European Central Bank proved more hawkish, announcing at their December meeting that purchases under their Pandemic Emergency Purchase Program would end in March. Meanwhile, the Bank of England surprised markets by raising the Bank Rate by 15 bps to 0.25%, marking the first rate hike since August 2018.
International Treasury securities sold off throughout the year – the Fund began the year at a NAV of $32.84 and ended the year at $30.38. On a country specific level, the top positive contributors to the Fund’s performance during the Reporting Period were China, Israel and Indonesia government bonds. The top negative contributors to the Fund’s performance during the Reporting Period were Chile, Colombia and Peru government bonds.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
*Effective November 1, 2021, Barclays was removed from both the Fund and Index name. The principal investment strategy of the Fund did not change due to the name change.
See accompanying notes to financial statements.
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Table of Contents
SPDR Bloomberg Short Term International Treasury Bond ETF
Performance Summary (Unaudited)
Performance as of December 31, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg 1-3 Year Global Treasury ex-US Capped Index   Net
Asset
Value
Market
Value
Bloomberg 1-3 Year Global Treasury ex-US Capped Index
ONE YEAR (6.91)% (6.82)% (6.55)%   (6.91)% (6.82)% (6.55)%
FIVE YEARS 6.49% 6.76% 8.75%   1.26% 1.32% 1.69%
TEN YEARS (12.62)% (11.96)% (9.18)%   (1.34)% (1.27)% (0.96)%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Bloomberg Short Term International Treasury Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended December 31, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
12


Table of Contents
SPDR Bloomberg Short Term International Treasury Bond ETF (Formerly, SPDR Bloomberg Barclays Short Term International Treasury Bond ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Government of Japan 5 Year Bond
0.10% 9/20/2024
5.0%  
  China Government Bond
2.36% 7/2/2023
4.2  
  Government of Japan 5 Year Bond
0.10% 6/20/2023
2.8  
  Government of Japan 5 Year Bond
0.10% 3/20/2024
2.6  
  Government of Japan 10 Year Bond
0.60% 3/20/2024
2.3  
  TOTAL 16.9%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

     
    % 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 December 31, 2021

     
  Description % of Total Investments  
  Japan 23.0%  
  Italy 5.5  
  Canada 4.7  
  South Korea 4.6  
  United Kingdom 4.6  
  China 4.6  
  France 4.5  
  Germany 4.5  
  Spain 4.5  
  Netherlands 4.1  
  TOTAL 64.6%  
(The Fund's asset allocation and top ten countries are expressed as a percentage of net assets and total investments, respectively, and may change over time.)
See accompanying notes to financial statements.
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SPDR FTSE INTERNATIONAL GOVERNMENT INFLATION-PROTECTION BOND ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR FTSE International Government Inflation-Protected Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the inflation protected sector of the global bond market outside the United States. The Fund’s benchmark is FTSE International Inflation-Linked Securities Select Index (the “Index”).
For the 12-month period ended December 31, 2021 (the “Reporting Period”), the total return for the Fund was 3.68% and the Index was 3.10%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, expenses, cash drag, tax withholdings and sampling contributed to the difference between the Fund’s performance and that of the index.
Ongoing repercussions from the COVID-19 pandemic and policy action were the primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations. The COVID-19 virus continued to surge throughout 2021 with multiple new variants constraining the global recovery. Though many countries experienced strong growth in the beginning of the year especially, as the year progressed growth was hampered by continued supply chain issues and labor shortages. Inflation was a concern around the world and central banks began to diverge in their future plans to combat overheated economies. While the Bank of Japan favors further fiscal stimulus, the European Central Bank proved more hawkish, announcing at their December meeting that purchases under their Pandemic Emergency Purchase Program would end in March. Meanwhile, the Bank of England surprised markets by raising the Bank Rate by 15 bps to 0.25%, marking the first rate hike since August 2018.
International Inflation-Protected Treasury securities sold off throughout the year – the Fund began the year at a NAV of $58.71 and ended the year at $53.81. On a country specific level, the top positive contributors to the Fund’s performance during the Reporting Period were Israel, South Africa and United Kingdom government bonds. The top negative contributors to the Fund’s performance during the Reporting Period were Chile, Colombia and Turkey government bonds.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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SPDR FTSE International Government Inflation-Protected Bond ETF
Performance Summary (Unaudited)
Performance as of December 31, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
FTSE International Inflation-Linked Securities Select Index   Net
Asset
Value
Market
Value
FTSE International Inflation-Linked Securities Select Index
ONE YEAR (3.68)% (4.32)% (3.10)%   (3.68)% (4.32)% (3.10)%
FIVE YEARS(1) (2) 18.56% 18.94% 21.86%   3.46% 3.53% 4.03%
TEN YEARS(1) (2) 20.75% 20.48% 27.68%   1.90% 1.88% 2.47%
(1) Effective February 15, 2016, the Fund changed its benchmark index from the DB Global Government ex-US Inflation-Linked Securities Select Index. The Fund's performance in the tables is based on the Fund's prior investment strategy to track a different benchmark index for periods prior to February 15, 2016.
(2) The FTSE International Inflation-Linked Securities Select Index (formerly, Citi International Inflation-Linked Securities Select Index) inception date is January 15, 2016. Index returns in the line graph below represent the Fund’s prior benchmark index from December 31, 2009 through February 14, 2016 and the FTSE International Inflation-Linked Securities Select Index (formerly, Citi International Inflation-Linked Securities Select Index from February 15, 2016 through December 31, 2021.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR FTSE International Government Inflation-Protected Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.50%. Please see the financial highlights for the total expense ratio for the fiscal period ended December 31, 2021.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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SPDR FTSE International Government Inflation-Protected Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Deutsche Bundesrepublik Inflation Linked Bond
0.50% 4/15/2030
1.4%  
  Spain Government Inflation Linked Bond
1.00% 11/30/2030
1.2  
  United Kingdom Gilt Inflation Linked
1.25% 11/22/2055
1.2  
  United Kingdom Gilt Inflation Linked
0.13% 3/22/2068
1.1  
  United Kingdom Gilt Inflation Linked
1.13% 11/22/2037
1.1  
  TOTAL 6.0%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

     
    % of Net Assets  
  Foreign Government Obligations 99.3%  
  Short-Term Investment 0.2  
  Other Assets in Excess of Liabilities 0.5  
  TOTAL 100.0%  
Top Ten Countries as of December 31, 2021

     
  Description % of Total Investments  
  United Kingdom 21.6%  
  France 8.0  
  Brazil 6.1  
  Italy 5.6  
  Mexico 4.8  
  Turkey 4.8  
  South Africa 4.8  
  Australia 4.8  
  Canada 4.8  
  Germany 4.7  
  TOTAL 70.0%  
(The Fund's asset allocation and top ten countries are expressed as a percentage of net assets and total investments, respectively, and may change over time.)
See accompanying notes to financial statements.
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SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets Local Bond ETF)
SCHEDULE OF INVESTMENTS
December 31, 2021

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 0.1%      
SUPRANATIONAL — 0.1%          
International Bank for Reconstruction & Development Series GDIF, 4.00%, 5/30/2023

  PEN 3,500,000   $ 876,125
TOTAL CORPORATE BONDS & NOTES

(Cost $1,069,521)

        876,125
FOREIGN GOVERNMENT OBLIGATIONS — 97.9%      
BRAZIL — 5.3%          
Brazil Letras do Tesouro Nacional:          
Series LTN, Zero Coupon, 1/1/2023

  BRL 46,300,000   7,435,587
Series LTN, Zero Coupon, 7/1/2023

  BRL 51,900,000   7,909,923
Series LTN, Zero Coupon, 1/1/2024

  BRL 99,700,000   14,510,968
Series LTN, Zero Coupon, 7/1/2024

  BRL 33,200,000   4,607,095
Series LTN, Zero Coupon, 1/1/2025

  BRL 22,400,000   2,969,299
Brazil Notas do Tesouro Nacional Serie F:          
Series NTNF, 10.00%, 1/1/2023

  BRL 38,810,000   6,860,991
Series NTNF, 10.00%, 1/1/2025

  BRL 36,450,000   6,437,646
Series NTNF, 10.00%, 1/1/2027

  BRL 35,275,000   6,182,625
Series NTNF, 10.00%, 1/1/2029

  BRL 14,890,000   2,578,015
Series NTNF, 10.00%, 1/1/2031

  BRL 15,000,000   2,576,863
Brazilian Government International Bond:          
8.50%, 1/5/2024

  BRL 350,000   60,323
10.25%, 1/10/2028

  BRL 1,000,000   174,375
          62,303,710
CHILE — 2.7%          
Bonos de la Tesoreria de la Republica en pesos:          
2.30%, 10/1/2028 (a)

  CLP 3,135,000,000   3,031,035
2.50%, 3/1/2025

  CLP 5,615,000,000   6,019,986
2.80%, 10/1/2033 (a)

  CLP 1,000,000,000   889,844
4.00%, 3/1/2023 (a)

  CLP 2,460,000,000   2,833,035
4.50%, 3/1/2026

  CLP 4,465,000,000   5,040,209
4.70%, 9/1/2030 (a)

  CLP 3,130,000,000   3,445,400
5.00%, 10/1/2028 (a)

  CLP 500,000,000   566,773
5.00%, 3/1/2035

  CLP 4,120,000,000   4,478,602
Security Description     Principal
Amount
  Value
5.10%, 7/15/2050

  CLP 1,470,000,000   $ 1,509,224
Series 10YR, 6.00%, 1/1/2022

  CLP 65,000,000   76,290
Series 30YR, 6.00%, 1/1/2043

  CLP 3,255,000,000   3,885,754
          31,776,152
CHINA — 12.5%          
China Development Bank:          
Series 1903, 3.30%, 2/1/2024

  CNY 21,000,000   3,345,581
Series 1908, 3.42%, 7/2/2024

  CNY 11,300,000   1,808,544
Series 1518, 3.74%, 9/10/2025

  CNY 2,000,000   324,353
Series 1605, 3.80%, 1/25/2036

  CNY 6,500,000   1,066,572
Series 1516, 3.94%, 7/10/2022

  CNY 3,000,000   474,198
Series 1510, 4.21%, 4/13/2025

  CNY 9,000,000   1,478,735
Series 1708, 4.30%, 8/21/2024

  CNY 10,000,000   1,635,391
Series 1712, 4.44%, 11/9/2022

  CNY 1,000,000   159,632
Series 1804, 4.69%, 3/23/2023

  CNY 11,000,000   1,773,694
Series 1805, 4.88%, 2/9/2028

  CNY 3,000,000   520,015
China Government Bond:          
Series INBK, 1.99%, 4/9/2025

  CNY 30,000,000   4,623,973
Series INBK, 2.24%, 3/5/2023

  CNY 30,000,000   4,701,252
Series INBK, 2.36%, 7/2/2023

  CNY 42,500,000   6,668,330
Series INBK, 2.57%, 5/20/2023

  CNY 9,500,000   1,495,800
Series INBK, 2.68%, 5/21/2030

  CNY 41,000,000   6,337,468
Series INBK, 2.69%, 8/12/2026

  CNY 7,420,000   1,169,741
Series INBK, 2.84%, 4/8/2024

  CNY 25,000,000   3,957,335
Series INBK, 2.85%, 6/4/2027

  CNY 41,000,000   6,493,692
Series INBK, 2.88%, 11/5/2023

  CNY 37,000,000   5,857,349
Series 1610, 2.90%, 5/5/2026

  CNY 10,000,000   1,585,034
Series INBK, 2.93%, 12/10/2022

  CNY 6,000,000   947,313
Series 1913, 2.94%, 10/17/2024

  CNY 21,000,000   3,334,247
Series INBK, 3.01%, 5/13/2028

  CNY 23,000,000   3,657,832
 
See accompanying notes to financial statements.
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SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets Local Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021

Security Description     Principal
Amount
  Value
Series INBK, 3.02%, 10/22/2025

  CNY 43,000,000   $ 6,855,599
Series INBK, 3.02%, 5/27/2031

  CNY 5,000,000   797,210
Series INBK, 3.03%, 3/11/2026

  CNY 22,000,000   3,513,782
Series 1916, 3.12%, 12/5/2026

  CNY 14,600,000   2,341,094
Series 1915, 3.13%, 11/21/2029

  CNY 27,000,000   4,317,939
Series 1904, 3.19%, 4/11/2024

  CNY 27,000,000   4,305,274
Series 1828, 3.22%, 12/6/2025

  CNY 7,790,000   1,251,351
Series 1907, 3.25%, 6/6/2026

  CNY 30,800,000   4,960,686
Series 1827, 3.25%, 11/22/2028

  CNY 10,000,000   1,609,452
Series INBK, 3.27%, 11/19/2030

  CNY 22,000,000   3,570,239
Series INBK, 3.28%, 12/3/2027

  CNY 25,400,000   4,110,261
Series 1823, 3.29%, 10/18/2023

  CNY 17,000,000   2,712,244
Series 1906, 3.29%, 5/23/2029

  CNY 18,600,000   2,998,000
Series INBK, 3.39%, 3/16/2050

  CNY 29,000,000   4,517,299
Series 1626, 3.48%, 11/21/2066

  CNY 6,700,000   1,062,353
Series 1710, 3.52%, 5/4/2027

  CNY 5,000,000   818,660
Series 1608, 3.52%, 4/25/2046

  CNY 11,000,000   1,746,976
Series 1819, 3.54%, 8/16/2028

  CNY 10,000,000   1,641,747
Series INBK, 3.72%, 4/12/2051

  CNY 15,000,000   2,492,686
Series INBK, 3.73%, 5/25/2070

  CNY 18,000,000   3,019,317
Series 1521, 3.74%, 9/22/2035

  CNY 17,800,000   3,020,458
Series 1525, 3.74%, 10/20/2045

  CNY 3,000,000   509,154
Series INBK, 3.76%, 3/22/2071

  CNY 1,000,000   169,162
Series INBK, 3.81%, 9/14/2050

  CNY 23,000,000   3,862,556
Series 1910, 3.86%, 7/22/2049

  CNY 21,500,000   3,626,845
Series 1817, 3.97%, 7/23/2048

  CNY 10,000,000   1,729,293
Series 1908, 4.00%, 6/24/2069

  CNY 9,000,000   1,589,295
Series 1715, 4.05%, 7/24/2047

  CNY 15,000,000   2,595,651
Security Description     Principal
Amount
  Value
Series 1003, 4.08%, 3/1/2040

  CNY 5,000,000   $ 881,263
Series 1824, 4.08%, 10/22/2048

  CNY 5,300,000   927,528
Series 1508, 4.09%, 4/27/2035

  CNY 1,000,000   175,716
Series 1806, 4.22%, 3/19/2048

  CNY 8,000,000   1,434,031
Series 1722, 4.28%, 10/23/2047

  CNY 3,250,000   592,570
Series 1116, 4.50%, 6/23/2041

  CNY 19,000,000   3,620,846
Series 1319, 4.76%, 9/16/2043

  CNY 2,000,000   388,810
          147,181,428
COLOMBIA — 3.8%          
Colombia Government International Bond:          
4.38%, 3/21/2023

  COP 1,610,000,000   392,690
9.85%, 6/28/2027

  COP 115,000,000   32,078
Colombian TES:          
Series B, 5.75%, 11/3/2027

  COP 19,650,000,000   4,361,190
Series B, 6.00%, 4/28/2028

  COP 27,015,000,000   5,999,639
Series B, 6.25%, 11/26/2025

  COP 25,595,000,000   6,047,548
Series B, 6.25%, 7/9/2036

  COP 14,300,000,000   2,890,954
Series B, 7.00%, 3/26/2031

  COP 16,150,000,000   3,663,114
Series B, 7.00%, 6/30/2032

  COP 26,864,000,000   6,017,066
Series B, 7.25%, 10/18/2034

  COP 17,725,000,000   3,986,568
Series B, 7.25%, 10/26/2050

  COP 9,400,000,000   1,986,587
Series B, 7.50%, 8/26/2026

  COP 20,602,000,000   5,025,490
Series B, 7.75%, 9/18/2030

  COP 4,800,000,000   1,149,673
Series B, 10.00%, 7/24/2024

  COP 12,530,000,000   3,297,429
          44,850,026
CZECH REPUBLIC — 4.6%          
Czech Republic Government Bond:          
Series 1351, 0.01%, 12/12/2024

  CZK 9,500,000   394,314
Series 130, 0.05%, 11/29/2029

  CZK 80,000,000   2,902,349
Series 100, 0.25%, 2/10/2027

  CZK 72,600,000   2,859,004
Series 97, 0.45%, 10/25/2023

  CZK 114,240,000   4,935,157
 
See accompanying notes to financial statements.
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SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets Local Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021

Security Description     Principal
Amount
  Value
Series 94, 0.95%, 5/15/2030

  CZK 147,970,000   $ 5,747,969
Series 95, 1.00%, 6/26/2026

  CZK 119,070,000   4,924,298
Series 121, 1.20%, 3/13/2031

  CZK 142,500,000   5,602,987
Series 120, 1.25%, 2/14/2025

  CZK 108,500,000   4,644,333
Series 125, 1.50%, 4/24/2040

  CZK 56,000,000   2,095,269
Series 11Y, 1.75%, 6/23/2032

  CZK 3,500,000   143,990
Series 103, 2.00%, 10/13/2033

  CZK 95,850,000   4,012,191
Series 89, 2.40%, 9/17/2025

  CZK 96,820,000   4,280,091
Series 78, 2.50%, 8/25/2028

  CZK 92,240,000   4,064,623
Series 105, 2.75%, 7/23/2029

  CZK 102,650,000   4,594,908
Series 49, 4.20%, 12/4/2036

  CZK 35,330,000   1,899,926
Series 53, 4.85%, 11/26/2057

  CZK 12,300,000   771,140
Series 58, 5.70%, 5/25/2024

  CZK 5,000,000   239,476
          54,112,025
HUNGARY — 3.4%          
Hungary Government Bond:          
Series 25/C, 1.00%, 11/26/2025 (b)

  HUF 812,000,000   2,223,802
Series 23/C, 1.50%, 8/23/2023

  HUF 288,000,000   859,531
Series 26/E, 1.50%, 4/22/2026

  HUF 1,120,000,000   3,075,606
Series 26/F, 1.50%, 8/26/2026 (b)

  HUF 505,000,000   1,374,215
Series 29/A, 2.00%, 5/23/2029 (b)

  HUF 680,000,000   1,771,212
Series 33/A, 2.25%, 4/20/2033

  HUF 685,000,000   1,694,781
Series 34/A, 2.25%, 6/22/2034

  HUF 800,000,000   1,903,671
Series 24/C, 2.50%, 10/24/2024

  HUF 1,342,600,000   3,958,670
Series 26/D, 2.75%, 12/22/2026

  HUF 991,000,000   2,835,610
Series 24/B, 3.00%, 6/26/2024

  HUF 1,110,330,000   3,328,948
Series 27/A, 3.00%, 10/27/2027

  HUF 1,353,880,000   3,861,150
Series 30/A, 3.00%, 8/21/2030

  HUF 1,121,000,000   3,081,967
Series 38/A, 3.00%, 10/27/2038

  HUF 815,000,000   2,009,973
Security Description     Principal
Amount
  Value
Series 41/A, 3.00%, 4/25/2041 (b)

  HUF 150,000,000   $ 357,761
Series 31/A, 3.25%, 10/22/2031

  HUF 972,200,000   2,743,499
Series 25/B, 5.50%, 6/24/2025

  HUF 909,220,000   2,916,754
Series 23/A, 6.00%, 11/24/2023

  HUF 469,340,000   1,495,928
Series 28/A, 6.75%, 10/22/2028 (b)

  HUF 354,000,000   1,231,851
          40,724,929
INDONESIA — 7.0%          
Indonesia Treasury Bond:          
Series FR86, 5.50%, 4/15/2026

  IDR 57,400,000,000   4,086,969
Series FR63, 5.63%, 5/15/2023

  IDR 5,956,000,000   428,631
Series FR64, 6.13%, 5/15/2028

  IDR 58,250,000,000   4,156,444
Series FR62, 6.38%, 4/15/2042

  IDR 1,700,000,000   117,118
Series FR81, 6.50%, 6/15/2025

  IDR 61,500,000,000   4,543,729
Series FR87, 6.50%, 2/15/2031

  IDR 66,700,000,000   4,722,468
Series FR89, 6.88%, 8/15/2051

  IDR 10,000,000,000   709,209
Series FR61, 7.00%, 5/15/2022

  IDR 633,000,000   45,026
Series FR59, 7.00%, 5/15/2027

  IDR 78,000,000,000   5,866,573
Series FR82, 7.00%, 9/15/2030

  IDR 57,600,000,000   4,186,887
Series FR92, 7.13%, 6/15/2042

  IDR 10,000,000,000   718,470
Series FR76, 7.38%, 5/15/2048

  IDR 31,700,000,000   2,291,719
Series FR74, 7.50%, 8/15/2032

  IDR 26,300,000,000   1,961,527
Series FR80, 7.50%, 6/15/2035

  IDR 63,600,000,000   4,674,338
Series FR75, 7.50%, 5/15/2038

  IDR 26,910,000,000   1,967,376
Series FR83, 7.50%, 4/15/2040

  IDR 40,500,000,000   2,967,490
Series FR85, 7.75%, 4/15/2031

  IDR 3,000,000,000   228,844
Series FR77, 8.13%, 5/15/2024

  IDR 57,100,000,000   4,360,614
Series FR78, 8.25%, 5/15/2029

  IDR 53,150,000,000   4,157,883
Series FR58, 8.25%, 6/15/2032

  IDR 3,710,000,000   291,151
Series FR72, 8.25%, 5/15/2036

  IDR 62,390,000,000   4,861,192
 
See accompanying notes to financial statements.
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SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets Local Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021

Security Description     Principal
Amount
  Value
Series FR70, 8.38%, 3/15/2024

  IDR 51,100,000,000   $ 3,902,385
Series FR56, 8.38%, 9/15/2026

  IDR 21,800,000,000   1,725,258
Series FR68, 8.38%, 3/15/2034

  IDR 72,700,000,000   5,723,077
Series FR79, 8.38%, 4/15/2039

  IDR 32,000,000,000   2,529,241
Series FR73, 8.75%, 5/15/2031

  IDR 9,050,000,000   731,460
Series FR67, 8.75%, 2/15/2044

  IDR 7,050,000,000   579,581
Series FR71, 9.00%, 3/15/2029

  IDR 6,000,000,000   487,051
Series FR57, 9.50%, 5/15/2041

  IDR 1,000,000,000   87,662
Series FR45, 9.75%, 5/15/2037

  IDR 1,250,000,000   109,683
Perusahaan Penerbit SBSN Indonesia:          
Series PBS, 4.88%, 7/15/2026

  IDR 19,000,000,000   1,313,700
Series PBS, 6.13%, 10/15/2025

  IDR 15,000,000,000   1,094,090
Series PBS, 6.63%, 10/15/2024

  IDR 16,000,000,000   1,187,160
Series PBS, 7.75%, 10/15/2046

  IDR 23,000,000,000   1,795,848
Series PBS, 8.25%, 9/15/2023

  IDR 20,000,000,000   1,504,999
Series PBS, 8.75%, 8/15/2023

  IDR 3,800,000,000   286,830
Series PBS, 8.88%, 11/15/2031

  IDR 34,200,000,000   2,822,385
          83,224,068
ISRAEL — 4.8%          
Israel Government Bond:          
Series 0723, 0.15%, 7/31/2023

  ILS 9,850,000   3,169,562
Series 0425, 0.50%, 4/30/2025

  ILS 14,500,000   4,693,929
Series 0226, 0.50%, 2/27/2026

  ILS 9,000,000   2,909,877
Series 0330, 1.00%, 3/31/2030

  ILS 12,800,000   4,103,599
Series 1123, 1.50%, 11/30/2023

  ILS 9,335,000   3,080,652
Series 0537, 1.50%, 5/31/2037

  ILS 15,200,000   4,675,917
Series 0825, 1.75%, 8/31/2025

  ILS 10,480,000   3,541,430
Series 0327, 2.00%, 3/31/2027

  ILS 13,350,000   4,608,767
Series 0928, 2.25%, 9/28/2028

  ILS 8,195,000   2,891,523
Security Description     Principal
Amount
  Value
Series 0324, 3.75%, 3/31/2024

  ILS 15,400,000   $ 5,353,665
Series 0347, 3.75%, 3/31/2047

  ILS 15,125,000   6,263,271
Series 0323, 4.25%, 3/31/2023

  ILS 10,850,000   3,669,351
Series 0142, 5.50%, 1/31/2042

  ILS 9,510,000   4,861,550
Series 1026, 6.25%, 10/30/2026

  ILS 8,125,000   3,330,521
          57,153,614
MALAYSIA — 5.6%          
Malaysia Government Bond:          
Series 0220, 2.63%, 4/15/2031

  MYR 2,150,000   476,757
Series 0313, 3.48%, 3/15/2023

  MYR 1,860,000   453,262
Series 0313, 3.48%, 3/15/2023

  MYR 3,100,000   755,437
Series 0319, 3.48%, 6/14/2024

  MYR 6,900,000   1,682,020
Series 0307, 3.50%, 5/31/2027

  MYR 5,400,000   1,313,533
Series 0513, 3.73%, 6/15/2028

  MYR 6,900,000   1,686,492
Series 0218, 3.76%, 4/20/2023

  MYR 2,550,000   623,074
Series 0519, 3.76%, 5/22/2040

  MYR 7,450,000   1,706,222
Series 0116, 3.80%, 8/17/2023

  MYR 4,131,000   1,013,342
Series 0419, 3.83%, 7/5/2034

  MYR 10,700,000   2,555,276
Series 0413, 3.84%, 4/15/2033

  MYR 6,360,000   1,532,725
Series 0118, 3.88%, 3/14/2025

  MYR 2,800,000   690,817
Series 0212, 3.89%, 3/15/2027

  MYR 600,000   148,265
Series 0219, 3.89%, 8/15/2029

  MYR 9,950,000   2,438,083
Series 0316, 3.90%, 11/30/2026

  MYR 7,815,000   1,938,067
Series 0417, 3.90%, 11/16/2027

  MYR 2,930,000   725,208
Series 0119, 3.91%, 7/15/2026

  MYR 2,240,000   555,003
Series 0115, 3.96%, 9/15/2025

  MYR 17,412,000   4,313,532
Series 0217, 4.06%, 9/30/2024

  MYR 915,000   226,394
Series 0120, 4.07%, 6/15/2050

  MYR 5,000,000   1,171,471
Series 0412, 4.13%, 4/15/2032

  MYR 800,000   198,801
 
See accompanying notes to financial statements.
20


Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets Local Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021

Security Description     Principal
Amount
  Value
Series 0114, 4.18%, 7/15/2024

  MYR 3,797,000   $ 940,827
Series 0415, 4.25%, 5/31/2035

  MYR 1,650,000   409,324
Series 0318, 4.64%, 11/7/2033

  MYR 4,180,000   1,078,305
Series 0216, 4.74%, 3/15/2046

  MYR 6,425,000   1,628,309
Series 0317, 4.76%, 4/7/2037

  MYR 5,535,000   1,444,983
Series 3/05, 4.84%, 7/15/2025

  MYR 170,000   43,271
Series 0418, 4.89%, 6/8/2038

  MYR 4,000,000   1,048,075
Series 0518, 4.92%, 7/6/2048

  MYR 3,000,000   784,281
Series 0713, 4.94%, 9/30/2043

  MYR 300,000   78,638
Malaysia Government Investment Issue:          
Series 0719, 3.15%, 5/15/2023

  MYR 7,700,000   1,867,678
Series 0120, 3.42%, 9/30/2027

  MYR 8,400,000   2,021,678
Series 0121, 3.45%, 7/15/2036

  MYR 5,000,000   1,133,922
Series 0220, 3.47%, 10/15/2030

  MYR 9,700,000   2,304,807
Series 0419, 3.66%, 10/15/2024

  MYR 7,500,000   1,835,768
Series 0319, 3.73%, 3/31/2026

  MYR 13,900,000   3,402,770
Series 0217, 4.05%, 8/15/2024

  MYR 3,400,000   838,227
Series 0316, 4.07%, 9/30/2026

  MYR 4,425,000   1,100,076
Series 0318, 4.09%, 11/30/2023

  MYR 4,570,000   1,131,958
Series 0619, 4.12%, 11/30/2034

  MYR 10,000,000   2,443,447
Series 0118, 4.13%, 8/15/2025

  MYR 3,350,000   832,722
Series 0119, 4.13%, 7/9/2029

  MYR 4,500,000   1,117,563
Series 0117, 4.26%, 7/26/2027

  MYR 3,720,000   933,965
Series 0218, 4.37%, 10/31/2028

  MYR 5,680,000   1,438,932
Series 0116, 4.39%, 7/7/2023

  MYR 2,390,000   590,157
Series 0221, 4.42%, 9/30/2041

  MYR 2,200,000   546,926
Series 0813, 4.44%, 5/22/2024

  MYR 2,300,000   571,420
Series 0219, 4.47%, 9/15/2039

  MYR 6,800,000   1,682,075
Security Description     Principal
Amount
  Value
Series 0513, 4.58%, 8/30/2033

  MYR 7,400,000   $ 1,888,792
Series 0519, 4.64%, 11/15/2049

  MYR 7,200,000   1,765,849
Series 0617, 4.72%, 6/15/2033

  MYR 4,200,000   1,095,672
Series 0517, 4.76%, 8/4/2037

  MYR 3,300,000   845,755
Series 0615, 4.79%, 10/31/2035

  MYR 810,000   212,104
Series 0417, 4.90%, 5/8/2047

  MYR 1,500,000   384,810
          65,646,867
MEXICO — 4.7%          
Mexican Bonos:          
Series M, 5.75%, 3/5/2026

  MXN 134,040,000   6,173,831
Series M, 6.75%, 3/9/2023

  MXN 91,500,000   4,474,133
Series M 20, 7.50%, 6/3/2027

  MXN 124,930,000   6,120,624
Series M, 7.75%, 5/29/2031

  MXN 80,828,000   3,992,386
Series M, 7.75%, 11/23/2034

  MXN 20,000,000   984,412
Series M, 7.75%, 11/13/2042

  MXN 74,980,000   3,555,441
Series M, 8.00%, 12/7/2023

  MXN 58,755,000   2,909,787
Series M, 8.00%, 9/5/2024

  MXN 108,100,000   5,371,141
Series M, 8.00%, 11/7/2047

  MXN 72,420,000   3,506,841
Series M 20, 8.50%, 5/31/2029

  MXN 151,485,000   7,830,216
Series M 30, 8.50%, 11/18/2038

  MXN 100,240,000   5,154,045
Series M 20, 10.00%, 12/5/2024

  MXN 90,495,000   4,736,207
Series M 30, 10.00%, 11/20/2036

  MXN 13,100,000   768,794
          55,577,858
PERU — 2.7%          
Peru Government Bond:          
5.35%, 8/12/2040

  PEN 11,100,000   2,366,862
5.40%, 8/12/2034

  PEN 14,100,000   3,218,975
5.70%, 8/12/2024

  PEN 6,200,000   1,605,428
5.94%, 2/12/2029

  PEN 14,825,000   3,800,899
6.15%, 8/12/2032

  PEN 14,507,000   3,646,104
6.35%, 8/12/2028

  PEN 14,400,000   3,794,390
6.71%, 2/12/2055

  PEN 1,000,000   246,581
6.90%, 8/12/2037

  PEN 16,575,000   4,220,528
6.95%, 8/12/2031

  PEN 15,420,000   4,140,326
8.20%, 8/12/2026

  PEN 6,700,000   1,912,860
 
See accompanying notes to financial statements.
21


Table of Contents
SPDR BLOOMBERG EMERGING MARKETS LOCAL BOND ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets Local Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021

Security Description     Principal
Amount
  Value
Peruvian Government International Bond:          
Series REGS, 6.35%, 8/12/2028

  PEN 810,000   $ 213,434
Series REGS, 6.71%, 2/12/2055

  PEN 475,000   117,126
Series REGS, 6.85%, 2/12/2042

  PEN 3,125,000   786,695
Series REGS, 8.20%, 8/12/2026

  PEN 7,735,000   2,208,355
          32,278,563
PHILIPPINES — 4.8%          
Philippine Government Bond:          
Series 3-25, 2.38%, 9/10/2023

  PHP 228,800,000   4,470,231
Series R513, 2.63%, 8/12/2025

  PHP 94,000,000   1,775,221
Series 1065, 2.88%, 7/9/2030

  PHP 343,500,000   5,825,013
Series 5-77, 3.38%, 4/8/2026

  PHP 40,000,000   768,364
Series 7-58, 3.50%, 4/21/2023

  PHP 25,500,000   507,274
Series R105, 3.50%, 9/20/2026

  PHP 22,000,000   420,207
Series 1060, 3.63%, 9/9/2025

  PHP 82,000,000   1,594,742
Series 7-64, 3.63%, 4/22/2028

  PHP 70,000,000   1,322,000
Series 2020, 3.63%, 3/21/2033

  PHP 43,150,000   744,646
Series 1066, 4.00%, 7/22/2031

  PHP 257,000,000   4,706,211
Series 1059, 4.13%, 8/20/2024

  PHP 18,700,000   377,840
Series 5-76, 4.25%, 10/17/2024

  PHP 50,000,000   1,013,482
Series 7-59, 4.50%, 4/20/2024

  PHP 68,200,000   1,390,717
Series R511, 4.63%, 12/4/2022

  PHP 26,850,000   537,969
Series 2511, 4.63%, 9/9/2040

  PHP 153,100,000   2,813,414
Series 1061, 4.75%, 5/4/2027

  PHP 276,950,000   5,550,949
Series 2024, 5.13%, 7/15/2041

  PHP 20,000,000   395,823
Series 2021, 5.25%, 5/18/2037

  PHP 48,800,000   967,270
Series 5-75, 5.50%, 3/8/2023

  PHP 32,000,000