N-CSRS 1 d161742dncsrs.htm SPDR SERIES TRUST SPDR SERIES TRUST

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08839

 

 

SPDR® SERIES TRUST

(Exact name of registrant as specified in charter)

 

 

One Iron Street, Boston, Massachusetts 02210

(Address of principal executive offices) (zip code)

 

 

Sean O’Malley, Esq.

Senior Vice President and Deputy General Counsel

c/o SSGA Funds Management, Inc.

One Iron Street

Boston, Massachusetts 02210

(Name and address of agent for service)

 

 

Copy to:

W. John McGuire, Esq.

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

 

 

Registrant’s telephone number, including area code: (617) 664-1465

Date of fiscal year end: December 31

Date of reporting period: June 30, 2021

 

 

 

Item 1. Reports to Shareholders.

(a) The Report to Shareholders is attached herewith.

Semi-Annual Report
June 30, 2021
SPDR® Series Trust - Fixed Income Funds
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF
SPDR Bloomberg Barclays International Corporate Bond ETF
SPDR Bloomberg Barclays International Treasury Bond ETF
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 www.ssga.com. Please read the prospectus carefully before you invest.

TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  
1
2
3
4
5
Schedules of Investments (Unaudited)  
6
17
33
50
56
62
70
75
85
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read the prospectus carefully before you invest.

[This Page Intentionally Left Blank]

SPDR Bloomberg Barclays Emerging Markets Local Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2021

      
  Description % of Net Assets  
  Brazil Letras do Tesouro Nacional
Zero Coupon, 1/1/2024 		1.4%  
  South Africa Government Bond
10.50% 12/21/2026 		0.8  
  Korea Treasury Bond
1.50% 3/10/2050 		0.8  
  Poland Government Bond
4.00% 10/25/2023 		0.7  
  Brazil Letras do Tesouro Nacional
Zero Coupon, 1/1/2023 		0.7  
  TOTAL 4.4%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2021

      
    % of Net Assets  
  Foreign Government Obligations 97.7%  
  Short-Term Investments 1.0  
  Other Assets in Excess of Liabilities 1.3  
  TOTAL 100.0%  
Top Ten Countries as of June 30, 2021

      
  Description % of Total Investments  
  South Korea 12.6%  
  China 12.4  
  Indonesia 6.4  
  Brazil 6.1  
  Malaysia 5.3  
  Thailand 4.9  
  Mexico 4.6  
  Czech Republic 4.6  
  Poland 4.6  
  Israel 4.6  
  TOTAL 66.1%  
(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

SPDR Bloomberg Barclays International Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2021

      
  Description % of Net Assets  
  Volkswagen International Finance NV
1.88% 3/30/2027 		0.6%  
  Deutsche Bank AG
1.63% 1/20/2027 		0.5  
  Orange SA
8.13% 1/28/2033 		0.5  
  AT&T, Inc.
4.88% 6/1/2044 		0.4  
  NTT Finance Corp.
0.38% 9/20/2030 		0.4  
  TOTAL 2.4%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2021

      
    % of Net Assets  
  Corporate Bonds & Notes 98.7%  
  Short-Term Investments 2.6  
  Liabilities in Excess of Other Assets (1.3)  
  TOTAL 100.0%  
See accompanying notes to financial statements.
2

SPDR Bloomberg Barclays International Treasury Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2021

      
  Description % of Net Assets  
  China Government Bond
3.29% 10/18/2023 		1.4%  
  China Government Bond
3.25% 11/22/2028 		1.4  
  China Government Bond
4.08% 10/22/2048 		1.1  
  Korea Treasury Bond
2.00% 3/10/2049 		0.7  
  Indonesia Treasury Bond
7.50% 5/15/2038 		0.5  
  TOTAL 5.1%  
(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, 2021

      
    % of Net Assets  
  Foreign Government Obligations 99.2%  
  Short-Term Investment 0.0 *  
  Other Assets in Excess of Liabilities 0.8  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.
Top Ten Countries as of June 30, 2021

      
  Description % of Total Investments  
  Japan 23.1%  
  United Kingdom 5.5  
  South Korea 4.7  
  Canada 4.6  
  Australia 4.6  
  Italy 4.6  
  France 4.6  
  Germany 4.6  
  China 4.6  
  Belgium 4.6  
  TOTAL 65.5%  
(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

SPDR Bloomberg Barclays Short Term International Treasury Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2021

      
  Description % of Net Assets  
  Korea Treasury Bond
1.25% 12/10/2022 		4.4%  
  China Government Bond
2.36% 7/2/2023 		4.4  
  Government of Japan 5 Year Bond
0.10% 12/20/2023 		2.7  
  Government of Japan 5 Year Bond
0.10% 3/20/2023 		2.4  
  Government of Japan 5 Year Bond
0.10% 6/20/2023 		2.3  
  TOTAL 16.2%  
(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 June 30, 2021

      
    % of Net Assets  
  Foreign Government Obligations 99.2%  
  Short-Term Investment 0.1  
  Other Assets in Excess of Liabilities 0.7  
  TOTAL 100.0%  
Top Ten Countries as of June 30, 2021

      
  Description % of Total Investments  
  Japan 23.1%  
  Italy 5.5  
  South Korea 4.6  
  Canada 4.6  
  France 4.6  
  United Kingdom 4.6  
  Spain 4.6  
  Germany 4.6  
  China 4.6  
  Australia 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

SPDR FTSE International Government Inflation-Protected Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2021

      
  Description % of Net Assets  
  Deutsche Bundesrepublik Inflation Linked Bond
0.50% 4/15/2030 		1.5%  
  United Kingdom Gilt Inflation Linked
0.38% 3/22/2062 		1.3  
  Deutsche Bundesrepublik Inflation Linked Bond
0.10% 4/15/2026 		1.3  
  Australia Government Bond
3.00% 9/20/2025 		1.2  
  Colombian TES
4.75% 2/23/2023 		1.2  
  TOTAL 6.5%  
(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 June 30, 2021

      
    % of Net Assets  
  Foreign Government Obligations 98.3%  
  Short-Term Investment 0.0 *  
  Other Assets in Excess of Liabilities 1.7  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.
Top Ten Countries as of June 30, 2021

      
  Description % of Total Investments  
  United Kingdom 22.4%  
  France 7.9  
  Brazil 6.9  
  Italy 5.1  
  Mexico 4.7  
  Australia 4.7  
  Japan 4.7  
  Turkey 4.7  
  Colombia 4.6  
  Germany 4.6  
  TOTAL 70.3%  
(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.
5

SPDR BLOOMBERG BARCLAYS EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
FOREIGN GOVERNMENT OBLIGATIONS — 97.7%      
BRAZIL — 6.0%          
Brazil Letras do Tesouro Nacional:          
Series LTN, Zero Coupon, 7/1/2022
   BRL 23,000,000   $ 4,297,629
Series LTN, Zero Coupon, 10/1/2022
   BRL 28,500,000   5,216,838
Series LTN, Zero Coupon, 1/1/2023
   BRL 53,800,000   9,647,143
Series LTN, Zero Coupon, 7/1/2023
   BRL 45,400,000   7,803,238
Series LTN, Zero Coupon, 1/1/2024
   BRL 117,300,000   19,312,434
Series LTN, Zero Coupon, 7/1/2024
   BRL 37,200,000   5,862,513
Brazil Notas do Tesouro Nacional Serie F:          
Series NTNF, 10.00%, 1/1/2023
   BRL 38,810,000   8,029,262
Series NTNF, 10.00%, 1/1/2025
   BRL 36,450,000   7,665,861
Series NTNF, 10.00%, 1/1/2027
   BRL 35,275,000   7,451,697
Series NTNF, 10.00%, 1/1/2029
   BRL 14,890,000   3,153,797
Series NTNF, 10.00%, 1/1/2031
   BRL 12,000,000   2,520,751
Brazilian Government International Bond:          
8.50%, 1/5/2024
   BRL 350,000   70,981
10.25%, 1/10/2028
   BRL 1,000,000   208,247
          81,240,391
CHILE — 2.8%          
Bonos de la Tesoreria de la Republica en pesos:          
2.30%, 10/1/2028 (a)
   CLP 1,735,000,000   2,062,422
2.50%, 3/1/2025
   CLP 5,655,000,000   7,541,749
2.80%, 10/1/2033 (a)
   CLP 600,000,000   662,553
4.00%, 3/1/2023 (a)
   CLP 2,725,000,000   3,853,487
4.50%, 3/1/2026
   CLP 3,565,000,000   5,103,239
4.70%, 9/1/2030 (a)
   CLP 4,190,000,000   5,783,407
5.00%, 3/1/2035
   CLP 4,120,000,000   5,667,599
5.10%, 7/15/2050
   CLP 1,150,000,000   1,527,814
Series 10YR, 6.00%, 1/1/2022
   CLP 65,000,000   91,727
Series 30YR, 6.00%, 1/1/2043
   CLP 3,770,000,000   5,726,117
          38,020,114
Security Description     Principal
Amount 		  Value
CHINA — 12.2%          
China Development Bank:          
Series 1903, 3.30%, 2/1/2024
   CNY 21,000,000   $ 3,272,020
Series 1908, 3.42%, 7/2/2024
   CNY 11,300,000   1,768,322
Series 1518, 3.74%, 9/10/2025
   CNY 2,000,000   315,479
Series 1605, 3.80%, 1/25/2036
   CNY 6,500,000   1,011,358
Series 1516, 3.94%, 7/10/2022
   CNY 3,000,000   470,521
Series 1213, 4.21%, 3/22/2022
   CNY 10,000,000   1,566,152
Series 1510, 4.21%, 4/13/2025
   CNY 9,000,000   1,442,578
Series 1708, 4.30%, 8/21/2024
   CNY 10,000,000   1,603,775
Series 1712, 4.44%, 11/9/2022
   CNY 1,000,000   158,365
Series 1804, 4.69%, 3/23/2023
   CNY 11,000,000   1,755,383
Series 1805, 4.88%, 2/9/2028
   CNY 3,000,000   503,319
China Government Bond:          
Series INBK, 1.99%, 4/9/2025
   CNY 46,000,000   6,885,495
Series INBK, 2.24%, 3/5/2023
   CNY 30,000,000   4,611,940
Series INBK, 2.36%, 7/2/2023
   CNY 42,500,000   6,532,188
Series INBK, 2.57%, 5/20/2023
   CNY 5,000,000   772,366
Series INBK, 2.64%, 8/13/2022
   CNY 24,000,000   3,708,639
Series INBK, 2.68%, 5/21/2030
   CNY 43,000,000   6,403,966
Series 1911, 2.75%, 8/8/2022
   CNY 23,000,000   3,568,241
Series INBK, 2.84%, 4/8/2024
   CNY 25,000,000   3,877,767
Series INBK, 2.85%, 6/4/2027
   CNY 53,000,000   8,114,562
Series INBK, 2.88%, 11/5/2023
   CNY 40,000,000   6,211,541
Series 1610, 2.90%, 5/5/2026
   CNY 10,000,000   1,542,533
Series INBK, 2.93%, 12/10/2022
   CNY 28,000,000   4,352,872
Series 1913, 2.94%, 10/17/2024
   CNY 21,000,000   3,261,560
Series INBK, 3.02%, 10/22/2025
   CNY 43,000,000   6,682,138
Series INBK, 3.02%, 5/27/2031
   CNY 8,000,000   1,231,610
 
See accompanying notes to financial statements.
6

SPDR BLOOMBERG BARCLAYS EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series INBK, 3.03%, 3/11/2026
   CNY 22,000,000   $ 3,418,496
Series 1916, 3.12%, 12/5/2026
   CNY 14,600,000   2,274,887
Series 1915, 3.13%, 11/21/2029
   CNY 27,000,000   4,175,495
Series 1904, 3.19%, 4/11/2024
   CNY 37,000,000   5,792,035
Series 1828, 3.22%, 12/6/2025
   CNY 7,790,000   1,219,606
Series 1907, 3.25%, 6/6/2026
   CNY 30,800,000   4,831,076
Series 1827, 3.25%, 11/22/2028
   CNY 10,000,000   1,563,428
Series INBK, 3.27%, 11/19/2030
   CNY 37,000,000   5,802,772
Series INBK, 3.28%, 12/3/2027
   CNY 43,400,000   6,810,726
Series 1823, 3.29%, 10/18/2023
   CNY 17,000,000   2,669,709
Series 1906, 3.29%, 5/23/2029
   CNY 18,600,000   2,914,376
Series INBK, 3.39%, 3/16/2050
   CNY 35,000,000   5,121,095
Series 1626, 3.48%, 11/21/2066
   CNY 6,700,000   976,522
Series 1710, 3.52%, 5/4/2027
   CNY 5,000,000   796,627
Series 1608, 3.52%, 4/25/2046
   CNY 6,000,000   905,754
Series 1819, 3.54%, 8/16/2028
   CNY 10,000,000   1,598,930
Series INBK, 3.72%, 4/12/2051
   CNY 17,000,000   2,668,531
Series INBK, 3.73%, 5/25/2070
   CNY 18,000,000   2,757,815
Series 1521, 3.74%, 9/22/2035
   CNY 17,800,000   2,865,116
Series 1525, 3.74%, 10/20/2045
   CNY 3,000,000   472,337
Series INBK, 3.76%, 3/22/2071
   CNY 1,000,000   154,935
Series INBK, 3.81%, 9/14/2050
   CNY 35,000,000   5,555,252
Series 1910, 3.86%, 7/22/2049
   CNY 31,500,000   5,019,076
Series 1817, 3.97%, 7/23/2048
   CNY 10,000,000   1,618,403
Series 1908, 4.00%, 6/24/2069
   CNY 9,000,000   1,460,804
Series 1715, 4.05%, 7/24/2047
   CNY 15,000,000   2,456,530
Series 1003, 4.08%, 3/1/2040
   CNY 5,000,000   825,360
Series 1824, 4.08%, 10/22/2048
   CNY 5,300,000   878,025
Security Description     Principal
Amount 		  Value
Series 1508, 4.09%, 4/27/2035
   CNY 1,000,000   $ 167,442
Series 1806, 4.22%, 3/19/2048
   CNY 8,000,000   1,343,960
Series 1722, 4.28%, 10/23/2047
   CNY 3,250,000   553,980
Series 1116, 4.50%, 6/23/2041
   CNY 19,000,000   3,403,314
Series 1319, 4.76%, 9/16/2043
   CNY 2,000,000   367,941
          165,065,045
COLOMBIA — 3.7%          
Colombia Government International Bond:          
4.38%, 3/21/2023
   COP 1,610,000,000   440,503
9.85%, 6/28/2027
   COP 115,000,000   36,651
Colombian TES:          
Series B, 5.75%, 11/3/2027
   COP 19,650,000,000   5,039,427
Series B, 6.00%, 4/28/2028
   COP 27,015,000,000   6,947,392
Series B, 6.25%, 11/26/2025
   COP 25,595,000,000   6,950,158
Series B, 6.25%, 7/9/2036
   COP 10,000,000,000   2,335,297
Series B, 7.00%, 5/4/2022
   COP 4,304,000,000   1,190,862
Series B, 7.00%, 6/30/2032
   COP 24,864,000,000   6,487,054
Series B, 7.25%, 10/18/2034
   COP 17,725,000,000   4,646,472
Series B, 7.25%, 10/26/2050
   COP 9,400,000,000   2,301,943
Series B, 7.50%, 8/26/2026
   COP 20,602,000,000   5,841,527
Series B, 7.75%, 9/18/2030
   COP 16,200,000,000   4,519,557
Series B, 10.00%, 7/24/2024
   COP 11,890,000,000   3,629,070
          50,365,913
CZECH REPUBLIC — 4.6%          
Czech Republic Government Bond:          
Series 1351, Zero Coupon, 12/12/2024
   CZK 34,500,000   1,524,919
Series 130, 0.05%, 11/29/2029
   CZK 63,000,000   2,527,815
Series 100, 0.25%, 2/10/2027
   CZK 79,600,000   3,409,967
Series 97, 0.45%, 10/25/2023
   CZK 126,840,000   5,764,847
Series 94, 0.95%, 5/15/2030
   CZK 147,970,000   6,395,267
 
See accompanying notes to financial statements.
7

SPDR BLOOMBERG BARCLAYS EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 95, 1.00%, 6/26/2026
   CZK 119,070,000   $ 5,358,234
Series 121, 1.20%, 3/13/2031
   CZK 140,000,000   6,147,542
Series 120, 1.25%, 2/14/2025
   CZK 93,500,000   4,291,260
Series 125, 1.50%, 4/24/2040
   CZK 46,000,000   1,937,862
Series 11Y, 1.75%, 6/23/2032
   CZK 8,500,000   394,304
Series 103, 2.00%, 10/13/2033
   CZK 46,850,000   2,211,312
Series 89, 2.40%, 9/17/2025
   CZK 110,820,000   5,309,517
Series 78, 2.50%, 8/25/2028
   CZK 92,240,000   4,491,718
Series 105, 2.75%, 7/23/2029
   CZK 92,650,000   4,612,567
Series 49, 4.20%, 12/4/2036
   CZK 53,830,000   3,257,648
Series 52, 4.70%, 9/12/2022
   CZK 30,200,000   1,474,578
Series 53, 4.85%, 11/26/2057
   CZK 12,300,000   846,361
Series 58, 5.70%, 5/25/2024
   CZK 33,750,000   1,760,579
          61,716,297
HUNGARY — 3.7%          
Hungary Government Bond:          
Series 25/C, 1.00%, 11/26/2025
   HUF 812,000,000   2,631,017
Series 23/C, 1.50%, 8/23/2023
   HUF 598,000,000   2,028,715
Series 26/E, 1.50%, 4/22/2026
   HUF 970,000,000   3,197,059
Series 26/F, 1.50%, 8/26/2026
   HUF 705,000,000   2,311,483
Series 22/B, 1.75%, 10/26/2022
   HUF 798,500,000   2,724,980
Series 29/A, 2.00%, 5/23/2029
   HUF 680,000,000   2,234,451
Series 33/A, 2.25%, 4/20/2033
   HUF 685,000,000   2,170,307
Series 24/C, 2.50%, 10/24/2024
   HUF 1,092,600,000   3,780,950
Series 26/D, 2.75%, 12/22/2026
   HUF 761,000,000   2,651,365
Series 24/B, 3.00%, 6/26/2024
   HUF 1,110,330,000   3,897,743
Series 27/A, 3.00%, 10/27/2027
   HUF 1,113,880,000   3,931,246
Series 30/A, 3.00%, 8/21/2030
   HUF 1,001,000,000   3,524,720
Series 38/A, 3.00%, 10/27/2038
   HUF 665,000,000   2,184,817
Security Description     Principal
Amount 		  Value
Series 41/A, 3.00%, 4/25/2041
   HUF 150,000,000   $ 478,982
Series 31/A, 3.25%, 10/22/2031
   HUF 1,169,200,000   4,179,778
Series 25/B, 5.50%, 6/24/2025
   HUF 1,009,220,000   3,874,547
Series 23/A, 6.00%, 11/24/2023
   HUF 469,340,000   1,753,030
Series 28/A, 6.75%, 10/22/2028
   HUF 547,000,000   2,385,339
          49,940,529
INDONESIA — 6.3%          
Indonesia Treasury Bond:          
Series FR86, 5.50%, 4/15/2026
   IDR 69,900,000,000   4,837,080
Series FR63, 5.63%, 5/15/2023
   IDR 44,956,000,000   3,168,003
Series FR64, 6.13%, 5/15/2028
   IDR 58,250,000,000   4,013,224
Series FR62, 6.38%, 4/15/2042
   IDR 1,700,000,000   105,427
Series FR81, 6.50%, 6/15/2025
   IDR 79,500,000,000   5,747,905
Series FR87, 6.50%, 2/15/2031
   IDR 76,700,000,000   5,246,280
Series FR89, 6.88%, 8/15/2051
   IDR 10,000,000,000   686,428
Series FR61, 7.00%, 5/15/2022
   IDR 4,633,000,000   329,301
Series FR59, 7.00%, 5/15/2027
   IDR 68,000,000,000   4,966,814
Series FR82, 7.00%, 9/15/2030
   IDR 71,600,000,000   5,099,155
Series FR76, 7.38%, 5/15/2048
   IDR 31,700,000,000   2,240,971
Series FR74, 7.50%, 8/15/2032
   IDR 26,300,000,000   1,910,831
Series FR80, 7.50%, 6/15/2035
   IDR 75,600,000,000   5,383,241
Series FR75, 7.50%, 5/15/2038
   IDR 26,910,000,000   1,899,475
Series FR83, 7.50%, 4/15/2040
   IDR 58,000,000,000   4,092,800
Series FR85, 7.75%, 4/15/2031
   IDR 3,000,000,000   223,736
Series FR77, 8.13%, 5/15/2024
   IDR 57,100,000,000   4,294,983
Series FR78, 8.25%, 5/15/2029
   IDR 53,150,000,000   4,081,627
Series FR58, 8.25%, 6/15/2032
   IDR 3,710,000,000   284,864
Series FR72, 8.25%, 5/15/2036
   IDR 62,390,000,000   4,714,318
Series FR70, 8.38%, 3/15/2024
   IDR 56,100,000,000   4,224,020
 
See accompanying notes to financial statements.
8

SPDR BLOOMBERG BARCLAYS EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series FR56, 8.38%, 9/15/2026
   IDR 21,800,000,000   $ 1,688,042
Series FR68, 8.38%, 3/15/2034
   IDR 72,700,000,000   5,543,851
Series FR79, 8.38%, 4/15/2039
   IDR 32,000,000,000   2,443,034
Series FR73, 8.75%, 5/15/2031
   IDR 9,050,000,000   718,901
Series FR67, 8.75%, 2/15/2044
   IDR 7,050,000,000   558,743
Series FR71, 9.00%, 3/15/2029
   IDR 6,000,000,000   478,966
Series FR57, 9.50%, 5/15/2041
   IDR 1,000,000,000   84,401
Series FR45, 9.75%, 5/15/2037
   IDR 1,250,000,000   105,918
Perusahaan Penerbit SBSN Indonesia:          
Series PBS, 6.13%, 10/15/2025
   IDR 15,000,000,000   1,057,225
Series PBS, 6.63%, 10/15/2024
   IDR 16,000,000,000   1,154,894
Series PBS, 7.75%, 10/15/2046
   IDR 15,000,000,000   1,077,045
Series PBS, 8.75%, 8/15/2023
   IDR 3,800,000,000   283,757
Series PBS, 8.88%, 11/15/2031
   IDR 34,200,000,000   2,694,546
          85,439,806
ISRAEL — 4.5%          
Israel Government Bond:          
Series 0723, 0.15%, 7/31/2023
   ILS 14,450,000   4,433,329
Series 0425, 0.50%, 4/30/2025
   ILS 14,500,000   4,475,045
Series 0226, 0.50%, 2/27/2026
   ILS 2,500,000   769,756
Series 0722, 0.75%, 7/31/2022
   ILS 4,400,000   1,353,859
Series 0330, 1.00%, 3/31/2030
   ILS 13,400,000   4,068,030
Series 1122, 1.25%, 11/30/2022
   ILS 7,760,000   2,419,342
Series 1123, 1.50%, 11/30/2023
   ILS 9,335,000   2,954,331
Series 0537, 1.50%, 5/31/2037
   ILS 14,300,000   4,153,631
Series 0825, 1.75%, 8/31/2025
   ILS 10,480,000   3,396,551
Series 0327, 2.00%, 3/31/2027
   ILS 14,850,000   4,912,595
Series 0928, 2.25%, 9/28/2028
   ILS 13,595,000   4,575,028
Series 0324, 3.75%, 3/31/2024
   ILS 15,400,000   5,181,924
Security Description     Principal
Amount 		  Value
Series 0347, 3.75%, 3/31/2047
   ILS 14,875,000   $ 5,840,431
Series 0323, 4.25%, 3/31/2023
   ILS 10,850,000   3,568,788
Series 0122, 5.50%, 1/31/2022
   ILS 895,000   283,413
Series 0142, 5.50%, 1/31/2042
   ILS 10,510,000   5,097,105
Series 1026, 6.25%, 10/30/2026
   ILS 8,125,000   3,242,692
          60,725,850
MALAYSIA — 5.2%          
Malaysia Government Bond:          
Series 0220, 2.63%, 4/15/2031
   MYR 8,150,000   1,854,152
Series 0313, 3.48%, 3/15/2023
   MYR 1,860,000   459,530
Series 0313, 3.48%, 3/15/2023
   MYR 10,600,000   2,618,830
Series 0319, 3.48%, 6/14/2024
   MYR 6,900,000   1,718,593
Series 0307, 3.50%, 5/31/2027
   MYR 5,400,000   1,343,610
Series 0513, 3.73%, 6/15/2028
   MYR 9,500,000   2,389,245
Series 0218, 3.76%, 4/20/2023
   MYR 5,600,000   1,391,802
Series 0519, 3.76%, 5/22/2040
   MYR 8,450,000   1,913,488
Series 0116, 3.80%, 8/17/2023
   MYR 4,131,000   1,031,951
Series 0419, 3.83%, 7/5/2034
   MYR 8,200,000   1,966,767
Series 0413, 3.84%, 4/15/2033
   MYR 6,360,000   1,555,821
Series 0118, 3.88%, 3/14/2025
   MYR 2,800,000   706,947
Series 0212, 3.89%, 3/15/2027
   MYR 600,000   152,357
Series 0219, 3.89%, 8/15/2029
   MYR 9,950,000   2,518,515
Series 0316, 3.90%, 11/30/2026
   MYR 7,815,000   1,985,140
Series 0417, 3.90%, 11/16/2027
   MYR 2,930,000   743,560
Series 0119, 3.91%, 7/15/2026
   MYR 2,240,000   569,746
Series 0115, 3.96%, 9/15/2025
   MYR 17,412,000   4,426,796
Series 0217, 4.06%, 9/30/2024
   MYR 915,000   231,861
Series 0120, 4.07%, 6/15/2050
   MYR 6,000,000   1,386,973
Series 0412, 4.13%, 4/15/2032
   MYR 800,000   203,049
 
See accompanying notes to financial statements.
9

SPDR BLOOMBERG BARCLAYS EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 0114, 4.18%, 7/15/2024
   MYR 3,797,000   $ 963,670
Series 0415, 4.25%, 5/31/2035
   MYR 1,650,000   414,171
Series 0318, 4.64%, 11/7/2033
   MYR 4,180,000   1,093,116
Series 0216, 4.74%, 3/15/2046
   MYR 6,425,000   1,629,493
Series 0317, 4.76%, 4/7/2037
   MYR 5,535,000   1,432,293
Series 3/05, 4.84%, 7/15/2025
   MYR 170,000   44,526
Series 0418, 4.89%, 6/8/2038
   MYR 4,000,000   1,045,038
Series 0518, 4.92%, 7/6/2048
   MYR 3,000,000   772,411
Series 0713, 4.94%, 9/30/2043
   MYR 300,000   78,826
Malaysia Government Investment Issue:          
Series 0719, 3.15%, 5/15/2023
   MYR 7,700,000   1,894,051
Series 0120, 3.42%, 9/30/2027
   MYR 5,600,000   1,378,745
Series 0121, 3.45%, 7/15/2036
   MYR 5,000,000   1,128,358
Series 0220, 3.47%, 10/15/2030
   MYR 7,500,000   1,820,100
Series 0419, 3.66%, 10/15/2024
   MYR 7,500,000   1,883,015
Series 0319, 3.73%, 3/31/2026
   MYR 13,900,000   3,501,664
Series 0217, 4.05%, 8/15/2024
   MYR 3,400,000   859,248
Series 0316, 4.07%, 9/30/2026
   MYR 4,425,000   1,131,995
Series 0318, 4.09%, 11/30/2023
   MYR 4,570,000   1,147,626
Series 0619, 4.12%, 11/30/2034
   MYR 7,500,000   1,832,427
Series 0118, 4.13%, 8/15/2025
   MYR 3,350,000   854,814
Series 0119, 4.13%, 7/9/2029
   MYR 4,500,000   1,148,446
Series 0115, 4.19%, 7/15/2022
   MYR 4,020,000   991,904
Series 0117, 4.26%, 7/26/2027
   MYR 5,920,000   1,527,238
Series 0218, 4.37%, 10/31/2028
   MYR 5,680,000   1,476,645
Series 0116, 4.39%, 7/7/2023
   MYR 2,390,000   600,396
Series 0221, 4.42%, 9/30/2041
   MYR 3,200,000   777,235
Series 0813, 4.44%, 5/22/2024
   MYR 2,300,000   586,061
Security Description     Principal
Amount 		  Value
Series 0219, 4.47%, 9/15/2039
   MYR 6,800,000   $ 1,668,004
Series 0513, 4.58%, 8/30/2033
   MYR 7,400,000   1,933,449
Series 0519, 4.64%, 11/15/2049
   MYR 5,200,000   1,284,104
Series 0617, 4.72%, 6/15/2033
   MYR 4,200,000   1,112,440
Series 0517, 4.76%, 8/4/2037
   MYR 3,300,000   853,834
Series 0615, 4.79%, 10/31/2035
   MYR 810,000   212,620
Series 0417, 4.90%, 5/8/2047
   MYR 1,500,000   385,972
          70,632,668
MEXICO — 4.6%          
Mexican Bonos:          
Series M, 5.75%, 3/5/2026
   MXN 135,640,000   6,623,371
Series M, 6.50%, 6/9/2022
   MXN 48,278,000   2,447,616
Series M, 6.75%, 3/9/2023
   MXN 110,500,000   5,649,067
Series M 20, 7.50%, 6/3/2027
   MXN 124,930,000   6,539,240
Series M, 7.75%, 5/29/2031
   MXN 95,328,000   5,053,741
Series M, 7.75%, 11/23/2034
   MXN 20,000,000   1,059,843
Series M, 7.75%, 11/13/2042
   MXN 73,980,000   3,814,797
Series M, 8.00%, 12/7/2023
   MXN 67,480,000   3,550,559
Series M, 8.00%, 9/5/2024
   MXN 108,100,000   5,712,814
Series M, 8.00%, 11/7/2047
   MXN 72,420,000   3,831,362
Series M 20, 8.50%, 5/31/2029
   MXN 117,485,000   6,491,311
Series M 30, 8.50%, 11/18/2038
   MXN 90,240,000   4,998,155
Series M 20, 10.00%, 12/5/2024
   MXN 90,495,000   5,075,956
Series M 30, 10.00%, 11/20/2036
   MXN 17,000,000   1,075,698
          61,923,530
PERU — 2.8%          
Peru Government Bond:          
5.35%, 8/12/2040
   PEN 11,100,000   2,563,454
5.40%, 8/12/2034
   PEN 14,100,000   3,480,379
5.70%, 8/12/2024
   PEN 6,200,000   1,802,565
5.94%, 2/12/2029
   PEN 14,825,000   4,228,860
6.15%, 8/12/2032
   PEN 18,257,000   4,994,042
6.35%, 8/12/2028
   PEN 9,600,000   2,803,482
6.71%, 2/12/2055
   PEN 1,000,000   263,141
6.90%, 8/12/2037
   PEN 16,575,000   4,584,717
 
See accompanying notes to financial statements.
10

SPDR BLOOMBERG BARCLAYS EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
6.95%, 8/12/2031
   PEN 15,420,000   $ 4,517,555
8.20%, 8/12/2026
   PEN 6,400,000   2,074,012
Peruvian Government International Bond:          
Series REGS, 6.35%, 8/12/2028
   PEN 6,810,000   1,988,720
Series REGS, 6.71%, 2/12/2055
   PEN 475,000   124,992
Series REGS, 6.85%, 2/12/2042
   PEN 5,125,000   1,377,542
Series REGS, 6.95%, 8/12/2031
   PEN 2,000,000   585,935
Series REGS, 8.20%, 8/12/2026
   PEN 8,635,000   2,798,295
          38,187,691
PHILIPPINES — 4.5%          
Philippine Government Bond:          
Series 0325, 2.38%, 9/10/2023
   PHP 228,800,000   4,722,012
Series R513, 2.63%, 8/12/2025
   PHP 165,500,000   3,384,445
Series 1065, 2.88%, 7/9/2030
   PHP 343,500,000   6,585,002
Series 5-77, 3.38%, 4/8/2026
   PHP 40,000,000   835,601
Series 7-58, 3.50%, 4/21/2023
   PHP 25,500,000   537,228
Series R105, 3.50%, 9/20/2026
   PHP 22,000,000   460,253
Series 1060, 3.63%, 9/9/2025
   PHP 82,000,000   1,739,750
Series 2020, 3.63%, 3/21/2033
   PHP 43,150,000   834,207
Series 5-74, 4.00%, 1/26/2022
   PHP 126,800,000   2,634,886
Series 1059, 4.13%, 8/20/2024
   PHP 18,700,000   401,589
Series 5-76, 4.25%, 10/17/2024
   PHP 50,000,000   1,080,807
Series 7-59, 4.50%, 4/20/2024
   PHP 68,200,000   1,477,841
Series R511, 4.63%, 12/4/2022
   PHP 76,850,000   1,637,542
Series 2511, 4.63%, 9/9/2040
   PHP 118,100,000   2,308,381
Series 3-24, 4.75%, 7/4/2022
   PHP 27,000,000   570,143
Series 1061, 4.75%, 5/4/2027
   PHP 276,950,000   6,112,884
Series 2021, 5.25%, 5/18/2037
   PHP 48,800,000   1,051,555
Series 5-75, 5.50%, 3/8/2023
   PHP 32,000,000   694,939
Series 7-61, 5.75%, 4/12/2025
   PHP 89,500,000   2,029,588
Security Description     Principal
Amount 		  Value
Series R251, 6.13%, 10/24/2037
   PHP 67,000,000   $ 1,571,784
Series 7-62, 6.25%, 2/14/2026
   PHP 105,000,000   2,464,442
Series 1063, 6.25%, 3/22/2028
   PHP 97,700,000   2,338,532
Series 2023, 6.75%, 1/24/2039
   PHP 80,000,000   2,027,220
Series 1064, 6.88%, 1/10/2029
   PHP 166,000,000   4,101,391
Series 2017, 8.00%, 7/19/2031
   PHP 269,237,338   7,463,046
Series 25-8, 8.13%, 12/16/2035
   PHP 13,300,000   372,422
Philippine Government International Bond:          
3.90%, 11/26/2022
   PHP 31,000,000   639,039
6.25%, 1/14/2036
   PHP 20,000,000   488,224
          60,564,753
POLAND — 4.5%          
Poland Government Bond:          
Series 0423, Zero Coupon, 4/25/2023
   PLN 3,800,000   991,274
Series 1026, 0.25%, 10/25/2026
   PLN 31,863,000   7,847,321
Series 0425, 0.75%, 4/25/2025
   PLN 21,500,000   5,621,938
Series 1030, 1.25%, 10/25/2030
   PLN 18,300,000   4,653,761
Series 1024, 2.25%, 10/25/2024
   PLN 21,100,000   5,815,570
Series 0123, 2.50%, 1/25/2023
   PLN 25,695,000   6,989,553
Series 0424, 2.50%, 4/25/2024
   PLN 1,400,000   387,304
Series 0428, 2.75%, 4/25/2028
   PLN 28,000,000   7,974,153
Series 1029, 2.75%, 10/25/2029
   PLN 20,840,000   5,992,526
Series 1023, 4.00%, 10/25/2023 (b)
   PLN 34,650,000   9,852,541
Series 0922, 5.75%, 9/23/2022
   PLN 8,200,000   2,301,902
Series 0429, 5.75%, 4/25/2029
   PLN 7,000,000   2,402,101
          60,829,944
ROMANIA — 3.4%          
Romania Government Bond:          
Series 7Y, 2.50%, 10/25/2027
   RON 2,600,000   609,001
Series 7Y, 3.25%, 4/29/2024
   RON 2,700,000   664,195
 
See accompanying notes to financial statements.
11

SPDR BLOOMBERG BARCLAYS EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 5Y, 3.25%, 6/24/2026
   RON 3,000,000   $ 737,018
Series 5Y, 3.40%, 3/8/2022
   RON 3,410,000   828,967
Series 7Y, 3.50%, 12/19/2022
   RON 1,800,000   441,973
Series 5Y, 3.65%, 7/28/2025
   RON 12,000,000   2,999,849
Series 15Y, 3.65%, 9/24/2031
   RON 13,250,000   3,221,506
Series 4YR, 3.70%, 11/25/2024
   RON 11,300,000   2,825,205
Series 3Y, 4.00%, 8/8/2022
   RON 2,750,000   675,489
Series 3Y, 4.00%, 10/25/2023
   RON 15,550,000   3,881,964
Series 8Y, 4.15%, 1/26/2028
   RON 9,500,000   2,433,800
Series 10YR, 4.15%, 10/24/2030
   RON 2,100,000   536,309
Series 5Y, 4.25%, 6/28/2023
   RON 10,590,000   2,646,843
Series 4.3Y, 4.40%, 9/25/2023
   RON 12,700,000   3,194,289
Series 5Y, 4.50%, 6/17/2024
   RON 14,200,000   3,615,254
Series 10Y, 4.75%, 2/24/2025
   RON 18,125,000   4,685,338
Series 15Y, 4.75%, 10/11/2034
   RON 5,000,000   1,286,571
Series 7Y, 4.85%, 4/22/2026
   RON 15,275,000   4,014,490
Series 10Y, 5.00%, 2/12/2029
   RON 10,825,000   2,918,192
Series 15YR, 5.80%, 7/26/2027
   RON 3,240,000   905,882
Series 10Y, 5.85%, 4/26/2023
   RON 9,000,000   2,304,688
          45,426,823
RUSSIA — 4.4%          
Russian Federal Bond - OFZ:          
Series 6234, 4.50%, 7/16/2025
   RUB 307,000,000   3,859,881
Series 5084, 5.30%, 10/4/2023
   RUB 28,000,000   371,506
Series 6236, 5.70%, 5/17/2028
   RUB 185,000,000   2,360,205
Series 6235, 5.90%, 3/12/2031
   RUB 272,000,000   3,418,014
Series 6232, 6.00%, 10/6/2027
   RUB 259,900,000   3,388,726
Series 6233, 6.10%, 7/18/2035
   RUB 212,000,000   2,648,079
Series 6223, 6.50%, 2/28/2024
   RUB 214,000,000   2,914,703
Security Description     Principal
Amount 		  Value
Series 6224, 6.90%, 5/23/2029
   RUB 102,000,000   $ 1,390,801
Series 6215, 7.00%, 8/16/2023
   RUB 192,500,000   2,649,987
Series 6212, 7.05%, 1/19/2028
   RUB 223,115,000   3,073,515
Series 6222, 7.10%, 10/16/2024
   RUB 179,241,000   2,475,217
Series 6229, 7.15%, 11/12/2025
   RUB 362,500,000   5,015,426
Series 6225, 7.25%, 5/10/2034
   RUB 231,270,000   3,209,280
Series 6220, 7.40%, 12/7/2022
   RUB 58,951,000   818,010
Series 6227, 7.40%, 7/17/2024
   RUB 360,500,000   5,013,805
Series 6228, 7.65%, 4/10/2030
   RUB 165,000,000   2,350,243
Series 6221, 7.70%, 3/23/2033
   RUB 221,060,000   3,173,054
Series 6230, 7.70%, 3/16/2039
   RUB 142,500,000   2,063,794
Series 6219, 7.75%, 9/16/2026
   RUB 187,790,000   2,664,913
Series 6226, 7.95%, 10/7/2026
   RUB 199,400,000   2,853,011
Series 6207, 8.15%, 2/3/2027
   RUB 77,000,000   1,114,062
Series 6218, 8.50%, 9/17/2031
   RUB 163,892,000   2,473,509
          59,299,741
SOUTH AFRICA — 4.5%          
South Africa Government Bond:          
Series R209, 6.25%, 3/31/2036
   ZAR 33,761,000   1,677,131
Series R214, 6.50%, 2/28/2041
   ZAR 14,330,000   674,011
Series R214, 6.50%, 2/28/2041
   ZAR 19,900,000   935,995
Series R213, 7.00%, 2/28/2031
   ZAR 23,352,000   1,403,042
Series R213, 7.00%, 2/28/2031
   ZAR 46,000,000   2,763,785
Series 2023, 7.75%, 2/28/2023
   ZAR 49,780,000   3,620,871
Series 2030, 8.00%, 1/31/2030
   ZAR 108,955,000   7,235,904
Series 2032, 8.25%, 3/31/2032
   ZAR 72,370,000   4,628,550
Series 2037, 8.50%, 1/31/2037
   ZAR 91,847,000   5,529,759
Series 2044, 8.75%, 1/31/2044
   ZAR 69,126,000   4,102,126
Series 2048, 8.75%, 2/28/2048
   ZAR 35,180,000   2,085,361
 
See accompanying notes to financial statements.
12

SPDR BLOOMBERG BARCLAYS EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 2048, 8.75%, 2/28/2048
   ZAR 100,000,000   $ 5,927,690
Series 2035, 8.88%, 2/28/2035
   ZAR 75,530,000   4,801,424
Series 2040, 9.00%, 1/31/2040
   ZAR 68,290,000   4,198,832
Series R186, 10.50%, 12/21/2026
   ZAR 135,205,000   10,763,374
          60,347,855
SOUTH KOREA — 12.5%          
Korea Treasury Bond:          
Series 2303, 0.75%, 3/10/2023
   KRW 2,700,000,000   2,377,846
Series 2312, 0.88%, 12/10/2023
   KRW 4,030,000,000   3,533,433
Series 2306, 1.00%, 6/10/2023
   KRW 7,780,000,000   6,864,449
Series 2406, 1.13%, 6/10/2024
   KRW 5,300,000,000   4,661,552
Series 2509, 1.13%, 9/10/2025
   KRW 6,700,000,000   5,809,532
Series 3909, 1.13%, 9/10/2039
   KRW 6,550,000,000   4,865,618
Series 2212, 1.25%, 12/10/2022
   KRW 5,509,000,000   4,898,876
Series 2603, 1.25%, 3/10/2026
   KRW 5,000,000,000   4,337,684
Series 2109, 1.38%, 9/10/2021
   KRW 62,800,000   55,854
Series 2409, 1.38%, 9/10/2024
   KRW 2,360,000,000   2,082,984
Series 2912, 1.38%, 12/10/2029
   KRW 7,100,000,000   5,975,961
Series 3006, 1.38%, 6/10/2030
   KRW 10,280,000,000   8,601,242
Series 2503, 1.50%, 3/10/2025
   KRW 5,840,000,000   5,158,277
Series 2612, 1.50%, 12/10/2026
   KRW 4,344,000,000   3,780,811
Series 3012, 1.50%, 12/10/2030
   KRW 6,400,000,000   5,388,067
Series 3609, 1.50%, 9/10/2036
   KRW 6,003,000,000   4,834,832
Series 4009, 1.50%, 9/10/2040
   KRW 7,600,000,000   5,992,613
Series 5003, 1.50%, 3/10/2050
   KRW 13,730,000,000   10,342,112
Series 7009, 1.63%, 9/10/2070
   KRW 1,050,000,000   767,739
Series 2403, 1.88%, 3/10/2024
   KRW 3,150,000,000   2,826,636
Series 2606, 1.88%, 6/10/2026
   KRW 3,959,000,000   3,527,558
Series 2906, 1.88%, 6/10/2029
   KRW 6,280,000,000   5,519,118
Security Description     Principal
Amount 		  Value
Series 5103, 1.88%, 3/10/2051
   KRW 7,200,000,000   $ 5,919,195
Series 2209, 2.00%, 9/10/2022
   KRW 200,000   180
Series 3106, 2.00%, 6/10/2031
   KRW 4,100,000,000   3,604,617
Series 4603, 2.00%, 3/10/2046
   KRW 1,370,000,000   1,166,142
Series 4903, 2.00%, 3/10/2049
   KRW 7,835,000,000   6,644,842
Series 2706, 2.13%, 6/10/2027
   KRW 4,282,000,000   3,842,566
Series 4703, 2.13%, 3/10/2047
   KRW 5,812,000,000   5,066,811
Series 2309, 2.25%, 9/10/2023
   KRW 3,890,000,000   3,516,781
Series 2506, 2.25%, 6/10/2025
   KRW 30,000,000   27,240
Series 3709, 2.25%, 9/10/2037
   KRW 3,570,000,000   3,180,938
Series 2303, 2.38%, 3/10/2023
   KRW 5,418,000,000   4,901,890
Series 2712, 2.38%, 12/10/2027
   KRW 5,600,000,000   5,096,654
Series 2812, 2.38%, 12/10/2028
   KRW 1,839,000,000   1,677,282
Series 3809, 2.38%, 9/10/2038
   KRW 3,409,000,000   3,091,891
Series 2806, 2.63%, 6/10/2028
   KRW 5,735,000,000   5,298,675
Series 3509, 2.63%, 9/10/2035
   KRW 870,000,000   809,958
Series 4803, 2.63%, 3/10/2048
   KRW 6,754,000,000   6,486,781
Series 2303, 3.00%, 3/10/2023
   KRW 2,580,000,000   2,358,106
Series 4212, 3.00%, 12/10/2042
   KRW 265,000,000   266,522
Series 2403, 3.50%, 3/10/2024
   KRW 2,640,000,000   2,474,085
Series 3112, 4.00%, 12/10/2031
   KRW 395,000,000   411,730
          168,045,680
SUPRANATIONAL — 0.1%          
International Bank for Reconstruction & Development Series GDIF, 4.00%, 5/30/2023
   PEN 3,500,000   953,854
THAILAND — 4.8%          
Thailand Government Bond:          
0.75%, 6/17/2024
   THB 117,700,000   3,686,932
0.95%, 6/17/2025
   THB 118,000,000   3,719,051
1.45%, 12/17/2024
   THB 115,180,000   3,694,006
 
See accompanying notes to financial statements.
13

SPDR BLOOMBERG BARCLAYS EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
1.59%, 12/17/2035
   THB 107,000,000   $ 3,088,452
1.60%, 12/17/2029
   THB 109,400,000   3,415,279
1.60%, 6/17/2035
   THB 31,500,000   918,050
1.88%, 6/17/2049
   THB 19,000,000   495,185
2.00%, 12/17/2022
   THB 86,252,000   2,749,839
2.00%, 12/17/2031
   THB 28,000,000   891,410
2.00%, 6/17/2042
   THB 24,500,000   708,806
2.13%, 12/17/2026
   THB 111,880,000   3,709,399
2.40%, 12/17/2023
   THB 128,400,000   4,186,800
2.50%, 6/17/2071
   THB 35,000,000   958,170
2.88%, 12/17/2028
   THB 117,510,000   4,051,167
2.88%, 6/17/2046
   THB 72,715,000   2,381,729
3.30%, 6/17/2038
   THB 114,000,000   4,006,296
3.40%, 6/17/2036
   THB 56,460,000   2,002,997
3.58%, 12/17/2027
   THB 4,650,000   164,803
3.60%, 6/17/2067
   THB 62,200,000   2,229,521
3.63%, 6/16/2023
   THB 9,000   298
3.65%, 6/20/2031
   THB 28,575,000   1,041,722
3.78%, 6/25/2032
   THB 116,120,000   4,296,392
3.80%, 6/14/2041
   THB 12,750,000   483,697
3.85%, 12/12/2025
   THB 18,882,000   668,229
3.85%, 12/12/2025
   THB 20,000,000   707,794
4.00%, 6/17/2066
   THB 54,280,000   2,105,550
4.68%, 6/29/2044
   THB 64,500,000   2,763,435
4.75%, 12/20/2024
   THB 14,000,000   498,371
4.85%, 6/17/2061
   THB 48,195,000   2,157,540
4.88%, 6/22/2029
   THB 22,564,000   882,323
4.88%, 6/22/2029
   THB 55,720,000   2,178,828
5.67%, 3/13/2028
   THB 10,000,000   398,235
          65,240,306
TURKEY — 2.6%          
Turkey Government Bond:          
7.10%, 3/8/2023
   TRY 12,225,000   1,197,241
8.00%, 3/12/2025
   TRY 8,130,000   699,531
8.50%, 9/14/2022
   TRY 27,450,000   2,857,960
8.80%, 9/27/2023
   TRY 2,300,000   222,326
9.00%, 5/4/2022
   TRY 6,200,000   667,281
9.00%, 7/24/2024
   TRY 29,650,000   2,757,663
10.40%, 3/20/2024
   TRY 1,760,000   172,708
10.50%, 8/11/2027
   TRY 28,380,000   2,441,905
10.60%, 2/11/2026
   TRY 43,104,000   3,887,423
10.70%, 8/17/2022
   TRY 11,190,000   1,199,182
11.00%, 2/24/2027
   TRY 13,298,000   1,184,000
11.70%, 11/13/2030
   TRY 38,800,000   3,438,964
12.20%, 1/18/2023
   TRY 56,270,000   6,014,008
12.40%, 3/8/2028
   TRY 8,050,000   759,827
12.60%, 10/1/2025
   TRY 54,000,000   5,302,101
16.20%, 6/14/2023
   TRY 19,850,000   2,230,626
          35,032,746
TOTAL FOREIGN GOVERNMENT OBLIGATIONS

(Cost $1,343,141,594)
         1,318,999,536
    
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 1.0%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (c) (d)
   4,899,329   $ 4,899,329
State Street Navigator Securities Lending Portfolio II (e) (f)
   9,330,000   9,330,000
TOTAL SHORT-TERM INVESTMENTS

(Cost $14,229,329)
   14,229,329  
TOTAL INVESTMENTS — 98.7%

(Cost $1,357,370,923)
   1,333,228,865  
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.3%
  17,029,054  
NET ASSETS — 100.0%
  $ 1,350,257,919  
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 0.9% of net assets as of June 30, 2021, 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, 2021.
(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, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
GDIF Global Debt Issuance Facility
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
RUB Russian Ruble
THB Thai Baht
TRY Turkish New Lira
ZAR South African Rand
 
See accompanying notes to financial statements.
14

SPDR BLOOMBERG BARCLAYS EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
At June 30, 2021, open forward foreign currency exchange contracts were as follows:
Counterparty   Amount Sold   Amount Bought   Settlement
Date 		  Net Unrealized
Appreciation/
(Depreciation)
Goldman Sachs Capital Markets L.P.   USD 2,270,263   CNH 14,500,000   07/07/2021   $(26,136)
Goldman Sachs Capital Markets L.P.   USD 1,565,699   CNH 10,000,000   07/07/2021   (18,024)
Goldman Sachs Capital Markets L.P.   CNH 9,500,000   USD 1,469,604   07/07/2021   (687)
Goldman Sachs Capital Markets L.P.   USD 1,466,595   CNH 9,500,000   08/05/2021   744
HSBC Bank USA   CNH 6,000,000   USD 939,485   07/07/2021   10,880
HSBC Bank USA   CNH 9,000,000   USD 1,409,773   07/07/2021   16,866
JP Morgan Chase Bank, N.A.   CZK 33,000,000   USD 1,546,756   08/05/2021   12,687
Societe Generale   USD 775,561   COP 2,800,000,000   07/07/2021   (25,878)
Societe Generale   IDR 23,000,000,000   USD 1,606,033   07/07/2021   22,167
Societe Generale   COP 4,500,000,000   USD 1,208,352   07/07/2021   3,505
Standard Chartered Bank   CLP 2,700,000,000   USD 3,718,496   07/07/2021   10,665
Standard Chartered Bank   USD 1,690,153   BRL 8,500,000   08/05/2021   (2,122)
Standard Chartered Bank   IDR 15,547,900,000   USD 1,064,925   08/05/2021   (950)
UBS AG   USD 826,964   BRL 4,200,000   07/07/2021   9,620
UBS AG   USD 3,738,577   CLP 2,700,000,000   07/07/2021   (30,746)
UBS AG   USD 1,522,050   COP 5,700,000,000   07/07/2021   4,090
UBS AG   USD 2,687,201   IDR 38,547,900,000   07/07/2021   (32,648)
UBS AG   USD 692,634   RUB 50,000,000   07/07/2021   (8,653)
UBS AG   USD 345,293   RUB 25,000,000   07/07/2021   (3,303)
UBS AG   BRL 4,200,000   USD 801,557   07/07/2021   (35,026)
UBS AG   COP 4,000,000,000   USD 1,065,161   07/07/2021   (5,814)
UBS AG   IDR 15,547,900,000   USD 1,070,158   07/07/2021   (529)
UBS AG   RUB 75,000,000   USD 1,034,098   07/07/2021   8,127
UBS AG   USD 1,063,759   COP 4,000,000,000   08/05/2021   5,778
UBS AG   USD 1,068,540   IDR 15,547,900,000   08/05/2021   (2,665)
UBS AG   USD 1,029,746   RUB 75,000,000   08/05/2021   (7,696)
UBS AG   COP 2,000,000,000   USD 533,440   08/05/2021   (1,329)
Westpac Banking Corp.   USD 1,534,274   CZK 33,000,000   08/05/2021   (205)
Total               $(97,282)
 
BRL Brazilian Real
CLP Chilean Peso
COP Colombian Peso
CZK Czech Koruna
IDR Indonesia Rupiah
RUB Russian Ruble
During the six-month period ended June 30, 2021, average notional value related to foreign currency exchange contracts was $38,870,632 or 3% of net assets.
See accompanying notes to financial statements.
15

SPDR BLOOMBERG BARCLAYS EMERGING MARKETS LOCAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Foreign Government Obligations
   $ —   $1,318,999,536   $—   $1,318,999,536
Short-Term Investments
   14,229,329   —   —   14,229,329
TOTAL INVESTMENTS
   $14,229,329   $1,318,999,536   $—   $1,333,228,865
OTHER FINANCIAL INSTRUMENTS:                
Foreign Currency Exchange Contracts(a)
   —   105,129   —   105,129
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ —   $ 105,129   $—   $ 105,129
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS
   $14,229,329   $1,318,902,254   $—   $1,333,131,583
LIABILITIES:                
OTHER FINANCIAL INSTRUMENTS:                
Foreign Currency Exchange Contracts(a)
   —   (202,411)   —   (202,411)
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ —   $ (202,411)   $—   $ (202,411)
(a) Forward Foreign Currency Exchange Contracts are valued at unrealized appreciation (depreciation).
Affiliate Table
  Number of
Shares Held
at
12/31/20 		  Value at

12/31/20 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 10,227,948   $10,227,948   $173,622,133   $178,950,752   $—   $—   4,899,329   $ 4,899,329   $1,217
State Street Navigator Securities Lending Portfolio II
 —   —   107,392,426   98,062,426   —   —   9,330,000   9,330,000   5,844
Total
     $10,227,948   $281,014,559   $277,013,178   $—   $—       $14,229,329   $7,061
See accompanying notes to financial statements.
16

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
CORPORATE BONDS & NOTES — 98.7%      
AUSTRALIA — 0.9%          
Australia & New Zealand Banking Group, Ltd. 0.75%, 9/29/2026
   EUR 100,000   $ 123,185
BHP Billiton Finance, Ltd. Series 12, 4.30%, 9/25/2042
   GBP 200,000   376,073
Glencore Finance Europe, Ltd. Series EMTN, 1.88%, 9/13/2023
   EUR 200,000   245,777
National Australia Bank, Ltd.:          
Series GMTN, 1.25%, 5/18/2026
   EUR 300,000   378,396
Series GMTN, 1.38%, 8/30/2028
   EUR 100,000   128,674
Series EMTN, 2.75%, 8/8/2022
   EUR 250,000   306,944
Telstra Corp., Ltd.:          
Series EMTN, 2.50%, 9/15/2023
   EUR 200,000   251,341
Series EMTN, 3.50%, 9/21/2022
   EUR 200,000   248,183
          2,058,573
AUSTRIA — 0.1%          
OMV AG Series EMTN, 1.00%, 12/14/2026 (a)
   EUR 200,000   248,674
BELGIUM — 2.0%          
Anheuser-Busch InBev SA:          
Series EMTN, 1.13%, 7/1/2027
   EUR 200,000   250,601
Series EMTN, 1.15%, 1/22/2027
   EUR 200,000   250,480
Series EMTN, 1.50%, 4/18/2030 (a)
   EUR 300,000   386,321
Series EMTN, 1.65%, 3/28/2031
   EUR 200,000   259,687
Series EMTN, 2.00%, 3/17/2028
   EUR 580,000   767,885
Series EMTN, 2.13%, 12/2/2027
   EUR 400,000   530,729
Series EMTN, 2.25%, 5/24/2029
   GBP 100,000   145,078
Series EMTN, 2.75%, 3/17/2036
   EUR 600,000   861,035
Series EMTN, 2.85%, 5/25/2037
   GBP 200,000   302,154
Series EMTN, 2.88%, 4/2/2032
   EUR 100,000   144,061
EMTN, 2.88%, 4/2/2032
   EUR 200,000   288,122
EMTN, 3.70%, 4/2/2040
   EUR 200,000   321,706
KBC Group NV Series EMTN, 1.13%, 1/25/2024
   EUR 100,000   122,517
          4,630,376
Security Description     Principal
Amount 		  Value
CANADA — 0.5%          
Bank of Nova Scotia Series EMTN, 0.50%, 4/30/2024
   EUR 100,000   $ 120,664
Canadian Imperial Bank of Commerce 0.75%, 3/22/2023
   EUR 300,000   362,640
Royal Bank of Canada 0.13%, 7/23/2024
   EUR 100,000   119,518
Toronto-Dominion Bank:          
Series EMTN, 0.38%, 4/25/2024
   EUR 100,000   120,259
Series EMTN, 0.63%, 7/20/2023
   EUR 400,000   483,719
          1,206,800
DENMARK — 0.5%          
Carlsberg Breweries A/S Series EMTN, 2.50%, 5/28/2024
   EUR 200,000   253,821
Danske Bank A/S:          
Series EMTN, 0.63%, 5/26/2025
   EUR 100,000   121,336
Series EMTN, 0.75%, 6/2/2023
   EUR 100,000   120,777
Series EMTN, 0.88%, 5/22/2023
   EUR 200,000   241,414
EMTN, 0.88%, 5/22/2023
   EUR 100,000   120,707
1 year GBP Swap + 1.15%, 0.50%, 8/27/2025 (b)
   EUR 200,000   239,528
Series EMTN, UK 10 year Gilt + 1.65%, 2.25%, 1/14/2028 (b)
   GBP 100,000   141,726
          1,239,309
FINLAND — 1.0%          
Nordea Bank Abp:          
Series EMTN, 0.50%, 5/14/2027
   EUR 500,000   607,741
Series EMTN, 0.88%, 6/26/2023
   EUR 200,000   242,241
Series EMTN, 1.00%, 2/22/2023
   EUR 400,000   484,948
Series EMTN, 1.13%, 2/12/2025
   EUR 100,000   124,206
Series EMTN, 1.13%, 9/27/2027
   EUR 100,000   126,148
OP Corporate Bank PLC:          
EMTN, 0.10%, 11/16/2027
   EUR 300,000   354,166
Series EMTN, 0.50%, 8/12/2025
   EUR 300,000   364,263
          2,303,713
 
See accompanying notes to financial statements.
17

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
FRANCE — 18.4%          
Air Liquide Finance SA Series EMTN, 1.25%, 6/13/2028
   EUR 200,000   $ 257,782
Airbus Finance B.V. Series EMTN, 2.38%, 4/2/2024
   EUR 300,000   377,981
Airbus SE:          
Series EMTN, 1.63%, 6/9/2030
   EUR 200,000   257,797
Series EMTN, 2.38%, 4/7/2032
   EUR 100,000   137,049
Series EMTN, 2.38%, 4/7/2032
   EUR 400,000   548,197
Autoroutes du Sud de la France SA:          
Series EMTN, 1.25%, 1/18/2027
   EUR 200,000   252,968
Series EMTN, 1.38%, 1/22/2030
   EUR 200,000   259,996
Series EMTN, 1.38%, 2/21/2031
   EUR 200,000   259,283
Series EMTN, 5.63%, 7/4/2022
   EUR 200,000   251,340
Banque Federative du Credit Mutuel SA:          
Series EMTN, 0.13%, 2/5/2024
   EUR 100,000   119,581
EMTN, 0.63%, 2/21/2031
   EUR 200,000   234,405
Series EMTN, 0.75%, 7/17/2025
   EUR 700,000   855,469
Series EMTN, 0.75%, 6/8/2026
   EUR 600,000   734,813
0.75%, 1/17/2030
   EUR 100,000   119,414
Series EMTN, 1.25%, 1/14/2025
   EUR 400,000   496,718
Series EMTN, 1.25%, 5/26/2027
   EUR 400,000   504,335
1.25%, 6/3/2030
   EUR 300,000   372,534
Series EMTN, 1.63%, 1/19/2026
   EUR 100,000   127,247
Series EMTN, 1.75%, 3/15/2029
   EUR 300,000   386,951
Series EMTN, 2.63%, 3/18/2024
   EUR 500,000   638,281
Series EMTN, 3.00%, 11/28/2023 (a)
   EUR 200,000   255,887
Series EMTN, 3.25%, 8/23/2022
   EUR 200,000   247,287
BNP Paribas SA:          
Series EMTN, 0.13%, 9/4/2026
   EUR 200,000   235,354
EMTN, 0.63%, 12/3/2032
   EUR 100,000   114,909
Series EMTN, 0.75%, 11/11/2022
   EUR 450,000   542,211
Security Description     Principal
Amount 		  Value
Series EMTN, 1.13%, 1/15/2023
   EUR 392,000   $ 475,445
Series EMTN, 1.13%, 10/10/2023
   EUR 150,000   183,190
Series EMTN, 1.13%, 6/11/2026
   EUR 300,000   370,727
1.25%, 7/13/2031
   GBP 100,000   129,435
Series EMTN, 1.38%, 5/28/2029 (a)
   EUR 600,000   753,871
Series EMTN, 1.50%, 11/17/2025 (a)
   EUR 200,000   251,038
Series EMTN, 1.50%, 5/23/2028
   EUR 200,000   254,411
Series EMTN, 1.50%, 5/25/2028
   EUR 300,000   388,763
1.88%, 12/14/2027
   GBP 300,000   422,566
Series EMTN, 2.38%, 5/20/2024
   EUR 100,000   127,399
Series EMTN, 2.88%, 10/24/2022
   EUR 300,000   371,271
Series EMTN, 2.88%, 9/26/2023
   EUR 100,000   127,004
Series EMTN, 3.38%, 1/23/2026
   GBP 300,000   452,417
Series EMTN, 4.50%, 3/21/2023
   EUR 200,000   257,049
Series EMTN, 3 Month USD LIBOR + 0.73%, 0.50%, 2/19/2028 (b)
   EUR 200,000   237,352
EMTN, 3 Month USD LIBOR + 0.83%, 0.50%, 1/19/2030 (b)
   EUR 200,000   233,261
Series EMTN, 3 Month USD LIBOR + 0.87%, 1.13%, 4/17/2029 (b)
   EUR 300,000   367,925
Series EMTN, 3 Month USD LIBOR + 1.80%, 2.13%, 1/23/2027 (b)
   EUR 200,000   255,882
EUR003M + .950%, 0.50%, 9/1/2028 (a)(b)
   EUR 200,000   236,501
Bouygues SA 1.13%, 7/24/2028 (a)
   EUR 200,000   252,979
Bpce SA 1.00%, 7/15/2024
   EUR 700,000   859,610
BPCE SA:          
0.25%, 1/15/2026
   EUR 200,000   239,289
0.25%, 1/14/2031
   EUR 200,000   230,318
Series EMTN, 0.63%, 9/26/2023
   EUR 300,000   363,110
0.63%, 4/28/2025
   EUR 300,000   364,462
Series EMTN, 0.88%, 1/31/2024
   EUR 200,000   243,028
Series EMTN, 1.00%, 4/1/2025
   EUR 100,000   122,568
Series EMTN, 1.00%, 10/5/2028
   EUR 300,000   375,086
 
See accompanying notes to financial statements.
18

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series EMTN, 1.13%, 1/18/2023
   EUR 200,000   $ 242,081
DMTN, 3 Month USD LIBOR + 1.00%, 0.50%, 9/15/2027 (b)
   EUR 200,000   238,058
Capgemini SE:          
2.00%, 4/15/2029
   EUR 100,000   133,295
2.38%, 4/15/2032
   EUR 400,000   558,037
2.50%, 7/1/2023
   EUR 100,000   124,231
Carrefour SA:          
Series EMTN, 1.75%, 7/15/2022
   EUR 300,000   361,566
Series EMTN, 2.63%, 12/15/2027
   EUR 100,000   136,127
Cie de Saint-Gobain Series EMTN, 1.88%, 3/15/2031
   EUR 200,000   269,199
Cie Generale des Etablissements Michelin SCA 1.75%, 9/3/2030
   EUR 100,000   134,275
Credit Agricole SA:          
EMTN, 0.13%, 12/9/2027
   EUR 300,000   349,267
Series EMTN, 0.75%, 12/5/2023
   EUR 100,000   121,618
EMTN, 0.88%, 1/14/2032
   EUR 400,000   480,849
EMTN, 1.00%, 7/3/2029
   EUR 400,000   499,859
Series EMTN, 1.25%, 4/14/2026
   EUR 200,000   251,259
Series EMTN, 1.38%, 3/13/2025
   EUR 200,000   248,273
Series EMTN, 1.38%, 5/3/2027
   EUR 100,000   127,049
Series EMTN, 1.75%, 3/5/2029
   EUR 200,000   257,727
Series EMTN, 1.88%, 12/20/2026
   EUR 100,000   128,648
Series EMTN, 2.38%, 5/20/2024
   EUR 300,000   382,691
Series EMTN, 3.13%, 7/17/2023
   EUR 300,000   381,576
Series EMTN, 3.13%, 2/5/2026
   EUR 300,000   407,939
Series EMTN, 3 Month USD LIBOR + 1.25%, 1.00%, 4/22/2026 (b)
   EUR 400,000   489,269
Danone SA:          
Series EMTN, 0.42%, 11/3/2022
   EUR 400,000   478,490
Series EMTN, 0.71%, 11/3/2024 (a)
   EUR 300,000   366,230
Series EMTN, 1.21%, 11/3/2028
   EUR 100,000   127,793
Dassault Systemes SE 0.38%, 9/16/2029
   EUR 200,000   239,780
Security Description     Principal
Amount 		  Value
ELO SACA Series EMTN, 2.88%, 1/29/2026
   EUR 200,000   $ 264,022
Engie Alliance GIE Series EMTN, 5.75%, 6/24/2023 (a)
   EUR 250,000   329,977
Engie SA:          
1.38%, 3/27/2025
   EUR 200,000   249,302
Series EMTN, 2.38%, 5/19/2026
   EUR 200,000   264,724
Series EMTN, 5.00%, 10/1/2060
   GBP 200,000   452,453
EssilorLuxottica SA:          
Series EMTN, 0.01%, 5/27/2023
   EUR 400,000   476,966
Series EMTN, 0.13%, 5/27/2025
   EUR 200,000   239,788
Series EMTN, 0.38%, 1/5/2026
   EUR 500,000   606,054
Series EMTN, 0.38%, 11/27/2027
   EUR 100,000   120,872
0.75%, 11/27/2031
   EUR 200,000   245,230
HSBC Continental Europe SA Series EMTN, 0.25%, 5/17/2024
   EUR 600,000   720,803
LVMH Moet Hennessy Louis Vuitton SE:          
Series EMTN, 0.01%, 2/11/2024
   EUR 200,000   238,840
0.13%, 2/11/2028
   EUR 200,000   239,220
0.38%, 2/11/2031
   EUR 500,000   600,752
Series EMTN, 0.75%, 5/26/2024
   EUR 500,000   608,966
Series EMTN, 1.00%, 2/11/2023
   GBP 100,000   139,319
Series EMTN, 1.13%, 2/11/2027
   GBP 200,000   277,926
Orange SA:          
Series EMTN, 1.13%, 7/15/2024
   EUR 300,000   368,834
Series EMTN, 1.38%, 3/20/2028
   EUR 100,000   127,876
Series EMTN, 1.38%, 1/16/2030
   EUR 100,000   128,930
Series EMTN, 2.00%, 1/15/2029
   EUR 200,000   267,800
Series EMTN, 3.25%, 1/15/2032
   GBP 100,000   156,999
Series EMTN, 8.13%, 1/28/2033
   EUR 550,000   1,192,462
Pernod Ricard SA:          
1.13%, 4/7/2025
   EUR 300,000   371,282
1.75%, 4/8/2030
   EUR 100,000   133,265
Sanofi:          
Series EMTN, 0.50%, 1/13/2027
   EUR 500,000   610,304
Series 12FX, 1.38%, 3/21/2030
   EUR 200,000   260,906
 
See accompanying notes to financial statements.
19

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series EMTN, 1.50%, 4/1/2030
   EUR 200,000   $ 263,061
Series EMTN, 1.75%, 9/10/2026
   EUR 700,000   907,399
Series 20FX, 1.88%, 3/21/2038
   EUR 200,000   284,182
Series EMTN, 2.50%, 11/14/2023
   EUR 300,000   377,238
Societe Generale SA:          
0.13%, 2/24/2026
   EUR 600,000   714,106
Series EMTN, 0.75%, 5/26/2023
   EUR 100,000   120,975
0.75%, 1/25/2027
   EUR 100,000   119,903
Series EMTN, 1.13%, 1/23/2025
   EUR 200,000   245,225
Series EMTN, 1.25%, 2/15/2024
   EUR 100,000   122,623
1.25%, 6/12/2030
   EUR 200,000   244,490
Series EMTN, 1.75%, 3/22/2029
   EUR 500,000   634,884
Series ETMN, 2.13%, 9/27/2028
   EUR 300,000   390,609
Series EMTN, 4.25%, 7/13/2022
   EUR 300,000   373,116
EUR003M + .950%, 0.50%, 6/12/2029 (b)
   EUR 100,000   115,998
TotalEnergies Capital Canada, Ltd. Series EMTN, 2.13%, 9/18/2029
   EUR 600,000   816,608
TotalEnergies Capital International SA:          
Series EMTN, 0.25%, 7/12/2023
   EUR 200,000   239,897
Series EMTN, 0.75%, 7/12/2028
   EUR 100,000   123,191
Series EMTN, 1.49%, 4/8/2027
   EUR 400,000   511,855
Series EMTN, 1.62%, 5/18/2040
   EUR 200,000   261,460
Series EMTN, 1.99%, 4/8/2032
   EUR 100,000   137,006
Series EMTN, 2.50%, 3/25/2026
   EUR 200,000   265,896
Unibail-Rodamco-Westfield SE:          
EMTN, 0.63%, 5/4/2027
   EUR 100,000   119,965
EMTN, 1.38%, 12/4/2031
   EUR 300,000   365,523
Vinci SA Series EMTN, 1.75%, 9/26/2030
   EUR 200,000   268,561
          42,786,575
GERMANY — 13.5%          
Allianz Finance II B.V. Series 62, 4.50%, 3/13/2043
   GBP 100,000   208,330
Security Description     Principal
Amount 		  Value
Aroundtown SA EMTN, 0.01%, 7/16/2026
   EUR 200,000   $ 231,572
BASF SE:          
Series EMTN, 0.25%, 6/5/2027
   EUR 400,000   482,007
0.88%, 11/15/2027
   EUR 100,000   124,714
Series 10Y, 2.00%, 12/5/2022
   EUR 200,000   245,125
Bayer AG:          
0.05%, 1/12/2025
   EUR 200,000   236,597
0.38%, 7/6/2024
   EUR 100,000   119,872
0.75%, 1/6/2027
   EUR 300,000   362,296
1.13%, 1/6/2030
   EUR 600,000   730,120
1.38%, 7/6/2032
   EUR 200,000   242,810
Bayer Capital Corp B.V. 2.13%, 12/15/2029 (a)
   EUR 500,000   659,877
Bayer Capital Corp. B.V.:          
0.63%, 12/15/2022
   EUR 100,000   119,914
1.50%, 6/26/2026
   EUR 400,000   500,991
BMW Finance NV:          
Series EMTN, 0.01%, 4/14/2023
   EUR 200,000   238,527
Series EMTN, 0.38%, 7/10/2023
   EUR 557,000   669,074
Series EMTN, 0.50%, 11/22/2022
   EUR 100,000   120,061
Series EMTN, 0.63%, 10/6/2023
   EUR 400,000   483,743
Series EMTN, 1.00%, 11/14/2024
   EUR 100,000   123,188
Series EMTN, 1.50%, 2/6/2029
   EUR 300,000   390,090
Commerzbank AG:          
Series EMTN, 0.50%, 8/28/2023
   EUR 300,000   360,787
Series EMTN, 0.50%, 9/13/2023
   EUR 100,000   120,032
Series EMTN, 0.63%, 8/28/2024
   EUR 100,000   121,103
Series EMTN, 1.00%, 3/4/2026
   EUR 500,000   616,413
Daimler AG:          
Series EMTN, 1.00%, 11/15/2027
   EUR 200,000   248,277
Series EMTN, 1.13%, 11/6/2031
   EUR 300,000   372,392
Series EMTN, 1.38%, 5/11/2028
   EUR 300,000   382,015
Series EMTN, 1.40%, 1/12/2024
   EUR 193,000   237,777
Series EMTN, 1.50%, 3/9/2026
   EUR 200,000   253,593
Series EMTN, 1.50%, 7/3/2029
   EUR 400,000   515,820
Series EMTN, 1.63%, 8/22/2023
   EUR 400,000   492,609
 
See accompanying notes to financial statements.
20

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series EMTN, 2.13%, 7/3/2037 (a)
   EUR 250,000   $ 342,014
Series EMTN, 2.63%, 4/7/2025
   EUR 300,000   391,539
Daimler International Finance B.V.:          
Series EMTN, 0.63%, 2/27/2023
   EUR 200,000   240,757
Series EMTN, 0.63%, 5/6/2027
   EUR 200,000   243,454
Series EMTN, 0.85%, 2/28/2025
   EUR 500,000   613,025
Series EMTN, 0.88%, 4/9/2024
   EUR 300,000   365,642
Series EMTN, 1.00%, 11/11/2025
   EUR 400,000   495,270
Deutsche Bank AG:          
Series MTN, 1.13%, 8/30/2023
   EUR 400,000   487,137
1.38%, 2/17/2032 (b)
   EUR 200,000   240,477
Series EMTN, 1.63%, 1/20/2027
   EUR 1,000,000   1,246,211
Series EMTN, 2.38%, 1/11/2023
   EUR 200,000   246,523
Series EMTN, 2.63%, 12/16/2024
   GBP 100,000   144,220
EMTN, 3 Month USD LIBOR + 2.05%, 1.75%, 11/19/2030 (b)
   EUR 600,000   751,441
Deutsche Telekom AG:          
Series EMTN, 0.50%, 7/5/2027
   EUR 300,000   363,703
Series EMTN, 1.75%, 3/25/2031 (a)
   EUR 200,000   265,670
Deutsche Telekom International Finance B.V.:          
Series EMTN, 0.63%, 4/3/2023
   EUR 300,000   361,339
Series EMTN, 0.88%, 1/30/2024
   EUR 100,000   121,838
Series EMTN, 1.38%, 12/1/2025
   EUR 100,000   125,996
Series EMTN, 1.38%, 1/30/2027
   EUR 200,000   253,877
Series EMTN, 1.50%, 4/3/2028
   EUR 350,000   450,184
Series EMTN, 2.00%, 12/1/2029
   EUR 200,000   269,421
Series EMTN, 4.25%, 7/13/2022
   EUR 150,000   186,365
Series EMTN, 4.25%, 7/13/2022
   EUR 200,000   248,486
E.ON International Finance B.V.:          
Series EMTN, 1.50%, 7/31/2029
   EUR 300,000   386,181
Security Description     Principal
Amount 		  Value
Series EMTN, 5.88%, 10/30/2037
   GBP 100,000   $ 202,797
Series EMTN, 6.13%, 7/6/2039
   GBP 50,000   106,166
Series EMTN, 6.25%, 6/3/2030
   GBP 250,000   467,590
Series EMTN, 6.38%, 6/7/2032
   GBP 340,000   664,468
Series EMTN, 6.75%, 1/27/2039
   GBP 100,000   223,273
E.ON SE:          
Series EMTN, 0.38%, 4/20/2023
   EUR 100,000   119,839
Series EMTN, 0.38%, 9/29/2027
   EUR 100,000   119,988
Grand City Properties SA EMTN, 0.13%, 1/11/2028
   EUR 100,000   115,195
HeidelbergCement AG:          
Series EMTN, 1.50%, 2/7/2025
   EUR 100,000   124,549
Series EMTN, 2.25%, 3/30/2023
   EUR 248,000   304,815
HeidelbergCement Finance Luxembourg SA Series EMTN, 1.63%, 4/7/2026
   EUR 200,000   252,930
SAP SE:          
Series EMTN, 1.13%, 2/20/2023
   EUR 100,000   121,043
1.25%, 3/10/2028
   EUR 100,000   127,589
1.63%, 3/10/2031 (a)
   EUR 300,000   397,787
Series EMTN, 1.75%, 2/22/2027
   EUR 250,000   324,837
Siemens Financieringsmaatschappij NV:          
Series EMTN, 0.01%, 2/20/2023
   EUR 300,000   357,810
Series EMTN, 0.01%, 2/20/2026
   EUR 300,000   357,193
0.13%, 9/5/2029
   EUR 300,000   354,904
Series EMTN, 0.38%, 9/6/2023
   EUR 300,000   361,231
Series EMTN, 0.38%, 6/5/2026
   EUR 100,000   121,180
Series EMTN, 1.00%, 2/20/2025
   GBP 100,000   139,316
Series EMTN, 1.38%, 9/6/2030
   EUR 400,000   522,304
Series EMTN, 2.88%, 3/10/2028
   EUR 400,000   563,779
Traton Finance Luxembourg SA:          
0.13%, 3/24/2025
   EUR 200,000   237,666
0.75%, 3/24/2029
   EUR 200,000   239,568
 
See accompanying notes to financial statements.
21

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Volkswagen Financial Services AG Series EMTN, 1.50%, 10/1/2024
   EUR 100,000   $ 124,157
Volkswagen International Finance NV:          
Series EMTN, 0.88%, 1/16/2023
   EUR 50,000   60,244
EMTN, 0.88%, 9/22/2028
   EUR 200,000   245,199
1.13%, 10/2/2023
   EUR 500,000   609,168
Series EMTN, 1.63%, 1/16/2030
   EUR 100,000   128,773
Series 10Y, 1.88%, 3/30/2027
   EUR 1,100,000   1,415,770
3.25%, 11/18/2030
   EUR 100,000   145,642
4.13%, 11/16/2038
   EUR 200,000   330,558
Volkswagen Leasing GmbH:          
Series EMTN, 1.13%, 4/4/2024
   EUR 200,000   244,505
Series EMTN, 1.38%, 1/20/2025
   EUR 100,000   123,974
Series EMTN, 2.38%, 9/6/2022
   EUR 100,000   122,217
Series EMTN, 2.63%, 1/15/2024
   EUR 335,000   424,216
Vonovia Finance B.V.:          
Series EMTN, 1.25%, 12/6/2024
   EUR 300,000   371,478
Series EMTN, 2.25%, 12/15/2023
   EUR 100,000   125,516
Wintershall Dea Finance B.V.:          
0.45%, 9/25/2023
   EUR 200,000   239,331
0.45%, 9/25/2023
   EUR 100,000   119,666
0.84%, 9/25/2025
   EUR 100,000   120,787
1.33%, 9/25/2028
   EUR 200,000   243,247
1.82%, 9/25/2031
   EUR 200,000   245,640
          31,218,401
IRELAND — 0.1%          
Smurfit Kappa Acquisitions ULC 2.88%, 1/15/2026
   EUR 200,000   262,398
ITALY — 4.4%          
Assicurazioni Generali SpA Series EMTN, 5.13%, 9/16/2024
   EUR 350,000   489,325
Enel Finance International NV:          
Series EMTN, 0.01%, 6/17/2024
   EUR 400,000   477,120
Series EMTN, 0.38%, 6/17/2027
   EUR 600,000   719,517
Series EMTN, 1.00%, 9/16/2024
   EUR 200,000   245,646
Security Description     Principal
Amount 		  Value
Series EMTN, 1.13%, 9/16/2026
   EUR 200,000   $ 249,441
Series EMTN, 1.50%, 7/21/2025
   EUR 100,000   125,702
Series EMTN, 5.63%, 8/14/2024
   GBP 150,000   237,906
Series EMTN, 5.75%, 9/14/2040
   GBP 250,000   520,620
Eni SpA:          
Series EMTN, 3.25%, 7/10/2023
   EUR 100,000   127,016
Series EMTN, 3.63%, 1/29/2029
   EUR 500,000   737,456
Series EMTN, 3.75%, 9/12/2025
   EUR 550,000   754,919
Intesa Sanpaolo SpA:          
Series EMTN, 1.00%, 7/4/2024
   EUR 200,000   244,157
Series EMTN, 1.38%, 1/18/2024
   EUR 500,000   614,878
Series EMTN, 1.75%, 3/20/2028
   EUR 400,000   506,329
Series EMTN, 1.75%, 7/4/2029
   EUR 400,000   507,689
Series EMTN, 2.13%, 8/30/2023
   EUR 100,000   124,329
EMTN, 2.13%, 5/26/2025
   EUR 100,000   127,286
Series EMTN, 4.00%, 10/30/2023
   EUR 100,000   129,939
Snam SpA Series EMTN, 0.88%, 10/25/2026
   EUR 200,000   245,443
Terna SPA:          
Series EMTN, 1.00%, 7/23/2023
   EUR 100,000   121,683
Series EMTN, 1.38%, 7/26/2027
   EUR 200,000   252,902
UniCredit SpA:          
Series EMTN, 0.50%, 4/9/2025
   EUR 100,000   119,819
0.85%, 1/19/2031
   EUR 200,000   232,845
Series EMTN, 1.00%, 1/18/2023
   EUR 250,000   301,459
Series EMTN, 2.00%, 3/4/2023
   EUR 157,000   192,753
Series EMTN, 2.13%, 10/24/2026
   EUR 200,000   257,818
Series EMTN, 3 Month USD LIBOR + 1.35%, 1.20%, 1/20/2026 (a)(b)
   EUR 300,000   362,979
Series EMTN, 3 Month USD LIBOR + 1.55%, 1.25%, 6/25/2025 (b)
   EUR 200,000   244,130
EMTN, 3 Month USD LIBOR + 1.60%, 1.25%, 6/16/2026 (b)
   EUR 200,000   245,173
 
See accompanying notes to financial statements.
22

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series EMTN, 3 Month USD LIBOR + 2.55%, 2.20%, 7/22/2027 (b)
   EUR 550,000   $ 693,278
          10,209,557
JAPAN — 2.1%          
Mizuho Financial Group, Inc. EMTN, 0.69%, 10/7/2030
   EUR 200,000   237,820
NTT Finance Corp.:          
0.01%, 3/3/2025
   EUR 300,000   356,778
0.34%, 3/3/2030
   EUR 200,000   236,252
Series 18, 0.38%, 9/20/2030
   JPY 100,000,000   909,534
Seven & i Holdings Co., Ltd. Series 14, 0.19%, 12/19/2025
   JPY 100,000,000   903,620
Sumitomo Mitsui Financial Group, Inc.:          
Series EMTN, 0.63%, 10/23/2029 (a)
   EUR 300,000   357,762
1.55%, 6/15/2026
   EUR 200,000   253,252
Takeda Pharmaceutical Co., Ltd.:          
Series REGS, 1.13%, 11/21/2022
   EUR 300,000   362,414
1.38%, 7/9/2032
   EUR 200,000   247,002
2.00%, 7/9/2040
   EUR 200,000   254,971
Series REGS, 2.25%, 11/21/2026
   EUR 200,000   261,987
Series REGS, 3.00%, 11/21/2030
   EUR 350,000   497,344
          4,878,736
LUXEMBOURG — 0.2%          
Logicor Financing Sarl Series EMTN, 1.63%, 7/15/2027
   EUR 300,000   374,685
MEXICO — 0.2%          
America Movil SAB de CV:          
Series EMTN, 0.75%, 6/26/2027
   EUR 200,000   241,995
4.38%, 8/7/2041
   GBP 100,000   178,852
          420,847
NETHERLANDS — 5.3%          
ABN AMRO Bank NV:          
Series EMTN, 0.50%, 7/17/2023
   EUR 400,000   482,077
0.60%, 1/15/2027
   EUR 500,000   601,682
Series EMTN, 1.00%, 4/16/2025
   EUR 443,000   548,309
Series EMTN, 1.25%, 5/28/2025
   EUR 100,000   123,866
Series EMTN, 2.50%, 11/29/2023
   EUR 100,000   126,511
ASML Holding NV 1.38%, 7/7/2026
   EUR 200,000   253,386
Security Description     Principal
Amount 		  Value
Cooperatieve Rabobank UA:          
Series GMTN, 0.50%, 12/6/2022
   EUR 100,000   $ 120,184
Series EMTN, 0.63%, 2/27/2024
   EUR 400,000   484,214
Series GMTN, 0.75%, 8/29/2023
   EUR 100,000   121,085
Series GMTN, 1.13%, 5/7/2031
   EUR 200,000   252,861
Series GMTN, 1.25%, 3/23/2026
   EUR 600,000   757,301
Series GMTN, 1.38%, 2/3/2027
   EUR 100,000   127,800
Series EMTN, 2.38%, 5/22/2023
   EUR 370,000   461,689
4.13%, 7/14/2025
   EUR 350,000   487,326
GMTN, 3 Month USD LIBOR + 1.18%, 0.88%, 5/5/2028 (b)
   EUR 200,000   245,651
Heineken NV Series EMTN, 1.00%, 5/4/2026
   EUR 200,000   248,453
ING Groep NV:          
Series EMTN, 1.00%, 9/20/2023
   EUR 100,000   121,850
Series EMTN, 1.38%, 1/11/2028
   EUR 200,000   251,617
Series EMTN, 2.00%, 9/20/2028
   EUR 500,000   656,392
2.13%, 1/10/2026
   EUR 100,000   129,275
Series EMTN, 2.50%, 11/15/2030
   EUR 300,000   422,976
Series EMTN, 3.00%, 2/18/2026
   GBP 200,000   298,831
Series EMTN, 3 Month USD LIBOR + 0.60%, 0.10%, 9/3/2025 (b)
   EUR 400,000   475,110
3 Month USD LIBOR + 0.68%, 0.25%, 2/18/2029 (b)
   EUR 400,000   464,589
Koninklijke KPN NV Series GMTN, 5.75%, 9/17/2029
   GBP 150,000   257,427
LeasePlan Corp. NV EMTN, 0.13%, 9/13/2023
   EUR 300,000   357,823
Shell International Finance B.V.:          
Series EMTN, 0.13%, 11/8/2027
   EUR 100,000   118,557
Series EMTN, 0.38%, 2/15/2025
   EUR 200,000   241,758
EMTN, 0.50%, 5/11/2024
   EUR 100,000   121,041
EMTN, 0.50%, 11/8/2031
   EUR 100,000   117,655
 
See accompanying notes to financial statements.
23

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series EMTN, 0.75%, 8/15/2028
   EUR 100,000   $ 122,392
Series EMTN, 0.88%, 11/8/2039
   EUR 100,000   112,054
Series EMTN, 1.13%, 4/7/2024
   EUR 100,000   123,032
Series EMTN, 1.25%, 5/12/2028
   EUR 300,000   380,547
Series EMTN, 1.25%, 11/11/2032
   EUR 200,000   251,282
Series EMTN, 1.50%, 4/7/2028
   EUR 300,000   386,768
Series EMTN, 1.50%, 4/7/2028
   EUR 200,000   257,846
Series EMTN, 1.63%, 1/20/2027
   EUR 400,000   515,516
Series EMTN, 1.88%, 9/15/2025
   EUR 100,000   128,565
Series EMTN, 1.88%, 4/7/2032
   EUR 260,000   348,276
Series EMTN, 2.50%, 3/24/2026
   EUR 100,000   132,905
          12,236,479
NORWAY — 0.2%          
DNB Bank ASA:          
0.05%, 11/14/2023
   EUR 200,000   239,028
EUR003M + .530%, 0.25%, 2/23/2029 (b)
   EUR 200,000   233,835
          472,863
PORTUGAL — 0.1%          
EDP Finance B.V. Series EMTN, 1.13%, 2/12/2024
   EUR 200,000   244,971
SPAIN — 5.6%          
Abertis Infraestructuras SA:          
Series EMTN, 2.38%, 9/27/2027
   EUR 300,000   392,042
Series EMTN, 3.00%, 3/27/2031
   EUR 100,000   138,513
Banco Bilbao Vizcaya Argentaria SA:          
Series EMTN, 0.38%, 10/2/2024
   EUR 100,000   120,108
Series EMTN, 0.38%, 11/15/2026
   EUR 300,000   360,360
Series GMTN, 0.50%, 1/14/2027
   EUR 400,000   477,111
Series GMTN, 0.75%, 9/11/2022
   EUR 100,000   120,144
Series GMTN, 0.75%, 6/4/2025
   EUR 200,000   244,224
1.00%, 6/21/2026
   EUR 400,000   493,268
Series GMTN, 1.13%, 2/28/2024
   EUR 100,000   122,322
Security Description     Principal
Amount 		  Value
Series GMTN, 1.38%, 5/14/2025
   EUR 100,000   $ 124,451
Banco de Sabadell SA:          
Series EMTN, 0.88%, 3/5/2023
   EUR 100,000   120,293
Series REGS, 0.88%, 7/22/2025
   EUR 100,000   120,898
Banco Santander SA:          
0.20%, 2/11/2028
   EUR 300,000   352,738
Series EMTN, 0.25%, 6/19/2024
   EUR 300,000   359,390
Series EMTN, 0.30%, 10/4/2026
   EUR 100,000   119,443
Series EMTN, 1.13%, 1/17/2025
   EUR 300,000   367,865
Series EMTN, 1.13%, 6/23/2027
   EUR 200,000   247,077
Series EMTN, 1.38%, 12/14/2022
   EUR 200,000   242,910
EMTN, 1.38%, 7/31/2024
   GBP 200,000   280,294
Series EMTN, 1.38%, 1/5/2026
   EUR 100,000   124,293
Series EMTN, 1.38%, 1/5/2026
   EUR 400,000   497,170
CaixaBank SA:          
Series EMTN, 0.38%, 2/3/2025
   EUR 500,000   598,979
0.50%, 2/9/2029 (b)
   EUR 200,000   233,501
Series EMTN, 1.13%, 1/12/2023
   EUR 200,000   241,881
Series EMTN, 1.13%, 5/17/2024
   EUR 400,000   490,294
Series EMTN, 1.13%, 3/27/2026
   EUR 200,000   247,490
Series EMTN, 1.38%, 6/19/2026
   EUR 300,000   371,617
Series EMTN, 2.38%, 2/1/2024
   EUR 300,000   377,447
EMTN, 3 Month USD LIBOR + 1.17%, 0.75%, 7/10/2026 (b)
   EUR 300,000   363,319
Iberdrola Finanzas SA Series EMTN, 1.00%, 3/7/2025
   EUR 300,000   369,822
Iberdrola International B.V. Series EMTN, 1.13%, 4/21/2026
   EUR 100,000   125,238
Mapfre SA 1.63%, 5/19/2026
   EUR 100,000   128,385
Naturgy Finance B.V.:          
Series EMTN, 1.25%, 1/15/2026
   EUR 300,000   374,573
Series EMTN, 1.38%, 1/19/2027
   EUR 100,000   126,236
 
See accompanying notes to financial statements.
24

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Santan Consumer Finance SA Series EMTN, 1.00%, 2/27/2024
   EUR 100,000   $ 122,005
Santander Consumer Finance SA:          
Series EMTN, 0.38%, 6/27/2024
   EUR 100,000   120,007
Series EMTN, 0.38%, 1/17/2025
   EUR 400,000   479,855
Telefonica Emisiones SA:          
EMTN, 0.66%, 2/3/2030
   EUR 100,000   120,037
Series EMTN, 1.07%, 2/5/2024
   EUR 400,000   487,969
Series EMTN, 1.20%, 8/21/2027
   EUR 400,000   501,318
Series EMTN, 1.45%, 1/22/2027
   EUR 200,000   252,943
Series EMTN, 1.46%, 4/13/2026
   EUR 300,000   379,646
Series EMTN, 1.50%, 9/11/2025
   EUR 200,000   251,308
Series EMTN, 1.53%, 1/17/2025
   EUR 300,000   376,245
Series EMTN, 1.72%, 1/12/2028
   EUR 300,000   388,302
          12,953,331
SWEDEN — 1.0%          
Skandinaviska Enskilda Banken AB:          
EMTN, 0.05%, 7/1/2024
   EUR 300,000   358,712
Series GMTN, 0.25%, 5/19/2023
   EUR 200,000   239,741
Series GMTN, 0.50%, 3/13/2023
   EUR 100,000   120,389
Series EMTN, 0.63%, 11/12/2029 (a)
   EUR 300,000   361,238
Svenska Handelsbanken AB:          
0.50%, 2/18/2030
   EUR 100,000   118,499
0.50%, 2/18/2030
   EUR 200,000   236,998
Series EMTN, 1.13%, 12/14/2022
   EUR 400,000   485,261
Series EMTN, 2.63%, 8/23/2022
   EUR 200,000   245,608
Swedbank AB Series EMTN, 0.75%, 5/5/2025
   EUR 200,000   244,620
          2,411,066
SWITZERLAND — 4.3%          
Credit Suisse AG:          
Series EMTN, 1.00%, 6/7/2023
   EUR 100,000   121,320
Series EMTN, 1.50%, 4/10/2026
   EUR 300,000   377,660
Credit Suisse Group AG:          
0.63%, 1/18/2033 (a)
   EUR 300,000   334,290
Security Description     Principal
Amount 		  Value
EMTN, 0.65%, 9/10/2029
   EUR 300,000   $ 350,694
Series EMTN, 1.00%, 4/14/2023
   CHF 125,000   137,689
Series EMTN, 1 year GBP Swap + 0.75%, 1.25%, 7/17/2025 (b)
   EUR 300,000   365,123
Series EMTN, 1 year GBP Swap + 1.05%, 1.00%, 6/24/2027 (b)
   EUR 400,000   483,758
1 year GBP Swap + 1.23%, 2.13%, 9/12/2025 (b)
   GBP 200,000   283,493
Series EMTN, 1 year GBP Swap + 3.50%, 3.25%, 4/2/2026 (b)
   EUR 300,000   391,955
Series EMTN, UK 10 year Gilt + 2.23%, 2.25%, 6/9/2028 (b)
   GBP 200,000   283,398
Series EMTN, 1 year GBP Swap + 0.77%, 0.65%, 1/14/2028 (b)
   EUR 400,000   474,133
Holcim Finance Luxembourg SA Series EMTN, 2.25%, 5/26/2028
   EUR 200,000   266,157
Nestle Finance International, Ltd.:          
0.38%, 5/12/2032
   EUR 200,000   236,027
Series EMTN, 1.13%, 4/1/2026
   EUR 100,000   125,346
Series EMTN, 1.50%, 4/1/2030
   EUR 300,000   393,618
Novartis Finance SA:          
0.01%, 9/23/2028
   EUR 400,000   468,285
0.13%, 9/20/2023
   EUR 200,000   239,583
Richemont International Holding SA:          
1.00%, 3/26/2026
   EUR 100,000   124,154
1.50%, 3/26/2030
   EUR 300,000   391,159
2.00%, 3/26/2038
   EUR 300,000   411,065
Roche Finance Europe B.V. Series EMTN, 0.88%, 2/25/2025
   EUR 100,000   123,156
UBS AG:          
Series EMTN, 0.63%, 1/23/2023
   EUR 200,000   240,477
Series EMTN, 0.75%, 4/21/2023
   EUR 300,000   362,273
UBS Group AG:          
0.63%, 2/24/2033
   EUR 300,000   349,980
Series EMTN, 1.25%, 9/1/2026 (a)
   EUR 500,000   622,117
1.50%, 11/30/2024
   EUR 300,000   369,190
1.75%, 11/16/2022
   EUR 300,000   365,996
 
See accompanying notes to financial statements.
25

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series EMTN, 1 year GBP Swap + 0.55%, 0.25%, 1/29/2026 (b)
   EUR 400,000   $ 476,126
EMTN, 1 year GBP Swap + 0.77%, 0.25%, 11/5/2028 (b)
   EUR 400,000   469,179
1 year GBP Swap + 0.75%, 1.25%, 4/17/2025 (b)
   EUR 200,000   245,350
          9,882,751
UNITED KINGDOM — 10.3%          
Barclays PLC:          
Series EMTN, 1.88%, 12/8/2023
   EUR 100,000   124,337
Series EMTN, 3.13%, 1/17/2024
   GBP 100,000   145,634
Series EMTN, 3.25%, 2/12/2027
   GBP 200,000   300,485
Series EMTN, 3.25%, 1/17/2033
   GBP 300,000   460,359
Series EMTN, 1 year GBP Swap + 0.78%, 1.38%, 1/24/2026 (b)
   EUR 300,000   370,305
Series ., 1 year GBP Swap + 1.32%, 2.38%, 10/6/2023 (b)
   GBP 200,000   282,306
Series EMTN, 1 year GBP Swap + 3.70%, 3.38%, 4/2/2025 (b)
   EUR 300,000   387,473
Series EMTN, 1 year GBP Swap + 3.70%, 3.38%, 4/2/2025 (b)
   EUR 200,000   258,315
BAT International Finance PLC Series EMTN, 2.25%, 1/16/2030
   EUR 200,000   255,080
BG Energy Capital PLC:          
Series EMTN, 5.00%, 11/4/2036
   GBP 100,000   192,743
Series EMTN, 5.13%, 12/1/2025
   GBP 100,000   163,692
5.13%, 12/1/2025
   GBP 100,000   163,692
BP Capital Markets PLC:          
Series EMTN, 1.23%, 5/8/2031
   EUR 200,000   246,942
Series EMTN, 1.57%, 2/16/2027
   EUR 400,000   509,554
1.88%, 4/7/2024
   EUR 100,000   125,227
2.82%, 4/7/2032
   EUR 300,000   427,155
Series EMTN, 2.97%, 2/27/2026
   EUR 300,000   403,148
British Telecommunications PLC:          
Series EMTN, 1.00%, 11/21/2024
   EUR 200,000   244,090
Series EMTN, 1.50%, 6/23/2027
   EUR 200,000   251,480
Security Description     Principal
Amount 		  Value
Series EMTN, 1.75%, 3/10/2026
   EUR 500,000   $ 634,431
Cadent Finance PLC:          
Series EMTN, 2.13%, 9/22/2028
   GBP 100,000   143,308
Series EMTN, 2.63%, 9/22/2038
   GBP 100,000   143,135
Series EMTN, 2.75%, 9/22/2046
   GBP 200,000   287,872
Centrica PLC Series EMTN, 7.00%, 9/19/2033 (a)
   GBP 100,000   210,735
CK Hutchison Finance 16 II, Ltd. 0.88%, 10/3/2024
   EUR 200,000   243,594
CK Hutchison Finance 16, Ltd. Series A, 1.25%, 4/6/2023
   EUR 200,000   242,616
CK Hutchison Group Telecom Finance SA:          
0.38%, 10/17/2023
   EUR 200,000   239,219
0.75%, 4/17/2026
   EUR 100,000   121,426
1.13%, 10/17/2028
   EUR 400,000   490,507
Connect Plus M25 Issuer PLC 2.61%, 3/31/2039
   GBP 93,463   143,145
Diageo Finance PLC Series EMTN, 2.50%, 3/27/2032
   EUR 200,000   284,059
easyJet FinCo B.V. 1.88%, 3/3/2028
   EUR 100,000   118,602
GlaxoSmithKline Capital PLC:          
Series EMTN, 1.25%, 5/21/2026
   EUR 100,000   125,824
Series EMTN, 1.25%, 10/12/2028
   GBP 100,000   137,511
Series EMTN, 1.38%, 12/2/2024
   EUR 250,000   312,355
Series EMTN, 1.63%, 5/12/2035
   GBP 300,000   401,723
Series EMTN, 4.25%, 12/18/2045
   GBP 100,000   196,231
Series EMTN, 4.25%, 12/18/2045
   GBP 100,000   196,231
Series EMTN, 5.25%, 12/19/2033
   GBP 168,000   325,808
Series EMTN, 5.25%, 4/10/2042
   GBP 100,000   213,335
Series EMTN, 6.38%, 3/9/2039
   GBP 100,000   228,560
Heathrow Funding, Ltd.:          
Series EMTN, 4.63%, 10/31/2046
   GBP 100,000   180,879
Series EMTN, 5.88%, 5/13/2043
   GBP 100,000   200,776
Series REGS, 6.45%, 12/10/2031
   GBP 250,000   473,713
 
See accompanying notes to financial statements.
26

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series EMTN, 6.75%, 12/3/2028
   GBP 200,000   $ 348,874
HSBC Holdings PLC:          
0.88%, 9/6/2024
   EUR 400,000   487,894
Series EMTN, 2.50%, 3/15/2027
   EUR 300,000   399,139
2.63%, 8/16/2028
   GBP 200,000   293,244
1 year GBP Swap + 1.04%, 2.26%, 11/13/2026 (b)
   GBP 300,000   430,215
1 year GBP Swap + 1.65%, 3.00%, 7/22/2028 (b)
   GBP 200,000   297,719
1 year GBP Swap + 1.77%, 3.00%, 5/29/2030 (b)
   GBP 200,000   298,117
3 Month USD LIBOR + 1.03%, 0.77%, 11/13/2031 (a)(b)
   EUR 200,000   236,981
Series EMTN, 3 Month USD LIBOR + 1.36%, 1.50%, 12/4/2024 (b)
   EUR 250,000   307,860
Lloyds Bank Corporate Markets PLC:          
Series EMTN, 0.25%, 10/4/2022
   EUR 200,000   238,985
EMTN, 2.38%, 4/9/2026
   EUR 200,000   262,443
Lloyds Bank PLC Series EMTN, 6.50%, 9/17/2040
   GBP 90,000   212,580
Lloyds Banking Group PLC:          
Series EMTN, 1.50%, 9/12/2027
   EUR 400,000   509,973
Series EMTN, 2.25%, 10/16/2024
   GBP 400,000   575,224
Series EMTN, 1 year GBP Swap + 0.47%, 0.63%, 1/15/2024 (b)
   EUR 300,000   359,864
Series EMTN, 1 year GBP Swap + 3.75%, 3.50%, 4/1/2026 (b)
   EUR 200,000   266,791
UK 10 year Gilt + 1.30%, 1.88%, 1/15/2026 (b)
   GBP 100,000   141,458
Logicor 2019-1 UK PLC:          
1.88%, 11/17/2026
   GBP 100,000   143,721
1.88%, 11/17/2026
   GBP 100,000   143,721
Nationwide Building Society:          
0.25%, 7/22/2025
   EUR 200,000   239,388
3 Month USD LIBOR + 0.93%, 1.50%, 3/8/2026 (b)
   EUR 200,000   249,333
Natwest Group PLC:          
Series EMTN, 2.50%, 3/22/2023
   EUR 222,000   275,054
Security Description     Principal
Amount 		  Value
Series EMTN, 1 year GBP Swap + 1.49%, 2.88%, 9/19/2026 (b)
   GBP 100,000   $ 146,825
Series EMTN, 3 Month USD LIBOR + 1.08%, 1.75%, 3/2/2026 (b)
   EUR 500,000   624,681
EUR003M + .949%, 0.78%, 2/26/2030 (b)
   EUR 300,000   355,779
NatWest Markets PLC Series EMTN, 2.75%, 4/2/2025
   EUR 400,000   522,603
Santander UK Group Holdings PLC 1.13%, 9/8/2023
   EUR 200,000   243,468
Sky, Ltd. Series EMTN, 2.50%, 9/15/2026
   EUR 100,000   133,371
THFC Funding No. 3 PLC Series EMTN, 5.20%, 10/11/2043 (a)
   GBP 250,000   524,644
Unilever Finance Netherlands B.V.:          
Series EMTN, 1.25%, 3/25/2025
   EUR 200,000   249,720
1.75%, 3/25/2030
   EUR 100,000   133,548
University of Oxford 2.54%, 12/8/2117
   GBP 150,000   259,687
Vodafone Group PLC:          
Series EMTN, 1.13%, 11/20/2025
   EUR 300,000   372,626
Series EMTN, 1.60%, 7/29/2031
   EUR 100,000   128,761
EMTN, 1.63%, 11/24/2030
   EUR 300,000   387,982
Series EMTN, 1.88%, 9/11/2025
   EUR 150,000   191,136
Series EMTN, 2.20%, 8/25/2026
   EUR 128,000   167,734
Series EMTN, 3.00%, 8/12/2056
   GBP 250,000   370,839
Series EMTN, 3.38%, 8/8/2049
   GBP 100,000   159,110
Wellcome Trust, Ltd. 2.52%, 2/7/2118
   GBP 100,000   170,769
Western Power Distribution East Midlands PLC Series EMTN, 5.25%, 1/17/2023
   GBP 100,000   147,965
Western Power Distribution West Midlands PLC Series EMTN, 5.75%, 4/16/2032
   GBP 100,000   190,019
          23,807,457
UNITED STATES — 28.0%          
Abbott Ireland Financing DAC:          
0.88%, 9/27/2023
   EUR 150,000   182,295
1.50%, 9/27/2026
   EUR 250,000   318,016
 
See accompanying notes to financial statements.
27

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
AbbVie, Inc. 1.38%, 5/17/2024
   EUR 214,000   $ 263,416
Altria Group, Inc.:          
1.00%, 2/15/2023
   EUR 300,000   361,189
2.20%, 6/15/2027
   EUR 200,000   256,018
3.13%, 6/15/2031
   EUR 200,000   272,791
American Honda Finance Corp.:          
0.35%, 8/26/2022
   EUR 100,000   119,565
1.95%, 10/18/2024
   EUR 300,000   379,309
American International Group, Inc. 1.88%, 6/21/2027
   EUR 200,000   256,108
Amgen, Inc. 4.00%, 9/13/2029
   GBP 100,000   164,471
Apple, Inc.:          
0.50%, 11/15/2031
   EUR 200,000   240,539
0.88%, 5/24/2025
   EUR 100,000   123,203
Series EMTN, 1.00%, 11/10/2022
   EUR 400,000   483,450
Series EMTN, 1.00%, 11/10/2022
   EUR 50,000   60,431
1.38%, 1/17/2024
   EUR 100,000   123,627
1.38%, 5/24/2029
   EUR 300,000   388,669
1.63%, 11/10/2026
   EUR 440,000   567,753
3.05%, 7/31/2029
   GBP 200,000   317,653
Series MTN, 3.70%, 8/28/2022
   AUD 150,000   117,040
AT&T, Inc.:          
1.30%, 9/5/2023
   EUR 100,000   121,921
1.60%, 5/19/2028
   EUR 600,000   762,544
1.80%, 9/5/2026
   EUR 100,000   127,737
2.35%, 9/5/2029
   EUR 200,000   268,579
2.40%, 3/15/2024
   EUR 400,000   503,323
2.45%, 3/15/2035
   EUR 100,000   133,314
2.50%, 3/15/2023
   EUR 400,000   493,206
3.15%, 9/4/2036
   EUR 603,000   868,520
3.50%, 12/17/2025
   EUR 100,000   135,785
3.55%, 12/17/2032
   EUR 100,000   149,518
4.25%, 6/1/2043
   GBP 100,000   174,671
4.38%, 9/14/2029
   GBP 50,000   82,611
4.88%, 6/1/2044
   GBP 550,000   1,048,354
Series EMTN, 7.00%, 4/30/2040
   GBP 100,000   228,358
Bank of America Corp.:          
0.69%, 3/22/2031 (b)
   EUR 200,000   236,450
Series EMTN, 0.75%, 7/26/2023
   EUR 100,000   120,966
Series EMTN, 1.63%, 9/14/2022
   EUR 400,000   485,779
Series EMTN, 2.30%, 7/25/2025
   GBP 200,000   291,903
Series EMTN, 7.00%, 7/31/2028
   GBP 250,000   474,799
Security Description     Principal
Amount 		  Value
Series EMTN, 3 Month USD LIBOR + 0.73%, 0.58%, 8/8/2029 (b)
   EUR 100,000   $ 119,156
Series EMTN, 3 Month USD LIBOR + 0.75%, 0.81%, 5/9/2026 (b)
   EUR 200,000   243,832
Series EMTN, 3 Month USD LIBOR + 0.89%, 1.66%, 4/25/2028 (b)
   EUR 400,000   510,355
Series EMTN, 3 Month USD LIBOR + 0.91%, 1.38%, 5/9/2030 (b)
   EUR 300,000   377,440
EMTN, 3 Month USD LIBOR + 0.94%, 0.65%, 10/26/2031 (b)
   EUR 400,000   469,419
Series EMTN, 3 Month USD LIBOR + 1.03%, 1.38%, 2/7/2025 (b)
   EUR 700,000   860,968
Series EMTN, 3 Month USD LIBOR + 1.20%, 1.78%, 5/4/2027 (b)
   EUR 100,000   127,560
Series EMTN, 3 Month USD LIBOR + 3.67%, 3.65%, 3/31/2029 (b)
   EUR 200,000   286,409
Berkshire Hathaway Finance Corp.:          
2.38%, 6/19/2039
   GBP 200,000   296,606
2.63%, 6/19/2059
   GBP 100,000   159,220
Berkshire Hathaway, Inc.:          
0.01%, 3/12/2025
   EUR 400,000   475,518
1.13%, 3/16/2027
   EUR 300,000   374,870
1.30%, 3/15/2024
   EUR 50,000   61,445
1.63%, 3/16/2035
   EUR 200,000   260,782
Booking Holdings, Inc.:          
1.80%, 3/3/2027
   EUR 300,000   385,512
2.38%, 9/23/2024
   EUR 100,000   127,100
BorgWarner, Inc. 1.00%, 5/19/2031
   EUR 200,000   238,621
Citigroup, Inc.:          
Series EMTN, 0.75%, 10/26/2023
   EUR 200,000   241,717
EMTN, 1.25%, 4/10/2029
   EUR 300,000   374,641
Series EMTN, 1.50%, 10/26/2028
   EUR 100,000   127,535
1.75%, 1/28/2025
   EUR 450,000   566,673
Series EMTN, 2.38%, 5/22/2024
   EUR 100,000   127,046
2.75%, 1/24/2024
   GBP 100,000   144,882
Series EMTN, 3 Month USD LIBOR + 1.07%, 1.50%, 7/24/2026 (b)
   EUR 300,000   374,413
Series EMTN, 3 Month USD LIBOR + 1.66%, 1.25%, 7/6/2026 (b)
   EUR 600,000   742,500
 
See accompanying notes to financial statements.
28

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Coca-Cola Co.:          
0.13%, 3/15/2029
   EUR 200,000   $ 234,183
1.13%, 3/9/2027
   EUR 300,000   376,727
1.63%, 3/9/2035
   EUR 300,000   393,564
Comcast Corp.:          
0.75%, 2/20/2032
   EUR 300,000   356,999
1.88%, 2/20/2036
   GBP 125,000   170,510
DH Europe Finance II Sarl:          
0.20%, 3/18/2026
   EUR 200,000   238,306
0.45%, 3/18/2028
   EUR 300,000   358,446
0.75%, 9/18/2031
   EUR 400,000   474,481
1.35%, 9/18/2039
   EUR 200,000   240,983
Digital Euro Finco LLC:          
2.50%, 1/16/2026
   EUR 100,000   130,283
2.50%, 1/16/2026
   EUR 100,000   130,283
Digital Intrepid Holding B.V. 0.63%, 7/15/2031
   EUR 200,000   229,069
Dow Chemical Co. 0.50%, 3/15/2027
   EUR 200,000   238,879
Eli Lilly & Co. 1.70%, 11/1/2049
   EUR 200,000   263,317
Exxon Mobil Corp.:          
0.14%, 6/26/2024
   EUR 400,000   478,157
0.52%, 6/26/2028
   EUR 100,000   120,201
0.84%, 6/26/2032
   EUR 200,000   236,622
1.41%, 6/26/2039
   EUR 200,000   233,307
FedEx Corp. 1.63%, 1/11/2027
   EUR 200,000   254,581
Fidelity National Information Services, Inc.:          
0.75%, 5/21/2023
   EUR 100,000   120,501
1.50%, 5/21/2027
   EUR 300,000   377,351
2.00%, 5/21/2030
   EUR 400,000   524,552
General Electric Co.:          
0.88%, 5/17/2025
   EUR 300,000   365,229
1.50%, 5/17/2029
   EUR 300,000   375,038
2.13%, 5/17/2037
   EUR 200,000   257,387
Goldman Sachs Group Inc:          
EMTN, 0.25%, 1/26/2028
   EUR 300,000   349,434
1.50%, 12/7/2027
   GBP 100,000   138,126
Series EMTN, 2.00%, 11/1/2028
   EUR 300,000   392,678
Goldman Sachs Group, Inc.:          
Series EMTN, 0.13%, 8/19/2024
   EUR 400,000   475,594
Series EMTN, 0.88%, 1/21/2030
   EUR 400,000   482,994
Series EMTN, 1.25%, 5/1/2025
   EUR 300,000   367,711
Series EMTN, 1.38%, 5/15/2024
   EUR 196,000   238,517
Series EMTN, 1.63%, 7/27/2026
   EUR 300,000   379,532
Security Description     Principal
Amount 		  Value
Series EMTN, 2.00%, 7/27/2023
   EUR 300,000   $ 371,261
Series EMTN, 2.13%, 9/30/2024
   EUR 100,000   126,515
Series EMTN, 3.00%, 2/12/2031
   EUR 250,000   359,975
Series EMTN, 3.13%, 7/25/2029
   GBP 100,000   153,286
Series EMTN, 3.25%, 2/1/2023
   EUR 200,000   250,089
3.38%, 3/27/2025
   EUR 500,000   664,644
Series EMTN, 4.25%, 1/29/2026
   GBP 400,000   626,995
Honeywell International, Inc. 1.30%, 2/22/2023
   EUR 200,000   243,404
International Business Machines Corp.:          
0.30%, 2/11/2028
   EUR 300,000   356,431
0.38%, 1/31/2023
   EUR 500,000   599,366
0.65%, 2/11/2032
   EUR 400,000   472,259
Series EMTN, 0.88%, 1/31/2025
   EUR 100,000   122,690
0.95%, 5/23/2025
   EUR 200,000   246,360
1.25%, 5/26/2023
   EUR 230,000   280,640
1.50%, 5/23/2029
   EUR 100,000   128,712
1.75%, 1/31/2031
   EUR 200,000   263,603
Series EMTN, 2.88%, 11/7/2025
   EUR 100,000   133,446
Johnson & Johnson 1.65%, 5/20/2035
   EUR 300,000   406,788
JPMorgan Chase & Co.:          
0.60%, 2/17/2033 (b)
   EUR 300,000   347,073
Series EMTN, 0.63%, 1/25/2024
   EUR 400,000   483,145
Series EMTN, 1.50%, 10/26/2022
   EUR 300,000   364,739
Series EMTN, 1.50%, 1/27/2025
   EUR 100,000   125,009
Series EMTN, 1.50%, 10/29/2026
   EUR 100,000   127,299
Series EMTN, 2.75%, 8/24/2022
   EUR 300,000   368,720
Series EMTN, 2.75%, 2/1/2023
   EUR 200,000   248,804
Series EMTN, 2.88%, 5/24/2028
   EUR 100,000   139,508
Series EMTN, 3 Month USD LIBOR + 0.65%, 0.39%, 2/24/2028 (b)
   EUR 450,000   535,200
Series EMTN, 3 Month USD LIBOR + 0.76%, 1.09%, 3/11/2027 (b)
   EUR 700,000   863,943
Series EMTN, 3 Month USD LIBOR + 0.84%, 1.64%, 5/18/2028 (b)
   EUR 700,000   892,201
 
See accompanying notes to financial statements.
29

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series EMTN, 3 Month USD LIBOR + 0.85%, 1.00%, 7/25/2031 (b)
   EUR 300,000   $ 365,407
Series EMTN, 3 Month USD LIBOR + 0.87%, 1.05%, 11/4/2032 (b)
   EUR 300,000   364,380
Series EMTN, 3 Month USD LIBOR + 0.95%, 1.81%, 6/12/2029 (b)
   EUR 100,000   129,696
SONIA/N + 1.130%, 1.90%, 4/28/2033 (b)
   GBP 100,000   139,098
McDonald's Corp. Series GMTN, 1.00%, 11/15/2023
   EUR 200,000   243,880
Medtronic Global Holdings SCA:          
0.01%, 3/15/2023
   EUR 200,000   238,511
0.25%, 7/2/2025
   EUR 300,000   360,274
Series 0000, 0.38%, 3/7/2023
   EUR 200,000   239,896
Series 0000, 0.38%, 3/7/2023
   EUR 200,000   239,896
0.38%, 10/15/2028 (a)
   EUR 200,000   239,066
0.75%, 10/15/2032 (a)
   EUR 200,000   238,648
1.13%, 3/7/2027
   EUR 300,000   375,391
1.38%, 10/15/2040
   EUR 100,000   120,670
1.50%, 7/2/2039
   EUR 300,000   372,756
1.63%, 3/7/2031
   EUR 100,000   130,695
1.63%, 10/15/2050
   EUR 200,000   243,170
1.75%, 7/2/2049
   EUR 100,000   125,998
2.25%, 3/7/2039
   EUR 300,000   416,889
Merck & Co., Inc. 1.88%, 10/15/2026
   EUR 200,000   259,969
Metropolitan Life Global Funding I 0.38%, 4/9/2024
   EUR 200,000   240,710
Microsoft Corp. 3.13%, 12/6/2028
   EUR 300,000   434,788
Morgan Stanley:          
Series GMTN, 1.00%, 12/2/2022
   EUR 100,000   120,752
Series GMTN, 1.38%, 10/27/2026
   EUR 50,000   62,938
Series GMTN, 1.75%, 3/11/2024
   EUR 300,000   373,569
Series GMTN, 1.75%, 1/30/2025
   EUR 300,000   378,216
1.88%, 3/30/2023
   EUR 200,000   246,003
Series GMTN, 1.88%, 4/27/2027
   EUR 500,000   645,697
Series GMTN, 2.63%, 3/9/2027
   GBP 100,000   148,061
3 Month USD LIBOR + 0.72%, 0.50%, 2/7/2031 (b)
   EUR 500,000   582,066
Security Description     Principal
Amount 		  Value
Series EMTN, 3 Month USD LIBOR + 0.75%, 0.64%, 7/26/2024 (b)
   EUR 540,000   $ 650,480
Series EMTN, 3 Month USD LIBOR + 0.83%, 1.34%, 10/23/2026 (b)
   EUR 100,000   124,556
3 Month USD LIBOR + 0.88%, 0.50%, 10/26/2029 (b)
   EUR 300,000   353,838
PepsiCo, Inc.:          
0.25%, 5/6/2024
   EUR 100,000   120,340
Series EMTN, 0.50%, 5/6/2028
   EUR 200,000   243,310
Pfizer, Inc. Series REGS, 2.74%, 6/15/2043
   GBP 300,000   470,232
Philip Morris International, Inc. Series EMTN, 2.88%, 3/3/2026
   EUR 200,000   267,670
Procter & Gamble Co.:          
1.13%, 11/2/2023
   EUR 400,000   490,619
2.00%, 8/16/2022
   EUR 100,000   121,857
4.88%, 5/11/2027
   EUR 100,000   152,616
4.88%, 5/11/2027
   EUR 100,000   152,616
Schlumberger Finance B.V.:          
1.38%, 10/28/2026
   EUR 300,000   378,472
2.00%, 5/6/2032
   EUR 100,000   134,250
Schneider Electric SE Series EMTN, 0.25%, 9/9/2024
   EUR 200,000   240,494
Stellantis NV:          
0.63%, 3/30/2027
   EUR 200,000   238,176
2.75%, 5/15/2026
   EUR 200,000   262,857
GMTN, 3.75%, 3/29/2024
   EUR 400,000   521,744
3.88%, 1/5/2026
   EUR 500,000   680,962
4.50%, 7/7/2028
   EUR 300,000   443,721
Thermo Fisher Scientific, Inc.:          
0.75%, 9/12/2024
   EUR 148,000   179,977
Series EMTN, 1.88%, 10/1/2049
   EUR 200,000   252,146
Toyota Motor Credit Corp.:          
Series EMTN, 0.25%, 7/16/2026
   EUR 200,000   240,123
Series EMTN, 0.75%, 7/21/2022
   EUR 200,000   240,057
Upjohn Finance B.V. 1.91%, 6/23/2032
   EUR 200,000   252,255
US Bancorp Series EMTN, 0.85%, 6/7/2024
   EUR 200,000   243,688
Utah Acquisition Sub, Inc. Series ., 2.25%, 11/22/2024
   EUR 200,000   253,267
 
See accompanying notes to financial statements.
30

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Verizon Communications, Inc.:          
0.88%, 4/2/2025
   EUR 300,000   $ 367,425
0.88%, 4/8/2027
   EUR 100,000   122,599
1.25%, 4/8/2030
   EUR 300,000   374,697
1.30%, 5/18/2033
   EUR 300,000   366,287
1.38%, 10/27/2026
   EUR 300,000   377,995
1.38%, 11/2/2028
   EUR 100,000   126,467
2.63%, 12/1/2031
   EUR 200,000   281,163
Series 20Y, 2.88%, 1/15/2038
   EUR 400,000   584,173
Series EMTN, 3.25%, 2/17/2026
   EUR 250,000   339,640
3.38%, 10/27/2036
   GBP 100,000   160,103
3.38%, 10/27/2036
   GBP 100,000   160,103
Walmart, Inc.:          
4.88%, 9/21/2029
   EUR 121,000   196,927
5.25%, 9/28/2035
   GBP 168,000   340,838
5.63%, 3/27/2034
   GBP 150,000   306,281
Wells Fargo & Co.:          
Series EMTN, 0.50%, 4/26/2024
   EUR 100,000   120,426
Series EMTN, 0.63%, 3/25/2030
   EUR 100,000   117,203
0.63%, 8/14/2030
   EUR 200,000   234,327
Series EMTN, 1.00%, 2/2/2027
   EUR 300,000   367,230
Series EMTN, 1.38%, 10/26/2026
   EUR 100,000   125,322
Series EMTN, 1.50%, 9/12/2022
   EUR 100,000   121,211
Series EMTN, 1.50%, 5/24/2027
   EUR 700,000   879,847
Series EMTN, 1.63%, 6/2/2025
   EUR 400,000   502,226
Series EMTN, 2.00%, 7/28/2025
   GBP 200,000   286,015
Series EMTN, 2.00%, 4/27/2026
   EUR 400,000   514,104
Series EMTN, 2.13%, 6/4/2024
   EUR 100,000   126,161
Series EMTN, 2.25%, 5/2/2023
   EUR 200,000   247,879
Series EMTN, 2.63%, 8/16/2022
   EUR 450,000   551,618
4.63%, 11/2/2035
   GBP 150,000   270,646
Series EMTN, 3 Month USD LIBOR + 1.67%, 1.34%, 5/4/2025 (b)
   EUR 400,000   491,674
          64,931,748
TOTAL CORPORATE BONDS & NOTES

(Cost $221,488,070)
         228,779,310
    
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 2.6%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (c) (d)
   12,186   $ 12,186
State Street Navigator Securities Lending Portfolio II (e) (f)
   6,128,822   6,128,822
TOTAL SHORT-TERM INVESTMENTS

(Cost $6,141,008)
   6,141,008  
TOTAL INVESTMENTS — 101.3%

(Cost $227,629,078)
   234,920,318  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.3)%
  (3,086,883)  
NET ASSETS — 100.0%
  $ 231,833,435  
(a) All or a portion of the shares of the security are on loan at June 30, 2021.
(b) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(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, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2021 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
LIBOR London Interbank Offered Rate
MTN Medium Term Note
SONIA/N Sterling Overnight Index Average
AUD Australian Dollar
CHF Swiss Franc
EUR Euro
GBP British Pound
JPY Japanese Yen
 
See accompanying notes to financial statements.
31

SPDR BLOOMBERG BARCLAYS INTERNATIONAL CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Corporate Bonds & Notes
   $ —   $228,779,310   $—   $228,779,310
Short-Term Investments
   6,141,008   —   —   6,141,008
TOTAL INVESTMENTS
   $6,141,008   $228,779,310   $—   $234,920,318
Sector Breakdown as of June 30, 2021

    
    % of Total Investments
  Financial 46.3%
  Consumer, Non-cyclical 15.0
  Communications 10.1
  Consumer, Cyclical 8.4
  Energy 5.3
  Utilities 3.9
  Industrial 3.7
  Technology 3.7
  Basic Materials 0.9
  Diversified 0.1
  Short-Term Investments 2.6
  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
12/31/20 		  Value at

12/31/20 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 42,458   $ 42,458   $ 7,835,575   $ 7,865,847   $—   $—   12,186   $ 12,186   $ 14
State Street Navigator Securities Lending Portfolio II
 597,922   597,922   35,827,888   30,296,988   —   —   6,128,822   6,128,822   5,794
Total
     $640,380   $43,663,463   $38,162,835   $—   $—       $6,141,008   $5,808
See accompanying notes to financial statements.
32

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
FOREIGN GOVERNMENT OBLIGATIONS — 99.2%      
AUSTRALIA — 4.6%          
Australia Government Bond:          
Series 159, 0.25%, 11/21/2024
   AUD 2,480,000   $ 1,851,242
Series 161, 0.25%, 11/21/2025
   AUD 1,980,000   1,459,939
Series 164, 0.50%, 9/21/2026
   AUD 2,520,000   1,858,998
Series 160, 1.00%, 12/21/2030
   AUD 3,000,000   2,161,102
Series 163, 1.00%, 11/21/2031
   AUD 2,300,000   1,637,895
Series 158, 1.25%, 5/21/2032
   AUD 2,537,000   1,842,999
Series 157, 1.50%, 6/21/2031
   AUD 2,272,000   1,706,694
Series 165, 1.75%, 11/21/2032
   AUD 480,000   365,489
Series 162, 1.75%, 6/21/2051
   AUD 1,250,000   828,702
Series 153, 2.25%, 11/21/2022
   AUD 2,045,000   1,582,986
Series 149, 2.25%, 5/21/2028
   AUD 2,350,000   1,897,717
Series 155, 2.50%, 5/21/2030
   AUD 2,827,000   2,321,465
Series 137, 2.75%, 4/21/2024
   AUD 2,780,000   2,241,749
Series 148, 2.75%, 11/21/2027
   AUD 1,350,000   1,121,633
Series 148, 2.75%, 11/21/2027
   AUD 970,000   805,914
Series 152, 2.75%, 11/21/2028
   AUD 2,546,000   2,123,560
Series 154, 2.75%, 11/21/2029
   AUD 2,071,000   1,732,076
Series 145, 2.75%, 6/21/2035
   AUD 674,000   566,309
Series 156, 2.75%, 5/21/2041
   AUD 955,000   787,879
Series 150, 3.00%, 3/21/2047
   AUD 1,005,000   863,355
Series 139, 3.25%, 4/21/2025
   AUD 2,632,000   2,178,144
Series 138, 3.25%, 4/21/2029
   AUD 3,128,000   2,700,938
Series 147, 3.25%, 6/21/2039
   AUD 925,000   820,462
Series 144, 3.75%, 4/21/2037
   AUD 914,000   858,361
Series 142, 4.25%, 4/21/2026
   AUD 2,574,000   2,253,083
Series 140, 4.50%, 4/21/2033
   AUD 1,210,000   1,191,726
Security Description     Principal
Amount 		  Value
Series 136, 4.75%, 4/21/2027
   AUD 2,395,000   $ 2,188,066
Series 133, 5.50%, 4/21/2023
   AUD 2,635,000   2,171,621
Series 128, 5.75%, 7/15/2022
   AUD 1,835,000   1,459,777
          45,579,881
AUSTRIA — 2.8%          
Austria Government Bond:          
Zero Coupon, 9/20/2022 (a)
   EUR 487,000   582,097
Zero Coupon, 4/20/2023 (a)
   EUR 500,000   599,628
Zero Coupon, 7/15/2023 (a)
   EUR 815,000   978,693
Zero Coupon, 7/15/2024 (a)
   EUR 1,017,000   1,227,408
Zero Coupon, 2/20/2030 (a)
   EUR 867,000   1,035,856
Zero Coupon, 2/20/2031 (a)
   EUR 600,000   711,428
0.50%, 4/20/2027 (a)
   EUR 940,000   1,172,439
0.50%, 2/20/2029 (a)
   EUR 1,046,000   1,306,087
0.75%, 10/20/2026 (a)
   EUR 1,341,000   1,689,527
0.75%, 2/20/2028 (a)
   EUR 958,000   1,215,278
0.75%, 3/20/2051 (a)
   EUR 450,000   550,364
0.85%, 6/30/2120 (a)
   EUR 250,000   270,040
1.20%, 10/20/2025 (a)
   EUR 864,000   1,101,530
1.50%, 2/20/2047 (a)
   EUR 784,000   1,138,703
1.50%, 11/2/2086 (a)
   EUR 210,000   324,949
Series 1, 1.65%, 10/21/2024 (a)
   EUR 1,090,000   1,389,589
1.75%, 10/20/2023 (a)
   EUR 1,226,000   1,533,996
2.10%, 9/20/2117 (a)
   EUR 560,000   1,093,915
2.40%, 5/23/2034 (a)
   EUR 856,000   1,303,662
3.15%, 6/20/2044 (a)
   EUR 833,000   1,567,205
3.40%, 11/22/2022 (a)
   EUR 1,002,000   1,255,234
3.80%, 1/26/2062 (a)
   EUR 447,000   1,099,637
4.15%, 3/15/2037 (a)
   EUR 1,208,000   2,289,387
4.85%, 3/15/2026 (a)
   EUR 880,000   1,309,186
6.25%, 7/15/2027
   EUR 825,000   1,374,494
          28,120,332
BELGIUM — 4.5%          
Belgium Government Bond:          
Series 91, Zero Coupon, 10/22/2027 (a)
   EUR 850,000   1,028,579
Series 92, Zero Coupon, 10/22/2031
   EUR 500,000   586,612
Series 89, 0.10%, 6/22/2030
   EUR 900,000   1,081,509
Series 79, 0.20%, 10/22/2023 (a)
   EUR 855,000   1,033,828
 
See accompanying notes to financial statements.
33

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 90, 0.40%, 6/22/2040 (a)
   EUR 500,000   $ 570,270
Series 82, 0.50%, 10/22/2024 (a)
   EUR 1,170,000   1,439,010
Series 93, 0.65%, 6/22/2071 (a)
   EUR 400,000   393,207
Series 74, 0.80%, 6/22/2025 (a)
   EUR 1,777,000   2,221,244
Series 81, 0.80%, 6/22/2027 (a)
   EUR 1,200,000   1,522,483
Series 85, 0.80%, 6/22/2028 (a)
   EUR 1,366,000   1,741,099
Series 87, 0.90%, 6/22/2029 (a)
   EUR 1,467,000   1,885,504
Series 77, 1.00%, 6/22/2026 (a)
   EUR 1,590,000   2,023,783
Series 75, 1.00%, 6/22/2031 (a)
   EUR 1,499,000   1,950,205
Series 86, 1.25%, 4/22/2033
   EUR 967,000   1,292,690
Series 84, 1.45%, 6/22/2037 (a)
   EUR 420,000   574,461
Series 78, 1.60%, 6/22/2047 (a)
   EUR 1,035,000   1,448,424
Series 88, 1.70%, 6/22/2050 (a)
   EUR 750,000   1,073,774
Series 76, 1.90%, 6/22/2038 (a)
   EUR 695,000   1,012,715
Series 80, 2.15%, 6/22/2066 (a)
   EUR 555,000   918,850
Series 68, 2.25%, 6/22/2023
   EUR 1,206,000   1,513,135
Series 83, 2.25%, 6/22/2057 (a)
   EUR 594,000   980,319
Series 72, 2.60%, 6/22/2024 (a)
   EUR 1,262,000   1,641,502
Series 73, 3.00%, 6/22/2034 (a)
   EUR 835,000   1,336,935
Series 71, 3.75%, 6/22/2045
   EUR 845,000   1,664,826
Series 66, 4.00%, 3/28/2032
   EUR 859,000   1,447,540
Series 65, 4.25%, 9/28/2022 (a)
   EUR 1,140,000   1,435,199
Series 60, 4.25%, 3/28/2041 (a)
   EUR 1,830,000   3,643,467
Series 64, 4.50%, 3/28/2026 (a)
   EUR 911,000   1,339,807
Series 44, 5.00%, 3/28/2035 (a)
   EUR 1,802,000   3,500,330
Series 31, 5.50%, 3/28/2028
   EUR 1,697,000   2,817,294
          45,118,601
CANADA — 4.6%          
Canadian Government Bond:          
0.25%, 8/1/2022
   CAD 2,310,000   1,864,785
Security Description     Principal
Amount 		  Value
0.25%, 11/1/2022
   CAD 2,150,000   $ 1,733,914
0.25%, 2/1/2023
   CAD 2,995,000   2,413,375
0.25%, 5/1/2023
   CAD 720,000   579,325
0.25%, 4/1/2024
   CAD 1,265,000   1,010,427
0.25%, 3/1/2026
   CAD 1,100,000   858,889
0.50%, 9/1/2025
   CAD 3,460,000   2,750,349
0.50%, 12/1/2030
   CAD 2,000,000   1,488,856
1.00%, 9/1/2022
   CAD 2,230,000   1,815,272
1.00%, 6/1/2027
   CAD 1,249,000   1,003,664
1.25%, 3/1/2025
   CAD 1,470,000   1,207,387
1.25%, 6/1/2030
   CAD 3,339,000   2,676,523
1.25%, 6/1/2031
   CAD 500,000   405,987
1.50%, 6/1/2023
   CAD 1,585,000   1,305,610
1.50%, 9/1/2024
   CAD 1,589,000   1,315,452
1.50%, 6/1/2026
   CAD 1,403,000   1,161,000
1.75%, 3/1/2023
   CAD 2,362,000   1,949,694
2.00%, 9/1/2023
   CAD 2,779,000   2,316,063
2.00%, 6/1/2028
   CAD 1,350,000   1,151,187
2.00%, 12/1/2051
   CAD 3,630,000   3,038,436
2.25%, 3/1/2024
   CAD 1,523,000   1,283,454
2.25%, 6/1/2025
   CAD 910,000   776,032
2.25%, 6/1/2029
   CAD 1,435,000   1,247,473
2.50%, 6/1/2024
   CAD 1,180,000   1,003,870
2.75%, 12/1/2048
   CAD 1,117,000   1,082,546
2.75%, 12/1/2064
   CAD 385,000   389,189
3.50%, 12/1/2045
   CAD 1,423,000   1,536,118
4.00%, 6/1/2041
   CAD 1,008,000   1,127,194
5.00%, 6/1/2037
   CAD 1,020,000   1,214,264
Series WL43, 5.75%, 6/1/2029
   CAD 1,220,000   1,318,361
5.75%, 6/1/2033
   CAD 1,370,000   1,611,614
Series A55, 8.00%, 6/1/2023
   CAD 390,000   360,127
Series VW17, 8.00%, 6/1/2027
   CAD 370,000   416,530
Series A-76, 9.00%, 6/1/2025
   CAD 330,000   350,317
          45,763,284
CHILE — 0.3%          
Bonos de la Tesoreria de la Republica en pesos:          
2.30%, 10/1/2028 (a)
   CLP 50,000,000   59,436
2.50%, 3/1/2025
   CLP 395,000,000   526,789
4.00%, 3/1/2023 (a)
   CLP 225,000,000   318,178
4.50%, 3/1/2026
   CLP 310,000,000   443,760
4.70%, 9/1/2030 (a)
   CLP 340,000,000   469,298
5.00%, 3/1/2035
   CLP 415,000,000   570,887
5.10%, 7/15/2050
   CLP 95,000,000   126,210
Series 30YR, 6.00%, 1/1/2043
   CLP 280,000,000   425,282
          2,939,840
 
See accompanying notes to financial statements.
34

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
CHINA — 4.6%          
China Government Bond:          
Series INBK, 2.64%, 8/13/2022
   CNY 6,500,000   $ 1,004,423
Series 1904, 3.19%, 4/11/2024
   CNY 10,800,000   1,690,648
Series 1907, 3.25%, 6/6/2026
   CNY 25,000,000   3,921,328
Series 1827, 3.25%, 11/22/2028
   CNY 88,700,000   13,867,607
Series 1823, 3.29%, 10/18/2023
   CNY 89,400,000   14,039,531
Series INBK, 3.39%, 3/16/2050
   CNY 2,000,000   292,634
Series 1824, 4.08%, 10/22/2048
   CNY 63,930,000   10,590,965
          45,407,136
COLOMBIA — 0.5%          
Colombian TES:          
Series B, 6.00%, 4/28/2028
   COP 4,600,000,000   1,182,973
Series B, 7.00%, 6/30/2032
   COP 7,930,000,000   2,068,949
Series B, 7.50%, 8/26/2026
   COP 6,635,000,000   1,881,299
          5,133,221
CYPRUS — 0.1%          
Cyprus Government International Bond:          
Series EMTN, 1.25%, 1/21/2040
   EUR 100,000   120,921
Series EMTN, 2.38%, 9/25/2028
   EUR 250,000   343,763
Series EMTN, 2.75%, 6/27/2024
   EUR 50,000   64,781
Series EMTN, 2.75%, 2/26/2034
   EUR 100,000   147,458
Series EMTN, 2.75%, 5/3/2049
   EUR 100,000   159,838
Series EMTN, 3.75%, 7/26/2023
   EUR 110,000   141,733
Series EMTN, 4.25%, 11/4/2025
   EUR 100,000   141,694
Series EMTN, 4.25%, 11/4/2025
   EUR 70,000   99,186
          1,219,374
CZECH REPUBLIC — 0.7%          
Czech Republic Government Bond:          
Series 100, 0.25%, 2/10/2027
   CZK 6,160,000   263,887
Series 97, 0.45%, 10/25/2023
   CZK 10,650,000   484,040
Security Description     Principal
Amount 		  Value
Series 94, 0.95%, 5/15/2030
   CZK 10,730,000   $ 463,751
Series 95, 1.00%, 6/26/2026
   CZK 10,420,000   468,907
Series 121, 1.20%, 3/13/2031
   CZK 25,630,000   1,125,439
Series 120, 1.25%, 2/14/2025
   CZK 10,100,000   463,548
Series 125, 1.50%, 4/24/2040
   CZK 2,300,000   96,893
Series 103, 2.00%, 10/13/2033
   CZK 9,500,000   448,398
Series 89, 2.40%, 9/17/2025
   CZK 10,440,000   500,193
Series 78, 2.50%, 8/25/2028
   CZK 14,130,000   688,074
Series 105, 2.75%, 7/23/2029
   CZK 17,630,000   877,707
Series 49, 4.20%, 12/4/2036
   CZK 4,530,000   274,144
Series 52, 4.70%, 9/12/2022
   CZK 7,960,000   388,664
Series 53, 4.85%, 11/26/2057
   CZK 1,750,000   120,417
Series 58, 5.70%, 5/25/2024
   CZK 9,490,000   495,049
          7,159,111
DENMARK — 1.0%          
Denmark Government Bond:          
Series 3Y, 0.25%, 11/15/2022 (a)
   DKK 3,070,000   494,933
Series 30Y, 0.25%, 11/15/2052 (a)
   DKK 3,400,000   503,980
Series 10Y, 0.50%, 11/15/2027
   DKK 7,703,000   1,287,168
Series 10YR, 0.50%, 11/15/2029 (a)
   DKK 11,413,000   1,910,882
1.50%, 11/15/2023
   DKK 5,805,000   970,861
1.75%, 11/15/2025
   DKK 6,968,000   1,217,370
4.50%, 11/15/2039
   DKK 10,686,000   2,997,305
7.00%, 11/10/2024
   DKK 1,002,000   200,397
          9,582,896
ESTONIA — 0.0% (b)          
Estonia Government International Bond 0.13%, 6/10/2030
   EUR 100,000   118,743
FINLAND — 1.2%          
Finland Government Bond:          
Zero Coupon, 9/15/2023 (a)
   EUR 495,000   595,406
Zero Coupon, 9/15/2024 (a)
   EUR 305,000   368,931
0.13%, 4/15/2036 (a)
   EUR 400,000   463,305
 
See accompanying notes to financial statements.
35

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
0.25%, 9/15/2040 (a)
   EUR 397,000   $ 457,805
0.50%, 4/15/2026 (a)
   EUR 531,000   659,999
0.50%, 9/15/2027 (a)
   EUR 590,000   737,333
0.50%, 9/15/2028 (a)
   EUR 512,000   641,256
0.50%, 9/15/2029 (a)
   EUR 773,000   967,710
0.75%, 4/15/2031 (a)
   EUR 522,000   666,784
0.88%, 9/15/2025 (a)
   EUR 393,000   494,329
1.13%, 4/15/2034 (a)
   EUR 443,000   589,557
Series 30Y, 1.38%, 4/15/2047 (a)
   EUR 489,000   707,761
1.50%, 4/15/2023 (a)
   EUR 430,000   529,641
1.63%, 9/15/2022 (a)
   EUR 440,000   536,073
2.00%, 4/15/2024 (a)
   EUR 497,000   633,442
2.63%, 7/4/2042 (a)
   EUR 534,000   919,912
2.75%, 7/4/2028 (a)
   EUR 565,000   816,034
4.00%, 7/4/2025 (a)
   EUR 561,000   789,157
          11,574,435
FRANCE — 4.6%          
France Government Bond OAT:          
Zero Coupon, 2/25/2023
   EUR 500,000   599,201
Zero Coupon, 3/25/2023
   EUR 706,000   846,539
Zero Coupon, 3/25/2024
   EUR 900,000   1,085,221
Zero Coupon, 3/25/2025
   EUR 805,000   973,504
Zero Coupon, 2/25/2026
   EUR 800,000   968,152
Zero Coupon, 11/25/2029
   EUR 991,000   1,181,764
Zero Coupon, 11/25/2030
   EUR 950,000   1,123,232
Zero Coupon, 11/25/2031
   EUR 300,000   351,043
0.25%, 11/25/2026
   EUR 847,000   1,039,093
0.50%, 5/25/2025
   EUR 820,000   1,011,473
0.50%, 5/25/2026
   EUR 768,000   952,939
0.50%, 5/25/2029
   EUR 813,000   1,011,573
0.50%, 5/25/2040 (a)
   EUR 451,000   523,721
0.50%, 5/25/2072 (a)
   EUR 150,000   137,009
0.75%, 5/25/2028
   EUR 1,058,000   1,339,680
0.75%, 11/25/2028
   EUR 821,000   1,040,982
0.75%, 5/25/2052 (a)
   EUR 600,000   679,734
1.00%, 11/25/2025
   EUR 870,000   1,099,539
1.00%, 5/25/2027
   EUR 1,113,000   1,423,837
1.25%, 5/25/2034
   EUR 835,000   1,108,935
1.25%, 5/25/2036 (a)
   EUR 660,000   876,336
1.50%, 5/25/2031
   EUR 1,095,000   1,483,081
1.50%, 5/25/2050 (a)
   EUR 830,000   1,143,504
1.75%, 5/25/2023
   EUR 1,104,000   1,368,988
1.75%, 11/25/2024
   EUR 1,000,000   1,280,275
1.75%, 6/25/2039 (a)
   EUR 550,000   791,425
1.75%, 5/25/2066 (a)
   EUR 285,000   424,946
Security Description     Principal
Amount 		  Value
2.00%, 5/25/2048 (a)
   EUR 615,000   $ 938,515
2.25%, 10/25/2022
   EUR 750,000   923,588
2.25%, 5/25/2024
   EUR 740,000   950,929
2.50%, 5/25/2030
   EUR 1,111,000   1,617,035
2.75%, 10/25/2027
   EUR 1,115,000   1,580,563
3.25%, 5/25/2045
   EUR 585,000   1,080,213
3.50%, 4/25/2026
   EUR 810,000   1,145,616
4.00%, 10/25/2038
   EUR 726,000   1,365,897
4.00%, 4/25/2055 (a)
   EUR 374,000   839,596
4.00%, 4/25/2060
   EUR 382,000   895,595
4.25%, 10/25/2023
   EUR 1,050,000   1,387,599
4.50%, 4/25/2041
   EUR 810,000   1,665,130
4.75%, 4/25/2035
   EUR 615,000   1,169,616
5.50%, 4/25/2029
   EUR 755,000   1,294,812
5.75%, 10/25/2032
   EUR 745,000   1,442,749
6.00%, 10/25/2025
   EUR 700,000   1,066,588
8.50%, 4/25/2023
   EUR 201,000   278,134
          45,507,901
GERMANY — 4.6%          
Bundesrepublik Deutschland:          
Zero Coupon, 9/16/2022
   EUR 496,000   593,062
Zero Coupon, 8/15/2026
   EUR 887,000   1,083,396
Zero Coupon, 8/15/2029
   EUR 800,000   977,186
Zero Coupon, 8/15/2030
   EUR 1,647,000   2,006,863
Series G, Zero Coupon, 8/15/2030
   EUR 200,000   244,831
Zero Coupon, 2/15/2031
   EUR 600,000   728,908
Zero Coupon, 8/15/2050
   EUR 850,000   926,571
0.25%, 2/15/2027
   EUR 1,082,000   1,341,276
0.25%, 8/15/2028
   EUR 630,000   785,015
0.50%, 8/15/2027
   EUR 1,020,000   1,285,924
0.50%, 2/15/2028
   EUR 595,000   752,223
1.25%, 8/15/2048
   EUR 849,000   1,270,001
Series 98, 4.75%, 7/4/2028
   EUR 419,000   683,815
Series 08, 4.75%, 7/4/2040
   EUR 100,000   224,568
Series 94, 6.25%, 1/4/2024
   EUR 465,000   648,349
Federal Republic of Germany:          
Series 176, Zero Coupon, 10/7/2022
   EUR 660,000   789,561
Series 177, Zero Coupon, 4/14/2023
   EUR 965,000   1,158,562
Series 178, Zero Coupon, 10/13/2023
   EUR 605,000   729,110
Series 179, Zero Coupon, 4/5/2024
   EUR 550,000   664,560
 
See accompanying notes to financial statements.
36

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 180, Zero Coupon, 10/18/2024
   EUR 800,000   $ 969,782
Series 181, Zero Coupon, 4/11/2025
   EUR 750,000   911,478
Series 182, Zero Coupon, 10/10/2025
   EUR 670,000   816,213
Series G, Zero Coupon, 10/10/2025
   EUR 205,000   250,011
Series 183, Zero Coupon, 4/10/2026
   EUR 450,000   548,877
Zero Coupon, 2/15/2030
   EUR 831,000   1,014,583
Zero Coupon, 5/15/2035
   EUR 650,000   771,868
0.25%, 2/15/2029
   EUR 866,000   1,079,385
0.50%, 2/15/2025
   EUR 798,000   986,989
0.50%, 2/15/2026
   EUR 853,000   1,064,643
1.00%, 8/15/2024
   EUR 765,000   955,677
1.00%, 8/15/2025
   EUR 868,000   1,100,118
1.50%, 9/4/2022
   EUR 520,000   632,693
1.50%, 2/15/2023
   EUR 560,000   687,819
1.50%, 5/15/2023
   EUR 695,000   858,323
1.50%, 5/15/2024
   EUR 774,000   976,320
1.75%, 7/4/2022
   EUR 936,000   1,137,198
1.75%, 2/15/2024
   EUR 650,000   820,867
2.00%, 8/15/2023
   EUR 550,000   689,971
2.50%, 7/4/2044
   EUR 882,000   1,604,390
2.50%, 8/15/2046
   EUR 929,000   1,723,068
3.25%, 7/4/2042
   EUR 614,000   1,206,118
Series 05, 4.00%, 1/4/2037
   EUR 742,000   1,433,108
Series 2007, 4.25%, 7/4/2039
   EUR 450,000   940,186
Series 03, 4.75%, 7/4/2034
   EUR 655,000   1,279,107
Series 08, 4.75%, 7/4/2040
   EUR 493,000   1,107,118
Series 00, 5.50%, 1/4/2031
   EUR 690,000   1,282,590
Series 98, 5.63%, 1/4/2028
   EUR 425,000   710,704
Series 00, 6.25%, 1/4/2030
   EUR 183,000   342,760
Series 97, 6.50%, 7/4/2027
   EUR 400,000   679,671
          45,475,416
HONG KONG — 0.1%          
Hong Kong Government Bond Programme:          
1.10%, 1/17/2023
   HKD 1,700,000   222,286
1.25%, 6/29/2027
   HKD 450,000   59,144
1.68%, 1/21/2026
   HKD 1,350,000   181,326
1.89%, 3/2/2032
   HKD 300,000   40,752
1.97%, 1/17/2029
   HKD 600,000   82,301
2.02%, 3/7/2034
   HKD 300,000   41,150
2.13%, 7/16/2030
   HKD 450,000   62,448
Security Description     Principal
Amount 		  Value
2.22%, 8/7/2024
   HKD 800,000   $ 108,745
          798,152
HUNGARY — 0.5%          
Hungary Government Bond:          
Series 25/C, 1.00%, 11/26/2025
   HUF 32,000,000   103,685
Series 23/C, 1.50%, 8/23/2023
   HUF 46,000,000   156,055
Series 26/E, 1.50%, 4/22/2026
   HUF 112,000,000   369,145
Series 22/B, 1.75%, 10/26/2022
   HUF 89,020,000   303,792
Series 29/A, 2.00%, 5/23/2029
   HUF 17,000,000   55,861
Series 33/A, 2.25%, 4/20/2033
   HUF 40,000,000   126,733
Series 24/C, 2.50%, 10/24/2024
   HUF 105,000,000   363,353
Series 26/D, 2.75%, 12/22/2026
   HUF 99,080,000   345,200
Series 24/B, 3.00%, 6/26/2024
   HUF 118,130,000   414,688
Series 27/A, 3.00%, 10/27/2027
   HUF 110,260,000   389,144
Series 30/A, 3.00%, 8/21/2030
   HUF 141,000,000   496,489
Series 38/A, 3.00%, 10/27/2038
   HUF 41,500,000   136,346
Series 41/A, 3.00%, 4/25/2041
   HUF 45,000,000   143,695
Series 31/A, 3.25%, 10/22/2031
   HUF 85,000,000   303,867
Series 25/B, 5.50%, 6/24/2025
   HUF 113,650,000   436,319
Series 23/A, 6.00%, 11/24/2023
   HUF 122,760,000   458,520
Series 28/A, 6.75%, 10/22/2028
   HUF 92,270,000   402,368
          5,005,260
INDONESIA — 2.1%          
Indonesia Treasury Bond:          
Series FR63, 5.63%, 5/15/2023
   IDR 15,921,000,000   1,121,936
Series FR64, 6.13%, 5/15/2028
   IDR 63,860,000,000   4,399,734
Series FR65, 6.63%, 5/15/2033
   IDR 60,700,000,000   4,164,062
Series FR59, 7.00%, 5/15/2027
   IDR 36,050,000,000   2,633,142
Series FR75, 7.50%, 5/15/2038
   IDR 75,700,000,000   5,343,376
Series FR70, 8.38%, 3/15/2024
   IDR 42,770,000,000   3,220,345
          20,882,595
 
See accompanying notes to financial statements.
37

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
IRELAND — 1.6%          
Ireland Government Bond:          
Zero Coupon, 10/18/2022
   EUR 425,000   $ 507,815
0.20%, 5/15/2027
   EUR 650,000   792,357
0.20%, 10/18/2030
   EUR 850,000   1,020,039
0.40%, 5/15/2035
   EUR 400,000   475,973
0.55%, 4/22/2041
   EUR 400,000   461,611
0.90%, 5/15/2028
   EUR 768,000   978,251
1.00%, 5/15/2026
   EUR 1,100,000   1,393,392
1.10%, 5/15/2029
   EUR 900,000   1,165,490
1.30%, 5/15/2033
   EUR 554,000   737,814
1.35%, 3/18/2031
   EUR 715,000   953,058
1.50%, 5/15/2050
   EUR 650,000   894,757
1.70%, 5/15/2037
   EUR 555,000   781,521
2.00%, 2/18/2045
   EUR 765,000   1,161,869
2.40%, 5/15/2030
   EUR 750,000   1,078,873
3.40%, 3/18/2024
   EUR 764,000   1,003,435
3.90%, 3/20/2023
   EUR 715,000   913,297
5.40%, 3/13/2025
   EUR 969,000   1,400,831
          15,720,383
ISRAEL — 0.9%          
Israel Government Bond:          
Series 0723, 0.15%, 7/31/2023
   ILS 1,600,000   490,888
Series 0425, 0.50%, 4/30/2025
   ILS 2,450,000   756,128
Series 0722, 0.75%, 7/31/2022
   ILS 1,795,000   552,313
Series 0330, 1.00%, 3/31/2030
   ILS 1,575,000   478,145
Series 1122, 1.25%, 11/30/2022
   ILS 1,350,000   420,891
Series 1123, 1.50%, 11/30/2023
   ILS 1,690,000   534,849
Series 0537, 1.50%, 5/31/2037
   ILS 1,500,000   435,696
Series 0825, 1.75%, 8/31/2025
   ILS 1,904,000   617,083
Series 0327, 2.00%, 3/31/2027
   ILS 1,590,000   525,995
Series 0928, 2.25%, 9/28/2028
   ILS 1,700,000   572,089
Series 0324, 3.75%, 3/31/2024
   ILS 1,517,000   510,453
Series 0347, 3.75%, 3/31/2047
   ILS 2,085,000   818,642
Series 0323, 4.25%, 3/31/2023
   ILS 1,469,000   483,184
Series 0142, 5.50%, 1/31/2042
   ILS 1,955,000   948,129
Series 1026, 6.25%, 10/30/2026
   ILS 1,490,000   594,660
          8,739,145
Security Description     Principal
Amount 		  Value
ITALY — 4.6%          
Italy Buoni Poliennali Del Tesoro:          
Zero Coupon, 1/15/2024
   EUR 500,000   $ 596,561
0.35%, 2/1/2025
   EUR 475,000   572,440
0.50%, 2/1/2026
   EUR 550,000   665,342
0.65%, 10/15/2023
   EUR 370,000   448,349
0.90%, 8/1/2022
   EUR 370,000   445,102
0.90%, 4/1/2031
   EUR 594,000   712,595
0.95%, 3/1/2023
   EUR 435,000   527,338
0.95%, 3/15/2023
   EUR 365,000   442,641
0.95%, 8/1/2030
   EUR 250,000   302,932
1.00%, 7/15/2022
   EUR 400,000   481,435
1.25%, 12/1/2026
   EUR 688,000   862,651
1.35%, 4/1/2030
   EUR 500,000   628,022
1.45%, 11/15/2024
   EUR 334,000   417,361
1.45%, 5/15/2025
   EUR 350,000   439,322
1.45%, 3/1/2036 (a)
   EUR 251,000   306,746
1.60%, 6/1/2026
   EUR 657,000   835,878
1.65%, 12/1/2030 (a)
   EUR 600,000   770,169
1.70%, 9/1/2051 (a)
   EUR 400,000   459,215
1.75%, 7/1/2024
   EUR 400,000   501,873
1.80%, 3/1/2041 (a)
   EUR 200,000   247,627
1.85%, 5/15/2024
   EUR 355,000   445,895
2.00%, 2/1/2028
   EUR 670,000   878,522
2.05%, 8/1/2027
   EUR 590,000   773,421
2.20%, 6/1/2027
   EUR 610,000   805,346
2.25%, 9/1/2036 (a)
   EUR 295,000   398,253
Series 5Y, 2.45%, 10/1/2023
   EUR 385,000   485,016
2.45%, 9/1/2033 (a)
   EUR 470,000   647,828
2.50%, 11/15/2025
   EUR 478,000   628,536
2.80%, 12/1/2028
   EUR 558,000   773,182
2.80%, 3/1/2067 (a)
   EUR 245,000   342,968
2.95%, 9/1/2038 (a)
   EUR 327,000   480,236
3.00%, 8/1/2029
   EUR 602,000   851,076
3.10%, 3/1/2040 (a)
   EUR 473,000   709,552
3.45%, 3/1/2048 (a)
   EUR 441,000   711,379
3.85%, 9/1/2049 (a)
   EUR 280,000   483,584
7.25%, 11/1/2026
   EUR 316,000   515,978
9.00%, 11/1/2023
   EUR 250,000   360,810
Republic of Italy:          
0.05%, 1/15/2023 (a)
   EUR 300,000   358,242
0.30%, 8/15/2023 (a)
   EUR 650,000   780,933
0.60%, 6/15/2023
   EUR 350,000   422,868
1.45%, 9/15/2022
   EUR 360,000   436,516
1.50%, 6/1/2025
   EUR 354,000   445,459
1.65%, 3/1/2032 (a)
   EUR 627,000   802,604
1.85%, 7/1/2025 (a)
   EUR 400,000   509,890
2.00%, 12/1/2025
   EUR 407,000   524,730
2.10%, 7/15/2026
   EUR 150,000   195,474
Series CAC, 2.45%, 9/1/2050 (a)
   EUR 350,000   474,519
2.50%, 12/1/2024
   EUR 542,000   700,546
 
See accompanying notes to financial statements.
38

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
2.70%, 3/1/2047 (a)
   EUR 335,000   $ 476,352
3.25%, 9/1/2046 (a)
   EUR 481,000   748,560
3.35%, 3/1/2035 (a)
   EUR 600,000   907,783
3.50%, 3/1/2030 (a)
   EUR 770,000   1,133,761
3.75%, 9/1/2024
   EUR 430,000   573,374
4.00%, 2/1/2037 (a)
   EUR 762,000   1,246,456
4.50%, 5/1/2023
   EUR 430,000   555,676
4.50%, 3/1/2024
   EUR 665,000   888,069
4.50%, 3/1/2026 (a)
   EUR 757,000   1,083,678
4.75%, 8/1/2023 (a)
   EUR 530,000   695,487
4.75%, 9/1/2028 (a)
   EUR 731,000   1,128,515
4.75%, 9/1/2044 (a)
   EUR 407,000   771,974
5.00%, 3/1/2025 (a)
   EUR 550,000   774,411
5.00%, 8/1/2034 (a)
   EUR 452,000   789,782
5.00%, 8/1/2039 (a)
   EUR 579,000   1,079,873
5.00%, 9/1/2040 (a)
   EUR 470,000   884,543
5.25%, 11/1/2029
   EUR 757,000   1,238,964
5.50%, 9/1/2022
   EUR 400,000   507,139
5.50%, 11/1/2022
   EUR 650,000   831,469
5.75%, 2/1/2033
   EUR 439,000   795,139
6.00%, 5/1/2031
   EUR 550,000   976,599
6.50%, 11/1/2027
   EUR 530,000   870,934
          45,565,500
JAPAN — 22.9%          
Government of Japan 5 Year Bond:          
Series 133, 0.10%, 9/20/2022
   JPY 146,150,000   1,320,051
Series 134, 0.10%, 12/20/2022
   JPY 285,150,000   2,576,884
Series 135, 0.10%, 3/20/2023
   JPY 187,300,000   1,693,631
Series 136, 0.10%, 6/20/2023
   JPY 115,000,000   1,040,419
Series 137, 0.10%, 9/20/2023
   JPY 188,200,000   1,703,872
Series 138, 0.10%, 12/20/2023
   JPY 274,350,000   2,485,538
Series 139, 0.10%, 3/20/2024
   JPY 275,000,000   2,492,939
Series 140, 0.10%, 6/20/2024
   JPY 153,000,000   1,387,904
Series 141, 0.10%, 9/20/2024
   JPY 171,550,000   1,556,964
Series 142, 0.10%, 12/20/2024
   JPY 180,000,000   1,634,580
Series 143, 0.10%, 3/20/2025
   JPY 563,000,000   5,115,088
Series 144, 0.10%, 6/20/2025
   JPY 283,100,000   2,573,636
Series 145, 0.10%, 9/20/2025
   JPY 300,000,000   2,727,921
Series 146, 0.10%, 12/20/2025
   JPY 139,000,000   1,264,000
Security Description     Principal
Amount 		  Value
Government of Japan 10 Year Bond:          
Series 342, 0.10%, 3/20/2026
   JPY 230,500,000   $ 2,096,431
Series 343, 0.10%, 6/20/2026
   JPY 190,000,000   1,728,505
Series 344, 0.10%, 9/20/2026
   JPY 314,550,000   2,861,501
Series 345, 0.10%, 12/20/2026
   JPY 262,250,000   2,387,470
Series 346, 0.10%, 3/20/2027
   JPY 377,250,000   3,435,222
Series 347, 0.10%, 6/20/2027
   JPY 197,000,000   1,794,761
Series 348, 0.10%, 9/20/2027
   JPY 189,000,000   1,722,150
Series 349, 0.10%, 12/20/2027
   JPY 220,200,000   2,006,838
Series 350, 0.10%, 3/20/2028
   JPY 277,550,000   2,529,584
Series 351, 0.10%, 6/20/2028
   JPY 197,500,000   1,799,903
Series 352, 0.10%, 9/20/2028
   JPY 213,400,000   1,944,518
Series 353, 0.10%, 12/20/2028
   JPY 195,000,000   1,776,347
Series 354, 0.10%, 3/20/2029
   JPY 160,000,000   1,457,140
Series 355, 0.10%, 6/20/2029
   JPY 210,000,000   1,911,645
Series 356, 0.10%, 9/20/2029
   JPY 325,000,000   2,956,273
Series 357, 0.10%, 12/20/2029
   JPY 265,000,000   2,408,757
Series 358, 0.10%, 3/20/2030
   JPY 152,500,000   1,385,072
Series 359, 0.10%, 6/20/2030
   JPY 565,000,000   5,128,626
Series 361, 0.10%, 12/20/2030
   JPY 257,950,000   2,336,052
Series 337, 0.30%, 12/20/2024
   JPY 116,750,000   1,067,465
Series 341, 0.30%, 12/20/2025
   JPY 204,150,000   1,872,794
Series 338, 0.40%, 3/20/2025
   JPY 364,450,000   3,347,824
Series 339, 0.40%, 6/20/2025
   JPY 341,500,000   3,141,252
Series 340, 0.40%, 9/20/2025
   JPY 297,150,000   2,736,302
Series 335, 0.50%, 9/20/2024
   JPY 219,250,000   2,015,188
Series 336, 0.50%, 12/20/2024
   JPY 98,700,000   908,655
Series 328, 0.60%, 3/20/2023
   JPY 375,550,000   3,424,513
 
See accompanying notes to financial statements.
39

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 331, 0.60%, 9/20/2023
   JPY 77,000,000   $ 704,822
Series 332, 0.60%, 12/20/2023
   JPY 245,000,000   2,246,411
Series 333, 0.60%, 3/20/2024
   JPY 238,250,000   2,188,921
Series 334, 0.60%, 6/20/2024
   JPY 252,950,000   2,328,307
Series 326, 0.70%, 12/20/2022
   JPY 85,000,000   774,887
Series 325, 0.80%, 9/20/2022
   JPY 226,500,000   2,063,213
Series 327, 0.80%, 12/20/2022
   JPY 160,600,000   1,466,208
Series 329, 0.80%, 6/20/2023
   JPY 254,400,000   2,333,127
Series 330, 0.80%, 9/20/2023
   JPY 195,750,000   1,799,651
Government of Japan 2 Year Bond:          
Series 414, 0.10%, 7/1/2022
   JPY 111,000,000   1,002,220
Series 416, 0.10%, 9/1/2022
   JPY 230,500,000   2,082,018
Series 417, 0.10%, 10/1/2022
   JPY 95,000,000   858,278
Series 418, 0.10%, 11/1/2022
   JPY 95,000,000   858,432
Series 419, 0.10%, 12/1/2022
   JPY 100,000,000   903,784
Government of Japan 20 Year Bond:          
Series 157, 0.20%, 6/20/2036
   JPY 124,650,000   1,113,090
Series 169, 0.30%, 6/20/2039
   JPY 45,000,000   399,401
Series 170, 0.30%, 9/20/2039
   JPY 145,600,000   1,288,742
Series 171, 0.30%, 12/20/2039
   JPY 110,400,000   975,616
Series 156, 0.40%, 3/20/2036
   JPY 93,900,000   863,822
Series 168, 0.40%, 3/20/2039
   JPY 100,000,000   904,613
Series 172, 0.40%, 3/20/2040
   JPY 245,000,000   2,202,152
Series 173, 0.40%, 6/20/2040
   JPY 68,850,000   617,094
Series 174, 0.40%, 9/20/2040
   JPY 80,000,000   716,475
Series 158, 0.50%, 9/20/2036
   JPY 90,300,000   840,980
Series 164, 0.50%, 3/20/2038
   JPY 139,800,000   1,293,342
Series 165, 0.50%, 6/20/2038
   JPY 360,000,000   3,326,408
Security Description     Principal
Amount 		  Value
Series 167, 0.50%, 12/20/2038
   JPY 85,000,000   $ 783,365
Series 175, 0.50%, 12/20/2040
   JPY 15,000,000   136,584
Series 159, 0.60%, 12/20/2036
   JPY 90,050,000   850,116
Series 161, 0.60%, 6/20/2037
   JPY 97,150,000   915,778
Series 162, 0.60%, 9/20/2037
   JPY 80,000,000   753,444
Series 163, 0.60%, 12/20/2037
   JPY 96,000,000   903,580
Series 160, 0.70%, 3/20/2037
   JPY 101,450,000   970,854
Series 166, 0.70%, 9/20/2038
   JPY 95,000,000   905,072
Series 62, 0.80%, 6/20/2023
   JPY 60,000,000   550,244
Series 61, 1.00%, 3/20/2023
   JPY 47,500,000   436,076
Series 155, 1.00%, 12/20/2035
   JPY 133,800,000   1,335,167
Series 151, 1.20%, 12/20/2034
   JPY 130,000,000   1,325,464
Series 152, 1.20%, 3/20/2035
   JPY 95,000,000   969,190
Series 154, 1.20%, 9/20/2035
   JPY 104,950,000   1,073,092
Series 153, 1.30%, 6/20/2035
   JPY 110,000,000   1,137,552
Series 60, 1.40%, 12/20/2022
   JPY 50,000,000   460,456
Series 150, 1.40%, 9/20/2034
   JPY 292,350,000   3,046,298
Series 144, 1.50%, 3/20/2033
   JPY 66,200,000   690,528
Series 148, 1.50%, 3/20/2034
   JPY 110,000,000   1,155,610
Series 149, 1.50%, 6/20/2034
   JPY 100,000,000   1,052,257
Series 136, 1.60%, 3/20/2032
   JPY 100,600,000   1,051,338
Series 143, 1.60%, 3/20/2033
   JPY 60,000,000   632,165
Series 147, 1.60%, 12/20/2033
   JPY 150,000,000   1,590,022
Series 140, 1.70%, 9/20/2032
   JPY 100,000,000   1,059,546
Series 141, 1.70%, 12/20/2032
   JPY 130,000,000   1,380,209
Series 145, 1.70%, 6/20/2033
   JPY 156,150,000   1,665,849
Series 146, 1.70%, 9/20/2033
   JPY 175,000,000   1,870,934
Series 122, 1.80%, 9/20/2030
   JPY 95,050,000   995,589
 
See accompanying notes to financial statements.
40

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 130, 1.80%, 9/20/2031
   JPY 134,100,000   $ 1,419,909
Series 133, 1.80%, 12/20/2031
   JPY 166,550,000   1,767,855
Series 142, 1.80%, 12/20/2032
   JPY 166,650,000   1,786,304
Series 58, 1.90%, 9/20/2022
   JPY 46,500,000   429,200
Series 65, 1.90%, 12/20/2023
   JPY 55,000,000   520,243
Series 108, 1.90%, 12/20/2028
   JPY 51,350,000   530,179
Series 109, 1.90%, 3/20/2029
   JPY 54,300,000   562,564
Series 121, 1.90%, 9/20/2030
   JPY 48,600,000   513,078
Series 73, 2.00%, 12/20/2024
   JPY 35,000,000   338,604
Series 77, 2.00%, 3/20/2025
   JPY 30,000,000   291,645
Series 93, 2.00%, 3/20/2027
   JPY 30,000,000   302,657
Series 72, 2.10%, 9/20/2024
   JPY 70,000,000   676,021
Series 82, 2.10%, 9/20/2025
   JPY 45,000,000   443,403
Series 92, 2.10%, 12/20/2026
   JPY 63,800,000   643,932
Series 94, 2.10%, 3/20/2027
   JPY 81,000,000   821,363
Series 96, 2.10%, 6/20/2027
   JPY 43,000,000   438,225
Series 99, 2.10%, 12/20/2027
   JPY 90,000,000   925,664
Series 105, 2.10%, 9/20/2028
   JPY 54,000,000   562,575
Series 107, 2.10%, 12/20/2028
   JPY 50,000,000   522,993
Series 113, 2.10%, 9/20/2029
   JPY 96,250,000   1,018,157
Series 117, 2.10%, 3/20/2030
   JPY 99,600,000   1,060,809
Series 90, 2.20%, 9/20/2026
   JPY 45,300,000   457,032
Series 97, 2.20%, 9/20/2027
   JPY 84,700,000   871,954
Series 100, 2.20%, 3/20/2028
   JPY 83,000,000   862,358
Series 106, 2.20%, 9/20/2028
   JPY 50,000,000   524,169
Series 115, 2.20%, 12/20/2029
   JPY 75,000,000   801,788
Series 125, 2.20%, 3/20/2031
   JPY 48,650,000   529,198
Series 95, 2.30%, 6/20/2027
   JPY 50,000,000   514,970
Security Description     Principal
Amount 		  Value
Series 102, 2.40%, 6/20/2028
   JPY 58,600,000   $ 619,030
Government of Japan 30 Year Bond:          
Series 51, 0.30%, 6/20/2046
   JPY 60,000,000   506,175
Series 63, 0.40%, 6/20/2049
   JPY 55,000,000   463,622
Series 64, 0.40%, 9/20/2049
   JPY 60,000,000   504,072
Series 65, 0.40%, 12/20/2049
   JPY 52,350,000   438,940
Series 66, 0.40%, 3/20/2050
   JPY 60,000,000   502,570
Series 52, 0.50%, 9/20/2046
   JPY 62,500,000   552,387
Series 62, 0.50%, 3/20/2049
   JPY 100,000,000   867,673
Series 53, 0.60%, 12/20/2046
   JPY 59,650,000   538,898
Series 67, 0.60%, 6/20/2050
   JPY 95,000,000   838,001
Series 68, 0.60%, 9/20/2050
   JPY 90,000,000   793,004
Series 59, 0.70%, 6/20/2048
   JPY 57,000,000   522,968
Series 61, 0.70%, 12/20/2048
   JPY 75,000,000   685,575
Series 69, 0.70%, 12/20/2050
   JPY 90,000,000   813,722
Series 50, 0.80%, 3/20/2046
   JPY 49,650,000   471,185
Series 54, 0.80%, 3/20/2047
   JPY 80,750,000   763,236
Series 55, 0.80%, 6/20/2047
   JPY 44,650,000   421,530
Series 56, 0.80%, 9/20/2047
   JPY 48,750,000   459,266
Series 57, 0.80%, 12/20/2047
   JPY 68,250,000   642,758
Series 58, 0.80%, 3/20/2048
   JPY 77,150,000   725,998
Series 60, 0.90%, 9/20/2048
   JPY 51,650,000   496,085
Series 48, 1.40%, 9/20/2045
   JPY 84,350,000   905,058
Series 49, 1.40%, 12/20/2045
   JPY 59,650,000   640,134
Series 45, 1.50%, 12/20/2044
   JPY 50,000,000   545,603
Series 46, 1.50%, 3/20/2045
   JPY 69,650,000   760,465
Series 47, 1.60%, 6/20/2045
   JPY 102,850,000   1,143,916
Series 11, 1.70%, 6/20/2033
   JPY 42,150,000   449,667
 
See accompanying notes to financial statements.
41

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 41, 1.70%, 12/20/2043
   JPY 103,000,000   $ 1,160,052
Series 42, 1.70%, 3/20/2044
   JPY 49,650,000   559,722
Series 43, 1.70%, 6/20/2044
   JPY 100,550,000   1,134,641
Series 44, 1.70%, 9/20/2044
   JPY 67,000,000   757,555
Series 38, 1.80%, 3/20/2043
   JPY 50,000,000   570,605
Series 40, 1.80%, 9/20/2043
   JPY 70,000,000   800,456
Series 37, 1.90%, 9/20/2042
   JPY 85,000,000   983,079
Series 39, 1.90%, 6/20/2043
   JPY 53,500,000   621,042
Series 13, 2.00%, 12/20/2033
   JPY 60,000,000   662,454
Series 33, 2.00%, 9/20/2040
   JPY 91,200,000   1,058,089
Series 35, 2.00%, 9/20/2041
   JPY 94,750,000   1,105,935
Series 36, 2.00%, 3/20/2042
   JPY 121,750,000   1,425,415
Series 34, 2.20%, 3/20/2041
   JPY 74,900,000   896,695
Series 21, 2.30%, 12/20/2035
   JPY 30,000,000   349,191
Series 25, 2.30%, 12/20/2036
   JPY 18,400,000   216,370
Series 30, 2.30%, 3/20/2039
   JPY 97,950,000   1,168,455
Series 32, 2.30%, 3/20/2040
   JPY 63,650,000   767,912
Series 26, 2.40%, 3/20/2037
   JPY 40,000,000   476,929
Series 29, 2.40%, 9/20/2038
   JPY 50,000,000   603,735
Series 16, 2.50%, 9/20/2034
   JPY 20,000,000   234,275
Series 20, 2.50%, 9/20/2035
   JPY 30,000,000   355,770
Series 22, 2.50%, 3/20/2036
   JPY 40,000,000   476,922
Series 24, 2.50%, 9/20/2036
   JPY 30,000,000   360,003
Series 27, 2.50%, 9/20/2037
   JPY 47,950,000   581,206
Government of Japan 40 Year Bond:          
Series 9, 0.40%, 3/20/2056
   JPY 148,600,000   1,202,925
Series 12, 0.50%, 3/20/2059
   JPY 75,000,000   620,651
Series 13, 0.50%, 3/20/2060
   JPY 92,000,000   758,604
Security Description     Principal
Amount 		  Value
Series 11, 0.80%, 3/20/2058
   JPY 73,000,000   $ 668,970
Series 10, 0.90%, 3/20/2057
   JPY 121,750,000   1,151,826
Series 8, 1.40%, 3/20/2055
   JPY 58,750,000   635,124
Series 7, 1.70%, 3/20/2054
   JPY 75,000,000   867,686
Series 6, 1.90%, 3/20/2053
   JPY 44,000,000   529,415
Series 5, 2.00%, 3/20/2052
   JPY 40,000,000   488,750
Series 2, 2.20%, 3/20/2049
   JPY 41,650,000   523,197
Series 3, 2.20%, 3/20/2050
   JPY 29,650,000   373,605
Series 4, 2.20%, 3/20/2051
   JPY 38,050,000   480,947
Series 1, 2.40%, 3/20/2048
   JPY 42,000,000   543,919
Japan Government 10 Year Bond Series 362, 0.10%, 3/20/2031
   JPY 50,000,000   452,185
Japan Government 2 Year Bond Series 420, 0.10%, 1/1/2023
   JPY 190,000,000   1,717,344
Japan Government 20 Year Bond Series 176, 0.50%, 3/20/2041
   JPY 30,000,000   272,757
Japan Government 30 Year Bond Series 70, 0.70%, 3/20/2051
   JPY 50,000,000   451,077
Japan Government Ten Year Bond Series 360, 0.10%, 9/20/2030
   JPY 400,000,000   3,626,993
          227,503,478
LATVIA — 0.1%          
Republic of Latvia:          
0.38%, 10/7/2026
   EUR 300,000   366,426
Series GMTN, 1.38%, 9/23/2025
   EUR 100,000   126,892
1.38%, 5/16/2036
   EUR 250,000   340,275
Series 7, 2.25%, 2/15/2047
   EUR 100,000   166,574
Series EMTN, 2.88%, 4/30/2024
   EUR 100,000   129,705
          1,129,872
LITHUANIA — 0.1%          
Lithuania Government International Bond:          
Series EMTN, 0.75%, 5/6/2030
   EUR 150,000   187,889
Series EMTN, 0.95%, 5/26/2027
   EUR 170,000   214,200
Series EMTN, 1.25%, 10/22/2025
   EUR 150,000   190,417
 
See accompanying notes to financial statements.
42

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series EMTN, 2.10%, 5/26/2047
   EUR 55,000   $ 89,071
Series EMTN, 2.13%, 10/29/2026
   EUR 100,000   134,417
Series EMTN, 2.13%, 10/22/2035
   EUR 190,000   280,679
Series EMTN, 3.38%, 1/22/2024
   EUR 100,000   130,330
          1,227,003
LUXEMBOURG — 0.1%          
Luxembourg Government Bond:          
Zero Coupon, 11/13/2026
   EUR 150,000   181,313
0.63%, 2/1/2027
   EUR 450,000   561,651
2.13%, 7/10/2023
   EUR 290,000   362,834
2.25%, 3/19/2028
   EUR 80,000   110,877
          1,216,675
MALAYSIA — 1.7%          
Malaysia Government Bond:          
Series 0220, 2.63%, 4/15/2031
   MYR 750,000   170,627
Series 0313, 3.48%, 3/15/2023
   MYR 3,200,000   790,590
Series 0513, 3.73%, 6/15/2028
   MYR 5,050,000   1,270,072
Series 0215, 3.80%, 9/30/2022
   MYR 1,730,000   426,905
Series 0116, 3.80%, 8/17/2023
   MYR 1,500,000   374,710
Series 0413, 3.84%, 4/15/2033
   MYR 1,000,000   244,626
Series 0219, 3.89%, 8/15/2029
   MYR 7,450,000   1,885,723
Series 0316, 3.90%, 11/30/2026
   MYR 1,000,000   254,017
Series 0417, 3.90%, 11/16/2027
   MYR 2,820,000   715,645
Series 0115, 3.96%, 9/15/2025
   MYR 3,650,000   927,970
Series 0217, 4.06%, 9/30/2024
   MYR 500,000   126,700
Series 0114, 4.18%, 7/15/2024
   MYR 1,295,000   328,668
Series 0411, 4.23%, 6/30/2031
   MYR 1,720,000   444,399
Series 0415, 4.25%, 5/31/2035
   MYR 1,350,000   338,867
Series 0311, 4.39%, 4/15/2026
   MYR 2,300,000   595,841
Series 0216, 4.74%, 3/15/2046
   MYR 2,670,000   677,159
Series 0317, 4.76%, 4/7/2037
   MYR 2,870,000   742,670
Security Description     Principal
Amount 		  Value
Series 0713, 4.94%, 9/30/2043
   MYR 1,610,000   $ 423,032
Malaysia Government Investment Issue:          
Series 0719, 3.15%, 5/15/2023
   MYR 1,000,000   245,981
Series 0113, 3.87%, 8/8/2028
   MYR 1,250,000   315,366
Series 0415, 3.99%, 10/15/2025
   MYR 1,250,000   317,585
Series 0217, 4.05%, 8/15/2024
   MYR 1,850,000   467,532
Series 0316, 4.07%, 9/30/2026
   MYR 1,300,000   332,563
Series 0115, 4.19%, 7/15/2022
   MYR 565,000   139,409
Series 0315, 4.25%, 9/30/2030
   MYR 1,000,000   257,387
Series 0117, 4.26%, 7/26/2027
   MYR 2,920,000   753,300
Series 0116, 4.39%, 7/7/2023
   MYR 125,000   31,402
Series 0813, 4.44%, 5/22/2024
   MYR 1,830,000   466,301
Series 0219, 4.47%, 9/15/2039
   MYR 1,600,000   392,472
Series 0513, 4.58%, 8/30/2033
   MYR 2,178,000   569,061
Series 0617, 4.72%, 6/15/2033
   MYR 1,600,000   423,787
Series 0517, 4.76%, 8/4/2037
   MYR 2,100,000   543,349
Series 0615, 4.79%, 10/31/2035
   MYR 920,000   241,494
Series 0417, 4.90%, 5/8/2047
   MYR 3,080,000   792,529
Series 0913, 4.94%, 12/6/2028
   MYR 725,000   195,102
          17,222,841
MEXICO — 1.4%          
Mexican Bonos:          
Series M, 5.75%, 3/5/2026
   MXN 28,795,000   1,406,075
Series M, 6.75%, 3/9/2023
   MXN 22,650,000   1,157,931
Series M 20, 7.50%, 6/3/2027
   MXN 26,185,000   1,370,608
Series M, 7.75%, 5/29/2031
   MXN 19,180,000   1,016,813
Series M, 7.75%, 11/23/2034
   MXN 9,290,000   492,297
Series M, 7.75%, 11/13/2042
   MXN 19,010,000   980,256
Series M, 8.00%, 12/7/2023
   MXN 25,290,000   1,330,670
Series M, 8.00%, 9/5/2024
   MXN 20,900,000   1,104,513
 
See accompanying notes to financial statements.
43

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series M, 8.00%, 11/7/2047
   MXN 18,120,000   $ 958,634
Series M 20, 8.50%, 5/31/2029
   MXN 26,260,000   1,450,924
Series M 30, 8.50%, 11/18/2038
   MXN 18,105,000   1,002,788
Series M 20, 10.00%, 12/5/2024
   MXN 23,860,000   1,338,331
Series M 30, 10.00%, 11/20/2036
   MXN 6,200,000   392,313
          14,002,153
NETHERLANDS — 3.7%          
Kingdom of Netherlands:          
Zero Coupon, 1/15/2024 (a)
   EUR 1,419,000   1,712,450
Zero Coupon, 1/15/2027 (a)
   EUR 1,200,000   1,459,048
Zero Coupon, 7/15/2030 (a)
   EUR 2,099,000   2,528,998
Zero Coupon, 7/15/2031 (a)
   EUR 300,000   359,045
Zero Coupon, 1/15/2052 (a)
   EUR 750,000   795,653
0.25%, 7/15/2025 (a)
   EUR 1,355,000   1,661,915
0.25%, 7/15/2029 (a)
   EUR 1,088,000   1,343,310
0.50%, 7/15/2026 (a)
   EUR 1,691,000   2,109,456
0.50%, 1/15/2040 (a)
   EUR 1,372,000   1,715,519
0.75%, 7/15/2027 (a)
   EUR 1,380,000   1,755,127
0.75%, 7/15/2028 (a)
   EUR 1,598,000   2,043,101
1.75%, 7/15/2023 (a)
   EUR 1,659,000   2,066,330
2.00%, 7/15/2024 (a)
   EUR 1,245,000   1,597,175
2.25%, 7/15/2022 (a)
   EUR 1,335,000   1,631,372
2.50%, 1/15/2033 (a)
   EUR 1,420,000   2,181,908
2.75%, 1/15/2047 (a)
   EUR 1,450,000   2,774,995
3.75%, 1/15/2023 (a)
   EUR 1,276,000   1,617,893
3.75%, 1/15/2042 (a)
   EUR 1,469,000   2,989,737
4.00%, 1/15/2037 (a)
   EUR 1,374,000   2,613,641
5.50%, 1/15/2028 (a)
   EUR 1,112,000   1,833,534
Netherlands Government Bond Zero Coupon, 1/15/2038 (a)
   EUR 300,000   344,261
          37,134,468
NEW ZEALAND — 0.7%          
New Zealand Government Bond:          
0.25%, 5/15/2028
   NZD 350,000   225,105
0.50%, 5/15/2024
   NZD 980,000   679,968
0.50%, 5/15/2026
   NZD 100,000   67,779
1.50%, 5/15/2031
   NZD 1,140,000   776,684
1.75%, 5/15/2041
   NZD 600,000   364,882
Series 0425, 2.75%, 4/15/2025
   NZD 1,075,000   801,762
Series 0437, 2.75%, 4/15/2037
   NZD 780,000   577,857
Security Description     Principal
Amount 		  Value
Series 0429, 3.00%, 4/20/2029
   NZD 1,380,000   $ 1,067,375
Series 0433, 3.50%, 4/14/2033
   NZD 630,000   511,135
Series 0427, 4.50%, 4/15/2027
   NZD 1,160,000   957,754
Series 0423, 5.50%, 4/15/2023
   NZD 1,540,000   1,171,340
          7,201,641
NORWAY — 0.5%          
Norway Government Bond:          
Series 482, 1.38%, 8/19/2030 (a)
   NOK 7,220,000   842,056
Series 478, 1.50%, 2/19/2026 (a)
   NOK 3,312,000   391,657
Series 477, 1.75%, 3/13/2025 (a)
   NOK 4,090,000   488,089
Series 479, 1.75%, 2/17/2027 (a)
   NOK 3,355,000   401,959
Series 481, 1.75%, 9/6/2029 (a)
   NOK 3,990,000   479,814
Series 475, 2.00%, 5/24/2023 (a)
   NOK 8,090,000   964,003
Series 480, 2.00%, 4/26/2028 (a)
   NOK 3,600,000   438,755
Series 476, 3.00%, 3/14/2024 (a)
   NOK 5,087,000   624,519
          4,630,852
PERU — 0.3%          
Peru Government Bond:          
5.94%, 2/12/2029
   PEN 2,200,000   627,554
6.15%, 8/12/2032
   PEN 2,000,000   547,083
6.35%, 8/12/2028
   PEN 2,000,000   584,059
6.90%, 8/12/2037
   PEN 2,750,000   760,662
8.20%, 8/12/2026
   PEN 1,650,000   534,706
          3,054,064
POLAND — 1.2%          
Poland Government Bond:          
Series 0722, Zero Coupon, 7/25/2022
   PLN 2,800,000   734,458
Series 0423, Zero Coupon, 4/25/2023
   PLN 2,100,000   547,809
Series 1026, 0.25%, 10/25/2026
   PLN 1,000,000   246,283
Series 0425, 0.75%, 4/25/2025
   PLN 2,200,000   575,268
Series 1030, 1.25%, 10/25/2030
   PLN 2,000,000   508,608
Series 1024, 2.25%, 10/25/2024
   PLN 3,150,000   868,201
Series 0123, 2.50%, 1/25/2023
   PLN 3,170,000   862,303
 
See accompanying notes to financial statements.
44

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 0424, 2.50%, 4/25/2024
   PLN 2,950,000   $ 816,105
Series 0726, 2.50%, 7/25/2026
   PLN 4,105,000   1,143,189
Series 0727, 2.50%, 7/25/2027
   PLN 2,725,000   761,767
Series 0428, 2.75%, 4/25/2028
   PLN 3,020,000   860,069
Series 1029, 2.75%, 10/25/2029
   PLN 3,950,000   1,135,820
Series 0725, 3.25%, 7/25/2025
   PLN 2,840,000   812,179
Series 1023, 4.00%, 10/25/2023
   PLN 2,430,000   690,958
Series 0447, 4.00%, 4/25/2047
   PLN 1,115,000   382,210
Series 0922, 5.75%, 9/23/2022
   PLN 2,234,000   627,128
Series 0429, 5.75%, 4/25/2029
   PLN 885,000   303,694
          11,876,049
PORTUGAL — 1.9%          
Portugal Obrigacoes do Tesouro OT:          
0.48%, 10/18/2030 (a)
   EUR 985,000   1,190,231
0.70%, 10/15/2027 (a)
   EUR 639,000   796,767
0.90%, 10/12/2035 (a)
   EUR 378,000   459,569
1.00%, 4/12/2052 (a)
   EUR 150,000   161,898
1.95%, 6/15/2029 (a)
   EUR 1,079,000   1,469,329
2.13%, 10/17/2028 (a)
   EUR 1,121,000   1,536,900
2.20%, 10/17/2022 (a)
   EUR 775,000   952,946
Series 15Y, 2.25%, 4/18/2034 (a)
   EUR 713,000   1,018,849
2.88%, 10/15/2025 (a)
   EUR 1,185,000   1,604,563
2.88%, 7/21/2026 (a)
   EUR 1,020,000   1,405,805
3.88%, 2/15/2030 (a)
   EUR 629,000   982,783
4.10%, 4/15/2037 (a)
   EUR 1,183,000   2,101,115
4.10%, 2/15/2045 (a)
   EUR 380,000   728,721
4.13%, 4/14/2027 (a)
   EUR 830,000   1,232,492
4.95%, 10/25/2023 (a)
   EUR 1,074,000   1,438,509
5.65%, 2/15/2024 (a)
   EUR 1,100,000   1,518,897
          18,599,374
ROMANIA — 0.4%          
Romania Government Bond:          
Series 7Y, 3.25%, 4/29/2024
   RON 2,000,000   491,997
Series 3Y, 4.00%, 8/8/2022
   RON 4,670,000   1,147,102
Series 8Y, 4.15%, 1/26/2028
   RON 2,050,000   525,188
Series 4.3Y, 4.40%, 9/25/2023
   RON 2,050,000   515,614
Series 7Y, 4.85%, 4/22/2026
   RON 1,600,000   420,503
Security Description     Principal
Amount 		  Value
Series 10Y, 5.00%, 2/12/2029
   RON 4,330,000   $ 1,167,277
          4,267,681
RUSSIA — 1.0%          
Russian Federal Bond - OFZ:          
Series 5084, 5.30%, 10/4/2023
   RUB 10,400,000   137,988
Series 6232, 6.00%, 10/6/2027
   RUB 46,500,000   606,294
Series 6233, 6.10%, 7/18/2035
   RUB 27,000,000   337,255
Series 6223, 6.50%, 2/28/2024
   RUB 40,195,000   547,460
Series 6224, 6.90%, 5/23/2029
   RUB 38,776,000   528,722
Series 6211, 7.00%, 1/25/2023
   RUB 15,530,000   213,710
Series 6215, 7.00%, 8/16/2023
   RUB 30,120,000   414,637
Series 6212, 7.05%, 1/19/2028
   RUB 28,910,000   398,249
Series 6222, 7.10%, 10/16/2024
   RUB 40,190,000   555,001
Series 6229, 7.15%, 11/12/2025
   RUB 17,900,000   247,658
Series 6225, 7.25%, 5/10/2034
   RUB 32,430,000   450,024
Series 6220, 7.40%, 12/7/2022
   RUB 35,630,000   494,406
Series 6227, 7.40%, 7/17/2024
   RUB 47,999,000   667,566
Series 6209, 7.60%, 7/20/2022
   RUB 29,160,000   404,830
Series 6228, 7.65%, 4/10/2030
   RUB 91,450,000   1,302,604
Series 6221, 7.70%, 3/23/2033
   RUB 40,451,000   580,626
Series 6230, 7.70%, 3/16/2039
   RUB 27,000,000   391,035
Series 6219, 7.75%, 9/16/2026
   RUB 27,880,000   395,643
Series 6226, 7.95%, 10/7/2026
   RUB 35,000,000   500,779
Series 6207, 8.15%, 2/3/2027
   RUB 40,165,000   581,121
Series 6218, 8.50%, 9/17/2031
   RUB 30,040,000   453,373
          10,208,981
SINGAPORE — 0.9%          
Singapore Government Bond:          
0.50%, 11/1/2025
   SGD 350,000   257,384
1.63%, 7/1/2031 (c)
   SGD 450,000   333,985
1.75%, 2/1/2023
   SGD 610,000   463,259
1.88%, 3/1/2050
   SGD 650,000   485,696
 
See accompanying notes to financial statements.
45

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
2.00%, 2/1/2024
   SGD 130,000   $ 100,339
2.13%, 6/1/2026
   SGD 545,000   428,584
2.25%, 8/1/2036
   SGD 715,000   558,016
2.38%, 6/1/2025
   SGD 590,000   466,575
2.38%, 7/1/2039
   SGD 250,000   199,693
2.63%, 5/1/2028
   SGD 490,000   397,774
2.75%, 7/1/2023
   SGD 1,015,000   789,075
2.75%, 4/1/2042
   SGD 460,000   390,805
2.75%, 3/1/2046
   SGD 660,000   570,049
2.88%, 7/1/2029
   SGD 640,000   530,064
2.88%, 9/1/2030
   SGD 850,000   702,853
3.00%, 9/1/2024
   SGD 750,000   599,353
3.13%, 9/1/2022
   SGD 1,090,000   836,921
3.38%, 9/1/2033
   SGD 550,000   481,178
3.50%, 3/1/2027
   SGD 730,000   614,488
          9,206,091
SLOVAKIA — 0.6%          
Slovakia Government Bond:          
Series 230, Zero Coupon, 11/13/2023
   EUR 110,000   132,140
Series 231, 0.63%, 5/22/2026
   EUR 186,000   231,893
Series 234, 1.00%, 6/12/2028
   EUR 284,000   366,023
Series 228, 1.38%, 1/21/2027
   EUR 450,000   584,940
Series 229, 1.63%, 1/21/2031
   EUR 360,000   495,650
Series 232, 1.88%, 3/9/2037
   EUR 265,000   379,894
Series 233, 2.00%, 10/17/2047
   EUR 290,000   433,067
Series 235, 2.25%, 6/12/2068
   EUR 70,000   119,152
Series 225, 3.00%, 2/28/2023
   EUR 302,000   379,893
Series 223, 3.38%, 11/15/2024
   EUR 495,000   665,884
Series 227, 3.63%, 1/16/2029
   EUR 763,000   1,167,337
Series 216, 4.35%, 10/14/2025
   EUR 282,000   405,539
          5,361,412
SLOVENIA — 0.4%          
Slovenia Government Bond:          
Series RS80, 1.00%, 3/6/2028
   EUR 297,000   380,404
Series RS81, 1.19%, 3/14/2029
   EUR 200,000   260,136
Series RS79, 1.25%, 3/22/2027
   EUR 312,000   403,375
Series RS74, 1.50%, 3/25/2035
   EUR 383,000   517,541
Security Description     Principal
Amount 		  Value
Series RS78, 1.75%, 11/3/2040
   EUR 280,000   $ 397,976
Series RS75, 2.13%, 7/28/2025
   EUR 230,000   302,319
Series RS77, 2.25%, 3/3/2032
   EUR 190,000   273,642
Series RS76, 3.13%, 8/7/2045
   EUR 345,000   619,842
Series RS66, 4.63%, 9/9/2024
   EUR 210,000   291,379
Series RS70, 5.13%, 3/30/2026
   EUR 135,000   202,864
          3,649,478
SOUTH KOREA — 4.6%          
Korea Treasury Bond:          
Series 2312, 0.88%, 12/10/2023
   KRW 2,475,000,000   2,170,036
Series 2612, 1.50%, 12/10/2026
   KRW 1,139,150,000   991,462
Series 3609, 1.50%, 9/10/2036
   KRW 685,690,000   552,257
Series 7009, 1.63%, 9/10/2070
   KRW 300,000,000   219,354
Series 2606, 1.88%, 6/10/2026
   KRW 866,000,000   771,625
Series 2209, 2.00%, 9/10/2022
   KRW 1,678,690,000   1,506,929
Series 3106, 2.00%, 6/10/2031
   KRW 750,000,000   659,381
Series 4603, 2.00%, 3/10/2046
   KRW 1,625,000,000   1,383,198
Series 4903, 2.00%, 3/10/2049
   KRW 7,764,000,000   6,584,627
Series 2706, 2.13%, 6/10/2027
   KRW 3,649,870,000   3,275,308
Series 4703, 2.13%, 3/10/2047
   KRW 3,020,330,000   2,633,077
Series 2506, 2.25%, 6/10/2025
   KRW 1,049,940,000   953,336
Series 2506, 2.25%, 6/10/2025
   KRW 1,250,000,000   1,134,989
Series 2512, 2.25%, 12/10/2025
   KRW 921,000,000   834,621
Series 3709, 2.25%, 9/10/2037
   KRW 500,000,000   445,510
Series 3509, 2.63%, 9/10/2035
   KRW 939,210,000   874,392
Series 4412, 2.75%, 12/10/2044
   KRW 1,248,000,000   1,215,348
Series 2409, 3.00%, 9/10/2024
   KRW 1,644,000,000   1,524,554
Series 4212, 3.00%, 12/10/2042
   KRW 1,421,780,000   1,429,946
Series 2309, 3.38%, 9/10/2023
   KRW 3,009,090,000   2,792,968
Series 2403, 3.50%, 3/10/2024
   KRW 1,985,830,000   1,861,027
 
See accompanying notes to financial statements.
46

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 3312, 3.75%, 12/10/2033
   KRW 2,286,250,000   $ 2,365,064
Series 3112, 4.00%, 12/10/2031
   KRW 1,622,640,000   1,691,366
Series 3012, 4.75%, 12/10/2030
   KRW 3,095,050,000   3,366,759
Series 2803, 5.50%, 3/10/2028
   KRW 4,337,000,000   4,696,520
          45,933,654
SPAIN — 4.5%          
Kingdom of Spain:          
Zero Coupon, 4/30/2023
   EUR 725,000   867,715
Zero Coupon, 1/31/2025
   EUR 850,000   1,021,321
Series 5YR, 0.25%, 7/30/2024 (a)
   EUR 868,000   1,050,663
0.35%, 7/30/2023
   EUR 772,000   931,553
0.45%, 10/31/2022
   EUR 705,000   847,263
0.50%, 4/30/2030 (a)
   EUR 400,000   483,023
0.60%, 10/31/2029 (a)
   EUR 1,550,000   1,894,902
0.80%, 7/30/2027 (a)
   EUR 800,000   997,807
1.00%, 10/31/2050 (a)
   EUR 550,000   588,948
1.20%, 10/31/2040 (a)
   EUR 550,000   661,655
1.25%, 10/31/2030 (a)
   EUR 1,150,000   1,476,448
1.30%, 10/31/2026 (a)
   EUR 1,101,000   1,409,700
1.40%, 4/30/2028 (a)
   EUR 520,000   673,790
1.40%, 7/30/2028 (a)
   EUR 997,000   1,293,897
1.45%, 10/31/2027 (a)
   EUR 812,000   1,053,367
1.45%, 4/30/2029 (a)
   EUR 710,000   926,616
1.50%, 4/30/2027 (a)
   EUR 763,000   990,561
1.60%, 4/30/2025 (a)
   EUR 642,000   819,128
1.85%, 7/30/2035 (a)
   EUR 898,000   1,216,267
1.95%, 4/30/2026 (a)
   EUR 885,000   1,161,061
1.95%, 7/30/2030 (a)
   EUR 965,000   1,312,646
2.15%, 10/31/2025 (a)
   EUR 851,000   1,117,711
2.35%, 7/30/2033 (a)
   EUR 893,000   1,272,438
Series 30Y, 2.70%, 10/31/2048 (a)
   EUR 588,000   914,515
2.75%, 10/31/2024 (a)
   EUR 735,000   964,458
2.90%, 10/31/2046 (a)
   EUR 750,000   1,199,931
3.45%, 7/30/2066 (a)
   EUR 688,000   1,254,625
3.80%, 4/30/2024 (a)
   EUR 835,000   1,109,797
4.20%, 1/31/2037 (a)
   EUR 615,000   1,088,742
4.40%, 10/31/2023 (a)
   EUR 898,000   1,187,390
4.65%, 7/30/2025 (a)
   EUR 825,000   1,179,755
4.70%, 7/30/2041 (a)
   EUR 840,000   1,645,811
4.80%, 1/31/2024 (a)
   EUR 579,000   780,596
4.90%, 7/30/2040 (a)
   EUR 585,000   1,162,238
5.15%, 10/31/2028 (a)
   EUR 675,000   1,096,991
5.15%, 10/31/2044 (a)
   EUR 578,000   1,237,905
5.40%, 1/31/2023 (a)
   EUR 830,000   1,076,981
5.75%, 7/30/2032
   EUR 1,125,000   2,090,328
5.90%, 7/30/2026 (a)
   EUR 912,000   1,419,436
Security Description     Principal
Amount 		  Value
6.00%, 1/31/2029
   EUR 942,000   $ 1,615,579
          45,093,558
SWEDEN — 0.6%          
Kingdom of Sweden:          
Series 1062, 0.13%, 5/12/2031 (a)
   SEK 4,970,000   567,550
Series 1063, 0.50%, 11/24/2045
   SEK 2,050,000   219,451
Series 1060, 0.75%, 5/12/2028
   SEK 4,435,000   540,260
Series 1061, 0.75%, 11/12/2029 (a)
   SEK 6,365,000   775,695
Series 1059, 1.00%, 11/12/2026
   SEK 7,120,000   877,879
Series 1057, 1.50%, 11/13/2023 (a)
   SEK 8,105,000   986,931
Series 1056, 2.25%, 6/1/2032
   SEK 1,950,000   272,738
Series 1058, 2.50%, 5/12/2025
   SEK 6,605,000   851,665
Series 1053, 3.50%, 3/30/2039
   SEK 4,255,000   728,212
Sweden Government International Bond Series REGS, 0.13%, 9/9/2030
   SEK 2,000,000   230,398
          6,050,779
SWITZERLAND — 0.7%          
Swiss Confederation Government Bond Zero Coupon, 6/26/2034
   CHF 150,000   163,464
Switzerland Government Bond:          
Zero Coupon, 6/22/2029
   CHF 328,000   364,893
Zero Coupon, 7/24/2039
   CHF 170,000   183,784
0.50%, 5/27/2030
   CHF 195,000   226,085
0.50%, 6/27/2032
   CHF 170,000   197,931
0.50%, 6/28/2045
   CHF 120,000   145,082
0.50%, 5/24/2055
   CHF 130,000   162,973
0.50%, 5/30/2058
   CHF 184,000   234,280
1.25%, 6/11/2024
   CHF 685,000   785,095
1.25%, 5/28/2026
   CHF 250,000   294,967
1.25%, 6/27/2037
   CHF 340,000   442,932
1.50%, 7/24/2025
   CHF 210,000   247,343
1.50%, 4/30/2042
   CHF 385,000   544,369
2.00%, 6/25/2064
   CHF 198,000   394,801
2.25%, 6/22/2031
   CHF 220,000   297,935
2.50%, 3/8/2036
   CHF 245,000   364,424
3.25%, 6/27/2027
   CHF 270,000   358,605
3.50%, 4/8/2033
   CHF 300,000   464,997
4.00%, 4/8/2028
   CHF 576,000   814,345
4.00%, 1/6/2049
   CHF 275,000   619,170
          7,307,475
 
See accompanying notes to financial statements.
47

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
THAILAND — 1.6%          
Thailand Government Bond:          
0.75%, 6/17/2024
   THB 13,400,000   $ 419,753
1.45%, 12/17/2024
   THB 3,000,000   96,215
2.00%, 12/17/2022
   THB 26,365,000   840,555
2.13%, 12/17/2026
   THB 38,250,000   1,268,185
2.40%, 12/17/2023
   THB 22,500,000   733,668
2.88%, 6/17/2046
   THB 22,850,000   748,436
3.30%, 6/17/2038
   THB 16,000,000   562,287
3.40%, 6/17/2036
   THB 17,710,000   628,287
3.58%, 12/17/2027
   THB 16,000,000   567,062
3.63%, 6/16/2023
   THB 20,640,000   682,584
3.78%, 6/25/2032
   THB 46,500,000   1,720,481
3.85%, 12/12/2025
   THB 35,350,000   1,251,026
4.00%, 6/17/2066
   THB 28,530,000   1,106,694
4.26%, 12/12/2037
   THB 56,550,000   2,161,919
4.68%, 6/29/2044
   THB 18,340,000   785,758
4.75%, 12/20/2024
   THB 5,000,000   177,990
4.85%, 6/17/2061
   THB 19,010,000   851,018
4.88%, 6/22/2029
   THB 33,455,000   1,308,196
          15,910,114
UNITED KINGDOM — 5.4%          
United Kingdom Treasury Bond:          
0.13%, 1/31/2023
   GBP 710,000   981,742
0.13%, 1/31/2024
   GBP 470,000   648,363
0.13%, 1/30/2026
   GBP 970,000   1,327,110
0.13%, 1/31/2028
   GBP 200,000   269,105
0.25%, 7/31/2031
   GBP 300,000   390,996
0.38%, 10/22/2030
   GBP 844,000   1,126,302
0.50%, 7/22/2022
   GBP 555,000   770,531
0.50%, 10/22/2061
   GBP 350,000   382,041
0.63%, 6/7/2025
   GBP 911,000   1,277,116
0.63%, 7/31/2035
   GBP 300,000   390,264
0.63%, 10/22/2050
   GBP 700,000   821,677
0.75%, 7/22/2023
   GBP 760,000   1,064,601
0.88%, 10/22/2029
   GBP 1,368,000   1,922,480
1.00%, 4/22/2024
   GBP 775,000   1,095,826
1.25%, 7/22/2027
   GBP 570,000   825,199
1.25%, 10/22/2041
   GBP 450,000   625,451
1.50%, 7/22/2026
   GBP 920,000   1,343,796
1.50%, 7/22/2047
   GBP 475,000   694,100
1.63%, 10/22/2028
   GBP 1,236,000   1,839,302
1.63%, 10/22/2054
   GBP 520,000   796,796
1.63%, 10/22/2071
   GBP 390,000   653,523
1.75%, 9/7/2022
   GBP 738,000   1,039,959
1.75%, 9/7/2037
   GBP 853,000   1,288,390
1.75%, 1/22/2049
   GBP 748,000   1,157,276
1.75%, 7/22/2057
   GBP 781,000   1,254,318
2.00%, 9/7/2025
   GBP 775,000   1,147,816
2.25%, 9/7/2023
   GBP 896,000   1,296,357
2.50%, 7/22/2065
   GBP 445,000   903,135
2.75%, 9/7/2024
   GBP 800,000   1,194,804
Security Description     Principal
Amount 		  Value
3.25%, 1/22/2044
   GBP 740,000   $ 1,430,560
3.50%, 1/22/2045
   GBP 540,000   1,092,701
3.50%, 7/22/2068
   GBP 460,000   1,186,195
3.75%, 7/22/2052
   GBP 584,000   1,332,699
4.00%, 1/22/2060
   GBP 560,000   1,454,330
4.25%, 12/7/2027
   GBP 720,000   1,232,662
4.25%, 6/7/2032
   GBP 830,000   1,553,764
4.25%, 3/7/2036
   GBP 615,000   1,221,451
4.25%, 9/7/2039
   GBP 449,000   936,591
4.25%, 12/7/2040
   GBP 797,000   1,690,945
4.25%, 12/7/2046
   GBP 638,000   1,460,434
4.25%, 12/7/2049
   GBP 556,000   1,325,947
4.25%, 12/7/2055
   GBP 515,000   1,321,793
4.50%, 9/7/2034
   GBP 760,000   1,507,968
4.50%, 12/7/2042
   GBP 550,000   1,233,828
4.75%, 12/7/2030
   GBP 920,000   1,737,247
4.75%, 12/7/2038
   GBP 590,000   1,285,709
5.00%, 3/7/2025
   GBP 978,000   1,587,265
6.00%, 12/7/2028
   GBP 445,000   856,984
          53,977,449
TOTAL FOREIGN GOVERNMENT OBLIGATIONS

(Cost $983,371,631)
         987,176,348
    Shares  
SHORT-TERM INVESTMENT — 0.0% (b)  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (d) (e)

(Cost $31,271)
 31,271 31,271
TOTAL INVESTMENTS — 99.2%

(Cost $983,402,902)
 987,207,619
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8%
7,608,132
NET ASSETS — 100.0%
$ 994,815,751
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 20.5% of net assets as of June 30, 2021, 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) When-issued security.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2021.
 
See accompanying notes to financial statements.
48

SPDR BLOOMBERG BARCLAYS INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
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
RUB Russian Ruble
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, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Foreign Government Obligations
   $ —   $987,176,348   $—   $987,176,348
Short-Term Investment
   31,271   —   —   31,271
TOTAL INVESTMENTS
   $31,271   $987,176,348   $—   $987,207,619
Affiliate Table
  Number of
Shares Held
at
12/31/20 		  Value at

12/31/20 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 3,640   $3,640   $15,707,197   $15,679,566   $—   $—   31,271   $31,271   $63
See accompanying notes to financial statements.
49

SPDR BLOOMBERG BARCLAYS SHORT TERM INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
FOREIGN GOVERNMENT OBLIGATIONS — 99.2%      
AUSTRALIA — 4.5%          
Australia Government Bond:          
Series 153, 2.25%, 11/21/2022
   AUD 2,850,000   $ 2,206,117
Series 137, 2.75%, 4/21/2024
   AUD 3,600,000   2,902,984
Series 133, 5.50%, 4/21/2023
   AUD 3,090,000   2,546,607
Series 128, 5.75%, 7/15/2022
   AUD 2,445,000   1,945,044
          9,600,752
AUSTRIA — 2.9%          
Austria Government Bond:          
Zero Coupon, 9/20/2022 (a)
   EUR 800,000   956,217
Zero Coupon, 4/20/2023 (a)
   EUR 800,000   959,405
Zero Coupon, 7/15/2023 (a)
   EUR 848,000   1,018,322
1.75%, 10/20/2023 (a)
   EUR 1,370,000   1,714,171
3.40%, 11/22/2022 (a)
   EUR 1,130,000   1,415,583
          6,063,698
BELGIUM — 3.3%          
Belgium Government Bond:          
Series 79, 0.20%, 10/22/2023 (a)
   EUR 1,025,000   1,239,385
Series 68, 2.25%, 6/22/2023
   EUR 1,350,000   1,693,808
Series 72, 2.60%, 6/22/2024 (a)
   EUR 1,450,000   1,886,036
Series 65, 4.25%, 9/28/2022 (a)
   EUR 1,770,000   2,228,335
          7,047,564
CANADA — 4.6%          
Canadian Government Bond:          
0.25%, 8/1/2022
   CAD 1,540,000   1,243,190
0.25%, 11/1/2022
   CAD 1,970,000   1,588,749
0.25%, 2/1/2023
   CAD 875,000   705,076
0.25%, 4/1/2024
   CAD 1,450,000   1,158,197
1.00%, 9/1/2022
   CAD 940,000   765,182
1.50%, 6/1/2023
   CAD 700,000   576,610
1.75%, 3/1/2023
   CAD 1,130,000   932,750
2.00%, 9/1/2023
   CAD 2,460,000   2,050,203
2.50%, 6/1/2024
   CAD 675,000   574,248
Series A55, 8.00%, 6/1/2023
   CAD 180,000   166,212
          9,760,417
Security Description     Principal
Amount 		  Value
CHILE — 0.1%          
Bonos de la Tesoreria de la Republica en pesos 4.00%, 3/1/2023 (a)
   CLP 225,000,000   $ 318,178
CHINA — 4.5%          
China Government Bond:          
Series INBK, 2.24%, 3/5/2023
   CNY 850,000   130,672
Series INBK, 2.36%, 7/2/2023
   CNY 60,300,000   9,268,022
Series INBK, 2.84%, 4/8/2024
   CNY 1,500,000   232,666
          9,631,360
COLOMBIA — 0.0% (b)          
Colombia Government International Bond 4.38%, 3/21/2023
   COP 90,000,000   24,624
CYPRUS — 0.1%          
Cyprus Government International Bond:          
Series EMTN, 2.75%, 6/27/2024
   EUR 100,000   129,563
Series EMTN, 3.75%, 7/26/2023
   EUR 100,000   128,848
          258,411
CZECH REPUBLIC — 0.7%          
Czech Republic Government Bond:          
Series 97, 0.45%, 10/25/2023
   CZK 12,750,000   579,485
Series 52, 4.70%, 9/12/2022
   CZK 8,750,000   427,237
Series 58, 5.70%, 5/25/2024
   CZK 10,000,000   521,653
          1,528,375
DENMARK — 1.1%          
Denmark Government Bond:          
Series 3Y, 0.25%, 11/15/2022 (a)
   DKK 8,105,000   1,306,654
1.50%, 11/15/2023
   DKK 5,850,000   978,387
          2,285,041
FINLAND — 1.3%          
Finland Government Bond:          
Zero Coupon, 9/15/2023 (a)
   EUR 550,000   661,562
1.50%, 4/15/2023 (a)
   EUR 450,000   554,275
1.63%, 9/15/2022 (a)
   EUR 458,000   558,003
2.00%, 4/15/2024 (a)
   EUR 750,000   955,899
          2,729,739
 
See accompanying notes to financial statements.
50

SPDR BLOOMBERG BARCLAYS SHORT TERM INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
FRANCE — 4.6%          
France Government Bond OAT:          
Zero Coupon, 2/25/2023
   EUR 320,000   $ 383,489
Zero Coupon, 3/25/2023
   EUR 985,000   1,181,078
Zero Coupon, 3/25/2024
   EUR 2,515,000   3,032,590
1.75%, 5/25/2023
   EUR 1,227,000   1,521,511
2.25%, 10/25/2022
   EUR 995,000   1,225,294
2.25%, 5/25/2024
   EUR 100,000   128,504
8.50%, 4/25/2023
   EUR 400,000   553,500
French Republic Government Bond OAT 4.25%, 10/25/2023
   EUR 1,300,000   1,717,979
          9,743,945
GERMANY — 4.6%          
Bundesrepublik Deutschland 0.01%, 12/15/2022
   EUR 422,000   505,401
Federal Republic of Germany:          
Series 176, Zero Coupon, 10/7/2022
   EUR 650,000   777,598
Series 177, Zero Coupon, 4/14/2023
   EUR 537,000   644,713
Series 178, Zero Coupon, 10/13/2023
   EUR 1,034,000   1,246,115
1.50%, 9/4/2022
   EUR 870,000   1,058,544
1.50%, 2/15/2023
   EUR 650,000   798,362
1.50%, 5/15/2023
   EUR 960,000   1,185,597
1.75%, 7/4/2022
   EUR 895,000   1,087,385
1.75%, 2/15/2024
   EUR 901,000   1,137,848
2.00%, 8/15/2023
   EUR 1,000,000   1,254,493
          9,696,056
HONG KONG — 0.2%          
Hong Kong Government Bond Programme:          
0.51%, 10/23/2023
   HKD 250,000   32,357
1.10%, 1/17/2023
   HKD 2,900,000   379,193
          411,550
HUNGARY — 0.6%          
Hungary Government Bond:          
Series 22/C, 1.50%, 8/24/2022
   HUF 17,000,000   57,789
Series 23/C, 1.50%, 8/23/2023
   HUF 67,000,000   227,298
Series 22/B, 1.75%, 10/26/2022
   HUF 81,200,000   277,105
Series 24/B, 3.00%, 6/26/2024
   HUF 80,000,000   280,835
Security Description     Principal
Amount 		  Value
Series 23/A, 6.00%, 11/24/2023
   HUF 90,350,000   $ 337,466
          1,180,493
INDONESIA — 1.6%          
Indonesia Treasury Bond:          
Series FR61, 7.00%, 5/15/2022
   IDR 42,007,000,000   2,985,741
Series FR70, 8.38%, 3/15/2024
   IDR 4,750,000,000   357,649
          3,343,390
IRELAND — 1.3%          
Ireland Government Bond:          
Zero Coupon, 10/18/2022
   EUR 500,000   597,429
3.40%, 3/18/2024
   EUR 900,000   1,182,057
3.90%, 3/20/2023
   EUR 719,000   918,407
          2,697,893
ISRAEL — 1.7%          
Israel Government Bond:          
Series 0723, 0.15%, 7/31/2023
   ILS 2,150,000   659,630
Series 0722, 0.75%, 7/31/2022
   ILS 1,440,000   443,081
Series 1122, 1.25%, 11/30/2022
   ILS 1,380,000   430,244
Series 1123, 1.50%, 11/30/2023
   ILS 1,500,000   474,719
Series 0324, 3.75%, 3/31/2024
   ILS 2,500,000   841,221
Series 0323, 4.25%, 3/31/2023
   ILS 2,370,000   779,542
          3,628,437
ITALY — 5.4%          
Italy Buoni Poliennali Del Tesoro:          
0.01%, 4/15/2024
   EUR 800,000   953,866
0.65%, 10/15/2023
   EUR 600,000   727,052
0.90%, 8/1/2022
   EUR 549,000   660,435
0.95%, 3/1/2023
   EUR 558,000   676,447
0.95%, 3/15/2023
   EUR 494,000   599,082
1.00%, 7/15/2022
   EUR 398,000   479,028
Series 5Y, 2.45%, 10/1/2023
   EUR 492,000   619,813
Republic of Italy:          
0.05%, 1/15/2023 (a)
   EUR 496,000   592,294
0.30%, 8/15/2023 (a)
   EUR 300,000   360,431
0.60%, 6/15/2023
   EUR 422,000   509,858
1.45%, 9/15/2022
   EUR 700,000   848,782
4.50%, 5/1/2023
   EUR 650,000   839,975
4.50%, 3/1/2024
   EUR 800,000   1,068,354
4.75%, 8/1/2023 (a)
   EUR 900,000   1,181,015
5.50%, 9/1/2022
   EUR 550,000   697,315
 
See accompanying notes to financial statements.
51

SPDR BLOOMBERG BARCLAYS SHORT TERM INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
5.50%, 11/1/2022
   EUR 580,000   $ 741,926
          11,555,673
JAPAN — 22.9%          
Government of Japan 5 Year Bond:          
Series 133, 0.10%, 9/20/2022
   JPY 458,900,000   4,144,861
Series 134, 0.10%, 12/20/2022
   JPY 372,000,000   3,361,742
Series 135, 0.10%, 3/20/2023
   JPY 559,000,000   5,054,672
Series 136, 0.10%, 6/20/2023
   JPY 541,000,000   4,894,493
Series 137, 0.10%, 9/20/2023
   JPY 449,500,000   4,069,556
Series 138, 0.10%, 12/20/2023
   JPY 635,500,000   5,757,462
Series 139, 0.10%, 3/20/2024
   JPY 500,000,000   4,532,616
Series 140, 0.10%, 6/20/2024
   JPY 250,000,000   2,267,817
Government of Japan 10 Year Bond:          
Series 328, 0.60%, 3/20/2023
   JPY 164,500,000   1,500,019
Series 333, 0.60%, 3/20/2024
   JPY 456,000,000   4,189,497
Series 325, 0.80%, 9/20/2022
   JPY 315,000,000   2,869,369
Government of Japan 2 Year Bond Series 419, 0.10%, 12/1/2022
   JPY 535,000,000   4,835,245
Japan Government Two Year Bond Series 423, 0.01%, 4/1/2023
   JPY 135,000,000   1,218,904
          48,696,253
MALAYSIA — 1.7%          
Malaysia Government Bond:          
Series 0112, 3.42%, 8/15/2022
   MYR 2,550,000   625,213
Series 0313, 3.48%, 3/15/2023
   MYR 6,000,000   1,482,356
Series 0319, 3.48%, 6/14/2024
   MYR 1,650,000   410,968
Malaysia Government Investment Issue:          
Series 0116, 4.39%, 7/7/2023
   MYR 3,000,000   753,636
Series 0813, 4.44%, 5/22/2024
   MYR 1,300,000   331,252
          3,603,425
Security Description     Principal
Amount 		  Value
MEXICO — 1.4%          
Mexican Bonos:          
Series M, 6.75%, 3/9/2023
   MXN 26,500,000   $ 1,354,754
Series M, 8.00%, 12/7/2023
   MXN 30,100,000   1,583,755
          2,938,509
NETHERLANDS — 3.8%          
Kingdom of Netherlands:          
Zero Coupon, 1/15/2024 (a)
   EUR 1,561,000   1,883,816
1.75%, 7/15/2023 (a)
   EUR 2,250,000   2,802,436
2.25%, 7/15/2022 (a)
   EUR 1,275,000   1,558,053
3.75%, 1/15/2023 (a)
   EUR 1,325,000   1,680,022
Netherlands Government Bond 7.50%, 1/15/2023 (a)
   EUR 175,000   233,974
          8,158,301
NEW ZEALAND — 1.0%          
New Zealand Government Bond:          
0.50%, 5/15/2024
   NZD 1,200,000   832,614
Series 0423, 5.50%, 4/15/2023
   NZD 1,645,000   1,251,204
          2,083,818
NORWAY — 0.9%          
Norway Government Bond:          
Series 475, 2.00%, 5/24/2023 (a)
   NOK 8,665,000   1,032,520
Series 476, 3.00%, 3/14/2024 (a)
   NOK 6,450,000   791,851
          1,824,371
PERU — 0.0% (b)          
Peru Government Bond 5.20%, 9/12/2023
   PEN 100,000   28,525
POLAND — 2.2%          
Poland Government Bond:          
Series 0722, Zero Coupon, 7/25/2022
   PLN 3,350,000   878,726
Series 0423, Zero Coupon, 4/25/2023
   PLN 1,850,000   482,594
Series 0123, 2.50%, 1/25/2023
   PLN 2,880,000   783,418
Series 0424, 2.50%, 4/25/2024
   PLN 4,000,000   1,106,583
Series 1023, 4.00%, 10/25/2023
   PLN 2,600,000   739,296
Series 0922, 5.75%, 9/23/2022
   PLN 2,380,000   668,113
          4,658,730
 
See accompanying notes to financial statements.
52

SPDR BLOOMBERG BARCLAYS SHORT TERM INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
PORTUGAL — 2.2%          
Portugal Obrigacoes do Tesouro OT:          
2.20%, 10/17/2022 (a)
   EUR 920,000   $ 1,131,239
4.95%, 10/25/2023 (a)
   EUR 1,225,000   1,640,757
5.65%, 2/15/2024 (a)
   EUR 1,450,000   2,002,183
          4,774,179
ROMANIA — 1.1%          
Romania Government Bond:          
Series 3Y, 4.00%, 8/8/2022
   RON 1,400,000   343,885
Series 3Y, 4.00%, 10/25/2023
   RON 300,000   74,893
Series 4.3Y, 4.40%, 9/25/2023
   RON 6,350,000   1,597,145
Series 5Y, 4.50%, 6/17/2024
   RON 1,000,000   254,595
          2,270,518
RUSSIA — 1.0%          
Russian Federal Bond - OFZ:          
Series 5084, 5.30%, 10/4/2023
   RUB 13,000,000   172,484
Series 6223, 6.50%, 2/28/2024
   RUB 36,000,000   490,324
Series 6211, 7.00%, 1/25/2023
   RUB 13,700,000   188,527
Series 6215, 7.00%, 8/16/2023
   RUB 30,800,000   423,998
Series 6220, 7.40%, 12/7/2022
   RUB 39,050,000   541,862
Series 6209, 7.60%, 7/20/2022
   RUB 25,050,000   347,771
          2,164,966
SINGAPORE — 1.2%          
Singapore Government Bond:          
1.75%, 2/1/2023
   SGD 1,250,000   949,301
2.00%, 2/1/2024
   SGD 200,000   154,367
2.75%, 7/1/2023
   SGD 1,010,000   785,188
3.13%, 9/1/2022
   SGD 900,000   691,035
          2,579,891
SLOVAKIA — 0.4%          
Slovakia Government Bond:          
Series 240, 0.01%, 6/17/2024
   EUR 200,000   240,897
Series 225, 3.00%, 2/28/2023
   EUR 400,000   503,169
          744,066
Security Description     Principal
Amount 		  Value
SLOVENIA — 0.1%          
Slovenia Government Bond Series RS83, 0.20%, 3/31/2023
   EUR 200,000   $ 240,982
SOUTH KOREA — 4.6%          
Korea Treasury Bond:          
Series 2212, 1.25%, 12/10/2022
   KRW 10,568,000,000   9,397,589
Series 2403, 1.88%, 3/10/2024
   KRW 440,000,000   394,832
          9,792,421
SPAIN — 4.6%          
Kingdom of Spain:          
Zero Coupon, 4/30/2023
   EUR 1,300,000   1,555,903
0.35%, 7/30/2023
   EUR 1,078,000   1,300,796
0.45%, 10/31/2022
   EUR 1,046,000   1,257,074
3.80%, 4/30/2024 (a)
   EUR 900,000   1,196,188
4.40%, 10/31/2023 (a)
   EUR 1,677,000   2,217,430
4.80%, 1/31/2024 (a)
   EUR 230,000   310,081
5.40%, 1/31/2023 (a)
   EUR 1,356,000   1,759,502
Spain Government Bond 0.01%, 5/31/2024
   EUR 100,000   119,993
          9,716,967
SWEDEN — 0.6%          
Kingdom of Sweden Series 1057, 1.50%, 11/13/2023 (a)
   SEK 10,200,000   1,242,036
Sweden Government Bond Series 1054, 3.50%, 6/1/2022
   SEK 1,000,000   121,033
          1,363,069
SWITZERLAND — 0.4%          
Switzerland Government Bond:          
1.25%, 6/11/2024
   CHF 350,000   401,144
4.00%, 2/11/2023
   CHF 475,000   553,638
          954,782
THAILAND — 1.4%          
Thailand Government Bond:          
0.75%, 6/17/2024
   THB 21,000,000   657,822
2.00%, 12/17/2022
   THB 17,300,000   551,549
2.40%, 12/17/2023
   THB 28,900,000   942,356
3.63%, 6/16/2023
   THB 22,300,000   737,482
          2,889,209
UNITED KINGDOM — 4.6%          
United Kingdom Treasury Bond:          
0.13%, 1/31/2023
   GBP 1,110,000   1,534,836
0.13%, 1/31/2024
   GBP 1,000,000   1,379,497
0.50%, 7/22/2022
   GBP 1,135,000   1,575,770
 
See accompanying notes to financial statements.
53

SPDR BLOOMBERG BARCLAYS SHORT TERM INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
0.75%, 7/22/2023
   GBP 1,300,000   $ 1,821,028
1.00%, 4/22/2024
   GBP 350,000   494,889
1.75%, 9/7/2022
   GBP 890,000   1,254,151
2.25%, 9/7/2023
   GBP 1,155,000   1,671,085
          9,731,256
TOTAL FOREIGN GOVERNMENT OBLIGATIONS

(Cost $208,082,500)
         210,719,834
    Shares  
SHORT-TERM INVESTMENT — 0.1%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (c) (d)

(Cost $212,985)
 212,986 212,986
TOTAL INVESTMENTS — 99.3%

(Cost $208,295,485)
 210,932,820
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.7%
1,543,915
NET ASSETS — 100.0%
$ 212,476,735
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 18.5% of net assets as of June 30, 2021, 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) 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, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2021.
    
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
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
RUB Russian Ruble
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, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Foreign Government Obligations
   $ —   $210,719,834   $—   $210,719,834
Short-Term Investment
   212,986   —   —   212,986
TOTAL INVESTMENTS
   $212,986   $210,719,834   $—   $210,932,820
See accompanying notes to financial statements.
54

SPDR BLOOMBERG BARCLAYS SHORT TERM INTERNATIONAL TREASURY BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
12/31/20 		  Value at

12/31/20 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 69,640   $69,640   $5,197,171   $5,053,825   $—   $—   212,986   $212,986   $25
See accompanying notes to financial statements.
55

SPDR FTSE INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF
SCHEDULE OF INVESTMENTS
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
FOREIGN GOVERNMENT OBLIGATIONS — 98.3%      
AUSTRALIA — 4.6%          
Australia Government Bond:          
Series 27CI, 0.75%, 11/21/2027
   AUD 3,583,776   $ 2,991,970
Series 50CI, 1.00%, 2/21/2050
   AUD 2,354,400   2,185,631
Series 40CI, 1.25%, 8/21/2040
   AUD 2,787,347   2,594,234
Series 35CI, 2.00%, 8/21/2035
   AUD 2,559,640   2,540,169
Series 30CI, 2.50%, 9/20/2030
   AUD 3,804,278   3,697,511
Series 25CI, 3.00%, 9/20/2025
   AUD 5,589,214   4,982,931
          18,992,446
BRAZIL — 6.8%          
Brazil Notas do Tesouro Nacional Serie B:          
Series NTNB, 6.00%, 8/15/2022
   BRL 15,169,234   3,163,162
Series NTNB, 6.00%, 5/15/2023
   BRL 18,163,865   3,848,619
Series NTNB, 6.00%, 8/15/2024
   BRL 16,933,928   3,643,466
Series NTNB, 6.00%, 5/15/2025
   BRL 8,199,586   1,775,597
Series NTNB, 6.00%, 8/15/2026
   BRL 9,448,661   2,079,929
Series NTNB, 6.00%, 8/15/2028
   BRL 4,919,752   1,104,814
Series NTNB, 6.00%, 8/15/2030
   BRL 6,916,173   1,581,194
Series NTNB, 6.00%, 5/15/2035
   BRL 8,734,340   2,085,189
Series NTNB, 6.00%, 8/15/2040
   BRL 4,812,736   1,171,842
Series NTNB, 6.00%, 5/15/2045
   BRL 8,342,187   2,057,342
Series NTNB, 6.00%, 8/15/2050
   BRL 15,864,416   3,979,968
Series NTNB, 6.00%, 5/15/2055
   BRL 6,559,669   1,659,766
          28,150,888
CANADA — 4.6%          
Canadian Government Real Return Bond:          
Series CPI, 0.50%, 12/1/2050
   CAD 2,509,442   2,252,540
Series CPI, 1.25%, 12/1/2047
   CAD 2,616,894   2,725,644
Series CPI, 1.50%, 12/1/2044
   CAD 2,760,644   2,932,329
Security Description     Principal
Amount 		  Value
Series CPI, 2.00%, 12/1/2041
   CAD 2,276,593   $ 2,567,901
Series CPI, 3.00%, 12/1/2036
   CAD 2,165,612   2,598,944
Series CPI, 4.00%, 12/1/2031
   CAD 2,632,614   3,121,060
Series CPI, 4.25%, 12/1/2021
   CAD 2   2
Series CPI, 4.25%, 12/1/2026
   CAD 2,419,788   2,519,155
          18,717,575
CHILE — 4.5%          
Bonos de la Tesoreria de la Republica:          
Zero Coupon, 3/1/2025
   CLP 1,010,134,220   1,379,215
Zero Coupon, 10/1/2028
   CLP 118,514,040   162,297
Zero Coupon, 10/1/2033
   CLP 888,741,000   996,512
1.30%, 3/1/2023
   CLP 653,616,260   936,722
1.50%, 3/1/2026
   CLP 3,149,301,380   4,520,670
1.90%, 9/1/2030
   CLP 1,069,553,880   1,522,981
2.00%, 3/1/2035
   CLP 2,464,196,820   3,433,113
2.10%, 7/15/2050
   CLP 475,357,280   619,957
Series 30YR, 3.00%, 1/1/2044
   CLP 2,985,837,915   4,712,520
Series 20YR, 4.50%, 10/15/2023
   CLP 59,196,020   91,375
Bonos del Banco Central de Chile en UF:          
Series 10YR, 3.00%, 3/1/2023
   CLP 26,880   41
Series 20YR, 3.00%, 5/1/2028
   CLP 7,520   12
Series 30YR, 3.00%, 2/1/2041
   CLP 26,320   41
          18,375,456
COLOMBIA — 4.6%          
Colombian TES:          
Series UVR, 2.25%, 4/18/2029
   COP 3,116,220,800   791,548
Series UVR, 3.00%, 3/25/2033
   COP 7,365,612,800   1,855,330
Series UVR, 3.30%, 3/17/2027
   COP 11,161,736,320   3,126,123
Series UVR, 3.50%, 5/7/2025
   COP 7,110,649,280   2,026,592
Series UVR, 3.75%, 2/25/2037
   COP 7,280,624,960   1,922,405
Series UVR, 3.75%, 6/16/2049
   COP 5,184,258,240   1,328,317
Series UVR, 4.75%, 2/23/2023
   COP 17,309,190,080   4,909,988
 
See accompanying notes to financial statements.
56

SPDR FTSE INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series UVR, 4.75%, 4/4/2035
   COP 9,702,769,755   $ 2,885,288
          18,845,591
FRANCE — 7.8%          
French Republic Government Bond OAT:          
Series OATI, 0.10%, 3/1/2025
   EUR 1,197,067   1,510,456
Series OATE, 0.10%, 3/1/2026 (a)
   EUR 1,090,749   1,407,091
Series OATI, 0.10%, 3/1/2028
   EUR 1,952,144   2,569,936
Series OATE, 0.10%, 3/1/2029
   EUR 922,221   1,234,964
Series OATI, 0.10%, 3/1/2036 (a)
   EUR 603,486   843,279
Series OATE, 0.10%, 7/25/2036 (a)
   EUR 1,518,367   2,149,776
Series OATE, 0.10%, 7/25/2047 (a)
   EUR 1,221,956   1,833,859
Series OATE, 0.25%, 7/25/2024
   EUR 1,440,571   1,825,056
Series OATE, 0.70%, 7/25/2030 (a)
   EUR 1,841,627   2,638,693
Series OATE, 1.10%, 7/25/2022
   EUR 2,540,758   3,121,256
Series OATE, 1.80%, 7/25/2040 (a)
   EUR 1,402,195   2,640,129
Series OATE, 1.85%, 7/25/2027
   EUR 1,769,761   2,574,969
Series OATI, 2.10%, 7/25/2023 (a)
   EUR 2,364,408   3,028,270
Series OATE, 3.15%, 7/25/2032
   EUR 1,572,967   2,866,719
Series OATI, 3.40%, 7/25/2029
   EUR 1,025,583   1,725,844
          31,970,297
GERMANY — 4.6%          
Deutsche Bundesrepublik Inflation Linked Bond:          
Series I/L, 0.10%, 4/15/2023
   EUR 3,076,750   3,748,512
Series I/L, 0.10%, 4/15/2026
   EUR 3,982,721   5,165,714
Series I/L, 0.10%, 4/15/2046
   EUR 2,302,509   3,889,909
Series I/L, 0.50%, 4/15/2030
   EUR 4,222,523   6,040,388
          18,844,523
ISRAEL — 4.5%          
Israel Government Bond - CPI Linked:          
Series 0529, 0.50%, 5/31/2029
   ILS 5,887,139   2,006,162
Security Description     Principal
Amount 		  Value
0.75%, 10/31/2025
   ILS 5,910,126   $ 1,992,686
Series 0527, 0.75%, 5/31/2027
   ILS 5,894,752   2,025,899
1.00%, 5/31/2045
   ILS 5,217,789   1,859,163
1.75%, 9/29/2023
   ILS 4,902,537   1,626,663
Series 0922, 2.75%, 9/30/2022
   ILS 4,782,947   1,555,083
Series 0841, 2.75%, 8/30/2041
   ILS 5,973,045   2,820,922
Series 0536, 4.00%, 5/30/2036
   ILS 5,367,884   2,706,646
Israel Government Bond - Galil Series 5904, 4.00%, 7/31/2024
   ILS 5,638,634   2,039,656
          18,632,880
ITALY — 5.0%          
Italy Buoni Poliennali Del Tesoro:          
Series CPI, 0.10%, 5/15/2023
   EUR 1,205,487   1,465,657
Series CPI, 0.15%, 5/15/2051 (a)
   EUR 655,689   722,645
Series CPI, 0.40%, 5/15/2030 (a)
   EUR 999,469   1,280,045
Series CPI, 0.65%, 5/15/2026
   EUR 660,082   844,287
Series CPI, 1.25%, 9/15/2032 (a)
   EUR 1,595,235   2,236,304
Series CPI, 1.30%, 5/15/2028 (a)
   EUR 1,594,765   2,154,171
Series CPI, 2.35%, 9/15/2024 (a)
   EUR 1,497,888   1,989,739
Series CPI, 2.35%, 9/15/2035 (a)
   EUR 1,686,354   2,704,295
Series CPI, 2.55%, 9/15/2041 (a)
   EUR 1,373,027   2,416,292
Series CPI, 2.60%, 9/15/2023 (a)
   EUR 2,370,205   3,068,131
Series CPI, 3.10%, 9/15/2026 (a)
   EUR 1,270,193   1,842,248
          20,723,814
JAPAN — 4.6%          
Japanese Government CPI Linked Bond:          
Series 17, 0.10%, 9/10/2023
   JPY 100,704,000   917,650
Series 18, 0.10%, 3/10/2024
   JPY 126,394,600   1,155,829
Series 19, 0.10%, 9/10/2024
   JPY 210,912,000   1,930,513
Series 20, 0.10%, 3/10/2025
   JPY 413,816,800   3,793,812
Series 21, 0.10%, 3/10/2026
   JPY 259,860,480   2,392,126
Series 22, 0.10%, 3/10/2027
   JPY 207,681,140   1,916,583
 
See accompanying notes to financial statements.
57

SPDR FTSE INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series 23, 0.10%, 3/10/2028
   JPY 293,601,540   $ 2,715,186
Series 24, 0.10%, 3/10/2029
   JPY 328,245,372   3,041,453
Series 25, 0.20%, 3/10/2030
   JPY 117,307,340   1,106,614
          18,969,766
MEXICO — 4.6%          
Mexican Udibonos:          
2.75%, 11/27/2031
   MXN 13,666,994   683,532
Series S, 3.50%, 11/16/2023
   MXN 33,475,087   1,750,059
Series S, 4.00%, 11/30/2028
   MXN 61,814,912   3,383,839
Series S, 4.00%, 11/15/2040
   MXN 69,676,095   3,773,018
Series S, 4.00%, 11/8/2046
   MXN 53,276,941   2,907,119
Series S, 4.00%, 11/3/2050
   MXN 21,857,206   1,202,512
Series S, 4.50%, 12/4/2025
   MXN 53,550,156   2,946,583
Series S, 4.50%, 11/22/2035
   MXN 41,261,717   2,426,671
          19,073,333
NEW ZEALAND — 2.3%          
New Zealand Government Bond:          
Series 0925, 2.00%, 9/20/2025
   NZD 2,890,438   2,251,905
Series 0935, 2.50%, 9/20/2035
   NZD 3,007,696   2,630,759
Series 0940, 2.50%, 9/20/2040
   NZD 2,602,320   2,259,548
Series 0930, 3.00%, 9/20/2030
   NZD 2,809,820   2,481,320
          9,623,532
SOUTH AFRICA — 4.4%          
South Africa Government Bond - CPI Linked:          
Series 2029, 1.88%, 3/31/2029
   ZAR 11,427,954   731,663
Series 2033, 1.88%, 2/28/2033
   ZAR 18,338,856   1,030,709
Series 2025, 2.00%, 1/31/2025
   ZAR 32,112,260   2,232,895
Series 2038, 2.25%, 1/31/2038
   ZAR 36,875,322   1,976,291
Series 2046, 2.50%, 3/31/2046
   ZAR 37,651,773   1,926,215
Series 2050, 2.50%, 12/31/2050
   ZAR 52,191,995   2,590,272
Series R210, 2.60%, 3/31/2028
   ZAR 26,596,660   1,821,833
Security Description     Principal
Amount 		  Value
Series R202, 3.45%, 12/7/2033
   ZAR 36,059,098   $ 2,386,686
Series R197, 5.50%, 12/7/2023
   ZAR 43,743,485   3,370,388
          18,066,952
SOUTH KOREA — 0.7%          
Inflation Linked Korea Treasury Bond:          
Series 2606, 1.00%, 6/10/2026
   KRW 1,297,192,320   1,167,241
Series 3006, 1.13%, 6/10/2030
   KRW 505,590,000   455,986
Series 2806, 1.75%, 6/10/2028
   KRW 1,510,004,800   1,421,887
          3,045,114
SPAIN — 4.5%          
Spain Government Inflation Linked Bond:          
0.15%, 11/30/2023
   EUR 1,505,549   1,869,257
0.30%, 11/30/2021
   EUR 171   205
0.65%, 11/30/2027 (a)
   EUR 2,865,046   3,850,330
0.70%, 11/30/2033 (a)
   EUR 2,786,311   3,922,421
1.00%, 11/30/2030 (a)
   EUR 3,295,796   4,684,594
1.80%, 11/30/2024 (a)
   EUR 3,203,570   4,269,067
          18,595,874
SWEDEN — 3.6%          
Sweden Inflation Linked Bond:          
Series 3112, 0.13%, 6/1/2026
   SEK 22,183,269   2,824,516
Series 3113, 0.13%, 12/1/2027
   SEK 15,487,128   2,018,413
Series 3114, 0.13%, 6/1/2030 (a)
   SEK 11,424,331   1,537,935
Series 3111, 0.13%, 6/1/2032 (a)
   SEK 13,526,075   1,883,480
Series 3109, 1.00%, 6/1/2025 (a)
   SEK 19,318,923   2,498,560
Series 3104, 3.50%, 12/1/2028 (a)
   SEK 25,173,642   4,114,055
          14,876,959
TURKEY — 4.6%          
Turkey Government Bond:          
Series CPI, 1.00%, 5/3/2023
   TRY 16,445,866   1,825,529
1.50%, 6/18/2025
   TRY 19,238,442   2,090,724
Series CPI, 2.00%, 10/26/2022
   TRY 11,824,028   1,348,507
Series CPI, 2.00%, 9/18/2024
   TRY 8,259,250   927,063
Series CPI, 2.00%, 4/16/2025
   TRY 12,028,185   1,341,847
2.36%, 1/29/2025
   TRY 17,633,471   2,000,059
 
See accompanying notes to financial statements.
58

SPDR FTSE INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
Security Description     Principal
Amount 		  Value
Series CPI, 2.40%, 5/8/2024
   TRY 7,882,108   $ 897,599
Series CPI, 2.70%, 1/14/2026
   TRY 14,791,019   1,691,703
Series CPI, 2.80%, 11/8/2023
   TRY 5,599,365   644,692
Series CPI, 2.90%, 7/7/2027
   TRY 9,438,236   1,082,827
Series CPI, 2.90%, 1/12/2028
   TRY 10,182,446   1,167,211
Series CPI, 3.00%, 8/2/2023
   TRY 7,470,444   865,467
3.20%, 11/6/2024
   TRY 3,759,731   437,454
Series CPI, 3.30%, 6/28/2028
   TRY 15,440,158   1,801,789
4.10%, 6/5/2024
   TRY 525,056   62,728
Series CPI, 4.20%, 1/10/2024
   TRY 6,008,310   715,962
          18,901,161
UNITED KINGDOM — 22.0%          
United Kingdom Gilt Inflation Linked:          
Series 3MO, 0.13%, 3/22/2024
   GBP 1,623,869   2,446,783
Series 3MO, 0.13%, 3/22/2026
   GBP 1,264,491   2,018,778
Series 3MO, 0.13%, 8/10/2028
   GBP 1,261,038   2,148,205
Series 3MO, 0.13%, 3/22/2029
   GBP 1,964,827   3,383,089
Series 3MO, 0.13%, 11/22/2036
   GBP 1,851,930   3,762,897
Series 3MO, 0.13%, 8/10/2041
   GBP 1,074,650   2,380,977
Series 3MO, 0.13%, 3/22/2044
   GBP 1,582,874   3,650,435
Series 3MO, 0.13%, 3/22/2046
   GBP 1,342,579   3,206,137
Series 3MO, 0.13%, 8/10/2048
   GBP 1,111,648   2,793,291
Series 3MO, 0.13%, 11/22/2056
   GBP 528,333   1,542,929
Series 3MO, 0.13%, 3/22/2058
   GBP 1,346,680   4,055,945
Series 3MO, 0.13%, 11/22/2065
   GBP 866,716   3,072,587
Series 3MO, 0.13%, 3/22/2068
   GBP 1,265,555   4,841,240
Series 3MO, 0.25%, 3/22/2052
   GBP 1,181,207   3,248,871
Series 3MO, 0.38%, 3/22/2062
   GBP 1,563,321   5,423,463
Series 3MO, 0.50%, 3/22/2050
   GBP 1,621,857   4,521,312
Series 3MO, 0.63%, 3/22/2040
   GBP 1,528,967   3,546,159
Security Description     Principal
Amount 		  Value
Series 3MO, 0.63%, 11/22/2042
   GBP 1,388,203   $ 3,410,172
Series 3MO, 0.75%, 3/22/2034
   GBP 1,250,603   2,560,940
Series 3MO, 0.75%, 11/22/2047
   GBP 1,035,736   2,887,905
Series 3MO, 1.13%, 11/22/2037
   GBP 2,038,738   4,807,762
Series 3MO, 1.25%, 11/22/2027
   GBP 1,628,345   2,905,786
Series 3MO, 1.25%, 11/22/2032
   GBP 1,455,211   3,035,816
Series 3MO, 1.25%, 11/22/2055
   GBP 1,221,381   4,461,159
Series 3MO, 1.88%, 11/22/2022
   GBP 3,190,212   4,756,691
Series 8MO, 2.00%, 1/26/2035
   GBP 972,134   2,316,992
Series 8MO, 2.50%, 7/17/2024
   GBP 1,277,159   2,091,841
Series 8MO, 4.13%, 7/22/2030
   GBP 651,739   1,538,801
          90,816,963
TOTAL FOREIGN GOVERNMENT OBLIGATIONS

(Cost $379,340,383)
         405,223,124
    Shares  
SHORT-TERM INVESTMENT — 0.0% (b)  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (c) (d)

(Cost $7,710)
 7,710 7,710
TOTAL INVESTMENTS — 98.3%

(Cost $379,348,093)
 405,230,834
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.7%
6,822,127
NET ASSETS — 100.0%
$ 412,052,961
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 14.5% of net assets as of June 30, 2021, 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) 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, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2021.
AUD Australian Dollar
BRL Brazilian Real
 
See accompanying notes to financial statements.
59

SPDR FTSE INTERNATIONAL GOVERNMENT INFLATION-PROTECTED BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021 (Unaudited)
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
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                
INVESTMENTS:                
Foreign Government Obligations
   $ —   $405,223,124   $—   $405,223,124
Short-Term Investment
   7,710   —   —   7,710
TOTAL INVESTMENTS
   $7,710   $405,223,124   $—   $405,230,834
Affiliate Table
  Number of
Shares Held
at
12/31/20 		  Value at

12/31/20 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
6/30/21 		  Value at

6/30/21 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 99,158   $99,158   $31,459,930   $31,551,378   $—   $—   7,710   $7,710   $86
See accompanying notes to financial statements.
60

[This Page Intentionally Left Blank]
61

SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2021 (Unaudited)
  SPDR Bloomberg Barclays Emerging Markets Local Bond ETF   SPDR Bloomberg Barclays International Corporate Bond ETF
ASSETS      
Investments in unaffiliated issuers, at value*
 $1,318,999,536   $228,779,310
Investments in affiliated issuers, at value
 14,229,329   6,141,008
Total Investments
 1,333,228,865   234,920,318
Foreign currency, at value
 8,455,016   834,652
Receivable for investments sold
 8,938,977   4,142,083
Unrealized appreciation on forward foreign currency exchange contracts
 105,129   —
Dividends receivable — unaffiliated issuers
 —   —
Dividends receivable — affiliated issuers
 152   1
Interest receivable — unaffiliated issuers
 17,134,538   1,594,293
Securities lending income receivable — affiliated issuers  
 1,521   1,154
Receivable for foreign taxes recoverable
 350,255   541
TOTAL ASSETS
1,368,214,453   241,493,042
LIABILITIES      
Payable upon return of securities loaned
 9,330,000   6,128,822
Payable for investments purchased
 7,783,364   3,432,894
Unrealized depreciation on forward foreign currency exchange contracts
 202,411   —
Deferred foreign taxes payable
 285,583   —
Advisory fee payable
 355,176   96,720
Trustees’ fees and expenses payable
 —   1,171
TOTAL LIABILITIES
17,956,534   9,659,607
NET ASSETS
$1,350,257,919   $231,833,435
NET ASSETS CONSIST OF:      
Paid-in Capital
 $1,389,361,502   $224,767,285
Total distributable earnings (loss)**
 (39,103,583)   7,066,150
NET ASSETS
$1,350,257,919   $231,833,435
NET ASSET VALUE PER SHARE      
Net asset value per share
 $ 26.42   $ 36.22
Shares outstanding (unlimited amount authorized, $0.01 par value)
 51,100,000   6,400,000
COST OF INVESTMENTS:      
Investments in unaffiliated issuers
 $1,343,141,594   $221,488,070
Investments in affiliated issuers
 14,229,329   6,141,008
Total cost of investments
 $1,357,370,923   $227,629,078
Foreign currency, at cost
 $ 8,539,651   $ 844,445
* Includes investments in securities on loan, at value
 $ 8,723,144   $ 5,962,376
**  Includes deferred foreign taxes
 $ 285,582   $ —
See accompanying notes to financial statements.
62

SPDR Bloomberg Barclays International Treasury Bond ETF   SPDR Bloomberg Barclays Short Term International Treasury Bond ETF   SPDR FTSE International Government Inflation-Protected Bond ETF
         
$ 987,176,348   $210,719,834   $405,223,124
31,271   212,986   7,710
987,207,619   210,932,820   405,230,834
3,798,095   651,683   718,164
14,422,521   11,676,040   9,164,956
—   —   —
—   —   191
10   8   8
5,972,397   1,486,908   1,887,541
—   —   —
609,704   195,137   —
1,012,010,346   224,942,596   417,001,694
         
—   —   —
16,780,553   12,401,875   4,772,717
—   —   —
124,048   1,394   4,723
289,994   60,592   170,492
—   2,000   801
17,194,595   12,465,861   4,948,733
$ 994,815,751   $212,476,735   $412,052,961
         
$ 994,981,191   $208,610,262   $390,351,672
(165,440)   3,866,473   21,701,289
$ 994,815,751   $212,476,735   $412,052,961
         
$ 29.35   $ 31.71   $ 56.44
33,900,038   6,700,000   7,300,483
         
$ 983,371,631   $208,082,499   $379,340,383
31,271   212,986   7,710
$ 983,402,902   $208,295,485   $379,348,093
$ 3,857,789   $ 662,501   $ 722,549
$ —   $ —   $ —
$ 124,048   $ 1,394   $ —
63

SPDR SERIES TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 2021 (Unaudited)
  SPDR Bloomberg Barclays Emerging Markets Local Bond ETF   SPDR Bloomberg Barclays International Corporate Bond ETF
INVESTMENT INCOME      
Interest income — unaffiliated issuers
 $ 24,820,627   $ 995,260
Dividend income — affiliated issuers
 1,217   14
Affiliated securities lending income
 5,844   5,794
Foreign taxes withheld
 (1,270,585)   4
TOTAL INVESTMENT INCOME (LOSS)
 23,557,103   1,001,072
EXPENSES      
Advisory fee
 1,781,437   610,588
Trustees’ fees and expenses  
 5,689   341
TOTAL EXPENSES
 1,787,126   610,929
NET INVESTMENT INCOME (LOSS)
 $ 21,769,977   $ 390,143
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers*
 (1,475,286)   161,771
In-kind redemptions — unaffiliated issuers
 —   1,101,454
Forward foreign currency exchange contracts
 113,159   —
Foreign currency transactions
 (1,097,003)   82,248
Net realized gain (loss)
 (2,459,130)   1,345,473
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers**
 (66,401,764)   (12,257,783)
Forward foreign currency exchange contracts
 (93,288)   —
Foreign currency translations
 (672,565)   (132,960)
Net change in unrealized appreciation/depreciation
 (67,167,617)   (12,390,743)
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (69,626,747)   (11,045,270)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $(47,856,770)   $(10,655,127)
* Includes foreign capital gain taxes
 $ (27,115)   $ —
** Includes foreign deferred taxes
 $ 281,849   $ —
See accompanying notes to financial statements.
64

SPDR Bloomberg Barclays International Treasury Bond ETF   SPDR Bloomberg Barclays Short Term International Treasury Bond ETF   SPDR FTSE International Government Inflation-Protected Bond ETF
         
$ 6,751,915   $ 270,264   $ 9,488,579
63   25   86
—   —   —
(280,596)   (35,276)   (23,303)
6,471,382   235,013   9,465,362
         
1,779,632   374,029   1,005,853
5,437   415   1,173
1,785,069   374,444   1,007,026
$ 4,686,313   $ (139,431)   $ 8,458,336
         
         
(2,423,298)   1,686,883   1,007,056
2,951,090   1,404,596   2,509,257
—   —   —
(116,652)   122,087   (217,093)
411,140   3,213,566   3,299,220
         
(66,794,516)   (10,929,044)   (20,524,523)
—   —   —
(423,374)   (96,870)   (91,860)
(67,217,890)   (11,025,914)   (20,616,383)
(66,806,750)   (7,812,348)   (17,317,163)
$(62,120,437)   $ (7,951,779)   $ (8,858,827)
$ (31,192)   $ (5,352)   $ (2,679)
$ 59,936   $ 4,037   $ 48,394
65

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
  SPDR Bloomberg Barclays Emerging Markets Local Bond ETF
  Six-Months Ended
6/30/21 		  Year Ended
12/31/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 21,769,977   $ 38,538,213
Net realized gain (loss)
 (2,459,130)   (36,787,436)
Net change in unrealized appreciation/depreciation
 (67,167,617)   20,237,467
Net increase (decrease) in net assets resulting from operations
 (47,856,770)   21,988,244
Distributions to shareholders
 (16,952,454)   (7,233,667)
Return of capital
 —   (27,530,700)
Total Distributions to shareholders
(16,952,454)   (34,764,367)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 401,031,403   363,726,320
Cost of shares redeemed
 —   (353,921,776)
Other Capital
 592,389   785,892
Net increase (decrease) from share transactions
 401,623,792   10,590,436
Net increase (decrease) in net assets from beneficial interest transactions
401,623,792   10,590,436
Contribution from Affiliate (Note 4)
 —   —
Net increase (decrease) in net assets during the period
 336,814,568   (2,185,687)
Net assets at beginning of period
 1,013,443,351   1,015,629,038
NET ASSETS AT END OF PERIOD
 $1,350,257,919   $1,013,443,351
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 14,900,000   13,400,000
Shares redeemed
 —   (13,700,000)
Net increase (decrease) from share transactions
 14,900,000   (300,000)
See accompanying notes to financial statements.
66

SPDR Bloomberg Barclays International Corporate Bond ETF   SPDR Bloomberg Barclays International Treasury Bond ETF
Six-Months Ended
6/30/21 		  Year Ended
12/31/20 		  Six-Months Ended
6/30/21 		  Year Ended
12/31/20
             
$ 390,143   $ 1,014,747   $ 4,686,313   $ 10,865,485
1,345,473   (2,686,801)   411,140   (11,860,769)
(12,390,743)   23,069,788   (67,217,890)   75,977,568
(10,655,127)   21,397,734   (62,120,437)   74,982,284
(351,366)   (240,207)   (3,717,720)   (9,187,648)
—   (677,526)   —   —
(351,366)   (917,733)   (3,717,720)   (9,187,648)
             
7,410,768   109,839,151   173,004,156   216,578,417
(25,143,575)   (60,177,217)   (124,160,533)   (300,066,124)
26,620   131,234   263,604   371,816
(17,706,187)   49,793,168   49,107,227   (83,115,891)
(17,706,187)   49,793,168   49,107,227   (83,115,891)
—   —   —   12,963
(28,712,680)   70,273,169   (16,730,930)   (17,308,292)
260,546,115   190,272,946   1,011,546,681   1,028,854,973
$231,833,435   $ 260,546,115   $ 994,815,751   $ 1,011,546,681
             
200,000   3,100,000   5,700,000   7,300,000
(700,000)   (1,800,000)   (4,200,000)   (10,700,000)
(500,000)   1,300,000   1,500,000   (3,400,000)
67

SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR Bloomberg Barclays Short Term International Treasury Bond ETF
  Six-Months Ended
6/30/21 		  Year Ended
12/31/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ (139,431)   $ 394,554
Net realized gain (loss)
 3,213,566   305,609
Net change in unrealized appreciation/depreciation
 (11,025,914)   12,888,190
Net increase (decrease) in net assets resulting from operations
 (7,951,779)   13,588,353
Distributions to shareholders
 —   (360,995)
Total Distributions to shareholders
—   (360,995)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 45,229,410   24,375,784
Cost of shares redeemed
 (38,279,222)   (123,724,120)
Other Capital
 49,025   51,143
Net increase (decrease) from share transactions
 6,999,213   (99,297,193)
Net increase (decrease) in net assets from beneficial interest transactions
6,999,213   (99,297,193)
Contribution from Affiliate (Note 4)
 —   2,839
Net increase (decrease) in net assets during the period
 (952,566)   (86,066,996)
Net assets at beginning of period
 213,429,301   299,496,297
NET ASSETS AT END OF PERIOD
 $212,476,735   $ 213,429,301
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 1,400,000   800,000
Shares redeemed
 (1,200,000)   (4,000,000)
Net increase (decrease) from share transactions
 200,000   (3,200,000)
See accompanying notes to financial statements.
68

SPDR FTSE International Government Inflation-Protected Bond ETF
Six-Months Ended
6/30/21 		  Year Ended
12/31/20
     
$ 8,458,336   $ 6,554,000
3,299,220   (9,515,160)
(20,616,383)   24,873,302
(8,858,827)   21,912,142
(5,993,219)   (6,033,523)
(5,993,219)   (6,033,523)
     
68,718,299   27,546,758
(22,699,668)   (94,086,672)
169,017   162,162
46,187,648   (66,377,752)
46,187,648   (66,377,752)
—   —
31,335,602   (50,499,133)
380,717,359   431,216,492
$412,052,961   $380,717,359
     
1,200,000   500,000
(400,000)   (1,800,000)
800,000   (1,300,000)
69

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
  SPDR Bloomberg Barclays Emerging Markets Local Bond ETF
  Six-Months Ended
6/30/21 		  Year Ended
12/31/20 		  Six-month Period
Ended
12/31/19(a) 		  Year Ended
6/30/19 		  Year Ended
6/30/18 		  Year Ended
6/30/17
Net asset value, beginning of period
 $ 28.00   $ 27.83   $ 27.76   $ 27.08   $ 28.99   $ 27.74
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.49   1.13   0.65   1.51   1.41   1.38
Net realized and unrealized gain (loss) (c)
 (1.70)   0.05   0.15   0.45   (2.28)   (0.18)
Total from investment operations
 (1.21)   1.18   0.80   1.96   (0.87)   1.20
Contribution from Affiliate (Note 4)
 —   —   —   0.01   —   —
Other capital (b)
 0.01   0.02   0.01   0.02   0.06   0.05
Distributions to shareholders from:                      
Net investment income
 (0.38)   (0.22)   (0.07)   (0.79)   (0.67)   —
Return of Capital
 —   (0.81)   (0.67)   (0.52)   (0.43)   —
Total distributions
 (0.38)   (1.03)   (0.74)   (1.31)   (1.10)   —
Net asset value, end of period
 $ 26.42   $ 28.00   $ 27.83   $ 27.76   $ 27.08   $ 28.99
Total return (d)
 (4.27)%   4.59%   2.94%   7.70%(e)   (3.03)%   4.49%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $1,350,258   $1,013,443   $1,015,629   $810,738   $519,933   $130,438
Ratios to average net assets:                      
Total expenses
 0.30%(f)   0.30%   0.30%(f)   0.39%   0.41%   0.47%
Net expenses
 0.30%(f)   0.30%   0.30%(f)   0.38%   0.41%   0.46%
Net investment income (loss)
 3.67%(f)   4.26%   4.69%(f)   5.68%   4.81%   4.95%
Portfolio turnover rate
 9%(g)   50%   18%(g)   43%   83%   42%
(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 June 30, 2019, the total return would have been 7.66%.
(f) Annualized.
(g) Not annualized.
See accompanying notes to financial statements.
70

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Bloomberg Barclays International Corporate Bond ETF
  Six-Months Ended
6/30/21 		  Year Ended
12/31/20 		  Six-month Period
Ended
12/31/19(a) 		  Year Ended
6/30/19 		  Year Ended
6/30/18 		  Year Ended
6/30/17
Net asset value, beginning of period
 $ 37.76   $ 33.98   $ 34.15   $ 33.87   $ 33.17   $ 32.44
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.06   0.18   0.14   0.29   0.25   0.42
Net realized and unrealized gain (loss) (c)
 (1.55)   3.74   (0.20)   0.23   0.63   0.30
Total from investment operations
 (1.49)   3.92   (0.06)   0.52   0.88   0.72
Other capital (b)
 0.00(d)   0.02   0.02   0.00(d)   0.04   0.01
Distributions to shareholders from:                      
Net investment income
 (0.05)   (0.04)   (0.10)   —   (0.22)   —
Net realized gains
 —   —   —   —   —   (0.00)(d)
Return of Capital
 —   (0.12)   (0.03)   (0.24)   —   —
Total distributions
 (0.05)   (0.16)   (0.13)   (0.24)   (0.22)   (0.00)(d)
Net asset value, end of period
 $ 36.22   $ 37.76   $ 33.98   $ 34.15   $ 33.87   $ 33.17
Total return (e)
 (3.93)%   11.69%   (0.15)%   1.59%   2.71%   2.26%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $231,833   $260,546   $190,273   $167,358   $230,286   $149,286
Ratios to average net assets:                      
Total expenses
 0.50%(f)   0.50%   0.50%(f)   0.51%   0.50%   0.50%
Net investment income (loss)
 0.32%(f)   0.54%   0.81%(f)   0.88%   0.72%   1.30%
Portfolio turnover rate (g)
 9%(h)   23%   5%(h)   16%   23%   14%
(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.
71

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Bloomberg Barclays International Treasury Bond ETF
  Six-Months Ended
6/30/21 		  Year Ended
12/31/20 		  Six-month Period
Ended
12/31/19(a) 		  Year Ended
6/30/19 		  Year Ended
6/30/18 		  Year Ended
6/30/17
Net asset value, beginning of period
 $ 31.22   $ 28.74   $ 28.87   $ 27.88   $ 27.56   $ 28.60
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.14   0.35   0.19   0.39   0.31   0.46
Net realized and unrealized gain (loss) (c)
 (1.91)   2.42   (0.13)   0.92   0.24   (1.51)
Total from investment operations
 (1.77)   2.77   0.06   1.31   0.55   (1.05)
Contribution from Affiliate (Note 4)
 —   0.00(d)   —   —   —   —
Other capital (b)
 0.01   0.01   0.00(d)   0.01   0.01   0.01
Distributions to shareholders from:                      
Net investment income
 (0.11)   (0.30)   (0.19)   (0.33)   (0.24)   —
Total distributions
 (0.11)   (0.30)   (0.19)   (0.33)   (0.24)   —
Net asset value, end of period
 $ 29.35   $ 31.22   $ 28.74   $ 28.87   $ 27.88   $ 27.56
Total return (e)
 (5.66)%   9.73%(f)   0.20%   4.78%   2.02%   (3.61)%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $994,816   $1,011,547   $1,028,855   $1,122,866   $1,519,631   $1,568,418
Ratios to average net assets:                      
Total expenses
 0.35%(g)   0.35%   0.35%(g)   0.38%   0.50%   0.50%
Net investment income (loss)
 0.92%(g)   1.19%   1.31%(g)   1.42%   1.09%   1.46%
Portfolio turnover rate (h)
 8%(i)   16%   7%(i)   18%   29%   25%
(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 theyear 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.
72

SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Bloomberg Barclays Short Term International Treasury Bond ETF
  Six-Months Ended
6/30/21 		  Year Ended
12/31/20 		  Six-month Period
Ended
12/31/19(a) 		  Year Ended
6/30/19 		  Year Ended
6/30/18 		  Year Ended
6/30/17
Net asset value, beginning of period
 $ 32.84   $ 30.88   $ 31.05   $ 31.38   $ 31.23   $ 31.48
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 (0.02)   0.05   0.07   0.16   0.00(c)   0.03
Net realized and unrealized gain (loss) (d)
 (1.12)   1.94   (0.17)   (0.10)   0.28   (0.42)
Total from investment operations
 (1.14)   1.99   (0.10)   0.06   0.28   (0.39)
Contribution from Affiliate (Note 4)
 —   0.00(c)   —   —   —   0.18
Other capital (b)
 0.01   0.01   0.00(c)   0.00(c)   0.01   0.00(c)
Distributions to shareholders from:                      
Net investment income
 —   (0.04)   —   (0.33)   (0.14)   —
Net realized gains
 —   —   —   —   —   (0.04)
Return of Capital
 —   —   (0.07)   (0.06)   —   —
Total distributions
 —   (0.04)   (0.07)   (0.39)   (0.14)   (0.04)
Net asset value, end of period
 $ 31.71   $ 32.84   $ 30.88   $ 31.05   $ 31.38   $ 31.23
Total return (e)
 (3.42)%   6.49%(f)   (0.36)%   0.21%   0.90%   (0.66)%(g)
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $212,477   $213,429   $299,496   $298,118   $332,582   $196,749
Ratios to average net assets:                      
Total expenses
 0.35%(h)   0.35%   0.35%(h)   0.36%   0.35%   0.35%
Net investment income (loss)
 (0.13)%(h)   0.16%   0.43%(h)   0.51%   0.01%   0.11%
Portfolio turnover rate (i)
 29%(j)   67%   31%(j)   66%   63%   74%
(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) Amount is less than $0.005 per share.
(d) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(e) 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, 2020, the total return would have remained 6.49%.
(g) If the Adviser had not made a one-time voluntary contribution during the period ended June 30, 2017, the total return would have been (1.24)%.
(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.
73

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
6/30/21 		  Year Ended
12/31/20 		  Six-month Period
Ended
12/31/19(a) 		  Year Ended
6/30/19 		  Year Ended
6/30/18 		  Year Ended
6/30/17
Net asset value, beginning of period
 $ 58.57   $ 55.28   $ 55.31   $ 54.63   $ 55.75   $ 55.13
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 1.19   1.02   0.66   1.92   1.73   1.86
Net realized and unrealized gain (loss) (c)
 (2.50)   3.17   0.19   0.57   (1.11)   (0.65)
Total from investment operations
 (1.31)   4.19   0.85   2.49   0.62   1.21
Contribution from Affiliate (Note 4)
 —   —   —   —   0.00(d)   —
Other capital (b)
 0.02   0.03   0.01   0.03   0.11   0.07
Distributions to shareholders from:                      
Net investment income
 (0.84)   (0.93)   (0.87)   —   (1.18)   —
Net realized gains
 —   —   —   —   (0.47)   (0.66)
Return of Capital
 —   —   (0.02)   (1.84)   (0.20)   —
Total distributions
 (0.84)   (0.93)   (0.89)   (1.84)   (1.85)   (0.66)
Net asset value, end of period
 $ 56.44   $ 58.57   $ 55.28   $ 55.31   $ 54.63   $ 55.75
Total return (e)
 (2.20)%   7.76%   1.58%   4.78%   1.21%   2.39%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $412,053   $380,717   $431,216   $475,714   $568,158   $496,236
Ratios to average net assets:                      
Total expenses
 0.50%(f)   0.50%   0.50%(f)   0.50%   0.50%   0.50%
Net investment income (loss)
 4.20%(f)   1.90%   2.39%(f)   3.60%   3.02%   3.39%
Portfolio turnover rate (g)
 9%(h)   28%   8%(h)   37%   32%   42%
(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.
74

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 2021 (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, 2021, the Trust consists of eighty-two (82) 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 Barclays Emerging Markets Local Bond ETF
SPDR Bloomberg Barclays International Corporate Bond ETF
SPDR Bloomberg Barclays International Treasury Bond ETF
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF
SPDR FTSE International Government Inflation-Protected Bond ETF
Each Fund, except for SPDR Bloomberg Barclays International Corporate Bond ETF, is classified as a non-diversified investment company under the 1940 Act. SPDR Bloomberg Barclays 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
75

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2021 (Unaudited)
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.
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, 2021 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.
76

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2021 (Unaudited)
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM 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, 2021, 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, 2021, the following Funds entered into forward foreign currency exchange contracts for the strategies listed below:
Funds Strategies
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF Efficient portfolio management to reduce the currency deviation of the fund versus the Index
    
77

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2021 (Unaudited)
  Asset Derivatives
  Interest
Rate
Contracts
Risk 		  Foreign
Exchange
Contracts
Risk 		  Credit
Contracts
Risk 		  Equity
Contracts
Risk 		  Commodity
Contracts
Risk 		  Total
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF                      
Forward Foreign Currency Exchange Contracts
 $—   $105,129   $—   $—   $—   $105,129
  Liability Derivatives
  Interest
Rate
Contracts
Risk 		  Foreign
Exchange
Contracts
Risk 		  Credit
Contracts
Risk 		  Equity
Contracts
Risk 		  Commodity
Contracts
Risk 		  Total
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF                      
Forward Foreign Currency Exchange Contracts
 $—   $202,411   $—   $—   $—   $202,411
  Net Realized Gain (Loss)
  Interest
Rate
Contracts
Risk 		  Foreign
Exchange
Contracts
Risk 		  Credit
Contracts
Risk 		  Equity
Contracts
Risk 		  Commodity
Contracts
Risk 		  Total
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF                      
Forward Foreign Currency Exchange Contracts
 $—   $113,159   $—   $—   $—   $113,159
  Net Change in Unrealized Appreciation (Depreciation)
  Interest
Rate
Contracts
Risk 		  Foreign
Exchange
Contracts
Risk 		  Credit
Contracts
Risk 		  Equity
Contracts
Risk 		  Commodity
Contracts
Risk 		  Total
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF                      
Forward Foreign Currency Exchange Contracts
 $—   $(93,288)   $—   $—   $—   $(93,288)
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 to derivative assets and liabilities available for offset and net of collateral at June 30, 2021:
Offsetting of Financial Assets and Derivative Assets
    Forward Foreign Currency Exchange Contracts
Counterparty   Gross Amounts
of Assets 		  Amount
Eligible
to Offset 		  Collateral
(Received)
Pledged 		  Net
Amount
Goldman Sachs Capital Markets L.P.
   $ 744   $ (744)   $—   $ —
HSBC Bank USA
   27,746   —   —   27,746
JP Morgan Chase Bank, N.A.
   12,687   —   —   12,687
Societe Generale
   25,672   (25,672)   —   —
Standard Chartered Bank
   10,665   (3,072)   —   7,593
UBS AG
   27,615   (27,615)   —   —
    $105,129   $(57,103)   $—   $48,026
    
78

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2021 (Unaudited)
Offsetting of Financial Liabilities and Derivative Liabilities
    Forward Foreign Currency Exchange Contracts
Counterparty   Gross Amounts
of Liabilities 		  Amount
Eligible
to Offset 		  Collateral
(Received)
Pledged 		  Net
Amount
Goldman Sachs Capital Markets L.P.
   $ (44,847)   $ 744   $—   $ (44,103)
Societe Generale
   (25,878)   25,672   —   (206)
Standard Chartered Bank
   (3,072)   3,072   —   —
UBS AG
   (128,409)   27,615   —   (100,794)
Westpac Banking Corp.
   (205)   —   —   (205)
    $ (202,411)   $57,103   $—   $(145,308)
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 Barclays Emerging Markets Local Bond ETF
 0.30%
SPDR Bloomberg Barclays International Corporate Bond ETF
 0.50
SPDR Bloomberg Barclays International Treasury Bond ETF
 0.35
SPDR Bloomberg Barclays 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, 2022.
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, 2022 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 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 Barclays International Corporate Bond ETF and SPDR Bloomberg Barclays Emerging Markets Local Bond ETF.
79

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2021 (Unaudited)
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.
Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Fund, and 15% payable to State Street.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.
Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the six-month period ended June 30, 2021 are disclosed in the Schedules of Investments.
5.    Trustees’ Fees
The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6.    Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the six-month period ended ended June 30, 2021, were as follows:
  Purchases   Sales
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF
 $471,393,613   $98,432,677
SPDR Bloomberg Barclays International Corporate Bond ETF
 27,487,538   21,848,990
SPDR Bloomberg Barclays International Treasury Bond ETF
 96,754,833   75,733,523
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF
 71,821,696   61,219,319
SPDR FTSE International Government Inflation-Protected Bond ETF
 60,092,853   37,431,936
80

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2021 (Unaudited)
For the six-month period ended June 30, 2021, 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 Barclays Emerging Markets Local Bond ETF
 $ —   $ —   $ —
SPDR Bloomberg Barclays International Corporate Bond ETF
 —   20,623,416   1,101,454
SPDR Bloomberg Barclays International Treasury Bond ETF
 145,479,585   102,652,085   2,951,090
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF
 39,176,225   31,683,580   1,404,596
SPDR FTSE International Government Inflation-Protected Bond ETF
 43,929,415   19,315,974   2,509,257
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, 2020, 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, 2021, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:
  Tax
Cost 		  Gross
Unrealized
Appreciation 		  Gross
Unrealized
Depreciation 		  Net Unrealized
Appreciation
(Depreciation)
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF
 $1,358,771,955   $27,922,406   $53,562,778   $(25,640,372)
SPDR Bloomberg Barclays International Corporate Bond ETF
 227,755,407   8,278,246   1,113,335   7,164,911
SPDR Bloomberg Barclays International Treasury Bond ETF
 984,154,954   27,809,794   24,757,129   3,052,665
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF
 208,319,286   5,013,803   2,400,269   2,613,534
SPDR FTSE International Government Inflation-Protected Bond ETF
 388,021,330   32,327,603   15,118,099   17,209,504
81

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2021 (Unaudited)
9.    Securities Lending
Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of June 30, 2021, 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, 2021:
Fund   Market Value of
Securities on Loan 		  Cash
Collateral
Received 		  Non-Cash
Collateral
Received* 		  Total
Collateral
Received
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF
   $ 8,723,144   $ 9,330,000   $ —   $ 9,330,000
SPDR Bloomberg Barclays International Corporate Bond ETF
   5,962,376   6,128,822   —   6,128,822
* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
        Remaining Contractual Maturity of the Agreements
as of June 30, 2021
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 Barclays Emerging Markets Local Bond ETF
   Foreign Government Obligations   $9,330,000   $—   $—   $—   $9,330,000   $9,330,000
SPDR Bloomberg Barclays International Corporate Bond ETF
   Corporate Bonds & Notes   6,128,822   —   —   —   6,128,822   6,128,822
10.    Line of Credit
The Funds and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility, provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2021 unless extended or renewed.
82

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2021 (Unaudited)
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. 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 1.25% plus the New York Fed Bank Rate. Prior to October 8, 2020, interest was calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.
The Funds had no outstanding loans as of June 30, 2021.
11.    Risks
Concentration Risk
As a result of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if the Funds were more broadly diversified.
Foreign and Emerging Markets Risk
Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds' invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.
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. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.
An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets experienced and may continue to experience extreme volatility and severe losses, and trading in many instruments was and many continue to be disrupted. Liquidity for many instruments was and may continue to be greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.
83

SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2021 (Unaudited)
12.    Recent Accounting Pronouncement
In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848)”. In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The relief provided is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022, or hedging relationships entered into or evaluated after that date. However, the FASB has indicated that it will revisit the sunset date in Topic 848 after the LIBOR administrator makes a final decision on a phaseout date. On November 30, 2020, the LIBOR administrator proposed extending the publication of the overnight and the one-, three-, six- and 12-month USD LIBOR settings through June 30, 2023, when many existing contracts that reference LIBOR will have expired. Management is currently evaluating the impact of the guidance.
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.
84

SPDR SERIES TRUST
OTHER INFORMATION
June 30, 2021 (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, 2021 to June 30, 2021.
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 Barclays Emerging Markets Local Bond ETF
 0.30%   $957.30   $1.46   $1,023.30   $1.51
SPDR Bloomberg Barclays International Corporate Bond ETF
 0.50   960.70   2.43   1,022.30   2.51
SPDR Bloomberg Barclays International Treasury Bond ETF
 0.35   943.40   1.69   1,023.10   1.76
SPDR Bloomberg Barclays Short Term International Treasury Bond ETF
 0.35   965.80   1.71   1,023.10   1.76
SPDR FTSE International Government Inflation-Protected Bond ETF
 0.50   978.00   2.45   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.
85

SPDR SERIES TRUST
OTHER INFORMATION  (continued)
June 30, 2021 (Unaudited)
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 www.ssga.com.
Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website 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 www.ssga.com.
Quarterly Portfolio Schedule
Following the Funds’ first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit on Form N-PORT, which can be found on the SEC's website at www.sec.gov, and on the Funds' website at www.ssga.com. The Funds’ schedules of investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
86

SPDR SERIES TRUST
OTHER INFORMATION  (continued)
June 30, 2021 (Unaudited)
Approval of Advisory Agreement
At a meeting held prior to June 30, 2021, 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 the SPDR FTSE International Government Inflation-Protected Bond ETF, the SPDR Bloomberg Barclays Short Term International Treasury Bond ETF, the SPDR Bloomberg Barclays International Treasury Bond ETF, the SPDR Bloomberg Barclays International Corporate Bond ETF, and the SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (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 distinctive indexed investment objective of each of the SPDR ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. Instead, the Board focused on the extent to which each SPDR ETF achieved its objective as a passively-managed index fund. The Board reviewed information regarding the SPDR ETFs’ index tracking.
87

SPDR SERIES TRUST
OTHER INFORMATION  (continued)
June 30, 2021 (Unaudited)
Profits Realized by the 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, 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. 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 did not provide for breakpoints in each SPDR ETF’s advisory fee rates as assets of a 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. 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, the index tracking, of each SPDR ETF had been satisfactory or the Advisor 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.
88

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SPDR Series Trust
Trustees
Dwight D. Churchill
Clare S. Richer
James E. Ross
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 Lincoln Street
Boston, MA 02111
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
 
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read the prospectus carefully before you invest.

SPDR® Series Trust - Fixed Income Funds
For more complete information, please call 1.866.787.2257 or visit www.ssga.com 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, and BARCLAYS®, a trademark and service mark of Barclays Bank Plc, have each been licensed for use in connection with the listing and trading of the SPDR Bloomberg Barclays 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.spdrs.com. Read it carefully.
Not FDIC Insured. No Bank Guarantee. May Lose Value.
 
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read the prospectus carefully before you invest.
© 2021 State Street Corporation - All Rights Reserved
SPDRSERTRYESAR

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable to this filing; this Form N-CSR is a Semi-Annual Report.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing; this Form N-CSR is a Semi-Annual Report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing; this Form N-CSR is a Semi-Annual Report.

Item 5. Audit Committees of Listed Registrants.

Not applicable to this filing; this Form N-CSR is a Semi-Annual Report.

Item 6. Investments.

 

(a)

A Schedule of Investments for each applicable series of the registrant is included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

 

(b)

Not applicable to the registrant.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant has not adopted any material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board.

Item 11. Controls and Procedures.

(a) Within 90 days of the filing date of this Form N-CSR, Ellen M. Needham, the registrant’s President and Principal Executive Officer, and Bruce S. Rosenberg, the registrant’s Treasurer and Principal Financial Officer, reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended ( the “1940 Act”) and evaluated their effectiveness. Based on their review, Ms. Needham and Mr. Rosenberg determined that the disclosure controls and procedures adequately ensure that information required to be disclosed by the registrant in its periodic reports is recorded, processed, summarized and reported within the time periods required by the U.S. Securities and Exchange Commission.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a) Not applicable to the registrant.

(b) Not applicable to the registrant.

Item 13. Exhibits.

 

(a)(1)   Not applicable to the registrant; this Form N-CSR is a Semi-Annual Report.
(a)(2)   Separate certifications required by Rule  30a-2(a) under the 1940 Act for each principal executive officer and principal financial officer of the registrant are attached.
(a)(3)   Not applicable to the registrant.
(a)(4)   Not applicable.
(b)   A single certification required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934, as amended, and Section  1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

SPDR® Series Trust
By:  

/s/ Ellen M. Needham

  Ellen M. Needham
  President and Principal Executive Officer
Date:   September 3, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ Ellen M. Needham

  Ellen M. Needham
  President and Principal Executive Officer
Date:   September 3, 2021

 

By:  

/s/ Bruce S. Rosenberg

  Bruce S. Rosenberg
  Treasurer and Principal Financial Officer
Date:   September 3, 2021