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





TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  

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Schedules of Investments (Unaudited)  

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


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

     
  Description % of Net Assets  
  Turkey Government International Bond
6.38% 10/14/2025
1.1%  
  Peruvian Government International Bond
5.63% 11/18/2050
1.1  
  Dominican Republic International Bond
6.00% 7/19/2028
1.0  
  Panama Government International Bond
4.50% 4/1/2056
1.0  
  Corp. Nacional del Cobre de Chile
3.70% 1/30/2050
0.9  
  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 December 31, 2021

     
    % of Net Assets  
  Foreign Government Obligations 73.1%  
  Corporate Bonds & Notes 24.9  
  Short-Term Investment 0.1  
  Other Assets in Excess of Liabilities 1.9  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of December 31, 2021

     
    % of Total Investments  
  Government 74.5%  
  Energy 14.7  
  Financial 3.3  
  Basic Materials 2.9  
  Utilities 1.9  
  Consumer, Non-cyclical 1.3  
  Industrial 1.2  
  Communications 0.1  
  Short-Term Investment 0.1  
  TOTAL 100.0%  
(The Fund's asset allocation and sector breakdown are expressed as a percentage of net assets and total investments, respectively, and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR Bloomberg Investment Grade Floating Rate ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Morgan Stanley
0.75% 1/20/2023
1.2%  
  International Bank for Reconstruction & Development
0.18% 1/13/2023
1.0  
  Inter-American Development Bank
0.12% 1/15/2022
1.0  
  Commonwealth Bank of Australia
0.45% 7/7/2025
0.9  
  Citigroup, Inc.
1.08% 4/25/2022
0.8  
  TOTAL 4.9%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

     
    % of Net Assets  
  Corporate Bonds & Notes 84.3%  
  Foreign Government Obligations 15.2  
  Short-Term Investments 1.8  
  Liabilities in Excess of Other Assets (1.3)  
  TOTAL 100.0%  
Sector Breakdown as of December 31, 2021

     
    % of Total Investments  
  Financial 61.0%  
  Government 13.4  
  Consumer, Cyclical 6.6  
  Utilities 4.5  
  Communications 3.9  
  Consumer, Non-cyclical 3.0  
  Industrial 2.8  
  Energy 1.7  
  Technology 1.2  
  Basic Materials 0.1  
  Short-Term Investments 1.8  
  TOTAL 100.0%  
(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.
2


Table of Contents
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Buckeye, OH, Tobacco Settlement Financing Authority Revenue
5.00% 6/1/2055
2.4%  
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
5.00% 7/1/2058
1.7  
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
4.75% 7/1/2053
1.5  
  Florida Development Finance Corp., Educational Facilities Revenue AMT
7.38% 1/1/2049
1.0  
  Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue
5.00% 7/1/2033
0.8  
  TOTAL 7.4%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

     
    % of Net Assets  
  Municipal Bonds & Notes 98.5%  
  Short-Term Investment 1.1  
  Other Assets in Excess of Liabilities 0.4  
  TOTAL 100.0%  
Top Ten States as of December 31, 2021

     
    % of Total Investments  
  Illinois 11.2%  
  California 11.0  
  Puerto Rico 10.1  
  New York 9.1  
  Florida 7.3  
  New Jersey 6.7  
  Pennsylvania 5.0  
  Texas 4.7  
  Ohio 4.2  
  Colorado 2.9  
  TOTAL 72.2%  
(The Fund's asset allocation and top ten states are expressed as a percentage of net assets and total investments, respectively, and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets USD Bond ETF)
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 24.9%      
AZERBAIJAN — 0.5%          
Southern Gas Corridor CJSC 6.88%, 3/24/2026

    $ 850,000   $ 976,344
BAHRAIN — 0.2%          
Oil & Gas Holding Co. BSCC 7.50%, 10/25/2027

    400,000   432,992
BRAZIL — 1.8%          
Banco do Brasil SA 4.63%, 1/15/2025

    250,000   260,848
Petrobras Global Finance B.V.:          
5.60%, 1/3/2031

    700,000   745,073
6.00%, 1/27/2028

    850,000   924,723
6.75%, 1/27/2041

    300,000   325,422
6.85%, 6/5/2115

    486,000   483,657
6.90%, 3/19/2049

    600,000   639,540
          3,379,263
CHILE — 2.4%          
Corp. Nacional del Cobre de Chile:          
3.15%, 1/14/2030

    850,000   867,026
3.63%, 8/1/2027

    400,000   425,936
3.70%, 1/30/2050

    1,650,000   1,687,026
Empresa de Transporte de Pasajeros Metro SA 4.70%, 5/7/2050

    600,000   697,074
Empresa Nacional del Petroleo:          
3.45%, 9/16/2031 (a)

    200,000   189,968
5.25%, 11/6/2029

    400,000   433,320
Interchile SA 4.50%, 6/30/2056 (a)

    250,000   266,250
          4,566,600
CHINA — 4.5%          
Bank of China, Ltd. 5.00%, 11/13/2024

    1,200,000   1,308,540
China Cinda Finance 2015 I, Ltd. 4.25%, 4/23/2025

    400,000   422,612
China Cinda Finance 2017 I, Ltd. 4.75%, 2/8/2028

    700,000   770,923
China Construction Bank Corp. 5 year CMT + 1.88%, 4.25%, 2/27/2029 (b)

    800,000   841,444
China Resources Land, Ltd. 5 year CMT + 5.14%, 3.75%, 12/9/2024 (b)

    500,000   512,820
Chinalco Capital Holdings, Ltd. 2.13%, 6/3/2026

    250,000   245,634
CNAC HK Finbridge Co., Ltd.:          
3.38%, 6/19/2024

    200,000   207,110
5.13%, 3/14/2028

    700,000   798,691
CNOOC Finance 2015 USA LLC 3.50%, 5/5/2025

    200,000   210,665
Huarong Finance II Co., Ltd. 5.50%, 1/16/2025

    200,000   210,630
Security Description     Principal
Amount
  Value
Industrial & Commercial Bank of China, Ltd.:          
4.88%, 9/21/2025

    $ 700,000   $ 767,883
5 year CMT + 2.37%, 3.20%, 9/24/2026 (b)

    200,000   204,123
Sinopec Group Overseas Development 2014, Ltd. 4.38%, 4/10/2024

    400,000   427,428
Sinopec Group Overseas Development 2015, Ltd. 3.25%, 4/28/2025

    200,000   210,156
Sinopec Group Overseas Development 2018, Ltd.:          
2.30%, 1/8/2031

    450,000   444,136
2.70%, 5/13/2030

    200,000   204,424
State Grid Overseas Investment BVI, Ltd:          
1.63%, 8/5/2030

    200,000   190,417
3.50%, 5/4/2027

    300,000   323,622
          8,301,258
COLOMBIA — 1.0%          
Ecopetrol SA:          
5.38%, 6/26/2026

    400,000   422,232
5.88%, 9/18/2023

    420,000   445,322
5.88%, 5/28/2045

    400,000   383,096
6.88%, 4/29/2030

    600,000   670,434
          1,921,084
INDIA — 1.2%          
Greenko Dutch B.V. 3.85%, 3/29/2026

    443,250   447,847
Indian Oil Corp., Ltd. 4.75%, 1/16/2024

    1,150,000   1,216,481
Indian Railway Finance Corp., Ltd. 2.80%, 2/10/2031

    500,000   486,545
          2,150,873
INDONESIA — 1.8%          
Indonesia Asahan Aluminium Persero PT 4.75%, 5/15/2025

    640,000   681,856
Pertamina Persero PT:          
4.18%, 1/21/2050

    850,000   881,824
Series REGS, 4.30%, 5/20/2023

    400,000   416,108
5.63%, 5/20/2043

    200,000   237,306
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara:          
4.13%, 5/15/2027

    900,000   959,958
5.45%, 5/21/2028

    200,000   229,042
          3,406,094
ISRAEL — 0.2%          
Israel Electric Corp., Ltd.:          
4.25%, 8/14/2028 (a)

    200,000   219,580
 
See accompanying notes to financial statements.
4


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

Security Description     Principal
Amount
  Value
Series 6, 5.00%, 11/12/2024 (a)

    $ 200,000   $ 217,008
          436,588
KAZAKHSTAN — 1.0%          
Kazakhstan Temir Zholy Finance B.V. 6.95%, 7/10/2042

    200,000   266,340
KazMunayGas National Co. JSC:          
4.75%, 4/19/2027

    300,000   331,146
5.38%, 4/24/2030

    900,000   1,048,950
6.38%, 10/24/2048

    200,000   262,401
          1,908,837
MALAYSIA — 1.8%          
Petronas Capital, Ltd.:          
2.48%, 1/28/2032

    250,000   250,793
3.40%, 4/28/2061

    600,000   618,624
3.50%, 4/21/2030

    1,000,000   1,082,240
4.50%, 3/18/2045

    400,000   489,160
4.55%, 4/21/2050

    800,000   992,688
          3,433,505
MEXICO — 2.5%          
Comision Federal de Electricidad:          
3.35%, 2/9/2031

    400,000   392,340
4.88%, 1/15/2024

    200,000   212,082
Mexico City Airport Trust:          
5.50%, 7/31/2047

    200,000   200,216
5.50%, 7/31/2047

    200,000   200,294
Petroleos Mexicanos:          
5.35%, 2/12/2028

    400,000   398,668
5.95%, 1/28/2031

    400,000   389,404
6.49%, 1/23/2027

    400,000   426,548
6.63%, 6/15/2035

    150,000   144,216
6.70%, 2/16/2032 (a)

    311,000   313,186
6.75%, 9/21/2047

    1,300,000   1,150,240
6.88%, 8/4/2026

    300,000   329,385
6.95%, 1/28/2060

    100,000   88,889
7.69%, 1/23/2050

    400,000   385,840
          4,631,308
MOROCCO — 0.2%          
OCP SA:          
3.75%, 6/23/2031

    200,000   194,080
5.13%, 6/23/2051

    200,000   188,643
          382,723
PANAMA — 0.3%          
Aeropuerto Internacional de Tocumen SA 5.13%, 8/11/2061 (a)

    300,000   314,319
Banco Nacional de Panama 2.50%, 8/11/2030

    200,000   187,350
          501,669
PERU — 0.3%          
Petroleos del Peru SA:          
4.75%, 6/19/2032

    200,000   207,774
Security Description     Principal
Amount
  Value
5.63%, 6/19/2047

    $ 400,000   $ 398,900
          606,674
PHILIPPINES — 0.2%          
Power Sector Assets & Liabilities Management Corp. 7.39%, 12/2/2024

    250,000   293,655
QATAR — 0.1%          
Ooredoo International Finance, Ltd. 2.63%, 4/8/2031

    200,000   200,750
RUSSIA — 1.4%          
Gazprom Neft OAO Via GPN Capital SA 6.00%, 11/27/2023

    700,000   748,384
Gazprom PJSC via Gaz Finance PLC:          
2.95%, 1/27/2029

    250,000   238,750
3.25%, 2/25/2030

    1,600,000   1,543,520
          2,530,654
SAUDI ARABIA — 1.3%          
Saudi Arabian Oil Co.:          
2.25%, 11/24/2030 (a)

    500,000   486,600
2.25%, 11/24/2030

    400,000   388,980
3.25%, 11/24/2050

    300,000   291,835
4.25%, 4/16/2039

    250,000   281,789
4.38%, 4/16/2049

    800,000   926,120
          2,375,324
SOUTH AFRICA — 0.2%          
Eskom Holdings SOC, Ltd. 6.35%, 8/10/2028

    400,000   431,000
THAILAND — 0.2%          
PTTEP Treasury Center Co., Ltd. 2.59%, 6/10/2027

    300,000   306,195
UNITED ARAB EMIRATES — 1.4%          
DP World Crescent, Ltd. 3.91%, 5/31/2023

    1,200,000   1,239,943
DP World Salaam 5 year CMT + 5.75%, 6.00%, 10/1/2025 (b)

    600,000   648,111
DP World, Ltd.:          
5.63%, 9/25/2048

    200,000   245,370
6.85%, 7/2/2037 (a)

    200,000   264,054
Emirates NBD Bank PJSC 5 year CMT + 3.66%, 6.13%, 3/20/2025 (b)

    200,000   209,290
          2,606,768
UNITED KINGDOM — 0.4%          
Gazprom PJSC via Gaz Finance PLC:          
3.00%, 6/29/2027

    500,000   490,310
 
See accompanying notes to financial statements.
5


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

Security Description     Principal
Amount
  Value
5 year CMT + 4.26%, 4.60%, 10/26/2025 (b)

    $ 200,000   $ 203,879
          694,189
TOTAL CORPORATE BONDS & NOTES

(Cost $46,895,038)

        46,474,347
FOREIGN GOVERNMENT OBLIGATIONS — 73.1%      
ANGOLA — 0.9%          
Angolan Government International Bond:          
Series REGS, 8.25%, 5/9/2028

    700,000   702,240
Series REGS, 9.13%, 11/26/2049

    700,000   670,393
Series REGS, 9.38%, 5/8/2048

    250,000   244,270
          1,616,903
ARGENTINA — 0.3%          
Argentine Republic Government International Bond 1.00%, 7/9/2029

    1,450,000   527,626
ARMENIA — 0.2%          
Republic of Armenia International Bond:          
Series REGS, 3.60%, 2/2/2031

    200,000   186,324
Series REGS, 7.15%, 3/26/2025

    200,000   222,882
          409,206
AZERBAIJAN — 0.2%          
Republic of Azerbaijan International Bond Series REGS, 4.75%, 3/18/2024

    400,000   422,872
BAHAMAS — 0.1%          
Bahamas Government International Bond Series REGS, 8.95%, 10/15/2032

    200,000   183,752
BAHRAIN — 2.3%          
Bahrain Government International Bond:          
Series REGS, 5.25%, 1/25/2033

    200,000   187,976
Series REGS, 5.45%, 9/16/2032

    808,000   783,760
Series REGS, 6.00%, 9/19/2044

    400,000   362,228
Series REGS, 6.13%, 8/1/2023

    600,000   630,672
Series REGS, 7.00%, 1/26/2026

    1,100,000   1,207,213
Security Description     Principal
Amount
  Value
Series REGS, 7.50%, 9/20/2047

    $ 500,000   $ 505,200
CBB International Sukuk Co. 5 Spc 5.62%, 2/12/2024

    549,000   576,450
          4,253,499
BERMUDA — 0.2%          
Bermuda Government International Bond:          
Series REGS, 2.38%, 8/20/2030

    200,000   199,500
Series REGS, 3.38%, 8/20/2050

    200,000   200,408
          399,908
BOLIVIA — 0.1%          
Bolivian Government International Bond Series REGS, 4.50%, 3/20/2028

    250,000   230,125
BRAZIL — 3.2%          
Brazilian Government International Bond:          
2.88%, 6/6/2025

    200,000   202,918
3.75%, 9/12/2031

    200,000   188,376
3.88%, 6/12/2030

    600,000   582,948
4.25%, 1/7/2025

    700,000   742,896
4.50%, 5/30/2029

    400,000   409,800
4.63%, 1/13/2028

    800,000   835,192
4.75%, 1/14/2050

    600,000   534,078
5.00%, 1/27/2045

    600,000   562,980
5.63%, 1/7/2041

    300,000   307,236
5.63%, 2/21/2047

    400,000   399,052
6.00%, 4/7/2026

    400,000   448,228
8.25%, 1/20/2034

    600,000   783,918
          5,997,622
BYELORUSSIAN SSR — 0.3%          
Republic of Belarus International Bond:          
Series REGS, 5.88%, 2/24/2026

    300,000   264,990
Series REGS, 6.38%, 2/24/2031

    300,000   237,900
          502,890
CHILE — 2.2%          
Chile Government International Bond:          
2.55%, 1/27/2032

    200,000   199,590
2.55%, 7/27/2033

    200,000   194,718
3.10%, 5/7/2041

    200,000   196,500
3.10%, 1/22/2061

    500,000   465,670
3.13%, 1/21/2026

    500,000   526,255
3.24%, 2/6/2028

    400,000   421,608
3.24%, 2/6/2028

    600,000   632,256
3.50%, 1/25/2050

    700,000   729,526
 
See accompanying notes to financial statements.
6


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

Security Description     Principal
Amount
  Value
3.86%, 6/21/2047

    $ 600,000   $ 666,630
          4,032,753
CHINA — 0.3%          
China Government International Bond:          
Series 144A, 2.50%, 10/26/2051 (a)

    200,000   201,254
4.00%, 10/19/2048

    300,000   396,004
          597,258
COLOMBIA — 3.4%          
Colombia Government International Bond:          
3.00%, 1/30/2030

    300,000   273,324
3.13%, 4/15/2031

    800,000   721,056
3.25%, 4/22/2032

    200,000   180,144
3.88%, 4/25/2027

    400,000   402,408
3.88%, 2/15/2061

    250,000   192,940
4.00%, 2/26/2024

    200,000   206,402
4.13%, 2/22/2042

    250,000   209,495
4.13%, 5/15/2051

    200,000   162,842
4.50%, 1/28/2026

    600,000   627,756
5.00%, 6/15/2045

    600,000   541,404
5.20%, 5/15/2049

    1,000,000   921,840
5.63%, 2/26/2044

    500,000   485,300
6.13%, 1/18/2041

    750,000   772,800
7.38%, 9/18/2037

    400,000   465,760
8.13%, 5/21/2024

    200,000   226,502
          6,389,973
COSTA RICA — 0.5%          
Costa Rica Government International Bond:          
Series REGS, 5.63%, 4/30/2043

    455,000   391,204
Series REGS, 7.00%, 4/4/2044

    300,000   294,477
Series REGS, 7.16%, 3/12/2045

    300,000   297,327
          983,008
CROATIA — 0.1%          
Croatia Government International Bond Series REGS, 6.00%, 1/26/2024

    200,000   219,198
DOMINICAN REPUBLIC — 2.6%          
Dominican Republic International Bond:          
Series REGS, 5.30%, 1/21/2041

    450,000   445,117
Series REGS, 5.50%, 1/27/2025

    500,000   540,505
Series REGS, 5.88%, 1/30/2060

    400,000   384,996
Security Description     Principal
Amount
  Value
Series REGS, 6.00%, 7/19/2028

    $ 1,700,000   $ 1,901,756
Series REGS, 6.40%, 6/5/2049

    400,000   420,976
Series REGS, 6.50%, 2/15/2048

    400,000   425,780
Series REGS, 6.88%, 1/29/2026

    200,000   228,022
Series REGS, 7.45%, 4/30/2044

    500,000   592,750
          4,939,902
ECUADOR — 0.1%          
Ecuador Government International Bond Series REGS, Zero Coupon, 7/31/2030

    200,000   112,500
EGYPT — 2.6%          
Egypt Government International Bond:          
Series REGS, 5.58%, 2/21/2023

    200,000   206,976
Series REGS, 5.88%, 6/11/2025

    400,000   410,823
Series REGS, 5.88%, 2/16/2031

    200,000   176,936
Series REGS, 7.05%, 1/15/2032

    250,000   230,400
Series REGS, 7.30%, 9/30/2033

    550,000   506,022
Series REGS, 7.50%, 1/31/2027

    500,000   519,984
Series REGS, 7.50%, 2/16/2061

    400,000   326,028
Series REGS, 7.60%, 3/1/2029

    800,000   792,731
Series REGS, 7.90%, 2/21/2048

    1,000,000   837,120
Series REGS, 8.50%, 1/31/2047

    200,000   176,992
Series REGS, 8.88%, 5/29/2050

    650,000   589,147
          4,773,159
EL SALVADOR — 0.4%          
El Salvador Government International Bond:          
Series REGS, 5.88%, 1/30/2025

    150,000   93,132
Series REGS, 7.65%, 6/15/2035

    200,000   112,750
Series REGS, 7.75%, 1/24/2023

    150,000   118,127
Series REGS, 8.25%, 4/10/2032

    250,000   153,125
9.50%, 7/15/2052

    400,000   244,872
          722,006
 
See accompanying notes to financial statements.
7


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

Security Description     Principal
Amount
  Value
ETHIOPIA — 0.1%          
Ethiopia International Bond Series REGS, 6.63%, 12/11/2024

    $ 200,000   $ 133,810
GABON — 0.3%          
Gabon Government International Bond:          
Series REGS, 6.63%, 2/6/2031

    400,000   387,740
Series 144A, 7.00%, 11/24/2031 (a)

    200,000   195,522
          583,262
GHANA — 1.2%          
Ghana Government International Bond:          
Series REGS, 6.38%, 2/11/2027

    200,000   168,388
Series REGS, 8.13%, 1/18/2026

    600,000   553,500
Series REGS, 8.13%, 3/26/2032

    650,000   530,575
Series REGS, 8.63%, 6/16/2049

    400,000   316,300
Series REGS, 8.75%, 3/11/2061

    200,000   158,280
Series REGS, 10.75%, 10/14/2030

    400,000   447,184
          2,174,227
GUATEMALA — 0.6%          
Guatemala Government Bond:          
Series REGS, 4.50%, 5/3/2026

    378,000   397,879
Series REGS, 4.88%, 2/13/2028

    300,000   322,422
Series REGS, 6.13%, 6/1/2050

    400,000   459,024
          1,179,325
HONDURAS — 0.2%          
Honduras Government International Bond Series REGS, 5.63%, 6/24/2030

    300,000   312,363
HUNGARY — 0.9%          
Hungary Government International Bond:          
Series 144A, 2.13%, 9/22/2031 (a)

    200,000   197,014
Series REGS, 3.13%, 9/21/2051

    450,000   442,686
7.63%, 3/29/2041

    600,000   984,648
          1,624,348

Security Description     Principal
Amount
  Value
INDIA — 1.4%          
Export-Import Bank of India:          
Series REGS, 2.25%, 1/13/2031

    $ 1,000,000   $ 941,280
Series REGS, 3.38%, 8/5/2026

    1,550,000   1,626,864
          2,568,144
INDONESIA — 3.6%          
Indonesia Government International Bond:          
2.85%, 2/14/2030

    400,000   417,712
3.40%, 9/18/2029

    400,000   432,460
Series REGS, 3.85%, 7/18/2027

    200,000   219,310
3.85%, 10/15/2030

    600,000   675,360
4.20%, 10/15/2050

    750,000   862,575
Series REGS, 4.35%, 1/8/2027

    200,000   222,926
4.35%, 1/11/2048

    400,000   461,488
4.45%, 4/15/2070

    200,000   237,750
4.75%, 2/11/2029

    500,000   582,365
Series REGS, 5.13%, 1/15/2045

    400,000   499,800
Series REGS, 5.95%, 1/8/2046

    400,000   555,412
Series REGS, 6.63%, 2/17/2037

    200,000   280,436
Series REGS, 8.50%, 10/12/2035

    200,000   319,544
Perusahaan Penerbit SBSN Indonesia III:          
Series REGS, 4.15%, 3/29/2027

    700,000   775,166
Series REGS, 4.35%, 9/10/2024
    200,000   216,480
          6,758,784
IRAQ — 0.2%          
Iraq International Bond Series REGS, 6.75%, 3/9/2023

    400,000   404,028
IVORY COAST — 0.2%          
Ivory Coast Government International Bond Series REGS, 6.13%, 6/15/2033

    400,000   421,000
JAMAICA — 0.7%          
Jamaica Government International Bond:          
6.75%, 4/28/2028

    400,000   460,632
7.88%, 7/28/2045

    400,000   553,500
8.00%, 3/15/2039

    200,000   277,604
          1,291,736
 
See accompanying notes to financial statements.
8


SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets USD Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
JORDAN — 0.6%          
Jordan Government International Bond:          
Series REGS, 5.75%, 1/31/2027

    $ 300,000   $ 315,024
Series REGS, 6.13%, 1/29/2026

    100,000   106,500
Series REGS, 7.38%, 10/10/2047

    700,000   706,545
          1,128,069
KAZAKHSTAN — 1.0%          
Kazakhstan Government International Bond:          
Series REGS, 4.88%, 10/14/2044

    800,000   982,256
Series REGS, 6.50%, 7/21/2045

    600,000   859,872
          1,842,128
KENYA — 0.8%          
Republic of Kenya Government International Bond:          
Series REGS, 6.88%, 6/24/2024

    700,000   739,389
Series REGS, 7.00%, 5/22/2027

    200,000   210,950
Series REGS, 8.00%, 5/22/2032

    400,000   436,240
Series REGS, 8.25%, 2/28/2048

    200,000   202,868
          1,589,447
MALAYSIA — 0.2%          
Malaysia Sovereign Sukuk Bhd Series REGS, 3.04%, 4/22/2025

    200,000   210,030
Malaysia Wakala Sukuk Bhd 2.07%, 4/28/2031 (a)

    250,000   249,903
          459,933
MEXICO — 2.5%          
Mexico Government International Bond:          
2.66%, 5/24/2031

    500,000   487,970
3.25%, 4/16/2030

    200,000   205,788
3.75%, 1/11/2028

    400,000   430,484
Series EMTN, 3.75%, 4/19/2071

    150,000   134,724
3.77%, 5/24/2061

    200,000   184,372
4.60%, 1/23/2046

    900,000   964,593
4.75%, 4/27/2032

    250,000   282,625
Series MTN, 4.75%, 3/8/2044

    200,000   218,632
5.00%, 4/27/2051

    400,000   456,452
5.55%, 1/21/2045

    400,000   480,084
Series GMTN, 5.75%, 10/12/2110

    150,000   173,125
Security Description     Principal
Amount
  Value
Series MTNA, 7.50%, 4/8/2033

    $ 400,000   $ 559,048
          4,577,897
MONGOLIA — 0.3%          
Mongolia Government International Bond:          
Series REGS, 3.50%, 7/7/2027

    200,000   188,344
Series REGS, 5.13%, 4/7/2026

    200,000   204,474
Series REGS, 5.63%, 5/1/2023

    200,000   205,755
          598,573
MOROCCO — 0.6%          
Morocco Government International Bond:          
Series REGS, 2.38%, 12/15/2027

    200,000   194,750
Series REGS, 3.00%, 12/15/2032

    450,000   428,868
Series REGS, 4.00%, 12/15/2050

    600,000   543,750
          1,167,368
NIGERIA — 1.5%          
Nigeria Government International Bond:          
Series REGS, 6.38%, 7/12/2023

    250,000   257,960
Series REGS, 6.50%, 11/28/2027

    400,000   398,596
Series REGS, 7.14%, 2/23/2030

    200,000   196,260
Series REGS, 7.38%, 9/28/2033

    650,000   618,540
Series REGS, 7.63%, 11/21/2025

    400,000   425,792
Series REGS, 7.63%, 11/28/2047

    200,000   178,632
Series REGS, 7.70%, 2/23/2038

    200,000   184,643
Series REGS, 8.75%, 1/21/2031

    200,000   209,490
Series REGS, 9.25%, 1/21/2049

    300,000   305,070
          2,774,983
OMAN — 3.4%          
Oman Government International Bond:          
Series REGS, 4.75%, 6/15/2026

    900,000   925,645
Series REGS, 4.88%, 2/1/2025

    200,000   208,007
Series REGS, 5.38%, 3/8/2027

    400,000   418,820
 
See accompanying notes to financial statements.
9


SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets USD Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Series REGS, 6.00%, 8/1/2029

    $ 1,200,000   $ 1,291,464
Series REGS, 6.25%, 1/25/2031

    200,000   218,466
Series REGS, 6.50%, 3/8/2047

    400,000   396,360
Series REGS, 6.75%, 10/28/2027

    850,000   952,000
Series REGS, 6.75%, 1/17/2048

    600,000   609,660
Series REGS, 7.00%, 1/25/2051

    200,000   209,160
Series REGS, 7.38%, 10/28/2032

    200,000   233,008
Oman Sovereign Sukuk Co.:          
Series REGS, 4.40%, 6/1/2024

    400,000   413,158
Series REGS, 5.93%, 10/31/2025

    400,000   438,440
          6,314,188
PAKISTAN — 0.7%          
Pakistan Government International Bond:          
Series REGS, 6.88%, 12/5/2027

    500,000   503,750
Series REGS, 7.38%, 4/8/2031

    200,000   198,250
Series REGS, 8.25%, 4/15/2024

    450,000   478,687
Series REGS, 8.88%, 4/8/2051

    200,000   198,420
          1,379,107
PANAMA — 3.1%          
Panama Government Bond 3.75%, 4/17/2026

    350,000   371,175
Panama Government International Bond:          
2.25%, 9/29/2032

    650,000   618,820
3.16%, 1/23/2030

    200,000   207,472
3.75%, 3/16/2025

    200,000   211,906
3.88%, 3/17/2028

    700,000   756,049
4.30%, 4/29/2053

    285,000   307,549
4.50%, 5/15/2047

    200,000   221,296
4.50%, 4/1/2056

    1,600,000   1,762,352
6.70%, 1/26/2036

    750,000   1,004,790
7.13%, 1/29/2026

    200,000   240,048
          5,701,457
PAPUA NEW GUINEA — 0.1%          
Papua New Guinea Government International Bond Series REGS, 8.38%, 10/4/2028

    200,000   201,008
Security Description     Principal
Amount
  Value
PARAGUAY — 0.7%          
Paraguay Government International Bond:          
Series REGS, 4.95%, 4/28/2031

    $ 850,000   $ 953,989
Series REGS, 5.00%, 4/15/2026

    200,000   222,026
Series REGS, 5.40%, 3/30/2050

    200,000   228,420
          1,404,435
PERU — 3.1%          
Peruvian Government International Bond:          
1.86%, 12/1/2032

    950,000   867,597
2.39%, 1/23/2026

    600,000   609,054
2.78%, 1/23/2031

    450,000   448,290
2.78%, 12/1/2060

    75,000   66,173
3.00%, 1/15/2034

    500,000   498,995
3.23%, 7/28/2121

    200,000   173,042
5.63%, 11/18/2050

    1,400,000   1,971,102
7.35%, 7/21/2025

    700,000   833,903
8.75%, 11/21/2033

    200,000   311,306
          5,779,462
PHILIPPINES — 3.5%          
Philippine Government International Bond:          
2.46%, 5/5/2030

    500,000   516,080
2.65%, 12/10/2045

    200,000   190,430
2.95%, 5/5/2045

    300,000   297,303
3.00%, 2/1/2028

    200,000   214,666
3.70%, 3/1/2041

    600,000   658,242
3.70%, 2/2/2042

    300,000   329,190
3.75%, 1/14/2029

    200,000   225,184
3.95%, 1/20/2040

    632,000   709,787
5.50%, 3/30/2026

    200,000   233,180
6.38%, 10/23/2034

    576,000   802,414
7.75%, 1/14/2031

    400,000   581,996
9.50%, 2/2/2030

    500,000   775,716
10.63%, 3/16/2025

    300,000   390,569
Republic of Philippines 3.20%, 7/6/2046

    600,000   613,446
          6,538,203
POLAND — 0.1%          
Poland Government International Bond 4.00%, 1/22/2024

    200,000   211,940
QATAR — 0.3%          
Qatar Government International Bond:          
Series REGS, 3.40%, 4/16/2025

    200,000   212,138
Series REGS, 5.75%, 1/20/2042

    200,000   280,243
          492,381
 
See accompanying notes to financial statements.
10


SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets USD Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
ROMANIA — 0.9%          
Romanian Government International Bond:          
Series REGS, 3.00%, 2/14/2031

    $ 400,000   $ 405,621
Series REGS, 4.00%, 2/14/2051

    250,000   249,615
Series REGS, 4.00%, 2/14/2051

    400,000   399,384
Series REGS, 4.38%, 8/22/2023

    250,000   262,622
Series REGS, 5.13%, 6/15/2048

    300,000   353,689
          1,670,931
RUSSIA — 3.6%          
Russian Foreign Bond - Eurobond:          
Series REGS, 4.25%, 6/23/2027

    600,000   647,773
Series REGS, 4.38%, 3/21/2029

    400,000   440,325
Series REGS, 4.75%, 5/27/2026

    600,000   655,500
Series REGS, 5.10%, 3/28/2035

    1,000,000   1,178,750
Series REGS, 5.25%, 6/23/2047

    400,000   506,016
Series REGS, 5.63%, 4/4/2042

    800,000   1,042,000
Series REGS, 5.88%, 9/16/2043

    1,000,000   1,359,942
Series REGS, 12.75%, 6/24/2028

    600,000   948,000
          6,778,306
RWANDA — 0.1%          
Rwanda International Government Bond Series REGS, 5.50%, 8/9/2031

    200,000   201,480
SAUDI ARABIA — 3.9%          
KSA Sukuk, Ltd. 3.63%, 4/20/2027

    200,000   216,646
Saudi Government International Bond:          
Series REGS, 2.50%, 2/3/2027

    400,000   412,232
Series REGS, 2.75%, 2/3/2032

    250,000   257,217
Series REGS, 3.25%, 10/26/2026

    1,400,000   1,491,602
Series REGS, 3.25%, 10/22/2030

    800,000   859,120
Series REGS, 3.63%, 3/4/2028

    600,000   653,220
Series REGS, 3.75%, 1/21/2055

    200,000   214,412
Security Description     Principal
Amount
  Value
Series REGS, 4.00%, 4/17/2025

    $ 200,000   $ 215,411
Series REGS, 4.50%, 4/17/2030

    200,000   233,186
Series REGS, 4.50%, 10/26/2046

    850,000   995,996
Series REGS, 4.50%, 4/22/2060

    200,000   245,940
Series REGS, 4.63%, 10/4/2047

    600,000   719,874
Series REGS, 5.00%, 4/17/2049

    400,000   506,981
Series REGS, 5.25%, 1/16/2050

    200,000   263,276
          7,285,113
SENEGAL — 0.2%          
Senegal Government International Bond:          
Series REGS, 6.25%, 5/23/2033

    200,000   206,104
Series REGS, 6.25%, 5/23/2033

    200,000   205,634
          411,738
SERBIA — 0.1%          
Serbia International Bond Series REGS, 2.13%, 12/1/2030

    200,000   187,140
SOUTH AFRICA — 2.2%          
Republic of South Africa Government International Bond:          
4.30%, 10/12/2028

    600,000   608,820
4.85%, 9/30/2029

    500,000   516,235
4.88%, 4/14/2026

    800,000   852,824
5.00%, 10/12/2046

    200,000   181,612
5.38%, 7/24/2044

    200,000   190,916
5.65%, 9/27/2047

    500,000   480,985
5.75%, 9/30/2049

    400,000   385,572
5.88%, 9/16/2025

    400,000   441,628
5.88%, 6/22/2030

    300,000   334,257
6.30%, 6/22/2048

    200,000   208,304
          4,201,153
TRINIDAD AND TOBAGO — 0.4%          
Trinidad & Tobago Government International Bond:          
Series REGS, 4.38%, 1/16/2024

    200,000   205,362
Series REGS, 4.50%, 8/4/2026

    200,000   205,094
Series REGS, 4.50%, 6/26/2030

    250,000   253,603
          664,059
 
See accompanying notes to financial statements.
11


SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets USD Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
TUNISIA — 0.1%          
Banque Centrale de Tunisie International Bond Series REGS, 5.75%, 1/30/2025

    $ 200,000   $ 151,730
TURKEY — 4.4%          
Hazine Mustesarligi Varlik Kiralama A/S Series REGS, 5.00%, 4/6/2023

    400,000   398,744
Turkey Government International Bond:          
3.25%, 3/23/2023

    200,000   194,490
4.88%, 4/16/2043

    600,000   460,104
5.13%, 2/17/2028

    700,000   627,347
5.25%, 3/13/2030

    900,000   772,983
5.75%, 3/22/2024

    600,000   585,684
5.75%, 5/11/2047

    200,000   162,102
5.88%, 6/26/2031

    250,000   222,253
5.95%, 1/15/2031

    400,000   357,416
6.00%, 3/25/2027

    200,000   188,222
6.00%, 1/14/2041

    400,000   333,664
6.13%, 10/24/2028

    200,000   186,128
6.38%, 10/14/2025

    2,100,000   2,046,996
6.63%, 2/17/2045

    500,000   441,470
6.75%, 5/30/2040

    400,000   360,320
7.38%, 2/5/2025

    100,000   100,662
7.63%, 4/26/2029

    600,000   598,998
8.00%, 2/14/2034

    250,000   260,092
          8,297,675
UKRAINE — 1.7%          
Ukraine Government International Bond:          
Series REGS, 7.25%, 3/15/2033

    450,000   396,000
Series REGS, 7.38%, 9/25/2032

    650,000   578,669
Series REGS, 7.75%, 9/1/2023

    600,000   585,989
Series REGS, 7.75%, 9/1/2024

    400,000   387,288
Series REGS, 7.75%, 9/1/2026

    400,000   380,808
Series REGS, 7.75%, 9/1/2026

    100,000   95,202
Series REGS, 7.75%, 9/1/2027

    400,000   378,398
Series REGS, 9.75%, 11/1/2028

    400,000   403,672
          3,206,026
UNITED ARAB EMIRATES — 1.3%          
Emirate of Dubai Government International Bonds Series EMTN, 3.90%, 9/9/2050

    200,000   191,250
Security Description     Principal
Amount
  Value
Finance Department Government of Sharjah:          
Series REGS, 4.00%, 7/28/2050

    $ 500,000   $ 451,525
Series REGS, 4.38%, 3/10/2051

    200,000   189,758
Sharjah Sukuk Program, Ltd.:          
2.94%, 6/10/2027

    600,000   602,316
3.20%, 7/13/2031

    300,000   302,018
3.85%, 4/3/2026

    211,000   222,749
4.23%, 3/14/2028

    400,000   428,196
          2,387,812
URUGUAY — 1.9%          
Uruguay Government International Bond:          
4.38%, 1/23/2031

    900,000   1,036,773
4.98%, 4/20/2055

    900,000   1,181,871
5.10%, 6/18/2050

    500,000   663,175
7.63%, 3/21/2036

    400,000   604,156
          3,485,975
UZBEKISTAN — 0.3%          
Republic of Uzbekistan International Bond:          
Series REGS, 3.70%, 11/25/2030

    300,000   287,700
Series 144A, 3.90%, 10/19/2031 (a)

    200,000   191,860
          479,560
VIETNAM — 0.1%          
Vietnam Government International Bond Series REGS, 4.80%, 11/19/2024

    200,000   216,480
TOTAL FOREIGN GOVERNMENT OBLIGATIONS

(Cost $139,209,389)

        136,550,944
    Shares  
SHORT-TERM INVESTMENT — 0.1%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c) (d)

(Cost $149,376)

149,361 149,376
TOTAL INVESTMENTS — 98.1%

(Cost $186,253,803)

183,174,667
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.9%

3,485,165
NET ASSETS — 100.0%

$ 186,659,832
    
 
See accompanying notes to financial statements.
12


SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets USD Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.8% of net assets as of December 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b) Variable Rate Security - Interest rate shown is rate in effect at December 31, 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 December 31, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2021.
CMT Constant Maturity Treasury
EMTN Euro Medium Term Note
GMTN Global Medium Term Note
MTN Medium Term Note
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Corporate Bonds & Notes

  $   $ 46,474,347   $—   $ 46,474,347
Foreign Government Obligations

    136,550,944     136,550,944
Short-Term Investment

  149,376       149,376
TOTAL INVESTMENTS

  $149,376   $183,025,291   $—   $183,174,667
 
Affiliate Table
  Number of
Shares Held
at
06/30/2021
  Value at

06/30/2021
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
12/31/21
  Value at

12/31/21
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

  $—   $8,555,527   $8,406,194   $43   $—   149,361   $149,376   $41
See accompanying notes to financial statements.
13


SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 84.3%          
AGRICULTURE — 0.3%          
BAT Capital Corp.

3 Month USD LIBOR + 0.88%, 1.04%, 8/15/2022 (a)

    $ 6,039,000   $ 6,053,614
AUTO MANUFACTURERS — 6.5%          
American Honda Finance Corp.:          
3 Month USD LIBOR + 0.15%, 0.31%, 2/22/2023 (a)

    2,304,000   2,303,171
3 Month USD LIBOR + 0.42%, 0.61%, 9/8/2023 (a)

    3,893,000   3,904,990
Series MTN, 3 Month USD LIBOR + 0.37%, 0.52%, 5/10/2023 (a)  (b)

    3,510,000   3,516,458
Series MTN, 3 Month USD LIBOR + 0.45%, 0.61%, 2/15/2022 (a)

    8,300,000   8,303,320
Series MTN, 3 Month USD LIBOR + 0.47%, 0.63%, 11/16/2022 (a)

    1,577,000   1,580,848
Series MTN, 3 Month USD LIBOR + 0.54%, 0.76%, 6/27/2022 (a)

    2,701,000   2,705,889
BMW Finance NV

3 Month USD LIBOR + 0.79%, 0.94%, 8/12/2022 (a)  (c)

    1,590,000   1,596,201
BMW US Capital LLC:          
3 Month USD LIBOR + 0.53%, 0.66%, 4/14/2022 (a)  (c)

    2,928,000   2,931,162
SOFR + 0.38%, 0.43%, 8/12/2024 (a) (b)  (c)

    7,500,000   7,504,350
SOFR + 0.53%, 0.58%, 4/1/2024 (a) (b)  (c)

    6,785,000   6,815,940
Daimler Finance North America LLC:          
3 Month USD LIBOR + 0.84%, 0.99%, 5/4/2023 (a)  (c)

    1,736,000   1,748,169
3 Month USD LIBOR + 0.88%, 1.04%, 2/22/2022 (a)  (c)

    7,050,000   7,056,909
3 Month USD LIBOR + 0.90%, 1.06%, 2/15/2022 (a)  (c)

    12,310,000   12,320,463
Daimler Trucks Finance North America LLC:          
3 Month USD LIBOR + 0.75%, 0.80%, 12/13/2024 (a)  (c)

    5,000,000   5,004,650
Security Description     Principal
Amount
  Value
SOFR + 0.50%, 0.55%, 6/14/2023 (a)  (c)

    $ 3,000,000   $ 3,002,670
SOFR + 0.60%, 0.65%, 12/14/2023 (a) (b)  (c)

    5,000,000   5,005,350
General Motors Financial Co., Inc.:          
3 Month USD LIBOR + 0.99%, 1.12%, 1/5/2023 (a)

    1,152,000   1,155,387
3 Month USD LIBOR + 1.31%, 1.53%, 6/30/2022 (a)

    3,661,000   3,676,083
3 Month USD LIBOR + 1.55%, 1.68%, 1/14/2022 (a)

    5,782,000   5,783,735
SOFR + 0.62%, 0.67%, 10/15/2024 (a)  (b)

    4,000,000   3,994,320
SOFR + 0.76%, 0.81%, 3/8/2024 (a)

    4,871,000   4,889,607
SOFR + 1.20%, 1.25%, 11/17/2023 (a)

    5,297,000   5,356,909
Nissan Motor Acceptance Co. LLC:          
3 Month USD LIBOR + 0.64%, 0.83%, 3/8/2024 (a)  (c)

    4,150,000   4,145,477
3 Month USD LIBOR + 0.65%, 0.77%, 7/13/2022 (a)  (c)

    1,737,000   1,737,973
3 Month USD LIBOR + 0.69%, 0.91%, 9/28/2022 (a)  (c)

    3,126,000   3,131,002
3 Month USD LIBOR + 0.89%, 1.01%, 1/13/2022 (a)  (c)

    3,682,000   3,682,736
Toyota Motor Credit Corp.:          
3 Month USD LIBOR + 0.15%, 0.31%, 2/14/2022 (a)

    5,780,000   5,780,000
SOFR + 0.26%, 0.31%, 6/18/2024 (a)

    4,003,000   3,992,152
SOFR + 0.30%, 0.35%, 6/13/2022 (a)

    2,000,000   2,000,320
SOFR + 0.32%, 0.37%, 4/6/2023 (a)

    10,230,000   10,227,340
SOFR + 0.33%, 0.38%, 1/11/2024 (a)  (b)

    4,817,000   4,810,882
SOFR + 0.34%, 0.39%, 10/14/2022 (a)

    4,190,000   4,191,844
SOFR + 0.35%, 0.40%, 6/13/2023 (a)

    5,000,000   5,001,100
Series B, SOFR + 0.29%, 0.34%, 9/13/2024 (a)

    3,500,000   3,487,925
Series MTN, 3 Month USD LIBOR + 0.40%, 0.56%, 5/17/2022 (a)

    2,852,000   2,854,481
 
See accompanying notes to financial statements.
14


SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Series MTN, 3 Month USD LIBOR + 0.48%, 0.67%, 9/8/2022 (a)

    $ 1,753,000   $ 1,756,436
Series MTN, 3 Month USD LIBOR + 0.69%, 0.81%, 1/11/2022 (a)

    1,713,000   1,713,223
          158,669,472
BANKS — 51.4%          
ANZ New Zealand Int'l, Ltd.

3 Month USD LIBOR + 1.00%, 1.12%, 1/25/2022 (a)  (c)

    1,980,000   1,981,069
ASB Bank, Ltd.

3 Month USD LIBOR + 0.97%, 1.17%, 6/14/2023 (a)  (c)

    3,852,000   3,893,948
Australia & New Zealand Banking Group, Ltd.:          
3 Month USD LIBOR + 0.49%, 0.65%, 11/21/2022 (a) (b)  (c)

    3,515,000   3,526,002
3 Month USD LIBOR + 0.71%, 0.87%, 5/19/2022 (a)  (c)

    3,264,000   3,271,442
Banco Santander SA:          
3 Month USD LIBOR + 1.09%, 1.25%, 2/23/2023 (a)  (b)

    3,375,000   3,404,093
3 Month USD LIBOR + 1.12%, 1.24%, 4/12/2023 (a)

    4,825,000   4,873,298
3 Month USD LIBOR + 1.56%, 1.68%, 4/11/2022 (a)

    4,270,000   4,284,988
Bank of America Corp.:          
3 Month USD LIBOR + 1.00%, 1.12%, 4/24/2023 (a)

    16,430,000   16,467,953
SOFR + 0.69%, 0.74%, 4/22/2025 (a)  (b)

    9,522,000   9,563,421
SOFR + 0.73%, 0.78%, 10/24/2024 (a)  (b)

    17,721,000   17,810,314
Series GMTN, 3 Month USD LIBOR + 0.96%, 1.08%, 7/23/2024 (a)

    2,567,000   2,586,484
Series MTN, 3 Month USD LIBOR + 0.79%, 0.97%, 3/5/2024 (a)

    9,063,000   9,108,949
Series MTN, 3 Month USD LIBOR + 1.16%, 1.29%, 1/20/2023 (a)

    6,587,000   6,590,359
Bank of Montreal:          
SOFR + 0.27%, 0.31%, 9/15/2023 (a)

    8,999,000   8,986,401
SOFR + 0.27%, 0.32%, 4/14/2023 (a)

    350,000   349,713
Security Description     Principal
Amount
  Value
SOFR + 0.32%, 0.37%, 7/9/2024 (a)  (b)

    $ 5,077,000   $ 5,064,663
SOFR + 0.35%, 0.40%, 12/8/2023 (a)

    8,414,000   8,401,042
SOFR + 0.62%, 0.67%, 9/15/2026 (a)

    4,515,000   4,506,873
SOFR + 0.68%, 0.73%, 3/10/2023 (a)

    12,935,000   12,994,630
Series MTN, 3 Month USD LIBOR + 0.57%, 0.79%, 3/26/2022 (a)

    800,000   800,720
Series MTN, 3 Month USD LIBOR + 0.63%, 0.83%, 9/11/2022 (a)

    1,315,000   1,319,103
Bank of New York Mellon Corp

Series J, SOFR + 0.20%, 0.25%, 10/25/2024 (a)

    3,000,000   2,987,970
Bank of New York Mellon Corp.:          
SOFR + 0.26%, 0.31%, 4/26/2024 (a)  (b)

    4,379,000   4,378,080
Series MTN, 3 Month USD LIBOR + 1.05%, 1.18%, 10/30/2023 (a)

    5,447,000   5,485,401
Bank of Nova Scotia:          
3 Month USD LIBOR + 0.64%, 0.83%, 3/7/2022 (a)

    7,664,000   7,671,204
SOFR + 0.26%, 0.31%, 9/15/2023 (a)  (b)

    6,000,000   5,989,080
SOFR + 0.28%, 0.33%, 6/23/2023 (a)

    11,775,000   11,767,346
SOFR + 0.55%, 0.59%, 3/2/2026 (a)

    2,764,000   2,758,665
SOFR + 0.55%, 0.60%, 9/15/2023 (a)

    8,193,000   8,216,268
SOFR + 0.61%, 0.66%, 9/15/2026 (a)

    3,500,000   3,492,370
Series BKNT, 3 Month USD LIBOR + 0.62%, 0.83%, 9/19/2022 (a)

    2,275,000   2,282,417
Series FRN, SOFR + 0.45%, 0.49%, 4/15/2024 (a)

    6,187,000   6,189,289
Banque Federative du Credit Mutuel SA:          
3 Month USD LIBOR + 0.73%, 0.86%, 7/20/2022 (a)  (c)

    3,010,000   3,018,970
SOFR + 0.41%, 0.46%, 2/4/2025 (a)  (c)

    9,395,000   9,371,137
Barclays PLC:          
3 Month USD LIBOR + 1.38%, 1.54%, 5/16/2024 (a)

    10,141,000   10,265,430
 
See accompanying notes to financial statements.
15


SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
3 Month USD LIBOR + 1.43%, 1.59%, 2/15/2023 (a)

    $ 6,454,000   $ 6,462,197
3 Month USD LIBOR + 1.63%, 1.75%, 1/10/2023 (a)

    9,201,000   9,203,484
BNG Bank NV

Series 144A, 3 Month USD LIBOR + 0.07%, 0.27%, 3/11/2022 (a)  (c)

    11,200,000   11,202,128
BPCE SA:          
3 Month USD LIBOR + 1.22%, 1.38%, 5/22/2022 (a)  (c)

    7,510,000   7,538,613
Series MTN, 3 Month USD LIBOR + 0.88%, 1.05%, 5/31/2022 (a)

    9,625,000   9,649,832
Canadian Imperial Bank of Commerce:          
3 Month USD LIBOR + 0.72%, 0.93%, 6/16/2022 (a)

    3,855,000   3,865,948
SOFR + 0.34%, 0.39%, 6/22/2023 (a)

    4,080,000   4,076,410
SOFR + 0.40%, 0.45%, 12/14/2023 (a)

    6,116,000   6,109,945
SOFR + 0.42%, 0.47%, 10/18/2024 (a)

    6,110,000   6,095,275
SOFR + 0.80%, 0.85%, 3/17/2023 (a)

    12,616,000   12,677,188
Series BKNT, 3 Month USD LIBOR + 0.66%, 0.86%, 9/13/2023 (a)

    760,000   765,404
Capital One NA

Series BKNT, 3 Month USD LIBOR + 1.15%, 1.28%, 1/30/2023 (a)

    1,750,000   1,750,788
Citigroup, Inc.:          
3 Month USD LIBOR + 0.69%, 0.82%, 10/27/2022 (a)

    2,500,000   2,508,200
3 Month USD LIBOR + 1.02%, 1.19%, 6/1/2024 (a)

    1,946,000   1,963,008
3 Month USD LIBOR + 1.10%, 1.26%, 5/17/2024 (a)

    8,372,000   8,460,157
SOFR + 0.67%, 0.72%, 5/1/2025 (a)  (b)

    14,743,000   14,798,729
SOFR + 0.77%, 0.82%, 6/9/2027 (a)

    2,500,000   2,503,875
3 Month USD LIBOR + 0.96%, 1.08%, 4/25/2022 (a)

    20,464,000   20,497,561
 3 Month USD LIBOR + 0.95%, 1.07%, 7/24/2023 (a)

    6,734,000   6,757,165
Security Description     Principal
Amount
  Value
 3 Month USD LIBOR + 1.43%, 1.60%, 9/1/2023 (a)

    $ 14,397,000   $ 14,502,818
Citizens Bank NA/Providence

Series BKNT, 3 Month USD LIBOR + 0.72%, 0.88%, 2/14/2022 (a)

    1,917,000   1,917,422
Commonwealth Bank of Australia:          
3 Month USD LIBOR + 0.68%, 0.89%, 9/18/2022 (a)  (c)

    3,220,000   3,232,558
3 Month USD LIBOR + 0.70%, 0.90%, 3/10/2022 (a)  (c)

    3,170,000   3,173,519
3 Month USD LIBOR + 0.70%, 0.91%, 3/16/2023 (a)  (c)

    560,000   563,730
SOFR + 0.40%, 0.45%, 7/7/2025 (a)  (c)

    22,500,000   22,489,425
SOFR + 0.52%, 0.57%, 6/15/2026 (a)  (c)

    5,050,000   5,061,615
Cooperatieve Rabobank UA:          
3 Month USD LIBOR + 0.48%, 0.60%, 1/10/2023 (a)

    2,984,000   2,992,206
3 Month USD LIBOR + 0.83%, 0.95%, 1/10/2022 (a)

    2,205,000   2,205,265
SOFR + 0.33%, 0.35%, 1/12/2024 (a)

    7,624,000   7,620,722
Credit Agricole SA:          
3 Month USD LIBOR + 1.02%, 1.14%, 4/24/2023 (a)  (c)

    3,571,000   3,605,389
3 Month USD LIBOR + 1.43%, 1.55%, 1/10/2022 (a)  (c)

    2,817,000   2,817,592
Credit Suisse AG:          
SOFR + 0.39%, 0.44%, 2/2/2024 (a)

    16,675,000   16,642,984
Series FRN, SOFR + 0.38%, 0.43%, 8/9/2023 (a)

    5,300,000   5,298,251
Credit Suisse Group AG:          
3 Month USD LIBOR + 1.20%, 1.40%, 12/14/2023 (a)  (c)

    985,000   992,575
3 Month USD LIBOR + 1.24%, 1.44%, 6/12/2024 (a)  (c)

    1,755,000   1,774,972
DBS Group Holdings, Ltd.:          
3 Month USD LIBOR + 0.62%, 0.74%, 7/25/2022 (a) (b)  (c)

    2,964,000   2,970,373
SOFR + 0.30%, 0.35%, 11/22/2024 (a)  (c)

    5,000,000   4,996,350
 
See accompanying notes to financial statements.
16


SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Deutsche Bank AG:          
3 Month USD LIBOR + 1.19%, 1.35%, 11/16/2022 (a)

    $ 3,641,000   $ 3,661,208
 3 Month USD LIBOR + 1.23%, 1.41%, 2/27/2023 (a)

    2,661,000   2,678,749
Series E, SOFR + 0.50%, 0.55%, 11/8/2023 (a)

    7,050,000   7,043,655
DNB Bank ASA

3 Month USD LIBOR + 0.62%, 0.79%, 12/2/2022 (a)  (c)

    5,400,000   5,423,490
Federation des Caisses Desjardins du Quebec

SOFR + 0.43%, 0.48%, 5/21/2024 (a)  (c)

    4,308,000   4,311,791
Fifth Third Bank NA

Series MTN, 3 Month USD LIBOR + 0.64%, 0.77%, 2/1/2022 (a)

    1,625,000   1,625,000
Goldman Sachs Group Inc

SOFR + 0.62%, 0.67%, 12/6/2023 (a)

    11,000,000   11,000,770
Goldman Sachs Group, Inc.:          
3 Month USD LIBOR + 0.75%, 0.91%, 2/23/2023 (a)

    19,733,000   19,809,367
3 Month USD LIBOR + 1.00%, 1.12%, 7/24/2023 (a)

    3,431,000   3,442,151
3 Month USD LIBOR + 1.05%, 1.23%, 6/5/2023 (a)

    6,794,000   6,813,295
SOFR + 0.43%, 0.48%, 3/8/2023 (a)

    14,851,000   14,853,525
SOFR + 0.50%, 0.54%, 10/21/2024 (a)

    5,950,000   5,929,651
SOFR + 0.50%, 0.55%, 9/10/2024 (a)

    5,500,000   5,489,055
SOFR + 0.58%, 0.63%, 3/8/2024 (a)

    6,340,000   6,332,202
Series FRN, SOFR + 0.41%, 0.46%, 1/27/2023 (a)

    10,939,000   10,939,547
Series FRN, SOFR + 0.54%, 0.59%, 11/17/2023 (a)

    3,991,000   3,988,526
Series MTN, 3 Month USD LIBOR + 1.60%, 1.78%, 11/29/2023 (a)

    10,517,000   10,738,909
HSBC Holdings PLC:          
3 Month USD LIBOR + 1.00%, 1.16%, 5/18/2024 (a)

    19,134,000   19,305,441
3 Month USD LIBOR + 1.23%, 1.43%, 3/11/2025 (a)

    4,306,000   4,371,537
Security Description     Principal
Amount
  Value
SOFR + 0.60%, 0.63%, 11/22/2024 (a)

    $ 12,151,000   $ 12,150,635
ING Groep NV:          
3 Month USD LIBOR + 1.00%, 1.21%, 10/2/2023 (a)  (b)

    3,500,000   3,543,610
3 Month USD LIBOR + 1.15%, 1.37%, 3/29/2022 (a)

    8,589,000   8,608,497
JPMorgan Chase & Co.:          
3 Month USD LIBOR + 0.73%, 0.85%, 4/23/2024 (a)

    1,700,000   1,708,959
3 Month USD LIBOR + 0.89%, 1.01%, 7/23/2024 (a)

    6,925,000   6,983,655
3 Month USD LIBOR + 0.90%, 1.02%, 4/25/2023 (a)

    10,368,000   10,387,181
3 Month USD LIBOR + 1.00%, 1.12%, 1/15/2023 (a)

    3,052,000   3,075,500
3 Month USD LIBOR + 1.23%, 1.35%, 10/24/2023 (a)

    16,130,000   16,245,329
SOFR + 0.54%, 0.58%, 6/1/2025 (a)

    7,660,000   7,661,609
SOFR + 0.58%, 0.63%, 3/16/2024 (a)

    6,818,000   6,830,681
SOFR + 0.60%, 0.65%, 12/10/2025 (a)

    7,000,000   7,003,990
SOFR + 0.77%, 0.81%, 9/22/2027 (a)

    3,000,000   3,010,800
Series FRN, SOFR + 0.58%, 0.63%, 6/23/2025 (a)

    7,500,000   7,496,775
Series GMTN, 3 Month USD LIBOR + 0.85%, 0.97%, 1/10/2025 (a)

    674,000   678,812
KEB Hana Bank

3 Month USD LIBOR + 0.70%, 0.91%, 10/2/2022 (a)  (c)

    2,840,000   2,847,753
KeyBank NA:          
SOFR + 0.32%, 0.37%, 6/14/2024 (a)

    1,000,000   996,590
SOFR + 0.34%, 0.39%, 1/3/2024 (a)

    1,000,000   999,700
Series BKNT, 3 Month USD LIBOR + 0.66%, 0.79%, 2/1/2022 (a)

    1,000,000   1,000,430
Macquarie Group, Ltd.:          
SOFR + 0.71%, 0.76%, 10/14/2025 (a)  (c)

    13,000,000   13,011,050
SOFR + 0.92%, 0.97%, 9/23/2027 (a)  (c)

    8,000,000   8,007,360
 
See accompanying notes to financial statements.
17


SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Mitsubishi UFJ Financial Group, Inc.:          
3 Month USD LIBOR + 0.70%, 0.89%, 3/7/2022 (a)

    $ 1,738,000   $ 1,739,616
3 Month USD LIBOR + 0.74%, 0.91%, 3/2/2023 (a)

    6,351,000   6,381,421
3 Month USD LIBOR + 0.79%, 0.91%, 7/25/2022 (a)

    11,809,000   11,849,151
3 Month USD LIBOR + 0.86%, 0.98%, 7/26/2023 (a)

    13,519,000   13,637,156
3 Month USD LIBOR + 0.92%, 1.08%, 2/22/2022 (a)

    4,650,000   4,655,068
Mizuho Financial Group, Inc.:          
3 Month USD LIBOR + 0.61%, 0.80%, 9/8/2024 (a)

    1,770,000   1,774,142
3 Month USD LIBOR + 0.63%, 0.81%, 5/25/2024 (a)

    8,381,000   8,415,362
3 Month USD LIBOR + 0.79%, 0.97%, 3/5/2023 (a)

    10,944,000   11,007,147
3 Month USD LIBOR + 0.84%, 0.96%, 7/16/2023 (a)

    2,390,000   2,396,477
3 Month USD LIBOR + 0.85%, 1.05%, 9/13/2023 (a)

    2,875,000   2,885,005
3 Month USD LIBOR + 0.88%, 1.08%, 9/11/2022 (a)  (b)

    14,182,000   14,244,826
3 Month USD LIBOR + 0.94%, 1.12%, 2/28/2022 (a)

    12,874,000   12,889,835
3 Month USD LIBOR + 1.00%, 1.20%, 9/11/2024 (a)

    2,511,000   2,534,880
Series ., 3 Month USD LIBOR + 0.99%, 1.11%, 7/10/2024 (a)

    2,850,000   2,874,054
Morgan Stanley:          
Series GMTN, 3 Month USD LIBOR + 1.22%, 1.36%, 5/8/2024 (a)

    9,109,000   9,216,668
Series GMTN, SOFR + 0.70%, 0.75%, 1/20/2023 (a)

    29,730,000   29,734,162
Series MTN, 3 Month USD LIBOR + 1.40%, 1.52%, 10/24/2023 (a)

    18,870,000   19,033,603
MUFG Union Bank NA:          
SOFR + 0.71%, 0.76%, 12/9/2022 (a)

    2,150,000   2,162,793
Security Description     Principal
Amount
  Value
Series BKNT, 3 Month USD LIBOR + 0.60%, 0.79%, 3/7/2022 (a)

    $ 3,713,000   $ 3,714,634
National Australia Bank, Ltd.:          
3 Month USD LIBOR + 0.41%, 0.61%, 12/13/2022 (a)  (c)

    11,350,000   11,380,531
3 Month USD LIBOR + 0.60%, 0.72%, 4/12/2023 (a)  (c)

    955,000   960,262
3 Month USD LIBOR + 0.72%, 0.88%, 5/22/2022 (a)  (c)

    4,335,000   4,345,447
3 Month USD LIBOR + 0.89%, 1.01%, 1/10/2022 (a)  (c)

    3,505,000   3,505,491
National Bank of Canada:          
SOFR + 0.30%, 0.35%, 5/16/2023 (a)

    1,790,000   1,787,279
SOFR + 0.49%, 0.54%, 8/6/2024 (a)

    4,750,000   4,747,910
NatWest Markets PLC:          
SOFR + 0.53%, 0.58%, 8/12/2024 (a) (b)  (c)

    1,240,000   1,241,897
SOFR + 0.76%, 0.81%, 9/29/2026 (a)  (c)

    5,000,000   4,997,000
SOFR + 1.66%, 1.71%, 9/29/2022 (a)  (c)

    1,500,000   1,513,050
PNC Bank NA:          
Series BKNT, 3 Month USD LIBOR + 0.33%, 0.49%, 2/24/2023 (a)

    7,900,000   7,901,975
Series BKNT, 3 Month USD LIBOR + 0.50%, 0.63%, 7/27/2022 (a)

    4,190,000   4,197,626
Royal Bank of Canada:          
SOFR + 0.30%, 0.35%, 1/19/2024 (a)

    8,999,000   8,988,651
SOFR + 0.34%, 0.39%, 10/7/2024 (a)  (b)

    5,000,000   4,991,650
SOFR + 0.36%, 0.41%, 7/29/2024 (a)

    6,000,000   5,994,360
SOFR + 0.45%, 0.50%, 10/26/2023 (a)

    13,789,000   13,829,126
SOFR + 0.53%, 0.57%, 1/20/2026 (a)

    870,000   868,695
SOFR + 0.57%, 0.62%, 4/27/2026 (a)

    4,364,000   4,357,236
SOFR + 0.59%, 0.64%, 11/2/2026 (a)

    3,600,000   3,590,856
Series GMTN, 3 Month USD LIBOR + 0.36%, 0.48%, 1/17/2023 (a)

    2,666,000   2,669,919
Series GMTN, 3 Month USD LIBOR + 0.47%, 0.60%, 4/29/2022 (a)

    2,359,000   2,361,383
 
See accompanying notes to financial statements.
18


SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Series GMTN, 3 Month USD LIBOR + 0.73%, 0.86%, 2/1/2022 (a)

    $ 2,925,000   $ 2,926,580
Series GMTN, SOFR + 0.40%, 0.45%, 8/5/2022 (a)

    3,647,000   3,652,288
Royal Bank of Scotland Group PLC:          
3 Month USD LIBOR + 1.47%, 1.63%, 5/15/2023 (a)

    14,745,000   14,805,749
3 Month USD LIBOR + 1.55%, 1.77%, 6/25/2024 (a)

    4,723,000   4,801,166
Skandinaviska Enskilda Banken AB:          
3 Month USD LIBOR + 0.32%, 0.49%, 9/1/2023 (a)  (c)

    2,186,000   2,189,104
3 Month USD LIBOR + 0.65%, 0.85%, 12/12/2022 (a)  (c)

    4,495,000   4,515,362
Standard Chartered PLC:          
3 Month USD LIBOR + 1.15%, 1.28%, 1/20/2023 (a)  (c)

    6,361,000   6,363,544
SOFR + 0.93%, 0.98%, 11/23/2025 (a)  (c)

    4,495,000   4,500,124
SOFR + 1.25%, 1.30%, 10/14/2023 (a) (b)  (c)

    3,500,000   3,517,675
Sumitomo Mitsui Financial Group, Inc.:          
3 Month USD LIBOR + 0.74%, 0.86%, 10/18/2022 (a)

    5,371,000   5,392,538
3 Month USD LIBOR + 0.74%, 0.86%, 1/17/2023 (a)

    5,127,000   5,152,327
3 Month USD LIBOR + 0.78%, 0.90%, 7/12/2022 (a)  (b)

    4,005,000   4,016,775
3 Month USD LIBOR + 0.80%, 0.92%, 10/16/2023 (a)

    3,493,000   3,522,236
3 Month USD LIBOR + 0.86%, 0.98%, 7/19/2023 (a)

    3,414,000   3,443,326
Sumitomo Mitsui Trust Bank, Ltd.

SOFR + 0.44%, 0.49%, 9/16/2024 (a)  (c)

    7,000,000   6,993,420
Swedbank AB

3 Month USD LIBOR + 0.70%, 0.90%, 3/14/2022 (a)  (c)

    3,625,000   3,630,256
Toronto-Dominion Bank:          
SOFR + 0.22%, 0.27%, 6/2/2023 (a)

    4,500,000   4,494,105
Security Description     Principal
Amount
  Value
SOFR + 0.24%, 0.29%, 1/6/2023 (a)

    $ 6,984,000   $ 6,982,952
SOFR + 0.35%, 0.40%, 9/10/2024 (a)

    7,996,000   7,981,047
SOFR + 0.36%, 0.40%, 3/4/2024 (a)

    4,993,000   4,990,254
SOFR + 0.45%, 0.50%, 9/28/2023 (a)

    6,640,000   6,653,280
SOFR + 0.59%, 0.64%, 9/10/2026 (a)

    5,000,000   4,996,050
Series GMTN, 3 Month USD LIBOR + 0.64%, 0.76%, 7/19/2023 (a)

    744,000   749,193
Series MTN, 3 Month USD LIBOR + 0.53%, 0.70%, 12/1/2022 (a)

    1,368,000   1,373,075
Series MTN, SOFR + 0.48%, 0.53%, 1/27/2023 (a)

    8,525,000   8,546,312
Truist Bank:          
SOFR + 0.20%, 0.25%, 1/17/2024 (a)

    10,346,000   10,315,997
SOFR + 0.73%, 0.78%, 3/9/2023 (a)

    150,000   150,762
Series BKNT, 3 Month USD LIBOR + 0.59%, 0.75%, 5/17/2022 (a)  (b)

    1,842,000   1,844,837
Truist Financial Corp.:          
SOFR + 0.40%, 0.45%, 6/9/2025 (a)

    11,482,000   11,457,199
Series MTN, 3 Month USD LIBOR + 0.65%, 0.86%, 4/1/2022 (a)

    7,048,000   7,054,132
UBS AG:          
SOFR + 0.32%, 0.37%, 6/1/2023 (a) (b)  (c)

    14,443,000   14,435,923
SOFR + 0.36%, 0.41%, 2/9/2024 (a)  (c)

    13,345,000   13,325,383
SOFR + 0.45%, 0.50%, 8/9/2024 (a)  (c)

    10,950,000   10,955,146
UBS Group AG:          
3 Month USD LIBOR + 1.22%, 1.38%, 5/23/2023 (a)  (c)

    8,582,000   8,613,925
3 Month USD LIBOR + 1.53%, 1.66%, 2/1/2022 (a)  (c)

    2,615,000   2,617,720
UniCredit SpA

3 Month USD LIBOR + 3.90%, 4.03%, 1/14/2022 (a)  (c)

    5,122,000   5,127,173
US Bank NA:          
3 Month USD LIBOR + 0.40%, 0.60%, 12/9/2022 (a)

    6,607,000   6,622,196
Series BKNT, 3 Month USD LIBOR + 0.44%, 0.60%, 5/23/2022 (a)

    4,650,000   4,654,232
 
See accompanying notes to financial statements.
19


SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Wells Fargo & Co.:          
3 Month USD LIBOR + 1.11%, 1.23%, 1/24/2023 (a)

    $ 7,348,000   $ 7,352,041
3 Month USD LIBOR + 1.23%, 1.36%, 10/31/2023 (a)

    13,611,000   13,714,035
Westpac Banking Corp.:          
3 Month USD LIBOR + 0.39%, 0.51%, 1/13/2023 (a)

    7,205,000   7,221,932
3 Month USD LIBOR + 0.57%, 0.69%, 1/11/2023 (a)

    3,259,000   3,272,818
3 Month USD LIBOR + 0.71%, 0.93%, 6/28/2022 (a)  (b)

    3,759,000   3,772,420
3 Month USD LIBOR + 0.72%, 0.88%, 5/15/2023 (a)

    2,932,000   2,953,345
3 Month USD LIBOR + 0.77%, 0.95%, 2/26/2024 (a)

    225,000   227,441
3 Month USD LIBOR + 0.85%, 0.97%, 1/11/2022 (a)  (b)

    4,489,000   4,489,763
SOFR + 0.30%, 0.35%, 11/18/2024 (a)

    8,447,000   8,433,738
SOFR + 0.52%, 0.57%, 6/3/2026 (a)

    8,199,000   8,213,922
          1,261,800,712
BEVERAGES — 0.1%          
PepsiCo, Inc.

3 Month USD LIBOR + 0.37%, 0.50%, 5/2/2022 (a)

    2,439,000   2,441,244
CHEMICALS — 0.1%          
DuPont de Nemours, Inc.

3 Month USD LIBOR + 1.11%, 1.27%, 11/15/2023 (a)

    3,004,000   3,044,434
COMPUTERS — 0.6%          
Apple, Inc.:          
 3 Month USD LIBOR + 0.35%, 0.50%, 5/11/2022 (a)

    6,491,000   6,497,037
 3 Month USD LIBOR + 0.50%, 0.64%, 2/9/2022 (a)  (b)

    8,208,000   8,211,693
          14,708,730
Security Description     Principal
Amount
  Value
DIVERSIFIED FINANCIAL SERVICES — 2.9%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust

SOFR + 0.68%, 0.73%, 9/29/2023 (a)  (b)

    $ 5,385,000   $ 5,381,123
AIG Global Funding

SOFR + 0.38%, 0.43%, 12/15/2023 (a)  (c)

    2,000,000   1,996,220
Air Lease Corp.

3 Month USD LIBOR + 0.35%, 0.55%, 12/15/2022 (a)

    3,455,000   3,454,447
American Express Co.:          
3 Month USD LIBOR + 0.61%, 0.74%, 8/1/2022 (a)

    3,330,000   3,336,127
3 Month USD LIBOR + 0.62%, 0.78%, 5/20/2022 (a)

    11,694,000   11,708,384
3 Month USD LIBOR + 0.65%, 0.83%, 2/27/2023 (a)

    1,309,000   1,314,681
3 Month USD LIBOR + 0.75%, 0.89%, 8/3/2023 (a)

    3,005,000   3,025,735
SOFR + 0.23%, 0.28%, 11/3/2023 (a)

    5,500,000   5,493,070
SOFR + 0.65%, 0.70%, 11/4/2026 (a)

    4,500,000   4,505,895
American Express Credit Corp.

Series MTN, 3 Month USD LIBOR + 0.70%, 0.87%, 3/3/2022 (a)

    1,484,000   1,484,638
BOC Aviation, Ltd.

3 Month USD LIBOR + 1.13%, 1.34%, 9/26/2023 (a)  (c)

    2,000,000   2,004,580
Capital One Financial Corp.:          
3 Month USD LIBOR + 0.72%, 0.85%, 1/30/2023 (a)

    2,320,000   2,324,988
3 Month USD LIBOR + 0.95%, 1.15%, 3/9/2022 (a)

    3,507,000   3,509,455
SOFR + 0.69%, 0.74%, 12/6/2024 (a)

    5,000,000   4,998,100
Charles Schwab Corp.:          
SOFR + 0.50%, 0.55%, 3/18/2024 (a)

    11,559,000   11,596,682
SOFR + 0.52%, 0.57%, 5/13/2026 (a)

    3,817,000   3,822,649
          69,956,774
 
See accompanying notes to financial statements.
20


SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
ELECTRIC — 4.0%          
American Electric Power Co., Inc.

Series A, 3 Month USD LIBOR + 0.48%, 0.61%, 11/1/2023 (a)

    $ 5,369,000   $ 5,370,557
CenterPoint Energy, Inc.

SOFR + 0.65%, 0.70%, 5/13/2024 (a)

    8,400,000   8,399,748
Cleco Power LLC

3 Month USD LIBOR + 0.50%, 0.70%, 6/15/2023 (a)  (c)

    3,000   2,998
Dominion Energy, Inc.

Series D, 3 Month USD LIBOR + 0.53%, 0.73%, 9/15/2023 (a)

    6,814,000   6,814,136
Duke Energy Corp.:          
3 Month USD LIBOR + 0.65%, 0.85%, 3/11/2022 (a)

    4,681,000   4,684,464
SOFR + 0.25%, 0.30%, 6/10/2023 (a)

    3,100,000   3,095,784
Eversource Energy

Series T, SOFR + 0.25%, 0.30%, 8/15/2023 (a)

    3,005,000   3,000,943
Florida Power & Light Co.

SOFR + 0.25%, 0.30%, 5/10/2023 (a)

    8,701,000   8,680,901
National Rural Utilities Cooperative Finance Corp.

Series D, SOFR + 0.33%, 0.38%, 10/18/2024 (a)

    2,820,000   2,812,640
NextEra Energy Capital Holdings, Inc.:          
3 Month USD LIBOR + 0.27%, 0.43%, 2/22/2023 (a)

    14,781,000   14,753,360
3 Month USD LIBOR + 0.72%, 0.90%, 2/25/2022 (a)

    3,994,000   3,997,275
SOFR + 0.40%, 0.45%, 11/3/2023 (a)

    7,500,000   7,490,625
SOFR + 0.54%, 0.59%, 3/1/2023 (a)

    5,662,000   5,667,322
Pacific Gas & Electric Co.

3 Month USD LIBOR + 1.48%, 1.69%, 6/16/2022 (a)

    4,033,000   4,034,008
PPL Electric Utilities Corp.

SOFR + 0.33%, 0.38%, 6/24/2024 (a)

    6,000,000   5,983,080
Southern California Edison Co.:          
SOFR + 0.64%, 0.69%, 4/3/2023 (a)  (b)

    2,858,000   2,858,943
SOFR + 0.83%, 0.88%, 4/1/2024 (a)

    4,390,000   4,386,005
Security Description     Principal
Amount
  Value
Southern Co.

Series 2021, SOFR + 0.37%, 0.42%, 5/10/2023 (a)

    $ 5,000,000   $ 4,993,650
          97,026,439
ELECTRONICS — 0.2%          
Honeywell International, Inc.

3 Month USD LIBOR + 0.37%, 0.51%, 8/8/2022 (a)

    4,471,000   4,477,259
FOOD — 0.1%          
General Mills, Inc.

3 Month USD LIBOR + 1.01%, 1.13%, 10/17/2023 (a)

    2,844,000   2,879,778
GAS — 0.6%          
Atmos Energy Corp.

3 Month USD LIBOR + 0.38%, 0.58%, 3/9/2023 (a)

    1,995,000   1,995,100
CenterPoint Energy Resources Corp.

3 Month USD LIBOR + 0.50%, 0.67%, 3/2/2023 (a)

    5,858,000   5,847,338
ONE Gas, Inc.

3 Month USD LIBOR + 0.61%, 0.81%, 3/11/2023 (a)  (b)

    2,719,000   2,721,909
Southern California Gas Co.

3 Month USD LIBOR + 0.35%, 0.55%, 9/14/2023 (a)

    899,000   898,398
Spire Missouri, Inc.

SOFR + 0.50%, 0.55%, 12/2/2024 (a)

    3,000,000   2,999,910
          14,462,655
HEALTH CARE PRODUCTS — 0.7%          
Baxter International, Inc.:          
SOFR + 0.26%, 0.31%, 12/1/2023 (a)  (c)

    5,000,000   4,995,750
SOFR + 0.44%, 0.49%, 11/29/2024 (a)  (c)

    5,000,000   4,991,200
Thermo Fisher Scientific, Inc.:          
SOFR + 0.40%, 0.44%, 10/18/2023 (a)

    5,000,000   5,006,750
SOFR + 0.53%, 0.58%, 10/18/2024 (a)

    2,730,000   2,732,157
          17,725,857
HEALTH CARE SERVICES — 0.1%          
Roche Holdings, Inc.

SOFR + 0.24%, 0.29%, 3/5/2024 (a) (b)  (c)

    2,915,000   2,914,009
 
See accompanying notes to financial statements.
21


SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
HOUSEHOLD PRODUCTS & WARES — 0.2%          
Reckitt Benckiser Treasury Services PLC

3 Month USD LIBOR + 0.56%, 0.78%, 6/24/2022 (a)  (c)

    $ 5,719,000   $ 5,726,778
INSURANCE — 5.6%          
Athene Global Funding:          
3 Month USD LIBOR + 1.23%, 1.44%, 7/1/2022 (a)  (c)

    3,274,000   3,290,075
SOFR + 0.56%, 0.61%, 8/19/2024 (a)  (c)

    3,000,000   2,991,450
SOFR + 0.70%, 0.75%, 5/24/2024 (a)  (c)

    15,873,000   15,898,397
Brighthouse Financial Global Funding

SOFR + 0.76%, 0.81%, 4/12/2024 (a)  (c)

    5,000,000   5,021,500
Equitable Financial Life Global Funding

SOFR + 0.39%, 0.44%, 4/6/2023 (a)  (c)

    5,261,000   5,264,051
GA Global Funding Trust

SOFR + 0.50%, 0.55%, 9/13/2024 (a)  (c)

    5,000,000   4,987,300
Jackson National Life Global Funding:          
3 Month USD LIBOR + 0.73%, 0.95%, 6/27/2022 (a)  (c)

    3,202,000   3,210,741
SOFR + 0.60%, 0.65%, 1/6/2023 (a)  (c)

    6,338,000   6,352,070
MassMutual Global Funding II:          
3 Month USD LIBOR + 0.15%, 0.27%, 1/7/2022 (a) (b)  (c)

    3,700,000   3,700,037
SOFR + 0.27%, 0.32%, 10/21/2024 (a)  (c)

    4,000,000   3,990,360
SOFR + 0.36%, 0.41%, 4/12/2024 (a)  (c)

    8,500,000   8,514,620
MET Tower Global Funding

SOFR + 0.55%, 0.60%, 1/17/2023 (a)  (c)

    4,729,000   4,743,802
Metropolitan Life Global Funding I:          
SOFR + 0.30%, 0.35%, 9/27/2024 (a)  (c)

    4,620,000   4,605,216
SOFR + 0.32%, 0.37%, 1/7/2024 (a) (b)  (c)

    8,950,000   8,940,066
SOFR + 0.57%, 0.62%, 1/13/2023 (a)  (c)

    6,270,000   6,292,760
New York Life Global Funding:          
3 Month USD LIBOR + 0.28%, 0.40%, 1/10/2023 (a)  (c)

    3,365,000   3,368,264
Security Description     Principal
Amount
  Value
3 Month USD LIBOR + 0.28%, 0.41%, 1/21/2022 (a)  (c)

    $ 6,820,000   $ 6,820,682
3 Month USD LIBOR + 0.44%, 0.56%, 7/12/2022 (a)  (c)

    2,516,000   2,519,950
3 Month USD LIBOR + 0.52%, 0.72%, 6/10/2022 (a)  (c)

    2,150,000   2,154,021
SOFR + 0.22%, 0.27%, 2/2/2023 (a)  (c)

    8,800,000   8,801,584
SOFR + 0.31%, 0.36%, 4/26/2024 (a)  (c)

    5,500,000   5,500,495
SOFR + 0.36%, 0.41%, 10/21/2023 (a)  (c)

    2,850,000   2,856,840
SOFR + 0.48%, 0.53%, 6/9/2026 (a)  (c)

    2,800,000   2,803,108
Northwestern Mutual Global Funding

SOFR + 0.33%, 0.38%, 3/25/2024 (a)  (c)

    2,632,000   2,632,447
Pacific Life Global Funding II

SOFR + 0.62%, 0.67%, 6/4/2026 (a)  (c)

    5,750,000   5,780,590
Principal Life Global Funding II:          
SOFR + 0.38%, 0.43%, 8/23/2024 (a)  (c)

    4,000,000   3,990,640
SOFR + 0.45%, 0.50%, 4/12/2024 (a)  (c)

    2,799,000   2,799,980
          137,831,046
INTERNET — 0.4%          
eBay, Inc.

3 Month USD LIBOR + 0.87%, 1.00%, 1/30/2023 (a)

    2,684,000   2,701,338
Tencent Holdings, Ltd.:          
3 Month USD LIBOR + 0.61%, 0.73%, 1/19/2023 (a)  (c)

    2,300,000   2,298,459
3 Month USD LIBOR + 0.91%, 1.03%, 4/11/2024 (a)  (c)

    1,500,000   1,505,640
Class REGs, 3 Month USD LIBOR + 0.91%, 1.03%, 4/11/2024 (a)

    2,175,000   2,183,178
Class REGS, 3 Month USD LIBOR + 0.61%, 0.73%, 1/19/2023 (a)

    1,690,000   1,688,868
          10,377,483
LODGING — 0.2%          
Hyatt Hotels Corp.

SOFR + 1.05%, 1.10%, 10/1/2023 (a)

    4,000,000   4,007,880
 
See accompanying notes to financial statements.
22


SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
MACHINERY, CONSTRUCTION & MINING — 0.9%          
Caterpillar Financial Services Corp.:          
SOFR + 0.15%, 0.20%, 11/17/2022 (a)

    $ 7,997,000   $ 7,991,802
SOFR + 0.25%, 0.29%, 5/17/2024 (a)

    5,422,000   5,418,530
SOFR + 0.27%, 0.32%, 9/13/2024 (a)

    7,000,000   6,999,790
Series MTN, 3 Month USD LIBOR + 0.74%, 0.89%, 5/13/2022 (a)

    1,735,000   1,738,747
          22,148,869
MACHINERY-DIVERSIFIED — 1.0%          
John Deere Capital Corp.:          
SOFR + 0.12%, 0.17%, 7/10/2023 (a)

    6,000,000   5,993,280
SOFR + 0.20%, 0.25%, 10/11/2024 (a)

    8,000,000   7,974,560
Series GMTN, 3 Month USD LIBOR + 0.55%, 0.74%, 6/7/2023 (a)

    1,907,000   1,917,393
Series MTN, 3 Month USD LIBOR + 0.48%, 0.67%, 9/8/2022 (a)

    2,976,000   2,983,321
Series MTN, 3 Month USD LIBOR + 0.49%, 0.69%, 6/13/2022 (a)

    1,938,000   1,941,140
Otis Worldwide Corp.

3 Month USD LIBOR + 0.45%, 0.58%, 4/5/2023 (a)

    3,383,000   3,383,034
          24,192,728
MEDIA — 0.8%          
Charter Communications Operating LLC

3 Month USD LIBOR + 1.65%, 1.78%, 2/1/2024 (a)

    6,998,000   7,143,488
Comcast Corp.

3 Month USD LIBOR + 0.63%, 0.75%, 4/15/2024 (a)

    3,861,000   3,896,135
TWDC Enterprises 18 Corp.

Series MTN, 3 Month USD LIBOR + 0.39%, 0.57%, 3/4/2022 (a)

    5,576,000   5,578,788
Walt Disney Co.

3 Month USD LIBOR + 0.39%, 0.56%, 9/1/2022 (a)

    3,226,000   3,231,452
          19,849,863
Security Description     Principal
Amount
  Value
MISCELLANEOUS MANUFACTURER — 0.4%          
3M Co.

Series MTN, 3 Month USD LIBOR + 0.30%, 0.46%, 2/14/2024 (a)

    $ 2,092,000   $ 2,094,510
General Electric Co.

3 Month USD LIBOR + 0.38%, 0.52%, 5/5/2026 (a)

    1,408,000   1,376,531
Siemens Financieringsmaatschappij NV:          
3 Month USD LIBOR + 0.61%, 0.82%, 3/16/2022 (a)  (c)

    4,482,000   4,486,079
SOFR + 0.43%, 0.48%, 3/11/2024 (a)  (c)

    2,500,000   2,504,975
          10,462,095
OIL & GAS — 1.3%          
Chevron Corp.:          
3 Month USD LIBOR + 0.48%, 0.65%, 3/3/2022 (a)

    2,857,000   2,858,514
3 Month USD LIBOR + 0.90%, 1.05%, 5/11/2023 (a)

    3,265,000   3,296,572
Series _, 3 Month USD LIBOR + 0.53%, 0.70%, 3/3/2022 (a)

    2,626,000   2,627,733
Chevron USA, Inc.:          
3 Month USD LIBOR + 0.11%, 0.26%, 8/12/2022 (a)

    2,600,000   2,599,948
3 Month USD LIBOR + 0.20%, 0.35%, 8/11/2023 (a)

    3,258,000   3,258,098
ConocoPhillips Co.

3 Month USD LIBOR + 0.90%, 1.06%, 5/15/2022 (a)

    3,961,000   3,967,734
Exxon Mobil Corp.:          
3 Month USD LIBOR + 0.33%, 0.49%, 8/16/2022 (a)

    6,620,000   6,629,864
3 Month USD LIBOR + 0.37%, 0.55%, 3/6/2022 (a)

    3,091,000   3,092,638
Shell International Finance B.V.

3 Month USD LIBOR + 0.40%, 0.56%, 11/13/2023 (a)

    4,061,000   4,076,838
          32,407,939
 
See accompanying notes to financial statements.
23


SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
PHARMACEUTICALS — 1.5%          
AbbVie, Inc.

3 Month USD LIBOR + 0.65%, 0.81%, 11/21/2022 (a)

    $ 5,352,000   $ 5,372,231
AstraZeneca PLC

3 Month USD LIBOR + 0.67%, 0.82%, 8/17/2023 (a)

    3,414,000   3,437,966
Bayer US Finance II LLC

3 Month USD LIBOR + 1.01%, 1.21%, 12/15/2023 (a)  (c)

    8,739,000   8,790,647
Becton Dickinson & Co.

3 Month USD LIBOR + 1.03%, 1.21%, 6/6/2022 (a)

    4,042,000   4,056,228
Bristol-Myers Squibb Co.

3 Month USD LIBOR + 0.38%, 0.54%, 5/16/2022 (a)

    3,849,000   3,852,733
Cardinal Health, Inc.

3 Month USD LIBOR + 0.77%, 0.97%, 6/15/2022 (a)

    2,184,000   2,185,791
Cigna Corp.

3 Month USD LIBOR + 0.89%, 1.01%, 7/15/2023 (a)

    5,941,000   5,992,271
Pfizer, Inc.

3 Month USD LIBOR + 0.33%, 0.53%, 9/15/2023 (a)

    2,054,000   2,058,704
          35,746,571
PIPELINES — 0.4%          
Enbridge, Inc.:          
3 Month USD LIBOR + 0.50%, 0.66%, 2/18/2022 (a)

    5,619,000   5,620,686
SOFR + 0.40%, 0.45%, 2/17/2023 (a)

    5,329,000   5,323,831
          10,944,517
REAL ESTATE INVESTMENT TRUSTS — 0.3%          
Public Storage

SOFR + 0.47%, 0.52%, 4/23/2024 (a)

    6,708,000   6,699,213
RETAIL — 0.1%          
Home Depot, Inc.

3 Month USD LIBOR + 0.31%, 0.48%, 3/1/2022 (a)

    2,380,000   2,380,500
Security Description     Principal
Amount
  Value
SEMICONDUCTORS — 0.6%          
Analog Devices, Inc.

SOFR + 0.25%, 0.30%, 10/1/2024 (a)

    $ 6,000,000   $ 5,998,440
Intel Corp.

3 Month USD LIBOR + 0.35%, 0.50%, 5/11/2022 (a)  (b)

    5,909,000   5,913,491
QUALCOMM, Inc.

3 Month USD LIBOR + 0.73%, 0.86%, 1/30/2023 (a)

    3,412,000   3,431,824
          15,343,755
TELECOMMUNICATIONS — 2.7%          
AT&T, Inc.:          
3 Month USD LIBOR + 1.18%, 1.38%, 6/12/2024 (a)

    12,156,000   12,311,475
SOFR + 0.64%, 0.69%, 3/25/2024 (a)

    8,813,000   8,815,203
Rogers Communications, Inc.

3 Month USD LIBOR + 0.60%, 0.81%, 3/22/2022 (a)

    5,681,000   5,686,624
Verizon Communications, Inc.:          
3 Month USD LIBOR + 1.10%, 1.26%, 5/15/2025 (a)

    10,330,000   10,522,345
SOFR + 0.50%, 0.55%, 3/22/2024 (a)

    6,568,000   6,587,507
SOFR + 0.79%, 0.84%, 3/20/2026 (a)

    8,395,000   8,474,669
3 Month USD LIBOR + 1.00%, 1.21%, 3/16/2022 (a)

    10,603,000   10,621,131
Vodafone Group PLC

3 Month USD LIBOR + 0.99%, 1.11%, 1/16/2024 (a)

    3,878,000   3,926,203
          66,945,157
TRANSPORTATION — 0.3%          
United Parcel Service, Inc.:          
3 Month USD LIBOR + 0.38%, 0.54%, 5/16/2022 (a)

    2,803,000   2,805,439
3 Month USD LIBOR + 0.45%, 0.66%, 4/1/2023 (a)

    4,338,000   4,350,623
          7,156,062
TOTAL CORPORATE BONDS & NOTES

(Cost $2,067,918,051)

        2,068,381,433
 
See accompanying notes to financial statements.
24


SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
FOREIGN GOVERNMENT OBLIGATIONS — 15.2%          
Asian Development Bank:          
SOFR + 1.00%, 1.05%, 6/16/2026 (a)

    $ 7,000,000   $ 7,257,740
SOFR + 1.00%, 1.05%, 8/27/2026 (a)

    9,000,000   9,339,750
Asian Infrastructure Investment Bank

SOFR + 0.22%, 0.27%, 4/15/2026 (a)  (c)

    3,000,000   3,003,150
BNG Bank NV

Series 144A, SOFR + 1.00%, 1.05%, 8/5/2026 (a)  (c)

    5,000,000   5,181,200
CPPIB Capital, Inc.

Series 144A, SOFR + 1.25%, 1.30%, 3/11/2026 (a)  (c)

    6,000,000   6,252,120
European Bank for Reconstruction & Development:          
SOFR + 0.19%, 0.24%, 4/14/2026 (a)  (b)

    6,000,000   6,003,120
SOFR + 0.26%, 0.31%, 8/19/2022 (a)

    17,500,000   17,518,900
SOFR + 0.26%, 0.31%, 3/13/2023 (a)

    7,000,000   7,012,320
SOFR + 0.28%, 0.33%, 10/15/2024 (a)

    9,655,000   9,694,875
Series GMTN, 3 Month USD LIBOR + 0.01%, 0.16%, 5/11/2022 (a)

    12,112,000   12,112,606
European Investment Bank:          
3 Month USD LIBOR + 0.10%, 0.22%, 1/19/2023 (a)  (c)

    8,258,000   8,264,772
SOFR + 0.25%, 0.30%, 1/30/2023 (a)  (c)

    7,250,000   7,262,180
SOFR + 0.28%, 0.33%, 3/5/2024 (a)  (c)

    10,500,000   10,538,535
SOFR + 0.29%, 0.34%, 6/10/2022 (a)  (c)

    11,125,000   11,134,345
SOFR + 1.00%, 1.05%, 1/21/2026 (a)  (c)

    16,100,000   16,650,459
Export-Import Bank of Korea:          
3 Month USD LIBOR + 0.53%, 0.74%, 6/25/2022 (a)

    2,320,000   2,323,805
3 Month USD LIBOR + 0.78%, 0.95%, 6/1/2023 (a)

    4,425,000   4,459,869
3 Month USD LIBOR + 0.93%, 1.06%, 11/1/2022 (a)

    6,890,000   6,932,373
Series 5FRN, 3 Month USD LIBOR + 0.88%, 1.00%, 1/25/2022 (a)

    4,900,000   4,902,303
Security Description     Principal
Amount
  Value
Inter-American Development Bank:          
3 Month USD LIBOR + 0.03%, 0.23%, 3/15/2022 (a)

    $ 7,900,000   $ 7,900,948
SOFR + 0.17%, 0.22%, 9/16/2026 (a)

    5,000,000   5,002,750
SOFR + 0.20%, 0.25%, 2/10/2026 (a)  (b)

    13,600,000   13,619,720
SOFR + 0.25%, 0.30%, 2/4/2025 (a)

    7,600,000   7,625,460
SOFR + 0.26%, 0.31%, 9/16/2022 (a)

    13,200,000   13,216,764
Series GDIF, 3 Month USD LIBOR + 0.00%, 0.12%, 1/15/2022 (a)  (b)

    23,400,000   23,400,234
Series GMTN, 3 Month USD LIBOR + 0.07%, 0.19%, 7/15/2022 (a)

    10,520,000   10,524,208
International Bank for Reconstruction & Development:          
SOFR + 0.13%, 0.18%, 1/13/2023 (a)

    23,650,000   23,658,750
SOFR + 0.31%, 0.36%, 9/18/2025 (a)

    13,750,000   13,823,975
Series GDIF, SOFR + 0.30%, 0.35%, 8/6/2024 (a)

    13,500,000   13,563,720
Series GDIF, SOFR + 0.39%, 0.44%, 6/17/2024 (a)

    5,600,000   5,638,416
International Finance Corp.:          
SOFR + 0.09%, 0.14%, 6/30/2023 (a)

    9,500,000   9,495,345
SOFR + 0.09%, 0.14%, 4/3/2024 (a)

    3,000,000   3,001,140
Series GMTN, 3 Month USD LIBOR + 0.07%, 0.27%, 12/15/2022 (a)

    11,555,000   11,562,049
Kommunalbanken A/S:          
Series 144A, SOFR + 0.16%, 0.21%, 10/27/2023 (a)  (c)

    5,000,000   5,002,300
Series 144A, SOFR + 1.00%, 1.05%, 6/17/2026 (a)  (c)

    7,000,000   7,241,640
Korea Development Bank:          
3 Month USD LIBOR + 0.48%, 0.69%, 10/1/2022 (a)

    3,440,000   3,447,224
3 Month USD LIBOR + 0.71%, 0.88%, 2/27/2022 (a)

    4,505,000   4,509,054
3 Month USD LIBOR + 0.73%, 0.85%, 7/6/2022 (a)

    1,495,000   1,499,186
 
See accompanying notes to financial statements.
25


SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
SOFR + 0.25%, 0.30%, 3/9/2024 (a)

    $ 4,800,000   $ 4,797,024
Series EMTN, 3 Month USD LIBOR + 0.35%, 0.51%, 2/18/2023 (a)

    500,000   500,815
Kreditanstalt fuer Wiederaufbau

SOFR + 1.00%, 1.05%, 2/12/2024 (a)

    13,000,000   13,249,080
Landwirtschaftliche Rentenbank

3 Month USD LIBOR + 0.04%, 0.16%, 1/12/2022 (a)  (c)

    1,619,000   1,619,032
Nordic Investment Bank

SOFR + 1.00%, 1.05%, 5/12/2026 (a)

    5,600,000   5,802,832
Svensk Exportkredit AB

SOFR + 1.00%, 1.05%, 5/25/2023 (a)

    8,840,000   8,945,550
TOTAL FOREIGN GOVERNMENT OBLIGATIONS

(Cost $374,280,012)

        374,491,638
    Shares  
SHORT-TERM INVESTMENTS — 1.8%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (d)  (e)

23,865,789 23,868,176
State Street Navigator Securities Lending Portfolio II (f)  (g)

20,436,183 20,436,183
TOTAL SHORT-TERM INVESTMENTS

(Cost $44,304,359)

    44,304,359
TOTAL INVESTMENTS — 101.3%

(Cost $2,486,502,422)

2,487,177,430
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.3)%

(32,416,295)
NET ASSETS — 100.0%

$ 2,454,761,135
    
(a) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(b) All or a portion of the shares of the security are on loan at December 31, 2021.
(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 23.3% of net assets as of December 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at December 31, 2021.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
BKNT Bank Notes
EMTN Euro Medium Term Note
FRN Floating Rate Note
GDIF Global Debt Issuance Facility
GMTN Global Medium Term Note
LIBOR London Interbank Offered Rate
MTN Medium Term Note
SOFR Secured Overnight Financing Rate
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Corporate Bonds & Notes

  $   $2,068,381,433   $—   $2,068,381,433
Foreign Government Obligations

    374,491,638     374,491,638
Short-Term Investments

  44,304,359       44,304,359
See accompanying notes to financial statements.
26


SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
TOTAL INVESTMENTS

  $44,304,359   $2,442,873,071   $—   $2,487,177,430
 
Affiliate Table
  Number of
Shares Held
at
6/30/21
  Value at

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

12/31/21
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

52,245,493   $52,261,166   $398,917,223   $427,303,136   $(7,016)   $(61)   23,865,789   $23,868,176   $
State Street Navigator Securities Lending Portfolio II

38,337,395   38,337,395   132,530,162   150,431,374       20,436,183   20,436,183   23,993
Total

    $90,598,561   $531,447,385   $577,734,510   $(7,016)   $(61)       $44,304,359   $23,993
See accompanying notes to financial statements.
27


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
MUNICIPAL BONDS & NOTES — 98.5%      
ALABAMA — 1.5%        
Birmingham Airport Authority Revenue

5.00%, 7/1/2030

  $ 500,000   $ 650,420
Birmingham, AL, Special Care Facilities Financing Authority Revenue

Series S, 5.75%, 6/1/2045

  1,635,000   1,749,524
Health Care Authority of the City of Huntsville:        
Series B1, 3.00%, 6/1/2050

  1,000,000   1,057,353
Series B1, 4.00%, 6/1/2039

  500,000   587,394
Hoover,AL, Industrial Development Board Environmental Improvement Revenue:        
5.75%, 10/1/2049

  2,615,000   3,092,523
AMT, VRN, 6.38%, 11/1/2050 (a)

  1,000,000   1,277,775
Infirmary Health System, AL, Special Care Facilities Financing Authority of Mobile Revenue:        
Series A, 3.00%, 2/1/2029

  105,000   112,119
Series A, 3.00%, 2/1/2030

  200,000   213,086
Jefferson County Board of Education/AL

4.00%, 2/1/2042

  525,000   607,242
Jefferson County, AL, Sewer Warrant Revenue:        
Series A, 5.25%, 10/1/2048 (b)

  240,000   263,820
Series D, 6.00%, 10/1/2042

  3,210,000   3,653,362
Series D, 6.50%, 10/1/2053

  2,010,000   2,304,161
Series F, 7.90%, 10/1/2050

  5,500,000   5,688,592
Spring Hill College Educational Building Authority of Mobile Revenue

5.88%, 4/15/2045

  1,600,000   1,741,386
Tuscaloosa County, AL, Industrial Development Authority Revenue:        
Series A, 4.50%, 5/1/2032 (c)

  1,858,000   1,965,974
Series A, 5.25%, 5/1/2044 (c)

  2,420,000   2,670,055
          27,634,786
ALASKA — 0.0% (d)        
Matanuska Susitna Boro, AK, Leas Revenue

5.25%, 9/1/2027

  120,000   138,460
State of Alaska International Airports System Revenue

Series B, 5.00%, 10/1/2035

  545,000   629,006
          767,466
Security Description     Principal
Amount
  Value
AMERICAN SAMOA — 0.1%        
American Samoa, AS, Economic Development Authority Revenue

Series A, 6.63%, 9/1/2035

  $ 1,000,000   $ 1,161,080
ARIZONA — 1.7%        
Arizona Industrial Development Authority Revenue:        
4.00%, 12/15/2041 (c)

  105,000   114,703
4.00%, 12/15/2051 (c)

  165,000   177,798
4.75%, 7/1/2029 (c)

  165,000   177,375
5.00%, 6/1/2031 (c)

  335,000   394,669
5.00%, 7/1/2039 (c)

  365,000   424,903
5.00%, 7/1/2054 (c)

  500,000   555,283
Series A, 3.63%, 5/20/2033

  962,676   1,078,110
Series A, 4.00%, 7/15/2030 (c)

  145,000   159,177
Series A, 4.50%, 1/1/2049

  655,000   616,938
Series A, 5.00%, 7/1/2049 (c)

  500,000   525,148
Series A, 5.00%, 7/15/2049 (c)

  500,000   571,125
Series A, 5.00%, 7/1/2054 (c)

  500,000   524,534
Series A, 5.25%, 7/1/2047 (c)

  240,000   244,683
Series A, 6.38%, 6/1/2039 (c)

  1,000,000   1,160,612
Series B, 5.00%, 3/1/2037 (c)

  75,000   85,812
Series B, 5.00%, 3/1/2042 (c)

  70,000   79,293
Series B, 5.00%, 1/1/2049

  860,000   773,891
Series D, 5.00%, 7/1/2051 (c)

  185,000   211,349
Series G, 5.00%, 7/1/2047 (c)

  100,000   114,521
City Of Phoenix, Civic Improvement Corporation Junior Lien Airport Revenue

Series A, 5.00%, 7/1/2044

  960,000   1,192,607
Glendale, AZ, Industrial Development Authority Revenue:        
5.00%, 11/15/2045

  1,070,000   1,137,534
5.00%, 5/15/2056

  500,000   561,256
5.25%, 11/15/2046

  1,010,000   982,600
Series A, 5.00%, 11/15/2042

  750,000   864,716
Maricopa County, AZ, Industrial Development Authority, Revenue:        
5.00%, 7/1/2049 (c)

  595,000   697,825
6.00%, 7/1/2052 (c)

  1,000,000   1,185,482
Series A, 3.00%, 9/1/2051

  860,000   896,456
Series A, 5.00%, 9/1/2033

  675,000   884,245
Maricopa County, AZ, Pollution Control Corp., Revenue:        
2.40%, 6/1/2035

  500,000   501,453
Series A, 3.60%, 2/1/2040

  600,000   660,714
Phoenix, AZ, Industrial Development Authority Education Revenue:        
4.00%, 10/1/2041

  30,000   33,034
5.00%, 7/1/2035 (c)

  1,325,000   1,461,713
 
See accompanying notes to financial statements.
28


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Pima Country, AZ, Industrial Development Authority, Education Revenue

5.00%, 6/15/2034 (c)

  $ 100,000   $ 108,344
Pima County, AZ, Industrial Development Authority Education Revenue:        
5.00%, 6/15/2047 (c)

  1,250,000   1,276,278
5.25%, 7/1/2036

  315,000   344,193
6.75%, 2/1/2050 (c)

  310,000   359,001
Pima County, AZ, Industrial Development Authority Revenue

4.00%, 4/1/2046

  650,000   762,239
Quechan Indian Tribe, AZ, Fort Yuma Indian Reservation Revenue

Series A, 9.75%, 5/1/2025

  655,000   663,649
Salt Verde, AZ, Financial Corp. Revenue:        
5.00%, 12/1/2037

  1,000,000   1,401,135
5.25%, 12/1/2027

  265,000   324,606
5.25%, 12/1/2028

  105,000   131,538
Tempe, AZ, Industrial Development Authority Revenue:        
4.00%, 12/1/2038

  1,260,000   1,397,255
4.00%, 12/1/2046

  1,005,000   1,093,268
4.00%, 12/1/2056

  2,135,000   2,288,379
Series A, 6.13%, 10/1/2052 (c)

  500,000   547,281
Series B, 4.00%, 10/1/2023 (c)

  10,000   10,004
Series B, 5.35%, 10/1/2025 (c)

  2,650,000   2,653,916
          32,410,645
ARKANSAS — 0.3%        
Arkansas Development Finance Authority Industrial Development Revenue

4.50%, 9/1/2049 (c)

  4,830,000   5,313,404
Baxter Country, AR, Hospital Revenue

Series A, 3.00%, 9/1/2028

  100,000   106,012
          5,419,416
CALIFORNIA — 10.8%        
Alameda, CA, Corridor Transportation Authority Revenue:        
Series B, 3.00%, 10/1/2034 (b)

  175,000   186,366
Series B, 5.00%, 10/1/2037

  500,000   584,911
Anaheim Public Financing Authority Revenue

Series C, Zero Coupon, 9/1/2029 (b)

  915,000   814,718
Security Description     Principal
Amount
  Value
Antelope Valley, CA, Health Care District Revenue:        
Series A, 5.00%, 3/1/2026

  $ 750,000   $ 826,595
Series A, 5.00%, 3/1/2041

  665,000   732,560
Brentwood, CA, Infrastructure Financing Authority, Special Assessment

Series B, 4.00%, 9/2/2030

  145,000   153,925
California Community Housing Agency, Workforce Housing Revenue:        
3.00%, 8/1/2056 (c)

  915,000   816,895
3.00%, 2/1/2057 (c)

  2,500,000   2,243,903
4.00%, 8/1/2046 (c)

  145,000   141,665
4.00%, 8/1/2051 (c)

  5,500,000   5,242,873
4.00%, 2/1/2056 (c)

  2,905,000   2,993,499
Series A, 4.00%, 2/1/2056 (c)

  1,915,000   1,928,608
Series A, 5.00%, 4/1/2049 (c)

  905,000   960,774
Series A, 5.00%, 2/1/2050 (c)

  5,800,000   6,196,703
Series A, 5.00%, 8/1/2050 (c)

  1,000,000   1,069,676
Series A-, 4.00%, 8/1/2047 (c)

  4,270,000   4,236,080
Series S, 5.00%, 8/1/2049 (c)

  2,500,000   2,659,939
California County, CA, Tobacco Securitization Agency, Tobacco Settlement Revenue:        
Series A, 4.00%, 6/1/2049

  1,000,000   1,160,361
Series B-1, 5.00%, 6/1/2049

  210,000   253,655
Series B-2, Zero Coupon, 6/1/2055

  3,020,000   606,652
Series C, Zero Coupon, 6/1/2057

  5,000,000   672,110
California Statewide Communities Development Authority Revenue

Series B, 5.00%, 7/1/2032

  195,000   217,183
California, Health Facilities Financing Authority Revenue:        
Series A, 4.00%, 3/1/2039

  340,000   375,514
Series A, 4.00%, 8/15/2049

  475,000   530,943
California, Municipal Finance Authority Revenue:        
3.00%, 10/1/2049

  1,000,000   1,017,303
AMT, 3.25%, 12/31/2032

  625,000   677,085
4.00%, 7/15/2029

  6,960,000   7,975,749
4.00%, 5/15/2041 (b)

  355,000   418,451
4.00%, 5/15/2046 (b)

  1,000,000   1,166,382
5.00%, 6/30/2027

  205,000   246,739
5.00%, 6/30/2028

  100,000   122,421
5.00%, 12/31/2031

  1,000,000   1,202,408
AMT, 5.00%, 12/31/2043

  500,000   594,105
5.00%, 7/1/2046 (c)

  500,000   558,203
AMT, 5.00%, 12/31/2047

  600,000   711,740
AMT, 5.00%, 6/1/2048

  600,000   710,013
5.25%, 1/1/2045

  1,000,000   987,395
Series A, 5.00%, 7/1/2034

  280,000   336,125
 
See accompanying notes to financial statements.
29


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Series A, 5.00%, 10/1/2039 (c)

  $ 150,000   $ 164,217
Series A, 5.00%, 7/1/2047

  185,000   219,414
Series A, 5.00%, 7/1/2049 (c)

  1,250,000   1,445,100
Series A, 5.25%, 11/1/2041

  1,000,000   1,165,953
California, Municipal Finance Authority, Student Housing Revenue:        
5.00%, 5/15/2049

  1,000,000   1,194,779
5.00%, 5/15/2051

  1,165,000   1,377,259
5.00%, 5/15/2052

  500,000   596,199
California, Pollution Control Financing Authority Revenue:        
AMT, 4.30%, 7/1/2040

  665,000   743,278
AMT, 5.00%, 11/21/2045 (c)

  500,000   515,660
California, Public Finance Authority Revenue:        
5.00%, 11/15/2046 (c)

  900,000   1,032,625
5.00%, 11/15/2051 (c)

  600,000   687,055
California, School Finance Authority Revenue:        
5.00%, 6/1/2050 (c)

  605,000   663,394
5.00%, 6/1/2054 (c)

  250,000   284,683
5.00%, 11/15/2056 (c)

  415,000   473,960
Series A, 5.00%, 7/1/2047 (c)

  250,000   276,342
California, Statewide Communities Development Authority Revenue:        
4.00%, 4/1/2042

  130,000   144,524
4.25%, 1/1/2043

  480,000   541,769
5.00%, 1/1/2031

  700,000   849,740
5.00%, 1/1/2032

  1,125,000   1,362,522
5.00%, 5/15/2033

  240,000   278,436
5.25%, 12/1/2034

  1,940,000   2,184,829
5.25%, 12/1/2038 (c)

  1,475,000   1,802,774
5.25%, 7/1/2039 (c)

  2,000,000   2,152,410
5.25%, 12/1/2043 (c)

  875,000   1,064,434
5.25%, 12/1/2044

  4,045,000   4,548,898
5.25%, 12/1/2048 (c)

  705,000   855,249
5.50%, 12/1/2054

  2,500,000   2,826,318
Series A, 3.00%, 8/15/2036

  205,000   219,643
Series A, 3.50%, 11/1/2027 (c)

  3,270,000   3,589,450
Series A, 5.00%, 12/1/2028 (c)

  100,000   116,977
Series A, 5.00%, 12/1/2029 (c)

  1,000,000   1,164,582
Series A, 5.00%, 12/1/2046 (c)

  2,080,000   2,390,462
Series A, 5.25%, 11/1/2044 (c)

  300,000   318,474
Series A, 5.25%, 12/1/2056 (c)

  2,825,000   3,270,062
Series A, 5.50%, 7/1/2039

  40,887   39,252
Series A, 5.75%, 7/1/2030

  83,094   79,770
Series A, 5.75%, 7/1/2035

  8,793   8,441
Security Description     Principal
Amount
  Value
California, Statewide Communities Development Authority, Special Assessment:        
5.00%, 9/2/2040

  $ 425,000   $ 522,248
Series A, 5.00%, 9/2/2039

  945,000   1,140,585
Series C, 4.00%, 9/2/2050

  1,000,000   1,134,682
California, Statewide Financing Authority Revenue

Series D, Zero Coupon, 6/1/2055 (c)

  15,750,000   1,146,170
Capistrano Unified School District Community Facilities District, Special Tax Revenue

Zero Coupon, 9/1/2032 (b)

  400,000   319,787
Chino, CA, Public Financing Authority, Special Tax Revenue

5.00%, 9/1/2034

  100,000   103,165
City of Sacramento CA Transient Occupancy Tax Revenue

Series A, 5.00%, 6/1/2035

  670,000   806,999
CMFA Special Finance Agency VIII Revenue:        
3.00%, 8/1/2056 (c)

  4,500,000   4,067,523
4.00%, 8/1/2047 (c)

  2,335,000   2,298,159
Compton Public Finance Authority Revenue

4.50%, 9/1/2032 (c)

  1,000,000   1,062,246
CSCDA Community Improvement Authority Revenue:        
2.80%, 3/1/2047 (c)

  400,000   364,063
3.00%, 12/1/2056 (c)

  6,400,000   5,651,802
3.00%, 3/1/2057 (c)

  245,000   216,700
3.50%, 10/1/2046 (c)

  1,655,000   1,659,012
4.00%, 4/1/2056 (c)

  5,130,000   5,302,123
4.00%, 7/1/2056 (c)

  6,500,000   6,712,744
4.00%, 8/1/2056 (c)

  995,000   1,027,786
Series A, 5.00%, 7/1/2051 (c)

  280,000   300,559
Series A, 5.00%, 1/1/2054 (c)

  2,470,000   2,643,441
Series A-1-SOCIAL, 3.10%, 7/1/2045 (c)

  5,000,000   4,758,637
Series A-2, 4.00%, 9/1/2056 (c)

  2,000,000   2,094,658
Series A-2, 4.00%, 10/1/2056 (c)

  1,500,000   1,558,880
Series A-2-SOCIAL, 4.00%, 7/1/2056 (c)

  1,145,000   1,190,895
Series A-SENIOR L, 3.00%, 9/1/2056 (c)

  1,375,000   1,253,018
Dublin, CA, Community Facilities District Improvement Area No. 2015-1, Special Tax Revenue

5.00%, 9/1/2037

  175,000   205,866
 
See accompanying notes to financial statements.
30


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Dubline, CA, Special Tax Revenue:        
4.00%, 9/1/2045

  $ 240,000   $ 266,317
4.00%, 9/1/2051

  335,000   369,152
Elk Grove, CA, Finance Authority, Special Tax Revenue

5.00%, 9/1/2046

  800,000   914,693
Folsom Ranch, CA, Financing Authority, Special Tax Revenue

5.00%, 9/1/2047

  1,250,000   1,450,925
Foothill-Eastern Transportation Corridor Agency, CA, Revenue:        
Series A, 4.00%, 1/15/2046

  1,490,000   1,736,570
Series A, 5.00%, 1/15/2042 (b)

  430,000   466,221
Series B1, 3.95%, 1/15/2053

  1,130,000   1,245,473
Golden State Tobacco Securitization Corp., CA, Tobacco Settlement Revenue:        
Series A-1, 5.00%, 6/1/2030

  1,500,000   1,890,883
Series A-1, 5.00%, 6/1/2031

  3,000,000   3,781,765
Series A-1, 5.00%, 6/1/2047

  870,000   887,135
Series A-1, 5.25%, 6/1/2047

  1,070,000   1,092,165
Series A-2, 5.00%, 6/1/2047

  1,025,000   1,045,188
Series A-2, 5.30%, 6/1/2037

  1,495,000   1,526,274
Inland Empire, CA, Tobacco Securitization Authority, Tobacco Settlement Revenue:        
Zero Coupon, 6/1/2036

  3,500,000   1,369,155
Zero Coupon, 6/1/2057

  30,000,000   2,624,994
Zero Coupon, 6/1/2057 (c)

  20,000,000   1,231,262
Irvine, CA, Special Tax Revenue

Series A, 4.00%, 9/1/2049

  1,000,000   1,076,182
Lake Elsinore, CA, Public Financing Authority, Special Tax Revenue

5.00%, 9/1/2035

  920,000   1,030,317
Long Beach, CA, Bond Finance Authority, Tax Allocation:        
Series A, 5.00%, 11/15/2029

  100,000   126,338
Series A, 5.00%, 11/15/2035

  525,000   729,176
Series A, 5.50%, 11/15/2030

  270,000   357,454
Series A, 5.50%, 11/15/2037

  550,000   818,600
Series C, 5.50%, 8/1/2031 (b)

  345,000   455,914
Menifee Union School District Special Tax Revenue

Series A, 5.00%, 9/1/2048

  500,000   568,459
M-S-R, CA, Energy Authority Revenue:        
Series A, 6.50%, 11/1/2039

  775,000   1,241,916
Series B, 6.50%, 11/1/2039

  950,000   1,522,349
Series B, 7.00%, 11/1/2034

  400,000   610,909
Series C, 6.13%, 11/1/2029

  280,000   348,134
Series C, 6.50%, 11/1/2039

  2,000,000   3,204,945
Security Description     Principal
Amount
  Value
Norman Y Mineta San Jose International Airport SJC Revenue

Series B, 5.00%, 3/1/2047

  $ 510,000   $ 610,251
Oakland, CA, Unified School District, General Obligation:        
Series A, 5.00%, 8/1/2032 (b)

  100,000   122,313
Series A, 5.00%, 8/1/2033

  65,000   75,448
Orange County, CA, Community Facilities District Revenue:        
Series A, 5.00%, 8/15/2042

  500,000   596,964
Series A, 5.00%, 8/15/2046

  550,000   626,561
Palomar Health, CA, Revenue

5.00%, 11/1/2036

  500,000   582,778
Peralta Community College District, General Obligation

Series A, 4.00%, 8/1/2031

  975,000   1,051,109
River Islands Public Financing Authority, Special Tax Revenue

4.00%, 9/1/2051

  1,080,000   1,197,770
Riverside County, CA, Public Financing Authority Revenue

5.25%, 11/1/2040

  100,000   118,023
Romoland, CA, School District, Special Tax Revenue

5.00%, 9/1/2041

  445,000   522,409
Roseville, CA, Special Tax Revenue:        
5.00%, 9/1/2031

  1,070,000   1,234,810
5.00%, 9/1/2044

  255,000   277,051
5.00%, 9/1/2047 (c)

  1,000,000   1,162,484
Sacramento County, CA, Certificate Participation

Series B, AMT, 5.00%, 12/1/2029

  975,000   1,211,201
Sacramento County, CA, Special Tax Revenue:        
5.00%, 9/1/2040

  990,000   1,136,812
5.00%, 9/1/2045

  100,000   114,126
5.00%, 9/1/2046

  825,000   940,897
San Diego County, CA, Regional Airport Authority Revenue:        
Series B, 5.00%, 7/1/2027

  270,000   288,819
Series B, AMT, 5.00%, 7/1/2042

  190,000   226,822
Series B, AMT, 5.00%, 7/1/2056

  1,000,000   1,251,362
San Francisco City & County Airport Comm-San Francisco International Airport Revenue:        
AMT, 5.00%, 1/1/2025

  555,000   626,609
5.00%, 5/1/2043

  2,200,000   2,666,936
5.00%, 5/1/2049

  700,000   863,027
Series B, 5.00%, 5/1/2047

  120,000   144,122
Series E, 5.00%, 5/1/2045

  600,000   736,617
Series H, 5.00%, 5/1/2028

  500,000   618,850
 
See accompanying notes to financial statements.
31


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
San Joaquin Hills, CA, Transportation Corridor Agency Revenue:        
Series A, 5.00%, 1/15/2044

  $ 500,000   $ 570,044
Series B, 5.25%, 1/15/2049

  400,000   443,704
Seminole County, FL, Industrial Development Authority Revenue

Series A, AMT, 5.00%, 3/1/2032

  500,000   649,837
Silicon Valley, CA, Tobacco Securitization Authority Revenue

Series C, Zero Coupon, 6/1/2056

  5,250,000   621,431
Southern, CA, Public Power Authority Revenue

Series A, 5.00%, 11/1/2033

  790,000   1,066,391
Sulphur Springs, CA, Union School District Special Tax Revenue

5.00%, 9/1/2043

  75,000   83,570
Temecula, CA, Public Financing Authority Revenue

6.25%, 9/1/2047 (c)

  100,000   111,595
Tobacco Securitization Authority of Northern California, CA, Tobacco Settlement Revenue:        
4.00%, 6/1/2049

  1,315,000   1,495,184
Series A, 4.00%, 6/1/2049

  3,000,000   3,489,815
Tobacco Securitization Authority of Southern California, CA, Tobacco Settlement Revenue:        
, 6/1/2046

  5,950,000   1,242,911
5.00%, 6/1/2035

  500,000   633,079
5.00%, 6/1/2038

  725,000   910,846
5.00%, 6/1/2048

  390,000   471,990
Tustin, CA, Community Facilities District, Special Tax Revenue

Series A, 5.00%, 9/1/2037

  105,000   117,732
West Sacramento, CA, Financing Authority Revenue

5.00%, 9/1/2025

  435,000   455,293
          205,877,367
COLORADO — 2.9%        
Aurora Highlands Community Authority Board Revenue

Series A, 5.75%, 12/1/2051

  7,105,000   7,104,582
Berthoud-Heritage Metropolitan District No. 1, CO, Revenue

5.63%, 12/1/2048

  1,500,000   1,624,208
Centerra Metropolitan District No 1

Series A, 5.00%, 12/1/2051

  650,000   709,111
Centerra Metropolitan District No 1, Tax Allocation

5.00%, 12/1/2029 (c)

  1,000,000   1,052,142
Security Description     Principal
Amount
  Value
City & County of Denver CO Airport System Revenue

Series A, 5.00%, 12/1/2029

  $ 525,000   $ 651,011
Colorado Educational & Cultural Facilities Authority Revenue:        
Series A, 5.00%, 10/1/2039 (c)

  1,595,000   1,780,751
Series A, 5.00%, 10/1/2049 (c)

  540,000   594,754
Colorado Health Facilities Authority Hospital Revenue:        
5.00%, 1/1/2031

  105,000   112,773
5.00%, 1/1/2037

  2,750,000   2,937,894
5.00%, 1/1/2038

  200,000   224,480
5.00%, 12/1/2054 (c)

  1,250,000   1,273,650
Series A, 5.30%, 7/1/2037

  340,000   335,758
Series A-, 3.25%, 8/1/2049

  890,000   946,194
Series A-, 4.00%, 8/1/2037

  700,000   820,190
Series A-, 4.00%, 8/1/2039

  1,250,000   1,454,981
Series A-, 4.00%, 8/1/2049

  510,000   582,687
Series A-, 5.00%, 8/1/2039

  1,000,000   1,242,048
Series B, 5.00%, 5/15/2048

  1,070,000   1,135,778
Colorado International Center, CO, Metropolitan District No. 14, General Obligation

5.88%, 12/1/2046

  500,000   536,870
Colorado, Educational & Cultural Facilities Authority Revenue

4.13%, 11/15/2044

  225,000   235,354
Colorado, High Performance Transportation Enterprise Revenue

5.00%, 12/31/2056

  500,000   560,960
Denver City & County, CO, Special Facilities Revenue

AMT, 5.00%, 10/1/2032

  1,335,000   1,409,661
Denver Convention Center Hotel Authority Revenue

5.00%, 12/1/2025

  1,900,000   2,191,606
Denver, CO, Health & Hospital Authority Revenue:        
Series A, 4.00%, 12/1/2039

  500,000   579,347
Series A, 5.00%, 12/1/2039

  40,000   42,721
Series A, 5.25%, 12/1/2045

  370,000   395,475
Denver, CO, Urban Renewal Authority, Tax Allocation

Series A, 5.25%, 12/1/2039 (c)

  100,000   108,406
Dominion Water & Sanitation District, CO, Revenue

5.75%, 12/1/2036

  1,000,000   1,023,079
E-470, CO, Public Highway Authority Revenue:        
Series B, Zero Coupon, 9/1/2035 (b)

  1,000,000   593,558
Series B, Zero Coupon, 9/1/2037 (b)

  475,000   254,146
 
See accompanying notes to financial statements.
32


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Foothills Metropolitan District, CO, Special Assessment

6.00%, 12/1/2038

  $ 1,500,000   $ 1,547,421
Fourth Street Crossing Business Improvement District, CO, Revenue

Series A, 5.13%, 12/1/2038 (c)

  500,000   536,628
Jefferson Center Metropolitan District No. 1

Series B, 5.75%, 12/15/2050

  500,000   532,126
Kinston Metropolitan District No. 5, General Obligation

Series A, 5.13%, 12/1/2050

  750,000   815,811
Metropolitan District, CO, Heritage Todd Creek Metropolitan District, General Obligation

6.13%, 12/1/2044

  1,000,000   1,068,807
North Range Metropolitan District No. 3, General Obligation:        
Series A, 5.00%, 12/1/2040

  1,000,000   1,101,835
Series A, 5.25%, 12/1/2050

  2,000,000   2,204,015
Painted Prairie Public Improvement Authority

5.00%, 12/1/2049

  1,740,000   1,883,031
Plaza, CO, Metropolitan District No. 1, Tax Allocation

4.50%, 12/1/2030 (c)

  1,000,000   1,018,376
Public Authority for Colorado State, Energy Revenue

6.50%, 11/15/2038

  885,000   1,376,250
Pueblo Urban Renewal Authority, Tax Allocation

4.75%, 12/1/2045 (c)

  1,825,000   2,062,336
Rampart Range Metropolitan District Revenue

4.00%, 12/1/2051

  500,000   510,953
Regional Transportation District Revenue:        
Series A, 4.00%, 7/15/2039

  950,000   1,235,544
Series A, 4.00%, 7/15/2040

  1,000,000   1,310,809
Southglenn, CO, Metropolitan District, General Obligation

3.50%, 12/1/2026

  750,000   773,153
Talon Pointe Metropolitan District General Obligation

Series A, 5.25%, 12/1/2039

  500,000   540,242
Velocity Metropolitan District No. 3, CO, General Obligation

5.38%, 12/1/2039

  1,000,000   1,076,296
Verve Metropolitan District No. 1, General Obligation

5.00%, 12/1/2051

  500,000   546,263
Windler Public Improvement Authority Revenue:        
4.00%, 12/1/2031

  530,000   541,564
Security Description     Principal
Amount
  Value
Series A-1, 4.13%, 12/1/2051

  $ 1,550,000   $ 1,548,574
          54,744,209
CONNECTICUT — 0.5%        
Connecticut State Health & Educational Facilities Authority Revenue

Series F, 5.00%, 7/1/2037

  1,175,000   1,325,706
Connecticut, State Development Authority, Airport Facilities Revenue

AMT, 7.95%, 4/1/2026

  300,000   300,289
Connecticut, State General Obligation:        
Series A, 5.00%, 10/15/2026

  285,000   285,637
Series B, 5.00%, 4/15/2032

  130,000   131,652
Series E, 4.00%, 9/15/2028

  125,000   128,114
Connecticut, State Health & Educational Facilities Authority Revenue:        
Series A, 4.00%, 7/1/2038

  745,000   861,717
Series A, 5.00%, 1/1/2045 (c)

  300,000   332,301
Series A, 5.00%, 9/1/2046 (c)

  110,000   121,356
Series A, 5.00%, 9/1/2053 (c)

  500,000   550,004
Series B, 4.00%, 7/1/2034

  130,000   137,188
Series F, 3.50%, 7/1/2026

  5,000   5,485
Series F, 4.00%, 7/1/2030

  1,100,000   1,208,962
Series G-1, 5.00%, 7/1/2044 (c)

  275,000   330,008
Series G-1, 5.00%, 7/1/2050 (c)

  500,000   596,306
Series L, 4.00%, 7/1/2034

  250,000   271,756
Series L, 4.13%, 7/1/2041

  500,000   542,414
Series R, 3.38%, 7/1/2037

  190,000   205,939
Harbor Point, CT, Special Obligation Revenue, Tax Allocation

5.00%, 4/1/2039 (c)

  1,000,000   1,141,739
Hartford, CT, General Obligation:        
Series A, 5.00%, 4/1/2028

  100,000   105,433
Series A, 5.00%, 4/1/2031

  220,000   231,474
Series C, 3.00%, 7/15/2027 (b)

  100,000   107,586
University of Connecticut, CT, Revenue:        
Series A, 5.00%, 8/15/2027

  100,000   106,774
Series A, 5.00%, 2/15/2028

  860,000   972,205
          10,000,045
DELAWARE — 0.1%        
Delaware, State Economic Development Authority Revenue:        
3.25%, 6/1/2026

  800,000   826,595
5.00%, 6/1/2036

  500,000   545,525
 
See accompanying notes to financial statements.
33


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Series B, VRN, 1.25%, 10/1/2040 (a)

  $ 1,000,000   $ 1,000,841
          2,372,961
DISTRICT OF COLUMBIA — 0.6%        
District of Columbia, Health Facilities Revenue:        
Series A, 5.00%, 7/1/2032

  150,000   161,783
Series A, 5.00%, 7/1/2052

  115,000   122,475
District of Columbia, Tobacco Settlement Financing Corp., DC, Revenue:        
Zero Coupon, 6/15/2055

  20,000,000   2,059,180
6.50%, 5/15/2033

  240,000   263,105
Series A, Zero Coupon, 6/15/2046

  25,000,000   5,553,505
District of Columbia, University Revenue

5.00%, 4/1/2033

  500,000   592,735
Metropolitan Washington, DC, Airports Authority Dulles Toll Road Revenue:        
Zero Coupon, 10/1/2035 (b)

  220,000   165,273
4.00%, 10/1/2044

  650,000   739,274
4.00%, 10/1/2049

  625,000   706,774
Series A, Zero Coupon, 10/1/2037

  2,000,000   1,197,425
Series A, 5.00%, 10/1/2053

  400,000   404,675
          11,966,204
FLORIDA — 7.2%        
Alachua County, FL, Health Facilities Authority Revenue:        
5.00%, 11/15/2024

  30,000   29,403
Series A, 4.00%, 12/1/2044

  325,000   348,607
Ave Maria, FL, Stewardship Community District, Special Assessment

6.70%, 5/1/2042

  865,000   876,629
Bay County, FL, Water and Sewer System Revenue

4.00%, 9/1/2045

  215,000   230,464
Bexley Community Development District, Special Assessment

4.70%, 5/1/2036

  100,000   107,297
Broward, FL, Airport System Revenue:        
Series A, AMT, 5.00%, 10/1/2029

  500,000   635,366
Series A, AMT, 5.00%, 10/1/2036

  300,000   375,825
Series Q-1, 4.00%, 10/1/2042

  140,000   143,644
Broward, FL, Port Facilities Revenue

Series B, AMT, 4.00%, 9/1/2044

  1,025,000   1,158,955
Security Description     Principal
Amount
  Value
Cape Coral, FL, Health Facilities Authority Revenue

6.00%, 7/1/2045 (c)

  $ 1,000,000   $ 1,064,236
Capital Trust Agency, Inc., FL, Educational Facilities Revenue:        
5.00%, 12/15/2040 (c)

  190,000   205,398
5.00%, 8/1/2055

  700,000   833,738
6.10%, 8/15/2038 (c)

  215,000   237,321
Series A, 5.00%, 6/15/2039 (c)

  390,000   425,126
Series A, 5.00%, 6/15/2055 (c)

  290,000   308,881
Series A, 5.13%, 6/15/2037 (c)

  450,000   500,569
Series A, 5.38%, 6/15/2038 (c)

  105,000   117,558
Series A, 5.88%, 7/1/2054 (e)

  980,000   852,600
Capital Trust Agency, Inc., FL, Retirement Facilities Revenue:        
4.00%, 6/15/2041 (c)

  1,500,000   1,544,331
4.00%, 6/15/2051 (c)

  1,500,000   1,532,478
5.00%, 7/1/2046 (c)

  750,000   787,025
5.00%, 1/1/2055 (c)

  250,000   276,568
5.00%, 7/1/2056 (c)

  850,000   969,160
5.63%, 8/1/2037 (c)

  115,000   112,718
5.88%, 8/1/2052 (c)

  610,000   589,412
Series A, 5.00%, 7/1/2050

  600,000   530,093
Series A, 5.25%, 12/1/2058 (c)

  1,000,000   1,137,414
Series A, 7.50%, 6/1/2048 (c)  (e)

  4,165,000   1,915,900
Celebration Pointe Community Development District No. 1, Special Assessment

4.00%, 5/1/2053

  100,000   104,224
Central, FL, Expressway Authority Revenue

3.25%, 7/1/2039 (b)

  100,000   108,395
Charlotte County, FL, Industrial Development Authority, Utility System Revenue

5.00%, 10/1/2049 (c)

  220,000   242,971
City Of Atlantic Beach, Florida Health Care Facilities Revenue

Series B-2, 3.00%, 11/15/2023

  1,500,000   1,506,495
City of Orlando, FL, Development Tax Revenue:        
Series A, 5.00%, 11/1/2023 (b)

  1,000,000   1,084,823
Series A, 5.00%, 11/1/2026 (b)

  735,000   887,111
 
See accompanying notes to financial statements.
34


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
City of Pompano Beach FL Revenue

4.00%, 9/1/2050

  $ 500,000   $ 541,038
Collier County, FLA, Industrial Development Authority Revenue:        
Series A, 8.13%, 5/15/2044 (c)  (e)

  400,000   272,000
Series A, 8.25%, 5/15/2049 (c)  (e)

  100,000   68,000
Corkscrew Farms Community Development District, FL, Special Assessment

5.00%, 11/1/2038 (c)

  150,000   165,145
County of Broward FL Port Facilities Revenue

Series A, 5.00%, 9/1/2044

  600,000   747,923
County of Escambia, FL, Environmental Improvement Revenue

2.00%, 11/1/2033 (a)

  775,000   806,013
County of Miami-Dade FL Revenue

Series C, Zero Coupon, 10/1/2048

  595,000   293,294
County of Miami-Dade Seaport Department Revenue:        
AMT, 4.00%, 10/1/2040

  1,550,000   1,847,796
AMT, 4.00%, 10/1/2041

  3,555,000   4,231,125
County of Miami-Dade, FL, Aviation Revenue:        
AMT, 5.00%, 10/1/2028

  500,000   557,152
AMT, 5.00%, 10/1/2030

  650,000   723,734
5.00%, 10/1/2036

  765,000   908,468
Series A, 4.25%, 10/1/2036

  100,000   109,933
County of Osceola FL Transportation Revenue

Series A-1, 5.00%, 10/1/2049

  500,000   616,392
Escambia County, Health Facilities Authority Revenue:        
3.00%, 8/15/2050

  1,600,000   1,668,274
4.00%, 8/15/2045

  1,425,000   1,600,807
4.00%, 8/15/2050

  2,000,000   2,236,576
5.00%, 8/15/2031

  155,000   195,664
5.00%, 8/15/2035

  1,015,000   1,268,696
Escambia County, Sales Facilities Tax Revenue

5.00%, 10/1/2046

  550,000   658,896
Florida Development Finance Corp., Educational Facilities Revenue:        
4.00%, 11/15/2039

  500,000   598,259
4.00%, 6/1/2041 (c)

  2,070,000   2,303,103
4.00%, 7/1/2045

  600,000   652,022
4.00%, 6/1/2055 (c)

  3,900,000   4,280,342
4.00%, 6/30/2056 (c)

  100,000   105,856
5.00%, 9/15/2040 (c)

  100,000   111,563
Security Description     Principal
Amount
  Value
5.25%, 6/1/2050 (c)

  $ 1,000,000   $ 1,163,954
5.25%, 6/1/2055 (c)

  1,000,000   1,161,177
6.13%, 6/15/2046 (c)

  100,000   112,676
Series A, 4.75%, 7/15/2036 (c)

  500,000   539,002
Series A, 6.00%, 6/15/2035 (c)

  505,000   572,355
Series A, 6.00%, 6/15/2044 (c)

  575,000   539,978
Series A, 6.13%, 6/15/2043 (c)

  500,000   508,382
Series A, 6.13%, 6/15/2044

  555,000   603,428
Series A, 6.25%, 1/1/2049 (a)  (c)

  4,015,000   4,093,768
Series A, 6.38%, 1/1/2049 (a)  (c)

  5,865,000   6,000,981
Series A, 6.50%, 7/1/2044

  925,000   986,788
Series A, 6.50%, 1/1/2049 (a)  (c)

  10,170,000   10,391,209
Series B, AMT, 7.38%, 1/1/2049 (c)

  17,170,000   18,741,687
Florida Higher Educational Facilities Financial Authority Revenue

Series A1, 5.00%, 6/1/2048 (c)

  1,000,000   1,150,358
FRERC Community Development District, Special Assessment

5.50%, 11/1/2050

  100,000   108,060
Greater Orlando, FL, Aviation Authority Revenue:        
AMT, 5.00%, 10/1/2026

  235,000   279,644
AMT, 5.00%, 10/1/2027

  170,000   207,183
AMT, 5.00%, 11/15/2036

  350,000   365,209
Series A, AMT, 5.00%, 10/1/2042

  250,000   299,956
Grove Resort, FL, Community Development District, Special Assessment

Series A, 5.88%, 11/1/2047

  550,000   649,255
Halifax, FL, Hospital Medical Center Revenue

4.00%, 6/1/2046

  125,000   136,943
Heights, FL, Community Development District, Tax Allocation

5.00%, 1/1/2038

  300,000   326,897
Hernando County,FL, School Board, Certificate Participation

Series A, 3.00%, 7/1/2035 (b)

  115,000   121,653
Highlands County, FL, Health Facilities Authority Revenue:        
6.00%, 4/1/2038

  500,000   244,915
6.25%, 4/1/2049

  500,000   244,510
 
See accompanying notes to financial statements.
35


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Hillsborough County Aviation Authority Revenue

Series A, AMT, 5.00%, 10/1/2025

  $ 500,000   $ 538,750
Jacksonville, FL, Health Facilities Revenue

4.00%, 11/1/2040

  415,000   445,534
JEA, FL, Electric System Revenue:        
Series B, 5.00%, 10/1/2028

  325,000   401,616
Series B, 5.00%, 10/1/2029

  370,000   455,612
Lakes by the Bay, FL, Community Development District, Special Assessment:        
5.25%, 11/1/2033

  500,000   511,554
5.75%, 11/1/2042

  500,000   512,960
Lee County, FL, Industrial Development Authority Revenue

5.75%, 6/15/2042

  500,000   505,332
LT Ranch Community Development District, Special Assessment

4.00%, 5/1/2040

  730,000   780,274
Miami World Center, FL, Community Development District, Special Assessment

5.13%, 11/1/2039

  1,000,000   1,150,114
Miami-Dade County, FL, Expressway Authority, Toll System Revenue:        
Series A, 5.00%, 7/1/2027

  400,000   409,441
Series A, 5.00%, 7/1/2028

  325,000   383,988
Series A, 5.00%, 7/1/2029

  575,000   677,416
Series A, 5.00%, 7/1/2031

  200,000   204,680
Miami-Dade County, FL, Health Facilities Authority Revenue

5.00%, 8/1/2047

  245,000   290,660
Miami-Dade County, FL, School Board Certificate of Participation

Series C, COPs, 3.25%, 2/1/2032

  100,000   100,144
Miami-Dade, FL, Professional Sport Franchies Tax Revenue:        
4.00%, 10/1/2040

  760,000   845,278
5.00%, 10/1/2029

  675,000   807,659
Series A, 6.88%, 10/1/2034 (b)

  145,000   206,675
Miami-Dade, FL, Special Obligation Revenue

5.00%, 10/1/2027

  240,000   288,508
Midtown Miami, FL, Community Development District, Special Assessment:        
Series A, 5.00%, 5/1/2037

  1,430,000   1,473,864
Series B, 5.00%, 5/1/2037

  925,000   953,374
Security Description     Principal
Amount
  Value
North Broward Hospital Revenue

Series B, 5.00%, 1/1/2042

  $ 1,000,000   $ 1,174,841
Northern Palm Beach County, FL, Improvement District, Special Assessment

5.35%, 8/1/2035

  360,000   406,405
Orlando, FL, Tourist Development Tax Revenue

Series A, 5.00%, 11/1/2036 (b)

  200,000   241,307
Palm Beach County Health Facilities Authority Revenue

4.00%, 5/15/2053

  500,000   539,478
Palm Beach County, FL, Revenue:        
5.00%, 4/1/2039 (c)

  185,000   211,894
5.00%, 4/1/2051 (c)

  110,000   123,914
Pinellas County, FL, Educational Facilities Authority Revenue:        
5.00%, 7/1/2029

  130,000   146,763
5.00%, 7/1/2039

  410,000   475,381
6.00%, 10/1/2041

  100,000   100,329
Reunion East Community Development District, Special Assessment:        
2.85%, 5/1/2031

  20,000   20,000
3.15%, 5/1/2041

  60,000   60,143
4.00%, 5/1/2051

  135,000   141,202
Sarasota County Public Hospital District Revenue

4.00%, 7/1/2048

  175,000   199,492
Sawyers Landing Community Development District, Special Assessment

4.25%, 5/1/2053

  3,300,000   3,546,926
Seminole County Industrial Development Authority

5.25%, 11/15/2039

  1,400,000   1,545,452
Seminole County, FL, Industrial Development Authority Revenue:        
3.75%, 11/15/2025

  2,000,000   2,005,870
5.50%, 11/15/2049

  1,515,000   1,678,361
State Johns County Industrial Development Authority Revenue:        
4.00%, 12/15/2036

  1,000,000   1,106,515
4.00%, 12/15/2041

  750,000   821,975
4.00%, 12/15/2046

  750,000   817,618
4.00%, 12/15/2050

  1,000,000   1,084,959
Tallahassee, FL, Health Facilities Revenue

Series A, 5.00%, 12/1/2055

  440,000   495,215
Tampa, FL, Revenue

5.00%, 4/1/2040

  500,000   562,148
 
See accompanying notes to financial statements.
36


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Tolomato, FL, Community Development District, Special Assessment:        
Series 2015-1 EXCHA, 6.61%, 5/1/2040

  $ 290,000   $ 290,821
Series 2015-2 EXCHA, 6.61%, 5/1/2040

  180,000   142,508
Series 2015-3 EXCHA, 6.61%, 5/1/2040 (e)  (f)

  195,000  
Series 3, 6.65%, 5/1/2040 (e)  (f)

  120,000  
Series A-2, 4.25%, 5/1/2037

  1,100,000   1,215,609
Series A4, 6.61%, 5/1/2040

  85,000   84,926
USF Financing Corp., Certificate Participation

Series A-REMK 5/6/15, COPs, 5.00%, 7/1/2034

  550,000   627,429
Village Community Development District No. 12 Special Assessment

4.25%, 5/1/2043 (c)

  1,875,000   2,078,543
Village Community Development District No. 13 Special Assessment:        
2.63%, 5/1/2024

  190,000   193,471
3.70%, 5/1/2050

  1,955,000   2,079,361
Volusia County, FL, Educational Facility Authority Revenue

5.00%, 6/1/2045

  130,000   144,636
West Palm Beach Community Redev. Agency Tax Allocation

5.00%, 3/1/2036

  100,000   124,162
Wiregrass, FL, Community Development District, Special Assessment

5.63%, 5/1/2045

  670,000   726,800
          136,056,661
GEORGIA — 1.3%        
Atlanta, GA, Development Authority Revenue:        
Series A1, 6.50%, 1/1/2029

  350,000   258,525
Series A1, 6.75%, 1/1/2035

  1,705,000   1,238,976
Series A1, 7.00%, 1/1/2040

  500,000   357,992
Augusta, GA, Development Authority Revenue

4.00%, 7/1/2037

  105,000   113,051
Burke County, GA, Development Authority, Poll Control Revenue:        
Series C, 4.13%, 11/1/2045

  555,000   628,504
Series D, 4.13%, 11/1/2045

  435,000   492,611
Fulton County, GA, Residential Care Facilities for the Elderly Authority Revenue:        
5.00%, 7/1/2042

  1,000,000   1,066,670
Series A, 4.00%, 4/1/2051 (c)

  1,960,000   2,090,985
Series A, 4.00%, 4/1/2056 (c)

  2,905,000   3,075,158
Security Description     Principal
Amount
  Value
Fulton County,GA, Development Authority Revenue

3.00%, 7/1/2044

  $ 580,000   $ 621,820
George L Smith II Congress Center Authority Revenue:        
4.00%, 1/1/2036

  1,000,000   1,154,424
4.00%, 1/1/2054

  750,000   850,458
5.00%, 1/1/2054 (c)

  1,500,000   1,745,232
Georgia Local Government, Certificate of Participation

Series A, 4.75%, 6/1/2028 (b)

  629,000   707,641
Macon-Bibb County, GA, Urban Development Authority Revenue

Series A, 5.75%, 6/15/2037 (c)

  250,000   288,517
Main Street Natural Gas, Inc. GA, Gas Revenue:        
VRN, 4.00%, 3/1/2050 (a)

  1,500,000   1,698,114
Series A, 5.50%, 9/15/2026

  205,000   247,080
Marietta, GA, Development Authority Revenue

Series A, 5.00%, 11/1/2047 (c)

  2,500,000   2,744,275
Municipal Electric Authority of Georgia Revenue:        
4.00%, 1/1/2049

  2,000,000   2,240,368
Series A, 5.00%, 7/1/2060

  635,000   717,515
Series A, 5.50%, 7/1/2060

  170,000   194,989
Roanoke County, GA, Economic Development Authority Revenue

AMT, 4.00%, 1/1/2038 (c)

  1,000,000   1,125,637
White County,GA, Development Authority Revenue:        
Series A, 5.13%, 10/1/2039

  790,000   839,967
Series A, 5.25%, 10/1/2049

  115,000   121,269
          24,619,778
GUAM — 0.3%        
Antonio B Won Pat International Airport Authority Revenue

Series C, AMT, 6.38%, 10/1/2043

  590,000   643,891
Guam Department of Education, Certificate Participation

5.00%, 2/1/2040

  1,600,000   1,823,408
Guam Government Business Privilege Revenue:        
Series A, 5.00%, 11/1/2040

  1,100,000   1,371,293
Series B1, 5.00%, 1/1/2037

  100,000   100,000
Series D-REF, 4.00%, 11/15/2039

  500,000   539,224
Series D-REF, 5.00%, 11/15/2027

  355,000   407,099
Series D-REF, 5.00%, 11/15/2028

  110,000   125,669
 
See accompanying notes to financial statements.
37


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Series D-REF, 5.00%, 11/15/2029

  $ 525,000   $ 597,438
Series D-REF, 5.00%, 11/15/2034

  250,000   282,459
Series D-REF, 5.00%, 11/15/2035

  100,000   112,911
Guam Government Waterworks Authority, Water & Wastewater System Revenue

Series A, 5.00%, 7/1/2029

  315,000   342,972
Guam Government, General Obligation

5.00%, 11/15/2031

  195,000   225,218
          6,571,582
HAWAII — 0.1%        
Hawaii State, Department of Budget & Finance Revenue:        
6.00%, 7/1/2028 (c)

  355,000   395,241
Series A, 5.00%, 1/1/2045 (c)

  750,000   778,398
Series A, 6.88%, 7/1/2043

  300,000   318,145
          1,491,784
IDAHO — 0.0% (d)        
Idaho State, Health Facility Revenue

3.50%, 9/1/2033

  670,000   698,548
ILLINOIS — 11.1%        
Bridgeview, IL, General Obligation:        
5.00%, 12/1/2042

  260,000   260,792
Series A, 5.50%, 12/1/2043

  115,000   115,062
Chicago Board of Education, General Obligation:        
Series A, 5.00%, 12/1/2032

  750,000   943,390
Series A, 5.00%, 12/1/2036

  1,000,000   1,249,939
Series A, 5.00%, 12/1/2037

  150,000   187,076
Series A, 5.00%, 12/1/2039

  160,000   198,804
Chicago Transit Authority Revenue

5.00%, 12/1/2046

  520,000   614,756
Chicago, IL, Board of Education, General Obligation:        
Series A, Zero Coupon, 12/1/2022 (b)

  190,000   188,824
Series A, Zero Coupon, 12/1/2027 (b)

  225,000   206,659
Series A, Zero Coupon, 12/1/2028 (b)

  100,000   89,582
Series A, Zero Coupon, 12/1/2031 (b)

  1,060,000   872,054
Series A, 4.00%, 12/1/2022

  100,000   103,208
Series A, 4.00%, 12/1/2027

  3,215,000   3,692,977
Series A, 5.00%, 12/1/2027

  1,100,000   1,343,031
Series A, 5.00%, 12/1/2028 (b)

  150,000   187,466
Series A, 5.00%, 12/1/2029

  7,875,000   9,810,080
Security Description     Principal
Amount
  Value
Series A, 5.00%, 12/1/2030

  $ 1,935,000   $ 2,409,306
Series A, 5.00%, 12/1/2031

  600,000   728,912
Series A, 5.00%, 12/1/2033

  1,000,000   1,211,366
Series A, 5.00%, 12/1/2038

  1,750,000   2,178,698
Series A, 5.00%, 12/1/2041

  4,355,000   4,376,594
Series A, 5.00%, 12/1/2042

  6,760,000   6,985,048
Series A, 5.50%, 12/1/2026 (b)

  885,000   1,016,175
Series A, 5.50%, 12/1/2031 (b)

  620,000   826,687
Series A, 5.50%, 12/1/2039

  1,110,000   1,115,878
Series A, 7.00%, 12/1/2026

  1,100,000   1,353,770
Series A, 7.00%, 12/1/2044

  3,405,000   4,094,555
Series A, 7.00%, 12/1/2046 (c)

  3,125,000   4,023,464
Series B, 4.00%, 12/1/2035

  200,000   204,529
Series B, 5.00%, 12/1/2029

  100,000   124,535
Series B, 5.00%, 12/1/2031

  2,000,000   2,520,992
Series B, 5.00%, 12/1/2033

  675,000   766,865
Series B, 5.00%, 12/1/2034

  410,000   424,057
Series B-1, Zero Coupon, 12/1/2022 (b)

  145,000   144,103
Series B-1, Zero Coupon, 12/1/2028 (b)

  830,000   743,528
Series B-1, Zero Coupon, 12/1/2029 (b)

  620,000   539,799
Series B-1, Zero Coupon, 12/1/2030 (b)

  220,000   186,157
Series C, 5.00%, 12/1/2027

  600,000   723,141
Series C, 5.00%, 12/1/2030 (b)

  1,500,000   1,856,173
Series C, 5.25%, 12/1/2035

  2,140,000   2,366,368
Series C, 5.25%, 12/1/2039

  390,000   429,597
Series D, 5.00%, 12/1/2027

  2,400,000   2,892,564
Series D, 5.00%, 12/1/2046

  1,250,000   1,335,655
Series E, 5.13%, 12/1/2032

  765,000   845,803
Series G, 5.00%, 12/1/2034

  2,400,000   2,837,506
Series H, 5.00%, 12/1/2036

  3,100,000   3,657,936
Series H, 5.00%, 12/1/2046

  1,500,000   1,747,988
Chicago, IL, Board of Education, Special Tax:        
5.75%, 4/1/2035

  250,000   302,290
6.00%, 4/1/2046

  350,000   422,395
6.10%, 4/1/2036

  45,000   55,206
Chicago, IL, Midway International Airport Revenue:        
Series A, AMT, 5.00%, 1/1/2024

  750,000   815,327
Series A, AMT, 5.00%, 1/1/2026

  100,000   116,186
Series A, AMT, 5.50%, 1/1/2030

  200,000   209,733
Chicago, IL, Motor Fuel Tax Revenue:        
5.00%, 1/1/2026

  250,000   272,768
5.00%, 1/1/2029

  100,000   109,107
 
See accompanying notes to financial statements.
38


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Chicago, IL, O'Hare International Airport Revenue:        
Series B, 4.00%, 1/1/2053 (b)

  $ 300,000   $ 341,286
Series B, 5.00%, 1/1/2029

  315,000   355,242
Series B, 5.25%, 1/1/2029

  275,000   288,211
Series C, 5.00%, 1/1/2032

  500,000   581,630
Series D, 5.00%, 1/1/2039

  210,000   219,398
Series D, 5.00%, 1/1/2044

  325,000   339,544
Series D, 5.00%, 1/1/2047

  500,000   591,992
Series D, 5.00%, 1/1/2052

  770,000   910,556
Chicago, IL, Waterworks Revenue

4.00%, 11/1/2037

  145,000   148,606
City of Chicago IL, General Obligation:        
Zero Coupon, 1/1/2028 (b)

  125,000   113,650
Zero Coupon, 1/1/2030 (b)

  270,000   232,526
5.25%, 1/1/2029

  160,000   180,642
5.50%, 1/1/2030

  250,000   284,334
Series 2007G-REMK 6/8/15, 5.50%, 1/1/2042

  780,000   884,090
Series A, 5.00%, 1/1/2027

  300,000   325,295
Series A, 5.00%, 1/1/2028

  1,250,000   1,503,019
Series A, 5.00%, 1/1/2034

  1,105,000   1,126,662
Series A, 5.00%, 1/1/2035

  365,000   395,624
Series A, 5.00%, 1/1/2040

  1,575,000   1,777,075
Series A, 5.00%, 1/1/2044

  100,000   119,316
Series A, 5.25%, 1/1/2027

  280,000   316,213
Series A, 5.25%, 1/1/2029

  465,000   507,111
Series A, 5.25%, 1/1/2032

  155,000   168,941
Series A, 5.25%, 1/1/2035

  185,000   185,156
Series A, 5.50%, 1/1/2035

  840,000   1,052,919
Series A, 5.75%, 1/1/2033

  510,000   618,946
Series C, Zero Coupon, 1/1/2026

  200,000   184,612
Series C, Zero Coupon, 1/1/2030

  885,000   719,443
Series C, 5.00%, 1/1/2024

  65,000   70,493
Series C, 5.00%, 1/1/2026

  470,000   540,969
Series C, 5.00%, 1/1/2027

  195,000   224,604
Series C, 5.00%, 1/1/2035

  700,000   807,943
Series C, 5.00%, 1/1/2038

  2,060,000   2,369,713
Cook County, IL, Community College District No. 508, General Obligation:        
5.13%, 12/1/2038

  430,000   457,494
5.25%, 12/1/2043

  205,000   218,126
Illinois State, Finance Authority Revenue:        
3.25%, 5/15/2039

  1,330,000   1,423,006
4.00%, 12/1/2040

  250,000   278,977
4.25%, 8/1/2042

  1,050,000   1,166,479
4.75%, 5/15/2033

  175,000   181,103
5.00%, 2/15/2032

  100,000   108,265
5.00%, 5/15/2033

  2,220,000   2,332,676
5.00%, 8/1/2042

  580,000   673,714
Security Description     Principal
Amount
  Value
5.00%, 12/1/2046

  $ 350,000   $ 407,610
5.25%, 2/15/2047

  100,000   107,885
5.25%, 5/15/2047

  145,000   150,270
5.50%, 4/1/2032

  500,000   500,817
Series A, 5.00%, 2/15/2047

  1,385,000   1,573,041
Series A, 5.00%, 11/1/2049

  600,000   660,502
Series A, 5.00%, 2/15/2050

  1,950,000   2,211,462
Series A, 5.25%, 5/1/2038

  2,030,000   2,152,346
Series A, 6.00%, 4/1/2038 (c)

  2,175,000   2,530,234
Series A, 6.00%, 7/1/2043

  200,000   216,067
Series A, 6.13%, 4/1/2049 (c)

  500,000   582,121
Series A, 6.13%, 4/1/2058 (c)

  3,390,000   3,926,858
Illinois State, General Obligation:        
3.50%, 6/1/2029

  140,000   152,377
3.50%, 6/1/2031

  1,200,000   1,297,869
4.00%, 2/1/2030 (b)

  255,000   290,340
4.00%, 1/1/2031

  640,000   708,848
4.00%, 6/1/2032

  300,000   332,687
4.00%, 6/1/2033

  700,000   774,689
4.00%, 6/1/2034

  270,000   298,201
4.00%, 6/1/2035

  100,000   110,265
4.13%, 11/1/2031

  260,000   293,719
4.50%, 11/1/2039

  125,000   141,579
5.00%, 2/1/2023

  325,000   341,086
5.00%, 5/1/2023

  230,000   243,873
5.00%, 8/1/2024

  1,220,000   1,252,579
5.00%, 2/1/2026

  1,250,000   1,454,380
5.00%, 1/1/2027

  100,000   115,486
5.00%, 6/1/2027

  1,070,000   1,250,589
5.00%, 11/1/2027

  400,000   472,692
5.00%, 3/1/2028

  150,000   151,079
5.00%, 5/1/2028

  700,000   768,605
5.00%, 1/1/2029

  2,005,000   2,312,951
5.00%, 2/1/2029

  1,175,000   1,388,468
5.00%, 4/1/2029

  150,000   164,178
5.00%, 4/1/2030

  695,000   760,367
5.00%, 3/1/2031

  110,000   110,767
5.00%, 4/1/2032

  100,000   109,335
5.00%, 3/1/2034

  200,000   201,347
5.00%, 11/1/2034

  120,000   141,005
5.00%, 3/1/2035

  1,500,000   1,910,062
5.00%, 5/1/2035

  140,000   153,380
5.00%, 3/1/2036

  150,000   151,000
5.00%, 5/1/2036

  125,000   136,825
5.00%, 11/1/2036

  760,000   891,863
5.00%, 3/1/2037

  900,000   1,075,252
5.00%, 11/1/2038

  875,000   1,025,025
5.00%, 2/1/2039

  1,200,000   1,299,873
5.00%, 5/1/2039

  380,000   415,025
5.00%, 11/1/2040

  180,000   210,495
5.00%, 1/1/2041

  300,000   343,671
5.25%, 7/1/2028

  750,000   803,693
5.25%, 2/1/2029

  405,000   442,852
5.25%, 7/1/2029

  100,000   107,112
5.25%, 2/1/2033

  230,000   251,269
 
See accompanying notes to financial statements.
39


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
5.50%, 7/1/2024

  $ 660,000   $ 710,113
5.50%, 7/1/2025

  245,000   263,603
5.50%, 7/1/2026

  120,000   129,111
5.50%, 7/1/2027

  200,000   215,155
5.50%, 7/1/2033

  665,000   713,006
5.50%, 7/1/2038

  200,000   214,314
Series A, 4.00%, 1/1/2024

  135,000   135,376
Series A, 4.00%, 5/1/2024

  135,000   145,597
Series A, 4.00%, 1/1/2029

  630,000   631,561
Series A, 4.00%, 1/1/2030

  515,000   516,238
Series A, 4.50%, 12/1/2041

  875,000   999,900
Series A, 4.63%, 5/1/2037

  610,000   719,362
Series A, 5.00%, 10/1/2024

  150,000   167,679
Series A, 5.00%, 12/1/2028

  465,000   560,481
Series A, 5.00%, 5/1/2030

  500,000   608,579
Series A, 5.00%, 10/1/2030

  1,120,000   1,374,050
Series A, 5.00%, 12/1/2032

  500,000   599,525
Series A, 5.00%, 1/1/2034

  1,000,000   1,003,243
Series A, 5.00%, 4/1/2035

  250,000   263,072
Series A, 5.00%, 5/1/2035

  1,000,000   1,210,926
Series A, 5.00%, 12/1/2035

  1,000,000   1,196,235
Series A, 5.00%, 4/1/2036

  140,000   147,285
Series A, 6.00%, 5/1/2025

  435,000   509,962
Series B, 5.00%, 12/1/2024

  100,000   112,418
Series C, 4.00%, 10/1/2040

  1,000,000   1,153,580
Series D, 5.00%, 11/1/2025

  1,000,000   1,155,711
Series D, 5.00%, 11/1/2026

  250,000   296,652
Series D, 5.00%, 11/1/2028

  2,275,000   2,738,604
Illinois State, Sports Facilities Authority Revenue:        
Zero Coupon, 6/15/2025 (b)

  680,000   655,936
5.00%, 6/15/2032

  220,000   277,987
Illinois, State Sales Tax Revenue:        
Series A, 5.00%, 6/15/2026

  725,000   853,138
Series A, 5.00%, 6/15/2027

  250,000   293,930
Series D, 3.00%, 6/15/2031

  710,000   750,766
Metropolitan Pier & Exposition Authority Revenue:        
Zero Coupon, 12/15/2031 (b)

  5,735,000   4,676,737
Zero Coupon, 12/15/2039 (b)

  200,000   125,915
Zero Coupon, 6/15/2044 (b)

  1,800,000   1,019,089
Zero Coupon, 6/15/2045 (b)

  770,000   421,875
Zero Coupon, 6/15/2046

  1,735,000   922,880
Zero Coupon, 6/15/2047 (b)

  115,000   59,410
Zero Coupon, 12/15/2051

  200,000   82,242
Zero Coupon, 12/15/2056 (b)

  845,000   328,768
4.00%, 12/15/2042 (g)

  2,000,000   2,299,207
4.00%, 12/15/2047 (g)

  3,060,000   3,485,235
4.00%, 6/15/2050

  12,000,000   13,473,854
4.00%, 6/15/2052 (g)

  7,545,000   8,560,431
5.00%, 6/15/2042

  205,000   252,133
5.00%, 6/15/2057

  6,000,000   6,982,957
Series A, Zero Coupon, 6/15/2029 (b)

  105,000   91,893
Security Description     Principal
Amount
  Value
Series A, Zero Coupon, 6/15/2031 (b)

  $ 215,000   $ 177,658
Series A, Zero Coupon, 6/15/2034 (b)

  190,000   144,801
Series A, Zero Coupon, 12/15/2034 (b)

  220,000   165,120
Series A, Zero Coupon, 12/15/2035 (b)

  140,000   102,108
Series A, Zero Coupon, 6/15/2037 (b)

  650,000   448,584
Series A, 5.50%, 6/15/2029 (b)

  615,000   722,695
Series B, Zero Coupon, 6/15/2027 (b)

  125,000   115,258
Series B, Zero Coupon, 12/15/2041

  395,000   228,337
Series B, 5.00%, 12/15/2026

  115,000   117,429
Series B, 5.00%, 12/15/2040

  100,000   113,325
Northeastern Illinois University Agency Revenue

Series B, 5.00%, 4/1/2027 (b)

  630,000   754,156
Northeastern Illinois University Certificate of Participation

COPs, 4.10%, 10/1/2041

  245,000   242,695
Northern Illinois Municipal Power Agency Revenue

Series A, 5.00%, 12/1/2027

  105,000   126,766
Rosemont, IL, General Obligation

Series A, 5.00%, 12/1/2040 (b)

  190,000   224,446
Will County, IL, Community High School District No. 210 Lincoln-Way, General Obligation

Series B, Zero Coupon, 1/1/2033

  340,000   256,239
          210,281,371
INDIANA — 0.6%        
County of Allen, IN, Housing Revenue

6.00%, 2/1/2039

  100,000   104,540
Indiana Municipal Power Agency Power Supply System Refunding Revenue

Series A, 5.00%, 1/1/2033

  1,000,000   1,183,489
Indiana State, Finance Authority, Environmental Revenue:        
AMT, 7.00%, 3/1/2039 (c)

  500,000   449,835
Series A, AMT, 6.75%, 5/1/2039

  275,000   360,408
Indiana State, Finance Authority, Hospital Revenue:        
3.75%, 10/1/2037

  200,000   203,236
4.00%, 10/1/2036

  640,000   783,470
AMT, 5.25%, 1/1/2051

  1,000,000   1,070,613
Series A, 4.50%, 7/1/2053

  250,000   190,366
 
See accompanying notes to financial statements.
40


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Series A, 5.00%, 6/1/2032

  $ 1,360,000   $ 1,379,200
Series A, 5.00%, 6/1/2039

  125,000   126,656
Indianapolis Local Public Improvement Bond Bank Revenue

AMT, 5.00%, 1/1/2027

  750,000   843,435
Knox County, IN, Economic Development Authority Revenue

Series A, 5.00%, 4/1/2042

  3,060,000   3,094,098
Terre Haute, IN, Economic Development Solid Waste Facilities Revenue

Series A, AMT, 7.25%, 12/1/2028 (e)

  1,000,000   450,000
Valparaiso, IN, Exempt Facilities Revenue

AMT, 6.75%, 1/1/2034

  750,000   828,070
          11,067,416
IOWA — 0.6%        
Iowa Finance Authority, Midwestern Disaster Area Revenue:        
4.75%, 8/1/2042

  2,295,000   2,334,455
5.25%, 12/1/2025

  420,000   450,999
Series A, VRN, 5.25%, 12/1/2050 (a)

  1,295,000   1,377,941
Iowa Higher Education Loan Authority Revenue

4.00%, 10/1/2025

  380,000   395,198
Iowa State Finance Authority Revenue:        
5.00%, 5/15/2041

  545,000   607,911
Series A, 5.00%, 5/15/2043

  115,000   130,768
Series A, 5.00%, 5/15/2048

  1,000,000   1,131,174
Iowa Tobacco Settlement Authority Revenue:        
Series A-2 CLASS 1, 4.00%, 6/1/2038

  1,000,000   1,187,707
Series B-, Zero Coupon, 6/1/2065

  8,265,000   1,539,792
Series B-1 CLA, 4.00%, 6/1/2049

  1,625,000   1,867,863
PEFA Inc, Revenue

5.00%, 9/1/2049 (a)

  500,000   584,370
          11,608,178
KANSAS — 0.3%        
City Of Hutchinson, Kansas Hospital Facilities Revenue

5.00%, 12/1/2041

  610,000   677,143
City of Wichita, KS, Health Care Facilities Authority Revenue:        
5.00%, 5/15/2050

  750,000   808,733
Series I, 5.00%, 5/15/2033

  350,000   379,717
Security Description     Principal
Amount
  Value
Overland Park Development Corp. Revenue:        
5.00%, 3/1/2024

  $ 1,605,000   $ 1,669,889
5.00%, 3/1/2049

  1,000,000   1,063,867
Overland Park, KS, Sales Tax Special Obligation Revenue

6.00%, 12/15/2032

  200,000   115,197
Wichita, KS, Health Care Facilities Revenue

Series IV-A, 5.63%, 5/15/2044

  1,185,000   1,245,727
Wyandotte County-Kansas City Unified Gov't Revenue

Zero Coupon, 12/1/2027 (b)

  300,000   255,321
          6,215,594
KENTUCKY — 0.7%        
City Of Murray, Kentucky Hospital Facilities Revenue

4.00%, 8/1/2034

  220,000   233,611
Floyd County, KY, School District Finance Corp. Revenue

3.50%, 8/1/2033

  235,000   252,980
Kentucky Municipal Power Agency, Power System Revenue:        
Series A, 4.00%, 9/1/2039 (b)

  140,000   153,540
Series A, 5.00%, 9/1/2023 (b)

  135,000   144,778
Series A, 5.00%, 9/1/2025 (b)

  425,000   490,052
Series A, 5.00%, 9/1/2026 (b)

  160,000   185,567
Series A, 5.00%, 9/1/2030 (b)

  1,180,000   1,362,197
Series A, 5.00%, 9/1/2042 (b)

  125,000   143,602
Kentucky Public Energy Authority Revenue

4.00%, 12/1/2050 (a)

  500,000   565,132
Kentucky, Asset Liability Commission Revenue:        
Series A, 5.00%, 9/1/2024

  790,000   883,519
Series A, 5.00%, 9/1/2026

  120,000   133,940
Kentucky, Economic Development Finance Authority Revenue:        
5.00%, 12/1/2045 (b)

  550,000   672,279
5.25%, 6/1/2050

  100,000   111,680
5.50%, 11/15/2035

  105,000   110,658
Series A, 4.25%, 7/1/2035

  3,645,000   3,966,143
Series A, 5.00%, 1/1/2045

  825,000   921,777
Series A, 5.00%, 6/1/2045

  2,525,000   2,944,874
Kentucky, State Turnpike Authority Revenue

Series B, 5.00%, 7/1/2023

  105,000   112,286
Louisville/Jefferson County Metropolitan Gov't Revenue

VRN, 5.00%, 10/1/2047 (a)

  500,000   540,097
          13,928,712
 
See accompanying notes to financial statements.
41


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
LOUISIANA — 0.7%        
Calcasieu Parish, LA, Memorial Hospital Service District Hospital Revenue

5.00%, 12/1/2034

  $ 2,000,000   $ 2,420,952
City of Shreveport, LA, Water & Sewer Revenue

Series B, 3.00%, 12/1/2035 (b)

  200,000   216,537
Jefferson Parish, LA, Economic Development & Port District Revenue

Series A, 5.50%, 6/15/2038 (c)

  1,175,000   1,342,316
Jefferson, LA, Sales Tax District Special Sales Tax Revenue

Series B, 4.00%, 12/1/2037 (b)

  100,000   119,602
Louisiana Citizens Property Insurance Corp. Revenue

Series A, 5.00%, 6/1/2026

  300,000   351,033
Louisiana Local Gov't Environmental Facilities & Community Development Authority

3.50%, 11/1/2032

  275,000   301,214
Louisiana Local Gov't Environmental Facilities & Community DevelopmentAuthority

Series A, 5.00%, 1/1/2049

  1,500,000   1,561,902
Louisiana Public Facilities Authority

5.25%, 10/1/2046

  130,000   144,737
Louisiana Public Facilities Authority Revenue:        
4.00%, 5/15/2041

  5,000   5,687
5.00%, 7/1/2047

  300,000   344,903
Series A, 5.00%, 7/1/2046

  500,000   562,070
Series A, 5.00%, 7/1/2051

  385,000   431,916
New Orleans, LA, Aviation Board Revenue

Series B, AMT, 5.00%, 1/1/2024

  240,000   260,905
Parish of State James LA Revenue:        
Series 2, 6.35%, 7/1/2040 (c)

  1,000,000   1,317,862
Series 2, 6.35%, 10/1/2040 (c)

  1,000,000   1,317,862
Shreveport, LA, Water & Sewer Revenue:        
5.00%, 12/1/2040

  250,000   288,891
Series A, 5.00%, 12/1/2036 (b)

  260,000   316,588
Series B, 4.00%, 12/1/2041 (b)

  480,000   541,616
Series C, 4.00%, 12/1/2033 (b)

  365,000   421,050
Security Description     Principal
Amount
  Value
St. Charles Parish, LA, Gulf Zone Opportunity Zone Revenue

4.00%, 12/1/2040 (a)

  $ 450,000   $ 456,597
St. Tammany, LA, Public Trust Financing Authority Revenue

5.25%, 11/15/2037

  250,000   268,807
          12,993,047
MAINE — 0.1%        
Maine Finance Authority SOL Waste Disposal Revenue

5.38%, 12/15/2033 (c)  (e)

  100,000   55,000
Maine Health & Higher Educational Facilities Authority Revenue:        
5.00%, 7/1/2043

  200,000   214,002
Series A, 4.00%, 7/1/2041

  100,000   109,876
Series A, 4.00%, 7/1/2046

  310,000   338,755
Series A, 5.00%, 7/1/2046

  45,000   51,482
Rumford, ME, Solid Waste Disposal Revenue

AMT, 6.88%, 10/1/2026

  525,000   525,708
          1,294,823
MARYLAND — 0.9%        
Anne Arundel County, MD, Consolidated Special Taxing District Revenue

5.25%, 7/1/2044

  310,000   328,462
Baltimore, MD, Special Obligation Bond Revenue:        
5.00%, 9/1/2022

  895,000   905,509
5.00%, 9/1/2023

  210,000   215,797
5.00%, 9/1/2027

  305,000   328,903
5.00%, 9/1/2028

  750,000   807,529
5.00%, 9/1/2031

  500,000   536,882
5.00%, 9/1/2039

  1,250,000   1,331,240
5.00%, 9/1/2046

  250,000   265,017
Series A, 4.50%, 9/1/2033

  1,325,000   1,466,188
City of Brunswick, MD, Special Obligation:        
4.00%, 7/1/2029

  295,000   337,041
5.00%, 7/1/2036

  474,000   556,186
County of Frederick, MD, Tax Incr Special Tax Revenue

3.75%, 7/1/2039

  875,000   926,573
Howard County, MD, Special Obligation Bond, Tax Allocation

6.10%, 2/15/2044

  425,000   445,713
Maryland Economic Development Corp., Revenue

5.75%, 9/1/2025

  525,000   530,475
Maryland Economic Development Corp., Tax Allocation:        
3.25%, 9/1/2030

  595,000   659,843
 
See accompanying notes to financial statements.
42


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
4.00%, 9/1/2040

  $ 325,000   $ 370,608
4.00%, 9/1/2050

  1,600,000   1,808,535
4.38%, 7/1/2036

  1,155,000   1,278,908
Maryland Health & Higher Educational Facilities Authority Revenue:        
3.00%, 7/1/2046

  600,000   634,637
5.00%, 7/1/2045

  90,000   100,603
Series A, 5.00%, 7/1/2038

  100,000   116,051
Series A, 5.50%, 1/1/2031

  100,000   121,696
Series B, 5.25%, 8/15/2038 (b)

  130,000   175,938
Prince George's County, MD, Special Obligation

5.13%, 7/1/2039 (c)

  1,600,000   1,797,193
Rockville, MD, Health Facilities Authority Revenue:        
5.00%, 11/1/2035

  500,000   542,665
Series B, 5.00%, 11/1/2042

  400,000   431,503
          17,019,695
MASSACHUSETTS — 0.8%        
Commonwealth of Massachusetts Revenue

5.50%, 1/1/2027 (b)

  1,100,000   1,346,696
Lowe, MA, Collegiate Charter School Revenue:        
5.00%, 6/15/2039

  100,000   108,527
5.00%, 6/15/2054

  500,000   536,809
Massachusetts, Development Finance Agency Revenue:        
4.13%, 10/1/2042 (c)

  500,000   535,459
5.00%, 7/1/2026

  500,000   593,178
5.00%, 11/15/2038 (c)

  1,500,000   1,661,010
5.00%, 1/1/2041

  240,000   266,448
5.00%, 10/1/2043

  950,000   1,078,175
5.00%, 7/1/2044

  500,000   594,232
5.00%, 1/1/2045

  300,000   331,975
5.00%, 7/1/2047

  870,000   831,252
5.00%, 7/1/2051 (c)

  750,000   819,880
5.00%, 10/1/2057 (c)

  1,420,000   1,532,321
Series A, 4.00%, 6/1/2049

  1,760,000   2,014,848
Series A, 5.25%, 7/1/2034

  10,000   10,102
Series A, 5.50%, 7/1/2044

  325,000   329,198
Series D, 4.00%, 7/1/2045

  350,000   376,898
Series F, 5.63%, 7/15/2036

  120,000   126,700
Series I, 5.00%, 7/1/2029

  560,000   658,875
Series J2, 5.00%, 7/1/2048

  680,000   822,817
Series M, 5.00%, 10/1/2045

  750,000   922,673
Massachusetts, Educational Financing Authority Revenue

Series J, AMT, 3.50%, 7/1/2033

  75,000   76,261
          15,574,334
Security Description     Principal
Amount
  Value
MICHIGAN — 1.4%        
City Of Detroit, Unlimited Tax General Obligation:        
5.00%, 4/1/2031

  $ 500,000   $ 588,856
5.50%, 4/1/2050

  135,000   166,946
Series A, 5.00%, 4/1/2046

  250,000   305,693
Series A, 5.00%, 4/1/2050

  2,000,000   2,436,515
Detroit, MI, Sewage Disposal System Revenue

Series B, 5.50%, 7/1/2029 (b)

  155,000   186,811
Eastern Michigan University Revenue

Series A, 4.00%, 3/1/2044 (b)

  165,000   186,783
Grand Rapids, MI, Economic Development Corp. Revenue:        
5.00%, 11/1/2047

  1,000,000   1,085,616
5.50%, 4/1/2039

  3,000,000   2,989,798
Kalamazoo, Economic Development Limited Obligation Revenue

Series A, 5.00%, 5/15/2055

  3,000,000   3,357,475
Michigan State, Finance Authority Revenue:        
3.88%, 10/1/2023

  100,000   103,954
4.00%, 2/15/2044

  245,000   283,557
4.00%, 11/15/2046

  970,000   1,076,637
5.00%, 7/1/2033

  100,000   106,877
Series A-2, 5.00%, 6/1/2040

  1,655,000   2,089,721
Series A-CLASS 1, 4.00%, 6/1/2049

  2,000,000   2,283,674
Series B, 5.00%, 7/1/2028

  100,000   107,823
Series B, 5.00%, 7/1/2029

  105,000   112,930
Series B, 5.00%, 7/1/2044

  575,000   608,508
Series B-2-CLASS 2-CAB, Zero Coupon, 6/1/2065

  14,540,000   1,958,695
Series D-2, 5.00%, 7/1/2034

  400,000   456,658
Michigan State, Finance Authority, Ltd. Obligation Revenue:        
4.40%, 4/1/2031 (c)

  155,000   154,409
4.90%, 4/1/2041 (c)

  260,000   258,379
5.00%, 7/1/2026

  225,000   244,415
5.25%, 2/1/2027

  500,000   555,218
5.25%, 2/1/2032

  690,000   790,333
Michigan State, Strategic Fund, Ltd. Obligation Revenue:        
5.00%, 6/30/2030

  35,000   43,222
5.00%, 6/30/2031

  665,000   817,878
5.00%, 12/31/2032

  1,000,000   1,224,815
Michigan State, Tobacco Settlement Finance Authority Revenue

Series B, Zero Coupon, 6/1/2052

  715,000   82,019
Saline, MI, Economic Development Corp. Revenue

5.50%, 6/1/2047

  1,000,000   1,008,756
 
See accompanying notes to financial statements.
43


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Wayne County Airport Authority Revenue:        
AMT, 5.00%, 12/1/2039

  $ 550,000   $ 614,217
AMT, 5.00%, 12/1/2044

  285,000   318,276
Series B, 5.00%, 12/1/2039 (b)

  700,000   786,031
          27,391,495
MINNESOTA — 0.6%        
Anoka, MN, Housing Revenue

4.75%, 11/1/2035

  150,000   161,660
Brooklyn, MN, Chart School Lease Revenue:        
Series A, 4.75%, 7/1/2025

  65,000   67,739
Series A, 5.00%, 3/1/2039

  500,000   524,049
Series A, 5.50%, 7/1/2035

  150,000   160,953
Forest Lake, MN, Charter School Lease Revenue:        
5.00%, 7/1/2041

  365,000   408,892
5.00%, 7/1/2056

  2,125,000   2,335,488
Series A, 5.38%, 8/1/2050

  1,000,000   1,140,230
Maple Grove, MN, Health Care Facilities Revenue

3.50%, 5/1/2034

  100,000   108,854
Minneapolis, MN, Charter School Lease Revenue

5.00%, 12/1/2047 (c)

  300,000   330,379
Rochester, MN, Health Care & Housing Revenue

Series A, 4.50%, 8/1/2042

  1,100,000   1,134,022
Saint Paul, MN, Housing & Redevelopment Authority, Housing & Health Care Facilities Revenue

Series A, 5.00%, 12/1/2041

  500,000   552,803
St. Cloud, MN, Chart School Lease Revenue

Series A, 5.00%, 4/1/2046

  150,000   134,471
St. Paul, MN, Housing & Redevelopment Authority Revenue:        
5.00%, 9/1/2043

  1,315,000   1,541,538
Series A, 4.63%, 3/1/2043

  235,000   238,903
Series A, 5.30%, 7/1/2045

  500,000   546,707
Series A, 5.75%, 7/1/2047 (c)

  1,000,000   1,086,704
St. Paul, MN, Port Authority Revenue

Series 7, AMT, 4.50%, 10/1/2037 (c)

  255,000   258,225
St. Paul, MN, Senior Housing & Health Care Revenue

5.00%, 9/1/2042

  145,000   153,648
Woodbury, MN, Housing & Redevelopment Authority Revenue:        
5.00%, 12/1/2029

  225,000   237,695
Security Description     Principal
Amount
  Value
5.25%, 12/1/2049

  $ 340,000   $ 354,298
          11,477,258
MISSISSIPPI — 0.3%        
Lowndes County, MS, Solid Waste Disposal & Pollution Control Revenue

Series B, 6.70%, 4/1/2022

  210,000   213,159
Mississippi State, Business Finance Corp. Revenue

4.55%, 12/1/2028

  320,000   320,033
Mississippi State, Development Bank, Revenue:        
3.50%, 9/1/2034 (b)

  300,000   304,070
4.00%, 10/1/2035 (c)

  500,000   544,934
Mississippi State, Gaming Tax Revenue

Series A, 5.00%, 10/15/2032

  605,000   750,967
Mississippi State, Hospital Equipment & Facilities Authority Revenue:        
Series S, 5.00%, 9/1/2041

  100,000   116,835
Series S, 5.00%, 9/1/2046

  400,000   464,735
State of Mississippi Revenue

Series A, 5.00%, 10/15/2036

  500,000   618,012
Warren County, MS, Gulf Opportunity Revenue:        
VRN, 1.38%, 8/1/2027 (a)

  1,100,000   1,125,597
VRN, 1.38%, 5/1/2034 (a)

  1,350,000   1,386,095
          5,844,437
MISSOURI — 0.7%        
Boone County, MO, Hospital Revenue:        
4.00%, 8/1/2038

  150,000   161,900
5.00%, 8/1/2027

  1,000,000   1,158,446
5.00%, 8/1/2029

  70,000   80,284
Cape Coral, FL, Health Facilities Authority Revenue:        
3.00%, 3/1/2046

  370,000   380,799
4.00%, 3/1/2041

  120,000   137,114
4.00%, 3/1/2046

  100,000   113,092
I-470 Western Gateway Transportation Development District Revenue

Series A, 5.25%, 12/1/2048 (c)

  1,000,000   1,058,367
Jennings, MO, Revenue

5.00%, 11/1/2023

  235,000   141,567
Kansas City, MO, Industrial Development Authority Revenue:        
2.00%, 11/15/2046

  200,616   9,998
AMT, 5.00%, 3/1/2031

  1,000,000   1,240,763
5.00%, 3/1/2033

  760,000   940,275
5.00%, 11/15/2046

  449,515   444,452
 
See accompanying notes to financial statements.
44


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Kirkwood, Industrial Development Authority Revenue

Series A, 5.25%, 5/15/2050

  $ 500,000   $ 550,392
Lees Summit, MO, Industrial Development Authority, Hospital Authority Revenue

5.00%, 8/15/2032

  730,000   816,758
Lees Summit, MO, Industrial Development Authority, Hospital Authority Revenue

Series A, 5.00%, 8/15/2051

  1,000,000   1,073,121
Lees Summit, MO, Industrial Development Authority, Special Assessment & Sales Tax Revenue

6.00%, 5/1/2042

  435,000   435,317
Missouri State, Health & Educational Facilities Authority Revenue

Series A, 5.00%, 2/1/2042

  115,000   127,094
Missouri, State Development Finance Board Revenue

Series C, 3.50%, 3/1/2031

  265,000   273,263
Missouri, State Health & Educational Facilities Authority Revenue:        
4.25%, 8/1/2035

  280,000   297,765
4.25%, 12/1/2042 (c)

  450,000   495,756
5.00%, 5/1/2030

  100,000   105,057
Series A, 4.00%, 2/15/2049

  500,000   567,217
Series A, 5.00%, 2/1/2036

  650,000   734,918
St. Louis County, MO, Industrial Development Authority Revenue:        
5.00%, 12/1/2025

  175,000   188,451
5.00%, 9/1/2038

  350,000   392,489
5.00%, 9/1/2042

  150,000   152,984
St. Louis, MO, Airport Revenue

5.50%, 7/1/2031 (b)

  245,000   335,256
St. Louis, MO, Industrial Development Authority Revenue

Series A, 4.75%, 11/15/2047

  1,000,000   1,006,686
St. Louis, MO, Land Clearance Authority Revenue

5.00%, 6/1/2040

  210,000   236,724
          13,656,305
MONTANA — 0.1%        
City of Fort Worth MT, General Obligation

Series A, 3.90%, 3/1/2031 (a)

  680,000   703,072
Kalispell, MT, Housing & Healthcare Facilities Revenue

Series A, 5.25%, 5/15/2047

  100,000   108,048
Security Description     Principal
Amount
  Value
Missoula, MT, Water System Revenue

Series A, 4.00%, 7/1/2044

  $ 210,000   $ 243,338
Monroe County, PA, Industrial Development Authority Revenue

5.00%, 7/1/2048

  325,000   379,281
          1,433,739
NEBRASKA — 0.2%        
Central Plains Energy Project, NE, Gas Project Revenue:        
Series A, 5.00%, 9/1/2028

  200,000   245,999
Series A, 5.00%, 9/1/2032

  1,000,000   1,306,697
Series A, 5.00%, 9/1/2035

  1,250,000   1,697,836
Public Power Generation Agency Revenue

5.00%, 1/1/2026

  600,000   677,474
          3,928,006
NEVADA — 0.4%        
Carson City, NV, Hospital Revenue

5.00%, 9/1/2047

  250,000   297,257
City of Las Vegas NV Special Improvement District No 816, Special Assessment

3.13%, 6/1/2051

  210,000   211,988
City of Sparks, NV, Tourism Improvement District No.1 Revenue:        
Series A, 2.50%, 6/15/2024 (c)

  60,000   60,877
Series A, 2.75%, 6/15/2028 (c)

  150,000   155,389
Clark County School District, General Obligation

Series C, 3.00%, 6/15/2030

  120,000   132,209
Clark County, NV, Department of Aviation Revenue

Series A, 5.00%, 7/1/2025

  165,000   190,592
Clark County, NV, Passenger Facility Charge Revenue

5.00%, 7/1/2025

  120,000   138,612
Reno, NV, Sales Tax Revenue

Zero Coupon, 7/1/2058 (c)

  1,000,000   176,133
State of Nevada Department of Business & Industry Revenue:        
5.75%, 2/15/2038 (c)

  1,095,000   1,102,969
AMT, 5.88%, 12/15/2027 (c)

  660,530   740,071
AMT, 6.25%, 12/15/2037 (c)

  2,280,000   2,449,214
6.95%, 2/15/2038 (c)

  1,000,000   1,074,826
Series A, 4.50%, 12/15/2029 (c)

  725,000   796,350
Series A, 5.00%, 12/15/2038 (c)

  750,000   826,878
          8,353,365
 
See accompanying notes to financial statements.
45


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
NEW HAMPSHIRE — 0.8%        
National Finance Authority, NH, Revenue:        
3.00%, 8/15/2046

  $ 1,560,000   $ 1,644,180
3.00%, 8/15/2051

  1,440,000   1,508,774
4.00%, 1/1/2051

  1,330,000   1,436,154
4.88%, 11/1/2042 (c)

  1,855,000   1,929,368
5.00%, 7/1/2031 (c)

  1,135,000   1,284,482
5.00%, 7/1/2041 (c)

  1,855,000   2,055,158
Series A, VRN, 3.63%, 7/1/2043 (a)  (c)

  2,960,000   3,104,068
Series B, AMT, VRN, 3.75%, 7/1/2045 (a)  (c)

  1,450,000   1,526,137
New Hampshire Health and Education Facilities Authority Revenue

Series A, 6.13%, 7/1/2052 (c)  (e)

  350,000   185,500
          14,673,821
NEW JERSEY — 6.6%        
Bayonne, NJ, Redevelopment Agency Revenue

Series A, AMT, 5.38%, 11/1/2035

  445,000   445,007
Casino Reinvestment Development Authority Revenue

5.25%, 11/1/2044

  500,000   540,955
City of Atlantic City NJ, General Obligation

5.00%, 12/1/2025

  120,000   124,529
Garden, State Preservation Trust Revenue

Series B, Zero Coupon, 11/1/2023 (b)

  100,000   98,600
Gloucester County, NJ, Pollution Control Financing Authority Revenue

Series A, AMT, 5.00%, 12/1/2024

  470,000   502,151
New Jersey, Economic Development Authority Revenue:        
4.13%, 7/1/2030

  110,000   113,667
4.25%, 6/15/2027

  635,000   645,319
4.38%, 1/1/2024

  565,000   572,946
5.00%, 6/15/2024

  100,000   102,024
5.00%, 3/1/2026

  495,000   498,578
5.00%, 6/15/2027

  500,000   606,710
5.00%, 10/1/2037

  100,000   117,676
5.00%, 6/15/2040

  840,000   924,788
5.00%, 11/1/2044

  500,000   610,080
AMT, 5.13%, 9/15/2023

  530,000   548,571
AMT, 5.13%, 1/1/2039 (b)

  720,000   787,571
AMT, 5.25%, 9/15/2029

  50,000   51,703
5.25%, 1/1/2044

  750,000   764,702
Security Description     Principal
Amount
  Value
AMT, 5.75%, 9/15/2027

  $ 5,835,000   $ 5,979,946
7.10%, 11/1/2031 (f)

  1,000,000  
Series A, 3.38%, 7/1/2030

  555,000   586,268
Series A, 4.00%, 11/1/2027

  525,000   611,878
Series A, 5.00%, 7/1/2027

  500,000   612,947
Series A, 5.00%, 7/1/2033

  1,225,000   1,449,484
Series A, 5.00%, 6/1/2036

  490,000   544,065
Series A, 5.00%, 6/15/2047

  510,000   603,169
Series A, 5.50%, 6/15/2031

  500,000   612,221
Series AAA, 4.13%, 6/15/2025

  365,000   406,986
Series AAA, 5.00%, 6/15/2036

  300,000   353,316
Series AAA, 5.00%, 6/15/2041

  500,000   584,833
Series B, Zero Coupon, 7/1/2027 (b)

  160,000   149,903
Series B, 5.00%, 11/1/2023

  1,450,000   1,568,830
Series B, AMT, 5.63%, 11/15/2030

  1,000,000   1,097,041
Series BBB, 4.75%, 6/15/2031

  665,000   774,685
Series BBB, 5.50%, 6/15/2031

  900,000   1,095,582
Series B-REMK 10, 5.00%, 6/15/2043

  920,000   1,111,847
Series C, 4.00%, 6/15/2047

  155,000   172,462
Series C, 5.00%, 6/15/2047

  365,000   431,680
Series DDD, 5.00%, 6/15/2030

  540,000   656,801
Series EEE, 5.00%, 6/15/2038

  1,205,000   1,470,044
Series MMM, 4.00%, 6/15/2036

  335,000   389,722
Series N-1, 5.50%, 9/1/2023 (b)

  100,000   108,310
Series NN, 5.00%, 3/1/2024

  1,130,000   1,189,056
Series NN, 5.00%, 3/1/2025

  310,000   326,175
Series NN, 5.00%, 3/1/2027

  100,000   105,192
Series NN, 5.00%, 3/1/2028

  1,075,000   1,130,690
Series NN, 5.00%, 3/1/2030

  505,000   530,980
Series PP, 5.00%, 6/15/2025

  100,000   110,647
Series PP, 5.00%, 6/15/2031

  245,000   270,899
Series QQQ, 4.00%, 6/15/2037

  660,000   770,729
Series QQQ, 4.00%, 6/15/2050

  210,000   239,814
Series QQQ, 5.00%, 6/15/2028

  750,000   930,092
Series UU, 5.00%, 6/15/2034

  355,000   392,232
Series WW, 5.00%, 6/15/2035

  500,000   569,081
Series WW, 5.00%, 6/15/2036

  240,000   272,920
Series WW, 5.00%, 6/15/2037

  390,000   443,073
Series XX, 4.25%, 6/15/2026

  2,595,000   2,900,137
 
See accompanying notes to financial statements.
46


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Series XX, 4.38%, 6/15/2027

  $ 175,000   $ 195,624
Series XX, 5.00%, 6/15/2025

  1,450,000   1,659,900
Series XX, 5.00%, 6/15/2026

  880,000   1,005,219
New Jersey, Educational Facilities Authority Revenue:        
3.50%, 6/15/2027

  125,000   132,027
3.50%, 7/1/2031

  215,000   230,703
Series A, 3.00%, 7/1/2050

  655,000   682,597
Series B, 5.00%, 9/1/2036

  300,000   350,144
Series B, 5.50%, 9/1/2032

  150,000   180,455
New Jersey, Health Care Facilities Financing Authority Revenue:        
4.00%, 7/1/2048

  175,000   192,233
5.00%, 10/1/2026

  500,000   595,423
5.00%, 9/15/2027

  170,000   182,450
5.00%, 10/1/2027

  905,000   1,106,158
5.00%, 10/1/2028

  100,000   122,776
5.75%, 7/1/2037

  970,000   973,095
New Jersey, Transportation Trust Fund Authority Revenue:        
3.75%, 6/15/2033

  500,000   564,016
4.50%, 6/15/2049

  990,000   1,152,510
5.00%, 6/15/2028

  900,000   1,057,408
5.00%, 6/15/2037

  560,000   710,262
5.25%, 6/15/2043

  500,000   613,636
Series A, , 12/15/2025

  1,610,000   1,538,676
Series A, Zero Coupon, 12/15/2027

  820,000   750,732
Series A, Zero Coupon, 12/15/2028

  100,000   89,377
Series A, Zero Coupon, 12/15/2029

  900,000   782,773
Series A, Zero Coupon, 12/15/2030

  265,000   224,412
Series A, Zero Coupon, 12/15/2033

  285,000   222,038
Series A, Zero Coupon, 12/15/2035

  615,000   451,648
Series A, 4.00%, 12/15/2031

  1,315,000   1,541,531
Series A, 5.00%, 6/15/2024

  120,000   132,776
Series A, 5.00%, 12/15/2024

  270,000   304,568
Series A, 5.00%, 12/15/2025

  250,000   290,779
Series A, 5.00%, 12/15/2026

  650,000   778,519
Series A, 5.00%, 12/15/2028

  100,000   125,281
Series A, 5.00%, 6/15/2029

  175,000   205,220
Series A, 5.00%, 12/15/2029

  350,000   436,250
Series A, 5.00%, 6/15/2031

  505,000   589,539
Series A, 5.00%, 12/15/2035

  1,000,000   1,226,019
Series A, 5.50%, 12/15/2023

  2,085,000   2,289,371
Series A, 5.75%, 6/15/2023 (b)

  165,000   177,631
Series -A, Zero Coupon, 12/15/2032

  1,090,000   872,957
Series -A, Zero Coupon, 12/15/2038

  140,000   93,303
Security Description     Principal
Amount
  Value
Series AA, 4.00%, 6/15/2036

  $ 400,000   $ 468,292
Series AA, 4.00%, 6/15/2037

  250,000   291,943
Series AA, 4.00%, 6/15/2039

  1,000,000   1,163,035
Series AA, 4.00%, 6/15/2040

  1,000,000   1,161,033
Series AA, 4.00%, 6/15/2050

  5,900,000   6,737,643
Series AA, 4.75%, 6/15/2035

  260,000   290,204
Series AA, 4.75%, 6/15/2038

  185,000   205,962
Series AA, 5.00%, 6/15/2024

  100,000   106,639
Series AA, 5.00%, 6/15/2025

  2,010,000   2,300,965
Series AA, 5.00%, 6/15/2026

  1,010,000   1,090,742
Series AA, 5.00%, 6/15/2029

  150,000   153,168
Series AA, 5.00%, 6/15/2033

  150,000   153,168
Series AA, 5.00%, 6/15/2036

  1,305,000   1,386,002
Series AA, 5.00%, 6/15/2038

  730,000   781,091
Series AA, 5.00%, 6/15/2044

  780,000   856,422
Series AA, 5.00%, 6/15/2045

  2,250,000   2,794,182
Series AA, 5.25%, 6/15/2029

  90,000   103,680
Series AA, 5.25%, 6/15/2030

  280,000   299,058
Series AA, 5.25%, 6/15/2031

  675,000   777,101
Series AA, 5.25%, 6/15/2033

  120,000   128,018
Series AA, 5.25%, 6/15/2041

  200,000   228,256
Series B, 3.50%, 6/15/2046

  1,395,000   1,495,657
Series B, 4.00%, 6/15/2036

  200,000   229,512
Series B, 4.00%, 6/15/2050

  1,860,000   2,090,046
Series B, 5.00%, 6/15/2035

  2,000,000   2,453,255
Series B, 5.25%, 12/15/2023 (b)

  230,000   251,431
Series BB, 4.00%, 6/15/2037

  3,700,000   4,230,409
Series BB, 4.00%, 6/15/2044

  390,000   439,883
Series BB, 5.00%, 6/15/2050

  500,000   599,238
Series C, Zero Coupon, 12/15/2024 (b)

  1,130,000   1,100,640
Series C, Zero Coupon, 12/15/2028 (b)

  125,000   112,495
Series C, Zero Coupon, 12/15/2030

  550,000   469,909
Series C, Zero Coupon, 12/15/2032

  700,000   571,042
Series C-REMK 11/25/14, 5.25%, 6/15/2032

  500,000   567,079
Series D, 5.00%, 12/15/2024

  645,000   727,579
Series D, 5.25%, 12/15/2023

  1,135,000   1,240,757
New Jersey, Turnpike Authority Revenue:        
5.00%, 1/1/2045

  500,000   561,973
Series E, 5.00%, 1/1/2034

  300,000   337,279
Newark, NJ, Housing Authority Scholarship Foundation Revenue

5.00%, 1/1/2032 (b)

  435,000   516,313
South Jersey Transportation Authority Revenue:        
Series A, 5.00%, 11/1/2031 (b)

  750,000   953,521
Series A, 5.00%, 11/1/2041 (b)

  925,000   1,170,984
 
See accompanying notes to financial statements.
47


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
South Jersey, NJ, Port Corp. Revenue:        
Series B, AMT, 5.00%, 1/1/2036

  $ 150,000   $ 176,905
Series B, AMT, 5.00%, 1/1/2042

  750,000   874,716
Series B, AMT, 5.00%, 1/1/2048

  500,000   580,826
State of New Jersey General Obligation:        
4.00%, 6/1/2032

  180,000   189,398
5.00%, 6/1/2024

  1,500,000   1,660,254
Tobacco Settlement Financing Corp., NJ, Revenue:        
Series A, 5.25%, 6/1/2046

  5,905,000   7,053,798
Series B, 3.20%, 6/1/2027

  830,000   840,225
Series B, 5.00%, 6/1/2046

  6,500,000   7,569,496
          124,980,574
NEW MEXICO — 0.1%        
City of Santa Fe NM Retmnt Facilities Rvenue

Series A, 5.00%, 5/15/2044

  330,000   369,552
Mariposa East Public Improvement District, Special Assessment

Series C, 5.90%, 9/1/2032

  180,000   184,435
New Mexico Hospital Equipment Loan Council Revenue

Series A, 5.00%, 7/1/2049

  500,000   547,813
Winrock Town Center, NM, Tax Increment Development District No. 1,Tax Allocation

6.00%, 5/1/2040 (c)

  574,000   582,916
          1,684,716
NEW YORK — 9.0%        
Brooklyn Arena, NY, Local Development Corp. Revenue:        
Zero Coupon, 7/15/2047

  440,000   212,567
Series A, 3.00%, 7/15/2043 (b)

  1,225,000   1,271,248
Series A, 5.00%, 7/15/2042

  5,000,000   5,763,600
Build NYC Resource Corp., NY, Revenue:        
AMT, 5.00%, 1/1/2035 (c)

  265,000   293,349
5.00%, 11/1/2039

  250,000   270,996
5.25%, 11/1/2034

  250,000   273,864
5.50%, 11/1/2044

  500,000   546,520
Series A, 5.00%, 6/1/2047 (c)

  150,000   165,714
Series A, 5.00%, 6/15/2051 (c)

  500,000   587,572
Series A1, 5.25%, 6/1/2040 (c)

  720,000   744,812
Series A1, 5.50%, 6/1/2055 (c)

  610,000   630,351
Series B, 5.00%, 6/1/2055 (c)

  1,215,000   1,279,184
Security Description     Principal
Amount
  Value
Dutchess County, NY, Local Development Corp. Revenue:        
5.00%, 7/1/2027

  $ 770,000   $ 910,142
Series A, 5.00%, 7/1/2045

  725,000   825,536
Series A, 5.00%, 7/1/2051 (c)

  800,000   952,156
Series B, 4.00%, 7/1/2044

  400,000   462,314
Series B, 4.00%, 7/1/2049

  400,000   459,737
Erie County, NY, Tobacco Asset Securitization Corp. Revenue:        
Series A, 5.00%, 6/1/2038

  175,000   175,228
Series A, 5.00%, 6/1/2045

  635,000   635,823
Glen Cove, NY, Local Economic Assistance Corp. Revenue:        
5.00%, 1/1/2056

  3,500,000   3,842,764
Series B, Zero Coupon, 1/1/2045

  2,000,000   804,573
Series C, 5.63%, 1/1/2055

  620,000   665,117
Hempstead Town Local Development Corp. Revenue

5.53%, 2/1/2040

  850,000   984,035
Hudson Yards Infrastructure Corp., NY, Revenue

Series A, 4.00%, 2/15/2036

  120,000   136,027
Jefferson County Civic Facility Development Corp. Revenue

5.00%, 11/1/2037

  1,185,000   1,367,862
Jefferson County, NY, Industrial Development Revenue

AMT, 5.25%, 1/1/2024 (c)

  215,000   210,326
Metropolitan Transportation Authority Revenue:        
4.00%, 11/15/2034

  500,000   514,144
4.00%, 11/15/2038

  750,000   771,010
Series A-1, 5.00%, 11/15/2040

  560,000   625,977
Series A-1-GROUP 1, 4.00%, 11/15/2041

  660,000   775,172
Series A-1-GROUP 1, 5.00%, 11/15/2047

  520,000   632,387
Series A-1-GROUP 1, 5.00%, 11/15/2049

  1,500,000   1,821,776
Series B, 5.00%, 11/15/2026

  115,000   136,683
Series B, 5.00%, 11/15/2037

  625,000   725,912
Series B, 5.00%, 11/15/2052

  620,000   744,894
Series B, 5.25%, 11/15/2032

  1,000,000   1,097,684
Series C, 4.00%, 11/15/2033

  205,000   211,504
Series C, 5.00%, 11/15/2032

  550,000   608,969
Series C-1, 3.25%, 11/15/2036

  290,000   310,796
Series C-1, 4.75%, 11/15/2045

  825,000   988,450
Series C-1, 5.00%, 11/15/2026

  500,000   594,189
Series C-1, 5.00%, 11/15/2029

  850,000   1,029,101
Series C-1, 5.00%, 11/15/2031

  425,000   485,627
 
See accompanying notes to financial statements.
48


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Series C-1, 5.25%, 11/15/2056

  $ 450,000   $ 526,253
Series C-2, Zero Coupon, 11/15/2027

  715,000   655,052
Series C-2, Zero Coupon, 11/15/2032

  300,000   240,468
Series C-2, Zero Coupon, 11/15/2040

  1,000,000   626,205
Series C-GROUP 2, 4.00%, 11/15/2045 (b)

  1,400,000   1,624,975
Series D, 3.00%, 11/15/2032

  215,000   227,503
Series D, 4.00%, 11/15/2032

  550,000   565,801
Series D, 4.00%, 11/15/2042

  1,725,000   1,926,882
Series D, 5.00%, 11/15/2039

  585,000   645,995
Series D-3, 4.00%, 11/15/2049

  785,000   892,116
Series E, 5.00%, 11/15/2038

  1,000,000   1,070,536
Monroe County, PA, Industrial Development Corp. Revenue:        
3.00%, 12/1/2040

  850,000   890,897
5.00%, 1/1/2040

  590,000   661,008
5.00%, 1/1/2050

  500,000   556,516
MTA Hudson Rail Yards Trust Obligations Revenue

Series A, 5.00%, 11/15/2056

  660,000   701,424
Nassau County Local Economic Assistance Corp.

5.00%, 7/1/2027

  200,000   203,600
Nassau County, NY, Tobacco Settlement Corp. Revenue:        
Series A-2, 5.25%, 6/1/2026

  610,000   625,346
Series A-3, 5.00%, 6/1/2035

  2,385,000   2,416,772
Series A-3, 5.13%, 6/1/2046

  635,000   645,076
New York City Industrial Development Agency Revenue:        
Zero Coupon, 3/1/2033 (b)

  530,000   425,709
Zero Coupon, 3/1/2045 (b)

  575,000   321,030
4.00%, 3/1/2045

  750,000   851,917
Series A, 5.00%, 1/1/2028 (b)

  500,000   613,909
New York City, Housing Development Corp.

Series 2014-8SPR, Class D, 3.00%, 2/15/2048

  100,000   101,918
New York City, NY, Industrial Development Agency Revenue:        
Zero Coupon, 3/1/2036 (b)

  340,000   251,325
5.50%, 7/1/2035 (b)

  235,000   303,179
5.75%, 10/1/2037 (e)

  1,000,000   800,000
Series A, AMT, 5.00%, 7/1/2022

  690,000   703,900
New York County, NY, Counties Tobacco Trust IV Revenue:        
Series A, 5.00%, 6/1/2042

  1,545,000   1,562,076
Series A, 5.00%, 6/1/2045

  885,000   892,868
Security Description     Principal
Amount
  Value
New York County, NY, Counties Tobacco Trust V Revenue

Series S 3, Zero Coupon, 6/1/2055

  $ 10,000,000   $ 1,053,877
New York County, NY, Counties Tobacco Trust VI Revenue:        
2.45%, 6/1/2042

  620,000   619,803
3.75%, 6/1/2045

  225,000   234,087
5.00%, 6/1/2045

  930,000   1,042,555
New York Liberty Development Corp. Revenue

5.25%, 10/1/2035

  825,000   1,164,901
New York State Dormitory Authority Revenue:        
4.00%, 8/1/2036

  985,000   1,122,344
4.00%, 9/1/2050

  500,000   568,168
5.00%, 7/1/2023

  535,000   572,789
5.00%, 10/1/2026

  165,000   197,194
5.25%, 7/1/2031 (b)

  265,000   311,030
Series A, 4.00%, 11/1/2026

  360,000   360,409
Series A, 4.00%, 7/1/2034

  885,000   1,066,539
Series A, 5.00%, 7/1/2029

  1,340,000   1,603,744
Series A, 5.00%, 8/1/2032

  130,000   158,307
Series A, 5.00%, 7/1/2034

  615,000   710,851
Series A, 5.00%, 7/1/2036

  500,000   596,988
Series A, 5.00%, 7/1/2046

  850,000   1,007,906
New York State Environmental Facilities Corp. Revenue

VRN, 2.75%, 9/1/2050 (a)

  1,475,000   1,523,700
New York State, Convention Center Development Corp. Revenue:        
Zero Coupon, 11/15/2045

  700,000   375,001
5.00%, 11/15/2026

  700,000   813,014
Series B, Zero Coupon, 11/15/2036

  235,000   168,121
New York State, Dormitory Authority Revenue:        
5.00%, 8/1/2034

  915,000   1,111,083
Series A, 4.25%, 5/1/2042

  285,000   294,214
Series A, 5.15%, 7/1/2024 (b)

  500,000   534,352
Series A, 5.50%, 1/1/2039

  400,000   436,415
Series A, 5.50%, 1/1/2044

  850,000   923,473
New York State, Liberty Development Corp. Revenue:        
7.25%, 11/15/2044 (c)

  2,815,000   3,118,768
Series 1, 5.00%, 11/15/2044 (c)

  6,275,000   6,873,476
Series 2, 5.00%, 9/15/2043

  150,000   151,377
Series 2, 5.38%, 11/15/2040 (c)

  2,220,000   2,468,826
New York State, Thruway Authority Revenue:        
Series B, 4.00%, 1/1/2045 (b)

  1,000,000   1,162,052
Series L, 5.00%, 1/1/2033

  610,000   746,002
Series N, 3.00%, 1/1/2049

  510,000   538,004
 
See accompanying notes to financial statements.
49


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
New York State, Transportation Development Corp. Revenue:        
AMT, 2.25%, 8/1/2026

  $ 400,000   $ 414,292
AMT, 3.00%, 8/1/2031

  330,000   358,924
AMT, 4.00%, 10/1/2030

  1,000,000   1,167,685
AMT, 4.00%, 1/1/2036

  910,000   1,022,233
4.38%, 10/1/2045

  9,220,000   10,661,439
AMT, 5.00%, 1/1/2023

  475,000   494,852
AMT, 5.00%, 8/1/2026

  2,790,000   2,815,932
AMT, 5.00%, 1/1/2027

  350,000   417,757
5.00%, 1/1/2028

  275,000   336,023
AMT, 5.00%, 1/1/2029

  120,000   145,748
AMT, 5.00%, 1/1/2030

  365,000   440,740
AMT, 5.00%, 1/1/2031

  2,540,000   3,054,704
AMT, 5.00%, 8/1/2031

  3,930,000   3,966,528
AMT, 5.00%, 1/1/2032

  2,000,000   2,400,779
5.00%, 10/1/2035

  4,875,000   6,046,876
AMT, 5.00%, 1/1/2036

  5,500,000   6,557,917
AMT, 5.00%, 12/1/2036

  1,600,000   2,015,773
AMT, 5.00%, 10/1/2040

  1,035,000   1,272,188
AMT, 5.00%, 7/1/2046

  1,500,000   1,646,551
AMT, 5.25%, 8/1/2031

  1,385,000   1,653,705
AMT, 5.38%, 8/1/2036

  740,000   931,907
Series A, AMT, 4.00%, 7/1/2037 (b)

  100,000   107,684
Series A, AMT, 4.00%, 12/1/2039

  1,675,000   1,927,196
Series A, AMT, 4.00%, 12/1/2042

  1,505,000   1,714,040
Series A, AMT, 5.00%, 7/1/2030

  170,000   187,561
Series A, 5.00%, 12/1/2035

  1,305,000   1,647,879
Series A, AMT, 5.00%, 12/1/2037

  1,270,000   1,596,508
Series A, AMT, 5.00%, 7/1/2041

  515,000   565,883
Polk County, OR, Hospital Facility Authority Revenue:        
AMT, 4.00%, 11/1/2059

  610,000   699,878
5.00%, 9/1/2028

  755,000   957,776
5.00%, 10/15/2033

  515,000   596,357
Port Authority of New York & New Jersey Revenue:        
Series 221, AMT, 4.00%, 7/15/2045

  960,000   1,103,985
Series 223, AMT, 5.00%, 7/15/2056

  975,000   1,220,981
Ramapo, NY, Local Development Corp. Revenue

5.00%, 3/15/2041

  385,000   395,546
Suffolk, NY, Tobacco Asset Securitization Corp. Revenue

4.00%, 6/1/2050

  500,000   584,900
Syracuse, NY, Industrial Development Agency Revenue:        
AMT, 5.00%, 1/1/2030

  150,000   145,604
Security Description     Principal
Amount
  Value
AMT, 5.00%, 1/1/2031

  $ 2,070,000   $ 1,992,665
AMT, 5.00%, 1/1/2032

  100,000   95,610
AMT, 5.00%, 1/1/2033

  150,000   141,984
TSASC, Inc., NY, Revenue:        
Series A, 5.00%, 6/1/2029

  535,000   644,731
Series B, 5.00%, 6/1/2045

  7,875,000   8,755,418
Series B, 5.00%, 6/1/2048

  2,950,000   3,241,525
Westchester County, NY, Healthcare Corp. Revenue

Series A, 5.00%, 11/1/2044

  329,000   359,734
Westchester County, NY, Industrial Development Agency Revenue

AMT, 7.00%, 6/1/2046 (c)

  700,000   743,087
Westchester County, NY, Local Development Corp. Revenue

3.75%, 11/1/2037

  275,000   288,840
Westchester Tobacco Asset Securitization, NY Revenue

Series C, 5.13%, 6/1/2051

  165,000   187,674
          170,430,917
NORTH CAROLINA — 0.3%        
Nash, NC, Health Care Systems Revenue

5.00%, 11/1/2041

  110,000   110,909
North Carolina State, Medical Care Commission Revenue:        
4.00%, 3/1/2051

  1,500,000   1,624,296
5.00%, 7/1/2045

  500,000   533,942
Series A, 4.00%, 7/1/2044

  500,000   535,305
Series A, 5.00%, 7/1/2044

  500,000   558,457
North Carolina Turnpike Authority Revenue

5.00%, 2/1/2024

  875,000   953,675
North Carolina, Department of Transportation Revenue:        
AMT, 5.00%, 12/31/2037

  250,000   275,282
AMT, 5.00%, 6/30/2054

  575,000   626,167
          5,218,033
NORTH DAKOTA — 0.1%        
Grand Forks, Health Care System Revenue

4.00%, 12/1/2046

  500,000   578,333
University of North Dakota, Certificate Participation

Series A, COPs, 2.50%, 6/1/2054

  500,000   488,069
Williston, ND, Parks & Recreation District Revenue

Series A, 4.00%, 3/1/2032

  115,000   112,364
          1,178,766
OHIO — 4.2%        
Akron Bath Copley JT Township Hospital District Revenue

4.00%, 11/15/2038

  600,000   702,394
 
See accompanying notes to financial statements.
50


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Buckeye, OH, Tobacco Settlement Financing Authority Revenue:        
Series A-2-CLASS 1, 4.00%, 6/1/2048

  $ 1,250,000   $ 1,405,496
Series A-2-CLASS 1, 5.00%, 6/1/2035

  540,000   681,525
Series B-, Zero Coupon, 6/1/2057

  10,000,000   1,655,137
Series B-2, 5.00%, 6/1/2055

  38,570,000   44,791,827
City of Chillicothe, OH, Hospital Facilities Revenue

5.00%, 12/1/2037

  285,000   340,742
City of Cleveland OH Revenue

AMT, 5.38%, 9/15/2027

  1,310,000   1,314,571
Cleveland-Cuyahoga County Port Authority, Tax Allocation

4.50%, 12/1/2055 (c)

  100,000   106,285
County of Hamilton, OH, Health Care Revenue:        
3.75%, 8/15/2050

  750,000   838,416
5.00%, 1/1/2051

  750,000   814,564
County of Licking, OH, Health Care Revenue

Series A, 5.88%, 7/1/2035

  62,989   47,118
County of Montgomery, OH, Hospital Facilities Revenue

5.00%, 2/15/2048

  390,000   403,506
County of Wood OH, Revenue

5.00%, 12/1/2042

  160,000   167,004
Cuyahoga County, OH, Hospital Revenue:        
5.00%, 2/15/2028

  250,000   296,873
5.00%, 2/15/2042

  200,000   234,236
5.00%, 2/15/2057

  200,000   232,730
5.25%, 2/15/2047

  100,000   118,487
5.50%, 2/15/2052

  785,000   938,169
5.50%, 2/15/2057

  1,500,000   1,784,541
Franklin County Convention Facilities Authority Revenue:        
5.00%, 12/1/2034

  1,010,000   1,175,376
5.00%, 12/1/2044

  670,000   763,172
5.00%, 12/1/2051

  1,060,000   1,197,924
Jefferson County Port Authority Revenue

AMT, 3.50%, 12/1/2051 (c)

  4,250,000   4,324,782
Lake County, OH, Port & Economic Development Authority Revenue

Series A, 6.75%, 12/1/2052 (c)  (e)

  550,000   192,500
Licking County, OH, Health Care Facilities Revenue

Series A, 6.00%, 7/1/2050

  50,391   37,695
Lucas, OH, Hospital Revenue

Series A, 4.13%, 11/15/2042 (b)

  600,000   680,191
Security Description     Principal
Amount
  Value
Montgomery County, OH, Hospital Revenue

6.25%, 4/1/2049 (c)

  $ 500,000   $ 244,510
Muskingum County, OH, Hospital Facilities Revenue:        
5.00%, 2/15/2033

  1,000,000   1,039,607
5.00%, 2/15/2044

  200,000   207,135
Ohio Air Quality Development Authority Revenue:        
AMT, VRN, 2.50%, 11/1/2042 (a)

  1,750,000   1,917,838
2.60%, 6/1/2041 (a)

  200,000   210,208
3.25%, 9/1/2029

  3,000,000   3,246,914
Ohio State, Air Quality Development Authority Revenue:        
AMT, 4.25%, 1/15/2038 (c)

  215,000   245,238
5.00%, 7/1/2049 (c)

  2,270,000   2,653,830
AMT, 6.75%, 6/1/2024

  700,000   702,487
Ohio State, Higher Educational Facility Commission Revenue:        
3.25%, 12/1/2036

  100,000   106,713
5.00%, 12/1/2050

  1,000,000   1,153,742
Ohio State, Turnpike Commission Revenue

Series A-2, Zero Coupon, 2/15/2037

  290,000   205,088
Port of Greater Cincinnati Development Authority Revenue

Series B, 5.00%, 12/1/2046

  240,000   249,627
Portage County, OH, Port Authority Revenue

5.00%, 6/1/2044

  475,000   480,539
Southeastern, OH, Port Authority, Hospital Facilities Revenue:        
5.00%, 12/1/2022

  145,000   149,808
5.00%, 12/1/2043

  250,000   264,227
5.50%, 12/1/2043

  400,000   431,197
5.75%, 12/1/2032

  200,000   206,552
6.00%, 12/1/2042

  550,000   567,424
          79,527,945
OKLAHOMA — 0.8%        
Norman, OK, Regional Hospital Authority

3.25%, 9/1/2039

  555,000   596,064
Oklahoma Development Finance Authority Revenue:        
5.00%, 7/1/2035

  105,000   112,995
Series A, 5.00%, 8/1/2047

  935,000   1,029
Series B, 5.00%, 8/15/2028

  400,000   492,390
Series B, 5.00%, 8/15/2038

  350,000   423,692
Series B, 5.25%, 8/15/2043

  3,105,000   3,806,330
Series B, 5.25%, 8/15/2048

  2,250,000   2,750,334
Series B, 5.50%, 8/15/2052

  1,000,000   1,235,369
 
See accompanying notes to financial statements.
51


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Series B, 5.50%, 8/15/2057

  $ 3,195,000   $ 3,940,262
Payne County, OK, Economic Development Authority Revenue:        
4.75%, 11/1/2023 (e)

  199,640   499
Series A, 6.88%, 11/1/2046 (e)

  33,274   83
Tulsa, OK, Airports Improvement Trust Revenue:        
AMT, VRN, 5.00%, 6/1/2035 (a)

  1,000,000   1,115,992
Series B-REMK-06/11/13, AMT, 5.50%, 12/1/2035

  700,000   741,138
          15,216,177
OREGON — 0.7%        
Multnomah County, OR, Hospital Facilities Authority Revenue:        
4.00%, 12/1/2056

  4,500,000   4,909,486
Series A, 5.50%, 10/1/2049

  1,000,000   1,071,005
Oregon State, Business Development Commission Revenue:        
Series A, AMT, 6.50%, 4/1/2031 (c)  (e)

  2,000,000   120,000
Series D, AMT, 6.50%, 4/1/2031 (c)  (e)

  750,000   45,000
Polk County, OR, Hospital Facility Authority Revenue

5.38%, 7/1/2045

  1,630,000   1,689,988
Port of Portland OR Airport Revenue:        
Series TWENTY-SEVEN-A, AMT, 4.00%, 7/1/2050

  1,000,000   1,143,102
Series TWENTY-SEVEN-A, AMT, 5.00%, 7/1/2038

  605,000   761,222
Yamhill County Hospital Authority Revenue:        
5.00%, 11/15/2036

  300,000   327,872
Series A, 5.00%, 11/15/2046

  640,000   745,851
Series A, 5.00%, 11/15/2051

  2,200,000   2,556,302
Series A, 5.00%, 11/15/2056

  500,000   576,879
          13,946,707
PENNSYLVANIA — 4.9%        
Allegheny County Sanitary Authority Revenue:        
5.00%, 12/1/2045

  950,000   1,088,324
Series B, 4.00%, 6/1/2045

  600,000   712,935
Allegheny County, PA, Airport Authority Revenue

Series A, AMT, 5.00%, 1/1/2051

  625,000   776,888
Allegheny County, PA, Industrial Development Authority Revenue:        
4.88%, 11/1/2024

  2,025,000   2,199,803
AMT, 5.75%, 8/1/2042

  725,000   738,930
Security Description     Principal
Amount
  Value
Series A, 4.00%, 4/1/2037

  $ 800,000   $ 910,269
Allentown, PA, Neighborhood Improvement Zone Development Authority Revenue:        
5.00%, 5/1/2028 (c)

  1,575,000   1,863,618
5.00%, 5/1/2042 (c)

  1,390,000   1,582,271
Berks County, Municipal Authority Revenue:        
Series A, 4.25%, 11/1/2041

  400,000   402,303
Series A, 5.00%, 2/1/2025

  600,000   661,198
Series A, 5.00%, 2/1/2028

  1,000,000   1,174,950
Series A, 5.00%, 2/1/2030

  400,000   484,272
Series A, 5.00%, 2/1/2031

  750,000   917,512
Series A, 5.00%, 2/1/2032

  790,000   976,400
Series A, 5.00%, 11/1/2040

  1,705,000   1,720,765
Series A, 5.00%, 11/1/2044

  285,000   287,529
Series B, 5.00%, 2/1/2040 (a)

  550,000   598,159
Berks County, PA, Industrial Development Authority Revenue:        
3.75%, 11/1/2042

  1,240,000   1,260,815
4.00%, 11/1/2039

  200,000   213,422
4.00%, 11/1/2047

  785,000   825,252
5.00%, 11/1/2025

  1,065,000   1,195,939
5.00%, 11/1/2026

  500,000   574,175
5.00%, 11/1/2028

  2,125,000   2,475,050
5.00%, 11/1/2030

  980,000   1,128,184
5.00%, 11/1/2034

  1,260,000   1,439,622
5.00%, 11/1/2036

  400,000   455,140
5.00%, 11/1/2050

  500,000   556,240
Centre County, PA, Hospital Authority Revenue

Series A, 3.75%, 11/15/2041

  385,000   413,394
Chambersburg Area Municipal Authority Revenue

6.00%, 10/1/2048

  500,000   549,002
Chester County Health & Education Facilities Authority Revenue

5.00%, 12/1/2051

  975,000   1,051,630
City of Philadelphia PA Water & Wastewater Revenue

5.00%, 11/1/2045

  500,000   637,371
County of Lehigh PA Revenue

5.00%, 7/1/2027

  155,000   188,879
Cumberland County, PA, Municipal Authority Revenue:        
5.00%, 1/1/2038

  295,000   324,767
5.25%, 1/1/2032

  220,000   220,000
Dauphin County General Authority Revenue:        
5.00%, 10/15/2027 (c)

  600,000   664,978
6.25%, 10/15/2053 (c)

  1,800,000   2,217,253
Series A, 3.00%, 6/1/2033

  750,000   797,189
 
See accompanying notes to financial statements.
52


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Delaware County, PA, Authority Revenue:        
4.00%, 8/1/2040

  $ 100,000   $ 110,298
4.00%, 8/1/2045

  170,000   186,591
5.25%, 10/1/2032

  115,000   116,776
Delaware County, PA, Industrial Development Authority Revenue

Series A, 5.13%, 6/1/2046 (c)

  995,000   1,094,624
Delaware River JT Toll Bridge Commission Revenue

5.00%, 7/1/2042

  500,000   601,306
Delaware Valley, PA, Regional Finance Authority Revenue

5.75%, 7/1/2032

  495,000   706,416
Doylestown Hospital Authority Revenue

Series A, 5.00%, 7/1/2046

  110,000   123,611
Fulton County, PA, Industrial Development Authority Revenue

4.00%, 7/1/2028

  1,155,000   1,223,861
Hazleton Area School District, General Obligation:        
Series B, Zero Coupon, 3/1/2024 (b)

  100,000   97,601
Series B, Zero Coupon, 3/1/2025 (b)

  160,000   153,745
Lancaster County, PA, Hospital Authority Revenue:        
5.00%, 4/1/2027

  420,000   423,097
5.00%, 3/1/2045

  390,000   438,693
5.00%, 12/1/2047

  100,000   106,417
5.13%, 7/1/2037

  390,000   442,013
5.25%, 7/1/2041

  180,000   203,969
Lehigh County, PA, General Purpose Authority Revenue:        
3.25%, 11/1/2041

  140,000   146,641
4.00%, 11/1/2041

  250,000   273,803
Monroe County, PA, Industrial Development Authority, Tax Allocation

6.88%, 7/1/2033 (c)

  270,000   278,660
Montgomery County, Higher Education & Health Authority Revenue

5.00%, 12/1/2032

  250,000   279,761
Montgomery County, PA, Higher Education & Health Authority Revenue:        
5.00%, 9/1/2028

  500,000   621,471
5.00%, 9/1/2031

  325,000   400,554
5.00%, 9/1/2035

  300,000   367,551
Series A, 5.00%, 10/1/2026

  110,000   121,307
Security Description     Principal
Amount
  Value
Montgomery County, PA, Industrial Development Authority Revenue:        
4.50%, 1/15/2032

  $ 1,095,000   $ 1,201,049
5.00%, 11/15/2036

  100,000   116,971
5.25%, 1/15/2030

  1,500,000   1,702,297
5.25%, 1/1/2040

  205,000   219,927
Moon Industrial Development Authority, PA, Revenue

6.00%, 7/1/2045

  1,060,000   1,148,198
Northampton County, PA, General Purpose Authority Revenue:        
5.00%, 8/15/2046

  635,000   738,982
5.00%, 8/15/2048

  630,000   761,152
Penn Hills School District, General Obligation

3.00%, 10/1/2037

  900,000   986,205
Pennsylvania State, Economic Development Financing Authority Revenue:        
AMT, 5.00%, 6/30/2023

  160,000   170,660
AMT, 5.00%, 12/31/2028

  360,000   424,320
AMT, 5.00%, 12/31/2034

  5,405,000   6,341,368
Series A-1, 10.00%, 12/1/2040 (c)

  345,000   372,158
Series A-2, AMT, 10.00%, 12/1/2040 (c)

  345,000   372,158
Series A-RE, 6.40%, 12/1/2038

  1,850,000   1,432,017
Pennsylvania State, Housing Finance Agency Revenue

Series A, 4.25%, 10/1/2035

  100,000   92,418
Pennsylvania, State Higher Educational Facilities Authority Revenue:        
4.00%, 11/1/2032

  170,000   171,466
5.00%, 11/1/2027

  880,000   899,206
5.00%, 5/1/2035

  150,000   175,434
5.00%, 11/1/2036

  980,000   1,096,707
5.00%, 5/1/2037

  2,000,000   2,035,888
5.00%, 5/1/2042

  500,000   508,257
5.00%, 11/1/2042

  140,000   142,179
Series A, 5.00%, 5/1/2039 (b)

  495,000   624,586
Series A, 5.00%, 9/1/2045

  280,000   314,334
Pennsylvania, Turnpike Commission Highway Revenue:        
3.00%, 12/1/2042

  1,245,000   1,323,195
4.00%, 12/1/2046

  500,000   585,605
5.00%, 6/1/2030

  395,000   458,738
5.00%, 12/1/2036

  600,000   696,121
5.00%, 12/1/2044

  500,000   627,476
5.00%, 12/1/2049

  840,000   1,048,837
Series A, 4.00%, 12/1/2049 (b)

  905,000   1,058,731
Series A, 4.00%, 12/1/2051

  775,000   903,019
 
See accompanying notes to financial statements.
53


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Series A-1, 5.00%, 12/1/2037

  $ 380,000   $ 459,578
Series A-2, 5.00%, 12/1/2028

  500,000   602,936
Series C, 6.25%, 6/1/2033 (b)

  365,000   451,729
Series E, 6.00%, 12/1/2030

  1,075,000   1,378,782
Pennsylvania, Turnpike Commission Revenue:        
5.00%, 12/1/2035

  1,250,000   1,528,511
Series B-1, 5.00%, 6/1/2037

  345,000   413,341
Philadelphia Authority for Industrial Development Revenue

5.00%, 7/1/2042

  2,000,000   2,219,304
Philadelphia, PA Airport Revenue

4.00%, 7/1/2046

  725,000   845,092
Philadelphia, PA, Authority for Industrial Development Revenue:        
5.00%, 7/1/2037

  290,000   324,459
5.00%, 6/15/2050

  500,000   543,254
5.38%, 6/15/2050 (c)

  570,000   611,884
8.20%, 12/1/2043

  330,000   355,306
Series A, 4.00%, 9/1/2047

  995,000   1,105,340
Philadelphia, PA, General Obligation:        
5.00%, 8/1/2031

  1,000,000   1,211,224
Series A, 5.00%, 7/15/2038

  100,000   109,391
Series B, 5.00%, 8/1/2033

  110,000   126,370
Series B, 5.00%, 2/1/2037

  775,000   968,195
Philadelphia, PA, Hospitals & Higher Education Facilities Authority Revenue:        
5.00%, 7/1/2026

  325,000   384,776
5.00%, 7/1/2031

  845,000   1,012,104
5.00%, 7/1/2032

  1,610,000   1,925,081
Series A, 5.63%, 7/1/2042

  430,000   440,962
Philadelphia, PA, School District General Obligation:        
5.00%, 9/1/2033

  500,000   636,344
Series 2020, 5.00%, 9/1/2023

  2,000,000   2,153,518
Series A, 5.00%, 6/1/2034 (b)

  585,000   840,292
Redevelopment Authority of The County of Washington, Tax Allocation

5.00%, 7/1/2028

  400,000   437,876
Scranton, PA, General Obligation

5.00%, 11/15/2032

  380,000   399,993
Scranton, PA, Redevelopment Authority Revenue

Series A, 5.00%, 11/15/2028

  195,000   199,436
West Shore, PA, Area Authority Revenue

Series A, 5.00%, 7/1/2030

  150,000   165,317
          93,403,248
Security Description     Principal
Amount
  Value
PUERTO RICO — 9.9%        
Children's Trust Fund, PR, Tobacco Settlement Revenue:        
5.50%, 5/15/2039

  $ 720,000   $ 737,912
5.63%, 5/15/2043

  3,790,000   3,810,689
Series A, Zero Coupon, 5/15/2050

  8,000,000   1,304,986
Series A, Zero Coupon, 5/15/2057

  120,000,000   8,581,332
Series B, Zero Coupon, 5/15/2057

  13,200,000   737,483
Commonwealth of Puerto Rico, General Obligation

Series A, 5.00%, 7/1/2035 (b)

  720,000   725,089
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue:        
5.00%, 7/1/2033 (c)

  275,000   343,657
Series A, 4.00%, 7/1/2022

  100,000   101,744
Series A, 5.00%, 7/1/2047 (c)

  7,000,000   8,301,942
Series A, 6.13%, 7/1/2024

  245,000   264,585
Series B, 4.00%, 7/1/2042 (c)

  3,805,000   4,298,327
Series B, 4.00%, 7/1/2047 (c)

  2,585,000   2,886,972
Series B, 5.00%, 7/1/2025 (c)

  990,000   1,122,265
Series B, 5.00%, 7/1/2029 (c)

  1,090,000   1,336,435
Series B, 5.00%, 7/1/2033 (c)

  11,615,000   14,514,823
Series B, 5.00%, 7/1/2037 (c)

  5,035,000   6,202,660
Puerto Rico Convention Center District Authority Revenue:        
Series A, 4.50%, 7/1/2036 (b)

  350,000   354,583
Series A, 5.00%, 7/1/2031 (b)

  165,000   168,296
Puerto Rico Electric Power Authority Revenue:        
Series NN, 5.25%, 7/1/2023 (b)

  120,000   123,770
Series RR, 5.00%, 7/1/2026 (b)

  140,000   140,540
Series V V, 5.25%, 7/1/2025 (b)

  710,000   748,074
Series V V, 5.25%, 7/1/2026 (b)

  795,000   843,215
Series V V, 5.25%, 7/1/2027 (b)

  920,000   1,009,510
Series V V, 5.25%, 7/1/2034 (b)

  770,000   822,609
Puerto Rico Highways & Transportation Authority Revenue:        
Series CC, 5.25%, 7/1/2033 (b)

  120,000   130,749
Series CC, 5.25%, 7/1/2034

  1,000,000   1,081,981
Series N, 5.25%, 7/1/2034 (b)

  345,000   373,283
Series N, 5.25%, 7/1/2036 (b)

  850,000   915,140
 
See accompanying notes to financial statements.
54


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Revenue

5.00%, 10/1/2042

  $ 515,000   $ 522,725
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Revenue

5.00%, 3/1/2036

  200,000   200,500
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority Revenue

Series A, 5.00%, 7/1/2033 (b)

  505,000   509,944
Puerto Rico Infrastructure Financing Authority Revenue:        
Series A, Zero Coupon, 7/1/2033 (b)

  100,000   51,079
Series A, Zero Coupon, 7/1/2036 (b)

  155,000   79,403
Series A, Zero Coupon, 7/1/2043 (b)

  710,000   254,449
Series C, 5.50%, 7/1/2025 (b)

  425,000   438,180
Series C, 5.50%, 7/1/2026 (b)

  480,000   495,731
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue:        
Series A-1, Zero Coupon, 7/1/2024

  368,000   355,248
Series A-1, Zero Coupon, 7/1/2027

  669,000   618,567
Series A-1, Zero Coupon, 7/1/2029

  2,281,000   2,001,839
Series A-1, Zero Coupon, 7/1/2031

  10,356,000   8,425,088
Series A-1, Zero Coupon, 7/1/2033

  6,703,000   5,080,844
Series A-1, Zero Coupon, 7/1/2046

  14,655,000   4,980,201
Series A-1, Zero Coupon, 7/1/2051

  9,530,000   2,334,986
Series A-1, 4.50%, 7/1/2034

  2,065,000   2,257,464
Series A-1, 4.55%, 7/1/2040

  2,730,000   3,112,487
Series A-1, 4.75%, 7/1/2053

  24,565,000   28,067,379
Series A-1, 5.00%, 7/1/2058

  27,458,000   31,784,203
Series A-2, 4.33%, 7/1/2040

  10,102,000   11,382,909
Series A-2, 4.54%, 7/1/2053

  4,058,000   4,584,534
Series A-2, 4.55%, 7/1/2040

  100,000   101,787
Series A-2, 4.78%, 7/1/2058

  9,101,000   10,417,127
Series A-2-, 4.33%, 7/1/2040

  8,179,000   9,216,078
          189,255,403
Security Description     Principal
Amount
  Value
RHODE ISLAND — 0.0% (d)        
Tobacco Settlement Financing Corp., NJ, Revenue:        
Series A, Zero Coupon, 6/1/2052

  $ 630,000   $ 106,307
Series B, Zero Coupon, 6/1/2052

  5,000,000   798,529
          904,836
SOUTH CAROLINA — 0.5%        
South Carolina State, Jobs - Economic Development Authority Revenue:        
4.00%, 6/1/2046 (c)

  600,000   631,867
5.00%, 11/1/2037

  500,000   551,564
5.25%, 11/15/2047

  1,750,000   1,905,938
Series A, 7.00%, 11/1/2033

  270,000   318,215
Series S, 3.00%, 8/15/2038

  1,035,000   1,063,835
Series S, 5.25%, 8/15/2033

  100,000   115,672
South Carolina State, Ports Authority Revenue:        
AMT, 4.00%, 7/1/2040

  245,000   267,625
Series B, AMT, 4.00%, 7/1/2049

  1,000,000   1,133,627
South Carolina State, Public Service Authority Revenue:        
Series A, 4.00%, 12/1/2034

  410,000   490,355
Series A, 5.00%, 12/1/2055

  255,000   289,926
Series B, 4.00%, 12/1/2056

  360,000   401,355
Series B, 5.13%, 12/1/2043

  660,000   717,332
Series C, 5.00%, 12/1/2046

  155,000   173,920
Series E, 5.25%, 12/1/2055

  305,000   355,588
Spartanburg, SC, Regional Health Services District Revenue

Series A, 3.63%, 4/15/2039

  195,000   215,737
          8,632,556
SOUTH DAKOTA — 0.0% (d)        
County of Lincoln SD Revenue

4.00%, 8/1/2041

  250,000   282,514
South Dakota Health & Educational Facilities Authority Revenue:        
5.00%, 9/1/2028

  100,000   120,524
5.00%, 9/1/2032

  215,000   257,337
          660,375
TENNESSEE — 0.7%        
Blount County Health & Educational Facilities Board Revenue

Series A, 5.00%, 1/1/2047

  225,000   184,050
Bristol, TN, Industrial Development Board Revenue

Series A, 5.13%, 12/1/2042 (c)

  400,000   411,061
 
See accompanying notes to financial statements.
55


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Chattanooga, TN, Health Educational & Housing Facility Board Revenue:        
Series A-, 3.25%, 8/1/2044

  $ 305,000   $ 326,121
Series A-, 4.00%, 8/1/2036

  1,000,000   1,174,004
Series A-, 4.00%, 8/1/2037

  1,080,000   1,265,436
Series A-, 5.00%, 8/1/2044

  550,000   675,395
Series A-, 5.00%, 8/1/2049

  1,000,000   1,220,450
Greeneville, TN, Health & Educational Facilities Board Revenue

4.00%, 7/1/2040

  650,000   737,805
Knox County, TN, Health Educational & Housing Facility Board Revenue

5.00%, 4/1/2031

  240,000   279,543
Memphis-Shelby County Airport Authority Revenue

Series A, AMT, 5.00%, 7/1/2049

  1,000,000   1,259,605
Memphis-Shelby County, TN, Industrial Development Board, Tax Allocation

Series A, 5.50%, 7/1/2037

  100,000   95,290
Metropolitan Government Nashville & Davidson County, TN, Health & Educational Facility Revenue

Series A, 5.63%, 6/15/2047 (c)

  370,000   222,000
Metropolitan Nashville, TN, Airport Authority Revenue:        
Series A, 4.00%, 7/1/2054

  500,000   576,075
Series B, AMT, 5.00%, 7/1/2043

  100,000   113,131
Nashville Metropolitan Development & Housing Agency, TN, Tax Increment Revenue

5.13%, 6/1/2036 (c)

  430,000   490,159
Shelby County, TN, Health Educational & Housing Facilities Board Revenue:        
5.00%, 5/1/2029

  535,000   644,018
Series A, 5.50%, 9/1/2047

  400,000   399,886
Tennessee State, Energy Acquisition Corp., Gas Revenue:        
5.00%, 5/1/2052 (a)

  1,000,000   1,284,938
Series C, 5.00%, 2/1/2024

  100,000   108,861
Series C, 5.00%, 2/1/2027

  945,000   1,114,309
          12,582,137
TEXAS — 4.6%        
Arlington, TX, Higher Education Finance Corp. Revenue:        
Series A, 4.00%, 8/15/2041

  610,000   657,999
Series A, 4.00%, 8/15/2046

  860,000   922,033
Security Description     Principal
Amount
  Value
Series A, 5.00%, 8/15/2048

  $ 15,000   $ 16,337
Austin Convention Enterprises, Inc., TX, Convention Center Revenue:        
Series A, 5.00%, 1/1/2034

  400,000   446,824
Series B, 5.00%, 1/1/2032

  1,840,000   1,993,167
Series B, 5.00%, 1/1/2034

  300,000   323,990
Central Texas Regional Mobility Authority Revenue:        
Series B, 4.00%, 1/1/2041

  200,000   234,989
Series B, 4.00%, 1/1/2051

  300,000   346,762
Series B, 5.00%, 1/1/2036

  1,040,000   1,335,452
Series B, 5.00%, 1/1/2046

  500,000   627,142
Series G, 4.00%, 1/1/2045

  1,150,000   1,308,833
Series G, 4.00%, 1/1/2050

  2,000,000   2,264,472
City of Austin TX Airport System Revenue:        
Series B, AMT, 5.00%, 11/15/2037

  560,000   702,252
Series B, AMT, 5.00%, 11/15/2048

  1,000,000   1,229,297
City of Denton TX Utility System Revenue

5.00%, 12/1/2027

  630,000   754,606
City of Fort Worth TX, General Obligation

5.00%, 3/1/2028

  100,000   100,747
Clifton Higher Education Finance Corp. Revenue:        
Series D, 5.25%, 8/15/2027

  530,000   604,674
Series D, 5.25%, 8/15/2028

  1,000,000   1,136,713
Series D, 6.13%, 8/15/2048

  3,010,000   3,435,070
Clifton, TX, Higher Education Finance Corp. Educational Revenue:        
Series A, 3.95%, 12/1/2032

  115,000   117,135
Series A, 4.35%, 12/1/2042

  290,000   295,786
Dallas County, TX, Flood Control District No. 1, General Obligation

5.00%, 4/1/2028 (c)

  500,000   512,751
Decatur, TX, Hospital Authority Revenue:        
Series A, 6.63%, 9/1/2031

  280,000   306,192
Series A-REF, 5.25%, 9/1/2029

  335,000   371,398
El Paso County, TX, Hospital District, General Obligation:        
4.00%, 8/15/2036

  200,000   221,858
4.00%, 8/15/2038

  200,000   221,263
5.00%, 8/15/2037

  200,000   236,304
Grand Parkway Transportation Corp. Revenue:        
3.00%, 10/1/2050

  1,000,000   1,055,537
4.00%, 10/1/2038

  715,000   848,277
 
See accompanying notes to financial statements.
56


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Gulf Coast, TX, Industrial Development Authority Revenue

AMT, 4.88%, 5/1/2025

  $ 650,000   $ 658,844
Harris County, TX, Cultural Education Facilities Finance Corp. Revenue

5.00%, 11/15/2027

  890,000   1,097,448
Harris County, TX, Improvement District No. 18, General Obligation

3.38%, 9/1/2041

  120,000   124,007
Harris County-Houston, TX, Sports Authority Revenue:        
Series A, 3.13%, 11/15/2056

  510,000   537,707
Series H, Zero Coupon, 11/15/2036 (b)

  105,000   56,899
Series H, Zero Coupon, 11/15/2040 (b)

  420,000   175,751
Series H, Zero Coupon, 11/15/2041 (b)

  1,065,000   418,091
Houston, TX, Airport System Revenue:        
AMT, 4.00%, 7/15/2041

  965,000   1,033,641
AMT, 5.00%, 7/15/2027

  2,500,000   2,923,309
Series A, AMT, 5.00%, 7/1/2027

  610,000   712,796
Series A, AMT, 6.50%, 7/15/2030

  300,000   301,680
Series B-1, AMT, 5.00%, 7/15/2035

  3,000,000   3,315,037
Series C, AMT, 5.00%, 7/15/2027

  1,500,000   1,753,985
Series D, 5.00%, 7/1/2029

  115,000   143,164
Series D, 5.00%, 7/1/2035

  500,000   620,145
Lower Colorado, TX, River Authority Revenue:        
5.00%, 5/15/2025

  1,000,000   1,146,343
5.00%, 5/15/2032

  750,000   948,283
5.00%, 5/15/2037

  550,000   701,996
5.00%, 5/15/2038

  735,000   936,569
5.00%, 5/15/2039

  805,000   851,701
5.00%, 5/15/2040

  500,000   634,513
5.00%, 5/15/2041

  810,000   1,025,029
Matagorda County, TX, Navigation District No. 1, Revenue

Series A, 4.40%, 5/1/2030 (b)

  495,000   592,714
Mesquite, TX, Health Facility Development Corp. Revenue

5.13%, 2/15/2042 (e)

  1,600,000   1,248,000
Mission, TX, Economic Development Corp. Revenue:        
AMT, 4.63%, 10/1/2031 (c)

  3,000,000   3,155,048
AMT, 7.75%, 1/1/2045 (c)  (e)

  923,652   73,892
Security Description     Principal
Amount
  Value
New Hope, Cultural Education Facilities Corp. Revenue:        
2.00%, 11/15/2061

  $ 1,215,000   $ 818,460
5.00%, 11/15/2031

  850,000   972,616
5.00%, 11/15/2036

  1,100,000   1,258,680
5.00%, 1/1/2047

  500,000   534,645
5.00%, 7/1/2051

  885,000   818,359
5.50%, 1/1/2049

  1,000,000   1,038,752
7.50%, 11/15/2037

  45,000   44,712
Series A, 5.00%, 7/1/2047

  1,000,000   860,000
Series A, 5.38%, 11/15/2036

  500,000   536,714
Series A, 5.50%, 7/1/2045

  250,000   264,558
Series A, 5.50%, 7/1/2054

  100,000   105,554
Series A-1, 5.25%, 1/1/2042

  2,500,000   2,544,754
Series A-1, 5.50%, 1/1/2057

  3,375,000   3,434,794
New York State, Transportation Development Corp. Revenue

Series A, 5.13%, 8/15/2047

  1,375,000   1,382,731
North Fort Bend Water Authority System Revenue

Series A, 4.00%, 12/15/2040

  750,000   892,025
North Texas Tollway Authority Revenue:        
Zero Coupon, 1/1/2029 (b)

  315,000   286,570
Zero Coupon, 1/1/2038

  590,000   423,190
4.00%, 1/1/2037

  500,000   576,160
4.00%, 1/1/2038

  595,000   682,919
Series A, 3.00%, 1/1/2037

  500,000   539,409
Series B, 3.00%, 1/1/2046

  1,000,000   1,053,329
Series B, 4.00%, 1/1/2040

  450,000   540,246
Series B, 4.00%, 1/1/2041

  500,000   598,436
Series I, 6.20%, 1/1/2042 (b)

  180,000   210,763
Port of Beaumont Navigation District Revenue

AMT, 4.00%, 1/1/2050 (c)

  1,275,000   1,309,012
Pottsboro, TX, Higher Education Finance Corp., Education Revenue

Series A, 5.00%, 8/15/2036

  300,000   329,326
Red River Education Finance Corp., TX, Revenue

5.00%, 6/1/2046

  10,000   11,428
Red River, TX, Health Facilities Development Corp., Retirement Facilities Revenue:        
Series A, 7.50%, 11/15/2034

  1,000,000   1,189,790
Series A, 8.00%, 11/15/2049

  385,000   462,900
Red River, TX, Health Facilities Development Corp., Retirement Facilities Revenue

Series A, 7.75%, 11/15/2044

  1,250,000   1,496,069
SA Energy Acquisition Public Facility Corp., Revenue:        
5.50%, 8/1/2025

  205,000   238,248
5.50%, 8/1/2027

  150,000   185,307
 
See accompanying notes to financial statements.
57


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Tarrant County, TX, Cultural Education Facilities Finance Corp. Revenue:        
4.00%, 5/15/2027

  $ 500,000   $ 533,472
5.00%, 10/1/2044

  200,000   217,209
5.25%, 11/15/2047 (e)

  110,000   88,000
6.38%, 2/15/2041 (e)

  450,000   315,000
6.75%, 11/15/2047

  1,400,000   1,588,455
6.75%, 11/15/2052

  300,000   339,609
Series A, 5.00%, 11/15/2037

  445,000   514,270
Series B, 4.00%, 11/15/2025 (e)

  235,000   188,000
Series B, 4.50%, 11/15/2036 (e)

  190,000   152,000
Series B, 5.00%, 11/15/2046

  200,000   228,681
Texas State, Municipal Power Agency Revenue

3.00%, 9/1/2046

  1,000,000   1,052,052
Texas State, Municipal Gas Acquisition & Supply Corp. I Revenue

Series D, 6.25%, 12/15/2026

  185,000   215,271
Texas State, Private Activity Bond Surface Transportation Corp. Revenue:        
AMT, 5.00%, 12/31/2040

  780,000   876,143
AMT, 5.00%, 12/31/2045

  350,000   391,051
5.00%, 12/31/2055

  490,000   544,941
5.00%, 6/30/2058

  1,000,000   1,196,164
6.75%, 6/30/2043

  250,000   275,462
7.00%, 12/31/2038

  225,000   248,962
Series A, 5.00%, 12/31/2035

  830,000   1,038,337
Texas State, Turnpike System Revenue:        
Series C, 5.00%, 8/15/2034

  500,000   557,534
Series C, 5.00%, 8/15/2037

  500,000   557,725
West Harris County,TX, Regional Water Authority Revenue

3.00%, 12/15/2051

  730,000   781,948
Westlake Town, TX, Special Assessment:        
6.13%, 9/1/2035

  395,000   407,660
6.25%, 9/1/2040

  370,000   381,890
6.38%, 9/1/2045

  505,000   521,801
Woodloch Health Facilities Development Corp., TX, Revenue

Series A1, 6.75%, 12/1/2051 (c)  (e)

  2,000,000   1,091,000
          87,757,545
U. S. VIRGIN ISLANDS — 0.5%        
Virgin Islands Public Finance Authority Revenue:        
Series A, 5.00%, 10/1/2025

  395,000   395,948
Series A, 5.00%, 10/1/2029

  2,345,000   2,350,626
Security Description     Principal
Amount
  Value
Series A, 5.00%, 7/1/2031

  $ 1,435,000   $ 1,408,292
Series A, 5.00%, 10/1/2032

  415,000   414,402
Series A1, 4.50%, 10/1/2024

  235,000   233,253
Series A1, 5.00%, 10/1/2029

  100,000   100,240
Series A1, 5.00%, 10/1/2039

  345,000   345,828
Series B, 5.00%, 10/1/2024

  100,000   100,399
Series B, 5.00%, 10/1/2025

  730,000   722,278
Series B, 5.25%, 10/1/2029

  895,000   885,271
Series B, 6.63%, 10/1/2029

  600,000   604,920
Series B, 6.75%, 10/1/2037

  100,000   100,820
Series C, 5.00%, 10/1/2030

  1,000,000   1,001,597
          8,663,874
UTAH — 0.6%        
Box Elder County, UT, Solid Waste Disposal Revenue

Series A, AMT, 8.00%, 12/1/2039 (c)  (e)

  320,000   264,478
Military Installation Development Authority Revenue:        
4.00%, 6/1/2041

  600,000   604,702
Series A-1, 4.00%, 6/1/2052

  1,000,000   1,002,283
Series A-2, 4.00%, 6/1/2052

  5,000,000   4,903,247
Salt Lake City Corp., Airport Revenue

Series A, AMT, 5.00%, 7/1/2028

  150,000   181,126
UIPA Crossroads Public Infrastructure District, Tax Allocation

4.38%, 6/1/2052 (c)

  3,000,000   2,999,894
Utah Infrastructure Agency Revenue

4.00%, 10/15/2036

  1,000,000   1,147,626
          11,103,356
VERMONT — 0.1%        
Vermont Educational & Health Buildings Financing Agency Revenue

5.00%, 12/1/2046

  835,000   969,600
Vermont State, Economic Development Authority Revenue

Series A, 5.00%, 5/1/2047

  1,000,000   1,109,662
          2,079,262
VIRGINIA — 1.9%        
Amherst, VA, Industrial Development Authority Revenue

5.00%, 9/1/2026

  90,000   90,004
Arlington County Industrial Development Authority Revenue

5.00%, 7/1/2031

  500,000   647,281
 
See accompanying notes to financial statements.
58


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Cherry Hill, VA, Community Development Authority, Special Assessment

5.40%, 3/1/2045 (c)

  $ 335,000   $ 356,231
Chesapeake, VA, Chesapeake Expressway Toll Road Revenue

Series A, 5.00%, 7/15/2047

  50,000   51,228
City of Hopewell VA Sewer System Revenue

Series A, 5.00%, 7/15/2042

  300,000   300,888
Danville, VA, Industrial Development Authority Revenue

Series A, 5.00%, 10/1/2047

  385,000   406,373
Farms New Kent Community Development Authority, Special Assessment

3.75%, 3/1/2036 (c)

  4,210,000   4,523,853
Farmville Industrial Development Authority Revenue

Series A, 5.00%, 1/1/2059

  1,000,000   1,175,152
Hanover County Economic Development Authority Revenue

Series A, 4.50%, 7/1/2030

  250,000   255,099
Henrico County, VA, Economic Development Authority Revenue

Series C, 5.00%, 12/1/2047

  1,000,000   1,160,933
Lexington, VA, Industrial Development Authority Revenue

4.00%, 1/1/2031

  10,000   10,751
Lower Magnolia, VA, Green Community Development Authority, Special Assessment

5.00%, 3/1/2035 (c)

  975,000   1,029,384
Newport News, VA, Economic Development Authority Revenue

5.00%, 12/1/2038

  755,000   845,168
Norfolk, VA, Redevelopment & Housing Authority Revenue:        
5.38%, 1/1/2035

  250,000   271,476
Series A, 5.00%, 1/1/2049

  5,625,000   6,078,275
Peninsula Town Center, VA, Community Development Authority Revenue

5.00%, 9/1/2037 (c)

  1,950,000   2,126,157
Tobacco Settlement Financing Corp., NJ, Revenue

Series A, 5.00%, 6/1/2029

  175,000   215,777
Tobacco Settlement Financing Corp., VA, Revenue:        
Series B1, 5.00%, 6/1/2047

  4,435,000   4,460,003
Series C-1ST SUB, Zero Coupon, 6/1/2047

  3,060,000   761,608
Security Description     Principal
Amount
  Value
Virginia State, College Building Authority Revenue

Series A, 5.00%, 7/1/2030 (c)

  $ 875,000   $ 938,005
Virginia State, Small Business Financing Authority Revenue:        
4.00%, 12/1/2041

  2,000,000   2,237,490
4.00%, 12/1/2051

  3,000,000   3,326,250
AMT, 5.00%, 7/1/2034

  2,500,000   2,517,510
AMT, 5.00%, 12/31/2052

  335,000   396,169
5.25%, 10/1/2029

  1,000,000   1,124,855
Series C, 5.00%, 6/1/2047

  1,000,000   1,066,961
Series SR, AMT, 5.50%, 1/1/2042

  275,000   281,564
          36,654,445
WASHINGTON — 2.2%        
Klickitat County, WA, Public Utility District No. 1 Revenue

Series A, 5.00%, 12/1/2032

  400,000   451,131
Pend Oreille County, WA, Public Utility District No. 1 Box Canyon Revenue

5.00%, 1/1/2044

  215,000   248,746
Port of Seattle, WA, Airport Authority Revenue

Series C, AMT, 5.00%, 5/1/2031

  130,000   155,227
Port of Seattle, WA, Industrial Development Corp. Revenue

AMT, 5.00%, 4/1/2030

  2,000,000   2,099,865
Tacoma, WA, Consolidated Local Improvement Districts, Special Assessment

5.75%, 4/1/2043

  200,000   200,539
Washington State Convention Center Public Facilities District Revenue:        
3.00%, 7/1/2034

  1,000,000   1,062,398
3.00%, 7/1/2048

  3,000,000   3,048,994
3.00%, 7/1/2058

  1,810,000   1,826,496
4.00%, 7/1/2032

  3,695,000   4,325,258
4.00%, 7/1/2034

  320,000   373,103
4.00%, 7/1/2048

  1,010,000   1,146,181
4.00%, 7/1/2058

  1,685,000   1,895,881
5.00%, 7/1/2058

  170,000   202,162
Washington State, Economic Development Finance Authority Revenue:        
7.25%, 1/1/2032 (c)  (e)

  100,000   65,000
7.50%, 1/1/2032 (c)

  260,000   169,000
Series S, AMT, 7.50%, 1/1/2032 (c)  (e)

  495,000   321,750
Series S, AMT, 12.00%, 1/1/2033 (c)

  160,000   125,306
Washington State, Health Care Facilities Authority Revenue:        
4.00%, 7/1/2036

  630,000   681,686
 
See accompanying notes to financial statements.
59


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
4.00%, 7/1/2042

  $ 200,000   $ 227,211
5.00%, 9/1/2045

  895,000   1,126,699
Series A-, 4.00%, 8/1/2044

  2,050,000   2,353,859
Washington State, Housing Finance Commission Revenue:        
5.00%, 7/1/2046 (c)

  1,520,000   1,632,962
5.00%, 1/1/2051 (c)

  3,000,000   3,196,872
5.00%, 7/1/2051 (c)

  1,250,000   1,340,193
5.00%, 1/1/2056 (c)

  4,285,000   4,554,835
Series A, 5.00%, 1/1/2031 (c)

  100,000   110,214
Series A, 5.00%, 1/1/2044 (c)

  605,000   678,752
Series A, 5.00%, 1/1/2046 (c)

  1,000,000   1,082,020
Series A, 5.00%, 1/1/2051 (c)

  820,000   886,022
Series A, 5.00%, 7/1/2051 (c)

  1,000,000   1,057,538
Series A, 5.00%, 1/1/2055 (c)

  2,200,000   2,449,262
Series A, 7.00%, 7/1/2045 (c)

  1,345,000   1,500,332
Series A, 7.00%, 7/1/2050 (c)

  500,000   556,874
          41,152,368
WEST VIRGINIA — 0.3%        
Glenville, State College Revenue

5.25%, 6/1/2047

  750,000   785,242
Monongalia County, WV, Building Commission Special District Revenue

4.00%, 7/1/2035

  390,000   418,935
Monongalia County, WV, Commission Special District Revenue

Series A, 5.50%, 6/1/2037 (c)

  225,000   256,741
Ohio County Development Authority Revenue

5.00%, 9/1/2048

  1,000,000   1,007,818
West Virginia Economic Development Authority Revenue

AMT, VRN, 5.00%, 7/1/2045 (a)

  2,250,000   2,432,796
West Virginia Hospital Finance Authority Revenue

5.00%, 1/1/2043

  1,000,000   1,206,939
West Virginia State, Commissioner of Highways Revenue

Series A-, 5.00%, 9/1/2029

  120,000   146,996
          6,255,467
WISCONSIN — 2.8%        
Mount Pleasant, WI, Tax Increase Revenue

Series A, 5.00%, 4/1/2048

  650,000   769,193
Public Finance Authority Revenue:        
AMT, 4.00%, 8/1/2035

  940,000   977,438
AMT, 4.00%, 7/1/2041

  2,595,000   2,731,922
AMT, 4.25%, 7/1/2054

  4,500,000   4,718,812
Security Description     Principal
Amount
  Value
4.50%, 6/1/2056 (c)

  $ 1,000,000   $ 1,020,003
5.00%, 9/1/2030 (c)

  400,000   431,338
5.00%, 3/1/2037 (c)

  625,000   713,267
5.00%, 9/1/2039 (c)

  770,000   835,380
5.00%, 1/1/2042 (c)

  100,000   108,438
5.00%, 12/1/2055 (c)

  2,000,000   2,239,774
5.00%, 1/1/2056 (c)

  265,000   283,508
5.25%, 3/1/2035 (c)

  750,000   826,582
5.25%, 5/15/2052 (c)

  1,300,000   1,416,841
5.88%, 4/1/2045

  530,000   596,624
5.88%, 6/15/2047 (c)

  800,000   819,239
6.75%, 12/1/2042 (c)

  2,000,000   2,175,960
7.00%, 12/1/2050 (c)

  3,000,000   3,285,843
Series A, 5.00%, 11/15/2024 (c)

  325,000   342,222
Series A, 5.00%, 10/1/2034 (c)

  1,355,000   1,629,011
Series A, 5.00%, 6/15/2037 (c)

  425,000   443,066
Series A, 5.00%, 6/15/2046 (c)

  1,000,000   1,031,713
Series A, 5.00%, 6/15/2049 (c)

  310,000   328,598
Series A, 5.13%, 6/1/2048 (c)

  350,000   383,062
Series A, 5.25%, 3/1/2045 (c)

  1,000,000   1,150,003
Series A, 5.25%, 3/1/2055 (c)

  1,810,000   2,067,516
Series A, 5.35%, 12/1/2045

  1,000,000   1,186,239
Series A, 5.38%, 7/15/2047 (c)

  500,000   567,182
Series A, 6.00%, 7/15/2042

  250,000   254,826
Series A, 6.50%, 9/1/2048

  480,000   439,312
Series A, 6.75%, 8/1/2031 (c)

  980,000   1,042,427
Series A-, 5.20%, 6/1/2037

  1,000,000   1,111,756
Series A1, 6.25%, 1/1/2038 (c)

  500,000   397,356
Series A1, 6.38%, 1/1/2048 (c)

  925,000   706,361
Series B, Zero Coupon, 1/1/2060 (c)

  4,000,000   340,618
Series B, Zero Coupon, 1/1/2067 (c)

  920,000   16,740
Series B, 3.75%, 7/1/2051 (a) (c)  (e)

  2,075,993   1,355,448
Series S, 6.25%, 10/1/2031 (c)

  200,000   203,035
Wisconsin Center District Revenue

Series D, Zero Coupon, 12/15/2060 (b)

  1,000,000   231,252
Wisconsin Health & Educational Facilities Authority Revenue:        
2.83%, 11/1/2028

  130,000   130,032
3.13%, 12/15/2049

  850,000   896,511
4.00%, 1/1/2047

  600,000   641,459
5.00%, 11/15/2026

  565,000   637,232
5.00%, 8/1/2032

  50,000   53,343
 
See accompanying notes to financial statements.
60


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
5.00%, 8/1/2037

  $ 150,000   $ 159,068
5.00%, 8/1/2039

  1,100,000   1,165,373
5.00%, 11/1/2039

  1,000,000   1,123,384
5.00%, 11/1/2046

  1,250,000   1,390,949
5.00%, 7/1/2048

  790,000   813,668
5.00%, 7/1/2053

  4,500,000   4,605,169
5.50%, 5/1/2034

  350,000   361,674
3.50%, 7/1/2040

  100,000   107,767
4.00%, 7/1/2046

  335,000   368,049
Series A, 4.00%, 7/1/2048

  425,000   444,695
Series A, 4.13%, 7/1/2053

  595,000   623,203
Series A, 5.00%, 7/1/2038

  500,000   533,335
Series A, 5.00%, 9/15/2050

  500,000   539,188
Series A, 5.25%, 8/1/2048

  100,000   104,746
Series B, 5.00%, 2/15/2042

  150,000   171,972
          54,048,722
TOTAL MUNICIPAL BONDS & NOTES

(Cost $1,805,455,280)

  1,873,871,557  
    Shares  
SHORT-TERM INVESTMENT — 1.1%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (h) (i)

(Cost $20,153,729)

20,153,729 20,153,729
TOTAL INVESTMENTS — 99.6%

(Cost $1,825,609,009)

1,894,025,286
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4%

7,637,277
NET ASSETS — 100.0%

$ 1,901,662,563
(a) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(b) Bond is insured by the following:
  % of
Net Assets
National Public Finance Guaranty Corp.

1.3%
Assured Guaranty Municipal Corp.

1.2%
Ambac Financial Group

0.3%
Build America Mutual Assurance Company

0.3%
Assured Guaranty Corp.

0.2%
XL Capital Assurance Inc.

0.0%
(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 20.8% of net assets as of December 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d) Amount is less than 0.05% of net assets.
(e) Security is currently in default and/or issuer is in bankruptcy.
(f) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2021, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
(g) When-issued security.
(h) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(i) The rate shown is the annualized seven-day yield at December 31, 2021.
AMT Alternative Minimum Tax
VRN Variable Rate Note
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Municipal Bonds & Notes

  $   $1,873,871,557   $ 0(a)   $1,873,871,557
Short-Term Investment

  20,153,729       20,153,729
TOTAL INVESTMENTS

  $20,153,729   $1,873,871,557   $ 0   $1,894,025,286
(a) The Fund held Level 3 securities that were valued at $0 at December 31, 2021.
See accompanying notes to financial statements.
61


SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Affiliate Table
  Number of
Shares Held
at
6/30/21
  Value at

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

12/31/21
  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares

9,746,897   $9,746,897   $87,821,246   $77,414,414   $—   $—   20,153,729   $20,153,729   $1,343
See accompanying notes to financial statements.
62


SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2021 (Unaudited)

  SPDR Bloomberg Emerging Markets USD Bond ETF   SPDR Bloomberg Investment Grade Floating Rate ETF   SPDR Nuveen Bloomberg High Yield Municipal Bond ETF
ASSETS          
Investments in unaffiliated issuers, at value*

$183,025,291   $2,442,873,071   $1,873,871,557
Investments in affiliated issuers, at value

149,376   44,304,359   20,153,729
Total Investments

183,174,667   2,487,177,430   1,894,025,286
Cash

4,813   9,964   629,137
Receivable for investments sold

1,080,461    
Dividends receivable — affiliated issuers

8   600   377
Interest receivable — unaffiliated issuers

2,547,382   2,382,000   22,081,806
Securities lending income receivable — unaffiliated issuers

  564  
Securities lending income receivable — affiliated issuers  

  2,404  
Receivable from Adviser

    345
Receivable for foreign taxes recoverable

  13,896  
TOTAL ASSETS

186,807,331   2,489,586,858   1,916,736,951
LIABILITIES          
Payable upon return of securities loaned

  20,436,183  
Payable for investments purchased

111,966   14,077,004   14,514,247
Advisory fee payable

35,524   308,034   559,153
Trustees’ fees and expenses payable

9   4,502   988
TOTAL LIABILITIES

147,499   34,825,723   15,074,388
NET ASSETS

$186,659,832   $2,454,761,135   $1,901,662,563
NET ASSETS CONSIST OF:          
Paid-in Capital

$189,964,363   $2,467,604,046   $1,841,126,743
Total distributable earnings (loss)

(3,304,531)   (12,842,911)   60,535,820
NET ASSETS

$186,659,832   $2,454,761,135   $1,901,662,563
NET ASSET VALUE PER SHARE          
Net asset value per share

$ 29.63   $ 30.57   $ 59.99
Shares outstanding (unlimited amount authorized, $0.01 par value)

6,300,000   80,300,000   31,700,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers

$186,104,427   $2,442,198,063   $1,805,455,280
Investments in affiliated issuers

149,376   44,304,359   20,153,729
Total cost of investments

$186,253,803   $2,486,502,422   $1,825,609,009
* Includes investments in securities on loan, at value

$   $ 25,130,940   $
See accompanying notes to financial statements.
63


SPDR SERIES TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended December 31, 2021 (Unaudited)

  SPDR Bloomberg Emerging Markets USD Bond ETF   SPDR Bloomberg Investment Grade Floating Rate ETF   SPDR Nuveen Bloomberg High Yield Municipal Bond ETF
INVESTMENT INCOME          
Interest income — unaffiliated issuers

$ 3,759,059   $ 5,703,286   $ 31,772,288
Dividend income — affiliated issuers

41     1,343
Unaffiliated securities lending income

  3,441  
Affiliated securities lending income

  23,993  
Foreign taxes withheld

(362)    
TOTAL INVESTMENT INCOME (LOSS)

3,758,738   5,730,720   31,773,631
EXPENSES          
Advisory fee

210,699   1,860,076   3,226,748
Trustees’ fees and expenses  

854   13,839   8,905
Miscellaneous expenses

1   30   22
TOTAL EXPENSES

211,554   1,873,945   3,235,675
NET INVESTMENT INCOME (LOSS)

$ 3,547,184   $ 3,856,775   $ 28,537,956
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers

(140,449)   194,192   6,642,169
Investments — affiliated issuers

43   (7,016)  
In-kind redemptions — unaffiliated issuers

186,092   434,752   2,936,591
Net realized gain (loss)

45,686   621,928   9,578,760
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers

(5,716,217)   (4,724,389)   (26,042,443)
Investments — affiliated issuers

  (61)  
Net change in unrealized appreciation/depreciation

(5,716,217)   (4,724,450)   (26,042,443)
NET REALIZED AND UNREALIZED GAIN (LOSS)

(5,670,531)   (4,102,522)   (16,463,683)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$(2,123,347)   $ (245,747)   $ 12,074,273
See accompanying notes to financial statements.
64


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65


SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS

  SPDR Bloomberg Emerging Markets USD Bond ETF   SPDR Bloomberg Investment Grade Floating Rate ETF
  Six Months
Ended
12/31/21
(Unaudited)
  For the Period
4/7/21*-
6/30/21
  Six Months
Ended
12/31/21
(Unaudited)
  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)

$ 3,547,184   $ 1,388,962   $ 3,856,775   $ 12,652,988
Net realized gain (loss)

45,686   198,981   621,928   5,899,277
Net change in unrealized appreciation/depreciation

(5,716,217)   2,637,081   (4,724,450)   9,647,575
Net increase (decrease) in net assets resulting from operations

(2,123,347)   4,225,024   (245,747)   28,199,840
Net equalization credits and charges

20,924   69,350   (13,848)   7,239
Distributions to shareholders

(4,309,501)   (862,431)   (5,068,476)   (14,925,394)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold

24,201,564   186,906,555   168,322,581   731,487,480
Cost of shares redeemed

(12,299,512)   (9,083,571)   (186,734,292)   (923,696,913)
Net income equalization

(20,924)   (69,350)   13,848   (7,239)
Other Capital

4,755   296   568   5,901
Net increase (decrease) in net assets from beneficial interest transactions

11,885,883   177,753,930   (18,397,295)   (192,210,771)
Net increase (decrease) in net assets during the period

5,473,959   181,185,873   (23,725,366)   (178,929,086)
Net assets at beginning of period

181,185,873     2,478,486,501   2,657,415,587
NET ASSETS AT END OF PERIOD

$186,659,832   $181,185,873   $2,454,761,135   $2,478,486,501
SHARES OF BENEFICIAL INTEREST:              
Shares sold

800,000   6,200,000   5,500,000   23,900,000
Shares redeemed

(400,000)   (300,000)   (6,100,000)   (30,200,000)
Net increase (decrease) from share transactions

400,000   5,900,000   (600,000)   (6,300,000)
* Commencement of operations.
See accompanying notes to financial statements.
66



SPDR Nuveen Bloomberg High Yield Municipal Bond ETF
Six Months
Ended
12/31/21
(Unaudited)
  Year Ended
6/30/21
     
$ 28,537,956   $ 49,078,106
9,578,760   7,399,575
(26,042,443)   95,854,725
12,074,273   152,332,406
107,025   766,043
(32,504,814)   (48,403,539)
     
283,706,629   633,061,839
(157,682,114)   (140,113,915)
(107,025)   (766,043)
3,315   280,973
125,920,805   492,462,854
105,597,289   597,157,764
1,796,065,274   1,198,907,510
$1,901,662,563   $1,796,065,274
     
4,700,000   10,700,000
(2,600,000)   (2,400,000)
2,100,000   8,300,000
67


SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period

  SPDR Bloomberg Emerging Markets USD Bond ETF
  Six Months
Ended
12/31/21
(Unaudited)
  For the
Period
4/7/21*-
6/30/21
Net asset value, beginning of period

$ 30.71   $ 30.00
Income (loss) from investment operations:      
Net investment income (loss) (a)

0.59   0.27
Net realized and unrealized gain (loss) (b)

(0.95)   0.60
Total from investment operations

(0.36)   0.87
Net equalization credits and charges (a)

0.00(c)   0.01
Other capital (a)

0.00(c)   0.00(c)
Distributions to shareholders from:      
Net investment income

(0.72)   (0.17)
Net asset value, end of period

$ 29.63   $ 30.71
Total return (d)

(1.21)%   2.93%
Ratios and Supplemental Data:      
Net assets, end of period (in 000s)

$186,660   $181,186
Ratios to average net assets:      
Total expenses

0.23%(e)   0.23%(e)
Net investment income (loss)

3.87%(e)   3.81%(e)
Portfolio turnover rate (f)

5%(g)   17%(g)
* Commencement of operations.
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
68


SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Bloomberg Investment Grade Floating Rate ETF
  Six Months
Ended
12/31/21
(Unaudited)
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
  Year
Ended
6/30/18
  Year
Ended
6/30/17
Net asset value, beginning of period

$ 30.64   $ 30.47   $ 30.72   $ 30.74   $ 30.69   $ 30.48
Income (loss) from investment operations:                      
Net investment income (loss) (a)

0.05   0.16   0.68   0.87   0.63   0.41
Net realized and unrealized gain (loss) (b)

(0.06)   0.19   (0.21)   (0.03)   (0.04)   0.16
Total from investment operations

(0.01)   0.35   0.47   0.84   0.59   0.57
Net equalization credits and charges (a)

(0.00)(c)   0.00(c)   (0.01)   0.00(c)   0.02   0.01
Other capital (a)

0.00(c)   0.00(c)   0.00(c)   0.00(c)   0.01   0.01
Distributions to shareholders from:                      
Net investment income

(0.06)   (0.18)   (0.71)   (0.86)   (0.57)   (0.38)
Net asset value, end of period

$ 30.57   $ 30.64   $ 30.47   $ 30.72   $ 30.74   $ 30.69
Total return (d)

(0.01)%   1.14%   1.52%   2.83%   2.01%   1.98%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)

$2,454,761   $2,478,487   $2,657,416   $4,061,612   $3,430,056   $1,230,813
Ratios to average net assets:                      
Total expenses

0.15%(e)   0.15%   0.15%   0.15%   0.15%   0.15%
Net investment income (loss)

0.31%(e)   0.52%   2.23%   2.85%   2.06%   1.33%
Portfolio turnover rate (f)

20%(g)   41%   27%   19%   16%   23%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
69


SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Nuveen Bloomberg High Yield Municipal Bond ETF
  Six Months
Ended
12/31/21
(Unaudited)
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
  Year
Ended
6/30/18
  Year
Ended
6/30/17
Net asset value, beginning of period

$ 60.68   $ 56.29   $ 58.44   $ 56.55   $ 57.25   $ 59.80
Income (loss) from investment operations:                      
Net investment income (loss) (a)

0.94   2.04   2.23   2.45   2.29   2.20
Net realized and unrealized gain (loss) (b)

(0.56)   4.36   (2.18)   1.71   (0.87)   (2.62)
Total from investment operations

0.38   6.40   0.05   4.16   1.42   (0.42)
Net equalization credits and charges (a)

0.00(c)   0.03   0.03   0.05   (0.01)   0.01
Other capital (a)

0.00(c)   0.01   0.00(c)   0.01   0.00(c)   0.03
Distributions to shareholders from:                      
Net investment income

(1.07)   (2.05)   (2.23)   (2.33)   (2.11)   (2.17)
Net asset value, end of period

$ 59.99   $ 60.68   $ 56.29   $ 58.44   $ 56.55   $ 57.25
Total return (d)

0.59%   11.70%   0.08%   7.70%   2.53%   (0.60)%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)

$1,901,663   $1,796,065   $1,198,908   $824,048   $531,542   $606,878
Ratios to average net assets:                      
Total expenses

0.35%(e)   0.35%   0.35%   0.37%   0.50%   0.50%
Net expenses

0.35%(e)   0.35%   0.35%   0.37%   0.45%   0.45%
Net investment income (loss)

3.10%(e)   3.49%   3.87%   4.33%   4.06%   3.82%
Portfolio turnover rate (f)

5%(g)   14%   19%   18%   19%   11%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
70


SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 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 December 31, 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 Emerging Markets USD Bond ETF (Formerly, SPDR Bloomberg Barclays Emerging Markets USD Bond ETF)
SPDR Bloomberg Investment Grade Floating Rate ETF (Formerly, SPDR Bloomberg Barclays Investment Grade Floating Rate ETF)
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF (Formerly, SPDR Nuveen Bloomberg Barclays High Yield Municipal Bond ETF)
Each Fund is classified as a diversified investment company under the 1940 Act.
The SPDR Bloomberg Emerging Markets USD Bond ETF commenced operations on April 7, 2021.
Under the Trust’s organizational documents, its Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
2.    Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
•   Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
•   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
71


SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.
•   Debt obligations (including short-term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
•  Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;
•   Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
•   Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of each Fund’s investments, according to the fair value hierarchy as of December 31, 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, received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments
72


SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM's understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2021, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
The Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
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.    Securities and Other Investments
Delayed Delivery Transactions and When-Issued Securities
During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund’s Schedule of Investments. The Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Funds identify securities as segregated in their records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.
4.    Fees and Transactions with Affiliates
Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished and expenses borne by the Adviser, each Fund pays the Adviser a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:
  Annual Rate
SPDR Bloomberg Emerging Markets USD Bond ETF

0.23%
SPDR Bloomberg Investment Grade Floating Rate ETF

0.15
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF

0.35
73


SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

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, except SPDR Bloomberg Emerging Markets USD Bond ETF, until October 31, 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 October 31, 2022 except with the approval of the Board.
The Adviser pays all the expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Trust’s Trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”) (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation expenses, and other extraordinary expenses.
SSGA LTD, an affiliate of the Adviser, serves as investment sub-adviser to the SPDR Bloomberg Emerging Markets USD Bond ETF and provides day to day management of the Fund’s investments allocated to it by the Adviser, subject to supervision by the Adviser and oversight by the Board.
Nuveen Asset Management receives fees from the Adviser for its services as the sub-adviser to the SPDR Nuveen Bloomberg High Yield Municipal Bond ETF.
Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.
Distributor
State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust.
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017, as amended.
Beginning on January 1, 2022 net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers, are paid as follows: If the calendar year to date net proceeds are below a specified threshold across SPDR ETFs, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street. Prior to January 1, 2022, net proceeds were 85% payable to the Funds and 15% payable to State Street.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.
Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended December 31, 2021 are disclosed in the Schedules of Investments.
Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The due to custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.
74


SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

5.    Trustees’ Fees
The fees and expenses of the Independent Trustees are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6.    Investment Transactions
Purchases and sales of investments (excluding in-kind transactions, derivative contracts and short term investments) for the period ended December 31, 2021, were as follows:
  Purchases   Sales
SPDR Bloomberg Emerging Markets USD Bond ETF

$ 9,411,706   $ 9,251,800
SPDR Bloomberg Investment Grade Floating Rate ETF

530,545,773   457,299,097
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF

98,891,407   101,438,306
For the period ended December 31, 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 Emerging Markets USD Bond ETF

$ 23,223,390   $ 11,722,171   $ 186,092
SPDR Bloomberg Investment Grade Floating Rate ETF

167,299,044   186,473,516   434,752
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF

285,451,892   159,296,560   2,936,591
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 June 30, 2021, 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.
75


SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

As of December 31, 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 Emerging Markets USD Bond ETF

$ 186,612,695   $ 1,653,027   $ 4,740,257   $ (3,087,230)
SPDR Bloomberg Investment Grade Floating Rate ETF

2,487,232,020   1,659,303   1,713,893   (54,590)
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF

1,824,672,030   91,625,247   22,271,991   69,353,256
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 December 31, 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 December 31, 2021:
Fund   Market Value of
Securities on Loan
  Cash
Collateral
Received
  Non-Cash
Collateral
Received *
  Total
Collateral
Received
SPDR Bloomberg Investment Grade Floating Rate ETF

  $ 25,130,940   $ 20,436,183   $ 5,228,393   $ 25,664,576
 * The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of December 31, 2021:
        Remaining Contractual Maturity of the Agreements
as of December 31, 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 Investment Grade Floating Rate ETF

  Corporate Bonds & Notes   $19,413,683   $—   $—   $—   $19,413,683   $19,413,683
SPDR Bloomberg Investment Grade Floating Rate ETF

  Foreign Government Obligations   1,022,500         1,022,500   1,022,500
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

10.    Line of Credit
The Funds and other affiliated funds (each, a “Participant” and collectively, the “Participants”) have access to $200 million of a $1.1 billion revolving credit facility, provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2022 unless extended or renewed.
The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.00% plus the greater of the New York Fed Bank Rate and the one-month SOFR Rate. Prior to October 7, 2021 the Funds had access to $200 million of a $500 million revolving credit facility and interest was calculated at a rate per annum equal to the sum of 1.25% plus the New York Fed Bank Rate.
The Funds had no outstanding loans as of December 31, 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 may continue to be disrupted as a result. 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.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 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.
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SPDR SERIES TRUST
OTHER INFORMATION
December 31, 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 July 1, 2021 to December 31, 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.
  SPDR Bloomberg Emerging Markets USD Bond ETF   SPDR Bloomberg Investment Grade Floating Rate ETF   SPDR Nuveen Bloomberg High Yield Municipal Bond ETF
Annualized Expense Ratio

0.23%   0.15%   0.35%
Actual:          
Ending Account Value

$ 987.90   $ 999.90   $1,005.90
Expenses Paid During Period(a)

1.15   0.76   1.77
Hypothetical (assuming a 5% return before expenses):          
Ending Account Value

1,024.00   1,024.40   1,023.40
Expenses Paid During Period(a)

1.17   0.77   1.79
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.
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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
December 31, 2021 (Unaudited)

Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds’ Program. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for the period September 2020 through June 2021, including:
the Program supported each Fund’s ability to honor redemption requests timely;
the Program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions;
no material liquidity issues were identified during the period;
there were no material changes to the Program during the period;
the implementation of the Program was effective to manage each Fund’s liquidity risk; and
the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at https://www.ssga.com/spdrs.
Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at www.sec.gov.
Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Funds’ website at https://www.ssga.com/spdrs.
Quarterly Portfolio Schedule
Following the Funds’ first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibits on Form N-PORT, which can be found on the Funds' website at https://www.ssga.com/spdrs and on the SEC's website at www.sec.gov. The Funds’ Schedules of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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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 https://www.ssga.com/spdrs. 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 https://www.ssga.com/spdrs today.
State Street Global Advisors
One Iron Street
Boston, MA 02210
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.
Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.
BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, has each been licensed for use in connection with the listing and trading of the SPDR Bloomberg ETFs.
Standard & Poor’s, S& P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow
Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
SSGA Funds Management has retained Nuveen Asset Management as the sub-adviser for the SPDR Nuveen Bloomberg High Yield Municipal Bond ETF.
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 https://www.ssga.com/spdrs. Read it carefully.
Not FDIC Insured. No Bank Guarantee. May Lose Value.
 
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.
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SPDRLEGACYFISAR