Semi-Annual Report
December 31, 2021
SPDR® Series Trust - Fixed Income Funds
SPDR Bloomberg Convertible Securities ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SPDR Bloomberg High Yield Bond ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SPDR Bloomberg Short Term High Yield Bond ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield 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 Convertible Securities ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Broadcom, Inc.
8.00% 9/30/2022
2.5%  
  Wells Fargo & Co.
7.50% 12/31/2049
1.9  
  Bank of America Corp.
7.25% 12/31/2049
1.5  
  Palo Alto Networks, Inc.
0.38% 6/1/2025
1.2  
  Danaher Corp.
4.75% 4/15/2022
1.2  
  TOTAL 8.3%  
(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 77.7%  
  Convertible Preferred Stocks 20.5  
  Preferred Stocks 1.5  
  Common Stocks 0.1  
  Short-Term Investments 4.1  
  Liabilities in Excess of Other Assets (3.9)  
  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 Net Assets  
  Communications 25.6%  
  Technology 24.3  
  Consumer, Non-cyclical 17.5  
  Consumer, Cyclical 11.3  
  Financial 7.3  
  Utilities 6.7  
  Energy 2.9  
  Industrial 2.9  
  Basic Materials 1.3  
  Short-Term Investments 4.1  
  Liabilities in Excess of Other Assets (3.9)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
1


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

     
  Description % of Net Assets  
  Mozart Debt Merger Sub, Inc.
3.88% 4/1/2029
0.4%  
  TransDigm, Inc.
6.25% 3/15/2026
0.4  
  Directv Financing LLC/Directv Financing Co-Obligor, Inc.
5.88% 8/15/2027
0.3  
  American Airlines, Inc./AAdvantage Loyalty IP, Ltd.
5.50% 4/20/2026
0.3  
  Centene Corp.
4.63% 12/15/2029
0.3  
  TOTAL 1.7%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

     
    % of Net Assets  
  Corporate Bonds & Notes 98.3%  
  Common Stocks 0.1  
  Short-Term Investments 3.4  
  Liabilities in Excess of Other Assets (1.8)  
  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 Net Assets  
  Consumer, Cyclical 20.0%  
  Consumer, Non-cyclical 18.5  
  Communications 17.8  
  Energy 12.3  
  Financial 10.8  
  Industrial 8.7  
  Basic Materials 4.1  
  Technology 3.8  
  Utilities 2.4  
  Short-Term Investments 3.4  
  Liabilities in Excess of Other Assets (1.8)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2


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

     
  Description % of Net Assets  
  TransDigm, Inc.
6.25% 3/15/2026
0.9%  
  Sprint Corp.
7.88% 9/15/2023
0.8  
  American Airlines, Inc./AAdvantage Loyalty IP, Ltd.
5.50% 4/20/2026
0.7  
  Caesars Entertainment, Inc.
6.25% 7/1/2025
0.7  
  HCA, Inc.
5.38% 2/1/2025
0.6  
  TOTAL 3.7%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

     
    % of Net Assets  
  Corporate Bonds & Notes 97.9%  
  Common Stocks 0.0  
  Warrants 0.0 *  
  Short-Term Investments 3.1  
  Liabilities in Excess of Other Assets (1.0)  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.
(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 Net Assets  
  Consumer, Cyclical 25.3%  
  Communications 14.0  
  Consumer, Non-cyclical 13.8  
  Energy 12.9  
  Financial 12.6  
  Industrial 10.6  
  Basic Materials 3.5  
  Technology 3.1  
  Utilities 1.9  
  Diversified 0.2  
  Short-Term Investments 3.1  
  Liabilities in Excess of Other Assets (1.0)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
3


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 77.7%          
AIRLINES — 2.1%   
American Airlines Group, Inc.

6.50%, 7/1/2025

    $ 21,390,000   $ 29,611,674
Copa Holdings SA

4.50%, 4/15/2025

    7,600,000   13,316,340
GOL Equity Finance SA

3.75%, 7/15/2024 (a)

    8,920,000   7,565,677
JetBlue Airways Corp.

0.50%, 4/1/2026 (a)

    15,565,000   14,549,228
Southwest Airlines Co.

1.25%, 5/1/2025

    48,535,000   64,781,606
Spirit Airlines, Inc.

1.00%, 5/15/2026 (b)

    8,630,000   7,444,497
          137,269,022
AUTO MANUFACTURERS — 2.6%   
Fisker, Inc.

2.50%, 9/15/2026 (a)

    13,000,000   13,545,610
Ford Motor Co.

Zero Coupon, 3/15/2026 (a)

    48,730,000   67,058,815
Li Auto, Inc.

0.25%, 5/1/2028 (a)

    17,545,000   23,138,521
Lucid Group, Inc.

1.25%, 12/15/2026 (a)

    36,750,000   36,230,355
NIO, Inc.:          
0.01%, 2/1/2026 (a)

    16,405,000   14,360,117
0.50%, 2/1/2027 (a)

    17,950,000   15,379,560
          169,712,978
AUTO PARTS & EQUIPMENT — 0.2%   
Luminar Technologies, Inc.

1.25%, 12/15/2026 (a)

    11,400,000   12,211,224
BANKS — 0.2%   
JPMorgan Chase Bank NA

0.13%, 1/1/2023 (a)

    12,228,000   12,123,695
BIOTECHNOLOGY — 2.7%   
BioMarin Pharmaceutical, Inc.:          
0.60%, 8/1/2024

    11,790,000   12,391,880
1.25%, 5/15/2027 (b)

    11,886,000   12,359,895
See accompanying notes to financial statements.
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Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Bridgebio Pharma, Inc.:          
2.25%, 2/1/2029 (a)

    $ 16,800,000   $ 9,538,200
2.50%, 3/15/2027

    12,770,000   9,400,380
Guardant Health, Inc.

Zero Coupon, 11/15/2027

    24,415,000   24,576,139
Halozyme Therapeutics, Inc.

0.25%, 3/1/2027 (a)

    17,205,000   15,319,848
Illumina, Inc.

Zero Coupon, 8/15/2023 (b)

    16,904,000   19,388,043
Insmed, Inc.

0.75%, 6/1/2028

    12,920,000   14,056,960
Intercept Pharmaceuticals, Inc.:          
3.25%, 7/1/2023

    1,507,000   1,419,021
3.50%, 2/15/2026 (a)

    9,092,000   9,817,087
Ionis Pharmaceuticals, Inc.:          
0.01%, 4/1/2026 (a)

    13,220,000   11,621,966
0.13%, 12/15/2024

    11,230,000   10,128,225
Ligand Pharmaceuticals, Inc.

0.75%, 5/15/2023

    8,602,000   8,631,333
Livongo Health, Inc.

0.88%, 6/1/2025

    11,240,000   12,889,807
          171,538,784
CHEMICALS — 0.2%   
Amyris, Inc.

1.50%, 11/15/2026 (a)

    12,455,000   10,423,216
COMMERCIAL SERVICES — 3.5%   
2U, Inc.

2.25%, 5/1/2025 (b)

    6,806,000   7,210,821
Affirm Holdings, Inc.

0.01%, 11/15/2026 (a)

    36,897,000   33,371,861
Alarm.com Holdings, Inc.

0.01%, 1/15/2026 (a)

    10,333,000   9,344,752
Block, Inc.:          
0.13%, 3/1/2025

    21,644,000   32,189,606
0.50%, 5/15/2023

    11,486,000   23,927,980
Chegg, Inc.:          
Zero Coupon, 9/1/2026

    19,915,000   16,507,743
0.13%, 3/15/2025

    13,793,000   13,554,105
Euronet Worldwide, Inc.

0.75%, 3/15/2049 (b)

    12,416,000   13,446,404
See accompanying notes to financial statements.
5


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Marathon Digital Holdings, Inc.

1.00%, 12/1/2026 (a)

    $ 17,440,000   $ 14,011,121
Repay Holdings Corp.

0.01%, 2/1/2026 (a)

    10,330,000   8,935,656
Shift4 Payments, Inc.:          
0.01%, 12/15/2025 (a)

    15,187,000   16,073,465
0.50%, 8/1/2027 (a)

    11,971,000   10,527,656
Square, Inc.:          
Zero Coupon, 5/1/2026 (b)

    10,435,000   10,784,990
0.25%, 11/1/2027 (b)

    10,510,000   11,156,050
Stride, Inc.

1.13%, 9/1/2027

    7,290,000   7,124,517
          228,166,727
COMPUTERS — 3.3%   
3D Systems Corp.

0.01%, 11/15/2026 (a)

    10,467,000   9,964,584
CyberArk Software, Ltd.

Zero Coupon, 11/15/2024

    12,342,000   15,619,171
Insight Enterprises, Inc.

0.75%, 2/15/2025

    7,610,000   12,188,556
KBR, Inc.

2.50%, 11/1/2023

    6,568,000   12,544,026
Lumentum Holdings, Inc.:          
0.25%, 3/15/2024 (b)

    10,413,000   18,472,350
0.50%, 12/15/2026

    20,381,000   25,332,768
Parsons Corp.

0.25%, 8/15/2025

    6,520,000   6,510,089
Pure Storage, Inc.

0.13%, 4/15/2023

    10,983,000   14,664,941
Rapid7, Inc.

0.25%, 3/15/2027 (a)

    13,720,000   17,699,486
Western Digital Corp.

1.50%, 2/1/2024

    21,963,000   22,278,389
Zscaler, Inc.

0.13%, 7/1/2025

    25,013,000   54,745,453
          210,019,813
COSMETICS/PERSONAL CARE — 0.2%   
Beauty Health Co.

1.25%, 10/1/2026 (a)

    15,057,000   15,930,005
See accompanying notes to financial statements.
6


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
DIVERSIFIED FINANCIAL SERVICES — 1.4%   
Coinbase Global, Inc.

0.50%, 6/1/2026 (a)

    $ 29,605,000   $ 31,757,876
JPMorgan Chase Financial Co. LLC

0.25%, 5/1/2023 (a)

    11,240,000   12,430,316
LendingTree, Inc.

0.50%, 7/15/2025

    11,214,000   9,257,269
Sofi Technologies, Inc.

0.01%, 10/15/2026 (a)

    25,852,000   26,883,236
Upstart Holdings, Inc.

0.25%, 8/15/2026 (a)

    11,758,000   11,154,344
          91,483,041
ELECTRIC — 0.2%   
NRG Energy, Inc.

2.75%, 6/1/2048

    12,320,000   14,569,016
ELECTRONICS — 0.7%   
Fortive Corp.

0.88%, 2/15/2022

    24,939,000   24,953,714
Itron, Inc.

0.01%, 3/15/2026 (a)

    9,285,000   8,511,002
Vishay Intertechnology, Inc.

2.25%, 6/15/2025

    9,856,000   10,206,677
          43,671,393
ENERGY-ALTERNATE SOURCES — 1.8%   
Array Technologies, Inc.

1.00%, 12/1/2028 (a)

    8,925,000   8,455,634
Enphase Energy, Inc.:          
0.01%, 3/1/2026 (a)

    11,270,000   11,371,994
0.01%, 3/1/2028 (a)

    14,530,000   14,972,729
NextEra Energy Partners L.P.:          
0.01%, 6/15/2024 (a)

    8,930,000   9,232,816
0.01%, 11/15/2025 (a)

    12,590,000   14,388,985
SolarEdge Technologies, Inc.

0.01%, 9/15/2025

    12,980,000   16,495,503
Stem, Inc.

0.50%, 12/1/2028 (a)

    9,962,000   9,538,117
Sunnova Energy International, Inc.

0.25%, 12/1/2026 (a)

    13,220,000   13,713,503
SunPower Corp.

4.00%, 1/15/2023

    9,770,000   11,323,625
See accompanying notes to financial statements.
7


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Sunrun, Inc.

0.01%, 2/1/2026 (a)

    $ 4,600,000   $ 3,627,422
          113,120,328
ENTERTAINMENT — 1.5%   
Cinemark Holdings, Inc.

4.50%, 8/15/2025

    11,005,000   15,796,027
DraftKings, Inc.

0.01%, 3/15/2028 (a)

    26,575,000   20,123,121
Live Nation Entertainment, Inc.:          
2.00%, 2/15/2025

    9,769,000   12,939,822
2.50%, 3/15/2023

    11,400,000   20,635,938
Marriott Vacations Worldwide Corp.

0.01%, 1/15/2026 (a)

    11,000,000   12,964,600
Vail Resorts, Inc.

Zero Coupon, 1/1/2026 (b)

    11,820,000   12,706,264
          95,165,772
FOOD — 0.3%   
Beyond Meat, Inc.

0.01%, 3/15/2027 (a)

    24,645,000   17,143,555
HEALTH CARE PRODUCTS — 2.8%   
Envista Holdings Corp.

2.38%, 6/1/2025

    11,595,000   25,740,320
Exact Sciences Corp.:          
0.38%, 3/15/2027

    17,815,000   18,121,775
0.38%, 3/1/2028

    29,208,000   28,268,963
1.00%, 1/15/2025 (b)

    1,270,000   1,626,159
Haemonetics Corp.

0.01%, 3/1/2026 (a)

    10,305,000   8,609,931
Insulet Corp.

0.38%, 9/1/2026

    17,619,000   23,363,851
Integra LifeSciences Holdings Corp.

0.50%, 8/15/2025

    11,750,000   12,791,755
Novocure, Ltd.

Zero Coupon, 11/1/2025

    14,030,000   12,915,176
NuVasive, Inc.:          
0.38%, 3/15/2025

    8,754,000   8,402,089
1.00%, 6/1/2023

    9,373,000   9,339,257
Omnicell, Inc.

0.25%, 9/15/2025

    12,295,000   23,220,829
See accompanying notes to financial statements.
8


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
SmileDirectClub, Inc.

0.01%, 2/1/2026 (a)

    $ 17,295,000   $ 6,654,078
          179,054,183
HEALTH CARE SERVICES — 0.7%   
Invitae Corp.

2.00%, 9/1/2024 (b)

    7,971,000   7,480,784
Oak Street Health, Inc.

0.01%, 3/15/2026 (a)

    19,580,000   15,904,638
Teladoc Health, Inc.

1.25%, 6/1/2027 (b)

    21,106,000   19,298,060
          42,683,482
HOME BUILDERS — 0.2%   
LCI Industries

1.13%, 5/15/2026

    10,250,000   11,292,425
INTERNET — 19.5%   
Airbnb, Inc.

Zero Coupon, 3/15/2026 (a)

    41,585,000   40,717,121
Booking Holdings, Inc.

0.75%, 5/1/2025 (b)

    19,062,000   28,056,214
Etsy, Inc.:          
0.13%, 10/1/2026

    14,195,000   36,182,487
0.13%, 9/1/2027

    13,490,000   18,105,604
0.25%, 6/15/2028 (a)

    21,075,000   24,771,766
Expedia Group, Inc.

Zero Coupon, 2/15/2026 (a)  (b)

    20,500,000   23,688,775
Farfetch, Ltd.

3.75%, 5/1/2027

    8,445,000   19,110,782
Fiverr International, Ltd.

Zero Coupon, 11/1/2025 (b)

    8,095,000   7,555,064
fuboTV, Inc.

3.25%, 2/15/2026 (a)

    9,205,000   7,574,887
Hello Group, Inc.

1.25%, 7/1/2025

    11,997,000   10,411,237
iQIYI, Inc.:          
2.00%, 4/1/2025

    26,004,000   18,921,811
4.00%, 12/15/2026

    19,905,000   14,356,879
JOYY, Inc.:          
0.75%, 6/15/2025

    10,370,000   9,423,012
1.38%, 6/15/2026

    11,320,000   10,091,440
See accompanying notes to financial statements.
9


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Lyft, Inc.

1.50%, 5/15/2025

    $ 15,475,000   $ 20,641,638
Magnite, Inc.

0.25%, 3/15/2026 (a)

    8,710,000   6,864,612
Mandiant, Inc.:          
0.88%, 6/1/2024

    12,156,000   12,634,460
Series B, 1.63%, 6/1/2035

    10,880,000   10,848,666
Match Group Financeco 2, Inc.

0.88%, 6/15/2026 (a)

    13,130,000   21,315,899
Match Group Financeco 3, Inc.

2.00%, 1/15/2030 (a)

    12,070,000   21,302,705
MercadoLibre, Inc.

2.00%, 8/15/2028

    8,846,000   27,507,875
NortonLifeLock, Inc.

2.00%, 8/15/2022 (a)

    13,577,000   17,598,236
Okta, Inc.:          
0.13%, 9/1/2025

    22,405,000   30,396,863
0.38%, 6/15/2026

    24,963,000   29,697,732
Opendoor Technologies, Inc.

0.25%, 8/15/2026 (a)

    21,700,000   22,594,040
Palo Alto Networks, Inc.:          
0.38%, 6/1/2025

    41,840,000   79,262,951
0.75%, 7/1/2023

    36,350,000   76,188,873
Perficient, Inc.

0.13%, 11/15/2026 (a)

    8,981,000   8,566,706
Pinduoduo, Inc.

0.01%, 12/1/2025

    44,606,000   40,303,751
Q2 Holdings, Inc.

0.13%, 11/15/2025

    8,725,000   8,007,892
Sea, Ltd.:          
0.25%, 9/15/2026

    61,500,000   56,553,555
2.38%, 12/1/2025

    23,351,000   59,716,913
Shopify, Inc.

0.13%, 11/1/2025 (b)

    18,160,000   22,493,339
Snap, Inc.:          
Zero Coupon, 5/1/2027 (a)

    24,085,000   23,606,672
0.25%, 5/1/2025

    5,035,000   11,153,683
0.75%, 8/1/2026

    18,025,000   39,038,545
Spotify USA, Inc.

0.01%, 3/15/2026 (a)

    31,540,000   28,593,218
TechTarget, Inc.

Zero Coupon, 12/15/2026 (a)

    7,428,000   7,392,717
See accompanying notes to financial statements.
10


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Twitter, Inc.:          
0.01%, 3/15/2026 (a)

    $ 30,625,000   $ 27,561,888
0.25%, 6/15/2024

    24,439,000   26,655,617
Uber Technologies, Inc.

Zero Coupon, 12/15/2025

    22,075,000   21,831,513
Upwork, Inc.

0.25%, 8/15/2026 (a)

    14,064,000   12,907,236
Vnet Group, Inc.

0.01%, 2/1/2026 (a)  (b)

    12,015,000   9,408,826
Wayfair, Inc.:          
0.63%, 10/1/2025

    33,233,000   30,321,789
1.00%, 8/15/2026

    20,045,000   30,153,694
Wayfair, Inc.

1.13%, 11/1/2024

    10,259,000   17,945,864
Weibo Corp.

1.25%, 11/15/2022

    20,274,000   19,775,665
Wix.com, Ltd.:          
Zero Coupon, 7/1/2023

    9,788,000   12,497,906
Zero Coupon, 8/15/2025

    11,322,000   10,315,814
Zendesk, Inc.

0.63%, 6/15/2025

    23,865,000   28,497,435
Zillow Group, Inc.:          
0.75%, 9/1/2024

    12,935,000   20,159,844
1.38%, 9/1/2026

    11,245,000   18,092,305
2.75%, 5/15/2025 (b)

    12,727,000   16,383,467
          1,253,757,483
INVESTMENT COMPANY SECURITY — 0.3%   
Ares Capital Corp.:          
3.75%, 2/1/2022

    7,575,000   8,447,337
4.63%, 3/1/2024

    8,978,000   10,237,883
          18,685,220
IRON/STEEL — 0.2%   
United States Steel Corp.

5.00%, 11/1/2026

    7,266,000   14,572,762
LEISURE TIME — 1.9%   
Carnival Corp.

5.75%, 4/1/2023

    11,280,000   23,954,208
NCL Corp., Ltd.:          
1.13%, 2/15/2027 (a)

    25,968,000   24,403,168
5.38%, 8/1/2025

    8,900,000   12,647,968
See accompanying notes to financial statements.
11


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Peloton Interactive, Inc.

0.01%, 2/15/2026 (a)

    $ 20,675,000   $ 17,516,274
Royal Caribbean Cruises, Ltd.:          
2.88%, 11/15/2023

    12,345,000   14,614,381
4.25%, 6/15/2023

    24,408,000   31,085,541
          124,221,540
LODGING — 0.4%   
Huazhu Group, Ltd.:          
0.38%, 11/1/2022

    10,735,000   11,004,234
3.00%, 5/1/2026

    11,396,000   12,821,297
          23,825,531
MACHINERY-DIVERSIFIED — 0.4%   
Middleby Corp.

1.00%, 9/1/2025

    16,314,000   26,152,647
MEDIA — 4.5%   
Cable One, Inc.

0.01%, 3/15/2026 (a)

    12,055,000   11,597,633
DISH Network Corp.:          
Zero Coupon, 12/15/2025

    41,120,000   41,223,622
2.38%, 3/15/2024

    21,217,000   20,381,475
3.38%, 8/15/2026

    64,377,000   60,396,570
Liberty Broadband Corp.:          
1.25%, 9/30/2050 (a)

    18,975,000   18,764,188
2.75%, 9/30/2050 (a)

    11,661,000   11,865,301
Liberty Interactive LLC:          
1.75%, 9/30/2046 (a)

    6,672,000   12,799,031
3.75%, 2/15/2030

    8,990,000   6,718,047
4.00%, 11/15/2029

    7,657,000   5,753,546
Liberty Latin America, Ltd.

2.00%, 7/15/2024

    8,189,000   8,066,656
Liberty Media Corp.:          
0.50%, 12/1/2050 (a)

    17,570,000   25,307,828
1.38%, 10/15/2023

    20,702,000   31,109,724
2.13%, 3/31/2048 (a)

    6,468,000   6,687,977
2.75%, 12/1/2049 (a)

    13,920,000   14,371,982
Liberty Media Corp.-Liberty Formula One

1.00%, 1/30/2023

    8,392,000   14,462,102
          289,505,682
See accompanying notes to financial statements.
12


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
MINING — 0.3%   
MP Materials Corp.

0.25%, 4/1/2026 (a)

    $ 14,905,000   $ 18,887,765
MISCELLANEOUS MANUFACTURER — 0.1%   
John Bean Technologies Corp.

0.25%, 5/15/2026 (a)

    7,050,000   7,796,736
OIL & GAS — 1.0%   
EQT Corp.

1.75%, 5/1/2026

    11,585,000   19,323,433
Pioneer Natural Resources Co.

0.25%, 5/15/2025

    27,048,000   48,387,249
          67,710,682
PHARMACEUTICALS — 2.9%   
Aphria, Inc.

5.25%, 6/1/2024 (a)

    6,035,000   6,367,408
Dexcom, Inc.

0.25%, 11/15/2025 (b)

    25,685,000   30,444,944
DexCom, Inc.

0.75%, 12/1/2023

    17,230,000   56,267,149
Herbalife Nutrition, Ltd.

2.63%, 3/15/2024

    11,955,000   11,994,691
Jazz Investments I, Ltd.:          
1.50%, 8/15/2024

    9,863,000   9,824,830
2.00%, 6/15/2026

    21,540,000   24,264,164
Neurocrine Biosciences, Inc.

2.25%, 5/15/2024

    6,792,000   8,496,317
Pacira BioSciences, Inc.

0.75%, 8/1/2025

    10,055,000   11,149,989
Sarepta Therapeutics, Inc.

1.50%, 11/15/2024

    11,850,000   17,218,524
Supernus Pharmaceuticals, Inc.

0.63%, 4/1/2023

    8,650,000   8,564,452
Tilray, Inc.

5.00%, 10/1/2023

    5,487,000   5,351,032
          189,943,500
PIPELINES — 0.1%   
Golar LNG, Ltd.

2.75%, 2/15/2022

    8,535,000   8,514,260
See accompanying notes to financial statements.
13


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
REAL ESTATE — 0.5%   
Realogy Group LLC

0.25%, 6/15/2026 (a)

    $ 8,415,000   $ 8,369,306
Redfin Corp.:          
Zero Coupon, 10/15/2025

    14,845,000   13,288,799
0.50%, 4/1/2027 (a)

    11,745,000   9,495,598
          31,153,703
REAL ESTATE INVESTMENT TRUSTS — 0.4%   
Blackstone Mortgage Trust, Inc.

4.38%, 5/5/2022

    7,270,000   7,300,897
Pebblebrook Hotel Trust

1.75%, 12/15/2026

    14,715,000   16,195,329
          23,496,226
RETAIL — 1.7%   
American Eagle Outfitters, Inc.

3.75%, 4/15/2025

    8,800,000   26,489,848
Burlington Stores, Inc.

2.25%, 4/15/2025

    12,180,000   18,151,854
Dick's Sporting Goods, Inc.

3.25%, 4/15/2025

    12,580,000   44,517,601
National Vision Holdings, Inc.

2.50%, 5/15/2025

    7,765,000   13,019,808
Vroom, Inc.

0.75%, 7/1/2026 (a)

    13,470,000   8,250,779
          110,429,890
SEMICONDUCTORS — 1.6%   
MACOM Technology Solutions Holdings, Inc.

0.25%, 3/15/2026 (a)

    8,470,000   9,928,534
Microchip Technology, Inc.

0.13%, 11/15/2024 (b)

    14,057,000   17,524,440
ON Semiconductor Corp.

Zero Coupon, 5/1/2027 (a)  (b)

    16,910,000   24,760,975
Silicon Laboratories, Inc.

0.63%, 6/15/2025

    11,734,000   20,536,378
Wolfspeed, Inc.

1.75%, 5/1/2026 (b)

    12,785,000   31,354,701
          104,105,028
SOFTWARE — 16.5%   
8x8, Inc.

0.50%, 2/1/2024

    10,320,000   10,234,034
See accompanying notes to financial statements.
14


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Akamai Technologies, Inc.:          
0.13%, 5/1/2025

    $ 24,676,000   $ 32,360,600
0.38%, 9/1/2027

    24,297,000   28,550,433
Alteryx, Inc.:          
0.50%, 8/1/2024

    7,770,000   7,340,941
1.00%, 8/1/2026

    10,496,000   9,383,004
Avalara, Inc.

0.25%, 8/1/2026 (a)

    21,025,000   19,414,485
Avaya Holdings Corp.

2.25%, 6/15/2023

    5,883,000   6,261,100
Bandwidth, Inc.

0.25%, 3/1/2026

    6,534,000   6,963,741
Bentley Systems, Inc.:          
0.13%, 1/15/2026 (a)

    13,770,000   14,220,279
0.38%, 7/1/2027 (a)

    13,500,000   12,388,815
Bilibili, Inc.:          
0.50%, 12/1/2026 (a)

    34,367,000   29,314,364
1.25%, 6/15/2027

    16,112,000   22,241,327
1.38%, 4/1/2026

    9,115,000   17,818,822
Bill.com Holdings, Inc.:          
Zero Coupon, 12/1/2025

    23,535,000   40,380,176
0.01%, 4/1/2027 (a)  (b)

    13,349,000   13,748,135
Blackline, Inc.:          
0.01%, 3/15/2026 (a)

    24,981,000   23,274,548
0.13%, 8/1/2024

    5,083,000   7,642,240
Ceridian HCM Holding, Inc.

0.25%, 3/15/2026 (a)

    13,380,000   13,935,538
Cloudflare, Inc.

Zero Coupon, 8/15/2026 (a)

    27,900,000   29,568,699
Confluent, Inc.

Zero Coupon, 1/15/2027 (a)

    22,840,000   24,822,055
Coupa Software, Inc.:          
0.13%, 6/15/2025

    17,568,000   21,641,668
0.38%, 6/15/2026

    29,004,000   27,464,468
Datadog, Inc.

0.13%, 6/15/2025

    14,703,000   29,496,276
DigitalOcean Holdings, Inc.

0.01%, 12/1/2026 (a)

    31,931,000   28,466,806
DocuSign, Inc.

Zero Coupon, 1/15/2024 (a)  (b)

    15,297,000   14,742,484
Dropbox, Inc.:          
0.01%, 3/1/2026 (a)

    16,190,000   15,703,490
See accompanying notes to financial statements.
15


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
0.01%, 3/1/2028 (a)

    $ 13,980,000   $ 13,776,032
Envestnet, Inc.

0.75%, 8/15/2025 (a)

    8,965,000   9,009,287
Everbridge, Inc.:          
0.01%, 3/15/2026 (a)

    6,786,000   5,761,246
0.13%, 12/15/2024 (b)

    10,797,000   10,536,468
Fastly, Inc.

0.01%, 3/15/2026 (a)

    20,245,000   16,534,091
Five9, Inc.

0.50%, 6/1/2025

    14,588,000   17,832,225
Guidewire Software, Inc.

1.25%, 3/15/2025

    8,575,000   9,991,676
HubSpot, Inc.

0.38%, 6/1/2025

    9,621,000   22,850,741
Jamf Holding Corp.

0.13%, 9/1/2026 (a)

    7,984,000   8,270,626
LivePerson, Inc.

0.01%, 12/15/2026

    10,685,000   9,057,461
MicroStrategy, Inc.:          
0.01%, 2/15/2027 (a)

    22,760,000   16,564,045
0.75%, 12/15/2025

    14,310,000   22,322,598
MongoDB, Inc.

0.25%, 1/15/2026

    25,121,000   64,085,681
New Relic, Inc.

0.50%, 5/1/2023

    10,810,000   12,934,814
Nuance Communications, Inc.:          
1.00%, 12/15/2035

    6,569,000   15,036,901
1.25%, 4/1/2025

    565,000   1,592,797
Nutanix, Inc.

0.25%, 10/1/2027 (a)

    14,715,000   13,399,332
Pegasystems, Inc.

0.75%, 3/1/2025

    13,925,000   14,733,068
Porch Group, Inc.

0.75%, 9/15/2026 (a)

    7,579,000   7,296,000
Progress Software Corp.

1.00%, 4/15/2026 (a)

    6,385,000   6,608,411
RingCentral, Inc.:          
Zero Coupon, 3/1/2025

    20,804,000   19,659,156
Zero Coupon, 3/15/2026

    13,905,000   12,374,338
Sailpoint Technologies Holdings, Inc.

0.13%, 9/15/2024

    8,951,000   15,927,051
Splunk, Inc.:          
0.50%, 9/15/2023

    11,843,000   12,649,864
See accompanying notes to financial statements.
16


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
1.13%, 9/15/2025

    $ 18,496,000   $ 20,431,606
1.13%, 6/15/2027

    33,155,000   31,000,588
Tyler Technologies, Inc.

0.25%, 3/15/2026 (a)

    11,622,000   14,231,023
Unity Software, Inc.

0.01%, 11/15/2026 (a)

    36,871,000   33,708,943
Workday, Inc.

0.25%, 10/1/2022

    25,006,000   46,610,434
Ziff Davis, Inc.

1.75%, 11/1/2026 (a)

    11,479,000   14,198,719
Zynga, Inc.:          
Zero Coupon, 12/15/2026

    17,059,000   15,687,286
0.25%, 6/1/2024

    16,273,000   17,557,916
          1,059,608,952
TELECOMMUNICATIONS — 0.6%   
Infinera Corp.

2.13%, 9/1/2024

    8,155,000   9,687,162
InterDigital, Inc.

2.00%, 6/1/2024

    10,103,000   11,083,092
Nice, Ltd.

Zero Coupon, 9/15/2025 (b)

    10,036,000   12,247,633
Viavi Solutions, Inc.

1.00%, 3/1/2024

    5,531,000   7,803,577
          40,821,464
TRANSPORTATION — 0.1%   
CryoPort, Inc.

0.75%, 12/1/2026 (a)

    8,478,000   7,841,896
TRUCKING & LEASING — 0.1%   
Greenbrier Cos., Inc.

2.88%, 4/15/2028 (a)

    7,360,000   7,983,171
TOTAL CORPORATE BONDS & NOTES

(Cost $4,921,964,179)

        5,004,592,797
    
See accompanying notes to financial statements.
17


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 0.1%   
MEDIA — 0.1%  
Gannett Co., Inc. (c)

(cost $5,726,950)

  1,000,000   $ 5,330,000
TOTAL COMMON STOCKS

(Cost $5,726,950)

        5,330,000
PREFERRED STOCKS — 1.5%          
BANKS — 1.5%          
Bank of America Corp. 7.25% 12/31/2049

(Cost $85,953,282)

    65,578   94,786,441
CONVERTIBLE PREFERRED STOCKS — 20.5%          
AGRICULTURE — 0.3%          
Bunge Ltd.

4.88%, 12/31/2049

    153,555   19,461,545
AUTO PARTS & EQUIPMENT — 0.7%          
Aptiv PLC

Series A, 5.50%, 6/15/2023

    247,610   45,582,525
BANKS — 1.9%          
Wells Fargo & Co.

Series L, 7.50%, 12/31/2049

    82,449   122,892,708
DIVERSIFIED FINANCIAL SERVICES — 1.2%          
2020 Mandatory Exchangeable Trust

6.50%, 5/16/2023 (a)

    14,715   20,047,716
AMG Capital Trust II

5.15%, 10/15/2037

    198,648   11,658,154
KKR & Co., Inc.

Series C, 6.00%, 9/15/2023 (b)

    485,944   45,265,684
          76,971,554
ELECTRIC — 6.0%          
AES Corp.

6.88%, 2/15/2024

    229,575   22,039,200
Algonquin Power & Utilities Corp.

7.75%, 6/15/2024

    498,055   23,528,118
American Electric Power Co., Inc.:          
6.13%, 3/15/2022

    361,380   18,112,366
6.13%, 8/15/2023

    306,820   16,138,732
CenterPoint Energy, Inc.

4.57%, 9/15/2029 (d)

    270,171   15,716,387
See accompanying notes to financial statements.
18


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Dominion Energy, Inc.

Series A, 7.25%, 6/1/2022

    342,615   $ 34,480,773
DTE Energy Co.

6.25%, 11/1/2022

    543,605   27,908,681
NextEra Energy, Inc.:          
4.87%, 9/1/2022 (e)

    630,255   42,914,063
5.28%, 3/1/2023 (e)

    1,041,635   59,935,678
6.22%, 9/1/2023 (e)

    831,835   48,171,565
PG&E Corp.

5.50%, 8/16/2023

    345,775   39,999,252
Southern Co.

Series 2019, 6.75%, 8/1/2022

    722,305   38,823,894
          387,768,709
ELECTRONICS — 0.2%          
II-VI, Inc.

Series A, 6.00%, 7/1/2023 (b)

    54,705   15,482,609
ENGINEERING & CONSTRUCTION — 0.3%          
Fluor Corp.

6.50%, 8/15/2051 (a)

    13,425   17,699,520
ENVIRONMENTAL CONTROL — 0.5%          
GFL Environmental, Inc.

6.00%, 3/15/2023

    335,190   29,144,770
GAS — 0.3%          
NiSource, Inc.

7.75%, 3/1/2024

    194,325   21,762,457
HAND & MACHINE TOOLS — 0.3%          
Stanley Black & Decker, Inc.

5.25%, 11/15/2022 (b)

    155,100   16,935,369
HEALTH CARE PRODUCTS — 3.4%          
Avantor, Inc.

Series A, 6.25%, 5/15/2022

    438,770   56,693,472
Boston Scientific Corp.

Series A, 5.50%, 6/1/2023

    198,725   22,785,808
Danaher Corp.:          
Series A, 4.75%, 4/15/2022

    35,235   77,305,590
Series B, 5.00%, 4/15/2023 (b)

    35,510   61,722,417
          218,507,287
See accompanying notes to financial statements.
19


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
IRON/STEEL — 0.6%          
ArcelorMittal SA

5.50%, 5/18/2023

    533,462   $ 39,534,869
MEDIA — 0.2%          
ViacomCBS, Inc.

Series A, 5.75%, 4/1/2024 (b)

    233,705   11,736,665
METAL FABRICATE & HARDWARE — 0.2%          
RBC Bearings, Inc.

Series A, 5.00%, 10/15/2024

    104,850   10,994,571
PHARMACEUTICALS — 0.7%          
Becton Dickinson and Co.

Series B, 6.00%, 6/1/2023 (b)

    629,500   33,206,125
Elanco Animal Health, Inc.

5.00%, 2/1/2023 (b)

    209,060   9,336,620
          42,542,745
SEMICONDUCTORS — 2.5%          
Broadcom, Inc.

Series A, 8.00%, 9/30/2022

    78,870   163,686,009
SOFTWARE — 0.4%          
Clarivate PLC

Series A, 5.25%, 6/1/2024

    308,300   28,012,138
TELECOMMUNICATIONS — 0.7%          
2020 Cash Mandatory Exchangeable Trust

5.25%, 6/1/2023 (a)

    43,630   45,595,531
WATER — 0.1%          
Essential Utilities, Inc.

6.00%, 4/30/2022

    144,345   9,409,851
TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $1,030,746,703)

        1,323,721,432
SHORT-TERM INVESTMENTS — 4.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (f)  (g)

  11,933,778   11,934,971
See accompanying notes to financial statements.
20


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (h)  (i)

  249,278,300   $ 249,278,300
TOTAL SHORT-TERM INVESTMENTS

(Cost $261,213,271)

  261,213,271  
TOTAL INVESTMENTS — 103.9%

(Cost $6,305,604,385)

  6,689,643,941  
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.9)%

  (249,794,260)  
NET ASSETS — 100.0%

  $ 6,439,849,681  
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 26.5% 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) All or a portion of the shares of the security are on loan at December 31, 2021.
(c) Non-income producing security.
(d) Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of December 31, 2021. Maturity date shown is the final maturity.
(e) These securities are affiliated investments as a result of the Fund owning 5% or more of the entity’s outstanding shares. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(f) 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.
(g) The rate shown is the annualized seven-day yield at December 31, 2021.
(h) 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.
(i) Investment of cash collateral for securities loaned.
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

  $   $5,004,592,797   $—   $5,004,592,797
Common Stocks

  5,330,000       5,330,000
Convertible Preferred Stocks

  1,224,662,278   99,059,154     1,323,721,432
Preferred Stocks

  94,786,441       94,786,441
Short-Term Investments

  261,213,271       261,213,271
TOTAL INVESTMENTS

  $1,585,991,990   $5,103,651,951   $—   $6,689,643,941
See accompanying notes to financial statements.
21


Table of Contents
SPDR BLOOMBERG CONVERTIBLE SECURITIES ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities 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
NextEra Energy, Inc.

937,835   $ 46,329,049   $ 10,116,640   $ 15,730,079   $ 972,874   $ 6,483,081   831,835   $ 48,171,565   $1,420,785
NextEra Energy, Inc.

1,022,135   50,043,730   9,735,490   9,039,696   1,194,074   8,002,080   1,041,635   59,935,678   1,470,380
NextEra Energy, Inc.

596,755   33,507,793   8,068,445   6,436,850   1,557,164   6,217,511   630,255   42,914,063   787,443
State Street Institutional Liquid Reserves Fund, Premier Class

65,260,023   65,279,601   383,023,449   436,366,691   (1,388)     11,933,778   11,934,971   2,325
State Street Navigator Securities Lending Portfolio II

320,117,599   320,117,599   809,392,231   880,231,530       249,278,300   249,278,300   1,103,746
Total

    $515,277,772   $1,220,336,255   $1,347,804,846   $3,722,724   $20,702,672       $412,234,577   $4,784,679
See accompanying notes to financial statements.
22


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 98.3%          
ADVERTISING — 0.8%   
Advantage Sales & Marketing, Inc.

6.50%, 11/15/2028 (a)

    $ 7,673,000   $ 8,056,804
Clear Channel Outdoor Holdings, Inc.:          
7.50%, 6/1/2029 (a)

    8,232,000   8,791,118
7.75%, 4/15/2028 (a)

    7,957,000   8,546,693
Lamar Media Corp.:          
3.63%, 1/15/2031

    5,153,000   5,021,495
3.75%, 2/15/2028

    4,821,000   4,846,455
4.00%, 2/15/2030

    6,007,000   6,076,801
Midas OpCo Holdings LLC

5.63%, 8/15/2029 (a)

    9,988,000   10,221,120
Outfront Media Capital LLC/Outfront Media Capital Corp.:          
4.25%, 1/15/2029 (a)

    5,571,000   5,578,187
4.63%, 3/15/2030 (a)

    4,040,000   4,041,656
5.00%, 8/15/2027 (a)

    6,621,000   6,774,806
Terrier Media Buyer, Inc.

8.88%, 12/15/2027 (a)

    8,620,000   9,319,944
          77,275,079
AEROSPACE & DEFENSE — 2.1%   
Bombardier, Inc.:          
6.00%, 2/15/2028 (a)

    6,547,000   6,563,433
7.13%, 6/15/2026 (a)

    10,153,000   10,542,977
7.50%, 12/1/2024 (a)

    9,178,000   9,535,758
7.88%, 4/15/2027 (a)  (b)

    16,377,000   16,982,785
F-Brasile SpA/F-Brasile US LLC

Series XR, 7.38%, 8/15/2026 (a)

    5,409,000   5,399,318
Howmet Aerospace, Inc.:          
3.00%, 1/15/2029

    4,519,000   4,526,953
6.88%, 5/1/2025

    4,540,000   5,217,050
Maxar Space Robotics LLC

9.75%, 12/31/2023 (a)

    3,071,000   3,308,327
Moog, Inc.

4.25%, 12/15/2027 (a)

    3,435,500   3,459,068
Rolls-Royce PLC

5.75%, 10/15/2027 (a)

    7,129,000   7,877,260
Spirit AeroSystems, Inc.:          
4.60%, 6/15/2028 (b)

    4,608,000   4,620,165
5.50%, 1/15/2025 (a)

    5,791,000   6,011,463
7.50%, 4/15/2025 (a)

    9,433,000   9,925,025
See accompanying notes to financial statements.
23


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
TransDigm, Inc.:          
4.63%, 1/15/2029

    $ 11,880,000   $ 11,844,004
4.88%, 5/1/2029

    6,478,000   6,495,944
5.50%, 11/15/2027

    21,669,000   22,332,071
6.25%, 3/15/2026 (a)

    32,774,000   34,056,447
6.38%, 6/15/2026

    859,000   882,726
7.50%, 3/15/2027

    5,563,000   5,819,788
8.00%, 12/15/2025 (a)

    10,185,000   10,743,342
Triumph Group, Inc.:          
6.25%, 9/15/2024 (a)

    4,539,000   4,566,643
8.88%, 6/1/2024 (a)

    6,680,000   7,281,467
          197,992,014
AGRICULTURE — 0.2%   
Darling Ingredients, Inc.

5.25%, 4/15/2027 (a)

    3,972,000   4,095,847
Vector Group, Ltd.:          
5.75%, 2/1/2029 (a)

    8,216,000   7,992,279
10.50%, 11/1/2026 (a)

    4,351,000   4,508,767
          16,596,893
AIRLINES — 1.9%   
Air Canada

3.88%, 8/15/2026 (a)

    10,536,000   10,773,165
American Airlines Group, Inc.

3.75%, 3/1/2025 (a)  (b)

    3,656,000   3,404,394
American Airlines, Inc.

11.75%, 7/15/2025 (a)

    21,609,000   26,865,605
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.:          
5.50%, 4/20/2026 (a)

    30,332,922   31,567,775
5.75%, 4/20/2029 (a)

    23,771,400   25,421,611
Delta Air Lines, Inc.:          
2.90%, 10/28/2024 (b)

    7,387,000   7,531,342
3.63%, 3/15/2022

    78,000   78,090
3.75%, 10/28/2029 (b)

    3,917,000   4,018,646
3.80%, 4/19/2023

    3,061,000   3,126,873
4.38%, 4/19/2028 (b)

    4,251,000   4,525,232
7.38%, 1/15/2026 (b)

    9,088,000   10,671,130
Hawaiian Brand Intellectual Property, Ltd./HawaiianMiles Loyalty, Ltd.

5.75%, 1/20/2026 (a)

    12,305,535   12,905,553
Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd.

8.00%, 9/20/2025 (a)

    4,860,152   5,364,150
See accompanying notes to financial statements.
24


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
United Airlines, Inc.:          
4.38%, 4/15/2026 (a)

    $ 15,758,000   $ 16,441,897
4.63%, 4/15/2029 (a)

    17,091,000   17,726,101
          180,421,564
APPAREL — 0.2%   
Levi Strauss & Co.

3.50%, 3/1/2031 (a)

    3,937,000   4,014,598
William Carter Co.:          
5.50%, 5/15/2025 (a)

    4,047,000   4,220,171
5.63%, 3/15/2027 (a)

    5,414,000   5,595,207
Wolverine World Wide, Inc.

4.00%, 8/15/2029 (a)

    4,382,000   4,240,943
          18,070,919
AUTO MANUFACTURERS — 2.5%   
Allison Transmission, Inc.:          
3.75%, 1/30/2031 (a)

    7,941,000   7,726,514
5.88%, 6/1/2029 (a)

    4,970,000   5,420,729
Aston Martin Capital Holdings, Ltd.

10.50%, 11/30/2025 (a)

    9,673,000   10,618,923
Ford Motor Co.:          
3.25%, 2/12/2032

    18,198,000   18,630,202
9.00%, 4/22/2025

    5,388,500   6,586,364
9.63%, 4/22/2030

    390,000   569,973
Ford Motor Credit Co. LLC:          
2.70%, 8/10/2026

    10,017,000   10,117,170
2.90%, 2/16/2028 (b)

    6,599,000   6,630,147
3.09%, 1/9/2023

    11,325,000   11,500,311
3.35%, 11/1/2022

    3,042,000   3,083,432
3.37%, 11/17/2023

    6,536,000   6,745,152
3.38%, 11/13/2025

    10,379,000   10,769,147
3.63%, 6/17/2031

    6,984,000   7,354,920
3.81%, 1/9/2024

    7,192,000   7,445,949
3.82%, 11/2/2027

    3,557,000   3,759,500
4.00%, 11/13/2030

    9,421,000   10,130,967
4.06%, 11/1/2024

    8,936,000   9,406,302
4.13%, 8/17/2027

    11,585,000   12,506,007
4.14%, 2/15/2023

    8,150,000   8,376,081
4.27%, 1/9/2027

    5,239,000   5,647,118
4.54%, 8/1/2026

    5,008,000   5,437,887
4.69%, 6/9/2025

    4,357,000   4,683,819
See accompanying notes to financial statements.
25


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
5.11%, 5/3/2029

    $ 10,308,000   $ 11,725,350
5.13%, 6/16/2025

    13,755,000   14,998,177
5.58%, 3/18/2024

    10,144,000   10,930,363
Jaguar Land Rover Automotive PLC:          
4.50%, 10/1/2027 (a)  (b)

    2,992,000   2,881,984
5.50%, 7/15/2029 (a)

    4,179,000   4,132,153
5.88%, 1/15/2028 (a)  (b)

    6,682,000   6,804,615
7.75%, 10/15/2025 (a)

    6,274,000   6,768,956
JB Poindexter & Co., Inc.

7.13%, 4/15/2026 (a)

    4,293,000   4,488,632
PM General Purchaser LLC

9.50%, 10/1/2028 (a)

    5,503,000   5,574,594
          241,451,438
AUTO PARTS & EQUIPMENT — 1.0%   
Adient Global Holdings, Ltd.

4.88%, 8/15/2026 (a)

    60   61
Adient US LLC

9.00%, 4/15/2025 (a)

    5,620,000   5,988,728
American Axle & Manufacturing, Inc.

5.00%, 10/1/2029 (b)

    4,842,000   4,752,617
Borgwarner Jersey Ltd.

5.00%, 10/1/2025 (a)

    54,000   58,001
Clarios Global L.P./Clarios US Finance Co.:          
6.25%, 5/15/2026 (a)

    7,271,000   7,618,190
8.50%, 5/15/2027 (a)

    16,054,000   17,019,809
Dealer Tire LLC/DT Issuer LLC

8.00%, 2/1/2028 (a)

    4,045,000   4,211,452
Dornoch Debt Merger Sub, Inc.

6.63%, 10/15/2029 (a)

    6,170,000   6,115,272
Goodyear Tire & Rubber Co.:          
4.88%, 3/15/2027

    7,026,000   7,447,209
5.00%, 5/31/2026

    81,000   83,444
5.00%, 7/15/2029 (a)

    8,672,000   9,312,167
5.25%, 4/30/2031 (b)

    4,426,000   4,824,960
5.25%, 7/15/2031 (a)  (b)

    6,053,000   6,576,221
9.50%, 5/31/2025

    7,846,000   8,463,166
Real Hero Merger Sub 2, Inc.

6.25%, 2/1/2029 (a)

    3,718,000   3,721,346
Tenneco, Inc.:          
5.13%, 4/15/2029 (a)

    8,114,000   7,997,889
See accompanying notes to financial statements.
26


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
7.88%, 1/15/2029 (a)

    $ 5,122,000   $ 5,556,243
          99,746,775
BANKS — 0.9%   
CIT Group, Inc.:          
4.75%, 2/16/2024

    4,172,000   4,413,767
5.25%, 3/7/2025

    3,302,000   3,628,436
SOFR + 3.83%, 3.93%, 6/19/2024 (b)  (c)

    3,230,000   3,347,766
Deutsche Bank AG:          
5 Year USD ICE Swap + 2.55%, 4.88%, 12/1/2032 (c)

    9,403,000   10,149,974
SOFR + 2.76%, 3.73%, 1/14/2032 (c)

    10,462,000   10,690,804
SOFR + 5.44%, 5.88%, 7/8/2031 (c)

    4,555,000   5,343,607
Freedom Mortgage Corp.:          
6.63%, 1/15/2027 (a)

    6,112,000   5,988,171
7.63%, 5/1/2026 (a)

    4,973,000   5,078,577
8.25%, 4/15/2025 (a)

    5,367,000   5,501,551
Intesa Sanpaolo SpA

1 year CMT + 2.60%, 4.20%, 6/1/2032 (a)  (c)

    5,164,000   5,214,762
UniCredit SpA:          
5 year CMT + 4.75%, 5.46%, 6/30/2035 (a)  (c)

    9,756,000   10,632,284
5 Year USD ICE Swap + 3.70%, 5.86%, 6/19/2032 (a)  (c)

    7,278,000   7,960,749
5 Year USD ICE Swap + 4.914%, 7.30%, 4/2/2034 (a)  (c)

    10,724,000   12,806,065
          90,756,513
BEVERAGES — 0.1%   
Primo Water Holdings, Inc.

4.38%, 4/30/2029 (a)

    7,947,000   7,879,292
Triton Water Holdings, Inc.

6.25%, 4/1/2029 (a)

    6,477,000   6,261,834
          14,141,126
BIOTECHNOLOGY — 0.1%   
Grifols Escrow Issuer SA

4.75%, 10/15/2028 (a)

    6,433,000   6,492,956
BUILDING MATERIALS — 1.2%   
Builders FirstSource, Inc.:          
4.25%, 2/1/2032 (a)

    8,767,000   9,119,609
5.00%, 3/1/2030 (a)

    4,654,000   4,995,883
6.75%, 6/1/2027 (a)

    5,725,000   6,036,841
Cornerstone Building Brands, Inc.

6.13%, 1/15/2029 (a)

    4,153,000   4,430,337
See accompanying notes to financial statements.
27


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
CP Atlas Buyer, Inc.

7.00%, 12/1/2028 (a)  (b)

    $ 3,278,000   $ 3,256,103
Forterra Finance LLC/FRTA Finance Corp.

6.50%, 7/15/2025 (a)

    3,144,000   3,334,683
Griffon Corp.

5.75%, 3/1/2028

    9,466,500   9,846,580
Koppers, Inc.

6.00%, 2/15/2025 (a)

    3,839,000   3,895,433
Masonite International Corp.

5.38%, 2/1/2028 (a)

    4,821,000   5,065,425
New Enterprise Stone & Lime Co., Inc.

5.25%, 7/15/2028 (a)

    4,623,000   4,695,812
PGT Innovations, Inc.

4.38%, 10/1/2029 (a)

    7,212,000   7,248,060
SRM Escrow Issuer LLC

6.00%, 11/1/2028 (a)

    10,003,000   10,677,102
Standard Industries, Inc.:          
3.38%, 1/15/2031 (a)

    6,663,250   6,425,039
4.38%, 7/15/2030 (a)

    11,653,000   11,901,442
4.75%, 1/15/2028 (a)

    7,185,000   7,432,595
5.00%, 2/15/2027 (a)

    7,734,000   7,960,761
Summit Materials LLC/Summit Materials Finance Corp.

5.25%, 1/15/2029 (a)

    5,188,000   5,431,992
Victors Merger Corp.

6.38%, 5/15/2029 (a)  (b)

    4,321,000   4,057,376
          115,811,073
CHEMICALS — 1.9%   
Axalta Coating Systems LLC

3.38%, 2/15/2029 (a)

    4,704,000   4,557,565
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V.

4.75%, 6/15/2027 (a)

    2,532,000   2,642,876
Chemours Co.:          
4.63%, 11/15/2029 (a)

    4,651,000   4,612,536
5.38%, 5/15/2027 (b)

    6,044,000   6,497,300
5.75%, 11/15/2028 (a)

    6,756,000   7,066,573
Consolidated Energy Finance SA

5.63%, 10/15/2028 (a)

    3,588,000   3,514,805
CVR Partners L.P./CVR Nitrogen Finance Corp.

6.13%, 6/15/2028 (a)

    5,119,000   5,410,527
Diamond BC B.V.

4.63%, 10/1/2029 (a)

    4,362,000   4,326,493
See accompanying notes to financial statements.
28


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Element Solutions, Inc.

3.88%, 9/1/2028 (a)

    $ 6,268,000   $ 6,345,723
EverArc Escrow S.a.r.l.

5.00%, 10/30/2029 (a)

    5,459,000   5,463,749
INEOS Quattro Finance 2 PLC

3.38%, 1/15/2026 (a)

    3,939,000   3,953,141
Ingevity Corp.

3.88%, 11/1/2028 (a)

    5,770,000   5,626,442
Methanex Corp.:          
5.13%, 10/15/2027

    7,283,000   7,670,456
5.25%, 12/15/2029

    6,080,000   6,424,979
Olin Corp.:          
5.00%, 2/1/2030 (b)

    5,861,000   6,173,684
5.13%, 9/15/2027

    4,729,000   4,871,627
5.63%, 8/1/2029

    8,818,000   9,556,860
Olympus Water US Holding Corp.

4.25%, 10/1/2028 (a)

    7,670,000   7,561,930
Rain CII Carbon LLC/CII Carbon Corp.

7.25%, 4/1/2025 (a)

    3,809,000   3,892,074
Rayonier AM Products, Inc.:          
5.50%, 6/1/2024 (a)

    24,000   24,119
7.63%, 1/15/2026 (a)

    258   274
SCIH Salt Holdings, Inc.:          
4.88%, 5/1/2028 (a)

    8,833,000   8,491,781
6.63%, 5/1/2029 (a)  (b)

    4,988,000   4,692,012
SCIL IV LLC/SCIL USA Holdings LLC

5.38%, 11/1/2026 (a)

    7,031,000   7,246,571
TPC Group, Inc.

10.50%, 8/1/2024 (a)

    5,784,000   4,188,599
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.

5.38%, 9/1/2025 (a)

    3,753,000   3,816,163
Tronox, Inc.:          
4.63%, 3/15/2029 (a)

    8,180,000   8,159,550
6.50%, 5/1/2025 (a)

    5,431,000   5,743,391
Unifrax Escrow Issuer Corp.

5.25%, 9/30/2028 (a)

    5,951,000   6,025,031
Valvoline, Inc.:          
3.63%, 6/15/2031 (a)

    4,953,000   4,825,262
4.25%, 2/15/2030 (a)

    3,180,000   3,244,872
WR Grace & Co-Conn

4.88%, 6/15/2027 (a)

    1,031,000   1,054,239
See accompanying notes to financial statements.
29


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
WR Grace Holdings LLC:          
4.88%, 6/15/2027 (a)

    $ 6,747,000   $ 6,930,181
5.63%, 8/15/2029 (a)

    10,289,000   10,569,993
          181,181,378
COAL — 0.0% (d)  
Peabody Energy Corp.

6.38%, 3/31/2025 (a)

    181,000   170,800
SunCoke Energy, Inc.

4.88%, 6/30/2029 (a)

    4,042,000   4,024,741
          4,195,541
COMMERCIAL SERVICES — 4.6%   
ADT Security Corp.

4.13%, 8/1/2029 (a)

    8,335,000   8,269,737
Adtalem Global Education, Inc.

5.50%, 3/1/2028 (a)

    7,767,000   7,579,815
Albion Financing 1 SARL/Aggreko Holdings, Inc.

6.13%, 10/15/2026 (a)

    5,209,000   5,258,121
Allied Universal Holdco LLC/Allied Universal Finance Corp.:          
6.00%, 6/1/2029 (a)

    6,764,000   6,577,111
6.63%, 7/15/2026 (a)

    17,128,500   17,965,912
9.75%, 7/15/2027 (a)

    9,638,000   10,302,637
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l:          
4.63%, 6/1/2028 (a)

    6,398,000   6,280,725
4.63%, 6/1/2028 (a)

    8,834,000   8,826,933
AMN Healthcare, Inc.

4.63%, 10/1/2027 (a)

    4,206,000   4,360,697
Aptim Corp.

7.75%, 6/15/2025 (a)

    3,392,000   3,013,283
APX Group, Inc.:          
5.75%, 7/15/2029 (a)

    6,043,000   5,982,630
6.75%, 2/15/2027 (a)

    6,685,000   7,062,903
ASGN, Inc.

4.63%, 5/15/2028 (a)

    4,036,000   4,186,946
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:          
4.75%, 4/1/2028 (a)

    4,183,000   4,282,723
5.38%, 3/1/2029 (a)  (b)

    4,686,000   4,936,701
Block, Inc.:          
2.75%, 6/1/2026 (a)

    8,118,000   8,151,527
3.50%, 6/1/2031 (a)

    8,062,000   8,304,989
See accompanying notes to financial statements.
30


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Brink's Co.

4.63%, 10/15/2027 (a)

    $ 4,471,000   $ 4,628,424
Cimpress PLC

7.00%, 6/15/2026 (a)

    5,255,000   5,491,685
CoreCivic, Inc.

8.25%, 4/15/2026 (b)

    4,660,000   4,869,700
CoreLogic, Inc.

4.50%, 5/1/2028 (a)

    6,840,000   6,811,819
Deluxe Corp.

8.00%, 6/1/2029 (a)

    5,202,000   5,438,171
Garda World Security Corp.:          
4.63%, 2/15/2027 (a)

    6,284,000   6,287,770
6.00%, 6/1/2029 (a)

    4,892,000   4,705,664
9.50%, 11/1/2027 (a)

    4,189,000   4,517,041
Gartner, Inc.:          
3.63%, 6/15/2029 (a)

    4,797,000   4,850,630
3.75%, 10/1/2030 (a)

    5,759,000   5,854,311
4.50%, 7/1/2028 (a)

    6,274,000   6,552,691
HealthEquity, Inc.

4.50%, 10/1/2029 (a)

    4,617,000   4,583,204
Herc Holdings, Inc.

5.50%, 7/15/2027 (a)

    9,935,000   10,342,732
Hertz Corp.:          
4.63%, 12/1/2026 (a)  (b)

    5,135,000   5,178,493
5.00%, 12/1/2029 (a)

    8,999,000   9,022,577
IHS Markit, Ltd.:          
4.13%, 8/1/2023

    13,000   13,573
4.25%, 5/1/2029

    103,000   116,687
4.75%, 2/15/2025 (a)

    103,000   111,934
4.75%, 8/1/2028

    11,000   12,719
Metis Merger Sub LLC

6.50%, 5/15/2029 (a)

    4,460,000   4,370,176
MPH Acquisition Holdings LLC:          
5.50%, 9/1/2028 (a)

    9,645,000   9,773,375
5.75%, 11/1/2028 (a)  (b)

    13,221,000   12,567,883
NESCO Holdings II, Inc.

5.50%, 4/15/2029 (a)

    7,295,000   7,543,760
Nielsen Co. Luxembourg SARL

5.00%, 2/1/2025 (a)  (b)

    4,578,000   4,649,234
Nielsen Finance LLC/Nielsen Finance Co.:          
4.50%, 7/15/2029 (a)

    5,117,000   5,033,388
4.75%, 7/15/2031 (a)

    6,041,000   5,986,208
See accompanying notes to financial statements.
31


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
5.63%, 10/1/2028 (a)

    $ 7,375,000   $ 7,614,688
5.88%, 10/1/2030 (a)

    6,950,000   7,338,088
North Queensland Export Terminal Pty, Ltd.

4.45%, 12/15/2022 (a)

    2,912,000   2,807,547
PECF USS Intermediate Holding III Corp.

8.00%, 11/15/2029 (a)

    5,231,000   5,414,137
Prime Security Services Borrower LLC/Prime Finance, Inc.:          
3.38%, 8/31/2027 (a)

    9,959,000   9,590,915
5.25%, 4/15/2024 (a)

    5,737,000   6,105,201
5.75%, 4/15/2026 (a)

    12,270,000   13,171,232
6.25%, 1/15/2028 (a)

    11,905,000   12,429,415
PROG Holdings, Inc.

6.00%, 11/15/2029 (a)

    4,182,000   4,304,784
Ritchie Bros Auctioneers, Inc.

5.38%, 1/15/2025 (a)

    2,431,000   2,457,474
Sabre GLBL, Inc.:          
7.38%, 9/1/2025 (a)

    6,810,000   7,082,468
9.25%, 4/15/2025 (a)

    6,951,000   7,853,935
Service Corp. International:          
3.38%, 8/15/2030

    7,186,000   7,057,083
4.00%, 5/15/2031

    6,477,000   6,609,260
4.63%, 12/15/2027

    2,368,000   2,477,638
5.13%, 6/1/2029

    5,463,000   5,883,596
Sotheby's

7.38%, 10/15/2027 (a)  (b)

    7,853,000   8,362,110
Team Health Holdings, Inc.

6.38%, 2/1/2025 (a)

    5,080,000   4,781,194
TriNet Group, Inc.

3.50%, 3/1/2029 (a)

    4,492,000   4,475,290
United Rentals North America, Inc.:          
3.75%, 1/15/2032

    5,128,000   5,168,563
3.88%, 2/15/2031

    8,282,000   8,410,702
4.00%, 7/15/2030

    6,020,000   6,215,469
4.88%, 1/15/2028

    11,940,000   12,546,074
5.25%, 1/15/2030

    5,404,000   5,850,424
5.50%, 5/15/2027

    1,555,000   1,616,485
Verscend Escrow Corp.

9.75%, 8/15/2026 (a)

    2,454,000   2,593,142
WASH Multifamily Acquisition, Inc.

5.75%, 4/15/2026 (a)

    8,234,000   8,651,381
See accompanying notes to financial statements.
32


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
WW International, Inc.

4.50%, 4/15/2029 (a)  (b)

    $ 8,359,000   $ 7,997,891
          445,523,425
COMPUTERS — 1.0%   
Booz Allen Hamilton, Inc.:          
3.88%, 9/1/2028 (a)

    4,884,000   4,963,463
4.00%, 7/1/2029 (a)

    3,956,000   4,088,051
Conduent Business Services LLC/Conduent State & Local Solutions, Inc.

6.00%, 11/1/2029 (a)

    4,341,000   4,277,795
Crowdstrike Holdings, Inc.

3.00%, 2/15/2029 (b)

    4,880,000   4,819,244
Diebold Nixdorf, Inc.

9.38%, 7/15/2025 (a)

    7,519,000   8,080,293
Exela Intermediate LLC/Exela Finance, Inc.

11.50%, 7/15/2026 (a)

    5,962,000   4,238,744
NCR Corp.:          
5.00%, 10/1/2028 (a)

    5,679,000   5,851,982
5.13%, 4/15/2029 (a)

    10,561,000   10,920,391
5.75%, 9/1/2027 (a)

    4,498,000   4,702,434
6.13%, 9/1/2029 (a)

    4,083,000   4,369,627
Presidio Holdings, Inc.

4.88%, 2/1/2027 (a)

    4,033,000   4,156,531
Seagate HDD Cayman:          
3.13%, 7/15/2029 (b)

    3,974,000   3,885,221
3.38%, 7/15/2031

    2,494,000   2,427,759
3.38%, 7/15/2031

    1,897,000   1,846,616
4.09%, 6/1/2029

    7,223,000   7,478,405
4.13%, 1/15/2031

    3,821,000   3,975,445
4.88%, 3/1/2024

    4,081,000   4,327,084
Vericast Corp.

11.00%, 9/15/2026 (a)

    10,671,780   11,276,550
          95,685,635
COSMETICS/PERSONAL CARE — 0.3%   
Coty, Inc.:          
5.00%, 4/15/2026 (a)

    8,419,000   8,675,864
6.50%, 4/15/2026 (a)  (b)

    5,591,000   5,762,699
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC

4.75%, 1/15/2029 (a)

    3,280,000   3,336,744
See accompanying notes to financial statements.
33


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Edgewell Personal Care Co.:          
4.13%, 4/1/2029 (a)

    $ 4,326,000   $ 4,361,646
5.50%, 6/1/2028 (a)

    5,004,000   5,314,048
Oriflame Investment Holding PLC

5.13%, 5/4/2026 (a)

    4,798,000   4,450,673
          31,901,674
DISTRIBUTION & WHOLESALE — 0.6%   
American Builders & Contractors Supply Co., Inc.

4.00%, 1/15/2028 (a)

    5,072,000   5,189,163
Avient Corp.

5.75%, 5/15/2025 (a)

    6,558,000   6,842,158
BCPE Empire Holdings, Inc.

7.63%, 5/1/2027 (a)

    3,071,000   3,126,984
H&E Equipment Services Co.

3.88%, 12/15/2028 (a)

    9,977,000   9,923,124
IAA, Inc.

5.50%, 6/15/2027 (a)

    3,970,000   4,118,359
KAR Auction Services, Inc.

5.13%, 6/1/2025 (a)

    7,244,000   7,335,782
Ritchie Bros Holdings, Inc.

4.75%, 12/15/2031 (a)

    3,380,000   3,526,624
Univar Solutions USA, Inc.

5.13%, 12/1/2027 (a)

    4,579,000   4,780,201
Wolverine Escrow LLC:          
8.50%, 11/15/2024 (a)

    8,205,000   7,713,521
9.00%, 11/15/2026 (a)

    6,195,000   5,877,940
REGS, 13.13%, 11/15/2027 (a)

    4,819,000   3,074,715
          61,508,571
DIVERSIFIED FINANCIAL SERVICES — 3.6%   
AG Issuer LLC

6.25%, 3/1/2028 (a)

    3,246,000   3,374,055
Ally Financial, Inc.

5.75%, 11/20/2025

    16,000   18,051
Coinbase Global, Inc.:          
3.38%, 10/1/2028 (a)  (b)

    9,051,000   8,472,008
3.63%, 10/1/2031 (a)  (b)

    9,389,000   8,652,808
Credit Acceptance Corp.

5.13%, 12/31/2024 (a)

    52,000   53,331
CURO Finance LLC

7.50%, 8/1/2028 (a)

    716,411   719,161
See accompanying notes to financial statements.
34


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Curo Group Holdings Corp.

7.50%, 8/1/2028 (a)

    $ 6,775,000   $ 6,816,666
Enact Holdings, Inc.

6.50%, 8/15/2025 (a)

    8,607,500   9,424,438
Global Aircraft Leasing Co., Ltd.

6.50%, 9/15/2024 (a)

    14,001,970   13,524,643
goeasy, Ltd.

5.38%, 12/1/2024 (a)

    6,589,000   6,772,372
Home Point Capital, Inc.

5.00%, 2/1/2026 (a)

    4,839,000   4,483,769
Jane Street Group/JSG Finance, Inc.

4.50%, 11/15/2029 (a)

    6,163,000   6,249,713
Jefferies Finance LLC/JFIN Co-Issuer Corp.

5.00%, 8/15/2028 (a)

    8,073,000   8,280,476
LD Holdings Group LLC:          
6.13%, 4/1/2028 (a)

    6,431,000   6,071,057
6.50%, 11/1/2025 (a)

    6,180,000   6,099,104
LPL Holdings, Inc.

4.00%, 3/15/2029 (a)

    6,879,000   7,057,372
Midcap Financial Issuer Trust

6.50%, 5/1/2028 (a)

    8,245,000   8,602,338
Nationstar Mortgage Holdings, Inc.:          
5.13%, 12/15/2030 (a)

    5,245,000   5,222,079
5.50%, 8/15/2028 (a)

    6,883,000   7,079,578
5.75%, 11/15/2031 (a)

    5,565,000   5,558,878
6.00%, 1/15/2027 (a)

    4,442,000   4,623,500
Navient Corp.:          
4.88%, 3/15/2028

    5,820,000   5,812,667
5.00%, 3/15/2027

    7,519,000   7,665,996
5.50%, 3/15/2029

    4,457,000   4,460,343
6.75%, 6/25/2025

    4,848,000   5,337,696
6.75%, 6/15/2026

    6,733,000   7,440,840
7.25%, 9/25/2023

    330   356
NFP Corp.:          
4.88%, 8/15/2028 (a)

    5,066,000   5,135,759
6.88%, 8/15/2028 (a)

    14,257,000   14,313,030
OneMain Finance Corp.:          
3.50%, 1/15/2027

    4,371,000   4,328,033
3.88%, 9/15/2028

    7,128,000   6,999,340
4.00%, 9/15/2030 (b)

    7,187,800   7,067,045
5.38%, 11/15/2029

    5,853,000   6,364,377
5.63%, 3/15/2023

    6,074,000   6,349,091
See accompanying notes to financial statements.
35


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
6.13%, 3/15/2024

    $ 11,553,000   $ 12,249,646
6.63%, 1/15/2028

    6,865,000   7,732,187
6.88%, 3/15/2025

    13,165,000   14,666,600
7.13%, 3/15/2026

    13,987,000   15,999,450
8.88%, 6/1/2025

    6,237,000   6,692,239
PennyMac Financial Services, Inc.:          
4.25%, 2/15/2029 (a)

    6,362,000   6,109,429
5.38%, 10/15/2025 (a)

    5,339,000   5,480,110
5.75%, 9/15/2031 (a)

    4,715,000   4,758,661
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.:          
2.88%, 10/15/2026 (a)

    9,970,000   9,937,099
3.63%, 3/1/2029 (a)  (b)

    6,055,000   6,083,580
3.88%, 3/1/2031 (a)

    8,463,000   8,621,766
4.00%, 10/15/2033 (a)

    7,093,000   7,187,975
SLM Corp.:          
3.13%, 11/2/2026

    5,501,000   5,471,075
4.20%, 10/29/2025

    3,729,000   3,905,755
United Wholesale Mortgage LLC:          
5.50%, 11/15/2025 (a)

    7,153,000   7,304,357
5.50%, 4/15/2029 (a)

    6,527,000   6,398,418
5.75%, 6/15/2027 (a)

    5,939,000   5,954,144
VistaJet Malta Finance PLC/XO Management Holding, Inc.

10.50%, 6/1/2024 (a)

    5,536,000   5,947,934
          348,930,395
ELECTRIC — 2.3%   
Calpine Corp.:          
3.75%, 3/1/2031 (a)

    6,980,000   6,732,629
4.50%, 2/15/2028 (a)

    11,791,500   12,232,030
4.63%, 2/1/2029 (a)

    6,323,000   6,268,622
5.00%, 2/1/2031 (a)

    5,889,000   5,946,182
5.13%, 3/15/2028 (a)

    13,523,500   13,741,499
Clearway Energy Operating LLC:          
3.75%, 2/15/2031 (a)

    8,019,000   8,016,033
4.75%, 3/15/2028 (a)

    6,894,000   7,269,034
Drax Finco PLC

6.63%, 11/1/2025 (a)

    4,338,000   4,476,209
Edison International

Series B, 5 year CMT + 3.90%, 5.00%, 12/15/2026 (c)

    905,000   922,593
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA

5.38%, 12/30/2030 (a)

    5,942,000   5,461,946
See accompanying notes to financial statements.
36


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
FirstEnergy Corp.:          
2.65%, 3/1/2030

    $ 3,749,000   $ 3,709,223
Series B, 4.40%, 7/15/2027

    11,213,000   12,075,055
FirstEnergy Transmission LLC

2.87%, 9/15/2028 (a)

    4,287,000   4,304,148
NextEra Energy Operating Partners L.P.:          
3.88%, 10/15/2026 (a)

    2,535,000   2,688,114
4.25%, 7/15/2024 (a)

    4,987,000   5,186,979
4.25%, 9/15/2024 (a)

    187,000   194,749
4.50%, 9/15/2027 (a)

    4,649,500   5,013,463
NRG Energy, Inc.:          
3.38%, 2/15/2029 (a)

    6,406,000   6,270,385
3.63%, 2/15/2031 (a)

    8,032,000   7,867,746
3.88%, 2/15/2032 (a)

    9,052,000   8,903,819
5.25%, 6/15/2029 (a)

    6,856,000   7,340,171
5.75%, 1/15/2028 (a)

    840   887
5.75%, 1/15/2028

    8,538,000   9,015,957
Pattern Energy Operations L.P./Pattern Energy Operations, Inc.

4.50%, 8/15/2028 (a)

    7,160,000   7,457,999
PG&E Corp.:          
5.00%, 7/1/2028 (b)

    8,233,000   8,655,682
5.25%, 7/1/2030 (b)

    8,587,000   9,002,783
Pike Corp.

5.50%, 9/1/2028 (a)

    3,308,000   3,318,850
Talen Energy Supply LLC:          
7.25%, 5/15/2027 (a)  (b)

    5,344,000   4,763,214
10.50%, 1/15/2026 (a)

    3,846,000   1,661,703
Vistra Operations Co. LLC:          
4.38%, 5/1/2029 (a)

    11,695,000   11,739,207
5.00%, 7/31/2027 (a)

    10,572,000   10,974,687
5.50%, 9/1/2026 (a)

    9,271,000   9,539,303
5.63%, 2/15/2027 (a)

    10,235,000   10,582,785
          221,333,686
ELECTRICAL COMPONENTS & EQUIPMENT — 0.4%   
Energizer Holdings, Inc.:          
4.38%, 3/31/2029 (a)

    5,186,000   5,065,166
4.75%, 6/15/2028 (a)

    6,152,000   6,275,655
WESCO Distribution, Inc.:          
7.13%, 6/15/2025 (a)

    12,812,000   13,569,190
7.25%, 6/15/2028 (a)

    11,983,000   13,175,548
          38,085,559
See accompanying notes to financial statements.
37


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
ELECTRONICS — 0.4%   
II-VI, Inc.

5.00%, 12/15/2029 (a)

    $ 7,805,000   $ 7,978,817
Imola Merger Corp.

4.75%, 5/15/2029 (a)

    17,831,000   18,284,799
Sensata Technologies B.V.

4.00%, 4/15/2029 (a)

    8,169,000   8,343,163
Sensata Technologies, Inc.

3.75%, 2/15/2031 (a)

    5,138,000   5,127,056
TTM Technologies, Inc.

4.00%, 3/1/2029 (a)

    3,335,000   3,308,320
          43,042,155
ENERGY-ALTERNATE SOURCES — 0.3%   
Enviva Partners L.P./Enviva Partners Finance Corp.

6.50%, 1/15/2026 (a)

    6,081,000   6,292,132
Renewable Energy Group, Inc.

5.88%, 6/1/2028 (a)

    4,589,000   4,716,207
TerraForm Power Operating LLC:          
4.25%, 1/31/2023 (a)

    3,743,125   3,825,099
4.75%, 1/15/2030 (a)

    5,475,000   5,745,739
5.00%, 1/31/2028 (a)

    6,072,000   6,445,307
          27,024,484
ENGINEERING & CONSTRUCTION — 0.6%   
AECOM

5.13%, 3/15/2027

    8,048,000   8,760,490
Artera Services LLC

9.03%, 12/4/2025 (a)

    8,899,057   9,377,737
Brand Industrial Services, Inc.

8.50%, 7/15/2025 (a)

    9,658,000   9,642,354
Brundage-Bone Concrete Pumping Holdings, Inc.

6.00%, 2/1/2026 (a)

    75,000   77,924
Dycom Industries, Inc.

4.50%, 4/15/2029 (a)

    4,381,000   4,465,991
Fluor Corp.

4.25%, 9/15/2028 (b)

    6,317,000   6,620,279
MasTec, Inc.

4.50%, 8/15/2028 (a)

    6,647,000   6,918,264
Signature Aviation US Holdings, Inc.

4.00%, 3/1/2028 (a)

    195,000   193,391
TopBuild Corp.

4.13%, 2/15/2032 (a)

    5,621,000   5,766,078
See accompanying notes to financial statements.
38


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Tutor Perini Corp.

6.88%, 5/1/2025 (a)  (b)

    $ 5,234,000   $ 5,271,842
          57,094,350
ENTERTAINMENT — 3.0%   
Affinity Gaming

6.88%, 12/15/2027 (a)

    5,769,000   6,035,816
Allen Media LLC/Allen Media Co-Issuer, Inc.

10.50%, 2/15/2028 (a)

    5,648,000   5,895,326
AMC Entertainment Holdings, Inc.:          
10.50%, 4/15/2025 (a)  (b)

    3,556,000   3,788,740
10.00%, 6/15/2026 (a)

    434   429
Boyne USA, Inc.

4.75%, 5/15/2029 (a)

    3,361,000   3,480,248
Caesars Entertainment, Inc.:          
4.63%, 10/15/2029 (a)

    11,124,000   11,187,184
6.25%, 7/1/2025 (a)

    26,787,000   28,135,993
8.13%, 7/1/2027 (a)

    14,805,000   16,387,062
Caesars Resort Collection LLC/CRC Finco, Inc.

5.75%, 7/1/2025 (a)

    9,823,000   10,267,294
Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp./Millennium Op:          
5.38%, 4/15/2027

    2,567,000   2,632,202
5.50%, 5/1/2025 (a)

    8,587,000   8,924,469
Churchill Downs, Inc.:          
4.75%, 1/15/2028 (a)

    4,664,000   4,852,706
5.50%, 4/1/2027 (a)

    4,926,000   5,116,981
Cinemark USA, Inc.

5.25%, 7/15/2028 (a)  (b)

    8,312,000   8,104,699
International Game Technology PLC:          
4.13%, 4/15/2026 (a)

    7,010,000   7,206,841
5.25%, 1/15/2029 (a)

    5,246,000   5,565,167
6.25%, 1/15/2027 (a)

    5,437,000   6,095,040
Lions Gate Capital Holdings LLC

5.50%, 4/15/2029 (a)

    9,463,000   9,670,713
Live Nation Entertainment, Inc.:          
3.75%, 1/15/2028 (a)

    4,597,000   4,570,659
4.75%, 10/15/2027 (a)

    7,678,000   7,892,370
6.50%, 5/15/2027 (a)

    11,247,000   12,310,404
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.

4.88%, 5/1/2029 (a)

    5,192,000   5,268,997
See accompanying notes to financial statements.
39


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Mohegan Gaming & Entertainment:          
7.88%, 10/15/2024 (a)

    $ 53,000   $ 55,327
8.00%, 2/1/2026 (a)

    11,081,000   11,637,599
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance In

8.50%, 11/15/2027 (a)

    7,407,000   8,036,743
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.:          
5.63%, 9/1/2029 (a)

    7,826,000   7,774,348
5.88%, 9/1/2031 (a)

    6,991,000   7,021,621
Resorts World Las Vegas LLC/RWLV Capital, Inc.

4.63%, 4/16/2029

    4,174,000   4,202,008
Scientific Games International, Inc.:          
5.00%, 10/15/2025 (a)

    8,952,000   9,212,682
7.00%, 5/15/2028 (a)

    5,729,000   6,133,353
7.25%, 11/15/2029 (a)

    4,194,000   4,705,374
8.25%, 3/15/2026 (a)

    9,519,000   10,035,025
8.63%, 7/1/2025 (a)

    4,670,000   4,998,581
SeaWorld Parks & Entertainment, Inc.

5.25%, 8/15/2029 (a)  (b)

    5,092,000   5,187,271
Six Flags Entertainment Corp.

5.50%, 4/15/2027 (a)

    3,302,000   3,419,617
Six Flags Theme Parks, Inc.

7.00%, 7/1/2025 (a)

    5,704,000   6,092,500
Vail Resorts, Inc.

6.25%, 5/15/2025 (a)

    4,504,000   4,716,499
WMG Acquisition Corp.:          
3.00%, 2/15/2031 (a)  (b)

    4,814,000   4,623,510
3.75%, 12/1/2029 (a)

    5,618,000   5,610,416
3.88%, 7/15/2030 (a)

    3,749,000   3,800,436
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.:          
7.75%, 4/15/2025 (a)

    6,009,000   6,309,450
REGS, 5.13%, 10/1/2029 (a)

    6,127,000   6,231,894
          293,193,594
ENVIRONMENTAL CONTROL — 0.8%   
Clean Harbors, Inc.

4.88%, 7/15/2027 (a)

    5,120,000   5,288,858
GFL Environmental, Inc.:          
3.50%, 9/1/2028 (a)

    5,904,000   5,815,735
3.75%, 8/1/2025 (a)

    7,275,000   7,377,650
4.00%, 8/1/2028 (a)

    5,779,000   5,671,337
4.25%, 6/1/2025 (a)  (b)

    3,505,000   3,605,664
See accompanying notes to financial statements.
40


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
4.38%, 8/15/2029 (a)

    $ 4,698,000   $ 4,655,906
4.75%, 6/15/2029 (a)

    4,943,000   4,978,886
5.13%, 12/15/2026 (a)

    4,625,000   4,821,609
Harsco Corp.

5.75%, 7/31/2027 (a)

    5,316,000   5,425,191
Madison IAQ LLC:          
4.13%, 6/30/2028 (a)

    5,064,000   5,090,687
5.88%, 6/30/2029 (a)

    9,101,000   9,101,910
Stericycle, Inc.:          
3.88%, 1/15/2029 (a)

    3,642,000   3,603,977
5.38%, 7/15/2024 (a)

    3,597,000   3,693,076
Waste Pro USA, Inc.

5.50%, 2/15/2026 (a)

    4,046,000   4,045,555
          73,176,041
FOOD — 2.6%   
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC:          
3.25%, 3/15/2026 (a)

    7,546,000   7,710,125
3.50%, 2/15/2023 (a)

    5,807,000   5,917,217
3.50%, 3/15/2029 (a)

    10,927,000   10,935,305
4.63%, 1/15/2027 (a)

    9,788,500   10,279,785
4.88%, 2/15/2030 (a)

    7,100,000   7,674,319
5.88%, 2/15/2028 (a)

    5,918,500   6,284,618
7.50%, 3/15/2026 (a)

    6,699,000   7,154,465
B&G Foods, Inc.:          
5.25%, 4/1/2025

    6,659,000   6,793,512
5.25%, 9/15/2027 (b)

    5,145,018   5,322,315
Chobani LLC/Chobani Finance Corp., Inc.

7.50%, 4/15/2025 (a)

    6,289,000   6,481,821
Del Monte Foods, Inc.

11.88%, 5/15/2025 (a)

    4,622,000   5,160,879
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.

5.50%, 1/15/2030 (a)

    1,851,000   2,013,388
Kraft Heinz Foods Co.:          
3.75%, 4/1/2030

    5,902,000   6,376,757
3.88%, 5/15/2027

    8,551,000   9,235,850
Lamb Weston Holdings, Inc.:          
4.13%, 1/31/2030 (a)

    9,468,000   9,726,192
4.38%, 1/31/2032 (a)

    4,888,000   5,042,901
4.88%, 5/15/2028 (a)

    4,877,000   5,285,254
See accompanying notes to financial statements.
41


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Performance Food Group, Inc.:          
4.25%, 8/1/2029 (a)

    $ 8,159,000   $ 8,094,625
5.50%, 10/15/2027 (a)

    9,717,000   10,145,714
Pilgrim's Pride Corp.:          
3.50%, 3/1/2032 (a)

    7,280,000   7,382,138
4.25%, 4/15/2031 (a)

    8,675,000   9,116,731
5.88%, 9/30/2027 (a)

    7,095,000   7,491,043
Post Holdings, Inc.:          
4.50%, 9/15/2031 (a)

    14,323,000   14,215,434
4.63%, 4/15/2030 (a)

    12,990,000   13,183,681
5.50%, 12/15/2029 (a)

    8,300,000   8,724,794
5.63%, 1/15/2028 (a)

    6,813,000   7,222,053
5.75%, 3/1/2027 (a)

    11,785,000   12,187,222
Sigma Holdco B.V.

7.88%, 5/15/2026 (a)  (b)

    207,000   199,999
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed

4.63%, 3/1/2029 (a)

    9,086,000   8,954,526
TreeHouse Foods, Inc.

4.00%, 9/1/2028 (b)

    4,010,000   3,850,041
United Natural Foods, Inc.

6.75%, 10/15/2028 (a)

    5,963,000   6,393,350
US Foods, Inc.:          
4.63%, 6/1/2030 (a)  (b)

    4,561,000   4,616,872
4.75%, 2/15/2029 (a)

    7,188,000   7,310,052
6.25%, 4/15/2025 (a)

    8,049,000   8,396,073
          254,879,051
FOOD SERVICE — 0.4%   
Aramark Services, Inc.:          
5.00%, 4/1/2025 (a)

    5,956,000   6,074,465
5.00%, 2/1/2028 (a)

    9,656,000   9,993,574
6.38%, 5/1/2025 (a)

    13,445,000   14,052,445
TKC Holdings, Inc.

10.50%, 5/15/2029 (a)

    4,690,000   5,060,416
          35,180,900
FOREST PRODUCTS & PAPER — 0.2%   
Domtar Corp.

6.75%, 10/1/2028 (a)

    8,861,000   9,114,868
Glatfelter Corp.

4.75%, 11/15/2029 (a)

    5,818,000   6,012,961
See accompanying notes to financial statements.
42


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Mercer International, Inc.

5.13%, 2/1/2029

    $ 7,075,000   $ 7,227,961
          22,355,790
GAS — 0.1%   
AmeriGas Partners L.P./AmeriGas Finance Corp.:          
5.50%, 5/20/2025

    2,312,000   2,477,794
5.75%, 5/20/2027

    4,002,000   4,439,258
5.88%, 8/20/2026

    4,000   4,474
          6,921,526
HEALTH CARE PRODUCTS — 1.0%   
Avantor Funding, Inc.:          
3.88%, 11/1/2029 (a)

    7,611,000   7,688,784
4.63%, 7/15/2028 (a)

    11,789,000   12,388,706
Hologic, Inc.

3.25%, 2/15/2029 (a)

    5,518,000   5,542,831
Mozart Debt Merger Sub, Inc.:          
3.88%, 4/1/2029 (a)

    36,940,000   36,811,449
5.25%, 10/1/2029 (a)

    21,868,000   22,208,485
Teleflex, Inc.:          
4.25%, 6/1/2028 (a)

    4,297,000   4,420,066
4.63%, 11/15/2027

    3,069,000   3,190,993
          92,251,314
HEALTH CARE SERVICES — 6.3%   
Air Methods Corp.

8.00%, 5/15/2025 (a)  (b)

    4,200,000   3,611,160
Catalent Pharma Solutions, Inc.:          
3.13%, 2/15/2029 (a)

    3,338,750   3,293,911
3.50%, 4/1/2030 (a)

    4,429,000   4,420,496
5.00%, 7/15/2027 (a)

    5,067,000   5,261,826
Centene Corp.:          
2.45%, 7/15/2028

    17,458,000   17,269,279
2.50%, 3/1/2031

    17,224,000   16,766,358
2.63%, 8/1/2031

    10,404,000   10,234,727
3.00%, 10/15/2030

    16,396,000   16,683,258
3.38%, 2/15/2030

    15,245,000   15,571,243
4.25%, 12/15/2027

    18,310,500   19,154,431
4.63%, 12/15/2029

    27,365,000   29,532,308
Charles River Laboratories International, Inc.:          
3.75%, 3/15/2029 (a)

    4,970,000   5,046,787
4.00%, 3/15/2031 (a)

    3,649,000   3,737,817
See accompanying notes to financial statements.
43


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
4.25%, 5/1/2028 (a)

    $ 4,107,000   $ 4,278,837
CHS/Community Health Systems, Inc.:          
4.75%, 2/15/2031 (a)

    8,541,000   8,647,592
5.63%, 3/15/2027 (a)

    15,576,000   16,474,424
6.00%, 1/15/2029 (a)

    6,406,000   6,861,531
6.13%, 4/1/2030 (a)

    10,640,000   10,522,854
6.63%, 2/15/2025 (a)

    12,478,000   12,914,855
6.88%, 4/1/2028 (a)  (b)

    4,968,000   4,912,060
6.88%, 4/15/2029 (a)

    12,893,000   13,166,847
8.00%, 3/15/2026 (a)

    17,335,000   18,210,938
8.00%, 12/15/2027 (a)

    5,340,000   5,780,657
DaVita, Inc.:          
3.75%, 2/15/2031 (a)

    13,161,500   12,837,464
4.63%, 6/1/2030 (a)

    22,107,250   22,693,976
Encompass Health Corp.:          
4.50%, 2/1/2028

    6,503,000   6,696,920
4.75%, 2/1/2030

    7,498,000   7,734,112
Envision Helthcare Corp.

8.75%, 10/15/2026 (a)

    6,196,000   3,569,516
Global Medical Response, Inc.

6.50%, 10/1/2025 (a)

    5,041,000   5,104,113
HCA, Inc.:          
3.50%, 9/1/2030

    20,843,000   22,013,543
5.38%, 9/1/2026

    7,575,500   8,542,285
5.63%, 9/1/2028

    12,302,000   14,369,228
5.88%, 2/1/2029

    8,653,000   10,318,270
IQVIA, Inc.

5.00%, 5/15/2027 (a)

    7,789,000   8,064,653
Legacy LifePoint Health LLC:          
4.38%, 2/15/2027 (a)

    5,415,000   5,476,893
6.75%, 4/15/2025 (a)

    5,948,000   6,242,129
Lifepoint Health, Inc.

5.38%, 1/15/2029 (a)  (b)

    4,546,000   4,515,087
MEDNAX, Inc.

6.25%, 1/15/2027 (a)  (b)

    8,171,000   8,570,725
ModivCare Escrow Issuer, Inc.

5.00%, 10/1/2029 (a)

    3,875,000   3,957,111
ModivCare, Inc.

5.88%, 11/15/2025 (a)

    5,480,000   5,770,056
Molina Healthcare, Inc.:          
3.88%, 11/15/2030 (a)

    5,211,000   5,415,219
3.88%, 5/15/2032 (a)

    4,709,000   4,759,763
See accompanying notes to financial statements.
44


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
4.38%, 6/15/2028 (a)

    $ 6,150,000   $ 6,361,007
Prime Healthcare Services, Inc.

7.25%, 11/1/2025 (a)

    6,972,000   7,397,501
Radiology Partners, Inc.

9.25%, 2/1/2028 (a)

    4,929,000   5,178,457
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.

9.75%, 12/1/2026 (a)

    9,665,000   10,197,348
RP Escrow Issuer LLC

5.25%, 12/15/2025 (a)

    8,507,000   8,636,051
Select Medical Corp.

6.25%, 8/15/2026 (a)

    10,263,000   10,872,417
Surgery Center Holdings, Inc.

10.00%, 4/15/2027 (a)  (b)

    4,586,000   4,875,789
Syneos Health, Inc.

3.63%, 1/15/2029 (a)

    4,608,000   4,543,165
Tenet Healthcare Corp.:          
4.25%, 6/1/2029 (a)

    10,526,000   10,714,626
4.38%, 1/15/2030 (a)

    12,684,000   12,857,644
4.63%, 7/15/2024

    7,142,000   7,249,487
4.63%, 9/1/2024 (a)

    7,282,000   7,458,443
4.63%, 6/15/2028 (a)

    6,374,000   6,559,165
4.88%, 1/1/2026 (a)

    18,833,000   19,347,894
5.13%, 11/1/2027 (a)

    12,309,000   12,833,240
6.13%, 10/1/2028 (a)

    19,443,000   20,543,668
6.25%, 2/1/2027 (a)

    12,039,000   12,457,957
7.50%, 4/1/2025 (a)

    8,863,000   9,309,784
US Acute Care Solutions LLC

6.38%, 3/1/2026 (a)

    5,598,000   5,857,859
US Renal Care, Inc.

10.63%, 7/15/2027 (a)

    6,803,929   6,962,120
          609,218,881
HOME BUILDERS — 0.5%   
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.:          
4.88%, 2/15/2030 (a)

    1,982,000   2,027,309
6.25%, 9/15/2027 (a)

    5,054,000   5,296,087
Century Communities, Inc.:          
3.88%, 8/15/2029 (a)

    5,495,000   5,542,147
6.75%, 6/1/2027

    4,441,000   4,677,039
Mattamy Group Corp.:          
4.63%, 3/1/2030 (a)

    5,016,000   5,110,100
See accompanying notes to financial statements.
45


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
5.25%, 12/15/2027 (a)

    $ 4,258,000   $ 4,477,074
Picasso Finance Sub, Inc.

6.13%, 6/15/2025 (a)

    4,909,000   5,139,330
Taylor Morrison Communities, Inc.:          
5.13%, 8/1/2030 (a)

    1,573,800   1,740,623
5.88%, 6/15/2027 (a)

    2,510,000   2,815,442
Thor Industries, Inc.

4.00%, 10/15/2029 (a)

    3,827,000   3,800,517
Williams Scotsman International, Inc.

4.63%, 8/15/2028 (a)

    3,667,000   3,781,520
          44,407,188
HOME FURNISHINGS — 0.1%   
Tempur Sealy International, Inc.:          
3.88%, 10/15/2031 (a)

    6,828,000   6,844,387
4.00%, 4/15/2029 (a)

    6,710,000   6,841,583
          13,685,970
HOUSEHOLD PRODUCTS & WARES — 0.2%   
ACCO Brands Corp.

4.25%, 3/15/2029 (a)

    4,714,000   4,681,992
Central Garden & Pet Co.

4.13%, 10/15/2030

    4,771,000   4,810,409
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.

7.00%, 12/31/2027 (a)  (b)

    2,984,000   2,835,874
Spectrum Brands, Inc.:          
3.88%, 3/15/2031 (a)

    2,720,000   2,687,523
5.75%, 7/15/2025

    65,000   66,424
          15,082,222
HOUSEWARES — 0.2%   
CD&R Smokey Buyer, Inc.

6.75%, 7/15/2025 (a)

    5,515,000   5,787,662
Newell Brands, Inc.

4.88%, 6/1/2025

    2,860,000   3,112,109
Scotts Miracle-Gro Co.

4.00%, 4/1/2031 (a)

    2,560,000   2,525,030
SWF Escrow Issuer Corp.

6.50%, 10/1/2029 (a)

    6,489,000   6,232,684
          17,657,485
INSURANCE — 1.0%   
Acrisure LLC/Acrisure Finance, Inc.:          
4.25%, 2/15/2029 (a)

    6,519,000   6,351,592
See accompanying notes to financial statements.
46


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
6.00%, 8/1/2029 (a)

    $ 3,336,000   $ 3,293,466
7.00%, 11/15/2025 (a)

    7,498,000   7,521,769
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer:          
4.25%, 10/15/2027 (a)

    4,547,000   4,559,959
6.75%, 10/15/2027 (a)

    9,934,000   10,306,525
AmWINS Group, Inc.

4.88%, 6/30/2029 (a)

    5,000,000   5,059,450
AssuredPartners, Inc.:          
5.63%, 1/15/2029 (a)

    4,167,000   4,068,867
7.00%, 8/15/2025 (a)

    4,127,000   4,167,032
BroadStreet Partners, Inc.

5.88%, 4/15/2029 (a)

    5,875,000   5,766,900
Genworth Holdings, Inc.

Series ., 4.80%, 2/15/2024

    149,000   155,732
Global Atlantic Fin Co.

5 year CMT + 3.80%, 4.70%, 10/15/2051 (a)  (c)

    5,480,000   5,583,353
HUB International, Ltd.:          
5.63%, 12/1/2029 (a)

    2,338,000   2,407,579
7.00%, 5/1/2026 (a)

    14,452,000   14,848,563
Liberty Mutual Group, Inc.

5 Year USD + 3.315%, 4.13%, 12/15/2051 (a)  (c)

    3,546,000   3,548,021
MGIC Investment Corp.

5.25%, 8/15/2028

    5,958,000   6,285,452
Radian Group, Inc.

6.63%, 3/15/2025 (b)

    6,870,000   7,606,876
Sagicor Financial Co., Ltd.

5.30%, 5/13/2028 (a)

    916,000   938,478
USI, Inc.

6.88%, 5/1/2025 (a)

    4,175,000   4,220,591
          96,690,205
INTERNET — 2.2%   
ANGI Group LLC

3.88%, 8/15/2028 (a)

    4,184,000   4,077,475
Arches Buyer, Inc.:          
4.25%, 6/1/2028 (a)

    7,814,000   7,815,719
6.13%, 12/1/2028 (a)

    4,006,000   4,032,680
Cogent Communications Group, Inc.

3.50%, 5/1/2026 (a)

    5,386,000   5,468,514
Endure Digital, Inc.

6.00%, 2/15/2029 (a)

    6,146,000   5,735,386
Go Daddy Operating Co. LLC/GD Finance Co., Inc.:          
3.50%, 3/1/2029 (a)

    6,964,000   6,913,511
See accompanying notes to financial statements.
47


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
5.25%, 12/1/2027 (a)

    $ 5,812,000   $ 6,010,596
GrubHub Holdings, Inc.

5.50%, 7/1/2027 (a)

    3,722,000   3,693,303
Match Group Holdings II LLC:          
3.63%, 10/1/2031 (a)

    4,692,000   4,569,820
4.13%, 8/1/2030 (a)

    4,262,000   4,322,009
4.63%, 6/1/2028 (a)

    5,922,000   6,159,235
Millennium Escrow Corp.

6.63%, 8/1/2026 (a)

    7,069,000   7,090,136
Netflix, Inc.:          
3.63%, 6/15/2025 (a)

    3,355,000   3,544,054
4.88%, 4/15/2028

    11,374,000   12,994,568
4.88%, 6/15/2030 (a)

    6,801,000   7,934,115
5.38%, 11/15/2029 (a)

    7,446,000   8,833,190
5.88%, 11/15/2028

    13,770,000   16,602,627
6.38%, 5/15/2029

    6,095,000   7,596,869
NortonLifeLock, Inc.

5.00%, 4/15/2025 (a)

    5,788,000   5,838,124
Photo Holdings Merger Sub, Inc.

8.50%, 10/1/2026 (a)  (b)

    6,354,000   6,611,528
Rakuten Group, Inc.:          
5 year CMT + 4.56%, 5.13%, 4/22/2026 (a) (b)  (c)

    5,948,000   5,967,985
5 year CMT + 4.97%, 6.25%, 4/22/2031 (a) (b)  (c)

    5,966,000   6,304,511
TripAdvisor, Inc.

7.00%, 7/15/2025 (a)

    5,621,000   5,953,032
Twitter, Inc.

3.88%, 12/15/2027 (a)

    5,128,000   5,359,837
Uber Technologies, Inc.:          
4.50%, 8/15/2029 (a)

    11,670,000   11,912,152
6.25%, 1/15/2028 (a)

    4,326,000   4,643,442
7.50%, 5/15/2025 (a)

    10,686,000   11,257,915
7.50%, 9/15/2027 (a)

    10,715,000   11,667,028
8.00%, 11/1/2026 (a)

    11,370,000   12,130,198
Zayo Group LLC/Zayo Capital, Inc.

5.75%, 1/15/2027 (a)

    1,000   1,030
          211,040,589
INVESTMENT COMPANY SECURITY — 0.6%   
Compass Group Diversified Holdings LLC

5.25%, 4/15/2029 (a)

    7,526,000   7,915,094
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.:          
4.38%, 2/1/2029

    6,848,000   6,723,161
See accompanying notes to financial statements.
48


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
4.75%, 9/15/2024

    $ 10,045,000   $ 10,433,139
5.25%, 5/15/2027

    13,690,000   14,073,320
6.25%, 5/15/2026

    12,202,000   12,704,845
6.38%, 12/15/2025

    6,292,000   6,405,004
          58,254,563
IRON/STEEL — 0.6%   
ArcelorMittal SA

4.25%, 7/16/2029 (b)

    77,000   84,398
Baffinland Iron Mines Corp./Baffinland Iron Mines L.P.

8.75%, 7/15/2026 (a)

    3,345,000   3,489,236
Big River Steel LLC/BRS Finance Corp.

6.63%, 1/31/2029 (a)

    5,510,000   5,973,226
Cleveland-Cliffs, Inc.:          
4.63%, 3/1/2029 (a)  (b)

    3,953,000   4,066,174
4.88%, 3/1/2031 (a)  (b)

    4,040,000   4,204,428
5.88%, 6/1/2027

    4,235,000   4,402,410
6.75%, 3/15/2026 (a)

    8,722,000   9,225,870
9.88%, 10/17/2025 (a)

    7,657,000   8,673,237
Mineral Resources, Ltd.

8.13%, 5/1/2027 (a)

    6,840,000   7,349,443
United States Steel Corp.

6.88%, 3/1/2029 (b)

    6,091,000   6,550,505
          54,018,927
LEISURE TIME — 2.3%   
Carnival Corp.:          
4.00%, 8/1/2028 (a)

    19,439,000   19,297,678
5.75%, 3/1/2027 (a)

    28,362,000   28,354,909
6.00%, 5/1/2029 (a)

    15,167,000   15,087,070
7.63%, 3/1/2026 (a)

    11,346,000   11,881,531
9.88%, 8/1/2027 (a)

    6,599,000   7,540,677
10.50%, 2/1/2026 (a)

    7,753,000   8,852,065
Constellation Merger Sub, Inc.

8.50%, 9/15/2025 (a)

    315,000   303,062
CWT Travel Group, Inc.

8.50%, 11/19/2026 (a)

    3,749,000   3,817,607
Life Time, Inc.

5.75%, 1/15/2026 (a)

    8,547,000   8,888,282
MajorDrive Holdings IV LLC

6.38%, 6/1/2029 (a)

    4,591,000   4,433,116
NCL Corp., Ltd.:          
3.63%, 12/15/2024 (a)

    4,123,500   3,902,687
See accompanying notes to financial statements.
49


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
5.88%, 3/15/2026 (a)

    $ 11,476,000   $ 11,494,247
10.25%, 2/1/2026 (a)

    2,248,000   2,613,705
12.25%, 5/15/2024 (a)

    3,030,000   3,587,914
NCL Finance, Ltd.

6.13%, 3/15/2028 (a)

    4,476,000   4,428,778
Royal Caribbean Cruises, Ltd.:          
3.70%, 3/15/2028 (b)

    3,815,000   3,583,658
4.25%, 7/1/2026 (a)  (b)

    4,932,000   4,788,577
5.50%, 8/31/2026 (a)  (b)

    7,176,000   7,296,270
5.50%, 4/1/2028 (a)  (b)

    13,131,000   13,320,086
9.13%, 6/15/2023 (a)

    9,984,000   10,643,144
10.88%, 6/1/2023 (a)

    10,599,000   11,585,661
11.50%, 6/1/2025 (a)

    12,009,000   13,494,393
Viking Cruises, Ltd.:          
5.88%, 9/15/2027 (a)

    6,782,000   6,452,395
7.00%, 2/15/2029 (a)

    3,305,000   3,311,874
13.00%, 5/15/2025 (a)

    5,588,000   6,323,604
Vista Outdoor, Inc.

4.50%, 3/15/2029 (a)

    4,531,000   4,588,816
VOC Escrow, Ltd.

5.00%, 2/15/2028 (a)

    5,390,000   5,360,247
          225,232,053
LODGING — 2.5%   
Boyd Gaming Corp.:          
4.75%, 12/1/2027

    8,128,000   8,354,365
4.75%, 6/15/2031 (a)

    6,690,000   6,857,384
8.63%, 6/1/2025 (a)

    584,000   625,312
Genting New York LLC/GENNY Capital, Inc.

3.30%, 2/15/2026 (a)

    3,192,000   3,160,176
Hilton Domestic Operating Co., Inc.:          
3.63%, 2/15/2032 (a)

    10,828,250   10,781,255
3.75%, 5/1/2029 (a)

    6,404,000   6,453,375
4.00%, 5/1/2031 (a)

    9,121,000   9,341,819
4.88%, 1/15/2030

    9,748,000   10,472,374
5.38%, 5/1/2025 (a)

    4,165,000   4,330,434
5.75%, 5/1/2028 (a)

    4,100,000   4,381,547
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc:          
4.88%, 7/1/2031 (a)

    4,841,000   4,861,139
5.00%, 6/1/2029 (a)  (b)

    5,939,000   6,092,286
See accompanying notes to financial statements.
50


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.

4.88%, 4/1/2027

    $ 4,969,500   $ 5,131,158
Marriott Ownership Resorts, Inc.:          
4.50%, 6/15/2029 (a)

    1,807,000   1,820,101
6.13%, 9/15/2025 (a)

    594,000   619,162
Melco Resorts Finance, Ltd.:          
5.38%, 12/4/2029 (a)

    7,321,000   7,083,287
5.75%, 7/21/2028 (a)

    5,152,000   5,049,578
Series REGS, 4.88%, 6/6/2025 (b)

    6,597,000   6,481,486
Series REGS, 5.25%, 4/26/2026 (b)

    3,413,000   3,375,593
Series REGS, 5.63%, 7/17/2027 (b)

    3,491,000   3,456,369
MGM China Holdings, Ltd.:          
4.75%, 2/1/2027 (a)

    6,401,000   6,197,832
5.25%, 6/18/2025 (a)  (b)

    3,037,000   3,021,815
5.38%, 5/15/2024 (a)

    6,307,000   6,294,197
5.88%, 5/15/2026 (a)

    3,852,000   3,869,488
MGM Resorts International:          
4.75%, 10/15/2028

    6,133,500   6,345,167
5.50%, 4/15/2027

    6,626,000   7,103,204
5.75%, 6/15/2025

    6,397,000   6,900,444
6.75%, 5/1/2025

    8,690,000   9,116,158
Station Casinos LLC:          
4.50%, 2/15/2028 (a)

    8,334,000   8,407,423
4.63%, 12/1/2031 (a)

    4,895,000   4,934,601
Studio City Finance, Ltd.:          
5.00%, 1/15/2029 (a)

    7,573,000   6,813,807
6.00%, 7/15/2025 (a)

    3,204,000   3,102,657
6.50%, 1/15/2028 (a)

    3,140,000   3,030,445
Travel + Leisure Co.:          
4.50%, 12/1/2029 (a)

    4,635,000   4,668,511
6.63%, 7/31/2026 (a)

    6,588,000   7,296,408
Universal Entertainment Corp.

8.50%, 12/11/2024 (a)

    5,240,000   5,537,213
Wyndham Hotels & Resorts, Inc.

4.38%, 8/15/2028 (a)

    4,599,000   4,738,994
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:          
4.25%, 5/30/2023 (a)

    14,000   14,166
5.50%, 3/1/2025 (a)

    136,000   140,629
REGS, 5.25%, 5/15/2027 (a)  (b)

    6,396,000   6,528,205
Wynn Macau, Ltd.:          
5.13%, 12/15/2029 (a)

    5,439,000   4,843,973
5.50%, 1/15/2026 (a)

    6,513,000   6,116,033
See accompanying notes to financial statements.
51


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
5.63%, 8/26/2028 (a)

    $ 9,692,000   $ 8,920,323
4.88%, 10/1/2024 (a)  (b)

    6,360,000   5,992,010
REGS, 5.50%, 10/1/2027 (a)

    4,723,000   4,378,599
          243,040,502
MACHINERY, CONSTRUCTION & MINING — 0.2%   
Terex Corp.

5.00%, 5/15/2029 (a)

    4,385,000   4,510,850
Vertiv Group Corp.

4.13%, 11/15/2028 (a)

    6,168,000   6,237,637
Weir Group PLC

2.20%, 5/13/2026 (a)

    5,049,000   5,008,658
          15,757,145
MACHINERY-DIVERSIFIED — 0.2%   
GrafTech Finance, Inc.

4.63%, 12/15/2028 (a)

    4,595,000   4,669,026
Husky III Holding, Ltd.

13.00%, 2/15/2025 (a)

    152,000   160,582
Titan Acquisition, Ltd./Titan Co-Borrower LLC

7.75%, 4/15/2026 (a)

    4,020,000   4,090,792
TK Elevator US Newco, Inc.

5.25%, 7/15/2027 (a)

    12,341,000   12,962,246
          21,882,646
MEDIA — 8.8%   
Altice Financing SA:          
5.00%, 1/15/2028 (a)

    11,696,000   11,374,477
5.75%, 8/15/2029 (a)  (b)

    14,178,000   14,025,728
AMC Networks, Inc.:          
4.25%, 2/15/2029 (b)

    8,486,000   8,449,510
4.75%, 8/1/2025 (b)

    8,234,000   8,419,018
Audacy Capital Corp.

6.75%, 3/31/2029 (a)  (b)

    5,945,000   5,808,919
Cable One, Inc.

4.00%, 11/15/2030 (a)  (b)

    3,443,000   3,394,798
CCO Holdings LLC/CCO Holdings Capital Corp.:          
4.00%, 3/1/2023 (a)

    3,599,000   3,601,699
4.25%, 2/1/2031 (a)

    23,678,000   23,930,407
4.25%, 1/15/2034 (a)

    15,422,000   15,186,352
4.50%, 8/15/2030 (a)

    22,498,500   23,085,936
4.50%, 5/1/2032

    22,156,000   22,839,734
4.50%, 6/1/2033 (a)

    13,883,000   14,170,100
See accompanying notes to financial statements.
52


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
4.75%, 3/1/2030 (a)

    $ 23,163,000   $ 24,146,964
5.00%, 2/1/2028 (a)

    18,277,000   18,950,142
5.13%, 5/1/2027 (a)

    24,597,500   25,462,102
5.38%, 6/1/2029 (a)

    11,349,000   12,252,040
Cequel Communications Holdings I LLC/Cequel Capital Corp.

7.50%, 4/1/2028 (a)

    100,000   107,094
Clear Channel Worldwide Holdings, Inc.

5.13%, 8/15/2027 (a)

    10,375,000   10,736,154
CSC Holdings LLC:          
3.38%, 2/15/2031 (a)

    7,404,500   6,932,389
4.50%, 11/15/2031 (a)

    12,133,000   11,993,713
4.63%, 12/1/2030 (a)

    19,204,500   18,170,914
5.00%, 11/15/2031 (a)

    3,971,000   3,833,723
5.38%, 2/1/2028 (a)

    9,432,000   9,750,236
5.75%, 1/15/2030 (a)

    17,652,000   17,649,529
6.50%, 2/1/2029 (a)

    15,382,000   16,502,733
7.50%, 4/1/2028 (a)

    9,044,500   9,709,813
4.13%, 12/1/2030 (a)

    8,243,000   8,055,142
Diamond Sports Group LLC/Diamond Sports Finance Co.:          
5.38%, 8/15/2026 (a)

    21,396,000   10,668,687
6.63%, 8/15/2027 (a)

    12,085,000   3,379,208
Directv Financing LLC/Directv Financing Co-Obligor, Inc.

5.88%, 8/15/2027 (a)

    30,865,000   31,617,489
DISH DBS Corp.:          
5.13%, 6/1/2029

    13,093,000   11,913,059
5.25%, 12/1/2026 (a)

    24,122,000   24,502,404
5.75%, 12/1/2028 (a)

    21,803,000   22,045,013
7.38%, 7/1/2028 (b)

    9,520,000   9,665,085
GCI LLC

4.75%, 10/15/2028 (a)

    4,901,000   5,024,946
Gray Escrow II, Inc.

5.38%, 11/15/2031 (a)

    11,505,000   11,829,901
Gray Television, Inc.:          
4.75%, 10/15/2030 (a)

    6,699,000   6,667,716
7.00%, 5/15/2027 (a)

    7,133,000   7,626,318
iHeartCommunications, Inc.:          
4.75%, 1/15/2028 (a)

    3,478,000   3,529,196
5.25%, 8/15/2027 (a)

    6,393,000   6,647,953
6.38%, 5/1/2026

    7,188,891   7,495,857
8.38%, 5/1/2027

    12,179,164   12,852,672
LCPR Senior Secured Financing DAC:          
5.13%, 7/15/2029 (a)

    6,024,000   6,092,252
See accompanying notes to financial statements.
53


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
6.75%, 10/15/2027 (a)

    $ 10,265,000   $ 10,864,476
McGraw-Hill Education, Inc.:          
5.75%, 8/1/2028 (a)

    8,682,000   8,600,563
8.00%, 8/1/2029 (a)

    6,544,000   6,502,315
News Corp.

3.88%, 5/15/2029 (a)

    7,881,000   7,970,134
Nexstar Media, Inc.:          
4.75%, 11/1/2028 (a)

    8,466,000   8,659,194
5.63%, 7/15/2027 (a)

    15,971,000   16,832,795
Radiate Holdco LLC/Radiate Finance, Inc.:          
4.50%, 9/15/2026 (a)

    7,330,000   7,428,735
6.50%, 9/15/2028 (a)

    6,828,000   6,860,911
Scripps Escrow II, Inc.:          
3.88%, 1/15/2029 (a)

    5,445,000   5,473,042
5.38%, 1/15/2031 (a)

    4,354,000   4,436,508
Scripps Escrow, Inc.

5.88%, 7/15/2027 (a)

    6,436,500   6,763,217
Sinclair Television Group, Inc.:          
4.13%, 12/1/2030 (a)

    5,822,000   5,505,283
5.50%, 3/1/2030 (a)  (b)

    5,465,000   5,317,773
Sirius XM Radio, Inc.:          
3.13%, 9/1/2026 (a)

    8,780,000   8,777,542
3.88%, 9/1/2031 (a)

    10,347,000   10,168,411
4.00%, 7/15/2028 (a)

    16,244,000   16,353,809
4.13%, 7/1/2030 (a)

    12,358,000   12,391,119
5.00%, 8/1/2027 (a)

    12,945,000   13,464,224
5.50%, 7/1/2029 (a)

    10,587,000   11,420,515
TEGNA, Inc.:          
4.63%, 3/15/2028

    9,814,000   9,927,548
4.75%, 3/15/2026 (a)

    5,830,000   6,070,779
5.00%, 9/15/2029 (b)

    8,796,000   9,020,298
Telenet Finance Luxembourg Notes S.a.r.l.

5.50%, 3/1/2028 (a)

    10,400,000   10,712,000
Townsquare Media, Inc.

6.88%, 2/1/2026 (a)

    5,418,000   5,767,298
Univision Communications, Inc.:          
4.50%, 5/1/2029 (a)

    9,316,000   9,433,847
6.63%, 6/1/2027 (a)

    12,516,000   13,473,724
UPC Broadband Finco B.V.

4.88%, 7/15/2031 (a)

    10,572,000   10,836,300
UPC Holding B.V.

5.50%, 1/15/2028 (a)

    5,693,000   5,931,195
See accompanying notes to financial statements.
54


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Urban One, Inc.

7.38%, 2/1/2028 (a)

    $ 7,307,000   $ 7,531,836
ViacomCBS, Inc.:          
3 Month USD LIBOR + 3.90%, 5.88%, 2/28/2057 (c)

    200   200
3 Month USD LIBOR + 3.90%, 6.25%, 2/28/2057 (c)

    4,991,000   5,627,352
Videotron, Ltd.:          
3.63%, 6/15/2029 (a)

    3,835,000   3,874,539
5.13%, 4/15/2027 (a)

    5,525,000   5,714,121
Virgin Media Finance PLC

5.00%, 7/15/2030 (a)

    7,251,000   7,246,287
Virgin Media Secured Finance PLC:          
4.50%, 8/15/2030 (a)

    8,940,000   8,997,574
5.50%, 5/15/2029 (a)

    9,723,000   10,231,221
Virgin Media Vendor Financing Notes IV DAC

5.00%, 7/15/2028 (a)

    4,794,000   4,833,071
Ziggo B.V.

4.88%, 1/15/2030 (a)

    7,909,000   8,106,962
Ziggo Bond Co. B.V.

5.13%, 2/28/2030 (a)  (b)

    4,544,000   4,578,444
          851,802,284
METAL FABRICATE & HARDWARE — 0.0% (d)  
Roller Bearing Co. of America, Inc.

4.38%, 10/15/2029 (a)

    4,161,000   4,250,794
MINING — 1.4%   
Alcoa Nederland Holding B.V.:          
4.13%, 3/31/2029 (a)  (b)

    2,728,000   2,823,616
5.50%, 12/15/2027 (a)

    5,365,000   5,740,550
6.13%, 5/15/2028 (a)

    5,595,000   6,019,549
Arconic Corp.:          
6.00%, 5/15/2025 (a)

    3,638,000   3,810,296
6.13%, 2/15/2028 (a)

    8,603,000   9,154,022
Compass Minerals International, Inc.

6.75%, 12/1/2027 (a)

    3,477,000   3,686,142
Constellium SE

3.75%, 4/15/2029 (a)  (b)

    3,702,000   3,644,286
FMG Resources August 2006 Pty, Ltd.:          
4.38%, 4/1/2031 (a)

    11,740,000   12,352,358
4.50%, 9/15/2027 (a)

    3,561,000   3,784,880
5.13%, 5/15/2024 (a)

    6,182,000   6,553,785
Freeport-McMoRan, Inc.:          
4.13%, 3/1/2028

    5,421,000   5,620,168
See accompanying notes to financial statements.
55


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
4.25%, 3/1/2030

    $ 4,917,000   $ 5,199,973
4.38%, 8/1/2028

    6,159,000   6,462,146
4.63%, 8/1/2030 (b)

    6,250,000   6,702,000
5.00%, 9/1/2027

    4,216,000   4,412,508
5.25%, 9/1/2029

    5,806,500   6,348,014
Hudbay Minerals, Inc.:          
4.50%, 4/1/2026

    2,437,000   2,438,097
4.50%, 4/1/2026 (a)

    1,865,000   1,865,839
6.13%, 4/1/2029

    2,926,000   3,103,052
Kaiser Aluminum Corp.:          
4.50%, 6/1/2031 (a)

    5,176,000   5,095,720
4.63%, 3/1/2028 (a)

    5,832,000   5,898,718
Novelis Corp.:          
3.25%, 11/15/2026 (a)

    4,900,000   4,954,684
3.88%, 8/15/2031 (a)

    5,666,000   5,638,407
4.75%, 1/30/2030 (a)

    13,351,000   14,068,483
          135,377,293
MISCELLANEOUS MANUFACTURER — 0.2%   
FXI Holdings, Inc.:          
7.88%, 11/1/2024 (a)

    4,810,000   4,902,641
12.25%, 11/15/2026 (a)

    5,777,000   6,496,468
Gates Global LLC/Gates Corp.

6.25%, 1/15/2026 (a)

    3,678,000   3,798,528
LSB Industries, Inc.

6.25%, 10/15/2028 (a)

    3,983,000   4,154,906
          19,352,543
OFFICE & BUSINESS EQUIPMENT — 0.3%   
Xerox Corp.

4.38%, 3/15/2023

    8,152,000   8,416,125
Xerox Holdings Corp.:          
5.00%, 8/15/2025 (a)

    10,113,000   10,677,710
5.50%, 8/15/2028 (a)  (b)

    5,620,000   5,921,906
          25,015,741
OIL & GAS — 6.6%   
Aethon United BR L.P./Aethon United Finance Corp.

8.25%, 2/15/2026 (a)

    6,909,000   7,416,052
Antero Resources Corp.:          
5.00%, 3/1/2025 (b)

    3,859,000   3,919,663
5.38%, 3/1/2030 (a)

    5,766,000   6,165,469
7.63%, 2/1/2029 (a)

    4,166,000   4,640,466
See accompanying notes to financial statements.
56


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Apache Corp.:          
4.25%, 1/15/2030 (b)

    $ 3,880,000   $ 4,210,072
4.38%, 10/15/2028 (b)

    6,793,000   7,403,419
4.63%, 11/15/2025

    4,797,000   5,157,878
4.88%, 11/15/2027

    178,000   194,283
Ascent Resources Utica Holdings LLC/ARU Finance Corp.

7.00%, 11/1/2026 (a)

    6,406,000   6,507,791
Baytex Energy Corp.

8.75%, 4/1/2027 (a)

    3,931,000   4,111,118
California Resources Corp.

7.13%, 2/1/2026 (a)

    5,916,000   6,144,180
Callon Petroleum Co.:          
6.13%, 10/1/2024

    100   99
8.00%, 8/1/2028 (a)  (b)

    4,583,000   4,678,739
Calumet Specialty Products Partners L.P./Calumet Finance Corp.

11.00%, 4/15/2025 (a)

    5,840,000   6,342,182
Chesapeake Energy Corp.:          
5.50%, 2/1/2026 (a)

    5,063,000   5,334,174
5.88%, 2/1/2029 (a)

    5,167,000   5,531,325
CNX Resources Corp.:          
6.00%, 1/15/2029 (a)

    4,275,000   4,446,043
7.25%, 3/14/2027 (a)

    4,596,000   4,873,552
Colgate Energy Partners III LLC

5.88%, 7/1/2029 (a)

    6,577,000   6,778,256
Comstock Resources, Inc.:          
5.88%, 1/15/2030 (a)

    9,854,000   10,098,970
6.75%, 3/1/2029 (a)

    11,740,000   12,729,682
Continental Resources, Inc.

5.75%, 1/15/2031 (a)

    1,385,000   1,632,527
CrownRock L.P./CrownRock Finance, Inc.

5.63%, 10/15/2025 (a)

    10,434,000   10,713,005
CVR Energy, Inc.

5.25%, 2/15/2025 (a)

    3,691,000   3,613,600
Encino Acquisition Partners Holdings LLC

8.50%, 5/1/2028 (a)

    5,180,000   5,382,072
Endeavor Energy Resources L.P./EER Finance, Inc.:          
5.75%, 1/30/2028 (a)

    8,454,000   9,017,628
6.63%, 7/15/2025 (a)

    4,839,000   5,118,839
EQT Corp.:          
3.13%, 5/15/2026 (a)

    3,880,000   3,988,989
3.63%, 5/15/2031 (a)  (b)

    3,546,000   3,700,038
See accompanying notes to financial statements.
57


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
3.90%, 10/1/2027

    $ 9,138,300   $ 9,816,362
6.63%, 2/1/2025

    6,947,000   7,834,479
7.50%, 2/1/2030

    5,672,000   7,281,770
Gulfport Energy Corp.

8.00%, 5/17/2026 (b)

    3,671,618   4,016,750
Gulfport Energy Operating Corp.

6.38%, 5/15/2025

    1,081,000   43,240
Harbour Energy PLC

5.50%, 10/15/2026 (a)

    5,336,000   5,300,195
Hilcorp Energy I L.P./Hilcorp Finance Co.:          
5.75%, 2/1/2029 (a)

    4,506,000   4,642,036
6.00%, 2/1/2031 (a)

    4,532,000   4,695,288
6.25%, 11/1/2028 (a)

    5,232,000   5,570,197
Independence Energy Finance LLC

7.25%, 5/1/2026 (a)

    3,752,000   3,906,920
Indigo Natural Resources LLC

5.38%, 2/1/2029 (a)

    394,000   410,371
Ithaca Energy North Sea PLC

9.00%, 7/15/2026 (a)  (b)

    4,286,000   4,395,979
Laredo Petroleum, Inc.

9.50%, 1/15/2025

    5,222,000   5,355,527
Matador Resources Co.

5.88%, 9/15/2026 (b)

    10,994,000   11,280,174
MEG Energy Corp.:          
5.88%, 2/1/2029 (a)

    4,722,000   4,952,575
7.13%, 2/1/2027 (a)

    12,696,000   13,520,986
Moss Creek Resources Holdings, Inc.:          
7.50%, 1/15/2026 (a)

    6,116,000   5,726,778
10.50%, 5/15/2027 (a)

    4,346,000   4,383,810
Murphy Oil Corp.:          
5.75%, 8/15/2025

    5,648,000   5,803,377
5.88%, 12/1/2027 (b)

    7,877,500   8,130,289
6.38%, 7/15/2028

    4,104,000   4,367,477
6.88%, 8/15/2024

    754,000   768,394
Nabors Industries, Inc.:          
5.75%, 2/1/2025

    5,019,462   4,650,381
7.38%, 5/15/2027 (a)

    5,769,000   5,966,358
Nabors Industries, Ltd.

7.25%, 1/15/2026 (a)

    4,433,000   4,096,801
Neptune Energy Bondco PLC

6.63%, 5/15/2025 (a)

    6,821,000   6,994,663
See accompanying notes to financial statements.
58


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Northern Oil & Gas, Inc.

8.13%, 3/1/2028 (a)

    $ 7,245,000   $ 7,655,284
Occidental Petroleum Corp.:          
2.90%, 8/15/2024

    24,000   24,513
3.20%, 8/15/2026

    6,874,000   7,078,983
3.50%, 8/15/2029

    12,633,000   12,967,522
5.50%, 12/1/2025

    6,311,000   6,998,647
5.55%, 3/15/2026

    8,381,000   9,329,059
5.88%, 9/1/2025

    9,538,500   10,503,319
6.13%, 1/1/2031 (b)

    10,175,000   12,350,619
6.38%, 9/1/2028

    5,337,500   6,327,927
6.45%, 9/15/2036

    14,290,000   18,220,322
6.63%, 9/1/2030

    12,740,000   15,770,464
6.95%, 7/1/2024

    6,088,000   6,769,004
7.50%, 5/1/2031

    8,192,000   10,773,299
8.00%, 7/15/2025

    5,305,000   6,166,214
8.50%, 7/15/2027

    4,153,000   5,185,519
8.88%, 7/15/2030

    7,784,000   10,512,370
Parkland Corp.:          
4.50%, 10/1/2029 (a)

    6,736,000   6,747,114
4.63%, 5/1/2030 (a)

    7,026,000   7,004,711
5.88%, 7/15/2027 (a)

    5,815,000   6,137,209
Patterson-UTI Energy, Inc.

3.95%, 2/1/2028

    4,385,000   4,405,083
PBF Holding Co. LLC/PBF Finance Corp.:          
7.25%, 6/15/2025

    6,193,000   4,398,578
9.25%, 5/15/2025 (a)  (b)

    9,437,000   8,988,931
6.00%, 2/15/2028

    6,631,000   4,269,369
PDC Energy, Inc.

5.75%, 5/15/2026

    6,904,000   7,130,520
Petrofac, Ltd.:          
9.75%, 11/15/2026 (a)  (b)

    3,694,000   3,766,439
9.75%, 11/15/2026

    556,000   566,903
Puma International Financing SA:          
5.00%, 1/24/2026 (a)

    6,491,000   6,493,532
5.13%, 10/6/2024 (a)

    5,095,000   5,102,082
Range Resources Corp.:          
5.00%, 3/15/2023

    5,104,000   5,210,776
8.25%, 1/15/2029

    5,880,000   6,562,550
9.25%, 2/1/2026

    7,215,000   7,783,109
Rockcliff Energy II LLC

5.50%, 10/15/2029 (a)

    6,399,000   6,583,931
See accompanying notes to financial statements.
59


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Southwestern Energy Co.:          
4.75%, 2/1/2032

    $ 9,453,000   $ 9,964,407
5.38%, 2/1/2029

    5,482,000   5,807,192
5.38%, 3/15/2030

    8,626,000   9,255,957
Strathcona Resources, Ltd.

6.88%, 8/1/2026 (a)

    4,939,000   4,849,802
Sunoco L.P./Sunoco Finance Corp.:          
4.50%, 5/15/2029

    7,861,000   7,990,392
4.50%, 4/30/2030 (a)

    4,751,000   4,871,913
6.00%, 4/15/2027

    5,333,000   5,556,239
Talos Production, Inc.

12.00%, 1/15/2026

    6,459,000   6,780,012
Tap Rock Resources LLC

7.00%, 10/1/2026 (a)

    3,910,000   4,063,468
Transocean Guardian, Ltd.

5.88%, 1/15/2024 (a)

    5,089,962   4,882,037
Transocean Poseidon, Ltd.

6.88%, 2/1/2027 (a)

    4,782,000   4,638,875
Transocean, Inc.:          
7.50%, 1/15/2026 (a)

    4,185,000   3,118,955
8.00%, 2/1/2027 (a)

    5,334,000   3,921,183
11.50%, 1/30/2027 (a)

    6,219,000   6,101,958
Vine Energy Holdings LLC

6.75%, 4/15/2029 (a)

    9,820,000   10,656,271
W&T Offshore, Inc.

9.75%, 11/1/2023 (a)

    3,828,000   3,663,013
          637,666,864
OIL & GAS SERVICES — 0.6%   
Archrock Partners L.P./Archrock Partners Finance Corp.:          
6.25%, 4/1/2028 (a)

    6,839,000   7,124,391
6.88%, 4/1/2027 (a)

    4,638,000   4,871,384
CGG SA

8.75%, 4/1/2027 (a)  (b)

    3,063,000   3,021,956
KCA Deutag UK Finance PLC

9.88%, 12/1/2025 (a)

    2,455,000   2,648,454
TechnipFMC PLC

6.50%, 2/1/2026 (a)

    6,534,000   6,981,906
USA Compression Partners L.P./USA Compression Finance Corp.:          
6.88%, 4/1/2026

    7,950,000   8,279,130
6.88%, 9/1/2027

    6,248,000   6,599,388
See accompanying notes to financial statements.
60


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Weatherford International, Ltd.:          
6.50%, 9/15/2028 (a)

    $ 4,147,000   $ 4,389,807
8.63%, 4/30/2030 (a)

    11,989,000   12,362,337
11.00%, 12/1/2024 (a)

    403,000   415,368
          56,694,121
PACKAGING & CONTAINERS — 2.0%   
ARD Finance SA

6.50%, 6/30/2027 (a)

    9,532,613   9,814,206
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC:          
3.25%, 9/1/2028 (a)  (b)

    4,960,000   4,905,341
4.00%, 9/1/2029 (a)

    8,747,000   8,674,312
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:          
4.13%, 8/15/2026 (a)

    10,436,000   10,669,036
5.25%, 4/30/2025 (a)

    7,337,000   7,599,958
5.25%, 8/15/2027 (a)

    6,847,000   6,899,722
5.25%, 8/15/2027 (a)

    7,286,000   7,357,549
Ball Corp.:          
2.88%, 8/15/2030

    11,573,000   11,260,876
3.13%, 9/15/2031

    8,167,000   8,083,043
4.00%, 11/15/2023

    9,000   9,404
4.88%, 3/15/2026

    5,522,000   6,077,182
Berry Global, Inc.

5.63%, 7/15/2027 (a)

    4,113,000   4,295,987
Cascades, Inc./Cascades USA, Inc.

5.13%, 1/15/2026 (a)

    197,000   204,547
Crown Americas LLC/Crown Americas Capital Corp.

4.75%, 2/1/2026

    6,265,000   6,438,353
Flex Acquisition Co., Inc.:          
6.88%, 1/15/2025 (a)

    5,001,500   5,006,501
7.88%, 7/15/2026 (a)  (b)

    1,561,000   1,619,928
Graham Packaging Co., Inc.

7.13%, 8/15/2028 (a)

    4,677,000   4,837,281
Greif, Inc.

6.50%, 3/1/2027 (a)

    3,618,000   3,753,675
Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer LLC

6.00%, 9/15/2028 (a)

    6,224,000   6,414,703
LABL, Inc.:          
5.88%, 11/1/2028 (a)

    3,491,000   3,597,266
6.75%, 7/15/2026 (a)

    7,509,000   7,721,655
10.50%, 7/15/2027 (a)

    6,251,000   6,560,362
See accompanying notes to financial statements.
61


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Mauser Packaging Solutions Holding Co.:          
5.50%, 4/15/2024 (a)

    $ 11,873,000   $ 11,978,788
7.25%, 4/15/2025 (a)

    11,243,050   11,211,345
Owens-Brockway Glass Container, Inc.

6.63%, 5/13/2027 (a)

    6,182,000   6,518,981
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc.

4.38%, 10/15/2028 (a)

    3,944,000   3,914,341
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Group

4.00%, 10/15/2027 (a)

    7,120,000   6,930,252
Silgan Holdings, Inc.

4.13%, 2/1/2028

    4,670,000   4,783,715
Trivium Packaging Finance B.V.:          
5.50%, 8/15/2026 (a)

    7,933,000   8,283,718
8.50%, 8/15/2027 (a)

    6,143,000   6,491,677
          191,913,704
PHARMACEUTICALS — 3.1%   
180 Medical, Inc.

3.88%, 10/15/2029 (a)

    4,322,000   4,376,371
AdaptHealth LLC:          
4.63%, 8/1/2029 (a)

    3,733,000   3,740,055
5.13%, 3/1/2030 (a)

    4,301,000   4,398,848
Bausch Health Americas, Inc.:          
8.50%, 1/31/2027 (a)

    16,856,500   17,824,063
9.25%, 4/1/2026 (a)

    13,145,000   13,959,990
Bausch Health Cos., Inc.:          
4.88%, 6/1/2028 (a)

    15,081,000   15,472,653
5.00%, 1/30/2028 (a)

    8,889,000   8,270,948
5.00%, 2/15/2029 (a)

    8,962,000   7,953,775
5.25%, 1/30/2030 (a)

    10,870,000   9,611,036
5.25%, 2/15/2031 (a)

    7,602,000   6,707,321
5.50%, 11/1/2025 (a)

    13,181,000   13,381,483
5.75%, 8/15/2027 (a)

    3,934,000   4,086,796
6.25%, 2/15/2029 (a)

    10,588,000   10,074,694
7.00%, 1/15/2028 (a)

    8,080,000   8,122,501
7.25%, 5/30/2029 (a)

    5,670,000   5,617,326
9.00%, 12/15/2025 (a)

    11,458,500   12,074,509
Cheplapharm Arzneimittel GmbH

5.50%, 1/15/2028 (a)

    5,755,000   5,818,765
See accompanying notes to financial statements.
62


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Elanco Animal Health, Inc.:          
5.90%, 8/28/2028 (b)

    $ 6,002,000   $ 6,989,149
5.27%, 8/28/2023 (b)

    5,554,000   5,905,735
Endo Dac/Endo Finance LLC/Endo Finco, Inc.:          
9.50%, 7/31/2027 (a)  (b)

    8,616,000   8,754,718
GMTN, 6.00%, 6/30/2028 (a)  (b)

    9,872,000   7,368,856
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc.

6.13%, 4/1/2029 (a)

    10,801,000   10,575,151
Herbalife Nutrition, Ltd./HLF Financing, Inc.

7.88%, 9/1/2025 (a)

    6,146,000   6,535,841
HLF Financing SARL LLC/Herbalife International, Inc.

4.88%, 6/1/2029 (a)

    6,090,000   5,947,433
Horizon Pharma USA, Inc.

5.50%, 8/1/2027 (a)

    4,607,000   4,839,930
Jazz Securities DAC

4.38%, 1/15/2029 (a)

    13,865,000   14,352,355
Mallinckrodt International Finance SA/Mallinckrodt CB LLC

5.63%, 10/15/2023 (a)  (e)

    446,000   242,994
Option Care Health, Inc.

4.38%, 10/31/2029 (a)

    4,508,000   4,517,918
Organon & Co./Organon Foreign Debt Co-Issuer BV:          
4.13%, 4/30/2028 (a)

    18,676,000   19,149,063
5.13%, 4/30/2031 (a)

    15,837,000   16,544,439
Owens & Minor, Inc.

4.50%, 3/31/2029 (a)  (b)

    5,810,000   5,964,778
Par Pharmaceutical, Inc.

7.50%, 4/1/2027 (a)

    17,883,000   18,269,094
Perrigo Finance Unlimited Co.

3.90%, 6/15/2030

    6,765,000   6,860,183
PRA Health Sciences, Inc.

2.88%, 7/15/2026 (a)

    2,746,000   2,758,714
Prestige Brands, Inc.

3.75%, 4/1/2031 (a)

    3,898,000   3,774,316
          300,841,801
PIPELINES — 4.8%   
Antero Midstream Partners L.P./Antero Midstream Finance Corp.:          
5.38%, 6/15/2029 (a)

    4,557,000   4,813,559
5.75%, 3/1/2027 (a)

    6,849,500   7,080,808
5.75%, 1/15/2028 (a)

    6,730,000   7,060,308
7.88%, 5/15/2026 (a)

    6,588,000   7,258,461
See accompanying notes to financial statements.
63


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Blue Racer Midstream LLC/Blue Racer Finance Corp.

7.63%, 12/15/2025 (a)

    $ 6,094,000   $ 6,478,592
Buckeye Partners L.P.:          
3.95%, 12/1/2026

    2,199,000   2,239,462
4.13%, 3/1/2025 (a)

    4,882,000   5,050,087
4.50%, 3/1/2028 (a)

    5,462,000   5,522,628
Cheniere Energy Partners L.P.:          
3.25%, 1/31/2032 (a)

    9,208,000   9,309,196
4.00%, 3/1/2031

    11,272,000   11,842,814
4.50%, 10/1/2029

    10,356,000   11,033,800
Cheniere Energy, Inc.

4.63%, 10/15/2028

    12,741,000   13,544,065
CQP Holdco L.P./BIP-V Chinook Holdco LLC

5.50%, 6/15/2031 (a)

    12,118,000   12,644,648
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.:          
5.63%, 5/1/2027 (a)

    4,295,000   4,378,452
5.75%, 4/1/2025 (b)

    3,823,000   3,907,871
6.00%, 2/1/2029 (a)

    5,934,000   6,157,237
DCP Midstream Operating L.P.:          
5.13%, 5/15/2029

    5,220,000   5,893,067
5.38%, 7/15/2025

    6,052,000   6,614,291
5.63%, 7/15/2027

    4,336,000   4,921,577
DT Midstream, Inc.:          
4.13%, 6/15/2029 (a)

    8,971,000   9,223,175
4.38%, 6/15/2031 (a)

    7,263,000   7,571,096
Energy Transfer L.P.

4.25%, 3/15/2023

    35,000   35,886
EnLink Midstream LLC

5.63%, 1/15/2028 (a)

    6,663,000   6,954,573
EQM Midstream Partners L.P.:          
4.50%, 1/15/2029 (a)

    5,771,000   6,002,936
4.75%, 7/15/2023

    4,293,000   4,460,813
4.75%, 1/15/2031 (a)

    8,645,000   9,136,728
5.50%, 7/15/2028

    5,764,000   6,298,438
6.00%, 7/1/2025 (a)

    8,248,000   8,967,968
6.50%, 7/1/2027 (a)

    6,537,000   7,333,599
Genesis Energy L.P./Genesis Energy Finance Corp.:          
6.50%, 10/1/2025

    4,921,000   4,873,168
7.75%, 2/1/2028

    5,710,000   5,791,139
8.00%, 1/15/2027

    8,973,000   9,244,344
See accompanying notes to financial statements.
64


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Harvest Midstream I L.P.

7.50%, 9/1/2028 (a)

    $ 6,274,000   $ 6,730,935
Hess Infrastructure Partners L.P./Hess Infrastructure Partners Finance Corp.

5.63%, 2/15/2026 (a)

    31,000   31,789
Hess Midstream Operations L.P.:          
4.25%, 2/15/2030 (a)

    5,644,000   5,621,876
5.13%, 6/15/2028 (a)

    5,106,000   5,354,407
5.63%, 2/15/2026 (a)

    7,525,000   7,783,935
Holly Energy Partners L.P./Holly Energy Finance Corp.

5.00%, 2/1/2028 (a)

    5,118,000   5,134,736
ITT Holdings LLC

6.50%, 8/1/2029 (a)

    10,461,000   10,337,351
New Fortress Energy, Inc.:          
6.50%, 9/30/2026 (a)

    12,065,000   12,052,452
6.75%, 9/15/2025 (a)

    9,743,000   9,897,524
NGL Energy Operating LLC/NGL Energy Finance Corp.

7.50%, 2/1/2026 (a)

    16,821,000   17,334,377
NGL Energy Partners L.P./NGL Energy Finance Corp.

7.50%, 11/1/2023 (b)

    4,962,000   4,922,899
Northriver Midstream Finance L.P.

5.63%, 2/15/2026 (a)

    4,212,000   4,376,647
NuStar Logistics L.P.:          
5.63%, 4/28/2027

    4,357,000   4,613,758
5.75%, 10/1/2025

    4,239,000   4,557,603
6.00%, 6/1/2026

    4,195,000   4,575,696
6.38%, 10/1/2030

    5,889,000   6,567,413
Rattler Midstream L.P.

5.63%, 7/15/2025 (a)

    4,495,000   4,677,047
Rockies Express Pipeline LLC

4.95%, 7/15/2029 (a)

    2,614,000   2,805,685
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.

8.50%, 10/15/2026 (a)

    4,983,000   5,179,380
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.:          
5.50%, 1/15/2028 (a)

    6,843,000   6,842,863
6.00%, 12/31/2030 (a)

    6,249,000   6,262,248
6.00%, 9/1/2031 (a)

    5,766,000   5,719,584
7.50%, 10/1/2025 (a)

    4,242,000   4,596,462
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.:          
4.00%, 1/15/2032 (a)

    7,380,000   7,726,639
4.88%, 2/1/2031

    5,669,000   6,158,802
See accompanying notes to financial statements.
65


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
5.00%, 1/15/2028

    $ 5,553,000   $ 5,857,193
5.50%, 3/1/2030

    8,200,000   8,969,816
5.88%, 4/15/2026

    8,026,000   8,402,259
6.50%, 7/15/2027

    6,099,500   6,535,248
6.88%, 1/15/2029

    4,079,000   4,564,360
Venture Global Calcasieu Pass LLC:          
3.88%, 8/15/2029 (a)

    9,119,000   9,492,058
3.88%, 11/1/2033 (a)

    10,211,000   10,727,268
4.13%, 8/15/2031 (a)

    9,591,000   10,233,693
Western Midstream Operating L.P.:          
4.35%, 2/1/2025

    5,217,000   5,432,097
5.30%, 2/1/2030 (b)

    10,928,000   11,999,928
          463,720,814
REAL ESTATE — 0.9%   
Cushman & Wakefield US Borrower LLC

6.75%, 5/15/2028 (a)

    5,550,000   5,971,745
Five Point Operating Co. L.P./Five Point Capital Corp.

7.88%, 11/15/2025 (a)

    6,042,000   6,313,165
Greystar Real Estate Partners LLC

5.75%, 12/1/2025 (a)

    2,699,000   2,746,071
Howard Hughes Corp.:          
4.13%, 2/1/2029 (a)

    4,664,000   4,719,268
4.38%, 2/1/2031 (a)

    4,395,000   4,445,674
5.38%, 8/1/2028 (a)

    7,438,000   7,930,321
Hunt Cos., Inc.

5.25%, 4/15/2029 (a)

    4,695,000   4,645,186
Kennedy-Wilson, Inc.:          
4.75%, 3/1/2029

    5,368,000   5,473,857
4.75%, 2/1/2030

    3,448,000   3,510,961
5.00%, 3/1/2031 (b)

    3,975,000   4,130,144
Newmark Group, Inc.

6.13%, 11/15/2023

    5,362,000   5,747,528
PIK Securities DAC

5.63%, 11/19/2026 (a)

    2,432,000   2,425,263
Realogy Group LLC/Realogy Co-Issuer Corp.:          
4.88%, 6/1/2023 (a)  (b)

    187,000   193,010
5.75%, 1/15/2029 (a)

    7,344,000   7,545,446
7.63%, 6/15/2025 (a)

    5,274,000   5,604,574
9.38%, 4/1/2027 (a)

    6,038,000   6,547,004
WeWork Cos. LLC/WW Co-Obligor, Inc.

5.00%, 7/10/2025 (a)  (b)

    3,853,000   3,343,980
See accompanying notes to financial statements.
66


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
WeWork Cos., Inc.

7.88%, 5/1/2025 (a)  (b)

    $ 5,455,000   $ 5,209,307
          86,502,504
REAL ESTATE INVESTMENT TRUSTS — 3.8%   
American Finance Trust, Inc./American Finance Operating Partner LP

4.50%, 9/30/2028 (a)

    3,060,000   3,079,400
Apollo Commercial Real Estate Finance, Inc.

4.63%, 6/15/2029 (a)

    3,749,000   3,654,975
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL:          
4.50%, 4/1/2027 (a)

    5,766,000   5,680,606
5.75%, 5/15/2026 (a)

    8,714,000   9,040,775
Diversified Healthcare Trust:          
4.38%, 3/1/2031

    5,918,000   5,690,867
4.75%, 2/15/2028 (b)

    4,032,000   3,973,536
9.75%, 6/15/2025

    8,306,000   8,985,265
Global Net Lease, Inc./Global Net Lease Operating Partnership L.P.

3.75%, 12/15/2027 (a)

    5,850,000   5,714,572
HAT Holdings I LLC/HAT Holdings II LLC

3.38%, 6/15/2026 (a)

    9,705,000   9,831,068
Iron Mountain Information Management Services, Inc.

5.00%, 7/15/2032 (a)

    2,915,000   2,982,511
Iron Mountain, Inc.:          
4.88%, 9/15/2027 (a)

    7,818,000   8,104,139
4.88%, 9/15/2029 (a)

    8,210,000   8,503,836
5.00%, 7/15/2028 (a)

    3,753,000   3,873,847
5.25%, 3/15/2028 (a)

    8,461,000   8,840,137
5.25%, 7/15/2030 (a)

    10,454,000   11,024,370
5.63%, 7/15/2032 (a)

    5,267,000   5,641,220
REIT, 4.50%, 2/15/2031 (a)

    7,916,000   7,979,486
iStar, Inc.:          
4.25%, 8/1/2025

    5,125,000   5,268,961
4.75%, 10/1/2024

    6,378,000   6,661,247
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.:          
4.25%, 2/1/2027 (a)

    5,248,000   5,279,855
4.75%, 6/15/2029 (a)

    4,456,000   4,568,603
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc.:          
3.88%, 2/15/2029 (a)  (b)

    6,439,000   6,790,763
See accompanying notes to financial statements.
67


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
4.50%, 9/1/2026

    $ 219,000   $ 234,446
4.63%, 6/15/2025 (a)

    6,917,000   7,383,413
5.63%, 5/1/2024

    8,728,000   9,334,247
REIT, 5.75%, 2/1/2027

    5,608,000   6,358,687
MPT Operating Partnership L.P./MPT Finance Corp.:          
3.50%, 3/15/2031

    9,746,000   9,868,117
4.63%, 8/1/2029

    6,928,000   7,303,567
5.00%, 10/15/2027

    11,216,000   11,743,376
New Residential Investment Corp.

6.25%, 10/15/2025 (a)

    6,058,000   6,078,658
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer:          
4.88%, 5/15/2029 (a)

    5,641,000   5,778,415
5.88%, 10/1/2028 (a)

    6,633,000   6,945,613
7.50%, 6/1/2025 (a)

    4,644,500   4,900,830
RHP Hotel Properties L.P./RHP Finance Corp.:          
4.50%, 2/15/2029 (a)

    4,159,000   4,190,692
4.75%, 10/15/2027

    5,705,000   5,840,494
RLJ Lodging Trust L.P.:          
3.75%, 7/1/2026 (a)

    4,945,000   4,951,676
4.00%, 9/15/2029 (a)

    3,915,000   3,875,224
SBA Communications Corp.:          
3.13%, 2/1/2029 (a)

    11,785,000   11,341,413
Series WI, 3.88%, 2/15/2027

    13,068,500   13,492,181
Service Properties Trust:          
4.35%, 10/1/2024

    7,722,000   7,567,019
7.50%, 9/15/2025

    6,749,000   7,315,848
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC:          
6.00%, 1/15/2030 (a)

    6,854,000   6,597,181
7.88%, 2/15/2025 (a)

    17,531,000   18,286,761
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC:          
4.75%, 4/15/2028 (a)

    4,553,000   4,513,389
6.50%, 2/15/2029 (a)

    8,868,000   8,834,302
VICI Properties L.P./VICI Note Co., Inc.:          
3.50%, 2/15/2025 (a)

    6,566,000   6,694,825
4.25%, 12/1/2026 (a)

    9,452,333   9,842,431
4.63%, 12/1/2029 (a)

    9,132,000   9,724,119
REIT, 3.75%, 2/15/2027 (a)

    5,289,000   5,464,859
REIT, 4.13%, 8/15/2030 (a)

    7,864,000   8,325,145
XHR L.P.:          
4.88%, 6/1/2029 (a)

    4,648,000   4,735,987
See accompanying notes to financial statements.
68


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SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
6.38%, 8/15/2025 (a)

    $ 5,260,000   $ 5,584,647
          364,277,601
RETAIL — 4.5%   
1011778 BC ULC/New Red Finance, Inc.:          
3.50%, 2/15/2029 (a)

    6,317,000   6,253,577
3.88%, 1/15/2028 (a)

    12,449,500   12,604,994
4.00%, 10/15/2030 (a)

    21,656,000   21,393,096
4.38%, 1/15/2028 (a)

    7,338,000   7,495,327
5.75%, 4/15/2025 (a)

    6,204,000   6,443,971
Asbury Automotive Group, Inc.:          
4.63%, 11/15/2029 (a)

    6,864,000   7,004,506
5.00%, 2/15/2032 (a)

    5,130,000   5,299,906
At Home Group, Inc.

7.13%, 7/15/2029 (a)

    5,519,000   5,467,949
Bath & Body Works, Inc.:          
5.25%, 2/1/2028

    4,931,000   5,429,968
6.63%, 10/1/2030 (a)

    8,537,000   9,689,495
7.50%, 6/15/2029 (b)

    4,577,000   5,212,196
Carvana Co.:          
4.88%, 9/1/2029 (a)  (b)

    6,598,000   6,307,094
5.50%, 4/15/2027 (a)

    6,965,000   6,881,211
5.63%, 10/1/2025 (a)

    4,495,000   4,500,709
5.88%, 10/1/2028 (a)

    4,525,000   4,529,389
CEC Entertainment LLC

6.75%, 5/1/2026 (a)

    6,850,000   6,724,713
eG Global Finance PLC:          
6.75%, 2/7/2025 (a)

    6,232,000   6,301,674
8.50%, 10/30/2025 (a)

    4,811,000   5,012,725
Ferrellgas L.P./Ferrellgas Finance Corp.:          
5.38%, 4/1/2026 (a)

    7,104,000   6,899,689
5.88%, 4/1/2029 (a)

    8,416,000   8,139,198
FirstCash, Inc.:          
4.63%, 9/1/2028 (a)

    3,526,000   3,523,955
5.63%, 1/1/2030 (a)

    3,817,000   3,892,882
Gap, Inc.:          
3.63%, 10/1/2029 (a)

    8,371,000   8,279,254
3.88%, 10/1/2031 (a)

    6,318,000   6,243,384
Group 1 Automotive, Inc.

4.00%, 8/15/2028 (a)

    6,303,000   6,295,815
IRB Holding Corp.

7.00%, 6/15/2025 (a)

    8,418,000   8,904,392
See accompanying notes to financial statements.
69


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC

4.75%, 6/1/2027 (a)

    $ 5,234,000   $ 5,446,762
LBM Acquisition LLC

6.25%, 1/15/2029 (a)

    6,750,000   6,723,675
LCM Investments Holdings II LLC

4.88%, 5/1/2029 (a)

    8,448,000   8,665,283
Lithia Motors, Inc.:          
3.88%, 6/1/2029 (a)

    7,168,000   7,353,938
4.38%, 1/15/2031 (a)

    3,916,000   4,181,544
LSF9 Atlantis Holdings LLC/Victra Finance Corp.

7.75%, 2/15/2026 (a)

    6,489,000   6,558,303
Macy's Retail Holdings LLC

5.88%, 4/1/2029 (a)  (b)

    4,348,000   4,630,011
Michaels Cos., Inc.:          
5.25%, 5/1/2028 (a)

    8,578,000   8,567,106
7.88%, 5/1/2029 (a)  (b)

    11,503,000   11,340,578
Murphy Oil USA, Inc.:          
3.75%, 2/15/2031 (a)

    3,759,000   3,735,845
4.75%, 9/15/2029

    4,123,000   4,348,611
NMG Holding Co., Inc./Neiman Marcus Group LLC

7.13%, 4/1/2026 (a)

    9,204,000   9,765,904
Nordstrom, Inc.

4.38%, 4/1/2030 (b)

    3,957,000   3,993,879
Party City Holdings, Inc.

8.75%, 2/15/2026 (a)

    7,531,000   7,774,778
Penske Automotive Group, Inc.:          
3.50%, 9/1/2025 (b)

    5,025,000   5,154,494
3.75%, 6/15/2029

    4,267,000   4,248,695
PetSmart, Inc./PetSmart Finance Corp.:          
4.75%, 2/15/2028 (a)

    8,872,000   9,120,593
7.75%, 2/15/2029 (a)

    8,597,000   9,385,431
QVC, Inc.:          
4.38%, 9/1/2028

    4,257,000   4,246,868
WI, 4.75%, 2/15/2027

    4,700,000   4,831,694
Rite Aid Corp.:          
7.50%, 7/1/2025 (a)

    5,731,000   5,881,840
8.00%, 11/15/2026 (a)

    8,053,000   8,242,970
Sonic Automotive, Inc.:          
4.63%, 11/15/2029 (a)

    4,640,000   4,672,480
4.88%, 11/15/2031 (a)

    3,919,000   3,953,330
See accompanying notes to financial statements.
70


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SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Specialty Building Products Holdings LLC/SBP Finance Corp.

6.38%, 9/30/2026 (a)

    $ 6,404,000   $ 6,709,791
SRS Distribution, Inc.:          
4.63%, 7/1/2028 (a)

    5,143,000   5,185,378
6.00%, 12/1/2029 (a)

    8,092,000   8,140,390
Staples, Inc.:          
7.50%, 4/15/2026 (a)

    18,080,000   18,568,883
10.75%, 4/15/2027 (a)  (b)

    7,844,000   7,388,499
Suburban Propane Partners L.P./Suburban Energy Finance Corp.

5.00%, 6/1/2031 (a)

    5,513,000   5,591,119
Superior Plus L.P./Superior General Partner, Inc.

4.50%, 3/15/2029 (a)

    4,917,000   5,042,974
Victoria's Secret & Co.

4.63%, 7/15/2029 (a)

    5,690,000   5,806,247
White Cap Buyer LLC

6.88%, 10/15/2028 (a)

    4,980,000   5,213,164
Yum! Brands, Inc.:          
3.63%, 3/15/2031

    8,522,000   8,495,411
4.63%, 1/31/2032

    9,262,000   9,829,853
4.75%, 1/15/2030 (a)

    5,842,000   6,321,395
7.75%, 4/1/2025 (a)

    5,704,000   6,013,784
          435,862,569
SEMICONDUCTORS — 0.1%   
Amkor Technology, Inc.

6.63%, 9/15/2027 (a)

    6,659,000   7,045,355
ON Semiconductor Corp.

3.88%, 9/1/2028 (a)

    5,771,000   5,920,238
          12,965,593
SOFTWARE — 2.4%   
Black Knight InfoServ LLC

3.63%, 9/1/2028 (a)

    7,271,000   7,257,403
Boxer Parent Co., Inc.

7.13%, 10/2/2025 (a)

    6,271,000   6,584,989
Camelot Finance SA

4.50%, 11/1/2026 (a)

    4,494,000   4,658,885
CDK Global, Inc.:          
4.88%, 6/1/2027

    4,419,000   4,594,699
5.25%, 5/15/2029 (a)

    4,454,000   4,720,438
See accompanying notes to financial statements.
71


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SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.

5.75%, 3/1/2025 (a)

    $ 9,889,000   $ 9,984,033
Clarivate Science Holdings Corp.:          
3.88%, 7/1/2028 (a)

    6,843,000   6,897,402
4.88%, 7/1/2029 (a)

    5,199,000   5,281,456
Consensus Cloud Solutions, Inc.

6.50%, 10/15/2028 (a)

    3,989,000   4,186,695
Elastic NV

4.13%, 7/15/2029 (a)

    5,396,000   5,335,403
Fair Isaac Corp.

4.00%, 6/15/2028 (a)

    6,641,000   6,823,694
MicroStrategy, Inc.

6.13%, 6/15/2028 (a)  (b)

    3,735,000   3,751,285
MSCI, Inc.:          
3.25%, 8/15/2033 (a)

    5,881,000   5,957,629
3.63%, 9/1/2030 (a)

    8,071,000   8,284,397
3.63%, 11/1/2031 (a)

    4,082,000   4,246,260
3.88%, 2/15/2031 (a)

    8,419,000   8,788,426
4.00%, 11/15/2029 (a)

    8,549,000   8,937,125
Nuance Communications, Inc.

5.63%, 12/15/2026

    2,725,960   2,809,674
Open Text Corp.:          
3.88%, 2/15/2028 (a)

    6,547,000   6,673,292
3.88%, 12/1/2029 (a)

    7,636,000   7,758,176
Open Text Holdings, Inc.:          
4.13%, 2/15/2030 (a)

    7,421,000   7,631,608
4.13%, 12/1/2031 (a)

    6,344,000   6,420,255
Playtika Holding Corp.

4.25%, 3/15/2029 (a)

    4,358,000   4,273,193
PTC, Inc.:          
3.63%, 2/15/2025 (a)

    3,424,000   3,475,531
4.00%, 2/15/2028 (a)

    4,670,000   4,753,406
Rackspace Technology Global, Inc.:          
3.50%, 2/15/2028 (a)

    5,186,000   4,949,830
5.38%, 12/1/2028 (a)  (b)

    4,634,000   4,509,531
ROBLOX Corp.

3.88%, 5/1/2030 (a)

    9,508,000   9,644,250
Rocket Software, Inc.

6.50%, 2/15/2029 (a)

    2,525,000   2,464,652
SS&C Technologies, Inc.

5.50%, 9/30/2027 (a)

    16,031,000   16,789,266
See accompanying notes to financial statements.
72


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Twilio, Inc.:          
3.63%, 3/15/2029

    $ 4,215,000   $ 4,247,245
3.88%, 3/15/2031

    4,270,000   4,312,059
Veritas US, Inc./Veritas Bermuda, Ltd.

7.50%, 9/1/2025 (a)

    15,631,000   16,225,916
Ziff Davis, Inc.

4.63%, 10/15/2030 (a)

    7,434,000   7,635,982
ZoomInfo Technologies LLC/ZoomInfo Finance Corp.

3.88%, 2/1/2029 (a)

    6,011,000   5,940,852
          226,804,937
TELECOMMUNICATIONS — 6.0%   
Altice France Holding SA:          
6.00%, 2/15/2028 (a)  (b)

    10,344,000   9,893,829
10.50%, 5/15/2027 (a)

    16,095,000   17,309,851
Altice France SA:          
5.13%, 7/15/2029 (a)

    20,112,000   19,619,859
5.50%, 1/15/2028 (a)

    9,722,000   9,637,613
5.50%, 10/15/2029 (a)

    14,775,000   14,627,250
8.13%, 2/1/2027 (a)

    12,154,622   12,960,352
Avanti Communications Group PLC

9.00%, 10/1/2022 (a)

    921,199   132,376
Avaya, Inc.

6.13%, 9/15/2028 (a)  (b)

    9,431,000   10,006,763
British Telecommunications PLC:          
5 year CMT + 2.99%, 4.25%, 11/23/2081 (a)  (c)

    3,757,000   3,767,407
5 year CMT + 3.49%, 4.88%, 11/23/2081 (a)  (c)

    2,817,000   2,834,634
CommScope Technologies LLC

5.00%, 3/15/2027 (a)  (b)

    6,105,000   5,752,192
CommScope, Inc.:          
4.75%, 9/1/2029 (a)

    8,929,000   8,885,069
6.00%, 3/1/2026 (a)

    13,385,000   13,867,529
7.13%, 7/1/2028 (a)

    8,268,000   8,165,807
8.25%, 3/1/2027 (a)

    9,940,000   10,222,793
Connect Finco SARL/Connect US Finco LLC

6.75%, 10/1/2026 (a)

    17,995,000   18,899,789
Consolidated Communications, Inc.

6.50%, 10/1/2028 (a)

    5,296,000   5,615,614
Frontier Communications Holdings LLC:          
5.00%, 5/1/2028 (a)

    13,155,000   13,572,277
5.88%, 10/15/2027 (a)

    9,376,000   9,916,620
5.88%, 11/1/2029

    7,177,016   7,165,892
See accompanying notes to financial statements.
73


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SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
6.00%, 1/15/2030 (a)

    $ 9,912,000   $ 9,954,126
6.75%, 5/1/2029 (a)

    7,331,000   7,645,720
Hughes Satellite Systems Corp.:          
5.25%, 8/1/2026

    5,903,000   6,476,299
6.63%, 8/1/2026 (b)

    6,994,000   7,826,636
Iliad Holding SASU:          
6.50%, 10/15/2026 (a)

    9,613,000   10,107,397
7.00%, 10/15/2028 (a)

    7,260,000   7,639,553
Intrado Corp.

8.50%, 10/15/2025 (a)  (b)

    5,884,000   5,858,405
Level 3 Financing, Inc.:          
3.63%, 1/15/2029 (a)

    6,809,500   6,514,921
3.75%, 7/15/2029 (a)

    5,825,825   5,578,227
4.25%, 7/1/2028 (a)

    10,760,000   10,722,555
4.63%, 9/15/2027 (a)

    9,319,000   9,519,918
LogMeIn, Inc.

5.50%, 9/1/2027 (a)

    8,090,000   8,175,916
Lumen Technologies Inc.

Series T, 5.80%, 3/15/2022

    74,000   74,701
Lumen Technologies, Inc.:          
4.00%, 2/15/2027 (a)

    11,742,000   11,912,729
5.13%, 12/15/2026 (a)  (b)

    11,371,000   11,830,502
5.38%, 6/15/2029 (a)

    8,486,000   8,533,012
4.50%, 1/15/2029 (a)

    7,796,000   7,560,015
Nokia Oyj

4.38%, 6/12/2027

    3,693,000   4,011,743
Plantronics, Inc.

4.75%, 3/1/2029 (a)  (b)

    4,120,000   3,927,761
Sprint Corp.

7.63%, 3/1/2026

    10,718,000   12,851,954
Switch, Ltd.:          
3.75%, 9/15/2028 (a)

    3,849,000   3,882,486
4.13%, 6/15/2029 (a)

    2,322,000   2,382,860
Telesat Canada/Telesat LLC:          
5.63%, 12/6/2026 (a)

    4,360,000   4,093,037
6.50%, 10/15/2027 (a)  (b)

    5,103,000   3,954,519
T-Mobile USA, Inc.:          
2.25%, 2/15/2026

    6,713,000   6,720,653
2.25%, 2/15/2026 (a)

    5,621,000   5,638,369
2.63%, 4/15/2026

    8,888,000   8,951,727
2.63%, 2/15/2029

    6,907,500   6,799,259
2.88%, 2/15/2031

    7,673,000   7,575,399
See accompanying notes to financial statements.
74


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
3.38%, 4/15/2029

    $ 9,059,000   $ 9,242,082
3.38%, 4/15/2029 (a)

    9,236,000   9,425,246
3.50%, 4/15/2031

    6,731,000   7,006,971
3.50%, 4/15/2031 (a)

    8,766,000   9,085,959
4.75%, 2/1/2028

    12,625,000   13,290,716
5.38%, 4/15/2027

    770,000   801,770
VEON Holdings B.V.:          
3.38%, 11/25/2027 (a)

    8,623,000   8,415,531
4.00%, 4/9/2025 (a)

    7,383,000   7,526,378
Series REGS, 4.95%, 6/16/2024

    3,807,000   3,997,921
Series REGS, 7.25%, 4/26/2023

    112,000   117,908
Viasat, Inc.

5.63%, 9/15/2025 (a)

    8,631,000   8,677,176
ViaSat, Inc.

5.63%, 4/15/2027 (a)

    6,320,000   6,511,054
Vmed O2 UK Financing I PLC:          
4.25%, 1/31/2031 (a)

    10,969,000   10,749,510
4.75%, 7/15/2031 (a)

    10,669,000   10,846,639
Vodafone Group PLC:          
5 year USD Swap + 4.87%, 7.00%, 4/4/2079 (c)

    15,031,000   18,167,218
5 year CMT + 2.45%, 3.25%, 6/4/2081 (c)

    4,398,000   4,313,778
5 year CMT + 2.77%, 4.13%, 6/4/2081 (c)

    7,801,000   7,727,983
Windstream Escrow LLC/Windstream Escrow Finance Corp.

REGS, 7.75%, 8/15/2028 (a)  (b)

    13,017,000   13,780,707
Zayo Group Holdings, Inc.:          
4.00%, 3/1/2027 (a)

    11,307,000   11,144,292
6.13%, 3/1/2028 (a)

    8,584,000   8,470,605
          578,873,359
TOYS/GAMES/HOBBIES — 0.2%   
Mattel, Inc.:          
3.38%, 4/1/2026 (a)

    4,781,000   4,904,063
3.75%, 4/1/2029 (a)  (b)

    3,439,000   3,570,886
5.88%, 12/15/2027 (a)

    6,501,000   6,989,160
          15,464,109
TRANSPORTATION — 0.4%   
Altera Infrastructure L.P./Teekay Offshore Finance Corp.

8.50%, 7/15/2023 (a)

    5,675,000   3,069,097
Cargo Aircraft Management, Inc.

4.75%, 2/1/2028 (a)

    6,919,000   7,051,291
First Student Bidco, Inc./First Transit Parent, Inc.

4.00%, 7/31/2029 (a)

    6,380,000   6,190,323
See accompanying notes to financial statements.
75


Table of Contents
SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Seaspan Corp.

5.50%, 8/1/2029 (a)

    $ 6,250,000   $ 6,284,875
Watco Cos. LLC/Watco Finance Corp.

6.50%, 6/15/2027 (a)

    5,426,000   5,675,270
XPO Logistics, Inc.

6.25%, 5/1/2025 (a)

    8,398,000   8,800,096
          37,070,952
TRUCKING & LEASING — 0.2%   
Fortress Transportation & Infrastructure Investors LLC

6.50%, 10/1/2025 (a)

    7,077,000   7,321,157
Fortress Transportation and Infrastructure Investors LLC

5.50%, 5/1/2028 (a)

    9,587,000   9,764,359
          17,085,516
TOTAL CORPORATE BONDS & NOTES

(Cost $9,604,425,633)

        9,479,732,894
    Shares  
COMMON STOCKS — 0.1% 
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% (d)
Avanti Communications Group PLC (f)

9,671,825
ENERGY EQUIPMENT & SERVICES — 0.0% (d)
Weatherford International PLC (g)

50,978 1,413,110
HOUSEHOLD PRODUCTS — 0.0% (d)
Cenveo Enterprises, Inc. (f)

20,138 120,829
OIL, GAS & CONSUMABLE FUELS — 0.0% (d)
Amplify Energy Corp. (b)  (g)

136,015 423,007
EP Energy Corp. (g)

5,918 514,866
Gulfport Energy Corp. (g)

11,877 855,500
      1,793,373
TRANSPORTATION INFRASTRUCTURE — 0.1%
ATD New Holdings, Inc. (g)

35,050 2,988,013
TOTAL COMMON STOCKS

(Cost $8,797,389)

    6,315,325
SHORT-TERM INVESTMENTS — 3.4%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (h)  (i)

35,917,719 35,921,311
See accompanying notes to financial statements.
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SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (j)  (k)

  297,628,847   $ 297,628,847
TOTAL SHORT-TERM INVESTMENTS

(Cost $333,551,376)

  333,550,158  
TOTAL INVESTMENTS — 101.8%

(Cost $9,946,774,398)

  9,819,598,377  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.8)%

  (176,569,801)  
NET ASSETS — 100.0%

  $ 9,643,028,576  
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 75.6% 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) All or a portion of the shares of the security are on loan at December 31, 2021.
(c) 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.
(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 securities is $120,829, representing 0.00% of the Fund's net assets.
(g) Non-income producing 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.
(j) 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.
(k) Investment of cash collateral for securities loaned.
CMT Constant Maturity Treasury
GMTN Global Medium Term Note
LIBOR London Interbank Offered Rate
LP Limited Partnership
PIK Payment in Kind
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
See accompanying notes to financial statements.
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SPDR BLOOMBERG HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

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

  $   $9,479,732,894   $   $9,479,732,894
Common Stocks

  2,691,617   3,502,879   120,829   6,315,325
Short-Term Investments

  333,550,158       333,550,158
TOTAL INVESTMENTS

  $336,241,775   $9,483,235,773   $120,829   $9,819,598,377
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

53,036,212   $ 53,052,122   $1,189,643,440   $1,206,770,457   $877   $(4,671)   35,917,719   $ 35,921,311   $ 17,183
State Street Navigator Securities Lending Portfolio II

564,317,081   564,317,081   335,827,210   602,515,444       297,628,847   297,628,847   626,816
Total

    $617,369,203   $1,525,470,650   $1,809,285,901   $877   $(4,671)       $333,550,158   $643,999
                                   
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 97.9%          
ADVERTISING — 0.2%   
Clear Channel International BV

6.63%, 8/1/2025 (a)

    $ 4,288,000   $ 4,446,742
Outfront Media Capital LLC/Outfront Media Capital Corp.

6.25%, 6/15/2025 (a)

    3,856,000   4,036,268
Summer BC Bidco B LLC

5.50%, 10/31/2026 (a)

    1,153,000   1,174,630
          9,657,640
AEROSPACE & DEFENSE — 3.7%   
Bombardier, Inc.:          
7.13%, 6/15/2026 (a)

    8,624,000   8,955,248
7.50%, 12/1/2024 (a)

    10,168,000   10,564,349
7.50%, 3/15/2025 (a)

    10,665,000   10,859,316
F-Brasile SpA/F-Brasile US LLC

Series XR, 7.38%, 8/15/2026 (a)

    8,106,000   8,091,490
Howmet Aerospace, Inc.:          
5.13%, 10/1/2024

    7,305,000   7,890,642
6.88%, 5/1/2025

    2,242,000   2,576,350
Maxar Space Robotics LLC

9.75%, 12/31/2023 (a)

    5,858,000   6,310,706
Rolls-Royce PLC

3.63%, 10/14/2025 (a)

    10,107,000   10,290,543
Spirit AeroSystems, Inc.:          
5.50%, 1/15/2025 (a)

    3,592,000   3,728,748
7.50%, 4/15/2025 (a)

    10,207,000   10,739,397
TransDigm UK Holdings PLC

6.88%, 5/15/2026

    2,950,000   3,087,352
TransDigm, Inc.:          
6.25%, 3/15/2026 (a)

    35,748,000   37,146,819
6.38%, 6/15/2026

    6,678,000   6,862,446
8.00%, 12/15/2025 (a)

    14,064,000   14,834,989
Triumph Group, Inc.:          
6.25%, 9/15/2024 (a)

    3,759,000   3,781,892
7.75%, 8/15/2025

    2,639,000   2,625,831
8.88%, 6/1/2024 (a)

    6,371,000   6,944,645
          155,290,763
AGRICULTURE — 0.1%   
Vector Group, Ltd.:          
5.75%, 2/1/2029 (a)

    2,657,000   2,584,650
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
10.50%, 11/1/2026 (a)

    $ 2,854,000   $ 2,957,486
          5,542,136
AIRLINES — 3.5%   
Air Canada

3.88%, 8/15/2026 (a)

    7,362,000   7,527,719
American Airlines Group, Inc.:          
3.75%, 3/1/2025 (a)  (b)

    4,715,000   4,390,514
5.00%, 6/1/2022 (a)  (b)

    7,525,000   7,543,210
American Airlines, Inc.

11.75%, 7/15/2025 (a)

    21,103,000   26,236,516
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.

5.50%, 4/20/2026 (a)

    29,559,400   30,762,763
Delta Air Lines, Inc.:          
2.90%, 10/28/2024 (b)

    4,902,000   4,997,785
3.63%, 3/15/2022

    13,120,000   13,135,088
3.80%, 4/19/2023

    1,266,000   1,293,244
7.38%, 1/15/2026

    7,077,000   8,309,813
Hawaiian Brand Intellectual Property, Ltd./HawaiianMiles Loyalty, Ltd.

5.75%, 1/20/2026 (a)

    10,850,011   11,379,058
Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd.

8.00%, 9/20/2025 (a)

    6,222,999   6,868,324
United Airlines Holdings, Inc.:          
4.25%, 10/1/2022

    4,006,900   4,068,165
4.88%, 1/15/2025 (b)

    2,677,000   2,765,100
United Airlines, Inc.

4.38%, 4/15/2026 (a)

    16,519,000   17,235,925
          146,513,224
APPAREL — 0.6%   
Hanesbrands, Inc.:          
4.63%, 5/15/2024 (a)

    11,065,000   11,556,618
4.88%, 5/15/2026 (a)  (b)

    5,782,000   6,194,546
Michael Kors USA, Inc.

4.50%, 11/1/2024 (a)

    1,616,000   1,705,559
Under Armour, Inc.

3.25%, 6/15/2026

    2,028,000   2,093,423
William Carter Co.

5.50%, 5/15/2025 (a)

    3,157,000   3,292,088
          24,842,234
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
AUTO MANUFACTURERS — 2.5%   
Aston Martin Capital Holdings, Ltd.

10.50%, 11/30/2025 (a)

    $ 10,849,000   $ 11,909,924
Ford Motor Co.:          
4.35%, 12/8/2026

    2,248,000   2,451,264
9.00%, 4/22/2025

    3,000   3,667
Ford Motor Credit Co. LLC:          
2.70%, 8/10/2026

    3,283,000   3,315,830
2.98%, 8/3/2022

    3,247,000   3,271,872
3.09%, 1/9/2023

    5,515,000   5,600,372
3.10%, 5/4/2023

    3,631,000   3,695,487
3.22%, 1/9/2022

    3,763,000   3,763,865
3.34%, 3/28/2022

    1,378,000   1,381,817
3.35%, 11/1/2022

    3,693,000   3,743,299
3.37%, 11/17/2023

    1,838,000   1,896,816
3.38%, 11/13/2025

    2,497,000   2,590,862
3.66%, 9/8/2024

    5,415,000   5,634,903
3.81%, 1/9/2024

    5,128,000   5,309,070
4.13%, 8/4/2025

    4,665,000   4,946,953
4.14%, 2/15/2023

    2,820,000   2,898,227
4.25%, 9/20/2022

    6,862,000   6,991,349
4.38%, 8/6/2023

    2,811,000   2,921,922
4.54%, 8/1/2026

    923,000   1,002,230
4.69%, 6/9/2025

    1,658,000   1,782,367
5.13%, 6/16/2025

    2,485,000   2,709,594
5.58%, 3/18/2024

    2,324,000   2,504,156
5.60%, 1/7/2022

    6,445,000   6,447,256
Series GMTN, 4.39%, 1/8/2026

    2,496,000   2,686,095
Series MTN, 3.55%, 10/7/2022

    150,000   152,174
Jaguar Land Rover Automotive PLC:          
5.63%, 2/1/2023 (a)

    3,861,000   3,870,652
7.75%, 10/15/2025 (a)

    6,125,000   6,608,201
JB Poindexter & Co., Inc.

7.13%, 4/15/2026 (a)

    5,205,000   5,442,192
          105,532,416
AUTO PARTS & EQUIPMENT — 1.6%   
Adient Global Holdings, Ltd.

4.88%, 8/15/2026 (a)  (b)

    5,353,000   5,480,509
Adient US LLC

9.00%, 4/15/2025 (a)

    6,155,000   6,558,830
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
American Axle & Manufacturing, Inc.

6.25%, 3/15/2026 (b)

    $ 4,353,000   $ 4,449,288
Clarios Global L.P.

6.75%, 5/15/2025 (a)

    6,710,000   7,039,662
Clarios Global L.P./Clarios US Finance Co.

6.25%, 5/15/2026 (a)

    5,759,000   6,033,992
Cooper-Standard Automotive, Inc.

5.63%, 11/15/2026 (a)

    2,500,000   2,060,950
Dana Financing Luxembourg Sarl

5.75%, 4/15/2025 (a)

    3,619,000   3,713,963
Goodyear Tire & Rubber Co.:          
5.00%, 5/31/2026

    5,419,000   5,582,491
9.50%, 5/31/2025

    6,516,000   7,028,549
IHO Verwaltungs GmbH

4.75%, 9/15/2026 (a)

    6,589,000   6,728,357
Tenneco, Inc.

5.00%, 7/15/2026 (b)

    6,231,000   6,020,392
ZF North America Capital, Inc.

4.75%, 4/29/2025 (a)

    6,972,000   7,487,231
          68,184,214
BANKS — 2.2%   
CIT Group, Inc.:          
4.75%, 2/16/2024

    2,419,000   2,559,181
5.00%, 8/15/2022

    12,236,000   12,533,212
5.00%, 8/1/2023

    9,146,000   9,656,896
5.25%, 3/7/2025

    5,332,000   5,859,122
Commerzbank AG

8.13%, 9/19/2023 (a)

    12,202,000   13,445,994
Deutsche Bank AG

4.50%, 4/1/2025

    9,632,000   10,249,026
Freedom Mortgage Corp.:          
7.63%, 5/1/2026 (a)

    2,884,000   2,945,227
8.13%, 11/15/2024 (a)

    6,610,000   6,690,179
8.25%, 4/15/2025 (a)

    2,000   2,050
Intesa Sanpaolo SpA:          
5.02%, 6/26/2024 (a)

    15,088,000   16,163,925
5.71%, 1/15/2026 (a)

    12,028,000   13,310,185
          93,414,997
BUILDING MATERIALS — 0.2%   
Forterra Finance LLC/FRTA Finance Corp.

6.50%, 7/15/2025 (a)

    2,702,000   2,865,876
See accompanying notes to financial statements.
82


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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Jeld-Wen, Inc.

4.63%, 12/15/2025 (a)

    $ 2,256,000   $ 2,280,117
Koppers, Inc.

6.00%, 2/15/2025 (a)

    2,230,000   2,262,781
          7,408,774
CHEMICALS — 1.7%   
Consolidated Energy Finance SA

6.50%, 5/15/2026 (a)

    5,087,000   5,196,676
Cornerstone Chemical Co.

6.75%, 8/15/2024 (a)  (b)

    5,850,000   5,204,335
CVR Partners L.P./CVR Nitrogen Finance Corp.

9.25%, 6/15/2023 (a)

    575,000   576,294
Eurochem Finance DAC

Series REGS, 5.50%, 3/13/2024

    2,199,000   2,334,194
GCP Applied Technologies, Inc.

5.50%, 4/15/2026 (a)

    604,000   617,832
INEOS Quattro Finance 2 PLC

3.38%, 1/15/2026 (a)

    6,774,000   6,798,319
Kraton Polymers LLC/Kraton Polymers Capital Corp.

4.25%, 12/15/2025 (a)

    3,327,000   3,440,218
Neon Holdings, Inc.

10.13%, 4/1/2026 (a)

    4,838,000   5,154,067
Nufarm Australia, Ltd./Nufarm Americas, Inc.

5.75%, 4/30/2026 (a)

    3,138,000   3,205,592
OCI NV

4.63%, 10/15/2025 (a)

    820,000   849,340
Rain CII Carbon LLC/CII Carbon Corp.

7.25%, 4/1/2025 (a)

    5,875,000   6,003,134
Rayonier AM Products, Inc.

7.63%, 1/15/2026 (a)

    7,532,571   7,983,169
SCIL IV LLC/SCIL USA Holdings LLC

5.38%, 11/1/2026 (a)

    8,325,000   8,580,244
TPC Group, Inc.

10.50%, 8/1/2024 (a)

    9,144,000   6,621,810
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.

5.38%, 9/1/2025 (a)

    3,495,000   3,553,821
Tronox, Inc.

6.50%, 5/1/2025 (a)

    3,475,000   3,674,882
Venator Finance Sarl/Venator Materials LLC

5.75%, 7/15/2025 (a)  (b)

    2,297,000   2,197,517
          71,991,444
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
COAL — 0.1%   
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp.

7.50%, 5/1/2025 (a)

    $ 4,049,000   $ 4,105,322
Coronado Finance Pty, Ltd.

10.75%, 5/15/2026 (a)

    1,479,000   1,591,330
          5,696,652
COMMERCIAL SERVICES — 4.0%   
ADT Security Corp.

4.13%, 6/15/2023

    2,917,000   3,030,267
Ahern Rentals, Inc.

7.38%, 5/15/2023 (a)  (b)

    3,469,000   3,290,728
Albion Financing 1 SARL/Aggreko Holdings, Inc.

6.13%, 10/15/2026 (a)

    4,348,000   4,389,002
Allied Universal Holdco LLC/Allied Universal Finance Corp.

6.63%, 7/15/2026 (a)

    16,211,000   17,003,556
Aptim Corp.

7.75%, 6/15/2025 (a)

    3,870,000   3,437,915
Block, Inc.

2.75%, 6/1/2026 (a)

    9,019,000   9,056,248
Brink's Co.

5.50%, 7/15/2025 (a)

    2,933,000   3,064,486
Cimpress PLC

7.00%, 6/15/2026 (a)

    6,361,000   6,647,499
CoreCivic, Inc.

8.25%, 4/15/2026 (b)

    5,509,000   5,756,905
Hertz Corp.

4.63%, 12/1/2026 (a)

    1,385,000   1,396,731
IHS Markit, Ltd.:          
3.63%, 5/1/2024

    8,725,000   9,146,767
4.00%, 3/1/2026 (a)

    1,957,000   2,117,454
4.13%, 8/1/2023

    2,515,000   2,625,886
4.75%, 2/15/2025 (a)

    4,470,000   4,857,728
5.00%, 11/1/2022 (a)

    8,928,000   9,143,076
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc.

5.00%, 2/1/2026 (a)

    4,271,000   4,305,723
MoneyGram International, Inc.

5.38%, 8/1/2026 (a)

    3,665,000   3,726,719
Nielsen Co. Luxembourg SARL

5.00%, 2/1/2025 (a)  (b)

    5,621,000   5,708,463
See accompanying notes to financial statements.
84


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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
North Queensland Export Terminal Pty, Ltd.

4.45%, 12/15/2022 (a)

    $ 3,060,000   $ 2,950,238
Prime Security Services Borrower LLC/Prime Finance, Inc.:          
5.25%, 4/15/2024 (a)

    4,999,000   5,319,836
5.75%, 4/15/2026 (a)

    12,768,000   13,705,810
Ritchie Bros Auctioneers, Inc.

5.38%, 1/15/2025 (a)

    5,969,000   6,034,002
RR Donnelley & Sons Co.

6.13%, 11/1/2026 (a)  (b)

    3,350,000   3,674,950
Sabre GLBL, Inc.:          
7.38%, 9/1/2025 (a)

    6,701,000   6,969,107
9.25%, 4/15/2025 (a)

    7,795,000   8,807,571
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.

4.63%, 11/1/2026 (a)

    6,907,000   7,141,907
Team Health Holdings, Inc.

6.38%, 2/1/2025 (a)  (b)

    5,324,000   5,010,842
Verscend Escrow Corp.

9.75%, 8/15/2026 (a)

    4,906,000   5,184,170
WASH Multifamily Acquisition, Inc.

5.75%, 4/15/2026 (a)

    5,486,000   5,764,085
          169,267,671
COMPUTERS — 1.3%   
Diebold Nixdorf, Inc.:          
8.50%, 4/15/2024 (b)

    1,554,000   1,557,761
9.38%, 7/15/2025 (a)

    9,056,000   9,732,031
Exela Intermediate LLC/Exela Finance, Inc.

11.50%, 7/15/2026 (a)

    6,441,000   4,579,293
Seagate HDD Cayman:          
4.75%, 6/1/2023

    6,600,000   6,885,978
4.88%, 3/1/2024

    2,794,000   2,962,478
Vericast Corp.

11.00%, 9/15/2026 (a)

    10,486,452   11,080,719
Western Digital Corp.

4.75%, 2/15/2026

    16,676,000   18,230,370
          55,028,630
COSMETICS/PERSONAL CARE — 0.6%   
Avon Products, Inc.

6.50%, 3/15/2023 (b)

    6,444,000   6,769,809
Coty, Inc.:          
5.00%, 4/15/2026 (a)

    10,851,000   11,182,064
6.50%, 4/15/2026 (a)  (b)

    323,000   332,919
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Oriflame Investment Holding PLC

5.13%, 5/4/2026 (a)

    $ 5,646,000   $ 5,237,286
Revlon Consumer Products Corp.

6.25%, 8/1/2024

    4,362,000   1,814,679
          25,336,757
DISTRIBUTION & WHOLESALE — 0.8%   
Avient Corp.:          
5.25%, 3/15/2023

    954,000   1,000,708
5.75%, 5/15/2025 (a)

    7,024,000   7,328,350
G-III Apparel Group, Ltd.

7.88%, 8/15/2025 (a)  (b)

    6,436,000   6,844,815
KAR Auction Services, Inc.

5.13%, 6/1/2025 (a)  (b)

    6,689,000   6,773,749
Wolverine Escrow LLC:          
8.50%, 11/15/2024 (a)

    8,620,000   8,103,662
9.00%, 11/15/2026 (a)

    3,737,000   3,545,740
          33,597,024
DIVERSIFIED FINANCIAL SERVICES — 4.1%   
Ally Financial, Inc.

5.75%, 11/20/2025

    7,577,000   8,548,296
Castlelake Aviation Finance DAC

5.00%, 4/15/2027 (a)  (b)

    2,980,000   2,948,561
Credit Acceptance Corp.:          
5.13%, 12/31/2024 (a)

    4,809,000   4,932,062
6.63%, 3/15/2026

    1,847,000   1,923,281
Enact Holdings, Inc.

6.50%, 8/15/2025 (a)

    6,522,000   7,141,003
Enova International, Inc.

8.50%, 9/15/2025 (a)

    1,623,000   1,672,015
Finance of America Funding LLC

7.88%, 11/15/2025 (a)

    5,204,000   5,123,026
Global Aircraft Leasing Co., Ltd.

6.50%, 9/15/2024 (a)

    17,472,100   16,876,476
goeasy, Ltd.

5.38%, 12/1/2024 (a)

    5,057,000   5,197,736
Home Point Capital, Inc.

5.00%, 2/1/2026 (a)

    4,387,000   4,064,950
LD Holdings Group LLC

6.50%, 11/1/2025 (a)

    3,360,000   3,316,018
Navient Corp.:          
5.50%, 1/25/2023

    4,400,000   4,584,668
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
5.88%, 10/25/2024

    $ 3,832,000   $ 4,092,193
6.75%, 6/25/2025

    2,218,000   2,442,040
6.75%, 6/15/2026

    4,477,000   4,947,667
7.25%, 9/25/2023

    1,385,070   1,492,399
Series MTN, 6.13%, 3/25/2024

    8,103,000   8,640,472
OneMain Finance Corp.:          
5.63%, 3/15/2023

    778,000   813,236
6.13%, 3/15/2024

    10,957,000   11,617,707
6.88%, 3/15/2025

    12,812,000   14,273,337
7.13%, 3/15/2026

    13,030,000   14,904,756
8.88%, 6/1/2025

    416,000   446,364
PennyMac Financial Services, Inc.

5.38%, 10/15/2025 (a)

    3,320,000   3,407,748
PHH Mortgage Corp.

7.88%, 3/15/2026 (a)  (b)

    3,310,000   3,423,334
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.

2.88%, 10/15/2026 (a)

    9,429,000   9,397,884
SLM Corp.:          
3.13%, 11/2/2026

    8,206,000   8,161,359
4.20%, 10/29/2025

    1,700,000   1,780,580
TMX Finance LLC/TitleMax Finance Corp.

11.13%, 4/1/2023 (a)

    1,177,000   1,200,058
United Wholesale Mortgage LLC

5.50%, 11/15/2025 (a)

    7,225,000   7,377,881
VistaJet Malta Finance PLC/XO Management Holding, Inc.

10.50%, 6/1/2024 (a)

    6,447,000   6,926,721
          171,673,828
ELECTRIC — 1.3%   
Calpine Corp.

5.25%, 6/1/2026 (a)

    3,998,000   4,101,748
DPL, Inc.

4.13%, 7/1/2025

    4,479,000   4,684,317
Drax Finco PLC

6.63%, 11/1/2025 (a)

    5,530,000   5,706,186
FirstEnergy Corp.:          
Series A, 3.35%, 7/15/2022

    8,194,000   8,241,116
Series B, 4.75%, 3/15/2023

    5,238,000   5,426,882
FirstEnergy Transmission LLC

4.35%, 1/15/2025 (a)

    2,905,000   3,099,751
InterGen NV

7.00%, 6/30/2023 (a)

    2,732,000   2,716,646
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
NextEra Energy Operating Partners L.P.:          
3.88%, 10/15/2026 (a)

    $ 149,000   $ 158,000
4.25%, 7/15/2024 (a)

    4,208,000   4,376,741
4.25%, 9/15/2024 (a)

    69,000   71,859
Talen Energy Supply LLC:          
6.50%, 6/1/2025

    4,960,000   1,970,063
10.50%, 1/15/2026 (a)

    5,673,000   2,451,076
Terraform Global Operating LLC

6.13%, 3/1/2026 (a)

    963,000   983,868
TransAlta Corp.

4.50%, 11/15/2022

    4,365,000   4,448,590
Vistra Operations Co. LLC:          
5.50%, 9/1/2026 (a)

    5,237,000   5,388,559
5.63%, 2/15/2027 (a)

    451,000   466,325
          54,291,727
ELECTRICAL COMPONENTS & EQUIPMENT — 0.3%   
WESCO Distribution, Inc.

7.13%, 6/15/2025 (a)

    11,936,000   12,641,418
ELECTRONICS — 0.5%   
Brightstar Escrow Corp.

9.75%, 10/15/2025 (a)

    4,985,000   5,352,046
Sensata Technologies B.V.:          
4.88%, 10/15/2023 (a)

    6,417,000   6,763,325
5.00%, 10/1/2025 (a)

    6,017,000   6,532,055
5.63%, 11/1/2024 (a)

    3,255,000   3,577,473
          22,224,899
ENERGY-ALTERNATE SOURCES — 0.3%   
Enviva Partners L.P./Enviva Partners Finance Corp.

6.50%, 1/15/2026 (a)

    6,709,000   6,941,937
Sunnova Energy Corp.

5.88%, 9/1/2026 (a)

    1,110,000   1,132,544
TerraForm Power Operating LLC

4.25%, 1/31/2023 (a)

    3,540,875   3,618,420
          11,692,901
ENGINEERING & CONSTRUCTION — 0.7%   
Abengoa Abenewco 2 SAU PIK

1.50%, 10/26/2024 (a)  (c)

    4,572,938   22,865
Artera Services LLC

9.03%, 12/4/2025 (a)

    8,831,000   9,306,019
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Brand Industrial Services, Inc.

8.50%, 7/15/2025 (a)

    $ 9,057,000   $ 9,042,328
Brundage-Bone Concrete Pumping Holdings, Inc.

6.00%, 2/1/2026 (a)

    4,778,000   4,964,246
Fluor Corp.

3.50%, 12/15/2024 (b)

    373,000   390,389
Tutor Perini Corp.

6.88%, 5/1/2025 (a)  (b)

    4,142,000   4,171,947
          27,897,794
ENTERTAINMENT — 3.8%   
AMC Entertainment Holdings, Inc.

10.50%, 4/15/2025 (a)  (b)

    4,363,000   4,648,558
Banijay Entertainment SASU

5.38%, 3/1/2025 (a)

    4,879,000   4,992,876
Caesars Entertainment, Inc.

6.25%, 7/1/2025 (a)

    29,048,000   30,510,857
Caesars Resort Collection LLC/CRC Finco, Inc.

5.75%, 7/1/2025 (a)

    10,779,000   11,266,534
Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp./Millennium Op

5.50%, 5/1/2025 (a)

    7,790,000   8,096,147
Cinemark USA, Inc.

5.88%, 3/15/2026 (a)  (b)

    3,450,000   3,484,673
Golden Entertainment, Inc.

7.63%, 4/15/2026 (a)

    1,264,000   1,323,421
International Game Technology PLC:          
4.13%, 4/15/2026 (a)

    5,927,000   6,093,430
6.50%, 2/15/2025 (a)

    10,277,000   11,247,149
Jacobs Entertainment, Inc.

7.88%, 2/1/2024 (a)

    1,873,000   1,912,989
Live Nation Entertainment, Inc.

4.88%, 11/1/2024 (a)

    5,550,000   5,619,319
Merlin Entertainments PLC

5.75%, 6/15/2026 (a)

    2,057,000   2,148,269
Mohegan Gaming & Entertainment

8.00%, 2/1/2026 (a)

    12,261,000   12,876,870
Raptor Acquisition Corp./Raptor Co-Issuer LLC

4.88%, 11/1/2026 (a)

    5,175,000   5,228,303
Scientific Games International, Inc.:          
5.00%, 10/15/2025 (a)

    10,287,000   10,586,557
8.25%, 3/15/2026 (a)

    10,271,000   10,827,791
8.63%, 7/1/2025 (a)

    7,743,000   8,287,797
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Six Flags Entertainment Corp.

4.88%, 7/31/2024 (a)

    $ 7,883,000   $ 7,967,190
Six Flags Theme Parks, Inc.

7.00%, 7/1/2025 (a)

    5,250,000   5,607,578
Vail Resorts, Inc.

6.25%, 5/15/2025 (a)

    2,964,000   3,103,842
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.

7.75%, 4/15/2025 (a)

    5,633,000   5,914,650
          161,744,800
ENVIRONMENTAL CONTROL — 0.6%   
GFL Environmental, Inc.:          
3.75%, 8/1/2025 (a)

    5,506,000   5,583,690
4.25%, 6/1/2025 (a)  (b)

    6,518,000   6,705,197
5.13%, 12/15/2026 (a)

    500,000   521,255
Stericycle, Inc.

5.38%, 7/15/2024 (a)

    6,221,000   6,387,163
Waste Pro USA, Inc.

5.50%, 2/15/2026 (a)

    4,861,000   4,860,465
          24,057,770
FOOD — 1.6%   
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC:          
3.25%, 3/15/2026 (a)

    4,301,000   4,394,547
3.50%, 2/15/2023 (a)

    5,002,000   5,096,938
7.50%, 3/15/2026 (a)

    7,133,000   7,617,973
B&G Foods, Inc.

5.25%, 4/1/2025

    4,406,000   4,495,001
Chobani LLC/Chobani Finance Corp., Inc.

7.50%, 4/15/2025 (a)

    1,951,000   2,010,818
Del Monte Foods, Inc.

11.88%, 5/15/2025 (a)

    3,491,000   3,898,016
FAGE International SA/FAGE USA Dairy Industry, Inc.

5.63%, 8/15/2026 (a)  (b)

    3,717,000   3,823,826
Fresh Market, Inc.

9.75%, 5/1/2023 (a)

    6,016,000   6,188,358
H-Food Holdings LLC/Hearthside Finance Co., Inc.

8.50%, 6/1/2026 (a)

    2,224,000   2,232,051
Kraft Heinz Foods Co.

3.00%, 6/1/2026

    14,237,000   14,900,729
Sigma Holdco B.V.

7.88%, 5/15/2026 (a)  (b)

    4,361,000   4,213,511
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
US Foods, Inc.

6.25%, 4/15/2025 (a)

    $ 7,208,000   $ 7,518,809
          66,390,577
FOOD SERVICE — 0.4%   
Aramark Services, Inc.:          
5.00%, 4/1/2025 (a)  (b)

    4,357,000   4,443,661
6.38%, 5/1/2025 (a)

    12,785,000   13,362,626
          17,806,287
FOREST PRODUCTS & PAPER — 0.1%   
Schweitzer-Mauduit International, Inc.

6.88%, 10/1/2026 (a)

    2,286,000   2,391,430
GAS — 0.5%   
AmeriGas Partners L.P./AmeriGas Finance Corp.:          
5.50%, 5/20/2025

    7,793,000   8,351,836
5.63%, 5/20/2024

    7,299,000   7,892,555
5.88%, 8/20/2026

    5,246,000   5,867,861
Rockpoint Gas Storage Canada, Ltd.

7.00%, 3/31/2023 (a)

    815,000   816,043
          22,928,295
HEALTH CARE SERVICES — 5.0%   
Air Methods Corp.

8.00%, 5/15/2025 (a)  (b)

    5,746,000   4,940,411
Akumin, Inc.

7.00%, 11/1/2025 (a)

    5,383,000   5,120,256
CHS/Community Health Systems, Inc.:          
6.63%, 2/15/2025 (a)

    10,201,000   10,558,137
8.00%, 3/15/2026 (a)

    17,487,000   18,370,618
Encompass Health Corp.

5.75%, 9/15/2025

    1,429,000   1,460,224
Envision Helthcare Corp.

8.75%, 10/15/2026 (a)

    8,737,000   5,033,386
Global Medical Response, Inc.

6.50%, 10/1/2025 (a)

    3,943,000   3,992,366
HCA, Inc.:          
5.38%, 2/1/2025

    24,675,000   27,112,150
5.38%, 9/1/2026

    6,581,000   7,420,867
5.88%, 5/1/2023

    12,228,000   12,946,395
5.88%, 2/15/2026

    9,451,000   10,680,575
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
IQVIA, Inc.

5.00%, 10/15/2026 (a)

    $ 3,660,000   $ 3,759,406
Legacy LifePoint Health LLC

6.75%, 4/15/2025 (a)

    6,401,000   6,717,529
MEDNAX, Inc.

6.25%, 1/15/2027 (a)  (b)

    4,670,000   4,898,456
ModivCare, Inc.

5.88%, 11/15/2025 (a)

    3,175,000   3,343,053
Prime Healthcare Services, Inc.

7.25%, 11/1/2025 (a)

    6,666,000   7,072,826
RP Escrow Issuer LLC

5.25%, 12/15/2025 (a)

    6,893,000   6,997,567
Select Medical Corp.

6.25%, 8/15/2026 (a)

    10,288,000   10,898,901
Tenet Healthcare Corp.:          
4.63%, 7/15/2024

    4,308,000   4,372,835
4.63%, 9/1/2024 (a)

    8,294,000   8,494,964
4.88%, 1/1/2026 (a)

    17,929,000   18,419,179
6.75%, 6/15/2023

    14,520,000   15,535,529
7.50%, 4/1/2025 (a)

    6,640,000   6,974,722
US Acute Care Solutions LLC

6.38%, 3/1/2026 (a)

    4,645,000   4,860,621
          209,980,973
HOLDING COMPANIES-DIVERSIFIED — 0.2%   
Stena AB

7.00%, 2/1/2024 (a)

    4,052,000   4,186,405
Stena International SA:          
5.75%, 3/1/2024 (a)

    108,000   111,531
6.13%, 2/1/2025 (a)

    5,941,000   6,092,377
          10,390,313
HOME BUILDERS — 0.6%   
Empire Communities Corp.

7.00%, 12/15/2025 (a)

    5,048,000   5,231,798
Forestar Group, Inc.

3.85%, 5/15/2026 (a)

    5,192,000   5,209,653
KB Home:          
7.50%, 9/15/2022

    2,405,000   2,514,403
7.63%, 5/15/2023

    2,055,000   2,166,176
Meritage Homes Corp.

6.00%, 6/1/2025

    288,000   322,033
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Picasso Finance Sub, Inc.

6.13%, 6/15/2025 (a)

    $ 2,325,000   $ 2,434,089
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.:          
5.63%, 3/1/2024 (a)

    1,329,000   1,419,120
5.88%, 4/15/2023 (a)

    3,964,000   4,142,657
Toll Brothers Finance Corp.

4.38%, 4/15/2023

    1,833,660   1,896,041
          25,335,970
HOUSEHOLD PRODUCTS & WARES — 0.2%   
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.

5.00%, 12/31/2026 (a)

    4,458,000   4,400,804
Spectrum Brands, Inc.

5.75%, 7/15/2025

    2,230,000   2,278,859
          6,679,663
HOUSEWARES — 0.8%   
CD&R Smokey Buyer, Inc.

6.75%, 7/15/2025 (a)

    5,250,000   5,509,560
Newell Brands, Inc.:          
4.35%, 4/1/2023

    8,092,000   8,347,707
4.70%, 4/1/2026

    15,692,000   17,115,108
4.88%, 6/1/2025

    3,729,000   4,057,711
          35,030,086
INSURANCE — 1.0%   
Acrisure LLC/Acrisure Finance, Inc.:          
7.00%, 11/15/2025 (a)

    9,800,000   9,831,066
10.13%, 8/1/2026 (a)

    650,000   715,877
AssuredPartners, Inc.

7.00%, 8/15/2025 (a)

    4,528,000   4,571,922
Genworth Holdings, Inc.

Series ., 4.80%, 2/15/2024

    16,000   16,723
HUB International, Ltd.

7.00%, 5/1/2026 (a)

    13,632,000   14,006,062
NMI Holdings, Inc.

7.38%, 6/1/2025 (a)

    3,283,000   3,729,127
Radian Group, Inc.

4.50%, 10/1/2024

    5,788,000   6,067,560
USI, Inc.

6.88%, 5/1/2025 (a)

    3,365,000   3,401,746
          42,340,083
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
INTERNET — 2.1%   
Cogent Communications Group, Inc.

3.50%, 5/1/2026 (a)

    $ 3,440,000   $ 3,492,701
Millennium Escrow Corp.

6.63%, 8/1/2026 (a)

    8,171,000   8,195,431
Netflix, Inc.:          
3.63%, 6/15/2025 (a)

    4,022,000   4,248,640
4.38%, 11/15/2026

    7,865,000   8,726,847
5.50%, 2/15/2022

    8,118,000   8,157,616
5.75%, 3/1/2024

    1,510,000   1,648,331
5.88%, 2/15/2025

    4,869,000   5,464,235
NortonLifeLock, Inc.:          
3.95%, 6/15/2022

    2,335,000   2,352,279
5.00%, 4/15/2025 (a)

    6,617,000   6,674,303
Photo Holdings Merger Sub, Inc.

8.50%, 10/1/2026 (a)

    9,173,000   9,544,781
TripAdvisor, Inc.

7.00%, 7/15/2025 (a)

    5,110,000   5,411,848
Uber Technologies, Inc.:          
7.50%, 5/15/2025 (a)

    11,410,000   12,020,663
8.00%, 11/1/2026 (a)

    9,915,000   10,577,917
          86,515,592
INVESTMENT COMPANY SECURITY — 0.8%   
FS Energy & Power Fund

7.50%, 8/15/2023 (a)

    1,031,000   1,077,519
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.:          
4.75%, 9/15/2024

    6,616,000   6,871,642
6.25%, 5/15/2026

    11,639,000   12,118,643
6.38%, 12/15/2025

    10,994,000   11,191,452
6.75%, 2/1/2024

    1,591,000   1,595,853
          32,855,109
IRON/STEEL — 0.6%   
Allegheny Technologies, Inc.

4.88%, 10/1/2029 (b)

    1,464,000   1,463,151
ArcelorMittal SA

4.55%, 3/11/2026

    2,570,000   2,818,493
Baffinland Iron Mines Corp./Baffinland Iron Mines L.P.

8.75%, 7/15/2026 (a)

    6,609,000   6,893,980
Cleveland-Cliffs, Inc.:          
6.75%, 3/15/2026 (a)

    7,804,000   8,254,837
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
9.88%, 10/17/2025 (a)

    $ 4,359,000   $ 4,937,527
          24,367,988
LEISURE TIME — 3.2%   
24 Hour Fitness Worldwide, Inc.

8.00%, 6/1/2022 (a) (c)  (d)

    1,771,000   9,918
Carnival Corp.:          
7.63%, 3/1/2026 (a)

    16,447,000   17,223,298
10.50%, 2/1/2026 (a)

    5,196,000   5,932,585
Constellation Merger Sub, Inc.

8.50%, 9/15/2025 (a)

    1,867,000   1,796,241
CWT Travel Group, Inc.

8.50%, 11/19/2026 (a)

    3,768,000   3,836,954
Life Time, Inc.:          
5.75%, 1/15/2026 (a)

    10,277,000   10,687,361
8.00%, 4/15/2026 (a)

    1,490,000   1,557,750
NCL Corp., Ltd.:          
3.63%, 12/15/2024 (a)

    4,645,000   4,396,260
5.88%, 3/15/2026 (a)

    12,453,000   12,472,800
10.25%, 2/1/2026 (a)

    6,458,000   7,508,587
12.25%, 5/15/2024 (a)

    4,341,000   5,140,308
Royal Caribbean Cruises, Ltd.:          
4.25%, 7/1/2026 (a)

    4,966,000   4,821,589
5.25%, 11/15/2022

    6,840,000   6,931,793
5.50%, 8/31/2026 (a)

    6,520,000   6,629,275
9.13%, 6/15/2023 (a)

    9,786,000   10,432,072
10.88%, 6/1/2023 (a)

    10,343,000   11,305,830
11.50%, 6/1/2025 (a)

    11,941,000   13,417,982
Viking Cruises, Ltd.

13.00%, 5/15/2025 (a)

    8,646,000   9,784,160
          133,884,763
LODGING — 3.1%   
Genting New York LLC/GENNY Capital, Inc.

3.30%, 2/15/2026 (a)

    4,038,000   3,997,741
Hilton Domestic Operating Co., Inc.

5.38%, 5/1/2025 (a)

    2,605,000   2,708,471
Melco Resorts Finance, Ltd.:          
4.88%, 6/6/2025 (a)

    5,418,000   5,323,131
Series REGS, 4.88%, 6/6/2025 (b)

    5,358,000   5,264,181
Series REGS, 5.25%, 4/26/2026 (b)

    944,000   933,654
MGM China Holdings, Ltd.:          
5.25%, 6/18/2025 (a)

    2,080,000   2,069,600
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
5.38%, 5/15/2024 (a)

    $ 9,853,000   $ 9,832,998
5.88%, 5/15/2026 (a)

    5,036,000   5,058,863
MGM Resorts International:          
4.63%, 9/1/2026

    2,323,000   2,424,933
5.75%, 6/15/2025

    3,990,000   4,304,013
6.00%, 3/15/2023

    8,666,000   9,102,593
6.75%, 5/1/2025

    4,649,000   4,876,987
7.75%, 3/15/2022

    12,796,000   12,957,997
Studio City Finance, Ltd.

6.00%, 7/15/2025 (a)

    5,290,000   5,122,677
Travel + Leisure Co.:          
6.60%, 10/1/2025

    4,339,000   4,824,534
6.63%, 7/31/2026 (a)

    8,858,000   9,810,501
Universal Entertainment Corp.

8.50%, 12/11/2024 (a)

    5,108,000   5,397,726
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:          
4.25%, 5/30/2023 (a)

    3,081,000   3,117,541
5.50%, 3/1/2025 (a)

    16,731,603   17,301,147
Wynn Macau, Ltd.:          
5.50%, 1/15/2026 (a)

    10,218,000   9,595,213
4.88%, 10/1/2024 (a)

    4,785,000   4,508,140
          128,532,641
MACHINERY, CONSTRUCTION & MINING — 0.2%   
Weir Group PLC

2.20%, 5/13/2026 (a)

    8,151,000   8,085,874
MACHINERY-DIVERSIFIED — 0.5%   
Cleaver-Brooks, Inc.

7.88%, 3/1/2023 (a)  (b)

    3,895,000   3,808,920
Colfax Corp.

6.38%, 2/15/2026 (a)

    148,000   153,267
Husky III Holding, Ltd.

13.00%, 2/15/2025 (a)

    3,728,000   3,938,483
Stevens Holding Co., Inc.

6.13%, 10/1/2026 (a)

    4,422,000   4,735,741
Titan Acquisition, Ltd./Titan Co-Borrower LLC

7.75%, 4/15/2026 (a)

    3,983,000   4,053,141
Welbilt, Inc.

9.50%, 2/15/2024

    3,042,000   3,073,424
          19,762,976
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
MEDIA — 4.9%   
AMC Networks, Inc.:          
4.75%, 8/1/2025 (b)

    $ 7,886,500   $ 8,063,710
5.00%, 4/1/2024

    2,999,000   3,022,272
CCO Holdings LLC/CCO Holdings Capital Corp.:          
4.00%, 3/1/2023 (a)

    3,846,000   3,848,885
5.50%, 5/1/2026 (a)

    5,375,000   5,544,527
Cengage Learning, Inc.

9.50%, 6/15/2024 (a)

    5,619,000   5,689,968
CSC Holdings LLC:          
5.25%, 6/1/2024

    4,243,000   4,427,019
5.88%, 9/15/2022

    6,409,000   6,572,750
Cumulus Media New Holdings, Inc.

6.75%, 7/1/2026 (a)  (b)

    4,509,000   4,685,572
Diamond Sports Group LLC/Diamond Sports Finance Co.

5.38%, 8/15/2026 (a)

    27,425,000   13,674,928
DISH DBS Corp.:          
5.00%, 3/15/2023

    10,264,000   10,515,263
5.25%, 12/1/2026 (a)

    18,185,000   18,471,777
5.88%, 7/15/2022

    20,847,000   21,199,731
5.88%, 11/15/2024

    16,228,000   16,665,020
7.38%, 7/1/2028 (b)

    2,133,000   2,165,507
7.75%, 7/1/2026

    14,810,000   15,643,803
Gannett Holdings LLC

6.00%, 11/1/2026 (a)

    2,847,000   2,915,186
Gray Television, Inc.

5.88%, 7/15/2026 (a)

    6,812,000   7,045,992
iHeartCommunications, Inc.

6.38%, 5/1/2026

    5,503,608   5,738,612
Quebecor Media, Inc.

5.75%, 1/15/2023

    4,463,000   4,645,804
Radiate Holdco LLC/Radiate Finance, Inc.

4.50%, 9/15/2026 (a)

    7,562,000   7,663,860
Sirius XM Radio, Inc.

3.13%, 9/1/2026 (a)

    8,544,000   8,541,608
TEGNA, Inc.

4.75%, 3/15/2026 (a)

    2,906,000   3,026,018
Townsquare Media, Inc.

6.88%, 2/1/2026 (a)

    2,510,000   2,671,820
Univision Communications, Inc.:          
5.13%, 2/15/2025 (a)

    11,275,000   11,387,637
9.50%, 5/1/2025 (a)

    3,046,000   3,265,799
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Videotron, Ltd.

5.38%, 6/15/2024 (a)

    $ 6,687,000   $ 7,170,671
          204,263,739
MINING — 1.1%   
Arconic Corp.

6.00%, 5/15/2025 (a)

    5,242,000   5,490,261
Constellium SE

5.88%, 2/15/2026 (a)

    3,081,000   3,122,008
FMG Resources August 2006 Pty, Ltd.

5.13%, 5/15/2024 (a)

    6,999,000   7,419,920
Freeport-McMoRan, Inc.:          
3.88%, 3/15/2023

    4,777,000   4,943,383
4.55%, 11/14/2024

    4,226,000   4,527,102
Hudbay Minerals, Inc.

4.50%, 4/1/2026 (a)

    6,251,000   6,253,813
Novelis Corp.

3.25%, 11/15/2026 (a)

    6,028,000   6,095,272
Perenti Finance Pty, Ltd.

6.50%, 10/7/2025 (a)  (b)

    5,102,000   5,267,152
Taseko Mines, Ltd.

7.00%, 2/15/2026 (a)

    2,726,000   2,840,547
          45,959,458
MISCELLANEOUS MANUFACTURER — 0.5%   
FXI Holdings, Inc.:          
7.88%, 11/1/2024 (a)

    8,498,000   8,661,672
12.25%, 11/15/2026 (a)

    5,243,000   5,895,963
Gates Global LLC/Gates Corp.

6.25%, 1/15/2026 (a)

    1,942,000   2,005,639
Hillenbrand, Inc.:          
5.00%, 9/15/2026

    259,000   288,498
5.75%, 6/15/2025

    2,051,000   2,154,842
Trinity Industries, Inc.

4.55%, 10/1/2024

    2,916,000   3,064,920
          22,071,534
OFFICE & BUSINESS EQUIPMENT — 0.3%   
Xerox Corp.

4.38%, 3/15/2023

    6,280,000   6,483,472
Xerox Holdings Corp.

5.00%, 8/15/2025 (a)

    7,180,000   7,580,931
          14,064,403
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
OIL & GAS — 7.2%   
Aethon United BR L.P./Aethon United Finance Corp.

8.25%, 2/15/2026 (a)

    $ 5,580,000   $ 5,989,516
Antero Resources Corp.

5.00%, 3/1/2025 (b)

    2,210,000   2,244,741
Apache Corp.

4.63%, 11/15/2025

    3,265,000   3,510,626
Ascent Resources Utica Holdings LLC/ARU Finance Corp.

7.00%, 11/1/2026 (a)

    6,379,000   6,480,362
Athabasca Oil Corp.

9.75%, 11/1/2026 (a)

    2,890,000   2,860,667
Berry Petroleum Co. LLC

7.00%, 2/15/2026 (a)

    3,646,000   3,631,562
California Resources Corp.

7.13%, 2/1/2026 (a)

    2,914,000   3,026,393
Callon Petroleum Co.

6.13%, 10/1/2024 (b)

    958,000   945,153
Calumet Specialty Products Partners L.P./Calumet Finance Corp.

11.00%, 4/15/2025 (a)

    3,512,000   3,813,997
Chesapeake Energy Corp.

5.50%, 2/1/2026 (a)

    3,720,000   3,919,243
Civitas Resources, Inc.

5.00%, 10/15/2026 (a)

    2,312,000   2,336,669
Continental Resources, Inc.:          
2.27%, 11/15/2026 (a)

    2,340,000   2,323,714
3.80%, 6/1/2024

    6,305,000   6,581,411
4.50%, 4/15/2023

    5,151,000   5,317,893
CrownRock L.P./CrownRock Finance, Inc.

5.63%, 10/15/2025 (a)

    10,461,000   10,740,727
CVR Energy, Inc.

5.25%, 2/15/2025 (a)

    3,874,000   3,792,762
Endeavor Energy Resources L.P./EER Finance, Inc.

6.63%, 7/15/2025 (a)

    6,714,000   7,102,271
Ensign Drilling, Inc.

9.25%, 4/15/2024 (a)

    3,207,000   3,117,813
EQT Corp.:          
3.00%, 10/1/2022 (b)

    6,463,000   6,530,409
3.13%, 5/15/2026 (a)

    4,762,000   4,895,765
6.63%, 2/1/2025

    5,286,000   5,961,287
Gulfport Energy Corp.

8.00%, 5/17/2026 (a)

    3,245,000   3,550,030
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Harbour Energy PLC

5.50%, 10/15/2026 (a)

    $ 4,234,000   $ 4,205,590
Independence Energy Finance LLC

7.25%, 5/1/2026 (a)

    3,700,000   3,852,773
Ithaca Energy North Sea PLC

9.00%, 7/15/2026 (a)

    3,478,000   3,567,246
Laredo Petroleum, Inc.

9.50%, 1/15/2025

    1,576,000   1,616,298
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.

6.00%, 8/1/2026 (a)

    5,607,000   5,763,211
Matador Resources Co.

5.88%, 9/15/2026

    8,832,000   9,061,897
MEG Energy Corp.

6.50%, 1/15/2025 (a)

    1,689,000   1,720,939
Moss Creek Resources Holdings, Inc.

7.50%, 1/15/2026 (a)

    6,001,000   5,619,096
Murphy Oil Corp.:          
5.75%, 8/15/2025 (b)

    3,376,000   3,468,874
6.88%, 8/15/2024 (b)

    2,857,000   2,911,540
Nabors Industries, Inc.:          
5.75%, 2/1/2025

    1,939,000   1,796,425
7.38%, 5/15/2027 (a)

    492,000   508,831
Nabors Industries, Ltd.

7.25%, 1/15/2026 (a)

    9,933,000   9,179,681
Neptune Energy Bondco PLC

6.63%, 5/15/2025 (a)

    6,316,000   6,476,805
Newfield Exploration Co.

5.38%, 1/1/2026

    2,230,000   2,474,631
Oasis Petroleum, Inc.

6.38%, 6/1/2026 (a)

    2,642,000   2,775,738
Occidental Petroleum Corp.:          
2.70%, 2/15/2023

    1,132,000   1,146,954
3.20%, 8/15/2026

    3,617,000   3,724,859
3.40%, 4/15/2026

    6,417,000   6,580,313
5.50%, 12/1/2025

    5,379,000   5,965,096
5.55%, 3/15/2026

    8,796,000   9,791,004
5.88%, 9/1/2025

    4,995,000   5,500,244
6.95%, 7/1/2024

    6,830,000   7,594,004
8.00%, 7/15/2025

    500,000   581,170
Ovintiv Exploration, Inc.

5.63%, 7/1/2024

    4,781,000   5,268,088
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
PBF Holding Co. LLC/PBF Finance Corp.:          
7.25%, 6/15/2025

    $ 3,991,000   $ 2,834,608
9.25%, 5/15/2025 (a)

    11,794,000   11,234,021
PDC Energy, Inc.:          
5.75%, 5/15/2026

    4,657,000   4,809,796
6.13%, 9/15/2024

    1,218,000   1,236,769
Penn Virginia Escrow LLC

9.25%, 8/15/2026 (a)

    1,480,000   1,540,591
Petrofac, Ltd.

9.75%, 11/15/2026

    2,206,000   2,249,260
Puma International Financing SA:          
5.00%, 1/24/2026 (a)

    4,568,000   4,569,782
5.13%, 10/6/2024 (a)

    4,595,000   4,601,387
Range Resources Corp.:          
4.88%, 5/15/2025

    3,846,000   3,980,110
5.00%, 3/15/2023

    7,758,000   7,920,297
9.25%, 2/1/2026

    5,207,000   5,616,999
SM Energy Co.

10.00%, 1/15/2025 (a)  (b)

    5,513,000   6,063,583
Southwestern Energy Co.

6.45%, 1/23/2025

    1,927,000   2,118,178
Strathcona Resources, Ltd.

6.88%, 8/1/2026 (a)

    5,547,000   5,446,821
Talos Production, Inc.

12.00%, 1/15/2026

    6,809,000   7,147,407
Tap Rock Resources LLC

7.00%, 10/1/2026 (a)

    2,660,000   2,764,405
Transocean Guardian, Ltd.

5.88%, 1/15/2024 (a)

    6,135,860   5,885,210
Transocean Pontus, Ltd.

6.13%, 8/1/2025 (a)

    1,220,463   1,192,722
Transocean, Inc.

7.50%, 1/15/2026 (a)

    9,003,000   6,709,666
W&T Offshore, Inc.

9.75%, 11/1/2023 (a)

    3,709,000   3,549,142
          301,295,072
OIL & GAS SERVICES — 0.8%   
CSI Compressco L.P./CSI Compressco Finance, Inc.

7.50%, 4/1/2025 (a)  (b)

    3,391,000   3,440,068
Exterran Energy Solutions L.P./EES Finance Corp.

8.13%, 5/1/2025

    2,996,000   2,786,280
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
KCA Deutag UK Finance PLC

9.88%, 12/1/2025 (a)

    $ 5,280,000   $ 5,696,064
Nine Energy Service, Inc.

8.75%, 11/1/2023 (a)

    2,606,000   1,253,512
Oceaneering International, Inc.

4.65%, 11/15/2024

    3,147,000   3,162,578
TechnipFMC PLC

6.50%, 2/1/2026 (a)

    10,108,000   10,800,903
USA Compression Partners L.P./USA Compression Finance Corp.

6.88%, 4/1/2026

    5,432,000   5,656,885
Weatherford International, Ltd.

11.00%, 12/1/2024 (a)

    1,618,000   1,667,656
          34,463,946
PACKAGING & CONTAINERS — 2.7%   
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:          
4.13%, 8/15/2026 (a)

    11,801,000   12,064,516
5.25%, 4/30/2025 (a)

    5,741,000   5,946,757
Ball Corp.:          
4.00%, 11/15/2023

    4,882,000   5,101,153
4.88%, 3/15/2026

    5,769,000   6,349,015
5.25%, 7/1/2025

    7,126,000   7,849,788
Cascades, Inc./Cascades USA, Inc.

5.13%, 1/15/2026 (a)

    1,471,000   1,527,354
Crown Americas LLC/Crown Americas Capital Corp.:          
4.25%, 9/30/2026

    4,607,000   4,930,365
4.75%, 2/1/2026

    2,310,000   2,373,918
Crown Cork & Seal Co., Inc.

7.38%, 12/15/2026

    3,756,000   4,529,698
Flex Acquisition Co., Inc.

6.88%, 1/15/2025 (a)

    6,905,000   6,911,905
LABL, Inc.

6.75%, 7/15/2026 (a)

    7,533,000   7,746,335
Mauser Packaging Solutions Holding Co.:          
5.50%, 4/15/2024 (a)

    11,415,000   11,516,708
7.25%, 4/15/2025 (a)

    8,260,947   8,237,651
Owens-Brockway Glass Container, Inc.

5.88%, 8/15/2023 (a)

    6,033,000   6,318,542
Sealed Air Corp.:          
1.57%, 10/15/2026 (a)

    2,175,000   2,110,055
4.88%, 12/1/2022 (a)

    4,278,000   4,369,164
5.13%, 12/1/2024 (a)

    2,002,000   2,144,082
See accompanying notes to financial statements.
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SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
5.50%, 9/15/2025 (a)

    $ 5,855,000   $ 6,477,211
Trivium Packaging Finance B.V.

5.50%, 8/15/2026 (a)

    6,298,000   6,576,435
          113,080,652
PHARMACEUTICALS — 2.3%   
Bausch Health Americas, Inc.

9.25%, 4/1/2026 (a)

    13,500,000   14,337,000
Bausch Health Cos., Inc.:          
5.50%, 11/1/2025 (a)

    19,664,000   19,963,089
6.13%, 4/15/2025 (a)

    19,212,951   19,610,275
9.00%, 12/15/2025 (a)

    9,790,000   10,316,310
Elanco Animal Health, Inc.

5.27%, 8/28/2023

    5,406,000   5,748,362
Endo Finance LLC/Endo Finco, Inc.

7.25%, 1/15/2022 (a)

    15,000   14,611
Herbalife Nutrition, Ltd./HLF Financing, Inc.

7.88%, 9/1/2025 (a)

    4,228,000   4,496,182
Lannett Co., Inc.

7.75%, 4/15/2026 (a)  (b)

    5,714,000   4,378,467
P&L Development LLC/PLD Finance Corp.

7.75%, 11/15/2025 (a)

    5,106,000   5,116,008
Perrigo Finance Unlimited Co.:          
3.90%, 12/15/2024

    2,389,000   2,504,102
4.38%, 3/15/2026

    5,313,000   5,683,741
PRA Health Sciences, Inc.

2.88%, 7/15/2026 (a)

    2,651,000   2,663,274
          94,831,421
PIPELINES — 4.5%   
Antero Midstream Partners L.P./Antero Midstream Finance Corp.

7.88%, 5/15/2026 (a)

    5,818,000   6,410,098
Blue Racer Midstream LLC/Blue Racer Finance Corp.

7.63%, 12/15/2025 (a)

    4,661,000   4,955,156
Buckeye Partners L.P.:          
3.95%, 12/1/2026

    1,440,000   1,466,496
4.13%, 3/1/2025 (a)

    7,593,000   7,854,427
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.

5.75%, 4/1/2025

    4,587,000   4,688,831
DCP Midstream Operating L.P.:          
4.95%, 4/1/2022

    2,697,000   2,697,000
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
5.38%, 7/15/2025

    $ 5,445,000   $ 5,950,895
EnLink Midstream Partners L.P.:          
4.15%, 6/1/2025

    5,678,000   5,887,972
4.40%, 4/1/2024

    3,806,465   4,003,069
EQM Midstream Partners L.P.:          
4.00%, 8/1/2024

    3,056,000   3,178,698
4.75%, 7/15/2023

    2,440,000   2,535,380
6.00%, 7/1/2025 (a)

    8,484,000   9,224,568
Genesis Energy L.P./Genesis Energy Finance Corp.:          
6.25%, 5/15/2026

    4,088,000   3,999,127
6.50%, 10/1/2025

    3,463,000   3,429,340
Hess Midstream Operations L.P.

5.63%, 2/15/2026 (a)

    6,721,000   6,952,270
Howard Midstream Energy Partners LLC

6.75%, 1/15/2027 (a)

    2,430,000   2,490,750
New Fortress Energy, Inc.:          
6.50%, 9/30/2026 (a)

    12,942,000   12,928,540
6.75%, 9/15/2025 (a)

    10,725,000   10,895,098
NGL Energy Operating LLC/NGL Energy Finance Corp.

7.50%, 2/1/2026 (a)

    14,892,000   15,346,504
NGL Energy Partners L.P./NGL Energy Finance Corp.:          
6.13%, 3/1/2025 (b)

    2,529,000   2,178,759
7.50%, 11/1/2023 (b)

    7,477,000   7,418,081
Northriver Midstream Finance L.P.

5.63%, 2/15/2026 (a)

    4,893,000   5,084,267
NuStar Logistics L.P.:          
5.75%, 10/1/2025

    2,794,000   3,003,997
6.00%, 6/1/2026

    1,783,000   1,944,807
PBF Logistics L.P./PBF Logistics Finance Corp.

6.88%, 5/15/2023 (b)

    4,966,000   4,832,315
Rattler Midstream L.P.

5.63%, 7/15/2025 (a)

    5,764,000   5,997,442
Rockies Express Pipeline LLC

3.60%, 5/15/2025 (a)

    1,381,000   1,422,610
Ruby Pipeline LLC

8.00%, 4/1/2022 (a)

    2,638,697   2,386,121
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.:          
5.75%, 4/15/2025

    1,429,000   1,308,364
8.50%, 10/15/2026 (a)

    3,478,000   3,615,068
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.

7.50%, 10/1/2025 (a)

    3,868,500   4,191,752
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.

5.88%, 4/15/2026

    $ 9,841,000   $ 10,302,346
Western Midstream Operating L.P.:          
3.95%, 6/1/2025

    6,195,000   6,489,634
4.00%, 7/1/2022

    5,582,000   5,606,952
4.35%, 2/1/2025

    5,604,000   5,835,053
4.65%, 7/1/2026

    1,078,000   1,173,220
          187,685,007
REAL ESTATE — 0.7%   
Five Point Operating Co. L.P./Five Point Capital Corp.

7.88%, 11/15/2025 (a)

    2,549,000   2,663,399
Greystar Real Estate Partners LLC

5.75%, 12/1/2025 (a)

    2,065,000   2,101,014
Newmark Group, Inc.

6.13%, 11/15/2023

    2,401,000   2,573,632
Realogy Group LLC/Realogy Co-Issuer Corp.:          
4.88%, 6/1/2023 (a)  (b)

    4,379,000   4,519,741
7.63%, 6/15/2025 (a)

    6,193,000   6,581,177
WeWork Cos. LLC/WW Co-Obligor, Inc.

5.00%, 7/10/2025 (a)  (b)

    3,950,000   3,428,166
WeWork Cos., Inc.

7.88%, 5/1/2025 (a)  (b)

    6,395,000   6,106,969
          27,974,098
REAL ESTATE INVESTMENT TRUSTS — 3.8%   
Blackstone Mortgage Trust, Inc.

3.75%, 1/15/2027 (a)

    3,241,000   3,230,175
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL:          
4.50%, 4/1/2027 (a)

    472,000   465,010
5.75%, 5/15/2026 (a)

    7,130,000   7,397,375
Diversified Healthcare Trust

9.75%, 6/15/2025

    8,578,000   9,279,509
EPR Properties:          
4.50%, 6/1/2027

    2,648,000   2,796,738
4.75%, 12/15/2026

    2,685,000   2,871,446
GEO Group Inc.

6.00%, 4/15/2026 (b)

    2,659,000   2,143,659
HAT Holdings I LLC/HAT Holdings II LLC:          
3.38%, 6/15/2026 (a)

    7,750,000   7,850,673
6.00%, 4/15/2025 (a)

    5,816,000   6,052,886
See accompanying notes to financial statements.
105


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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
iStar, Inc.:          
4.25%, 8/1/2025

    $ 8,010,000   $ 8,235,001
4.75%, 10/1/2024

    4,002,000   4,179,729
5.50%, 2/15/2026

    296,000   307,372
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.

5.25%, 10/1/2025 (a)

    2,730,000   2,766,609
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc.:          
4.50%, 9/1/2026

    1,479,000   1,583,314
4.63%, 6/15/2025 (a)

    8,144,000   8,693,150
5.63%, 5/1/2024

    9,554,000   10,217,621
New Residential Investment Corp.

6.25%, 10/15/2025 (a)

    2,818,000   2,827,609
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer

7.50%, 6/1/2025 (a)

    3,339,500   3,523,807
RLJ Lodging Trust L.P.

3.75%, 7/1/2026 (a)

    2,978,000   2,982,020
Service Properties Trust:          
4.35%, 10/1/2024

    5,706,000   5,591,481
4.50%, 6/15/2023

    1,402,000   1,404,369
4.50%, 3/15/2025

    3,332,000   3,254,431
4.65%, 3/15/2024

    2,000,000   1,974,680
4.75%, 10/1/2026

    3,479,000   3,382,875
5.00%, 8/15/2022

    7,668,000   7,662,709
5.25%, 2/15/2026

    3,936,000   3,913,722
7.50%, 9/15/2025

    9,683,000   10,496,275
Starwood Property Trust, Inc.:          
3.63%, 7/15/2026 (a)

    3,282,000   3,288,892
3.75%, 12/31/2024 (a)

    6,900,000   6,974,865
4.75%, 3/15/2025

    43,000   45,059
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC

7.88%, 2/15/2025 (a)

    19,652,000   20,499,198
VICI Properties L.P./VICI Note Co., Inc.

3.50%, 2/15/2025 (a)

    4,085,000   4,165,148
XHR L.P.

6.38%, 8/15/2025 (a)

    214,000   227,208
          160,284,615
RETAIL — 4.3%   
1011778 BC ULC/New Red Finance, Inc.

5.75%, 4/15/2025 (a)

    3,715,000   3,858,696
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
99 Escrow Issuer, Inc.

7.50%, 1/15/2026 (a)

    $ 5,665,000   $ 4,458,242
Abercrombie & Fitch Management Co.

8.75%, 7/15/2025 (a)

    5,685,000   6,122,688
Bath & Body Works, Inc.

9.38%, 7/1/2025 (a)

    5,728,000   6,987,587
Brinker International, Inc.

5.00%, 10/1/2024 (a)

    1,309,000   1,396,925
Carrols Restaurant Group, Inc.

5.88%, 7/1/2029 (a)  (b)

    1,806,000   1,623,161
Carvana Co.

5.63%, 10/1/2025 (a)

    4,452,000   4,457,654
CEC Entertainment LLC

6.75%, 5/1/2026 (a)

    6,795,000   6,670,719
Dave & Buster's, Inc.

7.63%, 11/1/2025 (a)

    3,324,000   3,551,528
eG Global Finance PLC:          
6.75%, 2/7/2025 (a)

    5,232,000   5,290,494
8.50%, 10/30/2025 (a)

    5,526,865   5,758,606
Ferrellgas L.P./Ferrellgas Finance Corp.

5.38%, 4/1/2026 (a)

    6,292,000   6,111,042
Golden Nugget, Inc.

6.75%, 10/15/2024 (a)

    16,428,000   16,431,121
Guitar Center, Inc.

8.50%, 1/15/2026 (a)

    3,834,000   4,106,061
IRB Holding Corp.:          
6.75%, 2/15/2026 (a)

    4,582,000   4,676,435
7.00%, 6/15/2025 (a)

    5,467,000   5,782,883
LSF9 Atlantis Holdings LLC/Victra Finance Corp.

7.75%, 2/15/2026 (a)

    8,307,000   8,395,719
Macy's Retail Holdings LLC

2.88%, 2/15/2023 (b)

    2,634,000   2,666,398
NMG Holding Co., Inc./Neiman Marcus Group LLC

7.13%, 4/1/2026 (a)

    6,082,000   6,453,306
Nordstrom, Inc.

6.95%, 3/15/2028

    1,112,000   1,253,024
Party City Holdings, Inc.

8.75%, 2/15/2026 (a)

    7,151,000   7,382,478
Penske Automotive Group, Inc.

3.50%, 9/1/2025 (b)

    526,000   539,555
QVC, Inc.:          
4.38%, 3/15/2023

    7,047,000   7,266,444
4.45%, 2/15/2025

    3,748,000   3,966,583
See accompanying notes to financial statements.
107


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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
4.85%, 4/1/2024

    $ 4,253,000   $ 4,538,802
Rite Aid Corp.:          
7.50%, 7/1/2025 (a)

    6,429,000   6,598,211
8.00%, 11/15/2026 (a)

    7,037,000   7,203,003
Sally Holdings LLC/Sally Capital, Inc.

5.63%, 12/1/2025

    7,220,000   7,375,663
Sizzling Platter LLC/Sizzling Platter Finance Corp.

8.50%, 11/28/2025 (a)

    1,774,000   1,804,460
Specialty Building Products Holdings LLC/SBP Finance Corp.

6.38%, 9/30/2026 (a)

    7,301,000   7,649,623
Staples, Inc.

7.50%, 4/15/2026 (a)

    17,605,000   18,081,039
Yum! Brands, Inc.

7.75%, 4/1/2025 (a)

    3,203,000   3,376,955
          181,835,105
SEMICONDUCTORS — 0.1%   
ams AG

7.00%, 7/31/2025 (a)  (b)

    2,943,000   3,122,052
Microchip Technology, Inc.

0.97%, 2/15/2024

    247,000   244,898
          3,366,950
SOFTWARE — 1.4%   
Boxer Parent Co., Inc.:          
7.13%, 10/2/2025 (a)

    6,522,000   6,848,557
9.13%, 3/1/2026 (a)

    5,192,000   5,422,265
Camelot Finance SA

4.50%, 11/1/2026 (a)

    5,951,000   6,169,342
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.

5.75%, 3/1/2025 (a)

    13,320,000   13,448,005
Dun & Bradstreet Corp.

6.88%, 8/15/2026 (a)

    3,776,000   3,929,948
Escrow RCN Corp.

11.63%, 4/15/2023 (c)

    154,000   11,165
Fair Isaac Corp.

5.25%, 5/15/2026 (a)

    4,644,000   5,101,388
Nuance Communications, Inc.

5.63%, 12/15/2026

    95,000   97,917
PTC, Inc.

3.63%, 2/15/2025 (a)

    3,648,000   3,702,902
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Veritas US, Inc./Veritas Bermuda, Ltd.

7.50%, 9/1/2025 (a)

    $ 15,711,000   $ 16,308,961
          61,040,450
TELECOMMUNICATIONS — 6.8%   
Avanti Communications Group PLC

9.00%, 10/1/2022 (a)

    2,011,375   289,035
CenturyLink, Inc.:          
5.63%, 4/1/2025

    3,856,000   4,079,378
Series W, 6.75%, 12/1/2023

    6,247,000   6,741,200
CommScope Technologies LLC

6.00%, 6/15/2025 (a)

    11,011,500   11,023,502
CommScope, Inc.

6.00%, 3/1/2026 (a)

    14,090,000   14,597,944
Connect Finco SARL/Connect US Finco LLC

6.75%, 10/1/2026 (a)

    16,592,000   17,426,246
DKT Finance ApS

9.38%, 6/17/2023 (a)

    5,737,950   5,812,658
GTH Finance B.V.

Series REGS, 7.25%, 4/26/2023

    5,130,000   5,400,607
Hughes Satellite Systems Corp.:          
5.25%, 8/1/2026

    9,672,000   10,611,345
6.63%, 8/1/2026

    3,721,000   4,163,985
Iliad Holding SASU

6.50%, 10/15/2026 (a)

    7,092,000   7,456,742
Intrado Corp.

8.50%, 10/15/2025 (a)  (b)

    6,557,000   6,528,477
Level 3 Financing, Inc.:          
5.25%, 3/15/2026

    7,727,000   7,911,598
5.38%, 5/1/2025

    7,417,000   7,566,230
Lumen Technologies Inc.

Series T, 5.80%, 3/15/2022

    13,923,000   14,054,990
Lumen Technologies, Inc.

Series Y, 7.50%, 4/1/2024 (b)

    9,306,000   10,188,209
Sprint Communications, Inc.

6.00%, 11/15/2022

    14,532,000   15,116,913
Sprint Corp.:          
7.13%, 6/15/2024

    15,840,000   17,792,914
7.63%, 2/15/2025

    8,600,000   9,907,028
7.63%, 3/1/2026

    5,956,000   7,141,840
7.88%, 9/15/2023

    28,942,000   31,934,024
Telecom Italia SpA

5.30%, 5/30/2024 (a)

    13,137,000   13,821,044
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
Telesat Canada/Telesat LLC

5.63%, 12/6/2026 (a)

    $ 3,821,000   $ 3,587,040
T-Mobile USA, Inc.:          
2.25%, 2/15/2026

    4,161,000   4,165,744
2.25%, 2/15/2026 (a)

    4,435,000   4,448,704
2.63%, 4/15/2026

    8,450,000   8,510,586
4.00%, 4/15/2022

    4,188,000   4,212,919
Trilogy International South Pacific LLC/TISP Finance, Inc.

8.88%, 5/15/2023 (a)  (b)

    1,203,100   1,169,509
VEON Holdings B.V.:          
4.00%, 4/9/2025 (a)

    9,938,000   10,130,996
Series REGS, 4.95%, 6/16/2024

    3,114,000   3,270,167
Series REGS, 5.95%, 2/13/2023

    4,379,000   4,561,429
Series REGS, 7.50%, 3/1/2022

    3,128,000   3,159,436
Viasat, Inc.

5.63%, 9/15/2025 (a)

    8,088,000   8,131,271
          284,913,710
TOYS/GAMES/HOBBIES — 0.1% (e)  
Mattel, Inc.

3.38%, 4/1/2026 (a)

    2,258,000   2,316,121
TRANSPORTATION — 0.5%   
Altera Infrastructure L.P./Teekay Offshore Finance Corp.

8.50%, 7/15/2023 (a)

    7,983,000   4,317,286
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc.

7.38%, 1/15/2022 (a)

    3,129,000   3,101,371
Western Global Airlines LLC

10.38%, 8/15/2025 (a)

    3,892,000   4,333,703
XPO Logistics, Inc.

6.25%, 5/1/2025 (a)

    9,107,000   9,543,043
          21,295,403
TRUCKING & LEASING — 0.2%   
Fly Leasing, Ltd.

7.00%, 10/15/2024 (a)

    2,488,000   2,457,895
Fortress Transportation & Infrastructure Investors LLC

6.50%, 10/1/2025 (a)

    6,816,000   7,051,152
          9,509,047
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
WATER — 0.1%   
Solaris Midstream Holdings LLC

7.63%, 4/1/2026 (a)

    $ 3,465,000   $ 3,647,536
TOTAL CORPORATE BONDS & NOTES

(Cost $4,153,311,512)

        4,110,706,600
    Shares  
COMMON STOCKS — 0.0% 
CONSTRUCTION & ENGINEERING — 0.0% (e)
Abengoa SA Class A (f)

1,017,249 22,095
Abengoa SA Class B (f)

10,518,618 57,417
      79,512
HOUSEHOLD PRODUCTS — 0.0% (e)
Cenveo Enterprises, Inc. (c)

9,870 59,220
MEDIA — 0.0% (e)
Clear Channel Outdoor Holding, Inc. (f)

70,012 231,740
iHeartMedia, Inc. Class A (f)

29,774 626,445
      858,185
OIL, GAS & CONSUMABLE FUELS — 0.0% (e)
Amplify Energy Corp. (b)  (f)

46,662 145,118
TRANSPORTATION INFRASTRUCTURE — 0.0%
Erickson, Inc.

8,455,464 1
TOTAL COMMON STOCKS

(Cost $15,839,302)

    1,142,036
WARRANTS — 0.0% (e)      
ADVERTISING SERVICES — 0.0% (e)      
Affinion Group, Inc. (expiring 11/20/22) (b) (c)  (f)

  11,802
CONSTRUCTION & ENGINEERING — 0.0% (e)      
Abengoa Abenewco 2 SAU (expiring 10/11/24) (a) (c)  (f)

  4,407,135
TOTAL WARRANTS

(Cost $0)

   
SHORT-TERM INVESTMENTS — 3.1%  
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (g)  (h)

31,086,754 31,089,862
See accompanying notes to financial statements.
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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (i)  (j)

  101,126,939   $ 101,126,939
TOTAL SHORT-TERM INVESTMENTS

(Cost $132,216,993)

  132,216,801  
TOTAL INVESTMENTS — 101.0%

(Cost $4,301,367,807)

  4,244,065,437  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.0)%

  (42,204,744)  
NET ASSETS — 100.0%

  $ 4,201,860,693  
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 65.7% 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) All or a portion of the shares of the security are on loan at December 31, 2021.
(c) 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 securities is $103,168, representing less than 0.05% of the Fund's net assets.
(d) Security is currently in default and/or issuer is in bankruptcy.
(e) Amount is less than 0.05% of net assets.
(f) Non-income producing security.
(g) 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.
(h) The rate shown is the annualized seven-day yield at December 31, 2021.
(i) 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.
(j) Investment of cash collateral for securities loaned.
GMTN Global Medium Term Note
MTN Medium Term Note
PIK Payment in Kind
REIT Real Estate Investment Trust
See accompanying notes to financial statements.
112


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SPDR BLOOMBERG SHORT TERM HIGH YIELD BOND ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

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

  $   $4,110,662,652   $ 43,948   $ 4,110,706,600
Common Stocks

  1,003,304   79,512   59,220   1,142,036
Warrants

      0(a)   0
Short-Term Investments

  132,216,801       132,216,801
TOTAL INVESTMENTS

  $133,220,105   $4,110,742,164   $103,168   $4,244,065,437
(a) The Fund held Level 3 securities that were valued at $0 at December 31, 2021.
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

105,446,669   $105,478,303   $716,932,934   $ 791,311,704   $(9,228)   $(443)   31,086,754   $ 31,089,862   $ 17,083
State Street Navigator Securities Lending Portfolio II

265,455,794   265,455,794   198,244,493   362,573,348       101,126,939   101,126,939   418,718
Total

    $370,934,097   $915,177,427   $1,153,885,052   $(9,228)   $(443)       $132,216,801   $435,801
See accompanying notes to financial statements.
113


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SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2021 (Unaudited)

  SPDR Bloomberg Convertible Securities ETF   SPDR Bloomberg High Yield Bond ETF   SPDR Bloomberg Short Term High Yield Bond ETF
ASSETS          
Investments in unaffiliated issuers, at value*

$6,277,409,364   $ 9,486,048,219   $ 4,111,848,636
Investments in affiliated issuers, at value

412,234,577   333,550,158   132,216,801
Total Investments

6,689,643,941   9,819,598,377   4,244,065,437
Cash

139,466   430,052   4,096,425
Receivable for investments sold

31,602,383   277,733,739   1,977,162
Receivable for fund shares sold

16,614,759   43,401,741  
Dividends receivable — unaffiliated issuers

2,763,818    
Dividends receivable — affiliated issuers

875   4,008   1,850
Interest receivable — unaffiliated issuers

8,635,650   143,991,861   67,233,125
Securities lending income receivable — unaffiliated issuers

23,365   4,954   3,249
Securities lending income receivable — affiliated issuers

189,492   133,888   69,776
Receivable for foreign taxes recoverable

  158,820   159,389
Other Receivable

  6,194  
TOTAL ASSETS

6,749,613,749   10,285,463,634   4,317,606,413
LIABILITIES          
Payable upon return of securities loaned

249,278,300   297,628,847   101,126,939
Payable for investments purchased

58,279,879   59,544,658   13,168,376
Payable for fund shares repurchased

  282,117,701  
Advisory fee payable

2,196,063   3,120,069   1,448,103
Trustees’ fees and expenses payable

9,826   23,783   2,302
TOTAL LIABILITIES

309,764,068   642,435,058   115,745,720
NET ASSETS

$6,439,849,681   $ 9,643,028,576   $4,201,860,693
NET ASSETS CONSIST OF:          
Paid-in Capital

$ 6,118,595,860   $ 11,374,328,307   $4,892,175,348
Total distributable earnings (loss)

321,253,821   (1,731,299,731)   (690,314,655)
NET ASSETS

$6,439,849,681   $ 9,643,028,576   $4,201,860,693
NET ASSET VALUE PER SHARE          
Net asset value per share

$ 82.88   $ 108.50   $ 27.13
Shares outstanding (unlimited amount authorized, $0.01 par value)

77,700,000   88,874,605   154,900,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers

$5,918,400,681   $ 9,613,223,022   $4,169,150,814
Investments in affiliated issuers

387,203,704   333,551,376   132,216,993
Total cost of investments

$6,305,604,385   $ 9,946,774,398   $4,301,367,807
* Includes investments in securities on loan, at value

$ 303,052,511   $ 301,421,084   $ 112,421,111
See accompanying notes to financial statements.
114


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SPDR SERIES TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended December 31, 2021 (Unaudited)

  SPDR Bloomberg Convertible Securities ETF   SPDR Bloomberg High Yield Bond ETF   SPDR Bloomberg Short Term High Yield Bond ETF
INVESTMENT INCOME          
Interest income — unaffiliated issuers

$ 22,209,502   $ 207,686,211   $ 87,666,291
Dividend income — unaffiliated issuers

30,193,329    
Dividend income — affiliated issuers

3,680,933   17,183   17,083
Unaffiliated securities lending income

90,896   24,015   16,626
Affiliated securities lending income

1,103,746   626,816   418,718
Foreign taxes withheld

(119,049)   (21,718)   (19,593)
TOTAL INVESTMENT INCOME (LOSS)

57,159,357   208,332,507   88,099,125
EXPENSES          
Advisory fee

13,765,297   18,281,622   9,467,975
Trustees’ fees and expenses

39,907   63,297   23,348
Miscellaneous expenses

83   112   60
TOTAL EXPENSES

13,805,287   18,345,031   9,491,383
NET INVESTMENT INCOME (LOSS)

$ 43,354,070   $189,987,476   $ 78,607,742
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers

70,605,009   (24,834,664)   5,899,484
Investments — affiliated issuers

(8,258)   877   (9,228)
In-kind redemptions — unaffiliated issuers

296,050,361   42,788,445   13,062,507
In-kind redemptions — affiliated issuers

3,730,982    
Net realized gain (loss)

370,378,094   17,954,658   18,952,763
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers

(682,214,667)   (96,947,679)   (56,234,117)
Investments — affiliated issuers

20,702,672   (4,671)   (443)
Net change in unrealized appreciation/depreciation

(661,511,995)   (96,952,350)   (56,234,560)
NET REALIZED AND UNREALIZED GAIN (LOSS)

(291,133,901)   (78,997,692)   (37,281,797)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$(247,779,831)   $ 110,989,784   $ 41,325,945
See accompanying notes to financial statements.
115


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS

  SPDR Bloomberg Convertible Securities ETF
  Six Months
Ended
12/31/21
(Unaudited)
  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)

$ 43,354,070   $ (56,480,762)
Net realized gain (loss)

370,378,094   1,852,400,877
Net change in unrealized appreciation/depreciation

(661,511,995)   380,214,977
Net increase (decrease) in net assets resulting from operations

(247,779,831)   2,176,135,092
Net equalization credits and charges

147,427   (2,658,515)
Distributions to shareholders

(93,605,790)   (149,426,532)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold

1,840,634,459   3,565,731,873
Cost of shares redeemed

(1,687,796,922)   (3,608,268,419)
Net income equalization

(147,427)   2,658,515
Other Capital

12,059   137,556
Net increase (decrease) in net assets from beneficial interest transactions

152,702,169   (39,740,475)
Net increase (decrease) in net assets during the period

(188,536,025)   1,984,309,570
Net assets at beginning of period

6,628,385,706   4,644,076,136
NET ASSETS AT END OF PERIOD

$ 6,439,849,681   $ 6,628,385,706
SHARES OF BENEFICIAL INTEREST:      
Shares sold

21,300,000   44,100,000
Shares redeemed

(19,900,000)   (44,900,000)
Net increase (decrease) from share transactions

1,400,000   (800,000)
See accompanying notes to financial statements.
116


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)

  SPDR Bloomberg High Yield Bond ETF
  Six Months
Ended
12/31/21
(Unaudited)
  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)

$ 189,987,476   $ 493,147,777
Net realized gain (loss)

17,954,658   582,843,816
Net change in unrealized appreciation/depreciation

(96,952,350)   451,925,222
Net increase (decrease) in net assets resulting from operations

110,989,784   1,527,916,815
Net equalization credits and charges

(505,093)   (4,231,181)
Distributions to shareholders

(224,112,417)   (557,603,482)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold

17,875,851,163   35,932,293,658
Cost of shares redeemed

(17,859,298,709)   (37,723,570,801)
Net income equalization

505,093   4,231,181
Other Capital

865,934   4,509,591
Net increase (decrease) in net assets from beneficial interest transactions

17,923,481   (1,782,536,371)
Net increase (decrease) in net assets during the period

(95,704,245)   (816,454,219)
Net assets at beginning of period

9,738,732,821   10,555,187,040
NET ASSETS AT END OF PERIOD

$ 9,643,028,576   $ 9,738,732,821
SHARES OF BENEFICIAL INTEREST:      
Shares sold

164,200,000   335,000,000
Shares redeemed

(164,000,000)   (350,800,000)
Net increase (decrease) from share transactions

200,000   (15,800,000)
See accompanying notes to financial statements.
117


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)

  SPDR Bloomberg
Short Term High Yield Bond ETF
  Six Months
Ended
12/31/21
(Unaudited)
  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)

$ 78,607,742   $ 163,142,124
Net realized gain (loss)

18,952,763   202,849,484
Net change in unrealized appreciation/depreciation

(56,234,560)   138,267,235
Net increase (decrease) in net assets resulting from operations

41,325,945   504,258,843
Net equalization credits and charges

(914,165)   (1,354,275)
Distributions to shareholders

(115,095,064)   (175,655,642)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold

3,384,225,303   15,672,178,995
Cost of shares redeemed

(4,166,262,678)   (13,981,332,848)
Net income equalization

914,165   1,354,275
Other Capital

127,653   749,568
Net increase (decrease) in net assets from beneficial interest transactions

(780,995,557)   1,692,949,990
Net increase (decrease) in net assets during the period

(855,678,841)   2,020,198,916
Net assets at beginning of period

5,057,539,534   3,037,340,618
NET ASSETS AT END OF PERIOD

$ 4,201,860,693   $ 5,057,539,534
SHARES OF BENEFICIAL INTEREST:      
Shares sold

123,900,000   585,900,000
Shares redeemed

(152,700,000)   (522,900,000)
Net increase (decrease) from share transactions

(28,800,000)   63,000,000
See accompanying notes to financial statements.
118


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period

  SPDR Bloomberg Convertible Securities 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

$ 86.87   $ 60.23   $ 52.93   $ 53.09   $ 49.53   $ 43.78
Income (loss) from investment operations:                      
Net investment income (loss) (a)

0.55   (0.73)   0.34   (0.30)   0.23   0.98
Net realized and unrealized gain (loss) (b)

(3.34)   29.30   8.56   2.88   5.40   7.17
Total from investment operations

(2.79)   28.57   8.90   2.58   5.63   8.15
Net equalization credits and charges (a)

0.00(c)   (0.03)   0.12   0.04   0.01   (0.33)
Other capital (a)

0.00(c)   0.00(c)   0.00(c)   0.00(c)   0.00(c)   0.02
Distributions to shareholders from:                      
Net investment income

(1.20)   (1.90)   (1.72)   (2.78)   (2.08)   (2.09)
Net asset value, end of period

$ 82.88   $ 86.87   $ 60.23   $ 52.93   $ 53.09   $ 49.53
Total return (d)

(3.23)%   47.75%   17.45%   5.51%   11.62%   18.34%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)

$6,439,850   $6,628,386   $4,644,076   $3,858,397   $4,475,889   $3,873,400
Ratios to average net assets:                      
Total expenses

0.40%(e)   0.40%   0.40%   0.40%   0.40%   0.40%
Net investment income (loss)

1.26%(e)   (0.93)%   0.62%   (0.58)%   0.44%   2.12%
Portfolio turnover rate (f)

6%(g)   30%   41%   36%   40%   32%
(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.
119


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Bloomberg High Yield Bond ETF
  Six Months
Ended
12/31/21
(Unaudited)
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19(a)
  Year
Ended
6/30/18(a)
  Year
Ended
6/30/17(a)
Net asset value, beginning of period

$ 109.83   $ 101.03   $ 108.73   $ 106.80   $ 111.30   $ 105.84
Income (loss) from investment operations:                      
Net investment income (loss) (b)

2.28   4.56   5.40   6.08   5.85   6.54
Net realized and unrealized gain (loss) (c)

(0.94)   9.36   (7.31)   1.84   (4.53)   5.49
Total from investment operations

1.34   13.92   (1.91)   7.92   1.32   12.03
Net equalization credits and charges (b)

(0.01)   (0.04)   0.00(d)   0.06   0.00(d)   0.00(d)
Other capital (b)

0.01   0.04   0.04   0.03   0.03   0.03
Distributions to shareholders from:                      
Net investment income

(2.67)   (5.12)   (5.83)   (6.08)   (5.85)   (6.60)
Net asset value, end of period

$ 108.50   $ 109.83   $ 101.03   $ 108.73   $ 106.80   $ 111.30
Total return (e)

1.24%   13.99%   (1.81)%   7.81%   1.23%   11.65%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)

$9,643,029   $9,738,733   $10,555,187   $9,402,239   $9,506,526   $11,613,180
Ratios to average net assets:                      
Total expenses

0.40%(f)   0.40%   0.40%   0.40%   0.40%   0.40%
Net investment income (loss)

4.16%(f)   4.26%   5.13%   5.72%   5.34%   5.97%
Portfolio turnover rate (g)

20%(h)   48%   50%   44%   38%   46%
(a) On May 6, 2019, the SPDR Bloomberg Barclays High Yield Bond ETF underwent a 1-for-3 reverse share split. The capital share activity presented here has been retroactively adjusted to reflect this split.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
120


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Bloomberg Short Term High Yield 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

$ 27.53   $ 25.16   $ 27.21   $ 27.33   $ 27.92   $ 26.80
Income (loss) from investment operations:                      
Net investment income (loss) (a)

0.46   1.14   1.37   1.54   1.48   1.62
Net realized and unrealized gain (loss) (b)

(0.18)   2.53   (1.93)   (0.11)   (0.58)   1.10
Total from investment operations

0.28   3.67   (0.56)   1.43   0.90   2.72
Net equalization credits and charges (a)

(0.01)   (0.01)   (0.01)   (0.01)   (0.01)   0.02
Other capital (a)

0.00(c)   0.01   0.00(c)   0.00(c)   0.00(c)   0.00(c)
Distributions to shareholders from:                      
Net investment income

(0.67)   (1.30)   (1.48)   (1.54)   (1.48)   (1.62)
Net asset value, end of period

$ 27.13   $ 27.53   $ 25.16   $ 27.21   $ 27.33   $ 27.92
Total return (d)

0.97%   14.79%   (2.10)%   5.37%   3.30%   10.43%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)

$4,201,861   $5,057,540   $3,037,341   $3,038,813   $3,544,787   $4,022,599
Ratios to average net assets:                      
Total expenses

0.40%(e)   0.40%   0.40%   0.40%   0.40%   0.40%
Net investment income (loss)

3.32%(e)   4.26%   5.27%   5.67%   5.37%   5.85%
Portfolio turnover rate (f)

23%(g)   74%   90%   65%   53%   57%
(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.
121


Table of Contents
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 Convertible Securities ETF (Formerly, SPDR Bloomberg Barclays Convertible Securities ETF)
SPDR Bloomberg High Yield Bond ETF (Formerly, SPDR Bloomberg Barclays High Yield Bond ETF)
SPDR Bloomberg Short Term High Yield Bond ETF (Formerly, SPDR Bloomberg Barclays Short Term High Yield Bond ETF)
Each Fund is classified as a diversified investment company under the 1940 Act.
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
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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.
•   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.
•   Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
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.
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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 the Fund’s investments, according to the fair value hierarchy as of December 31, 2021, is disclosed in the 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. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Fund's 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.
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Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
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 Funds Management, Inc. (the “Adviser” or “SSGA FM”). understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of 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.
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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.    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 Convertible Securities ETF

0.40%
SPDR Bloomberg High Yield Bond ETF

0.40
SPDR Bloomberg Short Term High Yield Bond ETF

0.40
From time to time, the Adviser may waive all or a portion of its fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until October 31, 2022. Each contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue each waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and each waiver and/or reimbursement may be cancelled or modified at any time after October 31, 2022. Each 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 operating expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, the fees and expenses of the Trust’s Trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”) (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation expenses, and other extraordinary expenses.
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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 8 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 Fund 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.
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4.    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.
5.    Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended December 31, 2021, were as follows:
  Purchases   Sales
SPDR Bloomberg Convertible Securities ETF

$ 417,872,220   $ 494,502,873
SPDR Bloomberg High Yield Bond ETF

1,844,835,246   1,860,724,970
SPDR Bloomberg Short Term High Yield Bond ETF

1,138,648,150   1,019,752,009
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 Convertible Securities ETF

$ 1,830,514,878   $ 1,692,854,319   $299,781,343
SPDR Bloomberg High Yield Bond ETF

17,327,051,891   17,265,332,510   42,788,445
SPDR Bloomberg Short Term High Yield Bond ETF

3,323,117,687   4,054,288,732   13,062,507
6.    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
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variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.
7.    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.
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 Convertible Securities ETF

$6,423,122,733   $553,546,240   $287,025,032   $ 266,521,208
SPDR Bloomberg High Yield Bond ETF

9,972,896,997   12,721,089   166,019,709   (153,298,620)
SPDR Bloomberg Short Term High Yield Bond ETF

4,313,341,610   13,360,266   80,931,439   (67,571,173)
8.    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.
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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 Convertible Securities ETF

  $ 303,052,511   $ 249,278,300   $ 61,308,672   $ 310,586,972
SPDR Bloomberg High Yield Bond ETF

  301,421,084   297,628,847   10,107,478   307,736,325
SPDR Bloomberg Short Term High Yield Bond ETF

  112,421,111   101,126,939   13,746,420   114,873,359
 * The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
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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 Convertible Securities ETF

  Convertible Preferred Stocks   $ 115,106,745   $—   $—   $—   $ 115,106,745   $ 115,106,745
SPDR Bloomberg Convertible Securities ETF

  Corporate Bonds & Notes   134,171,555         134,171,555   134,171,555
SPDR Bloomberg High Yield Bond ETF

  Common Stocks   4,004         4,004   4,004
SPDR Bloomberg High Yield Bond ETF

  Corporate Bonds & Notes   297,624,843         297,624,843   297,624,843
SPDR Bloomberg Short Term High Yield Bond ETF

  Common Stocks   50,700         50,700   50,700
SPDR Bloomberg Short Term High Yield Bond ETF

  Corporate Bonds & Notes   101,070,388         101,070,388   101,070,388
SPDR Bloomberg Short Term High Yield Bond ETF

  Warrants   5,851         5,851   5,851
9.    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 Funds had no outstanding loans as of December 31, 2021.
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.
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10.    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.
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 instrumentswas 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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11.    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.
12.    Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
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OTHER INFORMATION
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 the 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.
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OTHER INFORMATION  (continued)
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  SPDR Bloomberg Convertible Securities ETF   SPDR Bloomberg High Yield Bond ETF   SPDR Bloomberg Short Term High Yield Bond ETF
Annualized Expense Ratio

0.40%   0.40%   0.40%
Actual:          
Ending Account Value

$ 967.70   $1,012.40   $1,009.70
Expenses Paid During Period(a)

1.98   2.03   2.03
Hypothetical (assuming a 5% return before expenses):          
Ending Account Value

1,023.20   1,023.20   1,023.20
Expenses Paid During Period(a)

2.04   2.04   2.04
(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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OTHER INFORMATION  (continued)
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Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program's principal objectives include assessing, managing and periodically reviewing each Fund's liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors' interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds' Program. 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.
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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
December 31, 2021 (Unaudited)

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.


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SPDR® Series Trust - Fixed Income Funds
For more complete information, please call 1.866.787.2257 or visit https://www.ssga.com/spdrstoday.
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 ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns.
Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.
BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, has
been licensed for use in connection with the listing and trading of the SPDR Bloomberg ETFs.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider a Fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1.866.787.2257 or visit 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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