Semi-Annual Report
December 31, 2022
SPDR® Series Trust - Fixed Income Funds
SPDR Bloomberg 1-10 Year TIPS ETF
SPDR Bloomberg 1-3 Month T-Bill ETF
SPDR Bloomberg 3-12 Month T-Bill ETF
SPDR Bloomberg Emerging Markets USD Bond ETF
SPDR Bloomberg Investment Grade Floating Rate ETF
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF
SPDR Nuveen Bloomberg Municipal Bond ETF
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF
SPDR Bloomberg Convertible Securities ETF
SPDR Bloomberg High Yield Bond ETF
SPDR Bloomberg Short Term High Yield Bond ETF
SPDR Bloomberg SASB Corporate Bond ESG Select ETF
SPDR MarketAxess Investment Grade 400 Corporate 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)  
1
2
3
4
5
6
7
8
10
11
12
13
Schedules of Investments (Unaudited)  
14
16
17
18
27
38
75
128
147
155
177
194
202
210
224
237
248
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

Table of Contents
[This Page Intentionally Left Blank]

Table of Contents
SPDR Bloomberg 1-10 Year TIPS ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Treasury Inflation Protected Indexed Notes
0.63% 1/15/2026 		4.2%  
  Treasury Inflation Protected Indexed Notes
0.25% 1/15/2025 		3.7  
  Treasury Inflation Protected Indexed Notes
0.63% 1/15/2024 		3.7  
  Treasury Inflation Protected Indexed Notes
0.38% 7/15/2025 		3.7  
  Treasury Inflation Protected Indexed Notes
0.13% 7/15/2024 		3.6  
  TOTAL 18.9%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  U.S. Treasury Obligations 99.7%  
  Short-Term Investments 2.2  
  Liabilities in Excess of Other Assets (1.9)  
  TOTAL 100.0%  
(The Fund's asset allocation 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 1-3 Month T-Bill ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  U.S. Treasury Bill
4.00% 1/26/2023 		9.7%  
  U.S. Treasury Bill
3.11% 2/23/2023 		9.5  
  U.S. Treasury Bill
2.68% 1/12/2023 		7.3  
  U.S. Treasury Bill
3.79% 1/19/2023 		7.3  
  U.S. Treasury Bill
2.84% 2/2/2023 		7.2  
  TOTAL 41.0%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  U.S. Treasury Obligations 98.7%  
  Short-Term Investments 1.4  
  Liabilities in Excess of Other Assets (0.1)  
  TOTAL 100.0%  
(The Fund's asset allocation 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 3-12 Month T-Bill ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  U.S. Treasury Bill
1.87% 4/20/2023 		7.3%  
  U.S. Treasury Bill
2.10% 5/18/2023 		7.3  
  U.S. Treasury Bill
4.29% 3/23/2023 		7.0  
  U.S. Treasury Bill
0.01% 4/13/2023 		4.2  
  U.S. Treasury Bill
4.48% 4/27/2023 		4.2  
  TOTAL 30.0%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  U.S. Treasury Obligations 99.4%  
  Short-Term Investment 0.6  
  Liabilities in Excess of Other Assets (0.0) *  
  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.)
See accompanying notes to financial statements.
3

Table of Contents
SPDR Bloomberg Emerging Markets USD Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Dominican Republic International Bond
6.00% 7/19/2028 		1.0%  
  Turkey Government International Bond
6.38% 10/14/2025 		1.0  
  Petronas Capital, Ltd.
3.50% 4/21/2030 		0.9  
  Kazakhstan Government International Bond
4.88% 10/14/2044 		0.7  
  Peruvian Government International Bond
5.63% 11/18/2050 		0.7  
  TOTAL 4.3%  
(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, 2022

      
    % of Net Assets  
  Foreign Government Obligations 73.3%  
  Corporate Bonds & Notes 25.0  
  Short-Term Investments 2.7  
  Liabilities in Excess of Other Assets (1.0)  
  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, 2022

      
    % of Total Investments  
  Government 72.3%  
  Energy 12.3  
  Financial 3.9  
  Utilities 2.9  
  Basic Materials 2.8  
  Industrial 1.8  
  Consumer, Non-cyclical 1.2  
  Communications 0.2  
  Short-Term Investments 2.6  
  TOTAL 100.0%  
(The Fund's asset allocation and sector breakdown are expressed as a percentage of net assets and total investments, respectively, and may change over time.)
See accompanying notes to financial statements.
4

Table of Contents
SPDR Bloomberg Investment Grade Floating Rate ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  International Bank for Reconstruction & Development
4.62% 9/18/2025 		1.1%  
  Goldman Sachs Group, Inc.
5.44% 2/23/2023 		1.1  
  Inter-American Development Bank
4.29% 2/10/2026 		1.0  
  International Bank for Reconstruction & Development
3.83% 1/13/2023 		0.9  
  Asian Development Bank
5.29% 6/16/2026 		0.9  
  TOTAL 5.0%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  Corporate Bonds & Notes 79.3%  
  Foreign Government Obligations 20.1  
  Short-Term Investments 2.0  
  Liabilities in Excess of Other Assets (1.4)  
  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, 2022

      
    % of Total Investments  
  Financial 62.6%  
  Government 16.5  
  Consumer, Cyclical 5.2  
  Utilities 5.0  
  Communications 3.2  
  Consumer, Non-cyclical 2.2  
  Industrial 1.9  
  Energy 0.9  
  Technology 0.4  
  Basic Materials 0.1  
  Short-Term Investments 2.0  
  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.
5

Table of Contents
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Buckeye, OH, Tobacco Settlement Financing Authority Revenue
5.00% 6/1/2055 		1.6%  
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
5.00% 7/1/2058 		1.5  
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
4.78% 7/1/2058 		1.3  
  Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
4.75% 7/1/2053 		0.8  
  Florida Development Finance Corp., Educational Facilities Revenue AMT
7.38% 1/1/2049 		0.8  
  TOTAL 6.0%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  Municipal Bonds & Notes 98.9%  
  Short-Term Investment 0.1  
  Other Assets in Excess of Liabilities 1.0  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Top Ten States as of December 31, 2022

      
    % of Total Investments  
  California 12.2%  
  Puerto Rico 11.5  
  Illinois 9.8  
  New York 8.3  
  Florida 6.0  
  Texas 5.0  
  Pennsylvania 4.7  
  Ohio 4.3  
  New Jersey 3.3  
  Colorado 2.9  
  TOTAL 68.0%  
(The Fund's asset allocation and top ten states are expressed as a percentage of net assets and total investments, respectively, and may change over time.)
See accompanying notes to financial statements.
6

Table of Contents
SPDR Nuveen Bloomberg Municipal Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Salt River Project Agricultural Improvement & Power District
5.00% 1/1/2031 		0.6%  
  Triborough Bridge & Tunnel Authority
5.00% 5/15/2028 		0.6  
  Commonwealth of Massachusetts
5.00% 11/1/2028 		0.6  
  Texas, State Water Development Board Revenue
4.00% 10/15/2045 		0.6  
  District of Columbia
5.00% 7/1/2047 		0.5  
  TOTAL 2.9%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  Municipal Bonds & Notes 98.9%  
  Short-Term Investment 0.0 *  
  Other Assets in Excess of Liabilities 1.1  
  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.)
Top Ten States as of December 31, 2022

      
    % of Total Investments  
  New York 21.0%  
  California 18.4  
  Texas 11.1  
  Washington 4.8  
  Maryland 3.8  
  Massachusetts 3.6  
  Florida 3.4  
  Connecticut 2.9  
  Georgia 2.9  
  Colorado 2.5  
  TOTAL 74.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
7

Table of Contents
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Orange County Transportation Authority Revenue
5.00% 10/15/2024 		1.7%  
  New York, NY, City Municipal Water Finance Authority Revenue
5.00% 6/15/2026 		1.1  
  California, State General Obligation
5.00% 10/1/2026 		1.0  
  New Jersey Educational Facilities Authority Revenue
5.00% 3/1/2027 		0.9  
  California, State General Obligation
4.00% 10/1/2024 		0.8  
  TOTAL 5.5%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  Municipal Bonds & Notes 98.4%  
  Short-Term Investment 0.4  
  Other Assets in Excess of Liabilities 1.2  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Top Ten States as of December 31, 2022

      
    % of Total Investments  
  California 19.3%  
  New York 16.8  
  Texas 8.7  
  Maryland 5.1  
  Connecticut 4.8  
  Washington 4.6  
  Massachusetts 4.3  
  Virginia 3.2  
  Ohio 2.8  
  Georgia 2.7  
  TOTAL 72.3%  
(The Fund’s top ten states are expressed as a percentage total investments and may change over time.)
See accompanying notes to financial statements.
8

Table of Contents
SPDR Bloomberg Convertible Securities ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Wells Fargo & Co.
7.50% 12/31/2049 		2.2%  
  Bank of America Corp.
7.25% 12/31/2049 		1.6  
  Palo Alto Networks, Inc.
0.38% 6/1/2025 		1.4  
  Palo Alto Networks, Inc.
0.75% 7/1/2023 		1.2  
  NextEra Energy, Inc.
5.28% 3/1/2023 		1.2  
  TOTAL 7.6%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  Corporate Bonds & Notes 66.3%  
  Convertible Bonds 16.3  
  Preferred Stocks 9.0  
  Convertible Preferred Stocks 8.2  
  Common Stocks 0.0 *  
  Short-Term Investments 7.2  
  Liabilities in Excess of Other Assets (7.0)  
  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, 2022

      
    % of Net Assets  
  Communications 24.6%  
  Technology 21.4  
  Consumer, Non-cyclical 19.5  
  Consumer, Cyclical 11.1  
  Financial 7.8  
  Utilities 6.3  
  Energy 4.4  
  Industrial 3.4  
  Basic Materials 1.3  
  Short-Term Investments 7.2  
  Liabilities in Excess of Other Assets (7.0)  
  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.
9

Table of Contents
SPDR Bloomberg High Yield Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  TransDigm, Inc.
6.25% 3/15/2026 		0.5%  
  Medline Borrower L.P.
3.88% 4/1/2029 		0.4  
  American Airlines, Inc./AAdvantage Loyalty IP, Ltd.
5.50% 4/20/2026 		0.4  
  Picard Midco, Inc.
6.50% 3/31/2029 		0.4  
  Directv Financing LLC/Directv Financing Co-Obligor, Inc.
5.88% 8/15/2027 		0.4  
  TOTAL 2.1%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  Corporate Bonds & Notes 97.8%  
  Foreign Government Obligations 0.2  
  Common Stocks 0.0 *  
  Short-Term Investments 8.0  
  Liabilities in Excess of Other Assets (6.0)  
  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, 2022

      
    % of Net Assets  
  Consumer, Cyclical 22.9%  
  Communications 17.4  
  Consumer, Non-cyclical 15.9  
  Energy 11.1  
  Financial 9.9  
  Industrial 9.7  
  Technology 4.7  
  Basic Materials 4.1  
  Utilities 2.3  
  Short-Term Investments 8.0  
  Liabilities in Excess of Other Assets (6.0)  
  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.
10

Table of Contents
SPDR Bloomberg Short Term High Yield Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Caesars Entertainment, Inc.
6.25% 7/1/2025 		0.8%  
  TransDigm, Inc.
6.25% 3/15/2026 		0.8  
  Directv Financing LLC/Directv Financing Co-Obligor, Inc.
5.88% 8/15/2027 		0.7  
  Sprint LLC
7.88% 9/15/2023 		0.7  
  American Airlines, Inc./AAdvantage Loyalty IP, Ltd.
5.50% 4/20/2026 		0.6  
  TOTAL 3.6%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  Corporate Bonds & Notes 97.4%  
  Foreign Government Obligations 0.1  
  Senior Floating Rate Loans 0.1  
  Common Stocks 0.0 *  
  Warrants 0.0 *  
  Short-Term Investments 10.5  
  Liabilities in Excess of Other Assets (8.1)  
  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, 2022

      
    % of Net Assets  
  Consumer, Cyclical 25.9%  
  Communications 16.4  
  Energy 12.7  
  Financial 12.2  
  Consumer, Non-cyclical 12.2  
  Industrial 10.5  
  Basic Materials 2.8  
  Utilities 2.4  
  Technology 2.3  
  Diversified 0.2  
  Short-Term Investments 10.5  
  Liabilities in Excess of Other Assets (8.1)  
  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.
11

Table of Contents
SPDR Bloomberg SASB Corporate Bond ESG Select ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Cisco Systems, Inc.
5.90% 2/15/2039 		1.1%  
  Deutsche Telekom International Finance B.V.
8.75% 6/15/2030 		1.1  
  Lloyds Banking Group PLC
2.44% 2/5/2026 		1.1  
  Novartis Capital Corp.
1.75% 2/14/2025 		0.8  
  Apple, Inc.
4.65% 2/23/2046 		0.8  
  TOTAL 4.9%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  Corporate Bonds & Notes 98.8%  
  Other Assets in Excess of Liabilities 1.2  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
12

Table of Contents
SPDR MarketAxess Investment Grade 400 Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.90% 2/1/2046 		0.9%  
  CVS Health Corp.
5.05% 3/25/2048 		0.8  
  T-Mobile USA, Inc.
3.88% 4/15/2030 		0.7  
  Goldman Sachs Group, Inc.
6.75% 10/1/2037 		0.6  
  Anheuser-Busch InBev Worldwide, Inc.
5.55% 1/23/2049 		0.6  
  TOTAL 3.6%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  Corporate Bonds & Notes 98.6%  
  Short-Term Investments 4.0  
  Liabilities in Excess of Other Assets (2.6)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
13

Table of Contents
SPDR BLOOMBERG 1-10 YEAR TIPS ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
U.S. TREASURY OBLIGATIONS — 99.7%          
Treasury Inflation Protected Indexed Bonds:          
0.63%, 7/15/2032
     $ 47,539,165   $ 43,548,960
1.63%, 10/15/2027
     27,644,166   27,610,291
1.75%, 1/15/2028
     23,052,556   23,057,576
2.00%, 1/15/2026
     34,960,318   34,937,701
2.38%, 1/15/2025
     48,689,746   48,780,552
2.38%, 1/15/2027
     23,972,539   24,447,265
2.50%, 1/15/2029
     25,121,376   26,186,981
3.38%, 4/15/2032
     12,612,895   14,419,287
3.63%, 4/15/2028
     38,402,928   41,899,712
3.88%, 4/15/2029
     43,723,479   49,135,984
Treasury Inflation Protected Indexed Notes:          
0.13%, 1/15/2023
     1,001   999
0.13%, 7/15/2024
     51,137,641   49,537,992
0.13%, 10/15/2024 (a)
     39,396,672   37,973,959
0.13%, 4/15/2025
     39,326,575   37,476,715
0.13%, 10/15/2025
     38,152,731   36,264,577
0.13%, 4/15/2026
     44,311,217   41,652,975
0.13%, 7/15/2026
     50,308,630   47,402,379
0.13%, 10/15/2026
     39,100,593   36,670,029
0.13%, 4/15/2027
     28,631,857   26,677,594
0.13%, 1/15/2030
     49,069,889   44,084,119
0.13%, 7/15/2030
     46,692,206   41,796,958
0.13%, 1/15/2031
     51,407,825   45,609,241
0.13%, 7/15/2031
     49,382,045   43,584,239
0.13%, 1/15/2032 (a)
     50,707,335   44,376,487
0.25%, 1/15/2025
     52,794,195   50,664,618
0.25%, 7/15/2029
     49,814,502   45,603,162
0.38%, 7/15/2025
     51,967,245   49,935,183
0.38%, 1/15/2027
     46,093,072   43,452,396
0.38%, 7/15/2027
     46,843,029   44,159,523
0.50%, 4/15/2024
     32,573,797   31,697,976
0.50%, 1/15/2028
     45,340,227   42,657,151
0.63%, 4/15/2023
     51,399   50,898
Security Description     Principal
Amount 		  Value
0.63%, 1/15/2024
     $ 51,286,944   $ 50,232,362
0.63%, 1/15/2026
     59,407,135   57,030,880
0.75%, 7/15/2028
     39,658,109   37,780,593
0.88%, 1/15/2029
     40,213,660   38,306,917
TOTAL U.S. TREASURY OBLIGATIONS

(Cost $1,500,291,141)
         1,358,704,231
    Shares  
SHORT-TERM INVESTMENTS — 2.2%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (b)  (c)
 612,553 612,553
State Street Navigator Securities Lending Portfolio II (d)  (e)
 30,190,296 30,190,296
TOTAL SHORT-TERM INVESTMENTS

(Cost $30,802,849)
 30,802,849
TOTAL INVESTMENTS — 101.9%

(Cost $1,531,093,990)
 1,389,507,080
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.9)%
(26,439,023)
NET ASSETS — 100.0%
 $ 1,363,068,057
(a) All or a portion of the shares of the security are on loan at December 31, 2022.
(b) 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, 2022 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at December 31, 2022.
(d) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(e) 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, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
U.S. Treasury Obligations
   $ —   $1,358,704,231   $—   $1,358,704,231
Short-Term Investments
   30,802,849   —   —   30,802,849
TOTAL INVESTMENTS
   $30,802,849   $1,358,704,231   $—   $1,389,507,080
See accompanying notes to financial statements.
14

Table of Contents
SPDR BLOOMBERG 1-10 YEAR TIPS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at 6/30/22 		  Value at
6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 12/31/22 		  Value at
12/31/22 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 1,813,733   $1,813,733   $ 52,031,857   $ 53,233,037   $—   $—   612,553   $ 612,553   $32,128
State Street Navigator Securities Lending Portfolio II
 —   —   395,921,126   365,730,830   —   —   30,190,296   30,190,296   37,839
Total
     $1,813,733   $447,952,983   $418,963,867   $—   $—       $30,802,849   $69,967
See accompanying notes to financial statements.
15

Table of Contents
SPDR BLOOMBERG 1-3 MONTH T-BILL ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
U.S. TREASURY OBLIGATIONS — 98.7% (a)          
U.S. Treasury Bill:          
2.50%, 1/5/2023
     $ 1,877,280,000   $ 1,876,900,902
2.68%, 1/12/2023
     1,935,860,000   1,934,179,422
2.84%, 2/2/2023 (b)
     1,935,904,000   1,929,761,803
2.93%, 1/10/2023
     1,662,260,000   1,661,090,716
2.96%, 1/17/2023
     1,662,255,000   1,659,876,928
3.10%, 1/3/2023
     1,662,267,000   1,662,267,000
3.11%, 2/23/2023 (b)
     2,542,072,000   2,526,773,353
3.16%, 2/16/2023
     1,935,903,000   1,926,275,909
3.59%, 1/24/2023
     1,564,483,000   1,560,977,870
3.79%, 1/19/2023
     1,935,913,000   1,932,798,329
4.00%, 1/26/2023
     2,600,761,000   2,594,313,167
4.03%, 2/21/2023 (b)
     645,347,000   641,695,975
4.12%, 2/9/2023
     1,936,154,000   1,928,429,733
4.25%, 2/28/2023 (b)
     645,337,000   641,033,590
4.28%, 3/2/2023
     1,877,262,000   1,864,441,615
TOTAL U.S. TREASURY OBLIGATIONS

(Cost $26,334,753,720)
         26,340,816,312
    Shares  
SHORT-TERM INVESTMENTS — 1.4%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (c)  (d)
 139,873,087 139,873,087
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (e)  (f)
   234,496,662   $ 234,496,662
TOTAL SHORT-TERM INVESTMENTS

(Cost $374,369,750)
   374,369,749  
TOTAL INVESTMENTS — 100.1%

(Cost $26,709,123,470)
   26,715,186,061  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%
  (21,724,191)  
NET ASSETS — 100.0%
   $26,693,461,870  
(a) Rate shown is the discount rate at time of purchase, not a coupon rate.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) 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, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
U.S. Treasury Obligations
   $ —   $26,340,816,312   $—   $26,340,816,312
Short-Term Investments
   374,369,749   —   —   374,369,749
TOTAL INVESTMENTS
   $374,369,749   $26,340,816,312   $—   $26,715,186,061
 
Affiliate Table
  Number of
Shares Held
at 6/30/22 		  Value at
6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 12/31/22 		  Value at
12/31/22 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 37,781,225   $37,781,225   $4,037,874,132   $3,935,782,270   $—   $—   139,873,087   $139,873,087   $2,442,305
State Street Navigator Securities Lending Portfolio II
 —   —   1,824,051,932   1,589,555,270   —   —   234,496,663   234,496,662   113,308
Total
     $37,781,225   $5,861,926,064   $5,525,337,540   $—   $—       $374,369,749   $2,555,613
See accompanying notes to financial statements.
16

Table of Contents
SPDR BLOOMBERG 3-12 MONTH T-BILL ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
U.S. TREASURY OBLIGATIONS — 99.4% (a)          
U.S. Treasury Bill:          
0.01%, 3/7/2023
     $ 20,086,000   $ 19,937,844
0.01%, 3/14/2023
     20,091,000   19,927,802
0.01%, 3/28/2023
     20,091,000   19,893,757
0.01%, 4/4/2023
     19,746,000   19,532,911
0.01%, 4/6/2023
     25,582,000   25,304,435
0.01%, 4/13/2023
     27,410,000   27,100,495
0.01%, 5/4/2023
     27,410,000   26,996,268
0.01%, 5/11/2023
     27,410,000   26,967,477
0.01%, 10/5/2023
     20,704,000   20,004,478
0.01%, 11/2/2023
     20,712,000   19,925,964
0.01%, 11/30/2023
     20,712,000   19,858,850
1.87%, 4/20/2023
     48,103,000   47,475,850
2.10%, 5/18/2023
     48,098,000   47,283,753
3.04%, 7/13/2023
     20,707,000   20,214,873
3.09%, 8/10/2023
     23,185,000   22,559,643
3.47%, 3/16/2023
     25,588,000   25,375,799
4.05%, 3/9/2023
     25,581,000   25,385,013
4.18%, 6/15/2023
     20,705,000   20,287,612
4.29%, 3/23/2023
     46,273,000   45,842,316
4.32%, 3/21/2023
     20,091,000   19,909,363
4.34%, 9/7/2023
     20,709,000   20,087,015
4.35%, 3/30/2023
     25,582,000   25,319,942
4.48%, 4/27/2023
     27,409,000   27,022,783
4.60%, 5/25/2023
     27,410,000   26,922,229
Security Description     Principal
Amount 		  Value
4.61%, 6/1/2023
     $ 27,410,000   $ 26,899,205
TOTAL U.S. TREASURY OBLIGATIONS

(Cost $646,163,943)
         646,035,677
    Shares  
SHORT-TERM INVESTMENT — 0.6%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (b) (c)

(Cost $4,006,008)
 4,006,008 4,006,008
TOTAL INVESTMENTS — 100.0%

(Cost $650,169,951)
 650,041,685
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (d)
 (44,911)
NET ASSETS — 100.0%
 $ 649,996,774
(a) Rate shown is the discount rate at time of purchase, not a coupon rate.
(b) 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, 2022 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at December 31, 2022.
(d) Amount is less than 0.05% of net assets.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
U.S. Treasury Obligations
   $ —   $646,035,677   $—   $646,035,677
Short-Term Investment
   4,006,008   —   —   4,006,008
TOTAL INVESTMENTS
   $4,006,008   $646,035,677   $—   $650,041,685
 
Affiliate Table
  Number of
Shares Held
at 6/30/22 		  Value at
6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 12/31/22 		  Value at
12/31/22 		  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 244,794   $244,794   $45,218,469   $41,457,255   $—   $—   4,006,008   $4,006,008   $44,973
See accompanying notes to financial statements.
17

Table of Contents
SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
CORPORATE BONDS & NOTES — 25.0%      
AZERBAIJAN — 0.6%      
Southern Gas Corridor CJSC 6.88%, 3/24/2026
     $ 650,000   $ 665,483
BAHRAIN — 0.4%      
Oil & Gas Holding Co. BSCC 7.50%, 10/25/2027
     400,000   408,836
BRAZIL — 1.7%      
Banco do Brasil SA 4.63%, 1/15/2025
     250,000   244,360
Petrobras Global Finance B.V.:          
5.60%, 1/3/2031 (a)
     300,000   285,027
6.00%, 1/27/2028
     450,000   449,591
6.75%, 1/27/2041
     300,000   280,740
6.85%, 6/5/2115
     486,000   412,463
6.90%, 3/19/2049
     200,000   179,780
          1,851,961
CHILE — 2.7%      
Corp. Nacional del Cobre de Chile:          
3.15%, 1/14/2030
     650,000   572,923
3.63%, 8/1/2027
     400,000   376,276
3.70%, 1/30/2050
     850,000   636,769
Empresa De Los Ferrocarr SR 3.07%, 8/18/2050
     200,000   124,850
Empresa de Transporte de Pasajeros Metro SA 4.70%, 5/7/2050 (a)
     600,000   503,424
Empresa Nacional del Petroleo:          
3.45%, 9/16/2031 (b)
     200,000   168,832
5.25%, 11/6/2029
     400,000   386,768
Interchile SA 4.50%, 6/30/2056 (b)
     250,000   208,520
          2,978,362
CHINA — 4.3%      
Bank of China, Ltd. 5.00%, 11/13/2024 (a)
     600,000   596,370
China Cinda Finance 2017 I, Ltd. 4.75%, 2/8/2028
     700,000   663,484
China Construction Bank Corp. 5 Year CMT + 1.88%, 4.25%, 2/27/2029 (c)
     400,000   395,593
China Resources Land, Ltd. 5 Year CMT + 5.14%, 3.75%, 12/9/2024 (c)
     500,000   475,650
Chinalco Capital Holdings, Ltd. 2.13%, 6/3/2026
     250,000   226,188
CNAC HK Finbridge Co., Ltd. 5.13%, 3/14/2028
     500,000   480,717
CNOOC Finance 2015 USA LLC 3.50%, 5/5/2025
     200,000   191,094
Huarong Finance II Co., Ltd. 5.50%, 1/16/2025
     200,000   190,470
Security Description     Principal
Amount 		  Value
Industrial & Commercial Bank of China, Ltd.:          
4.88%, 9/21/2025
     $ 200,000   $ 197,534
5 Year CMT + 2.37%, 3.20%, 9/24/2026 (c)
     200,000   186,500
Sinopec Group Overseas Development 2015, Ltd. 3.25%, 4/28/2025
     200,000   191,914
Sinopec Group Overseas Development 2018, Ltd. 2.30%, 1/8/2031
     563,000   472,875
State Grid Overseas Investment BVI, Ltd:          
1.63%, 8/5/2030
     200,000   161,343
3.50%, 5/4/2027
     300,000   286,377
          4,716,109
COLOMBIA — 1.0%      
Ecopetrol SA:          
5.38%, 6/26/2026
     200,000   188,650
5.88%, 9/18/2023
     220,000   218,755
5.88%, 5/28/2045 (a)
     500,000   350,000
6.88%, 4/29/2030
     400,000   363,124
          1,120,529
INDIA — 1.3%      
Greenko Dutch B.V. 3.85%, 3/29/2026
     334,250   289,942
Indian Oil Corp., Ltd. 4.75%, 1/16/2024
     750,000   743,625
Indian Railway Finance Corp., Ltd. 2.80%, 2/10/2031
     500,000   409,065
          1,442,632
INDONESIA — 1.3%      
Indonesia Asahan Aluminium Persero PT 4.75%, 5/15/2025
     340,000   333,146
Pertamina Persero PT:          
4.18%, 1/21/2050 (a)
     250,000   191,622
5.63%, 5/20/2043
     200,000   183,118
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara:          
4.13%, 5/15/2027 (a)
     500,000   473,105
5.45%, 5/21/2028
     200,000   197,128
          1,378,119
ISRAEL — 0.3%      
Israel Electric Corp., Ltd.:          
3.75%, 2/22/2032 (b)
     200,000   174,928
Series 6, 5.00%, 11/12/2024 (b)
     200,000   197,750
          372,678
KAZAKHSTAN — 0.9%      
KazMunayGas National Co. JSC:          
4.75%, 4/19/2027
     300,000   276,300
5.38%, 4/24/2030
     650,000   580,691
 
See accompanying notes to financial statements.
18

Table of Contents
SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
6.38%, 10/24/2048
     $ 200,000   $ 164,415
          1,021,406
MALAYSIA — 2.2%      
Misc Capital Two Labuan, Ltd. 3.75%, 4/6/2027
     200,000   182,742
Petronas Capital, Ltd.:          
2.48%, 1/28/2032 (a)
     250,000   206,158
3.40%, 4/28/2061 (a)
     200,000   137,714
3.50%, 4/21/2030 (a)
     1,000,000   913,880
4.50%, 3/18/2045
     400,000   356,624
4.55%, 4/21/2050
     400,000   356,244
TNB Global Ventures Capital Bhd 3.24%, 10/19/2026
     250,000   231,452
          2,384,814
MEXICO — 2.4%      
Comision Federal de Electricidad:          
3.35%, 2/9/2031
     200,000   156,782
4.88%, 1/15/2024
     200,000   198,034
Mexico City Airport Trust 5.50%, 7/31/2047
     200,000   154,314
Petroleos Mexicanos:          
5.35%, 2/12/2028
     400,000   336,560
5.95%, 1/28/2031
     300,000   227,646
6.49%, 1/23/2027
     400,000   365,604
6.63%, 6/15/2035 (a)
     150,000   109,160
6.75%, 9/21/2047
     700,000   448,021
6.88%, 8/4/2026
     300,000   284,955
6.95%, 1/28/2060
     100,000   63,297
Petroleos Mexicanos Co. 6.70%, 2/16/2032
     311,000   244,850
          2,589,223
MOROCCO — 0.4%      
OCP SA:          
3.75%, 6/23/2031
     200,000   167,200
5.13%, 6/23/2051
     400,000   302,547
          469,747
OMAN — 0.2%      
Oryx Funding, Ltd. 5.80%, 2/3/2031
     200,000   190,323
PANAMA — 0.6%      
Aeropuerto Internacional de Tocumen SA 5.13%, 8/11/2061 (b)
     418,000   342,772
Banco Nacional de Panama 2.50%, 8/11/2030
     400,000   320,740
          663,512
PERU — 0.7%      
Consorcio Transmantaro SA 5.20%, 4/11/2038 (b)
     250,000   227,395
Petroleos del Peru SA:          
4.75%, 6/19/2032
     316,000   241,674
Security Description     Principal
Amount 		  Value
5.63%, 6/19/2047
     $ 525,000   $ 341,591
          810,660
PHILIPPINES — 0.2%      
Power Sector Assets & Liabilities Management Corp. 7.39%, 12/2/2024
     250,000   258,045
QATAR — 0.2%      
Ooredoo International Finance, Ltd. 2.63%, 4/8/2031
     200,000   171,672
SAUDI ARABIA — 1.2%      
Gaci First Investment Co. 5.00%, 10/13/2027
     200,000   199,972
Saudi Arabian Oil Co.:          
2.25%, 11/24/2030
     400,000   328,928
3.25%, 11/24/2050
     300,000   210,755
4.25%, 4/16/2039
     250,000   223,176
4.38%, 4/16/2049
     400,000   343,299
          1,306,130
SOUTH AFRICA — 0.5%      
Eskom Holdings SOC, Ltd.:          
6.35%, 8/10/2028
     400,000   369,000
7.13%, 2/11/2025
     200,000   181,584
          550,584
THAILAND — 0.3%      
PTTEP Treasury Center Co., Ltd. 2.59%, 6/10/2027
     300,000   265,587
UNITED ARAB EMIRATES — 1.4%      
Abu Dhabi Ports Co. PJSC 2.50%, 5/6/2031
     200,000   166,000
DP World Crescent, Ltd. 3.91%, 5/31/2023
     400,000   396,402
DP World Salaam 5 Year CMT + 5.75%, 6.00%, 10/1/2025 (c)
     400,000   395,420
DP World, Ltd.:          
5.63%, 9/25/2048
     200,000   187,237
6.85%, 7/2/2037 (b)
     200,000   212,454
Emirates NBD Bank PJSC 6 year CMT + 3.66%, 6.13%, 3/20/2025 (c)
     200,000   196,810
          1,554,323
UNITED STATES — 0.2%      
DAE Funding LLC 3.38%, 3/20/2028
     275,000   243,375
TOTAL CORPORATE BONDS & NOTES

(Cost $32,160,829)
         27,414,110
 
See accompanying notes to financial statements.
19

Table of Contents
SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Principal
Amount