Semi-Annual Report
December 31, 2021
SPDR® Series Trust - Fixed Income Funds
SPDR Portfolio Aggregate Bond ETF
SPDR Portfolio Intermediate Term Corporate Bond ETF
SPDR Portfolio Long Term Corporate Bond ETF
SPDR Portfolio Long Term Treasury ETF
SPDR Portfolio Short Term Corporate Bond ETF
SPDR Portfolio Short Term Treasury ETF
SPDR Portfolio TIPS ETF
SPDR Portfolio Intermediate Term Treasury ETF
SPDR Portfolio High Yield Bond ETF
SPDR Portfolio Corporate Bond ETF
SPDR Portfolio Mortgage Backed 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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4

5

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7

8

9

10

11
Schedules of Investments (Unaudited)  

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100

159

196

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218

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259

295

308

321

332

342
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 Portfolio Aggregate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Treasury Notes
1.13% 8/31/2028
1.5%  
  Treasury Bonds
4.63% 2/15/2040
1.1  
  Federal National Mortgage Association TBA
2.00% 1/1/2052
1.1  
  Treasury Notes
0.75% 8/31/2026
0.9  
  Federal National Mortgage Association TBA
2.50% 1/1/2052
0.8  
  TOTAL 5.4%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

     
    % of Net Assets  
  U.S. Treasury Obligations 38.7%  
  U.S. Government Agency Obligations 29.6  
  Corporate Bonds & Notes 26.1  
  Foreign Government Obligations 3.2  
  Mortgage-Backed Securities 1.1  
  Municipal Bonds & Notes 0.5  
  Asset-Backed Securities 0.3  
  Commercial Mortgage Backed Securities 0.0 *  
  Short-Term Investments 6.6  
  Liabilities in Excess of Other Assets (6.1)  
  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.)
See accompanying notes to financial statements.
1


Table of Contents
SPDR Portfolio Intermediate Term Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Bank of America Corp.
2.69% 4/22/2032
0.2%  
  Morgan Stanley
2.51% 10/20/2032
0.2  
  Goldman Sachs Group, Inc.
4.22% 5/1/2029
0.2  
  T-Mobile USA, Inc.
3.88% 4/15/2030
0.2  
  Bank of America Corp.
1.73% 7/22/2027
0.2  
  TOTAL 1.0%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

     
    % of Net Assets  
  Corporate Bonds & Notes 98.9%  
  Short-Term Investments 2.4  
  Liabilities in Excess of Other Assets (1.3)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of December 31, 2021

     
    % of Total Investments  
  Financial 41.1%  
  Consumer, Non-cyclical 13.6  
  Industrial 7.6  
  Technology 7.5  
  Communications 6.7  
  Consumer, Cyclical 6.6  
  Energy 6.3  
  Utilities 6.2  
  Basic Materials 2.0  
  Short-Term Investments 2.4  
  TOTAL 100.0%  
(The sector breakdown is expressed as a percentage of total investments and may change over time.)
See accompanying notes to financial statements.
2


Table of Contents
SPDR Portfolio Long Term Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Verizon Communications, Inc.
2.36% 3/15/2032
0.4%  
  GE Capital International Funding Co. Unlimited Co.
4.42% 11/15/2035
0.4  
  CVS Health Corp.
5.05% 3/25/2048
0.4  
  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.90% 2/1/2046
0.4  
  Goldman Sachs Group, Inc.
6.75% 10/1/2037
0.3  
  TOTAL 1.9%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

     
    % of Net Assets  
  Corporate Bonds & Notes 98.9%  
  Short-Term Investments 1.2  
  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.)
Sector Breakdown as of December 31, 2021

     
    % of Total Investments  
  Consumer, Non-cyclical 22.1%  
  Financial 16.2  
  Communications 14.9  
  Utilities 12.0  
  Industrial 9.1  
  Energy 8.8  
  Technology 8.2  
  Consumer, Cyclical 4.0  
  Basic Materials 3.5  
  Short-Term Investments 1.2  
  TOTAL 100.0%  
(The sector breakdown is expressed as a percentage of total investments and may change over time.)
See accompanying notes to financial statements.
3


Table of Contents
SPDR Portfolio Long Term Treasury ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Treasury Bonds
2.38% 5/15/2051
4.0%  
  Treasury Bonds
3.00% 8/15/2048
3.6  
  Treasury Bonds
1.88% 2/15/2051
3.4  
  Treasury Bonds
2.00% 8/15/2051
3.2  
  Treasury Bonds
1.88% 2/15/2041
3.1  
  TOTAL 17.3%  
(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  
  U.S. Treasury Obligations 99.4%  
  Short-Term Investments 0.3  
  Other Assets in Excess of Liabilities 0.3  
  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.
4


Table of Contents
SPDR Portfolio Short Term Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  JPMorgan Chase & Co.
1.51% 6/1/2024
0.6%  
  Boeing Co.
4.51% 5/1/2023
0.6  
  HSBC Holdings PLC
3.95% 5/18/2024
0.6  
  Morgan Stanley
3.74% 4/24/2024
0.5  
  Wells Fargo & Co.
1.65% 6/2/2024
0.5  
  TOTAL 2.8%  
(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 97.7%  
  Short-Term Investments 4.1  
  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  
  Financial 45.9%  
  Consumer, Non-cyclical 12.9  
  Energy 7.6  
  Consumer, Cyclical 7.1  
  Technology 7.0  
  Industrial 6.9  
  Utilities 4.9  
  Communications 4.1  
  Basic Materials 1.3  
  Short-Term Investments 4.1  
  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.
5


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

     
  Description % of Net Assets  
  Treasury Notes
2.38% 8/15/2024
1.9%  
  Treasury Notes
0.25% 3/15/2024
1.9  
  Treasury Notes
0.25% 6/15/2024
1.8  
  Treasury Notes
0.25% 5/15/2024
1.8  
  Treasury Notes
0.38% 4/15/2024
1.8  
  TOTAL 9.2%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

     
    % of Net Assets  
  U.S. Treasury Obligations 99.7%  
  Short-Term Investments 2.6  
  Liabilities in Excess of Other Assets (2.3)  
  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.
6


Table of Contents
SPDR Portfolio TIPS ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Treasury Inflation Protected Indexed Notes
0.63% 1/15/2026
3.4%  
  Treasury Inflation Protected Indexed Notes
0.63% 4/15/2023
3.2  
  Treasury Inflation Protected Indexed Notes
0.63% 1/15/2024
3.2  
  Treasury Inflation Protected Indexed Notes
0.13% 7/15/2030
3.0  
  Treasury Inflation Protected Indexed Notes
0.38% 1/15/2027
2.9  
  TOTAL 15.7%  
(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  
  U.S. Treasury Obligations 99.7%  
  Short-Term Investments 1.4  
  Liabilities in Excess of Other Assets (1.1)  
  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.
7


Table of Contents
SPDR Portfolio Intermediate Term Treasury ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Treasury Notes
1.63% 5/15/2031
2.3%  
  Treasury Notes
1.13% 2/15/2031
2.3  
  Treasury Notes
0.88% 11/15/2030
2.2  
  Treasury Notes
1.25% 11/30/2026
2.1  
  Treasury Notes
1.25% 8/15/2031
1.9  
  TOTAL 10.8%  
(The ten 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  
  U.S. Treasury Obligations 99.6%  
  Short-Term Investments 2.5  
  Liabilities in Excess of Other Assets (2.1)  
  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.
8


Table of Contents
SPDR Portfolio High Yield Bond ETF
Performance Summary (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Mozart Debt Merger Sub, Inc.
3.88% 4/1/2029
0.3%  
  TransDigm, Inc.
6.25% 3/15/2026
0.3  
  Sprint Corp.
7.88% 9/15/2023
0.3  
  American Airlines, Inc./AAdvantage Loyalty IP, Ltd.
5.50% 4/20/2026
0.3  
  Directv Financing LLC/Directv Financing Co-Obligor, Inc.
5.88% 8/15/2027
0.3  
  TOTAL 1.5%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2021

     
    % of Net Assets  
  Corporate Bonds & Notes 98.0%  
  U.S. Treasury Obligations 0.1  
  Common Stocks 0.0 *  
  Senior Floating Rate Loans 0.0 *  
  Preferred Stocks 0.0 *  
  Short-Term Investments 3.8  
  Liabilities in Excess of Other Assets (1.9)  
  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 Total Investments  
  Consumer, Cyclical 19.9%  
  Consumer, Non-cyclical 16.6  
  Communications 16.2  
  Energy 12.9  
  Financial 10.6  
  Industrial 8.9  
  Basic Materials 4.7  
  Technology 3.7  
  Utilities 2.5  
  Diversified 0.1  
  Government 0.1  
  Short-Term Investments 3.8  
  TOTAL 100.0%  
(The sector breakdown is expressed as a percentage of total investments and may change over time.)
See accompanying notes to financial statements.
9


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

     
  Description % of Net Assets  
  Citigroup, Inc.
3.67% 7/24/2028
0.3%  
  Citigroup, Inc.
3.20% 10/21/2026
0.3  
  Owl Rock Capital Corp.
5.25% 4/15/2024
0.3  
  GE Capital International Funding Co. Unlimited Co.
4.42% 11/15/2035
0.2  
  Wells Fargo & Co.
4.65% 11/4/2044
0.2  
  TOTAL 1.3%  
(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 99.0%  
  Short-Term Investments 2.4  
  Liabilities in Excess of Other Assets (1.4)  
  TOTAL 100.0%  
Sector Breakdown as of December 31, 2021

     
    % of Total Investments  
  Financial 30.9%  
  Consumer, Non-cyclical 17.4  
  Communications 10.2  
  Utilities 8.2  
  Industrial 7.9  
  Technology 7.4  
  Energy 7.2  
  Consumer, Cyclical 5.7  
  Basic Materials 2.7  
  Short-Term Investments 2.4  
  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.
10


Table of Contents
SPDR Portfolio Mortgage Backed Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Federal National Mortgage Association TBA
2.00% 1/1/2052
1.7%  
  Federal National Mortgage Association
2.00% 10/1/2051
1.2  
  Federal Home Loan Mortgage Corp.
2.00% 11/1/2051
1.2  
  Federal Home Loan Mortgage Corp.
2.50% 9/1/2051
1.2  
  Federal National Mortgage Association
2.00% 7/1/2051
1.0  
  TOTAL 6.3%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Allocation by Issuer as of December 31, 2021

     
  Description % of Total Investments  
  Federal National Mortgage Association 51.3%  
  Federal Home Loan Mortgage Corp. 22.7  
  Government National Mortgage Association 20.2  
  TOTAL 94.2%  
(The Fund's asset allocation is expressed as a percentage of total investments and may change over time.)
See accompanying notes to financial statements.
11


Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 26.1%          
ADVERTISING — 0.0% (a)  
Interpublic Group of Cos., Inc.:          
2.40%, 3/1/2031

    $ 200,000   $ 199,982
3.38%, 3/1/2041

    232,000   237,684
Omnicom Group, Inc.

2.45%, 4/30/2030

    372,000   372,253
Omnicom Group, Inc./Omnicom Capital, Inc.:          
3.60%, 4/15/2026

    517,000   555,501
3.65%, 11/1/2024

    131,000   138,809
WPP Finance 2010

3.75%, 9/19/2024

    191,000   202,177
          1,706,406
AEROSPACE & DEFENSE — 0.5%   
Boeing Co.:          
1.17%, 2/4/2023

    220,000   220,037
1.43%, 2/4/2024

    335,000   334,642
1.95%, 2/1/2024

    246,000   249,264
2.20%, 2/4/2026

    1,091,000   1,090,825
2.25%, 6/15/2026

    210,000   211,184
2.70%, 2/1/2027

    244,000   248,756
2.75%, 2/1/2026

    357,000   367,721
2.80%, 3/1/2023

    320,000   325,990
2.80%, 3/1/2024

    147,000   151,164
2.85%, 10/30/2024

    100,000   103,283
3.10%, 5/1/2026

    235,000   244,997
3.20%, 3/1/2029

    234,000   241,942
3.25%, 2/1/2028

    350,000   364,955
3.25%, 2/1/2035

    137,000   138,073
3.45%, 11/1/2028

    175,000   183,680
3.60%, 5/1/2034

    421,000   440,021
3.63%, 2/1/2031

    205,000   218,727
3.63%, 3/1/2048

    215,000   213,598
3.83%, 3/1/2059

    250,000   250,577
3.85%, 11/1/2048

    232,000   239,002
4.51%, 5/1/2023

    620,000   646,796
4.88%, 5/1/2025

    902,000   987,753
5.04%, 5/1/2027

    775,000   875,215
5.15%, 5/1/2030

    1,089,000   1,270,602
5.71%, 5/1/2040

    575,000   738,875
5.81%, 5/1/2050

    1,356,000   1,835,644
5.88%, 2/15/2040

    50,000   64,175
5.93%, 5/1/2060

    1,355,000   1,878,613
6.13%, 2/15/2033

    365,000   462,240
6.88%, 3/15/2039

    415,000   577,352
General Dynamics Corp.:          
1.88%, 8/15/2023

    175,000   177,807
2.13%, 8/15/2026

    121,000   124,473
2.38%, 11/15/2024 (b)

    125,000   129,282
3.38%, 5/15/2023

    332,000   343,593
3.50%, 5/15/2025

    309,000   330,692
3.63%, 4/1/2030 (b)

    245,000   272,597
Security Description     Principal
Amount
  Value
3.75%, 5/15/2028

    $ 415,000   $ 459,509
4.25%, 4/1/2040

    761,000   930,292
4.25%, 4/1/2050

    17,000   21,779
L3Harris Technologies, Inc.:          
1.80%, 1/15/2031

    180,000   171,713
3.85%, 6/15/2023

    173,000   179,756
3.85%, 12/15/2026

    345,000   375,343
3.95%, 5/28/2024

    124,000   130,876
4.40%, 6/15/2028

    442,000   496,401
5.05%, 4/27/2045

    220,000   289,439
6.15%, 12/15/2040

    100,000   142,770
Lockheed Martin Corp.:          
1.85%, 6/15/2030 (b)

    640,000   629,843
2.80%, 6/15/2050 (b)

    245,000   244,608
2.90%, 3/1/2025

    372,000   389,670
3.10%, 1/15/2023

    135,000   137,897
3.55%, 1/15/2026

    195,000   211,366
3.60%, 3/1/2035

    220,000   245,626
3.80%, 3/1/2045

    681,000   780,120
4.07%, 12/15/2042

    300,000   355,422
4.70%, 5/15/2046

    452,000   586,823
Northrop Grumman Corp.:          
2.93%, 1/15/2025

    330,000   344,421
3.20%, 2/1/2027

    257,000   273,096
3.25%, 8/1/2023

    119,000   123,303
3.25%, 1/15/2028

    259,000   276,941
3.85%, 4/15/2045

    400,000   453,256
4.40%, 5/1/2030

    495,000   571,824
4.75%, 6/1/2043

    254,000   320,871
5.05%, 11/15/2040

    242,000   312,270
5.15%, 5/1/2040

    10,000   12,943
5.25%, 5/1/2050

    512,000   718,628
Raytheon Technologies Corp.:          
1.90%, 9/1/2031

    255,000   245,917
2.25%, 7/1/2030

    817,000   814,819
2.38%, 3/15/2032

    400,000   399,848
2.82%, 9/1/2051

    400,000   386,624
3.03%, 3/15/2052

    330,000   331,554
3.13%, 7/1/2050

    269,000   274,748
3.50%, 3/15/2027

    385,000   415,161
3.75%, 11/1/2046

    441,000   492,416
3.95%, 8/16/2025

    667,000   723,115
4.05%, 5/4/2047

    196,000   228,062
4.13%, 11/16/2028

    128,000   143,241
4.15%, 5/15/2045

    200,000   233,770
4.35%, 4/15/2047

    180,000   219,211
4.45%, 11/16/2038

    580,000   698,569
4.50%, 6/1/2042

    818,000   1,011,138
4.63%, 11/16/2048

    303,000   387,970
Teledyne Technologies, Inc.:          
0.65%, 4/1/2023

    250,000   248,807
0.95%, 4/1/2024

    200,000   198,022
1.60%, 4/1/2026

    250,000   247,610
2.25%, 4/1/2028

    250,000   250,935
 
See accompanying notes to financial statements.
12


Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
2.75%, 4/1/2031

    $ 240,000   $ 243,919
          34,936,409
AGRICULTURE — 0.3%   
Altria Group, Inc.:          
2.35%, 5/6/2025

    400,000   409,800
2.45%, 2/4/2032

    515,000   488,900
3.40%, 5/6/2030 (b)

    193,000   200,421
3.40%, 2/4/2041

    415,000   382,651
3.70%, 2/4/2051

    548,000   510,944
3.88%, 9/16/2046

    16,000   15,508
4.00%, 2/4/2061 (b)

    158,000   151,535
4.25%, 8/9/2042

    250,000   253,985
4.40%, 2/14/2026

    362,000   397,534
4.45%, 5/6/2050

    210,000   218,599
4.50%, 5/2/2043

    508,000   529,763
4.80%, 2/14/2029

    831,000   938,506
5.38%, 1/31/2044

    444,000   513,402
5.95%, 2/14/2049

    611,000   765,265
6.20%, 2/14/2059

    1,000   1,306
Archer-Daniels-Midland Co.:          
2.50%, 8/11/2026

    435,000   453,570
2.70%, 9/15/2051

    725,000   728,306
BAT Capital Corp.:          
2.26%, 3/25/2028

    279,000   272,176
2.73%, 3/25/2031

    844,000   819,760
2.79%, 9/6/2024

    184,000   189,606
3.22%, 8/15/2024

    150,000   156,021
3.22%, 9/6/2026

    216,000   224,847
3.46%, 9/6/2029

    267,000   276,639
3.73%, 9/25/2040

    350,000   335,972
3.98%, 9/25/2050

    590,000   570,559
4.39%, 8/15/2037

    557,000   587,769
4.54%, 8/15/2047

    547,000   571,867
4.70%, 4/2/2027

    1,006,000   1,108,542
4.76%, 9/6/2049

    422,000   451,937
5.28%, 4/2/2050

    225,000   255,368
BAT International Finance PLC

1.67%, 3/25/2026

    400,000   393,112
Bunge, Ltd. Finance Corp.:          
1.63%, 8/17/2025

    143,000   142,810
3.25%, 8/15/2026

    217,000   229,159
3.75%, 9/25/2027 (b)

    238,000   259,034
Philip Morris International, Inc.:          
0.88%, 5/1/2026

    200,000   193,248
1.13%, 5/1/2023

    109,000   109,507
1.50%, 5/1/2025

    207,000   207,683
1.75%, 11/1/2030

    100,000   95,295
2.10%, 5/1/2030

    370,000   363,270
2.13%, 5/10/2023

    354,000   359,349
2.63%, 3/6/2023

    130,000   132,775
2.75%, 2/25/2026

    140,000   145,989
2.88%, 5/1/2024

    106,000   110,240
3.13%, 3/2/2028

    265,000   280,958
Security Description     Principal
Amount
  Value
3.38%, 8/11/2025

    $ 515,000   $ 547,363
3.38%, 8/15/2029

    349,000   376,487
3.60%, 11/15/2023

    775,000   813,021
4.13%, 3/4/2043

    249,000   275,514
4.38%, 11/15/2041

    250,000   285,395
4.88%, 11/15/2043

    340,000   412,964
Reynolds American, Inc.:          
4.45%, 6/12/2025

    587,000   633,854
5.85%, 8/15/2045

    596,000   724,390
6.15%, 9/15/2043

    345,000   425,451
          20,297,926
AIRLINES — 0.1%   
American Airlines 2015-2 Pass Through Trust

Series 2015-2, Class AA, 3.60%, 3/22/2029

    110,182   112,906
American Airlines 2016-1 Pass Through Trust

Series AA, Class AA, 3.58%, 7/15/2029

    47,998   48,656
American Airlines 2016-2 Pass Through Trust

Series AA, Class AA, 3.20%, 12/15/2029

    205,651   206,101
American Airlines 2016-3 Pass Through Trust

Series 2016-3, Class AA, 3.00%, 4/15/2030

    274,000   273,559
American Airlines 2019-1 Pass Through Trust

Series AA, Class AA, 3.15%, 8/15/2033

    82,684   83,514
American Airlines 2021-1 Class A Pass Through Trust

Series A, Class A, 2.88%, 1/11/2036

    200,000   196,024
Continental Airlines 2012-2 Pass Through Trust

Series 2-A, Class A, 4.00%, 4/29/2026

    25,250   26,229
Delta Air Lines 2019-1 Class AA Pass Through Trust

Series AA, 3.20%, 10/25/2025

    243,000   250,628
JetBlue 2019-1 Pass Through Trust

Series 2019, Class AA, 2.75%, 11/15/2033

    196,650   196,528
JetBlue 2020-1 Pass Through Trust

Series 1A, 4.00%, 5/15/2034

    336,443   361,339
Southwest Airlines Co.:          
2.63%, 2/10/2030

    272,000   271,973
3.00%, 11/15/2026

    105,000   110,096
4.75%, 5/4/2023

    662,000   693,505
 
See accompanying notes to financial statements.
13


Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
5.13%, 6/15/2027

    $ 410,000   $ 469,278
5.25%, 5/4/2025

    155,000   172,188
Spirit Airlines Pass Through Trust

Series A, Class A, 4.10%, 10/1/2029

    239,509   248,112
United Airlines 2012-1 Pass Through Trust

Series A, Class A, 4.15%, 10/11/2025

    58,164   60,173
United Airlines 2013-1 Pass Through Trust

Series A, Class A, 4.30%, 2/15/2027

    81,620   85,498
United Airlines 2014-2 Pass Through Trust

Series A, Class A, 3.75%, 3/3/2028

    331,434   344,506
United Airlines 2016-1 Pass Through Trust

Series AA, Class AA, 3.10%, 1/7/2030

    284,017   291,023
United Airlines 2018-1 Pass Through Trust

Series AA, Class AA, 3.50%, 9/1/2031

    38,641   40,139
United Airlines 2019-1 Pass Through Trust

Series AA, Class AA, 4.15%, 2/25/2033

    98,335   106,505
United Airlines 2019-2 Pass Through Trust

Series AA, Class AA, 2.70%, 11/1/2033

    294,707   292,302
United Airlines 2020-1 Class B Pass Through Trust

Series 2020-1, Class B, 4.88%, 7/15/2027

    107,760   112,190
United Airlines 2020-1 Pass Through Trust

Series 20-1, Class A, 5.88%, 4/15/2029

    527,527   576,624
          5,629,596
APPAREL — 0.1%   
NIKE, Inc.:          
2.25%, 5/1/2023 (b)

    541,000   551,068
2.38%, 11/1/2026

    540,000   565,364
2.75%, 3/27/2027

    175,000   185,402
2.85%, 3/27/2030

    348,000   369,816
3.25%, 3/27/2040

    254,000   276,520
3.38%, 3/27/2050

    153,000   173,159
3.63%, 5/1/2043

    105,000   119,814
3.88%, 11/1/2045

    217,000   260,825
PVH Corp.

4.63%, 7/10/2025

    335,000   365,267
Security Description     Principal
Amount
  Value
Ralph Lauren Corp.:          
2.95%, 6/15/2030 (b)

    $ 457,000   $ 476,592
3.75%, 9/15/2025 (b)

    189,000   203,578
VF Corp.

2.40%, 4/23/2025

    137,000   140,858
          3,688,263
AUTO MANUFACTURERS — 0.4%   
American Honda Finance Corp.:          
Series GMTN, 3.50%, 2/15/2028

    334,000   365,446
Series GMTN, 3.55%, 1/12/2024

    36,000   37,807
Series MTN, 0.55%, 7/12/2024

    350,000   345,128
Series MTN, 0.65%, 9/8/2023

    200,000   199,518
Series MTN, 0.75%, 8/9/2024

    165,000   163,246
Series MTN, 0.88%, 7/7/2023

    165,000   165,177
Series MTN, 1.00%, 9/10/2025

    250,000   246,130
Series MTN, 1.20%, 7/8/2025

    250,000   249,242
Series MTN, 1.30%, 9/9/2026

    210,000   207,549
Series MTN, 1.80%, 1/13/2031 (b)

    143,000   139,690
Series MTN, 1.95%, 5/10/2023

    164,000   166,650
Series MTN, 2.00%, 3/24/2028

    115,000   116,337
Series MTN, 2.05%, 1/10/2023

    320,000   324,557
Series MTN, 2.15%, 9/10/2024

    509,000   521,618
Series MTN, 2.35%, 1/8/2027

    181,000   186,282
Series MTN, 2.90%, 2/16/2024

    412,000   427,310
Cummins, Inc.:          
0.75%, 9/1/2025 (b)

    134,000   131,576
1.50%, 9/1/2030

    220,000   208,507
2.60%, 9/1/2050 (b)

    350,000   328,776
3.65%, 10/1/2023

    260,000   271,040
Daimler Finance North America LLC

8.50%, 1/18/2031

    219,000   326,078
General Motors Co.:          
4.20%, 10/1/2027 (b)

    323,000   354,651
4.88%, 10/2/2023

    275,000   292,143
5.00%, 10/1/2028

    200,000   228,828
5.00%, 4/1/2035

    324,000   384,795
5.15%, 4/1/2038

    224,000   269,613
5.40%, 10/2/2023

    288,000   308,439
 
See accompanying notes to financial statements.
14


Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
5.40%, 4/1/2048

    $ 100,000   $ 127,734
5.95%, 4/1/2049

    270,000   369,247
6.13%, 10/1/2025

    656,000   754,243
6.25%, 10/2/2043

    439,000   600,451
6.75%, 4/1/2046

    327,000   473,153
6.80%, 10/1/2027

    262,000   322,179
General Motors Financial Co., Inc.:          
1.05%, 3/8/2024

    165,000   164,122
1.25%, 1/8/2026

    239,000   233,685
1.50%, 6/10/2026

    300,000   295,356
1.70%, 8/18/2023

    170,000   171,612
2.35%, 1/8/2031

    250,000   242,777
2.40%, 4/10/2028

    250,000   249,992
2.70%, 8/20/2027

    250,000   255,722
2.75%, 6/20/2025

    470,000   485,317
3.25%, 1/5/2023

    139,000   142,039
3.50%, 11/7/2024

    178,000   187,037
3.60%, 6/21/2030

    760,000   810,312
3.70%, 5/9/2023

    433,000   446,007
3.85%, 1/5/2028

    564,000   608,945
4.00%, 1/15/2025

    452,000   481,683
4.00%, 10/6/2026

    278,000   300,713
4.25%, 5/15/2023

    150,000   156,164
4.30%, 7/13/2025

    411,000   443,066
4.35%, 4/9/2025

    85,000   91,580
4.35%, 1/17/2027

    333,000   366,786
5.10%, 1/17/2024

    688,000   737,749
5.25%, 3/1/2026

    433,000   485,644
PACCAR Financial Corp.:          
Series MTN, 0.35%, 8/11/2023

    225,000   223,279
Series MTN, 0.35%, 2/2/2024

    200,000   197,396
Series MTN, 0.90%, 11/8/2024

    125,000   124,148
Series MTN, 1.10%, 5/11/2026

    222,000   219,398
Series MTN, 1.90%, 2/7/2023 (b)

    125,000   126,588
Toyota Motor Corp.:          
0.68%, 3/25/2024

    200,000   198,248
1.34%, 3/25/2026

    351,000   348,894
2.36%, 3/25/2031 (b)

    325,000   334,695
2.76%, 7/2/2029

    56,000   58,664
3.42%, 7/20/2023 (b)

    150,000   156,036
3.67%, 7/20/2028

    155,000   171,678
Toyota Motor Credit Corp.:          
0.63%, 9/13/2024

    185,000   182,630
1.13%, 6/18/2026

    175,000   172,494
1.90%, 9/12/2031

    250,000   244,402
3.65%, 1/8/2029 (b)

    124,000   138,141
Series GMTN, 2.70%, 1/11/2023

    204,000   208,402
Series GMTN, 3.05%, 1/11/2028

    85,000   91,203
Security Description     Principal
Amount
  Value
Series MTN, 0.40%, 4/6/2023

    $ 236,000   $ 235,110
Series MTN, 0.45%, 1/11/2024

    237,000   234,943
Series MTN, 0.50%, 8/14/2023

    310,000   308,853
Series MTN, 0.80%, 10/16/2025

    235,000   229,539
Series MTN, 0.80%, 1/9/2026 (b)

    282,000   274,894
Series MTN, 1.15%, 8/13/2027

    418,000   405,109
Series MTN, 1.35%, 8/25/2023

    545,000   550,014
Series MTN, 1.65%, 1/10/2031

    270,000   260,912
Series MTN, 1.80%, 2/13/2025

    781,000   793,644
Series MTN, 1.90%, 4/6/2028

    235,000   235,345
Series MTN, 2.00%, 10/7/2024 (b)

    289,000   295,728
Series MTN, 2.25%, 10/18/2023

    293,000   300,469
Series MTN, 2.63%, 1/10/2023

    310,000   316,215
Series MTN, 2.90%, 4/17/2024

    150,000   155,978
Series MTN, 3.00%, 4/1/2025

    400,000   420,284
Series MTN, 3.38%, 4/1/2030

    233,000   255,436
Series MTN, 3.40%, 4/14/2025

    151,000   160,662
          25,598,879
AUTO PARTS & EQUIPMENT — 0.0% (a)  
Aptiv PLC

3.10%, 12/1/2051

    500,000   476,440
Aptiv PLC

5.40%, 3/15/2049

    150,000   198,975
Lear Corp.:          
4.25%, 5/15/2029

    386,000   426,646
5.25%, 5/15/2049 (b)

    100,000   126,437
Magna International, Inc.

3.63%, 6/15/2024

    100,000   105,318
          1,333,816
BANKS — 5.3%   
Banco Bilbao Vizcaya Argentaria SA:          
0.88%, 9/18/2023

    540,000   537,802
1.13%, 9/18/2025

    383,000   374,991
Banco Santander SA:          
1.85%, 3/25/2026

    450,000   447,457
2.71%, 6/27/2024

    400,000   413,820
2.75%, 5/28/2025

    820,000   848,216
2.75%, 12/3/2030

    460,000   449,857
 
See accompanying notes to financial statements.
15


Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
2.96%, 3/25/2031

    $ 780,000   $ 795,538
3.31%, 6/27/2029

    365,000   387,911
3.49%, 5/28/2030

    295,000   312,319
3.80%, 2/23/2028

    285,000   308,715
3.85%, 4/12/2023

    447,000   462,672
4.25%, 4/11/2027

    291,000   319,902
1 year CMT + 0.90%, 1.72%, 9/14/2027 (c)

    300,000   294,435
Bank of America Corp.:          
4.10%, 7/24/2023

    736,000   773,462
6.11%, 1/29/2037

    639,000   860,094
6.22%, 9/15/2026

    200,000   236,676
7.75%, 5/14/2038

    363,000   569,242
3 Month USD LIBOR + 0.78%, 3.55%, 3/5/2024 (c)

    722,000   743,559
3 Month USD LIBOR + 0.81%, 3.37%, 1/23/2026 (c)

    378,000   397,917
3 Month USD LIBOR + 1.04%, 3.42%, 12/20/2028 (c)

    1,312,000   1,402,082
3 Month USD LIBOR + 1.51%, 3.71%, 4/24/2028 (c)

    228,000   247,581
3 Month USD LIBOR + 1.81%, 4.24%, 4/24/2038 (c)

    453,000   530,757
5 year CMT + 1.20%, 2.48%, 9/21/2036 (c)

    500,000   483,930
SOFR + 0.65%, 1.53%, 12/6/2025 (c)

    500,000   501,275
SOFR + 0.69%, 0.98%, 4/22/2025 (b)  (c)

    1,179,000   1,169,509
SOFR + 0.96%, 1.73%, 7/22/2027 (c)

    1,430,000   1,419,203
SOFR + 1.21%, 2.57%, 10/20/2032 (c)

    500,000   502,420
SOFR + 1.22%, 2.30%, 7/21/2032 (c)

    600,000   589,218
SOFR + 1.32%, 2.69%, 4/22/2032 (c)

    750,000   761,812
SOFR + 1.56%, 2.97%, 7/21/2052 (c)

    400,000   401,696
SOFR + 1.58%, 3.31%, 4/22/2042 (c)

    800,000   840,696
SOFR + 2.15%, 2.59%, 4/29/2031 (c)

    806,000   813,818
Series GMTN, 3.30%, 1/11/2023

    1,987,000   2,040,987
Series GMTN, 3.50%, 4/19/2026

    708,000   762,849
Series GMTN, 3 Month USD LIBOR + 1.37%, 3.59%, 7/21/2028 (c)

    459,000   494,035
Series L, 3.95%, 4/21/2025

    229,000   244,854
Security Description     Principal
Amount
  Value
Series L, 4.18%, 11/25/2027

    $ 523,000   $ 572,518
Series MTN, 3.25%, 10/21/2027

    617,000   657,784
Series MTN, 3.88%, 8/1/2025

    482,000   523,076
Series MTN, 4.00%, 4/1/2024

    908,000   965,159
Series MTN, 4.00%, 1/22/2025

    510,000   545,379
Series MTN, 4.13%, 1/22/2024

    568,000   603,648
Series MTN, 4.20%, 8/26/2024

    983,000   1,053,343
Series MTN, 4.25%, 10/22/2026

    628,000   693,337
Series MTN, 4.88%, 4/1/2044

    537,000   699,485
Series MTN, 5.00%, 1/21/2044

    275,000   361,377
Series MTN, 5.88%, 2/7/2042

    460,000   651,599
Series MTN, 3 Month USD LIBOR + 0.64%, 2.02%, 2/13/2026 (c)