Annual Report
June 30, 2021
SPDR® Series Trust - Fixed Income Funds
SPDR Bloomberg Barclays Convertible Securities ETF
SPDR Bloomberg Barclays High Yield Bond ETF
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 www.ssga.com. Please read the prospectus carefully before you invest.




TABLE OF CONTENTS

1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)  

2

5

8
Schedules of Investments  

11

29

82

120

125

128

143

145
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read the prospectus carefully before you invest.


Table of Contents
[This Page Intentionally Left Blank]


Table of Contents
Notes to Performance Summaries (Unaudited)
The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
The Bloomberg Barclays U.S. Convertible Liquid Bond Index (the "Index") is designed to represent the market of U.S. convertible securities, such as convertible bonds. Convertible bonds are bonds that can be exchanged, at the option of the holder, for a specific number of shares of the issuer's preferred stock ("Preferred Securities") or common stock. The index components are a subset of issues in the Barclays Convertible Composite Index.
The Bloomberg Barclays High Yield Very Liquid Index is designed to measure the performance of publicly issued U.S. dollar denominated high yield corporate bonds with above-average liquidity. High yield securities are generally rated below investment grade and are commonly referred to as "junk bonds."
The Bloomberg Barclays US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index is designed to measure the performance of short-term publicly issued U.S. dollar-denominated high yield corporate bonds. High yield securities are generally rated below investment-grade and are commonly referred to as “junk” bonds.
See accompanying notes to financial statements.
1


Table of Contents
SPDR Bloomberg Barclays Convertible Securities ETF
Management's Discussion Of Fund Performance (Unaudited)
The SPDR Bloomberg Barclays Convertible Securities ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks United States convertible securities markets. The Fund’s benchmark is the Bloomberg Barclays U.S. Convertible Liquid Bond Index (the “Index”).
For the 12-month period ended June 30, 2021 (the “Reporting Period”), the total return for the Fund was 47.75%, and the Index was 49.11%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing policy action and the resulting risk rally stemming from the COVID-19 pandemic were primary drivers of Fund performance during the Reporting Period.
The COVID-19 pandemic that started in early 2020 created significant volatility and uncertainty in the markets. Convertible bonds were negatively affected as investor risk-off sentiment shifted allocations out of the asset. However, after substantial fiscal and monetary policy support that saw rates cut to a zero lower bound and billions in asset purchases, markets soon stabilized marking the beginning of a widespread rally across a number of fixed income sectors, including convertible bonds. The first half of 2021 saw the continuation of the 2020 equity rally, which lead to improved fund performance as the embedded convertible feature became more valuable in the strong risk-on environment.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
2


Table of Contents
SPDR Bloomberg Barclays Convertible Securities ETF
Performance Summary (Unaudited)
Performance as of June 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg Barclays U.S. Convertible Liquid Bond Index   Net
Asset
Value
Market
Value
Bloomberg Barclays U.S. Convertible Liquid Bond Index
ONE YEAR 47.75% 47.23% 49.11%   47.75% 47.23% 49.11%
FIVE YEARS 141.86% 141.42% 149.71%   19.32% 19.28% 20.08%
TEN YEARS 234.66% 234.96% 253.74%   12.84% 12.85% 13.47%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Bloomberg Barclays Convertible Securities ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.40%.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
3


Table of Contents
SPDR Bloomberg Barclays Convertible Securities ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2021

     
  Description % of Net Assets  
  Wells Fargo & Co.
7.50% 12/31/2049
1.9%  
  Broadcom, Inc.
8.00% 9/30/2022
1.8  
  Bank of America Corp.
7.25% 12/31/2049
1.4  
  Sea, Ltd.
2.38% 12/1/2025
1.1  
  Southwest Airlines Co.
1.25% 5/1/2025
1.1  
  TOTAL 7.3%  
(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 June 30, 2021

     
    % of Net Assets  
  Corporate Bonds & Notes 79.0%  
  Convertible Preferred Stocks 20.8  
  Short-Term Investments 5.8  
  Liabilities in Excess of Other Assets (5.6)  
  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 June 30, 2021

     
    % of Net Assets  
  Communications 27.8%  
  Technology 23.2  
  Consumer, Non-cyclical 17.2  
  Consumer, Cyclical 11.5  
  Financial 6.6  
  Utilities 6.5  
  Energy 2.7  
  Industrial 2.6  
  Basic Materials 1.7  
  Short-Term Investments 5.8  
  Liabilities in Excess of Other Assets (5.6)  
  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.
4


Table of Contents
SPDR Bloomberg Barclays High Yield Bond ETF
Management's Discussion Of Fund Performance (Unaudited)
The SPDR Bloomberg Barclays High Yield Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. high yield corporate bond market. The Fund’s benchmark is the Bloomberg Barclays High Yield Very Liquid Index (the “Index”).
For the 12-month period ended June 30, 2021 (the “Reporting Period”), the total return for the Fund was 13.99%, and the Index was 14.12%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and security misweights from sampling contributed to the difference between the Fund’s performance and that of the Index.
Ongoing policy action and the resulting risk rally stemming from the COVID-19 pandemic were primary drivers of Fund performance during the Reporting Period.
The COVID-19 pandemic that started in early 2020 created significant volatility and uncertainty in the markets. The high yield sector was hit particularly hard as investor risk-off sentiment shifted allocations out of the asset class and volatility drove spreads to historical wides of 1,100 basis points (bps). However, after substantial fiscal and monetary policy support that saw rates cut to a zero lower bound and billions in asset purchases, markets soon stabilized marking the beginning of a widespread rally across a number of fixed income sectors, including high yield. A broader economic recovery continued into 2021 with high yield companies hardest hit by the pandemic seeing positive returns. Spreads within the high yield sector tightened over the Reporting Period, declining from 629 bps in June 2020 to 267 bps a year later, marking the tightest levels since 2007 and leading to positive performance.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
5


Table of Contents
SPDR Bloomberg Barclays High Yield Bond ETF
Performance Summary (Unaudited)
Performance as of June 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg Barclays High Yield Very Liquid Index   Net
Asset
Value
Market
Value
Bloomberg Barclays High Yield Very Liquid Index
ONE YEAR 13.99% 14.01% 14.12%   13.99% 14.01% 14.12%
FIVE YEARS 36.43% 34.99% 40.17%   6.41% 6.18% 6.99%
TEN YEARS 67.07% 65.93% 83.69%   5.27% 5.19% 6.27%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Bloomberg Barclays High Yield Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.40%.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
6


Table of Contents
SPDR Bloomberg Barclays High Yield Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2021

     
  Description % of Net Assets  
  TransDigm, Inc.
6.25% 3/15/2026
0.4%  
  Carnival Corp.
11.50% 4/1/2023
0.4  
  Centene Corp.
4.63% 12/15/2029
0.3  
  Carnival Corp.
5.75% 3/1/2027
0.3  
  American Airlines, Inc./AAdvantage Loyalty IP, Ltd.
5.50% 4/20/2026
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 June 30, 2021

     
    % of Net Assets  
  Corporate Bonds & Notes 98.1%  
  Common Stocks 0.0 *  
  Short-Term Investments 6.4  
  Liabilities in Excess of Other Assets (4.5)  
  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 June 30, 2021

     
    % of Net Assets  
  Consumer, Cyclical 21.2%  
  Consumer, Non-cyclical 18.2  
  Communications 17.2  
  Energy 12.8  
  Financial 9.7  
  Industrial 8.4  
  Basic Materials 4.1  
  Technology 4.0  
  Utilities 2.5  
  Short-Term Investments 6.4  
  Liabilities in Excess of Other Assets (4.5)  
  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.
7


Table of Contents
SPDR Bloomberg Barclays Short Term High Yield Bond ETF
Management's Discussion Of Fund Performance (Unaudited)
The SPDR Bloomberg Barclays Short Term High Yield Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. high yield short term corporate bond market. The Fund’s benchmark is the Bloomberg Barclays U.S. High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index (the “Index”).
For the 12-month period ended June 30, 2021 (the “Reporting Period”), the total return for the Fund was 14.79%, and the Index was 14.83%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing policy action and the resulting risk rally stemming from the COVID-19 pandemic were primary drivers of Fund performance during the Reporting Period.
The COVID-19 pandemic that started in early 2020 created significant volatility and uncertainty in the markets. The high yield sector was hit particularly hard as investor risk-off sentiment shifted allocations out of the asset class and volatility drove spreads to historical wides of 1,540 basis points (bps). However, after substantial fiscal and monetary policy support that saw rates cut to a zero lower bound and billions in asset purchases, markets soon stabilized marking the beginning of a widespread rally across a number of fixed income sectors, including high yield. A broader economic recovery continued into 2021 with high yield companies hardest hit by the pandemic seeing positive returns. Spreads within the high yield sector tightened over the Reporting Period, declining from 736 bps in June 2020 to 254 bps a year later, marking the tightest levels since 2007 and leading to positive performance.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
8


Table of Contents
SPDR Bloomberg Barclays Short Term High Yield Bond ETF
Performance Summary (Unaudited)
Performance as of June 30, 2021
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg Barclays US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index   Net
Asset
Value
Market
Value
Bloomberg Barclays US High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index
ONE YEAR 14.79% 14.92% 14.83%   14.79% 14.92% 14.83%
FIVE YEARS 35.18% 34.40% 35.88%   6.21% 6.09% 6.32%
SINCE INCEPTION(1) 52.58% 52.82% 62.79%   4.65% 4.67% 5.38%
(1) For the period March 14, 2012 to June 30, 2021. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (3/14/12, 3/15/12, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Bloomberg Barclays Short Term High Yield Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.40%.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
9


Table of Contents
SPDR Bloomberg Barclays Short Term High Yield Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2021

     
  Description % of Net Assets  
  TransDigm, Inc.
6.25% 3/15/2026
0.8%  
  Carnival Corp.
11.50% 4/1/2023
0.7  
  Caesars Entertainment, Inc.
6.25% 7/1/2025
0.6  
  American Airlines, Inc.
11.75% 7/15/2025
0.6  
  Sprint Corp.
7.88% 9/15/2023
0.6  
  TOTAL 3.3%  
(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 June 30, 2021

     
    % of Net Assets  
  Corporate Bonds & Notes 96.7%  
  Common Stocks 0.1  
  Warrants 0.0 *  
  Senior Floating Rate Loans 0.0 *  
  Short-Term Investments 7.3  
  Liabilities in Excess of Other Assets (4.1)  
  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 June 30, 2021

     
    % of Net Assets  
  Consumer, Cyclical 25.6%  
  Energy 13.2  
  Communications 13.2  
  Consumer, Non-cyclical 12.4  
  Financial 12.1  
  Industrial 9.7  
  Technology 4.4  
  Basic Materials 4.2  
  Utilities 1.8  
  Diversified 0.2  
  Short-Term Investments 7.3  
  Liabilities in Excess of Other Assets (4.1)  
  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.
10


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS
June 30, 2021

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 79.0%          
AIRLINES — 2.3%   
American Airlines Group, Inc.

6.50%, 7/1/2025 (a)

    $ 20,940,000   $ 32,816,330
Copa Holdings SA

4.50%, 4/15/2025

    7,350,000   12,009,239
GOL Equity Finance SA

3.75%, 7/15/2024 (b)

    8,720,000   7,891,251
JetBlue Airways Corp.

0.50%, 4/1/2026 (a)  (b)

    13,315,000   13,307,810
Southwest Airlines Co.

1.25%, 5/1/2025

    47,805,000   72,428,400
Spirit Airlines, Inc.

1.00%, 5/15/2026 (a)

    10,930,000   10,492,581
          148,945,611
APPAREL — 0.3%   
Under Armour, Inc.

1.50%, 6/1/2024

    10,192,000   20,039,001
AUTO MANUFACTURERS — 1.7%   
Ford Motor Co.

Zero Coupon, 3/15/2026 (b)

    48,830,000   54,041,626
Li Auto, Inc.

0.25%, 5/1/2028 (b)

    20,195,000   28,145,166
NIO, Inc.:          
Zero Coupon, 2/1/2026 (a)  (b)

    16,905,000   16,080,543
0.50%, 2/1/2027 (a)  (b)

    15,400,000   14,520,814
          112,788,149
BANKS — 0.2%   
JPMorgan Chase Bank NA

0.13%, 1/1/2023 (a)  (b)

    10,778,000   11,999,902
BIOTECHNOLOGY — 3.9%   
BioMarin Pharmaceutical, Inc.:          
0.60%, 8/1/2024 (a)

    8,990,000   9,349,510
1.25%, 5/15/2027

    12,236,000   12,296,201
Bridgebio Pharma, Inc.:          
2.25%, 2/1/2029 (b)

    15,600,000   15,142,140
2.50%, 3/15/2027

    11,170,000   18,324,497
Exact Sciences Corp.:          
0.38%, 3/15/2027

    22,715,000   30,125,769
See accompanying notes to financial statements.
11


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
0.38%, 3/1/2028

    $ 25,683,000   $ 31,876,199
1.00%, 1/15/2025 (a)

    2,770,000   4,907,720
Guardant Health, Inc.

Zero Coupon, 11/15/2027 (b)

    24,360,000   27,848,352
Halozyme Therapeutics, Inc.

0.25%, 3/1/2027 (b)

    13,810,000   12,931,131
Illumina, Inc.

Zero Coupon, 8/15/2023 (a)

    19,058,000   24,221,765
Insmed, Inc.:          
0.75%, 6/1/2028 (a)

    11,920,000   13,236,445
1.75%, 1/15/2025

    704,000   739,545
Intercept Pharmaceuticals, Inc.

3.25%, 7/1/2023

    7,738,000   6,951,896
Ionis Pharmaceuticals, Inc.:          
Zero Coupon, 4/1/2026 (b)

    8,445,000   8,241,898
0.13%, 12/15/2024

    14,880,000   13,818,758
Ligand Pharmaceuticals, Inc.

0.75%, 5/15/2023

    12,052,000   11,917,861
Livongo Health, Inc.

0.88%, 6/1/2025

    9,440,000   14,996,101
          256,925,788
COMMERCIAL SERVICES — 3.7%   
2U, Inc.

2.25%, 5/1/2025

    8,856,000   14,519,058
Alarm.com Holdings, Inc.

Zero Coupon, 1/15/2026 (b)

    10,110,000   9,315,961
Chegg, Inc.:          
Zero Coupon, 9/1/2026 (b)

    19,570,000   20,350,452
0.13%, 3/15/2025 (a)

    14,793,000   24,961,560
Euronet Worldwide, Inc.

0.75%, 3/15/2049 (a)

    10,041,000   11,538,213
Repay Holdings Corp.

Zero Coupon, 2/1/2026 (b)

    10,580,000   10,501,920
Shift4 Payments, Inc.

Zero Coupon, 12/15/2025 (b)

    15,362,000   20,725,335
Square, Inc.:          
Zero Coupon, 5/1/2026 (b)

    9,935,000   11,183,531
0.13%, 3/1/2025

    21,844,000   44,994,053
0.25%, 11/1/2027 (a)  (b)

    14,110,000   16,421,641
0.50%, 5/15/2023

    17,011,000   53,179,618
See accompanying notes to financial statements.
12


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Stride, Inc.

1.13%, 9/1/2027 (b)

    $ 8,890,000   $ 8,267,433
          245,958,775
COMPUTERS — 2.4%   
CyberArk Software, Ltd.

Zero Coupon, 11/15/2024

    10,092,000   10,944,370
Insight Enterprises, Inc.

0.75%, 2/15/2025

    6,874,000   10,485,187
KBR, Inc.

2.50%, 11/1/2023

    5,855,000   9,163,836
Lumentum Holdings, Inc.:          
0.25%, 3/15/2024

    8,713,000   12,705,732
0.50%, 12/15/2026

    21,381,000   23,164,176
Parsons Corp.

0.25%, 8/15/2025 (b)

    8,545,000   9,072,227
Pure Storage, Inc.

0.13%, 4/15/2023

    11,683,000   12,264,930
Rapid7, Inc.

0.25%, 3/15/2027 (b)

    12,815,000   14,221,831
Western Digital Corp.

1.50%, 2/1/2024 (a)

    20,963,000   22,373,391
Zscaler, Inc.

0.13%, 7/1/2025 (b)

    23,945,000   37,336,241
          161,731,921
DIVERSIFIED FINANCIAL SERVICES — 0.8%   
Coinbase Global, Inc.

0.50%, 6/1/2026 (b)

    29,905,000   30,285,391
JPMorgan Chase Financial Co. LLC

0.25%, 5/1/2023 (b)

    12,040,000   13,021,742
LendingTree, Inc.

0.50%, 7/15/2025 (b)

    10,814,000   9,755,742
          53,062,875
ELECTRIC — 0.3%   
NRG Energy, Inc.

2.75%, 6/1/2048

    15,020,000   17,450,236
ELECTRONICS — 0.7%   
Fortive Corp.

0.88%, 2/15/2022

    24,339,000   24,418,588
Itron, Inc.

Zero Coupon, 3/15/2026 (b)

    13,740,000   14,234,503
See accompanying notes to financial statements.
13


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Vishay Intertechnology, Inc.

2.25%, 6/15/2025

    $ 9,335,000   $ 9,822,660
          48,475,751
ENERGY-ALTERNATE SOURCES — 1.5%   
Enphase Energy, Inc.:          
Zero Coupon, 3/1/2026 (b)

    12,420,000   12,161,167
Zero Coupon, 3/1/2028 (b)

    10,930,000   10,607,674
NextEra Energy Partners L.P.:          
Zero Coupon, 6/15/2024 (b)

    10,930,000   10,893,603
Zero Coupon, 11/15/2025 (a)  (b)

    14,390,000   15,614,445
SolarEdge Technologies, Inc.

Zero Coupon, 9/15/2025 (b)

    12,830,000   16,074,836
Sunnova Energy International, Inc.

0.25%, 12/1/2026 (b)

    11,920,000   14,783,065
SunPower Corp.

4.00%, 1/15/2023

    10,470,000   14,905,092
Sunrun, Inc.

Zero Coupon, 2/1/2026 (a)  (b)

    7,950,000   7,153,728
          102,193,610
ENTERTAINMENT — 1.4%   
Cinemark Holdings, Inc.

4.50%, 8/15/2025 (b)

    8,480,000   15,053,696
DraftKings, Inc.

Zero Coupon, 3/15/2028 (b)

    26,925,000   24,249,463
Live Nation Entertainment, Inc.:          
2.00%, 2/15/2025 (a)

    9,039,000   10,095,297
2.50%, 3/15/2023

    11,100,000   15,556,983
Marriott Vacations Worldwide Corp.

Zero Coupon, 1/15/2026 (b)

    11,500,000   12,681,855
Vail Resorts, Inc.

Zero Coupon, 1/1/2026 (a)  (b)

    12,320,000   12,858,507
          90,495,801
FOOD — 0.4%   
Beyond Meat, Inc.

Zero Coupon, 3/15/2027 (b)

    23,545,000   24,097,601
HEALTH CARE PRODUCTS — 2.0%   
Envista Holdings Corp.

2.38%, 6/1/2025 (a)

    9,834,000   20,982,511
Haemonetics Corp.

Zero Coupon, 3/1/2026 (b)

    10,555,000   8,890,687
See accompanying notes to financial statements.
14


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Insulet Corp.

0.38%, 9/1/2026

    $ 16,719,000   $ 22,700,724
Integra LifeSciences Holdings Corp.

0.50%, 8/15/2025

    11,991,000   13,150,410
Novocure, Ltd.

Zero Coupon, 11/1/2025 (b)

    10,880,000   16,389,088
NuVasive, Inc.:          
0.38%, 3/15/2025

    8,954,000   8,873,235
1.00%, 6/1/2023

    8,954,000   9,354,065
Omnicell, Inc.

0.25%, 9/15/2025 (b)

    11,635,000   18,810,072
SmileDirectClub, Inc.

Zero Coupon, 2/1/2026 (b)

    15,895,000   13,044,549
          132,195,341
HEALTH CARE SERVICES — 0.8%   
Invitae Corp.

2.00%, 9/1/2024

    7,971,000   10,814,335
Oak Street Health, Inc.

Zero Coupon, 3/15/2026 (b)

    18,580,000   18,994,148
Teladoc Health, Inc.

1.25%, 6/1/2027 (a)

    20,756,000   23,273,703
          53,082,186
HOME BUILDERS — 0.1%   
LCI Industries

1.13%, 5/15/2026 (b)

    7,950,000   8,106,058
INTERNET — 21.6%   
21Vianet Group, Inc.

Zero Coupon, 2/1/2026 (a)  (b)

    13,015,000   11,382,789
Airbnb, Inc.

Zero Coupon, 3/15/2026 (b)

    40,985,000   38,597,624
Booking Holdings, Inc.:          
0.75%, 5/1/2025 (a)

    17,212,000   24,383,896
0.90%, 9/15/2021

    20,475,000   22,266,358
Etsy, Inc.:          
0.13%, 10/1/2026

    13,995,000   33,540,137
0.13%, 9/1/2027 (a)  (b)

    16,515,000   21,223,261
0.25%, 6/15/2028 (b)

    16,425,000   18,106,099
Expedia Group, Inc.

Zero Coupon, 2/15/2026 (a)  (b)

    19,375,000   20,973,631
See accompanying notes to financial statements.
15


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Farfetch, Ltd.

3.75%, 5/1/2027

    $ 8,445,000   $ 27,504,858
FireEye, Inc.:          
0.88%, 6/1/2024

    16,691,000   18,941,114
Series B, 1.63%, 6/1/2035 (a)

    7,880,000   7,833,587
Fiverr International, Ltd.

Zero Coupon, 11/1/2025 (b)

    8,595,000   11,496,242
fuboTV, Inc.

3.25%, 2/15/2026 (b)

    7,205,000   7,087,919
iQIYI, Inc.:          
2.00%, 4/1/2025

    22,304,000   20,900,186
3.75%, 12/1/2023

    15,809,000   15,933,259
4.00%, 12/15/2026

    18,705,000   18,757,748
JOYY, Inc.:          
0.75%, 6/15/2025

    10,370,000   10,403,495
1.38%, 6/15/2026

    10,320,000   10,170,257
Lyft, Inc.

1.50%, 5/15/2025

    15,275,000   26,097,490
Magnite, Inc.

0.25%, 3/15/2026 (b)

    5,960,000   5,339,683
Match Group Financeco 2, Inc.

0.88%, 6/15/2026 (b)

    12,411,000   23,811,745
Match Group Financeco 3, Inc.

2.00%, 1/15/2030 (b)

    12,570,000   25,592,520
Match Group Financeco, Inc.

0.88%, 10/1/2022 (b)

    10,122,000   37,113,021
MercadoLibre, Inc.

2.00%, 8/15/2028 (a)

    8,846,000   31,345,713
Momo, Inc.

1.25%, 7/1/2025

    11,697,000   10,448,579
NortonLifeLock, Inc.

2.00%, 8/15/2022 (b)

    13,720,000   18,830,014
Okta, Inc.:          
0.13%, 9/1/2025 (a)

    22,705,000   32,758,547
0.38%, 6/15/2026

    22,813,000   28,401,501
Palo Alto Networks, Inc.:          
0.38%, 6/1/2025

    42,590,000   57,886,198
0.75%, 7/1/2023

    32,950,000   48,049,008
Pinduoduo, Inc.

Zero Coupon, 12/1/2025 (a)

    41,131,000   42,334,904
Proofpoint, Inc.

0.25%, 8/15/2024

    18,694,000   23,392,363
See accompanying notes to financial statements.
16


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Q2 Holdings, Inc.

0.13%, 11/15/2025 (b)

    $ 7,625,000   $ 7,677,460
Sea, Ltd.:          
1.00%, 12/1/2024

    8,887,000   48,553,680
2.38%, 12/1/2025

    23,675,000   73,089,460
Shopify, Inc.

0.13%, 11/1/2025 (a)

    18,010,000   23,420,204
Snap, Inc.:          
Zero Coupon, 5/1/2027 (b)

    24,855,000   26,575,960
0.25%, 5/1/2025

    12,360,000   38,901,122
0.75%, 8/1/2026

    16,790,000   50,685,316
Spotify USA, Inc.

Zero Coupon, 3/15/2026 (b)

    28,315,000   26,563,151
Twitter, Inc.:          
Zero Coupon, 3/15/2026 (b)

    26,825,000   25,650,870
0.25%, 6/15/2024

    26,564,000   36,559,236
1.00%, 9/15/2021

    21,790,000   22,231,030
Uber Technologies, Inc.

Zero Coupon, 12/15/2025 (a)  (b)

    23,300,000   23,668,839
Wayfair, Inc.:          
0.63%, 10/1/2025 (b)

    33,155,000   35,367,765
1.00%, 8/15/2026

    19,670,000   43,344,812
Wayfair, Inc.

1.13%, 11/1/2024

    11,059,000   30,117,085
Weibo Corp.

1.25%, 11/15/2022 (a)

    18,074,000   17,599,919
Wix.com, Ltd.:          
Zero Coupon, 7/1/2023

    7,988,000   16,518,705
Zero Coupon, 8/15/2025 (b)

    11,322,000   11,843,265
Zendesk, Inc.

0.63%, 6/15/2025

    22,405,000   32,772,466
Zillow Group, Inc.:          
0.75%, 9/1/2024

    13,885,000   39,002,826
1.38%, 9/1/2026

    9,645,000   27,273,649
2.75%, 5/15/2025

    11,327,000   22,508,675
          1,430,829,241
INVESTMENT COMPANY SECURITY — 0.2%   
Ares Capital Corp.:          
3.75%, 2/1/2022

    7,575,000   7,939,358
4.63%, 3/1/2024

    7,528,000   8,263,335
          16,202,693
See accompanying notes to financial statements.
17


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
IRON/STEEL — 0.2%   
United States Steel Corp.

5.00%, 11/1/2026

    $ 7,266,000   $ 14,693,378
LEISURE TIME — 2.5%   
Carnival Corp.

5.75%, 4/1/2023

    10,980,000   30,094,094
NCL Corp., Ltd.:          
5.38%, 8/1/2025 (b)

    9,400,000   17,099,164
6.00%, 5/15/2024

    17,785,000   41,275,784
Peloton Interactive, Inc.

Zero Coupon, 2/15/2026 (b)

    24,375,000   23,649,356
Royal Caribbean Cruises, Ltd.:          
2.88%, 11/15/2023 (b)

    16,095,000   20,193,913
4.25%, 6/15/2023 (b)

    23,283,000   31,791,074
          164,103,385
LODGING — 0.4%   
Huazhu Group, Ltd.:          
0.38%, 11/1/2022 (a)

    8,385,000   10,549,252
3.00%, 5/1/2026 (a)  (b)

    11,446,000   16,469,192
          27,018,444
MACHINERY-DIVERSIFIED — 0.3%   
Middleby Corp.

1.00%, 9/1/2025 (b)

    14,555,000   21,021,204
MEDIA — 4.6%   
Cable One, Inc.

Zero Coupon, 3/15/2026 (b)

    9,935,000   9,947,319
DISH Network Corp.:          
Zero Coupon, 12/15/2025 (b)

    43,170,000   50,285,711
2.38%, 3/15/2024

    19,717,000   19,131,208
3.38%, 8/15/2026

    61,723,000   63,058,069
Liberty Broadband Corp.:          
1.25%, 9/30/2050 (b)

    21,375,000   21,552,626
2.75%, 9/30/2050 (b)

    10,332,000   10,900,777
Liberty Interactive LLC:          
1.75%, 9/30/2046 (a)  (b)

    5,672,000   12,035,133
3.75%, 2/15/2030

    8,990,000   6,784,124
4.00%, 11/15/2029

    7,657,000   5,865,645
Liberty Latin America, Ltd.

2.00%, 7/15/2024

    9,689,000   9,838,017
See accompanying notes to financial statements.
18


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Liberty Media Corp.:          
0.50%, 12/1/2050 (b)

    $ 16,570,000   $ 19,137,356
1.38%, 10/15/2023

    18,852,000   24,933,655
2.13%, 3/31/2048 (a)  (b)

    6,468,000   6,770,056
2.25%, 12/1/2048 (b)

    10,033,000   13,434,287
2.75%, 12/1/2049 (b)

    15,390,000   16,145,033
Liberty Media Corp.-Liberty Formula One

1.00%, 1/30/2023

    9,942,000   13,505,710
          303,324,726
MINING — 0.2%   
MP Materials Corp.

0.25%, 4/1/2026 (b)

    14,405,000   15,425,162
MISCELLANEOUS MANUFACTURER — 0.1%   
John Bean Technologies Corp.

0.25%, 5/15/2026 (b)

    7,950,000   8,440,117
OIL & GAS — 0.9%   
EQT Corp.

1.75%, 5/1/2026 (a)

    10,935,000   18,195,621
Pioneer Natural Resources Co.

0.25%, 5/15/2025

    27,284,000   43,519,890
          61,715,511
PHARMACEUTICALS — 2.7%   
Aphria, Inc.

5.25%, 6/1/2024 (b)

    6,035,000   10,999,270
Dexcom, Inc.

0.25%, 11/15/2025

    26,320,000   27,603,363
DexCom, Inc.

0.75%, 12/1/2023

    17,180,000   44,709,404
Herbalife Nutrition, Ltd.

2.63%, 3/15/2024

    11,525,000   12,540,583
Jazz Investments I, Ltd.:          
1.50%, 8/15/2024

    10,563,000   11,612,645
2.00%, 6/15/2026

    21,160,000   28,168,192
Neurocrine Biosciences, Inc.

2.25%, 5/15/2024 (a)

    7,192,000   9,546,157
Pacira BioSciences, Inc.

0.75%, 8/1/2025 (b)

    7,155,000   7,814,333
Sarepta Therapeutics, Inc.

1.50%, 11/15/2024

    10,950,000   14,513,897
See accompanying notes to financial statements.
19


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Supernus Pharmaceuticals, Inc.

0.63%, 4/1/2023

    $ 7,550,000   $ 7,458,872
Tilray, Inc.

5.00%, 10/1/2023

    5,487,000   5,372,871
          180,339,587
PIPELINES — 0.2%   
Cheniere Energy, Inc.

4.25%, 3/15/2045 (a)

    9,146,000   7,685,475
Golar LNG, Ltd.

2.75%, 2/15/2022

    7,335,000   7,275,587
          14,961,062
REAL ESTATE — 0.6%   
Realogy Group Co.

0.25%, 6/15/2026 (b)

    9,065,000   9,315,738
Redfin Corp.:          
Zero Coupon, 10/15/2025 (b)

    13,420,000   15,157,219
0.50%, 4/1/2027 (b)

    11,895,000   11,759,754
          36,232,711
REAL ESTATE INVESTMENT TRUSTS — 0.4%   
Blackstone Mortgage Trust, Inc.

4.38%, 5/5/2022

    8,095,000   8,238,201
Pebblebrook Hotel Trust

1.75%, 12/15/2026

    13,215,000   14,959,512
          23,197,713
RETAIL — 2.3%   
American Eagle Outfitters, Inc.

3.75%, 4/15/2025

    8,195,000   35,746,426
Burlington Stores, Inc.

2.25%, 4/15/2025

    16,810,000   26,748,240
Dick's Sporting Goods, Inc.

3.25%, 4/15/2025

    11,930,000   35,280,708
National Vision Holdings, Inc.

2.50%, 5/15/2025

    8,765,000   15,459,444
RH

Zero Coupon, 9/15/2024

    7,719,000   24,646,381
Vroom, Inc.

0.75%, 7/1/2026 (b)

    12,970,000   13,356,117
          151,237,316
See accompanying notes to financial statements.
20


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
SEMICONDUCTORS — 2.6%   
Cree, Inc.:          
0.88%, 9/1/2023 (a)

    $ 8,208,000   $ 13,710,972
1.75%, 5/1/2026

    11,285,000   24,559,320
MACOM Technology Solutions Holdings, Inc.

0.25%, 3/15/2026 (b)

    9,870,000   10,280,493
Microchip Technology, Inc.:          
0.13%, 11/15/2024 (a)

    17,265,000   19,387,214
1.63%, 2/15/2027

    6,714,000   14,883,729
ON Semiconductor Corp.

Zero Coupon, 5/1/2027 (b)

    17,910,000   18,700,906
Silicon Laboratories, Inc.

0.63%, 6/15/2025

    11,854,000   16,460,820
Synaptics, Inc.

0.50%, 6/15/2022

    10,363,000   21,789,969
Teradyne, Inc.

1.25%, 12/15/2023

    7,994,000   33,800,710
          173,574,133
SOFTWARE — 15.9%   
8x8, Inc.

0.50%, 2/1/2024

    10,920,000   13,578,256
Akamai Technologies, Inc.:          
0.13%, 5/1/2025 (a)

    23,176,000   30,358,706
0.38%, 9/1/2027

    24,735,000   28,656,982
Alteryx, Inc.:          
0.50%, 8/1/2024

    8,570,000   8,230,628
1.00%, 8/1/2026 (a)

    6,496,000   6,136,446
Atlassian, Inc.

0.63%, 5/1/2023

    10,430,000   32,737,580
Avaya Holdings Corp.

2.25%, 6/15/2023

    7,783,000   9,175,067
Bandwidth, Inc.

0.25%, 3/1/2026

    9,484,000   15,402,775
Bentley Systems, Inc.:          
0.13%, 1/15/2026 (b)

    13,910,000   16,621,337
0.38%, 7/1/2027 (b)

    12,900,000   13,220,565
Bilibili, Inc.:          
1.25%, 6/15/2027

    18,112,000   54,615,106
1.38%, 4/1/2026

    8,965,000   43,982,469
Bill.com Holdings, Inc.

Zero Coupon, 12/1/2025 (b)

    25,235,000   33,675,098
See accompanying notes to financial statements.
21


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Blackline, Inc.:          
Zero Coupon, 3/15/2026 (b)

    $ 24,340,000   $ 23,407,291
0.13%, 8/1/2024

    4,983,000   7,983,513
Ceridian HCM Holding, Inc.

0.25%, 3/15/2026 (b)

    11,930,000   12,069,342
Cloudflare, Inc.

0.75%, 5/15/2025

    12,049,000   34,274,224
Coupa Software, Inc.:          
0.13%, 6/15/2025 (a)

    17,318,000   29,959,621
0.38%, 6/15/2026

    27,679,000   32,026,817
Datadog, Inc.

0.13%, 6/15/2025

    15,671,000   21,044,899
DocuSign, Inc.

Zero Coupon, 1/15/2024 (a)  (b)

    13,340,000   13,823,708
Dropbox, Inc.:          
Zero Coupon, 3/1/2026 (b)

    12,815,000   13,755,749
Zero Coupon, 3/1/2028 (b)

    19,400,000   21,294,022
Envestnet, Inc.

0.75%, 8/15/2025 (b)

    13,765,000   13,678,831
Everbridge, Inc.:          
Zero Coupon, 3/15/2026 (b)

    6,160,000   6,328,230
0.13%, 12/15/2024

    11,097,000   15,200,449
Fastly, Inc.

Zero Coupon, 3/15/2026 (b)

    19,670,000   18,353,880
Five9, Inc.

0.50%, 6/1/2025 (b)

    14,270,000   21,145,857
Guidewire Software, Inc.

1.25%, 3/15/2025

    8,800,000   10,301,984
HubSpot, Inc.

0.38%, 6/1/2025

    9,511,000   20,181,391
j2 Global, Inc.:          
1.75%, 11/1/2026 (a)  (b)

    11,520,000   14,754,240
3.25%, 6/15/2029

    7,979,000   16,140,480
LivePerson, Inc.

Zero Coupon, 12/15/2026 (b)

    10,735,000   11,489,778
Medallia, Inc.

0.13%, 9/15/2025 (b)

    12,939,000   14,098,981
MicroStrategy, Inc.:          
Zero Coupon, 2/15/2027 (a)  (b)

    21,360,000   15,946,308
0.75%, 12/15/2025 (a)  (b)

    13,760,000   24,512,614
MongoDB, Inc.

0.25%, 1/15/2026

    22,671,000   40,947,907
See accompanying notes to financial statements.
22


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
New Relic, Inc.

0.50%, 5/1/2023 (a)

    $ 9,660,000   $ 9,577,793
Nuance Communications, Inc.:          
1.00%, 12/15/2035

    6,569,000   14,779,856
1.25%, 4/1/2025

    365,000   1,014,306
Nutanix, Inc.

Zero Coupon, 1/15/2023 (a)

    10,190,000   10,772,868
Pegasystems, Inc.

0.75%, 3/1/2025

    12,625,000   15,058,090
Progress Software Corp.

1.00%, 4/15/2026 (b)

    8,460,000   8,544,515
RingCentral, Inc.:          
Zero Coupon, 3/1/2025

    19,265,000   21,388,774
Zero Coupon, 3/15/2026 (b)

    14,605,000   14,813,852
Sailpoint Technologies Holdings, Inc.

0.13%, 9/15/2024

    7,883,000   14,750,275
Slack Technologies, Inc.

0.50%, 4/15/2025

    18,646,000   28,039,668
Splunk, Inc.:          
0.50%, 9/15/2023

    12,643,000   14,708,361
1.13%, 9/15/2025 (a)

    19,221,000   23,513,818
1.13%, 6/15/2027

    30,155,000   29,361,924
Tyler Technologies, Inc.

0.25%, 3/15/2026 (b)

    13,115,000   14,418,762
Workday, Inc.

0.25%, 10/1/2022

    23,151,000   38,109,556
Zynga, Inc.:          
Zero Coupon, 12/15/2026 (b)

    18,059,000   19,363,582
0.25%, 6/1/2024

    13,873,000   19,167,076
          1,056,494,207
TELECOMMUNICATIONS — 0.7%   
Infinera Corp.

2.13%, 9/1/2024

    8,855,000   10,900,239
InterDigital, Inc.

2.00%, 6/1/2024

    7,628,000   8,435,119
Nice, Ltd.

Zero Coupon, 9/15/2025 (a)  (b)

    9,136,000   9,751,401
Viavi Solutions, Inc.

1.00%, 3/1/2024 (a)

    10,071,000   14,227,705
          43,314,464
See accompanying notes to financial statements.
23


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
TRUCKING & LEASING — 0.1%   
Greenbrier Cos., Inc.

2.88%, 4/15/2028 (b)

    $ 7,960,000   $ 8,345,503
TOTAL CORPORATE BONDS & NOTES

(Cost $4,376,144,738)

        5,238,019,163
    Shares  
CONVERTIBLE PREFERRED STOCKS — 20.8%      
AGRICULTURE — 0.2%      
Bunge, Ltd.

4.88%, 12/31/2049

  137,555 15,988,018
AUTO PARTS & EQUIPMENT — 0.6%      
Aptiv PLC

Series A, 5.50%, 6/15/2023 (a)

  228,110 40,790,630
BANKS — 3.3%      
Bank of America Corp.

Series L, 7.25%, 12/31/2049

  63,628 90,097,248
Wells Fargo & Co.

Series L, 7.50%, 12/31/2049 (a)

  82,099 125,300,315
      215,397,563
CHEMICALS — 0.3%      
International Flavors & Fragrances, Inc.

6.00%, 9/15/2021

  436,125 22,072,286
DIVERSIFIED FINANCIAL SERVICES — 1.2%      
2020 Mandatory Exchangeable Trust

6.50%, 5/16/2023 (b)

  14,665 26,472,085
AMG Capital Trust II

5.15%, 10/15/2037

  170,573 10,232,674
KKR & Co., Inc.

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

  522,944 40,298,065
      77,002,824
ELECTRIC — 5.8%      
AES Corp.

6.88%, 2/15/2024

  268,575 28,890,613
Algonquin Power & Utilities Corp.

7.75%, 6/15/2024

  488,055 24,235,786
American Electric Power Co., Inc.:      
6.13%, 3/15/2022

  309,380 15,199,839
See accompanying notes to financial statements.
24


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Shares   Value
6.13%, 8/15/2023

    405,820   $ 20,794,217
CenterPoint Energy, Inc.:          
4.57%, 9/15/2029 (c)

    270,171   17,381,992
Series B, 7.00%, 9/1/2021

    419,760   19,023,523
Dominion Energy, Inc.

Series A, 7.25%, 6/1/2022

    335,315   32,569,146
DTE Energy Co.

6.25%, 11/1/2022

    520,605   25,733,505
NextEra Energy, Inc.:          
4.87%, 9/1/2022 (d)

    596,755   33,507,793
5.28%, 3/1/2023 (d)

    1,022,135   50,043,730
6.22%, 9/1/2023 (d)

    937,835   46,329,049
PG&E Corp.

5.50%, 8/16/2023

    340,775   34,544,362
Southern Co.

Series 2019, 6.75%, 8/1/2022

    719,805   36,443,727
          384,697,282
ELECTRONICS — 0.2%          
II-VI, Inc.

Series A, 6.00%, 7/1/2023

    45,205   13,613,486
ENGINEERING & CONSTRUCTION — 0.2%          
Fluor Corp.

6.50%, 8/15/2051 (b)

    11,425   12,120,782
ENVIRONMENTAL CONTROL — 0.3%          
GFL Environmental, Inc.

6.00%, 3/15/2023 (a)

    277,690   20,757,327
GAS — 0.3%          
NiSource, Inc.

7.75%, 3/1/2024 (a)

    179,825   18,484,212
HAND & MACHINE TOOLS — 0.3%          
Stanley Black & Decker, Inc.

5.25%, 11/15/2022 (a)

    183,100   22,105,663
HEALTH CARE PRODUCTS — 2.8%          
Avantor, Inc.

Series A, 6.25%, 5/15/2022 (a)

    418,270   45,825,661
Boston Scientific Corp.

Series A, 5.50%, 6/1/2023

    195,725   22,715,844
See accompanying notes to financial statements.
25


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Shares   Value
Danaher Corp.:          
Series A, 4.75%, 4/15/2022

    32,785   $ 58,967,429
Series B, 5.00%, 4/15/2023 (a)

    36,760   54,230,925
          181,739,859
IRON/STEEL — 0.9%          
ArcelorMittal SA

5.50%, 5/18/2023 (a)

    845,962   62,372,778
MACHINERY-DIVERSIFIED — 0.2%          
Colfax Corp.

5.75%, 1/15/2022

    72,725   13,541,395
MEDIA — 0.2%          
ViacomCBS, Inc.

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

    198,705   14,730,002
PHARMACEUTICALS — 0.8%          
Becton Dickinson and Co.

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

    713,000   38,152,630
Elanco Animal Health, Inc.

5.00%, 2/1/2023

    225,060   12,076,720
          50,229,350
SEMICONDUCTORS — 1.8%          
Broadcom, Inc.

Series A, 8.00%, 9/30/2022

    76,720   116,604,426
SOFTWARE — 0.5%          
Clarivate PLC

Series A, 5.25%, 6/1/2024

    298,800   31,284,360
TELECOMMUNICATIONS — 0.8%          
2020 Cash Mandatory Exchangeable Trust

5.25%, 6/1/2023 (b)

    41,730   52,578,548
WATER — 0.1%          
Essential Utilities, Inc.

6.00%, 4/30/2022

    146,345   8,368,007
TOTAL CONVERTIBLE PREFERRED STOCKS

(Cost $1,190,801,672)

        1,374,478,798
SHORT-TERM INVESTMENTS — 5.8%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.05% (e)  (f)

  65,260,023   65,279,601
See accompanying notes to financial statements.
26


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

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

  320,117,599   $ 320,117,599
TOTAL SHORT-TERM INVESTMENTS

(Cost $385,397,200)

  385,397,200  
TOTAL INVESTMENTS — 105.6%

(Cost $5,952,343,610)

  6,997,895,161  
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.6)%

  (369,509,455)  
NET ASSETS — 100.0%

  $ 6,628,385,706  
(a) All or a portion of the shares of the security are on loan at June 30, 2021.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 29.5% of net assets as of June 30, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of June 30, 2021. Maturity date shown is the final maturity.
(d) 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 June 30, 2021 are shown in the Affiliate Table below.
(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at June 30, 2021.
(g) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(h) 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 June 30, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Corporate Bonds & Notes

  $   $5,238,019,163   $—   $5,238,019,163
Convertible Preferred Stocks

  1,265,925,391   108,553,407     1,374,478,798
Short-Term Investments

  385,397,200       385,397,200
TOTAL INVESTMENTS

  $1,651,322,591   $5,346,572,570   $—   $6,997,895,161
See accompanying notes to financial statements.
27


Table of Contents
SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Affiliate Table
  Number of
Shares Held
at 6/30/20
  Value at
6/30/20
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Dividend
Income
NextEra Energy, Inc.

  $   $ 68,776,469   $ 22,281,174   $ (619,092)   $ 452,846   937,835   $ 46,329,049   $1,932,226
NextEra Energy, Inc.

956,300   40,594,935   18,746,170   15,213,273   1,335,134   4,580,764   1,022,135   50,043,730   2,754,780
NextEra Energy, Inc.

574,150   27,869,241   16,320,583   14,965,195   1,112,046   3,171,118   596,755   33,507,793   1,535,350
State Street Institutional Liquid Reserves Fund, Premier Class

25,651,670   25,661,930   767,485,383   727,867,777   65     65,260,023   65,279,601   11,612
State Street Navigator Securities Lending Portfolio II

233,003,345   233,003,345   2,301,910,627   2,214,796,373       320,117,599   320,117,599   1,101,263
Total

    $327,129,451   $3,173,239,232   $2,995,123,792   $1,828,153   $8,204,728       $515,277,772   $7,335,231
                                   
See accompanying notes to financial statements.
28


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
June 30, 2021

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 98.1%          
ADVERTISING — 0.7%   
Advantage Sales & Marketing, Inc.

6.50%, 11/15/2028 (a)

    $ 8,650,000   $ 9,144,866
Clear Channel Outdoor Holdings, Inc.:          
7.50%, 6/1/2029 (a)

    9,002,000   9,324,902
7.75%, 4/15/2028 (a)  (b)

    9,191,000   9,627,113
Lamar Media Corp.:          
3.63%, 1/15/2031 (a)  (b)

    4,612,000   4,510,121
3.75%, 2/15/2028 (b)

    3,451,000   3,510,599
4.00%, 2/15/2030

    4,719,000   4,786,293
Outfront Media Capital LLC/Outfront Media Capital Corp.:          
4.25%, 1/15/2029 (a)  (b)

    3,884,000   3,905,051
4.63%, 3/15/2030 (a)

    4,042,000   4,097,496
5.00%, 8/15/2027 (a)

    5,424,000   5,620,132
Terrier Media Buyer, Inc.

8.88%, 12/15/2027 (a)

    9,012,000   9,731,969
          64,258,542
AEROSPACE & DEFENSE — 1.8%   
F-Brasile SpA/F-Brasile US LLC

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

    4,759,000   4,892,490
Howmet Aerospace, Inc.

6.88%, 5/1/2025

    10,185,000   11,856,766
Moog, Inc.

4.25%, 12/15/2027 (a)

    4,660,000   4,824,545
Rolls-Royce PLC

5.75%, 10/15/2027 (a)

    6,754,000   7,412,380
Spirit AeroSystems, Inc.:          
4.60%, 6/15/2028 (b)

    5,305,000   5,212,958
5.50%, 1/15/2025 (a)

    5,468,000   5,815,655
7.50%, 4/15/2025 (a)

    11,494,000   12,291,224
SSL Robotics LLC

9.75%, 12/31/2023 (a)

    4,580,000   5,051,786
TransDigm, Inc.:          
4.63%, 1/15/2029 (a)

    10,475,000   10,507,263
4.88%, 5/1/2029 (a)  (b)

    6,915,000   6,987,538
5.50%, 11/15/2027

    21,852,000   22,785,080
6.25%, 3/15/2026 (a)

    37,068,000   39,099,697
6.38%, 6/15/2026

    7,417,000   7,678,227
7.50%, 3/15/2027

    6,465,000   6,885,290
8.00%, 12/15/2025 (a)

    9,545,000   10,311,272
See accompanying notes to financial statements.
29


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Triumph Group, Inc.:          
6.25%, 9/15/2024 (a)  (b)

    $ 4,133,000   $ 4,196,483
8.88%, 6/1/2024 (a)

    6,060,000   6,771,202
          172,579,856
AGRICULTURE — 0.2%   
Darling Ingredients, Inc.

5.25%, 4/15/2027 (a)  (b)

    3,797,000   3,985,065
Vector Group, Ltd.:          
5.75%, 2/1/2029 (a)

    6,675,000   6,808,767
10.50%, 11/1/2026 (a)

    4,738,000   5,032,230
          15,826,062
AIRLINES — 1.8%   
American Airlines Group, Inc.:          
3.75%, 3/1/2025 (a)  (b)

    5,086,000   4,684,918
5.00%, 6/1/2022 (a)  (b)

    1,029,000   1,029,813
American Airlines, Inc.

11.75%, 7/15/2025 (a)

    21,026,000   26,383,635
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.:          
5.50%, 4/20/2026 (a)

    28,818,000   30,594,341
5.75%, 4/20/2029 (a)

    24,955,400   26,987,269
Delta Air Lines, Inc.:          
2.90%, 10/28/2024 (b)

    7,642,000   7,778,104
3.63%, 3/15/2022

    203,000   205,822
3.75%, 10/28/2029 (b)

    4,874,000   4,869,906
3.80%, 4/19/2023 (b)

    3,770,000   3,911,563
4.38%, 4/19/2028 (b)

    3,610,000   3,788,334
7.38%, 1/15/2026 (b)

    11,683,000   13,711,870
Hawaiian Brand Intellectual Property, Ltd./HawaiianMiles Loyalty, Ltd.

5.75%, 1/20/2026 (a)

    10,528,000   11,299,492
Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd.

8.00%, 9/20/2025 (a)

    5,296,359   6,002,575
United Airlines, Inc.:          
4.38%, 4/15/2026 (a)

    17,023,000   17,622,720
4.63%, 4/15/2029 (a)

    16,866,000   17,469,803
          176,340,165
APPAREL — 0.2%   
Hanesbrands, Inc.

5.38%, 5/15/2025 (a)

    4,560,000   4,826,167
See accompanying notes to financial statements.
30


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Levi Strauss & Co.

3.50%, 3/1/2031 (a)

    $ 4,433,000   $ 4,418,194
William Carter Co.:          
5.50%, 5/15/2025 (a)

    3,936,000   4,161,375
5.63%, 3/15/2027 (a)

    5,758,000   6,055,977
          19,461,713
AUTO MANUFACTURERS — 2.8%   
Allison Transmission, Inc.:          
3.75%, 1/30/2031 (a)

    8,354,000   8,197,279
5.88%, 6/1/2029 (a)

    4,598,000   5,051,501
Aston Martin Capital Holdings, Ltd. PIK

10.50%, 11/30/2025 (a)

    10,227,000   11,390,014
Ford Motor Co.:          
4.35%, 12/8/2026 (b)

    9,056,000   9,721,073
8.50%, 4/21/2023

    19,431,000   21,684,024
9.00%, 4/22/2025

    18,849,000   23,226,869
9.63%, 4/22/2030

    6,069,000   8,699,487
Ford Motor Credit Co. LLC:          
2.90%, 2/16/2028

    4,260,000   4,250,756
2.98%, 8/3/2022

    4,902,000   4,969,452
3.09%, 1/9/2023

    9,038,000   9,220,929
3.35%, 11/1/2022

    7,296,000   7,474,314
3.37%, 11/17/2023 (b)

    3,474,000   3,603,719
3.38%, 11/13/2025

    11,445,000   11,868,007
3.63%, 6/17/2031

    5,998,000   6,111,062
3.81%, 1/9/2024

    4,632,000   4,840,857
3.82%, 11/2/2027

    4,955,000   5,160,335
4.00%, 11/13/2030 (b)

    8,095,000   8,491,655
4.06%, 11/1/2024

    8,491,000   9,029,244
4.13%, 8/17/2027

    6,305,000   6,691,875
4.14%, 2/15/2023

    5,713,000   5,918,325
4.27%, 1/9/2027

    5,445,000   5,832,194
4.54%, 8/1/2026

    3,840,000   4,180,493
4.69%, 6/9/2025

    2,745,000   2,970,419
5.11%, 5/3/2029

    7,602,000   8,514,468
5.13%, 6/16/2025

    9,465,000   10,420,113
5.58%, 3/18/2024

    8,196,000   8,976,669
Series MTN, 3.55%, 10/7/2022

    2,414,000   2,475,678
Jaguar Land Rover Automotive PLC:          
4.50%, 10/1/2027 (a)  (b)

    4,719,000   4,651,188
5.88%, 1/15/2028 (a)  (b)

    6,714,000   7,061,852
See accompanying notes to financial statements.
31


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
7.75%, 10/15/2025 (a)

    $ 5,749,000   $ 6,310,850
JB Poindexter & Co., Inc.

7.13%, 4/15/2026 (a)

    5,381,000   5,685,134
Navistar International Corp.:          
6.63%, 11/1/2025 (a)

    5,383,000   5,561,339
9.50%, 5/1/2025 (a)  (b)

    4,762,000   5,101,293
PM General Purchaser LLC

9.50%, 10/1/2028 (a)

    5,314,000   5,597,396
Tesla, Inc.

5.30%, 8/15/2025 (a)

    12,787,000   13,210,122
          272,149,985
AUTO PARTS & EQUIPMENT — 1.1%   
Adient Global Holdings, Ltd.

4.88%, 8/15/2026 (a)  (b)

    6,543,060   6,731,042
Adient US LLC

9.00%, 4/15/2025 (a)

    5,092,000   5,603,440
American Axle & Manufacturing, Inc.

6.25%, 4/1/2025 (b)

    6,243,000   6,457,385
Clarios Global L.P./Clarios US Finance Co.:          
6.25%, 5/15/2026 (a)

    7,827,000   8,336,303
8.50%, 5/15/2027 (a)  (b)

    15,295,000   16,672,621
Dealer Tire LLC/DT Issuer LLC

8.00%, 2/1/2028 (a)

    3,748,000   4,037,983
Delphi Technologies PLC

5.00%, 10/1/2025 (a)

    996,000   1,111,855
Goodyear Tire & Rubber Co.:          
4.88%, 3/15/2027 (b)

    6,285,000   6,666,311
5.00%, 7/15/2029 (a)

    7,157,000   7,479,781
5.25%, 4/30/2031

    6,060,000   6,351,910
5.25%, 7/15/2031 (a)  (b)

    5,420,000   5,651,380
9.50%, 5/31/2025

    6,499,000   7,263,412
IHO Verwaltungs GmbH PIK

4.75%, 9/15/2026 (a)

    6,261,000   6,425,476
Real Hero Merger Sub 2, Inc.

6.25%, 2/1/2029 (a)

    5,202,000   5,395,254
Tenneco, Inc.:          
5.13%, 4/15/2029 (a)

    6,658,000   6,849,218
7.88%, 1/15/2029 (a)

    4,875,000   5,505,045
          106,538,416
See accompanying notes to financial statements.
32


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
BANKS — 0.9%   
CIT Group, Inc.:          
4.75%, 2/16/2024

    $ 3,575,000   $ 3,874,835
5.25%, 3/7/2025

    3,481,000   3,917,657
SOFR + 3.83%, 3.93%, 6/19/2024 (c)

    2,570,000   2,710,502
Deutsche Bank AG:          
5 Year USD ICE Swap + 2.55%, 4.88%, 12/1/2032 (c)

    7,950,000   8,581,627
SOFR + 2.76%, 3.73%, 1/14/2032 (c)

    10,402,000   10,593,501
SOFR + 5.44%, 5.88%, 7/8/2031 (c)

    3,833,000   4,489,516
Freedom Mortgage Corp.:          
6.63%, 1/15/2027 (a)  (d)

    6,013,000   6,051,904
7.63%, 5/1/2026 (a)

    5,844,000   6,077,702
8.25%, 4/15/2025 (a)

    6,174,400   6,444,530
Intesa Sanpaolo SpA

4.20%, 6/1/2032 (a)

    5,322,000   5,465,109
UniCredit SpA:          
5 year CMT + 4.75%, 5.46%, 6/30/2035 (a)  (c)

    11,198,000   12,219,481
5 Year USD ICE Swap + 3.70%, 5.86%, 6/19/2032 (a)  (c)

    8,045,000   8,903,643
5 Year USD ICE Swap + 4.91%, 7.30%, 4/2/2034 (a)  (c)

    9,875,000   11,856,715
          91,186,722
BEVERAGES — 0.1%   
Primo Water Holdings, Inc.

4.38%, 4/30/2029 (a)

    6,389,000   6,390,278
Triton Water Holdings, Inc.

6.25%, 4/1/2029 (a)

    7,709,000   7,762,423
          14,152,701
BUILDING MATERIALS — 1.1%   
Builders FirstSource, Inc.:          
5.00%, 3/1/2030 (a)

    4,605,000   4,835,342
6.75%, 6/1/2027 (a)

    6,541,000   7,021,829
Cornerstone Building Brands, Inc.

6.13%, 1/15/2029 (a)

    4,831,000   5,189,943
CP Atlas Buyer, Inc.

7.00%, 12/1/2028 (a)  (b)

    5,099,000   5,283,686
Forterra Finance LLC/FRTA Finance Corp.

6.50%, 7/15/2025 (a)

    4,121,000   4,445,281
Griffon Corp.

5.75%, 3/1/2028 (b)

    8,545,500   9,072,586
Koppers, Inc.

6.00%, 2/15/2025 (a)

    3,217,000   3,315,086
See accompanying notes to financial statements.
33


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Masonite International Corp.

5.38%, 2/1/2028 (a)

    $ 5,298,000   $ 5,637,496
SRM Escrow Issuer LLC

6.00%, 11/1/2028 (a)

    10,034,000   10,634,134
Standard Industries, Inc.:          
3.38%, 1/15/2031 (a)

    8,809,000   8,428,011
4.38%, 7/15/2030 (a)  (b)

    9,218,000   9,503,297
4.75%, 1/15/2028 (a)  (b)

    8,585,000   8,983,001
5.00%, 2/15/2027 (a)

    8,979,000   9,310,415
Summit Materials LLC/Summit Materials Finance Corp.

5.25%, 1/15/2029 (a)

    6,377,000   6,757,324
Victors Merger Corp.

6.38%, 5/15/2029 (a)

    5,658,000   5,702,585
          104,120,016
CHEMICALS — 1.7%   
Axalta Coating Systems LLC

3.38%, 2/15/2029 (a)  (b)

    5,711,000   5,582,503
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V.

4.75%, 6/15/2027 (a)

    4,011,000   4,205,132
Chemours Co.:          
5.38%, 5/15/2027 (b)

    3,795,000   4,113,818
5.75%, 11/15/2028 (a)  (b)

    6,627,000   7,090,757
Consolidated Energy Finance SA

6.88%, 6/15/2025 (a)

    3,590,000   3,655,625
CVR Partners L.P./CVR Nitrogen Finance Corp.

6.13%, 6/15/2028 (a)

    4,819,000   4,938,463
Element Solutions, Inc.

3.88%, 9/1/2028 (a)

    6,373,000   6,500,779
INEOS Group Holdings SA

5.63%, 8/1/2024 (a)

    4,129,000   4,143,369
INEOS Quattro Finance 2 PLC

3.38%, 1/15/2026 (a)

    4,951,000   5,001,005
Ingevity Corp.

3.88%, 11/1/2028 (a)

    4,484,000   4,474,584
Methanex Corp.:          
5.13%, 10/15/2027

    6,496,000   7,014,965
5.25%, 12/15/2029 (b)

    4,429,000   4,785,446
Nouryon Holding B.V.

8.00%, 10/1/2026 (a)  (b)

    6,264,000   6,639,840
OCI NV

5.25%, 11/1/2024 (a)

    6,917,000   7,123,334
See accompanying notes to financial statements.
34


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Olin Corp.:          
5.00%, 2/1/2030 (b)

    $ 2,593,000   $ 2,764,657
5.13%, 9/15/2027 (b)

    4,013,000   4,191,458
5.63%, 8/1/2029 (b)

    5,739,000   6,321,853
9.50%, 6/1/2025 (a)

    5,900,000   7,351,046
Rain CII Carbon LLC/CII Carbon Corp.

7.25%, 4/1/2025 (a)

    4,401,000   4,543,680
Rayonier AM Products, Inc.

7.63%, 1/15/2026 (a)

    5,351,000   5,578,471
SCIH Salt Holdings, Inc.:          
4.88%, 5/1/2028 (a)

    9,950,000   9,988,805
6.63%, 5/1/2029 (a)  (b)

    6,554,000   6,569,861
SPCM SA

4.88%, 9/15/2025 (a)

    2,827,000   2,893,717
TPC Group, Inc.

10.50%, 8/1/2024 (a)

    7,378,000   6,929,491
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.

5.38%, 9/1/2025 (a)

    3,707,000   3,792,854
Tronox, Inc.:          
4.63%, 3/15/2029 (a)

    8,904,000   9,003,636
6.50%, 5/1/2025 (a)

    5,053,000   5,362,294
Valvoline, Inc.:          
3.63%, 6/15/2031 (a)

    4,739,000   4,737,389
4.25%, 2/15/2030 (a)

    5,387,000   5,563,748
WR Grace & Co-Conn

4.88%, 6/15/2027 (a)

    6,202,000   6,573,500
          167,436,080
COAL — 0.1%   
Peabody Energy Corp.

6.38%, 3/31/2025 (a)  (b)

    3,958,000   2,915,542
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp.

7.50%, 6/15/2025 (a)

    6,839,000   7,101,891
SunCoke Energy, Inc.

4.88%, 6/30/2029 (a)

    4,188,000   4,187,539
          14,204,972
COMMERCIAL SERVICES — 4.3%   
Adtalem Global Education, Inc.

5.50%, 3/1/2028 (a)

    8,405,000   8,552,003
See accompanying notes to financial statements.
35


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Algeco Global Finance PLC

8.00%, 2/15/2023 (a)

    $ 3,415,000   $ 3,522,094
Allied Universal Holdco LLC/Allied Universal Finance Corp.:          
6.00%, 6/1/2029 (a)  (b)

    8,243,000   8,352,055
6.63%, 7/15/2026 (a)

    16,006,000   16,971,482
9.75%, 7/15/2027 (a)

    9,409,000   10,364,484
Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l:          
4.63%, 6/1/2028 (a)

    7,209,000   7,227,167
4.63%, 6/1/2028 (a)

    10,760,000   10,805,300
AMN Healthcare, Inc.

4.63%, 10/1/2027 (a)

    3,481,000   3,615,123
APTIM Corp.

7.75%, 6/15/2025 (a)

    3,561,000   3,122,356
APX Group, Inc.

6.75%, 2/15/2027 (a)

    5,602,000   5,971,228
ASGN, Inc.

4.63%, 5/15/2028 (a)

    5,201,000   5,444,407
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:          
4.75%, 4/1/2028 (a)

    4,506,000   4,618,290
5.38%, 3/1/2029 (a)

    5,792,000   6,031,036
Brink's Co.

4.63%, 10/15/2027 (a)  (b)

    4,190,000   4,373,480
Cimpress PLC

7.00%, 6/15/2026 (a)

    5,495,000   5,792,005
CoreLogic, Inc.

4.50%, 5/1/2028 (a)

    5,515,000   5,468,674
Deluxe Corp.

8.00%, 6/1/2029 (a)

    4,104,000   4,452,840
Garda World Security Corp.:          
4.63%, 2/15/2027 (a)

    6,727,000   6,753,101
6.00%, 6/1/2029 (a)

    4,796,000   4,756,049
9.50%, 11/1/2027 (a)

    5,362,000   5,944,206
Gartner, Inc.:          
3.63%, 6/15/2029 (a)

    5,311,000   5,395,923
3.75%, 10/1/2030 (a)

    6,757,000   6,912,681
4.50%, 7/1/2028 (a)  (b)

    6,946,000   7,342,964
Herc Holdings, Inc.

5.50%, 7/15/2027 (a)

    10,676,000   11,257,628
Jaguar Holding Co. II/PPD Development L.P.:          
4.63%, 6/15/2025 (a)

    4,037,000   4,245,551
5.00%, 6/15/2028 (a)

    5,536,500   5,999,573
See accompanying notes to financial statements.
36


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Metis Merger Sub LLC

6.50%, 5/15/2029 (a)

    $ 6,954,000   $ 6,846,769
MPH Acquisition Holdings LLC

5.75%, 11/1/2028 (a)  (b)

    9,781,000   9,827,069
NESCO Holdings II, Inc.

5.50%, 4/15/2029 (a)

    9,760,000   10,184,853
Nielsen Co. Luxembourg SARL

5.00%, 2/1/2025 (a)  (b)

    3,754,000   3,860,914
Nielsen Finance LLC/Nielsen Finance Co.:          
4.50%, 7/15/2029 (a)

    5,411,000   5,422,634
4.75%, 7/15/2031 (a)

    6,734,000   6,753,731
5.63%, 10/1/2028 (a)

    8,231,000   8,694,652
5.88%, 10/1/2030 (a)

    5,421,000   5,903,361
North Queensland Export Terminal Pty, Ltd.

4.45%, 12/15/2022 (a)

    3,223,000   3,101,525
Paysafe Finance PLC/Paysafe Holdings US Corp.

4.00%, 6/15/2029 (a)

    802,000   791,301
Prime Security Services Borrower LLC/Prime Finance, Inc.:          
3.38%, 8/31/2027 (a)

    8,060,000   7,819,006
5.25%, 4/15/2024 (a)

    6,786,000   7,270,792
5.75%, 4/15/2026 (a)

    11,841,000   13,098,514
6.25%, 1/15/2028 (a)  (b)

    10,236,000   10,908,096
Ritchie Bros Auctioneers, Inc.

5.38%, 1/15/2025 (a)

    3,080,000   3,169,720
Sabre GLBL, Inc.:          
7.38%, 9/1/2025 (a)  (b)

    7,313,000   7,949,377
9.25%, 4/15/2025 (a)

    9,479,000   11,269,583
Service Corp. International:          
3.38%, 8/15/2030

    6,515,000   6,394,929
4.00%, 5/15/2031

    8,298,000   8,461,885
4.63%, 12/15/2027

    3,237,000   3,429,504
5.13%, 6/1/2029

    6,425,000   6,975,622
Sotheby's

7.38%, 10/15/2027 (a)  (b)

    7,245,000   7,825,180
Square, Inc.:          
2.75%, 6/1/2026 (a)

    7,840,000   7,976,416
3.50%, 6/1/2031 (a)

    8,236,000   8,309,053
Team Health Holdings, Inc.

6.38%, 2/1/2025 (a)

    5,797,000   5,518,048
TriNet Group, Inc.

3.50%, 3/1/2029 (a)

    4,794,000   4,731,822
See accompanying notes to financial statements.
37


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
United Rentals North America, Inc.:          
3.88%, 2/15/2031

    $ 8,599,000   $ 8,754,384
4.00%, 7/15/2030

    6,621,000   6,813,870
4.88%, 1/15/2028

    14,245,000   15,117,934
5.25%, 1/15/2030

    6,333,000   6,938,245
5.50%, 5/15/2027

    8,194,000   8,679,904
Verscend Escrow Corp.

9.75%, 8/15/2026 (a)

    11,031,000   11,634,947
WW International, Inc.

4.50%, 4/15/2029 (a)  (b)

    4,106,000   4,146,280
          417,871,620
COMPUTERS — 1.3%   
Banff Merger Sub, Inc.

9.75%, 9/1/2026 (a)

    11,912,000   12,557,154
Booz Allen Hamilton, Inc.:          
3.88%, 9/1/2028 (a)

    5,330,000   5,434,894
4.00%, 7/1/2029 (a)

    4,167,000   4,261,258
Crowdstrike Holdings, Inc.

3.00%, 2/15/2029 (b)

    6,301,000   6,306,041
Dell International LLC/EMC Corp.

7.13%, 6/15/2024 (a)

    2,928,000   3,003,162
Diebold Nixdorf, Inc.

9.38%, 7/15/2025 (a)

    6,850,000   7,588,499
Exela Intermediate LLC/Exela Finance, Inc.

10.00%, 7/15/2023 (a)

    3,630,000   2,377,650
NCR Corp.:          
5.00%, 10/1/2028 (a)

    5,975,000   6,174,804
5.13%, 4/15/2029 (a)

    12,199,000   12,586,196
5.75%, 9/1/2027 (a)

    4,484,000   4,725,822
6.13%, 9/1/2029 (a)  (b)

    3,544,000   3,870,615
Presidio Holdings, Inc.

4.88%, 2/1/2027 (a)

    4,735,000   4,880,270
Seagate HDD Cayman:          
3.13%, 7/15/2029 (a)

    5,954,000   5,767,461
3.38%, 7/15/2031 (a)

    4,748,000   4,596,824
4.09%, 6/1/2029 (a)

    4,326,000   4,439,038
4.13%, 1/15/2031 (a)

    4,658,000   4,762,805
4.88%, 3/1/2024 (b)

    3,899,000   4,220,979
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.

6.75%, 6/1/2025 (a)

    11,150,000   11,338,212
Vericast Corp.

8.38%, 8/15/2022 (a)  (b)

    1,542,400   1,564,981
See accompanying notes to financial statements.
38


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Western Digital Corp.

4.75%, 2/15/2026 (b)

    $ 19,014,000   $ 21,130,638
          131,587,303
COSMETICS/PERSONAL CARE — 0.3%   
Coty, Inc.:          
5.00%, 4/15/2026 (a)

    8,033,000   8,149,398
6.50%, 4/15/2026 (a)  (b)

    4,959,000   5,021,186
Edgewell Personal Care Co.:          
4.13%, 4/1/2029 (a)

    4,682,000   4,726,292
5.50%, 6/1/2028 (a)  (b)

    6,330,000   6,714,168
Oriflame Investment Holding PLC

5.13%, 5/4/2026 (a)  (b)

    2,344,000   2,408,483
          27,019,527
DISTRIBUTION & WHOLESALE — 0.8%   
American Builders & Contractors Supply Co., Inc.

4.00%, 1/15/2028 (a)

    6,014,000   6,160,441
Avient Corp.

5.75%, 5/15/2025 (a)

    5,317,000   5,625,971
BCPE Empire Holdings, Inc.

7.63%, 5/1/2027 (a)

    6,244,000   6,392,420
Core & Main L.P.

6.13%, 8/15/2025 (a)

    6,669,000   6,802,380
H&E Equipment Services Co.

3.88%, 12/15/2028 (a)

    9,801,000   9,635,363
IAA, Inc.

5.50%, 6/15/2027 (a)

    5,598,000   5,874,653
KAR Auction Services, Inc.

5.13%, 6/1/2025 (a)

    7,899,000   8,103,821
Performance Food Group, Inc.

5.50%, 10/15/2027 (a)

    9,188,000   9,668,441
Univar Solutions USA, Inc.

5.13%, 12/1/2027 (a)

    4,185,000   4,399,230
Wolverine Escrow LLC:          
8.50%, 11/15/2024 (a)

    6,713,000   6,544,839
9.00%, 11/15/2026 (a)

    7,700,000   7,507,654
REGS, 13.13%, 11/15/2027 (a)

    4,577,000   3,858,686
          80,573,899
DIVERSIFIED FINANCIAL SERVICES — 2.8%   
AG Issuer LLC

6.25%, 3/1/2028 (a)

    4,779,000   5,031,714
See accompanying notes to financial statements.
39


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Curo Group Holdings Corp.

8.25%, 9/1/2025 (a)

    $ 6,610,000   $ 6,867,195
Enact Holdings, Inc.

6.50%, 8/15/2025 (a)

    8,045,000   8,864,946
Global Aircraft Leasing Co., Ltd.

6.50%, 9/15/2024 (a)

    15,023,156   15,066,723
goeasy, Ltd.

5.38%, 12/1/2024 (a)

    4,491,000   4,650,431
Home Point Capital, Inc.

5.00%, 2/1/2026 (a)

    5,669,000   5,287,306
LD Holdings Group LLC:          
6.13%, 4/1/2028 (a)

    4,597,000   4,590,656
6.50%, 11/1/2025 (a)

    6,549,000   6,695,370
LPL Holdings, Inc.

4.00%, 3/15/2029 (a)

    8,547,000   8,607,940
Midcap Financial Issuer Trust

6.50%, 5/1/2028 (a)

    8,858,000   9,269,011
Nationstar Mortgage Holdings, Inc.:          
5.13%, 12/15/2030 (a)

    5,141,000   5,127,942
5.50%, 8/15/2028 (a)

    8,298,000   8,363,803
6.00%, 1/15/2027 (a)

    5,964,000   6,188,187
Navient Corp.:          
4.88%, 3/15/2028

    6,343,000   6,376,174
5.00%, 3/15/2027

    3,627,000   3,761,054
6.75%, 6/25/2025

    5,734,000   6,346,621
6.75%, 6/15/2026 (b)

    4,845,000   5,407,165
7.25%, 9/25/2023

    4,904,000   5,443,832
NFP Corp.

6.88%, 8/15/2028 (a)

    14,105,000   14,902,779
OneMain Finance Corp.:          
3.50%, 1/15/2027

    6,432,000   6,487,508
4.00%, 9/15/2030 (b)

    5,930,000   5,877,460
5.38%, 11/15/2029

    4,937,000   5,378,516
5.63%, 3/15/2023

    6,050,000   6,473,319
6.13%, 3/15/2024

    11,813,000   12,716,340
6.63%, 1/15/2028

    7,867,000   9,053,580
6.88%, 3/15/2025

    10,444,000   11,785,845
7.13%, 3/15/2026

    13,528,000   15,763,637
8.88%, 6/1/2025

    4,883,000   5,411,194
PennyMac Financial Services, Inc.:          
4.25%, 2/15/2029 (a)

    6,038,000   5,817,734
5.38%, 10/15/2025 (a)

    4,414,000   4,645,823
See accompanying notes to financial statements.
40


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Quicken Loans LLC

5.25%, 1/15/2028 (a)

    $ 10,078,000   $ 10,577,163
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.:          
3.63%, 3/1/2029 (a)  (b)

    6,360,000   6,292,775
3.88%, 3/1/2031 (a)

    8,800,000   8,868,376
SLM Corp.

4.20%, 10/29/2025

    3,173,000   3,410,277
United Wholesale Mortgage LLC:          
5.50%, 11/15/2025 (a)  (b)

    6,500,000   6,729,125
5.50%, 4/15/2029 (a)

    5,904,000   5,907,661
VistaJet Malta Finance PLC/XO Management Holding, Inc.

10.50%, 6/1/2024 (a)

    4,969,000   5,414,868
          273,460,050
ELECTRIC — 2.4%   
Calpine Corp.:          
3.75%, 3/1/2031 (a)

    8,622,000   8,212,541
4.50%, 2/15/2028 (a)

    10,452,500   10,659,146
4.63%, 2/1/2029 (a)

    5,730,000   5,661,068
5.00%, 2/1/2031 (a)

    7,612,000   7,570,971
5.13%, 3/15/2028 (a)

    12,933,500   13,148,584
Clearway Energy Operating LLC:          
3.75%, 2/15/2031 (a)

    7,840,000   7,774,066
4.75%, 3/15/2028 (a)

    7,687,000   8,064,585
Drax Finco PLC

6.63%, 11/1/2025 (a)

    3,769,000   3,897,787
FirstEnergy Corp.:          
2.65%, 3/1/2030 (b)

    5,075,000   5,047,088
Series A, 3.35%, 7/15/2022

    4,152,000   4,219,553
Series B, 4.40%, 7/15/2027

    12,512,000   13,632,074
FirstEnergy Transmission LLC

2.87%, 9/15/2028 (a)  (b)

    3,497,000   3,616,458
NextEra Energy Operating Partners L.P.:          
3.88%, 10/15/2026 (a)

    2,591,000   2,738,221
4.25%, 7/15/2024 (a)

    5,947,000   6,271,230
4.25%, 9/15/2024 (a)

    204,000   215,952
4.50%, 9/15/2027 (a)

    4,381,000   4,746,989
NRG Energy, Inc.:          
3.38%, 2/15/2029 (a)  (b)

    4,046,000   3,962,774
3.63%, 2/15/2031 (a)  (b)

    8,248,000   8,100,113
5.25%, 6/15/2029 (a)

    6,696,000   7,129,767
5.75%, 1/15/2028 (a)

    840   896
See accompanying notes to financial statements.
41


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
5.75%, 1/15/2028

    $ 6,572,000   $ 7,008,841
6.63%, 1/15/2027

    10,628,000   11,002,318
7.25%, 5/15/2026

    8,775,000   9,115,295
Pattern Energy Operations L.P./Pattern Energy Operations, Inc.

4.50%, 8/15/2028 (a)

    6,728,000   6,964,220
PG&E Corp.:          
5.00%, 7/1/2028 (b)

    9,861,000   9,978,938
5.25%, 7/1/2030 (b)

    9,658,000   9,788,190
Pike Corp.

5.50%, 9/1/2028 (a)

    4,081,000   4,242,689
Talen Energy Supply LLC:          
7.25%, 5/15/2027 (a)  (b)

    6,091,000   5,689,725
10.50%, 1/15/2026 (a)

    5,018,000   3,657,319
Vistra Operations Co. LLC:          
4.38%, 5/1/2029 (a)

    11,616,000   11,677,332
5.00%, 7/31/2027 (a)

    11,915,000   12,231,582
5.50%, 9/1/2026 (a)

    8,026,000   8,281,066
5.63%, 2/15/2027 (a)  (b)

    11,858,000   12,322,596
          236,629,974
ELECTRICAL COMPONENTS & EQUIPMENT — 0.4%   
Energizer Holdings, Inc.:          
4.38%, 3/31/2029 (a)

    5,536,000   5,543,972
4.75%, 6/15/2028 (a)

    5,236,000   5,382,556
WESCO Distribution, Inc.:          
7.13%, 6/15/2025 (a)

    12,183,000   13,167,265
7.25%, 6/15/2028 (a)

    12,056,000   13,425,320
          37,519,113
ELECTRONICS — 0.4%   
Imola Merger Corp.

4.75%, 5/15/2029 (a)

    16,522,000   16,992,546
Sensata Technologies B.V.

4.00%, 4/15/2029 (a)

    8,351,000   8,482,027
Sensata Technologies, Inc.

3.75%, 2/15/2031 (a)  (b)

    7,077,000   7,001,135
TTM Technologies, Inc.

4.00%, 3/1/2029 (a)  (b)

    6,765,000   6,801,599
          39,277,307
See accompanying notes to financial statements.
42


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
ENERGY-ALTERNATE SOURCES — 0.4%   
EnfraGen Energia Sur SA/EnfraGen Spain SA/Prime Energia SpA

5.38%, 12/30/2030 (a)

    $ 6,419,000   $ 6,403,081
Enviva Partners L.P./Enviva Partners Finance Corp.

6.50%, 1/15/2026 (a)

    6,113,000   6,388,879
Renewable Energy Group, Inc.

5.88%, 6/1/2028 (a)

    4,398,000   4,618,252
TerraForm Power Operating LLC:          
4.25%, 1/31/2023 (a)

    4,292,125   4,419,601
4.75%, 1/15/2030 (a)

    6,060,000   6,224,105
5.00%, 1/31/2028 (a)

    6,535,000   6,919,389
          34,973,307
ENGINEERING & CONSTRUCTION — 0.5%   
AECOM

5.13%, 3/15/2027

    7,830,000   8,724,108
Brand Industrial Services, Inc.

8.50%, 7/15/2025 (a)

    7,951,000   8,105,886
Dycom Industries, Inc.

4.50%, 4/15/2029 (a)

    5,051,000   5,102,217
Fluor Corp.

4.25%, 9/15/2028 (b)

    4,908,000   4,986,577
MasTec, Inc.

4.50%, 8/15/2028 (a)

    3,846,000   4,052,030
PowerTeam Services LLC

9.03%, 12/4/2025 (a)

    8,165,000   8,981,663
Signature Aviation US Holdings, Inc.

4.00%, 3/1/2028 (a)

    500,000   503,270
Tutor Perini Corp.

6.88%, 5/1/2025 (a)  (b)

    5,728,000   5,926,074
          46,381,825
ENTERTAINMENT — 3.1%   
Affinity Gaming

6.88%, 12/15/2027 (a)

    6,216,000   6,609,038
AMC Entertainment Holdings, Inc.

10.50%, 4/15/2025 (a)  (b)

    3,544,000   3,850,166
AMC Entertainment Holdings, Inc. PIK

12.00%, 6/15/2026 (a)

    434   444
Bally's Corp.

6.75%, 6/1/2027 (a)

    4,538,000   4,838,824
Boyne USA, Inc.

4.75%, 5/15/2029 (a)

    4,286,000   4,439,310
See accompanying notes to financial statements.
43


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Caesars Entertainment, Inc.:          
6.25%, 7/1/2025 (a)

    $ 28,749,000   $ 30,494,639
8.13%, 7/1/2027 (a)

    15,129,000   16,836,005
Caesars Resort Collection LLC/CRC Finco, Inc.

5.75%, 7/1/2025 (a)

    8,457,000   8,911,564
Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp./Millennium Op:          
5.38%, 4/15/2027 (b)

    4,141,000   4,275,375
5.50%, 5/1/2025 (a)

    8,107,000   8,476,679
Churchill Downs, Inc.:          
4.75%, 1/15/2028 (a)

    6,562,000   6,791,145
5.50%, 4/1/2027 (a)

    5,927,000   6,184,469
Cinemark USA, Inc.

5.25%, 7/15/2028 (a)

    6,680,000   6,850,006
CRC Escrow Issuer LLC/CRC Finco, Inc.

5.25%, 10/15/2025 (a)

    13,941,000   14,120,421
International Game Technology PLC:          
4.13%, 4/15/2026 (a)

    6,435,000   6,701,538
5.25%, 1/15/2029 (a)

    5,734,000   6,149,371
6.25%, 1/15/2027 (a)

    7,515,000   8,570,331
Lions Gate Capital Holdings LLC

5.50%, 4/15/2029 (a)

    8,786,000   9,268,703
Live Nation Entertainment, Inc.:          
3.75%, 1/15/2028 (a)  (b)

    6,582,000   6,614,383
4.75%, 10/15/2027 (a)  (b)

    7,809,000   8,091,920
4.88%, 11/1/2024 (a)

    4,440,000   4,518,854
6.50%, 5/15/2027 (a)

    10,458,000   11,605,870
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.

4.88%, 5/1/2029 (a)

    6,682,000   6,693,426
Mohegan Gaming & Entertainment:          
7.88%, 10/15/2024 (a)  (b)

    1,250,000   1,308,825
8.00%, 2/1/2026 (a)

    9,913,000   10,355,417
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance In

8.50%, 11/15/2027 (a)

    7,903,000   8,481,500
Scientific Games International, Inc.:          
5.00%, 10/15/2025 (a)

    10,582,000   10,923,799
7.00%, 5/15/2028 (a)  (b)

    4,340,000   4,741,320
7.25%, 11/15/2029 (a)  (b)

    4,158,000   4,690,141
8.25%, 3/15/2026 (a)

    9,143,000   9,818,485
8.63%, 7/1/2025 (a)

    4,767,000   5,217,148
See accompanying notes to financial statements.
44


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
SeaWorld Parks & Entertainment, Inc.

9.50%, 8/1/2025 (a)  (b)

    $ 4,670,000   $ 5,025,574
Six Flags Entertainment Corp.

5.50%, 4/15/2027 (a)  (b)

    3,638,000   3,772,242
Six Flags Theme Parks, Inc.

7.00%, 7/1/2025 (a)

    6,713,000   7,234,600
Stars Group Holdings B.V./Stars Group US Co-Borrower LLC

7.00%, 7/15/2026 (a)

    8,216,000   8,521,307
Vail Resorts, Inc.

6.25%, 5/15/2025 (a)

    4,833,000   5,171,890
WMG Acquisition Corp.:          
3.00%, 2/15/2031 (a)  (b)

    6,574,000   6,242,539
3.88%, 7/15/2030 (a)

    3,871,000   3,917,336
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.:          
7.75%, 4/15/2025 (a)

    5,124,000   5,520,956
REGS, 5.13%, 10/1/2029 (a)

    7,693,000   8,141,502
          299,977,062
ENVIRONMENTAL CONTROL — 0.8%   
Clean Harbors, Inc.

4.88%, 7/15/2027 (a)

    4,743,000   4,978,016
GFL Environmental, Inc.:          
3.50%, 9/1/2028 (a)  (b)

    5,182,000   5,182,155
3.75%, 8/1/2025 (a)

    6,269,000   6,440,332
4.00%, 8/1/2028 (a)  (b)

    4,053,000   4,005,499
4.25%, 6/1/2025 (a)  (b)

    3,133,000   3,262,080
4.75%, 6/15/2029 (a)  (b)

    7,162,000   7,441,891
5.13%, 12/15/2026 (a)

    4,455,000   4,712,499
Harsco Corp.

5.75%, 7/31/2027 (a)  (b)

    4,192,000   4,407,553
Madison IAQ LLC:          
4.13%, 6/30/2028 (a)

    6,054,000   6,113,511
5.88%, 6/30/2029 (a)

    9,733,000   9,903,911
Stericycle, Inc.:          
3.88%, 1/15/2029 (a)

    3,650,000   3,659,453
5.38%, 7/15/2024 (a)

    5,076,000   5,215,844
Tervita Corp.

11.00%, 12/1/2025 (a)

    5,227,000   5,848,490
Waste Pro USA, Inc.

5.50%, 2/15/2026 (a)

    2,276,000   2,350,516
          73,521,750
See accompanying notes to financial statements.
45


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
FOOD — 3.3%   
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC:          
3.25%, 3/15/2026 (a)

    $ 4,248,000   $ 4,325,186
3.50%, 2/15/2023 (a)

    6,220,000   6,392,916
3.50%, 3/15/2029 (a)

    10,984,000   10,853,510
4.63%, 1/15/2027 (a)

    11,248,000   11,759,896
4.88%, 2/15/2030 (a)

    7,815,000   8,334,541
5.88%, 2/15/2028 (a)

    6,845,000   7,374,940
7.50%, 3/15/2026 (a)

    6,746,000   7,398,608
B&G Foods, Inc.:          
5.25%, 4/1/2025

    7,835,000   8,055,634
5.25%, 9/15/2027 (b)

    5,081,018   5,294,065
Chobani LLC/Chobani Finance Corp., Inc.

7.50%, 4/15/2025 (a)

    4,476,000   4,656,383
Del Monte Foods, Inc.

11.88%, 5/15/2025 (a)

    5,533,000   6,310,387
JBS Finance Luxembourg S.a.r.l

3.63%, 1/15/2032 (a)

    7,086,000   8,071,318
JBS USA Food Co.:          
5.75%, 1/15/2028 (a)

    6,517,000   6,924,313
7.00%, 1/15/2026 (a)

    7,001,000   7,421,690
JBS USA LUX SA/JBS USA Finance, Inc.

6.75%, 2/15/2028 (a)

    7,029,000   7,723,114
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.:          
3.75%, 12/1/2031 (a)

    4,257,000   4,344,226
5.50%, 1/15/2030 (a)

    9,650,000   10,716,132
6.50%, 4/15/2029 (a)

    11,813,000   13,319,984
Kraft Heinz Foods Co.:          
3.75%, 4/1/2030

    7,596,000   8,333,799
3.88%, 5/15/2027

    11,162,000   12,265,699
3.95%, 7/15/2025

    6,650,000   7,403,179
4.25%, 3/1/2031

    11,027,000   12,550,160
4.63%, 1/30/2029

    6,254,000   7,278,593
5.00%, 7/15/2035

    6,446,000   7,890,162
Lamb Weston Holdings, Inc.:          
4.63%, 11/1/2024 (a)

    5,663,000   5,857,354
4.88%, 11/1/2026 (a)

    7,499,600   7,752,636
4.88%, 5/15/2028 (a)

    3,777,000   4,180,157
Pilgrim's Pride Corp.:          
4.25%, 4/15/2031 (a)

    8,538,000   8,850,320
5.88%, 9/30/2027 (a)

    9,604,000   10,242,954
See accompanying notes to financial statements.
46


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Post Holdings, Inc.:          
4.50%, 9/15/2031 (a)

    $ 14,730,000   $ 14,702,308
4.63%, 4/15/2030 (a)

    12,502,000   12,723,660
5.50%, 12/15/2029 (a)  (b)

    6,507,000   6,964,312
5.63%, 1/15/2028 (a)

    8,143,000   8,651,775
5.75%, 3/1/2027 (a)  (b)

    11,984,000   12,550,604
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed

4.63%, 3/1/2029 (a)

    8,103,000   8,179,168
TreeHouse Foods, Inc.

4.00%, 9/1/2028 (b)

    4,246,000   4,215,853
United Natural Foods, Inc.

6.75%, 10/15/2028 (a)  (b)

    4,039,000   4,344,348
US Foods, Inc.:          
4.75%, 2/15/2029 (a)

    7,100,000   7,241,645
6.25%, 4/15/2025 (a)

    8,343,000   8,852,006
          320,307,535
FOOD SERVICE — 0.3%   
Aramark Services, Inc.:          
5.00%, 4/1/2025 (a)

    4,604,000   4,720,665
5.00%, 2/1/2028 (a)  (b)

    9,664,000   10,103,519
6.38%, 5/1/2025 (a)

    12,722,000   13,514,199
TKC Holdings, Inc.

10.50%, 5/15/2029 (a)

    5,153,000   5,578,535
          33,916,918
FOREST PRODUCTS & PAPER — 0.1%   
Mercer International, Inc.

5.13%, 2/1/2029 (a)

    8,084,000   8,314,071
GAS — 0.1%   
AmeriGas Partners L.P./AmeriGas Finance Corp.:          
5.50%, 5/20/2025

    5,106,000   5,619,562
5.75%, 5/20/2027

    4,624,000   5,167,597
5.88%, 8/20/2026

    1,159,000   1,297,732
          12,084,891
HEALTH CARE PRODUCTS — 0.3%   
Avantor Funding, Inc.

4.63%, 7/15/2028 (a)

    12,657,000   13,357,691
Hologic, Inc.

3.25%, 2/15/2029 (a)

    7,182,000   7,143,074
See accompanying notes to financial statements.
47


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Teleflex, Inc.:          
4.25%, 6/1/2028 (a)

    $ 3,334,000   $ 3,475,928
4.63%, 11/15/2027 (b)

    2,794,000   2,975,750
          26,952,443
HEALTH CARE SERVICES — 6.5%   
Air Methods Corp.

8.00%, 5/15/2025 (a)

    5,286,000   4,995,376
Catalent Pharma Solutions, Inc.:          
3.13%, 2/15/2029 (a)

    4,584,000   4,442,859
5.00%, 7/15/2027 (a)

    3,279,000   3,427,637
Centene Corp.:          
2.45%, 7/15/2028 (d)

    15,058,000   15,256,163
2.50%, 3/1/2031

    19,273,000   19,026,498
3.00%, 10/15/2030

    18,576,000   19,091,112
3.38%, 2/15/2030

    15,732,000   16,441,985
4.25%, 12/15/2027

    21,044,000   22,199,947
4.63%, 12/15/2029

    29,387,000   32,349,797
5.38%, 6/1/2026 (a)

    13,377,000   13,978,697
5.38%, 8/15/2026 (a)

    8,135,000   8,501,889
Charles River Laboratories International, Inc.:          
3.75%, 3/15/2029 (a)

    5,493,000   5,565,672
4.00%, 3/15/2031 (a)

    4,144,000   4,305,699
4.25%, 5/1/2028 (a)

    4,653,000   4,818,554
CHS/Community Health Systems, Inc.:          
4.75%, 2/15/2031 (a)  (b)

    10,608,000   10,646,295
5.63%, 3/15/2027 (a)  (b)

    16,294,000   17,387,653
6.00%, 1/15/2029 (a)  (b)

    7,327,000   7,842,454
6.13%, 4/1/2030 (a)

    14,105,000   14,316,293
6.63%, 2/15/2025 (a)

    12,423,000   13,130,614
6.88%, 4/1/2028 (a)  (b)

    7,153,000   7,075,104
6.88%, 4/15/2029 (a)  (b)

    14,983,000   15,733,498
8.00%, 3/15/2026 (a)

    16,119,000   17,369,996
8.00%, 12/15/2027 (a)  (b)

    3,097,000   3,443,678
DaVita, Inc.:          
3.75%, 2/15/2031 (a)

    12,528,000   12,028,383
4.63%, 6/1/2030 (a)

    22,911,000   23,574,961
Encompass Health Corp.:          
4.50%, 2/1/2028

    7,052,000   7,316,450
4.75%, 2/1/2030

    6,501,000   6,915,309
Envision Helthcare Corp.

8.75%, 10/15/2026 (a)

    8,687,000   6,057,793
See accompanying notes to financial statements.
48


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Global Medical Response, Inc.

6.50%, 10/1/2025 (a)

    $ 5,353,000   $ 5,501,920
HCA, Inc.:          
3.50%, 9/1/2030

    21,181,000   22,551,199
5.38%, 9/1/2026

    9,327,500   10,738,937
5.63%, 9/1/2028

    13,205,500   15,663,044
5.88%, 2/15/2026

    28,000   32,400
5.88%, 2/1/2029

    8,528,000   10,301,653
Indigo Merger Sub, Inc.

2.88%, 7/15/2026 (a)  (d)

    4,026,000   4,089,691
IQVIA, Inc.:          
5.00%, 10/15/2026 (a)

    8,673,000   8,973,953
5.00%, 5/15/2027 (a)

    9,052,000   9,478,259
Legacy LifePoint Health LLC:          
4.38%, 2/15/2027 (a)

    5,158,000   5,220,773
6.75%, 4/15/2025 (a)

    4,537,000   4,832,495
Lifepoint Health, Inc.

5.38%, 1/15/2029 (a)

    4,160,000   4,049,510
MEDNAX, Inc.

6.25%, 1/15/2027 (a)

    8,840,000   9,361,914
ModivCare, Inc.

5.88%, 11/15/2025 (a)

    4,127,000   4,415,766
Molina Healthcare, Inc.:          
3.88%, 11/15/2030 (a)

    3,789,000   3,943,705
4.38%, 6/15/2028 (a)

    5,133,000   5,361,573
Prime Healthcare Services, Inc.

7.25%, 11/1/2025 (a)

    8,112,000   8,785,864
Radiology Partners, Inc.

9.25%, 2/1/2028 (a)

    3,647,000   4,041,861
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.

9.75%, 12/1/2026 (a)

    11,483,000   12,368,569
RP Escrow Issuer LLC

5.25%, 12/15/2025 (a)

    6,660,000   6,956,636
Select Medical Corp.

6.25%, 8/15/2026 (a)

    10,475,000   11,158,494
Surgery Center Holdings, Inc.

10.00%, 4/15/2027 (a)  (b)

    4,667,000   5,125,673
Syneos Health, Inc.

3.63%, 1/15/2029 (a)

    5,369,000   5,312,894
Tenet Healthcare Corp.:          
4.25%, 6/1/2029 (a)

    11,879,000   12,043,287
4.63%, 7/15/2024

    15,648,000   15,877,243
See accompanying notes to financial statements.
49


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
4.63%, 9/1/2024 (a)

    $ 5,639,000   $ 5,786,967
4.63%, 6/15/2028 (a)

    5,382,000   5,536,302
4.88%, 1/1/2026 (a)

    17,399,000   18,022,928
5.13%, 11/1/2027 (a)

    13,303,000   13,940,613
6.13%, 10/1/2028 (a)

    21,145,000   22,499,549
6.25%, 2/1/2027 (a)

    14,536,000   15,189,539
7.50%, 4/1/2025 (a)  (b)

    6,695,000   7,222,968
US Renal Care, Inc.

10.63%, 7/15/2027 (a)

    4,605,929   4,827,474
          636,454,019
HOME BUILDERS — 0.5%   
Brookfield Residential Properties, Inc./Brookfield Residential US Corp.:          
4.88%, 2/15/2030 (a)

    5,948,000   5,902,319
6.25%, 9/15/2027 (a)

    4,184,000   4,430,145
Century Communities, Inc.

6.75%, 6/1/2027

    4,986,000   5,288,949
Mattamy Group Corp.:          
4.63%, 3/1/2030 (a)

    4,917,000   5,032,107
5.25%, 12/15/2027 (a)

    4,507,000   4,725,950
Picasso Finance Sub, Inc.

6.13%, 6/15/2025 (a)

    4,437,000   4,697,629
Taylor Morrison Communities, Inc.:          
5.13%, 8/1/2030 (a)  (b)

    4,741,000   5,137,348
5.88%, 6/15/2027 (a)

    4,301,000   4,875,054
Williams Scotsman International, Inc.

4.63%, 8/15/2028 (a)  (b)

    4,306,000   4,446,333
          44,535,834
HOME FURNISHINGS — 0.1%   
Tempur Sealy International, Inc.

4.00%, 4/15/2029 (a)

    6,637,000   6,749,497
WASH Multifamily Acquisition, Inc.

5.75%, 4/15/2026 (a)

    7,579,000   7,914,598
          14,664,095
HOUSEHOLD PRODUCTS & WARES — 0.2%   
ACCO Brands Corp.

4.25%, 3/15/2029 (a)  (b)

    5,969,000   5,910,921
Central Garden & Pet Co.

4.13%, 10/15/2030

    4,139,000   4,228,651
See accompanying notes to financial statements.
50


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.

7.00%, 12/31/2027 (a)  (b)

    $ 5,247,000   $ 5,264,368
Spectrum Brands, Inc.

3.88%, 3/15/2031 (a)

    4,395,000   4,317,472
          19,721,412
HOUSEWARES — 0.2%   
CD&R Smokey Buyer, Inc.

6.75%, 7/15/2025 (a)

    5,986,000   6,413,340
Newell Brands, Inc.

4.88%, 6/1/2025

    5,418,000   6,003,090
Scotts Miracle-Gro Co.

4.00%, 4/1/2031 (a)

    4,296,000   4,288,697
          16,705,127
INSURANCE — 0.8%   
Acrisure LLC/Acrisure Finance, Inc.:          
4.25%, 2/15/2029 (a)

    5,877,000   5,801,187
7.00%, 11/15/2025 (a)

    8,704,000   8,900,275
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer:          
4.25%, 10/15/2027 (a)

    4,162,000   4,223,431
6.75%, 10/15/2027 (a)

    11,201,000   11,777,067
AmWINS Group, Inc.

7.75%, 7/1/2026 (a)

    5,801,000   6,155,151
AssuredPartners, Inc.:          
5.63%, 1/15/2029 (a)

    4,815,000   4,824,823
7.00%, 8/15/2025 (a)

    4,239,000   4,327,807
Global Atlantic Fin Co.

5 year CMT + 3.80%, 4.70%, 10/15/2051 (a) (c)  (d)

    4,360,000   4,364,796
HUB International, Ltd.

7.00%, 5/1/2026 (a)

    10,636,000   11,028,043
MGIC Investment Corp.

5.25%, 8/15/2028

    4,569,000   4,844,282
Radian Group, Inc.

6.63%, 3/15/2025

    3,137,000   3,544,559
USI, Inc.

6.88%, 5/1/2025 (a)

    3,963,000   4,035,999
          73,827,420
INTERNET — 2.1%   
ANGI Group LLC

3.88%, 8/15/2028 (a)

    4,226,000   4,208,927
See accompanying notes to financial statements.
51


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Arches Buyer, Inc.:          
4.25%, 6/1/2028 (a)

    $ 5,322,000   $ 5,291,239
6.13%, 12/1/2028 (a)  (b)

    5,017,000   5,185,872
Cogent Communications Group, Inc.

3.50%, 5/1/2026 (a)

    4,666,000   4,775,791
Endure Digital, Inc.

6.00%, 2/15/2029 (a)

    4,540,000   4,495,145
Go Daddy Operating Co. LLC/GD Finance Co., Inc.:          
3.50%, 3/1/2029 (a)

    5,144,000   5,118,589
5.25%, 12/1/2027 (a)

    5,238,000   5,507,495
GrubHub Holdings, Inc.

5.50%, 7/1/2027 (a)  (b)

    4,416,000   4,655,038
Match Group Holdings II LLC:          
4.13%, 8/1/2030 (a)

    3,917,000   3,983,393
4.63%, 6/1/2028 (a)

    3,736,000   3,880,994
Netflix, Inc.:          
3.63%, 6/15/2025 (a)

    3,570,000   3,843,998
4.38%, 11/15/2026 (b)

    6,692,000   7,606,328
4.88%, 4/15/2028

    13,492,000   15,681,347
4.88%, 6/15/2030 (a)

    8,162,000   9,704,047
5.38%, 11/15/2029 (a)

    7,839,000   9,523,052
5.88%, 11/15/2028

    16,861,000   20,713,064
6.38%, 5/15/2029

    5,846,000   7,453,942
NortonLifeLock, Inc.

5.00%, 4/15/2025 (a)

    8,481,000   8,588,709
Photo Holdings Merger Sub, Inc.

8.50%, 10/1/2026 (a)

    6,280,000   6,890,353
Rakuten Group, Inc.:          
5 year CMT + 4.56%, 5.13%, 4/22/2026 (a)  (c)

    5,501,000   5,711,138
5 year CMT + 4.97%, 6.25%, 4/22/2031 (a) (b)  (c)

    8,728,000   9,436,365
TripAdvisor, Inc.

7.00%, 7/15/2025 (a)  (b)

    4,446,000   4,790,698
Twitter, Inc.

3.88%, 12/15/2027 (a)  (b)

    5,126,000   5,445,299
Uber Technologies, Inc.:          
6.25%, 1/15/2028 (a)  (b)

    4,238,000   4,564,708
7.50%, 5/15/2025 (a)

    8,379,000   9,041,192
7.50%, 9/15/2027 (a)

    11,247,000   12,357,866
8.00%, 11/1/2026 (a)

    12,675,000   13,660,481
Zayo Group LLC/Zayo Capital, Inc.

5.75%, 1/15/2027 (a)

    1,000   1,028
          202,116,098
See accompanying notes to financial statements.
52


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
INVESTMENT COMPANY SECURITY — 0.5%   
Compass Group Diversified Holdings LLC

5.25%, 4/15/2029 (a)

    $ 8,729,000   $ 9,086,889
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.:          
4.38%, 2/1/2029 (a)

    6,071,000   6,057,158
4.75%, 9/15/2024

    9,731,000   10,179,891
5.25%, 5/15/2027

    8,882,000   9,193,936
6.25%, 5/15/2026 (b)

    8,949,000   9,493,636
6.38%, 12/15/2025

    7,573,000   7,825,181
          51,836,691
IRON/STEEL — 0.8%   
ArcelorMittal SA:          
3.60%, 7/16/2024

    3,401,000   3,647,301
4.25%, 7/16/2029 (b)

    3,493,000   3,860,324
4.55%, 3/11/2026

    1,990,000   2,253,158
Baffinland Iron Mines Corp./Baffinland Iron Mines L.P.

8.75%, 7/15/2026 (a)

    5,402,000   5,726,444
Big River Steel LLC/BRS Finance Corp.

6.63%, 1/31/2029 (a)

    6,043,000   6,673,345
Cleveland-Cliffs, Inc.:          
4.63%, 3/1/2029 (a)  (b)

    3,960,000   4,165,088
4.88%, 3/1/2031 (a)  (b)

    4,253,000   4,468,415
5.88%, 6/1/2027 (b)

    4,240,000   4,460,480
6.75%, 3/15/2026 (a)

    7,545,000   8,131,322
9.88%, 10/17/2025 (a)

    6,194,000   7,245,184
Mineral Resources, Ltd.

8.13%, 5/1/2027 (a)

    5,708,000   6,291,928
United States Steel Corp.:          
6.25%, 3/15/2026 (b)

    5,400,000   5,561,352
6.88%, 8/15/2025 (b)

    5,273,000   5,393,435
6.88%, 3/1/2029 (b)

    7,282,000   7,799,386
          75,677,162
LEISURE TIME — 2.5%   
Carnival Corp.:          
5.75%, 3/1/2027 (a)

    30,131,000   31,695,401
7.63%, 3/1/2026 (a)

    12,649,000   13,782,477
9.88%, 8/1/2027 (a)  (b)

    10,180,000   11,885,252
10.50%, 2/1/2026 (a)

    6,879,000   8,024,216
11.50%, 4/1/2023 (a)

    33,658,000   38,004,931
Life Time, Inc.

5.75%, 1/15/2026 (a)

    8,403,000   8,707,021
See accompanying notes to financial statements.
53


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
MajorDrive Holdings IV LLC

6.38%, 6/1/2029 (a)

    $ 5,143,000   $ 5,130,142
NCL Corp., Ltd.:          
3.63%, 12/15/2024 (a)

    4,823,000   4,655,063
5.88%, 3/15/2026 (a)

    10,695,000   11,203,226
10.25%, 2/1/2026 (a)

    8,714,000   10,196,949
12.25%, 5/15/2024 (a)

    5,310,000   6,410,816
NCL Finance, Ltd.

6.13%, 3/15/2028 (a)  (b)

    4,660,000   4,884,286
Royal Caribbean Cruises, Ltd.:          
3.70%, 3/15/2028 (b)

    3,544,000   3,394,550
4.25%, 7/1/2026 (a)

    5,634,000   5,626,957
5.50%, 4/1/2028 (a)

    12,817,000   13,446,571
9.13%, 6/15/2023 (a)

    8,565,000   9,401,972
10.88%, 6/1/2023 (a)

    8,737,000   9,961,491
11.50%, 6/1/2025 (a)

    19,179,000   22,126,812
Viking Cruises, Ltd.:          
5.88%, 9/15/2027 (a)

    7,132,000   7,045,845
13.00%, 5/15/2025 (a)

    4,835,000   5,686,153
Vista Outdoor, Inc.

4.50%, 3/15/2029 (a)

    4,280,000   4,354,558
VOC Escrow, Ltd.

5.00%, 2/15/2028 (a)

    7,374,000   7,470,157
          243,094,846
LODGING — 3.0%   
Boyd Gaming Corp.:          
4.75%, 12/1/2027

    8,634,000   8,935,240
4.75%, 6/15/2031 (a)

    8,030,000   8,348,309
8.63%, 6/1/2025 (a)

    4,502,000   4,958,323
Diamond Resorts International, Inc.:          
7.75%, 9/1/2023 (a)

    4,637,000   4,773,884
10.75%, 9/1/2024 (a)

    1,753,000   1,824,172
Hilton Domestic Operating Co., Inc.:          
3.63%, 2/15/2032 (a)

    12,382,000   12,230,568
3.75%, 5/1/2029 (a)

    6,630,000   6,695,836
4.00%, 5/1/2031 (a)

    8,969,000   9,057,524
4.88%, 1/15/2030

    8,383,000   8,969,139
5.38%, 5/1/2025 (a)

    5,009,000   5,275,679
5.75%, 5/1/2028 (a)

    3,532,000   3,821,306
See accompanying notes to financial statements.
54


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc:          
4.88%, 7/1/2031 (a)

    $ 4,653,000   $ 4,644,625
5.00%, 6/1/2029 (a)  (b)

    6,748,000   6,889,641
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp.

4.88%, 4/1/2027

    4,648,000   4,849,537
Marriott Ownership Resorts, Inc.:          
4.50%, 6/15/2029 (a)

    4,784,000   4,850,354
6.13%, 9/15/2025 (a)

    4,159,000   4,421,516
Marriott Ownership Resorts, Inc./ILG LLC

6.50%, 9/15/2026

    9,460,000   9,842,941
Melco Resorts Finance, Ltd.:          
5.25%, 4/26/2026 (a)

    434,000   451,134
5.38%, 12/4/2029 (a)

    7,632,000   8,046,647
5.75%, 7/21/2028 (a)  (b)

    5,995,000   6,335,636
Series REGS, 4.88%, 6/6/2025 (b)

    8,397,000   8,608,101
Series REGS, 5.25%, 4/26/2026 (b)

    6,794,000   7,062,227
Series REGS, 5.63%, 7/17/2027 (b)

    4,841,000   5,063,734
MGM China Holdings, Ltd.:          
4.75%, 2/1/2027 (a)

    6,311,000   6,463,158
5.25%, 6/18/2025 (a)

    4,019,000   4,174,937
5.38%, 5/15/2024 (a)

    6,359,000   6,526,432
5.88%, 5/15/2026 (a)  (b)

    4,958,000   5,198,513
MGM Resorts International:          
4.75%, 10/15/2028

    5,539,000   5,888,456
5.50%, 4/15/2027

    6,237,000   6,847,727
5.75%, 6/15/2025 (b)

    6,546,000   7,218,536
6.75%, 5/1/2025

    5,885,000   6,301,128
Station Casinos LLC:          
4.50%, 2/15/2028 (a)

    5,153,000   5,228,749
5.00%, 10/1/2025 (a)

    76,500   77,648
Studio City Finance, Ltd.:          
5.00%, 1/15/2029 (a)

    8,819,000   8,889,111
6.00%, 7/15/2025 (a)

    3,941,000   4,144,907
6.50%, 1/15/2028 (a)  (b)

    4,576,000   4,890,142
Travel + Leisure Co.

6.63%, 7/31/2026 (a)

    6,641,000   7,521,729
Universal Entertainment Corp.

8.50%, 12/11/2024 (a)

    5,689,000   5,988,583
Wyndham Hotels & Resorts, Inc.

4.38%, 8/15/2028 (a)

    4,045,000   4,206,031
See accompanying notes to financial statements.
55


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.

REGS, 5.25%, 5/15/2027 (a)  (b)

    $ 8,236,000   $ 8,844,393
Wynn Macau, Ltd.:          
5.13%, 12/15/2029 (a)

    7,980,000   8,221,555
5.50%, 1/15/2026 (a)

    8,309,000   8,694,621
5.63%, 8/26/2028 (a)

    14,225,000   14,867,828
4.88%, 10/1/2024 (a)  (b)

    4,436,000   4,499,657
REGS, 5.50%, 10/1/2027 (a)

    6,846,000   7,138,735
          287,788,649
MACHINERY, CONSTRUCTION & MINING — 0.1%   
Terex Corp.

5.00%, 5/15/2029 (a)

    5,425,000   5,649,161
Weir Group PLC

2.20%, 5/13/2026 (a)

    5,232,000   5,246,859
          10,896,020
MACHINERY-DIVERSIFIED — 0.3%   
GrafTech Finance, Inc.

4.63%, 12/15/2028 (a)  (b)

    4,363,000   4,487,084
RBS Global, Inc./Rexnord LLC

4.88%, 12/15/2025 (a)

    3,853,000   3,941,889
Titan Acquisition, Ltd./Titan Co-Borrower LLC

7.75%, 4/15/2026 (a)

    5,421,000   5,620,439
TK Elevator US Newco, Inc.

5.25%, 7/15/2027 (a)

    12,428,000   13,091,779
          27,141,191
MEDIA — 8.4%   
Altice Financing SA

5.00%, 1/15/2028 (a)  (b)

    11,039,000   10,863,369
AMC Networks, Inc.:          
4.25%, 2/15/2029

    9,402,000   9,499,217
4.75%, 8/1/2025 (b)

    7,195,000   7,385,308
Audacy Capital Corp.

6.75%, 3/31/2029 (a)  (b)

    5,294,000   5,502,425
Cable One, Inc.

4.00%, 11/15/2030 (a)  (b)

    5,361,000   5,384,106
CCO Holdings LLC/CCO Holdings Capital Corp.:          
4.00%, 3/1/2023 (a)

    4,664,000   4,708,075
4.25%, 2/1/2031 (a)

    25,663,000   26,155,473
4.50%, 8/15/2030 (a)

    23,058,000   24,052,030
4.50%, 5/1/2032

    21,853,000   22,623,100
See accompanying notes to financial statements.
56


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
4.50%, 6/1/2033 (a)

    $ 15,721,000   $ 16,059,473
4.75%, 3/1/2030 (a)

    26,008,000   27,482,133
5.00%, 2/1/2028 (a)

    23,069,000   24,205,379
5.13%, 5/1/2027 (a)

    26,897,500   28,208,484
5.38%, 6/1/2029 (a)

    12,363,000   13,509,668
Cengage Learning, Inc.

9.50%, 6/15/2024 (a)  (b)

    2,435,000   2,494,097
Cequel Communications Holdings I LLC/Cequel Capital Corp.

7.50%, 4/1/2028 (a)

    100,000   109,662
Clear Channel Worldwide Holdings, Inc.

5.13%, 8/15/2027 (a)

    11,685,000   11,953,404
CSC Holdings LLC:          
3.38%, 2/15/2031 (a)

    7,080,000   6,688,193
4.50%, 11/15/2031 (a)

    12,744,000   12,828,875
4.63%, 12/1/2030 (a)  (b)

    18,668,000   18,310,508
5.00%, 11/15/2031 (a)  (b)

    4,277,000   4,299,839
5.38%, 2/1/2028 (a)  (b)

    9,635,000   10,183,617
5.50%, 4/15/2027 (a)

    12,602,000   13,225,547
5.75%, 1/15/2030 (a)

    18,705,000   19,458,999
6.50%, 2/1/2029 (a)  (b)

    14,124,000   15,640,776
7.50%, 4/1/2028 (a)

    11,996,500   13,138,567
4.13%, 12/1/2030 (a)

    8,864,000   8,834,128
Diamond Sports Group LLC/Diamond Sports Finance Co.:          
5.38%, 8/15/2026 (a)

    24,062,000   15,590,732
6.63%, 8/15/2027 (a)  (b)

    14,053,000   6,892,575
DISH DBS Corp.:          
5.13%, 6/1/2029 (a)

    13,019,000   12,867,329
7.38%, 7/1/2028 (b)

    9,093,000   9,787,251
7.75%, 7/1/2026

    2,916,000   3,300,854
GCI LLC

4.75%, 10/15/2028 (a)

    5,974,000   6,121,916
Gray Television, Inc.:          
4.75%, 10/15/2030 (a)

    6,698,000   6,669,600
7.00%, 5/15/2027 (a)

    8,401,000   9,120,546
iHeartCommunications, Inc.:          
4.75%, 1/15/2028 (a)

    3,963,000   4,084,743
5.25%, 8/15/2027 (a)

    5,951,000   6,229,031
6.38%, 5/1/2026

    6,549,230   6,967,726
8.38%, 5/1/2027 (b)

    13,393,373   14,368,812
LCPR Senior Secured Financing DAC:          
5.13%, 7/15/2029 (a)

    8,994,000   9,292,691
6.75%, 10/15/2027 (a)

    11,607,000   12,506,659
See accompanying notes to financial statements.
57


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
McGraw Hill LLC/McGraw-Hill Global Education Finance, Inc.

8.00%, 11/30/2024 (a)

    $ 6,369,000   $ 6,518,990
Meredith Corp.

6.88%, 2/1/2026 (b)

    5,241,000   5,462,642
News Corp.

3.88%, 5/15/2029 (a)

    8,693,000   8,779,321
Nexstar Broadcasting, Inc.:          
4.75%, 11/1/2028 (a)  (b)

    8,318,000   8,550,571
5.63%, 7/15/2027 (a)

    15,864,000   16,869,619
Radiate Holdco LLC/Radiate Finance, Inc.:          
4.50%, 9/15/2026 (a)

    7,226,000   7,477,682
6.50%, 9/15/2028 (a)  (b)

    7,013,000   7,366,175
Scripps Escrow II, Inc.:          
3.88%, 1/15/2029 (a)

    5,932,000   5,885,137
5.38%, 1/15/2031 (a)  (b)

    4,660,000   4,647,511
Scripps Escrow, Inc.

5.88%, 7/15/2027 (a)

    4,799,000   4,969,029
Sinclair Television Group, Inc.:          
4.13%, 12/1/2030 (a)

    8,492,000   8,351,797
5.50%, 3/1/2030 (a)  (b)

    4,130,000   4,207,727
Sirius XM Radio, Inc.:          
3.88%, 8/1/2022 (a)

    7,572,000   7,584,267
4.00%, 7/15/2028 (a)

    16,628,000   17,155,939
4.13%, 7/1/2030 (a)

    11,821,000   11,958,833
4.63%, 7/15/2024 (a)

    11,602,000   11,912,702
5.00%, 8/1/2027 (a)  (b)

    12,496,000   13,122,299
5.50%, 7/1/2029 (a)

    12,242,000   13,337,537
TEGNA, Inc.:          
4.63%, 3/15/2028 (b)

    8,222,000   8,529,667
4.75%, 3/15/2026 (a)  (b)

    4,505,000   4,799,762
5.00%, 9/15/2029 (b)

    8,792,000   9,203,641
Telenet Finance Luxembourg Notes S.a.r.l.

5.50%, 3/1/2028 (a)

    9,400,000   9,888,800
Townsquare Media, Inc.

6.88%, 2/1/2026 (a)

    4,247,000   4,542,634
Univision Communications, Inc.:          
4.50%, 5/1/2029 (a)  (b)

    10,029,000   10,104,418
6.63%, 6/1/2027 (a)

    11,627,000   12,598,203
UPC Broadband Finco B.V.

4.88%, 7/15/2031 (a)

    12,141,000   12,188,593
UPC Holding B.V.

5.50%, 1/15/2028 (a)

    4,149,000   4,349,978
See accompanying notes to financial statements.
58


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Urban One, Inc.

7.38%, 2/1/2028 (a)

    $ 7,061,000   $ 7,626,868
ViacomCBS, Inc.:          
3 Month USD LIBOR + 3.90%, 5.88%, 2/28/2057 (c)

    200   203
3 Month USD LIBOR + 3.90%, 6.25%, 2/28/2057 (c)

    3,614,000   4,133,802
Videotron, Ltd.:          
3.63%, 6/15/2029 (a)

    4,867,000   4,938,156
5.13%, 4/15/2027 (a)

    6,055,000   6,331,229
Virgin Media Finance PLC

5.00%, 7/15/2030 (a)

    8,061,000   8,126,697
Virgin Media Secured Finance PLC:          
4.50%, 8/15/2030 (a)

    7,668,000   7,727,887
5.50%, 5/15/2029 (a)

    12,552,000   13,489,509
Virgin Media Vendor Financing Notes IV DAC

5.00%, 7/15/2028 (a)  (b)

    4,145,000   4,229,475
Ziggo B.V.:          
4.88%, 1/15/2030 (a)

    8,356,000   8,572,420
5.50%, 1/15/2027 (a)

    14,675,000   15,250,113
Ziggo Bond Co. B.V.:          
5.13%, 2/28/2030 (a)  (b)

    4,124,000   4,218,357
6.00%, 1/15/2027 (a)

    5,296,000   5,530,507
          817,143,614
METAL FABRICATE & HARDWARE — 0.0% (e)  
Grinding Media, Inc./Moly-Cop AltaSteel, Ltd.

7.38%, 12/15/2023 (a)

    3,649,000   3,731,175
MINING — 1.5%   
Alcoa Nederland Holding B.V.:          
4.13%, 3/31/2029 (a)  (b)

    4,143,000   4,316,095
5.50%, 12/15/2027 (a)  (b)

    6,284,000   6,807,520
6.13%, 5/15/2028 (a)

    4,659,000   5,095,781
7.00%, 9/30/2026 (a)

    5,115,000   5,354,791
Arconic Corp.:          
6.00%, 5/15/2025 (a)  (b)

    5,251,000   5,593,260
6.13%, 2/15/2028 (a)

    7,516,000   8,059,783
Compass Minerals International, Inc.

6.75%, 12/1/2027 (a)

    4,443,000   4,774,670
Constellium SE:          
3.75%, 4/15/2029 (a)  (b)

    4,304,000   4,263,456
5.88%, 2/15/2026 (a)

    3,470,000   3,572,539
See accompanying notes to financial statements.
59


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
FMG Resources August 2006 Pty, Ltd.:          
4.38%, 4/1/2031 (a)

    $ 12,287,000   $ 13,120,550
4.50%, 9/15/2027 (a)

    5,330,000   5,793,444
5.13%, 5/15/2024 (a)

    3,989,000   4,338,237
Freeport-McMoRan, Inc.:          
4.13%, 3/1/2028

    6,162,000   6,426,411
4.25%, 3/1/2030

    4,918,000   5,271,358
4.38%, 8/1/2028

    5,486,000   5,789,540
4.63%, 8/1/2030 (b)

    7,182,000   7,859,765
5.00%, 9/1/2027 (b)

    6,636,000   7,002,971
5.25%, 9/1/2029

    5,274,000   5,817,117
Hudbay Minerals, Inc.:          
4.50%, 4/1/2026 (a)

    495,000   497,351
6.13%, 4/1/2029 (a)

    525,000   559,314
Kaiser Aluminum Corp.:          
4.50%, 6/1/2031 (a)

    4,617,000   4,753,109
4.63%, 3/1/2028 (a)

    4,480,000   4,629,901
Novelis Corp.:          
4.75%, 1/30/2030 (a)

    12,854,000   13,492,844
5.88%, 9/30/2026 (a)

    12,799,000   13,325,551
          146,515,358
MISCELLANEOUS MANUFACTURER — 0.5%   
Bombardier, Inc.:          
7.13%, 6/15/2026 (a)

    11,738,000   12,289,334
7.50%, 12/1/2024 (a)

    8,030,000   8,403,315
7.88%, 4/15/2027 (a)  (b)

    17,211,000   17,841,611
FXI Holdings, Inc.:          
7.88%, 11/1/2024 (a)

    3,588,000   3,702,062
12.25%, 11/15/2026 (a)

    6,964,000   8,028,099
Gates Global LLC/Gates Corp.

6.25%, 1/15/2026 (a)

    2,957,000   3,100,858
          53,365,279
OFFICE & BUSINESS EQUIPMENT — 0.4%   
CDW LLC/CDW Finance Corp.:          
3.25%, 2/15/2029

    5,817,000   5,884,419
4.13%, 5/1/2025

    3,448,000   3,601,919
4.25%, 4/1/2028

    4,607,000   4,835,092
Xerox Corp.

4.38%, 3/15/2023

    6,778,000   7,073,724
See accompanying notes to financial statements.
60


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Xerox Holdings Corp.:          
5.00%, 8/15/2025 (a)

    $ 7,042,000   $ 7,440,014
5.50%, 8/15/2028 (a)  (b)

    7,477,000   7,728,078
          36,563,246
OIL & GAS — 6.8%   
Aethon United BR L.P./Aethon United Finance Corp.

8.25%, 2/15/2026 (a)

    7,233,000   7,834,135
Antero Resources Corp.:          
5.00%, 3/1/2025 (b)

    6,022,000   6,169,539
5.38%, 3/1/2030 (a)

    5,817,000   5,936,249
7.63%, 2/1/2029 (a)

    6,647,000   7,390,932
8.38%, 7/15/2026 (a)

    4,841,385   5,505,575
Apache Corp.:          
4.25%, 1/15/2030 (b)

    5,344,000   5,648,715
4.38%, 10/15/2028 (b)

    7,875,000   8,386,954
4.63%, 11/15/2025

    4,611,000   4,968,675
4.88%, 11/15/2027

    6,503,000   7,050,423
Ascent Resources Utica Holdings LLC/ARU Finance Corp.

7.00%, 11/1/2026 (a)

    5,822,000   6,074,093
Baytex Energy Corp.

8.75%, 4/1/2027 (a)

    5,129,000   5,180,546
California Resources Corp.

7.13%, 2/1/2026 (a)  (b)

    5,785,000   6,096,175
Callon Petroleum Co.:          
6.13%, 10/1/2024

    100   99
8.00%, 8/1/2028 (a)  (d)

    6,262,000   6,330,193
Calumet Specialty Products Partners L.P./Calumet Finance Corp.

11.00%, 4/15/2025 (a)

    4,123,000   4,494,730
Chesapeake Energy Corp.:          
5.50%, 2/1/2026 (a)

    4,501,000   4,749,500
5.88%, 2/1/2029 (a)

    5,418,000   5,859,188
CNX Resources Corp.:          
6.00%, 1/15/2029 (a)  (b)

    5,197,000   5,618,373
7.25%, 3/14/2027 (a)

    6,379,000   6,839,691
Colgate Energy Partners III LLC

5.88%, 7/1/2029 (a)

    3,834,000   3,974,094
Comstock Resources, Inc.:          
5.88%, 1/15/2030 (a)

    8,583,000   8,763,844
6.75%, 3/1/2029 (a)  (b)

    10,547,000   11,234,032
7.50%, 5/15/2025 (a)  (b)

    377,000   391,311
See accompanying notes to financial statements.
61


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Continental Resources, Inc.:          
4.38%, 1/15/2028 (b)

    $ 8,121,000   $ 8,978,496
5.75%, 1/15/2031 (a)  (b)

    11,064,000   13,254,229
CrownRock L.P./CrownRock Finance, Inc.

5.63%, 10/15/2025 (a)

    11,296,000   11,688,084
CVR Energy, Inc.

5.25%, 2/15/2025 (a)

    4,216,000   4,217,012
Encino Acquisition Partners Holdings LLC

8.50%, 5/1/2028 (a)

    6,382,000   6,513,342
Endeavor Energy Resources L.P./EER Finance, Inc.:          
5.50%, 1/30/2026 (a)

    4,247,000   4,409,703
5.75%, 1/30/2028 (a)

    8,037,000   8,569,291
6.63%, 7/15/2025 (a)

    4,758,000   5,098,673
EQT Corp.:          
3.00%, 10/1/2022 (b)

    3,337,000   3,405,675
3.13%, 5/15/2026 (a)

    4,551,000   4,662,545
3.63%, 5/15/2031 (a)

    4,444,000   4,648,646
3.90%, 10/1/2027

    7,305,000   7,827,088
7.63%, 2/1/2025

    8,258,000   9,624,451
8.50%, 2/1/2030 (b)

    6,852,000   8,915,480
Gulfport Energy Operating Corp.:          
6.38%, 5/15/2025

    1,081,000   40,538
8.00%, 5/17/2026 (b)

    915,109   981,015
8.00%, 5/17/2026 (a)

    3,829,000   4,116,520
Hilcorp Energy I L.P./Hilcorp Finance Co.:          
5.75%, 2/1/2029 (a)

    7,809,000   8,140,804
6.00%, 2/1/2031 (a)

    3,973,000   4,209,791
6.25%, 11/1/2028 (a)

    5,789,000   6,151,449
Independence Energy Finance LLC

7.25%, 5/1/2026 (a)

    5,545,000   5,845,761
Indigo Natural Resources LLC

5.38%, 2/1/2029 (a)

    5,831,000   6,114,503
Ithaca Energy North Sea PLC

9.38%, 7/15/2024 (a)

    4,374,000   4,527,221
Laredo Petroleum, Inc.

9.50%, 1/15/2025

    5,894,000   6,212,983
Matador Resources Co.

5.88%, 9/15/2026 (b)

    8,816,000   9,080,744
MEG Energy Corp.:          
5.88%, 2/1/2029 (a)

    6,035,000   6,340,612
7.13%, 2/1/2027 (a)  (b)

    11,461,000   12,230,606
See accompanying notes to financial statements.
62


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Moss Creek Resources Holdings, Inc.:          
7.50%, 1/15/2026 (a)

    $ 7,422,000   $ 6,924,429
10.50%, 5/15/2027 (a)

    4,114,000   4,077,591
Murphy Oil Corp.:          
5.75%, 8/15/2025 (b)

    5,901,000   6,069,592
5.88%, 12/1/2027 (b)

    4,160,500   4,339,942
6.38%, 7/15/2028

    5,669,000   5,980,965
6.88%, 8/15/2024 (b)

    4,070,000   4,163,122
Nabors Industries, Inc.

5.75%, 2/1/2025

    6,483,462   5,964,331
Nabors Industries, Ltd.

7.25%, 1/15/2026 (a)

    4,960,000   4,861,891
Neptune Energy Bondco PLC

6.63%, 5/15/2025 (a)

    6,658,000   6,827,579
Northern Oil & Gas, Inc.

8.13%, 3/1/2028 (a)

    5,500,000   5,940,605
Occidental Petroleum Corp.:          
2.70%, 8/15/2022

    4,816,000   4,911,309
2.90%, 8/15/2024

    24,907,000   25,468,155
3.00%, 2/15/2027

    5,693,000   5,650,416
3.20%, 8/15/2026

    8,750,000   8,818,337
3.50%, 8/15/2029

    12,080,000   12,123,971
5.50%, 12/1/2025

    6,426,000   7,100,344
5.55%, 3/15/2026

    9,214,000   10,192,987
5.88%, 9/1/2025

    7,550,000   8,406,850
6.13%, 1/1/2031 (b)

    10,243,000   12,044,232
6.38%, 9/1/2028 (b)

    5,463,000   6,358,877
6.63%, 9/1/2030

    12,485,000   15,017,707
6.95%, 7/1/2024

    5,318,000   5,989,132
7.50%, 5/1/2031

    8,089,000   10,198,530
8.00%, 7/15/2025 (b)

    3,224,000   3,866,672
8.50%, 7/15/2027

    4,929,000   6,201,520
8.88%, 7/15/2030

    7,671,000   10,268,247
Parkland Corp.:          
4.50%, 10/1/2029 (a)

    7,341,000   7,454,932
5.88%, 7/15/2027 (a)

    4,831,000   5,169,363
Patterson-UTI Energy, Inc.

3.95%, 2/1/2028 (b)

    3,908,000   3,953,685
PBF Holding Co. LLC/PBF Finance Corp.:          
7.25%, 6/15/2025 (b)

    6,289,000   4,773,728
9.25%, 5/15/2025 (a)  (b)

    10,545,000   10,624,193
Series WI, 6.00%, 2/15/2028

    8,250,000   5,476,515
See accompanying notes to financial statements.
63


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
PDC Energy, Inc.

5.75%, 5/15/2026 (b)

    $ 6,767,000   $ 7,070,771
Puma International Financing SA:          
5.00%, 1/24/2026 (a)

    7,209,000   7,255,570
5.13%, 10/6/2024 (a)

    5,630,000   5,685,681
Range Resources Corp.:          
5.00%, 3/15/2023

    4,832,000   5,027,551
8.25%, 1/15/2029 (a)  (b)

    5,194,000   5,856,339
9.25%, 2/1/2026

    8,073,000   8,903,308
Southwestern Energy Co.

7.50%, 4/1/2026 (b)

    7,371,000   7,800,582
Sunoco L.P./Sunoco Finance Corp.:          
4.50%, 5/15/2029 (a)

    7,166,000   7,313,333
6.00%, 4/15/2027

    5,222,000   5,478,191
5.50%, 2/15/2026

    6,642,000   6,843,983
Talos Production, Inc.

12.00%, 1/15/2026

    5,537,000   5,875,366
Transocean Guardian, Ltd.

5.88%, 1/15/2024 (a)

    4,580,520   4,460,281
Transocean Poseidon, Ltd.

6.88%, 2/1/2027 (a)

    5,118,000   5,143,488
Transocean, Inc.:          
7.50%, 1/15/2026 (a)

    4,252,000   3,655,359
8.00%, 2/1/2027 (a)

    5,494,000   4,612,598
11.50%, 1/30/2027 (a)  (b)

    5,537,000   5,917,946
Vine Energy Holdings LLC

6.75%, 4/15/2029 (a)

    8,293,000   8,729,046
W&T Offshore, Inc.

9.75%, 11/1/2023 (a)

    5,052,000   4,899,430
          666,050,900
OIL & GAS SERVICES — 0.7%   
Archrock Partners L.P./Archrock Partners Finance Corp.:          
6.25%, 4/1/2028 (a)

    7,660,000   7,990,452
6.88%, 4/1/2027 (a)

    5,177,000   5,495,179
CGG SA

8.75%, 4/1/2027 (a)  (b)

    4,141,000   4,287,923
KCA Deutag UK Finance PLC

9.88%, 12/1/2025 (a)

    4,798,000   5,291,522
TechnipFMC PLC

6.50%, 2/1/2026 (a)

    8,121,000   8,761,097
See accompanying notes to financial statements.
64


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SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
USA Compression Partners L.P./USA Compression Finance Corp.:          
6.88%, 4/1/2026

    $ 6,028,000   $ 6,321,865
6.88%, 9/1/2027

    5,448,000   5,820,861
Weatherford International, Ltd.:          
8.75%, 9/1/2024 (a)

    6,610,558   6,912,991
11.00%, 12/1/2024 (a)

    16,333,000   16,970,477
          67,852,367
PACKAGING & CONTAINERS — 2.0%   
ARD Finance SA

6.50%, 6/30/2027 (a)

    9,484,613   9,952,015
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC:          
3.25%, 9/1/2028 (a)  (b)

    4,351,000   4,351,435
4.00%, 9/1/2029 (a)

    9,818,000   9,743,972
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:          
4.13%, 8/15/2026 (a)

    8,750,000   9,032,975
5.25%, 4/30/2025 (a)

    5,926,000   6,213,826
5.25%, 8/15/2027 (a)

    8,218,000   8,388,030
5.25%, 8/15/2027 (a)

    9,606,000   9,808,590
6.00%, 2/15/2025 (a)

    6,375,000   6,577,916
Ball Corp.:          
2.88%, 8/15/2030 (b)

    8,183,000   8,025,314
4.88%, 3/15/2026

    5,809,000   6,472,969
Berry Global, Inc.

5.63%, 7/15/2027 (a)

    3,970,000   4,197,163
Cascades, Inc./Cascades USA, Inc.

5.38%, 1/15/2028 (a)

    4,986,000   5,241,632
Crown Americas LLC/Crown Americas Capital Corp.

4.75%, 2/1/2026

    6,929,000   7,189,738
Flex Acquisition Co., Inc.:          
6.88%, 1/15/2025 (a)

    5,873,500   5,983,746
7.88%, 7/15/2026 (a)  (b)

    3,038,000   3,164,624
Graham Packaging Co., Inc.

7.13%, 8/15/2028 (a)

    4,929,000   5,312,082
Greif, Inc.

6.50%, 3/1/2027 (a)

    4,307,000   4,536,865
Intelligent Packaging, Ltd. Finco, Inc./Intelligent Packaging, Ltd. Co-Issuer LLC

6.00%, 9/15/2028 (a)

    5,768,000   6,017,697
LABL Escrow Issuer LLC:          
6.75%, 7/15/2026 (a)

    5,565,000   5,942,196
See accompanying notes to financial statements.
65


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
10.50%, 7/15/2027 (a)

    $ 7,419,000   $ 8,172,622
Mauser Packaging Solutions Holding Co.:          
5.50%, 4/15/2024 (a)

    13,842,000   13,954,120
7.25%, 4/15/2025 (a)

    11,255,050   11,058,762
Owens-Brockway Glass Container, Inc.

6.63%, 5/13/2027 (a)  (b)

    4,691,000   5,105,731
Plastipak Holdings, Inc.

6.25%, 10/15/2025 (a)  (b)

    5,289,000   5,408,002
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu

4.00%, 10/15/2027 (a)  (b)

    9,098,000   9,033,768
Silgan Holdings, Inc.

4.13%, 2/1/2028

    3,869,000   4,014,784
Trivium Packaging Finance B.V.:          
5.50%, 8/15/2026 (a)

    9,591,000   10,070,646
8.50%, 8/15/2027 (a)

    6,179,000   6,709,591
          199,680,811
PHARMACEUTICALS — 3.0%   
AdaptHealth LLC

4.63%, 8/1/2029 (a)  (b)

    4,397,000   4,455,348
Bausch Health Americas, Inc.:          
8.50%, 1/31/2027 (a)

    14,559,000   15,824,468
9.25%, 4/1/2026 (a)

    12,537,000   13,634,614
Bausch Health Cos., Inc.:          
4.88%, 6/1/2028 (a)

    12,753,000   13,041,983
5.00%, 1/30/2028 (a)  (b)

    11,984,000   11,387,556
5.00%, 2/15/2029 (a)

    9,443,000   8,802,859
5.25%, 1/30/2030 (a)  (b)

    11,324,000   10,565,066
5.25%, 2/15/2031 (a)

    9,368,000   8,742,873
5.50%, 11/1/2025 (a)

    14,010,000   14,373,840
5.75%, 8/15/2027 (a)

    5,320,000   5,590,096
6.25%, 2/15/2029 (a)

    12,989,000   12,844,952
7.00%, 1/15/2028 (a)

    6,685,000   6,902,262
7.25%, 5/30/2029 (a)

    8,427,000   8,635,315
9.00%, 12/15/2025 (a)

    14,135,000   15,152,579
Cheplapharm Arzneimittel GmbH

5.50%, 1/15/2028 (a)

    4,921,000   5,045,551
Elanco Animal Health, Inc.:          
5.90%, 8/28/2028

    4,887,000   5,721,748
5.27%, 8/28/2023 (b)

    5,464,000   5,890,247
See accompanying notes to financial statements.
66


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Endo Dac/Endo Finance LLC/Endo Finco, Inc.:          
9.50%, 7/31/2027 (a)  (b)

    $ 8,847,000   $ 9,049,862
GMTN, 6.00%, 6/30/2028 (a)

    10,542,000   7,102,251
Endo Luxembourg Finance Co. I Sarl/Endo US, Inc.

6.13%, 4/1/2029 (a)

    12,652,000   12,401,364
Herbalife Nutrition, Ltd./HLF Financing, Inc.

7.88%, 9/1/2025 (a)

    5,332,000   5,798,070
HLF Financing Sarl LLC/Herbalife International, Inc.

4.88%, 6/1/2029 (a)

    5,491,000   5,532,567
Horizon Pharma USA, Inc.

5.50%, 8/1/2027 (a)

    6,261,000   6,646,490
Jazz Securities DAC

4.38%, 1/15/2029 (a)

    11,371,000   11,797,754
Mallinckrodt International Finance SA/Mallinckrodt CB LLC:          
5.63%, 10/15/2023 (a)  (f)

    2,246,000   1,571,302
5.75%, 8/1/2022 (a)  (f)

    157,000   109,614
Organon & Co./Organon Foreign Debt Co-Issuer BV:          
4.13%, 4/30/2028 (a)

    17,399,000   17,751,852
5.13%, 4/30/2031 (a)

    17,769,000   18,303,847
Owens & Minor, Inc.

4.50%, 3/31/2029 (a)

    4,520,000   4,645,159
Par Pharmaceutical, Inc.

7.50%, 4/1/2027 (a)

    18,309,000   18,723,516
Prestige Brands, Inc.

3.75%, 4/1/2031 (a)

    4,592,000   4,436,193
          290,481,198
PIPELINES — 4.8%   
AI Candelaria Spain SLU

7.50%, 12/15/2028 (a)

    1,801,000   2,013,590
Antero Midstream Partners L.P./Antero Midstream Finance Corp.:          
5.38%, 6/15/2029 (a)

    5,974,000   6,238,768
5.75%, 3/1/2027 (a)

    5,432,000   5,649,932
5.75%, 1/15/2028 (a)  (b)

    5,546,000   5,835,557
7.88%, 5/15/2026 (a)

    5,761,000   6,437,860
Blue Racer Midstream LLC/Blue Racer Finance Corp.

7.63%, 12/15/2025 (a)

    5,266,000   5,704,816
Buckeye Partners L.P.:          
3.95%, 12/1/2026

    5,028,000   5,128,962
4.13%, 3/1/2025 (a)

    4,880,000   5,068,222
4.50%, 3/1/2028 (a)

    4,606,000   4,721,196
See accompanying notes to financial statements.
67


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Cheniere Energy Partners L.P.:          
4.00%, 3/1/2031 (a)

    $ 12,184,000   $ 12,739,469
5.63%, 10/1/2026

    9,978,000   10,352,175
4.50%, 10/1/2029

    11,946,000   12,842,667
Cheniere Energy, Inc.

4.63%, 10/15/2028 (a)

    16,455,000   17,359,038
CQP Holdco L.P./BIP-V Chinook Holdco LLC

5.50%, 6/15/2031 (a)

    11,451,000   11,930,339
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.:          
5.63%, 5/1/2027 (a)

    6,248,000   6,428,442
5.75%, 4/1/2025 (b)

    4,747,000   4,879,584
6.00%, 2/1/2029 (a)  (b)

    6,546,000   6,858,048
DCP Midstream Operating L.P.:          
5.13%, 5/15/2029

    4,280,000   4,732,268
5.38%, 7/15/2025

    6,992,000   7,787,060
5.63%, 7/15/2027

    4,786,000   5,453,121
DT Midstream, Inc.:          
4.13%, 6/15/2029 (a)

    9,801,000   9,950,367
4.38%, 6/15/2031 (a)

    8,028,000   8,184,947
Energy Transfer L.P.

4.25%, 3/15/2023

    35,000   35,588
EnLink Midstream LLC

5.63%, 1/15/2028 (a)

    4,428,000   4,694,344
EQM Midstream Partners L.P.:          
4.13%, 12/1/2026

    4,770,000   4,881,666
4.50%, 1/15/2029 (a)

    7,454,000   7,585,116
4.75%, 7/15/2023 (b)

    5,138,000   5,364,175
4.75%, 1/15/2031 (a)

    8,457,000   8,714,431
5.50%, 7/15/2028

    7,256,000   7,838,802
6.00%, 7/1/2025 (a)

    6,116,000   6,651,211
6.50%, 7/1/2027 (a)

    8,516,000   9,493,807
Genesis Energy L.P./Genesis Energy Finance Corp.:          
6.50%, 10/1/2025

    5,796,000   5,863,523
7.75%, 2/1/2028

    6,441,000   6,657,418
8.00%, 1/15/2027

    11,193,000   11,761,604
Harvest Midstream I L.P.

7.50%, 9/1/2028 (a)

    6,989,000   7,601,376
Hess Infrastructure Partners L.P./Hess Infrastructure Partners Finance Corp.

5.63%, 2/15/2026 (a)

    31,000   32,173
See accompanying notes to financial statements.
68


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Hess Midstream Operations L.P.:          
5.13%, 6/15/2028 (a)

    $ 3,875,000   $ 4,064,139
5.63%, 2/15/2026 (a)

    6,363,000   6,632,473
Holly Energy Partners L.P./Holly Energy Finance Corp.

5.00%, 2/1/2028 (a)  (b)

    5,080,000   5,208,778
ITT Holdings LLC

6.50%, 8/1/2029 (a)  (d)

    11,754,000   11,975,210
New Fortress Energy, Inc.:          
6.50%, 9/30/2026 (a)

    13,336,000   13,597,519
6.75%, 9/15/2025 (a)

    12,144,000   12,441,407
NGL Energy Operating LLC/NGL Energy Finance Corp.

7.50%, 2/1/2026 (a)

    17,052,000   17,906,476
NGL Energy Partners L.P./NGL Energy Finance Corp.

7.50%, 11/1/2023

    4,691,000   4,621,479
Northriver Midstream Finance L.P.

5.63%, 2/15/2026 (a)

    3,879,000   4,027,643
NuStar Logistics L.P.:          
5.63%, 4/28/2027

    5,768,000   6,175,336
5.75%, 10/1/2025

    5,105,000   5,553,883
6.00%, 6/1/2026

    4,800,000   5,222,304
6.38%, 10/1/2030

    4,984,000   5,505,675
Rattler Midstream L.P.

5.63%, 7/15/2025 (a)

    4,376,000   4,598,169
Rockies Express Pipeline LLC

4.95%, 7/15/2029 (a)

    4,776,000   4,930,647
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.:          
5.50%, 9/15/2024 (a)

    4,396,000   4,468,050
5.50%, 1/15/2028 (a)

    7,096,000   7,206,627
6.00%, 12/31/2030 (a)

    5,847,000   6,091,522
7.50%, 10/1/2025 (a)

    4,862,000   5,297,149
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.:          
4.00%, 1/15/2032 (a)

    8,422,000   8,668,091
4.88%, 2/1/2031 (a)

    6,778,000   7,335,490
5.00%, 1/15/2028

    6,326,000   6,681,964
5.50%, 3/1/2030

    8,111,000   8,916,584
5.88%, 4/15/2026 (b)

    7,407,000   7,771,498
6.50%, 7/15/2027

    7,047,500   7,667,750
6.88%, 1/15/2029

    7,195,000   8,099,268
Western Midstream Operating L.P.:          
4.35%, 2/1/2025

    7,004,000   7,400,216
4.65%, 7/1/2026

    4,810,000   5,158,821
See accompanying notes to financial statements.
69


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
5.30%, 2/1/2030 (b)

    $ 10,067,000   $ 11,305,342
          468,001,172
REAL ESTATE — 0.9%   
Cushman & Wakefield US Borrower LLC

6.75%, 5/15/2028 (a)

    5,795,000   6,265,960
Five Point Operating Co. L.P./Five Point Capital Corp.

7.88%, 11/15/2025 (a)

    6,918,000   7,304,924
Greystar Real Estate Partners LLC

5.75%, 12/1/2025 (a)

    4,252,000   4,370,673
Howard Hughes Corp.:          
4.13%, 2/1/2029 (a)

    6,417,000   6,416,551
4.38%, 2/1/2031 (a)

    5,546,000   5,524,204
5.38%, 8/1/2028 (a)

    6,339,000   6,726,440
Hunt Cos., Inc.

5.25%, 4/15/2029 (a)

    6,384,000   6,212,909
Kennedy-Wilson, Inc.:          
4.75%, 3/1/2029

    5,089,000   5,242,433
5.00%, 3/1/2031

    5,597,000   5,769,891
Newmark Group, Inc.

6.13%, 11/15/2023

    2,560,000   2,816,000
Realogy Group LLC/Realogy Co-Issuer Corp.:          
5.75%, 1/15/2029 (a)  (b)

    8,227,000   8,601,246
7.63%, 6/15/2025 (a)

    5,177,000   5,616,683
9.38%, 4/1/2027 (a)  (b)

    5,618,000   6,239,182
WeWork Cos., Inc.

7.88%, 5/1/2025 (a)

    5,743,000   5,999,597
          83,106,693
REAL ESTATE INVESTMENT TRUSTS — 3.8%   
Apollo Commercial Real Estate Finance, Inc.

4.63%, 6/15/2029 (a)

    4,719,000   4,654,255
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL

5.75%, 5/15/2026 (a)  (b)

    7,515,000   7,896,236
Diversified Healthcare Trust:          
4.38%, 3/1/2031

    4,219,000   4,047,793
4.75%, 2/15/2028

    4,503,000   4,462,878
9.75%, 6/15/2025

    8,032,000   8,913,191
EPR Properties

3.75%, 8/15/2029

    4,355,000   4,365,583
See accompanying notes to financial statements.
70


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Global Net Lease, Inc./Global Net Lease Operating Partnership L.P.

3.75%, 12/15/2027 (a)

    $ 4,141,000   $ 4,090,852
HAT Holdings I LLC/HAT Holdings II LLC

3.38%, 6/15/2026 (a)

    10,174,000   10,254,782
Iron Mountain, Inc.:          
4.88%, 9/15/2027 (a)

    9,492,000   9,841,021
4.88%, 9/15/2029 (a)

    8,407,000   8,685,608
5.00%, 7/15/2028 (a)

    3,598,000   3,733,573
5.25%, 3/15/2028 (a)

    6,962,000   7,290,467
5.25%, 7/15/2030 (a)

    10,409,000   11,022,611
5.63%, 7/15/2032 (a)

    3,199,000   3,441,164
REIT, 4.50%, 2/15/2031 (a)

    8,967,000   9,082,764
iStar, Inc.:          
4.25%, 8/1/2025

    5,496,000   5,650,438
4.75%, 10/1/2024

    4,512,000   4,762,145
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.:          
4.25%, 2/1/2027 (a)

    4,935,000   4,941,662
4.75%, 6/15/2029 (a)

    5,548,000   5,546,779
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc.:          
3.88%, 2/15/2029 (a)

    6,963,000   7,083,390
4.50%, 9/1/2026

    3,676,000   3,925,931
4.63%, 6/15/2025 (a)

    6,601,000   7,050,066
5.63%, 5/1/2024

    8,763,000   9,499,705
REIT, 5.75%, 2/1/2027

    7,531,000   8,405,575
MPT Operating Partnership L.P./MPT Finance Corp.:          
3.50%, 3/15/2031

    9,908,000   10,008,269
4.63%, 8/1/2029 (b)

    7,778,000   8,339,649
5.00%, 10/15/2027

    11,377,000   12,064,057
5.25%, 8/1/2026

    4,661,000   4,800,737
New Residential Investment Corp.

6.25%, 10/15/2025 (a)

    5,447,000   5,450,649
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer:          
4.88%, 5/15/2029 (a)  (b)

    6,159,000   6,376,105
5.88%, 10/1/2028 (a)

    6,697,000   7,126,680
7.50%, 6/1/2025 (a)

    5,210,500   5,646,410
RHP Hotel Properties L.P./RHP Finance Corp.:          
4.50%, 2/15/2029 (a)

    4,266,000   4,287,330
4.75%, 10/15/2027

    7,314,000   7,509,576
See accompanying notes to financial statements.
71


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
RLJ Lodging Trust L.P.

3.75%, 7/1/2026 (a)

    $ 4,349,000   $ 4,394,143
SBA Communications Corp.:          
3.13%, 2/1/2029 (a)

    12,125,000   11,709,234
4.88%, 9/1/2024

    9,047,000   9,205,413
Series WI, 3.88%, 2/15/2027

    11,648,000   11,985,210
Service Properties Trust:          
4.35%, 10/1/2024

    6,765,000   6,824,194
7.50%, 9/15/2025

    7,205,000   8,161,536
Starwood Property Trust, Inc.

5.00%, 12/15/2021

    500   503
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC:          
7.13%, 12/15/2024 (a)

    5,586,000   5,777,767
7.88%, 2/15/2025 (a)

    18,853,000   20,192,694
Uniti Group L.P./Uniti Group Finance, Inc./CSL Capital LLC:          
4.75%, 4/15/2028 (a)

    5,803,000   5,797,139
6.50%, 2/15/2029 (a)  (b)

    8,709,000   8,749,932
VICI Properties L.P./VICI Note Co., Inc.:          
3.50%, 2/15/2025 (a)

    7,295,000   7,474,749
4.25%, 12/1/2026 (a)

    9,905,333   10,296,594
4.63%, 12/1/2029 (a)

    8,390,000   8,916,556
REIT, 3.75%, 2/15/2027 (a)

    6,529,000   6,667,415
REIT, 4.13%, 8/15/2030 (a)

    7,638,000   7,878,597
Washington Prime Group L.P.

6.45%, 8/15/2024 (f)

    2,276,000   1,482,359
XHR L.P.:          
4.88%, 6/1/2029 (a)

    4,001,000   4,131,033
6.38%, 8/15/2025 (a)

    4,634,000   4,931,688
          374,834,687
RETAIL — 4.6%   
1011778 BC ULC/New Red Finance, Inc.:          
3.50%, 2/15/2029 (a)

    6,159,000   6,087,740
3.88%, 1/15/2028 (a)

    12,741,500   12,900,769
4.00%, 10/15/2030 (a)

    23,293,000   22,539,937
4.25%, 5/15/2024 (a)

    7,010,000   7,089,283
4.38%, 1/15/2028 (a)

    8,174,000   8,295,629
5.75%, 4/15/2025 (a)

    4,987,000   5,281,333
Ambience Merger Sub, Inc.

7.13%, 7/15/2029 (a)  (d)

    4,997,000   5,042,123
Carvana Co.:          
5.50%, 4/15/2027 (a)  (b)

    5,744,000   5,929,416
See accompanying notes to financial statements.
72


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SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
5.63%, 10/1/2025 (a)

    $ 3,849,000   $ 4,001,651
5.88%, 10/1/2028 (a)  (b)

    5,091,000   5,355,325
CEC Entertainment LLC

6.75%, 5/1/2026 (a)

    6,388,000   6,551,533
Dave & Buster's, Inc.

7.63%, 11/1/2025 (a)

    4,994,000   5,371,846
eG Global Finance PLC:          
6.75%, 2/7/2025 (a)

    5,688,000   5,877,410
8.50%, 10/30/2025 (a)

    6,670,000   7,047,722
Ferrellgas L.P./Ferrellgas Finance Corp.:          
5.38%, 4/1/2026 (a)

    5,718,000   5,669,340
5.88%, 4/1/2029 (a)

    7,664,000   7,572,185
FirstCash, Inc.

4.63%, 9/1/2028 (a)

    4,381,000   4,580,160
Gap, Inc.:          
8.38%, 5/15/2023 (a)  (b)

    4,344,000   4,889,737
8.63%, 5/15/2025 (a)

    7,552,000   8,282,052
8.88%, 5/15/2027 (a)  (b)

    9,434,000   10,915,798
Golden Nugget, Inc.:          
6.75%, 10/15/2024 (a)

    11,142,000   11,222,891
8.75%, 10/1/2025 (a)  (b)

    1,702,000   1,795,116
Group 1 Automotive, Inc.

4.00%, 8/15/2028 (a)

    5,970,000   6,073,281
IRB Holding Corp.

7.00%, 6/15/2025 (a)

    5,886,000   6,355,585
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC

4.75%, 6/1/2027 (a)

    6,669,000   6,973,373
L Brands, Inc.:          
5.25%, 2/1/2028 (b)

    4,046,000   4,537,225
6.63%, 10/1/2030 (a)

    8,478,000   9,806,503
7.50%, 6/15/2029 (b)

    4,354,000   5,126,966
9.38%, 7/1/2025 (a)

    4,273,000   5,519,819
LBM Acquisition LLC

6.25%, 1/15/2029 (a)

    6,674,000   6,724,589
LCM Investments Holdings II LLC

4.88%, 5/1/2029 (a)

    5,098,000   5,227,132
Lithia Motors, Inc.:          
3.88%, 6/1/2029 (a)

    7,168,000   7,424,256
4.38%, 1/15/2031 (a)

    3,729,000   3,994,766
LSF9 Atlantis Holdings LLC/Victra Finance Corp.

7.75%, 2/15/2026 (a)

    5,961,000   6,169,695
See accompanying notes to financial statements.
73


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SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Macy's Retail Holdings LLC

5.88%, 4/1/2029 (a)  (b)

    $ 3,404,000   $ 3,658,857
Macy's, Inc.

8.38%, 6/15/2025 (a)

    11,700,000   12,882,402
Magic Mergeco, Inc.:          
5.25%, 5/1/2028 (a)

    7,977,000   8,190,544
7.88%, 5/1/2029 (a)  (b)

    12,332,000   12,706,769
Murphy Oil USA, Inc.:          
3.75%, 2/15/2031 (a)

    4,134,000   4,087,864
4.75%, 9/15/2029

    5,819,000   6,121,937
NMG Holding Co., Inc./Neiman Marcus Group LLC

7.13%, 4/1/2026 (a)

    9,209,000   9,830,055
Party City Holdings, Inc.

8.75%, 2/15/2026 (a)  (b)

    7,449,000   7,972,516
Penske Automotive Group, Inc.:          
3.50%, 9/1/2025 (b)

    3,931,000   4,071,297
3.75%, 6/15/2029 (b)

    4,873,000   4,891,566
PetSmart, Inc./PetSmart Finance Corp.:          
4.75%, 2/15/2028 (a)

    10,982,000   11,404,148
7.75%, 2/15/2029 (a)

    9,593,000   10,580,695
QVC, Inc.:          
4.38%, 9/1/2028

    4,183,000   4,269,463
WI, 4.75%, 2/15/2027

    5,003,000   5,313,536
Rite Aid Corp.:          
7.50%, 7/1/2025 (a)

    6,840,000   6,941,506
8.00%, 11/15/2026 (a)

    8,423,000   8,549,682
Specialty Building Products Holdings LLC/SBP Finance Corp.

6.38%, 9/30/2026 (a)

    6,080,000   6,375,245
SRS Distribution, Inc.

4.63%, 7/1/2028 (a)

    5,456,000   5,581,051
Staples, Inc.:          
7.50%, 4/15/2026 (a)

    16,478,000   17,073,021
10.75%, 4/15/2027 (a)  (b)

    8,763,000   8,938,085
Suburban Propane Partners L.P./Suburban Energy Finance Corp.

5.00%, 6/1/2031 (a)

    4,742,000   4,850,165
Superior Plus L.P./Superior General Partner, Inc.

4.50%, 3/15/2029 (a)

    5,223,000   5,378,802
Victoria's Secret & Co.

4.63%, 7/15/2029

    4,156,000   4,159,865
White Cap Buyer LLC

6.88%, 10/15/2028 (a)  (b)

    5,441,000   5,804,296
See accompanying notes to financial statements.
74


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Yum! Brands, Inc.:          
3.63%, 3/15/2031

    $ 8,366,000   $ 8,358,471
4.63%, 1/31/2032 (b)

    10,283,000   10,806,405
4.75%, 1/15/2030 (a)  (b)

    6,372,000   6,894,313
7.75%, 4/1/2025 (a)

    4,559,000   4,968,900
          446,893,642
SEMICONDUCTORS — 0.3%   
Amkor Technology, Inc.

6.63%, 9/15/2027 (a)

    4,572,000   4,930,033
Microchip Technology, Inc.

4.25%, 9/1/2025

    9,232,000   9,696,277
ON Semiconductor Corp.

3.88%, 9/1/2028 (a)

    6,030,000   6,213,794
Qorvo, Inc.:          
3.38%, 4/1/2031 (a)

    4,467,000   4,649,656
4.38%, 10/15/2029

    6,337,000   6,911,703
          32,401,463
SOFTWARE — 2.0%   
Black Knight InfoServ LLC

3.63%, 9/1/2028 (a)

    6,553,000   6,527,968
Boxer Parent Co., Inc.

7.13%, 10/2/2025 (a)

    6,124,000   6,554,456
BY Crown Parent LLC/BY Bond Finance, Inc.

4.25%, 1/31/2026 (a)

    5,984,000   6,266,026
Camelot Finance SA

4.50%, 11/1/2026 (a)

    5,847,000   6,113,682
CDK Global, Inc.:          
4.88%, 6/1/2027

    3,302,000   3,498,007
5.25%, 5/15/2029 (a)

    3,283,000   3,581,261
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.

5.75%, 3/1/2025 (a)

    3,729,000   3,788,328
Clarivate Science Holdings Corp.:          
3.88%, 6/30/2028 (a)

    8,284,000   8,330,308
4.88%, 6/30/2029 (a)

    9,655,000   9,906,995
Elastic NV

4.13%, 7/15/2029

    3,175,000   3,176,619
J2 Global, Inc.

4.63%, 10/15/2030 (a)

    6,575,000   6,805,059
Marble II Pte, Ltd.

Series REGS, 5.30%, 6/20/2022 (b)

    1,526,000   1,526,656
See accompanying notes to financial statements.
75


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
MicroStrategy, Inc.

6.13%, 6/15/2028 (a)  (b)

    $ 4,298,000   $ 4,294,905
MSCI, Inc.:          
3.63%, 9/1/2030 (a)

    6,943,000   7,111,993
3.63%, 11/1/2031 (a)

    5,680,000   5,840,006
3.88%, 2/15/2031 (a)

    7,745,000   8,030,713
4.00%, 11/15/2029 (a)

    7,250,000   7,648,532
5.38%, 5/15/2027 (a)

    5,061,000   5,393,660
Nuance Communications, Inc.

5.63%, 12/15/2026

    3,749,960   3,923,433
Open Text Corp.

3.88%, 2/15/2028 (a)

    8,234,000   8,366,814
Open Text Holdings, Inc.

4.13%, 2/15/2030 (a)

    7,423,000   7,564,557
Playtika Holding Corp.

4.25%, 3/15/2029 (a)

    5,547,000   5,552,381
PTC, Inc.:          
3.63%, 2/15/2025 (a)

    2,562,000   2,638,501
4.00%, 2/15/2028 (a)

    4,283,000   4,422,711
Rackspace Technology Global, Inc.:          
3.50%, 2/15/2028 (a)

    4,318,000   4,177,535
5.38%, 12/1/2028 (a)  (b)

    5,222,000   5,359,077
Rocket Software, Inc.

6.50%, 2/15/2029 (a)

    4,812,000   4,771,675
SS&C Technologies, Inc.

5.50%, 9/30/2027 (a)

    16,835,000   17,857,558
Twilio, Inc.:          
3.63%, 3/15/2029

    4,543,000   4,634,996
3.88%, 3/15/2031

    4,310,000   4,427,060
Veritas US, Inc./Veritas Bermuda, Ltd.

7.50%, 9/1/2025 (a)

    14,077,000   14,653,172
          192,744,644
TELECOMMUNICATIONS — 6.0%   
Altice France Holding SA:          
6.00%, 2/15/2028 (a)  (b)

    10,493,000   10,430,357
10.50%, 5/15/2027 (a)

    13,877,000   15,415,959
Altice France SA:          
5.13%, 7/15/2029 (a)

    19,552,000   19,775,479
5.50%, 1/15/2028 (a)

    9,362,000   9,689,670
7.38%, 5/1/2026 (a)

    200   208
8.13%, 2/1/2027 (a)

    15,992,000   17,411,450
See accompanying notes to financial statements.
76


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Avanti Communications Group PLC PIK

9.00%, 10/1/2022 (a)

    $ 1,128,301   $ 189,667
Avaya, Inc.

6.13%, 9/15/2028 (a)  (b)

    9,359,000   10,017,218
Cincinnati Bell, Inc.

7.00%, 7/15/2024 (a)

    5,409,000   5,549,580
CommScope Technologies LLC

5.00%, 3/15/2027 (a)  (b)

    4,941,000   5,053,309
CommScope, Inc.:          
5.50%, 3/1/2024 (a)

    10,498,000   10,808,321
6.00%, 3/1/2026 (a)

    12,943,000   13,666,384
7.13%, 7/1/2028 (a)  (b)

    5,821,000   6,321,490
8.25%, 3/1/2027 (a)

    9,065,000   9,696,468
Connect Finco S.a.r.l./Connect US Finco LLC

6.75%, 10/1/2026 (a)

    17,667,000   18,716,066
Consolidated Communications, Inc.

6.50%, 10/1/2028 (a)  (b)

    7,549,000   8,109,664
Frontier Communications Holdings LLC:          
5.00%, 5/1/2028 (a)

    13,262,000   13,717,682
5.88%, 10/15/2027 (a)  (b)

    8,960,000   9,603,686
5.88%, 11/1/2029

    6,696,000   6,821,014
6.75%, 5/1/2029 (a)  (b)

    8,367,000   8,901,902
GTT Communications, Inc.

7.88%, 12/31/2024 (a)

    3,530,000   365,002
Hughes Satellite Systems Corp.:          
5.25%, 8/1/2026

    6,916,000   7,761,689
6.63%, 8/1/2026 (b)

    7,482,000   8,385,900
Intrado Corp.

8.50%, 10/15/2025 (a)  (b)

    7,670,000   7,493,283
Level 3 Financing, Inc.:          
3.63%, 1/15/2029 (a)

    7,731,000   7,469,847
3.75%, 7/15/2029 (a)

    8,157,000   7,932,275
4.25%, 7/1/2028 (a)

    9,784,000   9,928,216
4.63%, 9/15/2027 (a)

    8,167,000   8,474,161
LogMeIn, Inc.

5.50%, 9/1/2027 (a)

    9,919,000   10,282,829
Lumen Technologies Inc

Series Y, 7.50%, 4/1/2024 (b)

    176,000   197,622
Lumen Technologies, Inc.:          
4.00%, 2/15/2027 (a)

    11,044,000   11,265,211
5.13%, 12/15/2026 (a)  (b)

    10,765,000   11,184,620
5.38%, 6/15/2029 (a)

    9,471,000   9,625,283
See accompanying notes to financial statements.
77


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
4.50%, 1/15/2029 (a)

    $ 10,529,000   $ 10,253,877
Nokia Oyj

4.38%, 6/12/2027 (b)

    2,900,000   3,201,368
Plantronics, Inc.

4.75%, 3/1/2029 (a)  (b)

    4,613,000   4,575,312
QualityTech L.P./QTS Finance Corp.

3.88%, 10/1/2028 (a)

    4,047,000   4,327,295
Sprint Corp.

7.63%, 3/1/2026

    12,648,000   15,472,804
Switch, Ltd.:          
3.75%, 9/15/2028 (a)

    4,929,000   4,982,480
4.13%, 6/15/2029 (a)

    4,305,000   4,413,271
Telesat Canada/Telesat LLC:          
5.63%, 12/6/2026 (a)

    4,341,000   4,355,673
6.50%, 10/15/2027 (a)  (b)

    5,887,000   5,609,134
T-Mobile USA, Inc.:          
2.25%, 2/15/2026

    8,876,000   8,953,399
2.25%, 2/15/2026 (a)

    6,465,000   6,521,310
2.63%, 4/15/2026 (b)

    10,185,000   10,414,264
2.63%, 2/15/2029

    7,806,500   7,711,261
2.88%, 2/15/2031

    8,319,000   8,250,285
3.38%, 4/15/2029

    10,769,000   11,135,684
3.38%, 4/15/2029 (a)

    8,634,000   8,920,217
3.50%, 4/15/2031

    10,964,000   11,329,978
3.50%, 4/15/2031 (a)

    8,737,000   9,016,584
4.50%, 2/1/2026

    8,057,000   8,249,321
4.75%, 2/1/2028

    12,639,000   13,534,726
5.38%, 4/15/2027

    3,465,000   3,690,294
VEON Holdings B.V.:          
3.38%, 11/25/2027 (a)

    10,431,000   10,486,076
4.00%, 4/9/2025 (a)

    5,498,000   5,797,091
Series REGS, 4.95%, 6/16/2024

    7,707,000   8,310,381
Series REGS, 7.25%, 4/26/2023

    3,362,000   3,651,838
ViaSat, Inc.:          
5.63%, 9/15/2025 (a)

    6,432,000   6,552,986
5.63%, 4/15/2027 (a)  (b)

    7,129,000   7,440,466
Vmed O2 UK Financing I PLC:          
4.25%, 1/31/2031 (a)

    10,767,000   10,590,852
4.75%, 7/15/2031 (a)  (d)

    7,537,000   7,648,171
Vodafone Group PLC:          
5 year USD Swap + 4.87%, 7.00%, 4/4/2079 (c)

    11,219,000   13,585,536
5 year CMT + 2.45%, 3.25%, 6/4/2081 (c)

    4,261,000   4,285,288
See accompanying notes to financial statements.
78


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
5 year CMT + 2.77%, 4.13%, 6/4/2081 (c)

    $ 8,393,000   $ 8,367,905
Windstream Escrow LLC/Windstream Escrow Finance Corp.

REGS, 7.75%, 8/15/2028 (a)  (b)

    11,397,000   11,797,149
Zayo Group Holdings,Inc.:          
4.00%, 3/1/2027 (a)

    12,196,000   12,115,750
6.13%, 3/1/2028 (a)

    8,632,000   8,813,963
          584,623,501
TOYS/GAMES/HOBBIES — 0.2%   
Everi Holdings, Inc.

5.00%, 7/15/2029

    585,000   599,602
Mattel, Inc.:          
3.38%, 4/1/2026 (a)

    4,545,000   4,711,756
3.75%, 4/1/2029 (a)  (b)

    4,681,000   4,866,695
5.88%, 12/15/2027 (a)

    5,887,000   6,418,478
          16,596,531
TRANSPORTATION — 0.4%   
Altera Infrastructure L.P./Teekay Offshore Finance Corp.

8.50%, 7/15/2023 (a)

    4,719,000   4,318,451
Cargo Aircraft Management, Inc.

4.75%, 2/1/2028 (a)

    6,260,000   6,409,677
Watco Cos. LLC/Watco Finance Corp.

6.50%, 6/15/2027 (a)

    4,924,000   5,282,763
XPO Logistics, Inc.:          
6.13%, 9/1/2023 (a)

    4,648,000   4,684,208
6.25%, 5/1/2025 (a)

    9,607,000   10,220,887
6.75%, 8/15/2024 (a)

    5,901,000   6,139,341
          37,055,327
TRUCKING & LEASING — 0.1%   
Fortress Transportation and Infrastructure Investors LLC:          
5.50%, 5/1/2028 (a)

    4,069,000   4,238,474
6.50%, 10/1/2025 (a)

    7,200,000   7,476,120
          11,714,594
TOTAL CORPORATE BONDS & NOTES

(Cost $9,578,789,475)

        9,552,438,591
    Shares  
COMMON STOCKS — 0.0% (e)
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% (e)
Avanti Communications Group PLC (g)

9,671,825
See accompanying notes to financial statements.
79


Table of Contents
SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Shares   Value
ENERGY EQUIPMENT & SERVICES — 0.0% (e)  
Weatherford International PLC (h)

  50,978   $ 927,800
HOUSEHOLD PRODUCTS — 0.0% (e)  
Cenveo Enterprises, Inc. (g)

  20,138   201,381
OIL, GAS & CONSUMABLE FUELS — 0.0% (e)  
Amplify Energy Corp. (h)

  136,015   550,861
EP Energy Corp. (h)

  5,918   579,964
Gulfport Energy Operating Corp. (h)

  11,877   768,442
          1,899,267
TRANSPORTATION INFRASTRUCTURE — 0.0% (e)  
ATD New Holdings, Inc. (b)  (h)

  35,050   1,892,700
TOTAL COMMON STOCKS

(Cost $8,797,388)

        4,921,148
SHORT-TERM INVESTMENTS — 6.4%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.05% (i)  (j)

  53,036,212   53,052,122
State Street Navigator Securities Lending Portfolio II (k)  (l)

  564,317,081   564,317,081
TOTAL SHORT-TERM INVESTMENTS

(Cost $617,365,750)

  617,369,203  
TOTAL INVESTMENTS — 104.5%

(Cost $10,204,952,613)

  10,174,728,942  
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.5)%

  (435,996,121)  
NET ASSETS — 100.0%

  $ 9,738,732,821  
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 74.0% of net assets as of June 30, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b) All or a portion of the shares of the security are on loan at June 30, 2021.
(c) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(d) When-issued security.
(e) Amount is less than 0.05% of net assets.
(f) Security is currently in default and/or issuer is in bankruptcy.
(g) 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 June 30, 2021, total aggregate fair value of the securities is $201,381, representing less than 0.05% of the Fund's net assets.
(h) Non-income producing security.
See accompanying notes to financial statements.
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SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

(i) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(j) The rate shown is the annualized seven-day yield at June 30, 2021.
(k) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(l) Investment of cash collateral for securities loaned.
CMT Constant Maturity Treasury
GMTN Global Medium Term Note
LIBOR London Interbank Offered Rate
MTN Medium Term Note
PIK Payment in Kind
REIT Real Estate Investment Trust
SOFR Secured Overnight Financing Rate
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Corporate Bonds & Notes

  $   $9,552,438,591   $   $ 9,552,438,591
Common Stocks

  4,139,803   579,964   201,381   4,921,148
Short-Term Investments

  617,369,203       617,369,203
TOTAL INVESTMENTS

  $621,509,006   $9,553,018,555   $201,381   $10,174,728,942
Affiliate Table
  Number of
Shares Held
at 6/30/20
  Value at
6/30/20
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

81,385,275   $ 81,417,830   $2,342,623,142   $2,370,977,561   $(14,683)   $3,394   53,036,212   $ 53,052,122   $ 81,096
State Street Navigator Securities Lending Portfolio II

1,224,907,425   1,224,907,425   2,478,974,517   3,139,564,861       564,317,081   564,317,081   2,851,021
Total

    $1,306,325,255   $4,821,597,659   $5,510,542,422   $(14,683)   $3,394       $617,369,203   $ 2,932,117
See accompanying notes to financial statements.
81


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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS
June 30, 2021

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 96.7%          
ADVERTISING — 0.4%   
Clear Channel International BV

6.63%, 8/1/2025 (a)

    $ 6,815,000   $ 7,136,395
MDC Partners, Inc.

7.50%, 5/1/2024 (a)  (b)

    9,261,000   9,393,062
Outfront Media Capital LLC/Outfront Media Capital Corp.

6.25%, 6/15/2025 (a)

    3,321,000   3,524,611
          20,054,068
AEROSPACE & DEFENSE — 2.5%   
Howmet Aerospace, Inc.:          
5.13%, 10/1/2024 (c)

    6,345,000   7,003,611
6.88%, 5/1/2025

    11,268,000   13,117,530
Rolls-Royce PLC

3.63%, 10/14/2025 (a)

    8,395,000   8,528,313
Spirit AeroSystems, Inc.:          
5.50%, 1/15/2025 (a)

    5,004,000   5,322,154
7.50%, 4/15/2025 (a)

    13,166,000   14,079,194
SSL Robotics LLC

9.75%, 12/31/2023 (a)

    3,409,000   3,760,161
TransDigm UK Holdings PLC

6.88%, 5/15/2026

    105,000   110,776
TransDigm, Inc.:          
6.25%, 3/15/2026 (a)

    39,183,000   41,330,620
6.38%, 6/15/2026

    3,784,000   3,917,272
8.00%, 12/15/2025 (a)

    9,706,000   10,485,198
Triumph Group, Inc.:          
6.25%, 9/15/2024 (a)  (c)

    7,052,000   7,160,319
7.75%, 8/15/2025

    3,036,000   3,124,833
8.88%, 6/1/2024 (a)

    8,222,000   9,186,934
          127,126,915
AIRLINES — 3.1%   
American Airlines 2013-2 Pass Through Trust

Class A, 4.95%, 1/15/2023

    3,540,445   3,545,649
American Airlines Group, Inc.:          
3.75%, 3/1/2025 (a)  (c)

    5,913,000   5,446,701
5.00%, 6/1/2022 (a)  (c)

    9,011,000   9,018,119
American Airlines, Inc.

11.75%, 7/15/2025 (a)

    22,987,000   28,844,317
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.

5.50%, 4/20/2026 (a)

    26,766,000   28,415,856
See accompanying notes to financial statements.
82


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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Delta Air Lines, Inc.:          
2.90%, 10/28/2024 (c)

    $ 7,080,000   $ 7,206,095
3.63%, 3/15/2022

    15,464,000   15,678,949
3.80%, 4/19/2023

    175,000   181,571
7.38%, 1/15/2026 (c)

    12,385,000   14,535,779
Hawaiian Brand Intellectual Property, Ltd./HawaiianMiles Loyalty, Ltd.

5.75%, 1/20/2026 (a)

    9,492,345   10,187,944
Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd.

8.00%, 9/20/2025 (a)

    3,681,999   4,172,957
United Airlines 2020-1 Class B Pass Through Trust

Series 2020-1, Class B, 4.88%, 1/15/2026

    2,911   3,088
United Airlines Holdings, Inc.:          
4.25%, 10/1/2022

    4,137,900   4,237,334
4.88%, 1/15/2025 (c)

    2,936,000   3,053,000
United Airlines, Inc.

4.38%, 4/15/2026 (a)

    18,679,000   19,337,061
          153,864,420
APPAREL — 0.5%   
Hanesbrands, Inc.:          
4.63%, 5/15/2024 (a)

    7,050,000   7,493,163
4.88%, 5/15/2026 (a)  (c)

    7,150,000   7,723,287
5.38%, 5/15/2025 (a)

    4,746,000   5,023,024
Michael Kors USA, Inc.

4.50%, 11/1/2024 (a)

    100,000   105,926
Under Armour, Inc.

3.25%, 6/15/2026 (c)

    2,230,000   2,312,265
William Carter Co.

5.50%, 5/15/2025 (a)

    3,279,000   3,466,755
          26,124,420
AUTO MANUFACTURERS — 3.3%   
Aston Martin Capital Holdings, Ltd. PIK

10.50%, 11/30/2025 (a)  (c)

    8,278,000   9,219,374
Ford Motor Co.:          
8.50%, 4/21/2023

    15,113,000   16,865,352
9.00%, 4/22/2025

    11,272,000   13,890,035
Ford Motor Credit Co. LLC:          
2.98%, 8/3/2022

    5,729,000   5,807,831
3.09%, 1/9/2023

    8,288,000   8,455,749
3.10%, 5/4/2023

    2,914,000   2,973,096
3.22%, 1/9/2022

    769,000   776,867
See accompanying notes to financial statements.
83


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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
3.34%, 3/28/2022

    $ 1,804,000   $ 1,829,761
3.35%, 11/1/2022

    5,316,000   5,445,923
3.37%, 11/17/2023

    263,000   272,820
3.38%, 11/13/2025

    4,139,000   4,291,977
3.66%, 9/8/2024

    2,422,000   2,538,426
3.81%, 10/12/2021

    5,084,000   5,122,130
3.81%, 1/9/2024

    2,436,000   2,545,839
4.06%, 11/1/2024

    1,085,000   1,153,778
4.13%, 8/4/2025

    4,915,000   5,245,779
4.14%, 2/15/2023

    2,279,000   2,360,907
4.25%, 9/20/2022

    6,290,000   6,503,420
4.38%, 8/6/2023

    125,000   131,970
4.69%, 6/9/2025

    1,601,000   1,732,474
5.13%, 6/16/2025

    5,389,000   5,932,804
5.58%, 3/18/2024

    4,916,000   5,384,249
5.60%, 1/7/2022

    8,496,000   8,675,351
5.88%, 8/2/2021

    3,027,000   3,038,200
Series GMTN, 4.39%, 1/8/2026

    2,134,000   2,303,440
Jaguar Land Rover Automotive PLC:          
5.63%, 2/1/2023 (a)  (c)

    4,198,000   4,213,743
7.75%, 10/15/2025 (a)

    5,674,000   6,228,520
JB Poindexter & Co., Inc.

7.13%, 4/15/2026 (a)

    1,791,000   1,892,227
Navistar International Corp.:          
6.63%, 11/1/2025 (a)

    10,043,000   10,375,725
9.50%, 5/1/2025 (a)  (c)

    4,122,000   4,415,693
Stellantis NV

5.25%, 4/15/2023

    3,056,000   3,295,132
Tesla, Inc.

5.30%, 8/15/2025 (a)

    14,625,000   15,108,941
          168,027,533
AUTO PARTS & EQUIPMENT — 1.2%   
Adient US LLC

9.00%, 4/15/2025 (a)

    3,775,000   4,154,161
American Axle & Manufacturing, Inc.:          
6.25%, 4/1/2025 (c)

    7,922,000   8,194,041
6.25%, 3/15/2026 (c)

    4,149,000   4,278,781
Clarios Global L.P.

6.75%, 5/15/2025 (a)

    8,310,000   8,866,271
Clarios Global L.P./Clarios US Finance Co.

6.25%, 5/15/2026 (a)

    3,872,000   4,123,951
See accompanying notes to financial statements.
84


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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Dana Financing Luxembourg Sarl

5.75%, 4/15/2025 (a)

    $ 3,655,000   $ 3,770,864
Goodyear Tire & Rubber Co.:          
5.00%, 5/31/2026 (c)

    5,068,000   5,207,167
9.50%, 5/31/2025

    8,132,000   9,088,486
ZF North America Capital, Inc.:          
4.50%, 4/29/2022 (a)

    9,373,000   9,631,507
4.75%, 4/29/2025 (a)

    3,858,000   4,171,154
          61,486,383
BANKS — 1.9%   
CIT Group, Inc.:          
4.75%, 2/16/2024

    4,469,000   4,843,815
5.00%, 8/15/2022

    12,155,000   12,698,693
5.00%, 8/1/2023

    10,889,000   11,771,989
5.25%, 3/7/2025

    8,186,000   9,212,852
Commerzbank AG

8.13%, 9/19/2023 (a)  (c)

    5,368,000   6,101,161
Deutsche Bank AG

4.50%, 4/1/2025 (c)

    10,081,000   10,882,137
Freedom Mortgage Corp.:          
6.63%, 1/15/2027 (a)  (d)

    5,370,000   5,404,743
7.63%, 5/1/2026 (a)

    4,076,000   4,238,999
8.13%, 11/15/2024 (a)

    5,809,000   5,999,884
8.25%, 4/15/2025 (a)

    258,000   269,288
Intesa Sanpaolo SpA:          
5.02%, 6/26/2024 (a)

    11,879,000   12,907,365
5.71%, 1/15/2026 (a)

    10,809,000   12,146,506
          96,477,432
BUILDING MATERIALS — 0.3%   
APi Group DE, Inc.

4.13%, 7/15/2029 (a)

    2,125,000   2,114,906
Forterra Finance LLC/FRTA Finance Corp.

6.50%, 7/15/2025 (a)

    5,339,000   5,759,126
Jeld-Wen, Inc.

4.63%, 12/15/2025 (a)

    1,925,000   1,968,197
Koppers, Inc.

6.00%, 2/15/2025 (a)

    1,520,000   1,566,345
PGT Escrow Issuer, Inc.

6.75%, 8/1/2026 (a)

    1,075,000   1,133,018
          12,541,592
See accompanying notes to financial statements.
85


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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
CHEMICALS — 2.3%   
Ashland LLC

4.75%, 8/15/2022

    $ 893,000   $ 922,683
CF Industries, Inc.

3.45%, 6/1/2023

    6,492,000   6,788,555
Chemours Co.

7.00%, 5/15/2025 (c)

    4,549,000   4,692,566
Consolidated Energy Finance SA:          
6.50%, 5/15/2026 (a)

    4,708,000   4,765,155
6.88%, 6/15/2025 (a)

    6,812,000   6,936,523
Cornerstone Chemical Co.

6.75%, 8/15/2024 (a)  (c)

    5,468,000   5,146,646
CVR Partners L.P./CVR Nitrogen Finance Corp.

9.25%, 6/15/2023 (a)

    1,045,000   1,047,111
Eurochem Finance DAC

Series REGS, 5.50%, 3/13/2024

    3,249,000   3,540,565
GCP Applied Technologies, Inc.

5.50%, 4/15/2026 (a)

    975,000   1,002,300
INEOS Group Holdings SA

5.63%, 8/1/2024 (a)

    5,001,000   5,018,404
INEOS Quattro Finance 2 PLC

3.38%, 1/15/2026 (a)

    6,654,000   6,721,205
Kraton Polymers LLC/Kraton Polymers Capital Corp.

4.25%, 12/15/2025 (a)  (c)

    2,079,000   2,120,351
Neon Holdings, Inc.

10.13%, 4/1/2026 (a)

    4,866,000   5,292,505
OCI NV:          
4.63%, 10/15/2025 (a)

    990,000   1,033,322
5.25%, 11/1/2024 (a)

    2,763,000   2,845,420
Olin Corp.

9.50%, 6/1/2025 (a)  (c)

    6,265,000   7,805,814
Rain CII Carbon LLC/CII Carbon Corp.

7.25%, 4/1/2025 (a)

    7,195,000   7,428,262
Rayonier AM Products, Inc.:          
5.50%, 6/1/2024 (a)  (c)

    3,155,000   3,034,037
7.63%, 1/15/2026 (a)

    11,737,000   12,235,940
SPCM SA

4.88%, 9/15/2025 (a)

    5,651,000   5,784,364
TPC Group, Inc.

10.50%, 8/1/2024 (a)

    9,699,000   9,109,398
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc.

5.38%, 9/1/2025 (a)

    3,846,000   3,935,073
See accompanying notes to financial statements.
86


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Tronox, Inc.

6.50%, 5/1/2025 (a)

    $ 6,303,000   $ 6,688,807
Venator Finance Sarl/Venator Materials LLC

5.75%, 7/15/2025 (a)

    4,480,000   4,417,370
          118,312,376
COAL — 0.3%   
Alliance Resource Operating Partners L.P./Alliance Resource Finance Corp.

7.50%, 5/1/2025 (a)  (c)

    1,413,000   1,380,840
Coronado Finance Pty, Ltd.

10.75%, 5/15/2026 (a)  (c)

    2,660,000   2,829,256
Peabody Energy Corp.

6.38%, 3/31/2025 (a)  (c)

    5,591,000   4,118,443
SunCoke Energy Partners L.P./SunCoke Energy Partners Finance Corp.

7.50%, 6/15/2025 (a)

    6,312,000   6,554,633
          14,883,172
COMMERCIAL SERVICES — 3.0%   
ADT Security Corp.:          
3.50%, 7/15/2022

    12,079,100   12,321,407
4.13%, 6/15/2023

    3,309,000   3,481,961
Ahern Rentals, Inc.

7.38%, 5/15/2023 (a)  (c)

    4,519,000   4,094,847
Algeco Global Finance PLC

8.00%, 2/15/2023 (a)

    4,023,000   4,149,161
Allied Universal Holdco LLC/Allied Universal Finance Corp.

6.63%, 7/15/2026 (a)

    1,955,000   2,072,926
APTIM Corp.

7.75%, 6/15/2025 (a)

    120,000   105,218
APX Group, Inc.:          
7.63%, 9/1/2023

    2,828,000   2,905,487
7.88%, 12/1/2022

    5,708,000   5,729,234
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.

5.25%, 3/15/2025 (a)  (c)

    1,048,000   1,066,675
Brink's Co.

5.50%, 7/15/2025 (a)

    2,037,000   2,162,601
Cimpress PLC

7.00%, 6/15/2026 (a)

    4,210,000   4,437,551
CoreCivic, Inc.

8.25%, 4/15/2026

    4,086,000   4,243,842
See accompanying notes to financial statements.
87


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
IHS Markit, Ltd.:          
3.63%, 5/1/2024

    $ 7,266,000   $ 7,800,560
4.00%, 3/1/2026 (a)

    2,300,000   2,551,183
4.13%, 8/1/2023

    393,000   420,152
4.75%, 2/15/2025 (a)

    4,770,000   5,336,676
5.00%, 11/1/2022 (a)

    9,113,000   9,542,040
Jaguar Holding Co. II/PPD Development L.P.

4.63%, 6/15/2025 (a)

    5,392,000   5,670,551
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer, Inc.

5.00%, 2/1/2026 (a)

    2,794,000   2,912,410
Nielsen Co. Luxembourg SARL

5.00%, 2/1/2025 (a)  (c)

    7,569,000   7,784,565
Prime Security Services Borrower LLC/Prime Finance, Inc.:          
5.25%, 4/15/2024 (a)

    9,004,000   9,647,246
5.75%, 4/15/2026 (a)

    11,577,000   12,806,477
Ritchie Bros Auctioneers, Inc.

5.38%, 1/15/2025 (a)

    6,291,000   6,474,257
Sabre GLBL, Inc.:          
7.38%, 9/1/2025 (a)

    3,005,000   3,266,495
9.25%, 4/15/2025 (a)

    12,955,000   15,402,200
Square, Inc.

2.75%, 6/1/2026 (a)

    6,450,000   6,562,230
Team Health Holdings, Inc.

6.38%, 2/1/2025 (a)

    7,467,000   7,107,688
          150,055,640
COMPUTERS — 1.8%   
Dell International LLC/EMC Corp.

7.13%, 6/15/2024 (a)

    16,513,000   16,936,889
Diebold Nixdorf, Inc.:          
8.50%, 4/15/2024 (c)

    3,396,000   3,475,432
9.38%, 7/15/2025 (a)

    9,386,000   10,397,905
EMC Corp.

3.38%, 6/1/2023

    7,737,000   8,029,536
Exela Intermediate LLC/Exela Finance, Inc.

10.00%, 7/15/2023 (a)

    8,292,000   5,431,260
NCR Corp.

8.13%, 4/15/2025 (a)

    746,000   814,498
Seagate HDD Cayman:          
4.75%, 1/1/2025 (c)

    1,100,000   1,209,626
4.88%, 3/1/2024

    6,208,000   6,720,656
See accompanying notes to financial statements.
88


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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.

6.75%, 6/1/2025 (a)

    $ 12,544,000   $ 12,755,743
Vericast Corp.

8.38%, 8/15/2022 (a)  (c)

    346,000   351,065
Western Digital Corp.

4.75%, 2/15/2026 (c)

    21,559,000   23,958,948
          90,081,558
COSMETICS/PERSONAL CARE — 0.6%   
Avon Products, Inc.

6.50%, 3/15/2023 (c)

    6,100,000   6,565,613
Coty, Inc.:          
5.00%, 4/15/2026 (a)

    11,604,000   11,772,142
6.50%, 4/15/2026 (a)  (c)

    3,803,000   3,850,689
Oriflame Investment Holding PLC

5.13%, 5/4/2026 (a)  (c)

    3,492,000   3,588,065
Revlon Consumer Products Corp.

6.25%, 8/1/2024

    4,643,000   2,093,018
          27,869,527
DISTRIBUTION & WHOLESALE — 0.7%   
Avient Corp.:          
5.25%, 3/15/2023

    1,628,000   1,742,302
5.75%, 5/15/2025 (a)

    8,034,000   8,500,856
Core & Main L.P.

6.13%, 8/15/2025 (a)

    2,344,000   2,390,880
G-III Apparel Group, Ltd.

7.88%, 8/15/2025 (a)  (c)

    4,465,000   4,850,195
KAR Auction Services, Inc.

5.13%, 6/1/2025 (a)  (c)

    8,959,000   9,191,307
Performance Food Group, Inc.

5.50%, 6/1/2024 (a)

    3,898,000   3,904,860
Wolverine Escrow LLC

8.50%, 11/15/2024 (a)

    5,264,000   5,132,137
          35,712,537
DIVERSIFIED FINANCIAL SERVICES — 4.1%   
Ally Financial, Inc.

5.75%, 11/20/2025 (c)

    10,508,000   12,052,886
Credit Acceptance Corp.:          
5.13%, 12/31/2024 (a)

    3,196,000   3,318,055
6.63%, 3/15/2026

    1,332,000   1,407,298
Curo Group Holdings Corp.

8.25%, 9/1/2025 (a)

    6,838,000   7,104,067
See accompanying notes to financial statements.
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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Enact Holdings, Inc.

6.50%, 8/15/2025 (a)

    $ 7,384,000   $ 8,136,577
Enova International, Inc.

8.50%, 9/15/2025 (a)

    923,000   956,782
Fairstone Financial, Inc.

7.88%, 7/15/2024 (a)

    5,224,000   5,446,751
Finance of America Funding LLC

7.88%, 11/15/2025 (a)

    4,619,000   4,624,820
FS Energy & Power Fund

7.50%, 8/15/2023 (a)

    1,041,000   1,074,489
Global Aircraft Leasing Co., Ltd.

6.50%, 9/15/2024 (a)

    16,404,100   16,451,672
goeasy, Ltd.

5.38%, 12/1/2024 (a)

    3,082,000   3,191,411
Home Point Capital, Inc.

5.00%, 2/1/2026 (a)  (c)

    8,272,000   7,715,046
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.

6.75%, 2/1/2024

    193,000   197,146
LD Holdings Group LLC

6.50%, 11/1/2025 (a)

    3,678,000   3,760,203
Navient Corp.:          
5.50%, 1/25/2023

    4,197,000   4,424,897
5.88%, 10/25/2024

    3,565,000   3,854,086
6.50%, 6/15/2022

    10,839,000   11,302,367
6.75%, 6/25/2025

    7,136,000   7,898,410
6.75%, 6/15/2026

    5,519,000   6,159,370
7.25%, 9/25/2023

    1,752,000   1,944,860
Series MTN, 6.13%, 3/25/2024

    9,805,000   10,596,950
Series MTN, 7.25%, 1/25/2022

    7,151,000   7,407,506
OneMain Finance Corp.:          
3.50%, 1/15/2027

    480,000   484,142
6.13%, 5/15/2022

    8,386,000   8,731,755
6.13%, 3/15/2024

    13,399,000   14,423,622
6.88%, 3/15/2025

    16,046,000   18,107,590
7.13%, 3/15/2026

    12,534,000   14,605,369
8.88%, 6/1/2025

    1,562,000   1,730,962
PennyMac Financial Services, Inc.

5.38%, 10/15/2025 (a)

    1,354,000   1,425,112
PHH Mortgage Corp.

7.88%, 3/15/2026 (a)  (c)

    5,891,000   6,085,521
SLM Corp.

4.20%, 10/29/2025

    6,000   6,449
See accompanying notes to financial statements.
90


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
TMX Finance LLC/TitleMax Finance Corp.

11.13%, 4/1/2023 (a)

    $ 1,613,000   $ 1,644,050
United Wholesale Mortgage LLC

5.50%, 11/15/2025 (a)

    5,685,000   5,885,396
VistaJet Malta Finance PLC/XO Management Holding, Inc.

10.50%, 6/1/2024 (a)

    4,175,000   4,549,623
          206,705,240
ELECTRIC — 1.3%   
Calpine Corp.

5.25%, 6/1/2026 (a)

    8,962,000   9,217,955
DPL, Inc.

4.13%, 7/1/2025

    5,654,000   6,061,993
Drax Finco PLC

6.63%, 11/1/2025 (a)

    6,675,000   6,903,085
FirstEnergy Corp.:          
Series A, 3.35%, 7/15/2022

    6,970,000   7,083,402
Series B, 4.75%, 3/15/2023

    4,475,000   4,709,266
FirstEnergy Transmission LLC

4.35%, 1/15/2025 (a)

    944,000   1,035,955
InterGen NV

7.00%, 6/30/2023 (a)  (c)

    412,000   407,447
Leeward Renewable Energy Operations LLC

4.25%, 7/1/2029 (a)  (d)

    1,650,000   1,676,482
NextEra Energy Operating Partners L.P.:          
4.25%, 7/15/2024 (a)

    6,696,000   7,061,066
4.25%, 9/15/2024 (a)

    69,000   73,043
NRG Energy, Inc.

7.25%, 5/15/2026

    8,484,000   8,813,009
Talen Energy Supply LLC:          
6.50%, 6/1/2025 (c)

    4,793,000   3,177,280
10.50%, 1/15/2026 (a)  (c)

    6,826,000   4,975,062
Terraform Global Operating LLC

6.13%, 3/1/2026 (a)

    881,000   907,536
TransAlta Corp.

4.50%, 11/15/2022

    1,078,000   1,117,099
          63,219,680
ELECTRICAL COMPONENTS & EQUIPMENT — 0.3%   
WESCO Distribution, Inc.:          
5.38%, 6/15/2024

    632,000   640,494
7.13%, 6/15/2025 (a)

    14,487,000   15,657,405
          16,297,899
See accompanying notes to financial statements.
91


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
ELECTRONICS — 0.4%   
Brightstar Escrow Corp.

9.75%, 10/15/2025 (a)

    $ 4,139,000   $ 4,462,794
Ingram Micro, Inc.

5.45%, 12/15/2024

    2,464,000   2,803,736
Sensata Technologies B.V.:          
4.88%, 10/15/2023 (a)

    5,362,000   5,758,627
5.00%, 10/1/2025 (a)

    4,555,999   5,074,199
5.63%, 11/1/2024 (a)

    3,170,000   3,535,406
          21,634,762
ENERGY-ALTERNATE SOURCES — 0.3%   
Enviva Partners L.P./Enviva Partners Finance Corp.

6.50%, 1/15/2026 (a)

    8,333,000   8,709,068
TerraForm Power Operating LLC

4.25%, 1/31/2023 (a)

    4,706,875   4,846,669
          13,555,737
ENGINEERING & CONSTRUCTION — 0.5%   
Abengoa Abenewco 2 SAU PIK

1.50%, 10/26/2024 (a)  (e)

    4,521,313   22,607
Brand Industrial Services, Inc.

8.50%, 7/15/2025 (a)  (c)

    7,927,000   8,081,418
Brundage-Bone Concrete Pumping Holdings, Inc.

6.00%, 2/1/2026 (a)

    2,129,000   2,245,946
Fluor Corp.

3.50%, 12/15/2024 (c)

    2,471,000   2,607,696
New Enterprise Stone & Lime Co., Inc.

6.25%, 3/15/2026 (a)

    1,797,000   1,853,641
PowerTeam Services LLC

9.03%, 12/4/2025 (a)

    11,028,000   12,131,020
Tutor Perini Corp.

6.88%, 5/1/2025 (a)  (c)

    200,000   206,916
          27,149,244
ENTERTAINMENT — 3.7%   
AMC Entertainment Holdings, Inc.

10.50%, 4/15/2025 (a)  (c)

    5,505,000   5,980,577
Caesars Entertainment, Inc.

6.25%, 7/1/2025 (a)

    28,593,000   30,329,167
Caesars Resort Collection LLC/CRC Finco, Inc.

5.75%, 7/1/2025 (a)

    11,268,000   11,873,655
See accompanying notes to financial statements.
92


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp.

5.38%, 6/1/2024 (c)

    $ 1,983,000   $ 2,004,040
Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp./Millennium Op

5.50%, 5/1/2025 (a)

    9,175,000   9,593,380
Cinemark USA, Inc.

5.88%, 3/15/2026 (a)  (c)

    6,717,000   7,045,394
Cirsa Finance International Sarl

7.88%, 12/20/2023 (a)

    1,778,000   1,812,120
CRC Escrow Issuer LLC/CRC Finco, Inc.

5.25%, 10/15/2025 (a)

    13,288,000   13,459,017
International Game Technology PLC:          
4.13%, 4/15/2026 (a)

    4,870,000   5,071,715
6.50%, 2/15/2025 (a)  (c)

    12,939,000   14,477,188
Jacobs Entertainment, Inc.

7.88%, 2/1/2024 (a)

    864,000   901,135
Live Nation Entertainment, Inc.

4.88%, 11/1/2024 (a)

    5,670,000   5,770,699
Merlin Entertainments PLC

5.75%, 6/15/2026 (a)

    2,922,000   3,072,074
Mohegan Gaming & Entertainment

8.00%, 2/1/2026 (a)

    12,829,000   13,401,558
Scientific Games International, Inc.:          
5.00%, 10/15/2025 (a)

    11,988,000   12,375,212
8.25%, 3/15/2026 (a)

    5,796,000   6,224,209
8.63%, 7/1/2025 (a)

    8,310,000   9,094,713
SeaWorld Parks & Entertainment, Inc.

9.50%, 8/1/2025 (a)

    2,604,000   2,802,269
Six Flags Entertainment Corp.

4.88%, 7/31/2024 (a)

    9,895,000   9,991,476
Six Flags Theme Parks, Inc.

7.00%, 7/1/2025 (a)

    8,510,000   9,171,227
Vail Resorts, Inc.

6.25%, 5/15/2025 (a)

    126,000   134,835
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.

7.75%, 4/15/2025 (a)

    9,479,000   10,213,338
          184,798,998
ENVIRONMENTAL CONTROL — 0.7%   
Covanta Holding Corp.

5.88%, 7/1/2025

    5,849,000   6,049,855
See accompanying notes to financial statements.
93


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
GFL Environmental, Inc.:          
3.75%, 8/1/2025 (a)

    $ 9,067,000   $ 9,314,801
4.25%, 6/1/2025 (a)  (c)

    4,859,000   5,059,191
Stericycle, Inc.

5.38%, 7/15/2024 (a)  (c)

    8,888,000   9,132,864
Tervita Corp.

11.00%, 12/1/2025 (a)

    5,017,000   5,613,521
Waste Pro USA, Inc.

5.50%, 2/15/2026 (a)

    1,963,000   2,027,269
          37,197,501
FOOD — 2.1%   
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC:          
3.25%, 3/15/2026 (a)

    5,347,000   5,444,155
3.50%, 2/15/2023 (a)

    9,911,000   10,186,526
7.50%, 3/15/2026 (a)

    5,050,000   5,538,537
B&G Foods, Inc.

5.25%, 4/1/2025 (c)

    10,093,000   10,377,219
Chobani LLC/Chobani Finance Corp., Inc.

7.50%, 4/15/2025 (a)

    5,772,000   6,004,612
Del Monte Foods, Inc.

11.88%, 5/15/2025 (a)

    3,498,000   3,989,469
FAGE International SA/FAGE USA Dairy Industry, Inc.

5.63%, 8/15/2026 (a)

    2,626,000   2,708,509
Fresh Market, Inc.

9.75%, 5/1/2023 (a)

    6,593,000   6,794,020
JBS USA Food Co.

7.00%, 1/15/2026 (a)

    7,792,000   8,260,221
Kraft Heinz Foods Co.:          
3.00%, 6/1/2026

    10,220,000   10,887,366
3.50%, 6/6/2022

    3,776,000   3,869,607
3.95%, 7/15/2025

    7,100,000   7,904,146
Lamb Weston Holdings, Inc.

4.63%, 11/1/2024 (a)

    5,785,000   5,983,541
Sigma Holdco B.V.

7.88%, 5/15/2026 (a)  (c)

    4,494,000   4,564,646
US Foods, Inc.

6.25%, 4/15/2025 (a)

    11,337,000   12,028,670
          104,541,244
See accompanying notes to financial statements.
94


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
FOOD SERVICE — 0.3%   
Aramark Services, Inc.:          
5.00%, 4/1/2025 (a)

    $ 4,239,000   $ 4,346,416
6.38%, 5/1/2025 (a)  (c)

    11,481,000   12,195,922
          16,542,338
GAS — 0.4%   
AmeriGas Partners L.P./AmeriGas Finance Corp.:          
5.50%, 5/20/2025

    8,283,000   9,116,104
5.63%, 5/20/2024

    9,919,000   10,856,842
Rockpoint Gas Storage Canada, Ltd.

7.00%, 3/31/2023 (a)

    1,142,000   1,168,186
          21,141,132
HAND & MACHINE TOOLS — 0.0% (f)  
Colfax Corp.

6.38%, 2/15/2026 (a)

    148,000   156,476
HEALTH CARE SERVICES — 4.3%   
Air Methods Corp.

8.00%, 5/15/2025 (a)

    5,810,000   5,490,566
Akumin, Inc.

7.00%, 11/1/2025 (a)  (c)

    8,256,000   8,560,729
Centene Corp.:          
5.38%, 6/1/2026 (a)

    9,327,000   9,746,528
5.38%, 8/15/2026 (a)

    1,390,000   1,452,689
CHS/Community Health Systems, Inc.:          
6.63%, 2/15/2025 (a)

    13,414,000   14,178,061
8.00%, 3/15/2026 (a)

    19,112,000   20,595,282
Encompass Health Corp.

5.75%, 9/15/2025

    701,000   721,154
Global Medical Response, Inc.

6.50%, 10/1/2025 (a)

    4,912,000   5,048,652
HCA, Inc.:          
5.38%, 2/1/2025

    21,922,000   24,726,701
5.88%, 5/1/2023

    12,443,000   13,511,854
5.88%, 2/15/2026

    10,097,000   11,683,844
Legacy LifePoint Health LLC

6.75%, 4/15/2025 (a)

    3,555,000   3,786,537
ModivCare, Inc.

5.88%, 11/15/2025 (a)

    4,509,000   4,824,495
Molina Healthcare, Inc.

5.38%, 11/15/2022

    6,151,000   6,442,373
See accompanying notes to financial statements.
95


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Prime Healthcare Services, Inc.

7.25%, 11/1/2025 (a)

    $ 6,666,000   $ 7,219,745
RP Escrow Issuer LLC

5.25%, 12/15/2025 (a)

    7,632,000   7,971,929
Surgery Center Holdings, Inc.

6.75%, 7/1/2025 (a)  (c)

    20,000   20,397
Tenet Healthcare Corp.:          
4.63%, 7/15/2024

    14,767,000   14,983,337
4.63%, 9/1/2024 (a)

    11,259,000   11,554,436
4.88%, 1/1/2026 (a)

    11,589,000   12,004,582
6.75%, 6/15/2023

    17,615,000   19,181,502
7.50%, 4/1/2025 (a)

    9,752,000   10,521,043
US Acute Care Solutions LLC

6.38%, 3/1/2026 (a)

    4,073,000   4,209,771
          218,436,207
HOLDING COMPANIES-DIVERSIFIED — 0.2%   
Stena AB

7.00%, 2/1/2024 (a)  (c)

    2,618,000   2,753,796
Stena International SA:          
5.75%, 3/1/2024 (a)

    320,000   330,761
6.13%, 2/1/2025 (a)

    5,863,000   6,088,198
          9,172,755
HOME BUILDERS — 0.6%   
Empire Communities Corp.

7.00%, 12/15/2025 (a)

    6,855,000   7,224,896
Forestar Group, Inc.

3.85%, 5/15/2026 (a)

    5,456,000   5,513,288
KB Home:          
7.50%, 9/15/2022

    3,116,000   3,347,020
7.63%, 5/15/2023

    916,000   995,619
Picasso Finance Sub, Inc.

6.13%, 6/15/2025 (a)

    3,013,000   3,189,984
Taylor Morrison Communities, Inc./Taylor Morrison Holdings II, Inc.

5.88%, 4/15/2023 (a)

    2,548,000   2,720,984
Toll Brothers Finance Corp.:          
4.38%, 4/15/2023

    2,901,660   3,035,775
4.88%, 11/15/2025

    379,000   424,957
5.88%, 2/15/2022

    3,932,000   4,012,645
See accompanying notes to financial statements.
96


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
TRI Pointe Group, Inc./TRI Pointe Homes, Inc.

5.88%, 6/15/2024

    $ 1,347,000   $ 1,498,214
          31,963,382
HOME FURNISHINGS — 0.2%   
WASH Multifamily Acquisition, Inc.

5.75%, 4/15/2026 (a)

    11,090,000   11,581,065
HOUSEHOLD PRODUCTS & WARES — 0.1%   
Spectrum Brands, Inc.

5.75%, 7/15/2025

    6,320,000   6,481,729
HOUSEWARES — 0.9%   
CD&R Smokey Buyer, Inc.

6.75%, 7/15/2025 (a)

    6,598,000   7,069,031
Newell Brands, Inc.:          
4.35%, 4/1/2023

    10,451,000   10,981,702
4.70%, 4/1/2026

    19,040,000   21,228,077
4.88%, 6/1/2025

    6,600,000   7,312,734
          46,591,544
INSURANCE — 1.0%   
Acrisure LLC/Acrisure Finance, Inc.

7.00%, 11/15/2025 (a)

    11,361,000   11,617,191
AssuredPartners, Inc.

7.00%, 8/15/2025 (a)

    5,987,000   6,112,428
Genworth Holdings, Inc.:          
7.63%, 9/24/2021 (c)

    3,987,000   4,047,563
Series ., 4.80%, 2/15/2024 (c)

    3,199,000   3,198,424
Series ., 4.90%, 8/15/2023 (c)

    3,908,000   3,919,489
HUB International, Ltd.

7.00%, 5/1/2026 (a)

    8,245,000   8,548,911
NMI Holdings, Inc.

7.38%, 6/1/2025 (a)

    3,906,000   4,473,776
Radian Group, Inc.:          
4.50%, 10/1/2024

    2,357,000   2,524,559
6.63%, 3/15/2025

    645,000   728,798
USI, Inc.

6.88%, 5/1/2025 (a)

    4,875,000   4,964,797
          50,135,936
See accompanying notes to financial statements.
97


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
INTERNET — 1.3%   
Cogent Communications Group, Inc.:          
3.50%, 5/1/2026 (a)

    $ 7,729,000   $ 7,910,863
5.38%, 3/1/2022 (a)  (c)

    1,907,000   1,937,073
Netflix, Inc.:          
3.63%, 6/15/2025 (a)  (c)

    5,827,000   6,274,222
5.50%, 2/15/2022

    9,951,000   10,236,594
5.75%, 3/1/2024

    3,321,000   3,726,328
5.88%, 2/15/2025 (c)

    9,016,000   10,414,021
NortonLifeLock, Inc.:          
3.95%, 6/15/2022 (c)

    137,000   139,536
5.00%, 4/15/2025 (a)

    6,817,000   6,903,576
TripAdvisor, Inc.

7.00%, 7/15/2025 (a)  (c)

    6,366,000   6,859,556
Uber Technologies, Inc.

7.50%, 5/15/2025 (a)

    9,001,000   9,712,349
          64,114,118
INVESTMENT COMPANY SECURITY — 0.6%   
Icahn Enterprises L.P./Icahn Enterprises Finance Corp.:          
4.75%, 9/15/2024

    12,476,000   13,051,518
6.25%, 5/15/2026

    7,362,000   7,810,051
6.38%, 12/15/2025

    10,372,000   10,717,388
          31,578,957
IRON/STEEL — 0.9%   
Allegheny Technologies, Inc.

7.88%, 8/15/2023

    5,600,000   6,164,312
ArcelorMittal SA:          
3.60%, 7/16/2024 (c)

    3,335,000   3,576,521
4.55%, 3/11/2026

    4,969,000   5,626,100
Cleveland-Cliffs, Inc.:          
6.75%, 3/15/2026 (a)

    11,670,000   12,576,876
9.88%, 10/17/2025 (a)

    4,829,000   5,648,529
United States Steel Corp.:          
6.25%, 3/15/2026 (c)

    3,110,000   3,202,927
6.88%, 8/15/2025 (c)

    8,539,000   8,734,031
          45,529,296
LEISURE TIME — 3.5%   
24 Hour Fitness Worldwide, Inc.

8.00%, 6/1/2022 (a)  (g)

    1,771,000   9,918
See accompanying notes to financial statements.
98


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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Carlson Travel, Inc.:          
6.75%, 12/15/2025 (a)  (c)

    $ 3,260,653   $ 2,997,714
11.50%, 12/15/2026 (a)

    1,749,937   877,383
Carnival Corp.:          
7.63%, 3/1/2026 (a)

    14,081,000   15,342,798
10.50%, 2/1/2026 (a)  (c)

    10,271,000   11,980,916
11.50%, 4/1/2023 (a)

    31,134,000   35,154,956
Constellation Merger Sub, Inc.

8.50%, 9/15/2025 (a)

    1,560,000   1,540,500
Life Time, Inc.:          
5.75%, 1/15/2026 (a)

    12,503,000   12,955,359
8.00%, 4/15/2026 (a)

    1,665,000   1,780,984
NCL Corp., Ltd.:          
3.63%, 12/15/2024 (a)  (c)

    4,108,000   3,964,959
5.88%, 3/15/2026 (a)

    9,244,000   9,683,275
10.25%, 2/1/2026 (a)

    11,581,000   13,551,855
12.25%, 5/15/2024 (a)

    2,750,000   3,320,102
Royal Caribbean Cruises, Ltd.:          
4.25%, 7/1/2026 (a)  (c)

    3,780,000   3,775,275
5.25%, 11/15/2022

    8,856,000   9,134,256
9.13%, 6/15/2023 (a)

    7,690,000   8,441,467
10.88%, 6/1/2023 (a)

    9,632,000   10,981,925
11.50%, 6/1/2025 (a)

    20,359,000   23,488,178
Viking Cruises, Ltd.

13.00%, 5/15/2025 (a)

    6,133,000   7,212,653
          176,194,473
LODGING — 2.8%   
Boyd Gaming Corp.

8.63%, 6/1/2025 (a)

    5,485,000   6,040,960
Diamond Resorts International, Inc.:          
7.75%, 9/1/2023 (a)  (c)

    9,383,000   9,659,986
10.75%, 9/1/2024 (a)

    3,609,000   3,755,525
Hilton Domestic Operating Co., Inc.

5.38%, 5/1/2025 (a)

    3,678,000   3,873,817
Marriott Ownership Resorts, Inc.

6.13%, 9/15/2025 (a)

    7,395,000   7,861,772
Melco Resorts Finance, Ltd.:          
4.88%, 6/6/2025 (a)

    8,404,000   8,615,276
Series REGS, 4.88%, 6/6/2025

    585,000   599,707
MGM China Holdings, Ltd.:          
5.25%, 6/18/2025 (a)

    120,000   124,656
See accompanying notes to financial statements.
99


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
5.38%, 5/15/2024 (a)

    $ 11,333,000   $ 11,631,398
5.88%, 5/15/2026 (a)

    4,145,000   4,346,074
MGM Resorts International:          
5.75%, 6/15/2025

    8,917,000   9,833,133
6.00%, 3/15/2023

    10,533,000   11,263,463
6.75%, 5/1/2025

    6,156,000   6,591,291
7.75%, 3/15/2022

    13,865,000   14,490,034
Studio City Finance, Ltd.

6.00%, 7/15/2025 (a)  (c)

    2,571,000   2,704,023
Travel + Leisure Co.:          
3.90%, 3/1/2023

    19,000   19,617
6.60%, 10/1/2025

    2,707,000   3,058,017
Universal Entertainment Corp.

8.50%, 12/11/2024 (a)

    4,959,000   5,220,141
Wyndham Destinations, Inc.

4.25%, 3/1/2022

    8,076,000   8,166,855
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:          
4.25%, 5/30/2023 (a)  (c)

    1,187,000   1,223,536
5.50%, 3/1/2025 (a)

    14,626,603   15,742,028
Wynn Macau, Ltd.:          
5.50%, 1/15/2026 (a)

    2,226,000   2,329,309
4.88%, 10/1/2024 (a)

    5,603,000   5,683,403
REGS, 5.50%, 10/1/2027 (a)

    196,000   204,381
          143,038,402
MACHINERY, CONSTRUCTION & MINING — 0.1%   
BWX Technologies, Inc.

5.38%, 7/15/2026 (a)

    2,870,000   2,947,146
MACHINERY-DIVERSIFIED — 0.3%   
Cleaver-Brooks, Inc.

7.88%, 3/1/2023 (a)  (c)

    3,331,000   3,297,290
Husky III Holding, Ltd. PIK

13.00%, 2/15/2025 (a)

    3,822,000   4,145,838
Maxim Crane Works Holdings Capital LLC

10.13%, 8/1/2024 (a)

    827,000   854,506
RBS Global, Inc./Rexnord LLC

4.88%, 12/15/2025 (a)

    2,267,000   2,319,300
Titan Acquisition, Ltd./Titan Co-Borrower LLC

7.75%, 4/15/2026 (a)

    1,540,000   1,596,657
See accompanying notes to financial statements.
100


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Welbilt, Inc.

9.50%, 2/15/2024 (c)

    $ 1,673,000   $ 1,750,811
          13,964,402
MEDIA — 4.7%   
Altice Financing SA

7.50%, 5/15/2026 (a)

    21,465,000   22,323,600
AMC Networks, Inc.:          
4.75%, 8/1/2025 (c)

    10,516,500   10,794,661
5.00%, 4/1/2024 (c)

    2,815,000   2,858,492
Cablevision Systems Corp.

5.88%, 9/15/2022

    7,564,000   7,940,687
CCO Holdings LLC/CCO Holdings Capital Corp.:          
4.00%, 3/1/2023 (a)

    4,292,000   4,332,559
5.50%, 5/1/2026 (a)

    10,283,000   10,629,331
5.75%, 2/15/2026 (a)

    9,948,000   10,282,352
Cengage Learning, Inc.

9.50%, 6/15/2024 (a)  (c)

    5,063,000   5,185,879
CSC Holdings LLC:          
5.25%, 6/1/2024 (c)

    4,528,000   4,908,126
6.75%, 11/15/2021

    10,399,000   10,606,980
Cumulus Media New Holdings, Inc.

6.75%, 7/1/2026 (a)  (c)

    1,957,000   2,047,531
DISH DBS Corp.:          
5.00%, 3/15/2023

    9,463,000   9,917,697
5.88%, 7/15/2022

    21,152,000   22,058,786
5.88%, 11/15/2024

    12,029,000   12,918,063
7.38%, 7/1/2028 (c)

    1,970,000   2,120,410
Gray Television, Inc.

5.88%, 7/15/2026 (a)

    3,490,000   3,603,879
iHeartCommunications, Inc.:          
5.25%, 8/15/2027 (a)

    3,786,000   3,962,882
6.38%, 5/1/2026

    1,718,000   1,827,780
McGraw Hill LLC/McGraw-Hill Global Education Finance, Inc.

8.00%, 11/30/2024 (a)

    6,045,000   6,187,360
Meredith Corp.

6.88%, 2/1/2026 (c)

    5,529,000   5,762,821
Quebecor Media, Inc.

5.75%, 1/15/2023 (c)

    3,933,000   4,206,265
Sirius XM Radio, Inc.:          
3.88%, 8/1/2022 (a)

    10,400,000   10,416,848
4.63%, 7/15/2024 (a)

    19,132,000   19,644,355
See accompanying notes to financial statements.
101


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Summer BC Bidco B LLC

5.50%, 10/31/2026 (a)  (d)

    $ 1,325,000   $ 1,347,167
TEGNA, Inc.

4.75%, 3/15/2026 (a)

    2,995,000   3,190,963
Townsquare Media, Inc.

6.88%, 2/1/2026 (a)  (c)

    4,298,000   4,597,184
Univision Communications, Inc.:          
5.13%, 2/15/2025 (a)

    9,324,000   9,512,345
9.50%, 5/1/2025 (a)

    6,687,000   7,374,959
Videotron, Ltd.:          
5.00%, 7/15/2022

    11,163,000   11,610,971
5.38%, 6/15/2024 (a)

    4,801,000   5,269,002
          237,439,935
METAL FABRICATE & HARDWARE — 0.1%   
Grinding Media, Inc./Moly-Cop AltaSteel, Ltd.

7.38%, 12/15/2023 (a)

    5,962,000   6,096,264
MINING — 1.0%   
Arconic Corp.

6.00%, 5/15/2025 (a)  (c)

    2,398,000   2,554,302
Constellium SE

5.88%, 2/15/2026 (a)

    7,334,000   7,550,720
FMG Resources August 2006 Pty, Ltd.

5.13%, 5/15/2024 (a)

    2,678,000   2,912,459
Freeport-McMoRan, Inc.:          
3.55%, 3/1/2022 (c)

    5,220,253   5,272,456
3.88%, 3/15/2023

    7,286,000   7,593,906
4.55%, 11/14/2024

    6,264,000   6,836,592
Hudbay Minerals, Inc.

4.50%, 4/1/2026 (a)

    3,296,000   3,311,656
Perenti Finance Pty, Ltd.

6.50%, 10/7/2025 (a)  (c)

    6,688,000   7,040,591
Taseko Mines, Ltd.

7.00%, 2/15/2026 (a)

    4,435,000   4,633,821
          47,706,503
MISCELLANEOUS MANUFACTURER — 0.9%   
Bombardier, Inc.:          
6.00%, 10/15/2022 (a)

    25,000   25,037
6.13%, 1/15/2023 (a)

    500   528
7.13%, 6/15/2026 (a)

    6,170,000   6,459,805
7.50%, 12/1/2024 (a)

    7,808,000   8,170,994
See accompanying notes to financial statements.
102


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
7.50%, 3/15/2025 (a)  (c)

    $ 13,197,000   $ 13,589,743
FXI Holdings, Inc.:          
7.88%, 11/1/2024 (a)

    3,832,000   3,953,819
12.25%, 11/15/2026 (a)

    1,868,000   2,153,430
Gates Global LLC/Gates Corp.

6.25%, 1/15/2026 (a)

    5,225,000   5,479,196
Hillenbrand, Inc.

5.75%, 6/15/2025

    2,078,000   2,229,278
LSB Industries, Inc.

9.63%, 5/1/2023 (a)

    657,000   675,685
Trinity Industries, Inc.

4.55%, 10/1/2024

    4,595,000   4,891,240
          47,628,755
OFFICE & BUSINESS EQUIPMENT — 0.7%   
CDW LLC/CDW Finance Corp.:          
4.13%, 5/1/2025

    7,071,000   7,386,650
5.50%, 12/1/2024

    5,642,000   6,291,958
Xerox Corp.

4.38%, 3/15/2023

    10,787,000   11,257,637
Xerox Holdings Corp.

5.00%, 8/15/2025 (a)  (c)

    7,845,000   8,288,399
          33,224,644
OIL & GAS — 7.8%   
Aethon United BR L.P./Aethon United Finance Corp.

8.25%, 2/15/2026 (a)

    7,502,000   8,125,491
Antero Resources Corp.

5.00%, 3/1/2025 (c)

    3,193,000   3,271,228
Apache Corp.

4.63%, 11/15/2025

    8,023,000   8,645,344
Athabasca Oil Corp.

9.88%, 2/24/2022 (a)

    2,474,000   2,292,112
Baytex Energy Corp.

5.63%, 6/1/2024 (a)

    1,244,000   1,246,774
Berry Petroleum Co. LLC

7.00%, 2/15/2026 (a)  (c)

    2,899,000   2,947,616
California Resources Corp.

7.13%, 2/1/2026 (a)

    4,586,000   4,832,681
Callon Petroleum Co.:          
6.13%, 10/1/2024

    3,852,000   3,796,223
6.25%, 4/15/2023

    3,994,000   3,999,751
9.00%, 4/1/2025 (a)

    1,331,000   1,450,684
See accompanying notes to financial statements.
103


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Calumet Specialty Products Partners L.P./Calumet Finance Corp.

11.00%, 4/15/2025 (a)  (c)

    $ 4,014,000   $ 4,375,902
Cenovus Energy, Inc.:          
3.00%, 8/15/2022

    2,392,000   2,441,299
3.80%, 9/15/2023 (c)

    1,297,000   1,367,829
Chesapeake Energy Corp.

5.50%, 2/1/2026 (a)

    1,312,000   1,384,436
Continental Resources, Inc.:          
3.80%, 6/1/2024 (c)

    9,528,000   10,075,955
4.50%, 4/15/2023

    5,720,000   5,965,617
CrownRock L.P./CrownRock Finance, Inc.

5.63%, 10/15/2025 (a)

    13,984,000   14,469,385
CVR Energy, Inc.

5.25%, 2/15/2025 (a)

    2,815,000   2,815,676
Devon Energy Corp.

5.25%, 9/15/2024 (a)  (c)

    4,931,000   5,495,353
Endeavor Energy Resources L.P./EER Finance, Inc.:          
5.50%, 1/30/2026 (a)

    3,012,000   3,127,390
6.63%, 7/15/2025 (a)

    9,966,000   10,679,566
Ensign Drilling, Inc.

9.25%, 4/15/2024 (a)

    1,295,000   1,225,808
EQT Corp.:          
3.00%, 10/1/2022 (c)

    3,606,000   3,680,211
3.13%, 5/15/2026 (a)

    4,585,000   4,697,378
7.63%, 2/1/2025

    11,138,000   12,981,005
Gulfport Energy Operating Corp.

8.00%, 5/17/2026 (a)

    4,210,000   4,526,129
Independence Energy Finance LLC

7.25%, 5/1/2026 (a)

    4,368,000   4,604,920
Ithaca Energy North Sea PLC

9.38%, 7/15/2024 (a)  (c)

    6,676,000   6,909,860
Laredo Petroleum, Inc.

9.50%, 1/15/2025

    3,368,000   3,550,276
Lundin Energy Finance B.V.

2.00%, 7/15/2026 (a)

    1,940,000   1,944,384
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.

6.00%, 8/1/2026 (a)

    1,470,000   1,514,762
MEG Energy Corp.

6.50%, 1/15/2025 (a)

    2,319,000   2,398,449
Moss Creek Resources Holdings, Inc.

7.50%, 1/15/2026 (a)

    8,013,000   7,475,808
See accompanying notes to financial statements.
104


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Murphy Oil Corp.:          
5.75%, 8/15/2025

    $ 8,647,000   $ 8,894,045
6.88%, 8/15/2024 (c)

    3,192,000   3,265,033
Nabors Industries, Inc.

5.75%, 2/1/2025 (c)

    2,087,000   1,919,894
Nabors Industries, Ltd.

7.25%, 1/15/2026 (a)

    10,519,000   10,310,934
Neptune Energy Bondco PLC

6.63%, 5/15/2025 (a)

    7,493,000   7,683,847
Newfield Exploration Co.

5.38%, 1/1/2026

    4,751,000   5,357,038
Oasis Petroleum, Inc.

6.38%, 6/1/2026 (a)

    3,015,000   3,141,087
Occidental Petroleum Corp.:          
2.70%, 8/15/2022

    4,992,000   5,090,792
2.70%, 2/15/2023

    8,090,000   8,270,407
2.90%, 8/15/2024

    20,846,000   21,315,660
3.20%, 8/15/2026

    1,980,000   1,995,464
3.40%, 4/15/2026

    4,747,000   4,855,374
3.50%, 6/15/2025 (c)

    7,311,000   7,478,349
5.50%, 12/1/2025

    8,786,000   9,708,003
5.55%, 3/15/2026

    10,101,000   11,174,231
5.88%, 9/1/2025

    9,151,000   10,189,547
6.95%, 7/1/2024

    4,917,000   5,537,525
8.00%, 7/15/2025 (c)

    3,793,000   4,549,097
Ovintiv Exploration, Inc.

5.63%, 7/1/2024

    3,202,000   3,563,570
Ovintiv, Inc.

3.90%, 11/15/2021

    3,973,000   3,984,760
PBF Holding Co. LLC/PBF Finance Corp.:          
7.25%, 6/15/2025 (c)

    7,480,000   5,677,769
9.25%, 5/15/2025 (a)  (c)

    11,072,000   11,155,151
PDC Energy, Inc.:          
5.75%, 5/15/2026

    6,499,000   6,790,740
6.13%, 9/15/2024

    32,000   32,719
Puma International Financing SA

5.13%, 10/6/2024 (a)

    4,145,000   4,185,994
Range Resources Corp.:          
4.88%, 5/15/2025

    4,845,000   5,030,515
5.00%, 3/15/2023 (c)

    7,189,000   7,479,939
9.25%, 2/1/2026

    5,519,000   6,086,629
See accompanying notes to financial statements.
105


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
SM Energy Co.

10.00%, 1/15/2025 (a)  (c)

    $ 4,077,000   $ 4,617,202
Southwestern Energy Co.:          
6.45%, 1/23/2025

    2,257,000   2,489,110
7.50%, 4/1/2026

    1,243,000   1,315,442
Sunoco L.P./Sunoco Finance Corp.

5.50%, 2/15/2026

    8,006,000   8,249,462
Talos Production, Inc.

12.00%, 1/15/2026

    7,461,000   7,916,942
Transocean Guardian, Ltd.

5.88%, 1/15/2024 (a)

    10,208,725   9,940,746
Transocean Pontus, Ltd.

6.13%, 8/1/2025 (a)

    2,463,250   2,486,775
Transocean, Inc.:          
7.25%, 11/1/2025 (a)

    200,000   173,860
7.50%, 1/15/2026 (a)

    9,250,000   7,952,040
Tullow Oil PLC

10.25%, 5/15/2026 (a)

    3,000   3,151
W&T Offshore, Inc.

9.75%, 11/1/2023 (a)

    5,018,000   4,866,456
          393,050,601
OIL & GAS SERVICES — 1.1%   
CGG SA

8.75%, 4/1/2027 (a)  (c)

    1,842,000   1,907,354
Exterran Energy Solutions L.P./EES Finance Corp.

8.13%, 5/1/2025

    2,676,000   2,381,265
KCA Deutag UK Finance PLC

9.88%, 12/1/2025 (a)

    6,023,000   6,642,526
Nine Energy Service, Inc.

8.75%, 11/1/2023 (a)

    2,968,000   1,516,054
Oceaneering International, Inc.

4.65%, 11/15/2024 (c)

    4,581,000   4,613,205
SESI LLC

7.75%, 9/15/2024 (g)

    485,000   189,150
TechnipFMC PLC

6.50%, 2/1/2026 (a)

    11,781,000   12,709,579
USA Compression Partners L.P./USA Compression Finance Corp.

6.88%, 4/1/2026

    2,579,000   2,704,726
Weatherford International, Ltd.:          
8.75%, 9/1/2024 (a)

    5,545,000   5,798,684
See accompanying notes to financial statements.
106


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
11.00%, 12/1/2024 (a)  (c)

    $ 14,911,000   $ 15,492,976
          53,955,519
PACKAGING & CONTAINERS — 2.5%   
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:          
4.13%, 8/15/2026 (a)

    6,575,000   6,787,636
5.25%, 4/30/2025 (a)  (c)

    3,707,000   3,887,049
6.00%, 2/15/2025 (a)

    5,453,916   5,627,514
Ball Corp.:          
4.00%, 11/15/2023

    3,682,000   3,902,736
4.88%, 3/15/2026

    7,445,000   8,295,963
5.00%, 3/15/2022

    10,511,000   10,805,518
5.25%, 7/1/2025

    8,551,000   9,676,996
Berry Global, Inc.

4.88%, 7/15/2026 (a)

    418,000   442,202
Cascades, Inc./Cascades USA, Inc.

5.13%, 1/15/2026 (a)

    1,278,000   1,358,808
Crown Americas LLC/Crown Americas Capital Corp.:          
4.50%, 1/15/2023

    6,963,000   7,299,313
4.75%, 2/1/2026

    244,000   253,182
Flex Acquisition Co., Inc.

6.88%, 1/15/2025 (a)

    8,361,000   8,517,936
Mauser Packaging Solutions Holding Co.:          
5.50%, 4/15/2024 (a)  (c)

    22,030,000   22,208,443
7.25%, 4/15/2025 (a)  (c)

    10,449,947   10,267,700
Owens-Brockway Glass Container, Inc.

5.88%, 8/15/2023 (a)  (c)

    5,632,000   6,068,536
Plastipak Holdings, Inc.

6.25%, 10/15/2025 (a)  (c)

    8,039,000   8,219,878
Sealed Air Corp.:          
4.88%, 12/1/2022 (a)

    4,328,000   4,501,639
5.13%, 12/1/2024 (a)

    1,706,000   1,862,304
5.25%, 4/1/2023 (a)

    120,000   126,956
5.50%, 9/15/2025 (a)

    4,374,000   4,894,506
          125,004,815
PHARMACEUTICALS — 2.2%   
Bausch Health Americas, Inc.

9.25%, 4/1/2026 (a)

    12,440,000   13,529,122
Bausch Health Cos., Inc.:          
5.50%, 11/1/2025 (a)

    23,081,000   23,680,413
6.13%, 4/15/2025 (a)

    24,589,951   25,196,831
9.00%, 12/15/2025 (a)

    18,809,000   20,163,060
See accompanying notes to financial statements.
107


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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Elanco Animal Health, Inc.:          
4.91%, 8/27/2021

    $ 8,014,000   $ 8,060,962
5.27%, 8/28/2023

    1,212,000   1,306,548
Endo Dac/Endo Finance LLC/Endo Finco, Inc.:          
6.00%, 7/15/2023 (a)

    3,356,000   2,652,683
6.00%, 2/1/2025 (a)

    4,598,000   3,468,869
Endo Finance LLC/Endo Finco, Inc.

7.25%, 1/15/2022 (a)

    15,000   13,733
Herbalife Nutrition, Ltd./HLF Financing, Inc.

7.88%, 9/1/2025 (a)

    6,977,000   7,586,860
Lannett Co., Inc.

7.75%, 4/15/2026 (a)

    5,568,000   5,551,574
P&L Development LLC/PLD Finance Corp.

7.75%, 11/15/2025 (a)

    806,000   852,611
          112,063,266
PIPELINES — 3.7%   
Antero Midstream Partners L.P./Antero Midstream Finance Corp.

7.88%, 5/15/2026 (a)

    2,717,000   3,036,220
Blue Racer Midstream LLC/Blue Racer Finance Corp.

7.63%, 12/15/2025 (a)

    4,395,000   4,761,235
Buckeye Partners L.P.:          
4.13%, 3/1/2025 (a)

    5,864,000   6,090,175
4.15%, 7/1/2023

    454,000   470,544
CNX Midstream Partners L.P./CNX Midstream Finance Corp.

6.50%, 3/15/2026 (a)

    2,334,000   2,440,337
Crestwood Midstream Partners L.P./Crestwood Midstream Finance Corp.

5.75%, 4/1/2025

    26,000   26,726
DCP Midstream Operating L.P.:          
4.95%, 4/1/2022

    2,292,000   2,334,998
5.38%, 7/15/2025

    8,278,000   9,219,291
EnLink Midstream Partners L.P.:          
4.15%, 6/1/2025

    5,504,000   5,764,174
4.40%, 4/1/2024 (c)

    2,487,465   2,612,037
EQM Midstream Partners L.P.:          
4.00%, 8/1/2024

    5,130,000   5,258,712
4.75%, 7/15/2023 (c)

    6,223,000   6,496,936
6.00%, 7/1/2025 (a)

    11,923,000   12,966,382
Genesis Energy L.P./Genesis Energy Finance Corp.:          
6.25%, 5/15/2026

    6,344,000   6,353,326
6.50%, 10/1/2025

    6,140,000   6,211,531
See accompanying notes to financial statements.
108


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Hess Midstream Operations L.P.

5.63%, 2/15/2026 (a)

    $ 5,265,000   $ 5,487,973
New Fortress Energy, Inc.

6.75%, 9/15/2025 (a)

    15,083,000   15,452,383
NGL Energy Operating LLC/NGL Energy Finance Corp.

7.50%, 2/1/2026 (a)

    19,429,000   20,402,587
NGL Energy Partners L.P./NGL Energy Finance Corp.:          
6.13%, 3/1/2025 (c)

    4,439,000   4,020,935
7.50%, 11/1/2023 (c)

    4,979,000   4,905,211
Northriver Midstream Finance L.P.

5.63%, 2/15/2026 (a)

    7,148,000   7,421,911
NuStar Logistics L.P.:          
5.75%, 10/1/2025

    2,142,000   2,330,346
6.00%, 6/1/2026

    6,781,000   7,377,592
PBF Logistics L.P./PBF Logistics Finance Corp.

6.88%, 5/15/2023 (c)

    1,587,000   1,566,369
Rattler Midstream L.P.

5.63%, 7/15/2025 (a)

    5,659,000   5,946,307
Rockies Express Pipeline LLC

3.60%, 5/15/2025 (a)

    2,655,000   2,695,834
Ruby Pipeline LLC

8.00%, 4/1/2022 (a)

    1,816,515   1,653,047
Southeast Supply Header LLC

4.25%, 6/15/2024 (a)

    6,000   6,033
Summit Midstream Holdings LLC/Summit Midstream Finance Corp.

5.75%, 4/15/2025

    1,733,000   1,590,946
Tallgrass Energy Partners L.P./Tallgrass Energy Finance Corp.:          
5.50%, 9/15/2024 (a)

    5,134,000   5,218,146
7.50%, 10/1/2025 (a)

    2,825,000   3,077,838
Targa Resources Partners L.P./Targa Resources Partners Finance Corp.

5.88%, 4/15/2026 (c)

    11,128,000   11,675,609
Western Midstream Operating L.P.:          
3.95%, 6/1/2025

    4,612,000   4,788,962
4.00%, 7/1/2022

    3,477,000   3,532,980
4.35%, 2/1/2025

    5,508,000   5,819,588
          189,013,221
REAL ESTATE — 0.6%   
Five Point Operating Co. L.P./Five Point Capital Corp.

7.88%, 11/15/2025 (a)

    6,130,000   6,472,851
See accompanying notes to financial statements.
109


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Greystar Real Estate Partners LLC

5.75%, 12/1/2025 (a)

    $ 841,000   $ 864,472
Newmark Group, Inc.

6.13%, 11/15/2023

    1,381,000   1,519,100
Realogy Group LLC/Realogy Co-Issuer Corp.:          
4.88%, 6/1/2023 (a)  (c)

    7,480,000   7,783,913
7.63%, 6/15/2025 (a)

    5,452,000   5,915,038
WeWork Cos., Inc.

7.88%, 5/1/2025 (a)

    7,024,000   7,337,832
          29,893,206
REAL ESTATE INVESTMENT TRUSTS — 3.9%   
Apollo Commercial Real Estate Finance, Inc.

4.63%, 6/15/2029 (a)

    2,900,000   2,860,212
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL

5.75%, 5/15/2026 (a)  (c)

    6,622,000   6,957,934
Diversified Healthcare Trust

9.75%, 6/15/2025

    12,896,000   14,310,820
ESH Hospitality, Inc.

REIT, 5.25%, 5/1/2025 (a)  (c)

    8,713,000   8,875,672
FelCor Lodging L.P.

6.00%, 6/1/2025

    551,000   563,006
GEO Group Inc.

6.00%, 4/15/2026 (c)

    5,214,000   4,284,657
HAT Holdings I LLC/HAT Holdings II LLC:          
3.38%, 6/15/2026 (a)

    8,060,000   8,123,996
6.00%, 4/15/2025 (a)

    3,035,000   3,211,242
iStar, Inc.:          
4.25%, 8/1/2025

    3,696,000   3,799,858
4.75%, 10/1/2024

    3,915,000   4,132,048
5.50%, 2/15/2026

    1,869,000   1,957,292
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.:          
5.25%, 3/15/2022 (a)

    7,938,000   7,976,261
5.25%, 10/1/2025 (a)  (c)

    2,156,000   2,195,002
MGM Growth Properties Operating Partnership L.P./MGP Finance Co-Issuer, Inc.:          
4.63%, 6/15/2025 (a)

    7,260,000   7,753,898
5.63%, 5/1/2024

    8,973,000   9,727,360
New Residential Investment Corp.

6.25%, 10/15/2025 (a)

    5,133,000   5,136,439
See accompanying notes to financial statements.
110


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer

7.50%, 6/1/2025 (a)

    $ 5,156,500   $ 5,587,893
SBA Communications Corp.

4.88%, 9/1/2024

    11,283,000   11,480,565
Service Properties Trust:          
4.35%, 10/1/2024

    6,730,000   6,788,887
4.50%, 6/15/2023 (c)

    2,394,000   2,450,451
4.50%, 3/15/2025

    4,655,000   4,631,725
4.65%, 3/15/2024

    1,576,000   1,604,179
5.00%, 8/15/2022

    2,093,000   2,124,688
5.25%, 2/15/2026

    5,190,000   5,253,526
7.50%, 9/15/2025

    11,112,000   12,587,229
Starwood Property Trust, Inc.:          
3.63%, 7/15/2026 (a)  (d)

    2,750,000   2,771,093
4.75%, 3/15/2025

    2,447,000   2,559,611
5.00%, 12/15/2021

    8,698,500   8,750,169
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC:          
7.13%, 12/15/2024 (a)

    3,692,000   3,818,746
7.88%, 2/15/2025 (a)

    23,273,000   24,926,779
VICI Properties L.P./VICI Note Co., Inc.

3.50%, 2/15/2025 (a)

    7,367,000   7,548,523
XHR L.P.

6.38%, 8/15/2025 (a)

    2,204,000   2,345,585
          197,095,346
RETAIL — 4.7%   
1011778 BC ULC/New Red Finance, Inc.:          
4.25%, 5/15/2024 (a)

    5,651,000   5,714,913
5.75%, 4/15/2025 (a)

    6,913,000   7,321,005
99 Escrow Issuer, Inc.

7.50%, 1/15/2026 (a)

    4,062,000   3,949,767
Abercrombie & Fitch Management Co.

8.75%, 7/15/2025 (a)

    3,216,000   3,566,255
Ambience Merger Sub, Inc.

4.88%, 7/15/2028 (a)  (d)

    1,920,000   1,924,800
Carrols Restaurant Group, Inc.

5.88%, 7/1/2029 (a)

    2,460,000   2,429,914
Carvana Co.

5.63%, 10/1/2025 (a)

    3,413,000   3,548,360
CEC Entertainment LLC

6.75%, 5/1/2026 (a)

    4,930,000   5,056,208
See accompanying notes to financial statements.
111


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Dave & Buster's, Inc.

7.63%, 11/1/2025 (a)

    $ 6,357,000   $ 6,837,971
eG Global Finance PLC:          
6.75%, 2/7/2025 (a)

    6,279,000   6,488,091
8.50%, 10/30/2025 (a)

    7,756,865   8,196,136
Ferrellgas L.P./Ferrellgas Finance Corp.

5.38%, 4/1/2026 (a)

    9,264,000   9,185,163
Gap, Inc.:          
8.38%, 5/15/2023 (a)  (c)

    4,350,000   4,896,490
8.63%, 5/15/2025 (a)

    12,719,000   13,948,546
Golden Nugget, Inc.

6.75%, 10/15/2024 (a)

    19,029,000   19,167,151
Guitar Center, Inc.

8.50%, 1/15/2026 (a)

    4,076,000   4,363,399
IRB Holding Corp.:          
6.75%, 2/15/2026 (a)

    2,261,000   2,341,899
7.00%, 6/15/2025 (a)

    7,245,000   7,823,006
L Brands, Inc.

9.38%, 7/1/2025 (a)

    6,555,000   8,467,683
LSF9 Atlantis Holdings LLC/Victra Finance Corp.

7.75%, 2/15/2026 (a)

    6,252,000   6,470,882
Macy's Retail Holdings LLC:          
2.88%, 2/15/2023 (c)

    5,230,000   5,272,258
3.63%, 6/1/2024 (c)

    2,717,000   2,786,501
Macy's, Inc.

8.38%, 6/15/2025 (a)

    16,575,000   18,250,069
NMG Holding Co., Inc./Neiman Marcus Group LLC

7.13%, 4/1/2026 (a)

    8,714,000   9,301,672
Party City Holdings, Inc.

8.75%, 2/15/2026 (a)  (c)

    4,695,000   5,024,965
Penske Automotive Group, Inc.

3.50%, 9/1/2025

    236,000   244,423
QVC, Inc.:          
4.38%, 3/15/2023

    6,935,000   7,309,282
4.38%, 9/1/2028

    1,215,000   1,240,114
4.45%, 2/15/2025

    4,773,000   5,088,018
4.85%, 4/1/2024 (c)

    3,128,000   3,394,975
Rite Aid Corp.

7.50%, 7/1/2025 (a)

    9,286,000   9,423,804
Sally Holdings LLC/Sally Capital, Inc.

5.63%, 12/1/2025

    8,087,000   8,349,423
Sizzling Platter LLC/Sizzling Platter Finance Corp.

8.50%, 11/28/2025 (a)

    3,701,000   3,813,880
See accompanying notes to financial statements.
112


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Staples, Inc.

7.50%, 4/15/2026 (a)

    $ 19,571,000   $ 20,277,709
Yum! Brands, Inc.:          
3.75%, 11/1/2021

    100,000   100,250
7.75%, 4/1/2025 (a)

    6,668,000   7,267,520
          238,842,502
SEMICONDUCTORS — 0.3%   
ams AG

7.00%, 7/31/2025 (a)  (c)

    5,483,000   5,902,723
Microchip Technology, Inc.:          
0.97%, 2/15/2024 (a)

    1,517,000   1,516,712
4.25%, 9/1/2025

    8,975,000   9,426,353
          16,845,788
SOFTWARE — 1.6%   
Ascend Learning LLC

6.88%, 8/1/2025 (a)  (c)

    3,006,000   3,063,956
Boxer Parent Co., Inc.:          
7.13%, 10/2/2025 (a)

    7,655,000   8,193,070
9.13%, 3/1/2026 (a)

    5,447,000   5,746,313
BY Crown Parent LLC

7.38%, 10/15/2024 (a)

    2,486,000   2,529,977
BY Crown Parent LLC/BY Bond Finance, Inc.

4.25%, 1/31/2026 (a)

    6,489,000   6,794,827
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.

5.75%, 3/1/2025 (a)

    14,233,000   14,459,447
Escrow RCN Corp.

11.63%, 4/15/2023

    154,000   11,165
Helios Software Holdings, Inc./ION Corporate Solutions Finance Sarl

4.63%, 5/1/2028 (a)

    828,000   812,218
Marble II Pte, Ltd.

Series REGS, 5.30%, 6/20/2022

    7,545,000   7,548,244
Open Text Corp.

5.88%, 6/1/2026 (a)

    4,361,000   4,512,937
PTC, Inc.

3.63%, 2/15/2025 (a)

    3,961,000   4,079,275
Riverbed Technology, Inc.

8.88%, 3/1/2023 (a)

    279,000   190,630
Veritas US, Inc./Veritas Bermuda, Ltd.:          
7.50%, 9/1/2025 (a)

    19,156,000   19,940,055
See accompanying notes to financial statements.
113


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021


Security Description     Principal
Amount
  Value
10.50%, 2/1/2024 (a)  (c)
    $ 2,630,000   $ 2,699,038
          80,581,152
STORAGE & WAREHOUSING — 0.0% (f)  
LBC Tank Terminals Holding Netherlands B.V.

6.88%, 5/15/2023 (a)

    291,000   290,988
TELECOMMUNICATIONS — 6.8%   
Altice France SA

7.38%, 5/1/2026 (a)

    20,896,000   21,722,228
Avanti Communications Group PLC PIK

9.00%, 10/1/2022 (a)

    1,924,761   323,552
CenturyLink, Inc.:          
5.63%, 4/1/2025

    1,028,000   1,114,609
Series T, 5.80%, 3/15/2022

    15,723,000   16,193,432
Series W, 6.75%, 12/1/2023

    5,338,000   5,917,173
Cincinnati Bell, Inc.:          
7.00%, 7/15/2024 (a)

    9,176,000   9,414,484
8.00%, 10/15/2025 (a)

    5,434,000   5,724,013
CommScope Technologies LLC

6.00%, 6/15/2025 (a)

    6,420,500   6,558,798
CommScope, Inc.:          
5.50%, 3/1/2024 (a)

    10,280,000   10,583,877
6.00%, 3/1/2026 (a)

    19,649,000   20,747,183
DKT Finance ApS

9.38%, 6/17/2023 (a)

    6,614,950   6,774,304
GTH Finance B.V.

Series REGS, 7.25%, 4/26/2023

    4,410,000   4,790,186
GTT Communications, Inc.

7.88%, 12/31/2024 (a)

    1,703,000   176,090
Intrado Corp.

8.50%, 10/15/2025 (a)  (c)

    7,691,000   7,513,799
Level 3 Financing, Inc.:          
5.25%, 3/15/2026

    7,153,000   7,374,600
5.38%, 5/1/2025

    6,496,000   6,644,953
Lumen Technologies Inc

Series Y, 7.50%, 4/1/2024 (c)

    12,802,000   14,374,726
Nokia Oyj

3.38%, 6/12/2022

    5,908,000   6,028,819
Qwest Corp.

6.75%, 12/1/2021

    6,546,000   6,709,061
Sprint Communications, Inc.:          
6.00%, 11/15/2022

    13,172,000   13,996,699
See accompanying notes to financial statements.
114


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
11.50%, 11/15/2021

    $ 7,380,000   $ 7,654,093
Sprint Corp.:          
7.13%, 6/15/2024

    16,609,000   19,195,852
7.25%, 9/15/2021

    13,879,000   14,052,487
7.63%, 2/15/2025

    3,076,000   3,653,734
7.63%, 3/1/2026

    9,364,000   11,455,356
7.88%, 9/15/2023

    25,012,000   28,433,642
Telecom Italia SpA

5.30%, 5/30/2024 (a)

    10,264,000   11,221,836
T-Mobile USA, Inc.:          
2.25%, 2/15/2026 (c)

    10,266,000   10,355,519
2.25%, 2/15/2026 (a)

    6,555,000   6,612,094
2.63%, 4/15/2026 (c)

    9,695,000   9,913,234
4.00%, 4/15/2022

    4,186,000   4,269,720
4.50%, 2/1/2026

    11,154,000   11,420,246
Trilogy International South Pacific LLC/TISP Finance, Inc.

8.88%, 5/15/2023 (a)  (c)

    2,234,380   2,247,496
VEON Holdings B.V.:          
4.00%, 4/9/2025 (a)

    11,008,000   11,606,835
Series REGS, 4.95%, 6/16/2024

    2,564,000   2,764,736
Series REGS, 5.95%, 2/13/2023

    4,800,000   5,100,000
Series REGS, 7.50%, 3/1/2022

    3,328,000   3,476,229
ViaSat, Inc.

5.63%, 9/15/2025 (a)

    6,860,000   6,989,037
Vodafone Group PLC

5 year CMT + 2.45%, 3.25%, 6/4/2081 (h)

    1,388,000   1,395,912
          344,500,644
TOYS/GAMES/HOBBIES — 0.1%   
Mattel, Inc.

3.38%, 4/1/2026 (a)

    5,368,000   5,564,952
TRANSPORTATION — 0.9%   
Altera Infrastructure L.P./Teekay Offshore Finance Corp.

8.50%, 7/15/2023 (a)  (c)

    8,156,000   7,463,719
Kenan Advantage Group, Inc.

7.88%, 7/31/2023 (a)

    240,000   240,197
Navios Maritime Acquisition Corp./Navios Acquisition Finance US, Inc.

8.13%, 11/15/2021 (a)

    1,426,000   1,231,493
Navios Maritime Holdings, Inc./Navios Maritime Finance II US, Inc.

7.38%, 1/15/2022 (a)

    3,313,000   2,865,646
See accompanying notes to financial statements.
115


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Principal
Amount
  Value
Western Global Airlines LLC

10.38%, 8/15/2025 (a)  (c)

    $ 3,426,000   $ 3,888,510
XPO Logistics, Inc.:          
6.13%, 9/1/2023 (a)

    10,542,000   10,624,122
6.25%, 5/1/2025 (a)

    10,051,000   10,693,259
6.75%, 8/15/2024 (a)

    10,097,000   10,504,818
          47,511,764
TRUCKING & LEASING — 0.2%   
Fortress Transportation and Infrastructure Investors LLC

6.50%, 10/1/2025 (a)

    10,881,000   11,298,286
WATER — 0.1%   
Solaris Midstream Holdings LLC

7.63%, 4/1/2026 (a)  (c)

    5,566,000   5,905,248
TOTAL CORPORATE BONDS & NOTES

(Cost $4,878,969,458)

        4,890,800,635
    Shares  
COMMON STOCKS — 0.1% 
CONSTRUCTION & ENGINEERING — 0.0% (f)
Abengoa SA Class A (i)

1,017,249 23,042
Abengoa SA Class B (i)

10,518,618 59,875
      82,917
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% (f)
Avanti Communications Group PLC (e)

8,448,041
HOUSEHOLD PRODUCTS — 0.0% (f)
Cenveo Enterprises, Inc. (e)

9,870 98,700
MEDIA — 0.0% (f)
Clear Channel Outdoor Holding, Inc. (i)

70,012 184,831
iHeartMedia, Inc. Class A (i)

29,774 801,814
      986,645
OIL, GAS & CONSUMABLE FUELS — 0.0% (f)
Amplify Energy Corp. (i)

46,662 188,981
TRANSPORTATION INFRASTRUCTURE — 0.1%
ATD New Holdings, Inc. (i)

41,112 2,220,048
Erickson, Inc. (e)  (i)

3,081 15,405
See accompanying notes to financial statements.
116


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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Security Description     Shares   Value
Erickson, Inc. (e)

  4,342   $ 21,710
          2,257,163
TOTAL COMMON STOCKS

(Cost $16,508,194)

        3,614,406
    Principal
Amount
 
SENIOR FLOATING RATE LOANS — 0.0% (f)  
MEDIA — 0.0% (f)    
iHeartCommunications, Inc. Senior Secured 2020 Term Loan, 1 Month USD LIBOR + 3.00%, 3.10%, 5/1/2026 (h)

(Cost $729,385)

$ 729,252 723,935
    SHARES   VALUE
WARRANTS — 0.0% (f)        
ADVERTISING SERVICES — 0.0% (f)        
Affinion Group, Inc. (expiring 11/20/22) (c)  (e)

  11,802  
CONSTRUCTION & ENGINEERING — 0.0% (f)        
Abengoa Abenewco 2 SAU (expiring 10/11/24) (a)  (e)

  4,407,135  
TOTAL WARRANTS

(Cost $0)

     
SHORT-TERM INVESTMENTS — 7.3%    
State Street Institutional Liquid Reserves Fund, Premier Class 0.05% (j)  (k)

105,446,669   105,478,303
State Street Navigator Securities Lending Portfolio II (l)  (m)

265,455,794   265,455,794
TOTAL SHORT-TERM INVESTMENTS

(Cost $370,933,846)

  370,934,097
TOTAL INVESTMENTS — 104.1%

(Cost $5,267,140,883)

  5,266,073,073
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.1)%

  (208,533,539)
NET ASSETS — 100.0%

  $ 5,057,539,534
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 60.7% of net assets as of June 30, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b) Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of June 30, 2021. Maturity date shown is the final maturity.
(c) All or a portion of the shares of the security are on loan at June 30, 2021.
See accompanying notes to financial statements.
117


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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

(d) When-issued security.
(e) 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 June 30, 2021, total aggregate fair value of the securities is $158,422, representing less than 0.05% of the Fund's net assets.
(f) Amount is less than 0.05% of net assets.
(g) Security is currently in default and/or issuer is in bankruptcy.
(h) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(i) Non-income producing security.
(j) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(k) The rate shown is the annualized seven-day yield at June 30, 2021.
(l) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(m) Investment of cash collateral for securities loaned.
CMT Constant Maturity Treasury
GMTN Global Medium Term Note
LIBOR London Interbank Offered Rate
MTN Medium Term Note
PIK Payment in Kind
REIT Real Estate Investment Trust
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Corporate Bonds & Notes

  $   $4,890,778,028   $ 22,607   $4,890,800,635
Common Stocks

  3,395,674   82,917   135,815   3,614,406
Senior Floating Rate Loans

    723,935     723,935
Warrants

      0(a)   0
Short-Term Investments

  370,934,097       370,934,097
TOTAL INVESTMENTS

  $374,329,771   $4,891,584,880   $158,422   $5,266,073,073
(a) The Fund held Level 3 securities that were valued at $0 at June 30, 2021.
See accompanying notes to financial statements.
118


Table of Contents
SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2021

Affiliate Table
  Number of
Shares Held
at 6/30/20
  Value at
6/30/20
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

82,287,603   $ 82,320,518   $1,251,101,533   $1,227,938,092   $8,630   $(14,286)   105,446,669   $105,478,303   $ 85,230
State Street Navigator Securities Lending Portfolio II

388,958,936   388,958,936   1,191,646,544   1,315,149,686       265,455,794   265,455,794   1,048,816
Total

    $471,279,454   $2,442,748,077   $2,543,087,778   $8,630   $(14,286)       $370,934,097   $1,134,046
See accompanying notes to financial statements.
119


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2021

  SPDR Bloomberg Barclays Convertible Securities ETF   SPDR Bloomberg Barclays High Yield Bond ETF   SPDR Bloomberg Barclays Short Term High Yield Bond ETF
ASSETS          
Investments in unaffiliated issuers, at value*

$6,482,617,389   $ 9,557,359,739   $4,895,138,976
Investments in affiliated issuers, at value

515,277,772   617,369,203   370,934,097
Total Investments

6,997,895,161   10,174,728,942   5,266,073,073
Cash

137,829    
Receivable for investments sold

225,281,263   248,378,103   78,309,751
Receivable for fund shares sold

  285,380,325   41,284,011
Dividends receivable — unaffiliated issuers

2,915,055    
Dividends receivable — affiliated issuers

699   2,392   3,878
Interest receivable — unaffiliated issuers

8,537,542   145,670,140   79,087,808
Securities lending income receivable — affiliated issuers

193,489   150,018   85,374
Receivable for foreign taxes recoverable

  90,150   88,323
Other Receivable

  12,929   61
TOTAL ASSETS

7,234,961,038   10,854,412,999   5,464,932,279
LIABILITIES          
Due to custodian

  500,856   4,337,217
Payable upon return of securities loaned

320,117,599   564,317,081   265,455,794
Payable for investments purchased

110,575,075   415,846,014   61,644,470
Payable for fund shares repurchased

173,745,536   131,790,331   74,336,956
Advisory fee payable

2,134,767   3,216,619   1,616,292
Trustees’ fees and expenses payable

2,355   9,277   2,016
TOTAL LIABILITIES

606,575,332   1,115,680,178   407,392,745
NET ASSETS

$6,628,385,706   $ 9,738,732,821   $5,057,539,534
NET ASSETS CONSIST OF:          
Paid-in Capital

$5,665,964,921   $ 11,314,121,474   $5,661,022,563
Total distributable earnings (loss)

962,420,785   (1,575,388,653)   (603,483,029)
NET ASSETS

$6,628,385,706   $ 9,738,732,821   $5,057,539,534
NET ASSET VALUE PER SHARE          
Net asset value per share

$ 86.87   $ 109.83   $ 27.53
Shares outstanding (unlimited amount authorized, $0.01 par value)

76,300,000   88,674,605   183,700,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers

$5,441,394,039   $ 9,587,586,863   $4,896,207,037
Investments in affiliated issuers

510,949,571   617,365,750   370,933,846
Total cost of investments

$5,952,343,610   $10,204,952,613   $5,267,140,883
* Includes investments in securities on loan, at value

$ 401,488,072   $ 588,711,452   $ 274,172,587
See accompanying notes to financial statements.
120


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS
For the Year Ended June 30, 2021

  SPDR Bloomberg Barclays Convertible Securities ETF   SPDR Bloomberg Barclays High Yield Bond ETF   SPDR Bloomberg Barclays Short Term High Yield Bond ETF
INVESTMENT INCOME          
Interest income — unaffiliated issuers

$ (93,770,033)   $ 536,592,790   $177,361,534
Dividend income — unaffiliated issuers

54,286,987    
Dividend income — affiliated issuers

6,233,968   81,096   85,230
Unaffiliated securities lending income

37,432   85,748   31,679
Affiliated securities lending income

1,101,263   2,851,021   1,048,816
Foreign taxes withheld

(6,752)    
TOTAL INVESTMENT INCOME (LOSS)

(32,117,135)   539,610,655   178,527,259
EXPENSES          
Advisory fee

24,279,419   46,255,063   15,306,223
Trustees’ fees and expenses

84,206   185,047   54,299
Miscellaneous expenses

2   22,768   24,613
TOTAL EXPENSES

24,363,627   46,462,878   15,385,135
NET INVESTMENT INCOME (LOSS)

$ (56,480,762)   $ 493,147,777   $163,142,124
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers

473,400,659   (69,638,928)   (7,697,982)
Investments — affiliated issuers

(1,456,555)   (14,683)   8,630
In-kind redemptions — unaffiliated issuers

1,377,172,065   652,497,427   210,538,836
In-kind redemptions — affiliated issuers

3,284,708    
Net realized gain (loss)

1,852,400,877   582,843,816   202,849,484
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers

372,010,249   451,921,828   138,281,521
Investments — affiliated issuers

8,204,728   3,394   (14,286)
Net change in unrealized appreciation/depreciation

380,214,977   451,925,222   138,267,235
NET REALIZED AND UNREALIZED GAIN (LOSS)

2,232,615,854   1,034,769,038   341,116,719
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$2,176,135,092   $1,527,916,815   $504,258,843
See accompanying notes to financial statements.
121


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS

  SPDR Bloomberg Barclays Convertible Securities ETF
  Year Ended
6/30/21
  Year Ended
6/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)

$ (56,480,762)   $ 25,887,455
Net realized gain (loss)

1,852,400,877   206,563,712
Net change in unrealized appreciation/depreciation

380,214,977   377,638,208
Net increase (decrease) in net assets resulting from operations

2,176,135,092   610,089,375
Net equalization credits and charges

(2,658,515)   9,534,426
Distributions to shareholders

(149,426,532)   (133,938,198)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold

3,565,731,873   1,632,985,641
Cost of shares redeemed

(3,608,268,419)   (1,323,542,708)
Net income equalization

2,658,515   (9,534,426)
Other Capital

137,556   84,568
Net increase (decrease) in net assets from beneficial interest transactions

(39,740,475)   299,993,075
Net increase (decrease) in net assets during the period

1,984,309,570   785,678,678
Net assets at beginning of period

4,644,076,136   3,858,397,458
NET ASSETS AT END OF PERIOD

$ 6,628,385,706   $ 4,644,076,136
SHARES OF BENEFICIAL INTEREST:      
Shares sold

44,100,000   29,200,000
Shares redeemed

(44,900,000)   (25,000,000)
Net increase (decrease) from share transactions

(800,000)   4,200,000
See accompanying notes to financial statements.
122


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)

  SPDR Bloomberg Barclays High Yield Bond ETF
  Year Ended
6/30/21
  Year Ended
6/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)

$ 493,147,777   $ 508,497,392
Net realized gain (loss)

582,843,816   137,817,144
Net change in unrealized appreciation/depreciation

451,925,222   (286,004,283)
Net increase (decrease) in net assets resulting from operations

1,527,916,815   360,310,253
Net equalization credits and charges

(4,231,181)   379,758
Distributions to shareholders

(557,603,482)   (540,633,941)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold

35,932,293,658   36,255,805,290
Cost of shares redeemed

(37,723,570,801)   (34,925,935,814)
Net income equalization

4,231,181   (379,758)
Other Capital

4,509,591   3,402,318
Net increase (decrease) in net assets from beneficial interest transactions

(1,782,536,371)   1,332,892,036
Net increase (decrease) in net assets during the period

(816,454,219)   1,152,948,106
Net assets at beginning of period

10,555,187,040   9,402,238,934
NET ASSETS AT END OF PERIOD

$ 9,738,732,821   $ 10,555,187,040
SHARES OF BENEFICIAL INTEREST:      
Shares sold

335,000,000   350,800,001
Shares redeemed

(350,800,000)   (332,800,000)
Net increase (decrease) from share transactions

(15,800,000)   18,000,001
See accompanying notes to financial statements.
123


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)

  SPDR Bloomberg Barclays
Short Term High Yield Bond ETF
  Year Ended
6/30/21
  Year Ended
6/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)

$ 163,142,124   $ 165,620,363
Net realized gain (loss)

202,849,484   (118,615,075)
Net change in unrealized appreciation/depreciation

138,267,235   (78,722,421)
Net increase (decrease) in net assets resulting from operations

504,258,843   (31,717,133)
Net equalization credits and charges

(1,354,275)   (1,533,368)
Distributions to shareholders

(175,655,642)   (176,399,855)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold

15,672,178,995   5,810,390,428
Cost of shares redeemed

(13,981,332,848)   (5,604,012,147)
Net income equalization

1,354,275   1,533,368
Other Capital

749,568   266,785
Net increase (decrease) in net assets from beneficial interest transactions

1,692,949,990   208,178,434
Net increase (decrease) in net assets during the period

2,020,198,916   (1,471,922)
Net assets at beginning of period

3,037,340,618   3,038,812,540
NET ASSETS AT END OF PERIOD

$ 5,057,539,534   $ 3,037,340,618
SHARES OF BENEFICIAL INTEREST:      
Shares sold

585,900,000   226,500,000
Shares redeemed

(522,900,000)   (217,500,000)
Net increase (decrease) from share transactions

63,000,000   9,000,000
See accompanying notes to financial statements.
124


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period

  SPDR Bloomberg Barclays Convertible Securities ETF
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
  Year
Ended
6/30/18
  Year
Ended
6/30/17
Net asset value, beginning of period

$ 60.23   $ 52.93   $ 53.09   $ 49.53   $ 43.78
Income (loss) from investment operations:                  
Net investment income (loss) (a)

(0.73)   0.34   (0.30)   0.23   0.98
Net realized and unrealized gain (loss) (b)

29.30   8.56   2.88   5.40   7.17
Total from investment operations

28.57   8.90   2.58   5.63   8.15
Net equalization credits and charges (a)

(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)   0.02
Distributions to shareholders from:                  
Net investment income

(1.90)   (1.72)   (2.78)   (2.08)   (2.09)
Net asset value, end of period

$ 86.87   $ 60.23   $ 52.93   $ 53.09   $ 49.53
Total return (d)

47.75%   17.45%   5.51%   11.62%   18.34%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$6,628,386   $4,644,076   $3,858,397   $4,475,889   $3,873,400
Ratios to average net assets:                  
Total expenses

0.40%   0.40%   0.40%   0.40%   0.40%
Net investment income (loss)

(0.93)%   0.62%   (0.58)%   0.44%   2.12%
Portfolio turnover rate (e)

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 year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
125


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Bloomberg Barclays High Yield Bond ETF
  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

$ 101.03   $ 108.73   $ 106.80   $ 111.30   $ 105.84
Income (loss) from investment operations:                  
Net investment income (loss) (b)

4.56   5.40   6.08   5.85   6.54
Net realized and unrealized gain (loss) (c)

9.36   (7.31)   1.84   (4.53)   5.49
Total from investment operations

13.92   (1.91)   7.92   1.32   12.03
Net equalization credits and charges (b)

(0.04)   0.00(d)   0.06   0.00(d)   0.00(d)
Other capital (b)

0.04   0.04   0.03   0.03   0.03
Distributions to shareholders from:                  
Net investment income

(5.12)   (5.83)   (6.08)   (5.85)   (6.60)
Net asset value, end of period

$ 109.83   $ 101.03   $ 108.73   $ 106.80   $ 111.30
Total return (e)

13.99%   (1.81)%   7.81%   1.23%   11.65%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$9,738,733   $10,555,187   $9,402,239   $9,506,526   $11,613,180
Ratios to average net assets:                  
Total expenses

0.40%   0.40%   0.40%   0.40%   0.40%
Net investment income (loss)

4.26%   5.13%   5.72%   5.34%   5.97%
Portfolio turnover rate (f)

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 year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
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SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Bloomberg Barclays Short Term High Yield Bond ETF
  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

$ 25.16   $ 27.21   $ 27.33   $ 27.92   $ 26.80
Income (loss) from investment operations:                  
Net investment income (loss) (a)

1.14   1.37   1.54   1.48   1.62
Net realized and unrealized gain (loss) (b)

2.53   (1.93)   (0.11)   (0.58)   1.10
Total from investment operations

3.67   (0.56)   1.43   0.90   2.72
Net equalization credits and charges (a)

(0.01)   (0.01)   (0.01)   (0.01)   0.02
Other capital (a)

0.01   0.00(c)   0.00(c)   0.00(c)   0.00(c)
Distributions to shareholders from:                  
Net investment income

(1.30)   (1.48)   (1.54)   (1.48)   (1.62)
Net asset value, end of period

$ 27.53   $ 25.16   $ 27.21   $ 27.33   $ 27.92
Total return (d)

14.79%   (2.10)%   5.37%   3.30%   10.43%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$5,057,540   $3,037,341   $3,038,813   $3,544,787   $4,022,599
Ratios to average net assets:                  
Total expenses

0.40%   0.40%   0.40%   0.40%   0.40%
Net investment income (loss)

4.26%   5.27%   5.67%   5.37%   5.85%
Portfolio turnover rate (e)

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 year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
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NOTES TO FINANCIAL STATEMENTS
June 30, 2021

1.    Organization
SPDR Series Trust (the “Trust”), a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.
As of June 30, 2021, the Trust consists of eighty-two (82) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):
SPDR Bloomberg Barclays Convertible Securities ETF
SPDR Bloomberg Barclays High Yield Bond ETF
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.
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June 30, 2021

Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
•   Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
•   Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.
•   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.
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June 30, 2021

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
•   Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;
•   Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
•   Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of each Fund’s investments, according to the fair value hierarchy as of June 30, 2021, is disclosed in each Fund’s respective Schedule of Investments.
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2021

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.
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
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2021

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 June 30, 2021, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
The Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
Distributions
Distributions from net investment income, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.    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
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June 30, 2021

percentage of each Fund’s average daily net assets as shown in the following table:
  Annual Rate
SPDR Bloomberg Barclays Convertible Securities ETF

0.40%
SPDR Bloomberg Barclays High Yield Bond ETF

0.40
SPDR Bloomberg Barclays 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, 2021. 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, 2021. Each waiver and/or reimbursement may not be terminated prior to October 31, 2021 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 Independent Trustees (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation expenses, and other extraordinary expenses.
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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2021

Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017, as amended.
Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the 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 year ended June 30, 2021 are disclosed in the Schedules of Investments.
Due to Custodian
In certain circumstances, the Fund 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 Fund.
4.    Trustees’ Fees
The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
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June 30, 2021

5.    Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the year ended June 30, 2021, were as follows:
  Purchases   Sales
SPDR Bloomberg Barclays Convertible Securities ETF

$2,086,456,392   $1,769,630,871
SPDR Bloomberg Barclays High Yield Bond ETF

5,912,292,374   5,425,919,320
SPDR Bloomberg Barclays Short Term High Yield Bond ETF

2,590,927,519   3,089,840,560
For the year ended June 30, 2021, the following Fund had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:
  In-kind
Contributions
  In-kind
Redemptions
  In-kind Net
Realized
Gains/(Losses)
SPDR Bloomberg Barclays Convertible Securities ETF

$ 3,171,566,570   $ 3,597,438,422   $1,380,456,773
SPDR Bloomberg Barclays High Yield Bond ETF

34,262,423,133   36,552,244,474   652,497,427
SPDR Bloomberg Barclays Short Term High Yield Bond ETF

15,424,908,544   13,416,547,963   210,538,836
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 variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.
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June 30, 2021

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. 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.
Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAV or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for in-kind transactions, amortization and accretion of premium and discount for financial statement purposes, contingent payment debt instruments, wash sale loss deferrals, defaulted bonds, deemed dividends on convertible debt and distributions in excess of current earnings. In addition, certain Funds claimed a portion of the payments made to redeeming shareholders as a distribution for income tax purposes.
The tax character of distributions paid during the year ended June 30, 2021, was as follows:
  Ordinary
Income
  Long-Term
Capital Gains
  Total
SPDR Bloomberg Barclays Convertible Securities ETF

$149,426,532   $—   $149,426,532
SPDR Bloomberg Barclays High Yield Bond ETF

557,603,482     557,603,482
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2021

  Ordinary
Income
  Long-Term
Capital Gains
  Total
SPDR Bloomberg Barclays Short Term High Yield Bond ETF

$175,655,642   $—   $175,655,642
The tax character of distributions paid during the year ended June 30, 2020, was as follows:
  Ordinary
Income
  Long-Term
Capital Gains
  Total
SPDR Bloomberg Barclays Convertible Securities ETF

$ 133,938,198   $ —   $ 133,938,198
SPDR Bloomberg Barclays High Yield Bond ETF

540,633,941     540,633,941
SPDR Bloomberg Barclays Short Term High Yield Bond ETF

176,399,855     176,399,855
At June 30, 2021, the components of distributable earnings on a tax basis were as follows:
  Undistributed
Ordinary Income
  Capital Loss
Carryforwards
  Undistributed
Long-Term
Capital Gains
  Net Unrealized
Gains (Losses)
  Total
SPDR Bloomberg Barclays Convertible Securities ETF

$34,387,582   $   $—   $928,033,203   $ 962,420,785
SPDR Bloomberg Barclays High Yield Bond ETF

  (1,519,042,383)     (56,346,270)   (1,575,388,653)
SPDR Bloomberg Barclays Short Term High Yield Bond ETF

17,835,673   (609,982,089)     (11,336,613)   (603,483,029)
As of June 30, 2021, the following Funds had capital loss carryforwards available to offset future realized capital gains as follows:
  Non-Expiring
Short Term
  Non-Expiring
Long Term
SPDR Bloomberg Barclays High Yield Bond ETF

$391,079,672   $1,127,962,711
SPDR Bloomberg Barclays Short Term High Yield Bond ETF

215,978,665   394,003,424
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June 30, 2021

As of June 30, 2021, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:
  Tax
Cost
  Gross
Unrealized
Appreciation
  Gross
Unrealized
Depreciation
  Net Unrealized
Appreciation
(Depreciation)
SPDR Bloomberg Barclays Convertible Securities ETF

$ 6,069,861,958   $1,005,973,732   $ 77,940,529   $928,033,203
SPDR Bloomberg Barclays High Yield Bond ETF

10,231,075,212   64,372,225   120,718,495   (56,346,270)
SPDR Bloomberg Barclays Short Term High Yield Bond ETF

5,277,409,686   28,061,038   39,397,651   (11,336,613)
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.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of June 30, 2021, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds’ Statements of Operations,
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June 30, 2021

represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.
The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of June 30, 2021:
Fund   Market Value of
Securities on Loan
  Cash
Collateral
Received
  Non-Cash
Collateral
Received*
  Total
Collateral
Received
SPDR Bloomberg Barclays Convertible Securities ETF

  $ 401,488,072   $ 320,117,599   $ 90,837,955   $ 410,955,554
SPDR Bloomberg Barclays High Yield Bond ETF

  588,711,452   564,317,081   36,068,318   600,385,399
SPDR Bloomberg Barclays Short Term High Yield Bond ETF

  274,172,587   265,455,794   14,427,965   279,883,759
* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of June 30, 2021:
        Remaining Contractual Maturity of the Agreements
as of June 30, 2021
Fund   Securities
Lending
Transactions
  Overnight
and
Continuous
  <30 Days   Between
30 & 90
Days
  >90 Days   Total
Borrowings
  Gross Amount
of Recognized
Liabilities for
Securities Lending Transactions
SPDR Bloomberg Barclays Convertible Securities ETF

  Convertible Preferred Stocks   $ 114,449,561   $—   $—   $—   $ 114,449,561   $ 114,449,561
SPDR Bloomberg Barclays Convertible Securities ETF

  Corporate Bonds & Notes   205,668,038         205,668,038   205,668,038
SPDR Bloomberg Barclays High Yield Bond ETF

  Common Stocks   540,069         540,069   540,069
SPDR Bloomberg Barclays High Yield Bond ETF

  Corporate Bonds & Notes   563,777,012         563,777,012   563,777,012
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June 30, 2021

        Remaining Contractual Maturity of the Agreements
as of June 30, 2021
Fund   Securities
Lending
Transactions
  Overnight
and
Continuous
  <30 Days   Between
30 & 90
Days
  >90 Days   Total
Borrowings
  Gross Amount
of Recognized
Liabilities for
Securities Lending Transactions
SPDR Bloomberg Barclays Short Term High Yield Bond ETF

  Corporate Bonds & Notes   $265,449,943   $—   $—   $—   $265,449,943   $265,449,943
SPDR Bloomberg Barclays 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 $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2021 unless extended or renewed.
The Funds had no outstanding loans as of June 30, 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 1.25% plus the New York Fed Bank Rate. Prior to October 8, 2020, interest was calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.
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.
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June 30, 2021

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. A 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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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2021

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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SPDR SERIES TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Shareholders of SPDR Bloomberg Barclays Convertible Securities ETF, SPDR Bloomberg Barclays High Yield Bond ETF and SPDR Bloomberg Barclays Short Term High Yield Bond ETF and the Board of Trustees of SPDR® Series Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of SPDR Bloomberg Barclays Convertible Securities ETF, SPDR Bloomberg Barclays High Yield Bond ETF and SPDR Bloomberg Barclays Short Term High Yield Bond ETF (collectively referred to as the “Funds”) (three of the funds constituting SPDR® Series Trust (the “Trust”)), including the schedules of investments, as of June 30, 2021, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (three of the funds constituting SPDR® Series Trust) at June 30, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose
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of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers and others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.
Boston, Massachusetts
August 27, 2021
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OTHER INFORMATION
June 30, 2021 (Unaudited)

Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from January 1, 2021 to June 30, 2021.
The table below illustrates your Fund's cost in two ways:
Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in 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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  SPDR Bloomberg Barclays Convertible Securities ETF   SPDR Bloomberg Barclays High Yield Bond ETF   SPDR Bloomberg Barclays Short Term High Yield Bond ETF
Annualized Expense Ratio

0.40%   0.40%   0.40%
Actual:          
Ending Account Value

$1,056.60   $1,029.90   $1,042.60
Expenses Paid During Period(a)

2.04   2.01   2.03
Hypothetical (assuming a 5% return before expenses):          
Ending Account Value

1,022.80   1,022.80   1,022.80
Expenses Paid During Period(a)

2.01   2.01   2.01
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 181, then divided by 365.
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Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended June 30, 2021.
Dividends Received Deduction
Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.
Qualified Interest Income
Each Fund reports the maximum amount allowable of its net taxable income and short-term capital gain as qualified interest income.
Interest Dividends
Each Fund reports the maximum amount allowable as Section 163(j) Interest Dividends.
Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal year ended June 30, 2021 are considered qualified dividend income and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
Capital Gain Dividend
The Funds hereby designate as a capital gain dividend the amount reflected below, or if subsequently determined to be different, the net capital gain of such fiscal period.
  Amount
SPDR Bloomberg Barclays Convertible Securities ETF

$288,154,114
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at www.ssga.com.
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Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at www.sec.gov.
Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov, and on the Funds’ website at www.ssga.com.
Quarterly Portfolio Schedule
Following the Funds’ first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit on Form N-PORT, which can be found on the SEC's website at www.sec.gov, and on the Funds' website at www.ssga.com. The Funds’ schedules of investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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Approval of Advisory Agreement
At a meeting held prior to June 30, 2021, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to the fixed income series of the Trust (collectively, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), also met separately to consider the Agreement. The Independent Trustees were advised by their independent legal counsel throughout the process.
To evaluate the Agreement, the Board requested and SSGA FM, the Trust’s investment adviser and administrator, and State Street Bank and Trust Company, the Trust’s sub-administrator, transfer agent and custodian (“State Street”) provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the SPDR ETFs, (iii) profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent to which economies of scale would be shared as the SPDR ETFs grow.
Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and the materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser in managing exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and ensuring each SPDR ETF’s compliance with its investment objectives and policies, and applicable laws and regulations. The Board further considered information about the Adviser’s best execution
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procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment management business and that of its affiliates which make up State Street Global Advisors, through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board specifically considered the Adviser’s experience in managing fixed income exchange-traded funds with index-based investment objectives.
Investment Performance
The Board then reviewed the SPDR ETFs’ performance, noting that the distinctive indexed investment objective of each of the SPDR ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. Instead, the Board focused on the extent to which each SPDR ETF achieved its objective as a passively-managed index fund. The Board reviewed information regarding the SPDR ETFs’ index tracking.
Profits Realized by the Adviser
The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser and its affiliates, including data on the SPDR ETFs’ historical profitability to these entities. The Board, including the Independent Trustees, with their independent legal counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations
Fees Charged to Comparable Funds
The Board evaluated each SPDR ETF’s unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., exchange-traded funds tracking similar fixed income indexes. The Board reviewed the universe of similar exchange-traded funds for each SPDR ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund by fund analysis of the data. In certain instances as considered appropriate by the Board, the Board explored with management the reasons for the differences between a SPDR ETF’s fee and fees paid by similar funds.
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Other Benefits
The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions.
Economies of Scale
The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF’s assets grow in size. The Board noted that the advisory fee rate did not provide for breakpoints in each SPDR ETF’s advisory fee rates as assets of a SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.
Conclusion
After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the continuation of the Agreement for each SPDR ETF. The Board’s conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each SPDR ETF had been satisfactory or the Advisor had demonstrated due attention to the remediation of underperformance, where appropriate; (c) the Adviser’s unitary fee for each SPDR ETF considered in relation to the services provided, and in relation to the fees charged to comparable funds, was reasonable; (d) the profitability of the Trust’s relationships with the Adviser and its affiliates was not excessive in view of the nature, extent and quality of the services provided; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) the fees paid to the Adviser adequately shared the economies of scale with respect to the SPDR ETFs by way of the relatively low fee structure of the Trust.
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TRUSTEES AND OFFICERS INFORMATION
Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal
Occupation(s)
During Past
5 Years
  Number of
Portfolios
in Fund
Complex
Overseen
by Trustee†
  Other
Directorships
Held by Trustee
During the
Past 5 Years
Trustees                    
Independent Trustees                    
CARL G. VERBONCOEUR
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1952
  Independent
Trustee,
Chairman,
Trustee
Committee
Chair
  Term: Unlimited
Served: since
April 2010
  Self-employed
consultant since 2009.
  118   The Motley Fool
Funds Trust
(Trustee).
DWIGHT D. CHURCHILL
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1953
  Independent
Trustee,
Audit
Committee
Chair
  Term: Unlimited
Served: since
April 2010
  Self-employed
consultant since 2010;
CEO and President,
CFA Institute (June
2014 - January 2015).
  118   Affiliated
Managers Group,
Inc. (Chairman, Director
and Audit
Committee Chair).
CLARE S. RICHER
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1958
  Independent
Trustee
  Term: Unlimited
Served: since
July 2018
  Retired. Chief Financial
Officer, Putnam
Investments LLC
(December 2008 -
May 2017).
  118   Principal Financial
Group (Director);
Bain Capital
Specialty
Finance
(Director);
Putnam Acquisition
Financing Inc.
(Director);
Putnam Acquisition
Financing LLC
(Director); Putnam GP
Inc. (Director);
Putnam Investor
Services, Inc.
(Director); Putnam
Investments Limited
(Director); University
of Notre Dame
(Trustee).
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Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal
Occupation(s)
During Past
5 Years
  Number of
Portfolios
in Fund
Complex
Overseen
by Trustee†
  Other
Directorships
Held by Trustee
During the
Past 5 Years
SANDRA G. SPONEM
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1958
  Independent
Trustee
  Term: Unlimited
Served: since
July 2018
  Retired. Chief Financial
Officer, M.A.
Mortenson
Companies, Inc.
(February 2007 -
April 2017).
  118   Rydex Series Funds (Trustee);
Rydex Dynamic Funds (Trustee);
Rydex Variable Trust (Trustee);
Guggenheim Funds
Trust (Trustee); Guggenheim
Variable Funds Trust (Trustee);
Guggenheim Strategy
Funds Trust (Trustee); Transparent
Value Trust (Trustee); Fiduciary/
Claymore Energy
Infrastructure Fund (Trustee);
Guggenheim Taxable
Municipal Managed
Duration Trust (Trustee);
Guggenheim Strategic
Opportunities Fund (Trustee);
Guggenheim Enhanced
Equity Income Fund (Trustee);
Guggenheim Credit
Allocation Fund (Trustee);
Guggenheim Energy
& Income Fund (Trustee).
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Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal
Occupation(s)
During Past
5 Years
  Number of
Portfolios
in Fund
Complex
Overseen
by Trustee†
  Other
Directorships
Held by Trustee
During the
Past 5 Years
Interested Trustee                    
JAMES E. ROSS*
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1965
  Interested
Trustee
  Term: Unlimited
Served as
Trustee: since
April 2010
  Non-Executive Chairman,
Fusion Acquisition Corp. (June
2020 - Present);
Retired Chairman and Director,
SSGA Funds Management, Inc.
(2005 - March 2020); Retired
Executive Vice President, State
Street Global Advisors (2012 -
March 2020); Retired Chief
Executive Officer and Manager,
State Street Global Advisors
Funds Distributors, LLC (May
2017 - March 2020); Director,
State Street Global Markets,
LLC (2013 - April 2017);
President, SSGA Funds
Management, Inc. (2005 - 2012);
Principal, State Street
Global Advisors (2000 - 2005).
  129   SSGA SPDR
ETFs Europe I plc
(Director)
(November 2016 -
March 2020); SSGA
SPDR ETFs
Europe II plc
(Director)
(November 2016 -
March 2020); State Street Navigator
Securities Lending Trust (July
2016 - March 2020); SSGA
Funds (January 2014 - March
2020); State Street Institutional
Investment Trust (February
2007 - March 2020); State
Street Master Funds (February
2007 - March 2020); Elfun
Funds (July 2016 - December
2018).
† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA Funds Management, Inc. serves as investment adviser.
* Mr. Ross is an Interested Trustee because of his former position with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.
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Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal Occupation(s) During the Past 5 Years
Officers            
ELLEN M. NEEDHAM
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1967
  President   Term: Unlimited
Served: since
October 2012
  Chairman, SSGA Funds Management Inc. (March 2020 - present); President and Director, SSGA Funds Management, Inc. (2001 - present)*; Senior Managing Director, State Street Global Advisors (1992 - present)*; Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 - present).
BRUCE S. ROSENBERG
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1961
  Treasurer   Term: Unlimited
Served: since
February 2016
  Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 - present); Director, Credit Suisse (April 2008 - July 2015).
ANN M. CARPENTER
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1966
  Vice
President;
Deputy
Treasurer
  Term: Unlimited
Served: since
August 2012 (with respect to Vice President);
Unlimited Served:
since February 2016 (with respect to Deputy Treasurer)
  Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 - Present)*; Managing Director, State Street Global Advisors (April 2005 - present).*
MICHAEL P. RILEY
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1969
  Vice
President
  Term: Unlimited
Served: since
February 2005
  Managing Director, State Street Global Advisors (2005 - present).*
CHAD C. HALLETT
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1969
  Deputy
Treasurer
  Term: Unlimited
Served: since
February 2016
  Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 - present); Vice President, State Street Bank and Trust Company (2001 - November 2014).*
DARLENE ANDERSON-VASQUEZ
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1968
  Deputy
Treasurer
  Term: Unlimited
Served: since
November 2016
  Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 - present); Senior Vice President, John Hancock Investments (September 2007 - May 2016).
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Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal Occupation(s) During the Past 5 Years
ARTHUR A. JENSEN
SSGA Funds Management, Inc.
1600 Summer Street
Stamford, CT 06905
1966
  Deputy
Treasurer
  Term: Unlimited
Served: Since
August 2017
  Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 - present); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 - July 2016).
DAVID LANCASTER
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1971
  Assistant
Treasurer
  Term: Unlimited
Served: since
November 2020
  Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 - present); Assistant Vice President, State Street Bank and Trust Company (November 2011 - July 2017).
BRIAN HARRIS
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1973
  Chief Compliance
Officer; Anti-Money
Laundering
Officer; Code of
Ethics
Compliance
Officer
  Term: Unlimited
Served: since
November 2013
  Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 - present).*
SEAN O'MALLEY
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1969
  Chief Legal Officer   Term: Unlimited
Served:since
August 2019
  Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 - present).
DAVID BARR
SSGA Funds Management, Inc
One Iron Street
Boston, MA 02210
1974
  Assistant
Secretary
  Term:Unlimited
Served:since
November 2020
  Vice President and Senior Counsel, State Street Global Advisors (October 2019 - present); Vice President at Eaton Vance Corp. (October 2010 - October 2019).
DAVID URMAN
SSGA Funds Management, Inc
One Iron Street
Boston, MA 02210
1985
  Secretary   Term:Unlimited
Served:since
August 2019
  Vice President and Senior Counsel, State Street Global Advisors (April 2019 - present); Vice President and Counsel, State Street Global Advisors (August 2015 - April 2019); Associate, Ropes & Gray LLP (November 2012 - August 2015).
* Served in various capacities and/or with various affiliated entities during noted time period.
The Statement of Additional Information (SAI) includes additional information about the Funds' trustees and is available, without charge, upon request and by calling 1-866-787-2257.
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Table of Contents
SPDR Series Trust
Trustees
Dwight D. Churchill
Clare S. Richer
James E. Ross
Sandra G. Sponem
Carl G. Verboncoeur, Chairman
Investment Manager and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, MA 02210
Custodian, Sub-Administrator
and Transfer Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
 
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read the prospectus carefully before you invest.


Table of Contents
SPDR® Series Trust - Fixed Income Funds
For more complete information, please call 1.866.787.2257 or visit www.ssga.com today.
State Street Global Advisors
One Iron Street
Boston, MA 02210
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the 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, and
BARCLAYS®, a trademark and service mark of Barclays Bank Plc, have each been licensed for use in connection with the listing and trading of the SPDR Bloomberg Barclays ETFs.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly-owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider a Fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1.866.787.2257 or visit www.ssga.com. Read it carefully.
Not FDIC Insured. No Bank Guarantee. May Lose Value.
 
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read the prospectus carefully before you invest.
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