SPDR SERIES TRUST

Semi-Annual Report

December 31, 2023

SPDR^® Series Trust - Fixed Income Funds

SPDR Bloomberg 1-10 Year TIPS ETF

SPDR Bloomberg 1-3 Month T-Bill ETF

SPDR Bloomberg 3-12 Month T-Bill ETF

SPDR Bloomberg Emerging Markets USD Bond ETF

SPDR Bloomberg Investment Grade Floating Rate ETF

SPDR Nuveen Bloomberg High Yield Municipal Bond ETF

SPDR Nuveen Bloomberg Municipal Bond ETF

SPDR Nuveen Bloomberg Short Term Municipal Bond ETF

SPDR Bloomberg Convertible Securities ETF

SPDR Bloomberg High Yield Bond ETF

SPDR Bloomberg Short Term High Yield Bond ETF

SPDR MarketAxess Investment Grade 400 Corporate Bond ETF

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

Table of Contents

SPDR Bloomberg Emerging Markets USD Bond ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2023


	Description	% of Net Assets
	Corp. Nacional del Cobre de Chile 3.70% 1/30/2050	0.9%
	Oman Government International Bonds 6.00% 8/1/2029	0.8
	Bahrain Government International Bonds 7.00% 1/26/2026	0.8
	Uruguay Government International Bonds 5.10% 6/18/2050	0.7
	Colombia Government International Bonds 6.13% 1/18/2041	0.7
	TOTAL	3.9%

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2023


		% of Net Assets
	Foreign Government Obligations	76.5%
	Corporate Bonds & Notes	21.8
	Short-Term Investments	1.9
	Liabilities in Excess of Other Assets	(0.2)
	TOTAL	100.0%

Sector Breakdown as of December 31, 2023


		% of Total Investments
	Government	75.8%
	Energy	10.9
	Financial	4.1
	Basic Materials	2.8
	Utilities	1.7
	Industrial	1.5
	Consumer, Non-cyclical	1.0
	Communications	0.3
	Short-Term Investments	1.9
	TOTAL	100.0%

(The Fund's asset allocation and sector breakdown are expressed as a percentage of net assets and total investments, respectively, and may change over time.)

See accompanying notes to financial statements.

Table of Contents

SPDR Bloomberg Investment Grade Floating Rate ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2023


	Description	% of Net Assets
	International Bank for Reconstruction & Development 5.83% 8/19/2027	1.8%
	International Bank for Reconstruction & Development 5.73% 1/12/2027	1.7
	European Bank for Reconstruction & Development 5.56% 4/14/2026	1.5
	International Bank for Reconstruction & Development 5.74% 9/23/2026	1.4
	Inter-American Development Bank 5.59% 2/10/2026	1.2
	TOTAL	7.6%

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2023


		% of Net Assets
	Corporate Bonds & Notes	71.0%
	Foreign Government Obligations	27.7
	Short-Term Investments	1.7
	Liabilities in Excess of Other Assets	(0.4)
	TOTAL	100.0%

(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)

Sector Breakdown as of December 31, 2023


		% of Net Assets
	Financial	61.5%
	Government	23.4
	Consumer, Cyclical	6.0
	Industrial	2.6
	Communications	2.3
	Utilities	1.2
	Consumer, Non-cyclical	0.9
	Energy	0.5
	Technology	0.3
	Short-Term Investments	1.7
	Liabilities in Excess of Other Assets	(0.4)
	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.

Table of Contents

SPDR Nuveen Bloomberg High Yield Municipal Bond ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2023


	Description	% of Net Assets
	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, PR 5.00% 7/1/2058	1.9%
	Buckeye Tobacco Settlement Financing Authority Revenue, OH 5.00% 6/1/2055	1.7
	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, PR 4.78% 7/1/2058	1.2
	Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, PR 4.75% 7/1/2053	0.9
	New York Liberty Development Corp. Revenue, NY 5.00% 11/15/2044	0.7
	TOTAL	6.4%

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2023


		% of Net Assets
	Municipal Bonds & Notes	97.3%
	Short-Term Investment	1.8
	Other Assets in Excess of Liabilities	0.9
	TOTAL	100.0%

Top Ten States as of December 31, 2023


		% of Total Investments
	Puerto Rico	11.5%
	California	11.5
	New York	9.3
	Illinois	7.6
	Florida	6.0
	Ohio	5.3
	Texas	4.9
	Pennsylvania	3.7
	Wisconsin	3.4
	Colorado	3.2
	TOTAL	66.4%

(The Fund's asset allocation and top ten states are expressed as a percentage of net assets and total investments, respectively, and may change over time.)

See accompanying notes to financial statements.

Table of Contents

SPDR Nuveen Bloomberg Municipal Bond ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2023


	Description	% of Net Assets
	University of California Revenue, CA 5.00% 5/15/2029	0.9%
	City of New York, General Obligation, NY 5.25% 4/1/2044	0.6
	District of Columbia Income Tax Revenue, DC 5.00% 7/1/2047	0.5
	Massachusetts Development Finance Agency Revenue, MA 5.00% 11/15/2032	0.5
	University of California Revenue, CA 5.00% 5/15/2043	0.5
	TOTAL	3.0%

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2023


		% of Net Assets
	Municipal Bonds & Notes	99.4%
	Short-Term Investment	0.8
	Liabilities in Excess of Other Assets	(0.2)
	TOTAL	100.0%

Top Ten States as of December 31, 2023


		% of Total Investments
	New York	20.5%
	California	18.7
	Texas	11.9
	Washington	4.3
	Massachusetts	3.5
	Connecticut	3.3
	Maryland	2.9
	Florida	2.8
	District of Columbia	2.2
	Ohio	2.2
	TOTAL	72.3%

(The Fund's asset allocation and top ten states are expressed as a percentage of net assets and total investments, respectively, and may change over time.)

See accompanying notes to financial statements.

Table of Contents

SPDR Nuveen Bloomberg Short Term Municipal Bond ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2023


	Description	% of Net Assets
	State of California, General Obligation, CA 5.00% 10/1/2026	1.0%
	Orange County Transportation Authority Revenue, CA 5.00% 10/15/2024	1.0
	New York City Municipal Water Finance Authority Revenue, NY 5.00% 6/15/2026	1.0
	State of California, General Obligation, CA 4.00% 10/1/2024	0.9
	Chino Basin Regional Financing Authority Revenue, CA 4.00% 11/1/2025	0.9
	TOTAL	4.8%

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2023


		% of Net Assets
	Municipal Bonds & Notes	99.4%
	Short-Term Investment	0.1
	Other Assets in Excess of Liabilities	0.5
	TOTAL	100.0%

Top Ten States as of December 31, 2023


		% of Total Investments
	California	20.9%
	New York	16.9
	Texas	10.2
	Connecticut	5.3
	Washington	4.3
	Maryland	3.8
	Massachusetts	3.4
	Georgia	2.5
	Florida	2.5
	Virginia	2.4
	TOTAL	72.2%

(The Fund's asset allocation and top ten states are expressed as a percentage of net assets and total investments, respectively, and may change over time.)

See accompanying notes to financial statements.

Table of Contents

SPDR Bloomberg Convertible Securities ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2023


	Description	% of Net Assets
	Palo Alto Networks, Inc. 0.38% 6/1/2025	2.6%
	Wells Fargo & Co. 7.50% 12/31/2049	2.1
	Bank of America Corp. 7.25% 12/31/2049	1.7
	Royal Caribbean Cruises Ltd. 6.00% 8/15/2025	1.4
	Ford Motor Co. Zero Coupon, 3/15/2026	1.0
	TOTAL	8.8%

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2023


		% of Net Assets
	Corporate Bonds & Notes	48.8%
	Convertible Bonds	42.8
	Preferred Stocks	5.6
	Convertible Preferred Stocks	1.4
	Convertible Foreign Bonds	0.8
	Common Stocks	0.1
	Short-Term Investments	4.6
	Liabilities in Excess of Other Assets	(4.1)
	TOTAL	100.0%

(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)

Sector Breakdown as of December 31, 2023


		% of Net Assets
	Technology	22.7%
	Communications	22.0
	Consumer, Non-cyclical	16.0
	Consumer, Cyclical	13.6
	Financial	8.8
	Utilities	7.8
	Industrial	4.3
	Energy	3.4
	Basic Materials	0.9
	Short-Term Investments	4.6
	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.

Table of Contents

SPDR Bloomberg High Yield Bond ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2023


	Description	% of Net Assets
	Medline Borrower LP 3.88% 4/1/2029	0.5%
	TransDigm, Inc. 6.25% 3/15/2026	0.4
	DISH Network Corp. 11.75% 11/15/2027	0.4
	Cloud Software Group, Inc. 9.00% 9/30/2029	0.4
	Cloud Software Group, Inc. 6.50% 3/31/2029	0.4
	TOTAL	2.1%

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2023


		% of Net Assets
	Corporate Bonds & Notes	97.7%
	Common Stocks	0.1
	Short-Term Investments	6.5
	Liabilities in Excess of Other Assets	(4.3)
	TOTAL	100.0%

(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)

Sector Breakdown as of December 31, 2023


		% of Net Assets
	Consumer, Cyclical	20.2%
	Consumer, Non-cyclical	16.5
	Communications	16.2
	Industrial	11.6
	Energy	11.5
	Financial	10.6
	Technology	4.6
	Basic Materials	4.1
	Utilities	2.4
	Diversified	0.1
	Short-Term Investments	6.5
	Liabilities in Excess of Other Assets	(4.3)
	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.

Table of Contents

SPDR Bloomberg Short Term High Yield Bond ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2023


	Description	% of Net Assets
	TransDigm, Inc. 6.25% 3/15/2026	0.7%
	Caesars Entertainment, Inc. 6.25% 7/1/2025	0.6
	CCO Holdings LLC/CCO Holdings Capital Corp. 5.13% 5/1/2027	0.5
	Carnival Corp. 5.75% 3/1/2027	0.5
	Directv Financing LLC/Directv Financing Co.-Obligor, Inc. 5.88% 8/15/2027	0.5
	TOTAL	2.8%

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2023


		% of Net Assets
	Corporate Bonds & Notes	96.5%
	Common Stocks	0.0 *
	Warrants	0.0 *
	Short-Term Investments	7.5
	Liabilities in Excess of Other Assets	(4.0)
	TOTAL	100.0%

*	Amount shown represents less than 0.05% of net assets.

(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)

Sector Breakdown as of December 31, 2023


		% of Net Assets
	Consumer, Cyclical	23.9%
	Communications	16.3
	Consumer, Non-cyclical	13.5
	Industrial	11.8
	Financial	11.5
	Energy	9.6
	Basic Materials	3.7
	Utilities	3.1
	Technology	2.9
	Diversified	0.2
	Short-Term Investments	7.5
	Liabilities in Excess of Other Assets	(4.0)
	TOTAL	100.0%

(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG 1-10 YEAR TIPS ETF

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
U.S. GOVERNMENT AGENCY OBLIGATIONS — 2.4%
U.S. Treasury Inflation-Indexed Notes 2.38%, 10/15/2028 (Cost $32,351,991)	$ 31,961,667	$ 32,926,175
U.S. TREASURY OBLIGATIONS — 97.2%
U.S. Treasury Inflation-Indexed Bonds:
1.75%, 1/15/2028	21,744,686	21,633,947
2.00%, 1/15/2026	32,979,303	32,735,959
2.38%, 1/15/2025	45,931,956	45,597,658
2.38%, 1/15/2027	22,613,937	22,828,314
2.50%, 1/15/2029	23,701,790	24,533,155
3.38%, 4/15/2032	11,892,721	13,330,620
3.63%, 4/15/2028	31,841,720	34,148,433
3.88%, 4/15/2029	34,105,432	37,649,814
U.S. Treasury Inflation-Indexed Notes:
0.13%, 10/15/2024	586,292	573,708
0.13%, 4/15/2025	36,577,243	35,290,401
0.13%, 10/15/2025	37,852,948	36,411,626
0.13%, 4/15/2026	45,716,831	43,530,616
0.13%, 7/15/2026	42,093,856	40,127,042
0.13%, 10/15/2026	40,538,821	38,513,108
0.13%, 4/15/2027	39,001,172	36,667,351
0.13%, 1/15/2030	54,237,997	49,214,228
0.13%, 7/15/2030	44,184,995	39,954,720
0.13%, 1/15/2031	48,494,948	43,326,739
0.13%, 7/15/2031	50,982,465	45,378,017
0.13%, 1/15/2032	47,830,204	42,063,175
0.25%, 1/15/2025	49,932,912	48,488,553
0.25%, 7/15/2029	48,676,086	45,047,098
0.38%, 7/15/2025	48,597,970	47,106,919
0.38%, 1/15/2027	43,478,645	41,354,030
0.38%, 7/15/2027	44,451,357	42,261,366
0.50%, 4/15/2024	50,087	49,478
0.50%, 1/15/2028	42,769,547	40,499,861
0.63%, 1/15/2026	54,420,284	52,542,091

Security Description	Principal Amount	Value
0.63%, 7/15/2032	$ 50,931,477	$ 46,599,743
0.75%, 7/15/2028	43,992,077	42,143,135
0.88%, 1/15/2029	38,016,838	36,421,598
1.13%, 1/15/2033	48,398,158	45,857,076
1.25%, 4/15/2028	46,190,183	45,023,504
1.38%, 7/15/2033 (a)	44,097,088	42,807,533
1.63%, 10/15/2027	34,453,666	34,203,942
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,384,188,126)		1,293,914,558

	Shares
SHORT-TERM INVESTMENTS — 2.1%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.36% (b) (c)	449,799	449,799
State Street Navigator Securities Lending Portfolio II (d) (e)	27,506,000	27,506,000
TOTAL SHORT-TERM INVESTMENTS (Cost $27,955,799)		27,955,799
TOTAL INVESTMENTS — 101.7% (Cost $1,444,495,916)		1,354,796,532
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.7)%		(23,244,647)
NET ASSETS — 100.0%		$ 1,331,551,885

(a)	All or a portion of the shares of the security are on loan at December 31, 2023.
(b)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(c)	The rate shown is the annualized seven-day yield at December 31, 2023.
(d)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(e)	Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2023.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
U.S. Government Agency Obligations	$ —	$ 32,926,175	$—	$ 32,926,175
U.S. Treasury Obligations	—	1,293,914,558	—	1,293,914,558
Short-Term Investments	27,955,799	—	—	27,955,799
TOTAL INVESTMENTS	$27,955,799	$1,326,840,733	$—	$1,354,796,532

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG 1-3 MONTH T-BILL ETF

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
U.S. TREASURY OBLIGATIONS — 99.6% (a)
U.S. Treasury Bills:
5.26%, 1/4/2024 (b)	$ 2,847,617,000	$ 2,846,789,482
5.27%, 1/11/2024	2,806,634,000	2,802,966,543
5.27%, 1/25/2024 (b)	2,331,555,000	2,323,700,691
5.27%, 2/1/2024 (b)	1,857,166,000	1,849,004,907
5.27%, 2/8/2024 (b) (c)	1,884,995,000	1,874,786,338
5.27%, 2/20/2024 (b) (c)	782,047,000	776,438,573
5.28%, 2/6/2024 (c)	754,048,000	750,177,585
5.29%, 2/15/2024 (b) (c)	1,912,759,000	1,900,506,497
5.29%, 2/22/2024	2,387,411,000	2,369,663,512
5.29%, 2/27/2024 (b) (c)	781,940,000	775,514,776
5.33%, 1/2/2024 (b)	3,001,886,000	3,001,886,000
5.33%, 1/9/2024	1,885,035,000	1,883,112,830
5.33%, 1/16/2024	1,884,907,000	1,881,053,157
5.33%, 1/23/2024 (b)	1,815,165,000	1,809,586,653
5.34%, 1/30/2024 (b)	1,842,914,000	1,835,327,128
5.35%, 1/18/2024 (b)	1,857,131,000	1,852,771,794
5.35%, 2/29/2024 (c)	1,912,664,000	1,896,442,142
5.36%, 2/13/2024 (c)	781,952,000	777,136,544
TOTAL U.S. TREASURY OBLIGATIONS (Cost $33,202,633,566)		33,206,865,152

	Shares
SHORT-TERM INVESTMENTS — 5.4%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.36% (d) (e)	172,216,812	172,216,812

Security Description	Shares	Value
State Street Navigator Securities Lending Portfolio II (f) (g)	1,634,224,251	$ 1,634,224,251
TOTAL SHORT-TERM INVESTMENTS (Cost $1,806,441,063)		1,806,441,063
TOTAL INVESTMENTS — 105.0% (Cost $35,009,074,629)		35,013,306,215
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.0)%		(1,659,089,462)
NET ASSETS — 100.0%		$33,354,216,753

(a)	Rate shown is the discount rate at time of purchase, not a coupon rate.
(b)	When-issued security.
(c)	All or a portion of the shares of the security are on loan at December 31, 2023.
(d)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(e)	The rate shown is the annualized seven-day yield at December 31, 2023.
(f)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(g)	Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2023.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
U.S. Treasury Obligations	$ —	$33,206,865,152	$—	$33,206,865,152
Short-Term Investments	1,806,441,063	—	—	1,806,441,063
TOTAL INVESTMENTS	$1,806,441,063	$33,206,865,152	$—	$35,013,306,215

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG 3-12 MONTH T-BILL ETF

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
U.S. TREASURY OBLIGATIONS — 99.5% (a)
U.S. Treasury Bills:
0.01%, 3/5/2024	$ 108,893,000	$ 107,904,823
4.84%, 11/29/2024	85,546,000	81,959,749
5.08%, 8/8/2024	77,755,000	75,519,739
5.12%, 9/5/2024	81,645,000	78,993,130
5.12%, 10/31/2024	85,545,000	82,234,242
5.13%, 7/11/2024 (b)	73,872,000	72,030,163
5.16%, 6/13/2024 (b)	73,875,000	72,190,320
5.18%, 10/3/2024	85,527,000	82,465,587
5.20%, 5/23/2024	132,209,000	129,551,713
5.24%, 4/2/2024 (b)	108,893,000	107,463,739
5.24%, 5/30/2024	132,209,000	129,447,912
5.25%, 5/9/2024	132,210,000	129,799,013
5.26%, 3/14/2024	120,536,000	119,286,885
5.26%, 3/19/2024	108,890,000	107,684,876
5.26%, 3/21/2024	186,895,000	184,767,617
5.26%, 3/26/2024	108,892,000	107,571,429
5.27%, 5/16/2024 (b)	202,176,000	198,307,291
5.29%, 3/12/2024	108,890,000	107,788,602
5.30%, 3/7/2024	120,528,000	119,398,815
5.31%, 3/28/2024	120,534,000	119,039,136
5.32%, 4/11/2024 (b)	128,320,000	126,478,127
5.32%, 5/2/2024	132,209,000	129,918,071
5.33%, 4/25/2024	132,198,000	130,031,321
5.34%, 4/4/2024 (b)	124,429,000	122,761,427
5.34%, 4/18/2024	198,284,000	195,234,999
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,915,611,171)		2,917,828,726

Security Description	Shares	Value
SHORT-TERM INVESTMENTS — 10.4%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.36% (c) (d)	15,606,001	15,606,001
State Street Navigator Securities Lending Portfolio II (e) (f)	290,154,031	$ 290,154,031
TOTAL SHORT-TERM INVESTMENTS (Cost $305,760,032)		305,760,032
TOTAL INVESTMENTS — 109.9% (Cost $3,221,371,203)		3,223,588,758
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.9)%		(290,171,477)
NET ASSETS — 100.0%		$ 2,933,417,281

(a)	Rate shown is the discount rate at time of purchase, not a coupon rate.
(b)	All or a portion of the shares of the security are on loan at December 31, 2023.
(c)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(d)	The rate shown is the annualized seven-day yield at December 31, 2023.
(e)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(f)	Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2023.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
U.S. Treasury Obligations	$ —	$2,917,828,726	$—	$2,917,828,726
Short-Term Investments	305,760,032	—	—	305,760,032
TOTAL INVESTMENTS	$305,760,032	$2,917,828,726	$—	$3,223,588,758

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
CORPORATE BONDS & NOTES — 21.8%
AZERBAIJAN — 0.3%
Southern Gas Corridor CJSC 6.88%, 3/24/2026	$ 650,000	$ 659,750
BAHRAIN — 0.2%
Oil & Gas Holding Co. BSCC 7.50%, 10/25/2027	400,000	422,016
BRAZIL — 1.7%
Banco do Brasil SA:
4.88%, 1/11/2029	600,000	587,232
6.25%, 4/18/2030	200,000	208,182
Petrobras Global Finance BV:
5.50%, 6/10/2051 (a)	500,000	420,435
5.60%, 1/3/2031 (a)	300,000	298,989
6.00%, 1/27/2028	250,000	254,417
6.75%, 1/27/2041	1,319,000	1,316,111
6.85%, 6/5/2115	486,000	457,375
6.90%, 3/19/2049 (a)	200,000	198,150
		3,740,891
CHILE — 2.1%
Corp. Nacional del Cobre de Chile:
3.15%, 1/14/2030	650,000	579,865
3.63%, 8/1/2027	200,000	189,582
3.70%, 1/30/2050	2,850,000	2,054,451
5.13%, 2/2/2033	400,000	386,752
Empresa de los Ferrocarriles del Estado 3.07%, 8/18/2050	200,000	121,516
Empresa de Transporte de Pasajeros Metro SA 4.70%, 5/7/2050	600,000	494,664
Empresa Nacional del Petroleo:
3.45%, 9/16/2031 (b)	200,000	168,200
5.25%, 11/6/2029	400,000	386,716
Interchile SA 4.50%, 6/30/2056 (b)	250,000	205,688
		4,587,434
CHINA — 4.3%
Bank of China Ltd. Series EMTN, 1.25%, 6/24/2025	200,000	189,234
BOC Aviation USA Corp. 4.88%, 5/3/2033	200,000	195,866
China Cinda Finance 2017 I Ltd. Series EMTN, 4.75%, 2/8/2028	700,000	684,197
China Construction Bank Corp.:
5 yr. CMT + 1.40%, 2.85%, 1/21/2032 (c)	500,000	472,035
5 yr. CMT + 1.88%, 4.25%, 2/27/2029 (c)	1,010,000	1,007,859
China Resources Land Ltd. Series EMTN, 5 yr. CMT - 5.14%, 3.75%, 12/9/2024 (c)	500,000	486,610

Security Description	Principal Amount	Value
Chinalco Capital Holdings Ltd. 2.13%, 6/3/2026	$ 250,000	$ 232,894
CNAC HK Finbridge Co. Ltd. 5.13%, 3/14/2028	700,000	698,201
CNOOC Finance 2015 USA LLC:
3.50%, 5/5/2025	200,000	196,214
4.38%, 5/2/2028	900,000	896,274
CNOOC Petroleum North America ULC 5.88%, 3/10/2035	200,000	211,138
Huarong Finance II Co. Ltd. Series EMTN, 5.50%, 1/16/2025	200,000	197,246
Industrial & Commercial Bank of China Ltd.:
4.88%, 9/21/2025	200,000	198,192
5 yr. CMT + 2.37%, 3.20%, 9/24/2026 (c)	850,000	798,837
Sinopec Group Overseas Development 2018 Ltd.:
1.45%, 1/8/2026	300,000	280,929
2.15%, 5/13/2025	200,000	192,528
2.30%, 1/8/2031	1,163,000	1,018,241
State Grid Overseas Investment 2013 Ltd. 4.38%, 5/22/2043 (b)	200,000	186,186
State Grid Overseas Investment BVI Ltd.:
Series EMTN, 1.63%, 8/5/2030	700,000	589,638
3.50%, 5/4/2027	500,000	485,425
		9,217,744
COLOMBIA — 0.6%
Ecopetrol SA:
5.38%, 6/26/2026	200,000	196,188
5.88%, 5/28/2045	429,000	336,902
6.88%, 4/29/2030	400,000	395,348
8.88%, 1/13/2033	350,000	380,321
		1,308,759
INDIA — 0.8%
Greenko Dutch BV 3.85%, 3/29/2026	323,750	301,434
Indian Oil Corp. Ltd. 4.75%, 1/16/2024	550,000	549,780
Indian Railway Finance Corp. Ltd. 2.80%, 2/10/2031	500,000	430,675
REC Ltd. 5.63%, 4/11/2028	300,000	304,680
State Bank of India Series EMTN, 4.88%, 5/5/2028	200,000	199,648
		1,786,217
INDONESIA — 1.0%
Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT:
4.75%, 5/15/2025	754,000	744,952

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
5.80%, 5/15/2050	$ 222,000	$ 214,559
Pertamina Persero PT:
4.18%, 1/21/2050	250,000	207,442
5.63%, 5/20/2043 (a)	200,000	202,884
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara:
4.13%, 5/15/2027 (a)	500,000	488,775
5.45%, 5/21/2028	200,000	203,696
		2,062,308
ISRAEL — 0.2%
Israel Electric Corp. Ltd.:
Series GMTN, 3.75%, 2/22/2032 (b)	200,000	169,080
Series GMTN, 4.25%, 8/14/2028 (b)	200,000	186,696
		355,776
KAZAKHSTAN — 0.8%
KazMunayGas National Co. JSC:
4.75%, 4/19/2027	508,000	493,522
5.38%, 4/24/2030	1,050,000	1,040,029
6.38%, 10/24/2048	200,000	187,760
		1,721,311
MALAYSIA — 2.2%
Khazanah Capital Ltd. Series EMTN, 4.88%, 6/1/2033	200,000	200,640
MISC Capital Two Labuan Ltd. 3.75%, 4/6/2027	800,000	770,072
Petronas Capital Ltd.:
2.48%, 1/28/2032 (a)	500,000	427,260
3.40%, 4/28/2061	464,000	332,660
3.50%, 4/21/2030	1,100,000	1,031,437
4.50%, 3/18/2045	700,000	641,984
4.55%, 4/21/2050 (a)	950,000	870,571
Petronas Energy Canada Ltd. 2.11%, 3/23/2028	200,000	181,544
TNB Global Ventures Capital Bhd. Series EMTN, 3.24%, 10/19/2026	250,000	237,970
		4,694,138
MEXICO — 1.9%
Comision Federal de Electricidad 3.35%, 2/9/2031	200,000	166,150
Mexico City Airport Trust 5.50%, 7/31/2047	200,000	171,888
Petroleos Mexicanos:
5.35%, 2/12/2028	400,000	346,696
5.95%, 1/28/2031	300,000	239,484
6.49%, 1/23/2027	400,000	373,676
6.50%, 3/13/2027	1,400,000	1,304,254
6.70%, 2/16/2032	861,000	714,062
6.75%, 9/21/2047	400,000	263,120
6.88%, 8/4/2026	300,000	291,198

Security Description	Principal Amount	Value
6.95%, 1/28/2060	$ 400,000	$ 263,652
		4,134,180
MOROCCO — 0.3%
OCP SA:
3.75%, 6/23/2031	400,000	343,600
5.13%, 6/23/2051	400,000	302,543
		646,143
OMAN — 0.3%
OQ SAOC 5.13%, 5/6/2028	500,000	493,737
Oryx Funding Ltd. 5.80%, 2/3/2031	200,000	200,313
		694,050
PANAMA — 0.4%
Aeropuerto Internacional de Tocumen SA 5.13%, 8/11/2061 (b)	418,000	314,206
Banco Nacional de Panama 2.50%, 8/11/2030	687,000	511,465
		825,671
PERU — 0.9%
Consorcio Transmantaro SA 5.20%, 4/11/2038 (b)	250,000	235,882
Petroleos del Peru SA:
4.75%, 6/19/2032 (a)	609,000	435,374
5.63%, 6/19/2047	1,990,000	1,235,074
		1,906,330
QATAR — 0.3%
Ooredoo International Finance Ltd.:
2.63%, 4/8/2031	600,000	522,062
3.75%, 6/22/2026	200,000	195,029
		717,091
SAUDI ARABIA — 0.7%
Gaci First Investment Co. 5.00%, 10/13/2027	200,000	201,713
SA Global Sukuk Ltd. 1.60%, 6/17/2026	200,000	185,443
Saudi Arabian Oil Co.:
2.25%, 11/24/2030	400,000	343,492
3.25%, 11/24/2050	300,000	212,687
4.25%, 4/16/2039	250,000	223,388
4.38%, 4/16/2049	400,000	344,056
		1,510,779
SOUTH AFRICA — 0.4%
Eskom Holdings SOC Ltd. 6.35%, 8/10/2028	400,000	388,557
Transnet SOC Ltd. 8.25%, 2/6/2028	400,000	402,520
		791,077
SOUTH KOREA — 0.1%
NongHyup Bank 4.88%, 7/3/2028	200,000	201,174

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
THAILAND — 0.1%
PTTEP Treasury Center Co. Ltd. 2.59%, 6/10/2027	$ 300,000	$ 278,805
TRINIDAD AND TOBAGO — 0.2%
Heritage Petroleum Co. Ltd. 9.00%, 8/12/2029	400,000	423,624
UNITED ARAB EMIRATES — 2.0%
Abu Dhabi Ports Co. PJSC Series EMTN, 2.50%, 5/6/2031	400,000	340,024
DAE Funding LLC 3.38%, 3/20/2028	475,000	436,778
DP World Crescent Ltd. 5.50%, 9/13/2033	200,000	204,480
DP World Ltd.:
5.63%, 9/25/2048 (a)	1,000,000	956,938
6.85%, 7/2/2037 (b)	200,000	220,354
DP World Salaam 5 yr. CMT + 5.75%, 6.00%, 10/1/2025 (c)	400,000	398,391
Emirates NBD Bank PJSC:
Series EMTN, 5.63%, 10/21/2027	700,000	710,514
Series EMTN, 5.88%, 10/11/2028	425,000	439,025
6 yr. CMT + 3.66%, 6.13%, 3/20/2025 (c)	200,000	198,536
Masdar Abu Dhabi Future Energy Co. Series EMTN, 4.88%, 7/25/2033 (a)	500,000	495,620
		4,400,660
TOTAL CORPORATE BONDS & NOTES (Cost $50,479,712)		47,085,928
FOREIGN GOVERNMENT OBLIGATIONS — 76.5%
ANGOLA — 1.0%
Angola Government International Bonds:
8.25%, 5/9/2028	404,000	371,631
8.75%, 4/14/2032	1,400,000	1,229,178
9.13%, 11/26/2049	500,000	407,500
9.38%, 5/8/2048	250,000	207,620
		2,215,929
ARGENTINA — 0.0% (d)
Argentina Republic Government International Bonds 1.00%, 7/9/2029	250,000	99,568
ARMENIA — 0.1%
Republic of Armenia International Bonds 3.60%, 2/2/2031	300,000	244,608
AZERBAIJAN — 0.2%
Republic of Azerbaijan International Bonds:
3.50%, 9/1/2032	300,000	260,046

Security Description	Principal Amount	Value
4.75%, 3/18/2024	$ 100,000	$ 99,450
		359,496
BAHAMAS — 0.2%
Bahamas Government International Bonds 6.00%, 11/21/2028	500,000	440,416
BAHRAIN — 2.8%
Bahrain Government International Bonds:
4.25%, 1/25/2028	550,000	518,265
5.25%, 1/25/2033	1,500,000	1,333,650
5.45%, 9/16/2032	808,000	741,679
6.00%, 9/19/2044	400,000	328,000
7.00%, 1/26/2026	1,594,000	1,624,162
7.00%, 10/12/2028	900,000	937,185
7.50%, 9/20/2047	500,000	470,146
		5,953,087
BERMUDA — 0.3%
Bermuda Government International Bonds:
2.38%, 8/20/2030	200,000	171,178
3.38%, 8/20/2050	200,000	139,617
5.00%, 7/15/2032	400,000	394,679
		705,474
BOLIVIA — 0.1%
Bolivia Government International Bonds 4.50%, 3/20/2028	450,000	213,813
BRAZIL — 3.3%
Brazil Government International Bonds:
3.75%, 9/12/2031	1,400,000	1,248,347
3.88%, 6/12/2030	800,000	731,831
4.50%, 5/30/2029	787,000	759,078
4.63%, 1/13/2028	1,000,000	989,943
4.75%, 1/14/2050	1,263,000	969,927
5.00%, 1/27/2045	600,000	487,819
5.63%, 1/7/2041	600,000	553,706
5.63%, 2/21/2047	185,000	162,227
6.00%, 4/7/2026	400,000	410,583
6.00%, 10/20/2033	700,000	699,802
8.25%, 1/20/2034	200,000	234,740
		7,248,003
CHILE — 2.4%
Chile Government International Bonds:
2.55%, 1/27/2032	200,000	171,648
2.55%, 7/27/2033	316,000	260,900
3.10%, 5/7/2041	500,000	379,502
3.10%, 1/22/2061	200,000	133,785
3.24%, 2/6/2028	1,200,000	1,141,745
3.50%, 1/31/2034	1,500,000	1,336,202
3.50%, 1/25/2050	300,000	227,753
3.86%, 6/21/2047	835,000	683,011

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
4.34%, 3/7/2042	$ 500,000	$ 446,399
5.33%, 1/5/2054	500,000	496,810
		5,277,755
CHINA — 0.7%
China Government International Bonds:
1.25%, 10/26/2026	400,000	368,152
2.50%, 10/26/2051 (b)	300,000	208,192
2.75%, 12/3/2039	825,000	667,941
4.00%, 10/19/2048	300,000	282,003
		1,526,288
COLOMBIA — 4.2%
Colombia Government International Bonds:
3.00%, 1/30/2030	300,000	252,554
3.13%, 4/15/2031	600,000	488,909
3.25%, 4/22/2032	462,000	367,233
3.88%, 4/25/2027	700,000	667,134
3.88%, 2/15/2061	450,000	280,399
4.13%, 2/22/2042	250,000	178,408
4.13%, 5/15/2051	200,000	132,917
4.50%, 1/28/2026	90,000	88,264
4.50%, 3/15/2029	1,300,000	1,217,162
5.00%, 6/15/2045	600,000	464,074
5.20%, 5/15/2049	1,300,000	1,016,984
5.63%, 2/26/2044	500,000	419,729
6.13%, 1/18/2041	1,750,000	1,588,440
7.38%, 9/18/2037	400,000	415,092
7.50%, 2/2/2034	1,056,000	1,113,292
8.00%, 4/20/2033	300,000	327,793
		9,018,384
COSTA RICA — 1.1%
Costa Rica Government International Bonds:
5.63%, 4/30/2043	176,000	160,504
6.13%, 2/19/2031	800,000	818,553
7.00%, 4/4/2044	206,000	214,816
7.16%, 3/12/2045	541,000	572,894
7.30%, 11/13/2054 (b)	500,000	542,516
		2,309,283
DOMINICAN REPUBLIC — 3.4%
Dominican Republic International Bonds:
4.88%, 9/23/2032	850,000	774,157
5.30%, 1/21/2041	500,000	432,609
5.50%, 2/22/2029	1,200,000	1,174,057
5.88%, 1/30/2060	400,000	345,592
6.00%, 7/19/2028	1,050,000	1,051,884
6.00%, 2/22/2033	800,000	787,463
6.40%, 6/5/2049	1,400,000	1,315,482
6.50%, 2/15/2048	400,000	381,732
6.88%, 1/29/2026	200,000	204,096
7.05%, 2/3/2031	250,000	262,746

Security Description	Principal Amount	Value
7.45%, 4/30/2044	$ 498,000	$ 527,703
		7,257,521
ECUADOR — 0.0% (d)
Ecuador Government International Bonds Zero Coupon, 7/31/2030	200,000	56,545
EGYPT — 2.2%
Egypt Government International Bonds:
3.88%, 2/16/2026	200,000	162,998
5.80%, 9/30/2027	400,000	307,480
5.88%, 6/11/2025	262,000	243,630
5.88%, 2/16/2031	400,000	261,500
7.05%, 1/15/2032	457,000	312,024
7.30%, 9/30/2033	750,000	493,914
7.50%, 1/31/2027	300,000	251,640
7.50%, 2/16/2061	400,000	232,860
7.60%, 3/1/2029	1,250,000	952,075
7.90%, 2/21/2048	1,480,000	889,246
8.50%, 1/31/2047	400,000	247,967
8.75%, 9/30/2051	200,000	126,000
8.88%, 5/29/2050	450,000	285,829
		4,767,163
ETHIOPIA — 0.1%
Ethiopia International Bonds 6.63%, 12/11/2024	200,000	134,846
GABON — 0.1%
Gabon Government International Bonds 6.63%, 2/6/2031	400,000	333,206
GEORGIA — 0.1%
Georgia Government International Bonds 2.75%, 4/22/2026	200,000	187,053
GUATEMALA — 1.0%
Guatemala Government Bonds:
3.70%, 10/7/2033	200,000	166,555
4.50%, 5/3/2026	378,000	366,887
4.65%, 10/7/2041	300,000	244,652
4.88%, 2/13/2028	300,000	292,438
6.13%, 6/1/2050	907,000	859,374
6.60%, 6/13/2036	200,000	205,715
		2,135,621
HONDURAS — 0.1%
Honduras Government International Bonds 5.63%, 6/24/2030	300,000	267,276
HUNGARY — 2.2%
Hungary Government International Bonds:
2.13%, 9/22/2031 (b)	650,000	523,530
3.13%, 9/21/2051	150,000	101,470
5.25%, 6/16/2029	650,000	652,954
6.13%, 5/22/2028	700,000	727,082

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
6.25%, 9/22/2032	$ 900,000	$ 959,657
6.75%, 9/25/2052	700,000	782,250
7.63%, 3/29/2041	600,000	715,517
MFB Magyar Fejlesztesi Bank Zrt 6.50%, 6/29/2028	300,000	308,568
		4,771,028
INDIA — 1.6%
Export-Import Bank of India:
2.25%, 1/13/2031	1,300,000	1,087,604
3.38%, 8/5/2026	550,000	529,233
3.88%, 2/1/2028	1,400,000	1,344,342
5.50%, 1/18/2033	400,000	413,137
		3,374,316
INDONESIA — 4.3%
Indonesia Government International Bonds:
2.15%, 7/28/2031	500,000	421,480
2.85%, 2/14/2030	733,000	663,593
3.40%, 9/18/2029	400,000	375,176
3.85%, 7/18/2027	200,000	195,008
3.85%, 10/15/2030	600,000	571,838
4.15%, 9/20/2027	500,000	492,454
4.20%, 10/15/2050	558,000	501,598
4.30%, 3/31/2052	500,000	454,325
4.35%, 1/11/2048	488,000	452,016
4.45%, 4/15/2070	282,000	254,037
4.55%, 1/11/2028	200,000	199,754
4.75%, 2/11/2029	100,000	100,783
4.85%, 1/11/2033	600,000	612,956
5.13%, 1/15/2045	823,000	853,521
5.25%, 1/17/2042	200,000	207,599
5.65%, 1/11/2053	600,000	656,750
5.95%, 1/8/2046	400,000	450,519
6.63%, 2/17/2037	200,000	234,374
7.75%, 1/17/2038	500,000	642,019
8.50%, 10/12/2035	200,000	265,897
Perusahaan Penerbit SBSN Indonesia III 4.15%, 3/29/2027	700,000	692,937
		9,298,634
IRAQ — 0.2%
Iraq International Bonds 5.80%, 1/15/2028	393,750	367,541
IVORY COAST — 0.3%
Ivory Coast Government International Bonds 6.13%, 6/15/2033	600,000	550,704
JAMAICA — 0.7%
Jamaica Government International Bonds:
6.75%, 4/28/2028	500,000	532,722
7.88%, 7/28/2045	600,000	729,000
8.00%, 3/15/2039	200,000	249,357
		1,511,079

Security Description	Principal Amount	Value
JORDAN — 0.9%
Jordan Government International Bonds:
5.75%, 1/31/2027	$ 300,000	$ 294,240
6.13%, 1/29/2026	800,000	796,128
7.38%, 10/10/2047	500,000	443,746
7.75%, 1/15/2028	400,000	413,272
		1,947,386
KAZAKHSTAN — 0.6%
Kazakhstan Government International Bonds:
4.88%, 10/14/2044	600,000	579,466
6.50%, 7/21/2045	565,000	644,857
		1,224,323
KENYA — 0.7%
Republic of Kenya Government International Bonds:
6.30%, 1/23/2034	200,000	159,964
6.88%, 6/24/2024	200,000	193,994
7.00%, 5/22/2027	416,000	389,372
8.00%, 5/22/2032	200,000	180,620
8.25%, 2/28/2048	600,000	496,440
		1,420,390
MALAYSIA — 0.3%
Malaysia Wakala Sukuk Bhd.:
2.07%, 4/28/2031	300,000	259,863
3.08%, 4/28/2051	550,000	421,154
		681,017
MEXICO — 2.7%
Mexico Government International Bonds:
2.66%, 5/24/2031	300,000	253,626
3.25%, 4/16/2030	600,000	543,365
3.75%, 1/11/2028	200,000	192,846
3.75%, 4/19/2071	150,000	100,250
3.77%, 5/24/2061	704,000	476,947
4.28%, 8/14/2041	200,000	165,572
4.40%, 2/12/2052	742,000	587,902
4.60%, 1/23/2046	400,000	333,316
4.75%, 4/27/2032	250,000	240,586
Series MTN, 4.75%, 3/8/2044	1,000,000	858,003
5.00%, 4/27/2051	200,000	173,791
5.55%, 1/21/2045	200,000	191,116
Series GMTN, 5.75%, 10/12/2110	150,000	134,102
6.35%, 2/9/2035	1,200,000	1,256,468
Series MTN, 7.50%, 4/8/2033	200,000	229,051
		5,736,941
MONGOLIA — 0.3%
Mongolia Government International Bonds:
3.50%, 7/7/2027	200,000	179,488

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
5.13%, 4/7/2026	$ 200,000	$ 194,829
8.65%, 1/19/2028	200,000	210,685
		585,002
MOROCCO — 0.8%
Morocco Government International Bonds:
2.38%, 12/15/2027	200,000	179,036
3.00%, 12/15/2032	550,000	452,287
4.00%, 12/15/2050	728,000	524,160
5.95%, 3/8/2028	300,000	307,500
6.50%, 9/8/2033	200,000	210,813
		1,673,796
NIGERIA — 1.7%
Nigeria Government International Bonds:
6.13%, 9/28/2028	200,000	177,000
6.50%, 11/28/2027	603,000	549,992
7.14%, 2/23/2030 (a)	500,000	449,810
7.38%, 9/28/2033	350,000	297,955
7.63%, 11/28/2047	400,000	316,288
7.70%, 2/23/2038	200,000	163,644
8.38%, 3/24/2029	300,000	287,277
8.75%, 1/21/2031	1,200,000	1,142,928
9.25%, 1/21/2049	300,000	269,748
		3,654,642
OMAN — 3.2%
Oman Government International Bonds:
4.75%, 6/15/2026	700,000	691,250
5.38%, 3/8/2027	400,000	402,576
5.63%, 1/17/2028	300,000	305,472
6.00%, 8/1/2029	1,571,000	1,626,189
6.25%, 1/25/2031	500,000	525,675
6.50%, 3/8/2047	400,000	407,248
6.75%, 10/28/2027	650,000	685,750
6.75%, 1/17/2048	810,000	846,612
7.00%, 1/25/2051	600,000	647,250
7.38%, 10/28/2032	645,000	731,172
		6,869,194
PANAMA — 3.6%
Panama Government International Bonds:
2.25%, 9/29/2032	450,000	329,060
3.16%, 1/23/2030	515,000	439,075
3.30%, 1/19/2033	1,550,000	1,226,829
3.36%, 6/30/2031	400,000	315,047
3.75%, 4/17/2026	800,000	748,092
3.87%, 7/23/2060	550,000	329,046
3.88%, 3/17/2028	996,000	918,689
4.30%, 4/29/2053	485,000	324,703
4.50%, 5/15/2047	510,000	361,516
4.50%, 4/16/2050	546,000	378,456
4.50%, 4/1/2056	1,815,000	1,219,507

Security Description	Principal Amount	Value
4.50%, 1/19/2063	$ 250,000	$ 163,916
6.70%, 1/26/2036	350,000	347,218
6.85%, 3/28/2054	200,000	186,944
6.88%, 1/31/2036	500,000	499,260
7.13%, 1/29/2026	85,000	86,933
		7,874,291
PAPUA NEW GUINEA — 0.1%
Papua New Guinea Government International Bonds 8.38%, 10/4/2028	200,000	188,895
PARAGUAY — 0.7%
Paraguay Government International Bonds:
3.85%, 6/28/2033	200,000	176,673
4.95%, 4/28/2031	350,000	342,001
5.00%, 4/15/2026	307,000	304,174
5.40%, 3/30/2050	900,000	800,229
		1,623,077
PERU — 2.4%
Corp. Financiera de Desarrollo SA 2.40%, 9/28/2027	200,000	177,801
Fondo MIVIVIENDA SA 4.63%, 4/12/2027	400,000	389,955
Peru Government International Bonds:
1.86%, 12/1/2032	550,000	430,353
2.78%, 1/23/2031	1,492,000	1,299,140
2.78%, 12/1/2060	75,000	46,711
3.00%, 1/15/2034	1,000,000	843,288
3.23%, 7/28/2121	700,000	435,604
3.30%, 3/11/2041	200,000	155,280
3.55%, 3/10/2051	250,000	189,608
3.60%, 1/15/2072	500,000	351,998
5.63%, 11/18/2050	605,000	630,373
8.75%, 11/21/2033	200,000	251,135
		5,201,246
PHILIPPINES — 4.8%
Philippines Government International Bonds:
1.65%, 6/10/2031	886,000	726,734
2.46%, 5/5/2030	907,000	802,819
2.65%, 12/10/2045	475,000	337,683
2.95%, 5/5/2045	300,000	225,615
3.00%, 2/1/2028	600,000	566,097
3.20%, 7/6/2046	1,100,000	848,045
3.56%, 9/29/2032	800,000	739,116
3.70%, 3/1/2041	1,311,000	1,127,314
3.70%, 2/2/2042	300,000	257,127
3.75%, 1/14/2029	641,000	617,711
3.95%, 1/20/2040	338,000	305,936
5.00%, 7/17/2033	500,000	514,263
5.50%, 3/30/2026	500,000	508,301
5.50%, 1/17/2048	600,000	633,007

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
5.61%, 4/13/2033	$ 200,000	$ 213,812
6.38%, 10/23/2034	476,000	538,005
7.75%, 1/14/2031	400,000	475,000
9.50%, 2/2/2030	500,000	628,750
10.63%, 3/16/2025	209,000	222,396
		10,287,731
POLAND — 1.8%
Republic of Poland Government International Bonds:
3.25%, 4/6/2026	500,000	484,560
4.88%, 10/4/2033	1,100,000	1,112,473
5.50%, 11/16/2027	500,000	518,672
5.50%, 4/4/2053	800,000	832,758
5.75%, 11/16/2032	900,000	971,692
		3,920,155
ROMANIA — 1.9%
Romania Government International Bonds:
3.00%, 2/14/2031	600,000	508,735
3.63%, 3/27/2032	450,000	388,350
4.00%, 2/14/2051	550,000	397,616
5.13%, 6/15/2048	1,100,000	940,500
5.25%, 11/25/2027	300,000	297,598
6.00%, 5/25/2034 (b)	500,000	502,692
6.63%, 2/17/2028	800,000	826,541
7.13%, 1/17/2033	200,000	215,348
		4,077,380
RWANDA — 0.1%
Rwanda International Government Bonds 5.50%, 8/9/2031	200,000	159,750
SAUDI ARABIA — 4.2%
KSA Sukuk Ltd.:
3.63%, 4/20/2027	200,000	194,505
5.27%, 10/25/2028	200,000	207,594
Saudi Government International Bonds:
2.25%, 2/2/2033	300,000	248,366
2.50%, 2/3/2027	200,000	188,000
2.75%, 2/3/2032	550,000	483,131
2.90%, 10/22/2025	300,000	289,704
3.25%, 10/26/2026	500,000	482,544
3.25%, 10/22/2030	600,000	556,140
3.63%, 3/4/2028	1,638,000	1,584,765
3.75%, 1/21/2055	200,000	151,954
4.50%, 4/17/2030	200,000	200,409
4.50%, 10/26/2046	1,050,000	928,154
4.50%, 4/22/2060	200,000	172,990
4.63%, 10/4/2047	400,000	358,532
4.75%, 1/18/2028	400,000	403,714
4.88%, 7/18/2033	1,000,000	1,020,348
5.00%, 4/17/2049	400,000	377,500
5.00%, 1/18/2053	600,000	564,791

Security Description	Principal Amount	Value
5.25%, 1/16/2050	$ 581,000	$ 568,607
5.50%, 10/25/2032	200,000	213,007
		9,194,755
SENEGAL — 0.2%
Senegal Government International Bonds 6.25%, 5/23/2033	600,000	535,366
SERBIA — 0.4%
Serbia International Bonds:
2.13%, 12/1/2030	700,000	560,000
6.50%, 9/26/2033	300,000	307,500
		867,500
SOUTH AFRICA — 2.4%
Republic of South Africa Government International Bonds:
4.30%, 10/12/2028	700,000	654,580
4.85%, 9/30/2029	500,000	468,713
4.88%, 4/14/2026	600,000	592,293
5.00%, 10/12/2046	650,000	481,424
5.38%, 7/24/2044	200,000	159,281
5.65%, 9/27/2047	300,000	239,093
5.75%, 9/30/2049	450,000	358,893
5.88%, 6/22/2030	500,000	484,979
5.88%, 4/20/2032	700,000	662,877
6.30%, 6/22/2048	1,200,000	1,024,868
		5,127,001
SOUTH KOREA — 0.1%
Korea Mine Rehabilitation & Mineral Resources Corp. 5.38%, 5/11/2028	200,000	201,794
TAJIKISTAN — 0.1%
Republic of Tajikistan International Bonds 7.13%, 9/14/2027	200,000	172,800
TRINIDAD AND TOBAGO — 0.2%
Trinidad & Tobago Government International Bonds:
4.50%, 8/4/2026	200,000	199,221
4.50%, 6/26/2030	250,000	240,942
		440,163
TURKEY — 5.2%
Turkiye Government International Bonds:
4.75%, 1/26/2026	1,100,000	1,068,702
4.88%, 4/16/2043	600,000	437,290
5.13%, 2/17/2028	500,000	476,643
5.25%, 3/13/2030	500,000	458,595
5.75%, 5/11/2047	400,000	313,348
5.88%, 6/26/2031	675,000	629,446
5.95%, 1/15/2031	400,000	376,480
6.00%, 3/25/2027	823,000	812,688

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
6.00%, 1/14/2041	$ 400,000	$ 339,015
6.13%, 10/24/2028	200,000	196,837
6.38%, 10/14/2025	1,100,000	1,104,140
6.50%, 9/20/2033	800,000	764,336
6.63%, 2/17/2045	1,100,000	968,000
6.75%, 5/30/2040	400,000	366,000
7.63%, 4/26/2029	1,400,000	1,448,065
8.00%, 2/14/2034	100,000	105,745
8.60%, 9/24/2027	200,000	213,548
9.38%, 1/19/2033	350,000	395,481
9.88%, 1/15/2028	700,000	776,770
		11,251,129
UNITED ARAB EMIRATES — 2.0%
Emirate of Dubai Government International Bonds Series EMTN, 3.90%, 9/9/2050	200,000	150,002
Finance Department Government of Sharjah:
3.63%, 3/10/2033	400,000	340,000
4.00%, 7/28/2050	500,000	333,406
4.38%, 3/10/2051	200,000	143,014
6.50%, 11/23/2032	700,000	734,321
RAK Capital Series EMTN, 3.09%, 3/31/2025	793,000	768,438
Sharjah Sukuk Program Ltd.:
2.94%, 6/10/2027	400,000	369,625
3.20%, 7/13/2031	300,000	258,581
Series EMTN, 3.85%, 4/3/2026	411,000	398,193
Series EMTN, 4.23%, 3/14/2028	600,000	574,500
Series EMTN, 6.09%, 3/19/2034	300,000	315,000
		4,385,080
URUGUAY — 2.0%
Uruguay Government International Bonds:
4.38%, 1/23/2031	1,100,000	1,089,758
4.98%, 4/20/2055	400,000	390,046
5.10%, 6/18/2050	1,620,000	1,624,095
5.75%, 10/28/2034	750,000	812,427
7.63%, 3/21/2036	400,000	497,375
		4,413,701
UZBEKISTAN — 0.4%
Republic of Uzbekistan International Bonds:
3.70%, 11/25/2030	500,000	419,500

Security Description	Principal Amount	Value
7.85%, 10/12/2028	$ 500,000	$ 522,190
		941,690
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $174,509,193)		165,280,832

	Shares
SHORT-TERM INVESTMENTS — 1.9%
State Street Institutional Liquid Reserves Fund, Premier Class 5.49% (e) (f)	373,340	373,490
State Street Navigator Securities Lending Portfolio II (g) (h)	3,796,625	3,796,625
TOTAL SHORT-TERM INVESTMENTS (Cost $4,170,137)		4,170,115
TOTAL INVESTMENTS — 100.2% (Cost $229,159,042)		216,536,875
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%		(399,629)
NET ASSETS — 100.0%		$ 216,137,246

(a)	All or a portion of the shares of the security are on loan at December 31, 2023.
(b)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.5% of net assets as of December 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)	Variable Rate Security - Interest rate shown is rate in effect at December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(d)	Amount is less than 0.05% of net assets.
(e)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(f)	The rate shown is the annualized seven-day yield at December 31, 2023.
(g)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(h)	Investment of cash collateral for securities loaned.

CMT	Constant Maturity Treasury
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
MTN	Medium Term Note

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG EMERGING MARKETS USD BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2023.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes	$ —	$ 47,085,928	$—	$ 47,085,928
Foreign Government Obligations	—	165,280,832	—	165,280,832
Short-Term Investments	4,170,115	—	—	4,170,115
TOTAL INVESTMENTS	$4,170,115	$212,366,760	$—	$216,536,875

Affiliate Table

	Number of Shares Held at 6/30/23	Value at 6/30/23	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 12/31/23	Value at 12/31/23	Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class	468,452	$ 468,546	$ 9,529,371	$ 9,624,240	$(157)	$(30)	373,340	$ 373,490	$13,949
State Street Navigator Securities Lending Portfolio II	2,433,087	2,433,087	21,009,716	19,646,178	—	—	3,796,625	3,796,625	9,926
Total		$2,901,633	$30,539,087	$29,270,418	$(157)	$(30)		$ 4,170,115	$23,875

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
CORPORATE BONDS & NOTES — 71.0%
AUTO MANUFACTURERS — 5.6%
American Honda Finance Corp.:
Series MTN, 3 mo. USD Term SOFR + 0.54%, 5.97%, 1/12/2024 (a)	$ 107,000	$ 107,002
Series GMTN, SOFR + 0.79%, 6.23%, 10/3/2025 (a)	4,000,000	4,004,560
SOFR + 0.92%, 6.29%, 1/12/2026 (a)	3,611,000	3,625,299
BMW U.S. Capital LLC:
SOFR + 0.38%, 5.78%, 8/12/2024 (a) (b)	8,668,000	8,663,493
SOFR + 0.53%, 5.97%, 4/1/2024 (a) (b)	8,758,000	8,759,138
SOFR + 0.62%, 6.02%, 8/11/2025 (a) (b)	7,240,000	7,253,177
SOFR + 0.84%, 6.28%, 4/1/2025 (a) (b)	5,135,000	5,156,259
Daimler Truck Finance North America LLC:
SOFR + 0.75%, 6.17%, 12/13/2024 (a) (b)	4,825,000	4,820,127
SOFR + 1.00%, 6.36%, 4/5/2024 (a) (b)	5,412,000	5,415,951
General Motors Financial Co., Inc.:
SOFR + 0.62%, 5.99%, 10/15/2024 (a) (c)	4,640,000	4,628,029
SOFR + 0.76%, 6.18%, 3/8/2024 (a)	4,856,000	4,854,446
SOFR + 1.04%, 6.45%, 2/26/2027 (a)	3,403,000	3,345,387
SOFR + 1.30%, 6.66%, 4/7/2025 (a)	3,820,000	3,823,552
Hyundai Capital America:
SOFR + 1.15%, 6.54%, 8/4/2025 (a) (b)	5,000,000	4,996,800
SOFR + 1.32%, 6.71%, 11/3/2025 (a) (b)	4,500,000	4,506,615
Mercedes-Benz Finance North America LLC:
SOFR + 0.57%, 5.95%, 8/1/2025 (a) (b)	4,650,000	4,653,906
SOFR + 0.93%, 6.36%, 3/30/2025 (a) (b)	3,708,000	3,728,950
Toyota Motor Credit Corp.:
Series MTN, SOFR + 0.26%, 5.68%, 6/18/2024 (a)	3,927,000	3,922,052
Series MTN, SOFR + 0.32%, 5.69%, 1/13/2025 (a)	4,000,000	3,987,480

Security Description	Principal Amount	Value
Series MTN, SOFR + 0.33%, 5.70%, 1/11/2024 (a)	$ 4,627,000	$ 4,626,907
Series B, SOFR + 0.29%, 5.71%, 9/13/2024 (a)	7,187,000	7,172,842
SOFR + 0.56%, 5.93%, 1/10/2025 (a)	4,098,000	4,096,443
Series MTN, SOFR + 0.62%, 6.05%, 3/22/2024 (a)	4,836,000	4,838,031
Series MTN, SOFR + 0.65%, 6.07%, 9/11/2025 (a)	4,450,000	4,457,832
SOFR + 0.89%, 6.29%, 5/18/2026 (a)	3,330,000	3,341,289
Volkswagen Group of America Finance LLC:
SOFR + 0.93%, 6.35%, 9/12/2025 (a) (b)	6,000,000	6,001,320
SOFR + 0.95%, 6.37%, 6/7/2024 (a) (b)	5,721,000	5,723,117
		130,510,004
BANKS — 46.4%
ABN AMRO Bank NV SOFR + 1.78%, 7.20%, 9/18/2027 (a) (b)	5,800,000	5,809,802
Australia & New Zealand Banking Group Ltd.:
SOFR + 0.64%, 6.08%, 10/3/2025 (a) (b)	7,750,000	7,753,642
SOFR + 0.75%, 6.19%, 7/3/2025 (a) (b)	5,775,000	5,787,301
Banco Santander SA SOFR + 1.24%, 6.64%, 5/24/2024 (a)	7,500,000	7,522,575
Bank of America Corp.:
Series 2025, SOFR + 0.66%, 6.05%, 2/4/2025 (a)	8,918,000	8,907,031
SOFR + 0.69%, 6.07%, 4/22/2025 (a)	9,105,000	9,098,900
SOFR + 0.97%, 6.35%, 7/22/2027 (a)	8,926,000	8,847,897
3 mo. USD Term SOFR + 1.02%, 6.41%, 9/15/2026 (a)	254,000	249,817
Series MTN, 3 mo. USD Term SOFR + 1.03%, 6.42%, 2/5/2026 (a)	2,269,000	2,262,601
Series MTN, SOFR + 1.05%, 6.44%, 2/4/2028 (a)	11,491,000	11,374,596
SOFR + 1.10%, 6.48%, 4/25/2025 (a)	7,505,000	7,515,507
Series MTN, SOFR + 1.33%, 6.77%, 4/2/2026 (a)	9,964,000	9,984,302

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
SOFR + 1.35%, 6.78%, 9/15/2027 (a)	$ 8,460,000	$ 8,473,874
Bank of America NA:
SOFR + 0.78%, 6.18%, 8/18/2025 (a)	5,700,000	5,709,234
SOFR + 1.02%, 6.42%, 8/18/2026 (a)	5,325,000	5,346,566
Bank of Montreal:
Series MTN, SOFR + 0.32%, 5.68%, 7/9/2024 (a)	6,783,000	6,772,825
Series MTN, SOFR + 0.47%, 5.83%, 1/10/2025 (a)	4,346,000	4,333,918
Series MTN, SOFR + 0.62%, 6.04%, 9/15/2026 (a)	4,608,000	4,551,921
SOFR + 0.71%, 6.13%, 12/12/2024 (a)	3,700,000	3,703,663
Series MTN, SOFR + 0.71%, 6.13%, 3/8/2024 (a)	5,356,000	5,358,142
SOFR + 0.95%, 6.38%, 9/25/2025 (a)	3,557,000	3,559,917
Series MTN, SOFR + 1.06%, 6.48%, 6/7/2025 (a)	3,465,000	3,472,450
SOFR + 1.16%, 6.58%, 12/11/2026 (a)	5,000,000	5,001,650
SOFR + 1.33%, 6.75%, 6/5/2026 (a)	4,898,000	4,934,392
Bank of New York Mellon Corp.:
Series J, SOFR + 0.20%, 5.58%, 10/25/2024 (a)	5,142,000	5,128,734
Series MTN, SOFR + 0.26%, 5.64%, 4/26/2024 (a)	4,669,000	4,664,378
SOFR + 0.62%, 6.00%, 4/25/2025 (a)	4,551,000	4,543,127
Bank of New Zealand SOFR + 0.81%, 6.19%, 1/27/2027 (a) (b)	4,375,000	4,342,975
Bank of Nova Scotia:
SOFR + 0.38%, 5.77%, 7/31/2024 (a)	6,829,000	6,820,464
SOFR + 0.45%, 5.81%, 4/15/2024 (a)	7,575,000	7,573,788
SOFR + 0.46%, 5.83%, 1/10/2025 (a)	3,364,000	3,351,082
SOFR + 0.55%, 5.96%, 3/2/2026 (a)	4,177,000	4,133,852
SOFR + 0.61%, 6.03%, 9/15/2026 (a)	3,544,000	3,497,857
Series MTN, SOFR + 0.90%, 6.27%, 4/11/2025 (a)	3,815,000	3,818,090

Security Description	Principal Amount	Value
Series MTN, SOFR + 0.96%, 6.38%, 3/11/2024 (a)	$ 3,010,000	$ 3,012,047
SOFR + 1.09%, 6.51%, 6/12/2025 (a)	6,228,000	6,243,134
Banque Federative du Credit Mutuel SA:
SOFR + 0.41%, 5.80%, 2/4/2025 (a) (b)	7,438,000	7,397,686
SOFR + 1.40%, 6.77%, 7/13/2026 (a) (b)	5,000,000	5,025,650
Barclays PLC SOFR + 1.88%, 7.30%, 9/13/2027 (a)	3,250,000	3,253,510
BPCE SA:
SOFR + 0.57%, 5.94%, 1/14/2025 (a) (b)	4,528,000	4,512,016
SOFR + 1.98%, 7.35%, 10/19/2027 (a) (b)	9,100,000	9,155,601
Canadian Imperial Bank of Commerce:
SOFR + 0.42%, 5.79%, 10/18/2024 (a)	8,154,000	8,143,074
SOFR + 0.94%, 6.30%, 4/7/2025 (a)	7,627,000	7,645,610
SOFR + 1.22%, 6.66%, 10/2/2026 (a)	4,100,000	4,106,109
Citibank NA:
SOFR + 1.81%, 6.24%, 9/29/2025 (a)	9,850,000	9,856,599
SOFR + 1.06%, 6.47%, 12/4/2026 (a)	7,500,000	7,511,775
Citigroup, Inc.:
SOFR + 0.67%, 6.06%, 5/1/2025 (a)	6,477,000	6,456,144
SOFR + 0.69%, 6.07%, 1/25/2026 (a) (c)	7,638,000	7,594,922
SOFR + 0.77%, 6.19%, 6/9/2027 (a)	6,864,000	6,761,177
SOFR + 1.28%, 6.69%, 2/24/2028 (a)	9,325,000	9,301,035
SOFR + 1.37%, 6.78%, 5/24/2025 (a)	6,973,000	6,990,084
3 mo. USD Term SOFR + 1.51%, 6.84%, 7/1/2026 (a)	383,000	384,103
SOFR + 1.53%, 6.96%, 3/17/2026 (a)	6,580,000	6,605,267
Commonwealth Bank of Australia:
SOFR + 0.40%, 5.76%, 7/7/2025 (a) (b)	17,239,000	17,189,696
SOFR + 0.52%, 5.94%, 6/15/2026 (a) (b)	6,097,000	6,069,442
SOFR + 0.63%, 6.00%, 1/10/2025 (a) (b)	250,000	250,145

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
SOFR + 1.63%, 6.05%, 9/12/2025 (a) (b)	$ 7,200,000	$ 7,206,120
SOFR + 0.74%, 6.16%, 3/14/2025 (a) (b)	13,516,000	13,545,195
SOFR + 0.75%, 6.17%, 3/13/2026 (a) (b)	6,206,000	6,215,805
SOFR + 0.97%, 6.39%, 3/14/2027 (a) (b)	4,425,000	4,436,859
Cooperatieve Rabobank UA SOFR + 0.30%, 5.67%, 1/12/2024 (a)	5,410,000	5,410,054
Credit Agricole SA SOFR + 1.29%, 6.65%, 7/5/2026 (a) (b)	6,000,000	6,026,640
Credit Suisse AG:
SOFR + 0.39%, 5.78%, 2/2/2024 (a)	9,418,000	9,414,139
SOFR + 1.26%, 6.66%, 2/21/2025 (a)	5,300,000	5,286,644
DBS Group Holdings Ltd.:
SOFR + 0.30%, 5.70%, 11/22/2024 (a) (b)	3,890,000	3,881,248
SOFR + 0.61%, 6.03%, 9/12/2025 (a) (b)	5,675,000	5,675,568
Deutsche Bank AG SOFR + 1.22%, 6.62%, 11/16/2027 (a)	3,480,000	3,381,029
DNB Bank ASA SOFR + 0.83%, 6.27%, 3/28/2025 (a) (b)	6,850,000	6,852,808
Federation des Caisses Desjardins du Quebec SOFR + 0.43%, 5.83%, 5/21/2024 (a) (b)	5,999,000	5,994,621
Goldman Sachs Group, Inc.:
SOFR + 0.49%, 5.87%, 10/21/2024 (a)	8,472,000	8,455,395
SOFR + 0.50%, 5.92%, 9/10/2024 (a)	7,136,000	7,120,015
SOFR + 0.70%, 6.08%, 1/24/2025 (a)	15,979,000	15,966,856
SOFR + 0.79%, 6.21%, 12/9/2026 (a)	3,003,000	2,971,258
SOFR + 0.81%, 6.23%, 3/9/2027 (a)	7,680,000	7,560,038
SOFR + 0.82%, 6.24%, 9/10/2027 (a)	2,730,000	2,672,424
SOFR + 0.92%, 6.30%, 10/21/2027 (a)	8,307,000	8,151,244
SOFR + 1.07%, 6.46%, 8/10/2026 (a)	9,384,000	9,377,431
SOFR + 1.12%, 6.53%, 2/24/2028 (a)	4,295,000	4,240,668
SOFR + 1.39%, 6.81%, 3/15/2024 (a)	4,010,000	4,016,095
3 mo. USD Term SOFR + 1.43%, 6.81%, 5/15/2026 (a)	1,792,000	1,801,300

Security Description	Principal Amount	Value
SOFR + 1.85%, 7.27%, 3/15/2028 (a)	$ 8,516,000	$ 8,590,345
HSBC Holdings PLC:
SOFR + 1.43%, 6.85%, 3/10/2026 (a)	12,745,000	12,784,509
3 mo. USD Term SOFR + 1.49%, 6.86%, 3/11/2025 (a)	4,031,000	4,032,532
SOFR + 1.57%, 6.96%, 8/14/2027 (a)	12,350,000	12,392,607
Huntington National Bank SOFR + 1.19%, 6.59%, 5/16/2025 (a)	3,660,000	3,590,533
ING Groep NV:
SOFR + 1.01%, 6.44%, 4/1/2027 (a)	4,735,000	4,675,955
SOFR + 1.56%, 6.98%, 9/11/2027 (a)	6,100,000	6,118,483
SOFR + 1.64%, 7.08%, 3/28/2026 (a)	5,810,000	5,844,511
JPMorgan Chase & Co.:
SOFR + 0.54%, 5.95%, 6/1/2025 (a)	5,826,000	5,810,212
SOFR + 0.58%, 6.01%, 6/23/2025 (a)	6,566,000	6,551,555
SOFR + 0.60%, 6.02%, 12/10/2025 (a)	5,989,000	5,963,906
SOFR + 0.77%, 6.19%, 9/22/2027 (a)	6,570,000	6,513,038
SOFR + 0.89%, 6.26%, 4/22/2027 (a)	210,000	209,070
SOFR + 0.92%, 6.33%, 2/24/2026 (a)	11,165,000	11,158,413
SOFR + 0.97%, 6.39%, 6/14/2025 (a)	6,391,000	6,396,752
Series GMTN, 3 mo. USD Term SOFR + 1.11%, 6.52%, 1/10/2025 (a)	3,493,000	3,493,314
SOFR + 1.18%, 6.59%, 2/24/2028 (a)	7,853,000	7,850,880
SOFR + 1.32%, 6.70%, 4/26/2026 (a)	8,283,000	8,321,350
JPMorgan Chase Bank NA SOFR + 1.00%, 6.42%, 12/8/2026 (a)	14,000,000	14,047,600
KeyBank NA SOFR + 0.32%, 5.74%, 6/14/2024 (a)	4,590,000	4,529,687
Lloyds Banking Group PLC SOFR + 1.56%, 6.95%, 8/7/2027 (a)	5,850,000	5,849,883
Macquarie Bank Ltd.:
SOFR + 1.20%, 6.62%, 12/7/2026 (a) (b)	4,500,000	4,517,505
SOFR + 1.24%, 6.66%, 6/15/2026 (a) (b)	3,289,000	3,306,530
SOFR + 1.31%, 6.74%, 3/21/2025 (a) (b)	5,880,000	5,909,870

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Macquarie Group Ltd.:
SOFR + 0.71%, 6.08%, 10/14/2025 (a) (b)	$ 4,907,000	$ 4,873,878
SOFR + 0.92%, 6.35%, 9/23/2027 (a) (b)	4,686,000	4,618,662
Mitsubishi UFJ Financial Group, Inc.:
SOFR + 0.94%, 6.34%, 2/20/2026 (a)	6,150,000	6,150,369
SOFR + 1.39%, 6.80%, 9/12/2025 (a)	4,930,000	4,945,677
SOFR + 1.44%, 6.81%, 4/17/2026 (a)	3,850,000	3,873,408
SOFR + 1.65%, 7.02%, 7/18/2025 (a)	4,500,000	4,517,910
Mizuho Financial Group, Inc. SOFR + 0.96%, 6.36%, 5/22/2026 (a)	8,781,000	8,761,682
Morgan Stanley:
SOFR + 0.63%, 6.01%, 1/24/2025 (a)	15,756,000	15,731,893
Series MTN, SOFR + 0.95%, 6.36%, 2/18/2026 (a)	9,372,000	9,368,814
SOFR + 1.17%, 6.53%, 4/17/2025 (a)	6,145,000	6,151,022
Morgan Stanley Bank NA:
SOFR + 0.78%, 6.15%, 7/16/2025 (a)	7,750,000	7,759,300
SOFR + 1.17%, 6.55%, 10/30/2026 (a)	4,500,000	4,527,405
National Australia Bank Ltd.:
SOFR + 0.38%, 5.75%, 1/12/2025 (a) (b)	11,180,000	11,155,516
SOFR + 0.65%, 6.02%, 1/12/2027 (a) (b)	5,330,000	5,307,881
SOFR + 0.76%, 6.16%, 5/13/2025 (a) (b)	8,650,000	8,669,635
National Bank of Canada SOFR + 0.49%, 5.88%, 8/6/2024 (a)	3,408,000	3,405,205
NatWest Markets PLC:
SOFR + 0.53%, 5.93%, 8/12/2024 (a) (b)	3,450,000	3,449,241
SOFR + 0.76%, 6.20%, 9/29/2026 (a) (b)	3,505,000	3,452,039
SOFR + 1.45%, 6.88%, 3/22/2025 (a) (b)	6,150,000	6,191,512
Nordea Bank Abp SOFR + 0.96%, 6.38%, 6/6/2025 (a) (b)	3,205,000	3,215,833
Royal Bank of Canada:
Series GMTN, SOFR + 0.30%, 5.67%, 1/19/2024 (a)	1,905,000	1,904,943

Security Description	Principal Amount	Value
Series GMTN, SOFR + 0.34%, 5.70%, 10/7/2024 (a)	$ 5,930,000	$ 5,918,970
SOFR + 0.36%, 5.74%, 7/29/2024 (a) (c)	7,372,000	7,361,237
Series GMTN, SOFR + 0.44%, 5.82%, 1/21/2025 (a)	4,720,000	4,706,548
Series GMTN, SOFR + 0.53%, 5.90%, 1/20/2026 (a)	3,780,000	3,747,643
Series GMTN, SOFR + 0.57%, 5.95%, 4/27/2026 (a)	3,447,000	3,415,425
Series GMTN, SOFR + 0.59%, 5.98%, 11/2/2026 (a)	3,984,000	3,927,626
Series GMTN, SOFR + 0.71%, 6.09%, 1/21/2027 (a)	3,911,000	3,866,454
SOFR + 0.84%, 6.21%, 4/14/2025 (a)	4,864,000	4,865,265
Series GMTN, SOFR + 1.08%, 6.45%, 1/12/2026 (a)	3,500,000	3,506,370
Series GMTN, SOFR + 0.60%, 6.46%, 7/20/2026 (a)	4,400,000	4,404,532
Skandinaviska Enskilda Banken AB SOFR + 0.96%, 6.38%, 6/9/2025 (a) (b)	4,780,000	4,791,998
Societe Generale SA SOFR + 1.05%, 6.43%, 1/21/2026 (a) (b)	8,790,000	8,751,236
Standard Chartered PLC:
SOFR + 0.93%, 6.34%, 11/23/2025 (a) (b)	5,499,000	5,471,285
SOFR + 1.74%, 7.18%, 3/30/2026 (a) (b)	5,897,000	5,917,522
SOFR + 1.93, 7.29%, 7/6/2027 (a) (b)	5,975,000	5,995,136
SOFR + 2.03%, 7.42%, 2/8/2028 (a) (b)	5,500,000	5,523,375
Sumitomo Mitsui Financial Group, Inc.:
SOFR + 0.88%, 6.25%, 1/14/2027 (a)	6,080,000	6,049,053
SOFR + 1.30%, 6.67%, 7/13/2026 (a)	4,500,000	4,526,055
SOFR + 1.43%, 6.80%, 1/13/2026 (a)	3,700,000	3,726,344
Sumitomo Mitsui Trust Bank Ltd.:
SOFR + 0.44%, 5.86%, 9/16/2024 (a) (b) (c)	8,675,000	8,658,864
SOFR + 1.12%, 6.54%, 3/9/2026 (a) (b)	5,700,000	5,721,888

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
SOFR + 1.15%, 6.57%, 9/14/2026 (a) (b)	$ 6,000,000	$ 6,028,320
Svenska Handelsbanken AB:
SOFR + 0.91%, 6.33%, 6/10/2025 (a) (b)	3,685,000	3,695,060
SOFR + 1.25%, 6.67%, 6/15/2026 (a) (b)	6,000,000	6,054,060
Swedbank AB:
SOFR + 0.91%, 6.27%, 4/4/2025 (a) (b)	4,775,000	4,784,216
SOFR + 1.38%, 6.80%, 6/15/2026 (a) (b)	4,500,000	4,552,605
Toronto-Dominion Bank:
SOFR + 0.36%, 5.77%, 3/4/2024 (a)	9,196,000	9,194,713
Series MTN, SOFR + 0.35%, 5.77%, 9/10/2024 (a)	10,258,000	10,239,125
Series MTN, SOFR + 0.41%, 5.78%, 1/10/2025 (a)	4,310,000	4,295,993
SOFR + 0.59%, 6.01%, 9/10/2026 (a)	3,987,000	3,937,920
Series MTN, SOFR + 0.91%, 6.33%, 3/8/2024 (a)	4,977,000	4,978,593
SOFR + 1.02%, 6.44%, 6/6/2025 (a)	4,568,000	4,581,430
Series MTN, SOFR + 1.08%, 6.45%, 7/17/2026 (a)	4,259,000	4,260,831
Truist Bank SOFR + 0.20%, 5.57%, 1/17/2024 (a) (c)	9,772,000	9,766,430
Truist Financial Corp. Series MTN, SOFR + 0.40%, 5.82%, 6/9/2025 (a)	12,094,000	11,894,207
UBS AG:
SOFR + 0.36%, 5.75%, 2/9/2024 (a) (b)	11,130,000	11,128,887
SOFR + 0.45%, 5.84%, 8/9/2024 (a) (b)	11,971,000	11,958,670
SOFR + 0.47%, 5.84%, 1/13/2025 (a) (b)	3,710,000	3,699,056
SOFR + 0.93%, 6.35%, 9/11/2025 (a)	6,725,000	6,734,886
UBS Group AG SOFR + 1.58%, 6.98%, 5/12/2026 (a) (b) (c)	6,900,000	6,931,188
United Overseas Bank Ltd. SOFR + 0.70%, 6.05%, 4/7/2025 (a) (b)	3,890,000	3,894,512
Wells Fargo & Co. Series MTN, SOFR + 1.32%, 6.70%, 4/25/2026 (a)	9,082,000	9,123,505

Security Description	Principal Amount	Value
Wells Fargo Bank NA:
SOFR + 0.80%, 6.19%, 8/1/2025 (a)	$ 4,450,000	$ 4,459,523
SOFR + 1.06%, 6.45%, 8/7/2026 (a)	4,750,000	4,771,043
SOFR + 1.07%, 6.49%, 12/11/2026 (a)	6,000,000	6,032,280
Westpac Banking Corp.:
SOFR + 0.30%, 5.70%, 11/18/2024 (a)	9,255,000	9,238,896
SOFR + 0.52%, 5.93%, 6/3/2026 (a)	4,932,000	4,907,587
SOFR + 0.72%, 6.12%, 11/17/2025 (a)	6,650,000	6,662,236
3 mo. USD Term SOFR + 1.03%, 6.41%, 2/26/2024 (a)	3,225,000	3,227,258
SOFR + 1.00%, 6.41%, 8/26/2025 (a)	6,994,000	7,037,852
		1,078,745,723
BEVERAGES — 0.2%
PepsiCo, Inc. SOFR + 0.40%, 5.80%, 2/13/2026 (a)	3,830,000	3,825,787
DIVERSIFIED FINANCIAL SERVICES — 2.5%
American Express Co.:
SOFR + 0.65%, 6.04%, 11/4/2026 (a)	6,468,000	6,379,130
SOFR + 0.72%, 6.11%, 5/3/2024 (a)	5,567,000	5,563,827
SOFR + 0.76%, 6.16%, 2/13/2026 (a)	3,275,000	3,258,789
SOFR + 0.93%, 6.34%, 3/4/2025 (a)	5,586,000	5,596,390
SOFR + 0.97%, 6.35%, 7/28/2027 (a)	3,974,000	3,957,468
SOFR + 1.35%, 6.73%, 10/30/2026 (a)	3,750,000	3,769,462
Capital One Financial Corp. SOFR + 1.35%, 6.75%, 5/9/2025 (a)	4,168,000	4,160,581
Charles Schwab Corp.:
SOFR + 0.50%, 5.92%, 3/18/2024 (a)	13,090,000	13,080,837
SOFR + 0.52%, 5.92%, 5/13/2026 (a)	7,201,000	7,070,518
SOFR + 1.05%, 6.46%, 3/3/2027 (a)	6,441,000	6,357,653
		59,194,655
ELECTRIC — 1.1%
CenterPoint Energy, Inc. SOFR + 0.65%, 6.05%, 5/13/2024 (a)	4,114,000	4,114,370
Florida Power & Light Co. SOFR + 0.38%, 5.75%, 1/12/2024 (a)	6,872,000	6,871,794

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
National Rural Utilities Cooperative Finance Corp. Series D, SOFR + 0.33%, 5.70%, 10/18/2024 (a)	$ 3,935,000	$ 3,932,049
NextEra Energy Capital Holdings, Inc. SOFR + 1.02%, 6.45%, 3/21/2024 (a)	5,147,000	5,149,367
Southern California Edison Co. SOFR + 0.83%, 6.27%, 4/1/2024 (a)	4,670,000	4,669,393
		24,736,973
ENTERTAINMENT — 0.2%
Warnermedia Holdings, Inc. SOFR + 1.78%, 7.20%, 3/15/2024 (a)	5,873,000	5,886,978
GAS — 0.1%
Spire Missouri, Inc. SOFR + 0.50%, 5.91%, 12/2/2024 (a)	3,485,000	3,482,038
HEALTH CARE PRODUCTS — 0.0% (d)
Baxter International, Inc. SOFR + 0.44%, 5.85%, 11/29/2024 (a)	251,000	250,365
HEALTH CARE SERVICES — 0.7%
Roche Holdings, Inc.:
SOFR + 0.24%, 5.66%, 3/5/2024 (a) (b)	4,290,000	4,288,842
SOFR + 0.56%, 5.98%, 3/10/2025 (a) (b)	8,130,000	8,140,894
SOFR + 0.74%, 6.14%, 11/13/2026 (a) (b)	5,000,000	5,007,900
		17,437,636
INSURANCE — 7.5%
Athene Global Funding:
SOFR + 0.56%, 5.96%, 8/19/2024 (a) (b)	4,535,000	4,516,270
SOFR + 0.72%, 6.08%, 1/7/2025 (a) (b)	3,970,000	3,915,333
SOFR + 0.70%, 6.11%, 5/24/2024 (a) (b)	20,076,000	20,057,129
Brighthouse Financial Global Funding SOFR + 0.76%, 6.13%, 4/12/2024 (a) (b)	3,584,000	3,575,363
GA Global Funding Trust:
SOFR + 0.50%, 5.92%, 9/13/2024 (a) (b)	5,650,000	5,600,223
SOFR + 1.36%, 6.73%, 4/11/2025 (a) (b)	3,730,000	3,729,478
Jackson National Life Global Funding SOFR + 1.15%, 6.59%, 6/28/2024 (a) (b)	9,895,000	9,905,093

Security Description	Principal Amount	Value
MassMutual Global Funding II:
SOFR + 0.27%, 5.65%, 10/21/2024 (a) (b)	$ 6,605,000	$ 6,595,225
SOFR + 0.36%, 5.73%, 4/12/2024 (a) (b)	12,189,000	12,181,321
SOFR + 0.98%, 6.35%, 7/10/2026 (a) (b)	3,762,000	3,761,887
Metropolitan Life Global Funding I:
SOFR + 0.32%, 5.68%, 1/7/2024 (a) (b)	7,348,000	7,348,073
SOFR + 0.30%, 5.73%, 9/27/2024 (a) (b)	5,125,000	5,114,699
SOFR + 0.91%, 6.34%, 3/21/2025 (a) (b)	4,193,000	4,213,084
New York Life Global Funding:
SOFR + 0.31%, 5.69%, 4/26/2024 (a) (b)	6,169,000	6,165,792
SOFR + 0.33%, 5.70%, 1/14/2025 (a) (b)	5,040,000	5,031,281
SOFR + 0.43%, 5.85%, 6/6/2024 (a) (b)	4,515,000	4,513,916
SOFR + 0.48%, 5.90%, 6/9/2026 (a) (b)	8,329,000	8,249,874
SOFR + 0.61%, 5.99%, 4/21/2025 (a) (b)	1,755,000	1,757,071
SOFR + 0.65%, 6.04%, 5/2/2025 (a) (b)	500,000	500,900
SOFR + 0.70%, 6.12%, 6/13/2025 (a) (b)	125,000	125,290
SOFR + 0.93%, 6.37%, 4/2/2026 (a) (b)	8,750,000	8,774,762
Northwestern Mutual Global Funding:
SOFR + 0.33%, 5.76%, 3/25/2024 (a) (b)	5,127,000	5,124,642
SOFR + 0.70%, 6.12%, 6/13/2025 (a) (b)	800,000	799,992
Pacific Life Global Funding II:
SOFR + 0.40%, 5.78%, 1/27/2025 (a) (b)	2,820,000	2,807,846
SOFR + 0.62%, 6.03%, 6/4/2026 (a) (b)	6,974,000	6,921,207
SOFR + 0.80%, 6.22%, 12/6/2024 (a) (b)	3,050,000	3,058,113
SOFR + 0.80%, 6.24%, 3/30/2025 (a) (b)	4,400,000	4,403,344
SOFR + 0.86%, 6.28%, 6/16/2025 (a) (b)	7,000,000	7,003,150
SOFR + 1.05%, 6.43%, 7/28/2026 (a) (b)	2,000,000	2,004,020
Principal Life Global Funding II:
SOFR + 0.38%, 5.79%, 8/23/2024 (a) (b)	3,457,000	3,452,852
SOFR + 0.45%, 5.82%, 4/12/2024 (a) (b)	3,729,000	3,726,278

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Protective Life Global Funding:
SOFR + 0.98%, 6.42%, 3/28/2025 (a) (b)	$ 7,475,000	$ 7,492,342
SOFR + 1.05%, 6.47%, 12/11/2024 (a) (b)	1,100,000	1,104,103
		173,529,953
INTERNET — 0.2%
Tencent Holdings Ltd.:
3 mo. USD Term SOFR + 1.17%, 6.58%, 4/11/2024 (a) (b)	1,500,000	1,502,595
3 mo. USD Term SOFR + 1.17%, 6.58%, 4/11/2024 (a)	3,545,000	3,551,133
		5,053,728
MACHINERY, CONSTRUCTION & MINING — 1.2%
Caterpillar Financial Services Corp.:
Series MTN, SOFR + 0.17%, 5.54%, 1/10/2024 (a)	4,005,000	4,004,880
Series MTN, SOFR + 0.25%, 5.65%, 5/17/2024 (a)	6,153,000	6,150,108
Series MTN, SOFR + 0.27%, 5.69%, 9/13/2024 (a)	8,635,000	8,630,078
Series MTN, SOFR + 0.46%, 5.85%, 8/11/2025 (a)	4,006,000	4,009,646
Series MTN, SOFR + 0.52%, 5.94%, 6/13/2025 (a)	5,454,000	5,463,599
		28,258,311
MACHINERY-DIVERSIFIED — 1.0%
John Deere Capital Corp.:
Series MTN, SOFR + 0.20%, 5.56%, 10/11/2024 (a)	7,179,000	7,170,098
Series MTN, SOFR + 0.50%, 5.94%, 7/3/2025 (a)	5,150,000	5,158,395
Series MTN, SOFR + 0.56%, 5.97%, 3/7/2025 (a)	3,852,000	3,859,588
Series MTN, SOFR + 0.57%, 5.98%, 3/3/2026 (a)	3,821,000	3,824,362
Series MTN, SOFR + 0.79%, 6.21%, 6/8/2026 (a)	3,755,000	3,776,967
		23,789,410

Security Description	Principal Amount	Value
MEDIA — 0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital 3 mo. USD Term SOFR + 1.91%, 7.29%, 2/1/2024 (a)	$ 8,570,000	$ 8,570,000
MISCELLANEOUS MANUFACTURER — 0.4%
3M Co. Series MTN, 3 mo. USD Term SOFR + 0.56%, 5.94%, 2/14/2024 (a)	3,564,000	3,563,394
General Electric Co. Series MTN, 3 mo. USD Term SOFR + 0.64%, 6.03%, 5/5/2026 (a)	5,866,000	5,828,692
		9,392,086
PIPELINES — 0.5%
Enbridge, Inc. SOFR + 0.63%, 6.03%, 2/16/2024 (a)	6,956,000	6,956,209
TransCanada PipeLines Ltd. SOFR + 1.52%, 6.94%, 3/9/2026 (a)	4,550,000	4,558,554
		11,514,763
REAL ESTATE INVESTMENT TRUSTS — 0.6%
Public Storage Operating Co.:
SOFR + 0.47%, 5.85%, 4/23/2024 (a) (c)	8,275,000	8,275,165
SOFR + 0.60%, 5.98%, 7/25/2025 (a)	4,778,000	4,784,403
		13,059,568
RETAIL — 0.2%
Starbucks Corp. SOFR + 0.42%, 5.82%, 2/14/2024 (a)	5,774,000	5,774,289
SAVINGS & LOANS — 0.2%
Nationwide Building Society SOFR + 1.29%, 6.69%, 2/16/2028 (a) (b)	3,626,000	3,569,978
SEMICONDUCTORS — 0.3%
Analog Devices, Inc. SOFR + 0.25%, 5.69%, 10/1/2024 (a)	5,987,000	5,980,055
TELECOMMUNICATIONS — 1.7%
AT&T, Inc. 3 mo. USD Term SOFR + 1.44%, 6.81%, 6/12/2024 (a) (c)	16,608,000	16,656,329
Verizon Communications, Inc.:
SOFR + 0.79%, 6.22%, 3/20/2026 (a)	16,017,000	16,016,840

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
3 mo. USD Term SOFR + 1.36%, 6.74%, 5/15/2025 (a)	$ 856,000	$ 862,720
Vodafone Group PLC 3 mo. USD Term SOFR + 1.25%, 6.65%, 1/16/2024 (a)	5,682,000	5,679,670
		39,215,559
TOTAL CORPORATE BONDS & NOTES (Cost $1,652,396,399)		1,651,777,859
FOREIGN GOVERNMENT OBLIGATIONS — 27.7%
AUSTRALIA — 0.3%
National Australia Bank Ltd. SOFR + 0.86%, 6.28%, 6/9/2025 (a) (b)	6,475,000	6,498,439
CANADA — 1.7%
CPPIB Capital, Inc.:
SOFR + 1.25%, 6.60%, 04/04/2025 (a) (b)	9,650,000	9,756,730
SOFR + 1.25%, 6.67%, 03/11/2026 (a) (b)	17,900,000	18,233,979
PSP Capital, Inc. SOFR + 0.24%, 5.65%, 3/3/2025 (a) (b)	11,638,000	11,626,004
		39,616,713
GERMANY — 0.7%
Kreditanstalt fuer Wiederaufbau SOFR + 1.00%, 6.39%, 2/12/2024 (a)	17,246,000	17,263,074
NETHERLANDS — 1.0%
BNG Bank NV SOFR + 1.00%, 6.39%, 8/5/2026 (a) (b)	5,000,000	5,075,966
Cooperatieve Rabobank UA:
SOFR + 0.38%, 5.75%, 01/10/2025 (a)	5,972,000	5,956,592
SOFR + 0.90%, 6.26%, 10/05/2026 (a)	4,250,000	4,247,195
Series MTN, SOFR + 0.70%, 6.07%, 07/18/2025 (a)	7,925,000	7,930,310
		23,210,063
NEW ZEALAND — 0.3%
ANZ New Zealand International Ltd. SOFR + 0.60%, 6.00%, 2/18/2025 (a) (b)	5,805,000	5,798,731
NORWAY — 0.9%
Kommunalbanken AS SOFR + 1.00%, 6.42%, 6/17/2026 (a) (b)	20,550,000	20,853,294

Security Description	Principal Amount	Value
SOUTH KOREA — 0.3%
Korea Development Bank:
SOFR + 0.25%, 5.61%, 03/09/2024 (a)	$ 3,420,000	$ 3,418,203
SOFR + 0.70%, 6.07%, 10/23/2026 (a)	4,000,000	4,005,154
		7,423,357
SUPRANATIONAL — 21.9%
Asian Development Bank:
Series GMTN, SOFR + 1.00%, 6.36%, 04/06/2027 (a)	15,250,000	15,558,050
Series GMTN, SOFR + 1.00%, 6.41%, 08/27/2026 (a)	13,050,000	13,299,908
Series GMTN, SOFR + 1.00%, 6.42%, 06/16/2026 (a)	22,975,000	23,378,900
Asian Infrastructure Investment Bank:
SOFR + 0.22%, 5.59%, 04/15/2026 (a) (b) (c)	4,500,000	4,484,970
SOFR + 0.62%, 6.02%, 08/16/2027 (a) (b)	8,750,000	8,784,213
European Bank for Reconstruction & Development:
Series GMTN, SOFR + 0.19%, 5.56%, 04/14/2026 (a)	34,832,000	34,785,673
Series GMTN, SOFR + 0.28%, 5.65%, 10/15/2024 (a)	21,455,000	21,475,168
European Investment Bank:
SOFR + 0.28%, 5.70%, 03/05/2024 (a) (b)	18,950,000	18,956,253
SOFR + 1.00%, 6.38%, 01/21/2026 (a) (b)	17,500,000	17,770,550
SOFR + 1.00%, 6.40%, 05/21/2028 (a) (b)	13,000,000	13,339,300
Inter-American Development Bank:
SOFR + 0.17%, 5.59%, 09/16/2026 (a)	24,294,000	24,251,971
SOFR + 0.28%, 5.64%, 04/12/2027 (a)	17,000,000	16,974,500
SOFR + 0.35%, 5.69%, 10/04/2027 (a)	12,650,000	12,652,024
SOFR + 0.35%, 5.70%, 10/05/2028 (a)	6,000,000	5,986,980
Series GMTN, SOFR + 0.20%, 5.59%, 02/10/2026 (a)	28,760,000	28,728,652
Series GMTN, SOFR + 0.25%, 5.64%, 02/04/2025 (a)	13,150,000	13,158,942

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG INVESTMENT GRADE FLOATING RATE ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series GMTN, SOFR + 0.27%, 5.69%, 03/20/2028 (a)	$ 14,500,000	$ 14,447,510
Inter-American Investment Corp. SOFR + 0.27%, 5.70%, 3/22/2024 (a)	3,430,000	3,430,583
International Bank for Reconstruction & Development:
SOFR + 0.18%, 5.60%, 06/15/2026 (a)	10,865,000	10,858,046
SOFR + 0.31%, 5.73%, 09/18/2025 (a)	27,950,000	28,005,341
SOFR + 0.31%, 5.74%, 09/23/2026 (a)	32,400,000	32,468,364
SOFR + 0.37%, 5.73%, 01/12/2027 (a)	39,800,000	39,911,042
SOFR + 0.43%, 5.83%, 08/19/2027 (a)	41,136,000	41,289,437
SOFR + 0.30%, 5.69%, 08/06/2024 (a)	19,104,000	19,123,295
SOFR + 0.39%, 5.81%, 06/17/2024 (a)	13,825,000	13,842,973
International Finance Corp.:
SOFR + 0.28%, 5.70%, 03/16/2026 (a)	10,150,000	10,167,357
Series MTN, SOFR + 0.09%, 5.53%, 04/03/2024 (a)	7,900,000	7,900,316
Nordic Investment Bank SOFR + 1.00%, 6.39%, 5/12/2026 (a)	14,150,000	14,393,663
		509,423,981
SWEDEN — 0.6%
Svensk Exportkredit AB Series GMTN, SOFR + 1.00%, 6.39%, 8/3/2026 (a)	14,440,000	14,644,804
TOTAL FOREIGN GOVERNMENT OBLIGATIONS (Cost $645,065,077)		644,732,456

Security Description	Shares	Value
SHORT-TERM INVESTMENTS — 1.7%
State Street Institutional Liquid Reserves Fund, Premier Class 5.49% (e) (f)	34,757,073	$ 34,770,976
State Street Navigator Securities Lending Portfolio II (g) (h)	4,234,225	4,234,225
TOTAL SHORT-TERM INVESTMENTS (Cost $39,004,701)		39,005,201
TOTAL INVESTMENTS — 100.4% (Cost $2,336,466,177)		2,335,515,516
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%		(9,778,214)
NET ASSETS — 100.0%		$ 2,325,737,302

(a)	Variable Rate Security - Interest rate shown is rate in effect at December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(b)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 30.9% of net assets as of December 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)	All or a portion of the shares of the security are on loan at December 31, 2023.
(d)	Amount is less than 0.05% of net assets.
(e)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(f)	The rate shown is the annualized seven-day yield at December 31, 2023.
(g)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(h)	Investment of cash collateral for securities loaned.

GMTN	Global Medium Term Note
MTN	Medium Term Note
SOFR	Secured Overnight Financing Rate

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2023.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes	$ —	$1,651,777,859	$—	$1,651,777,859
Foreign Government Obligations	—	644,732,456	—	644,732,456
Short-Term Investments	39,005,201	—	—	39,005,201
TOTAL INVESTMENTS	$39,005,201	$2,296,510,315	$—	$2,335,515,516

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
MUNICIPAL BONDS & NOTES — 97.3%
ALABAMA — 1.7%
Alabama Special Care Facilities Financing Authority-Birmingham Revenue, AL Series 2015-1, 5.75%, 6/1/2045	$ 1,635,000	$ 1,393,797
Birmingham Airport Authority Revenue, AL BAM, 5.00%, 7/1/2030 (a)	500,000	577,442
Black Belt Energy Gas District Revenue, AL Series A, VRN, 4.00%, 12/1/2052 (b)	5,000,000	4,928,565
County of Jefferson Sewer Revenue, AL:
Series E, Zero Coupon, 10/1/2035	150,000	63,182
Series A, AGM, 5.25%, 10/1/2048 (a)	240,000	243,715
Series D, 6.00%, 10/1/2042	4,280,000	4,490,750
Series D, 6.50%, 10/1/2053	12,510,000	13,140,089
Health Care Authority of the City of Huntsville Revenue, AL Series B1, 4.00%, 6/1/2039	500,000	501,628
Hoover Industrial Development Board Revenue, AL:
AMT, 5.75%, 10/1/2049	3,440,000	3,495,068
AMT, VRN, 6.38%, 11/1/2050 (b)	785,000	847,190
Infirmary Health System Special Care Facilities Financing Authority of Mobile Revenue, AL:
Series A, 3.00%, 2/1/2029	105,000	103,068
Series A, 3.00%, 2/1/2030	200,000	195,198
Jefferson County Board of Education, Special Tax Revenue, AL 4.00%, 2/1/2042	525,000	527,848
Lower Alabama Gas District Revenue, AL Series A, 5.00%, 9/1/2029	1,715,000	1,818,673
Spring Hill College Educational Building Authority of Mobile Revenue, AL 5.88%, 4/15/2045	1,600,000	1,589,270
Tuscaloosa County Industrial Development Authority Revenue, AL:
Series A, 4.50%, 5/1/2032 (c)	1,554,000	1,480,117
Series A, 5.25%, 5/1/2044 (c)	7,165,000	6,601,176
		41,996,776

Security Description	Principal Amount	Value
ALASKA — 0.1%
Borough of Matanuska-Susitna Revenue, AK 5.25%, 9/1/2027	$ 120,000	$ 124,007
Northern Tobacco Securitization Corp. Revenue, AK:
Series B2, Class 2, Zero Coupon, 6/1/2066	800,000	105,252
Series A, Class 1, 4.00%, 6/1/2050	1,200,000	1,111,270
State of Alaska International Airports System Revenue, AK Series B, 5.00%, 10/1/2035	545,000	559,600
		1,900,129
AMERICAN SAMOA — 0.0% (d)
American Samoa Economic Development Authority Revenue, AS Series A, 6.63%, 9/1/2035	1,000,000	1,043,373
ARIZONA — 1.9%
Arizona Industrial Development Authority Revenue, AZ:
Series 2019-2, Class A, 3.63%, 5/20/2033	924,825	875,496
Series A, 4.00%, 7/15/2030 (c)	125,000	120,602
Series A, 4.00%, 7/1/2032	1,000,000	1,006,620
Series A, 4.00%, 12/15/2041 (c)	105,000	87,491
Series A, 4.00%, 12/15/2051 (c)	165,000	124,148
Series A, 4.50%, 1/1/2049	655,000	375,286
Series A, 4.75%, 7/1/2029 (c)	140,000	139,398
5.00%, 7/1/2039 (c)	365,000	359,203
5.00%, 7/1/2049 (c)	1,000,000	929,299
5.00%, 7/1/2054 (c)	500,000	431,023
Series A, 5.00%, 6/1/2031 (c)	310,000	312,945
Series A, 5.00%, 7/1/2049 (c)	500,000	452,005
Series A, 5.00%, 7/15/2049	500,000	488,232
Series A, 5.00%, 7/1/2051 (c)	2,000,000	1,734,678
Series A, 5.00%, 7/1/2054 (c)	500,000	443,095
Series B, 5.00%, 3/1/2037 (c)	75,000	72,400
Series B, 5.00%, 3/1/2042 (c)	70,000	64,869
Series B, 5.00%, 1/1/2049	860,000	449,388
Series D, 5.00%, 7/1/2051 (c)	185,000	168,316
Series G, 5.00%, 7/1/2047 (c)	100,000	92,458
Series B, 5.35%, 10/1/2028 (b) (c)	2,230,000	2,031,783
Series A, 6.38%, 6/1/2039 (c)	1,000,000	1,040,539
Glendale Industrial Development Authority Revenue, AZ:
5.00%, 11/15/2045	1,070,000	862,677
Series A, 5.00%, 5/15/2056	500,000	410,056
5.25%, 11/15/2046	1,010,000	740,503

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Industrial Development Authority of the City of Phoenix Arizona Revenue, AZ:
4.00%, 10/1/2041	$ 30,000	$ 29,724
Series A, 4.00%, 12/1/2051 (c)	5,000,000	3,914,944
5.00%, 7/1/2045 (c)	4,285,000	4,006,555
Series A, 5.00%, 7/1/2041 (c)	5,685,000	5,574,584
Series A, 6.75%, 7/1/2044 (c)	1,000,000	1,007,900
Industrial Development Authority of the County of Pima Revenue, AZ:
Series 2022, 4.00%, 6/15/2041 (c)	2,500,000	2,097,559
Series A, 4.00%, 4/1/2046	650,000	619,293
5.00%, 6/15/2034 (c)	100,000	100,372
5.25%, 7/1/2036	315,000	314,712
6.75%, 2/1/2050 (c)	310,000	317,158
Maricopa County Industrial Development Authority Revenue, AZ:
AMT, 4.00%, 10/15/2047 (c)	2,080,000	1,810,715
Series A, 5.00%, 9/1/2033	675,000	752,685
Series A, 6.00%, 7/1/2052 (c)	1,000,000	1,012,138
Series A, 6.25%, 7/1/2053 (c)	1,900,000	1,912,055
Maricopa County Pollution Control Corp. Revenue, AZ:
Series 2000-B, 2.40%, 6/1/2035	500,000	406,942
Series A, 3.60%, 2/1/2040	600,000	546,515
Salt Verde Financial Corp. Revenue, AZ:
5.00%, 12/1/2032	4,000,000	4,366,479
5.25%, 12/1/2027	265,000	279,665
5.25%, 12/1/2028	105,000	112,085
Sierra Vista Industrial Development Authority Revenue, AZ 5.75%, 6/15/2053 (c)	1,000,000	1,005,843
Tempe Industrial Development Authority Revenue, AZ:
Series A, 4.00%, 12/1/2038	1,260,000	1,070,478
Series A, 4.00%, 12/1/2046	1,005,000	758,462
Series B, 4.00%, 12/1/2056	2,135,000	1,478,882
Series A, 6.13%, 10/1/2052 (c)	500,000	300,235
		47,608,490
ARKANSAS — 0.9%
Arkansas Development Finance Authority Revenue, AR:
Series A, AMT, 4.50%, 9/1/2049 (c)	13,830,000	13,725,163
AMT, 5.45%, 9/1/2052	6,270,000	6,269,498
AMT, 5.70%, 5/1/2053	2,910,000	2,947,961

Security Description	Principal Amount	Value
County of Baxter Revenue, AR Series A, 3.00%, 9/1/2028	$ 100,000	$ 94,861
		23,037,483
CALIFORNIA — 11.4%
Alameda Corridor Transportation Authority Revenue, CA Series B, AGM, 4.00%, 10/1/2035 (a)	2,750,000	2,804,730
Anaheim Public Financing Authority Revenue, CA Series C, AGM, Zero Coupon, 9/1/2029 (a)	915,000	768,329
Antelope Valley Healthcare District Revenue, CA:
Series A, 5.00%, 3/1/2026	475,000	477,626
Series A, 5.00%, 3/1/2041	665,000	667,151
Brentwood Infrastructure Financing Authority, Special Assessment, CA Series B, 4.00%, 9/2/2030	145,000	145,342
California Community Choice Financing Authority Revenue, CA:
Series B-1, 5.00%, 7/1/2053 (b)	1,340,000	1,423,399
Series C, 5.25%, 1/1/2054 (b)	2,000,000	2,115,642
Series D, 5.50%, 5/1/2054 (b)	5,000,000	5,387,028
California Community Housing Agency Revenue, CA:
Series A-1, 3.00%, 8/1/2056 (c)	915,000	624,448
Series A-1, 3.00%, 2/1/2057 (c)	3,500,000	2,125,475
Series A, 4.00%, 2/1/2056 (c)	2,820,000	1,858,007
Series A-1, 4.00%, 2/1/2056 (c)	4,000,000	3,286,881
Series A-2, 4.00%, 8/1/2047 (c)	1,270,000	1,019,964
Series A-2, 4.00%, 2/1/2050 (c)	2,000,000	1,461,290
Series A-2, 4.00%, 8/1/2051 (c)	2,000,000	1,235,128
Series A, 5.00%, 8/1/2049 (c)	2,500,000	2,346,231
Series A, 5.00%, 2/1/2050 (c)	5,000,000	3,885,159
Series A, 5.00%, 8/1/2050 (c)	1,000,000	928,042
California County Tobacco Securitization Agency Revenue, CA:
Series C, Zero Coupon, 6/1/2057	5,000,000	752,403
Series A, 4.00%, 6/1/2049	1,000,000	944,412
Series B-1, 5.00%, 6/1/2049	565,000	581,828
California Health Facilities Financing Authority Revenue, CA:
Series A, 4.00%, 3/1/2039	340,000	340,645
Series A, 4.00%, 8/15/2049	475,000	453,209

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series A, 5.00%, 8/15/2047	$ 1,000,000	$ 1,018,484
California Housing Finance Agency Revenue, CA:
Series 2, Class A, 4.00%, 3/20/2033	8,418,660	8,559,672
Series 1, 4.38%, 9/20/2036	2,624,922	2,634,545
California Municipal Finance Authority Revenue, CA:
BAM, 3.00%, 5/15/2051 (a)	1,250,000	960,578
Series A, AGM, 3.25%, 12/31/2032 (a)	625,000	606,454
AMT, 4.00%, 7/15/2029	4,000,000	3,931,751
BAM, 4.00%, 5/15/2041 (a)	355,000	355,495
BAM, 4.00%, 5/15/2046 (a)	1,000,000	979,251
Series A, 4.00%, 12/31/2047	2,000,000	1,845,969
5.00%, 5/15/2049	1,000,000	1,024,603
5.00%, 5/15/2051	1,165,000	1,187,820
5.00%, 5/15/2052	500,000	511,044
Series A, AMT, 5.00%, 6/30/2027	205,000	214,415
Series A, AMT, 5.00%, 6/30/2028	100,000	106,083
Series A, AMT, 5.00%, 12/31/2031	2,300,000	2,439,261
Series A, 5.00%, 7/1/2034	280,000	293,040
Series A, 5.00%, 10/1/2039 (c)	150,000	145,847
Series A, AMT, 5.00%, 12/31/2043	500,000	513,142
Series A, 5.00%, 7/1/2047	185,000	187,544
Series A, AMT, 5.00%, 12/31/2047	600,000	613,307
Series A, 5.00%, 7/1/2049 (c)	1,250,000	1,139,364
Series B, AMT, 5.00%, 6/1/2048	600,000	612,215
5.25%, 1/1/2045	1,000,000	780,480
Series A, 5.25%, 11/1/2041	1,000,000	1,009,398
California Municipal Finance Authority, Special Tax Revenue, CA 5.00%, 9/1/2052	2,000,000	2,074,516
California Pollution Control Financing Authority Revenue, CA:
Series A3, AMT, 4.30%, 7/1/2040	665,000	665,666
AMT, 5.00%, 11/21/2045 (c)	500,000	500,045
California Public Finance Authority Revenue, CA:
5.00%, 10/15/2037	500,000	508,661
Series A, 5.00%, 11/15/2046 (c)	900,000	827,522
Series A, 5.00%, 11/15/2051 (c)	600,000	537,058
Series A, 5.00%, 11/15/2056 (c)	415,000	364,279

Security Description	Principal Amount	Value
California School Finance Authority Revenue, CA:
5.00%, 8/1/2032 (c)	$ 700,000	$ 741,651
5.00%, 6/1/2054 (c)	250,000	226,590
Series A, 5.00%, 7/1/2042 (c)	2,215,000	2,082,554
Series A, 5.00%, 7/1/2047 (c)	250,000	229,006
Series A, 5.00%, 6/1/2050 (c)	605,000	435,906
Series A, 5.00%, 7/1/2058 (c)	1,000,000	939,193
Series A, 5.00%, 6/1/2059 (c)	3,895,000	2,681,575
Series A, 5.75%, 6/1/2053 (c) (e)	2,000,000	1,950,053
Series A, 6.25%, 6/1/2042 (c)	1,120,000	1,159,317
Series A, 6.38%, 6/1/2052 (c)	1,250,000	1,284,642
California Statewide Communities Development Authority Revenue, CA:
Series A, 1.75%, 9/1/2029	800,000	707,277
BAM, 3.00%, 5/15/2054 (a)	3,500,000	2,652,224
Series A, 3.00%, 8/15/2036	205,000	195,364
Series A, 3.00%, 4/1/2037	835,000	760,591
Series A, 3.50%, 11/1/2027 (c)	2,645,000	2,560,051
Series A, 4.00%, 4/1/2042	130,000	127,120
4.25%, 1/1/2043	480,000	470,831
5.00%, 1/1/2031	700,000	745,136
5.00%, 1/1/2032	1,125,000	1,196,875
5.00%, 5/15/2033	240,000	245,821
Series A, 5.00%, 12/1/2025 (c)	2,700,000	2,755,647
Series A, 5.00%, 12/1/2028 (c)	100,000	102,916
Series A, 5.00%, 12/1/2029 (c)	1,000,000	1,029,150
Series A, 5.00%, 6/1/2036 (c)	2,210,000	2,219,357
Series A, 5.00%, 12/1/2041 (c)	5,000,000	4,989,584
Series A, 5.00%, 12/1/2046 (c)	1,000,000	988,807
Series A, 5.00%, 5/15/2050	1,565,000	1,577,614
Series B, 5.00%, 7/1/2032	195,000	197,060
5.25%, 7/1/2039 (c)	2,000,000	2,027,591
Series A, 5.25%, 12/1/2034	1,940,000	1,958,905
Series A, 5.25%, 8/15/2037	605,000	637,207
Series A, 5.25%, 12/1/2038 (c)	1,475,000	1,525,279
Series A, 5.25%, 12/1/2043 (c)	875,000	900,272
Series A, 5.25%, 11/1/2044 (c)	300,000	243,426
Series A, 5.25%, 12/1/2044	8,045,000	8,065,034
Series A, 5.25%, 12/1/2048 (c)	705,000	720,673
Series A, 5.50%, 7/1/2039	12,148	11,419
Series A, 5.50%, 12/1/2054	2,500,000	2,494,564
Series A, 5.75%, 7/1/2030	10,389	9,766
Series A, 5.75%, 7/1/2035	1,099	1,033

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
California Statewide Communities Development Authority, Special Assessment, CA:
Series C, 4.00%, 9/2/2050	$ 995,000	$ 850,704
Series A, 5.00%, 9/2/2039	945,000	1,005,339
California Statewide Communities Development Authority, Special Tax Revenue, CA 5.50%, 9/1/2052	1,335,000	1,370,456
California Statewide Financing Authority Revenue, CA Zero Coupon, 6/1/2055 (c)	15,750,000	801,355
Capistrano Unified School District Community Facilities District, Special Tax Revenue, CA Zero Coupon, 9/1/2032 (a)	400,000	290,206
City & County of San Francisco Community Facilities District No., Special Tax Revenue, CA Series 2021, 4.00%, 9/1/2046	710,000	647,325
City & County of San Francisco Special Tax District No., Special Tax Revenue, CA Series A, 5.75%, 9/1/2050 (c)	850,000	886,638
City of Dublin, Special Tax Revenue, CA:
4.00%, 9/1/2045	990,000	914,305
4.00%, 9/1/2051	335,000	296,264
City of Irvine, Special Tax Revenue, CA 4.00%, 9/1/2049	1,000,000	921,893
City of Oroville Revenue, CA 5.25%, 4/1/2049	1,000,000	597,755
City of Roseville, Special Tax Revenue, CA:
5.00%, 9/1/2031	955,000	987,483
5.00%, 9/1/2044	255,000	256,051
5.00%, 9/1/2047 (c)	1,000,000	1,022,753
City of Sacramento Transient Occupancy Tax Revenue, CA Series A, 5.00%, 6/1/2035	670,000	730,279
CMFA Special Finance Agency I Revenue, CA Series A, 4.00%, 4/1/2056 (c)	5,130,000	3,625,709
CMFA Special Finance Agency Revenue, CA Series A-1, 4.00%, 8/1/2056 (c)	2,000,000	1,688,455
CMFA Special Finance Agency VII Revenue, CA:
Series A1, 3.00%, 8/1/2056 (c)	3,500,000	2,309,383
Series A-2, 4.00%, 8/1/2047 (c)	790,000	630,029

Security Description	Principal Amount	Value
CMFA Special Finance Agency VIII Revenue, CA Series A-1, 3.00%, 8/1/2056 (c)	$ 4,500,000	$ 2,953,534
CMFA Special Finance Agency XII Revenue, CA Series A, 3.25%, 2/1/2057 (c)	3,500,000	2,492,044
Compton Public Finance Authority Revenue, CA 4.50%, 9/1/2032 (c)	1,000,000	988,647
County of Sacramento, Special Tax Revenue, CA:
5.00%, 9/1/2040	990,000	1,014,004
5.00%, 9/1/2042	1,000,000	1,028,660
5.00%, 9/1/2045	100,000	101,815
County of Santa Barbara, Certificate Participation, CA Series B, AMT, 5.00%, 12/1/2029	975,000	1,063,290
CSCDA Community Improvement Authority Revenue, CA:
Series A-1, 2.80%, 3/1/2047 (c)	1,000,000	719,943
Series A, 3.00%, 9/1/2056 (c)	1,375,000	936,781
Series A-1, 3.00%, 6/1/2047 (c)	8,000,000	5,780,238
Series A-2, 3.00%, 12/1/2056 (c)	6,400,000	4,351,555
Series A-2, 3.00%, 3/1/2057 (c)	1,245,000	828,805
Series A-2, 3.13%, 7/1/2056 (c)	5,000,000	3,255,269
Series A-2, 3.13%, 8/1/2056 (c)	1,500,000	1,040,761
Series A2, 3.25%, 5/1/2057 (c)	5,000,000	3,272,947
Series A-2, 3.25%, 7/1/2056 (c)	500,000	336,167
Series A-1, 3.50%, 10/1/2046 (c)	1,655,000	1,263,866
Series A, 4.00%, 8/1/2056 (c)	995,000	746,912
Series A-2, 4.00%, 7/1/2056 (c)	6,870,000	4,926,857
Series A-2, 4.00%, 9/1/2056 (c)	2,000,000	1,441,971
Series A-2, 4.00%, 10/1/2056 (c)	1,500,000	1,073,703
Series B, 4.00%, 12/1/2059 (c)	1,535,000	984,541
Series A-2, 4.30%, 7/1/2059 (c)	5,000,000	4,108,110
Series A, 5.00%, 1/1/2054 (c)	2,470,000	1,972,769
Elk Grove Finance Authority, Special Tax Revenue, CA 5.00%, 9/1/2046	800,000	809,420

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Folsom Ranch Financing Authority, Special Tax Revenue, CA 5.00%, 9/1/2047	$ 1,250,000	$ 1,276,743
Foothill-Eastern Transportation Corridor Agency Revenue, CA:
Series B-1, 3.95%, 1/15/2053	3,130,000	2,947,111
Series A, 4.00%, 1/15/2046	2,990,000	2,947,756
Series A, AGM, 5.00%, 1/15/2042 (a)	430,000	430,293
Series C, 5.00%, 1/15/2031	670,000	743,822
Golden State Tobacco Securitization Corp. Revenue, CA:
Series B, Zero Coupon, 6/1/2066	91,200,000	10,729,844
Series A-1, 5.00%, 6/1/2051	390,000	408,654
Inland Empire Tobacco Securitization Corp. Revenue, CA:
Zero Coupon, 6/1/2057	34,000,000	2,812,779
Zero Coupon, 6/1/2057 (c)	15,000,000	929,412
Series C-1, Zero Coupon, 6/1/2036	3,500,000	1,558,811
Series C-2, Zero Coupon, 6/1/2047	9,410,000	1,988,886
Lake Elsinore Public Financing Authority, Special Tax Revenue, CA 5.00%, 9/1/2035	920,000	939,276
Long Beach Bond Finance Authority Revenue, CA:
Series A, 5.00%, 11/15/2029	100,000	107,433
Series A, 5.50%, 11/15/2030	270,000	301,063
Long Beach Bond Finance Authority, Special Obligation, CA Series C, AMBAC, 5.50%, 8/1/2031 (a)	345,000	393,675
M-S-R Energy Authority Revenue, CA:
Series C, 6.13%, 11/1/2029	245,000	265,745
Series A, 6.50%, 11/1/2039	775,000	997,594
Series B, 6.50%, 11/1/2039	3,000,000	3,861,654
Series B, 7.00%, 11/1/2034	400,000	514,714
Norman Y Mineta San Jose International Airport SJC Revenue, CA Series A, AMT, 5.00%, 3/1/2032	500,000	556,429
Oakland Unified School District/Alameda County, General Obligation, CA Series A, 5.00%, 8/1/2033	65,000	67,463

Security Description	Principal Amount	Value
Orange County Community Facilities District, Special Tax Revenue, CA:
Series A, 5.00%, 8/15/2042	$ 500,000	$ 519,278
Series A, 5.00%, 8/15/2046	550,000	560,048
Series A, 5.50%, 8/15/2048	1,550,000	1,625,987
Series A, 5.50%, 8/15/2053	2,000,000	2,091,912
Palomar Health Revenue, CA:
5.00%, 11/1/2036	500,000	511,851
5.00%, 11/1/2042	2,000,000	2,018,275
Peralta Community College District, General Obligation, CA Series A, 4.00%, 8/1/2031	975,000	978,135
River Islands Public Financing Authority, Special Tax Revenue, CA:
4.00%, 9/1/2051	4,080,000	3,496,188
Series B-2, 5.00%, 9/1/2052	1,245,000	1,247,911
Series B-2, 5.25%, 9/1/2047	1,330,000	1,375,760
Riverside County Public Financing Authority Revenue, CA 5.25%, 11/1/2040	100,000	104,724
Riverside County Transportation Commission Revenue, CA Series B1, 3.00%, 6/1/2049	6,210,000	4,850,150
San Francisco City & County Airport Comm-San Francisco International Airport Revenue, CA:
Series 2020-A, AMT, 4.00%, 5/1/2039	2,485,000	2,500,419
Series A, AMT, 5.00%, 1/1/2025	555,000	563,518
Series A, AMT, 5.00%, 5/1/2035	560,000	625,108
Series A, AMT, 5.00%, 5/1/2036	770,000	851,761
Series E, AMT, 5.00%, 5/1/2045	600,000	625,610
San Joaquin Hills Transportation Corridor Agency Revenue, CA:
Series A, 4.00%, 1/15/2044	5,518,000	5,593,053
Series B, 5.25%, 1/15/2044	13,000,000	13,076,038
Silicon Valley Tobacco Securitization Authority Revenue, CA:
Series A, Zero Coupon, 6/1/2036	7,000,000	3,549,004
Series C, Zero Coupon, 6/1/2056	5,250,000	536,969
Southern California Public Power Authority Revenue, CA Series A, 5.00%, 11/1/2033	790,000	864,318

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Sulphur Springs Union School District, Special Tax Revenue, CA 5.00%, 9/1/2043	$ 75,000	$ 77,193
Temecula Public Financing Authority, Special Tax Revenue, CA 6.25%, 9/1/2047 (c)	100,000	105,323
Tobacco Securitization Authority of Southern California Revenue, CA:
Zero Coupon, 6/1/2046	5,950,000	1,163,671
Series A, Class 1, 5.00%, 6/1/2035	500,000	538,613
Series B-1, Class 2, 5.00%, 6/1/2048	3,245,000	3,341,843
Tracy Community Facilities District, Special Tax Revenue, CA 5.00%, 9/1/2038	2,315,000	2,402,407
Tustin Community Facilities District, Special Tax Revenue, CA Series A, 5.00%, 9/1/2037	105,000	107,220
Washington Township Health Care District Revenue, CA:
Series A, 5.75%, 7/1/2048	480,000	538,354
Series A, 5.75%, 7/1/2053	245,000	267,771
		285,439,519
COLORADO — 3.2%
Aerotropolis Regional Transportation Authority Revenue, CO:
4.38%, 12/1/2052	2,000,000	1,631,406
5.00%, 12/1/2051	1,965,000	1,807,210
Berthoud-Heritage Metropolitan District No. 1 Revenue, CO 5.63%, 12/1/2048	1,500,000	1,471,001
Broadway Park North Metropolitan District No. 2, General Obligation, CO:
5.00%, 12/1/2040 (c)	500,000	481,204
5.00%, 12/1/2049 (c)	1,300,000	1,213,971
Buffalo Highlands Metropolitan District, General Obligation, CO Series A, 5.25%, 12/1/2038	1,000,000	989,754
Centerra Metropolitan District No. 1 Revenue, CO 6.50%, 12/1/2053	500,000	508,293
Centerra Metropolitan District No. 1, General Obligation, CO Series A, 5.00%, 12/1/2051	2,405,000	2,158,716
Centerra Metropolitan District No. 1, Special Obligation, CO 5.00%, 12/1/2029 (c)	1,917,000	1,917,709

Security Description	Principal Amount	Value
City & County of Denver Airport System Revenue, CO:
Series A, AMT, 5.00%, 12/1/2029	$ 525,000	$ 570,023
Series A, AMT, 5.00%, 12/1/2043	2,500,000	2,595,767
City & County of Denver Revenue, CO AMT, 5.00%, 10/1/2032	3,585,000	3,584,724
Clear Creek Transit Metropolitan District No. 2, General Obligation, CO Series A, 5.00%, 12/1/2050	1,000,000	874,448
Colorado Crossing Metropolitan District No. 2, General Obligation, CO Series A-1, 5.00%, 12/1/2047	1,000,000	835,461
Colorado Educational & Cultural Facilities Authority Revenue, CO:
4.13%, 11/15/2044	225,000	216,844
5.00%, 10/1/2039 (c)	1,595,000	1,521,272
5.00%, 10/1/2049 (c)	540,000	484,545
Colorado Health Facilities Authority Revenue, CO:
Series A-1, 4.00%, 8/1/2039	3,095,000	3,113,741
Series A-2, 4.00%, 8/1/2049	510,000	489,155
5.00%, 1/1/2031	105,000	105,454
5.00%, 1/1/2037	2,750,000	2,734,416
5.00%, 1/1/2038	200,000	197,229
5.00%, 12/1/2054 (c)	1,250,000	779,070
Series B, 5.00%, 7/1/2057 (b)	1,042,165	806,550
Series A, 5.30%, 7/1/2037	270,000	213,702
Colorado High Performance Transportation Enterprise Revenue, CO 5.00%, 12/31/2056	1,685,000	1,687,582
Colorado International Center Metropolitan District No. 14, General Obligation, CO 5.88%, 12/1/2046	500,000	498,098
Denver Convention Center Hotel Authority Revenue, CO 5.00%, 12/1/2025	1,900,000	1,938,456
Denver Health & Hospital Authority Revenue, CO:
Series A, 4.00%, 12/1/2039	500,000	471,922
Series A, 5.00%, 12/1/2039	40,000	40,014
Series A, 5.25%, 12/1/2045	370,000	370,217
Denver Urban Renewal Authority, Special Obligation, CO Series A, 5.25%, 12/1/2039 (c)	100,000	101,096
E-470 Public Highway Authority Revenue, CO Series B, Zero Coupon, 9/1/2037 (a)	475,000	248,501

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Fiddlers Business Improvement District, General Obligation, CO 5.55%, 12/1/2047 (c)	$ 400,000	$ 406,317
Foothills Metropolitan District, Special Assessment, CO 6.00%, 12/1/2038	1,500,000	1,437,240
Fourth North Business Improvement District, Special Tax Revenue, CO:
Series A, 5.25%, 12/1/2032	1,945,000	1,948,930
Series A, 5.75%, 12/1/2052	535,000	531,982
Heritage Todd Creek Metropolitan District, General Obligation, CO 6.13%, 12/1/2044	1,000,000	1,003,220
Jefferson Center Metropolitan District No. 1 Revenue, CO Series B, 5.75%, 12/15/2050	500,000	492,996
Kinston Metropolitan District No. 5, General Obligation, CO Series A, 5.13%, 12/1/2050	750,000	630,486
Lakes at Centerra Metropolitan District No. 2, General Obligation, CO Series A, 5.25%, 12/1/2047	1,000,000	965,625
Lanterns Metropolitan District No. 1, General Obligation, CO Series A, 5.00%, 12/1/2039	1,375,000	1,354,187
North Range Metropolitan District No. 3, General Obligation, CO:
Series A, 5.00%, 12/1/2040	1,000,000	953,445
Series A, 5.25%, 12/1/2050	2,000,000	1,900,508
Painted Prairie Public Improvement Authority Revenue, CO 5.00%, 12/1/2049	1,740,000	1,595,828
Peak Metropolitan District No. 3, General Obligation, CO Series A-1, 7.50%, 12/1/2052	2,210,000	2,227,497
Pioneer Community Authority Board Revenue, CO 6.50%, 12/1/2034	2,689,000	2,565,347
Plaza Metropolitan District No. 1, Special Obligation, CO 4.50%, 12/1/2030 (c)	1,000,000	982,325
Prairie Center Metropolitan District No. 3 Revenue, CO Series A, 5.00%, 12/15/2041 (c)	2,990,000	2,991,296
Public Authority for Colorado Energy Revenue, CO 6.50%, 11/15/2038	885,000	1,115,039

Security Description	Principal Amount	Value
Pueblo Urban Renewal Authority, Special Obligation, CO Series A, 4.75%, 12/1/2045 (c)	$ 1,825,000	$ 1,241,000
Rampart Range Metropolitan District No. 5 Revenue, CO 4.00%, 12/1/2051	500,000	365,319
Regional Transportation District Revenue, CO Series A, 4.00%, 7/15/2039	950,000	954,622
Rocky Mountain Rail Park Metropolitan District, General Obligation, CO:
Series A, 5.00%, 12/1/2041 (c)	1,000,000	693,062
Series A, 5.00%, 12/1/2051 (c)	1,000,000	593,936
Sagebrush Farm Metropolitan District No. 1, General Obligation, CO Series A, 6.75%, 12/1/2052	3,000,000	3,009,103
Southglenn Metropolitan District, General Obligation, CO 5.00%, 12/1/2030	1,000,000	999,255
Talon Pointe Metropolitan District, General Obligation, CO Series A, 5.25%, 12/1/2039	500,000	414,900
Transport Metropolitan District No. 3, General Obligation, CO:
Series 2021-A-1, 4.13%, 12/1/2031	1,000,000	894,293
Series 2021-A-1, 5.00%, 12/1/2041	2,700,000	2,310,577
Velocity Metropolitan District No. 3, General Obligation, CO 5.38%, 12/1/2039	1,000,000	1,002,552
Verve Metropolitan District No. 1, General Obligation, CO:
5.00%, 12/1/2051	500,000	388,602
6.50%, 12/1/2043	2,000,000	1,916,016
6.75%, 12/1/2052	1,430,000	1,378,959
Village Metropolitan District, General Obligation, CO 5.00%, 12/1/2049	1,750,000	1,683,552
Willow Bend Metropolitan District, General Obligation, CO:
Series A, 5.00%, 12/1/2039	600,000	579,533
Series A, 5.00%, 12/1/2049	1,000,000	914,953
Windler Public Improvement Authority Revenue, CO:
Series A-1, 4.00%, 12/1/2031	530,000	451,083
Series A-1, 4.13%, 12/1/2051	1,550,000	966,898
		80,518,034

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
CONNECTICUT — 0.7%
City of Hartford, General Obligation, CT Series C, 3.00%, 7/15/2027	$ 100,000	$ 100,259
Connecticut State Development Authority Revenue, CT AMT, 7.95%, 4/1/2026	300,000	300,082
Connecticut State Health & Educational Facilities Authority Revenue, CT:
Series R, 3.25%, 7/1/2035	500,000	493,334
Series R, 3.38%, 7/1/2037	190,000	186,751
Series F, 3.50%, 7/1/2026	5,000	4,860
Series A, 4.00%, 7/1/2038	745,000	665,242
Series A, 4.00%, 7/1/2049	1,000,000	839,417
Series F, 4.00%, 7/1/2030	1,100,000	1,062,705
Series L, 4.00%, 7/1/2034	250,000	253,240
Series L-1, 4.00%, 7/1/2029	490,000	507,575
Series L, 4.13%, 7/1/2041	500,000	501,992
Series A, 5.00%, 1/1/2045 (c)	300,000	250,949
Series A, 5.00%, 9/1/2046 (c)	110,000	88,785
Series A, 5.00%, 9/1/2053 (c)	500,000	385,295
Series F, 5.00%, 7/1/2037	1,175,000	1,175,541
Series F, 5.00%, 7/1/2045	1,040,000	1,052,369
Series G-1, 5.00%, 7/1/2044 (c)	275,000	263,708
Series G-1, 5.00%, 7/1/2050 (c)	500,000	460,357
Great Pond Improvement District, Special Obligation, CT 5.75%, 10/1/2052 (c)	1,000,000	1,031,833
Harbor Point Infrastructure Improvement District, Special Obligation, CT 5.00%, 4/1/2039 (c)	1,000,000	1,010,957
State of Connecticut Bradley International Airport CFC Revenue, CT Series A, 5.00%, 7/1/2049	2,910,000	2,964,970
Steel Point Infrastructure Improvement District, Special Obligation, CT 4.00%, 4/1/2051 (c)	3,120,000	2,542,409
Town of Hamden Revenue, CT 5.00%, 1/1/2050	1,000,000	824,873
University of Connecticut Revenue, CT Series A, 5.00%, 8/15/2027	100,000	100,227
		17,067,730
DELAWARE — 0.2%
Delaware State Economic Development Authority Revenue, DE:
Series A, VRN, 1.25%, 10/1/2045 (b)	3,000,000	2,808,464

Security Description	Principal Amount	Value
Series B, VRN, 1.25%, 10/1/2040 (b)	$ 1,000,000	$ 936,155
Series A, 3.25%, 6/1/2026	365,000	348,577
Series A, 4.00%, 6/1/2042	160,000	127,823
Series A, 4.00%, 6/1/2052	70,000	50,714
Series A, 5.00%, 6/1/2036	500,000	488,686
Series A, 5.00%, 6/1/2046	700,000	627,797
		5,388,216
DISTRICT OF COLUMBIA — 0.9%
District of Columbia Revenue, DC:
5.00%, 4/1/2033	500,000	528,081
5.00%, 12/1/2034	500,000	565,504
5.00%, 10/1/2035	2,630,000	2,611,355
5.00%, 6/1/2050	2,590,000	2,425,532
Series A, 5.00%, 7/1/2032	150,000	147,859
Series A, 5.00%, 6/1/2041 (c)	250,000	233,441
Series A, 5.00%, 7/1/2052	115,000	95,717
District of Columbia Tobacco Settlement Financing Corp. Revenue, DC:
Series A, Zero Coupon, 6/15/2046	25,000,000	6,279,245
Series C, Zero Coupon, 6/15/2055	20,000,000	2,140,026
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, DC:
AGC, Zero Coupon, 10/1/2035 (a)	220,000	145,155
Series A, Zero Coupon, 10/1/2037	2,000,000	1,086,122
Series B, 4.00%, 10/1/2044	650,000	633,687
Series B, 4.00%, 10/1/2049	1,625,000	1,533,290
Series B, AGM, 4.00%, 10/1/2053 (a)	3,125,000	3,003,970
Series A, 5.00%, 10/1/2033	855,000	932,027
		22,361,011
FLORIDA — 5.9%
Alachua County Health Facilities Authority Revenue, FL:
Series A, 4.00%, 12/1/2044	325,000	310,003
5.00%, 11/15/2024 (f)	30,000	28,972
Avenir Community Development District, Special Assessment, FL 5.38%, 5/1/2043	1,225,000	1,213,717
Bexley Community Development District, Special Assessment, FL 4.70%, 5/1/2036	100,000	98,273
Cape Coral Health Facilities Authority Revenue, FL 6.00%, 7/1/2045 (c)	1,000,000	701,067

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Capital Trust Agency, Inc. Revenue, FL:
4.00%, 6/15/2041 (c)	$ 1,500,000	$ 1,224,698
4.00%, 6/15/2051 (c)	1,500,000	1,113,182
Series A, 4.00%, 7/1/2056 (c)	885,000	628,354
5.00%, 12/15/2040 (c)	190,000	173,360
5.00%, 7/1/2046 (c)	750,000	545,787
Series A, 5.00%, 6/15/2039 (c)	390,000	362,941
Series A, 5.00%, 7/1/2050	600,000	424,745
Series A, 5.00%, 6/15/2055 (c)	290,000	251,380
Series A, 5.00%, 8/1/2055	700,000	697,285
Series A-1, 5.00%, 1/1/2055 (c)	250,000	193,994
Series A-1, 5.00%, 7/1/2056 (c)	3,850,000	3,514,587
Series A, 5.13%, 6/15/2037 (c)	450,000	446,321
Series A, 5.38%, 6/15/2038 (c)	105,000	102,171
5.63%, 8/1/2037 (c)	115,000	92,213
5.88%, 8/1/2052 (c)	610,000	441,022
6.10%, 8/15/2038 (c)	215,000	219,217
Series A, 7.50%, 6/1/2048 (c) (f)	3,019,549	301,955
Capital Trust Authority Revenue, FL:
Series A, 6.38%, 6/15/2058 (c)	1,000,000	1,011,789
Series A, 6.50%, 12/15/2053 (c)	1,320,000	1,339,799
Celebration Pointe Community Development District No. 1, Special Assessment, FL 4.00%, 5/1/2053	1,090,000	853,207
Central Florida Expressway Authority Revenue, FL BAM, 3.25%, 7/1/2039 (a)	100,000	95,188
Charlotte County Industrial Development Authority Revenue, FL Series A, AMT, 4.00%, 10/1/2051 (c)	1,720,000	1,410,744
City of Jacksonville Revenue, FL 4.00%, 11/1/2040	415,000	402,281
City of Orlando Tourist Development Tax Revenue, FL:
Series A, AGM, 5.00%, 11/1/2026 (a)	735,000	775,215
Series A, AGM, 5.00%, 11/1/2028 (a)	500,000	536,567
Series A, AGM, 5.00%, 11/1/2036 (a)	200,000	211,754

Security Description	Principal Amount	Value
City of Pompano Beach Revenue, FL 4.00%, 9/1/2050	$ 500,000	$ 383,609
City of South Miami Health Facilities Authority, Inc. Revenue, FL 4.00%, 8/15/2047	1,000,000	962,055
City of Tallahassee Revenue, FL Series A, 5.00%, 12/1/2055	440,000	440,898
City of Tampa Revenue, FL 5.00%, 4/1/2040	500,000	506,554
Collier County Industrial Development Authority Revenue, FL:
Series A, 8.13%, 5/15/2044 (c) (f)	298,278	9,545
Series A, 8.25%, 5/15/2049 (c) (f)	74,569	2,386
Corkscrew Farms Community Development District, Special Assessment, FL 5.00%, 11/1/2038 (c)	140,000	139,111
County of Bay Water & Sewer System Revenue, FL 4.00%, 9/1/2045	215,000	213,652
County of Broward Airport System Revenue, FL:
Series Q-1, 4.00%, 10/1/2042	140,000	140,027
Series A, AMT, 5.00%, 10/1/2036	300,000	323,027
County of Escambia Revenue, FL Series B, VRN, 2.00%, 11/1/2033 (b)	775,000	761,613
County of Escambia Sales Tax Revenue, FL 5.00%, 10/1/2046	550,000	578,151
County of Miami-Dade Aviation Revenue, FL:
Series A, AMT, 4.25%, 10/1/2036	100,000	100,778
AMT, 5.00%, 10/1/2028	500,000	502,354
AMT, 5.00%, 10/1/2030	650,000	653,056
5.00%, 10/1/2033	505,000	525,976
Series A, 5.00%, 10/1/2036	765,000	792,469
County of Miami-Dade Revenue, FL:
Series C, AGC, Zero Coupon, 10/1/2048 (a)	595,000	205,386
5.00%, 10/1/2026	870,000	925,130
5.00%, 10/1/2027	240,000	253,377
5.00%, 10/1/2029	675,000	711,709
Series A, AGC, 6.88%, 10/1/2034 (a) (b)	145,000	178,141
County of Miami-Dade Seaport Department Revenue, FL Series A-1, AGM, 4.00%, 10/1/2045 (a)	590,000	562,932

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
County of Osceola Transportation Revenue, FL Series A-1, 5.00%, 10/1/2049	$ 500,000	$ 505,680
County of Palm Beach Revenue, FL Series A, 5.00%, 4/1/2051 (c)	110,000	104,805
Edgewater East Community Development District, Special Assessment, FL 4.00%, 5/1/2052	2,000,000	1,586,204
Escambia County Health Facilities Authority Revenue, FL:
Series A, 4.00%, 8/15/2045	1,000,000	918,476
Series A, 5.00%, 8/15/2031	155,000	166,156
Series A, 5.00%, 8/15/2033	1,595,000	1,698,683
Florida Development Finance Corp. Revenue, FL:
4.00%, 11/15/2039	500,000	504,825
Series A, 4.00%, 6/1/2041 (c)	2,070,000	1,505,660
Series A, 4.00%, 7/1/2045	600,000	542,139
Series A, 4.00%, 7/1/2051 (c)	750,000	622,936
Series A, 4.00%, 6/1/2055 (c)	1,000,000	609,570
Series A, 4.00%, 6/30/2056 (c)	1,490,000	1,032,434
Series A, 4.75%, 7/15/2036 (c)	500,000	480,349
5.00%, 6/1/2051 (c)	2,000,000	1,626,990
Series A, 5.00%, 6/15/2035	2,425,000	2,516,061
Series A, 5.00%, 2/1/2052	2,000,000	1,853,557
Series A, 5.00%, 6/15/2052	1,035,000	1,039,019
Series C, 5.00%, 9/15/2040 (c)	100,000	90,021
5.25%, 6/15/2029 (c)	2,200,000	2,226,891
AMT, 5.25%, 8/1/2029 (c)	2,000,000	1,930,592
Series A, 5.25%, 6/1/2050 (c)	1,000,000	816,203
Series A, 5.25%, 6/1/2055 (c)	1,000,000	796,662
Series A, 6.00%, 6/15/2035 (c)	505,000	510,064
Series A, 6.00%, 6/15/2044 (c)	575,000	482,335
6.13%, 7/1/2032 (b) (c)	1,350,000	1,360,667
Series A, 6.13%, 6/15/2044 (c)	555,000	555,746
Series A, 6.13%, 6/15/2046 (c)	100,000	100,387
Series A, AMT, VRN, 6.25%, 1/1/2049 (b) (c)	4,015,000	4,015,000
Series A-2, 6.25%, 1/1/2049 (b) (c)	4,015,000	4,014,551
Series A, AMT, VRN, 6.38%, 1/1/2049 (b) (c)	5,865,000	5,686,381
Series A, 6.50%, 7/1/2044	925,000	927,835
Series A, AMT, VRN, 6.50%, 1/1/2049 (b) (c)	7,170,000	7,018,738
Series A, 6.75%, 6/15/2053 (c)	2,000,000	2,139,660

Security Description	Principal Amount	Value
Series B, AMT, 7.38%, 1/1/2049 (c)	$ 8,670,000	$ 8,720,857
Series A, 8.00%, 7/1/2057 (b) (c)	10,595,000	10,815,012
Florida Higher Educational Facilities Financial Authority Revenue, FL:
5.00%, 3/1/2047	1,000,000	1,005,456
Series A-1, 5.00%, 6/1/2048 (c)	1,000,000	904,629
FRERC Community Development District, Special Assessment, FL 5.50%, 11/1/2050	100,000	91,748
Greater Orlando Aviation Authority Revenue, FL:
AMT, 5.00%, 11/15/2036	2,850,000	2,850,071
Series A, AMT, 5.00%, 10/1/2026	235,000	245,693
Series A, AMT, 5.00%, 10/1/2027	170,000	180,654
Series A, AMT, 5.00%, 10/1/2042	250,000	258,034
Grove Resort Community Development District, Special Assessment, FL Series A, 5.88%, 11/1/2047	545,000	567,991
Halifax Hospital Medical Center Revenue, FL 4.00%, 6/1/2046	125,000	119,955
Heights Community Development District, Special Obligation, FL 5.00%, 1/1/2038	995,000	979,268
Hernando County School District, Certificate Participation, FL Series A, AGM, 3.00%, 7/1/2035 (a)	115,000	110,858
Highlands County Health Facilities Authority Revenue, FL:
Series A, 6.00%, 4/1/2038 (f)	500,000	145,000
Series A, 6.25%, 4/1/2049 (f)	500,000	145,000
Hillsborough County Aviation Authority Revenue, FL Series A, AMT, 5.00%, 10/1/2048	1,740,000	1,789,766
Hillsborough County Industrial Development Authority Revenue, FL Series A, 3.50%, 8/1/2055	5,000,000	3,931,916
Hillsborough County School Board, Certificate Participation, FL 5.00%, 7/1/2027	600,000	643,470

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
JEA Electric System Revenue, FL:
Series B, 5.00%, 10/1/2028	$ 325,000	$ 352,116
Series B, 5.00%, 10/1/2029	370,000	399,651
Lakewood Ranch Stewardship District, Special Assessment, FL:
4.00%, 5/1/2050 (c)	1,250,000	1,005,539
6.13%, 5/1/2043	1,200,000	1,249,159
6.30%, 5/1/2054	1,080,000	1,116,056
Lee County Industrial Development Authority Revenue, FL:
Series A, 5.25%, 10/1/2057	550,000	452,549
5.75%, 6/15/2042 (c)	500,000	482,769
LT Ranch Community Development District, Special Assessment, FL 4.00%, 5/1/2040	730,000	640,957
Miami Beach Redevelopment Agency, Special Obligation, FL Series A, 5.00%, 2/1/2033	680,000	682,245
Miami World Center Community Development District, Special Assessment, FL 5.13%, 11/1/2039	1,000,000	1,003,547
Miami-Dade County Expressway Authority Revenue, FL:
Series A, 5.00%, 7/1/2027	400,000	400,405
Series A, 5.00%, 7/1/2028	325,000	338,715
Series A, 5.00%, 7/1/2031	200,000	200,216
Miami-Dade County Health Facilities Authority Revenue, FL 5.00%, 8/1/2047	245,000	252,257
Midtown Miami Community Development District, Special Assessment, FL:
Series A, 5.00%, 5/1/2037	1,430,000	1,423,025
Series B, 5.00%, 5/1/2037	925,000	920,488
Mirada II Community Development District, Special Assessment, FL 4.00%, 5/1/2051	990,000	776,216
Northern Palm Beach County Improvement District, Special Assessment, FL 5.35%, 8/1/2035	360,000	365,847
Palm Beach County Health Facilities Authority Revenue, FL Series B, 4.00%, 5/15/2053	500,000	307,676
Pinellas County Industrial Development Authority Revenue, FL:
5.00%, 7/1/2029	130,000	133,253
5.00%, 7/1/2039	410,000	411,561

Security Description	Principal Amount	Value
Reunion East Community Development District, Special Assessment, FL:
Series 2021, 2.85%, 5/1/2031	$ 20,000	$ 17,888
Series 2021, 3.15%, 5/1/2041	60,000	47,054
Series 2021, 4.00%, 5/1/2051	135,000	109,556
Sawyers Landing Community Development District, Special Assessment, FL 4.25%, 5/1/2053	3,300,000	2,477,980
School Board of Miami-Dade County, Certificate Participation, FL Series C, 3.25%, 2/1/2032	100,000	100,019
Seminole County Industrial Development Authority Revenue, FL:
Series A, 5.25%, 11/15/2039	1,400,000	1,151,035
Series A, 5.50%, 11/15/2049	1,515,000	1,172,417
St. Johns County Industrial Development Authority Revenue, FL:
Series A, 4.00%, 12/15/2036	1,000,000	862,325
Series A, 4.00%, 12/15/2041	750,000	593,506
Series A, 4.00%, 12/15/2046	750,000	556,056
Series A, 4.00%, 12/15/2050	1,000,000	710,540
Tolomato Community Development District, Special Assessment, FL:
Series 2015-2, Zero Coupon, 5/1/2040	180,000	170,381
Series A-2, 4.25%, 5/1/2037	1,100,000	1,035,704
Series 2015-3, 6.61%, 5/1/2040 (f) (g)	195,000	—
Town of Davie Revenue, FL 5.00%, 4/1/2038	560,000	586,205
USF Financing Corp., Certificate Participation, FL Series A, 5.00%, 7/1/2034	550,000	564,613
Village Community Development District No. 12, Special Assessment, FL 4.25%, 5/1/2043	1,810,000	1,664,146
Village Community Development District No. 13, Special Assessment, FL:
2.63%, 5/1/2024	65,000	64,694
3.70%, 5/1/2050	1,910,000	1,517,790
Village Community Development District No. 14, Special Assessment, FL 5.50%, 5/1/2053	2,970,000	3,041,880
Village Community Development District No. 15, Special Assessment, FL:
5.00%, 5/1/2043 (c)	1,250,000	1,259,362
5.25%, 5/1/2054 (c)	1,550,000	1,563,953

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Volusia County Educational Facility Authority Revenue, FL 5.00%, 6/1/2045	$ 130,000	$ 131,627
West Palm Beach Community Redevelopment Agency, Special Obligation, FL 5.00%, 3/1/2036	100,000	109,259
West Villages Improvement District, Special Assessment, FL 4.75%, 5/1/2039	1,000,000	941,700
Westview South Community Development District, Special Assessment, FL 5.38%, 5/1/2043	725,000	721,951
Wiregrass Community Development District, Special Assessment, FL 5.63%, 5/1/2045	670,000	672,616
		147,842,883
GEORGIA — 1.2%
Atlanta Development Authority Revenue, GA:
Series A1, 6.50%, 1/1/2029 (f)	350,000	157,500
Series A1, 6.75%, 1/1/2035 (f)	1,705,000	767,250
Series A1, 7.00%, 1/1/2040 (f)	500,000	225,000
Augusta Development Authority Revenue, GA:
4.00%, 7/1/2037	105,000	106,567
5.00%, 7/1/2025	785,000	800,852
Development Authority of Burke County Revenue, GA:
Series C, 4.13%, 11/1/2045	4,495,000	4,144,994
Series D, 4.13%, 11/1/2045	435,000	401,128
Development Authority of Cobb County Revenue, GA Series A, 6.40%, 6/15/2053 (c)	1,250,000	1,253,628
Development Authority of Rockdale County Revenue, GA AMT, 4.00%, 1/1/2038 (c)	1,000,000	932,700
Development Authority Of The City Of Marietta Revenue, GA Series A, 5.00%, 11/1/2047 (c)	2,500,000	2,165,105
Development Authority of White County Revenue, GA:
Series A, 5.13%, 10/1/2039	790,000	711,940
Series A, 5.25%, 10/1/2049	115,000	98,150
Fulton County Residential Care Facilities for the Elderly Authority Revenue, GA:
Series A, 4.00%, 4/1/2051 (c)	6,350,000	4,516,740

Security Description	Principal Amount	Value
5.00%, 7/1/2042	$ 1,000,000	$ 934,709
Gainesville & Hall County Hospital Authority Revenue, GA Series A, 4.00%, 2/15/2051	1,330,000	1,279,030
George L Smith II Congress Center Authority Revenue, GA:
Series B, 3.63%, 1/1/2031 (c)	1,850,000	1,680,450
Series A, 4.00%, 1/1/2054	750,000	657,898
Series B, 5.00%, 1/1/2054 (c)	1,500,000	1,306,575
Georgia Local Government, Certificate Participation, GA Series A, 4.75%, 6/1/2028 (a)	629,000	654,903
Macon-Bibb County Urban Development Authority Revenue, GA Series A, 5.75%, 6/15/2037 (c)	250,000	257,062
Main Street Natural Gas, Inc. Revenue, GA:
Series C, 4.00%, 8/1/2052 (b) (c)	1,000,000	962,279
Series A, 5.50%, 9/15/2026	205,000	214,071
Series A, 5.50%, 9/15/2028	1,500,000	1,622,588
Municipal Electric Authority of Georgia Revenue, GA:
Series B, 4.00%, 1/1/2049	2,000,000	1,906,617
Series A, 5.00%, 7/1/2060	635,000	637,495
Series B, 5.00%, 1/1/2048	850,000	869,716
Series A, 5.50%, 7/1/2060	170,000	170,786
		29,435,733
GUAM — 1.0%
Guam Government Waterworks Authority Revenue, GU:
5.00%, 1/1/2046	4,780,000	4,852,357
Series A, 5.00%, 7/1/2029	315,000	317,525
Series A, 5.00%, 1/1/2050	1,775,000	1,826,881
Guam Power Authority Revenue, GU:
Series A, 5.00%, 10/1/2034	1,205,000	1,344,993
Series A, 5.00%, 10/1/2036	1,940,000	2,026,509
Territory of Guam Revenue, GU:
Series D, 4.00%, 11/15/2039	500,000	467,652
Series A, 5.00%, 12/1/2025	4,000,000	4,098,020
Series A, 5.00%, 11/1/2040	2,800,000	2,906,251
Series D, 5.00%, 11/15/2027	355,000	362,533
Series D, 5.00%, 11/15/2028	110,000	112,362
Series D, 5.00%, 11/15/2029	525,000	535,816
Series D, 5.00%, 11/15/2034	250,000	253,932
Series D, 5.00%, 11/15/2035	100,000	101,430
Series D, 5.00%, 11/15/2039	6,370,000	6,417,262
Territory of Guam, General Obligation, GU AMT, 5.00%, 11/15/2031	165,000	172,012
		25,795,535

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
HAWAII — 0.1%
State of Hawaii Department of Budget & Finance Revenue, HI:
3.20%, 7/1/2039	$ 2,000,000	$ 1,337,807
Series A, 5.00%, 1/1/2045 (c)	750,000	644,334
6.00%, 7/1/2028 (c)	355,000	362,378
Series A, 6.88%, 7/1/2043 (c)	300,000	300,149
		2,644,668
IDAHO — 0.2%
Idaho Falls Auditorium District, Certificate Participation, ID 5.25%, 5/15/2051 (c)	1,000,000	966,145
Idaho Health Facilities Authority Revenue, ID 3.50%, 9/1/2033	670,000	617,937
Spring Valley Community Infrastructure District No. 1, Special Assessment, ID 3.75%, 9/1/2051 (c)	3,000,000	2,355,620
		3,939,702
ILLINOIS — 7.6%
Chicago Board of Education Dedicated Capital Improvement Tax Revenue, IL:
5.75%, 4/1/2035	250,000	263,032
6.00%, 4/1/2046	350,000	363,663
6.10%, 4/1/2036	45,000	47,885
Chicago Board of Education, General Obligation, IL:
Series A, Zero Coupon, 12/1/2027 (a)	225,000	193,559
Series A, Zero Coupon, 12/1/2028 (a)	100,000	82,791
Series A, Zero Coupon, 12/1/2031 (a)	1,060,000	774,929
Series B-1, Zero Coupon, 12/1/2028 (a)	830,000	687,161
Series B-1, Zero Coupon, 12/1/2029 (a)	620,000	493,063
Series B-1, Zero Coupon, 12/1/2030 (a)	220,000	167,842
Series A, 4.00%, 12/1/2027	3,215,000	3,227,155
Series A, 4.00%, 12/1/2047	6,750,000	5,854,401
Series B, 4.00%, 12/1/2035	200,000	196,188
Series A, AGM, 5.00%, 12/1/2027 (a)	1,100,000	1,163,678
Series A, AGM, 5.00%, 12/1/2028 (a)	150,000	160,748
Series A, 5.00%, 12/1/2030	4,020,000	4,177,088
Series A, 5.00%, 12/1/2031	600,000	617,539
Series A, 5.00%, 12/1/2033	6,000,000	6,435,924
Series A, 5.00%, 12/1/2035	1,500,000	1,531,327
Series A, 5.00%, 12/1/2036	3,550,000	3,698,348
Series A, 5.00%, 12/1/2037	150,000	155,016

Security Description	Principal Amount	Value
Series A, 5.00%, 12/1/2039	$ 910,000	$ 930,052
Series A, 5.00%, 12/1/2042	1,330,000	1,313,017
Series B, 5.00%, 12/1/2029	100,000	105,556
Series B, 5.00%, 12/1/2031	8,250,000	8,729,836
Series B, 5.00%, 12/1/2033	340,000	353,003
Series B, 5.00%, 12/1/2034	410,000	409,313
Series C, 5.00%, 12/1/2027	600,000	625,919
Series C, 5.00%, 12/1/2030	3,780,000	3,870,998
Series C, 5.00%, 12/1/2034	7,080,000	7,214,836
Series D, 5.00%, 12/1/2027	2,400,000	2,503,675
Series D, 5.00%, 12/1/2046	5,200,000	5,148,944
Series G, 5.00%, 12/1/2034	2,400,000	2,445,707
Series H, 5.00%, 12/1/2036	3,100,000	3,136,311
Series E, 5.13%, 12/1/2032	765,000	766,508
Series C, 5.25%, 12/1/2035	2,140,000	2,142,479
Series C, 5.25%, 12/1/2039	7,865,000	7,862,087
Series A, 5.50%, 12/1/2026 (a)	885,000	921,047
Series A, AMBAC, 5.50%, 12/1/2031 (a)	620,000	679,032
Series A, 5.88%, 12/1/2047	4,000,000	4,352,255
Series A, 6.00%, 12/1/2049	3,000,000	3,291,072
Series A, 7.00%, 12/1/2026	1,100,000	1,163,829
Series A, 7.00%, 12/1/2044	3,405,000	3,545,081
Series A, 7.00%, 12/1/2046 (c)	2,125,000	2,289,025
Chicago Midway International Airport Revenue, IL:
Series A, AMT, 5.00%, 1/1/2024	750,000	750,000
Series A, AMT, 5.00%, 1/1/2026	100,000	102,840
Series A, AMT, 5.50%, 1/1/2030	200,000	200,288
Chicago O'Hare International Airport Revenue, IL:
Series A, 4.00%, 1/1/2038	2,505,000	2,570,760
Series B, AGM, 4.00%, 1/1/2053 (a)	300,000	299,265
5.00%, 7/1/2048	800,000	806,232
Series A, 5.00%, 1/1/2048	2,000,000	2,060,946
Series B, 5.00%, 1/1/2029	315,000	320,355
Series C, 5.00%, 1/1/2032	500,000	518,920
Series D, 5.00%, 1/1/2047	500,000	516,263
Chicago Transit Authority Sales Tax Receipts Fund Revenue, IL 5.00%, 12/1/2046	520,000	533,150
City of Chicago Motor Fuel Tax Revenue, IL:
5.00%, 1/1/2026	250,000	250,000
5.00%, 1/1/2029	100,000	100,000
City of Chicago Waterworks Revenue, IL:
4.00%, 11/1/2037	30,000	30,006
Series A-1, 5.00%, 11/1/2030	780,000	818,105

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
City of Chicago, General Obligation, IL:
Series C, Zero Coupon, 1/1/2026	$ 200,000	$ 187,792
Series A, 4.00%, 1/1/2036	600,000	596,659
Series A, 5.00%, 1/1/2026	1,000,000	1,030,015
Series C, 5.00%, 1/1/2024	65,000	65,000
Series C, 5.00%, 1/1/2026	470,000	484,107
Series C, 5.00%, 1/1/2027	195,000	199,476
Series C, 5.00%, 1/1/2035	700,000	709,063
Series C, 5.00%, 1/1/2038	1,615,000	1,622,847
Series 2007G, 5.50%, 1/1/2042	780,000	784,676
Series A, 5.50%, 1/1/2035	4,840,000	5,273,461
Series A, 5.50%, 1/1/2039	2,800,000	3,073,637
Series A, 5.50%, 1/1/2040	2,720,000	2,971,752
Series A, 5.50%, 1/1/2041	2,000,000	2,137,577
Series A, 5.50%, 1/1/2049	1,000,000	1,041,578
Series A, 5.75%, 1/1/2033	510,000	536,153
Cook County Community College District No. 508, General Obligation, IL:
5.13%, 12/1/2038	430,000	430,017
5.25%, 12/1/2043	205,000	205,021
Illinois Finance Authority Revenue, IL:
4.00%, 10/1/2034 (c)	440,000	408,941
4.00%, 12/1/2040	250,000	248,098
Series C, 4.25%, 8/1/2042	1,050,000	1,007,656
Series A, 4.50%, 8/1/2033 (c)	1,275,000	1,275,748
5.00%, 2/15/2032	100,000	100,567
5.00%, 5/15/2033	2,220,000	2,049,027
5.00%, 5/15/2040	3,550,000	1,606,375
Series A, 5.00%, 8/1/2042	580,000	589,957
Series A, 5.00%, 2/15/2047	1,385,000	1,338,872
Series A, 5.00%, 11/1/2049	600,000	486,742
Series A, 5.00%, 2/15/2050	1,950,000	1,865,009
Series A, 5.00%, 7/1/2051 (c)	1,000,000	716,048
5.25%, 2/15/2047	100,000	96,745
Series A, 5.25%, 5/1/2038	1,030,000	935,155
Series A, 5.25%, 8/1/2038 (c)	300,000	306,323
5.50%, 4/1/2032	500,000	484,506
Series A, 6.00%, 4/1/2038 (c)	1,175,000	1,127,126
Series A, 6.13%, 4/1/2049 (c)	500,000	470,356
Series A, 6.13%, 4/1/2058 (c)	1,390,000	1,283,022
Series B, 7.38%, 9/1/2042 (b) (c)	1,000,000	1,062,968
Illinois Sports Facilities Authority Revenue, IL:
AMBAC, Zero Coupon, 6/15/2025 (a)	680,000	640,610
Series A, 5.00%, 6/15/2032	220,000	234,778
Metropolitan Pier & Exposition Authority Revenue, IL:
AGM, Zero Coupon, 6/15/2027 (a)	125,000	112,063

Security Description	Principal Amount	Value
AGM, Zero Coupon, 6/15/2047 (a)	$ 11,000,000	$ 3,901,261
Series A, Zero Coupon, 6/15/2029 (a)	105,000	88,029
Series A, Zero Coupon, 6/15/2031 (a)	215,000	167,958
Series A, Zero Coupon, 12/15/2031 (a)	5,735,000	4,403,901
Series A, Zero Coupon, 6/15/2034 (a)	190,000	133,732
Series A, Zero Coupon, 12/15/2034 (a)	220,000	151,987
Series A, Zero Coupon, 12/15/2035 (a)	140,000	92,591
Series A, Zero Coupon, 6/15/2037 (a)	650,000	396,743
Series A, Zero Coupon, 12/15/2039 (a)	200,000	106,044
Series A, Zero Coupon, 6/15/2041	500,000	239,316
Series B, Zero Coupon, 12/15/2041	395,000	185,110
Series B, Zero Coupon, 12/15/2051	2,200,000	586,636
Series B, AGM, Zero Coupon, 12/15/2056 (a)	845,000	184,354
Series A, 4.00%, 12/15/2042	4,000,000	3,997,603
Series A, 4.00%, 12/15/2047	3,060,000	2,950,296
Series A, 5.00%, 6/15/2053	2,000,000	2,020,118
Series B, 5.00%, 12/15/2040	100,000	101,954
Series B, 5.00%, 6/15/2042	205,000	216,890
Series B, 5.00%, 6/15/2052	2,395,000	2,419,933
Series B, 5.50%, 6/15/2029 (a)	5,130,000	5,381,713
Northeastern Illinois University, Certificate Participation, IL 4.10%, 10/1/2041	245,000	191,862
Northern Illinois Municipal Power Agency Revenue, IL Series A, 5.00%, 12/1/2027	105,000	111,354
Northern Illinois University Revenue, IL Series B, BAM, 5.00%, 4/1/2027 (a)	630,000	663,489
State of Illinois Sales Tax Revenue, IL:
Series A, 3.00%, 6/15/2033	500,000	464,587
Series D, 3.00%, 6/15/2031	710,000	671,450
Series A, 5.00%, 6/15/2026	725,000	753,926
Series A, 5.00%, 6/15/2027	250,000	259,424
State of Illinois, General Obligation, IL:
3.50%, 6/1/2029	140,000	140,101
4.00%, 6/1/2032	1,820,000	1,849,503
5.00%, 1/1/2029	1,000,000	1,032,443
5.00%, 5/1/2032	5,000,000	5,022,349
5.00%, 11/1/2034	120,000	124,310

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
5.00%, 5/1/2035	$ 140,000	$ 140,466
5.00%, 5/1/2036	125,000	125,383
5.00%, 2/1/2039	2,000,000	2,000,987
5.00%, 4/1/2039	2,235,000	2,238,570
5.00%, 5/1/2039	380,000	380,826
Series A, 5.00%, 10/1/2024	150,000	151,919
Series A, 5.00%, 5/1/2035	1,000,000	1,060,618
Village of Bridgeview, General Obligation, IL:
5.00%, 12/1/2042	260,000	247,928
Series A, 5.50%, 12/1/2043	115,000	114,994
Village of Rosemont, General Obligation, IL Series A, AGM, 5.00%, 12/1/2040 (a)	190,000	198,724
Will County Community High School District No. 210 Lincoln-Way, General Obligation, IL Series B, Zero Coupon, 1/1/2033	340,000	242,136
		189,677,090
INDIANA — 0.3%
City of Terre Haute Revenue, IN Series A, AMT, 7.25%, 12/1/2028 (f)	702,730	7
City of Valparaiso Revenue, IN AMT, 6.75%, 1/1/2034	750,000	751,685
County of Allen Revenue, IN 6.00%, 2/1/2039	100,000	90,253
Indiana Finance Authority Revenue, IN:
3.75%, 10/1/2037	200,000	175,512
Series 2, 4.00%, 10/1/2036	640,000	676,110
Series A, 4.50%, 7/1/2053	250,000	157,493
5.00%, 10/1/2042	1,170,000	1,158,041
Series A, AMT, 6.75%, 5/1/2039	275,000	300,364
AMT, 7.00%, 3/1/2039 (c)	500,000	372,807
Indianapolis Local Public Improvement Bond Bank Revenue, IN:
Series I, AMT, 5.00%, 1/1/2027	750,000	757,033
Series E, 6.00%, 3/1/2053	1,000,000	1,090,791
Series F, 7.75%, 3/1/2067	1,725,000	1,834,617
		7,364,713
IOWA — 0.9%
Iowa Finance Authority Revenue, IA:
4.75%, 8/1/2042	7,380,000	7,245,714
VRN, 5.00%, 12/1/2050 (b)	10,000,000	10,415,521
Series A, 5.00%, 5/15/2036	1,250,000	1,111,746
Series A, 5.00%, 5/15/2041	545,000	450,212
Series A, 5.00%, 5/15/2043	935,000	752,634

Security Description	Principal Amount	Value
Series A, 5.00%, 5/15/2047	$ 415,000	$ 319,366
Iowa Higher Education Loan Authority Revenue, IA 4.00%, 10/1/2025	210,000	204,644
Iowa Tobacco Settlement Authority Revenue, IA:
Series B-2, Class 2, Zero Coupon, 6/1/2065	5,265,000	689,427
Series B1, Class 2, 4.00%, 6/1/2049	1,320,000	1,327,061
PEFA, Inc. Revenue, IA VRN, 5.00%, 9/1/2049 (b)	500,000	512,136
		23,028,461
KANSAS — 0.1%
City of Hutchinson Revenue, KS 5.00%, 12/1/2041	610,000	571,052
City of Overland Park Sales Tax Revenue, KS 6.00%, 12/15/2032 (f)	200,000	88,751
City of Wichita Revenue, KS:
5.00%, 5/15/2050	750,000	504,231
Series I, 5.00%, 5/15/2033	350,000	316,077
Series IV-A, 5.63%, 5/15/2044	1,185,000	921,990
Overland Park Development Corp. Revenue, KS 5.00%, 3/1/2049	1,000,000	1,004,135
Wyandotte County-Kansas City Unified Government Revenue, KS Zero Coupon, 12/1/2027 (a)	230,000	198,078
		3,604,314
KENTUCKY — 0.9%
City of Henderson Revenue, KY:
Series A, AMT, 4.45%, 1/1/2042 (c)	2,875,000	2,734,667
Series B, AMT, 4.45%, 1/1/2042 (c)	1,275,000	1,212,766
Series A, AMT, 4.70%, 1/1/2052 (c)	465,000	440,083
City of Murray Revenue, KY 4.00%, 8/1/2034	220,000	218,619
Floyd County School District Finance Corp. Revenue, KY 3.50%, 8/1/2033	235,000	235,723
Kentucky Asset Liability Commission Revenue, KY:
Series A, 5.00%, 9/1/2024	790,000	799,684
Series A, 5.00%, 9/1/2026	120,000	121,280
Kentucky Economic Development Finance Authority Revenue, KY:
Series A, AGM, 4.00%, 12/1/2041 (a)	500,000	500,848
Series A, 4.25%, 7/1/2035	2,645,000	2,657,198
Series A, 5.00%, 6/1/2037	1,520,000	1,558,280

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series A, 5.00%, 6/1/2045	$ 6,000,000	$ 6,052,328
Series A, AGM, 5.00%, 12/1/2045 (a)	550,000	575,298
Series A, 5.25%, 6/1/2050	100,000	100,377
5.50%, 11/15/2035	105,000	97,464
Kentucky Housing Corp. Revenue, KY Series A-2, 4.65%, 5/1/2025 (c)	3,000,000	2,995,235
Kentucky Municipal Power Agency Revenue, KY:
Series A, 4.00%, 9/1/2039 (a)	140,000	137,291
Series A, 5.00%, 9/1/2025 (a)	425,000	437,419
Series A, 5.00%, 9/1/2026 (a)	160,000	163,951
Series A, 5.00%, 9/1/2030 (a)	1,180,000	1,209,138
Series A, 5.00%, 9/1/2042 (a)	125,000	125,714
Kentucky Public Energy Authority Revenue, KY Series A, VRN, 4.00%, 12/1/2050 (b)	500,000	497,303
Louisville/Jefferson County Metropolitan Government Revenue, KY Series D, VRN, 5.00%, 10/1/2047 (b)	500,000	544,056
		23,414,722
LOUISIANA — 1.4%
Calcasieu Parish Memorial Hospital Service District Revenue, LA 5.00%, 12/1/2034	2,000,000	1,969,425
City of Shreveport Water & Sewer Revenue, LA:
Series B, AGM, 3.00%, 12/1/2035 (a)	200,000	190,893
Series B, AGM, 4.00%, 12/1/2041 (a)	480,000	482,370
Series C, BAM, 4.00%, 12/1/2033 (a)	365,000	375,989
5.00%, 12/1/2040	250,000	255,267
Series A, AGM, 5.00%, 12/1/2036 (a)	260,000	275,101
Jefferson Parish Economic Development & Port District Revenue, LA Series A, 5.50%, 6/15/2038 (c)	1,175,000	1,176,337
Louisiana Local Government Environmental Facilities & Community Development Authority Revenue, LA:
3.50%, 11/1/2032	4,275,000	4,052,956
4.00%, 11/1/2046 (c)	950,000	824,991
Series A, 5.00%, 1/1/2049	1,500,000	1,038,587
Louisiana Public Facilities Authority Revenue, LA:
4.00%, 5/15/2041	5,000	5,137

Security Description	Principal Amount	Value
5.00%, 7/1/2047	$ 300,000	$ 307,336
Series A, 5.00%, 7/1/2046	500,000	509,700
Series A, 5.00%, 7/1/2047	2,000,000	2,039,345
Series A, 5.00%, 7/1/2051	385,000	390,441
5.25%, 10/1/2046 (b)	3,590,000	3,866,950
5.63%, 6/1/2037 (c)	420,000	425,942
Series R-2, 6.50%, 10/1/2053 (b) (c)	1,000,000	1,005,405
Louisiana Stadium & Exposition District Revenue, LA Series A, 5.00%, 7/1/2048	2,000,000	2,183,524
Louisiana State Citizens Property Insurance Corp. Revenue, LA Series A, 5.00%, 6/1/2026	300,000	315,350
New Orleans Aviation Board Revenue, LA Series B, AMT, 5.00%, 1/1/2024	240,000	240,000
Parish of St. James Revenue, LA:
Series 2010-B, 6.10%, 12/1/2040 (b) (c)	5,395,000	5,914,880
Series 2010-A, 6.35%, 10/1/2040 (c)	2,000,000	2,179,590
Series 2010-REMK, 6.35%, 7/1/2040 (c)	1,000,000	1,089,795
Parish of St. John the Baptist Revenue, LA Series A-3, VRN, 2.20%, 6/1/2037 (b)	3,980,000	3,763,572
St. Tammany Parish Finance Authority Revenue, LA 5.25%, 11/15/2037	250,000	234,062
		35,112,945
MAINE — 0.1%
Maine Health & Higher Educational Facilities Authority Revenue, ME:
Series A, 4.00%, 7/1/2041	100,000	92,088
Series A, 4.00%, 7/1/2046	310,000	268,380
Series A, 5.00%, 7/1/2046	2,045,000	1,918,226
Town of Rumford Revenue, ME AMT, 6.88%, 10/1/2026	525,000	525,985
		2,804,679
MARYLAND — 1.5%
Anne Arundel County Consolidated Special Taxing District, Special Tax Revenue, MD 5.25%, 7/1/2044	310,000	310,498
City of Baltimore Revenue, MD:
Series A, 4.50%, 9/1/2033	1,325,000	1,312,647
5.00%, 9/1/2027	305,000	310,638
5.00%, 9/1/2028	750,000	765,136
5.00%, 9/1/2031	500,000	509,585

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
5.00%, 9/1/2039	$ 1,250,000	$ 1,235,525
5.00%, 9/1/2046	250,000	232,283
5.00%, 6/1/2051	550,000	549,364
City of Brunswick, Special Tax Revenue, MD:
4.00%, 7/1/2029	1,470,000	1,450,740
5.00%, 7/1/2036	474,000	482,388
City of Rockville Revenue, MD:
Series A-2, 5.00%, 11/1/2035	500,000	462,432
Series B, 5.00%, 11/1/2042	3,105,000	2,716,003
County of Frederick Revenue, MD Series A, 5.00%, 9/1/2037 (c)	1,500,000	1,463,654
County of Frederick, Special Obligation, MD 3.75%, 7/1/2039	875,000	780,762
County of Frederick, Special Tax Revenue, MD Series C, 4.00%, 7/1/2050 (c)	1,000,000	893,304
County of Howard, Special Obligation, MD 6.10%, 2/15/2044	425,000	425,102
County of Prince George's, Special Obligation, MD 5.13%, 7/1/2039 (c)	1,600,000	1,538,578
Maryland Economic Development Corp. Revenue, MD:
Series A, AMT, 5.00%, 11/12/2028	1,000,000	1,026,312
Series B, AMT, 5.00%, 6/30/2040	3,250,000	3,406,200
Series B, AMT, 5.25%, 6/30/2052	785,000	811,304
Series A, 5.63%, 7/1/2043	1,500,000	1,628,024
5.75%, 9/1/2025	525,000	525,729
Maryland Economic Development Corp., Special Obligation, MD:
3.25%, 9/1/2030	595,000	562,430
4.00%, 9/1/2040	325,000	293,689
4.00%, 9/1/2050	2,520,000	2,111,789
4.38%, 7/1/2036	1,155,000	1,124,085
Maryland Health & Higher Educational Facilities Authority Revenue, MD:
Series A, 3.00%, 7/1/2046	545,000	424,469
5.00%, 7/1/2040	1,000,000	1,010,345
5.00%, 7/1/2045	90,000	90,696
Series A, 5.00%, 7/1/2038	100,000	102,279
Series A, 5.00%, 5/15/2045	4,690,000	4,796,127
Series A, 5.50%, 1/1/2031	100,000	106,621
Series A, 5.50%, 1/1/2036	3,500,000	3,653,426
		37,112,164

Security Description	Principal Amount	Value
MASSACHUSETTS — 0.6%
Collegiate Charter School of Lowell Revenue, MA:
5.00%, 6/15/2039	$ 100,000	$ 98,412
5.00%, 6/15/2054	500,000	463,241
Massachusetts Development Finance Agency Revenue, MA:
Series A, 4.00%, 7/1/2044	2,500,000	2,276,957
Series B, 4.00%, 6/1/2035	2,275,000	2,259,789
Series D, 4.00%, 7/1/2045	350,000	324,283
4.13%, 10/1/2042 (c)	500,000	419,656
5.00%, 7/1/2026	500,000	518,428
5.00%, 1/1/2041	240,000	241,392
5.00%, 10/1/2043	950,000	913,044
5.00%, 1/1/2045	300,000	301,127
5.00%, 7/1/2047	870,000	708,514
5.00%, 7/1/2051 (c)	750,000	605,110
5.00%, 10/1/2057 (c)	2,420,000	2,160,591
Series D, 5.00%, 7/1/2044	1,515,000	1,522,745
Series G, 5.00%, 7/1/2044	1,000,000	993,437
Series I, 5.00%, 7/1/2029	560,000	585,057
Series L, 5.00%, 7/1/2044	500,000	509,265
Series A, 5.25%, 7/1/2034	10,000	9,138
Series A, 5.50%, 7/1/2044	325,000	288,477
Series F, 5.63%, 7/15/2036	120,000	120,003
Massachusetts Educational Financing Authority Revenue, MA Series J, AMT, 3.50%, 7/1/2033	50,000	48,301
		15,366,967
MICHIGAN — 1.4%
City of Detroit Sewage Disposal System Revenue, MI Series B, 5.50%, 7/1/2029 (a)	150,000	158,596
City of Detroit, General Obligation, MI:
Series A, 4.00%, 4/1/2040	1,440,000	1,385,251
5.00%, 4/1/2031	500,000	527,119
Series A, 5.00%, 4/1/2046	250,000	256,814
Series A, 5.00%, 4/1/2050	1,000,000	1,017,165
5.50%, 4/1/2050	135,000	141,771
Grand Rapids Economic Development Corp. Revenue, MI:
Series A, 5.00%, 11/1/2047	1,000,000	859,307
Series A, 5.50%, 4/1/2039	3,000,000	2,330,223
Kalamazoo Economic Development Corp. Revenue, MI Series A, 5.00%, 5/15/2055	3,000,000	2,410,656
Michigan Finance Authority Revenue, MI:
Series A, 4.00%, 2/15/2044	2,840,000	2,779,780

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series A, Class 1, 4.00%, 6/1/2049	$ 6,000,000	$ 5,539,764
4.40%, 4/1/2031 (c)	100,000	86,439
4.90%, 4/1/2041 (c)	260,000	198,057
Series A, 5.00%, 11/15/2048	6,350,000	6,596,323
Series B, 5.00%, 7/1/2026	225,000	225,941
Series B, 5.00%, 7/1/2028	100,000	100,521
Series B, 5.00%, 7/1/2033	100,000	100,501
Series B, 5.00%, 7/1/2044	2,575,000	2,578,196
Series D-2, 5.00%, 7/1/2034	400,000	407,258
5.25%, 2/1/2027	410,000	415,103
Michigan Strategic Fund Revenue, MI:
AMT, VRN, 4.00%, 10/1/2061 (b)	1,000,000	986,410
AMT, 5.00%, 6/30/2030	35,000	37,239
AMT, 5.00%, 6/30/2031	665,000	708,064
AMT, 5.00%, 12/31/2032	550,000	585,175
Michigan Tobacco Settlement Finance Authority Revenue, MI:
Series B, Zero Coupon, 6/1/2052	715,000	89,001
Series C, Zero Coupon, 6/1/2058	20,900,000	878,872
Saline Economic Development Corp. Revenue, MI 5.50%, 6/1/2047	1,000,000	844,599
State of Michigan Revenue, MI 5.00%, 3/15/2026	680,000	714,702
Wayne County Airport Authority Revenue, MI:
Series B, BAM, 5.00%, 12/1/2039 (a)	700,000	707,068
Series C, AMT, 5.00%, 12/1/2039	550,000	551,492
Series C, AMT, 5.00%, 12/1/2044	285,000	285,763
		34,503,170
MINNESOTA — 0.7%
City of Anoka Revenue, MN 4.75%, 11/1/2035	150,000	130,803
City of Brooklyn Park Revenue, MN:
Series A, 4.75%, 7/1/2025	35,000	34,374
Series A, 5.00%, 3/1/2039	500,000	459,034
Series A, 5.50%, 7/1/2035	150,000	142,403
City of Forest Lake Revenue, MN:
Series A, 5.00%, 7/1/2041	365,000	336,184
Series A, 5.00%, 7/1/2056	2,125,000	1,828,074
Series A, 5.38%, 8/1/2050	1,000,000	959,695
City of Maple Grove Revenue, MN 3.50%, 5/1/2034	100,000	97,497

Security Description	Principal Amount	Value
City of Minneapolis Revenue, MN Series A, 5.00%, 12/1/2047 (c)	$ 300,000	$ 280,165
City of Rochester Revenue, MN:
Series A, 4.50%, 8/1/2042	1,100,000	859,642
Series A, 5.00%, 8/1/2048	1,050,000	833,081
City of St. Cloud Revenue, MN Series A, 5.00%, 4/1/2046	150,000	120,123
City of St. Paul Park Revenue, MN 5.00%, 9/1/2042	145,000	140,208
Cuyuna Range Hospital, Inc. Revenue, MN 5.75%, 5/1/2053	2,500,000	2,528,049
Duluth Economic Development Authority Revenue, MN Series A, 4.25%, 2/15/2048	1,000,000	961,354
Housing & Redevelopment Authority of The City of St. Paul Minnesota Revenue, MN:
Series A, 4.63%, 3/1/2043	235,000	198,477
Series A, 5.00%, 12/1/2041	500,000	481,621
Series A, 5.00%, 9/1/2043	1,315,000	1,233,491
Series A, 5.00%, 11/15/2047	995,000	1,015,975
5.25%, 3/1/2043 (c)	1,205,000	1,115,708
Series A, 5.30%, 7/1/2045	500,000	474,208
5.50%, 3/1/2053 (c)	1,765,000	1,655,506
St. Paul Port Authority Revenue, MN Series 7, AMT, 4.50%, 10/1/2037 (c)	255,000	245,362
Woodbury Housing & Redevelopment Authority Revenue, MN:
5.00%, 12/1/2029	225,000	222,950
5.25%, 12/1/2049	340,000	296,622
		16,650,606
MISSISSIPPI — 0.4%
County of Warren Revenue, MS:
Series A, VRN, 1.38%, 5/1/2034 (b)	1,350,000	1,294,769
Series C, VRN, 1.38%, 8/1/2027 (b)	1,100,000	1,054,997
Mississippi Business Finance Corp. Revenue, MS 4.55%, 12/1/2028	320,000	318,181
Mississippi Development Bank Revenue, MS:
AGM, 3.50%, 9/1/2034 (a)	300,000	297,980
4.00%, 10/1/2035 (c)	500,000	478,614
4.00%, 10/1/2041 (c)	1,000,000	869,924
Mississippi Hospital Equipment & Facilities Authority Revenue, MS:
Series A, 5.00%, 9/1/2041	3,100,000	3,157,166

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series A, 5.00%, 9/1/2046	$ 400,000	$ 404,310
State of Mississippi Gaming Tax Revenue, MS:
Series A, 5.00%, 10/15/2032	605,000	653,814
Series A, 5.00%, 10/15/2035	1,000,000	1,075,267
Series A, 5.00%, 10/15/2036	500,000	535,097
		10,140,119
MISSOURI — 0.6%
Cape Girardeau County Industrial Development Authority Revenue, MO:
3.00%, 3/1/2046	370,000	284,687
4.00%, 3/1/2041	120,000	120,460
4.00%, 3/1/2046	100,000	97,088
City of Jennings Revenue, MO 5.00%, 11/1/2023 (f)	118,713	59,357
City of St. Ann, Special Obligation, MO Series A, 4.63%, 11/1/2030 (c)	140,000	137,223
City of St. Louis Airport Revenue, MO 5.50%, 7/1/2031 (a)	245,000	292,680
County of Boone Revenue, MO:
4.00%, 8/1/2038	150,000	116,431
5.00%, 8/1/2029	70,000	66,018
5.00%, 8/1/2030	530,000	494,136
Health & Educational Facilities Authority of the State of Missouri Revenue, MO:
3.00%, 6/1/2053	2,475,000	1,810,110
4.00%, 6/1/2053	500,000	484,547
4.25%, 8/1/2035	280,000	248,981
4.25%, 12/1/2042 (c)	450,000	444,541
Series A, 5.00%, 2/1/2036	650,000	650,608
Series A, 5.00%, 2/1/2042	115,000	111,927
I-470 Western Gateway Transportation Development District Revenue, MO Series A, 5.25%, 12/1/2048 (c)	1,000,000	1,001,286
Industrial Development Authority of St. Joseph Missouri Revenue, MO Series A, 4.63%, 1/1/2045	830,000	595,455
Industrial Development Authority of the City of St. Louis Missouri Revenue, MO:
Series A, 4.75%, 11/15/2047	1,500,000	1,124,511
Series A, 5.50%, 6/15/2042 (c)	500,000	460,798
Series A, 5.63%, 6/15/2053 (c)	400,000	362,051

Security Description	Principal Amount	Value
Kansas City Industrial Development Authority Revenue, MO:
Series D, 2.00%, 11/15/2046	$ 200,616	$ 9,367
Series B, AMT, 5.00%, 3/1/2033	760,000	809,965
Series B, 5.00%, 11/15/2046	449,515	318,409
Kirkwood Industrial Development Authority Revenue, MO Series A, 5.25%, 5/15/2050	3,000,000	2,270,374
Lees Summit Industrial Development Authority Revenue, MO:
Series A, 5.00%, 8/15/2032	730,000	701,783
Series A, 5.00%, 8/15/2051	1,000,000	820,693
Lees Summit Industrial Development Authority, Special Assessment, MO 6.00%, 5/1/2042	435,000	402,654
Missouri Development Finance Board Revenue, MO Series C, 3.50%, 3/1/2031	265,000	260,576
St. Louis County Industrial Development Authority Revenue, MO:
5.00%, 9/1/2042	150,000	135,782
Series A, 5.00%, 12/1/2025	85,000	84,858
Series A, 5.00%, 9/1/2038	350,000	329,160
St. Louis Land Clearance for Redevelopment Authority Revenue, MO 5.00%, 6/1/2040	210,000	213,125
		15,319,641
MONTANA — 0.0% (d)
City of Forsyth Revenue, MT Series A, VRN, 3.90%, 3/1/2031 (b)	680,000	677,131
City of Kalispell Revenue, MT Series A, 5.25%, 5/15/2047	100,000	80,979
City of Missoula Water System Revenue, MT Series A, 4.00%, 7/1/2044	210,000	210,635
Montana Facility Finance Authority Revenue, MT Series B, 5.00%, 7/1/2048	325,000	329,629
		1,298,374
NEBRASKA — 0.2%
Central Plains Energy Project Revenue, NE:
Series A, 5.00%, 9/1/2028	700,000	737,820
Series A, 5.00%, 9/1/2032	1,000,000	1,088,066
Series A, 5.00%, 9/1/2036	1,140,000	1,243,790
Nebraska Public Power District Revenue, NE Series C, 5.00%, 1/1/2030	580,000	660,819

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Public Power Generation Agency Revenue, NE Series A, 5.00%, 1/1/2026	$ 600,000	$ 610,917
		4,341,412
NEVADA — 0.4%
Carson City Revenue, NV Series A, 5.00%, 9/1/2047	250,000	253,675
City of Las Vegas Special Improvement District No. 816, Special Assessment, NV 3.13%, 6/1/2051	210,000	137,760
City of Las Vegas Special Improvement District No. 817 Summerlin Village 29, Special Assessment, NV 6.00%, 6/1/2053	1,000,000	1,036,291
City of Sparks Revenue, NV Series A, 2.75%, 6/15/2028 (c)	115,000	109,237
Clark County School District, General Obligation, NV:
Series C, 3.00%, 6/15/2030	120,000	119,924
Series A, 4.00%, 6/15/2035	500,000	520,119
County of Clark Department of Aviation Revenue, NV Series A, 5.00%, 7/1/2025	165,000	170,277
County of Clark Passenger Facility Charge Revenue, NV Series E, 5.00%, 7/1/2025	120,000	123,838
County of Clark Revenue, NV 2.10%, 6/1/2031	395,000	340,081
State of Nevada Department of Business & Industry Revenue, NV:
Series A, 4.50%, 12/15/2029 (c)	555,000	546,739
Series A, 5.00%, 12/15/2038 (c)	750,000	730,722
AMT, 5.75%, 2/15/2038 (c)	1,095,000	109,500
AMT, 5.88%, 12/15/2027 (c)	516,172	206,469
AMT, 6.25%, 12/15/2037 (c)	2,280,000	912,000
AMT, 6.95%, 2/15/2038 (c)	980,568	98,057
Tahoe-Douglas Visitors Authority Revenue, NV 5.00%, 7/1/2040	3,475,000	3,568,388
		8,983,077
NEW HAMPSHIRE — 0.7%
New Hampshire Business Finance Authority Revenue, NH:
Series A, VRN, 3.63%, 7/1/2043 (b) (c)	2,960,000	2,274,291
Series B, AMT, VRN, 3.75%, 7/1/2045 (b) (c)	4,950,000	3,868,296
4.00%, 1/1/2051	1,330,000	1,003,951
Series 1A, 4.13%, 1/20/2034	5,656,183	5,591,888

Security Description	Principal Amount	Value
Series C, AMT, 4.88%, 11/1/2042 (c)	$ 1,855,000	$ 1,602,503
5.00%, 7/1/2031 (c)	1,015,000	962,070
5.00%, 7/1/2041 (c)	1,855,000	1,575,328
New Hampshire Health & Education Facilities Authority Act Revenue, NH Series A, 6.13%, 7/1/2052 (c) (f)	292,175	17,531
		16,895,858
NEW JERSEY — 2.5%
Bayonne Redevelopment Agency Revenue, NJ Series A, AMT, 5.38%, 11/1/2035	395,000	335,961
Casino Reinvestment Development Authority, Inc. Revenue, NJ 5.25%, 11/1/2044	500,000	502,853
City of Atlantic City, General Obligation, NJ 5.00%, 12/1/2025	120,000	119,372
Industrial Pollution Control Financing Authority of Gloucester County Revenue, NJ Series A, AMT, 5.00%, 12/1/2024	185,000	185,998
New Jersey Economic Development Authority Revenue, NJ:
Series B, AGC, Zero Coupon, 7/1/2027 (a)	160,000	142,420
Series A, 3.38%, 7/1/2030	555,000	548,177
Series A, 4.00%, 11/1/2027	525,000	545,711
Series C, 4.00%, 6/15/2047	155,000	152,467
Series MMM, 4.00%, 6/15/2036	335,000	346,116
Series QQQ, 4.00%, 6/15/2050	210,000	202,952
Series A, 4.13%, 7/1/2030	110,000	100,985
Series AAA, 4.13%, 6/15/2025	365,000	371,587
4.38%, 1/1/2024	195,000	195,000
Series XX, 4.38%, 6/15/2027	175,000	178,217
AMT, 5.00%, 10/1/2037	100,000	101,871
AMT, 5.00%, 10/1/2047	750,000	752,735
Series A, BAM, 5.00%, 7/1/2027 (a)	2,500,000	2,663,410
Series A, 5.00%, 6/1/2036	490,000	462,253
Series A, 5.00%, 11/1/2044	500,000	530,083
Series A, 5.00%, 6/15/2047	510,000	528,470
Series AAA, 5.00%, 6/15/2036	300,000	313,193
Series AAA, 5.00%, 6/15/2041	500,000	536,179
Series C, 5.00%, 6/15/2047	365,000	378,219

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series DDD, 5.00%, 6/15/2027	$ 500,000	$ 538,183
Series PP, 5.00%, 6/15/2025	100,000	100,936
Series PP, 5.00%, 6/15/2031	245,000	246,840
Series QQQ, 5.00%, 6/15/2028	750,000	824,801
Series UU, 5.00%, 6/15/2034	355,000	357,667
Series WW, 5.00%, 6/15/2035	500,000	515,762
Series WW, 5.00%, 6/15/2036	240,000	247,566
Series WW, 5.00%, 6/15/2037	390,000	402,294
Series XX, 5.00%, 6/15/2026	880,000	907,740
Series A, AGM, 5.13%, 1/1/2039 (a)	720,000	718,878
AMT, 5.25%, 9/15/2029	50,000	50,092
5.25%, 1/1/2044	750,000	698,195
Series B, AMT, 5.63%, 11/15/2030	2,500,000	2,520,497
New Jersey Economic Development, NJ Zero Coupon, 11/1/2031 (g)	1,000,000	—
New Jersey Educational Facilities Authority Revenue, NJ:
Series A, 3.00%, 7/1/2050	655,000	485,957
3.50%, 6/15/2027	125,000	125,265
Series G, 3.50%, 7/1/2031	215,000	215,846
Series B, 5.00%, 9/1/2036	300,000	312,964
Series B, 5.50%, 9/1/2032	150,000	159,800
New Jersey Health Care Facilities Financing Authority Revenue, NJ:
4.00%, 7/1/2039	520,000	525,379
4.00%, 7/1/2048	175,000	160,748
5.00%, 10/1/2026	500,000	528,828
5.00%, 10/1/2027	905,000	978,678
5.00%, 10/1/2028	100,000	109,185
5.00%, 7/1/2041	1,000,000	1,011,733
Series B, 5.00%, 9/15/2027	170,000	170,175
New Jersey Transportation Trust Fund Authority Revenue, NJ:
Series A, Zero Coupon, 12/15/2025	230,000	215,196
Series A, Zero Coupon, 12/15/2027	820,000	723,848
Series A, Zero Coupon, 12/15/2028	100,000	85,747
Series A, Zero Coupon, 12/15/2030	265,000	212,175
Series A, Zero Coupon, 12/15/2033	285,000	204,722
Series A, Zero Coupon, 12/15/2035	615,000	407,694
Series A, Zero Coupon, 12/15/2038	710,000	403,220

Security Description	Principal Amount	Value
Series C, AMBAC, Zero Coupon, 12/15/2028 (a)	$ 125,000	$ 107,183
Series AA, 3.75%, 6/15/2033	500,000	505,535
Series AA, 4.00%, 6/15/2036	400,000	416,767
Series AA, 4.00%, 6/15/2037	250,000	258,944
Series AA, 4.00%, 6/15/2040	2,660,000	2,702,280
Series BB, 4.00%, 6/15/2036	200,000	206,164
Series BB, 4.00%, 6/15/2044	390,000	390,597
Series AA, 4.75%, 6/15/2035	260,000	265,382
Series AA, 4.75%, 6/15/2038	185,000	188,058
Series A, 5.00%, 6/15/2024	120,000	121,067
Series A, 5.00%, 12/15/2024	270,000	275,207
Series A, 5.00%, 12/15/2025	250,000	260,673
Series A, 5.00%, 12/15/2028	100,000	111,326
Series A, 5.00%, 6/15/2029	175,000	183,981
Series A, 5.00%, 12/15/2029	350,000	387,310
Series A-1, 5.00%, 6/15/2027	700,000	735,057
Series A-1, 5.00%, 6/15/2028	900,000	946,313
Series AA, 5.00%, 6/15/2026	350,000	352,144
Series AA, 5.00%, 6/15/2037	560,000	627,653
Series AA, 5.00%, 6/15/2038	440,000	441,498
Series BB, 5.00%, 6/15/2046	7,750,000	8,539,446
Series BB, 5.00%, 6/15/2050	500,000	521,068
Series D, 5.00%, 12/15/2024	645,000	657,366
Series AA, 5.25%, 6/15/2029	90,000	92,829
Series AA, 5.25%, 6/15/2031	675,000	695,270
Series AA, 5.25%, 6/15/2041	200,000	203,831
Series AA, 5.25%, 6/15/2043	500,000	533,726
Series C, 5.25%, 6/15/2032	500,000	507,161
New Jersey Turnpike Authority Revenue, NJ:
Series A, 4.00%, 1/1/2042	3,000,000	3,040,621
Series E, 5.00%, 1/1/2034	300,000	305,588
Series E, 5.00%, 1/1/2045	500,000	505,498
Newark Housing Authority Revenue, NJ 5.00%, 1/1/2032 (a)	435,000	482,312
South Jersey Port Corp. Revenue, NJ:
Series B, AMT, 5.00%, 1/1/2036	150,000	157,826
Series B, AMT, 5.00%, 1/1/2048	500,000	510,536
South Jersey Transportation Authority Revenue, NJ:
Series A, AGM, 5.00%, 11/1/2031 (a)	750,000	828,872
Series A, 5.00%, 11/1/2039	2,000,000	2,011,832
Tobacco Settlement Financing Corp. Revenue, NJ:
Series A, 5.00%, 6/1/2029	175,000	188,096
Series A, 5.00%, 6/1/2046	780,000	793,231
Series B, 5.00%, 6/1/2046	5,495,000	5,577,486
Series A, 5.25%, 6/1/2046	1,905,000	1,963,813
		62,960,387

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
NEW MEXICO — 0.1%
City of Farmington Revenue, NM Series B, 2.15%, 4/1/2033	$ 3,135,000	$ 2,590,498
City of Santa Fe Revenue, NM Series A, 5.00%, 5/15/2044	330,000	288,666
Mariposa East Public Improvement District, Special Assessment, NM Series C, 5.90%, 9/1/2032	155,000	145,290
New Mexico Hospital Equipment Loan Council Revenue, NM Series A, 5.00%, 7/1/2049	500,000	394,228
		3,418,682
NEW YORK — 9.2%
Babylon L D Corp. II Revenue, NY Series A, 6.65%, 2/1/2053	250,000	251,506
Brookhaven Local Development Corp. Revenue, NY Series A, 5.00%, 10/1/2050	3,410,000	3,605,174
Brooklyn Arena Local Development Corp. Revenue, NY:
Zero Coupon, 7/15/2047	440,000	131,457
Series A, 5.00%, 7/15/2042	4,250,000	4,266,515
Buffalo & Erie County Industrial Land Development Corp. Revenue, NY 5.25%, 7/1/2035	500,000	432,749
Build NYC Resource Corp. Revenue, NY:
AMT, 5.00%, 1/1/2035 (c)	265,000	265,686
5.00%, 11/1/2039	250,000	150,000
5.00%, 8/1/2047	1,040,000	1,055,266
Series A, 5.00%, 6/1/2047 (c)	150,000	147,413
Series A, 5.00%, 6/15/2051 (c)	500,000	436,118
Series B-1, 5.00%, 6/1/2055 (c)	1,215,000	991,474
5.25%, 11/1/2034	250,000	150,000
Series A, 5.25%, 6/15/2043 (c)	1,050,000	1,047,432
Series A1, 5.25%, 6/1/2040 (c)	720,000	681,315
5.50%, 11/1/2044	895,000	537,000
Series A1, 5.50%, 6/1/2055 (c)	610,000	539,019
Series B, 7.00%, 4/15/2053 (c)	2,000,000	2,111,396
City of Poughkeepsie, General Obligation, NY 5.00%, 6/1/2031	600,000	615,147
Dutchess County Local Development Corp. Revenue, NY:
Series B, 4.00%, 7/1/2037	2,140,000	2,053,549
Series B, 4.00%, 7/1/2044	400,000	364,313

Security Description	Principal Amount	Value
Series B, 4.00%, 7/1/2049	$ 400,000	$ 348,606
Series A, 5.00%, 7/1/2045	725,000	736,356
Series A, 5.00%, 7/1/2051	800,000	817,989
Series B, 5.00%, 7/1/2027	770,000	780,097
Erie Tobacco Asset Securitization Corp. Revenue, NY:
Series C, Zero Coupon, 6/1/2050 (c)	20,250,000	2,394,034
Series A, 5.00%, 6/1/2038	175,000	170,953
Series A, 5.00%, 6/1/2045	635,000	608,402
Glen Cove Local Economic Assistance Corp. Revenue, NY:
Series B, Zero Coupon, 1/1/2045	1,965,000	543,097
Series C, Zero Coupon, 1/1/2055	620,000	560,495
Series A, 5.00%, 1/1/2056	3,500,000	3,127,243
Hempstead Town Local Development Corp. Revenue, NY Series A, 5.53%, 2/1/2040	850,000	794,153
Jefferson County Civic Facility Development Corp. Revenue, NY Series A, 5.00%, 11/1/2037	1,185,000	1,180,694
Jefferson County Industrial Development Agency Revenue, NY AMT, 5.25%, 1/1/2024 (c)	160,456	64,182
Long Island Power Authority Revenue, NY:
Series A, 3.00%, 9/1/2040	540,000	476,333
Series A, 5.00%, 9/1/2037	540,000	615,125
Series A, 5.00%, 9/1/2038	485,000	548,137
Metropolitan Transportation Authority Revenue, NY:
Series C2, Zero Coupon, 11/15/2027	715,000	633,633
Series C2, Zero Coupon, 11/15/2032	300,000	225,243
Series D, 3.00%, 11/15/2032	215,000	202,149
Series C1, 3.25%, 11/15/2036	290,000	260,672
Series A-1, AGM, 4.00%, 11/15/2041 (a)	10,000	9,981
Series C, 4.00%, 11/15/2033	100,000	100,018
Series E, 4.00%, 11/15/2045	1,500,000	1,461,928
Series A-1, 5.00%, 11/15/2040	560,000	565,524
Series A-1, 5.00%, 11/15/2047	520,000	548,189
Series B, 5.00%, 11/15/2026	115,000	121,728
Series B, 5.00%, 11/15/2037	625,000	641,839
Series C, 5.00%, 11/15/2032	550,000	554,617

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series C1, 5.00%, 11/15/2026	$ 500,000	$ 529,252
Series C1, 5.00%, 11/15/2029	850,000	923,601
Series C1, 5.00%, 11/15/2031	425,000	436,450
Series D1, 5.00%, 11/15/2039	585,000	587,101
Monroe County Industrial Development Corp. Revenue, NY:
5.00%, 1/1/2040	590,000	516,634
5.00%, 1/1/2050	500,000	403,832
MTA Hudson Rail Yards Trust Obligations Revenue, NY Series A, 5.00%, 11/15/2051	10,000,000	9,999,787
Nassau County Local Economic Assistance Corp. Revenue, NY:
Series A, 4.00%, 7/1/2033	750,000	764,467
Series A, 5.00%, 7/1/2043	1,240,000	1,288,506
Nassau County Tobacco Settlement Corp. Revenue, NY:
Series A3, 5.00%, 6/1/2035	2,385,000	2,248,128
Series A3, 5.13%, 6/1/2046	635,000	597,499
Series A2, 5.25%, 6/1/2026 (b)	504,029	501,305
New York City Housing Development Corp. Revenue, NY Series D, Class D, 3.00%, 2/15/2048	100,000	99,017
New York City Industrial Development Agency Revenue, NY:
AGC, Zero Coupon, 3/1/2033 (a)	530,000	390,855
AGC, Zero Coupon, 3/1/2036 (a)	340,000	221,279
AGC, Zero Coupon, 3/1/2045 (a)	575,000	229,926
Series A, AGM, 4.00%, 3/1/2032 (a)	2,000,000	2,111,361
Series A, AGM, 5.00%, 1/1/2028 (a)	500,000	538,957
5.75%, 10/1/2037 (f)	1,000,000	700,000
New York Convention Center Development Corp. Revenue, NY:
Series B, Zero Coupon, 11/15/2045	700,000	249,768
5.00%, 11/15/2026	700,000	717,830
New York Counties Tobacco Trust IV Revenue, NY:
Series A, 5.00%, 6/1/2042	1,545,000	1,483,836
Series A, 5.00%, 6/1/2045	1,000,000	938,688

Security Description	Principal Amount	Value
New York Counties Tobacco Trust V Revenue, NY Zero Coupon, 6/1/2055	$ 10,000,000	$ 833,196
New York Counties Tobacco Trust VI Revenue, NY:
Series C, 2.45%, 6/1/2042	335,000	334,398
Series C, 3.75%, 6/1/2045	225,000	178,697
Series A, 5.00%, 6/1/2045	1,000,000	953,205
New York Liberty Development Corp. Revenue, NY:
Class 1, 5.00%, 11/15/2044 (c)	16,300,000	16,153,122
Class 2, 5.15%, 11/15/2034 (c)	7,145,000	7,153,538
Class 3, 7.25%, 11/15/2044 (c)	2,815,000	2,834,081
New York State Dormitory Authority Revenue, NY:
Series A, 3.00%, 7/1/2031	1,800,000	1,393,628
Series A, 3.00%, 7/1/2033	2,150,000	1,564,374
Series A, 4.00%, 9/1/2040	1,870,000	1,806,292
Series A, 4.00%, 9/1/2045	1,500,000	1,383,366
Series A, 4.00%, 9/1/2050	565,000	502,350
Series A, 4.25%, 5/1/2042	285,000	267,199
Series A, 5.00%, 10/1/2026	165,000	175,546
Series A, 5.00%, 7/1/2029	1,340,000	1,407,903
Series A, 5.00%, 8/1/2032	130,000	136,295
Series A, 5.00%, 7/1/2036	500,000	521,253
Series A, 5.00%, 7/1/2040	1,305,000	1,318,965
Series A, 5.00%, 7/1/2046	850,000	866,880
Series A, 5.15%, 7/1/2024 (a)	180,000	181,882
5.25%, 7/1/2031 (a)	265,000	280,542
AMBAC, 5.50%, 7/1/2035 (a)	235,000	264,211
Series A, 5.50%, 1/1/2039	400,000	405,022
Series A, 5.50%, 1/1/2044	850,000	860,673
New York State Energy Research & Development Authority Revenue, NY Series C, 4.00%, 4/1/2034	2,000,000	2,070,050
New York State Environmental Facilities Corp. Revenue, NY:
Series R-1, AMT, VRN, 2.75%, 9/1/2050 (b)	3,475,000	3,350,976
Series R-2, 5.13%, 9/1/2050 (b) (c)	570,000	577,277
New York State Thruway Authority Revenue, NY:
Series N, 3.00%, 1/1/2049	510,000	391,272
Series L, 5.00%, 1/1/2033	610,000	665,209
New York Transportation Development Corp. Revenue, NY:
AMT, 2.25%, 8/1/2026	245,000	234,220
AMT, 3.00%, 8/1/2031	330,000	296,216
AMT, 4.00%, 10/1/2030	1,900,000	1,865,268
AMT, 4.00%, 4/30/2053	7,505,000	6,581,739

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series A, AMT, 4.00%, 7/1/2031	$ 2,100,000	$ 2,101,288
Series A, AMT, 4.00%, 1/1/2036	910,000	870,250
Series A, AGM, 4.00%, 7/1/2037 (a)	100,000	100,033
Series A, AMT, 4.00%, 12/1/2039	1,675,000	1,634,900
Series A, AMT, 4.00%, 7/1/2041	5,030,000	4,823,421
Series A, AMT, 4.00%, 12/1/2042	1,505,000	1,427,412
Series C, 4.00%, 12/1/2040	2,625,000	2,633,136
Series C, 4.00%, 12/1/2042	2,000,000	1,998,810
AMT, 4.38%, 10/1/2045	5,000,000	4,753,681
AMT, 5.00%, 8/1/2026	1,755,000	1,755,238
AMT, 5.00%, 8/1/2031	3,930,000	3,939,392
AMT, 5.00%, 10/1/2035	4,875,000	5,062,938
AMT, 5.00%, 10/1/2040	12,875,000	13,017,305
AMT, 5.00%, 12/1/2040	2,000,000	2,136,574
Series A, AMT, 5.00%, 1/1/2027	350,000	358,094
Series A, AMT, 5.00%, 1/1/2028	275,000	283,826
Series A, AMT, 5.00%, 1/1/2029	120,000	123,600
Series A, AMT, 5.00%, 1/1/2030	365,000	374,607
Series A, AMT, 5.00%, 7/1/2030	170,000	170,625
Series A, AMT, 5.00%, 1/1/2031	2,540,000	2,601,298
Series A, AMT, 5.00%, 12/1/2035	3,210,000	3,489,576
Series A, AMT, 5.00%, 1/1/2036	2,910,000	2,942,505
Series A, AMT, 5.00%, 7/1/2041	515,000	515,526
AMT, 5.25%, 8/1/2031	1,160,000	1,207,008
Series A, AMT, 5.25%, 1/1/2050	3,675,000	3,678,940
AMT, 5.38%, 8/1/2036	3,050,000	3,141,103
5.38%, 6/30/2060	8,485,000	8,802,798
5.50%, 6/30/2040	1,370,000	1,508,612
5.63%, 4/1/2040	8,000,000	8,606,590
6.00%, 4/1/2035	2,000,000	2,227,992
6.00%, 6/30/2054	2,160,000	2,385,146
Port Authority of New York & New Jersey Revenue, NY:
AMT, 4.00%, 11/1/2059	610,000	573,039
Series 194, 5.00%, 10/15/2033	515,000	532,939
Ramapo Local Development Corp. Revenue, NY 5.00%, 3/15/2041	385,000	385,005

Security Description	Principal Amount	Value
Suffolk Tobacco Asset Securitization Corp. Revenue, NY Series A2, 4.00%, 6/1/2050	$ 500,000	$ 456,528
Syracuse Industrial Development Agency Revenue, NY:
Series A, AMT, 5.00%, 1/1/2030	150,000	112,137
Series A, AMT, 5.00%, 1/1/2031	2,070,000	1,548,264
Series A, AMT, 5.00%, 1/1/2032	100,000	74,855
Series A, AMT, 5.00%, 1/1/2033	150,000	112,389
TSASC, Inc. Revenue, NY:
Series A, 5.00%, 6/1/2029	535,000	558,130
Series B, 5.00%, 6/1/2045	3,000,000	2,738,560
Series B, 5.00%, 6/1/2048	5,950,000	5,360,619
Westchester County Healthcare Corp. Revenue, NY Series A, 5.00%, 11/1/2044	313,000	313,647
Westchester County Industrial Development Agency Revenue, NY Series A, AMT, 7.00%, 6/1/2046 (c)	700,000	637,433
Westchester County Local Development Corp. Revenue, NY:
3.75%, 11/1/2037	275,000	234,641
Series A, 4.50%, 7/1/2056 (c)	3,000,000	2,198,669
6.25%, 11/1/2052	1,585,000	1,811,973
Westchester Tobacco Asset Securitization Corp. Revenue, NY Series C, 5.13%, 6/1/2051	165,000	164,028
		229,695,950
NORTH CAROLINA — 0.3%
North Carolina Department of Transportation Revenue, NC:
Series A, AMT, 5.00%, 12/31/2037	250,000	253,444
Series A, AMT, 5.00%, 6/30/2054	575,000	577,172
North Carolina Medical Care Commission Revenue, NC:
Series A, 4.00%, 7/1/2044	500,000	371,928
Series A, 4.00%, 3/1/2051	1,500,000	1,064,427
5.00%, 7/1/2045	500,000	390,159
Series A, 5.00%, 7/1/2044	500,000	437,207
North Carolina Turnpike Authority Revenue, NC:
5.00%, 1/1/2049	3,000,000	3,126,523
Series A, 5.00%, 7/1/2047	1,300,000	1,324,086

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series B, 5.00%, 2/1/2024	$ 875,000	$ 875,907
		8,420,853
NORTH DAKOTA — 0.4%
City of Grand Forks Revenue, ND:
4.00%, 12/1/2037	1,600,000	1,531,062
4.00%, 12/1/2038	2,300,000	2,180,657
County of Ward Revenue, ND Series C, 5.00%, 6/1/2053	6,750,000	5,516,483
University of North Dakota, Certificate Participation, ND Series A, AGM, 2.50%, 6/1/2054 (a)	500,000	320,993
Williston Parks & Recreation District Revenue, ND Series A, 4.00%, 3/1/2032	100,000	87,548
		9,636,743
OHIO — 5.2%
Akron Bath Copley Joint Township Hospital District Revenue, OH:
4.00%, 11/15/2038	600,000	573,956
5.25%, 11/15/2046	1,000,000	1,014,989
American Municipal Power, Inc. Revenue, OH Series C, 5.00%, 2/15/2033	735,000	828,961
Buckeye Tobacco Settlement Financing Authority Revenue, OH:
Series B-3, Class 2, Zero Coupon, 6/1/2057	10,000,000	1,072,212
Series A-2, 3.00%, 6/1/2048	3,000,000	2,311,321
Series A-2, Class 1, 4.00%, 6/1/2048	1,250,000	1,154,451
Series A-2, Class 1, 5.00%, 6/1/2035	540,000	588,041
Series B-2, Class 2, 5.00%, 6/1/2055	44,975,000	42,265,513
City of Centerville Revenue, OH 5.25%, 11/1/2047	3,190,000	2,877,265
City of Chillicothe Revenue, OH 5.00%, 12/1/2037	285,000	296,407
City of Cleveland Revenue, OH AMT, 5.38%, 9/15/2027	1,320,000	1,319,975
Cleveland-Cuyahoga County Port Authority, Special Obligation, OH Series B, 4.50%, 12/1/2055 (c)	1,100,000	933,903
County of Allen Hospital Facilities Revenue, OH Series A, 4.00%, 11/1/2044	690,000	676,260
County of Butler Revenue, OH 5.00%, 11/15/2045	2,000,000	1,987,035

Security Description	Principal Amount	Value
County of Cuyahoga Revenue, OH:
5.00%, 2/15/2057	$ 200,000	$ 199,207
5.25%, 2/15/2047	2,000,000	2,017,612
5.50%, 2/15/2052	3,000,000	3,064,693
County of Franklin Revenue, OH:
5.25%, 7/1/2041	1,000,000	963,437
5.50%, 7/1/2041	1,500,000	1,494,990
County of Hamilton Revenue, OH:
Series A, 3.75%, 8/15/2050	750,000	674,061
5.00%, 1/1/2051	750,000	677,140
County of Lucas Revenue, OH:
Series A, AGM, 4.13%, 11/15/2042 (a)	600,000	599,279
Series A, 5.25%, 11/15/2048	4,500,000	4,145,313
County of Miami Revenue, OH 5.00%, 8/1/2045	2,000,000	2,065,983
County of Montgomery Revenue, OH:
Series A, 5.00%, 11/15/2034	3,460,000	3,645,976
Series A, 6.25%, 4/1/2049 (c) (f)	500,000	145,000
County of Muskingum Revenue, OH:
5.00%, 2/15/2033	1,000,000	1,000,039
5.00%, 2/15/2044	200,000	188,333
5.00%, 2/15/2048	4,390,000	4,013,660
County of Washington Revenue, OH 6.38%, 12/1/2037	2,000,000	2,113,552
Franklin County Convention Facilities Authority Revenue, OH:
5.00%, 12/1/2044	670,000	638,904
5.00%, 12/1/2051	2,060,000	1,912,282
Jefferson County Port Authority Revenue, OH:
AMT, 3.50%, 12/1/2051 (c)	4,250,000	3,166,689
5.00%, 12/1/2053 (b) (c)	9,365,000	9,449,617
Lake County Port & Economic Development Authority Revenue, OH Series A, 6.75%, 12/1/2052 (c) (f)	550,000	159,500
Ohio Air Quality Development Authority Revenue, OH:
Series B, AMT, VRN, 2.10%, 7/1/2028 (b)	2,800,000	2,733,116
Series B, AMT, VRN, 2.60%, 6/1/2041 (b)	200,000	179,039
Series A, 3.25%, 9/1/2029	3,000,000	2,896,950
AMT, 4.25%, 1/15/2038 (c)	215,000	205,991
Series A, AMT, VRN, 4.25%, 11/1/2039 (b)	4,790,000	4,883,527
AMT, 4.50%, 1/15/2048 (c)	2,060,000	1,927,768

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
AMT, 5.00%, 7/1/2049 (c)	$ 10,255,000	$ 9,360,348
Ohio Higher Educational Facility Commission Revenue, OH:
3.25%, 12/1/2036	100,000	97,437
Series A, 5.00%, 12/1/2050	1,000,000	890,383
Port of Greater Cincinnati Development Authority Revenue, OH Series B, 5.00%, 12/1/2046	240,000	228,788
Southeastern Ohio Port Authority Revenue, OH:
5.00%, 12/1/2043	2,465,000	2,114,274
5.50%, 12/1/2043	400,000	377,829
Summit County Development Finance Authority Revenue, OH:
5.63%, 12/1/2048	2,000,000	2,060,393
6.00%, 12/1/2058	3,000,000	3,127,229
		131,318,628
OKLAHOMA — 0.5%
Norman Regional Hospital Authority Revenue, OK:
3.25%, 9/1/2039	555,000	444,743
5.00%, 9/1/2045	1,000,000	1,019,734
Oklahoma Development Finance Authority Revenue, OK:
5.00%, 7/1/2035	105,000	96,452
Series A, 5.00%, 8/1/2047 (f)	935,000	1,496
Series B, 5.00%, 8/15/2028	400,000	402,309
Series B, 5.00%, 8/15/2033	3,000,000	3,003,725
Series B, 5.00%, 8/15/2038	350,000	343,559
Series B, 5.25%, 8/15/2043	5,000,000	5,018,103
Payne County Economic Development Authority Revenue, OK:
Series B2, 4.75%, 11/1/2023 (f)	199,640	140
Series A, 6.88%, 11/1/2046 (f)	33,274	23
Tulsa Airports Improvement Trust Revenue, OK:
AMT, VRN, 5.00%, 6/1/2035 (b)	1,000,000	998,744
Series B, AMT, 5.50%, 12/1/2035	700,000	699,477
Series C, AMT, 5.50%, 12/1/2035	1,500,000	1,500,015
		13,528,520
OREGON — 0.5%
Hospital Facilities Authority of Multnomah County Oregon Revenue, OR:
Series A, 4.00%, 12/1/2051	1,155,000	806,782
Series A, 4.00%, 12/1/2056	4,500,000	3,033,587
Series A, 5.50%, 10/1/2049	1,000,000	1,016,420

Security Description	Principal Amount	Value
Oregon State Business Development Commission Revenue, OR:
Series 248-A, AMT, 6.50%, 4/1/2031 (c) (f)	$ 2,000,000	$ 200
Series 248-D, AMT, 6.50%, 4/1/2031 (c) (f)	750,000	75
Oregon State Facilities Authority Revenue, OR Series A, 5.00%, 6/1/2046	1,000,000	1,012,366
Polk County Hospital Facility Authority Revenue, OR Series A, 5.38%, 7/1/2045	1,630,000	1,541,678
Port of Portland Airport Revenue, OR Series 27-A, AMT, 5.00%, 7/1/2038	605,000	652,916
Salem Hospital Facility Authority Revenue, OR:
4.00%, 5/15/2040	710,000	609,792
4.00%, 5/15/2057	1,500,000	1,094,827
Yamhill County Hospital Authority Revenue, OR:
Series A, 5.00%, 11/15/2036	300,000	266,184
Series A, 5.00%, 11/15/2046	640,000	498,028
Series A, 5.00%, 11/15/2051	2,200,000	1,655,025
Series A, 5.00%, 11/15/2056	500,000	368,982
		12,556,862
PENNSYLVANIA — 3.7%
Allegheny County Airport Authority Revenue, PA Series A, AMT, 5.00%, 1/1/2051	625,000	650,207
Allegheny County Industrial Development Authority Revenue, PA 4.88%, 11/1/2024	2,025,000	2,022,835
Allegheny County Sanitary Authority Revenue, PA 5.00%, 12/1/2045	950,000	968,918
Allentown Neighborhood Improvement Zone Development Authority Revenue, PA:
5.00%, 5/1/2028 (c)	1,185,000	1,212,761
5.00%, 5/1/2042 (c)	10,240,000	10,129,200
6.25%, 5/1/2042 (c)	1,000,000	997,052
Berks County Industrial Development Authority Revenue, PA:
4.00%, 11/1/2039	200,000	104,194
4.00%, 11/1/2047	785,000	408,849
5.00%, 11/1/2025	1,065,000	709,122
5.00%, 11/1/2026	500,000	314,501
5.00%, 11/1/2030	980,000	516,262
5.00%, 11/1/2034	1,260,000	656,602
5.00%, 11/1/2036	400,000	208,390

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
5.00%, 11/1/2050	$ 500,000	$ 260,561
Berks County Municipal Authority Revenue, PA:
Series A, 4.25%, 11/1/2041	1,075,000	559,949
Series A, 5.00%, 2/1/2025	600,000	413,822
Series A, 5.00%, 2/1/2028	1,000,000	563,086
Series A, 5.00%, 2/1/2030	400,000	212,843
Series A, 5.00%, 2/1/2031	750,000	395,114
Series A, 5.00%, 2/1/2032	790,000	416,017
Series A, 5.00%, 11/1/2044	285,000	148,328
Series B, VRN, 5.00%, 2/1/2040 (b)	550,000	379,337
Bucks County Industrial Development Authority Revenue, PA:
5.00%, 7/1/2037	2,565,000	2,352,213
5.00%, 7/1/2039	2,850,000	2,560,352
Centre County Hospital Authority Revenue, PA Series A, 3.75%, 11/15/2041	385,000	350,709
Chambersburg Area Municipal Authority Revenue, PA 6.00%, 10/1/2048	500,000	472,898
Chester County Health & Education Facilities Authority Revenue, PA 5.00%, 12/1/2051	975,000	691,563
Chester County Industrial Development Authority Revenue, PA 5.00%, 10/1/2044	1,945,000	1,850,387
City of Philadelphia Water & Wastewater Revenue, PA:
Series A, 5.00%, 11/1/2045	500,000	539,777
Series A, 5.00%, 10/1/2047	545,000	565,700
City of Philadelphia, General Obligation, PA:
Series A, 5.00%, 8/1/2026	535,000	565,558
Series A, 5.00%, 7/15/2038	100,000	100,061
Series B, 5.00%, 8/1/2033	110,000	111,630
Series B, 5.00%, 2/1/2037	775,000	849,687
City of Scranton, General Obligation, PA 5.00%, 11/15/2032	380,000	380,370
County of Lehigh Revenue, PA Series A, 5.00%, 7/1/2027	155,000	165,484
Cumberland County Municipal Authority Revenue, PA 5.00%, 1/1/2038	295,000	298,126
Dauphin County General Authority Revenue, PA:
5.00%, 10/15/2027 (c)	465,000	440,548
6.25%, 10/15/2053 (c)	1,800,000	1,487,538
Delaware County Authority Revenue, PA:
4.00%, 8/1/2040	100,000	100,422
4.00%, 8/1/2045	170,000	170,048

Security Description	Principal Amount	Value
5.25%, 10/1/2032	$ 115,000	$ 115,040
Delaware County Industrial Development Authority Revenue, PA Series A, 5.13%, 6/1/2046 (c)	995,000	923,058
Delaware River Joint Toll Bridge Commission Revenue, PA 5.00%, 7/1/2042	500,000	525,623
Delaware Valley Regional Finance Authority Revenue, PA 5.75%, 7/1/2032	995,000	1,201,732
Doylestown Hospital Authority Revenue, PA:
Series A, 5.00%, 7/1/2046	110,000	99,164
Series A, 5.00%, 7/1/2049	2,375,000	2,087,854
Fulton County Industrial Development Authority Revenue, PA 4.00%, 7/1/2028	855,000	849,309
Hazleton Area School District, General Obligation, PA:
Series B, Zero Coupon, 3/1/2024	100,000	99,271
Series B, Zero Coupon, 3/1/2025	160,000	151,952
Hospitals & Higher Education Facilities Authority of Philadelphia Revenue, PA:
5.00%, 7/1/2026	325,000	334,625
5.00%, 7/1/2031	845,000	875,014
Lancaster County Hospital Authority Revenue, PA:
5.00%, 3/1/2045	390,000	319,730
Series A, 5.00%, 12/1/2047	100,000	77,031
5.13%, 7/1/2037	390,000	363,519
5.25%, 7/1/2041	180,000	166,784
Lehigh County General Purpose Authority Revenue, PA:
3.25%, 11/1/2041	140,000	115,247
4.00%, 11/1/2041	250,000	241,690
Monroe County Industrial Development Authority, Special Obligation, PA 6.88%, 7/1/2033 (c)	170,000	169,835
Montgomery County Higher Education & Health Authority Revenue, PA:
5.00%, 9/1/2028	500,000	539,891
5.00%, 12/1/2032	250,000	253,443
Series A, 5.00%, 10/1/2026	110,000	109,998
Series A, 5.00%, 9/1/2031	325,000	348,741
Series A, 5.00%, 9/1/2035	300,000	319,382
Montgomery County Industrial Development Authority Revenue, PA:
Series A, 4.10%, 4/1/2053 (b)	3,000,000	3,057,303

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
5.00%, 1/1/2030	$ 1,040,000	$ 1,012,196
5.00%, 11/15/2036	100,000	102,569
5.25%, 1/1/2040	205,000	185,610
Moon Industrial Development Authority Revenue, PA 6.00%, 7/1/2045	1,060,000	784,587
Northampton County General Purpose Authority Revenue, PA:
Series A, 5.00%, 8/15/2046	635,000	646,445
Series A, 5.00%, 8/15/2048	630,000	648,738
Penn Hills School District, General Obligation, PA BAM, 3.00%, 10/1/2037	900,000	830,901
Pennsylvania Economic Development Financing Authority Revenue, PA:
Series A1, 4.00%, 4/15/2050	3,350,000	3,316,126
AMT, 5.00%, 12/31/2028	360,000	370,101
AMT, 5.00%, 12/31/2038	3,820,000	3,875,271
AMT, 5.75%, 6/30/2048	8,270,000	9,069,838
Series A1, 10.00%, 12/1/2040 (c)	345,000	215,480
Series A2, AMT, 10.00%, 12/1/2040 (c)	345,000	212,356
Pennsylvania Higher Educational Facilities Authority Revenue, PA:
Series AT1, 3.00%, 6/15/2045	615,000	495,450
5.00%, 5/1/2035	150,000	154,248
5.00%, 5/1/2037	2,000,000	1,610,536
5.00%, 5/1/2042	500,000	374,492
Series A, 5.00%, 11/1/2036	980,000	998,760
Series A, AGM, 5.00%, 5/1/2038 (a)	555,000	611,139
Series A, AGM, 5.00%, 5/1/2039 (a)	495,000	542,679
Series A, 5.00%, 9/1/2045	280,000	281,675
Pennsylvania Housing Finance Agency Revenue, PA Series A, 4.25%, 10/1/2035	100,000	78,284
Pennsylvania Turnpike Commission Revenue, PA:
Series A, 4.00%, 12/1/2051	775,000	752,862
Series B, 4.00%, 12/1/2046	500,000	498,593
Series C, 4.00%, 12/1/2038	500,000	520,609
2nd Series, 5.00%, 12/1/2038	600,000	634,354
Series A, 5.00%, 12/1/2044	500,000	539,550
Series A-1, 5.00%, 12/1/2037	380,000	406,727
Series A2, 5.00%, 12/1/2028 (b)	500,000	534,491
Series B, 5.00%, 12/1/2036	600,000	617,836
Series B, 5.00%, 12/1/2040	855,000	873,992
Series B1, 5.25%, 6/1/2047	550,000	573,255

Security Description	Principal Amount	Value
Philadelphia Authority for Industrial Development Revenue, PA:
Series A, 4.00%, 11/1/2045	$ 2,930,000	$ 2,781,801
5.00%, 6/15/2050	500,000	435,819
Series A, 5.00%, 7/1/2037	290,000	253,265
Series A, 5.00%, 9/1/2037	575,000	592,461
Series A, 5.00%, 7/1/2042	2,000,000	1,666,313
Series A, 5.38%, 6/15/2050 (c)	570,000	514,679
Redevelopment Authority of The County of Washington, Special Obligation, PA 5.00%, 7/1/2028	400,000	401,466
School District of Philadelphia, General Obligation, PA:
Series A, 5.00%, 9/1/2033	500,000	558,434
Series A, 5.00%, 6/1/2034	585,000	686,792
Series F, 5.00%, 9/1/2038	860,000	884,459
Scranton Redevelopment Authority Revenue, PA Series A, 5.00%, 11/15/2028	145,000	145,204
State Public School Building Authority Revenue, PA Series A, 5.00%, 6/1/2027	880,000	923,940
West Shore Area Authority Revenue, PA Series A, 5.00%, 7/1/2030	150,000	149,425
		92,010,065
PUERTO RICO — 11.4%
Children's Trust Fund Revenue, PR:
Series A, Zero Coupon, 5/15/2050	8,000,000	1,488,624
Series A, Zero Coupon, 5/15/2057	120,000,000	9,764,028
Series B, Zero Coupon, 5/15/2057	13,200,000	814,373
5.50%, 5/15/2039	620,000	621,637
5.63%, 5/15/2043	3,790,000	3,832,230
Commonwealth of Puerto Rico, General Obligation, PR:
Series A, Zero Coupon, 7/1/2024	6,253,064	6,130,305
Series A1, 4.00%, 7/1/2033	7,000,000	6,853,720
Series A1, 4.00%, 7/1/2035	10,384,000	10,039,696
Series A1, 4.00%, 7/1/2037	9,287,000	8,866,395
Series A1, 4.00%, 7/1/2041	16,244,000	14,897,964
Series A1, 4.00%, 7/1/2046	12,613,000	11,234,042
Series A1, 5.38%, 7/1/2025	1,530,000	1,563,791
Series A1, 5.63%, 7/1/2027	2,500,000	2,643,791
Series A1, 5.63%, 7/1/2029	5,000,000	5,422,862
Series A1, 5.75%, 7/1/2031	10,000,000	11,123,564
PRIFA Custodial Trust, PR Zero Coupon, 3/15/2049	100,000	36,086

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Puerto Rico Commonwealth Aqueduct & Sewer Authority Revenue, PR:
Series A, 4.00%, 7/1/2042 (c)	$ 2,400,000	$ 2,117,861
Series B, 4.00%, 7/1/2042 (c)	7,305,000	6,446,240
Series B, 4.00%, 7/1/2047 (c)	2,585,000	2,182,552
Series A, 5.00%, 7/1/2033 (c)	275,000	278,946
Series A, 5.00%, 7/1/2047 (c)	8,465,000	8,315,713
Series B, 5.00%, 7/1/2025 (c)	990,000	996,790
Series B, 5.00%, 7/1/2029 (c)	1,090,000	1,107,252
Series B, 5.00%, 7/1/2033 (c)	8,615,000	8,738,605
Series B, 5.00%, 7/1/2037 (c)	3,035,000	3,048,168
Series A, 6.13%, 7/1/2024 (b)	90,000	90,742
Puerto Rico Electric Power Authority Revenue, PR:
Series RR, 5.00%, 7/1/2026 (a)	140,000	138,974
Series V, AGM, 5.25%, 7/1/2027 (a)	920,000	918,836
Series VV, 5.25%, 7/1/2025	710,000	704,643
Series VV, 5.25%, 7/1/2026	795,000	786,895
Series VV, 5.25%, 7/1/2034	770,000	759,019
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Financing Authority Revenue, PR:
5.00%, 10/1/2042	515,000	516,001
Series A, 5.00%, 7/1/2033 (a)	435,000	425,550
Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue, PR:
Series A-1, Zero Coupon, 7/1/2024	161,000	157,837
Series A-1, Zero Coupon, 7/1/2027	669,000	582,296
Series A-1, Zero Coupon, 7/1/2029	2,281,000	1,824,089
Series A-1, Zero Coupon, 7/1/2031	10,356,000	7,579,298
Series A-1, Zero Coupon, 7/1/2033	6,703,000	4,464,626
Series A-1, Zero Coupon, 7/1/2046	19,655,000	6,162,308
Series A2, 4.33%, 7/1/2040	21,800,000	21,641,163
Series A2, 4.54%, 7/1/2053	4,058,000	3,879,746
Series A-1, 4.55%, 7/1/2040	6,290,330	6,320,850
Series A2, 4.55%, 7/1/2040	100,000	80,229
Series A-1, 4.75%, 7/1/2053	21,420,000	21,198,335
Series B-1, 4.75%, 7/1/2053	2,996,000	2,964,996
Series A2, 4.78%, 7/1/2058	29,165,000	28,747,637
Series A-1, 5.00%, 7/1/2058	47,413,000	47,578,443
		286,087,748

Security Description	Principal Amount	Value
RHODE ISLAND — 0.4%
Tobacco Settlement Financing Corp. Revenue, RI:
Series A, Zero Coupon, 6/1/2052	$ 19,210,000	$ 3,398,893
Series B, Zero Coupon, 6/1/2052	5,000,000	814,519
Series B, 4.50%, 6/1/2045	3,745,000	3,746,891
Series A, 5.00%, 6/1/2040	1,000,000	1,007,923
		8,968,226
SOUTH CAROLINA — 1.0%
Lexington County Health Services District, Inc. Revenue, SC 5.00%, 11/1/2041	1,000,000	1,023,129
South Carolina Jobs-Economic Development Authority Revenue, SC:
Series A, 4.00%, 6/1/2046 (c)	600,000	427,563
5.00%, 11/1/2037	500,000	507,334
5.00%, 1/1/2055 (c)	3,000,000	2,568,825
Series A, 5.00%, 5/1/2043	4,440,000	4,612,883
Series A, 5.13%, 6/15/2042 (c)	1,000,000	932,694
5.25%, 11/15/2047	1,750,000	1,609,394
Series A, 5.25%, 8/15/2033	100,000	104,060
Series B-1, 5.75%, 11/15/2029	2,000,000	1,945,613
Series A, 7.00%, 11/1/2033 (c)	270,000	278,014
Series A, 7.13%, 6/15/2053 (c)	1,000,000	1,020,936
Series A, 7.25%, 6/15/2058 (c)	1,325,000	1,352,591
South Carolina Ports Authority Revenue, SC Series A, AMT, 4.00%, 7/1/2040	245,000	245,042
South Carolina Public Service Authority Revenue, SC:
Series A, 4.00%, 12/1/2034	410,000	423,632
Series A, 4.00%, 12/1/2052	2,000,000	1,896,275
Series B, 4.00%, 12/1/2056	360,000	336,596
Series A, 5.50%, 12/1/2054	5,000,000	5,013,752
Spartanburg Regional Health Services District Revenue, SC Series A, 3.63%, 4/15/2039	195,000	190,150
		24,488,483
SOUTH DAKOTA — 0.1%
County of Lincoln Revenue, SD Series A, 4.00%, 8/1/2041	250,000	231,265
South Dakota Health & Educational Facilities Authority Revenue, SD:
5.00%, 9/1/2028	100,000	106,540
5.00%, 9/1/2032	215,000	227,827

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
5.00%, 7/1/2046	$ 1,000,000	$ 1,023,097
		1,588,729
TENNESSEE — 0.7%
Blount County Health & Educational Facilities Board Revenue, TN Series A, 5.00%, 1/1/2047 (f)	225,000	51,750
Bristol Industrial Development Board Revenue, TN:
Series B, Zero Coupon, 12/1/2031 (c)	3,350,000	2,117,857
Series A, 5.13%, 12/1/2042 (c)	400,000	359,464
Chattanooga-Hamilton County Hospital Authority Revenue, TN Series A, 5.00%, 10/1/2044	1,750,000	1,755,428
Greeneville Health & Educational Facilities Board Revenue, TN Series A, 4.00%, 7/1/2040	650,000	650,445
Knox County Health Educational & Housing Facility Board Revenue, TN:
5.00%, 4/1/2030	500,000	521,126
5.00%, 4/1/2031	240,000	249,675
Memphis-Shelby County Industrial Development Board, Special Obligation, TN Series A, 5.50%, 7/1/2037	100,000	69,112
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board Revenue, TN Series A, 5.25%, 10/1/2058	1,000,000	1,009,071
Metropolitan Government Nashville & Davidson County Industrial Development Board, Special Assessment, TN Series A, 4.00%, 6/1/2051 (c)	1,150,000	962,803
Metropolitan Nashville Airport Authority Revenue, TN Series A, 4.00%, 7/1/2054	500,000	484,200
Nashville Metropolitan Development & Housing Agency, Special Obligation, TN 5.13%, 6/1/2036 (c)	430,000	436,673
Shelby County Health Educational & Housing Facilities Board Revenue, TN:
Series A, 5.00%, 5/1/2029	535,000	567,165
Series A, 5.50%, 9/1/2047	400,000	319,967
Tennergy Corp. Revenue, TN Series A, VRN, 5.50%, 10/1/2053 (b)	4,000,000	4,269,590

Security Description	Principal Amount	Value
Tennessee Energy Acquisition Corp. Revenue, TN:
Series C, 5.00%, 2/1/2024	$ 100,000	$ 100,048
Series C, 5.00%, 2/1/2027	945,000	962,982
Series B, 5.63%, 9/1/2026	3,405,000	3,490,722
		18,378,078
TEXAS — 4.8%
Arlington Higher Education Finance Corp. Revenue, TX:
Series A, 4.00%, 8/15/2041	610,000	503,352
Series A, 4.00%, 8/15/2046	860,000	668,110
VRN, 4.50%, 6/15/2056 (b) (c)	500,000	497,893
Series A, 5.00%, 8/15/2048	15,000	13,545
Series A, 6.00%, 2/15/2043 (c)	1,035,000	1,031,236
Series A, 6.13%, 2/15/2053 (c)	1,000,000	984,566
6.25%, 6/1/2052 (c)	2,500,000	2,540,644
Austin Convention Enterprises, Inc. Revenue, TX:
Series A, 5.00%, 1/1/2034	400,000	411,485
Series B, 5.00%, 1/1/2032	1,840,000	1,857,274
Series B, 5.00%, 1/1/2034	300,000	303,208
Central Texas Regional Mobility Authority Revenue, TX:
Series B, 4.00%, 1/1/2041	200,000	202,837
Series G, 4.00%, 1/1/2045	1,150,000	1,110,508
Series G, 4.00%, 1/1/2050	2,000,000	1,869,093
Central Texas Turnpike System Revenue, TX:
Series C, 5.00%, 8/15/2034	500,000	501,133
Series C, 5.00%, 8/15/2037	500,000	500,703
City of Dallas Housing Finance Corp. Revenue, TX Series A, 6.00%, 12/1/2062	1,000,000	1,008,392
City of Denton Utility System Revenue, TX 5.00%, 12/1/2027	630,000	661,755
City of Houston Airport System Revenue, TX:
Series B-1, AMT, 4.00%, 7/15/2041	2,965,000	2,640,556
Series A, AMT, 5.00%, 7/1/2027	2,360,000	2,371,837
Series B-1, AMT, 5.00%, 7/15/2035	3,905,000	3,902,307
Series B-2, AMT, 5.00%, 7/15/2027	2,500,000	2,512,842
Series C, AMT, 5.00%, 7/15/2027	4,500,000	4,523,116
Series D, 5.00%, 7/1/2029	115,000	127,144
Series D, 5.00%, 7/1/2035	500,000	545,474
Series A, AMT, 6.50%, 7/15/2030	300,000	300,124

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
City of Lavon, Special Assessment, TX 4.00%, 9/15/2042 (c)	$ 1,000,000	$ 862,923
City of Mesquite, Special Assessment, TX 5.50%, 9/1/2043 (c)	750,000	753,289
Clifton Higher Education Finance Corp. Revenue, TX:
Series A, 3.95%, 12/1/2032	105,000	105,004
Series A, 4.35%, 12/1/2042	290,000	282,532
Series D, 5.25%, 8/15/2027	530,000	536,031
Series D, 5.25%, 8/15/2028	1,000,000	1,011,866
Series A, 6.00%, 6/15/2043 (c)	2,000,000	2,014,233
Series D, 6.13%, 8/15/2048	3,010,000	3,045,680
Dallas County Flood Control District No. 1, General Obligation, TX 5.00%, 4/1/2028 (c)	500,000	500,158
Decatur Hospital Authority Revenue, TX Series A, 5.25%, 9/1/2029	335,000	339,319
El Paso County Hospital District, General Obligation, TX:
4.00%, 8/15/2036	200,000	200,214
4.00%, 8/15/2038	885,000	852,601
5.00%, 8/15/2037	200,000	206,139
5.00%, 8/15/2039	690,000	690,050
Gulf Coast Industrial Development Authority Revenue, TX AMT, 4.88%, 5/1/2025	650,000	649,585
Harris County Cultural Education Facilities Finance Corp. Revenue, TX 5.00%, 11/15/2027	890,000	951,508
Harris County Improvement District No. 18, General Obligation, TX 3.38%, 9/1/2041	120,000	103,936
Harris County Industrial Development Corp. Revenue, TX 4.05%, 11/1/2050 (b)	1,100,000	1,123,943
Harris County-Houston Sports Authority Revenue, TX:
Series H, Zero Coupon, 11/15/2024 (a)	2,000,000	1,937,950
Series H, Zero Coupon, 11/15/2036 (a)	105,000	56,020
Series H, Zero Coupon, 11/15/2040 (a)	5,165,000	2,067,114
Series A, AGM, 3.13%, 11/15/2056 (a)	510,000	394,037
Love Field Airport Modernization Corp. Revenue, TX AMT, 5.00%, 11/1/2028	1,705,000	1,705,458

Security Description	Principal Amount	Value
Lower Colorado River Authority Revenue, TX:
5.00%, 5/15/2031	$ 595,000	$ 665,381
5.00%, 5/15/2032	750,000	837,000
5.00%, 5/15/2037	550,000	614,304
5.00%, 5/15/2038	735,000	812,993
Matagorda County Navigation District No. 1 Revenue, TX:
Series B-1, 4.00%, 6/1/2030	3,000,000	3,000,009
Series A, AMBAC, 4.40%, 5/1/2030 (a)	495,000	507,969
Mesquite Health Facilities Development Corp. Revenue, TX 5.13%, 2/15/2042 (f)	541,434	5,414
Mission Economic Development Corp. Revenue, TX Series A, AMT, 4.63%, 10/1/2031 (c)	4,830,000	4,763,257
New Hope Cultural Education Facilities Finance Corp. Revenue, TX:
Series B, Zero Coupon, 11/15/2061 (b)	1,263,292	475,154
5.00%, 11/15/2031	850,000	879,654
5.00%, 1/1/2047	500,000	439,763
Series A, 5.00%, 7/1/2047	1,000,000	907,500
Series A1, 5.25%, 1/1/2042	2,500,000	1,912,787
Series A, 5.38%, 11/15/2036	500,000	439,889
5.50%, 1/1/2049	1,000,000	804,183
Series A, 5.50%, 7/1/2045	250,000	202,247
Series A, 5.50%, 7/1/2054	100,000	76,832
Series A1, 5.50%, 1/1/2057	4,375,000	3,129,661
Series A-1, 7.50%, 11/15/2037	45,000	34,439
Newark Higher Education Finance Corp. Revenue, TX Series A, 5.13%, 8/15/2047	1,375,000	1,253,072
North Fort Bend Water Authority Revenue, TX Series A, 4.00%, 12/15/2038	880,000	900,285
North Parkway Municipal Management District No. 1, Special Assessment, TX 5.00%, 9/15/2051 (c)	1,000,000	933,267
North Texas Tollway Authority Revenue, TX:
Series D, AGC, Zero Coupon, 1/1/2029 (a)	315,000	271,219
Series D, AGC, Zero Coupon, 1/1/2036 (a)	510,000	337,023
Series D, AGC, Zero Coupon, 1/1/2038 (a)	590,000	346,933
Series A, 3.00%, 1/1/2037	500,000	467,328
4.00%, 1/1/2037	500,000	511,466
Series B, 4.00%, 1/1/2040	450,000	458,028
Series B, 4.00%, 1/1/2041	500,000	507,070

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series I, AGC, 6.20%, 1/1/2042 (a) (b)	$ 180,000	$ 185,643
Port Beaumont Navigation District Revenue, TX:
Series A, AMT, 3.00%, 1/1/2050 (c)	1,500,000	881,471
Series A, AMT, 4.00%, 1/1/2050 (c)	3,275,000	2,343,936
Pottsboro Higher Education Finance Corp. Revenue, TX Series A, 5.00%, 8/15/2036	300,000	294,482
Red River Education Finance Corp. Revenue, TX 5.00%, 6/1/2046	10,000	10,048
Red River Health Facilities Development Corp. Revenue, TX:
Series A, 7.50%, 11/15/2034	1,000,000	1,037,049
Series A, 8.00%, 11/15/2049	385,000	400,727
SA Energy Acquisition Public Facility Corp. Revenue, TX:
5.50%, 8/1/2025	205,000	209,796
5.50%, 8/1/2027	150,000	157,875
Tarrant County Cultural Education Facilities Finance Corp. Revenue, TX:
4.00%, 5/15/2027	405,000	392,573
Series B, 4.00%, 11/15/2025 (f)	197,923	20
Series B, 4.50%, 11/15/2036 (f)	160,023	16
5.00%, 5/15/2045	625,000	549,560
Series A, 5.00%, 11/15/2037	445,000	450,279
Series A-1, 5.00%, 10/1/2044	200,000	200,040
Series B, 5.00%, 11/15/2046	200,000	200,237
Series B, 5.00%, 7/1/2048	2,000,000	2,135,656
5.25%, 11/15/2047 (f)	90,798	9
Series A, 6.38%, 2/15/2041 (f)	450,000	247,500
Series A, 6.75%, 11/15/2047	1,400,000	1,415,750
Series A, 6.75%, 11/15/2052	300,000	302,744
Texas Municipal Gas Acquisition & Supply Corp. I Revenue, TX Series D, 6.25%, 12/15/2026	120,000	125,582
Texas Municipal Gas Acquisition & Supply Corp. III Revenue, TX:
5.00%, 12/15/2026	4,000,000	4,129,795
5.00%, 12/15/2030	2,000,000	2,134,706
Texas Private Activity Bond Surface Transportation Corp. Revenue, TX:
Series A, 4.00%, 6/30/2037	3,880,000	3,958,313
AMT, 5.00%, 12/31/2040	780,000	786,206
AMT, 5.00%, 12/31/2055	2,695,000	2,700,846
AMT, 5.00%, 6/30/2058	4,615,000	4,663,511
Series A, 5.00%, 12/31/2035	1,590,000	1,722,989

Security Description	Principal Amount	Value
5.13%, 12/31/2035	$ 1,440,000	$ 1,540,920
5.25%, 6/30/2036	3,175,000	3,404,130
5.50%, 12/31/2058	2,710,000	2,938,840
Texas Transportation Commission State Highway 249 System Revenue, TX Series A, 5.00%, 8/1/2057	1,000,000	1,020,418
Town of Westlake, Special Assessment, TX:
6.13%, 9/1/2035	395,000	395,607
6.25%, 9/1/2040	370,000	370,583
6.38%, 9/1/2045	505,000	505,859
Woodloch Health Facilities Development Corp. Revenue, TX Series A, 6.75%, 12/1/2051 (c) (f)	1,463,789	29,276
		120,315,843
U. S. VIRGIN ISLANDS — 0.7%
Matching Fund Special Purpose Securitization Corp. Revenue, VI:
Series A, 5.00%, 10/1/2030	1,565,000	1,596,772
Series A, 5.00%, 10/1/2039	13,010,000	13,054,727
Virgin Islands Public Finance Authority Revenue, VI Series C, 5.00%, 10/1/2039 (c)	2,000,000	1,662,744
Virgin Islands Water & Power Authority - Electric System Revenue, VI Series A, 5.00%, 7/1/2031	1,435,000	1,385,203
		17,699,446
UTAH — 0.9%
Black Desert Public Infrastructure District, General Obligation, UT Series A, 4.00%, 3/1/2051 (c)	4,500,000	3,398,714
City of Salt Lake City Airport Revenue, UT:
Series A, AMT, 4.00%, 7/1/2051	2,360,000	2,233,510
Series A, AMT, 5.00%, 7/1/2028	150,000	158,534
County of Box Elder Revenue, UT Series A, AMT, 8.00%, 12/1/2039 (c)	315,000	309,870
Jordanelle Ridge Public Infrastructure District No. 2, General Obligation, UT Series A, 7.75%, 3/1/2054 (c)	2,130,000	2,162,330
Military Installation Development Authority Revenue, UT:
Series A-1, 4.00%, 6/1/2052	1,000,000	745,173
Series A2, 4.00%, 6/1/2041	1,600,000	1,286,488

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series A2, 4.00%, 6/1/2052	$ 2,500,000	$ 1,849,116
UIPA Crossroads Public Infrastructure District, Special Obligation, UT 4.38%, 6/1/2052 (c)	3,000,000	2,654,888
Utah Charter School Finance Authority Revenue, UT 4.00%, 10/15/2051 (c)	3,940,000	2,703,459
Utah Infrastructure Agency Revenue, UT Series A, 5.00%, 10/15/2034	1,600,000	1,634,117
Wohali Public Infrastructure District No. 1, Special Assessment, UT 7.00%, 12/1/2042 (c)	2,535,000	2,556,175
		21,692,374
VERMONT — 0.0% (d)
Vermont Economic Development Authority Revenue, VT Series A, 5.00%, 5/1/2047	1,000,000	938,400
VIRGINIA — 2.2%
Amherst Industrial Development Authority Revenue, VA 5.00%, 9/1/2026	55,000	54,150
Arlington County Industrial Development Authority Revenue, VA 5.00%, 7/1/2031	500,000	560,558
Cherry Hill Community Development Authority, Special Assessment, VA 5.40%, 3/1/2045 (c)	1,335,000	1,342,818
Chesapeake Bay Bridge & Tunnel District Revenue, VA:
5.00%, 7/1/2046	4,000,000	4,050,175
5.00%, 7/1/2051	1,000,000	1,009,427
City of Chesapeake Chesapeake Expressway Toll Road Revenue, VA Series A, 5.00%, 7/15/2047	50,000	50,022
City of Hopewell Sewer System Revenue, VA Series A, 5.00%, 7/15/2042	300,000	300,040
Danville Industrial Development Authority Revenue, VA Series A, 5.00%, 10/1/2047	385,000	307,317
Farms New Kent Community Development Authority, Special Assessment, VA Series B, Zero Coupon, 3/1/2036 (c)	2,050,000	914,400
Farmville Industrial Development Authority Revenue, VA Series A, 5.00%, 1/1/2059	1,000,000	945,737

Security Description	Principal Amount	Value
James City County Economic Development Authority Revenue, VA Series A, 6.88%, 12/1/2058 (e)	$ 725,000	$ 767,928
Lexington Industrial Development Authority Revenue, VA 4.00%, 1/1/2031	10,000	9,880
Louisa Industrial Development Authority Revenue, VA Series A, 3.65%, 11/1/2035 (b)	1,000,000	1,005,919
Lower Magnolia Green Community Development Authority, Special Assessment, VA 5.00%, 3/1/2035 (c)	915,000	915,440
Norfolk Redevelopment & Housing Authority Revenue, VA:
Series B, 4.00%, 1/1/2025	3,400,000	3,348,074
5.38%, 1/1/2035	250,000	237,746
Peninsula Town Center Community Development Authority, Special Assessment, VA 5.00%, 9/1/2037 (c)	1,950,000	1,940,328
Tobacco Settlement Financing Corp. Revenue, VA:
Series C, Zero Coupon, 6/1/2047	3,060,000	826,537
Series B1, 5.00%, 6/1/2047	11,040,000	10,512,914
Virginia Beach Development Authority Revenue, VA Series A, 7.00%, 9/1/2059	2,340,000	2,488,262
Virginia College Building Authority Revenue, VA Series A, 5.00%, 7/1/2030 (c)	875,000	877,492
Virginia Small Business Financing Authority Revenue, VA:
AMT, 4.00%, 1/1/2031	2,365,000	2,407,636
4.00%, 1/1/2039	1,000,000	982,537
AMT, 4.00%, 1/1/2040	1,000,000	978,259
4.00%, 12/1/2041	2,000,000	1,750,000
AMT, 4.00%, 1/1/2048	4,000,000	3,727,719
AMT, 5.00%, 6/30/2042	1,000,000	1,071,461
AMT, 5.00%, 12/31/2047	5,490,000	5,517,884
AMT, 5.00%, 12/31/2052	335,000	336,061
AMT, 5.00%, 12/31/2056	2,975,000	2,979,749
Series C, 5.00%, 6/1/2047	1,000,000	925,894
Series A, 5.50%, 7/1/2049 (c)	1,660,000	1,482,338
		54,624,702

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
WASHINGTON — 1.8%
Grays Harbor County Public Hospital District No. 1 Revenue, WA:
6.88%, 12/1/2049	$ 1,000,000	$ 1,062,527
6.88%, 12/1/2053	1,000,000	1,049,778
Jefferson County Public Hospital District No. 2 Revenue, WA Series A, 6.88%, 12/1/2053	3,000,000	3,086,681
Klickitat County Public Utility District No. 1 Revenue, WA Series A, 5.00%, 12/1/2032	400,000	407,728
Pend Oreille County Public Utility District No. 1 Box Canyon Revenue, WA 5.00%, 1/1/2044	215,000	220,614
Port of Seattle Industrial Development Corp. Revenue, WA AMT, 5.00%, 4/1/2030	3,000,000	3,000,039
Port of Seattle Revenue, WA:
Series C, AMT, 4.00%, 8/1/2035	550,000	574,504
Series C, AMT, 5.00%, 5/1/2031	130,000	136,548
Tacoma Consolidated Local Improvement Districts, Special Assessment, WA 5.75%, 4/1/2043	190,000	186,502
Washington Economic Development Finance Authority Revenue, WA:
AMT, 7.25%, 1/1/2032 (c) (f)	100,000	10
Series A, AMT, 7.50%, 1/1/2032 (c) (f)	755,000	76
Series A, AMT, 12.00%, 1/1/2033 (b) (c)	160,000	16
Washington Health Care Facilities Authority Revenue, WA:
4.00%, 7/1/2036	630,000	631,381
Series A, 4.00%, 7/1/2042	200,000	184,591
5.00%, 8/15/2034	2,695,000	2,791,714
Series D, 5.00%, 10/1/2041	1,000,000	991,467
Washington State Convention Center Public Facilities District Revenue, WA:
Series B, 3.00%, 7/1/2034	1,000,000	943,711
Series B, 3.00%, 7/1/2058	4,810,000	3,373,491
4.00%, 7/1/2058	605,000	552,815
Series B, 4.00%, 7/1/2032	1,695,000	1,748,740
Series B, 4.00%, 7/1/2034	320,000	329,393
Series B, 4.00%, 7/1/2048	1,010,000	943,308
Series B, 4.00%, 7/1/2058	1,080,000	971,158
5.00%, 7/1/2058	170,000	173,740

Security Description	Principal Amount	Value
Washington State Housing Finance Commission Revenue, WA:
Series A-1, 3.50%, 12/20/2035	$ 2,408,018	$ 2,296,441
Series A, 4.00%, 1/1/2057 (c)	1,000,000	668,910
5.00%, 7/1/2046 (c)	1,520,000	1,220,404
5.00%, 1/1/2048 (c)	3,815,000	3,038,461
5.00%, 7/1/2051 (c)	1,250,000	970,463
Series A, 5.00%, 1/1/2031 (c)	100,000	89,853
Series A, 5.00%, 1/1/2044 (c)	605,000	431,982
Series A, 5.00%, 1/1/2046 (c)	1,000,000	695,725
Series A, 5.00%, 1/1/2051 (c)	3,820,000	2,915,967
Series A, 5.00%, 7/1/2051 (c)	1,000,000	757,371
Series A, 5.00%, 1/1/2055 (c)	2,200,000	1,428,126
Series A, 5.00%, 1/1/2056 (c)	1,285,000	993,042
6.13%, 7/1/2053 (c)	2,500,000	2,752,221
6.25%, 7/1/2059 (c)	2,500,000	2,754,682
Series A, 7.00%, 7/1/2050 (c)	500,000	525,564
		44,899,744
WEST VIRGINIA — 0.3%
County of Monongalia, Special Obligation, WV Series A, 5.00%, 6/1/2033 (c)	515,000	529,960
Glenville State College Revenue, WV 5.25%, 6/1/2047	750,000	665,085
Monongalia County Building Commission Revenue, WV 4.00%, 7/1/2035	390,000	361,680
Monongalia County Commission Excise Tax District Revenue, WV:
Series A, 5.50%, 6/1/2037 (c)	225,000	231,503
Series A, 7.00%, 6/1/2043 (c)	150,000	161,254
Ohio County Development Authority Revenue, WV 5.00%, 9/1/2048	1,000,000	726,958
West Virginia Commissioner of Highways Revenue, WV Series A, 5.00%, 9/1/2029	120,000	129,648
West Virginia Economic Development Authority Revenue, WV Series A, AMT, VRN, 5.00%, 7/1/2045 (b)	2,250,000	2,258,428
West Virginia Hospital Finance Authority Revenue, WV Series B, 6.00%, 9/1/2048	2,000,000	2,284,173
		7,348,689
WISCONSIN — 3.4%
Public Finance Authority Revenue, WI:
Series B, Zero Coupon, 1/1/2060 (c)	4,000,000	210,516

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series B, Zero Coupon, 1/1/2067 (c)	$ 920,000	$ 6,247
Series B, VRN, 3.75%, 7/1/2051 (b) (c) (f)	2,075,993	1,175,219
AMT, 4.00%, 8/1/2035	940,000	830,742
AMT, 4.00%, 7/1/2041	2,595,000	2,033,367
4.00%, 4/1/2042 (c)	1,000,000	825,529
4.00%, 9/30/2051	1,000,000	846,046
Series A, 4.00%, 6/1/2035	500,000	505,901
Series A, 4.00%, 9/1/2041 (c)	2,565,000	2,191,432
Series A, 4.00%, 12/1/2051	1,000,000	807,222
Series A, 4.00%, 6/1/2056 (c)	2,100,000	1,406,232
AMT, 4.25%, 7/1/2054	3,000,000	2,110,889
Series C, AMT, 4.30%, 11/1/2030	3,000,000	2,913,357
Series A, 4.50%, 6/1/2056 (c)	2,750,000	2,123,717
5.00%, 4/1/2035	1,550,000	1,572,979
5.00%, 3/1/2037 (c)	625,000	570,009
5.00%, 9/1/2039 (c)	770,000	652,117
Series A, 5.00%, 11/15/2024 (c)	110,000	111,414
Series A, 5.00%, 9/1/2030 (c)	400,000	383,987
Series A, 5.00%, 10/1/2034 (c)	1,355,000	1,385,425
Series A, 5.00%, 6/15/2037 (c)	425,000	399,203
Series A, 5.00%, 10/1/2039 (c)	3,250,000	3,239,231
Series A, 5.00%, 1/1/2042 (c)	100,000	91,137
Series A, 5.00%, 6/15/2046 (c)	1,000,000	768,712
Series A, 5.00%, 6/15/2049 (c)	310,000	261,629
Series A, 5.00%, 12/1/2055 (c)	2,000,000	1,618,694
Series A, 5.00%, 1/1/2056 (c)	265,000	222,581
Series A, 5.00%, 2/1/2062	2,000,000	2,021,859
Series B, AMT, 5.00%, 7/1/2042	1,000,000	1,000,236
5.13%, 4/1/2052	2,310,000	2,150,248
Series A, 5.13%, 6/1/2048 (c)	350,000	308,149
5.25%, 3/1/2035 (c)	750,000	760,303
Series A, 5.25%, 3/1/2045 (c)	1,000,000	878,925
Series A, 5.25%, 5/15/2052 (c)	1,300,000	1,146,937
Series A, 5.25%, 3/1/2055 (c)	1,810,000	1,528,144
Series A, 5.35%, 12/1/2045	1,000,000	1,015,835
Series A, 5.38%, 7/15/2047 (c)	500,000	487,929
Series B, 5.63%, 2/1/2046 (c)	1,665,000	1,697,595
Series A, 5.75%, 10/1/2043 (c)	1,180,000	1,168,892
Series A, 5.75%, 7/1/2063 (c)	2,000,000	2,068,820
5.88%, 4/1/2045	530,000	532,749
5.88%, 6/15/2047 (c)	800,000	721,591
Series A, 6.00%, 7/15/2042	250,000	250,110

Security Description	Principal Amount	Value
Series B, 6.00%, 2/1/2062 (c)	$ 2,000,000	$ 2,055,965
Series A, 6.25%, 10/1/2031 (c) (f)	200,000	20,000
Series A, 6.25%, 1/1/2038 (c)	500,000	225,000
Series A, 6.25%, 10/1/2053 (c)	2,220,000	2,229,187
Series A, 6.38%, 1/1/2048 (c)	925,000	416,250
Series A, 6.50%, 9/1/2048 (c)	480,000	288,000
6.63%, 7/1/2043 (c)	465,000	477,428
6.75%, 12/1/2042 (c)	2,100,000	1,945,576
Series A, 6.75%, 8/1/2031 (c)	980,000	715,400
6.88%, 7/1/2053 (c)	1,650,000	1,693,748
7.00%, 12/1/2050 (c)	8,750,000	8,151,183
7.00%, 7/1/2058 (c)	1,850,000	1,898,365
Series A, 7.00%, 1/1/2050 (c)	3,000,000	3,274,494
Wisconsin Health & Educational Facilities Authority Revenue, WI:
Series B-1, 2.83%, 11/1/2028	115,000	103,192
3.13%, 12/15/2049	850,000	648,811
3.50%, 7/1/2040	100,000	89,050
4.00%, 1/1/2047	600,000	373,829
4.00%, 1/1/2057	1,000,000	569,030
4.00%, 7/1/2046	335,000	320,315
Series A, 4.00%, 7/1/2048	425,000	319,732
Series A, 4.13%, 7/1/2053	595,000	440,269
Series B, 4.25%, 7/1/2033	1,250,000	1,041,280
5.00%, 11/15/2025	795,000	805,605
5.00%, 11/15/2026	565,000	573,288
5.00%, 8/1/2032	50,000	42,589
5.00%, 8/1/2037	150,000	118,825
5.00%, 8/1/2039	1,100,000	840,524
Series A, 5.00%, 7/1/2038	500,000	478,617
Series A, 5.00%, 11/1/2039	1,000,000	864,556
Series A, 5.00%, 2/15/2042	4,580,000	4,633,422
Series A, 5.00%, 11/1/2046	1,250,000	1,006,904
Series B, 5.00%, 7/1/2048	790,000	586,946
Series B, 5.00%, 7/1/2053	1,000,000	718,302
Series A, 5.25%, 8/1/2048	100,000	78,435
5.50%, 5/1/2034	350,000	350,129
		85,396,102
TOTAL MUNICIPAL BONDS & NOTES (Cost $2,552,985,215)		2,437,610,848

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG HIGH YIELD MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Shares	Value
SHORT-TERM INVESTMENT — 1.8%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.36% (h) (i) (Cost $45,932,931)	45,932,931	$ 45,932,931
TOTAL INVESTMENTS — 99.1% (Cost $2,598,918,146)		2,483,543,779
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%		22,208,908
NET ASSETS — 100.0%		$ 2,505,752,687

(a)	Bond is insured by the following:

	% of Net Assets
Assured Guaranty Municipal Corp.	1.0%
National Public Finance Guaranty Corp.	0.9%
Build America Mutual Assurance Company	0.4%
Assured Guaranty Corp.	0.1%
Ambac Financial Group	0.1%
XL Capital Assurance Inc.	0.0% (d)

(b)	Variable Rate Security - Interest rate shown is rate in effect at December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(c)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 22.8% of net assets as of December 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d)	Amount is less than 0.05% of net assets.

(e)	When-issued security.
(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 December 31, 2023, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
(h)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(i)	The rate shown is the annualized seven-day yield at December 31, 2023.

AMBAC	American Municipal Bond Assurance Corporation
AMT	Alternative Minimum Tax
CFC	Cooperative Finance Corporation
VRN	Variable Rate Note

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2023.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Municipal Bonds & Notes	$ —	$2,437,610,848	$ 0(a)	$2,437,610,848
Short-Term Investment	45,932,931	—	—	45,932,931
TOTAL INVESTMENTS	$45,932,931	$2,437,610,848	$ 0	$2,483,543,779

(a)	The Fund held Level 3 securities that were valued at $0 at December 31, 2023.

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
MUNICIPAL BONDS & NOTES — 99.4%
ALABAMA — 0.4%
Alabama Federal Aid Highway Finance Authority Revenue, AL:
Series A, 5.00%, 9/1/2029	$ 525,000	$ 572,061
Series A, 5.00%, 9/1/2030	190,000	207,031
Alabama Highway Finance Corp. Revenue, AL Series A, 5.00%, 8/1/2039	580,000	633,997
Alabama Public School & College Authority Revenue, AL:
Series A, 5.00%, 11/1/2028	1,425,000	1,597,255
Series A, 5.00%, 11/1/2030	560,000	653,356
Series A, 5.00%, 11/1/2032	1,000,000	1,163,616
Tuscaloosa City Board of Education Revenue, AL 5.00%, 8/1/2041	755,000	799,867
University of Alabama Revenue, AL:
Series A, 4.00%, 7/1/2035	500,000	523,325
Series A, 5.00%, 7/1/2025	6,415,000	6,636,382
Water Works Board of the City of Birmingham Revenue, AL:
Series B, 3.00%, 1/1/2043	165,000	167,326
Series A, 4.00%, 1/1/2037	235,000	238,706
Series B, 4.00%, 1/1/2036	250,000	260,914
Series A, 5.00%, 1/1/2042	255,000	260,345
Series B, 5.00%, 1/1/2030	750,000	804,258
		14,518,439
ALASKA — 0.1%
Borough of North Slope, General Obligation, AK Series A, 5.00%, 6/30/2030	2,000,000	2,271,036
City of Anchorage Water Revenue, AK Series B, 5.00%, 5/1/2037	500,000	531,340
		2,802,376
ARIZONA — 1.3%
Arizona Board of Regents Revenue, AZ:
Series A, 4.00%, 7/1/2040	500,000	514,753
Series A, 5.50%, 7/1/2048	3,860,000	4,484,089
Arizona Transportation Board Revenue, AZ 5.00%, 7/1/2024	125,000	126,320
City of Bullhead Excise Taxes Revenue, AZ Series 2, 2.55%, 7/1/2046	750,000	552,360
City of Chandler, General Obligation, AZ 5.00%, 7/1/2034	2,000,000	2,460,054

Security Description	Principal Amount	Value
City of Mesa Utility System Revenue, AZ:
4.00%, 7/1/2035	$ 1,405,000	$ 1,522,143
4.00%, 7/1/2043	500,000	506,365
City of Phoenix Civic Improvement Corp. Revenue, AZ:
5.00%, 7/1/2032	2,000,000	2,408,514
5.00%, 7/1/2033	1,500,000	1,829,858
5.00%, 7/1/2034	1,250,000	1,522,048
5.00%, 7/1/2035	1,200,000	1,454,340
5.00%, 7/1/2045	1,040,000	1,166,311
Maricopa County Special Health Care District, General Obligation, AZ:
Series C, 4.00%, 7/1/2038	430,000	438,958
Series D, 5.00%, 7/1/2028	2,935,000	3,248,534
Series D, 5.00%, 7/1/2029	730,000	823,099
Salt River Project Agricultural Improvement & Power District Revenue, AZ:
Series A, 5.00%, 1/1/2031	14,540,000	17,047,634
Series B, 5.00%, 1/1/2048	3,845,000	4,336,472
State of Arizona, Certificate Participation, AZ Series A, 5.00%, 10/1/2026	580,000	618,660
University of Arizona Revenue, AZ:
5.00%, 6/1/2029	420,000	442,913
5.00%, 6/1/2032	385,000	403,978
Series A, 5.00%, 6/1/2040	2,715,000	3,065,369
		48,972,772
ARKANSAS — 0.1%
City of Fayetteville Sales & Use Tax Revenue, AR Series A, 5.00%, 11/1/2026	570,000	606,451
City of Rogers Sales & Use Tax Revenue, AR Series B, 3.88%, 11/1/2039	300,000	300,969
Little Rock School District, General Obligation, AR:
Series A, AGM, 2.00%, 2/1/2039 (a)	2,000,000	1,487,778
Series A, AGM, 2.13%, 2/1/2042 (a)	735,000	522,641
Series A, AGM, 2.25%, 2/1/2044 (a)	1,310,000	919,363
University of Arkansas Revenue, AR Series A, 5.00%, 12/1/2045	1,000,000	1,094,112
		4,931,314
CALIFORNIA — 18.7%
Alameda County Joint Powers Authority Revenue, CA:
Series A, 5.00%, 12/1/2025	4,200,000	4,393,150
Series A, 5.00%, 12/1/2028	1,000,000	1,130,509

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series A, 5.00%, 12/1/2030	$ 5,000,000	$ 5,877,514
Alhambra Unified School District, General Obligation, CA Series B, 4.25%, 8/1/2043	3,475,000	3,666,123
Antelope Valley Community College District, General Obligation, CA Series B, 4.00%, 8/1/2045	3,650,000	3,707,915
Arcadia Unified School District, General Obligation, CA:
3.25%, 8/1/2036	365,000	359,584
3.25%, 8/1/2037	240,000	233,111
Bay Area Toll Authority Revenue, CA Series A, 2.00%, 4/1/2056 (b)	1,000,000	932,772
Bay Area Water Supply & Conservation Agency Revenue, CA Series A, 5.00%, 10/1/2025	1,000,000	1,043,052
California Infrastructure & Economic Development Bank Revenue, CA:
5.00%, 10/1/2026	150,000	161,032
5.00%, 10/1/2028	490,000	520,132
5.00%, 10/1/2029	115,000	128,311
5.00%, 10/1/2031	410,000	444,852
5.00%, 10/1/2032	285,000	309,032
California State Public Works Board Revenue, CA:
Series A, 3.00%, 5/1/2032	655,000	645,307
Series B, 4.00%, 5/1/2046	800,000	812,015
Series C, 4.00%, 8/1/2037	2,000,000	2,131,603
Series A, 5.00%, 8/1/2032	13,415,000	15,934,935
Series A, 5.00%, 8/1/2033	1,190,000	1,412,458
Series A, 5.00%, 8/1/2034	2,240,000	2,656,072
Series B, 5.00%, 5/1/2028	1,000,000	1,111,357
Series C, 5.00%, 11/1/2028	1,000,000	1,124,772
Series C, 5.00%, 11/1/2031	1,280,000	1,463,854
Series C, 5.00%, 11/1/2032	975,000	1,114,453
Series C, 5.00%, 11/1/2034	655,000	779,879
Series D, 5.00%, 11/1/2034	5,780,000	7,133,075
California State University Revenue, CA:
Series C, 3.00%, 11/1/2035	9,005,000	8,963,846
Series A, 3.13%, 11/1/2036	225,000	224,519
Series A, 3.20%, 11/1/2037	270,000	268,961
Series C, 4.00%, 11/1/2045	2,650,000	2,694,068
Series A, 5.00%, 11/1/2025	520,000	543,590
Series A, 5.00%, 11/1/2028	120,000	127,598
Series A, 5.00%, 11/1/2031	205,000	222,311
Series A, 5.00%, 11/1/2032	120,000	124,791
Series A, 5.00%, 11/1/2033	1,290,000	1,596,276
Series A, 5.00%, 11/1/2035	2,465,000	2,989,364
Series A, 5.00%, 11/1/2036	1,520,000	1,860,893
Series A, 5.00%, 11/1/2037	1,500,000	1,819,659
Series A, 5.25%, 11/1/2048	5,000,000	5,800,986

Security Description	Principal Amount	Value
Cerritos Community College District, General Obligation, CA Series D, 2.38%, 8/1/2044	$ 500,000	$ 374,979
Chabot-Las Positas Community College District, General Obligation, CA:
Series C, 5.00%, 8/1/2025	1,425,000	1,479,893
Series C, 5.00%, 8/1/2026	1,280,000	1,365,640
Series C, 5.00%, 8/1/2027	1,295,000	1,418,043
Series C, 5.25%, 8/1/2048	1,200,000	1,376,434
City & County of San Francisco Community Facilities District No., Special Tax Revenue, CA Series A, 5.00%, 9/1/2047	2,845,000	3,040,706
City & County of San Francisco, Certificate Participation, CA:
Series B, 3.00%, 4/1/2032	790,000	790,370
Series A, 4.00%, 4/1/2041	500,000	505,659
City & County of San Francisco, General Obligation, CA:
Series 2020-D-1, 4.00%, 6/15/2042	2,675,000	2,737,007
Series R1, 4.00%, 6/15/2032	735,000	783,603
City of Concord, Certificate Participation, CA 2.13%, 4/1/2041	1,500,000	1,136,970
City of Los Angeles Department of Airports Revenue, CA:
Series B, 4.00%, 5/15/2040	700,000	732,092
Series A, 5.00%, 5/15/2037	1,255,000	1,425,714
Series A, 5.00%, 5/15/2040	10,000,000	11,149,155
Series B, 5.00%, 5/15/2030	1,025,000	1,200,726
Series B, 5.00%, 5/15/2038	1,465,000	1,683,352
Series C, 5.00%, 5/15/2028	525,000	587,259
Series C, 5.00%, 5/15/2038	635,000	717,828
City of Los Angeles Wastewater System Revenue, CA Series B, 5.00%, 6/1/2033	250,000	257,819
City of Riverside Water Revenue, CA Series A, 5.00%, 10/1/2043	520,000	568,820
City of San Francisco Public Utilities Commission Water Revenue, CA:
Series A, 5.00%, 11/1/2028	170,000	182,845
Series C, 5.00%, 11/1/2033	2,155,000	2,700,527
Series C, 5.00%, 11/1/2035	1,060,000	1,317,892
Series C, 5.00%, 11/1/2036	2,500,000	3,075,425
Series C, 5.00%, 11/1/2037	2,500,000	3,042,480
Series C, 5.00%, 11/1/2038	1,895,000	2,285,209
Clovis Unified School District, General Obligation, CA Series B, 5.00%, 8/1/2047	3,000,000	3,298,421

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Coast Community College District, General Obligation, CA:
Series F, Zero Coupon, 8/1/2040	$ 2,715,000	$ 1,401,696
Series F, 3.00%, 8/1/2038	500,000	470,894
Contra Costa Community College District, General Obligation, CA:
Series C, 2.00%, 8/1/2039	1,000,000	768,803
Series C, 3.00%, 8/1/2035	1,700,000	1,684,280
Series C, 3.00%, 8/1/2036	1,800,000	1,761,128
Series C, 3.00%, 8/1/2037	2,015,000	1,921,713
East Bay Municipal Utility District Water System Revenue, CA:
Series A, 5.00%, 6/1/2035	535,000	582,238
Series A, 5.00%, 6/1/2044	735,000	809,609
East Side Union High School District, General Obligation, CA Series E, 5.00%, 8/1/2028	125,000	132,844
Eastern Municipal Water District Financing Authority Revenue, CA Series B, 5.00%, 7/1/2032	10,000	10,585
El Dorado Irrigation District Revenue, CA Series C, 5.00%, 3/1/2032	390,000	411,695
El Dorado Irrigation District, Certificate Participation, CA Series A, 4.00%, 3/1/2045	3,010,000	3,042,407
Fontana Redevelopment Successor Agency, Special Obligation, CA:
Series A, 5.00%, 10/1/2028	100,000	109,607
Series A, 5.00%, 10/1/2031	340,000	371,284
Fremont Unified School District/Alameda County, General Obligation, CA:
Series D, 2.00%, 8/1/2043	1,400,000	956,223
Series E, 4.00%, 8/1/2042	3,035,000	3,123,664
Fresno Unified School District, General Obligation, CA Series A, 4.00%, 8/1/2045	600,000	609,728
Grossmont-Cuyamaca Community College District, General Obligation, CA Series C, 4.00%, 8/1/2046	800,000	815,148
Imperial Irrigation District Electric System Revenue, CA Series C, 5.00%, 11/1/2036	100,000	104,974
Irvine Facilities Financing Authority Revenue, CA:
Series A, 5.00%, 5/1/2034	3,800,000	4,015,332
Series A, 5.00%, 5/1/2035	2,000,000	2,110,467
Series A, 5.00%, 5/1/2036	3,390,000	3,567,543

Security Description	Principal Amount	Value
Kern Community College District, General Obligation, CA:
Series E, 5.00%, 8/1/2035	$ 1,600,000	$ 1,963,593
Series E, 5.00%, 8/1/2036	1,100,000	1,340,015
Series E, 5.00%, 8/1/2037	1,035,000	1,248,123
Series E, 5.00%, 8/1/2040	1,000,000	1,177,441
Lodi Unified School District, General Obligation, CA Series 2020, 3.00%, 8/1/2043	1,240,000	1,080,301
Los Angeles Community College District, General Obligation, CA:
5.00%, 8/1/2036	430,000	455,602
Series C-1, 5.00%, 8/1/2026	2,150,000	2,294,962
Series D, 5.00%, 8/1/2028	2,750,000	3,089,954
Series D, 5.00%, 8/1/2029	10,665,000	12,265,565
Series D, 5.00%, 8/1/2030	7,000,000	8,226,744
Los Angeles County Facilities, Inc. Revenue, CA Series A, 5.00%, 12/1/2033	250,000	280,660
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, CA:
Series A, 4.00%, 6/1/2034	110,000	113,783
Series A, 4.00%, 6/1/2035	2,800,000	3,024,568
Series A, 4.00%, 6/1/2039	2,750,000	2,905,234
Series A, 5.00%, 6/1/2026	525,000	557,672
Series A, 5.00%, 6/1/2029	250,000	264,741
Series A, 5.00%, 7/1/2030	100,000	109,476
Series A, 5.00%, 6/1/2033	550,000	598,258
Series A, 5.00%, 6/1/2034	3,570,000	3,871,687
Los Angeles County Public Works Financing Authority Revenue, CA:
Series A, 4.00%, 12/1/2043	2,000,000	2,056,520
Series D, 5.00%, 12/1/2030	330,000	345,153
Los Angeles Department of Water & Power Revenue, CA:
Series C, 4.00%, 7/1/2026	1,645,000	1,712,339
Series A, 5.00%, 7/1/2026	2,000,000	2,130,415
Series A, 5.00%, 7/1/2027	2,280,000	2,496,113
Series A, 5.00%, 7/1/2036	675,000	760,443
Series B, 5.00%, 7/1/2034	555,000	580,610
Series C, 5.00%, 7/1/2026	3,000,000	3,189,208
Series C, 5.00%, 7/1/2034	850,000	974,887
Series E, 5.00%, 7/1/2025	5,800,000	6,013,140
Series E, 5.00%, 7/1/2026	3,000,000	3,195,623
Series E, 5.00%, 7/1/2027	625,000	684,242
Series E, 5.00%, 7/1/2028	500,000	562,019
Los Angeles Department of Water & Power Water System Revenue, CA:
Series A, 5.00%, 7/1/2032	715,000	775,492
Series C, 5.00%, 7/1/2036	1,000,000	1,162,514

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series C, 5.00%, 7/1/2041	$ 1,250,000	$ 1,451,756
Series C, 5.00%, 7/1/2042	1,250,000	1,444,927
Series D, 5.00%, 7/1/2030	600,000	706,742
Los Angeles Unified School District, General Obligation, CA:
Series C, 3.00%, 7/1/2035	850,000	839,737
Series C, 3.00%, 7/1/2038	2,885,000	2,704,852
Series C, 4.00%, 7/1/2035	800,000	866,990
Series C, 4.00%, 7/1/2037	515,000	549,564
Series C, 4.00%, 7/1/2044	865,000	878,313
Series RYQ, 4.00%, 7/1/2040	525,000	546,377
Series RYQ, 4.00%, 7/1/2044	500,000	507,695
5.00%, 7/1/2032	3,000,000	3,659,261
5.00%, 7/1/2033	2,500,000	3,104,937
5.00%, 7/1/2034	3,000,000	3,749,819
5.00%, 7/1/2035	3,000,000	3,725,416
5.00%, 7/1/2036	2,000,000	2,463,151
5.00%, 7/1/2041	2,335,000	2,760,613
Series A, 5.00%, 7/1/2024	2,030,000	2,053,145
Series A, 5.00%, 7/1/2028	505,000	566,486
Series A, 5.00%, 7/1/2030	250,000	259,525
Series B-1, 5.00%, 7/1/2029	250,000	276,564
Series C, 5.00%, 7/1/2025	2,815,000	2,918,446
Series C, 5.00%, 7/1/2026	800,000	851,164
Series QRR, 5.00%, 7/1/2026	1,000,000	1,063,955
Series QRR, 5.00%, 7/1/2028	1,000,000	1,121,755
Series QRR, 5.00%, 7/1/2034	1,250,000	1,534,150
Series QRR, 5.00%, 7/1/2038	2,000,000	2,373,075
Series QRR, 5.00%, 7/1/2041	1,500,000	1,750,013
Series RYRR, 5.00%, 7/1/2035	2,000,000	2,395,402
5.25%, 7/1/2040	3,235,000	3,919,323
5.25%, 7/1/2042	4,005,000	4,788,001
Marin Healthcare District, General Obligation, CA Series A, 3.00%, 8/1/2037	325,000	296,044
Metropolitan Water District of Southern California Revenue, CA:
Series B, 3.00%, 7/1/2028	1,785,000	1,803,452
Series B, 3.00%, 7/1/2029	4,000,000	4,040,226
Series B, 4.00%, 10/1/2025	730,000	750,053
Series A, 5.00%, 4/1/2040	1,350,000	1,585,825
Series A, 5.00%, 4/1/2048	4,000,000	4,559,980
Monterey Peninsula Unified School District, General Obligation, CA Series D, 4.00%, 8/1/2045	3,140,000	3,233,344
Mount Diablo Unified School District, General Obligation, CA Series B, 4.00%, 6/1/2037	1,625,000	1,746,783

Security Description	Principal Amount	Value
Mount San Antonio Community College District, General Obligation, CA:
Series E, Zero Coupon, 8/1/2045	$ 2,155,000	$ 909,167
Series A, 5.00%, 8/1/2041	505,000	558,615
Mountain House Public Financing Authority Revenue, CA Series B, BAM, 4.00%, 12/1/2043 (a)	2,715,000	2,753,418
Municipal Improvement Corp. of Los Angeles Revenue, CA:
Series A, 5.00%, 11/1/2026	500,000	535,931
Series A, 5.00%, 5/1/2028	1,700,000	1,893,762
Series A, 5.00%, 5/1/2030	1,625,000	1,894,707
Series A, 5.00%, 5/1/2032	1,000,000	1,211,677
Novato Unified School District, General Obligation, CA Series C, 2.38%, 8/1/2045	750,000	552,369
Orange County Sanitation District Revenue, CA Series A, 5.00%, 2/1/2030	120,000	126,371
Rancho Water District Financing Authority Revenue, CA Series A, 4.00%, 8/1/2039	525,000	546,908
Riverside Community College District, General Obligation, CA 3.00%, 8/1/2040	755,000	692,160
Riverside Unified School District, General Obligation, CA Series B, 3.00%, 8/1/2037	2,800,000	2,632,939
Sacramento Municipal Utility District Revenue, CA:
Series H, 4.00%, 8/15/2045	1,600,000	1,632,824
Series K, 5.00%, 8/15/2042	1,000,000	1,166,489
Series K, 5.00%, 8/15/2048	3,350,000	3,826,233
Sacramento Transportation Authority Sales Tax Revenue, CA:
5.00%, 10/1/2034	5,000,000	6,217,267
5.00%, 10/1/2037	10,000,000	12,097,292
San Bernardino Community College District, General Obligation, CA Series A, 3.00%, 8/1/2041	3,000,000	3,082,793
San Diego County Regional Transportation Commission Revenue, CA:
Series A, 5.00%, 4/1/2029	6,000,000	6,869,245
Series A, 5.00%, 4/1/2030	1,620,000	1,881,044
Series A, 5.00%, 4/1/2031	7,500,000	8,949,436
San Diego County Water Authority Revenue, CA Series A, 5.00%, 5/1/2028	1,520,000	1,703,924

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
San Diego Public Facilities Financing Authority Revenue, CA:
5.00%, 5/15/2027	$ 175,000	$ 181,253
5.00%, 10/15/2028	255,000	265,792
5.00%, 10/15/2029	250,000	260,208
5.00%, 10/15/2031	345,000	358,325
Series A, 5.00%, 5/15/2033	560,000	594,853
Series A, 5.00%, 5/15/2034	20,000	21,227
Series A, 5.00%, 10/15/2046	705,000	779,087
Series B, 5.00%, 8/1/2029	100,000	107,021
San Diego Regional Building Authority Revenue, CA Series A, 5.00%, 10/15/2035	450,000	468,415
San Diego Unified School District, General Obligation, CA:
Series D2, 2.00%, 7/1/2045	3,405,000	2,276,312
Series L, 4.00%, 7/1/2044	540,000	548,500
Series M-2, 5.00%, 7/1/2024	1,475,000	1,492,764
San Dieguito Union High School District, General Obligation, CA Series E-2, 3.00%, 8/1/2038	2,530,000	2,382,725
San Francisco Bay Area Rapid Transit District Sales Tax Revenue, CA:
Series A, 3.00%, 7/1/2044	6,410,000	5,378,945
Series A, 4.00%, 7/1/2039	1,180,000	1,207,650
San Francisco Bay Area Rapid Transit District, General Obligation, CA Series C-1, 4.00%, 8/1/2045	2,590,000	2,638,003
San Francisco City & County Public Utilities Commission Power Revenue, CA Series A, 5.00%, 11/1/2048	3,090,000	3,508,273
San Francisco City & County Public Utilities Commission Wastewater Revenue, CA:
Series A, 4.00%, 10/1/2043	535,000	539,794
Series B, 4.00%, 10/1/2036	1,500,000	1,639,678
Series A, 5.00%, 10/1/2030	2,500,000	2,954,979
Series A, 5.00%, 10/1/2033	2,500,000	3,069,626
Series A, 5.00%, 10/1/2035	2,000,000	2,439,258
Series A, 5.00%, 10/1/2036	1,250,000	1,510,219
Series A, 5.00%, 10/1/2041	500,000	581,934
San Joaquin Delta Community College District, General Obligation, CA Series A, 5.00%, 8/1/2026	140,000	145,617
San Jose Evergreen Community College District, General Obligation, CA Series B, 3.00%, 9/1/2036	700,000	681,071

Security Description	Principal Amount	Value
San Juan Unified School District, General Obligation, CA:
2.13%, 8/1/2038	$ 1,000,000	$ 801,883
2.38%, 8/1/2040	1,000,000	794,934
2.38%, 8/1/2041	2,000,000	1,562,559
5.00%, 8/1/2042	6,600,000	7,395,656
San Mateo County Transit District Revenue, CA Series A, 5.00%, 6/1/2030	160,000	165,774
San Mateo Foster City Public Financing Authority Revenue, CA 4.00%, 8/1/2039	2,750,000	2,845,350
San Mateo Joint Powers Financing Authority Revenue, CA Series A, 3.00%, 6/15/2046	850,000	721,550
San Mateo Union High School District, General Obligation, CA:
Series A, 2.25%, 9/1/2042	630,000	471,572
Series C, 4.00%, 9/1/2043	3,945,000	4,135,542
Santa Clara County Financing Authority Revenue, CA:
Series Q, 2.50%, 5/15/2029	140,000	137,571
Series A, 3.00%, 5/1/2037	550,000	533,237
Series A, 3.50%, 4/1/2041	600,000	576,396
Series A, 3.63%, 4/1/2044	640,000	611,790
Series A, 4.00%, 4/1/2037	750,000	777,810
Series Q, 4.00%, 5/15/2033	300,000	302,589
Santa Clara Valley Transportation Authority Revenue, CA:
Series A, 5.00%, 4/1/2026	2,500,000	2,647,363
Series A, 5.00%, 4/1/2028	3,500,000	3,913,539
Series A, 5.00%, 4/1/2029	4,000,000	4,585,924
Series A, 5.00%, 4/1/2033	3,000,000	3,720,866
Series A, 5.00%, 4/1/2035	1,000,000	1,233,105
Santa Clarita Community College District, General Obligation, CA 3.00%, 8/1/2044	800,000	689,464
Santa Monica-Malibu Unified School District, General Obligation, CA:
Series B, 3.00%, 8/1/2044	1,500,000	1,290,483
Series B, 3.00%, 8/1/2042	1,575,000	1,387,960
Series E, 3.00%, 8/1/2032	880,000	874,251
Series E, 3.00%, 8/1/2034	635,000	625,530
Sequoia Union High School District, General Obligation, CA 5.00%, 7/1/2027	150,000	160,069
Sonoma County Junior College District, General Obligation, CA:
Series C, 5.00%, 8/1/2024	2,000,000	2,025,253

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series C, 5.00%, 8/1/2025	$ 1,250,000	$ 1,296,772
Series C, 5.00%, 8/1/2026	1,450,000	1,545,137
Series C, 5.00%, 8/1/2028	1,100,000	1,233,430
South San Francisco Public Facilities Financing Authority Revenue, CA Series A, 4.00%, 6/1/2046	1,705,000	1,717,838
Southern California Public Power Authority Revenue, CA:
Series A, 5.00%, 7/1/2031	505,000	521,278
Series A, 5.00%, 7/1/2032	635,000	654,927
State Center Community College District, General Obligation, CA:
Series B, 3.00%, 8/1/2037	2,000,000	1,904,709
Series B, 3.00%, 8/1/2038	1,865,000	1,759,034
State of California Department of Water Resources Revenue, CA:
Series AW, 5.00%, 12/1/2028	330,000	355,803
Series AX, 5.00%, 12/1/2029	300,000	331,270
Series AX, 5.00%, 12/1/2032	100,000	110,322
State of California, General Obligation, CA:
3.00%, 3/1/2028	525,000	536,539
3.00%, 10/1/2034	3,045,000	3,003,831
3.00%, 11/1/2035	850,000	830,944
3.00%, 10/1/2036	2,670,000	2,597,511
3.00%, 10/1/2037	2,760,000	2,608,286
3.00%, 11/1/2041	1,300,000	1,177,599
3.00%, 12/1/2046	1,600,000	1,361,088
4.00%, 3/1/2027	7,740,000	8,098,952
4.00%, 9/1/2028	1,800,000	1,929,908
4.00%, 8/1/2033	205,000	209,801
4.00%, 10/1/2033	1,175,000	1,292,733
4.00%, 10/1/2034	900,000	985,236
4.00%, 10/1/2035	1,700,000	1,850,069
4.00%, 3/1/2036	14,170,000	15,189,320
4.00%, 10/1/2036	4,605,000	4,932,554
4.00%, 10/1/2037	2,100,000	2,209,456
4.00%, 10/1/2039	2,500,000	2,601,737
4.00%, 11/1/2039	3,145,000	3,312,388
4.00%, 10/1/2041	645,000	674,814
4.00%, 10/1/2042	1,115,000	1,172,681
Series CU, 4.55%, 12/1/2037	1,000,000	1,102,101
5.00%, 10/1/2024	2,335,000	2,374,010
5.00%, 9/1/2025	4,500,000	4,676,743
5.00%, 8/1/2028	300,000	311,197
5.00%, 10/1/2028	5,040,000	5,647,878
5.00%, 11/1/2028	1,210,000	1,358,617
5.00%, 8/1/2029	550,000	583,095
5.00%, 10/1/2029	2,685,000	3,077,214
5.00%, 10/1/2030	6,390,000	7,444,537
5.00%, 11/1/2030	500,000	547,197
5.00%, 12/1/2030	1,000,000	1,173,406

Security Description	Principal Amount	Value
5.00%, 4/1/2031	$ 1,485,000	$ 1,753,396
5.00%, 10/1/2031	7,105,000	8,153,552
5.00%, 11/1/2031	1,195,000	1,363,445
5.00%, 12/1/2031	1,000,000	1,195,126
5.00%, 3/1/2032	280,000	286,649
5.00%, 9/1/2032	3,000,000	3,633,598
5.00%, 3/1/2033	10,740,000	12,388,564
5.00%, 4/1/2033	3,000,000	3,667,300
5.00%, 10/1/2033	3,115,000	3,671,576
5.00%, 3/1/2034	810,000	932,974
5.00%, 10/1/2034	4,300,000	5,238,152
5.00%, 11/1/2034	655,000	725,810
5.00%, 8/1/2035	440,000	462,917
5.00%, 10/1/2035	4,935,000	5,918,677
5.00%, 9/1/2036	4,495,000	5,364,345
5.00%, 10/1/2036	1,860,000	2,239,614
5.00%, 10/1/2039	1,000,000	1,175,591
5.00%, 10/1/2042	1,265,000	1,460,774
Series A, 5.00%, 11/1/2026	5,000,000	5,347,967
Series A, 5.00%, 11/1/2027	5,645,000	6,186,699
Series B, 5.00%, 11/1/2031	10,655,000	12,715,016
Series B, 5.00%, 11/1/2032	5,000,000	6,073,638
Series C, 5.00%, 11/1/2042	8,350,000	9,591,521
Sunnyvale Financing Authority Revenue, CA 4.00%, 4/1/2045	1,900,000	1,932,885
University of California Revenue, CA:
Series M, 3.00%, 5/15/2037	800,000	769,146
Series BH, 4.00%, 5/15/2046	1,720,000	1,744,144
Series AR, 5.00%, 5/15/2030	580,000	613,818
Series AR, 5.00%, 5/15/2032	120,000	126,611
Series AR, 5.00%, 5/15/2034	500,000	526,576
Series BN, 5.00%, 5/15/2043	15,000,000	17,394,358
Series BQ, 5.00%, 5/15/2029	30,000,000	34,474,146
Series K, 5.00%, 5/15/2031	460,000	485,594
Series M, 5.00%, 5/15/2030	200,000	217,746
Series M, 5.00%, 5/15/2032	295,000	320,315
Val Verde Unified School District, General Obligation, CA Series B, AGM, 4.00%, 8/1/2046 (a)	800,000	811,448
West Basin Municipal Water District Revenue, CA Series A, 5.00%, 8/1/2029	165,000	174,560
West County Facilities Financing Authority Revenue, CA 4.00%, 6/1/2046	1,500,000	1,519,017
West Hollywood Public Financing Authority Revenue, CA:
Series A, 4.00%, 4/1/2046	3,500,000	3,563,257
Series A, 5.00%, 4/1/2044	525,000	566,727
		713,677,750

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
COLORADO — 1.9%
Adams & Arapahoe Joint School District 28J Aurora, General Obligation, CO:
5.00%, 12/1/2024	$ 1,740,000	$ 1,774,745
Series A, 5.00%, 12/1/2031	485,000	512,657
Adams 12 Five Star Schools, General Obligation, CO Series B, 5.00%, 12/15/2029	190,000	202,616
Adams County School District No. 1, General Obligation, CO 5.00%, 12/1/2036	350,000	369,048
Board of Water Commissioners City & County of Denver Revenue, CO Series A, 5.00%, 12/15/2047	9,115,000	10,166,332
City & County of Broomfield Water Revenue, CO:
4.00%, 12/1/2043	920,000	937,167
4.00%, 12/1/2046	900,000	906,130
City & County of Denver Airport System Revenue, CO Series B, 5.00%, 11/15/2047	3,670,000	4,077,611
City & County of Denver Pledged Excise Tax Revenue, CO:
Series A-2, Zero Coupon, 8/1/2039	1,500,000	760,565
Series A, 4.00%, 8/1/2041	1,145,000	1,167,895
City & County of Denver, Certificate Participation, CO 5.00%, 12/1/2037	1,220,000	1,437,266
City & County of Denver, General Obligation, CO Series B, 5.00%, 8/1/2028	2,100,000	2,347,932
City of Brighton Water Activity Revenue, CO 5.00%, 6/1/2047	2,000,000	2,201,822
City of Colorado Springs Utilities System Revenue, CO:
Series A, 4.00%, 11/15/2045	1,115,000	1,124,751
Series B, 5.00%, 11/15/2026	3,010,000	3,221,176
Denver City & County School District No. 1, General Obligation, CO:
3.00%, 12/1/2036	525,000	501,858
5.00%, 12/1/2033	515,000	602,218
Series A, 5.50%, 12/1/2024	260,000	266,163
Douglas County School District No. Re-1 Douglas & Elbert Counties, General Obligation, CO 5.00%, 12/15/2030	565,000	632,505
El Paso County School District No. 20 Academy, General Obligation, CO 5.00%, 12/15/2029	115,000	122,974

Security Description	Principal Amount	Value
El Paso County School District No. 49 Falcon, Certificate Participation, CO 4.00%, 12/15/2046	$ 2,030,000	$ 2,020,647
Grand County School District No. 2 East Grand, General Obligation, CO 4.00%, 12/1/2046	525,000	525,737
Larimer County School District No. R-1 Poudre, General Obligation, CO 5.00%, 12/15/2040	585,000	633,545
Mesa County Valley School District No. 51 Grand Junction, General Obligation, CO:
5.00%, 12/1/2029	200,000	218,711
5.25%, 12/1/2033	250,000	273,847
Metro Wastewater Reclamation District Revenue, CO Series A, 2.00%, 4/1/2039	535,000	406,510
Pueblo City Schools, General Obligation, CO:
5.00%, 12/15/2026	10,000	10,726
5.00%, 12/15/2027	625,000	687,057
5.00%, 12/15/2031	2,340,000	2,672,738
Regional Transportation District Sales Tax Revenue, CO:
Series A, 5.00%, 11/1/2026	2,500,000	2,672,568
Series A, 5.00%, 11/1/2033	1,000,000	1,221,384
State of Colorado, Certificate Participation, CO:
Series A, 3.00%, 12/15/2036	1,085,000	1,033,351
Series A, 4.00%, 12/15/2036	1,000,000	1,064,089
Series A, 4.00%, 12/15/2037	2,865,000	2,991,887
Series A, 4.00%, 12/15/2038	780,000	807,472
Series A, 4.00%, 12/15/2039	1,400,000	1,439,103
Series R, 4.00%, 3/15/2045	2,350,000	2,358,364
Series A, 5.00%, 12/15/2024	2,085,000	2,127,180
Series A, 5.00%, 12/15/2026	3,000,000	3,213,249
Series A, 5.00%, 12/15/2030	740,000	856,602
Series L, 5.00%, 3/15/2025	150,000	153,957
Series M, 5.00%, 3/15/2031	500,000	546,595
University of Colorado Revenue, CO:
Series B1, 2.50%, 6/1/2028	175,000	169,063
Series B1, 2.75%, 6/1/2029	320,000	311,071
Series A2, 3.25%, 6/1/2037	340,000	331,004
Series A, 4.00%, 6/1/2031	6,000,000	6,638,932
Series A, 4.00%, 6/1/2033	1,270,000	1,414,707
Series B1, 4.00%, 6/1/2038	415,000	420,173
Series A, 5.00%, 6/1/2027	25,000	25,697
Series C, 5.00%, 6/1/2046	500,000	545,303

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Weld County School District No. 6 Greeley, General Obligation, CO 4.00%, 12/1/2045	$ 1,210,000	$ 1,221,170
		72,345,870
CONNECTICUT — 3.3%
City of Hartford Revenue, CT:
5.00%, 4/1/2031	4,400,000	5,118,626
5.00%, 4/1/2032	2,750,000	3,242,923
Connecticut State Health & Educational Facilities Authority Revenue, CT Series C-2, 2.80%, 7/1/2057 (b)	11,015,000	11,022,234
Metropolitan District, General Obligation, CT:
Series A, 4.00%, 9/1/2041	500,000	510,198
Series C, AGM, 4.00%, 11/1/2034 (a)	430,000	441,126
State of Connecticut Clean Water Fund-State Revolving Fund Revenue, CT Series A, 5.00%, 2/1/2037	2,835,000	3,143,441
State of Connecticut Special Tax Revenue, CT:
Series A, 4.00%, 5/1/2038	2,660,000	2,776,609
Series D, 4.00%, 11/1/2040	2,355,000	2,434,647
Series A, 5.00%, 7/1/2028	5,000,000	5,556,625
Series A, 5.00%, 7/1/2038	2,000,000	2,352,555
Series A, 5.00%, 5/1/2040	500,000	552,737
Series B, 5.00%, 7/1/2029	5,500,000	6,243,749
Series B, 5.00%, 7/1/2031	9,175,000	10,814,242
Series C, 5.00%, 1/1/2028	750,000	823,874
State of Connecticut, General Obligation, CT:
Series 2021-A, 3.00%, 1/15/2034	700,000	693,712
Series 2021-A, 3.00%, 1/15/2037	615,000	585,419
Series 2021-A, 3.00%, 1/15/2040	2,300,000	2,051,734
Series A, 3.00%, 1/15/2039	800,000	724,397
Series B, 3.00%, 1/15/2040	2,000,000	1,784,117
Series A, 4.00%, 1/15/2025	425,000	430,116
Series A, 4.00%, 1/15/2028	2,175,000	2,298,797
Series A, 4.00%, 1/15/2030	4,850,000	5,259,530
Series A, 4.00%, 1/15/2032	2,000,000	2,201,690
Series A, 4.00%, 1/15/2035	510,000	542,551
Series A, 4.00%, 4/15/2037	1,750,000	1,814,777
Series B, 4.00%, 6/1/2030	750,000	816,785
Series B, 4.00%, 1/15/2036	2,825,000	3,033,984
Series C, 4.00%, 6/1/2025	500,000	508,471
Series C, 4.00%, 6/1/2036	915,000	967,841
Series C, 4.00%, 6/1/2037	825,000	865,469
Series C, 4.00%, 6/1/2038	500,000	519,462
Series D, 5.00%, 9/15/2028	1,000,000	1,116,605

Security Description	Principal Amount	Value
Series A, 5.00%, 1/15/2026	$ 4,660,000	$ 4,875,743
Series A, 5.00%, 1/15/2028	1,240,000	1,363,364
Series A, 5.00%, 4/15/2029	530,000	585,978
Series B, 5.00%, 8/1/2025	2,665,000	2,757,591
Series B, 5.00%, 2/15/2029	750,000	844,910
Series C, 5.00%, 3/1/2031 (c)	8,510,000	9,967,116
Series C, 5.00%, 3/1/2033 (c)	4,000,000	4,844,364
Series C, 5.00%, 3/1/2034 (c)	7,440,000	9,149,591
Series E, 5.00%, 11/15/2030	4,600,000	5,361,236
University of Connecticut Revenue, CT:
Series A, 5.00%, 5/1/2026	1,600,000	1,686,711
Series A, 5.00%, 8/15/2033	1,100,000	1,336,033
Series A, 5.00%, 2/15/2041	1,000,000	1,100,654
		125,122,334
DELAWARE — 0.4%
Delaware Transportation Authority Revenue, DE 5.00%, 7/1/2031	515,000	598,853
State of Delaware, General Obligation, DE:
Series A, 2.00%, 1/1/2036	825,000	699,548
Series A, 5.00%, 1/1/2025	805,000	823,071
Series A, 5.00%, 2/1/2029	495,000	547,559
Series A, 5.00%, 5/1/2029	1,060,000	1,206,102
Series A, 5.00%, 2/1/2032	300,000	331,460
Series A, 5.00%, 5/1/2033	3,000,000	3,678,032
Series A, 5.00%, 5/1/2038	5,000,000	5,879,134
		13,763,759
DISTRICT OF COLUMBIA — 2.2%
District of Columbia Income Tax Revenue, DC:
Series A, 2.63%, 3/1/2045	635,000	489,523
Series A, 4.00%, 3/1/2037	5,000,000	5,232,005
Series C, 4.00%, 5/1/2038	500,000	519,929
Series C, 4.00%, 5/1/2039	1,000,000	1,037,130
Series A, 5.00%, 3/1/2027	800,000	863,561
Series A, 5.00%, 3/1/2029	875,000	990,712
Series A, 5.00%, 3/1/2033	555,000	631,767
Series A, 5.00%, 3/1/2035	700,000	787,411
Series A, 5.00%, 5/1/2039	2,340,000	2,737,397
Series A, 5.00%, 5/1/2040	2,000,000	2,327,191
Series A, 5.00%, 5/1/2041	835,000	966,479
Series A, 5.00%, 7/1/2041	4,225,000	4,831,338
Series A, 5.00%, 5/1/2042	2,000,000	2,299,690
Series A, 5.00%, 7/1/2047	16,690,000	18,526,888
Series B, 5.00%, 10/1/2027	500,000	547,607
Series C, 5.00%, 5/1/2027	650,000	704,548
Series C, 5.00%, 10/1/2029	780,000	893,939
Series C, 5.00%, 10/1/2033	1,000,000	1,231,526
Series A, 5.25%, 5/1/2048	2,185,000	2,485,999
Series A, 5.50%, 7/1/2047	3,360,000	3,865,695

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
District of Columbia Water & Sewer Authority Revenue, DC:
Series A, VRN, 5.00%, 10/1/2032	$ 300,000	$ 313,220
Series A, VRN, 5.00%, 10/1/2036	470,000	485,434
District of Columbia, General Obligation, DC:
Series A, 4.00%, 6/1/2035	225,000	230,422
Series D, 4.00%, 6/1/2034	400,000	414,916
Series A, 5.00%, 6/1/2029	510,000	566,514
Series A, 5.00%, 6/1/2032	330,000	356,759
Series A, 5.00%, 6/1/2033	300,000	324,170
Series A, 5.00%, 6/1/2034	225,000	242,913
Series A, 5.00%, 10/15/2040	570,000	624,254
Series A, 5.00%, 1/1/2045	10,000,000	11,295,418
Series D, 5.00%, 6/1/2032	505,000	545,950
Series D, 5.00%, 2/1/2046	7,180,000	7,900,097
Series E, 5.00%, 6/1/2032	145,000	154,102
Washington Metropolitan Area Transit Authority Dedicated Revenue, DC:
Series A, 3.00%, 7/15/2043	1,550,000	1,339,605
Series A, 4.00%, 7/15/2043	1,400,000	1,414,118
Series A, 5.00%, 7/15/2025	500,000	517,063
Series A, 5.00%, 7/15/2037	500,000	566,175
Series A, 5.00%, 7/15/2038	500,000	561,174
Series A, 5.00%, 7/15/2041	4,535,000	5,046,803
Washington Metropolitan Area Transit Authority Revenue, DC:
Series A-1, 5.00%, 7/1/2024	170,000	171,745
Series B, 5.00%, 7/1/2029	150,000	161,918
Series B, 5.00%, 7/1/2030	350,000	377,285
		85,580,390
FLORIDA — 2.9%
Broward County Water & Sewer Utility Revenue, FL Series A, 5.00%, 10/1/2040	625,000	686,389
Central Florida Expressway Authority Revenue, FL AGM, 4.00%, 7/1/2038 (a)	730,000	761,706
Central Florida Tourism Oversight District, General Obligation, FL:
Series A, 4.00%, 6/1/2031	500,000	518,088
Series A, 4.00%, 6/1/2035	375,000	382,520
Series A, 5.00%, 6/1/2033	500,000	535,206
Series A, 5.00%, 6/1/2036	500,000	529,900
Series A, 5.00%, 6/1/2037	450,000	473,690
City of Gainesville Utilities System Revenue, FL:
Series A, 5.00%, 10/1/2024	125,000	126,828
Series A, 5.00%, 10/1/2032	270,000	294,859
Series A, 5.00%, 10/1/2035	500,000	535,702

Security Description	Principal Amount	Value
Series A, 5.00%, 10/1/2036	$ 500,000	$ 535,525
City of Jacksonville Revenue, FL:
Series A, 5.00%, 10/1/2025	2,000,000	2,080,874
Series A, 5.00%, 10/1/2029	1,590,000	1,813,065
Series A, 5.00%, 10/1/2033	1,035,000	1,163,921
Series A, 5.00%, 10/1/2034	500,000	561,671
Series B, 5.00%, 10/1/2028	500,000	529,976
City of Melbourne Water & Sewer Revenue, FL 5.00%, 11/15/2047	1,400,000	1,560,313
City of Miami Revenue, FL Series A, 5.00%, 3/1/2048	8,800,000	9,699,480
City of Port St. Lucie, Special Assessment, FL:
BAM, 3.00%, 7/1/2037 (a)	410,000	377,514
BAM, 3.00%, 7/1/2041 (a)	510,000	446,480
3.25%, 7/1/2045	125,000	108,960
City of Tallahassee Energy System Revenue, FL:
5.00%, 10/1/2029	225,000	227,616
5.00%, 10/1/2032	195,000	200,385
City of Tallahassee Utility System Revenue, FL 5.00%, 10/1/2036	600,000	605,650
County of Broward Convention Center Hotel Revenue, FL 5.00%, 1/1/2040	6,200,000	6,950,134
County of Broward Tourist Development Tax Revenue, FL:
4.00%, 9/1/2037	3,160,000	3,270,998
5.00%, 9/1/2025	2,500,000	2,565,286
5.00%, 9/1/2032	655,000	755,504
County of Miami-Dade Revenue, FL Series B, 3.13%, 4/1/2037	230,000	210,347
County of Miami-Dade Transit System Revenue, FL:
3.00%, 7/1/2028	150,000	151,026
3.00%, 7/1/2038	585,000	530,704
3.13%, 7/1/2029	130,000	131,115
County of Miami-Dade Water & Sewer System Revenue, FL:
Series B, 3.13%, 10/1/2039	500,000	449,819
4.00%, 10/1/2038	810,000	847,267
5.00%, 10/1/2034	725,000	800,495
5.00%, 10/1/2035	650,000	715,531
5.00%, 10/1/2046	775,000	817,143
County of Miami-Dade, General Obligation, FL 2.38%, 7/1/2040	955,000	738,519
County of Sarasota Utility System Revenue, FL 5.25%, 10/1/2047	4,000,000	4,513,318

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
East Central Regional Wastewater Treatment Facilities Operation Board Revenue, FL 5.00%, 10/1/2039	$ 220,000	$ 223,300
Florida Department of Environmental Protection Revenue, FL:
Series A, 5.00%, 7/1/2025	105,000	108,436
Series A, 5.00%, 7/1/2027	545,000	590,154
Series A, 5.00%, 7/1/2028	275,000	304,501
Florida Department of Management Services Revenue, FL Series A, 5.00%, 9/1/2025	160,000	165,781
Florida Department of Management Services, Certificate Participation, FL:
Series A, 2.00%, 11/1/2038	725,000	557,821
Series A, 3.00%, 11/1/2035	1,000,000	986,616
Series A, 3.00%, 11/1/2037	950,000	895,033
Series A, 5.00%, 8/1/2023	15,000	15,000
Series A, 5.00%, 8/1/2025	170,000	175,880
JEA Electric System Revenue, FL:
Series III-B, 3.38%, 10/1/2034	150,000	150,004
Series B, 5.00%, 10/1/2029	215,000	232,230
Series B, 5.00%, 10/1/2030	125,000	134,730
Series III-B, 5.00%, 10/1/2026	265,000	281,286
JEA Water & Sewer System Revenue, FL:
Series A, 3.00%, 10/1/2037	500,000	465,527
Series A, 3.25%, 10/1/2035	100,000	100,005
Series A, 3.25%, 10/1/2036	250,000	249,993
Series A, 3.38%, 10/1/2041	615,000	580,139
Series A, 5.00%, 10/1/2028	185,000	201,384
Series A, 5.00%, 10/1/2034	625,000	710,573
Series A, 5.00%, 10/1/2035	585,000	665,433
Orange County School Board, Certificate Participation, FL:
Series A, 5.00%, 8/1/2032	690,000	819,151
Series C, 5.00%, 8/1/2029	500,000	517,372
Series D, 5.00%, 8/1/2029	310,000	321,209
Series D, 5.00%, 8/1/2031	450,000	466,271
Series D, 5.00%, 8/1/2032	110,000	113,977
Orlando Utilities Commission Revenue, FL:
Series A, 5.00%, 10/1/2040	1,280,000	1,471,763
Series A, 5.00%, 10/1/2041	1,800,000	2,063,248
Series A, 5.00%, 10/1/2042	4,000,000	4,578,908
Palm Beach County School District, Certificate Participation, FL:
Series A, 5.00%, 8/1/2027	230,000	249,458
Series C, 5.00%, 8/1/2029	250,000	277,014

Security Description	Principal Amount	Value
Polk County School District Revenue, FL:
5.00%, 10/1/2030	$ 1,070,000	$ 1,216,121
5.00%, 10/1/2031	500,000	567,798
Sarasota County School Board, Certificate Participation, FL:
Series A, 5.00%, 7/1/2033	1,435,000	1,723,566
Series A, 5.00%, 7/1/2034	2,750,000	3,296,880
Series A, 5.00%, 7/1/2035	2,750,000	3,281,523
School Board of Miami-Dade County, General Obligation, FL:
3.25%, 3/15/2033	270,000	270,210
5.00%, 3/15/2030	250,000	268,297
School District of Broward County, General Obligation, FL 5.00%, 7/1/2045	625,000	693,258
South Florida Water Management District, Certificate Participation, FL:
5.00%, 10/1/2027	165,000	173,373
5.00%, 10/1/2032	300,000	314,086
State of Florida Department of Transportation Revenue, FL 5.00%, 7/1/2032	525,000	583,651
State of Florida Department of Transportation Turnpike System Revenue, FL:
Series B, 2.00%, 7/1/2044	565,000	383,596
Series B, 2.13%, 7/1/2046	1,085,000	730,534
Series A, 3.00%, 7/1/2036	590,000	560,869
Series B, 3.00%, 7/1/2043	725,000	625,828
Series C, 3.00%, 7/1/2046	8,870,000	7,416,645
Series A, 4.00%, 7/1/2043	7,700,000	7,838,909
Series A, 4.00%, 7/1/2036	560,000	576,895
Series B, 5.00%, 7/1/2024	225,000	227,321
Series C, 5.00%, 7/1/2030	300,000	316,199
State of Florida Lottery Revenue, FL Series A, 5.00%, 7/1/2024	330,000	333,551
State of Florida, General Obligation, FL:
Series E, 2.38%, 6/1/2031	295,000	277,787
Series A, 5.00%, 6/1/2024	170,000	171,478
Series A, 5.00%, 6/1/2027	890,000	967,002
Series B, 5.00%, 6/1/2028	1,815,000	2,021,176
Series B, 5.00%, 6/1/2029	5,215,000	5,941,463
Series B, 5.00%, 6/1/2030	135,000	146,066
Series F, 5.00%, 6/1/2024	110,000	110,956
Series F, 5.00%, 6/1/2029	125,000	132,000
Tohopekaliga Water Authority Revenue, FL 4.00%, 10/1/2034	110,000	112,635

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
University of Florida Department of Housing & Residence Education Housinsg System Revenue Bonds, FL Series A, 2.25%, 7/1/2046	$ 865,000	$ 590,406
		108,745,800
GEORGIA — 2.0%
City of Atlanta Airport Passenger Facility Charge Revenue, GA:
Series C, 5.00%, 7/1/2036	660,000	738,733
Series C, 5.00%, 7/1/2038	495,000	546,374
City of Atlanta Department of Aviation Revenue, GA Series A, 5.00%, 7/1/2047	5,000,000	5,535,509
City of Atlanta Water & Wastewater Revenue, GA Series B, 3.50%, 11/1/2043	225,000	212,662
City of Atlanta, General Obligation, GA:
Series A-1, 5.00%, 12/1/2031	3,385,000	4,021,251
Series A-1, 5.00%, 12/1/2032	2,000,000	2,416,870
County of DeKalb Water & Sewerage Revenue, GA:
5.00%, 10/1/2026	10,000,000	10,674,792
5.00%, 10/1/2030	5,000,000	5,824,443
5.00%, 10/1/2044	8,000,000	8,966,114
Forsyth County School District, General Obligation, GA 5.00%, 2/1/2032	570,000	653,992
Georgia Ports Authority Revenue, GA:
4.00%, 7/1/2037	1,000,000	1,069,432
4.00%, 7/1/2047	1,390,000	1,412,074
5.00%, 7/1/2029	475,000	540,808
5.00%, 7/1/2032	475,000	572,022
Georgia State Road & Tollway Authority Revenue, GA Series A, 4.00%, 7/15/2035	500,000	546,385
Metropolitan Atlanta Rapid Transit Authority Revenue, GA Series C, 3.25%, 7/1/2039	560,000	533,179
Private Colleges & Universities Authority Revenue, GA Series B, 4.00%, 9/1/2041	780,000	806,031
Richmond County Board of Education, General Obligation, GA:
5.00%, 10/1/2025	4,350,000	4,521,360
5.00%, 10/1/2027	5,500,000	6,017,472
State of Georgia, General Obligation, GA:
Series A, 3.00%, 7/1/2041	800,000	731,473
Series A, 4.00%, 7/1/2035	3,275,000	3,585,230
Series A, 4.00%, 7/1/2038	2,660,000	2,833,569
Series A-2, 5.00%, 2/1/2031	505,000	545,027
Series C, 5.00%, 7/1/2030	9,070,000	10,531,131

Security Description	Principal Amount	Value
Series E, 5.00%, 12/1/2025	$ 360,000	$ 376,693
Series F, 5.00%, 1/1/2024	545,000	545,000
		74,757,626
HAWAII — 0.6%
City & County Honolulu Wastewater System Revenue, HI:
Series B, 4.00%, 7/1/2032	560,000	574,579
4.25%, 7/1/2042	1,000,000	1,041,959
4.50%, 7/1/2048	2,625,000	2,724,133
Series A, 5.00%, 7/1/2035	500,000	545,532
Series B, 5.00%, 7/1/2024	170,000	171,787
City & County of Honolulu, General Obligation, HI:
Series A, 4.00%, 7/1/2041	500,000	512,107
Series A, 5.00%, 10/1/2028	150,000	155,434
Series B, 5.00%, 3/1/2025	550,000	564,188
Series B, 5.00%, 10/1/2029	530,000	548,557
Series B, 5.00%, 10/1/2030	210,000	217,316
Series B, 5.00%, 3/1/2031	500,000	572,507
Series C, 5.00%, 8/1/2032	565,000	638,806
Series C, 5.00%, 7/1/2033	750,000	862,163
Series C, 5.00%, 7/1/2035	915,000	1,045,113
Series D, 5.00%, 3/1/2026	1,500,000	1,575,010
Series D, 5.00%, 3/1/2029	1,000,000	1,129,121
Series E, 5.00%, 3/1/2026	1,090,000	1,144,507
Series E, 5.00%, 3/1/2028	2,000,000	2,207,130
County of Hawaii, General Obligation, HI:
4.00%, 9/1/2042	1,750,000	1,784,287
4.00%, 9/1/2043	1,250,000	1,266,839
State of Hawaii State Highway Fund Revenue, HI:
5.00%, 1/1/2036	500,000	578,238
Series B, 5.00%, 1/1/2025	200,000	204,291
Series B, 5.00%, 1/1/2027	215,000	226,929
Series B, 5.00%, 1/1/2029	265,000	279,047
State of Hawaii, General Obligation, HI:
Series FE, 5.00%, 10/1/2024	260,000	264,093
Series FG, 5.00%, 10/1/2029	395,000	418,574
Series FH, 5.00%, 10/1/2027	370,000	392,485
Series FN, 5.00%, 10/1/2025	335,000	348,313
		21,993,045
IDAHO — 0.1%
Idaho Housing & Finance Association Revenue, ID Series A, 5.25%, 8/15/2048	2,445,000	2,775,669
ILLINOIS — 2.1%
Champaign County Community Unit School District No. 4 Champaign, General Obligation, IL:
5.00%, 1/1/2031	545,000	567,530

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series A, 5.00%, 1/1/2034	$ 1,160,000	$ 1,265,740
Chicago Park District, General Obligation, IL:
Series C, BAM, 4.00%, 1/1/2042 (a)	500,000	500,414
Series C, 5.00%, 1/1/2028	1,200,000	1,295,848
Series F-2, 5.00%, 1/1/2039	1,625,000	1,745,080
Chicago Transit Authority Sales Tax Receipts Fund Revenue, IL Series A, BAM, 5.00%, 12/1/2046 (a)	1,000,000	1,076,488
City of Chicago Waterworks Revenue, IL:
Series B, AGM, 5.00%, 11/1/2037 (a)	1,000,000	1,152,384
Series B, AGM, 5.00%, 11/1/2039 (a)	3,340,000	3,801,966
AGM, 5.25%, 11/1/2031 (a)	250,000	271,449
Cook Kane Lake & McHenry Counties Community College District No. 512, General Obligation, IL Series B, 5.00%, 12/1/2028	535,000	599,787
County of Cook Sales Tax Revenue, IL:
4.00%, 11/15/2039	690,000	694,280
Series A, 4.00%, 11/15/2040	1,745,000	1,756,836
Illinois Finance Authority Revenue, IL:
4.00%, 1/1/2025	350,000	353,517
4.00%, 7/1/2025	385,000	391,320
4.00%, 7/1/2033	1,000,000	1,082,238
4.00%, 12/1/2035	620,000	650,089
4.00%, 7/1/2038	4,250,000	4,392,593
4.00%, 7/1/2039	1,215,000	1,254,706
5.00%, 7/1/2024	430,000	434,076
5.00%, 1/1/2027	285,000	298,194
5.00%, 7/1/2027	565,000	604,938
5.00%, 1/1/2028	250,000	267,854
5.00%, 7/1/2028	125,000	130,762
5.00%, 7/1/2029	165,000	172,049
5.00%, 1/1/2030	350,000	364,538
5.00%, 7/1/2030	570,000	659,025
5.00%, 7/1/2032	520,000	556,737
5.00%, 7/1/2033	1,120,000	1,225,967
5.00%, 7/1/2036	125,000	133,078
Series A, 5.00%, 10/1/2028	3,000,000	3,337,560
Illinois State Toll Highway Authority Revenue, IL:
Series A, 4.00%, 1/1/2042	2,250,000	2,276,453
Series A, 4.00%, 1/1/2046	615,000	609,741
Series A, 5.00%, 1/1/2030 (c)	1,225,000	1,396,353
Series A, 5.00%, 1/1/2032 (c)	2,875,000	3,408,665
Series A, 5.00%, 1/1/2033 (c)	2,000,000	2,402,223
Series A, 5.00%, 1/1/2034 (c)	2,765,000	3,374,620

Security Description	Principal Amount	Value
Series A, 5.00%, 1/1/2035	$ 480,000	$ 519,309
Series A, 5.00%, 1/1/2035 (c)	2,850,000	3,483,990
Series A, 5.00%, 1/1/2036 (c)	1,200,000	1,458,815
Series A, 5.00%, 1/1/2038 (c)	1,000,000	1,182,780
Series A, 5.00%, 1/1/2039	610,000	648,722
Series A, 5.00%, 1/1/2041	1,000,000	1,140,454
Series A, 5.00%, 1/1/2042	2,250,000	2,515,633
Series A, 5.00%, 1/1/2043	1,275,000	1,422,939
Series B, 5.00%, 1/1/2036	215,000	225,715
Series B, 5.00%, 1/1/2037	320,000	321,526
Series C, 5.00%, 1/1/2028	315,000	321,907
Series C, 5.00%, 1/1/2031	2,000,000	2,283,310
Series C, 5.00%, 1/1/2036	215,000	219,833
Series A, 5.25%, 1/1/2043	1,000,000	1,150,849
Series A, 5.25%, 1/1/2045	2,705,000	3,089,566
Kane Cook & DuPage Counties School District No. U-46 Elgin, General Obligation, IL Series D, 5.00%, 1/1/2035	485,000	485,000
Kendall Kane & Will Counties Community Unit School District No. 308, General Obligation, IL 4.00%, 2/1/2032	510,000	519,109
Metropolitan Water Reclamation District of Greater Chicago, General Obligation, IL Series C, 5.00%, 12/1/2031	1,100,000	1,293,747
Sales Tax Securitization Corp. Revenue, IL:
Series A, 5.00%, 1/1/2030	6,500,000	7,332,377
Series A, 5.00%, 1/1/2031	750,000	858,504
Series A, 5.00%, 1/1/2033	3,000,000	3,485,372
Series A, BAM, 5.00%, 1/1/2037 (a)	900,000	983,045
		79,447,600
INDIANA — 0.9%
City of Fishers Sewage Works Revenue, IN BAM, 4.00%, 7/1/2045 (a)	1,400,000	1,401,296
Indiana Finance Authority Revenue, IN:
Series A, BAM, 4.00%, 10/1/2046 (a)	500,000	501,308
Series D, 4.00%, 8/1/2041	300,000	310,776
Series 1, 5.00%, 10/1/2024	2,300,000	2,335,008
Series 1, 5.00%, 10/1/2034	9,685,000	11,373,127
Series A, 5.00%, 6/1/2028	145,000	159,243
Series A, 5.00%, 2/1/2034	500,000	543,785
Series A, 5.00%, 6/1/2035	645,000	708,357
Series A, 5.00%, 10/1/2035	1,250,000	1,489,859
Series B, 5.00%, 2/1/2026	3,250,000	3,409,521
Series C, 5.00%, 6/1/2028	270,000	287,495
Series C, 5.00%, 2/1/2029	795,000	876,477
Series E, 5.00%, 2/1/2027	110,000	116,843

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Indianapolis Local Public Improvement Bond Bank Revenue, IN:
Series A, 4.00%, 2/1/2038	$ 500,000	$ 512,973
Series C, 4.00%, 1/1/2037	670,000	690,167
Series A, 5.00%, 2/1/2030	500,000	560,864
Series B, 5.25%, 2/1/2048	2,230,000	2,524,791
Series D, 6.00%, 2/1/2048	3,510,000	4,228,160
IPS Multi-School Building Corp. Revenue, IN:
5.00%, 7/15/2033	1,100,000	1,271,643
5.00%, 7/15/2035	1,250,000	1,440,720
		34,742,413
IOWA — 0.3%
Iowa Finance Authority Revenue, IA:
Series A, 5.00%, 8/1/2034	500,000	579,869
Series A, 5.00%, 8/1/2035	1,000,000	1,218,615
Series A, 5.00%, 8/1/2040	1,500,000	1,745,677
Series A, 5.00%, 8/1/2046	760,000	845,943
Series A, 5.00%, 8/1/2047	5,000,000	5,596,859
State of Iowa Revenue, IA Series A, 5.00%, 6/1/2028	100,000	105,408
		10,092,371
KANSAS — 0.2%
County of Johnson, General Obligation, KS Series A, 5.00%, 9/1/2029	550,000	597,761
Kansas Development Finance Authority Revenue, KS Series SR, 5.00%, 5/1/2043	4,800,000	5,467,147
State of Kansas Department of Transportation Revenue, KS:
5.00%, 9/1/2026	490,000	508,108
5.00%, 9/1/2027	390,000	404,412
5.00%, 9/1/2034	270,000	277,491
Series A, 5.00%, 9/1/2026	100,000	106,431
		7,361,350
KENTUCKY — 0.3%
Kentucky State Property & Building Commission Revenue, KY Series A, AGM, 5.00%, 11/1/2025 (a)	3,000,000	3,120,769
Kentucky Turnpike Authority Revenue, KY Series B, 5.00%, 7/1/2026	120,000	126,599
Louisville & Jefferson County Metropolitan Sewer District Revenue, KY:
Series A, 2.25%, 5/15/2043	700,000	511,946
Series C, 5.00%, 5/15/2026	2,550,000	2,693,284

Security Description	Principal Amount	Value
Louisville/Jefferson County Metropolitan Government, General Obligation, KY Series A, 5.00%, 12/1/2039	$ 4,560,000	$ 5,380,643
University of Kentucky Revenue, KY:
Series A, 3.13%, 10/1/2037	360,000	332,720
Series A, 3.25%, 4/1/2039	255,000	237,601
		12,403,562
LOUISIANA — 0.6%
East Baton Rouge Sewerage Commission Revenue, LA:
Series A, 1.30%, 2/1/2041 (b)	755,000	672,868
Series A, 4.00%, 2/1/2038	630,000	644,870
Ernest N Morial New Orleans Exhibition Hall Authority, Special Tax Revenue, LA 5.25%, 7/15/2048	5,000,000	5,476,691
Jefferson Parish Consolidated Waterworks District No. 2 Revenue, LA BAM, 4.00%, 2/1/2034 (a)	740,000	797,185
State of Louisiana Gasoline & Fuels Tax Revenue, LA:
Series B, 5.00%, 5/1/2025	520,000	535,255
Series C, 5.00%, 5/1/2030	405,000	437,813
State of Louisiana Revenue, LA:
5.00%, 9/1/2025	3,000,000	3,112,857
Series A, 5.00%, 9/1/2027	560,000	610,198
Series A, 5.00%, 6/15/2031	70,000	70,636
State of Louisiana, General Obligation, LA:
Series B, 4.00%, 10/1/2034	285,000	294,408
Series A, 5.00%, 4/1/2027	2,875,000	3,101,412
Series A, 5.00%, 2/1/2028	2,000,000	2,201,220
Series A, 5.00%, 2/1/2029	2,000,000	2,252,337
Series A, 5.00%, 3/1/2030	575,000	662,065
Series A, 5.00%, 3/1/2033	750,000	858,554
Series A, 5.00%, 3/1/2035	740,000	832,321
Series A, 5.00%, 3/1/2036	680,000	758,149
		23,318,839
MAINE — 0.0% (d)
State of Maine, General Obligation, ME Series B, 5.00%, 6/1/2027	700,000	759,365
MARYLAND — 2.9%
City of Baltimore Revenue, MD:
Series A, 4.00%, 7/1/2044	2,000,000	2,024,441
Series A, 4.00%, 7/1/2045	2,795,000	2,827,086
Series B, 4.00%, 7/1/2035	330,000	338,710
City of Baltimore, General Obligation, MD Series B, 5.00%, 10/15/2024	250,000	254,056

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
County of Anne Arundel, General Obligation, MD 5.00%, 10/1/2038	$ 530,000	$ 588,170
County of Baltimore, Certificate Participation, MD:
5.00%, 3/1/2028	700,000	772,203
5.00%, 3/1/2031	1,800,000	2,091,068
County of Baltimore, General Obligation, MD:
4.00%, 3/1/2034	565,000	598,495
Series 81, 4.00%, 3/1/2033	3,615,000	3,834,147
5.00%, 3/1/2026	775,000	815,260
5.00%, 3/1/2044	4,350,000	4,970,367
County of Harford, General Obligation, MD Series B, 5.00%, 7/1/2028	500,000	558,149
County of Montgomery, General Obligation, MD:
Series A, 3.00%, 8/1/2032	900,000	908,796
Series A, 3.00%, 8/1/2033	1,150,000	1,156,985
Series A, 3.00%, 11/1/2034	500,000	496,245
Series B, 4.00%, 11/1/2024	1,000,000	1,009,992
Series C, 4.00%, 10/1/2030	410,000	431,058
Series A, 5.00%, 11/1/2025	540,000	563,214
Series A, 5.00%, 8/1/2026	12,705,000	13,512,342
Series A, 5.00%, 11/1/2032	575,000	644,192
County of Prince George's, General Obligation, MD:
Series A, 5.00%, 7/15/2025	525,000	543,237
Series A, 5.00%, 7/1/2027	3,500,000	3,812,028
Maryland Stadium Authority Revenue, MD:
Series A, 5.00%, 3/1/2033	6,000,000	7,187,467
Series A, 5.00%, 3/1/2035	5,000,000	5,962,525
Series A, 5.00%, 3/1/2036	4,000,000	4,737,376
Maryland State Transportation Authority Revenue, MD 4.00%, 7/1/2045	2,525,000	2,553,987
State of Maryland Department of Transportation Revenue, MD:
Series A, 2.00%, 10/1/2034	5,465,000	4,660,982
5.00%, 10/1/2028	525,000	559,855
State of Maryland, General Obligation, MD:
Series C, 4.00%, 3/1/2028	3,000,000	3,203,564
5.00%, 3/15/2032	1,165,000	1,316,324
Series A, 5.00%, 8/1/2025	2,025,000	2,101,090
Series A, 5.00%, 3/15/2027	1,200,000	1,297,362
Series A, 5.00%, 6/1/2027	2,650,000	2,880,184
Series A, 5.00%, 8/1/2032	2,060,000	2,433,721
Series A, 5.00%, 3/15/2033	1,995,000	2,304,199
Series A, 5.00%, 6/1/2033	8,210,000	9,892,506
Series A, 5.00%, 6/1/2034	8,425,000	10,135,722
Series B, 5.00%, 8/1/2027	2,520,000	2,750,353
Series B, 5.00%, 8/1/2028	405,000	453,002

Security Description	Principal Amount	Value
Washington Suburban Sanitary Commission Revenue, MD:
2.00%, 12/1/2044	$ 2,380,000	$ 1,590,562
2.65%, 6/1/2026	500,000	496,100
3.00%, 6/15/2034	285,000	281,991
		109,549,113
MASSACHUSETTS — 3.5%
City of Boston, General Obligation, MA Series A, 5.00%, 11/1/2027	4,780,000	5,266,335
Commonwealth of Massachusetts Transportation Fund Revenue, MA:
Series A, 5.00%, 6/1/2042	1,040,000	1,158,673
Series B, 5.00%, 6/1/2048	6,500,000	7,239,910
Commonwealth of Massachusetts, General Obligation, MA:
Series C, 2.00%, 9/1/2042	1,600,000	1,128,016
Series C, 2.38%, 9/1/2043	2,255,000	1,679,750
Series C, 2.38%, 9/1/2044	1,650,000	1,206,916
Series C, 2.38%, 9/1/2046	1,400,000	988,015
Series B, 2.50%, 3/1/2043	500,000	385,019
Series A, 3.00%, 3/1/2035	3,645,000	3,593,090
Series D, 3.00%, 11/1/2038	750,000	691,535
Series D, 3.00%, 11/1/2041	2,200,000	1,938,106
Series D, 3.00%, 11/1/2042	1,975,000	1,713,391
Series E, 3.00%, 4/1/2044	180,000	153,937
Series D, 4.00%, 11/1/2041	650,000	676,483
Series A, 5.00%, 7/1/2024	670,000	677,176
Series A, 5.00%, 7/1/2025	595,000	615,888
Series A, 5.00%, 7/1/2026	600,000	636,873
Series A, 5.00%, 10/1/2031	1,500,000	1,789,677
Series A, 5.00%, 1/1/2039	1,020,000	1,109,640
Series A, 5.00%, 7/1/2040	520,000	576,816
Series A, 5.00%, 7/1/2045	2,835,000	3,092,363
Series B, 5.00%, 7/1/2027	115,000	125,293
Series B, 5.00%, 10/1/2027	3,000,000	3,289,034
Series B, 5.00%, 10/1/2031	1,500,000	1,789,677
Series C, 5.00%, 10/1/2027	350,000	383,721
Series C, 5.00%, 8/1/2039	3,000,000	3,513,184
Series C, 5.00%, 5/1/2042	530,000	574,090
Series C, 5.00%, 5/1/2044	1,000,000	1,078,246
Series D, 5.00%, 7/1/2027	620,000	675,491
Series D, 5.00%, 11/1/2028	13,500,000	15,191,007
Series E, 5.00%, 9/1/2027	1,000,000	1,094,050
Series E, 5.00%, 11/1/2049	2,515,000	2,777,762
Series F, 5.00%, 5/1/2028	530,000	589,250
Series A, 5.25%, 1/1/2044	800,000	869,303
Series C, 5.25%, 10/1/2047	14,000,000	15,842,770
Massachusetts Bay Transportation Authority Sales Tax Revenue, MA:
4.00%, 5/1/2025	3,530,000	3,571,037
Series A-1, 4.00%, 7/1/2048	10,000,000	10,114,235

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series A-1, 4.00%, 7/1/2039	$ 550,000	$ 578,826
Series A-1, 5.00%, 7/1/2025	1,115,000	1,153,312
Series A-2, 5.00%, 7/1/2032	1,500,000	1,812,807
Massachusetts Clean Water Trust Revenue, MA:
5.00%, 2/1/2032	3,250,000	3,911,740
5.00%, 2/1/2033	2,000,000	2,447,271
Series 19, 5.00%, 2/1/2031	250,000	261,711
Series 25B, 5.00%, 2/1/2037	400,000	478,506
Series 25B, 5.00%, 2/1/2038	300,000	353,088
Series 25B, 5.00%, 2/1/2039	350,000	408,965
Series 25B, 5.00%, 2/1/2041	1,000,000	1,157,245
Series 25B, 5.00%, 2/1/2042	450,000	518,177
Massachusetts Development Finance Agency Revenue, MA:
Series B, 5.00%, 11/15/2032	14,395,000	17,627,212
Series FF, 5.00%, 10/1/2026	2,250,000	2,399,974
Massachusetts School Building Authority Revenue, MA:
Series A, 4.00%, 8/15/2045	2,500,000	2,536,411
Series A, 5.00%, 2/15/2044	1,115,000	1,200,714
		134,641,718
MICHIGAN — 1.3%
Brighton Area School District, General Obligation, MI Series A, 5.00%, 5/1/2030	550,000	630,082
City of Lansing, General Obligation, MI:
Series B, AGM, 4.00%, 6/1/2038 (a)	4,375,000	4,604,943
Series B, AGM, 4.00%, 6/1/2039 (a)	2,250,000	2,335,058
Series B, AGM, 4.00%, 6/1/2040 (a)	2,500,000	2,574,291
Series B, AGM, 5.00%, 6/1/2041 (a)	4,430,000	4,978,661
Great Lakes Water Authority Sewage Disposal System Revenue, MI:
Series A, 5.00%, 7/1/2032	1,165,000	1,383,216
Series C, 5.25%, 7/1/2048	1,400,000	1,595,598
Great Lakes Water Authority Water Supply System Revenue, MI:
Series A, 5.00%, 7/1/2038	1,180,000	1,401,495
Series B, 5.25%, 7/1/2048	1,500,000	1,709,569
Macomb Interceptor Drain Drainage District, Special Assessment, MI Series A, 5.00%, 5/1/2032	335,000	358,357
Michigan Finance Authority Revenue, MI:
5.00%, 11/1/2034	285,000	313,094
Series B, 5.00%, 10/1/2028	250,000	266,354

Security Description	Principal Amount	Value
Michigan State Building Authority Revenue, MI:
Series I, 4.00%, 10/15/2035	$ 225,000	$ 230,960
Series I, 5.00%, 4/15/2028	175,000	182,047
Series I, 5.00%, 10/15/2028	100,000	106,192
Series I, 5.00%, 4/15/2030	10,000	10,379
Series I, 5.00%, 10/15/2030	390,000	412,390
Series I, 5.00%, 4/15/2031	545,000	566,753
Series I, 5.00%, 10/15/2032	255,000	268,848
Series I, 5.00%, 10/15/2033	330,000	347,968
Series II, 5.00%, 10/15/2029	1,025,000	1,172,081
Michigan State University Revenue, MI Series A, 5.00%, 2/15/2048	2,225,000	2,479,024
Portage Public Schools, General Obligation, MI 5.00%, 11/1/2028	145,000	152,164
State of Michigan Trunk Line Revenue, MI:
Series A, 4.00%, 11/15/2041	3,500,000	3,612,532
Series A, 4.00%, 11/15/2044	3,910,000	3,990,494
Series B, 4.00%, 11/15/2038	1,615,000	1,691,400
Series B, 4.00%, 11/15/2045	5,000,000	5,049,746
5.00%, 11/15/2025	1,500,000	1,565,778
State of Michigan, General Obligation, MI:
Series A, 3.00%, 5/15/2036	1,140,000	1,106,721
Series A, 4.00%, 5/15/2040	835,000	859,305
University of Michigan Revenue, MI:
Series A, 4.00%, 4/1/2045	700,000	705,599
Series A, 5.00%, 4/1/2026	575,000	605,531
Utica Community Schools, General Obligation, MI 5.00%, 5/1/2031	500,000	564,809
		47,831,439
MINNESOTA — 1.4%
Anoka-Hennepin Independent School District No. 11, General Obligation, MN Series A, 3.00%, 2/1/2045	780,000	671,411
Elk River Independent School District No. 728, General Obligation, MN Series A, 2.00%, 2/1/2034	845,000	738,214
Metropolitan Council, General Obligation, MN Series C, 5.00%, 3/1/2025	125,000	128,311
Minnesota Public Facilities Authority State Revolving Fund Revenue, MN Series B, 4.00%, 3/1/2026	130,000	134,286
South Washington County Independent School District No. 833, General Obligation, MN Series A, 4.00%, 2/1/2029	325,000	333,844

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
State of Minnesota, Certificate Participation, MN:
5.00%, 11/1/2038	$ 10,000,000	$ 11,840,102
5.00%, 11/1/2039	12,000,000	14,076,433
State of Minnesota, General Obligation, MN:
Series A, 4.00%, 9/1/2038	1,540,000	1,617,322
Series A, 5.00%, 8/1/2024	750,000	759,513
Series A, 5.00%, 8/1/2025	1,360,000	1,409,603
Series A, 5.00%, 8/1/2027	640,000	697,812
Series A, 5.00%, 10/1/2028	205,000	224,675
Series A, 5.00%, 8/1/2032	5,960,000	7,197,950
Series B, 5.00%, 8/1/2027	2,500,000	2,725,829
Series D, 5.00%, 10/1/2026	325,000	346,931
Series D, 5.00%, 8/1/2027	7,500,000	8,177,486
Series D, 5.00%, 10/1/2028	540,000	591,826
Series E, 5.00%, 10/1/2027	100,000	109,484
White Bear Lake Independent School District No. 624, General Obligation, MN Series A, 3.00%, 2/1/2031	1,000,000	1,005,592
		52,786,624
MISSISSIPPI — 0.1%
Mississippi Development Bank Revenue, MS Series C, 5.00%, 8/1/2027	415,000	445,397
State of Mississippi, General Obligation, MS:
Series B, 3.00%, 10/1/2035	795,000	783,952
Series A, 4.00%, 6/1/2036	1,000,000	1,056,553
Series A, 5.00%, 10/1/2027	330,000	342,828
Series B, 5.00%, 12/1/2028	250,000	267,127
Series B, 5.00%, 12/1/2031	150,000	160,714
Series B, 5.00%, 10/1/2033	510,000	575,485
Series B, 5.00%, 12/1/2034	100,000	107,143
		3,739,199
MISSOURI — 0.6%
City of Kansas City Sanitary Sewer System Revenue, MO:
Series A, 5.00%, 1/1/2029	120,000	122,598
Series A, 5.00%, 1/1/2032	100,000	109,805
City of Kansas City, General Obligation, MO Series A, 5.00%, 2/1/2028	225,000	247,270
County of St. Louis Revenue, MO:
Series A, 3.00%, 12/1/2031	500,000	497,075
Series A, 5.25%, 12/1/2038	1,505,000	1,673,851
Curators of the University of Missouri Revenue, MO Series B, 5.00%, 11/1/2030	5,000,000	5,857,627
Liberty Public School District No. 53, General Obligation, MO 5.00%, 3/1/2028	1,540,000	1,692,432

Security Description	Principal Amount	Value
Metropolitan St. Louis Sewer District Revenue, MO:
Series A, 5.00%, 5/1/2028	$ 305,000	$ 329,946
Series A, 5.00%, 5/1/2037	350,000	373,328
Missouri Highway & Transportation Commission Revenue, MO:
Series A, 5.00%, 5/1/2032	5,000,000	5,953,591
Series B, 5.00%, 11/1/2024	500,000	508,479
Missouri State Board of Public Buildings Revenue, MO:
Series A, 4.00%, 4/1/2024	150,000	150,365
Series B, 4.00%, 10/1/2028	1,065,000	1,138,918
Series B, 5.00%, 10/1/2027	5,670,000	6,184,313
North Kansas City School District No. 74, General Obligation, MO Series B, 4.00%, 3/1/2029	25,000	25,698
		24,865,296
NEBRASKA — 0.4%
City of Lincoln Electric System Revenue, NE:
5.00%, 9/1/2032	310,000	332,524
5.00%, 9/1/2034	310,000	332,173
Omaha Public Power District Revenue, NE:
Series A, 4.00%, 2/1/2042	3,450,000	3,530,070
Series A, 5.00%, 2/1/2024	155,000	155,232
Series A, 5.00%, 2/1/2028	465,000	487,229
Series A, 5.25%, 2/1/2048	5,000,000	5,678,321
Series B, 5.25%, 2/1/2048	1,500,000	1,703,496
Omaha School District, General Obligation, NE 2.00%, 12/15/2042	2,045,000	1,435,877
University of Nebraska Facilities Corp. Revenue, NE:
Series A, 4.00%, 7/15/2030	500,000	522,061
Series A, 5.00%, 7/15/2031	725,000	852,374
		15,029,357
NEVADA — 0.9%
City of Henderson, General Obligation, NV Series A-1, 4.00%, 6/1/2045	800,000	804,213
City of Las Vegas, General Obligation, NV Series C, 4.00%, 9/1/2036	300,000	304,279
Clark County Water Reclamation District, General Obligation, NV 5.00%, 7/1/2027	200,000	211,643
County of Clark Revenue, NV 5.00%, 7/1/2024	105,000	106,011
County of Clark, General Obligation, NV:
Series C, 3.00%, 7/1/2035	800,000	788,058
Series C, 3.00%, 7/1/2039	500,000	440,369

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series C, 4.00%, 7/1/2033	$ 1,500,000	$ 1,586,239
5.00%, 6/1/2025	430,000	443,436
5.00%, 6/1/2026	150,000	158,610
5.00%, 6/1/2027	110,000	119,141
5.00%, 11/1/2028	145,000	148,928
Series A, 5.00%, 11/1/2024	180,000	183,156
Series A, 5.00%, 11/1/2026	420,000	442,306
Series A, 5.00%, 6/1/2027	140,000	151,634
Series A, 5.00%, 11/1/2029	575,000	605,538
Series A, 5.00%, 6/1/2036	810,000	878,648
Series B, 5.00%, 11/1/2024	170,000	172,981
Series B, 5.00%, 11/1/2025	100,000	104,189
Series B, 5.00%, 11/1/2026	180,000	192,425
Series B, 5.00%, 11/1/2028	120,000	127,752
Series B, 5.00%, 12/1/2030	525,000	582,154
Las Vegas Valley Water District, General Obligation, NV:
Series C, 3.00%, 6/1/2033	850,000	841,564
Series A, 4.00%, 6/1/2041	1,550,000	1,591,085
Series A, 4.00%, 6/1/2042	2,230,000	2,276,372
Series A, 4.00%, 6/1/2046	1,550,000	1,558,146
Series C, 4.00%, 6/1/2036	500,000	536,548
Series A, 5.00%, 6/1/2026	605,000	639,729
Series A, 5.00%, 6/1/2027	175,000	184,673
Series A, 5.00%, 6/1/2045	2,205,000	2,468,411
Series B, 5.00%, 12/1/2025	150,000	154,723
State of Nevada Highway Improvement Revenue, NV:
3.38%, 12/1/2034	750,000	756,577
5.00%, 12/1/2026	310,000	327,881
5.00%, 12/1/2028	560,000	591,358
State of Nevada, General Obligation, NV:
Series A, 5.00%, 5/1/2035	5,000,000	6,050,870
Series A, 5.00%, 5/1/2043	5,000,000	5,731,144
Truckee Meadows Water Authority Revenue, NV:
5.00%, 7/1/2031	105,000	110,696
5.00%, 7/1/2034	145,000	153,297
		32,524,784
NEW HAMPSHIRE — 0.0% (d)
New Hampshire Health & Education Facilities Authority Act Revenue, NH BAM, 5.00%, 7/1/2028 (a)	1,700,000	1,879,317
NEW JERSEY — 0.4%
Cherry Hill Township School District, General Obligation, NJ 4.00%, 8/1/2037	10,000,000	10,419,310
City of Ocean City, General Obligation, NJ 2.25%, 9/15/2033	1,500,000	1,360,798

Security Description	Principal Amount	Value
Hudson County Improvement Authority Revenue, NJ 3.00%, 10/1/2039	$ 1,980,000	$ 1,810,497
Monmouth County Improvement Authority Revenue, NJ Series B, 5.00%, 12/1/2025	550,000	574,769
New Jersey Educational Facilities Authority Revenue, NJ:
Series C, 2.00%, 3/1/2039	500,000	383,043
Series C, 2.00%, 3/1/2041	1,635,000	1,196,533
		15,744,950
NEW MEXICO — 0.4%
Albuquerque Municipal School District No. 12, General Obligation, NM:
Series 2017, 5.00%, 8/1/2024	210,000	212,325
Series 2017, 5.00%, 8/1/2025	230,000	237,630
New Mexico Finance Authority Revenue, NM Series B1, 5.00%, 6/15/2027	115,000	115,878
State of New Mexico Severance Tax Permanent Fund Revenue, NM:
Series B, 4.00%, 7/1/2024	200,000	201,137
Series A, 5.00%, 7/1/2025	5,310,000	5,491,666
Series A, 5.00%, 7/1/2026	5,100,000	5,404,523
Series A, 5.00%, 7/1/2031	1,910,000	2,252,684
		13,915,843
NEW YORK — 20.6%
Battery Park City Authority Revenue, NY:
Series B, 5.00%, 11/1/2034	2,000,000	2,458,320
Series B, 5.00%, 11/1/2037	1,030,000	1,230,694
City of New York, General Obligation, NY:
Series A, 3.00%, 8/1/2036	2,485,000	2,410,667
Series B1, 3.00%, 10/1/2041	850,000	751,514
Series B1, 3.00%, 10/1/2044	515,000	437,243
Series A, 4.00%, 8/1/2037	1,900,000	1,984,790
Series A, 4.00%, 8/1/2042	520,000	526,887
Series A-1, 4.00%, 8/1/2034	800,000	862,116
Series A-1, 4.00%, 8/1/2038	2,000,000	2,093,075
Series A-1, 4.00%, 8/1/2042	710,000	722,334
Series B1, 4.00%, 10/1/2039	950,000	979,595
Series B1, 4.00%, 10/1/2040	545,000	557,112
Series C, 4.00%, 8/1/2037	1,050,000	1,104,439
Series C, 4.00%, 8/1/2039	2,110,000	2,184,307
Series D1, 4.00%, 3/1/2042	550,000	557,955
Series F1, 4.00%, 3/1/2038	785,000	819,738
Series F1, 4.00%, 3/1/2040	1,150,000	1,181,119
Series F1, 4.00%, 3/1/2047	1,000,000	1,004,932
Series E1, 5.00%, 4/1/2025	5,000,000	5,140,319
Series E1, 5.00%, 4/1/2035	3,500,000	4,221,559
Series E1, 5.00%, 4/1/2036	1,800,000	2,155,659

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series 1, 5.00%, 8/1/2028	$ 600,000	$ 668,902
Series 1, 5.00%, 4/1/2034	815,000	952,631
Series 1, 5.00%, 8/1/2034	1,900,000	2,310,752
Series A, 5.00%, 8/1/2026	560,000	594,431
Series A, 5.00%, 8/1/2041	535,000	583,042
Series A-1, 5.00%, 9/1/2026	1,520,000	1,616,946
Series A-1, 5.00%, 8/1/2030	2,000,000	2,321,195
Series A-1, 5.00%, 8/1/2031	10,000,000	11,590,323
Series A-1, 5.00%, 8/1/2032	1,650,000	1,910,024
Series B1, 5.00%, 10/1/2034	2,415,000	2,736,253
Series B1, 5.00%, 12/1/2037	500,000	523,242
Series B1, 5.00%, 10/1/2038	300,000	320,752
Series B-1, 5.00%, 8/1/2025	6,350,000	6,581,602
Series B-1, 5.00%, 8/1/2029	7,500,000	8,540,912
Series B-1, 5.00%, 8/1/2030	14,790,000	17,165,240
Series B-1, 5.00%, 8/1/2031	6,480,000	7,653,674
Series B-1, 5.00%, 10/1/2031	1,500,000	1,776,806
Series B-1, 5.00%, 8/1/2032	1,825,000	2,191,494
Series C, 5.00%, 8/1/2026	1,300,000	1,374,799
Series C, 5.00%, 8/1/2027	10,700,000	11,643,508
Series C, 5.00%, 8/1/2029	8,895,000	10,129,522
Series C, 5.00%, 8/1/2043	520,000	572,216
Series C1, 5.00%, 8/1/2029	1,270,000	1,446,261
Series C1, 5.00%, 8/1/2033	1,300,000	1,502,998
Series D1, 5.00%, 12/1/2036	550,000	602,994
Series D1, 5.00%, 3/1/2039	500,000	555,624
Series D1, 5.00%, 12/1/2041	625,000	674,338
Series E, 5.00%, 8/1/2024	760,000	769,465
Series E, 5.00%, 8/1/2025	380,000	393,860
Series F1, 5.00%, 3/1/2027	600,000	646,340
Series F-1, 5.00%, 8/1/2025	2,140,000	2,218,052
Series F-1, 5.00%, 8/1/2028	1,095,000	1,220,745
Series H, 5.00%, 1/1/2036	2,250,000	2,499,861
Series L6, 5.00%, 4/1/2031	1,515,000	1,707,260
Series B1, 5.25%, 10/1/2030	560,000	615,917
Series B-1, 5.25%, 10/1/2043	1,500,000	1,723,064
Series E1, 5.25%, 3/1/2035	670,000	736,459
Series E1, 5.25%, 4/1/2044	20,000,000	23,012,684
County of Nassau, General Obligation, NY:
Series B, 5.00%, 4/1/2038	475,000	556,177
Series B, 5.00%, 4/1/2041	1,500,000	1,720,033
County of Westchester, General Obligation, NY Series A, 2.00%, 10/15/2034	6,410,000	5,388,551
Metropolitan Transportation Authority Revenue, NY:
Series B2, 4.00%, 11/15/2033	330,000	340,707
Series A, 5.00%, 11/15/2044	695,000	768,404
Series A, 5.25%, 11/15/2034	560,000	592,499
Series A, 5.25%, 11/15/2035	250,000	264,156
Monroe County Industrial Development Corp. Revenue, NY:
5.00%, 5/1/2030	595,000	655,188
5.00%, 5/1/2031	500,000	539,989

Security Description	Principal Amount	Value
5.00%, 5/1/2032	$ 525,000	$ 577,065
Series A, 5.00%, 7/1/2034	3,335,000	4,048,209
New York City Municipal Water Finance Authority Revenue, NY:
Series AA-2, 4.00%, 6/15/2042	2,560,000	2,599,156
Series AA-2, 4.00%, 6/15/2043	1,650,000	1,671,993
Series BB-1, 4.00%, 6/15/2045	4,105,000	4,145,748
Series CC-2, 4.00%, 6/15/2042	1,010,000	1,024,000
Series DD, 4.00%, 6/15/2036	520,000	555,694
Series FF, 4.00%, 6/15/2025	575,000	586,311
Series DD, 4.13%, 6/15/2046	5,000,000	5,062,876
Series DD, 4.13%, 6/15/2047	5,000,000	5,060,499
Series AA-2, 5.00%, 6/15/2028	500,000	535,700
Series AA-2, 5.00%, 6/15/2031	1,000,000	1,174,455
Series AA-2, 5.00%, 6/15/2032	1,200,000	1,408,283
Series BB-1, 5.00%, 6/15/2044	1,175,000	1,311,765
Series BB-2, 5.00%, 6/15/2031	530,000	574,954
Series CC-2, 5.00%, 6/15/2026	2,000,000	2,036,635
Series DD, 5.00%, 6/15/2029	2,000,000	2,284,893
Series DD-2, 5.00%, 6/15/2027	630,000	657,825
Series EE, 5.00%, 6/15/2029	695,000	725,291
Series EE, 5.00%, 6/15/2031	1,310,000	1,556,598
Series EE-2, 5.00%, 6/15/2040	5,350,000	5,856,643
Series FF-2, 5.00%, 6/15/2033	4,500,000	5,105,145
Series FF-2, 5.00%, 6/15/2040	570,000	623,979
New York City Transitional Finance Authority Building Aid Revenue, NY:
Series S1A, 4.00%, 7/15/2037	6,430,000	6,766,548
Series S3A, 4.00%, 7/15/2038	500,000	510,400
Series S, 5.00%, 7/15/2029	5,885,000	6,692,521
Series S1, 5.00%, 7/15/2032	520,000	574,787
Series S2A, 5.00%, 7/15/2032	570,000	630,055
Series S3A, 5.00%, 7/15/2036	3,205,000	3,510,758
New York City Transitional Finance Authority Future Tax Secured Revenue, NY:
Series A, 3.00%, 11/1/2037	2,000,000	1,866,030

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series B-1, 3.00%, 8/1/2041	$ 1,600,000	$ 1,403,003
Series A, 4.00%, 11/1/2038	505,000	531,091
Series A3, 4.00%, 5/1/2042	2,500,000	2,529,819
Series A3, 4.00%, 5/1/2043	1,165,000	1,174,997
Series B-1, 4.00%, 8/1/2038	800,000	845,818
Series B-1, 4.00%, 8/1/2039	3,250,000	3,419,299
Series B-1, 4.00%, 8/1/2045	2,500,000	2,509,765
Series C, 4.00%, 2/1/2027	2,000,000	2,088,809
Series C-1, 4.00%, 5/1/2036	600,000	641,248
Series C-1, 4.00%, 2/1/2039	1,185,000	1,250,178
Series C-1, 4.00%, 5/1/2039	875,000	916,491
Series C-1, 4.00%, 11/1/2040	2,335,000	2,379,261
Series C-1, 4.00%, 5/1/2045	5,350,000	5,369,547
Series C-1, 4.00%, 2/1/2047	535,000	535,492
Series D1, 4.00%, 11/1/2044	7,820,000	7,869,257
Series E1, 4.00%, 2/1/2042	1,220,000	1,238,524
Series E1, 4.00%, 2/1/2043	2,850,000	2,881,624
5.00%, 11/1/2028	500,000	544,637
Series A, 5.00%, 2/1/2030	370,000	394,347
Series A, 5.00%, 11/1/2032	2,000,000	2,335,463
Series A, 5.00%, 2/1/2034	600,000	637,991
Series A, 5.00%, 5/1/2035	3,935,000	4,775,704
Series A, 5.00%, 5/1/2036	5,435,000	6,542,577
Series A, 5.00%, 5/1/2038	1,000,000	1,174,931
Series A, 5.00%, 5/1/2047	2,000,000	2,231,895
Series A1, 5.00%, 8/1/2038	500,000	541,340
Series A-1, 5.00%, 11/1/2025	6,740,000	7,028,517
Series A-1, 5.00%, 11/1/2026	1,225,000	1,309,212
Series A-1, 5.00%, 11/1/2029	2,470,000	2,828,398
Series A-1, 5.00%, 5/1/2034	250,000	260,971
Series A-1, 5.00%, 5/1/2036	245,000	254,520
Series A2, 5.00%, 5/1/2040	2,500,000	2,720,266
Series B, 5.00%, 11/1/2025	1,000,000	1,042,807
Series B, 5.00%, 11/1/2027	4,910,000	5,375,510
Series B1, 5.00%, 8/1/2030	295,000	310,180
Series B1, 5.00%, 8/1/2031	175,000	176,355
Series B-1, 5.00%, 8/1/2025	2,240,000	2,321,346
Series B-1, 5.00%, 11/1/2028	500,000	561,169
Series B-1, 5.00%, 8/1/2029	40,000	43,129
Series B-1, 5.00%, 11/1/2034	545,000	616,493
Series C, 5.00%, 11/1/2029	720,000	772,035
Series C-1, 5.00%, 11/1/2034	3,000,000	3,362,011
Series D1, 5.00%, 11/1/2044	835,000	919,404
Series D-1, 5.00%, 11/1/2028	1,490,000	1,672,284
Series D-1, 5.00%, 11/1/2034	2,000,000	2,395,038
Series DS, 5.00%, 11/1/2036	1,000,000	1,149,794
Series E-1, 5.00%, 11/1/2027	5,365,000	5,873,648
Series E-1, 5.00%, 11/1/2030	1,705,000	1,990,408
Series F1, 5.00%, 5/1/2036	515,000	547,320
Series F-1, 5.00%, 11/1/2025	3,000,000	3,128,420
Series F-1, 5.00%, 11/1/2029	2,750,000	3,149,027
Series F-1, 5.00%, 2/1/2047	7,000,000	7,717,716
Series G-1, 5.00%, 11/1/2027	500,000	547,404
Series A-1, 5.25%, 8/1/2040	1,135,000	1,325,184

Security Description	Principal Amount	Value
New York City Transitional Finance Authority Revenue, NY:
Series B, 5.00%, 5/1/2025	$ 1,100,000	$ 1,131,979
Series B, 5.00%, 5/1/2026	2,250,000	2,373,506
Series C, 5.00%, 5/1/2038	2,400,000	2,839,365
Series D-1, 5.00%, 11/1/2028 (c)	4,180,000	4,691,373
Series D-1, 5.00%, 11/1/2036 (c)	5,000,000	6,084,860
Series C, 5.50%, 5/1/2040	1,250,000	1,516,855
New York Power Authority Revenue, NY Series A, AGM, 4.00%, 11/15/2040 (a)	795,000	807,000
New York State Dormitory Authority Revenue, NY:
Series A, 3.00%, 7/1/2029	315,000	317,219
Series A, 3.00%, 3/15/2038	1,575,000	1,458,160
Series A, 3.00%, 3/15/2041	710,000	626,862
Series A, 3.00%, 3/15/2042	2,000,000	1,743,543
Series E, 3.00%, 3/15/2041	2,795,000	2,475,604
Series A, 3.25%, 2/15/2040	5,000	5,098
Series A, AGM, 4.00%, 10/1/2024 (a)	440,000	443,874
Series A, AGM, 4.00%, 10/1/2035 (a)	1,340,000	1,399,571
Series A, 4.00%, 3/15/2037	580,000	618,598
Series A, 4.00%, 3/15/2038	5,000,000	5,257,110
Series A, 4.00%, 3/15/2039	700,000	730,443
Series A, 4.00%, 3/15/2040	2,500,000	2,566,186
Series A, 4.00%, 3/15/2041	6,200,000	6,317,453
Series A, 4.00%, 3/15/2042	1,150,000	1,164,739
Series A, 4.00%, 3/15/2043	1,000,000	1,009,099
Series A, 4.00%, 3/15/2044	1,230,000	1,237,665
Series A, 4.00%, 3/15/2047	2,000,000	1,993,690
Series D, 4.00%, 2/15/2036	1,000,000	1,067,360
Series D, 4.00%, 2/15/2037	3,000,000	3,174,770
Series D, 4.00%, 2/15/2038	3,000,000	3,133,425
Series D, 4.00%, 2/15/2039	500,000	517,410
Series D, 4.00%, 2/15/2040	880,000	901,531
Series D, 4.00%, 2/15/2047	2,150,000	2,144,189
Series E, 4.00%, 3/15/2037	2,560,000	2,751,309
Series E, 4.00%, 3/15/2039	1,865,000	1,946,109
Series E, 4.00%, 3/15/2042	1,490,000	1,509,096
Series E, 4.00%, 3/15/2043	1,300,000	1,312,994
Series E, 4.00%, 3/15/2044	1,550,000	1,559,578
Series 1, 5.00%, 1/15/2029	400,000	438,959
Series 1, 5.00%, 1/15/2030	250,000	274,196
Series A, AGM, 5.00%, 10/1/2024 (a)	3,005,000	3,053,413
Series A, BAM, 5.00%, 10/1/2025 (a)	4,450,000	4,626,847
Series A, 5.00%, 10/1/2027	1,180,000	1,285,710
Series A, 5.00%, 3/15/2028	535,000	589,547

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series A, BAM, 5.00%, 10/1/2028 (a)	$ 3,325,000	$ 3,716,510
Series A, 5.00%, 3/15/2029	5,065,000	5,728,872
Series A, AGM, 5.00%, 10/1/2029 (a)	2,000,000	2,280,585
Series A, 5.00%, 10/1/2030	3,075,000	3,313,522
Series A, 5.00%, 3/15/2031	5,180,000	6,052,198
Series A, 5.00%, 7/1/2032	125,000	132,122
Series A, AGM, 5.00%, 10/1/2032 (a)	5,000,000	5,990,336
Series A, 5.00%, 3/15/2033	2,000,000	2,426,433
Series A, AGM, 5.00%, 10/1/2033 (a)	4,500,000	5,047,157
Series A, 5.00%, 3/15/2035	1,000,000	1,204,703
Series A, 5.00%, 7/1/2035	100,000	105,400
Series A, 5.00%, 2/15/2036	500,000	523,347
Series A, 5.00%, 3/15/2036	3,750,000	4,238,052
Series A, 5.00%, 3/15/2037	870,000	959,340
Series A, 5.00%, 3/15/2039	1,900,000	2,114,664
Series A, 5.00%, 7/1/2040	950,000	1,017,763
Series A, 5.00%, 3/15/2043	1,245,000	1,342,883
Series A-1, 5.00%, 3/15/2029	3,000,000	3,391,640
Series A-1, 5.00%, 3/15/2036	3,000,000	3,607,956
Series A-1, 5.00%, 3/15/2045	3,000,000	3,384,213
Series B, 5.00%, 2/15/2026	365,000	381,547
Series B, 5.00%, 10/1/2030	260,000	274,651
Series D, 5.00%, 2/15/2027	1,100,000	1,178,750
Series D, 5.00%, 2/15/2030	1,100,000	1,266,831
Series E, 5.00%, 3/15/2031	1,730,000	2,032,209
Series E, 5.00%, 3/15/2032	2,285,000	2,729,955
Series E, 5.00%, 3/15/2035	10,000,000	11,057,063
New York State Environmental Facilities Corp. Revenue, NY:
Series A, 4.00%, 6/15/2045	500,000	505,275
Series A, 4.00%, 6/15/2047	2,215,000	2,238,741
Series B, 4.00%, 6/15/2037	3,190,000	3,328,296
Series B, 4.00%, 10/15/2045	1,500,000	1,518,687
Series A, 5.00%, 6/15/2026	1,190,000	1,263,977
Series A, 5.00%, 5/15/2032	1,450,000	1,754,499
Series B, 5.00%, 6/15/2026	5,000,000	5,310,828
New York State Thruway Authority Revenue, NY:
Series A-1, 4.00%, 3/15/2039	5,000,000	5,152,053
5.00%, 3/15/2041	13,100,000	14,976,766
Series A, 5.00%, 3/15/2029	2,850,000	3,223,551
Series A, 5.00%, 3/15/2039	2,000,000	2,311,226
New York State Urban Development Corp. Revenue, NY:
Series A, 3.00%, 3/15/2040	1,870,000	1,680,600
Series A, 3.00%, 3/15/2041	1,415,000	1,255,306
Series C, 3.00%, 3/15/2040	2,830,000	2,528,517
Series A, 4.00%, 3/15/2038	5,975,000	6,256,516
Series A, 4.00%, 3/15/2043	2,045,000	2,071,570
Series A, 4.00%, 3/15/2044	5,000,000	5,052,474
Series C, 4.00%, 3/15/2037	1,355,000	1,420,353

Security Description	Principal Amount	Value
Series C, 4.00%, 3/15/2041	$ 2,695,000	$ 2,767,832
Series C, 4.00%, 3/15/2045	4,450,000	4,498,360
Series E, 4.00%, 3/15/2046	2,275,000	2,291,019
Series E2, 4.00%, 3/15/2034	1,225,000	1,297,424
Series A, 5.00%, 3/15/2029	7,000,000	7,917,491
Series A, 5.00%, 9/15/2028	3,000,000	3,356,905
Series A, 5.00%, 3/15/2033	505,000	540,478
Series A, 5.00%, 3/15/2035	4,120,000	4,547,081
Series A, 5.00%, 3/15/2037	3,740,000	4,372,468
Series A, 5.00%, 3/15/2042	8,865,000	9,817,600
Series C, 5.00%, 3/15/2029	1,060,000	1,198,934
Series C, 5.00%, 3/15/2030	1,000,000	1,152,899
Series C, 5.00%, 3/15/2032	3,000,000	3,487,589
Series C, 5.00%, 3/15/2043	4,990,000	5,505,605
Series C, 5.00%, 3/15/2047	12,300,000	13,370,089
Port Authority of New York & New Jersey Revenue, NY:
Series 230, 4.00%, 12/1/2028	2,000,000	2,150,965
Series 230, 4.00%, 12/1/2030	750,000	826,790
Series 209, 5.00%, 7/15/2030	500,000	551,004
Series 209, 5.00%, 7/15/2035	360,000	393,108
Series 240, 5.00%, 7/15/2041	2,000,000	2,295,997
Series 240, 5.00%, 7/15/2044	2,000,000	2,260,111
Series 241, 5.00%, 7/15/2040	1,140,000	1,315,766
Series 241, 5.00%, 7/15/2041	1,500,000	1,721,998
Series 243, 5.00%, 12/1/2026	2,000,000	2,143,439
Series 243, 5.00%, 12/1/2033	3,500,000	4,308,009
Series 243, 5.00%, 12/1/2036	1,645,000	1,971,831
State of New York, General Obligation, NY:
Series A, 3.00%, 3/15/2035	1,050,000	1,040,120
Series A, 5.00%, 3/15/2032	1,500,000	1,808,217
Series A, 5.00%, 3/15/2034	4,325,000	5,304,060
Suffolk County Water Authority Revenue, NY Series B, 3.00%, 6/1/2044	500,000	427,790
Triborough Bridge & Tunnel Authority Revenue, NY:
Series C2, Zero Coupon, 5/15/2033	1,575,000	1,135,383
Series A2, 2.00%, 5/15/2045 (b)	650,000	608,303
Series C, 3.00%, 11/15/2045	895,000	749,363
Series A, 4.00%, 11/15/2033	1,395,000	1,558,954
Series A-1, 4.00%, 5/15/2046	840,000	843,733
Series C1A, 4.00%, 5/15/2046	2,545,000	2,556,971
Series A, 5.00%, 11/15/2027	1,500,000	1,651,374
Series A, 5.00%, 11/15/2029	3,000,000	3,455,764
Series A, 5.00%, 11/15/2031	2,675,000	3,192,277
Series A, 5.00%, 11/15/2034	550,000	671,199
Series B, 5.00%, 5/15/2028	10,000,000	11,141,656
Series B, 5.00%, 11/15/2028	10,865,000	12,089,841
Series B, 5.00%, 11/15/2030	5,255,000	6,137,426
Series C, 5.00%, 11/15/2030	1,570,000	1,841,759
Series C, 5.00%, 11/15/2033	675,000	744,674

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series C, 5.00%, 11/15/2038	$ 3,000,000	$ 3,531,334
Series C, 5.00%, 5/15/2042	1,785,000	2,005,999
Series C, 5.25%, 5/15/2041	2,140,000	2,473,748
Triborough Bridge & Tunnel Authority Sales Tax Revenue, NY:
Series A, 5.00%, 5/15/2042	2,225,000	2,518,334
Series A, 5.00%, 5/15/2046	7,000,000	7,786,898
Series A, 5.00%, 5/15/2047	2,500,000	2,773,646
Trust for Cultural Resources of The City of New York Revenue, NY Series 1E, 4.00%, 4/1/2030	400,000	416,949
Utility Debt Securitization Authority Revenue, NY:
5.00%, 12/15/2038	200,000	215,329
5.00%, 12/15/2040	300,000	321,866
Series 1, 5.00%, 6/15/2033	1,045,000	1,241,404
Series 1, 5.00%, 12/15/2033	2,000,000	2,397,858
Series 1, 5.00%, 12/15/2035	1,000,000	1,229,901
Series 2, 5.00%, 12/15/2038	1,000,000	1,201,073
Series 2, 5.00%, 12/15/2042	1,590,000	1,857,216
Series A, 5.00%, 12/15/2026	350,000	357,802
Series A, 5.00%, 6/15/2028	255,000	270,044
Series A, 5.00%, 12/15/2032	260,000	274,957
Series A, 5.00%, 12/15/2033	500,000	528,519
Series TE, 5.00%, 12/15/2038	9,900,000	11,638,821
Series TE, 5.00%, 12/15/2039	13,645,000	15,927,204
		782,623,546
NORTH CAROLINA — 1.4%
City of Charlotte Airport Revenue, NC:
Series A, 4.00%, 7/1/2038	510,000	529,734
Series A, 5.00%, 7/1/2028	1,230,000	1,366,375
Series A, 5.00%, 7/1/2041	2,000,000	2,267,918
Series A, 5.00%, 7/1/2048	2,000,000	2,229,421
City of Charlotte Water & Sewer System Revenue, NC Series A, 5.00%, 7/1/2027	1,620,000	1,764,424
City of Charlotte, General Obligation, NC Series A, 5.00%, 6/1/2027	705,000	766,238
City of Raleigh Combined Enterprise System Revenue, NC:
4.00%, 9/1/2044	3,000,000	3,096,639
5.00%, 9/1/2033	1,000,000	1,232,794
5.00%, 9/1/2048	1,125,000	1,273,590
County of Alamance, General Obligation, NC 5.00%, 5/1/2025	3,000,000	3,089,996
County of Brunswick Enterprise Systems Revenue, NC 3.00%, 4/1/2046	500,000	414,244

Security Description	Principal Amount	Value
County of Buncombe Revenue, NC 5.00%, 6/1/2026	$ 100,000	$ 103,119
County of Durham Revenue, NC:
Series A, 5.00%, 6/1/2030	815,000	940,288
Series A, 5.00%, 6/1/2033	465,000	564,312
Series A, 5.00%, 6/1/2034	1,120,000	1,356,875
Series A, 5.00%, 6/1/2035	675,000	814,240
Series A, 5.00%, 6/1/2036	800,000	957,681
Series A, 5.00%, 6/1/2041	1,000,000	1,150,742
Series A, 5.00%, 6/1/2043	1,285,000	1,460,523
County of Mecklenburg, General Obligation, NC 5.00%, 9/1/2030	2,000,000	2,338,240
County of Union Enterprise System Revenue, NC:
3.00%, 6/1/2037	1,545,000	1,495,288
3.00%, 6/1/2039	1,125,000	1,032,500
County of Wake Revenue, NC:
4.00%, 3/1/2034	690,000	757,027
4.00%, 9/1/2038	700,000	717,065
County of Wake, General Obligation, NC:
Series A, 5.00%, 5/1/2037	10,000,000	11,951,323
Series A, 5.00%, 2/1/2025	2,720,000	2,785,349
North Carolina Turnpike Authority Revenue, NC Zero Coupon, 1/1/2045	615,000	254,410
State of North Carolina Revenue, NC:
Series B, 3.00%, 5/1/2033	795,000	782,603
5.00%, 3/1/2028	3,915,000	4,310,659
State of North Carolina, General Obligation, NC Series B, 5.00%, 6/1/2030	3,025,000	3,445,135
		55,248,752
NORTH DAKOTA — 0.0% (d)
University of North Dakota, Certificate Participation, ND Series A, AGM, 4.00%, 6/1/2046 (a)	615,000	599,706
OHIO — 2.2%
City of Columbus, General Obligation, OH Series A, 5.00%, 8/15/2039	895,000	1,042,921
County of Cuyahoga Sales Tax Revenue, OH:
Series A, 4.00%, 1/1/2030	3,465,000	3,741,905
Series A, 4.00%, 1/1/2033	1,350,000	1,449,596
Cuyahoga Community College District, General Obligation, OH:
4.00%, 12/1/2033	525,000	537,976
5.00%, 12/1/2027	400,000	422,783
5.00%, 12/1/2028	300,000	316,727

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
5.00%, 12/1/2037	$ 600,000	$ 626,154
Northeast Ohio Regional Sewer District Revenue, OH:
3.00%, 11/15/2040	2,755,000	2,447,979
3.25%, 11/15/2040	100,000	94,395
5.00%, 11/15/2044	245,000	249,307
Ohio State University Revenue, OH:
Series A, 3.00%, 12/1/2044	2,325,000	1,973,996
Series A, 4.00%, 12/1/2042	700,000	713,426
Series B, 5.00%, 12/1/2033	7,500,000	9,048,046
Series B, 5.00%, 12/1/2035	2,195,000	2,624,853
Series C, 5.25%, 12/1/2046	5,000,000	5,699,345
Ohio Turnpike & Infrastructure Commission Revenue, OH:
Series A, 5.00%, 2/15/2028	350,000	377,042
Series A, 5.00%, 2/15/2046	5,000,000	5,466,236
Ohio Water Development Authority Revenue, OH:
Series A, 5.00%, 6/1/2028	175,000	184,884
Series A, 5.00%, 12/1/2028	825,000	872,189
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue, OH:
Series B, 3.00%, 12/1/2033	2,685,000	2,646,949
Series A, 4.00%, 12/1/2037	1,420,000	1,500,313
Series B, 4.00%, 12/1/2038	1,000,000	1,043,435
Series A, 5.00%, 12/1/2029	240,000	259,324
Series A, 5.00%, 12/1/2031	500,000	538,899
Series A, 5.00%, 6/1/2032	675,000	780,682
Series B, 5.00%, 12/1/2026	3,000,000	3,218,659
Series B, 5.00%, 12/1/2039	2,250,000	2,614,997
Series C, 5.00%, 12/1/2029	1,500,000	1,722,323
Series C, 5.00%, 6/1/2030	1,750,000	2,029,170
Series C, 5.00%, 12/1/2030	440,000	515,071
Series C, 5.00%, 12/1/2033	2,665,000	3,279,327
Olentangy Local School District, General Obligation, OH Series A, 4.00%, 12/1/2026	4,940,000	5,147,798
State of Ohio Revenue, OH:
Series 2022-1, 5.00%, 12/15/2033	1,000,000	1,163,230
Series C, 5.00%, 12/1/2028	230,000	245,436
Series C, 5.00%, 12/1/2029	180,000	191,715
Series C, 5.00%, 12/1/2030	165,000	175,691
State of Ohio, General Obligation, OH:
Series A, 4.00%, 3/1/2036	940,000	1,015,331
Series A, 4.00%, 3/1/2037	500,000	532,606
Series A, 4.00%, 3/1/2039	750,000	784,400
Series A, 4.00%, 6/15/2040	1,000,000	1,032,203
Series A, 5.00%, 3/1/2030	860,000	922,846
Series A, 5.00%, 2/1/2033	875,000	914,115
Series B, 5.00%, 8/1/2026	5,000,000	5,316,436
Series C, 5.00%, 11/1/2033	400,000	410,362

Security Description	Principal Amount	Value
Series T, 5.00%, 11/1/2028	$ 400,000	$ 431,880
Series T, 5.00%, 5/1/2031	250,000	269,261
Series Y, 5.00%, 5/1/2033	1,000,000	1,218,504
Series Y, 5.00%, 5/1/2034	750,000	921,651
Series Y, 5.00%, 5/1/2035	750,000	914,916
Series Y, 5.00%, 5/1/2036	1,000,000	1,210,513
Series Y, 5.00%, 5/1/2037	1,000,000	1,203,351
Series Y, 5.00%, 5/1/2038	750,000	882,377
Series Y, 5.00%, 5/1/2039	1,000,000	1,168,389
		84,111,920
OKLAHOMA — 0.2%
Canadian County Educational Facilities Authority Revenue, OK 3.00%, 9/1/2029	250,000	247,646
Oklahoma Capitol Improvement Authority Revenue, OK:
5.00%, 7/1/2027	160,000	168,877
Series A, 5.00%, 7/1/2025	600,000	618,299
Oklahoma County Independent School District No. 89 Oklahoma City, General Obligation, OK Series A, 3.00%, 7/1/2027	5,000,000	5,051,577
		6,086,399
OREGON — 1.4%
City of Portland Sewer System Revenue, OR:
Series A, 2.50%, 6/15/2033	325,000	307,898
Series A, 3.00%, 3/1/2035	770,000	758,665
Series A, 3.00%, 3/1/2046	605,000	508,201
Series A, 5.00%, 3/1/2024	620,000	622,021
Series A, 5.00%, 3/1/2030	495,000	565,010
Series A, 5.00%, 12/1/2040	5,000,000	5,735,942
Clackamas County School District No. 12 North Clackamas, General Obligation, OR 5.00%, 6/15/2026	75,000	75,681
Hillsboro School District No. 1J, General Obligation, OR:
4.00%, 6/15/2035	700,000	743,874
4.00%, 6/15/2036	1,020,000	1,077,799
Multnomah & Clackamas Counties School District No. 10JT Gresham-Barlow, General Obligation, OR Series B, 5.00%, 6/15/2029	135,000	146,057
Multnomah County School District No. 1 Portland, General Obligation, OR:
5.00%, 6/15/2025	1,615,000	1,668,664
5.00%, 6/15/2036	4,000,000	4,789,503
Oregon State Lottery Revenue, OR Series C, 5.00%, 4/1/2026	510,000	523,743

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Portland Community College District, General Obligation, OR:
5.00%, 6/15/2025	$ 430,000	$ 443,915
5.00%, 6/15/2029	500,000	527,787
5.00%, 6/15/2030	660,000	696,518
5.00%, 6/15/2031	500,000	527,544
5.00%, 6/15/2032	500,000	527,544
5.00%, 6/15/2033	500,000	527,422
Salem-Keizer School District No. 24J, General Obligation, OR:
Series A, Zero Coupon, 6/15/2039	1,995,000	989,909
Series A, Zero Coupon, 6/15/2040	2,850,000	1,334,133
Series B, 5.00%, 6/15/2032 (b)	635,000	735,821
State of Oregon Department of Transportation Revenue, OR:
Series A, 5.00%, 11/15/2042	7,500,000	8,582,068
Series C, 5.00%, 11/15/2025	170,000	177,487
State of Oregon, General Obligation, OR:
Series A, 4.00%, 5/1/2037	895,000	934,966
Series A, 5.00%, 5/1/2025	995,000	1,025,508
Series A, 5.00%, 5/1/2026	1,000,000	1,056,287
Series A, 5.00%, 5/1/2027	355,000	384,910
Series A, 5.00%, 5/1/2040	8,000,000	9,322,940
Series A, 5.00%, 5/1/2029	1,000,000	1,134,605
Series A, 5.00%, 5/1/2039	2,625,000	3,077,822
Series I, 5.00%, 8/1/2029	195,000	211,805
Series Q, 5.00%, 5/1/2028	180,000	189,768
Tri-County Metropolitan Transportation District of Oregon Revenue, OR Series A, 5.00%, 9/1/2041	570,000	606,658
Washington & Multnomah Counties School District No. 48J Beaverton, General Obligation, OR:
Series A, Zero Coupon, 6/15/2039	1,955,000	1,014,723
Series A, Zero Coupon, 6/15/2041	2,500,000	1,157,780
Series A, Zero Coupon, 6/15/2042	2,000,000	875,269
Series B, Zero Coupon, 6/15/2032	700,000	513,078
Series B, Zero Coupon, 6/15/2034	330,000	220,293
5.00%, 6/15/2027	120,000	121,090
		54,440,708

Security Description	Principal Amount	Value
PENNSYLVANIA — 1.5%
Commonwealth of Pennsylvania, General Obligation, PA:
Series 1ST, 2.00%, 5/15/2039	$ 665,000	$ 497,844
Series 2020-1, 2.00%, 5/1/2039	1,475,000	1,109,497
Series 2020-1, 3.00%, 5/1/2035	900,000	890,879
Series 1ST, 4.00%, 5/15/2033	7,955,000	8,651,197
5.00%, 7/15/2025	5,000,000	5,175,979
5.00%, 9/1/2028	5,000,000	5,561,628
Series 1, 5.00%, 1/1/2024	725,000	725,000
County of Allegheny, General Obligation, PA Series C, 5.00%, 11/1/2026	315,000	336,833
County of Montgomery, General Obligation, PA Series A, 5.00%, 10/1/2035	5,000,000	5,878,000
Pennsylvania Higher Educational Facilities Authority Revenue, PA:
Series A, 4.00%, 8/15/2033	190,000	195,046
Series AT-1, 5.00%, 6/15/2024	200,000	201,662
Series AT-1, 5.00%, 6/15/2025	100,000	102,906
Pennsylvania State University Revenue, PA:
5.00%, 9/1/2042	6,755,000	7,743,644
5.00%, 9/1/2043	2,500,000	2,855,834
5.25%, 9/1/2048	8,245,000	9,407,739
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA:
Series A, 5.00%, 12/1/2028	105,000	110,866
Series A, 5.00%, 12/1/2030	160,000	168,521
Series A, 5.00%, 12/1/2046	625,000	684,397
Port Authority of Allegheny County Revenue, PA 5.00%, 3/1/2024	900,000	902,625
University of Pittsburgh-of the Commonwealth System of Higher Education Revenue, PA Series A, 5.00%, 2/15/2034	5,000,000	6,124,135
		57,324,232
RHODE ISLAND — 0.2%
Rhode Island Health & Educational Building Corp. Revenue, RI:
Series A, 4.00%, 5/15/2028	485,000	496,134
Series D, BAM, 4.00%, 5/15/2040 (a)	550,000	561,758

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
State of Rhode Island, General Obligation, RI:
Series E, 2.00%, 8/1/2038	$ 905,000	$ 701,490
Series A, 5.00%, 12/1/2034	3,600,000	4,412,386
Series A, 5.00%, 12/1/2035	1,000,000	1,217,615
		7,389,383
SOUTH CAROLINA — 0.5%
Anderson County School District No. 1, General Obligation, SC 3.00%, 3/1/2038	850,000	787,893
Beaufort County School District, General Obligation, SC Series C, 4.00%, 3/1/2035	1,000,000	1,073,182
Grand Strand Water & Sewer Authority Revenue, SC Series A, 4.00%, 6/1/2046	575,000	584,475
Lancaster County Public Facilities Corp. Revenue, SC 5.00%, 6/1/2042	1,250,000	1,371,526
Lexington County School District No. 2, General Obligation, SC:
3.00%, 3/1/2038	125,000	113,943
Series C, 3.00%, 3/1/2038	325,000	300,983
Richland County School District No. 2, General Obligation, SC Series A, 5.00%, 3/1/2039	5,000,000	5,696,545
South Carolina Transportation Infrastructure Bank Revenue, SC Series B, 5.00%, 10/1/2025	5,000,000	5,200,444
State of South Carolina, General Obligation, SC:
Series A, 5.00%, 4/1/2025	2,500,000	2,567,678
Series A, 5.00%, 4/1/2030	120,000	131,527
University of South Carolina Revenue, SC Series A, 5.00%, 5/1/2046	730,000	798,694
		18,626,890
TENNESSEE — 0.8%
City of Chattanooga Electric Revenue, TN 5.00%, 9/1/2041	1,500,000	1,696,528
City of Memphis Sanitary Sewerage System Revenue, TN Series B, 5.00%, 10/1/2045	1,000,000	1,092,580
City of Memphis Water Revenue, TN 3.00%, 12/1/2045	500,000	418,891
City of Memphis, General Obligation, TN:
4.00%, 5/1/2035	750,000	810,448
4.00%, 6/1/2044	500,000	500,080

Security Description	Principal Amount	Value
Metropolitan Government of Nashville & Davidson County Electric Revenue, TN Series B, 5.00%, 5/15/2026	$ 345,000	$ 363,978
Metropolitan Government of Nashville & Davidson County, General Obligation, TN:
Series C, 3.00%, 1/1/2034	500,000	489,262
4.00%, 7/1/2036	515,000	531,412
Series B, 4.00%, 1/1/2027	5,000,000	5,213,863
5.00%, 1/1/2024	105,000	105,000
5.00%, 1/1/2026	170,000	177,870
5.00%, 1/1/2027	100,000	105,566
5.00%, 7/1/2030	650,000	719,861
Series C, 5.00%, 1/1/2024	500,000	500,000
New Memphis Arena Public Building Authority Revenue, TN:
Zero Coupon, 4/1/2027	1,325,000	1,228,241
Zero Coupon, 4/1/2032	1,500,000	1,073,197
Zero Coupon, 4/1/2034	3,300,000	2,153,109
Zero Coupon, 4/1/2035	760,000	473,154
Zero Coupon, 4/1/2040	750,000	358,964
Zero Coupon, 4/1/2041	2,015,000	912,446
Zero Coupon, 4/1/2042	850,000	363,260
State of Tennessee, General Obligation, TN:
Series A, 5.00%, 2/1/2026	160,000	167,820
Series A, 5.00%, 5/1/2026	4,000,000	4,222,355
Series A, 5.00%, 5/1/2027	6,000,000	6,497,508
		30,175,393
TEXAS — 11.9%
Alamo Community College District, General Obligation, TX:
5.00%, 8/15/2026	125,000	132,951
5.00%, 2/15/2027	1,855,000	1,997,321
Aldine Independent School District, General Obligation, TX 5.00%, 2/15/2030 (a)	215,000	229,172
Allen Independent School District, General Obligation, TX 5.00%, 2/15/2027 (a)	320,000	336,093
Alvin Independent School District, General Obligation, TX:
4.00%, 2/15/2039 (a)	850,000	861,460
5.00%, 2/15/2027 (a)	345,000	361,477
Argyle Independent School District, General Obligation, TX 5.00%, 8/15/2047 (a)	2,890,000	3,179,246

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Arlington Higher Education Finance Corp. Revenue, TX Series A, 3.00%, 2/15/2046 (a)	$ 1,500,000	$ 1,182,565
Arlington Independent School District, General Obligation, TX:
4.00%, 2/15/2039 (a)	770,000	785,932
4.00%, 2/15/2040 (a)	2,000,000	2,056,322
4.00%, 2/15/2041 (a)	1,750,000	1,785,808
4.00%, 2/15/2042 (a)	720,000	729,079
4.00%, 2/15/2046 (a)	745,000	751,578
5.00%, 2/15/2025 (a)	75,000	76,848
5.00%, 2/15/2031 (a)	550,000	614,045
Austin Independent School District, General Obligation, TX:
1.88%, 8/1/2038 (a)	1,450,000	1,103,658
4.00%, 8/1/2033 (a)	3,700,000	3,881,136
4.00%, 8/1/2034 (a)	515,000	548,158
4.00%, 8/1/2035 (a)	2,000,000	2,116,649
5.00%, 8/1/2030	1,000,000	1,158,616
5.00%, 8/1/2033	1,325,000	1,601,158
Bexar County Hospital District, General Obligation, TX:
4.00%, 2/15/2036	300,000	304,473
5.00%, 2/15/2029	320,000	343,682
5.00%, 2/15/2032	2,000,000	2,331,388
5.00%, 2/15/2034	1,180,000	1,267,053
Board of Regents of the University of Texas System Revenue, TX:
Series A, 5.00%, 8/15/2031	1,050,000	1,189,991
Series A, 5.00%, 8/15/2032	635,000	718,535
Series A, 5.00%, 8/15/2043	10,000,000	11,271,472
Series C, 5.00%, 8/15/2028	750,000	837,234
Series E, 5.00%, 8/15/2026	140,000	149,125
Series E, 5.00%, 8/15/2027	100,000	109,175
Series J, 5.00%, 8/15/2024	315,000	319,097
City of Austin Electric Utility Revenue, TX:
5.00%, 11/15/2033	250,000	264,197
Series A, 5.00%, 11/15/2026	325,000	347,336
Series B, 5.00%, 11/15/2044	950,000	1,029,500
City of Austin Water & Wastewater System Revenue, TX:
5.00%, 11/15/2027	1,490,000	1,632,255
5.00%, 11/15/2047	3,185,000	3,519,435
Series C, 5.00%, 11/15/2034	500,000	573,877
Series C, 5.00%, 11/15/2035	500,000	570,518
City of Austin, General Obligation, TX:
5.00%, 9/1/2032	2,370,000	2,849,912
5.00%, 9/1/2033	2,000,000	2,444,249
5.00%, 9/1/2035	1,000,000	1,212,887

Security Description	Principal Amount	Value
5.00%, 9/1/2039	$ 5,530,000	$ 6,414,016
5.00%, 9/1/2042	2,000,000	2,312,489
City of Dallas Waterworks & Sewer System Revenue, TX:
Series C, 3.00%, 10/1/2046	5,110,000	4,228,677
Series C, 4.00%, 10/1/2035	800,000	857,848
Series C, 4.00%, 10/1/2040	505,000	520,391
Series C, 4.00%, 10/1/2043	685,000	694,481
Series A, 5.00%, 10/1/2033	410,000	431,799
Series C, 5.00%, 10/1/2036	500,000	572,054
City of Dallas, General Obligation, TX:
Series B, 3.00%, 2/15/2036	540,000	521,159
5.00%, 2/15/2030	275,000	280,233
City of El Paso Water & Sewer Revenue, TX:
Series A, 4.00%, 3/1/2041	6,500,000	6,599,193
5.00%, 3/1/2026	165,000	165,454
City of El Paso, General Obligation, TX:
Series A, 4.00%, 8/15/2035	750,000	788,726
Series A, 4.00%, 8/15/2045	525,000	522,147
City of Houston Combined Utility System Revenue, TX:
Series A, 3.00%, 11/15/2040	1,500,000	1,356,556
Series A, 4.00%, 11/15/2041	1,015,000	1,036,426
Series C, 4.00%, 11/15/2039	550,000	566,554
Series B, 5.00%, 11/15/2026	300,000	320,703
Series B, 5.00%, 11/15/2032	275,000	289,487
Series D, 5.00%, 11/15/2032	500,000	556,294
City of Houston, General Obligation, TX:
Series A, 3.00%, 3/1/2040	780,000	689,680
Series A, 4.00%, 3/1/2036	395,000	401,036
Series A, 5.00%, 3/1/2025	365,000	373,614
Series A, 5.00%, 3/1/2029	720,000	793,527
Series A, 5.00%, 3/1/2030	445,000	478,751
Series A, 5.00%, 3/1/2031	100,000	104,127
Series A, 5.25%, 3/1/2042	1,750,000	2,018,965
Series A, 5.25%, 3/1/2043	1,850,000	2,128,063
City of Laredo Waterworks & Sewer System Revenue, TX Series A, 4.00%, 3/1/2045	750,000	752,294
City of Lubbock, General Obligation, TX 5.00%, 2/15/2029	100,000	112,296
City of New Braunfels Utility System Revenue, TX 3.00%, 7/1/2045	885,000	730,228
City of San Antonio Electric & Gas Systems Revenue, TX:
1.75%, 2/1/2049 (b)	500,000	481,637
3.00%, 2/1/2037	540,000	515,544
4.00%, 2/1/2030	650,000	694,629
4.00%, 2/1/2037	500,000	523,712
4.00%, 2/1/2043	2,000,000	2,022,106

See accompanying notes to financial statements.

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
5.00%, 2/1/2025	$ 125,000	$ 127,753
5.00%, 2/1/2027	375,000	396,201
Series A, 5.00%, 2/1/2026	665,000	696,538
Series A, 5.00%, 2/1/2033	1,000,000	1,159,762
Series C, 5.00%, 2/1/2032	2,500,000	2,960,331
Series C, 5.00%, 2/1/2033	2,000,000	2,401,821
Series C, 5.00%, 2/1/2034	2,000,000	2,433,747
City of San Antonio, General Obligation, TX:
3.00%, 8/1/2039	700,000	642,635
4.00%, 8/1/2036	2,790,000	2,933,346
5.00%, 2/1/2025	7,500,000	7,671,333
5.00%, 2/1/2027	6,000,000	6,459,740
5.00%, 8/1/2031	730,000	828,358
City of Waco, General Obligation, TX 5.00%, 2/1/2024	125,000	125,191
Collin County Community College District, General Obligation, TX:
4.00%, 8/15/2031	495,000	515,525
4.00%, 8/15/2032	280,000	290,873
4.00%, 8/15/2034	190,000	196,462
Series A, 4.00%, 8/15/2037	1,905,000	1,971,213
Series A, 5.00%, 8/15/2025	750,000	777,379
Series A, 5.00%, 8/15/2029	1,865,000	2,122,338
Colorado River Municipal Water District Revenue, TX 5.00%, 1/1/2025	500,000	510,481
Community Independent School District, General Obligation, TX 5.00%, 2/15/2048	4,775,000	5,277,012
Conroe Independent School District, General Obligation, TX:
Series A, 3.00%, 2/15/2041 (a)	500,000	443,359
5.00%, 2/15/2025 (a)	350,000	358,622
Corpus Christi Independent School District, General Obligation, TX 5.00%, 8/15/2030 (a)	1,845,000	2,049,077
County of Bexar, General Obligation, TX:
4.00%, 6/15/2046	840,000	834,575
5.00%, 6/15/2032	590,000	636,739
County of Collin, General Obligation, TX:
3.13%, 2/15/2035	720,000	720,562
5.00%, 2/15/2030	5,320,000	6,090,947
5.00%, 2/15/2031	9,435,000	10,979,194
5.00%, 2/15/2032	5,245,000	6,197,849
County of Fort Bend, General Obligation, TX Series B, 4.00%, 3/1/2029	150,000	153,777

Security Description	Principal Amount	Value
County of Harris Revenue, TX:
Series A, 5.00%, 8/15/2024	$ 375,000	$ 379,785
Series A, 5.00%, 8/15/2026	185,000	196,573
County of Harris Toll Road Revenue, TX:
4.00%, 8/15/2035	615,000	656,064
4.00%, 8/15/2036	485,000	512,641
4.00%, 8/15/2037	505,000	529,219
4.00%, 8/15/2038	1,000,000	1,037,122
4.00%, 8/15/2040	510,000	521,275
4.00%, 8/15/2045	2,590,000	2,599,233
Series A, 4.00%, 8/15/2037	300,000	309,299
5.00%, 8/15/2026	685,000	726,958
Series A, 5.00%, 8/15/2035	750,000	900,054
County of Harris, General Obligation, TX:
Series A, 5.00%, 10/1/2025	350,000	364,092
Series A, 5.00%, 10/1/2026	500,000	532,779
Series A, 5.00%, 10/1/2047	3,015,000	3,312,728
County of Montgomery, General Obligation, TX Series A, 4.00%, 3/1/2042	405,000	406,825
County of Williamson, General Obligation, TX:
4.00%, 2/15/2040	500,000	511,174
5.00%, 2/15/2024	790,000	791,894
5.00%, 2/15/2026	500,000	524,751
5.00%, 2/15/2032	1,230,000	1,377,955
Cypress-Fairbanks Independent School District, General Obligation, TX:
Series A, 3.00%, 2/15/2035 (a)	500,000	494,664
Series A, 3.00%, 2/15/2039 (a)	500,000	459,661
Series A, 4.00%, 2/15/2037 (a)	1,400,000	1,484,205
5.00%, 2/15/2028 (a)	435,000	445,136
Series A, 5.00%, 2/15/2036	2,000,000	2,398,350
Series A, 5.00%, 2/15/2039	2,000,000	2,301,824
Dallas Area Rapid Transit Revenue, TX:
Series A, 5.00%, 12/1/2033	100,000	101,861
Series A, 5.00%, 12/1/2034	175,000	182,381
Series A, 5.00%, 12/1/2035	225,000	234,490
Series A, 5.00%, 12/1/2036	295,000	305,557
Dallas College, General Obligation, TX:
5.00%, 2/15/2025	4,750,000	4,868,072
5.00%, 2/15/2029	1,235,000	1,388,748
Dallas County Hospital District, General Obligation, TX 4.00%, 8/15/2034	610,000	625,502

See accompanying notes to financial statements.

100

Table of Contents

SPDR NUVEEN BLOOMBERG MUNICIPAL BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Dallas Independent School District, General Obligation, TX:
Series A, 3.00%, 2/15/2036 (a)	$ 345,000	$ 323,889
5.00%, 2/15/2027	1,000,000	1,076,099
5.00%, 2/15/2030 (a)	620,000	695,099
Series A, 5.00%, 2/15/2025 (a)	830,000	850,447
Series B, 5.00%, 2/15/2026 (a)	600,000	629,321
Del Valle Independent School District, General Obligation, TX:
5.00%, 6/15/2032 (a)	2,760,000	3,214,092
5.00%, 6/15/2036 (a)	2,655,000	3,043,823
Denton Independent School District, General Obligation, TX:
5.00%, 8/15/2028 (a)	175,000	178,944
5.00%, 8/15/2034	3,500,000	4,258,890
5.00%, 8/15/2035	1,750,000	2,118,331
Dickinson Independent School District, General Obligation, TX 2.00%, 2/15/2046 (a)	1,900,000	1,238,805
Dripping Springs Independent School District, General Obligation, TX 5.00%, 2/15/2032	4,500,000	5,361,193
Forney Independent School District, General Obligation, TX:
Series A, 4.00%, 8/15/2044 (a)	2,500,000	2,537,292
Series B, 5.00%, 8/15/2033 (a)	1,945,000	2,284,965
Series B, 5.00%, 8/15/2035 (a)	2,700,000	3,146,842
Series B, 5.00%, 8/15/2039 (a)	2,400,000	2,709,717
Fort Bend Independent School District, General Obligation, TX 4.00%, 8/15/2032 (a)	275,000	284,147
Fort Worth Independent School District, General Obligation, TX 5.00%, 2/15/2025 (a)	195,000	199,674
Galveston Independent School District, General Obligation, TX:
4.00%, 2/1/2047 (a)	2,000,000	2,008,938
5.00%, 2/1/2032 (a)	750,000	855,957
Garland Independent School District, General Obligation, TX:
Series A, 5.00%, 2/15/2033	500,000	606,709

Security Description	Principal Amount	Value
Series A, 5.00%, 2/15/2040	$ 1,000,000	$ 1,156,057
Series A, 5.00%, 2/15/2041	1,000,000	1,150,079
Goose Creek Consolidated Independent School District, General Obligation, TX 2.13%, 2/15/2045	1,000,000	690,667
Grand Prairie Independent School District, General Obligation, TX 4.00%, 8/15/2030 (a)	100,000	102,016
Grapevine-Colleyville Independent School District, General Obligation, TX 5.00%, 8/15/2031 (a)	500,000	515,843
Harris County Cultural Education Facilities Finance Corp. Revenue, TX 5.00%, 11/15/2025	275,000	285,629
Harris County Flood Control District Revenue, TX:
Series A, 5.00%, 10/1/2027	70,000	71,000
Series A, 5.00%, 10/1/2029	530,000	576,024
Series A, 5.00%, 10/1/2032	455,000	493,918
Series A, 5.00%, 10/1/2033	250,000	271,290
Harris County Flood Control District, General Obligation, TX:
Series A, 3.00%, 10/1/2038	625,000	572,642
Series A, 4.00%, 10/1/2033	760,000	815,062
Series A, 4.00%, 10/1/2035	1,040,000	1,092,514
Series A, 4.00%, 9/15/2041	3,000,000	3,102,989
Series A, 4.00%, 10/1/2045	1,990,000	2,011,572
Series A, 5.00%, 10/1/2026	1,375,000	1,467,029
Series A, 5.00%, 10/1/2031	500,000	568,589
Series A, 5.00%, 9/15/2035	2,000,000	2,399,899
Series A, 5.00%, 9/15/2036	1,000,000	1,186,929
Series A, 5.00%, 9/15/2040	3,335,000	3,820,710
Hays Consolidated Independent School District, General Obligation, TX:
Series A, 3.00%, 2/15/2025 (a)	930,000	929,251
5.00%, 2/15/2029	1,400,000	1,577,164
5.00%, 2/15/2048	6,950,000	7,627,075
Houston Independent School District, General Obligation, TX:
Series A, 5.00%, 2/15/2030 (a)	395,000	413,365
Series A, 5.00%, 2/15/2031 (a)	445,000	465,409
Humble Independent School District, General Obligation, TX Series A, 5.50%, 2/15/2025 (a)	110,000	113,028

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Hurst-Euless-Bedford Independent School District, General Obligation, TX Series A, 5.00%, 8/15/2028	$ 140,000	$ 152,330
Judson Independent School District, General Obligation, TX 5.00%, 2/1/2025 (a)	225,000	229,899
Katy Independent School District, General Obligation, TX Series D, 5.00%, 2/15/2025 (a)	405,000	415,067
Keller Independent School District, General Obligation, TX Series A, 5.00%, 8/15/2027 (a)	145,000	152,445
Lake Travis Independent School District, General Obligation, TX Series A, 5.00%, 2/15/2043 (a)	30,000	32,214
Lamar Consolidated Independent School District, General Obligation, TX Series A, 3.00%, 2/15/2036 (a)	1,300,000	1,269,694
Leander Independent School District, General Obligation, TX Series A, Zero Coupon, 8/16/2044 (a)	25,000	11,202
Lewisville Independent School District, General Obligation, TX:
3.25%, 8/15/2036 (a)	100,000	97,570
5.00%, 8/15/2031 (a)	500,000	562,748
5.00%, 8/15/2024 (a)	135,000	136,789
5.00%, 8/15/2026 (a)	300,000	318,532
Series B, 5.00%, 8/15/2028	525,000	540,638
Liberty Hill Independent School District, General Obligation, TX:
3.00%, 2/1/2037 (a)	1,500,000	1,432,066
3.00%, 2/1/2039 (a)	2,425,000	2,221,457
Lower Colorado River Authority Revenue, TX AGM, 5.00%, 5/15/2038 (a)	600,000	676,513
Metropolitan Transit Authority of Harris County Sales & Use Tax Revenue, TX Series A, 5.00%, 11/1/2029	300,000	318,538
Midway Independent School District/McLennan County, General Obligation, TX 5.00%, 8/15/2030 (a)	705,000	802,321

Security Description	Principal Amount	Value
North Texas Municipal Water District Water System Revenue, TX:
Series A, 3.00%, 9/1/2032	$ 13,185,000	$ 13,074,876
5.00%, 9/1/2024	135,000	136,744
North Texas Tollway Authority Revenue, TX:
Series A, 4.00%, 1/1/2039	1,800,000	1,831,725
Series A, 5.00%, 1/1/2027	5,100,000	5,467,429
Series A, 5.00%, 1/1/2033	335,000	398,231
Series A, 5.00%, 1/1/2034	775,000	918,987
Series A, 5.00%, 1/1/2035	755,000	892,334
Northside Independent School District, General Obligation, TX:
2.38%, 8/15/2045 (a)	605,000	426,507
4.00%, 8/15/2034 (a)	750,000	800,266
Northwest Independent School District, General Obligation, TX:
3.00%, 2/15/2046 (a)	2,250,000	1,837,760
5.00%, 2/15/2042 (a)	380,000	398,347
Pasadena Independent School District, General Obligation, TX 5.00%, 2/15/2048	1,000,000	1,117,709
Permanent University Fund - Texas A&M University System Revenue, TX:
Series A, 3.00%, 7/1/2031	375,000	376,198
Series A, 5.50%, 7/1/2025	180,000	187,388
Permanent University Fund - University of Texas System Revenue, TX:
Series A, 5.00%, 7/1/2032	120,000	123,518
Series A, 5.00%, 7/1/2040	1,760,000	2,028,860
Series B, 5.00%, 7/1/2024	175,000	176,848
Pflugerville Independent School District, General Obligation, TX:
Series A, 4.00%, 2/15/2043	4,915,000	5,046,596
Series A, 5.00%, 2/15/2035	8,090,000	9,496,626
Plano Independent School District, General Obligation, TX:
5.00%, 2/15/2027	1,625,000	1,752,213
5.00%, 2/15/2028	1,000,000	1,105,329
5.00%, 2/15/2030	2,165,000	2,501,368
5.00%, 2/15/2033	1,565,000	1,897,422
Port Authority of Houston of Harris County Texas Revenue, TX:
4.00%, 10/1/2037	3,170,000	3,308,571
4.00%, 10/1/2039	1,040,000	1,064,433
4.00%, 10/1/2040	500,000	507,587
4.00%, 10/1/2046	6,125,000	6,061,755
5.00%, 10/1/2029	1,775,000	2,016,869

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
5.00%, 10/1/2030	$ 6,000,000	$ 6,932,626
Port Authority of Houston of Harris County Texas, General Obligation, TX:
Series A-2, 5.00%, 10/1/2024	500,000	507,499
Series A-2, 5.00%, 10/1/2027	600,000	653,526
Rockwall Independent School District, General Obligation, TX Series A, 5.00%, 2/15/2047	1,450,000	1,586,123
Round Rock Independent School District, General Obligation, TX:
Series A, 4.00%, 8/1/2032 (a)	500,000	531,590
5.00%, 8/1/2026	150,000	159,261
Series A, 5.00%, 8/1/2031 (a)	610,000	692,189
Series B, 5.00%, 8/1/2031 (a)	480,000	534,363
Royse City Independent School District, General Obligation, TX 5.00%, 2/15/2048	1,655,000	1,841,219
Sabine-Neches Navigation District, General Obligation, TX 4.63%, 2/15/2047	5,715,000	5,913,391
San Antonio Independent School District, General Obligation, TX:
4.00%, 8/15/2033 (a)	1,000,000	1,068,044
4.00%, 8/15/2034 (a)	1,095,000	1,144,265
4.00%, 8/15/2040 (a)	610,000	622,498
4.00%, 8/15/2041 (a)	950,000	965,913
5.00%, 2/15/2027 (a)	510,000	521,713
San Antonio Water System Revenue, TX:
Series A, 2.63%, 5/1/2049 (b)	550,000	547,897
Series C, 4.00%, 5/15/2034	865,000	913,035
Series A, 5.00%, 5/15/2026	50,000	52,715
Series A, 5.00%, 5/15/2029	210,000	220,905
Series A, 5.00%, 5/15/2030	500,000	525,526
Series A, 5.00%, 5/15/2042	2,065,000	2,266,223
Series C, 5.00%, 5/15/2030	160,000	169,828
San Jacinto Community College District, General Obligation, TX 4.00%, 2/15/2046	500,000	497,361
Southwest Independent School District, General Obligation, TX 3.00%, 2/1/2039 (a)	1,000,000	916,065
State of Texas, General Obligation, TX:
Series A, 4.00%, 10/1/2033	130,000	135,740
Series A, 5.00%, 10/1/2026	120,000	127,735
Series A, 5.00%, 10/1/2030	105,000	113,300
Series B, 5.00%, 10/1/2033	360,000	387,025

Security Description	Principal Amount	Value
Tarrant County College District, General Obligation, TX 2.00%, 8/15/2036	$ 1,700,000	$ 1,401,428
Tarrant County Hospital District, General Obligation, TX:
4.00%, 8/15/2043	2,850,000	2,891,673
4.25%, 8/15/2048	2,500,000	2,526,534
5.25%, 8/15/2048	9,740,000	10,843,289
Tarrant Regional Water District Revenue, TX Series A, 2.00%, 9/1/2044	750,000	497,543
Tarrant Regional Water District Water Supply System Revenue, TX 5.00%, 3/1/2025	250,000	256,362
Texas A&M University Revenue, TX:
Series A, 3.00%, 5/15/2038	2,655,000	2,448,466
Series A, 3.00%, 5/15/2039	2,050,000	1,862,059
Series A, 3.00%, 5/15/2040	750,000	668,015
Series C, 5.00%, 5/15/2025	220,000	226,724
Series E, 5.00%, 5/15/2027	160,000	173,812
Texas Public Finance Authority Revenue, TX 4.00%, 2/1/2039	2,000,000	2,038,635
Texas State University System Revenue, TX:
Series A, 4.00%, 3/15/2034	620,000	647,223
Series A, 5.00%, 3/15/2026	465,000	488,322
Series A, 5.00%, 3/15/2029	140,000	150,731
Texas Transportation Commission State Highway Fund Revenue, TX:
5.00%, 10/1/2024	265,000	269,270
Series A, 5.00%, 10/1/2026	275,000	292,802
Texas Water Development Board Revenue, TX:
3.00%, 10/15/2037	5,025,000	4,754,044
3.00%, 10/15/2039	775,000	708,129
Series A, 3.00%, 10/15/2034	800,000	794,281
Series A, 3.00%, 10/15/2039	600,000	548,057
4.00%, 8/1/2036	150,000	154,156
4.00%, 10/15/2036	800,000	854,540
4.00%, 8/1/2037	1,150,000	1,209,088
4.00%, 8/1/2038	2,240,000	2,335,438
4.00%, 10/15/2044	2,000,000	2,030,544
4.00%, 10/15/2045	5,745,000	5,806,282
Series A, 4.00%, 10/15/2037	1,180,000	1,219,277
Series A, 4.00%, 10/15/2044	2,635,000	2,665,963
Series A, 4.70%, 10/15/2041	1,430,000	1,583,149
5.00%, 4/15/2026	135,000	142,342
5.00%, 8/1/2026	500,000	531,257
5.00%, 4/15/2029	340,000	360,815
5.00%, 10/15/2030	1,390,000	1,615,640
5.00%, 10/15/2032	2,385,000	2,863,366
Series A, 5.00%, 4/15/2027	120,000	129,651

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series A, 5.00%, 10/15/2028	$ 2,500,000	$ 2,798,098
Series A, 5.00%, 10/15/2029	2,500,000	2,855,826
Series A, 5.00%, 10/15/2030	3,000,000	3,486,993
Series B, 5.00%, 4/15/2024	925,000	930,448
Series B, 5.00%, 10/15/2026	500,000	534,161
Series B, 5.00%, 4/15/2029	500,000	556,718
Series B, 5.00%, 4/15/2030	610,000	678,416
Tomball Independent School District, General Obligation, TX 5.00%, 2/15/2025 (a)	115,000	117,859
Trinity River Authority Central Regional Wastewater System Revenue, TX:
3.00%, 8/1/2032	530,000	527,096
5.00%, 8/1/2025	335,000	346,744
5.00%, 8/1/2030	100,000	107,933
University of Houston Revenue, TX:
Series A, 3.00%, 2/15/2039	500,000	445,543
Series A, 3.00%, 2/15/2041	500,000	444,993
Series A, 4.00%, 2/15/2025	265,000	268,693
Series A, 5.00%, 2/15/2025	380,000	389,446
Series A, 5.00%, 2/15/2029	500,000	562,759
University of North Texas System Revenue, TX:
Series A, 5.00%, 4/15/2025	200,000	205,397
Series A, 5.00%, 4/15/2030	120,000	128,522
Series A, 5.00%, 4/15/2031	115,000	123,094
Via Metropolitan Transit Revenue, TX:
5.00%, 7/15/2025	180,000	185,923
5.00%, 7/15/2026	280,000	295,888
5.00%, 7/15/2028	505,000	539,172
Waller Consolidated Independent School District, General Obligation, TX 3.00%, 2/15/2040 (a)	915,000	821,069
		452,381,887
UTAH — 0.7%
Central Utah Water Conservancy District Revenue, UT Series B, 5.00%, 10/1/2027	155,000	169,525
City of Salt Lake City Public Utilities Revenue, UT 5.00%, 2/1/2042	2,335,000	2,526,692
Intermountain Power Agency Revenue, UT:
Series A, 5.00%, 7/1/2034	3,135,000	3,752,552
Series A, 5.00%, 7/1/2045	1,075,000	1,193,909
Series A, 5.25%, 7/1/2045	5,000,000	5,708,932
State of Utah, General Obligation, UT:
5.00%, 7/1/2025	5,000,000	5,176,277
5.00%, 7/1/2028	925,000	1,032,157

Security Description	Principal Amount	Value
5.00%, 7/1/2031	$ 655,000	$ 738,232
University of Utah Revenue, UT:
Series A, 4.00%, 8/1/2039	800,000	829,801
Series B, 5.25%, 8/1/2048	6,000,000	6,887,450
		28,015,527
VERMONT — 0.1%
City of Burlington, General Obligation, VT Series A, 5.00%, 11/1/2043	2,000,000	2,297,903
VIRGINIA — 2.1%
Chesterfield County Economic Development Authority Revenue, VA Series F, 2.00%, 4/1/2041	525,000	383,141
City of Alexandria, General Obligation, VA:
4.00%, 12/15/2048	5,000,000	5,105,511
5.00%, 12/15/2040	2,700,000	3,179,867
City of Richmond Public Utility Revenue, VA:
Series A, 4.00%, 1/15/2036	300,000	306,406
Series A, 5.00%, 1/15/2024	760,000	760,517
County of Arlington, General Obligation, VA:
4.00%, 6/15/2033	700,000	746,755
Series A, 4.00%, 8/1/2035	900,000	976,537
Series A, 4.00%, 8/1/2038	4,190,000	4,406,539
County of Fairfax Sewer Revenue, VA:
Series A, 4.00%, 7/15/2040	1,610,000	1,685,551
Series A, 5.00%, 7/15/2046	865,000	960,029
County of Fairfax, General Obligation, VA:
Series A, 4.00%, 10/1/2026	5,000,000	5,202,780
Series A, 4.00%, 10/1/2037	13,760,000	14,792,014
Series A, 5.00%, 10/1/2034	695,000	800,971
Series A, 5.00%, 10/1/2037	610,000	676,987
County of Loudoun, General Obligation, VA:
Series A, 4.00%, 12/1/2038	3,500,000	3,693,803
Series A, 5.00%, 12/1/2025	4,550,000	4,754,036
Hampton Roads Transportation Accountability Commission Revenue, VA Series A, 4.00%, 7/1/2045	885,000	893,038
Loudoun County Economic Development Authority Revenue, VA:
Series A, 2.00%, 12/1/2038	2,000,000	1,559,116
Series A, 4.00%, 12/1/2031	4,950,000	5,320,047
Virginia College Building Authority Revenue, VA:
Series A, 3.00%, 2/1/2036	3,500,000	3,431,283
Series A, 3.00%, 2/1/2038	1,000,000	928,855
Series A, 4.00%, 2/1/2036	1,220,000	1,290,980
Series A, 4.00%, 2/1/2037	3,390,000	3,551,154

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series A, 4.00%, 2/1/2040	$ 680,000	$ 700,463
Series A, 5.00%, 2/1/2026	825,000	867,379
Series A, 5.00%, 2/1/2027	500,000	539,084
Series A, 5.00%, 9/1/2028	60,000	63,699
Series C, 5.00%, 2/1/2024	320,000	320,509
Series C, 5.00%, 2/1/2028	500,000	552,354
Series D, 5.00%, 2/1/2024	210,000	210,334
Series E, 5.00%, 2/1/2025	155,000	158,791
Virginia Commonwealth Transportation Board Revenue, VA:
3.00%, 5/15/2037	1,515,000	1,405,825
3.00%, 5/15/2041	300,000	260,986
3.25%, 5/15/2043	1,100,000	979,670
4.00%, 5/15/2038	340,000	349,443
5.00%, 3/15/2032	130,000	140,854
Series A, 5.00%, 5/15/2032	585,000	635,831
Virginia Public Building Authority Revenue, VA:
Series A, 4.00%, 8/1/2034	820,000	877,613
Series A, 4.00%, 8/1/2035	260,000	276,286
Series A, 4.00%, 8/1/2038	750,000	784,669
Series A, 4.00%, 8/1/2040	810,000	837,918
Series A, 4.00%, 8/1/2042	3,000,000	3,099,333
Series A, 5.00%, 8/1/2025	100,000	103,632
Series A, 5.00%, 8/1/2029	150,000	163,682
Series B, 5.00%, 8/1/2026	1,000,000	1,063,287
Series B, 5.00%, 8/1/2028	755,000	844,137
Series B, 5.00%, 8/1/2030	200,000	231,328
Virginia Public School Authority Revenue, VA 5.00%, 8/1/2025	175,000	181,383
Virginia Resources Authority Revenue, VA 5.00%, 11/1/2045	80,000	83,279
		81,137,686
WASHINGTON — 4.3%
Auburn School District No. 408 of King & Pierce Counties, General Obligation, WA:
3.00%, 12/1/2037	525,000	486,011
3.00%, 12/1/2038	615,000	559,292
4.00%, 12/1/2036	720,000	739,672
5.00%, 12/1/2029	150,000	164,259
Central Puget Sound Regional Transit Authority Revenue, WA:
Series S-1, 4.00%, 11/1/2046	1,080,000	1,089,779
Series S-1, 5.00%, 11/1/2027	85,000	88,484
Series S-1, 5.00%, 11/1/2028	1,405,000	1,576,885
Series S-1, 5.00%, 11/1/2035	440,000	463,784
City of Seattle Water System Revenue, WA 5.00%, 8/1/2030	200,000	214,028

Security Description	Principal Amount	Value
Clark County School District No. 114 Evergreen, General Obligation, WA:
5.00%, 12/1/2030	$ 1,390,000	$ 1,605,858
5.00%, 12/1/2032	500,000	575,562
Clark County School District No. 37 Vancouver, General Obligation, WA 4.00%, 12/1/2034	570,000	604,361
County of King Sewer Revenue, WA:
Series B, 0.88%, 1/1/2042 (b)	850,000	786,789
5.00%, 7/1/2042	200,000	210,704
County of King, General Obligation, WA:
5.00%, 7/1/2025	170,000	173,794
5.00%, 7/1/2027	160,000	163,370
5.00%, 7/1/2029	560,000	571,707
Series E, 5.00%, 12/1/2028	225,000	234,618
Series E, 5.00%, 12/1/2029	305,000	317,864
Energy Northwest Revenue, WA:
Series A, 4.00%, 7/1/2042	3,090,000	3,160,080
Series A, 5.00%, 7/1/2025	385,000	397,885
Series A, 5.00%, 7/1/2027	885,000	943,583
Series A, 5.00%, 7/1/2028	560,000	607,471
Series A, 5.00%, 7/1/2030	625,000	723,837
Series A, 5.00%, 7/1/2033	3,365,000	3,920,415
Series A, 5.00%, 7/1/2036	1,750,000	2,087,957
Series A, 5.00%, 7/1/2037	1,285,000	1,443,633
Series A, 5.00%, 7/1/2039	1,345,000	1,558,871
Series A, 5.00%, 7/1/2040	11,460,000	12,940,355
Series C, 5.00%, 7/1/2027	125,000	125,995
Franklin County School District No. 1 Pasco, General Obligation, WA 5.00%, 12/1/2030	535,000	582,934
King County Housing Authority Revenue, WA 3.50%, 5/1/2038	500,000	476,442
King County School District No. 210 Federal Way, General Obligation, WA 5.00%, 12/1/2032	500,000	568,901
King County School District No. 401 Highline, General Obligation, WA:
3.13%, 12/1/2032	470,000	470,540
5.00%, 12/1/2040	3,250,000	3,743,032
5.00%, 12/1/2041	4,000,000	4,586,772
King County School District No. 405 Bellevue, General Obligation, WA:
5.00%, 12/1/2026	130,000	139,286
5.00%, 12/1/2029	300,000	320,482

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
King County School District No. 411 Issaquah, General Obligation, WA:
5.00%, 12/1/2028	$ 100,000	$ 106,682
5.00%, 12/1/2031	100,000	108,882
5.00%, 12/1/2032	300,000	325,947
King County School District No. 414 Lake Washington, General Obligation, WA 4.00%, 12/1/2026	110,000	113,476
North Thurston Public Schools, General Obligation, WA 4.00%, 12/1/2034	1,045,000	1,116,741
Pierce County School District No. 10 Tacoma, General Obligation, WA 5.00%, 12/1/2027	120,000	125,153
Pierce County School District No. 3 Puyallup, General Obligation, WA 5.00%, 12/1/2030	495,000	533,678
Port of Tacoma, General Obligation, WA:
Series A, 5.00%, 12/1/2031	295,000	313,859
Series A, 5.00%, 12/1/2032	360,000	382,391
Spokane County School District No. 81 Spokane, General Obligation, WA 5.00%, 12/1/2038	10,000,000	11,508,443
State of Washington, General Obligation, WA:
Series R, 4.00%, 7/1/2026	2,000,000	2,073,815
Series R, 4.00%, 8/1/2035	800,000	863,111
5.00%, 6/1/2029	1,650,000	1,875,344
5.00%, 6/1/2030	1,240,000	1,436,210
5.00%, 6/1/2040	2,280,000	2,535,233
Series 2017-A, 5.00%, 8/1/2031	330,000	348,496
Series 2017-A, 5.00%, 8/1/2034	300,000	316,125
Series 2020-A, 5.00%, 8/1/2036	585,000	654,476
Series 2024-A, 5.00%, 8/1/2029	3,000,000	3,421,420
Series 2024-A, 5.00%, 8/1/2037	5,000,000	5,931,504
Series A, 5.00%, 2/1/2027	2,055,000	2,213,729
Series A, 5.00%, 8/1/2027	110,000	120,016
Series A, 5.00%, 8/1/2029	1,000,000	1,140,473
Series A, 5.00%, 8/1/2040	4,450,000	5,002,056
Series A, 5.00%, 8/1/2043	590,000	651,394
Series A, 5.00%, 8/1/2044	515,000	566,818
Series A1, 5.00%, 8/1/2034	300,000	308,827
Series A-1, 5.00%, 8/1/2031	5,395,000	6,384,473
Series A-2, 5.00%, 8/1/2043	4,280,000	4,822,722
Series A-3, 5.00%, 8/1/2044	14,000,000	15,720,327
Series A-3, 5.00%, 8/1/2046	10,020,000	11,163,900

Security Description	Principal Amount	Value
Series B, 5.00%, 7/1/2024	$ 115,000	$ 116,186
Series B, 5.00%, 1/1/2026	730,000	764,522
Series B, 5.00%, 7/1/2031	355,000	370,589
Series B, 5.00%, 7/1/2033	285,000	297,402
Series B, 5.00%, 6/1/2039	1,015,000	1,112,627
Series C, 5.00%, 2/1/2027	500,000	538,775
Series C, 5.00%, 2/1/2029	500,000	564,362
Series C, 5.00%, 2/1/2032	105,000	109,781
Series C, 5.00%, 2/1/2034	770,000	843,664
Series C, 5.00%, 2/1/2035	450,000	459,027
Series C, 5.00%, 2/1/2039	1,030,000	1,123,378
Series C, 5.00%, 2/1/2041	2,575,000	2,877,237
Series C, 5.00%, 2/1/2043	550,000	617,955
Series D, 5.00%, 2/1/2029	250,000	261,796
Series D, 5.00%, 6/1/2036	690,000	763,100
Series E, 5.00%, 7/1/2024	175,000	176,805
Series E, 5.00%, 7/1/2026	65,000	66,414
Series E, 5.00%, 6/1/2037	750,000	861,958
Series E, 5.00%, 6/1/2043	1,000,000	1,114,872
Series F, 5.00%, 6/1/2039	4,975,000	5,629,078
Series F, 5.00%, 6/1/2044	3,190,000	3,543,533
Series R, 5.00%, 7/1/2027	550,000	598,840
Series R, 5.00%, 2/1/2028	6,000,000	6,615,939
Series R, 5.00%, 8/1/2030	1,050,000	1,220,017
Series RA, 5.00%, 8/1/2027	500,000	529,305
Series RC, 5.00%, 8/1/2025	135,000	139,903
Series RC, 5.00%, 8/1/2033	255,000	274,813
Series RD, 5.00%, 7/1/2025	750,000	775,659
Series RD, 5.00%, 8/1/2029	290,000	313,975
Series RH, 5.00%, 7/1/2026	110,000	112,393
University of Washington Revenue, WA Series C, 5.00%, 4/1/2034	745,000	849,631
		165,254,549
WEST VIRGINIA — 0.1%
State of West Virginia, General Obligation, WV:
Series A, 5.00%, 6/1/2026	130,000	137,462
Series A, 5.00%, 6/1/2027	1,085,000	1,176,274
Series A, 5.00%, 12/1/2029	525,000	595,795
Series A, 5.00%, 12/1/2032	705,000	796,052
Series A, 5.00%, 6/1/2034	575,000	648,013
Series A, 5.00%, 6/1/2044	500,000	541,794
West Virginia Parkways Authority Revenue, WV:
5.00%, 6/1/2039	565,000	637,113
5.00%, 6/1/2040	750,000	840,972
		5,373,475
WISCONSIN — 1.1%
City of Madison, General Obligation, WI:
Series A, 4.00%, 10/1/2025	690,000	705,977
Series A, 4.00%, 10/1/2032	5,925,000	6,398,422

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Public Finance Authority Revenue, WI 5.00%, 3/1/2029	$ 300,000	$ 311,259
State of Wisconsin Environmental Improvement Fund Revenue, WI Series A, 5.00%, 6/1/2037	750,000	839,715
State of Wisconsin Revenue, WI Series B, 5.00%, 5/1/2033	115,000	121,446
State of Wisconsin, General Obligation, WI:
Series A, 4.00%, 5/1/2040	2,000,000	2,037,213
Series A, 4.00%, 5/1/2041	3,025,000	3,064,317
Series 1, 5.00%, 5/1/2025	85,000	87,572
Series 1, 5.00%, 11/1/2028	205,000	221,167
Series 3, 5.00%, 11/1/2031	530,000	571,929
Series 4, 5.00%, 5/1/2036	6,000,000	7,109,871
Series A, 5.00%, 5/1/2026	500,000	528,143
Series A, 5.00%, 5/1/2027	945,000	971,223
Series B, 5.00%, 5/1/2026	5,900,000	6,232,091
Series B, 5.00%, 5/1/2027	6,070,000	6,581,421
Series B, 5.00%, 5/1/2028	3,000,000	3,334,070
Series B, 5.00%, 5/1/2037	605,000	676,766
Wisconsin Department of Transportation Revenue, WI:
Series A, 3.00%, 7/1/2040	675,000	609,888
Series A, 3.00%, 7/1/2041	805,000	709,007
Series A, 4.00%, 7/1/2038	750,000	785,603
Series 1, 5.00%, 7/1/2024	205,000	207,246
		42,104,346
WYOMING — 0.0% (d)
University of Wyoming Revenue, WY Series C, AGM, 4.00%, 6/1/2044 (a)	735,000	735,377
Wyoming Community Development Authority Revenue, WY Series 2, 2.10%, 12/1/2035	500,000	422,777
		1,158,154
TOTAL MUNICIPAL BONDS & NOTES (Cost $3,759,275,015)		3,784,970,740

Security Description	Shares	Value
SHORT-TERM INVESTMENT — 0.8%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.36% (e) (f) (Cost $28,470,488)	28,470,488	$ 28,470,488
TOTAL INVESTMENTS — 100.2% (Cost $3,787,745,503)		3,813,441,228
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%		(7,263,685)
NET ASSETS — 100.0%		$ 3,806,177,543

(a)	Bond is insured by the following:

	% of Net Assets
Permanent School Fund Guaranteed	1.6%
Assured Guaranty Municipal Corp.	1.2%
Build America Mutual Assurance Company	0.3%

(b)	Variable Rate Security - Interest rate shown is rate in effect at December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(c)	When-issued security.
(d)	Amount is less than 0.05% of net assets.
(e)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(f)	The rate shown is the annualized seven-day yield at December 31, 2023.

VRN	Variable Rate Note

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2023.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Municipal Bonds & Notes	$ —	$3,784,970,740	$—	$3,784,970,740
Short-Term Investment	28,470,488	—	—	28,470,488
TOTAL INVESTMENTS	$28,470,488	$3,784,970,740	$—	$3,813,441,228

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
MUNICIPAL BONDS & NOTES — 99.4%
ALABAMA — 0.2%
Alabama Public School & College Authority Revenue, AL:
Series A, 5.00%, 11/1/2025	$ 670,000	$ 698,680
Series A, 5.00%, 11/1/2026	4,980,000	5,327,986
Series A, 5.00%, 11/1/2028	1,470,000	1,647,694
University of Alabama Revenue, AL Series A, 5.00%, 7/1/2024	725,000	732,122
		8,406,482
ALASKA — 0.2%
Alaska Municipal Bond Bank Authority Revenue, AK 5.00%, 12/1/2027	1,945,000	2,105,752
Borough of North Slope, General Obligation, AK:
Series A, 5.00%, 6/30/2027	1,550,000	1,676,702
Series A, 5.00%, 6/30/2028	2,885,000	3,180,101
		6,962,555
ARIZONA — 1.3%
Arizona Department of Transportation State Highway Fund Revenue, AZ 5.00%, 7/1/2028	6,200,000	6,890,215
City of Chandler, General Obligation, AZ 5.00%, 7/1/2029	2,850,000	3,246,426
City of Phoenix Civic Improvement Corp. Revenue, AZ 5.00%, 7/1/2028	1,250,000	1,391,978
Gilbert Water Resource Municipal Property Corp. Revenue, AZ:
5.00%, 7/15/2026	4,750,000	5,038,717
5.00%, 7/15/2027	4,500,000	4,896,362
Maricopa County Special Health Care District, General Obligation, AZ Series D, 5.00%, 7/1/2026	3,200,000	3,378,350
Maricopa County Unified School District No. 4 Mesa, General Obligation, AZ Series E, 5.00%, 7/1/2027	3,750,000	4,067,240
Maricopa County Unified School District No. 69 Paradise Valley, General Obligation, AZ Series D, 5.00%, 7/1/2024	700,000	707,014
Salt River Project Agricultural Improvement & Power District Revenue, AZ:
Series A, 5.00%, 1/1/2025	2,000,000	2,043,904
Series A, 5.00%, 1/1/2026	8,350,000	8,744,876

Security Description	Principal Amount	Value
State of Arizona Lottery Revenue, AZ 5.00%, 7/1/2026	$ 5,000,000	$ 5,279,911
State of Arizona, Certificate Participation, AZ Series A, 5.00%, 10/1/2027	3,000,000	3,281,130
		48,966,123
CALIFORNIA — 20.7%
Alameda County Joint Powers Authority Revenue, CA:
Series A, 5.00%, 12/1/2027	4,500,000	4,963,285
Series A, 5.00%, 12/1/2028	3,000,000	3,391,528
Bay Area Toll Authority Revenue, CA:
Series A, 2.63%, 4/1/2045 (a)	425,000	416,227
Series B, 2.85%, 4/1/2047 (a)	480,000	476,343
California Infrastructure & Economic Development Bank Revenue, CA:
Series B-2, 3.00%, 10/1/2047 (a)	5,600,000	5,617,889
5.00%, 10/1/2025	6,100,000	6,366,881
5.00%, 10/1/2028	4,000,000	4,520,872
California State Public Works Board Revenue, CA:
Series A, 5.00%, 8/1/2025	3,065,000	3,174,378
Series A, 5.00%, 2/1/2026	25,020,000	26,305,227
Series B, 5.00%, 5/1/2026	2,100,000	2,222,606
Series B, 5.00%, 12/1/2027	13,150,000	14,467,537
Series B, 5.00%, 12/1/2028	5,950,000	6,705,835
Series C, 5.00%, 11/1/2024	13,805,000	14,049,345
Series C, 5.00%, 11/1/2026	5,000,000	5,355,051
Series C, 5.00%, 11/1/2028	2,500,000	2,811,931
California State University Revenue, CA Series B-2, 0.55%, 11/1/2049 (a)	4,000,000	3,613,801
Chino Basin Regional Financing Authority Revenue, CA Series B, 4.00%, 11/1/2025	34,030,000	34,795,699
City of Long Beach Harbor Revenue, CA Series A, 5.00%, 5/15/2025	7,700,000	7,955,317
City of Los Angeles Department of Airports Revenue, CA:
Series B, 5.00%, 5/15/2026	2,385,000	2,528,050
Series C, 5.00%, 5/15/2024	600,000	604,914
City of Los Angeles Solid Waste Resources Revenue, CA:
Series A, 5.00%, 2/1/2027	1,475,000	1,597,151
Series A, 5.00%, 2/1/2028	1,780,000	1,978,851
City of Los Angeles Wastewater System Revenue, CA Series B, 5.00%, 6/1/2027	2,695,000	2,939,275

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
City of San Francisco Public Utilities Commission Water Revenue, CA Series C, 5.00%, 11/1/2028	$ 1,000,000	$ 1,133,095
East Side Union High School District, General Obligation, CA Series C, 2.00%, 8/1/2025	10,000,000	9,819,949
Los Angeles Community College District, General Obligation, CA:
Series A-1, 5.00%, 8/1/2027	10,000,000	10,946,531
Series D, 5.00%, 8/1/2028	8,250,000	9,269,863
Los Angeles County Metropolitan Transportation Authority Sales Tax Revenue, CA:
Series A, 5.00%, 6/1/2025	6,900,000	7,130,162
Series A, 5.00%, 7/1/2025	4,080,000	4,229,933
Series A, 5.00%, 7/1/2026	4,280,000	4,559,089
Series A, 5.00%, 6/1/2027	5,375,000	5,867,742
Los Angeles Department of Water & Power Revenue, CA:
Series A, 5.00%, 7/1/2027	2,720,000	2,977,819
Series A, 5.00%, 7/1/2028	10,000,000	11,240,371
Series A, 5.00%, 7/1/2027	2,000,000	2,189,573
Series B, 5.00%, 7/1/2024	18,400,000	18,609,784
Series C, 5.00%, 7/1/2026	4,570,000	4,858,227
Series C, 5.00%, 7/1/2027	1,080,000	1,182,369
Series D, 5.00%, 7/1/2026	4,000,000	4,252,277
Series D, 5.00%, 7/1/2027	3,250,000	3,558,056
Series D, 5.00%, 7/1/2028	2,505,000	2,815,713
Series E, 5.00%, 7/1/2027	1,875,000	2,052,725
Series E, 5.00%, 7/1/2028	1,500,000	1,686,056
Los Angeles Department of Water & Power Water System Revenue, CA Series D, 5.00%, 7/1/2027	590,000	645,924
Los Angeles Unified School District, General Obligation, CA:
5.00%, 7/1/2028	7,000,000	7,852,282
Series A, 5.00%, 7/1/2024	11,615,000	11,747,426
Series A, 5.00%, 7/1/2025	5,465,000	5,665,829
Series A, 5.00%, 7/1/2026	13,000,000	13,831,418
Series C, 5.00%, 7/1/2027	3,075,000	3,362,126
Series QRR, 5.00%, 7/1/2027	4,000,000	4,373,497
Series RYRR, 5.00%, 7/1/2025	6,480,000	6,718,129
Series RYRR, 5.00%, 7/1/2026	2,820,000	3,000,354
Los Rios Community College District, General Obligation, CA Series E, 3.00%, 8/1/2024	1,000,000	1,000,566

Security Description	Principal Amount	Value
Marin Community College District, General Obligation, CA Series B, 4.00%, 8/1/2040	$ 500,000	$ 525,850
Metropolitan Water District of Southern California Revenue, CA:
Series B, 3.00%, 7/1/2026	4,000,000	4,033,063
Series B, 3.00%, 7/1/2027	6,735,000	6,799,985
Series A, 5.00%, 10/1/2027	1,250,000	1,374,679
Municipal Improvement Corp. of Los Angeles Revenue, CA:
Series A, 5.00%, 5/1/2025	1,100,000	1,133,290
Series A, 5.00%, 5/1/2026	1,400,000	1,480,432
Series A, 5.00%, 5/1/2027	1,550,000	1,683,186
Series A, 5.00%, 5/1/2029	1,625,000	1,854,238
Series C, 5.00%, 11/1/2026	9,470,000	10,150,527
Orange County Transportation Authority Revenue, CA 5.00%, 10/15/2024	37,730,000	38,398,945
Sacramento Transportation Authority Sales Tax Revenue, CA 5.00%, 10/1/2028	8,285,000	9,383,880
San Diego County Regional Transportation Commission Revenue, CA Series A, 5.00%, 4/1/2028	4,125,000	4,608,824
San Diego County Water Authority Revenue, CA Series A, 5.00%, 5/1/2026	2,250,000	2,387,673
San Diego Unified School District, General Obligation, CA Series G, 5.00%, 7/1/2028	8,000,000	8,999,613
San Francisco City & County Public Utilities Commission Wastewater Revenue, CA:
Series A, 5.00%, 10/1/2027	7,000,000	7,695,556
Series A, 5.00%, 10/1/2028	7,000,000	7,914,906
Series B, 5.00%, 10/1/2028	12,320,000	13,930,235
San Francisco Unified School District, General Obligation, CA:
4.00%, 6/15/2025	7,740,000	7,906,692
5.00%, 6/15/2027	5,000,000	5,457,046
San Juan Unified School District, General Obligation, CA:
3.00%, 8/1/2024	5,045,000	5,048,719
3.00%, 8/1/2025	2,500,000	2,512,105
San Mateo Foster City Public Financing Authority Revenue, CA Series B, 5.00%, 8/1/2025	4,905,000	5,093,173
Santa Clara Valley Transportation Authority Revenue, CA Series A, 5.00%, 6/1/2025	2,220,000	2,295,617

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Sonoma County Junior College District, General Obligation, CA Series C, 5.00%, 8/1/2027	$ 1,250,000	$ 1,367,865
Southern California Public Power Authority Revenue, CA Series 1, 5.00%, 7/1/2026	750,000	799,470
State of California Department of Water Resources Revenue, CA:
Series BD, 5.00%, 12/1/2025	800,000	838,320
Series BD, 5.00%, 12/1/2026	670,000	720,400
State of California, General Obligation, CA:
3.00%, 3/1/2026	8,000,000	8,082,865
4.00%, 10/1/2024	35,500,000	35,833,504
4.00%, 10/1/2025	8,750,000	8,964,668
4.00%, 3/1/2027	8,995,000	9,412,154
4.00%, 3/1/2028	8,000,000	8,510,082
5.00%, 8/1/2024	10,000,000	10,128,570
5.00%, 9/1/2024	10,000,000	10,147,629
5.00%, 10/1/2024	5,500,000	5,591,887
5.00%, 10/1/2025	1,600,000	1,666,371
5.00%, 11/1/2025	29,165,000	30,440,074
5.00%, 12/1/2025	13,000,000	13,597,847
5.00%, 9/1/2026	6,150,000	6,548,794
5.00%, 11/1/2026	3,050,000	3,262,260
5.00%, 12/1/2026	17,500,000	18,760,194
5.00%, 10/1/2027	41,590,000	45,487,391
5.00%, 11/1/2027	3,500,000	3,835,863
5.00%, 12/1/2027	3,000,000	3,294,681
5.00%, 9/1/2028	17,500,000	19,572,147
5.00%, 10/1/2028	7,660,000	8,583,878
Series A, 5.00%, 11/1/2026	2,910,000	3,112,517
Series A, 5.00%, 11/1/2027	5,645,000	6,186,699
Series B, 5.00%, 10/1/2026	37,220,000	39,721,351
University of California Revenue, CA:
Series BE, 5.00%, 5/15/2027	1,090,000	1,189,648
Series BH, 5.00%, 5/15/2027	1,465,000	1,598,930
Series BN, 5.00%, 5/15/2028	23,980,000	26,876,873
		808,236,044
COLORADO — 1.8%
Adams & Arapahoe Joint School District 28J Aurora, General Obligation, CO 5.00%, 12/1/2027	1,505,000	1,652,832
City & County of Denver, Certificate Participation, CO:
5.00%, 12/1/2025	8,375,000	8,740,984
5.00%, 12/1/2026	4,700,000	5,026,137
5.00%, 12/1/2027	5,250,000	5,745,115
5.00%, 12/1/2028	3,000,000	3,354,434
City & County of Denver, General Obligation, CO Series B, 5.00%, 8/1/2026	5,000,000	5,316,436

Security Description	Principal Amount	Value
City of Colorado Springs Utilities System Revenue, CO:
Series B, 5.00%, 11/15/2027	$ 2,500,000	$ 2,742,562
Series B, 5.00%, 11/15/2028	2,000,000	2,246,756
Series C, 5.00%, 11/15/2027	1,000,000	1,097,025
Douglas County School District No. Re-1 Douglas & Elbert Counties, General Obligation, CO 5.00%, 12/15/2027	5,010,000	5,503,476
Pueblo City Schools, General Obligation, CO 5.00%, 12/15/2025	4,225,000	4,407,411
Regional Transportation District Sales Tax Revenue, CO Series A, 5.00%, 11/1/2027	4,500,000	4,931,824
State of Colorado, Certificate Participation, CO:
Series A, 5.00%, 12/15/2024	750,000	765,173
Series A, 5.00%, 12/15/2025	3,250,000	3,395,363
Series A, 5.00%, 12/15/2027	1,750,000	1,920,292
University of Colorado Revenue, CO:
Series A, 4.00%, 6/1/2027	3,000,000	3,152,707
Series A, 4.00%, 6/1/2028	3,500,000	3,737,840
Weld County School District No. 6 Greeley, General Obligation, CO 5.00%, 12/1/2027	3,070,000	3,371,557
Weld County School District No. RE-4, General Obligation, CO 5.00%, 12/1/2028	1,325,000	1,486,761
		68,594,685
CONNECTICUT — 5.2%
City of Hartford Revenue, CT:
5.00%, 4/1/2027	2,000,000	2,147,793
5.00%, 4/1/2028	2,850,000	3,130,716
Connecticut State Health & Educational Facilities Authority Revenue, CT:
Series A-4, 1.10%, 7/1/2049 (a)	10,000,000	9,719,278
Series U-1, 1.10%, 7/1/2033 (a)	2,815,000	2,735,977
Series A, 2.80%, 7/1/2048 (a)	23,560,000	23,577,305
Series S, 5.00%, 7/1/2027	6,000,000	6,549,673
State of Connecticut Special Tax Revenue, CT:
Series A, 5.00%, 1/1/2024	655,000	655,000
Series A, 5.00%, 5/1/2025	750,000	771,507
Series A, 5.00%, 7/1/2027	2,500,000	2,714,990
Series A, 5.00%, 7/1/2028	10,000,000	11,113,250
Series B, 5.00%, 10/1/2025	1,075,000	1,116,227
Series B, 5.00%, 7/1/2027	3,500,000	3,800,986
Series B, 5.00%, 10/1/2028	1,300,000	1,453,071
Series C, 5.00%, 1/1/2026	500,000	523,247

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series D, 5.00%, 11/1/2027	$ 2,045,000	$ 2,238,883
State of Connecticut, General Obligation, CT:
Series 2021-A, 3.00%, 1/15/2026	5,000,000	5,020,016
Series 2021-A, 4.00%, 1/15/2026	6,650,000	6,827,084
Series A, 4.00%, 1/15/2027	7,595,000	7,908,775
Series B, 4.00%, 6/1/2026	7,445,000	7,683,425
Series C, 4.00%, 6/1/2028	3,840,000	4,081,056
Series A, 5.00%, 4/15/2026	12,895,000	13,590,444
Series A, 5.00%, 1/15/2027	1,000,000	1,073,945
Series A, 5.00%, 1/15/2028 (b)	3,365,000	3,698,037
Series A, 5.00%, 1/15/2029 (b)	1,355,000	1,523,196
Series B, 5.00%, 8/1/2028	1,500,000	1,670,185
Series C, 5.00%, 3/1/2028 (b)	4,770,000	5,257,544
Series C, 5.00%, 3/1/2029 (b)	2,500,000	2,817,626
Series D, 5.00%, 7/15/2026	11,945,000	12,671,048
Series D, 5.00%, 9/15/2026	2,500,000	2,663,538
Series D, 5.00%, 7/15/2027	2,000,000	2,174,036
Series D, 5.00%, 9/15/2027	3,680,000	4,016,390
Series E, 5.00%, 11/15/2025	7,000,000	7,293,936
Series E, 5.00%, 11/15/2026	5,510,000	5,896,571
Series E, 5.00%, 11/15/2027	3,925,000	4,301,254
Series F, 5.00%, 9/15/2025	6,065,000	6,294,060
Series F, 5.00%, 9/15/2026	1,550,000	1,651,394
Series G, 5.00%, 11/15/2024	10,000,000	10,180,713
Town of Greenwich, General Obligation, CT:
5.00%, 1/15/2025	2,000,000	2,046,770
5.00%, 1/15/2027	5,130,000	5,543,708
University of Connecticut Revenue, CT:
Series A, 5.00%, 2/15/2026	2,670,000	2,802,170
Series A, 5.00%, 8/15/2028	3,300,000	3,671,596
		204,606,420
DELAWARE — 0.5%
State of Delaware, General Obligation, DE:
5.00%, 3/1/2024	880,000	882,999
5.00%, 2/1/2026	7,425,000	7,797,149
5.00%, 2/1/2028	1,500,000	1,658,293
Series A, 5.00%, 10/1/2024	3,500,000	3,557,693
Series A, 5.00%, 1/1/2025	3,265,000	3,338,290
University of Delaware Revenue, DE 5.00%, 11/1/2025	555,000	578,758
		17,813,182
DISTRICT OF COLUMBIA — 1.8%
District of Columbia Income Tax Revenue, DC:
Series A, 5.00%, 3/1/2024	780,000	782,607

Security Description	Principal Amount	Value
Series A, 5.00%, 3/1/2026	$ 9,340,000	$ 9,823,178
Series C, 5.00%, 10/1/2026	5,000,000	5,340,145
Series C, 5.00%, 12/1/2026	3,845,000	4,125,247
Series C, 5.00%, 12/1/2027	7,250,000	7,973,546
District of Columbia Water & Sewer Authority Revenue, DC Series C, VRN, 1.75%, 10/1/2054 (a)	8,250,000	8,105,415
District of Columbia, General Obligation, DC:
Series D, 4.00%, 2/1/2026	2,200,000	2,260,149
Series D, 4.00%, 2/1/2027	1,350,000	1,410,354
Series A, 5.00%, 1/1/2028	2,300,000	2,533,925
Series B, 5.00%, 6/1/2028	6,000,000	6,676,240
Series A, 5.00%, 10/15/2026	5,000,000	5,345,795
Series D, 5.00%, 6/1/2024	505,000	509,412
Series E, 5.00%, 2/1/2025	525,000	537,613
Series E, 5.00%, 2/1/2028	2,235,000	2,467,186
Metropolitan Washington Airports Authority Aviation Revenue, DC Series B, 5.00%, 10/1/2024	2,000,000	2,031,481
Washington Metropolitan Area Transit Authority Dedicated Revenue, DC:
Series A, 5.00%, 7/15/2025	2,635,000	2,724,923
Series A, 5.00%, 7/15/2027	4,500,000	4,893,175
Series A, 5.00%, 7/15/2028	2,255,000	2,511,369
		70,051,760
FLORIDA — 2.5%
Alachua County School Board, Certificate Participation, FL AGM, 5.00%, 7/1/2026 (c)	325,000	341,747
Central Florida Expressway Authority Revenue, FL AGM, 5.00%, 7/1/2026 (c)	500,000	528,487
City of Jacksonville Revenue, FL:
Series A, 5.00%, 10/1/2024	5,750,000	5,842,217
Series A, 5.00%, 10/1/2028	1,000,000	1,116,795
County of Broward Half-Cent Sales Tax Revenue, FL 5.00%, 10/1/2028	1,475,000	1,638,174
County of Miami-Dade Revenue, FL Series B, 5.00%, 4/1/2024	500,000	502,518
Florida Department of Environmental Protection Revenue, FL Series A, 5.00%, 7/1/2027	1,030,000	1,115,338
Lee County School Board, Certificate Participation, FL Series A, 5.00%, 8/1/2026	620,000	656,367
Okaloosa County School Board, Certificate Participation, FL Series A, 5.00%, 10/1/2026	1,750,000	1,861,372

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Orlando Utilities Commission Revenue, FL Series A, 5.00%, 10/1/2026	$ 1,525,000	$ 1,624,976
Palm Beach County School District, Certificate Participation, FL Series B, 5.00%, 8/1/2027	1,800,000	1,952,282
Sarasota County School Board, Certificate Participation, FL:
Series A, 5.00%, 7/1/2028	1,500,000	1,664,284
Series A, 5.00%, 7/1/2029	2,120,000	2,396,181
State of Florida Department of Transportation Revenue, FL 5.00%, 7/1/2027	1,800,000	1,959,839
State of Florida, General Obligation, FL:
Series A, 5.00%, 6/1/2024	9,775,000	9,859,992
Series A, 5.00%, 6/1/2025	10,861,000	11,209,524
Series A, 5.00%, 7/1/2027	10,135,000	11,038,543
Series A, 5.00%, 6/1/2028	19,365,000	21,564,777
Series B, 5.00%, 6/1/2027	12,170,000	13,222,939
Series C, 5.00%, 6/1/2024	2,940,000	2,965,563
Volusia County School Board, Certificate Participation, FL COPs, 5.00%, 8/1/2024	4,500,000	4,550,597
		97,612,512
GEORGIA — 2.5%
Athens-Clarke County Unified Government, General Obligation, GA 5.00%, 12/1/2026	7,395,000	7,923,212
City of Atlanta Airport Passenger Facility Charge Revenue, GA Series F, 5.00%, 7/1/2024	4,320,000	4,365,205
City of Atlanta Department of Aviation Revenue, GA Series A, 5.00%, 7/1/2026	5,735,000	6,070,301
City of Atlanta, General Obligation, GA Series A-1, 5.00%, 12/1/2027	1,050,000	1,154,377
City of Columbus, General Obligation, GA 5.00%, 1/1/2025	2,900,000	2,961,651
County of DeKalb Water & Sewerage Revenue, GA 5.00%, 10/1/2027	15,195,000	16,607,503
Georgia Ports Authority Revenue, GA:
5.00%, 7/1/2026	3,140,000	3,327,490
5.00%, 7/1/2027	1,035,000	1,125,093
Henry County School District, General Obligation, GA:
4.00%, 8/1/2026	2,500,000	2,591,067
4.00%, 8/1/2028	2,630,000	2,813,760
Metropolitan Atlanta Rapid Transit Authority Revenue, GA Series B, 5.00%, 7/1/2028	2,500,000	2,783,956

Security Description	Principal Amount	Value
Private Colleges & Universities Authority Revenue, GA Series B, 5.00%, 9/1/2025	$ 8,000,000	$ 8,315,538
State of Georgia, General Obligation, GA:
Series C, 4.00%, 7/1/2027	18,000,000	18,979,187
Series A, 5.00%, 7/1/2027	5,000,000	5,447,510
Series A-1, 5.00%, 7/1/2026	12,500,000	13,268,196
		97,734,046
HAWAII — 1.1%
City & County of Honolulu, General Obligation, HI:
Series A, 5.00%, 11/1/2026	3,950,000	4,219,307
Series A, 5.00%, 11/1/2027	3,000,000	3,284,426
Series B, 5.00%, 3/1/2025	13,780,000	14,135,481
Series D, 5.00%, 8/1/2025	4,825,000	4,996,427
Series E, 5.00%, 3/1/2026	650,000	682,504
Series E, 5.00%, 3/1/2027	2,500,000	2,693,085
Series E, 5.00%, 3/1/2028	10,125,000	11,173,597
		41,184,827
IDAHO — 0.1%
Idaho Housing & Finance Association Revenue, ID:
Series A, 5.00%, 8/15/2027	1,750,000	1,901,674
Series A, 5.00%, 8/15/2028	1,650,000	1,835,035
		3,736,709
ILLINOIS — 1.8%
Chicago Park District, General Obligation, IL Series C, 5.00%, 1/1/2028	1,300,000	1,403,835
Illinois Finance Authority Revenue, IL:
5.00%, 1/1/2025	2,895,000	2,952,252
5.00%, 7/1/2025	4,995,000	5,149,557
5.00%, 1/1/2026	4,685,000	4,898,172
5.00%, 7/1/2026	2,045,000	2,165,071
5.00%, 7/1/2027	4,400,000	4,764,549
Series A, 5.00%, 10/1/2025	5,500,000	5,716,663
Illinois State Toll Highway Authority Revenue, IL:
Series A, 5.00%, 1/1/2027	5,565,000	5,962,602
Series A, 5.00%, 1/1/2028	2,915,000	3,195,130
Series A, 5.00%, 1/1/2028 (b)	1,575,000	1,726,256
Series A, 5.00%, 1/1/2029 (b)	1,670,000	1,869,873
Series B, 5.00%, 1/1/2026	2,040,000	2,131,202
Series B, 5.00%, 1/1/2028	1,830,000	2,005,862
Series C, 5.00%, 1/1/2026	1,985,000	2,073,744
Series C, 5.00%, 1/1/2028	3,245,000	3,556,843
Metropolitan Water Reclamation District of Greater Chicago, General Obligation, IL Series C, 5.00%, 12/1/2024	3,075,000	3,125,261

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Sales Tax Securitization Corp. Revenue, IL:
Series A, 5.00%, 1/1/2027	$ 5,000,000	$ 5,327,440
Series A, 5.00%, 1/1/2028	6,090,000	6,599,334
Series A, 5.00%, 1/1/2029	2,795,000	3,104,686
University of Illinois Revenue, IL Series A, 5.00%, 4/1/2028	1,700,000	1,866,008
		69,594,340
INDIANA — 0.4%
Indiana Finance Authority Revenue, IN:
Series 1, 5.00%, 10/1/2024	500,000	507,610
Series A, 5.00%, 6/1/2024	545,000	549,626
Series A, 5.00%, 2/1/2026	1,000,000	1,047,426
Series A, 5.00%, 2/1/2027	4,200,000	4,506,304
Series E, 5.00%, 2/1/2025	6,785,000	6,947,283
Series E, 5.00%, 2/1/2027	1,925,000	2,070,720
		15,628,969
IOWA — 0.0% (d)
Iowa Finance Authority Revenue, IA Series A, 5.00%, 8/1/2027	1,750,000	1,909,338
KANSAS — 0.3%
Johnson County Public Building Commission Revenue, KS Series A, 5.00%, 9/1/2025	9,495,000	9,823,948
Kansas Development Finance Authority Revenue, KS Series B, 5.00%, 5/1/2025	2,000,000	2,054,710
		11,878,658
KENTUCKY — 0.1%
Kentucky State Property & Building Commission Revenue, KY Series A, AGM, 5.00%, 11/1/2025 (c)	2,000,000	2,080,513
Louisville/Jefferson County Metropolitan Government, General Obligation, KY Series A, 5.00%, 4/1/2027	1,610,000	1,738,359
		3,818,872
LOUISIANA — 0.8%
State of Louisiana Revenue, LA:
5.00%, 9/1/2027	6,040,000	6,581,421
5.00%, 9/1/2028	3,305,000	3,687,045
State of Louisiana, General Obligation, LA:
Series A, 5.00%, 3/1/2025	7,830,000	8,028,364
Series A, 5.00%, 2/1/2028	2,000,000	2,201,220
Series A, 5.00%, 4/1/2028	8,750,000	9,667,540
Series A, 5.00%, 2/1/2029	2,000,000	2,252,337
		32,417,927

Security Description	Principal Amount	Value
MAINE — 0.2%
State of Maine, General Obligation, ME:
Series B, 5.00%, 6/1/2024	$ 700,000	$ 705,798
Series B, 5.00%, 6/1/2025	3,000,000	3,092,051
Series B, 5.00%, 6/1/2026	2,990,000	3,161,634
		6,959,483
MARYLAND — 3.8%
County of Harford, General Obligation, MD Series B, 5.00%, 7/1/2025	6,115,000	6,330,587
County of Montgomery, General Obligation, MD:
Series B, 4.00%, 11/1/2024	815,000	823,144
Series B, 4.00%, 11/1/2025	11,000,000	11,277,786
Series A, 5.00%, 8/1/2026	15,500,000	16,484,951
Series A, 5.00%, 8/1/2027	13,500,000	14,734,035
Series A, 5.00%, 8/1/2028	11,775,000	13,170,626
County of Prince George's, General Obligation, MD:
Series A, 5.00%, 7/15/2024	4,860,000	4,916,010
Series A, 5.00%, 7/15/2025	4,350,000	4,501,108
Series A, 5.00%, 8/1/2027	7,790,000	8,502,084
Maryland Stadium Authority Revenue, MD Series A, 5.00%, 3/1/2027	1,300,000	1,395,479
State of Maryland Department of Transportation Revenue, MD:
5.00%, 10/1/2025	12,000,000	12,483,154
5.00%, 10/1/2026	1,445,000	1,543,699
5.00%, 10/1/2027	1,865,000	2,043,980
Series 2022-A, 5.00%, 12/1/2027	2,190,000	2,410,285
Series 2022-B, 5.00%, 12/1/2027	3,700,000	4,072,170
Series A, 5.00%, 10/1/2026	7,415,000	7,921,473
Series B, 5.00%, 12/1/2026	15,615,000	16,757,676
State of Maryland, General Obligation, MD:
Series A, 5.00%, 8/1/2026	16,210,000	17,240,067
Series A, 5.00%, 8/1/2027	2,000,000	2,182,820
		148,791,134
MASSACHUSETTS — 3.4%
City of Boston, General Obligation, MA Series A, 5.00%, 11/1/2027	5,000,000	5,508,719
Commonwealth of Massachusetts, General Obligation, MA:
Series A, 5.00%, 9/1/2026	20,940,000	22,325,740
Series A, 5.00%, 3/1/2028	4,345,000	4,811,357
Series A, 5.00%, 5/1/2028	2,000,000	2,223,586
Series B, 5.00%, 7/1/2024	5,555,000	5,614,497
Series B, 5.00%, 11/1/2025	8,580,000	8,951,978
Series B, 5.00%, 10/1/2027	7,835,000	8,589,861

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series D, 5.00%, 11/1/2028	$ 5,000,000	$ 5,626,299
Series E, 5.00%, 11/1/2026	4,015,000	4,300,106
Massachusetts Bay Transportation Authority Sales Tax Revenue, MA:
4.00%, 5/1/2025	13,620,000	13,772,071
Series A-1, 5.00%, 7/1/2028	1,000,000	1,115,846
Series B-1, 5.00%, 7/1/2025	2,500,000	2,585,902
Massachusetts Clean Water Trust Revenue, MA:
5.00%, 2/1/2025	3,500,000	3,585,594
5.00%, 2/1/2026	3,530,000	3,709,861
5.00%, 8/1/2026	935,000	995,864
5.00%, 2/1/2027	1,000,000	1,079,713
5.00%, 2/1/2028	3,875,000	4,291,896
5.00%, 2/1/2029	2,300,000	2,610,230
Massachusetts Development Finance Agency Revenue, MA:
Series A, 5.00%, 10/15/2025	7,900,000	8,247,236
Series A, 5.00%, 10/15/2027	1,670,000	1,837,798
Series FF, 5.00%, 10/1/2027	2,145,000	2,341,980
Series FF, 5.00%, 10/1/2028	1,000,000	1,120,133
Massachusetts School Building Authority Revenue, MA Series A, 5.00%, 2/15/2049	11,300,000	11,881,395
Massachusetts Transportation Trust Fund Metropolitan Highway System Revenue, MA Series A, 5.00%, 1/1/2024	500,000	500,000
Massachusetts Water Resources Authority Revenue, MA Series B, 5.00%, 8/1/2025	175,000	181,218
University of Massachusetts Building Authority Revenue, MA Series 2021-1, 5.00%, 11/1/2025	4,000,000	4,169,767
		131,978,647
MICHIGAN — 0.7%
Birmingham City School District, General Obligation, MI:
5.00%, 5/1/2027	1,675,000	1,799,978
5.00%, 5/1/2028	1,250,000	1,378,341
Brighton Area School District, General Obligation, MI Series A, 5.00%, 5/1/2025	2,000,000	2,057,351
Michigan State Building Authority Revenue, MI:
Series I, 5.00%, 4/15/2026	1,000,000	1,053,703
Series II, 5.00%, 10/15/2027	3,500,000	3,830,340
Series II, 5.00%, 10/15/2028	2,800,000	3,137,911

Security Description	Principal Amount	Value
Michigan State University Revenue, MI:
Series A, 5.00%, 2/15/2028	$ 2,400,000	$ 2,641,876
Series A, 5.00%, 8/15/2028	3,750,000	4,174,003
State of Michigan Trunk Line Revenue, MI:
5.00%, 11/15/2028	3,500,000	3,947,299
Series A, 5.00%, 11/15/2024	1,000,000	1,018,762
University of Michigan Revenue, MI:
Series A, 5.00%, 4/1/2024	825,000	829,237
Series A, 5.00%, 4/1/2025	2,505,000	2,574,989
		28,443,790
MINNESOTA — 1.7%
City of Minneapolis, General Obligation, MN 3.00%, 12/1/2025	8,740,000	8,761,023
County of Hennepin, General Obligation, MN Series B, 5.00%, 12/15/2025	890,000	930,499
State of Minnesota, General Obligation, MN:
Series E, 3.00%, 8/1/2026	630,000	633,093
Series A, 5.00%, 8/1/2024	600,000	607,611
Series A, 5.00%, 8/1/2025	12,845,000	13,313,492
Series A, 5.00%, 8/1/2026	520,000	552,641
Series A, 5.00%, 8/1/2027	1,845,000	2,011,662
Series B, 5.00%, 9/1/2026	13,500,000	14,378,996
Series B, 5.00%, 8/1/2027	6,000,000	6,541,989
Series D, 5.00%, 8/1/2027	18,110,000	19,745,903
		67,476,909
MISSOURI — 0.7%
Liberty Public School District No. 53, General Obligation, MO 5.00%, 3/1/2028	1,735,000	1,906,733
Missouri Highway & Transportation Commission Revenue, MO:
Series A, 5.00%, 5/1/2025	10,000,000	10,282,791
Series A, 5.00%, 11/1/2026	10,465,000	11,196,259
Missouri State Board of Public Buildings Revenue, MO Series B, 5.00%, 10/1/2025	3,760,000	3,902,894
		27,288,677
NEBRASKA — 0.2%
Omaha Public Power District Revenue, NE:
Series B, 5.00%, 2/1/2026	1,500,000	1,573,625
Series B, 5.00%, 2/1/2027	3,000,000	3,228,945
Series B, 5.00%, 2/1/2028	1,600,000	1,764,251
		6,566,821
NEVADA — 0.6%
County of Clark Revenue, NV Series C, 5.00%, 7/1/2025	5,950,000	6,141,172

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
County of Clark, General Obligation, NV Series B, 5.00%, 12/1/2025	$ 1,150,000	$ 1,199,817
Las Vegas Valley Water District, General Obligation, NV:
Series A, 5.00%, 6/1/2024	600,000	604,970
Series B, 5.00%, 6/1/2025	1,010,000	1,040,424
Series C, 5.00%, 6/1/2026	14,340,000	15,163,153
		24,149,536
NEW HAMPSHIRE — 0.1%
New Hampshire Health & Education Facilities Authority Act Revenue, NH BAM, 5.00%, 7/1/2027 (c)	2,370,000	2,568,013
NEW JERSEY — 1.0%
Cherry Hill Township School District, General Obligation, NJ 3.00%, 8/1/2027	7,500,000	7,542,453
Hudson County Improvement Authority Revenue, NJ:
4.00%, 10/1/2024	650,000	654,811
4.00%, 10/1/2025	535,000	546,193
New Jersey Educational Facilities Authority Revenue, NJ Series A, 5.00%, 3/1/2027	26,370,000	28,523,757
		37,267,214
NEW MEXICO — 0.9%
State of New Mexico Severance Tax Permanent Fund Revenue, NM:
Series A, 5.00%, 7/1/2026	5,000,000	5,298,552
Series A, 5.00%, 7/1/2027	26,935,000	29,251,299
		34,549,851
NEW YORK — 16.8%
Battery Park City Authority Revenue, NY:
Series B, 5.00%, 11/1/2027	8,145,000	8,970,554
Series B, 5.00%, 11/1/2028	4,000,000	4,512,762
City of New York, General Obligation, NY:
Series 1, 5.00%, 8/1/2028	2,400,000	2,675,606
Series 1, 5.00%, 9/1/2028	3,305,000	3,691,689
Series A-1, 5.00%, 8/1/2025	16,825,000	17,438,653
Series A-1, 5.00%, 8/1/2026	17,000,000	18,045,218
Series A-1, 5.00%, 9/1/2027	12,160,000	13,258,933
Series A-1, 5.00%, 8/1/2028	1,065,000	1,187,300
Series B1, 5.00%, 10/1/2025	1,065,000	1,108,436
Series B1, 5.00%, 11/1/2026	18,060,000	19,296,416
Series B-1, 5.00%, 8/1/2027	12,000,000	13,058,140
Series B-1, 5.00%, 10/1/2028	1,305,000	1,460,527
Series C, 5.00%, 8/1/2025	1,210,000	1,254,132
Series C, 5.00%, 8/1/2026	6,860,000	7,281,776

Security Description	Principal Amount	Value
Series C, 5.00%, 8/1/2027	$ 30,305,000	$ 32,977,243
Series C1, 5.00%, 8/1/2026	3,065,000	3,253,447
Series C1, 5.00%, 8/1/2028	2,100,000	2,341,155
Series E, 5.00%, 8/1/2024	10,000,000	10,124,533
Series E, 5.00%, 8/1/2025	2,250,000	2,332,064
Series F-1, 5.00%, 8/1/2027	3,740,000	4,069,787
Series F-1, 5.00%, 8/1/2028	1,600,000	1,783,737
Series J10, 5.00%, 8/1/2026	4,040,000	4,288,393
County of Westchester, General Obligation, NY:
Series A, 5.00%, 10/15/2025	8,240,000	8,584,552
Series A, 5.00%, 10/15/2026	8,655,000	9,277,749
Series D, 5.00%, 12/15/2024	600,000	612,593
Erie County Industrial Development Agency Revenue, NY Series A, 5.00%, 5/1/2026	1,000,000	1,055,124
Monroe County Industrial Development Corp. Revenue, NY Series A, 5.00%, 7/1/2025	1,000,000	1,033,170
New York City Municipal Water Finance Authority Revenue, NY:
Series AA-2, 5.00%, 6/15/2028	500,000	535,700
Series CC-2, 5.00%, 6/15/2025	8,905,000	9,206,051
Series CC-2, 5.00%, 6/15/2026	2,000,000	2,036,635
Series CC-2, 5.00%, 6/15/2027	1,750,000	1,827,292
Series DD, 5.00%, 6/15/2026	35,360,000	37,523,438
Series FF, 5.00%, 6/15/2025	750,000	775,355
New York City Transitional Finance Authority Building Aid Revenue, NY:
Series S1A, 5.00%, 7/15/2026	1,300,000	1,379,017
Series S1A, 5.00%, 7/15/2027	1,000,000	1,087,372
Series S3A, 5.00%, 7/15/2024	570,000	576,084
Series S3A, 5.00%, 7/15/2026	1,050,000	1,113,822
New York City Transitional Finance Authority Future Tax Secured Revenue, NY:
Series 1, 5.00%, 11/1/2027	3,955,000	4,329,968
Series A, 5.00%, 11/1/2025	6,295,000	6,564,468
Series A, 5.00%, 11/1/2026	8,325,000	8,897,297
Series A, 5.00%, 5/1/2027	4,370,000	4,726,523
Series A, 5.00%, 11/1/2027	4,550,000	4,981,379
Series A-1, 5.00%, 11/1/2025	9,725,000	10,141,294
Series A-1, 5.00%, 11/1/2026	9,075,000	9,698,855
Series A-1, 5.00%, 11/1/2027	1,245,000	1,363,037
Series A-1, 5.00%, 11/1/2028	7,335,000	8,232,349

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series B, 5.00%, 11/1/2025	$ 1,095,000	$ 1,141,873
Series C, 5.00%, 2/1/2028	1,140,000	1,257,028
Series C-1, 5.00%, 11/1/2027	2,895,000	3,169,471
Series D1, 5.00%, 11/1/2026	3,375,000	3,607,012
Series D-1, 5.00%, 11/1/2026	2,490,000	2,661,174
Series DS, 5.00%, 11/1/2025	1,500,000	1,564,210
Series E-1, 5.00%, 11/1/2027	8,050,000	8,813,208
Series E-1, 5.00%, 11/1/2028	2,725,000	3,058,371
Series F-1, 5.00%, 2/1/2025	1,015,000	1,039,277
Series F-1, 5.00%, 11/1/2025	9,500,000	9,906,663
Series F-1, 5.00%, 11/1/2026	3,875,000	4,141,385
New York City Transitional Finance Authority Revenue, NY:
Series B, 5.00%, 5/1/2027	2,570,000	2,779,671
Series B, 5.00%, 5/1/2028	4,000,000	4,436,713
Series D-1, 5.00%, 11/1/2028 (b)	3,820,000	4,287,331
Series D-1, 5.00%, 11/1/2029 (b)	6,000,000	6,870,604
New York State Dormitory Authority Revenue, NY:
Series A, 5.00%, 2/15/2024	5,000	5,012
Series A, 5.00%, 3/15/2024	7,000,000	7,028,377
Series A, 5.00%, 7/1/2024	650,000	657,090
Series A, 5.00%, 10/1/2024	1,575,000	1,597,688
Series A, 5.00%, 9/15/2025	9,000,000	9,362,797
Series A, AGM, 5.00%, 10/1/2025 (c)	1,200,000	1,247,685
Series A, 5.00%, 3/15/2026	3,520,000	3,705,047
Series A, 5.00%, 7/1/2026	2,635,000	2,801,544
Series A, 5.00%, 3/15/2027	2,210,000	2,378,557
Series A, BAM, 5.00%, 10/1/2027 (c)	3,600,000	3,933,298
Series A, 5.00%, 3/15/2028	6,000,000	6,640,080
Series A, AGM, 5.00%, 10/1/2028 (c)	13,840,000	15,469,623
Series A-1, 5.00%, 3/15/2028	7,725,000	8,536,056
Series C, 5.00%, 3/15/2025	5,920,000	6,082,696
Series D, 5.00%, 2/15/2027	920,000	986,760
New York State Environmental Facilities Corp. Revenue, NY:
Series A, 5.00%, 6/15/2024	1,985,000	2,004,700
Series A, 5.00%, 6/15/2025	2,590,000	2,678,685
Series A, 5.00%, 6/15/2027	3,750,000	4,091,480
Series B, 5.00%, 6/15/2026	720,000	764,759
Series B, 5.00%, 6/15/2027	6,000,000	6,546,367
Series B, 5.00%, 6/15/2028	2,455,000	2,746,401
New York State Thruway Authority Revenue, NY:
Series A, 5.00%, 3/15/2026	20,175,000	21,244,473
Series A, 5.00%, 3/15/2027	17,955,000	19,352,341
New York State Urban Development Corp. Revenue, NY:
Series A, 5.00%, 3/15/2026	5,000,000	5,263,949

Security Description	Principal Amount	Value
Series B, 5.00%, 3/15/2029	$ 6,205,000	$ 7,018,291
Series E, 5.00%, 3/15/2026	30,000,000	31,570,509
Port Authority of New York & New Jersey Revenue, NY:
Series 230, 4.00%, 12/1/2027	3,750,000	3,971,829
Series 243, 5.00%, 12/1/2028	6,820,000	7,672,836
State of New York, General Obligation, NY:
Series A, 5.00%, 3/15/2028	1,500,000	1,667,010
Series B, 5.00%, 3/15/2028	1,525,000	1,694,794
Triborough Bridge & Tunnel Authority Revenue, NY:
Series B, 4.00%, 5/15/2027	27,725,000	29,198,026
Series A, 5.00%, 11/15/2027	14,500,000	15,956,268
Series A, 5.00%, 11/15/2028	9,750,000	10,986,208
Series B, 5.00%, 5/15/2027	10,000,000	10,870,052
Series B, 5.00%, 11/15/2028	13,335,000	14,838,291
Series E, 5.00%, 11/15/2027	2,800,000	3,048,749
Series F, 5.00%, 11/1/2026	2,425,000	2,597,200
Utility Debt Securitization Authority Revenue, NY:
Series 1, 5.00%, 6/15/2028	5,000,000	5,302,236
Series 1, 5.00%, 12/15/2028	3,970,000	4,267,447
		654,488,827
NORTH CAROLINA — 1.6%
City of Charlotte Airport Revenue, NC Series A, 5.00%, 7/1/2027	2,065,000	2,240,415
City of Charlotte Water & Sewer System Revenue, NC 5.00%, 7/1/2026	2,100,000	2,228,533
City of Charlotte, Certificate Participation, NC Series B, 5.00%, 6/1/2028	1,000,000	1,111,375
City of Charlotte, General Obligation, NC Series B, 5.00%, 7/1/2028	3,300,000	3,683,786
City of Raleigh Combined Enterprise System Revenue, NC:
5.00%, 9/1/2025	1,280,000	1,328,152
5.00%, 9/1/2026	2,070,000	2,206,434
5.00%, 9/1/2027	1,300,000	1,421,785
5.00%, 9/1/2028	1,675,000	1,877,270
County of Alamance, General Obligation, NC 5.00%, 5/1/2028	5,840,000	6,477,601
County of Durham Revenue, NC:
Series A, 5.00%, 6/1/2027	525,000	569,524
Series A, 5.00%, 6/1/2028	1,255,000	1,394,775
County of Mecklenburg, General Obligation, NC 5.00%, 9/1/2027	10,000,000	10,936,812
County of Wake Revenue, NC 5.00%, 3/1/2026	650,000	683,065

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
County of Wake, General Obligation, NC Series A, 5.00%, 5/1/2028	$ 5,000,000	$ 5,561,147
State of North Carolina Revenue, NC Series B, 5.00%, 5/1/2026	4,465,000	4,712,165
State of North Carolina, General Obligation, NC:
Series A, 5.00%, 6/1/2025	10,000,000	10,327,933
Series A, 5.00%, 6/1/2026	3,000,000	3,177,269
Series A, 5.00%, 6/1/2027	2,000,000	2,173,724
Series B, 5.00%, 6/1/2025	1,215,000	1,254,844
		63,366,609
OHIO — 2.3%
City of Akron Income Tax Revenue, OH 4.00%, 12/1/2025	3,285,000	3,350,479
City of Columbus, General Obligation, OH:
Series 2017-1, 5.00%, 4/1/2024	5,000,000	5,026,420
Series A, 5.00%, 4/1/2024	6,050,000	6,081,968
Series A, 5.00%, 4/1/2026	9,000,000	9,485,954
Series A, 5.00%, 4/1/2028	1,095,000	1,214,496
Series A, 5.00%, 8/15/2028	6,865,000	7,682,643
County of Cuyahoga Revenue, OH Series D, 5.00%, 12/1/2025	7,000,000	7,292,582
Ohio State University Revenue, OH:
Series A, 5.00%, 12/1/2024	7,000,000	7,141,688
Series A, 5.00%, 12/1/2025	8,500,000	8,853,663
Series A, 5.00%, 12/1/2026	2,600,000	2,781,173
Series A, 5.00%, 12/1/2028	1,000,000	1,121,098
Ohio Water Development Authority Revenue, OH:
5.00%, 6/1/2024	500,000	504,348
5.00%, 12/1/2025	670,000	700,173
State of Ohio Revenue, OH:
Series 1-A, 5.00%, 12/15/2026	1,000,000	1,071,083
Series 2022-1, 5.00%, 12/15/2027	1,000,000	1,097,310
Series A, 5.00%, 2/1/2027	3,435,000	3,685,513
State of Ohio, General Obligation, OH:
Series A, 5.00%, 6/15/2025	2,195,000	2,269,524
Series A, 5.00%, 5/1/2026	2,125,000	2,244,609
Series A, 5.00%, 9/1/2028	4,000,000	4,464,257
Series A, 5.00%, 3/15/2029	1,365,000	1,541,768
Series A, 5.00%, 9/1/2029	3,200,000	3,648,396
Series B, 5.00%, 8/1/2025	5,000,000	5,186,282
Series Y, 5.00%, 5/1/2025	750,000	773,095
Series Y, 5.00%, 5/1/2026	1,250,000	1,320,358
Series Y, 5.00%, 5/1/2027	750,000	811,938

Security Description	Principal Amount	Value
Series Y, 5.00%, 5/1/2028	$ 1,000,000	$ 1,107,439
		90,458,257
OKLAHOMA — 0.5%
Oklahoma Capitol Improvement Authority Revenue, OK Series A, 5.00%, 7/1/2025	3,900,000	4,018,941
Oklahoma County Independent School District No. 89 Oklahoma City, General Obligation, OK Series A, 3.00%, 7/1/2027	8,500,000	8,587,681
Oklahoma State University Revenue, OK Series A, 5.00%, 9/1/2025	800,000	830,360
Oklahoma Turnpike Authority Revenue, OK:
Series A, 5.00%, 1/1/2026	4,250,000	4,454,370
Series D, 5.00%, 1/1/2024	505,000	505,000
Oklahoma Water Resources Board Revenue, OK 5.00%, 4/1/2028	2,210,000	2,444,569
Tulsa Public Facilities Authority Revenue, OK 5.00%, 6/1/2024	500,000	503,977
		21,344,898
OREGON — 1.1%
City of Portland Sewer System Revenue, OR Series A, 5.00%, 12/1/2028	14,615,000	16,435,361
Multnomah County School District No. 1 Portland, General Obligation, OR 5.00%, 6/15/2027	13,955,000	15,153,150
State of Oregon, General Obligation, OR:
Series A, 5.00%, 5/1/2027	645,000	699,344
Series A, 5.00%, 5/1/2028	1,000,000	1,111,357
Series A, 5.00%, 5/1/2024	6,000,000	6,042,230
Series A, 5.00%, 5/1/2027	5,050,000	5,475,481
		44,916,923
PENNSYLVANIA — 1.8%
Commonwealth of Pennsylvania, General Obligation, PA:
5.00%, 7/15/2025	7,000,000	7,246,371
5.00%, 10/1/2025	3,135,000	3,262,315
5.00%, 10/1/2027	10,000,000	10,914,574
5.00%, 9/1/2028	10,000,000	11,123,255
Series 1, 5.00%, 1/1/2024	605,000	605,000
Series 1ST, 5.00%, 5/15/2025	9,245,000	9,531,356
Series 1ST, 5.00%, 5/15/2026	5,035,000	5,315,536
Series 1ST, 5.00%, 5/15/2027	3,300,000	3,569,284

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Series 2022-1, 5.00%, 5/1/2025	$ 9,950,000	$ 10,248,486
University of Pittsburgh-of the Commonwealth System of Higher Education Revenue, PA 5.00%, 2/15/2029	6,815,000	7,650,526
		69,466,703
SOUTH CAROLINA — 0.7%
Charleston Educational Excellence Finance Corp. Revenue, SC 5.00%, 12/1/2028	4,040,000	4,523,265
County of Richland, General Obligation, SC:
Series A, 5.00%, 3/1/2025	2,900,000	2,975,483
Series A, 5.00%, 3/1/2027	1,000,000	1,080,086
Greenville County School District Revenue, SC 5.00%, 12/1/2028	4,250,000	4,766,760
Richland County School District No. 2, General Obligation, SC Series A, 5.00%, 3/1/2027	11,480,000	12,377,550
		25,723,144
TENNESSEE — 0.7%
Metropolitan Government of Nashville & Davidson County Water & Sewer Revenue, TN Series A, 5.00%, 7/1/2026	1,500,000	1,589,565
Metropolitan Government of Nashville & Davidson County, General Obligation, TN:
Series B, 4.00%, 1/1/2027	4,000,000	4,171,090
Series B, 4.00%, 1/1/2028	9,775,000	10,352,292
State of Tennessee, General Obligation, TN Series A, 5.00%, 5/1/2028	10,000,000	11,109,206
		27,222,153
TEXAS — 10.1%
Alamo Community College District, General Obligation, TX 5.00%, 2/15/2028	4,890,000	5,390,896
Arlington Independent School District, General Obligation, TX 5.00%, 2/15/2028	2,015,000	2,223,901
Austin Independent School District, General Obligation, TX:
5.00%, 8/1/2024 (c)	5,910,000	5,981,555
5.00%, 8/1/2025 (c)	4,795,000	4,965,361
5.00%, 8/1/2026 (c)	1,250,000	1,322,039
5.00%, 8/1/2027	1,000,000	1,088,537
5.00%, 8/1/2028	1,000,000	1,112,538

Security Description	Principal Amount	Value
Bexar County Hospital District, General Obligation, TX:
5.00%, 2/15/2025	$ 2,015,000	$ 2,061,278
5.00%, 2/15/2027	1,080,000	1,157,483
Brazosport Independent School District, General Obligation, TX 5.00%, 2/15/2025 (c)	6,500,000	6,657,955
City of Austin Electric Utility Revenue, TX Series A, 5.00%, 11/15/2026	500,000	534,362
City of Austin, General Obligation, TX:
5.00%, 9/1/2026	9,105,000	9,692,986
5.00%, 9/1/2028	3,000,000	3,351,004
City of Dallas, General Obligation, TX:
Series A, 5.00%, 2/15/2025	8,125,000	8,317,926
Series A, 5.00%, 2/15/2028	17,565,000	19,386,018
City of Fort Worth Water & Sewer System Revenue, TX Series A, 5.00%, 2/15/2028	4,905,000	5,405,407
City of Fort Worth, General Obligation, TX:
5.00%, 3/1/2025	9,630,000	9,862,832
5.00%, 3/1/2028	5,130,000	5,644,178
City of Houston Combined Utility System Revenue, TX:
Series C, 5.00%, 11/15/2024	865,000	879,885
Series C, 5.00%, 11/15/2026	1,000,000	1,069,011
City of Houston, General Obligation, TX:
Series A, 5.00%, 3/1/2025	850,000	870,060
Series A, 5.00%, 3/1/2026	3,500,000	3,673,515
Series A, 5.00%, 3/1/2028	925,000	1,018,868
City of San Antonio Electric & Gas Systems Revenue, TX:
4.00%, 2/1/2026	1,040,000	1,065,039
5.00%, 2/1/2024	475,000	475,699
5.00%, 2/1/2027	3,650,000	3,918,436
Series A, 5.00%, 2/1/2026	1,000,000	1,047,426
Series C, 5.00%, 2/1/2029	1,390,000	1,562,540
Collin County Community College District, General Obligation, TX:
Series A, 5.00%, 8/15/2024	3,000,000	3,038,833
Series A, 5.00%, 8/15/2025	3,990,000	4,135,654
Series A, 5.00%, 8/15/2026	4,825,000	5,131,891
Series A, 5.00%, 8/15/2028	3,355,000	3,742,114
Comal Independent School District, General Obligation, TX:
5.00%, 2/1/2024 (c)	640,000	640,958
5.00%, 2/1/2025 (c)	3,225,000	3,298,673
5.00%, 2/1/2026 (c)	4,000,000	4,189,704

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Conroe Independent School District, General Obligation, TX:
Series A, 5.00%, 2/15/2025 (c)	$ 2,000,000	$ 2,049,269
Series A, 5.00%, 2/15/2026 (c)	2,400,000	2,519,311
Series A, 5.00%, 2/15/2028 (c)	1,155,000	1,273,787
County of Collin, General Obligation, TX 5.00%, 2/15/2028	1,450,000	1,593,147
County of Harris Toll Road Revenue, TX:
5.00%, 8/15/2028	2,405,000	2,671,369
Series A, 5.00%, 8/15/2027	2,225,000	2,418,648
Series A, 5.00%, 8/15/2028	2,100,000	2,332,588
County of Harris, General Obligation, TX:
Series A, 5.00%, 10/1/2025	10,000,000	10,402,628
Series A, 5.00%, 10/1/2026	2,390,000	2,546,683
County of Williamson, General Obligation, TX:
4.00%, 2/15/2026	4,250,000	4,364,556
5.00%, 2/15/2024	800,000	801,918
5.00%, 2/15/2025	530,000	543,115
Cypress-Fairbanks Independent School District, General Obligation, TX:
Series A, 5.00%, 2/15/2028 (c)	2,805,000	3,090,007
Series A, 5.00%, 2/15/2025 (c)	7,000,000	7,168,547
Series A, 5.00%, 2/15/2026 (c)	9,910,000	10,396,380
Series A, 5.00%, 2/15/2028	6,000,000	6,609,641
Dallas College, General Obligation, TX:
5.00%, 2/15/2027	3,020,000	3,245,113
5.00%, 2/15/2028	2,500,000	2,749,893
Dallas Independent School District, General Obligation, TX:
Series A, 4.00%, 2/15/2026 (c)	14,660,000	15,073,459
Series B, 5.00%, 2/15/2025 (c)	11,945,000	12,239,260
Del Valle Independent School District, General Obligation, TX 5.00%, 6/15/2027 (c)	2,500,000	2,705,154
Denton Independent School District, General Obligation, TX:
5.00%, 8/15/2025 (c)	1,625,000	1,684,582
5.00%, 8/15/2027	2,250,000	2,448,266

Security Description	Principal Amount	Value
Dripping Springs Independent School District, General Obligation, TX:
5.00%, 2/15/2028	$ 1,250,000	$ 1,379,074
5.00%, 2/15/2029	1,250,000	1,411,399
Fort Bend Independent School District, General Obligation, TX:
Series B, 0.72%, 8/1/2051 (a) (c)	2,525,000	2,381,358
5.00%, 8/15/2024 (c)	2,250,000	2,278,156
5.00%, 8/15/2025 (c)	3,990,000	4,131,158
Series A, 5.00%, 8/15/2027 (c)	2,100,000	2,284,288
Frisco Independent School District, General Obligation, TX 3.00%, 2/15/2026 (c)	6,100,000	6,098,583
Garland Independent School District, General Obligation, TX:
Series A, 5.00%, 2/15/2028	2,100,000	2,314,242
Series A, 5.00%, 2/15/2029	3,000,000	3,382,723
Harris County Flood Control District Revenue, TX Series A, 5.00%, 10/1/2024	3,500,000	3,553,013
Hays Consolidated Independent School District, General Obligation, TX:
Series A, 3.00%, 2/15/2026 (c)	1,055,000	1,059,710
5.00%, 2/15/2028	1,000,000	1,102,846
Houston Independent School District, General Obligation, TX 5.00%, 2/15/2024 (c)	4,165,000	4,174,937
Irving Independent School District, General Obligation, TX 5.00%, 2/15/2027	1,615,000	1,734,881
Katy Independent School District, General Obligation, TX:
Series B, 5.00%, 2/15/2025 (c)	4,260,000	4,365,892
Series B, 5.00%, 2/15/2026 (c)	1,415,000	1,484,149
North Texas Tollway Authority Revenue, TX:
Series A, 5.00%, 1/1/2027	4,460,000	4,781,321
Series A, 5.00%, 1/1/2028	955,000	1,046,775
Series A, 5.00%, 1/1/2029	1,225,000	1,371,080
Permanent University Fund - Texas A&M University System Revenue, TX:
5.00%, 7/1/2027	9,085,000	9,894,935
5.00%, 7/1/2028	7,540,000	8,410,060

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Pflugerville Independent School District, General Obligation, TX Series A, 5.00%, 2/15/2026	$ 3,000,000	$ 3,147,239
Plano Independent School District, General Obligation, TX 5.00%, 2/15/2028	2,350,000	2,597,524
Port Authority of Houston of Harris County Texas Revenue, TX 5.00%, 10/1/2028	2,350,000	2,616,650
Port Authority of Houston of Harris County Texas, General Obligation, TX:
Series A-2, 5.00%, 10/1/2025	2,000,000	2,077,049
Series A-2, 5.00%, 10/1/2026	2,900,000	3,087,734
Series A-2, 5.00%, 10/1/2027	3,155,000	3,436,459
Round Rock Independent School District, General Obligation, TX:
Series A, 5.00%, 8/1/2024 (c)	8,505,000	8,608,954
Series A, 5.00%, 8/1/2025 (c)	3,480,000	3,604,735
Series A, 5.00%, 8/1/2028 (c)	1,015,000	1,130,158
San Antonio Water System Revenue, TX:
Series A, 2.00%, 5/15/2025	500,000	490,279
Series A, 2.63%, 5/1/2049 (a)	28,750,000	28,640,086
Spring Branch Independent School District, General Obligation, TX 5.00%, 2/1/2027 (c)	1,725,000	1,855,048
Tarrant County College District, General Obligation, TX 5.00%, 8/15/2027	3,250,000	3,541,093
Texas A&M University Revenue, TX:
5.00%, 5/15/2027	2,020,000	2,194,382
5.00%, 5/15/2028	1,540,000	1,712,423
Texas Public Finance Authority Revenue, TX Series A, 5.00%, 2/1/2026	1,605,000	1,682,116
Texas State University System Revenue, TX:
Series A, 5.00%, 3/15/2026	1,005,000	1,055,407
Series A, 5.00%, 3/15/2028	1,500,000	1,654,327
Texas Water Development Board Revenue, TX:
5.00%, 8/1/2024	7,570,000	7,663,399
5.00%, 8/1/2025	1,870,000	1,937,616
5.00%, 8/1/2026	3,000,000	3,187,541
5.00%, 8/1/2027	1,050,000	1,142,587
Series A, 5.00%, 4/15/2026	2,000,000	2,108,775
University of Houston Revenue, TX Series A, 5.00%, 2/15/2028	2,870,000	3,158,060
		395,812,104

Security Description	Principal Amount	Value
UTAH — 0.9%
Alpine School District, General Obligation, UT:
2.00%, 3/15/2025	$ 600,000	$ 589,350
5.00%, 3/15/2024	525,000	527,229
Intermountain Power Agency Revenue, UT:
Series A, 5.00%, 7/1/2027	6,095,000	6,614,881
Series A, 5.00%, 7/1/2028	3,750,000	4,167,469
Nebo School District, General Obligation, UT 5.00%, 7/1/2027	12,000,000	13,044,555
State of Utah, General Obligation, UT:
5.00%, 7/1/2025	910,000	942,082
5.00%, 7/1/2026	2,000,000	2,121,913
Series B, 5.00%, 7/1/2025	8,315,000	8,608,149
		36,615,628
VIRGINIA — 2.4%
County of Fairfax, General Obligation, VA:
Series A, 4.00%, 10/1/2025	6,045,000	6,188,097
Series A, 4.00%, 10/1/2026	8,090,000	8,418,099
Series A, 4.00%, 10/1/2027	1,590,000	1,682,944
Series A, 4.00%, 10/1/2028	12,765,000	13,722,145
County of Loudoun, General Obligation, VA:
Series A, 5.00%, 12/1/2024	3,000,000	3,060,178
Series A, 5.00%, 12/1/2026	9,295,000	9,967,054
Series A, 5.00%, 12/1/2027	9,295,000	10,226,293
Hampton Roads Transportation Accountability Commission Revenue, VA Series A, 5.00%, 7/1/2027	5,265,000	5,688,381
Virginia College Building Authority Revenue, VA Series A, 5.00%, 2/1/2027	13,025,000	14,043,125
Virginia Public Building Authority Revenue, VA:
Series A, 5.00%, 8/1/2025	500,000	518,158
Series A, 5.00%, 8/1/2027	11,880,000	12,961,678
Series B, 5.00%, 8/1/2024	7,500,000	7,593,832
		94,069,984
WASHINGTON — 4.3%
Central Puget Sound Regional Transit Authority Revenue, WA Series S-1, 5.00%, 11/1/2027	1,600,000	1,753,537
Chelan County Public Utility District No. 1 Revenue, WA Series A, 5.00%, 7/1/2025	2,390,000	2,471,767
City of Seattle Drainage & Wastewater Revenue, WA:
5.00%, 9/1/2026	9,295,000	9,892,783
5.00%, 9/1/2027	12,615,000	13,745,799

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
County of King Sewer Revenue, WA Series B, 5.00%, 7/1/2025	$ 725,000	$ 748,186
County of King, General Obligation, WA:
Series A, 4.00%, 1/1/2026	5,250,000	5,396,819
Series A, 4.00%, 1/1/2027	7,000,000	7,315,897
Energy Northwest Revenue, WA Series A, 5.00%, 7/1/2026	4,000,000	4,238,841
Grant County Public Utility District No. 2 Priest Rapids Hydroelectric Project Revenue, WA Series A, 5.00%, 1/1/2028	1,000,000	1,096,499
King County School District No. 412 Shoreline, General Obligation, WA Series A, 4.00%, 12/1/2026	3,645,000	3,802,500
Pierce County School District No. 10 Tacoma, General Obligation, WA Series B, 5.00%, 12/1/2025	9,005,000	9,393,372
Port of Seattle Revenue, WA Series A, 5.00%, 8/1/2027	2,500,000	2,709,718
Snohomish County School District No. 6 Mukilteo, General Obligation, WA 5.00%, 12/1/2026	10,685,000	11,432,656
State of Washington, General Obligation, WA:
Series R, 4.00%, 7/1/2026	3,500,000	3,629,176
Series R, 4.00%, 7/1/2027	1,375,000	1,446,492
Series A, 5.00%, 1/1/2025	9,960,000	10,178,640
Series A, 5.00%, 8/1/2025	13,275,000	13,757,087
Series A, 5.00%, 8/1/2028	3,555,000	3,966,515
Series B, 5.00%, 1/1/2025	7,000,000	7,153,663
Series B, 5.00%, 2/1/2025	8,270,000	8,467,801
Series B, 5.00%, 2/1/2026	13,930,000	14,619,513
Series B, 5.00%, 2/1/2027	5,000,000	5,386,202
Series B, 5.00%, 2/1/2028	5,200,000	5,733,814
Series C, 5.00%, 2/1/2025	3,000,000	3,071,754
Series C, 5.00%, 2/1/2028	4,000,000	4,410,626
Series R, 5.00%, 6/1/2028	9,755,000	10,841,460
		166,661,117
WEST VIRGINIA — 0.1%
State of West Virginia, General Obligation, WV Series A, 5.00%, 12/1/2024	5,430,000	5,538,430
WISCONSIN — 1.5%
County of Dane, General Obligation, WI Series A, 4.00%, 6/1/2027	8,325,000	8,743,181
State of Wisconsin, General Obligation, WI:
Series 1, 5.00%, 5/1/2027	18,465,000	20,020,747

Security Description	Principal Amount	Value
Series 1, 5.00%, 5/1/2028	$ 1,095,000	$ 1,216,936
Series 2021-2, 5.00%, 5/1/2026	2,250,000	2,376,645
Series A, 5.00%, 5/1/2025	650,000	669,671
Series B, 5.00%, 5/1/2026	5,900,000	6,232,091
Series B, 5.00%, 5/1/2027	6,070,000	6,581,420
Series B, 5.00%, 5/1/2028	5,565,000	6,184,700
Wisconsin Department of Transportation Revenue, WI Series 1, 5.00%, 7/1/2028	4,485,000	5,014,741
		57,040,132
TOTAL MUNICIPAL BONDS & NOTES (Cost $3,922,977,764)		3,877,918,433

	Shares
SHORT-TERM INVESTMENT — 0.1%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.36% (e) (f) (Cost $2,030,588)	2,030,588	2,030,588
TOTAL INVESTMENTS — 99.5% (Cost $3,925,008,352)		3,879,949,021
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.5%		20,833,756
NET ASSETS — 100.0%		$ 3,900,782,777

(a)	Variable Rate Security - Interest rate shown is rate in effect at December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(b)	When-issued security.
(c)	Bond is insured by the following:

	% of Net Assets
Permanent School Fund Guaranteed	3.4%
Assured Guaranty Municipal Corp.	0.5%
Build America Assurance Company	0.1%
Build America Mutual Assurance Company	0.1%

(d)	Amount is less than 0.05% of net assets.
(e)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(f)	The rate shown is the annualized seven-day yield at December 31, 2023.

VRN	Variable Rate Note

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2023.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Municipal Bonds & Notes	$ —	$3,877,918,433	$—	$3,877,918,433
Short-Term Investment	2,030,588	—	—	2,030,588
TOTAL INVESTMENTS	$2,030,588	$3,877,918,433	$—	$3,879,949,021

Affiliate Table

	Number of Shares Held at 6/30/23	Value at 6/30/23	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 12/31/23	Value at 12/31/23	Dividend Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares	1,764,422	$1,764,422	$409,583,860	$409,317,694	$—	$—	2,030,588	$2,030,588	$515,593

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
CORPORATE BONDS & NOTES — 48.8%
AIRLINES — 0.9%
Southwest Airlines Co. 1.25%, 5/1/2025 (a)	$ 26,985,000	$ 27,330,948
Spirit Airlines, Inc. 1.00%, 5/15/2026	6,855,000	4,787,532
		32,118,480
AUTO MANUFACTURERS — 2.4%
Fisker, Inc. 2.50%, 9/15/2026 (b)	11,700,000	2,504,268
Ford Motor Co. Zero Coupon, 3/15/2026	37,940,000	37,774,581
Li Auto, Inc. 0.25%, 5/1/2028	14,078,000	20,678,893
Lucid Group, Inc. 1.25%, 12/15/2026 (b)	31,900,000	16,693,908
NIO, Inc.:
Zero Coupon, 2/1/2026	3,205,000	3,176,123
0.50%, 2/1/2027 (a)	9,100,000	8,339,695
		89,167,468
AUTO PARTS & EQUIPMENT — 0.1%
Luminar Technologies, Inc. 1.25%, 12/15/2026 (b)	11,550,000	5,348,690
BIOTECHNOLOGY — 2.6%
BioMarin Pharmaceutical, Inc.:
0.60%, 8/1/2024 (a)	8,640,000	8,511,782
1.25%, 5/15/2027 (a)	9,886,000	10,188,116
Bridgebio Pharma, Inc.:
2.25%, 2/1/2029	13,700,000	11,592,392
2.50%, 3/15/2027	8,295,000	10,009,660
Guardant Health, Inc. Zero Coupon, 11/15/2027	19,333,000	13,600,959
Halozyme Therapeutics, Inc. 0.25%, 3/1/2027	13,255,000	11,439,330
Insmed, Inc. 0.75%, 6/1/2028	9,395,000	10,744,592
Ionis Pharmaceuticals, Inc. Zero Coupon, 4/1/2026	11,120,000	11,738,828
Livongo Health, Inc. 0.88%, 6/1/2025	9,465,000	8,849,018
		96,674,677
COMMERCIAL SERVICES — 2.2%
2U, Inc. 2.25%, 5/1/2025	5,906,000	3,030,546
Alarm.com Holdings, Inc. Zero Coupon, 1/15/2026	8,408,000	7,450,161
Block, Inc.:
Zero Coupon, 5/1/2026	8,710,000	7,640,499
0.13%, 3/1/2025	16,744,000	16,385,678
0.25%, 11/1/2027 (a)	9,285,000	7,612,029
Chegg, Inc. 0.13%, 3/15/2025	4,818,000	4,428,754

Security Description	Principal Amount	Value
Euronet Worldwide, Inc. 0.75%, 3/15/2049	$ 8,368,000	$ 7,854,121
Repay Holdings Corp. Zero Coupon, 2/1/2026 (b)	6,105,000	5,197,492
Shift4 Payments, Inc. Zero Coupon, 12/15/2025 (a)	10,987,000	12,282,257
Stride, Inc. 1.13%, 9/1/2027 (a)	6,868,000	8,711,920
		80,593,457
COMPUTERS — 1.8%
CyberArk Software Ltd. Zero Coupon, 11/15/2024 (a)	9,742,000	13,796,815
Insight Enterprises, Inc. 0.75%, 2/15/2025 (a)	5,789,000	15,026,739
Lumentum Holdings, Inc.:
0.25%, 3/15/2024	5,763,000	5,801,382
0.50%, 12/15/2026	17,155,000	15,264,176
Parsons Corp. 0.25%, 8/15/2025	6,420,000	9,203,905
Rapid7, Inc. 0.25%, 3/15/2027	10,170,000	9,174,865
		68,267,882
DIVERSIFIED FINANCIAL SERVICES — 0.6%
LendingTree, Inc. 0.50%, 7/15/2025	4,714,000	3,891,737
SoFi Technologies, Inc. Zero Coupon, 10/15/2026 (b)	20,352,000	17,306,934
		21,198,671
ELECTRIC — 0.3%
NRG Energy, Inc. 2.75%, 6/1/2048	9,365,000	12,065,866
ELECTRONICS — 0.2%
Itron, Inc. Zero Coupon, 3/15/2026	7,139,000	6,547,391
ENERGY-ALTERNATE SOURCES — 1.4%
Enphase Energy, Inc.:
Zero Coupon, 3/1/2026	10,270,000	9,409,887
Zero Coupon, 3/1/2028 (a)	8,685,000	7,766,388
NextEra Energy Partners LP:
Zero Coupon, 6/15/2024 (b)	9,226,000	8,931,137
Zero Coupon, 11/15/2025 (b)	9,190,000	8,082,421
SolarEdge Technologies, Inc. Zero Coupon, 9/15/2025	10,305,000	9,375,695
Stem, Inc. 0.50%, 12/1/2028 (b)	5,112,000	2,642,597
Sunrun, Inc. Zero Coupon, 2/1/2026	7,325,000	5,688,449
		51,896,574

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
ENTERTAINMENT — 1.4%
Cinemark Holdings, Inc. 4.50%, 8/15/2025	$ 7,880,000	$ 9,533,460
DraftKings Holdings, Inc. Zero Coupon, 3/15/2028	21,075,000	17,086,767
Live Nation Entertainment, Inc. 2.00%, 2/15/2025	7,508,000	7,945,941
Marriott Vacations Worldwide Corp. Zero Coupon, 1/15/2026 (a)	9,070,000	7,999,831
Vail Resorts, Inc. Zero Coupon, 1/1/2026	8,612,000	7,670,192
		50,236,191
FOOD — 0.1%
Beyond Meat, Inc. Zero Coupon, 3/15/2027	18,770,000	3,526,883
HEALTH CARE PRODUCTS — 2.2%
Exact Sciences Corp.:
0.38%, 3/15/2027	8,790,000	8,530,871
0.38%, 3/1/2028 (a)	15,308,000	14,372,528
Haemonetics Corp. Zero Coupon, 3/1/2026	7,906,000	7,024,165
Insulet Corp. 0.38%, 9/1/2026	14,779,000	17,002,944
Integra LifeSciences Holdings Corp. 0.50%, 8/15/2025 (a)	9,729,000	9,153,627
Novocure Ltd. Zero Coupon, 11/1/2025	8,508,000	7,391,495
NuVasive, Inc. 0.38%, 3/15/2025	8,374,000	7,793,765
Omnicell, Inc. 0.25%, 9/15/2025	8,795,000	8,051,559
		79,320,954
HEALTH CARE SERVICES — 0.4%
Teladoc Health, Inc. 1.25%, 6/1/2027	16,646,000	13,696,329
HOME BUILDERS — 0.2%
LCI Industries 1.13%, 5/15/2026	7,925,000	7,769,195
HOUSEHOLD PRODUCTS — 0.2%
Beauty Health Co. 1.25%, 10/1/2026 (a) (b)	11,759,000	8,773,272
INTERNET — 13.0%
Airbnb, Inc. Zero Coupon, 3/15/2026 (a)	33,754,000	30,358,348
Booking Holdings, Inc. 0.75%, 5/1/2025	14,362,000	27,114,594
Etsy, Inc.:
0.13%, 10/1/2026 (a)	11,055,000	12,719,772
0.13%, 9/1/2027	10,165,000	8,659,462

Security Description	Principal Amount	Value
Expedia Group, Inc. Zero Coupon, 2/15/2026 (a)	$ 16,650,000	$ 15,815,002
Fiverr International Ltd. Zero Coupon, 11/1/2025	8,095,000	7,188,441
iQIYI, Inc. 4.00%, 12/15/2026	6,855,000	6,655,794
JOYY, Inc. 1.38%, 6/15/2026	6,491,000	6,283,613
Lyft, Inc. 1.50%, 5/15/2025	13,175,000	12,549,978
Magnite, Inc. 0.25%, 3/15/2026	5,228,000	4,463,719
Match Group Financeco 2, Inc. 0.88%, 6/15/2026 (b)	9,190,000	8,274,400
Match Group Financeco 3, Inc. 2.00%, 1/15/2030 (a) (b)	9,410,000	8,168,068
Okta, Inc.:
0.13%, 9/1/2025	8,805,000	8,113,631
0.38%, 6/15/2026	12,845,000	11,404,819
Opendoor Technologies, Inc. 0.25%, 8/15/2026 (b)	6,300,000	4,865,112
Palo Alto Networks, Inc. 0.38%, 6/1/2025	32,078,000	95,103,250
PDD Holdings, Inc. Zero Coupon, 12/1/2025	12,100,000	12,497,122
Sea Ltd.:
0.25%, 9/15/2026 (a)	33,560,000	27,581,286
2.38%, 12/1/2025	17,606,000	16,760,736
Shopify, Inc. 0.13%, 11/1/2025	15,551,000	14,682,166
Snap, Inc.:
0.25%, 5/1/2025	4,383,000	4,642,298
0.75%, 8/1/2026	13,893,000	14,800,352
Spotify USA, Inc. Zero Coupon, 3/15/2026	23,720,000	20,943,100
Uber Technologies, Inc. Zero Coupon, 12/15/2025	19,131,000	19,486,645
Vnet Group, Inc. Zero Coupon, 2/1/2026	10,890,000	10,727,848
Wayfair, Inc.:
0.63%, 10/1/2025	11,133,000	10,075,031
1.00%, 8/15/2026 (a)	15,420,000	13,586,408
Wix.com Ltd. Zero Coupon, 8/15/2025	9,472,000	8,608,532
Zillow Group, Inc.:
0.75%, 9/1/2024 (a)	9,685,000	13,067,874
1.38%, 9/1/2026	9,016,000	12,264,555
2.75%, 5/15/2025 (a)	9,499,000	10,469,038
		477,930,994
INVESTMENT COMPANY SECURITY — 0.2%
ARES Capital Corp. 4.63%, 3/1/2024	6,553,000	6,782,158

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
IRON/STEEL — 0.6%
U.S. Steel Corp. 5.00%, 11/1/2026	$ 6,038,000	$ 21,948,492
LEISURE TIME — 0.7%
NCL Corp. Ltd. 5.38%, 8/1/2025	6,504,000	8,345,477
Peloton Interactive, Inc. Zero Coupon, 2/15/2026 (a)	17,050,000	13,209,658
Virgin Galactic Holdings, Inc. 2.50%, 2/1/2027 (b)	6,797,000	3,025,413
		24,580,548
LODGING — 0.2%
H World Group Ltd. 3.00%, 5/1/2026	8,447,000	9,081,032
MACHINERY-DIVERSIFIED — 0.4%
Middleby Corp. 1.00%, 9/1/2025	12,229,000	14,902,259
MEDIA — 2.3%
Cable One, Inc. Zero Coupon, 3/15/2026	10,105,000	8,646,343
DISH Network Corp.:
Zero Coupon, 12/15/2025	33,000,000	20,634,570
2.38%, 3/15/2024	15,471,000	15,324,954
3.38%, 8/15/2026	48,052,000	25,841,885
Liberty Interactive LLC:
3.75%, 2/15/2030	7,990,000	2,015,238
4.00%, 11/15/2029	7,657,000	1,936,379
Liberty Media Corp. 2.75%, 12/1/2049 (b)	10,220,000	9,678,953
		84,078,322
MINING — 0.3%
MP Materials Corp. 0.25%, 4/1/2026 (a) (b)	12,480,000	11,083,363
OIL & GAS — 1.0%
EQT Corp. 1.75%, 5/1/2026 (a)	4,985,000	13,254,019
Pioneer Natural Resources Co. 0.25%, 5/15/2025	9,265,000	22,555,179
		35,809,198
PHARMACEUTICALS — 1.7%
Ascendis Pharma AS 2.25%, 4/1/2028	9,204,000	9,446,157
Dexcom, Inc. 0.25%, 11/15/2025	20,210,000	21,099,442
Jazz Investments I Ltd.:
1.50%, 8/15/2024	9,363,000	9,090,724
2.00%, 6/15/2026	17,240,000	17,386,023
Pacira BioSciences, Inc. 0.75%, 8/1/2025	5,780,000	5,339,680
		62,362,026

Security Description	Principal Amount	Value
REAL ESTATE — 0.3%
Redfin Corp.:
Zero Coupon, 10/15/2025	$ 2,495,000	$ 2,107,501
0.50%, 4/1/2027	12,295,000	7,938,144
		10,045,645
REAL ESTATE INVESTMENT TRUSTS — 0.3%
Pebblebrook Hotel Trust 1.75%, 12/15/2026 (a)	12,215,000	10,962,107
RETAIL — 0.1%
National Vision Holdings, Inc. 2.50%, 5/15/2025	4,832,000	4,845,191
SEMICONDUCTORS — 1.5%
MACOM Technology Solutions Holdings, Inc. 0.25%, 3/15/2026	8,125,000	10,006,425
Microchip Technology, Inc. 0.13%, 11/15/2024 (a)	10,957,000	11,948,718
ON Semiconductor Corp. Zero Coupon, 5/1/2027	13,834,000	22,641,416
Wolfspeed, Inc. 1.75%, 5/1/2026	9,010,000	10,260,949
		54,857,508
SOFTWARE — 8.9%
Akamai Technologies, Inc.:
0.13%, 5/1/2025	19,351,000	24,611,956
0.38%, 9/1/2027 (a)	18,622,000	20,849,750
Alteryx, Inc.:
0.50%, 8/1/2024	7,170,000	6,972,897
1.00%, 8/1/2026	6,388,000	6,214,374
Bentley Systems, Inc. 0.13%, 1/15/2026	10,595,000	10,523,378
Bilibili, Inc. 1.38%, 4/1/2026	6,665,000	6,558,093
BlackLine, Inc.:
Zero Coupon, 3/15/2026	19,506,000	17,281,926
0.13%, 8/1/2024	3,879,000	3,967,014
Ceridian HCM Holding, Inc. 0.25%, 3/15/2026	9,580,000	8,611,366
Datadog, Inc. 0.13%, 6/15/2025	12,353,000	17,329,900
Dropbox, Inc.:
Zero Coupon, 3/1/2026 (a)	11,294,000	11,114,087
Zero Coupon, 3/1/2028	11,135,000	11,200,028
Everbridge, Inc. Zero Coupon, 3/15/2026	5,082,000	4,390,187
Fastly, Inc. Zero Coupon, 3/15/2026	6,195,000	5,389,340
Five9, Inc. 0.50%, 6/1/2025	11,888,000	11,437,564
Guidewire Software, Inc. 1.25%, 3/15/2025	5,850,000	6,476,008
HubSpot, Inc. 0.38%, 6/1/2025	7,731,000	16,050,716
LivePerson, Inc. Zero Coupon, 12/15/2026	7,535,000	4,978,827

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
MicroStrategy, Inc.:
Zero Coupon, 2/15/2027	$ 16,035,000	$ 13,923,511
0.75%, 12/15/2025	10,735,000	17,705,987
MongoDB, Inc. 0.25%, 1/15/2026	18,812,000	37,183,047
Pegasystems, Inc. 0.75%, 3/1/2025	8,800,000	8,172,824
RingCentral, Inc. Zero Coupon, 3/15/2026	10,047,000	8,708,941
Splunk, Inc.:
1.13%, 9/15/2025	13,896,000	15,320,896
1.13%, 6/15/2027	23,030,000	22,331,270
Tyler Technologies, Inc. 0.25%, 3/15/2026	10,135,000	10,254,897
		327,558,784
TELECOMMUNICATIONS — 0.2%
Nice Ltd. Zero Coupon, 9/15/2025	7,430,000	7,056,345
TRANSPORTATION — 0.1%
CryoPort, Inc. 0.75%, 12/1/2026 (b)	6,895,000	5,582,744
TOTAL CORPORATE BONDS & NOTES (Cost $1,969,604,873)		1,796,668,696

	Shares
COMMON STOCKS — 0.1%
ELECTRIC UTILITIES — 0.0% (c)
Southern Co.	1	70
ENTERTAINMENT — 0.0% (c)
Take-Two Interactive Software, Inc. (d)	557	89,649
MEDIA — 0.1%
Gannett Co., Inc. (d)	1,000,000	2,300,000
TOTAL COMMON STOCKS (Cost $5,781,403)		2,389,719
CONVERTIBLE BONDS — 42.8%
AIRLINES — 0.7%
American Airlines Group, Inc.	16,337,000	18,116,426
JetBlue Airways Corp. (a)	12,240,000	8,770,694
		26,887,120
AUTO COMPONENTS — 2.5%
NIO, Inc. (b) (e)	9,380,000	9,970,096
NIO, Inc. (b) (e)	11,380,000	12,013,297
Rivian Automotive, Inc. (b) (e)	24,525,000	34,502,506
Rivian Automotive, Inc. (a) (b) (e)	29,130,000	35,949,915
		92,435,814
BANKS — 0.3%
BofA Finance LLC	9,200,000	9,970,684

Security Description	Shares	Value
BIOTECHNOLOGY — 2.0%
Alnylam Pharmaceuticals, Inc. (a)	17,416,000	$ 17,245,846
Cytokinetics, Inc.	8,838,000	15,550,019
Halozyme Therapeutics, Inc.	11,912,000	11,079,351
Ionis Pharmaceuticals, Inc. (b)	9,300,000	10,710,903
Sarepta Therapeutics, Inc. (a)	18,605,000	18,847,609
		73,433,728
COMMERCIAL SERVICES & SUPPLIES — 1.2%
Affirm Holdings, Inc.	23,777,000	19,454,817
Marathon Digital Holdings, Inc.	5,340,000	4,556,996
Shift4 Payments, Inc.	10,783,000	10,079,409
Tetra Tech, Inc. (a) (b)	9,875,000	10,348,309
		44,439,531
COMMUNICATIONS EQUIPMENT — 0.5%
Infinera Corp.	6,775,000	6,647,766
InterDigital, Inc.	7,988,000	11,727,023
		18,374,789
ENTERTAINMENT — 0.7%
Live Nation Entertainment, Inc. (a) (b)	16,187,000	18,368,522
Marriott Vacations Worldwide Corp. (a)	9,470,000	8,407,371
		26,775,893
FINANCIAL SERVICES — 1.0%
Coinbase Global, Inc.	22,237,000	20,288,149
JPMorgan Chase Financial Co. LLC	6,485,000	8,457,413
Upstart Holdings, Inc.	9,508,000	7,035,635
		35,781,197
FOOD PRODUCTS — 0.3%
Post Holdings, Inc.	9,106,000	9,215,272
HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%
CONMED Corp.	13,260,000	13,232,287
Enovis Corp. (b)	7,649,000	9,198,917
Envista Holdings Corp. (a) (b)	8,080,000	7,358,456
Exact Sciences Corp. (b)	9,244,000	11,102,414
Integer Holdings Corp. (a) (b)	8,197,000	10,458,634
Lantheus Holdings, Inc. (a)	10,045,000	11,257,431
Merit Medical Systems, Inc. (b)	12,065,000	13,372,605
Repligen Corp. (b)	10,062,000	11,293,589
Shockwave Medical, Inc. (b)	12,340,000	12,057,044
TransMedics Group, Inc. (a) (b)	7,681,000	8,691,512
		108,022,889
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 6.7%
Alliant Energy Corp. (b)	9,375,000	9,321,187
Array Technologies, Inc.	7,246,000	7,116,224
CenterPoint Energy, Inc. (b)	15,600,000	15,678,000
CMS Energy Corp. (b)	13,087,000	12,968,694
Duke Energy Corp. (a) (b)	27,950,000	28,037,204
Evergy, Inc. (b)	22,725,000	23,359,482

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Shares	Value
FirstEnergy Corp. (b)	24,880,000	$ 24,654,587
Fluor Corp. (a) (b)	9,465,000	10,276,813
Granite Construction, Inc. (b)	5,325,000	6,768,820
NextEra Energy Partners LP (b)	8,575,000	7,767,149
Ormat Technologies, Inc.	7,480,000	7,692,806
PG&E Corp. (a) (b)	32,119,000	33,715,957
PPL Capital Funding, Inc. (b)	18,150,000	17,615,119
Southern Co. (b)	27,833,000	27,867,513
Sunnova Energy International, Inc. (a) (e)	8,199,000	5,529,816
Sunnova Energy International, Inc. (e)	10,053,000	6,708,870
		245,078,241
INTERACTIVE MEDIA & SERVICES — 3.9%
Etsy, Inc.	16,875,000	13,518,225
fuboTV, Inc.	6,430,000	4,693,257
Perficient, Inc.	7,102,000	5,889,973
Snap, Inc. (a) (e)	18,868,000	15,119,117
Snap, Inc. (e)	25,400,000	20,010,628
TechTarget, Inc.	6,203,000	5,137,387
Uber Technologies, Inc. (b)	28,710,000	31,263,755
Upwork, Inc.	6,239,000	5,309,639
Wayfair, Inc. (b) (e)	12,006,000	18,564,037
Wayfair, Inc. (e)	11,737,000	14,503,880
Ziff Davis, Inc.	9,829,000	9,290,862
		143,300,760
IT SERVICES — 3.3%
3D Systems Corp.	4,917,000	3,743,066
Lumentum Holdings, Inc. (e)	13,950,000	11,020,361
Lumentum Holdings, Inc. (b) (e)	10,575,000	10,560,935
Seagate HDD Cayman (b)	25,200,000	30,429,504
Western Digital Corp. (a) (b)	28,675,000	35,100,494
Zscaler, Inc. (a)	19,763,000	30,002,210
		120,856,570
LEISURE EQUIPMENT & PRODUCTS — 2.4%
Carnival Corp.	6,925,000	13,175,367
NCL Corp. Ltd. (e)	20,401,000	18,756,271
NCL Corp. Ltd. (e)	6,754,000	6,354,231
Royal Caribbean Cruises Ltd.	18,928,000	50,428,167
		88,714,036
MACHINERY — 1.0%
Axon Enterprise, Inc. (a)	11,965,000	15,113,231
Bloom Energy Corp. (b)	10,425,000	11,216,883
Greenbrier Cos., Inc.	6,166,000	6,051,127
John Bean Technologies Corp.	6,767,000	6,120,887
		38,502,128
MEDIA — 1.7%
Liberty Broadband Corp. (b)	20,850,000	20,639,206
Liberty Media Corp. (b) (e)	9,400,000	11,236,478
Liberty Media Corp. (b) (e)	18,950,000	20,520,955
Liberty Media Corp.-Liberty Formula One	9,279,000	9,442,125
		61,838,764

Security Description	Shares	Value
OFFICE ELECTRONICS — 0.6%
Advanced Energy Industries, Inc. (b)	9,675,000	$ 10,256,468
Vishay Intertechnology, Inc. (b)	12,375,000	12,178,361
		22,434,829
OIL, GAS & CONSUMABLE FUELS — 0.3%
Northern Oil & Gas, Inc.	8,207,000	9,673,591
PHARMACEUTICALS — 0.6%
Dexcom, Inc. (b)	20,485,000	20,989,546
REAL ESTATE — 0.1%
Realogy Group LLC/Realogy Co.-Issuer Corp.	6,290,000	4,963,376
REAL ESTATE INVESTMENT TRUSTS (REITs) — 1.3%
HAT Holdings I LLC/HAT Holdings II LLC (b)	7,414,000	8,673,120
Starwood Property Trust, Inc.	5,950,000	6,443,314
Ventas Realty LP (b)	14,600,000	15,452,056
Welltower OP LLC (a) (b)	16,395,000	18,093,850
		48,662,340
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.5%
ON Semiconductor Corp. (b)	23,800,000	25,047,834
Wolfspeed, Inc. (a) (e)	12,112,000	8,202,125
Wolfspeed, Inc. (e)	29,887,000	20,142,942
		53,392,901
SOFTWARE — 5.8%
Akamai Technologies, Inc. (b)	21,425,000	23,236,269
Bentley Systems, Inc.	9,400,000	8,423,716
Bilibili, Inc. (a)	6,767,000	6,270,776
Bill Holdings, Inc. (e)	19,570,000	18,317,716
Bill Holdings, Inc. (a) (e)	8,524,000	7,085,660
Cloudflare, Inc.	21,150,000	19,112,832
Confluent, Inc.	19,186,000	16,009,758
CSG Systems International, Inc. (b)	6,870,000	6,929,151
DigitalOcean Holdings, Inc.	24,357,000	20,127,651
Envestnet, Inc. (e)	3,540,000	3,298,253
Envestnet, Inc. (e)	11,882,000	11,809,045
Evolent Health, Inc. (b)	6,910,000	8,086,842
Jamf Holding Corp.	5,705,000	4,873,610
Nutanix, Inc.	9,569,000	9,941,043
PagerDuty, Inc. (b)	6,935,000	7,500,757
Progress Software Corp.	6,106,000	6,435,419
Unity Software, Inc.	27,871,000	23,195,918
Workiva, Inc. (b)	12,356,000	12,547,394
		213,201,810
SPECIALTY RETAIL — 0.3%
Freshpet, Inc. (b)	6,354,000	9,134,447
Vroom, Inc.	5,970,000	3,156,876
		12,291,323

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Shares	Value
TRANSPORTATION INFRASTRUCTURE — 0.7%
Air Transport Services Group, Inc. (b)	6,000,000	$ 5,364,360
World Kinect Corp. (b)	6,500,000	6,571,890
ZTO Express Cayman, Inc.	16,206,000	15,477,864
		27,414,114
WATER UTILITIES — 0.5%
American Water Capital Corp. (a) (b)	16,900,000	16,899,831
TOTAL CONVERTIBLE BONDS (Cost $1,597,902,124)		1,573,551,077
CONVERTIBLE FOREIGN BONDS — 0.8%
LEISURE EQUIPMENT & PRODUCTS — 0.8%
Carnival Corp. (cost $22,347,726)	18,200,000	29,827,252
TOTAL CONVERTIBLE FOREIGN BONDS (Cost $22,347,726)		29,827,252
PREFERRED STOCKS — 5.6%
BANKS — 3.8%
Bank of America Corp. 7.25%, 12/31/2049 (a)	52,348	63,093,998
Wells Fargo & Co. 7.50%, 12/31/2049	65,599	78,431,476
		141,525,474
ELECTRIC UTILITIES — 0.7%
NextEra Energy, Inc. 6.93%, 9/1/2025 (a)	650,444	24,794,925
FINANCIAL SERVICES — 0.9%
AMG Capital Trust II 5.15%, 10/15/2037	109,648	5,506,961
Apollo Global Management, Inc. 6.75%, 7/31/2026	488,000	27,518,320
		33,025,281
MACHINERY — 0.2%
Chart Industries, Inc. 6.75%, 12/15/2025 (a)	155,290	8,631,018
TOTAL PREFERRED STOCKS (Cost $162,074,366)		207,976,698
CONVERTIBLE PREFERRED STOCKS — 1.4%
ELECTRIC — 0.9%
AES Corp. Series A, 6.88%, 2/15/2024 (a)	172,530	13,126,082
Algonquin Power & Utilities Corp. 7.75%, 6/15/2024	364,054	8,107,483

Security Description	Shares	Value
CenterPoint Energy, Inc. 3.37%, 9/15/2029 (f)	270,171	$ 10,324,044
		31,557,609
MEDIA — 0.1%
Paramount Global Series A, 5.75%, 4/1/2024 (a)	187,916	3,514,029
METAL FABRICATE & HARDWARE — 0.2%
RBC Bearings, Inc. Series A, 5.00%, 10/15/2024	69,855	9,067,878
SOFTWARE — 0.2%
Clarivate PLC Series A, 5.25%, 6/1/2024	238,425	9,131,678
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $90,655,871)		53,271,194
SHORT-TERM INVESTMENTS — 4.6%
State Street Institutional Liquid Reserves Fund, Premier Class 5.49% (g) (h)	14,337,522	14,343,257
State Street Navigator Securities Lending Portfolio II (i) (j)	154,241,981	154,241,981
TOTAL SHORT-TERM INVESTMENTS (Cost $168,585,328)		168,585,238
TOTAL INVESTMENTS — 104.1% (Cost $4,016,951,691)		3,832,269,874
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.1)%		(152,344,731)
NET ASSETS — 100.0%		$ 3,679,925,143

(a)	All or a portion of the shares of the security are on loan at December 31, 2023.
(b)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 26.0% of net assets as of December 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)	Amount is less than 0.05% of net assets.
(d)	Non-income producing security.
(e)	Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(f)	Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of December 31, 2023. Maturity date shown is the final maturity.
(g)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(h)	The rate shown is the annualized seven-day yield at December 31, 2023.

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

(i)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(j)	Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2023.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes	$ —	$1,796,668,696	$—	$1,796,668,696
Common Stocks	2,389,719	—	—	2,389,719
Convertible Bonds	—	1,573,551,077	—	1,573,551,077
Convertible Foreign Bonds	—	29,827,252	—	29,827,252
Convertible Preferred Stocks	53,271,194	—	—	53,271,194
Preferred Stocks	202,469,737	5,506,961	—	207,976,698
Short-Term Investments	168,585,238	—	—	168,585,238
TOTAL INVESTMENTS	$426,715,888	$3,405,553,986	$—	$3,832,269,874

Affiliate Table

	Number of Shares Held at 6/30/23	Value at 6/30/23	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 12/31/23	Value at 12/31/23	Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class	57,603,244	$ 57,614,764	$194,330,703	$237,601,401	$(719)	$(90)	14,337,522	$ 14,343,257	$ 352,566
State Street Navigator Securities Lending Portfolio II	183,073,093	183,073,093	581,027,962	609,859,074	—	—	154,241,981	154,241,981	787,621
Total		$240,687,857	$775,358,665	$847,460,475	$(719)	$(90)		$168,585,238	$1,140,187

See accompanying notes to financial statements.

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SPDR BLOOMBERG HIGH YIELD BOND ETF

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
CORPORATE BONDS & NOTES — 97.7%
ADVERTISING — 1.1%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028 (a)	$ 7,463,000	$ 6,877,602
Clear Channel Outdoor Holdings, Inc.:
5.13%, 8/15/2027 (a) (b)	11,472,000	10,942,682
7.50%, 6/1/2029 (a) (b)	10,353,000	8,594,750
7.75%, 4/15/2028 (a) (b)	9,826,000	8,473,942
9.00%, 9/15/2028 (a)	8,164,000	8,519,869
CMG Media Corp. 8.88%, 12/15/2027 (a)	9,674,000	7,648,651
Lamar Media Corp.:
3.63%, 1/15/2031	5,722,000	5,094,354
3.75%, 2/15/2028	5,922,000	5,584,742
4.00%, 2/15/2030	5,239,000	4,840,050
Outfront Media Capital LLC/Outfront Media Capital Corp.:
4.25%, 1/15/2029 (a)	5,587,000	5,037,128
4.63%, 3/15/2030 (a)	5,058,000	4,535,104
5.00%, 8/15/2027 (a) (b)	6,322,000	6,160,536
Stagwell Global LLC 5.63%, 8/15/2029 (a)	10,048,000	9,265,462
		91,574,872
AEROSPACE & DEFENSE — 2.6%
Bombardier, Inc.:
6.00%, 2/15/2028 (a)	8,244,000	8,026,853
7.13%, 6/15/2026 (a)	9,319,000	9,324,312
7.50%, 2/1/2029 (a) (b)	6,698,000	6,819,703
7.88%, 4/15/2027 (a)	13,521,000	13,525,732
8.75%, 11/15/2030 (a)	8,165,000	8,699,889
F-Brasile SpA/F-Brasile U.S. LLC Series XR, 7.38%, 8/15/2026 (a) (b)	3,329,000	3,306,396
Moog, Inc. 4.25%, 12/15/2027 (a)	4,624,500	4,386,569
Rolls-Royce PLC 5.75%, 10/15/2027 (a)	10,078,000	10,089,287
Spirit AeroSystems, Inc.:
9.38%, 11/30/2029 (a)	8,198,000	8,976,154
9.75%, 11/15/2030 (a)	12,802,000	13,765,607
TransDigm, Inc.:
4.63%, 1/15/2029	10,704,000	10,036,284
4.88%, 5/1/2029	6,366,000	5,960,868
5.50%, 11/15/2027	22,461,000	22,049,065
6.25%, 3/15/2026 (a)	36,238,000	36,194,877
6.75%, 8/15/2028 (a)	20,061,000	20,587,200
6.88%, 12/15/2030 (a)	12,757,000	13,135,118
7.13%, 12/1/2031 (a)	8,384,000	8,802,865
7.50%, 3/15/2027	4,612,000	4,636,813

Security Description	Principal Amount	Value
Triumph Group, Inc. 9.00%, 3/15/2028 (a)	$ 10,236,000	$ 10,878,616
		219,202,208
AGRICULTURE — 0.3%
Darling Ingredients, Inc.:
5.25%, 4/15/2027 (a)	3,775,000	3,717,469
6.00%, 6/15/2030 (a)	10,342,000	10,336,002
Vector Group Ltd. 5.75%, 2/1/2029 (a)	9,090,000	8,321,986
		22,375,457
AIRLINES — 1.9%
Air Canada 3.88%, 8/15/2026 (a)	9,124,000	8,732,307
Allegiant Travel Co. 7.25%, 8/15/2027 (a)	6,814,000	6,698,775
American Airlines, Inc.:
7.25%, 2/15/2028 (a) (b)	7,588,000	7,707,739
8.50%, 5/15/2029 (a)	8,848,000	9,359,149
American Airlines, Inc./AAdvantage Loyalty IP Ltd.:
5.50%, 4/20/2026 (a)	27,105,990	26,886,431
5.75%, 4/20/2029 (a)	28,148,192	27,456,309
Delta Air Lines, Inc. 7.38%, 1/15/2026	8,185,500	8,497,941
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 1/20/2026 (a)	11,207,023	10,580,662
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 9/20/2025 (a)	10,527,299	7,590,470
United Airlines, Inc.:
4.38%, 4/15/2026 (a)	17,786,000	17,347,042
4.63%, 4/15/2029 (a)	18,599,000	17,332,594
VistaJet Malta Finance PLC/Vista Management Holding, Inc.:
6.38%, 2/1/2030 (a) (b)	9,634,000	6,731,661
7.88%, 5/1/2027 (a) (b)	4,840,000	4,190,182
9.50%, 6/1/2028 (a) (b)	5,307,000	4,489,828
		163,601,090
APPAREL — 0.2%
Hanesbrands, Inc. 9.00%, 2/15/2031 (a) (b)	6,695,000	6,558,556
Levi Strauss & Co. 3.50%, 3/1/2031 (a) (b)	3,429,000	2,983,436
William Carter Co. 5.63%, 3/15/2027 (a)	3,915,000	3,875,302
Wolverine World Wide, Inc. 4.00%, 8/15/2029 (a) (b)	5,316,000	4,196,291
		17,613,585

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
AUTO MANUFACTURERS — 0.5%
Allison Transmission, Inc.:
3.75%, 1/30/2031 (a)	$ 7,096,000	$ 6,264,988
5.88%, 6/1/2029 (a)	4,429,000	4,411,771
Aston Martin Capital Holdings Ltd. 10.50%, 11/30/2025 (a) (b)	11,720,000	11,824,191
Jaguar Land Rover Automotive PLC:
5.88%, 1/15/2028 (a)	3,967,000	3,882,939
7.75%, 10/15/2025 (a)	7,187,000	7,254,414
JB Poindexter & Co., Inc.:
7.13%, 4/15/2026 (a)	73,000	73,762
8.75%, 12/15/2031 (a)	6,183,000	6,313,832
PM General Purchaser LLC 9.50%, 10/1/2028 (a)	5,793,000	5,882,502
		45,908,399
AUTO PARTS & EQUIPMENT — 1.4%
Adient Global Holdings Ltd.:
4.88%, 8/15/2026 (a)	324,060	318,642
7.00%, 4/15/2028 (a)	4,476,000	4,640,896
8.25%, 4/15/2031 (a) (b)	4,685,000	4,964,601
American Axle & Manufacturing, Inc. 5.00%, 10/1/2029 (b)	5,679,000	5,028,187
Clarios Global LP/Clarios U.S. Finance Co.:
6.25%, 5/15/2026 (a)	9,301,000	9,305,650
6.75%, 5/15/2028 (a)	8,096,000	8,335,237
8.50%, 5/15/2027 (a)	16,686,750	16,803,390
Dealer Tire LLC/DT Issuer LLC 8.00%, 2/1/2028 (a) (b)	5,308,000	5,262,776
Dornoch Debt Merger Sub, Inc. 6.63%, 10/15/2029 (a) (b)	5,882,000	5,297,388
Goodyear Tire & Rubber Co.:
5.00%, 7/15/2029 (b)	8,629,000	8,144,654
5.25%, 4/30/2031	4,822,000	4,414,782
5.25%, 7/15/2031 (b)	5,281,500	4,809,440
9.50%, 5/31/2025	4,840,500	4,925,693
Real Hero Merger Sub 2, Inc. 6.25%, 2/1/2029 (a) (b)	5,521,000	4,783,284
Tenneco, Inc. 8.00%, 11/17/2028 (a)	18,234,000	15,567,277
ZF North America Capital, Inc.:
6.88%, 4/14/2028 (a)	6,599,000	6,860,452
7.13%, 4/14/2030 (a)	6,110,000	6,490,897
		115,953,246
BANKS — 0.7%
Freedom Mortgage Corp.:
6.63%, 1/15/2027 (a)	4,745,000	4,520,723
7.63%, 5/1/2026 (a)	6,186,000	6,110,386
12.00%, 10/1/2028 (a)	7,745,000	8,445,225

Security Description	Principal Amount	Value
12.25%, 10/1/2030 (a)	$ 4,434,000	$ 4,866,492
Intesa Sanpaolo SpA 1 yr. CMT + 2.60%, 4.20%, 6/1/2032 (a) (b) (c)	6,394,000	5,270,063
UniCredit SpA:
5 yr. CMT + 4.75%, 5.46%, 6/30/2035 (a) (c)	12,783,200	12,003,936
5 yr. USD ICE Swap + 4.91%, 7.30%, 4/2/2034 (a) (c)	11,478,900	11,843,126
Western Alliance Bancorp 3 mo. USD Term SOFR + 2.25%, 3.00%, 6/15/2031 (b) (c)	5,430,000	4,743,920
		57,803,871
BEVERAGES — 0.1%
Primo Water Holdings, Inc. 4.38%, 4/30/2029 (a)	6,362,000	5,873,080
Triton Water Holdings, Inc. 6.25%, 4/1/2029 (a) (b)	6,381,000	5,599,264
		11,472,344
CHEMICALS — 2.1%
ASP Unifrax Holdings, Inc. 5.25%, 9/30/2028 (a)	7,819,000	5,701,302
Avient Corp.:
5.75%, 5/15/2025 (a)	2,685,000	2,687,067
7.13%, 8/1/2030 (a)	7,899,000	8,191,105
Axalta Coating Systems Dutch Holding B BV 7.25%, 2/15/2031 (a)	5,869,000	6,173,836
Axalta Coating Systems LLC 3.38%, 2/15/2029 (a)	6,527,000	5,870,319
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV 4.75%, 6/15/2027 (a)	4,346,000	4,219,749
Cerdia Finanz GmbH 10.50%, 2/15/2027 (a) (b)	4,834,000	4,928,505
Chemours Co.:
4.63%, 11/15/2029 (a)	6,389,950	5,609,226
5.75%, 11/15/2028 (a)	7,583,000	7,224,324
Consolidated Energy Finance SA 5.63%, 10/15/2028 (a)	6,533,000	5,584,866
CVR Partners LP/CVR Nitrogen Finance Corp. 6.13%, 6/15/2028 (a)	6,127,000	5,799,328
Element Solutions, Inc. 3.88%, 9/1/2028 (a)	7,128,000	6,574,439
INEOS Quattro Finance 2 PLC 3.38%, 1/15/2026 (a)	52,000	49,276
Ingevity Corp. 3.88%, 11/1/2028 (a) (b)	5,279,000	4,743,445
Methanex Corp.:
5.13%, 10/15/2027	6,604,000	6,449,731

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
5.25%, 12/15/2029 (b)	$ 6,450,000	$ 6,200,320
Olin Corp. 5.63%, 8/1/2029 (b)	6,422,000	6,327,918
Olympus Water U.S. Holding Corp.:
4.25%, 10/1/2028 (a)	7,612,000	6,882,009
9.75%, 11/15/2028 (a)	15,921,000	16,973,856
Rayonier AM Products, Inc. 7.63%, 1/15/2026 (a) (b)	912,258	833,019
SCIH Salt Holdings, Inc.:
4.88%, 5/1/2028 (a)	9,525,000	8,973,502
6.63%, 5/1/2029 (a) (b)	6,501,000	6,088,642
SCIL IV LLC/SCIL USA Holdings LLC 5.38%, 11/1/2026 (a)	7,624,000	7,307,680
SK Invictus Intermediate II SARL 5.00%, 10/30/2029 (a)	5,444,000	4,701,547
Tronox, Inc. 4.63%, 3/15/2029 (a)	9,767,000	8,646,627
Valvoline, Inc.:
3.63%, 6/15/2031 (a)	5,464,000	4,663,251
4.25%, 2/15/2030 (a) (b)	2,335,000	2,322,228
Vibrantz Technologies, Inc. 9.00%, 2/15/2030 (a) (b)	5,791,000	4,556,301
WR Grace & Co-Conn 4.88%, 6/15/2027 (a)	135,000	129,249
WR Grace Holdings LLC:
4.88%, 6/15/2027 (a)	7,952,970	7,662,130
5.63%, 8/15/2029 (a) (b)	9,932,000	8,772,141
		180,846,938
COAL — 0.0% (d)
SunCoke Energy, Inc. 4.88%, 6/30/2029 (a)	4,261,000	3,840,013
COMMERCIAL SERVICES — 4.9%
ADT Security Corp. 4.13%, 8/1/2029 (a) (b)	9,327,000	8,624,770
Albion Financing 1 SARL/Aggreko Holdings, Inc. 6.13%, 10/15/2026 (a)	4,877,000	4,849,347
Allied Universal Holdco LLC/Allied Universal Finance Corp.:
6.00%, 6/1/2029 (a) (b)	8,667,000	7,100,006
6.63%, 7/15/2026 (a)	17,935,800	17,861,725
9.75%, 7/15/2027 (a)	10,171,500	9,961,357
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 4.63%, 6/1/2028 (a)	18,324,000	16,784,725
AMN Healthcare, Inc. 4.63%, 10/1/2027 (a)	4,993,000	4,758,579
APX Group, Inc.:
5.75%, 7/15/2029 (a)	7,130,000	6,656,211

Security Description	Principal Amount	Value
6.75%, 2/15/2027 (a)	$ 5,462,000	$ 5,466,370
ASGN, Inc. 4.63%, 5/15/2028 (a)	4,985,000	4,739,888
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:
4.75%, 4/1/2028 (a) (b)	4,605,000	4,265,427
5.38%, 3/1/2029 (a) (b)	5,330,000	4,933,981
8.00%, 2/15/2031 (a)	5,203,000	5,203,000
Block, Inc.:
2.75%, 6/1/2026	8,457,000	7,963,788
3.50%, 6/1/2031 (b)	9,405,000	8,351,828
CoreCivic, Inc. 8.25%, 4/15/2026	6,519,000	6,628,976
CoreLogic, Inc. 4.50%, 5/1/2028 (a)	7,225,000	6,331,846
Garda World Security Corp.:
4.63%, 2/15/2027 (a)	5,466,000	5,252,717
6.00%, 6/1/2029 (a)	5,061,000	4,547,916
9.50%, 11/1/2027 (a) (b)	5,413,000	5,460,797
Grand Canyon University 4.13%, 10/1/2024	24,000	22,820
GTCR W-2 Merger Sub LLC 7.50%, 1/15/2031 (a)	20,015,000	21,234,714
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)	10,919,000	10,791,029
Hertz Corp.:
4.63%, 12/1/2026 (a)	5,957,000	5,416,402
5.00%, 12/1/2029 (a) (b)	9,726,000	7,981,447
IHS Markit Ltd. 4.25%, 5/1/2029	15,000	14,192
Metis Merger Sub LLC 6.50%, 5/15/2029 (a)	7,559,000	6,843,767
Mobius Merger Sub, Inc. 9.00%, 6/1/2030 (a)	6,305,000	6,179,531
MPH Acquisition Holdings LLC:
5.50%, 9/1/2028 (a)	10,910,000	9,799,362
5.75%, 11/1/2028 (a) (b)	9,827,571	8,110,694
Neptune Bidco U.S., Inc. 9.29%, 4/15/2029 (a)	25,016,000	23,381,705
NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a)	9,567,000	8,863,443
Nielsen Finance LLC/Nielsen Finance Co. 5.63%, 10/1/2028 (a)	1,000	492
PECF USS Intermediate Holding III Corp. 8.00%, 11/15/2029 (a)	4,024,000	2,052,240
Prime Security Services Borrower LLC/Prime Finance, Inc.:
3.38%, 8/31/2027 (a)	8,711,000	8,064,818
5.75%, 4/15/2026 (a)	11,925,500	11,978,688
6.25%, 1/15/2028 (a) (b)	11,321,000	11,211,752
PROG Holdings, Inc. 6.00%, 11/15/2029 (a)	5,906,000	5,506,459

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Sabre GLBL, Inc.:
8.63%, 6/1/2027 (a)	$ 9,008,000	$ 8,188,903
11.25%, 12/15/2027 (a)	5,914,000	5,793,000
Service Corp. International:
3.38%, 8/15/2030	9,009,000	7,913,956
4.00%, 5/15/2031	7,732,700	6,926,411
5.13%, 6/1/2029	4,295,000	4,229,974
Sotheby's 7.38%, 10/15/2027 (a)	8,489,000	8,180,934
TriNet Group, Inc. 3.50%, 3/1/2029 (a)	4,837,000	4,335,258
United Rentals North America, Inc.:
3.75%, 1/15/2032	6,983,000	6,202,021
3.88%, 11/15/2027	6,592,500	6,295,244
3.88%, 2/15/2031	10,258,000	9,322,983
4.00%, 7/15/2030	5,997,000	5,524,436
5.25%, 1/15/2030 (b)	7,811,000	7,707,973
Verscend Escrow Corp. 9.75%, 8/15/2026 (a)	1,491,000	1,499,469
VT Topco, Inc. 8.50%, 8/15/2030 (a)	4,622,000	4,809,792
WASH Multifamily Acquisition, Inc. 5.75%, 4/15/2026 (a)	8,895,000	8,633,220
Williams Scotsman, Inc.:
4.63%, 8/15/2028 (a)	6,360,000	6,027,754
6.13%, 6/15/2025 (a)	5,281,000	5,283,429
7.38%, 10/1/2031 (a)	3,630,000	3,828,198
WW International, Inc. 4.50%, 4/15/2029 (a)	5,872,000	3,883,858
ZipRecruiter, Inc. 5.00%, 1/15/2030 (a)	6,351,000	5,566,207
		413,349,829
COMPUTERS — 0.8%
Conduent Business Services LLC/Conduent State & Local Solutions, Inc. 6.00%, 11/1/2029 (a)	4,661,000	4,198,023
Crowdstrike Holdings, Inc. 3.00%, 2/15/2029	5,426,000	4,890,237
McAfee Corp. 7.38%, 2/15/2030 (a)	19,890,000	18,210,687
NCR Voyix Corp.:
5.00%, 10/1/2028 (a)	6,984,000	6,605,467
5.13%, 4/15/2029 (a)	10,205,600	9,718,793
Presidio Holdings, Inc.:
4.88%, 2/1/2027 (a)	4,282,000	4,187,454
8.25%, 2/1/2028 (a)	6,016,000	6,062,744
Vericast Corp. 11.00%, 9/15/2026 (a)	9,364,035	9,926,626
		63,800,031

Security Description	Principal Amount	Value
CONSTRUCTION MATERIALS — 1.9%
ACProducts Holdings, Inc. 6.38%, 5/15/2029 (a)	$ 4,135,000	$ 3,042,574
AmeriTex HoldCo Intermediate LLC 10.25%, 10/15/2028 (a)	6,302,000	6,476,250
Builders FirstSource, Inc.:
4.25%, 2/1/2032 (a)	11,461,000	10,344,126
5.00%, 3/1/2030 (a)	5,020,000	4,849,521
6.38%, 6/15/2032 (a)	7,667,000	7,873,089
Camelot Return Merger Sub, Inc. 8.75%, 8/1/2028 (a) (b)	7,833,000	7,969,686
CP Atlas Buyer, Inc. 7.00%, 12/1/2028 (a) (b)	5,255,000	4,584,042
Eco Material Technologies, Inc. 7.88%, 1/31/2027 (a)	5,527,000	5,570,000
Emerald Debt Merger Sub LLC 6.63%, 12/15/2030 (a)	20,528,000	21,083,077
Griffon Corp. 5.75%, 3/1/2028	7,807,500	7,675,241
Masonite International Corp. 5.38%, 2/1/2028 (a)	4,595,000	4,442,446
MIWD Holdco II LLC/MIWD Finance Corp. 5.50%, 2/1/2030 (a) (b)	4,473,000	3,965,091
New Enterprise Stone & Lime Co., Inc. 5.25%, 7/15/2028 (a)	4,969,000	4,752,401
Oscar AcquisitionCo LLC/Oscar Finance, Inc. 9.50%, 4/15/2030 (a) (b)	5,196,000	5,066,308
PGT Innovations, Inc. 4.38%, 10/1/2029 (a)	5,002,000	4,993,346
Smyrna Ready Mix Concrete LLC:
6.00%, 11/1/2028 (a)	10,028,000	9,899,942
8.88%, 11/15/2031 (a)	12,216,000	12,855,996
Standard Industries, Inc.:
3.38%, 1/15/2031 (a)	10,207,500	8,767,732
4.38%, 7/15/2030 (a)	13,631,000	12,506,715
Summit Materials LLC/Summit Materials Finance Corp.:
5.25%, 1/15/2029 (a)	6,737,000	6,534,486
7.25%, 1/15/2031 (a)	7,290,000	7,686,868
		160,938,937
DISTRIBUTION & WHOLESALE — 0.6%
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a)	5,786,000	5,489,930
BCPE Empire Holdings, Inc. 7.63%, 5/1/2027 (a)	7,151,000	6,911,585

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
H&E Equipment Services, Inc. 3.88%, 12/15/2028 (a)	$ 11,809,000	$ 10,724,816
Ritchie Bros Holdings, Inc.:
6.75%, 3/15/2028 (a)	5,183,000	5,343,828
7.75%, 3/15/2031 (a)	8,401,000	8,959,582
Verde Purchaser LLC 10.50%, 11/30/2030 (a)	8,433,000	8,546,930
Wesco Aircraft Holdings, Inc.:
8.50%, 11/15/2024 (a) (e)	149,000	5,215
9.00%, 11/15/2026 (a) (e)	88,000	8,358
Windsor Holdings III LLC 8.50%, 6/15/2030 (a)	7,429,000	7,792,130
		53,782,374
DIVERSIFIED FINANCIAL SERVICES — 4.0%
AG Issuer LLC 6.25%, 3/1/2028 (a)	4,853,000	4,823,300
AG TTMT Escrow Issuer LLC 8.63%, 9/30/2027 (a)	5,521,000	5,810,742
Ally Financial, Inc. 6.70%, 2/14/2033 (b)	4,165,000	4,167,957
Aretec Group, Inc. 10.00%, 8/15/2030 (a)	7,265,000	7,720,951
Bread Financial Holdings, Inc.:
7.00%, 1/15/2026 (a) (b)	5,231,822	5,195,618
9.75%, 3/15/2029 (a)	5,857,000	6,070,605
Coinbase Global, Inc.:
3.38%, 10/1/2028 (a)	9,221,000	7,671,688
3.63%, 10/1/2031 (a)	7,244,000	5,542,240
Credit Acceptance Corp. 9.25%, 12/15/2028 (a)	5,886,000	6,286,895
Curo Group Holdings Corp. 7.50%, 8/1/2028 (a)	6,696,000	2,040,327
GGAM Finance Ltd.:
8.00%, 2/15/2027 (a)	7,090,000	7,276,396
8.00%, 6/15/2028 (a)	5,731,000	5,946,715
Global Aircraft Leasing Co. Ltd. 6.50%, 9/15/2024 (a)	2,223,070	2,093,176
goeasy Ltd. 9.25%, 12/1/2028 (a)	6,662,000	7,119,546
Jane Street Group/JSG Finance, Inc. 4.50%, 11/15/2029 (a) (b)	5,655,500	5,270,360
Jefferies Finance LLC/JFIN Co.-Issuer Corp. 5.00%, 8/15/2028 (a)	8,970,000	8,126,730
LD Holdings Group LLC:
6.13%, 4/1/2028 (a)	3,751,000	3,217,833
6.50%, 11/1/2025 (a)	5,036,000	4,667,717
Macquarie Airfinance Holdings Ltd.:
8.13%, 3/30/2029 (a)	4,701,000	4,916,306
8.38%, 5/1/2028 (a)	4,646,000	4,863,061
Midcap Financial Issuer Trust 6.50%, 5/1/2028 (a)	9,758,000	9,133,781

Security Description	Principal Amount	Value
Nationstar Mortgage Holdings, Inc.:
5.00%, 2/1/2026 (a)	$ 4,811,000	$ 4,699,914
5.13%, 12/15/2030 (a)	5,666,000	5,163,143
5.50%, 8/15/2028 (a)	8,085,000	7,790,463
5.75%, 11/15/2031 (a)	5,706,000	5,324,839
6.00%, 1/15/2027 (a)	4,894,000	4,858,763
Navient Corp.:
4.88%, 3/15/2028	4,599,000	4,274,679
5.00%, 3/15/2027	6,468,000	6,246,212
5.50%, 3/15/2029	7,093,200	6,544,115
9.38%, 7/25/2030	5,008,000	5,276,379
11.50%, 3/15/2031	5,268,000	5,801,701
NFP Corp.:
4.88%, 8/15/2028 (a)	6,809,000	6,768,146
6.88%, 8/15/2028 (a)	17,849,000	18,155,467
OneMain Finance Corp.:
3.50%, 1/15/2027	6,845,000	6,350,859
3.88%, 9/15/2028	6,736,000	5,965,132
4.00%, 9/15/2030	8,255,800	7,064,240
5.38%, 11/15/2029	6,953,000	6,510,928
6.63%, 1/15/2028	7,535,000	7,614,118
7.88%, 3/15/2030	7,550,000	7,785,787
9.00%, 1/15/2029	8,949,000	9,464,641
PennyMac Financial Services, Inc.:
4.25%, 2/15/2029 (a)	5,963,000	5,372,007
5.38%, 10/15/2025 (a)	6,214,000	6,147,448
5.75%, 9/15/2031 (a)	4,577,000	4,241,094
7.88%, 12/15/2029 (a)	6,913,000	7,129,584
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.:
2.88%, 10/15/2026 (a)	11,507,666	10,667,031
3.63%, 3/1/2029 (a)	6,578,000	5,970,259
3.88%, 3/1/2031 (a)	10,406,000	9,177,988
4.00%, 10/15/2033 (a)	7,064,250	6,036,614
SLM Corp.:
3.13%, 11/2/2026	4,654,000	4,356,609
4.20%, 10/29/2025	5,299,000	5,144,110
Synchrony Financial 7.25%, 2/2/2033	7,476,000	7,436,078
United Wholesale Mortgage LLC:
5.50%, 11/15/2025 (a)	6,114,000	6,075,360
5.50%, 4/15/2029 (a)	6,266,000	5,930,456
5.75%, 6/15/2027 (a)	4,396,000	4,308,564
		337,614,672
ELECTRIC — 2.3%
Algonquin Power & Utilities Corp. 5 yr. CMT + 3.25%, 4.75%, 1/18/2082 (c)	6,801,000	5,831,653
Calpine Corp.:
3.75%, 3/1/2031 (a)	8,882,000	7,822,466
4.50%, 2/15/2028 (a)	12,006,000	11,422,869

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
4.63%, 2/1/2029 (a)	$ 5,966,000	$ 5,541,042
5.00%, 2/1/2031 (a) (b)	8,194,000	7,515,209
5.13%, 3/15/2028 (a)	12,587,000	12,061,870
Clearway Energy Operating LLC:
3.75%, 2/15/2031 (a)	8,419,000	7,422,527
4.75%, 3/15/2028 (a)	8,021,000	7,724,223
Drax Finco PLC 6.63%, 11/1/2025 (a) (b)	1,174,000	1,162,307
Edison International 5 yr. CMT + 3.86%, 8.13%, 6/15/2053 (c)	4,330,000	4,459,683
FirstEnergy Corp. 2.65%, 3/1/2030	4,512,000	3,919,980
NextEra Energy Operating Partners LP:
3.88%, 10/15/2026 (a)	4,451,000	4,244,162
7.25%, 1/15/2029 (a)	6,690,000	7,009,314
NRG Energy, Inc.:
3.38%, 2/15/2029 (a)	5,120,000	4,523,418
3.63%, 2/15/2031 (a)	8,473,000	7,288,475
3.88%, 2/15/2032 (a)	581,000	497,528
5.25%, 6/15/2029 (a) (b)	6,623,000	6,436,960
5.75%, 1/15/2028 (a)	840	837
Pattern Energy Operations LP/Pattern Energy Operations, Inc. 4.50%, 8/15/2028 (a)	6,326,000	5,973,199
PG&E Corp.:
5.00%, 7/1/2028 (b)	9,344,000	9,087,601
5.25%, 7/1/2030 (b)	9,743,000	9,441,064
Pike Corp. 5.50%, 9/1/2028 (a)	5,689,000	5,419,228
Talen Energy Supply LLC 8.63%, 6/1/2030 (a)	11,626,000	12,348,788
Vistra Operations Co. LLC:
4.38%, 5/1/2029 (a)	10,331,000	9,581,073
5.00%, 7/31/2027 (a)	12,436,000	12,109,306
5.63%, 2/15/2027 (a)	11,581,000	11,451,061
7.75%, 10/15/2031 (a)	12,279,000	12,755,671
		193,051,514
ELECTRICAL COMPONENTS & EQUIPMENT — 0.4%
Energizer Holdings, Inc.:
4.38%, 3/31/2029 (a)	8,716,000	7,832,372
4.75%, 6/15/2028 (a)	5,900,000	5,488,711
WESCO Distribution, Inc.:
7.13%, 6/15/2025 (a)	8,864,000	8,927,910
7.25%, 6/15/2028 (a)	10,975,000	11,277,800
		33,526,793
ELECTRONICS — 0.6%
Coherent Corp. 5.00%, 12/15/2029 (a)	8,184,000	7,777,337
Imola Merger Corp. 4.75%, 5/15/2029 (a)	17,054,000	16,184,246

Security Description	Principal Amount	Value
Sensata Technologies BV:
4.00%, 4/15/2029 (a)	$ 9,051,000	$ 8,417,701
5.88%, 9/1/2030 (a)	4,693,000	4,670,239
Sensata Technologies, Inc. 3.75%, 2/15/2031 (a)	6,996,500	6,165,596
TTM Technologies, Inc. 4.00%, 3/1/2029 (a)	4,272,000	3,880,258
		47,095,377
ENERGY-ALTERNATE SOURCES — 0.1%
Enviva Partners LP/Enviva Partners Finance Corp. 6.50%, 1/15/2026 (a)	6,403,000	3,172,686
TerraForm Power Operating LLC 4.75%, 1/15/2030 (a)	6,511,000	6,092,473
		9,265,159
ENGINEERING & CONSTRUCTION — 0.4%
Artera Services LLC 9.03%, 12/4/2025 (a)	9,705,222	9,205,597
Brand Industrial Services, Inc. 10.38%, 8/1/2030 (a)	13,360,000	14,155,454
Dycom Industries, Inc. 4.50%, 4/15/2029 (a)	4,720,000	4,371,428
Signature Aviation U.S. Holdings, Inc. 4.00%, 3/1/2028 (a)	135,000	122,957
TopBuild Corp. 4.13%, 2/15/2032 (a)	3,925,000	3,508,401
		31,363,837
ENTERTAINMENT — 3.4%
Affinity Interactive 6.88%, 12/15/2027 (a)	5,533,000	4,940,084
Allen Media LLC/Allen Media Co.-Issuer, Inc. 10.50%, 2/15/2028 (a)	6,362,000	3,383,630
AMC Entertainment Holdings, Inc.:
7.50%, 2/15/2029 (a) (b)	9,440,000	6,550,794
10.00%, 6/15/2026 (a)	1,288,000	1,119,311
Boyne USA, Inc. 4.75%, 5/15/2029 (a) (b)	6,642,400	6,262,588
Caesars Entertainment, Inc.:
4.63%, 10/15/2029 (a) (b)	11,074,000	10,011,339
6.25%, 7/1/2025 (a)	28,159,100	28,147,836
7.00%, 2/15/2030 (a)	16,277,000	16,734,221
8.13%, 7/1/2027 (a) (b)	16,525,000	16,936,142
Caesars Resort Collection LLC/CRC Finco, Inc. 5.75%, 7/1/2025 (a)	5,039,000	5,035,321
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 5/1/2025 (a)	4,962,000	4,936,594

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Churchill Downs, Inc.:
5.50%, 4/1/2027 (a)	$ 5,940,000	$ 5,877,868
5.75%, 4/1/2030 (a)	11,686,000	11,373,984
6.75%, 5/1/2031 (a)	5,677,000	5,766,867
Cinemark USA, Inc. 5.25%, 7/15/2028 (a) (b)	8,370,000	7,682,404
International Game Technology PLC:
4.13%, 4/15/2026 (a)	7,278,000	7,068,539
5.25%, 1/15/2029 (a)	6,244,000	6,103,760
Jacobs Entertainment, Inc. 6.75%, 2/15/2029 (a)	5,770,000	5,460,324
Light & Wonder International, Inc.:
7.00%, 5/15/2028 (a)	6,686,000	6,756,805
7.25%, 11/15/2029 (a)	4,158,000	4,263,447
7.50%, 9/1/2031 (a)	5,315,000	5,551,889
Lions Gate Capital Holdings LLC 5.50%, 4/15/2029 (a) (b)	6,690,000	4,958,227
Live Nation Entertainment, Inc.:
3.75%, 1/15/2028 (a)	4,319,000	4,050,747
4.75%, 10/15/2027 (a) (b)	9,601,000	9,222,529
6.50%, 5/15/2027 (a)	11,540,000	11,745,758
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. 4.88%, 5/1/2029 (a)	5,861,000	5,456,650
Mohegan Tribal Gaming Authority:
8.00%, 2/1/2026 (a)	11,360,000	10,717,478
13.25%, 12/15/2027 (a)	1,960,000	2,089,948
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.:
5.63%, 9/1/2029 (a) (b)	7,944,000	6,292,045
5.88%, 9/1/2031 (a)	7,973,000	6,165,282
Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.63%, 4/16/2029	6,789,000	5,905,072
Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. 6.63%, 3/1/2030 (a)	6,487,000	6,063,010
SeaWorld Parks & Entertainment, Inc. 5.25%, 8/15/2029 (a) (b)	5,733,000	5,376,121
Six Flags Entertainment Corp. 7.25%, 5/15/2031 (a) (b)	7,849,000	7,868,308
Universal Entertainment Corp. 8.75%, 12/11/2024 (a) (f)	5,835,000	6,272,917
Vail Resorts, Inc. 6.25%, 5/15/2025 (a)	1,370,000	1,375,206

Security Description	Principal Amount	Value
WMG Acquisition Corp.:
3.00%, 2/15/2031 (a) (b)	$ 5,850,000	$ 5,043,343
3.75%, 12/1/2029 (a) (b)	4,825,000	4,415,695
3.88%, 7/15/2030 (a)	4,485,000	4,059,329
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.:
5.13%, 10/1/2029 (a)	6,899,000	6,516,381
7.13%, 2/15/2031 (a) (b)	5,286,000	5,502,726
		289,060,519
ENVIRONMENTAL CONTROL — 1.0%
Clean Harbors, Inc.:
4.88%, 7/15/2027 (a)	4,650,000	4,551,560
6.38%, 2/1/2031 (a)	5,081,000	5,165,243
Covanta Holding Corp. 4.88%, 12/1/2029 (a)	7,204,000	6,292,982
GFL Environmental, Inc.:
3.50%, 9/1/2028 (a)	6,285,000	5,782,074
3.75%, 8/1/2025 (a)	5,182,000	5,057,477
4.00%, 8/1/2028 (a)	8,254,000	7,616,296
4.25%, 6/1/2025 (a)	3,967,000	3,906,900
4.38%, 8/15/2029 (a)	5,216,000	4,811,916
4.75%, 6/15/2029 (a)	7,869,000	7,419,208
5.13%, 12/15/2026 (a)	6,393,000	6,301,388
6.75%, 1/15/2031 (a)	8,702,000	8,965,584
Madison IAQ LLC:
4.13%, 6/30/2028 (a)	6,364,500	5,805,315
5.88%, 6/30/2029 (a)	9,512,000	8,391,486
Stericycle, Inc.:
3.88%, 1/15/2029 (a)	4,650,000	4,236,615
5.38%, 7/15/2024 (a)	421,400	420,001
		84,724,045
FOOD — 2.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC:
3.25%, 3/15/2026 (a)	8,310,000	7,860,013
3.50%, 3/15/2029 (a)	12,883,000	11,694,672
4.63%, 1/15/2027 (a)	13,043,500	12,646,456
4.88%, 2/15/2030 (a)	8,317,000	7,966,522
5.88%, 2/15/2028 (a)	6,420,500	6,415,556
6.50%, 2/15/2028 (a)	7,708,000	7,829,324
7.50%, 3/15/2026 (a)	4,140,000	4,218,329
B&G Foods, Inc.:
5.25%, 9/15/2027 (b)	5,770,018	5,251,640
8.00%, 9/15/2028 (a)	5,489,000	5,776,239
Lamb Weston Holdings, Inc.:
4.13%, 1/31/2030 (a)	9,116,000	8,409,783
4.38%, 1/31/2032 (a)	5,660,000	5,166,052
4.88%, 5/15/2028 (a) (b)	7,150,000	6,991,913
Performance Food Group, Inc.:
4.25%, 8/1/2029 (a)	9,968,000	9,146,238
5.50%, 10/15/2027 (a)	10,570,000	10,422,443

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Post Holdings, Inc.:
4.50%, 9/15/2031 (a)	$ 10,423,000	$ 9,367,880
4.63%, 4/15/2030 (a)	13,066,000	12,067,104
5.50%, 12/15/2029 (a)	11,402,000	11,011,709
Sigma Holdco BV 7.88%, 5/15/2026 (a) (b)	571,000	511,399
Simmons Foods, Inc./Simmons Prepared Foods, Inc./Simmons Pet Food, Inc./Simmons Feed 4.63%, 3/1/2029 (a)	7,241,000	6,278,671
TreeHouse Foods, Inc. 4.00%, 9/1/2028 (b)	4,004,000	3,562,879
U.S. Foods, Inc.:
4.63%, 6/1/2030 (a) (b)	5,295,000	4,935,099
4.75%, 2/15/2029 (a)	7,796,000	7,416,179
6.88%, 9/15/2028 (a)	6,304,000	6,501,883
7.25%, 1/15/2032 (a)	3,825,000	3,996,016
United Natural Foods, Inc. 6.75%, 10/15/2028 (a) (b)	5,803,000	4,697,993
		180,141,992
FOOD SERVICE — 0.1%
Aramark Services, Inc. 5.00%, 2/1/2028 (a)	302,000	292,258
TKC Holdings, Inc. 10.50%, 5/15/2029 (a)	6,221,000	5,618,496
		5,910,754
FOREST PRODUCTS & PAPER — 0.2%
Domtar Corp. 6.75%, 10/1/2028 (a)	7,241,000	6,544,416
Glatfelter Corp. 4.75%, 11/15/2029 (a) (b)	5,855,000	4,057,456
Mercer International, Inc. 5.13%, 2/1/2029 (b)	8,826,000	7,582,152
		18,184,024
GAS — 0.1%
AmeriGas Partners LP/AmeriGas Finance Corp. 9.38%, 6/1/2028 (a)	5,407,000	5,599,435
HEALTH CARE PRODUCTS — 1.3%
Avantor Funding, Inc.:
3.88%, 11/1/2029 (a)	7,108,000	6,467,143
4.63%, 7/15/2028 (a)	13,074,000	12,584,509
Bausch & Lomb Escrow Corp. 8.38%, 10/1/2028 (a) (b)	13,102,000	13,829,030
Embecta Corp. 5.00%, 2/15/2030 (a)	5,005,000	4,249,445
Hologic, Inc. 3.25%, 2/15/2029 (a)	8,269,000	7,491,962
Medline Borrower LP:
3.88%, 4/1/2029 (a)	42,186,000	38,157,237
5.25%, 10/1/2029 (a) (b)	22,303,000	21,062,284

Security Description	Principal Amount	Value
Teleflex, Inc. 4.25%, 6/1/2028 (a)	$ 4,958,000	$ 4,738,361
		108,579,971
HEALTH CARE SERVICES — 5.3%
Catalent Pharma Solutions, Inc.:
3.13%, 2/15/2029 (a) (b)	5,389,750	4,718,349
3.50%, 4/1/2030 (a) (b)	6,621,000	5,783,046
5.00%, 7/15/2027 (a)	4,260,000	4,128,366
Charles River Laboratories International, Inc.:
3.75%, 3/15/2029 (a)	4,723,000	4,348,844
4.00%, 3/15/2031 (a)	4,627,500	4,197,883
4.25%, 5/1/2028 (a)	5,069,000	4,839,020
CHS/Community Health Systems, Inc.:
4.75%, 2/15/2031 (a)	11,086,000	8,732,886
5.25%, 5/15/2030 (a)	13,509,000	11,288,391
5.63%, 3/15/2027 (a) (b)	18,151,000	16,864,820
6.00%, 1/15/2029 (a)	9,971,000	8,974,797
6.13%, 4/1/2030 (a)	12,271,000	7,898,597
6.88%, 4/1/2028 (a)	6,190,000	3,823,315
6.88%, 4/15/2029 (a)	12,055,000	7,868,901
8.00%, 3/15/2026 (a) (b)	10,269,500	10,248,139
8.00%, 12/15/2027 (a)	7,500,000	7,284,075
10.88%, 1/15/2032 (a)	14,044,000	14,747,885
DaVita, Inc.:
3.75%, 2/15/2031 (a)	15,049,500	12,354,285
4.63%, 6/1/2030 (a)	24,261,250	21,208,942
Encompass Health Corp.:
4.50%, 2/1/2028	7,901,000	7,576,427
4.75%, 2/1/2030	7,184,000	6,759,497
Fortrea Holdings, Inc. 7.50%, 7/1/2030 (a)	5,656,000	5,826,472
Global Medical Response, Inc. 6.50%, 10/1/2025 (a)	4,662,000	3,702,187
HealthEquity, Inc. 4.50%, 10/1/2029 (a)	5,718,000	5,288,864
Heartland Dental LLC/Heartland Dental Finance Corp. 10.50%, 4/30/2028 (a)	6,637,000	6,879,914
IQVIA, Inc.:
5.00%, 5/15/2027 (a)	10,156,000	9,995,738
6.50%, 5/15/2030 (a)	4,804,000	4,943,364
Legacy LifePoint Health LLC 4.38%, 2/15/2027 (a) (b)	6,077,000	5,627,849
LifePoint Health, Inc.:
5.38%, 1/15/2029 (a)	5,079,000	3,758,257
9.88%, 8/15/2030 (a)	10,394,000	10,556,562
11.00%, 10/15/2030 (a)	11,036,000	11,641,325
ModivCare Escrow Issuer, Inc. 5.00%, 10/1/2029 (a) (b)	5,822,000	4,763,677
ModivCare, Inc. 5.88%, 11/15/2025 (a)	4,731,000	4,707,724

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Molina Healthcare, Inc.:
3.88%, 11/15/2030 (a)	$ 5,230,000	$ 4,697,848
3.88%, 5/15/2032 (a)	6,658,600	5,833,932
4.38%, 6/15/2028 (a)	7,132,000	6,760,138
Prime Healthcare Services, Inc. 7.25%, 11/1/2025 (a)	9,700,000	9,482,235
Radiology Partners, Inc. 9.25%, 2/1/2028 (a)	4,915,000	2,516,333
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/1/2026 (a) (b)	4,296,000	4,282,940
RP Escrow Issuer LLC 5.25%, 12/15/2025 (a) (b)	7,629,000	6,144,778
Select Medical Corp. 6.25%, 8/15/2026 (a)	11,347,000	11,414,742
Star Parent, Inc. 9.00%, 10/1/2030 (a) (b)	9,660,000	10,193,812
Tenet Healthcare Corp.:
4.25%, 6/1/2029	12,201,000	11,359,619
4.38%, 1/15/2030 (b)	12,219,000	11,342,653
4.63%, 6/15/2028	6,580,000	6,271,530
4.88%, 1/1/2026	18,645,000	18,443,820
5.13%, 11/1/2027	14,654,000	14,335,422
6.13%, 10/1/2028 (b)	21,781,000	21,680,372
6.13%, 6/15/2030	17,572,000	17,767,752
6.25%, 2/1/2027	11,580,000	11,615,319
6.75%, 5/15/2031 (a) (b)	12,263,000	12,552,284
U.S. Acute Care Solutions LLC 6.38%, 3/1/2026 (a) (b)	5,789,000	4,838,504
		442,872,431
HOLDING COMPANIES-DIVERSIFIED — 0.1%
Benteler International AG 10.50%, 5/15/2028 (a) (b)	5,017,000	5,260,224
HOME BUILDERS — 0.5%
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC:
4.88%, 2/15/2030 (a)	3,064,000	2,703,153
6.25%, 9/15/2027 (a)	5,667,000	5,513,311
Century Communities, Inc.:
3.88%, 8/15/2029 (a)	4,434,000	4,011,307
6.75%, 6/1/2027	4,775,000	4,828,384
Mattamy Group Corp.:
4.63%, 3/1/2030 (a)	4,015,000	3,723,150
5.25%, 12/15/2027 (a)	5,895,000	5,715,674
Taylor Morrison Communities, Inc.:
5.13%, 8/1/2030 (a)	4,028,000	3,902,528
5.88%, 6/15/2027 (a)	4,870,000	4,897,321
Thor Industries, Inc. 4.00%, 10/15/2029 (a)	4,072,000	3,633,893
		38,928,721

Security Description	Principal Amount	Value
HOME FURNISHINGS — 0.2%
Tempur Sealy International, Inc.:
3.88%, 10/15/2031 (a)	$ 7,409,000	$ 6,253,196
4.00%, 4/15/2029 (a) (b)	8,315,000	7,539,377
		13,792,573
HOUSEHOLD PRODUCTS — 0.3%
Coty, Inc. 5.00%, 4/15/2026 (a)	5,512,000	5,432,076
Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC:
4.75%, 1/15/2029 (a)	5,282,000	5,069,347
6.63%, 7/15/2030 (a)	7,451,000	7,656,946
Edgewell Personal Care Co.:
4.13%, 4/1/2029 (a)	3,908,000	3,566,128
5.50%, 6/1/2028 (a)	7,579,000	7,411,807
Oriflame Investment Holding PLC 5.13%, 5/4/2026 (a)	2,387,000	681,990
		29,818,294
HOUSEHOLD PRODUCTS & WARES — 0.2%
ACCO Brands Corp. 4.25%, 3/15/2029 (a)	5,709,000	5,155,912
Central Garden & Pet Co. 4.13%, 10/15/2030 (b)	4,499,000	4,094,180
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. 7.00%, 12/31/2027 (a) (b)	4,418,000	4,218,439
Spectrum Brands, Inc. 3.88%, 3/15/2031 (a) (b)	4,426,000	4,019,383
		17,487,914
HOUSEWARES — 0.3%
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a) (b)	6,491,000	6,438,942
Newell Brands, Inc.:
4.88%, 6/1/2025	4,877,000	4,796,773
6.38%, 9/15/2027 (b)	5,347,000	5,334,435
6.63%, 9/15/2029 (b)	5,457,000	5,440,356
SWF Escrow Issuer Corp. 6.50%, 10/1/2029 (a) (b)	6,495,000	4,667,827
		26,678,333
INSURANCE — 1.4%
Acrisure LLC/Acrisure Finance, Inc.:
4.25%, 2/15/2029 (a)	6,719,000	6,122,756
6.00%, 8/1/2029 (a) (b)	5,633,500	5,122,429
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer:
4.25%, 10/15/2027 (a)	6,538,000	6,278,180
6.75%, 10/15/2027 (a)	10,682,000	10,645,467
6.75%, 4/15/2028 (a)	10,333,000	10,579,132

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
7.00%, 1/15/2031 (a)	$ 4,669,000	$ 4,924,067
AmWINS Group, Inc. 4.88%, 6/30/2029 (a)	8,163,000	7,524,327
AssuredPartners, Inc. 5.63%, 1/15/2029 (a)	5,196,000	4,845,738
BroadStreet Partners, Inc. 5.88%, 4/15/2029 (a)	5,452,000	5,111,032
Global Atlantic Fin Co. 5 yr. CMT + 3.80%, 4.70%, 10/15/2051 (a) (c)	7,332,000	6,315,198
HUB International Ltd.:
5.63%, 12/1/2029 (a) (b)	3,597,500	3,441,872
7.25%, 6/15/2030 (a) (b)	16,833,000	17,771,271
Jones Deslauriers Insurance Management, Inc. 8.50%, 3/15/2030 (a)	6,782,000	7,128,425
Liberty Mutual Group, Inc. 5 yr. CMT + 3.32%, 4.13%, 12/15/2051 (a) (c)	4,286,200	3,595,779
MGIC Investment Corp. 5.25%, 8/15/2028	5,877,000	5,729,546
Sagicor Financial Co. Ltd. 5.30%, 5/13/2028 (a)	5,113,000	4,906,997
USI, Inc. 7.50%, 1/15/2032 (a)	5,498,000	5,628,413
		115,670,629
INTERNET — 1.6%
ANGI Group LLC 3.88%, 8/15/2028 (a)	5,925,000	5,003,722
Arches Buyer, Inc.:
4.25%, 6/1/2028 (a)	9,585,000	8,682,476
6.13%, 12/1/2028 (a)	4,651,000	4,054,695
Cogent Communications Group, Inc. 3.50%, 5/1/2026 (a)	4,587,000	4,394,071
EquipmentShare.com, Inc. 9.00%, 5/15/2028 (a) (b)	11,204,000	11,567,458
Gen Digital, Inc.:
6.75%, 9/30/2027 (a)	7,054,000	7,174,976
7.13%, 9/30/2030 (a) (b)	5,025,000	5,258,261
Go Daddy Operating Co. LLC/GD Finance Co., Inc.:
3.50%, 3/1/2029 (a)	7,690,000	6,968,370
5.25%, 12/1/2027 (a)	6,340,000	6,218,145
GrubHub Holdings, Inc. 5.50%, 7/1/2027 (a)	6,056,000	5,087,403
Match Group Holdings II LLC:
3.63%, 10/1/2031 (a)	4,859,000	4,197,933
4.13%, 8/1/2030 (a) (b)	4,680,000	4,257,864
4.63%, 6/1/2028 (a)	4,649,000	4,458,252
Millennium Escrow Corp. 6.63%, 8/1/2026 (a)	7,671,000	5,445,950
Newfold Digital Holdings Group, Inc.:
6.00%, 2/15/2029 (a)	6,574,000	4,975,466
11.75%, 10/15/2028 (a)	5,514,000	5,919,444

Security Description	Principal Amount	Value
Rakuten Group, Inc.:
5 yr. CMT + 4.58%, 5.13%, 4/22/2026 (a) (b) (c)	$ 3,244,000	$ 2,627,024
5 yr. CMT + 4.96%, 6.25%, 4/22/2031 (a) (b) (c)	6,744,000	4,588,011
10.25%, 11/30/2024 (a)	3,117,000	3,194,956
TripAdvisor, Inc. 7.00%, 7/15/2025 (a) (b)	4,803,000	4,814,239
Uber Technologies, Inc.:
4.50%, 8/15/2029 (a) (b)	12,081,000	11,523,703
6.25%, 1/15/2028 (a)	5,909,000	5,945,813
7.50%, 9/15/2027 (a)	9,797,000	10,143,226
		136,501,458
INVESTMENT COMPANY SECURITY — 0.6%
Compass Group Diversified Holdings LLC 5.25%, 4/15/2029 (a)	9,479,000	8,817,081
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.38%, 2/1/2029 (b)	7,465,000	6,232,305
5.25%, 5/15/2027	13,900,000	12,576,859
6.25%, 5/15/2026	12,558,000	11,987,741
9.75%, 1/15/2029 (a)	7,055,000	7,207,741
		46,821,727
IRON/STEEL — 0.7%
Big River Steel LLC/BRS Finance Corp. 6.63%, 1/31/2029 (a)	5,334,000	5,438,386
Cleveland-Cliffs, Inc.:
5.88%, 6/1/2027 (b)	5,221,000	5,199,959
6.75%, 3/15/2026 (a)	8,436,000	8,490,244
6.75%, 4/15/2030 (a)	7,543,000	7,645,509
Mineral Resources Ltd.:
8.00%, 11/1/2027 (a)	5,607,000	5,721,607
8.13%, 5/1/2027 (a)	5,472,000	5,520,099
8.50%, 5/1/2030 (a)	7,065,000	7,285,004
9.25%, 10/1/2028 (a)	11,019,000	11,605,652
		56,906,460
IT SERVICES — 0.4%
NCR Atleos Corp. 9.50%, 4/1/2029 (a)	11,847,000	12,623,808
Seagate HDD Cayman:
8.25%, 12/15/2029 (a) (b)	6,134,000	6,613,433
8.50%, 7/15/2031 (a) (b)	3,995,000	4,343,005
9.63%, 12/1/2032	7,747,614	8,858,157
		32,438,403
LEISURE TIME — 3.2%
Carnival Corp.:
4.00%, 8/1/2028 (a)	22,639,000	21,038,875
5.75%, 3/1/2027 (a)	31,513,000	30,708,473
6.00%, 5/1/2029 (a)	18,263,000	17,549,465
7.00%, 8/15/2029 (a) (b)	4,620,000	4,826,209
7.63%, 3/1/2026 (a) (b)	11,726,000	11,926,984

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
9.88%, 8/1/2027 (a) (b)	$ 3,425,000	$ 3,595,942
10.50%, 6/1/2030 (a) (b)	10,499,000	11,480,342
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (a)	19,446,000	21,244,755
ClubCorp Holdings, Inc. 8.50%, 9/15/2025 (a)	53,000	47,891
Life Time, Inc. 5.75%, 1/15/2026 (a) (b)	10,012,000	9,927,298
MajorDrive Holdings IV LLC 6.38%, 6/1/2029 (a)	4,798,000	4,168,886
NCL Corp. Ltd.:
5.88%, 3/15/2026 (a)	13,835,000	13,520,115
5.88%, 2/15/2027 (a)	8,592,000	8,489,154
7.75%, 2/15/2029 (a) (b)	4,818,000	4,836,260
8.13%, 1/15/2029 (a)	7,821,000	8,212,050
8.38%, 2/1/2028 (a)	5,809,000	6,158,469
NCL Finance Ltd. 6.13%, 3/15/2028 (a) (b)	4,067,000	3,886,507
Royal Caribbean Cruises Ltd.:
4.25%, 7/1/2026 (a)	5,820,000	5,621,305
5.38%, 7/15/2027 (a)	9,188,000	9,048,250
5.50%, 8/31/2026 (a)	8,236,000	8,165,665
5.50%, 4/1/2028 (a)	13,522,000	13,343,510
7.25%, 1/15/2030 (a)	6,053,000	6,320,422
8.25%, 1/15/2029 (a)	9,525,000	10,124,789
9.25%, 1/15/2029 (a) (b)	9,955,000	10,712,974
11.63%, 8/15/2027 (a)	11,603,000	12,665,371
Viking Cruises Ltd.:
7.00%, 2/15/2029 (a) (b)	4,094,000	4,055,844
9.13%, 7/15/2031 (a)	5,738,000	6,144,250
Vista Outdoor, Inc. 4.50%, 3/15/2029 (a) (b)	2,528,000	2,474,861
		270,294,916
LODGING — 2.8%
Boyd Gaming Corp.:
4.75%, 12/1/2027	10,481,000	10,110,287
4.75%, 6/15/2031 (a)	8,489,000	7,791,374
Genting New York LLC/GENNY Capital, Inc. 3.30%, 2/15/2026 (a)	4,696,000	4,330,416
Hilton Domestic Operating Co., Inc.:
3.63%, 2/15/2032 (a)	12,695,250	11,054,262
3.75%, 5/1/2029 (a)	6,810,000	6,292,031
4.00%, 5/1/2031 (a)	9,646,000	8,827,730
4.88%, 1/15/2030	7,797,000	7,556,073
5.38%, 5/1/2025 (a)	3,351,000	3,341,215
5.75%, 5/1/2028 (a)	3,703,000	3,706,555
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc.:
4.88%, 7/1/2031 (a)	4,826,000	4,254,843

Security Description	Principal Amount	Value
5.00%, 6/1/2029 (a)	$ 8,487,000	$ 7,832,567
Las Vegas Sands Corp.:
2.90%, 6/25/2025	5,888,000	5,656,837
3.50%, 8/18/2026	9,079,000	8,670,173
3.90%, 8/8/2029	7,296,000	6,739,242
Marriott Ownership Resorts, Inc. 4.50%, 6/15/2029 (a) (b)	4,955,000	4,382,053
Melco Resorts Finance Ltd.:
4.88%, 6/6/2025 (a)	847,000	822,615
5.25%, 4/26/2026 (b)	1,926,000	1,852,311
5.38%, 12/4/2029 (a)	10,396,000	9,179,148
5.63%, 7/17/2027	4,731,000	4,448,890
5.75%, 7/21/2028 (a)	6,828,000	6,299,308
MGM China Holdings Ltd.:
4.75%, 2/1/2027 (a) (b)	7,447,000	7,070,778
5.25%, 6/18/2025 (a) (b)	4,351,000	4,266,504
5.88%, 5/15/2026 (a) (b)	7,059,000	6,924,667
MGM Resorts International:
4.75%, 10/15/2028	7,383,500	7,024,514
5.50%, 4/15/2027	7,269,000	7,211,139
6.75%, 5/1/2025	5,649,222	5,673,401
Station Casinos LLC:
4.50%, 2/15/2028 (a)	6,647,000	6,292,848
4.63%, 12/1/2031 (a) (b)	4,137,000	3,748,991
Studio City Finance Ltd.:
5.00%, 1/15/2029 (a)	11,824,000	9,915,488
6.00%, 7/15/2025 (a) (b)	757,000	743,556
6.50%, 1/15/2028 (a)	3,710,000	3,434,941
Travel & Leisure Co.:
4.50%, 12/1/2029 (a) (b)	7,554,000	6,764,531
6.63%, 7/31/2026 (a)	6,223,000	6,294,129
Wyndham Hotels & Resorts, Inc. 4.38%, 8/15/2028 (a)	5,714,000	5,341,619
Wynn Macau Ltd.:
5.13%, 12/15/2029 (a)	10,685,000	9,507,833
5.50%, 1/15/2026 (a)	9,156,000	8,921,332
5.63%, 8/26/2028 (a)	11,962,000	11,080,281
		233,364,482
MACHINERY, CONSTRUCTION & MINING — 0.2%
Terex Corp. 5.00%, 5/15/2029 (a)	5,718,000	5,430,728
Vertiv Group Corp. 4.13%, 11/15/2028 (a)	8,166,000	7,628,269
		13,058,997
MACHINERY-DIVERSIFIED — 0.5%
Chart Industries, Inc.:
7.50%, 1/1/2030 (a)	13,949,000	14,600,000
9.50%, 1/1/2031 (a) (b)	4,965,000	5,402,466
GrafTech Finance, Inc. 4.63%, 12/15/2028 (a)	4,396,000	2,910,372
Maxim Crane Works Holdings Capital LLC 11.50%, 9/1/2028 (a)	4,703,000	4,883,830

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
SPX FLOW, Inc. 8.75%, 4/1/2030 (a) (b)	$ 4,102,000	$ 4,050,479
TK Elevator U.S. Newco, Inc. 5.25%, 7/15/2027 (a)	14,077,000	13,807,426
		45,654,573
MEDIA — 9.0%
Altice Financing SA:
5.00%, 1/15/2028 (a)	11,066,000	10,062,535
5.75%, 8/15/2029 (a)	19,045,000	16,829,876
AMC Networks, Inc. 4.25%, 2/15/2029	9,050,400	6,950,345
Audacy Capital Corp. 6.75%, 3/31/2029 (a)	834,000	9,499
Cable One, Inc. 4.00%, 11/15/2030 (a) (b)	6,018,000	4,880,779
CCO Holdings LLC/CCO Holdings Capital Corp.:
4.25%, 2/1/2031 (a)	26,280,000	22,959,522
4.25%, 1/15/2034 (a)	18,407,000	14,968,388
4.50%, 8/15/2030 (a)	22,936,000	20,714,878
4.50%, 5/1/2032	26,309,000	22,555,758
4.50%, 6/1/2033 (a)	15,448,000	13,033,323
4.75%, 3/1/2030 (a)	25,352,000	23,190,489
4.75%, 2/1/2032 (a)	12,373,000	10,909,769
5.38%, 6/1/2029 (a)	13,466,000	12,742,203
6.38%, 9/1/2029 (a) (b)	13,762,000	13,582,406
7.38%, 3/1/2031 (a)	10,189,000	10,446,986
Cequel Communications Holdings I LLC/Cequel Capital Corp. 7.50%, 4/1/2028 (a)	100,000	95,997
CSC Holdings LLC:
3.38%, 2/15/2031 (a)	8,592,000	6,314,347
4.13%, 12/1/2030 (a)	10,178,000	7,737,112
4.50%, 11/15/2031 (a)	13,254,000	10,023,470
4.63%, 12/1/2030 (a)	20,046,500	12,020,683
5.00%, 11/15/2031 (a)	6,925,000	4,162,202
5.75%, 1/15/2030 (a)	21,122,000	13,151,402
6.50%, 2/1/2029 (a)	15,847,000	14,088,458
7.50%, 4/1/2028 (a) (b)	219,500	163,828
11.25%, 5/15/2028 (a)	10,334,000	10,645,673
Directv Financing LLC/Directv Financing Co.-Obligor, Inc. 5.88%, 8/15/2027 (a)	34,723,000	32,604,550
DISH DBS Corp.:
5.13%, 6/1/2029	13,447,000	6,931,660
5.25%, 12/1/2026 (a)	26,125,500	22,448,597
5.75%, 12/1/2028 (a)	23,713,000	19,173,620
7.38%, 7/1/2028	11,021,000	6,638,940
DISH Network Corp. 11.75%, 11/15/2027 (a)	33,190,000	34,622,480
GCI LLC 4.75%, 10/15/2028 (a)	5,554,000	5,124,343
Gray Escrow II, Inc. 5.38%, 11/15/2031 (a) (b)	12,808,000	9,661,587

Security Description	Principal Amount	Value
Gray Television, Inc. 4.75%, 10/15/2030 (a)	$ 8,502,000	$ 6,440,435
iHeartCommunications, Inc.:
4.75%, 1/15/2028 (a) (b)	4,879,750	3,754,382
5.25%, 8/15/2027 (a)	7,427,000	5,898,449
6.38%, 5/1/2026	8,328,026	7,089,232
8.38%, 5/1/2027 (b)	7,775,839	5,045,897
LCPR Senior Secured Financing DAC:
5.13%, 7/15/2029 (a)	7,259,000	6,338,704
6.75%, 10/15/2027 (a)	11,015,000	10,773,221
McGraw-Hill Education, Inc.:
5.75%, 8/1/2028 (a)	7,872,000	7,591,678
8.00%, 8/1/2029 (a)	5,696,000	5,323,994
News Corp.:
3.88%, 5/15/2029 (a)	8,812,000	8,146,870
5.13%, 2/15/2032 (a)	4,865,000	4,642,864
Nexstar Media, Inc.:
4.75%, 11/1/2028 (a) (b)	10,730,500	9,888,907
5.63%, 7/15/2027 (a)	14,922,000	14,490,605
Paramount Global 5 yr. CMT + 4.00%, 6.38%, 3/30/2062 (c)	8,928,000	8,029,754
Radiate Holdco LLC/Radiate Finance, Inc.:
4.50%, 9/15/2026 (a) (b)	9,555,000	7,286,452
6.50%, 9/15/2028 (a)	9,395,000	4,603,644
Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a)	5,761,000	5,084,255
Sinclair Television Group, Inc.:
4.13%, 12/1/2030 (a)	6,989,000	4,927,944
5.50%, 3/1/2030 (a) (b)	984,000	736,347
Sirius XM Radio, Inc.:
3.13%, 9/1/2026 (a)	10,261,000	9,699,108
3.88%, 9/1/2031 (a)	13,398,000	11,439,882
4.00%, 7/15/2028 (a)	16,878,000	15,647,256
4.13%, 7/1/2030 (a)	14,919,000	13,356,384
5.50%, 7/1/2029 (a)	11,068,000	10,726,331
TEGNA, Inc.:
4.63%, 3/15/2028	9,163,000	8,564,473
4.75%, 3/15/2026 (a)	5,243,000	5,109,723
5.00%, 9/15/2029	11,461,000	10,515,468
Townsquare Media, Inc. 6.88%, 2/1/2026 (a) (b)	6,391,000	6,269,954
Univision Communications, Inc.:
4.50%, 5/1/2029 (a) (b)	8,542,000	7,617,243
6.63%, 6/1/2027 (a)	14,277,000	14,239,737
7.38%, 6/30/2030 (a) (b)	8,808,000	8,805,798
8.00%, 8/15/2028 (a)	9,230,500	9,541,199
UPC Broadband Finco BV 4.88%, 7/15/2031 (a)	13,470,018	11,866,278
Urban One, Inc. 7.38%, 2/1/2028 (a)	6,967,000	5,917,143
Videotron Ltd. 3.63%, 6/15/2029 (a) (b)	5,008,000	4,576,911

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Virgin Media Finance PLC 5.00%, 7/15/2030 (a)	$ 9,370,000	$ 8,268,650
Virgin Media Secured Finance PLC:
4.50%, 8/15/2030 (a)	10,296,000	9,163,131
5.50%, 5/15/2029 (a)	11,915,000	11,490,230
Virgin Media Vendor Financing Notes IV DAC 5.00%, 7/15/2028 (a)	5,614,000	5,282,493
VZ Secured Financing BV 5.00%, 1/15/2032 (a)	14,749,000	12,639,156
Ziggo Bond Co. BV 5.13%, 2/28/2030 (a)	5,298,000	4,431,883
Ziggo BV 4.88%, 1/15/2030 (a)	8,460,000	7,528,216
		758,235,986
METAL FABRICATE & HARDWARE — 0.1%
Advanced Drainage Systems, Inc. 6.38%, 6/15/2030 (a)	4,235,000	4,291,876
Roller Bearing Co. of America, Inc. 4.38%, 10/15/2029 (a)	4,281,000	3,974,138
		8,266,014
MINING — 1.1%
Arsenal AIC Parent LLC 8.00%, 10/1/2030 (a)	6,682,000	7,027,393
Compass Minerals International, Inc. 6.75%, 12/1/2027 (a)	3,732,000	3,698,300
Constellium SE 3.75%, 4/15/2029 (a) (b)	4,507,000	4,101,415
FMG Resources August 2006 Pty. Ltd.:
4.38%, 4/1/2031 (a)	13,478,000	12,195,838
4.50%, 9/15/2027 (a)	5,330,000	5,123,409
5.88%, 4/15/2030 (a)	6,526,000	6,470,594
6.13%, 4/15/2032 (a)	7,550,000	7,611,306
Hudbay Minerals, Inc.:
4.50%, 4/1/2026	2,020,000	1,965,096
4.50%, 4/1/2026 (a)	2,122,000	2,064,324
6.13%, 4/1/2029 (a)	2,365,000	2,325,339
6.13%, 4/1/2029	5,290,000	5,201,287
Kaiser Aluminum Corp.:
4.50%, 6/1/2031 (a)	6,081,000	5,243,099
4.63%, 3/1/2028 (a)	5,504,000	5,098,796
Novelis Corp.:
3.25%, 11/15/2026 (a)	6,861,000	6,456,750
3.88%, 8/15/2031 (a)	6,364,000	5,612,539
4.75%, 1/30/2030 (a)	15,397,000	14,506,437
		94,701,922
MISCELLANEOUS MANUFACTURER — 0.3%
Calderys Financing LLC 11.25%, 6/1/2028 (a)	5,913,000	6,196,233

Security Description	Principal Amount	Value
FXI Holdings, Inc. 12.25%, 11/15/2026 (a) (b)	$ 6,604,000	$ 5,892,287
Gates Global LLC/Gates Corp. 6.25%, 1/15/2026 (a) (b)	3,973,000	3,978,125
LSB Industries, Inc. 6.25%, 10/15/2028 (a)	6,460,000	6,136,741
		22,203,386
OFFICE & BUSINESS EQUIPMENT — 0.2%
Xerox Holdings Corp.:
5.00%, 8/15/2025 (a)	7,906,000	7,747,959
5.50%, 8/15/2028 (a)	7,900,000	7,129,987
		14,877,946
OIL & GAS — 5.6%
Aethon United BR LP/Aethon United Finance Corp. 8.25%, 2/15/2026 (a)	7,804,000	7,860,579
Antero Resources Corp. 5.38%, 3/1/2030 (a)	5,404,700	5,186,999
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 8.25%, 12/31/2028 (a)	5,102,000	5,148,785
Baytex Energy Corp. 8.50%, 4/30/2030 (a)	9,900,000	10,242,243
Borr IHC Ltd./Borr Finance LLC 10.00%, 11/15/2028 (a)	1,578,000	1,635,013
California Resources Corp. 7.13%, 2/1/2026 (a) (b)	5,810,000	5,900,229
Callon Petroleum Co.:
7.50%, 6/15/2030 (a) (b)	5,853,000	5,915,569
8.00%, 8/1/2028 (a)	6,875,000	7,035,394
Chesapeake Energy Corp.:
5.50%, 2/1/2026 (a)	3,504,000	3,479,963
5.88%, 2/1/2029 (a)	5,247,000	5,146,835
6.75%, 4/15/2029 (a)	9,157,000	9,193,262
Civitas Resources, Inc.:
8.38%, 7/1/2028 (a)	13,665,000	14,291,814
8.63%, 11/1/2030 (a)	9,650,000	10,265,380
8.75%, 7/1/2031 (a)	12,425,000	13,200,941
CNX Resources Corp.:
6.00%, 1/15/2029 (a)	5,146,000	4,945,563
7.38%, 1/15/2031 (a)	4,234,000	4,277,822
Comstock Resources, Inc.:
5.88%, 1/15/2030 (a)	9,178,000	7,988,348
6.75%, 3/1/2029 (a)	13,012,000	11,953,864
Crescent Energy Finance LLC:
7.25%, 5/1/2026 (a)	7,844,000	7,941,344
9.25%, 2/15/2028 (a)	8,421,000	8,738,809
CVR Energy, Inc.:
5.25%, 2/15/2025 (a)	3,978,000	3,973,386
5.75%, 2/15/2028 (a)	788,000	731,926
8.50%, 1/15/2029 (a)	6,949,000	6,913,282

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Diamond Foreign Asset Co./Diamond Finance LLC 8.50%, 10/1/2030 (a)	$ 5,465,000	$ 5,583,372
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a)	7,657,000	7,564,350
EQT Corp. 3.90%, 10/1/2027	300	287
Gulfport Energy Corp.:
Zero Coupon, 5/15/2025 (e)	1,081,000	2,703
8.00%, 5/17/2026	3,934,459	3,980,846
8.00%, 5/17/2026 (a)	1,168,000	1,181,771
Harbour Energy PLC 5.50%, 10/15/2026 (a) (b)	4,322,000	4,230,806
HF Sinclair Corp. 5.00%, 2/1/2028 (a)	2,736,500	2,649,561
Hilcorp Energy I LP/Hilcorp Finance Co.:
5.75%, 2/1/2029 (a)	6,246,000	6,067,489
6.00%, 4/15/2030 (a)	4,675,000	4,535,638
6.00%, 2/1/2031 (a)	5,637,000	5,427,585
6.25%, 4/15/2032 (a)	4,538,000	4,366,418
8.38%, 11/1/2033 (a)	5,598,000	5,953,753
Indigo Natural Resources LLC 5.38%, 2/1/2029 (a)	360,000	351,803
Ithaca Energy North Sea PLC 9.00%, 7/15/2026 (a)	6,136,000	6,070,529
Matador Resources Co. 6.88%, 4/15/2028 (a)	4,457,000	4,538,385
MEG Energy Corp. 5.88%, 2/1/2029 (a)	6,783,000	6,591,380
Nabors Industries Ltd. 7.25%, 1/15/2026 (a)	5,980,000	5,728,840
Nabors Industries, Inc.:
7.38%, 5/15/2027 (a)	7,384,000	7,242,966
9.13%, 1/31/2030 (a)	7,774,333	7,838,316
Noble Finance II LLC 8.00%, 4/15/2030 (a)	7,050,000	7,357,732
Northern Oil & Gas, Inc.:
8.13%, 3/1/2028 (a)	7,195,000	7,288,247
8.75%, 6/15/2031 (a)	5,257,000	5,493,460
Parkland Corp.:
4.50%, 10/1/2029 (a)	7,446,000	6,864,170
4.63%, 5/1/2030 (a)	7,260,000	6,723,776
5.88%, 7/15/2027 (a)	4,977,000	4,958,187
PBF Holding Co. LLC/PBF Finance Corp.:
6.00%, 2/15/2028 (b)	8,080,200	7,893,467
7.88%, 9/15/2030 (a)	5,061,000	5,154,629
Permian Resources Operating LLC:
5.88%, 7/1/2029 (a)	7,596,000	7,390,680
7.00%, 1/15/2032 (a)	4,285,000	4,419,420
8.00%, 4/15/2027 (a)	4,877,000	5,058,766
9.88%, 7/15/2031 (a)	5,020,000	5,577,471

Security Description	Principal Amount	Value
Petrofac Ltd. 9.75%, 11/15/2026 (a)	$ 5,964,000	$ 3,020,468
Range Resources Corp.:
4.75%, 2/15/2030 (a) (b)	4,480,000	4,149,242
8.25%, 1/15/2029	6,109,000	6,361,668
Rockcliff Energy II LLC 5.50%, 10/15/2029 (a)	5,705,000	5,396,531
Seadrill Finance Ltd. 8.38%, 8/1/2030 (a)	5,804,000	6,049,219
Sitio Royalties Operating Partnership LP/Sitio Finance Corp. 7.88%, 11/1/2028 (a)	6,187,000	6,399,028
Southwestern Energy Co.:
4.75%, 2/1/2032	10,898,000	10,112,581
5.38%, 2/1/2029	6,410,000	6,241,353
5.38%, 3/15/2030	8,935,000	8,707,068
Strathcona Resources Ltd. 6.88%, 8/1/2026 (a) (b)	5,576,000	5,333,165
Sunoco LP/Sunoco Finance Corp.:
4.50%, 5/15/2029	7,723,550	7,208,003
4.50%, 4/30/2030	7,522,000	6,966,726
6.00%, 4/15/2027	4,907,000	4,923,389
7.00%, 9/15/2028 (a)	4,791,000	4,945,845
Talos Production, Inc. 12.00%, 1/15/2026	6,412,000	6,610,003
Transocean Titan Financing Ltd. 8.38%, 2/1/2028 (a)	5,013,000	5,187,703
Transocean, Inc.:
8.00%, 2/1/2027 (a)	5,850,000	5,754,703
8.75%, 2/15/2030 (a)	10,605,562	11,093,524
11.50%, 1/30/2027 (a)	6,437,000	6,731,493
Valaris Ltd. 8.38%, 4/30/2030 (a)	11,197,000	11,456,658
Vital Energy, Inc.:
9.75%, 10/15/2030	5,870,000	6,083,609
10.13%, 1/15/2028 (b)	6,723,000	6,932,489
		471,718,621
OIL & GAS SERVICES — 0.6%
Archrock Partners LP/Archrock Partners Finance Corp.:
6.25%, 4/1/2028 (a)	7,698,000	7,591,537
6.88%, 4/1/2027 (a)	4,369,000	4,391,762
CGG SA 8.75%, 4/1/2027 (a) (b)	4,179,000	3,813,212
Enerflex Ltd. 9.00%, 10/15/2027 (a)	6,808,000	6,595,931
KCA Deutag U.K. Finance PLC 9.88%, 12/1/2025 (a)	3,421,000	3,463,181
Oceaneering International, Inc. 6.00%, 2/1/2028 (a)	1,017,000	990,914

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
USA Compression Partners LP/USA Compression Finance Corp. 6.88%, 9/1/2027	$ 7,682,000	$ 7,613,553
Weatherford International Ltd. 8.63%, 4/30/2030 (a)	15,008,000	15,644,940
		50,105,030
PACKAGING & CONTAINERS — 2.9%
ARD Finance SA 6.50%, 6/30/2027 (a)	13,000	6,063
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC:
3.25%, 9/1/2028 (a)	6,037,000	5,296,200
4.00%, 9/1/2029 (a) (b)	10,292,000	8,722,470
6.00%, 6/15/2027 (a)	6,090,000	6,062,839
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.13%, 8/15/2026 (a)	11,910,000	10,891,099
5.25%, 4/30/2025 (a)	7,656,000	7,447,604
5.25%, 8/15/2027 (a) (b)	16,987,000	13,163,548
Ball Corp.:
2.88%, 8/15/2030	9,908,000	8,495,912
3.13%, 9/15/2031 (b)	6,503,000	5,604,155
6.00%, 6/15/2029	9,482,000	9,677,614
6.88%, 3/15/2028	7,918,000	8,197,109
Berry Global, Inc. 5.63%, 7/15/2027 (a) (b)	4,189,000	4,158,085
Clydesdale Acquisition Holdings, Inc.:
6.63%, 4/15/2029 (a)	5,442,000	5,352,207
8.75%, 4/15/2030 (a) (b)	10,109,000	9,369,426
Crown Americas LLC 5.25%, 4/1/2030 (b)	5,303,000	5,217,940
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 2/1/2026	6,603,000	6,550,638
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a)	5,638,000	5,084,518
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC 6.00%, 9/15/2028 (a)	5,740,000	5,369,540
LABL, Inc.:
5.88%, 11/1/2028 (a)	5,746,000	5,209,438
6.75%, 7/15/2026 (a)	8,058,000	7,856,308
10.50%, 7/15/2027 (a) (b)	7,402,000	7,092,152
Mauser Packaging Solutions Holding Co.:
7.25%, 4/15/2025 (a)	50	49
7.88%, 8/15/2026 (a) (b)	24,792,000	25,269,246
9.25%, 4/15/2027 (a)	12,643,000	12,489,135

Security Description	Principal Amount	Value
Owens-Brockway Glass Container, Inc.:
6.63%, 5/13/2027 (a) (b)	$ 5,986,000	$ 6,002,821
7.25%, 5/15/2031 (a) (b)	6,588,000	6,685,371
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc. 4.38%, 10/15/2028 (a) (b)	5,478,000	5,154,031
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC 4.00%, 10/15/2027 (a) (b)	8,457,000	7,949,495
Sealed Air Corp./Sealed Air Corp. U.S. 6.13%, 2/1/2028 (a)	8,146,000	8,227,460
Silgan Holdings, Inc. 4.13%, 2/1/2028 (b)	4,888,000	4,665,107
Trident TPI Holdings, Inc. 12.75%, 12/31/2028 (a)	6,972,000	7,514,840
Trivium Packaging Finance BV:
5.50%, 8/15/2026 (a)	8,937,000	8,793,740
8.50%, 8/15/2027 (a) (b)	7,336,000	7,202,852
		244,779,012
PHARMACEUTICALS — 2.0%
180 Medical, Inc. 3.88%, 10/15/2029 (a)	4,092,000	3,684,846
AdaptHealth LLC:
4.63%, 8/1/2029 (a) (b)	5,813,000	4,508,912
5.13%, 3/1/2030 (a) (b)	6,907,000	5,440,022
Bausch Health Americas, Inc. 8.50%, 1/31/2027 (a)	1,202,500	663,696
Bausch Health Cos., Inc.:
4.88%, 6/1/2028 (a)	14,426,000	8,700,609
5.25%, 1/30/2030 (a)	7,364,000	3,297,231
5.75%, 8/15/2027 (a)	5,806,000	3,743,825
6.13%, 2/1/2027 (a) (b)	9,233,000	6,230,798
6.25%, 2/15/2029 (a)	6,410,000	2,771,492
11.00%, 9/30/2028 (a) (b)	16,663,000	12,138,329
BellRing Brands, Inc. 7.00%, 3/15/2030 (a)	8,343,000	8,678,389
Cheplapharm Arzneimittel GmbH 5.50%, 1/15/2028 (a)	4,922,000	4,672,848
Elanco Animal Health, Inc. 6.65%, 8/28/2028 (b)	6,385,000	6,626,034
Grifols SA 4.75%, 10/15/2028 (a) (b)	6,658,000	6,053,720
Herbalife Nutrition Ltd./HLF Financing, Inc. 7.88%, 9/1/2025 (a)	5,754,000	5,708,486
HLF Financing SARL LLC/Herbalife International, Inc. 4.88%, 6/1/2029 (a)	6,539,000	5,132,330

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Jazz Securities DAC 4.38%, 1/15/2029 (a)	$ 12,665,000	$ 11,796,434
Kedrion SpA 6.50%, 9/1/2029 (a)	6,632,000	6,089,834
Mallinckrodt CB LLC Zero Coupon, 12/1/2028	1,791,000	1,576,044
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 14.75%, 11/14/2028 (a)	7,404,000	8,013,793
Option Care Health, Inc. 4.38%, 10/31/2029 (a)	6,102,000	5,560,509
Organon & Co./Organon Foreign Debt Co.-Issuer BV:
4.13%, 4/30/2028 (a)	19,139,000	17,615,727
5.13%, 4/30/2031 (a)	18,248,000	15,555,325
Owens & Minor, Inc. 6.63%, 4/1/2030 (a) (b)	4,938,000	4,723,246
Perrigo Finance Unlimited Co. 4.65%, 6/15/2030	6,727,000	6,117,332
Prestige Brands, Inc. 3.75%, 4/1/2031 (a)	4,557,000	4,000,271
		169,100,082
PIPELINES — 5.2%
Antero Midstream Partners LP/Antero Midstream Finance Corp.:
5.38%, 6/15/2029 (a)	7,640,000	7,356,021
5.75%, 3/1/2027 (a)	6,349,500	6,306,641
5.75%, 1/15/2028 (a)	5,872,500	5,810,604
7.88%, 5/15/2026 (a)	3,541,000	3,632,676
Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.63%, 12/15/2025 (a)	4,998,000	5,062,224
Buckeye Partners LP:
4.13%, 3/1/2025 (a)	5,192,000	5,047,455
4.50%, 3/1/2028 (a)	4,451,000	4,224,667
CQP Holdco LP/BIP-V Chinook Holdco LLC:
5.50%, 6/15/2031 (a)	12,573,000	11,914,552
7.50%, 12/15/2033 (a)	4,621,000	4,789,297
DT Midstream, Inc.:
4.13%, 6/15/2029 (a)	9,119,000	8,408,539
4.38%, 6/15/2031 (a)	9,580,000	8,651,315
EnLink Midstream LLC:
5.63%, 1/15/2028 (a)	4,819,000	4,751,341
6.50%, 9/1/2030 (a)	8,551,000	8,727,236
EQM Midstream Partners LP:
4.50%, 1/15/2029 (a)	6,459,000	6,111,118
4.75%, 1/15/2031 (a)	11,540,000	10,775,821
6.50%, 7/1/2027 (a)	7,541,000	7,696,872
7.50%, 6/1/2027 (a)	4,954,999	5,114,500
7.50%, 6/1/2030 (a)	5,907,000	6,368,573

Security Description	Principal Amount	Value
FTAI Infra Escrow Holdings LLC 10.50%, 6/1/2027 (a)	$ 6,597,000	$ 6,858,373
Genesis Energy LP/Genesis Energy Finance Corp.:
7.75%, 2/1/2028	6,328,500	6,353,751
8.00%, 1/15/2027	8,882,000	9,039,034
8.25%, 1/15/2029	5,904,000	6,081,356
8.88%, 4/15/2030	4,757,000	4,923,400
Harvest Midstream I LP 7.50%, 9/1/2028 (a)	9,430,000	9,428,963
Hess Infrastructure Partners LP/Hess Infrastructure Partners Finance Corp. 5.63%, 2/15/2026 (a)	31,000	28,763
Hess Midstream Operations LP:
4.25%, 2/15/2030 (a)	6,320,000	5,842,082
5.13%, 6/15/2028 (a)	6,878,000	6,644,698
5.63%, 2/15/2026 (a)	7,183,000	7,132,863
Howard Midstream Energy Partners LLC 8.88%, 7/15/2028 (a)	5,243,000	5,521,928
ITT Holdings LLC 6.50%, 8/1/2029 (a)	12,551,000	11,095,712
Kinetik Holdings LP:
5.88%, 6/15/2030 (a)	7,956,000	7,800,301
6.63%, 12/15/2028 (a)	7,464,666	7,621,573
New Fortress Energy, Inc.:
6.50%, 9/30/2026 (a)	14,538,000	13,973,199
6.75%, 9/15/2025 (a)	12,910,000	12,813,691
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 2/1/2026 (a)	17,170,000	17,348,053
Northriver Midstream Finance LP 5.63%, 2/15/2026 (a)	5,284,000	5,146,669
NuStar Logistics LP:
5.75%, 10/1/2025	5,519,000	5,506,085
6.00%, 6/1/2026	4,704,000	4,690,782
6.38%, 10/1/2030	6,382,000	6,396,615
Rockies Express Pipeline LLC 4.95%, 7/15/2029 (a)	4,809,000	4,604,377
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 9.00%, 10/15/2026 (a) (f)	8,229,000	8,212,871
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.:
6.00%, 12/31/2030 (a)	7,730,000	7,250,663
7.50%, 10/1/2025 (a)	4,572,000	4,622,703

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Targa Resources Partners LP/Targa Resources Partners Finance Corp. 6.50%, 7/15/2027	$ 500	$ 508
Venture Global Calcasieu Pass LLC:
3.88%, 8/15/2029 (a)	11,083,000	9,980,796
3.88%, 11/1/2033 (a)	10,605,000	8,998,130
4.13%, 8/15/2031 (a)	10,934,000	9,660,736
6.25%, 1/15/2030 (a)	10,275,000	10,238,935
Venture Global LNG, Inc.:
8.13%, 6/1/2028 (a)	21,809,000	22,025,781
8.38%, 6/1/2031 (a)	21,992,000	21,996,838
9.50%, 2/1/2029 (a)	27,987,000	29,589,256
9.88%, 2/1/2032 (a)	19,782,000	20,600,381
		438,779,318
REAL ESTATE — 0.6%
Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp. 7.00%, 4/15/2030 (a)	6,531,000	6,031,901
Cushman & Wakefield U.S. Borrower LLC 6.75%, 5/15/2028 (a) (b)	7,527,000	7,485,451
Howard Hughes Corp.:
4.13%, 2/1/2029 (a)	5,802,000	5,227,138
4.38%, 2/1/2031 (a)	5,337,000	4,680,602
5.38%, 8/1/2028 (a)	6,496,000	6,258,831
Hunt Cos., Inc. 5.25%, 4/15/2029 (a)	5,380,000	4,849,209
Kennedy-Wilson, Inc.:
4.75%, 3/1/2029	5,686,000	4,744,740
4.75%, 2/1/2030	6,122,000	4,927,904
5.00%, 3/1/2031 (b)	5,394,000	4,301,769
Realogy Group LLC/Realogy Co.-Issuer Corp.:
5.25%, 4/15/2030 (a) (b)	537,000	400,747
5.75%, 1/15/2029 (a)	7,294,000	5,672,835
		54,581,127
REAL ESTATE INVESTMENT TRUSTS — 3.3%
Apollo Commercial Real Estate Finance, Inc. 4.63%, 6/15/2029 (a)	4,070,000	3,425,719
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC:
4.50%, 4/1/2027 (a)	8,746,000	7,876,210
5.75%, 5/15/2026 (a)	7,702,000	7,480,028
Diversified Healthcare Trust:
Zero Coupon, 1/15/2026 (a)	9,817,000	8,039,927
4.38%, 3/1/2031	2,948,000	2,220,994

Security Description	Principal Amount	Value
4.75%, 2/15/2028	$ 3,000	$ 2,304
9.75%, 6/15/2025	5,175,000	5,091,683
Global Net Lease, Inc./Global Net Lease Operating Partnership LP 3.75%, 12/15/2027 (a)	5,212,000	4,358,639
HAT Holdings I LLC/HAT Holdings II LLC:
3.38%, 6/15/2026 (a)	8,690,000	8,201,622
8.00%, 6/15/2027 (a)	5,579,000	5,809,078
Iron Mountain Information Management Services, Inc. 5.00%, 7/15/2032 (a)	7,409,000	6,788,422
Iron Mountain, Inc.:
REIT, 4.50%, 2/15/2031 (a)	9,458,000	8,591,647
4.88%, 9/15/2029 (a)	9,090,000	8,585,323
5.00%, 7/15/2028 (a)	4,612,000	4,436,928
5.25%, 7/15/2030 (a)	11,686,000	11,116,658
5.63%, 7/15/2032 (a)	7,030,000	6,658,324
7.00%, 2/15/2029 (a)	9,773,000	10,075,768
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.:
4.25%, 2/1/2027 (a)	6,430,000	6,058,989
4.75%, 6/15/2029 (a)	6,085,000	5,487,149
MPT Operating Partnership LP/MPT Finance Corp.:
3.50%, 3/15/2031	11,945,000	7,483,781
4.63%, 8/1/2029 (b)	9,763,000	7,081,690
Necessity Retail REIT, Inc./American Finance Operating Partner LP 4.50%, 9/30/2028 (a)	3,980,000	3,349,886
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer:
4.88%, 5/15/2029 (a)	6,365,000	5,938,418
5.88%, 10/1/2028 (a)	5,780,000	5,685,092
7.50%, 6/1/2025 (a)	4,448,500	4,490,138
RHP Hotel Properties LP/RHP Finance Corp.:
4.50%, 2/15/2029 (a)	5,184,000	4,836,205
4.75%, 10/15/2027	4,221,000	4,099,942
Rithm Capital Corp. 6.25%, 10/15/2025 (a)	5,928,000	5,833,271
RLJ Lodging Trust LP:
3.75%, 7/1/2026 (a)	4,793,000	4,565,668
4.00%, 9/15/2029 (a) (b)	3,202,000	2,887,211
SBA Communications Corp.:
3.13%, 2/1/2029	14,444,500	13,001,639
3.88%, 2/15/2027	11,870,500	11,394,256
Service Properties Trust:
7.50%, 9/15/2025	8,141,000	8,247,647
8.63%, 11/15/2031 (a)	9,655,000	10,120,564

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Starwood Property Trust, Inc. 4.38%, 1/15/2027 (a)	$ 3,768,000	$ 3,560,948
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC 6.00%, 1/15/2030 (a)	6,860,000	4,797,678
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC:
4.75%, 4/15/2028 (a)	5,104,000	4,393,932
6.50%, 2/15/2029 (a)	10,864,000	7,857,497
10.50%, 2/15/2028 (a)	24,442,000	24,792,743
XHR LP:
4.88%, 6/1/2029 (a)	6,037,000	5,559,896
6.38%, 8/15/2025 (a)	4,558,000	4,548,838
		274,832,352
RETAIL — 5.0%
1011778 BC ULC/New Red Finance, Inc.:
3.50%, 2/15/2029 (a)	6,662,000	6,143,696
3.88%, 1/15/2028 (a)	13,769,500	13,015,758
4.00%, 10/15/2030 (a)	25,639,000	23,067,921
4.38%, 1/15/2028 (a)	7,672,000	7,329,062
5.75%, 4/15/2025 (a)	4,089,500	4,081,117
Asbury Automotive Group, Inc.:
4.63%, 11/15/2029 (a) (b)	6,550,000	6,070,999
5.00%, 2/15/2032 (a) (b)	6,193,000	5,642,318
Bath & Body Works, Inc.:
6.63%, 10/1/2030 (a) (b)	8,541,000	8,738,126
7.50%, 6/15/2029 (b)	3,527,000	3,674,922
Beacon Roofing Supply, Inc. 6.50%, 8/1/2030 (a)	5,457,000	5,595,444
Carvana Co.:
12.00%, 12/1/2028 (a)	1,899	1,611
13.00%, 6/1/2030 (a)	2,474	2,082
14.00%, 6/1/2031 (a)	5,446	4,655
CEC Entertainment LLC 6.75%, 5/1/2026 (a)	7,236,000	7,078,906
eG Global Finance PLC 12.00%, 11/30/2028 (a)	11,057,000	11,772,941
Evergreen Acqco 1 LP/TVI, Inc. 9.75%, 4/26/2028 (a) (b)	5,000	5,323
Ferrellgas LP/Ferrellgas Finance Corp.:
5.38%, 4/1/2026 (a)	6,569,000	6,429,212
5.88%, 4/1/2029 (a)	7,878,000	7,452,194
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc.:
4.63%, 1/15/2029 (a)	8,017,000	7,286,571
6.75%, 1/15/2030 (a) (b)	12,011,000	10,543,856
FirstCash, Inc.:
4.63%, 9/1/2028 (a)	3,607,500	3,368,864

Security Description	Principal Amount	Value
5.63%, 1/1/2030 (a)	$ 5,287,000	$ 5,062,197
Gap, Inc.:
3.63%, 10/1/2029 (a) (b)	7,139,000	6,099,133
3.88%, 10/1/2031 (a)	7,142,000	5,884,437
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)	6,900,500	6,401,318
Guitar Center, Inc. 8.50%, 1/15/2026 (a) (b)	4,654,000	4,099,522
IRB Holding Corp. 7.00%, 6/15/2025 (a)	7,558,000	7,565,785
Kohl's Corp. 4.63%, 5/1/2031	5,450,000	4,305,827
LBM Acquisition LLC 6.25%, 1/15/2029 (a) (b)	7,097,000	6,317,891
LCM Investments Holdings II LLC:
4.88%, 5/1/2029 (a)	8,874,000	8,261,960
8.25%, 8/1/2031 (a)	5,849,000	6,117,820
Lithia Motors, Inc.:
3.88%, 6/1/2029 (a)	7,534,000	6,831,229
4.38%, 1/15/2031 (a)	4,598,000	4,185,697
LSF9 Atlantis Holdings LLC/Victra Finance Corp. 7.75%, 2/15/2026 (a)	9,111,000	8,736,082
Macy's Retail Holdings LLC 5.88%, 4/1/2029 (a) (b)	4,987,000	4,794,452
Michaels Cos., Inc.:
5.25%, 5/1/2028 (a) (b)	8,017,000	6,391,874
7.88%, 5/1/2029 (a) (b)	13,940,000	8,874,762
Murphy Oil USA, Inc.:
3.75%, 2/15/2031 (a)	4,795,000	4,201,331
4.75%, 9/15/2029	5,094,000	4,837,517
NMG Holding Co., Inc./Neiman Marcus Group LLC 7.13%, 4/1/2026 (a)	9,679,000	9,304,616
Nordstrom, Inc. 4.38%, 4/1/2030 (b)	4,902,000	4,269,054
Penske Automotive Group, Inc.:
3.50%, 9/1/2025	3,878,000	3,763,211
3.75%, 6/15/2029	4,774,000	4,268,290
PetSmart, Inc./PetSmart Finance Corp.:
4.75%, 2/15/2028 (a)	12,706,000	11,946,817
7.75%, 2/15/2029 (a)	11,191,000	10,907,084
QVC, Inc.:
4.38%, 9/1/2028	4,664,000	3,368,854
4.75%, 2/15/2027 (b)	6,089,000	4,816,338
Raising Cane's Restaurants LLC 9.38%, 5/1/2029 (a)	5,550,000	5,916,855
Sonic Automotive, Inc.:
4.63%, 11/15/2029 (a) (b)	6,969,000	6,341,302
4.88%, 11/15/2031 (a) (b)	4,637,000	4,130,269

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.38%, 9/30/2026 (a)	$ 5,812,000	$ 5,750,625
SRS Distribution, Inc.:
4.63%, 7/1/2028 (a)	5,637,000	5,369,186
6.00%, 12/1/2029 (a)	6,633,000	6,244,970
Staples, Inc.:
7.50%, 4/15/2026 (a)	17,450,000	16,279,105
10.75%, 4/15/2027 (a) (b)	12,057,000	8,800,646
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.00%, 6/1/2031 (a)	6,765,000	6,187,675
Superior Plus LP/Superior General Partner, Inc. 4.50%, 3/15/2029 (a)	5,651,000	5,223,106
Victoria's Secret & Co. 4.63%, 7/15/2029 (a) (b)	6,545,000	5,470,573
Walgreens Boots Alliance, Inc. 3.20%, 4/15/2030	4,680,000	4,120,272
White Cap Buyer LLC 6.88%, 10/15/2028 (a)	5,709,000	5,538,643
Yum! Brands, Inc.:
3.63%, 3/15/2031	8,191,000	7,386,644
4.63%, 1/31/2032	9,905,000	9,254,143
4.75%, 1/15/2030 (a)	8,171,000	7,911,407
5.38%, 4/1/2032 (b)	9,574,000	9,435,081
		418,279,178
SEMICONDUCTORS — 0.2%
Amkor Technology, Inc. 6.63%, 9/15/2027 (a)	3,258,000	3,287,192
Entegris Escrow Corp. 5.95%, 6/15/2030 (a)	7,891,000	7,840,655
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)	5,747,000	5,342,699
		16,470,546
SOFTWARE — 3.0%
AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) (b)	23,083,000	20,945,745
Boxer Parent Co., Inc. 7.13%, 10/2/2025 (a)	5,475,000	5,499,802
Camelot Finance SA 4.50%, 11/1/2026 (a)	6,347,000	6,197,719
CDK Global II LLC 5.25%, 5/15/2029 (a)	21,000	20,778
Central Parent LLC/CDK Global II LLC/CDK Financing Co., Inc. 8.00%, 6/15/2029 (a)	7,265,000	7,582,916
Central Parent, Inc./CDK Global, Inc. 7.25%, 6/15/2029 (a)	7,462,000	7,605,867
Clarivate Science Holdings Corp.:
3.88%, 7/1/2028 (a)	7,774,000	7,319,998

Security Description	Principal Amount	Value
4.88%, 7/1/2029 (a) (b)	$ 6,945,000	$ 6,517,744
Cloud Software Group, Inc.:
6.50%, 3/31/2029 (a)	34,198,000	32,607,109
9.00%, 9/30/2029 (a)	36,432,000	34,613,315
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028 (a)	6,319,000	5,777,019
Elastic NV 4.13%, 7/15/2029 (a)	5,561,000	5,109,280
Fair Isaac Corp. 4.00%, 6/15/2028 (a)	6,664,000	6,305,543
MicroStrategy, Inc. 6.13%, 6/15/2028 (a)	4,180,000	4,067,349
Open Text Corp.:
3.88%, 2/15/2028 (a)	7,902,000	7,330,211
3.88%, 12/1/2029 (a)	7,106,000	6,375,645
Open Text Holdings, Inc.:
4.13%, 2/15/2030 (a) (b)	8,227,000	7,461,971
4.13%, 12/1/2031 (a) (b)	6,688,000	5,906,039
Playtika Holding Corp. 4.25%, 3/15/2029 (a)	5,645,000	4,947,899
PTC, Inc.:
3.63%, 2/15/2025 (a)	2,902,000	2,833,310
4.00%, 2/15/2028 (a)	4,612,000	4,366,227
Rackspace Technology Global, Inc.:
3.50%, 2/15/2028 (a)	4,085,000	1,635,348
5.38%, 12/1/2028 (a)	3,949,000	1,419,744
ROBLOX Corp. 3.88%, 5/1/2030 (a)	9,388,000	8,371,092
Rocket Software, Inc. 6.50%, 2/15/2029 (a) (b)	6,365,000	5,538,059
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)	17,082,000	16,862,155
Twilio, Inc.:
3.63%, 3/15/2029	4,563,000	4,161,821
3.88%, 3/15/2031	4,172,000	3,718,879
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.50%, 9/1/2025 (a)	16,415,000	13,511,187
ZoomInfo Technologies LLC/ZoomInfo Finance Corp. 3.88%, 2/1/2029 (a)	7,325,000	6,638,648
		251,248,419
TELECOMMUNICATIONS — 4.5%
Altice France Holding SA:
6.00%, 2/15/2028 (a)	11,443,500	5,437,951
10.50%, 5/15/2027 (a)	16,603,000	10,717,403
Altice France SA:
5.13%, 7/15/2029 (a)	20,823,000	16,209,040
5.50%, 1/15/2028 (a)	10,261,000	8,438,236
5.50%, 10/15/2029 (a)	19,132,500	14,992,418
Avanti Communications Group PLC 9.00%, 10/1/2022 (a) (g)	146,527	20,148

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
British Telecommunications PLC:
5 yr. CMT + 2.99%, 4.25%, 11/23/2081 (a) (c)	$ 4,317,000	$ 4,007,687
5 yr. CMT + 3.49%, 4.88%, 11/23/2081 (a) (b) (c)	2,586,000	2,231,304
CommScope, Inc.:
4.75%, 9/1/2029 (a)	10,614,750	7,190,219
6.00%, 3/1/2026 (a) (b)	14,091,000	12,541,413
7.13%, 7/1/2028 (a)	6,293,000	3,011,012
8.25%, 3/1/2027 (a) (b)	7,833,000	4,131,438
Connect Finco SARL/Connect U.S. Finco LLC 6.75%, 10/1/2026 (a)	19,800,000	19,689,516
Consolidated Communications, Inc. 6.50%, 10/1/2028 (a) (b)	7,548,000	6,530,454
Frontier Communications Holdings LLC:
5.00%, 5/1/2028 (a)	13,537,000	12,507,511
5.88%, 10/15/2027 (a)	10,964,000	10,582,453
5.88%, 11/1/2029 (b)	8,922,765	7,560,794
6.00%, 1/15/2030 (a) (b)	9,727,000	8,285,848
6.75%, 5/1/2029 (a) (b)	8,464,000	7,567,916
8.63%, 3/15/2031 (a)	7,888,000	8,043,788
8.75%, 5/15/2030 (a)	11,820,000	12,166,917
GoTo Group, Inc. 5.50%, 9/1/2027 (a)	9,224,000	4,440,341
Iliad Holding SASU:
6.50%, 10/15/2026 (a)	11,905,000	11,878,333
7.00%, 10/15/2028 (a)	7,937,000	7,899,299
Intelsat Jackson Holdings SA 6.50%, 3/15/2030 (a)	28,064,000	26,861,177
Level 3 Financing, Inc.:
3.40%, 3/1/2027 (a) (b)	5,859,000	5,472,189
3.63%, 1/15/2029 (a)	7,019,500	2,949,243
3.75%, 7/15/2029 (a)	6,436,825	2,712,028
3.88%, 11/15/2029 (a)	6,680,000	5,660,298
4.25%, 7/1/2028 (a)	10,711,000	5,321,439
4.63%, 9/15/2027 (a)	8,016,000	4,837,416
10.50%, 5/15/2030 (a) (b)	11,078,000	10,810,909
Lumen Technologies, Inc. 4.00%, 2/15/2027 (a) (b)	9,818,000	6,226,281
Plantronics, Inc. 4.75%, 3/1/2029 (a)	6,000	5,076
Rogers Communications, Inc. 5 yr. CMT + 3.59%, 5.25%, 3/15/2082 (a) (c)	7,297,000	7,012,344
Telesat Canada/Telesat LLC 5.63%, 12/6/2026 (a)	3,858,000	2,385,826
T-Mobile USA, Inc.:
2.63%, 2/15/2029	500	450
3.38%, 4/15/2029	700	650
Viasat, Inc.:
5.63%, 4/15/2027 (a) (b)	5,453,000	5,275,341
7.50%, 5/30/2031 (a)	8,117,000	6,345,789

Security Description	Principal Amount	Value
Vmed O2 U.K. Financing I PLC:
4.25%, 1/31/2031 (a)	$ 12,175,000	$ 10,670,170
4.75%, 7/15/2031 (a)	12,884,000	11,506,829
Vodafone Group PLC:
5 yr. CMT + 2.45%, 3.25%, 6/4/2081 (c)	5,364,000	4,963,202
5 yr. CMT + 2.77%, 4.13%, 6/4/2081 (c)	5,916,000	5,032,800
5 yr. USD Swap + 4.87%, 7.00%, 4/4/2079 (c)	18,791,000	19,417,116
Windstream Escrow LLC/Windstream Escrow Finance Corp. 7.75%, 8/15/2028 (a) (b)	13,487,000	11,815,691
Zayo Group Holdings, Inc.:
4.00%, 3/1/2027 (a) (b)	14,532,000	11,663,383
6.13%, 3/1/2028 (a) (b)	8,784,000	6,324,480
		379,351,566
TRANSPORTATION — 0.5%
Cargo Aircraft Management, Inc. 4.75%, 2/1/2028 (a) (b)	5,697,000	5,212,413
First Student Bidco, Inc./First Transit Parent, Inc. 4.00%, 7/31/2029 (a)	5,643,000	4,906,589
GN Bondco LLC 9.50%, 10/15/2031 (a)	7,642,000	7,451,791
Rand Parent LLC 8.50%, 2/15/2030 (a) (b)	8,369,000	8,004,530
Seaspan Corp. 5.50%, 8/1/2029 (a)	5,736,000	4,806,883
Watco Cos. LLC/Watco Finance Corp. 6.50%, 6/15/2027 (a)	4,475,000	4,474,955
XPO, Inc. 7.13%, 2/1/2032 (a)	6,649,000	6,857,579
		41,714,740
TRUCKING & LEASING — 0.2%
Fortress Transportation & Infrastructure Investors LLC:
5.50%, 5/1/2028 (a)	9,763,000	9,397,766
7.88%, 12/1/2030 (a)	4,379,501	4,564,053
NAC Aviation 29 DAC 4.75%, 6/30/2026	3,680,127	3,381,963
		17,343,782
TOTAL CORPORATE BONDS & NOTES (Cost $8,435,502,933)		8,218,320,448

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Shares	Value
COMMON STOCKS — 0.1%
HOUSEHOLD PRODUCTS — 0.0% (d)
Cenveo Enterprises, Inc. (g) (h)	20,138	$ 120,829
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.0% (d)
Diebold Nixdorf, Inc. (b) (h)	2,034	58,884
TRADING COMPANIES & DISTRIBUTORS — 0.1%
ATD New Holdings, Inc. (g) (h)	35,050	2,900,388
TOTAL COMMON STOCKS (Cost $1,264,535)		3,080,101
SHORT-TERM INVESTMENTS — 6.5%
State Street Institutional Liquid Reserves Fund, Premier Class 5.49% (i) (j)	49,991,613	50,011,609
State Street Navigator Securities Lending Portfolio II (k) (l)	498,109,765	498,109,765
TOTAL SHORT-TERM INVESTMENTS (Cost $548,120,825)		548,121,374
TOTAL INVESTMENTS — 104.3% (Cost $8,984,888,293)		8,769,521,923
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.3)%		(360,807,214)
NET ASSETS — 100.0%		$ 8,408,714,709

(a)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 84.7% of net assets as of December 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b)	All or a portion of the shares of the security are on loan at December 31, 2023.
(c)	Variable Rate Security - Interest rate shown is rate in effect at December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.

(d)	Amount is less than 0.05% of net assets.
(e)	Security is currently in default and/or issuer is in bankruptcy.
(f)	Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of December 31, 2023. Maturity date shown is the final maturity.
(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 December 31, 2023, total aggregate fair value of the security is $3,041,365, representing less than 0.05% of the Fund's net assets.
(h)	Non-income producing security.
(i)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(j)	The rate shown is the annualized seven-day yield at December 31, 2023.
(k)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(l)	Investment of cash collateral for securities loaned.

CMT	Constant Maturity Treasury
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 December 31, 2023.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes	$ —	$8,218,300,300	$ 20,148	$8,218,320,448
Common Stocks	58,884	—	3,021,217	3,080,101
Short-Term Investments	548,121,374	—	—	548,121,374
TOTAL INVESTMENTS	$548,180,258	$8,218,300,300	$3,041,365	$8,769,521,923

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
CORPORATE BONDS & NOTES — 96.5%
ADVERTISING — 1.2%
Advantage Sales & Marketing, Inc. 6.50%, 11/15/2028 (a)	$ 6,154,000	$ 5,671,280
Clear Channel International BV 6.63%, 8/1/2025 (a)	1,343,000	1,350,104
Clear Channel Outdoor Holdings, Inc.:
5.13%, 8/15/2027 (a)	9,819,000	9,365,951
7.75%, 4/15/2028 (a) (b)	3,464,000	2,987,354
9.00%, 9/15/2028 (a)	8,912,000	9,300,474
CMG Media Corp. 8.88%, 12/15/2027 (a)	8,654,000	6,842,199
Lamar Media Corp.:
3.75%, 2/15/2028	3,054,000	2,880,075
4.00%, 2/15/2030	2,000	1,848
Outfront Media Capital LLC/Outfront Media Capital Corp.:
4.25%, 1/15/2029 (a)	2,531,000	2,281,899
5.00%, 8/15/2027 (a) (b)	4,641,000	4,522,469
Summer BC Bidco B LLC 5.50%, 10/31/2026 (a)	2,729,000	2,560,975
		47,764,628
AEROSPACE & DEFENSE — 2.8%
Bombardier, Inc.:
6.00%, 2/15/2028 (a)	12,303,000	11,978,939
7.13%, 6/15/2026 (a)	6,036,000	6,039,441
F-Brasile SpA/F-Brasile U.S. LLC Series XR, 7.38%, 8/15/2026 (a) (b)	1,644,000	1,632,837
Howmet Aerospace, Inc.:
5.13%, 10/1/2024	1,725,000	1,719,428
5.90%, 2/1/2027	2,801,000	2,873,154
6.88%, 5/1/2025	6,510,000	6,602,768
Moog, Inc. 4.25%, 12/15/2027 (a)	6,236,500	5,915,632
Rolls-Royce PLC:
3.63%, 10/14/2025 (a)	11,415,000	11,022,895
5.75%, 10/15/2027 (a)	20,000	20,022
Spirit AeroSystems, Inc. 4.60%, 6/15/2028	4,924,000	4,346,760
TransDigm, Inc.:
5.50%, 11/15/2027	10,573,000	10,379,091
6.25%, 3/15/2026 (a)	27,999,000	27,965,681
6.75%, 8/15/2028 (a)	14,753,000	15,139,971
7.50%, 3/15/2027	74,000	74,398
Triumph Group, Inc.:
7.75%, 8/15/2025 (b)	2,199,000	2,195,833
9.00%, 3/15/2028 (a)	6,697,000	7,117,438
		115,024,288

Security Description	Principal Amount	Value
AGRICULTURE — 0.2%
Darling Ingredients, Inc. 5.25%, 4/15/2027 (a)	$ 3,691,500	$ 3,635,242
Vector Group Ltd. 10.50%, 11/1/2026 (a)	3,076,000	3,084,059
		6,719,301
AIRLINES — 2.5%
Air Canada 3.88%, 8/15/2026 (a)	7,681,000	7,351,255
Allegiant Travel Co. 7.25%, 8/15/2027 (a)	4,819,000	4,737,511
American Airlines Group, Inc. 3.75%, 3/1/2025 (a) (b)	5,907,000	5,752,768
American Airlines Pass-Through Trust:
Series 2015-1, Class A, 3.38%, 11/1/2028	3,264,594	2,989,160
Series 2014-1, Class A, 3.70%, 4/1/2028	2,049,211	1,904,434
American Airlines, Inc.:
7.25%, 2/15/2028 (a) (b)	6,240,000	6,338,467
8.50%, 5/15/2029 (a)	4,000	4,231
American Airlines, Inc./AAdvantage Loyalty IP Ltd. 5.50%, 4/20/2026 (a)	16,725,466	16,589,990
Delta Air Lines, Inc.:
2.90%, 10/28/2024	12,760,000	12,430,664
7.38%, 1/15/2026	6,139,000	6,373,326
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. 5.75%, 1/20/2026 (a)	8,755,480	8,266,136
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. 8.00%, 9/20/2025 (a)	8,581,999	6,175,294
United Airlines Holdings, Inc. 4.88%, 1/15/2025	3,675,000	3,647,180
United Airlines, Inc. 4.38%, 4/15/2026 (a)	12,164,000	11,863,792
VistaJet Malta Finance PLC/Vista Management Holding, Inc.:
7.88%, 5/1/2027 (a) (b)	6,724,000	5,821,236
9.50%, 6/1/2028 (a) (b)	2,211,000	1,870,550
		102,115,994
APPAREL — 0.2%
Hanesbrands, Inc. 4.88%, 5/15/2026 (a) (b)	3,990,000	3,840,295
Under Armour, Inc. 3.25%, 6/15/2026	3,557,000	3,363,642
William Carter Co. 5.63%, 3/15/2027 (a)	2,312,000	2,288,556
		9,492,493

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
AUTO MANUFACTURERS — 0.7%
Allison Transmission, Inc. 4.75%, 10/1/2027 (a)	$ 2,112,000	$ 2,046,971
Aston Martin Capital Holdings Ltd. 10.50%, 11/30/2025 (a) (b)	8,756,000	8,833,841
Jaguar Land Rover Automotive PLC:
4.50%, 10/1/2027 (a) (b)	2,670,000	2,497,545
5.88%, 1/15/2028 (a)	2,813,000	2,753,392
7.75%, 10/15/2025 (a)	6,861,000	6,925,356
JB Poindexter & Co., Inc. 7.13%, 4/15/2026 (a)	14,000	14,146
Nissan Motor Acceptance Co. LLC 1.13%, 9/16/2024 (a)	1,128,000	1,088,836
PM General Purchaser LLC 9.50%, 10/1/2028 (a)	955,000	969,755
Wabash National Corp. 4.50%, 10/15/2028 (a)	3,576,000	3,249,261
		28,379,103
AUTO PARTS & EQUIPMENT — 2.2%
Adient Global Holdings Ltd.:
4.88%, 8/15/2026 (a)	6,917,000	6,801,348
7.00%, 4/15/2028 (a)	3,245,000	3,364,546
American Axle & Manufacturing, Inc.:
5.00%, 10/1/2029	252,000	223,121
6.50%, 4/1/2027 (b)	4,894,000	4,911,520
6.88%, 7/1/2028	4,075,000	4,013,182
Clarios Global LP 6.75%, 5/15/2025 (a)	4,617,000	4,655,229
Clarios Global LP/Clarios U.S. Finance Co.:
6.25%, 5/15/2026 (a)	6,095,000	6,098,047
6.75%, 5/15/2028 (a)	8,983,000	9,248,448
8.50%, 5/15/2027 (a)	5,283,500	5,320,432
Cooper-Standard Automotive, Inc. 5.63%, 5/15/2027 (a)	199,215	149,337
Dana, Inc.:
5.38%, 11/15/2027 (b)	2,948,000	2,928,750
5.63%, 6/15/2028 (b)	4,844,000	4,801,082
Dealer Tire LLC/DT Issuer LLC 8.00%, 2/1/2028 (a)	386,000	382,711
Goodyear Tire & Rubber Co.:
4.88%, 3/15/2027 (b)	4,208,000	4,077,762
5.00%, 5/31/2026 (b)	7,682,000	7,558,397
9.50%, 5/31/2025	5,469,000	5,565,254
Real Hero Merger Sub 2, Inc. 6.25%, 2/1/2029 (a)	2,215,000	1,919,032
Tenneco, Inc. 8.00%, 11/17/2028 (a)	13,257,000	11,318,164
Titan International, Inc. 7.00%, 4/30/2028	82,000	82,107

Security Description	Principal Amount	Value
ZF North America Capital, Inc.:
4.75%, 4/29/2025 (a)	$ 5,358,000	$ 5,290,007
6.88%, 4/14/2028 (a)	1,702,000	1,769,433
		90,477,909
BANKS — 0.9%
Freedom Mortgage Corp.:
6.63%, 1/15/2027 (a)	5,173,000	4,929,352
7.63%, 5/1/2026 (a)	2,649,000	2,616,629
12.00%, 10/1/2028 (a)	4,744,000	5,172,905
Intesa Sanpaolo SpA:
5.02%, 6/26/2024 (a)	17,712,000	17,525,492
5.71%, 1/15/2026 (a)	7,116,000	7,091,877
		37,336,255
BIOTECHNOLOGY — 0.0% (c)
Emergent BioSolutions, Inc. 3.88%, 8/15/2028 (a)	2,066,000	817,144
CHEMICALS — 2.1%
ASP Unifrax Holdings, Inc. 5.25%, 9/30/2028 (a)	5,188,000	3,782,882
Avient Corp. 5.75%, 5/15/2025 (a)	2,256,000	2,257,737
Braskem Netherlands Finance BV 8.50%, 1/12/2031 (a) (b)	2,008,000	1,850,673
Cerdia Finanz GmbH 10.50%, 2/15/2027 (a) (b)	3,452,000	3,519,487
Chemours Co.:
4.63%, 11/15/2029 (a)	1,605,000	1,408,901
5.38%, 5/15/2027 (b)	2,473,000	2,417,704
5.75%, 11/15/2028 (a)	5,992,000	5,708,578
Consolidated Energy Finance SA 5.63%, 10/15/2028 (a)	2,286,000	1,954,233
CVR Partners LP/CVR Nitrogen Finance Corp. 6.13%, 6/15/2028 (a)	544,000	514,907
Element Solutions, Inc. 3.88%, 9/1/2028 (a)	60,000	55,340
Herens Holdco SARL 4.75%, 5/15/2028 (a) (b)	4,676,000	3,823,191
INEOS Finance PLC 6.75%, 5/15/2028 (a) (b)	5,935,000	5,831,019
INEOS Quattro Finance 2 PLC:
3.38%, 1/15/2026 (a)	25,000	23,690
9.63%, 3/15/2029 (a)	1,029,000	1,095,597
Ingevity Corp. 3.88%, 11/1/2028 (a) (b)	1,240,000	1,114,202
Iris Holding, Inc. 10.00%, 12/15/2028 (a)	1,000,000	874,010
Mativ Holdings, Inc. 6.88%, 10/1/2026 (a)	3,925,000	3,774,241
Methanex Corp. 5.13%, 10/15/2027	8,437,000	8,239,912

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Minerals Technologies, Inc. 5.00%, 7/1/2028 (a)	$ 611,000	$ 585,827
Olin Corp. 5.13%, 9/15/2027	6,527,000	6,362,976
Olympus Water U.S. Holding Corp.:
4.25%, 10/1/2028 (a)	5,367,000	4,852,305
9.75%, 11/15/2028 (a)	9,787,000	10,434,214
Rain Carbon, Inc. 12.25%, 9/1/2029 (a)	1,606,000	1,570,845
Rayonier AM Products, Inc. 7.63%, 1/15/2026 (a)	4,086,571	3,731,611
SCIH Salt Holdings, Inc. 4.88%, 5/1/2028 (a) (b)	5,808,000	5,471,717
SCIL IV LLC/SCIL USA Holdings LLC 5.38%, 11/1/2026 (a)	1,321,000	1,266,192
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. 5.38%, 9/1/2025 (a)	1,096,000	933,759
WR Grace Holdings LLC 4.88%, 6/15/2027 (a)	2,891,700	2,785,951
		86,241,701
COMMERCIAL SERVICES — 4.9%
Adtalem Global Education, Inc. 5.50%, 3/1/2028 (a)	590,000	570,990
Albion Financing 1 SARL/Aggreko Holdings, Inc. 6.13%, 10/15/2026 (a) (b)	3,256,000	3,237,539
Albion Financing 2 SARL 8.75%, 4/15/2027 (a) (b)	4,363,000	4,322,599
Allied Universal Holdco LLC/Allied Universal Finance Corp.:
6.63%, 7/15/2026 (a)	12,595,000	12,542,983
9.75%, 7/15/2027 (a) (b)	2,456,000	2,405,259
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL 4.63%, 6/1/2028 (a)	21,738,000	19,922,917
AMN Healthcare, Inc. 4.63%, 10/1/2027 (a)	5,861,000	5,585,826
Aptim Corp. 7.75%, 6/15/2025 (a)	1,270,000	1,205,306
APX Group, Inc. 6.75%, 2/15/2027 (a) (b)	5,986,000	5,990,789
Avis Budget Car Rental LLC/Avis Budget Finance, Inc.:
4.75%, 4/1/2028 (a) (b)	2,502,000	2,317,503
5.75%, 7/15/2027 (a) (b)	3,196,000	3,100,408
5.75%, 7/15/2027 (a)	5,448,000	5,229,426

Security Description	Principal Amount	Value
Block, Inc. 2.75%, 6/1/2026 (b)	$ 1,458,000	$ 1,372,969
Brink's Co.:
4.63%, 10/15/2027 (a)	4,590,000	4,410,256
5.50%, 7/15/2025 (a)	4,690,000	4,661,485
CoreCivic, Inc. 8.25%, 4/15/2026 (b)	2,222,000	2,259,485
CoreLogic, Inc. 4.50%, 5/1/2028 (a)	2,153,000	1,886,846
Garda World Security Corp.:
4.63%, 2/15/2027 (a)	1,426,000	1,370,357
7.75%, 2/15/2028 (a)	1,391,000	1,446,278
9.50%, 11/1/2027 (a) (b)	5,438,154	5,486,173
Gartner, Inc. 4.50%, 7/1/2028 (a)	225,000	213,192
Graham Holdings Co. 5.75%, 6/1/2026 (a)	4,639,000	4,622,160
Grand Canyon University 4.13%, 10/1/2024	10,100,000	9,603,282
Herc Holdings, Inc. 5.50%, 7/15/2027 (a)	4,176,000	4,127,057
Hertz Corp. 4.63%, 12/1/2026 (a) (b)	6,645,000	6,041,966
Korn Ferry 4.63%, 12/15/2027 (a)	3,488,000	3,365,885
Legends Hospitality Holding Co. LLC/Legends Hospitality Co.-Issuer, Inc. 5.00%, 2/1/2026 (a)	1,000	998
MPH Acquisition Holdings LLC:
5.50%, 9/1/2028 (a)	9,681,000	8,695,474
5.75%, 11/1/2028 (a) (b)	2,572,000	2,122,672
Prime Security Services Borrower LLC/Prime Finance, Inc.:
3.38%, 8/31/2027 (a)	477,000	441,616
5.25%, 4/15/2024 (a)	1,398,000	1,393,554
5.75%, 4/15/2026 (a)	6,329,000	6,357,227
6.25%, 1/15/2028 (a) (b)	11,388,000	11,278,106
Sabre GLBL, Inc. 8.63%, 6/1/2027 (a)	8,052,000	7,319,832
Service Corp. International 4.63%, 12/15/2027	2,031,000	1,974,518
Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. 4.63%, 11/1/2026 (a)	1,795,000	1,740,001
Sotheby's 7.38%, 10/15/2027 (a)	5,642,000	5,437,252
United Rentals North America, Inc.:
3.88%, 11/15/2027	178,000	169,974
4.88%, 1/15/2028 (b)	10,253,000	10,014,310
5.50%, 5/15/2027 (b)	9,222,000	9,251,787
Verscend Escrow Corp. 9.75%, 8/15/2026 (a)	4,569,000	4,594,952

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
WASH Multifamily Acquisition, Inc. 5.75%, 4/15/2026 (a)	$ 6,955,000	$ 6,750,314
Williams Scotsman, Inc.:
4.63%, 8/15/2028 (a)	4,513,000	4,277,241
6.13%, 6/15/2025 (a)	3,275,000	3,276,507
WW International, Inc. 4.50%, 4/15/2029 (a)	2,260,000	1,494,809
		203,890,080
COMPUTERS — 0.9%
Ahead DB Holdings LLC 6.63%, 5/1/2028 (a)	3,556,200	3,126,967
NCR Voyix Corp. 5.00%, 10/1/2028 (a)	7,602,000	7,189,971
Presidio Holdings, Inc. 4.88%, 2/1/2027 (a)	3,650,600	3,569,995
Science Applications International Corp. 4.88%, 4/1/2028 (a)	2,995,000	2,864,628
Seagate HDD Cayman:
4.75%, 1/1/2025	1,587,000	1,572,749
4.88%, 6/1/2027	1,402,000	1,376,680
Unisys Corp. 6.88%, 11/1/2027 (a)	2,052,000	1,849,180
Vericast Corp. 11.00%, 9/15/2026 (a)	2,528,452	2,680,361
Virtusa Corp. 7.13%, 12/15/2028 (a)	2,797,000	2,404,021
Western Digital Corp. 4.75%, 2/15/2026	11,553,000	11,326,215
		37,960,767
CONSTRUCTION MATERIALS — 1.3%
AmeriTex HoldCo Intermediate LLC 10.25%, 10/15/2028 (a)	2,254,000	2,316,323
Camelot Return Merger Sub, Inc. 8.75%, 8/1/2028 (a) (b)	2,113,000	2,149,872
CP Atlas Buyer, Inc. 7.00%, 12/1/2028 (a) (b)	4,255,000	3,711,722
Eco Material Technologies, Inc. 7.88%, 1/31/2027 (a)	4,650,000	4,686,177
Griffon Corp. 5.75%, 3/1/2028	6,181,000	6,076,294
James Hardie International Finance DAC 5.00%, 1/15/2028 (a)	4,005,000	3,892,580
JELD-WEN, Inc. 4.88%, 12/15/2027 (a) (b)	2,103,000	2,016,272
Masonite International Corp. 5.38%, 2/1/2028 (a)	1,143,000	1,105,052
New Enterprise Stone & Lime Co., Inc. 5.25%, 7/15/2028 (a)	4,466,000	4,271,327

Security Description	Principal Amount	Value
Smyrna Ready Mix Concrete LLC 6.00%, 11/1/2028 (a)	$ 6,585,000	$ 6,500,910
Standard Industries, Inc.:
4.75%, 1/15/2028 (a)	4,143,000	3,989,916
5.00%, 2/15/2027 (a)	10,381,000	10,123,032
Summit Materials LLC/Summit Materials Finance Corp. 5.25%, 1/15/2029 (a)	3,012,000	2,921,459
		53,760,936
DISTRIBUTION & WHOLESALE — 0.3%
American Builders & Contractors Supply Co., Inc. 4.00%, 1/15/2028 (a)	3,693,000	3,504,029
BCPE Empire Holdings, Inc. 7.63%, 5/1/2027 (a)	4,256,000	4,113,509
G-III Apparel Group Ltd. 7.88%, 8/15/2025 (a)	700,000	707,308
Ritchie Bros Holdings, Inc. 6.75%, 3/15/2028 (a)	3,102,000	3,198,255
Wesco Aircraft Holdings, Inc.:
8.50%, 11/15/2024 (a) (d)	2,424,000	84,840
9.00%, 11/15/2026 (a) (d)	48,500	4,607
		11,612,548
DIVERSIFIED FINANCIAL SERVICES — 4.6%
Aircastle Ltd. 6.50%, 7/18/2028 (a) (b)	3,430,000	3,499,800
Ally Financial, Inc. 5.75%, 11/20/2025 (b)	5,816,000	5,802,100
Avolon Holdings Funding Ltd. 6.38%, 5/4/2028 (a)	3,700,000	3,774,999
Bread Financial Holdings, Inc.:
7.00%, 1/15/2026 (a) (b)	2,740,667	2,721,702
9.75%, 3/15/2029 (a)	2,151,000	2,229,447
Castlelake Aviation Finance DAC 5.00%, 4/15/2027 (a) (b)	2,731,000	2,563,399
Coinbase Global, Inc. 3.38%, 10/1/2028 (a) (b)	4,506,000	3,748,902
Credit Acceptance Corp.:
6.63%, 3/15/2026 (b)	1,995,000	1,991,569
9.25%, 12/15/2028 (a)	5,808,000	6,203,583
Curo Group Holdings Corp. 7.50%, 8/1/2028 (a)	4,884,000	1,643,026
Enact Holdings, Inc. 6.50%, 8/15/2025 (a)	3,627,000	3,617,969
Enova International, Inc. COR, 11.25%, 12/15/2028 (a)	2,976,000	3,069,655
Finance of America Funding LLC 7.88%, 11/15/2025 (a)	1,485,000	1,191,252
GGAM Finance Ltd.:
7.75%, 5/15/2026 (a)	349,000	355,198
8.00%, 2/15/2027 (a)	5,770,000	5,921,693

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
8.00%, 6/15/2028 (a)	$ 4,061,000	$ 4,213,856
Global Aircraft Leasing Co. Ltd. 6.50%, 9/15/2024 (a)	7,614,000	7,169,114
goeasy Ltd. 9.25%, 12/1/2028 (a)	3,884,000	4,150,753
Jefferies Finance LLC/JFIN Co.-Issuer Corp. 5.00%, 8/15/2028 (a)	6,796,000	6,157,108
LD Holdings Group LLC:
6.13%, 4/1/2028 (a)	2,139,000	1,834,963
6.50%, 11/1/2025 (a)	5,571,000	5,163,593
Macquarie Airfinance Holdings Ltd. 8.38%, 5/1/2028 (a)	550,000	575,696
Midcap Financial Issuer Trust 6.50%, 5/1/2028 (a)	7,274,000	6,808,682
Nationstar Mortgage Holdings, Inc.:
5.00%, 2/1/2026 (a) (b)	3,367,000	3,289,256
5.50%, 8/15/2028 (a)	3,271,000	3,151,837
6.00%, 1/15/2027 (a)	1,097,000	1,089,102
Navient Corp.:
4.88%, 3/15/2028	7,647,000	7,107,734
5.00%, 3/15/2027	5,803,000	5,604,015
5.88%, 10/25/2024	5,067,000	5,054,586
6.75%, 6/25/2025	1,000	1,012
6.75%, 6/15/2026	2,432,000	2,470,693
NFP Corp.:
4.88%, 8/15/2028 (a)	2,000	1,988
6.88%, 8/15/2028 (a)	12,862,000	13,082,841
OneMain Finance Corp.:
3.50%, 1/15/2027	6,625,000	6,146,741
3.88%, 9/15/2028	5,178,000	4,585,430
6.63%, 1/15/2028	3,917,000	3,958,128
6.88%, 3/15/2025	2,507,000	2,527,733
7.13%, 3/15/2026 (b)	11,243,000	11,456,954
Osaic Holdings, Inc. 10.75%, 8/1/2027 (a) (b)	3,605,000	3,667,691
Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc. 6.38%, 2/1/2027 (a)	5,517,000	5,222,061
PennyMac Financial Services, Inc.:
4.25%, 2/15/2029 (a)	2,008,000	1,808,987
5.38%, 10/15/2025 (a)	2,627,000	2,598,865
PHH Mortgage Corp. 7.88%, 3/15/2026 (a)	3,299,000	2,965,636
PRA Group, Inc. 8.38%, 2/1/2028 (a)	2,147,000	2,045,168
Radian Group, Inc. 4.88%, 3/15/2027	460,000	447,184
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc. 2.88%, 10/15/2026 (a)	5,528,000	5,124,180
SLM Corp. 4.20%, 10/29/2025	3,690,000	3,582,141

Security Description	Principal Amount	Value
United Wholesale Mortgage LLC:
5.50%, 11/15/2025 (a)	$ 4,731,000	$ 4,701,100
5.50%, 4/15/2029 (a)	2,062,000	1,951,580
5.75%, 6/15/2027 (a)	1,730,000	1,695,590
		189,746,292
ELECTRIC — 2.6%
Atlantica Sustainable Infrastructure PLC 4.13%, 6/15/2028 (a)	3,101,000	2,901,947
Calpine Corp.:
4.50%, 2/15/2028 (a)	4,617,000	4,392,752
4.63%, 2/1/2029 (a)	70,000	65,014
5.13%, 3/15/2028 (a)	3,239,000	3,103,869
5.25%, 6/1/2026 (a)	6,419,000	6,333,306
Clearway Energy Operating LLC 4.75%, 3/15/2028 (a)	6,537,000	6,295,131
DPL, Inc. 4.13%, 7/1/2025	1,501,000	1,468,623
Drax Finco PLC 6.63%, 11/1/2025 (a) (b)	3,648,000	3,611,666
FirstEnergy Corp. Series B, 4.15%, 7/15/2027	8,699,000	8,363,393
NextEra Energy Operating Partners LP:
3.88%, 10/15/2026 (a)	8,180,000	7,799,875
4.25%, 7/15/2024 (a)	5,038,000	4,991,600
4.50%, 9/15/2027 (a)	5,693,000	5,480,936
7.25%, 1/15/2029 (a)	1,665,000	1,744,471
NRG Energy, Inc.:
5.75%, 1/15/2028 (b)	3,114,000	3,102,291
6.63%, 1/15/2027	6,156,000	6,191,397
Pattern Energy Operations LP/Pattern Energy Operations, Inc. 4.50%, 8/15/2028 (a)	6,521,000	6,157,324
PG&E Corp. 5.00%, 7/1/2028 (b)	2,125,000	2,066,690
Pike Corp. 5.50%, 9/1/2028 (a)	4,768,000	4,541,901
Terraform Global Operating LP 6.13%, 3/1/2026 (a)	4,461,000	4,415,632
Vistra Operations Co. LLC:
5.00%, 7/31/2027 (a)	13,104,000	12,759,758
5.50%, 9/1/2026 (a)	4,938,000	4,905,804
5.63%, 2/15/2027 (a)	7,558,000	7,473,199
		108,166,579
ELECTRICAL COMPONENTS & EQUIPMENT — 0.5%
Energizer Holdings, Inc. 4.75%, 6/15/2028 (a)	4,692,000	4,364,921
WESCO Distribution, Inc.:
7.13%, 6/15/2025 (a)	10,643,000	10,719,736
7.25%, 6/15/2028 (a)	5,572,000	5,725,731
		20,810,388

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
ELECTRONICS — 0.3%
Likewize Corp. 9.75%, 10/15/2025 (a)	$ 2,030,000	$ 2,056,694
Sensata Technologies BV 5.00%, 10/1/2025 (a)	10,208,000	10,219,433
		12,276,127
ENERGY-ALTERNATE SOURCES — 0.2%
Sunnova Energy Corp.:
5.88%, 9/1/2026 (a)	2,652,000	2,249,400
11.75%, 10/1/2028 (a) (b)	2,348,000	2,136,539
TerraForm Power Operating LLC 5.00%, 1/31/2028 (a)	3,337,000	3,261,884
		7,647,823
ENGINEERING & CONSTRUCTION — 0.5%
Abengoa Abenewco 2 SA 1.50%, 10/26/2024 (a) (d)	8,970,664	56,391
AECOM 5.13%, 3/15/2027	10,187,000	10,116,200
Artera Services LLC 9.03%, 12/4/2025 (a) (b)	7,983,117	7,572,146
Fluor Corp. 4.25%, 9/15/2028	962,000	917,883
Tutor Perini Corp. 6.88%, 5/1/2025 (a)	1,825,000	1,787,606
Weekley Homes LLC/Weekley Finance Corp. 4.88%, 9/15/2028 (a)	1,428,000	1,345,647
		21,795,873
ENTERTAINMENT — 4.1%
Affinity Interactive 6.88%, 12/15/2027 (a)	6,392,000	5,707,033
Allen Media LLC/Allen Media Co.-Issuer, Inc. 10.50%, 2/15/2028 (a)	8,813,000	4,687,194
Caesars Entertainment, Inc.:
6.25%, 7/1/2025 (a)	24,179,000	24,169,328
8.13%, 7/1/2027 (a)	9,455,000	9,690,240
Caesars Resort Collection LLC/CRC Finco, Inc. 5.75%, 7/1/2025 (a)	9,003,000	8,996,428
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op:
5.38%, 4/15/2027 (b)	7,290,000	7,148,647
5.50%, 5/1/2025 (a)	2,433,000	2,420,543
Churchill Downs, Inc.:
4.75%, 1/15/2028 (a)	7,811,000	7,422,871
5.50%, 4/1/2027 (a)	4,075,000	4,032,375
Cinemark USA, Inc.:
5.25%, 7/15/2028 (a) (b)	9,798,000	8,993,094
5.88%, 3/15/2026 (a)	957,000	940,205

Security Description	Principal Amount	Value
International Game Technology PLC:
4.13%, 4/15/2026 (a)	$ 5,660,000	$ 5,497,105
6.25%, 1/15/2027 (a)	8,446,000	8,565,258
6.50%, 2/15/2025 (a)	3,262,000	3,264,349
Light & Wonder International, Inc. 7.00%, 5/15/2028 (a)	476,000	481,041
Live Nation Entertainment, Inc.:
3.75%, 1/15/2028 (a)	3,167,000	2,970,298
4.75%, 10/15/2027 (a)	6,916,000	6,643,371
4.88%, 11/1/2024 (a)	3,289,000	3,261,175
6.50%, 5/15/2027 (a)	9,108,000	9,270,396
Merlin Entertainments Ltd. 5.75%, 6/15/2026 (a)	2,874,000	2,857,819
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp. 4.88%, 5/1/2029 (a)	1,366,000	1,271,760
Mohegan Tribal Gaming Authority:
8.00%, 2/1/2026 (a)	9,690,000	9,141,934
13.25%, 12/15/2027 (a)	1,643,000	1,751,931
Motion Bondco DAC 6.63%, 11/15/2027 (a) (b)	385,000	357,076
Odeon Finco PLC 12.75%, 11/1/2027 (a)	1,791,000	1,819,889
Penn Entertainment, Inc.:
4.13%, 7/1/2029 (a) (b)	2,862,000	2,455,396
5.63%, 1/15/2027 (a)	3,148,000	3,059,100
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.63%, 9/1/2029 (a) (b)	3,006,000	2,380,902
Raptor Acquisition Corp./Raptor Co.-Issuer LLC 4.88%, 11/1/2026 (a)	4,708,000	4,493,268
Six Flags Entertainment Corp. 5.50%, 4/15/2027 (a) (b)	3,509,000	3,432,574
Six Flags Theme Parks, Inc. 7.00%, 7/1/2025 (a)	2,464,000	2,477,429
Speedway Motorsports LLC/Speedway Funding II, Inc. 4.88%, 11/1/2027 (a)	4,152,000	3,909,938
Universal Entertainment Corp. 8.75%, 12/11/2024 (a) (e)	3,012,000	3,238,051
Vail Resorts, Inc. 6.25%, 5/15/2025 (a)	1,659,000	1,665,304
		168,473,322
ENVIRONMENTAL CONTROL — 0.8%
Clean Harbors, Inc. 4.88%, 7/15/2027 (a)	4,995,000	4,889,256

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Enviri Corp. 5.75%, 7/31/2027 (a)	$ 1,838,000	$ 1,705,609
GFL Environmental, Inc.:
3.50%, 9/1/2028 (a)	5,631,000	5,180,407
3.75%, 8/1/2025 (a)	4,953,000	4,833,980
4.00%, 8/1/2028 (a)	450,000	415,233
4.25%, 6/1/2025 (a)	1,865,000	1,836,745
5.13%, 12/15/2026 (a)	5,206,000	5,131,398
Madison IAQ LLC 4.13%, 6/30/2028 (a)	3,946,000	3,599,305
Stericycle, Inc. 5.38%, 7/15/2024 (a)	3,772,000	3,759,477
Waste Pro USA, Inc. 5.50%, 2/15/2026 (a)	3,073,000	2,963,017
		34,314,427
FOOD — 1.9%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC:
4.63%, 1/15/2027 (a)	6,621,000	6,419,457
5.88%, 2/15/2028 (a)	6,680,000	6,674,856
6.50%, 2/15/2028 (a)	16,533,000	16,793,229
B&G Foods, Inc.:
5.25%, 4/1/2025	484,000	477,442
5.25%, 9/15/2027 (b)	3,038,982	2,765,960
8.00%, 9/15/2028 (a)	5,670,000	5,966,711
C&S Group Enterprises LLC 5.00%, 12/15/2028 (a)	3,312,000	2,694,941
Chobani LLC/Chobani Finance Corp., Inc.:
4.63%, 11/15/2028 (a)	3,480,000	3,271,026
7.50%, 4/15/2025 (a) (b)	2,397,000	2,395,514
H-Food Holdings LLC/Hearthside Finance Co., Inc. 8.50%, 6/1/2026 (a)	2,284,000	220,589
Lamb Weston Holdings, Inc. 4.88%, 5/15/2028 (a)	1,940,000	1,897,107
Performance Food Group, Inc. 5.50%, 10/15/2027 (a)	7,612,000	7,505,736
Post Holdings, Inc.:
5.63%, 1/15/2028 (a) (b)	3,985,000	3,944,154
5.75%, 3/1/2027 (a)	6,117,000	6,101,157
Sigma Holdco BV 7.88%, 5/15/2026 (a) (b)	3,042,000	2,724,476
TreeHouse Foods, Inc. 4.00%, 9/1/2028 (b)	2,212,000	1,968,304
U.S. Foods, Inc. 6.88%, 9/15/2028 (a)	1,473,000	1,519,237
United Natural Foods, Inc. 6.75%, 10/15/2028 (a)	6,025,000	4,877,720
		78,217,616
FOOD SERVICE — 0.4%
Aramark Services, Inc.:
5.00%, 4/1/2025 (a)	6,844,162	6,793,036

Security Description	Principal Amount	Value
5.00%, 2/1/2028 (a)	$ 7,411,000	$ 7,171,921
TKC Holdings, Inc. 6.88%, 5/15/2028 (a) (b)	4,149,220	3,854,169
		17,819,126
FOREST PRODUCTS & PAPER — 0.2%
Domtar Corp. 6.75%, 10/1/2028 (a)	6,369,000	5,756,302
Mercer International, Inc. 5.13%, 2/1/2029	3,900,000	3,350,373
		9,106,675
GAS — 0.5%
AmeriGas Partners LP/AmeriGas Finance Corp.:
5.50%, 5/20/2025	7,624,006	7,524,208
5.75%, 5/20/2027	4,415,798	4,294,982
5.88%, 8/20/2026	4,126,000	4,076,116
9.38%, 6/1/2028 (a)	5,191,000	5,375,748
		21,271,054
HAND & MACHINE TOOLS — 0.0% (c)
Werner FinCo LP/Werner FinCo, Inc. 11.50%, 6/15/2028 (a)	1,533,000	1,593,339
HEALTH CARE PRODUCTS — 0.6%
Avantor Funding, Inc. 4.63%, 7/15/2028 (a)	9,616,000	9,255,977
Bausch & Lomb Escrow Corp. 8.38%, 10/1/2028 (a)	10,146,000	10,709,001
Hologic, Inc. 4.63%, 2/1/2028 (a)	1,875,000	1,803,225
Teleflex, Inc.:
4.25%, 6/1/2028 (a)	2,889,000	2,761,017
4.63%, 11/15/2027	1,163,000	1,133,309
		25,662,529
HEALTH CARE SERVICES — 3.3%
Acadia Healthcare Co., Inc. 5.50%, 7/1/2028 (a)	450,000	443,704
Catalent Pharma Solutions, Inc. 5.00%, 7/15/2027 (a)	3,428,000	3,322,075
Charles River Laboratories International, Inc. 4.25%, 5/1/2028 (a)	3,280,000	3,131,186
CHS/Community Health Systems, Inc.:
5.63%, 3/15/2027 (a) (b)	14,997,000	13,934,313
6.88%, 4/15/2029 (a)	3,170,000	2,069,217
8.00%, 3/15/2026 (a) (b)	8,398,000	8,380,532
8.00%, 12/15/2027 (a) (b)	3,846,000	3,735,274
Encompass Health Corp.:
4.50%, 2/1/2028	5,328,000	5,109,126
5.75%, 9/15/2025	3,052,000	3,036,893
Global Medical Response, Inc. 6.50%, 10/1/2025 (a) (b)	5,036,000	3,999,188

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
IQVIA, Inc. 5.00%, 5/15/2027 (a)	$ 12,737,000	$ 12,536,010
Legacy LifePoint Health LLC 4.38%, 2/15/2027 (a) (b)	3,159,700	2,926,167
LifePoint Health, Inc. 5.38%, 1/15/2029 (a)	3,012,000	2,228,760
ModivCare, Inc. 5.88%, 11/15/2025 (a)	458,000	455,747
Molina Healthcare, Inc. 4.38%, 6/15/2028 (a)	3,795,000	3,597,129
Prime Healthcare Services, Inc. 7.25%, 11/1/2025 (a)	6,122,000	5,984,561
Radiology Partners, Inc. 9.25%, 2/1/2028 (a)	4,252,000	2,176,896
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. 9.75%, 12/1/2026 (a) (b)	8,446,500	8,420,823
RP Escrow Issuer LLC 5.25%, 12/15/2025 (a) (b)	5,897,000	4,749,739
Select Medical Corp. 6.25%, 8/15/2026 (a)	1,407,000	1,415,400
Tenet Healthcare Corp.:
4.63%, 6/15/2028	4,716,000	4,494,914
4.88%, 1/1/2026	9,510,000	9,407,387
5.13%, 11/1/2027	12,690,000	12,414,119
6.13%, 10/1/2028 (b)	5,919,000	5,891,654
6.25%, 2/1/2027	7,425,000	7,447,646
U.S. Acute Care Solutions LLC 6.38%, 3/1/2026 (a)	4,656,000	3,891,531
		135,199,991
HOLDING COMPANIES-DIVERSIFIED — 0.2%
Benteler International AG 10.50%, 5/15/2028 (a) (b)	4,231,000	4,436,119
Stena AB 7.00%, 2/1/2024 (a)	1,946,000	1,943,704
Stena International SA 6.13%, 2/1/2025 (a)	413,000	409,675
		6,789,498
HOME BUILDERS — 0.9%
Adams Homes, Inc. 9.25%, 10/15/2028 (a)	3,012,000	3,059,529
Beazer Homes USA, Inc. 5.88%, 10/15/2027	5,315,000	5,188,822
Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC 6.25%, 9/15/2027 (a)	4,907,000	4,773,922
Century Communities, Inc. 6.75%, 6/1/2027	22,000	22,246
Forestar Group, Inc. 3.85%, 5/15/2026 (a)	459,000	438,497
LGI Homes, Inc. 8.75%, 12/15/2028 (a)	2,164,000	2,298,839

Security Description	Principal Amount	Value
M/I Homes, Inc. 4.95%, 2/1/2028	$ 2,477,000	$ 2,386,168
Mattamy Group Corp. 5.25%, 12/15/2027 (a)	2,930,000	2,840,869
Shea Homes LP/Shea Homes Funding Corp. 4.75%, 2/15/2028	672,000	636,854
Taylor Morrison Communities, Inc.:
5.75%, 1/15/2028 (a)	2,775,000	2,799,947
5.88%, 6/15/2027 (a)	3,927,000	3,949,031
TRI Pointe Group, Inc./TRI Pointe Homes, Inc. 5.88%, 6/15/2024	4,635,000	4,636,298
Tri Pointe Homes, Inc. 5.70%, 6/15/2028	3,202,000	3,182,052
		36,213,074
HOUSEHOLD PRODUCTS — 0.3%
Coty, Inc.:
5.00%, 4/15/2026 (a)	2,008,000	1,978,884
6.50%, 4/15/2026 (a)	362,000	362,293
Edgewell Personal Care Co. 5.50%, 6/1/2028 (a)	7,153,000	6,995,205
Oriflame Investment Holding PLC 5.13%, 5/4/2026 (a)	3,039,000	868,273
		10,204,655
HOUSEHOLD PRODUCTS & WARES — 0.1%
Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc.:
5.00%, 12/31/2026 (a)	846,000	824,859
7.00%, 12/31/2027 (a) (b)	4,435,000	4,234,671
		5,059,530
HOUSEWARES — 0.8%
CD&R Smokey Buyer, Inc. 6.75%, 7/15/2025 (a) (b)	3,675,939	3,646,458
Newell Brands, Inc.:
4.88%, 6/1/2025	7,472,000	7,349,086
5.20%, 4/1/2026	18,457,500	18,174,177
6.38%, 9/15/2027 (b)	5,012,000	5,000,222
		34,169,943
INSURANCE — 1.0%
Acrisure LLC/Acrisure Finance, Inc.:
7.00%, 11/15/2025 (a) (b)	7,478,000	7,460,427
10.13%, 8/1/2026 (a)	313,000	328,209
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer:
4.25%, 10/15/2027 (a)	4,289,000	4,118,555
6.75%, 10/15/2027 (a)	7,985,000	7,957,691
6.75%, 4/15/2028 (a)	3,708,000	3,796,325

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
GTCR AP Finance, Inc. 8.00%, 5/15/2027 (a) (b)	$ 4,852,000	$ 4,905,420
HUB International Ltd. 7.00%, 5/1/2026 (a)	5,592,000	5,600,164
MGIC Investment Corp. 5.25%, 8/15/2028	2,476,000	2,413,877
NMI Holdings, Inc. 7.38%, 6/1/2025 (a)	4,803,000	4,826,439
Sagicor Financial Co. Ltd. 5.30%, 5/13/2028 (a)	1,653,000	1,586,401
		42,993,508
INTERNET — 2.6%
Acuris Finance U.S., Inc./Acuris Finance SARL 5.00%, 5/1/2028 (a)	3,332,000	2,725,343
ANGI Group LLC 3.88%, 8/15/2028 (a)	5,718,000	4,828,908
Arches Buyer, Inc.:
4.25%, 6/1/2028 (a)	9,956,000	9,018,543
6.13%, 12/1/2028 (a)	4,054,000	3,534,237
Cablevision Lightpath LLC:
3.88%, 9/15/2027 (a) (b)	1,010,000	886,113
5.63%, 9/15/2028 (a)	3,586,000	2,861,341
Cogent Communications Group, Inc.:
3.50%, 5/1/2026 (a)	3,023,000	2,895,853
7.00%, 6/15/2027 (a)	2,952,000	2,981,520
EquipmentShare.com, Inc. 9.00%, 5/15/2028 (a) (b)	8,034,000	8,294,623
Gen Digital, Inc.:
5.00%, 4/15/2025 (a)	4,782,000	4,755,173
6.75%, 9/30/2027 (a)	4,233,000	4,305,596
Go Daddy Operating Co. LLC/GD Finance Co., Inc. 5.25%, 12/1/2027 (a)	3,693,000	3,622,021
GrubHub Holdings, Inc. 5.50%, 7/1/2027 (a)	1,144,000	961,029
ION Trading Technologies SARL 5.75%, 5/15/2028 (a)	3,015,000	2,669,391
Match Group Holdings II LLC:
4.63%, 6/1/2028 (a)	4,821,000	4,623,194
5.00%, 12/15/2027 (a)	3,379,000	3,298,951
Millennium Escrow Corp. 6.63%, 8/1/2026 (a)	9,893,000	7,023,436
Newfold Digital Holdings Group, Inc.:
6.00%, 2/15/2029 (a) (b)	1,189,000	899,883
11.75%, 10/15/2028 (a) (b)	3,297,000	3,539,428
Northwest Fiber LLC/Northwest Fiber Finance Sub, Inc. 4.75%, 4/30/2027 (a)	1,616,000	1,551,182
Rakuten Group, Inc.:
5 yr. CMT + 4.96%, 6.25%, 4/22/2031 (a) (f)	1,469,000	999,375

Security Description	Principal Amount	Value
10.25%, 11/30/2024 (a)	$ 6,164,000	$ 6,318,162
Uber Technologies, Inc.:
6.25%, 1/15/2028 (a)	8,922,000	8,977,584
7.50%, 9/15/2027 (a)	6,595,000	6,828,067
8.00%, 11/1/2026 (a)	9,556,000	9,730,397
		108,129,350
INVESTMENT COMPANY SECURITY — 0.9%
Icahn Enterprises LP/Icahn Enterprises Finance Corp.:
4.75%, 9/15/2024	14,046,000	13,959,336
5.25%, 5/15/2027	12,658,000	11,453,085
6.25%, 5/15/2026	2,820,000	2,691,944
6.38%, 12/15/2025	5,670,000	5,568,960
9.75%, 1/15/2029 (a)	3,284,000	3,355,099
		37,028,424
IRON/STEEL — 0.9%
ATI, Inc. 5.88%, 12/1/2027 (b)	2,269,000	2,241,386
Carpenter Technology Corp. 6.38%, 7/15/2028	2,293,000	2,301,851
Cleveland-Cliffs, Inc.:
5.88%, 6/1/2027 (b)	2,988,000	2,975,958
6.75%, 3/15/2026 (a)	7,455,000	7,502,936
Infrabuild Australia Pty. Ltd. 14.50%, 11/15/2028 (a)	4,947,000	5,089,820
Mineral Resources Ltd.:
8.00%, 11/1/2027 (a)	3,000	3,061
8.13%, 5/1/2027 (a)	7,703,000	7,770,709
9.25%, 10/1/2028 (a)	7,507,748	7,907,461
		35,793,182
IT SERVICES — 0.0% (c)
Exela Intermediate LLC/Exela Finance, Inc. 11.50%, 4/15/2026 (a)	5,009,936	851,689
LEISURE TIME — 3.5%
24 Hour Fitness Worldwide, Inc. 8.00%, 6/1/2022 (a) (d) (g)	1,771,000	—
Carnival Corp.:
4.00%, 8/1/2028 (a)	20,499,000	19,050,131
5.75%, 3/1/2027 (a)	22,368,000	21,796,945
7.63%, 3/1/2026 (a) (b)	966,200	982,761
Carnival Holdings Bermuda Ltd. 10.38%, 5/1/2028 (a)	17,690,000	19,326,325
Life Time, Inc.:
5.75%, 1/15/2026 (a) (b)	9,129,000	9,051,769
8.00%, 4/15/2026 (a) (b)	3,065,000	3,105,059
Lindblad Expeditions LLC 6.75%, 2/15/2027 (a)	1,682,000	1,683,346
NCL Corp. Ltd.:
3.63%, 12/15/2024 (a)	6,328,050	6,152,320
5.88%, 3/15/2026 (a)	8,369,000	8,178,522
5.88%, 2/15/2027 (a)	3,524,000	3,481,818

See accompanying notes to financial statements.

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December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
8.13%, 1/15/2029 (a)	$ 3,687,000	$ 3,871,350
8.38%, 2/1/2028 (a)	1,722,000	1,825,595
NCL Finance Ltd. 6.13%, 3/15/2028 (a) (b)	5,631,000	5,381,096
Royal Caribbean Cruises Ltd.:
3.70%, 3/15/2028	4,901,000	4,523,231
4.25%, 7/1/2026 (a)	1,717,000	1,658,382
5.38%, 7/15/2027 (a)	2,142,000	2,109,420
5.50%, 8/31/2026 (a)	7,670,000	7,604,498
5.50%, 4/1/2028 (a)	7,360,000	7,262,848
11.63%, 8/15/2027 (a)	8,748,000	9,548,967
Viking Cruises Ltd. 5.88%, 9/15/2027 (a)	2,478,000	2,414,910
VOC Escrow Ltd. 5.00%, 2/15/2028 (a)	3,854,000	3,698,876
		142,708,169
LODGING — 4.0%
Boyd Gaming Corp. 4.75%, 12/1/2027	8,058,000	7,772,989
Full House Resorts, Inc. 8.25%, 2/15/2028 (a) (b)	5,907,000	5,573,195
Genting New York LLC/GENNY Capital, Inc. 3.30%, 2/15/2026 (a)	2,932,000	2,703,744
Hilton Domestic Operating Co., Inc.:
5.38%, 5/1/2025 (a)	2,080,000	2,073,926
5.75%, 5/1/2028 (a)	5,216,000	5,221,007
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. 5.00%, 6/1/2029 (a)	2,878,000	2,656,077
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. 4.88%, 4/1/2027	5,952,000	5,852,780
Las Vegas Sands Corp.:
2.90%, 6/25/2025	4,884,000	4,692,254
3.20%, 8/8/2024	14,706,000	14,420,557
3.50%, 8/18/2026	102,500	97,884
Melco Resorts Finance Ltd.:
4.88%, 6/6/2025	6,041,000	5,867,080
5.25%, 4/26/2026 (b)	1,547,000	1,487,812
5.63%, 7/17/2027	3,661,143	3,442,829
5.75%, 7/21/2028 (a)	4,887,000	4,508,600
MGM China Holdings Ltd.:
4.75%, 2/1/2027 (a)	2,568,000	2,438,265
5.25%, 6/18/2025 (a)	4,153,000	4,072,349
5.38%, 5/15/2024 (a)	5,428,000	5,404,768
5.88%, 5/15/2026 (a)	2,557,000	2,508,340
MGM Resorts International:
4.63%, 9/1/2026	3,376,000	3,293,187
4.75%, 10/15/2028	6,478,000	6,163,040

Security Description	Principal Amount	Value
5.50%, 4/15/2027	$ 7,026,000	$ 6,970,073
5.75%, 6/15/2025	2,621,000	2,615,470
6.75%, 5/1/2025	4,209,000	4,227,015
Station Casinos LLC 4.50%, 2/15/2028 (a)	4,829,000	4,571,711
Studio City Co. Ltd. 7.00%, 2/15/2027 (a)	4,402,000	4,333,329
Studio City Finance Ltd.:
6.00%, 7/15/2025 (a)	3,262,000	3,204,067
6.50%, 1/15/2028 (a)	4,284,000	3,966,384
Travel & Leisure Co.:
6.00%, 4/1/2027	5,312,000	5,285,652
6.60%, 10/1/2025	4,770,000	4,775,056
6.63%, 7/31/2026 (a)	6,228,000	6,299,186
Wyndham Hotels & Resorts, Inc. 4.38%, 8/15/2028 (a)	628,000	587,073
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.:
5.25%, 5/15/2027 (a)	5,759,000	5,631,611
5.50%, 3/1/2025 (a)	5,621,039	5,592,428
Wynn Macau Ltd.:
4.88%, 10/1/2024 (a)	6,464,000	6,377,059
5.50%, 1/15/2026 (a)	4,001,000	3,898,454
5.50%, 10/1/2027 (a) (b)	1,132,000	1,064,555
5.63%, 8/26/2028 (a)	7,155,000	6,627,605
		166,277,411
MACHINERY, CONSTRUCTION & MINING — 0.0% (c)
BWX Technologies, Inc. 4.13%, 6/30/2028 (a)	1,810,000	1,679,771
MACHINERY-DIVERSIFIED — 0.7%
ATS Corp. 4.13%, 12/15/2028 (a)	2,394,000	2,219,477
GrafTech Finance, Inc. 4.63%, 12/15/2028 (a)	4,066,000	2,691,895
GrafTech Global Enterprises, Inc. 9.88%, 12/15/2028 (a) (b)	2,455,000	1,892,486
Maxim Crane Works Holdings Capital LLC 11.50%, 9/1/2028 (a)	5,496,000	5,707,321
Titan Acquisition Ltd./Titan Co.-Borrower LLC 7.75%, 4/15/2026 (a)	5,417,000	5,450,315
TK Elevator Holdco GmbH 7.63%, 7/15/2028 (a)	2,126,000	2,099,404
TK Elevator U.S. Newco, Inc. 5.25%, 7/15/2027 (a)	9,913,000	9,723,166
		29,784,064
MEDIA — 8.2%
Altice Financing SA 5.00%, 1/15/2028 (a)	8,627,000	7,844,704
AMC Networks, Inc. 4.75%, 8/1/2025	9,575,500	9,305,279

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Audacy Capital Corp. 6.50%, 5/1/2027 (a) (d)	$ 4,819,000	$ 84,863
CCO Holdings LLC/CCO Holdings Capital Corp.:
5.00%, 2/1/2028 (a)	8,861,000	8,482,458
5.13%, 5/1/2027 (a)	23,371,000	22,613,312
5.50%, 5/1/2026 (a)	6,930,000	6,883,361
CSC Holdings LLC:
5.25%, 6/1/2024 (b)	6,901,000	6,764,153
5.38%, 2/1/2028 (a)	11,139,000	9,858,795
5.50%, 4/15/2027 (a)	6,616,000	6,040,606
7.50%, 4/1/2028 (a) (b)	1,163,000	868,028
11.25%, 5/15/2028 (a)	8,195,000	8,442,161
Cumulus Media New Holdings, Inc. 6.75%, 7/1/2026 (a) (b)	4,153,000	2,805,227
Directv Financing LLC/Directv Financing Co.-Obligor, Inc. 5.88%, 8/15/2027 (a)	22,851,000	21,456,861
DISH DBS Corp.:
5.25%, 12/1/2026 (a)	24,236,000	20,825,025
5.75%, 12/1/2028 (a)	16,285,000	13,167,562
5.88%, 11/15/2024	16,074,000	15,144,441
7.38%, 7/1/2028	6,472,000	3,898,668
7.75%, 7/1/2026	11,679,000	8,153,344
DISH Network Corp. 11.75%, 11/15/2027 (a)	14,138,000	14,748,196
Gannett Holdings LLC 6.00%, 11/1/2026 (a) (b)	4,833,000	4,281,603
GCI LLC 4.75%, 10/15/2028 (a)	3,705,000	3,418,381
Gray Television, Inc.:
5.88%, 7/15/2026 (a)	4,415,000	4,302,020
7.00%, 5/15/2027 (a) (b)	5,649,000	5,343,050
iHeartCommunications, Inc.:
4.75%, 1/15/2028 (a)	3,852,000	2,963,652
5.25%, 8/15/2027 (a)	5,986,000	4,754,021
6.38%, 5/1/2026	7,987,283	6,799,175
8.38%, 5/1/2027	6,551,842	4,251,621
LCPR Senior Secured Financing DAC 6.75%, 10/15/2027 (a)	9,523,000	9,313,970
McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (a) (b)	6,929,000	6,682,258
Nexstar Media, Inc.:
4.75%, 11/1/2028 (a) (b)	6,752,000	6,222,441
5.63%, 7/15/2027 (a)	12,925,000	12,551,338
Radiate Holdco LLC/Radiate Finance, Inc.:
4.50%, 9/15/2026 (a) (b)	7,024,000	5,356,362
6.50%, 9/15/2028 (a)	6,190,000	3,033,162
Scripps Escrow II, Inc. 5.38%, 1/15/2031 (a)	1,608,000	1,179,452
Scripps Escrow, Inc. 5.88%, 7/15/2027 (a) (b)	2,431,000	2,156,832

Security Description	Principal Amount	Value
Sirius XM Radio, Inc.:
3.13%, 9/1/2026 (a)	$ 5,541,000	$ 5,237,575
4.00%, 7/15/2028 (a)	11,155,000	10,341,577
5.00%, 8/1/2027 (a)	6,815,000	6,601,895
TEGNA, Inc.:
4.63%, 3/15/2028	5,312,000	4,965,020
5.00%, 9/15/2029	3,012,000	2,763,510
Telenet Finance Luxembourg Notes SARL 5.50%, 3/1/2028 (a)	7,200,000	6,732,000
Townsquare Media, Inc. 6.88%, 2/1/2026 (a)	3,643,000	3,574,002
Univision Communications, Inc.:
5.13%, 2/15/2025 (a)	1,658,000	1,655,082
6.63%, 6/1/2027 (a)	10,901,000	10,872,548
8.00%, 8/15/2028 (a)	3,825,000	3,953,750
UPC Broadband Finco BV 4.88%, 7/15/2031 (a)	2,000	1,762
Urban One, Inc. 7.38%, 2/1/2028 (a)	5,020,000	4,263,536
Videotron Ltd.:
5.13%, 4/15/2027 (a) (b)	2,596,000	2,561,992
5.38%, 6/15/2024 (a)	3,799,000	3,784,792
Virgin Media Vendor Financing Notes IV DAC 5.00%, 7/15/2028 (a)	3,082,000	2,900,008
Ziggo Bond Co. BV 6.00%, 1/15/2027 (a)	4,000	3,904
		340,209,335
METAL FABRICATE & HARDWARE — 0.1%
Advanced Drainage Systems, Inc. 5.00%, 9/30/2027 (a)	4,576,000	4,448,879
MINING — 0.5%
Compass Minerals International, Inc. 6.75%, 12/1/2027 (a)	992,000	983,042
FMG Resources August 2006 Pty. Ltd. 4.50%, 9/15/2027 (a)	3,165,000	3,042,325
Hecla Mining Co. 7.25%, 2/15/2028 (b)	2,340,000	2,368,852
Hudbay Minerals, Inc. 4.50%, 4/1/2026	2,651,000	2,578,946
Kaiser Aluminum Corp. 4.63%, 3/1/2028 (a)	5,746,500	5,323,443
New Gold, Inc. 7.50%, 7/15/2027 (a)	1,330,000	1,339,031
Novelis Corp. 3.25%, 11/15/2026 (a)	3,579,000	3,368,125
Perenti Finance Pty. Ltd. 6.50%, 10/7/2025 (a)	839,000	825,005
		19,828,769

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
MISCELLANEOUS MANUFACTURER — 0.8%
Amsted Industries, Inc. 5.63%, 7/1/2027 (a)	$ 3,491,000	$ 3,500,984
Calderys Financing LLC 11.25%, 6/1/2028 (a)	128,000	134,131
Enpro, Inc. 5.75%, 10/15/2026	3,863,000	3,864,159
FXI Holdings, Inc. 12.25%, 11/15/2026 (a) (b)	6,681,000	5,972,390
Gates Global LLC/Gates Corp. 6.25%, 1/15/2026 (a) (b)	2,419,000	2,422,120
Hillenbrand, Inc.:
5.00%, 9/15/2026	1,765,000	1,748,833
5.75%, 6/15/2025	1,165,000	1,162,996
LSB Industries, Inc. 6.25%, 10/15/2028 (a)	4,799,000	4,558,858
Trinity Industries, Inc.:
4.55%, 10/1/2024	3,154,000	3,111,263
7.75%, 7/15/2028 (a)	4,914,000	5,116,408
		31,592,142
OFFICE & BUSINESS EQUIPMENT — 0.3%
Pitney Bowes, Inc. 6.88%, 3/15/2027 (a) (b)	735,000	687,784
Xerox Holdings Corp.:
5.00%, 8/15/2025 (a)	3,510,000	3,439,835
5.50%, 8/15/2028 (a)	9,780,000	8,826,743
		12,954,362
OIL & GAS — 5.3%
Aethon United BR LP/Aethon United Finance Corp. 8.25%, 2/15/2026 (a)	1,950,000	1,964,138
Ascent Resources Utica Holdings LLC/ARU Finance Corp. 7.00%, 11/1/2026 (a)	6,484,000	6,521,542
Baytex Energy Corp. 8.75%, 4/1/2027 (a) (b)	2,774,000	2,869,231
Berry Petroleum Co. LLC 7.00%, 2/15/2026 (a)	2,310,000	2,251,973
California Resources Corp. 7.13%, 2/1/2026 (a) (b)	6,034,000	6,127,708
Callon Petroleum Co. 8.00%, 8/1/2028 (a)	7,100,000	7,265,643
Calumet Specialty Products Partners LP/Calumet Finance Corp.:
9.75%, 7/15/2028 (a)	542,000	537,214
11.00%, 4/15/2025 (a)	935,000	947,968
Chesapeake Energy Corp. 5.50%, 2/1/2026 (a)	299,000	296,949
Chord Energy Corp. 6.38%, 6/1/2026 (a)	3,824,000	3,832,413
Civitas Resources, Inc.:
5.00%, 10/15/2026 (a)	4,015,000	3,900,291
8.38%, 7/1/2028 (a)	1,327,000	1,387,869

Security Description	Principal Amount	Value
CNX Resources Corp. 7.25%, 3/14/2027 (a)	$ 3,553,000	$ 3,578,439
Crescent Energy Finance LLC:
7.25%, 5/1/2026 (a)	2,760,000	2,794,252
9.25%, 2/15/2028 (a)	6,269,000	6,505,592
CrownRock LP/CrownRock Finance, Inc. 5.63%, 10/15/2025 (a)	9,914,000	9,893,775
CVR Energy, Inc.:
5.25%, 2/15/2025 (a)	1,943,000	1,940,746
5.75%, 2/15/2028 (a)	1,135,000	1,054,233
8.50%, 1/15/2029 (a)	3,389,000	3,371,581
Encino Acquisition Partners Holdings LLC 8.50%, 5/1/2028 (a)	2,086,000	2,060,759
Endeavor Energy Resources LP/EER Finance, Inc. 5.75%, 1/30/2028 (a)	8,374,000	8,397,531
Gulfport Energy Corp. 8.00%, 5/17/2026	3,425,218	3,465,601
Harbour Energy PLC 5.50%, 10/15/2026 (a)	3,027,000	2,963,130
HF Sinclair Corp. 5.00%, 2/1/2028 (a)	2,347,000	2,272,436
Hilcorp Energy I LP/Hilcorp Finance Co. 6.25%, 11/1/2028 (a)	4,366,000	4,357,530
Ithaca Energy North Sea PLC 9.00%, 7/15/2026 (a)	2,730,000	2,700,871
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp. 6.00%, 8/1/2026 (a)	1,528,000	1,496,630
Matador Resources Co.:
5.88%, 9/15/2026 (b)	1,781,000	1,766,752
6.88%, 4/15/2028 (a)	895,000	911,343
MEG Energy Corp. 7.13%, 2/1/2027 (a) (b)	691,000	702,968
Moss Creek Resources Holdings, Inc.:
7.50%, 1/15/2026 (a)	2,633,000	2,624,285
10.50%, 5/15/2027 (a)	4,284,000	4,392,728
Murphy Oil Corp.:
5.88%, 12/1/2027 (b)	2,696,000	2,680,148
6.38%, 7/15/2028	3,516,000	3,529,572
Nabors Industries Ltd.:
7.25%, 1/15/2026 (a)	6,803,000	6,517,274
7.50%, 1/15/2028 (a) (b)	3,007,000	2,616,240
Nabors Industries, Inc.:
5.75%, 2/1/2025	2,096,462	2,102,730
7.38%, 5/15/2027 (a)	6,762,000	6,632,846
Neptune Energy Bondco PLC 6.63%, 5/15/2025 (a)	5,459,000	5,448,300
Northern Oil & Gas, Inc. 8.13%, 3/1/2028 (a)	949,000	961,299

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Parkland Corp. 5.88%, 7/15/2027 (a)	$ 2,103,000	$ 2,095,051
Patterson-UTI Energy, Inc. 3.95%, 2/1/2028	2,089,000	1,953,111
PBF Holding Co. LLC/PBF Finance Corp. 6.00%, 2/15/2028	3,395,000	3,316,542
Permian Resources Operating LLC:
6.88%, 4/1/2027 (a)	2,874,000	2,877,334
8.00%, 4/15/2027 (a)	724,000	750,983
Petrofac Ltd.:
9.75%, 11/15/2026 (a)	250,000	126,613
9.75%, 11/15/2026	2,140,000	1,083,803
Puma International Financing SA 5.00%, 1/24/2026 (a)	6,450,000	6,118,276
Range Resources Corp. 4.88%, 5/15/2025	1,994,000	1,967,859
Sitio Royalties Operating Partnership LP/Sitio Finance Corp. 7.88%, 11/1/2028 (a)	3,589,000	3,711,995
SM Energy Co.:
6.50%, 7/15/2028	4,249,000	4,247,513
6.75%, 9/15/2026	7,182,000	7,186,740
Strathcona Resources Ltd. 6.88%, 8/1/2026 (a)	150,000	143,468
Sunoco LP/Sunoco Finance Corp.:
5.88%, 3/15/2028	4,510,000	4,502,694
6.00%, 4/15/2027	4,466,000	4,480,916
7.00%, 9/15/2028 (a)	3,770,000	3,891,846
Talos Production, Inc. 12.00%, 1/15/2026	5,471,000	5,639,944
Transocean Poseidon Ltd. 6.88%, 2/1/2027 (a)	1,750,406	1,748,411
Transocean Titan Financing Ltd. 8.38%, 2/1/2028 (a)	2,945,000	3,047,633
Transocean, Inc.:
7.25%, 11/1/2025 (a)	1,404,000	1,395,183
7.50%, 1/15/2026 (a)	4,016,000	3,960,459
8.00%, 2/1/2027 (a)	7,921,000	7,791,967
11.50%, 1/30/2027 (a)	5,162,000	5,398,162
Viper Energy, Inc. 5.38%, 11/1/2027 (a)	2,569,000	2,532,469
Vital Energy, Inc.:
9.50%, 1/15/2025	3,055,000	3,059,033
10.13%, 1/15/2028	1,732,000	1,785,969
		220,456,504
OIL & GAS SERVICES — 0.4%
Archrock Partners LP/Archrock Partners Finance Corp.:
6.25%, 4/1/2028 (a)	75,000	73,963

Security Description	Principal Amount	Value
6.88%, 4/1/2027 (a)	$ 379,000	$ 380,975
Bristow Group, Inc. 6.88%, 3/1/2028 (a)	395,000	382,147
CSI Compressco LP/CSI Compressco Finance, Inc. 7.50%, 4/1/2025 (a) (b)	935,000	934,130
Enerflex Ltd. 9.00%, 10/15/2027 (a)	3,696,000	3,580,870
KCA Deutag U.K. Finance PLC 9.88%, 12/1/2025 (a)	1,876,000	1,899,131
USA Compression Partners LP/USA Compression Finance Corp. 6.88%, 9/1/2027	7,994,000	7,922,773
		15,173,989
PACKAGING & CONTAINERS — 3.5%
ARD Finance SA 6.50%, 6/30/2027 (a)	6,779,784	3,162,227
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC:
3.25%, 9/1/2028 (a) (b)	6,023,000	5,283,918
6.00%, 6/15/2027 (a)	5,373,000	5,349,036
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.:
4.13%, 8/15/2026 (a)	12,817,000	11,720,506
5.25%, 4/30/2025 (a)	5,913,000	5,752,048
5.25%, 8/15/2027 (a) (b)	6,965,000	5,379,975
Ball Corp.:
4.88%, 3/15/2026	5,419,000	5,398,191
5.25%, 7/1/2025	9,358,000	9,335,634
Berry Global, Inc. 5.63%, 7/15/2027 (a)	1,000	993
Cascades, Inc./Cascades USA, Inc. 5.38%, 1/15/2028 (a)	3,481,000	3,402,817
Crown Americas LLC/Crown Americas Capital Corp. V 4.25%, 9/30/2026	1,585,000	1,544,804
Crown Americas LLC/Crown Americas Capital Corp. VI 4.75%, 2/1/2026	1,296,000	1,285,723
Crown Cork & Seal Co., Inc. 7.38%, 12/15/2026	6,931,000	7,303,403
Graham Packaging Co., Inc. 7.13%, 8/15/2028 (a)	3,460,000	3,120,332
Graphic Packaging International LLC:
3.50%, 3/15/2028 (a)	888,000	829,312
4.13%, 8/15/2024	1,612,000	1,592,301

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co.-Issuer LLC 6.00%, 9/15/2028 (a)	$ 4,488,000	$ 4,198,344
LABL, Inc.:
5.88%, 11/1/2028 (a)	9,791,000	8,876,716
10.50%, 7/15/2027 (a) (b)	653,000	625,665
Mauser Packaging Solutions Holding Co.:
7.25%, 4/15/2025 (a)	447	438
7.88%, 8/15/2026 (a)	18,124,000	18,472,887
9.25%, 4/15/2027 (a)	8,068,000	7,969,812
Owens-Brockway Glass Container, Inc. 6.63%, 5/13/2027 (a) (b)	2,158,000	2,164,064
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc. 4.38%, 10/15/2028 (a) (b)	2,002,000	1,883,602
Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC 4.00%, 10/15/2027 (a) (b)	1,525,000	1,433,485
Sealed Air Corp.:
1.57%, 10/15/2026 (a)	1,303,000	1,173,169
4.00%, 12/1/2027 (a)	809,000	762,547
5.50%, 9/15/2025 (a)	1,375,000	1,377,420
Sealed Air Corp./Sealed Air Corp. U.S. 6.13%, 2/1/2028 (a)	11,099,000	11,209,990
Silgan Holdings, Inc. 4.13%, 2/1/2028 (b)	5,345,000	5,101,268
Trivium Packaging Finance BV:
5.50%, 8/15/2026 (a)	4,983,000	4,903,123
8.50%, 8/15/2027 (a) (b)	5,365,000	5,267,625
		145,881,375
PHARMACEUTICALS — 2.2%
AdaptHealth LLC:
4.63%, 8/1/2029 (a) (b)	3,698,000	2,868,391
6.13%, 8/1/2028 (a)	752,000	649,262
Bausch Health Americas, Inc.:
8.50%, 1/31/2027 (a)	3,327,000	1,836,271
9.25%, 4/1/2026 (a) (b)	898,000	822,613
Bausch Health Cos., Inc.:
4.88%, 6/1/2028 (a)	15,349,000	9,257,289
5.00%, 1/30/2028 (a)	3,665,000	1,674,135
5.50%, 11/1/2025 (a) (b)	16,585,000	15,261,185
5.75%, 8/15/2027 (a)	6,630,000	4,275,157
6.13%, 2/1/2027 (a)	5,311,000	3,584,075
11.00%, 9/30/2028 (a)	6,830,000	4,975,382

Security Description	Principal Amount	Value
Cheplapharm Arzneimittel GmbH 5.50%, 1/15/2028 (a)	$ 2,760,000	$ 2,620,289
Elanco Animal Health, Inc. 6.65%, 8/28/2028 (b)	3,374,000	3,501,368
Grifols SA 4.75%, 10/15/2028 (a) (b)	4,153,000	3,776,074
Herbalife Nutrition Ltd./HLF Financing, Inc. 7.88%, 9/1/2025 (a) (b)	1,708,000	1,694,490
Mallinckrodt International Finance SA/Mallinckrodt CB LLC 14.75%, 11/14/2028 (a)	4,516,000	4,887,938
Organon & Co./Organon Foreign Debt Co.-Issuer BV 4.13%, 4/30/2028 (a)	14,832,000	13,651,521
P&L Development LLC/PLD Finance Corp. 7.75%, 11/15/2025 (a)	2,776,000	2,255,555
Perrigo Finance Unlimited Co.:
3.90%, 12/15/2024	2,372,000	2,302,571
4.38%, 3/15/2026	7,958,000	7,708,835
Prestige Brands, Inc. 5.13%, 1/15/2028 (a)	1,652,000	1,618,679
		89,221,080
PIPELINES — 3.7%
Antero Midstream Partners LP/Antero Midstream Finance Corp.:
5.75%, 3/1/2027 (a)	2,468,500	2,451,838
5.75%, 1/15/2028 (a)	2,900,000	2,869,434
7.88%, 5/15/2026 (a)	2,883,000	2,957,641
Buckeye Partners LP:
4.13%, 3/1/2025 (a)	4,834,000	4,699,421
4.50%, 3/1/2028 (a)	4,940,000	4,688,801
Delek Logistics Partners LP/Delek Logistics Finance Corp. 7.13%, 6/1/2028 (a)	2,024,000	1,918,246
EnLink Midstream LLC 5.63%, 1/15/2028 (a)	4,212,000	4,152,864
EnLink Midstream Partners LP:
4.15%, 6/1/2025	4,326,000	4,235,457
4.40%, 4/1/2024	50,465	50,089
4.85%, 7/15/2026	4,497,000	4,426,397
EQM Midstream Partners LP:
4.13%, 12/1/2026	101,000	97,505
5.50%, 7/15/2028	1,506,000	1,497,762
6.00%, 7/1/2025 (a)	2,479,000	2,481,950
6.50%, 7/1/2027 (a)	3,862,000	3,941,828
7.50%, 6/1/2027 (a)	3,484,001	3,596,151
FTAI Infra Escrow Holdings LLC 10.50%, 6/1/2027 (a)	5,676,000	5,900,883

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Genesis Energy LP/Genesis Energy Finance Corp.:
7.75%, 2/1/2028	$ 3,727,000	$ 3,741,871
8.00%, 1/15/2027	5,495,000	5,592,152
8.25%, 1/15/2029	1,635,000	1,684,115
Global Partners LP/GLP Finance Corp. 6.88%, 1/15/2029	3,886,000	3,766,389
Harvest Midstream I LP 7.50%, 9/1/2028 (a)	5,042,000	5,041,445
Hess Midstream Operations LP 5.63%, 2/15/2026 (a)	4,337,000	4,306,728
Howard Midstream Energy Partners LLC 8.88%, 7/15/2028 (a)	2,714,000	2,858,385
Kinetik Holdings LP 6.63%, 12/15/2028 (a)	5,119,000	5,226,601
Martin Midstream Partners LP/Martin Midstream Finance Corp. 11.50%, 2/15/2028 (a)	75,000	77,632
New Fortress Energy, Inc.:
6.50%, 9/30/2026 (a)	7,915,000	7,607,502
6.75%, 9/15/2025 (a)	11,675,000	11,587,905
NGL Energy Operating LLC/NGL Energy Finance Corp. 7.50%, 2/1/2026 (a)	5,612,000	5,670,197
Northriver Midstream Finance LP 5.63%, 2/15/2026 (a)	2,310,000	2,249,963
NuStar Logistics LP:
5.63%, 4/28/2027	104,000	103,480
5.75%, 10/1/2025	2,353,000	2,347,494
6.00%, 6/1/2026	2,204,000	2,197,807
Rockies Express Pipeline LLC:
3.60%, 5/15/2025 (a)	2,563,000	2,481,855
4.80%, 5/15/2030 (a)	3,012,000	2,787,606
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. 9.00%, 10/15/2026 (a) (e)	4,300,000	4,291,572
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.:
5.50%, 1/15/2028 (a)	8,177,000	7,755,966
6.00%, 3/1/2027 (a) (b)	2,627,000	2,580,134
Venture Global LNG, Inc.:
8.13%, 6/1/2028 (a)	15,362,000	15,514,698
9.50%, 2/1/2029 (a)	2,008,000	2,122,958
		151,560,722
REAL ESTATE — 0.1%
Cushman & Wakefield U.S. Borrower LLC 6.75%, 5/15/2028 (a) (b)	350,000	348,068

Security Description	Principal Amount	Value
Five Point Operating Co. LP/Five Point Capital Corp. 7.88%, 11/15/2025 (a) (b)	$ 1,799,000	$ 1,791,444
Howard Hughes Corp. 5.38%, 8/1/2028 (a)	2,481,000	2,390,419
		4,529,931
REAL ESTATE INVESTMENT TRUSTS — 4.0%
Blackstone Mortgage Trust, Inc. 3.75%, 1/15/2027 (a)	1,513,000	1,352,607
Brandywine Operating Partnership LP:
3.95%, 11/15/2027	2,748,000	2,478,036
4.10%, 10/1/2024	5,689,000	5,586,655
7.80%, 3/15/2028	2,536,000	2,566,838
Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LLC:
4.50%, 4/1/2027 (a)	4,589,000	4,132,624
5.75%, 5/15/2026 (a)	4,156,000	4,036,224
CTR Partnership LP/CareTrust Capital Corp. 3.88%, 6/30/2028 (a)	699,000	640,109
Diversified Healthcare Trust:
4.75%, 2/15/2028	5,951,000	4,570,963
9.75%, 6/15/2025	2,289,000	2,252,147
EPR Properties 4.50%, 6/1/2027	843,000	792,319
Global Net Lease, Inc./Global Net Lease Operating Partnership LP 3.75%, 12/15/2027 (a)	6,008,000	5,024,310
HAT Holdings I LLC/HAT Holdings II LLC:
3.38%, 6/15/2026 (a)	5,996,000	5,659,025
6.00%, 4/15/2025 (a)	341,000	340,216
8.00%, 6/15/2027 (a)	4,332,000	4,510,652
Hudson Pacific Properties LP 3.95%, 11/1/2027	5,129,000	4,318,310
Iron Mountain, Inc.:
4.88%, 9/15/2027 (a)	5,997,000	5,843,537
5.00%, 7/15/2028 (a)	9,130,000	8,783,425
5.25%, 3/15/2028 (a)	7,631,000	7,417,637
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. 4.25%, 2/1/2027 (a)	1,222,000	1,151,491
MPT Operating Partnership LP/MPT Finance Corp.:
5.00%, 10/15/2027 (b)	7,951,000	6,522,682
5.25%, 8/1/2026 (b)	5,925,000	5,296,239

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Necessity Retail REIT, Inc./American Finance Operating Partner LP 4.50%, 9/30/2028 (a)	$ 663,000	$ 558,034
Office Properties Income Trust:
2.40%, 2/1/2027	4,134,000	2,340,588
4.25%, 5/15/2024	5,618,000	5,312,999
4.50%, 2/1/2025	4,914,000	3,864,075
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer:
5.88%, 10/1/2028 (a)	4,373,000	4,301,195
7.50%, 6/1/2025 (a)	3,488,500	3,521,152
RHP Hotel Properties LP/RHP Finance Corp.:
4.50%, 2/15/2029 (a)	1,120,000	1,044,859
4.75%, 10/15/2027	1,742,000	1,692,039
7.25%, 7/15/2028 (a) (b)	755,000	785,683
Rithm Capital Corp. 6.25%, 10/15/2025 (a)	2,441,000	2,401,993
RLJ Lodging Trust LP 3.75%, 7/1/2026 (a)	970,000	923,993
SBA Communications Corp. 3.88%, 2/15/2027	7,105,000	6,819,947
Service Properties Trust:
3.95%, 1/15/2028	6,782,000	5,574,736
4.50%, 3/15/2025 (b)	1,589,000	1,554,662
4.75%, 10/1/2026	1,207,000	1,136,197
4.95%, 2/15/2027	3,004,000	2,734,151
5.50%, 12/15/2027	7,898,000	7,251,707
7.50%, 9/15/2025	5,357,000	5,427,177
Starwood Property Trust, Inc.:
3.63%, 7/15/2026 (a)	1,535,100	1,453,878
3.75%, 12/31/2024 (a)	2,545,000	2,495,983
4.38%, 1/15/2027 (a)	147,000	138,922
Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC:
4.75%, 4/15/2028 (a)	2,929,000	2,521,518
10.50%, 2/15/2028 (a)	16,090,000	16,320,891
Vornado Realty LP:
2.15%, 6/1/2026	2,450,000	2,209,190
3.50%, 1/15/2025	1,533,000	1,484,527
XHR LP 6.38%, 8/15/2025 (a)	45,000	44,910
		167,191,052
RETAIL — 4.3%
1011778 BC ULC/New Red Finance, Inc.:
3.88%, 1/15/2028 (a)	8,543,000	8,075,356
4.38%, 1/15/2028 (a)	6,245,000	5,965,849
5.75%, 4/15/2025 (a)	1,909,000	1,905,087
99 Escrow Issuer, Inc. 7.50%, 1/15/2026 (a)	146,000	48,176

Security Description	Principal Amount	Value
Academy Ltd. 6.00%, 11/15/2027 (a) (b)	$ 5,167,000	$ 5,101,689
Advance Auto Parts, Inc. 1.75%, 10/1/2027	1,762,000	1,513,681
Asbury Automotive Group, Inc. 4.50%, 3/1/2028	4,722,000	4,501,010
Bath & Body Works, Inc. 5.25%, 2/1/2028	1,029,000	1,018,885
Brinker International, Inc.:
5.00%, 10/1/2024 (a) (b)	5,082,000	5,040,175
8.25%, 7/15/2030 (a)	644,000	675,884
CEC Entertainment LLC 6.75%, 5/1/2026 (a)	5,383,000	5,266,135
Dave & Buster's, Inc. 7.63%, 11/1/2025 (a)	5,159,000	5,227,769
eG Global Finance PLC 12.00%, 11/30/2028 (a)	4,937,000	5,256,671
Evergreen Acqco 1 LP/TVI, Inc. 9.75%, 4/26/2028 (a) (b)	4,970,000	5,290,863
Ferrellgas LP/Ferrellgas Finance Corp.:
5.38%, 4/1/2026 (a)	4,559,000	4,461,985
5.88%, 4/1/2029 (a)	2,008,000	1,899,468
FirstCash, Inc. 4.63%, 9/1/2028 (a)	3,000	2,802
GPS Hospitality Holding Co. LLC/GPS Finco, Inc. 7.00%, 8/15/2028 (a)	885,000	648,926
Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a)	4,504,000	4,178,181
Guitar Center, Inc. 8.50%, 1/15/2026 (a) (b)	4,285,000	3,774,485
IRB Holding Corp. 7.00%, 6/15/2025 (a)	7,359,000	7,366,580
Ken Garff Automotive LLC 4.88%, 9/15/2028 (a)	831,000	788,910
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC 4.75%, 6/1/2027 (a)	6,022,000	5,937,933
Kohl's Corp. 4.25%, 7/17/2025 (b)	2,376,000	2,327,482
LCM Investments Holdings II LLC 4.88%, 5/1/2029 (a)	1,272,000	1,184,270
Lithia Motors, Inc. 4.63%, 12/15/2027 (a)	3,854,000	3,715,295
LSF9 Atlantis Holdings LLC/Victra Finance Corp. 7.75%, 2/15/2026 (a)	4,899,000	4,697,406
Michaels Cos., Inc. 5.25%, 5/1/2028 (a) (b)	7,896,000	6,295,402
NMG Holding Co., Inc./Neiman Marcus Group LLC 7.13%, 4/1/2026 (a)	6,375,000	6,128,415

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Nordstrom, Inc. 4.00%, 3/15/2027 (b)	$ 2,750,000	$ 2,572,185
Penske Automotive Group, Inc. 3.50%, 9/1/2025 (b)	3,973,000	3,855,399
PetSmart, Inc./PetSmart Finance Corp. 4.75%, 2/15/2028 (a)	7,128,000	6,702,102
QVC, Inc.:
4.38%, 9/1/2028 (b)	3,091,000	2,232,660
4.45%, 2/15/2025 (b)	4,797,000	4,503,136
4.75%, 2/15/2027 (b)	3,992,000	3,157,632
4.85%, 4/1/2024	4,767,000	4,725,765
Sally Holdings LLC/Sally Capital, Inc. 5.63%, 12/1/2025	2,093,000	2,092,058
Sizzling Platter LLC/Sizzling Platter Finance Corp. 8.50%, 11/28/2025 (a)	566,000	566,538
Specialty Building Products Holdings LLC/SBP Finance Corp. 6.38%, 9/30/2026 (a)	4,605,000	4,556,371
SRS Distribution, Inc. 4.63%, 7/1/2028 (a)	2,967,000	2,826,038
Staples, Inc.:
7.50%, 4/15/2026 (a)	14,490,000	13,517,721
10.75%, 4/15/2027 (a)	4,767,000	3,479,529
Suburban Propane Partners LP/Suburban Energy Finance Corp. 5.88%, 3/1/2027	1,264,000	1,261,636
Victoria's Secret & Co. 4.63%, 7/15/2029 (a) (b)	3,012,000	2,517,550
Walgreens Boots Alliance, Inc. 3.45%, 6/1/2026	8,838,000	8,403,082
White Cap Buyer LLC 6.88%, 10/15/2028 (a)	3,653,000	3,543,994
		178,808,166
SEMICONDUCTORS — 0.2%
ams-OSRAM AG 12.25%, 3/30/2029 (a)	1,633,000	1,774,761
ON Semiconductor Corp. 3.88%, 9/1/2028 (a)	4,632,000	4,306,139
		6,080,900
SOFTWARE — 1.5%
ACI Worldwide, Inc. 5.75%, 8/15/2026 (a)	2,588,000	2,572,834
Alteryx, Inc. 8.75%, 3/15/2028 (a)	2,715,000	2,889,140
Black Knight InfoServ LLC 3.63%, 9/1/2028 (a)	4,355,000	4,147,615
Boxer Parent Co., Inc. 7.13%, 10/2/2025 (a)	4,907,000	4,929,229
Camelot Finance SA 4.50%, 11/1/2026 (a)	945,000	922,774

Security Description	Principal Amount	Value
Clarivate Science Holdings Corp. 3.88%, 7/1/2028 (a)	$ 2,442,000	$ 2,299,387
Consensus Cloud Solutions, Inc. 6.50%, 10/15/2028 (a)	3,587,000	3,279,343
Fair Isaac Corp.:
4.00%, 6/15/2028 (a)	2,880,000	2,725,085
5.25%, 5/15/2026 (a)	2,306,500	2,290,701
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL 4.63%, 5/1/2028 (a) (b)	1,222,000	1,116,260
MicroStrategy, Inc. 6.13%, 6/15/2028 (a)	223,000	216,990
Open Text Corp. 3.88%, 2/15/2028 (a)	1,414,000	1,311,683
PTC, Inc.:
3.63%, 2/15/2025 (a)	3,058,000	2,985,617
4.00%, 2/15/2028 (a)	4,992,000	4,725,976
Rackspace Technology Global, Inc. 3.50%, 2/15/2028 (a)	8,991,000	3,599,367
SS&C Technologies, Inc. 5.50%, 9/30/2027 (a)	11,662,000	11,511,910
Veritas U.S., Inc./Veritas Bermuda Ltd. 7.50%, 9/1/2025 (a)	11,015,000	9,066,447
West Technology Group LLC 8.50%, 4/10/2027 (a)	1,777,000	1,531,152
		62,121,510
TELECOMMUNICATIONS — 4.3%
Altice France Holding SA:
6.00%, 2/15/2028 (a)	9,782,000	4,648,406
10.50%, 5/15/2027 (a)	7,124,000	4,598,613
Altice France SA:
5.50%, 1/15/2028 (a)	8,864,000	7,289,399
8.13%, 2/1/2027 (a)	13,609,000	12,510,890
Avanti Communications Group PLC 9.00%, 10/1/2022 (a) (g)	1,739,886	239,234
CommScope Technologies LLC:
5.00%, 3/15/2027 (a)	9,314,000	3,920,728
6.00%, 6/15/2025 (a) (b)	8,826,500	7,196,598
CommScope, Inc.:
6.00%, 3/1/2026 (a) (b)	11,595,000	10,319,898
7.13%, 7/1/2028 (a)	4,484,000	2,145,459
8.25%, 3/1/2027 (a)	1,040,850	548,986
Connect Finco SARL/Connect U.S. Finco LLC 6.75%, 10/1/2026 (a)	13,381,000	13,306,334
Consolidated Communications, Inc.:
5.00%, 10/1/2028 (a)	3,967,000	3,253,416
6.50%, 10/1/2028 (a) (b)	3,719,000	3,217,642

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Frontier Communications Holdings LLC:
5.00%, 5/1/2028 (a)	$ 5,724,000	$ 5,288,690
5.88%, 10/15/2027 (a)	7,043,000	6,797,904
6.75%, 5/1/2029 (a)	3,012,000	2,693,120
GoTo Group, Inc. 5.50%, 9/1/2027 (a)	8,008,000	3,854,971
Hughes Satellite Systems Corp.:
5.25%, 8/1/2026	7,767,000	6,902,300
6.63%, 8/1/2026 (b)	6,307,000	4,971,240
Iliad Holding SASU:
6.50%, 10/15/2026 (a)	4,158,000	4,148,686
7.00%, 10/15/2028 (a)	5,966,000	5,937,661
Level 3 Financing, Inc.:
3.40%, 3/1/2027 (a)	5,350,000	4,996,793
4.25%, 7/1/2028 (a)	7,452,000	3,702,303
4.63%, 9/15/2027 (a)	4,742,000	2,861,655
Lumen Technologies, Inc. 4.00%, 2/15/2027 (a)	10,901,750	6,913,563
RCN Corp. Zero Coupon, 4/15/2023 (g)	154,000	—
Telecom Italia SpA 5.30%, 5/30/2024 (a)	9,133,000	9,087,335
Telesat Canada/Telesat LLC:
4.88%, 6/1/2027 (a)	2,379,000	1,409,653
5.63%, 12/6/2026 (a)	5,003,000	3,093,905
Viasat, Inc.:
5.63%, 9/15/2025 (a)	3,419,000	3,343,611
5.63%, 4/15/2027 (a) (b)	4,611,000	4,460,774
6.50%, 7/15/2028 (a)	3,894,000	3,199,155
Windstream Escrow LLC/Windstream Escrow Finance Corp. 7.75%, 8/15/2028 (a)	8,939,000	7,831,279
Zayo Group Holdings, Inc. 4.00%, 3/1/2027 (a) (b)	15,864,000	12,732,446
		177,422,647
TRANSPORTATION — 0.1%
RXO, Inc. 7.50%, 11/15/2027 (a)	1,443,000	1,492,755
Watco Cos. LLC/Watco Finance Corp. 6.50%, 6/15/2027 (a)	4,192,000	4,191,958
XPO, Inc. 6.25%, 6/1/2028 (a)	16,000	16,269
		5,700,982
TRUCKING & LEASING — 0.4%
Fortress Transportation & Infrastructure Investors LLC:
5.50%, 5/1/2028 (a)	6,746,000	6,493,632
6.50%, 10/1/2025 (a)	2,934,000	2,928,602
9.75%, 8/1/2027 (a)	990,000	1,029,689

Security Description	Principal Amount	Value
NAC Aviation 29 DAC 4.75%, 6/30/2026	$ 5,246,322	$ 4,821,265
		15,273,188
TOTAL CORPORATE BONDS & NOTES (Cost $3,966,293,462)		3,989,832,109

	Shares
COMMON STOCKS — 0.0% (c)
AEROSPACE & DEFENSE — 0.0% (c)
Erickson, Inc. (h)	3,081	770
CONSTRUCTION & ENGINEERING — 0.0%
Abengoa SA Class A (g) (h)	1,017,249	—
Abengoa SA Class B (g) (h)	10,518,618	—
		—
HOUSEHOLD PRODUCTS — 0.0% (c)
Cenveo Enterprises, Inc. (g) (h)	9,870	59,220
MEDIA — 0.0% (c)
Clear Channel Outdoor Holdings, Inc. (b) (h)	70,012	127,422
iHeartMedia, Inc. Class A (h)	29,774	79,496
		206,918
TRANSPORTATION INFRASTRUCTURE — 0.0% (c)
Erickson, Inc. (h)	4,342	1,086
TOTAL COMMON STOCKS (Cost $12,530,353)		267,994
WARRANTS — 0.0%
ADVERTISING SERVICES — 0.0%
Affinion Group Holdings, Inc. (expiring 05/17/26) (g) (h) (Cost $0)	11,802	—
SHORT-TERM INVESTMENTS — 7.5%
State Street Institutional Liquid Reserves Fund, Premier Class 5.49% (i) (j)	96,376,108	96,414,659
State Street Navigator Securities Lending Portfolio II (k) (l)	214,300,781	214,300,781
TOTAL SHORT-TERM INVESTMENTS (Cost $310,712,277)		310,715,440
TOTAL INVESTMENTS — 104.0% (Cost $4,289,536,092)		4,300,815,543
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.0)%		(165,116,755)
NET ASSETS — 100.0%		$ 4,135,698,788

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

(a)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 75.5% of net assets as of December 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b)	All or a portion of the shares of the security are on loan at December 31, 2023.
(c)	Amount is less than 0.05% of net assets.
(d)	Security is currently in default and/or issuer is in bankruptcy.
(e)	Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of December 31, 2023. Maturity date shown is the final maturity.
(f)	Variable Rate Security - Interest rate shown is rate in effect at December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(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 December 31, 2023, total aggregate fair value of the securities is $298,454, representing less than 0.05% of the Fund's net assets.

(h)	Non-income producing security.
(i)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(j)	The rate shown is the annualized seven-day yield at December 31, 2023.
(k)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(l)	Investment of cash collateral for securities loaned.

CMT	Constant Maturity Treasury
REIT	Real Estate Investment Trust

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2023.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes	$ —	$3,989,592,875	$239,234	$3,989,832,109
Common Stocks	206,918	1,856	59,220	267,994
Warrants	—	—	0(a)	—
Short-Term Investments	310,715,440	—	—	310,715,440
TOTAL INVESTMENTS	$310,922,358	$3,989,594,731	$298,454	$4,300,815,543

(a)	The Fund held Level 3 securities that were valued at $0 at December 31, 2023.

Affiliate Table

	Number of Shares Held at 6/30/23	Value at 6/30/23	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 12/31/23	Value at 12/31/23	Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class	8,163,244	$ 8,164,877	$ 531,145,274	$ 442,902,274	$3,619	$3,163	96,376,108	$ 96,414,659	$1,203,763
State Street Navigator Securities Lending Portfolio II	315,768,078	315,768,078	505,845,934	607,313,231	—	—	214,300,781	214,300,781	1,281,760
Total		$323,932,955	$1,036,991,208	$1,050,215,505	$3,619	$3,163		$310,715,440	$2,485,523

See accompanying notes to financial statements.

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SPDR MARKETAXESS INVESTMENT GRADE 400 CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
CORPORATE BONDS & NOTES — 98.9%
AEROSPACE & DEFENSE — 4.2%
Boeing Co.:
2.20%, 2/4/2026	$ 373,000	$ 352,418
2.75%, 2/1/2026	42,000	40,216
3.63%, 2/1/2031	87,000	80,870
5.04%, 5/1/2027	60,000	60,575
5.15%, 5/1/2030	259,000	264,205
5.71%, 5/1/2040	174,000	180,393
5.81%, 5/1/2050 (a)	308,000	319,502
5.93%, 5/1/2060	205,000	213,081
L3Harris Technologies, Inc. 5.40%, 7/31/2033	87,000	90,622
Lockheed Martin Corp. 4.09%, 9/15/2052	90,000	79,975
Northrop Grumman Corp.:
3.25%, 1/15/2028	120,000	114,782
4.03%, 10/15/2047	126,000	108,362
RTX Corp.:
4.13%, 11/16/2028	174,000	169,993
4.50%, 6/1/2042	297,000	270,900
6.40%, 3/15/2054	75,000	86,913
		2,432,807
AGRICULTURE — 3.0%
Altria Group, Inc.:
2.45%, 2/4/2032	73,000	59,683
3.88%, 9/16/2046	180,000	135,374
4.80%, 2/14/2029 (a)	108,000	107,782
5.80%, 2/14/2039	120,000	122,594
5.95%, 2/14/2049 (a)	154,000	157,118
BAT Capital Corp.:
2.26%, 3/25/2028	113,000	101,155
3.56%, 8/15/2027	66,000	63,088
4.39%, 8/15/2037	170,000	142,789
4.54%, 8/15/2047	190,000	146,478
Philip Morris International, Inc.:
4.88%, 2/13/2026	48,000	48,183
4.88%, 2/15/2028	42,000	42,522
5.13%, 11/17/2027	97,000	98,798
5.13%, 2/15/2030	196,000	199,557
5.38%, 2/15/2033	136,000	139,616
5.75%, 11/17/2032	82,000	86,141
Reynolds American, Inc. 5.85%, 8/15/2045	100,000	94,212
		1,745,090
AIRLINES — 0.5%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.75%, 10/20/2028 (b)	200,000	197,050
Southwest Airlines Co. 5.13%, 6/15/2027	108,000	108,544
		305,594

Security Description	Principal Amount	Value
APPAREL — 0.1%
NIKE, Inc. 2.85%, 3/27/2030	$ 84,000	$ 77,247
AUTO MANUFACTURERS — 3.2%
Ford Motor Co.:
4.35%, 12/8/2026	300,000	292,473
4.75%, 1/15/2043	130,000	107,621
5.29%, 12/8/2046	95,000	83,941
6.10%, 8/19/2032 (a)	250,000	252,343
Ford Motor Credit Co. LLC:
6.80%, 11/7/2028	50,000	52,320
7.35%, 11/4/2027	200,000	211,143
General Motors Co. 6.25%, 10/2/2043	84,000	85,999
General Motors Financial Co., Inc.:
1.25%, 1/8/2026	124,000	114,750
1.50%, 6/10/2026	100,000	91,694
5.80%, 6/23/2028	61,000	62,727
Mercedes-Benz Finance North America LLC 8.50%, 1/18/2031	82,000	102,930
Nissan Motor Co. Ltd.:
4.35%, 9/17/2027 (b)	72,000	69,060
4.81%, 9/17/2030 (b)	217,000	203,033
Toyota Motor Credit Corp.:
Series MTN, 3.05%, 3/22/2027	59,000	56,567
4.45%, 5/18/2026	92,000	91,920
		1,878,521
AUTO PARTS & EQUIPMENT — 0.1%
Aptiv PLC 3.10%, 12/1/2051	95,000	62,199
BANKS — 27.9%
Bank of America Corp.:
SOFR + 0.96%, 1.73%, 7/22/2027 (c)	316,000	289,525
Series MTN, SOFR + 1.93%, 2.68%, 6/19/2041 (c)	283,000	202,940
SOFR + 1.32%, 2.69%, 4/22/2032 (c)	264,000	223,223
3 mo. USD Term SOFR + 1.30%, 3.42%, 12/20/2028 (c)	345,000	324,831
Series MTN, 3 mo. USD Term SOFR + 3.41%, 4.08%, 3/20/2051 (c)	317,000	267,977
SOFR + 1.83%, 4.57%, 4/27/2033 (c)	405,000	386,553
Series MTN, SOFR + 2.16%, 5.02%, 7/22/2033 (c)	244,000	241,388
SOFR + 1.91%, 5.29%, 4/25/2034 (c)	314,000	315,166
Barclays PLC 4.38%, 1/12/2026	152,000	149,874

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Citigroup, Inc.:
SOFR + 0.77%, 1.46%, 6/9/2027 (c)	$ 143,000	$ 130,943
SOFR + 1.17%, 2.56%, 5/1/2032 (c)	174,000	145,353
SOFR + 2.11%, 2.57%, 6/3/2031 (c)	204,000	174,608
SOFR + 1.35%, 3.06%, 1/25/2033 (c)	174,000	148,723
SOFR + 2.84%, 3.11%, 4/8/2026 (c)	204,000	198,415
3.20%, 10/21/2026	284,000	270,990
SOFR + 1.94%, 3.79%, 3/17/2033 (c)	174,000	156,739
3 mo. USD Term SOFR + 1.82%, 3.89%, 1/10/2028 (c)	78,000	75,490
SOFR + 3.91%, 4.41%, 3/31/2031 (c)	230,000	220,345
4.45%, 9/29/2027	167,000	163,041
SOFR + 1.55%, 5.61%, 9/29/2026 (c)	158,000	159,183
SOFR + 2.66%, 6.17%, 5/25/2034 (c)	185,000	191,624
SOFR + 2.34%, 6.27%, 11/17/2033 (a) (c)	148,000	158,489
Goldman Sachs Group, Inc.:
SOFR + 0.80%, 1.43%, 3/9/2027 (c)	149,000	137,427
SOFR + 0.91%, 1.95%, 10/21/2027 (c)	246,000	225,299
SOFR + 1.25%, 2.38%, 7/21/2032 (c)	235,000	193,158
SOFR + 1.28%, 2.62%, 4/22/2032 (c)	206,000	173,158
SOFR + 1.11%, 2.64%, 2/24/2028 (c)	174,000	161,378
SOFR + 1.26%, 2.65%, 10/21/2032 (c)	174,000	145,162
SOFR + 1.41%, 3.10%, 2/24/2033 (c)	210,000	180,593
3.50%, 11/16/2026	50,000	48,171
SOFR + 1.85%, 3.62%, 3/15/2028 (c)	192,000	184,292
3.85%, 1/26/2027	184,000	178,978
3 mo. USD Term SOFR + 1.56%, 4.22%, 5/1/2029 (c)	204,000	197,402
SOFR + 1.77%, 6.48%, 10/24/2029 (c)	80,000	84,927
6.75%, 10/1/2037	318,000	350,959
HSBC Holdings PLC:
SOFR + 1.10%, 2.25%, 11/22/2027 (c)	152,000	139,640
SOFR + 1.19%, 2.80%, 5/24/2032 (c)	174,000	145,401
3.90%, 5/25/2026	144,000	140,167

Security Description	Principal Amount	Value
3 mo. USD Term SOFR + 1.87%, 3.97%, 5/22/2030 (c)	$ 174,000	$ 162,559
3 mo. USD Term SOFR + 1.81%, 4.04%, 3/13/2028 (c)	142,000	136,925
3 mo. USD Term SOFR + 1.61%, 4.29%, 9/12/2026 (c)	117,000	114,587
4.30%, 3/8/2026	174,000	171,200
3 mo. USD Term SOFR + 1.80%, 4.58%, 6/19/2029 (c)	169,000	164,107
4.95%, 3/31/2030	144,000	142,831
SOFR + 2.87%, 5.40%, 8/11/2033 (c)	142,000	142,700
SOFR + 2.65%, 6.33%, 3/9/2044 (c)	163,000	176,402
JPMorgan Chase & Co.:
SOFR + 0.89%, 1.58%, 4/22/2027 (c)	204,000	188,277
SOFR + 1.85%, 2.08%, 4/22/2026 (c)	204,000	195,469
3 mo. USD Term SOFR + 1.25%, 2.58%, 4/22/2032 (c)	102,000	86,291
3 mo. USD Term SOFR + 1.51%, 2.74%, 10/15/2030 (c)	216,000	192,135
SOFR + 1.26%, 2.96%, 1/25/2033 (c)	204,000	174,998
SOFR + 1.58%, 3.33%, 4/22/2052 (c)	145,000	108,638
3 mo. USD Term SOFR + 1.64%, 3.96%, 11/15/2048 (c)	240,000	201,606
SOFR + 1.99%, 4.85%, 7/25/2028 (c)	206,000	206,140
SOFR + 2.08%, 4.91%, 7/25/2033 (c)	262,000	259,288
SOFR + 1.85%, 5.35%, 6/1/2034 (c)	292,000	296,363
SOFR + 2.58%, 5.72%, 9/14/2033 (c)	357,000	369,725
Morgan Stanley:
Series GMTN, SOFR + 0.86%, 1.51%, 7/20/2027 (c)	134,000	122,499
SOFR + 0.88%, 1.59%, 5/4/2027 (c)	154,000	141,978
Series GMTN, SOFR + 1.18%, 2.24%, 7/21/2032 (c)	204,000	166,651
SOFR + 1.36%, 2.48%, 9/16/2036 (c)	100,000	79,377
Series GMTN, SOFR + 1.14%, 2.70%, 1/22/2031 (c)	204,000	178,831
Series MTN, 3.13%, 7/27/2026	459,000	439,615
Series MTN, SOFR + 3.12%, 3.62%, 4/1/2031 (c)	144,000	132,688

See accompanying notes to financial statements.

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description		Principal Amount		Value
Series GMTN, 3 mo. USD Term SOFR + 1.40%, 3.77%, 1/24/2029 (c)		$ 225,000		$ 214,855
Series GMTN, 3.88%, 1/27/2026
	159,000		155,808
Series GMTN, 3 mo. USD Term SOFR + 1.89%, 4.43%, 1/23/2030 (c)		174,000		169,552
Series MTN, SOFR + 1.87%, 5.25%, 4/21/2034 (c)		191,000		191,263
SOFR + 2.56%, 6.34%, 10/18/2033 (c)		169,000		182,501
PNC Financial Services Group, Inc. SOFR + 1.84%, 5.58%, 6/12/2029 (c)		147,000		150,095
Sumitomo Mitsui Financial Group, Inc.:
3.04%, 7/16/2029		72,000		65,489
5.46%, 1/13/2026		54,000		54,522
5.71%, 1/13/2030		236,000		245,233
5.77%, 1/13/2033		48,000		50,827
Toronto-Dominion Bank Series MTN, 1.25%, 9/10/2026		85,000		77,664
UBS Group AG:
SOFR + 1.73%, 3.09%, 5/14/2032 (b) (c)		348,414		296,994
SOFR + 3.92%, 6.54%, 8/12/2033 (b) (c)		166,226		177,369
Wells Fargo & Co.:
Series MTN, 3 mo. USD Term SOFR + 1.43%, 2.88%, 10/30/2030 (c)		239,000		212,740
3.00%, 4/22/2026		207,000		198,333
3.00%, 10/23/2026		204,000		193,807
Series MTN, SOFR + 1.50%, 3.35%, 3/2/2033 (c)		190,000		166,108
Series MTN, SOFR + 1.51%, 3.53%, 3/24/2028 (c)		190,000		181,400
Series MTN, SOFR + 2.10%, 4.90%, 7/25/2033 (c)		206,000		200,974
Series MTN, 3 mo. USD Term SOFR + 4.50%, 5.01%, 4/4/2051 (c)		318,000		302,478
SOFR + 2.02%, 5.39%, 4/24/2034 (c)		343,000		344,691
Series MTN, SOFR + 1.99%, 5.56%, 7/25/2034 (c)		120,000		122,357
Series MTN, SOFR + 1.74%, 5.57%, 7/25/2029 (c)		230,000		235,091
Westpac Banking Corp. 1.15%, 6/3/2026		90,000		79,541
				16,303,104

Security Description	Principal Amount	Value
BEVERAGES — 4.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.:
3.65%, 2/1/2026	$ 192,000	$ 188,457
4.70%, 2/1/2036	277,000	276,535
4.90%, 2/1/2046	542,000	533,358
Anheuser-Busch InBev Worldwide, Inc.:
3.50%, 6/1/2030	118,000	112,355
4.00%, 4/13/2028	104,000	102,819
4.44%, 10/6/2048	113,000	104,545
4.75%, 1/23/2029	251,000	255,307
5.45%, 1/23/2039	130,000	137,417
5.55%, 1/23/2049	230,000	248,177
5.80%, 1/23/2059	130,000	145,996
Coca-Cola Co.:
1.65%, 6/1/2030	62,000	53,178
2.25%, 1/5/2032 (a)	120,000	104,791
3.00%, 3/5/2051	98,000	74,166
Molson Coors Beverage Co.:
3.00%, 7/15/2026	120,000	115,030
4.20%, 7/15/2046 (a)	104,000	88,944
PepsiCo, Inc.:
2.75%, 3/19/2030	122,000	112,179
3.00%, 10/15/2027	42,000	40,429
		2,693,683
BIOTECHNOLOGY — 2.6%
Amgen, Inc.:
4.66%, 6/15/2051	102,000	92,983
5.15%, 3/2/2028	108,000	110,434
5.25%, 3/2/2030	218,000	224,303
5.25%, 3/2/2033	240,000	246,248
5.60%, 3/2/2043	158,000	163,580
5.65%, 3/2/2053	345,000	363,773
5.75%, 3/2/2063	153,000	161,073
Gilead Sciences, Inc. 3.65%, 3/1/2026	156,000	152,761
		1,515,155
CHEMICALS — 0.9%
Celanese U.S. Holdings LLC 6.17%, 7/15/2027	110,000	112,894
DuPont de Nemours, Inc.:
4.73%, 11/15/2028 (a)	132,000	134,133
5.32%, 11/15/2038	85,000	87,262
5.42%, 11/15/2048	125,000	130,322
Sherwin-Williams Co. 3.45%, 6/1/2027	84,000	81,144
		545,755
COMMERCIAL SERVICES — 0.2%
United Rentals North America, Inc. 6.00%, 12/15/2029 (b)	87,000	88,100

See accompanying notes to financial statements.

174

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
COMPUTERS — 1.9%
Apple, Inc.:
3.25%, 2/23/2026	$ 192,000	$ 187,376
3.85%, 5/4/2043	149,000	132,741
4.65%, 2/23/2046	235,000	231,853
Dell International LLC/EMC Corp. 6.02%, 6/15/2026	209,000	213,827
International Business Machines Corp.:
3.30%, 5/15/2026	154,000	149,426
3.50%, 5/15/2029	212,000	202,490
		1,117,713
CONSTRUCTION MATERIALS — 0.5%
Carrier Global Corp.:
2.72%, 2/15/2030	120,000	107,505
3.38%, 4/5/2040	82,000	65,953
3.58%, 4/5/2050	120,000	93,899
		267,357
COSMETICS/PERSONAL CARE — 0.2%
Kenvue, Inc. 5.05%, 3/22/2053	90,000	93,251
DIVERSIFIED FINANCIAL SERVICES — 1.6%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust:
2.45%, 10/29/2026	228,000	211,339
3.00%, 10/29/2028	208,000	190,025
3.30%, 1/30/2032	215,000	187,325
Air Lease Corp. Series MTN, 2.88%, 1/15/2026	84,000	80,082
Capital One Financial Corp. 3.80%, 1/31/2028	85,000	80,754
Visa, Inc. 4.30%, 12/14/2045	204,000	190,327
		939,852
ELECTRIC — 2.1%
Berkshire Hathaway Energy Co. 6.13%, 4/1/2036	100,000	108,442
Duke Energy Corp. 2.65%, 9/1/2026	82,000	77,852
Florida Power & Light Co. 2.45%, 2/3/2032	42,000	36,112
NextEra Energy Capital Holdings, Inc.:
1.90%, 6/15/2028	84,000	74,588
2.25%, 6/1/2030	165,000	141,229
3.55%, 5/1/2027	84,000	81,002
Pacific Gas & Electric Co.:
2.50%, 2/1/2031	115,000	94,987
3.15%, 1/1/2026	110,000	105,411
3.50%, 8/1/2050	85,000	58,966
4.50%, 7/1/2040	109,000	92,305
4.55%, 7/1/2030	180,000	171,578

Security Description	Principal Amount	Value
4.95%, 7/1/2050	$ 200,000	$ 172,095
		1,214,567
ELECTRONICS — 0.3%
Honeywell International, Inc.:
1.75%, 9/1/2031	87,000	72,673
2.50%, 11/1/2026	84,000	80,066
		152,739
ENTERTAINMENT — 1.8%
Warnermedia Holdings, Inc.:
3.76%, 3/15/2027	234,000	224,295
4.28%, 3/15/2032	289,000	264,668
5.05%, 3/15/2042	267,000	235,824
5.14%, 3/15/2052	394,000	338,973
		1,063,760
FOOD — 0.9%
JBS USA LUX SA/JBS USA Food Co./JBS Luxembourg SARL 6.75%, 3/15/2034 (b)	95,000	100,022
Kraft Heinz Foods Co.:
3.00%, 6/1/2026	108,000	103,789
4.38%, 6/1/2046	153,000	134,049
5.20%, 7/15/2045	103,000	101,114
Tyson Foods, Inc. 5.10%, 9/28/2048	87,000	79,300
		518,274
HEALTH CARE PRODUCTS — 0.3%
Abbott Laboratories 4.90%, 11/30/2046	182,000	186,696
HEALTH CARE SERVICES — 0.6%
Centene Corp. 4.63%, 12/15/2029	196,000	188,571
HCA, Inc. 3.50%, 9/1/2030	158,000	143,173
		331,744
HOUSEHOLD PRODUCTS — 0.1%
Procter & Gamble Co. 3.00%, 3/25/2030	87,000	81,532
INSURANCE — 1.4%
Berkshire Hathaway Finance Corp.:
2.85%, 10/15/2050	98,000	69,046
3.85%, 3/15/2052	158,000	132,503
Berkshire Hathaway, Inc. 3.13%, 3/15/2026	144,000	140,013
Chubb INA Holdings, Inc. 3.35%, 5/3/2026	69,000	67,103
Corebridge Financial, Inc. 3.90%, 4/5/2032	90,000	81,530
Equitable Holdings, Inc.:
4.35%, 4/20/2028	87,000	84,202
5.00%, 4/20/2048	85,000	79,189

See accompanying notes to financial statements.

175

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SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
Marsh & McLennan Cos., Inc. 4.38%, 3/15/2029	$ 94,000	$ 93,662
Prudential Financial, Inc. Series MTN, 3.70%, 3/13/2051	90,000	71,404
		818,652
INTERNET — 1.1%
Amazon.com, Inc.:
2.10%, 5/12/2031	174,000	150,007
3.10%, 5/12/2051	167,000	124,522
3.15%, 8/22/2027	204,000	196,001
4.05%, 8/22/2047	204,000	184,054
		654,584
MACHINERY-DIVERSIFIED — 0.2%
John Deere Capital Corp. Series MTN, 4.95%, 7/14/2028	87,000	89,243
MEDIA — 1.8%
Charter Communications Operating LLC/Charter Communications Operating Capital 6.48%, 10/23/2045	252,000	248,099
Comcast Corp.:
2.89%, 11/1/2051	255,000	172,857
2.94%, 11/1/2056	348,000	229,506
2.99%, 11/1/2063	225,000	145,437
4.15%, 10/15/2028	230,000	227,024
		1,022,923
MINING — 0.6%
BHP Billiton Finance USA Ltd.:
5.00%, 9/30/2043	135,000	136,515
5.25%, 9/8/2033	90,000	93,442
Freeport-McMoRan, Inc. 5.45%, 3/15/2043	102,000	98,980
		328,937
MISCELLANEOUS MANUFACTURER — 0.3%
Siemens Financieringsmaatschappij NV:
2.15%, 3/11/2031 (b)	100,000	84,415
2.88%, 3/11/2041 (b)	85,000	66,604
		151,019
OIL & GAS — 5.8%
BP Capital Markets America, Inc.:
2.72%, 1/12/2032	120,000	104,723
3.00%, 2/24/2050	130,000	92,235
3.06%, 6/17/2041	42,000	32,560
3.38%, 2/8/2061	205,000	148,684
4.23%, 11/6/2028	120,000	119,361
4.81%, 2/13/2033	131,000	132,176
4.89%, 9/11/2033	117,000	119,195
BP Capital Markets PLC 3.28%, 9/19/2027	84,000	80,846

Security Description	Principal Amount	Value
Chevron Corp.:
2.24%, 5/11/2030 (a)	$ 88,000	$ 78,013
2.95%, 5/16/2026	132,000	127,696
ConocoPhillips Co. 4.03%, 3/15/2062	100,000	81,351
Continental Resources, Inc. 5.75%, 1/15/2031 (a) (b)	94,000	93,601
Equinor ASA 3.13%, 4/6/2030	90,000	84,648
Exxon Mobil Corp.:
2.61%, 10/15/2030	150,000	134,092
3.04%, 3/1/2026	144,000	139,910
3.10%, 8/16/2049	100,000	74,259
3.45%, 4/15/2051 (a)	156,000	122,732
3.48%, 3/19/2030	105,000	99,976
4.11%, 3/1/2046	130,000	116,159
4.23%, 3/19/2040	90,000	83,616
4.33%, 3/19/2050 (a)	158,000	144,556
Occidental Petroleum Corp. 6.45%, 9/15/2036	98,000	103,894
Shell International Finance BV:
2.38%, 11/7/2029	84,000	75,671
2.75%, 4/6/2030 (a)	93,000	85,011
2.88%, 5/10/2026	118,000	113,694
3.25%, 4/6/2050	115,000	86,603
3.88%, 11/13/2028	84,000	82,768
4.00%, 5/10/2046	140,000	121,566
4.38%, 5/11/2045	164,000	150,692
6.38%, 12/15/2038	208,000	239,690
TotalEnergies Capital International SA 3.13%, 5/29/2050	147,000	108,198
		3,378,176
OIL & GAS SERVICES — 0.2%
Halliburton Co. 5.00%, 11/15/2045	100,000	96,942
PACKAGING & CONTAINERS — 0.1%
Berry Global, Inc. 1.57%, 1/15/2026	90,000	83,685
PHARMACEUTICALS — 8.8%
AbbVie, Inc.:
2.95%, 11/21/2026	232,000	222,594
3.20%, 11/21/2029	321,000	300,056
4.05%, 11/21/2039	220,000	198,996
4.25%, 11/21/2049 (a)	305,000	272,792
4.40%, 11/6/2042	185,000	171,804
4.70%, 5/14/2045	143,000	136,586
Bayer U.S. Finance II LLC 4.38%, 12/15/2028 (a) (b)	202,000	192,229
Bristol-Myers Squibb Co. 4.25%, 10/26/2049	216,000	187,731
Cigna Group:
4.38%, 10/15/2028	213,000	211,193
4.90%, 12/15/2048	174,000	165,463

See accompanying notes to financial statements.

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SPDR MARKETAXESS INVESTMENT GRADE 400 CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
CVS Health Corp.:
4.30%, 3/25/2028	$ 288,000	$ 283,243
4.78%, 3/25/2038	258,000	244,792
5.05%, 3/25/2048	461,000	432,260
5.13%, 7/20/2045	204,000	193,518
GlaxoSmithKline Capital, Inc. 6.38%, 5/15/2038	150,000	174,428
Pfizer Investment Enterprises Pte. Ltd.:
4.45%, 5/19/2026	149,000	148,644
4.45%, 5/19/2028	169,000	168,939
4.65%, 5/19/2030	234,000	235,643
4.75%, 5/19/2033	284,000	284,750
5.11%, 5/19/2043	169,000	168,866
5.30%, 5/19/2053	339,000	347,198
5.34%, 5/19/2063	234,000	236,876
Shire Acquisitions Investments Ireland DAC 3.20%, 9/23/2026	165,000	158,834
		5,137,435
PIPELINES — 4.0%
Cheniere Energy Partners LP:
4.00%, 3/1/2031	187,000	169,938
4.50%, 10/1/2029	42,000	40,126
Cheniere Energy, Inc. 4.63%, 10/15/2028	87,000	84,889
Columbia Pipelines Operating Co. LLC 6.04%, 11/15/2033 (b)	82,000	86,046
Enbridge, Inc. 5.70%, 3/8/2033	131,000	136,350
Energy Transfer LP:
3.75%, 5/15/2030	79,000	73,427
5.00%, 5/15/2050	120,000	107,343
5.25%, 4/15/2029	84,000	84,696
5.40%, 10/1/2047	80,000	74,811
5.75%, 2/15/2033 (a)	87,000	89,958
6.25%, 4/15/2049	103,000	106,872
6.55%, 12/1/2033	80,000	86,761
Kinder Morgan, Inc.:
5.20%, 6/1/2033	87,000	86,593
5.55%, 6/1/2045	100,000	96,557
MPLX LP:
1.75%, 3/1/2026	84,000	78,628
2.65%, 8/15/2030	90,000	77,746
4.70%, 4/15/2048	170,000	146,870
4.95%, 3/14/2052	86,000	76,886
ONEOK, Inc.:
6.05%, 9/1/2033	87,000	92,147
6.63%, 9/1/2053	98,000	110,077
Sabine Pass Liquefaction LLC:
4.50%, 5/15/2030	105,000	102,856
5.00%, 3/15/2027	82,000	82,386
5.88%, 6/30/2026	92,000	93,637

Security Description	Principal Amount	Value
Williams Cos., Inc.:
2.60%, 3/15/2031	$ 130,000	$ 111,351
3.75%, 6/15/2027	42,000	40,493
		2,337,444
REAL ESTATE INVESTMENT TRUSTS — 0.3%
American Tower Corp. 3.80%, 8/15/2029	96,000	91,178
VICI Properties LP 5.13%, 5/15/2032	97,000	94,396
		185,574
RETAIL — 3.7%
7-Eleven, Inc. 1.80%, 2/10/2031 (b)	100,000	81,358
Costco Wholesale Corp. 1.60%, 4/20/2030	98,000	84,037
Home Depot, Inc.:
2.70%, 4/15/2030	84,000	76,591
2.95%, 6/15/2029	98,000	92,233
3.63%, 4/15/2052	82,000	66,646
4.25%, 4/1/2046	100,000	90,705
4.50%, 12/6/2048	137,000	129,573
5.88%, 12/16/2036	154,000	172,277
Lowe's Cos., Inc.:
2.50%, 4/15/2026	81,000	77,158
2.63%, 4/1/2031	99,000	86,925
3.00%, 10/15/2050	48,000	32,661
3.10%, 5/3/2027	84,000	80,509
3.65%, 4/5/2029	84,000	80,996
3.75%, 4/1/2032 (a)	84,000	78,691
4.25%, 4/1/2052	77,000	65,361
5.63%, 4/15/2053	117,000	122,929
McDonald's Corp.:
Series MTN, 3.63%, 9/1/2049	93,000	74,772
Series MTN, 3.70%, 1/30/2026	98,000	96,385
Series MTN, 4.88%, 12/9/2045	105,000	103,507
Walmart, Inc.:
1.80%, 9/22/2031	110,000	93,361
2.65%, 9/22/2051	34,000	23,771
3.70%, 6/26/2028	84,000	82,995
4.05%, 6/29/2048	115,000	105,337
4.10%, 4/15/2033	42,000	41,620
4.50%, 4/15/2053	132,000	128,697
		2,169,095
SEMICONDUCTORS — 0.5%
Broadcom, Inc.:
3.14%, 11/15/2035 (b)	167,000	137,276
3.47%, 4/15/2034 (b)	192,000	167,226
		304,502
SOFTWARE — 4.2%
Fiserv, Inc. 3.50%, 7/1/2029	169,000	159,342
Microsoft Corp.:
2.40%, 8/8/2026	200,000	190,978

See accompanying notes to financial statements.

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SPDR MARKETAXESS INVESTMENT GRADE 400 CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

Security Description	Principal Amount	Value
2.53%, 6/1/2050	$ 361,000	$ 247,312
2.68%, 6/1/2060	211,000	141,899
2.92%, 3/17/2052	365,000	269,447
3.30%, 2/6/2027	230,000	224,187
Oracle Corp.:
2.65%, 7/15/2026	164,000	155,554
2.88%, 3/25/2031	182,000	161,259
2.95%, 4/1/2030	177,000	159,869
3.60%, 4/1/2040	169,000	135,291
3.60%, 4/1/2050	264,000	196,133
3.85%, 4/1/2060	179,000	130,261
3.95%, 3/25/2051	192,000	151,000
4.00%, 7/15/2046	174,000	139,766
		2,462,298
TELECOMMUNICATIONS — 7.9%
AT&T, Inc.:
1.70%, 3/25/2026	170,000	159,005
2.55%, 12/1/2033	196,000	159,808
2.75%, 6/1/2031	164,000	143,809
3.50%, 9/15/2053	417,000	303,476
3.55%, 9/15/2055	414,000	298,879
3.65%, 6/1/2051	160,000	120,962
3.65%, 9/15/2059	387,000	278,331
3.80%, 12/1/2057	317,000	236,395
4.30%, 2/15/2030	180,000	176,231
4.35%, 3/1/2029 (a)	274,000	270,474
T-Mobile USA, Inc.:
3.75%, 4/15/2027	215,000	208,605
3.88%, 4/15/2030	408,000	387,309
Verizon Communications, Inc.:
2.10%, 3/22/2028	124,000	112,189
2.36%, 3/15/2032	231,000	192,392
2.55%, 3/21/2031	249,000	214,798
2.99%, 10/30/2056	171,000	113,447
3.40%, 3/22/2041	256,000	204,483
3.55%, 3/22/2051	258,000	199,200
3.70%, 3/22/2061	205,000	156,600
4.02%, 12/3/2029	228,000	220,796
4.13%, 3/16/2027	192,000	189,229
4.33%, 9/21/2028	246,000	243,413
		4,589,831
TRANSPORTATION — 0.4%
Burlington Northern Santa Fe LLC 5.20%, 4/15/2054	88,000	92,050
Canadian Pacific Railway Co. 3.10%, 12/2/2051	108,000	78,373

Security Description	Principal Amount	Value
Union Pacific Corp. 3.25%, 2/5/2050	$ 100,000	$ 76,617
		247,040
TOTAL CORPORATE BONDS & NOTES (Cost $54,948,507)		57,672,120

	Shares
SHORT-TERM INVESTMENTS — 1.8%
State Street Institutional Liquid Reserves Fund, Premier Class 5.49% (d) (e)	7,489	7,491
State Street Navigator Securities Lending Portfolio II (f) (g)	1,066,823	1,066,823
TOTAL SHORT-TERM INVESTMENTS (Cost $1,074,315)		1,074,314
TOTAL INVESTMENTS — 100.7% (Cost $56,022,822)		58,746,434
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)%		(415,241)
NET ASSETS — 100.0%		$ 58,331,193

(a)	All or a portion of the shares of the security are on loan at December 31, 2023.
(b)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.5% of net assets as of December 31, 2023, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)	Variable Rate Security - Interest rate shown is rate in effect at December 31, 2023. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(d)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(e)	The rate shown is the annualized seven-day yield at December 31, 2023.
(f)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2023 are shown in the Affiliate Table below.
(g)	Investment of cash collateral for securities loaned.

GMTN	Global Medium Term Note
MTN	Medium Term Note
SOFR	Secured Overnight Financing Rate

See accompanying notes to financial statements.

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SPDR MARKETAXESS INVESTMENT GRADE 400 CORPORATE BOND ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2023 (Unaudited)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2023.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes	$ —	$57,672,120	$—	$57,672,120
Short-Term Investments	1,074,314	—	—	1,074,314
TOTAL INVESTMENTS	$1,074,314	$57,672,120	$—	$58,746,434

Affiliate Table

	Number of Shares Held at 6/30/23	Value at 6/30/23	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 12/31/23	Value at 12/31/23	Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class	299,965	$ 300,025	$ 1,062,337	$ 1,354,888	$12	$ 5	7,489	$ 7,491	$3,436
State Street Navigator Securities Lending Portfolio II	1,149,702	1,149,702	9,050,625	9,133,504	—	—	1,066,823	1,066,823	2,424
Total		$1,449,727	$10,112,962	$10,488,392	$12	$ 5		$1,074,314	$5,860

See accompanying notes to financial statements.

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SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023 (Unaudited)

	SPDR Bloomberg 1-10 Year TIPS ETF	SPDR Bloomberg 1-3 Month T-Bill ETF	SPDR Bloomberg 3-12 Month T-Bill ETF
ASSETS
Investments in unaffiliated issuers, at value*	$1,326,840,733	$33,206,865,152	$2,917,828,726
Investments in affiliated issuers, at value	27,955,799	1,806,441,063	305,760,032
Total Investments	1,354,796,532	35,013,306,215	3,223,588,758
Foreign currency, at value	—	—	—
Cash	468	—	—
Receivable for investments sold	15,478,934	—	—
Receivable for fund shares sold	—	18,276,549	—
Dividends receivable — affiliated issuers	3,525	1,390,145	135,245
Interest receivable — unaffiliated issuers	4,334,820	—	—
Securities lending income receivable — unaffiliated issuers	—	135,500	66,397
Securities lending income receivable — affiliated issuers	7,059	354,271	119,657
Receivable for foreign taxes recoverable	—	—	—
TOTAL ASSETS	1,374,621,338	35,033,462,680	3,223,910,057
LIABILITIES
Payable upon return of securities loaned	27,506,000	1,634,224,251	290,154,031
Payable for investments purchased	13,537,678	—	—
Payable for fund shares repurchased	1,857,124	41,122,235	—
Advisory fee payable	168,174	3,899,441	338,745
Trustees’ fees and expenses payable	477	—	—
TOTAL LIABILITIES	43,069,453	1,679,245,927	290,492,776
NET ASSETS	$1,331,551,885	$33,354,216,753	$2,933,417,281
NET ASSETS CONSIST OF:
Paid-in capital	$1,455,090,971	$33,397,440,696	$2,939,917,536
Total distributable earnings (loss)	(123,539,086)	(43,223,943)	(6,500,255)
NET ASSETS	$1,331,551,885	$33,354,216,753	$2,933,417,281
NET ASSET VALUE PER SHARE
Net asset value per share	$ 18.57	$ 91.38	$ 99.10
Shares outstanding (unlimited amount authorized, $0.01 par value)	71,700,000	364,994,503	29,600,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$ 1,416,540,117	$33,202,633,566	$ 2,915,611,171
Investments in affiliated issuers	27,955,799	1,806,441,063	305,760,032
Total cost of investments	$1,444,495,916	$35,009,074,629	$3,221,371,203
Foreign currency, at cost	$ —	$ —	$ —
* Includes investments in securities on loan, at value	$ 26,946,211	$ 2,532,008,470	$ 340,429,902

See accompanying notes to financial statements.

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SPDR Bloomberg Emerging Markets USD Bond ETF	SPDR Bloomberg Investment Grade Floating Rate ETF	SPDR Nuveen Bloomberg High Yield Municipal Bond ETF	SPDR Nuveen Bloomberg Municipal Bond ETF	SPDR Nuveen Bloomberg Short Term Municipal Bond ETF

$212,366,760	$2,296,510,315	$2,437,610,848	$3,784,970,740	$3,877,918,433
4,170,115	39,005,201	45,932,931	28,470,488	2,030,588
216,536,875	2,335,515,516	2,483,543,779	3,813,441,228	3,879,949,021
1,370	157	—	—	—
—	77,404	2,585	150	3,481
—	58,069,773	—	—	—
—	—	5,050,735	—	—
1,484	156,997	164,352	168,982	58,887
3,431,533	18,810,962	33,059,050	43,991,699	49,273,124
27	1,490	—	—	—
3,068	8,343	—	—	—
—	3,948	—	—	—
219,974,357	2,412,644,590	2,521,820,501	3,857,602,059	3,929,284,513

3,796,625	4,234,225	—	—	—
—	24,298,472	15,351,882	50,692,067	27,840,322
—	58,066,956	—	—	—
40,486	305,115	715,235	731,299	658,845
—	2,520	697	1,150	2,569
3,837,111	86,907,288	16,067,814	51,424,516	28,501,736
$216,137,246	$2,325,737,302	$2,505,752,687	$3,806,177,543	$3,900,782,777

$243,797,378	$2,340,798,931	$2,654,395,033	$3,836,054,002	$3,982,454,004
(27,660,132)	(15,061,629)	(148,642,346)	(29,876,459)	(81,671,227)
$216,137,246	$2,325,737,302	$2,505,752,687	$3,806,177,543	$3,900,782,777

$ 24.29	$ 30.56	$ 25.26	$ 47.08	$ 47.83
8,900,000	76,100,000	99,200,000	80,851,036	81,551,082

$224,988,905	$2,297,461,476	$2,552,985,215	$3,759,275,015	$3,922,977,764
4,170,137	39,004,701	45,932,931	28,470,488	2,030,588
$229,159,042	$2,336,466,177	$2,598,918,146	$3,787,745,503	$3,925,008,352
$ 1,331	$ 151	$ —	$ —	$ —
$ 3,738,285	$ 15,577,316	$ —	$ —	$ —

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SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES (continued)

December 31, 2023 (Unaudited)

	SPDR Bloomberg Convertible Securities ETF	SPDR Bloomberg High Yield Bond ETF	SPDR Bloomberg Short Term High Yield Bond ETF
ASSETS
Investments in unaffiliated issuers, at value*	$3,663,684,636	$ 8,221,400,549	$3,990,100,103
Investments in affiliated issuers, at value	168,585,238	548,121,374	310,715,440
Total Investments	3,832,269,874	8,769,521,923	4,300,815,543
Foreign currency, at value	—	10,967	1,682
Cash	32,859	124,825	—
Receivable for investments sold	29,358,257	211,061,274	31,215,591
Receivable for fund shares sold	43,466,102	76,021,884	113,291,433
Dividends receivable — unaffiliated issuers	1,399,084	—	—
Dividends receivable — affiliated issuers	76,629	312,850	587,657
Interest receivable — unaffiliated issuers	10,951,435	143,036,686	69,242,429
Securities lending income receivable — unaffiliated issuers	12,282	54,492	9,276
Securities lending income receivable — affiliated issuers	99,872	477,822	223,490
Receivable from Adviser	—	—	—
Receivable for foreign taxes recoverable	—	214,714	222,744
TOTAL ASSETS	3,917,666,394	9,200,837,437	4,515,609,845
LIABILITIES
Due to custodian	—	—	175,869
Payable upon return of securities loaned	154,241,981	498,109,765	214,300,781
Payable for investments purchased	82,292,389	101,136,178	133,880,474
Payable for fund shares repurchased	—	190,038,715	30,224,356
Advisory fee payable	1,205,756	2,835,242	1,329,493
Trustees’ fees and expenses payable	1,125	2,828	84
TOTAL LIABILITIES	237,741,251	792,122,728	379,911,057
NET ASSETS	$3,679,925,143	$ 8,408,714,709	$4,135,698,788
NET ASSETS CONSIST OF:
Paid-in capital	$4,441,969,339	$10,681,233,101	$5,040,919,344
Total distributable earnings (loss)	(762,044,196)	(2,272,518,392)	(905,220,556)
NET ASSETS	$3,679,925,143	$ 8,408,714,709	$4,135,698,788
NET ASSET VALUE PER SHARE
Net asset value per share	$ 72.16	$ 95.04	$ 25.19
Shares outstanding (unlimited amount authorized, $0.01 par value)	51,000,000	88,474,605	164,200,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$3,848,366,363	$ 8,436,767,468	$3,978,823,815
Investments in affiliated issuers	168,585,328	548,120,825	310,712,277
Total cost of investments	$4,016,951,691	$ 8,984,888,293	$4,289,536,092
Foreign currency, at cost	$ —	$ 10,815	$ 1,682
* Includes investments in securities on loan, at value	$ 199,788,245	$ 550,061,376	$ 236,565,323

See accompanying notes to financial statements.

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SPDR SERIES TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2023 (Unaudited)

	SPDR Bloomberg 1-10 Year TIPS ETF	SPDR Bloomberg 1-3 Month T-Bill ETF	SPDR Bloomberg 3-12 Month T-Bill ETF
INVESTMENT INCOME
Interest income — unaffiliated issuers	$ 20,078,340	$854,486,675	$71,747,094
Dividend income — affiliated issuers	54,927	9,888,083	701,930
Unaffiliated securities lending income	294	955,238	97,221
Affiliated securities lending income	22,628	1,662,391	242,029
Foreign taxes withheld	—	—	—
TOTAL INVESTMENT INCOME (LOSS)	20,156,189	866,992,387	72,788,274
EXPENSES
Advisory fee	999,627	21,674,950	1,817,745
Trustees’ fees and expenses	7,068	151,240	12,561
Miscellaneous expenses	288	6,852	570
TOTAL EXPENSES	1,006,983	21,833,042	1,830,876
NET INVESTMENT INCOME (LOSS)	$ 19,149,206	$845,159,345	$70,957,398
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers	(7,519,285)	(983,211)	(1,497,420)
Investments — affiliated issuers	—	—	—
In-kind redemptions — unaffiliated issuers	(11,920,223)	157,843	112,122
Foreign currency transactions	—	—	—
Net realized gain (loss)	(19,439,508)	(825,368)	(1,385,298)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers	35,889,992	(2,653,561)	3,749,464
Investments — affiliated issuers	—	—	—
Foreign currency translations	—	—	—
Net change in unrealized appreciation/depreciation	35,889,992	(2,653,561)	3,749,464
NET REALIZED AND UNREALIZED GAIN (LOSS)	16,450,484	(3,478,929)	2,364,166
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$ 35,599,690	$841,680,416	$73,321,564

See accompanying notes to financial statements.

184

Table of Contents

SPDR Bloomberg Emerging Markets USD Bond ETF	SPDR Bloomberg Investment Grade Floating Rate ETF	SPDR Nuveen Bloomberg High Yield Municipal Bond ETF	SPDR Nuveen Bloomberg Municipal Bond ETF	SPDR Nuveen Bloomberg Short Term Municipal Bond ETF

$ 5,877,852	$72,448,527	$51,136,969	$ 51,530,836	$ 29,509,904
13,949	836,383	637,603	1,000,239	515,593
94	10,457	—	—	—
9,926	52,478	—	—	—
(744)	(623)	—	—	—
5,901,077	73,347,222	51,774,572	52,531,075	30,025,497

230,555	1,823,384	3,582,993	4,179,924	3,972,499
1,023	14,242	10,279	19,651	22,801
43	526	425	779	861
231,621	1,838,152	3,593,697	4,200,354	3,996,161
$ 5,669,456	$71,509,070	$48,180,875	$ 48,330,721	$ 26,029,336


(727,940)	121,308	(4,594,693)	(34,659,653)	(17,287,214)
(157)	7,404	—	—	—
—	606,394	(2,138,115)	(62,945,400)	(18,274,875)
5	—	—	—	—
(728,092)	735,106	(6,732,808)	(97,605,053)	(35,562,089)

7,373,048	4,263,622	44,457,861	176,947,274	105,193,583
(30)	383	—	—	—
39	6	—	—	—
7,373,057	4,264,011	44,457,861	176,947,274	105,193,583
6,644,965	4,999,117	37,725,053	79,342,221	69,631,494
$12,314,421	$76,508,187	$85,905,928	$127,672,942	$ 95,660,830

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SPDR SERIES TRUST

STATEMENTS OF OPERATIONS (continued)

For the Six Months Ended December 31, 2023 (Unaudited)

	SPDR Bloomberg Convertible Securities ETF	SPDR Bloomberg High Yield Bond ETF	SPDR Bloomberg Short Term High Yield Bond ETF
INVESTMENT INCOME
Interest income — unaffiliated issuers	$ (46,784,609)	$ 263,998,270	$145,192,180
Dividend income — unaffiliated issuers	11,273,935	—	—
Dividend income — affiliated issuers	352,566	1,597,317	1,203,763
Unaffiliated securities lending income	73,579	434,287	54,938
Affiliated securities lending income	787,621	2,778,047	1,281,760
Foreign taxes withheld	(124,125)	(39,232)	—
TOTAL INVESTMENT INCOME (LOSS)	(34,421,033)	268,768,689	147,732,641
EXPENSES
Advisory fee	8,301,136	15,363,955	7,432,452
Trustees’ fees and expenses	21,466	42,516	18,776
Miscellaneous expenses	926	1,625	793
TOTAL EXPENSES	8,323,528	15,408,096	7,452,021
Expenses waived/reimbursed by the Adviser	—	—	—
NET EXPENSES	8,323,528	15,408,096	7,452,021
NET INVESTMENT INCOME (LOSS)	$ (42,744,561)	$ 253,360,593	$140,280,620
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers	(15,879,471)	(87,163,369)	(31,887,871)
Investments — affiliated issuers	(719)	3,575	3,619
In-kind redemptions — unaffiliated issuers	(6,470,760)	(25,474,392)	3,535,966
Net realized gain (loss)	(22,350,950)	(112,634,186)	(28,348,286)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers	157,161,322	426,564,933	125,038,196
Investments — affiliated issuers	(90)	336	3,163
Foreign currency translations	—	152	(624)
Net change in unrealized appreciation/depreciation	157,161,232	426,565,421	125,040,735
NET REALIZED AND UNREALIZED GAIN (LOSS)	134,810,282	313,931,235	96,692,449
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$ 92,065,721	$ 567,291,828	$236,973,069

See accompanying notes to financial statements.

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STATEMENTS OF CHANGES IN NET ASSETS

	SPDR Bloomberg 1-10 Year TIPS ETF		SPDR Bloomberg 1-3 Month T-Bill ETF
	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 19,149,206	$ 57,560,929	$ 845,159,345	$ 936,851,595
Net realized gain (loss)	(19,439,508)	(53,169,987)	(825,368)	(21,161,180)
Net change in unrealized appreciation/depreciation	35,889,992	(22,593,123)	(2,653,561)	10,141,449
Net increase (decrease) in net assets resulting from operations	35,599,690	(18,202,181)	841,680,416	925,831,864
Net equalization credits and charges	366,078	1,225,766	—	—
Distributions to shareholders	(26,680,752)	(64,823,871)	(986,467,822)	(828,585,089)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	158,096,951	443,718,357	17,073,104,267	27,017,236,638
Cost of shares redeemed	(194,839,043)	(455,154,892)	(11,751,306,933)	(19,996,142,470)
Net income equalization	(366,078)	(1,225,766)	—	—
Other capital	1,235	(2,793)	—	—
Net increase (decrease) in net assets from beneficial interest transactions	(37,106,935)	(12,665,094)	5,321,797,334	7,021,094,168
Net increase (decrease) in net assets during the period	(27,821,919)	(94,465,380)	5,177,009,928	7,118,340,943
Net assets at beginning of period	1,359,373,804	1,453,839,184	28,177,206,825	21,058,865,882
NET ASSETS AT END OF PERIOD	$1,331,551,885	$1,359,373,804	$ 33,354,216,753	$ 28,177,206,825
SHARES OF BENEFICIAL INTEREST:
Shares sold	8,700,000	23,300,000	186,400,000	295,200,000
Shares redeemed	(10,700,000)	(24,300,000)	(128,350,000)	(218,500,000)
Net increase (decrease) from share transactions	(2,000,000)	(1,000,000)	58,050,000	76,700,000

See accompanying notes to financial statements.

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SPDR Bloomberg 3-12 Month T-Bill ETF		SPDR Bloomberg Emerging Markets USD Bond ETF		SPDR Bloomberg Investment Grade Floating Rate ETF
Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23

$ 70,957,398	$ 40,330,343	$ 5,669,456	$ 7,051,938	$ 71,509,070	$ 123,954,089
(1,385,298)	(1,967,894)	(728,092)	(12,985,738)	735,106	(3,004,690)
3,749,464	(1,385,751)	7,373,057	14,857,758	4,264,011	25,407,982
73,321,564	36,976,698	12,314,421	8,923,958	76,508,187	146,357,381
1,206,134	4,421,114	—	143,554	(113,985)	(1,373,023)
(81,321,351)	(35,264,824)	(6,606,529)	(6,889,316)	(82,993,767)	(114,319,277)

942,302,929	2,388,988,660	7,259,300	104,116,130	266,390,949	526,692,486
(342,258,433)	(109,169,636)	—	(53,715,967)	(400,862,468)	(1,325,899,170)
(1,206,134)	(4,421,114)	—	(143,554)	113,985	1,373,023
—	—	895	152,318	2,034	8,268
598,838,362	2,275,397,910	7,260,195	50,408,927	(134,355,500)	(797,825,393)
592,044,709	2,281,530,898	12,968,087	52,587,123	(140,955,065)	(767,160,312)
2,341,372,572	59,841,674	203,169,159	150,582,036	2,466,692,367	3,233,852,679
$2,933,417,281	$2,341,372,572	$216,137,246	$203,169,159	$2,325,737,302	$ 2,466,692,367

9,500,000	24,050,000	300,000	4,400,000	8,700,000	17,300,000
(3,450,000)	(1,100,000)	—	(2,300,000)	(13,100,000)	(43,600,000)
6,050,000	22,950,000	300,000	2,100,000	(4,400,000)	(26,300,000)

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SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Nuveen Bloomberg High Yield Municipal Bond ETF		SPDR Nuveen Bloomberg Municipal Bond ETF
	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 48,180,875	$ 78,588,331	$ 48,330,721	$ 79,557,354
Net realized gain (loss)	(6,732,808)	(56,347,343)	(97,605,053)	(72,874,803)
Net change in unrealized appreciation/depreciation	44,457,861	21,211,219	176,947,274	107,940,019
Net increase (decrease) in net assets resulting from operations	85,905,928	43,452,207	127,672,942	114,622,570
Net equalization credits and charges	721,948	815,124	(39,678)	378,260
Distributions to shareholders	(50,943,993)	(76,325,237)	(55,816,828)	(77,439,103)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	538,634,899	1,125,648,279	675,232,076	1,701,866,528
Cost of shares redeemed	(38,233,878)	(795,492,072)	(765,235,340)	(1,403,065,040)
Net income equalization	(721,948)	(815,124)	39,678	(378,260)
Other capital	2,134,584	2,882,722	501,764	1,829,927
Net increase (decrease) in net assets from beneficial interest transactions	501,813,657	332,223,805	(89,461,822)	300,253,155
Contribution from affiliate (Note 4)	—	56,091	—	—
Net increase (decrease) in net assets during the period	537,497,540	300,221,990	(17,645,386)	337,814,882
Net assets at beginning of period	1,968,255,147	1,668,033,157	3,823,822,929	3,486,008,047
NET ASSETS AT END OF PERIOD	$2,505,752,687	$1,968,255,147	$3,806,177,543	$ 3,823,822,929
SHARES OF BENEFICIAL INTEREST:
Shares sold	22,200,000	45,400,000	15,200,000	37,400,000
Shares redeemed	(1,600,000)	(31,800,000)	(17,200,000)	(30,500,000)
Net increase (decrease) from share transactions	20,600,000	13,600,000	(2,000,000)	6,900,000

See accompanying notes to financial statements.

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SPDR Nuveen Bloomberg Short Term Municipal Bond ETF		SPDR Bloomberg Convertible Securities ETF		SPDR Bloomberg High Yield Bond ETF
Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23

$ 26,029,336	$ 39,799,866	$ (42,744,561)	$ (99,417,143)	$ 253,360,593	$ 515,181,133
(35,562,089)	(45,822,733)	(22,350,950)	(47,222,954)	(112,634,186)	(296,153,024)
105,193,583	21,873,191	157,161,232	504,539,046	426,565,421	391,300,544
95,660,830	15,850,324	92,065,721	357,898,949	567,291,828	610,328,653
(150,155)	(318,381)	1,992,351	716,554	(29,274)	4,317,760
(29,885,446)	(38,442,928)	(52,546,652)	(92,217,183)	(305,041,866)	(514,928,503)

56,316,823	465,150,938	575,615,884	2,545,694,634	14,211,034,511	33,497,785,973
(359,555,657)	(1,157,297,470)	(1,340,222,860)	(2,145,771,296)	(14,775,604,477)	(31,025,983,768)
150,155	318,381	(1,992,351)	(716,554)	29,274	(4,317,760)
31,070	231,911	16,364	26,471	227,882	521,769
(303,057,609)	(691,596,240)	(766,582,963)	399,233,255	(564,312,810)	2,468,006,214
—	—	251,498	—	—	81,846
(237,432,380)	(714,507,225)	(724,820,045)	665,631,575	(302,092,122)	2,567,805,970
4,138,215,157	4,852,722,382	4,404,745,188	3,739,113,613	8,710,806,831	6,143,000,861
$3,900,782,777	$ 4,138,215,157	$ 3,679,925,143	$ 4,404,745,188	$ 8,408,714,709	$ 8,710,806,831

1,200,000	9,900,000	8,200,000	37,500,000	155,800,000	365,600,000
(7,700,000)	(24,600,000)	(20,100,000)	(32,500,000)	(162,200,000)	(338,600,000)
(6,500,000)	(14,700,000)	(11,900,000)	5,000,000	(6,400,000)	27,000,000

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SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Bloomberg Short Term High Yield Bond ETF		SPDR MarketAxess Investment Grade 400 Corporate Bond ETF
	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 140,280,620	$ 237,519,750	$ 978,911	$ 2,894,827
Net realized gain (loss)	(28,348,286)	(201,227,525)	(58,230)	(2,630,024)
Net change in unrealized appreciation/depreciation	125,040,735	273,120,272	3,469,608	1,627,844
Net increase (decrease) in net assets resulting from operations	236,973,069	309,412,497	4,390,289	1,892,647
Net equalization credits and charges	(1,303,466)	(1,209,455)	(150,204)	(117,731)
Distributions to shareholders	(160,580,802)	(236,049,073)	(1,216,586)	(3,317,276)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	4,034,997,269	9,457,271,316	26,548,169	4,783,839
Cost of shares redeemed	(3,733,099,987)	(9,180,536,135)	—	(78,214,147)
Net income equalization	1,303,466	1,209,455	150,204	117,731
Other capital	46,870	200,070	—	—
Net increase (decrease) in net assets from beneficial interest transactions	303,247,618	278,144,706	26,698,373	(73,312,577)
Net increase (decrease) in net assets during the period	378,336,419	350,298,675	29,721,872	(74,854,937)
Net assets at beginning of period	3,757,362,369	3,407,063,694	28,609,321	103,464,258
NET ASSETS AT END OF PERIOD	$ 4,135,698,788	$ 3,757,362,369	$58,331,193	$ 28,609,321
SHARES OF BENEFICIAL INTEREST:
Shares sold	164,400,000	385,800,000	300,000	50,000
Shares redeemed	(152,700,000)	(374,700,000)	—	(800,000)
Net increase (decrease) from share transactions	11,700,000	11,100,000	300,000	(750,000)

See accompanying notes to financial statements.

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FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR Bloomberg 1-10 Year TIPS ETF
	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19
Net asset value, beginning of period	$ 18.44	$ 19.46	$ 21.12	$ 20.30	$ 19.59	$ 19.27
Income (loss) from investment operations:
Net investment income (loss) (a)	0.26	0.77	1.28	0.72	0.12	0.44
Net realized and unrealized gain (loss) (b)	0.23	(0.96)	(1.62)	0.70	0.99	0.43
Total from investment operations	0.49	(0.19)	(0.34)	1.42	1.11	0.87
Net equalization credits and charges (a)	0.01	0.02	(0.09)	(0.13)	(0.01)	(0.01)
Other capital (a)	0.00(c)	(0.00)(c)	0.00(c)	0.00(c)	0.00(c)	—
Distributions to shareholders from:
Net investment income	(0.37)	(0.85)	(1.23)	(0.47)	(0.27)	(0.54)
Return of capital	—	—	—	—	(0.12)	—
Total distributions	(0.37)	(0.85)	(1.23)	(0.47)	(0.39)	(0.54)
Net asset value, end of period	$ 18.57	$ 18.44	$ 19.46	$ 21.12	$ 20.30	$ 19.59
Total return (d)	2.75%	(0.95)%	(2.21)%	6.42%	5.74%	4.57%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$1,331,552	$1,359,374	$1,453,839	$779,454	$389,784	$340,829
Ratios to average net assets:
Total expenses	0.15%(e)	0.16%	0.15%	0.15%	0.15%	0.15%
Net investment income (loss)	2.87%(e)	4.08%	6.17%	3.45%	0.61%	2.32%
Portfolio turnover rate (f)	9%(g)	15%	15%	15%	17%	20%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Annualized.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g)	Not annualized.

See accompanying notes to financial statements.

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SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg 1-3 Month T-Bill ETF
	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19
Net asset value, beginning of period	$ 91.80	$ 91.46	$ 91.47	$ 91.53	$ 91.60	$ 91.57
Income (loss) from investment operations:
Net investment income (loss) (a)	2.42	3.40	0.09	(0.06)	0.88	1.97
Net realized and unrealized gain (loss) (b)	(0.03)	(0.19)	(0.07)	0.00(c)	0.32	(0.05)
Total from investment operations	2.39	3.21	0.02	(0.06)	1.20	1.92
Other capital (a)	—	—	—	0.00(c)	—	—
Distributions to shareholders from:
Net investment income	(2.81)	(2.87)	(0.03)	(0.00)(c)	(1.27)	(1.89)
Net asset value, end of period	$ 91.38	$ 91.80	$ 91.46	$ 91.47	$ 91.53	$ 91.60
Total return (d)	2.65%	3.56%	0.03%	(0.06)%	1.32%	2.13%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$33,354,217	$28,177,207	$21,058,866	$11,950,062	$16,109,124	$9,306,387
Ratios to average net assets:
Total expenses	0.14%(e)	0.14%	0.14%	0.14%	0.14%	0.14%
Net investment income (loss)	5.24%(e)	3.71%	0.09%	(0.07)%	0.96%	2.15%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Annualized.

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 3-12 Month T-Bill ETF
	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Year Ended 6/30/22	For the Period 9/23/20^*- 6/30/21
Net asset value, beginning of period	$ 99.42	$ 99.74	$100.05	$100.07
Income (loss) from investment operations:
Net investment income (loss) (a)	2.62	4.55	0.56	(0.04)
Net realized and unrealized gain (loss) (b)	0.03	(1.91)	(0.71)	0.02
Total from investment operations	2.65	2.64	(0.15)	(0.02)
Net equalization credits and charges (a)	0.04	0.50	(0.09)	0.00(c)
Distributions to shareholders from:
Net investment income	(3.01)	(3.46)	(0.07)	—
Net asset value, end of period	$ 99.10	$ 99.42	$ 99.74	$100.05
Total return (d)	2.74%	3.22%	(0.24)%	(0.02)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$2,933,417	$2,341,373	$59,842	$10,005
Ratios to average net assets:
Total expenses	0.14%(e)	0.14%	0.14%	0.14%(e)
Net investment income (loss)	5.25%(e)	4.58%	0.56%	(0.05)%(e)

*	Commencement of operations.
(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Annualized.

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 Emerging Markets USD Bond ETF
	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Year Ended 6/30/22	For the Period 4/7/21^*- 6/30/21
Net asset value, beginning of period	$ 23.62	$ 23.17	$ 30.71	$ 30.00
Income (loss) from investment operations:
Net investment income (loss) (a)	0.66	1.21	1.18	0.27
Net realized and unrealized gain (loss) (b)	0.78	0.38	(7.52)	0.60
Total from investment operations	1.44	1.59	(6.34)	0.87
Net equalization credits and charges (a)	—	0.02	0.00(c)	0.01
Other capital (a)	0.00(c)	0.03	0.00(c)	0.00(c)
Distributions to shareholders from:
Net investment income	(0.77)	(1.19)	(1.20)	(0.17)
Net asset value, end of period	$ 24.29	$ 23.62	$ 23.17	$ 30.71
Total return (d)	6.25%	7.34%	(21.31)%	2.93%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$216,137	$203,169	$150,582	$181,186
Ratios to average net assets:
Total expenses	0.23%(e)	0.24%	0.23%	0.23%(e)
Net investment income (loss)	5.66%(e)	5.20%	4.18%	3.81%(e)
Portfolio turnover rate (f)	4%(g)	7%	10%	17%

*	Commencement of operations.
(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Annualized.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g)	Not annualized.

See accompanying notes to financial statements.

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Selected data for a share outstanding throughout each period

	SPDR Bloomberg Investment Grade Floating Rate ETF
	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19
Net asset value, beginning of period	$ 30.64	$ 30.28	$ 30.64	$ 30.47	$ 30.72	$ 30.74
Income (loss) from investment operations:
Net investment income (loss) (a)	0.91	1.29	0.15	0.16	0.68	0.87
Net realized and unrealized gain (loss) (b)	0.06	0.29	(0.37)	0.19	(0.21)	(0.03)
Total from investment operations	0.97	1.58	(0.22)	0.35	0.47	0.84
Net equalization credits and charges (a)	(0.00)(c)	(0.01)	0.00(c)	0.00(c)	(0.01)	0.00(c)
Other capital (a)	0.00(c)	0.00(c)	0.00(c)	0.00(c)	0.00(c)	0.00(c)
Distributions to shareholders from:
Net investment income	(1.05)	(1.21)	(0.14)	(0.18)	(0.71)	(0.86)
Net asset value, end of period	$ 30.56	$ 30.64	$ 30.28	$ 30.64	$ 30.47	$ 30.72
Total return (d)	3.21%	5.29%	(0.73)%	1.14%	1.52%	2.83%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$2,325,737	$2,466,692	$3,233,853	$2,478,487	$2,657,416	$4,061,612
Ratios to average net assets:
Total expenses	0.15%(e)	0.16%	0.15%	0.15%	0.15%	0.15%
Net investment income (loss)	5.88%(e)	4.25%	0.50%	0.52%	2.23%	2.85%
Portfolio turnover rate (f)	16%(g)	28%	41%	41%	27%	19%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Annualized.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g)	Not annualized.

See accompanying notes to financial statements.

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FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Nuveen Bloomberg High Yield Municipal Bond ETF
	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23(a)	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19
Net asset value, beginning of period	$ 25.04	$ 25.66	$ 30.34	$ 28.15	$ 29.22	$ 28.28
Income (loss) from investment operations:
Net investment income (loss) (b)	0.58	1.00	0.93	1.02	1.12	1.22
Net realized and unrealized gain (loss) (c)	0.21	(0.15)	(4.72)	2.17	(1.09)	0.86
Total from investment operations	0.79	0.85	(3.79)	3.19	0.03	2.08
Net equalization credits and charges (b)	0.01	0.01	0.01	0.02	0.02	0.02
Contribution from affiliate (Note 4)	—	0.00(d)	—	—	—	—
Other capital (b)	0.03	0.04	0.01	0.01	0.00(d)	0.01
Distributions to shareholders from:
Net investment income	(0.61)	(1.52)	(0.91)	(1.03)	(1.12)	(1.17)
Net asset value, end of period	$ 25.26	$ 25.04	$ 25.66	$ 30.34	$ 28.15	$ 29.22
Total return (e)	3.38%	1.45%(f)	(12.76)%	11.70%	0.08%	7.70%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$2,505,753	$1,968,255	$1,668,033	$1,796,065	$1,198,908	$824,048
Ratios to average net assets:
Total expenses	0.35%(g)	0.36%	0.35%	0.35%	0.35%	0.37%
Net investment income (loss)	4.71%(g)	3.99%	3.20%	3.49%	3.87%	4.33%
Portfolio turnover rate (h)	4%(i)	9%	12%	14%	19%	18%

(a)	Effective on January 12, 2023, the SPDR Nuveen Bloomberg High Yield Municipal Bond ETF underwent a 2-for-1 share split. The per share activity presented here has been retroactively adjusted to reflect this split. (Note 12)
(b)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d)	Amount is less than $0.005 per share.
(e)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f)	If an affiliate had not made a contribution during the year ended June 30, 2023, the total return would have remained 1.45%.
(g)	Annualized.
(h)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(i)	Not annualized.

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 Nuveen Bloomberg Municipal Bond ETF
	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19
Net asset value, beginning of period	$ 46.15	$ 45.90	$ 52.09	$ 51.76	$ 50.24	$ 48.11
Income (loss) from investment operations:
Net investment income (loss) (a)	0.60	0.99	0.83	0.96	1.06	1.10
Net realized and unrealized gain (loss) (b)	1.02	0.20	(6.19)	0.33	1.51	2.13
Total from investment operations	1.62	1.19	(5.36)	1.29	2.57	3.23
Net equalization credits and charges (a)	0.00(c)	0.00(c)	(0.00)(c)	0.00(c)	0.01	0.00(c)
Other capital (a)	0.01	0.02	0.00(c)	0.00(c)	0.00(c)	0.00(c)
Distributions to shareholders from:
Net investment income	(0.70)	(0.96)	(0.83)	(0.96)	(1.06)	(1.10)
Net asset value, end of period	$ 47.08	$ 46.15	$ 45.90	$ 52.09	$ 51.76	$ 50.24
Total return (d)	3.58%	2.68%	(10.42)%	2.64%	5.20%	6.82%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$3,806,178	$3,823,823	$3,486,008	$3,732,082	$3,361,883	$2,926,367
Ratios to average net assets:
Total expenses	0.23%(e)	0.24%	0.23%	0.28%	0.30%	0.30%
Net expenses	0.23%(e)	0.24%	0.23%	0.23%	0.23%	0.23%
Net investment income (loss)	2.66%(e)	2.15%	1.66%	1.84%	2.08%	2.27%
Portfolio turnover rate (f)	13%(g)	17%	3%	9%	15%	22%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Annualized.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g)	Not annualized.

See accompanying notes to financial statements.

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SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Nuveen Bloomberg Short Term Municipal Bond ETF
	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19
Net asset value, beginning of period	$ 47.00	$ 47.23	$ 49.52	$ 49.82	$ 48.93	$ 47.98
Income (loss) from investment operations:
Net investment income (loss) (a)	0.31	0.41	0.31	0.48	0.66	0.65
Net realized and unrealized gain (loss) (b)	0.88	(0.24)	(2.23)	(0.25)	0.90	0.94
Total from investment operations	1.19	0.17	(1.92)	0.23	1.56	1.59
Net equalization credits and charges (a)	0.00(c)	(0.00)(c)	0.00(c)	0.00(c)	0.00(c)	(0.00)(c)
Other capital (a)	0.00(c)	0.00(c)	0.00(c)	0.00(c)	0.00(c)	0.00(c)
Distributions to shareholders from:
Net investment income	(0.36)	(0.40)	(0.32)	(0.49)	(0.67)	(0.64)
Net realized gains	—	—	(0.05)	(0.04)	—	—
Total distributions	(0.36)	(0.40)	(0.37)	(0.53)	(0.67)	(0.64)
Net asset value, end of period	$ 47.83	$ 47.00	$ 47.23	$ 49.52	$ 49.82	$ 48.93
Total return (d)	2.55%	0.35%	(3.91)%	0.47%	3.21%	3.34%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$3,900,783	$4,138,215	$4,852,722	$4,815,522	$4,012,868	$3,613,514
Ratios to average net assets:
Total expenses	0.20%(e)	0.21%	0.20%	0.20%	0.20%	0.20%
Net investment income (loss)	1.31%(e)	0.87%	0.64%	0.96%	1.34%	1.36%
Portfolio turnover rate (f)	12%(g)	18%	19%	20%	23%	35%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Annualized.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g)	Not annualized.

See accompanying notes to financial statements.

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SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Convertible Securities ETF
	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19
Net asset value, beginning of period	$ 70.03	$ 64.58	$ 86.87	$ 60.23	$ 52.93	$ 53.09
Income (loss) from investment operations:
Net investment income (loss) (a)	(0.71)	(1.62)	(1.97)	(0.73)	0.34	(0.30)
Net realized and unrealized gain (loss) (b)	3.72	8.54	(18.65)	29.30	8.56	2.88
Total from investment operations	3.01	6.92	(20.62)	28.57	8.90	2.58
Net equalization credits and charges (a)	0.03	0.01	(0.01)	(0.03)	0.12	0.04
Contribution from affiliate (Note 4)	0.00(c)	—	—	—	—	—
Other capital (a)	0.00(c)	0.00(c)	0.00(c)	0.00(c)	0.00(c)	0.00(c)
Distributions to shareholders from:
Net investment income	(0.91)	(1.48)	(1.66)	(1.90)	(1.72)	(2.78)
Net asset value, end of period	$ 72.16	$ 70.03	$ 64.58	$ 86.87	$ 60.23	$ 52.93
Total return (d)	4.43%	10.83%	(24.12)%	47.75%	17.45%	5.51%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$3,679,925	$4,404,745	$3,739,114	$6,628,386	$4,644,076	$3,858,397
Ratios to average net assets:
Total expenses	0.40%(e)	0.41%	0.40%	0.40%	0.40%	0.40%
Net investment income (loss)	(2.06)%(e)	(2.42)%	(2.44)%	(0.93)%	0.62%	(0.58)%
Portfolio turnover rate (f)	13%(g)	7%	13%	30%	41%	36%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Annualized.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g)	Not annualized.

See accompanying notes to financial statements.

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SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg High Yield Bond ETF
	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19(a)
Net asset value, beginning of period	$ 91.81	$ 90.51	$ 109.83	$ 101.03	$ 108.73	$ 106.80
Income (loss) from investment operations:
Net investment income (loss) (b)	3.04	5.86	4.20	4.56	5.40	6.08
Net realized and unrealized gain (loss) (c)	3.77	1.28	(18.85)	9.36	(7.31)	1.84
Total from investment operations	6.81	7.14	(14.65)	13.92	(1.91)	7.92
Net equalization credits and charges (b)	(0.00)(d)	0.05	0.02	(0.04)	0.00(d)	0.06
Contribution from affiliate (Note 4)	—	0.00(d)	0.00(d)	—	—	—
Other capital (b)	0.00(d)	0.01	0.01	0.04	0.04	0.03
Distributions to shareholders from:
Net investment income	(3.58)	(5.90)	(4.70)	(5.12)	(5.83)	(6.08)
Net asset value, end of period	$ 95.04	$ 91.81	$ 90.51	$ 109.83	$ 101.03	$ 108.73
Total return (e)	7.61%	8.18%(f)	(13.82)%(g)	13.99%	(1.81)%	7.81%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$8,408,715	$8,710,807	$6,143,001	$9,738,733	$10,555,187	$9,402,239
Ratios to average net assets:
Total expenses	0.40%(h)	0.40%	0.40%	0.40%	0.40%	0.40%
Net investment income (loss)	6.60%(h)	6.39%	3.99%	4.26%	5.13%	5.72%
Portfolio turnover rate (i)	15%(j)	28%	35%	48%	50%	44%

(a)	On May 6, 2019, the SPDR Bloomberg High Yield Bond ETF underwent a 1-for-3 reverse share split. The capital share activity presented here has been retroactively adjusted to reflect this split.
(b)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d)	Amount is less than $0.005 per share.
(e)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f)	If an affiliate had not made a contribution during the year ended June 30, 2023, the total return would have remained 8.18%.
(g)	If the Adviser had not made a contribution during the year ended June 30, 2022, the total return would have remained (13.82)%.
(h)	Annualized.
(i)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(j)	Not annualized.

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 Short Term High Yield Bond ETF
	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	Year Ended 6/30/22	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19
Net asset value, beginning of period	$ 24.64	$ 24.10	$ 27.53	$ 25.16	$ 27.21	$ 27.33
Income (loss) from investment operations:
Net investment income (loss) (a)	0.93	1.65	1.01	1.14	1.37	1.54
Net realized and unrealized gain (loss) (b)	0.70	0.55	(3.26)	2.53	(1.93)	(0.11)
Total from investment operations	1.63	2.20	(2.25)	3.67	(0.56)	1.43
Net equalization credits and charges (a)	(0.01)	(0.01)	(0.00)(c)	(0.01)	(0.01)	(0.01)
Other capital (a)	0.00(c)	0.00(c)	0.00(c)	0.01	0.00(c)	0.00(c)
Distributions to shareholders from:
Net investment income	(1.07)	(1.65)	(1.18)	(1.30)	(1.48)	(1.54)
Net asset value, end of period	$ 25.19	$ 24.64	$ 24.10	$ 27.53	$ 25.16	$ 27.21
Total return (d)	6.78%	9.37%	(8.54)%	14.79%	(2.10)%	5.37%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$4,135,699	$3,757,362	$3,407,064	$5,057,540	$3,037,341	$3,038,813
Ratios to average net assets:
Total expenses	0.40%(e)	0.41%	0.40%	0.40%	0.40%	0.40%
Net investment income (loss)	7.55%(e)	6.72%	3.79%	4.26%	5.27%	5.67%
Portfolio turnover rate (f)	31%(g)	65%	59%	74%	90%	65%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Annualized.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g)	Not annualized.

See accompanying notes to financial statements.

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SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR MarketAxess Investment Grade 400 Corporate Bond ETF
	Six Months Ended 12/31/23 (Unaudited)	Year Ended 6/30/23	For the Period 5/12/22^*- 6/30/22
Net asset value, beginning of period	$ 95.36	$ 98.54	$ 100.60
Income (loss) from investment operations:
Net investment income (loss) (a)	2.44	4.52	0.93
Net realized and unrealized gain (loss) (b)	2.60	(2.04)	(2.78)
Total from investment operations	5.04	2.48	(1.85)
Net equalization credits and charges (a)	(0.37)	(0.18)	0.00(c)
Distributions to shareholders from:
Net investment income	(2.81)	(5.48)	(0.21)
Net asset value, end of period	$ 97.22	$ 95.36	$ 98.54
Total return (d)	5.08%	2.47%	(1.84)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$58,331	$28,609	$103,464
Ratios to average net assets:
Total expenses	0.09%(e)	0.10%	0.09%(e)
Net expenses	0.07%(e)	0.08%	0.07%(e)
Net investment income (loss)	5.22%(e)	4.70%	4.18%(e)
Portfolio turnover rate (f)	40%(g)	89%	37%(g)

*	Commencement of operations.
(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Annualized.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g)	Not annualized.

See accompanying notes to financial statements.

204

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2023 (Unaudited)

1. Organization

SPDR Series Trust (the “Trust”), a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.

As of December 31, 2023, the Trust consists of eighty-four (84) 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 1-10 Year TIPS ETF

SPDR Bloomberg 1-3 Month T-Bill ETF

SPDR Bloomberg 3-12 Month T-Bill ETF

SPDR Bloomberg Emerging Markets USD Bond ETF

SPDR Bloomberg Investment Grade Floating Rate ETF

SPDR Nuveen Bloomberg High Yield Municipal Bond ETF

SPDR Nuveen Bloomberg Municipal Bond ETF

SPDR Nuveen Bloomberg Short Term Municipal Bond ETF

SPDR Bloomberg Convertible Securities ETF

SPDR Bloomberg High Yield Bond ETF

SPDR Bloomberg Short Term High Yield Bond ETF

SPDR MarketAxess Investment Grade 400 Corporate Bond ETF

Each Fund is classified as a diversified investment company under the 1940 Act, except for the SPDR Bloomberg Emerging Markets USD Bond ETF, which is classified as a non-diversified investment company.

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value each Fund’s investments by major category are as follows:

• Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• 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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• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.

• Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.

• Debt obligations (including short-term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of each Fund’s investments, according to the fair value hierarchy as of December 31, 2023, is disclosed in each Fund’s respective Schedule of Investments.

Investment Transactions and Income Recognition

Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.

Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. 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 Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

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Inflation-indexed public obligations are income-generating instruments whose interest and principal are periodically adjusted for inflation (or deflation). The inflation (deflation) adjustment is applied to the principal of each bond and is accounted for as interest income in the Statements of Operations. Deflation may cause dividends to be suspended. The SPDR Bloomberg 1-10 Year TIPS ETF may invest exclusively in inflation-indexed instruments.

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.'s (the “Adviser” or “SSGA FM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2023, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

Equalization

The Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

Distributions

Distributions from net investment income, if any, are declared and paid monthly. Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended(the "Internal Revenue Code"). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Securities and Other Investments

Delayed Delivery Transactions and When-Issued Securities

During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund’s Schedule of Investments. The Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Funds identify securities as segregated in their records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract’s terms, or if the issuer does not issue the securities due to political, economic or other factors.

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4. Fees and Transactions with Affiliates

Advisory Fee

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished and expenses borne by the Adviser, each Fund pays the Adviser a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:

	Annual Rate
SPDR Bloomberg 1-10 Year TIPS ETF	0.15%
SPDR Bloomberg 1-3 Month T-Bill ETF	0.135
SPDR Bloomberg 3-12 Month T-Bill ETF	0.135
SPDR Bloomberg Emerging Markets USD Bond ETF	0.23
SPDR Bloomberg Investment Grade Floating Rate ETF	0.15
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF	0.35
SPDR Nuveen Bloomberg Municipal Bond ETF	0.23
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF	0.20
SPDR Bloomberg Convertible Securities ETF	0.40
SPDR Bloomberg High Yield Bond ETF	0.40
SPDR Bloomberg Short Term High Yield Bond ETF	0.40
SPDR MarketAxess Investment Grade 400 Corporate Bond ETF	0.09

The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse certain expenses for the SPDR MarketAxess Investment Grade 400 Corporate ETF until October 31, 2024, so that the net annual Fund operating expenses, before application of any fees and expenses not paid by the Adviser pursuant to the Investment Advisory Agreement, if any, will be limited to 0.07% of the Fund's average daily net assets. The contractual fee waiver does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue the waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and the waiver and/or reimbursement may be canceled or modified at any time after October 31, 2024. This waiver and/or reimbursement may not be terminated prior to October 31, 2024 except with the approval of the Fund’s Board of Trustees. For the period ended December 31, 2023, fees waived and expenses reimbursed by the Adviser, pursuant to the agreement, were $3,751.

From time to time, the Adviser may waive all or a portion of its Management fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until October 31, 2024. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. This waiver and/or reimbursement may not be terminated prior to October 31, 2024 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, fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”) (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation expenses and other extraordinary expenses.

SSGA LTD, an affiliate of the Adviser, serves as investment sub-adviser to the SPDR Bloomberg Emerging Markets USD Bond ETF and provides day to day management of the Fund's investments allocated to it by the Adviser, subject to supervision by the Adviser and oversight by the Board.

Nuveen Asset Management receives fees from the Adviser for its services as the sub-adviser to the SPDR Nuveen Bloomberg High Yield Municipal Bond ETF, SPDR Nuveen Bloomberg Municipal Bond ETF and SPDR Nuveen Bloomberg Short Term Municipal Bond ETF.

Administrator, Custodian, Sub-Administrator and Transfer Agent Fees

SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.

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Distributor

State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the Distributor of the Trust.

Other Transactions with Affiliates - Securities Lending

State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017, as amended.

Net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers are paid as follows: If the calendar year to date net proceeds are below a specified threshold across SPDR ETFs, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street.

In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended December 31, 2023 are disclosed in the Schedules of Investments.

During the period ended December 31, 2023 State Street made a contribution of $251,498 to the SPDR Bloomberg Convertible Securities ETF related to an accounting matter.

During the fiscal year ended June 30, 2023 State Street made contributions totaling $81,846 to the SPDR Bloomberg High Yield Bond ETF related to separate accounting matters.

During the fiscal year ended June 30, 2023 State Street made a contribution of $56,091 to the SPDR Nuveen Bloomberg High Yield Municipal Bond ETF related to an accounting matter.

Due to Custodian

In certain circumstances, the Funds may have cash overdrafts with the custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to Custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.

5. Trustees’ Fees

The fees and expenses of the Independent Trustees and one interested, non-management Trustee are paid directly by the Funds. The Independent Trustees and one interested, non-management Trustee are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended December 31, 2023, were as follows:

	U.S. Government Obligations		Other Securities
	Purchases	Sales	Purchases	Sales
SPDR Bloomberg 1-10 Year TIPS ETF	$121,678,412	$135,350,049	$ —	$ —
SPDR Bloomberg Emerging Markets USD Bond ETF	—	—	8,040,795	8,077,657
SPDR Bloomberg Investment Grade Floating Rate ETF	—	—	394,017,442	375,259,786
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF	—	—	581,666,126	77,200,553
SPDR Nuveen Bloomberg Municipal Bond ETF	—	—	778,098,599	457,262,365

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	U.S. Government Obligations		Other Securities
	Purchases	Sales	Purchases	Sales
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF	$ —	$ —	$ 545,149,502	$ 452,222,788
SPDR Bloomberg Convertible Securities ETF	—	—	578,384,061	520,799,102
SPDR Bloomberg High Yield Bond ETF	—	—	1,587,939,161	1,168,022,472
SPDR Bloomberg Short Term High Yield Bond ETF	—	—	1,108,294,478	1,194,581,195
SPDR MarketAxess Investment Grade 400 Corporate Bond ETF	—	—	15,868,354	16,208,035

For the period ended December 31, 2023, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

	In-kind Contributions	In-kind Redemptions	In-kind Net Realized Gains/(Losses)
SPDR Bloomberg 1-10 Year TIPS ETF	$ 157,204,865	$ 195,952,112	$ (11,920,223)
SPDR Bloomberg 1-3 Month T-Bill ETF	17,024,245,444	11,692,861,347	157,843
SPDR Bloomberg 3-12 Month T-Bill ETF	940,152,438	341,656,206	112,122
SPDR Bloomberg Emerging Markets USD Bond ETF	6,973,966	—	—
SPDR Bloomberg Investment Grade Floating Rate ETF	206,970,654	364,006,119	606,394
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF	—	37,537,989	(2,138,115)
SPDR Nuveen Bloomberg Municipal Bond ETF	322,213,812	773,075,974	(62,945,400)
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF	5,017,221	361,189,419	(18,274,875)
SPDR Bloomberg Convertible Securities ETF	536,695,094	1,284,847,598	(6,470,760)
SPDR Bloomberg High Yield Bond ETF	13,352,957,586	14,387,676,554	(25,474,392)
SPDR Bloomberg Short Term High Yield Bond ETF	3,856,149,950	3,619,982,203	3,535,966
SPDR MarketAxess Investment Grade 400 Corporate Bond ETF	26,286,412	—	—

7. Shareholder Transactions

Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.

8. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of June 30, 2023, SSGA FM has analyzed each Funds' 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.

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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 character of distributions, in-kind transactions, foreign currencies, premium amortization, net operating losses, wash sale loss deferrals, TIPS adjustments, forward contracts and distributions in excess of current earnings.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

As of December 31, 2023, 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 1-10 Year TIPS ETF	$ 1,445,817,125	$ 1,373,998	$ 92,394,591	$ (91,020,593)
SPDR Bloomberg 1-3 Month T-Bill ETF	35,009,087,878	4,231,586	13,249	4,218,337
SPDR Bloomberg 3-12 Month T-Bill ETF	3,221,435,962	2,234,723	81,927	2,152,796
SPDR Bloomberg Emerging Markets USD Bond ETF	229,217,863	2,264,996	14,945,984	(12,680,988)
SPDR Bloomberg Investment Grade Floating Rate ETF	2,336,701,831	2,079,934	3,266,249	(1,186,315)
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF	2,600,668,268	40,077,927	157,202,416	(117,124,489)
SPDR Nuveen Bloomberg Municipal Bond ETF	3,787,223,167	96,793,121	70,575,060	26,218,061
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF	3,925,022,763	21,906,050	66,979,792	(45,073,742)
SPDR Bloomberg Convertible Securities ETF	4,298,045,618	361,084,549	826,860,293	(465,775,744)
SPDR Bloomberg High Yield Bond ETF	9,013,778,964	83,761,197	328,018,238	(244,257,041)
SPDR Bloomberg Short Term High Yield Bond ETF	4,298,269,052	81,894,585	79,348,094	2,546,491
SPDR MarketAxess Investment Grade 400 Corporate Bond ETF	56,125,275	2,737,224	116,065	2,621,159

9. Securities Lending

Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.

The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.

The market value of securities on loan as of December 31, 2023, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

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The following is a summary of each Fund's securities lending agreements and related cash and non-cash collateral received as of December 31, 2023:

Fund	Market Value of Securities on Loan	Cash Collateral Received	Non-Cash Collateral Received*	Total Collateral Received
SPDR Bloomberg 1-10 Year TIPS ETF	$ 26,946,211	$ 27,506,000	$ —	$ 27,506,000
SPDR Bloomberg 1-3 Month T-Bill ETF	2,532,008,470	1,634,224,251	948,722,948	2,582,947,199
SPDR Bloomberg 3-12 Month T-Bill ETF	340,429,902	290,154,031	56,981,625	347,135,656
SPDR Bloomberg Emerging Markets USD Bond ETF	3,738,285	3,796,625	—	3,796,625
SPDR Bloomberg Investment Grade Floating Rate ETF	15,577,316	4,234,225	11,659,620	15,893,845
SPDR Bloomberg Convertible Securities ETF	199,788,245	154,241,981	50,530,690	204,772,671
SPDR Bloomberg High Yield Bond ETF	550,061,376	498,109,765	63,748,575	561,858,340
SPDR Bloomberg Short Term High Yield Bond ETF	236,565,323	214,300,781	27,318,240	241,619,021
SPDR MarketAxess Investment Grade 400 Corporate Bond ETF	1,847,685	1,066,823	822,750	1,889,573

*	The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

The Following Table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of December 31, 2023:

		Remaining Contractual Maturity of the Agreements as of December 31, 2023
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 1-10 Year TIPS ETF	U.S. Treasury Obligations	$ 27,506,000	$—	$—	$—	$ 27,506,000	$ 27,506,000
SPDR Bloomberg 1-3 Month T-Bill ETF	U.S. Treasury Obligations	1,634,224,251	—	—	—	1,634,224,251	1,634,224,251
SPDR Bloomberg 3-12 Month T-Bill ETF	U.S. Treasury Obligations	290,154,031	—	—	—	290,154,031	290,154,031
SPDR Bloomberg Emerging Markets USD Bond ETF	Corporate Bonds & Notes	3,328,075	—	—	—	3,328,075	3,328,075
SPDR Bloomberg Emerging Markets USD Bond ETF	Foreign Government Obligations	468,550	—	—	—	468,550	468,550
SPDR Bloomberg Investment Grade Floating Rate ETF	Corporate Bonds & Notes	3,201,500	—	—	—	3,201,500	3,201,500
SPDR Bloomberg Investment Grade Floating Rate ETF	Foreign Government Obligations	1,032,725	—	—	—	1,032,725	1,032,725
SPDR Bloomberg Convertible Securities ETF	Convertible Preferred Stocks	678,522	—	—	—	678,522	678,522
SPDR Bloomberg Convertible Securities ETF	Corporate Bonds & Notes	131,046,760	—	—	—	131,046,760	131,046,760
SPDR Bloomberg Convertible Securities ETF	Preferred Stocks	22,516,699	—	—	—	22,516,699	22,516,699
SPDR Bloomberg High Yield Bond ETF	Corporate Bonds & Notes	498,109,765	—	—	—	498,109,765	498,109,765
SPDR Bloomberg Short Term High Yield Bond ETF	Common Stocks	14,000	—	—	—	14,000	14,000
SPDR Bloomberg Short Term High Yield Bond ETF	Corporate Bonds & Notes	214,195,035	—	—	—	214,195,035	214,195,035

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		Remaining Contractual Maturity of the Agreements as of December 31, 2023
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 Short Term High Yield Bond ETF	Warrants	$ 5,851	$—	$—	$—	$ 5,851	$ 5,851
SPDR Bloomberg Short Term High Yield Bond ETF	Corporate Bonds & Notes	85,895	—	—	—	85,895	85,895
SPDR Marketaxess Investment Grade 400 Corporate Bond ETF	Corporate Bonds & Notes	1,066,823	—	—	—	1,066,823	1,066,823

10. Line of Credit

Certain Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) have access to $180 million of a $960 million ($200 million of $1,275 billion prior to October 5, 2023) revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2024 unless extended or renewed.

The following Funds participate in the credit facility as of December 31, 2023:

SPDR Bloomberg Investment Grade Floating Rate ETF

SPDR Nuveen Bloomberg High Yield Municipal Bond ETF

SPDR Nuveen Bloomberg Municipal Bond ETF

SPDR Nuveen Bloomberg Short Term Municipal Bond ETF

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A participant incurs and pays the interest expense related to its borrowing Interest is calculated at a rate per annum equal to the sum of 1.00% plus the New York Fed Bank Rate.

The Funds had no outstanding loans as of December 31, 2023.

11. Risks

Concentration Risk

As a result of the Funds’ ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds’ investments more than if the Funds were more broadly diversified.

Foreign and Emerging Markets Risk

Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds’ invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.

Credit Risk

A Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2023 (Unaudited)

Market Risk

Each Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on a Fund and its investments.

12. Stock Split

The Board authorized a 2-for-1 stock split for the SPDR Nuveen Bloomberg High Yield Municipal Bond ETF effective January 12, 2023, for the shareholders of record on January 9, 2023. The impact of the stock splits was to increase the number of shares outstanding by a factor of 2, while decreasing the NAV per share by a factor of 2, resulting in no effect to the net assets of the aforementioned Fund.

The financial statements and financial highlights of the aforementioned Fund have been adjusted to reflect the stock splits.

13. Recent Accounting Pronouncement

In December 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2206 Reference Rate Reform (Topic 848). ASU No. 2022-06 updates and clarifies ASU No. 2020-04, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank-offered reference rates. The temporary relief provided by ASU No. 2022-06 is effective immediately for certain reference rate-related contract modifications that occur through December 31, 2024. Management does not expect ASU No. 2022-06 to have a material impact on the financial statements.

14. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

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SPDR SERIES TRUST

OTHER INFORMATION

December 31, 2023 (Unaudited)

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2023 to December 31, 2023.

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.

		Actual		Hypothetical (assuming a 5% return before expenses)
	Annualized Expense Ratio	Ending Account Value	Expenses Paid During Period(a)	Ending Account Value	Expenses Paid During Period(a)
SPDR Bloomberg 1-10 Year TIPS ETF	0.15%	$1,027.50	$0.76	$1,024.40	$0.76
SPDR Bloomberg 1-3 Month T-Bill ETF	0.14	1,026.50	0.71	1,024.40	0.71
SPDR Bloomberg 3-12 Month T-Bill ETF	0.14	1,027.40	0.71	1,024.40	0.71
SPDR Bloomberg Emerging Markets USD Bond ETF	0.23	1,062.50	1.19	1,024.00	1.17
SPDR Bloomberg Investment Grade Floating Rate ETF	0.15	1,032.10	0.77	1,024.40	0.76
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF	0.35	1,033.80	1.79	1,023.40	1.78
SPDR Nuveen Bloomberg Municipal Bond ETF	0.23	1,035.80	1.18	1,024.00	1.17
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF	0.20	1,025.50	1.02	1,024.10	1.02
SPDR Bloomberg Convertible Securities ETF	0.40	1,044.30	2.06	1,023.10	2.03
SPDR Bloomberg High Yield Bond ETF	0.40	1,076.10	2.09	1,023.10	2.03
SPDR Bloomberg Short Term High Yield Bond ETF	0.40	1,067.80	2.08	1,023.10	2.03
SPDR MarketAxess Investment Grade 400 Corporate Bond ETF	0.07	1,050.80	0.36	1,024.80	0.36

(a)	Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 366.

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SPDR SERIES TRUST

OTHER INFORMATION (continued)

December 31, 2023 (Unaudited)

Premium/Discount Information

Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at https://www.ssga.com/spdrs.

Proxy Voting Policies and Procedures and Records

A description of the Trust's proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at www.sec.gov.

Information regarding how the Funds voted for the 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website, at www.sec.gov and on the Funds’ website at https://www.ssga.com/spdrs.

Quarterly Portfolio Schedule

Following the Funds’ first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibits on Form N-PORT, which can be found on the Funds' website at https://www.ssga.com/spdrs and on the SEC's website at www.sec.gov. The Funds’ Schedules of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).

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SPDR Series Trust

Trustees

Gunjan Chauhan, Interested Trustee

Dwight D. Churchill

Carolyn M. Clancy

Clare S. Richer

James E. Ross, Interested Non-management Trustee

Kristi L. Rowsell

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 Congress Street
Boston, MA 02114

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

Table of Contents

SPDR^® Series Trust - Fixed Income Funds

For more complete information, please call 1.866.787.2257 or visit https://www.ssga.com/spdrs today.

State Street Global Advisors
One Iron Street
Boston, MA 02210

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.

Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

BLOOMBERG^®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, has each been licensed for use in connection with the listing and trading of the SPDR Bloomberg ETFs.

Standard & Poor’s, S& P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow

Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

SSGA Funds Management has retained Nuveen Asset Management as the sub-adviser for the SPDR Nuveen S&P HighYield Municipal Bond ETF.

Before investing, consider a Fund's investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1.866.787.2257 or visit https://www.ssga.com/spdrs. Read it carefully.

Not FDIC Insured. No Bank Guarantee. May Lose Value.

SPDRSTFISAR

Portfolio Statistics (Unaudited)
SPDR Bloomberg 1-10 Year TIPS ETF (TIPX)	1
SPDR Bloomberg 1-3 Month T-Bill ETF (BIL)	2
SPDR Bloomberg 3-12 Month T-Bill ETF (BILS)	3
SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC)	4
SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN)	5
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF (HYMB)	6
SPDR Nuveen Bloomberg Municipal Bond ETF (TFI)	7
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF (SHM)	8
SPDR Bloomberg High Yield Bond ETF (JNK)	10
SPDR Bloomberg Short Term High Yield Bond ETF (SJNK)	11
SPDR MarketAxess Investment Grade 400 Corporate Bond ETF (LQIG)	12
Schedules of Investments (Unaudited)
SPDR Bloomberg 1-10 Year TIPS ETF (TIPX)	13
SPDR Bloomberg 1-3 Month T-Bill ETF (BIL)	15
SPDR Bloomberg 3-12 Month T-Bill ETF (BILS)	17
SPDR Bloomberg Emerging Markets USD Bond ETF (EMHC)	19
SPDR Bloomberg Investment Grade Floating Rate ETF (FLRN)	28
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF (HYMB)	38
SPDR Nuveen Bloomberg Municipal Bond ETF (TFI)	75
SPDR Nuveen Bloomberg Short Term Municipal Bond ETF (SHM)	109
SPDR Bloomberg Convertible Securities ETF (CWB)	124
SPDR Bloomberg High Yield Bond ETF (JNK)	131
SPDR Bloomberg Short Term High Yield Bond ETF (SJNK)	153
SPDR MarketAxess Investment Grade 400 Corporate Bond ETF (LQIG)	172
Financial Statements (Unaudited)	180
Financial Highlights (Unaudited)	193
Notes to Financial Statements (Unaudited)	205
Other Information (Unaudited)	215


	Description	% of Net Assets
	U.S. Treasury Inflation-Indexed Notes 0.63% 1/15/2026	4.0%
	U.S. Treasury Inflation-Indexed Notes 0.13% 1/15/2030	3.7
	U.S. Treasury Inflation-Indexed Notes 0.25% 1/15/2025	3.6
	U.S. Treasury Inflation-Indexed Notes 0.38% 7/15/2025	3.5
	U.S. Treasury Inflation-Indexed Notes 0.63% 7/15/2032	3.5
	TOTAL	18.3%


		% of Net Assets
	U.S. Treasury Obligations	97.2%
	U.S. Government Agency Obligations	2.4
	Short-Term Investments	2.1
	Liabilities in Excess of Other Assets	(1.7)
	TOTAL	100.0%


	Description	% of Net Assets
	U.S. Treasury Bills 5.33% 1/2/2024	9.0%
	U.S. Treasury Bills 5.26% 1/4/2024	8.5
	U.S. Treasury Bills 5.27% 1/11/2024	8.4
	U.S. Treasury Bills 5.29% 2/22/2024	7.1
	U.S. Treasury Bills 5.27% 1/25/2024	7.0
	TOTAL	40.0%


		% of Net Assets
	U.S. Treasury Obligations	99.6%
	Short-Term Investments	5.4
	Liabilities in Excess of Other Assets	(5.0)
	TOTAL	100.0%


	Description	% of Net Assets
	U.S. Treasury Bills 5.27% 5/16/2024	6.8%
	U.S. Treasury Bills 5.34% 4/18/2024	6.6
	U.S. Treasury Bills 5.26% 3/21/2024	6.3
	U.S. Treasury Bills 5.33% 4/25/2024	4.4
	U.S. Treasury Bills 5.32% 5/2/2024	4.4
	TOTAL	28.5%


		% of Net Assets
	U.S. Treasury Obligations	99.5%
	Short-Term Investments	10.4
	Liabilities in Excess of Other Assets	(9.9)
	TOTAL	100.0%


		% of Net Assets
	Corporate Bonds & Notes	98.9%
	Short-Term Investments	1.8
	Liabilities in Excess of Other Assets	(0.7)
	TOTAL	100.0%