Annual Report
June 30, 2023
SPDR® Series Trust - Fixed Income Funds
SPDR Portfolio Aggregate Bond ETF
SPDR Portfolio Intermediate Term Corporate Bond ETF
SPDR Portfolio Long Term Corporate Bond ETF
SPDR Portfolio Long Term Treasury ETF
SPDR Portfolio Short Term Corporate Bond ETF
SPDR Portfolio Short Term Treasury ETF
SPDR Portfolio TIPS ETF
SPDR Portfolio Intermediate Term Treasury ETF
SPDR Portfolio High Yield Bond ETF
SPDR Portfolio Corporate Bond ETF
SPDR Portfolio Mortgage Backed Bond ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.





TABLE OF CONTENTS

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

3

6

9

12

15

18

21

24

27

30

33
Schedules of Investments  

36

126

187

224

226

250

252

254

256

289

345

360

373

384

396

397
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


Table of Contents
[This Page Intentionally Left Blank]


Table of Contents
Notes to Performance Summaries (Unaudited)
The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
The Bloomberg U.S. Aggregate Bond Index is designed to measure the performance of the U.S. dollar denominated investment grade bond market, which includes investment grade (must be Baa3/BBB- or higher using the middle rating of Moody's Investors Service, Inc., Standard & Poor's Financial Services, LLC, and Fitch Inc.) government bonds, investment grade corporate bonds, mortgage pass through securities, commercial mortgage backed securities and other asset backed securities that are publicly for sale in the United States. The securities in the index must have at least 1 year remaining to maturity and must have $300 million or more of outstanding face value. Asset backed securities must have a minimum deal size of $500 million and a minimum tranche size of $25 million. For commercial mortgage backed securities, the original aggregate transaction must have a minimum deal size of $500 million, and a minimum tranche size of $25 million; the aggregate outstanding transaction sizes must be at least $300 million to remain in the index. In addition, the securities must be U.S. dollar denominated, fixed rate, non-convertible, and taxable.
The Bloomberg U.S. Intermediate Corporate Bond Index is designed to measure the performance of U.S. corporate bonds that have a maturity of greater than or equal to 1 year and less than 10 years. The index is a component of the Bloomberg U.S. Corporate Index and includes investment grade, fixed-rate, taxable, U.S. dollar denominated debt with $300 million or more of par amount outstanding, issued by U.S. and non-U.S. industrial, utility, and financial institutions. Subordinated issues, securities with normal call and put provisions and sinking funds, medium-term notes (if they are publicly underwritten), 144A securities with registration rights, and global issues that are SEC-registered are included. Structured notes with embedded swaps or other special features, as well as private placements, floating- rate securities, and Eurobonds are excluded from the index.
The Bloomberg U.S. Long Term Corporate Bond Index is designed to measure the performance of U.S. corporate bonds that have a maturity of greater than or equal to 10 years. The index is a component of the Bloomberg U.S. Corporate Index and includes investment grade, fixed-rate, taxable, U.S. dollar-denominated debt with $300 million or more of par amount outstanding, issued by U.S. and non-U.S. industrial, utility, and financial institutions. Subordinated issues, securities with normal call and put provisions and sinking funds, medium-term notes (if they are publicly underwritten), 144A securities with registration rights, and global issues that are SEC-registered are included. Structured notes with embedded swaps or other special features, as well as private placements, floating-rate securities, and Eurobonds are excluded from the index.
The Bloomberg Long U.S. Treasury Index is designed to measure the performance of public obligations of the U.S. Treasury that have a remaining maturity of 10 years or more. The index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 years or more, are rated investment grade, and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars and must be fixed rate and non-convertible. Excluded from the index are certain special issues, such as flower bonds, targeted investor notes, state and local government series bonds, inflation protected public obligations of the U.S. Treasury, commonly known as "TIPS," and coupon issues that have been stripped from bonds included in the index.
The Bloomberg U.S. 1-3 Year Corporate Bond Index is designed to measure the performance of the short term U.S. corporate bond market. The index includes publicly issued U.S. dollar denominated corporate issues that have a remaining maturity of greater than or equal to 1 year and less than 3 years, are rated investment grade (must be Baa3/BBB- or higher using the middle rating of Moody's Investors Service, Inc., Fitch Inc., or Standard & Poor's Financial Services, LLC), and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars, fixed rate and nonconvertible. The index includes only corporate sectors. The corporate sectors are Industrial, Utility, and Financial Institutions, which include both U.S. and non-U.S. corporations. The following instruments are excluded from the index: structured notes with embedded swaps or other special features; private placements; floating rate securities; and Eurobonds.
The Bloomberg 1-3 Year U.S. Treasury Index is designed to measure the performance of short term (1-3 years) public obligations of the U.S. Treasury. The index includes all publicly issued U.S. Treasury securities that have a remaining maturity of greater than or equal to 1 year and less than 3 years, are rated investment grade and have $300 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars, fixed rate and non-convertible. Securities excluded from the index include state and local government series bonds, inflation protected public obligations of the U.S. Treasury, commonly known as "TIPS," floating rate bonds and coupon issues that have been stripped from bonds included in the index. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.
See accompanying notes to financial statements.
1


Table of Contents
Notes to Performance Summaries (Unaudited)  (continued)
The Bloomberg U.S. Government Inflation-Linked Bond Index includes publicly issued, U.S. Treasury inflation protected securities that have at least 1 year remaining to maturity on index rebalancing date, with an issue size equal to or in excess of $500 million. Bonds must be capital-indexed and linked to an eligible inflation index. The securities must be denominated in U.S. dollars and pay coupon and principal in U.S. dollars. The notional coupon of a bond must be fixed or zero. Bonds must settle on or before the index rebalancing date.
The Bloomberg 3-10 Year U.S. Treasury Index is designed to measure the performance of intermediate term (3-10 years) public obligations of the U.S. Treasury. The index includes all publicly issued U.S. Treasury securities that have a remaining maturity of greater than or equal to 3 years and less than 10 years, are rated investment grade and have $300 million or more of outstanding face value.
The ICE BofA US High Yield Index is market capitalization weighted and is designed to measure the performance of U.S. dollar denominated below investment grade (commonly referred to as "junk") corporate debt publicly issued in the U.S. domestic market. The index includes securities rated below investment grade (based on an average of Moody's Investors Service, Inc., Fitch, Inc., and Standard & Poor's Financial Services, LLC) with at least 18 months remaining to final maturity at the time of issuance and at least one year remaining term to final maturity as of the index's rebalancing date. In addition, individual securities of qualifying issuers must have a fixed coupon schedule and a minimum amount outstanding of $250 million.
The Bloomberg U.S. Corporate Bond Index is designed to measure the performance of the investment grade corporate bond market. The index includes publicly issued, investment grade, fixed-rate, taxable, U.S. dollar-denominated corporate bonds issued by U.S. and non-U.S. industrial, utility, and financial institutions. Bonds included in the index must have $300 million or more of par amount outstanding and a remaining maturity of at least 1 year. The index considers investment grade securities to be rated Baa3/BBB- or higher, using the middle rating of Moody's Investors Service, Inc., Fitch Inc., or Standard & Poor's Financial Services, LLC.
The Bloomberg U.S. MBS Index measures the performance of the U.S. agency mortgage pass-through segment of the U.S. investment grade bond market. The term “U.S. agency mortgage pass-through security” refers to a category of pass-through securities backed by pools of mortgages and issued by one of the following U.S. government-sponsored enterprises: Government National Mortgage Association (“GNMA”); Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corporation (“FHLMC”).
See accompanying notes to financial statements.
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Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio Aggregate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. dollar denominated investment grade bond market. The Fund’s benchmark is the Bloomberg U.S. Aggregate Bond Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 1.01%, and the Index was 0.94%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, and the cumulative effect of security mis-weights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing inflationary pressures and rate hikes as well as March’s banking crisis were the primary drivers of the Fund's performance during the Reporting Period. Overall, markets were volatile during the Reporting Period as inflation hit a forty year high of 9.1% in June 2022. By this point, the U.S. Federal Reserve (“Fed”) was already well on its journey to quell inflation, hiking an additional 3.5% throughout the Reporting Period. These interest rate hikes put upward pressure on the entirety of the yield curve, with yields on ten year Treasuries climbing as high as 4.24%, before ending the period at 3.83%, 82 bps higher than the start of the Reporting Period. Treasury yields dipped in March 2023 at the onset of the banking crisis as investors shifted to safe haven assets amid fears of broader market contagion. On the credit side, spreads peaked at 165bps in October, but tightened during the remainder of the period amid improving investor sentiment to end June at 123bps. Lastly, rates on 30-year fixed mortgages reached 23 year highs at 7.35%, leading to a widening of mortgage spreads, which ended the Reporting Period at 53 bps, 9bps higher than at the start of the period.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
3


Table of Contents
SPDR Portfolio Aggregate Bond ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg U.S. Aggregate Bond Index   Net
Asset
Value
Market
Value
Bloomberg U.S. Aggregate Bond Index
ONE YEAR (1.01)% (0.92)% (0.94)%   (1.01)% (0.92)% (0.94)%
FIVE YEARS 3.61% 3.70% 3.89%   0.71% 0.73% 0.77%
TEN YEARS 15.57% 15.48% 16.24%   1.46% 1.45% 1.52%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Portfolio Aggregate Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.03%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Aggregate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  U.S. Treasury Notes
1.13% 8/31/2028
0.8%  
  U.S. Treasury Bonds
4.63% 2/15/2040
0.7  
  U.S. Treasury Notes
3.75% 5/31/2030
0.6  
  U.S. Treasury Notes
1.88% 2/28/2029
0.6  
  U.S. Treasury Notes
3.50% 2/15/2033
0.5  
  TOTAL 3.2%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2023

     
    % of Net Assets  
  U.S. Treasury Obligations 40.6%  
  U.S. Government Agency Obligations 28.5  
  Corporate Bonds & Notes 25.0  
  Foreign Government Obligations 2.8  
  Mortgage-Backed Securities 1.0  
  Municipal Bonds & Notes 0.8  
  Asset-Backed Securities 0.4  
  Short-Term Investments 3.7  
  Liabilities in Excess of Other Assets (2.8)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Intermediate Term Corporate Bond ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio Intermediate Term Corporate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the intermediate term (1-10 years) sector of the United States corporate bond market. The Fund’s benchmark is the Bloomberg U.S. Intermediate Corporate Bond Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 1.63%, and the Index was 1.85%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and cumulative effect of security mis-weights contributed to the difference between the Fund’s performance and that of the Index
Ongoing inflationary pressures and rate hikes as well as March’s banking crisis were the primary drivers of the Fund's performance during the Reporting Period. The second half of 2022 was a continuation of the downward trend in credit markets we saw in earlier in the year and back in 2021, where investors were overwhelmingly risk adverse due to uncertainty around inflation and the path of the U.S. Federal Reserve (“Fed”) policy. Market sentiment turned more positive by the end of 2022 as the Fed started to taper their rate hikes, and we saw intermediate term credit spreads tighten from a peak of 150bps in October to 99bps in February. However, markets were roiled once more in March due to the failure of multiple bank failures, leading to a rush into safe haven Treasuries and a sell-off of credit: intermediate term credit spreads widened 53 bps in just one week. Once the threat of market contagion subsided, credit spreads tightened once more, ending the Reporting Period at 109 bps, 32 bps tighter than at the start of the period.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Intermediate Term Corporate Bond ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg U.S. Intermediate Corporate Bond Index   Net
Asset
Value
Market
Value
Bloomberg U.S. Intermediate Corporate Bond Index
ONE YEAR 1.63% 1.68% 1.85%   1.63% 1.68% 1.85%
FIVE YEARS 9.70% 9.75% 10.15%   1.87% 1.88% 1.95%
TEN YEARS 24.78% 24.81% 26.00%   2.24% 2.24% 2.34%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Portfolio Intermediate Term Corporate Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.04%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Intermediate Term Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Morgan Stanley
5.25% 4/21/2034
0.4%  
  JPMorgan Chase & Co.
5.72% 9/14/2033
0.2  
  JPMorgan Chase & Co.
5.35% 6/1/2034
0.2  
  Bank of America Corp.
2.59% 4/29/2031
0.2  
  Citigroup, Inc.
4.41% 3/31/2031
0.2  
  TOTAL 1.2%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2023

     
    % of Net Assets  
  Corporate Bonds & Notes 98.3%  
  Foreign Government Obligations 0.2  
  Short-Term Investments 6.1  
  Liabilities in Excess of Other Assets (4.6)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of June 30, 2023

     
    % of Total Investments  
  Financial 37.2%  
  Consumer, Non-cyclical 14.3  
  Industrial 7.3  
  Utilities 7.1  
  Communications 6.9  
  Technology 6.7  
  Consumer, Cyclical 6.6  
  Energy 5.9  
  Basic Materials 2.2  
  Short-Term Investments 5.8  
  TOTAL 100.0%  
(The sector breakdown is expressed as a percentage of total investments and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR PORTFOLIO LONG TERM CORPORATE BOND ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio Long Term Corporate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the long term (10+ years) sector of the United States corporate bond market. The Fund’s benchmark is the Bloomberg U.S. Long Term Corporate Bond Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 0.73%, and the Index was 0.98%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses and the cumulative effect of security mis-weights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing inflationary pressures and rate hikes as well as March’s banking crisis were the primary drivers of the Fund's performance during the Reporting Period. The second half of 2022 was a continuation of the downward trend in credit markets we saw in earlier in the year and back in 2021, where investors were overwhelmingly risk adverse due to uncertainty around inflation and the path of the U.S. Federal Reserve (“Fed”) policy. Market sentiment turned more positive by the end of 2022 as the Fed started to taper their rate hikes, and we saw credit spreads tighten from a peak of 203bps in September to 143bps in February. However, markets were roiled once more in March due to the failure of multiple bank failures, leading to a rush into safe haven Treasuries and a sell-off of credit, with spreads widening 26 bps in just one week. Once the threat of market contagion subsided, credit spreads tightened once more, ending the Reporting Period at 150 bps, 39 bps tighter than at the start of the period.
The Fund did not invest in derivatives during the Reporting Period
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
9


Table of Contents
SPDR Portfolio Long Term Corporate Bond ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg U.S. Long Term Corporate Bond Index   Net
Asset
Value
Market
Value
Bloomberg U.S. Long Term Corporate Bond Index
ONE YEAR 0.73% 1.09% 0.98%   0.73% 1.09% 0.98%
FIVE YEARS 6.95% 7.63% 8.32%   1.35% 1.48% 1.61%
TEN YEARS 39.78% 39.75% 41.38%   3.41% 3.40% 3.52%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Portfolio Long Term Corporate Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.04%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Long Term Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.90% 2/1/2046
0.5%  
  CVS Health Corp.
5.05% 3/25/2048
0.4  
  Pfizer Investment Enterprises Pte. Ltd.
5.11% 5/19/2043
0.3  
  Goldman Sachs Group, Inc.
6.75% 10/1/2037
0.3  
  Boeing Co.
5.81% 5/1/2050
0.3  
  TOTAL 1.8%  
(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 June 30, 2023

     
    % of Net Assets  
  Corporate Bonds & Notes 98.3%  
  Short-Term Investments 1.8  
  Liabilities in Excess of Other Assets (0.1)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of June 30, 2023

     
    % of Total Investments  
  Consumer, Non-cyclical 24.0%  
  Financial 14.6  
  Communications 13.4  
  Utilities 12.5  
  Energy 9.1  
  Industrial 8.4  
  Technology 8.3  
  Consumer, Cyclical 4.6  
  Basic Materials 3.3  
  Short-Term Investments 1.8  
  TOTAL 100.0%  
(The sector breakdown is expressed as a percentage of total investments and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Long Term Treasury ETF 
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio Long Term Treasury ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the long term (10+ years) sector of the United States Treasury market. The Fund’s benchmark is the Bloomberg Long U.S. Treasury Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 6.91%, and the Index was 6.82%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing hawkish the U.S. Federal Reserve (“Fed”) policy stemming from rising inflationary pressures, March’s banking crisis, and the debt ceiling limit were primary drivers of the Fund's performance during the Reporting Period. Long term Treasury markets remained volatile during the Reporting Period as inflation hit a forty year high of 9.1% in June 2022. By this point, the Fed was already well on its journey to quell inflation, hiking an additional 3.5% throughout the Reporting Period. These interest rate hikes put upward pressure on the entirety of the yield curve, with yields on 30-year Treasuries climbing as high as 4.38%, before ending the period at 3.86%, 68 bps higher than the start of the Reporting Period. Long term yields dipped in March 2023 at the onset of the banking crisis as investors shifted to safe haven assets amid fears of broader market contagion. Long term yields also experienced increased volatility (though to a lesser extent than shorter-term Treasuries) in the weeks approaching the debt ceiling limit as investors feared a U.S. default, though congress resolved the issue before the X-date by extending the limit out by about two years
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
12


Table of Contents
SPDR Portfolio Long Term Treasury ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg Long U.S. Treasury Index   Net
Asset
Value
Market
Value
Bloomberg Long U.S. Treasury Index
ONE YEAR (6.91)% (6.91)% (6.82)%   (6.91)% (6.91)% (6.82)%
FIVE YEARS (4.57)% (4.41)% (4.31)%   (0.93)% (0.90)% (0.88)%
TEN YEARS 18.60% 18.66% 19.51%   1.72% 1.73% 1.80%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Portfolio Long Term Treasury ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.06%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Long Term Treasury ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  U.S. Treasury Bonds
3.63% 2/15/2053
3.8%  
  U.S. Treasury Bonds
3.00% 8/15/2052
3.4  
  U.S. Treasury Bonds
4.00% 11/15/2052
3.0  
  U.S. Treasury Bonds
3.38% 8/15/2042
2.8  
  U.S. Treasury Bonds
3.25% 5/15/2042
2.8  
  TOTAL 15.8%  
(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 June 30, 2023

     
    % of Net Assets  
  U.S. Treasury Obligations 98.9%  
  Short-Term Investments 1.4  
  Liabilities in Excess of Other Assets (0.3)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Short Term Corporate Bond ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio Short Term Corporate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the short-term U.S. corporate bond market. The Fund’s benchmark is the Bloomberg U.S. 1-3 Year Corporate Bond Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 1.79%, and the Index was 1.67%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and security mis-weights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing inflationary pressures and rate hikes as well as March’s banking crisis were the primary drivers of the Fund's performance during the Reporting Period. The second half of 2022 was a continuation of the downward trend in credit markets we saw in earlier in the year and back in 2021, where investors were overwhelmingly risk adverse due to uncertainty around inflation and the path of the U.S. Federal Reserve (“Fed”) policy. Market sentiment turned more positive by the end of 2022 as the Fed started to taper their rate hikes, and we saw short term credit spreads tighten from a peak of 102bps in October to 61bps in February. However, markets were roiled once more in March due to the failure of multiple bank failures, leading to a rush into safe haven Treasuries and a sell-off of credit: short term credit spreads widened 71 bps in just one week. Once the threat of market contagion subsided, credit spreads tightened once more, ending the Reporting Period at 72 bps, 11 bps tighter than at the start of the period.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Short Term Corporate Bond ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg U.S. 1-3 Year Corporate Bond Index   Net
Asset
Value
Market
Value
Bloomberg U.S. 1-3 Year Corporate Bond Index
ONE YEAR 1.79% 1.82% 1.67%   1.79% 1.82% 1.67%
FIVE YEARS 8.63% 8.78% 8.72%   1.67% 1.70% 1.69%
TEN YEARS 16.21% 16.07% 17.56%   1.51% 1.50% 1.63%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Portfolio Short Term Corporate Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.04%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Short Term Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  AbbVie, Inc.
3.80% 3/15/2025
0.4%  
  Credit Suisse AG
3.63% 9/9/2024
0.4  
  Charter Communications Operating LLC/Charter Communications Operating Capital
4.91% 7/23/2025
0.4  
  Celanese U.S. Holdings LLC
6.05% 3/15/2025
0.4  
  Sprint LLC
7.63% 3/1/2026
0.4  
  TOTAL 2.0%  
(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 June 30, 2023

     
    % of Net Assets  
  Corporate Bonds & Notes 98.5%  
  Foreign Government Obligations 0.2  
  Short-Term Investments 5.1  
  Liabilities in Excess of Other Assets (3.8)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of June 30, 2023

     
    % of Net Assets  
  Financial 45.0%  
  Consumer, Non-cyclical 13.5  
  Consumer, Cyclical 7.8  
  Industrial 7.0  
  Technology 6.6  
  Energy 5.9  
  Communications 5.8  
  Utilities 5.3  
  Basic Materials 1.8  
  Short-Term Investments 5.1  
  Liabilities in Excess of Other Assets (3.8)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Short Term Treasury ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio Short Term Treasury ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the sort term sector of the United States Treasury market. The Fund’s benchmark is the Bloomberg 1-3 Year U.S. Treasury Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 0.09%, and the Index was 0.15%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing hawkish the U.S. Federal Reserve (“Fed”) policy stemming from rising inflationary pressures, March’s banking crisis, and the debt ceiling limit were primary drivers of the Fund's performance during the Reporting Period. Short term Treasury markets remained volatile during the Reporting Period as inflation hit a forty year high of 9.1% in June 2022. By this point, the Fed was already well on its journey to quell inflation, hiking an additional 3.5% throughout the Reporting Period. These interest rate hikes put upward pressure on the front end of the yield curve, with yields on two year Treasuries increasing by 1.94%. Short term yields dipped in March 2023 at the onset of the banking crisis as investors shifted to safe haven assets amid fears of broader market contagion. Short term yields also experienced increased volatility in the weeks approaching the debt ceiling limit as investors feared a U.S. default, though congress resolved the issue before the X-date by extending the limit out by about two years.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Short Term Treasury ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg 1-3 Year U.S. Treasury Index   Net
Asset
Value
Market
Value
Bloomberg 1-3 Year U.S. Treasury Index
ONE YEAR 0.09% 0.09% 0.15%   0.09% 0.09% 0.15%
FIVE YEARS 4.52% 4.54% 4.73%   0.89% 0.89% 0.93%
TEN YEARS(1) (2) 8.01% 8.13% 8.72%   0.77% 0.78% 0.84%
(1) Effective April 30, 2018 the Fund changed its benchmark index from the Bloomberg 1-5 Year U.S. Treasury Index to the Bloomberg 1-3 Year U.S. Treasury Index. The Fund’s performance in the tables is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to April, 30, 2018.
(2) Index returns represent the Fund’s prior benchmark index from November 30, 2011 through April 29, 2018 and the Bloomberg 1-3 Year U.S. Treasury Index from April 30, 2018 through June 30, 2023.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Portfolio Short Term Treasury ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.06%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Short Term Treasury ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  U.S. Treasury Notes
4.38% 10/31/2024
3.2%  
  U.S. Treasury Notes
4.25% 5/31/2025
2.9  
  U.S. Treasury Notes
4.63% 2/28/2025
2.9  
  U.S. Treasury Notes
3.75% 4/15/2026
2.8  
  U.S. Treasury Notes
4.25% 10/15/2025
2.7  
  TOTAL 14.5%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2023

     
    % of Net Assets  
  U.S. Treasury Obligations 99.1%  
  Short-Term Investments 1.3  
  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.)
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio TIPS ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio TIPS ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the inflation protected sector of the United States Treasury market. The Fund’s benchmark is the Bloomberg U.S. Government Inflation-Linked Bond Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 1.42%, and the Index was 1.33%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing hawkish the U.S. Federal Reserve (“Fed”) policy stemming from rising inflationary pressures, March’s banking crisis, and the debt ceiling limit were primary drivers of the Fund's performance during the Reporting Period. Intermediate term Treasury markets remained volatile during the Reporting Period as inflation hit a forty year high of 9.1% in June 2022. By this point, the Fed was already well on its journey to quell inflation, hiking an additional 3.5% throughout the Reporting Period. These interest rate hikes put upward pressure on the entirety of the yield curve, with yields on ten-year TIPS ending the Reporting Period at 1.62%, 95 bps higher than where they started. TIPS yields dipped in leading up to the December 2022 Federal Open Market Committee meeting as investors speculated that the Fed would start tapering rate hikes, and again in March 2023 at the onset of the banking crisis as investors shifted to safe haven assets amid fears of broader market contagion. TIPS also experienced increased volatility (though to a lesser extent than shorter-term, nominal Treasuries) in the weeks approaching the debt ceiling limit as investors feared a U.S. default, though congress resolved the issue before the X-date by extending the limit out by about two years.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio TIPS ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg U.S. Government Inflation-Linked Bond Index   Net
Asset
Value
Market
Value
Bloomberg U.S. Government Inflation-Linked Bond Index
ONE YEAR (1.42)% (1.37)% (1.33)%   (1.42)% (1.37)% (1.33)%
FIVE YEARS 12.38% 12.43% 12.99%   2.36% 2.37% 2.47%
TEN YEARS 21.92% 22.18% 23.59%   2.00% 2.02% 2.14%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Portfolio TIPS ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio TIPS ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  U.S. Treasury Inflation-Indexed Notes
0.63% 1/15/2026
3.1%  
  U.S. Treasury Inflation-Indexed Notes
0.25% 1/15/2025
3.0  
  U.S. Treasury Inflation-Indexed Bonds
2.38% 1/15/2025
3.0  
  U.S. Treasury Inflation-Indexed Notes
0.13% 7/15/2024
3.0  
  U.S. Treasury Inflation-Indexed Notes
0.63% 7/15/2032
3.0  
  TOTAL 15.1%  
(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 June 30, 2023

     
    % of Net Assets  
  U.S. Treasury Obligations 99.1%  
  Short-Term Investments 3.4  
  Liabilities in Excess of Other Assets (2.5)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR PORTFOLIO INTERMEDIATE TERM TREASURY ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio Intermediate Term Treasury ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the intermediate-term sector of the United States Treasury market. The Fund’s benchmark is the Bloomberg 3-10 Year U.S. Treasury Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 1.94%, and the Index was 1.85%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing hawkish the U.S. Federal Reserve (“Fed”) policy stemming from rising inflationary pressures, March’s banking crisis, and the debt ceiling limit were primary drivers of the Fund's performance during the Reporting Period. Intermediate term Treasury markets remained volatile during the Reporting Period as inflation hit a forty year high of 9.1% in June 2022. By this point, the Fed was already well on its journey to quell inflation, hiking an additional 3.5% throughout the Reporting Period. These interest rate hikes put upward pressure on the entirety of the yield curve, with yields on ten year Treasuries climbing as high as 4.24%, before ending the period at 3.83%, 82 bps higher than the start of the Reporting Period. Intermediate term yields dipped in March 2023 at the onset of the banking crisis as investors shifted to safe haven assets amid fears of broader market contagion. Intermediate term yields also experienced increased volatility (though to a lesser extent than shorter-term Treasuries) in the weeks approaching the debt ceiling limit as investors feared a U.S. default, though congress resolved the issue before the X-date by extending the limit out by about two years.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Intermediate Term Treasury ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg 3-10 Year U.S. Treasury Index   Net
Asset
Value
Market
Value
Bloomberg 3-10 Year U.S. Treasury Index
ONE YEAR (1.94)% (1.92)% (1.85)%   (1.94)% (1.92)% (1.85)%
FIVE YEARS 3.52% 3.58% 3.79%   0.69% 0.71% 0.75%
TEN YEARS(1) (2) 8.62% 8.71% 9.47%   0.83% 0.84% 0.91%
(1) Effective April 30, 2018, the Fund changed its benchmark from the Bloomberg Intermediate U.S. Treasury Index to the Bloomberg 3-10 Year U.S. Treasury Index. The Fund's performance is based on the Fund's prior investments strategy to track a different benchmark index for periods prior to April 30, 2018.
(2) Index returns represent the Fund's prior benchmark index from June 30, 2011 through April 29, 2018 and the Bloomberg 3-10 Year U.S. Treasury Index from April 30, 2018 through June 30, 2023.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Portfolio Intermediate Term Treasury ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.06%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio Intermediate Term Treasury ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  U.S. Treasury Notes
3.88% 12/31/2027
2.8%  
  U.S. Treasury Notes
3.63% 5/31/2028
2.8  
  U.S. Treasury Notes
4.00% 2/29/2028
2.7  
  U.S. Treasury Notes
3.75% 5/31/2030
2.6  
  U.S. Treasury Notes
3.38% 5/15/2033
2.5  
  TOTAL 13.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2023

     
    % of Net Assets  
  U.S. Treasury Obligations 99.1%  
  Short-Term Investments 2.6  
  Liabilities in Excess of Other Assets (1.7)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio High Yield Bond ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio High Yield Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the broad U.S. corporate high yield market. The Fund’s benchmark is the ICE BofA U.S. High Yield Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 8.96%, and the Index was 8.87%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security mis-weights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing inflationary pressures and rate hikes as well as improving investor sentiment were the primary drivers of the Fund's performance during the Reporting Period. The second half of 2022 was a continuation of the downward trend in credit markets we saw in earlier in the year and back in 2021, where investors were overwhelmingly risk adverse due to uncertainty around inflation and the path of the U.S. Federal Reserve (the "Fed") policy. Market sentiment turned more positive by the end of 2022 as the Fed started to taper their rate hikes, and we saw high yield credit spreads tighten from a peak of 569bps in July to 385bps in February. However, markets were roiled once more in March due to the failure of multiple bank failures, leading to a rush into safe haven Treasuries and a sell-off of credit: high yield spreads widened 105 bps in just one week. Once the threat of market contagion subsided, high yield spreads tightened once more, ending the Reporting Period at 390 bps, 179 bps tighter than at the start of the period.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio High Yield Bond ETF
Performance Summary (Unaudited)
Performance as of  June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
ICE BofA US High Yield Index   Net
Asset
Value
Market
Value
ICE BofA US High Yield Index
ONE YEAR 8.96% 8.97% 8.87%   8.96% 8.97% 8.87%
FIVE YEARS(1) (2) 19.68% 20.06% 18.44%   3.66% 3.72% 3.44%
TEN YEARS(1) (2) 47.66% 47.50% 48.28%   3.97% 3.96% 4.02%
(1) Effective April 1, 2019, the Fund changed its benchmark from the ICE BofAML US Diversified Crossover Corporate Index to the ICE BofAML US High Yield Index . The Fund’s performance is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to April 1, 2019.
(2) Index returns represent the Fund’s prior benchmark index from June 30, 2012 until April 1, 2019 and the ICE BofA US High Yield Index from April 1, 2019 through June 30, 2023.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Portfolio High Yield Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.10%.  Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio High Yield Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  TransDigm, Inc.
6.25% 3/15/2026
0.4%  
  American Airlines, Inc./AAdvantage Loyalty IP Ltd.
5.50% 4/20/2026
0.3  
  Medline Borrower LP
3.88% 4/1/2029
0.3  
  Cloud Software Group, Inc.
6.50% 3/31/2029
0.3  
  DISH Network Corp.
11.75% 11/15/2027
0.3  
  TOTAL 1.6%  
(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 June 30, 2023

     
    % of Net Assets  
  Corporate Bonds & Notes 97.8%  
  Common Stocks 0.0 *  
  Preferred Stocks 0.0 *  
  Short-Term Investments 8.9  
  Liabilities in Excess of Other Assets (6.7)  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of June 30, 2023

     
    % of Total Investments  
  Consumer, Cyclical 21.9%  
  Communications 14.3  
  Consumer, Non-cyclical 13.3  
  Energy 10.6  
  Industrial 10.3  
  Financial 9.9  
  Basic Materials 4.6  
  Technology 3.9  
  Utilities 2.8  
  Diversified 0.1  
  Short-Term Investments 8.3  
  TOTAL 100.0%  
(The sector breakdown is expressed as a percentage of total investments and may change over time.)
See accompanying notes to financial statements.
29


Table of Contents
SPDR PORTFOLIO CORPORATE BOND ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio Corporate Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. corporate bond market. The Fund’s benchmark is the Bloomberg U.S. Corporate Bond Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 1.66%, and the Index was 1.55%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Management Fees and expenses and the cumulative effect of security mis-weights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing inflationary pressures and rate hikes as well as March’s banking crisis were the primary drivers of the Fund's performance during the Reporting Period. The second half of 2022 was a continuation of the downward trend in credit markets we saw in earlier in the year and back in 2021, where investors were overwhelmingly risk adverse due to uncertainty around inflation and the path of the U.S. Federal Reserve (“Fed”) policy. Market sentiment turned more positive by the end of 2022 as the Fed started to taper their rate hikes, and we saw credit spreads tighten from a peak of 165bps in October to 115bps in February. However, markets were roiled once more in March due to the failure of multiple bank failures, leading to a rush into safe haven Treasuries and a sell-off of credit, with spreads widening 48 bps in just one week. Once the threat of market contagion subsided, credit spreads tightened once more, ending the Reporting Period at 123 bps, 35 bps tighter than at the start of the period.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
30


Table of Contents
SPDR Portfolio Corporate Bond ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg U.S. Corporate Bond Index   Net
Asset
Value
Market
Value
Bloomberg U.S. Corporate Bond Index
ONE YEAR 1.66% 1.92% 1.55%   1.66% 1.92% 1.55%
FIVE YEARS(1) (2) 9.76% 10.04% 8.94%   1.88% 1.93% 1.73%
TEN YEARS(1) (2) 28.00% 28.48% 28.42%   2.50% 2.54% 2.53%
(1) Effective July 31, 2018, the Fund changed its benchmark from the Bloomberg Issuer Scored Corporate Index to the Bloomberg U.S. Corporate Bond Index. The Fund’s performance is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to July 31, 2018.
(2) Index returns represent the Fund’s prior benchmark index from inception through July 30, 2018 and the Bloomberg U.S. Corporate Bond Index from July 31, 2018 through June 30, 2023.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Portfolio Corporate Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.03%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
31


Table of Contents
SPDR Portfolio Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Goldman Sachs Group, Inc.
4.22% 5/1/2029
0.2%  
  AT&T, Inc.
4.30% 2/15/2030
0.2  
  Goldman Sachs Group, Inc.
3.75% 5/22/2025
0.2  
  Bank of America Corp.
3.82% 1/20/2028
0.2  
  AT&T, Inc.
4.35% 3/1/2029
0.2  
  TOTAL 1.0%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2023

     
    % of Net Assets  
  Corporate Bonds & Notes 98.3%  
  Foreign Government Obligations 0.0 *  
  Short-Term Investments 4.3  
  Liabilities in Excess of Other Assets (2.6)  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of June 30, 2023

     
    % of Total Investments  
  Financial 31.1%  
  Consumer, Non-cyclical 17.3  
  Communications 9.2  
  Utilities 8.7  
  Technology 7.3  
  Industrial 7.1  
  Energy 6.9  
  Consumer, Cyclical 5.6  
  Basic Materials 2.6  
  Short-Term Investments 4.2  
  TOTAL 100.0%  
(The sector breakdown is expressed as a percentage of total investments and may change over time.)
See accompanying notes to financial statements.
32


Table of Contents
SPDR Portfolio Mortgage Backed Bond ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio Mortgage Backed Bond ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of an index that tracks the U.S. agency mortgage pass-through sector of the U.S. investment grade bond market. The Fund’s benchmark is the Bloomberg U.S. MBS Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 1.46%, and the Index was 1.52%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing inflationary pressures and rate hikes as well as rising mortgage rates were the primary drivers of the Fund's performance during the Reporting Period. The second half of 2022 saw a widening of mortgage spreads, which peaked at 88 bps in October as rates on a 30-year mortgage peaked at 7.35%, the highest level since 2000. Market sentiment turned more positive by the end of 2022 as the U.S. Federal Reserve (“Fed”) started to taper their rate hikes, and we saw spreads tighten to 36bps in February while mortgage rates also eased to 6.30%. Market volatility returned once more in March due to the failure of multiple regional U.S. banks as well as persistently strong economic data which led to multiple additional Fed rate hikes. In response, mortgage spreads widened, ending the Reporting Period at 53 bps, 9bps higher than at the start of the period.
The Fund did not invest in derivatives during the Reporting Period.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
33


Table of Contents
SPDR Portfolio Mortgage Backed Bond ETF
Performance Summary (Unaudited)
Performance as of June,30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Bloomberg U.S. MBS Index   Net
Asset
Value
Market
Value
Bloomberg U.S. MBS Index
ONE YEAR (1.46)% (1.37)% (1.52)%   (1.46)% (1.37)% (1.52)%
FIVE YEARS (0.29)% 0.14% 0.13%   (0.06)% 0.03% 0.03%
TEN YEARS 10.33% 10.74% 11.94%   0.99% 1.03% 1.13%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Portfolio Mortgage Backed Bond ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.05% (0.04% after fee waiver). Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
34


Table of Contents
SPDR Portfolio Mortgage Backed Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Federal National Mortgage Association
4.50% 8/1/2052
1.0%  
  Federal Home Loan Mortgage Corp.
2.00% 11/1/2051
0.9  
  Federal Home Loan Mortgage Corp.
2.50% 9/1/2051
0.8  
  Federal Home Loan Mortgage Corp.
2.00% 2/1/2052
0.8  
  Federal National Mortgage Association
2.50% 1/1/2052
0.7  
  TOTAL 4.2%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Allocation by Issuer as of June 30, 2023

     
  Description % of Total Investments  
  Federal National Mortgage Association 48.0%  
  Federal Home Loan Mortgage Corp. 24.6  
  Government National Mortgage Association 21.6  
  TOTAL 94.2%  
(The Fund's asset allocation is expressed as a percentage of total investments and may change over time.)
See accompanying notes to financial statements.
35


Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 25.0%          
ADVERTISING — 0.0% (a)  
Interpublic Group of Cos., Inc.:          
2.40%, 3/1/2031

    $ 150,000   $ 122,175
4.75%, 3/30/2030

    100,000   96,984
5.38%, 6/15/2033

    400,000   396,008
Omnicom Group, Inc.:          
2.45%, 4/30/2030

    286,000   239,960
4.20%, 6/1/2030

    100,000   93,671
Omnicom Group, Inc./Omnicom Capital, Inc.

3.60%, 4/15/2026

    472,000   453,375
WPP Finance 2010

3.75%, 9/19/2024

    168,000   162,960
          1,565,133
AEROSPACE & DEFENSE — 0.5%   
Boeing Co.:          
2.20%, 2/4/2026

    1,459,000   1,339,785
2.25%, 6/15/2026

    240,000   218,122
2.70%, 2/1/2027

    878,000   802,580
2.75%, 2/1/2026

    303,000   282,260
2.85%, 10/30/2024

    353,000   339,508
2.95%, 2/1/2030

    995,000   865,710
3.10%, 5/1/2026

    1,000   940
3.20%, 3/1/2029

    134,000   120,201
3.25%, 2/1/2028 (b)

    379,000   348,202
3.55%, 3/1/2038

    203,000   158,827
3.63%, 2/1/2031

    507,000   457,030
3.63%, 3/1/2048

    970,000   689,447
3.75%, 2/1/2050

    250,000   187,725
3.85%, 11/1/2048

    232,000   171,244
4.88%, 5/1/2025

    1,123,000   1,106,907
5.04%, 5/1/2027

    455,000   449,818
5.15%, 5/1/2030 (b)

    830,000   822,107
5.71%, 5/1/2040

    827,000   824,618
5.81%, 5/1/2050

    733,000   729,034
5.93%, 5/1/2060

    1,336,000   1,322,520
General Dynamics Corp.:          
2.13%, 8/15/2026

    183,000   168,671
2.38%, 11/15/2024

    135,000   129,462
3.25%, 4/1/2025

    524,000   507,143
3.50%, 5/15/2025

    554,000   538,721
3.63%, 4/1/2030

    246,000   231,806
3.75%, 5/15/2028

    357,000   342,117
4.25%, 4/1/2040

    426,000   392,048
Hexcel Corp.:          
4.20%, 2/15/2027

    328,000   310,363
4.95%, 8/15/2025

    123,000   120,357
L3Harris Technologies, Inc.:          
1.80%, 1/15/2031

    560,500   444,275
2.90%, 12/15/2029

    500,000   432,895
3.85%, 12/15/2026

    358,000   341,385
4.40%, 6/15/2028

    255,000   246,141
Security Description     Principal
Amount
  Value
6.15%, 12/15/2040

    $ 168,000   $ 175,995
Lockheed Martin Corp.:          
1.85%, 6/15/2030

    691,000   576,405
3.55%, 1/15/2026

    147,000   142,706
3.80%, 3/1/2045

    449,500   378,762
4.07%, 12/15/2042

    358,000   318,828
4.15%, 6/15/2053

    580,000   510,336
4.30%, 6/15/2062

    90,000   79,683
4.45%, 5/15/2028

    180,000   177,615
4.70%, 5/15/2046 (b)

    462,000   445,691
4.75%, 2/15/2034

    500,000   498,635
4.95%, 10/15/2025

    200,000   199,586
5.10%, 11/15/2027

    100,000   101,779
5.20%, 2/15/2055

    230,000   237,431
5.25%, 1/15/2033 (b)

    250,000   259,183
5.70%, 11/15/2054

    268,000   297,713
5.90%, 11/15/2063

    445,000   506,437
Series B, 6.15%, 9/1/2036

    400,000   443,412
Northrop Grumman Corp.:          
3.20%, 2/1/2027 (b)

    257,000   242,747
3.25%, 1/15/2028

    634,000   592,936
3.85%, 4/15/2045

    336,000   274,284
4.40%, 5/1/2030

    435,000   424,138
4.75%, 6/1/2043

    479,000   448,133
4.95%, 3/15/2053 (b)

    450,000   438,903
5.25%, 5/1/2050

    782,000   796,459
Raytheon Technologies Corp.:          
1.90%, 9/1/2031

    477,000   381,190
2.25%, 7/1/2030

    860,000   726,476
2.38%, 3/15/2032

    1,011,000   829,344
2.82%, 9/1/2051

    456,000   306,218
3.03%, 3/15/2052

    635,000   446,468
3.13%, 5/4/2027

    175,000   163,788
3.13%, 7/1/2050

    233,000   169,044
3.50%, 3/15/2027

    237,000   225,401
3.75%, 11/1/2046

    346,000   278,924
3.95%, 8/16/2025

    682,000   668,183
4.13%, 11/16/2028

    462,000   444,975
4.15%, 5/15/2045

    385,000   328,247
4.45%, 11/16/2038

    268,000   247,152
4.50%, 6/1/2042

    1,069,000   984,741
4.63%, 11/16/2048

    497,000   463,452
4.80%, 12/15/2043

    280,000   260,834
5.15%, 2/27/2033

    205,000   207,741
5.38%, 2/27/2053

    375,000   389,434
          31,531,378
AGRICULTURE — 0.3%   
Altria Group, Inc.:          
2.45%, 2/4/2032

    424,000   331,589
3.40%, 5/6/2030

    328,000   289,135
3.40%, 2/4/2041

    415,000   290,259
3.70%, 2/4/2051

    300,000   201,252
3.88%, 9/16/2046 (b)

    529,000   371,427
4.00%, 2/4/2061

    150,000   103,404
4.25%, 8/9/2042

    217,000   169,577
 
See accompanying notes to financial statements.
36


Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Principal
Amount
  Value
4.40%, 2/14/2026

    $ 312,000   $ 305,495
4.45%, 5/6/2050

    410,000   302,543
4.50%, 5/2/2043

    298,000   237,387
4.80%, 2/14/2029

    665,000   646,673
5.38%, 1/31/2044 (b)

    504,000   473,891
5.80%, 2/14/2039 (b)

    173,000   169,085
5.95%, 2/14/2049 (b)

    986,000   932,204
6.20%, 2/14/2059

    1,000   975
Archer-Daniels-Midland Co.:          
2.50%, 8/11/2026 (b)

    694,000   650,729
2.70%, 9/15/2051

    582,000   391,267
2.90%, 3/1/2032 (b)

    183,000   159,369
5.38%, 9/15/2035

    150,000   155,796
BAT Capital Corp.:          
2.26%, 3/25/2028

    189,000   162,020
2.73%, 3/25/2031

    270,000   214,993
3.22%, 8/15/2024

    330,000   320,182
3.22%, 9/6/2026

    207,000   192,665
3.46%, 9/6/2029

    120,000   104,274
3.56%, 8/15/2027

    1,020,000   939,073
3.73%, 9/25/2040

    175,000   124,812
3.98%, 9/25/2050

    241,000   162,473
4.39%, 8/15/2037

    807,000   644,874
4.54%, 8/15/2047

    874,000   644,916
4.70%, 4/2/2027

    810,000   784,744
4.76%, 9/6/2049

    244,000   184,203
5.28%, 4/2/2050

    140,000   116,145
7.75%, 10/19/2032

    315,000   346,481
BAT International Finance PLC:          
1.67%, 3/25/2026

    413,000   371,349
4.45%, 3/16/2028

    200,000   188,586
Bunge Ltd. Finance Corp.:          
1.63%, 8/17/2025

    110,000   101,266
3.25%, 8/15/2026

    217,000   204,635
3.75%, 9/25/2027

    149,000   140,826
Philip Morris International, Inc.:          
0.88%, 5/1/2026 (b)

    566,000   505,076
1.75%, 11/1/2030

    100,000   79,109
2.10%, 5/1/2030

    220,000   182,107
2.75%, 2/25/2026

    152,000   142,885
3.13%, 3/2/2028

    158,300   145,725
3.25%, 11/10/2024

    150,000   145,732
3.38%, 8/11/2025

    574,000   552,837
3.38%, 8/15/2029

    1,325,000   1,196,793
4.13%, 3/4/2043

    400,000   326,636
4.25%, 11/10/2044

    250,000   208,020
4.38%, 11/15/2041

    395,000   337,603
4.50%, 3/20/2042

    338,000   291,393
4.88%, 2/13/2026 (b)

    250,000   248,210
4.88%, 11/15/2043

    355,000   318,428
5.13%, 11/15/2024

    405,000   403,287
5.13%, 11/17/2027

    250,000   250,810
5.38%, 2/15/2033

    1,000,000   998,210
Security Description     Principal
Amount
  Value
5.63%, 11/17/2029

    $ 150,000   $ 152,838
5.75%, 11/17/2032

    626,000   641,537
Reynolds American, Inc.:          
4.45%, 6/12/2025

    731,000   710,642
5.85%, 8/15/2045

    1,065,000   948,627
6.15%, 9/15/2043

    240,000   230,822
          21,147,901
AIRLINES — 0.1%   
American Airlines Pass-Through Trust:          
Series A, Class A, 2.88%, 1/11/2036

    267,627   222,486
Series AA, Class AA, 3.15%, 8/15/2033

    10,216   8,869
Series AA, Class AA, 3.20%, 12/15/2029

    295,528   265,499
Series AA, Class AA, 3.58%, 7/15/2029

    33,044   30,508
Series 2015-2, Class AA, 3.60%, 3/22/2029

    78,203   72,620
Continental Airlines Pass-Through Trust

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

    6,852   6,631
Southwest Airlines Co.:          
3.00%, 11/15/2026

    230,000   211,354
5.13%, 6/15/2027

    623,000   618,346
5.25%, 5/4/2025

    425,000   421,031
Spirit Airlines Pass-Through Trust

Series 2018-1, Class A, 4.10%, 10/1/2029

    213,218   194,983
United Airlines Pass-Through Trust:          
Series AA, Class AA, 2.70%, 11/1/2033

    144,311   122,027
Series 2016-2, Class AA, 2.88%, 4/7/2030

    184,407   162,879
Series AA, Class AA, 3.10%, 1/7/2030

    282,495   254,695
Series AA, Class AA, 3.50%, 9/1/2031

    246,587   222,572
Series A, Class A, 3.75%, 3/3/2028

    61,543   57,716
Series A, Class A, 4.00%, 10/11/2027

    126,969   119,692
Series AA, Class AA, 4.15%, 2/25/2033

    20,414   18,695
Series A, Class A, 4.30%, 2/15/2027

    119,105   114,682
Series 2020-1, Class B, 4.88%, 7/15/2027

    175,360   168,168
Series 2023-1, 5.80%, 7/15/2037

    320,000   326,048
 
See accompanying notes to financial statements.
37


Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Principal
Amount
  Value
Series 20-1, Class A, 5.88%, 4/15/2029

    $ 209,137   $ 207,623