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.

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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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.

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.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

See accompanying notes to financial statements.

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.

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.

Notes to Performance Summaries (Unaudited)	1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)
SPDR Portfolio Aggregate Bond ETF (SPAB)	3
SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB)	6
SPDR Portfolio Long Term Corporate Bond ETF (SPLB)	9
SPDR Portfolio Long Term Treasury ETF (SPTL)	12
SPDR Portfolio Short Term Corporate Bond ETF (SPSB)	15
SPDR Portfolio Short Term Treasury ETF (SPTS)	18
SPDR Portfolio TIPS ETF (SPIP)	21
SPDR Portfolio Intermediate Term Treasury ETF (SPTI)	24
SPDR Portfolio High Yield Bond ETF (SPHY)	27
SPDR Portfolio Corporate Bond ETF (SPBO)	30
SPDR Portfolio Mortgage Backed Bond ETF (SPMB)	33
Schedules of Investments
SPDR Portfolio Aggregate Bond ETF (SPAB)	36
SPDR Portfolio Intermediate Term Corporate Bond ETF (SPIB)	126
SPDR Portfolio Long Term Corporate Bond ETF (SPLB)	187
SPDR Portfolio Long Term Treasury ETF (SPTL)	224
SPDR Portfolio Short Term Corporate Bond ETF (SPSB)	226
SPDR Portfolio Short Term Treasury ETF (SPTS)	250
SPDR Portfolio TIPS ETF (SPIP)	252
SPDR Portfolio Intermediate Term Treasury ETF (SPTI)	254
SPDR Portfolio High Yield Bond ETF (SPHY)	256
SPDR Portfolio Corporate Bond ETF (SPBO)	289
SPDR Portfolio Mortgage Backed Bond ETF (SPMB)	345
Financial Statements	360
Financial Highlights	373
Notes to Financial Statements	384
Report of Independent Registered Public Accounting Firm	396
Other Information (Unaudited)	397


	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%


		% 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%


	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%


		% 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%


		% 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%


	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%


		% 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%


	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%


		% 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%


	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%


		% 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%


		% 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%


	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%


		% 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%


	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%


	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%


	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%


		% 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%


		% 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%


	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%


		% 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%


	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%


	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%