Annual Report
June 30, 2022
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

125

185

223

225

247

249

251

253

288

330

344

357

368

381

382
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 (the “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.
2


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, 2022 (the “Reporting Period”), the total return for the Fund was 10.30% and the Index was 10.29%. 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.
Inflationary pressures and rate hikes led to yields widening along with the risk-off sentiment stemming from market volatility were primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV around $27. Further, the NAV was consistent around $29 through 2H21 and declined steadily to around $26 in the first half of 2022.
The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. Fixed Income, which enjoyed a decade-long bull run grounded to a halt as the risk-off sentiment saw investors shift allocations to safer assets. As economies staggered from the pandemic lows, pent-up demand, and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed”) which called inflation transitionary in Q3 2021 turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, plummeting index returns. Global Aggregate yields widened by 179 bps during the Reporting Period. As inflation rose unabated, he Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.
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, 2022
  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 (10.30)% (10.33)% (10.29)%   (10.30)% (10.33)% (10.29)%
FIVE YEARS 4.12% 4.08% 4.46%   0.81% 0.80% 0.88%
TEN YEARS 15.63% 15.56% 16.54%   1.46% 1.46% 1.54%
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, 2022.
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, 2022

     
  Description % of Net Assets  
  Treasury Notes
1.13% 8/31/2028
1.4%  
  Treasury Notes
0.75% 12/31/2023
1.3  
  Treasury Notes
1.88% 2/28/2029
0.9  
  Treasury Bonds
4.63% 2/15/2040
0.9  
  Treasury Notes
0.75% 8/31/2026
0.6  
  TOTAL 5.1%  
(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, 2022

     
    % of Net Assets  
  U.S. Treasury Obligations 40.3%  
  U.S. Government Agency Obligations 29.8  
  Corporate Bonds & Notes 23.9  
  Foreign Government Obligations 3.2  
  Mortgage-Backed Securities 1.0  
  Municipal Bonds & Notes 0.4  
  Asset-Backed Securities 0.3  
  Commercial Mortgage Backed Securities 0.1  
  Short-Term Investments 7.7  
  Liabilities in Excess of Other Assets (6.7)  
  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 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, 2022 (the “Reporting Period”), the total return for the Fund was 9.54% and the Index was 9.41%. 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.
Inflationary pressures and rate hikes led to yields widening along with the risk-off sentiment stemming from market volatility were primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV of around $34.5. The fund was steady around the $36 range in 2H21 and declined steadily to around $32 for the first half of this year.
The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. Corporate bonds, which enjoyed a decade-long bull run grounded to a halt as the risk-off sentiment saw investors shift allocations to safer assets. As economies staggered from the pandemic lows, pent-up demand, and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed”), which called inflation transitionary in Q3 2021, turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, tampering down index returns. Russia’s invasion of Ukraine in Q1 2022 added further pressure on the high yield market as key commodities and energy faced severe supply issues. As inflation rose unabated, the Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.
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, 2022
  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 (9.54)% (9.54)% (9.41)%   (9.54)% (9.54)% (9.41)%
FIVE YEARS 7.40% 7.33% 7.72%   1.44% 1.42% 1.50%
TEN YEARS 25.36% 24.53% 26.67%   2.29% 2.22% 2.39%
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, 2022.
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, 2022

     
  Description % of Net Assets  
  Apple, Inc.
1.13% 5/11/2025
0.2%  
  Goldman Sachs Group, Inc.
1.95% 10/21/2027
0.2  
  T-Mobile USA, Inc.
3.88% 4/15/2030
0.2  
  JPMorgan Chase & Co.
2.01% 3/13/2026
0.2  
  Bank of America Corp.
3.38% 4/2/2026
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, 2022

     
    % of Net Assets  
  Corporate Bonds & Notes 98.4%  
  Foreign Government Obligations 0.1  
  Short-Term Investments 3.8  
  Liabilities in Excess of Other Assets (2.3)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of June 30, 2022

     
    % of Total Investments  
  Financial 41.8%  
  Consumer, Non-cyclical 13.3  
  Industrial 7.2  
  Technology 7.1  
  Consumer, Cyclical 6.5  
  Communications 6.4  
  Utilities 6.2  
  Energy 5.9  
  Basic Materials 1.8  
  Short-Term Investments 3.8  
  TOTAL 100.0%  
(The sector breakdown is expressed as a percentage of total investments and may change over time.)
See accompanying notes to financial statements.
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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, 2022 (the “Reporting Period”), the total return for the Fund was 21.79%, and the Index was 21.71%. 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.
Inflationary pressures and rate hikes led to yields widening along with the risk-off sentiment stemming from market volatility were primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV of around $28. The fund was steady around the $31 value throughout 2H21 and steadily declined to $24 for the first half of this year.
The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. Corporate bonds, which enjoyed a decade-long bull run grounded to a halt as the risk-off sentiment saw investors shift allocations to safer assets. As economies staggered from the pandemic lows, pent-up demand, and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed”), which called inflation transitionary in Q3 2021, turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, tampering down index returns. Russia’s invasion of Ukraine in Q1 2022 added further pressure on the high yield market as key commodities and energy faced severe supply issues. As inflation rose unabated, the Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.
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, 2022
  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 (21.79)% (21.75)% (21.71)%   (21.79)% (21.75)% (21.71)%
FIVE YEARS 4.41% 4.27% 5.39%   0.87% 0.84% 1.06%
TEN YEARS 36.34% 33.68% 38.12%   3.15% 2.95% 3.28%
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, 2022.
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.
10


Table of Contents
SPDR Portfolio Long Term Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Magallanes, Inc.
5.39% 3/15/2062
0.4%  
  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.90% 2/1/2046
0.4  
  CVS Health Corp.
5.05% 3/25/2048
0.3  
  AT&T, Inc.
3.55% 9/15/2055
0.3  
  GE Capital International Funding Co. Unlimited Co.
4.42% 11/15/2035
0.3  
  TOTAL 1.7%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2022

     
    % of Net Assets  
  Corporate Bonds & Notes 98.4%  
  Short-Term Investments 1.9  
  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.)
Sector Breakdown as of June 30, 2022

     
    % of Total Investments  
  Consumer, Non-cyclical 23.2%  
  Financial 15.4  
  Communications 13.5  
  Utilities 11.8  
  Industrial 9.1  
  Energy 8.4  
  Technology 8.0  
  Consumer, Cyclical 4.9  
  Basic Materials 3.8  
  Short-Term Investments 1.9  
  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, 2022 (the “Reporting Period”), the total return for the Fund was 18.51%, and the Index was 18.45%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing policy action and the resulting risk rally stemming from rising inflationary pressures and Federal Reserve’s (“the Feds”) hawkish policy were primary drivers of Fund performance during the Reporting Period. The Fund NAV decreased from between $41.23 to $33.07 for the same period.
Markets in general remain volatile as inflation hit a forty year high of 9.1%. In response the Federal Reserve (“the Fed”) has taken a hawkish stance by aggressively raising policy rates to combat the high inflation print. U.S. 30 year Treasury yields remained flat around 200 bps in 2021 and then increased dramatically in the first half of 2022 to around 318 bps amid fears of rising inflation, which contributed to low returns.
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, 2022
  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 (18.51)% (18.44)% (18.45)%   (18.51)% (18.44)% (18.45)%
FIVE YEARS 2.33% 2.36% 2.56%   0.46% 0.47% 0.51%
TEN YEARS 16.64% 16.50% 17.54%   1.55% 1.54% 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 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, 2022.
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, 2022

     
  Description % of Net Assets  
  Treasury Bonds
2.38% 5/15/2051
3.5%  
  Treasury Bonds
3.00% 8/15/2048
3.3  
  Treasury Bonds
1.88% 2/15/2051
3.0  
  Treasury Bonds
1.75% 8/15/2041
3.0  
  Treasury Bonds
2.00% 11/15/2041
2.9  
  TOTAL 15.7%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of June 30, 2022

     
    % of Net Assets  
  U.S. Treasury Obligations 99.0%  
  Short-Term Investments 9.9  
  Liabilities in Excess of Other Assets (8.9)  
  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, 2022 (the “Reporting Period”), the total return for the Fund was 3.84% and the Index was 3.82%. 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 mis-weights contributed to the difference between the Fund’s performance and that of the Index.
Inflationary pressures and rate hikes led to yields widening along with the risk-off sentiment stemming from market volatility were primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV of around $31 during Reporting Period.
The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. Corporate bonds, which enjoyed a decade-long bull run grounded to a halt as the risk-off sentiment saw investors shift allocations to safer assets. As economies staggered from the pandemic lows, pent-up demand, and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed”), which called inflation transitionary in Q3 2021, turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, tampering down index returns. Russia’s invasion of Ukraine in Q1 2022 added further pressure on the high yield market as key commodities and energy faced severe supply issues. As inflation rose unabated, the Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.
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, 2022
  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 (3.84)% (3.82)% (3.82)%   (3.84)% (3.82)% (3.82)%
FIVE YEARS 7.26% 7.29% 7.62%   1.41% 1.42% 1.48%
TEN YEARS 16.43% 16.13% 18.41%   1.53% 1.51% 1.70%
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, 2022.
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, 2022

     
  Description % of Net Assets  
  Boeing Co.
1.43% 2/4/2024
0.5%  
  Credit Suisse AG
3.63% 9/9/2024
0.5  
  Natwest Group PLC
4.27% 3/22/2025
0.4  
  Bristol-Myers Squibb Co.
2.90% 7/26/2024
0.4  
  Citigroup, Inc.
4.40% 6/10/2025
0.4  
  TOTAL 2.2%  
(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, 2022

     
    % of Net Assets  
  Corporate Bonds & Notes 98.3%  
  Foreign Government Obligations 0.2  
  Short-Term Investments 6.8  
  Liabilities in Excess of Other Assets (5.3)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of June 30, 2022

     
    % of Net Assets  
  Financial 47.3%  
  Consumer, Non-cyclical 12.6  
  Consumer, Cyclical 7.4  
  Energy 7.1  
  Industrial 6.9  
  Technology 6.3  
  Utilities 5.4  
  Communications 4.3  
  Basic Materials 1.2  
  Short-Term Investments 6.8  
  Liabilities in Excess of Other Assets (5.3)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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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 short 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, 2022 (the “Reporting Period”), the total return for the Fund was 3.55%, and the Index was 3.51%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing policy action and the resulting risk rally stemming from rising inflationary pressures and Federal Reserve’s (“the Feds”) hawkish policy were primary drivers of Fund performance during the Reporting Period. The Fund NAV decreased from $30.64 to around $29.46 during the Reporting Period.
Markets in general remain volatile as inflation hit a forty year high of 9.1%. In response the Federal Reserve (“the Fed”) has taken a hawkish stance by aggressively raising policy rates to combat the high inflation print. 2 year treasury yields increased from 73bps to 313 bps amid fears of rising inflation, which contributed to low returns.
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, 2022
  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 (3.55)% (3.52)% (3.51)%   (3.55)% (3.52)% (3.51)%
FIVE YEARS(1) (2) 3.84% 3.86% 4.05%   0.76% 0.76% 0.80%
TEN YEARS(1) (2) 7.81% 8.09% 8.56%   0.75% 0.78% 0.82%
(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, 2022.
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, 2022.
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, 2022

     
  Description % of Net Assets  
  Treasury Notes
0.38% 9/15/2024
2.1%  
  Treasury Notes
2.63% 4/15/2025
1.9  
  Treasury Notes
2.38% 8/15/2024
1.8  
  Treasury Notes
2.25% 11/15/2024
1.7  
  Treasury Notes
0.13% 7/31/2023
1.6  
  TOTAL 9.1%  
(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, 2022

     
    % of Net Assets  
  U.S. Treasury Obligations 99.6%  
  Short-Term Investments 8.8  
  Liabilities in Excess of Other Assets (8.4)  
  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, 2022 (the “Reporting Period”), the total return for the Fund was 5.81%, and the Index was 5.73%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing policy action and the resulting risk rally stemming from rising inflationary pressures and Federal Reserve’s (“the Feds”) hawkish policy were primary drivers of Fund performance during the Reporting Period. The Fund NAV decreased from around $30.98 to around $27.53.
Markets in general remain volatile as inflation hit a forty year high of 9.1%. In response the Federal Reserve (“the Fed”) has taken a hawkish stance by aggressively raising policy rates to combat the high inflation print. The yield on U.S. 10 year TIPS increased from -87 bps to 67 bps for the Reporting Period, which negatively affected returns.
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, 2022
  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 (5.81)% (5.81)% (5.73)%   (5.81)% (5.81)% (5.73)%
FIVE YEARS 16.39% 16.43% 17.10%   3.08% 3.09% 3.21%
TEN YEARS 17.10% 17.00% 18.80%   1.59% 1.58% 1.74%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
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, 2022.
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, 2022

     
  Description % of Net Assets  
  Treasury Inflation Protected Indexed Notes
0.63% 1/15/2026
3.3%  
  Treasury Inflation Protected Indexed Notes
0.63% 1/15/2024
3.2  
  Treasury Inflation Protected Indexed Notes
0.13% 7/15/2024
3.2  
  Treasury Inflation Protected Indexed Notes
0.38% 7/15/2025
3.1  
  Treasury Inflation Protected Indexed Notes
0.38% 7/15/2027
3.0  
  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, 2022

     
    % of Net Assets  
  U.S. Treasury Obligations 99.2%  
  Short-Term Investments 0.6  
  Other Assets in Excess of Liabilities 0.2  
  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 (UNUADITED)
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, 2022 (the “Reporting Period”), the total return for the Fund was 8.34% and the Index was 8.31%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing policy action and the resulting risk rally stemming from rising inflationary pressures and Federal Reserve’s (“the Feds”) hawkish policy were primary drivers of Fund performance during the Reporting Period. The Fund NAV decreased from around $32.38 to $29.45 for the same period.
Markets in general remain volatile as inflation hit a forty year high of 9.1%. In response the Federal Reserve (“the Fed”) has taken a hawkish stance by aggressively raising policy rates to combat the high inflation print. The U.S. 10 year Treasury yields remained flat around 150bps in 2021 and then increased dramatically in the first half of 2022 to around 300bps amid fears of rising inflation, which contributed to low returns across the entirety of the curve.
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, 2022
  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 (8.34)% (8.35)% (8.31)%   (8.34)% (8.35)% (8.31)%
FIVE YEARS(1) (2) 4.85% 4.88% 5.13%   0.95% 0.96% 1.01%
TEN YEARS(1) (2) 9.91% 9.96% 10.80%   0.95% 0.95% 1.03%
(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, 2022.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
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, 2022.
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.
25


Table of Contents
SPDR Portfolio Intermediate Term Treasury ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  U.S. Treasury Notes
1.88% 2/15/2032
2.2%  
  Treasury Notes
1.38% 11/15/2031
2.1  
  Treasury Notes
1.25% 8/15/2031
2.0  
  Treasury Notes
0.88% 11/15/2030
1.9  
  Treasury Notes
1.63% 5/15/2031
1.9  
  TOTAL 10.1%  
(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, 2022

     
    % of Net Assets  
  U.S. Treasury Obligations 99.5%  
  Short-Term Investments 7.1  
  Liabilities in Excess of Other Assets (6.6)  
  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, 2022 (the “Reporting Period”), the total return for the Fund was 12.19% and the Index was 12.66%. 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, the cumulative effect of security misweights and the impact from securities lending income contributed to the difference between the Fund’s performance and that of the Index.
Inflationary pressures and rate hikes led to yields widening along with the risk-off sentiment stemming from market volatility were primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV of around $25. The fund was steady around the $26 mark in 2H21 and steadily declined towards $22 for the first half of this year.
The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. High Yield bonds were hit particularly hard as investors moved away from risky assets. As economies staggered from the pandemic lows, pent-up demand and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed”), which called inflation transitionary in Q3 2021, turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, tampering down index returns. Russia’s invasion of Ukraine in Q1 2022 added further pressure on the high yield market as key commodities and energy faced severe supply issues. As inflation rose unabated, the the Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.
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.
27


Table of Contents
SPDR Portfolio High Yield Bond ETF
Performance Summary (Unaudited)
Performance as of June 30, 2022
  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 (12.19)% (12.08)% (12.66)%   (12.19)% (12.08)% (12.66)%
FIVE YEARS(1) (2) 9.63% 9.21% 8.85%   1.86% 1.78% 1.71%
TEN YEARS(1) (2) 41.09% 39.03% 42.62%   3.50% 3.35% 3.61%
(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, 2022.
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, 2022.
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
Performance Summary (Unaudited)  (continued)
Top Five Holdings as of June 30, 2022

     
  Description % of Net Assets  
  Sprint Corp.
7.88% 9/15/2023
0.4%  
  TransDigm, Inc.
6.25% 3/15/2026
0.3  
  Medline Borrower LP
3.88% 4/1/2029
0.3  
  Centene Corp.
4.63% 12/15/2029
0.3  
  American Airlines, Inc./AAdvantage Loyalty IP, Ltd.
5.50% 4/20/2026
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, 2022

     
    % of Net Assets  
  Corporate Bonds & Notes 97.9%  
  Foreign Government Obligations 0.1  
  Common Stocks 0.0 *  
  Preferred Stocks 0.0 *  
  Short-Term Investments 9.3  
  Liabilities in Excess of Other Assets (7.3)  
  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, 2022

     
    % of Total Investments  
  Consumer, Cyclical 20.1%  
  Communications 16.2  
  Consumer, Non-cyclical 13.9  
  Energy 12.2  
  Financial 9.8  
  Industrial 8.9  
  Basic Materials 4.3  
  Technology 3.4  
  Utilities 2.5  
  Diversified 0.1  
  Short-Term Investments 8.6  
  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, 2022 (the “Reporting Period”), the total return for the Fund was 14.17% and the Index was 14.19%. 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, the cumulative effect of security misweights and the impact from securities lending income contributed to the difference between the Fund’s performance and that of the Index.
Inflationary pressures and rate hikes led to yields widening along with the risk-off sentiment stemming from market volatility were primary drivers of Fund performance during the Reporting Period. The Fund performed in line with expectations, maintaining a consistent average NAV of around $33. The fund remained steady around $34 in 2H21 and steadily declined to around $30 in the first half of 2022.
The Reporting Period witnessed significant volatility as supply-chain bottlenecks driven by COVID-19 lockdowns crippled economies during the latter half of 2021. Though global vaccination programs brought some relief, multiple waves of the pandemic saw an extremely cautious and risk-averse investor. Corporate bonds, which enjoyed a decade-long bull run grounded to a halt as the risk-off sentiment saw investors shift allocations to safer assets. As economies staggered from the pandemic lows, pent-up demand, and supply-chain issues saw global inflation heat up exponentially. The Federal Reserve (“the Fed’), which called inflation transitionary in Q3 2021, turned hawkish as inflation remained high and sticky. Policy rate hikes in Q1 2022 pushed yields higher, tampering down index returns. Russia’s invasion of Ukraine in Q1 2022 added further pressure on the high yield market as key commodities and energy faced severe supply issues. As inflation rose unabated, the Fed accelerated policy rate hikes to combat it – bringing to the forefront growth risks and concerns of an imminent recession.
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, 2022
  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 (14.17)% (14.18)% (14.19)%   (14.17)% (14.18)% (14.19)%
FIVE YEARS(1) (2) 7.14% 7.07% 6.70%   1.39% 1.38% 1.31%
TEN YEARS(1) (2) 27.30% 26.04% 28.41%   2.44% 2.34% 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, 2022.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
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, 2022.
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, 2022

     
  Description % of Net Assets  
  Goldman Sachs Group, Inc.
3.75% 5/22/2025
0.3%  
  Citigroup, Inc.
3.67% 7/24/2028
0.2  
  Bank of America Corp.
3.97% 3/5/2029
0.2  
  Wells Fargo & Co.
2.19% 4/30/2026
0.2  
  Goldman Sachs Group, Inc.
4.22% 5/1/2029
0.2  
  TOTAL 1.1%  
(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, 2022

     
    % of Net Assets  
  Corporate Bonds & Notes 98.2%  
  Short-Term Investments 4.7  
  Liabilities in Excess of Other Assets (2.9)  
  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, 2022

     
    % of Total Investments  
  Financial 31.2%  
  Consumer, Non-cyclical 17.0  
  Communications 9.3  
  Utilities 8.2  
  Industrial 7.7  
  Technology 7.1  
  Energy 6.6  
  Consumer, Cyclical 5.8  
  Basic Materials 2.5  
  Short-Term Investments 4.6  
  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, 2022 (the “Reporting Period”), the total return for the Fund was 9.25% and the Index was 9.03%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Ongoing policy action and the resulting risk rally stemming from rising inflationary pressures and the Federal Reserve’s (“the Feds”) hawkish policy were primary drivers of Fund performance during the Reporting Period. Agency Fixed Rate detracted from performance in both security selection and asset allocation by 24bps and 3bps respectively. The Fund NAV decreased from around $25.79 to around $22.84.
Markets in general remain volatile as inflation hit a forty year high of 9.1%. In response, the Federal Reserve (“the Fed”) has taken a hawkish stance by aggressively raising policy rates to combat the high inflation print. Additionally the Fed is implementing quantitative tightening that includes a plan to reduce the size of its balance sheet by $30 billion in Treasuries and up to $17.5 billion in maturing agency mortgage backed securities per month that started.
June 1, 2022. Beginning September 1, 2022 those caps will rise to $60 billion and $35 billion, respectively, for a maximum potential monthly balance sheet roll-off of $95 billion. 30 year mortgage rates remained at around 3% in the last half of 2021, and increased to 5.8% in the first half of 2022.
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, 2022
  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 (9.25)% (9.23)% (9.03)%   (9.25)% (9.23)% (9.03)%
FIVE YEARS 1.11% 1.20% 1.83%   0.22% 0.24% 0.36%
TEN YEARS 9.95% 9.98% 12.42%   0.95% 0.96% 1.18%
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, 2022.
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, 2022

     
  Description % of Net Assets  
  Federal Home Loan Mortgage Corp.
2.00% 11/1/2051
1.1%  
  Federal Home Loan Mortgage Corp.
2.50% 9/1/2051
1.0  
  Federal National Mortgage Association
2.50% 10/1/2051
1.0  
  Federal National Mortgage Association
1.50% 1/1/2037
0.9  
  Federal National Mortgage Association
2.50% 1/1/2052
0.9  
  TOTAL 4.9%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Allocation by Issuer as of June 30, 2022

     
  Description % of Total Investments  
  Federal National Mortgage Association 51.8%  
  Federal Home Loan Mortgage Corp. 24.5  
  Government National Mortgage Association 21.1  
  TOTAL 97.4%  
(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, 2022

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 23.9%          
ADVERTISING — 0.0% (a)  
Interpublic Group of Cos., Inc.:          
2.40%, 3/1/2031

    $ 200,000   $ 161,814
3.38%, 3/1/2041

    302,000   225,718
4.65%, 10/1/2028

    250,000   247,155
Omnicom Group, Inc.

2.45%, 4/30/2030

    327,000   275,377
Omnicom Group, Inc./Omnicom Capital, Inc.:          
3.60%, 4/15/2026

    599,000   582,599
3.65%, 11/1/2024

    331,000   328,001
WPP Finance 2010

3.75%, 9/19/2024

    141,000   137,820
          1,958,484
AEROSPACE & DEFENSE — 0.5%   
Boeing Co.:          
1.43%, 2/4/2024

    335,000   320,478
1.95%, 2/1/2024

    166,000   160,344
2.20%, 2/4/2026

    1,341,000   1,210,212
2.25%, 6/15/2026

    260,000   234,515
2.70%, 2/1/2027

    244,000   217,167
2.75%, 2/1/2026

    307,000   285,043
2.80%, 3/1/2024

    147,000   144,073
2.85%, 10/30/2024 (b)

    100,000   97,047
3.10%, 5/1/2026 (b)

    285,000   266,743
3.20%, 3/1/2029

    234,000   202,894
3.25%, 2/1/2028

    200,000   179,372
3.25%, 2/1/2035

    137,000   104,284
3.45%, 11/1/2028

    225,000   200,833
3.60%, 5/1/2034

    171,000   136,097
3.63%, 2/1/2031

    405,000   350,519
3.63%, 3/1/2048

    265,000   177,449
3.83%, 3/1/2059

    250,000   160,875
3.85%, 11/1/2048

    132,000   93,826
4.88%, 5/1/2025

    902,000   898,627
5.04%, 5/1/2027

    525,000   518,627
5.15%, 5/1/2030

    1,089,000   1,044,776
5.71%, 5/1/2040

    910,000   850,158
5.81%, 5/1/2050

    1,106,000   1,018,438
5.88%, 2/15/2040

    435,000   407,673
5.93%, 5/1/2060

    1,255,000   1,148,112
6.13%, 2/15/2033

    505,000   515,514
6.88%, 3/15/2039

    465,000   482,921
General Dynamics Corp.:          
1.88%, 8/15/2023

    200,000   197,362
2.13%, 8/15/2026

    121,000   113,481
2.38%, 11/15/2024

    95,000   92,493
3.25%, 4/1/2025

    200,000   198,346
3.50%, 5/15/2025

    309,000   308,181
3.63%, 4/1/2030 (b)

    235,000   227,673
3.75%, 5/15/2028

    315,000   309,969
4.25%, 4/1/2040

    811,000   775,940
Security Description     Principal
Amount
  Value
L3Harris Technologies, Inc.:          
1.80%, 1/15/2031

    $ 130,000   $ 103,718
3.85%, 12/15/2026

    345,000   338,348
3.95%, 5/28/2024

    124,000   124,321
4.40%, 6/15/2028

    492,000   483,237
5.05%, 4/27/2045

    120,000   116,726
6.15%, 12/15/2040

    168,000   184,928
Lockheed Martin Corp.:          
1.85%, 6/15/2030

    740,000   631,620
2.80%, 6/15/2050

    145,000   108,328
3.55%, 1/15/2026 (b)

    147,000   147,250
3.60%, 3/1/2035

    220,000   202,422
3.80%, 3/1/2045

    639,000   564,033
4.07%, 12/15/2042

    300,000   278,442
4.70%, 5/15/2046

    402,000   405,819
Northrop Grumman Corp.:          
2.93%, 1/15/2025

    430,000   420,996
3.20%, 2/1/2027

    257,000   246,867
3.25%, 8/1/2023

    319,000   318,936
3.25%, 1/15/2028

    259,000   246,055
3.85%, 4/15/2045

    200,000   168,934
4.40%, 5/1/2030

    495,000   494,673
4.75%, 6/1/2043

    299,000   286,615
5.05%, 11/15/2040

    192,000   191,977
5.15%, 5/1/2040

    60,000   60,795
5.25%, 5/1/2050

    452,000   477,375
Raytheon Technologies Corp.:          
1.90%, 9/1/2031

    280,000   229,348
2.25%, 7/1/2030

    817,000   704,385
2.38%, 3/15/2032

    1,365,000   1,156,292
2.82%, 9/1/2051

    405,000   289,223
3.03%, 3/15/2052

    680,000   508,871
3.13%, 7/1/2050

    269,000   206,199
3.20%, 3/15/2024 (b)

    520,000   518,617
3.50%, 3/15/2027

    375,000   366,465
3.75%, 11/1/2046

    336,000   285,738
3.95%, 8/16/2025

    642,000   644,690
4.05%, 5/4/2047

    261,000   231,674
4.13%, 11/16/2028

    254,000   250,937
4.15%, 5/15/2045

    200,000   177,714
4.35%, 4/15/2047

    330,000   305,006
4.45%, 11/16/2038

    346,000   332,873
4.50%, 6/1/2042

    918,000   874,643
4.63%, 11/16/2048

    203,000   197,826
4.80%, 12/15/2043

    105,000   103,092
Teledyne Technologies, Inc.:          
0.95%, 4/1/2024

    200,000   189,172
1.60%, 4/1/2026

    200,000   179,240
2.25%, 4/1/2028

    150,000   129,986
2.75%, 4/1/2031

    240,000   200,710
          28,335,178
AGRICULTURE — 0.3%   
Altria Group, Inc.:          
2.35%, 5/6/2025

    400,000   377,224
2.45%, 2/4/2032

    724,000   545,244
 
See accompanying notes to financial statements.
36


Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2022

Security Description     Principal
Amount
  Value
3.40%, 5/6/2030

    $ 193,000   $ 164,473
3.40%, 2/4/2041

    515,000   342,207
3.88%, 9/16/2046

    16,000   10,777
4.00%, 2/4/2061

    258,000   170,308
4.25%, 8/9/2042

    217,000   159,491
4.40%, 2/14/2026

    362,000   354,384
4.45%, 5/6/2050

    210,000   150,854
4.50%, 5/2/2043

    398,000   294,874
4.80%, 2/14/2029

    831,000   787,547
5.38%, 1/31/2044 (b)

    444,000   382,550
5.80%, 2/14/2039

    154,000   140,511
5.95%, 2/14/2049

    761,000   667,892
6.20%, 2/14/2059

    1,000   933
Archer-Daniels-Midland Co.:          
2.50%, 8/11/2026

    460,000   440,537
2.70%, 9/15/2051

    407,000   298,416
2.90%, 3/1/2032

    183,000   165,467
BAT Capital Corp.:          
2.26%, 3/25/2028

    279,000   233,492
2.73%, 3/25/2031 (b)

    844,000   664,777
2.79%, 9/6/2024

    184,000   177,595
3.22%, 8/15/2024

    455,000   442,597
3.22%, 9/6/2026

    166,000   155,011
3.46%, 9/6/2029

    267,000   228,637
3.73%, 9/25/2040

    375,000   263,891
3.98%, 9/25/2050

    265,000   180,232
4.39%, 8/15/2037

    757,000   601,603
4.54%, 8/15/2047

    632,000   464,394
4.70%, 4/2/2027

    1,006,000   983,516
4.76%, 9/6/2049

    522,000   393,536
5.28%, 4/2/2050 (b)

    325,000   267,631
BAT International Finance PLC

1.67%, 3/25/2026

    667,000   591,596
Bunge, Ltd. Finance Corp.:          
1.63%, 8/17/2025

    143,000   131,664
3.25%, 8/15/2026 (b)

    217,000   206,258
3.75%, 9/25/2027 (b)

    238,000   228,889
Philip Morris International, Inc.:          
0.88%, 5/1/2026 (b)

    200,000   177,092
1.50%, 5/1/2025

    207,000   193,700
1.75%, 11/1/2030

    100,000   77,523
2.10%, 5/1/2030

    370,000   302,253
2.75%, 2/25/2026 (b)

    340,000   324,819
2.88%, 5/1/2024

    106,000   104,758
3.13%, 3/2/2028 (b)

    265,000   242,282
3.38%, 8/11/2025 (b)

    515,000   506,662
3.38%, 8/15/2029 (b)

    200,000   180,278
3.60%, 11/15/2023

    775,000   778,108
4.13%, 3/4/2043

    249,000   200,552
4.38%, 11/15/2041

    250,000   208,742
4.88%, 11/15/2043

    340,000   303,151
Reynolds American, Inc.:          
4.45%, 6/12/2025

    587,000   584,746
Security Description     Principal
Amount
  Value
5.85%, 8/15/2045

    $ 596,000   $ 501,379
6.15%, 9/15/2043

    475,000   431,799
          16,786,852
AIRLINES — 0.1%   
American Airlines 2015-2 Pass Through Trust

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

    142,442   130,368
American Airlines 2016-1 Pass Through Trust

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

    95,218   87,109
American Airlines 2016-2 Pass Through Trust

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

    273,798   246,517
American Airlines 2016-3 Pass Through Trust

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

    115,752   102,743
American Airlines 2019-1 Pass Through Trust

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

    80,242   70,316
American Airlines 2021-1 Class A Pass Through Trust

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

    100,000   84,858
Continental Airlines 2012-2 Pass Through Trust

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

    24,204   23,054
Delta Air Lines 2019-1 Class AA Pass Through Trust

Series AA, 3.20%, 10/25/2025

    118,000   113,928
JetBlue 2019-1 Pass Through Trust

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

    102,380   86,781
JetBlue 2020-1 Pass Through Trust

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

    225,461   207,108
Southwest Airlines Co.:          
2.63%, 2/10/2030

    272,000   229,435
3.00%, 11/15/2026

    105,000   98,128
5.13%, 6/15/2027

    410,000   413,633
5.25%, 5/4/2025

    195,000   198,912
Spirit Airlines Pass Through Trust

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

    230,745   215,567
 
See accompanying notes to financial statements.
37


Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2022

Security Description     Principal
Amount
  Value
United Airlines 2012-1 Pass Through Trust

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

    $ 55,703   $ 53,959
United Airlines 2013-1 Pass Through Trust

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

    78,504   74,608
United Airlines 2014-2 Pass Through Trust

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

    246,521   231,500
United Airlines 2016-1 Pass Through Trust

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

    141,072   126,890
United Airlines 2018-1 Pass Through Trust

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

    37,525   33,757
United Airlines 2019-1 Pass Through Trust

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

    95,560   88,999
United Airlines 2019-2 Pass Through Trust

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

    186,666   157,025
United Airlines 2020-1 Class B Pass Through Trust

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

    249,600   236,204
United Airlines 2020-1 Pass Through Trust

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

    494,556   486,049
          3,797,448
APPAREL — 0.1%   
NIKE, Inc.:          
2.38%, 11/1/2026

    540,000   513,799
2.75%, 3/27/2027

    175,000   168,394
2.85%, 3/27/2030

    623,000   572,026
3.25%, 3/27/2040

    254,000   217,548
3.38%, 3/27/2050

    103,000   87,594
3.63%, 5/1/2043 (b)

    105,000   92,694
3.88%, 11/1/2045

    317,000   291,142
PVH Corp.

4.63%, 7/10/2025

    315,000   314,471
Ralph Lauren Corp.:          
2.95%, 6/15/2030 (b)

    457,000   401,767
3.75%, 9/15/2025 (b)

    189,000   188,250
Tapestry, Inc.

3.05%, 3/15/2032

    325,000   264,641