Semi-Annual Report
December 31, 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 (Unaudited)
Portfolio Statistics (Unaudited)  
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Schedules of Investments (Unaudited)  
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315
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365
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
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Table of Contents
SPDR Portfolio Aggregate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Treasury Notes
1.13% 8/31/2028 		1.1%  
  Treasury Notes
1.88% 2/28/2029 		0.7  
  Treasury Bonds
4.63% 2/15/2040 		0.7  
  Treasury Notes
4.38% 10/31/2024 		0.7  
  Treasury Notes
0.75% 4/30/2026 		0.5  
  TOTAL 3.7%  
(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 December 31, 2022

      
    % of Net Assets  
  U.S. Treasury Obligations 40.4%  
  U.S. Government Agency Obligations 29.4  
  Corporate Bonds & Notes 24.6  
  Foreign Government Obligations 2.9  
  Mortgage-Backed Securities 1.0  
  Municipal Bonds & Notes 0.6  
  Asset-Backed Securities 0.4  
  Short-Term Investments 7.4  
  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.
1

Table of Contents
SPDR Portfolio Intermediate Term Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
3.65% 2/1/2026 		0.3%  
  Morgan Stanley
6.14% 10/16/2026 		0.2  
  Citigroup, Inc.
5.61% 9/29/2026 		0.2  
  CVS Health Corp.
3.75% 4/1/2030 		0.2  
  Boeing Co.
2.20% 2/4/2026 		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 December 31, 2022

      
    % of Net Assets  
  Corporate Bonds & Notes 98.5%  
  Foreign Government Obligations 0.1  
  Short-Term Investments 4.2  
  Liabilities in Excess of Other Assets (2.8)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of December 31, 2022

      
    % of Total Investments  
  Financial 40.9%  
  Consumer, Non-cyclical 14.0  
  Technology 7.0  
  Communications 6.8  
  Industrial 6.7  
  Consumer, Cyclical 6.5  
  Utilities 6.2  
  Energy 5.7  
  Basic Materials 2.2  
  Short-Term Investments 4.0  
  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.
2

Table of Contents
SPDR Portfolio Long Term Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.70% 2/1/2036 		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 		0.4  
  WarnerMedia Holdings, Inc.
5.39% 3/15/2062 		0.3  
  AT&T, Inc.
3.80% 12/1/2057 		0.3  
  TOTAL 1.8%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  Corporate Bonds & Notes 98.2%  
  Short-Term Investments 2.5  
  Liabilities in Excess of Other Assets (0.7)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of December 31, 2022

      
    % of Total Investments  
  Consumer, Non-cyclical 22.8%  
  Financial 14.7  
  Communications 13.6  
  Utilities 12.2  
  Industrial 8.9  
  Energy 8.6  
  Technology 8.2  
  Consumer, Cyclical 5.1  
  Basic Materials 3.4  
  Short-Term Investments 2.5  
  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.
3

Table of Contents
SPDR Portfolio Long Term Treasury ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Treasury Bonds
3.38% 8/15/2042 		3.4%  
  Treasury Bonds
3.00% 8/15/2052 		3.3  
  Treasury Bonds
4.00% 11/15/2052 		3.3  
  Treasury Bonds
2.88% 5/15/2052 		2.7  
  Treasury Bonds
1.75% 8/15/2041 		2.7  
  TOTAL 15.4%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  U.S. Treasury Obligations 99.2%  
  Short-Term Investments 6.4  
  Liabilities in Excess of Other Assets (5.6)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
4

Table of Contents
SPDR Portfolio Short Term Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Charter Communications Operating LLC/Charter Communications Operating Capital
4.91% 7/23/2025 		0.5%  
  AbbVie, Inc.
3.80% 3/15/2025 		0.5  
  Credit Suisse AG
3.63% 9/9/2024 		0.5  
  Natwest Group PLC
4.27% 3/22/2025 		0.4  
  Celanese US Holdings LLC
6.05% 3/15/2025 		0.4  
  TOTAL 2.3%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  Corporate Bonds & Notes 98.9%  
  Foreign Government Obligations 0.2  
  Short-Term Investments 4.0  
  Liabilities in Excess of Other Assets (3.1)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of December 31, 2022

      
    % of Net Assets  
  Financial 48.4%  
  Consumer, Non-cyclical 12.4  
  Consumer, Cyclical 7.3  
  Technology 7.0  
  Industrial 6.9  
  Energy 5.8  
  Communications 4.9  
  Utilities 4.8  
  Basic Materials 1.6  
  Short-Term Investments 4.0  
  Liabilities in Excess of Other Assets (3.1)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
5

Table of Contents
SPDR Portfolio Short Term Treasury ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Treasury Notes
4.50% 11/30/2024 		3.9%  
  Treasury Notes
4.50% 11/15/2025 		3.8  
  Treasury Notes
4.38% 10/31/2024 		2.5  
  Treasury Notes
2.50% 4/30/2024 		2.4  
  Treasury Notes
2.25% 3/31/2024 		2.3  
  TOTAL 14.9%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  U.S. Treasury Obligations 99.4%  
  Short-Term Investments 5.9  
  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.)
See accompanying notes to financial statements.
6

Table of Contents
SPDR Portfolio TIPS ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Treasury Inflation Protected Indexed Notes
0.63% 1/15/2026 		3.4%  
  Treasury Inflation Protected Indexed Notes
0.38% 7/15/2025 		3.3  
  Treasury Inflation Protected Indexed Bonds
2.38% 1/15/2025 		3.0  
  Treasury Inflation Protected Indexed Notes
0.25% 1/15/2025 		3.0  
  Treasury Inflation Protected Indexed Notes
0.13% 7/15/2024 		2.9  
  TOTAL 15.6%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  U.S. Treasury Obligations 99.7%  
  Short-Term Investments 4.0  
  Liabilities in Excess of Other Assets (3.7)  
  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.
7

Table of Contents
SPDR Portfolio Intermediate Term Treasury ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Treasury Notes
3.88% 11/30/2027 		2.8%  
  Treasury Notes
2.88% 5/15/2032 		2.5  
  Treasury Notes
0.63% 8/15/2030 		2.4  
  Treasury Notes
4.13% 10/31/2027 		2.3  
  Treasury Notes
3.13% 8/31/2027 		2.0  
  TOTAL 12.0%  
(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 December 31, 2022

      
    % of Net Assets  
  U.S. Treasury Obligations 99.4%  
  Short-Term Investments 4.5  
  Liabilities in Excess of Other Assets (3.9)  
  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.
8

Table of Contents
SPDR Portfolio High Yield Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  TransDigm, Inc.
6.25% 3/15/2026 		0.3%  
  Medline Borrower L.P.
3.88% 4/1/2029 		0.3  
  Picard Midco, Inc.
6.50% 3/31/2029 		0.3  
  Directv Financing LLC/Directv Financing Co-Obligor, Inc.
5.88% 8/15/2027 		0.3  
  American Airlines, Inc./AAdvantage Loyalty IP, Ltd.
5.50% 4/20/2026 		0.3  
  TOTAL 1.5%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  Corporate Bonds & Notes 97.7%  
  Foreign Government Obligations 0.1  
  Common Stocks 0.0 *  
  Preferred Stocks 0.0 *  
  Short-Term Investments 8.7  
  Liabilities in Excess of Other Assets (6.5)  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
Sector Breakdown as of December 31, 2022

      
    % of Total Investments  
  Consumer, Cyclical 21.0%  
  Communications 15.5  
  Consumer, Non-cyclical 13.3  
  Energy 11.5  
  Financial 9.8  
  Industrial 9.7  
  Basic Materials 4.6  
  Technology 3.8  
  Utilities 2.5  
  Diversified 0.1  
  Short-Term Investments 8.2  
  TOTAL 100.0%  
(The sector breakdown is expressed as a percentage of total investments and may change over time.)
See accompanying notes to financial statements.
9

Table of Contents
SPDR Portfolio Corporate Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Goldman Sachs Group, Inc.
3.75% 5/22/2025 		0.2%  
  AT&T, Inc.
4.35% 3/1/2029 		0.2  
  Microsoft Corp.
2.40% 8/8/2026 		0.2  
  T-Mobile USA, Inc.
5.20% 1/15/2033 		0.2  
  JPMorgan Chase & Co.
2.08% 4/22/2026 		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 December 31, 2022

      
    % of Net Assets  
  Corporate Bonds & Notes 98.9%  
  Short-Term Investments 5.0  
  Liabilities in Excess of Other Assets (3.9)  
  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 December 31, 2022

      
    % of Total Investments  
  Financial 31.9%  
  Consumer, Non-cyclical 16.0  
  Communications 9.4  
  Utilities 7.8  
  Technology 7.8  
  Industrial 7.2  
  Energy 6.7  
  Consumer, Cyclical 5.9  
  Basic Materials 2.5  
  Short-Term Investments 4.8  
  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.
10

Table of Contents
SPDR Portfolio Mortgage Backed Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Federal National Mortgage Association TBA
4.50% 1/15/2053 		1.7%  
  Federal Home Loan Mortgage Corp.
2.00% 11/1/2051 		1.0  
  Federal Home Loan Mortgage Corp.
2.50% 9/1/2051 		1.0  
  Federal National Mortgage Association TBA
5.00% 1/15/2053 		0.9  
  Federal National Mortgage Association
1.50% 1/1/2037 		0.9  
  TOTAL 5.5%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Allocation by Issuer as of December 31, 2022

      
  Description % of Total Investments  
  Federal National Mortgage Association 48.9%  
  Federal Home Loan Mortgage Corp. 23.6  
  Government National Mortgage Association 21.4  
  TOTAL 93.9%  
(The Fund's asset allocation is expressed as a percentage of total investments and may change over time.)
See accompanying notes to financial statements.
11

Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
CORPORATE BONDS & NOTES — 24.6%          
ADVERTISING — 0.0% (a)  
Interpublic Group of Cos., Inc.:          
2.40%, 3/1/2031
     $ 200,000   $ 158,098
3.38%, 3/1/2041
     292,000   205,816
4.65%, 10/1/2028
     250,000   239,308
4.75%, 3/30/2030
     100,000   94,307
Omnicom Group, Inc.

2.45%, 4/30/2030
     286,000   236,127
Omnicom Group, Inc./Omnicom Capital, Inc.:          
3.60%, 4/15/2026
     464,000   445,533
3.65%, 11/1/2024
     596,000   583,603
WPP Finance 2010

3.75%, 9/19/2024
     211,000   204,366
          2,167,158
AEROSPACE & DEFENSE — 0.5%   
Boeing Co.:          
1.43%, 2/4/2024
     335,000   320,458
1.95%, 2/1/2024
     166,000   159,797
2.20%, 2/4/2026
     1,591,000   1,446,092
2.25%, 6/15/2026
     310,000   279,713
2.70%, 2/1/2027
     878,000   792,825
2.75%, 2/1/2026
     307,000   285,086
2.80%, 3/1/2024
     137,000   132,597
2.85%, 10/30/2024
     135,000   129,207
2.95%, 2/1/2030
     690,000   584,064
3.10%, 5/1/2026
     185,000   173,930
3.20%, 3/1/2029
     134,000   117,894
3.25%, 2/1/2028
     344,000   314,113
3.25%, 3/1/2028
     275,000   246,152
3.25%, 2/1/2035
     187,000   142,021
3.45%, 11/1/2028
     265,000   237,594
3.55%, 3/1/2038
     300,000   220,977
3.60%, 5/1/2034
     171,000   136,456
3.63%, 2/1/2031
     221,000   193,428
3.63%, 3/1/2048
     550,000   365,552
3.83%, 3/1/2059
     650,000   418,431
3.85%, 11/1/2048
     232,000   160,361
3.90%, 5/1/2049
     700,000   493,416
4.88%, 5/1/2025
     1,077,000   1,068,309
5.04%, 5/1/2027
     455,000   450,245
5.15%, 5/1/2030
     830,000   809,474
5.71%, 5/1/2040
     827,000   787,312
5.81%, 5/1/2050
     627,000   583,361
5.93%, 5/1/2060
     590,000   541,779
6.13%, 2/15/2033
     315,000   320,040
General Dynamics Corp.:          
2.13%, 8/15/2026
     171,000   156,692
2.38%, 11/15/2024
     95,000   90,695
3.25%, 4/1/2025
     300,000   290,871
3.50%, 5/15/2025
     584,000   568,904
3.63%, 4/1/2030
     285,000   265,495
Security Description     Principal
Amount 		  Value
3.75%, 5/15/2028
     $ 330,000   $ 314,559
4.25%, 4/1/2040
     676,000   617,141
L3Harris Technologies, Inc.:          
1.80%, 1/15/2031
     560,500   430,352
2.90%, 12/15/2029
     15,000   12,826
3.85%, 12/15/2026
     85,000   81,215
3.95%, 5/28/2024
     124,000   121,818
4.40%, 6/15/2028
     192,000   185,435
5.05%, 4/27/2045
     120,000   107,527
6.15%, 12/15/2040
     168,000   172,217
Lockheed Martin Corp.:          
1.85%, 6/15/2030
     691,000   566,337
2.80%, 6/15/2050
     145,000   98,285
3.55%, 1/15/2026
     147,000   142,787
3.80%, 3/1/2045
     655,000   536,766
4.07%, 12/15/2042
     335,000   289,380
4.15%, 6/15/2053
     450,000   382,540
4.70%, 5/15/2046
     312,000   290,628
4.95%, 10/15/2025
     200,000   201,476
5.10%, 11/15/2027
     100,000   102,419
5.25%, 1/15/2033
     250,000   258,462
5.70%, 11/15/2054
     220,000   233,308
5.90%, 11/15/2063
     1,040,000   1,123,325
Northrop Grumman Corp.:          
2.93%, 1/15/2025
     655,000   628,610
3.20%, 2/1/2027
     257,000   241,331
3.25%, 1/15/2028
     409,000   378,260
3.85%, 4/15/2045
     150,000   119,788
4.40%, 5/1/2030
     409,000   393,491
4.75%, 6/1/2043
     299,000   276,393
5.05%, 11/15/2040
     192,000   183,644
5.25%, 5/1/2050
     802,000   793,234
Raytheon Technologies Corp.:          
1.90%, 9/1/2031
     511,000   400,706
2.25%, 7/1/2030
     879,000   731,258
2.38%, 3/15/2032
     1,248,000   1,011,741
2.82%, 9/1/2051
     281,000   183,271
3.13%, 5/4/2027
     25,000   23,298
3.13%, 7/1/2050
     211,000   148,637
3.20%, 3/15/2024
     520,000   508,602
3.50%, 3/15/2027
     325,000   309,647
3.75%, 11/1/2046
     346,000   269,423
3.95%, 8/16/2025
     642,000   627,529
4.13%, 11/16/2028
     262,000   251,082
4.15%, 5/15/2045
     190,000   158,428
4.45%, 11/16/2038
     246,000   223,616
4.50%, 6/1/2042
     1,059,000   953,036
4.63%, 11/16/2048
     403,000   364,731
4.80%, 12/15/2043
     105,000   95,632
Teledyne Technologies, Inc.:          
0.95%, 4/1/2024
     250,000   236,770
1.60%, 4/1/2026
     250,000   223,475
2.25%, 4/1/2028
     150,000   129,507
2.75%, 4/1/2031
     340,000   278,525
          29,695,809
 
See accompanying notes to financial statements.
12

Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
AGRICULTURE — 0.3%   
Altria Group, Inc.:          
2.35%, 5/6/2025
     $ 960,000   $ 903,034
2.45%, 2/4/2032
     424,000   319,764
3.40%, 5/6/2030
     193,000   164,753
3.40%, 2/4/2041
     465,000   308,560
3.88%, 9/16/2046
     66,000   44,052
4.00%, 2/4/2061
     242,000   157,721
4.25%, 8/9/2042
     217,000   160,749
4.40%, 2/14/2026
     312,000   305,835
4.45%, 5/6/2050
     210,000   148,758
4.50%, 5/2/2043
     298,000   224,242
4.80%, 2/14/2029 (b)
     781,000   748,823
5.38%, 1/31/2044 (b)
     484,000   428,243
5.80%, 2/14/2039
     154,000   141,236
5.95%, 2/14/2049
     761,000   678,165
6.20%, 2/14/2059
     1,000   934
Archer-Daniels-Midland Co.:          
2.50%, 8/11/2026 (b)
     651,000   604,102
2.70%, 9/15/2051
     617,000   410,829
2.90%, 3/1/2032
     183,000   157,298
5.38%, 9/15/2035
     150,000   153,677
BAT Capital Corp.:          
2.26%, 3/25/2028
     329,000   273,823
2.73%, 3/25/2031
     270,000   210,570
2.79%, 9/6/2024
     434,000   415,594
3.22%, 8/15/2024
     330,000   318,173
3.22%, 9/6/2026
     207,000   191,208
3.46%, 9/6/2029
     117,000   100,074
3.56%, 8/15/2027
     750,000   682,942
3.73%, 9/25/2040
     175,000   118,925
3.98%, 9/25/2050 (b)
     241,000   158,477
4.39%, 8/15/2037
     807,000   627,572
4.54%, 8/15/2047
     705,000   501,121
4.70%, 4/2/2027
     820,000   787,602
4.76%, 9/6/2049
     372,000   270,143
5.28%, 4/2/2050
     140,000   110,321
7.75%, 10/19/2032
     535,000   575,676
BAT International Finance PLC

1.67%, 3/25/2026
     667,000   590,555
Bunge, Ltd. Finance Corp.:          
1.63%, 8/17/2025
     293,000   267,075
3.25%, 8/15/2026
     217,000   202,385
3.75%, 9/25/2027
     238,000   222,570
Philip Morris International, Inc.:          
0.88%, 5/1/2026
     483,000   424,470
1.50%, 5/1/2025
     207,000   191,483
1.75%, 11/1/2030
     100,000   78,258
2.10%, 5/1/2030
     370,000   299,578
2.75%, 2/25/2026
     340,000   319,117
2.88%, 5/1/2024
     106,000   102,897
3.13%, 3/2/2028
     249,000   226,498
3.38%, 8/11/2025
     696,000   668,341
Security Description     Principal
Amount 		  Value
3.38%, 8/15/2029
     $ 495,000   $ 446,144
4.13%, 3/4/2043
     199,000   157,345
4.38%, 11/15/2041
     250,000   205,945
4.88%, 11/15/2043
     340,000   299,088
5.00%, 11/17/2025
     120,000   120,613
5.13%, 11/15/2024
     125,000   125,106
5.13%, 11/17/2027
     250,000   252,368
5.63%, 11/17/2029
     150,000   152,768
5.75%, 11/17/2032
     726,000   742,575
Reynolds American, Inc.:          
4.45%, 6/12/2025
     732,000   716,335
5.85%, 8/15/2045
     390,000   332,947
6.15%, 9/15/2043
     375,000   334,316
          18,881,773
AIRLINES — 0.1%   
American Airlines 2015-2 Pass Through Trust

Series 2015-2, Class AA, 3.60%, 3/22/2029
     172,331   155,215
American Airlines 2016-1 Pass Through Trust

Series AA, Class AA, 3.58%, 7/15/2029
     92,155   82,141
American Airlines 2016-2 Pass Through Trust

Series AA, Class AA, 3.20%, 12/15/2029
     445,370   388,074
American Airlines 2016-3 Pass Through Trust

Series 2016-3, Class AA, 3.00%, 4/15/2030
     111,934   96,826
American Airlines 2019-1 Pass Through Trust

Series AA, Class AA, 3.15%, 8/15/2033
     77,799   64,938
American Airlines 2021-1 Pass Through Trust

Series A, Class A, 2.88%, 1/11/2036
     125,000   99,886
Continental Airlines 2012-2 Pass Through Trust

Series 2-A, Class A, 4.00%, 4/29/2026
     4,416   4,201
Delta Air Lines 2019-1 Pass Through Trust

Series AA, 3.20%, 10/25/2025
     108,000   104,558
JetBlue 2019-1 Pass Through Trust

Series 2019, Class AA, 2.75%, 11/15/2033
     99,576   81,662
JetBlue 2020-1 Pass Through Trust

Series 1A, 4.00%, 5/15/2034
     260,738   230,875
Southwest Airlines Co.:          
2.63%, 2/10/2030
     272,000   225,102
 
See accompanying notes to financial statements.
13

Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
3.00%, 11/15/2026
     $ 119,000   $ 109,468
5.13%, 6/15/2027
     335,000   331,188
5.25%, 5/4/2025
     295,000   296,003
Spirit Airlines Pass Through Trust

Series A, Class A, 4.10%, 10/1/2029
     221,981   193,435
United Airlines 2012-1 Pass Through Trust

Series A, Class A, 4.15%, 10/11/2025
     79,863   77,007
United Airlines 2013-1 Pass Through Trust

Series A, Class A, 4.30%, 2/15/2027
     117,606   108,407
United Airlines 2014-2 Pass Through Trust

Series A, Class A, 3.75%, 3/3/2028
     51,067   46,517
United Airlines 2016-1 Pass Through Trust

Series AA, Class AA, 3.10%, 1/7/2030
     338,638   299,353
United Airlines 2016-2 Pass Through Trust

Series AA, 2.88%, 4/7/2030
     267,227   227,723
United Airlines 2018-1 Pass Through Trust

Series AA, Class AA, 3.50%, 9/1/2031
     18,609   15,865
United Airlines 2019-1 Pass Through Trust

Series AA, Class AA, 4.15%, 2/25/2033
     92,785   81,778
United Airlines 2019-2 Pass Through Trust

Series AA, Class AA, 2.70%, 11/1/2033
     367,078   295,420
United Airlines 2020-1 Pass Through Trust:          
Series 20-1, Class A, 5.88%, 4/15/2029
     935,814   921,805
Series 2020-1, Class B, 4.88%, 7/15/2027
     167,640   157,813
          4,695,260
APPAREL — 0.1%   
NIKE, Inc.:          
2.38%, 11/1/2026
     540,000   498,496
2.75%, 3/27/2027
     175,000   163,613
2.85%, 3/27/2030
     530,000   473,173
3.25%, 3/27/2040
     189,000   153,500
3.38%, 3/27/2050
     353,000   276,614
3.63%, 5/1/2043
     105,000   86,486
3.88%, 11/1/2045
     742,000   638,447
PVH Corp.

4.63%, 7/10/2025
     341,000   329,293
Security Description     Principal
Amount 		  Value
Ralph Lauren Corp.:          
2.95%, 6/15/2030 (b)
     $ 100,000   $ 86,141
3.75%, 9/15/2025
     239,000   232,189
Tapestry, Inc.:          
3.05%, 3/15/2032
     425,000   331,500
4.13%, 7/15/2027
     500,000   467,780
VF Corp.

2.40%, 4/23/2025
     317,000   297,486
          4,034,718
AUTO MANUFACTURERS — 0.4%   
American Honda Finance Corp.:          
Series GMTN, 3.50%, 2/15/2028
     334,000   312,050
Series GMTN, 3.55%, 1/12/2024
     226,000   222,895
Series MTN, 0.75%, 8/9/2024
     394,000   368,540
Series MTN, 1.20%, 7/8/2025
     250,000   228,660
Series MTN, 1.30%, 9/9/2026
     210,000   185,493
Series MTN, 1.80%, 1/13/2031 (b)
     270,000   214,323
Series MTN, 2.00%, 3/24/2028
     115,000   99,345
Series MTN, 2.15%, 9/10/2024
     509,000   485,820
Series MTN, 2.25%, 1/12/2029
     500,000   430,055
Series MTN, 2.35%, 1/8/2027
     131,000   119,048
Series MTN, 2.90%, 2/16/2024
     472,000   460,865
Aptiv PLC/Aptiv Corp.:          
2.40%, 2/18/2025
     290,000   273,493
3.25%, 3/1/2032
     225,000   184,790
Cummins, Inc.:          
0.75%, 9/1/2025
     292,000   263,369
1.50%, 9/1/2030
     245,000   192,820
2.60%, 9/1/2050 (b)
     506,000   315,729
General Motors Co.:          
4.20%, 10/1/2027
     318,000   299,419
5.00%, 10/1/2028
     416,000   399,942
5.00%, 4/1/2035
     100,000   86,061
5.15%, 4/1/2038
     24,000   20,784
5.20%, 4/1/2045
     275,000   224,854
5.40%, 10/15/2029
     195,000   186,488
5.40%, 4/1/2048
     200,000   164,518
5.60%, 10/15/2032
     190,000   177,183
5.95%, 4/1/2049
     270,000   235,772
6.13%, 10/1/2025
     651,000   663,668
6.25%, 10/2/2043
     339,000   314,124
6.75%, 4/1/2046
     382,000   369,914
6.80%, 10/1/2027
     412,000   427,829
 
See accompanying notes to financial statements.
14

Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
General Motors Financial Co., Inc.:          
1.05%, 3/8/2024
     $ 255,000   $ 242,171
1.25%, 1/8/2026
     539,000   475,166
1.50%, 6/10/2026
     300,000   260,409
2.35%, 2/26/2027
     257,000   224,626
2.35%, 1/8/2031
     284,000   214,500
2.40%, 4/10/2028
     200,000   168,784
2.70%, 8/20/2027
     250,000   218,315
2.70%, 6/10/2031
     391,000   300,656
2.75%, 6/20/2025
     595,000   557,206
3.10%, 1/12/2032
     110,000   86,403
3.50%, 11/7/2024
     428,000   412,810
3.60%, 6/21/2030
     591,000   496,883
3.85%, 1/5/2028
     644,000   589,099
3.95%, 4/13/2024
     350,000   343,108
4.00%, 1/15/2025
     409,000   397,090
4.00%, 10/6/2026
     178,000   167,724
4.30%, 7/13/2025
     661,000   641,263
4.35%, 4/9/2025
     331,000   322,371
4.35%, 1/17/2027
     383,000   364,421
5.00%, 4/9/2027
     189,000   183,230
5.10%, 1/17/2024
     673,000   671,055
5.25%, 3/1/2026
     433,000   426,410
6.05%, 10/10/2025
     250,000   254,380
Honda Motor Co., Ltd.

2.53%, 3/10/2027
     231,000   211,425
Magna International, Inc.

3.63%, 6/15/2024
     155,000   151,554
Mercedes-Benz Finance North America LLC

8.50%, 1/18/2031
     244,000   300,708
PACCAR Financial Corp.:          
4.95%, 10/3/2025
     250,000   251,322
Series MTN, 0.35%, 2/2/2024
     200,000   190,326
Series MTN, 1.10%, 5/11/2026
     222,000   197,809
Toyota Motor Corp.:          
0.68%, 3/25/2024
     370,000   351,163
1.34%, 3/25/2026 (b)
     371,000   332,665
2.36%, 7/2/2024
     600,000   577,668
Toyota Motor Credit Corp.:          
0.63%, 9/13/2024
     585,000   544,576
1.90%, 9/12/2031
     350,000   276,769
2.50%, 3/22/2024
     539,000   523,073
3.05%, 3/22/2027
     325,000   303,202
3.65%, 8/18/2025
     345,000   335,561
3.65%, 1/8/2029
     124,000   116,559
4.40%, 9/20/2024
     725,000   718,903
4.55%, 9/20/2027
     350,000   345,261
5.40%, 11/10/2025
     250,000   253,855
5.45%, 11/10/2027
     250,000   255,910
Series GMTN, 3.05%, 1/11/2028
     85,000   78,701
Security Description     Principal
Amount 		  Value
Series MTN, 0.45%, 1/11/2024
     $ 342,000   $ 326,648
Series MTN, 0.50%, 6/18/2024
     836,000   784,369
Series MTN, 0.80%, 10/16/2025
     235,000   210,668
Series MTN, 0.80%, 1/9/2026
     182,000   162,468
Series MTN, 1.13%, 6/18/2026
     175,000   154,842
Series MTN, 1.65%, 1/10/2031
     155,000   121,982
Series MTN, 1.80%, 2/13/2025
     676,000   635,602
Series MTN, 1.90%, 4/6/2028
     220,000   191,547
Series MTN, 2.00%, 10/7/2024
     164,000   156,046
Series MTN, 2.90%, 4/17/2024
     150,000   146,050
Series MTN, 3.00%, 4/1/2025
     345,000   331,566
Series MTN, 3.38%, 4/1/2030
     280,000   254,705
          25,739,434
AUTO PARTS & EQUIPMENT — 0.0% (a)  
Aptiv PLC

3.10%, 12/1/2051
     370,000   219,329
Aptiv PLC

4.35%, 3/15/2029
     41,000   38,532
Aptiv PLC/Aptiv Corp.

4.15%, 5/1/2052
     255,000   184,684
BorgWarner, Inc.

2.65%, 7/1/2027 (b)
     397,000   353,695
Lear Corp.:          
3.50%, 5/30/2030 (b)
     400,000   337,928
4.25%, 5/15/2029
     101,000   90,945
5.25%, 5/15/2049 (b)
     150,000   123,550
Magna International, Inc.

2.45%, 6/15/2030
     300,000   247,614
          1,596,277
BANKS — 5.5%   
Australia & New Zealand Banking Group, Ltd.

Series MTN, 3.70%, 11/16/2025
     499,000   484,988
Banco Bilbao Vizcaya Argentaria SA:          
1.13%, 9/18/2025
     391,000   349,769
1 year CMT + 2.70%, 6.14%, 9/14/2028 (c)
     200,000   200,674
Banco Santander SA:          
1.85%, 3/25/2026
     555,000   492,784
2.71%, 6/27/2024
     400,000   383,968
2.75%, 5/28/2025
     582,000   544,903
3.31%, 6/27/2029
     1,015,000   887,222
 
See accompanying notes to financial statements.
15

Table of Contents
SPDR PORTFOLIO AGGREGATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
3.49%, 5/28/2030
     $ 295,000   $ 249,066
3.80%, 2/23/2028
     185,000   167,891
3.89%, 5/24/2024
     1,000,000   978,680
5.29%, 8/18/2027
     400,000   390,228
1 year CMT + 0.90%, 1.72%, 9/14/2027 (c)
     650,000   555,646
1 year CMT + 1.60%, 3.23%, 11/22/2032 (c)
     430,000   325,544
1 year CMT + 2.00%, 4.18%, 3/24/2028 (c)
     250,000   231,698
Bank of America Corp.:          
6.11%, 1/29/2037
     672,000   684,143
7.75%, 5/14/2038
     513,000   598,430
3 Month USD LIBOR + 0.81%, 3.37%, 1/23/2026 (c)
     253,000   241,342
3 Month USD LIBOR + 1.04%, 3.42%, 12/20/2028 (c)
     1,712,000   1,552,835
3 Month USD LIBOR + 1.19%, 3.95%, 1/23/2049 (c)
     300,000   231,744
3 Month USD LIBOR + 1.51%, 3.71%, 4/24/2028 (c)
     310,000   287,289
3 Month USD LIBOR + 1.81%, 4.24%, 4/24/2038 (c)
     503,000   430,246
5 Year CMT + 1.20%, 2.48%, 9/21/2036 (c)
     905,250   667,359
5 Year CMT + 2.00%, 3.85%, 3/8/2037 (b)  (c)
     514,000   425,129
SOFR + 0.67%, 1.84%, 2/4/2025 (c)
     1,030,000   986,658
SOFR + 0.69%, 0.98%, 4/22/2025 (c)
     1,329,000   1,245,645
SOFR + 0.96%, 1.73%, 7/22/2027 (c)
     1,776,000   1,556,717
SOFR + 1.05%, 2.55%, 2/4/2028 (c)
     500,000   444,045