SPDR SERIES TRUST

Semi-Annual Report

December 31, 2020

SPDR^® Series Trust - Fixed Income Funds

SPDR Bloomberg Barclays Convertible Securities ETF

SPDR Bloomberg Barclays High Yield Bond ETF

SPDR Bloomberg Barclays Short Term High Yield 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 www.ssga.com. Please read the prospectus carefully before you invest.

TABLE OF CONTENTS (Unaudited)

Portfolio Statistics (Unaudited)
SPDR Bloomberg Barclays Convertible Securities ETF (CWB)	1
SPDR Bloomberg Barclays High Yield Bond ETF (JNK)	2
SPDR Bloomberg Barclays Short Term High Yield Bond ETF (SJNK)	3
Schedules of Investments (Unaudited)
SPDR Bloomberg Barclays Convertible Securities ETF (CWB)	4
SPDR Bloomberg Barclays High Yield Bond ETF (JNK) (Summary)	20
SPDR Bloomberg Barclays Short Term High Yield Bond ETF (SJNK) (Summary)	31
Financial Statements (Unaudited)	43
Financial Highlights (Unaudited)	48
Notes to Financial Statements (Unaudited)	51
Other Information (Unaudited)	65

Table of Contents

SPDR Bloomberg Barclays Convertible Securities ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2020


	Description	% of Net Assets
	Tesla, Inc. 2.00% 5/15/2024	4.7%
	Tesla, Inc. 2.38% 3/15/2022	2.0
	Wells Fargo & Co. 7.50% 12/31/2049	1.9
	Broadcom, Inc. 8.00% 9/30/2022	1.7
	Bank of America Corp. 7.25% 12/31/2049	1.4
	TOTAL	11.7%

(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, 2020


		% of Net Assets
	Corporate Bonds & Notes	80.1%
	Convertible Preferred Stocks	19.1
	Short-Term Investments	7.7
	Liabilities in Excess of Other Assets	(6.9)
	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, 2020


		% of Net Assets
	Communications	24.8%
	Technology	24.0
	Consumer, Cyclical	16.6
	Consumer, Non-cyclical	16.3
	Financial	6.0
	Utilities	5.8
	Industrial	3.0
	Energy	1.6
	Basic Materials	1.1
	Short-Term Investments	7.7
	Liabilities in Excess of Other Assets	(6.9)
	TOTAL	100.0%

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

See accompanying notes to financial statements.

Table of Contents

SPDR Bloomberg Barclays High Yield Bond ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2020


	Description	% of Net Assets
	Altice France SA 7.38% 5/1/2026	0.5%
	TransDigm, Inc. 6.25% 3/15/2026	0.4
	Carnival Corp. 11.50% 4/1/2023	0.4
	Centene Corp. 4.63% 12/15/2029	0.3
	Colt Merger Sub, Inc. 6.25% 7/1/2025	0.3
	TOTAL	1.9%

(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, 2020


		% of Net Assets
	Corporate Bonds & Notes	98.0%
	Senior Floating Rate Loans	0.1
	Common Stocks	0.0 *
	Short-Term Investments	8.8
	Liabilities in Excess of Other Assets	(6.9)
	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, 2020


		% of Net Assets
	Consumer, Cyclical	20.0%
	Consumer, Non-cyclical	18.4
	Communications	18.0
	Energy	11.9
	Financial	9.8
	Industrial	8.3
	Technology	4.4
	Basic Materials	4.4
	Utilities	2.9
	Diversified	0.0 *
	Short-Term Investments	8.8
	Liabilities in Excess of Other Assets	(6.9)
	TOTAL	100.0%
*	Amount shown represents less than 0.05% of net assets.

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

See accompanying notes to financial statements.

Table of Contents

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2020


	Description	% of Net Assets
	Sprint Corp. 7.88% 9/15/2023	0.7%
	Colt Merger Sub, Inc. 6.25% 7/1/2025	0.7
	Bausch Health Cos., Inc. 6.13% 4/15/2025	0.6
	Carnival Corp. 11.50% 4/1/2023	0.6
	Occidental Petroleum Corp. 2.90% 8/15/2024	0.6
	TOTAL	3.2%

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

Asset Allocation as of December 31, 2020


		% of Net Assets
	Corporate Bonds & Notes	96.0%
	Senior Floating Rate Loans	0.1
	Common Stocks	0.0 *
	Warrants	0.0 *
	Short-Term Investments	10.6
	Liabilities in Excess of Other Assets	(6.7)
	TOTAL	100.0%

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

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

Sector Breakdown as of December 31, 2020


		% of Net Assets
	Consumer, Cyclical	23.4%
	Communications	14.1
	Consumer, Non-cyclical	13.8
	Financial	12.0
	Energy	11.9
	Industrial	10.7
	Basic Materials	4.7
	Technology	4.0
	Utilities	1.3
	Diversified	0.2
	Short-Term Investments	10.6
	Liabilities in Excess of Other Assets	(6.7)
	TOTAL	100.0%

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

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
CORPORATE BONDS & NOTES — 80.1%
AIRLINES — 1.7%
American Airlines Group, Inc. 6.50%, 7/1/2025	$ 19,500,000	$ 24,732,240
Copa Holdings SA 4.50%, 4/15/2025 (a)	7,550,000	12,789,247
GOL Equity Finance SA 3.75%, 7/15/2024 (a)	9,350,000	8,064,655
Southwest Airlines Co. 1.25%, 5/1/2025 (b)	48,050,000	69,903,140
		115,489,282
APPAREL — 0.3%
Under Armour, Inc. 1.50%, 6/1/2024 (a)	11,888,000	19,672,738
AUTO MANUFACTURERS — 9.3%
NIO, Inc. 4.50%, 2/1/2024	15,700,000	82,064,842
Tesla, Inc.:
1.25%, 3/1/2021	9,395,000	92,407,341
2.00%, 5/15/2024	27,776,000	315,904,503
2.38%, 3/15/2022 (b)	12,133,000	131,585,904
		621,962,590
BANKS — 0.2%
JPMorgan Chase Bank NA 0.13%, 1/1/2023 (a) (b)	13,148,000	15,115,598
BIOTECHNOLOGY — 3.9%
BioMarin Pharmaceutical, Inc.:
0.60%, 8/1/2024 (b)	13,675,000	14,631,566
1.25%, 5/15/2027 (a)	11,491,000	11,987,641
Bridgebio Pharma, Inc. 2.50%, 3/15/2027 (a) (b)	12,430,000	22,811,287
Exact Sciences Corp.:
0.38%, 3/15/2027	15,475,000	21,493,537
0.38%, 3/1/2028	31,588,000	41,201,808
1.00%, 1/15/2025	1,290,000	2,445,621
Guardant Health, Inc. 0.01%, 11/15/2027 (a)	23,000,000	26,853,190
Halozyme Therapeutics, Inc. 1.25%, 12/1/2024 (a)	11,000,000	20,594,200

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
Illumina, Inc.:
0.01%, 8/15/2023 (b)	$ 15,673,000	$ 17,603,130
0.50%, 6/15/2021	10,185,000	14,729,140
Insmed, Inc. 1.75%, 1/15/2025	8,640,000	9,804,067
Intercept Pharmaceuticals, Inc. 3.25%, 7/1/2023	7,388,000	5,847,159
Ionis Pharmaceuticals, Inc.:
0.13%, 12/15/2024 (b)	4,475,000	4,601,732
1.00%, 11/15/2021	14,640,000	15,955,843
Ligand Pharmaceuticals, Inc. 0.75%, 5/15/2023	9,850,000	9,340,656
Livongo Health, Inc. 0.88%, 6/1/2025 (a)	12,500,000	22,547,250
		262,447,827
COMMERCIAL SERVICES — 3.4%
2U, Inc. 2.25%, 5/1/2025 (a)	7,716,000	12,582,481
Chegg, Inc.:
0.01%, 9/1/2026 (a)	22,500,000	25,392,150
0.13%, 3/15/2025	15,638,000	28,612,536
Euronet Worldwide, Inc. 0.75%, 3/15/2049 (b)	10,306,000	11,607,442
Macquarie Infrastructure Corp. 2.00%, 10/1/2023	7,675,000	7,647,677
Shift4 Payments, Inc. 0.01%, 12/15/2025 (a)	15,000,000	18,258,000
Square, Inc.:
0.01%, 5/1/2026 (a) (b)	13,500,000	15,100,290
0.13%, 3/1/2025 (a)	21,050,000	39,609,153
0.25%, 11/1/2027 (a)	12,000,000	13,353,720
0.50%, 5/15/2023	17,777,000	49,786,622
Stride, Inc. 1.13%, 9/1/2027 (a)	9,800,000	7,970,536
		229,920,607
COMPUTERS — 2.2%
CyberArk Software, Ltd. Zero Coupon, 11/15/2024 (b)	14,157,000	17,205,144
Insight Enterprises, Inc. 0.75%, 2/15/2025	6,719,000	8,511,764

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
Lumentum Holdings, Inc.:
0.25%, 3/15/2024 (b)	$ 6,588,000	$ 10,894,378
0.50%, 12/15/2026	28,421,000	34,711,136
Parsons Corp. 0.25%, 8/15/2025 (a) (b)	7,750,000	8,097,277
Pure Storage, Inc. 0.13%, 4/15/2023	9,658,000	10,673,635
Western Digital Corp. 1.50%, 2/1/2024 (b)	23,098,000	22,891,042
Zscaler, Inc. 0.13%, 7/1/2025 (a)	23,000,000	34,292,310
		147,276,686
DIVERSIFIED FINANCIAL SERVICES — 0.4%
JPMorgan Chase Financial Co. LLC 0.25%, 5/1/2023 (a)	12,020,000	12,919,817
LendingTree, Inc. 0.50%, 7/15/2025 (a)	15,259,000	14,927,727
		27,847,544
ELECTRIC — 0.2%
NRG Energy, Inc. 2.75%, 6/1/2048 (b)	11,315,000	12,858,932
ELECTRONICS — 0.6%
Fortive Corp. 0.88%, 2/15/2022	27,649,000	28,398,288
Vishay Intertechnology, Inc. 2.25%, 6/15/2025	10,145,000	10,566,220
		38,964,508
ENERGY-ALTERNATE SOURCES — 0.8%
NextEra Energy Partners L.P. 0.01%, 11/15/2025 (a)	12,000,000	11,875,440
SolarEdge Technologies, Inc. 0.01%, 9/15/2025 (a)	15,400,000	21,337,624
SunPower Corp. 4.00%, 1/15/2023 (b)	13,520,000	17,510,969
		50,724,033
ENGINEERING & CONSTRUCTION — 0.2%
KBR, Inc. 2.50%, 11/1/2023 (b)	7,450,000	10,196,591

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
ENTERTAINMENT — 0.8%
Cinemark Holdings, Inc. 4.50%, 8/15/2025 (a)	$ 10,585,000	$ 15,498,557
Live Nation Entertainment, Inc.:
2.00%, 2/15/2025 (a)	7,408,000	7,859,221
2.50%, 3/15/2023 (b)	14,270,000	18,537,301
Vail Resorts, Inc. 0.01%, 1/1/2026 (a)	10,000,000	10,159,700
		52,054,779
HEALTH CARE PRODUCTS — 2.1%
Envista Holdings Corp. 2.38%, 6/1/2025 (a)	10,624,000	18,391,844
Insulet Corp.:
0.38%, 9/1/2026	12,800,000	16,988,672
1.38%, 11/15/2024	10,175,000	27,863,525
Integra LifeSciences Holdings Corp. 0.50%, 8/15/2025 (a)	10,571,000	11,708,334
Novocure, Ltd. 0.01%, 11/1/2025 (a)	11,850,000	15,271,806
NuVasive, Inc.:
0.38%, 3/15/2025 (a)	9,414,000	9,146,925
1.00%, 6/1/2023 (a) (b)	9,014,000	9,249,265
2.25%, 3/15/2021	14,319,000	14,410,499
Omnicell, Inc. 0.25%, 9/15/2025 (a)	11,500,000	15,618,035
		138,648,905
HEALTH CARE SERVICES — 0.5%
Invitae Corp. 2.00%, 9/1/2024 (b)	7,011,000	11,321,994
Teladoc Health, Inc. 1.25%, 6/1/2027 (a)	19,724,000	23,488,325
		34,810,319
INSURANCE — 0.3%
AXA SA 7.25%, 5/15/2021 (a)	18,725,000	21,368,783
INTERNET — 19.2%
Booking Holdings, Inc.:
0.75%, 5/1/2025 (a) (b)	16,547,000	24,088,792
0.90%, 9/15/2021	22,110,000	25,710,835

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
Etsy, Inc.:
0.13%, 10/1/2026	$ 13,299,000	$ 28,206,115
0.13%, 9/1/2027 (a) (b)	16,400,000	20,310,252
Farfetch, Ltd. 3.75%, 5/1/2027 (a) (b)	8,100,000	32,806,458
FireEye, Inc.:
0.88%, 6/1/2024	13,721,000	16,671,015
Series B, 1.63%, 6/1/2035	6,930,000	6,831,663
Fiverr International, Ltd. 0.01%, 11/1/2025 (a) (b)	10,500,000	12,740,805
iQIYI, Inc.:
2.00%, 4/1/2025	25,024,000	22,039,137
3.75%, 12/1/2023	12,814,000	12,952,519
4.00%, 12/15/2026 (b)	19,000,000	18,793,470
JOYY, Inc.:
0.75%, 6/15/2025	9,890,000	9,990,186
1.38%, 6/15/2026 (b)	8,485,000	8,428,405
Lyft, Inc. 1.50%, 5/15/2025 (a)	16,050,000	24,041,616
Match Group Financeco 2, Inc. 0.88%, 6/15/2026 (a)	12,353,000	22,399,324
Match Group Financeco 3, Inc. 2.00%, 1/15/2030 (a)	12,090,000	23,172,419
Match Group Financeco, Inc. 0.88%, 10/1/2022 (a)	10,624,000	36,139,130
MercadoLibre, Inc. 2.00%, 8/15/2028 (b)	18,566,000	70,377,208
Momo, Inc. 1.25%, 7/1/2025	14,772,000	12,390,015
NortonLifeLock, Inc. 2.00%, 8/15/2022 (a) (b)	15,000,000	17,609,100
Okta, Inc.:
0.13%, 9/1/2025	20,985,000	31,469,106
0.38%, 6/15/2026 (a)	25,228,000	32,393,509
Palo Alto Networks, Inc.:
0.38%, 6/1/2025 (a)	42,450,000	56,344,734
0.75%, 7/1/2023	34,621,000	48,951,324
Pinduoduo, Inc.:
Zero Coupon, 10/1/2024	20,615,000	85,153,968
0.01%, 12/1/2025	39,091,000	48,068,248
Proofpoint, Inc. 0.25%, 8/15/2024	18,214,000	20,289,121

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
Q2 Holdings, Inc. 0.13%, 11/15/2025 (a)	$ 7,500,000	$ 8,377,125
Shopify, Inc. 0.13%, 11/1/2025 (b)	20,675,000	24,439,918
Snap, Inc.:
0.25%, 5/1/2025 (a)	21,290,000	50,032,352
0.75%, 8/1/2026	26,100,000	59,077,350
Twitter, Inc.:
0.25%, 6/15/2024 (b)	23,550,000	28,497,149
1.00%, 9/15/2021 (b)	21,230,000	21,671,584
Uber Technologies, Inc. 0.01%, 12/15/2025 (a)	24,500,000	25,522,875
Wayfair, Inc.:
0.63%, 10/1/2025 (a)	33,000,000	31,185,660
1.00%, 8/15/2026	19,850,000	33,366,460
Wayfair, Inc. 1.13%, 11/1/2024	13,174,000	26,891,954
Weibo Corp. 1.25%, 11/15/2022 (b)	18,694,000	18,193,001
Wix.com, Ltd.:
Zero Coupon, 7/1/2023 (b)	7,038,000	13,126,363
0.01%, 8/15/2025 (a)	17,497,000	17,645,550
Zendesk, Inc. 0.63%, 6/15/2025 (a)	24,450,000	35,891,866
Zillow Group, Inc.:
0.75%, 9/1/2024	15,525,000	46,455,923
1.38%, 9/1/2026	13,391,000	40,332,353
1.50%, 7/1/2023	4,830,000	8,244,713
2.75%, 5/15/2025	11,700,000	24,326,640
		1,281,647,310
INVESTMENT COMPANY SECURITY — 0.3%
Ares Capital Corp.:
3.75%, 2/1/2022 (b)	9,375,000	9,594,281
4.63%, 3/1/2024	7,578,000	7,990,319
		17,584,600
IRON/STEEL — 0.2%
United States Steel Corp. 5.00%, 11/1/2026	7,011,000	10,541,599

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
LEISURE TIME — 1.9%
Carnival Corp. 5.75%, 4/1/2023 (a)	$ 10,800,000	$ 25,605,612
NCL Corp., Ltd.:
5.38%, 8/1/2025 (a) (b)	8,550,000	14,526,706
6.00%, 5/15/2024 (a)	18,100,000	38,145,388
Royal Caribbean Cruises, Ltd.:
2.88%, 11/15/2023 (a) (b)	15,925,000	19,228,641
4.25%, 6/15/2023 (a)	22,333,000	29,808,302
		127,314,649
LODGING — 0.6%
Caesars Holdings, Inc. 5.00%, 10/1/2024 (b)	6,631,020	14,533,737
Huazhu Group, Ltd.:
0.38%, 11/1/2022	9,340,000	10,785,272
3.00%, 5/1/2026 (a)	9,300,000	11,938,782
		37,257,791
MACHINERY-DIVERSIFIED — 0.3%
Middleby Corp. 1.00%, 9/1/2025 (a)	15,850,000	19,381,063
MEDIA — 4.2%
DISH Network Corp.:
0.01%, 12/15/2025 (a)	39,500,000	39,608,230
2.38%, 3/15/2024	26,572,000	24,961,737
3.38%, 8/15/2026	60,743,000	58,024,751
Liberty Broadband Corp.:
1.25%, 9/30/2050 (a)	19,000,000	19,229,710
2.75%, 9/30/2050 (a)	12,147,000	12,833,427
Liberty Interactive LLC:
1.75%, 9/30/2046 (a) (b)	6,857,000	13,361,756
3.75%, 2/15/2030	9,050,000	6,939,811
4.00%, 11/15/2029	10,407,000	7,932,736
Liberty Latin America, Ltd. 2.00%, 7/15/2024	7,284,000	6,909,311
Liberty Media Corp.:
0.50%, 12/1/2050 (a)	16,260,000	17,322,754
1.38%, 10/15/2023	21,627,000	27,563,395
2.13%, 3/31/2048 (a)	6,508,000	6,768,776
2.25%, 12/1/2048 (a)	10,098,000	12,405,292
2.75%, 12/1/2049 (a)	15,790,000	16,375,177

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
Liberty Media Corp.-Liberty Formula One 1.00%, 1/30/2023	$ 9,107,000	$ 11,735,189
		281,972,052
OIL & GAS — 0.7%
EQT Corp. 1.75%, 5/1/2026 (a)	9,625,000	11,275,880
Pioneer Natural Resources Co. 0.25%, 5/15/2025 (a) (b)	26,561,000	35,070,348
		46,346,228
PHARMACEUTICALS — 2.9%
Aphria, Inc. 5.25%, 6/1/2024 (a)	3,375,000	3,627,011
DexCom, Inc.:
0.25%, 11/15/2025 (a)	30,310,000	30,419,722
0.75%, 12/1/2023 (b)	15,790,000	35,528,132
Herbalife Nutrition, Ltd. 2.63%, 3/15/2024	10,750,000	11,448,535
Jazz Investments I, Ltd.:
1.50%, 8/15/2024 (b)	10,703,000	11,441,186
2.00%, 6/15/2026 (a)	22,100,000	28,857,296
Neurocrine Biosciences, Inc. 2.25%, 5/15/2024	11,237,000	15,636,173
Pacira BioSciences, Inc. 0.75%, 8/1/2025 (a)	8,000,000	8,944,080
Sarepta Therapeutics, Inc. 1.50%, 11/15/2024	12,220,000	29,876,800
Supernus Pharmaceuticals, Inc. 0.63%, 4/1/2023 (b)	6,450,000	6,066,225
Teva Pharmaceutical Finance Co. LLC Series C, 0.25%, 2/1/2026 (b)	9,137,000	9,041,610
Tilray, Inc. 5.00%, 10/1/2023	6,997,000	5,924,920
		196,811,690
PIPELINES — 0.1%
Cheniere Energy, Inc. 4.25%, 3/15/2045	9,206,000	7,212,901
REAL ESTATE — 0.2%
Redfin Corp. 0.01%, 10/15/2025 (a)	13,000,000	15,751,320

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
REAL ESTATE INVESTMENT TRUSTS — 0.3%
Blackstone Mortgage Trust, Inc. 4.38%, 5/5/2022 (b)	$ 8,850,000	$ 8,836,371
Pebblebrook Hotel Trust 1.75%, 12/15/2026	9,000,000	9,602,730
		18,439,101
RETAIL — 1.5%
American Eagle Outfitters, Inc. 3.75%, 4/15/2025 (a)	8,900,000	21,764,416
Burlington Stores, Inc. 2.25%, 4/15/2025 (a)	18,170,000	25,253,574
Dick's Sporting Goods, Inc. 3.25%, 4/15/2025 (a)	13,750,000	24,540,313
National Vision Holdings, Inc. 2.50%, 5/15/2025 (a)	8,620,000	14,019,309
RH 0.01%, 9/15/2024 (a)	7,134,000	15,652,638
		101,230,250
SEMICONDUCTORS — 2.8%
Cree, Inc.:
0.88%, 9/1/2023 (b)	9,022,000	16,573,233
1.75%, 5/1/2026 (a)	12,660,000	29,751,633
Inphi Corp. 0.75%, 4/15/2025 (a)	10,488,000	14,781,368
Microchip Technology, Inc.:
1.63%, 2/15/2027	11,795,000	23,786,623
2.25%, 2/15/2037 (b)	6,935,000	14,049,408
ON Semiconductor Corp. 1.63%, 10/15/2023 (b)	12,292,000	20,779,626
Silicon Laboratories, Inc. 0.63%, 6/15/2025 (a)	12,179,000	15,294,266
Synaptics, Inc. 0.50%, 6/15/2022	10,483,000	14,527,132
Teradyne, Inc. 1.25%, 12/15/2023	9,803,000	37,012,109
		186,555,398
SOFTWARE — 17.3%
8x8, Inc. 0.50%, 2/1/2024	7,765,000	11,306,849
Akamai Technologies, Inc.:
0.13%, 5/1/2025	25,271,000	31,180,623

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
0.38%, 9/1/2027	$ 24,645,000	$ 27,384,045
Alteryx, Inc.:
0.50%, 8/1/2024	6,925,000	7,209,410
1.00%, 8/1/2026 (b)	11,443,000	12,107,838
Atlassian, Inc. 0.63%, 5/1/2023 (b)	20,050,000	57,506,608
Avaya Holdings Corp. 2.25%, 6/15/2023	7,033,000	7,281,687
Bandwidth, Inc. 0.25%, 3/1/2026 (a) (b)	7,424,000	13,419,548
Bilibili, Inc.:
1.25%, 6/15/2027 (a)	16,822,000	37,007,222
1.38%, 4/1/2026	10,125,000	35,631,293
Bill.com Holdings, Inc. 0.01%, 12/1/2025 (a)	25,000,000	28,585,250
Blackline, Inc. 0.13%, 8/1/2024 (b)	10,277,000	19,336,484
Cloudflare, Inc. 0.75%, 5/15/2025 (a)	12,666,000	27,020,251
Coupa Software, Inc.:
0.13%, 6/15/2025 (b)	16,677,000	36,662,884
0.38%, 6/15/2026 (a)	30,733,000	41,472,032
Datadog, Inc. 0.13%, 6/15/2025 (a)	14,931,000	19,635,310
DocuSign, Inc. 0.50%, 9/15/2023 (b)	12,606,000	39,551,703
Envestnet, Inc. 0.75%, 8/15/2025 (a)	12,090,000	12,570,215
Everbridge, Inc. 0.13%, 12/15/2024	9,167,000	13,513,441
Five9, Inc. 0.50%, 6/1/2025 (a)	14,915,000	21,487,146
Guidewire Software, Inc. 1.25%, 3/15/2025	8,755,000	11,305,419
HubSpot, Inc. 0.38%, 6/1/2025 (a)	10,479,000	16,192,360
j2 Global, Inc.:
1.75%, 11/1/2026 (a) (b)	14,150,000	14,656,287
3.25%, 6/15/2029	7,079,000	10,335,128
LivePerson, Inc. 0.01%, 12/15/2026 (a)	11,000,000	12,032,460
Medallia, Inc. 0.13%, 9/15/2025 (a)	12,809,000	14,273,197

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
MicroStrategy, Inc. 0.75%, 12/15/2025 (a)	$ 3,500,000	$ 4,439,260
MongoDB, Inc. 0.25%, 1/15/2026 (a)	24,521,000	43,895,287
New Relic, Inc. 0.50%, 5/1/2023	9,975,000	9,803,231
Nuance Communications, Inc.:
1.00%, 12/15/2035	17,319,000	32,215,938
1.25%, 4/1/2025	1,915,000	4,368,594
Nutanix, Inc. Zero Coupon, 1/15/2023	13,955,000	14,119,529
Pegasystems, Inc. 0.75%, 3/1/2025 (a) (b)	15,305,000	17,999,904
Pluralsight, Inc. 0.38%, 3/1/2024	12,209,000	12,049,673
RingCentral, Inc.:
0.01%, 3/1/2025 (a)	21,990,000	27,954,568
0.01%, 3/15/2026 (a)	13,800,000	16,108,878
Sailpoint Technologies Holdings, Inc. 0.13%, 9/15/2024	8,142,000	15,870,875
Sea, Ltd.:
1.00%, 12/1/2024	23,197,000	91,122,223
2.38%, 12/1/2025 (a)	22,800,000	52,180,536
Slack Technologies, Inc. 0.50%, 4/15/2025 (a)	18,916,000	27,682,431
Splunk, Inc.:
0.50%, 9/15/2023	15,723,000	20,621,029
1.13%, 9/15/2025	18,176,000	24,645,202
1.13%, 6/15/2027 (a) (b)	29,600,000	30,946,208
Twilio, Inc. 0.25%, 6/1/2023	9,359,000	44,950,903
Verint Systems, Inc. 1.50%, 6/1/2021 (b)	7,875,000	8,580,443
Workday, Inc. 0.25%, 10/1/2022	24,901,000	41,801,807
Zynga, Inc.:
0.01%, 12/15/2026 (a)	18,000,000	18,780,660
0.25%, 6/1/2024	14,475,000	19,204,706
		1,158,006,575
TELECOMMUNICATIONS — 0.6%
Infinera Corp. 2.13%, 9/1/2024	5,631,000	7,010,876

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
InterDigital, Inc. 2.00%, 6/1/2024	$ 7,728,000	$ 8,099,176
Nice, Ltd. 0.01%, 9/15/2025 (a)	9,846,000	11,086,301
Viavi Solutions, Inc. 1.00%, 3/1/2024 (b)	9,035,000	11,625,877
		37,822,230
TRANSPORTATION — 0.1%
Golar LNG, Ltd. 2.75%, 2/15/2022	7,885,000	7,181,343
TOTAL CORPORATE BONDS & NOTES (Cost $3,676,611,751)		5,350,415,822

	Shares
CONVERTIBLE PREFERRED STOCKS — 19.1%
AGRICULTURE — 0.2%
Bunge, Ltd. 4.88%, 12/31/2049	141,450	15,418,050
AUTO PARTS & EQUIPMENT — 0.6%
Aptiv PLC Series A, 5.50%, 6/15/2023	239,500	36,954,850
BANKS — 3.3%
Bank of America Corp. Series L, 7.25%, 12/31/2049	64,173	97,451,835
Wells Fargo & Co. Series L, 7.50%, 12/31/2049	82,719	125,559,170
		223,011,005
CHEMICALS — 0.2%
International Flavors & Fragrances, Inc. 6.00%, 9/15/2021	334,250	13,650,770
DIVERSIFIED FINANCIAL SERVICES — 1.0%
2020 Mandatory Exchangeable Trust 6.50%, 5/16/2023 (a)	14,000	28,253,666
AMG Capital Trust II 5.15%, 10/15/2037	184,688	9,009,080

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description		Shares		Value
KKR & Co., Inc. Series C, 6.00%, 9/15/2023 (b)
	455,049		$ 27,430,354
				64,693,100
ELECTRIC — 5.4%
American Electric Power Co., Inc.:
6.13%, 3/15/2022		265,400		13,296,540
6.13%, 8/15/2023		441,000		21,881,538
CenterPoint Energy, Inc.:
4.57%, 9/15/2029 (c)		270,171		16,526,900
Series B, 7.00%, 9/1/2021		445,000		18,156,000
Dominion Energy, Inc. Series A, 7.25%, 6/1/2022		338,500		33,961,705
DTE Energy Co. 6.25%, 11/1/2022		573,000		27,584,220
NextEra Energy, Inc.:
4.87%, 9/1/2022 (d)		626,650		37,097,680
5.28%, 3/1/2023 (d)		1,079,300		54,871,612
6.22%, 9/1/2023 (d)		817,000		41,969,290
PG&E Corp. 5.50%, 8/16/2023 (b)		357,000		43,853,880
Sempra Energy Series B, 6.75%, 7/15/2021 (b)		147,000		15,248,310
Southern Co. Series 2019, 6.75%, 8/1/2022		717,500		37,238,250
				361,685,925
ELECTRONICS — 0.7%
Fortive Corp. Series A, 5.00%, 7/1/2021		31,413		31,525,144
II-VI, Inc. Series A, 6.00%, 7/1/2023 (b)		53,100		17,024,391
				48,549,535
ENVIRONMENTAL CONTROL — 0.3%
GFL Environmental, Inc. 6.00%, 3/15/2023		324,500		22,864,270
HAND & MACHINE TOOLS — 0.8%
Colfax Corp. 5.75%, 1/15/2022		103,200		16,670,928

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Shares	Value
Stanley Black & Decker, Inc.:
5.25%, 11/15/2022 (b)	185,500	$ 20,746,320
Series C, 5.00%, 12/31/2049 (c)	14,000	16,800,000
		54,217,248
HEALTH CARE PRODUCTS — 2.5%
Avantor, Inc. Series A, 6.25%, 5/15/2022 (b)	454,000	40,365,140
Boston Scientific Corp. Series A, 5.50%, 6/1/2023 (b)	213,000	23,338,410
Danaher Corp.:
Series A, 4.75%, 4/15/2022	34,900	52,965,636
Series B, 5.00%, 4/15/2023 (b)	36,050	46,904,655
		163,573,841
IRON/STEEL — 0.7%
ArcelorMittal SA 5.50%, 5/18/2023 (b)	846,482	46,886,638
PHARMACEUTICALS — 0.7%
Becton Dickinson and Co. Series B, 6.00%, 6/1/2023 (b)	657,500	36,247,975
Elanco Animal Health, Inc. 5.00%, 2/1/2023	264,700	12,927,948
		49,175,923
SEMICONDUCTORS — 1.7%
Broadcom, Inc. Series A, 8.00%, 9/30/2022	78,350	111,450,525
TELECOMMUNICATIONS — 0.8%
2020 Cash Mandatory Exchangeable Trust 5.25%, 6/1/2023 (a)	43,000	52,135,780
WATER — 0.2%
Essential Utilities, Inc. 6.00%, 4/30/2022	194,800	12,081,496
TOTAL CONVERTIBLE PREFERRED STOCKS (Cost $1,024,421,252)		1,276,348,956

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Shares	Value
SHORT-TERM INVESTMENTS — 7.7%
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (e) (f)	22,303,093	$ 22,307,554
State Street Navigator Securities Lending Portfolio II (g) (h)	488,956,063	488,956,063
TOTAL SHORT-TERM INVESTMENTS (Cost $511,263,617)		511,263,617
TOTAL INVESTMENTS — 106.9% (Cost $5,212,296,620)		7,138,028,395
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.9)%		(461,304,141)
NET ASSETS — 100.0%		$ 6,676,724,254

(a)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 33.0% of net assets as of December 31, 2020, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b)	All or a portion of the shares of the security are on loan at December 31, 2020.
(c)	Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of December 31, 2020. Maturity date shown is the final maturity.
(d)	These securities are affiliated investments as a result of the Fund owning 5% or more of the entity’s outstanding shares. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(e)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(f)	The rate shown is the annualized seven-day yield at December 31, 2020.
(g)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(h)	Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2020.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes	$ —	$5,350,415,822	$—	$5,350,415,822
Convertible Preferred Stocks	1,157,551,072	118,797,884	—	1,276,348,956
Short-Term Investments	511,263,617	—	—	511,263,617
TOTAL INVESTMENTS	$1,668,814,689	$5,469,213,706	$—	$7,138,028,395

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG BARCLAYS CONVERTIBLE SECURITIES ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/20	Value at 6/30/20	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 12/31/20	Value at 12/31/20	Dividend Income
NextEra Energy, Inc.	—	$ —	$ 42,046,625	$ 2,488,775	$ (34,625)	$ 2,446,065	817,000	$ 41,969,290	$ 520,824
NextEra Energy, Inc.	956,300	40,594,935	11,894,590	5,735,350	642,520	7,474,917	1,079,300	54,871,612	1,343,901
NextEra Energy, Inc.	574,150	27,869,241	8,929,703	5,868,120	554,370	5,612,486	626,650	37,097,680	758,083
State Street Institutional Liquid Reserves Fund, Premier Class	25,651,670	25,661,930	361,156,698	364,509,430	(1,644)	—	22,303,093	22,307,554	7,929
State Street Navigator Securities Lending Portfolio II	233,003,345	233,003,345	1,244,157,274	988,204,556	—	—	488,956,063	488,956,063	379,271
Total		$327,129,451	$1,668,184,890	$1,366,806,231	$1,160,621	$15,533,468		$645,202,199	$3,010,008

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
CORPORATE BONDS & NOTES — 98.0%
ADVERTISING — 0.6%
Other Securities		$ 70,519,066
AEROSPACE & DEFENSE — 2.0%
TransDigm, Inc.:
5.50%, 11/15/2027 (a)	$ 31,832,000	33,483,126
6.25%, 3/15/2026 (b)	53,270,000	56,766,643
Other Securities		157,874,695
		248,124,464
AGRICULTURE — 0.4%
Other Securities		47,330,137
AIRLINES — 0.9%
American Airlines, Inc. 11.75%, 7/15/2025 (a)(b)	29,930,000	34,527,847
Other Securities		83,303,891
		117,831,738
APPAREL — 0.4%
Other Securities		51,264,103
AUTO MANUFACTURERS — 3.0%
Ford Motor Co.:
8.50%, 4/21/2023	23,002,000	25,866,209
9.00%, 4/22/2025	22,963,000	28,158,149
Ford Motor Credit Co. LLC:
2.98%, 8/3/2022 (a)	5,842,000	5,941,197
3.09%, 1/9/2023	9,596,000	9,767,672
3.10%, 5/4/2023	6,538,000	6,595,992
3.34%, 3/28/2022	5,456,000	5,526,764
3.35%, 11/1/2022	9,259,000	9,400,940
3.37%, 11/17/2023 (a)	6,826,000	6,963,203
3.38%, 11/13/2025	11,641,000	11,894,308
3.81%, 1/9/2024	5,111,000	5,241,126
3.82%, 11/2/2027	4,775,000	4,914,717
4.00%, 11/13/2030	9,711,000	10,203,056
4.06%, 11/1/2024 (a)	9,717,000	10,197,700
4.13%, 8/17/2027	7,683,000	8,032,039
4.14%, 2/15/2023	6,037,000	6,209,115
4.27%, 1/9/2027	6,516,000	6,871,774
4.54%, 8/1/2026	4,567,000	4,854,036
4.69%, 6/9/2025	3,947,000	4,211,686

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
5.11%, 5/3/2029 (a)	$ 9,550,000	$ 10,639,846
5.13%, 6/16/2025 (a)	11,532,000	12,530,095
5.58%, 3/18/2024 (a)	9,682,000	10,473,504
5.60%, 1/7/2022	8,655,000	8,947,885
Series GMTN, 4.39%, 1/8/2026	8,618,000	9,066,136
Series MTN, 3.55%, 10/7/2022 (a)	3,522,000	3,587,157
Other Securities		145,497,061
		371,591,367
AUTO PARTS & EQUIPMENT — 1.2%
Clarios Global L.P./Clarios US Finance Co. 8.50%, 5/15/2027 (a)(b)	24,032,000	26,073,278
Other Securities		123,265,667
		149,338,945
BANKS — 1.0%
Other Securities		129,369,732
BEVERAGES — 0.1%
Other Security		9,217,891
BUILDING MATERIALS — 1.0%
Other Securities		127,719,962
CHEMICALS — 1.8%
Other Securities		228,826,200
COAL — 0.1%
Other Securities		11,117,684
COMMERCIAL SERVICES — 4.0%
Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.63%, 7/15/2026 (b)	23,310,000	24,843,798
Other Securities		471,260,401
		496,104,199
COMPUTERS — 1.4%
Western Digital Corp. 4.75%, 2/15/2026 (a)	27,231,000	30,185,836
Other Securities		144,931,626
		175,117,462
COSMETICS/PERSONAL CARE — 0.1%
Other Securities		16,527,185
DISTRIBUTION & WHOLESALE — 0.9%
Other Securities		108,699,709

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
DIVERSIFIED FINANCIAL SERVICES — 3.5%
Other Securities		$ 435,057,635
ELECTRIC — 2.6%
Other Securities		330,651,149
ELECTRICAL COMPONENTS & EQUIPMENT — 0.4%
Other Securities		54,688,649
ELECTRONICS — 0.1%
Other Security		9,194,826
ENERGY-ALTERNATE SOURCES — 0.4%
Other Securities		44,102,467
ENGINEERING & CONSTRUCTION — 0.5%
Other Securities		61,377,616
ENTERTAINMENT — 3.0%
Caesars Entertainment, Inc. 8.13%, 7/1/2027 (a)(b)	$ 21,757,000	24,081,083
Colt Merger Sub, Inc. 6.25%, 7/1/2025 (b)	40,450,000	43,069,946
Other Securities		305,267,512
		372,418,541
ENVIRONMENTAL CONTROL — 0.6%
Other Securities		76,804,469
FOOD — 3.8%
Kraft Heinz Foods Co. 3.00%, 6/1/2026	23,488,000	24,515,365
Other Securities		447,520,406
		472,035,771
FOOD SERVICE — 0.4%
Other Securities		48,182,920
FOREST PRODUCTS & PAPER — 0.1%
Other Security		6,721,966
GAS — 0.3%
Other Securities		33,937,501
HAND & MACHINE TOOLS — 0.0% (c)
Other Security		6,236,213
HEALTH CARE PRODUCTS — 0.4%
Other Securities		51,708,221

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
HEALTH CARE SERVICES — 6.9%
Centene Corp.:
3.00%, 10/15/2030 (a)	$ 25,575,000	$ 27,027,916
3.38%, 2/15/2030	23,148,000	24,347,529
4.25%, 12/15/2027	29,272,000	31,155,653
4.63%, 12/15/2029	40,286,000	44,674,757
4.75%, 1/15/2025	10,446,000	10,717,074
4.75%, 1/15/2025	12,070,000	12,389,131
5.38%, 6/1/2026 (b)	21,669,000	22,829,375
5.38%, 8/15/2026 (b)	12,428,000	13,141,243
CHS/Community Health Systems, Inc.:
5.63%, 3/15/2027 (b)	20,869,000	22,421,236
6.00%, 1/15/2029 (b)	8,678,000	9,366,860
6.63%, 2/15/2025 (b)	19,513,000	20,539,969
6.88%, 4/1/2028 (b)	17,739,000	14,240,869
8.00%, 3/15/2026 (a)(b)	25,274,000	27,317,150
8.00%, 12/15/2027 (a)(b)	8,880,000	9,635,866
8.13%, 6/30/2024 (b)	17,272,000	17,946,990
8.63%, 1/15/2024 (b)	13,553,000	14,137,948
9.88%, 6/30/2023 (b)(d)	20,297,971	21,298,052
HCA, Inc. 3.50%, 9/1/2030	30,781,000	32,545,675
Tenet Healthcare Corp.:
4.63%, 7/15/2024	21,416,000	21,940,692
4.63%, 9/1/2024 (b)	7,205,000	7,477,998
4.63%, 6/15/2028 (b)	7,011,000	7,375,712
4.88%, 1/1/2026 (b)	25,155,000	26,287,227
5.13%, 5/1/2025 (a)	16,561,000	16,879,137
5.13%, 11/1/2027 (a)(b)	18,492,000	19,602,999
6.13%, 10/1/2028 (b)	30,027,000	31,264,713
6.25%, 2/1/2027 (b)	18,089,000	19,069,062
7.50%, 4/1/2025 (a)(b)	8,424,000	9,219,057
Other Securities		333,179,446
		868,029,336
HOLDING COMPANIES-DIVERSIFIED — 0.0% (c)
Other Security		6,553,739
HOME BUILDERS — 0.5%
Other Securities		64,453,519
HOME FURNISHINGS — 0.1%
Other Security		8,538,657

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
HOUSEHOLD PRODUCTS & WARES — 0.2%
Other Securities		$ 22,180,515
HOUSEWARES — 0.4%
Newell Brands, Inc. 4.70%, 4/1/2026	$ 23,668,000	26,090,420
Other Securities		21,357,828
		47,448,248
INSURANCE — 0.9%
Other Securities		108,746,864
INTERNET — 2.0%
Netflix, Inc. 5.88%, 11/15/2028 (a)	22,260,000	26,669,261
Other Securities		228,676,662
		255,345,923
IRON/STEEL — 0.9%
Other Securities		114,321,336
LEISURE TIME — 1.9%
Carnival Corp. 11.50%, 4/1/2023 (b)	48,686,000	56,281,016
Royal Caribbean Cruises, Ltd. 11.50%, 6/1/2025 (b)	28,555,000	33,397,643
Other Securities		149,363,974
		239,042,633
LODGING — 3.1%
Other Securities		387,370,224
MACHINERY, CONSTRUCTION & MINING — 0.1%
Other Security		7,215,661
MACHINERY-DIVERSIFIED — 0.3%
Other Securities		42,184,273
MEDIA — 9.2%
Altice Financing SA 7.50%, 5/15/2026 (b)	33,812,000	35,606,741
CCO Holdings LLC/CCO Holdings Capital Corp.:
4.00%, 3/1/2023 (a)(b)	5,572,000	5,626,550
4.25%, 2/1/2031 (b)	33,670,000	35,477,406
4.50%, 8/15/2030 (b)	29,570,000	31,512,158
4.50%, 5/1/2032 (b)	31,947,000	34,105,339
4.75%, 3/1/2030 (b)	34,122,000	36,821,391

See accompanying notes to financial statements.

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SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
5.00%, 2/1/2028 (b)	$ 29,655,000	$ 31,313,604
5.13%, 5/1/2027 (b)	35,818,000	37,979,975
5.38%, 6/1/2029 (b)	16,791,000	18,419,727
5.50%, 5/1/2026 (b)	15,629,000	16,222,277
Clear Channel Worldwide Holdings, Inc. 9.25%, 2/15/2024 (a)	23,514,000	23,834,731
CSC Holdings LLC:
3.38%, 2/15/2031 (b)	11,051,000	10,897,391
4.63%, 12/1/2030 (a)(b)	27,962,000	29,246,015
5.38%, 2/1/2028 (b)	12,834,000	13,713,899
5.50%, 5/15/2026 (b)	19,480,000	20,275,563
5.50%, 4/15/2027 (b)	15,504,000	16,439,977
5.75%, 1/15/2030 (b)	27,428,000	30,063,008
6.50%, 2/1/2029 (a)(b)	21,158,000	23,866,436
7.50%, 4/1/2028 (b)	12,621,150	14,266,065
4.13%, 12/1/2030 (b)	13,139,000	13,730,255
Diamond Sports Group LLC/Diamond Sports Finance Co. 5.38%, 8/15/2026 (b)	37,725,000	30,655,335
DISH DBS Corp. 7.75%, 7/1/2026 (a)	24,399,000	27,312,973
Other Securities		611,995,877
		1,149,382,693
METAL FABRICATE & HARDWARE — 0.1%
Other Security		9,890,480
MINING — 1.6%
Other Securities		199,658,262
MISCELLANEOUS MANUFACTURER — 0.5%
Other Securities		67,254,149
OFFICE & BUSINESS EQUIPMENT — 0.4%
Other Securities		54,976,114
OIL & GAS — 6.7%
Calfrac Holdings L.P. 8.50%, 6/15/2026 (e)	312	—
Occidental Petroleum Corp.:
2.90%, 8/15/2024	35,778,000	34,484,267
3.00%, 2/15/2027 (a)	9,367,000	8,423,837
3.20%, 8/15/2026 (a)	11,902,000	11,115,397
3.40%, 4/15/2026	13,256,000	12,636,415
3.50%, 8/15/2029	17,818,000	16,296,699
5.50%, 12/1/2025	9,698,000	10,106,868

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
5.55%, 3/15/2026	$ 12,789,000	$ 13,337,392
5.88%, 9/1/2025 (a)	10,618,000	11,297,871
6.13%, 1/1/2031	16,460,000	17,620,265
6.38%, 9/1/2028 (a)	7,223,000	7,652,768
6.63%, 9/1/2030	17,857,000	19,379,666
6.95%, 7/1/2024	7,316,000	7,957,686
7.50%, 5/1/2031 (a)	10,611,000	11,972,073
8.00%, 7/15/2025 (a)	6,757,000	7,687,642
8.50%, 7/15/2027	7,262,000	8,386,012
8.88%, 7/15/2030 (a)	14,174,000	16,705,335
Other Securities		623,171,497
		838,231,690
OIL & GAS SERVICES — 0.5%
Other Securities		63,200,600
PACKAGING & CONTAINERS — 2.2%
Other Securities		274,001,808
PHARMACEUTICALS — 2.5%
Bausch Health Americas, Inc. 8.50%, 1/31/2027 (b)	22,831,000	25,402,912
Bausch Health Cos., Inc.:
5.00%, 1/30/2028 (b)	15,042,000	15,491,004
5.00%, 2/15/2029 (b)	13,597,000	13,979,484
5.25%, 1/30/2030 (a)(b)	14,441,000	15,139,222
5.25%, 2/15/2031 (b)	12,777,000	13,346,087
5.50%, 11/1/2025 (b)	16,452,000	17,011,039
5.75%, 8/15/2027 (a)(b)	6,920,000	7,440,799
6.25%, 2/15/2029 (a)(b)	18,323,000	19,883,753
7.00%, 3/15/2024 (b)	16,962,000	17,442,533
7.00%, 1/15/2028 (b)	10,534,000	11,562,224
7.25%, 5/30/2029 (b)	10,231,000	11,490,641
9.00%, 12/15/2025 (b)	19,326,000	21,348,466
Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (b)	24,631,000	26,597,785
Other Securities		95,561,237
		311,697,186
PIPELINES — 4.1%
Cheniere Energy, Inc. 4.63%, 10/15/2028 (b)	23,378,000	24,627,087

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
Other Securities		$ 492,124,908
		516,751,995
REAL ESTATE — 0.7%
Other Securities		81,768,704
REAL ESTATE INVESTMENT TRUSTS — 3.7%
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC 7.88%, 2/15/2025 (a)(b)	$ 27,317,000	29,336,546
Other Securities		439,358,660
		468,695,206
RETAIL — 4.0%
1011778 BC ULC/New Red Finance, Inc. 4.00%, 10/15/2030 (b)	34,736,000	35,199,378
Staples, Inc. 7.50%, 4/15/2026 (a)(b)	24,286,000	25,336,855
Other Securities		434,297,093
		494,833,326
SEMICONDUCTORS — 0.4%
Other Securities		56,333,111
SOFTWARE — 2.2%
Solera LLC/Solera Finance, Inc. 10.50%, 3/1/2024 (b)	23,553,000	24,428,701
SS&C Technologies, Inc. 5.50%, 9/30/2027 (b)	24,015,000	25,645,619
Other Securities		220,893,120
		270,967,440
TELECOMMUNICATIONS — 6.2%
Altice France SA:
7.38%, 5/1/2026 (b)	62,001,000	65,216,372
8.13%, 2/1/2027 (b)	22,115,000	24,369,845
Connect Finco S.a.r.l./Connect US Finco LLC 6.75%, 10/1/2026 (a)(b)	25,199,000	27,110,092
Vodafone Group PLC 5 year USD Swap + 4.87% 7.00%, 4/4/2079 (a)(f)	23,706,000	29,480,070
Other Securities		631,548,419
		777,724,798
TOYS/GAMES/HOBBIES — 0.2%
Other Securities		25,918,225

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
TRANSPORTATION — 0.4%
Other Securities		$ 53,222,613
TRUCKING & LEASING — 0.1%
Other Securities		14,519,968
TOTAL CORPORATE BONDS & NOTES (Cost $12,120,933,175)		12,262,277,084

	Shares
COMMON STOCKS — 0.0%(c)
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% (c)
Avanti Communications Group PLC (e) (g)	9,671,825	—
ENERGY EQUIPMENT & SERVICES — 0.0% (c)
Other Security		305,868
HOUSEHOLD PRODUCTS — 0.0% (c)
Cenveo Enterprises, Inc. (e)	20,138	201,381
OIL, GAS & CONSUMABLE FUELS — 0.0% (c)
Other Securities		385,310
PHARMACEUTICALS — 0.0% (c)
Other Security		165,534
TRANSPORTATION INFRASTRUCTURE — 0.0% (c)
ATD New Holdings, Inc. (e) (g)	35,050	455,650
TOTAL COMMON STOCKS (Cost $16,165,554)		1,513,743

	Principal Amount
Senior Floating Rate Loans — 0.1%
COMMUNICATIONS SOFTWARE — 0.0% (c)
Other Security		2,006,500
OIL, GAS & CONSUMABLE FUELS — 0.1%
Other Security		6,558,750
TOTAL SENIOR FLOATING RATE LOANS (Cost $8,000,000)		8,565,250

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Shares	Value
SHORT-TERM INVESTMENTS — 8.8%
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (h) (i)	86,510,709	$ 86,528,012
State Street Navigator Securities Lending Portfolio II (j) (k)	1,016,894,473	1,016,894,473
TOTAL SHORT-TERM INVESTMENTS (Cost $1,103,422,481)		1,103,422,485
TOTAL INVESTMENTS — 106.9% (Cost $13,248,521,210)		13,375,778,562
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.9)%		(859,916,496)
NET ASSETS — 100.0%		$12,515,862,066

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed below may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund's website at www.ssga.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC's website at www.sec.gov.

(a)	All or a portion of the shares of the security are on loan at December 31, 2020.
(b)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 69.4% of net assets as of December 31, 2020, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c)	Amount is less than 0.05% of net assets.
(d)	Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of December 31, 2020. Maturity date shown is the final maturity.
(e)	Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2020, total aggregate fair value of the securities is $657,031, representing less than 0.05% of the Fund's net assets.
(f)	Variable Rate Security - Interest rate shown is rate in effect at December 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(g)	Non-income producing security.
(h)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(i)	The rate shown is the annualized seven-day yield at December 31, 2020.
(j)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(k)	Investment of cash collateral for securities loaned.

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

GMTN	Global Medium Term Note
MTN	Medium Term Note

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2020.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes	$ —	$12,262,277,084	$ 0(a)	$12,262,277,084
Common Stocks	649,582	207,130	657,031	1,513,743
Senior Floating Rate Loans	—	8,565,250	—	8,565,250
Short-Term Investments	1,103,422,485	—	—	1,103,422,485
TOTAL INVESTMENTS	$1,104,072,067	$12,271,049,464	$657,031	$13,375,778,562

(a)	The Fund held a Level 3 security that was valued at $0 at December 31, 2020.

Affiliate Table

	Number of Shares Held at 6/30/20	Value at 6/30/20	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 12/31/20	Value at 12/31/20	Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class	81,385,275	$ 81,417,830	$1,368,490,986	$ 1,363,366,118	$(14,631)	$(55)	86,510,709	$ 86,528,012	$ 56,080
State Street Navigator Securities Lending Portfolio II	1,224,907,425	1,224,907,425	1,285,991,621	1,494,004,573	—	—	1,016,894,473	1,016,894,473	1,717,173
Total		$1,306,325,255	$2,654,482,607	$2,857,370,691	$(14,631)	$(55)		$1,103,422,485	$1,773,253

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
CORPORATE BONDS & NOTES — 96.0%
ADVERTISING — 0.4%
Other Securities		$ 14,471,827
AEROSPACE & DEFENSE — 2.5%
Bombardier, Inc.:
5.75%, 3/15/2022 (a)(b)	$ 3,954,000	4,033,001
8.75%, 12/1/2021 (a)	9,759,000	10,148,287
Howmet Aerospace, Inc. 6.88%, 5/1/2025	11,093,000	13,083,639
Other Securities		62,080,668
		89,345,595
AGRICULTURE — 0.2%
Other Security		6,492,949
AIRLINES — 1.3%
American Airlines, Inc. 11.75%, 7/15/2025 (a)(b)	14,074,000	16,236,048
Other Securities		29,977,529
		46,213,577
APPAREL — 0.7%
Other Securities		23,942,655
AUTO MANUFACTURERS — 3.5%
Ford Motor Co. 8.50%, 4/21/2023	12,243,000	13,767,498
Ford Motor Credit Co. LLC:
3.09%, 1/9/2023	2,449,000	2,492,813
3.10%, 5/4/2023	3,084,000	3,111,355
3.20%, 1/15/2021	5,879,000	5,874,356
3.22%, 1/9/2022	810,000	819,801
3.34%, 3/28/2022	2,184,000	2,212,326
3.35%, 11/1/2022	8,242,000	8,368,350
3.37%, 11/17/2023 (b)	2,716,000	2,770,592
3.47%, 4/5/2021 (b)	2,293,000	2,296,348
3.66%, 9/8/2024	4,323,000	4,447,762
3.81%, 10/12/2021	6,183,000	6,258,804
3.81%, 1/9/2024	141,000	144,590
4.25%, 9/20/2022 (b)	1,094,000	1,128,034
4.38%, 8/6/2023	54,000	56,087
5.09%, 1/7/2021 (b)	1,007,000	1,007,000
5.13%, 6/16/2025	6,977,000	7,580,859

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
5.58%, 3/18/2024 (b)	$ 3,049,000	$ 3,298,256
5.60%, 1/7/2022	2,870,000	2,967,121
5.88%, 8/2/2021	3,329,000	3,401,372
Other Securities		54,699,191
		126,702,515
AUTO PARTS & EQUIPMENT — 1.4%
Other Securities		48,989,999
BANKS — 1.5%
Intesa Sanpaolo SpA 5.02%, 6/26/2024 (a)(b)	12,788,000	13,979,330
Other Securities		41,130,078
		55,109,408
BEVERAGES — 0.2%
Other Securities		6,578,105
BUILDING MATERIALS — 0.2%
Other Securities		5,511,045
CHEMICALS — 2.2%
Other Securities		78,643,255
COAL — 0.1%
Other Security		3,467,403
COMMERCIAL SERVICES — 2.6%
Other Securities		92,721,407
COMPUTERS — 1.4%
Dell International LLC/EMC Corp. 7.13%, 6/15/2024 (a)(b)	12,005,000	12,456,028
Other Securities		37,250,530
		49,706,558
COSMETICS/PERSONAL CARE — 0.4%
Other Securities		13,734,777
DISTRIBUTION & WHOLESALE — 0.6%
Other Securities		21,756,095
DIVERSIFIED FINANCIAL SERVICES — 4.2%
Global Aircraft Leasing Co., Ltd. PIK 6.50%, 9/15/2024 (a)	13,263,241	11,835,984
Navient Corp.:
5.50%, 1/25/2023 (b)	5,612,000	5,894,733
5.88%, 10/25/2024	4,758,000	5,055,756

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
6.50%, 6/15/2022 (b)	$ 6,120,000	$ 6,458,375
6.63%, 7/26/2021	3,452,000	3,535,849
6.75%, 6/25/2025 (b)	4,036,000	4,403,518
7.25%, 9/25/2023 (b)	4,422,000	4,851,288
Series MTN, 6.13%, 3/25/2024	5,129,000	5,454,486
Series MTN, 7.25%, 1/25/2022	3,797,000	3,958,904
OneMain Finance Corp.:
5.63%, 3/15/2023	4,928,000	5,310,856
6.13%, 5/15/2022	5,568,000	5,908,483
6.13%, 3/15/2024 (b)	12,180,000	13,317,856
6.88%, 3/15/2025	6,490,000	7,544,495
7.75%, 10/1/2021	5,291,000	5,566,979
Other Securities		62,417,849
		151,515,411
ELECTRIC — 1.1%
Other Securities		38,393,444
ELECTRICAL COMPONENTS & EQUIPMENT — 0.5%
Wesco Distribution, Inc. Co. 7.13%, 6/15/2025 (a)	12,393,000	13,625,856
Other Securities		4,609,071
		18,234,927
ELECTRONICS — 0.5%
Other Securities		18,926,814
ENERGY-ALTERNATE SOURCES — 0.2%
Other Security		6,365,530
ENGINEERING & CONSTRUCTION — 0.5%
Abengoa Abenewco 2 SAU PIK 1.50%, 4/26/2024 (a)(c)	4,504,047	22,520
Other Securities		19,081,833
		19,104,353
ENTERTAINMENT — 3.8%
Caesars Resort Collection LLC/CRC Finco, Inc. 5.75%, 7/1/2025 (a)	12,850,000	13,609,821
Cedar Fair L.P./Canada's Wonderland Co./Magnum Management Corp./Millennium Op 5.50%, 5/1/2025 (a)	13,519,000	14,122,623
Colt Merger Sub, Inc. 6.25%, 7/1/2025 (a)	23,659,000	25,191,393

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
International Game Technology PLC 6.25%, 2/15/2022 (a)	$ 11,049,000	$ 11,329,313
Other Securities		70,568,945
		134,822,095
ENVIRONMENTAL CONTROL — 0.7%
Other Securities		25,154,414
FOOD — 2.3%
Kraft Heinz Foods Co. 3.95%, 7/15/2025	14,111,000	15,484,424
Other Securities		65,548,003
		81,032,427
FOOD SERVICE — 0.3%
Aramark Services, Inc. 6.38%, 5/1/2025 (a)(b)	10,655,000	11,387,744
Other Security		1,043,380
		12,431,124
FOREST PRODUCTS & PAPER — 0.1%
Other Securities		4,208,245
GAS — 0.2%
Other Security		7,431,385
HAND & MACHINE TOOLS — 0.2%
Other Security		6,165,747
HEALTH CARE PRODUCTS — 0.1%
Other Security		2,694,950
HEALTH CARE SERVICES — 5.1%
Centene Corp. 4.75%, 1/15/2025	12,443,000	12,771,993
CHS/Community Health Systems, Inc.:
6.63%, 2/15/2025 (a)	10,905,000	11,478,930
8.13%, 6/30/2024 (a)	13,073,000	13,583,893
8.63%, 1/15/2024 (a)	10,337,000	10,783,145
9.88%, 6/30/2023 (a)(d)	7,444,000	7,810,766
HCA, Inc. 5.38%, 2/1/2025	16,580,000	18,631,941
Tenet Healthcare Corp.:
4.63%, 7/15/2024 (b)	11,983,000	12,276,584
4.63%, 9/1/2024 (a)	1,727,000	1,792,436
5.13%, 5/1/2025	10,601,000	10,804,645

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
6.75%, 6/15/2023	$ 10,356,000	$ 11,116,752
7.00%, 8/1/2025 (b)	2,113,000	2,184,060
7.50%, 4/1/2025 (a)	7,872,000	8,614,959
Other Securities		59,607,861
		181,457,965
HOLDING COMPANIES-DIVERSIFIED — 0.2%
Other Securities		8,573,978
HOME BUILDERS — 1.0%
Other Securities		37,619,833
HOUSEHOLD PRODUCTS & WARES — 0.6%
Other Securities		22,650,074
HOUSEWARES — 0.5%
Other Securities		17,191,219
INSURANCE — 1.2%
Other Securities		42,901,138
INTERNET — 1.4%
Other Securities		49,294,437
IRON/STEEL — 0.8%
United States Steel Corp. 12.00%, 6/1/2025 (a)	9,879,000	11,434,547
Other Securities		16,352,842
		27,787,389
LEISURE TIME — 2.5%
Carnival Corp. 11.50%, 4/1/2023 (a)	17,512,000	20,243,872
Royal Caribbean Cruises, Ltd.:
5.25%, 11/15/2022	4,572,000	4,602,084
9.13%, 6/15/2023 (a)(b)	12,843,000	13,966,377
10.88%, 6/1/2023 (a)(b)	2,528,000	2,874,387
11.50%, 6/1/2025 (a)	13,573,000	15,874,845
Other Securities		31,418,878
		88,980,443
LODGING — 2.9%
MGM Resorts International 6.00%, 3/15/2023	10,763,000	11,580,235
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.50%, 3/1/2025 (a)(b)	12,315,000	12,857,476

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
Other Securities		$ 80,852,091
		105,289,802
MACHINERY, CONSTRUCTION & MINING — 0.1%
Other Security		3,612,982
MACHINERY-DIVERSIFIED — 0.3%
Other Securities		9,492,754
MEDIA — 4.8%
Clear Channel Worldwide Holdings, Inc. 9.25%, 2/15/2024 (b)	$ 13,687,000	13,873,691
DISH DBS Corp.:
5.00%, 3/15/2023	11,763,000	12,202,113
5.88%, 7/15/2022	13,129,000	13,712,059
5.88%, 11/15/2024	14,622,000	15,323,856
6.75%, 6/1/2021	13,913,000	14,191,260
Sirius XM Radio, Inc. 4.63%, 7/15/2024 (a)(b)	14,424,000	14,951,774
Univision Communications, Inc. 5.13%, 2/15/2025 (a)	14,264,000	14,427,037
Other Securities		75,078,372
		173,760,162
METAL FABRICATE & HARDWARE — 0.1%
Other Security		5,219,100
MINING — 1.6%
Other Securities		57,578,066
MISCELLANEOUS MANUFACTURER — 1.2%
Bombardier, Inc.:
6.00%, 10/15/2022 (a)(b)	7,377,000	7,236,911
6.13%, 1/15/2023 (a)	9,075,500	8,954,251
7.50%, 12/1/2024 (a)(b)	6,085,000	5,829,734
7.50%, 3/15/2025 (a)(b)	11,311,000	10,543,888
Other Securities		12,151,086
		44,715,870
OFFICE & BUSINESS EQUIPMENT — 0.5%
Other Securities		16,403,590
OIL & GAS — 6.8%
Occidental Petroleum Corp.:
2.70%, 2/15/2023 (b)	5,438,000	5,442,731
2.90%, 8/15/2024	20,676,000	19,928,356

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
3.50%, 6/15/2025 (b)	$ 8,217,000	$ 7,933,431
5.50%, 12/1/2025 (b)	1,931,000	2,012,411
5.88%, 9/1/2025 (b)	7,396,000	7,869,566
6.95%, 7/1/2024	1,986,000	2,160,192
Other Securities		200,295,288
		245,641,975
OIL & GAS SERVICES — 1.0%
Weatherford International, Ltd. 8.75%, 9/1/2024 (a)	12,678,000	12,801,104
Other Securities		21,933,994
		34,735,098
PACKAGING & CONTAINERS — 2.6%
Mauser Packaging Solutions Holding Co. 5.50%, 4/15/2024 (a)(b)	14,802,000	15,081,462
Other Securities		77,495,260
		92,576,722
PHARMACEUTICALS — 2.3%
Bausch Health Cos., Inc.:
5.50%, 11/1/2025 (a)	12,863,000	13,300,085
6.13%, 4/15/2025 (a)	21,527,951	22,180,894
7.00%, 3/15/2024 (a)	16,655,000	17,126,836
9.00%, 12/15/2025 (a)	7,969,000	8,802,956
Other Securities		22,304,051
		83,714,822
PIPELINES — 3.7%
Other Securities		131,480,143
REAL ESTATE — 0.6%
Other Securities		21,652,000
REAL ESTATE INVESTMENT TRUSTS — 4.5%
Uniti Group L.P./Uniti Fiber Holdings, Inc./CSL Capital LLC 7.88%, 2/15/2025 (a)(b)	18,066,000	19,401,619
Other Securities		143,328,874
		162,730,493
RETAIL — 4.7%
Golden Nugget, Inc. 6.75%, 10/15/2024 (a)	14,960,000	14,832,840
Macy's, Inc. 8.38%, 6/15/2025 (a)(b)	10,235,000	11,354,811

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
PetSmart, Inc. 7.13%, 3/15/2023 (a)(b)	$ 12,427,000	$ 12,427,497
Other Securities		130,101,383
		168,716,531
SEMICONDUCTORS — 0.4%
Other Securities		13,697,016
SOFTWARE — 1.7%
Solera LLC/Solera Finance, Inc. 10.50%, 3/1/2024 (a)	14,803,000	15,353,376
Veritas US, Inc./Veritas Bermuda, Ltd. 7.50%, 9/1/2025 (a)	13,800,000	14,154,246
Other Securities		32,706,765
		62,214,387
TELECOMMUNICATIONS — 7.5%
CenturyLink, Inc.:
5.63%, 4/1/2025 (b)	826,000	896,730
Series S, 6.45%, 6/15/2021	9,353,000	9,540,434
Series T, 5.80%, 3/15/2022	11,000,000	11,548,680
Series W, 6.75%, 12/1/2023	5,123,000	5,700,977
Series Y, 7.50%, 4/1/2024 (b)	9,551,000	10,782,219
Sprint Corp.:
7.13%, 6/15/2024	13,333,000	15,576,411
7.25%, 9/15/2021	11,425,000	11,887,141
7.63%, 2/15/2025	1,301,000	1,556,985
7.88%, 9/15/2023	22,092,000	25,564,421
Telecom Italia SpA 5.30%, 5/30/2024 (a)	11,474,000	12,500,005
Other Securities		162,819,779
		268,373,782
TOYS/GAMES/HOBBIES — 0.2%
Other Security		8,697,814
TRANSPORTATION — 1.1%
XPO Logistics, Inc. 6.75%, 8/15/2024 (a)	12,811,000	13,636,925
Other Securities		26,765,015
		40,401,940

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Principal Amount	Value
TRUCKING & LEASING — 0.2%
Other Securities		$ 8,959,879
TOTAL CORPORATE BONDS & NOTES (Cost $3,432,018,976)		3,445,989,440

	Shares
COMMON STOCKS — 0.0%
CONSTRUCTION & ENGINEERING — 0.0% (e)
Other Securities		85,549
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% (e)
Avanti Communications Group PLC (c) (f)	8,448,041	—
HOUSEHOLD PRODUCTS — 0.0% (e)
Cenveo Enterprises, Inc. (c)	9,870	98,700
MEDIA — 0.0% (e)
Other Securities		160,911
OIL, GAS & CONSUMABLE FUELS — 0.0% (e)
Other Security		61,127
TRANSPORTATION INFRASTRUCTURE — 0.0% (e)
ATD New Holdings, Inc. (c) (f)	41,112	534,456
Erickson, Inc. (c) (f)	7,423	37,115
		571,571
TOTAL COMMON STOCKS (Cost $16,086,449)		977,858

	Principal Amount
Senior Floating Rate Loans — 0.1%
MEDIA — 0.0%
Other Security		724,396
OIL, GAS & CONSUMABLE FUELS — 0.1%
Other Security		3,279,375
TOTAL SENIOR FLOATING RATE LOANS (Cost $3,734,976)		4,003,771

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Security Description	Shares	Value
WARRANTS — 0.0% (e)
ADVERTISING SERVICES — 0.0% (e)
Affinion Group, Inc. (expiring 11/20/22) (Cost $0)(b) (c) (f)	11,802	$ —
CONSTRUCTION & ENGINEERING — 0.0% (e)
Abengoa Abenewco 2 SAU (expiring 10/11/24) 4/26/2024 (Cost $0)(a) (c) (f)	4,407,135	—
MEDIA — 0.0% (e)
Other Security		337,922
SEMICONDUCTOR EQUIPMENT — 0.0% (e)
Mood Media LLC (expiring 07/31/25) (c) (f)	1,112,744	—
Mood Media LLC (expiring 07/31/25) (c) (f)	1,112,744	—
Mood Media LLC (expiring 07/31/25) (c) (f)	1,112,744	18,360
		18,360
TOTAL WARRANTS (Cost $1,601,632)		356,282
SHORT-TERM INVESTMENTS — 10.6%
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (g) (h)	97,222,567	97,242,012
State Street Navigator Securities Lending Portfolio II (i) (j)	282,820,196	282,820,196
TOTAL SHORT-TERM INVESTMENTS (Cost $380,062,208)		380,062,208
TOTAL INVESTMENTS — 106.7% (Cost $3,833,504,241)		3,831,389,559
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.7)%		(241,933,735)
NET ASSETS — 100.0%		$ 3,589,455,824

The Summary Schedule of Investments does not reflect the complete portfolio holdings. It includes the Fund’s 50 largest holdings and each investment of any issuer that exceeds 1% of the Fund’s net assets. “Other Securities” represent all issues not required to be disclosed under the rules adopted by the U.S. Securities and Exchange Commission (“SEC”). In certain instances, securities for which footnotes listed below may otherwise apply are included in the Other Securities caption. The complete schedule of portfolio holdings is available on the Fund's website at www.ssga.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC's website at www.sec.gov.

See accompanying notes to financial statements.

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SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

(a)	Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 56.3% of net assets as of December 31, 2020, are considered liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b)	All or a portion of the shares of the security are on loan at December 31, 2020.
(c)	Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2020, total aggregate fair value of the securities is $711,151, representing less than 0.05% of the Fund's net assets.
(d)	Step-up bond - Coupon rate increases in increments to maturity. Rate shown as of December 31, 2020. Maturity date shown is the final maturity.
(e)	Amount is less than 0.05% of net assets.
(f)	Non-income producing security.
(g)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(h)	The rate shown is the annualized seven-day yield at December 31, 2020.
(i)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(j)	Investment of cash collateral for securities loaned.
MTN	Medium Term Note
PIK	Payment in Kind

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2020.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Corporate Bonds & Notes	$ —	$3,445,966,920	$ 22,520	$3,445,989,440
Common Stocks	222,038	85,549	670,271	977,858
Senior Floating Rate Loans	—	4,003,771	—	4,003,771
Warrants	—	337,922	18,360	356,282
Short-Term Investments	380,062,208	—	—	380,062,208
TOTAL INVESTMENTS	$380,284,246	$3,450,394,162	$ 711,151	$3,831,389,559

See accompanying notes to financial statements.

Table of Contents

SPDR BLOOMBERG BARCLAYS SHORT TERM HIGH YIELD BOND ETF

SUMMARY SCHEDULE OF INVESTMENTS (continued)

December 31, 2020 (Unaudited)

Affiliate Table

	Number of Shares Held at 6/30/20	Value at 6/30/20	Cost of Purchases	Proceeds from Shares Sold	Realized Gain (Loss)	Change in Unrealized Appreciation/ Depreciation	Number of Shares Held at 12/31/20	Value at 12/31/20	Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class	82,287,603	$ 82,320,518	$ 570,656,735	$ 555,725,912	$5,208	$(14,537)	97,222,567	$ 97,242,012	$ 51,621
State Street Navigator Securities Lending Portfolio II	388,958,936	388,958,936	563,458,402	669,597,142	—	—	282,820,196	282,820,196	604,091
Total		$471,279,454	$1,134,115,137	$1,225,323,054	$5,208	$(14,537)		$380,062,208	$655,712

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2020 (Unaudited)

	SPDR Bloomberg Barclays Convertible Securities ETF	SPDR Bloomberg Barclays High Yield Bond ETF	SPDR Bloomberg Barclays Short Term High Yield Bond ETF
ASSETS
Investments in unaffiliated issuers, at value*	$6,492,826,196	$12,272,356,077	$3,451,327,351
Investments in affiliated issuers, at value	645,202,199	1,103,422,485	380,062,208
Total Investments	7,138,028,395	13,375,778,562	3,831,389,559
Cash	—	11,868,796	4,276,432
Receivable for investments sold	138,825,245	35,648,835	36,707,927
Receivable for fund shares sold	—	130,280,847	88,639,651
Dividends receivable — unaffiliated issuers	3,093,826	—	—
Dividends receivable — affiliated issuers	922	—	—
Interest receivable — unaffiliated issuers	10,172,138	189,848,124	53,313,040
Securities lending income receivable — unaffiliated issuers	1,355	10,491	3,259
Securities lending income receivable — affiliated issuers	67,968	229,880	78,154
Receivable for foreign taxes recoverable	—	123,703	15,966
TOTAL ASSETS	7,290,189,849	13,743,789,238	4,014,423,988
LIABILITIES
Payable upon return of securities loaned	488,956,063	1,016,894,473	282,820,196
Payable for investments purchased	122,335,268	206,767,331	108,687,319
Payable for fund shares repurchased	—	—	32,237,758
Advisory fee payable	2,173,476	4,263,252	1,221,659
Trustees’ fees and expenses payable	788	2,116	1,232
TOTAL LIABILITIES	613,465,595	1,227,927,172	424,968,164
NET ASSETS	$6,676,724,254	$12,515,862,066	$3,589,455,824
NET ASSETS CONSIST OF:
Paid-in Capital	$4,624,386,459	$13,966,667,680	$4,209,184,373
Total distributable earnings (loss)	2,052,337,795	(1,450,805,614)	(619,728,549)
NET ASSETS	$6,676,724,254	$12,515,862,066	$3,589,455,824
NET ASSET VALUE PER SHARE
Net asset value per share	$ 82.63	$ 108.57	$ 26.87
Shares outstanding (unlimited amount authorized, $0.01 par value)	80,800,000	115,274,605	133,600,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$4,578,751,361	$12,145,098,729	$3,453,442,033
Investments in affiliated issuers	633,545,259	1,103,422,481	380,062,208
Total cost of investments	$5,212,296,620	$13,248,521,210	$3,833,504,241
* Includes investments in securities on loan, at value	$ 501,220,883	$ 1,209,290,231	$ 348,121,919

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF OPERATIONS

For the Six Months Ended December 31, 2020 (Unaudited)

	SPDR Bloomberg Barclays Convertible Securities ETF	SPDR Bloomberg Barclays High Yield Bond ETF	SPDR Bloomberg Barclays Short Term High Yield Bond ETF
INVESTMENT INCOME
Interest income — unaffiliated issuers	$ (16,753,451)	$ 316,526,938	$ 93,314,826
Dividend income — unaffiliated issuers	26,398,786	—	—
Dividend income — affiliated issuers	2,630,737	56,080	51,621
Unaffiliated securities lending income	14,879	43,954	20,489
Affiliated securities lending income	379,271	1,717,173	604,091
Foreign taxes withheld	—	2,335	965
TOTAL INVESTMENT INCOME (LOSS)	12,670,222	318,346,480	93,991,992
EXPENSES
Advisory fee	10,931,061	25,300,285	6,886,653
Trustees’ fees and expenses	37,652	94,791	27,283
TOTAL EXPENSES	10,968,713	25,395,076	6,913,936
NET INVESTMENT INCOME (LOSS)	$ 1,701,509	$ 292,951,404	$ 87,078,056
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers	332,803,406	(71,583,859)	(14,576,644)
Investments — affiliated issuers	1,160,621	(14,631)	5,208
In-kind redemptions — unaffiliated issuers	229,159,993	383,970,390	118,625,960
Net realized gain (loss)	563,124,020	312,371,900	104,054,524
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers	1,248,738,261	609,406,300	137,234,900
Investment — affiliated issuers	11,656,940	(55)	(14,537)
Net change in unrealized appreciation/depreciation	1,260,395,201	609,406,245	137,220,363
NET REALIZED AND UNREALIZED GAIN (LOSS)	1,823,519,221	921,778,145	241,274,887
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$1,825,220,730	$1,214,729,549	$328,352,943

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR Bloomberg Barclays Convertible Securities ETF
	Six Months Ended 12/31/20 (Unaudited)	Year Ended 6/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 1,701,509	$ 25,887,455
Net realized gain (loss)	563,124,020	206,563,712
Net change in unrealized appreciation/depreciation	1,260,395,201	377,638,208
Net increase (decrease) in net assets resulting from operations	1,825,220,730	610,089,375
Net equalization credits and charges	479,004	9,534,426
Distributions to shareholders	(115,915,748)	(133,938,198)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	1,254,963,682	1,632,985,641
Cost of shares redeemed	(931,731,127)	(1,323,542,708)
Net income equalization	(479,004)	(9,534,426)
Other Capital	110,581	84,568
Net increase (decrease) in net assets from beneficial interest transactions	322,864,132	299,993,075
Net increase (decrease) in net assets during the period	2,032,648,118	785,678,678
Net assets at beginning of period	4,644,076,136	3,858,397,458
NET ASSETS AT END OF PERIOD	$6,676,724,254	$ 4,644,076,136
SHARES OF BENEFICIAL INTEREST:
Shares sold	17,300,000	29,200,000
Shares redeemed	(13,600,000)	(25,000,000)
Net increase (decrease) from share transactions	3,700,000	4,200,000

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Bloomberg Barclays High Yield Bond ETF
	Six Months Ended 12/31/20 (Unaudited)	Year Ended 6/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 292,951,404	$ 508,497,392
Net realized gain (loss)	312,371,900	137,817,144
Net change in unrealized appreciation/depreciation	609,406,245	(286,004,283)
Net increase (decrease) in net assets resulting from operations	1,214,729,549	360,310,253
Net equalization credits and charges	(963,438)	379,758
Distributions to shareholders	(367,425,183)	(540,633,941)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	14,726,407,694	36,255,805,290
Cost of shares redeemed	(13,615,535,390)	(34,925,935,814)
Net income equalization	963,438	(379,758)
Other Capital	2,498,356	3,402,318
Net increase (decrease) in net assets from beneficial interest transactions	1,114,334,098	1,332,892,036
Net increase (decrease) in net assets during the period	1,960,675,026	1,152,948,106
Net assets at beginning of period	10,555,187,040	9,402,238,934
NET ASSETS AT END OF PERIOD	$ 12,515,862,066	$ 10,555,187,040
SHARES OF BENEFICIAL INTEREST:
Shares sold	139,800,000	350,800,001
Shares redeemed	(129,000,000)	(332,800,000)
Net increase (decrease) from share transactions	10,800,000	18,000,001

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR Bloomberg Barclays Short Term High Yield Bond ETF
	Six Months Ended 12/31/20 (Unaudited)	Year Ended 6/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 87,078,056	$ 165,620,363
Net realized gain (loss)	104,054,524	(118,615,075)
Net change in unrealized appreciation/depreciation	137,220,363	(78,722,421)
Net increase (decrease) in net assets resulting from operations	328,352,943	(31,717,133)
Net equalization credits and charges	(1,913,004)	(1,533,368)
Distributions to shareholders	(104,365,759)	(176,399,855)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	6,292,157,099	5,810,390,428
Cost of shares redeemed	(5,964,297,067)	(5,604,012,147)
Net income equalization	1,913,004	1,533,368
Other Capital	267,990	266,785
Net increase (decrease) in net assets from beneficial interest transactions	330,041,026	208,178,434
Net increase (decrease) in net assets during the period	552,115,206	(1,471,922)
Net assets at beginning of period	3,037,340,618	3,038,812,540
NET ASSETS AT END OF PERIOD	$ 3,589,455,824	$ 3,037,340,618
SHARES OF BENEFICIAL INTEREST:
Shares sold	241,200,000	226,500,000
Shares redeemed	(228,300,000)	(217,500,000)
Net increase (decrease) from share transactions	12,900,000	9,000,000

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Convertible Securities ETF
	Six Months Ended 12/31/20 (Unaudited)	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18	Year Ended 6/30/17	Year Ended 6/30/16
Net asset value, beginning of period	$ 60.23	$ 52.93	$ 53.09	$ 49.53	$ 43.78	$ 47.44
Income (loss) from investment operations:
Net investment income (loss) (a)	0.02	0.34	(0.30)	0.23	0.98	0.82
Net realized and unrealized gain (loss) (b)	23.84	8.56	2.88	5.40	7.17	(1.38)
Total from investment operations	23.86	8.90	2.58	5.63	8.15	(0.56)
Net equalization credits and charges (a)	0.01	0.12	0.04	0.01	(0.33)	0.34
Other capital (a)	0.00(c)	0.00(c)	0.00(c)	0.00(c)	0.02	0.00(c)
Distributions to shareholders from:
Net investment income	(1.47)	(1.72)	(2.78)	(2.08)	(2.09)	(2.32)
Net realized gains	—	—	—	—	—	(1.12)
Total distributions	(1.47)	(1.72)	(2.78)	(2.08)	(2.09)	(3.44)
Net asset value, end of period	$ 82.63	$ 60.23	$ 52.93	$ 53.09	$ 49.53	$ 43.78
Total return (d)	39.83%	17.45%	5.51%	11.62%	18.34%	(0.13)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$6,676,724	$4,644,076	$3,858,397	$4,475,889	$3,873,400	$2,197,606
Ratios to average net assets:
Total expenses	0.40%(e)	0.40%	0.40%	0.40%	0.40%	0.40%
Net investment income (loss)	0.06%(e)	0.62%	(0.58)%	0.44%	2.12%	1.84%
Portfolio turnover rate (f)	17%(g)	41%	36%	40%	32%	30%

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

See accompanying notes to financial statements.

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SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays High Yield Bond ETF
	Six Months Ended 12/31/20 (Unaudited)	Year Ended 6/30/20	Year Ended 6/30/19(a)	Year Ended 6/30/18(a)	Year Ended 6/30/17(a)	Year Ended 6/30/16(a)
Net asset value, beginning of period	$ 101.03	$ 108.73	$ 106.80	$ 111.30	$ 105.84	$ 115.02
Income (loss) from investment operations:
Net investment income (loss) (b)	2.46	5.40	6.08	5.85	6.54	6.66
Net realized and unrealized gain (loss) (c)	8.23	(7.31)	1.84	(4.53)	5.49	(9.30)
Total from investment operations	10.69	(1.91)	7.92	1.32	12.03	(2.64)
Net equalization credits and charges (b)	(0.01)	0.00(d)	0.06	0.00(d)	0.00(d)	0.09
Other capital (b)	0.02	0.04	0.03	0.03	0.03	0.03
Distributions to shareholders from:
Net investment income	(3.16)	(5.83)	(6.08)	(5.85)	(6.60)	(6.66)
Net asset value, end of period	$ 108.57	$ 101.03	$ 108.73	$ 106.80	$ 111.30	$ 105.84
Total return (e)	10.68%	(1.81)%	7.81%	1.23%	11.65%	(1.99)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$12,515,862	$10,555,187	$9,402,239	$9,506,526	$11,613,180	$11,238,281
Ratios to average net assets:
Total expenses	0.40%(f)	0.40%	0.40%	0.40%	0.40%	0.40%
Net investment income (loss)	4.63%(f)	5.13%	5.72%	5.34%	5.97%	6.32%
Portfolio turnover rate (g)	24%(h)	50%	44%	38%	46%	59%

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

See accompanying notes to financial statements.

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SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR Bloomberg Barclays Short Term High Yield Bond ETF
	Six Months Ended 12/31/20 (Unaudited)	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18	Year Ended 6/30/17	Year Ended 6/30/16
Net asset value, beginning of period	$ 25.16	$ 27.21	$ 27.33	$ 27.92	$ 26.80	$ 28.82
Income (loss) from investment operations:
Net investment income (loss) (a)	0.66	1.37	1.54	1.48	1.62	1.51
Net realized and unrealized gain (loss) (b)	1.88	(1.93)	(0.11)	(0.58)	1.10	(2.02)
Total from investment operations	2.54	(0.56)	1.43	0.90	2.72	(0.51)
Net equalization credits and charges (a)	(0.01)	(0.01)	(0.01)	(0.01)	0.02	(0.01)
Other capital (a)	0.00(c)	0.00(c)	0.00(c)	0.00(c)	0.00(c)	0.00(c)
Distributions to shareholders from:
Net investment income	(0.82)	(1.48)	(1.54)	(1.48)	(1.62)	(1.50)
Net asset value, end of period	$ 26.87	$ 25.16	$ 27.21	$ 27.33	$ 27.92	$ 26.80
Total return (d)	10.09%	(2.10)%	5.37%	3.30%	10.43%	(1.61)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$3,589,456	$3,037,341	$3,038,813	$3,544,787	$4,022,599	$3,138,527
Ratios to average net assets:
Total expenses	0.40%(e)	0.40%	0.40%	0.40%	0.40%	0.40%
Net investment income (loss)	5.06%(e)	5.27%	5.67%	5.37%	5.85%	5.66%
Portfolio turnover rate (f)	55%(g)	90%	65%	53%	57%	39%

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

See accompanying notes to financial statements.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2020 (Unaudited)

1. Organization

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

As of December 31, 2020, the Trust consists of eighty-two (82) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):

SPDR Bloomberg Barclays Convertible Securities ETF

SPDR Bloomberg Barclays High Yield Bond ETF

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

Each Fund is classified as a diversified investment company under the 1940 Act.

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

2. Summary of Significant Accounting Policies

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

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

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2020 (Unaudited)

Security Valuation

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

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

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

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

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

• Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2020 (Unaudited)

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

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

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

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

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

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

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

The value of each Fund’s investments, according to the fair value hierarchy as of December 31, 2020, is disclosed in each Fund’s respective Schedule of Investments.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2020 (Unaudited)

Investment Transactions and Income Recognition

Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method. Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value.Distributions received by the Fund's may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.

Expenses

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

Foreign Currency Translation

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

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

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2020 (Unaudited)

recorded in accordance with SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”). understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2020, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

Equalization

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

The following funds utilized equalization during the period ended December 31, 2020 :

SPDR Bloomberg Barclays Convertible Securities ETF

SPDR Bloomberg Barclays High Yield Bond ETF

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

Distributions

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

3. Fees and Transactions with Affiliates

Advisory Fee

The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2020 (Unaudited)

fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:

	Annual Rate
SPDR Bloomberg Barclays Convertible Securities ETF	0.40%
SPDR Bloomberg Barclays High Yield Bond ETF	0.40
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	0.40

From time to time, the Adviser may waive all or a portion of its fee. The Adviser has contractually agreed to waive a portion of its management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until October 31, 2021. Each contractual fee waiver and/or reimbursement does not provide for the recoupment by the Adviser of any fees the Adviser previously waived. The Adviser may continue each waiver and/or reimbursement from year to year, but there is no guarantee that the Adviser will do so and each waiver and/or reimbursement may be cancelled or modified at any time after October 31, 2021. Each waiver and/or reimbursement may not be terminated prior to October 31, 2021 except with the approval of the Board. The Adviser pays all the operating expenses of each Fund other than the management fee, brokerage expenses, taxes, interest, the fees and expenses of the Independent Trustees (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation expenses, and other extraordinary expenses.

Administrator, Custodian, Sub-Administrator and Transfer Agent Fees

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

Distributor

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

Other Transactions with Affiliates - Securities Lending

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2020 (Unaudited)

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

Proceeds collected by State Street on investment of cash collateral or any fee income are allocated as follows (after deduction of such other amounts payable to State Street under the terms of the securities lending agreement): 85% payable to the Funds, and 15% payable to State Street.

In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 8 for additional information regarding securities lending.

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended December 31, 2020 are disclosed in the Schedules of Investments.

Due to Custodian

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

4. Trustees’ Fees

The fees and expenses of the Trust’s trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2020 (Unaudited)

5. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended December 31, 2020, were as follows:

	Purchases	Sales
SPDR Bloomberg Barclays Convertible Securities ETF	$ 885,611,521	$1,008,191,386
SPDR Bloomberg Barclays High Yield Bond ETF	3,131,098,660	2,868,139,298
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	1,724,028,700	1,859,827,092

For the period ended December 31, 2020, the following Fund had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

	In-kind Contributions	In-kind Redemptions	In-kind Net Realized Gains/(Losses)
SPDR Bloomberg Barclays Convertible Securities ETF	$ 1,250,718,155	$ 926,936,232	$229,159,993
SPDR Bloomberg Barclays High Yield Bond ETF	13,853,173,749	13,165,471,848	383,970,390
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	6,193,232,311	5,749,802,919	118,625,960

6. Shareholder Transactions

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

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

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2020 (Unaudited)

7. Income Tax Information

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

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of June 30, 2020, SSGA FM has analyzed each Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

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

As of December 31, 2020, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

	Tax Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
SPDR Bloomberg Barclays Convertible Securities ETF	$ 5,294,713,795	$1,888,799,322	$ 45,484,722	$1,843,314,600
SPDR Bloomberg Barclays High Yield Bond ETF	13,283,018,801	196,485,529	103,725,768	92,759,761
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	3,841,109,372	37,743,799	47,463,612	(9,719,813)

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2020 (Unaudited)

8. Securities Lending

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

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

The market value of securities on loan as of December 31, 2020, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds’ Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds’ Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2020 (Unaudited)

The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of December 31, 2020:

Fund	Market Value of Securities on Loan	Cash Collateral Received	Non-Cash Collateral Received	Total Collateral Received
SPDR Bloomberg Barclays Convertible Securities ETF	$ 501,220,883	$ 488,956,063	$ 21,668,655	$ 510,624,718
SPDR Bloomberg Barclays High Yield Bond ETF	1,209,290,231	1,016,894,473	216,975,958	1,233,870,431
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	348,121,919	282,820,196	72,506,885	355,327,081

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of December 31, 2020:

		Remaining Contractual Maturity of the Agreements As of December 31, 2020
Fund	Securities Lending Transactions	Overnight and Continuous	<30 Days	Between 30 & 90 Days	>90 Days	Total Borrowings	Gross Amount of Recognized Liabilities for Securities Lending Transactions
SPDR Bloomberg Barclays Convertible Securities ETF	Convertible Preferred Stocks	$ 99,781,993	$—	$—	$—	$ 99,781,993	$ 99,781,993
SPDR Bloomberg Barclays Convertible Securities ETF	Corporate Bonds & Notes	389,174,070	—	—	—	389,174,070	389,174,070
SPDR Bloomberg Barclays High Yield Bond ETF	Common Stocks	185,213	—	—	—	185,213	185,213
SPDR Bloomberg Barclays High Yield Bond ETF	Corporate Bonds & Notes	1,016,709,260	—	—	—	1,016,709,260	1,016,709,260
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	Common Stocks	62,993	—	—	—	62,993	62,993

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2020 (Unaudited)

		Remaining Contractual Maturity of the Agreements As of December 31, 2020
Fund	Securities Lending Transactions	Overnight and Continuous	<30 Days	Between 30 & 90 Days	>90 Days	Total Borrowings	Gross Amount of Recognized Liabilities for Securities Lending Transactions
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	Corporate Bonds & Notes	$282,751,352	$—	$—	$—	$282,751,352	$282,751,352
SPDR Bloomberg Barclays Short Term High Yield Bond ETF	Warrants	5,851	—	—	—	5,851	5,851

9. Line of Credit

The Funds and other affiliated funds (each a “Participant” and, collectively, the “Participants”) have access to $200 million of a $500 million revolving credit facility provided by a syndication of banks under which the Participants may borrow to fund shareholder redemptions. This agreement expires in October 2021 unless extended or renewed.

The Funds had no outstanding loans as of December 31, 2020.

The Participants are charged an annual commitment fee which is calculated based on the unused portion of the shared credit line. Commitment fees are allocated among each of the Participants based on relative net assets. Commitment fees are ordinary fund operating expenses paid by the Adviser. A Participant incurs and pays the interest expense related to its borrowing. Interest is calculated at a rate per annum equal to the sum of 1.25% plus the New York Fed Bank Rate. Prior to October 8, 2020, interest was calculated at a rate per annum equal to the sum of 1% plus the greater of the New York Fed Bank Rate and 1-month LIBOR rate.

10. Risks

Concentration Risk

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

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2020 (Unaudited)

Foreign and Emerging Markets Risk

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

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

An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets have experienced extreme volatility and severe losses, and trading in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

11. New Accounting Pronouncement

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848)”. In response to concerns about structural risks of interbank

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2020 (Unaudited)

offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments are effective as of March 12, 2020 through December 31, 2022. Management is currently evaluating the impact of the guidance.

12. Subsequent Events

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

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SPDR SERIES TRUST

OTHER INFORMATION

December 31, 2020 (Unaudited)

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2020 to December 31, 2020.

The table below illustrates your Fund's cost in two ways:

Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period”.

Based on hypothetical 5% return ——This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

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SPDR SERIES TRUST

OTHER INFORMATION (continued)

December 31, 2020 (Unaudited)

	SPDR Bloomberg Barclays Convertible Securities ETF	SPDR Bloomberg Barclays High Yield Bond ETF	SPDR Bloomberg Barclays Short Term High Yield Bond ETF
Annualized Expense Ratio	0.40%	0.40%	0.40%
Actual:
Ending Account Value	$1,398.30	$1,106.80	$1,100.90
Expenses Paid During Period(a)	2.42	2.12	2.12
Hypothetical (assuming a 5% return before expenses):
Ending Account Value	1,023.20	1,023.20	1,023.20
Expenses Paid During Period(a)	2.04	2.04	2.04

(a)	Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.

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SPDR SERIES TRUST

OTHER INFORMATION (continued)

December 31, 2020 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.

SSGA FM has been designated by the Board to administer the Funds’ Program. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for the period October 2019 through September 2020, including:

•	the Program supported each Fund’s ability to honor redemption requests timely;
•	the Program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions;
•	no material liquidity issues were identified during the period;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage each Fund’s liquidity risk; and
•	the Program operated adequately during the period.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Premium/Discount Information

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

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SPDR SERIES TRUST

OTHER INFORMATION (continued)

December 31, 2020 (Unaudited)

Proxy Voting Policies and Procedures and Records

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

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

Quarterly Portfolio Schedule

Following the Funds’ first and third fiscal quarter-ends, a complete schedule of investments is filed with the SEC as an exhibit on Form N-PORT, which can be found on the SEC's website at www.sec.gov. The Funds’ schedules of investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).

Full Portfolio Schedule

The complete schedule of portfolio holdings for the following Funds is available on the Funds’ website at www.ssga.com, without charge, upon request by calling 1-866-787-2257 (toll-free) and on the SEC’s website at www.sec.gov.

SPDR Bloomberg Barclays High Yield Bond ETF

SPDR Bloomberg Barclays Short Term High Yield Bond ETF

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SPDR Series Trust

Trustees

Bonny E. Boatman

Dwight D. Churchill

Frank Nesvet

Clare S. Richer

James E. Ross

Sandra G. Sponem

Carl G. Verboncoeur, Chairman

Investment Manager and Administrator

SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210

Distributor

State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, MA 02210

Custodian, Sub-Administrator
and Transfer Agent

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

Legal Counsel

Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116

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 www.ssga.com.Please read the prospectus carefully before you invest.

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SPDR^® Series Trust - Fixed Income Funds

For more complete information, please call 1.866.787.2257 or visit www.ssga.com today.

State Street Global Advisors
One Iron Street
Boston, MA 02210

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

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

BLOOMBERG^®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, and

BARCLAYS^®, a trademark and service mark of Barclays Bank Plc, have each been licensed for use in connection with the listing and trading of the SPDR Bloomberg Barclays ETFs.

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

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

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

SPDRTOPFISAR