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)  

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Schedules of Investments (Unaudited)  

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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
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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.
1


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.
2


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.
3


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.
4


Table of Contents
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.
5


Table of Contents
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.
6


Table of Contents
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.
7


Table of Contents
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.
8


Table of Contents
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.
9


Table of Contents
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.
10


Table of Contents
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.
11


Table of Contents
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.
12


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.
13


Table of Contents
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.
14


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.
15


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.
16


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.
17


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.
18


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.
19


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.
20


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