TABLE OF CONTENTS

Notes to Performance Summaries (Unaudited)	1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)
SPDR Dow Jones REIT ETF (RWR)	2
SPDR S&P Biotech ETF (XBI)	5
SPDR S&P Dividend ETF (SDY)	8
Schedules of Investments
SPDR Dow Jones REIT ETF (RWR)	11
SPDR S&P Biotech ETF (XBI)	16
SPDR S&P Dividend ETF (SDY)	23
Financial Statements	30
Financial Highlights	35
Notes to Financial Statements	38
Report of Independent Registered Public Accounting Firm	52
Other Information (Unaudited)	54

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.

Notes to Performance Summaries (Unaudited)

The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.

An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.

The Dow Jones U.S. Select REIT Index is designed to provide a measure of real estate securities that serve as proxies for direct real estate investing, in part by excluding securities whose value is not always closely tied to the value of the underlying real estate.

The S&P Biotechnology Select Industry Index represents the biotechnology segment of the S&P Total Market Index.

The S&P High Yield Dividend Aristocrats Index is designed to measure the performance of the highest dividend yielding S&P Composite 1500 Index constituents that have followed a managed-dividends policy of consistently increasing dividends every year for at least 20 consecutive years.

See accompanying notes to financial statements.

Table of Contents

SPDR DOW JONES REIT ETF

Management's Discussion of Fund Performance (Unaudited)

The SPDR Dow Jones REIT ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded real estate investment trusts. The Fund’s benchmark is the Dow Jones U.S. Select REIT Index (the “Index”).

For the 12-month period ended June 30, 2021 (the “Reporting Period”), the total return for the Fund was 39.59%, and the Index was 39.98%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.

Real Estate Investment Trusts (“REITs”) traded in the U.S. provided solid results over the past fiscal year and only slightly underperformed the S&P 500 for the overall Reporting Period. Not surprisingly, the response to Covid-19 played a major role in the Fund’s performance this past fiscal year. The Index was only slightly positive during the first fiscal quarter and significantly underperformed the S&P 500 during that time. While U.S. equities responded strongly to signs of economic recovery and progress towards addressing the pandemic, U.S. REITs were relatively flat during that same timeframe. U.S. REITs staged a strong comeback in the second fiscal quarter, however, based on continued rollout of the vaccines and increasingly positive expectations that the country would be able to return to normal sooner than anticipated. This lifted up some previously beaten down real estate sectors such as retail, lodging/resorts and office. U.S. REITs continued to rally strongly into 2021 and actually outperformed the S&P 500 during the final two fiscal quarters. Strong earnings, positive vaccine news, dovish comments from the Fed and progress towards a U.S. infrastructure spending plan all seemed to outweigh any fears of higher interest rates and new virus variants.

The Fund used index equity futures contracts in order to gain exposure to the market for the cash and cash equivalents within the fund during the Reporting Period. The Fund’s use of these futures contracts did not result in any tracking error between the Fund and the Index.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Simon Property Group, Inc., Prologis, Inc., and Public Storage. The top negative contributors to the Fund’s performance during the Reporting Period were Equity Commonwealth, Easterly Government Properties Inc, and Universal Health Realty Income Trust.

The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.

See accompanying notes to financial statements.

Table of Contents

SPDR Dow Jones REIT ETF

Performance Summary (Unaudited)

Performance as of June 30, 2021

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	Dow Jones U.S. Select REIT Index	Net Asset Value	Market Value	Dow Jones U.S. Select REIT Index
ONE YEAR	39.59%	39.69%	39.98%	39.59%	39.69%	39.98%
FIVE YEARS	26.86%	26.84%	28.58%	4.87%	4.87%	5.16%
TEN YEARS	123.65%	123.57%	129.67%	8.38%	8.38%	8.67%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR Dow Jones REIT ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.25%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2021.

Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.

See accompanying notes to financial statements.

Table of Contents

SPDR Dow Jones REIT ETF

Portfolio Statistics (Unaudited)

Top Ten Holdings as of June 30, 2021


	Description	% of Net Assets
	Prologis, Inc. REIT	9.3%
	Public Storage REIT	4.8
	Simon Property Group, Inc. REIT	4.5
	Digital Realty Trust, Inc. REIT	4.5
	Welltower, Inc. REIT	3.6
	AvalonBay Communities, Inc. REIT	3.1
	Equity Residential REIT	2.8
	Alexandria Real Estate Equities, Inc. REIT	2.6
	Realty Income Corp. REIT	2.6
	Extra Space Storage, Inc. REIT	2.3
	TOTAL	40.1%

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

Industry Breakdown as of June 30, 2021


		% of Net Assets
	Residential REITs	21.4%
	Industrial REITs	16.7
	Retail REITs	15.3
	Specialized REITs	15.1
	Office REITs	11.1
	Health Care REITs	10.7
	Diversified REITs	5.2
	Hotel & Resort REITs	4.3
	Short-Term Investments	0.5
	Liabilities in Excess of Other Assets	(0.3)
	TOTAL	100.0%

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

See accompanying notes to financial statements.

Table of Contents

SPDR S&P BIOTECH ETF

Management's Discussion of Fund Performance (Unaudited)

The SPDR S&P Biotech ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the aerospace and defense segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Biotechnology Select Industry Index (the “Index”).

For the 12-month period ended June 30, 2021 (the “Reporting Period”), the total return for the Fund was 21.27%, and the Index was 21.19%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Securities lending contributed to the difference between the Fund’s performance and that of the Index.

Successful COVID-19 vaccine rollouts and the development of new drugs were primary drivers of Fund performance during the Reporting Period.

Biotech companies faced many challenges during the fiscal year. Many projects were delayed due to spill over from the initial COVID-19 shutdowns and there were supply chain issues across the industry. Even with these hurdles, Biotech companies were able to roll out new drugs throughout the year and experience moderate success.

Strong earnings within the pharmaceutical and life sciences companies led the way for the Index to have a solid return stream during the fiscal year (+21%).

As the U.S. implemented a COVID-19 vaccine rollout plan at the end of 2020, Biotech companies greatly benefited as some of the companies involved with these vaccines were included in the index and exhibited strong returns.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Moderna, Inc., Immunomedics, Inc., and Intellia Therapeutics, Inc.. The top negative contributors to the Fund’s performance during the Reporting Period were Inovio Pharmaceuticals, Inc., Adverum Biotechnologies Inc, and Esperion Therapeutics, Inc..

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Biotech ETF

Performance Summary (Unaudited)

Performance as of June 30, 2021

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P Biotechnology Select Industry Index	Net Asset Value	Market Value	S&P Biotechnology Select Industry Index
ONE YEAR	21.27%	21.28%	21.19%	21.27%	21.28%	21.19%
FIVE YEARS	152.25%	152.42%	152.57%	20.33%	20.34%	20.36%
TEN YEARS	475.04%	474.84%	465.83%	19.12%	19.11%	18.92%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR S& P Biotech ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2021.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Biotech ETF

Portfolio Statistics (Unaudited)

Top Ten Holdings as of June 30, 2021


	Description	% of Net Assets
	Intellia Therapeutics, Inc.	1.2%
	Editas Medicine, Inc.	1.0
	Anavex Life Sciences Corp.	0.9
	Beam Therapeutics, Inc.	0.9
	MannKind Corp.	0.8
	Translate Bio, Inc.	0.8
	Ocugen, Inc.	0.8
	MacroGenics, Inc.	0.8
	Twist Bioscience Corp.	0.7
	Seres Therapeutics, Inc.	0.7
	TOTAL	8.6%

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

Industry Breakdown as of June 30, 2021


		% of Net Assets
	Biotechnology	99.9%
	Short Term Investments	11.5
	Liabilities in Excess of Other Assets	(11.4)
	TOTAL	100.0%

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

See accompanying notes to financial statements.

Table of Contents

SPDR S&P DIVIDEND ETF

Management's Discussion of Fund Performance (Unaudited)

The SPDR S&P Dividend ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded issuers that have historically followed a policy of making dividend payments. The Fund’s benchmark is the S&P High Yield Dividend Aristocrats Index (the “Index”).

For the 12-month period ended June 30, 2021 (the “Reporting Period”), the total return for the Fund was 38.17%, and the Index was 38.71%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fund expenses and cash drag resulting from the strong positive market returns contributed to the difference between the Fund’s performance and that of the Index.

A strong economic rebound in the third quarter of 2020 came amid a relaxation of COVID lockdowns allowing pent up demand to be released before the market experienced a bit of a setback in September having been beset by another resurgence in COVID-19 cases and concerns about high stock valuations. This was only the beginning as another sizable fiscal stimulus package of $800 billion in the U.S. got pushed through Congress after months of stalemate and good news on the vaccine development and approval fronts along with the positive overall news from the election results caused the strong rally to continue in the fourth quarter of 2020. The S&P High Yield Dividend Aristocrats Index rose 18.30% during the last half of the year. Market momentum also shifted strongly from “stay at home” stocks and sectors to “re-opening” stocks and sectors.

The first half of 2021 saw positive market momentum continue on the back of vaccine rollouts accelerating in the U.S. and other developed markets coupled with the decline in infections and hospitalizations. The Federal Reserve also provided additional support by initially indicating that there would be no rate hikes prior to 2024, before rolling that back a bit amidst a surprise increase in inflation measures which caused them to become a bit more hawkish. Revised messaging now pointed to the possibility of two rate hikes before the end of 2023. U.S. gross domestic product came in at a solid 6.4% in the second quarter of 2021 and a continued increase in consumer spending along with the passing of a bipartisan infrastructure spending deal of over $600 billion helped to carry the S&P High Yield Dividend Aristocrats Index to another robust six month return of 17.26% and an eye-popping 38.71% gain for the fiscal year ended June 30, 2021.

The Fund did not invest in derivatives during the Reporting Period.

On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Exxon Mobil Corporation, People's United Financial, Inc., and Eaton Vance Corp.. The top negative contributors to the Fund’s performance during the Reporting Period were Kimberly-Clark Corporation, Clorox Company, and Northwest Natural Holding Co..

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Dividend ETF

Performance Summary (Unaudited)

Performance as of June 30, 2021

	Cumulative Total Return			Average Annual Total Return
	Net Asset Value	Market Value	S&P High Yield Dividend Aristocrats Index	Net Asset Value	Market Value	S&P High Yield Dividend Aristocrats Index
ONE YEAR	38.17%	38.25%	38.71%	38.17%	38.25%	38.71%
FIVE YEARS	72.37%	72.30%	75.49%	11.50%	11.50%	11.91%
TEN YEARS	230.46%	230.42%	243.40%	12.70%	12.70%	13.13%

Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)

Line graph is based on cumulative total return.

The total expense ratio for SPDR S& P Dividend ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2021.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P Dividend ETF

Portfolio Statistics (Unaudited)

Top Ten Holdings as of June 30, 2021


	Description	% of Net Assets
	Exxon Mobil Corp.	2.8%
	AT&T, Inc.	2.5
	South Jersey Industries, Inc.	2.2
	Chevron Corp.	2.0
	International Business Machines Corp.	2.0
	AbbVie, Inc.	1.9
	National Retail Properties, Inc. REIT	1.9
	Federal Realty Investment Trust REIT	1.8
	Realty Income Corp. REIT	1.7
	Old Republic International Corp.	1.6
	TOTAL	20.4%

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

Sector Breakdown as of June 30, 2021


		% of Net Assets
	Financials	16.3%
	Industrials	14.7
	Consumer Staples	14.7
	Utilities	14.2
	Materials	8.5
	Real Estate	6.6
	Consumer Discretionary	6.2
	Health Care	6.0
	Energy	4.8
	Communication Services	4.6
	Information Technology	3.1
	Short-Term Investments	0.9
	Liabilities in Excess of Other Assets	(0.6)
	TOTAL	100.0%

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

See accompanying notes to financial statements.

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SPDR DOW JONES REIT ETF

SCHEDULE OF INVESTMENTS

June 30, 2021

Security Description	Shares	Value
COMMON STOCKS — 99.8%
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 99.8%
Acadia Realty Trust REIT	165,475	$ 3,633,831
Agree Realty Corp. REIT	130,877	9,225,520
Alexandria Real Estate Equities, Inc. REIT	265,108	48,233,750
American Assets Trust, Inc. REIT	97,475	3,634,843
American Campus Communities, Inc. REIT	265,334	12,396,404
American Homes 4 Rent Class A REIT (a)	529,432	20,568,433
Americold Realty Trust REIT	488,253	18,480,376
Apartment Income REIT Corp.	303,809	14,409,661
Apartment Investment & Management Co. Class A REIT (a)	298,405	2,002,298
Apple Hospitality REIT, Inc.	403,958	6,164,399
AvalonBay Communities, Inc. REIT	269,783	56,301,014
Boston Properties, Inc. REIT	274,494	31,454,267
Brandywine Realty Trust REIT (a)	331,730	4,548,018
Brixmor Property Group, Inc. REIT	571,378	13,078,842
Broadstone Net Lease, Inc. REIT	299,162	7,003,382
Camden Property Trust REIT	188,823	25,051,147
CareTrust REIT, Inc.	185,772	4,315,484
Centerspace REIT	25,792	2,034,989
Chatham Lodging Trust REIT (b)	93,303	1,200,810
City Office REIT, Inc.	84,877	1,055,021
Columbia Property Trust, Inc. REIT	220,306	3,831,121
Community Healthcare Trust, Inc. REIT	44,440	2,109,122
Corporate Office Properties Trust REIT	215,770	6,039,402
Cousins Properties, Inc. REIT	286,042	10,520,625
CubeSmart REIT	387,898	17,967,435
DiamondRock Hospitality Co. REIT (b)	411,670	3,993,199
Digital Realty Trust, Inc. REIT	544,084	81,862,879
Diversified Healthcare Trust REIT	461,843	1,930,504
Douglas Emmett, Inc. REIT	317,271	10,666,651
Duke Realty Corp. REIT	724,772	34,317,954
Easterly Government Properties, Inc. REIT	160,444	3,382,160
EastGroup Properties, Inc. REIT	76,995	12,661,828
Empire State Realty Trust, Inc. Class A REIT (a)	270,217	3,242,604
EPR Properties REIT (b)	145,549	7,667,521
Equity Commonwealth REIT	236,823	6,204,763
Equity LifeStyle Properties, Inc. REIT	327,743	24,354,582
Equity Residential REIT	664,852	51,193,604
Essential Properties Realty Trust, Inc. REIT	227,639	6,155,359
Essex Property Trust, Inc. REIT	125,579	37,674,956
Extra Space Storage, Inc. REIT	258,460	42,340,917

See accompanying notes to financial statements.

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SPDR DOW JONES REIT ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

Security Description	Shares	Value
Federal Realty Investment Trust REIT	136,154	$ 15,953,164
First Industrial Realty Trust, Inc. REIT	248,496	12,978,946
Four Corners Property Trust, Inc. REIT	149,258	4,121,013
Franklin Street Properties Corp. REIT	189,523	996,891
Getty Realty Corp. REIT	71,099	2,214,734
Global Medical REIT, Inc.	105,990	1,564,412
Global Net Lease, Inc. REIT	185,327	3,428,550
Healthcare Realty Trust, Inc. REIT	273,528	8,260,546
Healthcare Trust of America, Inc. Class A REIT	421,038	11,241,715
Healthpeak Properties, Inc. REIT	1,041,559	34,673,499
Hersha Hospitality Trust REIT (b)	71,619	770,620
Highwoods Properties, Inc. REIT	200,078	9,037,523
Host Hotels & Resorts, Inc. REIT (b)	1,364,992	23,327,713
Hudson Pacific Properties, Inc. REIT	290,270	8,075,311
Independence Realty Trust, Inc. REIT	200,110	3,648,005
Industrial Logistics Properties Trust REIT (a)	125,130	3,270,898
Innovative Industrial Properties, Inc. REIT	45,988	8,784,628
Invitation Homes, Inc. REIT	1,096,943	40,905,004
JBG SMITH Properties REIT	212,304	6,689,699
Kilroy Realty Corp. REIT	203,943	14,202,591
Kimco Realty Corp. REIT	834,440	17,398,074
Kite Realty Group Trust REIT	162,026	3,566,192
Lexington Realty Trust REIT	533,497	6,375,289
Life Storage, Inc. REIT	147,982	15,885,868
LTC Properties, Inc. REIT (a)	75,396	2,894,452
Macerich Co. REIT	324,100	5,914,825
Mack-Cali Realty Corp. REIT (b)	169,037	2,898,985
Mid-America Apartment Communities, Inc. REIT	221,277	37,267,472
Monmouth Real Estate Investment Corp. REIT	188,500	3,528,720
National Health Investors, Inc. REIT	88,375	5,925,544
National Retail Properties, Inc. REIT	337,947	15,842,955
National Storage Affiliates Trust REIT	133,589	6,754,260
NexPoint Residential Trust, Inc. REIT	44,185	2,429,291
Office Properties Income Trust REIT (a)	93,725	2,747,080
Omega Healthcare Investors, Inc. REIT (a)	453,221	16,447,390
Paramount Group, Inc. REIT	323,212	3,254,745
Park Hotels & Resorts, Inc. REIT (a) (b)	454,870	9,374,871
Pebblebrook Hotel Trust REIT	252,401	5,944,044
Piedmont Office Realty Trust, Inc. Class A REIT	241,058	4,452,341
Prologis, Inc. REIT	1,429,079	170,817,813
PS Business Parks, Inc. REIT	39,057	5,783,561
Public Storage REIT	294,108	88,435,335

See accompanying notes to financial statements.

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SPDR DOW JONES REIT ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

Security Description	Shares	Value
QTS Realty Trust, Inc. Class A REIT	133,243	$ 10,299,684
Realty Income Corp. REIT	721,915	48,180,607
Regency Centers Corp. REIT	305,446	19,569,925
Retail Opportunity Investments Corp. REIT	229,521	4,053,341
Retail Properties of America, Inc. Class A REIT	417,409	4,779,333
Rexford Industrial Realty, Inc. REIT	259,281	14,766,053
RLJ Lodging Trust REIT	320,934	4,887,825
RPT Realty REIT	160,104	2,078,150
Ryman Hospitality Properties, Inc. REIT (b)	105,920	8,363,443
Seritage Growth Properties Class A REIT (b)	77,845	1,432,348
Service Properties Trust REIT	320,415	4,037,229
Simon Property Group, Inc. REIT	634,782	82,826,355
SITE Centers Corp. REIT	330,330	4,974,770
SL Green Realty Corp. REIT (a)	133,405	10,672,400
Spirit Realty Capital, Inc. REIT	221,120	10,578,381
STAG Industrial, Inc. REIT	307,239	11,499,956
STORE Capital Corp. REIT	470,548	16,238,611
Summit Hotel Properties, Inc. REIT (b)	209,727	1,956,753
Sun Communities, Inc. REIT	216,166	37,050,852
Sunstone Hotel Investors, Inc. REIT (b)	415,333	5,158,436
Tanger Factory Outlet Centers, Inc. REIT (a)	195,782	3,690,491
Terreno Realty Corp. REIT	134,792	8,696,780
UDR, Inc. REIT (a)	573,703	28,099,973
Universal Health Realty Income Trust REIT	25,510	1,570,141
Urban Edge Properties REIT	211,056	4,031,170
Ventas, Inc. REIT	724,942	41,394,188
VEREIT, Inc.	443,009	20,347,403
Vornado Realty Trust REIT	302,226	14,104,887
Washington Real Estate Investment Trust	163,999	3,771,977
Weingarten Realty Investors REIT	230,648	7,396,881
Welltower, Inc. REIT	806,685	67,035,523
WP Carey, Inc. REIT	343,969	25,666,967
Xenia Hotels & Resorts, Inc. REIT (b)	221,216	4,143,377
TOTAL COMMON STOCKS (Cost $1,754,737,186)		1,834,348,454
SHORT-TERM INVESTMENTS — 0.5%
State Street Institutional Liquid Reserves Fund, Premier Class 0.05% (c) (d)	3,631,274	3,632,363

See accompanying notes to financial statements.

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SPDR DOW JONES REIT ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

Security Description	Shares	Value
State Street Navigator Securities Lending Portfolio II (e) (f)	6,259,134	$ 6,259,134
TOTAL SHORT-TERM INVESTMENTS (Cost $9,891,432)		9,891,497
TOTAL INVESTMENTS — 100.3% (Cost $1,764,628,618)		1,844,239,951
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%		(5,665,812)
NET ASSETS — 100.0%		$ 1,838,574,139

(a)	All or a portion of the shares of the security are on loan at June 30, 2021.
(b)	Non-income producing security.
(c)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(d)	The rate shown is the annualized seven-day yield at June 30, 2021.
(e)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(f)	Investment of cash collateral for securities loaned.

REIT	Real Estate Investment Trust

At June 30, 2021, open futures contracts were as follows:

Description		Number of Contracts		Expiration Date		Notional Amount		Value		Unrealized Appreciation (Depreciation)
DJ US Real Estate Index (long)		100		09/17/2021		$4,067,800		$3,968,605		$(99,195)

During the period ended June 30, 2021, average notional value related to futures contracts was $605,462.

See accompanying notes to financial statements.

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SPDR DOW JONES REIT ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2021.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$1,834,348,454	$—	$—	$1,834,348,454
Short-Term Investments	9,891,497	—	—	9,891,497
TOTAL INVESTMENTS	$1,844,239,951	$—	$—	$1,844,239,951
LIABILITIES:
OTHER FINANCIAL INSTRUMENTS:
Futures Contracts^(a)	(99,195)	—	—	(99,195)
TOTAL OTHER FINANCIAL INSTRUMENTS:	$ (99,195)	$—	$—	$ (99,195)

(a)	Futures Contracts are valued at unrealized appreciation (depreciation).

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 6/30/21	Value at 6/30/21	Dividend Income
State Street Institutional Liquid Reserves Fund, Premier Class	4,097,975	$ 4,099,614	$ 94,721,882	$ 95,188,174	$(1,024)	$65	3,631,274	$3,632,363	$ 1,587
State Street Navigator Securities Lending Portfolio II	9,665,286	9,665,286	323,325,629	326,731,781	—	—	6,259,134	6,259,134	164,168
Total		$13,764,900	$ 418,047,511	$421,919,955	$(1,024)	$65		$9,891,497	$165,755

See accompanying notes to financial statements.

Table of Contents

SPDR S&P BIOTECH ETF

SCHEDULE OF INVESTMENTS

June 30, 2021

Security Description	Shares	Value
COMMON STOCKS — 99.9%
BIOTECHNOLOGY — 99.9%
AbbVie, Inc.	392,481	$ 44,209,060
ACADIA Pharmaceuticals, Inc. (a)	1,651,810	40,287,646
Acceleron Pharma, Inc. (a) (b)	339,410	42,592,561
Achillion Pharmaceuticals, Inc. (b)	51,865	75,464
Adverum Biotechnologies, Inc. (a) (b) (c)	7,775,227	27,213,295
Agenus, Inc. (a) (b)	7,286,825	40,004,669
Agios Pharmaceuticals, Inc. (a) (b)	784,419	43,229,331
Akebia Therapeutics, Inc. (a) (b) (c)	10,330,349	39,152,023
Akero Therapeutics, Inc. (a) (b)	816,823	20,265,379
Albireo Pharma, Inc. (a) (b)	525,349	18,481,778
Aldeyra Therapeutics, Inc. (a) (b)	2,316,676	26,247,939
Alector, Inc. (a) (b)	1,650,518	34,380,290
Alexion Pharmaceuticals, Inc. (a)	249,370	45,811,763
Alkermes PLC (a)	1,809,544	44,370,019
Allakos, Inc. (a) (b)	482,329	41,176,427
Allogene Therapeutics, Inc. (a) (b)	1,735,355	45,258,058
Allovir, Inc. (a) (b)	1,190,095	23,492,475
Alnylam Pharmaceuticals, Inc. (a)	274,416	46,519,000
Altimmune, Inc. (a) (c)	3,151,954	31,046,747
ALX Oncology Holdings, Inc. (a)	759,178	41,511,853
Amgen, Inc.	186,572	45,476,925
Amicus Therapeutics, Inc. (a)	4,264,907	41,113,703
AnaptysBio, Inc. (a) (b)	832,836	21,595,437
Anavex Life Sciences Corp. (a) (b)	2,922,089	66,798,955
Anika Therapeutics, Inc. (a) (b)	344,536	14,914,963
Annexon, Inc. (a)	481,282	10,833,658
Apellis Pharmaceuticals, Inc. (a) (b)	729,112	46,079,878
Applied Molecular Transport, Inc. (a) (b)	823,106	37,648,868
Arcturus Therapeutics Holdings, Inc. (a) (b) (c)	1,317,004	44,567,415
Arcus Biosciences, Inc. (a)	1,819,758	49,970,555
Arcutis Biotherapeutics, Inc. (a) (b)	655,734	17,894,981
Ardelyx, Inc. (a) (b)	4,850,547	36,767,146
Arena Pharmaceuticals, Inc. (a)	694,777	47,383,791
Arrowhead Pharmaceuticals, Inc. (a)	510,593	42,287,312
Atara Biotherapeutics, Inc. (a) (b)	2,745,086	42,686,087
Athenex, Inc. (a) (b) (c)	7,074,314	32,683,331
Avid Bioservices, Inc. (a) (b)	1,416,927	36,344,178
Avidity Biosciences, Inc. (a) (b)	836,885	20,679,428
Avita Therapeutics, Inc. (a) (b)	473,134	9,708,710
Avrobio, Inc. (a) (b)	1,891,706	16,817,266

See accompanying notes to financial statements.

Table of Contents

SPDR S&P BIOTECH ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

Security Description	Shares	Value
Beam Therapeutics, Inc. (a) (b)	510,326	$ 65,684,059
BioAtla, Inc. (a)	442,103	18,736,325
BioCryst Pharmaceuticals, Inc. (a) (b)	2,710,522	42,853,353
Biogen, Inc. (a)	114,222	39,551,652
Biohaven Pharmaceutical Holding Co., Ltd. (a)	431,309	41,871,478
BioMarin Pharmaceutical, Inc. (a) (b)	551,920	46,052,205
Bioxcel Therapeutics, Inc. (a) (b)	1,196,297	34,764,391
Bluebird Bio, Inc. (a) (b)	1,328,245	42,477,275
Blueprint Medicines Corp. (a)	521,181	45,843,081
Bridgebio Pharma, Inc. (a) (b)	708,433	43,186,076
C4 Therapeutics, Inc. (a) (b)	847,944	32,086,201
CareDx, Inc. (a)	496,371	45,427,874
Catalyst Pharmaceuticals, Inc. (a) (b)	3,337,071	19,188,158
Celldex Therapeutics, Inc. (a) (b)	1,362,999	45,578,687
CEL-SCI Corp. (a) (b)	2,039,362	17,701,662
Cerevel Therapeutics Holdings, Inc. (a) (b)	726,375	18,609,728
ChemoCentryx, Inc. (a) (b) (c)	3,718,648	49,792,697
Chimerix, Inc. (a)	1,848,113	14,784,904
Chinook Therapeutics, Inc. (a) (b)	442,203	6,243,906
Clovis Oncology, Inc. (a) (b) (c)	7,836,192	45,449,914
Coherus Biosciences, Inc. (a) (b)	3,123,684	43,200,550
Constellation Pharmaceuticals, Inc. (a) (b)	965,313	32,627,579
Cortexyme, Inc. (a) (b)	625,377	33,144,981
Cue Biopharma, Inc. (a) (b)	912,447	10,630,008
Curis, Inc. (a) (b) (c)	5,654,541	45,632,146
Cytokinetics, Inc. (a) (b)	2,152,721	42,602,349
CytomX Therapeutics, Inc. (a) (b) (c)	3,390,843	21,464,036
Deciphera Pharmaceuticals, Inc. (a) (b)	1,278,719	46,813,903
Denali Therapeutics, Inc. (a)	603,865	47,367,171
Dermtech, Inc. (a) (b)	1,116,978	46,432,775
Dicerna Pharmaceuticals, Inc. (a) (b)	1,212,296	45,242,887
Dynavax Technologies Corp. (a) (b)	4,933,899	48,598,905
Eagle Pharmaceuticals, Inc. (a)	356,887	15,274,764
Editas Medicine, Inc. (a) (b)	1,210,347	68,554,054
Emergent BioSolutions, Inc. (a) (b)	713,149	44,921,256
Enanta Pharmaceuticals, Inc. (a) (b)	425,642	18,732,504
Epizyme, Inc. (a) (b)	3,821,739	31,758,651
Esperion Therapeutics, Inc. (a) (b) (c)	1,717,543	36,326,034
Exact Sciences Corp. (a)	371,554	46,187,878
Exelixis, Inc. (a) (b)	1,970,971	35,911,092
Fate Therapeutics, Inc. (a)	504,648	43,798,400
FibroGen, Inc. (a) (b)	1,738,067	46,284,724

See accompanying notes to financial statements.

Table of Contents

SPDR S&P BIOTECH ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

Security Description	Shares	Value
Flexion Therapeutics, Inc. (a) (b) (c)	3,031,246	$ 24,947,155
Forma Therapeutics Holdings, Inc. (a) (b)	1,651,190	41,098,119
G1 Therapeutics, Inc. (a) (b)	2,094,965	45,963,532
Generation Bio Co. (a) (b)	1,518,027	40,834,926
Geron Corp. (a) (b)	7,728,474	10,897,148
Gilead Sciences, Inc.	658,622	45,352,711
Global Blood Therapeutics, Inc. (a) (b)	1,114,485	39,029,265
Gossamer Bio, Inc. (a) (b)	1,959,460	15,910,815
Halozyme Therapeutics, Inc. (a) (b)	1,058,539	48,068,256
Harpoon Therapeutics, Inc. (a) (b)	1,034,036	14,342,079
Heron Therapeutics, Inc. (a) (b)	2,941,073	45,645,453
Horizon Therapeutics PLC (a)	485,483	45,460,628
Humanigen, Inc. (a) (b)	2,145,544	37,289,555
IGM Biosciences, Inc. (a) (b)	446,211	37,124,755
ImmunityBio, Inc. (a)	2,981,797	42,580,061
ImmunoGen, Inc. (a)	6,989,672	46,061,938
Immunovant, Inc. (a) (b)	3,597,505	38,025,628
Incyte Corp. (a)	548,480	46,143,622
Inovio Pharmaceuticals, Inc. (a) (b)	4,977,234	46,138,959
Insmed, Inc. (a) (b)	1,506,721	42,881,280
Intellia Therapeutics, Inc. (a) (b)	531,018	85,977,124
Intercept Pharmaceuticals, Inc. (a) (b) (c)	2,100,790	41,952,776
Invitae Corp. (a) (b)	1,450,804	48,935,619
Ionis Pharmaceuticals, Inc. (a) (b)	1,194,133	47,633,965
Iovance Biotherapeutics, Inc. (a) (b)	1,931,495	50,257,500
Ironwood Pharmaceuticals, Inc. (a) (b)	3,861,310	49,695,060
IVERIC bio, Inc. (a)	1,656,001	10,449,366
Kadmon Holdings, Inc. (a) (b)	7,309,458	28,287,602
KalVista Pharmaceuticals, Inc. (a) (b)	1,036,999	24,846,496
Karuna Therapeutics, Inc. (a) (b)	333,161	37,977,022
Karyopharm Therapeutics, Inc. (a) (b) (c)	4,388,848	45,292,911
Keros Therapeutics, Inc. (a) (b)	440,114	18,691,642
Kiniksa Pharmaceuticals Ltd. Class A (a) (b) (c)	1,789,862	24,932,778
Kodiak Sciences, Inc. (a) (b)	541,678	50,376,054
Krystal Biotech, Inc. (a) (b)	388,312	26,405,216
Kura Oncology, Inc. (a) (b)	2,020,166	42,120,461
Kymera Therapeutics, Inc. (a)	895,974	43,454,739
Ligand Pharmaceuticals, Inc. (a) (b)	366,338	48,059,882
MacroGenics, Inc. (a) (b)	2,123,423	57,035,142
Madrigal Pharmaceuticals, Inc. (a)	419,558	40,869,145
MannKind Corp. (a) (b)	11,183,424	60,949,661
Mersana Therapeutics, Inc. (a) (b)	2,039,881	27,701,584

See accompanying notes to financial statements.

Table of Contents

SPDR S&P BIOTECH ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

Security Description	Shares	Value
MiMedx Group, Inc. (a) (b)	1,624,440	$ 20,321,744
Mirati Therapeutics, Inc. (a)	263,230	42,519,542
Moderna, Inc. (a)	206,951	48,629,346
Morphic Holding, Inc. (a)	506,373	29,060,746
Myovant Sciences, Ltd. (a) (b)	2,004,073	45,632,742
Myriad Genetics, Inc. (a)	1,523,470	46,587,713
Natera, Inc. (a) (b)	436,024	49,501,805
Neoleukin Therapeutics, Inc. (a)	629,646	5,811,633
Neurocrine Biosciences, Inc. (a)	459,287	44,697,811
Nkarta, Inc. (a) (b)	941,157	29,825,265
Novavax, Inc. (a) (b)	216,008	45,860,658
Nurix Therapeutics, Inc. (a) (b)	1,366,374	36,249,902
Ocugen, Inc. (a) (b)	7,144,072	57,366,898
OPKO Health, Inc. (a) (b)	12,175,579	49,311,095
Organogenesis Holdings, Inc. (a) (b)	2,995,529	49,785,692
ORIC Pharmaceuticals, Inc. (a) (b)	827,158	14,632,425
Passage Bio, Inc. (a) (b)	1,227,383	16,250,551
PMV Pharmaceuticals, Inc. (a) (b)	602,705	20,588,403
Precigen, Inc. (a) (b)	4,025,111	26,243,724
Precision BioSciences, Inc. (a) (b)	1,773,070	22,198,836
Prelude Therapeutics, Inc. (a) (b)	864,365	24,746,770
Protagonist Therapeutics, Inc. (a)	680,530	30,542,186
Prothena Corp. PLC (a) (b)	593,508	30,512,246
PTC Therapeutics, Inc. (a) (b)	1,054,574	44,576,843
Puma Biotechnology, Inc. (a) (b)	887,941	8,151,298
Radius Health, Inc. (a) (b)	1,393,055	25,409,323
Regeneron Pharmaceuticals, Inc. (a)	86,201	48,146,707
REGENXBIO, Inc. (a)	1,112,773	43,231,231
Relay Therapeutics, Inc. (a)	1,323,568	48,429,353
Replimenu Group, Inc. (a)	1,188,082	45,646,110
REVOLUTION Medicines, Inc. (a) (b)	1,321,689	41,950,409
Rhythm Pharmaceuticals, Inc. (a) (b)	1,441,535	28,225,255
Rigel Pharmaceuticals, Inc. (a) (b)	7,155,147	31,053,338
Rocket Pharmaceuticals, Inc. (a) (b)	980,818	43,440,429
Rubius Therapeutics, Inc. (a) (b)	1,641,043	40,057,860
Sage Therapeutics, Inc. (a)	572,547	32,526,395
Sana Biotechnology, Inc. (a) (b)	1,515,861	29,801,827
Sangamo Therapeutics, Inc. (a) (b)	3,630,064	43,451,866
Sarepta Therapeutics, Inc. (a) (b)	526,704	40,945,969
Scholar Rock Holding Corp. (a) (b)	1,224,457	35,386,807
Seagen, Inc. (a)	289,231	45,663,790
Seres Therapeutics, Inc. (a) (b)	2,205,129	52,592,327

See accompanying notes to financial statements.

Table of Contents

SPDR S&P BIOTECH ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

Security Description	Shares	Value
Sesen Bio, Inc. (a) (b) (c)	10,657,136	$ 49,235,968
Shattuck Labs, Inc. (a)	495,148	14,354,341
Sorrento Therapeutics, Inc. (a) (b)	5,106,336	49,480,396
Spectrum Pharmaceuticals, Inc. (a) (b)	6,290,510	23,589,413
Spero Therapeutics, Inc. (a) (b)	414,879	5,791,711
SpringWorks Therapeutics, Inc. (a) (b)	551,014	45,409,064
Stoke Therapeutics, Inc. (a) (b)	569,461	19,168,057
Sutro Biopharma, Inc. (a) (b)	1,530,889	28,459,227
Syndax Pharmaceuticals, Inc. (a) (b)	2,399,186	41,194,024
TCR2 Therapeutics, Inc. (a)	1,678,739	27,548,107
TG Therapeutics, Inc. (a) (b)	1,199,156	46,515,261
Translate Bio, Inc. (a) (b)	2,117,493	58,315,757
Travere Therapeutics, Inc. (a) (b)	2,338,208	34,114,455
Turning Point Therapeutics, Inc. (a)	604,464	47,160,281
Twist Bioscience Corp. (a) (b)	395,165	52,655,736
Ultragenyx Pharmaceutical, Inc. (a) (b)	445,331	42,462,311
uniQure NV (a) (b)	1,256,056	38,686,525
United Therapeutics Corp. (a)	252,871	45,367,586
Vanda Pharmaceuticals, Inc. (a) (b)	1,214,582	26,125,659
Vaxart, Inc. (a) (b)	5,182,265	38,815,165
Vaxcyte, Inc. (a) (b)	918,628	20,678,316
VBI Vaccines, Inc. (a) (b)	8,964,520	30,031,142
Veracyte, Inc. (a)	1,253,305	50,107,134
Verastem, Inc. (a) (b)	4,146,531	16,876,381
Vericel Corp. (a) (b)	786,573	41,295,083
Vertex Pharmaceuticals, Inc. (a)	234,620	47,306,431
Viking Therapeutics, Inc. (a) (b)	3,219,830	19,286,782
Vir Biotechnology, Inc. (a) (b)	994,777	47,033,057
Xencor, Inc. (a) (b)	835,425	28,813,808
Y-mAbs Therapeutics, Inc. (a)	793,665	26,825,877
Zentalis Pharmaceuticals, Inc. (a) (b)	806,483	42,904,896
ZIOPHARM Oncology, Inc. (a) (b)	6,533,534	17,248,530
TOTAL COMMON STOCKS (Cost $8,367,264,980)		7,249,087,618
SHORT-TERM INVESTMENTS — 11.5%
State Street Institutional Liquid Reserves Fund, Premier Class 0.05% (d) (e)	6,614,369	6,616,353

See accompanying notes to financial statements.

Table of Contents

SPDR S&P BIOTECH ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

Security Description	Shares	Value
State Street Navigator Securities Lending Portfolio II (f) (g)	827,025,040	$ 827,025,040
TOTAL SHORT-TERM INVESTMENTS (Cost $833,640,970)		833,641,393
TOTAL INVESTMENTS — 111.4% (Cost $9,200,905,950)		8,082,729,011
LIABILITIES IN EXCESS OF OTHER ASSETS — (11.4)%		(827,996,474)
NET ASSETS — 100.0%		$ 7,254,732,537

(a)	Non-income producing security.
(b)	All or a portion of the shares of the security are on loan at June 30, 2021.
(c)	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 June 30, 2021 are shown in the Affiliate Table below.
(d)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(e)	The rate shown is the annualized seven-day yield at June 30, 2021.
(f)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(g)	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 June 30, 2021.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$7,249,012,154	$75,464	$—	$7,249,087,618
Short-Term Investments	833,641,393	—	—	833,641,393
TOTAL INVESTMENTS	$8,082,653,547	$75,464	$—	$ 8,082,729,011

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(a)	Number of Shares Held at 6/30/21	Value at 6/30/21	Dividend Income
Adverum Biotechnologies, Inc.	1,922,320	$ 40,138,042	$ 142,510,439	$ 105,216,394	$ (8,003,708)	$ (42,215,084)	7,775,227	$ 27,213,295	$ —
Akebia Therapeutics, Inc.	2,380,450	32,326,511	163,407,959	147,379,513	(8,740,078)	(462,856)	10,330,349	39,152,023	—
Aldeyra Therapeutics, Inc.	—	—	50,952,602	23,287,226	398,798	—*	—	—*	—
Altimmune, Inc.	—	—	82,293,498	31,182,884	495,894	(20,559,761)	3,151,954	31,046,747	—

See accompanying notes to financial statements.

Table of Contents

SPDR S&P BIOTECH ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

	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(a)	Number of Shares Held at 6/30/21	Value at 6/30/21	Dividend Income
Arcturus Therapeutics Holdings, Inc.	—	$ —	$ 213,292,555	$ 200,389,560	$ 59,111,194	$ (27,446,774)	1,317,004	$ 44,567,415	$ —
Athenex, Inc.	1,116,296	15,360,233	102,926,700	66,152,308	(16,986,156)	(2,465,138)	7,074,314	32,683,331	—
BioCryst Pharmaceuticals, Inc.	12,358,764	58,889,511	177,902,611	297,950,456	99,514,284	—*	—	—*	—
Bioxcel Therapeutics, Inc.	774,443	41,053,223	163,637,958	141,236,839	(3,980,393)	—*	—	—*	—
Cardiff Oncology, Inc.	—	—	78,525,634	52,666,715	(25,858,919)	—*	—	—*	—
Catalyst Pharmaceuticals, Inc.	4,713,118	21,774,605	71,860,295	81,597,883	2,612,605	—*	—	—*	—
CEL-SCI Corp.	1,887,669	28,164,022	89,243,001	83,149,783	9,632,195	—*	—	—*	—
ChemoCentryx, Inc.	814,839	46,885,836	181,806,130	141,897,899	1,409,754	(38,411,124)	3,718,648	49,792,697	—
Clovis Oncology, Inc.	7,843,117	52,941,040	170,717,727	182,297,910	(405,353)	4,494,410	7,836,192	45,449,914	—
Corbus Pharmaceuticals Holdings, Inc.	1,770,830	14,857,264	47,522,540	44,655,157	(16,598,235)	—*	—	—*	—
Curis, Inc.	—	—	103,256,391	40,511,113	2,583,682	(19,696,814)	5,654,541	45,632,146	—
CytomX Therapeutics, Inc.	1,230,382	10,249,082	50,241,271	33,544,343	307,753	(5,789,727)	3,390,843	21,464,036	—
Dynavax Technologies Corp.	3,263,799	28,949,897	167,028,537	177,048,935	29,824,685	—*	—	—*	—
Esperion Therapeutics, Inc.	1,219,434	62,569,159	143,767,616	127,623,125	(14,494,891)	(27,892,725)	1,717,543	36,326,034	—
Flexion Therapeutics, Inc.	1,660,933	21,841,269	64,646,601	51,168,774	(7,139,316)	(3,232,625)	3,031,246	24,947,155	—
G1 Therapeutics, Inc.	661,220	16,041,197	111,743,207	88,036,514	8,354,308	—*	—	—*	—
Humanigen, Inc.	—	—	87,723,077	58,276,142	5,085,572	—*	—	—*	—
Intercept Pharmaceuticals, Inc.	705,260	33,789,007	161,786,970	112,597,947	(25,985,549)	(15,039,705)	2,100,790	41,952,776	—
Kadmon Holdings, Inc.	4,109,509	21,040,686	94,155,107	79,708,383	(1,273,565)	—*	—	—*	—
Karyopharm Therapeutics, Inc.	3,174,804	60,130,788	147,630,452	130,781,663	(6,865,525)	(24,821,141)	4,388,848	45,292,911	—
Kiniksa Pharmaceuticals Ltd.	—	—	63,890,347	33,230,168	545,716	(6,273,117)	1,789,862	24,932,778	—
Precision BioSciences, Inc.	—	—	83,819,753	68,284,852	3,861,279	—*	—	—*	—
Puma Biotechnology, Inc.	2,718,389	28,352,797	59,045,660	78,566,699	(6,120,501)	—*	—	—*	—
Rigel Pharmaceuticals, Inc.	—	—	88,081,986	70,570,426	10,643,522	—*	—	—*	—
Sesen Bio, Inc.	—	—	49,695,205	3,538,163	263,050	2,815,876	10,657,136	49,235,968	—
Spectrum Pharmaceuticals, Inc.	3,081,655	10,415,994	73,289,423	62,251,108	(10,209,421)	—*	—	—*	—
State Street Institutional Liquid Reserves Fund, Premier Class	6,399,493	6,402,053	240,628,440	240,413,632	(874)	366	6,614,369	6,616,353	6,889
State Street Navigator Securities Lending Portfolio II	857,417,617	857,417,617	5,781,222,548	5,811,615,125	—	—	827,025,040	827,025,040	26,685,794
Translate Bio, Inc.	890,020	15,949,158	164,981,540	172,962,923	40,960,425	—*	—	—*	—
Vaxart, Inc.	—	—	150,878,433	108,569,736	(3,720,542)	—*	—	—*	—
VBI Vaccines, Inc.	—	—	177,754,703	151,338,328	5,775,471	—*	—	—*	—
Viking Therapeutics, Inc.	2,913,435	21,005,866	81,561,226	78,985,435	(10,257,771)	—*	—	—*	—
Total		$1,546,544,857	$9,883,428,142	$9,378,684,061	$114,739,390	$(226,995,939)		$1,393,330,619	$26,692,683

(a)	Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended June 30, 2021.
*	As of June 30, 2021, no longer an affiliate.

See accompanying notes to financial statements.

Table of Contents

SPDR S&P DIVIDEND ETF

SCHEDULE OF INVESTMENTS

June 30, 2021

Security Description	Shares	Value
COMMON STOCKS — 99.7%
AEROSPACE & DEFENSE — 1.0%
General Dynamics Corp.	1,096,383	$ 206,405,064
AIR FREIGHT & LOGISTICS — 1.2%
C.H. Robinson Worldwide, Inc.	1,670,799	156,503,742
Expeditors International of Washington, Inc.	679,480	86,022,168
		242,525,910
BANKS — 6.9%
Bank OZK	5,140,873	216,739,205
Commerce Bancshares, Inc.	1,384,000	103,191,040
Community Bank System, Inc. (a)	2,173,518	164,426,637
Cullen/Frost Bankers, Inc. (a)	1,787,172	200,163,264
People's United Financial, Inc.	17,524,335	300,367,102
Prosperity Bancshares, Inc.	2,658,920	190,910,456
United Bankshares, Inc. (a)	4,805,464	175,399,436
		1,351,197,140
BEVERAGES — 2.8%
Brown-Forman Corp. Class B	1,053,023	78,913,544
Coca-Cola Co.	4,563,279	246,919,027
PepsiCo, Inc.	1,546,309	229,116,604
		554,949,175
BIOTECHNOLOGY — 1.9%
AbbVie, Inc.	3,364,388	378,964,664
BUILDING PRODUCTS — 0.6%
A.O. Smith Corp.	1,754,864	126,455,500
CAPITAL MARKETS — 4.0%
FactSet Research Systems, Inc.	224,276	75,269,268
Franklin Resources, Inc.	10,029,915	320,856,981
S&P Global, Inc.	175,402	71,993,751
SEI Investments Co.	1,637,206	101,457,656
T Rowe Price Group, Inc.	1,099,534	217,674,746
		787,252,402
CHEMICALS — 4.4%
Air Products & Chemicals, Inc.	572,889	164,808,707
Albemarle Corp.	516,432	86,998,135
Ecolab, Inc.	308,471	63,535,772
HB Fuller Co.	1,183,178	75,261,952

See accompanying notes to financial statements.

Table of Contents

SPDR S&P DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

Security Description	Shares	Value
Linde PLC	404,758	$ 117,015,538
PPG Industries, Inc.	641,874	108,970,949
RPM International, Inc.	1,361,832	120,767,262
Sherwin-Williams Co.	254,610	69,368,494
Stepan Co.	564,069	67,840,579
		874,567,388
COMMERCIAL SERVICES & SUPPLIES — 2.0%
ABM Industries, Inc.	2,170,962	96,282,165
Brady Corp. Class A	2,282,937	127,935,789
Cintas Corp.	193,764	74,017,848
MSA Safety, Inc. (a)	553,146	91,589,915
		389,825,717
CONTAINERS & PACKAGING — 3.1%
Amcor PLC	26,752,987	306,589,231
AptarGroup, Inc.	523,350	73,708,614
Sonoco Products Co. (a)	3,389,762	226,775,078
		607,072,923
DISTRIBUTORS — 1.2%
Genuine Parts Co.	1,798,012	227,394,578
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.5%
AT&T, Inc.	17,066,197	491,165,150
ELECTRIC UTILITIES — 1.8%
Eversource Energy	2,461,722	197,528,573
NextEra Energy, Inc.	2,030,172	148,771,004
		346,299,577
ELECTRICAL EQUIPMENT — 0.9%
Emerson Electric Co.	1,888,472	181,746,545
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.3%
Badger Meter, Inc.	618,554	60,692,518
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 6.5%
Essex Property Trust, Inc. REIT	806,560	241,976,066
Federal Realty Investment Trust REIT	2,967,661	347,720,839
National Retail Properties, Inc. REIT	7,799,890	365,658,843
Realty Income Corp. REIT (a)	4,990,365	333,056,960
		1,288,412,708

See accompanying notes to financial statements.

Table of Contents

SPDR S&P DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

Security Description	Shares	Value
FOOD & STAPLES RETAILING — 3.1%
Casey's General Stores, Inc.	219,021	$ 42,630,247
Sysco Corp.	2,157,213	167,723,311
Walmart, Inc.	902,881	127,324,279
Walgreens Boots Alliance, Inc.	5,010,043	263,578,362
		601,256,199
FOOD PRODUCTS — 4.3%
Archer-Daniels-Midland Co.	3,408,354	206,546,252
Hormel Foods Corp.	3,448,014	164,642,669
J.M. Smucker Co. (a)	1,709,782	221,536,454
Lancaster Colony Corp.	718,162	138,971,529
McCormick & Co., Inc.	1,300,445	114,855,302
		846,552,206
GAS UTILITIES — 6.7%
Atmos Energy Corp.	1,908,336	183,410,173
National Fuel Gas Co.	4,192,869	219,077,405
New Jersey Resources Corp. (a) (b)	5,469,804	216,440,144
South Jersey Industries, Inc. (a) (b)	16,769,830	434,841,692
UGI Corp.	5,680,356	263,057,287
		1,316,826,701
HEALTH CARE EQUIPMENT & SUPPLIES — 1.9%
Abbott Laboratories	949,903	110,122,255
Becton Dickinson and Co.	416,148	101,203,032
Medtronic PLC	1,167,336	144,901,418
West Pharmaceutical Services, Inc.	58,146	20,880,228
		377,106,933
HEALTH CARE PROVIDERS & SERVICES — 1.2%
Cardinal Health, Inc.	4,062,844	231,947,764
HOTELS, RESTAURANTS & LEISURE — 0.9%
McDonald's Corp.	765,330	176,783,577
HOUSEHOLD DURABLES — 1.4%
Leggett & Platt, Inc.	5,412,532	280,423,283
HOUSEHOLD PRODUCTS — 4.5%
Church & Dwight Co., Inc.	1,029,808	87,760,238
Clorox Co.	952,150	171,301,307
Colgate-Palmolive Co.	2,231,787	181,555,872
Kimberly-Clark Corp.	1,935,852	258,978,281

See accompanying notes to financial statements.

Table of Contents

SPDR S&P DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

Security Description	Shares	Value
Procter & Gamble Co.	1,359,854	$ 183,485,100
		883,080,798
INDUSTRIAL CONGLOMERATES — 1.9%
3M Co.	1,184,964	235,369,399
Carlisle Cos., Inc.	522,414	99,979,591
Roper Technologies, Inc.	100,147	47,089,120
		382,438,110
INSURANCE — 5.4%
Aflac, Inc.	3,768,738	202,230,481
Brown & Brown, Inc.	1,250,506	66,451,889
Chubb, Ltd.	910,004	144,636,036
Cincinnati Financial Corp.	1,743,197	203,291,634
Old Republic International Corp.	13,000,716	323,847,836
RenaissanceRe Holdings, Ltd.	407,044	60,576,288
RLI Corp.	588,728	61,575,061
		1,062,609,225
IT SERVICES — 2.8%
Automatic Data Processing, Inc.	785,904	156,096,252
International Business Machines Corp.	2,678,901	392,700,098
		548,796,350
LEISURE EQUIPMENT & PRODUCTS — 0.7%
Polaris, Inc. (a)	1,005,214	137,674,109
MACHINERY — 5.5%
Caterpillar, Inc.	602,177	131,051,780
Donaldson Co., Inc.	1,813,745	115,227,220
Dover Corp.	760,052	114,463,831
Franklin Electric Co., Inc.	839,322	67,666,140
Graco, Inc.	1,050,381	79,513,842
Illinois Tool Works, Inc.	702,512	157,053,583
Lincoln Electric Holdings, Inc.	1,023,140	134,757,769
Nordson Corp.	286,230	62,830,347
Pentair PLC	1,556,674	105,059,928
Stanley Black & Decker, Inc.	523,046	107,219,200
		1,074,843,640
MEDIA — 1.0%
John Wiley & Sons, Inc. Class A (a) (b)	3,192,082	192,099,495

See accompanying notes to financial statements.

Table of Contents

SPDR S&P DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

Security Description	Shares	Value
METALS & MINING — 1.0%
Nucor Corp.	2,022,221	$ 193,991,661
MULTI-UTILITIES — 3.7%
Black Hills Corp. (a) (b)	3,480,006	228,392,794
Consolidated Edison, Inc.	4,173,036	299,290,142
MDU Resources Group, Inc.	6,271,055	196,534,863
		724,217,799
MULTILINE RETAIL — 0.6%
Target Corp.	519,802	125,656,935
OIL, GAS & CONSUMABLE FUELS — 4.8%
Chevron Corp.	3,781,547	396,079,233
Exxon Mobil Corp.	8,747,527	551,794,003
		947,873,236
PHARMACEUTICALS — 1.0%
Johnson & Johnson	1,158,140	190,791,984
SPECIALTY RETAIL — 0.5%
Lowe's Cos., Inc.	489,801	95,006,700
TEXTILES, APPAREL & LUXURY GOODS — 0.9%
VF Corp.	2,164,042	177,538,006
TRADING COMPANIES & DISTRIBUTORS — 1.5%
Fastenal Co.	3,329,106	173,113,512
W.W. Grainger, Inc.	281,068	123,107,784
		296,221,296
WATER UTILITIES — 2.1%
American States Water Co.	1,677,512	133,462,855
California Water Service Group	1,961,704	108,953,040
Essential Utilities, Inc. (a)	3,643,076	166,488,573
		408,904,468
WIRELESS TELECOMMUNICATION SERVICES — 1.2%
Telephone & Data Systems, Inc. (b)	9,998,382	226,563,336
TOTAL COMMON STOCKS (Cost $16,607,326,037)		19,614,130,770

See accompanying notes to financial statements.

Table of Contents

SPDR S&P DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

Security Description	Shares	Value
SHORT-TERM INVESTMENTS — 0.9%
State Street Institutional Liquid Reserves Fund, Premier Class 0.05% (c) (d)	16,585,140	$ 16,590,115
State Street Navigator Securities Lending Portfolio II (e) (f)	150,200,340	150,200,340
TOTAL SHORT-TERM INVESTMENTS (Cost $166,790,299)		166,790,455
TOTAL INVESTMENTS — 100.6% (Cost $16,774,116,336)		19,780,921,225
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%		(109,964,250)
NET ASSETS — 100.0%		$19,670,956,975

(a)	All or a portion of the shares of the security are on loan at June 30, 2021.
(b)	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 June 30, 2021 are shown in the Affiliate Table below.
(c)	The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(d)	The rate shown is the annualized seven-day yield at June 30, 2021.
(e)	The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2021 are shown in the Affiliate Table below.
(f)	Investment of cash collateral for securities loaned.

REIT	Real Estate Investment Trust

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2021.

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Common Stocks	$19,614,130,770	$—	$—	$19,614,130,770
Short-Term Investments	166,790,455	—	—	166,790,455
TOTAL INVESTMENTS	$19,780,921,225	$—	$—	$19,780,921,225

See accompanying notes to financial statements.

Table of Contents

SPDR S&P DIVIDEND ETF

SCHEDULE OF INVESTMENTS (continued)

June 30, 2021

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(a)	Number of Shares Held at 6/30/21	Value at 6/30/21	Dividend Income
ABM Industries, Inc.	3,496,319	$ 126,916,380	$ 51,849,294	$ 108,395,996	$ 11,209,429	$ —*	—	$ —*	$ 2,675,086
Bank OZK	11,770,632	276,256,733	103,536,585	281,963,975	(21,954,790)	—*	—	—*	9,088,729
Black Hills Corp.	2,026,321	114,811,348	135,980,185	50,434,089	2,114,771	25,920,579	3,480,006	228,392,794	7,211,126
Cullen/Frost Bankers, Inc.	3,189,184	238,263,937	105,787,140	236,395,494	32,580,989	—*	—	—*	6,600,954
Federal Realty Investment Trust	3,029,246	258,122,052	164,039,026	199,341,380	17,298,970	—*	—	—*	14,546,559
HB Fuller Co.	2,718,062	121,225,565	39,289,170	115,431,863	20,005,512	—*	—	—*	1,191,792
John Wiley & Sons, Inc.	2,676,536	104,384,904	112,643,390	67,108,258	(14,513,751)	56,693,210	3,192,082	192,099,495	3,402,804
Leggett & Platt, Inc.	7,856,841	276,167,961	124,542,720	222,131,556	17,958,278	—*	—	—*	8,602,455
National Fuel Gas Co.	4,312,353	180,816,961	94,491,953	94,279,083	(8,683,434)	—*	—	—*	7,647,584
National Retail Properties, Inc.	8,332,186	295,625,959	143,273,067	168,676,268	(4,460,027)	—*	—	—*	18,612,719
New Jersey Resources Corp.	4,313,668	140,841,260	103,646,865	52,291,206	(14,008,014)	38,251,239	5,469,804	216,440,144	6,251,960
Northwest Natural Holding Co.	1,853,023	103,380,153	22,993,926	109,698,653	(44,085,258)	—*	—	—*	2,591,168
nVent Electric PLC	9,090,838	170,271,396	61,968,303	263,058,080	(20,840,310)	—*	—	—*	4,315,631
People's United Financial, Inc.	21,697,953	251,045,316	228,962,622	344,852,964	60,781,628	—*	—	—*	20,007,198
Polaris, Inc.	3,164,816	292,903,721	87,876,525	327,251,709	85,436,381	—*	—	—*	3,239,544
South Jersey Industries, Inc.	6,542,373	163,493,901	322,163,422	76,412,880	1,541,062	24,056,187	16,769,830	434,841,692	12,410,094
State Street Institutional Liquid Reserves Fund, Premier Class	16,175,997	16,182,467	903,029,207	902,618,615	9,172	(12,116)	16,585,140	16,590,115	37,289
State Street Navigator Securities Lending Portfolio II	160,240,114	160,240,114	1,762,240,966	1,772,280,740	—	—	150,200,340	150,200,340	181,286
Telephone & Data Systems, Inc.	7,119,547	141,536,594	124,450,848	54,906,144	(22,766,779)	38,248,817	9,998,382	226,563,336	5,023,647
United Bankshares, Inc.	6,311,500	174,576,090	77,644,997	108,073,254	(33,080,735)	—*	—	—*	6,932,259
Total		$3,607,062,812	$ 4,770,410,211	$5,555,602,207	$ 64,543,094	$183,157,916		$1,465,127,916	$140,569,884

(a)	Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended June 30, 2021.
*	As of June 30, 2021, no longer an affiliate.

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2021

	SPDR Dow Jones REIT ETF	SPDR S&P Biotech ETF	SPDR S&P Dividend ETF
ASSETS
Investments in unaffiliated issuers, at value*	$1,834,348,454	$ 6,689,398,392	$18,315,793,309
Investments in affiliated issuers, at value	9,891,497	1,393,330,619	1,465,127,916
Total Investments	1,844,239,951	8,082,729,011	19,780,921,225
Net cash at broker	300,829	—	—
Cash	—	8,148,373	—
Receivable for fund shares sold	—	2,475	6,116,452
Dividends receivable — unaffiliated issuers	5,626,936	—	29,686,763
Dividends receivable — affiliated issuers	145	278	16,264,382
Securities lending income receivable — unaffiliated issuers	5,399	167,249	18,431
Securities lending income receivable — affiliated issuers	7,050	930,479	15,674
TOTAL ASSETS	1,850,180,310	8,091,977,865	19,833,022,927
LIABILITIES
Payable upon return of securities loaned	6,259,134	827,025,040	150,200,340
Payable for investments purchased	4,737,181	8,148,373	—
Payable for fund shares repurchased	129,961	—	6,116,452
Payable to broker – accumulated variation margin on open futures contracts	98,800	—	—
Advisory fee payable	379,301	2,069,842	5,736,033
Trustees’ fees and expenses payable	1,794	2,073	13,127
TOTAL LIABILITIES	11,606,171	837,245,328	162,065,952
NET ASSETS	$1,838,574,139	$ 7,254,732,537	$19,670,956,975
NET ASSETS CONSIST OF:
Paid-in Capital	$1,948,384,818	$11,888,689,764	$18,267,000,664
Total distributable earnings (loss)	(109,810,679)	(4,633,957,227)	1,403,956,311
NET ASSETS	$1,838,574,139	$ 7,254,732,537	$19,670,956,975
NET ASSET VALUE PER SHARE
Net asset value per share	$ 104.87	$ 135.54	$ 122.33
Shares outstanding (unlimited amount authorized, $0.01 par value)	17,531,617	53,525,000	160,803,658
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$1,754,737,186	$ 7,528,239,178	$15,340,926,221
Investments in affiliated issuers	9,891,432	1,672,666,772	1,433,190,115
Total cost of investments	$1,764,628,618	$ 9,200,905,950	$ 16,774,116,336
* Includes investments in securities on loan, at value	$ 56,185,603	$ 1,681,866,160	$ 320,613,999

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF OPERATIONS

For the Year Ended June 30, 2021

	SPDR Dow Jones REIT ETF	SPDR S&P Biotech ETF	SPDR S&P Dividend ETF
INVESTMENT INCOME
Dividend income — unaffiliated issuers	$ 31,296,882	$ 6,833,391	$ 446,272,976
Dividend income — affiliated issuers	1,587	6,889	140,388,598
Dividend income — non-cash transactions	2,384,729	—	—
Unaffiliated securities lending income	32,686	2,192,129	141,371
Affiliated securities lending income	164,168	26,685,794	181,286
TOTAL INVESTMENT INCOME (LOSS)	33,880,052	35,718,203	586,984,231
EXPENSES
Advisory fee	3,574,308	23,434,290	60,276,980
Trustees’ fees and expenses	22,378	92,679	256,897
Miscellaneous expenses	1	11,478	8
TOTAL EXPENSES	3,596,687	23,538,447	60,533,885
NET INVESTMENT INCOME (LOSS)	$ 30,283,365	$ 12,179,756	$ 526,450,346
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers	(4,706,355)	(627,343,991)	(575,606,286)
Investments — affiliated issuers	(1,024)	(213,120,901)	42,823,395
In-kind redemptions — unaffiliated issuers	95,548,092	2,540,860,934	1,934,080,128
In-kind redemptions — affiliated issuers	—	327,860,291	21,719,699
Futures contracts	223,549	—	—
Net realized gain (loss)	91,064,262	2,028,256,333	1,423,016,936
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers	359,194,775	(582,500,465)	3,063,700,473
Investments — affiliated issuers	65	(272,212,148)	389,696,537
Futures contracts	(99,195)	—	—
Net change in unrealized appreciation/depreciation	359,095,645	(854,712,613)	3,453,397,010
NET REALIZED AND UNREALIZED GAIN (LOSS)	450,159,907	1,173,543,720	4,876,413,946
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$480,443,272	$1,185,723,476	$5,402,864,292

See accompanying notes to financial statements.

Table of Contents

SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR Dow Jones REIT ETF
	Year Ended 6/30/21	Year Ended 6/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 30,283,365	$ 58,164,383
Net realized gain (loss)	91,064,262	(33,015,910)
Net change in unrealized appreciation/depreciation	359,095,645	(401,412,206)
Net increase (decrease) in net assets resulting from operations	480,443,272	(376,263,733)
Net equalization credits and charges	1,204,854	(2,277,335)
Distributions to shareholders	(54,876,892)	(76,076,130)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	783,226,916	491,798,632
Cost of shares redeemed	(723,381,833)	(1,219,091,891)
Net income equalization	(1,204,854)	2,277,335
Net increase (decrease) in net assets from beneficial interest transactions	58,640,229	(725,015,924)
Net increase (decrease) in net assets during the period	485,411,463	(1,179,633,122)
Net assets at beginning of period	1,353,162,676	2,532,795,798
NET ASSETS AT END OF PERIOD	$1,838,574,139	$ 1,353,162,676
SHARES OF BENEFICIAL INTEREST:
Shares sold	8,050,000	5,300,000
Shares redeemed	(7,850,000)	(13,600,000)
Net increase (decrease) from share transactions	200,000	(8,300,000)

See accompanying notes to financial statements.

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SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Biotech ETF
	Year Ended 6/30/21	Year Ended 6/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 12,179,756	$ 296,157
Net realized gain (loss)	2,028,256,333	570,946,754
Net change in unrealized appreciation/depreciation	(854,712,613)	477,966,904
Net increase (decrease) in net assets resulting from operations	1,185,723,476	1,049,209,815
Net equalization credits and charges	(53,142)	35,202
Distributions to shareholders	(15,283,987)	(928,142)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	26,873,805,345	18,679,802,929
Cost of shares redeemed	(26,192,159,617)	(18,738,305,166)
Net income equalization	53,142	(35,202)
Net increase (decrease) in net assets from beneficial interest transactions	681,698,870	(58,537,439)
Net increase (decrease) in net assets during the period	1,852,085,217	989,779,436
Net assets at beginning of period	5,402,647,320	4,412,867,884
NET ASSETS AT END OF PERIOD	$ 7,254,732,537	$ 5,402,647,320
SHARES OF BENEFICIAL INTEREST:
Shares sold	202,775,000	208,575,000
Shares redeemed	(197,475,000)	(210,600,000)
Net increase (decrease) from share transactions	5,300,000	(2,025,000)

See accompanying notes to financial statements.

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SPDR SERIES TRUST

STATEMENTS OF CHANGES IN NET ASSETS (continued)

	SPDR S&P Dividend ETF
	Year Ended 6/30/21	Year Ended 6/30/20
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 526,450,346	$ 515,368,413
Net realized gain (loss)	1,423,016,936	1,239,710,443
Net change in unrealized appreciation/depreciation	3,453,397,010	(3,188,460,306)
Net increase (decrease) in net assets resulting from operations	5,402,864,292	(1,433,381,450)
Net equalization credits and charges	(1,159,957)	(7,547,203)
Distributions to shareholders	(521,149,557)	(509,825,739)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	7,407,582,758	6,522,295,627
Cost of shares redeemed	(7,816,206,352)	(8,079,251,362)
Net income equalization	1,159,957	7,547,203
Net increase (decrease) in net assets from beneficial interest transactions	(407,463,637)	(1,549,408,532)
Net increase (decrease) in net assets during the period	4,473,091,141	(3,500,162,924)
Net assets at beginning of period	15,197,865,834	18,698,028,758
NET ASSETS AT END OF PERIOD	$19,670,956,975	$15,197,865,834
SHARES OF BENEFICIAL INTEREST:
Shares sold	69,700,000	65,550,000
Shares redeemed	(75,450,000)	(84,200,000)
Net increase (decrease) from share transactions	(5,750,000)	(18,650,000)

See accompanying notes to financial statements.

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SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR Dow Jones REIT ETF
	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18	Year Ended 6/30/17
Net asset value, beginning of period	$ 78.07	$ 98.82	$ 93.80	$ 92.99	$ 99.44
Income (loss) from investment operations:
Net investment income (loss) (a)	1.89	2.50	2.74	2.47	1.62
Net realized and unrealized gain (loss) (b)	28.25	(19.84)	5.92	1.20	(4.28)
Total from investment operations	30.14	(17.34)	8.66	3.67	(2.66)
Net equalization credits and charges (a)	0.08	(0.10)	0.01	(0.04)	(0.09)
Distributions to shareholders from:
Net investment income	(3.42)	(3.31)	(3.65)	(2.82)	(3.70)
Net asset value, end of period	$ 104.87	$ 78.07	$ 98.82	$ 93.80	$ 92.99
Total return (c)	39.59%	(18.04)%	9.58%	4.03%	(2.73)%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$1,838,574	$1,353,163	$2,532,796	$2,563,630	$3,015,901
Ratios to average net assets:
Total expenses	0.25%	0.25%	0.25%	0.25%	0.25%
Net investment income (loss)	2.12%	2.61%	2.89%	2.72%	1.71%
Portfolio turnover rate (d)	6%	17%	9%	6%	9%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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)	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.
(d)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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 S&P Biotech ETF
	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18	Year Ended 6/30/17
Net asset value, beginning of period	$ 112.03	$ 87.82	$ 95.23	$ 77.15	$ 54.16
Income (loss) from investment operations:
Net investment income (loss) (a)	0.24	0.01	0.04	0.20	0.20
Net realized and unrealized gain (loss) (b)	23.57	24.22	(7.37)	18.06	22.97
Total from investment operations	23.81	24.23	(7.33)	18.26	23.17
Net equalization credits and charges (a)	(0.00)(c)	0.00(c)	0.00(c)	0.01	(0.00)(c)
Distributions to shareholders from:
Net investment income	(0.30)	(0.02)	(0.08)	(0.19)	(0.18)
Net asset value, end of period	$ 135.54	$ 112.03	$ 87.82	$ 95.23	$ 77.15
Total return (d)	21.27%	27.59%	(7.70)%	23.69%	42.80%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$7,254,733	$5,402,647	$4,412,868	$5,232,982	$3,548,969
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	0.18%	0.01%	0.05%	0.23%	0.30%
Portfolio turnover rate (e)	74%	66%	45%	62%	59%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

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 S&P Dividend ETF
	Year Ended 6/30/21	Year Ended 6/30/20	Year Ended 6/30/19	Year Ended 6/30/18	Year Ended 6/30/17
Net asset value, beginning of period	$ 91.25	$ 100.96	$ 92.65	$ 88.93	$ 83.91
Income (loss) from investment operations:
Net investment income (loss) (a)	3.28	2.84	2.41	2.31	1.81
Net realized and unrealized gain (loss) (b)	31.05	(9.68)	8.30	6.10	6.01
Total from investment operations	34.33	(6.84)	10.71	8.41	7.82
Net equalization credits and charges (a)	(0.01)	(0.04)	0.02	(0.03)	0.01
Distributions to shareholders from:
Net investment income	(3.24)	(2.83)	(2.42)	(2.33)	(2.22)
Net realized gains	—	—	—	(2.33)	(0.59)
Total distributions	(3.24)	(2.83)	(2.42)	(4.66)	(2.81)
Net asset value, end of period	$ 122.33	$ 91.25	$ 100.96	$ 92.65	$ 88.93
Total return (c)	38.17%	(6.82)%	11.76%	9.44%	9.46%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$19,670,957	$15,197,866	$18,698,029	$15,351,950	$15,478,187
Ratios to average net assets:
Total expenses	0.35%	0.35%	0.35%	0.35%	0.35%
Net investment income (loss)	3.06%	2.89%	2.49%	2.51%	2.10%
Portfolio turnover rate (d)	22%	31%	20%	24%	32%

(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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)	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.
(d)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.

See accompanying notes to financial statements.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

June 30, 2021

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 June 30, 2021, 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 Dow Jones REIT ETF

SPDR S&P Biotech ETF

SPDR S&P Dividend 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)

June 30, 2021

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.

• Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.

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.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2021

Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by a Fund's underlying benchmarks. Various inputs are used in determining the value of a Fund's 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 June 30, 2021, is disclosed in each Fund’s respective Schedule of Investments.

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.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2021

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. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Funds 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.

Certain Funds invest in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds' policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.

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 Fund within the Trust.

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 recorded in accordance with SSGA FM's 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 Fund and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of June 30, 2021, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

Equalization

The Funds 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

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2021

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.

Distributions

Distributions from net investment income, if any, are declared and paid quarterly. 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. Derivative Financial Instruments

Futures Contracts

The Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedule of Investments and cash deposited, if any, is included in Net cash at Broker on the Statement of Assets and Liabilities.Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed.

Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.

For the period ended June 30, 2021, the SPDR Dow Jones REIT ETF entered into futures contracts in order to gain exposure to the market for the cash and cash equivalents.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2021

The following tables summarize the value of the Fund's derivative instruments as of June 30, 2021, and the related location in the accompanying Statements of Assets and Liabilities and Statements of Operations, presented by primary underlying risk exposure:

	Liability Derivatives
	Interest Rate Contracts Risk	Foreign Exchange Contracts Risk	Credit Contracts Risk	Equity Contracts Risk	Commodity Contracts Risk	Total
SPDR Dow Jones REIT ETF
Futures Contracts	$—	$—	$—	$(98,800)	$—	$(98,800)

	Net Realized Gain (Loss)
	Interest Rate Contracts Risk	Foreign Exchange Contracts Risk	Credit Contracts Risk	Equity Contracts Risk	Commodity Contracts Risk	Total
SPDR Dow Jones REIT ETF
Futures Contracts	$—	$—	$—	$223,549	$—	$223,549

	Net Change in Unrealized Appreciation (Depreciation)
	Interest Rate Contracts Risk	Foreign Exchange Contracts Risk	Credit Contracts Risk	Equity Contracts Risk	Commodity Contracts Risk	Total
SPDR Dow Jones REIT ETF
Futures Contracts	$—	$—	$—	$(99,195)	$—	$(99,195)

4. 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 fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2021

percentage of each Fund’s average daily net assets as shown in the following table:

	Annual Rate
SPDR Dow Jones REIT ETF	0.25%
SPDR S&P Biotech ETF	0.35
SPDR S&P Dividend ETF	0.35

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. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. This 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 expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Trust’s 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

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.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2021

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 9 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 year ended June 30, 2021 are disclosed in the Schedules of Investments.

5. 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.

6. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the year ended June 30, 2021, were as follows:

	Purchases	Sales
SPDR Dow Jones REIT ETF	$ 93,999,369	$ 89,450,759
SPDR S&P Biotech ETF	4,848,124,249	4,859,638,185
SPDR S&P Dividend ETF	4,134,505,460	3,756,910,177

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2021

For the year ended June 30, 2021, the following Funds 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 Dow Jones REIT ETF	$ 737,835,203	$ 677,880,512	$ 95,548,092
SPDR S&P Biotech ETF	18,081,369,836	17,388,382,200	2,868,721,225
SPDR S&P Dividend ETF	6,827,672,744	7,560,317,054	1,955,799,827

7. 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.

8. 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. SSGA FM has analyzed each

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

June 30, 2021

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.

Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAV or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for in-kind transactions, wash sale loss deferrals, futures contracts and distributions in excess of current earnings.

The tax character of distributions paid during the year ended June 30, 2021, was as follows:

	Ordinary Income	Long-Term Capital Gains	Total
SPDR Dow Jones REIT ETF	$ 54,876,892	$—	$ 54,876,892
SPDR S&P Biotech ETF	15,283,987	—	15,283,987
SPDR S&P Dividend ETF	521,149,557	—	521,149,557

The tax character of distributions paid during the year ended June 30, 2020, was as follows:

	Ordinary Income	Long-Term Capital Gains	Total
SPDR Dow Jones REIT ETF	$ 76,076,130	$ —	$ 76,076,130
SPDR S&P Biotech ETF	928,142	—	928,142
SPDR S&P Dividend ETF	509,825,739	—	509,825,739

At June 30, 2021, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income	Capital Loss Carryforwards	Undistributed Long-Term Capital Gains	Net Unrealized Gains (Losses)	Total
SPDR Dow Jones REIT ETF	$ —	$ (186,559,171)	$—	$ 76,748,492	$ (109,810,679)
SPDR S&P Biotech ETF	—	(3,503,189,793)	—	(1,130,767,434)	(4,633,957,227)

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	Undistributed Ordinary Income		Capital Loss Carryforwards		Undistributed Long-Term Capital Gains		Net Unrealized Gains (Losses)		Total
SPDR S&P Dividend ETF	$10,843,463		(1,604,124,008)		$—		$ 2,997,236,856		$ 1,403,956,311

As of June 30, 2021, the following Funds had capital loss carryforwards available to offset future realized capital gains as follows:

	Non-Expiring Short Term	Non-Expiring Long Term
SPDR Dow Jones REIT ETF	$ 32,707,084	$ 153,852,087
SPDR S&P Biotech ETF	1,729,157,564	1,774,032,229
SPDR S&P Dividend ETF	785,331,034	818,792,974

As of June 30, 2021, 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 Dow Jones REIT ETF	$ 1,767,392,264	$ 192,657,720	$ 115,909,228	$ 76,748,492
SPDR S&P Biotech ETF	9,213,496,445	363,391,031	1,494,158,465	(1,130,767,434)
SPDR S&P Dividend ETF	16,783,684,369	3,100,687,816	103,450,960	2,997,236,856

9. 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

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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 June 30, 2021, 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.

The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of June 30, 2021:

Fund	Market Value of Securities on Loan	Cash Collateral Received	Non-Cash Collateral Received*	Total Collateral Received
SPDR Dow Jones REIT ETF	$ 56,185,603	$ 6,259,134	$ 51,677,419	$ 57,936,553
SPDR S&P Biotech ETF	1,681,866,160	827,025,040	906,668,754	1,733,693,794
SPDR S&P Dividend ETF	320,613,999	150,200,340	179,444,605	329,644,945

*	The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

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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 June 30, 2021:

		Remaining Contractual Maturity of the Agreements as of June 30, 2021
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 Dow Jones REIT ETF	Common Stocks	$ 6,259,134	$—	$—	$—	$ 6,259,134	$ 6,259,134
SPDR S&P Biotech ETF	Common Stocks	827,025,040	—	—	—	827,025,040	827,025,040
SPDR S&P Dividend ETF	Common Stocks	150,200,340	—	—	—	150,200,340	150,200,340

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.

Credit Risk

A Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Risk

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. Each 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

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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 experienced and may continue to experience extreme volatility and severe losses, and trading in many instruments was and may continue to be disrupted as a result. Liquidity for many instruments was and may continue to be 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. 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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REPORT OF INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

To the Shareholders of SPDR Dow Jones REIT ETF, SPDR S&P Biotech ETF and SPDR S&P Dividend ETF and the Board of Trustees of SPDR^® Series Trust

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of SPDR Dow Jones REIT ETF, SPDR S&P Biotech ETF and SPDR S&P Dividend ETF (collectively referred to as the “Funds”) (three of the funds constituting SPDR^®Series Trust (the “Trust”)), including the schedules of investments, as of June 30, 2021, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (three of the funds constituting SPDR^® Series Trust) at June 30, 2021, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

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ACCOUNTING FIRM (continued)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2021, by correspondence with the custodian, brokers and others or by other appropriate auditing procedures where replies from brokers and others were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.

Boston, Massachusetts
August 27, 2021

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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 January 1, 2021 to June 30, 2021.

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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Tax Information

For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended June 30, 2021.

Dividends Received Deduction

Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.

Qualified Dividend Income

A portion of dividends distributed by the Funds during the fiscal year ended June 30, 2021 are considered qualified dividend income and are eligible for reduced tax rates. These lower rates range from 5% to 20% depending on the individual’s tax bracket. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.

Qualified Business Income Deduction

Each Fund reports the maximum amount allowable of qualified REIT dividends eligible for the 20% qualified business income deduction under Section 199A.

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.

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.

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Approval of Advisory Agreement

At a meeting held prior to June 30, 2021, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to the equity series of the Trust (collectively, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), also met separately to consider the Agreement. The Independent Trustees were advised by their independent legal counsel throughout the process.

To evaluate the Agreement, the Board requested, and SSGA FM, the Trust’s investment adviser and administrator, and State Street Bank and Trust Company, the Trust’s sub-administrator, transfer agent and custodian (“State Street”) provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the SPDR ETFs, (iii) profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent to which economies of scale would be shared as the SPDR ETFs grow.

Nature, Extent and Quality of Services

The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and the materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser in managing exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and ensuring each SPDR ETF’s compliance with its investment objectives and policies, and applicable laws and regulations. The Board further considered information about the Adviser’s best execution

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procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment management business and that of its affiliates which make up State Street Global Advisors, through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board specifically considered the Adviser’s experience in managing equity exchange-traded funds with index-based investment objectives.

Investment Performance

The Board then reviewed the SPDR ETFs’ performance, noting that the distinctive indexed investment objective of each of the SPDR ETFs made analysis of investment performance, in absolute terms, less of a priority than that which normally attaches to the performance of actively-managed funds. Instead, the Board focused on the extent to which each SPDR ETF achieved its objective as a passively-managed index fund. The Board reviewed information regarding the SPDR ETFs’ index tracking.

Profits Realized by the Adviser

The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser and its affiliates, including data on the SPDR ETFs’ historical profitability to these entities. The Board, including the Independent Trustees, with their independent legal counsel, had the opportunity to discuss, with representatives of the Adviser and State Street, methodologies used in computing costs that formed the bases of profitability calculations

Fees Charged to Comparable Funds

The Board evaluated each SPDR ETF’s unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., exchange-traded funds tracking similar equity indexes. The Board reviewed the universe of similar exchange-traded funds for each SPDR ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund by fund analysis of the data. In certain instances as considered appropriate by the Board, the Board explored with management the reasons for the differences between a SPDR ETF’s fee and fees paid by similar funds.

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Other Benefits

The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions.

Economies of Scale

The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF’s assets grow in size. The Board noted that the advisory fee rate did not provide for breakpoints in each SPDR ETF’s advisory fee rates as assets of a SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.

Conclusion

After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the continuation of the Agreement for each SPDR ETF. The Board’s conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly, the index tracking, of each SPDR ETF had been satisfactory or the Advisor had demonstrated due attention to the remediation of underperformance, where appropriate; (c) the Adviser’s unitary fee for each SPDR ETF considered in relation to the services provided, and in relation to the fees charged to comparable funds, was reasonable; (d) the profitability of the Trust’s relationships with the Adviser and its affiliates was not excessive in view of the nature, extent and quality of the services provided; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) the fees paid to the Adviser adequately shared the economies of scale with respect to the SPDR ETFs by way of the relatively low fee structure of the Trust.

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TRUSTEES AND OFFICERS INFORMATION

Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†	Other Directorships Held by Trustee During the Past 5 Years
Trustees
Independent Trustees
CARL G. VERBONCOEUR c/o SPDR Series Trust One Iron Street Boston, MA 02210 1952	Independent Trustee, Chairman, Trustee Committee Chair	Term: Unlimited Served: since April 2010	Self-employed consultant since 2009.	118	The Motley Fool Funds Trust (Trustee).
DWIGHT D. CHURCHILL c/o SPDR Series Trust One Iron Street Boston, MA 02210 1953	Independent Trustee, Audit Committee Chair	Term: Unlimited Served: since April 2010	Self-employed consultant since 2010; CEO and President, CFA Institute (June 2014 - January 2015).	118	Affiliated Managers Group, Inc. (Chairman, Director and Audit Committee Chair).
CLARE S. RICHER c/o SPDR Series Trust One Iron Street Boston, MA 02210 1958	Independent Trustee	Term: Unlimited Served: since July 2018	Retired. Chief Financial Officer, Putnam Investments LLC (December 2008 - May 2017).	118	Principal Financial Group (Director); Bain Capital Specialty Finance (Director); Putnam Acquisition Financing Inc. (Director); Putnam Acquisition Financing LLC (Director); Putnam GP Inc. (Director); Putnam Investor Services, Inc. (Director); Putnam Investments Limited (Director); University of Notre Dame (Trustee).

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Name, Address and Year of Birth		Position(s) with Funds		Term of Office and Length of Time Served		Principal Occupation(s) During Past 5 Years		Number of Portfolios in Fund Complex Overseen by Trustee†		Other Directorships Held by Trustee During the Past 5 Years
SANDRA G. SPONEM c/o SPDR Series Trust One Iron Street Boston, MA 02210 1958		Independent Trustee		Term: Unlimited Served: since July 2018		Retired. Chief Financial Officer, M.A. Mortenson Companies, Inc. (February 2007 - April 2017).		118		Rydex Series Funds (Trustee); Rydex Dynamic Funds (Trustee); Rydex Variable Trust (Trustee); Guggenheim Funds Trust (Trustee); Guggenheim Variable Funds Trust (Trustee); Guggenheim Strategy Funds Trust (Trustee); Transparent Value Trust (Trustee); Fiduciary/ Claymore Energy Infrastructure Fund (Trustee); Guggenheim Taxable Municipal Managed Duration Trust (Trustee); Guggenheim Strategic Opportunities Fund (Trustee); Guggenheim Enhanced Equity Income Fund (Trustee); Guggenheim Credit Allocation Fund (Trustee); Guggenheim Energy & Income Fund (Trustee).

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Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee†	Other Directorships Held by Trustee During the Past 5 Years
Interested Trustee
JAMES E. ROSS* c/o SPDR Series Trust One Iron Street Boston, MA 02210 1965	Interested Trustee	Term: Unlimited Served as Trustee: since April 2010	Non-Executive Chairman, Fusion Acquisition Corp. (June 2020 - Present); Retired Chairman and Director, SSGA Funds Management, Inc. (2005 - March 2020); Retired Executive Vice President, State Street Global Advisors (2012 - March 2020); Retired Chief Executive Officer and Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 - March 2020); Director, State Street Global Markets, LLC (2013 - April 2017); President, SSGA Funds Management, Inc. (2005 - 2012); Principal, State Street Global Advisors (2000 - 2005).	129	SSGA SPDR ETFs Europe I plc (Director) (November 2016 - March 2020); SSGA SPDR ETFs Europe II plc (Director) (November 2016 - March 2020); State Street Navigator Securities Lending Trust (July 2016 - March 2020); SSGA Funds (January 2014 - March 2020); State Street Institutional Investment Trust (February 2007 - March 2020); State Street Master Funds (February 2007 - March 2020); Elfun Funds (July 2016 - December 2018).
† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA Funds Management, Inc. serves as investment adviser.
* Mr. Ross is an Interested Trustee because of his former position with the Adviser and ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.

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Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
Officers
ELLEN M. NEEDHAM SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1967	President	Term: Unlimited Served: since October 2012	Chairman, SSGA Funds Management Inc. (March 2020 - present); President and Director, SSGA Funds Management, Inc. (2001 - present); Senior Managing Director, State Street Global Advisors (1992 - present); Manager, State Street Global Advisors Funds Distributors, LLC (May 2017 - present).
BRUCE S. ROSENBERG SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1961	Treasurer	Term: Unlimited Served: since February 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 - present); Director, Credit Suisse (April 2008 - July 2015).
ANN M. CARPENTER SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1966	Vice President; Deputy Treasurer	Term: Unlimited Served: since August 2012 (with respect to Vice President); Unlimited Served: since February 2016 (with respect to Deputy Treasurer)	Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 - Present); Managing Director, State Street Global Advisors (April 2005 - present).
MICHAEL P. RILEY SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1969	Vice President	Term: Unlimited Served: since February 2005	Managing Director, State Street Global Advisors (2005 - present).*
CHAD C. HALLETT SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1969	Deputy Treasurer	Term: Unlimited Served: since February 2016	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 - present); Vice President, State Street Bank and Trust Company (2001 - November 2014).*
DARLENE ANDERSON-VASQUEZ SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1968	Deputy Treasurer	Term: Unlimited Served: since November 2016	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 - present); Senior Vice President, John Hancock Investments (September 2007 - May 2016).

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Name, Address and Year of Birth	Position(s) with Funds	Term of Office and Length of Time Served	Principal Occupation(s) During the Past 5 Years
ARTHUR A. JENSEN SSGA Funds Management, Inc. 1600 Summer Street Stamford, CT 06905 1966	Deputy Treasurer	Term: Unlimited Served: Since August 2017	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 - present); Mutual Funds Controller of GE Asset Management Incorporated (April 2011 - July 2016).
DAVID LANCASTER SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1971	Assistant Treasurer	Term: Unlimited Served: since November 2020	Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 - present); Assistant Vice President, State Street Bank and Trust Company (November 2011 - July 2017).
BRIAN HARRIS SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1973	Chief Compliance Officer; Anti-Money Laundering Officer; Code of Ethics Compliance Officer	Term: Unlimited Served: since November 2013	Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (June 2013 - present).*
SEAN O'MALLEY SSGA Funds Management, Inc. One Iron Street Boston, MA 02210 1969	Chief Legal Officer	Term: Unlimited Served:since August 2019	Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 - present).
DAVID BARR SSGA Funds Management, Inc One Iron Street Boston, MA 02210 1974	Assistant Secretary	Term:Unlimited Served:since November 2020	Vice President and Senior Counsel, State Street Global Advisors (October 2019 - present); Vice President at Eaton Vance Corp. (October 2010 - October 2019).
DAVID URMAN SSGA Funds Management, Inc One Iron Street Boston, MA 02210 1985	Secretary	Term:Unlimited Served:since August 2019	Vice President and Senior Counsel, State Street Global Advisors (April 2019 - present); Vice President and Counsel, State Street Global Advisors (August 2015 - April 2019); Associate, Ropes & Gray LLP (November 2012 - August 2015).
* Served in various capacities and/or with various affiliated entities during noted time period.
The Statement of Additional Information (SAI) includes additional information about the Funds' trustees and is available, without charge, upon request and by calling 1-866-787-2257.

Table of Contents

SPDR Series Trust

Trustees

Dwight D. Churchill

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

Table of Contents

SPDR^® Series Trust - Equity 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.

Standard & Poor’s, S&P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their

respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

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.

SPDRTOPEQAR