Semi-Annual Report
December 31, 2021
SPDR® Series Trust - Equity Funds
SPDR S&P Aerospace & Defense ETF
SPDR S&P Bank ETF
SPDR S&P Homebuilders ETF
SPDR S&P Oil & Gas Exploration & Production ETF
SPDR S&P Regional Banking ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  
1
2
3
4
5
Schedules of Investments (Unaudited)  
6
8
12
15
19
24
33
38
50
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

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Table of Contents
SPDR S&P Aerospace & Defense ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

      
  Description % of Net Assets  
  Mercury Systems, Inc. 4.6%  
  Axon Enterprise, Inc. 4.4  
  Spirit AeroSystems Holdings, Inc. Class A 4.3  
  TransDigm Group, Inc. 4.2  
  Northrop Grumman Corp. 4.2  
  Curtiss-Wright Corp. 4.1  
  Howmet Aerospace, Inc. 4.1  
  Lockheed Martin Corp. 4.1  
  Textron, Inc. 4.1  
  General Dynamics Corp. 4.1  
  TOTAL 42.2%  
(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 December 31, 2021

      
    % of Net Assets  
  Aerospace & Defense 100.0%  
  Short-Term Investments 1.5  
  Liabilities in Excess of Other Assets (1.5)  
  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.
1

Table of Contents
SPDR S&P Bank ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

      
  Description % of Net Assets  
  Signature Bank 1.4%  
  Voya Financial, Inc. 1.4  
  Comerica, Inc. 1.4  
  Sterling Bancorp 1.4  
  Webster Financial Corp. 1.4  
  First Citizens BancShares, Inc. Class A 1.4  
  Popular, Inc. 1.4  
  Bank of New York Mellon Corp. 1.4  
  Synovus Financial Corp. 1.4  
  Equitable Holdings, Inc. 1.4  
  TOTAL 14.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2021

      
    % of Net Assets  
  Regional Banks 74.7%  
  Thrifts & Mortgage Finance 12.8  
  Diversified Banks 6.7  
  Asset Management & Custody Banks 2.8  
  Other Diversified Financial Services 2.8  
  Short-Term Investments 2.1  
  Liabilities in Excess of Other Assets (1.9)  
  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.
2

Table of Contents
SPDR S&P Homebuilders ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

      
  Description % of Net Assets  
  Builders FirstSource, Inc. 4.2%  
  Johnson Controls International PLC 4.0  
  Masco Corp. 4.0  
  Mohawk Industries, Inc. 4.0  
  Whirlpool Corp. 3.9  
  PulteGroup, Inc. 3.9  
  Allegion PLC 3.9  
  Fortune Brands Home & Security, Inc. 3.9  
  Home Depot, Inc. 3.9  
  Trane Technologies PLC 3.9  
  TOTAL 39.6%  
(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 December 31, 2021

      
    % of Net Assets  
  Building Products 44.0%  
  Homebuilding 29.6  
  Home Improvement Retail 11.3  
  Homefurnishing Retail 7.2  
  Home Furnishings 4.0  
  Household Appliances 3.9  
  Short-Term Investments 0.3  
  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.
3

Table of Contents
SPDR S&P Oil & Gas Exploration & Production ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

      
  Description % of Net Assets  
  Valero Energy Corp. 2.6%  
  EQT Corp. 2.5  
  Devon Energy Corp. 2.4  
  PBF Energy, Inc. Class A 2.4  
  Marathon Oil Corp. 2.4  
  APA Corp. 2.4  
  Antero Resources Corp. 2.4  
  Marathon Petroleum Corp. 2.4  
  Phillips 66 2.4  
  Chevron Corp. 2.4  
  TOTAL 24.3%  
(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 December 31, 2021

      
    % of Net Assets  
  Oil & Gas Exploration & Production 70.6%  
  Oil & Gas Refining & Marketing 22.2  
  Integrated Oil & Gas 7.0  
  Short-Term Investments 3.7  
  Liabilities in Excess of Other Assets (3.5)  
  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.
4

Table of Contents
SPDR S&P Regional Banking ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

      
  Description % of Net Assets  
  Signature Bank 2.0%  
  Comerica, Inc. 2.0  
  First Citizens BancShares, Inc. Class A 1.9  
  East West Bancorp, Inc. 1.9  
  People's United Financial, Inc. 1.9  
  Huntington Bancshares, Inc. 1.9  
  M&T Bank Corp. 1.9  
  Western Alliance Bancorp 1.9  
  KeyCorp. 1.9  
  Synovus Financial Corp. 1.9  
  TOTAL 19.2%  
(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 December 31, 2021

      
    % of Net Assets  
  Regional Banks 99.8%  
  Short-Term Investments 0.2  
  Liabilities in Excess of Other Assets (0.0)*  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
5

Table of Contents
SPDR S&P AEROSPACE & DEFENSE ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 100.0%          
AEROSPACE & DEFENSE — 100.0%          
AAR Corp. (a)
     466,138   $ 18,193,366
Aerojet Rocketdyne Holdings, Inc. (b)
     955,295   44,669,594
AeroVironment, Inc. (a)
     318,515   19,757,485
Astra Space, Inc. (a)  (b)
     4,977,823   34,496,313
Axon Enterprise, Inc. (a)
     312,851   49,117,607
Boeing Co. (a)
     215,805   43,445,863
BWX Technologies, Inc.
     925,211   44,299,103
Curtiss-Wright Corp.
     330,664   45,853,177
Ducommun, Inc. (a)
     72,120   3,373,052
General Dynamics Corp.
     215,941   45,017,220
HEICO Corp.
     305,867   44,112,139
Hexcel Corp. (a)
     854,467   44,261,391
Howmet Aerospace, Inc.
     1,433,987   45,643,806
Huntington Ingalls Industries, Inc.
     237,957   44,436,090
Kaman Corp. (b)
     311,308   13,432,940
Kratos Defense & Security Solutions, Inc. (a)
     1,749,569   33,941,639
L3Harris Technologies, Inc.
     204,119   43,526,336
Lockheed Martin Corp.
     128,314   45,604,079
Maxar Technologies, Inc. (b)
     1,486,442   43,894,632
Mercury Systems, Inc. (a)
     933,604   51,404,236
Moog, Inc. Class A
     208,092   16,849,209
National Presto Industries, Inc.
     49,972   4,099,203
Northrop Grumman Corp.
     119,261   46,162,355
PAE, Inc. (a)
     809,591   8,039,239
Parsons Corp. (a)  (b)
     701,747   23,613,787
Raytheon Technologies Corp.
     513,613   44,201,535
Spirit AeroSystems Holdings, Inc. Class A
     1,090,777   47,001,581
Textron, Inc.
     586,830   45,303,276
TransDigm Group, Inc. (a)
     73,108   46,517,158
Triumph Group, Inc. (a)
     1,273,798   23,603,477
Vectrus, Inc. (a)
     80,778   3,697,209
Virgin Galactic Holdings, Inc. (a)
     2,909,457   38,928,535
TOTAL COMMON STOCKS

(Cost $1,167,326,069)
         1,106,496,632
SHORT-TERM INVESTMENTS — 1.5%          
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c)  (d)
     1,947,465   1,947,660
See accompanying notes to financial statements.
6

Table of Contents
SPDR S&P AEROSPACE & DEFENSE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (e)  (f)
     14,605,919   $ 14,605,919
TOTAL SHORT-TERM INVESTMENTS

(Cost $16,553,579)
         16,553,579
TOTAL INVESTMENTS — 101.5%

(Cost $1,183,879,648)
         1,123,050,211
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.5)%
         (16,082,106)
NET ASSETS — 100.0%
         $ 1,106,968,105
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2021.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $1,106,496,632   $—   $—   $1,106,496,632
Short-Term Investments
   16,553,579   —   —   16,553,579
TOTAL INVESTMENTS
   $ 1,123,050,211   $—   $—   $ 1,123,050,211
Affiliate Table
  Number of
Shares Held
at 6/30/21 		  Value at
6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 12/31/21 		  Value at
12/31/21 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 2,353,875   $2,354,581   $ 5,121,091   $ 5,527,659   $(353)   $—   1,947,465   $ 1,947,660   $ 270
State Street Navigator Securities Lending Portfolio II
 2,610,218   2,610,218   190,400,548   178,404,847   —   —   14,605,919   14,605,919   15,403
Total
     $4,964,799   $195,521,639   $183,932,506   $(353)   $—       $16,553,579   $15,673
See accompanying notes to financial statements.
7

Table of Contents
SPDR S&P BANK ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%          
ASSET MANAGEMENT & CUSTODY BANKS — 2.8%          
Bank of New York Mellon Corp.
     736,478   $ 42,774,642
Northern Trust Corp.
     352,990   42,221,134
          84,995,776
DIVERSIFIED BANKS — 6.7%          
Bank of America Corp.
     938,423   41,750,439
Citigroup, Inc.
     688,170   41,558,586
JPMorgan Chase & Co.
     261,461   41,402,350
US Bancorp
     723,193   40,621,751
Wells Fargo & Co.
     832,265   39,932,075
          205,265,201
OTHER DIVERSIFIED FINANCIAL SERVICES — 2.8%          
Equitable Holdings, Inc.
     1,291,458   42,346,908
Voya Financial, Inc. (a)
     660,717   43,812,144
          86,159,052
REGIONAL BANKS — 74.7%          
Ameris Bancorp
     492,280   24,456,470
Associated Banc-Corp.
     1,774,548   40,087,039
Atlantic Union Bankshares Corp.
     341,551   12,736,437
Bank of Hawaii Corp.
     209,209   17,523,346
Bank OZK
     733,693   34,138,735
BankUnited, Inc.
     912,506   38,608,129
Banner Corp.
     201,425   12,220,455
BOK Financial Corp. (a)
     173,998   18,355,049
Cadence Bank
     1,380,716   41,131,530
Cathay General Bancorp
     409,064   17,585,661
CIT Group, Inc.
     817,525   41,971,734
Citizens Financial Group, Inc.
     881,462   41,649,080
Columbia Banking System, Inc.
     888,842   29,082,910
Comerica, Inc.
     494,239   42,998,793
Commerce Bancshares, Inc.
     440,406   30,273,508
Community Bank System, Inc.
     247,938   18,466,422
Cullen/Frost Bankers, Inc.
     324,599   40,922,196
CVB Financial Corp.
     688,732   14,745,752
East West Bancorp, Inc.
     537,117   42,260,366
Eastern Bankshares, Inc.
     822,092   16,581,596
Fifth Third Bancorp
     954,713   41,577,751
First BanCorp
     2,294,935   31,624,204
First Citizens BancShares, Inc. Class A (a)
     51,657   42,867,045
See accompanying notes to financial statements.
8

Table of Contents
SPDR S&P BANK ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
First Financial Bancorp
     453,959   $ 11,067,520
First Financial Bankshares, Inc. (a)
     530,400   26,965,536
First Hawaiian, Inc.
     688,320   18,811,786
First Horizon Corp.
     2,558,448   41,779,456
First Merchants Corp.
     231,153   9,682,999
First Midwest Bancorp, Inc.
     660,744   13,532,037
First Republic Bank
     200,214   41,346,193
FNB Corp.
     3,214,012   38,985,966
Fulton Financial Corp.
     1,299,757   22,095,869
Glacier Bancorp, Inc.
     445,327   25,250,041
Hancock Whitney Corp.
     483,476   24,183,470
Hilltop Holdings, Inc.
     509,723   17,911,666
Home BancShares, Inc.
     796,886   19,404,174
Hope Bancorp, Inc.
     876,238   12,889,461
Huntington Bancshares, Inc.
     2,736,082   42,190,384
Independent Bank Corp.
     275,318   22,446,677
Independent Bank Group, Inc. (a)
     167,463   12,082,455
International Bancshares Corp.
     251,764   10,672,276
Investors Bancorp, Inc.
     1,791,733   27,144,755
KeyCorp.
     1,815,705   41,997,257
Live Oak Bancshares, Inc. (a)
     268,539   23,440,769
M&T Bank Corp.
     274,466   42,152,488
Old National Bancorp (a)
     1,682,306   30,483,385
Pacific Premier Bancorp, Inc.
     482,014   19,295,020
PacWest Bancorp
     930,112   42,013,159
People's United Financial, Inc.
     2,368,532   42,207,240
Pinnacle Financial Partners, Inc.
     436,871   41,721,181
PNC Financial Services Group, Inc.
     207,329   41,573,611
Popular, Inc.
     521,427   42,777,871
Prosperity Bancshares, Inc.
     417,067   30,153,944
Regions Financial Corp.
     1,879,454   40,972,097
Renasant Corp. (a)
     287,975   10,928,651
Sandy Spring Bancorp, Inc.
     229,728   11,045,322
Signature Bank
     136,976   44,307,627
Silvergate Capital Corp. Class A (b)
     273,327   40,507,061
Simmons First National Corp. Class A (a)
     619,096   18,312,860
SouthState Corp.
     480,512   38,493,816
Sterling Bancorp
     1,666,588   42,981,305
SVB Financial Group (b)
     59,392   40,282,030
Synovus Financial Corp.
     886,508   42,437,138
Texas Capital Bancshares, Inc. (b)
     602,220   36,283,755
Triumph Bancorp, Inc. (b)
     160,939   19,164,616
See accompanying notes to financial statements.
9

Table of Contents
SPDR S&P BANK ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Truist Financial Corp.
     703,533   $ 41,191,857
Trustmark Corp.
     371,987   12,074,698
UMB Financial Corp.
     264,314   28,046,359
Umpqua Holdings Corp.
     2,077,813   39,977,122
United Bankshares, Inc.
     661,936   24,015,038
United Community Banks, Inc.
     636,399   22,872,180
Valley National Bancorp
     2,520,068   34,650,935
Webster Financial Corp.
     768,683   42,923,259
WesBanco, Inc.
     417,828   14,619,802
Western Alliance Bancorp
     390,102   41,994,480
Wintrust Financial Corp.
     407,155   36,977,817
Zions Bancorp NA
     660,928   41,744,213
          2,294,926,892
THRIFTS & MORTGAGE FINANCE — 12.8%          
Axos Financial, Inc. (b)
     288,378   16,123,214
Essent Group, Ltd.
     738,980   33,645,760
Flagstar Bancorp, Inc.
     549,449   26,340,585
MGIC Investment Corp.
     2,921,716   42,131,145
Mr Cooper Group, Inc. (b)
     1,001,171   41,658,725
New York Community Bancorp, Inc. (a)
     3,388,501   41,373,597
NMI Holdings, Inc. Class A (b)
     632,104   13,811,472
PennyMac Financial Services, Inc.
     605,972   42,284,726
Radian Group, Inc.
     1,825,809   38,579,344
Rocket Cos., Inc. Class A (a)
     2,585,426   36,195,964
Walker & Dunlop, Inc.
     147,205   22,210,291
Washington Federal, Inc.
     566,466   18,908,635
WSFS Financial Corp.
     394,360   19,765,323
          393,028,781
TOTAL COMMON STOCKS

(Cost $2,990,623,356)
         3,064,375,702
SHORT-TERM INVESTMENTS — 2.1%          
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c)  (d)
     2,051,806   2,052,011
See accompanying notes to financial statements.
10

Table of Contents
SPDR S&P BANK ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (e)  (f)
     63,700,532   $ 63,700,532
TOTAL SHORT-TERM INVESTMENTS

(Cost $65,752,543)
         65,752,543
TOTAL INVESTMENTS — 101.9%

(Cost $3,056,375,899)
         3,130,128,245
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.9)%
         (59,299,429)
NET ASSETS — 100.0%
         $ 3,070,828,816
(a) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $3,064,375,702   $—   $—   $3,064,375,702
Short-Term Investments
   65,752,543   —   —   65,752,543
TOTAL INVESTMENTS
   $3,130,128,245   $—   $—   $3,130,128,245
Affiliate Table
  Number of
Shares Held
at 6/30/21 		  Value at
6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 12/31/21 		  Value at
12/31/21 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 1,773,419   $ 1,773,951   $ 62,140,635   $ 61,861,814   $(674)   $(87)   2,051,806   $ 2,052,011   $ 1,002
State Street Navigator Securities Lending Portfolio II
 33,030,723   33,030,723   364,385,656   333,715,846   —   —   63,700,532   63,700,532   40,991
Total
     $34,804,674   $426,526,291   $395,577,660   $(674)   $(87)       $65,752,543   $41,993
See accompanying notes to financial statements.
11

Table of Contents
SPDR S&P HOMEBUILDERS ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 100.0%          
BUILDING PRODUCTS — 44.0%          
A.O. Smith Corp.
     1,004,182   $ 86,209,025
Allegion PLC
     745,796   98,773,222
Builders FirstSource, Inc. (a)
     1,228,811   105,321,391
Carlisle Cos., Inc.
     242,874   60,261,897
Carrier Global Corp.
     1,761,439   95,540,451
Fortune Brands Home & Security, Inc.
     920,436   98,394,608
Johnson Controls International PLC
     1,232,267   100,195,630
Lennox International, Inc.
     290,602   94,259,665
Masco Corp.
     1,422,612   99,895,815
Owens Corning
     1,040,883   94,199,911
Trane Technologies PLC
     482,403   97,459,878
Trex Co., Inc. (a)
     561,850   75,866,606
          1,106,378,099
HOME FURNISHINGS — 4.0%          
Mohawk Industries, Inc. (a)
     547,966   99,828,446
HOME IMPROVEMENT RETAIL — 11.3%          
Floor & Decor Holdings, Inc. Class A (a)
     688,913   89,565,579
Home Depot, Inc.
     235,299   97,651,438
Lowe's Cos., Inc.
     374,056   96,685,995
          283,903,012
HOMEBUILDING — 29.6%          
Cavco Industries, Inc. (a)
     33,416   10,614,592
Century Communities, Inc.
     258,246   21,121,940
D.R. Horton, Inc.
     891,396   96,671,896
Green Brick Partners, Inc. (a)
     347,543   10,540,979
Installed Building Products, Inc. (b)
     158,073   22,085,960
Lennar Corp. Class A
     836,297   97,144,260
LGI Homes, Inc. (a)
     209,573   32,374,837
M/I Homes, Inc. (a)
     333,366   20,728,698
MDC Holdings, Inc.
     417,326   23,299,311
NVR, Inc. (a)
     16,462   97,271,818
PulteGroup, Inc.
     1,739,144   99,409,471
Skyline Champion Corp. (a)
     328,299   25,929,055
Taylor Morrison Home Corp. (a)
     842,665   29,459,568
Toll Brothers, Inc.
     942,381   68,218,961
TopBuild Corp. (a)
     207,629   57,286,917
Tri Pointe Homes, Inc. (a)
     1,157,296   32,276,985
          744,435,248
See accompanying notes to financial statements.
12

Table of Contents
SPDR S&P HOMEBUILDERS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
HOMEFURNISHING RETAIL — 7.2%          
RH (a)  (b)
     162,064   $ 86,856,580
Williams-Sonoma, Inc. (b)
     557,207   94,240,420
          181,097,000
HOUSEHOLD APPLIANCES — 3.9%          
Whirlpool Corp.
     424,957   99,720,410
TOTAL COMMON STOCKS

(Cost $2,377,236,182)
         2,515,362,215
SHORT-TERM INVESTMENTS — 0.3%          
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c)  (d)
     650,784   650,848
State Street Navigator Securities Lending Portfolio II (e)  (f)
     6,887,436   6,887,436
TOTAL SHORT-TERM INVESTMENTS

(Cost $7,538,089)
         7,538,284
TOTAL INVESTMENTS — 100.3%

(Cost $2,384,774,271)
         2,522,900,499
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%
         (6,391,307)
NET ASSETS — 100.0%
         $ 2,516,509,192
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2021.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $2,515,362,215   $—   $—   $2,515,362,215
Short-Term Investments
   7,538,284   —   —   7,538,284
TOTAL INVESTMENTS
   $2,522,900,499   $—   $—   $2,522,900,499
See accompanying notes to financial statements.
13

Table of Contents
SPDR S&P HOMEBUILDERS ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Affiliate Table
  Number of
Shares Held
at 6/30/21 		  Value at
6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 12/31/21 		  Value at
12/31/21 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 1,448,750   $ 1,449,184   $26,654,096   $ 27,452,192   $(173)   $(67)   650,784   $ 650,848   $ 210
State Street Navigator Securities Lending Portfolio II
 34,448,563   34,448,563   66,531,440   94,092,567   —   —   6,887,436   6,887,436   3,974
Total
     $35,897,747   $93,185,536   $121,544,759   $(173)   $(67)       $7,538,284   $4,184
See accompanying notes to financial statements.
14

Table of Contents
SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%          
INTEGRATED OIL & GAS — 7.0%          
Chevron Corp.
     675,773   $ 79,301,962
Exxon Mobil Corp.
     1,269,159   77,659,839
Occidental Petroleum Corp.
     2,598,896   75,341,995
          232,303,796
OIL & GAS EXPLORATION & PRODUCTION — 70.6%          
Antero Resources Corp. (a)
     4,593,233   80,381,577
APA Corp.
     2,998,466   80,628,751
Berry Corp.
     652,217   5,491,667
Brigham Minerals, Inc. Class A
     411,256   8,673,389
California Resources Corp.
     1,272,324   54,340,958
Callon Petroleum Co. (a)  (b)
     1,534,372   72,499,077
Centennial Resource Development, Inc. Class A (a)  (b)
     9,596,058   57,384,427
Civitas Resources, Inc.
     990,068   48,483,630
CNX Resources Corp. (a)  (b)
     4,783,248   65,769,660
Comstock Resources, Inc. (a)  (b)
     6,197,163   50,135,049
ConocoPhillips
     1,088,125   78,540,863
Continental Resources, Inc. (b)
     1,741,479   77,948,600
Coterra Energy, Inc.
     3,824,460   72,664,740
Crescent Energy, Inc. Class A (a)  (b)
     426,611   5,409,427
Denbury, Inc. (a)
     951,847   72,901,962
Devon Energy Corp.
     1,841,745   81,128,867
Diamondback Energy, Inc.
     719,266   77,572,838
EOG Resources, Inc.
     891,722   79,211,665
EQT Corp. (a)
     3,833,644   83,611,776
Gulfport Energy Corp. (a)
     124,607   8,975,442
Hess Corp.
     1,010,161   74,782,219
Kosmos Energy, Ltd. (a)  (b)
     12,059,080   41,724,417
Laredo Petroleum, Inc. (a) (b)  (c)
     1,147,543   69,001,761
Magnolia Oil & Gas Corp. Class A (b)
     3,189,369   60,183,393
Marathon Oil Corp.
     4,930,248   80,954,672
Matador Resources Co.
     2,017,384   74,481,817
Murphy Oil Corp. (b)
     2,812,793   73,442,025
Northern Oil and Gas, Inc. (b)
     1,548,672   31,871,670
Oasis Petroleum, Inc.
     422,802   53,268,824
Ovintiv, Inc.
     2,308,485   77,795,945
PDC Energy, Inc.
     1,239,280   60,452,078
Pioneer Natural Resources Co.
     434,061   78,947,015
Range Resources Corp. (a)
     4,145,619   73,916,387
Ranger Oil Corp. Class A (a)
     634,094   17,069,810
See accompanying notes to financial statements.
15

Table of Contents
SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
SM Energy Co.
     2,441,056   $ 71,962,331
Southwestern Energy Co. (a)  (b)
     14,539,941   67,756,125
Talos Energy, Inc. (a)  (b)
     1,886,163   18,484,397
Tellurian, Inc. (a)  (b)
     21,244,051   65,431,677
Texas Pacific Land Corp.
     40,010   49,967,289
Whiting Petroleum Corp. (a)
     839,662   54,309,338
          2,357,557,555
OIL & GAS REFINING & MARKETING — 22.2%          
Aemetis, Inc. (a)
     1,344,097   16,532,394
Alto Ingredients, Inc. (a)  (b)
     3,117,168   14,993,578
Clean Energy Fuels Corp. (a)  (b)
     7,480,546   45,855,747
CVR Energy, Inc. (b)
     1,274,568   21,425,488
Delek US Holdings, Inc. (a)
     1,815,805   27,218,917
Gevo, Inc. (a) (b)  (c)
     14,864,181   63,618,695
Green Plains, Inc. (a)  (b)
     1,432,891   49,807,291
HollyFrontier Corp.
     2,415,315   79,174,026
Marathon Petroleum Corp.
     1,255,662   80,349,811
Par Pacific Holdings, Inc. (a)
     535,491   8,830,247
PBF Energy, Inc. Class A (a) (b)  (c)
     6,252,528   81,095,288
Phillips 66
     1,102,657   79,898,526
Renewable Energy Group, Inc. (a)  (b)
     1,556,647   66,064,099
REX American Resources Corp. (a)  (b)
     23,663   2,271,648
Valero Energy Corp.
     1,128,704   84,776,957
World Fuel Services Corp.
     717,977   19,004,851
          740,917,563
TOTAL COMMON STOCKS

(Cost $3,680,224,271)
         3,330,778,914
SHORT-TERM INVESTMENTS — 3.7%          
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (d)  (e)
     5,517,058   5,517,609
State Street Navigator Securities Lending Portfolio II (f)  (g)
     116,017,328   116,017,328
TOTAL SHORT-TERM INVESTMENTS

(Cost $121,534,937)
         121,534,937
TOTAL INVESTMENTS — 103.5%

(Cost $3,801,759,208)
         3,452,313,851
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.5)%
         (115,286,801)
NET ASSETS — 100.0%
         $ 3,337,027,050
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2021.
See accompanying notes to financial statements.
16

Table of Contents
SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
(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 December 31, 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 December 31, 2021 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at December 31, 2021.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
At December 31, 2021, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
E-mini S&P 500 Energy Sector Index (long)   121   03/18/2022   $6,928,896   $6,986,540   $57,644
During the period ended December 31, 2021, average notional value related to futures contracts was $7,452,087.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $3,330,778,914   $—   $—   $3,330,778,914
Short-Term Investments
   121,534,937   —   —   121,534,937
TOTAL INVESTMENTS
   $3,452,313,851   $—   $—   $3,452,313,851
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   57,644   —   —   57,644
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ 57,644   $—   $—   $ 57,644
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
See accompanying notes to financial statements.
17

Table of Contents
SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Affiliate Table
  Number of
Shares Held
at 6/30/21 		  Value at
6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation(a) 		  Number of
Shares Held
at 12/31/21 		  Value at
12/31/21 		  Dividend
Income
Alto Ingredients, Inc.
 5,797,341   $ 35,421,753   $ 35,305,365   $ 66,771,086   $ (3,956,032)   $ —*   —   $ —*   $ —
Gevo, Inc.
 12,649,281   91,960,273   129,774,727   121,129,071   (12,045,188)   (24,942,046)   14,864,181   63,618,695   —
Laredo Petroleum, Inc.
 622,994   57,807,613   132,908,829   96,030,333   5,406,579   (31,090,927)   1,147,543   69,001,761   —
PBF Energy, Inc.
 5,489,279   83,985,969   137,532,797   133,040,785   3,986,625   (11,369,318)   6,252,528   81,095,288   —
State Street Institutional Liquid Reserves Fund, Premier Class
 4,902,650   4,904,121   199,460,689   198,846,474   (727)   —   5,517,058   5,517,609   933
State Street Navigator Securities Lending Portfolio II
 84,803,749   84,803,749   488,865,752   457,652,173   —   —   116,017,328   116,017,328   120,342
Tellurian, Inc.
 —   —   140,486,684   153,041,388   12,554,704   —*   —   —*   —
Total
     $358,883,478   $1,264,334,843   $1,226,511,310   $ 5,945,961   $(67,402,291)       $335,250,681   $121,275
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended December 31, 2021.
* As of December 31, 2021, no longer an affiliate.
See accompanying notes to financial statements.
18

Table of Contents
SPDR S&P REGIONAL BANKING ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%          
REGIONAL BANKS — 99.8%          
1st Source Corp.
     85,117   $ 4,221,803
Allegiance Bancshares, Inc. (a)
     111,689   4,714,393
Ameris Bancorp
     776,570   38,579,998
Associated Banc-Corp.
     2,798,028   63,207,453
Atlantic Union Bankshares Corp.
     537,233   20,033,419
Banc of California, Inc.
     561,557   11,017,748
BancFirst Corp.
     184,185   12,996,094
Bancorp, Inc. (b)
     821,638   20,795,658
Bank of Hawaii Corp.
     329,086   27,564,243
Bank of Marin Bancorp
     102,725   3,824,452
Bank OZK
     1,156,984   53,834,466
BankUnited, Inc.
     1,438,731   60,872,709
Banner Corp.
     316,873   19,224,685
Berkshire Hills Bancorp, Inc.
     564,839   16,058,373
BOK Financial Corp.
     273,830   28,886,327
Brookline Bancorp, Inc.
     561,650   9,093,114
Byline Bancorp, Inc.
     234,530   6,414,396
Cadence Bank
     2,725,870   81,203,667
Camden National Corp.
     63,757   3,070,537
Cathay General Bancorp
     643,560   27,666,644
CBTX, Inc.
     87,136   2,526,944
Central Pacific Financial Corp.
     241,350   6,798,830
CIT Group, Inc.
     1,288,995   66,177,003
Citizens Financial Group, Inc.
     1,935,727   91,463,101
City Holding Co.
     105,707   8,645,776
Columbia Banking System, Inc.
     1,401,809   45,867,190
Comerica, Inc.
     1,085,432   94,432,584
Commerce Bancshares, Inc.
     694,651   47,750,310
Community Bank System, Inc.
     390,091   29,053,978
Community Trust Bancorp, Inc.
     80,441   3,508,032
ConnectOne Bancorp, Inc.
     253,396   8,288,583
Cullen/Frost Bankers, Inc.
     552,216   69,617,871
Customers Bancorp, Inc. (b)
     467,289   30,546,682
CVB Financial Corp.
     1,083,502   23,197,778
Dime Community Bancshares, Inc.
     267,834   9,417,043
Eagle Bancorp, Inc.
     218,511   12,747,932
East West Bancorp, Inc.
     1,179,471   92,800,778
Eastern Bankshares, Inc.
     1,293,325   26,086,365
Enterprise Financial Services Corp.
     244,667   11,521,369
FB Financial Corp.
     238,949   10,470,745
See accompanying notes to financial statements.
19

Table of Contents
SPDR S&P REGIONAL BANKING ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Fifth Third Bancorp
     2,096,660   $ 91,309,543
First BanCorp (c)
     3,619,231   49,873,003
First BanCorp (c)
     449,492   20,550,774
First Bancshares, Inc.
     133,602   5,159,709
First Busey Corp.
     361,655   9,808,084
First Citizens BancShares, Inc. Class A (a)
     113,399   94,103,026
First Commonwealth Financial Corp.
     860,056   13,838,301
First Financial Bancorp
     714,219   17,412,659
First Financial Bankshares, Inc. (a)
     836,702   42,537,930
First Financial Corp.
     86,306   3,908,799
First Foundation, Inc.
     318,408   7,915,623
First Hawaiian, Inc.
     1,082,942   29,596,805
First Horizon Corp.
     5,618,558   91,751,052
First Interstate BancSystem, Inc. Class A (a)
     859,928   34,973,272
First Merchants Corp.
     363,629   15,232,419
First Midwest Bancorp, Inc.
     1,039,441   21,287,752
First Republic Bank
     439,753   90,813,392
Flushing Financial Corp.
     195,138   4,741,853
FNB Corp.
     5,067,792   61,472,317
Fulton Financial Corp.
     2,044,712   34,760,104
Glacier Bancorp, Inc.
     700,563   39,721,922
Great Southern Bancorp, Inc.
     66,053   3,913,640
Great Western Bancorp, Inc.
     794,522   26,981,967
Hancock Whitney Corp.
     760,571   38,043,761
Hanmi Financial Corp.
     272,232   6,446,454
HarborOne Bancorp, Inc.
     289,568   4,297,189
Heartland Financial USA, Inc.
     252,043   12,755,896
Heritage Commerce Corp.
     306,729   3,662,344
Heritage Financial Corp.
     338,221   8,266,121
Hilltop Holdings, Inc.
     801,866   28,177,571
Home BancShares, Inc.
     1,253,655   30,526,499
HomeStreet, Inc.
     195,858   10,184,616
Hope Bancorp, Inc.
     1,378,509   20,277,867
Horizon Bancorp, Inc.
     240,425   5,012,861
Huntington Bancshares, Inc.
     6,008,582   92,652,334
Independent Bank Corp. (c)
     433,075   35,308,605
Independent Bank Corp. (c)
     173,467   4,140,657
Independent Bank Group, Inc.
     263,504   19,011,814
International Bancshares Corp.
     396,036   16,787,966
Investors Bancorp, Inc.
     2,826,128   42,815,839
KeyCorp.
     3,987,475   92,230,297
Lakeland Bancorp, Inc.
     281,312   5,342,115
See accompanying notes to financial statements.
20

Table of Contents
SPDR S&P REGIONAL BANKING ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Lakeland Financial Corp. (a)
     252,996   $ 20,275,099
Live Oak Bancshares, Inc. (a)
     422,501   36,880,112
M&T Bank Corp.
     602,807   92,579,099
Meta Financial Group, Inc.
     509,976   30,425,168
Metropolitan Bank Holding Corp. (b)
     186,465   19,864,116
Midland States Bancorp, Inc.
     163,372   4,049,992
National Bank Holdings Corp. Class A
     243,051   10,679,661
NBT Bancorp, Inc.
     240,862   9,278,004
Nicolet Bankshares, Inc. (a)  (b)
     76,028   6,519,401
OceanFirst Financial Corp.
     518,410   11,508,702
OFG Bancorp
     458,897   12,188,304
Old National Bancorp
     2,653,263   48,077,126
Pacific Premier Bancorp, Inc.
     758,333   30,356,070
PacWest Bancorp
     1,520,518   68,681,798
Park National Corp. (a)
     64,395   8,842,077
Peapack-Gladstone Financial Corp.
     84,538   2,992,645
Peoples Bancorp, Inc.
     193,600   6,158,416
People's United Financial, Inc.
     5,201,341   92,687,897
Pinnacle Financial Partners, Inc.
     764,213   72,982,342
PNC Financial Services Group, Inc.
     455,202   91,277,105
Popular, Inc.
     911,827   74,806,287
Preferred Bank
     126,341   9,070,020
Prosperity Bancshares, Inc.
     657,835   47,561,471
QCR Holdings, Inc.
     115,469   6,466,264
Regions Financial Corp.
     4,127,371   89,976,688
Renasant Corp. (a)
     453,105   17,195,335
S&T Bancorp, Inc.
     219,031   6,903,857
Sandy Spring Bancorp, Inc.
     361,393   17,375,775
Seacoast Banking Corp. of Florida
     538,738   19,065,938
ServisFirst Bancshares, Inc. (a)
     273,911   23,266,000
Signature Bank
     300,850   97,315,949
Silvergate Capital Corp. Class A (b)
     600,205   88,950,381
Simmons First National Corp. Class A
     973,973   28,810,121
Southside Bancshares, Inc.
     190,680   7,974,238
SouthState Corp.
     757,644   60,694,861
Sterling Bancorp
     2,759,694   71,172,508
SVB Financial Group (b)
     130,375   88,425,540
Synovus Financial Corp.
     1,919,909   91,906,044
Texas Capital Bancshares, Inc. (b)
     949,689   57,218,762
Tompkins Financial Corp.
     65,607   5,483,433
TriCo Bancshares
     145,369   6,245,052
TriState Capital Holdings, Inc. (b)
     200,712   6,073,545
See accompanying notes to financial statements.
21

Table of Contents
SPDR S&P REGIONAL BANKING ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
Security Description     Shares   Value
Triumph Bancorp, Inc. (b)
     253,165   $ 30,146,888
Truist Financial Corp.
     1,544,925   90,455,359
Trustmark Corp.
     585,286   18,998,384
UMB Financial Corp.
     416,849   44,231,847
Umpqua Holdings Corp.
     3,276,280   63,035,627
United Bankshares, Inc.
     1,041,407   37,782,246
United Community Banks, Inc.
     1,001,093   35,979,282
Univest Financial Corp.
     165,002   4,936,860
Valley National Bancorp
     3,973,980   54,642,225
Veritex Holdings, Inc.
     617,938   24,581,574
Washington Trust Bancorp, Inc.
     81,109   4,572,114
Webster Financial Corp.
     1,333,274   74,450,020
WesBanco, Inc.
     657,327   22,999,872
Westamerica BanCorp
     169,905   9,808,616
Western Alliance Bancorp
     856,787   92,233,121
Wintrust Financial Corp.
     642,055   58,311,435
Zions Bancorp NA
     1,451,515   91,677,688
TOTAL COMMON STOCKS

(Cost $4,791,578,762)
         4,848,908,186
SHORT-TERM INVESTMENTS — 0.2%          
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (d)  (e)
     4,564,269   4,564,726
State Street Navigator Securities Lending Portfolio II (f)  (g)
     7,567,260   7,567,260
TOTAL SHORT-TERM INVESTMENTS

(Cost $12,131,986)
         12,131,986
TOTAL INVESTMENTS — 100.0%

(Cost $4,803,710,748)
         4,861,040,172
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)%(h)
         (142,330)
NET ASSETS — 100.0%
         $ 4,860,897,842
(a) All or a portion of the shares of the security are on loan at December 31, 2021.
(b) Non-income producing security.
(c) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at December 31, 2021.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
(h) Amount is less than 0.05% of net assets.
See accompanying notes to financial statements.
22

Table of Contents
SPDR S&P REGIONAL BANKING ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $4,848,908,186   $—   $—   $4,848,908,186
Short-Term Investments
   12,131,986   —   —   12,131,986
TOTAL INVESTMENTS
   $4,861,040,172   $—   $—   $4,861,040,172
Affiliate Table
  Number of
Shares Held
at 6/30/21 		  Value at
6/30/21 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at 12/31/21 		  Value at
12/31/21 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 3,388,108   $3,389,125   $102,935,818   $101,760,072   $(134)   $(11)   4,564,269   $ 4,564,726   $ 1,493
State Street Navigator Securities Lending Portfolio II
 651,567   651,567   71,685,875   64,770,182   —   —   7,567,260   7,567,260   9,005
Total
     $4,040,692   $174,621,693   $166,530,254   $(134)   $(11)       $12,131,986   $10,498
See accompanying notes to financial statements.
23

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2021 (Unaudited)
  SPDR S&P Aerospace & Defense ETF   SPDR S&P Bank ETF
ASSETS      
Investments in unaffiliated issuers, at value*
 $1,106,496,632   $3,064,375,702
Investments in affiliated issuers, at value
 16,553,579   65,752,543
Total Investments
 1,123,050,211   3,130,128,245
Cash
 —   15,442
Receivable for fund shares sold
 —   78
Dividends receivable — unaffiliated issuers
 89,066   5,331,206
Dividends receivable — affiliated issuers
 56   239
Securities lending income receivable — unaffiliated issuers
 57   9,915
Securities lending income receivable — affiliated issuers
 3,000   9,016
TOTAL ASSETS
1,123,142,390   3,135,494,141
LIABILITIES      
Payable upon return of securities loaned
 14,605,919   63,700,532
Payable for investments purchased
 1,239,539   15,442
Payable for fund shares repurchased
 122   —
Advisory fee payable
 326,088   946,766
Trustees’ fees and expenses payable
 2,617   2,585
TOTAL LIABILITIES
16,174,285   64,665,325
NET ASSETS
$1,106,968,105   $3,070,828,816
NET ASSETS CONSIST OF:      
Paid-in Capital
 $1,362,415,686   $3,892,938,850
Total distributable earnings (loss)
 (255,447,581)   (822,110,034)
NET ASSETS
$1,106,968,105   $3,070,828,816
NET ASSET VALUE PER SHARE      
Net asset value per share
 $ 116.52   $ 54.54
Shares outstanding (unlimited amount authorized, $0.01 par value)
 9,500,000   56,302,118
COST OF INVESTMENTS:      
Investments in unaffiliated issuers
 $1,167,326,069   $2,990,623,356
Investments in affiliated issuers
 16,553,579   65,752,543
Total cost of investments
 $1,183,879,648   $3,056,375,899
* Includes investments in securities on loan, at value
 $ 17,904,638   $ 111,799,655
See accompanying notes to financial statements.
24

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
December 31, 2021 (Unaudited)
  SPDR S&P Homebuilders ETF   SPDR S&P Oil & Gas Exploration & Production ETF   SPDR S&P Regional Banking ETF
ASSETS          
Investments in unaffiliated issuers, at value*
 $2,515,362,215   $ 3,117,063,170   $ 4,848,908,186
Investments in affiliated issuers, at value
 7,538,284   335,250,681   12,131,986
Total Investments
 2,522,900,499   3,452,313,851   4,861,040,172
Net cash at broker
 —   446,592   —
Cash
 14,152   441,748   108,205
Receivable from broker — accumulated variation margin on open futures contracts
 —   58,010   —
Receivable for investments sold
 —   —   7,121,456
Receivable for fund shares sold
 —   8,349   —
Dividends receivable — unaffiliated issuers
 1,175,110   735,465   8,869,526
Dividends receivable — affiliated issuers
 23   256   282
Securities lending income receivable — unaffiliated issuers
 4,132   37,355   10,773
Securities lending income receivable — affiliated issuers
 520   18,050   1,940
TOTAL ASSETS
2,524,094,436   3,454,059,676   4,877,152,354
LIABILITIES          
Payable upon return of securities loaned
 6,887,436   116,017,328   7,567,260
Payable for investments purchased
 —   —   7,213,377
Payable for fund shares repurchased
 2,281   —   30,349
Advisory fee payable
 695,313   1,014,268   1,443,206
Trustees’ fees and expenses payable
 214   1,030   320
TOTAL LIABILITIES
7,585,244   117,032,626   16,254,512
NET ASSETS
$2,516,509,192   $ 3,337,027,050   $ 4,860,897,842
NET ASSETS CONSIST OF:          
Paid-in Capital
 $3,099,345,249   $ 8,234,155,729   $ 6,101,369,059
Total distributable earnings (loss)
 (582,836,057)   (4,897,128,679)   (1,240,471,217)
NET ASSETS
$2,516,509,192   $ 3,337,027,050   $ 4,860,897,842
NET ASSET VALUE PER SHARE          
Net asset value per share
 $ 85.74   $ 95.89   $ 70.86
Shares outstanding (unlimited amount authorized, $0.01 par value)
 29,350,016   34,800,000   68,602,585
COST OF INVESTMENTS:          
Investments in unaffiliated issuers
 $2,377,236,182   $ 3,359,101,330   $ 4,803,710,748
Investments in affiliated issuers
 7,538,089   442,657,878   —
Total cost of investments
 $2,384,774,271   $ 3,801,759,208   $ 4,803,710,748
* Includes investments in securities on loan, at value
 $ 64,729,226   $ 316,021,523   $ 81,244,015
See accompanying notes to financial statements.
25

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended December 31, 2021 (Unaudited)
  SPDR S&P Aerospace & Defense ETF   SPDR S&P Bank ETF
INVESTMENT INCOME      
Dividend income — unaffiliated issuers
 $ 4,236,039   $ 38,993,314
Dividend income — affiliated issuers
 270   1,002
Unaffiliated securities lending income
 31,013   40,276
Affiliated securities lending income
 15,403   40,991
Foreign taxes withheld
 —   (95,554)
TOTAL INVESTMENT INCOME (LOSS)
 4,282,725   38,980,029
EXPENSES      
Advisory fee
 2,177,653   5,693,657
Trustees’ fees and expenses
 7,845   18,978
Miscellaneous expenses
 17   40
TOTAL EXPENSES
 2,185,515   5,712,675
NET INVESTMENT INCOME (LOSS)
 $ 2,097,210   $ 33,267,354
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers
 (29,316,487)   (45,979,634)
Investments — affiliated issuers
 (353)   (674)
In-kind redemptions — unaffiliated issuers
 43,954,618   181,563,512
Net realized gain (loss)
 14,637,778   135,583,204
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers
 (179,385,756)   40,589,588
Investments — affiliated issuers
 —   (87)
Net change in unrealized appreciation/depreciation
 (179,385,756)   40,589,501
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (164,747,978)   176,172,705
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $(162,650,768)   $209,440,059
See accompanying notes to financial statements.
26

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS  (continued)
For the Six Months Ended December 31, 2021 (Unaudited)
  SPDR S&P Homebuilders ETF   SPDR S&P Oil & Gas Exploration & Production ETF   SPDR S&P Regional Banking ETF
INVESTMENT INCOME          
Dividend income — unaffiliated issuers
 $ 9,028,386   $ 37,771,384   $ 59,037,755
Dividend income — affiliated issuers
 210   933   1,493
Unaffiliated securities lending income
 16,649   293,722   25,931
Affiliated securities lending income
 3,974   120,342   9,005
Foreign taxes withheld
 —   —   (168,677)
TOTAL INVESTMENT INCOME (LOSS)
 9,049,219   38,186,381   58,905,507
EXPENSES          
Advisory fee
 3,471,031   6,359,330   8,495,726
Trustees’ fees and expenses
 9,090   18,122   22,999
Miscellaneous expenses
 22   44   57
TOTAL EXPENSES
 3,480,143   6,377,496   8,518,782
NET INVESTMENT INCOME (LOSS)
 $ 5,569,076   $ 31,808,885   $ 50,386,725
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers
 (10,978,040)   (77,719,566)   (105,266,866)
Investments — affiliated issuers
 (173)   (9,153,217)   (134)
In-kind redemptions — unaffiliated issuers
 249,224,801   722,709,170   162,509,485
In-kind redemptions — affiliated issuers
 —   15,099,178   —
Futures contracts
 —   (800,220)   —
Net realized gain (loss)
 238,246,588   650,135,345   57,242,485
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers
 75,913,520   (596,289,877)   268,320,946
Investments — affiliated issuers
 (67)   (75,517,844)   12,131,975
Futures contracts
 —   141,715   —
Net change in unrealized appreciation/depreciation
 75,913,453   (671,666,006)   280,452,921
NET REALIZED AND UNREALIZED GAIN (LOSS)
 314,160,041   (21,530,661)   337,695,406
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $ 319,729,117   $ 10,278,224   $ 388,082,131
See accompanying notes to financial statements.
27

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS
  SPDR S&P Aerospace & Defense ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 2,097,210   $ 9,069,198
Net realized gain (loss)
 14,637,778   52,248,589
Net change in unrealized appreciation/depreciation
 (179,385,756)   436,585,914
Net increase (decrease) in net assets resulting from operations
 (162,650,768)   497,903,701
Net equalization credits and charges
 275,411   (216,092)
Distributions to shareholders
 (2,048,843)   (10,988,452)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 126,734,846   489,494,797
Cost of shares redeemed
 (273,783,440)   (926,536,789)
Net income equalization
 (275,411)   216,092
Net increase (decrease) in net assets from beneficial interest transactions
 (147,324,005)   (436,825,900)
Net increase (decrease) in net assets during the period
 (311,748,205)   49,873,257
Net assets at beginning of period
 1,418,716,310   1,368,843,053
NET ASSETS AT END OF PERIOD
 $1,106,968,105   $1,418,716,310
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 1,075,000   4,100,000
Shares redeemed
 (2,300,000)   (9,000,000)
Net increase (decrease) from share transactions
 (1,225,000)   (4,900,000)
See accompanying notes to financial statements.
28

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P Bank ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 33,267,354   $ 67,427,760
Net realized gain (loss)
 135,583,204   542,536,671
Net change in unrealized appreciation/depreciation
 40,589,501   585,489,088
Net increase (decrease) in net assets resulting from operations
 209,440,059   1,195,453,519
Net equalization credits and charges
 (1,420,242)   852,864
Distributions to shareholders
 (35,731,005)   (67,946,493)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 1,405,715,847   4,833,069,959
Cost of shares redeemed
 (1,864,278,616)   (3,911,901,721)
Net income equalization
 1,420,242   (852,864)
Net increase (decrease) in net assets from beneficial interest transactions
 (457,142,527)   920,315,374
Net increase (decrease) in net assets during the period
 (284,853,715)   2,048,675,264
Net assets at beginning of period
 3,355,682,531   1,307,007,267
NET ASSETS AT END OF PERIOD
 $ 3,070,828,816   $ 3,355,682,531
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 26,650,000   108,900,000
Shares redeemed
 (35,750,000)   (84,900,000)
Net increase (decrease) from share transactions
 (9,100,000)   24,000,000
See accompanying notes to financial statements.
29

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P Homebuilders ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 5,569,076   $ 10,400,351
Net realized gain (loss)
 238,246,588   504,225,927
Net change in unrealized appreciation/depreciation
 75,913,453   130,969,967
Net increase (decrease) in net assets resulting from operations
 319,729,117   645,596,245
Net equalization credits and charges
 (255,389)   (62,047)
Distributions to shareholders
 (5,397,358)   (10,311,927)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 2,842,473,672   3,610,610,330
Cost of shares redeemed
 (2,602,777,679)   (3,082,707,241)
Net income equalization
 255,389   62,047
Net increase (decrease) in net assets from beneficial interest transactions
 239,951,382   527,965,136
Net increase (decrease) in net assets during the period
 554,027,752   1,163,187,407
Net assets at beginning of period
 1,962,481,440   799,294,033
NET ASSETS AT END OF PERIOD
 $ 2,516,509,192   $ 1,962,481,440
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 36,100,000   56,800,000
Shares redeemed
 (33,550,000)   (48,200,000)
Net increase (decrease) from share transactions
 2,550,000   8,600,000
See accompanying notes to financial statements.
30

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P
Oil & Gas Exploration & Production ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 31,808,885   $ 57,555,220
Net realized gain (loss)
 650,135,345   242,245,741
Net change in unrealized appreciation/depreciation
 (671,666,006)   1,549,687,113
Net increase (decrease) in net assets resulting from operations
 10,278,224   1,849,488,074
Net equalization credits and charges
 (3,023,527)   (668,841)
Distributions to shareholders
 (28,383,905)   (57,596,381)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 6,644,477,040   8,815,049,542
Cost of shares redeemed
 (7,415,337,572)   (8,548,874,570)
Net income equalization
 3,023,527   668,841
Net increase (decrease) in net assets from beneficial interest transactions
 (767,837,005)   266,843,813
Net increase (decrease) in net assets during the period
 (788,966,213)   2,058,066,665
Net assets at beginning of period
 4,125,993,263   2,067,926,598
NET ASSETS AT END OF PERIOD
 $ 3,337,027,050   $ 4,125,993,263
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 70,550,000   130,600,000
Shares redeemed
 (78,400,000)   (127,550,000)
Net increase (decrease) from share transactions
 (7,850,000)   3,050,000
See accompanying notes to financial statements.
31

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
  SPDR S&P Regional Banking ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)
 $ 50,386,725   $ 70,423,739
Net realized gain (loss)
 57,242,485   611,856,682
Net change in unrealized appreciation/depreciation
 280,452,921   328,735,480
Net increase (decrease) in net assets resulting from operations
 388,082,131   1,011,015,901
Net equalization credits and charges
 (1,805,157)   3,958,373
Distributions to shareholders
 (49,878,282)   (73,439,026)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold
 6,125,381,959   12,742,887,843
Cost of shares redeemed
 (6,695,566,768)   (9,795,689,998)
Net income equalization
 1,805,157   (3,958,373)
Net increase (decrease) in net assets from beneficial interest transactions
 (568,379,652)   2,943,239,472
Net increase (decrease) in net assets during the period
 (231,980,960)   3,884,774,720
Net assets at beginning of period
 5,092,878,802   1,208,104,082
NET ASSETS AT END OF PERIOD
 $ 4,860,897,842   $ 5,092,878,802
SHARES OF BENEFICIAL INTEREST:      
Shares sold
 91,100,000   225,750,000
Shares redeemed
 (100,250,000)   (179,450,000)
Net increase (decrease) from share transactions
 (9,150,000)   46,300,000
See accompanying notes to financial statements.
32

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
  SPDR S&P Aerospace & Defense ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  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
 $ 132.28   $ 87.61   $ 104.01   $ 87.07   $ 70.38   $ 55.85
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.21   0.77   1.01   0.54   0.57   0.61
Net realized and unrealized gain (loss) (b)
 (15.79)   44.88   (16.37)   17.39   16.70   14.41
Total from investment operations
 (15.58)   45.65   (15.36)   17.93   17.27   15.02
Net equalization credits and charges (a)
 0.03   (0.02)   0.00(c)   0.03   0.04   0.21
Voluntary contribution from Custodian
 —   —   —   0.00(c)   —   —
Distributions to shareholders from:                      
Net investment income
 (0.21)   (0.96)   (1.04)   (1.02)   (0.62)   (0.70)
Net asset value, end of period
 $ 116.52   $ 132.28   $ 87.61   $ 104.01   $ 87.07   $ 70.38
Total return (d)
 (11.76)%   52.23%   (14.83)%   20.75%   24.64%   27.40%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $1,106,968   $1,418,716   $1,368,843   $1,549,742   $1,279,944   $651,016
Ratios to average net assets:                      
Total expenses
 0.35%(e)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 0.34%(e)   0.71%   1.01%   0.58%   0.68%   0.94%
Portfolio turnover rate (f)
 12%(g)   26%   28%   22%   32%   36%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
33

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Bank ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  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
 $ 51.31   $ 31.57   $ 43.45   $ 47.19   $ 43.58   $ 30.51
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.55   1.16   1.09   0.90   0.72   0.59
Net realized and unrealized gain (loss) (b)
 3.32   19.71   (11.95)   (3.62)   3.60   13.05(c)
Total from investment operations
 3.87   20.87   (10.86)   (2.72)   4.32   13.64
Net equalization credits and charges (a)
 (0.02)   0.01   0.02   (0.03)   0.00(d)   0.02
Distributions to shareholders from:                      
Net investment income
 (0.62)   (1.14)   (1.04)   (0.99)   (0.71)   (0.59)
Net asset value, end of period
 $ 54.54   $ 51.31   $ 31.57   $ 43.45   $ 47.19   $ 43.58
Total return (e)
 7.54%   67.13%   (25.32)%   (5.72)%   9.91%   44.97%(c)
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $3,070,829   $3,355,683   $1,307,007   $1,742,407   $3,633,782   $3,270,400
Ratios to average net assets:                      
Total expenses
 0.35%(f)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 2.05%(f)   2.60%   2.74%   2.02%   1.54%   1.50%
Portfolio turnover rate (g)
 14%(h)   41%   30%   24%   29%   35%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Reflects a non-recurring litigation payment received by the Fund from State Street Corp., an affiliate, which amounted to $0.01 per share outstanding as of March 20, 2017. This payment resulted in an increase to total return of 0.02% for the period ended June 30, 2017.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
34

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Homebuilders ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  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
 $ 73.23   $ 43.92   $ 41.69   $ 39.56   $ 38.53   $ 33.56
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.22   0.43   0.43   0.41   0.35   0.27
Net realized and unrealized gain (loss) (b)
 12.52   29.30   2.20   2.17   1.03   4.97
Total from investment operations
 12.74   29.73   2.63   2.58   1.38   5.24
Net equalization credits and charges (a)
 (0.01)   (0.00)(c)   0.03   (0.03)   (0.00)(c)   (0.00)(c)
Distributions to shareholders from:                      
Net investment income
 (0.22)   (0.42)   (0.43)   (0.42)   (0.35)   (0.27)
Net asset value, end of period
 $ 85.74   $ 73.23   $ 43.92   $ 41.69   $ 39.56   $ 38.53
Total return (d)
 17.41%   67.87%   6.49%   6.59%   3.55%   15.65%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $2,516,509   $1,962,481   $799,294   $658,639   $828,757   $1,051,857
Ratios to average net assets:                      
Total expenses
 0.35%(e)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 0.56%(e)   0.70%   1.01%   1.09%   0.86%   0.76%
Portfolio turnover rate (f)
 9%(g)   24%   27%   32%   35%   26%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
35

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Oil & Gas Exploration & Production ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20(a) 		  Year
Ended
6/30/19(a) 		  Year
Ended
6/30/18(a) 		  Year
Ended
6/30/17(a)
Net asset value, beginning of period
 $ 96.74   $ 52.22   $ 108.92   $ 172.16   $ 127.60   $ 139.16
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.83   1.37   1.46   1.12   1.08   1.20
Net realized and unrealized gain (loss) (c)
 (0.77)   44.56   (56.76)   (63.20)   44.56   (11.64)
Total from investment operations
 0.06   45.93   (55.30)   (62.08)   45.64   (10.44)
Net equalization credits and charges (b)
 (0.08)   (0.02)   0.02   0.00(d)   0.00(d)   0.08
Distributions to shareholders from:                      
Net investment income
 (0.83)   (1.39)   (1.42)   (1.16)   (1.08)   (1.20)
Net asset value, end of period
 $ 95.89   $ 96.74   $ 52.22   $ 108.92   $ 172.16   $ 127.60
Total return (e)
 0.00%(f)   89.34%   (50.86)%   (36.12)%   35.90%   (7.53)%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $3,337,027   $4,125,993   $2,067,927   $1,884,277   $3,107,237   $2,319,165
Ratios to average net assets:                      
Total expenses
 0.35%(g)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 1.75%(g)   2.07%   2.13%   0.81%   0.76%   0.81%
Portfolio turnover rate (h)
 19%(i)   71%   41%   37%   36%   34%
(a) After the close of trading on March 30, 2020, the SPDR S&P Oil & Gas Exploration & Production ETF underwent a 1-for-4 reverse share split. The historical per share activity presented here has been retroactively adjusted to reflect this split.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Amount is less than 0.005%.
(g) Annualized.
(h) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(i) Not annualized.
See accompanying notes to financial statements.
36

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Regional Banking ETF
  Six Months
Ended
12/31/21
(Unaudited) 		  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
 $ 65.50   $ 38.41   $ 53.53   $ 60.96   $ 54.97   $ 38.45
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.71   1.44   1.37   1.15   0.93   0.78
Net realized and unrealized gain (loss) (b)
 5.41   26.99   (15.21)   (7.32)   5.91   16.48
Total from investment operations
 6.12   28.43   (13.84)   (6.17)   6.84   17.26
Net equalization credits and charges (a)
 (0.03)   0.08   0.11   (0.06)   0.05   0.04
Distributions to shareholders from:                      
Net investment income
 (0.73)   (1.42)   (1.39)   (1.20)   (0.90)   (0.78)
Net asset value, end of period
 $ 70.86   $ 65.50   $ 38.41   $ 53.53   $ 60.96   $ 54.97
Total return (c)
 9.35%   75.38%   (25.96)%   (10.15)%   12.56%   45.19%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $4,860,898   $5,092,879   $1,208,104   $2,237,599   $5,404,393   $3,850,902
Ratios to average net assets:                      
Total expenses
 0.35%(d)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 2.08%(d)   2.47%   2.79%   2.03%   1.56%   1.54%
Portfolio turnover rate (e)
 17%(f)   50%   35%   27%   33%   52%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) 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) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2021 (Unaudited)
1.    Organization
SPDR Series Trust (the “Trust”), a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.
As of December 31, 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 S&P Aerospace & Defense ETF
SPDR S&P Bank ETF
SPDR S&P Homebuilders ETF
SPDR S&P Oil & Gas Exploration & Production ETF
SPDR S&P Regional Banking 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.
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
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
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 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.
Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
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 the Fund’s investments, according to the fair value hierarchy as of December 31, 2021, is disclosed in the 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. 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.
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA Funds Management, Inc.'s (the “Adviser” or “SSGA FM”) understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 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 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.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
3.    Derivative Financial Instruments
Futures Contracts
Certain 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 Schedules of Investments and cash deposited, if any, is included in Net cash at broker on the Statements of Assets and Liabilities. Subsequent payments are made or received by a 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. A Fund recognizes 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 December 31, 2021, the SPDR S&P Oil & Gas Exploration & Production ETF entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity.
The following tables summarize the value of the Fund's derivative instruments as of December 31, 2021, and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:
  Asset Derivatives
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR S&P Oil & Gas Exploration & Production ETF                      
Futures Contracts
 $—   $—   $—   $58,010   $—   $58,010
    
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
  Net Realized Gain (Loss)
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR S&P Oil & Gas Exploration & Production ETF                      
Futures Contracts
 $—   $—   $—   $(800,220)   $—   $(800,220)
  Net Change in Unrealized Appreciation (Depreciation)
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR S&P Oil & Gas Exploration & Production ETF                      
Futures Contracts
 $—   $—   $—   $141,715   $—   $141,715
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 percentage of each Fund’s average daily net assets as shown in the following table:
  Annual Rate
SPDR S&P Aerospace & Defense ETF
 0.35%
SPDR S&P Bank ETF
 0.35
SPDR S&P Homebuilders ETF
 0.35
SPDR S&P Oil & Gas Exploration & Production ETF
 0.35
SPDR S&P Regional Banking 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, 2022. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
amounts waived or reimbursed. This waiver and/or reimbursement may not be terminated prior to October 31, 2022 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 Trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“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.
Beginning on January 1, 2022 net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers, are paid as follows: If the calendar year to date net proceeds are below a specified threshold across SPDR ETFs, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street. Prior to January 1, 2022, net proceeds were 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
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
outstanding shares. Amounts relating to these transactions during the period ended December 31, 2021 are disclosed in the Schedules of Investments.
5.    Trustees’ Fees
The fees and expenses of the 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 period ended December 31, 2021, were as follows:
  Purchases   Sales
SPDR S&P Aerospace & Defense ETF
 $151,741,052   $ 151,611,876
SPDR S&P Bank ETF
 452,848,833   455,643,233
SPDR S&P Homebuilders ETF
 179,219,670   177,428,505
SPDR S&P Oil & Gas Exploration & Production ETF
 675,610,206   674,635,146
SPDR S&P Regional Banking ETF
 831,554,722   827,709,838
For the period ended December 31, 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 S&P Aerospace & Defense ETF
 $ 115,252,139   $ 260,483,932   $ 43,954,618
SPDR S&P Bank ETF
 1,134,634,608   1,592,906,476   181,563,512
SPDR S&P Homebuilders ETF
 2,531,899,218   2,292,850,551   249,224,801
SPDR S&P Oil & Gas Exploration & Production ETF
 5,280,974,032   6,051,556,618   737,808,348
SPDR S&P Regional Banking ETF
 4,388,401,426   4,957,830,175   162,509,485
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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
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. As of June 30, 2021, SSGA FM has analyzed each Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of December 31, 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 S&P Aerospace & Defense ETF
 $1,189,200,532   $ 78,754,485   $144,904,806   $ (66,150,321)
SPDR S&P Bank ETF
 3,059,954,319   138,974,744   68,800,818   70,173,926
SPDR S&P Homebuilders ETF
 2,384,841,277   169,691,321   31,632,099   138,059,222
SPDR S&P Oil & Gas Exploration & Production ETF
 3,806,330,918   42,716,462   396,675,885   (353,959,423)
SPDR S&P Regional Banking ETF
 4,812,096,488   155,114,845   106,171,161   48,943,684
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
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 invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of December 31, 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 December 31, 2021:
Fund   Market Value of
Securities on Loan 		  Cash
Collateral
Received 		  Non-Cash
Collateral
Received* 		  Total
Collateral
Received
SPDR S&P Aerospace & Defense ETF
   $ 17,904,638   $ 14,605,919   $ 3,564,940   $ 18,170,859
SPDR S&P Bank ETF
   111,799,655   63,700,532   51,233,441   114,933,973
SPDR S&P Homebuilders ETF
   64,729,226   6,887,436   59,303,189   66,190,625
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
Fund   Market Value of
Securities on Loan 		  Cash
Collateral
Received 		  Non-Cash
Collateral
Received* 		  Total
Collateral
Received
SPDR S&P Oil & Gas Exploration & Production ETF
   $316,021,523   $116,017,328   $216,831,394   $332,848,722
SPDR S&P Regional Banking ETF
   81,244,015   7,567,260   74,175,239   81,742,499
* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of December 31, 2021:
        Remaining Contractual Maturity of the Agreements
as of December 31, 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 S&P Aerospace & Defense ETF
   Common Stocks   $ 14,605,919   $—   $—   $—   $ 14,605,919   $ 14,605,919
SPDR S&P Bank ETF
   Common Stocks   63,700,532   —   —   —   63,700,532   63,700,532
SPDR S&P Homebuilders ETF
   Common Stocks   6,887,436   —   —   —   6,887,436   6,887,436
SPDR S&P Oil & Gas Exploration & Production ETF
   Common Stocks   116,017,328   —   —   —   116,017,328   116,017,328
SPDR S&P Regional Banking ETF
   Common Stocks   7,567,260   —   —   —   7,567,260   7,567,260
10.    Risks
Concentration Risk
As a result of the Funds' ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds' investments more than if the Funds were more broadly diversified.
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)
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 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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OTHER INFORMATION
December 31, 2021 (Unaudited)
Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2021 to December 31, 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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OTHER INFORMATION  (continued)
December 31, 2021 (Unaudited)
  SPDR S&P Aerospace & Defense ETF   SPDR S&P Bank ETF   SPDR S&P Homebuilders
ETF
Annualized Expense Ratio
 0.35%   0.35%   0.35%
Actual:          
Ending Account Value
 $ 882.40   $1,075.40   $1,174.10
Expenses Paid During Period(a)
 1.66   1.83   1.92
Hypothetical (assuming a 5% return before expenses):          
Ending Account Value
 1,023.40   1,023.40   1,023.40
Expenses Paid During Period(a)
 1.79   1.79   1.79
  SPDR S&P Oil & Gas Exploration & Production ETF   SPDR S&P Regional Banking ETF
Annualized Expense Ratio
 0.35%   0.35%
Actual:      
Ending Account Value
 $1,000.00   $1,093.50
Expenses Paid During Period(a)
 1.76   1.85
Hypothetical (assuming a 5% return before expenses):      
Ending Account Value
 1,023.40   1,023.40
Expenses Paid During Period(a)
 1.79   1.79
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.
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Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds’ Program. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for the period September 2020 through June 2021, including:
• the Program supported each Fund’s ability to honor redemption requests timely;
• the Program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions;
• no material liquidity issues were identified during the period;
• there were no material changes to the Program during the period;
• the implementation of the Program was effective to manage each Fund’s liquidity risk; and
• the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
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OTHER INFORMATION  (continued)
December 31, 2021 (Unaudited)
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds’ Program. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for the period September 2020 through June 2021, including:
• the Program supported each Fund’s ability to honor redemption requests timely;
• the Program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions;
• no material liquidity issues were identified during the period;
• there were no material changes to the Program during the period;
• the implementation of the Program was effective to manage each Fund’s liquidity risk; and
• the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at https://www.ssga.com/spdrs.
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.
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OTHER INFORMATION  (continued)
December 31, 2021 (Unaudited)
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 https://www.ssga.com/spdrs.
Quarterly Portfolio Schedule
Following the Funds’ first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibits on Form N-PORT, which can be found on the Funds' website at https://www.ssga.com/spdrs and on the SEC's website at www.sec.gov. The Funds’ Schedules of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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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
 
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

Table of Contents
SPDR® Series Trust - Equity Funds
For more complete information, please call 1.866.787.2257 or visit https://www.ssga.com/spdrs 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 https://www.ssga.com/spdrs. Read it carefully.
Not FDIC Insured. No Bank Guarantee. May Lose Value.
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.
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