Semi-Annual Report
December 31, 2023
SPDR® Series Trust - Equity Funds
SPDR MSCI USA Climate Paris Aligned ETF
SPDR Russell 1000 Low Volatility Focus ETF
SPDR Russell 1000 Momentum Focus ETF
SPDR Russell 1000 Yield Focus ETF
SPDR S&P 400 Mid Cap Growth ETF
SPDR S&P 400 Mid Cap Value ETF
SPDR S&P 500 ESG ETF
SPDR S&P 600 Small Cap Growth ETF
SPDR S&P 600 Small Cap Value ETF
SPDR S&P 1500 Momentum Tilt ETF
SPDR S&P 1500 Value Tilt ETF
SPDR S&P Kensho Clean Power ETF
SPDR S&P Kensho Final Frontiers ETF
SPDR S&P Kensho Future Security ETF
SPDR S&P Kensho Intelligent Structures ETF
SPDR S&P Kensho New Economies Composite ETF
SPDR S&P Kensho Smart Mobility ETF
SPDR S&P SmallCap 600 ESG ETF
SPDR SSGA US Large Cap Low Volatility Index ETF
SPDR SSGA US Small Cap Low Volatility Index ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.





TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  

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The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


Table of Contents
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Table of Contents
SPDR MSCI USA Climate Paris Aligned ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Apple, Inc. 7.7%  
  Microsoft Corp. 7.3  
  NVIDIA Corp. 3.5  
  Amazon.com, Inc. 3.3  
  Tesla, Inc. 2.3  
  Alphabet, Inc. Class C 2.2  
  Meta Platforms, Inc. Class A 1.9  
  Visa, Inc. Class A 1.8  
  Eli Lilly & Co. 1.6  
  Digital Realty Trust, Inc. REIT 1.6  
  TOTAL 33.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Information Technology 33.8%  
  Health Care 14.3  
  Financials 12.7  
  Consumer Discretionary 11.6  
  Real Estate 7.7  
  Industrials 7.5  
  Communication Services 7.4  
  Utilities 1.8  
  Consumer Staples 1.5  
  Materials 1.4  
  Short-Term Investment 0.2  
  Other Assets in Excess of Liabilities 0.1  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
1


Table of Contents
SPDR Russell 1000 Low Volatility Focus ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Cencora, Inc. 1.3%  
  Centene Corp. 1.2  
  Cognizant Technology Solutions Corp. Class A 1.1  
  McKesson Corp. 1.0  
  Cardinal Health, Inc. 1.0  
  Archer-Daniels-Midland Co. 0.9  
  Marathon Petroleum Corp. 0.9  
  CDW Corp. 0.9  
  NVR, Inc. 0.8  
  Jabil, Inc. 0.8  
  TOTAL 9.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Industrials 21.0%  
  Consumer Discretionary 13.1  
  Health Care 11.6  
  Information Technology 10.7  
  Financials 8.9  
  Materials 7.8  
  Consumer Staples 6.7  
  Utilities 6.4  
  Real Estate 6.1  
  Energy 4.8  
  Communication Services 2.6  
  Short-Term Investments 0.6  
  Liabilities in Excess of Other Assets (0.3)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2


Table of Contents
SPDR Russell 1000 Momentum Focus ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Marathon Petroleum Corp. 1.0%  
  Builders FirstSource, Inc. 0.9  
  ON Semiconductor Corp. 0.8  
  Cardinal Health, Inc. 0.8  
  Cognizant Technology Solutions Corp. Class A 0.8  
  Reliance Steel & Aluminum Co. 0.7  
  Jabil, Inc. 0.7  
  DR Horton, Inc. 0.7  
  Lennar Corp. Class A 0.6  
  Lam Research Corp. 0.6  
  TOTAL 7.6%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Information Technology 19.9%  
  Industrials 19.8  
  Consumer Discretionary 14.9  
  Financials 9.8  
  Health Care 7.8  
  Energy 7.4  
  Materials 7.1  
  Consumer Staples 4.2  
  Communication Services 3.4  
  Real Estate 3.2  
  Utilities 2.3  
  Short-Term Investments 0.6  
  Liabilities in Excess of Other Assets (0.4)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
3


Table of Contents
SPDR Russell 1000 Yield Focus ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Pioneer Natural Resources Co. 1.5%  
  Dow, Inc. 1.4  
  Devon Energy Corp. 1.4  
  3M Co. 1.4  
  Diamondback Energy, Inc. 1.3  
  Cardinal Health, Inc. 1.2  
  Valero Energy Corp. 1.2  
  PACCAR, Inc. 1.2  
  LyondellBasell Industries NV Class A 1.2  
  T Rowe Price Group, Inc. 1.1  
  TOTAL 12.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Financials 18.9%  
  Energy 11.7  
  Consumer Discretionary 11.5  
  Materials 10.8  
  Industrials 10.6  
  Real Estate 10.5  
  Utilities 9.2  
  Consumer Staples 7.5  
  Information Technology 4.5  
  Health Care 2.7  
  Communication Services 1.6  
  Short-Term Investments 0.9  
  Liabilities in Excess of Other Assets (0.4)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
4


Table of Contents
SPDR S&P 400 Mid Cap Growth ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Deckers Outdoor Corp. 1.4%  
  Reliance Steel & Aluminum Co. 1.3  
  Carlisle Cos., Inc. 1.2  
  GoDaddy, Inc. Class A 1.2  
  Graco, Inc. 1.2  
  Watsco, Inc. 1.1  
  Lennox International, Inc. 1.1  
  Manhattan Associates, Inc. 1.1  
  Super Micro Computer, Inc. 1.0  
  Owens Corning 1.0  
  TOTAL 11.6%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Industrials 27.3%  
  Consumer Discretionary 19.1  
  Information Technology 12.6  
  Health Care 9.4  
  Financials 8.8  
  Energy 6.2  
  Materials 6.0  
  Real Estate 4.8  
  Consumer Staples 3.1  
  Utilities 1.5  
  Communication Services 1.1  
  Short-Term Investments 5.1  
  Liabilities in Excess of Other Assets (5.0)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
5


Table of Contents
SPDR S&P 400 Mid Cap Value ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  WP Carey, Inc. REIT 1.1%  
  Fidelity National Financial, Inc. 1.0  
  U.S. Steel Corp. 0.9  
  Performance Food Group Co. 0.9  
  Reinsurance Group of America, Inc. 0.8  
  Cleveland-Cliffs, Inc. 0.8  
  U.S. Foods Holding Corp. 0.8  
  Regal Rexnord Corp. 0.8  
  Annaly Capital Management, Inc. REIT 0.8  
  Ally Financial, Inc. 0.8  
  TOTAL 8.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Financials 23.5%  
  Industrials 15.1  
  Consumer Discretionary 12.6  
  Real Estate 11.2  
  Materials 8.3  
  Information Technology 6.6  
  Health Care 6.2  
  Consumer Staples 5.2  
  Utilities 4.9  
  Energy 3.9  
  Communication Services 2.3  
  Short-Term Investments 2.9  
  Liabilities in Excess of Other Assets (2.7)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
6


Table of Contents
SPDR S&P 500 ESG ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Apple, Inc. 9.4%  
  Microsoft Corp. 9.3  
  Amazon.com, Inc. 4.6  
  NVIDIA Corp. 4.1  
  Alphabet, Inc. Class A 2.8  
  Alphabet, Inc. Class C 2.3  
  Tesla, Inc. 2.3  
  JPMorgan Chase & Co. 1.6  
  UnitedHealth Group, Inc. 1.6  
  Eli Lilly & Co. 1.6  
  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.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Information Technology 31.5%  
  Health Care 12.8  
  Financials 12.7  
  Consumer Discretionary 12.1  
  Communication Services 8.4  
  Industrials 6.8  
  Consumer Staples 5.9  
  Energy 3.5  
  Real Estate 2.5  
  Materials 2.3  
  Utilities 1.3  
  Short-Term Investment 0.1  
  Other Assets in Excess of Liabilities 0.1  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
7


Table of Contents
SPDR S&P 600 Small Cap Growth ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  elf Beauty, Inc. 1.4%  
  SPS Commerce, Inc. 1.2  
  Fabrinet 1.2  
  Applied Industrial Technologies, Inc. 1.1  
  Meritage Homes Corp. 1.1  
  Ensign Group, Inc. 1.1  
  ATI, Inc. 1.0  
  Mueller Industries, Inc. 0.9  
  DoubleVerify Holdings, Inc. 0.9  
  Boise Cascade Co. 0.9  
  TOTAL 10.8%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Industrials 20.0%  
  Consumer Discretionary 16.2  
  Information Technology 14.2  
  Health Care 11.4  
  Financials 10.9  
  Materials 6.2  
  Energy 6.1  
  Real Estate 5.4  
  Consumer Staples 4.5  
  Communication Services 3.5  
  Utilities 1.6  
  Short-Term Investments 5.2  
  Liabilities in Excess of Other Assets (5.2)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
8


Table of Contents
SPDR S&P 600 Small Cap Value ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Alaska Air Group, Inc. 0.9%  
  Academy Sports & Outdoors, Inc. 0.9  
  Lincoln National Corp. 0.8  
  Cytokinetics, Inc. 0.8  
  DXC Technology Co. 0.8  
  Mr Cooper Group, Inc. 0.8  
  Organon & Co. 0.6  
  Blackstone Mortgage Trust, Inc. Class AREIT 0.6  
  Advance Auto Parts, Inc. 0.6  
  Jackson Financial, Inc. Class A 0.6  
  TOTAL 7.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Financials 26.1%  
  Industrials 14.8  
  Consumer Discretionary 13.4  
  Information Technology 10.0  
  Real Estate 9.8  
  Health Care 9.5  
  Materials 5.1  
  Consumer Staples 4.4  
  Utilities 2.4  
  Energy 2.3  
  Communication Services 2.0  
  Short-Term Investments 7.7  
  Liabilities in Excess of Other Assets (7.5)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
9


Table of Contents
SPDR S&P 1500 Momentum Tilt ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Microsoft Corp. 10.5%  
  Apple, Inc. 6.1  
  NVIDIA Corp. 5.4  
  Amazon.com, Inc. 4.2  
  Meta Platforms, Inc. Class A 3.5  
  Alphabet, Inc. Class A 3.1  
  Alphabet, Inc. Class C 2.8  
  Broadcom, Inc. 2.1  
  Eli Lilly & Co. 1.9  
  Berkshire Hathaway, Inc. Class B 1.8  
  TOTAL 41.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Information Technology 37.4%  
  Consumer Discretionary 11.5  
  Communication Services 11.4  
  Financials 10.3  
  Industrials 9.0  
  Health Care 8.1  
  Consumer Staples 3.9  
  Energy 2.8  
  Materials 2.8  
  Real Estate 1.6  
  Utilities 1.0  
  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 sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
10


Table of Contents
SPDR S&P 1500 Value Tilt ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Berkshire Hathaway, Inc. Class B 2.4%  
  Amazon.com, Inc. 2.3  
  JPMorgan Chase & Co. 2.1  
  Apple, Inc. 2.0  
  Microsoft Corp. 1.8  
  Meta Platforms, Inc. Class A 1.6  
  Verizon Communications, Inc. 1.6  
  Exxon Mobil Corp. 1.5  
  Bank of America Corp. 1.4  
  Alphabet, Inc. Class A 1.4  
  TOTAL 18.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Financials 22.8%  
  Information Technology 13.1  
  Health Care 11.7  
  Consumer Discretionary 9.9  
  Communication Services 9.3  
  Industrials 8.6  
  Energy 7.5  
  Consumer Staples 7.3  
  Materials 3.8  
  Utilities 3.0  
  Real Estate 2.8  
  Short-Term Investments 0.4  
  Liabilities in Excess of Other Assets (0.2)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
11


Table of Contents
SPDR S&P Kensho Clean Power ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Maxeon Solar Technologies Ltd. 3.4%  
  Sunrun, Inc. 3.0  
  FuelCell Energy, Inc. 2.9  
  Sunnova Energy International, Inc. 2.7  
  Enphase Energy, Inc. 2.6  
  Canadian Solar, Inc. 2.6  
  First Solar, Inc. 2.5  
  NEXTracker, Inc. Class A 2.5  
  SolarEdge Technologies, Inc. 2.5  
  Daqo New Energy Corp. ADR 2.5  
  TOTAL 27.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Industrials 39.1%  
  Utilities 31.9  
  Information Technology 22.2  
  Consumer Discretionary 4.6  
  Energy 2.2  
  Short-Term Investments 10.3  
  Liabilities in Excess of Other Assets (10.3)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
12


Table of Contents
SPDR S&P Kensho Final Frontiers ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Rocket Lab USA, Inc. 4.9%  
  Virgin Galactic Holdings, Inc. 4.8  
  Oceaneering International, Inc. 4.3  
  Teledyne Technologies, Inc. 4.3  
  Boeing Co. 4.3  
  Honeywell International, Inc. 4.2  
  L3Harris Technologies, Inc. 4.1  
  Hexcel Corp. 4.1  
  Iridium Communications, Inc. 4.0  
  HEICO Corp. 4.0  
  TOTAL 43.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Industrials 68.1%  
  Information Technology 18.1  
  Energy 7.0  
  Communication Services 4.0  
  Materials 2.5  
  Short-Term Investments 1.9  
  Liabilities in Excess of Other Assets (1.6)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
13


Table of Contents
SPDR S&P Kensho Future Security ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Rocket Lab USA, Inc. 2.2%  
  Broadcom, Inc. 2.2  
  Viasat, Inc. 2.1  
  SentinelOne, Inc. Class A 2.0  
  Fortinet, Inc. 2.0  
  Zscaler, Inc. 2.0  
  Tenable Holdings, Inc. 1.9  
  Teledyne Technologies, Inc. 1.9  
  Boeing Co. 1.9  
  CyberArk Software Ltd. 1.9  
  TOTAL 20.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Information Technology 52.9%  
  Industrials 39.9  
  Communication Services 3.7  
  Health Care 3.2  
  Short-Term Investments 2.7  
  Liabilities in Excess of Other Assets (2.4)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
14


Table of Contents
SPDR S&P Kensho Intelligent Structures ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Stem, Inc. 3.0%  
  Silicon Laboratories, Inc. 2.9  
  Alarm.com Holdings, Inc. 2.8  
  Shoals Technologies Group, Inc. Class A 2.8  
  ChargePoint Holdings, Inc. 2.8  
  ADT, Inc. 2.7  
  Resideo Technologies, Inc. 2.7  
  Acuity Brands, Inc. 2.7  
  Pentair PLC 2.6  
  Blink Charging Co. 2.6  
  TOTAL 27.6%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Industrials 54.1%  
  Information Technology 25.5  
  Communication Services 6.1  
  Consumer Discretionary 5.2  
  Energy 4.9  
  Utilities 3.9  
  Short-Term Investments 8.9  
  Liabilities in Excess of Other Assets (8.6)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
15


Table of Contents
SPDR S&P Kensho New Economies Composite ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Teledyne Technologies, Inc. 1.3%  
  Coinbase Global, Inc. Class A 1.2  
  Leidos Holdings, Inc. 1.2  
  Snap, Inc. Class A 1.1  
  Bruker Corp. 1.1  
  EHang Holdings Ltd. ADR 1.0  
  PTC, Inc. 1.0  
  Elbit Systems Ltd. 1.0  
  Lockheed Martin Corp. 0.9  
  Ambarella, Inc. 0.9  
  TOTAL 10.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Information Technology 34.5%  
  Industrials 26.0  
  Financials 9.3  
  Health Care 8.5  
  Communication Services 8.3  
  Consumer Discretionary 5.8  
  Utilities 3.0  
  Materials 2.3  
  Energy 1.5  
  Consumer Staples 0.6  
  Short-Term Investments 9.0  
  Liabilities in Excess of Other Assets (8.8)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
16


Table of Contents
SPDR S&P Kensho Smart Mobility ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Aurora Innovation, Inc. 2.4%  
  Aspen Aerogels, Inc. 1.8  
  Luminar Technologies, Inc. 1.7  
  ANSYS, Inc. 1.7  
  Rivian Automotive, Inc. Class A 1.7  
  Garrett Motion, Inc. 1.7  
  Fisker, Inc. 1.6  
  Lyft, Inc. Class A 1.6  
  Blink Charging Co. 1.6  
  NIO, Inc. ADR 1.6  
  TOTAL 17.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Consumer Discretionary 34.8%  
  Industrials 30.6  
  Information Technology 30.6  
  Materials 2.8  
  Communication Services 1.0  
  Short-Term Investments 9.5  
  Liabilities in Excess of Other Assets (9.3)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
17


Table of Contents
SPDR S&P SmallCap 600 ESG ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Cytokinetics, Inc. 1.2%  
  elf Beauty, Inc. 1.1  
  SPS Commerce, Inc. 1.0  
  Fabrinet 1.0  
  Applied Industrial Technologies, Inc. 1.0  
  Meritage Homes Corp. 0.9  
  Ensign Group, Inc. 0.9  
  Boise Cascade Co. 0.7  
  AAON, Inc. 0.7  
  Academy Sports & Outdoors, Inc. 0.7  
  TOTAL 9.2%  
(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, 2023

     
    % of Net Assets  
  Banks 10.8%  
  Specialty Retail 5.5  
  Machinery 5.5  
  Electronic Equipment, Instruments & Components 4.9  
  Household Durables 4.0  
  Software 3.3  
  Chemicals 3.3  
  Health Care Providers & Services 3.0  
  Biotechnology 2.9  
  Semiconductors & Semiconductor Equipment 2.7  
  Insurance 2.7  
  Commercial Services & Supplies 2.5  
  Health Care Equipment & Supplies 2.5  
  Building Products 2.4  
  Energy Equipment & Services 2.2  
  Financial Services 2.1  
  Metals & Mining 2.1  
  Oil, Gas & Consumable Fuels 2.1  
  Hotels, Restaurants & Leisure 2.0  
  Retail REITs 2.0  
  Trading Companies & Distributors 1.9  
  Food Products 1.7  
  Construction & Engineering 1.7  
  Diversified Consumer Services 1.5  
  Personal Products 1.4  
  Communications Equipment 1.3  
  Capital Markets 1.3  
  Water Utilities 1.3  
  Auto Components 1.3  
  Hotel & Resort REITs 1.3  
  Office REITs 1.1  
  Consumer Finance 1.1  
  Pharmaceuticals 1.1  
  Professional Services 1.0  
  Textiles, Apparel & Luxury Goods 1.0  
  Real Estate Management & Development 0.9  
  Industrial REITs 0.8  
  Consumer Staples Distribution & Retail 0.8  
  Interactive Media & Services 0.7  
  Mortgage Real Estate Investment Trust (REITs) 0.7  
  Air Freight & Logistics 0.7  
  Electrical Equipment 0.6  
  Health Care REITs 0.6  
  Marine 0.5  
  Health Care Technology 0.5  
  Specialized REITs 0.5  
  Residential REITs 0.5  
  Ground Transportation 0.5  
  Diversified REITs 0.5  
  Airlines 0.5  
  Media 0.4  
  Beverages 0.4  
  Automobiles 0.3  
  Diversified Telecommunication Services 0.3  
  Entertainment 0.2  
  Gas Utilities 0.2  
See accompanying notes to financial statements.
18


Table of Contents
SPDR S&P SmallCap 600 ESG ETF 
Portfolio Statistics (Unaudited)  (continued)

     
    % of Net Assets  
  Multi-Utilities 0.1%  
  Paper & Forest Products 0.1  
  Short-Term Investment 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.
19


Table of Contents
SPDR SSGA US Large Cap Low Volatility Index ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Republic Services, Inc. 1.2%  
  Walmart, Inc. 1.2  
  Verizon Communications, Inc. 1.1  
  Colgate-Palmolive Co. 1.1  
  Public Storage REIT 1.1  
  Linde PLC 1.1  
  McDonald's Corp. 1.1  
  Procter & Gamble Co. 1.1  
  Microsoft Corp. 1.1  
  Berkshire Hathaway, Inc. Class B 1.1  
  TOTAL 11.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Financials 20.2%  
  Industrials 18.8  
  Real Estate 10.7  
  Utilities 8.7  
  Information Technology 8.6  
  Health Care 8.0  
  Consumer Discretionary 7.3  
  Consumer Staples 7.3  
  Materials 5.6  
  Communication Services 2.4  
  Energy 2.0  
  Short-Term Investments 0.6  
  Liabilities in Excess of Other Assets (0.2)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
20


Table of Contents
SPDR SSGA US Small Cap Low Volatility Index ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Equity Commonwealth REIT 1.3%  
  National HealthCare Corp. 0.9  
  NewMarket Corp. 0.9  
  City Holding Co. 0.7  
  MGE Energy, Inc. 0.5  
  Westamerica BanCorp 0.5  
  Southwest Gas Holdings, Inc. 0.5  
  White Mountains Insurance Group Ltd. 0.5  
  Southside Bancshares, Inc. 0.5  
  First Mid Bancshares, Inc. 0.5  
  TOTAL 6.8%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Financials 34.2%  
  Industrials 17.2  
  Real Estate 9.3  
  Information Technology 9.3  
  Health Care 9.2  
  Consumer Discretionary 6.5  
  Materials 4.3  
  Utilities 3.3  
  Consumer Staples 2.7  
  Communication Services 2.4  
  Energy 1.2  
  Short-Term Investments 1.3  
  Liabilities in Excess of Other Assets (0.9)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
21


Table of Contents
SPDR SERIES TRUST
SPDR MSCI USA CLIMATE PARIS ALIGNED ETF
SCHEDULE OF INVESTMENTS
December 31, 2023 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.7%   
AEROSPACE & DEFENSE — 0.2%  
Axon Enterprise, Inc. (a)

  355   $ 91,707
L3Harris Technologies, Inc.

  664   139,852
          231,559
AUTOMOBILES — 2.9%  
Lucid Group, Inc. (a)

  47,951   201,874
Rivian Automotive, Inc. Class A (a)

  20,106   471,687
Tesla, Inc. (a)

  10,176   2,528,532
          3,202,093
BANKS — 1.6%  
Bank of New York Mellon Corp.

  3,752   195,292
JPMorgan Chase & Co.

  7,250   1,233,225
M&T Bank Corp.

  515   70,596
Northern Trust Corp.

  1,178   99,400
U.S. Bancorp

  3,440   148,883
          1,747,396
BEVERAGES — 0.4%  
Brown-Forman Corp. Class B

  3,210   183,291
Constellation Brands, Inc. Class A

  169   40,856
Keurig Dr Pepper, Inc.

  3,259   108,590
Monster Beverage Corp. (a)

  2,899   167,011
          499,748
BIOTECHNOLOGY — 1.9%  
AbbVie, Inc.

  3,939   610,427
Alnylam Pharmaceuticals, Inc. (a)

  578   110,635
Amgen, Inc.

  1,049   302,133
Biogen, Inc. (a)

  460   119,034
BioMarin Pharmaceutical, Inc. (a)

  1,074   103,555
Exact Sciences Corp. (a)

  551   40,763
Gilead Sciences, Inc.

  313   25,356
Incyte Corp. (a)

  743   46,653
Moderna, Inc. (a)

  786   78,168
Neurocrine Biosciences, Inc. (a)

  412   54,285
Regeneron Pharmaceuticals, Inc. (a)

  340   298,618
Vertex Pharmaceuticals, Inc. (a)

  793   322,664
          2,112,291
BROADLINE RETAIL — 3.8%  
Amazon.com, Inc. (a)

  24,133   3,666,768
eBay, Inc.

  3,923   171,121
Etsy, Inc. (a)

  1,314   106,500
MercadoLibre, Inc. (a)

  179   281,306
          4,225,695
BUILDING PRODUCTS — 0.3%  
A O Smith Corp.

  885   72,960
Allegion PLC

  2,365   299,622
Fortune Brands Innovations, Inc.

  309   23,527
          396,109
CAPITAL MARKETS — 4.0%  
Ameriprise Financial, Inc.

  103   39,123
Security Description     Shares   Value
BlackRock, Inc.

  679   $ 551,212
Blackstone, Inc.

  1,794   234,871
Cboe Global Markets, Inc.

  716   127,849
Charles Schwab Corp.

  7,084   487,379
CME Group, Inc.

  1,827   384,766
FactSet Research Systems, Inc.

  286   136,436
Intercontinental Exchange, Inc.

  2,394   307,461
KKR & Co., Inc.

  1,676   138,857
MarketAxess Holdings, Inc.

  361   105,719
Moody's Corp.

  1,632   637,394
Nasdaq, Inc.

  2,146   124,768
S&P Global, Inc.

  2,026   892,494
SEI Investments Co.

  1,798   114,263
T Rowe Price Group, Inc.

  1,214   130,736
Tradeweb Markets, Inc. Class A

  255   23,174
          4,436,502
CHEMICALS — 1.2%  
Albemarle Corp.

  275   39,732
Sherwin-Williams Co.

  4,233   1,320,273
          1,360,005
COMMERCIAL SERVICES & SUPPLIES — 0.5%  
Cintas Corp.

  296   178,388
Copart, Inc. (a)

  4,006   196,294
Rollins, Inc.

  3,166   138,259
          512,941
COMMUNICATIONS EQUIPMENT — 1.4%  
Cisco Systems, Inc.

  16,185   817,666
Juniper Networks, Inc.

  11,086   326,815
Motorola Solutions, Inc.

  1,397   437,387
          1,581,868
CONSTRUCTION & ENGINEERING — 0.3%  
AECOM

  3,984   368,241
CONSTRUCTION MATERIALS — 0.0% (b)  
Vulcan Materials Co.

  230   52,212
CONSUMER FINANCE — 0.4%  
American Express Co.

  1,846   345,829
Discover Financial Services

  642   72,161
          417,990
CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.1%  
Dollar General Corp.

  898   122,083
DIVERSIFIED REITs — 0.0% (b)  
WP Carey, Inc. REIT

  309   20,026
ELECTRIC UTILITIES — 1.3%  
Edison International

  20,157   1,441,024
NextEra Energy, Inc.

  183   11,115
          1,452,139
ELECTRICAL EQUIPMENT — 1.4%  
AMETEK, Inc.

  3,839   633,013
Eaton Corp. PLC

  422   101,626
Rockwell Automation, Inc.

  2,631   816,873
          1,551,512
 
See accompanying notes to financial statements.
22


Table of Contents
SPDR SERIES TRUST
SPDR MSCI USA CLIMATE PARIS ALIGNED ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2023 (Unaudited)

Security Description     Shares   Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6%  
Amphenol Corp. Class A

  1,841   $ 182,498
Corning, Inc.

  5,390   164,126
Keysight Technologies, Inc. (a)

  1,096   174,363
Trimble, Inc. (a)

  2,581   137,309
          658,296
ENTERTAINMENT — 1.1%  
Liberty Media Corp.-Liberty Formula One Class C (a)

  1,315   83,016
Netflix, Inc. (a)

  1,305   635,379
Take-Two Interactive Software, Inc. (a)

  213   34,282
Walt Disney Co.

  5,353   483,322
          1,235,999
FINANCIAL SERVICES — 3.5%  
Apollo Global Management, Inc.

  1,840   171,470
Block, Inc. (a)

  467   36,122
Fiserv, Inc. (a)

  636   84,486
Mastercard, Inc. Class A