Annual Report
June 30, 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

1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)  

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36

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42

45

48

51

54

58

61
Schedules of Investments  

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77

89

95

100

106

112

118

126

143

160

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164

166

168

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178

184

187

194

214

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247

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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
Note to Performance Summary (Unaudited)
The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
The Russell 1000 Yield Focused Factor Index is designed to reflect the performance of a segment of large-capitalization U.S. equity securities demonstrating a combination of core factors (high value, high quality, and low size characteristics), with a focus factor comprising high yield characteristics.
The Russell 1000 Momentum Focused Factor Index is designed to reflect the performance of a segment of large-capitalization U.S. equity securities demonstrating a combination of core factors (high value, high quality, and low size characteristics), with a focus factor comprising high momentum characteristics.
The Russell 1000 Low Volatility Focused Factor Index is designed to reflect the performance of a segment of large-capitalization U.S. equity securities demonstrating a combination of core factors (high value, high quality, and low size characteristics), with a focus factor comprising low volatility characteristics.
The S&P MidCap 400 Growth Index measures the performance of the mid-capitalization growth segment in the U.S. equity market.
The S&P MidCap 400 Value Index measures the performance of the mid-capitalization value segment in the U.S. equity market.
The S&P 500 ESG Index is designed to measure the performance of securities meeting certain sustainability criteria, while maintaining similar overall industry group weights as the S&P 500 Index.
The S&P SmallCap 600 Growth Index measures the performance of the small-capitalization growth segment in the U.S. equity market.
The S&P SmallCap 600 Value Index measures the performance of the small-capitalization value segment in the U.S. equity market.
The S&P 1500 Low Valuation Tilt Index applies an alternative weighting methodology to the S&P Composite 1500 Index so that stocks with relatively low valuations (i.e., relatively “cheap”) are overweight relative to the S&P Composite 1500 Index and stocks with relatively high valuations (i.e., relatively “rich”) are underweight.
The S&P 1500 Positive Momentum Tilt Index applies an alternative weighting methodology to the S&P Composite 1500 Index so that stocks with relatively high momentum are overweight relative to the S&P 1500 Index and stocks with relatively low momentum are underweight.
The S&P Kensho Clean Power Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Clean Power sector as determined by a classification standard produced by S&P Dow Jones Indices LLC (the "Index Provider"). The index is designed to capture companies whose products and services are driving innovation behind clean power.
The S&P Kensho Final Frontiers Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Final Frontiers sector as determined by a classification standard produced by S&P Dow Jones Indices LLC (the "Index Provider"). The index is designed to capture companies whose products and services are driving innovation behind the exploration of deep space and deep sea.
The S&P Kensho Future Security Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Future Security sector as determined by a classification standard produced by S&P Dow Jones Indices LLC. In particular, the Index comprises the components of the S&P Kensho Cyber Security Index and the S&P Kensho Smart Borders Index, and the military components of the S&P Kensho Robotics Index, the S&P Kensho Drones Index, the S&P Kensho Space Index, the S&P KenshoWearables Index and the S&P Kensho Virtual Reality Index as of the Index's annual reconstitution day on the third Friday in June, subject to certain liquidity thresholds.
The S&P Kensho Intelligent Infrastructure Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Intelligent Infrastructure sector as determined by a classification standard produced by S&P Dow Jones Indices LLC. The Index is designed to capture companies whose products and services are driving innovation behind intelligent infrastructure.
The S&P Kensho New Economies Composite Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide. The index is designed to capture companies whose products and services are driving innovation and transforming the global economy through the use of existing and emerging technologies, and rapid developments in robotics, automation, artificial intelligence, connectedness and processing power ("New Economies companies"). The index is comprised of each of the eligible Kensho New Economies Sub-Indexes. Each Kensho Sub-Index is weighted by its Sharpe ratio with an annual reconstitution. There are currently more than 20 Sub-Indexes in the Composite.
See accompanying notes to financial statements.
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Table of Contents
Note to Performance Summary (Unaudited)  (continued)
Kensho identifies companies in its New Economy Subsectors using its propriety Natural Language Processing "NLP", which leverages their artificial intelligence capabilities to screen regulatory forms for key words and phrases in the appropriate context relevant to the respective new economy sector to find companies for inclusion.
The S&P Kensho Smart Transportation Index is comprised of U.S.-listed equity securities (including depositary receipts) of companies domiciled across developed and emerging markets worldwide which are included in the Smart Transportation sector as determined by a classification standard produced by S&P Dow Jones Indices LLC. The Index is designed to capture companies whose products and services are driving innovation behind smart transportation.
The SSGA US Large Cap Low Volatility Index is designed to track the performance of U.S. large capitalization companies that exhibit low volatility. Volatility is a statistical measurement of the magnitude of movements in a stock’s price over time.
The SSGA US Small Cap Low Volatility Index is designed to track the performance of U.S. small capitalization companies that exhibit low volatility. Volatility is a statistical measurement of the magnitude of movements in a stock's price over time.
See accompanying notes to financial statements.
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Table of Contents
SPDR MSCI USA Climate Paris Aligned ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR MSCI USA Climate Paris Aligned ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that provides exposure to U.S. large- and mid-capitalization companies and is designed to exceed the minimum standards of a “Paris Aligned Benchmark” under the European Union’s Low Carbon Benchmark Regulation (the “EU BMR”) by, in the aggregate, seeking to minimize exposure to physical and transition risks of climate change and target exposure to companies more favorably positioned to benefit from opportunities arising from the transition to a lower carbon economy. The Fund’s benchmark is the MSCI USA Climate Paris Aligned Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 20.25%, and the Index was 20.39%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
U.S. Equity investors have enjoyed strong returns over the fiscal year, with the MSCI USA Climate Paris Aligned Index posting an impressive 20.39%. For the first six months of 2023, the Index was up 19.46%.
From a macroeconomic perspective, last fiscal year was marked by Central Banks around the world lifting interest rates to combat persistent inflationary pressures. In the U.S. the Federal Funds Effective Rate moved from 1.21% in June 2022 to 5.08% at the end of June 2023. This strong increase in interest rates has impacted consumers and business alike. The U.S. Federal Reserve (“the Fed”) has committed to bring down inflation and will employ all means at its disposal to achieve this objective. The question for the U.S. economy is whether a soft landing can be achieved or will this restrictive monetary policy yield a mild recession.
At the same time, international geopolitical tensions continued particularly in Europe with the ongoing war in Ukraine. This conflict has now extended for over one year with no clear end in sight. The U.S. and its NATO allies have committed to providing assistance to Ukraine to defeat Russia and this commitment seems to be unwavering. At the same time, the U.S.-China bilateral relationship has been tested. Risks of a potential war between China and Taiwan along with bilateral trade imbalances pose medium term risk for investors, although we believe this risk will moderate over the coming months.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were NVIDIA Corp., Apple, Inc. and Microsoft Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were First Republic Bank, Pfizer, Inc. and SVB Financial Group.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR MSCI USA Climate Paris Aligned ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
MSCI USA Climate Paris Aligned Index   Net
Asset
Value
Market
Value
MSCI USA Climate Paris Aligned Index
ONE YEAR 20.25% 20.15% 20.39%   20.25% 20.15% 20.39%
SINCE INCEPTION(1) 3.81% 2.13% 3.93%   3.19% 1.79% 3.29%
(1) For the period April 22, 2022 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (4/21/22, 4/30/22, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR MSCI USA Climate Paris Aligned ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.10%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR MSCI USA Climate Paris Aligned ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Apple, Inc. 8.9%  
  Microsoft Corp. 7.1  
  NVIDIA Corp. 3.3  
  Amazon.com, Inc. 3.0  
  Tesla, Inc. 2.6  
  Visa, Inc. Class A 1.8  
  Meta Platforms, Inc. Class A 1.7  
  Eli Lilly & Co. 1.6  
  Alphabet, Inc. Class C 1.6  
  Digital Realty Trust, Inc. REIT 1.4  
  TOTAL 33.0%  
(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 June 30, 2023

     
    % of Net Assets  
  Information Technology 34.0%  
  Health Care 15.0  
  Financials 11.9  
  Consumer Discretionary 11.8  
  Industrials 9.0  
  Real Estate 7.4  
  Communication Services 6.7  
  Consumer Staples 1.4  
  Materials 1.4  
  Utilities 1.2  
  Short-Term Investment 0.2  
  Other Assets in Excess of Liabilities 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.
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Table of Contents
SPDR Russell 1000 Low Volatility Focus ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Russell 1000 Low Volatility Focus ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Russell 1000 Low Volatility Focused Factor Index. The Fund’s benchmark is the Russell 1000 Low Volatility Focused Factor Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 12.87%, and the Index was 13.06%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns.
Industrials, Information Technology and Health Care were primary drivers of Fund performance during the Reporting Period. Utilities, Real Estate and Consumer Staples were the bottom sectors contributing to total return.
U.S. Equity investors have enjoyed strong returns over the past year, with the S&P 500 Index posting an impressive 18.05% total return. Small cap securities also progressed with the S&P 600 Index advancing 9.75% over this period. For the first six months of 2023, the S&P 500 Index was up 16.89% and the Bloomberg U.S. Aggregate Bond Index climbed 2.09%, resulting in a positive rebound for traditional 60/40 balanced investors, a welcome reprieve from 2022 strong losses.
From a macroeconomic perspective, last year was marked by Central Banks around the world lifting interest rates to combat persistent inflationary pressures. In the U.S. the Federal Funds Effective Rate moved from 1.21% in June 2022 to 5.08% at the end of June 2023. This strong increase in interest rates has impacted consumers and business alike. The U.S. Federal Reserve (“the Fed”) has committed to bring down inflation and will employ all means at its disposal to achieve this objective. The question for the U.S. economy is whether a soft landing can be achieved or will this restrictive monetary policy yield a mild recession.
At the same time, international geopolitical tensions continued particularly in Europe with the ongoing war in Ukraine. This conflict has now extended for over one year with no clear end in sight. The U.S. and its NATO allies have committed to providing assistance to Ukraine to defeat Russia and this commitment seems to be unwavering. At the same time, the U.S.-China bilateral relationship has been tested. Risks of a potential war between China and Taiwan along with bilateral trade imbalances pose medium term risk for investors.
The Fund used exchange-traded Index futures in order to replicate the index and equitize cash and receivables during the Reporting Period. The Fund’s use of exchange-traded Index futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Reliance Steel & Aluminum Co., McKesson Corp. and Cardinal Health, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Advance Auto Parts, Inc., Dollar General Cop. and Tyson Foods, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR Russell 1000 Low Volatility Focus ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Russell 1000 Low Volatility Focused Factor Index   Net
Asset
Value
Market
Value
Russell 1000 Low Volatility Focused Factor Index
ONE YEAR 12.87% 12.84% 13.06%   12.87% 12.84% 13.06%
FIVE YEARS 64.08% 63.98% 65.77%   10.41% 10.40% 10.64%
SINCE INCEPTION(1) 123.99% 124.02% 127.71%   11.22% 11.23% 11.47%
(1) For the period December 2, 2015 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/2/15, 12/3/15, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Russell 1000 Low Volatility Focus ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.20%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Russell 1000 Low Volatility Focus ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  AmerisourceBergen Corp. 1.3%  
  Centene Corp. 1.1  
  Archer-Daniels-Midland Co. 1.1  
  Cognizant Technology Solutions Corp. Class A 1.0  
  McKesson Corp. 1.0  
  Cardinal Health, Inc. 1.0  
  Reliance Steel & Aluminum Co. 0.8  
  NVR, Inc. 0.7  
  CDW Corp. 0.7  
  Marathon Petroleum Corp. 0.7  
  TOTAL 9.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2023

     
    % of Net Assets  
  Industrials 20.7%  
  Consumer Discretionary 12.9  
  Health Care 11.6  
  Information Technology 10.6  
  Financials 8.5  
  Materials 7.6  
  Consumer Staples 7.5  
  Utilities 7.1  
  Real Estate 6.2  
  Energy 4.4  
  Communication Services 2.7  
  Short-Term Investments 0.5  
  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.
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Table of Contents
SPDR Russell 1000 Momentum Focus ETF
MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Russell 1000 Momentum Focus ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Russell 1000 Momentum Focused Factor Index. The Fund’s benchmark is the Russell 1000 Momentum Focused Factor Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 16.40%, and the Index was 16.53%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Industrials, Information Technology and Consumer Discretionary were primary drivers of Fund performance during the Reporting Period. Utilities, Real Estate and Consumer Staples were the bottom contributors to Fund performance.
U.S. Equity investors have enjoyed strong returns over the past year, with the S&P 500 Index posting an impressive 18.05% total return. Small cap securities also progressed with the S&P 600 Small Cap Index advancing 9.75% over this period. For the first six months of 2023, the S&P 500 Index was up 16.89% and the Bloomberg U.S. Aggregate Bond Index climbed 2.09%, resulting in a positive rebound for traditional 60/40 balanced investors, a welcome reprieve from 2022 strong losses.
From a macroeconomic perspective, last year was marked by Central Banks around the world lifting interest rates to combat persistent inflationary pressures. In the U.S. the Federal Funds Effective Rate moved from 1.21% in June 2022 to 5.08% at the end of June 2023. This strong increase in interest rates has impacted consumers and business alike. The U.S. Federal Reserve (“the Fed”) has committed to bring down inflation and will employ all means at its disposal to achieve this objective. The question for the U.S. economy is whether a soft landing can be achieved or will this restrictive monetary policy yield a mild recession.
At the same time, international geopolitical tensions continued particularly in Europe with the ongoing war in Ukraine. This conflict has now extended for over one year with no clear end in sight. The U.S. and its NATO allies have committed to providing assistance to Ukraine to defeat Russia and this commitment seems to be unwavering. At the same time, the U.S.-China bilateral relationship has been tested. Risks of a potential war between China and Taiwan along with bilateral trade imbalances pose medium term risk for investors.
The Fund used exchange-traded Index futures in order to replicate the index and equitize cash and receivables during the Reporting Period. The Fund’s use of exchange-traded Index futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Nucor Corp., Steel Dynamics, Inc., and Jabil, Inc. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were HP, Inc., Tyson Foods, Inc. and Organon & Co.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR Russell 1000 Momentum Focus ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Russell 1000 Momentum Focused Factor Index   Net
Asset
Value
Market
Value
Russell 1000 Momentum Focused Factor Index
ONE YEAR 16.40% 16.33% 16.53%   16.40% 16.33% 16.53%
FIVE YEARS 45.82% 45.72% 47.14%   7.84% 7.82% 8.03%
SINCE INCEPTION(1) 96.46% 96.40% 99.49%   9.32% 9.31% 9.54%
(1) For the period December 2, 2015 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/2/15, 12/3/15, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Russell 1000 Momentum Focus ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.20%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Russell 1000 Momentum Focus ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Cardinal Health, Inc. 1.0%  
  Steel Dynamics, Inc. 0.8  
  Builders FirstSource, Inc. 0.8  
  ON Semiconductor Corp. 0.8  
  Reliance Steel & Aluminum Co. 0.8  
  Marathon Petroleum Corp. 0.8  
  McKesson Corp. 0.8  
  Nucor Corp. 0.7  
  Lennar Corp. Class A 0.7  
  Jabil, Inc. 0.7  
  TOTAL 7.9%  
(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 June 30, 2023

     
    % of Net Assets  
  Industrials 20.9%  
  Information Technology 18.4  
  Consumer Discretionary 16.1  
  Health Care 9.7  
  Financials 8.3  
  Materials 7.4  
  Energy 5.9  
  Consumer Staples 5.6  
  Real Estate 2.6  
  Utilities 2.6  
  Communication Services 2.3  
  Short-Term Investments 0.7  
  Liabilities in Excess of Other Assets (0.5)  
  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.
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Table of Contents
SPDR Russell 1000 Yield Focus ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Russell 1000 Yield Focus ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the Russell 1000 Yield Focused Factor Index. The Fund’s benchmark is the Russell 1000 Yield Focused Factor Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 10.59%, and the Index was 10.70%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Although the performance of the broader market was strong during the Reporting Period, the performance of higher yielding stocks—which tend to be correlated with value stocks—was relatively weak. Although value stocks outperformed in the fourth quarter of 2022, value stocks lagged significantly behind when markets rebounded in 2023. This was the primary driver of the Fund’s 10.59% return, which significantly underperformed the Russell 1000’s 19.36% return during the Reporting Period. Separately, the Fund’s exposure to quality and size factors generally detracted from relative performance compared to the Russell 1000 Index, as the impacts of the exposures were generally negative.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (“the Fed”) as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the fourth quarter of 2022. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks—driven by depositors chasing higher yields available in money market funds and the like—significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter of 2023, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
The Fund used S&P 500 Index futures in order to equitize cash and receivables during the Reporting Period, which helps the Fund to track the Index.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Cardinal Health, Inc., Marathon Petroleum Corp. and Gilead Sciences, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Lumen Technologies, Inc., VF Corp. and Advance Auto Parts, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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SPDR Russell 1000 Yield Focus ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
Russell 1000 Yield Focused Factor Index   Net
Asset
Value
Market
Value
Russell 1000 Yield Focused Factor Index
ONE YEAR 10.59% 10.54% 10.70%   10.59% 10.54% 10.70%
FIVE YEARS 58.97% 58.90% 60.69%   9.71% 9.71% 9.95%
SINCE INCEPTION(1) 124.59% 124.57% 128.58%   11.26% 11.26% 11.53%
(1) For the period December 2, 2015 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/2/15, 12/3/15, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Russell 1000 Yield Focus ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.20%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR Russell 1000 Yield Focus ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Devon Energy Corp. 1.5%  
  Pioneer Natural Resources Co. 1.5  
  Dow, Inc. 1.5  
  3M Co. 1.3  
  T Rowe Price Group, Inc. 1.2  
  Cardinal Health, Inc. 1.2  
  LyondellBasell Industries NV Class A 1.2  
  Ford Motor Co. 1.2  
  Diamondback Energy, Inc. 1.2  
  Valero Energy Corp. 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 June 30, 2023

     
    % of Net Assets  
  Financials 16.9%  
  Consumer Discretionary 12.0  
  Energy 11.5  
  Materials 10.7  
  Real Estate 10.5  
  Industrials 10.4  
  Utilities 10.1  
  Consumer Staples 8.2  
  Information Technology 4.6  
  Health Care 2.9  
  Communication Services 1.8  
  Short-Term Investments 0.8  
  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.
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Table of Contents
SPDR S&P 400 Mid Cap Growth ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P 400 Mid Cap Growth ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of medium capitalization exchange traded U.S. equity securities exhibiting “growth” characteristics. The Fund’s benchmark is the S&P MidCap 400 Growth Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 19.07%, and the Index was 19.22%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, expenses, cash drag and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Performance was muted during the first quarter of the fiscal year as the economy muddled through a relatively challenging macro environment. Inflation continued to be generally well above the desired level by many Central Banks. This led to continued global monetary tightening and hawkish rhetoric with both acting as drags on the market. Additionally, geopolitical tensions continued to challenge the market with the most notable being the ongoing war in Ukraine. All of these factors contributed to rising recession fears and concerns regarding growth which both negatively weighed on the market. On a positive note, there were some signs that inflation could be cooling which slightly buoyed market spirits.
The last three quarters of the fiscal year was just the opposite as the S&P 400 Growth Index gained over 18% outpacing the standard S&P 400 Index. Despite being beset by a number of challenges including relatively high inflation, a number of bank failures, rising Federal Funds rate, and continued geopolitical concerns, the market succeeded in climbing its wall of worry. It was a period marked by resiliency as the U.S. consumer continued to drive the economy despite the challenges and costs associated with higher interest rates. Economic activity was generally better than anticipated during this period and inflation showed further warning signs. Hopes grew regarding a potential halt in interest rate hikes and possibly cuts by the end of 2023. The market was also fueled by returns in the Technology sector with thoughts that AI would usher in a new productivity boom.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Builders FirstSource, Inc., Axon Enterprise, Inc,. and Steel Dynamics, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were First Horizon Corp., Antero Resources Corp., and Syneos Helath, Inc. Class A.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P 400 Mid Cap Growth ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P MidCap 400 Growth Index   Net
Asset
Value
Market
Value
S&P MidCap 400 Growth Index
ONE YEAR 19.07% 19.05% 19.22%   19.07% 19.05% 19.22%
FIVE YEARS 40.12% 40.10% 41.28%   6.98% 6.98% 7.16%
TEN YEARS 157.93% 157.55% 161.94%   9.94% 9.92% 10.11%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P 400 Mid Cap Growth ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.15%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P 400 Mid Cap Growth ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Hubbell, Inc. 1.5%  
  Builders FirstSource, Inc. 1.5  
  Reliance Steel & Aluminum Co. 1.3  
  Deckers Outdoor Corp. 1.2  
  Lattice Semiconductor Corp. 1.1  
  Carlisle Cos., Inc. 1.1  
  Watsco, Inc. 1.1  
  RPM International, Inc. 1.0  
  Lincoln Electric Holdings, Inc. 1.0  
  Dynatrace, Inc. 0.9  
  TOTAL 11.7%  
(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 June 30, 2023

     
    % of Net Assets  
  Industrials 25.6%  
  Consumer Discretionary 12.9  
  Health Care 11.1  
  Financials 10.1  
  Information Technology 9.7  
  Materials 8.6  
  Energy 7.3  
  Real Estate 4.8  
  Consumer Staples 4.3  
  Utilities 3.3  
  Communication Services 2.1  
  Short-Term Investments 6.8  
  Liabilities in Excess of Other Assets (6.6)  
  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.
17


Table of Contents
The SPDR S&P 400 Mid Cap Value ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P 400 Mid Cap Value ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of medium capitalization exchange traded U.S. equity securities exhibiting “value” characteristics. The Fund’s benchmark is the S&P MidCap 400 Value Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 15.84%, and the Index was 15.97%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses and cash drag contributed to the difference between the Fund’s performance and that of the Index.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (“the Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the fourth quarter of 2023. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks—driven by depositors chasing higher yields available in money market funds and the like—significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter of 2023, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
Although the index had solid performance during the Reporting Period, it did lag the S&P 400 Index over this time, which returned 17.61%. The difference in returns between the value and the core index can be contributed to the performance of the Financial and Information technology sectors of the index. Over this time period, performance of Financials were relatively flat, while Information Technology experienced high returns. The Midcap Value Index has a higher weight to Financials and a lower weight to Information Technology than the standard Midcap Index.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were XPO, Inc., Jabil, Inc. and Tenet Healthcare Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were UGI Corp., Kilroy Realty Corp., and Medical Properties Trust, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P 400 Mid Cap Value ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P MidCap 400 Value Index   Net
Asset
Value
Market
Value
S&P MidCap 400 Value Index
ONE YEAR 15.84% 15.81% 15.97%   15.84% 15.81% 15.97%
FIVE YEARS 45.93% 45.89% 46.96%   7.85% 7.85% 8.00%
TEN YEARS 154.31% 153.78% 158.51%   9.78% 9.76% 9.96%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P 400 Mid Cap Value ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.15%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P 400 Mid Cap Value ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Jabil, Inc. 1.3%  
  Regal Rexnord Corp. 0.9  
  Reinsurance Group of America, Inc. 0.8  
  Fortune Brands Innovations, Inc. 0.8  
  Unum Group 0.8  
  Cleveland-Cliffs, Inc. 0.8  
  Lear Corp. 0.8  
  Lithia Motors, Inc. 0.8  
  Tenet Healthcare Corp. 0.8  
  Toll Brothers, Inc. 0.7  
  TOTAL 8.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2023

     
    % of Net Assets  
  Industrials 20.0%  
  Financials 17.1  
  Consumer Discretionary 17.1  
  Information Technology 11.1  
  Real Estate 10.1  
  Health Care 7.7  
  Materials 6.0  
  Consumer Staples 4.4  
  Utilities 3.4  
  Communication Services 2.1  
  Energy 0.8  
  Short-Term Investments 6.7  
  Liabilities in Excess of Other Assets (6.5)  
  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.
20


Table of Contents
SPDR S&P 500 ESG ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P 500 ESG ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that provides exposure to securities that meet certain sustainability criteria (criteria related to environmental, social and governance (“ESG”) factors) while maintaining similar overall industry group weights as the S&P 500 Index. The Fund’s benchmark is the S&P 500 ESG Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 20.86%, and the Index was 20.99%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund's performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees, cash drag, cumulative effect of security misweights contributed to the difference between the Fund's performance and that of the Index.
U.S. Equity investors have enjoyed strong returns over the past year, with the S&P 500 Index posting an impressive 18.05% total return. S&P 500 ESG Index excluded 170 companies from the S&P 500 and outperformed the standard S&P 500 Index by over 1.3%. Information Technology, Consumer Discretionary and Industrials sectors were the top contributors to the Fund's return during the Reporting Period. Real Estate and Utilities were the only two sectors with negative returns for the Reporting Period. Compared to S&P 500 index, the Fund was overweight Information Technology and overweight to IT sector and selection effect within this sector were the main factors contributing to the Fund's outperformance compared to S&P 500 index.
From a macroeconomic perspective, last year was marked by Central Banks around the world lifting interest rates to combat persistent inflationary pressures. In the U.S. the Federal Funds Effective Rate moved from 1.21% in June 2022 to 5.08% at the end of June 2023. This strong increase in interest rates has impacted consumers and business alike. The U.S. Federal Reserve (“the Fed”) has committed to bring down inflation and will employ all means at its disposal to achieve this objective. The question for the U.S. economy is whether a soft landing can be achieved or will this restrictive monetary policy yield a mild recession.
At the same time, international geopolitical tensions continued particularly in Europe with the ongoing war in Ukraine. This conflict has now extended for over one year with no clear end in sight. The U.S. and its NATO allies have committed to providing assistance to Ukraine to defeat Russia and this commitment seems to be unwavering. At the same time, the U.S.-China bilateral relationship has been tested. Risks of a potential war between China and Taiwan along with bilateral trade imbalances pose medium term risk for investors.
The Fund used S&P 500 ESG Index Futures in order to equitize cash and receivables in the Fund during the Reporting Period. The Fund's use of futures helped the Fund track the Index and improved the Fund performance relative to the Index.
On an individual security level, the top positive contributors to the Fund's performance on an absolute basis during the Reporting Period were Apple, Inc., NVIDIA Corp. and Microsoft Corp.. The top negative contributors to the Fund's performance on an absolute basis during the Reporting Period were Pfizer, Inc., Verizon Communications, Inc. and CVS Health Corp.
The views expressed above reflect those of the Fund's portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
21


Table of Contents
SPDR S&P 500 ESG ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P 500 ESG Index   Net
Asset
Value
Market
Value
S&P 500 ESG Index
ONE YEAR 20.86% 20.71% 20.99%   20.86% 20.71% 20.99%
SINCE INCEPTION(1) 48.73% 49.90% 49.28%   14.53% 14.84% 14.67%
(1) For the period July 27, 2020 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/27/20, 7/28/20, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P 500 ESG ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.10%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P 500 ESG ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Apple, Inc. 10.2%  
  Microsoft Corp. 9.0  
  Amazon.com, Inc. 4.2  
  NVIDIA Corp. 3.7  
  Alphabet, Inc. Class A 2.6  
  Tesla, Inc. 2.5  
  Alphabet, Inc. Class C 2.2  
  UnitedHealth Group, Inc. 1.6  
  JPMorgan Chase & Co. 1.5  
  Visa, Inc. Class A 1.4  
  TOTAL 38.9%  
(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 June 30, 2023

     
    % of Net Assets  
  Information Technology 31.0%  
  Health Care 13.2  
  Financials 12.2  
  Consumer Discretionary 12.1  
  Communication Services 8.2  
  Industrials 6.8  
  Consumer Staples 6.6  
  Energy 3.5  
  Real Estate 2.4  
  Materials 2.3  
  Utilities 1.5  
  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.
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Table of Contents
SPDR S&P 600 Small Cap Growth ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P 600 Small Cap Growth ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of small capitalization exchange traded U.S. equity securities exhibiting “growth” characteristics. The Fund’s benchmark is the S&P SmallCap 600 Growth Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 10.53%, and the Index was 10.62%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Management fees, cash drag, and cumulative effects of individual security misweights contributed to the difference between the Fund’s performance and that of the Index.
The Fund had positive performance in three of the four quarters of the Reporting Period. Performance in the first quarter of the Reporting Period was negative due to central bank hawkishness, high inflation and geopolitical tensions from the Ukraine war. Performance in the second, third and fourth quarters of the Reporting Period were positive. The positive performance was driven by better inflation numbers, hopes of a halt in interest rate hikes by the U.S. Federal Reserve (“the Fed”), positive corporate earnings, stabilization measures by regulators to head off panic in the banking sector and expectations that inflation could moderate without negative impacts to unemployment.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were elf Beauty, Inc., Axcelis Technologies, Inc. and Rambus, Inc. The top negative contributors to the Fund’s performance during the Reporting Period were Rogers Corp., Trupanion, Inc. and ServisFirst Bancshares, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P 600 Small Cap Growth ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P SmallCap 600 Growth Index   Net
Asset
Value
Market
Value
S&P SmallCap 600 Growth Index
ONE YEAR 10.53% 10.49% 10.62%   10.53% 10.49% 10.62%
FIVE YEARS 28.15% 28.06% 28.99%   5.09% 5.07% 5.22%
TEN YEARS 161.96% 161.85% 165.62%   10.11% 10.10% 10.26%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P 600 Small Cap Growth ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.15%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P 600 Small Cap Growth ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  SPS Commerce, Inc. 1.4%  
  Rambus, Inc. 1.4  
  Axcelis Technologies, Inc. 1.2  
  Comfort Systems USA, Inc. 1.2  
  elf Beauty, Inc. 1.2  
  Onto Innovation, Inc. 1.1  
  Applied Industrial Technologies, Inc. 1.1  
  Ensign Group, Inc. 1.1  
  Mueller Industries, Inc. 1.0  
  Livent Corp. 1.0  
  TOTAL 11.7%  
(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 June 30, 2023

     
    % of Net Assets  
  Information Technology 19.3%  
  Industrials 19.2  
  Financials 13.9  
  Health Care 13.4  
  Consumer Discretionary 8.3  
  Materials 6.6  
  Consumer Staples 6.1  
  Energy 5.4  
  Real Estate 3.6  
  Utilities 2.4  
  Communication Services 1.6  
  Short-Term Investments 7.9  
  Liabilities in Excess of Other Assets (7.7)  
  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.
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Table of Contents
SPDR S&P 600 Small Cap Value ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P 600 Small Cap Value ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of small capitalization exchange traded U.S. equity securities exhibiting “value” characteristics. The Fund’s benchmark is the S&P SmallCap 600 Value Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 8.76%, and the Index was 8.88%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Management fees, cash drag and the cumulative effects of individual security misweights contributed to the difference between the Fund’s performance and that of the Index.
The Fund had positive performance in three of the four quarters of the Reporting Period. Performance in the first quarter of the Reporting Period was negative due to central bank hawkishness, high inflation and geopolitical tensions from the Ukraine war. Performance in the second, third and fourth quarters of the Reporting Period were positive. The positive performance was driven by better inflation numbers, hopes of a halt in interest rate hikes by the U.S. Federal Reserve’s (“the Fed”), positive corporate earnings, stabilization measures by regulators to head off panic in the banking sector and expectations that inflation could moderate without negative impacts to unemployment.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Insight Enterprises, Inc., Tri Pointe Homes, Inc. and Meritage Homes Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Independent Bank Group, Inc., Hudson Pacific Properties, Inc. and United Natural Foods, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
27


Table of Contents
SPDR S&P 600 Small Cap Value ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P SmallCap 600 Value Index   Net
Asset
Value
Market
Value
S&P SmallCap 600 Value Index
ONE YEAR 8.76% 8.71% 8.88%   8.76% 8.71% 8.88%
FIVE YEARS 26.75% 26.64% 27.40%   4.85% 4.84% 4.96%
TEN YEARS 137.57% 137.70% 140.87%   9.04% 9.04% 9.19%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P 600 Small Cap Value ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.15%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P 600 Small Cap Value ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Meritage Homes Corp. 1.1%  
  Insight Enterprises, Inc. 0.9  
  Radian Group, Inc. 0.8  
  John Bean Technologies Corp. 0.8  
  Group 1 Automotive, Inc. 0.7  
  Essential Properties Realty Trust, Inc. REIT 0.7  
  Select Medical Holdings Corp. 0.7  
  Tri Pointe Homes, Inc. 0.7  
  Itron, Inc. 0.7  
  Viasat, Inc. 0.6  
  TOTAL 7.7%  
(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 June 30, 2023

     
    % of Net Assets  
  Consumer Discretionary 19.0%  
  Financials 18.3  
  Industrials 16.3  
  Real Estate 11.8  
  Information Technology 8.7  
  Health Care 8.1  
  Materials 4.8  
  Energy 3.8  
  Consumer Staples 3.8  
  Communication Services 3.4  
  Utilities 1.7  
  Short-Term Investments 9.6  
  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.
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Table of Contents
SPDR S&P 1500 MOMENTUM TILT ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P 1500 Momentum Tilt ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of U.S. equity securities exhibiting price momentum. The Fund’s benchmark is the S&P 1500 Positive Momentum Tilt Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 17.46%, and the Index was 17.70%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Momentum’s relative performance during the Reporting Period was mixed compared to the broader U.S. market. During the first half of the Reporting Period, momentum stocks outperformed, benefitting the Fund commensurately. However, momentum stocks experienced a significant reversal in the first quarter of 2023, generating significant underperformance that undid all of the prior relative performance. But while momentum was once again able to right itself and outperform in the final quarter of the Reporting Period, it could not do so with sufficient strength to recover. As a result, the Fund’s 17.46% return underperformed the S&P 1500 Composite Index 19.24% return during the Reporting Period.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (“the Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the fourth quarter of 2022. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks—driven by depositors chasing higher yields available in money market funds and the like—significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter of 2023, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted NVIDIA Corp. and other chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Apple, Inc., NVIDIA Corp. and Microsoft Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Tesla, Inc., Alphabet, Inc. Class A and Alphabet, Inc. Class C.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P 1500 Momentum Tilt ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P 1500 Positive Momentum Tilt Index   Net
Asset
Value
Market
Value
S&P 1500 Positive Momentum Tilt Index
ONE YEAR 17.46% 17.44% 17.70%   17.46% 17.44% 17.70%
FIVE YEARS 67.65% 67.54% 69.03%   10.89% 10.87% 11.07%
TEN YEARS 221.45% 221.20% 227.30%   12.39% 12.38% 12.59%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P 1500 Momentum Tilt ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P 1500 Momentum Tilt ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Apple, Inc. 8.1%  
  Microsoft Corp. 6.5  
  NVIDIA Corp. 5.0  
  Exxon Mobil Corp. 2.0  
  Meta Platforms, Inc. Class A 1.9  
  JPMorgan Chase & Co. 1.5  
  Eli Lilly & Co. 1.5  
  Broadcom, Inc. 1.5  
  Merck & Co., Inc. 1.2  
  Visa, Inc. Class A 1.2  
  TOTAL 30.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2023

     
    % of Net Assets  
  Information Technology 33.0%  
  Health Care 12.9  
  Industrials 11.9  
  Financials 10.7  
  Consumer Discretionary 8.3  
  Communication Services 6.3  
  Energy 5.6  
  Consumer Staples 5.2  
  Materials 2.6  
  Utilities 2.2  
  Real Estate 1.1  
  Short-Term Investments 0.3  
  Liabilities in Excess of Other Assets (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.
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Table of Contents
SPDR S&P 1500 Value Tilt ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P 1500 Value Tilt ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of U.S. equity securities exhibiting “value” characteristics. The Fund’s benchmark is the S&P 1500 Low Valuation Tilt Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 13.29%, and the Index was 13.35%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (“the Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the December quarter. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks—driven by depositors chasing higher yields available in money market funds and the like—significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted NVIDIA Corp. and other chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
Although the performance of the broader market was strong during the Reporting Period, the performance of the value premium was relatively weak. Value stocks significantly outperformed in 2022 after several years of extended weakness, and the Fund was able to capture this outperformance in the first half of the Reporting Period. But as U.S. markets began to rise again in 2023, value stocks returned to their underperforming ways and with enough intensity to undo the outperformance of the first half. As a result, the Fund’s 13.29% return during the Reporting Period underperformed the S&P 1500 Composite Index’s 19.24% return over the same period.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Apple, Inc., Meta Platforms, Inc. Class A and Berkshire Hathaway, Inc. Class B. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were CVS Health Corp., Verizon Communications, Inc. and Pfizer, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
33


Table of Contents
SPDR S&P 1500 Value Tilt ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P 1500 Low Valuation Tilt Index   Net
Asset
Value
Market
Value
S&P 1500 Low Valuation Tilt Index
ONE YEAR 13.29% 13.38% 13.35%   13.29% 13.38% 13.35%
FIVE YEARS 63.64% 63.77% 65.08%   10.35% 10.37% 10.54%
TEN YEARS 187.79% 188.17% 193.10%   11.15% 11.16% 11.35%
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P 1500 Value Tilt ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
34


Table of Contents
SPDR S&P 1500 Value Tilt ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Berkshire Hathaway, Inc. Class B 2.4%  
  Apple, Inc. 2.2  
  Amazon.com, Inc. 2.1  
  JPMorgan Chase & Co. 2.0  
  Exxon Mobil Corp. 1.7  
  Microsoft Corp. 1.7  
  Verizon Communications, Inc. 1.7  
  Walmart, Inc. 1.4  
  Meta Platforms, Inc. Class A 1.4  
  Bank of America Corp. 1.3  
  TOTAL 17.9%  
(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 June 30, 2023

     
    % of Net Assets  
  Financials 21.4%  
  Information Technology 12.5  
  Health Care 12.4  
  Consumer Discretionary 10.0  
  Communication Services 9.3  
  Industrials 8.9  
  Consumer Staples 7.9  
  Energy 7.7  
  Materials 3.8  
  Utilities 3.2  
  Real Estate 2.7  
  Short-Term Investments 0.5  
  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.
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Table of Contents
SPDR S&P Kensho Clean Power ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Kensho Clean Power ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Kensho Clean Power Index. The Fund’s benchmark is the S&P Kensho Clean Power Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 9.35%, and the Index was 9.78%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses and cash drag contributed to the difference between the Fund’s performance and that of the Index.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (“the Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the December quarter. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks-driven by depositors chasing higher yields available in money market funds and the like-significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were First Solar, Inc., General Electric Co. and Array Technologies, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were FuelCell Energy, Inc., Daqo New Energy Corp., and Plug Power, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
36


Table of Contents
SPDR S&P Kensho Clean Power ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Kensho Clean Power Index   Net
Asset
Value
Market
Value
S&P Kensho Clean Power Index
ONE YEAR 9.35% 9.26% 9.78%   9.35% 9.26% 9.78%
SINCE INCEPTION(1) 200.84% 200.62% 204.58%   26.49% 26.47% 26.82%
(1) For the period October 22, 2018 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/22/18, 10/23/18, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Kensho Clean Power ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.45%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Kensho Clean Power ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Eos Energy Enterprises, Inc. 3.5%  
  Generac Holdings, Inc. 2.9  
  Tesla, Inc. 2.6  
  Plug Power, Inc. 2.5  
  JinkoSolar Holding Co. Ltd. ADR 2.5  
  Cummins, Inc. 2.5  
  Centrais Eletricas Brasileiras SA ADR 2.4  
  Shoals Technologies Group, Inc. Class A 2.4  
  General Electric Co. 2.3  
  Bloom Energy Corp. Class A 2.3  
  TOTAL 25.9%  
(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 June 30, 2023

     
    % of Net Assets  
  Industrials 41.7%  
  Utilities 32.2  
  Information Technology 19.0  
  Consumer Discretionary 4.8  
  Energy 2.2  
  Short-Term Investments 9.9  
  Liabilities in Excess of Other Assets (9.8)  
  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.
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Table of Contents
SPDR S&P Kensho Final Frontiers ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Kensho Final Frontiers ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Kensho Final Frontiers Index. The Fund’s benchmark is the S&P Kensho Final Frontiers Index (the “Index”).
 For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 24.43%, and the Index was 24.92%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, security misweights, transaction costs, securities lending income and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.
 The Index started off the period in negative territory for the first quarter of the Reporting Period, returning 5.7%. Fortunately, the demand for Artificial Intelligence (AI), automation, power processing and the robotics industries continued to grow, helping the Index to gain over 18% the final quarter of 2022. Maxar Technologies stock, in particular, contributed large gains to the return when they agreed in December to be taken over by Advent International for $6.4 billion. Unfortunately, although the war in Ukraine may have helped earnings for some of the defense companies, like Northrop Grumman Corp. and Lockhead Martin Corp., rapidly rising fuel prices continued to negatively impact space travel. Despite these rising costs of travel, space satellite communication stocks continued in positive territory, allowing Index to gain an additional 11% during the first 6 months of 2023. The Index finished the Reporting Period with strong positive return of almost 25%, beating standard S&P 500 returns by over 5%.
 The Fund did not invest in derivatives during the Reporting Period.
 On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Maxar Technologies, Inc., Iridium Communications, Inc. and TehcnipFMC PLC.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Virgin Galactic Holdings, Inc., Astra Space, Inc. Class A, and L3Harris Technologies, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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SPDR S&P Kensho Final Frontiers ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Kensho Final Frontiers Index   Net
Asset
Value
Market
Value
S&P Kensho Final Frontiers Index
ONE YEAR 24.43% 24.42% 24.92%   24.43% 24.42% 24.92%
SINCE INCEPTION(1) 51.23% 51.26% 54.24%   9.23% 9.23% 9.69%
(1) For the period October 22, 2018 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/22/18, 10/23/18, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Kensho Final Frontiers ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.45%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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SPDR S&P Kensho Final Frontiers ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  HEICO Corp. 4.3%  
  L3Harris Technologies, Inc. 4.1  
  Honeywell International, Inc. 4.1  
  Teledyne Technologies, Inc. 4.1  
  Hexcel Corp. 4.1  
  Aerojet Rocketdyne Holdings, Inc. 4.0  
  Northrop Grumman Corp. 3.9  
  Rocket Lab USA, Inc. 3.9  
  Lockheed Martin Corp. 3.9  
  Boeing Co. 3.9  
  TOTAL 40.3%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2023

     
    % of Net Assets  
  Industrials 70.1%  
  Information Technology 16.8  
  Energy 6.4  
  Communication Services 3.8  
  Materials 2.8  
  Short-Term Investments 7.3  
  Liabilities in Excess of Other Assets (7.2)  
  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.
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Table of Contents
SPDR S&P KENSHO FUTURE SECURITY ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Kensho Future Security ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Kensho Future Security Index. The Fund’s benchmark is the S&P Kensho Future Security Index (the “Index”).
 For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 11.16%, and the Index was 11.44%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Cash, cumulation of security misweights, transaction costs, tax withholding differences and compounding (the exponential growth of outperformance or underperformance) also contributed to the difference between the Fund’s performance and that of the Index.
 The Index started off the period barely achieving positive performance toward the end of 2022. Inflation continued to be generally well above the desired level by many Central Banks. This led to continued global monetary tightening and hawkish rhetoric, with both acting as drags on the market. Additionally, geopolitical tensions continued to challenge the market with the most notable being the ongoing war in Ukraine. All of these factors contributed to rising recession fears and concerns regarding growth which both negatively weighed on the market. On a positive note, there were some signs that inflation could be cooling which slightly buoyed market spirits.
 The second half of the fiscal year was just the opposite as the S&P 500 Index gained nearly 17% and the Index was up over 13% during the same six month period. Despite being beset by a number of challenges including relatively high inflation, a number of bank failures, rising Federal Funds rate, and continued geopolitical concerns, the market succeeded in climbing its wall of worry. It was a period marked by resiliency as the U.S. consumer continued to drive the economy despite the challenges and costs associated with higher interest rates. Hopes grew regarding a potential halt in interest rate hikes and possibly cuts by the end of 2023. The market was also fueled by returns in the Technology sector with thoughts that AI would usher in a new productivity boom. The demand for “smart home” security, increased reliance on mobile apps and heightened demand for cybersecurity protection also helped bolster performance and earnings for future security industry as a whole.
The Fund did not invest in derivatives during the Reporting Period.
 On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Maxar Technologies, Inc., Broadcom, Inc. and Iridium Communications, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Edgio, Inc., 908 Devices, Inc. and Telos Corp.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Kensho Future Security ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Kensho Future Security Index   Net
Asset
Value
Market
Value
S&P Kensho Future Security Index
ONE YEAR 11.16% 11.10% 11.44%   11.16% 11.10% 11.44%
FIVE YEARS 55.48% 55.40% 57.50%   9.23% 9.22% 9.51%
SINCE INCEPTION(1) 70.34% 69.93% 73.05%   10.15% 10.10% 10.47%
(1) For the period December 26, 2017 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/26/17, 12/27/17, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Kensho Future Security ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.45%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Kensho Future Security ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Palo Alto Networks, Inc. 2.0%  
  Rocket Lab USA, Inc. 2.0  
  Fortinet, Inc. 1.9  
  SentinelOne, Inc. Class A 1.8  
  Tenable Holdings, Inc. 1.8  
  Broadcom, Inc. 1.8  
  VMware, Inc. Class A 1.8  
  HEICO Corp. 1.8  
  Leonardo DRS, Inc. 1.8  
  Leidos Holdings, Inc. 1.8  
  TOTAL 18.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2023

     
    % of Net Assets  
  Information Technology 53.1%  
  Industrials 40.2  
  Communication Services 3.3  
  Health Care 3.2  
  Short-Term Investments 7.1  
  Liabilities in Excess of Other Assets (6.9)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Kensho Intelligent Structures ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Kensho Intelligent Structures ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Kensho Intelligent Infrastructure Index. The Fund’s benchmark is the S&P Kensho Intelligent Infrastructure Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 13.75%, and the Index was 12.67%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, cumulative effect of security misweights and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
Concerns over persistent inflation, hawkish central bank actions and the ongoing Russia-Ukraine war weighed heavily on sentiment. Global markets declined and growth stumbled in the third quarter of 2022, as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes. After rallying early in the third quarter, risk assets declined in August and September as central banks struggled with inflation amid slowing economic growth. After three consecutive quarters of negative performance, the last quarter of 2022 ended the year positively for global equities largely due to the equity rallies seen during October and November. However, the sustainability of these gains was in doubt, as the high inflationary environment continued globally, with no end in sight for the Russia-Ukraine war. The first quarter of 2023 with inflation in decline and prospects of easier monetary policy the markets started with a strong rally in equities in January. The rally was short lived due to sticky core inflation, which together with strong economic data forced investors to reassess their interest rate expectations. In March, the collapse of Silicon Valley Bank and broader concerns around the financial sector hit bank shares hard. However, investors took comfort as regulators and central banks once again intervened to stabilize the sector. The second quarter of 2023 started with investors worried about the potential for further rate hikes, slow growth in China, and the turmoil of the U.S. debt ceiling negotiations. Towards the end of the quarter investors took encouragement from economic data, which indicated that U.S. inflation was moving in the right direction while the job markets remained healthy. The yield curve was still warning of a possible recession, but investors were happy to add to holdings in the U.S. data from Europe was mixed with some countries seeing steady falls in inflation while for others it remained stubbornly high.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Badger Meter, Inc., Vivint Smart Home and Xylem, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Blink Charging Co., Proterra, Inc. and Ideanomics, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Kensho Intelligent Structures ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Kensho Intelligent Infrastructure Index   Net
Asset
Value
Market
Value
S&P Kensho Intelligent Infrastructure Index
ONE YEAR 13.75% 13.79% 12.67%   13.75% 13.79% 12.67%
FIVE YEARS 31.45% 31.35% 30.23%   5.62% 5.61% 5.42%
SINCE INCEPTION(1) 27.42% 26.96% 26.33%   4.50% 4.43% 4.33%
(1) For the period December 26, 2017 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/26/17, 12/27/17, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Kensho Intelligent Structures ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.45%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Kensho Intelligent Structures ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Generac Holdings, Inc. 3.2%  
  Carrier Global Corp. 2.8  
  Johnson Controls International PLC 2.8  
  Pentair PLC 2.7  
  Shoals Technologies Group, Inc. Class A 2.7  
  Tetra Tech, Inc. 2.7  
  Xylem, Inc. 2.7  
  Honeywell International, Inc. 2.7  
  Bloom Energy Corp. Class A 2.7  
  Parsons Corp. 2.7  
  TOTAL 27.7%  
(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 June 30, 2023

     
    % of Net Assets  
  Industrials 56.7%  
  Information Technology 23.3  
  Communication Services 6.9  
  Energy 5.1  
  Consumer Discretionary 4.8  
  Utilities 2.9  
  Short-Term Investments 9.5  
  Liabilities in Excess of Other Assets (9.2)  
  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.
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Table of Contents
SPDR S&P Kensho New Economies Composite ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Kensho New Economies Composite ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Kensho New Economies Composite Index. The Fund’s benchmark is the S&P Kensho New Economies Composite Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 11.41%, and the Index was 10.97%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, cumulative effect of security misweights and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
Concerns over persistent inflation, hawkish central bank actions and the ongoing Russia-Ukraine war weighed heavily on sentiment. Global markets declined and growth stumbled in the third quarter of 2022, as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes. After rallying early in the third quarter, risk assets declined in August and September as central banks struggled with inflation amid slowing economic growth. After three consecutive quarters of negative performance, the last quarter of 2022 ended the year positively for global equities largely due to the equity rallies seen during October and November. However, the sustainability of these gains was in doubt, as the high inflationary environment continued globally, with no end in sight for the Russia-Ukraine war. The first quarter of 2023 with inflation in decline and prospects of easier monetary policy the markets started with a strong rally in equities in January. The rally was short lived due to sticky core inflation, which together with strong economic data forced investors to reassess their interest rate expectations. In March, the collapse of Silicon Valley Bank and broader concerns around the financial sector hit bank shares hard. However, investors took comfort as regulators and central banks once again intervened to stabilize the sector. The second quarter of 2023 started with investors worried about the potential for further rate hikes, slow growth in China, and the turmoil of the U.S. debt ceiling negotiations. Towards the end of the quarter investors took encouragement from economic data, which indicated that U.S. inflation was moving in the right direction while the job markets remained healthy. The yield curve was still warning of a possible recession, but investors were happy to add to holdings in the U.S. data from Europe was mixed with some countries seeing steady falls in inflation while for others it remained stubbornly high.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Hut 8 Mining Corp., Meta Platforms, Inc. Class A, and NVIDIA Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were View, Inc., Ouster, Inc., and Workhorse Group, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Kensho New Economies Composite ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Kensho New Economies Composite Index   Net
Asset
Value
Market
Value
S&P Kensho New Economies Composite Index
ONE YEAR 11.41% 11.37% 10.97%   11.41% 11.37% 10.97%
SINCE INCEPTION(1) 55.63% 55.60% 54.93%   9.90% 9.89% 9.79%
(1) For the period October 22, 2018 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/22/18, 10/23/18, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Kensho New Economies Composite ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.20%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Kensho New Economies Composite ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Coinbase Global, Inc. Class A 1.3%  
  Hut 8 Mining Corp. 1.2  
  Teledyne Technologies, Inc. 1.2  
  Snap, Inc. Class A 1.2  
  Meta Platforms, Inc. Class A 1.1  
  PTC, Inc. 1.1  
  Elbit Systems Ltd. 1.1  
  Marathon Digital Holdings, Inc. 1.0  
  Leidos Holdings, Inc. 1.0  
  Apple, Inc. 0.9  
  TOTAL 11.1%  
(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 June 30, 2023

     
    % of Net Assets  
  Information Technology 35.8%  
  Industrials 22.0  
  Health Care 14.7  
  Communication Services 9.7  
  Financials 8.2  
  Consumer Discretionary 5.4  
  Materials 1.8  
  Utilities 1.0  
  Energy 1.0  
  Consumer Staples 0.2  
  Short-Term Investments 9.7  
  Liabilities in Excess of Other Assets (9.5)  
  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.
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Table of Contents
SPDR S&P Kensho Smart Mobility ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Kensho Smart Mobility ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P Kensho Smart Transportation Index. The Fund’s benchmark is the S&P Kensho Smart Transportation Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 0.71%, and the Index was 2.18%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Securities lending and cash drag contributed to the difference between the Fund’s performance and that of the Index.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (“the Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the December quarter. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks-driven by depositors chasing higher yields available in money market funds and the like-significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted NVIDIA Corp. and other chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were NVIDIA Corp., Uber Technologies, Inc. and Modine Manufacturing Co.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Lordstown Motors Corp., Workhorse Group, Inc. and Blink Charging Co.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P KENSHO SMART MOBILITY ETF
Portfolio Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Kensho Smart Transportation Index   Net
Asset
Value
Market
Value
S&P Kensho Smart Transportation Index
ONE YEAR (0.71)% (0.66)% (2.18)%   (0.71)% (0.66)% (2.18)%
FIVE YEARS 22.30% 22.21% 19.11%   4.11% 4.09% 3.56%
SINCE INCEPTION(1) 21.59% 21.64% 18.65%   3.61% 3.62% 3.15%
(1) For the period December 26, 2017 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (12/26/17, 12/27/17, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P Kensho Smart Mobility ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.45%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Kensho Smart Mobility ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Nikola Corp. 3.2%  
  XPeng, Inc. ADR 2.2  
  EHang Holdings Ltd. ADR 1.9  
  NIO, Inc. ADR 1.7  
  Rivian Automotive, Inc. Class A 1.7  
  Avis Budget Group, Inc. 1.6  
  Tesla, Inc. 1.6  
  Dana, Inc. 1.6  
  Polestar Automotive Holding U.K. PLC Class A, ADR 1.6  
  Allegro MicroSystems, Inc. 1.6  
  TOTAL 18.7%  
(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 June 30, 2023

     
    % of Net Assets  
  Consumer Discretionary 35.5%  
  Industrials 34.6  
  Information Technology 26.4  
  Materials 2.4  
  Communication Services 1.0  
  Short-Term Investments 9.0  
  Liabilities in Excess of Other Assets (8.9)  
  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.
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SPDR S&P SMALLCAP 600 ESG ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P SmallCap 600 ESG ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that provides exposure to securities that meet certain sustainability criteria (criteria related to environmental, social and governance (“ESG”) factors), while maintaining similar overall industry group weights as the S&P SmallCap 600 Index. The Fund’s benchmark is the S&P SmallCap 600 ESG Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 9.39%, and the Index was 9.53%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Information Technology, Industries and Consumer Discretionary were primary drivers of Fund performance during the Reporting Period. Financials, Real Estate and Energy were the worst performing sectors.
U.S. Equity investors have enjoyed strong returns over the past year, with the S&P 500 Index posting an impressive 18.05% total return. Small cap securities also progressed with the S&P 600 Index advancing 9.75% over this period. For the first six months of 2023, the S&P 500 Index was up 16.89% and the Bloomberg U.S. Aggregate Bond Index climbed 2.09%, resulting in a positive rebound for traditional 60/40 balanced investors, a welcome reprieve from 2022 strong losses.
From a macroeconomic perspective, last year was marked by Central Banks around the world lifting interest rates to combat persistent inflationary pressures. In the U.S. the U.S. Federal Funds Effective Rate moved from 1.21% in June 2022 to 5.08% at the end of June 2023. This strong increase in interest rates has impacted consumers and business alike. The Federal Reserve (“the Fed”) has committed to bring down inflation and will employ all means at its disposal to achieve this objective. The question for the U.S. economy is whether a soft landing can be achieved or will this restrictive monetary policy yield a mild recession.
At the same time, international geopolitical tensions continued particularly in Europe with the ongoing war in Ukraine. This conflict has now extended for over one year with no clear end in sight. The U.S. and its NATO allies have committed to providing assistance to Ukraine to defeat Russia and this commitment seems to be unwavering. At the same time, the U.S.-China bilateral relationship has been tested. Risks of a potential war between China and Taiwan along with bilateral trade imbalances pose medium term risk for investors.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Rambus, Inc., elf Beauty, Inc. and Axcelis Technologies, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Rogers Corp, Trupanion, Inc. and ServisFirst Bancshares, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P SmallCap 600 ESG ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P SmallCap 600 ESG Index   Net
Asset
Value
Market
Value
S&P SmallCap 600 ESG Index
ONE YEAR 9.39% 9.67% 9.53%   9.39% 9.67% 9.53%
SINCE INCEPTION(1) (9.00)% (9.56)% (8.76)%   (6.22)% (6.62)% (6.05)%
(1) For the period January 10, 2022 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (01/10/22, 01/11/22, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S& P SmallCap 600 ESG ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
55


Table of Contents
SPDR S&P SmallCap 600 ESG ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  SPS Commerce, Inc. 1.0%  
  Rambus, Inc. 1.0  
  Axcelis Technologies, Inc. 0.9  
  Comfort Systems USA, Inc. 0.9  
  elf Beauty, Inc. 0.8  
  Onto Innovation, Inc. 0.8  
  Applied Industrial Technologies, Inc. 0.8  
  Ensign Group, Inc. 0.8  
  Meritage Homes Corp. 0.8  
  Livent Corp. 0.7  
  TOTAL 8.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2023

     
    % of Net Assets  
  Banks 8.6%  
  Machinery 5.4  
  Semiconductors & Semiconductor Equipment 4.9  
  Specialty Retail 4.6  
  Electronic Equipment, Instruments & Components 4.5  
  Chemicals 3.7  
  Household Durables 3.7  
  Health Care Providers & Services 3.4  
  Software 3.4  
  Biotechnology 2.9  
  Health Care Equipment & Supplies 2.8  
  Oil, Gas & Consumable Fuels 2.5  
  Construction & Engineering 2.5  
  Insurance 2.4  
  Food Products 2.2  
  Hotels, Restaurants & Leisure 2.2  
  Metals & Mining 2.2  
  Commercial Services & Supplies 2.2  
  Building Products 2.0  
  Energy Equipment & Services 2.0  
  Retail REITs 1.8  
  Communications Equipment 1.8  
  Financial Services 1.8  
  Trading Companies & Distributors 1.7  
  Water Utilities 1.4  
  Automobile Components 1.3  
  Hotel & Resort REITs 1.2  
  Capital Markets 1.2  
  Consumer Finance 1.2  
  Diversified Consumer Services 1.2  
  Personal Care Products 1.2  
  Pharmaceuticals 1.1  
  Professional Services 1.0  
  Textiles, Apparel & Luxury Goods 1.0  
  Office REITs 0.9  
  Real Estate Management & Development 0.8  
  Air Freight & Logistics 0.8  
  Consumer Staples Distribution & Retail 0.8  
  Health Care Technology 0.7  
  Industrial REITs 0.7  
  Mortgage Real Estate Investment Trust (REITs) 0.6  
  Interactive Media & Services 0.6  
  Electrical Equipment 0.6  
  Passenger Airlines 0.6  
  Multi-Utilities 0.6  
  Residential REITs 0.5  
  Specialized REITs 0.5  
  Health Care REITs 0.5  
  Media 0.5  
  Ground Transportation 0.5  
  Diversified REITs 0.5  
  Marine Transportation 0.4  
  Beverages 0.4  
  Diversified Telecommunication Services 0.3  
  Automobiles 0.3  
  Entertainment 0.3  
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P SmallCap 600 ESG ETF
Portfolio Statistics (Unaudited)  (continued)

     
    % of Net Assets  
  Gas Utilities 0.2%  
  Paper & Forest Products 0.1  
  Short-Term Investment 0.2  
  Other Assets in Excess of Liabilities 0.1  
  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.
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Table of Contents
SPDR SSGA U.S. Large Cap Low Volatility Index ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR SSGA U.S. Large Cap Low Volatility Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of a large cap, low volatility index The Fund’s benchmark is the SSGA U.S. Large Cap Low Volatility Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 9.48%, and the Index was 9.61%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. The cumulative effect of fees and expenses, cash drag, and security misweights contributed to the difference between the Fund’s performance and that of the Index.
The Reporting Period was not a favorable environment one for low volatility strategies including the Fund. The Fund underperformed Russell 1000 Index by 9.88% during this period. However, the Fund did provide downside protection versus market cap indices such as Russell 1000 Index during three out of four negative return months including the months of August 2022, September 2022 and December 2022.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (“the Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the last quarter of 2022. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks—driven by depositors chasing higher yields available in money market funds and the like—significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter of 2023, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted NVIDIA Corp. and other chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Vulcan Materials Co., PACCAR, Inc., Oracle Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Crown Castle, Inc., Dominion Energy, Inc. and Verizon Communications, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR SSGA US Large Cap Low Volatility Index ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
SSGA US Large Cap Low Volatility Index(1)   Net
Asset
Value
Market
Value
SSGA US Large Cap Low Volatility Index(1)
ONE YEAR 9.48% 9.39% 9.61%   9.48% 9.39% 9.61%
FIVE YEARS 72.56% 72.16% 73.45%   11.53% 11.48% 11.64%
TEN YEARS 202.90% 203.04% 207.53%   11.72% 11.72% 11.89%
(1) The SSGA US Large Cap Low Volatility Index reflects linked performance returns of both the SSGA US Large Cap Low Volatility Index and the Russell 1000 Low Volatility Index. The index returns are reflective of the Russell 1000 Low Volatility Index from fund inception until 12/13/2016 and of the SSGA US Large Cap Low Volatility Index effective 12/13/2016.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR SSGA US Large Cap Low Volatility Index ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
59


Table of Contents
SPDR SSGA US Large Cap Low Volatility Index ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Hershey Co. 1.2%  
  Republic Services, Inc. 1.2  
  Walmart, Inc. 1.2  
  PepsiCo, Inc. 1.2  
  Verizon Communications, Inc. 1.2  
  Procter & Gamble Co. 1.1  
  Colgate-Palmolive Co. 1.1  
  McDonald's Corp. 1.1  
  Johnson & Johnson 1.1  
  Public Storage REIT 1.1  
  TOTAL 11.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2023

     
    % of Net Assets  
  Financials 19.0%  
  Industrials 18.1  
  Real Estate 11.0  
  Utilities 9.2  
  Information Technology 8.8  
  Health Care 8.3  
  Consumer Staples 7.7  
  Consumer Discretionary 7.3  
  Materials 6.0  
  Communication Services 2.3  
  Energy 2.0  
  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.
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Table of Contents
SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF 
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR SSGA U.S. Small Cap Low Volatility Index ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of a small cap, low volatility index. The Fund’s benchmark is the SSGA U.S. Small Cap Low Volatility Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 1.56%, and the Index was 1.61%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag, and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Low volatility small cap stocks were able to perform slightly better than the broader small cap market in the first half of the Reporting Period as markets declined. But as markets began to rise again in 2023, low volatility stocks started to underperform significantly, and this was particularly true for low volatility small cap stocks. As a result, the Fund’s 1.56% return during the Reporting Period was significantly worse than the Russell 2000 Index’s 12.31% return over the same period.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (“the Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the December quarter. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks-driven by depositors chasing higher yields available in money market funds and the like-significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were UFP Technologies, Inc., AAON, Inc., and Lancaster Colony Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were CVB Financial Corp., Orchestra BioMed Holdings, Inc. and Southwest Gas Holdings, Inc.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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Table of Contents
SPDR SSGA US Small Cap Low Volatility Index ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
SSGA US Small Cap Low Volatility Index(1)   Net
Asset
Value
Market
Value
SSGA US Small Cap Low Volatility Index(1)
ONE YEAR 1.56% 1.54% 1.61%   1.56% 1.54% 1.61%
FIVE YEARS 24.38% 24.35% 25.55%   4.46% 4.45% 4.66%
TEN YEARS(2) 133.16% 133.33% 135.33%   8.83% 8.84% 8.93%
(1) The SSGA US Small Cap Low Volatility Index reflects linked performance returns of both the SSGA US Small Cap Low Volatility Index and the Russell 2000 Low Volatility Index. The index returns are reflective of the Russell 2000 Low Volatility Index from fund inception until 12/13/2016 and of the SSGA US Small Cap Low Volatility Index effective 12/13/2016.
(2) For the period February 20, 2013 to June 30, 2022. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (2/20/13, 2/21/13, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR SSGA US Small Cap Low Volatility Index ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.12%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit https://www.ssga.com/spdrs for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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Table of Contents
SPDR SSGA US Small Cap Low Volatility Index ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Equity Commonwealth REIT 1.5%  
  NewMarket Corp. 0.7  
  National HealthCare Corp. 0.7  
  MGE Energy, Inc. 0.6  
  City Holding Co. 0.6  
  Southwest Gas Holdings, Inc. 0.6  
  NorthWestern Corp. 0.5  
  Chesapeake Utilities Corp. 0.5  
  NWTN, Inc. Class B 0.5  
  Spire, Inc. 0.5  
  TOTAL 6.7%  
(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 June 30, 2023

     
    % of Net Assets  
  Financials 30.3%  
  Industrials 17.0  
  Health Care 10.8  
  Real Estate 10.1  
  Information Technology 9.6  
  Consumer Discretionary 6.4  
  Materials 4.5  
  Utilities 4.1  
  Consumer Staples 3.1  
  Communication Services 2.5  
  Energy 1.3  
  Short-Term Investments 2.3  
  Liabilities in Excess of Other Assets (2.0)  
  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.
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Table of Contents
SPDR SERIES TRUST
SPDR MSCI USA CLIMATE PARIS ALIGNED ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 0.3%  
Axon Enterprise, Inc. (a)

  352   $ 68,682
HEICO Corp.

  194   34,326
HEICO Corp. Class A

  228   32,057
L3Harris Technologies, Inc.

  649   127,055
          262,120
AUTOMOBILES — 3.0%  
Lucid Group, Inc. (a)

  32,986   227,273
Rivian Automotive, Inc. Class A (a)

  14,330   238,738
Tesla, Inc. (a)

  10,039   2,627,909
          3,093,920
BANKS — 1.4%  
Bank of New York Mellon Corp.

  3,678   163,745
JPMorgan Chase & Co.

  7,160   1,041,350
M&T Bank Corp.

  510   63,118
Northern Trust Corp.

  1,167   86,521
U.S. Bancorp

  3,406   112,534
          1,467,268
BEVERAGES — 0.4%  
Brown-Forman Corp. Class B

  2,161   144,312
Keurig Dr Pepper, Inc.

  3,227   100,908
Monster Beverage Corp. (a)

  2,270   130,389
          375,609
BIOTECHNOLOGY — 1.8%  
AbbVie, Inc.

  3,536   476,405
Alnylam Pharmaceuticals, Inc. (a)

  572   108,646
Amgen, Inc.

  951   211,141
Biogen, Inc. (a)

  456   129,892
BioMarin Pharmaceutical, Inc. (a)

  1,064   92,228
Exact Sciences Corp. (a)

  546   51,269
Incyte Corp. (a)

  736   45,816
Moderna, Inc. (a)

  778   94,527
Neurocrine Biosciences, Inc. (a)

  408   38,474
Regeneron Pharmaceuticals, Inc. (a)

  337   242,148
Seagen, Inc. (a)

  543   104,506
Vertex Pharmaceuticals, Inc. (a)

  777   273,434
          1,868,486
BROADLINE RETAIL — 3.5%  
Amazon.com, Inc. (a)

  23,810   3,103,872
eBay, Inc.

  3,848   171,967
Etsy, Inc. (a)

  1,286   108,809
MercadoLibre, Inc. (a)

  204   241,658
          3,626,306
BUILDING PRODUCTS — 0.4%  
A.O. Smith Corp.

  876   63,755
Allegion PLC

  2,342   281,087
Fortune Brands Innovations, Inc.

  306   22,017
          366,859
Security Description     Shares   Value
CAPITAL MARKETS — 3.7%  
Ameriprise Financial, Inc.

  102   $ 33,880
BlackRock, Inc.

  669   462,373
Blackstone, Inc.

  1,777   165,208
Cboe Global Markets, Inc.

  725   100,057
Charles Schwab Corp.

  6,996   396,533
CME Group, Inc.

  1,804   334,263
FactSet Research Systems, Inc.

  279   111,781
Intercontinental Exchange, Inc.

  2,345   265,173
KKR & Co., Inc.

  1,632   91,392
MarketAxess Holdings, Inc.

  350   91,497
Moody's Corp.

  1,612   560,525
Nasdaq, Inc.

  2,125   105,931
S&P Global, Inc.

  2,001   802,181
SEI Investments Co.

  1,780   106,124
T Rowe Price Group, Inc.

  1,188   133,080
Tradeweb Markets, Inc. Class A

  274   18,763
          3,778,761
CHEMICALS — 1.1%  
Albemarle Corp.

  272   60,680
International Flavors & Fragrances, Inc.

  102   8,118
Sherwin-Williams Co.

  4,180   1,109,874
          1,178,672
COMMERCIAL SERVICES & SUPPLIES — 0.4%  
Cintas Corp.

  293   145,644
Copart, Inc. (a)

  2,000   182,420
Rollins, Inc.

  3,135   134,272
          462,336
COMMUNICATIONS EQUIPMENT — 1.1%  
Cisco Systems, Inc.

  7,528   389,499
Juniper Networks, Inc.

  10,907   341,716
Motorola Solutions, Inc.

  1,383   405,606
          1,136,821
CONSTRUCTION MATERIALS — 0.1%  
Martin Marietta Materials, Inc.

  164   75,717
Vulcan Materials Co.

  219   49,372
          125,089
CONSUMER FINANCE — 0.4%  
American Express Co.

  1,815   316,173
Discover Financial Services

  636   74,317
          390,490
CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.2%  
Dollar General Corp.

  889   150,934
Target Corp.

  112   14,773
          165,707
DIVERSIFIED REITs — 0.0% (b)  
WP Carey, Inc. REIT

  306   20,673
ELECTRIC UTILITIES — 1.2%  
Edison International

  17,128   1,189,540
 
See accompanying notes to financial statements.
64


Table of Contents
SPDR SERIES TRUST
SPDR MSCI USA CLIMATE PARIS ALIGNED ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
ELECTRICAL EQUIPMENT — 2.2%  
AMETEK, Inc.

  3,791   $ 613,687
Eaton Corp. PLC

  1,912   384,503
Rockwell Automation, Inc.

  3,792   1,249,275
          2,247,465
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7%  
Amphenol Corp. Class A

  1,823   154,864
Cognex Corp.

  714   39,998
Corning, Inc.

  5,337   187,009
Keysight Technologies, Inc. (a)

  1,074   179,841
Trimble, Inc. (a)

  2,556   135,315
          697,027
ENTERTAINMENT — 1.2%  
Activision Blizzard, Inc. (a)

  750   63,225
Liberty Media Corp.-Liberty Formula One Class C (a)

  1,302   98,014
Netflix, Inc. (a)

  1,292   569,113
Take-Two Interactive Software, Inc. (a)

  204   30,021
Walt Disney Co. (a)

  5,270   470,506
          1,230,879
FINANCIAL SERVICES — 3.5%  
Apollo Global Management, Inc.

  1,822   139,948
Block, Inc. (a)

  462   30,755
Fiserv, Inc. (a)

  650   81,998
Mastercard, Inc. Class A

  3,228   1,269,572
PayPal Holdings, Inc. (a)

  3,105   207,197
Visa, Inc. Class A

  7,653   1,817,434
          3,546,904
FOOD PRODUCTS — 0.7%  
Darling Ingredients, Inc. (a)

  2,400   153,096
Hershey Co.

  2,168   541,350
McCormick & Co., Inc.

  204   17,795
          712,241
GROUND TRANSPORTATION — 0.7%  
Old Dominion Freight Line, Inc.

  608   224,808
Uber Technologies, Inc. (a)

  3,774   162,923
U-Haul Holding Co.

  2,304   116,744
Union Pacific Corp.

  1,087   222,422
          726,897
HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%  
Align Technology, Inc. (a)

  178   62,948
Baxter International, Inc.

  244   11,117
Becton Dickinson & Co.

  556   146,790
Boston Scientific Corp. (a)

  4,284   231,722
Cooper Cos., Inc.

  341   130,750
Dexcom, Inc. (a)

  1,412   181,456
Edwards Lifesciences Corp. (a)

  3,544   334,306
Hologic, Inc. (a)

  1,385   112,143
IDEXX Laboratories, Inc. (a)

  389   195,367
Insulet Corp. (a)

  243   70,067
Security Description     Shares   Value
Intuitive Surgical, Inc. (a)

  960   $ 328,262
Masimo Corp. (a)

  170   27,973
Medtronic PLC

  4,690   413,189
Novocure Ltd. (a)

  368   15,272
ResMed, Inc.

  816   178,296
Stryker Corp.

  1,199   365,803
Teleflex, Inc.

  249   60,265
Zimmer Biomet Holdings, Inc.

  880   128,128
          2,993,854
HEALTH CARE PROVIDERS & SERVICES — 1.8%  
Elevance Health, Inc.

  688   305,672
Humana, Inc.

  402   179,746
Laboratory Corp. of America Holdings

  89   21,478
Quest Diagnostics, Inc.

  230   32,329
UnitedHealth Group, Inc.

  2,694   1,294,844
          1,834,069
HEALTH CARE REITs — 0.8%  
Healthpeak Properties, Inc. REIT

  28,161   566,036
Ventas, Inc. REIT

  1,530   72,323
Welltower, Inc. REIT

  2,040   165,016
          803,375
HEALTH CARE TECHNOLOGY — 0.1%  
Veeva Systems, Inc. Class A (a)

  463   91,549
HOTELS, RESTAURANTS & LEISURE — 2.3%  
Airbnb, Inc. Class A (a)

  1,936   248,118
Chipotle Mexican Grill, Inc. (a)

  71   151,869
Hilton Worldwide Holdings, Inc.

  238   34,641
McDonald's Corp.

  4,311   1,286,445
Starbucks Corp.

  3,763   372,763
Vail Resorts, Inc.

  47   11,833
Yum! Brands, Inc.

  1,534   212,535
          2,318,204
HOUSEHOLD DURABLES — 0.3%  
Garmin Ltd.

  1,632   170,201
NVR, Inc. (a)

  24   152,415
          322,616
HOUSEHOLD PRODUCTS — 0.1%  
Church & Dwight Co., Inc.

  828   82,990
INDUSTRIAL CONGLOMERATES — 0.3%  
Honeywell International, Inc.

  1,268   263,110
INDUSTRIAL REITs — 1.1%  
Prologis, Inc. REIT

  9,542   1,170,135
INSURANCE — 3.1%  
Aflac, Inc.

  6,783   473,453
Allstate Corp.

  958   104,460
American Financial Group, Inc.

  1,617   192,019
Arch Capital Group Ltd. (a)

  3,313   247,978
Arthur J Gallagher & Co.

  230   50,501
Brown & Brown, Inc.

  2,612   179,810
Chubb Ltd.

  1,832   352,770
Cincinnati Financial Corp.

  1,287   125,251
 
See accompanying notes to financial statements.
65


Table of Contents
SPDR SERIES TRUST
SPDR MSCI USA CLIMATE PARIS ALIGNED ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Erie Indemnity Co. Class A

  295   $ 61,953
Globe Life, Inc.

  638   69,938
Hartford Financial Services Group, Inc.

  2,017   145,264
Markel Group, Inc. (a)

  121   167,365
Marsh & McLennan Cos., Inc.

  1,969   370,329
MetLife, Inc.

  2,001   113,117
Progressive Corp.

  1,870   247,532
Travelers Cos., Inc.

  371   64,428
W R Berkley Corp.

  1,286   76,594
Willis Towers Watson PLC

  574   135,177
          3,177,939
INTERACTIVE MEDIA & SERVICES — 4.4%  
Alphabet, Inc. Class A (a)

  8,987   1,075,744
Alphabet, Inc. Class C (a)

  13,208   1,597,772
Match Group, Inc. (a)

  816   34,150
Meta Platforms, Inc. Class A (a)

  6,282   1,802,808
Pinterest, Inc. Class A (a)

  1,122   30,675
Snap, Inc. Class A (a)

  2,142   25,361
          4,566,510
IT SERVICES — 1.6%  
Accenture PLC Class A

  2,317   714,980
EPAM Systems, Inc. (a)

  32   7,192
International Business Machines Corp.

  4,136   553,438
MongoDB, Inc. (a)

  62   25,481
Okta, Inc. (a)

  408   28,295
Snowflake, Inc. Class A (a)

  272   47,867
Twilio, Inc. Class A (a)

  191   12,151
VeriSign, Inc. (a)

  1,128   254,894
          1,644,298
LEISURE EQUIPMENT & PRODUCTS — 0.0% (b)  
Hasbro, Inc.

  714   46,246
LIFE SCIENCES TOOLS & SERVICES — 2.9%  
Agilent Technologies, Inc.

  964   115,921
Avantor, Inc. (a)

  1,734   35,616
Bio-Rad Laboratories, Inc. Class A (a)

  152   57,626
Bio-Techne Corp.

  572   46,692
Danaher Corp.

  2,912   698,880
Illumina, Inc. (a)

  537   100,682
IQVIA Holdings, Inc. (a)

  100   22,477
Mettler-Toledo International, Inc. (a)

  329   431,530
Revvity, Inc.

  1,358   161,317
Thermo Fisher Scientific, Inc.

  1,330   693,928
Waters Corp. (a)

  692   184,446
West Pharmaceutical Services, Inc.

  996   380,940
          2,930,055
MACHINERY — 3.1%  
Deere & Co.

  250   101,298
Fortive Corp.

  6,505   486,379
IDEX Corp.

  1,117   240,445
Illinois Tool Works, Inc.

  3,203   801,263
Security Description     Shares   Value
Pentair PLC

  8,367   $ 540,508
Xylem, Inc.

  9,299   1,047,253
          3,217,146
MEDIA — 1.0%  
Charter Communications, Inc. Class A (a)

  431   158,336
Comcast Corp. Class A

  7,268   301,985
Fox Corp. Class A

  1,096   37,264
Fox Corp. Class B

  1,065   33,963
Liberty Broadband Corp. Class C (a)

  4,166   333,738
Liberty Media Corp.-Liberty SiriusXM Class C (a)

  1,734   56,754
Sirius XM Holdings, Inc.

  13,921   63,062
Trade Desk, Inc. Class A (a)

  589   45,483
          1,030,585
METALS & MINING — 0.1%  
Newmont Corp.

  3,015   128,620
PERSONAL CARE PRODUCTS — 0.1%  
Estee Lauder Cos., Inc. Class A

  651   127,843
PHARMACEUTICALS — 5.6%  
Bristol-Myers Squibb Co.

  6,858   438,569
Catalent, Inc. (a)

  871   37,767
Eli Lilly & Co.

  3,555   1,667,224
Jazz Pharmaceuticals PLC (a)

  620   76,861
Johnson & Johnson

  7,751   1,282,945
Merck & Co., Inc.

  8,968   1,034,818
Pfizer, Inc.

  11,938   437,886
Zoetis, Inc.

  4,321   744,119
          5,720,189
PROFESSIONAL SERVICES — 1.2%  
Automatic Data Processing, Inc.

  407   89,454
Booz Allen Hamilton Holding Corp.

  278   31,025
CoStar Group, Inc. (a)

  1,986   176,754
Equifax, Inc.

  504   118,591
Jacobs Solutions, Inc.

  3,557   422,892
Leidos Holdings, Inc.

  120   10,618
Paychex, Inc.

  1,396   156,170
Robert Half International, Inc.

  454   34,150
TransUnion

  184   14,413
Verisk Analytics, Inc.

  732   165,454
          1,219,521
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.0% (b)  
Zillow Group, Inc. Class C (a)

  306   15,380
RESIDENTIAL REITs — 0.9%  
AvalonBay Communities, Inc. REIT

  1,803   341,254
Equity LifeStyle Properties, Inc. REIT

  164   10,970
Equity Residential REIT

  1,787   117,888
Essex Property Trust, Inc. REIT

  1,963   459,931
Sun Communities, Inc. REIT

  204   26,614
          956,657
 
See accompanying notes to financial statements.
66


Table of Contents
SPDR SERIES TRUST
SPDR MSCI USA CLIMATE PARIS ALIGNED ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
RETAIL REITs — 0.9%  
Kimco Realty Corp. REIT

  14,946   $ 294,735
Realty Income Corp. REIT

  8,694   519,814
Simon Property Group, Inc. REIT

  1,154   133,264
          947,813
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 9.4%  
Advanced Micro Devices, Inc. (a)

  3,958   450,856
Analog Devices, Inc.

  3,899   759,564
Broadcom, Inc.

  324   281,047
Enphase Energy, Inc. (a)

  3,175   531,749
First Solar, Inc. (a)

  3,029   575,783
Intel Corp.

  15,034   502,737
KLA Corp.

  465   225,534
Marvell Technology, Inc.

  9,087   543,221
Monolithic Power Systems, Inc.

  629   339,805
NVIDIA Corp.

  7,912   3,346,934
QUALCOMM, Inc.

  7,289   867,683
SolarEdge Technologies, Inc. (a)

  1,523   409,763
Texas Instruments, Inc.

  4,262   767,245
          9,601,921
SOFTWARE — 12.4%  
Adobe, Inc. (a)

  2,126   1,039,593
ANSYS, Inc. (a)

  237   78,274
Autodesk, Inc. (a)

  647   132,383
DocuSign, Inc. (a)

  376   19,210
Fortinet, Inc. (a)

  1,764   133,341
HubSpot, Inc. (a)

  33   17,559
Intuit, Inc.

  2,259   1,035,051
Microsoft Corp.

  21,366   7,275,978
Oracle Corp.

  5,052   601,643
Palo Alto Networks, Inc. (a)

  120   30,661
Paycom Software, Inc.

  67   21,523
Roper Technologies, Inc.

  383   184,146
Salesforce, Inc. (a)

  2,982   629,977
ServiceNow, Inc. (a)

  1,222   686,727
Synopsys, Inc. (a)

  536   233,380
Tyler Technologies, Inc. (a)

  115   47,894
VMware, Inc. Class A (a)

  3,131   449,893
Workday, Inc. Class A (a)

  423   95,551
Zoom Video Communications, Inc. Class A (a)

  161   10,929
          12,723,713
SPECIALIZED REITs — 3.6%  
American Tower Corp. REIT

  1,678   325,431
Crown Castle, Inc. REIT

  2,166   246,794
Digital Realty Trust, Inc. REIT

  12,831   1,461,066
Equinix, Inc. REIT

  1,054   826,273
Extra Space Storage, Inc. REIT

  820   122,057
Security Description     Shares   Value
Public Storage REIT

  1,268   $ 370,104
VICI Properties, Inc. REIT

  10,484   329,512
          3,681,237
SPECIALTY RETAIL — 2.3%  
Burlington Stores, Inc. (a)

  306   48,161
Home Depot, Inc.

  3,018   937,512
Lowe's Cos., Inc.

  2,059   464,716
O'Reilly Automotive, Inc. (a)

  318   303,785
Ross Stores, Inc.

  1,376   154,291
TJX Cos., Inc.

  4,515   382,827
Ulta Beauty, Inc. (a)

  243   114,355
          2,405,647
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 8.9%  
Apple, Inc.

  46,941   9,105,146
TEXTILES, APPAREL & LUXURY GOODS — 0.3%  
Lululemon Athletica, Inc. (a)

  409   154,806
NIKE, Inc. Class B

  1,344   148,337
VF Corp.

  1,118   21,343
          324,486
TRADING COMPANIES & DISTRIBUTORS — 0.3%  
Fastenal Co.

  3,867   228,115
W.W. Grainger, Inc.

  53   41,795
          269,910
TOTAL COMMON STOCKS

(Cost $98,402,482)

        102,390,834
SHORT-TERM INVESTMENT — 0.2%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c) (d)

(Cost $153,385)

  153,356   153,387
TOTAL INVESTMENTS — 100.0%

(Cost $98,555,867)

  102,544,221  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (b)

  40,649  
NET ASSETS — 100.0%

  $ 102,584,870  
(a) Non-income producing security.
(b) Amount is less than 0.05% of net assets.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
67


Table of Contents
SPDR SERIES TRUST
SPDR MSCI USA CLIMATE PARIS ALIGNED ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $102,390,834   $—   $—   $102,390,834
Short-Term Investment

  153,387       153,387
TOTAL INVESTMENTS

  $102,544,221   $—   $—   $102,544,221
 
Affiliate Table
  Number of
Shares Held
at 6/30/22
  Value at
6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 6/30/23
  Value at
6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

221,509   $221,487   $2,890,227   $2,958,389   $45   $17   153,356   $153,387   $4,543
See accompanying notes to financial statements.
68


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.4%  
BWX Technologies, Inc.

  8,034   $ 574,993
Curtiss-Wright Corp.

  3,397   623,893
General Dynamics Corp.

  6,413   1,379,757
HEICO Corp.

  2,247   397,584
HEICO Corp. Class A

  4,480   629,888
Hexcel Corp.

  4,007   304,612
Huntington Ingalls Industries, Inc.

  7,309   1,663,529
L3Harris Technologies, Inc.

  5,373   1,051,872
Textron, Inc.

  9,952   673,054
Woodward, Inc.

  2,908   345,790
          7,644,972
AIR FREIGHT & LOGISTICS — 1.4%  
CH Robinson Worldwide, Inc.

  30,722   2,898,621
Expeditors International of Washington, Inc.

  25,465   3,084,575
FedEx Corp.

  6,060   1,502,274
          7,485,470
AUTOMOBILE COMPONENTS — 1.1%  
BorgWarner, Inc.

  46,014   2,250,545
Gentex Corp.

  60,051   1,757,092
Lear Corp.

  14,486   2,079,465
          6,087,102
AUTOMOBILES — 0.2%  
Thor Industries, Inc.

  12,268   1,269,738
BANKS — 0.8%  
Bank OZK

  8,515   341,962
BOK Financial Corp.

  2,889   233,373
Columbia Banking System, Inc.

  18,353   372,199
Commerce Bancshares, Inc.

  8,874   432,164
Cullen/Frost Bankers, Inc.

  2,736   294,202
East West Bancorp, Inc.

  5,866   309,666
First Hawaiian, Inc.

  7,836   141,126
FNB Corp.

  35,326   404,130
M&T Bank Corp.

  5,458   675,482
Pinnacle Financial Partners, Inc.

  4,620   261,723
Popular, Inc.

  6,783   410,507
Prosperity Bancshares, Inc.

  7,403   418,122
Wintrust Financial Corp.

  4,971   360,994
          4,655,650
BEVERAGES — 0.5%  
Boston Beer Co., Inc. Class A (a)

  609   187,840
Brown-Forman Corp. Class A

  2,816   191,685
Brown-Forman Corp. Class B

  8,200   547,596
Constellation Brands, Inc. Class A

  5,101   1,255,509
Molson Coors Beverage Co. Class B

  9,751   642,006
          2,824,636
BIOTECHNOLOGY — 0.8%  
Exelixis, Inc. (a)

  32,793   626,674
Incyte Corp. (a)

  24,516   1,526,121
Security Description     Shares   Value
Neurocrine Biosciences, Inc. (a)

  9,398   $ 886,232
United Therapeutics Corp. (a)

  6,112   1,349,224
          4,388,251
BROADLINE RETAIL — 0.3%  
eBay, Inc.

  19,330   863,857
Macy's, Inc.

  51,576   827,795
          1,691,652
BUILDING PRODUCTS — 2.5%  
A.O. Smith Corp.

  13,767   1,001,962
Advanced Drainage Systems, Inc.

  1,652   187,965
Allegion PLC

  3,646   437,593
Armstrong World Industries, Inc.

  8,385   615,962
Builders FirstSource, Inc. (a)

  7,701   1,047,336
Carlisle Cos., Inc.

  5,773   1,480,948
Carrier Global Corp.

  23,644   1,175,343
Fortune Brands Innovations, Inc.

  20,910   1,504,474
Johnson Controls International PLC

  16,858   1,148,704
Lennox International, Inc.

  1,751   570,949
Masco Corp.

  36,808   2,112,043
Owens Corning

  6,665   869,783
Trane Technologies PLC

  7,097   1,357,372
          13,510,434
CAPITAL MARKETS — 3.0%  
Affiliated Managers Group, Inc.

  9,525   1,427,702
Carlyle Group, Inc.

  9,192   293,684
Cboe Global Markets, Inc.

  6,166   850,970
Evercore, Inc. Class A

  9,273   1,146,050
FactSet Research Systems, Inc.

  4,273   1,711,978
Franklin Resources, Inc.

  26,371   704,369
Houlihan Lokey, Inc.

  8,824   867,488
Interactive Brokers Group, Inc. Class A

  4,417   366,920
Invesco Ltd.

  20,907   351,447
Janus Henderson Group PLC

  24,721   673,647
Lazard Ltd. Class A

  21,346   683,072
LPL Financial Holdings, Inc.

  5,982   1,300,666
MarketAxess Holdings, Inc.

  2,439   637,603
Nasdaq, Inc.

  17,376   866,194
SEI Investments Co.

  27,186   1,620,829
Stifel Financial Corp.

  7,728   461,130
T Rowe Price Group, Inc.

  16,986   1,902,772
Tradeweb Markets, Inc. Class A

  7,649   523,804
Virtu Financial, Inc. Class A

  10,603   181,205
          16,571,530
CHEMICALS — 2.8%  
Ashland, Inc.

  4,818   418,732
Axalta Coating Systems Ltd. (a)

  9,894   324,622
CF Industries Holdings, Inc.

  52,254   3,627,473
Dow, Inc.

  27,711   1,475,888
DuPont de Nemours, Inc.

  11,535   824,060
Eastman Chemical Co.

  8,512   712,625
Element Solutions, Inc.

  10,288   197,530
FMC Corp.

  5,098   531,925
Huntsman Corp.

  46,654   1,260,591
 
See accompanying notes to financial statements.
69


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
LyondellBasell Industries NV Class A

  42,244   $ 3,879,266
NewMarket Corp.

  1,665   669,530
RPM International, Inc.

  7,230   648,748
Westlake Corp.

  4,998   597,111
          15,168,101
COMMERCIAL SERVICES & SUPPLIES — 1.4%  
Clean Harbors, Inc. (a)

  8,799   1,446,819
Copart, Inc. (a)

  14,841   1,353,647
Driven Brands Holdings, Inc. (a)

  2,694   72,900
MSA Safety, Inc.

  2,509   436,466
RB Global, Inc.

  16,472   988,320
Republic Services, Inc.

  7,735   1,184,770
Rollins, Inc.

  19,099   818,010
Stericycle, Inc. (a)

  7,356   341,613
Tetra Tech, Inc.

  5,797   949,201
          7,591,746
COMMUNICATIONS EQUIPMENT — 0.6%  
F5, Inc. (a)

  16,105   2,355,518
Juniper Networks, Inc.

  25,531   799,886
Lumentum Holdings, Inc. (a)  (b)

  2,618   148,519
          3,303,923
CONSTRUCTION & ENGINEERING — 1.3%  
AECOM

  17,475   1,479,958
EMCOR Group, Inc.

  9,249   1,709,030
MDU Resources Group, Inc.

  53,498   1,120,248
Quanta Services, Inc.

  8,129   1,596,942
Valmont Industries, Inc.

  3,709   1,079,505
          6,985,683
CONSTRUCTION MATERIALS — 0.2%  
Eagle Materials, Inc.

  5,046   940,675
CONSUMER FINANCE — 0.4%  
Credit Acceptance Corp. (a)

  590   299,679
Discover Financial Services

  11,829   1,382,219
Synchrony Financial

  12,434   421,761
          2,103,659
CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.2%  
Albertsons Cos., Inc. Class A

  98,509   2,149,466
BJ's Wholesale Club Holdings, Inc. (a)

  19,558   1,232,350
Casey's General Stores, Inc.

  9,952   2,427,094
Dollar General Corp.

  9,481   1,609,684
Grocery Outlet Holding Corp. (a)

  15,535   475,526
Kroger Co.

  71,959   3,382,073
Walgreens Boots Alliance, Inc.

  26,294   749,116
          12,025,309
CONTAINERS & PACKAGING — 3.1%  
Amcor PLC

  121,288   1,210,454
AptarGroup, Inc.

  7,447   862,809
Ardagh Group SA (b)

  1,132   10,641
Ardagh Metal Packaging SA (b)

  16,633   62,540
Avery Dennison Corp.

  9,519   1,635,364
Security Description     Shares   Value
Ball Corp.

  15,041   $ 875,537
Berry Global Group, Inc.

  21,026   1,352,813
Crown Holdings, Inc.

  11,001   955,657
Graphic Packaging Holding Co.

  66,431   1,596,337
International Paper Co.

  88,074   2,801,634
Packaging Corp. of America

  19,361   2,558,750
Sealed Air Corp.

  17,851   714,040
Silgan Holdings, Inc.

  21,226   995,287
Sonoco Products Co.

  11,498   678,612
Westrock Co.

  28,887   839,745
          17,150,220
DISTRIBUTORS — 1.4%  
Genuine Parts Co.

  15,968   2,702,265
LKQ Corp.

  66,923   3,899,603
Pool Corp.

  3,037   1,137,782
          7,739,650
DIVERSIFIED CONSUMER SERVICES — 0.6%  
Grand Canyon Education, Inc. (a)

  7,614   785,841
H&R Block, Inc.

  40,572   1,293,030
Mister Car Wash, Inc. (a)  (b)

  3,317   32,009
Service Corp. International

  15,756   1,017,680
          3,128,560
DIVERSIFIED REITs — 0.2%  
WP Carey, Inc. REIT

  13,805   932,666
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.0% (c)  
Frontier Communications Parent, Inc. (a)

  12,533   233,615
GCI Liberty, Inc. (a)  (d)

  10,520  
          233,615
ELECTRIC UTILITIES — 3.8%  
Alliant Energy Corp.

  17,730   930,470
American Electric Power Co., Inc.

  23,035   1,939,547
Avangrid, Inc.

  6,258   235,802
Edison International

  18,980   1,318,161
Entergy Corp.

  18,159   1,768,142
Evergy, Inc.

  26,571   1,552,278
Eversource Energy

  25,372   1,799,382
Exelon Corp.

  46,927   1,911,806
FirstEnergy Corp.

  24,164   939,496
Hawaiian Electric Industries, Inc.

  29,277   1,059,827
IDACORP, Inc.

  7,978   818,543
NRG Energy, Inc.

  16,168   604,522
OGE Energy Corp.

  41,202   1,479,564
Pinnacle West Capital Corp.

  16,659   1,357,042
PPL Corp.

  40,496   1,071,524
Xcel Energy, Inc.

  30,449   1,893,014
          20,679,120
ELECTRICAL EQUIPMENT — 0.9%  
Acuity Brands, Inc.

  7,549   1,231,091
AMETEK, Inc.

  7,268   1,176,544
Hubbell, Inc.

  3,739   1,239,703
nVent Electric PLC

  7,060   364,790
Regal Rexnord Corp.

  2,323   357,510
 
See accompanying notes to financial statements.
70


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Sensata Technologies Holding PLC

  6,551   $ 294,729
          4,664,367
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.6%  
Amphenol Corp. Class A

  40,181   3,413,376
Arrow Electronics, Inc. (a)

  4,975   712,569
Avnet, Inc.

  16,654   840,194
CDW Corp.

  21,798   3,999,933
Corning, Inc.

  64,195   2,249,393
IPG Photonics Corp. (a)

  5,395   732,749
Jabil, Inc.

  34,560   3,730,061
Keysight Technologies, Inc. (a)

  6,805   1,139,497
Littelfuse, Inc.

  2,089   608,547
TD SYNNEX Corp.

  11,103   1,043,682
Teledyne Technologies, Inc. (a)

  1,597   656,543
Trimble, Inc. (a)

  7,637   404,303
Vontier Corp.

  12,269   395,184
          19,926,031
ENTERTAINMENT — 0.7%  
Electronic Arts, Inc.

  15,174   1,968,068
Liberty Media Corp.-Liberty Formula One Class A (a)

  1,125   76,072
Live Nation Entertainment, Inc. (a)

  12,961   1,180,877
Madison Square Garden Sports Corp.

  2,764   519,770
World Wrestling Entertainment, Inc. Class A

  3,413   370,208
          4,114,995
FINANCIAL SERVICES — 0.9%  
Corebridge Financial, Inc.

  7,643   134,975
Euronet Worldwide, Inc. (a)

  5,933   696,356
FleetCor Technologies, Inc. (a)

  2,304   578,488
Jack Henry & Associates, Inc.

  7,908   1,323,246
MGIC Investment Corp.

  21,582   340,780
Voya Financial, Inc.

  5,651   405,233
Western Union Co.

  77,542   909,568
WEX, Inc. (a)

  2,566   467,192
          4,855,838
FOOD PRODUCTS — 3.6%  
Archer-Daniels-Midland Co.

  76,178   5,756,010
Campbell Soup Co.

  15,958   729,440
Conagra Brands, Inc.

  26,542   894,996
Darling Ingredients, Inc. (a)

  6,028   384,526
Flowers Foods, Inc.

  50,216   1,249,374
Hershey Co.

  7,651   1,910,455
Hormel Foods Corp.

  30,818   1,239,500
Ingredion, Inc.

  12,320   1,305,304
J M Smucker Co.

  9,707   1,433,433
Kellogg Co.

  23,000   1,550,200
Pilgrim's Pride Corp. (a)

  10,972   235,788
Post Holdings, Inc. (a)

  11,103   962,075
Seaboard Corp.

  68   242,129
Tyson Foods, Inc. Class A

  32,586   1,663,189
          19,556,419
Security Description     Shares   Value
GAS UTILITIES — 0.7%  
Atmos Energy Corp.

  8,095   $ 941,772
National Fuel Gas Co.

  23,734   1,218,978
UGI Corp.

  55,821   1,505,493
          3,666,243
GROUND TRANSPORTATION — 1.6%  
Avis Budget Group, Inc. (a)

  3,634   830,987
JB Hunt Transport Services, Inc.

  13,859   2,508,895
Knight-Swift Transportation Holdings, Inc.

  33,876   1,882,151
Landstar System, Inc.

  9,554   1,839,527
Ryder System, Inc.

  4,568   387,321
Saia, Inc. (a)

  679   232,496
Schneider National, Inc. Class B

  14,634   420,288
U-Haul Holding Co. (b)  (e)

  2,025   112,023
U-Haul Holding Co. (e)

  5,767   292,214
          8,505,902
HEALTH CARE EQUIPMENT & SUPPLIES — 0.9%  
Enovis Corp. (a)

  14,009   898,257
Globus Medical, Inc. Class A (a)

  5,489   326,815
Hologic, Inc. (a)

  37,053   3,000,181
Integra LifeSciences Holdings Corp. (a)

  4,919   202,319
Teleflex, Inc.

  1,581   382,649
          4,810,221
HEALTH CARE PROVIDERS & SERVICES — 8.4%  
Acadia Healthcare Co., Inc. (a)

  9,114   725,839
Amedisys, Inc. (a)

  2,067   189,006
AmerisourceBergen Corp.

  36,495   7,022,733
Cardinal Health, Inc.

  56,312   5,325,426
Centene Corp. (a)

  89,795   6,056,673
Chemed Corp.

  2,808   1,521,009
CVS Health Corp.

  45,906   3,173,482
DaVita, Inc. (a)

  2,408   241,932
Encompass Health Corp.

  13,472   912,189
Henry Schein, Inc. (a)

  33,791   2,740,450
Humana, Inc.

  4,813   2,152,037
Laboratory Corp. of America Holdings

  8,141   1,964,668
McKesson Corp.

  12,895   5,510,162
Molina Healthcare, Inc. (a)

  11,810   3,557,644
Premier, Inc. Class A

  31,674   876,103
Quest Diagnostics, Inc.

  17,864   2,510,964
Tenet Healthcare Corp. (a)

  4,480   364,582
Universal Health Services, Inc. Class B

  7,536   1,188,955
          46,033,854
HEALTH CARE REITs — 0.3%  
Healthpeak Properties, Inc. REIT

  35,708   717,731
Medical Properties Trust, Inc. REIT (b)

  35,887   332,313
Omega Healthcare Investors, Inc. REIT

  25,761   790,605
          1,840,649
 
See accompanying notes to financial statements.
71


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
HOTEL & RESORT REITs — 0.1%  
Host Hotels & Resorts, Inc. REIT

  49,378   $ 831,032
HOTELS, RESTAURANTS & LEISURE — 1.8%  
Boyd Gaming Corp.

  15,299   1,061,292
Choice Hotels International, Inc. (b)

  2,765   324,943
Domino's Pizza, Inc.

  4,792   1,614,856
Expedia Group, Inc. (a)

  6,610   723,068
Hyatt Hotels Corp. Class A

  3,168   362,989
Marriott Vacations Worldwide Corp.

  4,394   539,232
MGM Resorts International

  20,659   907,343
Texas Roadhouse, Inc.

  3,924   440,587
Travel & Leisure Co.

  12,922   521,273
Vail Resorts, Inc.

  3,117   784,736
Wendy's Co.

  13,683   297,605
Yum! Brands, Inc.

  17,423   2,413,957
          9,991,881
HOUSEHOLD DURABLES — 2.7%  
Garmin Ltd.

  14,800   1,543,492
Leggett & Platt, Inc.

  9,955   294,867
Lennar Corp. Class A

  24,847   3,113,578
Mohawk Industries, Inc. (a)

  3,437   354,561
Newell Brands, Inc.

  13,892   120,860
NVR, Inc. (a)

  632   4,013,592
PulteGroup, Inc.

  27,345   2,124,160
Tempur Sealy International, Inc.

  7,738   310,062
Toll Brothers, Inc.

  29,505   2,332,960
Whirlpool Corp.

  3,026   450,238
          14,658,370
HOUSEHOLD PRODUCTS — 0.8%  
Church & Dwight Co., Inc.

  10,564   1,058,830
Clorox Co.

  6,240   992,410
Kimberly-Clark Corp.

  15,775   2,177,896
Reynolds Consumer Products, Inc. (b)

  5,932   167,579
Spectrum Brands Holdings, Inc.

  1,459   113,875
          4,510,590
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.2%  
AES Corp.

  23,312   483,258
Brookfield Renewable Corp. Class A

  8,731   275,201
Clearway Energy, Inc. Class A

  5,804   156,708
Clearway Energy, Inc. Class C

  12,633   360,798
          1,275,965
INDUSTRIAL CONGLOMERATES — 0.4%  
3M Co.

  23,050   2,307,074
INDUSTRIAL REITs — 0.4%  
EastGroup Properties, Inc. REIT

  3,732   647,875
First Industrial Realty Trust, Inc. REIT

  24,888   1,310,105
STAG Industrial, Inc. REIT

  11,423   409,857
          2,367,837
Security Description     Shares   Value
INSURANCE — 2.9%  
Arch Capital Group Ltd. (a)

  16,805   $ 1,257,854
Assurant, Inc.

  3,467   435,871
Assured Guaranty Ltd.

  3,899   217,564
Axis Capital Holdings Ltd.

  7,297   392,798
Brown & Brown, Inc.

  16,205   1,115,552
CNA Financial Corp.

  2,362   91,220
Everest Re Group Ltd.

  2,631   899,434
Fidelity National Financial, Inc.

  31,108   1,119,888
First American Financial Corp.

  9,382   534,962
Globe Life, Inc.

  7,360   806,803
Hanover Insurance Group, Inc.

  3,452   390,180
Kinsale Capital Group, Inc.

  1,385   518,267
Loews Corp.

  12,535   744,328
Old Republic International Corp.

  33,381   840,200
Primerica, Inc.

  2,523   498,948
Principal Financial Group, Inc.

  14,808   1,123,039
Reinsurance Group of America, Inc.

  4,521   627,017
RLI Corp.

  10,745   1,466,370
W R Berkley Corp.

  34,478   2,053,510
Willis Towers Watson PLC

  4,186   985,803
          16,119,608
IT SERVICES — 3.0%  
Akamai Technologies, Inc. (a)

  29,291   2,632,382
Amdocs Ltd.

  31,791   3,142,541
Cognizant Technology Solutions Corp. Class A

  86,851   5,669,633
Gartner, Inc. (a)

  6,329   2,217,112
VeriSign, Inc. (a)

  12,342   2,788,922
          16,450,590
LEISURE EQUIPMENT & PRODUCTS — 0.4%  
Brunswick Corp.

  3,969   343,874
Polaris, Inc.

  14,404   1,741,876
          2,085,750
LIFE SCIENCES TOOLS & SERVICES — 0.9%  
Agilent Technologies, Inc.

  11,003   1,323,111
Bio-Techne Corp.

  7,523   614,102
QIAGEN NV (a)  (b)

  20,402   918,702
Waters Corp. (a)

  3,848   1,025,646
West Pharmaceutical Services, Inc.

  3,034   1,160,414
          5,041,975
MACHINERY — 4.2%  
AGCO Corp.

  9,837   1,292,779
Allison Transmission Holdings, Inc.

  24,271   1,370,341
CNH Industrial NV

  60,076   865,094
Crane NXT Co.

  4,764   268,880
Cummins, Inc.

  4,896   1,200,303
Donaldson Co., Inc.

  18,895   1,181,126
Dover Corp.

  6,039   891,658
Esab Corp.

  3,353   223,109
Flowserve Corp.

  3,432   127,499
Fortive Corp.

  12,541   937,691
Gates Industrial Corp. PLC (a)

  3,794   51,143
Graco, Inc.

  14,521   1,253,888
 
See accompanying notes to financial statements.
72


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
IDEX Corp.

  3,894   $ 838,222
ITT, Inc.

  5,765   537,356
Lincoln Electric Holdings, Inc.

  4,347   863,445
Middleby Corp. (a)

  1,878   277,625
Nordson Corp.

  5,872   1,457,313
Oshkosh Corp.

  16,528   1,431,159
Otis Worldwide Corp.

  18,218   1,621,584
PACCAR, Inc.

  28,984   2,424,512
Snap-on, Inc.

  4,514   1,300,890
Timken Co.

  7,280   666,338
Toro Co.

  5,380   546,877
Westinghouse Air Brake Technologies Corp.

  10,555   1,157,567
          22,786,399
MARINE TRANSPORTATION — 0.1%  
Kirby Corp. (a)

  4,054   311,955
MEDIA — 1.9%  
Cable One, Inc.

  738   484,925
Charter Communications, Inc. Class A (a)

  3,870   1,421,722
Fox Corp. Class A

  21,474   730,116
Fox Corp. Class B

  11,320   360,995
Interpublic Group of Cos., Inc.

  21,446   827,387
Liberty Broadband Corp. Class A (a)

  1,707   136,099
Liberty Broadband Corp. Class C (a)

  10,077   807,268
Liberty Media Corp.-Liberty SiriusXM Class A (a)

  7,526   246,928
Liberty Media Corp.-Liberty SiriusXM Class C (a)

  17,839   583,870
New York Times Co. Class A

  16,478   648,904
News Corp. Class A

  42,717   832,981
News Corp. Class B

  13,062   257,583
Nexstar Media Group, Inc.

  8,748   1,456,979
Omnicom Group, Inc.

  11,225   1,068,059
Sirius XM Holdings, Inc. (b)

  134,392   608,796
          10,472,612
METALS & MINING — 1.5%  
Nucor Corp.

  15,676   2,570,550
Reliance Steel & Aluminum Co.

  15,627   4,244,137
Royal Gold, Inc.

  3,989   457,857
Steel Dynamics, Inc.

  8,078   879,937
          8,152,481
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.4%  
Annaly Capital Management, Inc. REIT

  47,689   954,257
Rithm Capital Corp. REIT

  75,537   706,271
Starwood Property Trust, Inc. REIT

  21,009   407,574
          2,068,102
MULTI-UTILITIES — 2.2%  
Ameren Corp.

  23,856   1,948,320
CenterPoint Energy, Inc.

  32,888   958,685
Security Description     Shares   Value
CMS Energy Corp.

  22,167   $ 1,302,311
Consolidated Edison, Inc.

  21,604   1,953,002
DTE Energy Co.

  16,574   1,823,471
NiSource, Inc.

  57,970   1,585,480
Public Service Enterprise Group, Inc.

  17,619   1,103,126
WEC Energy Group, Inc.

  17,327   1,528,934
          12,203,329
OFFICE REITs — 0.4%  
Boston Properties, Inc. REIT

  20,398   1,174,721
Cousins Properties, Inc. REIT

  10,670   243,276
Highwoods Properties, Inc. REIT

  11,812   282,425
Kilroy Realty Corp. REIT

  7,952   239,275
          1,939,697
OIL, GAS & CONSUMABLE FUELS — 4.4%  
Cheniere Energy, Inc.

  21,069   3,210,073
Chesapeake Energy Corp.

  24,145   2,020,454
Coterra Energy, Inc.

  81,188   2,054,056
Diamondback Energy, Inc.

  9,592   1,260,005
DT Midstream, Inc.

  5,497   272,486
HF Sinclair Corp.

  30,295   1,351,460
Marathon Petroleum Corp.

  33,840   3,945,744
ONEOK, Inc.

  19,589   1,209,033
Phillips 66

  27,282   2,602,157
Pioneer Natural Resources Co.

  11,755   2,435,401
Texas Pacific Land Corp.

  211   277,782
Valero Energy Corp.

  28,498   3,342,815
          23,981,466
PAPER & FOREST PRODUCTS — 0.0% (c)  
Louisiana-Pacific Corp.

  2,111   158,283
PASSENGER AIRLINES — 0.7%  
Alaska Air Group, Inc. (a)

  33,495   1,781,264
Southwest Airlines Co.

  50,732   1,837,006
          3,618,270
PERSONAL CARE PRODUCTS — 0.4%  
Coty, Inc. Class A (a)

  13,255   162,904
Estee Lauder Cos., Inc. Class A

  11,213   2,202,009
          2,364,913
PHARMACEUTICALS — 0.6%  
Jazz Pharmaceuticals PLC (a)

  9,003   1,116,102
Organon & Co.

  22,066   459,194
Royalty Pharma PLC Class A

  24,715   759,739
Viatris, Inc.

  73,038   728,919
          3,063,954
PROFESSIONAL SERVICES — 3.7%  
Booz Allen Hamilton Holding Corp.

  11,500   1,283,400
Broadridge Financial Solutions, Inc.

  8,446   1,398,911
CACI International, Inc. Class A (a)

  6,029   2,054,924
Concentrix Corp.

  3,965   320,174
Dun & Bradstreet Holdings, Inc.

  28,224   326,552
FTI Consulting, Inc. (a)

  3,197   608,070
Genpact Ltd.

  33,722   1,266,936
 
See accompanying notes to financial statements.
73


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Jacobs Solutions, Inc.

  10,709   $ 1,273,193
Leidos Holdings, Inc.

  36,482   3,227,927
ManpowerGroup, Inc.

  13,457   1,068,486
Paychex, Inc.

  12,474   1,395,466
Robert Half International, Inc.

  28,101   2,113,757
Science Applications International Corp.

  14,359   1,615,100
SS&C Technologies Holdings, Inc.

  18,130   1,098,678
Verisk Analytics, Inc.

  4,874   1,101,670
          20,153,244
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7%  
CBRE Group, Inc. Class A (a)

  36,072   2,911,371
Jones Lang LaSalle, Inc. (a)

  6,346   988,707
Lennar Corp. Class B

  1,565   176,814
          4,076,892
RESIDENTIAL REITs — 1.6%  
Apartment Income REIT Corp.

  39,754   1,434,722
AvalonBay Communities, Inc. REIT

  7,622   1,442,616
Camden Property Trust REIT

  15,415   1,678,231
Equity LifeStyle Properties, Inc. REIT

  14,167   947,631
Equity Residential REIT

  13,743   906,626
Essex Property Trust, Inc. REIT

  2,962   693,996
Mid-America Apartment Communities, Inc. REIT

  9,165   1,391,797
          8,495,619
RETAIL REITs — 0.7%  
Agree Realty Corp. REIT

  4,505   294,582
Federal Realty Investment Trust REIT

  8,696   841,512
NNN REIT, Inc.

  20,389   872,445
Regency Centers Corp. REIT

  16,555   1,022,602
Spirit Realty Capital, Inc. REIT

  15,459   608,776
          3,639,917
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.8%  
Cirrus Logic, Inc. (a)

  10,727   868,994
Qorvo, Inc. (a)

  6,548   668,093
Skyworks Solutions, Inc.

  21,360   2,364,338
Universal Display Corp.

  3,176   457,757
          4,359,182
SOFTWARE — 1.1%  
Black Knight, Inc. (a)

  21,378   1,276,908
Dolby Laboratories, Inc. Class A

  15,808   1,322,813
Dropbox, Inc. Class A (a)

  52,836   1,409,136
Manhattan Associates, Inc. (a)

  5,395   1,078,353
Teradata Corp. (a)

  13,515   721,836
          5,809,046
SPECIALIZED REITs — 1.8%  
CubeSmart REIT

  13,557   605,456
EPR Properties REIT

  7,787   364,432
Extra Space Storage, Inc. REIT

  9,033   1,344,562
Iron Mountain, Inc. REIT

  14,220   807,980
Security Description     Shares   Value
Lamar Advertising Co. Class A REIT

  10,823   $ 1,074,183
Life Storage, Inc. REIT

  4,053   538,887
National Storage Affiliates Trust REIT

  4,507   156,979
Public Storage REIT

  8,131   2,373,276
Rayonier, Inc. REIT

  10,166   319,212
Weyerhaeuser Co. REIT

  64,273   2,153,788
          9,738,755
SPECIALTY RETAIL — 3.5%  
Advance Auto Parts, Inc.

  4,267   299,970
AutoNation, Inc. (a)

  1,166   191,935
AutoZone, Inc. (a)

  968   2,413,572
Best Buy Co., Inc.

  31,622   2,591,423
Dick's Sporting Goods, Inc.

  4,262   563,394
Five Below, Inc. (a)

  2,627   516,311
Murphy USA, Inc.

  5,280   1,642,661
O'Reilly Automotive, Inc. (a)

  2,701   2,580,265
Penske Automotive Group, Inc.

  5,365   893,970
Petco Health & Wellness Co., Inc. (a)

  4,558   40,566
Tractor Supply Co.

  11,157   2,466,813
Ulta Beauty, Inc. (a)

  5,778   2,719,098
Williams-Sonoma, Inc.

  16,497   2,064,435
          18,984,413
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.5%  
Hewlett Packard Enterprise Co.

  204,416   3,434,189
HP, Inc.

  75,668   2,323,764
NetApp, Inc.

  31,559   2,411,108
          8,169,061
TEXTILES, APPAREL & LUXURY GOODS — 0.9%  
Carter's, Inc.

  5,965   433,059
Columbia Sportswear Co.

  8,609   664,959
Deckers Outdoor Corp. (a)

  2,133   1,125,499
Ralph Lauren Corp. (b)

  8,388   1,034,240
Skechers USA, Inc. Class A (a)

  18,578   978,317
Tapestry, Inc.

  14,412   616,834
          4,852,908
TRADING COMPANIES & DISTRIBUTORS — 1.4%  
Air Lease Corp.

  7,058   295,377
Core & Main, Inc. Class A (a)

  9,020   282,687
Fastenal Co.

  38,377   2,263,859
MSC Industrial Direct Co., Inc. Class A

  8,290   789,871
United Rentals, Inc.

  1,693   754,012
W.W. Grainger, Inc.

  2,149   1,694,680
Watsco, Inc. (b)

  3,717   1,417,924
          7,498,410
WATER UTILITIES — 0.1%  
Essential Utilities, Inc.

  18,912   754,778
TOTAL COMMON STOCKS

(Cost $499,787,760)

        545,381,239
 
See accompanying notes to financial statements.
74


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 0.5%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (f)  (g)

  516,604   $ 516,708
State Street Navigator Securities Lending Portfolio II (h)  (i)

  2,291,301   2,291,301
TOTAL SHORT-TERM INVESTMENTS

(Cost $2,808,009)

  2,808,009  
TOTAL INVESTMENTS — 100.3%

(Cost $502,595,769)

  548,189,248  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%

  (1,519,469)  
NET ASSETS — 100.0%

  $ 546,669,779  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) Amount is less than 0.05% of net assets.
(d) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2023, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
(e) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(g) The rate shown is the annualized seven-day yield at June 30, 2023.
(h) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(i) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
75


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 LOW VOLATILITY FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

At June 30, 2023, open futures contracts were as follows:
Description   Number of
Contracts
  Expiration
Date
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
E-mini Russell 1000 Growth Index (long)   9   09/15/2023   $1,076,364   $1,106,280   $29,916
 
During the period ended June 30, 2023, average notional value related to futures contracts was $937,924.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $545,381,239   $—   $ 0(a)   $545,381,239
Short-Term Investments

  2,808,009       2,808,009
TOTAL INVESTMENTS

  $548,189,248   $—   $ 0   $548,189,248
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts - Unrealized Appreciation

  $ 29,916   $—   $—   $ 29,916
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 29,916   $—   $—   $ 29,916
(a) The Fund held Level 3 securities that were valued at $0 at June 30, 2023.
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

360,085   $ 360,049   $20,407,449   $20,251,002   $204   $ 8   516,604   $ 516,708   $22,889
State Street Navigator Securities Lending Portfolio II

2,648,196   2,648,196   52,058,339   52,415,234       2,291,301   2,291,301   32,229
Total

    $3,008,245   $72,465,788   $72,666,236   $204   $ 8       $2,808,009   $ 55,118
See accompanying notes to financial statements.
76


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.1%  
Axon Enterprise, Inc. (a)

  301   $ 58,731
Boeing Co. (a)

  208   43,921
BWX Technologies, Inc.

  1,488   106,496
Curtiss-Wright Corp.

  554   101,748
General Dynamics Corp.

  542   116,611
HEICO Corp.

  388   68,653
HEICO Corp. Class A

  974   136,945
Hexcel Corp.

  1,170   88,943
Howmet Aerospace, Inc.

  3,478   172,370
Huntington Ingalls Industries, Inc.

  514   116,986
L3Harris Technologies, Inc.

  139   27,212
Lockheed Martin Corp.

  234   107,729
Northrop Grumman Corp.

  155   70,649
Raytheon Technologies Corp.

  553   54,172
Textron, Inc.

  2,840   192,069
TransDigm Group, Inc.

  107   95,676
Woodward, Inc.

  839   99,766
          1,658,677
AIR FREIGHT & LOGISTICS — 1.1%  
CH Robinson Worldwide, Inc.

  3,847   362,964
Expeditors International of Washington, Inc.

  4,843   586,633
FedEx Corp.

  1,994   494,313
GXO Logistics, Inc. (a)

  2,271   142,664
United Parcel Service, Inc. Class B

  795   142,504
          1,729,078
AUTOMOBILE COMPONENTS — 0.7%  
Aptiv PLC (a)

  720   73,505
BorgWarner, Inc.

  11,512   563,052
Gentex Corp.

  5,465   159,906
Lear Corp.

  2,063   296,143
          1,092,606
AUTOMOBILES — 0.9%  
Ford Motor Co.

  37,932   573,911
General Motors Co.

  9,082   350,202
Harley-Davidson, Inc.

  2,007   70,667
Tesla, Inc. (a)

  59   15,444
Thor Industries, Inc.

  3,886   402,201
          1,412,425
BANKS — 0.9%  
Bank of New York Mellon Corp.

  1,685   75,016
Bank OZK

  1,109   44,537
BOK Financial Corp.

  323   26,092
Citigroup, Inc.

  796   36,648
Citizens Financial Group, Inc.

  1,013   26,419
Columbia Banking System, Inc.

  1,639   33,239
Comerica, Inc.

  278   11,776
Commerce Bancshares, Inc.

  168   8,182
Cullen/Frost Bankers, Inc.

  160   17,205
East West Bancorp, Inc.

  749   39,540
Fifth Third Bancorp

  1,189   31,164
Security Description     Shares   Value
First Citizens BancShares, Inc. Class A

  73   $ 93,692
First Hawaiian, Inc.

  490   8,825
First Horizon Corp.

  4,319   48,675
FNB Corp.

  3,628   41,504
Goldman Sachs Group, Inc.

  174   56,122
Huntington Bancshares, Inc.

  6,185   66,674
JPMorgan Chase & Co.

  126   18,325
KeyCorp

  1,681   15,532
M&T Bank Corp.

  201   24,876
Morgan Stanley

  140   11,956
New York Community Bancorp, Inc.

  2,198   24,706
Northern Trust Corp.

  315   23,354
NU Holdings Ltd. Class A (a)

  16,051   126,642
PNC Financial Services Group, Inc.

  189   23,805
Popular, Inc.

  247   14,948
Prosperity Bancshares, Inc.

  259   14,628
Regions Financial Corp.

  2,696   48,043
State Street Corp. (b)

  1,863   136,334
Synovus Financial Corp.

  550   16,638
Truist Financial Corp.

  560   16,996
U.S. Bancorp

  413   13,646
Webster Financial Corp.

  528   19,932
Wells Fargo & Co.

  677   28,894
Western Alliance Bancorp

  1,907   69,548
Wintrust Financial Corp.

  235   17,066
Zions Bancorp NA

  308   8,273
          1,339,452
BEVERAGES — 0.5%  
Boston Beer Co., Inc. Class A (a)

  247   76,185
Brown-Forman Corp. Class A

  250   17,017
Brown-Forman Corp. Class B

  496   33,123
Celsius Holdings, Inc. (a)  (c)

  494   73,700
Coca-Cola Co.

  472   28,424
Constellation Brands, Inc. Class A

  426   104,851
Keurig Dr Pepper, Inc.

  1,289   40,307
Molson Coors Beverage Co. Class B

  2,686   176,846
Monster Beverage Corp. (a)

  2,731   156,869
PepsiCo, Inc.

  290   53,714
          761,036
BIOTECHNOLOGY — 1.2%  
AbbVie, Inc.

  517   69,656
Amgen, Inc.

  262   58,169
Biogen, Inc. (a)

  467   133,025
BioMarin Pharmaceutical, Inc. (a)

  706   61,196
Exact Sciences Corp. (a)

  245   23,006
Exelixis, Inc. (a)

  5,655   108,067
Gilead Sciences, Inc.

  2,415   186,124
Horizon Therapeutics PLC (a)

  1,831   188,318
Incyte Corp. (a)

  1,159   72,148
Karuna Therapeutics, Inc. (a)

  91   19,733
Moderna, Inc. (a)

  2,276   276,534
Neurocrine Biosciences, Inc. (a)

  903   85,153
 
See accompanying notes to financial statements.
77


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Regeneron Pharmaceuticals, Inc. (a)

  188   $ 135,086
Seagen, Inc. (a)

  181   34,835
United Therapeutics Corp. (a)

  515   113,686
Vertex Pharmaceuticals, Inc. (a)

  780   274,490
          1,839,226
BROADLINE RETAIL — 0.4%  
Amazon.com, Inc. (a)

  200   26,072
Coupang, Inc. (a)

  7,231   125,820
eBay, Inc.

  3,058   136,662
Etsy, Inc. (a)

  1,610   136,222
Macy's, Inc.

  923   14,814
Nordstrom, Inc.

  608   12,446
Ollie's Bargain Outlet Holdings, Inc. (a)

  1,967   113,948
          565,984
BUILDING PRODUCTS — 3.3%  
A.O. Smith Corp.

  3,238   235,662
Advanced Drainage Systems, Inc.

  2,836   322,680
Allegion PLC

  484   58,090
Armstrong World Industries, Inc.

  350   25,711
AZEK Co., Inc. (a)

  1,449   43,890
Builders FirstSource, Inc. (a)

  9,663   1,314,168
Carlisle Cos., Inc.

  1,124   288,340
Carrier Global Corp.

  7,718   383,662
Fortune Brands Innovations, Inc.

  5,494   395,293
Hayward Holdings, Inc. (a)  (c)

  1,052   13,518
Johnson Controls International PLC

  3,953   269,357
Lennox International, Inc.

  655   213,576
Masco Corp.

  5,504   315,820
Owens Corning

  6,365   830,632
Trane Technologies PLC

  1,910   365,307
Trex Co., Inc. (a)

  2,627   172,226
          5,247,932
CAPITAL MARKETS — 2.7%  
Affiliated Managers Group, Inc.

  2,704   405,303
Ameriprise Financial, Inc.

  514   170,730
Ares Management Corp. Class A

  320   30,832
BlackRock, Inc.

  118   81,555
Blackstone, Inc.

  782   72,703
Blue Owl Capital, Inc.

  1,447   16,858
Carlyle Group, Inc.

  2,374   75,849
Cboe Global Markets, Inc.

  851   117,446
Charles Schwab Corp.

  413   23,409
CME Group, Inc.

  86   15,935
Evercore, Inc. Class A

  2,734   337,895
FactSet Research Systems, Inc.

  605   242,393
Franklin Resources, Inc.

  5,339   142,605
Houlihan Lokey, Inc.

  1,268   124,657
Interactive Brokers Group, Inc. Class A

  1,125   93,454
Intercontinental Exchange, Inc.

  356   40,256
Invesco Ltd.

  3,582   60,213
Janus Henderson Group PLC

  4,319   117,693
Security Description     Shares   Value
Jefferies Financial Group, Inc.

  1,322   $ 43,851
Lazard Ltd. Class A

  2,287   73,184
LPL Financial Holdings, Inc.

  2,184   474,867
MarketAxess Holdings, Inc.

  669   174,890
Moody's Corp.

  542   188,464
Morningstar, Inc.

  76   14,901
MSCI, Inc.

  589   276,412
Nasdaq, Inc.

  2,150   107,177
Raymond James Financial, Inc.

  569   59,045
S&P Global, Inc.

  257   103,029
SEI Investments Co.

  2,722   162,286
Stifel Financial Corp.

  987   58,894
T Rowe Price Group, Inc.

  2,422   271,312
TPG, Inc.

  774   22,647
Tradeweb Markets, Inc. Class A

  955   65,398
Virtu Financial, Inc. Class A

  706   12,066
XP, Inc. Class A (a)

  1,373   32,211
          4,310,420
CHEMICALS — 2.6%  
Air Products & Chemicals, Inc.

  563   168,635
Albemarle Corp.

  2,326   518,907
Ashland, Inc.

  437   37,980
Axalta Coating Systems Ltd. (a)

  3,339   109,553
Celanese Corp.

  98   11,348
CF Industries Holdings, Inc.

  2,098   145,643
Chemours Co.

  2,447   90,270
Corteva, Inc.

  2,873   164,623
Dow, Inc.

  5,407   287,977
DuPont de Nemours, Inc.

  3,184   227,465
Eastman Chemical Co.

  1,490   124,743
Ecolab, Inc.

  603   112,574
Element Solutions, Inc.

  2,228   42,778
FMC Corp.

  724   75,542
Huntsman Corp.

  3,618   97,758
International Flavors & Fragrances, Inc.

  220   17,510
Linde PLC

  250   95,270
LyondellBasell Industries NV Class A

  5,374   493,494
Mosaic Co.

  4,546   159,110
NewMarket Corp.

  283   113,800
Olin Corp.

  8,210   421,912
PPG Industries, Inc.

  1,199   177,812
RPM International, Inc.

  949   85,154
Sherwin-Williams Co.

  410   108,863
Westlake Corp.

  1,458   174,187
          4,062,908
COMMERCIAL SERVICES & SUPPLIES — 1.3%  
Cintas Corp.

  427   212,253
Clean Harbors, Inc. (a)

  2,596   426,860
Copart, Inc. (a)

  3,582   326,714
Driven Brands Holdings, Inc. (a)

  295   7,983
MSA Safety, Inc.

  490   85,240
RB Global, Inc.

  4,113   246,780
Republic Services, Inc.

  910   139,385
 
See accompanying notes to financial statements.
78


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Rollins, Inc.

  2,592   $ 111,015
Stericycle, Inc. (a)

  1,286   59,722
Tetra Tech, Inc.

  1,308   214,172
Waste Management, Inc.

  1,180   204,636
          2,034,760
COMMUNICATIONS EQUIPMENT — 0.7%  
Arista Networks, Inc. (a)

  1,534   248,600
Ciena Corp. (a)

  234   9,943
Cisco Systems, Inc.

  1,964   101,617
F5, Inc. (a)

  1,337   195,550
Juniper Networks, Inc.

  2,328   72,936
Lumentum Holdings, Inc. (a)  (c)

  301   17,076
Motorola Solutions, Inc.

  847   248,408
Viasat, Inc. (a)

  5,104   210,591
          1,104,721
CONSTRUCTION & ENGINEERING — 1.2%  
AECOM

  2,929   248,057
EMCOR Group, Inc.

  3,401   628,437
MasTec, Inc. (a)

  494   58,277
MDU Resources Group, Inc.

  5,938   124,341
Quanta Services, Inc.

  1,942   381,506
Valmont Industries, Inc.

  779   226,728
WillScot Mobile Mini Holdings Corp. (a)

  4,658   222,606
          1,889,952
CONSTRUCTION MATERIALS — 0.5%  
Eagle Materials, Inc.

  1,862   347,114
Martin Marietta Materials, Inc.

  317   146,356
Vulcan Materials Co.

  940   211,913
          705,383
CONSUMER FINANCE — 0.7%  
Ally Financial, Inc.

  606   16,368
American Express Co.

  406   70,725
Capital One Financial Corp.

  855   93,511
Credit Acceptance Corp. (a)

  135   68,571
Discover Financial Services

  3,088   360,833
OneMain Holdings, Inc.

  3,344   146,099
SLM Corp.

  2,685   43,819
Synchrony Financial

  6,641   225,263
          1,025,189
CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.6%  
Albertsons Cos., Inc. Class A

  12,314   268,692
BJ's Wholesale Club Holdings, Inc. (a)

  8,393   528,843
Casey's General Stores, Inc.

  2,077   506,539
Costco Wholesale Corp.

  198   106,599
Dollar General Corp.

  599   101,698
Dollar Tree, Inc. (a)

  2,888   414,428
Grocery Outlet Holding Corp. (a)

  845   25,865
Kroger Co.

  9,947   467,509
Performance Food Group Co. (a)

  5,347   322,103
Sysco Corp.

  3,106   230,465
Target Corp.

  2,822   372,222
Security Description     Shares   Value
U.S. Foods Holding Corp. (a)

  16,228   $ 714,032
Walgreens Boots Alliance, Inc.

  1,436   40,912
Walmart, Inc.

  334   52,498
          4,152,405
CONTAINERS & PACKAGING — 1.2%  
Amcor PLC

  8,343   83,263
AptarGroup, Inc.

  1,083   125,476
Ardagh Group SA (c)

  1,422   13,367
Avery Dennison Corp.

  1,477   253,749
Ball Corp.

  1,118   65,079
Berry Global Group, Inc.

  4,464   287,214
Crown Holdings, Inc.

  1,297   112,670
Graphic Packaging Holding Co.

  16,330   392,410
International Paper Co.

  2,345   74,594
Packaging Corp. of America

  1,360   179,738
Sealed Air Corp.

  902   36,080
Silgan Holdings, Inc.

  3,918   183,715
Sonoco Products Co.

  1,620   95,612
Westrock Co.

  1,701   49,448
          1,952,415
DISTRIBUTORS — 0.8%  
Genuine Parts Co.

  3,137   530,875
LKQ Corp.

  8,272   482,009
Pool Corp.

  756   283,228
          1,296,112
DIVERSIFIED CONSUMER SERVICES — 0.3%  
ADT, Inc.

  1,509   9,099
Bright Horizons Family Solutions, Inc. (a)

  693   64,068
Grand Canyon Education, Inc. (a)

  1,543   159,253
H&R Block, Inc.

  3,602   114,796
Service Corp. International

  1,302   84,096
          431,312
DIVERSIFIED REITs — 0.0% (d)  
WP Carey, Inc. REIT

  372   25,132
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.1%  
AT&T, Inc.

  5,395   86,050
Frontier Communications Parent, Inc. (a)

  986   18,379
GCI Liberty, Inc. (a)  (e)

  6,909  
Iridium Communications, Inc.

  1,291   80,197
Verizon Communications, Inc.

  882   32,802
          217,428
ELECTRIC UTILITIES — 1.5%  
Alliant Energy Corp.

  1,088   57,098
American Electric Power Co., Inc.

  1,390   117,038
Avangrid, Inc.

  234   8,817
Constellation Energy Corp.

  564   51,634
Duke Energy Corp.

  673   60,395
Edison International

  3,225   223,976
Entergy Corp.

  1,290   125,607
Evergy, Inc.

  1,932   112,868
Eversource Energy

  1,317   93,402
 
See accompanying notes to financial statements.
79


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Exelon Corp.

  3,008   $ 122,546
FirstEnergy Corp.

  3,065   119,167
Hawaiian Electric Industries, Inc.

  1,592   57,630
IDACORP, Inc.

  725   74,385
NextEra Energy, Inc.

  671   49,788
NRG Energy, Inc.

  3,210   120,022
OGE Energy Corp.

  3,664   131,574
PG&E Corp. (a)

  19,733   340,986
Pinnacle West Capital Corp.

  2,567   209,108
PPL Corp.

  3,519   93,113
Southern Co.

  1,722   120,971
Xcel Energy, Inc.

  2,063   128,257
          2,418,382
ELECTRICAL EQUIPMENT — 1.1%  
Acuity Brands, Inc.

  1,028   167,646
AMETEK, Inc.

  1,413   228,736
Eaton Corp. PLC

  844   169,728
Emerson Electric Co.

  332   30,010
Hubbell, Inc.

  1,053   349,133
nVent Electric PLC

  4,696   242,642
Regal Rexnord Corp.

  1,652   254,243
Rockwell Automation, Inc.

  622   204,918
Sensata Technologies Holding PLC

  776   34,912
Vertiv Holdings Co.

  3,432   85,011
          1,766,979
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.8%  
Amphenol Corp. Class A

  5,912   502,224
Arrow Electronics, Inc. (a)

  1,327   190,066
Avnet, Inc.

  3,587   180,964
CDW Corp.

  4,570   838,595
Cognex Corp.

  3,164   177,247
Corning, Inc.

  7,738   271,140
IPG Photonics Corp. (a)

  1,585   215,275
Jabil, Inc.

  9,814   1,059,225
Keysight Technologies, Inc. (a)

  1,569   262,729
Littelfuse, Inc.

  301   87,684
National Instruments Corp.

  1,988   114,111
TD SYNNEX Corp.

  2,286   214,884
Teledyne Technologies, Inc. (a)

  281   115,522
Trimble, Inc. (a)

  514   27,211
Vontier Corp.

  3,156   101,655
Zebra Technologies Corp. Class A (a)

  338   99,991
          4,458,523
ENERGY EQUIPMENT & SERVICES — 0.2%  
Baker Hughes Co.

  1,317   41,631
Halliburton Co.

  2,078   68,553
Schlumberger NV

  1,827   89,742
TechnipFMC PLC (a)

  6,326   105,138
          305,064
ENTERTAINMENT — 0.6%  
Activision Blizzard, Inc. (a)

  666   56,144
Electronic Arts, Inc.

  1,016   131,775
Security Description     Shares   Value
Liberty Media Corp.-Liberty Formula One Class A (a)

  367   $ 24,817
Liberty Media Corp.-Liberty Formula One Class C (a)

  1,117   84,088
Live Nation Entertainment, Inc. (a)

  2,388   217,571
Madison Square Garden Sports Corp.

  466   87,631
Netflix, Inc. (a)

  109   48,013
ROBLOX Corp. Class A (a)

  965   38,890
Spotify Technology SA (a)

  293   47,041
Walt Disney Co. (a)

  351   31,337
World Wrestling Entertainment, Inc. Class A

  1,488   161,403
          928,710
FINANCIAL SERVICES — 1.0%  
Apollo Global Management, Inc.

  127   9,755
Corebridge Financial, Inc.

  2,252   39,770
Equitable Holdings, Inc.

  1,425   38,703
Euronet Worldwide, Inc. (a)

  1,203   141,196
Fidelity National Information Services, Inc.

  482   26,365
Fiserv, Inc. (a)

  1,010   127,411
FleetCor Technologies, Inc. (a)

  404   101,436
Global Payments, Inc.

  968   95,367
Jack Henry & Associates, Inc.

  485   81,155
Mastercard, Inc. Class A

  99   38,937
MGIC Investment Corp.

  21,830   344,696
PayPal Holdings, Inc. (a)

  1,022   68,198
Rocket Cos., Inc. Class A (a)

  2,334   20,913
Shift4 Payments, Inc. Class A (a)  (c)

  693   47,062
Toast, Inc. Class A (a)  (c)

  10,396   234,638
UWM Holdings Corp.

  2,320   12,992
Visa, Inc. Class A

  152   36,097
Voya Financial, Inc.

  845   60,595
Western Union Co.

  1,763   20,680
WEX, Inc. (a)

  527   95,951
          1,641,917
FOOD PRODUCTS — 1.7%  
Archer-Daniels-Midland Co.

  5,322   402,130
Bunge Ltd.

  186   17,549
Campbell Soup Co.

  2,122   96,997
Conagra Brands, Inc.

  4,595   154,943
Darling Ingredients, Inc. (a)

  1,591   101,490
Flowers Foods, Inc.

  6,073   151,096
Freshpet, Inc. (a)

  187   12,306
General Mills, Inc.

  2,755   211,309
Hershey Co.

  1,120   279,664
Hormel Foods Corp.

  1,271   51,120
Ingredion, Inc.

  1,815   192,299
J M Smucker Co.

  1,275   188,279
Kellogg Co.

  1,858   125,229
Kraft Heinz Co.

  1,975   70,113
Lamb Weston Holdings, Inc.

  1,560   179,322
McCormick & Co., Inc.

  766   66,818
 
See accompanying notes to financial statements.
80


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Mondelez International, Inc. Class A

  1,316   $ 95,989
Pilgrim's Pride Corp. (a)

  343   7,371
Post Holdings, Inc. (a)

  1,091   94,535
Seaboard Corp.

  16   56,972
Tyson Foods, Inc. Class A

  1,223   62,422
          2,617,953
GAS UTILITIES — 0.1%  
Atmos Energy Corp.

  914   106,335
National Fuel Gas Co.

  718   36,876
UGI Corp.

  1,327   35,789
          179,000
GROUND TRANSPORTATION — 2.0%  
Avis Budget Group, Inc. (a)

  335   76,604
CSX Corp.

  5,368   183,049
Hertz Global Holdings, Inc. (a)

  1,148   21,112
JB Hunt Transport Services, Inc.

  1,460   264,304
Knight-Swift Transportation Holdings, Inc.

  7,694   427,479
Landstar System, Inc.

  2,486   478,654
Norfolk Southern Corp.

  665   150,795
Old Dominion Freight Line, Inc.

  1,026   379,363
Ryder System, Inc.

  1,573   133,375
Saia, Inc. (a)

  1,109   379,733
Schneider National, Inc. Class B

  4,156   119,360
Uber Technologies, Inc. (a)

  1,115   48,135
U-Haul Holding Co. (c)  (f)

  549   30,371
U-Haul Holding Co. (f)

  1,714   86,848
Union Pacific Corp.

  220   45,016
XPO, Inc. (a)

  4,329   255,411
          3,079,609
HEALTH CARE EQUIPMENT & SUPPLIES — 2.1%  
Abbott Laboratories

  513   55,927
Align Technology, Inc. (a)

  924   326,763
Baxter International, Inc.

  582   26,516
Becton Dickinson & Co.

  166   43,826
Boston Scientific Corp. (a)

  1,320   71,399
Cooper Cos., Inc.

  269   103,143
DENTSPLY SIRONA, Inc.

  740   29,615
Dexcom, Inc. (a)

  977   125,554
Edwards Lifesciences Corp. (a)

  2,975   280,632
Enovis Corp. (a)

  1,686   108,106
Envista Holdings Corp. (a)

  731   24,737
GE HealthCare Technologies, Inc.

  3,227   262,162
Globus Medical, Inc. Class A (a)

  1,837   109,375
Hologic, Inc. (a)

  4,121   333,677
IDEXX Laboratories, Inc. (a)

  492   247,097
Inspire Medical Systems, Inc. (a)

  251   81,485
Insulet Corp. (a)

  40   11,534
Integra LifeSciences Holdings Corp. (a)

  415   17,069
Intuitive Surgical, Inc. (a)

  565   193,196
Masimo Corp. (a)

  142   23,366
Medtronic PLC

  953   83,959
Security Description     Shares   Value
ResMed, Inc.

  550   $ 120,175
Shockwave Medical, Inc. (a)

  871   248,592
STERIS PLC

  440   98,991
Stryker Corp.

  243   74,137
Teleflex, Inc.

  227   54,941
Zimmer Biomet Holdings, Inc.

  1,027   149,531
          3,305,505
HEALTH CARE PROVIDERS & SERVICES — 5.0%  
Acadia Healthcare Co., Inc. (a)

  1,305   103,930
AmerisourceBergen Corp.

  4,673   899,225
Cardinal Health, Inc.

  16,863   1,594,734
Centene Corp. (a)

  2,815   189,872
Chemed Corp.

  349   189,043
Cigna Group

  1,117   313,430
CVS Health Corp.

  1,196   82,679
DaVita, Inc. (a)

  2,133   214,302
Elevance Health, Inc.

  459   203,929
Encompass Health Corp.

  3,922   265,559
HCA Healthcare, Inc.

  1,209   366,907
Henry Schein, Inc. (a)

  2,946   238,921
Humana, Inc.

  930   415,831
Laboratory Corp. of America Holdings

  499   120,424
McKesson Corp.

  2,773   1,184,931
Molina Healthcare, Inc. (a)

  1,761   530,484
Premier, Inc. Class A

  3,899   107,846
Quest Diagnostics, Inc.

  1,164   163,612
Tenet Healthcare Corp. (a)

  2,649   215,576
UnitedHealth Group, Inc.

  30   14,419
Universal Health Services, Inc. Class B

  2,329   367,446
          7,783,100
HEALTH CARE REITs — 0.1%  
Healthpeak Properties, Inc. REIT

  1,117   22,452
Medical Properties Trust, Inc. REIT (c)

  906   8,389
Omega Healthcare Investors, Inc. REIT

  3,506   107,599
Ventas, Inc. REIT

  234   11,061
Welltower, Inc. REIT

  184   14,884
          164,385
HEALTH CARE TECHNOLOGY — 0.1%  
Certara, Inc. (a)

  930   16,935
Doximity, Inc. Class A (a)  (c)

  1,316   44,770
Teladoc Health, Inc. (a)

  420   10,635
Veeva Systems, Inc. Class A (a)

  541   106,972
          179,312
HOTEL & RESORT REITs — 0.1%  
Host Hotels & Resorts, Inc. REIT

  11,651   196,086
Park Hotels & Resorts, Inc. REIT

  2,020   25,897
          221,983
HOTELS, RESTAURANTS & LEISURE — 3.7%  
Airbnb, Inc. Class A (a)

  2,085   267,214
 
See accompanying notes to financial statements.
81


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Aramark

  8,537   $ 367,518
Booking Holdings, Inc. (a)

  131   353,743
Boyd Gaming Corp.

  3,256   225,869
Caesars Entertainment, Inc. (a)

  1,668   85,018
Carnival Corp. (a)

  670   12,616
Chipotle Mexican Grill, Inc. (a)

  137   293,043
Choice Hotels International, Inc. (c)

  364   42,777
Churchill Downs, Inc.

  270   37,576
Darden Restaurants, Inc.

  3,762   628,555
Domino's Pizza, Inc.

  310   104,467
DoorDash, Inc. Class A (a)

  360   27,511
Expedia Group, Inc. (a)

  2,654   290,321
Hilton Worldwide Holdings, Inc.

  1,333   194,018
Hyatt Hotels Corp. Class A

  1,541   176,568
Las Vegas Sands Corp. (a)

  1,336   77,488
Marriott International, Inc. Class A

  881   161,831
Marriott Vacations Worldwide Corp.

  841   103,207
McDonald's Corp.

  194   57,891
MGM Resorts International

  14,282   627,265
Norwegian Cruise Line Holdings Ltd. (a)

  1,746   38,010
Penn Entertainment, Inc. (a)  (c)

  1,363   32,753
Royal Caribbean Cruises Ltd. (a)

  892   92,536
Starbucks Corp.

  2,396   237,348
Texas Roadhouse, Inc.

  4,004   449,569
Travel & Leisure Co.

  2,043   82,415
Vail Resorts, Inc.

  421   105,991
Wendy's Co.

  2,568   55,854
Wingstop, Inc.

  517   103,483
Wyndham Hotels & Resorts, Inc.

  911   62,467
Wynn Resorts Ltd.

  370   39,076
Yum! Brands, Inc.

  2,336   323,653
          5,757,651
HOUSEHOLD DURABLES — 3.1%  
DR Horton, Inc.

  2,614   318,098
Garmin Ltd.

  2,208   230,272
Leggett & Platt, Inc.

  2,735   81,011
Lennar Corp. Class A

  8,733   1,094,332
Mohawk Industries, Inc. (a)

  252   25,996
NVR, Inc. (a)

  155   984,346
PulteGroup, Inc.

  9,251   718,618
Tempur Sealy International, Inc.

  6,924   277,445
Toll Brothers, Inc.

  8,139   643,551
TopBuild Corp. (a)

  1,670   444,253
Whirlpool Corp.

  326   48,505
          4,866,427
HOUSEHOLD PRODUCTS — 0.5%  
Church & Dwight Co., Inc.

  1,427   143,028
Clorox Co.

  985   156,655
Colgate-Palmolive Co.

  1,508   116,176
Kimberly-Clark Corp.

  1,864   257,344
Procter & Gamble Co.

  297   45,067
Reynolds Consumer Products, Inc.

  908   25,651
Spectrum Brands Holdings, Inc.

  167   13,034
          756,955
Security Description     Shares   Value
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.2%  
AES Corp.

  6,414   $ 132,962
Brookfield Renewable Corp. Class A

  1,481   46,681
Clearway Energy, Inc. Class A

  584   15,768
Clearway Energy, Inc. Class C

  929   26,533
Vistra Corp.

  780   20,475
          242,419
INDUSTRIAL CONGLOMERATES — 0.2%  
3M Co.

  635   63,557
General Electric Co.

  1,160   127,426
Honeywell International, Inc.

  328   68,060
          259,043
INDUSTRIAL REITs — 0.2%  
Americold Realty Trust, Inc. REIT

  200   6,460
EastGroup Properties, Inc. REIT

  425   73,780
First Industrial Realty Trust, Inc. REIT

  2,758   145,181
Prologis, Inc. REIT

  512   62,787
Rexford Industrial Realty, Inc. REIT

  349   18,225
STAG Industrial, Inc. REIT

  1,546   55,470
          361,903
INSURANCE — 2.9%  
Aflac, Inc.

  3,645   254,421
Allstate Corp.

  318   34,675
American Financial Group, Inc.

  483   57,356
American International Group, Inc.

  2,506   144,195
Aon PLC Class A

  867   299,288
Arch Capital Group Ltd. (a)

  4,112   307,783
Arthur J Gallagher & Co.

  695   152,601
Assurant, Inc.

  102   12,823
Assured Guaranty Ltd.

  610   34,038
Axis Capital Holdings Ltd.

  511   27,507
Brighthouse Financial, Inc. (a)

  192   9,091
Brown & Brown, Inc.

  3,208   220,839
Chubb Ltd.

  535   103,020
Everest Re Group Ltd.

  542   185,288
Fidelity National Financial, Inc.

  3,389   122,004
First American Financial Corp.

  1,297   73,955
Globe Life, Inc.

  1,179   129,242
Hanover Insurance Group, Inc.

  120   13,564
Hartford Financial Services Group, Inc.

  2,548   183,507
Kinsale Capital Group, Inc.

  617   230,881
Loews Corp.

  1,122   66,624
Markel Group, Inc. (a)

  17   23,514
Marsh & McLennan Cos., Inc.

  1,263   237,545
MetLife, Inc.

  562   31,770
Old Republic International Corp.

  6,610   166,374
Primerica, Inc.

  687   135,861
Principal Financial Group, Inc.

  2,213   167,834
Progressive Corp.

  481   63,670
Prudential Financial, Inc.

  335   29,554
 
See accompanying notes to financial statements.
82


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Reinsurance Group of America, Inc.

  805   $ 111,645
RLI Corp.

  1,621   221,218
Ryan Specialty Holdings, Inc. (a)

  919   41,254
Travelers Cos., Inc.

  915   158,899
Unum Group

  4,395   209,642
W R Berkley Corp.

  1,581   94,164
Willis Towers Watson PLC

  577   135,884
          4,491,530
INTERACTIVE MEDIA & SERVICES — 0.4%  
Alphabet, Inc. Class A (a)

  698   83,551
Alphabet, Inc. Class C (a)

  638   77,179
Meta Platforms, Inc. Class A (a)

  335   96,138
Pinterest, Inc. Class A (a)

  10,811   295,573
TripAdvisor, Inc. (a)

  2,866   47,260
ZoomInfo Technologies, Inc. (a)

  3,735   94,832
          694,533
IT SERVICES — 2.5%  
Accenture PLC Class A

  164   50,607
Akamai Technologies, Inc. (a)

  2,094   188,188
Amdocs Ltd.

  6,837   675,838
Cloudflare, Inc. Class A (a)

  1,237   80,863
Cognizant Technology Solutions Corp. Class A

  9,306   607,496
DXC Technology Co. (a)

  8,160   218,035
EPAM Systems, Inc. (a)

  463   104,059
Gartner, Inc. (a)

  1,581   553,840
Globant SA (a)

  363   65,238
GoDaddy, Inc. Class A (a)

  2,849   214,045
International Business Machines Corp.

  569   76,138
Kyndryl Holdings, Inc. (a)

  8,880   117,926
MongoDB, Inc. (a)

  63   25,892
Okta, Inc. (a)

  212   14,702
Snowflake, Inc. Class A (a)

  1,373   241,621
VeriSign, Inc. (a)

  2,818   636,784
          3,871,272
LEISURE EQUIPMENT & PRODUCTS — 0.4%  
Brunswick Corp.

  3,254   281,927
Hasbro, Inc.

  158   10,234
Mattel, Inc. (a)

  2,075   40,545
Polaris, Inc.

  1,898   229,525
YETI Holdings, Inc. (a)

  2,693   104,596
          666,827
LIFE SCIENCES TOOLS & SERVICES — 1.1%  
10X Genomics, Inc. Class A (a)

  428   23,900
Agilent Technologies, Inc.

  1,153   138,648
Avantor, Inc. (a)

  896   18,404
Bio-Techne Corp.

  1,047   85,467
Bruker Corp.

  921   68,080
Charles River Laboratories International, Inc. (a)

  591   124,258
Danaher Corp.

  112   26,880
ICON PLC (a)

  326   81,565
IQVIA Holdings, Inc. (a)

  340   76,422
Security Description     Shares   Value
Medpace Holdings, Inc. (a)

  698   $ 167,639
Mettler-Toledo International, Inc. (a)

  161   211,174
QIAGEN NV (a)

  1,248   56,197
Repligen Corp. (a)

  591   83,603
Revvity, Inc.

  134   15,918
Syneos Health, Inc. (a)

  2,324   97,933
Thermo Fisher Scientific, Inc.

  82   42,783
Waters Corp. (a)

  261   69,567
West Pharmaceutical Services, Inc.

  835   319,362
          1,707,800
MACHINERY — 3.9%  
AGCO Corp.

  2,672   351,154
Allison Transmission Holdings, Inc.

  3,987   225,106
Caterpillar, Inc.

  683   168,052
CNH Industrial NV

  24,592   354,125
Crane NXT Co.

  1,635   92,279
Cummins, Inc.

  684   167,690
Deere & Co.

  167   67,667
Donaldson Co., Inc.

  3,711   231,975
Dover Corp.

  1,244   183,677
Esab Corp.

  2,802   186,445
Flowserve Corp.

  1,296   48,146
Fortive Corp.

  2,575   192,533
Gates Industrial Corp. PLC (a)

  2,003   27,000
Graco, Inc.

  3,062   264,404
IDEX Corp.

  514   110,644
Illinois Tool Works, Inc.

  1,017   254,413
Ingersoll Rand, Inc.

  2,959   193,400
ITT, Inc.

  2,338   217,925
Lincoln Electric Holdings, Inc.

  972   193,068
Middleby Corp. (a)

  660   97,568
Nordson Corp.

  801   198,792
Oshkosh Corp.

  1,804   156,208
Otis Worldwide Corp.

  3,521   313,404
PACCAR, Inc.

  5,376   449,702
Parker-Hannifin Corp.

  889   346,746
Pentair PLC

  1,012   65,375
RBC Bearings, Inc. (a)

  262   56,977
Snap-on, Inc.

  1,096   315,856
Stanley Black & Decker, Inc.

  277   25,958
Timken Co.

  2,060   188,552
Toro Co.

  1,083   110,087
Westinghouse Air Brake Technologies Corp.

  1,495   163,957
Xylem, Inc.

  1,347   151,699
          6,170,584
MARINE TRANSPORTATION — 0.1%  
Kirby Corp. (a)

  1,180   90,801
MEDIA — 1.1%  
Charter Communications, Inc. Class A (a)

  304   111,680
Comcast Corp. Class A

  3,059   127,101
Fox Corp. Class A

  3,631   123,454
Fox Corp. Class B

  1,258   40,118
Interpublic Group of Cos., Inc.

  8,035   309,990
 
See accompanying notes to financial statements.
83


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Liberty Broadband Corp. Class C (a)

  440   $ 35,248
Liberty Media Corp.-Liberty SiriusXM Class A (a)

  354   11,615
Liberty Media Corp.-Liberty SiriusXM Class C (a)

  662   21,667
New York Times Co. Class A

  3,046   119,952
News Corp. Class A

  10,928   213,096
News Corp. Class B

  3,828   75,488
Nexstar Media Group, Inc.

  844   140,568
Omnicom Group, Inc.

  3,385   322,083
Paramount Global Class B

  1,715   27,286
Trade Desk, Inc. Class A (a)

  448   34,595
          1,713,941
METALS & MINING — 2.9%  
Alcoa Corp.

  741   25,142
Cleveland-Cliffs, Inc. (a)

  7,779   130,376
Freeport-McMoRan, Inc.

  2,880   115,200
Newmont Corp.

  322   13,736
Nucor Corp.

  7,073   1,159,830
Reliance Steel & Aluminum Co.

  4,437   1,205,045
Royal Gold, Inc.

  663   76,099
Southern Copper Corp.

  374   26,831
Steel Dynamics, Inc.

  12,192   1,328,075
U.S. Steel Corp.

  17,067   426,846
          4,507,180
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.1%  
Annaly Capital Management, Inc. REIT

  5,736   114,777
Rithm Capital Corp. REIT

  10,259   95,922
Starwood Property Trust, Inc. REIT

  897   17,402
          228,101
MULTI-UTILITIES — 0.7%  
Ameren Corp.

  1,602   130,835
CenterPoint Energy, Inc.

  4,866   141,844
CMS Energy Corp.

  1,158   68,033
Consolidated Edison, Inc.

  2,194   198,338
Dominion Energy, Inc.

  299   15,485
DTE Energy Co.

  933   102,649
NiSource, Inc.

  5,209   142,466
Public Service Enterprise Group, Inc.

  1,479   92,600
Sempra Energy

  496   72,213
WEC Energy Group, Inc.

  1,168   103,064
          1,067,527
OFFICE REITs — 0.0% (d)  
Alexandria Real Estate Equities, Inc. REIT

  190   21,563
OIL, GAS & CONSUMABLE FUELS — 5.7%  
Antero Midstream Corp.

  2,767   32,097
Antero Resources Corp. (a)

  1,210   27,866
APA Corp.

  5,021   171,568
Cheniere Energy, Inc.

  3,448   525,337
Security Description     Shares   Value
Chesapeake Energy Corp.

  6,991   $ 585,007
Chevron Corp.

  588   92,522
ConocoPhillips

  3,782   391,853
Coterra Energy, Inc.

  18,243   461,548
Devon Energy Corp.

  7,946   384,110
Diamondback Energy, Inc.

  3,690   484,718
DT Midstream, Inc.

  453   22,455
EOG Resources, Inc.

  3,140   359,342
EQT Corp.

  5,185   213,259
Exxon Mobil Corp.

  1,057   113,363
Hess Corp.

  1,381   187,747
HF Sinclair Corp.

  5,015   223,719
Kinder Morgan, Inc.

  3,704   63,783
Marathon Oil Corp.

  9,592   220,808
Marathon Petroleum Corp.

  10,328   1,204,245
New Fortress Energy, Inc.

  357   9,560
Occidental Petroleum Corp.

  4,450   261,660
ONEOK, Inc.

  5,624   347,113
Ovintiv, Inc.

  1,604   61,064
PDC Energy, Inc.

  4,407   313,514
Phillips 66

  5,872   560,071
Pioneer Natural Resources Co.

  2,309   478,379
Range Resources Corp.

  14,213   417,862
Southwestern Energy Co. (a)

  5,153   30,970
Targa Resources Corp.

  1,671   127,163
Texas Pacific Land Corp.

  71   93,472
Valero Energy Corp.

  3,477   407,852
Williams Cos., Inc.

  1,421   46,367
          8,920,394
PAPER & FOREST PRODUCTS — 0.2%  
Louisiana-Pacific Corp.

  4,860   364,403
PASSENGER AIRLINES — 1.6%  
Alaska Air Group, Inc. (a)

  7,458   396,616
American Airlines Group, Inc. (a)

  28,608   513,228
Delta Air Lines, Inc. (a)

  16,184   769,387
Southwest Airlines Co.

  5,433   196,729
United Airlines Holdings, Inc. (a)

  12,122   665,134
          2,541,094
PERSONAL CARE PRODUCTS — 0.2%  
Coty, Inc. Class A (a)

  7,581   93,171
Estee Lauder Cos., Inc. Class A

  1,027   201,682
          294,853
PHARMACEUTICALS — 0.3%  
Bristol-Myers Squibb Co.

  717   45,852
Eli Lilly & Co.

  55   25,794
Jazz Pharmaceuticals PLC (a)

  469   58,142
Johnson & Johnson

  72   11,918
Merck & Co., Inc.

  824   95,081
Organon & Co.

  788   16,398
Perrigo Co. PLC

  433   14,700
Pfizer, Inc.

  875   32,095
Royalty Pharma PLC Class A

  937   28,803
Viatris, Inc.

  6,244   62,315
 
See accompanying notes to financial statements.
84


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Zoetis, Inc.

  621   $ 106,943
          498,041
PROFESSIONAL SERVICES — 1.7%  
Automatic Data Processing, Inc.

  601   132,094
Booz Allen Hamilton Holding Corp.

  1,444   161,150
Broadridge Financial Solutions, Inc.

  923   152,877
CACI International, Inc. Class A (a)

  717   244,382
CoStar Group, Inc. (a)

  1,203   107,067
Dun & Bradstreet Holdings, Inc.

  1,505   17,413
Equifax, Inc.

  394   92,708
FTI Consulting, Inc. (a)

  911   173,272
Genpact Ltd.

  1,710   64,245
Jacobs Solutions, Inc.

  798   94,874
KBR, Inc.

  3,782   246,057
Leidos Holdings, Inc.

  1,928   170,589
ManpowerGroup, Inc.

  1,284   101,950
Paychex, Inc.

  726   81,218
Paylocity Holding Corp. (a)

  196   36,168
Robert Half International, Inc.

  2,422   182,183
Science Applications International Corp.

  3,023   340,027
SS&C Technologies Holdings, Inc.

  1,738   105,323
TransUnion

  285   22,324
Verisk Analytics, Inc.

  905   204,557
          2,730,478
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3%  
CBRE Group, Inc. Class A (a)

  3,821   308,393
Howard Hughes Corp. (a)

  343   27,070
Jones Lang LaSalle, Inc. (a)

  453   70,577
Lennar Corp. Class B

  507   57,281
Zillow Group, Inc. Class A (a)

  440   21,648
Zillow Group, Inc. Class C (a)

  725   36,438
          521,407
RESIDENTIAL REITs — 0.4%  
American Homes 4 Rent Class A REIT

  1,036   36,726
Apartment Income REIT Corp.

  3,632   131,079
AvalonBay Communities, Inc. REIT

  437   82,711
Camden Property Trust REIT

  456   49,645
Equity LifeStyle Properties, Inc. REIT

  824   55,117
Equity Residential REIT

  630   41,561
Essex Property Trust, Inc. REIT

  95   22,258
Invitation Homes, Inc. REIT

  1,207   41,521
Mid-America Apartment Communities, Inc. REIT

  488   74,108
Sun Communities, Inc. REIT

  85   11,089
UDR, Inc. REIT

  458   19,676
          565,491
RETAIL REITs — 0.5%  
Agree Realty Corp. REIT

  313   20,467
Brixmor Property Group, Inc. REIT

  4,234   93,148
Federal Realty Investment Trust REIT

  652   63,094
Security Description     Shares   Value
Kimco Realty Corp. REIT

  1,029   $ 20,292
NNN REIT, Inc.

  1,593   68,165
Realty Income Corp. REIT

  494   29,536
Regency Centers Corp. REIT

  1,239   76,533
Simon Property Group, Inc. REIT

  2,766   319,418
Spirit Realty Capital, Inc. REIT

  1,609   63,362
          754,015
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.2%  
Advanced Micro Devices, Inc. (a)

  221   25,174
Allegro MicroSystems, Inc. (a)

  3,754   169,456
Analog Devices, Inc.

  2,154   419,621
Applied Materials, Inc.

  4,692   678,182
Broadcom, Inc.

  116   100,622
Cirrus Logic, Inc. (a)

  4,159   336,921
Enphase Energy, Inc. (a)

  561   93,956
First Solar, Inc. (a)

  839   159,485
GLOBALFOUNDRIES, Inc. (a)  (c)

  425   27,446
Intel Corp.

  942   31,500
KLA Corp.

  2,100   1,018,542
Lam Research Corp.

  1,101   707,789
Lattice Semiconductor Corp. (a)

  6,878   660,769
Marvell Technology, Inc.

  1,080   64,562
Microchip Technology, Inc.

  11,464   1,027,060
Micron Technology, Inc.

  13,469   850,029
Monolithic Power Systems, Inc.

  724   391,127
NVIDIA Corp.

  202   85,450
ON Semiconductor Corp. (a)

  12,846   1,214,975
Qorvo, Inc. (a)

  831   84,787
QUALCOMM, Inc.

  926   110,231
Skyworks Solutions, Inc.

  4,400   487,036
Teradyne, Inc.

  4,182   465,582
Texas Instruments, Inc.

  1,574   283,351
Universal Display Corp.

  1,213   174,830
          9,668,483
SOFTWARE — 5.1%  
Adobe, Inc. (a)

  522   255,253
ANSYS, Inc. (a)

  1,015   335,224
Atlassian Corp. Class A (a)

  2,552   428,251
Autodesk, Inc. (a)

  2,993   612,398
Bentley Systems, Inc. Class B

  776   42,082
Bills Holdings, Inc. (a)

  100   11,685
Black Knight, Inc. (a)

  1,100   65,703
Cadence Design Systems, Inc. (a)

  2,119   496,948
CCC Intelligent Solutions Holdings, Inc. (a)

  1,646   18,452
Ceridian HCM Holding, Inc. (a)

  1,044   69,917
Crowdstrike Holdings, Inc. Class A (a)

  1,142   167,726
Datadog, Inc. Class A (a)

  405   39,844
DocuSign, Inc. (a)

  922   47,105
Dolby Laboratories, Inc. Class A

  2,445   204,598
DoubleVerify Holdings, Inc. (a)

  4,461   173,622
Dropbox, Inc. Class A (a)

  15,018   400,530
Dynatrace, Inc. (a)

  5,196   267,438
 
See accompanying notes to financial statements.
85


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Elastic NV (a)

  178   $ 11,413
Fair Isaac Corp. (a)

  352   284,842
Five9, Inc. (a)

  133   10,966
Fortinet, Inc. (a)

  8,347   630,950
Guidewire Software, Inc. (a)

  217   16,509
HashiCorp, Inc. Class A (a)

  1,169   30,604
HubSpot, Inc. (a)

  394   209,643
Intuit, Inc.

  58   26,575
Manhattan Associates, Inc. (a)

  2,709   541,475
Microsoft Corp.

  767   261,194
NCR Corp. (a)

  1,091   27,493
New Relic, Inc. (a)

  837   54,773
Oracle Corp.

  376   44,778
Palantir Technologies, Inc. Class A (a)

  13,352   204,686
Palo Alto Networks, Inc. (a)

  321   82,019
Paycom Software, Inc.

  1,053   338,266
Paycor HCM, Inc. (a)  (c)

  343   8,119
Procore Technologies, Inc. (a)

  157   10,216
PTC, Inc. (a)

  1,110   157,953
Roper Technologies, Inc.

  79   37,983
Salesforce, Inc. (a)

  432   91,264
ServiceNow, Inc. (a)

  230   129,253
Smartsheet, Inc. Class A (a)

  1,133   43,349
Splunk, Inc. (a)

  412   43,709
Synopsys, Inc. (a)

  883   384,467
Teradata Corp. (a)

  5,121   273,513
Tyler Technologies, Inc. (a)

  389   162,007
VMware, Inc. Class A (a)

  463   66,528
Workday, Inc. Class A (a)

  575   129,887
Zoom Video Communications, Inc. Class A (a)

  1,185   80,438
Zscaler, Inc. (a)

  161   23,554
          8,055,202
SPECIALIZED REITs — 1.0%  
American Tower Corp. REIT

  51   9,891
Crown Castle, Inc. REIT

  121   13,787
CubeSmart REIT

  2,107   94,099
EPR Properties REIT

  644   30,139
Equinix, Inc. REIT

  52   40,765
Extra Space Storage, Inc. REIT

  803   119,526
Gaming & Leisure Properties, Inc. REIT

  3,641   176,443
Iron Mountain, Inc. REIT

  2,620   148,868
Lamar Advertising Co. Class A REIT

  1,601   158,899
Life Storage, Inc. REIT

  933   124,052
National Storage Affiliates Trust REIT

  216   7,523
Public Storage REIT

  647   188,846
Rayonier, Inc. REIT

  302   9,483
SBA Communications Corp. REIT

  106   24,567
VICI Properties, Inc. REIT

  3,828   120,314
Weyerhaeuser Co. REIT

  8,911   298,608
          1,565,810
Security Description     Shares   Value
SPECIALTY RETAIL — 4.1%  
Advance Auto Parts, Inc.

  1,001   $ 70,370
AutoNation, Inc. (a)

  1,642   270,290
AutoZone, Inc. (a)

  198   493,685
Bath & Body Works, Inc.

  3,356   125,850
Best Buy Co., Inc.

  4,495   368,365
Burlington Stores, Inc. (a)

  355   55,873
CarMax, Inc. (a)

  1,258   105,295
Dick's Sporting Goods, Inc.

  3,556   470,068
Five Below, Inc. (a)

  1,448   284,590
Floor & Decor Holdings, Inc. Class A (a)  (c)

  2,331   242,331
Gap, Inc.

  3,477   31,050
Home Depot, Inc.

  175   54,362
Lithia Motors, Inc.

  82   24,937
Lowe's Cos., Inc.

  1,653   373,082
Murphy USA, Inc.

  1,498   466,043
O'Reilly Automotive, Inc. (a)

  488   466,186
Penske Automotive Group, Inc.

  1,398   232,949
RH (a)  (c)

  415   136,780
Ross Stores, Inc.

  4,054   454,575
TJX Cos., Inc.

  4,842   410,553
Tractor Supply Co.

  1,909   422,080
Ulta Beauty, Inc. (a)

  1,294   608,950
Valvoline, Inc.

  380   14,254
Williams-Sonoma, Inc.

  1,947   243,647
          6,426,165
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.4%  
Apple, Inc.

  1,915   371,453
Hewlett Packard Enterprise Co.

  34,342   576,946
HP, Inc.

  12,685   389,556
NetApp, Inc.

  3,945   301,398
Pure Storage, Inc. Class A (a)

  11,427   420,742
Western Digital Corp. (a)

  1,459   55,340
          2,115,435
TEXTILES, APPAREL & LUXURY GOODS — 1.7%  
Capri Holdings Ltd. (a)

  8,580   307,936
Carter's, Inc.

  492   35,719
Columbia Sportswear Co.

  997   77,008
Crocs, Inc. (a)

  225   25,299
Deckers Outdoor Corp. (a)

  948   500,222
Lululemon Athletica, Inc. (a)

  891   337,244
NIKE, Inc. Class B

  753   83,109
PVH Corp.

  1,218   103,493
Ralph Lauren Corp. (c)

  2,026   249,806
Skechers USA, Inc. Class A (a)

  6,923   364,565
Tapestry, Inc.

  12,507   535,300
          2,619,701
TOBACCO — 0.2%  
Altria Group, Inc.

  4,880   221,064
Philip Morris International, Inc.

  291   28,407
          249,471
 
See accompanying notes to financial statements.
86


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
TRADING COMPANIES & DISTRIBUTORS — 1.9%  
Air Lease Corp.

  1,984   $ 83,030
Core & Main, Inc. Class A (a)

  3,135   98,251
Fastenal Co.

  5,161   304,447
Ferguson PLC

  1,131   177,918
MSC Industrial Direct Co., Inc. Class A

  1,512   144,063
SiteOne Landscape Supply, Inc. (a)

  1,031   172,548
United Rentals, Inc.

  1,483   660,484
Univar Solutions, Inc. (a)

  9,121   326,897
W.W. Grainger, Inc.

  535   421,896
Watsco, Inc. (c)

  1,135   432,968
WESCO International, Inc.

  1,301   232,957
          3,055,459
WATER UTILITIES — 0.1%  
American Water Works Co., Inc.

  500   71,375
Essential Utilities, Inc.

  1,180   47,094
          118,469
WIRELESS TELECOMMUNICATION SERVICES — 0.0% (d)  
T-Mobile U.S., Inc. (a)

  178   24,724
TOTAL COMMON STOCKS

(Cost $137,405,032)

        156,470,127
SHORT-TERM INVESTMENTS — 0.7%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (g)  (h)

  180,310   180,346
State Street Navigator Securities Lending Portfolio II (b)  (i)

  903,428   903,428
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,083,772)

  1,083,774  
TOTAL INVESTMENTS — 100.5%

(Cost $138,488,804)

  157,553,901  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%

  (748,582)  
NET ASSETS — 100.0%

  $ 156,805,319  
    
(a) Non-income producing security.
(b) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(c) All or a portion of the shares of the security are on loan at June 30, 2023.
(d) Amount shown represents less than 0.05% of net assets.
(e) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2023, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
(f) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at June 30, 2023.
(i) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
87


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 MOMENTUM FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

At June 30, 2023, open futures contracts were as follows:
Description   Number of
Contracts
  Expiration
Date
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
E-mini Russell 1000 Growth Index (long)   2   09/15/2023   $238,817   $245,840   $7,023
 
During the period ended June 30, 2023, average notional value related to futures contracts was $411,777.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $156,470,127   $—   $ 0(a)   $156,470,127
Short-Term Investments

  1,083,774       1,083,774
TOTAL INVESTMENTS

  $157,553,901   $—   $ 0   $157,553,901
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts - Unrealized Appreciation

  $ 7,023   $—   $—   $ 7,023
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 7,023   $—   $—   $ 7,023
(a) Fund held a Level 3 security that was valued at $0 at June 30, 2023.
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Corp.

465   $ 28,667   $ 119,995   $ 23,858   $2,284   $9,246   1,863   $ 136,334   $ 1,855
State Street Institutional Liquid Reserves Fund, Premier Class

172,125   172,108   9,624,723   9,616,637   150   2   180,310   180,346   10,605
State Street Navigator Securities Lending Portfolio II

2,675,497   2,675,497   30,324,363   32,096,432       903,428   903,428   11,965
Total

    $2,876,272   $40,069,081   $41,736,927   $2,434   $9,248       $1,220,108   $24,425
See accompanying notes to financial statements.
88


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 YIELD FOCUS ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.6%   
AEROSPACE & DEFENSE — 0.3%  
Huntington Ingalls Industries, Inc.

  11,238   $ 2,557,769
AIR FREIGHT & LOGISTICS — 0.8%  
CH Robinson Worldwide, Inc.

  43,713   4,124,321
Expeditors International of Washington, Inc.

  14,936   1,809,198
          5,933,519
AUTOMOBILE COMPONENTS — 0.8%  
BorgWarner, Inc.

  34,770   1,700,600
Gentex Corp.

  46,945   1,373,611
Lear Corp.

  22,336   3,206,333
          6,280,544
AUTOMOBILES — 1.6%  
Ford Motor Co.

  581,161   8,792,966
Harley-Davidson, Inc.

  27,834   980,035
Thor Industries, Inc.

  19,334   2,001,069
          11,774,070
BANKS — 6.9%  
Bank OZK

  37,239   1,495,518
BOK Financial Corp.

  4,997   403,658
Citizens Financial Group, Inc.

  129,612   3,380,281
Columbia Banking System, Inc.

  70,268   1,425,035
Comerica, Inc.

  50,113   2,122,787
Cullen/Frost Bankers, Inc.

  7,830   841,960
East West Bancorp, Inc.

  43,072   2,273,771
Fifth Third Bancorp

  147,238   3,859,108
First Hawaiian, Inc.

  47,999   864,462
First Horizon Corp.

  203,451   2,292,893
FNB Corp.

  109,518   1,252,886
Huntington Bancshares, Inc.

  342,294   3,689,929
KeyCorp

  351,755   3,250,216
M&T Bank Corp.

  20,345   2,517,897
New York Community Bancorp, Inc.

  139,472   1,567,665
Northern Trust Corp.

  23,396   1,734,579
Pinnacle Financial Partners, Inc.

  7,275   412,129
Popular, Inc.

  26,289   1,591,010
Prosperity Bancshares, Inc.

  15,084   851,944
Regions Financial Corp.

  163,555   2,914,550
State Street Corp. (a)

  37,464   2,741,616
Synovus Financial Corp.

  54,574   1,650,864
Truist Financial Corp.

  127,465   3,868,563
Webster Financial Corp.

  44,271   1,671,230
Western Alliance Bancorp

  40,802   1,488,049
Wintrust Financial Corp.

  8,972   651,547
Zions Bancorp NA

  54,913   1,474,963
          52,289,110
BEVERAGES — 0.2%  
Molson Coors Beverage Co. Class B

  23,527   1,549,018
BROADLINE RETAIL — 0.5%  
Kohl's Corp.

  41,709   961,392
Macy's, Inc.

  102,114   1,638,930
Security Description     Shares   Value
Nordstrom, Inc.

  43,067   $ 881,582
          3,481,904
BUILDING PRODUCTS — 1.8%  
A.O. Smith Corp.

  21,875   1,592,062
Armstrong World Industries, Inc.

  7,025   516,057
Carlisle Cos., Inc.

  5,639   1,446,573
Fortune Brands Innovations, Inc.

  35,789   2,575,019
Masco Corp.

  74,313   4,264,080
Owens Corning

  25,107   3,276,463
          13,670,254
CAPITAL MARKETS — 3.5%  
Carlyle Group, Inc.

  80,304   2,565,713
Evercore, Inc. Class A

  13,434   1,660,308
Franklin Resources, Inc.

  108,312   2,893,013
Houlihan Lokey, Inc.

  13,760   1,352,746
Invesco Ltd.

  141,231   2,374,093
Janus Henderson Group PLC

  50,520   1,376,670
Jefferies Financial Group, Inc.

  26,115   866,235
Lazard Ltd. Class A

  41,302   1,321,664
SEI Investments Co.

  14,710   877,010
Stifel Financial Corp.

  16,327   974,232
T Rowe Price Group, Inc.

  83,205   9,320,624
TPG, Inc.

  24,218   708,619
Virtu Financial, Inc. Class A

  33,720   576,275
          26,867,202
CHEMICALS — 5.4%  
CF Industries Holdings, Inc.

  74,319   5,159,225
Chemours Co.

  56,104   2,069,676
Dow, Inc.

  212,210   11,302,305
Eastman Chemical Co.

  42,778   3,581,374
Element Solutions, Inc.

  17,009   326,573
Huntsman Corp.

  65,904   1,780,726
LyondellBasell Industries NV Class A

  98,313   9,028,083
Mosaic Co.

  125,829   4,404,015
NewMarket Corp.

  1,366   549,296
Olin Corp.

  49,067   2,521,553
Westlake Corp.

  3,819   456,256
          41,179,082
COMMERCIAL SERVICES & SUPPLIES — 0.2%  
RB Global, Inc.

  28,019   1,681,140
COMMUNICATIONS EQUIPMENT — 0.2%  
Juniper Networks, Inc.

  41,943   1,314,074
CONSTRUCTION & ENGINEERING — 0.2%  
MDU Resources Group, Inc.

  76,259   1,596,863
CONSUMER FINANCE — 1.8%  
Ally Financial, Inc.

  75,140   2,029,531
Discover Financial Services

  33,283   3,889,119
OneMain Holdings, Inc.

  42,335   1,849,616
SLM Corp.

  36,103   589,201
Synchrony Financial

  162,197   5,501,722
          13,859,189
 
See accompanying notes to financial statements.
89


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 YIELD FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.4%  
Albertsons Cos., Inc. Class A

  158,432   $ 3,456,986
Kroger Co.

  114,095   5,362,465
Sysco Corp.

  100,462   7,454,280
Target Corp.

  42,289   5,577,919
Walgreens Boots Alliance, Inc.

  134,952   3,844,783
          25,696,433
CONTAINERS & PACKAGING — 3.3%  
Amcor PLC

  562,496   5,613,710
Ardagh Group SA (b)

  6,370   59,878
Ardagh Metal Packaging SA (b)

  54,132   203,536
Avery Dennison Corp.

  7,570   1,300,526
Berry Global Group, Inc.

  16,665   1,072,226
Graphic Packaging Holding Co.

  55,974   1,345,055
International Paper Co.

  131,697   4,189,282
Packaging Corp. of America

  33,640   4,445,862
Sealed Air Corp.

  34,772   1,390,880
Silgan Holdings, Inc.

  14,677   688,205
Sonoco Products Co.

  29,741   1,755,314
Westrock Co.

  96,682   2,810,546
          24,875,020
DISTRIBUTORS — 1.0%  
Genuine Parts Co.

  25,173   4,260,027
LKQ Corp.

  58,715   3,421,323
          7,681,350
DIVERSIFIED CONSUMER SERVICES — 0.3%  
ADT, Inc.

  79,319   478,293
H&R Block, Inc.

  57,310   1,826,470
          2,304,763
DIVERSIFIED REITs — 0.3%  
WP Carey, Inc. REIT

  29,364   1,983,832
ELECTRIC UTILITIES — 5.8%  
Alliant Energy Corp.

  35,690   1,873,011
American Electric Power Co., Inc.

  47,504   3,999,837
Avangrid, Inc. (b)

  16,020   603,634
Edison International

  63,315   4,397,227
Entergy Corp.

  46,211   4,499,565
Evergy, Inc.

  66,107   3,861,971
Eversource Energy

  54,011   3,830,460
Exelon Corp.

  95,164   3,876,981
FirstEnergy Corp.

  75,982   2,954,180
Hawaiian Electric Industries, Inc.

  41,358   1,497,160
IDACORP, Inc.

  11,794   1,210,064
NRG Energy, Inc.

  87,804   3,282,992
OGE Energy Corp.

  76,075   2,731,853
Pinnacle West Capital Corp.

  43,064   3,507,993
PPL Corp.

  82,771   2,190,121
          44,317,049
ELECTRICAL EQUIPMENT — 0.1%  
nVent Electric PLC

  19,236   993,924
Security Description     Shares   Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.9%  
Avnet, Inc.

  34,292   $ 1,730,031
Corning, Inc.

  130,738   4,581,060
TD SYNNEX Corp.

  8,776   824,944
          7,136,035
FINANCIAL SERVICES — 0.8%  
Corebridge Financial, Inc.

  51,291   905,799
Equitable Holdings, Inc.

  46,048   1,250,664
MGIC Investment Corp.

  108,719   1,716,673
TFS Financial Corp. (b)

  5,244   65,917
UWM Holdings Corp.

  35,028   196,157
Western Union Co.

  141,228   1,656,604
          5,791,814
FOOD PRODUCTS — 3.5%  
Archer-Daniels-Midland Co.

  95,218   7,194,672
Campbell Soup Co.

  30,980   1,416,096
Conagra Brands, Inc.

  78,373   2,642,738
Flowers Foods, Inc.

  70,922   1,764,539
Hormel Foods Corp.

  41,104   1,653,203
Ingredion, Inc.

  15,792   1,673,162
J M Smucker Co.

  13,137   1,939,941
Kellogg Co.

  44,693   3,012,308
Tyson Foods, Inc. Class A

  105,628   5,391,253
          26,687,912
GAS UTILITIES — 0.5%  
National Fuel Gas Co.

  33,525   1,721,844
UGI Corp.

  79,562   2,145,787
          3,867,631
GROUND TRANSPORTATION — 0.2%  
Ryder System, Inc.

  17,317   1,468,308
Schneider National, Inc. Class B

  14,501   416,469
          1,884,777
HEALTH CARE PROVIDERS & SERVICES — 1.8%  
Cardinal Health, Inc.

  98,021   9,269,846
Premier, Inc. Class A

  44,755   1,237,923
Quest Diagnostics, Inc.

  22,551   3,169,769
          13,677,538
HEALTH CARE REITs — 0.9%  
Healthpeak Properties, Inc. REIT

  96,564   1,940,936
Medical Properties Trust, Inc. REIT (b)

  224,034   2,074,555
Omega Healthcare Investors, Inc. REIT

  86,700   2,660,823
          6,676,314
HOTEL & RESORT REITs — 0.3%  
Host Hotels & Resorts, Inc. REIT

  113,678   1,913,201
Park Hotels & Resorts, Inc. REIT

  24,280   311,269
          2,224,470
HOTELS, RESTAURANTS & LEISURE — 1.9%  
Darden Restaurants, Inc.

  33,816   5,649,977
 
See accompanying notes to financial statements.
90


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 YIELD FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Domino's Pizza, Inc.

  3,863   $ 1,301,792
Marriott Vacations Worldwide Corp.

  10,470   1,284,878
Texas Roadhouse, Inc.

  14,870   1,669,604
Travel & Leisure Co.

  28,013   1,130,044
Vail Resorts, Inc.

  8,627   2,171,934
Wendy's Co.

  25,331   550,949
Wyndham Hotels & Resorts, Inc.

  12,429   852,257
          14,611,435
HOUSEHOLD DURABLES — 1.3%  
Garmin Ltd.

  29,235   3,048,918
Leggett & Platt, Inc.

  50,000   1,481,000
Newell Brands, Inc.

  143,571   1,249,068
Toll Brothers, Inc.

  12,036   951,686
Whirlpool Corp.

  20,358   3,029,067
          9,759,739
HOUSEHOLD PRODUCTS — 0.1%  
Reynolds Consumer Products, Inc.

  10,725   302,981
Spectrum Brands Holdings, Inc.

  4,152   324,064
          627,045
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.7%  
AES Corp.

  144,072   2,986,613
Brookfield Renewable Corp. Class A

  46,643   1,470,187
Clearway Energy, Inc. Class A

  13,082   353,214
Clearway Energy, Inc. Class C

  30,914   882,904
          5,692,918
INDUSTRIAL CONGLOMERATES — 1.3%  
3M Co.

  99,907   9,999,692
INDUSTRIAL REITs — 0.4%  
EastGroup Properties, Inc. REIT

  5,424   941,606
First Industrial Realty Trust, Inc. REIT

  23,215   1,222,038
STAG Industrial, Inc. REIT

  23,377   838,767
          3,002,411
INSURANCE — 3.0%  
American Financial Group, Inc.

  27,673   3,286,169
Assurant, Inc.

  5,146   646,955
Axis Capital Holdings Ltd.

  13,690   736,933
CNA Financial Corp.

  6,854   264,701
Fidelity National Financial, Inc.

  98,683   3,552,588
First American Financial Corp.

  26,002   1,482,634
Hanover Insurance Group, Inc.

  5,587   631,499
Hartford Financial Services Group, Inc.

  30,626   2,205,684
Lincoln National Corp.

  38,571   993,589
Old Republic International Corp.

  102,640   2,583,449
Principal Financial Group, Inc.

  51,484   3,904,547
Unum Group

  47,816   2,280,823
          22,569,571
IT SERVICES — 0.3%  
Amdocs Ltd.

  22,684   2,242,313
Security Description     Shares   Value
LEISURE EQUIPMENT & PRODUCTS — 0.8%  
Brunswick Corp.

  24,989   $ 2,165,047
Hasbro, Inc.

  24,643   1,596,127
Polaris, Inc.

  20,521   2,481,605
          6,242,779
MACHINERY — 3.4%  
Allison Transmission Holdings, Inc.

  26,453   1,493,536
CNH Industrial NV

  371,533   5,350,075
Crane NXT Co.

  18,155   1,024,668
Donaldson Co., Inc.

  14,505   906,708
Flowserve Corp.

  11,944   443,720
ITT, Inc.

  8,373   780,447
Oshkosh Corp.

  24,603   2,130,374
PACCAR, Inc.

  96,848   8,101,335
Snap-on, Inc.

  10,893   3,139,254
Stanley Black & Decker, Inc.

  19,463   1,823,878
Timken Co.

  6,440   589,453
          25,783,448
MEDIA — 1.8%  
Cable One, Inc.

  1,191   782,582
Fox Corp. Class B

  14,523   463,139
Interpublic Group of Cos., Inc.

  76,835   2,964,294
Nexstar Media Group, Inc.

  13,031   2,170,313
Omnicom Group, Inc.

  31,498   2,997,035
Paramount Global Class A

  3,945   73,219
Paramount Global Class B

  216,545   3,445,231
Sirius XM Holdings, Inc. (b)

  220,605   999,341
          13,895,154
METALS & MINING — 1.8%  
Newmont Corp.

  59,175   2,524,406
Nucor Corp.

  21,587   3,539,836
Reliance Steel & Aluminum Co.

  11,447   3,108,891
Steel Dynamics, Inc.

  34,360   3,742,835
U.S. Steel Corp.

  18,142   453,731
          13,369,699
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.9%  
Annaly Capital Management, Inc. REIT

  187,739   3,756,657
Rithm Capital Corp. REIT

  181,830   1,700,111
Starwood Property Trust, Inc. REIT

  86,818   1,684,269
          7,141,037
MULTI-UTILITIES — 2.8%  
Ameren Corp.

  35,300   2,882,951
CenterPoint Energy, Inc.

  79,941   2,330,280
CMS Energy Corp.

  36,098   2,120,758
Consolidated Edison, Inc.

  41,047   3,710,649
DTE Energy Co.

  36,657   4,033,003
NiSource, Inc.

  121,924   3,334,621
WEC Energy Group, Inc.

  33,263   2,935,127
          21,347,389
 
See accompanying notes to financial statements.
91


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 YIELD FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
OFFICE REITs — 0.9%  
Boston Properties, Inc. REIT

  59,674   $ 3,436,626
Cousins Properties, Inc. REIT

  39,593   902,720
Highwoods Properties, Inc. REIT

  39,267   938,874
Kilroy Realty Corp. REIT

  43,294   1,302,716
          6,580,936
OIL, GAS & CONSUMABLE FUELS — 11.5%  
Antero Midstream Corp.

  29,461   341,748
APA Corp.

  117,994   4,031,855
Chesapeake Energy Corp.

  48,242   4,036,890
Coterra Energy, Inc.

  287,761   7,280,353
Devon Energy Corp.

  243,533   11,772,385
Diamondback Energy, Inc.

  66,738   8,766,704
DT Midstream, Inc.

  9,596   475,674
EOG Resources, Inc.

  34,446   3,942,000
EQT Corp.

  40,466   1,664,366
HF Sinclair Corp.

  53,748   2,397,698
Marathon Oil Corp.

  69,386   1,597,266
Marathon Petroleum Corp.

  44,805   5,224,263
New Fortress Energy, Inc.

  13,100   350,818
ONEOK, Inc.

  56,519   3,488,353
Ovintiv, Inc.

  92,283   3,513,214
PDC Energy, Inc.

  25,932   1,844,802
Phillips 66

  65,089   6,208,189
Pioneer Natural Resources Co.

  55,037   11,402,566
Valero Energy Corp.

  73,537   8,625,890
          86,965,034
PAPER & FOREST PRODUCTS — 0.2%  
Louisiana-Pacific Corp.

  24,252   1,818,415
PHARMACEUTICALS — 1.1%  
Organon & Co.

  96,418   2,006,458
Royalty Pharma PLC Class A

  52,450   1,612,313
Viatris, Inc.

  454,860   4,539,503
          8,158,274
PROFESSIONAL SERVICES — 1.1%  
Genpact Ltd.

  17,964   674,908
Leidos Holdings, Inc.

  21,767   1,925,944
ManpowerGroup, Inc.

  19,010   1,509,394
Robert Half International, Inc.

  40,017   3,010,079
Science Applications International Corp.

  9,444   1,062,261
          8,182,586
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.0% (c)  
Lennar Corp. Class B

  1,471   166,194
RESIDENTIAL REITs — 1.9%  
Apartment Income REIT Corp.

  56,155   2,026,634
AvalonBay Communities, Inc. REIT

  14,439   2,732,869
Camden Property Trust REIT

  27,668   3,012,215
Equity LifeStyle Properties, Inc. REIT

  16,886   1,129,505
Equity Residential REIT

  28,960   1,910,491
Essex Property Trust, Inc. REIT

  6,662   1,560,907
Security Description     Shares   Value
Mid-America Apartment Communities, Inc. REIT

  15,216   $ 2,310,702
          14,683,323
RETAIL REITs — 2.2%  
Agree Realty Corp. REIT

  10,321   674,890
Brixmor Property Group, Inc. REIT

  90,119   1,982,618
Federal Realty Investment Trust REIT

  22,072   2,135,907
NNN REIT, Inc.

  39,768   1,701,673
Regency Centers Corp. REIT

  34,140   2,108,828
Simon Property Group, Inc. REIT

  57,396   6,628,090
Spirit Realty Capital, Inc. REIT

  39,250   1,545,665
          16,777,671
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6%  
Skyworks Solutions, Inc.

  39,103   4,328,311
SPECIALIZED REITs — 3.7%  
CubeSmart REIT

  34,177   1,526,345
EPR Properties REIT

  26,927   1,260,183
Extra Space Storage, Inc. REIT

  25,029   3,725,567
Gaming & Leisure Properties, Inc. REIT

  74,133   3,592,485
Iron Mountain, Inc. REIT

  36,502   2,074,044
Lamar Advertising Co. Class A REIT

  33,059   3,281,106
Life Storage, Inc. REIT

  11,746   1,561,748
National Storage Affiliates Trust REIT

  15,948   555,469
Public Storage REIT

  13,443   3,923,743
Rayonier, Inc. REIT

  20,281   636,823
Weyerhaeuser Co. REIT

  176,170   5,903,457
          28,040,970
SPECIALTY RETAIL — 2.7%  
Advance Auto Parts, Inc.

  22,408   1,575,282
Bath & Body Works, Inc.

  87,151   3,268,163
Best Buy Co., Inc.

  74,052   6,068,561
Dick's Sporting Goods, Inc.

  15,728   2,079,084
Gap, Inc.

  73,350   655,016
Penske Automotive Group, Inc.

  5,085   847,314
Tractor Supply Co.

  11,754   2,598,809
Williams-Sonoma, Inc.

  24,793   3,102,596
          20,194,825
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.7%  
Hewlett Packard Enterprise Co.

  472,335   7,935,228
HP, Inc.

  274,304   8,423,876
NetApp, Inc.

  49,229   3,761,095
          20,120,199
TEXTILES, APPAREL & LUXURY GOODS — 1.1%  
Carter's, Inc.

  13,886   1,008,124
Columbia Sportswear Co.

  6,979   539,058
Ralph Lauren Corp.

  15,338   1,891,175
Tapestry, Inc.

  89,739   3,840,829
 
See accompanying notes to financial statements.
92


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 YIELD FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
VF Corp.

  48,278   $ 921,627
          8,200,813
TOBACCO — 1.0%  
Altria Group, Inc.

  164,708   7,461,272
TRADING COMPANIES & DISTRIBUTORS — 0.9%  
Air Lease Corp.

  14,947   625,532
MSC Industrial Direct Co., Inc. Class A

  17,335   1,651,679
Watsco, Inc. (b)

  11,700   4,463,199
          6,740,410
WATER UTILITIES — 0.2%  
Essential Utilities, Inc.

  30,686   1,224,678
TOTAL COMMON STOCKS

(Cost $755,584,106)

        755,761,141
SHORT-TERM INVESTMENTS — 0.8%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (d)  (e)

  1,573,702   1,574,017
State Street Navigator Securities Lending Portfolio II (a)  (f)

  4,689,669   4,689,669
TOTAL SHORT-TERM INVESTMENTS

(Cost $6,263,663)

  6,263,686  
TOTAL INVESTMENTS — 100.4%

(Cost $761,847,769)

  762,024,827  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%

  (2,851,467)  
NET ASSETS — 100.0%

  $ 759,173,360  
    
(a) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) Amount is less than 0.05% of net assets.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2023.
(f) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
93


Table of Contents
SPDR SERIES TRUST
SPDR RUSSELL 1000 YIELD FOCUS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

At June 30, 2023, open futures contracts were as follows:
Description   Number of
Contracts
  Expiration
Date
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
E-mini S&P 500 Index (long)   12   09/15/2023   $2,604,346   $2,692,950   $88,604
 
During the period ended June 30, 2023, average notional value related to futures contracts was $2,326,008.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $755,761,141   $—   $—   $755,761,141
Short-Term Investments

  6,263,686       6,263,686
TOTAL INVESTMENTS

  $762,024,827   $—   $—   $762,024,827
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts - Unrealized Appreciation

  $ 88,604   $—   $—   $ 88,604
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 88,604   $—   $—   $ 88,604
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Corp.

  $   $ 2,662,845   $   $   $78,771   37,464   $2,741,616   $ 23,602
State Street Institutional Liquid Reserves Fund, Premier Class

364,902   364,865   52,159,098   50,950,288   319   23   1,573,702   1,574,017   82,621
State Street Navigator Securities Lending Portfolio II

6,810,858   6,810,858   120,926,126   123,047,315       4,689,669   4,689,669   27,209
Total

    $7,175,723   $175,748,069   $173,997,603   $319   $78,794       $9,005,302   $133,432
See accompanying notes to financial statements.
94


Table of Contents
SPDR SERIES TRUST
SPDR S&P 400 MID CAP GROWTH ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.2%  
BWX Technologies, Inc.

  142,900   $ 10,227,353
Curtiss-Wright Corp.

  59,938   11,008,213
Mercury Systems, Inc. (a)

  54,068   1,870,212
          23,105,778
AUTOMOBILE COMPONENTS — 1.2%  
Autoliv, Inc.

  39,695   3,375,663
Fox Factory Holding Corp. (a)  (b)

  66,061   7,168,279
Gentex Corp.

  167,889   4,912,432
Visteon Corp. (a)

  44,303   6,362,354
          21,818,728
AUTOMOBILES — 0.2%  
Harley-Davidson, Inc.

  128,729   4,532,548
BANKS — 2.7%  
Cathay General Bancorp

  59,162   1,904,425
Columbia Banking System, Inc.

  169,192   3,431,214
Commerce Bancshares, Inc.

  120,579   5,872,197
Cullen/Frost Bankers, Inc.

  67,390   7,246,447
East West Bancorp, Inc.

  112,705   5,949,697
First Financial Bankshares, Inc. (b)

  107,367   3,058,886
First Horizon Corp.

  554,555   6,249,835
Glacier Bancorp, Inc. (b)

  95,610   2,980,164
Hancock Whitney Corp. (b)

  68,030   2,610,991
International Bancshares Corp.

  52,211   2,307,726
SouthState Corp. (b)

  67,550   4,444,790
United Bankshares, Inc.

  103,030   3,056,900
          49,113,272
BEVERAGES — 0.7%  
Boston Beer Co., Inc. Class A (a)  (b)

  10,435   3,218,571
Celsius Holdings, Inc. (a)  (b)

  63,569   9,483,859
          12,702,430
BIOTECHNOLOGY — 2.7%  
Arrowhead Pharmaceuticals, Inc. (a)

  80,020   2,853,513
Exelixis, Inc. (a)

  509,008   9,727,143
Halozyme Therapeutics, Inc. (a)

  205,736   7,420,897
Neurocrine Biosciences, Inc. (a)

  152,563   14,386,691
United Therapeutics Corp. (a)

  73,256   16,171,262
          50,559,506
BROADLINE RETAIL — 0.1%  
Ollie's Bargain Outlet Holdings, Inc. (a)  (b)

  45,317   2,625,214
BUILDING PRODUCTS — 5.5%  
Advanced Drainage Systems, Inc. (b)

  75,302   8,567,862
Builders FirstSource, Inc. (a)

  200,499   27,267,864
Carlisle Cos., Inc.

  79,755   20,459,550
Lennox International, Inc. (b)

  31,312   10,209,904
Security Description     Shares   Value
Owens Corning

  76,092   $ 9,930,006
Simpson Manufacturing Co., Inc.

  66,654   9,231,579
Trex Co., Inc. (a)  (b)

  90,032   5,902,498
UFP Industries, Inc.

  97,091   9,422,681
          100,991,944
CAPITAL MARKETS — 2.1%  
Affiliated Managers Group, Inc.

  37,194   5,575,009
Evercore, Inc. Class A

  27,476   3,395,759
Federated Hermes, Inc.

  91,582   3,283,215
Interactive Brokers Group, Inc. Class A

  90,087   7,483,527
Jefferies Financial Group, Inc.

  293,839   9,746,639
SEI Investments Co.

  158,388   9,443,092
          38,927,241
CHEMICALS — 3.1%  
Ashland, Inc.

  50,824   4,417,114
Axalta Coating Systems Ltd. (a)

  155,704   5,108,648
Cabot Corp.

  87,688   5,865,450
Chemours Co.

  132,750   4,897,148
NewMarket Corp.

  5,860   2,356,423
Olin Corp.

  187,919   9,657,157
RPM International, Inc.

  201,593   18,088,940
Westlake Corp.

  53,844   6,432,743
          56,823,623
COMMERCIAL SERVICES & SUPPLIES — 1.5%  
Brink's Co.

  34,847   2,363,672
Clean Harbors, Inc. (a)

  78,708   12,941,956
MSA Safety, Inc.

  31,752   5,523,578
Tetra Tech, Inc.

  47,404   7,761,931
          28,591,137
COMMUNICATIONS EQUIPMENT — 0.2%  
Calix, Inc. (a)

  89,966   4,490,203
CONSTRUCTION & ENGINEERING — 1.8%  
AECOM

  117,327   9,936,424
EMCOR Group, Inc.

  74,298   13,728,784
Valmont Industries, Inc.

  32,952   9,590,680
          33,255,888
CONSTRUCTION MATERIALS — 0.6%  
Eagle Materials, Inc.

  56,348   10,504,394
CONSUMER FINANCE — 0.6%  
FirstCash Holdings, Inc.

  57,566   5,372,635
SLM Corp.

  378,723   6,180,759
          11,553,394
CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.9%  
BJ's Wholesale Club Holdings, Inc. (a)

  119,690   7,541,667
Casey's General Stores, Inc.

  58,259   14,208,205
Performance Food Group Co. (a)

  109,729   6,610,075
Sprouts Farmers Market, Inc. (a)  (b)

  86,785   3,187,613
 
See accompanying notes to financial statements.
95


Table of Contents
SPDR SERIES TRUST
SPDR S&P 400 MID CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
U.S. Foods Holding Corp. (a)

  99,646   $ 4,384,424
          35,931,984
CONTAINERS & PACKAGING — 1.9%  
AptarGroup, Inc.

  48,150   5,578,659
Berry Global Group, Inc.

  81,900   5,269,446
Crown Holdings, Inc. (b)

  73,200   6,358,884
Graphic Packaging Holding Co. (b)

  340,800   8,189,424
Silgan Holdings, Inc.

  130,906   6,138,182
Sonoco Products Co.

  78,028   4,605,213
          36,139,808
DIVERSIFIED CONSUMER SERVICES — 1.5%  
Grand Canyon Education, Inc. (a)

  47,947   4,948,610
H&R Block, Inc.

  237,952   7,583,530
Service Corp. International

  236,359   15,266,428
          27,798,568
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%  
Iridium Communications, Inc.

  196,853   12,228,508
ELECTRIC UTILITIES — 1.0%  
IDACORP, Inc. (b)

  41,850   4,293,810
OGE Energy Corp.

  313,145   11,245,037
PNM Resources, Inc.

  83,088   3,747,269
          19,286,116
ELECTRICAL EQUIPMENT — 2.5%  
Acuity Brands, Inc.

  24,822   4,047,972
Hubbell, Inc.

  83,865   27,806,279
nVent Electric PLC

  259,023   13,383,719
Vicor Corp. (a)  (b)

  15,276   824,904
          46,062,874
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 2.1%  
Belden, Inc.

  66,500   6,360,725
Cognex Corp.

  140,215   7,854,844
Littelfuse, Inc.

  24,071   7,012,123
National Instruments Corp.

  119,131   6,838,119
Novanta, Inc. (a)  (b)

  55,956   10,301,500
          38,367,311
ENERGY EQUIPMENT & SERVICES — 1.4%  
ChampionX Corp.

  309,435   9,604,862
NOV, Inc.

  615,429   9,871,481
Valaris Ltd. (a)

  93,919   5,910,323
          25,386,666
ENTERTAINMENT — 0.4%  
World Wrestling Entertainment, Inc. Class A

  67,866   7,361,425
FINANCIAL SERVICES — 0.9%  
Euronet Worldwide, Inc. (a)

  36,030   4,228,841
WEX, Inc. (a)

  66,994   12,197,598
          16,426,439
Security Description     Shares   Value
FOOD PRODUCTS — 1.4%  
Darling Ingredients, Inc. (a)

  249,506   $ 15,915,988
Flowers Foods, Inc.

  189,656   4,718,641
Lancaster Colony Corp.

  31,004   6,234,594
          26,869,223
GAS UTILITIES — 1.0%  
National Fuel Gas Co.

  100,394   5,156,236
New Jersey Resources Corp.

  98,467   4,647,642
ONE Gas, Inc.

  87,962   6,756,361
Spire, Inc. (b)

  41,351   2,623,308
          19,183,547
GROUND TRANSPORTATION — 1.9%  
Avis Budget Group, Inc. (a)  (b)

  37,299   8,529,163
Knight-Swift Transportation Holdings, Inc.

  125,770   6,987,781
Landstar System, Inc.

  56,161   10,813,239
Saia, Inc. (a)

  23,642   8,095,257
          34,425,440
HEALTH CARE EQUIPMENT & SUPPLIES — 3.9%  
Globus Medical, Inc. Class A (a)

  126,489   7,531,155
Haemonetics Corp. (a)

  78,798   6,708,862
Inari Medical, Inc. (a)  (b)

  78,479   4,562,769
Lantheus Holdings, Inc. (a)

  106,857   8,967,439
Masimo Corp. (a)  (b)

  47,834   7,871,085
Penumbra, Inc. (a)  (b)

  37,656   12,955,923
QuidelOrtho Corp. (a)

  46,306   3,836,915
Shockwave Medical, Inc. (a)

  57,231   16,334,300
STAAR Surgical Co. (a)  (b)

  53,078   2,790,311
          71,558,759
HEALTH CARE PROVIDERS & SERVICES — 2.1%  
Acadia Healthcare Co., Inc. (a)

  83,426   6,644,047
Chemed Corp.

  15,930   8,628,803
Encompass Health Corp.

  72,032   4,877,287
HealthEquity, Inc. (a)

  133,611   8,436,198
Option Care Health, Inc. (a)

  258,446   8,396,911
Progyny, Inc. (a)  (b)

  44,407   1,746,971
          38,730,217
HEALTH CARE REITs — 0.3%  
Omega Healthcare Investors, Inc. REIT

  179,410   5,506,093
HEALTH CARE TECHNOLOGY — 0.2%  
Doximity, Inc. Class A (a)  (b)

  109,300   3,718,386
HOTELS, RESTAURANTS & LEISURE — 4.1%  
Aramark

  166,910   7,185,476
Boyd Gaming Corp.

  70,739   4,907,164
Choice Hotels International, Inc. (b)

  24,397   2,867,135
Churchill Downs, Inc.

  103,054   14,342,025
Hilton Grand Vacations, Inc. (a)

  61,175   2,779,792
Light & Wonder, Inc. (a)

  65,431   4,499,036
Papa John's International, Inc. (b)

  20,848   1,539,208
Planet Fitness, Inc. Class A (a)

  90,300   6,089,832
 
See accompanying notes to financial statements.
96


Table of Contents
SPDR SERIES TRUST
SPDR S&P 400 MID CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Texas Roadhouse, Inc.

  104,764   $ 11,762,902
Wendy's Co.

  263,376   5,728,428
Wingstop, Inc.

  46,881   9,383,701
Wyndham Hotels & Resorts, Inc.

  69,768   4,783,992
          75,868,691
HOUSEHOLD DURABLES — 1.0%  
Tempur Sealy International, Inc. (b)

  269,031   10,780,072
TopBuild Corp. (a)

  26,293   6,994,464
          17,774,536
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.2%  
Ormat Technologies, Inc. (b)

  48,409   3,894,988
INDUSTRIAL REITs — 1.4%  
EastGroup Properties, Inc. REIT

  38,152   6,623,187
First Industrial Realty Trust, Inc. REIT

  105,334   5,544,782
Rexford Industrial Realty, Inc. REIT (b)

  178,999   9,347,328
STAG Industrial, Inc. REIT (b)

  128,854   4,623,281
          26,138,578
INSURANCE — 3.0%  
American Financial Group, Inc.

  49,106   5,831,338
Hanover Insurance Group, Inc.

  32,856   3,713,714
Kinsale Capital Group, Inc.

  33,984   12,716,813
Primerica, Inc.

  39,101   7,732,614
RenaissanceRe Holdings Ltd.

  43,943   8,196,248
RLI Corp.

  63,403   8,652,607
Selective Insurance Group, Inc.

  94,514   9,068,618
          55,911,952
INTERACTIVE MEDIA & SERVICES — 0.3%  
ZoomInfo Technologies, Inc. (a)

  219,000   5,560,410
LEISURE EQUIPMENT & PRODUCTS — 0.7%  
Brunswick Corp.

  65,170   5,646,329
Polaris, Inc. (b)

  43,426   5,251,506
YETI Holdings, Inc. (a)  (b)

  76,891   2,986,446
          13,884,281
LIFE SCIENCES TOOLS & SERVICES — 1.5%  
Bruker Corp.

  92,023   6,802,340
Medpace Holdings, Inc. (a)

  38,588   9,267,680
Repligen Corp. (a)

  80,990   11,456,846
          27,526,866
MACHINERY — 5.1%  
AGCO Corp.

  50,511   6,638,156
Chart Industries, Inc. (a)  (b)

  29,456   4,706,774
Crane Co.

  38,432   3,425,060
Crane NXT Co. (b)

  38,432   2,169,102
Donaldson Co., Inc.

  121,319   7,583,651
Graco, Inc.

  171,049   14,770,081
ITT, Inc.

  59,198   5,517,845
Security Description     Shares   Value
Lincoln Electric Holdings, Inc. (b)

  89,988   $ 17,874,316
Middleby Corp. (a)

  40,086   5,925,913
Timken Co.

  50,443   4,617,048
Toro Co.

  163,081   16,577,184
Watts Water Technologies, Inc. Class A

  22,242   4,086,523
          93,891,653
MEDIA — 0.8%  
New York Times Co. Class A

  127,949   5,038,632
Nexstar Media Group, Inc.

  56,029   9,331,630
          14,370,262
METALS & MINING — 2.5%  
Commercial Metals Co.

  102,456   5,395,333
MP Materials Corp. (a)  (b)

  147,656   3,378,369
Reliance Steel & Aluminum Co.

  91,947   24,971,886
Royal Gold, Inc.

  102,638   11,780,790
Worthington Industries, Inc.

  23,729   1,648,453
          47,174,831
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.8%  
Annaly Capital Management, Inc. REIT (b)

  772,286   15,453,443
MULTI-UTILITIES — 0.2%  
Black Hills Corp.

  54,779   3,300,983
OFFICE REITs — 0.1%  
Corporate Office Properties Trust REIT

  94,817   2,251,904
OIL, GAS & CONSUMABLE FUELS — 6.0%  
Antero Midstream Corp.

  524,446   6,083,574
Antero Resources Corp. (a)  (b)

  431,625   9,940,324
Chord Energy Corp.

  49,363   7,592,029
CNX Resources Corp. (a)  (b)

  258,568   4,581,825
DT Midstream, Inc.

  151,419   7,505,840
Equitrans Midstream Corp.

  322,982   3,087,708
HF Sinclair Corp.

  88,490   3,947,539
Matador Resources Co.

  176,961   9,258,599
Murphy Oil Corp.

  229,384   8,785,407
Ovintiv, Inc.

  294,300   11,204,001
PBF Energy, Inc. Class A

  171,459   7,019,531
PDC Energy, Inc.

  136,729   9,726,901
Range Resources Corp. (b)

  377,234   11,090,680
Southwestern Energy Co. (a)  (b)

  1,721,422   10,345,746
          110,169,704
PAPER & FOREST PRODUCTS — 0.5%  
Louisiana-Pacific Corp.

  112,621   8,444,323
PERSONAL CARE PRODUCTS — 0.2%  
BellRing Brands, Inc. (a)

  84,956   3,109,390
PHARMACEUTICALS — 0.7%  
Jazz Pharmaceuticals PLC (a)

  100,083   12,407,289
 
See accompanying notes to financial statements.
97


Table of Contents
SPDR SERIES TRUST
SPDR S&P 400 MID CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
PROFESSIONAL SERVICES — 4.4%  
CACI International, Inc. Class A (a)

  22,751   $ 7,754,451
Concentrix Corp.

  66,643   5,381,422
ExlService Holdings, Inc. (a)

  51,911   7,841,676
Exponent, Inc.

  54,799   5,113,843
FTI Consulting, Inc. (a)  (b)

  53,099   10,099,430
Genpact Ltd.

  150,820   5,666,307
Insperity, Inc.

  56,115   6,675,440
KBR, Inc.

  212,238   13,808,204
Paylocity Holding Corp. (a)

  64,560   11,913,257
Science Applications International Corp.

  56,483   6,353,208
          80,607,238
RETAIL REITs — 1.0%  
Agree Realty Corp. REIT

  98,431   6,436,403
Brixmor Property Group, Inc. REIT

  229,986   5,059,692
NNN REIT, Inc.

  150,761   6,451,063
          17,947,158
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.4%  
Allegro MicroSystems, Inc. (a)  (b)

  40,414   1,824,288
Amkor Technology, Inc.

  160,553   4,776,452
Cirrus Logic, Inc. (a)

  86,378   6,997,482
Lattice Semiconductor Corp. (a)

  215,225   20,676,666
MACOM Technology Solutions Holdings, Inc. (a)

  80,806   5,295,217
Power Integrations, Inc. (b)

  89,620   8,484,325
Silicon Laboratories, Inc. (a)

  26,503   4,180,583
Universal Display Corp.

  42,861   6,177,556
Wolfspeed, Inc. (a)  (b)

  87,441   4,860,845
          63,273,414
SOFTWARE — 3.2%  
Blackbaud, Inc. (a)

  32,757   2,331,643
CommVault Systems, Inc. (a)

  45,980   3,339,068
Dropbox, Inc. Class A (a)  (b)

  425,200   11,340,084
Dynatrace, Inc. (a)

  338,986   17,447,609
Envestnet, Inc. (a)  (b)

  41,527   2,464,628
Manhattan Associates, Inc. (a)

  56,222   11,237,653
Qualys, Inc. (a)  (b)

  52,469   6,777,421
Teradata Corp. (a)

  72,615   3,878,367
          58,816,473
SPECIALIZED REITs — 2.0%  
CubeSmart REIT

  189,576   8,466,464
Lamar Advertising Co. Class A REIT

  76,547   7,597,290
Life Storage, Inc. REIT

  81,169   10,792,230
National Storage Affiliates Trust REIT

  60,171   2,095,756
PotlatchDeltic Corp. REIT (b)

  71,122   3,758,798
Rayonier, Inc. REIT (b)

  130,347   4,092,896
          36,803,434
Security Description     Shares   Value
SPECIALTY RETAIL — 2.2%  
AutoNation, Inc. (a)

  22,602   $ 3,720,515
Dick's Sporting Goods, Inc.

  48,596   6,423,905
Five Below, Inc. (a)  (b)

  59,997   11,791,810
Murphy USA, Inc.

  31,279   9,731,210
Valvoline, Inc.

  100,019   3,751,713
Williams-Sonoma, Inc. (b)

  49,283   6,167,275
          41,586,428
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.8%  
Super Micro Computer, Inc. (a)

  57,113   14,235,415
TEXTILES, APPAREL & LUXURY GOODS — 1.8%  
Crocs, Inc. (a)

  96,946   10,900,608
Deckers Outdoor Corp. (a)

  41,262   21,772,307
          32,672,915
TRADING COMPANIES & DISTRIBUTORS — 1.8%  
GATX Corp.

  29,482   3,795,513
MSC Industrial Direct Co., Inc. Class A

  36,843   3,510,401
Watsco, Inc. (b)

  52,280   19,943,251
WESCO International, Inc. (b)

  31,700   5,676,202
          32,925,367
WATER UTILITIES — 0.8%  
Essential Utilities, Inc.

  376,174   15,013,104
TOTAL COMMON STOCKS

(Cost $1,776,819,005)

        1,845,591,694
SHORT-TERM INVESTMENTS — 6.8%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

  2,235,101   2,235,548
State Street Navigator Securities Lending Portfolio II (e)  (f)

  123,785,640   123,785,640
TOTAL SHORT-TERM INVESTMENTS

(Cost $126,021,187)

  126,021,188  
TOTAL INVESTMENTS — 106.6%

(Cost $1,902,840,192)

  1,971,612,882  
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.6)%

  (122,379,971)  
NET ASSETS — 100.0%

  $ 1,849,232,911  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
 
See accompanying notes to financial statements.
98


Table of Contents
SPDR SERIES TRUST
SPDR S&P 400 MID CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $1,845,591,694   $—   $—   $1,845,591,694
Short-Term Investments

  126,021,188       126,021,188
TOTAL INVESTMENTS

  $1,971,612,882   $—   $—   $1,971,612,882
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

1,368,755   $ 1,368,618   $ 78,311,694   $ 77,446,118   $1,353   $ 1   2,235,101   $ 2,235,548   $ 48,888
State Street Navigator Securities Lending Portfolio II

20,113,455   20,113,455   925,463,761   821,791,576       123,785,640   123,785,640   643,885
Total

    $21,482,073   $1,003,775,455   $899,237,694   $1,353   $ 1       $126,021,188   $692,773
See accompanying notes to financial statements.
99


Table of Contents
SPDR SERIES TRUST
SPDR S&P 400 MID CAP VALUE ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.3%  
Hexcel Corp.

  170,000   $ 12,923,400
Mercury Systems, Inc. (a)

  50,365   1,742,125
Woodward, Inc.

  121,000   14,388,110
          29,053,635
AIR FREIGHT & LOGISTICS — 0.7%  
GXO Logistics, Inc. (a)  (b)

  239,681   15,056,760
AUTOMOBILE COMPONENTS — 2.2%  
Adient PLC (a)  (b)

  190,558   7,302,183
Autoliv, Inc.

  105,799   8,997,147
Gentex Corp.

  253,920   7,429,699
Goodyear Tire & Rubber Co. (a)

  570,456   7,803,838
Lear Corp.

  119,002   17,082,737
          48,615,604
AUTOMOBILES — 0.7%  
Harley-Davidson, Inc.

  97,033   3,416,532
Thor Industries, Inc. (b)

  107,777   11,154,919
          14,571,451
BANKS — 8.0%  
Associated Banc-Corp.

  305,945   4,965,487
Bank OZK

  217,019   8,715,483
Cadence Bank

  367,633   7,220,312
Cathay General Bancorp

  72,374   2,329,719
Columbia Banking System, Inc.

  202,957   4,115,968
Commerce Bancshares, Inc.

  74,020   3,604,774
Cullen/Frost Bankers, Inc.

  43,002   4,624,005
East West Bancorp, Inc.

  139,497   7,364,047
First Financial Bankshares, Inc.

  123,294   3,512,646
First Horizon Corp.

  374,834   4,224,379
FNB Corp.

  726,789   8,314,466
Glacier Bancorp, Inc.

  102,354   3,190,374
Hancock Whitney Corp.

  90,266   3,464,409
Home BancShares, Inc.

  379,640   8,655,792
International Bancshares Corp.

  42,608   1,883,274
New York Community Bancorp, Inc.

  1,455,245   16,356,954
Old National Bancorp

  588,874   8,208,904
Pinnacle Financial Partners, Inc.

  154,494   8,752,085
Prosperity Bancshares, Inc.

  189,924   10,726,908
SouthState Corp. (b)

  66,208   4,356,486
Synovus Financial Corp.

  294,166   8,898,521
Texas Capital Bancshares, Inc. (a)

  96,157   4,952,086
UMB Financial Corp.

  88,167   5,369,370
United Bankshares, Inc.

  142,016   4,213,615
Valley National Bancorp

  848,086   6,572,666
Webster Financial Corp.

  352,037   13,289,397
Wintrust Financial Corp.

  124,124   9,013,885
          176,896,012
BEVERAGES — 0.4%  
Boston Beer Co., Inc. Class A (a)  (b)

  6,040   1,862,978
Security Description     Shares   Value
Coca-Cola Consolidated, Inc.

  9,399   $ 5,977,952
          7,840,930
BIOTECHNOLOGY — 0.2%  
Arrowhead Pharmaceuticals, Inc. (a)

  111,524   3,976,946
BROADLINE RETAIL — 1.0%  
Kohl's Corp. (b)

  224,710   5,179,565
Macy's, Inc.

  548,236   8,799,188
Nordstrom, Inc.

  229,813   4,704,272
Ollie's Bargain Outlet Holdings, Inc. (a)

  59,762   3,462,013
          22,145,038
BUILDING PRODUCTS — 2.1%  
Advanced Drainage Systems, Inc. (b)

  29,135   3,314,980
Fortune Brands Innovations, Inc.

  255,396   18,375,742
Lennox International, Inc.

  24,963   8,139,686
Owens Corning

  83,486   10,894,923
Trex Co., Inc. (a)

  102,793   6,739,109
          47,464,440
CAPITAL MARKETS — 1.7%  
Affiliated Managers Group, Inc.

  24,615   3,689,542
Evercore, Inc. Class A

  35,413   4,376,693
Federated Hermes, Inc.

  54,130   1,940,561
Interactive Brokers Group, Inc. Class A

  92,013   7,643,520
Janus Henderson Group PLC

  266,637   7,265,858
Stifel Financial Corp.

  214,691   12,810,612
          37,726,786
CHEMICALS — 1.6%  
Ashland, Inc.

  32,121   2,791,636
Avient Corp.

  172,257   7,045,311
Axalta Coating Systems Ltd. (a)

  245,160   8,043,700
Chemours Co.

  129,676   4,783,748
NewMarket Corp.

  6,296   2,531,748
Scotts Miracle-Gro Co. (b)

  83,192   5,215,306
Sensient Technologies Corp.

  85,393   6,074,004
          36,485,453
COMMERCIAL SERVICES & SUPPLIES — 1.1%  
Brink's Co.

  49,687   3,370,269
MSA Safety, Inc.

  33,774   5,875,325
Stericycle, Inc. (a)

  186,040   8,639,698
Tetra Tech, Inc.

  46,066   7,542,847
          25,428,139
COMMUNICATIONS EQUIPMENT — 0.9%  
Ciena Corp. (a)

  300,519   12,769,052
Lumentum Holdings, Inc. (a)  (b)

  138,278   7,844,511
          20,613,563
CONSTRUCTION & ENGINEERING — 1.9%  
AECOM

  128,797   10,907,818
Fluor Corp. (a)

  291,037   8,614,695
 
See accompanying notes to financial statements.
100


Table of Contents
SPDR SERIES TRUST
SPDR S&P 400 MID CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
MasTec, Inc. (a)  (b)

  120,949   $ 14,268,354
MDU Resources Group, Inc.

  409,881   8,582,908
          42,373,775
CONSTRUCTION MATERIALS — 0.2%  
Knife River Corp. (a)

  104,095   4,528,133
CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.9%  
BJ's Wholesale Club Holdings, Inc. (a)

  116,240   7,324,283
Grocery Outlet Holding Corp. (a)

  180,089   5,512,524
Performance Food Group Co. (a)

  172,874   10,413,930
Sprouts Farmers Market, Inc. (a)  (b)

  95,029   3,490,415
U.S. Foods Holding Corp. (a)

  330,730   14,552,120
          41,293,272
CONTAINERS & PACKAGING — 1.9%  
AptarGroup, Inc.

  69,861   8,094,096
Berry Global Group, Inc.

  134,409   8,647,875
Crown Holdings, Inc. (b)

  147,629   12,824,531
Graphic Packaging Holding Co.

  178,878   4,298,438
Greif, Inc. Class A

  52,916   3,645,383
Sonoco Products Co.

  96,997   5,724,763
          43,235,086
DIVERSIFIED CONSUMER SERVICES — 0.2%  
Graham Holdings Co. Class B

  7,615   4,351,820
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%  
Frontier Communications Parent, Inc. (a)

  449,306   8,375,064
ELECTRIC UTILITIES — 1.4%  
ALLETE, Inc.

  115,263   6,681,796
Hawaiian Electric Industries, Inc.

  220,539   7,983,512
IDACORP, Inc.

  48,378   4,963,583
PNM Resources, Inc.

  67,442   3,041,634
Portland General Electric Co.

  194,559   9,111,198
          31,781,723
ELECTRICAL EQUIPMENT — 2.0%  
Acuity Brands, Inc.

  31,921   5,205,677
EnerSys

  82,254   8,926,204
Regal Rexnord Corp.

  134,195   20,652,610
Sunrun, Inc. (a)  (b)

  436,773   7,800,766
Vicor Corp. (a)

  26,317   1,421,118
          44,006,375
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 5.6%  
Arrow Electronics, Inc. (a)

  114,412   16,387,231
Avnet, Inc.

  183,983   9,281,942
Cognex Corp.

  166,752   9,341,447
Coherent Corp. (a)  (b)

  280,839   14,317,172
IPG Photonics Corp. (a)

  62,869   8,538,868
Jabil, Inc.

  268,423   28,970,894
Security Description     Shares   Value
Littelfuse, Inc.

  19,297   $ 5,621,409
National Instruments Corp.

  111,438   6,396,541
TD SYNNEX Corp.

  83,587   7,857,178
Vishay Intertechnology, Inc.

  256,691   7,546,716
Vontier Corp.

  313,367   10,093,551
          124,352,949
FINANCIAL SERVICES — 2.2%  
Essent Group Ltd.

  215,991   10,108,379
Euronet Worldwide, Inc. (a)

  48,732   5,719,675
MGIC Investment Corp.

  576,998   9,110,798
Voya Financial, Inc.

  199,156   14,281,477
Western Union Co.

  753,762   8,841,628
          48,061,957
FOOD PRODUCTS — 1.3%  
Flowers Foods, Inc.

  143,816   3,578,142
Ingredion, Inc.

  133,001   14,091,456
Pilgrim's Pride Corp. (a)

  92,764   1,993,498
Post Holdings, Inc. (a)

  107,793   9,340,264
          29,003,360
GAS UTILITIES — 1.3%  
National Fuel Gas Co.

  56,715   2,912,882
New Jersey Resources Corp.

  69,617   3,285,923
Southwest Gas Holdings, Inc.

  132,744   8,449,156
Spire, Inc. (b)

  54,139   3,434,578
UGI Corp. (b)

  421,593   11,370,363
          29,452,902
GROUND TRANSPORTATION — 2.2%  
Hertz Global Holdings, Inc. (a)  (b)

  316,828   5,826,467
Knight-Swift Transportation Holdings, Inc.

  162,079   9,005,109
Ryder System, Inc.

  93,517   7,929,307
Saia, Inc. (a)

  23,212   7,948,021
Werner Enterprises, Inc. (b)

  119,602   5,284,016
XPO, Inc. (a)

  233,370   13,768,830
          49,761,750
HEALTH CARE EQUIPMENT & SUPPLIES — 3.3%  
Enovis Corp. (a)

  96,702   6,200,532
Envista Holdings Corp. (a)

  332,585   11,254,676
ICU Medical, Inc. (a)  (b)

  40,991   7,304,186
Integra LifeSciences Holdings Corp. (a)

  143,250   5,891,873
LivaNova PLC (a)

  108,902   5,600,830
Masimo Corp. (a)

  36,531   6,011,176
Neogen Corp. (a)  (b)

  435,272   9,467,166
Omnicell, Inc. (a)

  90,856   6,693,362
Penumbra, Inc. (a)

  28,711   9,878,307
QuidelOrtho Corp. (a)

  49,608   4,110,519
STAAR Surgical Co. (a)

  31,871   1,675,458
          74,088,085
HEALTH CARE PROVIDERS & SERVICES — 2.5%  
Acadia Healthcare Co., Inc. (a)

  78,752   6,271,809
 
See accompanying notes to financial statements.
101


Table of Contents
SPDR SERIES TRUST
SPDR S&P 400 MID CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Amedisys, Inc. (a)

  66,086   $ 6,042,904
Chemed Corp.

  9,747   5,279,657
Encompass Health Corp.

  109,514   7,415,193
Patterson Cos., Inc.

  175,713   5,844,214
Progyny, Inc. (a)  (b)

  98,681   3,882,111
R1 RCM, Inc. (a)  (b)

  278,437   5,137,163
Tenet Healthcare Corp. (a)

  206,489   16,804,075
          56,677,126
HEALTH CARE REITs — 2.0%  
Healthcare Realty Trust, Inc. REIT

  767,335   14,471,938
Medical Properties Trust, Inc. REIT (b)

  1,204,993   11,158,235
Omega Healthcare Investors, Inc. REIT

  240,525   7,381,712
Physicians Realty Trust REIT (b)

  479,545   6,708,835
Sabra Health Care REIT, Inc.

  469,862   5,530,276
          45,250,996
HEALTH CARE TECHNOLOGY — 0.2%  
Doximity, Inc. Class A (a)  (b)

  97,552   3,318,719
HOTEL & RESORT REITs — 0.3%  
Park Hotels & Resorts, Inc. REIT

  433,515   5,557,662
HOTELS, RESTAURANTS & LEISURE — 2.9%  
Aramark

  309,769   13,335,555
Boyd Gaming Corp.

  63,164   4,381,687
Choice Hotels International, Inc. (b)

  21,787   2,560,408
Hilton Grand Vacations, Inc. (a)

  75,565   3,433,674
Light & Wonder, Inc. (a)

  98,923   6,801,945
Marriott Vacations Worldwide Corp.

  74,137   9,098,093
Papa John's International, Inc.

  32,732   2,416,604
Penn Entertainment, Inc. (a)  (b)

  310,155   7,453,025
Planet Fitness, Inc. Class A (a)

  54,585   3,681,212
Travel & Leisure Co.

  153,456   6,190,415
Wyndham Hotels & Resorts, Inc.

  82,858   5,681,573
          65,034,191
HOUSEHOLD DURABLES — 2.5%  
Helen of Troy Ltd. (a)  (b)

  48,636   5,253,661
KB Home

  161,604   8,356,543
Leggett & Platt, Inc. (b)

  267,922   7,935,850
Taylor Morrison Home Corp. (a)

  219,769   10,718,134
Toll Brothers, Inc.

  207,563   16,412,006
TopBuild Corp. (a)

  30,059   7,996,295
          56,672,489
HOUSEHOLD PRODUCTS — 0.2%  
Energizer Holdings, Inc.

  134,585   4,519,364
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.2%  
Ormat Technologies, Inc. (b)

  43,966   3,537,504
Security Description     Shares   Value
INDUSTRIAL REITs — 1.4%  
EastGroup Properties, Inc. REIT

  40,657   $ 7,058,055
First Industrial Realty Trust, Inc. REIT

  130,362   6,862,256
Rexford Industrial Realty, Inc. REIT (b)

  174,004   9,086,489
STAG Industrial, Inc. REIT

  198,516   7,122,754
          30,129,554
INSURANCE — 4.7%  
American Financial Group, Inc.

  77,355   9,185,906
Brighthouse Financial, Inc. (a)

  134,481   6,367,676
CNO Financial Group, Inc.

  232,593   5,505,476
First American Financial Corp.

  207,914   11,855,256
Hanover Insurance Group, Inc.

  29,507   3,335,176
Kemper Corp.

  129,870   6,267,526
Old Republic International Corp.

  548,615   13,808,640
Primerica, Inc.

  22,596   4,468,585
Reinsurance Group of America, Inc.

  134,178   18,609,147
RenaissanceRe Holdings Ltd.

  44,466   8,293,798
Unum Group

  375,200   17,897,040
          105,594,226
INTERACTIVE MEDIA & SERVICES — 0.8%  
TripAdvisor, Inc. (a)

  217,288   3,583,079
Ziff Davis, Inc. (a)  (b)

  95,919   6,720,085
ZoomInfo Technologies, Inc. (a)

  260,304   6,609,119
          16,912,283
IT SERVICES — 0.2%  
Kyndryl Holdings, Inc. (a)

  415,737   5,520,987
LEISURE EQUIPMENT & PRODUCTS — 1.5%  
Brunswick Corp.

  58,288   5,050,072
Mattel, Inc. (a)

  713,116   13,934,287
Polaris, Inc. (b)

  51,663   6,247,607
Topgolf Callaway Brands Corp. (a)  (b)

  281,584   5,589,442
YETI Holdings, Inc. (a)  (b)

  80,168   3,113,725
          33,935,133
LIFE SCIENCES TOOLS & SERVICES — 1.1%  
Azenta, Inc. (a)  (b)

  130,986   6,114,427
Bruker Corp.

  82,307   6,084,134
Sotera Health Co. (a)  (b)

  204,054   3,844,377
Syneos Health, Inc. (a)

  208,660   8,792,932
          24,835,870
MACHINERY — 4.6%  
AGCO Corp.

  60,043   7,890,851
Chart Industries, Inc. (a)  (b)

  46,468   7,425,122
Crane Co.

  48,968   4,364,028
Crane NXT Co.

  48,968   2,763,754
Donaldson Co., Inc.

  87,769   5,486,440
Esab Corp.

  105,229   7,001,938
Flowserve Corp.

  264,088   9,810,869
Graco, Inc.

  118,611   10,242,060
ITT, Inc.

  89,591   8,350,777
 
See accompanying notes to financial statements.
102


Table of Contents
SPDR SERIES TRUST
SPDR S&P 400 MID CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Middleby Corp. (a)

  56,014   $ 8,280,550
Oshkosh Corp.

  131,569   11,392,560
Terex Corp.

  137,180   8,207,479
Timken Co.

  68,685   6,286,738
Watts Water Technologies, Inc. Class A

  26,550   4,878,031
          102,381,197
MARINE TRANSPORTATION — 0.4%  
Kirby Corp. (a)

  120,742   9,291,097
MEDIA — 0.9%  
Cable One, Inc. (b)

  9,494   6,238,318
New York Times Co. Class A

  167,250   6,586,305
TEGNA, Inc.

  452,764   7,352,887
          20,177,510
METALS & MINING — 2.2%  
Alcoa Corp.

  359,373   12,193,526
Cleveland-Cliffs, Inc. (a)

  1,038,145   17,399,310
Commercial Metals Co.

  104,763   5,516,820
U.S. Steel Corp. (b)

  456,031   11,405,335
Worthington Industries, Inc.

  31,984   2,221,928
          48,736,919
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.5%  
Starwood Property Trust, Inc. REIT (b)

  628,650   12,195,810
MULTI-UTILITIES — 0.5%  
Black Hills Corp.

  64,430   3,882,552
NorthWestern Corp.

  120,249   6,825,333
          10,707,885
OFFICE REITs — 1.2%  
Corporate Office Properties Trust REIT

  111,386   2,645,418
Cousins Properties, Inc. REIT

  307,860   7,019,208
Highwoods Properties, Inc. REIT

  213,221   5,098,114
Kilroy Realty Corp. REIT

  213,934   6,437,274
Vornado Realty Trust REIT (b)

  327,716   5,944,768
          27,144,782
OIL, GAS & CONSUMABLE FUELS — 0.8%  
Chord Energy Corp.

  20,195   3,105,991
Equitrans Midstream Corp.

  469,662   4,489,969
HF Sinclair Corp.

  145,106   6,473,179
Ovintiv, Inc.

  112,876   4,297,189
          18,366,328
PASSENGER AIRLINES — 0.3%  
JetBlue Airways Corp. (a)  (b)

  668,724   5,924,895
PERSONAL CARE PRODUCTS — 0.7%  
BellRing Brands, Inc. (a)

  159,970   5,854,902
Coty, Inc. Class A (a)

  738,200   9,072,478
          14,927,380
Security Description     Shares   Value
PHARMACEUTICALS — 0.4%  
Perrigo Co. PLC

  272,481   $ 9,250,730
PROFESSIONAL SERVICES — 2.0%  
ASGN, Inc. (a)

  99,183   7,501,210
CACI International, Inc. Class A (a)

  16,490   5,620,452
Exponent, Inc.

  32,049   2,990,813
Genpact Ltd.

  148,602   5,582,977
ManpowerGroup, Inc.

  101,446   8,054,812
Maximus, Inc.

  122,375   10,341,911
Science Applications International Corp.

  35,775   4,023,972
          44,116,147
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7%  
Jones Lang LaSalle, Inc. (a)

  96,801   15,081,596
RESIDENTIAL REITs — 0.9%  
Apartment Income REIT Corp.

  300,483   10,844,432
Independence Realty Trust, Inc. REIT

  451,491   8,226,166
          19,070,598
RETAIL REITs — 1.8%  
Agree Realty Corp. REIT

  57,948   3,789,220
Brixmor Property Group, Inc. REIT

  308,343   6,783,546
Kite Realty Group Trust REIT

  441,593   9,865,187
NNN REIT, Inc.

  172,185   7,367,796
Spirit Realty Capital, Inc. REIT

  285,992   11,262,365
          39,068,114
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.8%  
Allegro MicroSystems, Inc. (a)  (b)

  81,827   3,693,671
MKS Instruments, Inc. (b)

  115,661   12,502,954
Silicon Laboratories, Inc. (a)

  30,601   4,827,002
Synaptics, Inc. (a)

  80,650   6,885,897
Universal Display Corp.

  32,721   4,716,077
Wolfspeed, Inc. (a)  (b)

  137,712   7,655,410
          40,281,011
SOFTWARE — 2.1%  
ACI Worldwide, Inc. (a)

  217,695   5,043,993
Aspen Technology, Inc. (a)  (b)

  59,228   9,927,205
Blackbaud, Inc. (a)

  49,703   3,537,860
CommVault Systems, Inc. (a)

  30,322   2,201,984
Envestnet, Inc. (a)

  57,007   3,383,365
Manhattan Associates, Inc. (a)

  52,475   10,488,703
NCR Corp. (a)

  283,517   7,144,628
Teradata Corp. (a)

  109,709   5,859,558
          47,587,296
SPECIALIZED REITs — 2.0%  
CubeSmart REIT

  208,079   9,292,808
EPR Properties REIT

  152,360   7,130,448
Lamar Advertising Co. Class A REIT

  77,483   7,690,188
 
See accompanying notes to financial statements.
103


Table of Contents
SPDR SERIES TRUST
SPDR S&P 400 MID CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Life Storage, Inc. REIT

  66,808   $ 8,882,791
National Storage Affiliates Trust REIT

  87,253   3,039,022
PotlatchDeltic Corp. REIT

  68,875   3,640,044
Rayonier, Inc. REIT

  135,967   4,269,364
          43,944,665
SPECIALTY RETAIL — 3.8%  
AutoNation, Inc. (a)

  34,174   5,625,382
Dick's Sporting Goods, Inc.

  61,870   8,178,595
Five Below, Inc. (a)

  35,111   6,900,716
Foot Locker, Inc. (b)

  162,931   4,417,060
GameStop Corp. Class A (a)  (b)

  509,527   12,356,030
Gap, Inc. (b)

  435,666   3,890,497
Lithia Motors, Inc. (b)

  55,484   16,873,239
RH (a)  (b)

  36,239   11,944,012
Valvoline, Inc.

  151,452   5,680,965
Williams-Sonoma, Inc. (b)

  68,700   8,597,118
          84,463,614
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.4%  
Super Micro Computer, Inc. (a)

  18,314   4,564,764
Xerox Holdings Corp. (b)

  231,411   3,445,710
          8,010,474
TEXTILES, APPAREL & LUXURY GOODS — 2.3%  
Capri Holdings Ltd. (a)

  253,090   9,083,400
Carter's, Inc. (b)

  75,751   5,499,523
Columbia Sportswear Co.

  71,860   5,550,466
PVH Corp.

  126,487   10,747,600
Skechers USA, Inc. Class A (a)

  270,537   14,246,479
Under Armour, Inc. Class A (a)

  389,811   2,814,435
Under Armour, Inc. Class C (a)  (b)

  384,962   2,583,095
          50,524,998
TRADING COMPANIES & DISTRIBUTORS — 1.3%  
GATX Corp.

  34,183   4,400,720
MSC Industrial Direct Co., Inc. Class A

  47,465   4,522,465
Security Description     Shares   Value
Univar Solutions, Inc. (a)

  317,761   $ 11,388,554
WESCO International, Inc.

  49,978   8,949,061
          29,260,800
TOTAL COMMON STOCKS

(Cost $2,274,463,710)

        2,218,550,958
SHORT-TERM INVESTMENTS — 6.7%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

  2,887,605   2,888,182
State Street Navigator Securities Lending Portfolio II (e)  (f)

  146,709,166   146,709,166
TOTAL SHORT-TERM INVESTMENTS

(Cost $149,597,336)

  149,597,348  
TOTAL INVESTMENTS — 106.5%

(Cost $2,424,061,046)

  2,368,148,306  
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.5)%

  (143,654,678)  
NET ASSETS — 100.0%

  $ 2,224,493,628  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $2,218,550,958   $—   $—   $2,218,550,958
Short-Term Investments

  149,597,348       149,597,348
TOTAL INVESTMENTS

  $2,368,148,306   $—   $—   $2,368,148,306
See accompanying notes to financial statements.
104


Table of Contents
SPDR SERIES TRUST
SPDR S&P 400 MID CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

1,468,212   $ 1,468,065   $ 112,073,439   $ 110,654,648   $1,314   $12   2,887,605   $ 2,888,182   $ 96,890
State Street Navigator Securities Lending Portfolio II

17,718,162   17,718,162   904,393,055   775,402,051       146,709,166   146,709,166   700,340
Total

    $19,186,227   $1,016,466,494   $886,056,699   $1,314   $12       $149,597,348   $797,230
See accompanying notes to financial statements.
105


Table of Contents
SPDR SERIES TRUST
SPDR S&P 500 ESG ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AIR FREIGHT & LOGISTICS — 0.6%  
CH Robinson Worldwide, Inc.

  3,774   $ 356,077
Expeditors International of Washington, Inc.

  5,054   612,191
United Parcel Service, Inc. Class B

  23,005   4,123,646
          5,091,914
AUTOMOBILE COMPONENTS — 0.1%  
Aptiv PLC (a)

  8,567   874,605
BorgWarner, Inc.

  7,386   361,249
          1,235,854
AUTOMOBILES — 2.9%  
Ford Motor Co.

  123,671   1,871,142
General Motors Co.

  43,998   1,696,563
Tesla, Inc. (a)

  84,898   22,223,750
          25,791,455
BANKS — 4.1%  
Bank of America Corp.

  220,481   6,325,600
Bank of New York Mellon Corp.

  23,183   1,032,107
Citigroup, Inc.

  61,153   2,815,484
Fifth Third Bancorp

  21,554   564,930
Goldman Sachs Group, Inc.

  10,666   3,440,212
JPMorgan Chase & Co.

  92,648   13,474,725
M&T Bank Corp.

  5,354   662,611
Morgan Stanley

  41,215   3,519,761
Northern Trust Corp.

  6,616   490,510
PNC Financial Services Group, Inc.

  12,702   1,599,817
Regions Financial Corp.

  29,458   524,942
State Street Corp. (b)

  11,047   808,420
Truist Financial Corp.

  41,884   1,271,179
          36,530,298
BEVERAGES — 2.1%  
Brown-Forman Corp. Class B

  5,775   385,655
Coca-Cola Co.

  122,924   7,402,483
Constellation Brands, Inc. Class A

  5,170   1,272,492
Keurig Dr Pepper, Inc.

  26,826   838,849
Molson Coors Beverage Co. Class B

  5,889   387,732
PepsiCo, Inc.

  43,486   8,054,477
          18,341,688
BIOTECHNOLOGY — 2.5%  
AbbVie, Inc.

  55,869   7,527,230
Amgen, Inc.

  16,851   3,741,259
Biogen, Inc. (a)

  4,521   1,287,807
Gilead Sciences, Inc.

  39,406   3,037,020
Moderna, Inc. (a)

  10,443   1,268,825
Regeneron Pharmaceuticals, Inc. (a)

  3,435   2,468,185
Vertex Pharmaceuticals, Inc. (a)

  8,163   2,872,641
          22,202,967
BROADLINE RETAIL — 4.3%  
Amazon.com, Inc. (a)

  281,803   36,735,839
Security Description     Shares   Value
eBay, Inc.

  17,173   $ 767,461
Etsy, Inc. (a)

  3,965   335,479
          37,838,779
BUILDING PRODUCTS — 0.5%  
Carrier Global Corp.

  26,389   1,311,797
Johnson Controls International PLC

  21,656   1,475,640
Trane Technologies PLC

  7,243   1,385,296
          4,172,733
CAPITAL MARKETS — 2.5%  
Ameriprise Financial, Inc.

  3,357   1,115,061
BlackRock, Inc.

  4,709   3,254,578
Cboe Global Markets, Inc.

  3,308   456,537
Charles Schwab Corp.

  47,076   2,668,268
CME Group, Inc.

  11,345   2,102,115
FactSet Research Systems, Inc.

  1,187   475,572
Franklin Resources, Inc.

  8,976   239,749
Intercontinental Exchange, Inc.

  17,630   1,993,600
Invesco Ltd.

  14,286   240,148
MarketAxess Holdings, Inc.

  1,210   316,318
Moody's Corp.

  5,022   1,746,250
MSCI, Inc.

  2,519   1,182,142
Nasdaq, Inc.

  10,669   531,850
Raymond James Financial, Inc.

  6,164   639,638
S&P Global, Inc.

  10,387   4,164,044
T Rowe Price Group, Inc.

  7,048   789,517
          21,915,387
CHEMICALS — 1.9%  
Air Products & Chemicals, Inc.

  6,988   2,093,116
Albemarle Corp.

  3,620   807,586
CF Industries Holdings, Inc.

  6,245   433,528
Corteva, Inc.

  22,540   1,291,542
Dow, Inc.

  22,213   1,183,064
Ecolab, Inc.

  7,786   1,453,568
FMC Corp.

  3,935   410,578
International Flavors & Fragrances, Inc.

  8,104   644,997
Linde PLC

  15,547   5,924,651
LyondellBasell Industries NV Class A

  7,982   732,987
Mosaic Co.

  10,725   375,375
PPG Industries, Inc.

  7,443   1,103,797
          16,454,789
COMMERCIAL SERVICES & SUPPLIES — 0.5%  
Cintas Corp.

  2,716   1,350,069
Republic Services, Inc.

  6,516   998,056
Waste Management, Inc.

  11,772   2,041,500
          4,389,625
COMMUNICATIONS EQUIPMENT — 1.1%  
Arista Networks, Inc. (a)

  7,825   1,268,119
Cisco Systems, Inc.

  129,762   6,713,886
F5, Inc. (a)

  1,918   280,527
Juniper Networks, Inc.

  10,264   321,571
 
See accompanying notes to financial statements.
106


Table of Contents
SPDR SERIES TRUST
SPDR S&P 500 ESG ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Motorola Solutions, Inc.

  5,284   $ 1,549,692
          10,133,795
CONSTRUCTION & ENGINEERING — 0.1%  
Quanta Services, Inc.

  4,516   887,168
CONSUMER FINANCE — 0.7%  
American Express Co.

  18,822   3,278,793
Capital One Financial Corp.

  12,054   1,318,346
Discover Financial Services

  8,440   986,214
Synchrony Financial

  13,883   470,911
          6,054,264
CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.6%  
Dollar General Corp.

  7,110   1,207,136
Dollar Tree, Inc. (a)

  6,567   942,364
Kroger Co.

  20,583   967,401
Sysco Corp.

  16,029   1,189,352
Target Corp.

  14,565   1,921,123
Walgreens Boots Alliance, Inc.

  22,610   644,159
Walmart, Inc.

  44,294   6,962,131
          13,833,666
CONTAINERS & PACKAGING — 0.2%  
Amcor PLC

  46,936   468,421
Ball Corp.

  9,909   576,803
International Paper Co.

  11,228   357,163
Westrock Co.

  8,070   234,595
          1,636,982
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%  
AT&T, Inc.

  225,074   3,589,930
Verizon Communications, Inc.

  132,582   4,930,725
          8,520,655
ELECTRIC UTILITIES — 1.0%  
Constellation Energy Corp.

  10,346   947,176
Edison International

  12,018   834,650
Entergy Corp.

  6,447   627,744
Eversource Energy

  10,968   777,851
Exelon Corp.

  31,388   1,278,747
NextEra Energy, Inc.

  64,039   4,751,694
          9,217,862
ELECTRICAL EQUIPMENT — 0.6%  
Eaton Corp. PLC

  12,602   2,534,262
Emerson Electric Co.

  18,043   1,630,907
Generac Holdings, Inc. (a)

  2,011   299,900
Rockwell Automation, Inc.

  3,579   1,179,102
          5,644,171
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%  
Corning, Inc.

  24,055   842,887
Keysight Technologies, Inc. (a)

  5,589   935,878
TE Connectivity Ltd.

  9,978   1,398,517
Zebra Technologies Corp. Class A (a)

  1,594   471,553
          3,648,835
Security Description     Shares   Value
ENERGY EQUIPMENT & SERVICES — 0.5%  
Baker Hughes Co.

  31,824   $ 1,005,957
Halliburton Co.

  28,556   942,062
Schlumberger NV

  44,822   2,201,657
          4,149,676
ENTERTAINMENT — 1.5%  
Electronic Arts, Inc.

  8,259   1,071,192
Netflix, Inc. (a)

  14,053   6,190,206
Walt Disney Co. (a)

  57,717   5,152,974
Warner Bros Discovery, Inc. (a)

  69,812   875,443
          13,289,815
FINANCIAL SERVICES — 2.9%  
Fidelity National Information Services, Inc.

  18,707   1,023,273
Mastercard, Inc. Class A

  26,500   10,422,450
PayPal Holdings, Inc. (a)

  35,687   2,381,393
Visa, Inc. Class A

  51,312   12,185,574
          26,012,690
FOOD PRODUCTS — 1.3%  
Archer-Daniels-Midland Co.

  17,266   1,304,619
Campbell Soup Co.

  6,301   288,019
Conagra Brands, Inc.

  15,005   505,969
General Mills, Inc.

  18,601   1,426,697
Hershey Co.

  4,629   1,155,861
Hormel Foods Corp.

  9,148   367,933
J M Smucker Co.

  3,408   503,259
Kellogg Co.

  8,111   546,681
Kraft Heinz Co.

  25,143   892,576
McCormick & Co., Inc.

  7,953   693,740
Mondelez International, Inc. Class A

  43,073   3,141,745
Tyson Foods, Inc. Class A

  9,008   459,768
          11,286,867
GROUND TRANSPORTATION — 0.9%  
CSX Corp.

  64,315   2,193,141
JB Hunt Transport Services, Inc.

  2,618   473,937
Norfolk Southern Corp.

  7,181   1,628,364
Union Pacific Corp.

  19,278   3,944,664
          8,240,106
HEALTH CARE EQUIPMENT & SUPPLIES — 2.3%  
Abbott Laboratories

  55,065   6,003,186
Baxter International, Inc.

  15,923   725,452
Becton Dickinson & Co.

  8,924   2,356,025
Boston Scientific Corp. (a)

  45,204   2,445,084
Edwards Lifesciences Corp. (a)

  19,557   1,844,812
Hologic, Inc. (a)

  7,814   632,700
IDEXX Laboratories, Inc. (a)

  2,653   1,332,416
Medtronic PLC

  41,994   3,699,672
Teleflex, Inc.

  1,518   367,402
Zimmer Biomet Holdings, Inc.

  6,672   971,443
          20,378,192
 
See accompanying notes to financial statements.
107


Table of Contents
SPDR SERIES TRUST
SPDR S&P 500 ESG ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
HEALTH CARE PROVIDERS & SERVICES — 3.3%  
AmerisourceBergen Corp.

  5,077   $ 976,967
Cardinal Health, Inc.

  8,098   765,828
Centene Corp. (a)

  17,409   1,174,237
Cigna Group

  9,432   2,646,619
CVS Health Corp.

  40,586   2,805,710
DaVita, Inc. (a)

  1,705   171,301
Elevance Health, Inc.

  7,540   3,349,947
Henry Schein, Inc. (a)

  4,290   347,919
Humana, Inc.

  3,975   1,777,342
Laboratory Corp. of America Holdings

  2,785   672,104
Quest Diagnostics, Inc.

  3,489   490,414
UnitedHealth Group, Inc.

  29,503   14,180,322
          29,358,710
HEALTH CARE REITs — 0.2%  
Healthpeak Properties, Inc. REIT

  17,266   347,047
Ventas, Inc. REIT

  12,590   595,129
Welltower, Inc. REIT

  14,890   1,204,452
          2,146,628
HOTEL & RESORT REITs — 0.0% (c)  
Host Hotels & Resorts, Inc. REIT

  22,557   379,634
HOTELS, RESTAURANTS & LEISURE — 2.0%  
Caesars Entertainment, Inc. (a)

  6,729   342,977
Darden Restaurants, Inc.

  3,830   639,917
Hilton Worldwide Holdings, Inc.

  8,440   1,228,442
Las Vegas Sands Corp. (a)

  10,411   603,838
Marriott International, Inc. Class A

  8,129   1,493,216
McDonald's Corp.

  23,152   6,908,788
MGM Resorts International

  9,961   437,487
Norwegian Cruise Line Holdings Ltd. (a)

  13,344   290,499
Royal Caribbean Cruises Ltd. (a)

  6,969   722,964
Starbucks Corp.

  36,269   3,592,807
Yum! Brands, Inc.

  8,839   1,224,644
          17,485,579
HOUSEHOLD DURABLES — 0.1%  
Mohawk Industries, Inc. (a)

  1,712   176,610
Newell Brands, Inc.

  11,916   103,669
PulteGroup, Inc.

  7,127   553,625
Whirlpool Corp.

  1,678   249,670
          1,083,574
HOUSEHOLD PRODUCTS — 1.5%  
Colgate-Palmolive Co.

  26,354   2,030,312
Procter & Gamble Co.

  74,472   11,300,381
          13,330,693
INDUSTRIAL CONGLOMERATES — 0.4%  
General Electric Co.

  34,411   3,780,048
INDUSTRIAL REITs — 0.4%  
Prologis, Inc. REIT

  29,116   3,570,495
INSURANCE — 2.0%  
Aflac, Inc.

  17,681   1,234,134
Security Description     Shares   Value
Allstate Corp.

  8,307   $ 905,795
American International Group, Inc.

  23,422   1,347,702
Arch Capital Group Ltd. (a)

  11,726   877,691
Arthur J Gallagher & Co.

  6,672   1,464,971
Assurant, Inc.

  1,654   207,941
Chubb Ltd.

  13,131   2,528,505
Everest Re Group Ltd.

  1,318   450,571
Globe Life, Inc.

  2,899   317,788
Hartford Financial Services Group, Inc.

  9,983   718,976
Lincoln National Corp.

  4,902   126,276
MetLife, Inc.

  20,789   1,175,202
Principal Financial Group, Inc.

  7,195   545,669
Progressive Corp.

  18,469   2,444,742
Prudential Financial, Inc.

  11,604   1,023,705
Travelers Cos., Inc.

  7,329   1,272,754
W R Berkley Corp.

  6,448   384,043
Willis Towers Watson PLC

  3,330   784,215
          17,810,680
INTERACTIVE MEDIA & SERVICES — 4.8%  
Alphabet, Inc. Class A (a)

  188,107   22,516,408
Alphabet, Inc. Class C (a)

  161,658   19,555,768
Match Group, Inc. (a)

  8,799   368,238
          42,440,414
LEISURE EQUIPMENT & PRODUCTS — 0.0% (c)  
Hasbro, Inc.

  4,135   267,824
LIFE SCIENCES TOOLS & SERVICES — 1.1%  
Agilent Technologies, Inc.

  9,391   1,129,268
Bio-Rad Laboratories, Inc. Class A (a)

  668   253,252
Illumina, Inc. (a)

  4,922   922,826
Mettler-Toledo International, Inc. (a)

  730   957,497
Thermo Fisher Scientific, Inc.

  12,237   6,384,654
Waters Corp. (a)

  1,920   511,757
          10,159,254
MACHINERY — 2.3%  
Caterpillar, Inc.

  16,402   4,035,712
Cummins, Inc.

  4,421   1,083,852
Deere & Co.

  8,521   3,452,624
Dover Corp.

  4,377   646,264
Fortive Corp.

  11,107   830,470
IDEX Corp.

  2,381   512,534
Illinois Tool Works, Inc.

  8,740   2,186,399
Ingersoll Rand, Inc.

  12,775   834,974
Nordson Corp.

  1,712   424,884
Otis Worldwide Corp.

  13,093   1,165,408
PACCAR, Inc.

  16,476   1,378,218
Parker-Hannifin Corp.

  4,002   1,560,940
Pentair PLC

  5,143   332,238
Stanley Black & Decker, Inc.

  4,668   437,438
Westinghouse Air Brake Technologies Corp.

  5,740   629,506
Xylem, Inc.

  7,565   851,970
          20,363,431
 
See accompanying notes to financial statements.
108


Table of Contents
SPDR SERIES TRUST
SPDR S&P 500 ESG ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
MEDIA — 1.0%  
Charter Communications, Inc. Class A (a)

  3,374   $ 1,239,506
Comcast Corp. Class A

  132,916   5,522,660
Fox Corp. Class A

  9,428   320,552
Fox Corp. Class B

  4,345   138,562
Interpublic Group of Cos., Inc.

  12,288   474,071
News Corp. Class A

  12,035   234,682
News Corp. Class B

  3,745   73,851
Omnicom Group, Inc.

  6,404   609,341
Paramount Global Class B

  15,971   254,099
          8,867,324
METALS & MINING — 0.3%  
Freeport-McMoRan, Inc.

  45,120   1,804,800
Newmont Corp.

  25,040   1,068,206
          2,873,006
MULTI-UTILITIES — 0.3%  
CenterPoint Energy, Inc.

  19,916   580,551
Public Service Enterprise Group, Inc.

  15,712   983,728
Sempra Energy

  9,891   1,440,031
          3,004,310
OFFICE REITs — 0.1%  
Alexandria Real Estate Equities, Inc. REIT

  4,936   560,187
Boston Properties, Inc. REIT

  4,532   260,998
          821,185
OIL, GAS & CONSUMABLE FUELS — 3.1%  
APA Corp.

  10,160   347,167
Chevron Corp.

  55,141   8,676,436
ConocoPhillips

  38,702   4,009,914
Devon Energy Corp.

  20,658   998,608
EOG Resources, Inc.

  18,567   2,124,808
EQT Corp.

  11,626   478,177
Hess Corp.

  8,776   1,193,097
Kinder Morgan, Inc.

  62,463   1,075,613
Marathon Oil Corp.

  20,067   461,942
Marathon Petroleum Corp.

  13,397   1,562,090
ONEOK, Inc.

  14,127   871,919
Phillips 66

  14,740   1,405,901
Pioneer Natural Resources Co.

  7,497   1,553,229
Valero Energy Corp.

  11,435   1,341,326
Williams Cos., Inc.

  38,510   1,256,581
          27,356,808
PASSENGER AIRLINES — 0.1%  
Alaska Air Group, Inc. (a)

  4,045   215,113
American Airlines Group, Inc. (a)

  20,579   369,187
          584,300
PERSONAL CARE PRODUCTS — 0.2%  
Estee Lauder Cos., Inc. Class A

  7,354   1,444,179
PHARMACEUTICALS — 3.9%  
Bristol-Myers Squibb Co.

  67,196   4,297,184
Security Description     Shares   Value
Eli Lilly & Co.

  24,904   $ 11,679,478
Merck & Co., Inc.

  80,040   9,235,815
Organon & Co.

  8,060   167,729
Pfizer, Inc.

  177,203   6,499,806
Viatris, Inc.

  38,265   381,885
Zoetis, Inc.

  14,681   2,528,215
          34,790,112
PROFESSIONAL SERVICES — 0.7%  
Automatic Data Processing, Inc.

  13,044   2,866,941
Broadridge Financial Solutions, Inc.

  3,745   620,284
Paychex, Inc.

  10,108   1,130,782
Robert Half International, Inc.

  3,352   252,138
Verisk Analytics, Inc.

  4,612   1,042,450
          5,912,595
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%  
CBRE Group, Inc. Class A (a)

  9,999   807,019
RESIDENTIAL REITs — 0.3%  
AvalonBay Communities, Inc. REIT

  4,400   832,788
Equity Residential REIT

  10,751   709,243
Essex Property Trust, Inc. REIT

  2,059   482,424
UDR, Inc. REIT

  9,772   419,805
          2,444,260
RETAIL REITs — 0.2%  
Federal Realty Investment Trust REIT

  2,318   224,313
Kimco Realty Corp. REIT

  19,511   384,757
Regency Centers Corp. REIT

  4,866   300,573
Simon Property Group, Inc. REIT

  10,373   1,197,874
          2,107,517
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.5%  
Advanced Micro Devices, Inc. (a)

  50,927   5,801,095
Applied Materials, Inc.

  26,669   3,854,737
Intel Corp.

  130,635   4,368,435
KLA Corp.

  4,345   2,107,412
Lam Research Corp.

  4,306   2,768,155
Micron Technology, Inc.

  34,447   2,173,950
NVIDIA Corp.

  78,255   33,103,430
NXP Semiconductors NV

  8,190   1,676,329
ON Semiconductor Corp. (a)

  13,653   1,291,301
QUALCOMM, Inc.

  35,182   4,188,065
SolarEdge Technologies, Inc. (a)

  1,718   462,228
Texas Instruments, Inc.

  28,616   5,151,452
          66,946,589
SOFTWARE — 11.5%  
Adobe, Inc. (a)

  14,443   7,062,482
Autodesk, Inc. (a)

  6,785   1,388,279
Fortinet, Inc. (a)

  20,525   1,551,485
Gen Digital, Inc.

  17,964   333,232
Intuit, Inc.

  8,914   4,084,306
Microsoft Corp.

  235,313   80,133,489
Salesforce, Inc. (a)

  30,962   6,541,032
 
See accompanying notes to financial statements.
109


Table of Contents
SPDR SERIES TRUST
SPDR S&P 500 ESG ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Tyler Technologies, Inc. (a)

  1,312   $ 546,409
          101,640,714
SPECIALIZED REITs — 1.0%  
American Tower Corp. REIT

  14,746   2,859,839
Digital Realty Trust, Inc. REIT

  9,046   1,030,068
Equinix, Inc. REIT

  2,887   2,263,235
Extra Space Storage, Inc. REIT

  4,265   634,845
Iron Mountain, Inc. REIT

  9,178   521,494
SBA Communications Corp. REIT

  3,436   796,327
Weyerhaeuser Co. REIT

  23,142   775,489
          8,881,297
SPECIALTY RETAIL — 2.1%  
Best Buy Co., Inc.

  6,215   509,319
Home Depot, Inc.

  32,151   9,987,387
Lowe's Cos., Inc.

  18,833   4,250,608
TJX Cos., Inc.

  36,521   3,096,615
Tractor Supply Co.

  3,536   781,810
          18,625,739
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 10.4%  
Apple, Inc.

  467,897   90,757,981
Hewlett Packard Enterprise Co.

  40,461   679,745
HP, Inc.

  27,328   839,243
Seagate Technology Holdings PLC

  6,031   373,138
          92,650,107
TEXTILES, APPAREL & LUXURY GOODS — 0.6%  
NIKE, Inc. Class B

  39,419   4,350,675
Ralph Lauren Corp.

  1,262   155,605
Tapestry, Inc.

  7,463   319,416
VF Corp.

  10,430   199,109
          5,024,805
Security Description     Shares   Value
TRADING COMPANIES & DISTRIBUTORS — 0.1%  
United Rentals, Inc.

  2,155   $ 959,772
WATER UTILITIES — 0.1%  
American Water Works Co., Inc.

  6,122   873,916
TOTAL COMMON STOCKS

(Cost $821,876,407)

        885,692,751
SHORT-TERM INVESTMENT — 0.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (d) (e)

(Cost $725,662)

  725,538   725,683
TOTAL INVESTMENTS — 99.9%

(Cost $822,602,069)

  886,418,434  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%

  473,087  
NET ASSETS — 100.0%

  $ 886,891,521  
(a) Non-income producing security.
(b) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(c) Amount is less than 0.05% of net assets.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2023.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
110


Table of Contents
SPDR SERIES TRUST
SPDR S&P 500 ESG ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

At June 30, 2023, open futures contracts were as follows:
Description   Number of
Contracts
  Expiration
Date
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
E-mini S&P 500 ESG Index (long)   2   09/15/2023   $385,910   $397,695   $11,785
 
During the period ended June 30, 2023, average notional value related to futures contracts was $954,648.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $885,692,751   $—   $—   $885,692,751
Short-Term Investment

  725,683       725,683
TOTAL INVESTMENTS

  $886,418,434   $—   $—   $886,418,434
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts - Unrealized Appreciation

  $ 11,785   $—   $—   $ 11,785
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 11,785   $—   $—   $ 11,785
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Corp.

6,857   $422,734   $ 535,623   $ 219,112   $ 141   $69,034   11,047   $ 808,420   $25,031
State Street ESG Liquid Reserves Fund, Premier Class

282,856   282,856   3,134,595   3,417,708   257         3,224
State Street Institutional Liquid Reserves Fund, Premier Class

    13,954,056   13,228,213   (181)   22   725,538   725,683   43,108
Total

    $705,590   $17,624,274   $16,865,033   $ 217   $69,056       $1,534,103   $71,363
See accompanying notes to financial statements.
111


Table of Contents
SPDR SERIES TRUST
SPDR S&P 600 SMALL CAP GROWTH ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.7%  
Aerojet Rocketdyne Holdings, Inc. (a)

  386,116   $ 21,186,185
AeroVironment, Inc. (a)

  127,414   13,031,904
Moog, Inc. Class A

  88,260   9,570,032
          43,788,121
AIR FREIGHT & LOGISTICS — 0.8%  
Forward Air Corp.

  131,029   13,903,487
Hub Group, Inc. Class A (a)

  75,975   6,102,312
          20,005,799
AUTOMOBILE COMPONENTS — 1.3%  
Dorman Products, Inc. (a)

  142,885   11,263,624
Gentherm, Inc. (a)

  101,494   5,735,426
LCI Industries (b)

  63,660   8,044,078
XPEL, Inc. (a)  (b)

  98,717   8,313,946
          33,357,074
AUTOMOBILES — 0.2%  
Winnebago Industries, Inc. (b)

  72,205   4,815,351
BANKS — 9.0%  
Ameris Bancorp

  200,111   6,845,797
Atlantic Union Bankshares Corp. (b)

  152,278   3,951,614
Axos Financial, Inc. (a)

  142,706   5,628,325
BancFirst Corp. (b)

  87,774   8,075,208
Bancorp, Inc. (a)

  275,596   8,998,209
Bank of Hawaii Corp. (b)

  101,333   4,177,960
Banner Corp.

  172,849   7,548,316
Berkshire Hills Bancorp, Inc.

  127,873   2,650,807
City Holding Co. (b)

  76,942   6,924,011
Community Bank System, Inc. (b)

  154,156   7,226,833
Customers Bancorp, Inc. (a)

  72,666   2,198,873
CVB Financial Corp. (b)

  659,786   8,761,958
Dime Community Bancshares, Inc.

  166,531   2,935,942
FB Financial Corp.

  89,714   2,516,478
First BanCorp (c)

  906,751   11,080,497
First BanCorp (b)  (c)

  127,592   3,795,862
First Commonwealth Financial Corp.

  295,547   3,738,670
First Financial Bancorp

  262,805   5,371,734
First Hawaiian, Inc. (b)

  333,477   6,005,921
Fulton Financial Corp. (b)

  406,908   4,850,343
Hanmi Financial Corp.

  151,742   2,265,508
Heritage Financial Corp.

  180,559   2,919,639
Independent Bank Corp.

  115,250   5,129,778
Lakeland Financial Corp. (b)

  127,924   6,206,872
National Bank Holdings Corp. Class A

  127,880   3,713,635
NBT Bancorp, Inc.

  215,912   6,876,797
Northfield Bancorp, Inc. (b)

  118,379   1,299,801
Northwest Bancshares, Inc.

  339,842   3,602,325
OFG Bancorp

  245,538   6,403,631
Security Description     Shares   Value
Park National Corp. (b)

  72,439   $ 7,411,959
Pathward Financial, Inc.

  97,183   4,505,404
Preferred Bank

  66,038   3,631,430
S&T Bancorp, Inc.

  138,540   3,766,903
Seacoast Banking Corp. of Florida

  227,000   5,016,700
ServisFirst Bancshares, Inc. (b)

  246,310   10,079,005
Southside Bancshares, Inc. (b)

  84,543   2,211,645
Stellar Bancorp, Inc.

  227,497   5,207,406
Tompkins Financial Corp. (b)

  42,089   2,344,357
Triumph Financial, Inc. (a)  (b)

  67,089   4,073,644
TrustCo Bank Corp. NY

  65,604   1,876,930
Trustmark Corp.

  211,199   4,460,523
United Community Banks, Inc. (b)

  377,286   9,428,377
Veritex Holdings, Inc.

  132,131   2,369,109
Washington Federal, Inc.

  181,142   4,803,886
Westamerica BanCorp

  133,824   5,125,459
          228,014,081
BEVERAGES — 0.5%  
MGP Ingredients, Inc. (b)

  77,571   8,244,246
National Beverage Corp. (a)

  79,389   3,838,458
          12,082,704
BIOTECHNOLOGY — 3.0%  
Anika Therapeutics, Inc. (a)

  42,904   1,114,646
Arcus Biosciences, Inc. (a)

  268,326   5,449,701
Avid Bioservices, Inc. (a)

  220,862   3,085,442
Catalyst Pharmaceuticals, Inc. (a)

  495,962   6,665,729
Coherus Biosciences, Inc. (a)  (b)

  171,791   733,548
Cytokinetics, Inc. (a)  (b)

  487,185   15,891,975
Dynavax Technologies Corp. (a)  (b)

  601,428   7,770,450
Enanta Pharmaceuticals, Inc. (a)

  39,598   847,397
Ironwood Pharmaceuticals, Inc. (a)

  432,703   4,603,960
iTeos Therapeutics, Inc. (a)

  128,042   1,695,276
REGENXBIO, Inc. (a)

  196,391   3,925,856
uniQure NV (a)  (b)

  214,853   2,462,215
Vericel Corp. (a)

  140,417   5,275,467
Vir Biotechnology, Inc. (a)

  384,865   9,440,738
Xencor, Inc. (a)

  304,042   7,591,929
          76,554,329
BUILDING PRODUCTS — 1.8%  
AAON, Inc. (b)

  218,003   20,668,864
Apogee Enterprises, Inc.

  66,050   3,135,394
Griffon Corp.

  239,165   9,638,350
Insteel Industries, Inc. (b)

  46,695   1,453,148
PGT Innovations, Inc. (a)

  295,608   8,616,973
Quanex Building Products Corp.

  98,481   2,644,215
          46,156,944
 
See accompanying notes to financial statements.
112


Table of Contents
SPDR SERIES TRUST
SPDR S&P 600 SMALL CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
CAPITAL MARKETS — 1.9%  
Artisan Partners Asset Management, Inc. Class A (b)

  172,112   $ 6,765,723
Avantax, Inc. (a)  (b)

  193,220   4,324,264
B Riley Financial, Inc.

  40,879   1,879,616
Brightsphere Investment Group, Inc.

  87,632   1,835,890
Donnelley Financial Solutions, Inc. (a)

  65,313   2,973,701
Moelis & Co. Class A (b)

  164,116   7,441,019
Piper Sandler Cos.,

  74,424   9,620,046
StoneX Group, Inc. (a)

  88,724   7,371,190
Virtus Investment Partners, Inc. (b)

  17,806   3,516,151
WisdomTree, Inc. (b)

  325,294   2,231,517
          47,959,117
CHEMICALS — 4.3%  
American Vanguard Corp.

  144,990   2,590,971
Balchem Corp.

  163,819   22,084,439
FutureFuel Corp. (b)

  76,782   679,521
Hawkins, Inc.

  94,909   4,526,210
HB Fuller Co.

  173,716   12,422,431
Ingevity Corp. (a)  (b)

  172,012   10,004,218
Innospec, Inc.

  125,476   12,602,810
Livent Corp. (a)  (b)

  913,392   25,054,343
Quaker Chemical Corp. (b)

  68,979   13,444,007
Stepan Co. (b)

  69,389   6,630,813
          110,039,763
COMMERCIAL SERVICES & SUPPLIES — 0.6%  
Brady Corp. Class A

  150,845   7,175,697
Liquidity Services, Inc. (a)

  63,899   1,054,333
UniFirst Corp.

  44,821   6,947,703
          15,177,733
COMMUNICATIONS EQUIPMENT — 2.2%  
ADTRAN Holdings, Inc. (b)

  254,307   2,677,853
Clearfield, Inc. (a)  (b)

  63,114   2,988,448
Digi International, Inc. (a)

  180,357   7,104,262
Extreme Networks, Inc. (a)

  651,353   16,967,746
Harmonic, Inc. (a)

  561,166   9,074,054
NetScout Systems, Inc. (a)

  339,774   10,516,005
Viavi Solutions, Inc. (a)

  581,158   6,584,520
          55,912,888
CONSTRUCTION & ENGINEERING — 2.3%  
Arcosa, Inc.

  161,181   12,212,684
Comfort Systems USA, Inc.

  181,887   29,865,846
Dycom Industries, Inc. (a)

  100,643   11,438,077
MYR Group, Inc. (a)

  43,268   5,985,695
          59,502,302
CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.3%  
Andersons, Inc.

  71,474   3,298,525
Chefs' Warehouse, Inc. (a)

  110,142   3,938,678
          7,237,203
Security Description     Shares   Value
CONTAINERS & PACKAGING — 0.4%  
Myers Industries, Inc.

  188,313   $ 3,658,922
O-I Glass, Inc. (a)

  359,398   7,665,959
          11,324,881
DIVERSIFIED CONSUMER SERVICES — 1.2%  
Adtalem Global Education, Inc. (a)  (b)

  219,639   7,542,403
Frontdoor, Inc. (a)

  218,739   6,977,774
Mister Car Wash, Inc. (a)  (b)

  221,191   2,134,493
Perdoceo Education Corp. (a)

  220,706   2,708,063
Strategic Education, Inc. (b)

  65,463   4,441,010
Stride, Inc. (a)

  205,786   7,661,413
          31,465,156
DIVERSIFIED REITs — 0.1%  
Armada Hoffler Properties, Inc. REIT

  229,582   2,681,518
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%  
ATN International, Inc. (b)

  55,865   2,044,659
Cogent Communications Holdings, Inc.

  127,741   8,595,692
          10,640,351
ELECTRIC UTILITIES — 0.4%  
Otter Tail Corp. (b)

  128,240   10,125,830
ELECTRICAL EQUIPMENT — 0.8%  
Encore Wire Corp. (b)

  90,758   16,874,635
SunPower Corp. (a)  (b)

  238,768   2,339,926
          19,214,561
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.4%  
Advanced Energy Industries, Inc. (b)

  190,908   21,276,697
Arlo Technologies, Inc. (a)

  230,799   2,518,017
Badger Meter, Inc.

  149,158   22,009,754
CTS Corp.

  158,641   6,762,866
ePlus, Inc. (a)

  66,356   3,735,843
Fabrinet (a)

  184,666   23,984,420
Methode Electronics, Inc.

  96,376   3,230,524
OSI Systems, Inc. (a)

  41,091   4,841,753
Plexus Corp. (a)

  139,548   13,709,195
Sanmina Corp. (a)

  135,075   8,140,970
          110,210,039
ENERGY EQUIPMENT & SERVICES — 1.7%  
Core Laboratories, Inc. (b)

  111,213   2,585,702
Dril-Quip, Inc. (a)  (b)

  93,719   2,180,841
Helmerich & Payne, Inc.

  299,903   10,631,561
Nabors Industries Ltd. (a)  (b)

  30,780   2,863,463
NexTier Oilfield Solutions, Inc. (a)  (b)

  336,248   3,006,057
Oceaneering International, Inc. (a)

  374,861   7,009,901
Patterson-UTI Energy, Inc.

  713,266   8,537,794
RPC, Inc. (b)

  427,501   3,056,632
 
See accompanying notes to financial statements.
113


Table of Contents
SPDR SERIES TRUST
SPDR S&P 600 SMALL CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
U.S. Silica Holdings, Inc. (a)

  228,988   $ 2,777,625
          42,649,576
FINANCIAL SERVICES — 1.3%  
EVERTEC, Inc.

  212,835   7,838,713
Mr Cooper Group, Inc. (a)

  346,675   17,555,622
NMI Holdings, Inc. Class A (a)

  219,615   5,670,459
Payoneer Global, Inc. (a)

  447,759   2,153,721
          33,218,515
FOOD PRODUCTS — 2.6%  
Cal-Maine Foods, Inc.

  191,436   8,614,620
Hostess Brands, Inc. (a)

  671,049   16,990,961
J & J Snack Foods Corp.

  76,600   12,130,376
John B Sanfilippo & Son, Inc.

  28,409   3,331,524
Simply Good Foods Co. (a)

  427,024   15,624,808
Tootsie Roll Industries, Inc. (b)

  95,220   3,371,740
TreeHouse Foods, Inc. (a)

  119,653   6,028,118
          66,092,147
GAS UTILITIES — 0.5%  
Chesapeake Utilities Corp.

  59,992   7,139,048
Northwest Natural Holding Co.

  115,975   4,992,724
          12,131,772
GROUND TRANSPORTATION — 0.4%  
Heartland Express, Inc.

  157,909   2,591,287
Marten Transport Ltd.

  297,216   6,390,144
          8,981,431
HEALTH CARE EQUIPMENT & SUPPLIES — 2.6%  
CONMED Corp. (b)

  75,557   10,267,441
Embecta Corp.

  134,524   2,905,718
Glaukos Corp. (a)

  162,848   11,596,406
LeMaitre Vascular, Inc.

  69,683   4,688,272
Merit Medical Systems, Inc. (a)

  292,307   24,448,558
Tandem Diabetes Care, Inc. (a)

  194,545   4,774,134
UFP Technologies, Inc. (a)  (b)

  34,832   6,752,183
Zynex, Inc. (a)  (b)

  113,269   1,086,250
          66,518,962
HEALTH CARE PROVIDERS & SERVICES — 3.7%  
AdaptHealth Corp. (a)  (b)

  382,386   4,653,638
Addus HomeCare Corp. (a)

  81,535   7,558,294
Agiliti, Inc. (a)  (b)

  78,206   1,290,399
AMN Healthcare Services, Inc. (a)

  201,622   22,000,993
CorVel Corp. (a)

  30,499   5,901,557
Cross Country Healthcare, Inc. (a)  (b)

  171,102   4,804,544
Ensign Group, Inc.

  284,496   27,157,988
Fulgent Genetics, Inc. (a)  (b)

  46,293   1,714,230
OmniAb, Inc. (a) (b)  (d)

  65,117  
Privia Health Group, Inc. (a)

  472,727   12,342,902
U.S. Physical Therapy, Inc. (b)

  45,078   5,472,018
          92,896,563
HEALTH CARE REITs — 0.6%  
CareTrust REIT, Inc. (b)

  309,823   6,153,085
Security Description     Shares   Value
Community Healthcare Trust, Inc. REIT

  73,677   $ 2,432,814
LTC Properties, Inc. REIT

  135,533   4,475,300
Universal Health Realty Income Trust REIT

  40,801   1,941,312
          15,002,511
HEALTH CARE TECHNOLOGY — 1.1%  
Certara, Inc. (a)  (b)

  307,140   5,593,019
Computer Programs & Systems, Inc. (a)

  39,364   971,897
HealthStream, Inc.

  76,583   1,880,878
NextGen Healthcare, Inc. (a)

  275,423   4,467,361
Schrodinger, Inc. (a)  (b)

  118,456   5,913,324
Simulations Plus, Inc. (b)

  52,569   2,277,815
Veradigm, Inc. (a)

  549,088   6,918,509
          28,022,803
HOTELS, RESTAURANTS & LEISURE — 1.9%  
Bloomin' Brands, Inc. (b)

  254,571   6,845,414
Chuy's Holdings, Inc. (a)

  50,665   2,068,145
Dave & Buster's Entertainment, Inc. (a)

  112,389   5,008,054
Dine Brands Global, Inc. (b)

  46,744   2,712,554
Golden Entertainment, Inc. (a)

  69,852   2,919,814
Jack in the Box, Inc.

  103,778   10,121,469
Monarch Casino & Resort, Inc.

  68,389   4,818,005
Sabre Corp. (a)  (b)

  650,766   2,075,944
Shake Shack, Inc. Class A (a)

  102,067   7,932,647
Six Flags Entertainment Corp. (a)  (b)

  163,585   4,249,938
          48,751,984
HOUSEHOLD DURABLES — 1.3%  
Cavco Industries, Inc. (a)

  40,760   12,024,200
Ethan Allen Interiors, Inc. (b)

  118,961   3,364,217
Green Brick Partners, Inc. (a)

  135,060   7,671,408
Installed Building Products, Inc. (b)

  77,489   10,860,858
          33,920,683
HOUSEHOLD PRODUCTS — 0.5%  
Central Garden & Pet Co. (a)

  24,399   945,949
Central Garden & Pet Co. Class A (a)

  103,779   3,783,782
WD-40 Co. (b)

  44,435   8,382,663
          13,112,394
INDUSTRIAL REITs — 0.4%  
Innovative Industrial Properties, Inc. REIT (b)

  141,303   10,316,532
INSURANCE — 1.4%  
American Equity Investment Life Holding Co. (b)

  165,065   8,601,537
AMERISAFE, Inc.

  54,980   2,931,534
Assured Guaranty Ltd.

  152,310   8,498,898
Employers Holdings, Inc.

  72,322   2,705,566
Palomar Holdings, Inc. (a)

  125,059   7,258,424
 
See accompanying notes to financial statements.
114


Table of Contents
SPDR SERIES TRUST
SPDR S&P 600 SMALL CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Safety Insurance Group, Inc.

  43,121   $ 3,092,638
Trupanion, Inc. (a)  (b)

  177,617   3,495,503
          36,584,100
INTERACTIVE MEDIA & SERVICES — 0.9%  
Cargurus, Inc. (a)

  223,960   5,068,215
Cars.com, Inc. (a)

  319,656   6,335,582
QuinStreet, Inc. (a)  (b)

  136,766   1,207,644
Shutterstock, Inc. (b)

  60,124   2,926,235
Yelp, Inc. (a)

  200,843   7,312,693
          22,850,369
IT SERVICES — 0.3%  
Perficient, Inc. (a)

  99,897   8,324,417
LEISURE EQUIPMENT & PRODUCTS — 0.3%  
Sturm Ruger & Co., Inc. (b)

  56,171   2,974,816
Vista Outdoor, Inc. (a)  (b)

  131,174   3,629,585
          6,604,401
LIFE SCIENCES TOOLS & SERVICES — 0.3%  
BioLife Solutions, Inc. (a)  (b)

  176,631   3,903,545
Cytek Biosciences, Inc. (a)  (b)

  183,574   1,567,722
Mesa Laboratories, Inc. (b)

  16,208   2,082,728
          7,553,995
MACHINERY — 6.8%  
Alamo Group, Inc.

  38,539   7,087,707
Albany International Corp. Class A

  157,301   14,673,037
Enerpac Tool Group Corp.

  193,964   5,237,028
EnPro Industries, Inc. (b)

  105,349   14,067,252
ESCO Technologies, Inc.

  88,227   9,142,964
Federal Signal Corp.

  309,987   19,848,468
Franklin Electric Co., Inc.

  197,551   20,327,998
Hillenbrand, Inc.

  351,445   18,022,100
Lindsay Corp.

  55,345   6,604,872
Mueller Industries, Inc. (b)

  289,761   25,290,340
SPX Technologies, Inc. (a)

  142,295   12,090,806
Standex International Corp.

  41,798   5,913,163
Titan International, Inc. (a)

  265,502   3,047,963
Trinity Industries, Inc.

  240,443   6,181,790
Wabash National Corp. (b)

  137,684   3,530,218
          171,065,706
MARINE TRANSPORTATION — 0.6%  
Matson, Inc.

  180,928   14,063,533
MEDIA — 0.2%  
TechTarget, Inc. (a)

  129,329   4,026,012
METALS & MINING — 1.6%  
ATI, Inc. (a)

  406,101   17,961,847
Haynes International, Inc. (b)

  45,510   2,312,818
Kaiser Aluminum Corp. (b)

  80,172   5,743,522
Materion Corp.

  60,467   6,905,332
TimkenSteel Corp. (a)

  88,704   1,913,345
Warrior Met Coal, Inc.

  149,072   5,806,355
          40,643,219
Security Description     Shares   Value
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.3%  
ARMOUR Residential REIT, Inc. (b)

  980,751   $ 5,227,403
Invesco Mortgage Capital, Inc. REIT (b)

  101,555   1,164,836
          6,392,239
MULTI-UTILITIES — 0.2%  
Unitil Corp.

  82,519   4,184,538
OIL, GAS & CONSUMABLE FUELS — 3.7%  
California Resources Corp. (b)

  102,464   4,640,594
Callon Petroleum Co. (a)  (b)

  132,079   4,632,010
Civitas Resources, Inc.

  247,826   17,191,690
Comstock Resources, Inc. (b)

  473,928   5,497,565
CONSOL Energy, Inc. (b)

  160,764   10,901,407
CVR Energy, Inc. (b)

  83,731   2,508,581
Dorian LPG Ltd. (b)

  164,154   4,210,550
Northern Oil & Gas, Inc. (b)

  408,604   14,023,289
REX American Resources Corp. (a)

  80,886   2,815,642
SM Energy Co.

  613,756   19,413,102
Talos Energy, Inc. (a)  (b)

  291,830   4,047,682
Vital Energy, Inc. (a)  (b)

  92,979   4,198,002
          94,080,114
PAPER & FOREST PRODUCTS — 0.2%  
Mercer International, Inc. (b)

  90,471   730,101
Sylvamo Corp.

  93,608   3,786,444
          4,516,545
PASSENGER AIRLINES — 0.2%  
Sun Country Airlines Holdings, Inc. (a)

  182,680   4,106,646
PERSONAL CARE PRODUCTS — 2.1%  
Edgewell Personal Care Co.

  127,285   5,258,143
elf Beauty, Inc. (a)

  257,277   29,388,752
Inter Parfums, Inc.

  90,456   12,232,365
Medifast, Inc.

  56,421   5,199,759
          52,079,019
PHARMACEUTICALS — 2.6%  
Amphastar Pharmaceuticals, Inc. (a)  (b)

  189,803   10,907,978
ANI Pharmaceuticals, Inc. (a)

  38,154   2,053,830
Collegium Pharmaceutical, Inc. (a)  (b)

  172,614   3,709,475
Corcept Therapeutics, Inc. (a)  (b)

  455,722   10,139,814
Harmony Biosciences Holdings, Inc. (a)

  150,482   5,295,462
Innoviva, Inc. (a)  (b)

  294,872   3,753,721
Ligand Pharmaceuticals, Inc. (a)

  45,173   3,256,973
Pacira BioSciences, Inc. (a)

  231,718   9,284,940
Prestige Consumer Healthcare, Inc. (a)

  175,347   10,420,872
 
See accompanying notes to financial statements.
115


Table of Contents
SPDR SERIES TRUST
SPDR S&P 600 SMALL CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Supernus Pharmaceuticals, Inc. (a)

  274,410   $ 8,248,765
          67,071,830
PROFESSIONAL SERVICES — 1.5%  
CSG Systems International, Inc.

  155,836   8,218,790
Korn Ferry

  126,459   6,264,779
NV5 Global, Inc. (a)

  63,122   6,992,024
TTEC Holdings, Inc.

  49,212   1,665,334
Verra Mobility Corp. (a)  (b)

  705,704   13,916,483
          37,057,410
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.7%  
eXp World Holdings, Inc. (b)

  103,189   2,092,673
Kennedy-Wilson Holdings, Inc. (b)

  220,326   3,597,924
Marcus & Millichap, Inc. (b)

  121,201   3,819,043
St. Joe Co. (b)

  170,355   8,234,961
          17,744,601
RESIDENTIAL REITs — 0.3%  
NexPoint Residential Trust, Inc. REIT

  62,802   2,856,235
Veris Residential, Inc. REIT (a)

  228,054   3,660,267
          6,516,502
RETAIL REITs — 1.1%  
Getty Realty Corp. REIT

  148,237   5,013,375
Phillips Edison & Co., Inc. REIT (b)

  254,020   8,657,002
Saul Centers, Inc. REIT

  38,374   1,413,314
Tanger Factory Outlet Centers, Inc. REIT

  296,095   6,534,817
Urban Edge Properties REIT (b)

  300,440   4,635,789
Urstadt Biddle Properties, Inc. Class A REIT

  82,353   1,750,825
          28,005,122
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.5%  
Alpha & Omega Semiconductor Ltd. (a)  (b)

  115,813   3,798,666
Axcelis Technologies, Inc. (a)

  166,244   30,477,513
CEVA, Inc. (a)

  73,736   1,883,955
Cohu, Inc. (a)

  157,628   6,551,020
Diodes, Inc. (a)

  232,504   21,504,295
Kulicke & Soffa Industries, Inc. (b)

  285,705   16,985,162
MaxLinear, Inc. (a)

  375,699   11,857,061
Onto Innovation, Inc. (a)

  248,715   28,967,836
PDF Solutions, Inc. (a)

  152,596   6,882,080
Photronics, Inc. (a)

  318,523   8,214,708
Rambus, Inc. (a)

  552,819   35,474,395
SiTime Corp. (a)  (b)

  44,652   5,267,596
Ultra Clean Holdings, Inc. (a)

  123,233   4,739,541
Veeco Instruments, Inc. (a)

  265,450   6,816,756
          189,420,584
Security Description     Shares   Value
SOFTWARE — 4.7%  
8x8, Inc. (a)  (b)

  267,946   $ 1,133,412
A10 Networks, Inc.

  330,521   4,822,301
Agilysys, Inc. (a)

  100,220   6,879,101
Alarm.com Holdings, Inc. (a)

  251,425   12,993,644
Consensus Cloud Solutions, Inc. (a)

  58,761   1,821,591
Digital Turbine, Inc. (a)  (b)

  297,395   2,759,826
DoubleVerify Holdings, Inc. (a)  (b)

  448,969   17,473,874
InterDigital, Inc. (b)

  134,895   13,024,112
LiveRamp Holdings, Inc. (a)

  182,761   5,219,654
N-able, Inc. (a)

  236,670   3,410,415
OneSpan, Inc. (a)  (b)

  87,010   1,291,228
Progress Software Corp. (b)

  218,519   12,695,954
SPS Commerce, Inc. (a)

  185,707   35,666,886
          119,191,998
SPECIALIZED REITs — 0.4%  
Four Corners Property Trust, Inc. REIT

  298,246   7,575,449
Safehold, Inc. REIT

  33   783
Uniti Group, Inc. REIT

  556,647   2,571,709
          10,147,941
SPECIALTY RETAIL — 1.8%  
Academy Sports & Outdoors, Inc. (b)

  182,514   9,864,882
Asbury Automotive Group, Inc. (a)  (b)

  48,888   11,753,653
Boot Barn Holdings, Inc. (a)

  91,499   7,749,050
Buckle, Inc. (b)

  106,358   3,679,987
Haverty Furniture Cos., Inc. (b)

  35,154   1,062,354
Hibbett, Inc. (b)

  35,389   1,284,267
Leslie's, Inc. (a)  (b)

  485,373   4,557,652
National Vision Holdings, Inc. (a)

  227,496   5,525,878
          45,477,723
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.2%  
Avid Technology, Inc. (a)  (b)

  102,162   2,605,131
Corsair Gaming, Inc. (a)

  120,076   2,130,148
          4,735,279
TEXTILES, APPAREL & LUXURY GOODS — 0.2%  
Oxford Industries, Inc.

  53,660   5,281,217
TOBACCO — 0.2%  
Vector Group Ltd.

  301,916   3,867,544
TRADING COMPANIES & DISTRIBUTORS — 1.8%  
Applied Industrial Technologies, Inc.

  196,647   28,480,385
Boise Cascade Co.

  201,747   18,227,841
          46,708,226
WATER UTILITIES — 1.4%  
American States Water Co.

  128,704   11,197,248
California Water Service Group

  174,912   9,030,707
 
See accompanying notes to financial statements.
116


Table of Contents
SPDR SERIES TRUST
SPDR S&P 600 SMALL CAP GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Middlesex Water Co.

  58,055   $ 4,682,716
SJW Group

  141,199   9,899,462
          34,810,133
WIRELESS TELECOMMUNICATION SERVICES — 0.1%  
Gogo, Inc. (a)

  220,034   3,742,778
TOTAL COMMON STOCKS

(Cost $2,244,127,391)

        2,524,735,359
SHORT-TERM INVESTMENTS — 7.9%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (e)  (f)

  4,134,416   4,135,243
State Street Navigator Securities Lending Portfolio II (g)  (h)

  196,880,455   196,880,455
TOTAL SHORT-TERM INVESTMENTS

(Cost $201,015,698)

  201,015,698  
TOTAL INVESTMENTS — 107.7%

(Cost $2,445,143,089)

  2,725,751,057  
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.7)%

  (195,308,331)  
NET ASSETS — 100.0%

  $ 2,530,442,726  
    
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(d) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2023, total aggregate fair value of the securities is $0, representing 0.00% of the Fund's net assets.
(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at June 30, 2023.
(g) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(h) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $2,524,735,359   $—   $ 0(a)   $2,524,735,359
Short-Term Investments

  201,015,698       201,015,698
TOTAL INVESTMENTS

  $2,725,751,057   $—   $ 0   $2,725,751,057
(a) Fund held a Level 3 security that was valued at $0 at June 30, 2023.
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

1,422,488   $ 1,422,346   $ 87,460,585   $ 84,747,450   $(323)   $85   4,134,416   $ 4,135,243   $107,398
State Street Navigator Securities Lending Portfolio II

119,883,511   119,883,511   1,092,467,229   1,015,470,285       196,880,455   196,880,455   448,691
Total

    $121,305,857   $1,179,927,814   $1,100,217,735   $(323)   $85       $201,015,698   $556,089
See accompanying notes to financial statements.
117


Table of Contents
SPDR SERIES TRUST
SPDR S&P 600 SMALL CAP VALUE ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.7%   
AEROSPACE & DEFENSE — 1.0%  
AAR Corp. (a)

  260,385   $ 15,039,838
Kaman Corp.

  217,356   5,288,271
Moog, Inc. Class A

  88,500   9,596,055
National Presto Industries, Inc. (b)

  40,244   2,945,861
Triumph Group, Inc. (a)

  513,407   6,350,845
          39,220,870
AIR FREIGHT & LOGISTICS — 0.3%  
Hub Group, Inc. Class A (a)

  142,409   11,438,291
AUTOMOBILE COMPONENTS — 1.6%  
American Axle & Manufacturing Holdings, Inc. (a)

  908,231   7,511,070
Dana, Inc.

  1,014,433   17,245,361
Gentherm, Inc. (a)

  102,073   5,768,145
LCI Industries (b)

  99,918   12,625,639
Patrick Industries, Inc. (b)

  167,482   13,398,560
Standard Motor Products, Inc.

  145,564   5,461,561
          62,010,336
AUTOMOBILES — 0.2%  
Winnebago Industries, Inc. (b)

  130,260   8,687,039
BANKS — 7.6%  
Ameris Bancorp

  200,842   6,870,805
Atlantic Union Bankshares Corp. (b)

  361,323   9,376,332
Axos Financial, Inc. (a)

  191,138   7,538,483
Banc of California, Inc.

  423,026   4,898,641
Bank of Hawaii Corp. (b)

  153,401   6,324,723
BankUnited, Inc. (b)

  587,599   12,662,758
Berkshire Hills Bancorp, Inc.

  150,088   3,111,324
Brookline Bancorp, Inc.

  693,210   6,058,655
Capitol Federal Financial, Inc.

  1,000,044   6,170,271
Central Pacific Financial Corp.

  205,898   3,234,658
Community Bank System, Inc. (b)

  182,425   8,552,084
Customers Bancorp, Inc. (a)

  115,980   3,509,555
Eagle Bancorp, Inc.

  242,580   5,132,993
FB Financial Corp.

  134,367   3,768,994
First BanCorp (b)

  129,487   3,852,238
First Commonwealth Financial Corp.

  365,711   4,626,244
First Financial Bancorp

  338,166   6,912,113
First Hawaiian, Inc. (b)

  483,652   8,710,573
Fulton Financial Corp.

  666,528   7,945,014
Hilltop Holdings, Inc.

  364,650   11,471,889
Hope Bancorp, Inc.

  947,130   7,974,835
Independent Bank Corp.

  167,258   7,444,654
Independent Bank Group, Inc.

  280,413   9,682,661
National Bank Holdings Corp. Class A

  101,217   2,939,342
Northfield Bancorp, Inc. (b)

  148,760   1,633,385
Northwest Bancshares, Inc. (b)

  481,695   5,105,967
Pacific Premier Bancorp, Inc.

  756,549   15,645,433
Security Description     Shares   Value
PacWest Bancorp (b)

  932,189   $ 7,597,340
Pathward Financial, Inc.

  57,072   2,645,858
Provident Financial Services, Inc.

  596,081   9,739,964
Renasant Corp.

  443,030   11,576,374
S&T Bancorp, Inc.

  95,367   2,593,029
Seacoast Banking Corp. of Florida

  304,264   6,724,234
Simmons First National Corp. Class A

  1,005,609   17,346,755
Southside Bancshares, Inc. (b)

  97,484   2,550,181
Tompkins Financial Corp.

  35,881   1,998,572
Triumph Financial, Inc. (a)

  67,643   4,107,283
TrustCo Bank Corp. NY

  49,649   1,420,458
Trustmark Corp.

  149,561   3,158,728
United Community Banks, Inc.

  318,292   7,954,117
Veritex Holdings, Inc.

  218,495   3,917,615
Washington Federal, Inc.

  244,200   6,476,184
WSFS Financial Corp.

  485,314   18,306,044
          289,267,360
BEVERAGES — 0.1%  
National Beverage Corp. (a)

  59,007   2,852,988
BIOTECHNOLOGY — 1.0%  
Anika Therapeutics, Inc. (a)

  51,587   1,340,230
Avid Bioservices, Inc. (a)

  153,153   2,139,548
Coherus Biosciences, Inc. (a)  (b)

  278,187   1,187,859
Emergent BioSolutions, Inc. (a)

  354,568   2,606,075
Enanta Pharmaceuticals, Inc. (a)

  95,351   2,040,511
Ironwood Pharmaceuticals, Inc. (a)

  399,360   4,249,190
Myriad Genetics, Inc. (a)

  644,090   14,930,006
Vanda Pharmaceuticals, Inc. (a)

  453,631   2,989,428
Vericel Corp. (a)

  157,886   5,931,777
          37,414,624
BUILDING PRODUCTS — 2.0%  
American Woodmark Corp. (a)

  131,387   10,034,025
Apogee Enterprises, Inc.

  75,640   3,590,631
AZZ, Inc.

  196,761   8,551,233
Gibraltar Industries, Inc. (a)

  240,196   15,113,132
Insteel Industries, Inc.

  82,879   2,579,195
Masterbrand, Inc. (a)

  1,014,918   11,803,496
Quanex Building Products Corp.

  112,880   3,030,828
Resideo Technologies, Inc. (a)

  1,161,788   20,517,176
          75,219,716
CAPITAL MARKETS — 1.1%  
Artisan Partners Asset Management, Inc. Class A (b)

  270,335   10,626,869
B Riley Financial, Inc.

  63,473   2,918,489
Brightsphere Investment Group, Inc.

  122,636   2,569,224
Donnelley Financial Solutions, Inc. (a)

  97,197   4,425,379
Moelis & Co. Class A (b)

  268,118   12,156,470
 
See accompanying notes to financial statements.
118


Table of Contents
SPDR SERIES TRUST
SPDR S&P 600 SMALL CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Virtus Investment Partners, Inc.

  25,879   $ 5,110,326
WisdomTree, Inc.

  377,208   2,587,647
          40,394,404
CHEMICALS — 1.4%  
AdvanSix, Inc.

  217,695   7,614,971
FutureFuel Corp.

  74,224   656,882
HB Fuller Co.

  152,999   10,940,959
Koppers Holdings, Inc.

  164,516   5,609,996
Mativ Holdings, Inc. (b)

  433,072   6,548,049
Minerals Technologies, Inc.

  257,025   14,827,772
Stepan Co.

  57,300   5,475,588
Trinseo PLC (b)

  268,372   3,400,273
          55,074,490
COMMERCIAL SERVICES & SUPPLIES — 3.4%  
ABM Industries, Inc.

  522,081   22,266,755
Brady Corp. Class A

  127,443   6,062,463
CoreCivic, Inc. REIT (a)

  897,614   8,446,548
Deluxe Corp.

  335,739   5,868,718
Enviri Corp. (a)

  615,850   6,078,439
GEO Group, Inc. (a)  (b)

  977,635   6,999,867
Healthcare Services Group, Inc.

  585,989   8,748,816
HNI Corp.

  366,533   10,328,900
Interface, Inc.

  458,201   4,027,587
Liquidity Services, Inc. (a)

  82,944   1,368,576
Matthews International Corp. Class A

  240,564   10,252,838
MillerKnoll, Inc.

  597,261   8,827,517
OPENLANE, Inc. (a)

  862,469   13,126,778
Pitney Bowes, Inc. (b)

  1,254,782   4,441,928
UniFirst Corp.

  48,937   7,585,724
Viad Corp. (a)

  159,526   4,288,059
          128,719,513
COMMUNICATIONS EQUIPMENT — 1.0%  
ADTRAN Holdings, Inc. (b)

  175,202   1,844,877
NETGEAR, Inc. (a)

  233,802   3,310,636
Viasat, Inc. (a)  (b)

  603,188   24,887,537
Viavi Solutions, Inc. (a)

  843,304   9,554,635
          39,597,685
CONSTRUCTION & ENGINEERING — 1.1%  
Arcosa, Inc.

  130,064   9,854,949
Dycom Industries, Inc. (a)

  74,190   8,431,693
Granite Construction, Inc. (b)

  346,584   13,787,112
MYR Group, Inc. (a)

  65,931   9,120,895
          41,194,649
CONSUMER FINANCE — 2.1%  
Bread Financial Holdings, Inc. (b)

  395,785   12,423,691
Encore Capital Group, Inc. (a)

  185,497   9,018,864
Enova International, Inc. (a)

  246,520   13,095,142
EZCORP, Inc. Class A (a)

  399,710   3,349,570
Green Dot Corp. Class A (a)

  365,825   6,855,560
Navient Corp.

  779,010   14,474,006
PRA Group, Inc. (a)  (b)

  309,308   7,067,688
Security Description     Shares   Value
PROG Holdings, Inc. (a)

  369,196   $ 11,858,576
World Acceptance Corp. (a)  (b)

  26,379   3,535,050
          81,678,147
CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.0%  
Andersons, Inc.

  136,323   6,291,306
Chefs' Warehouse, Inc. (a)

  105,567   3,775,076
PriceSmart, Inc.

  198,345   14,689,431
SpartanNash Co.

  277,385   6,243,936
United Natural Foods, Inc. (a)

  469,054   9,170,006
          40,169,755
CONTAINERS & PACKAGING — 0.4%  
O-I Glass, Inc. (a)

  662,194   14,124,598
DIVERSIFIED CONSUMER SERVICES — 0.5%  
Frontdoor, Inc. (a)

  309,822   9,883,322
Mister Car Wash, Inc. (a)  (b)

  310,383   2,995,196
Perdoceo Education Corp. (a)

  197,190   2,419,521
Strategic Education, Inc. (b)

  74,244   5,036,713
          20,334,752
DIVERSIFIED REITs — 1.5%  
Alexander & Baldwin, Inc. REIT

  573,348   10,652,806
American Assets Trust, Inc. REIT

  412,376   7,917,619
Armada Hoffler Properties, Inc. REIT

  187,747   2,192,885
Essential Properties Realty Trust, Inc. REIT

  1,167,780   27,489,541
Global Net Lease, Inc. REIT (b)

  820,115   8,430,782
          56,683,633
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%  
Cogent Communications Holdings, Inc.

  139,222   9,368,248
Consolidated Communications Holdings, Inc. (a)

  589,602   2,258,176
Lumen Technologies, Inc. (b)

  7,297,172   16,491,609
          28,118,033
ELECTRIC UTILITIES — 0.3%  
Otter Tail Corp. (b)

  128,443   10,141,859
ELECTRICAL EQUIPMENT — 0.2%  
Powell Industries, Inc.

  70,072   4,245,663
SunPower Corp. (a)  (b)

  297,903   2,919,449
          7,165,112
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.2%  
Arlo Technologies, Inc. (a)

  349,706   3,815,292
Benchmark Electronics, Inc.

  276,219   7,134,737
ePlus, Inc. (a)

  110,518   6,222,163
Insight Enterprises, Inc. (a)  (b)

  227,167   33,243,619
Itron, Inc. (a)

  356,252   25,685,769
Knowles Corp. (a)

  721,687   13,033,667
Methode Electronics, Inc.

  136,401   4,572,162
OSI Systems, Inc. (a)

  60,172   7,090,067
PC Connection, Inc.

  86,586   3,905,029
 
See accompanying notes to financial statements.
119


Table of Contents
SPDR SERIES TRUST
SPDR S&P 600 SMALL CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Rogers Corp. (a)

  147,007   $ 23,804,843
Sanmina Corp. (a)

  248,876   14,999,757
ScanSource, Inc. (a)

  196,695   5,814,304
TTM Technologies, Inc. (a)

  810,164   11,261,280
          160,582,689
ENERGY EQUIPMENT & SERVICES — 2.0%  
Archrock, Inc.

  1,064,214   10,908,193
Bristow Group, Inc. (a)

  181,316   5,209,209
Core Laboratories, Inc. (b)

  191,665   4,456,211
Dril-Quip, Inc. (a)  (b)

  126,811   2,950,892
Helix Energy Solutions Group, Inc. (a)

  1,124,733   8,300,529
Helmerich & Payne, Inc.

  340,315   12,064,167
Nabors Industries Ltd. (a)  (b)

  22,875   2,128,061
NexTier Oilfield Solutions, Inc. (a)  (b)

  650,751   5,817,714
Oceaneering International, Inc. (a)

  222,814   4,166,622
Oil States International, Inc. (a)

  517,848   3,868,325
Patterson-UTI Energy, Inc.

  526,249   6,299,200
ProPetro Holding Corp. (a)

  764,383   6,298,516
U.S. Silica Holdings, Inc. (a)

  255,629   3,100,780
          75,568,419
ENTERTAINMENT — 0.4%  
Cinemark Holdings, Inc. (a)  (b)

  854,514   14,099,481
Marcus Corp. (b)

  194,255   2,880,802
          16,980,283
FINANCIAL SERVICES — 1.8%  
EVERTEC, Inc.

  179,849   6,623,839
NMI Holdings, Inc. Class A (a)

  322,237   8,320,159
Payoneer Global, Inc. (a)

  925,282   4,450,606
Radian Group, Inc.

  1,227,246   31,024,779
Walker & Dunlop, Inc.

  244,877   19,367,322
          69,786,705
FOOD PRODUCTS — 1.1%  
B&G Foods, Inc.

  570,246   7,937,824
Calavo Growers, Inc. (b)

  136,271   3,954,585
Fresh Del Monte Produce, Inc.

  242,638   6,238,223
Hain Celestial Group, Inc. (a)

  706,382   8,836,839
John B Sanfilippo & Son, Inc.

  27,608   3,237,590
Seneca Foods Corp. Class A (a)

  41,862   1,368,050
TreeHouse Foods, Inc. (a)

  212,116   10,686,404
          42,259,515
GAS UTILITIES — 0.3%  
Chesapeake Utilities Corp.

  46,373   5,518,387
Northwest Natural Holding Co.

  102,543   4,414,476
          9,932,863
GROUND TRANSPORTATION — 1.1%  
ArcBest Corp.

  189,189   18,691,873
Heartland Express, Inc.

  128,861   2,114,609
RXO, Inc. (a)

  923,392   20,933,297
          41,739,779
Security Description     Shares   Value
HEALTH CARE EQUIPMENT & SUPPLIES — 3.0%  
AngioDynamics, Inc. (a)

  309,901   $ 3,232,267
Artivion, Inc. (a)

  314,995   5,414,764
Avanos Medical, Inc. (a)

  368,578   9,420,854
CONMED Corp. (b)

  123,154   16,735,397
Embecta Corp. (b)

  239,784   5,179,334
Glaukos Corp. (a)

  125,683   8,949,887
Integer Holdings Corp. (a)  (b)

  262,767   23,283,784
LeMaitre Vascular, Inc.

  47,773   3,214,168
NuVasive, Inc. (a)

  414,236   17,228,075
OraSure Technologies, Inc. (a)

  578,606   2,898,816
Orthofix Medical, Inc. (a)

  274,184   4,951,763
Tandem Diabetes Care, Inc. (a)

  204,140   5,009,596
Varex Imaging Corp. (a)  (b)

  319,062   7,520,291
          113,038,996
HEALTH CARE PROVIDERS & SERVICES — 3.1%  
Agiliti, Inc. (a)  (b)

  145,984   2,408,736
Apollo Medical Holdings, Inc. (a)

  318,169   10,054,140
Community Health Systems, Inc. (a)

  1,018,034   4,479,350
CorVel Corp. (a)

  24,538   4,748,103
Enhabit, Inc. (a)  (b)

  385,440   4,432,560
Fulgent Genetics, Inc. (a)  (b)

  86,424   3,200,281
ModivCare, Inc. (a)

  100,744   4,554,636
NeoGenomics, Inc. (a)

  1,007,588   16,191,939
Owens & Minor, Inc. (a)

  601,871   11,459,624
Pediatrix Medical Group, Inc. (a)

  652,050   9,265,630
RadNet, Inc. (a)

  451,472   14,727,017
Select Medical Holdings Corp.

  823,289   26,229,988
U.S. Physical Therapy, Inc. (b)

  44,306   5,378,305
          117,130,309
HEALTH CARE REITs — 0.4%  
CareTrust REIT, Inc. (b)

  298,558   5,929,362
Community Healthcare Trust, Inc. REIT

  77,267   2,551,356
LTC Properties, Inc. REIT (b)

  114,419   3,778,116
Universal Health Realty Income Trust REIT

  35,147   1,672,294
          13,931,128
HEALTH CARE TECHNOLOGY — 0.6%  
Certara, Inc. (a)  (b)

  349,888   6,371,460
Computer Programs & Systems, Inc. (a)

  48,037   1,186,034
HealthStream, Inc.

  68,919   1,692,651
Schrodinger, Inc. (a)  (b)

  237,233   11,842,671
Simulations Plus, Inc. (b)

  41,189   1,784,719
          22,877,535
HOTEL & RESORT REITs — 1.9%  
Chatham Lodging Trust REIT

  385,805   3,611,135
DiamondRock Hospitality Co. REIT (b)

  1,656,861   13,271,456
Pebblebrook Hotel Trust REIT (b)

  972,301   13,553,876
 
See accompanying notes to financial statements.
120


Table of Contents
SPDR SERIES TRUST
SPDR S&P 600 SMALL CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Service Properties Trust REIT (b)

  1,306,588   $ 11,354,250
Summit Hotel Properties, Inc. REIT

  828,610   5,394,251
Sunstone Hotel Investors, Inc. REIT

  1,635,573   16,551,999
Xenia Hotels & Resorts, Inc. REIT

  864,631   10,643,608
          74,380,575
HOTELS, RESTAURANTS & LEISURE — 2.5%  
BJ's Restaurants, Inc. (a)

  181,852   5,782,894
Bloomin' Brands, Inc. (b)

  289,578   7,786,752
Brinker International, Inc. (a)

  349,822   12,803,485
Cheesecake Factory, Inc. (b)

  377,202   13,043,645
Chuy's Holdings, Inc. (a)

  65,811   2,686,405
Cracker Barrel Old Country Store, Inc. (b)

  174,966   16,303,332
Dave & Buster's Entertainment, Inc. (a)

  139,145   6,200,301
Dine Brands Global, Inc.

  49,515   2,873,356
El Pollo Loco Holdings, Inc.

  150,773   1,322,279
Golden Entertainment, Inc. (a)

  68,338   2,856,528
Sabre Corp. (a)  (b)

  1,586,608   5,061,280
Shake Shack, Inc. Class A (a)

  138,962   10,800,127
Six Flags Entertainment Corp. (a)

  333,638   8,667,915
          96,188,299
HOUSEHOLD DURABLES — 5.0%  
Century Communities, Inc.

  225,110   17,247,928
Installed Building Products, Inc.

  62,504   8,760,560
iRobot Corp. (a)  (b)

  215,076   9,732,189
La-Z-Boy, Inc.

  340,723   9,758,307
LGI Homes, Inc. (a)  (b)

  163,598   22,067,734
M/I Homes, Inc. (a)

  219,811   19,165,321
MDC Holdings, Inc.

  461,938   21,604,840
Meritage Homes Corp.

  288,773   41,083,735
Sonos, Inc. (a)  (b)

  1,013,466   16,549,900
Tri Pointe Homes, Inc. (a)

  785,109   25,798,682
          191,769,196
HOUSEHOLD PRODUCTS — 0.4%  
Central Garden & Pet Co. (a)  (b)

  39,619   1,536,029
Central Garden & Pet Co. Class A (a)

  169,531   6,181,100
WD-40 Co. (b)

  37,479   7,070,413
          14,787,542
INDUSTRIAL REITs — 0.6%  
LXP Industrial Trust REIT

  2,293,587   22,362,473
INSURANCE — 3.0%  
Ambac Financial Group, Inc. (a)

  349,104   4,971,241
American Equity Investment Life Holding Co.

  239,303   12,470,079
AMERISAFE, Inc.

  68,050   3,628,426
Assured Guaranty Ltd.

  229,508   12,806,546
Security Description     Shares   Value
Employers Holdings, Inc.

  100,731   $ 3,768,347
Genworth Financial, Inc. Class A (a)

  3,774,662   18,873,310
HCI Group, Inc. (b)

  54,529   3,368,802
Horace Mann Educators Corp.

  322,587   9,567,930
James River Group Holdings Ltd.

  297,055   5,424,224
Mercury General Corp. (b)

  209,921   6,354,309
ProAssurance Corp.

  426,665   6,438,375
Safety Insurance Group, Inc.

  50,521   3,623,366
SiriusPoint Ltd. (a)

  677,353   6,116,498
Stewart Information Services Corp. (b)

  215,122   8,850,119
United Fire Group, Inc.

  165,988   3,761,288
Universal Insurance Holdings, Inc. (b)

  216,351   3,338,296
          113,361,156
INTERACTIVE MEDIA & SERVICES — 0.6%  
Cargurus, Inc. (a)

  352,834   7,984,633
QuinStreet, Inc. (a)

  192,797   1,702,398
Shutterstock, Inc. (b)

  96,634   4,703,177
Yelp, Inc. (a)

  228,380   8,315,316
          22,705,524
IT SERVICES — 0.3%  
Perficient, Inc. (a)

  118,282   9,856,439
LEISURE EQUIPMENT & PRODUCTS — 0.3%  
Sturm Ruger & Co., Inc.

  54,501   2,886,373
Vista Outdoor, Inc. (a)  (b)

  247,934   6,860,334
          9,746,707
LIFE SCIENCES TOOLS & SERVICES — 0.1%  
Cytek Biosciences, Inc. (a)  (b)

  339,544   2,899,706
Mesa Laboratories, Inc. (b)

  15,128   1,943,948
          4,843,654
MACHINERY — 4.3%  
3D Systems Corp. (a)  (b)

  1,035,789   10,285,385
Alamo Group, Inc.

  22,052   4,055,583
Astec Industries, Inc.

  179,438   8,153,663
Barnes Group, Inc.

  399,667   16,861,951
CIRCOR International, Inc. (a)

  161,006   9,088,789
Enerpac Tool Group Corp.

  153,576   4,146,552
ESCO Technologies, Inc.

  65,107   6,747,038
Greenbrier Cos., Inc. (b)

  252,116   10,866,200
John Bean Technologies Corp.

  249,761   30,296,009
Kennametal, Inc.

  633,933   17,997,358
Proto Labs, Inc. (a)

  206,920   7,233,923
SPX Technologies, Inc. (a)

  136,523   11,600,359
Standex International Corp.

  29,205   4,131,631
Tennant Co.

  146,152   11,854,389
Trinity Industries, Inc.

  262,790   6,756,331
Wabash National Corp. (b)

  153,004   3,923,023
          163,998,184
MEDIA — 1.2%  
AMC Networks, Inc. Class A (a)

  225,080   2,689,706
 
See accompanying notes to financial statements.
121


Table of Contents
SPDR SERIES TRUST
SPDR S&P 600 SMALL CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
DISH Network Corp. Class A (a)  (b)

  1,997,978   $ 13,166,675
EW Scripps Co. Class A (a)  (b)

  468,970   4,291,076
John Wiley & Sons, Inc. Class A

  337,338   11,479,612
Scholastic Corp.

  230,547   8,965,973
Thryv Holdings, Inc. (a)

  239,874   5,900,900
          46,493,942
METALS & MINING — 2.7%  
Arconic Corp. (a)

  791,691   23,418,220
ATI, Inc. (a)

  385,801   17,063,978
Carpenter Technology Corp.

  383,385   21,519,400
Century Aluminum Co. (a)  (b)

  408,323   3,560,577
Compass Minerals International, Inc.

  269,668   9,168,712
Haynes International, Inc. (b)

  30,903   1,570,490
Materion Corp.

  69,941   7,987,262
Olympic Steel, Inc.

  75,618   3,705,282
SunCoke Energy, Inc.

  645,668   5,081,407
TimkenSteel Corp. (a)

  175,762   3,791,186
Warrior Met Coal, Inc.

  180,650   7,036,318
          103,902,832
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 2.7%  
Apollo Commercial Real Estate Finance, Inc. REIT (b)

  1,026,994   11,625,572
Arbor Realty Trust, Inc. REIT

  1,426,799   21,145,161
Ellington Financial, Inc. REIT (b)

  503,902   6,953,848
Franklin BSP Realty Trust, Inc. REIT (b)

  649,780   9,200,885
Invesco Mortgage Capital, Inc. REIT (b)

  170,769   1,958,720
KKR Real Estate Finance Trust, Inc. REIT (b)

  458,338   5,577,974
New York Mortgage Trust, Inc. REIT (b)

  720,140   7,143,789
PennyMac Mortgage Investment Trust REIT (b)

  691,455   9,320,813
Ready Capital Corp. REIT (b)

  1,274,529   14,376,687
Redwood Trust, Inc. REIT (b)

  900,517   5,736,293
Two Harbors Investment Corp. REIT (b)

  763,398   10,595,964
          103,635,706
MULTI-UTILITIES — 0.6%  
Avista Corp. (b)

  598,361   23,497,637
OFFICE REITs — 1.8%  
Brandywine Realty Trust REIT

  1,357,665   6,313,142
Douglas Emmett, Inc. REIT (b)

  1,341,109   16,857,740
Easterly Government Properties, Inc. REIT (b)

  727,863   10,554,014
Hudson Pacific Properties, Inc. REIT (b)

  1,012,588   4,273,121
JBG SMITH Properties REIT (b)

  765,715   11,516,354
Office Properties Income Trust REIT (b)

  368,279   2,835,748
Orion Office REIT, Inc. (b)

  447,485   2,957,876
Security Description     Shares   Value
SL Green Realty Corp. REIT (b)

  508,367   $ 15,276,428
          70,584,423
OIL, GAS & CONSUMABLE FUELS — 1.8%  
California Resources Corp. (b)

  395,592   17,916,362
Callon Petroleum Co. (a)  (b)

  202,804   7,112,336
CVR Energy, Inc. (b)

  99,221   2,972,661
Green Plains, Inc. (a)  (b)

  470,050   15,154,412
Par Pacific Holdings, Inc. (a)

  443,489   11,801,242
Talos Energy, Inc. (a)  (b)

  392,318   5,441,451
World Kinect Corp. (b)

  490,679   10,147,242
          70,545,706
PAPER & FOREST PRODUCTS — 0.3%  
Clearwater Paper Corp. (a)

  135,828   4,254,133
Mercer International, Inc.

  182,443   1,472,315
Sylvamo Corp.

  105,508   4,267,799
          9,994,247
PASSENGER AIRLINES — 0.9%  
Allegiant Travel Co. (a)

  123,716   15,622,856
Hawaiian Holdings, Inc. (a)  (b)

  407,125   4,384,736
SkyWest, Inc. (a)

  350,955   14,290,888
          34,298,480
PERSONAL CARE PRODUCTS — 0.7%  
Edgewell Personal Care Co.

  210,156   8,681,544
Nu Skin Enterprises, Inc. Class A (b)

  394,083   13,083,556
USANA Health Sciences, Inc. (a)

  86,287   5,439,532
          27,204,632
PHARMACEUTICALS — 0.4%  
ANI Pharmaceuticals, Inc. (a)

  50,535   2,720,299
Ligand Pharmaceuticals, Inc. (a)

  59,751   4,308,047
Phibro Animal Health Corp. Class A

  160,668   2,201,152
Prestige Consumer Healthcare, Inc. (a)

  117,738   6,997,169
          16,226,667
PROFESSIONAL SERVICES — 0.9%  
Forrester Research, Inc. (a)

  89,497   2,603,468
Heidrick & Struggles International, Inc.

  153,536   4,064,098
Kelly Services, Inc. Class A

  258,733   4,556,288
Korn Ferry

  215,197   10,660,859
Resources Connection, Inc.

  244,778   3,845,462
TrueBlue, Inc. (a)

  245,011   4,339,145
TTEC Holdings, Inc.

  74,684   2,527,307
          32,596,627
REAL ESTATE MANAGEMENT & DEVELOPMENT — 1.0%  
Anywhere Real Estate, Inc. (a)

  850,620   5,682,142
Cushman & Wakefield PLC (a)  (b)

  1,291,123   10,561,386
eXp World Holdings, Inc. (b)

  424,666   8,612,227
 
See accompanying notes to financial statements.
122


Table of Contents
SPDR SERIES TRUST
SPDR S&P 600 SMALL CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Kennedy-Wilson Holdings, Inc. (b)

  598,828   $ 9,778,861
RE/MAX Holdings, Inc. Class A

  143,113   2,756,356
          37,390,972
RESIDENTIAL REITs — 0.7%  
Centerspace REIT

  118,110   7,247,230
Elme Communities REIT

  692,765   11,389,057
NexPoint Residential Trust, Inc. REIT

  84,722   3,853,156
Veris Residential, Inc. REIT (a)

  269,810   4,330,450
          26,819,893
RETAIL REITs — 3.0%  
Acadia Realty Trust REIT

  751,943   10,820,460
Getty Realty Corp. REIT

  124,352   4,205,585
Macerich Co. REIT

  1,698,672   19,144,033
Phillips Edison & Co., Inc. REIT (b)

  527,994   17,994,035
Retail Opportunity Investments Corp. REIT

  995,309   13,446,625
RPT Realty REIT

  671,461   7,016,767
Saul Centers, Inc. REIT

  43,899   1,616,800
SITE Centers Corp. REIT

  1,437,762   19,007,214
Tanger Factory Outlet Centers, Inc. REIT

  373,806   8,249,898
Urban Edge Properties REIT (b)

  454,923   7,019,462
Urstadt Biddle Properties, Inc. Class A REIT

  98,410   2,092,197
Whitestone REIT

  366,896   3,558,891
          114,171,967
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 1.9%  
CEVA, Inc. (a)

  72,127   1,842,845
Cohu, Inc. (a)

  124,504   5,174,386
FormFactor, Inc. (a)

  609,217   20,847,406
Ichor Holdings Ltd. (a)  (b)

  229,475   8,605,313
Semtech Corp. (a)

  505,125   12,860,483
SiTime Corp. (a)  (b)

  59,759   7,049,769
SMART Global Holdings, Inc. (a)  (b)

  387,549   11,242,796
Ultra Clean Holdings, Inc. (a)

  158,876   6,110,371
          73,733,369
SOFTWARE — 1.2%  
8x8, Inc. (a)  (b)

  482,065   2,039,135
Adeia, Inc.

  839,840   9,246,638
Cerence, Inc. (a)  (b)

  318,386   9,306,423
Consensus Cloud Solutions, Inc. (a)

  44,270   1,372,370
Digital Turbine, Inc. (a)  (b)

  256,671   2,381,907
Ebix, Inc.

  185,452   4,673,390
LiveRamp Holdings, Inc. (a)

  229,980   6,568,229
N-able, Inc. (a)

  162,000   2,334,420
OneSpan, Inc. (a)  (b)

  143,233   2,125,578
Xperi, Inc. (a)  (b)

  335,752   4,415,139
          44,463,229
Security Description     Shares   Value
SPECIALIZED REITs — 0.9%  
Four Corners Property Trust, Inc. REIT

  225,469   $ 5,726,913
Outfront Media, Inc. REIT

  1,159,660   18,229,855
Safehold, Inc. REIT (b)

  318,181   7,550,435
Uniti Group, Inc. REIT

  1,008,279   4,658,249
          36,165,452
SPECIALTY RETAIL — 7.0%  
Aaron's Co., Inc.

  244,077   3,451,249
Abercrombie & Fitch Co. Class A (a)

  395,267   14,893,660
Academy Sports & Outdoors, Inc. (b)

  322,726   17,443,340
American Eagle Outfitters, Inc. (b)

  1,436,177   16,946,889
America's Car-Mart, Inc. (a)  (b)

  45,790   4,568,926
Asbury Automotive Group, Inc. (a)

  93,544   22,489,848
Boot Barn Holdings, Inc. (a)

  91,884   7,781,656
Buckle, Inc.

  72,861   2,520,991
Caleres, Inc. (b)

  281,463   6,735,410
Chico's FAS, Inc. (a)

  974,843   5,215,410
Designer Brands, Inc. Class A (b)

  405,115   4,091,661
Group 1 Automotive, Inc.

  111,732   28,838,029
Guess?, Inc. (b)

  236,367   4,597,338
Haverty Furniture Cos., Inc. (b)

  47,558   1,437,203
Hibbett, Inc. (b)

  47,306   1,716,735
Leslie's, Inc. (a)  (b)

  398,763   3,744,385
MarineMax, Inc. (a)  (b)

  172,620   5,896,699
Monro, Inc. (b)

  247,911   10,072,624
National Vision Holdings, Inc. (a)

  258,999   6,291,086
ODP Corp. (a)

  268,269   12,560,355
Sally Beauty Holdings, Inc. (a)

  849,425   10,490,399
Shoe Carnival, Inc. (b)

  135,463   3,180,671
Signet Jewelers Ltd. (b)

  356,343   23,254,944
Sleep Number Corp. (a)  (b)

  169,648   4,627,997
Sonic Automotive, Inc. Class A

  125,606   5,987,638
Upbound Group, Inc. (b)

  397,578   12,376,603
Urban Outfitters, Inc. (a)

  475,290   15,746,358
Victoria's Secret & Co. (a)  (b)

  618,539   10,781,135
          267,739,239
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.1%  
Avid Technology, Inc. (a)

  108,008   2,754,204
Corsair Gaming, Inc. (a)

  135,064   2,396,035
          5,150,239
TEXTILES, APPAREL & LUXURY GOODS — 1.8%  
G-III Apparel Group Ltd. (a)  (b)

  324,079   6,245,002
Hanesbrands, Inc. (b)

  2,760,385   12,532,148
Kontoor Brands, Inc. (b)

  394,177   16,594,852
Movado Group, Inc.

  118,909   3,190,328
Oxford Industries, Inc. (b)

  33,911   3,337,521
Steven Madden Ltd. (b)

  564,287   18,446,542
 
See accompanying notes to financial statements.
123


Table of Contents
SPDR SERIES TRUST
SPDR S&P 600 SMALL CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Wolverine World Wide, Inc. (b)

  627,304   $ 9,215,096
          69,561,489
TOBACCO — 0.4%  
Universal Corp. (b)

  193,886   9,682,667
Vector Group Ltd.

  586,366   7,511,348
          17,194,015
TRADING COMPANIES & DISTRIBUTORS — 1.3%  
DXP Enterprises, Inc. (a)

  115,162   4,193,049
GMS, Inc. (a)

  326,180   22,571,656
NOW, Inc. (a)

  844,776   8,751,879
Veritiv Corp.

  106,966   13,435,999
          48,952,583
WATER UTILITIES — 0.5%  
American States Water Co.

  90,511   7,874,457
California Water Service Group

  165,428   8,541,048
Middlesex Water Co.

  50,225   4,051,148
          20,466,653
WIRELESS TELECOMMUNICATION SERVICES — 0.4%  
Gogo, Inc. (a)  (b)

  181,306   3,084,015
Shenandoah Telecommunications Co. (b)

  396,811   7,710,038
Telephone & Data Systems, Inc.

  780,448   6,423,087
          17,217,140
TOTAL COMMON STOCKS

(Cost $3,885,098,443)

        3,815,342,963
WARRANTS — 0.0% (c)          
ENERGY EQUIPMENT & SERVICES — 0.0% (c)          
Nabors Industries Ltd. (expiring 06/11/26) (a)  (b)

    17,916   206,034
TOTAL WARRANTS

(Cost $0)

        206,034
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 9.6%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (d)  (e)

  3,477,999   $ 3,478,695
State Street Navigator Securities Lending Portfolio II (f)  (g)

  362,515,235   362,515,235
TOTAL SHORT-TERM INVESTMENTS

(Cost $365,993,930)

  365,993,930  
TOTAL INVESTMENTS — 109.3%

(Cost $4,251,092,373)

  4,181,542,927  
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.3)%

  (357,100,528)  
NET ASSETS — 100.0%

  $ 3,824,442,399  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) Amount is less than 0.05% of net assets.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2023.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $3,815,342,963   $—   $—   $3,815,342,963
Warrants

  206,034       206,034
Short-Term Investments

  365,993,930       365,993,930
TOTAL INVESTMENTS

  $4,181,542,927   $—   $—   $4,181,542,927
See accompanying notes to financial statements.
124


Table of Contents
SPDR SERIES TRUST
SPDR S&P 600 SMALL CAP VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

7,706,133   $ 7,705,363   $ 231,868,316   $ 236,096,227   $1,216   $27   3,477,999   $ 3,478,695   $ 225,218
State Street Navigator Securities Lending Portfolio II

153,457,896   153,457,896   1,574,959,361   1,365,902,022       362,515,235   362,515,235   989,765
Total

    $161,163,259   $1,806,827,677   $1,601,998,249   $1,216   $27       $365,993,930   $1,214,983
See accompanying notes to financial statements.
125


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 2.2%  
AAR Corp. (a)

  155   $ 8,953
Aerojet Rocketdyne Holdings, Inc. (a)

  317   17,394
AeroVironment, Inc. (a)

  76   7,773
Axon Enterprise, Inc. (a)

  276   53,853
Boeing Co. (a)

  2,234   471,731
Curtiss-Wright Corp.

  136   24,978
General Dynamics Corp.

  344   74,012
Hexcel Corp.

  298   22,654
Howmet Aerospace, Inc.

  1,312   65,023
Huntington Ingalls Industries, Inc.

  60   13,656
Kaman Corp.

  3   73
L3Harris Technologies, Inc.

  97   18,990
Lockheed Martin Corp.

  671   308,915
Mercury Systems, Inc. (a)

  53   1,833
Moog, Inc. Class A

  85   9,216
Northrop Grumman Corp.

  366   166,823
Raytheon Technologies Corp.

  3,729   365,293
Textron, Inc.

  361   24,414
TransDigm Group, Inc.

  185   165,421
Triumph Group, Inc. (a)

  7   87
Woodward, Inc.

  43   5,113
          1,826,205
AIR FREIGHT & LOGISTICS — 0.8%  
CH Robinson Worldwide, Inc.

  155   14,624
Expeditors International of Washington, Inc.

  502   60,807
FedEx Corp.

  779   193,114
Forward Air Corp.

  95   10,081
GXO Logistics, Inc. (a)

  72   4,523
Hub Group, Inc. Class A (a)

  100   8,032
United Parcel Service, Inc. Class B

  2,155   386,284
          677,465
AUTOMOBILE COMPONENTS — 0.3%  
Adient PLC (a)

  320   12,262
American Axle & Manufacturing Holdings, Inc. (a)

  60   496
Aptiv PLC (a)

  689   70,340
Autoliv, Inc.

  293   24,917
BorgWarner, Inc.

  883   43,188
Dana, Inc.

  15   255
Dorman Products, Inc. (a)

  49   3,863
Fox Factory Holding Corp. (a)

  168   18,230
Gentex Corp.

  419   12,260
Gentherm, Inc. (a)

  45   2,543
Goodyear Tire & Rubber Co. (a)

  87   1,190
LCI Industries

  86   10,867
Lear Corp.

  175   25,121
Patrick Industries, Inc.

  26   2,080
Standard Motor Products, Inc.

  33   1,238
Visteon Corp. (a)

  110   15,797
Security Description     Shares   Value
XPEL, Inc. (a)

  54   $ 4,548
          249,195
AUTOMOBILES — 0.3%  
Ford Motor Co.

  5,184   78,434
General Motors Co.

  2,129   82,094
Harley-Davidson, Inc.

  340   11,971
Tesla, Inc. (a)

  272   71,202
Thor Industries, Inc.

  136   14,076
Winnebago Industries, Inc.

  38   2,534
          260,311
BANKS — 3.3%  
Ameris Bancorp

  121   4,139
Associated Banc-Corp.

  169   2,743
Atlantic Union Bankshares Corp.

  206   5,346
Axos Financial, Inc. (a)

  72   2,840
Banc of California, Inc.

  63   729
BancFirst Corp.

  34   3,128
Bancorp, Inc. (a)

  155   5,061
Bank of America Corp.

  2,133   61,196
Bank of Hawaii Corp. (b)

  4   165
Bank of New York Mellon Corp.

  2,171   96,653
Bank OZK

  100   4,016
BankUnited, Inc.

  7   151
Banner Corp.

  65   2,838
Berkshire Hills Bancorp, Inc.

  199   4,125
Brookline Bancorp, Inc.

  209   1,827
Cadence Bank

  93   1,826
Capitol Federal Financial, Inc.

  45   278
Cathay General Bancorp

  52   1,674
Central Pacific Financial Corp.

  91   1,430
Citigroup, Inc.

  2,958   136,186
Citizens Financial Group, Inc.

  150   3,912
City Holding Co.

  56   5,039
Columbia Banking System, Inc.

  63   1,278
Comerica, Inc.

  13   551
Commerce Bancshares, Inc.

  104   5,065
Community Bank System, Inc.

  28   1,313
Cullen/Frost Bankers, Inc.

  19   2,043
Customers Bancorp, Inc. (a)

  10   303
CVB Financial Corp.

  13   173
Dime Community Bancshares, Inc.

  84   1,481
Eagle Bancorp, Inc.

  48   1,016
East West Bancorp, Inc.

  43   2,270
FB Financial Corp.

  62   1,739
Fifth Third Bancorp

  70   1,835
First BanCorp (c)

  93   1,136
First BanCorp (c)

  83   2,469
First Commonwealth Financial Corp.

  249   3,150
First Financial Bancorp

  271   5,539
First Financial Bankshares, Inc.

  97   2,763
First Hawaiian, Inc.

  118   2,125
First Horizon Corp.

  165   1,860
FNB Corp.

  698   7,985
Fulton Financial Corp.

  222   2,646
 
See accompanying notes to financial statements.
126


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Glacier Bancorp, Inc.

  125   $ 3,896
Goldman Sachs Group, Inc.

  915   295,124
Hancock Whitney Corp.

  27   1,036
Hanmi Financial Corp.

  122   1,821
Heritage Financial Corp.

  151   2,442
Hilltop Holdings, Inc.

  153   4,813
Home BancShares, Inc.

  366   8,345
Hope Bancorp, Inc.

  236   1,987
Huntington Bancshares, Inc.

  1,029   11,093
Independent Bank Corp.

  24   1,068
Independent Bank Group, Inc.

  3   104
International Bancshares Corp.

  165   7,293
JPMorgan Chase & Co.

  8,656   1,258,929
KeyCorp

  95   878
Lakeland Financial Corp.

  12   582
M&T Bank Corp.

  16   1,980
Morgan Stanley

  3,858   329,473
National Bank Holdings Corp. Class A

  71   2,062
NBT Bancorp, Inc.

  65   2,070
New York Community Bancorp, Inc.

  1,456   16,365
Northern Trust Corp.

  148   10,973
Northfield Bancorp, Inc.

  97   1,065
Northwest Bancshares, Inc.

  385   4,081
OFG Bancorp

  171   4,460
Old National Bancorp

  447   6,231
Pacific Premier Bancorp, Inc.

  149   3,081
PacWest Bancorp

  13   106
Park National Corp. (b)

  56   5,730
Pathward Financial, Inc.

  9   417
Pinnacle Financial Partners, Inc.

  7   397
PNC Financial Services Group, Inc.

  123   15,492
Preferred Bank

  30   1,650
Prosperity Bancshares, Inc.

  121   6,834
Provident Financial Services, Inc.

  152   2,484
Regions Financial Corp.

  1,045   18,622
Renasant Corp.

  110   2,874
S&T Bancorp, Inc.

  84   2,284
Seacoast Banking Corp. of Florida

  8   177
ServisFirst Bancshares, Inc. (b)

  5   205
Simmons First National Corp. Class A

  153   2,639
Southside Bancshares, Inc.

  101   2,642
SouthState Corp.

  85   5,593
State Street Corp. (d)

  1,116   81,669
Stellar Bancorp, Inc.

  125   2,861
Synovus Financial Corp.

  44   1,331
Texas Capital Bancshares, Inc. (a)

  63   3,244
Tompkins Financial Corp.

  19   1,058
Triumph Financial, Inc. (a)

  37   2,247
Truist Financial Corp.

  135   4,097
TrustCo Bank Corp. NY

  34   973
Trustmark Corp.

  55   1,162
U.S. Bancorp

  425   14,042
UMB Financial Corp.

  4   244
United Bankshares, Inc.

  423   12,550
Security Description     Shares   Value
United Community Banks, Inc.

  151   $ 3,773
Valley National Bancorp

  129   1,000
Veritex Holdings, Inc.

  95   1,703
Washington Federal, Inc.

  148   3,925
Webster Financial Corp.

  53   2,001
Wells Fargo & Co.

  2,717   115,962
Westamerica BanCorp

  8   306
Wintrust Financial Corp.

  32   2,324
WSFS Financial Corp.

  156   5,884
Zions Bancorp NA

  101   2,713
          2,708,509
BEVERAGES — 1.7%  
Boston Beer Co., Inc. Class A (a)

  5   1,542
Brown-Forman Corp. Class B

  241   16,094
Celsius Holdings, Inc. (a)  (b)

  177   26,406
Coca-Cola Co.

  5,946   358,068
Coca-Cola Consolidated, Inc.

  16   10,176
Constellation Brands, Inc. Class A

  182   44,796
Keurig Dr Pepper, Inc.

  1,125   35,179
MGP Ingredients, Inc. (b)

  68   7,227
Molson Coors Beverage Co. Class B

  286   18,830
Monster Beverage Corp. (a)

  2,700   155,088
National Beverage Corp. (a)

  82   3,965
PepsiCo, Inc.

  3,786   701,243
          1,378,614
BIOTECHNOLOGY — 2.8%  
AbbVie, Inc.

  5,221   703,425
Amgen, Inc.

  1,359   301,725
Anika Therapeutics, Inc. (a)

  5   130
Arcus Biosciences, Inc. (a)

  116   2,356
Arrowhead Pharmaceuticals, Inc. (a)

  11   392
Avid Bioservices, Inc. (a)

  58   810
Biogen, Inc. (a)

  541   154,104
Catalyst Pharmaceuticals, Inc. (a)

  387   5,201
Coherus Biosciences, Inc. (a)  (b)

  7   30
Cytokinetics, Inc. (a)

  66   2,153
Dynavax Technologies Corp. (a)

  351   4,535
Emergent BioSolutions, Inc. (a)

  5   37
Enanta Pharmaceuticals, Inc. (a)

  38   813
Exelixis, Inc. (a)

  166   3,172
Gilead Sciences, Inc.

  4,983   384,040
Halozyme Therapeutics, Inc. (a)

  179   6,457
Incyte Corp. (a)

  244   15,189
Ironwood Pharmaceuticals, Inc. (a)

  333   3,543
Moderna, Inc. (a)

  1,029   125,023
Myriad Genetics, Inc. (a)

  257   5,957
Neurocrine Biosciences, Inc. (a)

  305   28,762
Regeneron Pharmaceuticals, Inc. (a)

  384   275,919
REGENXBIO, Inc. (a)

  4   80
uniQure NV (a)

  158   1,811
United Therapeutics Corp. (a)

  168   37,086
Vanda Pharmaceuticals, Inc. (a)

  41   270
 
See accompanying notes to financial statements.
127


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Vericel Corp. (a)

  15   $ 564
Vertex Pharmaceuticals, Inc. (a)

  811   285,399
Vir Biotechnology, Inc. (a)

  239   5,863
Xencor, Inc. (a)

  129   3,221
          2,358,067
BROADLINE RETAIL — 0.8%  
Amazon.com, Inc. (a)

  4,539   591,704
eBay, Inc.

  284   12,692
Etsy, Inc. (a)

  422   35,706
Kohl's Corp.

  40   922
Macy's, Inc.

  28   449
Nordstrom, Inc.

  11   225
Ollie's Bargain Outlet Holdings, Inc. (a)

  194   11,238
          652,936
BUILDING PRODUCTS — 0.8%  
A.O. Smith Corp.

  427   31,077
AAON, Inc.

  153   14,506
Allegion PLC

  117   14,042
American Woodmark Corp. (a)

  2   153
Apogee Enterprises, Inc.

  70   3,323
AZZ, Inc.

  28   1,217
Builders FirstSource, Inc. (a)

  504   68,544
Carlisle Cos., Inc.

  37   9,492
Carrier Global Corp.

  2,972   147,738
Fortune Brands Innovations, Inc.

  195   14,030
Gibraltar Industries, Inc. (a)

  109   6,858
Griffon Corp.

  199   8,020
Insteel Industries, Inc.

  27   840
Johnson Controls International PLC

  1,330   90,626
Lennox International, Inc.

  108   35,216
Masco Corp.

  299   17,157
Masterbrand, Inc. (a)

  14   163
Owens Corning

  257   33,538
PGT Innovations, Inc. (a)

  223   6,500
Quanex Building Products Corp.

  50   1,342
Resideo Technologies, Inc. (a)

  45   795
Simpson Manufacturing Co., Inc.

  84   11,634
Trane Technologies PLC

  863   165,057
Trex Co., Inc. (a)

  12   787
UFP Industries, Inc.

  132   12,811
          695,466
CAPITAL MARKETS — 1.6%  
Affiliated Managers Group, Inc.

  125   18,736
Ameriprise Financial, Inc.

  354   117,585
Avantax, Inc. (a)

  214   4,789
B Riley Financial, Inc.

  65   2,989
BlackRock, Inc.

  411   284,058
Brightsphere Investment Group, Inc.

  145   3,038
Cboe Global Markets, Inc.

  379   52,306
Charles Schwab Corp.

  465   26,356
CME Group, Inc.

  329   60,960
Security Description     Shares   Value
Donnelley Financial Solutions, Inc. (a)

  119   $ 5,418
Evercore, Inc. Class A

  105   12,977
FactSet Research Systems, Inc.

  75   30,049
Federated Hermes, Inc.

  284   10,181
Franklin Resources, Inc.

  900   24,039
Interactive Brokers Group, Inc. Class A

  389   32,314
Intercontinental Exchange, Inc.

  511   57,784
Invesco Ltd.

  509   8,556
Janus Henderson Group PLC

  149   4,060
Jefferies Financial Group, Inc.

  453   15,026
MarketAxess Holdings, Inc.

  149   38,952
Moody's Corp.

  240   83,453
MSCI, Inc.

  302   141,725
Nasdaq, Inc.

  862   42,971
Piper Sandler Cos.,

  49   6,334
Raymond James Financial, Inc.

  297   30,820
S&P Global, Inc.

  302   121,069
SEI Investments Co.

  196   11,685
Stifel Financial Corp.

  180   10,741
StoneX Group, Inc. (a)

  72   5,982
T Rowe Price Group, Inc.

  298   33,382
Virtus Investment Partners, Inc.

  4   790
WisdomTree, Inc.

  40   274
          1,299,399
CHEMICALS — 1.9%  
AdvanSix, Inc.

  25   875
Air Products & Chemicals, Inc.

  792   237,228
Albemarle Corp.

  369   82,320
American Vanguard Corp.

  39   697
Ashland, Inc.

  77   6,692
Avient Corp.

  104   4,254
Axalta Coating Systems Ltd. (a)

  742   24,345
Balchem Corp.

  57   7,684
Cabot Corp.

  207   13,846
Celanese Corp.

  31   3,590
CF Industries Holdings, Inc.

  19   1,319
Chemours Co.

  167   6,161
Corteva, Inc.

  1,814   103,942
Dow, Inc.

  359   19,120
DuPont de Nemours, Inc.

  1,352   96,587
Eastman Chemical Co.

  60   5,023
Ecolab, Inc.

  378   70,569
FMC Corp.

  141   14,712
Hawkins, Inc.

  72   3,434
HB Fuller Co.

  129   9,225
Ingevity Corp. (a)

  110   6,398
Innospec, Inc.

  82   8,236
International Flavors & Fragrances, Inc.

  78   6,208
Koppers Holdings, Inc.

  3   102
Linde PLC

  1,555   592,579
Livent Corp. (a)  (b)

  294   8,064
LyondellBasell Industries NV Class A

  389   35,722
 
See accompanying notes to financial statements.
128


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Mativ Holdings, Inc.

  25   $ 378
Minerals Technologies, Inc.

  4   231
Mosaic Co.

  35   1,225
NewMarket Corp.

  17   6,836
Olin Corp.

  188   9,661
PPG Industries, Inc.

  598   88,683
Quaker Chemical Corp. (b)

  48   9,355
RPM International, Inc.

  328   29,432
Scotts Miracle-Gro Co. (b)

  12   752
Sensient Technologies Corp.

  39   2,774
Sherwin-Williams Co.

  73   19,383
Stepan Co.

  45   4,300
Trinseo PLC

  44   558
Westlake Corp.

  39   4,659
          1,547,159
COMMERCIAL SERVICES & SUPPLIES — 0.7%  
ABM Industries, Inc.

  75   3,199
Brady Corp. Class A

  101   4,805
Brink's Co.

  146   9,903
Cintas Corp.

  289   143,656
Clean Harbors, Inc. (a)

  189   31,077
Copart, Inc. (a)

  1,615   147,304
CoreCivic, Inc. REIT (a)

  11   103
Deluxe Corp.

  13   227
Enviri Corp. (a)

  25   247
GEO Group, Inc. (a)

  376   2,692
Healthcare Services Group, Inc.

  88   1,314
HNI Corp.

  12   338
Interface, Inc.

  59   519
Liquidity Services, Inc. (a)

  26   429
Matthews International Corp. Class A

  44   1,875
MillerKnoll, Inc.

  20   296
MSA Safety, Inc.

  110   19,136
OPENLANE, Inc. (a)

  314   4,779
Pitney Bowes, Inc.

  17   60
Republic Services, Inc.

  356   54,528
Rollins, Inc.

  730   31,266
Stericycle, Inc. (a)

  47   2,183
Tetra Tech, Inc.

  135   22,105
UniFirst Corp.

  33   5,115
Viad Corp. (a)

  28   753
Waste Management, Inc.

  642   111,336
          599,245
COMMUNICATIONS EQUIPMENT — 1.2%  
ADTRAN Holdings, Inc.

  285   3,001
Arista Networks, Inc. (a)

  983   159,305
Calix, Inc. (a)

  185   9,233
Ciena Corp. (a)

  236   10,028
Cisco Systems, Inc.

  11,295   584,403
Clearfield, Inc. (a)  (b)

  47   2,226
Digi International, Inc. (a)

  160   6,302
Extreme Networks, Inc. (a)

  529   13,781
F5, Inc. (a)

  43   6,289
Harmonic, Inc. (a)

  475   7,681
Security Description     Shares   Value
Juniper Networks, Inc.

  956   $ 29,952
Lumentum Holdings, Inc. (a)  (b)

  8   454
Motorola Solutions, Inc.

  630   184,766
NetScout Systems, Inc. (a)

  76   2,352
Viasat, Inc. (a)

  19   784
Viavi Solutions, Inc. (a)

  92   1,042
          1,021,599
CONSTRUCTION & ENGINEERING — 0.4%  
AECOM

  466   39,466
Arcosa, Inc.

  178   13,487
Comfort Systems USA, Inc.

  142   23,316
Dycom Industries, Inc. (a)

  110   12,501
EMCOR Group, Inc.

  190   35,108
Fluor Corp. (a)

  603   17,849
Granite Construction, Inc.

  92   3,660
MasTec, Inc. (a)

  223   26,307
MDU Resources Group, Inc.

  724   15,161
MYR Group, Inc. (a)

  44   6,087
Quanta Services, Inc.

  567   111,387
Valmont Industries, Inc.

  77   22,411
          326,740
CONSTRUCTION MATERIALS — 0.2%  
Eagle Materials, Inc.

  122   22,743
Knife River Corp. (a)

  181   7,874
Martin Marietta Materials, Inc.

  107   49,401
Vulcan Materials Co.

  230   51,851
          131,869
CONSUMER FINANCE — 0.2%  
American Express Co.

  789   137,444
Bread Financial Holdings, Inc.

  5   157
Capital One Financial Corp.

  122   13,343
Discover Financial Services

  190   22,202
Encore Capital Group, Inc. (a)

  11   535
Enova International, Inc. (a)

  60   3,187
FirstCash Holdings, Inc.

  150   14,000
Green Dot Corp. Class A (a)

  6   112
Navient Corp.

  239   4,441
PRA Group, Inc. (a)

  31   708
PROG Holdings, Inc. (a)

  12   385
SLM Corp.

  25   408
Synchrony Financial

  134   4,545
          201,467
CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.0%  
Andersons, Inc.

  64   2,954
BJ's Wholesale Club Holdings, Inc. (a)

  452   28,481
Casey's General Stores, Inc.

  102   24,876
Chefs' Warehouse, Inc. (a)

  96   3,433
Costco Wholesale Corp.

  497   267,575
Dollar General Corp.

  160   27,165
Dollar Tree, Inc. (a)

  148   21,238
Grocery Outlet Holding Corp. (a)

  45   1,377
Kroger Co.

  729   34,263
Performance Food Group Co. (a)

  556   33,493
 
See accompanying notes to financial statements.
129


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
PriceSmart, Inc.

  20   $ 1,481
SpartanNash Co.

  102   2,296
Sprouts Farmers Market, Inc. (a)  (b)

  413   15,169
Sysco Corp.

  464   34,429
Target Corp.

  47   6,199
U.S. Foods Holding Corp. (a)

  313   13,772
United Natural Foods, Inc. (a)

  104   2,033
Walgreens Boots Alliance, Inc.

  364   10,370
Walmart, Inc.

  2,142   336,680
          867,284
CONTAINERS & PACKAGING — 0.1%  
Amcor PLC

  2,270   22,655
AptarGroup, Inc.

  123   14,251
Avery Dennison Corp.

  140   24,052
Ball Corp.

  33   1,921
Greif, Inc. Class A

  64   4,409
International Paper Co.

  108   3,435
Myers Industries, Inc.

  191   3,711
O-I Glass, Inc. (a)

  621   13,246
Packaging Corp. of America

  65   8,590
Sealed Air Corp.

  14   560
Silgan Holdings, Inc.

  273   12,801
Sonoco Products Co.

  169   9,974
Westrock Co.

  27   785
          120,390
DISTRIBUTORS — 0.2%  
Genuine Parts Co.

  549   92,907
LKQ Corp.

  853   49,704
Pool Corp.

  12   4,496
          147,107
DIVERSIFIED CONSUMER SERVICES — 0.1%  
Adtalem Global Education, Inc. (a)

  122   4,189
Graham Holdings Co. Class B

  10   5,715
Grand Canyon Education, Inc. (a)

  94   9,702
H&R Block, Inc.

  625   19,919
Perdoceo Education Corp. (a)

  85   1,043
Service Corp. International

  392   25,319
Strategic Education, Inc.

  61   4,138
Stride, Inc. (a)

  62   2,308
          72,333
DIVERSIFIED REITs — 0.0% (e)  
Alexander & Baldwin, Inc. REIT

  84   1,561
American Assets Trust, Inc. REIT

  138   2,649
Armada Hoffler Properties, Inc. REIT

  54   631
Essential Properties Realty Trust, Inc. REIT

  322   7,580
Global Net Lease, Inc. REIT

  117   1,203
          13,624
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.5%  
AT&T, Inc.

  18,148   289,461
ATN International, Inc.

  2   73
Security Description     Shares   Value
Cogent Communications Holdings, Inc.

  119   $ 8,008
Consolidated Communications Holdings, Inc. (a)

  87   333
Frontier Communications Parent, Inc. (a)

  114   2,125
Iridium Communications, Inc.

  529   32,861
Lumen Technologies, Inc.

  700   1,582
Verizon Communications, Inc.

  2,994   111,347
          445,790
ELECTRIC UTILITIES — 1.6%  
ALLETE, Inc.

  179   10,377
Alliant Energy Corp.

  281   14,747
American Electric Power Co., Inc.

  680   57,256
Constellation Energy Corp.

  1,231   112,698
Duke Energy Corp.

  706   63,356
Edison International

  1,049   72,853
Entergy Corp.

  228   22,200
Evergy, Inc.

  258   15,072
Eversource Energy

  319   22,624
Exelon Corp.

  910   37,073
FirstEnergy Corp.

  719   27,955
Hawaiian Electric Industries, Inc.

  144   5,213
IDACORP, Inc.

  147   15,082
NextEra Energy, Inc.

  5,987   444,235
NRG Energy, Inc.

  372   13,909
OGE Energy Corp.

  347   12,461
Otter Tail Corp. (b)

  148   11,686
PG&E Corp. (a)

  5,738   99,153
Pinnacle West Capital Corp.

  391   31,851
PNM Resources, Inc.

  250   11,275
Portland General Electric Co.

  260   12,176
PPL Corp.

  1,274   33,710
Southern Co.

  1,663   116,826
Xcel Energy, Inc.

  724   45,011
          1,308,799
ELECTRICAL EQUIPMENT — 0.9%  
Acuity Brands, Inc.

  70   11,416
AMETEK, Inc.

  771   124,809
Eaton Corp. PLC

  1,337   268,871
Emerson Electric Co.

  872   78,820
Encore Wire Corp.

  80   14,874
EnerSys

  153   16,604
Generac Holdings, Inc. (a)

  6   895
Hubbell, Inc.

  191   63,328
nVent Electric PLC

  593   30,640
Regal Rexnord Corp.

  195   30,010
Rockwell Automation, Inc.

  386   127,168
SunPower Corp. (a)  (b)

  44   431
Sunrun, Inc. (a)

  480   8,573
Vicor Corp. (a)

  7   378
          776,817
 
See accompanying notes to financial statements.
130


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.1%  
Advanced Energy Industries, Inc.

  133   $ 14,823
Amphenol Corp. Class A

  1,877   159,451
Arrow Electronics, Inc. (a)

  148   21,198
Avnet, Inc.

  217   10,948
Badger Meter, Inc.

  117   17,265
Belden, Inc.

  178   17,026
Benchmark Electronics, Inc.

  50   1,291
CDW Corp.

  483   88,630
Cognex Corp.

  17   952
Corning, Inc.

  1,473   51,614
CTS Corp.

  100   4,263
ePlus, Inc. (a)

  13   732
Fabrinet (a)

  120   15,586
Insight Enterprises, Inc. (a)

  108   15,805
IPG Photonics Corp. (a)

  122   16,570
Itron, Inc. (a)

  151   10,887
Jabil, Inc.

  530   57,203
Keysight Technologies, Inc. (a)

  564   94,442
Knowles Corp. (a)

  82   1,481
Littelfuse, Inc.

  83   24,179
Methode Electronics, Inc.

  97   3,251
National Instruments Corp.

  519   29,791
Novanta, Inc. (a)

  128   23,565
OSI Systems, Inc. (a)

  56   6,598
Plexus Corp. (a)

  96   9,431
Rogers Corp. (a)

  2   324
Sanmina Corp. (a)

  190   11,451
ScanSource, Inc. (a)

  92   2,720
TD SYNNEX Corp.

  82   7,708
TE Connectivity Ltd.

  806   112,969
Teledyne Technologies, Inc. (a)

  91   37,411
Trimble, Inc. (a)

  130   6,882
TTM Technologies, Inc. (a)

  76   1,056
Vishay Intertechnology, Inc.

  394   11,584
Vontier Corp.

  435   14,011
Zebra Technologies Corp. Class A (a)

  16   4,733
          907,831
ENERGY EQUIPMENT & SERVICES — 0.5%  
Archrock, Inc.

  502   5,146
Baker Hughes Co.

  1,332   42,105
Bristow Group, Inc. (a)

  7   201
ChampionX Corp.

  792   24,584
Core Laboratories, Inc.

  5   116
Dril-Quip, Inc. (a)

  4   93
Halliburton Co.

  644   21,246
Helix Energy Solutions Group, Inc. (a)

  362   2,672
Helmerich & Payne, Inc.

  32   1,134
Nabors Industries Ltd. (a)

  3   279
NOV, Inc.

  760   12,190
Oceaneering International, Inc. (a)

  221   4,133
Oil States International, Inc. (a)

  6   45
Patterson-UTI Energy, Inc.

  21   251
Security Description     Shares   Value
ProPetro Holding Corp. (a)

  364   $ 2,999
RPC, Inc.

  8   57
Schlumberger NV

  5,062   248,645
U.S. Silica Holdings, Inc. (a)

  7   85
Valaris Ltd. (a)

  215   13,530
          379,511
ENTERTAINMENT — 1.5%  
Activision Blizzard, Inc. (a)

  2,248   189,506
Cinemark Holdings, Inc. (a)  (b)

  269   4,439
Electronic Arts, Inc.

  451   58,495
Live Nation Entertainment, Inc. (a)

  46   4,191
Marcus Corp. (b)

  27   400
Netflix, Inc. (a)

  1,768   778,786
Take-Two Interactive Software, Inc. (a)

  241   35,466
Walt Disney Co. (a)

  1,302   116,243
Warner Bros Discovery, Inc. (a)

  1,125   14,107
World Wrestling Entertainment, Inc. Class A

  161   17,464
          1,219,097
FINANCIAL SERVICES — 3.3%  
Berkshire Hathaway, Inc. Class B (a)

  2,367   807,147
Essent Group Ltd.

  184   8,611
Euronet Worldwide, Inc. (a)

  38   4,460
EVERTEC, Inc.

  81   2,983
Fidelity National Information Services, Inc.

  60   3,282
Fiserv, Inc. (a)

  1,949   245,866
FleetCor Technologies, Inc. (a)

  38   9,541
Global Payments, Inc.

  81   7,980
Jack Henry & Associates, Inc.

  21   3,514
Mastercard, Inc. Class A

  1,461   574,611
MGIC Investment Corp.

  653   10,311
Mr Cooper Group, Inc. (a)

  63   3,190
NMI Holdings, Inc. Class A (a)

  214   5,526
Payoneer Global, Inc. (a)

  553   2,660
PayPal Holdings, Inc. (a)

  576   38,437
Radian Group, Inc.

  433   10,946
Visa, Inc. Class A

  4,136   982,217
Voya Financial, Inc.

  307   22,015
Walker & Dunlop, Inc.

  19   1,503
Western Union Co.

  38   446
WEX, Inc. (a)

  121   22,031
          2,767,277
FOOD PRODUCTS — 1.2%  
Archer-Daniels-Midland Co.

  501   37,856
B&G Foods, Inc.

  153   2,130
Bunge Ltd.

  77   7,265
Calavo Growers, Inc.

  6   174
Cal-Maine Foods, Inc.

  135   6,075
Campbell Soup Co.

  674   30,809
Conagra Brands, Inc.

  1,310   44,173
Darling Ingredients, Inc. (a)

  49   3,126
 
See accompanying notes to financial statements.
131


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Flowers Foods, Inc.

  489   $ 12,166
Fresh Del Monte Produce, Inc.

  31   797
General Mills, Inc.

  2,102   161,223
Hain Celestial Group, Inc. (a)

  29   363
Hershey Co.

  463   115,611
Hormel Foods Corp.

  89   3,580
Hostess Brands, Inc. (a)

  368   9,318
Ingredion, Inc.

  218   23,097
J & J Snack Foods Corp.

  39   6,176
J M Smucker Co.

  378   55,819
John B Sanfilippo & Son, Inc.

  10   1,173
Kellogg Co.

  443   29,858
Kraft Heinz Co.

  1,053   37,382
Lamb Weston Holdings, Inc.

  588   67,591
Lancaster Colony Corp.

  78   15,685
McCormick & Co., Inc.

  128   11,165
Mondelez International, Inc. Class A

  4,026   293,656
Pilgrim's Pride Corp. (a)

  138   2,966
Post Holdings, Inc. (a)

  197   17,070
Seneca Foods Corp. Class A (a)

  15   490
Simply Good Foods Co. (a)

  111   4,061
Tootsie Roll Industries, Inc.

  70   2,479
TreeHouse Foods, Inc. (a)

  196   9,874
Tyson Foods, Inc. Class A

  30   1,531
          1,014,739
GAS UTILITIES — 0.1%  
Atmos Energy Corp.

  249   28,969
Chesapeake Utilities Corp.

  50   5,950
National Fuel Gas Co.

  47   2,414
New Jersey Resources Corp.

  334   15,765
Northwest Natural Holding Co.

  107   4,606
ONE Gas, Inc.

  72   5,530
Southwest Gas Holdings, Inc.

  6   382
Spire, Inc.

  91   5,773
UGI Corp.

  359   9,682
          79,071
GROUND TRANSPORTATION — 0.5%  
ArcBest Corp.

  49   4,841
Avis Budget Group, Inc. (a)

  2   457
CSX Corp.

  1,498   51,082
Heartland Express, Inc.

  27   443
JB Hunt Transport Services, Inc.

  177   32,042
Knight-Swift Transportation Holdings, Inc.

  540   30,002
Landstar System, Inc.

  121   23,297
Marten Transport Ltd.

  249   5,354
Norfolk Southern Corp.

  117   26,531
Old Dominion Freight Line, Inc.

  322   119,060
RXO, Inc. (a)

  51   1,156
Ryder System, Inc.

  189   16,025
Saia, Inc. (a)

  99   33,899
Union Pacific Corp.

  437   89,419
Werner Enterprises, Inc.

  197   8,704
Security Description     Shares   Value
XPO, Inc. (a)

  186   $ 10,974
          453,286
HEALTH CARE EQUIPMENT & SUPPLIES — 2.8%  
Abbott Laboratories

  1,243   135,512
Align Technology, Inc. (a)

  229   80,983
AngioDynamics, Inc. (a)

  105   1,095
Artivion, Inc. (a)

  4   69
Avanos Medical, Inc. (a)

  5   128
Baxter International, Inc.

  51   2,324
Becton Dickinson & Co.

  492   129,893
Boston Scientific Corp. (a)

  4,762   257,577
CONMED Corp.

  9   1,223
Cooper Cos., Inc.

  95   36,426
DENTSPLY SIRONA, Inc.

  328   13,126
Dexcom, Inc. (a)

  1,203   154,597
Edwards Lifesciences Corp. (a)

  188   17,734
Embecta Corp.

  18   389
Enovis Corp. (a)

  17   1,090
Envista Holdings Corp. (a)

  340   11,506
GE HealthCare Technologies, Inc.

  1,479   120,154
Glaukos Corp. (a)

  78   5,554
Globus Medical, Inc. Class A (a)

  40   2,382
Haemonetics Corp. (a)

  217   18,475
Hologic, Inc. (a)

  728   58,946
ICU Medical, Inc. (a)

  6   1,069
IDEXX Laboratories, Inc. (a)

  278   139,620
Inari Medical, Inc. (a)

  5   291
Insulet Corp. (a)

  262   75,545
Integer Holdings Corp. (a)

  38   3,367
Integra LifeSciences Holdings Corp. (a)

  131   5,388
Intuitive Surgical, Inc. (a)

  892   305,010
Lantheus Holdings, Inc. (a)

  254   21,316
LeMaitre Vascular, Inc.

  65   4,373
LivaNova PLC (a)

  61   3,137
Masimo Corp. (a)

  191   31,429
Medtronic PLC

  406   35,769
Merit Medical Systems, Inc. (a)

  226   18,903
NuVasive, Inc. (a)

  15   624
Omnicell, Inc. (a)

  19   1,400
OraSure Technologies, Inc. (a)

  8   40
Orthofix Medical, Inc. (a)

  27   488
Penumbra, Inc. (a)

  150   51,609
QuidelOrtho Corp. (a)

  38   3,149
ResMed, Inc.

  404   88,274
Shockwave Medical, Inc. (a)

  147   41,955
STAAR Surgical Co. (a)

  142   7,465
STERIS PLC

  50   11,249
Stryker Corp.

  1,132   345,362
Tandem Diabetes Care, Inc. (a)

  6   147
Teleflex, Inc.

  34   8,229
Varex Imaging Corp. (a)

  25   589
Zimmer Biomet Holdings, Inc.

  577   84,011
          2,338,991
 
See accompanying notes to financial statements.
132


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
HEALTH CARE PROVIDERS & SERVICES — 2.2%  
Acadia Healthcare Co., Inc. (a)

  231   $ 18,397
AdaptHealth Corp. (a)

  277   3,371
Addus HomeCare Corp. (a)

  50   4,635
Amedisys, Inc. (a)

  4   366
AmerisourceBergen Corp.

  445   85,631
AMN Healthcare Services, Inc. (a)

  21   2,292
Apollo Medical Holdings, Inc. (a)

  4   126
Cardinal Health, Inc.

  971   91,827
Centene Corp. (a)

  169   11,399
Chemed Corp.

  41   22,208
Cigna Group

  638   179,023
Community Health Systems, Inc. (a)

  160   704
CorVel Corp. (a)

  33   6,385
Cross Country Healthcare, Inc. (a)

  145   4,072
CVS Health Corp.

  393   27,168
DaVita, Inc. (a)

  5   502
Elevance Health, Inc.

  268   119,070
Encompass Health Corp.

  152   10,292
Enhabit, Inc. (a)

  5   58
Ensign Group, Inc.

  187   17,851
Fulgent Genetics, Inc. (a)

  2   74
HCA Healthcare, Inc.

  735   223,058
HealthEquity, Inc. (a)

  95   5,998
Henry Schein, Inc. (a)

  234   18,977
Humana, Inc.

  344   153,813
Laboratory Corp. of America Holdings

  118   28,477
McKesson Corp.

  460   196,563
ModivCare, Inc. (a)

  9   407
Molina Healthcare, Inc. (a)

  30   9,037
NeoGenomics, Inc. (a)

  501   8,051
Option Care Health, Inc. (a)

  427   13,873
Owens & Minor, Inc. (a)

  38   724
Patterson Cos., Inc.

  61   2,029
Pediatrix Medical Group, Inc. (a)

  27   384
Progyny, Inc. (a)

  51   2,006
Quest Diagnostics, Inc.

  306   43,011
R1 RCM, Inc. (a)

  13   240
RadNet, Inc. (a)

  205   6,687
Select Medical Holdings Corp.

  346   11,024
Tenet Healthcare Corp. (a)

  57   4,639
U.S. Physical Therapy, Inc.

  35   4,249
UnitedHealth Group, Inc.

  1,046   502,749
Universal Health Services, Inc. Class B

  125   19,721
          1,861,168
HEALTH CARE REITs — 0.1%  
CareTrust REIT, Inc.

  355   7,050
Community Healthcare Trust, Inc. REIT

  8   264
Healthcare Realty Trust, Inc. REIT

  117   2,207
Healthpeak Properties, Inc. REIT

  55   1,106
LTC Properties, Inc. REIT

  123   4,062
Security Description     Shares   Value
Medical Properties Trust, Inc. REIT (b)

  189   $ 1,750
Omega Healthcare Investors, Inc. REIT

  738   22,649
Physicians Realty Trust REIT

  210   2,938
Sabra Health Care REIT, Inc.

  751   8,839
Universal Health Realty Income Trust REIT

  26   1,237
Ventas, Inc. REIT

  123   5,814
Welltower, Inc. REIT

  144   11,648
          69,564
HEALTH CARE TECHNOLOGY — 0.0% (e)  
Certara, Inc. (a)

  397   7,229
Computer Programs & Systems, Inc. (a)

  33   815
NextGen Healthcare, Inc. (a)

  214   3,471
Simulations Plus, Inc.

  64   2,773
Veradigm, Inc. (a)

  11   139
          14,427
HOTEL & RESORT REITs — 0.0% (e)  
Chatham Lodging Trust REIT

  122   1,142
DiamondRock Hospitality Co. REIT

  63   505
Host Hotels & Resorts, Inc. REIT

  364   6,126
Park Hotels & Resorts, Inc. REIT

  224   2,872
Pebblebrook Hotel Trust REIT (b)

  179   2,495
Service Properties Trust REIT

  589   5,118
Summit Hotel Properties, Inc. REIT

  186   1,211
Sunstone Hotel Investors, Inc. REIT

  365   3,694
Xenia Hotels & Resorts, Inc. REIT

  160   1,969
          25,132
HOTELS, RESTAURANTS & LEISURE — 2.8%  
Aramark

  398   17,134
BJ's Restaurants, Inc. (a)

  3   95
Bloomin' Brands, Inc.

  216   5,808
Booking Holdings, Inc. (a)

  124   334,841
Boyd Gaming Corp.

  170   11,793
Brinker International, Inc. (a)

  39   1,427
Caesars Entertainment, Inc. (a)

  70   3,568
Carnival Corp. (a)

  83   1,563
Cheesecake Factory, Inc. (b)

  5   173
Chipotle Mexican Grill, Inc. (a)

  93   198,927
Choice Hotels International, Inc. (b)

  13   1,528
Churchill Downs, Inc.

  236   32,844
Chuy's Holdings, Inc. (a)

  2   82
Cracker Barrel Old Country Store, Inc. (b)

  56   5,218
Darden Restaurants, Inc.

  434   72,513
Dave & Buster's Entertainment, Inc. (a)

  12   535
Dine Brands Global, Inc.

  12   696
Domino's Pizza, Inc.

  54   18,197
Expedia Group, Inc. (a)

  7   766
Golden Entertainment, Inc. (a)

  82   3,428
Hilton Grand Vacations, Inc. (a)

  104   4,726
 
See accompanying notes to financial statements.
133


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Hilton Worldwide Holdings, Inc.

  243   $ 35,369
Jack in the Box, Inc.

  44   4,291
Las Vegas Sands Corp. (a)

  1,305   75,690
Light & Wonder, Inc. (a)

  251   17,259
Marriott International, Inc. Class A

  302   55,474
Marriott Vacations Worldwide Corp.

  36   4,418
McDonald's Corp.

  2,313   690,222
MGM Resorts International

  864   37,947
Monarch Casino & Resort, Inc.

  34   2,395
Norwegian Cruise Line Holdings Ltd. (a)

  39   849
Papa John's International, Inc.

  10   738
Penn Entertainment, Inc. (a)

  17   409
Royal Caribbean Cruises Ltd. (a)

  111   11,515
Sabre Corp. (a)  (b)

  34   108
Shake Shack, Inc. Class A (a)

  4   311
Six Flags Entertainment Corp. (a)

  106   2,754
Starbucks Corp.

  4,565   452,209
Texas Roadhouse, Inc.

  253   28,407
Travel & Leisure Co.

  63   2,541
Wendy's Co.

  411   8,939
Wingstop, Inc.

  120   24,019
Wyndham Hotels & Resorts, Inc.

  28   1,920
Wynn Resorts Ltd.

  409   43,195
Yum! Brands, Inc.

  884   122,478
          2,339,319
HOUSEHOLD DURABLES — 0.8%  
Cavco Industries, Inc. (a)

  19   5,605
Century Communities, Inc.

  100   7,662
DR Horton, Inc.

  1,177   143,229
Ethan Allen Interiors, Inc.

  74   2,093
Garmin Ltd.

  181   18,877
Green Brick Partners, Inc. (a)

  107   6,078
Helen of Troy Ltd. (a)  (b)

  13   1,404
Installed Building Products, Inc.

  93   13,035
iRobot Corp. (a)

  3   136
KB Home

  290   14,996
La-Z-Boy, Inc.

  137   3,924
Leggett & Platt, Inc.

  228   6,753
Lennar Corp. Class A

  955   119,671
LGI Homes, Inc. (a)

  74   9,982
M/I Homes, Inc. (a)

  60   5,231
MDC Holdings, Inc.

  172   8,044
Meritage Homes Corp.

  138   19,633
Mohawk Industries, Inc. (a)

  6   619
Newell Brands, Inc.

  39   339
NVR, Inc. (a)

  11   69,857
PulteGroup, Inc.

  850   66,028
Taylor Morrison Home Corp. (a)

  431   21,020
Tempur Sealy International, Inc.

  677   27,127
Toll Brothers, Inc.

  388   30,679
TopBuild Corp. (a)

  100   26,602
Tri Pointe Homes, Inc. (a)

  360   11,830
Whirlpool Corp.

  5   744
          641,198
Security Description     Shares   Value
HOUSEHOLD PRODUCTS — 0.8%  
Central Garden & Pet Co. Class A (a)

  54   $ 1,969
Church & Dwight Co., Inc.

  224   22,451
Clorox Co.

  391   62,185
Colgate-Palmolive Co.

  1,275   98,226
Energizer Holdings, Inc.

  223   7,488
Kimberly-Clark Corp.

  515   71,101
Procter & Gamble Co.

  2,643   401,049
WD-40 Co.

  26   4,905
          669,374
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1%  
AES Corp.

  2,244   46,518
Ormat Technologies, Inc.

  174   14,000
          60,518
INDUSTRIAL CONGLOMERATES — 0.9%  
3M Co.

  56   5,605
General Electric Co.

  4,325   475,101
Honeywell International, Inc.

  1,157   240,078
          720,784
INDUSTRIAL REITs — 0.1%  
EastGroup Properties, Inc. REIT

  40   6,944
First Industrial Realty Trust, Inc. REIT

  147   7,738
Innovative Industrial Properties, Inc. REIT

  3   219
LXP Industrial Trust REIT

  432   4,212
Prologis, Inc. REIT

  281   34,459
Rexford Industrial Realty, Inc. REIT

  57   2,977
          56,549
INSURANCE — 2.3%  
Aflac, Inc.

  1,767   123,337
Allstate Corp.

  187   20,390
American Equity Investment Life Holding Co.

  105   5,472
American Financial Group, Inc.

  106   12,587
American International Group, Inc.

  530   30,496
AMERISAFE, Inc.

  70   3,732
Aon PLC Class A

  566   195,383
Arch Capital Group Ltd. (a)

  1,469   109,955
Arthur J Gallagher & Co.

  670   147,112
Assurant, Inc.

  5   629
Assured Guaranty Ltd.

  66   3,683
Brighthouse Financial, Inc. (a)

  35   1,657
Brown & Brown, Inc.

  264   18,174
Chubb Ltd.

  549   105,715
Cincinnati Financial Corp.

  176   17,128
CNO Financial Group, Inc.

  171   4,048
Employers Holdings, Inc.

  40   1,496
Everest Re Group Ltd.

  162   55,381
First American Financial Corp.

  159   9,066
Genworth Financial, Inc. Class A (a)

  1,583   7,915
 
See accompanying notes to financial statements.
134


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Globe Life, Inc.

  285   $ 31,242
Hanover Insurance Group, Inc.

  26   2,939
Hartford Financial Services Group, Inc.

  545   39,251
HCI Group, Inc. (b)

  7   432
Horace Mann Educators Corp.

  20   593
James River Group Holdings Ltd.

  50   913
Kemper Corp.

  228   11,003
Kinsale Capital Group, Inc.

  86   32,181
Lincoln National Corp.

  81   2,087
Loews Corp.

  219   13,004
Marsh & McLennan Cos., Inc.

  957   179,993
Mercury General Corp.

  14   424
MetLife, Inc.

  603   34,088
Old Republic International Corp.

  983   24,742
Palomar Holdings, Inc. (a)

  70   4,063
Primerica, Inc.

  139   27,489
Principal Financial Group, Inc.

  718   54,453
ProAssurance Corp.

  95   1,434
Progressive Corp.

  2,199   291,082
Prudential Financial, Inc.

  111   9,792
Reinsurance Group of America, Inc.

  250   34,672
RenaissanceRe Holdings Ltd.

  189   35,252
RLI Corp.

  163   22,245
Safety Insurance Group, Inc.

  10   717
Selective Insurance Group, Inc.

  204   19,574
Stewart Information Services Corp.

  34   1,399
Travelers Cos., Inc.

  400   69,464
Trupanion, Inc. (a)  (b)

  25   492
United Fire Group, Inc.

  34   770
Universal Insurance Holdings, Inc.

  70   1,080
Unum Group

  748   35,680
W R Berkley Corp.

  270   16,081
Willis Towers Watson PLC

  294   69,237
          1,941,224
INTERACTIVE MEDIA & SERVICES — 3.4%  
Alphabet, Inc. Class A (a)

  5,459   653,442
Alphabet, Inc. Class C (a)

  4,695   567,954
Cars.com, Inc. (a)

  245   4,856
Match Group, Inc. (a)

  29   1,214
Meta Platforms, Inc. Class A (a)

  5,650   1,621,437
QuinStreet, Inc. (a)

  6   53
Shutterstock, Inc.

  41   1,995
TripAdvisor, Inc. (a)

  10   165
Yelp, Inc. (a)

  55   2,003
Ziff Davis, Inc. (a)

  35   2,452
          2,855,571
IT SERVICES — 0.8%  
Accenture PLC Class A

  834   257,356
Akamai Technologies, Inc. (a)

  15   1,348
Cognizant Technology Solutions Corp. Class A

  52   3,394
DXC Technology Co. (a)

  163   4,355
EPAM Systems, Inc. (a)

  181   40,680
Gartner, Inc. (a)

  233   81,622
Security Description     Shares   Value
International Business Machines Corp.

  1,749   $ 234,034
Kyndryl Holdings, Inc. (a)

  729   9,681
Perficient, Inc. (a)

  11   917
VeriSign, Inc. (a)

  308   69,599
          702,986
LEISURE EQUIPMENT & PRODUCTS — 0.1%  
Brunswick Corp.

  198   17,155
Mattel, Inc. (a)

  36   703
Polaris, Inc.

  183   22,130
Sturm Ruger & Co., Inc.

  25   1,324
Topgolf Callaway Brands Corp. (a)

  221   4,387
Vista Outdoor, Inc. (a)

  99   2,739
YETI Holdings, Inc. (a)

  9   350
          48,788
LIFE SCIENCES TOOLS & SERVICES — 1.4%  
Agilent Technologies, Inc.

  986   118,567
Azenta, Inc. (a)  (b)

  10   467
BioLife Solutions, Inc. (a)

  9   199
Bio-Rad Laboratories, Inc. Class A (a)

  25   9,478
Bio-Techne Corp.

  48   3,918
Bruker Corp.

  376   27,794
Charles River Laboratories International, Inc. (a)

  16   3,364
Danaher Corp.

  1,151   276,240
Illumina, Inc. (a)

  51   9,562
IQVIA Holdings, Inc. (a)

  171   38,436
Medpace Holdings, Inc. (a)

  95   22,816
Mettler-Toledo International, Inc. (a)

  75   98,373
Repligen Corp. (a)

  142   20,087
Revvity, Inc.

  117   13,898
Sotera Health Co. (a)

  214   4,032
Syneos Health, Inc. (a)

  10   421
Thermo Fisher Scientific, Inc.

  748   390,269
Waters Corp. (a)

  102   27,187
West Pharmaceutical Services, Inc.

  204   78,024
          1,143,132
MACHINERY — 3.1%  
3D Systems Corp. (a)

  13   129
AGCO Corp.

  183   24,050
Alamo Group, Inc.

  29   5,333
Albany International Corp. Class A

  124   11,567
Astec Industries, Inc.

  7   318
Barnes Group, Inc.

  180   7,594
Caterpillar, Inc.

  1,536   377,933
Chart Industries, Inc. (a)  (b)

  4   639
CIRCOR International, Inc. (a)

  7   395
Crane Co.

  120   10,694
Crane NXT Co.

  120   6,773
Cummins, Inc.

  503   123,315
Deere & Co.

  799   323,747
Donaldson Co., Inc.

  408   25,504
Dover Corp.

  469   69,248
 
See accompanying notes to financial statements.
135


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Enerpac Tool Group Corp.

  239   $ 6,453
EnPro Industries, Inc.

  45   6,009
Esab Corp.

  184   12,243
ESCO Technologies, Inc.

  100   10,363
Federal Signal Corp.

  228   14,599
Flowserve Corp.

  323   11,999
Fortive Corp.

  1,185   88,602
Franklin Electric Co., Inc.

  118   12,142
Graco, Inc.

  567   48,960
Greenbrier Cos., Inc.

  74   3,189
Hillenbrand, Inc.

  234   12,000
IDEX Corp.

  269   57,905
Illinois Tool Works, Inc.

  989   247,408
Ingersoll Rand, Inc.

  1,526   99,739
ITT, Inc.

  296   27,590
John Bean Technologies Corp.

  9   1,092
Kennametal, Inc.

  222   6,303
Lincoln Electric Holdings, Inc.

  204   40,521
Lindsay Corp.

  36   4,296
Middleby Corp. (a)

  71   10,496
Mueller Industries, Inc. (b)

  221   19,289
Nordson Corp.

  103   25,563
Oshkosh Corp.

  91   7,880
Otis Worldwide Corp.

  1,394   124,080
PACCAR, Inc.

  1,967   164,540
Parker-Hannifin Corp.

  457   178,248
Pentair PLC

  452   29,199
Proto Labs, Inc. (a)

  25   874
Snap-on, Inc.

  173   49,857
SPX Technologies, Inc. (a)

  180   15,295
Standex International Corp.

  29   4,103
Stanley Black & Decker, Inc.

  17   1,593
Tennant Co.

  19   1,541
Terex Corp.

  269   16,094
Timken Co.

  264   24,164
Titan International, Inc. (a)

  185   2,124
Toro Co.

  391   39,745
Trinity Industries, Inc.

  75   1,928
Wabash National Corp.

  187   4,795
Watts Water Technologies, Inc. Class A

  102   18,740
Westinghouse Air Brake Technologies Corp.

  562   61,635
Xylem, Inc.

  901   101,471
          2,601,906
MARINE TRANSPORTATION — 0.0% (e)  
Kirby Corp. (a)

  163   12,543
Matson, Inc.

  4   311
          12,854
MEDIA — 0.6%  
AMC Networks, Inc. Class A (a)

  3   36
Cable One, Inc.

  1   657
Charter Communications, Inc. Class A (a)

  53   19,471
Comcast Corp. Class A

  6,425   266,959
Security Description     Shares   Value
DISH Network Corp. Class A (a)  (b)

  26   $ 171
EW Scripps Co. Class A (a)

  59   540
Fox Corp. Class A

  394   13,396
Fox Corp. Class B

  276   8,802
Interpublic Group of Cos., Inc.

  1,305   50,347
John Wiley & Sons, Inc. Class A

  64   2,178
New York Times Co. Class A

  265   10,436
News Corp. Class A

  272   5,304
News Corp. Class B

  141   2,780
Nexstar Media Group, Inc.

  101   16,821
Omnicom Group, Inc.

  725   68,984
Paramount Global Class B

  183   2,911
Scholastic Corp.

  12   467
TechTarget, Inc. (a)

  58   1,805
TEGNA, Inc.

  69   1,121
          473,186
METALS & MINING — 0.5%  
Alcoa Corp.

  17   577
Arconic Corp. (a)

  197   5,827
ATI, Inc. (a)

  459   20,302
Carpenter Technology Corp.

  167   9,374
Century Aluminum Co. (a)

  188   1,639
Cleveland-Cliffs, Inc. (a)

  52   872
Commercial Metals Co.

  433   22,802
Compass Minerals International, Inc.

  29   986
Freeport-McMoRan, Inc.

  2,474   98,960
Kaiser Aluminum Corp.

  11   788
Materion Corp.

  54   6,167
MP Materials Corp. (a)  (b)

  9   206
Newmont Corp.

  81   3,455
Nucor Corp.

  438   71,823
Reliance Steel & Aluminum Co.

  221   60,021
Royal Gold, Inc.

  115   13,200
Steel Dynamics, Inc.

  628   68,408
SunCoke Energy, Inc.

  28   220
TimkenSteel Corp. (a)

  105   2,265
U.S. Steel Corp.

  116   2,901
Warrior Met Coal, Inc.

  207   8,063
Worthington Industries, Inc.

  115   7,989
          406,845
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.0% (e)  
Annaly Capital Management, Inc. REIT

  238   4,763
Apollo Commercial Real Estate Finance, Inc. REIT

  207   2,343
ARMOUR Residential REIT, Inc. (b)

  70   373
Ellington Financial, Inc. REIT (b)

  75   1,035
Invesco Mortgage Capital, Inc. REIT (b)

  60   688
New York Mortgage Trust, Inc. REIT

  71   704
PennyMac Mortgage Investment Trust REIT

  117   1,577
 
See accompanying notes to financial statements.
136


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Ready Capital Corp. REIT

  283   $ 3,192
Redwood Trust, Inc. REIT

  154   981
Two Harbors Investment Corp. REIT

  45   625
          16,281
MULTI-UTILITIES — 0.4%  
Ameren Corp.

  343   28,013
Avista Corp.

  226   8,875
Black Hills Corp.

  46   2,772
CenterPoint Energy, Inc.

  961   28,013
CMS Energy Corp.

  267   15,686
Consolidated Edison, Inc.

  903   81,631
Dominion Energy, Inc.

  85   4,402
DTE Energy Co.

  98   10,782
NiSource, Inc.

  621   16,984
NorthWestern Corp.

  147   8,344
Public Service Enterprise Group, Inc.

  558   34,936
Sempra Energy

  416   60,566
Unitil Corp.

  71   3,600
WEC Energy Group, Inc.

  482   42,532
          347,136
OFFICE REITs — 0.0% (e)  
Alexandria Real Estate Equities, Inc. REIT

  15   1,702
Boston Properties, Inc. REIT

  14   806
Brandywine Realty Trust REIT

  205   953
Corporate Office Properties Trust REIT

  237   5,629
Cousins Properties, Inc. REIT

  79   1,801
Douglas Emmett, Inc. REIT (b)

  212   2,665
Easterly Government Properties, Inc. REIT

  199   2,886
Highwoods Properties, Inc. REIT

  123   2,941
Hudson Pacific Properties, Inc. REIT

  108   456
JBG SMITH Properties REIT

  36   541
Kilroy Realty Corp. REIT

  95   2,859
Office Properties Income Trust REIT

  110   847
SL Green Realty Corp. REIT (b)

  34   1,022
Vornado Realty Trust REIT

  51   925
          26,033
OIL, GAS & CONSUMABLE FUELS — 5.1%  
Antero Midstream Corp.

  884   10,254
Antero Resources Corp. (a)

  29   668
APA Corp.

  229   7,825
Callon Petroleum Co. (a)

  48   1,683
Chevron Corp.

  4,804   755,909
Chord Energy Corp.

  148   22,762
Civitas Resources, Inc.

  191   13,250
CNX Resources Corp. (a)

  52   922
ConocoPhillips

  3,365   348,648
CONSOL Energy, Inc.

  130   8,815
Coterra Energy, Inc.

  884   22,365
Security Description     Shares   Value
Devon Energy Corp.

  732   $ 35,385
Diamondback Energy, Inc.

  618   81,181
Dorian LPG Ltd.

  128   3,283
DT Midstream, Inc.

  128   6,345
EOG Resources, Inc.

  1,256   143,737
EQT Corp.

  111   4,566
Equitrans Midstream Corp.

  45   430
Exxon Mobil Corp.

  15,282   1,638,995
Green Plains, Inc. (a)

  83   2,676
Hess Corp.

  989   134,455
HF Sinclair Corp.

  506   22,573
Kinder Morgan, Inc.

  3,424   58,961
Marathon Oil Corp.

  971   22,352
Marathon Petroleum Corp.

  1,684   196,354
Matador Resources Co.

  172   8,999
Murphy Oil Corp.

  223   8,541
Northern Oil & Gas, Inc.

  265   9,095
Occidental Petroleum Corp.

  2,295   134,946
ONEOK, Inc.

  955   58,943
Par Pacific Holdings, Inc. (a)

  105   2,794
PBF Energy, Inc. Class A

  460   18,832
PDC Energy, Inc.

  123   8,750
Phillips 66

  1,661   158,426
Pioneer Natural Resources Co.

  363   75,206
Range Resources Corp.

  173   5,086
SM Energy Co.

  38   1,202
Southwestern Energy Co. (a)

  111   667
Talos Energy, Inc. (a)

  182   2,524
Targa Resources Corp.

  392   29,831
Valero Energy Corp.

  1,286   150,848
Vital Energy, Inc. (a)  (b)

  2   90
Williams Cos., Inc.

  1,116   36,415
World Kinect Corp.

  136   2,813
          4,258,402
PAPER & FOREST PRODUCTS — 0.0% (e)  
Clearwater Paper Corp. (a)

  5   157
Louisiana-Pacific Corp.

  37   2,774
Mercer International, Inc.

  196   1,582
Sylvamo Corp.

  125   5,056
          9,569
PASSENGER AIRLINES — 0.0% (e)  
Alaska Air Group, Inc. (a)

  39   2,074
Allegiant Travel Co. (a)

  5   631
American Airlines Group, Inc. (a)

  198   3,552
Delta Air Lines, Inc. (a)

  195   9,270
Hawaiian Holdings, Inc. (a)

  6   65
JetBlue Airways Corp. (a)

  100   886
SkyWest, Inc. (a)

  16   652
Southwest Airlines Co.

  60   2,173
United Airlines Holdings, Inc. (a)

  167   9,163
          28,466
PERSONAL CARE PRODUCTS — 0.2%  
BellRing Brands, Inc. (a)

  525   19,215
Coty, Inc. Class A (a)

  1,455   17,882
 
See accompanying notes to financial statements.
137


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Edgewell Personal Care Co.

  186   $ 7,684
elf Beauty, Inc. (a)

  214   24,445
Estee Lauder Cos., Inc. Class A

  260   51,059
Inter Parfums, Inc.

  63   8,520
Medifast, Inc.

  7   645
Nu Skin Enterprises, Inc. Class A

  96   3,187
USANA Health Sciences, Inc. (a)

  8   504
          133,141
PHARMACEUTICALS — 3.7%  
Amphastar Pharmaceuticals, Inc. (a)

  149   8,563
ANI Pharmaceuticals, Inc. (a)

  63   3,391
Bristol-Myers Squibb Co.

  2,381   152,265
Catalent, Inc. (a)

  56   2,428
Collegium Pharmaceutical, Inc. (a)

  25   537
Corcept Therapeutics, Inc. (a)

  155   3,449
Eli Lilly & Co.

  2,658   1,246,549
Harmony Biosciences Holdings, Inc. (a)

  88   3,097
Innoviva, Inc. (a)

  145   1,846
Jazz Pharmaceuticals PLC (a)

  57   7,066
Johnson & Johnson

  1,864   308,529
Ligand Pharmaceuticals, Inc. (a)

  57   4,110
Merck & Co., Inc.

  9,035   1,042,549
Organon & Co.

  27   562
Pacira BioSciences, Inc. (a)

  4   160
Perrigo Co. PLC

  370   12,562
Pfizer, Inc.

  2,858   104,831
Phibro Animal Health Corp. Class A

  2   27
Prestige Consumer Healthcare, Inc. (a)

  189   11,232
Supernus Pharmaceuticals, Inc. (a)

  177   5,321
Viatris, Inc.

  1,852   18,483
Zoetis, Inc.

  617   106,254
          3,043,811
PROFESSIONAL SERVICES — 0.8%  
ASGN, Inc. (a)

  40   3,025
Automatic Data Processing, Inc.

  802   176,272
Broadridge Financial Solutions, Inc.

  228   37,764
CACI International, Inc. Class A (a)

  70   23,859
Concentrix Corp.

  26   2,100
CoStar Group, Inc. (a)

  1,118   99,502
CSG Systems International, Inc.

  20   1,055
Equifax, Inc.

  198   46,589
ExlService Holdings, Inc. (a)

  123   18,580
Exponent, Inc.

  107   9,985
FTI Consulting, Inc. (a)

  121   23,014
Genpact Ltd.

  566   21,265
Heidrick & Struggles International, Inc.

  55   1,456
Insperity, Inc.

  131   15,584
Jacobs Solutions, Inc.

  64   7,609
KBR, Inc.

  478   31,099
Kelly Services, Inc. Class A

  26   458
Korn Ferry

  62   3,071
Security Description     Shares   Value
Leidos Holdings, Inc.

  97   $ 8,583
ManpowerGroup, Inc.

  40   3,176
Maximus, Inc.

  150   12,676
NV5 Global, Inc. (a)

  6   665
Paychex, Inc.

  359   40,161
Paylocity Holding Corp. (a)

  93   17,161
Resources Connection, Inc.

  109   1,712
Robert Half International, Inc.

  54   4,062
Science Applications International Corp.

  233   26,208
TrueBlue, Inc. (a)

  47   832
TTEC Holdings, Inc.

  25   846
Verisk Analytics, Inc.

  189   42,720
Verra Mobility Corp. (a)

  467   9,209
          690,298
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.0% (e)  
Anywhere Real Estate, Inc. (a)

  194   1,296
CBRE Group, Inc. Class A (a)

  225   18,160
Jones Lang LaSalle, Inc. (a)

  15   2,337
Marcus & Millichap, Inc.

  95   2,993
St. Joe Co.

  55   2,659
          27,445
RESIDENTIAL REITs — 0.0% (e)  
Apartment Income REIT Corp.

  14   505
AvalonBay Communities, Inc. REIT

  14   2,650
Camden Property Trust REIT

  11   1,198
Centerspace REIT

  48   2,945
Elme Communities REIT

  154   2,532
Equity Residential REIT

  35   2,309
Essex Property Trust, Inc. REIT

  6   1,406
Independence Realty Trust, Inc. REIT

  24   437
Invitation Homes, Inc. REIT

  178   6,123
Mid-America Apartment Communities, Inc. REIT

  36   5,467
UDR, Inc. REIT

  164   7,046
Veris Residential, Inc. REIT (a)

  46   738
          33,356
RETAIL REITs — 0.3%  
Acadia Realty Trust REIT

  137   1,971
Agree Realty Corp. REIT

  172   11,247
Brixmor Property Group, Inc. REIT

  214   4,708
Federal Realty Investment Trust REIT

  52   5,032
Getty Realty Corp. REIT

  185   6,257
Kimco Realty Corp. REIT

  189   3,727
Kite Realty Group Trust REIT

  334   7,462
Macerich Co. REIT

  19   214
NNN REIT, Inc.

  351   15,019
Realty Income Corp. REIT

  831   49,685
Regency Centers Corp. REIT

  173   10,686
Retail Opportunity Investments Corp. REIT

  38   513
RPT Realty REIT

  275   2,874
Saul Centers, Inc. REIT

  65   2,394
 
See accompanying notes to financial statements.
138


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Simon Property Group, Inc. REIT

  567   $ 65,477
SITE Centers Corp. REIT

  56   740
Spirit Realty Capital, Inc. REIT

  262   10,318
Tanger Factory Outlet Centers, Inc. REIT

  226   4,988
Urban Edge Properties REIT

  171   2,639
Urstadt Biddle Properties, Inc. Class A REIT

  53   1,127
          207,078
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 11.0%  
Advanced Micro Devices, Inc. (a)

  5,089   579,688
Allegro MicroSystems, Inc. (a)

  198   8,938
Alpha & Omega Semiconductor Ltd. (a)

  104   3,411
Amkor Technology, Inc.

  339   10,085
Analog Devices, Inc.

  1,910   372,087
Applied Materials, Inc.

  2,661   384,621
Axcelis Technologies, Inc. (a)

  122   22,366
Broadcom, Inc.

  1,409   1,222,209
CEVA, Inc. (a)

  7   179
Cirrus Logic, Inc. (a)

  220   17,822
Cohu, Inc. (a)

  109   4,530
Diodes, Inc. (a)

  163   15,076
Enphase Energy, Inc. (a)

  511   85,582
First Solar, Inc. (a)

  394   74,895
FormFactor, Inc. (a)

  40   1,369
Ichor Holdings Ltd. (a)

  45   1,688
Intel Corp.

  1,293   43,238
KLA Corp.

  494   239,600
Kulicke & Soffa Industries, Inc.

  179   10,642
Lam Research Corp.

  427   274,501
Lattice Semiconductor Corp. (a)

  544   52,262
MACOM Technology Solutions Holdings, Inc. (a)

  171   11,206
MaxLinear, Inc. (a)

  36   1,136
Microchip Technology, Inc.

  2,064   184,914
Micron Technology, Inc.

  777   49,037
MKS Instruments, Inc.

  13   1,405
Monolithic Power Systems, Inc.

  160   86,437
NVIDIA Corp.

  9,857   4,169,708
NXP Semiconductors NV

  765   156,580
ON Semiconductor Corp. (a)

  1,715   162,205
Onto Innovation, Inc. (a)

  177   20,615
PDF Solutions, Inc. (a)

  108   4,871
Photronics, Inc. (a)

  261   6,731
Power Integrations, Inc.

  116   10,982
Qorvo, Inc. (a)

  72   7,346
QUALCOMM, Inc.

  1,249   148,681
Rambus, Inc. (a)

  378   24,256
Semtech Corp. (a)

  101   2,571
Silicon Laboratories, Inc. (a)

  115   18,140
SiTime Corp. (a)

  2   236
Skyworks Solutions, Inc.

  405   44,829
SolarEdge Technologies, Inc. (a)

  207   55,693
Synaptics, Inc. (a)

  34   2,903
Security Description     Shares   Value
Teradyne, Inc.

  270   $ 30,059
Texas Instruments, Inc.

  2,677   481,914
Ultra Clean Holdings, Inc. (a)

  116   4,461
Universal Display Corp.

  154   22,196
Veeco Instruments, Inc. (a)

  14   360
Wolfspeed, Inc. (a)  (b)

  12   667
          9,134,928
SOFTWARE — 10.7%  
8x8, Inc. (a)

  12   51
A10 Networks, Inc.

  254   3,706
ACI Worldwide, Inc. (a)

  42   973
Adeia, Inc.

  376   4,140
Adobe, Inc. (a)

  700   342,293
Agilysys, Inc. (a)

  47   3,226
Alarm.com Holdings, Inc. (a)

  15   775
ANSYS, Inc. (a)

  311   102,714
Aspen Technology, Inc. (a)

  116   19,443
Autodesk, Inc. (a)

  593   121,334
Blackbaud, Inc. (a)

  149   10,606
Cadence Design Systems, Inc. (a)

  1,033   242,259
Cerence, Inc. (a)

  4   117
Ceridian HCM Holding, Inc. (a)

  580   38,842
CommVault Systems, Inc. (a)

  50   3,631
Consensus Cloud Solutions, Inc. (a)

  28   868
Digital Turbine, Inc. (a)

  46   427
DoubleVerify Holdings, Inc. (a)

  329   12,805
Dynatrace, Inc. (a)

  595   30,625
Ebix, Inc.

  2   50
Envestnet, Inc. (a)

  5   297
Fair Isaac Corp. (a)

  100   80,921
Fortinet, Inc. (a)

  2,048   154,808
Gen Digital, Inc.

  57   1,057
InterDigital, Inc.

  101   9,751
Intuit, Inc.

  772   353,723
LiveRamp Holdings, Inc. (a)

  26   742
Manhattan Associates, Inc. (a)

  211   42,175
Microsoft Corp.

  15,967   5,437,402
N-able, Inc. (a)

  253   3,646
NCR Corp. (a)

  64   1,613
OneSpan, Inc. (a)

  4   59
Oracle Corp.

  5,477   652,256
Paycom Software, Inc.

  133   42,725
Progress Software Corp.

  140   8,134
PTC, Inc. (a)

  306   43,544
Qualys, Inc. (a)

  62   8,008
Roper Technologies, Inc.

  119   57,215
Salesforce, Inc. (a)

  3,098   654,483
ServiceNow, Inc. (a)

  269   151,170
SPS Commerce, Inc. (a)

  115   22,087
Synopsys, Inc. (a)

  575   250,361
Teradata Corp. (a)

  209   11,163
Tyler Technologies, Inc. (a)

  25   10,412
Xperi, Inc. (a)

  13   171
          8,936,808
 
See accompanying notes to financial statements.
139


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
SPECIALIZED REITs — 0.5%  
American Tower Corp. REIT

  236   $ 45,770
Crown Castle, Inc. REIT

  44   5,013
CubeSmart REIT

  362   16,167
Digital Realty Trust, Inc. REIT

  30   3,416
EPR Properties REIT

  24   1,123
Equinix, Inc. REIT

  161   126,214
Extra Space Storage, Inc. REIT

  95   14,141
Four Corners Property Trust, Inc. REIT

  198   5,029
Iron Mountain, Inc. REIT

  563   31,990
Lamar Advertising Co. Class A REIT

  116   11,513
Life Storage, Inc. REIT

  147   19,545
National Storage Affiliates Trust REIT

  81   2,821
PotlatchDeltic Corp. REIT

  164   8,668
Public Storage REIT

  81   23,642
Rayonier, Inc. REIT

  45   1,413
Safehold, Inc. REIT (b)

  80   1,899
SBA Communications Corp. REIT

  11   2,549
Uniti Group, Inc. REIT

  75   347
VICI Properties, Inc. REIT

  3,169   99,602
Weyerhaeuser Co. REIT

  224   7,506
          428,368
SPECIALTY RETAIL — 2.5%  
Abercrombie & Fitch Co. Class A (a)

  18   678
Academy Sports & Outdoors, Inc.

  263   14,215
Advance Auto Parts, Inc.

  30   2,109
American Eagle Outfitters, Inc.

  145   1,711
America's Car-Mart, Inc. (a)

  1   100
Asbury Automotive Group, Inc. (a)

  73   17,551
AutoNation, Inc. (a)

  116   19,095
AutoZone, Inc. (a)

  66   164,562
Bath & Body Works, Inc.

  24   900
Best Buy Co., Inc.

  180   14,751
Boot Barn Holdings, Inc. (a)

  27   2,287
Buckle, Inc.

  46   1,592
Caleres, Inc. (b)

  150   3,589
CarMax, Inc. (a)

  17   1,423
Chico's FAS, Inc. (a)

  630   3,370
Designer Brands, Inc. Class A

  257   2,596
Dick's Sporting Goods, Inc.

  237   31,329
Five Below, Inc. (a)

  210   41,273
Foot Locker, Inc. (b)

  300   8,133
GameStop Corp. Class A (a)

  80   1,940
Gap, Inc.

  19   170
Group 1 Automotive, Inc.

  46   11,873
Guess?, Inc.

  25   486
Haverty Furniture Cos., Inc.

  48   1,451
Hibbett, Inc.

  20   726
Home Depot, Inc.

  1,764   547,969
Leslie's, Inc. (a)  (b)

  250   2,347
Lithia Motors, Inc.

  5   1,520
Lowe's Cos., Inc.

  1,170   264,069
Security Description     Shares   Value
MarineMax, Inc. (a)

  2   $ 68
Monro, Inc.

  10   406
Murphy USA, Inc.

  58   18,044
National Vision Holdings, Inc. (a)

  8   194
ODP Corp. (a)

  90   4,214
O'Reilly Automotive, Inc. (a)

  229   218,764
RH (a)  (b)

  2   659
Ross Stores, Inc.

  947   106,187
Sally Beauty Holdings, Inc. (a)

  154   1,902
Shoe Carnival, Inc.

  71   1,667
Signet Jewelers Ltd.

  134   8,745
Sleep Number Corp. (a)

  3   82
Sonic Automotive, Inc. Class A

  25   1,192
TJX Cos., Inc.

  4,353   369,091
Tractor Supply Co.

  371   82,028
Ulta Beauty, Inc. (a)

  191   89,884
Upbound Group, Inc.

  57   1,774
Urban Outfitters, Inc. (a)

  200   6,626
Valvoline, Inc.

  580   21,756
Victoria's Secret & Co. (a)

  26   453
Williams-Sonoma, Inc.

  88   11,012
          2,108,563
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 8.2%  
Apple, Inc.

  34,754   6,741,233
Hewlett Packard Enterprise Co.

  3,447   57,910
HP, Inc.

  264   8,107
NetApp, Inc.

  164   12,530
Seagate Technology Holdings PLC

  97   6,001
Super Micro Computer, Inc. (a)

  193   48,105
Western Digital Corp. (a)

  33   1,252
Xerox Holdings Corp.

  90   1,340
          6,876,478
TEXTILES, APPAREL & LUXURY GOODS — 0.5%  
Capri Holdings Ltd. (a)

  191   6,855
Carter's, Inc.

  28   2,033
Columbia Sportswear Co.

  79   6,102
Crocs, Inc. (a)

  244   27,435
Deckers Outdoor Corp. (a)

  100   52,766
G-III Apparel Group Ltd. (a)

  14   270
Hanesbrands, Inc. (b)

  207   940
Kontoor Brands, Inc.

  176   7,410
Movado Group, Inc.

  71   1,905
NIKE, Inc. Class B

  1,902   209,924
Oxford Industries, Inc.

  47   4,626
PVH Corp.

  226   19,203
Ralph Lauren Corp. (b)

  102   12,576
Skechers USA, Inc. Class A (a)

  479   25,224
Steven Madden Ltd.

  87   2,844
Tapestry, Inc.

  890   38,092
Under Armour, Inc. Class A (a)

  20   144
Under Armour, Inc. Class C (a)

  39   262
VF Corp.

  33   630
Wolverine World Wide, Inc.

  71   1,043
          420,284
 
See accompanying notes to financial statements.
140


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
TOBACCO — 0.4%  
Altria Group, Inc.

  909   $ 41,178
Philip Morris International, Inc.

  2,684   262,012
Universal Corp.

  33   1,648
Vector Group Ltd.

  371   4,752
          309,590
TRADING COMPANIES & DISTRIBUTORS — 0.5%  
Applied Industrial Technologies, Inc.

  148   21,435
Boise Cascade Co.

  29   2,620
Fastenal Co.

  922   54,389
GATX Corp.

  110   14,161
GMS, Inc. (a)

  149   10,311
MSC Industrial Direct Co., Inc. Class A

  109   10,385
NOW, Inc. (a)

  385   3,989
United Rentals, Inc.

  248   110,452
Univar Solutions, Inc. (a)

  613   21,970
Veritiv Corp.

  35   4,396
W.W. Grainger, Inc.

  166   130,906
Watsco, Inc. (b)

  119   45,395
          430,409
WATER UTILITIES — 0.1%  
American States Water Co.

  89   7,743
American Water Works Co., Inc.

  256   36,544
California Water Service Group

  142   7,332
Essential Utilities, Inc.

  364   14,527
Middlesex Water Co.

  20   1,613
SJW Group

  101   7,081
          74,840
WIRELESS TELECOMMUNICATION SERVICES — 0.3%  
Gogo, Inc. (a)

  19   323
Shenandoah Telecommunications Co.

  87   1,690
Telephone & Data Systems, Inc.

  63   519
Security Description     Shares   Value
T-Mobile U.S., Inc. (a)

  1,936   $ 268,910
          271,442
TOTAL COMMON STOCKS

(Cost $70,282,387)

        83,303,444
SHORT-TERM INVESTMENTS — 0.3%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (f)  (g)

  79,645   79,661
State Street Navigator Securities Lending Portfolio II (d)  (h)

  149,489   149,489
TOTAL SHORT-TERM INVESTMENTS

(Cost $229,148)

  229,150  
TOTAL INVESTMENTS — 100.1%

(Cost $70,511,535)

  83,532,594  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%

  (108,472)  
NET ASSETS — 100.0%

  $ 83,424,122  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(d) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(e) Amount is less than 0.05% of net assets.
(f) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(g) The rate shown is the annualized seven-day yield at June 30, 2023.
(h) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $83,303,444   $—   $—   $83,303,444
Short-Term Investments

  229,150       229,150
TOTAL INVESTMENTS

  $83,532,594   $—   $—   $83,532,594
See accompanying notes to financial statements.
141


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 MOMENTUM TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Corp.

568   $ 35,017   $ 90,137   $ 43,558   $(6,519)   $6,592   1,116   $ 81,669   $1,330
State Street Institutional Liquid Reserves Fund, Premier Class

151,769   151,754   5,438,677   5,510,793   20   3   79,645   79,661   4,123
State Street Navigator Securities Lending Portfolio II

30,829   30,829   1,277,145   1,158,485       149,489   149,489   684
Total

    $217,600   $6,805,959   $6,712,836   $(6,499)   $6,595       $310,819   $6,137
See accompanying notes to financial statements.
142


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.3%  
AAR Corp. (a)

  169   $ 9,761
Aerojet Rocketdyne Holdings, Inc. (a)

  171   9,383
AeroVironment, Inc. (a)

  82   8,387
Axon Enterprise, Inc. (a)

  78   15,219
Boeing Co. (a)

  919   194,056
Curtiss-Wright Corp.

  154   28,284
General Dynamics Corp.

  1,815   390,497
Hexcel Corp.

  191   14,520
Howmet Aerospace, Inc.

  831   41,184
Huntington Ingalls Industries, Inc.

  366   83,302
Kaman Corp.

  193   4,696
L3Harris Technologies, Inc.

  1,377   269,575
Lockheed Martin Corp.

  1,169   538,184
Mercury Systems, Inc. (a)

  184   6,365
Moog, Inc. Class A

  229   24,830
National Presto Industries, Inc.

  8   586
Northrop Grumman Corp.

  741   337,748
Raytheon Technologies Corp.

  7,552   739,794
Textron, Inc.

  1,430   96,711
TransDigm Group, Inc.

  53   47,391
Triumph Group, Inc. (a)

  241   2,981
Woodward, Inc.

  247   29,371
          2,892,825
AIR FREIGHT & LOGISTICS — 0.8%  
CH Robinson Worldwide, Inc.

  1,245   117,466
Expeditors International of Washington, Inc.

  1,153   139,663
FedEx Corp.

  2,454   608,346
Forward Air Corp.

  185   19,630
GXO Logistics, Inc. (a)

  867   54,465
Hub Group, Inc. Class A (a)

  518   41,606
United Parcel Service, Inc. Class B

  5,279   946,261
          1,927,437
AUTOMOBILE COMPONENTS — 0.4%  
Adient PLC (a)

  1,425   54,606
American Axle & Manufacturing Holdings, Inc. (a)

  3,295   27,250
Aptiv PLC (a)

  847   86,470
Autoliv, Inc.

  626   53,235
BorgWarner, Inc.

  2,475   121,052
Dana, Inc.

  3,619   61,523
Dorman Products, Inc. (a)

  185   14,584
Fox Factory Holding Corp. (a)

  129   13,998
Gentex Corp.

  1,152   33,707
Gentherm, Inc. (a)

  162   9,155
Goodyear Tire & Rubber Co. (a)

  6,984   95,541
LCI Industries

  332   41,951
Lear Corp.

  882   126,611
Patrick Industries, Inc.

  556   44,480
Standard Motor Products, Inc.

  486   18,235
Visteon Corp. (a)

  137   19,675
Security Description     Shares   Value
XPEL, Inc. (a)

  43   $ 3,621
          825,694
AUTOMOBILES — 1.8%  
Ford Motor Co.

  98,066   1,483,739
General Motors Co.

  34,693   1,337,762
Harley-Davidson, Inc.

  1,835   64,610
Tesla, Inc. (a)

  4,465   1,168,803
Thor Industries, Inc.

  1,403   145,210
Winnebago Industries, Inc.

  840   56,020
          4,256,144
BANKS — 10.0%  
Ameris Bancorp

  1,607   54,975
Associated Banc-Corp.

  3,761   61,041
Atlantic Union Bankshares Corp.

  790   20,501
Axos Financial, Inc. (a)

  541   21,337
Banc of California, Inc.

  654   7,573
BancFirst Corp.

  189   17,388
Bancorp, Inc. (a)

  383   12,505
Bank of America Corp.

  104,735   3,004,847
Bank of Hawaii Corp. (b)

  594   24,491
Bank of New York Mellon Corp.

  18,104   805,990
Bank OZK

  1,576   63,292
BankUnited, Inc.

  2,157   46,483
Banner Corp.

  459   20,045
Berkshire Hills Bancorp, Inc.

  699   14,490
Brookline Bancorp, Inc.

  804   7,027
Cadence Bank

  2,723   53,480
Capitol Federal Financial, Inc.

  1,194   7,367
Cathay General Bancorp

  855   27,522
Central Pacific Financial Corp.

  373   5,860
Citigroup, Inc.

  48,547   2,235,104
Citizens Financial Group, Inc.

  12,123   316,168
City Holding Co.

  183   16,468
Columbia Banking System, Inc.

  2,200   44,616
Comerica, Inc.

  3,224   136,569
Commerce Bancshares, Inc.

  781   38,035
Community Bank System, Inc.

  366   17,158
Cullen/Frost Bankers, Inc.

  488   52,475
Customers Bancorp, Inc. (a)

  444   13,435
CVB Financial Corp.

  1,961   26,042
Dime Community Bancshares, Inc.

  814   14,351
Eagle Bancorp, Inc.

  772   16,336
East West Bancorp, Inc.

  1,488   78,552
FB Financial Corp.

  861   24,151
Fifth Third Bancorp

  10,205   267,473
First BanCorp (c)

  2,115   25,845
First BanCorp (c)

  299   8,895
First Commonwealth Financial Corp.

  805   10,183
First Financial Bancorp

  1,417   28,963
First Financial Bankshares, Inc.

  380   10,826
First Hawaiian, Inc.

  1,537   27,681
First Horizon Corp.

  5,672   63,923
FNB Corp.

  5,382   61,570
Fulton Financial Corp.

  2,149   25,616
 
See accompanying notes to financial statements.
143


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Glacier Bancorp, Inc.

  781   $ 24,344
Goldman Sachs Group, Inc.

  3,581   1,155,016
Hancock Whitney Corp.

  1,287   49,395
Hanmi Financial Corp.

  625   9,331
Heritage Financial Corp.

  540   8,732
Hilltop Holdings, Inc.

  1,396   43,918
Home BancShares, Inc.

  1,527   34,816
Hope Bancorp, Inc.

  2,942   24,772
Huntington Bancshares, Inc.

  21,547   232,277
Independent Bank Corp.

  255   11,350
Independent Bank Group, Inc.

  870   30,041
International Bancshares Corp.

  701   30,984
JPMorgan Chase & Co.

  31,279   4,549,218
KeyCorp

  22,977   212,307
Lakeland Financial Corp.

  164   7,957
M&T Bank Corp.

  2,530   313,113
Morgan Stanley

  13,962   1,192,355
National Bank Holdings Corp. Class A

  323   9,380
NBT Bancorp, Inc.

  570   18,155
New York Community Bancorp, Inc.

  10,822   121,639
Northern Trust Corp.

  2,205   163,479
Northfield Bancorp, Inc.

  625   6,863
Northwest Bancshares, Inc.

  1,685   17,861
OFG Bancorp

  535   13,953
Old National Bancorp

  3,097   43,172
Pacific Premier Bancorp, Inc.

  1,420   29,366
PacWest Bancorp

  2,897   23,611
Park National Corp. (b)

  150   15,348
Pathward Financial, Inc.

  540   25,034
Pinnacle Financial Partners, Inc.

  1,144   64,808
PNC Financial Services Group, Inc.

  5,987   754,063
Preferred Bank

  151   8,303
Prosperity Bancshares, Inc.

  1,003   56,649
Provident Financial Services, Inc.

  1,009   16,487
Regions Financial Corp.

  13,943   248,464
Renasant Corp.

  744   19,441
S&T Bancorp, Inc.

  632   17,184
Seacoast Banking Corp. of Florida

  379   8,376
ServisFirst Bancshares, Inc. (b)

  194   7,938
Simmons First National Corp. Class A

  1,668   28,773
Southside Bancshares, Inc.

  194   5,075
SouthState Corp.

  801   52,706
State Street Corp. (d)

  5,211   381,341
Stellar Bancorp, Inc.

  336   7,691
Synovus Financial Corp.

  3,583   108,386
Texas Capital Bancshares, Inc. (a)

  719   37,028
Tompkins Financial Corp.

  150   8,355
Triumph Financial, Inc. (a)

  132   8,015
Truist Financial Corp.

  33,254   1,009,259
TrustCo Bank Corp. NY

  387   11,072
Trustmark Corp.

  631   13,327
U.S. Bancorp

  34,822   1,150,519
UMB Financial Corp.

  1,070   65,163
United Bankshares, Inc.

  1,497   44,416
Security Description     Shares   Value
United Community Banks, Inc.

  816   $ 20,392
Valley National Bancorp

  10,348   80,197
Veritex Holdings, Inc.

  1,328   23,811
Washington Federal, Inc.

  842   22,330
Webster Financial Corp.

  1,839   69,422
Wells Fargo & Co.

  56,754   2,422,261
Westamerica BanCorp

  180   6,894
Wintrust Financial Corp.

  907   65,866
WSFS Financial Corp.

  535   20,180
Zions Bancorp NA

  3,683   98,925
          23,217,553
BEVERAGES — 1.3%  
Boston Beer Co., Inc. Class A (a)

  59   18,198
Brown-Forman Corp. Class B

  1,327   88,617
Celsius Holdings, Inc. (a)  (b)

  38   5,669
Coca-Cola Co.

  16,161   973,215
Coca-Cola Consolidated, Inc.

  65   41,341
Constellation Brands, Inc. Class A

  666   163,923
Keurig Dr Pepper, Inc.

  7,769   242,937
MGP Ingredients, Inc.

  95   10,097
Molson Coors Beverage Co. Class B

  2,808   184,879
Monster Beverage Corp. (a)

  2,328   133,720
National Beverage Corp. (a)

  338   16,342
PepsiCo, Inc.

  5,621   1,041,122
          2,920,060
BIOTECHNOLOGY — 1.5%  
AbbVie, Inc.

  7,513   1,012,226
Amgen, Inc.

  2,686   596,346
Arcus Biosciences, Inc. (a)

  569   11,556
Arrowhead Pharmaceuticals, Inc. (a)

  188   6,704
Biogen, Inc. (a)

  741   211,074
Catalyst Pharmaceuticals, Inc. (a)

  308   4,140
Coherus Biosciences, Inc. (a)  (b)

  688   2,938
Cytokinetics, Inc. (a)

  90   2,936
Dynavax Technologies Corp. (a)

  886   11,447
Emergent BioSolutions, Inc. (a)

  622   4,572
Enanta Pharmaceuticals, Inc. (a)

  155   3,317
Exelixis, Inc. (a)

  1,526   29,162
Gilead Sciences, Inc.

  6,427   495,329
Halozyme Therapeutics, Inc. (a)

  354   12,769
Incyte Corp. (a)

  734   45,691
Ironwood Pharmaceuticals, Inc. (a)

  1,412   15,024
iTeos Therapeutics, Inc. (a)

  265   3,509
Moderna, Inc. (a)

  2,669   324,283
Myriad Genetics, Inc. (a)

  534   12,378
Neurocrine Biosciences, Inc. (a)

  208   19,614
Regeneron Pharmaceuticals, Inc. (a)

  439   315,439
REGENXBIO, Inc. (a)

  327   6,537
uniQure NV (a)

  618   7,082
United Therapeutics Corp. (a)

  233   51,435
Vanda Pharmaceuticals, Inc. (a)

  533   3,512
Vericel Corp. (a)

  63   2,367
 
See accompanying notes to financial statements.
144


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Vertex Pharmaceuticals, Inc. (a)

  786   $ 276,601
Vir Biotechnology, Inc. (a)

  1,869   45,847
Xencor, Inc. (a)

  320   7,990
          3,541,825
BROADLINE RETAIL — 2.3%  
Amazon.com, Inc. (a)

  36,356   4,739,368
eBay, Inc.

  4,961   221,707
Etsy, Inc. (a)

  312   26,399
Kohl's Corp.

  3,017   69,542
Macy's, Inc.

  6,939   111,371
Nordstrom, Inc.

  2,992   61,246
Ollie's Bargain Outlet Holdings, Inc. (a)

  298   17,263
          5,246,896
BUILDING PRODUCTS — 0.7%  
A.O. Smith Corp.

  535   38,937
AAON, Inc.

  40   3,792
Advanced Drainage Systems, Inc.

  261   29,697
Allegion PLC

  313   37,566
American Woodmark Corp. (a)

  246   18,787
Apogee Enterprises, Inc.

  367   17,421
AZZ, Inc.

  189   8,214
Builders FirstSource, Inc. (a)

  1,955   265,880
Carlisle Cos., Inc.

  233   59,771
Carrier Global Corp.

  4,194   208,484
Fortune Brands Innovations, Inc.

  996   71,662
Gibraltar Industries, Inc. (a)

  194   12,206
Griffon Corp.

  433   17,450
Insteel Industries, Inc.

  206   6,411
Johnson Controls International PLC

  3,543   241,420
Lennox International, Inc.

  152   49,563
Masco Corp.

  1,154   66,217
Masterbrand, Inc. (a)

  3,158   36,728
Owens Corning

  990   129,195
PGT Innovations, Inc. (a)

  632   18,423
Quanex Building Products Corp.

  372   9,988
Resideo Technologies, Inc. (a)

  1,879   33,183
Simpson Manufacturing Co., Inc.

  187   25,900
Trane Technologies PLC

  712   136,177
Trex Co., Inc. (a)

  391   25,634
UFP Industries, Inc.

  658   63,859
          1,632,565
CAPITAL MARKETS — 1.7%  
Affiliated Managers Group, Inc.

  353   52,911
Ameriprise Financial, Inc.

  761   252,774
Avantax, Inc. (a)

  369   8,258
B Riley Financial, Inc.

  394   18,116
BlackRock, Inc.

  752   519,737
Brightsphere Investment Group, Inc.

  688   14,414
Cboe Global Markets, Inc.

  433   59,758
Charles Schwab Corp.

  11,028   625,067
CME Group, Inc.

  1,462   270,894
Security Description     Shares   Value
Donnelley Financial Solutions, Inc. (a)

  307   $ 13,978
Evercore, Inc. Class A

  380   46,964
FactSet Research Systems, Inc.

  70   28,046
Federated Hermes, Inc.

  808   28,967
Franklin Resources, Inc.

  7,019   187,478
Interactive Brokers Group, Inc. Class A

  1,536   127,596
Intercontinental Exchange, Inc.

  2,323   262,685
Invesco Ltd.

  11,681   196,358
Janus Henderson Group PLC

  3,263   88,917
Jefferies Financial Group, Inc.

  4,454   147,739
MarketAxess Holdings, Inc.

  39   10,195
Moody's Corp.

  337   117,182
MSCI, Inc.

  74   34,727
Nasdaq, Inc.

  1,824   90,926
Piper Sandler Cos.,

  182   23,525
Raymond James Financial, Inc.

  1,598   165,824
S&P Global, Inc.

  691   277,015
SEI Investments Co.

  826   49,246
Stifel Financial Corp.

  996   59,431
StoneX Group, Inc. (a)

  431   35,808
T Rowe Price Group, Inc.

  1,809   202,644
Virtus Investment Partners, Inc.

  65   12,836
WisdomTree, Inc.

  526   3,608
          4,033,624
CHEMICALS — 2.2%  
AdvanSix, Inc.

  343   11,998
Air Products & Chemicals, Inc.

  911   272,872
Albemarle Corp.

  367   81,874
American Vanguard Corp.

  186   3,324
Ashland, Inc.

  380   33,026
Avient Corp.

  803   32,843
Axalta Coating Systems Ltd. (a)

  1,110   36,419
Balchem Corp.

  102   13,751
Cabot Corp.

  290   19,398
Celanese Corp.

  1,488   172,310
CF Industries Holdings, Inc.

  2,076   144,116
Chemours Co.

  2,053   75,735
Corteva, Inc.

  3,584   205,363
Dow, Inc.

  17,664   940,785
DuPont de Nemours, Inc.

  4,845   346,127
Eastman Chemical Co.

  1,770   148,184
Ecolab, Inc.

  772   144,125
FMC Corp.

  529   55,196
FutureFuel Corp.

  810   7,169
Hawkins, Inc.

  115   5,484
HB Fuller Co.

  379   27,102
Ingevity Corp. (a)

  367   21,345
Innospec, Inc.

  182   18,280
International Flavors & Fragrances, Inc.

  1,843   146,684
Koppers Holdings, Inc.

  375   12,787
Linde PLC

  1,504   573,144
Livent Corp. (a)  (b)

  479   13,139
 
See accompanying notes to financial statements.
145


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
LyondellBasell Industries NV Class A

  6,251   $ 574,029
Mativ Holdings, Inc.

  822   12,429
Minerals Technologies, Inc.

  307   17,711
Mosaic Co.

  5,084   177,940
NewMarket Corp.

  90   36,191
Olin Corp.

  1,837   94,403
PPG Industries, Inc.

  989   146,669
Quaker Chemical Corp.

  82   15,982
RPM International, Inc.

  625   56,081
Scotts Miracle-Gro Co. (b)

  610   38,241
Sensient Technologies Corp.

  296   21,054
Sherwin-Williams Co.

  716   190,112
Stepan Co.

  188   17,965
Trinseo PLC

  989   12,531
Westlake Corp.

  844   100,833
          5,074,751
COMMERCIAL SERVICES & SUPPLIES — 0.5%  
ABM Industries, Inc.

  829   35,357
Brady Corp. Class A

  369   17,553
Brink's Co.

  313   21,231
Cintas Corp.

  183   90,966
Clean Harbors, Inc. (a)

  251   41,272
Copart, Inc. (a)

  967   88,200
CoreCivic, Inc. REIT (a)

  3,655   34,393
Deluxe Corp.

  1,072   18,739
Enviri Corp. (a)

  1,480   14,608
GEO Group, Inc. (a)

  4,023   28,805
Healthcare Services Group, Inc.

  651   9,719
HNI Corp.

  631   17,782
Interface, Inc.

  766   6,733
Liquidity Services, Inc. (a)

  184   3,036
Matthews International Corp. Class A

  379   16,153
MillerKnoll, Inc.

  697   10,302
MSA Safety, Inc.

  140   24,354
OPENLANE, Inc. (a)

  1,624   24,717
Pitney Bowes, Inc.

  4,179   14,794
Republic Services, Inc.

  1,483   227,151
Rollins, Inc.

  811   34,735
Stericycle, Inc. (a)

  536   24,892
Tetra Tech, Inc.

  190   31,111
UniFirst Corp.

  155   24,026
Viad Corp. (a)

  184   4,946
Waste Management, Inc.

  1,494   259,089
          1,124,664
COMMUNICATIONS EQUIPMENT — 0.7%  
ADTRAN Holdings, Inc.

  380   4,001
Arista Networks, Inc. (a)

  524   84,920
Calix, Inc. (a)

  264   13,176
Ciena Corp. (a)

  802   34,077
Cisco Systems, Inc.

  20,879   1,080,280
Digi International, Inc. (a)

  194   7,642
Extreme Networks, Inc. (a)

  527   13,728
F5, Inc. (a)

  239   34,956
Security Description     Shares   Value
Harmonic, Inc. (a)

  817   $ 13,211
Juniper Networks, Inc.

  1,669   52,290
Lumentum Holdings, Inc. (a)  (b)

  543   30,804
Motorola Solutions, Inc.

  272   79,772
NETGEAR, Inc. (a)

  730   10,337
NetScout Systems, Inc. (a)

  532   16,465
Viasat, Inc. (a)

  631   26,035
Viavi Solutions, Inc. (a)

  1,005   11,387
          1,513,081
CONSTRUCTION & ENGINEERING — 0.2%  
AECOM

  696   58,944
Arcosa, Inc.

  369   27,959
Comfort Systems USA, Inc.

  146   23,973
Dycom Industries, Inc. (a)

  290   32,959
EMCOR Group, Inc.

  346   63,934
Fluor Corp. (a)

  1,501   44,430
Granite Construction, Inc.

  537   21,362
MasTec, Inc. (a)

  539   63,586
MDU Resources Group, Inc.

  1,859   38,927
MYR Group, Inc. (a)

  191   26,423
Quanta Services, Inc.

  436   85,652
Valmont Industries, Inc.

  69   20,082
          508,231
CONSTRUCTION MATERIALS — 0.1%  
Eagle Materials, Inc.

  184   34,301
Knife River Corp. (a)

  464   20,184
Martin Marietta Materials, Inc.

  195   90,030
Vulcan Materials Co.

  433   97,615
          242,130
CONSUMER FINANCE — 1.3%  
American Express Co.

  4,870   848,354
Bread Financial Holdings, Inc.

  1,350   42,377
Capital One Financial Corp.

  9,533   1,042,624
Discover Financial Services

  2,824   329,984
Encore Capital Group, Inc. (a)

  626   30,436
Enova International, Inc. (a)

  769   40,849
EZCORP, Inc. Class A (a)

  1,963   16,450
FirstCash Holdings, Inc.

  270   25,199
Green Dot Corp. Class A (a)

  1,175   22,020
Navient Corp.

  2,839   52,749
PRA Group, Inc. (a)

  536   12,248
PROG Holdings, Inc. (a)

  1,233   39,604
SLM Corp.

  3,596   58,687
Synchrony Financial

  10,758   364,911
World Acceptance Corp. (a)  (b)

  120   16,081
          2,942,573
CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.2%  
Andersons, Inc.

  811   37,428
BJ's Wholesale Club Holdings, Inc. (a)

  1,002   63,136
Casey's General Stores, Inc.

  301   73,408
Chefs' Warehouse, Inc. (a)

  370   13,231
Costco Wholesale Corp.

  1,846   993,849
Dollar General Corp.

  1,125   191,002
 
See accompanying notes to financial statements.
146


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Dollar Tree, Inc. (a)

  1,502   $ 215,537
Grocery Outlet Holding Corp. (a)

  462   14,142
Kroger Co.

  16,320   767,040
Performance Food Group Co. (a)

  2,332   140,480
PriceSmart, Inc.

  362   26,810
SpartanNash Co.

  996   22,420
Sprouts Farmers Market, Inc. (a)  (b)

  1,120   41,138
Sysco Corp.

  3,670   272,314
Target Corp.

  3,716   490,140
U.S. Foods Holding Corp. (a)

  5,438   239,272
United Natural Foods, Inc. (a)

  1,464   28,621
Walgreens Boots Alliance, Inc.

  17,624   502,108
Walmart, Inc.

  21,209   3,333,631
          7,465,707
CONTAINERS & PACKAGING — 0.5%  
Amcor PLC

  11,993   119,690
AptarGroup, Inc.

  266   30,819
Avery Dennison Corp.

  425   73,015
Ball Corp.

  1,615   94,009
Greif, Inc. Class A

  663   45,674
International Paper Co.

  8,755   278,496
Myers Industries, Inc.

  369   7,170
O-I Glass, Inc. (a)

  1,630   34,768
Packaging Corp. of America

  746   98,591
Sealed Air Corp.

  1,045   41,800
Silgan Holdings, Inc.

  765   35,871
Sonoco Products Co.

  788   46,508
Westrock Co.

  6,268   182,211
          1,088,622
DISTRIBUTORS — 0.1%  
Genuine Parts Co.

  725   122,692
LKQ Corp.

  1,835   106,925
Pool Corp.

  118   44,208
          273,825
DIVERSIFIED CONSUMER SERVICES — 0.1%  
Adtalem Global Education, Inc. (a)

  647   22,218
Frontdoor, Inc. (a)

  408   13,015
Graham Holdings Co. Class B

  90   51,433
Grand Canyon Education, Inc. (a)

  191   19,713
H&R Block, Inc.

  1,102   35,121
Mister Car Wash, Inc. (a)  (b)

  1,223   11,802
Perdoceo Education Corp. (a)

  1,001   12,282
Service Corp. International

  891   57,550
Strategic Education, Inc.

  180   12,211
Stride, Inc. (a)

  331   12,323
          247,668
DIVERSIFIED REITs — 0.0% (e)  
Alexander & Baldwin, Inc. REIT

  694   12,894
American Assets Trust, Inc. REIT

  543   10,426
Armada Hoffler Properties, Inc. REIT

  537   6,272
Essential Properties Realty Trust, Inc. REIT

  624   14,689
Security Description     Shares   Value
Global Net Lease, Inc. REIT

  2,607   $ 26,800
          71,081
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.5%  
AT&T, Inc.

  108,171   1,725,327
ATN International, Inc.

  183   6,698
Cogent Communications Holdings, Inc.

  200   13,458
Consolidated Communications Holdings, Inc. (a)

  2,333   8,935
Frontier Communications Parent, Inc. (a)

  5,487   102,278
Iridium Communications, Inc.

  264   16,400
Lumen Technologies, Inc. (b)

  24,462   55,284
Verizon Communications, Inc.

  104,798   3,897,438
          5,825,818
ELECTRIC UTILITIES — 2.0%  
ALLETE, Inc.

  461   26,724
Alliant Energy Corp.

  1,814   95,199
American Electric Power Co., Inc.

  4,148   349,262
Constellation Energy Corp.

  1,017   93,106
Duke Energy Corp.

  5,569   499,762
Edison International

  3,088   214,462
Entergy Corp.

  1,978   192,598
Evergy, Inc.

  2,167   126,596
Eversource Energy

  2,520   178,718
Exelon Corp.

  10,506   428,014
FirstEnergy Corp.

  4,246   165,085
Hawaiian Electric Industries, Inc.

  1,010   36,562
IDACORP, Inc.

  330   33,858
NextEra Energy, Inc.

  6,414   475,919
NRG Energy, Inc.

  5,671   212,039
OGE Energy Corp.

  1,879   67,475
Otter Tail Corp. (b)

  301   23,767
PG&E Corp. (a)

  12,998   224,605
Pinnacle West Capital Corp.

  1,195   97,345
PNM Resources, Inc.

  794   35,809
Portland General Electric Co.

  817   38,260
PPL Corp.

  7,781   205,885
Southern Co.

  7,873   553,078
Xcel Energy, Inc.

  3,956   245,945
          4,620,073
ELECTRICAL EQUIPMENT — 0.5%  
Acuity Brands, Inc.

  217   35,388
AMETEK, Inc.

  519   84,016
Eaton Corp. PLC

  1,630   327,793
Emerson Electric Co.

  2,946   266,289
Encore Wire Corp.

  182   33,839
EnerSys

  371   40,261
Generac Holdings, Inc. (a)

  327   48,765
Hubbell, Inc.

  218   72,280
nVent Electric PLC

  840   43,403
Powell Industries, Inc.

  191   11,573
Regal Rexnord Corp.

  334   51,403
Rockwell Automation, Inc.

  257   84,669
 
See accompanying notes to financial statements.
147


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
SunPower Corp. (a)  (b)

  683   $ 6,693
Sunrun, Inc. (a)

  1,721   30,737
Vicor Corp. (a)

  6   324
          1,137,433
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.0%  
Advanced Energy Industries, Inc.

  191   21,287
Amphenol Corp. Class A

  1,455   123,602
Arrow Electronics, Inc. (a)

  1,436   205,678
Avnet, Inc.

  2,248   113,412
Badger Meter, Inc.

  81   11,952
Belden, Inc.

  181   17,313
Benchmark Electronics, Inc.

  1,005   25,959
CDW Corp.

  552   101,292
Cognex Corp.

  419   23,472
Coherent Corp. (a)

  1,002   51,082
Corning, Inc.

  5,503   192,825
CTS Corp.

  98   4,178
ePlus, Inc. (a)

  350   19,705
Fabrinet (a)

  230   29,872
Insight Enterprises, Inc. (a)

  321   46,975
IPG Photonics Corp. (a)

  230   31,239
Itron, Inc. (a)

  377   27,182
Jabil, Inc.

  1,990   214,781
Keysight Technologies, Inc. (a)

  532   89,083
Knowles Corp. (a)

  995   17,970
Littelfuse, Inc.

  123   35,831
Methode Electronics, Inc.

  375   12,570
National Instruments Corp.

  397   22,788
Novanta, Inc. (a)

  78   14,360
OSI Systems, Inc. (a)

  183   21,563
PC Connection, Inc.

  369   16,642
Plexus Corp. (a)

  255   25,051
Rogers Corp. (a)

  82   13,278
Sanmina Corp. (a)

  870   52,435
ScanSource, Inc. (a)

  809   23,914
TD SYNNEX Corp.

  1,037   97,478
TE Connectivity Ltd.

  1,592   223,135
Teledyne Technologies, Inc. (a)

  178   73,177
Trimble, Inc. (a)

  995   52,675
TTM Technologies, Inc. (a)

  2,959   41,130
Vishay Intertechnology, Inc.

  1,842   54,155
Vontier Corp.

  799   25,736
Zebra Technologies Corp. Class A (a)

  220   65,083
          2,239,860
ENERGY EQUIPMENT & SERVICES — 0.4%  
Archrock, Inc.

  1,998   20,479
Baker Hughes Co.

  7,276   229,994
Bristow Group, Inc. (a)

  676   19,421
ChampionX Corp.

  800   24,832
Core Laboratories, Inc.

  162   3,767
Dril-Quip, Inc. (a)

  371   8,633
Halliburton Co.

  4,541   149,808
Security Description     Shares   Value
Helix Energy Solutions Group, Inc. (a)

  1,508   $ 11,129
Helmerich & Payne, Inc.

  1,004   35,592
Nabors Industries Ltd. (a)

  242   22,513
NexTier Oilfield Solutions, Inc. (a)

  2,385   21,322
NOV, Inc.

  2,843   45,602
Oceaneering International, Inc. (a)

  740   13,838
Oil States International, Inc. (a)

  1,002   7,485
Patterson-UTI Energy, Inc.

  1,918   22,958
ProPetro Holding Corp. (a)

  1,324   10,910
RPC, Inc.

  2,352   16,817
Schlumberger NV

  5,812   285,485
U.S. Silica Holdings, Inc. (a)

  1,022   12,397
Valaris Ltd. (a)

  245   15,418
          978,400
ENTERTAINMENT — 0.8%  
Activision Blizzard, Inc. (a)

  2,177   183,521
Cinemark Holdings, Inc. (a)

  1,305   21,533
Electronic Arts, Inc.

  797   103,371
Live Nation Entertainment, Inc. (a)

  1,029   93,752
Marcus Corp. (b)

  698   10,351
Netflix, Inc. (a)

  1,001   440,931
Take-Two Interactive Software, Inc. (a)

  531   78,142
Walt Disney Co. (a)

  7,594   677,992
Warner Bros Discovery, Inc. (a)

  17,837   223,676
World Wrestling Entertainment, Inc. Class A

  203   22,019
          1,855,288
FINANCIAL SERVICES — 3.8%  
Berkshire Hathaway, Inc. Class B (a)

  16,503   5,627,523
Essent Group Ltd.

  1,443   67,532
Euronet Worldwide, Inc. (a)

  239   28,051
EVERTEC, Inc.

  192   7,071
Fidelity National Information Services, Inc.

  6,271   343,024
Fiserv, Inc. (a)

  2,668   336,568
FleetCor Technologies, Inc. (a)

  345   86,623
Global Payments, Inc.

  1,904   187,582
Jack Henry & Associates, Inc.

  225   37,649
Mastercard, Inc. Class A

  774   304,414
MGIC Investment Corp.

  4,384   69,223
Mr Cooper Group, Inc. (a)

  1,840   93,178
NMI Holdings, Inc. Class A (a)

  1,246   32,172
Payoneer Global, Inc. (a)

  630   3,030
PayPal Holdings, Inc. (a)

  4,749   316,901
Radian Group, Inc.

  3,867   97,758
Visa, Inc. Class A

  3,429   814,319
Voya Financial, Inc.

  1,450   103,980
Walker & Dunlop, Inc.

  458   36,223
Western Union Co.

  9,193   107,834
WEX, Inc. (a)

  151   27,493
          8,728,148
 
See accompanying notes to financial statements.
148


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
FOOD PRODUCTS — 1.7%  
Archer-Daniels-Midland Co.

  5,780   $ 436,737
B&G Foods, Inc.

  1,622   22,578
Bunge Ltd.

  3,687   347,869
Calavo Growers, Inc.

  312   9,054
Cal-Maine Foods, Inc.

  565   25,425
Campbell Soup Co.

  2,120   96,905
Conagra Brands, Inc.

  3,847   129,721
Darling Ingredients, Inc. (a)

  1,157   73,805
Flowers Foods, Inc.

  1,389   34,558
Fresh Del Monte Produce, Inc.

  996   25,607
General Mills, Inc.

  2,965   227,416
Hain Celestial Group, Inc. (a)

  626   7,831
Hershey Co.

  590   147,323
Hormel Foods Corp.

  4,325   173,952
Hostess Brands, Inc. (a)

  884   22,383
Ingredion, Inc.

  533   56,471
J & J Snack Foods Corp.

  128   20,270
J M Smucker Co.

  771   113,854
John B Sanfilippo & Son, Inc.

  75   8,795
Kellogg Co.

  2,341   157,783
Kraft Heinz Co.

  19,936   707,728
Lamb Weston Holdings, Inc.

  303   34,830
Lancaster Colony Corp.

  79   15,886
McCormick & Co., Inc.

  993   86,619
Mondelez International, Inc. Class A

  5,724   417,509
Pilgrim's Pride Corp. (a)

  1,343   28,861
Post Holdings, Inc. (a)

  732   63,428
Seneca Foods Corp. Class A (a)

  187   6,111
Simply Good Foods Co. (a)

  447   16,356
Tootsie Roll Industries, Inc.

  383   13,562
TreeHouse Foods, Inc. (a)

  461   23,225
Tyson Foods, Inc. Class A

  7,030   358,811
          3,911,263
GAS UTILITIES — 0.2%  
Atmos Energy Corp.

  747   86,906
Chesapeake Utilities Corp.

  123   14,637
National Fuel Gas Co.

  817   41,961
New Jersey Resources Corp.

  501   23,647
Northwest Natural Holding Co.

  436   18,770
ONE Gas, Inc.

  496   38,098
Southwest Gas Holdings, Inc.

  685   43,600
Spire, Inc.

  481   30,515
UGI Corp.

  3,131   84,443
          382,577
GROUND TRANSPORTATION — 0.9%  
ArcBest Corp.

  392   38,730
Avis Budget Group, Inc. (a)

  612   139,946
CSX Corp.

  8,710   297,011
Heartland Express, Inc.

  693   11,372
Hertz Global Holdings, Inc. (a)

  3,967   72,953
JB Hunt Transport Services, Inc.

  600   108,618
Knight-Swift Transportation Holdings, Inc.

  1,467   81,507
Security Description     Shares   Value
Landstar System, Inc.

  186   $ 35,812
Marten Transport Ltd.

  987   21,220
Norfolk Southern Corp.

  1,172   265,763
Old Dominion Freight Line, Inc.

  218   80,605
RXO, Inc. (a)

  940   21,310
Ryder System, Inc.

  1,310   111,075
Saia, Inc. (a)

  128   43,828
Union Pacific Corp.

  2,567   525,260
Werner Enterprises, Inc.

  622   27,480
XPO, Inc. (a)

  2,833   167,147
          2,049,637
HEALTH CARE EQUIPMENT & SUPPLIES — 1.8%  
Abbott Laboratories

  7,156   780,147
Align Technology, Inc. (a)

  207   73,204
AngioDynamics, Inc. (a)

  318   3,317
Artivion, Inc. (a)

  8   138
Avanos Medical, Inc. (a)

  363   9,278
Baxter International, Inc.

  3,648   166,203
Becton Dickinson & Co.

  1,145   302,291
Boston Scientific Corp. (a)

  4,379   236,860
CONMED Corp.

  44   5,979
Cooper Cos., Inc.

  154   59,048
DENTSPLY SIRONA, Inc.

  1,148   45,943
Dexcom, Inc. (a)

  356   45,750
Edwards Lifesciences Corp. (a)

  1,430   134,892
Embecta Corp.

  206   4,450
Enovis Corp. (a)

  710   45,525
Envista Holdings Corp. (a)

  840   28,426
GE HealthCare Technologies, Inc.

  3,194   259,481
Glaukos Corp. (a)

  141   10,041
Globus Medical, Inc. Class A (a)

  364   21,673
Haemonetics Corp. (a)

  185   15,751
Hologic, Inc. (a)

  1,354   109,633
ICU Medical, Inc. (a)

  123   21,917
IDEXX Laboratories, Inc. (a)

  78   39,174
Inari Medical, Inc. (a)

  46   2,674
Insulet Corp. (a)

  66   19,030
Integer Holdings Corp. (a)

  193   17,102
Integra LifeSciences Holdings Corp. (a)

  348   14,313
Intuitive Surgical, Inc. (a)

  728   248,932
Lantheus Holdings, Inc. (a)

  89   7,469
LivaNova PLC (a)

  184   9,463
Masimo Corp. (a)

  142   23,366
Medtronic PLC

  9,762   860,032
Merit Medical Systems, Inc. (a)

  186   15,557
Neogen Corp. (a)

  745   16,204
NuVasive, Inc. (a)

  193   8,027
Omnicell, Inc. (a)

  131   9,651
OraSure Technologies, Inc. (a)

  542   2,715
Orthofix Medical, Inc. (a)

  235   4,244
Penumbra, Inc. (a)

  44   15,139
QuidelOrtho Corp. (a)

  534   44,247
ResMed, Inc.

  164   35,834
Shockwave Medical, Inc. (a)

  34   9,704
STAAR Surgical Co. (a)

  81   4,258
 
See accompanying notes to financial statements.
149


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
STERIS PLC

  235   $ 52,870
Stryker Corp.

  709   216,309
Tandem Diabetes Care, Inc. (a)

  82   2,012
Teleflex, Inc.

  146   35,336
Varex Imaging Corp. (a)

  191   4,502
Zimmer Biomet Holdings, Inc.

  847   123,323
          4,221,434
HEALTH CARE PROVIDERS & SERVICES — 5.4%  
Acadia Healthcare Co., Inc. (a)

  457   36,395
AdaptHealth Corp. (a)

  1,892   23,026
Addus HomeCare Corp. (a)

  69   6,396
Agiliti, Inc. (a)  (b)

  822   13,563
Amedisys, Inc. (a)

  266   24,323
AmerisourceBergen Corp.

  4,048   778,957
AMN Healthcare Services, Inc. (a)

  324   35,355
Apollo Medical Holdings, Inc. (a)

  230   7,268
Cardinal Health, Inc.

  6,343   599,858
Centene Corp. (a)

  13,559   914,555
Chemed Corp.

  37   20,042
Cigna Group

  4,460   1,251,476
Community Health Systems, Inc. (a)

  3,350   14,740
CorVel Corp. (a)

  51   9,868
Cross Country Healthcare, Inc. (a)

  457   12,833
CVS Health Corp.

  31,972   2,210,224
DaVita, Inc. (a)

  1,430   143,672
Elevance Health, Inc.

  1,924   854,814
Encompass Health Corp.

  853   57,757
Enhabit, Inc. (a)

  339   3,899
Ensign Group, Inc.

  188   17,946
Fulgent Genetics, Inc. (a)  (b)

  494   18,293
HCA Healthcare, Inc.

  1,712   519,558
HealthEquity, Inc. (a)

  186   11,744
Henry Schein, Inc. (a)

  1,026   83,209
Humana, Inc.

  903   403,758
Laboratory Corp. of America Holdings

  713   172,068
McKesson Corp.

  3,371   1,440,462
ModivCare, Inc. (a)

  124   5,606
Molina Healthcare, Inc. (a)

  472   142,185
NeoGenomics, Inc. (a)

  706   11,345
OmniAb, Inc. (a)  (f)

  38  
Option Care Health, Inc. (a)

  895   29,079
Owens & Minor, Inc. (a)

  1,878   35,757
Patterson Cos., Inc.

  1,200   39,912
Pediatrix Medical Group, Inc. (a)

  1,188   16,881
Progyny, Inc. (a)

  175   6,885
Quest Diagnostics, Inc.

  895   125,801
R1 RCM, Inc. (a)

  1,154   21,291
RadNet, Inc. (a)

  388   12,657
Select Medical Holdings Corp.

  1,555   49,542
Tenet Healthcare Corp. (a)

  2,663   216,715
U.S. Physical Therapy, Inc.

  80   9,711
UnitedHealth Group, Inc.

  3,961   1,903,815
Security Description     Shares   Value
Universal Health Services, Inc. Class B

  959   $ 151,301
          12,464,542
HEALTH CARE REITs — 0.4%  
CareTrust REIT, Inc.

  919   18,251
Community Healthcare Trust, Inc. REIT

  224   7,397
Healthcare Realty Trust, Inc. REIT

  1,915   36,117
Healthpeak Properties, Inc. REIT

  4,412   88,681
LTC Properties, Inc. REIT

  374   12,350
Medical Properties Trust, Inc. REIT (b)

  14,744   136,529
Omega Healthcare Investors, Inc. REIT

  3,515   107,875
Physicians Realty Trust REIT

  1,786   24,986
Sabra Health Care REIT, Inc.

  5,686   66,924
Universal Health Realty Income Trust REIT

  8   381
Ventas, Inc. REIT

  2,891   136,658
Welltower, Inc. REIT

  2,557   206,836
          842,985
HEALTH CARE TECHNOLOGY — 0.0% (e)  
Certara, Inc. (a)

  332   6,046
Computer Programs & Systems, Inc. (a)

  8   198
NextGen Healthcare, Inc. (a)

  366   5,936
Veradigm, Inc. (a)

  1,523   19,190
          31,370
HOTEL & RESORT REITs — 0.1%  
Chatham Lodging Trust REIT

  810   7,582
DiamondRock Hospitality Co. REIT

  1,783   14,282
Host Hotels & Resorts, Inc. REIT

  3,720   62,607
Park Hotels & Resorts, Inc. REIT

  3,389   43,447
Pebblebrook Hotel Trust REIT (b)

  1,962   27,350
Service Properties Trust REIT

  2,471   21,473
Summit Hotel Properties, Inc. REIT

  1,296   8,437
Sunstone Hotel Investors, Inc. REIT

  1,699   17,194
Xenia Hotels & Resorts, Inc. REIT

  985   12,125
          214,497
HOTELS, RESTAURANTS & LEISURE — 1.2%  
Aramark

  1,885   81,149
BJ's Restaurants, Inc. (a)

  133   4,229
Bloomin' Brands, Inc.

  804   21,620
Booking Holdings, Inc. (a)

  85   229,528
Boyd Gaming Corp.

  541   37,529
Brinker International, Inc. (a)

  576   21,082
Caesars Entertainment, Inc. (a)

  1,079   54,997
Carnival Corp. (a)

  14,964   281,772
Cheesecake Factory, Inc. (b)

  373   12,898
Chipotle Mexican Grill, Inc. (a)

  62   132,618
Choice Hotels International, Inc. (b)

  87   10,224
Churchill Downs, Inc.

  66   9,185
Chuy's Holdings, Inc. (a)

  51   2,082
 
See accompanying notes to financial statements.
150


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Cracker Barrel Old Country Store, Inc. (b)

  213   $ 19,847
Darden Restaurants, Inc.

  612   102,253
Dave & Buster's Entertainment, Inc. (a)

  188   8,377
Dine Brands Global, Inc.

  168   9,749
Domino's Pizza, Inc.

  114   38,417
El Pollo Loco Holdings, Inc.

  630   5,525
Expedia Group, Inc. (a)

  762   83,355
Golden Entertainment, Inc. (a)

  239   9,990
Hilton Grand Vacations, Inc. (a)

  642   29,173
Hilton Worldwide Holdings, Inc.

  244   35,514
Jack in the Box, Inc.

  140   13,654
Las Vegas Sands Corp. (a)

  1,651   95,758
Light & Wonder, Inc. (a)

  992   68,210
Marriott International, Inc. Class A

  551   101,213
Marriott Vacations Worldwide Corp.

  276   33,871
McDonald's Corp.

  1,648   491,780
MGM Resorts International

  2,274   99,874
Monarch Casino & Resort, Inc.

  180   12,681
Norwegian Cruise Line Holdings Ltd. (a)

  2,172   47,284
Papa John's International, Inc.

  132   9,746
Penn Entertainment, Inc. (a)

  1,638   39,361
Royal Caribbean Cruises Ltd. (a)

  882   91,499
Sabre Corp. (a)  (b)

  1,268   4,045
Shake Shack, Inc. Class A (a)

  35   2,720
Six Flags Entertainment Corp. (a)

  353   9,171
Starbucks Corp.

  2,588   256,367
Texas Roadhouse, Inc.

  337   37,838
Travel & Leisure Co.

  674   27,189
Wendy's Co.

  1,156   25,143
Wingstop, Inc.

  28   5,605
Wyndham Hotels & Resorts, Inc.

  364   24,960
Wynn Resorts Ltd.

  93   9,822
Yum! Brands, Inc.

  631   87,425
          2,836,329
HOUSEHOLD DURABLES — 1.2%  
Cavco Industries, Inc. (a)

  46   13,570
Century Communities, Inc.

  744   57,005
DR Horton, Inc.

  2,854   347,303
Ethan Allen Interiors, Inc.

  375   10,605
Garmin Ltd.

  1,110   115,762
Green Brick Partners, Inc. (a)

  404   22,947
Helen of Troy Ltd. (a)  (b)

  257   27,761
Installed Building Products, Inc.

  134   18,781
iRobot Corp. (a)

  180   8,145
KB Home

  1,218   62,983
La-Z-Boy, Inc.

  645   18,473
Leggett & Platt, Inc.

  2,069   61,284
Lennar Corp. Class A

  3,784   474,173
LGI Homes, Inc. (a)

  214   28,867
M/I Homes, Inc. (a)

  722   62,951
MDC Holdings, Inc.

  1,431   66,928
Meritage Homes Corp.

  544   77,395
Mohawk Industries, Inc. (a)

  1,380   142,361
Security Description     Shares   Value
Newell Brands, Inc.

  9,517   $ 82,798
NVR, Inc. (a)

  23   146,064
PulteGroup, Inc.

  2,387   185,422
Sonos, Inc. (a)

  565   9,227
Taylor Morrison Home Corp. (a)

  2,669   130,167
Tempur Sealy International, Inc.

  854   34,220
Toll Brothers, Inc.

  1,535   121,373
TopBuild Corp. (a)

  162   43,095
Tri Pointe Homes, Inc. (a)

  2,804   92,139
Whirlpool Corp.

  1,400   208,306
          2,670,105
HOUSEHOLD PRODUCTS — 0.9%  
Central Garden & Pet Co. (a)

  182   7,056
Central Garden & Pet Co. Class A (a)

  550   20,053
Church & Dwight Co., Inc.

  718   71,965
Clorox Co.

  507   80,633
Colgate-Palmolive Co.

  2,603   200,535
Energizer Holdings, Inc.

  799   26,831
Kimberly-Clark Corp.

  1,697   234,288
Procter & Gamble Co.

  9,610   1,458,221
WD-40 Co. (b)

  4   755
          2,100,337
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.0% (e)  
AES Corp.

  4,832   100,167
Ormat Technologies, Inc.

  164   13,196
          113,363
INDUSTRIAL CONGLOMERATES — 0.8%  
3M Co.

  5,924   592,933
General Electric Co.

  5,472   601,099
Honeywell International, Inc.

  2,740   568,550
          1,762,582
INDUSTRIAL REITs — 0.2%  
EastGroup Properties, Inc. REIT

  89   15,451
First Industrial Realty Trust, Inc. REIT

  424   22,319
Innovative Industrial Properties, Inc. REIT

  295   21,538
LXP Industrial Trust REIT

  2,148   20,943
Prologis, Inc. REIT

  2,891   354,523
Rexford Industrial Realty, Inc. REIT

  577   30,131
          464,905
INSURANCE — 4.3%  
Aflac, Inc.

  8,361   583,598
Allstate Corp.

  3,928   428,309
Ambac Financial Group, Inc. (a)

  985   14,026
American Equity Investment Life Holding Co.

  1,824   95,049
American Financial Group, Inc.

  1,721   204,369
American International Group, Inc.

  18,072   1,039,863
AMERISAFE, Inc.

  184   9,811
Aon PLC Class A

  437   150,852
 
See accompanying notes to financial statements.
151


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Arch Capital Group Ltd. (a)

  2,988   $ 223,652
Arthur J Gallagher & Co.

  649   142,501
Assurant, Inc.

  789   99,193
Assured Guaranty Ltd.

  902   50,332
Brighthouse Financial, Inc. (a)

  1,680   79,548
Brown & Brown, Inc.

  865   59,547
Chubb Ltd.

  3,792   730,188
Cincinnati Financial Corp.

  1,270   123,596
CNO Financial Group, Inc.

  3,022   71,531
Employers Holdings, Inc.

  366   13,692
Everest Re Group Ltd.

  455   155,546
First American Financial Corp.

  2,547   145,230
Genworth Financial, Inc. Class A (a)

  12,844   64,220
Globe Life, Inc.

  729   79,913
Hanover Insurance Group, Inc.

  520   58,776
Hartford Financial Services Group, Inc.

  4,703   338,710
HCI Group, Inc. (b)

  55   3,398
Horace Mann Educators Corp.

  611   18,122
James River Group Holdings Ltd.

  946   17,274
Kemper Corp.

  956   46,137
Kinsale Capital Group, Inc.

  56   20,955
Lincoln National Corp.

  3,978   102,473
Loews Corp.

  4,803   285,202
Marsh & McLennan Cos., Inc.

  1,512   284,377
Mercury General Corp.

  814   24,640
MetLife, Inc.

  16,227   917,312
Old Republic International Corp.

  6,791   170,929
Palomar Holdings, Inc. (a)

  80   4,643
Primerica, Inc.

  191   37,772
Principal Financial Group, Inc.

  5,604   425,007
ProAssurance Corp.

  810   12,223
Progressive Corp.

  2,940   389,168
Prudential Financial, Inc.

  9,058   799,097
Reinsurance Group of America, Inc.

  1,640   227,452
RenaissanceRe Holdings Ltd.

  408   76,100
RLI Corp.

  178   24,292
Safety Insurance Group, Inc.

  181   12,981
Selective Insurance Group, Inc.

  435   41,738
SiriusPoint Ltd. (a)

  2,677   24,173
Stewart Information Services Corp.

  690   28,387
Travelers Cos., Inc.

  2,442   424,078
Trupanion, Inc. (a)  (b)

  111   2,184
United Fire Group, Inc.

  581   13,165
Universal Insurance Holdings, Inc.

  823   12,699
Unum Group

  4,603   219,563
W R Berkley Corp.

  1,862   110,901
Willis Towers Watson PLC

  772   181,806
          9,920,300
INTERACTIVE MEDIA & SERVICES — 3.9%  
Alphabet, Inc. Class A (a)

  24,685   2,954,795
Alphabet, Inc. Class C (a)

  21,236   2,568,919
Cars.com, Inc. (a)

  320   6,342
Match Group, Inc. (a)

  1,125   47,081
Meta Platforms, Inc. Class A (a)

  11,533   3,309,740
Security Description     Shares   Value
QuinStreet, Inc. (a)

  625   $ 5,519
Shutterstock, Inc.

  118   5,743
TripAdvisor, Inc. (a)

  519   8,558
Yelp, Inc. (a)

  492   17,914
Ziff Davis, Inc. (a)

  312   21,859
          8,946,470
IT SERVICES — 1.0%  
Accenture PLC Class A

  1,999   616,851
Akamai Technologies, Inc. (a)

  812   72,974
Cognizant Technology Solutions Corp. Class A

  3,680   240,230
DXC Technology Co. (a)

  5,607   149,819
EPAM Systems, Inc. (a)

  160   35,960
Gartner, Inc. (a)

  179   62,706
International Business Machines Corp.

  7,434   994,744
Kyndryl Holdings, Inc. (a)

  5,478   72,748
Perficient, Inc. (a)

  124   10,333
VeriSign, Inc. (a)

  239   54,007
          2,310,372
LEISURE EQUIPMENT & PRODUCTS — 0.1%  
Brunswick Corp.

  567   49,125
Hasbro, Inc.

  1,372   88,865
Mattel, Inc. (a)

  2,561   50,042
Polaris, Inc.

  439   53,088
Sturm Ruger & Co., Inc.

  175   9,268
Topgolf Callaway Brands Corp. (a)

  1,535   30,470
Vista Outdoor, Inc. (a)

  1,393   38,544
YETI Holdings, Inc. (a)

  210   8,156
          327,558
LIFE SCIENCES TOOLS & SERVICES — 0.8%  
Agilent Technologies, Inc.

  617   74,194
Azenta, Inc. (a)  (b)

  1,701   79,403
Bio-Rad Laboratories, Inc. Class A (a)

  174   65,967
Bio-Techne Corp.

  171   13,959
Bruker Corp.

  228   16,854
Charles River Laboratories International, Inc. (a)

  210   44,152
Danaher Corp.

  2,063   495,120
Illumina, Inc. (a)

  324   60,747
IQVIA Holdings, Inc. (a)

  751   168,802
Medpace Holdings, Inc. (a)

  130   31,222
Mettler-Toledo International, Inc. (a)

  35   45,907
Repligen Corp. (a)

  99   14,005
Revvity, Inc.

  510   60,583
Sotera Health Co. (a)

  798   15,034
Syneos Health, Inc. (a)

  1,536   64,727
Thermo Fisher Scientific, Inc.

  829   432,531
Waters Corp. (a)

  133   35,450
West Pharmaceutical Services, Inc.

  83   31,745
          1,750,402
MACHINERY — 1.7%  
3D Systems Corp. (a)

  203   2,016
 
See accompanying notes to financial statements.
152


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
AGCO Corp.

  593   $ 77,932
Alamo Group, Inc.

  65   11,954
Albany International Corp. Class A

  180   16,790
Astec Industries, Inc.

  181   8,225
Barnes Group, Inc.

  473   19,956
Caterpillar, Inc.

  2,616   643,667
Chart Industries, Inc. (a)

  142   22,690
CIRCOR International, Inc. (a)

  170   9,597
Crane Co.

  392   34,935
Crane NXT Co.

  45   2,540
Cummins, Inc.

  1,020   250,063
Deere & Co.

  1,108   448,951
Donaldson Co., Inc.

  490   30,630
Dover Corp.

  551   81,355
Enerpac Tool Group Corp.

  372   10,044
EnPro Industries, Inc.

  219   29,243
Esab Corp.

  326   21,692
ESCO Technologies, Inc.

  180   18,653
Federal Signal Corp.

  190   12,166
Flowserve Corp.

  1,002   37,224
Fortive Corp.

  1,450   108,417
Franklin Electric Co., Inc.

  194   19,963
Graco, Inc.

  382   32,986
Greenbrier Cos., Inc.

  819   35,299
Hillenbrand, Inc.

  679   34,819
IDEX Corp.

  170   36,594
Illinois Tool Works, Inc.

  863   215,888
Ingersoll Rand, Inc.

  912   59,608
ITT, Inc.

  441   41,106
John Bean Technologies Corp.

  141   17,103
Kennametal, Inc.

  895   25,409
Lincoln Electric Holdings, Inc.

  219   43,500
Lindsay Corp.

  6   716
Middleby Corp. (a)

  286   42,279
Mueller Industries, Inc. (b)

  494   43,116
Nordson Corp.

  185   45,913
Oshkosh Corp.

  702   60,786
Otis Worldwide Corp.

  935   83,224
PACCAR, Inc.

  2,693   225,270
Parker-Hannifin Corp.

  528   205,941
Pentair PLC

  814   52,584
Proto Labs, Inc. (a)

  30   1,049
Snap-on, Inc.

  273   78,676
SPX Technologies, Inc. (a)

  191   16,229
Standex International Corp.

  111   15,703
Stanley Black & Decker, Inc.

  2,339   219,188
Tennant Co.

  163   13,221
Terex Corp.

  543   32,488
Timken Co.

  537   49,152
Titan International, Inc. (a)

  1,502   17,243
Toro Co.

  370   37,611
Trinity Industries, Inc.

  1,273   32,729
Wabash National Corp.

  435   11,153
Watts Water Technologies, Inc. Class A

  111   20,394
Security Description     Shares   Value
Westinghouse Air Brake Technologies Corp.

  914   $ 100,238
Xylem, Inc.

  541   60,927
          3,926,845
MARINE TRANSPORTATION — 0.0% (e)  
Kirby Corp. (a)

  552   42,476
Matson, Inc.

  930   72,289
          114,765
MEDIA — 1.7%  
AMC Networks, Inc. Class A (a)

  986   11,783
Cable One, Inc.

  53   34,825
Charter Communications, Inc. Class A (a)

  2,592   952,223
Comcast Corp. Class A

  44,467   1,847,604
DISH Network Corp. Class A (a)  (b)

  6,282   41,398
EW Scripps Co. Class A (a)

  1,610   14,732
Fox Corp. Class A

  4,432   150,688
Fox Corp. Class B

  2,060   65,693
Interpublic Group of Cos., Inc.

  2,811   108,448
John Wiley & Sons, Inc. Class A

  532   18,104
New York Times Co. Class A

  350   13,783
News Corp. Class A

  3,652   71,214
News Corp. Class B

  1,198   23,625
Nexstar Media Group, Inc.

  397   66,120
Omnicom Group, Inc.

  1,462   139,109
Paramount Global Class B

  12,431   197,777
Scholastic Corp.

  378   14,701
TechTarget, Inc. (a)

  113   3,518
TEGNA, Inc.

  3,330   54,079
Thryv Holdings, Inc. (a)

  781   19,213
          3,848,637
METALS & MINING — 0.9%  
Alcoa Corp.

  1,614   54,763
Arconic Corp. (a)

  1,362   40,288
ATI, Inc. (a)

  532   23,530
Carpenter Technology Corp.

  528   29,637
Century Aluminum Co. (a)

  501   4,369
Cleveland-Cliffs, Inc. (a)

  12,687   212,634
Commercial Metals Co.

  1,238   65,193
Compass Minerals International, Inc.

  367   12,478
Freeport-McMoRan, Inc.

  7,183   287,320
Haynes International, Inc.

  183   9,300
Kaiser Aluminum Corp.

  181   12,967
Materion Corp.

  82   9,364
MP Materials Corp. (a)  (b)

  476   10,891
Newmont Corp.

  6,405   273,237
Nucor Corp.

  2,676   438,811
Olympic Steel, Inc.

  367   17,983
Reliance Steel & Aluminum Co.

  474   128,734
Royal Gold, Inc.

  253   29,039
Steel Dynamics, Inc.

  1,765   192,261
SunCoke Energy, Inc.

  2,080   16,370
TimkenSteel Corp. (a)

  533   11,497
 
See accompanying notes to financial statements.
153


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
U.S. Steel Corp.

  5,580   $ 139,556
Warrior Met Coal, Inc.

  1,273   49,583
Worthington Industries, Inc.

  776   53,909
          2,123,714
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.3%  
Annaly Capital Management, Inc. REIT

  12,414   248,404
Apollo Commercial Real Estate Finance, Inc. REIT

  3,533   39,994
ARMOUR Residential REIT, Inc. (b)

  3,402   18,133
Ellington Financial, Inc. REIT (b)

  713   9,839
Franklin BSP Realty Trust, Inc. REIT

  852   12,064
Invesco Mortgage Capital, Inc. REIT (b)

  866   9,933
KKR Real Estate Finance Trust, Inc. REIT

  1,149   13,983
New York Mortgage Trust, Inc. REIT

  2,395   23,758
PennyMac Mortgage Investment Trust REIT (b)

  2,378   32,055
Ready Capital Corp. REIT (b)

  4,020   45,346
Redwood Trust, Inc. REIT

  3,067   19,537
Two Harbors Investment Corp. REIT

  2,509   34,825
Starwood Property Trust, Inc. REIT

  7,622   147,867
          655,738
MULTI-UTILITIES — 0.9%  
Ameren Corp.

  1,870   152,723
Avista Corp.

  684   26,861
Black Hills Corp.

  696   41,941
CenterPoint Energy, Inc.

  4,550   132,633
CMS Energy Corp.

  1,500   88,125
Consolidated Edison, Inc.

  2,863   258,815
Dominion Energy, Inc.

  6,725   348,288
DTE Energy Co.

  2,225   244,794
NiSource, Inc.

  3,293   90,064
NorthWestern Corp.

  640   36,326
Public Service Enterprise Group, Inc.

  3,610   226,022
Sempra Energy

  2,272   330,780
Unitil Corp.

  227   11,511
WEC Energy Group, Inc.

  2,280   201,187
          2,190,070
OFFICE REITs — 0.3%  
Alexandria Real Estate Equities, Inc. REIT

  1,141   129,492
Boston Properties, Inc. REIT

  1,507   86,788
Brandywine Realty Trust REIT

  2,466   11,467
Corporate Office Properties Trust REIT

  988   23,465
Cousins Properties, Inc. REIT

  2,261   51,551
Douglas Emmett, Inc. REIT (b)

  4,328   54,403
Security Description     Shares   Value
Easterly Government Properties, Inc. REIT (b)

  1,355   $ 19,648
Highwoods Properties, Inc. REIT

  2,589   61,903
Hudson Pacific Properties, Inc. REIT

  3,221   13,593
JBG SMITH Properties REIT

  2,436   36,637
Kilroy Realty Corp. REIT

  2,593   78,023
Office Properties Income Trust REIT

  1,326   10,210
Orion Office REIT, Inc.

  873   5,771
SL Green Realty Corp. REIT (b)

  1,586   47,659
Vornado Realty Trust REIT

  4,003   72,614
          703,224
OIL, GAS & CONSUMABLE FUELS — 7.2%  
Antero Midstream Corp.

  8,163   94,691
Antero Resources Corp. (a)

  2,919   67,225
APA Corp.

  4,802   164,084
Callon Petroleum Co. (a)

  1,260   44,188
Chevron Corp.

  16,135   2,538,842
Chord Energy Corp.

  621   95,510
Civitas Resources, Inc.

  1,280   88,794
CNX Resources Corp. (a)

  2,630   46,604
Comstock Resources, Inc. (b)

  2,253   26,135
ConocoPhillips

  11,185   1,158,878
CONSOL Energy, Inc.

  402   27,260
Coterra Energy, Inc.

  11,773   297,857
CVR Energy, Inc.

  716   21,451
Devon Energy Corp.

  5,278   255,138
Diamondback Energy, Inc.

  1,941   254,970
Dorian LPG Ltd.

  799   20,494
DT Midstream, Inc.

  1,021   50,611
EOG Resources, Inc.

  4,740   542,446
EQT Corp.

  3,881   159,626
Equitrans Midstream Corp.

  11,127   106,374
Exxon Mobil Corp.

  37,420   4,013,295
Green Plains, Inc. (a)

  512   16,507
Hess Corp.

  907   123,307
HF Sinclair Corp.

  3,464   154,529
Kinder Morgan, Inc.

  29,536   508,610
Marathon Oil Corp.

  9,479   218,207
Marathon Petroleum Corp.

  10,590   1,234,794
Matador Resources Co.

  1,185   61,999
Murphy Oil Corp.

  2,195   84,068
Northern Oil & Gas, Inc.

  860   29,515
Occidental Petroleum Corp.

  7,686   451,937
ONEOK, Inc.

  3,610   222,809
Par Pacific Holdings, Inc. (a)

  1,332   35,444
PBF Energy, Inc. Class A

  2,934   120,118
PDC Energy, Inc.

  1,376   97,889
Phillips 66

  11,472   1,094,199
Pioneer Natural Resources Co.

  3,548   735,075
Range Resources Corp.

  1,749   51,421
REX American Resources Corp. (a)

  24   835
SM Energy Co.

  3,021   95,554
Southwestern Energy Co. (a)

  27,168   163,280
Talos Energy, Inc. (a)

  2,852   39,557
 
See accompanying notes to financial statements.
154


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SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Targa Resources Corp.

  1,635   $ 124,423
Valero Energy Corp.

  5,483   643,156
Vital Energy, Inc. (a)  (b)

  376   16,976
Williams Cos., Inc.

  9,831   320,785
World Kinect Corp.

  1,778   36,769
          16,756,236
PAPER & FOREST PRODUCTS — 0.1%  
Clearwater Paper Corp. (a)

  380   11,902
Louisiana-Pacific Corp.

  1,767   132,490
Mercer International, Inc.

  1,337   10,789
Sylvamo Corp.

  881   35,636
          190,817
PASSENGER AIRLINES — 0.5%  
Alaska Air Group, Inc. (a)

  1,247   66,315
Allegiant Travel Co. (a)

  236   29,802
American Airlines Group, Inc. (a)

  9,716   174,305
Delta Air Lines, Inc. (a)

  6,779   322,274
Hawaiian Holdings, Inc. (a)

  1,521   16,381
JetBlue Airways Corp. (a)

  7,972   70,632
SkyWest, Inc. (a)

  1,361   55,420
Southwest Airlines Co.

  4,798   173,736
Sun Country Airlines Holdings, Inc. (a)

  271   6,092
United Airlines Holdings, Inc. (a)

  4,880   267,766
          1,182,723
PERSONAL CARE PRODUCTS — 0.1%  
BellRing Brands, Inc. (a)

  475   17,385
Coty, Inc. Class A (a)

  3,876   47,636
Edgewell Personal Care Co.

  414   17,102
elf Beauty, Inc. (a)

  48   5,483
Estee Lauder Cos., Inc. Class A

  706   138,644
Inter Parfums, Inc.

  75   10,142
Medifast, Inc.

  84   7,742
Nu Skin Enterprises, Inc. Class A

  659   21,879
USANA Health Sciences, Inc. (a)

  182   11,473
          277,486
PHARMACEUTICALS — 2.9%  
Amphastar Pharmaceuticals, Inc. (a)

  388   22,298
Bristol-Myers Squibb Co.

  10,962   701,020
Catalent, Inc. (a)

  766   33,214
Collegium Pharmaceutical, Inc. (a)

  383   8,231
Corcept Therapeutics, Inc. (a)

  380   8,455
Eli Lilly & Co.

  1,291   605,453
Harmony Biosciences Holdings, Inc. (a)

  221   7,777
Innoviva, Inc. (a)

  1,751   22,290
Jazz Pharmaceuticals PLC (a)

  340   42,150
Johnson & Johnson

  11,055   1,829,824
Ligand Pharmaceuticals, Inc. (a)

  51   3,677
Merck & Co., Inc.

  10,532   1,215,288
Organon & Co.

  3,796   78,995
Pacira BioSciences, Inc. (a)

  180   7,213
Perrigo Co. PLC

  1,425   48,379
Security Description     Shares   Value
Pfizer, Inc.

  46,175   $ 1,693,699
Phibro Animal Health Corp. Class A

  532   7,288
Prestige Consumer Healthcare, Inc. (a)

  380   22,583
Supernus Pharmaceuticals, Inc. (a)

  374   11,242
Viatris, Inc.

  29,853   297,933
Zoetis, Inc.

  426   73,361
          6,740,370
PROFESSIONAL SERVICES — 0.6%  
ASGN, Inc. (a)

  387   29,269
Automatic Data Processing, Inc.

  934   205,284
Broadridge Financial Solutions, Inc.

  366   60,621
CACI International, Inc. Class A (a)

  215   73,281
Concentrix Corp.

  346   27,939
CoStar Group, Inc. (a)

  856   76,184
CSG Systems International, Inc.

  187   9,862
Equifax, Inc.

  239   56,237
ExlService Holdings, Inc. (a)

  101   15,257
Exponent, Inc.

  32   2,986
Forrester Research, Inc. (a)

  8   233
FTI Consulting, Inc. (a)

  140   26,628
Genpact Ltd.

  928   34,865
Heidrick & Struggles International, Inc.

  187   4,950
Insperity, Inc.

  184   21,889
Jacobs Solutions, Inc.

  688   81,796
KBR, Inc.

  560   36,434
Kelly Services, Inc. Class A

  992   17,469
Korn Ferry

  364   18,032
Leidos Holdings, Inc.

  1,041   92,108
ManpowerGroup, Inc.

  1,367   108,540
Maximus, Inc.

  464   39,213
NV5 Global, Inc. (a)

  81   8,972
Paychex, Inc.

  973   108,849
Paylocity Holding Corp. (a)

  54   9,965
Resources Connection, Inc.

  383   6,017
Robert Half International, Inc.

  779   58,596
Science Applications International Corp.

  440   49,491
TrueBlue, Inc. (a)

  460   8,147
TTEC Holdings, Inc.

  549   18,578
Verisk Analytics, Inc.

  271   61,254
Verra Mobility Corp. (a)

  449   8,854
          1,377,800
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%  
Anywhere Real Estate, Inc. (a)

  2,938   19,626
CBRE Group, Inc. Class A (a)

  2,548   205,649
Cushman & Wakefield PLC (a)

  4,001   32,728
Jones Lang LaSalle, Inc. (a)

  1,166   181,663
Kennedy-Wilson Holdings, Inc.

  1,238   20,216
Marcus & Millichap, Inc.

  369   11,627
RE/MAX Holdings, Inc. Class A

  364   7,011
St. Joe Co.

  194   9,378
          487,898
 
See accompanying notes to financial statements.
155


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
RESIDENTIAL REITs — 0.4%  
Apartment Income REIT Corp.

  1,200   $ 43,308
AvalonBay Communities, Inc. REIT

  1,009   190,973
Camden Property Trust REIT

  552   60,096
Centerspace REIT

  180   11,045
Elme Communities REIT

  991   16,292
Equity Residential REIT

  2,463   162,484
Essex Property Trust, Inc. REIT

  467   109,418
Independence Realty Trust, Inc. REIT

  1,172   21,354
Invitation Homes, Inc. REIT

  2,919   100,414
Mid-America Apartment Communities, Inc. REIT

  486   73,804
NexPoint Residential Trust, Inc. REIT

  84   3,820
UDR, Inc. REIT

  1,300   55,848
Veris Residential, Inc. REIT (a)

  989   15,874
          864,730
RETAIL REITs — 0.4%  
Acadia Realty Trust REIT

  541   7,785
Agree Realty Corp. REIT

  456   29,818
Brixmor Property Group, Inc. REIT

  2,169   47,718
Federal Realty Investment Trust REIT

  357   34,547
Getty Realty Corp. REIT

  534   18,060
Kimco Realty Corp. REIT

  4,472   88,188
Kite Realty Group Trust REIT

  894   19,972
Macerich Co. REIT

  2,763   31,139
NNN REIT, Inc.

  1,476   63,158
Realty Income Corp. REIT

  3,550   212,255
Regency Centers Corp. REIT

  1,116   68,935
Retail Opportunity Investments Corp. REIT

  669   9,038
RPT Realty REIT

  809   8,454
Saul Centers, Inc. REIT

  172   6,335
Simon Property Group, Inc. REIT

  1,003   115,826
SITE Centers Corp. REIT

  1,609   21,271
Spirit Realty Capital, Inc. REIT

  1,140   44,893
Tanger Factory Outlet Centers, Inc. REIT

  540   11,918
Urban Edge Properties REIT

  996   15,368
Urstadt Biddle Properties, Inc. Class A REIT

  534   11,353
Whitestone REIT

  426   4,132
          870,163
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.8%  
Advanced Micro Devices, Inc. (a)

  3,630   413,493
Allegro MicroSystems, Inc. (a)

  265   11,962
Alpha & Omega Semiconductor Ltd. (a)

  549   18,007
Amkor Technology, Inc.

  2,579   76,725
Analog Devices, Inc.

  1,549   301,761
Applied Materials, Inc.

  2,582   373,202
Axcelis Technologies, Inc. (a)

  98   17,966
Broadcom, Inc.

  1,318   1,143,273
Security Description     Shares   Value
CEVA, Inc. (a)

  183   $ 4,676
Cirrus Logic, Inc. (a)

  230   18,632
Cohu, Inc. (a)

  137   5,694
Diodes, Inc. (a)

  194   17,943
Enphase Energy, Inc. (a)

  144   24,117
First Solar, Inc. (a)

  226   42,960
FormFactor, Inc. (a)

  361   12,353
Ichor Holdings Ltd. (a)

  148   5,550
Intel Corp.

  63,092   2,109,796
KLA Corp.

  422   204,678
Kulicke & Soffa Industries, Inc.

  314   18,667
Lam Research Corp.

  419   269,358
Lattice Semiconductor Corp. (a)

  208   19,983
MACOM Technology Solutions Holdings, Inc. (a)

  209   13,696
MaxLinear, Inc. (a)

  373   11,772
Microchip Technology, Inc.

  1,673   149,884
Micron Technology, Inc.

  8,974   566,349
MKS Instruments, Inc.

  462   49,942
Monolithic Power Systems, Inc.

  43   23,230
NVIDIA Corp.

  2,301   973,369
NXP Semiconductors NV

  1,041   213,072
ON Semiconductor Corp. (a)

  1,345   127,210
Onto Innovation, Inc. (a)

  176   20,499
Photronics, Inc. (a)

  1,005   25,919
Power Integrations, Inc.

  110   10,414
Qorvo, Inc. (a)

  684   69,789
QUALCOMM, Inc.

  4,683   557,464
Rambus, Inc. (a)

  372   23,871
Semtech Corp. (a)

  190   4,837
Silicon Laboratories, Inc. (a)

  165   26,027
SiTime Corp. (a)

  37   4,365
Skyworks Solutions, Inc.

  837   92,648
SMART Global Holdings, Inc. (a)

  750   21,758
SolarEdge Technologies, Inc. (a)

  70   18,834
Synaptics, Inc. (a)

  141   12,039
Teradyne, Inc.

  379   42,194
Texas Instruments, Inc.

  2,826   508,737
Ultra Clean Holdings, Inc. (a)

  194   7,461
Universal Display Corp.

  73   10,522
Veeco Instruments, Inc. (a)

  195   5,008
Wolfspeed, Inc. (a)  (b)

  177   9,839
          8,711,545
SOFTWARE — 3.2%  
ACI Worldwide, Inc. (a)

  625   14,481
Adeia, Inc.

  2,585   28,461
Adobe, Inc. (a)

  1,030   503,660
Agilysys, Inc. (a)

  27   1,853
Alarm.com Holdings, Inc. (a)

  143   7,390
ANSYS, Inc. (a)

  185   61,100
Aspen Technology, Inc. (a)

  150   25,141
Autodesk, Inc. (a)

  455   93,098
Blackbaud, Inc. (a)

  181   12,884
Cadence Design Systems, Inc. (a)

  448   105,065
Cerence, Inc. (a)

  333   9,734
Ceridian HCM Holding, Inc. (a)

  323   21,631
 
See accompanying notes to financial statements.
156


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
CommVault Systems, Inc. (a)

  184   $ 13,362
Consensus Cloud Solutions, Inc. (a)

  434   13,454
Digital Turbine, Inc. (a)

  480   4,454
DoubleVerify Holdings, Inc. (a)

  203   7,901
Dynatrace, Inc. (a)

  457   23,522
Ebix, Inc.

  340   8,568
Envestnet, Inc. (a)

  186   11,039
Fair Isaac Corp. (a)

  42   33,987
Fortinet, Inc. (a)

  1,059   80,050
Gen Digital, Inc.

  4,112   76,278
InterDigital, Inc.

  192   18,538
Intuit, Inc.

  256   117,297
LiveRamp Holdings, Inc. (a)

  373   10,653
Manhattan Associates, Inc. (a)

  59   11,793
Microsoft Corp.

  11,642   3,964,567
N-able, Inc. (a)

  347   5,000
NCR Corp. (a)

  2,062   51,962
OneSpan, Inc. (a)

  176   2,612
Oracle Corp.

  7,846   934,380
Paycom Software, Inc.

  70   22,487
Progress Software Corp.

  180   10,458
PTC, Inc. (a)

  238   33,867
Qualys, Inc. (a)

  114   14,725
Roper Technologies, Inc.

  331   159,145
Salesforce, Inc. (a)

  3,055   645,399
ServiceNow, Inc. (a)

  187   105,088
SPS Commerce, Inc. (a)

  61   11,716
Synopsys, Inc. (a)

  317   138,025
Teradata Corp. (a)

  535   28,574
Tyler Technologies, Inc. (a)

  86   35,816
Xperi, Inc. (a)

  336   4,418
          7,483,633
SPECIALIZED REITs — 0.8%  
American Tower Corp. REIT

  1,048   203,249
Crown Castle, Inc. REIT

  1,817   207,029
CubeSmart REIT

  919   41,043
Digital Realty Trust, Inc. REIT

  1,447   164,770
EPR Properties REIT

  643   30,092
Equinix, Inc. REIT

  197   154,436
Extra Space Storage, Inc. REIT

  547   81,421
Four Corners Property Trust, Inc. REIT

  642   16,307
Iron Mountain, Inc. REIT

  1,581   89,832
Lamar Advertising Co. Class A REIT

  461   45,754
Life Storage, Inc. REIT

  343   45,605
National Storage Affiliates Trust REIT

  621   21,629
Outfront Media, Inc. REIT

  1,056   16,600
PotlatchDeltic Corp. REIT

  852   45,028
Public Storage REIT

  636   185,636
Rayonier, Inc. REIT

  557   17,490
Safehold, Inc. REIT (b)

  357   8,472
SBA Communications Corp. REIT

  83   19,236
Uniti Group, Inc. REIT

  4,309   19,908
Security Description     Shares   Value
VICI Properties, Inc. REIT

  5,044   $ 158,533
Weyerhaeuser Co. REIT

  7,748   259,636
          1,831,706
SPECIALTY RETAIL — 2.3%  
Aaron's Co., Inc.

  969   13,702
Abercrombie & Fitch Co. Class A (a)

  730   27,506
Academy Sports & Outdoors, Inc.

  712   38,484
Advance Auto Parts, Inc.

  627   44,078
American Eagle Outfitters, Inc.

  2,602   30,704
America's Car-Mart, Inc. (a)

  152   15,167
Asbury Automotive Group, Inc. (a)

  576   138,482
AutoNation, Inc. (a)

  799   131,523
AutoZone, Inc. (a)

  79   196,975
Bath & Body Works, Inc.

  1,925   72,187
Best Buy Co., Inc.

  4,848   397,294
Boot Barn Holdings, Inc. (a)

  140   11,857
Buckle, Inc.

  754   26,088
Caleres, Inc. (b)

  1,025   24,528
CarMax, Inc. (a)

  2,361   197,616
Chico's FAS, Inc. (a)

  1,868   9,994
Designer Brands, Inc. Class A

  1,446   14,605
Dick's Sporting Goods, Inc.

  893   118,046
Five Below, Inc. (a)

  124   24,371
Foot Locker, Inc. (b)

  1,951   52,892
GameStop Corp. Class A (a)

  608   14,744
Gap, Inc.

  5,682   50,740
Group 1 Automotive, Inc.

  361   93,174
Guess?, Inc.

  1,159   22,542
Haverty Furniture Cos., Inc.

  190   5,742
Hibbett, Inc.

  335   12,157
Home Depot, Inc.

  4,172   1,295,990
Leslie's, Inc. (a)  (b)

  618   5,803
Lithia Motors, Inc.

  675   205,274
Lowe's Cos., Inc.

  3,038   685,677
MarineMax, Inc. (a)

  364   12,434
Monro, Inc.

  184   7,476
Murphy USA, Inc.

  298   92,711
National Vision Holdings, Inc. (a)

  836   20,306
ODP Corp. (a)

  1,156   54,124
O'Reilly Automotive, Inc. (a)

  192   183,418
RH (a)  (b)

  131   43,176
Ross Stores, Inc.

  1,073   120,315
Sally Beauty Holdings, Inc. (a)

  1,605   19,822
Shoe Carnival, Inc.

  284   6,668
Signet Jewelers Ltd.

  1,120   73,091
Sleep Number Corp. (a)

  561   15,304
Sonic Automotive, Inc. Class A

  409   19,497
TJX Cos., Inc.

  3,604   305,583
Tractor Supply Co.

  346   76,501
Ulta Beauty, Inc. (a)

  159   74,825
Upbound Group, Inc.

  1,519   47,286
Urban Outfitters, Inc. (a)

  1,643   54,433
Valvoline, Inc.

  827   31,021
Victoria's Secret & Co. (a)

  964   16,802
 
See accompanying notes to financial statements.
157


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Williams-Sonoma, Inc.

  702   $ 87,848
          5,340,583
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.9%  
Apple, Inc.

  25,803   5,005,008
Avid Technology, Inc. (a)

  107   2,729
Corsair Gaming, Inc. (a)

  568   10,076
Hewlett Packard Enterprise Co.

  32,416   544,589
HP, Inc.

  21,671   665,516
NetApp, Inc.

  1,559   119,108
Seagate Technology Holdings PLC

  1,947   120,461
Super Micro Computer, Inc. (a)

  338   84,246
Western Digital Corp. (a)

  4,768   180,850
Xerox Holdings Corp.

  3,092   46,040
          6,778,623
TEXTILES, APPAREL & LUXURY GOODS — 0.4%  
Capri Holdings Ltd. (a)

  1,220   43,786
Carter's, Inc.

  360   26,136
Columbia Sportswear Co.

  324   25,026
Crocs, Inc. (a)

  251   28,222
Deckers Outdoor Corp. (a)

  80   42,213
G-III Apparel Group Ltd. (a)

  1,344   25,899
Hanesbrands, Inc. (b)

  8,600   39,044
Kontoor Brands, Inc.

  451   18,987
Movado Group, Inc.

  187   5,017
NIKE, Inc. Class B

  2,807   309,808
Oxford Industries, Inc.

  182   17,912
PVH Corp.

  947   80,467
Ralph Lauren Corp. (b)

  434   53,512
Skechers USA, Inc. Class A (a)

  1,084   57,083
Steven Madden Ltd.

  378   12,357
Tapestry, Inc.

  1,707   73,060
Under Armour, Inc. Class A (a)

  1,250   9,025
Under Armour, Inc. Class C (a)

  991   6,650
VF Corp.

  8,132   155,240
Wolverine World Wide, Inc.

  545   8,006
          1,037,450
TOBACCO — 0.7%  
Altria Group, Inc.

  16,321   739,341
Philip Morris International, Inc.

  8,122   792,870
Universal Corp.

  685   34,209
Vector Group Ltd.

  1,963   25,146
          1,591,566
TRADING COMPANIES & DISTRIBUTORS — 0.4%  
Applied Industrial Technologies, Inc.

  158   22,883
Boise Cascade Co.

  1,006   90,892
DXP Enterprises, Inc. (a)

  367   13,362
Fastenal Co.

  1,746   102,997
GATX Corp.

  256   32,957
GMS, Inc. (a)

  525   36,330
MSC Industrial Direct Co., Inc. Class A

  542   51,642
NOW, Inc. (a)

  1,754   18,171
Security Description     Shares   Value
United Rentals, Inc.

  503   $ 224,021
Univar Solutions, Inc. (a)

  1,828   65,516
Veritiv Corp.

  365   45,848
W.W. Grainger, Inc.

  137   108,037
Watsco, Inc. (b)

  185   70,572
          883,228
WATER UTILITIES — 0.1%  
American States Water Co.

  180   15,660
American Water Works Co., Inc.

  601   85,793
California Water Service Group

  292   15,076
Essential Utilities, Inc.

  1,219   48,650
Middlesex Water Co.

  56   4,517
SJW Group

  142   9,956
          179,652
WIRELESS TELECOMMUNICATION SERVICES — 0.4%  
Gogo, Inc. (a)

  337   5,732
Shenandoah Telecommunications Co.

  1,263   24,540
Telephone & Data Systems, Inc.

  2,800   23,044
T-Mobile U.S., Inc. (a)

  6,260   869,514
          922,830
TOTAL COMMON STOCKS

(Cost $235,655,524)

        230,825,036
WARRANTS — 0.0% (e)          
ENERGY EQUIPMENT & SERVICES — 0.0% (e)          
Nabors Industries Ltd. (expiring 06/11/26) (a)

    62   713
TOTAL WARRANTS

(Cost $0)

        713
SHORT-TERM INVESTMENTS — 0.5%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (g)  (h)

  317,946   318,010
State Street Navigator Securities Lending Portfolio II (i)  (j)

  868,772   868,772
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,186,779)

  1,186,782  
TOTAL INVESTMENTS — 100.3%

(Cost $236,842,303)

  232,012,531  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%

  (656,023)  
NET ASSETS — 100.0%

  $ 231,356,508  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(d) The Fund invested in an affiliated entity, State Street Corp. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(e) Amount is less than 0.05% of net assets.
 
See accompanying notes to financial statements.
158


Table of Contents
SPDR SERIES TRUST
SPDR S&P 1500 VALUE TILT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

(f) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2023, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
(g) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at June 30, 2023.
(i) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(j) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $230,825,036   $—   $ 0(a)   $230,825,036
Warrants

  713       713
Short-Term Investments

  1,186,782       1,186,782
TOTAL INVESTMENTS

  $232,012,531   $—   $ 0   $232,012,531
(a) Fund held a Level 3 security that was valued at $0 at June 30, 2023.
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Corp.

3,390   $ 208,994   $ 175,838   $ 39,337   $122   $35,724   5,211   $ 381,341   $ 9,894
State Street Institutional Liquid Reserves Fund, Premier Class

127,381   127,368   9,022,685   8,832,113   64   6   317,946   318,010   10,250
State Street Navigator Securities Lending Portfolio II

762,292   762,292   8,502,390   8,395,910       868,772   868,772   5,670
Total

    $1,098,654   $17,700,913   $17,267,360   $186   $35,730       $1,568,123   $25,814
See accompanying notes to financial statements.
159


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO CLEAN POWER ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AUTOMOBILES — 2.6%  
Tesla, Inc. (a)

  34,158   $ 8,941,540
CONSTRUCTION & ENGINEERING — 6.6%  
Ameresco, Inc. Class A (a)

  156,488   7,610,011
Arcosa, Inc.

  104,382   7,909,024
Emeren Group Ltd. ADR (a)

  333,825   1,265,197
Valmont Industries, Inc.

  18,645   5,426,627
          22,210,859
DIVERSIFIED CONSUMER SERVICES — 2.2%  
ADT, Inc.

  1,224,948   7,386,436
ELECTRIC UTILITIES — 12.6%  
ALLETE, Inc.

  122,749   7,115,760
Avangrid, Inc. (b)

  197,541   7,443,345
Centrais Eletricas Brasileiras SA ADR

  998,754   8,259,696
Cia Paranaense de Energia ADR

  262,794   2,262,653
Constellation Energy Corp.

  84,459   7,732,221
Enel Chile SA ADR

  662,428   2,205,885
NextEra Energy, Inc.

  103,551   7,683,484
          42,703,044
ELECTRICAL EQUIPMENT — 29.1%  
Array Technologies, Inc. (a)

  339,241   7,666,847
Ballard Power Systems, Inc. (a)  (b)

  1,737,651   7,576,158
Bloom Energy Corp. Class A (a)  (b)

  486,070   7,947,244
Energy Vault Holdings, Inc. (a)  (b)

  787,119   2,148,835
Eos Energy Enterprises, Inc. (a)

  2,739,599   11,889,860
FuelCell Energy, Inc. (a)  (b)

  3,222,729   6,961,095
Generac Holdings, Inc. (a)

  64,962   9,687,783
NEXTracker, Inc. Class A (a)

  189,407   7,540,293
Plug Power, Inc. (a)  (b)

  803,174   8,344,978
Shoals Technologies Group, Inc. Class A (a)

  318,558   8,142,342
SunPower Corp. (a)  (b)

  684,530   6,708,394
Sunrun, Inc. (a)

  397,743   7,103,690
TPI Composites, Inc. (a)  (b)

  666,125   6,907,716
          98,625,235
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 1.7%  
Corning, Inc.

  164,714   5,771,578
GAS UTILITIES — 2.1%  
New Jersey Resources Corp.

  152,328   7,189,882
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 13.2%  
AES Corp.

  371,394   7,698,997
Altus Power, Inc. (a)

  1,143,630   6,175,602
Atlantica Sustainable Infrastructure PLC

  309,445   7,253,391
Enlight Renewable Energy Ltd. (a)

  63,249   1,122,670
Montauk Renewables, Inc. (a)  (b)

  238,700   1,775,928
Security Description     Shares   Value
Ormat Technologies, Inc.

  87,797   $ 7,064,147
ReNew Energy Global PLC Class A (a)

  670,030   3,671,764
Sunnova Energy International, Inc. (a)  (b)

  428,486   7,845,579
TransAlta Corp.

  226,869   2,123,494
          44,731,572
INDUSTRIAL CONGLOMERATES — 2.3%  
General Electric Co.

  72,402   7,953,360
MACHINERY — 3.7%  
Cummins, Inc.

  33,874   8,304,550
Hyster-Yale Materials Handling, Inc.

  75,188   4,198,498
          12,503,048
MULTI-UTILITIES — 4.3%  
Algonquin Power & Utilities Corp. (b)

  879,773   7,266,925
Consolidated Edison, Inc.

  82,109   7,422,654
          14,689,579
OIL, GAS & CONSUMABLE FUELS — 2.2%  
Enbridge, Inc.

  202,650   7,528,447
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 17.3%  
Applied Materials, Inc.

  38,907   5,623,618
Canadian Solar, Inc. (a)  (b)

  195,114   7,548,961
Daqo New Energy Corp. ADR (a)

  196,018   7,781,914
Enphase Energy, Inc. (a)

  42,180   7,064,306
First Solar, Inc. (a)

  40,052   7,613,485
JinkoSolar Holding Co. Ltd. ADR (a)  (b)

  187,684   8,329,416
Maxeon Solar Technologies Ltd. (a)

  265,392   7,473,439
SolarEdge Technologies, Inc. (a)

  26,468   7,121,215
          58,556,354
TOTAL COMMON STOCKS

(Cost $376,108,899)

        338,790,934
SHORT-TERM INVESTMENTS — 9.9%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

  2   2
State Street Navigator Securities Lending Portfolio II (e)  (f)

  33,532,944   33,532,944
TOTAL SHORT-TERM INVESTMENTS

(Cost $33,532,946)

  33,532,946  
TOTAL INVESTMENTS — 109.8%

(Cost $409,641,845)

  372,323,880  
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.8)%

  (33,109,783)  
NET ASSETS — 100.0%

  $ 339,214,097  
    
 
See accompanying notes to financial statements.
160


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO CLEAN POWER ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $338,790,934   $—   $—   $338,790,934
Short-Term Investments

  33,532,946       33,532,946
TOTAL INVESTMENTS

  $372,323,880   $—   $—   $372,323,880
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

219,444   $ 219,422   $ 5,430,762   $ 5,650,114   $(75)   $ 7   2   $ 2   $ 15,797
State Street Navigator Securities Lending Portfolio II

22,471,653   22,471,653   191,685,392   180,624,101       33,532,944   33,532,944   204,822
Total

    $22,691,075   $ 197,116,154   $186,274,215   $(75)   $ 7       $33,532,946   $220,619
See accompanying notes to financial statements.
161


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO FINAL FRONTIERS ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AEROSPACE & DEFENSE — 55.7%  
Aerojet Rocketdyne Holdings, Inc. (a)

  12,926   $ 709,250
Boeing Co. (a)

  3,324   701,896
BWX Technologies, Inc.

  7,052   504,712
Ducommun, Inc. (a)

  3,752   163,475
Elbit Systems Ltd.

  1,100   229,856
General Dynamics Corp.

  2,115   455,042
HEICO Corp.

  4,310   762,611
Hexcel Corp.

  9,561   726,827
Huntington Ingalls Industries, Inc.

  2,112   480,691
L3Harris Technologies, Inc.

  3,764   736,878
Lockheed Martin Corp.

  1,526   702,540
Moog, Inc. Class A

  4,876   528,705
Northrop Grumman Corp.

  1,554   708,313
Raytheon Technologies Corp.

  7,145   699,924
Rocket Lab USA, Inc. (a)  (b)

  117,819   706,914
TransDigm Group, Inc.

  562   502,523
Virgin Galactic Holdings, Inc. (a)  (b)

  169,353   657,090
          9,977,247
COMMUNICATIONS EQUIPMENT — 2.3%  
Viasat, Inc. (a)

  9,996   412,435
CONTAINERS & PACKAGING — 2.8%  
Ball Corp.

  8,567   498,685
DIVERSIFIED TELECOMMUNICATION SERVICES — 3.8%  
Iridium Communications, Inc.

  10,988   682,575
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 11.7%  
Amphenol Corp. Class A

  5,752   488,632
Coherent Corp. (a)  (b)

  11,551   588,870
Teledyne Technologies, Inc. (a)

  1,770   727,665
TTM Technologies, Inc. (a)

  21,124   293,624
          2,098,791
ENERGY EQUIPMENT & SERVICES — 6.4%  
Oceaneering International, Inc. (a)

  34,315   641,691
TechnipFMC PLC (a)

  30,568   508,040
          1,149,731
INDUSTRIAL CONGLOMERATES — 4.1%  
Honeywell International, Inc.

  3,551   736,832
Security Description     Shares   Value
MACHINERY — 3.9%  
ESCO Technologies, Inc.

  3,427   $ 355,140
Standex International Corp.

  2,405   340,235
          695,375
PROFESSIONAL SERVICES — 6.5%  
KBR, Inc.

  7,288   474,157
Leidos Holdings, Inc.

  5,478   484,694
Planet Labs PBC (a)  (b)

  63,056   203,040
          1,161,891
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.7%  
Analog Devices, Inc.

  2,512   489,363
TOTAL COMMON STOCKS

(Cost $16,398,478)

        17,902,925
SHORT-TERM INVESTMENTS — 7.3%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

  22,788   22,793
State Street Navigator Securities Lending Portfolio II (e)  (f)

  1,289,659   1,289,659
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,312,452)

  1,312,452  
TOTAL INVESTMENTS — 107.2%

(Cost $17,710,930)

  19,215,377  
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.2)%

  (1,291,931)  
NET ASSETS — 100.0%

  $ 17,923,446  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 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 June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $17,902,925   $—   $—   $17,902,925
Short-Term Investments

  1,312,452       1,312,452
TOTAL INVESTMENTS

  $19,215,377   $—   $—   $19,215,377
See accompanying notes to financial statements.
162


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO FINAL FRONTIERS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

22,244   $ 22,242   $ 196,554   $ 196,010   $ 7   $—   22,788   $ 22,793   $ 891
State Street Navigator Securities Lending Portfolio II

148,294   148,294   9,795,796   8,654,431       1,289,659   1,289,659   7,924
Total

    $170,536   $9,992,350   $8,850,441   $ 7   $—       $1,312,452   $8,815
See accompanying notes to financial statements.
163


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO FUTURE SECURITY ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 34.1%  
Aerojet Rocketdyne Holdings, Inc. (a)

  9,991   $ 548,206
AeroVironment, Inc. (a)

  5,548   567,449
Boeing Co. (a)

  2,568   542,259
Ducommun, Inc. (a)

  6,975   303,901
Elbit Systems Ltd. (b)

  2,048   427,950
Embraer SA ADR (a)  (b)

  29,248   452,174
General Dynamics Corp.

  2,126   457,409
HEICO Corp.

  3,333   589,741
Hexcel Corp.

  7,394   562,092
Huntington Ingalls Industries, Inc.

  2,123   483,195
Kaman Corp.

  9,341   227,266
Kratos Defense & Security Solutions, Inc. (a)

  37,742   541,220
L3Harris Technologies, Inc.

  2,913   570,278
Leonardo DRS, Inc. (a)  (b)

  33,912   588,034
Lockheed Martin Corp.

  1,181   543,709
Mercury Systems, Inc. (a)

  10,701   370,148
Moog, Inc. Class A

  4,999   542,042
Northrop Grumman Corp.

  1,202   547,872
Parsons Corp. (a)

  11,682   562,371
Raytheon Technologies Corp.

  5,526   541,327
Rocket Lab USA, Inc. (a)  (b)

  106,165   636,990
Textron, Inc.

  8,291   560,720
          11,166,353
COMMUNICATIONS EQUIPMENT — 9.1%  
Cisco Systems, Inc.

  10,943   566,191
F5, Inc. (a)

  3,741   547,158
Juniper Networks, Inc.

  18,124   567,825
NetScout Systems, Inc. (a)

  17,745   549,208
Radware Ltd. (a)

  12,270   237,915
Viasat, Inc. (a)

  12,019   495,904
          2,964,201
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.6%  
Iridium Communications, Inc.

  8,495   527,709
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 7.4%  
908 Devices, Inc. (a)

  18,551   127,260
Amphenol Corp. Class A

  5,777   490,756
MicroVision, Inc. (a)  (b)

  60,124   275,368
Mirion Technologies, Inc. (a)  (b)

  54,507   460,584
OSI Systems, Inc. (a)

  4,326   509,733
Teledyne Technologies, Inc. (a)

  1,366   561,576
          2,425,277
HEALTH CARE EQUIPMENT & SUPPLIES — 1.6%  
Varex Imaging Corp. (a)

  22,317   526,012
INTERACTIVE MEDIA & SERVICES — 1.7%  
Ziff Davis, Inc. (a)

  8,106   567,906
IT SERVICES — 3.4%  
Akamai Technologies, Inc. (a)

  5,866   527,177
Security Description     Shares   Value
Cloudflare, Inc. Class A (a)

  8,677   $ 567,216
          1,094,393
LIFE SCIENCES TOOLS & SERVICES — 1.6%  
Bruker Corp.

  7,207   532,742
PROFESSIONAL SERVICES — 6.1%  
ASGN, Inc. (a)

  7,403   559,889
KBR, Inc.

  7,320   476,239
Leidos Holdings, Inc.

  6,583   582,464
Planet Labs PBC (a)  (b)

  111,835   360,109
          1,978,701
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.3%  
Broadcom, Inc.

  686   595,057
eMagin Corp. (a)

  85,923   170,128
          765,185
SOFTWARE — 30.9%  
A10 Networks, Inc.

  37,534   547,621
BlackBerry Ltd. (a)  (b)

  105,142   581,435
Check Point Software Technologies Ltd. (a)

  4,396   552,226
Crowdstrike Holdings, Inc. Class A (a)

  3,652   536,369
CyberArk Software Ltd. (a)

  3,623   566,384
Datadog, Inc. Class A (a)

  5,819   572,473
ForgeRock, Inc. Class A (a)  (b)

  27,575   566,390
Fortinet, Inc. (a)

  8,120   613,791
N-able, Inc. (a)

  37,329   537,911
OneSpan, Inc. (a)

  28,333   420,462
Palo Alto Networks, Inc. (a)

  2,520   643,885
Qualys, Inc. (a)

  4,300   555,431
Rapid7, Inc. (a)

  11,505   520,946
SentinelOne, Inc. Class A (a)  (b)

  39,811   601,146
Tenable Holdings, Inc. (a)

  13,709   597,027
Varonis Systems, Inc. (a)

  20,981   559,144
VMware, Inc. Class A (a)

  4,119   591,859
Zscaler, Inc. (a)

  3,757   549,649
          10,114,149
TOTAL COMMON STOCKS

(Cost $30,680,379)

        32,662,628
SHORT-TERM INVESTMENTS — 7.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

  58,231   58,242
State Street Navigator Securities Lending Portfolio II (e)  (f)

  2,266,047   2,266,047
TOTAL SHORT-TERM INVESTMENTS

(Cost $2,324,288)

  2,324,289  
TOTAL INVESTMENTS — 106.9%

(Cost $33,004,667)

  34,986,917  
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.9)%

  (2,268,338)  
NET ASSETS — 100.0%

  $ 32,718,579  
    
 
See accompanying notes to financial statements.
164


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO FUTURE SECURITY ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $32,662,628   $—   $—   $32,662,628
Short-Term Investments

  2,324,289       2,324,289
TOTAL INVESTMENTS

  $34,986,917   $—   $—   $34,986,917
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

29,481   $ 29,478   $ 1,282,541   $ 1,253,791   $13   $ 1   58,231   $ 58,242   $ 1,229
State Street Navigator Securities Lending Portfolio II

304,673   304,673   19,885,741   17,924,367       2,266,047   2,266,047   9,680
Total

    $334,151   $21,168,282   $19,178,158   $13   $ 1       $2,324,289   $10,909
See accompanying notes to financial statements.
165


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO INTELLIGENT STRUCTURES ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.7%   
AEROSPACE & DEFENSE — 2.6%  
Parsons Corp. (a)

  12,900   $ 621,006
BUILDING PRODUCTS — 9.9%  
Carrier Global Corp.

  13,192   655,774
Johnson Controls International PLC

  9,424   642,151
Masonite International Corp. (a)

  3,995   409,248
Resideo Technologies, Inc. (a)

  34,042   601,182
          2,308,355
COMMERCIAL SERVICES & SUPPLIES — 2.7%  
Tetra Tech, Inc.

  3,876   634,656
DIVERSIFIED CONSUMER SERVICES — 2.5%  
ADT, Inc.

  95,938   578,506
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.7%  
BCE, Inc. (b)

  8,708   396,998
ELECTRIC UTILITIES — 0.5%  
Korea Electric Power Corp. ADR (a)

  14,007   108,554
ELECTRICAL EQUIPMENT — 22.5%  
Acuity Brands, Inc.

  3,642   593,937
AMETEK, Inc.

  2,643   427,849
Blink Charging Co. (a)  (b)

  90,455   541,826
Bloom Energy Corp. Class A (a)  (b)

  38,120   623,262
ChargePoint Holdings, Inc. (a)  (b)

  61,506   540,638
Emerson Electric Co.

  4,742   428,629
Generac Holdings, Inc. (a)

  5,088   758,774
Shoals Technologies Group, Inc. Class A (a)

  24,949   637,696
Stem, Inc. (a)  (b)

  100,927   577,302
Wallbox NV (a)  (b)

  38,346   135,745
          5,265,658
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 9.2%  
Badger Meter, Inc.

  3,990   588,764
Itron, Inc. (a)

  8,211   592,013
Luna Innovations, Inc. (a)

  10,517   95,915
MicroVision, Inc. (a)  (b)

  52,774   241,705
SmartRent, Inc. (a)

  51,123   195,801
TE Connectivity Ltd.

  3,109   435,758
          2,149,956
ENTERTAINMENT — 1.6%  
Roku, Inc. (a)

  5,872   375,573
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 2.4%  
Atlantica Sustainable Infrastructure PLC

  24,235   568,068
INDUSTRIAL CONGLOMERATES — 2.7%  
Honeywell International, Inc.

  3,032   629,140
INTERACTIVE MEDIA & SERVICES — 1.8%  
Baidu, Inc. ADR (a)  (b)

  3,008   411,825
Security Description     Shares   Value
MACHINERY — 12.5%  
Chart Industries, Inc. (a)  (b)

  3,005   $ 480,169
Energy Recovery, Inc. (a)

  17,812   497,845
Mueller Water Products, Inc. Class A

  25,825   419,140
Pentair PLC

  9,894   639,153
Proterra, Inc. (a)  (b)

  209,185   251,022
Xylem, Inc.

  5,618   632,699
          2,920,028
OIL, GAS & CONSUMABLE FUELS — 5.1%  
BP PLC ADR

  11,188   394,824
Shell PLC ADR

  6,865   414,509
Suncor Energy, Inc.

  13,190   386,731
          1,196,064
PROFESSIONAL SERVICES — 1.9%  
NV5 Global, Inc. (a)

  3,983   441,197
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 8.1%  
ON Semiconductor Corp. (a)

  4,477   423,434
QUALCOMM, Inc.

  3,468   412,831
Silicon Laboratories, Inc. (a)

  3,881   612,189
STMicroelectronics NV

  8,731   436,463
          1,884,917
SOFTWARE — 4.4%  
Alarm.com Holdings, Inc. (a)

  11,548   596,801
Roper Technologies, Inc.

  886   425,989
          1,022,790
SPECIALTY RETAIL — 2.3%  
EVgo, Inc. (a)  (b)

  137,965   551,860
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.6%  
Logitech International SA (b)

  6,348   377,071
TRADING COMPANIES & DISTRIBUTORS — 1.9%  
Core & Main, Inc. Class A (a)

  13,891   435,344
WIRELESS TELECOMMUNICATION SERVICES — 1.8%  
Rogers Communications, Inc. Class B

  9,098   415,233
TOTAL COMMON STOCKS

(Cost $27,212,868)

        23,292,799
SHORT-TERM INVESTMENTS — 9.5%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

  42,700   42,709
 
See accompanying notes to financial statements.
166


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO INTELLIGENT STRUCTURES ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (e)  (f)

  2,190,208   $ 2,190,208
TOTAL SHORT-TERM INVESTMENTS

(Cost $2,232,917)

  2,232,917  
TOTAL INVESTMENTS — 109.2%

(Cost $29,445,785)

  25,525,716  
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.2)%

  (2,159,687)  
NET ASSETS — 100.0%

  $ 23,366,029  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $23,292,799   $—   $—   $23,292,799
Short-Term Investments

  2,232,917       2,232,917
TOTAL INVESTMENTS

  $25,525,716   $—   $—   $25,525,716
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

51,975   $ 51,970   $ 1,055,777   $ 1,065,059   $18   $ 3   42,700   $ 42,709   $ 2,128
State Street Navigator Securities Lending Portfolio II

2,935,798   2,935,798   19,278,779   20,024,369       2,190,208   2,190,208   266,939
Total

    $2,987,768   $20,334,556   $21,089,428   $18   $ 3       $2,232,917   $269,067
See accompanying notes to financial statements.
167


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 8.6%  
Aerojet Rocketdyne Holdings, Inc. (a)

  65,199   $ 3,577,469
AeroVironment, Inc. (a)

  74,025   7,571,277
Boeing Co. (a)

  39,698   8,382,630
BWX Technologies, Inc.

  34,240   2,450,557
Ducommun, Inc. (a)

  49,412   2,152,881
EHang Holdings Ltd. ADR (a)  (b)

  943,405   14,311,454
Elbit Systems Ltd. (b)

  91,899   19,203,215
Embraer SA ADR (a)  (b)

  681,830   10,541,092
General Dynamics Corp.

  11,036   2,374,395
HEICO Corp.

  35,883   6,349,138
Hexcel Corp.

  47,370   3,601,067
Huntington Ingalls Industries, Inc.

  13,696   3,117,210
Kaman Corp.

  93,184   2,267,167
Kratos Defense & Security Solutions, Inc. (a)

  460,905   6,609,378
L3Harris Technologies, Inc.

  32,990   6,458,452
Leonardo DRS, Inc. (a)  (b)

  282,964   4,906,596
Lockheed Martin Corp.

  27,044   12,450,517
Mercury Systems, Inc. (a)

  67,396   2,331,228
Moog, Inc. Class A

  35,515   3,850,891
Northrop Grumman Corp.

  19,161   8,733,584
Parsons Corp. (a)

  124,002   5,969,456
Raytheon Technologies Corp.

  35,475   3,475,131
Rocket Lab USA, Inc. (a)  (b)

  791,701   4,750,206
Textron, Inc.

  68,258   4,616,288
TransDigm Group, Inc.

  2,870   2,566,268
Virgin Galactic Holdings, Inc. (a)  (b)

  728,640   2,827,123
          155,444,670
AUTOMOBILE COMPONENTS — 0.9%  
American Axle & Manufacturing Holdings, Inc. (a)

  51,581   426,575
Aptiv PLC (a)

  19,313   1,971,664
BorgWarner, Inc.

  8,983   439,359
Dana, Inc.

  26,487   450,279
Garrett Motion, Inc. (a)

  41,233   312,134
Gentherm, Inc. (a)

  6,683   377,656
Lear Corp.

  3,025   434,239
Luminar Technologies, Inc. (a)  (b)

  339,758   2,337,535
Mobileye Global, Inc. Class A (a)

  50,613   1,944,552
Modine Manufacturing Co. (a)

  12,271   405,188
Visteon Corp. (a)

  50,563   7,261,352
          16,360,533
AUTOMOBILES — 2.1%  
Fisker, Inc. (a)  (b)

  68,557   386,661
Ford Motor Co.

  179,859   2,721,267
General Motors Co.

  65,484   2,525,063
Honda Motor Co. Ltd. ADR (b)

  14,806   448,770
Security Description     Shares   Value
Li Auto, Inc. ADR (a)  (b)

  58,981   $ 2,070,233
Lucid Group, Inc. (a)  (b)

  308,487   2,125,475
Mullen Automotive, Inc. (a)  (b)

  424,004   45,665
NIO, Inc. ADR (a)

  289,083   2,801,214
Niu Technologies ADR (a)  (b)

  976,165   3,885,137
Polestar Automotive Holding U.K. PLC Class A, ADR (a)  (b)

  108,427   414,191
Rivian Automotive, Inc. Class A (a)  (b)

  137,609   2,292,566
Stellantis NV (b)

  225,603   3,957,077
Tata Motors Ltd. ADR (a)

  56   2,032
Tesla, Inc. (a)

  19,569   5,122,577
Toyota Motor Corp. ADR (b)

  11,129   1,788,987
Workhorse Group, Inc. (a)  (b)

  4,906,248   4,276,286
XPeng, Inc. ADR (a)

  221,160   2,967,967
          37,831,168
BANKS — 1.6%  
Banco BBVA Argentina SA ADR (b)

  343,003   2,102,608
Banco Santander Brasil SA ADR

  281,017   1,787,268
Banco Santander SA ADR (b)

  3,257,823   12,086,523
Grupo Financiero Galicia SA ADR (a)  (b)

  129,529   2,227,899
ICICI Bank Ltd. ADR

  79,967   1,845,638
ING Groep NV ADR

  148,252   1,996,955
Intercorp Financial Services, Inc. (b)

  54,459   1,352,762
NU Holdings Ltd. Class A (a)

  356,672   2,814,142
Toronto-Dominion Bank (b)

  32,446   2,011,977
          28,225,772
BIOTECHNOLOGY — 1.8%  
2seventy bio, Inc. (a)

  65,736   665,248
4D Molecular Therapeutics, Inc. (a)

  42,511   768,174
Allogene Therapeutics, Inc. (a)

  112,962   561,421
Alnylam Pharmaceuticals, Inc. (a)

  3,880   736,967
Amicus Therapeutics, Inc. (a)

  57,331   720,077
Arcturus Therapeutics Holdings, Inc. (a)

  27,445   787,123
Arrowhead Pharmaceuticals, Inc. (a)

  19,878   708,849
Avidity Biosciences, Inc. (a)

  63,252   701,465
Beam Therapeutics, Inc. (a)

  20,505   654,725
Biogen, Inc. (a)

  2,348   668,828
BioMarin Pharmaceutical, Inc. (a)

  5,818   504,304
BioNTech SE ADR (a)

  6,869   741,371
Bluebird Bio, Inc. (a)  (b)

  183,897   605,021
Bridgebio Pharma, Inc. (a)

  33,575   577,490
CareDx, Inc. (a)

  161,135   1,369,647
CRISPR Therapeutics AG (a)  (b)

  12,490   701,189
CureVac NV (a)  (b)

  82,036   854,815
 
See accompanying notes to financial statements.
168


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Editas Medicine, Inc. (a)

  71,476   $ 588,247
Fate Therapeutics, Inc. (a)

  141,598   674,006
Grifols SA ADR (a)

  224,675   2,058,023
Ideaya Biosciences, Inc. (a)

  23,042   541,487
Intellia Therapeutics, Inc. (a)

  15,560   634,537
Ionis Pharmaceuticals, Inc. (a)

  14,369   589,560
Iovance Biotherapeutics, Inc. (a)

  110,021   774,548
Krystal Biotech, Inc. (a)

  7,331   860,659
Legend Biotech Corp. ADR (a)  (b)

  10,343   713,977
Merus NV (a)  (b)

  34,431   906,568
Moderna, Inc. (a)

  6,117   743,216
Natera, Inc. (a)

  24,378   1,186,233
Novavax, Inc. (a)  (b)

  112,110   832,977
Recursion Pharmaceuticals, Inc. Class A (a)

  83,751   625,620
Regeneron Pharmaceuticals, Inc. (a)

  685   492,200
REGENXBIO, Inc. (a)

  32,325   646,177
Rocket Pharmaceuticals, Inc. (a)

  31,388   623,680
Roivant Sciences Ltd. (a)

  55,720   561,658
Sarepta Therapeutics, Inc. (a)

  4,913   562,637
Seagen, Inc. (a)

  2,867   551,783
Twist Bioscience Corp. (a)  (b)

  53,234   1,089,168
Ultragenyx Pharmaceutical, Inc. (a)

  14,549   671,145
uniQure NV (a)

  33,970   389,296
Vertex Pharmaceuticals, Inc. (a)

  1,580   556,018
Verve Therapeutics, Inc. (a)

  40,010   750,188
Vir Biotechnology, Inc. (a)

  30,996   760,332
Xencor, Inc. (a)

  27,933   697,487
          32,408,141
BROADLINE RETAIL — 0.7%  
Alibaba Group Holding Ltd. ADR (a)

  74,503   6,209,825
Jumia Technologies AG ADR (a)

  704,148   2,408,186
MercadoLibre, Inc. (a)

  3,602   4,266,929
          12,884,940
BUILDING PRODUCTS — 0.9%  
Carrier Global Corp.

  89,240   4,436,120
Johnson Controls International PLC

  64,287   4,380,516
Masonite International Corp. (a)

  25,006   2,561,615
Resideo Technologies, Inc. (a)

  236,689   4,179,928
          15,558,179
CAPITAL MARKETS — 1.8%  
BlackRock, Inc.

  2,893   1,999,468
Charles Schwab Corp.

  37,262   2,112,010
Coinbase Global, Inc. Class A (a)

  322,881   23,102,136
Open Lending Corp. Class A (a)

  364,463   3,830,506
Robinhood Markets, Inc. Class A (a)

  227,692   2,272,366
          33,316,486
Security Description     Shares   Value
CHEMICALS — 0.5%  
American Vanguard Corp.

  29,102   $ 520,053
Aspen Aerogels, Inc. (a)  (b)

  44,814   353,582
Cabot Corp.

  23,876   1,597,066
Corteva, Inc.

  12,361   708,285
FMC Corp.

  9,996   1,042,983
Ginkgo Bioworks Holdings, Inc. (a)

  529,593   985,043
ICL Group Ltd. (b)

  101,357   555,436
Mosaic Co.

  16,085   562,975
Nutrien Ltd.

  16,774   990,505
Scotts Miracle-Gro Co. (b)

  9,202   576,873
Sociedad Quimica y Minera de Chile SA ADR

  8,293   602,238
          8,495,039
COMMERCIAL SERVICES & SUPPLIES — 0.7%  
Aurora Innovation, Inc. (a)  (b)

  822,187   2,417,230
Deluxe Corp.

  148,390   2,593,857
Matthews International Corp. Class A

  7,402   315,473
MSA Safety, Inc.

  40,110   6,977,536
Tetra Tech, Inc.

  6,818   1,116,379
          13,420,475
COMMUNICATIONS EQUIPMENT — 1.1%  
Cisco Systems, Inc.

  119,983   6,207,920
F5, Inc. (a)

  16,918   2,474,427
Juniper Networks, Inc.

  78,641   2,463,823
NetScout Systems, Inc. (a)

  77,077   2,385,533
Radware Ltd. (a)

  103,473   2,006,341
Viasat, Inc. (a)

  125,769   5,189,229
          20,727,273
CONSTRUCTION & ENGINEERING — 0.3%  
Ameresco, Inc. Class A (a)

  20,005   972,843
Arcosa, Inc.

  16,800   1,272,936
Emeren Group Ltd. ADR (a)

  201,315   762,984
Valmont Industries, Inc.

  7,068   2,057,141
          5,065,904
CONSTRUCTION MATERIALS — 0.2%  
Cemex SAB de CV ADR (a)

  524,830   3,715,796
CONSUMER FINANCE — 1.4%  
Ally Financial, Inc.

  71,849   1,940,641
FinVolution Group ADR (b)

  545,665   2,510,059
Green Dot Corp. Class A (a)

  136,647   2,560,765
LendingClub Corp. (a)

  414,662   4,042,955
LexinFintech Holdings Ltd. ADR (a)

  282,828   647,676
Lufax Holding Ltd. ADR

  1,048,887   1,499,908
Oportun Financial Corp. (a)

  234,581   1,400,449
SoFi Technologies, Inc. (a)

  703,593   5,867,966
Upstart Holdings, Inc. (a)  (b)

  155,782   5,578,553
          26,048,972
CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.0% (c)  
Andersons, Inc.

  14,757   681,036
 
See accompanying notes to financial statements.
169


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
CONTAINERS & PACKAGING — 0.2%  
AptarGroup, Inc.

  10,616   $ 1,229,970
Ball Corp.

  41,767   2,431,257
          3,661,227
DIVERSIFIED CONSUMER SERVICES — 0.4%  
ADT, Inc. (b)

  832,926   5,022,544
Afya Ltd. Class A (a)  (b)

  101,502   1,425,088
          6,447,632
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%  
Bandwidth, Inc. Class A (a)

  269,667   3,689,044
BCE, Inc. (b)

  54,475   2,483,515
IDT Corp. Class B (a)

  50,640   1,309,044
Iridium Communications, Inc.

  99,430   6,176,592
          13,658,195
ELECTRIC UTILITIES — 0.3%  
ALLETE, Inc.

  15,185   880,274
Avangrid, Inc. (b)

  24,679   929,905
Centrais Eletricas Brasileiras SA ADR

  127,588   1,055,153
Cia Paranaense de Energia ADR

  54,373   468,155
Constellation Energy Corp.

  11,083   1,014,649
Enel Chile SA ADR

  102,425   341,075
Korea Electric Power Corp. ADR (a)

  75,369   584,110
NextEra Energy, Inc.

  13,105   972,391
          6,245,712
ELECTRICAL EQUIPMENT — 3.0%  
374Water, Inc. (a)

  57,714   137,936
Acuity Brands, Inc.

  24,889   4,058,898
Allied Motion Technologies, Inc.

  53,611   2,141,223
AMETEK, Inc.

  4,881   790,136
Array Technologies, Inc. (a)

  55,023   1,243,520
Ballard Power Systems, Inc. (a)  (b)

  375,472   1,637,058
Blink Charging Co. (a)  (b)

  834,917   5,001,153
Bloom Energy Corp. Class A (a)  (b)

  144,810   2,367,644
ChargePoint Holdings, Inc. (a)  (b)

  125,641   1,104,384
Emerson Electric Co.

  54,132   4,892,992
Energy Vault Holdings, Inc. (a)  (b)

  197,849   540,128
Eos Energy Enterprises, Inc. (a)

  464,315   2,015,127
FTC Solar, Inc. (a)  (b)

  425,105   1,368,838
FuelCell Energy, Inc. (a)  (b)

  821,146   1,773,675
Generac Holdings, Inc. (a)

  51,415   7,667,519
NEXTracker, Inc. Class A (a)

  31,308   1,246,371
Plug Power, Inc. (a)  (b)

  193,236   2,007,722
Rockwell Automation, Inc.

  14,195   4,676,543
Sensata Technologies Holding PLC

  7,039   316,685
Shoals Technologies Group, Inc. Class A (a)

  100,090   2,558,300
Security Description     Shares   Value
Stem, Inc. (a)  (b)

  227,890   $ 1,303,531
SunPower Corp. (a)  (b)

  128,286   1,257,203
Sunrun, Inc. (a)

  81,145   1,449,250
TPI Composites, Inc. (a)  (b)

  114,692   1,189,356
Wallbox NV (a)  (b)

  239,059   846,269
          53,591,461
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 6.6%  
908 Devices, Inc. (a)

  214,490   1,471,401
Aeva Technologies, Inc. (a)  (b)

  757,286   946,608
Amphenol Corp. Class A

  31,082   2,640,416
Badger Meter, Inc.

  7,291   1,075,860
Cognex Corp.

  80,426   4,505,465
Coherent Corp. (a)  (b)

  76,331   3,891,354
Corning, Inc.

  30,808   1,079,512
FARO Technologies, Inc. (a)

  525,720   8,516,664
Hollysys Automation Technologies Ltd. (a)

  104,121   1,831,488
Innoviz Technologies Ltd. (a)  (b)

  818,863   2,325,571
IPG Photonics Corp. (a)

  19,317   2,623,635
Itron, Inc. (a)

  15,430   1,112,503
Lightwave Logic, Inc. (a)  (b)

  174,943   1,219,353
Luna Innovations, Inc. (a)

  89,922   820,089
MicroVision, Inc. (a)  (b)

  2,096,998   9,604,251
Mirion Technologies, Inc. (a)  (b)

  1,117,208   9,440,408
National Instruments Corp.

  24,178   1,387,817
Novanta, Inc. (a)

  12,924   2,379,308
OSI Systems, Inc. (a)

  72,748   8,571,897
Sanmina Corp. (a)

  47,054   2,835,945
SmartRent, Inc. (a)

  843,817   3,231,819
TE Connectivity Ltd.

  21,013   2,945,182
Teledyne Technologies, Inc. (a)

  52,756   21,688,519
Tingo Group, Inc. (a)  (b)

  938,832   1,135,987
Trimble, Inc. (a)

  138,676   7,341,507
TTM Technologies, Inc. (a)

  199,806   2,777,303
Vontier Corp.

  227,784   7,336,923
Zebra Technologies Corp. Class A (a)

  15,622   4,621,456
          119,358,241
ENERGY EQUIPMENT & SERVICES — 0.7%  
Forum Energy Technologies, Inc. (a)

  58,414   1,494,814
Oceaneering International, Inc. (a)

  434,980   8,134,126
TechnipFMC PLC (a)

  186,709   3,103,104
          12,732,044
ENTERTAINMENT — 2.9%  
Activision Blizzard, Inc. (a)

  55,979   4,719,030
Bilibili, Inc. ADR (a)  (b)

  314,926   4,755,383
DouYu International Holdings Ltd. ADR (a)

  1,427,430   1,498,801
Electronic Arts, Inc.

  48,348   6,270,735
Gravity Co. Ltd. ADR (a)  (b)

  26,607   1,867,545
NetEase, Inc. ADR (b)

  81,922   7,921,038
ROBLOX Corp. Class A (a)

  165,845   6,683,553
 
See accompanying notes to financial statements.
170


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Roku, Inc. (a)

  40,610   $ 2,597,416
Sea Ltd. ADR (a)

  24,853   1,442,468
Skillz, Inc. (a)  (b)

  330,536   3,007,877
Take-Two Interactive Software, Inc. (a)

  35,479   5,221,090
Tencent Music Entertainment Group ADR (a)

  774,076   5,712,681
          51,697,617
FINANCIAL SERVICES — 2.9%  
Block, Inc. (a)

  39,617   2,637,304
Dlocal Ltd. (a)  (b)

  200,317   2,444,869
Fidelity National Information Services, Inc.

  44,428   2,430,212
Fiserv, Inc. (a)

  20,659   2,606,133
Flywire Corp. (a)

  78,645   2,441,141
Global Payments, Inc.

  23,986   2,363,101
I3 Verticals, Inc. Class A (a)

  102,962   2,353,711
Marqeta, Inc. Class A (a)

  568,057   2,766,438
Mastercard, Inc. Class A

  9,826   3,864,566
Nuvei Corp. (a)  (b)

  81,005   2,394,508
Pagseguro Digital Ltd. Class A (a)  (b)

  199,672   1,884,904
Payoneer Global, Inc. (a)

  376,352   1,810,253
PayPal Holdings, Inc. (a)

  40,515   2,703,566
Paysafe Ltd. (a)

  520,458   5,251,421
Repay Holdings Corp. (a)

  326,770   2,558,609
Rocket Cos., Inc. Class A (a)

  431,889   3,869,725
Shift4 Payments, Inc. Class A (a)  (b)

  36,331   2,467,238
StoneCo Ltd. Class A (a)

  147,967   1,885,099
Visa, Inc. Class A

  19,215   4,563,178
          53,295,976
FOOD PRODUCTS — 0.2%  
Beyond Meat, Inc. (a)  (b)

  102,921   1,335,915
BRF SA ADR (a)  (b)

  355,040   674,576
Darling Ingredients, Inc. (a)

  9,828   626,928
Ingredion, Inc.

  5,723   606,352
          3,243,771
GAS UTILITIES — 0.0% (c)  
New Jersey Resources Corp.

  19,132   903,030
GROUND TRANSPORTATION — 2.3%  
Avis Budget Group, Inc. (a)

  35,244   8,059,246
Grab Holdings Ltd. Class A (a)  (b)

  2,514,917   8,626,165
Hertz Global Holdings, Inc. (a)

  247,183   4,545,695
Lyft, Inc. Class A (a)

  651,960   6,252,296
Ryder System, Inc.

  49,212   4,172,686
TuSimple Holdings, Inc. Class A (a)

  1,590,536   2,640,290
Uber Technologies, Inc. (a)

  165,436   7,141,872
          41,438,250
HEALTH CARE EQUIPMENT & SUPPLIES — 7.6%  
Abbott Laboratories

  55,076   6,004,386
Accuray, Inc. (a)

  286,771   1,109,804
Security Description     Shares   Value
AngioDynamics, Inc. (a)

  101,977   $ 1,063,620
Boston Scientific Corp. (a)

  116,268   6,288,936
Butterfly Network, Inc. (a)  (b)

  1,196,958   2,753,003
CONMED Corp.

  17,737   2,410,281
CVRx, Inc. (a)

  330,682   5,105,730
DENTSPLY SIRONA, Inc.

  89,122   3,566,662
Dexcom, Inc. (a)

  101,878   13,092,342
Globus Medical, Inc. Class A (a)

  62,218   3,704,460
Inspire Medical Systems, Inc. (a)

  42,811   13,898,163
Intuitive Surgical, Inc. (a)

  15,658   5,354,097
iRhythm Technologies, Inc. (a)

  130,125   13,574,640
Koninklijke Philips NV (a)  (b)

  63,087   1,368,357
Masimo Corp. (a)

  84,693   13,936,233
Medtronic PLC

  107,180   9,442,558
Omnicell, Inc. (a)

  75,442   5,557,812
Paragon 28, Inc. (a)

  201,859   3,580,979
Penumbra, Inc. (a)

  16,112   5,543,495
PROCEPT BioRobotics Corp. (a)

  107,821   3,811,472
ResMed, Inc.

  9,208   2,011,948
Sight Sciences, Inc. (a)  (b)

  188,212   1,558,395
Smith & Nephew PLC ADR (b)

  69,364   2,236,989
Stryker Corp.

  12,586   3,839,863
Varex Imaging Corp. (a)

  202,834   4,780,797
Zimmer Biomet Holdings, Inc.

  15,804   2,301,062
          137,896,084
HEALTH CARE PROVIDERS & SERVICES — 1.3%  
23andMe Holding Co. Class A (a)

  643,759   1,126,578
Apollo Medical Holdings, Inc. (a)

  36,682   1,159,151
Cigna Group

  4,834   1,356,421
CorVel Corp. (a)

  5,999   1,160,807
DocGo, Inc. (a)  (b)

  218,055   2,043,176
HealthEquity, Inc. (a)

  30,001   1,894,263
Hims & Hers Health, Inc. (a)

  210,793   1,981,454
Invitae Corp. (a)  (b)

  1,756,539   1,984,889
McKesson Corp.

  5,643   2,411,310
ModivCare, Inc. (a)

  36,130   1,633,437
OmniAb, Inc. (a)  (d)

  4,014  
Pediatrix Medical Group, Inc. (a)

  88,995   1,264,619
Premier, Inc. Class A

  47,073   1,302,039
Privia Health Group, Inc. (a)

  82,156   2,145,093
Quest Diagnostics, Inc.

  9,736   1,368,492
UnitedHealth Group, Inc.

  2,701   1,298,209
          24,129,938
HEALTH CARE TECHNOLOGY — 1.1%  
American Well Corp. Class A (a)

  818,409   1,718,659
Computer Programs & Systems, Inc. (a)

  49,812   1,229,858
Doximity, Inc. Class A (a)  (b)

  38,109   1,296,468
Evolent Health, Inc. Class A (a)

  35,484   1,075,165
GoodRx Holdings, Inc. Class A (a)

  416,886   2,301,211
Health Catalyst, Inc. (a)

  186,275   2,328,438
 
See accompanying notes to financial statements.
171


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
NextGen Healthcare, Inc. (a)

  124,569   $ 2,020,509
OptimizeRx Corp. (a)

  170,778   2,440,418
Sharecare, Inc. (a)  (b)

  804,647   1,408,132
Teladoc Health, Inc. (a)  (b)

  81,937   2,074,645
Veradigm, Inc. (a)

  103,362   1,302,361
          19,195,864
HOUSEHOLD DURABLES — 1.8%  
Garmin Ltd.

  119,586   12,471,624
iRobot Corp. (a)

  101,240   4,581,110
Sony Group Corp. ADR (b)

  43,768   3,940,871
Universal Electronics, Inc. (a)

  177,481   1,707,367
Vuzix Corp. (a)  (b)

  2,034,818   10,377,572
          33,078,544
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.5%  
AES Corp.

  45,138   935,711
Altus Power, Inc. (a)

  189,412   1,022,825
Atlantica Sustainable Infrastructure PLC

  79,832   1,871,262
Enlight Renewable Energy Ltd. (a)

  15,694   278,568
Montauk Renewables, Inc. (a)  (b)

  54,426   404,929
Ormat Technologies, Inc.

  26,567   2,137,581
ReNew Energy Global PLC Class A (a)  (b)

  158,939   870,986
Sunnova Energy International, Inc. (a)  (b)

  89,468   1,638,159
TransAlta Corp.

  52,723   493,487
          9,653,508
INDUSTRIAL CONGLOMERATES — 0.6%  
General Electric Co.

  11,971   1,315,014
Honeywell International, Inc.

  42,352   8,788,040
          10,103,054
INSURANCE — 0.4%  
Allstate Corp.

  16,706   1,821,622
Oscar Health, Inc. Class A (a)

  242,003   1,950,544
Progressive Corp.

  14,748   1,952,193
Sun Life Financial, Inc.

  25,059   1,306,075
          7,030,434
INTERACTIVE MEDIA & SERVICES — 5.6%  
Alphabet, Inc. Class C (a)

  59,218   7,163,602
Baidu, Inc. ADR (a)

  59,560   8,154,360
Bumble, Inc. Class A (a)

  303,144   5,086,756
Grindr, Inc. (a)

  269,767   1,491,812
Hello Group, Inc. ADR

  661,298   6,355,074
JOYY, Inc. ADR

  182,045   5,590,602
Match Group, Inc. (a)

  161,346   6,752,330
Meta Platforms, Inc. Class A (a)

  69,953   20,075,112
Rumble, Inc. (a)  (b)

  628,055   5,602,251
Snap, Inc. Class A (a)

  1,799,791   21,309,525
Vimeo, Inc. (a)

  1,483,403   6,111,620
Weibo Corp. ADR

  368,021   4,824,755
Security Description     Shares   Value
Yandex NV Class A (a)  (d)

  180,377   $
Ziff Davis, Inc. (a)

  30,321   2,124,289
          100,642,088
IT SERVICES — 0.9%  
Akamai Technologies, Inc. (a)

  26,265   2,360,435
Cloudflare, Inc. Class A (a)

  50,645   3,310,664
Globant SA (a)

  18,164   3,264,434
Shopify, Inc. Class A (a)

  40,711   2,629,931
Twilio, Inc. Class A (a)

  73,668   4,686,758
          16,252,222
LIFE SCIENCES TOOLS & SERVICES — 2.2%  
AbCellera Biologics, Inc. (a)

  90,900   587,214
Agilent Technologies, Inc.

  17,102   2,056,516
Azenta, Inc. (a)

  12,265   572,530
Bionano Genomics, Inc. (a)  (b)

  2,577,376   1,572,199
Bio-Techne Corp.

  6,611   539,656
Bruker Corp.

  213,433   15,776,967
Charles River Laboratories International, Inc. (a)

  13,351   2,807,048
Danaher Corp.

  6,767   1,624,080
Maravai LifeSciences Holdings, Inc. Class A (a)

  52,430   651,705
Mettler-Toledo International, Inc. (a)

  1,537   2,015,991
OmniAb, Inc. (a)

  188,646   948,889
Revvity, Inc.

  18,774   2,230,163
Seer, Inc. (a)

  139,541   595,840
Stevanato Group SpA

  213,562   6,915,138
Thermo Fisher Scientific, Inc.

  1,900   991,325
          39,885,261
MACHINERY — 3.7%  
3D Systems Corp. (a)

  950,887   9,442,308
AGCO Corp.

  9,211   1,210,510
Allison Transmission Holdings, Inc.

  7,887   445,300
Barnes Group, Inc.

  81,661   3,445,278
Blue Bird Corp. (a)

  18,905   424,984
Chart Industries, Inc. (a)  (b)

  4,989   797,192
CNH Industrial NV

  43,803   630,763
Cummins, Inc.

  7,110   1,743,088
Deere & Co.

  2,839   1,150,334
Desktop Metal, Inc. Class A (a)  (b)

  2,814,475   4,981,621
Dover Corp.

  15,514   2,290,642
Energy Recovery, Inc. (a)

  40,717   1,138,040
ESCO Technologies, Inc.

  34,255   3,549,846
Hyliion Holdings Corp. (a)  (b)

  202,561   338,277
Hyster-Yale Materials Handling, Inc.

  26,396   1,473,953
Ingersoll Rand, Inc.

  9,924   648,633
John Bean Technologies Corp.

  30,892   3,747,200
Lincoln Electric Holdings, Inc.

  11,711   2,326,156
Lindsay Corp.

  9,111   1,087,307
Lion Electric Co. (a)  (b)

  136,416   252,370
Luxfer Holdings PLC

  17,692   251,757
 
See accompanying notes to financial statements.
172


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Microvast Holdings, Inc. (a)  (b)

  173,097   $ 276,955
Mueller Water Products, Inc. Class A

  47,591   772,402
Nikola Corp. (a)  (b)

  552,488   762,433
PACCAR, Inc.

  57,190   4,783,943
Pentair PLC

  17,448   1,127,141
Proterra, Inc. (a)  (b)

  917,237   1,100,684
Proto Labs, Inc. (a)

  150,338   5,255,816
REV Group, Inc.

  25,206   334,232
SPX Technologies, Inc. (a)

  25,287   2,148,636
Standex International Corp.

  16,633   2,353,070
Symbotic, Inc. (a)

  102,125   4,371,971
Xylem, Inc.

  19,703   2,218,952
          66,881,794
METALS & MINING — 0.9%  
ArcelorMittal SA (b)

  10,421   284,910
ATI, Inc. (a)

  94,150   4,164,254
Carpenter Technology Corp.

  103,021   5,782,569
Kaiser Aluminum Corp.

  52,084   3,731,298
POSCO Holdings, Inc. ADR

  30,808   2,278,252
          16,241,283
MULTI-UTILITIES — 0.1%  
Algonquin Power & Utilities Corp. (b)

  112,239   927,094
Consolidated Edison, Inc.

  10,348   935,459
          1,862,553
OIL, GAS & CONSUMABLE FUELS — 0.3%  
BP PLC ADR

  18,713   660,382
Enbridge, Inc.

  24,639   915,339
Shell PLC ADR

  11,478   693,041
Suncor Energy, Inc.

  23,040   675,533
Ultrapar Participacoes SA ADR (b)

  687,130   2,700,421
          5,644,716
PASSENGER AIRLINES — 0.2%  
Blade Air Mobility, Inc. (a)  (b)

  951,730   3,749,816
PHARMACEUTICALS — 0.7%  
ATAI Life Sciences NV (a)  (b)

  662,376   1,139,287
Bristol-Myers Squibb Co.

  8,326   532,448
Catalent, Inc. (a)

  19,146   830,170
Liquidia Corp. (a)

  147,960   1,161,486
Novartis AG ADR

  5,416   546,529
Pacira BioSciences, Inc. (a)

  13,860   555,370
Sanofi ADR

  10,152   547,193
scPharmaceuticals, Inc. (a)  (b)

  541,733   5,520,259
Zoetis, Inc.

  6,458   1,112,132
          11,944,874
PROFESSIONAL SERVICES — 1.5%  
ASGN, Inc. (a)

  31,426   2,376,748
ExlService Holdings, Inc. (a)

  8,199   1,238,541
KBR, Inc.

  39,192   2,549,831
Leidos Holdings, Inc.

  204,533   18,097,080
NV5 Global, Inc. (a)

  7,057   781,704
Security Description     Shares   Value
Planet Labs PBC (a)  (b)

  833,762   $ 2,684,714
          27,728,618
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 6.6%  
Advanced Micro Devices, Inc. (a)

  73,571   8,380,473
Allegro MicroSystems, Inc. (a)

  114,505   5,168,756
Ambarella, Inc. (a)

  159,396   13,336,663
Analog Devices, Inc.

  13,247   2,580,648
Applied Materials, Inc.

  27,930   4,037,002
Broadcom, Inc.

  3,621   3,140,964
Canadian Solar, Inc. (a)  (b)

  34,375   1,329,969
Daqo New Energy Corp. ADR (a)

  31,013   1,231,216
eMagin Corp. (a)

  796,797   1,577,658
Enphase Energy, Inc. (a)

  9,386   1,571,967
First Solar, Inc. (a)

  6,744   1,281,967
Himax Technologies, Inc. ADR (b)

  1,023,615   6,909,401
indie Semiconductor, Inc. Class A (a)

  240,907   2,264,526
Intel Corp.

  46,994   1,571,479
JinkoSolar Holding Co. Ltd. ADR (a)  (b)

  30,418   1,349,951
KLA Corp.

  2,327   1,128,642
Maxeon Solar Technologies Ltd. (a)

  51,627   1,453,816
Micron Technology, Inc.

  77,736   4,905,919
NVE Corp.

  11,991   1,168,403
NVIDIA Corp.

  23,770   10,055,185
NXP Semiconductors NV

  18,186   3,722,311
ON Semiconductor Corp. (a)

  57,545   5,442,606
QUALCOMM, Inc.

  25,298   3,011,474
Silicon Laboratories, Inc. (a)

  27,835   4,390,693
SolarEdge Technologies, Inc. (a)

  5,285   1,421,929
STMicroelectronics NV

  208,487   10,422,265
Synaptics, Inc. (a)

  65,977   5,633,116
Teradyne, Inc.

  35,852   3,991,403
Texas Instruments, Inc.

  1,840   331,237
Tower Semiconductor Ltd. (a)

  57,613   2,161,640
Ultra Clean Holdings, Inc. (a)

  112,989   4,345,557
          119,318,836
SOFTWARE — 16.4%  
8x8, Inc. (a)

  1,089,511   4,608,631
A10 Networks, Inc.

  162,614   2,372,538
ACI Worldwide, Inc. (a)

  99,063   2,295,290
Adobe, Inc. (a)

  6,798   3,324,154
Agilysys, Inc. (a)

  27,626   1,896,249
Alarm.com Holdings, Inc. (a)

  86,253   4,457,555
Alteryx, Inc. Class A (a)

  65,564   2,976,606
ANSYS, Inc. (a)

  20,181   6,665,179
Asana, Inc. Class A (a)

  202,913   4,472,202
Aspen Technology, Inc. (a)

  24,023   4,026,495
Atlassian Corp. Class A (a)

  25,759   4,322,618
 
See accompanying notes to financial statements.
173


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Autodesk, Inc. (a)

  20,736   $ 4,242,793
Bit Digital, Inc. (a)

  2,156,333   8,754,712
Bitfarms Ltd. (a)  (b)

  4,228,087   6,215,288
Blackbaud, Inc. (a)

  52,181   3,714,244
BlackBerry Ltd. (a)  (b)

  446,637   2,469,903
Box, Inc. Class A (a)

  121,495   3,569,523
C3.ai, Inc. Class A (a)  (b)

  223,880   8,155,948
Check Point Software Technologies Ltd. (a)

  18,803   2,362,033
Cipher Mining, Inc. (a)  (b)

  1,358,736   3,885,985
Cleanspark, Inc. (a)  (b)

  3,104,578   13,318,640
Crowdstrike Holdings, Inc. Class A (a)

  18,153   2,666,131
CyberArk Software Ltd. (a)

  16,940   2,648,230
Datadog, Inc. Class A (a)

  26,705   2,627,238
Domo, Inc. Class B (a)

  156,839   2,299,260
Dropbox, Inc. Class A (a)

  151,727   4,046,559
EngageSmart, Inc. (a)

  113,518   2,167,059
ForgeRock, Inc. Class A (a)

  113,251   2,326,176
Fortinet, Inc. (a)

  34,430   2,602,564
Hive Blockchain Technologies Ltd. (a)  (b)

  1,304,662   6,040,585
Hut 8 Mining Corp. (a)  (b)

  6,856,582   22,626,721
Lightspeed Commerce, Inc. (a)  (b)

  123,140   2,083,529
Marathon Digital Holdings, Inc. (a)  (b)

  1,334,337   18,493,911
Materialise NV ADR (a)  (b)

  112,189   969,313
Microsoft Corp.

  46,043   15,679,483
Monday.com Ltd. (a)

  27,507   4,709,749
N-able, Inc. (a)

  159,778   2,302,401
OneSpan, Inc. (a)

  511,450   7,589,906
Palo Alto Networks, Inc. (a)

  11,138   2,845,870
PTC, Inc. (a)

  138,945   19,771,873
Q2 Holdings, Inc. (a)

  206,387   6,377,358
Qualys, Inc. (a)

  19,512   2,520,365
Rapid7, Inc. (a)

  49,264   2,230,674
RingCentral, Inc. Class A (a)

  112,976   3,697,704
Riot Platforms, Inc. (a)

  1,240,028   14,657,131
Roper Technologies, Inc.

  1,539   739,951
SAP SE ADR

  17,262   2,361,614
SentinelOne, Inc. Class A (a)  (b)

  196,935   2,973,718
Tenable Holdings, Inc. (a)

  62,186   2,708,200
UiPath, Inc. Class A (a)  (b)

  164,301   2,722,468
Unity Software, Inc. (a)

  318,817   13,843,034
Varonis Systems, Inc. (a)

  95,361   2,541,371
VMware, Inc. Class A (a)

  18,915   2,717,896
Weave Communications, Inc. (a)

  195,744   2,174,716
Workiva, Inc. (a)

  36,038   3,663,623
Xperi, Inc. (a)

  140,925   1,853,164
Zoom Video Communications, Inc. Class A (a)

  52,588   3,569,673
Zscaler, Inc. (a)

  18,127   2,651,980
          296,607,784
Security Description     Shares   Value
SPECIALTY RETAIL — 0.0% (c)  
EVgo, Inc. (a)  (b)

  169,585   $ 678,340
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 3.5%  
Apple, Inc.

  83,673   16,230,052
Canaan, Inc. ADR (a)  (b)

  2,225,000   4,739,250
Eastman Kodak Co. (a)

  718,745   3,320,602
HP, Inc.

  178,475   5,480,967
Immersion Corp.

  525,279   3,718,975
Logitech International SA (b)

  42,149   2,503,651
Nano Dimension Ltd. ADR (a)  (b)

  3,082,883   8,909,532
Stratasys Ltd. (a)

  441,515   7,841,306
Xerox Holdings Corp.

  681,595   10,148,950
          62,893,285
TEXTILES, APPAREL & LUXURY GOODS — 0.1%  
Fossil Group, Inc. (a)

  595,358   1,530,070
TRADING COMPANIES & DISTRIBUTORS — 0.4%  
Applied Industrial Technologies, Inc.

  41,887   6,066,494
Core & Main, Inc. Class A (a)

  25,014   783,939
Titan Machinery, Inc. (a)

  16,162   476,779
          7,327,212
WIRELESS TELECOMMUNICATION SERVICES — 0.6%  
Rogers Communications, Inc. Class B (b)

  54,247   2,475,833
SK Telecom Co. Ltd. ADR (b)

  192,390   3,753,529
Turkcell Iletisim Hizmetleri AS ADR

  623,228   2,224,924
Vodafone Group PLC ADR

  171,915   1,624,597
          10,078,883
TOTAL COMMON STOCKS

(Cost $1,817,104,815)

        1,806,812,601
SHORT-TERM INVESTMENTS — 9.7%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (e)  (f)

  485,531   485,628
State Street Navigator Securities Lending Portfolio II (g)  (h)

  174,179,345   174,179,345
TOTAL SHORT-TERM INVESTMENTS

(Cost $174,664,973)

  174,664,973  
TOTAL INVESTMENTS — 109.5%

(Cost $1,991,769,788)

  1,981,477,574  
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.5)%

  (171,426,871)  
NET ASSETS — 100.0%

  $ 1,810,050,703  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) Amount is less than 0.05% of net assets.
 
See accompanying notes to financial statements.
174


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO NEW ECONOMIES COMPOSITE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

(d) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2023, total aggregate fair value of the securities is $0, representing 0.00% of the Fund's net assets.
(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at June 30, 2023.
(g) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(h) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $1,806,810,569   $2,032   $ 0(a)   $1,806,812,601
Short-Term Investments

  174,664,973       174,664,973
TOTAL INVESTMENTS

  $1,981,475,542   $2,032   $ 0   $1,981,477,574
(a) Fund held a Level 3 security that was valued at $0 at June 30, 2023.
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

1,155,798   $ 1,155,682   $ 66,389,982   $ 67,060,882   $757   $89   485,531   $ 485,628   $ 81,757
State Street Navigator Securities Lending Portfolio II

142,616,689   142,616,689   633,415,199   601,852,543       174,179,345   174,179,345   8,546,962
Total

    $143,772,371   $699,805,181   $668,913,425   $757   $89       $174,664,973   $8,628,719
See accompanying notes to financial statements.
175


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO SMART MOBILITY ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AEROSPACE & DEFENSE — 6.1%  
EHang Holdings Ltd. ADR (a)  (b)

  69,225   $ 1,050,143
HEICO Corp.

  3,211   568,155
Huntington Ingalls Industries, Inc.

  2,448   557,165
Kaman Corp.

  14,449   351,544
Textron, Inc.

  11,281   762,934
          3,289,941
AUTOMOBILE COMPONENTS — 14.1%  
American Axle & Manufacturing Holdings, Inc. (a)

  95,735   791,728
Aptiv PLC (a)

  7,711   787,216
BorgWarner, Inc.

  15,857   775,566
Dana, Inc.

  50,027   850,459
Garrett Motion, Inc. (a)  (b)

  32,148   243,360
Gentherm, Inc. (a)

  12,419   701,798
Lear Corp.

  5,418   777,754
Luminar Technologies, Inc. (a)  (b)

  110,434   759,786
Mobileye Global, Inc. Class A (a)  (b)

  17,030   654,293
Modine Manufacturing Co. (a)

  16,119   532,249
Visteon Corp. (a)

  5,031   722,502
          7,596,711
AUTOMOBILES — 21.4%  
Fisker, Inc. (a)  (b)

  119,916   676,326
Ford Motor Co.

  54,523   824,933
General Motors Co.

  20,458   788,860
Honda Motor Co. Ltd. ADR (b)

  24,757   750,385
Li Auto, Inc. ADR (a)

  23,293   817,584
Lucid Group, Inc. (a)  (b)

  115,785   797,759
NIO, Inc. ADR (a)

  95,470   925,104
Niu Technologies ADR (a)  (b)

  61,998   246,752
Polestar Automotive Holding U.K. PLC Class A, ADR (a)  (b)

  222,477   849,862
Rivian Automotive, Inc. Class A (a)  (b)

  53,615   893,226
Stellantis NV (b)

  32,966   578,224
Tesla, Inc. (a)

  3,300   863,841
Toyota Motor Corp. ADR (b)

  3,638   584,809
Workhorse Group, Inc. (a)

  814,849   710,222
XPeng, Inc. ADR (a)

  88,395   1,186,261
          11,494,148
CHEMICALS — 1.4%  
Aspen Aerogels, Inc. (a)

  97,115   766,237
COMMERCIAL SERVICES & SUPPLIES — 1.7%  
Aurora Innovation, Inc. (a)  (b)

  142,737   419,647
Matthews International Corp. Class A

  11,911   507,647
          927,294
ELECTRICAL EQUIPMENT — 5.1%  
Ballard Power Systems, Inc. (a)  (b)

  167,647   730,941
Blink Charging Co. (a)  (b)

  111,440   667,526
Plug Power, Inc. (a)  (b)

  77,584   806,098
Security Description     Shares   Value
Sensata Technologies Holding PLC

  11,774   $ 529,712
          2,734,277
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 7.3%  
Aeva Technologies, Inc. (a)

  131,051   163,814
Innoviz Technologies Ltd. (a)  (b)

  234,672   666,468
MicroVision, Inc. (a)  (b)

  97,201   445,181
National Instruments Corp.

  9,104   522,570
Sanmina Corp. (a)

  9,422   567,864
Trimble, Inc. (a)

  14,481   766,624
Vontier Corp.

  23,896   769,690
          3,902,211
GROUND TRANSPORTATION — 8.6%  
Avis Budget Group, Inc. (a)

  3,859   882,437
Grab Holdings Ltd. Class A (a)

  228,697   784,431
Hertz Global Holdings, Inc. (a)

  31,179   573,382
Lyft, Inc. Class A (a)

  71,945   689,953
Ryder System, Inc.

  6,242   529,259
TuSimple Holdings, Inc. Class A (a)

  221,913   368,376
Uber Technologies, Inc. (a)

  19,003   820,359
          4,648,197
INTERACTIVE MEDIA & SERVICES — 1.0%  
Baidu, Inc. ADR (a)

  3,982   545,176
Yandex NV Class A (a)  (c)

  31,237  
          545,176
MACHINERY — 13.5%  
Allison Transmission Holdings, Inc.

  14,101   796,142
Blue Bird Corp. (a)

  25,265   567,957
Cummins, Inc.

  3,268   801,183
Hyliion Holdings Corp. (a)  (b)

  213,202   356,047
Hyster-Yale Materials Handling, Inc.

  9,552   533,384
Lion Electric Co. (a)  (b)

  102,376   189,396
Luxfer Holdings PLC

  14,161   201,511
Microvast Holdings, Inc. (a)  (b)

  455,765   729,224
Nikola Corp. (a)  (b)

  1,247,887   1,722,084
PACCAR, Inc.

  6,889   576,265
Proterra, Inc. (a)  (b)

  460,224   552,269
REV Group, Inc.

  17,652   234,065
          7,259,527
METALS & MINING — 1.0%  
ArcelorMittal SA (b)

  19,710   538,871
PASSENGER AIRLINES — 0.3%  
Blade Air Mobility, Inc. (a)

  41,472   163,400
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 16.2%  
Allegro MicroSystems, Inc. (a)

  18,732   845,563
Ambarella, Inc. (a)

  9,211   770,684
Enphase Energy, Inc. (a)

  2,882   482,677
indie Semiconductor, Inc. Class A (a)

  75,080   705,752
Intel Corp.

  16,902   565,203
Maxeon Solar Technologies Ltd. (a)

  18,134   510,653
 
See accompanying notes to financial statements.
176


Table of Contents
SPDR SERIES TRUST
SPDR S&P KENSHO SMART MOBILITY ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
NVIDIA Corp.

  1,977   $ 836,311
NXP Semiconductors NV

  2,836   580,472
ON Semiconductor Corp. (a)

  8,303   785,298
QUALCOMM, Inc.

  6,433   765,784
SolarEdge Technologies, Inc. (a)

  1,810   486,981
STMicroelectronics NV

  16,192   809,438
Texas Instruments, Inc.

  3,052   549,421
          8,694,237
SOFTWARE — 2.2%  
ANSYS, Inc. (a)

  2,368   782,079
Xperi, Inc. (a)

  30,953   407,032
          1,189,111
TOTAL COMMON STOCKS

(Cost $83,211,683)

        53,749,338
SHORT-TERM INVESTMENTS — 9.0%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (d)  (e)

  22,410   22,414
State Street Navigator Securities Lending Portfolio II (f)  (g)

  4,841,313   4,841,313
TOTAL SHORT-TERM INVESTMENTS

(Cost $4,863,724)

  4,863,727  
TOTAL INVESTMENTS — 108.9%

(Cost $88,075,407)

  58,613,065  
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.9)%

  (4,776,447)  
NET ASSETS — 100.0%

  $ 53,836,618  
    
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2023, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2023.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
ADR American Depositary Receipt
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $53,749,338   $—   $ 0(a)   $53,749,338
Short-Term Investments

  4,863,727       4,863,727
TOTAL INVESTMENTS

  $58,613,065   $—   $ 0   $58,613,065
(a) Fund held a Level 3 security that was valued at $0 at June 30, 2023.
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

85,725   $ 85,716   $ 3,772,117   $ 3,835,534   $110   $ 5   22,410   $ 22,414   $ 4,484
State Street Navigator Securities Lending Portfolio II

7,974,573   7,974,573   30,059,629   33,192,889       4,841,313   4,841,313   714,968
Total

    $8,060,289   $33,831,746   $37,028,423   $110   $ 5       $4,863,727   $719,452
See accompanying notes to financial statements.
177


Table of Contents
SPDR SERIES TRUST
SPDR S&P SMALLCAP 600 ESG ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.7%   
AIR FREIGHT & LOGISTICS — 0.8%  
Forward Air Corp.

  154   $ 16,341
Hub Group, Inc. Class A (a)

  190   15,261
          31,602
AUTOMOBILE COMPONENTS — 1.3%  
American Axle & Manufacturing Holdings, Inc. (a)

  665   5,500
Dorman Products, Inc. (a)

  164   12,928
Gentherm, Inc. (a)

  193   10,906
LCI Industries

  148   18,701
Standard Motor Products, Inc.

  109   4,090
          52,125
AUTOMOBILES — 0.3%  
Winnebago Industries, Inc.

  177   11,804
BANKS — 8.6%  
Ameris Bancorp

  378   12,931
Atlantic Union Bankshares Corp.

  434   11,262
Axos Financial, Inc. (a)

  310   12,226
Banc of California, Inc.

  319   3,694
BancFirst Corp.

  101   9,292
Bancorp, Inc. (a)

  323   10,546
BankUnited, Inc.

  439   9,460
Banner Corp.

  198   8,647
Berkshire Hills Bancorp, Inc.

  257   5,328
Central Pacific Financial Corp.

  157   2,466
City Holding Co.

  86   7,739
Community Bank System, Inc.

  312   14,627
Customers Bancorp, Inc. (a)

  177   5,356
FB Financial Corp.

  203   5,694
First BanCorp

  1,060   12,953
First Commonwealth Financial Corp.

  597   7,552
First Financial Bancorp

  550   11,242
First Hawaiian, Inc.

  739   13,309
Hanmi Financial Corp.

  177   2,643
Heritage Financial Corp.

  204   3,299
Hilltop Holdings, Inc.

  267   8,400
Hope Bancorp, Inc.

  694   5,843
Independent Bank Group, Inc.

  206   7,113
National Bank Holdings Corp. Class A

  218   6,331
NBT Bancorp, Inc.

  249   7,931
Northfield Bancorp, Inc.

  242   2,657
Northwest Bancshares, Inc.

  737   7,812
OFG Bancorp

  276   7,198
Pacific Premier Bancorp, Inc.

  551   11,395
Park National Corp.

  84   8,595
Pathward Financial, Inc.

  160   7,418
Provident Financial Services, Inc.

  437   7,141
Renasant Corp.

  325   8,492
S&T Bancorp, Inc.

  226   6,145
Seacoast Banking Corp. of Florida

  485   10,719
Simmons First National Corp. Class A

  737   12,713
Southside Bancshares, Inc.

  174   4,552
Tompkins Financial Corp.

  73   4,066
Security Description     Shares   Value
Triumph Financial, Inc. (a)

  131   $ 7,954
TrustCo Bank Corp. NY

  110   3,147
Trustmark Corp.

  354   7,477
Veritex Holdings, Inc.

  314   5,630
WSFS Financial Corp.

  358   13,504
          342,499
BEVERAGES — 0.4%  
MGP Ingredients, Inc.

  89   9,459
National Beverage Corp. (a)

  135   6,527
          15,986
BIOTECHNOLOGY — 2.9%  
Anika Therapeutics, Inc. (a)

  93   2,416
Arcus Biosciences, Inc. (a)

  303   6,154
Avid Bioservices, Inc. (a)

  362   5,057
Catalyst Pharmaceuticals, Inc. (a)

  556   7,473
Coherus Biosciences, Inc. (a)

  375   1,601
Cytokinetics, Inc. (a)

  558   18,202
Dynavax Technologies Corp. (a)

  689   8,902
Emergent BioSolutions, Inc. (a)

  258   1,896
Enanta Pharmaceuticals, Inc. (a)

  114   2,440
Ironwood Pharmaceuticals, Inc. (a)

  775   8,246
iTeos Therapeutics, Inc. (a)

  142   1,880
Myriad Genetics, Inc. (a)

  470   10,895
REGENXBIO, Inc. (a)

  219   4,378
uniQure NV (a)

  239   2,739
Vanda Pharmaceuticals, Inc. (a)

  358   2,359
Vericel Corp. (a)

  274   10,294
Vir Biotechnology, Inc. (a)

  440   10,793
Xencor, Inc. (a)

  348   8,689
          114,414
BUILDING PRODUCTS — 2.0%  
AAON, Inc.

  250   23,702
American Woodmark Corp. (a)

  96   7,332
AZZ, Inc.

  144   6,258
Gibraltar Industries, Inc. (a)

  180   11,326
Griffon Corp.

  275   11,083
Quanex Building Products Corp.

  193   5,182
Resideo Technologies, Inc. (a)

  846   14,940
          79,823
CAPITAL MARKETS — 1.2%  
Avantax, Inc. (a)

  231   5,170
Brightsphere Investment Group, Inc.

  188   3,939
Donnelley Financial Solutions, Inc. (a)

  145   6,602
Piper Sandler Cos.,

  86   11,116
StoneX Group, Inc. (a)

  102   8,474
Virtus Investment Partners, Inc.

  39   7,701
WisdomTree, Inc.

  646   4,432
          47,434
CHEMICALS — 3.7%  
AdvanSix, Inc.

  160   5,597
American Vanguard Corp.

  161   2,877
Balchem Corp.

  187   25,209
Hawkins, Inc.

  110   5,246
 
See accompanying notes to financial statements.
178


Table of Contents
SPDR SERIES TRUST
SPDR S&P SMALLCAP 600 ESG ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
HB Fuller Co.

  312   $ 22,311
Innospec, Inc.

  144   14,463
Koppers Holdings, Inc.

  121   4,126
Livent Corp. (a)

  1,041   28,555
Minerals Technologies, Inc.

  188   10,846
Quaker Chemical Corp.

  79   15,397
Stepan Co.

  123   11,754
Trinseo PLC

  203   2,572
          148,953
COMMERCIAL SERVICES & SUPPLIES — 2.2%  
ABM Industries, Inc.

  384   16,378
Brady Corp. Class A

  268   12,749
Deluxe Corp.

  250   4,370
Enviri Corp. (a)

  461   4,550
GEO Group, Inc. (a)

  721   5,162
HNI Corp.

  268   7,552
Interface, Inc.

  338   2,971
Liquidity Services, Inc. (a)

  139   2,294
Matthews International Corp. Class A

  177   7,544
MillerKnoll, Inc.

  439   6,488
OPENLANE, Inc. (a)

  632   9,619
Pitney Bowes, Inc.

  939   3,324
Viad Corp. (a)

  130   3,494
          86,495
COMMUNICATIONS EQUIPMENT — 1.8%  
ADTRAN Holdings, Inc.

  410   4,317
Digi International, Inc. (a)

  207   8,154
Extreme Networks, Inc. (a)

  750   19,538
Harmonic, Inc. (a)

  638   10,316
NETGEAR, Inc. (a)

  168   2,379
NetScout Systems, Inc. (a)

  391   12,101
Viavi Solutions, Inc. (a)

  1,305   14,786
          71,591
CONSTRUCTION & ENGINEERING — 2.5%  
Arcosa, Inc.

  281   21,291
Comfort Systems USA, Inc.

  208   34,154
Dycom Industries, Inc. (a)

  172   19,548
Granite Construction, Inc.

  254   10,104
MYR Group, Inc. (a)

  96   13,281
          98,378
CONSUMER FINANCE — 1.2%  
Bread Financial Holdings, Inc.

  289   9,072
Encore Capital Group, Inc. (a)

  136   6,612
Enova International, Inc. (a)

  181   9,615
Green Dot Corp. Class A (a)

  272   5,097
PRA Group, Inc. (a)

  226   5,164
PROG Holdings, Inc. (a)

  290   9,315
World Acceptance Corp. (a)

  19   2,546
          47,421
CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.8%  
Andersons, Inc.

  181   8,353
PriceSmart, Inc.

  146   10,813
SpartanNash Co.

  205   4,614
Security Description     Shares   Value
United Natural Foods, Inc. (a)

  347   $ 6,784
          30,564
DIVERSIFIED CONSUMER SERVICES — 1.2%  
Adtalem Global Education, Inc. (a)

  264   9,066
Frontdoor, Inc. (a)

  473   15,089
Mister Car Wash, Inc. (a)

  460   4,439
Strategic Education, Inc.

  129   8,751
Stride, Inc. (a)

  238   8,861
          46,206
DIVERSIFIED REITs — 0.5%  
Alexander & Baldwin, Inc. REIT

  421   7,822
American Assets Trust, Inc. REIT

  303   5,818
Armada Hoffler Properties, Inc. REIT

  393   4,590
          18,230
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.3%  
Consolidated Communications Holdings, Inc. (a)

  460   1,762
Lumen Technologies, Inc.

  5,348   12,086
          13,848
ELECTRICAL EQUIPMENT — 0.6%  
Encore Wire Corp.

  106   19,709
Powell Industries, Inc.

  56   3,393
          23,102
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.5%  
Arlo Technologies, Inc. (a)

  513   5,597
Badger Meter, Inc.

  170   25,085
Benchmark Electronics, Inc.

  204   5,269
CTS Corp.

  185   7,887
ePlus, Inc. (a)

  156   8,783
Fabrinet (a)

  212   27,535
Insight Enterprises, Inc. (a)

  169   24,731
Itron, Inc. (a)

  262   18,890
Methode Electronics, Inc.

  209   7,006
OSI Systems, Inc. (a)

  91   10,722
Plexus Corp. (a)

  161   15,817
Rogers Corp. (a)

  109   17,650
ScanSource, Inc. (a)

  147   4,345
          179,317
ENERGY EQUIPMENT & SERVICES — 2.0%  
Archrock, Inc.

  777   7,964
Bristow Group, Inc. (a)

  137   3,936
Core Laboratories, Inc.

  271   6,301
Dril-Quip, Inc. (a)

  197   4,584
Helix Energy Solutions Group, Inc. (a)

  828   6,111
Helmerich & Payne, Inc.

  606   21,483
Nabors Industries Ltd. (a)

  52   4,838
Oil States International, Inc. (a)

  371   2,771
Patterson-UTI Energy, Inc.

  1,258   15,058
U.S. Silica Holdings, Inc. (a)

  439   5,325
          78,371
 
See accompanying notes to financial statements.
179


Table of Contents
SPDR SERIES TRUST
SPDR S&P SMALLCAP 600 ESG ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
ENTERTAINMENT — 0.3%  
Cinemark Holdings, Inc. (a)

  622   $ 10,263
FINANCIAL SERVICES — 1.8%  
EVERTEC, Inc.

  378   13,922
Mr Cooper Group, Inc. (a)

  402   20,357
Radian Group, Inc.

  912   23,055
Walker & Dunlop, Inc.

  178   14,078
          71,412
FOOD PRODUCTS — 2.2%  
B&G Foods, Inc.

  416   5,791
Calavo Growers, Inc.

  103   2,989
Cal-Maine Foods, Inc.

  220   9,900
Fresh Del Monte Produce, Inc.

  178   4,576
Hain Celestial Group, Inc. (a)

  519   6,493
Hostess Brands, Inc. (a)

  777   19,674
John B Sanfilippo & Son, Inc.

  52   6,098
Seneca Foods Corp. Class A (a)

  31   1,013
Simply Good Foods Co. (a)

  491   17,966
TreeHouse Foods, Inc. (a)

  293   14,761
          89,261
GAS UTILITIES — 0.2%  
Northwest Natural Holding Co.

  204   8,782
GROUND TRANSPORTATION — 0.5%  
ArcBest Corp.

  141   13,931
Heartland Express, Inc.

  270   4,430
          18,361
HEALTH CARE EQUIPMENT & SUPPLIES — 2.8%  
AngioDynamics, Inc. (a)

  247   2,576
CONMED Corp.

  177   24,053
Embecta Corp.

  332   7,171
Glaukos Corp. (a)

  277   19,725
Integer Holdings Corp. (a)

  192   17,013
Merit Medical Systems, Inc. (a)

  335   28,020
OraSure Technologies, Inc. (a)

  421   2,109
Orthofix Medical, Inc. (a)

  198   3,576
Varex Imaging Corp. (a)

  233   5,492
          109,735
HEALTH CARE PROVIDERS & SERVICES — 3.4%  
Addus HomeCare Corp. (a)

  93   8,621
AMN Healthcare Services, Inc. (a)

  231   25,207
Community Health Systems, Inc. (a)

  727   3,199
Cross Country Healthcare, Inc. (a)

  206   5,784
Ensign Group, Inc.

  323   30,834
Fulgent Genetics, Inc. (a)

  114   4,221
ModivCare, Inc. (a)

  74   3,346
OmniAb, Inc. (a)  (b)

  52  
Owens & Minor, Inc. (a)

  442   8,416
Pediatrix Medical Group, Inc. (a)

  475   6,750
RadNet, Inc. (a)

  333   10,862
Select Medical Holdings Corp.

  604   19,243
U.S. Physical Therapy, Inc.

  85   10,318
          136,801
Security Description     Shares   Value
HEALTH CARE REITs — 0.5%  
CareTrust REIT, Inc.

  578   $ 11,479
LTC Properties, Inc. REIT

  235   7,760
          19,239
HEALTH CARE TECHNOLOGY — 0.7%  
Certara, Inc. (a)

  612   11,145
Computer Programs & Systems, Inc. (a)

  83   2,049
HealthStream, Inc.

  140   3,438
NextGen Healthcare, Inc. (a)

  310   5,028
Veradigm, Inc. (a)

  634   7,989
          29,649
HOTEL & RESORT REITs — 1.2%  
Chatham Lodging Trust REIT

  283   2,649
DiamondRock Hospitality Co. REIT

  1,215   9,732
Pebblebrook Hotel Trust REIT

  763   10,636
Summit Hotel Properties, Inc. REIT

  620   4,036
Sunstone Hotel Investors, Inc. REIT

  1,221   12,357
Xenia Hotels & Resorts, Inc. REIT

  661   8,137
          47,547
HOTELS, RESTAURANTS & LEISURE — 2.2%  
BJ's Restaurants, Inc. (a)

  136   4,325
Bloomin' Brands, Inc.

  510   13,714
Brinker International, Inc. (a)

  256   9,370
Cheesecake Factory, Inc.

  278   9,613
Chuy's Holdings, Inc. (a)

  104   4,245
Cracker Barrel Old Country Store, Inc.

  129   12,020
Dine Brands Global, Inc.

  91   5,281
El Pollo Loco Holdings, Inc.

  114   1,000
Jack in the Box, Inc.

  120   11,703
Shake Shack, Inc. Class A (a)

  217   16,865
          88,136
HOUSEHOLD DURABLES — 3.7%  
Cavco Industries, Inc. (a)

  47   13,865
Century Communities, Inc.

  164   12,566
Ethan Allen Interiors, Inc.

  132   3,733
Green Brick Partners, Inc. (a)

  158   8,974
iRobot Corp. (a)

  158   7,150
La-Z-Boy, Inc.

  250   7,160
LGI Homes, Inc. (a)

  119   16,052
MDC Holdings, Inc.

  337   15,761
Meritage Homes Corp.

  212   30,161
Sonos, Inc. (a)

  739   12,068
Tri Pointe Homes, Inc. (a)

  586   19,256
          146,746
INDUSTRIAL REITs — 0.7%  
Innovative Industrial Properties, Inc. REIT

  162   11,828
LXP Industrial Trust REIT

  1,707   16,643
          28,471
INSURANCE — 2.4%  
Ambac Financial Group, Inc. (a)

  261   3,717
American Equity Investment Life Holding Co.

  368   19,177
 
See accompanying notes to financial statements.
180


Table of Contents
SPDR SERIES TRUST
SPDR S&P SMALLCAP 600 ESG ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
AMERISAFE, Inc.

  111   $ 5,919
Assured Guaranty Ltd.

  348   19,418
Genworth Financial, Inc. Class A (a)

  2,875   14,375
Horace Mann Educators Corp.

  237   7,029
ProAssurance Corp.

  313   4,723
Safety Insurance Group, Inc.

  86   6,168
Stewart Information Services Corp.

  157   6,459
Trupanion, Inc. (a)

  204   4,015
United Fire Group, Inc.

  126   2,855
Universal Insurance Holdings, Inc.

  159   2,453
          96,308
INTERACTIVE MEDIA & SERVICES — 0.6%  
Cars.com, Inc. (a)

  360   7,135
QuinStreet, Inc. (a)

  294   2,596
Yelp, Inc. (a)

  405   14,746
          24,477
MACHINERY — 5.4%  
Alamo Group, Inc.

  60   11,035
Astec Industries, Inc.

  132   5,998
Barnes Group, Inc.

  293   12,362
Enerpac Tool Group Corp.

  331   8,937
EnPro Industries, Inc.

  121   16,157
Federal Signal Corp.

  352   22,539
Greenbrier Cos., Inc.

  190   8,189
Hillenbrand, Inc.

  403   20,666
John Bean Technologies Corp.

  185   22,440
Kennametal, Inc.

  467   13,258
Lindsay Corp.

  64   7,638
Proto Labs, Inc. (a)

  157   5,489
SPX Technologies, Inc. (a)

  262   22,262
Standex International Corp.

  69   9,761
Tennant Co.

  108   8,760
Trinity Industries, Inc.

  472   12,135
Wabash National Corp.

  277   7,102
          214,728
MARINE TRANSPORTATION — 0.4%  
Matson, Inc.

  209   16,246
MEDIA — 0.5%  
EW Scripps Co. Class A (a)

  336   3,074
Scholastic Corp.

  172   6,689
TechTarget, Inc. (a)

  155   4,825
Thryv Holdings, Inc. (a)

  178   4,379
          18,967
METALS & MINING — 2.2%  
Arconic Corp. (a)

  589   17,422
Carpenter Technology Corp.

  282   15,829
Century Aluminum Co. (a)

  297   2,590
Compass Minerals International, Inc.

  198   6,732
Haynes International, Inc.

  73   3,710
Kaiser Aluminum Corp.

  93   6,662
Materion Corp.

  119   13,590
SunCoke Energy, Inc.

  484   3,809
TimkenSteel Corp. (a)

  230   4,961
Security Description     Shares   Value
Warrior Met Coal, Inc.

  300   $ 11,685
          86,990
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.6%  
Franklin BSP Realty Trust, Inc. REIT

  479   6,782
PennyMac Mortgage Investment Trust REIT

  516   6,956
Redwood Trust, Inc. REIT

  659   4,198
Two Harbors Investment Corp. REIT

  560   7,773
          25,709
MULTI-UTILITIES — 0.6%  
Avista Corp.

  442   17,357
Unitil Corp.

  93   4,716
          22,073
OFFICE REITs — 0.9%  
Brandywine Realty Trust REIT

  996   4,631
Easterly Government Properties, Inc. REIT

  527   7,642
Hudson Pacific Properties, Inc. REIT

  745   3,144
JBG SMITH Properties REIT

  575   8,648
Office Properties Income Trust REIT

  282   2,171
SL Green Realty Corp. REIT

  374   11,239
          37,475
OIL, GAS & CONSUMABLE FUELS — 2.5%  
Callon Petroleum Co. (a)

  297   10,416
Civitas Resources, Inc.

  286   19,840
Comstock Resources, Inc.

  531   6,160
Green Plains, Inc. (a)

  344   11,091
Par Pacific Holdings, Inc. (a)

  322   8,568
SM Energy Co.

  713   22,552
Talos Energy, Inc. (a)

  631   8,752
Vital Energy, Inc. (a)

  109   4,921
World Kinect Corp.

  359   7,424
          99,724
PAPER & FOREST PRODUCTS — 0.1%  
Clearwater Paper Corp. (a)

  97   3,038
PASSENGER AIRLINES — 0.6%  
Allegiant Travel Co. (a)

  91   11,492
SkyWest, Inc. (a)

  260   10,587
          22,079
PERSONAL CARE PRODUCTS — 1.2%  
Edgewell Personal Care Co.

  298   12,310
elf Beauty, Inc. (a)

  294   33,584
          45,894
PHARMACEUTICALS — 1.1%  
Amphastar Pharmaceuticals, Inc. (a)

  219   12,586
Innoviva, Inc. (a)

  365   4,647
Ligand Pharmaceuticals, Inc. (a)

  93   6,705
Phibro Animal Health Corp. Class A

  129   1,767
Prestige Consumer Healthcare, Inc. (a)

  288   17,116
          42,821
 
See accompanying notes to financial statements.
181


Table of Contents
SPDR SERIES TRUST
SPDR S&P SMALLCAP 600 ESG ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
PROFESSIONAL SERVICES — 1.0%  
CSG Systems International, Inc.

  175   $ 9,230
Heidrick & Struggles International, Inc.

  115   3,044
Kelly Services, Inc. Class A

  201   3,540
Korn Ferry

  306   15,159
Resources Connection, Inc.

  185   2,906
TrueBlue, Inc. (a)

  190   3,365
TTEC Holdings, Inc.

  110   3,722
          40,966
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.8%  
Anywhere Real Estate, Inc. (a)

  635   4,242
Cushman & Wakefield PLC (a)

  943   7,714
Kennedy-Wilson Holdings, Inc.

  680   11,104
St. Joe Co.

  196   9,475
          32,535
RESIDENTIAL REITs — 0.5%  
Centerspace REIT

  87   5,338
Elme Communities REIT

  508   8,352
Veris Residential, Inc. REIT (a)

  460   7,383
          21,073
RETAIL REITs — 1.8%  
Acadia Realty Trust REIT

  551   7,929
Getty Realty Corp. REIT

  263   8,895
Retail Opportunity Investments Corp. REIT

  723   9,768
RPT Realty REIT

  495   5,173
SITE Centers Corp. REIT

  1,065   14,079
Tanger Factory Outlet Centers, Inc. REIT

  606   13,374
Urban Edge Properties REIT

  682   10,523
Whitestone REIT

  295   2,861
          72,602
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.9%  
Axcelis Technologies, Inc. (a)

  190   34,833
Cohu, Inc. (a)

  276   11,471
Diodes, Inc. (a)

  264   24,417
FormFactor, Inc. (a)

  447   15,296
Kulicke & Soffa Industries, Inc.

  329   19,559
Onto Innovation, Inc. (a)

  287   33,427
Rambus, Inc. (a)

  634   40,684
Semtech Corp. (a)

  370   9,420
Veeco Instruments, Inc. (a)

  298   7,653
          196,760
SOFTWARE — 3.4%  
8x8, Inc. (a)

  656   2,775
A10 Networks, Inc.

  372   5,427
Adeia, Inc.

  610   6,716
Agilysys, Inc. (a)

  116   7,962
Alarm.com Holdings, Inc. (a)

  290   14,987
Consensus Cloud Solutions, Inc. (a)

  102   3,162
Digital Turbine, Inc. (a)

  524   4,863
Ebix, Inc.

  136   3,427
InterDigital, Inc.

  156   15,062
Security Description     Shares   Value
LiveRamp Holdings, Inc. (a)

  376   $ 10,739
OneSpan, Inc. (a)

  205   3,042
Progress Software Corp.

  252   14,641
SPS Commerce, Inc. (a)

  213   40,908
          133,711
SPECIALIZED REITs — 0.5%  
Four Corners Property Trust, Inc. REIT

  508   12,903
Uniti Group, Inc. REIT

  1,377   6,362
          19,265
SPECIALTY RETAIL — 4.6%  
Aaron's Co., Inc.

  179   2,531
Abercrombie & Fitch Co. Class A (a)

  284   10,701
Academy Sports & Outdoors, Inc.

  454   24,539
American Eagle Outfitters, Inc.

  1,072   12,650
America's Car-Mart, Inc. (a)

  34   3,393
Boot Barn Holdings, Inc. (a)

  173   14,651
Caleres, Inc.

  207   4,953
Chico's FAS, Inc. (a)

  726   3,884
Group 1 Automotive, Inc.

  85   21,938
Guess?, Inc.

  177   3,443
Haverty Furniture Cos., Inc.

  77   2,327
Hibbett, Inc.

  74   2,685
Leslie's, Inc. (a)

  863   8,104
Monro, Inc.

  182   7,395
ODP Corp. (a)

  199   9,317
Sally Beauty Holdings, Inc. (a)

  623   7,694
Signet Jewelers Ltd.

  264   17,229
Sleep Number Corp. (a)

  128   3,492
Upbound Group, Inc.

  291   9,059
Urban Outfitters, Inc. (a)

  348   11,529
          181,514
TEXTILES, APPAREL & LUXURY GOODS — 1.0%  
Hanesbrands, Inc.

  2,028   9,207
Movado Group, Inc.

  91   2,442
Oxford Industries, Inc.

  86   8,464
Steven Madden Ltd.

  425   13,893
Wolverine World Wide, Inc.

  457   6,713
          40,719
TRADING COMPANIES & DISTRIBUTORS — 1.7%  
Applied Industrial Technologies, Inc.

  224   32,442
Boise Cascade Co.

  229   20,690
NOW, Inc. (a)

  641   6,641
Veritiv Corp.

  78   9,797
          69,570
WATER UTILITIES — 1.4%  
American States Water Co.

  215   18,705
California Water Service Group

  327   16,883
Middlesex Water Co.

  102   8,227
SJW Group

  162   11,358
          55,173
TOTAL COMMON STOCKS

(Cost $3,966,782)

        3,962,983
 
See accompanying notes to financial statements.
182


Table of Contents
SPDR SERIES TRUST
SPDR S&P SMALLCAP 600 ESG ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
SHORT-TERM INVESTMENT — 0.2%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c) (d)

(Cost $7,803)

  7,801   $ 7,803
TOTAL INVESTMENTS — 99.9%

(Cost $3,974,585)

  3,970,786  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%

  3,238  
NET ASSETS — 100.0%

  $ 3,974,024  
(a) Non-income producing security.
(b) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of June 30, 2023, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
REIT Real Estate Investment Trust
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $3,962,983   $—   $ 0(a)   $3,962,983
Short-Term Investment

  7,803       7,803
TOTAL INVESTMENTS

  $3,970,786   $—   $ 0   $3,970,786
(a) Fund held a Level 3 security that was valued at $0 at June 30, 2023.
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street ESG Liquid Reserves Fund, Premier Class

344   $344   $ 40,839   $ 41,183   $—   $—     $   $ 24
State Street Institutional Liquid Reserves Fund, Premier Class

    95,563   87,760       7,801   7,803   171
Total

    $344   $136,402   $128,943   $—   $—       $7,803   $195
See accompanying notes to financial statements.
183


Table of Contents
SPDR SERIES TRUST
SPDR SSGA US LARGE CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.7%   
AEROSPACE & DEFENSE — 1.6%  
General Dynamics Corp.

  20,347   $ 4,377,657
Lockheed Martin Corp.

  9,167   4,220,304
Northrop Grumman Corp.

  9,719   4,429,920
          13,027,881
AIR FREIGHT & LOGISTICS — 0.5%  
CH Robinson Worldwide, Inc.

  47,687   4,499,268
AUTOMOBILE COMPONENTS — 0.3%  
Gentex Corp.

  96,042   2,810,189
BANKS — 0.7%  
Commerce Bancshares, Inc.

  49,563   2,413,718
First Financial Bankshares, Inc.

  53,088   1,512,477
Old National Bancorp

  119,238   1,662,178
          5,588,373
BEVERAGES — 1.2%  
PepsiCo, Inc.

  51,702   9,576,244
BUILDING PRODUCTS — 0.5%  
Lennox International, Inc.

  13,080   4,264,996
CAPITAL MARKETS — 3.5%  
CME Group, Inc.

  41,997   7,781,624
FactSet Research Systems, Inc.

  12,616   5,054,601
Intercontinental Exchange, Inc.

  65,750   7,435,010
Nasdaq, Inc.

  116,086   5,786,887
SEI Investments Co.

  45,247   2,697,626
          28,755,748
CHEMICALS — 3.4%  
Air Products & Chemicals, Inc.

  21,413   6,413,836
Ecolab, Inc.

  38,123   7,117,183
FMC Corp.

  51,337   5,356,502
Linde PLC

  22,358   8,520,187
          27,407,708
COMMERCIAL SERVICES & SUPPLIES — 2.6%  
MSA Safety, Inc.

  14,995   2,608,530
Republic Services, Inc.

  64,557   9,888,196
Waste Management, Inc.

  49,446   8,574,925
          21,071,651
COMMUNICATIONS EQUIPMENT — 1.1%  
Juniper Networks, Inc.

  131,881   4,131,832
Motorola Solutions, Inc.

  15,955   4,679,282
          8,811,114
CONSTRUCTION MATERIALS — 1.0%  
Vulcan Materials Co.

  37,735   8,506,978
CONSUMER STAPLES DISTRIBUTION & RETAIL — 3.1%  
Casey's General Stores, Inc.

  15,340   3,741,119
Costco Wholesale Corp.

  12,103   6,516,013
Dollar General Corp.

  30,365   5,155,370
Walmart, Inc.

  62,425   9,811,962
          25,224,464
Security Description     Shares   Value
CONTAINERS & PACKAGING — 1.6%  
Amcor PLC

  611,246   $ 6,100,235
AptarGroup, Inc.

  26,708   3,094,389
Silgan Holdings, Inc.

  34,051   1,596,651
Sonoco Products Co.

  39,827   2,350,590
          13,141,865
DISTRIBUTORS — 0.6%  
Genuine Parts Co.

  27,487   4,651,625
DIVERSIFIED CONSUMER SERVICES — 0.5%  
Service Corp. International

  61,128   3,948,258
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.7%  
AT&T, Inc.

  263,886   4,208,982
Verizon Communications, Inc.

  256,856   9,552,474
          13,761,456
ELECTRIC UTILITIES — 2.7%  
Duke Energy Corp.

  82,611   7,413,511
Eversource Energy

  98,326   6,973,280
Xcel Energy, Inc.

  125,973   7,831,741
          22,218,532
ELECTRICAL EQUIPMENT — 1.2%  
AMETEK, Inc.

  30,596   4,952,880
Eaton Corp. PLC

  25,697   5,167,667
          10,120,547
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.5%  
Amphenol Corp. Class A

  51,137   4,344,088
FINANCIAL SERVICES — 3.1%  
Berkshire Hathaway, Inc. Class B (a)

  25,150   8,576,150
Fiserv, Inc. (a)

  48,493   6,117,392
Jack Henry & Associates, Inc.

  30,025   5,024,083
Visa, Inc. Class A

  22,331   5,303,166
          25,020,791
FOOD PRODUCTS — 1.2%  
Hershey Co.

  39,730   9,920,581
GAS UTILITIES — 0.2%  
National Fuel Gas Co.

  35,984   1,848,138
GROUND TRANSPORTATION — 0.3%  
Landstar System, Inc.

  14,652   2,821,096
HEALTH CARE EQUIPMENT & SUPPLIES — 3.3%  
Abbott Laboratories

  65,702   7,162,832
Becton Dickinson & Co.

  26,033   6,872,972
Boston Scientific Corp. (a)

  108,343   5,860,273
Medtronic PLC

  80,596   7,100,508
          26,996,585
HEALTH CARE PROVIDERS & SERVICES — 1.2%  
AmerisourceBergen Corp.

  35,229   6,779,117
Chemed Corp.

  5,990   3,244,603
          10,023,720
 
See accompanying notes to financial statements.
184


Table of Contents
SPDR SERIES TRUST
SPDR SSGA US LARGE CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
HEALTH CARE REITs — 0.4%  
Healthcare Realty Trust, Inc. REIT

  154,765   $ 2,918,868
HOTELS, RESTAURANTS & LEISURE — 2.2%  
McDonald's Corp.

  30,808   9,193,415
Starbucks Corp.

  38,598   3,823,518
Yum! Brands, Inc.

  33,841   4,688,671
          17,705,604
HOUSEHOLD DURABLES — 0.6%  
Garmin Ltd.

  45,031   4,696,283
HOUSEHOLD PRODUCTS — 2.3%  
Colgate-Palmolive Co.

  119,495   9,205,895
Procter & Gamble Co.

  61,829   9,381,932
          18,587,827
INDUSTRIAL CONGLOMERATES — 1.1%  
3M Co.

  47,944   4,798,715
Honeywell International, Inc.

  22,248   4,616,460
          9,415,175
INDUSTRIAL REITs — 0.4%  
First Industrial Realty Trust, Inc. REIT

  55,344   2,913,308
INSURANCE — 11.7%  
Allstate Corp.

  59,418   6,478,939
Aon PLC Class A

  19,926   6,878,455
Arthur J Gallagher & Co.

  39,442   8,660,280
Assurant, Inc.

  21,514   2,704,740
Brown & Brown, Inc.

  98,686   6,793,544
Chubb Ltd.

  30,617   5,895,609
Globe Life, Inc.

  38,963   4,271,124
Hanover Insurance Group, Inc.

  14,425   1,630,458
Loews Corp.

  80,044   4,753,013
Markel Group, Inc. (a)

  4,723   6,532,759
Marsh & McLennan Cos., Inc.

  47,033   8,845,967
Old Republic International Corp.

  112,540   2,832,632
Progressive Corp.

  48,519   6,422,460
RLI Corp.

  16,494   2,250,936
Selective Insurance Group, Inc.

  24,338   2,335,231
Travelers Cos., Inc.

  41,535   7,212,968
W R Berkley Corp.

  85,404   5,086,662
Willis Towers Watson PLC

  26,960   6,349,080
          95,934,857
INTERACTIVE MEDIA & SERVICES — 0.6%  
Alphabet, Inc. Class A (a)

  41,549   4,973,415
IT SERVICES — 2.9%  
Accenture PLC Class A

  15,375   4,744,417
Akamai Technologies, Inc. (a)

  57,411   5,159,526
Amdocs Ltd.

  49,722   4,915,020
International Business Machines Corp.

  30,917   4,137,004
VeriSign, Inc. (a)

  20,581   4,650,689
          23,606,656
LIFE SCIENCES TOOLS & SERVICES — 0.6%  
Thermo Fisher Scientific, Inc.

  9,813   5,119,933
Security Description     Shares   Value
MACHINERY — 5.7%  
Fortive Corp.

  62,075   $ 4,641,348
Graco, Inc.

  68,404   5,906,686
IDEX Corp.

  23,626   5,085,733
Illinois Tool Works, Inc.

  20,773   5,196,574
Lincoln Electric Holdings, Inc.

  23,497   4,667,209
Nordson Corp.

  21,106   5,238,087
Otis Worldwide Corp.

  66,635   5,931,181
PACCAR, Inc.

  67,636   5,657,751
Toro Co.

  42,657   4,336,084
          46,660,653
MULTI-UTILITIES — 6.3%  
Ameren Corp.

  99,071   8,091,129
CMS Energy Corp.

  119,469   7,018,804
Consolidated Edison, Inc.

  77,942   7,045,957
Dominion Energy, Inc.

  130,764   6,772,267
DTE Energy Co.

  69,680   7,666,194
Public Service Enterprise Group, Inc.

  124,146   7,772,781
WEC Energy Group, Inc.

  80,269   7,082,936
          51,450,068
OIL, GAS & CONSUMABLE FUELS — 2.0%  
Cheniere Energy, Inc.

  18,059   2,751,469
Chevron Corp.

  18,112   2,849,923
Exxon Mobil Corp.

  24,796   2,659,371
Kinder Morgan, Inc.

  260,409   4,484,243
Williams Cos., Inc.

  101,076   3,298,110
          16,043,116
PHARMACEUTICALS — 3.2%  
Bristol-Myers Squibb Co.

  75,772   4,845,619
Johnson & Johnson

  54,313   8,989,888
Merck & Co., Inc.

  57,632   6,650,157
Zoetis, Inc.

  33,054   5,692,229
          26,177,893
PROFESSIONAL SERVICES — 4.4%  
Automatic Data Processing, Inc.

  24,288   5,338,259
Booz Allen Hamilton Holding Corp.

  53,584   5,979,974
Broadridge Financial Solutions, Inc.

  28,393   4,702,733
Jacobs Solutions, Inc.

  40,846   4,856,181
Maximus, Inc.

  24,727   2,089,679
Paychex, Inc.

  43,696   4,888,272
Science Applications International Corp.

  22,186   2,495,481
Verisk Analytics, Inc.

  23,944   5,412,062
          35,762,641
RESIDENTIAL REITs — 5.9%  
American Homes 4 Rent Class A REIT

  127,179   4,508,496
AvalonBay Communities, Inc. REIT

  42,497   8,043,407
Camden Property Trust REIT

  43,275   4,711,349
Equity LifeStyle Properties, Inc. REIT

  76,754   5,134,075
Essex Property Trust, Inc. REIT

  27,383   6,415,837
 
See accompanying notes to financial statements.
185


Table of Contents
SPDR SERIES TRUST
SPDR SSGA US LARGE CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Mid-America Apartment Communities, Inc. REIT

  49,078   $ 7,452,985
Sun Communities, Inc. REIT

  50,151   6,542,700
UDR, Inc. REIT

  134,950   5,797,452
          48,606,301
RETAIL REITs — 0.3%  
Agree Realty Corp. REIT

  36,507   2,387,193
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.6%  
Texas Instruments, Inc.

  25,828   4,649,557
SOFTWARE — 3.7%  
Black Knight, Inc. (a)

  62,890   3,756,420
Check Point Software Technologies Ltd. (a)

  35,818   4,499,457
Dolby Laboratories, Inc. Class A

  39,155   3,276,490
Microsoft Corp.

  24,039   8,186,241
Oracle Corp.

  46,964   5,592,943
Roper Technologies, Inc.

  10,298   4,951,278
          30,262,829
SPECIALIZED REITs — 4.1%  
American Tower Corp. REIT

  40,971   7,945,916
Crown Castle, Inc. REIT

  58,302   6,642,930
CubeSmart REIT

  92,543   4,132,970
Equinix, Inc. REIT

  7,168   5,619,282
Public Storage REIT

  30,450   8,887,746
          33,228,844
SPECIALTY RETAIL — 3.0%  
AutoZone, Inc. (a)

  1,936   4,827,145
Security Description     Shares   Value
Home Depot, Inc.

  17,030   $ 5,290,199
O'Reilly Automotive, Inc. (a)

  5,402   5,160,531
TJX Cos., Inc.

  59,352   5,032,456
Tractor Supply Co.

  19,542   4,320,736
          24,631,067
TEXTILES, APPAREL & LUXURY GOODS — 0.1%  
Columbia Sportswear Co.

  14,653   1,131,798
TOTAL COMMON STOCKS

(Cost $785,397,322)

        815,225,782
SHORT-TERM INVESTMENT — 0.2%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (b) (c)

(Cost $1,487,425)

  1,487,182   1,487,479
TOTAL INVESTMENTS — 99.9%

(Cost $786,884,747)

  816,713,261  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%

  1,008,298  
NET ASSETS — 100.0%

  $ 817,721,559  
(a) Non-income producing security.
(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at June 30, 2023.
REIT Real Estate Investment Trust
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $815,225,782   $—   $—   $815,225,782
Short-Term Investment

  1,487,479       1,487,479
TOTAL INVESTMENTS

  $816,713,261   $—   $—   $816,713,261
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

1,572,450   $1,572,293   $21,191,238   $21,276,216   $105   $59   1,487,182   $1,487,479   $45,581
State Street Navigator Securities Lending Portfolio II

    12,364,144   12,364,144           658
Total

    $1,572,293   $33,555,382   $33,640,360   $105   $59       $1,487,479   $46,239
See accompanying notes to financial statements.
186


Table of Contents
SPDR SERIES TRUST
SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.7%   
AEROSPACE & DEFENSE — 0.5%  
Moog, Inc. Class A

  3,416   $ 370,397
National Presto Industries, Inc.

  8,627   631,496
          1,001,893
AIR FREIGHT & LOGISTICS — 0.6%  
Air Transport Services Group, Inc. (a)

  15,089   284,730
Forward Air Corp.

  3,982   422,530
Hub Group, Inc. Class A (a)

  5,407   434,290
          1,141,550
AUTOMOBILE COMPONENTS — 0.8%  
Dorman Products, Inc. (a)

  5,850   461,155
Gentherm, Inc. (a)

  4,652   262,885
Standard Motor Products, Inc.

  17,093   641,329
Stoneridge, Inc. (a)

  11,383   214,570
          1,579,939
AUTOMOBILES — 0.5%  
NWTN, Inc. Class B (a)

  92,839   988,735
BANKS — 24.2%  
1st Source Corp.

  12,021   504,041
American National Bankshares, Inc. (b)

  16,928   490,573
Arrow Financial Corp.

  26,579   535,301
Associated Banc-Corp.

  24,871   403,656
BancFirst Corp.

  5,064   465,888
Bank First Corp. (b)

  7,638   635,482
Bank of Hawaii Corp. (b)

  7,705   317,677
Bank of Marin Bancorp

  23,754   419,733
Banner Corp.

  7,713   336,827
Bar Harbor Bankshares

  19,405   478,139
Bridgewater Bancshares, Inc. (a)

  34,406   338,899
Brookline Bancorp, Inc.

  52,861   462,005
Business First Bancshares, Inc. (b)

  26,882   405,112
Cambridge Bancorp (b)

  12,321   669,153
Camden National Corp.

  21,134   654,520
Capital City Bank Group, Inc.

  17,815   545,852
Capitol Federal Financial, Inc.

  129,311   797,849
Cathay General Bancorp

  11,598   373,340
Central Pacific Financial Corp.

  22,662   356,020
Citizens & Northern Corp. (b)

  24,586   474,510
City Holding Co.

  12,287   1,105,707
CNB Financial Corp. (b)

  24,263   428,242
Community Bank System, Inc.

  17,491   819,978
Community Trust Bancorp, Inc.

  20,064   713,676
CVB Financial Corp.

  44,973   597,241
Enterprise Bancorp, Inc.

  15,300   442,782
Enterprise Financial Services Corp.

  8,602   336,338
Esquire Financial Holdings, Inc.

  11,210   512,745
Farmers National Banc Corp.

  50,844   628,940
Financial Institutions, Inc.

  20,420   321,411
First Bancshares, Inc.

  19,569   505,663
First Busey Corp.

  25,917   520,932
Security Description     Shares   Value
First Commonwealth Financial Corp.

  37,503   $ 474,413
First Community Bankshares, Inc.

  23,535   699,696
First Financial Corp.

  18,376   596,669
First Interstate BancSystem, Inc. Class A

  16,529   394,051
First Merchants Corp.

  12,168   343,503
First Mid Bancshares, Inc.

  27,574   665,636
First of Long Island Corp.

  35,837   430,761
Flushing Financial Corp.

  35,977   442,157
Fulton Financial Corp.

  38,560   459,635
German American Bancorp, Inc.

  22,753   618,427
Great Southern Bancorp, Inc.

  14,213   721,025
Guaranty Bancshares, Inc.

  15,062   407,879
HarborOne Bancorp, Inc.

  60,134   521,963
Heartland Financial USA, Inc.

  11,654   324,797
Heritage Financial Corp.

  26,715   431,982
Hilltop Holdings, Inc.

  15,240   479,450
HomeTrust Bancshares, Inc.

  21,411   447,276
Independent Bank Corp. (c)

  7,756   345,220
Independent Bank Corp. (c)

  22,770   386,179
International Bancshares Corp.

  11,579   511,792
Kearny Financial Corp.

  79,821   562,738
Lakeland Bancorp, Inc.

  34,361   460,094
Lakeland Financial Corp.

  8,338   404,560
Macatawa Bank Corp.

  40,046   371,627
Mercantile Bank Corp.

  15,184   419,382
Metrocity Bankshares, Inc.

  30,177   539,867
Mid Penn Bancorp, Inc. (b)

  22,094   487,835
MidWestOne Financial Group, Inc.

  17,662   377,437
National Bank Holdings Corp. Class A

  14,143   410,713
NBT Bancorp, Inc.

  22,055   702,452
Nicolet Bankshares, Inc. (b)

  10,756   730,440
Northfield Bancorp, Inc.

  53,137   583,444
Northwest Bancshares, Inc.

  68,727   728,506
OceanFirst Financial Corp.

  22,536   352,012
Origin Bancorp, Inc.

  14,542   426,081
Park National Corp.

  5,392   551,709
Peoples Bancorp, Inc.

  23,471   623,155
Popular, Inc.

  8,403   508,550
Provident Financial Services, Inc.

  23,079   377,111
QCR Holdings, Inc.

  13,397   549,679
S&T Bancorp, Inc.

  14,819   402,929
Sandy Spring Bancorp, Inc.

  19,575   443,961
ServisFirst Bancshares, Inc.

  8,687   355,472
Simmons First National Corp. Class A

  28,552   492,522
SmartFinancial, Inc.

  23,687   509,507
Southern Missouri Bancorp, Inc. (b)

  11,688   449,404
Southside Bancshares, Inc.

  31,105   813,707
Stock Yards Bancorp, Inc.

  9,899   449,118
Tompkins Financial Corp.

  11,267   627,572
Towne Bank

  19,119   444,326
TriCo Bancshares

  11,763   390,532
TrustCo Bank Corp. NY

  17,292   494,724
 
See accompanying notes to financial statements.
187


Table of Contents
SPDR SERIES TRUST
SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Trustmark Corp.

  21,870   $ 461,894
UMB Financial Corp.

  8,246   502,181
Univest Financial Corp.

  20,293   366,897
Washington Federal, Inc.

  17,640   467,813
Washington Trust Bancorp, Inc.

  18,437   494,296
WesBanco, Inc.

  15,209   389,502
West BanCorp, Inc.

  24,408   449,351
Westamerica BanCorp

  19,984   765,387
          46,239,230
BEVERAGES — 0.2%  
Primo Water Corp.

  28,896   362,356
BIOTECHNOLOGY — 1.7%  
Agios Pharmaceuticals, Inc. (a)

  8,968   253,974
Alkermes PLC (a)

  9,584   299,979
Anika Therapeutics, Inc. (a)

  7,946   206,437
Blueprint Medicines Corp. (a)

  4,047   255,771
Crinetics Pharmaceuticals, Inc. (a)

  9,660   174,073
Eagle Pharmaceuticals, Inc. (a)

  11,412   221,849
Emergent BioSolutions, Inc. (a)

  17,973   132,102
Enanta Pharmaceuticals, Inc. (a)

  3,870   82,818
Immatics NV (a)

  32,743   377,854
Ironwood Pharmaceuticals, Inc. (a)

  28,441   302,612
PTC Therapeutics, Inc. (a)

  5,314   216,120
Sinovac Biotech Ltd. (a)

  30,008   194,152
Travere Therapeutics, Inc. (a)

  8,461   129,961
Vanda Pharmaceuticals, Inc. (a)

  29,763   196,138
Xencor, Inc. (a)

  8,246   205,903
          3,249,743
BUILDING PRODUCTS — 1.8%  
Apogee Enterprises, Inc.

  7,431   352,750
Armstrong World Industries, Inc.

  5,995   440,393
AZZ, Inc.

  8,417   365,803
CSW Industrials, Inc.

  3,877   644,319
Gibraltar Industries, Inc. (a)

  5,936   373,493
Janus International Group, Inc. (a)

  35,169   374,901
Simpson Manufacturing Co., Inc.

  3,544   490,844
Zurn Elkay Water Solutions Corp. Class C

  17,760   477,566
          3,520,069
CAPITAL MARKETS — 0.9%  
Artisan Partners Asset Management, Inc. Class A (b)

  7,361   289,361
Diamond Hill Investment Group, Inc.

  3,276   561,179
PJT Partners, Inc. Class A

  8,624   600,575
WisdomTree, Inc.

  38,212   262,134
          1,713,249
CHEMICALS — 3.6%  
American Vanguard Corp.

  13,752   245,748
Balchem Corp.

  4,699   633,472
Cabot Corp.

  3,377   225,887
Chase Corp.

  6,247   757,261
Ecovyst, Inc. (a)

  33,521   384,151
Security Description     Shares   Value
Hawkins, Inc.

  9,427   $ 449,574
HB Fuller Co.

  4,507   322,296
Innospec, Inc.

  3,897   391,415
Mativ Holdings, Inc.

  11,542   174,515
Minerals Technologies, Inc.

  6,415   370,081
NewMarket Corp.

  3,209   1,290,403
Quaker Chemical Corp.

  1,562   304,434
Sensient Technologies Corp.

  9,299   661,438
Stepan Co.

  6,474   618,655
          6,829,330
COMMERCIAL SERVICES & SUPPLIES — 2.4%  
ABM Industries, Inc.

  7,401   315,653
Brady Corp. Class A

  10,918   519,369
Casella Waste Systems, Inc. Class A (a)

  7,486   677,109
Ennis, Inc.

  41,151   838,657
Healthcare Services Group, Inc.

  26,221   391,480
HNI Corp.

  21,138   595,669
Matthews International Corp. Class A

  8,733   372,200
Stericycle, Inc. (a)

  8,021   372,495
UniFirst Corp.

  3,063   474,796
          4,557,428
COMMUNICATIONS EQUIPMENT — 1.4%  
Digi International, Inc. (a)

  7,779   306,415
Harmonic, Inc. (a)

  21,255   343,693
Ituran Location & Control Ltd.

  14,583   340,367
NETGEAR, Inc. (a)

  12,493   176,901
NetScout Systems, Inc. (a)

  20,179   624,540
Radware Ltd. (a)

  17,620   341,652
Viavi Solutions, Inc. (a)

  43,462   492,425
          2,625,993
CONSTRUCTION & ENGINEERING — 1.6%  
Arcosa, Inc.

  8,828   668,897
Argan, Inc.

  13,607   536,252
Construction Partners, Inc. Class A (a)

  11,506   361,173
Great Lakes Dredge & Dock Corp. (a)

  59,770   487,723
IES Holdings, Inc. (a)

  7,978   453,789
MYR Group, Inc. (a)

  2,540   351,384
Northwest Pipe Co. (a)  (b)

  7,504   226,921
          3,086,139
CONSUMER FINANCE — 0.1%  
PRA Group, Inc. (a)

  7,410   169,318
CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.6%  
Ingles Markets, Inc. Class A

  4,283   353,990
PriceSmart, Inc.

  5,557   411,552
Weis Markets, Inc.

  5,178   332,479
          1,098,021
CONTAINERS & PACKAGING — 0.3%  
TriMas Corp.

  23,791   654,015
 
See accompanying notes to financial statements.
188


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SPDR SERIES TRUST
SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
DIVERSIFIED CONSUMER SERVICES — 1.0%  
Adtalem Global Education, Inc. (a)

  5,802   $ 199,241
Carriage Services, Inc.

  7,138   231,771
Frontdoor, Inc. (a)

  10,059   320,882
Graham Holdings Co. Class B

  756   432,039
Grand Canyon Education, Inc. (a)

  2,869   296,109
Perdoceo Education Corp. (a)

  17,156   210,504
Strategic Education, Inc.

  3,296   223,601
          1,914,147
DIVERSIFIED REITs — 1.0%  
Armada Hoffler Properties, Inc. REIT

  40,035   467,609
CTO Realty Growth, Inc. REIT

  34,617   593,335
Gladstone Commercial Corp. REIT (b)

  40,534   501,406
One Liberty Properties, Inc. REIT

  19,125   388,620
          1,950,970
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.1%  
Anterix, Inc. (a)

  9,110   288,696
ATN International, Inc.

  9,330   341,478
Cogent Communications Holdings, Inc.

  8,077   543,501
EchoStar Corp. Class A (a)

  22,868   396,531
Liberty Latin America Ltd. Class C (a)  (b)

  30,818   265,651
Lumen Technologies, Inc.

  84,495   190,959
          2,026,816
ELECTRIC UTILITIES — 1.6%  
Hawaiian Electric Industries, Inc.

  26,185   947,897
MGE Energy, Inc.

  15,583   1,232,771
PNM Resources, Inc.

  21,032   948,543
          3,129,211
ELECTRICAL EQUIPMENT — 0.2%  
EnerSys

  4,007   434,840
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.7%  
Advanced Energy Industries, Inc. (b)

  2,705   301,472
AudioCodes Ltd.

  16,395   149,686
Avnet, Inc.

  7,701   388,516
Badger Meter, Inc.

  4,095   604,258
Benchmark Electronics, Inc.

  14,132   365,030
CTS Corp.

  7,193   306,638
ePlus, Inc. (a)

  7,013   394,832
Fabrinet (a)

  2,457   319,115
Hollysys Automation Technologies Ltd. (a)

  20,300   357,077
Kimball Electronics, Inc. (a)

  9,883   273,067
Knowles Corp. (a)

  19,516   352,459
Methode Electronics, Inc.

  10,120   339,222
Mirion Technologies, Inc. (a)  (b)

  37,641   318,067
OSI Systems, Inc. (a)

  5,757   678,347
Plexus Corp. (a)

  4,605   452,395
Sanmina Corp. (a)

  4,955   298,638
Security Description     Shares   Value
ScanSource, Inc. (a)

  8,917   $ 263,587
TTM Technologies, Inc. (a)

  18,407   255,857
Vishay Intertechnology, Inc.

  15,501   455,729
Vishay Precision Group, Inc. (a)

  7,103   263,877
          7,137,869
ENERGY EQUIPMENT & SERVICES — 0.3%  
Archrock, Inc.

  14,718   150,860
Cactus, Inc. Class A

  3,010   127,383
Dril-Quip, Inc. (a)

  6,164   143,436
Expro Group Holdings NV (a)

  5,489   97,265
Helmerich & Payne, Inc.

  3,302   117,056
          636,000
FINANCIAL SERVICES — 1.6%  
Alerus Financial Corp. (b)

  29,597   532,154
Cannae Holdings, Inc. (a)

  17,789   359,516
Cass Information Systems, Inc.

  12,874   499,254
EVERTEC, Inc.

  13,227   487,150
Waterstone Financial, Inc.

  32,246   467,245
Western Union Co.

  57,291   672,023
          3,017,342
FOOD PRODUCTS — 1.6%  
Cal-Maine Foods, Inc.

  10,590   476,550
Hostess Brands, Inc. (a)

  24,411   618,087
J & J Snack Foods Corp.

  4,529   717,212
John B Sanfilippo & Son, Inc.

  5,515   646,744
Nomad Foods Ltd. (a)

  30,683   537,566
          2,996,159
GAS UTILITIES — 1.6%  
Chesapeake Utilities Corp.

  8,323   990,437
Southwest Gas Holdings, Inc.

  17,238   1,097,199
Spire, Inc.

  15,268   968,602
          3,056,238
GROUND TRANSPORTATION — 1.1%  
Heartland Express, Inc.

  58,277   956,326
Marten Transport Ltd.

  22,599   485,878
Werner Enterprises, Inc.

  14,299   631,730
          2,073,934
HEALTH CARE EQUIPMENT & SUPPLIES — 4.2%  
AngioDynamics, Inc. (a)

  20,984   218,863
Artivion, Inc. (a)

  17,397   299,054
AtriCure, Inc. (a)

  6,722   331,798
Avanos Medical, Inc. (a)

  9,803   250,565
Cerus Corp. (a)

  70,683   173,880
CONMED Corp.

  3,587   487,437
Haemonetics Corp. (a)

  3,359   285,985
ICU Medical, Inc. (a)

  2,633   469,174
Inari Medical, Inc. (a)  (b)

  3,217   187,036
Integer Holdings Corp. (a)

  4,003   354,706
Integra LifeSciences Holdings Corp. (a)

  8,031   330,315
iRadimed Corp.

  4,773   227,863
LeMaitre Vascular, Inc.

  6,775   455,822
 
See accompanying notes to financial statements.
189


Table of Contents
SPDR SERIES TRUST
SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
LivaNova PLC (a)

  7,264   $ 373,588
Merit Medical Systems, Inc. (a)

  3,742   312,981
Neogen Corp. (a)

  14,948   325,119
Nevro Corp. (a)

  5,605   142,479
NuVasive, Inc. (a)

  8,143   338,667
Omnicell, Inc. (a)

  5,110   376,454
Orchestra BioMed Holdings, Inc. (a)  (b)

  33,074   231,518
Orthofix Medical, Inc. (a)

  18,949   342,219
OrthoPediatrics Corp. (a)

  6,152   269,765
Silk Road Medical, Inc. (a)

  3,818   124,047
UFP Technologies, Inc. (a)

  3,956   766,871
Varex Imaging Corp. (a)

  14,345   338,112
          8,014,318
HEALTH CARE PROVIDERS & SERVICES — 2.4%  
Addus HomeCare Corp. (a)

  3,262   302,387
Amedisys, Inc. (a)

  2,659   243,139
AMN Healthcare Services, Inc. (a)

  3,377   368,498
Brookdale Senior Living, Inc. (a)  (b)

  57,261   241,641
National HealthCare Corp.

  20,461   1,264,899
National Research Corp. (b)

  8,214   357,391
Patterson Cos., Inc.

  10,972   364,929
Pediatrix Medical Group, Inc. (a)

  11,094   157,646
Premier, Inc. Class A

  22,959   635,046
Select Medical Holdings Corp.

  9,542   304,008
U.S. Physical Therapy, Inc.

  2,697   327,389
          4,566,973
HEALTH CARE REITs — 1.6%  
Community Healthcare Trust, Inc. REIT

  17,350   572,897
Global Medical REIT, Inc.

  48,439   442,248
LTC Properties, Inc. REIT

  13,989   461,917
National Health Investors, Inc. REIT

  9,101   477,075
Physicians Realty Trust REIT

  50,582   707,642
Universal Health Realty Income Trust REIT

  9,899   470,994
          3,132,773
HEALTH CARE TECHNOLOGY — 0.6%  
Computer Programs & Systems, Inc. (a)

  14,648   361,659
HealthStream, Inc.

  21,347   524,282
NextGen Healthcare, Inc. (a)

  13,499   218,954
          1,104,895
HOTEL & RESORT REITs — 0.2%  
Apple Hospitality REIT, Inc.

  25,569   386,348
HOTELS, RESTAURANTS & LEISURE — 0.9%  
Accel Entertainment, Inc. (a)

  24,369   257,336
Arcos Dorados Holdings, Inc. Class A

  30,639   314,050
Cracker Barrel Old Country Store, Inc. (b)

  2,416   225,123
MakeMyTrip Ltd. (a)  (b)

  8,266   223,017
Papa John's International, Inc.

  3,528   260,472
Security Description     Shares   Value
Wendy's Co.

  21,803   $ 474,215
          1,754,213
HOUSEHOLD DURABLES — 1.2%  
Cavco Industries, Inc. (a)

  767   226,265
Ethan Allen Interiors, Inc.

  10,612   300,107
Helen of Troy Ltd. (a)  (b)

  3,684   397,946
La-Z-Boy, Inc.

  12,084   346,086
Leggett & Platt, Inc.

  9,108   269,779
MDC Holdings, Inc.

  7,274   340,205
Tri Pointe Homes, Inc. (a)

  9,569   314,437
          2,194,825
HOUSEHOLD PRODUCTS — 0.5%  
Central Garden & Pet Co. (a)

  8,749   339,199
WD-40 Co. (b)

  3,127   589,908
          929,107
INDUSTRIAL REITs — 0.3%  
LXP Industrial Trust REIT

  66,858   651,865
INSURANCE — 3.1%  
AMERISAFE, Inc.

  17,255   920,036
CNO Financial Group, Inc.

  18,896   447,268
Employers Holdings, Inc.

  13,626   509,749
Enstar Group Ltd. (a)

  3,043   743,222
Horace Mann Educators Corp.

  24,638   730,763
James River Group Holdings Ltd.

  21,003   383,515
Safety Insurance Group, Inc.

  12,483   895,281
United Fire Group, Inc.

  15,683   355,377
White Mountains Insurance Group Ltd.

  659   915,292
          5,900,503
INTERACTIVE MEDIA & SERVICES — 0.2%  
Ziff Davis, Inc. (a)

  4,979   348,829
IT SERVICES — 0.3%  
Hackett Group, Inc.

  23,440   523,884
LEISURE EQUIPMENT & PRODUCTS — 0.4%  
Clarus Corp.

  26,693   243,974
Johnson Outdoors, Inc. Class A

  4,447   273,268
Sturm Ruger & Co., Inc.

  5,655   299,489
          816,731
LIFE SCIENCES TOOLS & SERVICES — 0.1%  
Mesa Laboratories, Inc.

  2,041   262,268
MACHINERY — 5.0%  
Alamo Group, Inc.

  2,816   517,891
Albany International Corp. Class A

  3,299   307,731
Allison Transmission Holdings, Inc.

  10,910   615,979
Barnes Group, Inc.

  8,097   341,612
Columbus McKinnon Corp.

  9,262   376,500
Douglas Dynamics, Inc.

  13,063   390,322
ESCO Technologies, Inc.

  5,132   531,829
Federal Signal Corp.

  8,946   572,812
Franklin Electric Co., Inc.

  7,078   728,326
Gorman-Rupp Co.

  26,021   750,185
Hillenbrand, Inc.

  6,774   347,371
 
See accompanying notes to financial statements.
190


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SPDR SERIES TRUST
SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Kadant, Inc.

  2,178   $ 483,734
Lindsay Corp.

  3,904   465,903
Luxfer Holdings PLC

  16,828   239,462
Miller Industries, Inc.

  14,695   521,232
Mueller Industries, Inc.

  4,874   425,403
Mueller Water Products, Inc. Class A

  30,720   498,586
SPX Technologies, Inc. (a)

  5,276   448,302
Standex International Corp.

  3,338   472,227
Tennant Co.

  7,010   568,581
          9,603,988
MARINE TRANSPORTATION — 0.2%  
Kirby Corp. (a)

  4,090   314,725
MEDIA — 1.1%  
Altice USA, Inc. Class A (a)

  51,494   155,512
Cable One, Inc.

  601   394,905
John Wiley & Sons, Inc. Class A

  10,386   353,436
Scholastic Corp.

  6,953   270,402
TechTarget, Inc. (a)

  5,478   170,530
TEGNA, Inc.

  29,699   482,312
Thryv Holdings, Inc. (a)

  9,799   241,055
          2,068,152
METALS & MINING — 0.6%  
Materion Corp.

  2,541   290,182
SunCoke Energy, Inc.

  19,646   154,614
Tredegar Corp.

  23,139   154,337
Warrior Met Coal, Inc.

  5,792   225,599
Worthington Industries, Inc.

  4,743   329,496
          1,154,228
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.4%  
KKR Real Estate Finance Trust, Inc. REIT

  64,055   779,549
MULTI-UTILITIES — 0.6%  
NorthWestern Corp.

  18,792   1,066,634
OFFICE REITs — 3.8%  
Brandywine Realty Trust REIT

  83,205   386,903
Cousins Properties, Inc. REIT

  24,145   550,506
Douglas Emmett, Inc. REIT (b)

  40,920   514,365
Easterly Government Properties, Inc. REIT (b)

  58,293   845,249
Equity Commonwealth REIT

  139,636   2,829,025
JBG SMITH Properties REIT

  36,054   542,252
Kilroy Realty Corp. REIT

  18,314   551,068
Piedmont Office Realty Trust, Inc. Class A REIT

  54,888   399,036
Postal Realty Trust, Inc. Class A REIT

  36,838   541,887
          7,160,291
OIL, GAS & CONSUMABLE FUELS — 1.0%  
Arch Resources, Inc.

  1,048   118,173
CVR Energy, Inc.

  3,738   111,991
Delek U.S. Holdings, Inc.

  5,378   128,803
Security Description     Shares   Value
Permian Basin Royalty Trust (b)

  6,839   $ 170,496
REX American Resources Corp. (a)

  10,290   358,195
Sabine Royalty Trust

  5,268   347,372
San Juan Basin Royalty Trust (b)

  10,822   80,407
SFL Corp. Ltd.

  39,693   370,336
Sitio Royalties Corp. Class A

  5,298   139,178
          1,824,951
PERSONAL CARE PRODUCTS — 0.2%  
Herbalife Ltd. (a)

  13,290   175,960
USANA Health Sciences, Inc. (a)

  4,383   276,304
          452,264
PHARMACEUTICALS — 1.8%  
Amphastar Pharmaceuticals, Inc. (a)

  8,942   513,897
ANI Pharmaceuticals, Inc. (a)

  5,952   320,396
Corcept Therapeutics, Inc. (a)

  10,414   231,712
Harmony Biosciences Holdings, Inc. (a)

  4,794   168,701
Innoviva, Inc. (a)

  34,966   445,117
Nuvation Bio, Inc. (a)

  98,338   177,008
Pacira BioSciences, Inc. (a)

  8,780   351,815
Phibro Animal Health Corp. Class A

  21,802   298,687
Prestige Consumer Healthcare, Inc. (a)

  9,522   565,892
Supernus Pharmaceuticals, Inc. (a)

  7,608   228,697
Theravance Biopharma, Inc. (a)  (b)

  15,747   162,981
          3,464,903
PROFESSIONAL SERVICES — 2.4%  
ASGN, Inc. (a)

  2,910   220,083
CBIZ, Inc. (a)

  13,237   705,267
CSG Systems International, Inc.

  10,727   565,742
Forrester Research, Inc. (a)

  12,800   372,352
Huron Consulting Group, Inc. (a)

  4,445   377,425
IBEX Holdings Ltd. (a)

  8,685   184,383
ICF International, Inc.

  6,698   833,164
Kforce, Inc.

  5,755   360,608
Resources Connection, Inc.

  35,542   558,365
TrueBlue, Inc. (a)

  17,686   313,219
          4,490,608
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.8%  
Kennedy-Wilson Holdings, Inc.

  27,827   454,415
Marcus & Millichap, Inc.

  12,015   378,593
Tejon Ranch Co. (a)

  39,019   671,517
          1,504,525
RESIDENTIAL REITs — 0.8%  
Centerspace REIT

  9,061   555,983
Elme Communities REIT

  31,981   525,768
Independence Realty Trust, Inc. REIT

  27,911   508,538
          1,590,289
RETAIL REITs — 0.9%  
Getty Realty Corp. REIT

  21,718   734,503
NETSTREIT Corp.

  36,174   646,429
 
See accompanying notes to financial statements.
191


Table of Contents
SPDR SERIES TRUST
SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Saul Centers, Inc. REIT

  10,891   $ 401,116
          1,782,048
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.8%  
Camtek Ltd. (a)  (b)

  8,592   306,133
CEVA, Inc. (a)

  8,719   222,771
Diodes, Inc. (a)

  2,492   230,485
Nova Ltd. (a)  (b)

  3,523   413,248
NVE Corp.

  3,428   334,024
          1,506,661
SOFTWARE — 3.4%  
A10 Networks, Inc.

  18,933   276,232
ACI Worldwide, Inc. (a)

  14,990   347,318
American Software, Inc. Class A

  21,126   222,034
Blackbaud, Inc. (a)

  7,081   504,026
Blackline, Inc. (a)

  4,510   242,728
Box, Inc. Class A (a)

  10,030   294,681
CommVault Systems, Inc. (a)

  7,595   551,549
E2open Parent Holdings, Inc. (a)  (b)

  73,739   412,938
Envestnet, Inc. (a)

  5,799   344,171
InterDigital, Inc.

  3,834   370,173
Magic Software Enterprises Ltd.

  25,666   341,358
Model N, Inc. (a)

  8,574   303,177
nCino, Inc. (a)

  16,355   492,613
Progress Software Corp.

  7,522   437,028
Q2 Holdings, Inc. (a)

  8,423   260,271
Qualys, Inc. (a)

  2,529   326,671
Sapiens International Corp. NV

  15,445   410,837
Verint Systems, Inc. (a)

  9,370   328,512
          6,466,317
SPECIALIZED REITs — 0.6%  
Four Corners Property Trust, Inc. REIT

  21,394   543,408
PotlatchDeltic Corp. REIT

  9,487   501,388
          1,044,796
SPECIALTY RETAIL — 1.1%  
Arko Corp.

  87,209   693,312
Buckle, Inc.

  5,601   193,795
Group 1 Automotive, Inc.

  940   242,614
Monro, Inc.

  7,458   303,018
PetMed Express, Inc. (b)

  13,756   189,695
Winmark Corp.

  1,477   491,058
          2,113,492
TEXTILES, APPAREL & LUXURY GOODS — 0.5%  
Carter's, Inc. (b)

  5,390   391,314
Oxford Industries, Inc.

  2,126   209,241
Security Description     Shares   Value
Steven Madden Ltd. (b)

  9,008   $ 294,471
          895,026
TRADING COMPANIES & DISTRIBUTORS — 1.1%  
GATX Corp.

  4,899   630,697
McGrath RentCorp

  6,234   576,520
Rush Enterprises, Inc. Class A

  9,582   582,011
Transcat, Inc. (a)

  4,478   382,018
          2,171,246
WATER UTILITIES — 0.4%  
Artesian Resources Corp. Class A

  14,098   665,708
WIRELESS TELECOMMUNICATION SERVICES — 0.2%  
Shenandoah Telecommunications Co.

  13,288   258,186
Telephone & Data Systems, Inc.

  20,200   166,246
          424,432
TOTAL COMMON STOCKS

(Cost $207,460,566)

        190,322,899
SHORT-TERM INVESTMENTS — 2.3%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (d)  (e)

  350,625   350,695
State Street Navigator Securities Lending Portfolio II (f)  (g)

  4,129,146   4,129,146
TOTAL SHORT-TERM INVESTMENTS

(Cost $4,479,841)

  4,479,841  
TOTAL INVESTMENTS — 102.0%

(Cost $211,940,407)

  194,802,740  
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.0)%

  (3,838,233)  
NET ASSETS — 100.0%

  $ 190,964,507  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(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 June 30, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2023.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
192


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SPDR SERIES TRUST
SPDR SSGA US SMALL CAP LOW VOLATILITY INDEX ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $190,128,747   $194,152   $—   $190,322,899
Short-Term Investments

  4,479,841       4,479,841
TOTAL INVESTMENTS

  $194,608,588   $194,152   $—   $194,802,740
 
Affiliate Table
  Number of
Shares Held
at
6/30/22
  Value at

6/30/22
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

291,524   $ 291,495   $ 10,894,911   $10,835,795   $86   $ (2)   350,625   $ 350,695   $ 11,448
State Street Navigator Securities Lending Portfolio II

2,176,489   2,176,489   35,717,506   33,764,849       4,129,146   4,129,146   36,344
Total

    $2,467,984   $46,612,417   $44,600,644   $86   $ (2)       $4,479,841   $47,792
See accompanying notes to financial statements.
193


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2023

  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
ASSETS              
Investments in unaffiliated issuers, at value*

$102,390,834   $545,381,239   $ 156,333,793   $753,019,525
Investments in affiliated issuers, at value

153,387   2,808,009   1,220,108   9,005,302
Total Investments

102,544,221   548,189,248   157,553,901   762,024,827
Net cash at broker

  48,131   10,311   77,263
Cash

  2,276   4,642   3,260
Receivable from broker — accumulated variation margin on futures contracts

  29,945   7,030   88,634
Receivable for fund shares sold

      96
Dividends receivable — unaffiliated issuers

48,025   774,886   153,765   1,761,494
Dividends receivable — affiliated issuers

844   2,821   2,360   12,404
Securities lending income receivable — unaffiliated issuers

  277   27   419
Securities lending income receivable — affiliated issuers     4,597   602   6,310
Receivable for foreign taxes recoverable

    1,050   9,355
Other receivable

    5   47
TOTAL ASSETS

102,593,090   549,052,181   157,733,693   763,984,109
LIABILITIES              
Payable upon return of securities loaned

  2,291,301   903,428   4,689,669
Advisory fee payable

8,184   90,859   24,814   120,719
Trustees’ fees and expenses payable

36   242   132   361
TOTAL LIABILITIES

8,220   2,382,402   928,374   4,810,749
NET ASSETS

$102,584,870   $546,669,779   $ 156,805,319   $759,173,360
NET ASSETS CONSIST OF:              
Paid-in Capital

$100,480,417   $588,612,838   $ 256,957,986   $830,677,123
Total distributable earnings (loss)

2,104,453   (41,943,059)   (100,152,667)   (71,503,763)
NET ASSETS

$102,584,870   $546,669,779   $ 156,805,319   $759,173,360
NET ASSET VALUE PER SHARE              
Net asset value per share

$ 25.14   $ 108.47   $ 98.00   $ 95.25
Shares outstanding (unlimited amount authorized, $0.01 par value)

4,080,000   5,040,000   1,600,000   7,970,000
COST OF INVESTMENTS:              
Investments in unaffiliated issuers

$ 98,402,482   $499,787,760   $ 137,272,530   $752,921,261
Investments in affiliated issuers

153,385   2,808,009   1,216,274   8,926,508
Total cost of investments

$ 98,555,867   $502,595,769   $ 138,488,804   $761,847,769
* Includes investments in securities on loan, at value

$   $ 3,719,608   $ 1,419,742   $ 5,711,664
See accompanying notes to financial statements.
194


Table of Contents

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
                 
$1,845,591,694   $2,218,550,958   $884,884,331   $2,524,735,359   $ 3,815,548,997
126,021,188   149,597,348   1,534,103   201,015,698   365,993,930
1,971,612,882   2,368,148,306   886,418,434   2,725,751,057   4,181,542,927
    13,330    
43,935   55,129     28,004   48,336
    11,790    
    2,405   533   1,468
1,552,703   3,191,570   505,781   1,778,900   5,682,059
10,343   13,425   11,914   14,098   19,800
2,386   8,969     14,193   27,719
17,690   52,145     38,856   96,722
    1,354    
    8    
1,973,239,939   2,371,469,544   886,965,016   2,727,625,641   4,187,419,031
                 
123,785,640   146,709,166     196,880,455   362,515,235
220,663   265,797   73,274   301,547   459,718
725   953   221   913   1,679
124,007,028   146,975,916   73,495   197,182,915   362,976,632
$ 1,849,232,911   $2,224,493,628   $886,891,521   $2,530,442,726   $ 3,824,442,399
                 
$2,345,650,782   $2,762,547,832   $838,970,825   $3,012,949,001   $ 4,964,979,814
(496,417,871)   (538,054,204)   47,920,696   (482,506,275)   (1,140,537,415)
$ 1,849,232,911   $2,224,493,628   $886,891,521   $2,530,442,726   $ 3,824,442,399
                 
$ 71.68   $ 68.76   $ 43.05   $ 76.91   $ 77.18
25,800,000   32,350,000   20,600,000   32,900,028   49,552,102
                 
$1,776,819,005   $2,274,463,710   $821,003,475   $2,244,127,391   $ 3,885,098,443
126,021,187   149,597,336   1,598,594   201,015,698   365,993,930
$1,902,840,192   $2,424,061,046   $822,602,069   $2,445,143,089   $ 4,251,092,373
$ 145,789,005   $ 229,939,952   $   $ 335,428,763   $ 570,392,116
195


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
June 30, 2023

  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
ASSETS              
Investments in unaffiliated issuers, at value*

$83,221,775   $230,444,408   $ 338,790,934   $17,902,925
Investments in affiliated issuers, at value

310,819   1,568,123   33,532,946   1,312,452
Total Investments

83,532,594   232,012,531   372,323,880   19,215,377
Foreign currency, at value

     
Cash

244   1,242   94,004  
Dividends receivable — unaffiliated issuers

47,023   228,456   427,948   3,206
Dividends receivable — affiliated issuers

1,149   4,889   2,246   112
Securities lending income receivable — unaffiliated issuers

6   79   9,859   681
Securities lending income receivable — affiliated issuers  

27   234   13,753   175
Receivable for foreign taxes recoverable

112   272    
Other receivable

500      
TOTAL ASSETS

83,581,655   232,247,703   372,871,690   19,219,551
LIABILITIES              
Payable upon return of securities loaned

149,489   868,772   33,532,944   1,289,659
Payable for fund shares repurchased

    155  
Advisory fee payable

8,011   22,332   124,352   6,439
Trustees’ fees and expenses payable

33   91   142   7
TOTAL LIABILITIES

157,533   891,195   33,657,593   1,296,105
NET ASSETS

$83,424,122   $231,356,508   $ 339,214,097   $17,923,446
NET ASSETS CONSIST OF:              
Paid-in Capital

$84,287,554   $242,726,677   $ 474,047,410   $18,520,698
Total distributable earnings (loss)

(863,432)   (11,370,169)   (134,833,313)   (597,252)
NET ASSETS

$83,424,122   $231,356,508   $ 339,214,097   $17,923,446
NET ASSET VALUE PER SHARE              
Net asset value per share

$ 185.39   $ 148.31   $ 84.70   $ 43.72
Shares outstanding (unlimited amount authorized, $0.01 par value)

450,000   1,560,000   4,005,000   410,000
COST OF INVESTMENTS:              
Investments in unaffiliated issuers

$70,195,568   $235,217,276   $ 376,108,899   $16,398,478
Investments in affiliated issuers

315,967   1,625,027   33,532,946   1,312,452
Total cost of investments

$ 70,511,535   $236,842,303   $ 409,641,845   $17,710,930
Foreign currency, at cost

$   $   $   $
* Includes investments in securities on loan, at value

$ 172,891   $ 1,051,591   $ 60,212,315   $ 1,785,879
See accompanying notes to financial statements.
196


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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
                     
$32,662,628   $ 23,292,799   $1,806,812,601   $ 53,749,338   $3,962,983   $815,225,782
2,324,289   2,232,917   174,664,973   4,863,727   7,803   1,487,479
34,986,917   25,525,716   1,981,477,574   58,613,065   3,970,786   816,713,261
    13,630   303    
  1,085   108,540      
6,240   15,584   1,967,886   10,720   3,589   1,111,869
154   167   11,928   425   34   4,844
  12,066   183,946   40,603     79
2,640   10,186   703,973   32,311     106
    52,920      
         
34,995,951   25,564,804   1,984,520,397   58,697,427   3,974,409   817,830,159
                     
2,266,047   2,190,208   174,179,345   4,841,313    
    1,679       28,431
11,312   8,555   287,990   19,466   385   79,912
13   12   680   30     257
2,277,372   2,198,775   174,469,694   4,860,809   385   108,600
$32,718,579   $ 23,366,029   $1,810,050,703   $ 53,836,618   $3,974,024   $817,721,559
                     
$36,232,837   $ 38,413,692   $2,686,762,930   $ 154,281,097   $4,242,597   $863,386,180
(3,514,258)   (15,047,663)   (876,712,227)   (100,444,479)   (268,573)   (45,664,621)
$32,718,579   $ 23,366,029   $1,810,050,703   $ 53,836,618   $3,974,024   $817,721,559
                     
$ 48.83   $ 35.95   $ 44.58   $ 33.44   $ 26.49   $ 140.50
670,000   650,000   40,605,000   1,610,000   150,000   5,820,000
                     
$30,680,379   $ 27,212,868   $1,817,104,815   $ 83,211,683   $3,966,782   $785,397,322
2,324,288   2,232,917   174,664,973   4,863,724   7,803   1,487,425
$33,004,667   $ 29,445,785   $1,991,769,788   $ 88,075,407   $3,974,585   $786,884,747
$   $   $ 14,865   $ 299   $   $
$ 3,457,734   $ 3,436,306   $ 197,712,651   $ 9,932,858   $   $
197


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
June 30, 2023

  SPDR SSGA US Small Cap Low Volatility Index ETF
ASSETS  
Investments in unaffiliated issuers, at value*

$190,322,899
Investments in affiliated issuers, at value

4,479,841
Total Investments

194,802,740
Cash

4
Dividends receivable — unaffiliated issuers

303,868
Dividends receivable — affiliated issuers

1,182
Securities lending income receivable — unaffiliated issuers

463
Securities lending income receivable — affiliated issuers  

4,438
TOTAL ASSETS

195,112,695
LIABILITIES  
Payable upon return of securities loaned

4,129,146
Advisory fee payable

18,959
Trustees’ fees and expenses payable

83
TOTAL LIABILITIES

4,148,188
NET ASSETS

$190,964,507
NET ASSETS CONSIST OF:  
Paid-in Capital

$258,281,196
Total distributable earnings (loss)

(67,316,689)
NET ASSETS

$190,964,507
NET ASSET VALUE PER SHARE  
Net asset value per share

$ 103.22
Shares outstanding (unlimited amount authorized, $0.01 par value)

1,850,000
COST OF INVESTMENTS:  
Investments in unaffiliated issuers

$207,460,566
Investments in affiliated issuers

4,479,841
Total cost of investments

$ 211,940,407
* Includes investments in securities on loan, at value

$ 8,266,623
See accompanying notes to financial statements.
198


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[This Page Intentionally Left Blank]
199


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS
For the Year Ended June 30, 2023

  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
INVESTMENT INCOME              
Dividend income — unaffiliated issuers

$ 1,375,291   $ 11,218,705   $ 4,905,740   $28,501,183
Dividend income — affiliated issuers

4,543   22,889   12,460   106,223
Unaffiliated securities lending income

  1,190   967   1,383
Affiliated securities lending income

  32,229   11,965   27,209
Foreign taxes withheld

  (2,122)   (1,144)   (9,106)
TOTAL INVESTMENT INCOME (LOSS)

1,379,834   11,272,891   4,929,988   28,626,892
EXPENSES              
Advisory fee

97,599   1,134,436   501,268   1,653,688
Trustees’ fees and expenses  

1,288   6,842   3,387   10,051
Miscellaneous expenses

6,695   22,605   10,510   35,005
TOTAL EXPENSES

105,582   1,163,883   515,165   1,698,744
NET INVESTMENT INCOME (LOSS)

$ 1,274,252   $ 10,109,008   $ 4,414,823   $26,928,148
REALIZED AND UNREALIZED GAIN (LOSS)              
Net realized gain (loss) on:              
Investments — unaffiliated issuers

(1,877,446)   (21,976,399)   (6,289,534)   (5,916,988)
Investments — affiliated issuers

45   204   (10)   319
In-kind redemptions — unaffiliated issuers

109,140   61,674,089   33,871,293   47,600,699
In-kind redemptions — affiliated issuers

    2,444  
Futures contracts

  34,177   30,235   266,491
Net realized gain (loss)

(1,768,261)   39,732,071   27,614,428   41,950,521
Net change in unrealized appreciation/depreciation on:              
Investments — unaffiliated issuers

24,929,966   17,156,686   8,796,193   10,666,555
Investments — affiliated issuers

17   8   9,248   78,794
Futures contracts

  39,180   2,109   66,766
Net change in unrealized appreciation/depreciation

24,929,983   17,195,874   8,807,550   10,812,115
NET REALIZED AND UNREALIZED GAIN (LOSS)

23,161,722   56,927,945   36,421,978   52,762,636
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$24,435,974   $ 67,036,953   $40,836,801   $79,690,784
See accompanying notes to financial statements.
200


Table of Contents

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
                 
$ 21,262,228   $ 44,517,896   $ 11,147,283   $ 32,326,702   $ 79,511,538
48,888   96,890   71,363   107,398   225,218
172,362   65,268     116,819   265,134
643,885   700,340     448,691   989,765
    (1,290)   (69,872)   (4,957)
22,127,363   45,380,394   11,217,356   32,929,738   80,986,698
                 
2,535,270   3,246,003   646,859   3,404,484   5,898,654
19,565   24,419   6,701   26,209   47,833
71,502   75,133   20,957   92,706   167,664
2,626,337   3,345,555   674,517   3,523,399   6,114,151
$ 19,501,026   $ 42,034,839   $ 10,542,839   $ 29,406,339   $ 74,872,547
                 
                 
(233,855,600)   (192,848,542)   (12,731,361)   (256,797,000)   (406,125,787)
1,353   1,314   (18,199)   (323)   1,216
93,638,150   113,185,294   33,683,856   62,800,778   301,739,595
    18,416    
    81,921    
(140,216,097)   (79,661,934)   21,034,633   (193,996,545)   (104,384,976)
                 
353,142,545   213,488,145   107,798,951   377,652,558   301,833,076
1   12   69,056   85   27
    28,302    
353,142,546   213,488,157   107,896,309   377,652,643   301,833,103
212,926,449   133,826,223   128,930,942   183,656,098   197,448,127
$ 232,427,475   $ 175,861,062   $139,473,781   $ 213,062,437   $ 272,320,674
201


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS  (continued)
For the Year Ended June 30, 2023

  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
INVESTMENT INCOME              
Dividend income — unaffiliated issuers

$ 1,405,589   $ 5,116,386   $ 4,096,000   $ 158,715
Dividend income — affiliated issuers

5,453   20,144   15,797   891
Unaffiliated securities lending income

44   2,158   166,361   2,756
Affiliated securities lending income

684   5,670   204,822   7,924
Foreign taxes withheld

(285)   (673)   (250,023)   (361)
TOTAL INVESTMENT INCOME (LOSS)

1,411,485   5,143,685   4,232,957   169,925
EXPENSES              
Advisory fee

91,457   264,186   1,512,716   79,174
Trustees’ fees and expenses  

917   2,701   3,854   214
Miscellaneous expenses

3,250   9,051   18,903   765
TOTAL EXPENSES

95,624   275,938   1,535,473   80,153
NET INVESTMENT INCOME (LOSS)

$ 1,315,861   $ 4,867,747   $ 2,697,484   $ 89,772
REALIZED AND UNREALIZED GAIN (LOSS)              
Net realized gain (loss) on:              
Investments — unaffiliated issuers

(5,284,016)   (2,288,810)   (15,797,336)   (485,734)
Investments — affiliated issuers

(7,197)   64   (75)   7
In-kind redemptions — unaffiliated issuers

5,067,916   3,169,676   2,258,644   516,698
In-kind redemptions — affiliated issuers

698   122    
Foreign currency transactions

    (6,068)  
Net realized gain (loss)

(222,599)   881,052   (13,544,835)   30,971
Net change in unrealized appreciation/depreciation on:              
Investments — unaffiliated issuers

10,951,056   21,332,213   31,917,211   3,730,587
Investments — affiliated issuers

6,595   35,730   7  
Foreign currency translations

    414  
Net change in unrealized appreciation/depreciation

10,957,651   21,367,943   31,917,632   3,730,587
NET REALIZED AND UNREALIZED GAIN (LOSS)

10,735,052   22,248,995   18,372,797   3,761,558
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$12,050,913   $ 27,116,742   $ 21,070,281   $3,851,330
See accompanying notes to financial statements.
202


Table of Contents

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
                     
$ 154,954   $ 248,706   $ 15,861,787   $ 562,290   $ 51,957   $13,540,998
1,229   2,128   81,757   4,484   195   45,581
93   72,283   1,769,235   398,107     8,592
9,680   266,939   8,546,962   714,968     658
(638)   (12,830)   (639,207)   (19,106)   (71)  
165,318   577,226   25,620,534   1,660,743   52,081   13,595,829
                     
132,926   125,743   3,320,831   291,285   3,646   782,591
358   367   19,733   876   34   7,383
1,330   1,431   90,214   3,476   8   25,500
134,614   127,541   3,430,778   295,637   3,688   815,474
$ 30,704   $ 449,685   $ 22,189,756   $ 1,365,106   $ 48,393   $12,780,355
                     
                     
(2,362,732)   (4,961,790)   (190,665,046)   (23,316,641)   (199,486)   (8,777,774)
13   18   757   110     105
840,402   (573,407)   14,301,263   (2,650,363)     9,571,842
         
  (18)   (1,433)   (38)    
(1,522,317)   (5,535,197)   (176,364,459)   (25,966,932)   (199,486)   794,173
                     
4,553,129   8,537,717   330,935,798   23,290,818   448,008   45,126,133
1   3   89   5     59
  168   1,532   51    
4,553,130   8,537,888   330,937,419   23,290,874   448,008   45,126,192
3,030,813   3,002,691   154,572,960   (2,676,058)   248,522   45,920,365
$ 3,061,517   $ 3,452,376   $ 176,762,716   $ (1,310,952)   $ 296,915   $58,700,720
203


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SPDR SERIES TRUST
STATEMENTS OF OPERATIONS  (continued)
For the Year Ended June 30, 2023

  SPDR SSGA US Small Cap Low Volatility Index ETF
INVESTMENT INCOME  
Dividend income — unaffiliated issuers

$ 5,400,685
Dividend income — affiliated issuers

11,448
Unaffiliated securities lending income

5,658
Affiliated securities lending income

36,344
Foreign taxes withheld

(6,486)
TOTAL INVESTMENT INCOME (LOSS)

5,447,649
EXPENSES  
Advisory fee

235,218
Trustees’ fees and expenses  

2,340
Miscellaneous expenses

8,303
TOTAL EXPENSES

245,861
NET INVESTMENT INCOME (LOSS)

$ 5,201,788
REALIZED AND UNREALIZED GAIN (LOSS)  
Net realized gain (loss) on:  
Investments — unaffiliated issuers

2,492,246
Investments — affiliated issuers

86
In-kind redemptions — unaffiliated issuers

2,052,613
Net realized gain (loss)

4,544,945
Net change in unrealized appreciation/depreciation on:  
Investments — unaffiliated issuers

(7,620,236)
Investments — affiliated issuers

(2)
Net change in unrealized appreciation/depreciation

(7,620,238)
NET REALIZED AND UNREALIZED GAIN (LOSS)

(3,075,293)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$ 2,126,495
See accompanying notes to financial statements.
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205


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS

  SPDR MSCI USA Climate Paris Aligned ETF   SPDR Russell 1000 Low Volatility Focus ETF
  Year Ended
6/30/23
  For the Period
4/22/22*-
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)

$ 1,274,252   $ 428,593   $ 10,109,008   $ 8,712,625
Net realized gain (loss)

(1,768,261)   (214,978)   39,732,071   47,022,914
Net change in unrealized appreciation/depreciation

24,929,983   (20,941,629)   17,195,874   (76,040,672)
Net increase (decrease) in net assets resulting from operations

24,435,974   (20,728,014)   67,036,953   (20,305,133)
Net equalization credits and charges

(128,705)   (33)   27,344   (112,364)
Distributions to shareholders

(1,272,662)   (248,502)   (10,690,380)   (9,169,199)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold

  152,413,991   195,948,970   197,760,018
Cost of shares redeemed

(52,032,491)     (246,578,317)   (171,938,042)
Net income equalization

128,705   33   (27,344)   112,364
Net increase (decrease) in net assets from beneficial interest transactions

(51,903,786)   152,414,024   (50,656,691)   25,934,340
Contribution from Affiliate

16,574      
Net increase (decrease) in net assets during the period

(28,852,605)   131,437,475   5,717,226   (3,652,356)
Net assets at beginning of period

131,437,475     540,952,553   544,604,909
NET ASSETS AT END OF PERIOD

$102,584,870   $131,437,475   $ 546,669,779   $ 540,952,553
SHARES OF BENEFICIAL INTEREST:              
Shares sold

  6,200,000   1,870,000   1,960,000
Shares redeemed

(2,120,000)     (2,350,000)   (1,680,000)
Net increase (decrease) from share transactions

(2,120,000)   6,200,000   (480,000)   280,000
   
* Commencement of operations.
See accompanying notes to financial statements.
206


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SPDR Russell 1000 Momentum Focus ETF   SPDR Russell 1000 Yield Focus ETF   SPDR S&P 400 Mid Cap Growth ETF
Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
                     
$ 4,414,823   $ 4,589,570   $ 26,928,148   $ 20,670,333   $ 19,501,026   $ 12,357,546
27,614,428   2,699,860   41,950,521   32,385,739   (140,216,097)   140,675,515
8,807,550   (44,203,960)   10,812,115   (86,370,175)   353,142,546   (525,450,740)
40,836,801   (36,914,530)   79,690,784   (33,314,103)   232,427,475   (372,417,679)
(111,661)   (2,529)   (6,682)   174,857   (369,296)   1,727,540
(4,578,436)   (4,299,285)   (27,371,410)   (19,708,935)   (21,188,775)   (15,055,982)
                     
10,888,984   57,059,673   229,200,723   266,982,688   1,899,514,586   972,124,672
(158,267,565)   (60,155,043)   (302,178,618)   (89,334,885)   (1,551,069,205)   (977,187,951)
111,661   2,529   6,682   (174,857)   369,296   (1,727,540)
(147,266,920)   (3,092,841)   (72,971,213)   177,472,946   348,814,677   (6,790,819)
         
(111,120,216)   (44,309,185)   (20,658,521)   124,624,765   559,684,081   (392,536,940)
267,925,535   312,234,720   779,831,881   655,207,116   1,289,548,830   1,682,085,770
$ 156,805,319   $267,925,535   $ 759,173,360   $779,831,881   $ 1,849,232,911   $1,289,548,830
                     
120,000   550,000   2,420,000   2,760,000   28,350,000   12,200,000
(1,640,000)   (590,000)   (3,200,000)   (920,000)   (23,700,000)   (12,750,000)
(1,520,000)   (40,000)   (780,000)   1,840,000   4,650,000   (550,000)
207


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SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)

  SPDR S&P 400 Mid Cap Value ETF   SPDR S&P 500 ESG ETF
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)

$ 42,034,839   $ 27,863,256   $ 10,542,839   $ 5,375,403
Net realized gain (loss)

(79,661,934)   107,969,928   21,034,633   10,924,313
Net change in unrealized appreciation/depreciation

213,488,157   (272,371,046)   107,896,309   (70,249,541)
Net increase (decrease) in net assets resulting from operations

175,861,062   (136,537,862)   139,473,781   (53,949,825)
Net equalization credits and charges

(643,073)   122,063   661,129   479,899
Distributions to shareholders

(41,180,242)   (29,534,436)   (11,215,118)   (5,817,815)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold

2,825,889,322   1,457,620,509   481,646,638   321,960,502
Cost of shares redeemed

(2,167,202,015)   (1,386,991,195)   (157,590,836)   (63,315,479)
Net income equalization

643,073   (122,063)   (661,129)   (479,899)
Net increase (decrease) in net assets from beneficial interest transactions

659,330,380   70,507,251   323,394,673   258,165,124
Contribution from Affiliate

     
Net increase (decrease) in net assets during the period

793,368,127   (95,442,984)   452,314,465   198,877,383
Net assets at beginning of period

1,431,125,501   1,526,568,485   434,577,056   235,699,673
NET ASSETS AT END OF PERIOD

$ 2,224,493,628   $ 1,431,125,501   $ 886,891,521   $434,577,056
SHARES OF BENEFICIAL INTEREST:              
Shares sold

42,850,000   21,350,000   12,550,000   7,650,000
Shares redeemed

(34,150,000)   (20,300,000)   (3,950,000)   (1,525,000)
Net increase (decrease) from share transactions

8,700,000   1,050,000   8,600,000   6,125,000
See accompanying notes to financial statements.
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Table of Contents

SPDR S&P 600 Small Cap Growth ETF   SPDR S&P 600 Small Cap Value ETF   SPDR S&P 1500 Momentum Tilt ETF
Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
                     
$ 29,406,339   $ 21,487,251   $ 74,872,547   $ 70,678,068   $ 1,315,861   $ 1,099,971
(193,996,545)   163,914,085   (104,384,976)   461,866,496   (222,599)   4,807,748
377,652,643   (661,952,530)   301,833,103   (1,159,803,670)   10,957,651   (14,482,372)
213,062,437   (476,551,194)   272,320,674   (627,259,106)   12,050,913   (8,574,653)
266,198   (8,813)   (368,324)   (107,740)   (18,884)   (5,397)
(30,198,647)   (20,912,409)   (72,577,342)   (71,242,348)   (1,308,052)   (1,095,670)
                     
521,554,835   981,773,206   1,436,056,622   2,073,573,803   22,286,242   23,743,908
(212,263,544)   (752,096,943)   (1,646,581,413)   (1,667,401,087)   (21,989,657)   (28,077,479)
(266,198)   8,813   368,324   107,740   18,884   5,397
309,025,093   229,685,076   (210,156,467)   406,280,456   315,469   (4,328,174)
        99,073  
492,155,081   (267,787,340)   (10,781,459)   (292,328,738)   11,138,519   (14,003,894)
2,038,287,645   2,306,074,985   3,835,223,858   4,127,552,596   72,285,603   86,289,497
$2,530,442,726   $2,038,287,645   $ 3,824,442,399   $ 3,835,223,858   $ 83,424,122   $ 72,285,603
                     
6,950,000   11,450,000   18,700,000   25,050,000   130,000   125,000
(2,950,000)   (8,550,000)   (22,150,000)   (20,200,000)   (130,000)   (150,000)
4,000,000   2,900,000   (3,450,000)   4,850,000     (25,000)
209


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SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)

  SPDR S&P 1500 Value Tilt ETF   SPDR S&P Kensho Clean Power ETF
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)

$ 4,867,747   $ 4,842,391   $ 2,697,484   $ 3,798,105
Net realized gain (loss)

881,052   17,817,585   (13,544,835)   (48,774,597)
Net change in unrealized appreciation/depreciation

21,367,943   (42,186,431)   31,917,632   (59,693,481)
Net increase (decrease) in net assets resulting from operations

27,116,742   (19,526,455)   21,070,281   (104,669,973)
Net equalization credits and charges

(9,974)   (40,310)   159,400   (2,937)
Distributions to shareholders

(4,870,940)   (4,859,861)   (3,050,067)   (4,505,144)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold

34,707,187   117,893,971   67,574,102   96,652,835
Cost of shares redeemed

(29,129,613)   (105,056,401)   (13,349,970)   (122,822,767)
Net income equalization

9,974   40,310   (159,400)   2,937
Net increase (decrease) in net assets from beneficial interest transactions

5,587,548   12,877,880   54,064,732   (26,166,995)
Net increase (decrease) in net assets during the period

27,823,376   (11,548,746)   72,244,346   (135,345,049)
Net assets at beginning of period

203,533,132   215,081,878   266,969,751   402,314,800
NET ASSETS AT END OF PERIOD

$231,356,508   $ 203,533,132   $339,214,097   $ 266,969,751
SHARES OF BENEFICIAL INTEREST:              
Shares sold

250,000   770,000   750,000   1,060,000
Shares redeemed

(210,000)   (720,000)   (160,000)   (1,450,000)
Net increase (decrease) from share transactions

40,000   50,000   590,000   (390,000)
See accompanying notes to financial statements.
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SPDR S&P Kensho Final Frontiers ETF   SPDR S&P Kensho Future Security ETF   SPDR S&P Kensho Intelligent Structures ETF
Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
                     
$ 89,772   $ 94,130   $ 30,704   $ 126,359   $ 449,685   $ 422,126
30,971   349,892   (1,522,317)   456,556   (5,535,197)   (2,492,227)
3,730,587   (4,002,884)   4,553,130   (5,534,170)   8,537,888   (15,167,360)
3,851,330   (3,558,862)   3,061,517   (4,951,255)   3,452,376   (17,237,461)
(3,764)   (629)   (1,267)   (11,453)   (10,210)   (3,738)
(91,719)   (99,378)   (25,158)   (114,269)   (416,542)   (457,119)
                     
  3,585,508   8,158,517   15,472,239   374,606   16,513,298
(3,144,844)   (5,127,715)   (7,055,801)   (9,256,446)   (11,201,839)   (20,674,155)
3,764   629   1,267   11,453   10,210   3,738
(3,141,080)   (1,541,578)   1,103,983   6,227,246   (10,817,023)   (4,157,119)
614,767   (5,200,447)   4,139,075   1,150,269   (7,791,399)   (21,855,437)
17,308,679   22,509,126   28,579,504   27,429,235   31,157,428   53,012,865
$17,923,446   $17,308,679   $32,718,579   $28,579,504   $ 23,366,029   $ 31,157,428
                     
  90,000   180,000   300,000   10,000   360,000
(80,000)   (130,000)   (160,000)   (180,000)   (330,000)   (500,000)
(80,000)   (40,000)   20,000   120,000   (320,000)   (140,000)
211


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SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)

  SPDR S&P Kensho New Economies Composite ETF   SPDR S&P Kensho Smart Mobility ETF
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)

$ 22,189,756   $ 21,454,017   $ 1,365,106   $ 1,138,249
Net realized gain (loss)

(176,364,459)   (406,272,831)   (25,966,932)   (23,506,386)
Net change in unrealized appreciation/depreciation

330,937,419   (511,723,403)   23,290,874   (57,584,085)
Net increase (decrease) in net assets resulting from operations

176,762,716   (896,542,217)   (1,310,952)   (79,952,222)
Net equalization credits and charges

(439,004)   (411,688)   244,150   522,598
Distributions to shareholders

(22,478,195)   (26,004,585)   (1,376,377)   (1,538,788)
Return of capital

     
Total Distributions to shareholders

(22,478,195)   (26,004,585)   (1,376,377)   (1,538,788)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold

225,934,058   1,052,114,142   1,590,905   44,080,997
Cost of shares redeemed

(107,263,615)   (723,500,193)   (22,204,560)   (118,757,701)
Net income equalization

439,004   411,688   (244,150)   (522,598)
Net increase (decrease) in net assets from beneficial interest transactions

119,109,447   329,025,637   (20,857,805)   (75,199,302)
Net increase (decrease) in net assets during the period

272,954,964   (593,932,853)   (23,300,984)   (156,167,714)
Net assets at beginning of period

1,537,095,739   2,131,028,592   77,137,602   233,305,316
NET ASSETS AT END OF PERIOD

$1,810,050,703   $1,537,095,739   $ 53,836,618   $ 77,137,602
SHARES OF BENEFICIAL INTEREST:              
Shares sold

5,360,000   18,650,000   50,000   770,000
Shares redeemed

(2,640,000)   (12,650,000)   (680,000)   (2,290,000)
Net increase (decrease) from share transactions

2,720,000   6,000,000   (630,000)   (1,520,000)
See accompanying notes to financial statements.
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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
Year Ended
6/30/23
  For the Period
1/11/22-*
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
                     
$ 48,393   $ 17,086   $ 12,780,355   $ 9,402,442   $ 5,201,788   $ 3,927,172
(199,486)   (65,288)   794,173   71,883,184   4,544,945   14,911,095
448,008   (451,807)   45,126,192   (90,478,983)   (7,620,238)   (29,115,131)
296,915   (500,009)   58,700,720   (9,193,357)   2,126,495   (10,276,864)
1,007     (1,213,314)   (225,499)   10,883   61,337
(50,033)   (15,446)   (13,326,785)   (10,181,424)   (5,499,034)   (4,643,836)
(2,510)          
(52,543)   (15,446)   (13,326,785)   (10,181,424)   (5,499,034)   (4,643,836)
                     
1,264,444   2,980,663   284,150,030   410,007,585   24,236,473   48,808,592
    (69,545,218)   (406,454,729)   (15,984,066)   (68,580,946)
(1,007)     1,213,314   225,499   (10,883)   (61,337)
1,263,437   2,980,663   215,818,126   3,778,355   8,241,524   (19,833,691)
1,508,816   2,465,208   259,978,747   (15,821,925)   4,879,868   (34,693,054)
2,465,208     557,742,812   573,564,737   186,084,639   220,777,693
$3,974,024   $2,465,208   $817,721,559   $ 557,742,812   $190,964,507   $186,084,639
                     
50,000   100,000   2,080,000   2,880,000   220,000   420,000
    (520,000)   (2,930,000)   (150,000)   (600,000)
50,000   100,000   1,560,000   (50,000)   70,000   (180,000)
   
* Commencement of operations.
213


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period

  SPDR MSCI USA Climate Paris Aligned ETF
  Year
Ended
6/30/23
  For the
Period
4/22/22*-
6/30/22
Net asset value, beginning of period

$ 21.20   $ 25.00
Income (loss) from investment operations:      
Net investment income (loss) (a)

0.29   0.07
Net realized and unrealized gain (loss) (b)

3.99   (3.83)
Total from investment operations

4.28   (3.76)
Net equalization credits and charges (a)

(0.03)   (0.00)(c)
Contribution from affiliate

0.00(c)  
Distributions to shareholders from:      
Net investment income

(0.31)   (0.04)
Net asset value, end of period

$ 25.14   $ 21.20
Total return (d)

20.25%   (13.67)%
Ratios and Supplemental Data:      
Net assets, end of period (in 000s)

$102,585   $131,437
Ratios to average net assets:      
Total expenses

0.11%   0.10%(e)
Net investment income (loss)

1.31%   1.62%(e)
Portfolio turnover rate (f)

14%   6%(g)
* Commencement of operations.
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Russell 1000 Low Volatility Focus ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 98.00   $ 103.93   $ 73.50   $ 80.17   $ 72.91
Income (loss) from investment operations:                  
Net investment income (loss) (a)

1.84   1.60   1.49   1.58   1.45
Net realized and unrealized gain (loss) (b)

10.61   (5.82)   30.62   (6.42)   7.34
Total from investment operations

12.45   (4.22)   32.11   (4.84)   8.79
Net equalization credits and charges (a)

0.00(c)   (0.02)   (0.02)   0.01   (0.01)
Distributions to shareholders from:                  
Net investment income

(1.98)   (1.69)   (1.66)   (1.84)   (1.52)
Net asset value, end of period

$ 108.47   $ 98.00   $ 103.93   $ 73.50   $ 80.17
Total return (d)

12.87%   (4.20)%   44.00%   (6.10)%   12.23%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$546,670   $540,953   $544,605   $474,842   $525,107
Ratios to average net assets:                  
Total expenses

0.21%   0.20%   0.20%   0.20%   0.20%
Net investment income (loss)

1.78%   1.49%   1.67%   2.02%   1.93%
Portfolio turnover rate (e)

30%   27%   31%   28%   33%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
215


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SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Russell 1000 Momentum Focus ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 85.87   $ 98.81   $ 68.38   $ 73.00   $ 72.92
Income (loss) from investment operations:                  
Net investment income (loss) (a)

1.63   1.45   1.06   1.20   1.08
Net realized and unrealized gain (loss) (b)

12.32   (13.03)   30.58   (4.46)   0.17
Total from investment operations

13.95   (11.58)   31.64   (3.26)   1.25
Net equalization credits and charges (a)

(0.04)   (0.00)(c)   (0.08)   (0.08)   (0.02)
Distributions to shareholders from:                  
Net investment income

(1.78)   (1.36)   (1.13)   (1.28)   (1.15)
Net asset value, end of period

$ 98.00   $ 85.87   $ 98.81   $ 68.38   $ 73.00
Total return (d)

16.40%   (11.87)%   46.38%   (4.59)%   1.78%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$156,805   $267,926   $312,235   $311,807   $435,806
Ratios to average net assets:                  
Total expenses

0.21%   0.20%   0.20%   0.20%   0.20%
Net investment income (loss)

1.76%   1.46%   1.27%   1.68%   1.51%
Portfolio turnover rate (e)

37%   44%   42%   42%   40%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
216


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Russell 1000 Yield Focus ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 89.12   $ 94.82   $ 58.69   $ 70.62   $ 70.43
Income (loss) from investment operations:                  
Net investment income (loss) (a)

3.05   2.76   2.09   2.16   2.23
Net realized and unrealized gain (loss) (b)

6.18   (5.91)   36.29   (11.73)   0.32
Total from investment operations

9.23   (3.15)   38.38   (9.57)   2.55
Net equalization credits and charges (a)

(0.00)(c)   0.02   0.06   0.01   (0.02)
Distributions to shareholders from:                  
Net investment income

(3.10)   (2.57)   (2.31)   (2.37)   (2.34)
Net asset value, end of period

$ 95.25   $ 89.12   $ 94.82   $ 58.69   $ 70.62
Total return (d)

10.59%   (3.45)%   66.30%   (13.74)%   3.79%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$759,173   $779,832   $655,207   $356,828   $426,550
Ratios to average net assets:                  
Total expenses

0.21%   0.20%   0.20%   0.20%   0.20%
Net investment income (loss)

3.26%   2.83%   2.69%   3.27%   3.22%
Portfolio turnover rate (e)

33%   40%   58%   34%   42%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
217


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P 400 Mid Cap Growth ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 60.97   $ 77.52   $ 53.77   $ 54.22   $ 53.98
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.77   0.55   0.43   0.55   0.65
Net realized and unrealized gain (loss) (b)

10.79   (16.50)   23.79   (0.38)   0.26
Total from investment operations

11.56   (15.95)   24.22   0.17   0.91
Net equalization credits and charges (a)

(0.01)   0.08   (0.01)   (0.00)(c)   0.02
Distributions to shareholders from:                  
Net investment income

(0.84)   (0.68)   (0.46)   (0.62)   (0.69)
Net asset value, end of period

$ 71.68   $ 60.97   $ 77.52   $ 53.77   $ 54.22
Total return (d)

19.07%   (20.61)%   45.10%   0.35%   1.79%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$1,849,233   $1,289,549   $1,682,086   $1,941,214   $1,680,730
Ratios to average net assets:                  
Total expenses

0.16%   0.15%   0.15%   0.15%   0.15%
Net investment income (loss)

1.15%   0.73%   0.65%   1.04%   1.24%
Portfolio turnover rate (e)

52%   43%   37%   45%   38%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
218


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P 400 Mid Cap Value ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 60.51   $ 67.55   $ 42.66   $ 51.34   $ 52.01
Income (loss) from investment operations:                  
Net investment income (loss) (a)

1.28   1.16   1.04   1.02   0.93
Net realized and unrealized gain (loss) (b)

8.21   (7.00)   24.71   (8.59)   (0.69)
Total from investment operations

9.49   (5.84)   25.75   (7.57)   0.24
Net equalization credits and charges (a)

(0.02)   0.01   0.15   0.00(c)   0.06
Distributions to shareholders from:                  
Net investment income

(1.22)   (1.21)   (1.01)   (1.11)   (0.97)
Net asset value, end of period

$ 68.76   $ 60.51   $ 67.55   $ 42.66   $ 51.34
Total return (d)

15.84%   (8.78)%   61.10%   (14.85)%   0.68%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$2,224,494   $1,431,126   $1,526,568   $893,653   $1,491,525
Ratios to average net assets:                  
Total expenses

0.15%   0.15%   0.15%   0.15%   0.15%
Net investment income (loss)

1.94%   1.71%   1.82%   2.13%   1.83%
Portfolio turnover rate (e)

46%   32%   38%   45%   35%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
219


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P 500 ESG ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  For the
Period
7/28/20*-
6/30/21
Net asset value, beginning of period

$ 36.21   $ 40.12   $ 30.25
Income (loss) from investment operations:          
Net investment income (loss) (a)

0.63   0.57   0.47
Net realized and unrealized gain (loss) (b)

6.80   (3.97)   9.76
Total from investment operations

7.43   (3.40)   10.23
Net equalization credits and charges (a)

0.04   0.05   0.12
Distributions to shareholders from:          
Net investment income

(0.63)   (0.56)   (0.48)
Net asset value, end of period

$ 43.05   $ 36.21   $ 40.12
Total return (c)

20.86%   (8.48)%   34.47%
Ratios and Supplemental Data:          
Net assets, end of period (in 000s)

$886,892   $434,577   $235,700
Ratios to average net assets:          
Total expenses

0.10%   0.10%   0.10%(d)
Net investment income (loss)

1.63%   1.36%   1.39%(d)
Portfolio turnover rate (e)

12%   6%   16%(f)
* Commencement of operations.
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) 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.
220


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P 600 Small Cap Growth ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 70.53   $ 88.70   $ 56.77   $ 60.96   $ 63.17
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.96   0.80   0.52   0.59   0.61
Net realized and unrealized gain (loss) (b)

6.38   (18.19)   31.91   (4.10)   (2.20)
Total from investment operations

7.34   (17.39)   32.43   (3.51)   (1.59)
Net equalization credits and charges (a)

0.01   (0.00)(c)   (0.00)(c)   (0.02)   0.01
Distributions to shareholders from:                  
Net investment income

(0.97)   (0.78)   (0.50)   (0.66)   (0.63)
Net asset value, end of period

$ 76.91   $ 70.53   $ 88.70   $ 56.77   $ 60.96
Total return (d)

10.53%   (19.74)%   57.23%   (5.80)%   (2.47)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$2,530,443   $2,038,288   $2,306,075   $1,541,359   $1,975,179
Ratios to average net assets:                  
Total expenses

0.16%   0.15%   0.15%   0.15%   0.15%
Net investment income (loss)

1.30%   0.95%   0.69%   1.01%   0.99%
Portfolio turnover rate (e)

48%   44%   38%   50%   37%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
221


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P 600 Small Cap Value ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 72.36   $ 85.72   $ 49.15   $ 60.70   $ 66.75
Income (loss) from investment operations:                  
Net investment income (loss) (a)

1.45   1.41   1.07   1.13   1.10
Net realized and unrealized gain (loss) (b)

4.79   (13.35)   36.50   (11.53)   (6.06)
Total from investment operations

6.24   (11.94)   37.57   (10.40)   (4.96)
Net equalization credits and charges (a)

(0.01)   (0.00)(c)   0.04   (0.01)   0.06
Distributions to shareholders from:                  
Net investment income

(1.41)   (1.42)   (1.04)   (1.14)   (1.15)
Net asset value, end of period

$ 77.18   $ 72.36   $ 85.72   $ 49.15   $ 60.70
Total return (d)

8.76%   (14.09)%   76.93%   (17.29)%   (7.30)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$3,824,442   $3,835,224   $4,127,553   $1,916,806   $2,133,800
Ratios to average net assets:                  
Total expenses

0.16%   0.15%   0.15%   0.15%   0.15%
Net investment income (loss)

1.90%   1.72%   1.55%   2.02%   1.76%
Portfolio turnover rate (e)

46%   38%   36%   51%   34%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
222


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P 1500 Momentum Tilt ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$160.63   $181.66   $134.17   $127.95   $ 118.95
Income (loss) from investment operations:                  
Net investment income (loss) (a)

2.93   2.33   1.61   2.11   1.93
Net realized and unrealized gain (loss) (b)

24.60   (21.01)   47.49   6.32   8.87
Total from investment operations

27.53   (18.68)   49.10   8.43   10.80
Net equalization credits and charges (a)

(0.04)   (0.01)   (0.02)   (0.05)   0.15
Contribution from affiliate

0.22        
Distributions to shareholders from:                  
Net investment income

(2.95)   (2.34)   (1.59)   (2.16)   (1.95)
Net asset value, end of period

$185.39   $160.63   $181.66   $134.17   $127.95
Total return (c)

17.46%(d)   (10.45)%   36.74%   6.64%   9.31%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$83,424   $72,286   $86,289   $67,085   $51,180
Ratios to average net assets:                  
Total expenses

0.13%   0.12%   0.12%   0.12%   0.12%
Net investment income (loss)

1.73%   1.24%   1.01%   1.62%   1.60%
Portfolio turnover rate (e)

104%   60%   53%   65%   58%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) If an Affiliate had not made a contribution during the period ended June 30, 2023, the total return would have been 17.32%.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
223


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P 1500 Value Tilt ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 133.90   $ 146.31   $ 97.54   $103.92   $101.54
Income (loss) from investment operations:                  
Net investment income (loss) (a)

3.12   2.99   2.56   2.53   2.41
Net realized and unrealized gain (loss) (b)

14.42   (12.36)   48.10   (6.33)   2.54
Total from investment operations

17.54   (9.37)   50.66   (3.80)   4.95
Net equalization credits and charges (a)

(0.01)   (0.02)   0.58   (0.01)   (0.05)
Distributions to shareholders from:                  
Net investment income

(3.12)   (3.02)   (2.47)   (2.57)   (2.52)
Net asset value, end of period

$ 148.31   $ 133.90   $ 146.31   $ 97.54   $103.92
Total return (c)

13.29%   (6.60)%   53.02%   (3.68)%   4.93%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$231,357   $203,533   $215,082   $20,483   $18,706
Ratios to average net assets:                  
Total expenses

0.13%   0.12%   0.12%   0.12%   0.12%
Net investment income (loss)

2.21%   2.00%   1.90%   2.46%   2.37%
Portfolio turnover rate (d)

14%   11%   24%   16%   13%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
224


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Kensho Clean Power ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  For the
Period
10/23/18*-
6/30/19
Net asset value, beginning of period

$ 78.18   $ 105.73   $ 49.44   $ 38.06   $29.92
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.70   1.05   1.20   1.04   0.48
Net realized and unrealized gain (loss) (b)

6.55   (27.37)   55.34   10.88   7.97
Total from investment operations

7.25   (26.32)   56.54   11.92   8.45
Net equalization credits and charges (a)

0.04   (0.00)(c)   0.50   0.26   0.06
Distributions to shareholders from:                  
Net investment income

(0.77)   (1.23)   (0.75)   (0.80)   (0.37)
Net asset value, end of period

$ 84.70   $ 78.18   $ 105.73   $ 49.44   $38.06
Total return (d)

9.35%   (25.03)%   115.51%   32.40%   28.61%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$339,214   $266,970   $402,315   $29,418   $6,279
Ratios to average net assets:                  
Total expenses

0.46%   0.45%   0.45%   0.45%   0.45%(e)
Net investment income (loss)

0.80%   1.15%   1.15%   2.42%   2.08%(e)
Portfolio turnover rate (f)

32%   27%   43%   37%   24%(g)
* Commencement of operations.
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) 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.
225


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Kensho Final Frontiers ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  For the
Period
10/23/18*-
6/30/19
Net asset value, beginning of period

$ 35.32   $ 42.47   $ 30.36   $33.70   $30.13
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.20   0.18   0.48   0.29   0.18
Net realized and unrealized gain (loss) (b)

8.42   (7.14)   12.32   (3.63)   3.57
Total from investment operations

8.62   (6.96)   12.80   (3.34)   3.75
Net equalization credits and charges (a)

(0.01)   (0.00)(c)   0.04   0.21   0.00(c)
Distributions to shareholders from:                  
Net investment income

(0.21)   (0.19)   (0.73)   (0.21)   (0.18)
Net asset value, end of period

$ 43.72   $ 35.32   $ 42.47   $30.36   $33.70
Total return (d)

24.43%   (16.42)%   42.54%   (9.34)%   12.52%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$17,923   $17,309   $22,509   $8,804   $3,370
Ratios to average net assets:                  
Total expenses

0.46%   0.45%   0.45%   0.45%   0.46%(e)
Net investment income (loss)

0.51%   0.45%   1.26%   0.87%   0.89%(e)
Portfolio turnover rate (f)

28%   22%   43%   39%   17%(g)
* Commencement of operations.
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) 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.
226


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Kensho Future Security ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 43.97   $ 51.75   $ 36.60   $ 37.52   $ 32.83
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.05   0.23   0.19   0.46   0.09
Net realized and unrealized gain (loss) (b)

4.85   (7.76)   15.15   (0.96)   5.44
Total from investment operations

4.90   (7.53)   15.34   (0.50)   5.53
Net equalization credits and charges (a)

(0.00)(c)   (0.02)   0.17   0.02   (0.30)
Distributions to shareholders from:                  
Net investment income

(0.04)   (0.23)   (0.36)   (0.44)   (0.54)
Net asset value, end of period

$ 48.83   $ 43.97   $ 51.75   $ 36.60   $ 37.52
Total return (d)

11.16%   (14.66)%   42.50%   (1.16)%   16.36%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$32,719   $28,580   $27,429   $19,397   $19,883
Ratios to average net assets:                  
Total expenses

0.46%   0.45%   0.45%   0.45%   0.45%
Net investment income (loss)

0.10%   0.46%   0.42%   1.25%   0.27%
Portfolio turnover rate (e)

33%   32%   39%   25%   28%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
227


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Kensho Intelligent Structures ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 32.12   $ 47.76   $ 29.91   $30.22   $28.99
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.56   0.37   0.56   0.42   0.21
Net realized and unrealized gain (loss) (b)

3.83   (15.59)   17.65   (0.27)   1.23
Total from investment operations

4.39   (15.22)   18.21   0.15   1.44
Net equalization credits and charges (a)

(0.01)   (0.00)(c)   0.04   (0.01)   (0.00)(c)
Distributions to shareholders from:                  
Net investment income

(0.55)   (0.42)   (0.40)   (0.45)   (0.21)
Net asset value, end of period

$ 35.95   $ 32.12   $ 47.76   $29.91   $30.22
Total return (d)

13.75%   (32.02)%   61.22%   0.45%   5.01%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$23,366   $31,157   $53,013   $6,281   $9,067
Ratios to average net assets:                  
Total expenses

0.46%   0.45%   0.45%   0.45%   0.45%
Net investment income (loss)

1.61%   0.88%   1.27%   1.43%   0.73%
Portfolio turnover rate (e)

31%   32%   58%   26%   22%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
228


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Kensho New Economies Composite ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  For the
Period
10/23/18*-
6/30/19
Net asset value, beginning of period

$ 40.57   $ 66.83   $ 37.27   $ 33.27   $ 30.17
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.56   0.62   0.57   0.43   0.21
Net realized and unrealized gain (loss) (b)

4.03   (26.12)   29.61   3.43   2.56
Total from investment operations

4.59   (25.50)   30.18   3.86   2.77
Net equalization credits and charges (a)

(0.01)   (0.01)   0.01   0.48   0.44
Distributions to shareholders from:                  
Net investment income

(0.57)   (0.75)   (0.63)   (0.34)   (0.11)
Net asset value, end of period

$ 44.58   $ 40.57   $ 66.83   $ 37.27   $ 33.27
Total return (c)

11.41%   (38.45)%   81.27%   13.09%   10.71%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$1,810,051   $1,537,096   $2,131,029   $1,011,260   $41,760
Ratios to average net assets:                  
Total expenses

0.21%   0.20%   0.20%   0.20%   0.20%(d)
Net investment income (loss)

1.34%   1.12%   1.01%   1.27%   0.99%(d)
Portfolio turnover rate (e)

62%   61%   67%   91%   98%(f)
* Commencement of operations.
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) 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.
229


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Kensho Smart Mobility ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 34.44   $ 62.05   $ 31.57   $28.05   $29.77
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.71   0.39   0.88   0.40   0.24
Net realized and unrealized gain (loss) (b)

(1.13)   (27.65)   30.70   3.41   (1.20)
Total from investment operations

(0.42)   (27.26)   31.58   3.81   (0.96)
Net equalization credits and charges (a)

0.13   0.18   (0.64)   0.16   (0.10)
Distributions to shareholders from:                  
Net investment income

(0.71)   (0.53)   (0.46)   (0.45)   (0.66)
Net asset value, end of period

$ 33.44   $ 34.44   $ 62.05   $31.57   $28.05
Total return (c)

(0.71)%   (43.90)%   98.17%   14.48%   (3.22)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$53,837   $77,138   $233,305   $5,367   $ 7,011
Ratios to average net assets:                  
Total expenses

0.46%   0.45%   0.45%   0.45%   0.45%
Net investment income (loss)

2.11%   0.75%   1.49%   1.47%   0.85%
Portfolio turnover rate (d)

33%   38%   70%   29%   36%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
230


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P SmallCap 600 ESG ETF
  Year
Ended
6/30/23
  For the
Period
1/11/22*-
6/30/22
Net asset value, beginning of period

$24.65   $ 30.00
Income (loss) from investment operations:      
Net investment income (loss) (a)

0.41   0.17
Net realized and unrealized gain (loss) (b)

1.86   (5.37)
Total from investment operations

2.27   (5.20)
Net equalization credits and charges (a)

0.01  
Distributions to shareholders from:      
Net investment income

(0.42)   (0.15)
Return of Capital

(0.02)  
Total distributions

(0.44)  
Net asset value, end of period

$26.49   $ 24.65
Total return (c)

9.39%   (16.81)%
Ratios and Supplemental Data:      
Net assets, end of period (in 000s)

$3,974   $ 2,465
Ratios to average net assets:      
Total expenses

0.12%   0.12%(d)
Net investment income (loss)

1.59%   1.32%(d)
Portfolio turnover rate (e)

39%   31%(f)
* Commencement of operations.
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) 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.
231


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR SSGA US Large Cap Low Volatility Index ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 130.93   $ 133.08   $ 102.17   $ 107.69   $ 90.13
Income (loss) from investment operations:                  
Net investment income (loss) (a)

2.66   2.09   1.99   2.20   2.17
Net realized and unrealized gain (loss) (b)

9.83   (1.87)   31.82   (5.49)   16.96
Total from investment operations

12.49   0.22   33.81   (3.29)   19.13
Net equalization credits and charges (a)

(0.25)   (0.05)   (0.15)   0.01   0.40
Distributions to shareholders from:                  
Net investment income

(2.67)   (2.32)   (2.75)   (2.24)   (1.97)
Net asset value, end of period

$ 140.50   $ 130.93   $ 133.08   $ 102.17   $ 107.69
Total return (c)

9.48%   0.05%   33.27%   (3.05)%   21.94%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$817,722   $557,743   $573,565   $658,964   $568,592
Ratios to average net assets:                  
Total expenses

0.13%   0.12%   0.12%   0.12%   0.12%
Net investment income (loss)

1.96%   1.50%   1.69%   2.04%   2.19%
Portfolio turnover rate (d)

27%   22%   34%   25%   32%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
232


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR SSGA US Small Cap Low Volatility Index ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 104.54   $ 112.64   $ 76.41   $ 93.35   $ 95.11
Income (loss) from investment operations:                  
Net investment income (loss) (a)

2.84   2.11   2.06   2.24   2.48
Net realized and unrealized gain (loss) (b)

(1.22)   (7.72)   36.73   (16.77)   (1.46)
Total from investment operations

1.62   (5.61)   38.79   (14.53)   1.02
Net equalization credits and charges (a)

0.01   0.03   (0.10)   0.07   (0.01)
Distributions to shareholders from:                  
Net investment income

(2.95)   (2.52)   (2.46)   (2.48)   (2.77)
Net asset value, end of period

$ 103.22   $ 104.54   $ 112.64   $ 76.41   $ 93.35
Total return (c)

1.56%   (5.07)%   51.11%   (15.68)%   1.24%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$190,965   $186,085   $220,778   $247,577   $230,585
Ratios to average net assets:                  
Total expenses

0.13%   0.12%   0.12%   0.12%   0.12%
Net investment income (loss)

2.65%   1.86%   2.19%   2.56%   2.68%
Portfolio turnover rate (d)

31%   23%   52%   32%   34%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
233


Table of Contents
SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 2023

1.    Organization
SPDR Series Trust (the “Trust”), a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.
As of June 30, 2023, the Trust consists of eighty-three (83) 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 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
Each Fund is classified as a diversified investment company under the 1940 Act, except the 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, the SPDR S&P 1500 Momentum Tilt ETF, SPDR S&P 1500 Value Tilt ETF, SPDR MSCI USA Climate Paris Aligned ETF, SPDR SSGA US Large Cap Low Volatility Index ETF and SPDR SSGA US Small Cap Low Volatility Index ETF are classified as a non-diversified investment company.
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 asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
•  Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued
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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.
•   Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.
•   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 determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
•  Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;
•   Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
•   Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of each Fund’s investments, according to the fair value hierarchy as of June 30, 2023, is disclosed in each Fund’s respective Schedule of Investments.
Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments and foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received
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by the Fund's may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.
Certain Funds invest in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds' policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
Foreign Taxes
The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with 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 June 30, 2023, 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.
3.    Derivative Financial Instruments
Futures Contracts
The  Funds may enter into futures contracts to meet the Funds’ objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a  Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedules of Investments and cash deposited, if any, is included in Net cash at broker on the Statements of
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Assets and Liabilities. Subsequent payments are made or received by the Funds equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed.
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
For the year ended June 30, 2023, the following Funds entered into futures contracts for the strategies listed below:
Fund Strategies
SPDR Russell 1000 Low Volatility Focus ETF Cash equitization, reduce tracking error and to facilitate daily liquidity
SPDR Russell 1000 Momentum Focus ETF Cash equitization, reduce tracking error and to facilitate daily liquidity
SPDR Russell 1000 Yield Focus ETF Cash equitization, reduce tracking error and to facilitate daily liquidity
SPDR S&P 500 ESG ETF Cash equitization, reduce tracking error and to facilitate daily liquidity
The following tables summarize the value of the Fund's derivative instruments as of June 30, 2023, 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 Russell 1000 Low Volatility Focus ETF                      
Futures Contracts

$—   $—   $—   $29,945   $—   $29,945
SPDR Russell 1000 Momentum Focus ETF                      
Futures Contracts

      7,030     7,030
SPDR Russell 1000 Yield Focus ETF                      
Futures Contracts

      88,634     88,634
SPDR S&P 500 ESG ETF                      
Futures Contracts

      11,790     11,790
  Net Realized Gain (Loss)
  Interest
Rate
Risk
  Foreign
Exchange
Risk
  Credit
Risk
  Equity
Risk
  Commodity
Risk
  Total
SPDR Russell 1000 Low Volatility Focus ETF                      
Futures Contracts

$—   $—   $—   $ 34,177   $—   $ 34,177
SPDR Russell 1000 Momentum Focus ETF                      
Futures Contracts

      30,235     30,235
SPDR Russell 1000 Yield Focus ETF                      
Futures Contracts

      266,491     266,491
SPDR S&P 500 ESG ETF                      
Futures Contracts

      81,921     81,921
    
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  Net Change in Unrealized Appreciation/Depreciation
  Interest
Rate
Risk
  Foreign
Exchange
Risk
  Credit
Risk
  Equity
Risk
  Commodity
Risk
  Total
SPDR Russell 1000 Low Volatility Focus ETF                      
Futures Contracts

$—   $—   $—   $39,180   $—   $39,180
SPDR Russell 1000 Momentum Focus ETF                      
Futures Contracts

      2,109     2,109
SPDR Russell 1000 Yield Focus ETF                      
Futures Contracts

      66,766     66,766
SPDR S&P 500 ESG ETF                      
Futures Contracts

      28,302     28,302
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 MSCI USA Climate Paris Aligned ETF

0.10%
SPDR Russell 1000 Low Volatility Focus ETF

0.20
SPDR Russell 1000 Momentum Focus ETF

0.20
SPDR Russell 1000 Yield Focus ETF

0.20
SPDR S&P 400 Mid Cap Growth ETF

0.15
SPDR S&P 400 Mid Cap Value ETF

0.15
SPDR S&P 500 ESG ETF

0.10
SPDR S&P 600 Small Cap Growth ETF

0.15
SPDR S&P 600 Small Cap Value ETF

0.15
SPDR S&P 1500 Momentum Tilt ETF

0.12
SPDR S&P 1500 Value Tilt ETF

0.12
SPDR S&P Kensho Clean Power ETF

0.45
SPDR S&P Kensho Final Frontiers ETF

0.45
SPDR S&P Kensho Future Security ETF

0.45
SPDR S&P Kensho Intelligent Structures ETF

0.45
SPDR S&P Kensho New Economies Composite ETF

0.20
SPDR S&P Kensho Smart Mobility ETF

0.45
SPDR S&P SmallCap 600 ESG ETF

0.12
SPDR SSGA US Large Cap Low Volatility Index ETF

0.12
SPDR SSGA US Small Cap Low Volatility Index ETF

0.12
From time to time, the Adviser may waive all or a portion of its Management 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, 2023. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. This waiver and/or reimbursement may not be terminated prior to October 31, 2023 except with the approval of the Board.
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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.
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.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.
Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the year ended June 30, 2023 are disclosed in the Schedules of Investments.
During the year ended June 30, 2023, the Adviser made a contribution of $16,574 to the SPDR MSCI USA Climate Paris Aligned ETF related to a trading matter.
During the year ended June 30, 2023, the Adviser made a contribution of $99,073 to the SPDR S&P 1500 Momentum Tilt ETF related to a trading matter.
Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the Custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to Custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.
5.    Trustees' Fees
The fees and expenses of the Independent Trustees and one interested, non-management Trustee are paid directly by the Funds. The Independent Trustees and one interested, non-management Trustee are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
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6.    Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the year ended June 30, 2023, were as follows:
  Purchases   Sales
SPDR MSCI USA Climate Paris Aligned ETF

$ 14,020,003   $ 13,861,591
SPDR Russell 1000 Low Volatility Focus ETF

168,436,839   168,291,633
SPDR Russell 1000 Momentum Focus ETF

91,472,695   91,701,338
SPDR Russell 1000 Yield Focus ETF

285,311,549   267,428,889
SPDR S&P 400 Mid Cap Growth ETF

862,065,498   852,452,724
SPDR S&P 400 Mid Cap Value ETF

982,712,041   975,153,714
SPDR S&P 500 ESG ETF

75,922,193   75,809,378
SPDR S&P 600 Small Cap Growth ETF

1,091,194,717   1,085,940,319
SPDR S&P 600 Small Cap Value ETF

1,824,937,860   1,801,931,518
SPDR S&P 1500 Momentum Tilt ETF

78,918,373   78,674,090
SPDR S&P 1500 Value Tilt ETF

33,877,716   31,040,475
SPDR S&P Kensho Clean Power ETF

107,631,819   106,891,005
SPDR S&P Kensho Final Frontiers ETF

4,850,681   4,852,233
SPDR S&P Kensho Future Security ETF

9,729,159   9,759,846
SPDR S&P Kensho Intelligent Structures ETF

8,827,110   8,728,913
SPDR S&P Kensho New Economies Composite ETF

1,028,611,367   1,026,274,451
SPDR S&P Kensho Smart Mobility ETF

21,381,432   21,321,554
SPDR S&P SmallCap 600 ESG ETF

1,175,203   1,173,784
SPDR SSGA US Large Cap Low Volatility Index ETF

182,301,362   174,463,023
SPDR SSGA US Small Cap Low Volatility Index ETF

65,685,008   61,024,889
For the year ended June 30, 2023, 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 MSCI USA Climate Paris Aligned ETF

$   $ 52,010,432   $ 109,140
SPDR Russell 1000 Low Volatility Focus ETF

195,852,718   246,720,444   61,674,089
SPDR Russell 1000 Momentum Focus ETF

10,872,646   157,648,371   33,873,737
SPDR Russell 1000 Yield Focus ETF

210,485,604   300,226,904   47,600,699
SPDR S&P 400 Mid Cap Growth ETF

1,884,639,810   1,537,323,947   93,638,150
SPDR S&P 400 Mid Cap Value ETF

2,785,870,652   2,130,981,943   113,185,294
SPDR S&P 500 ESG ETF

476,402,168   153,479,789   33,702,272
SPDR S&P 600 Small Cap Growth ETF

521,410,922   211,390,563   62,800,778
SPDR S&P 600 Small Cap Value ETF

1,423,873,199   1,637,210,830   301,739,595
SPDR S&P 1500 Momentum Tilt ETF

22,265,998   21,969,657   5,068,614
SPDR S&P 1500 Value Tilt ETF

31,759,836   29,026,915   3,169,798
SPDR S&P Kensho Clean Power ETF

67,572,774   13,348,844   2,258,644
SPDR S&P Kensho Final Frontiers ETF

  3,144,174   516,698
SPDR S&P Kensho Future Security ETF

6,036,446   4,927,912   840,402
SPDR S&P Kensho Intelligent Structures ETF

374,571   11,194,351   (573,407)
SPDR S&P Kensho New Economies Composite ETF

223,402,882   105,163,941   14,301,263
SPDR S&P Kensho Smart Mobility ETF

1,588,963   22,196,594   (2,650,363)
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  In-kind
Contributions
  In-kind
Redemptions
  In-kind Net
Realized
Gains/(Losses)
SPDR S&P SmallCap 600 ESG ETF

$ 1,263,834   $   $
SPDR SSGA US Large Cap Low Volatility Index ETF

275,107,206   69,434,112   9,571,842
SPDR SSGA US Small Cap Low Volatility Index ETF

19,945,314   15,975,781   2,052,613
7.    Shareholder Transactions
Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.
8.    Income Tax Information
The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. The Funds will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. SSGA FM has analyzed each Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.   
Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAV or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, in-kind transactions, foreign currency gains and losses, passive foreign investment companies, partnerships, corporate actions, forward contracts mark to market, futures contracts mark to market, return of capital basis adjustments, wash sale loss deferrals and distributions in excess of current earnings.   
The tax character of distributions paid during the year ended June 30, 2023, was as follows:
  Ordinary
Income
  Long-Term
Capital Gains
  Tax Return
of Capital
  Total
SPDR MSCI USA Climate Paris Aligned ETF

$ 1,272,662   $—   $   $ 1,272,662
SPDR Russell 1000 Low Volatility Focus ETF

10,690,380       10,690,380
SPDR Russell 1000 Momentum Focus ETF

4,578,436       4,578,436
SPDR Russell 1000 Yield Focus ETF

27,371,410       27,371,410
SPDR S&P 400 Mid Cap Growth ETF

21,188,775       21,188,775
SPDR S&P 400 Mid Cap Value ETF

41,180,242       41,180,242
SPDR S&P 500 ESG ETF

11,215,118       11,215,118
SPDR S&P 600 Small Cap Growth ETF

30,198,647       30,198,647
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  Ordinary
Income
  Long-Term
Capital Gains
  Tax Return
of Capital
  Total
SPDR S&P 600 Small Cap Value ETF

$72,577,342   $—   $   $72,577,342
SPDR S&P 1500 Momentum Tilt ETF

1,308,052       1,308,052
SPDR S&P 1500 Value Tilt ETF

4,870,940       4,870,940
SPDR S&P Kensho Clean Power ETF

3,050,067       3,050,067
SPDR S&P Kensho Final Frontiers ETF

91,719       91,719
SPDR S&P Kensho Future Security ETF

25,158       25,158
SPDR S&P Kensho Intelligent Structures ETF

416,542       416,542
SPDR S&P Kensho New Economies Composite ETF

22,478,195       22,478,195
SPDR S&P Kensho Smart Mobility ETF

1,376,377       1,376,377
SPDR S&P SmallCap 600 ESG ETF

50,033     2,510   52,543
SPDR SSGA US Large Cap Low Volatility Index ETF

13,326,785       13,326,785
SPDR SSGA US Small Cap Low Volatility Index ETF

5,499,034       5,499,034
The tax character of distributions paid during the year ended June 30, 2022, was as follows:

  Ordinary
Income
  Long-Term
Capital Gains
  Total
SPDR MSCI USA Climate Paris Aligned ETF

$ 248,502   $ —   $ 248,502
SPDR Russell 1000 Low Volatility Focus ETF

9,169,199     9,169,199
SPDR Russell 1000 Momentum Focus ETF

4,299,285     4,299,285
SPDR Russell 1000 Yield Focus ETF

19,708,935     19,708,935
SPDR S&P 400 Mid Cap Growth ETF

15,055,982     15,055,982
SPDR S&P 400 Mid Cap Value ETF

29,534,436     29,534,436
SPDR S&P 500 ESG ETF

5,817,815     5,817,815
SPDR S&P 600 Small Cap Growth ETF

20,912,409     20,912,409
SPDR S&P 600 Small Cap Value ETF

71,242,348     71,242,348
SPDR S&P 1500 Momentum Tilt ETF

1,095,670     1,095,670
SPDR S&P 1500 Value Tilt ETF

4,859,861     4,859,861
SPDR S&P Kensho Clean Power ETF

4,505,144     4,505,144
SPDR S&P Kensho Final Frontiers ETF

99,378     99,378
SPDR S&P Kensho Future Security ETF

114,269     114,269
SPDR S&P Kensho Intelligent Structures ETF

457,119     457,119
SPDR S&P Kensho New Economies Composite ETF

26,004,585     26,004,585
SPDR S&P Kensho Smart Mobility ETF

1,538,788     1,538,788
SPDR S&P SmallCap 600 ESG ETF

15,446     15,446
SPDR SSGA US Large Cap Low Volatility Index ETF

10,181,424     10,181,424
SPDR SSGA US Small Cap Low Volatility Index ETF
4,643,836     4,643,836
At June 30, 2023, the components of distributable earnings on a tax basis were as follows:
  Undistributed
Ordinary Income
  Capital Loss
Carryforwards
  Undistributed
Long-Term
Capital Gains
  Net Unrealized
Gains (Losses)
  Total
SPDR MSCI USA Climate Paris Aligned ETF

$ 181,681   $ (1,921,073)   $—   $ 3,843,845   $ 2,104,453
SPDR Russell 1000 Low Volatility Focus ETF

  (87,264,324)     45,321,265   (41,943,059)
SPDR Russell 1000 Momentum Focus ETF

481,934   (119,635,571)     19,000,970   (100,152,667)
SPDR Russell 1000 Yield Focus ETF

517,270   (71,698,206)     (322,827)   (71,503,763)
SPDR S&P 400 Mid Cap Growth ETF

  (563,929,046)     67,511,175   (496,417,871)
SPDR S&P 400 Mid Cap Value ETF

854,597   (478,243,137)     (60,665,664)   (538,054,204)
242


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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

  Undistributed
Ordinary Income
  Capital Loss
Carryforwards
  Undistributed
Long-Term
Capital Gains
  Net Unrealized
Gains (Losses)
  Total
SPDR S&P 500 ESG ETF

$   $ (15,844,000)   $—   $ 63,764,696   $ 47,920,696
SPDR S&P 600 Small Cap Growth ETF

453,089   (759,745,715)     276,786,351   (482,506,275)
SPDR S&P 600 Small Cap Value ETF

2,295,205   (1,068,559,430)     (74,273,190)   (1,140,537,415)
SPDR S&P 1500 Momentum Tilt ETF

45,126   (13,914,165)     13,005,607   (863,432)
SPDR S&P 1500 Value Tilt ETF

  (6,471,733)     (4,898,436)   (11,370,169)
SPDR S&P Kensho Clean Power ETF

  (96,762,759)     (38,070,554)   (134,833,313)
SPDR S&P Kensho Final Frontiers ETF

  (2,071,079)     1,473,827   (597,252)
SPDR S&P Kensho Future Security ETF

17,636   (5,470,525)     1,938,631   (3,514,258)
SPDR S&P Kensho Intelligent Structures ETF

33,103   (11,072,629)     (4,008,137)   (15,047,663)
SPDR S&P Kensho New Economies Composite ETF

6,672,932   (862,576,743)     (20,808,416)   (876,712,227)
SPDR S&P Kensho Smart Mobility ETF

375,018   (70,960,877)     (29,858,620)   (100,444,479)
SPDR S&P SmallCap 600 ESG ETF

  (246,850)     (21,723)   (268,573)
SPDR SSGA US Large Cap Low Volatility Index ETF

  (75,422,163)     29,757,542   (45,664,621)
SPDR SSGA US Small Cap Low Volatility Index ETF

  (50,165,793)     (17,150,896)   (67,316,689)
As of June 30, 2023, the following Funds had capital loss carryforwards available to offset future realized capital gains as follows:
  Non-Expiring
Short Term
  Non-Expiring
Long Term
SPDR MSCI USA Climate Paris Aligned ETF

$ 532,125   $ 1,388,948
SPDR Russell 1000 Low Volatility Focus ETF

39,879,736   47,384,588
SPDR Russell 1000 Momentum Focus ETF

78,597,007   41,038,564
SPDR Russell 1000 Yield Focus ETF

19,635,089   52,063,117
SPDR S&P 400 Mid Cap Growth ETF

323,634,368   240,294,678
SPDR S&P 400 Mid Cap Value ETF

217,343,483   260,899,654
SPDR S&P 500 ESG ETF

4,540,345   11,303,655
SPDR S&P 600 Small Cap Growth ETF

507,711,463   252,034,252
SPDR S&P 600 Small Cap Value ETF

451,109,844   617,449,586
SPDR S&P 1500 Momentum Tilt ETF

13,330,316   583,849
SPDR S&P 1500 Value Tilt ETF

2,108,127   4,363,606
SPDR S&P Kensho Clean Power ETF

63,353,209   33,409,550
SPDR S&P Kensho Final Frontiers ETF

1,742,105   328,974
SPDR S&P Kensho Future Security ETF

2,855,358   2,615,167
SPDR S&P Kensho Intelligent Structures ETF

7,045,570   4,027,059
SPDR S&P Kensho New Economies Composite ETF

616,640,247   245,936,496
SPDR S&P Kensho Smart Mobility ETF

46,827,671   24,133,206
SPDR S&P SmallCap 600 ESG ETF

103,436   143,414
SPDR SSGA US Large Cap Low Volatility Index ETF

55,283,156   20,139,007
SPDR SSGA US Small Cap Low Volatility Index ETF

21,689,528   28,476,265
As of June 30, 2023, gross unrealized appreciation and gross unrealized depreciation of investments and other financial instruments based on cost for federal income tax purposes were as follows:
  Tax
Cost
  Gross
Unrealized
Appreciation
  Gross
Unrealized
Depreciation
  Net Unrealized
Appreciation
(Depreciation)
SPDR MSCI USA Climate Paris Aligned ETF

$ 98,700,376   $ 10,619,124   $ 6,775,279   $ 3,843,845
SPDR Russell 1000 Low Volatility Focus ETF

502,897,900   55,537,261   10,215,997   45,321,264
SPDR Russell 1000 Momentum Focus ETF

138,559,954   22,455,333   3,454,363   19,000,970
SPDR Russell 1000 Yield Focus ETF

762,436,258   51,126,923   51,449,750   (322,827)
243


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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

  Tax
Cost
  Gross
Unrealized
Appreciation
  Gross
Unrealized
Depreciation
  Net Unrealized
Appreciation
(Depreciation)
SPDR S&P 400 Mid Cap Growth ETF

$1,904,101,708   $192,182,143   $124,670,969   $ 67,511,174
SPDR S&P 400 Mid Cap Value ETF

2,428,813,970   174,106,500   234,772,164   (60,665,664)
SPDR S&P 500 ESG ETF

822,665,523   96,490,110   32,725,414   63,764,696
SPDR S&P 600 Small Cap Growth ETF

2,448,964,706   473,890,805   197,104,454   276,786,351
SPDR S&P 600 Small Cap Value ETF

4,255,816,117   404,109,513   478,382,703   (74,273,190)
SPDR S&P 1500 Momentum Tilt ETF

70,526,986   14,306,139   1,300,531   13,005,608
SPDR S&P 1500 Value Tilt ETF

236,910,967   20,495,597   25,394,033   (4,898,436)
SPDR S&P Kensho Clean Power ETF

410,394,760   35,532,430   73,603,310   (38,070,880)
SPDR S&P Kensho Final Frontiers ETF

17,741,551   2,721,648   1,247,822   1,473,826
SPDR S&P Kensho Future Security ETF

33,048,286   3,685,917   1,747,286   1,938,631
SPDR S&P Kensho Intelligent Structures ETF

29,530,637   1,998,396   6,003,317   (4,004,921)
SPDR S&P Kensho New Economies Composite ETF

2,002,285,218   201,084,236   221,891,880   (20,807,644)
SPDR S&P Kensho Smart Mobility ETF

88,471,736   5,087,938   34,946,609   (29,858,671)
SPDR S&P SmallCap 600 ESG ETF

3,992,509   410,761   432,484   (21,723)
SPDR SSGA US Large Cap Low Volatility Index ETF

786,955,719   64,334,874   34,577,332   29,757,542
SPDR SSGA US Small Cap Low Volatility Index ETF

211,953,636   14,826,545   31,977,441   (17,150,896)
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 June 30, 2023, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.
The following is a summary of each Fund's securities lending agreements and related cash and non-cash collateral received as of June 30, 2023:
Fund   Market Value of
Securities on Loan
  Cash
Collateral
Received
  Non-Cash
Collateral
Received*
  Total
Collateral
Received
SPDR Russell 1000 Low Volatility Focus ETF

  $ 3,719,608   $ 2,291,301   $ 1,475,395   $ 3,766,696
SPDR Russell 1000 Momentum Focus ETF

  1,419,742   903,428   534,925   1,438,353
SPDR Russell 1000 Yield Focus ETF

  5,711,664   4,689,669   1,068,348   5,758,017
SPDR S&P 400 Mid Cap Growth ETF

  145,789,005   123,785,640   24,529,984   148,315,624
SPDR S&P 400 Mid Cap Value ETF

  229,939,952   146,709,166   86,347,761   233,056,927
SPDR S&P 600 Small Cap Growth ETF

  335,428,763   196,880,455   146,575,441   343,455,896
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

Fund   Market Value of
Securities on Loan
  Cash
Collateral
Received
  Non-Cash
Collateral
Received*
  Total
Collateral
Received
SPDR S&P 600 Small Cap Value ETF

  $ 570,392,116   $362,515,235   $223,883,962   $586,399,197
SPDR S&P 1500 Momentum Tilt ETF

  172,891   149,489   26,340   175,829
SPDR S&P 1500 Value Tilt ETF

  1,051,591   868,772   205,739   1,074,511
SPDR S&P Kensho Clean Power ETF

  60,212,315   33,532,944   27,355,298   60,888,242
SPDR S&P Kensho Final Frontiers ETF

  1,785,879   1,289,659   581,961   1,871,620
SPDR S&P Kensho Future Security ETF

  3,457,734   2,266,047   1,223,566   3,489,613
SPDR S&P Kensho Intelligent Structures ETF

  3,436,306   2,190,208   1,314,029   3,504,237
SPDR S&P Kensho New Economies Composite ETF

  197,712,651   174,179,345   29,688,601   203,867,946
SPDR S&P Kensho Smart Mobility ETF

  9,932,858   4,841,313   5,422,840   10,264,153
SPDR SSGA US Small Cap Low Volatility Index ETF

  8,266,623   4,129,146   4,411,346   8,540,492
* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
        Remaining Contractual Maturity of the Agreements
as of June 30, 2023
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 Russell 1000 Low Volatility Focus ETF

  Common Stocks   $ 2,291,301   $—   $—   $—   $ 2,291,301   $ 2,291,301
SPDR Russell 1000 Momentum Focus ETF

  Common Stocks   903,428         903,428   903,428
SPDR Russell 1000 Yield Focus ETF

  Common Stocks   4,689,669         4,689,669   4,689,669
SPDR S&P 400 Mid Cap Growth ETF

  Common Stocks   123,785,640         123,785,640   123,785,640
SPDR S&P 400 Mid Cap Value ETF

  Common Stocks   146,709,166         146,709,166   146,709,166
SPDR S&P 600 Small Cap Growth ETF

  Common Stocks   196,880,455         196,880,455   196,880,455
SPDR S&P 600 Small Cap Value ETF

  Common Stocks   362,452,074         362,452,074   362,452,074
SPDR S&P 600 Small Cap Value ETF

  Warrants   63,161         63,161   63,161
SPDR S&P 1500 Momentum Tilt ETF

  Common Stocks   149,489         149,489   149,489
SPDR S&P 1500 Value Tilt ETF

  Common Stocks   868,772         868,772   868,772
SPDR S&P Kensho Clean Power ETF

  Common Stocks   33,532,944         33,532,944   33,532,944
SPDR S&P Kensho Final Frontiers ETF

  Common Stocks   1,289,659         1,289,659   1,289,659
SPDR S&P Kensho Future Security ETF

  Common Stocks   2,266,047         2,266,047   2,266,047
SPDR S&P Kensho Intelligent Structures ETF

  Common Stocks   2,190,208         2,190,208   2,190,208
SPDR S&P Kensho New Economies Composite ETF

  Common Stocks   174,179,345         174,179,345   174,179,345
SPDR S&P Kensho Smart Mobility ETF

  Common Stocks   4,841,313         4,841,313   4,841,313
SPDR SSGA US Small Cap Low Volatility Index ETF

  Common Stocks   4,129,146         4,129,146   4,129,146
245


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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

10.    Risks
Concentration Risk
As a result of the Funds' ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds' investments more than if the Funds were more broadly diversified.
Credit Risk
A Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions default.
Market Risk
The Fund's investments are subject to changes in general economic conditions, and 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. The 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, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
Russian Sanctions Risk
Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impair the ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund’s Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.
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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SPDR SERIES TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Shareholders of 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 and SPDR SSGA US Small Cap Low Volatility Index ETF and the Board of Trustees of SPDR® Series Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of SPDR 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 and SPDR SSGA US Small Cap Low Volatility Index ETF (collectively, the “Funds”) (twenty of the funds constituting SPDR® Series Trust (the “Trust”)), including the schedules of investments, as of June 30, 2023, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (twenty of the funds constituting SPDR® Series Trust) at June 30, 2023, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.
Individual fund constituting the SPDR Series Trust Statement of operations Statement of changes in net assets Financial highlights
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 600 Small Cap Growth ETF
SPDR S&P 600 Small Cap Value ETF
SPDR S&P Kensho Future Security ETF
SPDR S&P Kensho Intelligent Structures ETF
SPDR S&P Kensho Smart Mobility ETFSPDR S&P 1500 Momentum Tilt ETF
SPDR S&P 1500 Value Tilt ETF
SPDR SSGA US Large Cap Low Volatility Index ETF
SPDR SSGA US Small Cap Low Volatility Index ETF
For the year ended June 30, 2023 For each of the two years in the period ended June 30, 2023 For each of the five years in the period ended June 30, 2023
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SPDR SERIES TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM  (continued)

Individual fund constituting the SPDR Series Trust Statement of operations Statement of changes in net assets Financial highlights
SPDR S&P Kensho Clean Power ETF
SPDR S&P Kensho Final Frontiers ETF
SPDR S&P Kensho New Economies Composite ETF
For the year ended June 30, 2023 For each of the two years in the period ended June 30, 2023 For each of the four years in the period ended June 30, 2023 and the period from October 23, 2018 (commencement of operations) through June 30, 2019
SPDR S&P 500 ESG ETF For the year ended June 30, 2023 For each of the two years in the period ended June 30, 2023 For each of the two years in the period ended June 30, 2023 and the period from July 28, 2020 (commencement of operations) through June 30, 2021
SPDR S&P SmallCap 600 ESG ETF For the year ended June 30, 2023 For the year ended June 30, 2023 and the period from January 22, 2022 (commencement of operations) through June 30, 2022 For the year ended June 30, 2023 and the period from January 22, 2022 (commencement of operations) through June 30, 2022
SPDR MSCI USA Climate Paris Aligned ETF For the year ended June 30, 2023 For the year ended June 30, 2023 and period from April 22, 2022 (commencement of operations) through June 30, 2022 For the year ended June 30, 2023 and the period from April 22, 2022 (commencement of operations) through June 30, 2022
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SPDR SERIES TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM  (continued)

Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.
Boston, Massachusetts
August 25, 2023
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SPDR SERIES TRUST
OTHER INFORMATION
June 30, 2023 (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 January 1, 2023 to June 30, 2023.
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.
      Actual   Hypothetical (assuming a 5%
return before expenses)
  Annualized
Expense Ratio
  Ending Account
Value
  Expenses Paid
During Period(a)
  Ending Account
Value
  Expenses Paid
During Period(a)
SPDR MSCI USA Climate Paris Aligned ETF

0.10%   $1,193.60   $0.54   $1,024.30   $0.50
SPDR Russell 1000 Low Volatility Focus ETF

0.20   1,062.90   1.02   1,023.80   1.00
SPDR Russell 1000 Momentum Focus ETF

0.20   1,076.50   1.03   1,023.80   1.00
SPDR Russell 1000 Yield Focus ETF

0.20   1,033.30   1.01   1,023.80   1.00
SPDR S&P 400 Mid Cap Growth ETF

0.15   1,103.50   0.78   1,024.10   0.75
SPDR S&P 400 Mid Cap Value ETF

0.15   1,071.20   0.77   1,024.10   0.75
SPDR S&P 500 ESG ETF

0.10   1,183.90   0.54   1,024.30   0.50
SPDR S&P 600 Small Cap Growth ETF

0.15   1,070.10   0.77   1,024.10   0.75
SPDR S&P 600 Small Cap Value ETF

0.15   1,050.00   0.76   1,024.10   0.75
SPDR S&P 1500 Momentum Tilt ETF

0.12   1,117.40   0.63   1,024.20   0.60
SPDR S&P 1500 Value Tilt ETF

0.12   1,072.50   0.62   1,024.20   0.60
SPDR S&P Kensho Clean Power ETF

0.45   1,036.90   2.27   1,022.60   2.26
SPDR S&P Kensho Final Frontiers ETF

0.45   1,114.30   2.36   1,022.60   2.26
SPDR S&P Kensho Future Security ETF

0.45   1,135.50   2.38   1,022.60   2.26
SPDR S&P Kensho Intelligent Structures ETF

0.45   1,111.50   2.36   1,022.60   2.26
SPDR S&P Kensho New Economies Composite ETF

0.20   1,137.00   1.06   1,023.80   1.00
SPDR S&P Kensho Smart Mobility ETF

0.45   1,143.00   2.39   1,022.60   2.26
SPDR S&P SmallCap 600 ESG ETF

0.12   1,057.70   0.61   1,024.20   0.60
SPDR SSGA US Large Cap Low Volatility Index ETF

0.12   1,045.00   0.61   1,024.20   0.60
SPDR SSGA US Small Cap Low Volatility Index ETF

0.12   972.90   0.59   1,024.20   0.60
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 181, then divided by 365.
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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
June 30, 2023 (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. Over the course of the prior year, SSGA FM provided the Board with reports addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for the period December 31, 2021 through December 31, 2022 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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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
June 30, 2023 (Unaudited)

Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended June 30, 2023.
Dividends Received Deduction
Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.
Qualified Business Income Deduction
Each Fund reports the maximum amount allowable of qualified REIT dividends eligible for the qualified business income deduction under Section 199A.
Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal year ended June 30, 2023 are considered qualified dividend income and are eligible for reduced tax rates. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
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 Funds’ portfolio of securities are available (i) without charge, upon request, by calling 1-866-787-2257 (toll free) or (ii) on the SEC’s website at www.sec.gov.
Information regarding how the Funds voted for the prior 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
OTHER INFORMATION  (continued)
June 30, 2023 (Unaudited)

Approval of Advisory Agreement
At meetings held prior to June 30, 2023, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to the equity series of the Trust (collectively, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), also met separately to consider the Agreement. The Independent Trustees were advised by their independent legal counsel throughout the process.
To evaluate the Agreement, the Board requested and SSGA FM, the Trust’s adviser and administrator, and State Street Bank and Trust Company, the Trust’s sub-administrator, transfer agent and custodian (“State Street”) provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the SPDR ETFs, (iii) profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent to which economies of scale would be shared as the SPDR ETFs grow.
Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and the materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser in managing exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and ensuring each SPDR ETF’s compliance with its investment objectives and policies, and applicable laws and regulations. The Board further considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment management business and that of its affiliates which make up State Street Global Advisors, through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board specifically considered the Adviser’s experience in managing equity exchange-traded funds with index-based investment objectives.
Investment Performance
The Board then reviewed the SPDR ETFs’ performance, noting that the analysis of investment performance, in absolute terms, was more complex for actively-managed funds. The Board focused on the extent to which each index-based SPDR ETF achieved its objective as a passively-managed index fund and reviewed information regarding such SPDR ETFs’ index tracking.
Profits Realized by Adviser
The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser and its affiliates, including data on the SPDR ETFs’ historical profitability to these entities. The Board, including the Independent Trustees, with their independent legal counsel, had the opportunity to discuss, with representatives of the Adviser and State Street Global Advisors, methodologies used in computing costs that formed the bases of profitability calculations.
Fees Charged to Comparable Funds
The Board evaluated each SPDR ETF’s unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., exchange-traded funds tracking similar equity indexes with respect to each SPDR ETF. The Board reviewed the universe of similar exchange-traded funds for each SPDR ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund by fund analysis of the data. In certain instances as considered appropriate by the Board, the Board explored with management the reasons for the differences between a SPDR ETF’s fee and fees paid by similar funds.
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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
June 30, 2023 (Unaudited)

Other Benefits
The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions.
Economies of Scale
The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF’s assets grow in size. The Board noted that the advisory fee rate for each SPDR ETF does not provide for breakpoints as assets of the SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.
Conclusion
After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the continuation of the Agreement for each SPDR ETF. In approving the continuance of the Agreement, the Board, including the Independent Trustees voting separately, found that the terms of the Agreement are fair and reasonable and that the continuance of the Agreement is in the best interests of the applicable SPDR ETF and its shareholders. The Board’s conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly for those SPDR ETFs measured against an index, the index tracking, of each SPDR ETF had been satisfactory or the Adviser had demonstrated due attention to the remediation of underperformance, where appropriate; (c) the Adviser’s unitary fee for each SPDR ETF considered in relation to the services provided, and in relation to the fees charged to comparable funds, was reasonable; (d) the profitability of the Trust’s relationships with the Adviser and its affiliates was not excessive in view of the nature, extent and quality of the services provided; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) the fees paid to the Adviser adequately shared the economies of scale with respect to the SPDR ETFs by way of the relatively low fee structure of the Trust. The Independent Trustees were advised by their independent counsel throughout the process.
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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
June 30, 2023 (Unaudited)

TRUSTEES AND OFFICERS INFORMATION
Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal
Occupation(s)
During Past
5 Years
  Number of
Portfolios
in Fund
Complex
Overseen
by Trustee†
  Other
Directorships
Held by Trustee
During the
Past 5 Years
Trustees                    
Independent Trustees                    
CARL G. VERBONCOEUR
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1952
  Independent
Trustee,
Chairman,
Trustee
Committee
Chair
  Term: Unlimited
Served: since
April 2010
  Self-employed
consultant since 2009.
  121   The Motley Fool
Funds Trust
(Trustee).
DWIGHT D. CHURCHILL
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1953
  Independent
Trustee,
Audit
Committee
Chair
  Term: Unlimited
Served: since
April 2010
  Self-employed
consultant since 2010;
CEO and President,
CFA Institute (June
2014 - January 2015).
  121   Affiliated
Managers Group,
Inc. (Chairman, Director
and Audit
Committee Chair).
CLARE S. RICHER
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1958
  Independent
Trustee
  Term: Unlimited
Served: since
July 2018
  Retired. Chief Financial
Officer, Putnam
Investments LLC
(December 2008 -
May 2017).
  121   Principal Financial
Group (Director and Financial Committee Chair);
Bain Capital
Specialty
Finance
(Director); University of Notre Dame (Trustee);
Putnam Acquisition
Financing Inc.
(Director);
Putnam Acquisition
Financing LLC
(Director); Putnam GP
Inc. (Director);
Putnam Investor
Services, Inc.
(Director); Putnam
Investments Limited
(Director).
SANDRA G. SPONEM
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1958
  Independent
Trustee
  Term: Unlimited
Served: since
July 2018
  Retired. Chief Financial
Officer, M.A.
Mortenson
Companies, Inc.(construction and real estate company)
(February 2007 -
April 2017).
  121   Rydex Series Funds
Rydex Dynamic Funds
Rydex Variable Trust
Guggenheim Funds
Trust; Guggenheim
Variable Funds Trust;
Guggenheim Strategy
Funds Trust; Transparent
Value Trust; Fiduciary/
Claymore Energy
Infrastructure Fund;
Guggenheim Taxable
Municipal Bond & Investment Grade
Debt Trust;
Guggenheim Strategic
Opportunities Fund;
Guggenheim Enhanced
Equity Income Fund;
Guggenheim Credit
Allocation Fund;
Guggenheim Energy
& Income Fund; Guggenheim Active Allocation Fund (Trustee and Audit Committee Chair).
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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
June 30, 2023 (Unaudited)

Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal
Occupation(s)
During Past
5 Years
  Number of
Portfolios
in Fund
Complex
Overseen
by Trustee†
  Other
Directorships
Held by Trustee
During the
Past 5 Years
CAROLYN M. CLANCY
c/o SPDR Index Shares Funds
One Iron Street
Boston, MA 02210
1960
  Independent
Trustee
  Term: Unlimited
Served: since
October 2022
  Retired.
Executive Vice President,
Head of Strategy,
Analytics and Market Readiness,
Fidelity Investments
(April 2020 - June 2021);
Executive Vice President,
Head of Broker Dealer Business,
Fidelity Investments
(July 2017 - March 2020).
  121   Assumption University (Trustee);
Big Sister Association of
Greater Boston (Director).
KRISTI L. ROWSELL
c/o SPDR Index Shares Funds
One Iron Street
Boston, MA 02210
1966
  Independent
Trustee
  Term: Unlimited
Served: since
October 2022
  Partner and President,
Harris Associates
(2010 - 2021).
  121   Oakmark Funds (Trustee);
Board of Governors,
Investment Company Institute
(Member);
Habitat for Humanity Chicago (Director).
Interested Trustee                    
JAMES E. ROSS*
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1965
  Interested
Trustee
  Term: Unlimited
Served as
Trustee: since
April 2010
  President, Winnisquam Capital LLC (December 2022 - present); Non-Executive Chairman,
Fusion Acquisition Corp II. (February
2020 - Present);
Non-Executive Chairman,
Fusion Acquisition Corp.
(June 2020 - September 2021);
Retired Chairman and Director,
SSGA Funds Management, Inc.
(2005 - March 2020); Retired
Executive Vice President, State
Street Global Advisors (2012 -
March 2020); Retired Chief
Executive Officer and Manager,
State Street Global Advisors
Funds Distributors, LLC (May
2017 - March 2020); Director,
State Street Global Markets,
LLC (2013 - April 2017);
President, SSGA Funds
Management, Inc. (2005 - 2012);
Principal, State Street
Global Advisors (2000 - 2005).
  132   Investment Managers Series Trust (December 2022 - present); The Select Sector SPDR Trust (November 2005 - Present); SSGA SPDR
ETFs Europe I PLC
(Director)
(November 2016 -
March 2020); SSGA
SPDR ETFs
Europe II PLC
(Director)
(November 2016 -
March 2020); State Street Navigator
Securities Lending Trust (July
2016 - March 2020); SSGA
Funds (January 2014 - March
2020); State Street Institutional
Investment Trust (February
2007 - March 2020); State
Street Master Funds (February
2007 - March 2020); Elfun
Funds (July 2016 - December
2018).
GUNJAN CHAUHAN**
c/o SPDR Index Shares Funds
One Iron Street
Boston, MA 02210
1982
  Interested
Trustee
  Term: Unlimited
Served: Since
October 2022
  Senior Managing Director,
State Street Global Advisors
(April 2018 - Present);
Managing Director,
State Street Global Advisors
(June 2015 - March 2018).
  121   State Street ICAV (Director).
† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA Funds Management, Inc. serves as investment adviser, which includes series of SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust.
* Mr. Ross is an Interested Trustee because of his ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.
** Ms. Chauhan is an Interested Trustee because of her position with an affiliate of the Adviser.
    
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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
June 30, 2023 (Unaudited)

Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal Occupation(s) During the Past 5 Years
Officers            
ANN M. CARPENTER
SSGA Funds Management Inc.
One Iron Street
Botson,MA 02210
1966
  President
and Principal
Executive
Officer;
Deputy
Treasurer
  Term: Unlimited
Served: since May 2023
(with respect
to President
and Principal
Executive Officer);
Term: Unlimited
Served: since
February 2016
(with respect
to Deputy Treasurer)
  Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 - present)*; Managing Direct Street Global Advisors (April 2005 - present).*
BRUCE S. ROSENBERG
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1961
  Treasurer
and Principal
Financial Officer
  Term: Unlimited
Served: since
February 2016
  Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 - present); Director, Credit Suisse (April 2008 - July 2015).
CHAD C. HALLETT
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1969
  Deputy
Treasurer
  Term: Unlimited
Served: since
February 2016
  Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 - present).
MICHAEL P. RILEY
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1969
  Vice
President
  Term: Unlimited
Served: since
February 2005
  Managing Director, State Street Global Advisors (2005 - present).*
SEAN O'MALLEY
SSGA Funds Management, Inc.
One Iron Street
1969
  Chief Legal Officer   Term: Unlimited
Served: since
August 2019
  Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 - present).
DAVID URMAN
SSGA Funds Management, Inc
One Iron Street
Boston, MA 02210
1985
  Secretary   Term: Unlimited
Served: since
August 2019
  Vice President and Senior Counsel, State Street Global Advisors (April 2019 - present); Vice President and Counsel, State Street Global Advisors (August 2015 - April 2019); Associate, Ropes & Gray LLP (November 2012 - August 2015).
DAVID BARR
SSGA Funds Management, Inc
One Iron Street
Boston, MA 02210
1974
  Assistant
Secretary
  Term: Unlimited
Served: since
November 2020
  Vice President and Senior Counsel, State Street Global Advisors (October 2019 - present); Vice President at Eaton Vance Corp. (October 2010 - October 2019).
E. GERARD MAIORANA, JR.
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1971
  Assistant
Secretary
  Term: Unlimited
Served: since May 2023
  Assistant Vice President, State
Street Global Advisors
(July 2014 - present).
DARLENE ANDERSON-VASQUEZ
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1968
  Deputy
Treasurer
  Term: Unlimited
Served: since
November 2016
  Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 - present); Senior Vice President, John Hancock Investments (September 2007 - May 2016).
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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
June 30, 2023 (Unaudited)

Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal Occupation(s) During the Past 5 Years
ARTHUR A. JENSEN
SSGA Funds Management, Inc.
1600 Summer Street
Stamford, CT 06905
1966
  Deputy
Treasurer
  Term: Unlimited
Served: Since
August 2017
  Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 - present); Mutual Funds Controller, GE Asset Management Incorporated (April 2011 - July 2016).
DAVID LANCASTER
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1971
  Assistant
Treasurer
  Term: Unlimited
Served: since
November 2020
  Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 - present); Assistant Vice President, State Street Bank and Trust Company (November 2011 - July 2017).*
JOHN BETTENCOURT
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1976
  Assistant
Treasurer
  Term: Unlimited
Served: since
May 2022
  Vice President, State Street Global Advisors and SSGA Funds Management Inc. (March 2020 - present); Assistant Vice President, State Street Global Advisors (June 2007 - March 2020).
BRIAN HARRIS
SSGA Funds Management, Inc.
One Iron Street
Boston,MA 02210
1973
  Chief Compliance
Officer;Anti-Money
Laundering
Officer; Code of
Ethics
Compliance
Officer
  Term: Unlimited
Served:since
November
2013
  Managing Director, State Street Global Advisors and SSGA Funds Management,Inc. (June 2013 - present).*
* Served in various capacities and/or with various affiliated entities during noted time period.
The Statement of Additional Information (SAI) includes additional information about the Funds' trustees and is available, without charge, upon request and by calling 1-866-787-2257.
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SPDR Series Trust
Trustees
Gunjan Chauhan, Interested Trustee
Dwight D. Churchill
Carolyn M. Clancy
Clare S. Richer
James E. Ross, Interested Non-management Trustee
Kristi L. Rowsell
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 Congress Street
Boston, MA 02114
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.
KENSHO© is a registered service mark of Kensho Technologies Inc. ("Kensho"), and all Kensho financial indices in the Kensho New Economies© family and such indices' corresponding service marks have been licensed by the Licensee in connection with the SPDR S&P Kensho Clean Power ETF, SPDR S&P Kensho Final Frontiers ETF, SPDR S&P Kensho New Economies Composite ETF, SPDR S&P Kensho Intelligent Structures ETF, SPDR S&P Kensho Smart Mobility ETF and SPDR S&P Kensho Future Security ETF (collectively, the "SPDR ETFs"). The SPDR ETFs are not marketed, sold, or sponsored by Kensho, Kensho's affiliates, or Kensho's third party licensors.
Kensho is not an investment adviser or broker dealer and Kensho makes no representation regarding the advisability of investing in any investment fund, other investment vehicle, security or other financial product regardless of whether or not it is based on, derived from, or included as a constituent of any Kensho New Economies© family index. Kensho bears no responsibility or liability for any business decision, input, recommendation, or action taken based on Kensho indices or any
products based on, derived from, or included as a constituent of any such index. All referenced names and trademarks are the property of their respective owners.
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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