Semi-Annual Report

December 31, 2021

SPDR^® Series Trust - Fixed Income Funds

SPDR Bloomberg SASB Corporate Bond ESG Select ETF

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

TABLE OF CONTENTS (Unaudited)

Portfolio Statistics (Unaudited)	1
Schedule of Investments (Unaudited)	2
Financial Statements (Unaudited)	10
Financial Highlights (Unaudited)	13
Notes to Financial Statements (Unaudited)	14
Other Information (Unaudited)	19

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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SPDR Bloomberg SASB Corporate Bond ESG Select ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2021

	Description	% of Net Assets
	Bank of America Corp. 1.66% 3/11/2027	1.5%
	Cisco Systems, Inc. 5.90% 2/15/2039	1.2
	Deutsche Telekom International Finance B.V. 8.75% 6/15/2030	1.0
	AT&T, Inc. 6.55% 2/15/2039	0.9
	Lloyds Banking Group PLC 2.44% 2/5/2026	0.9
	TOTAL	5.5%

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

Asset Allocation as of December 31, 2021

		% of Net Assets
	Corporate Bonds & Notes	99.0%
	Other Assets in Excess of Liabilities	1.0
	TOTAL	100.0%

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

See accompanying notes to financial statements.

1

SPDR SERIES TRUST

SPDR BLOOMBERG SASB CORPORATE BOND ESG SELECT ETF

SCHEDULE OF INVESTMENTS

December 31, 2021 (Unaudited)

SPDR SERIES TRUST

SPDR BLOOMBERG SASB CORPORATE BOND ESG SELECT ETF

SCHEDULE OF INVESTMENTS  (continued)

December 31, 2021 (Unaudited)

SPDR SERIES TRUST

SPDR BLOOMBERG SASB CORPORATE BOND ESG SELECT ETF

SCHEDULE OF INVESTMENTS  (continued)

December 31, 2021 (Unaudited)

SPDR SERIES TRUST

SPDR BLOOMBERG SASB CORPORATE BOND ESG SELECT ETF

SCHEDULE OF INVESTMENTS  (continued)

December 31, 2021 (Unaudited)

SPDR SERIES TRUST

SPDR BLOOMBERG SASB CORPORATE BOND ESG SELECT ETF

SCHEDULE OF INVESTMENTS  (continued)

December 31, 2021 (Unaudited)

SPDR SERIES TRUST

SPDR BLOOMBERG SASB CORPORATE BOND ESG SELECT ETF

SCHEDULE OF INVESTMENTS  (continued)

December 31, 2021 (Unaudited)

SPDR SERIES TRUST

SPDR BLOOMBERG SASB CORPORATE BOND ESG SELECT ETF

SCHEDULE OF INVESTMENTS  (continued)

December 31, 2021 (Unaudited)

SPDR SERIES TRUST

SPDR BLOOMBERG SASB CORPORATE BOND ESG SELECT ETF

SCHEDULE OF INVESTMENTS  (continued)

December 31, 2021 (Unaudited)

See accompanying notes to financial statements.

9

SPDR SERIES TRUST

SPDR BLOOMBERG SASB CORPORATE BOND ESG SELECT ETF

STATEMENT OF ASSETS AND LIABILITIES

December 31, 2021 (Unaudited)

ASSETS
Investments in unaffiliated issuers, at value	$29,299,495
Cash	378,303
Receivable for investments sold	371,542
Interest receivable — unaffiliated issuers	242,983
TOTAL ASSETS	30,292,323
LIABILITIES
Payable for investments purchased	707,983
Advisory fee payable	3,021
Trustees’ fees and expenses payable	4
TOTAL LIABILITIES	711,008
NET ASSETS	$29,581,315
NET ASSETS CONSIST OF:
Paid-in Capital	$30,002,161
Total distributable earnings (loss)	(420,846)
NET ASSETS	$29,581,315
NET ASSET VALUE PER SHARE
Net asset value per share	$ 24.65
Shares outstanding (unlimited amount authorized, $0.01 par value)	1,200,000
COST OF INVESTMENTS:
Investments in unaffiliated issuers	$ 29,678,311

See accompanying notes to financial statements.

10

SPDR SERIES TRUST

SPDR BLOOMBERG SASB CORPORATE BOND ESG SELECT ETF

STATEMENT OF OPERATIONS

For the Period Ended December 31, 2021 (Unaudited)

INVESTMENT INCOME
Interest income — unaffiliated issuers	$ 297,836
EXPENSES
Advisory fee	18,074
Trustees’ fees and expenses	150
TOTAL EXPENSES	18,224
NET INVESTMENT INCOME (LOSS)	$ 279,612
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — unaffiliated issuers	(8,257)
Net change in unrealized appreciation/depreciation on:
Investments — unaffiliated issuers	(248,125)
NET REALIZED AND UNREALIZED GAIN (LOSS)	(256,382)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$ 23,230

See accompanying notes to financial statements.

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SPDR SERIES TRUST

SPDR BLOOMBERG SASB CORPORATE BOND ESG SELECT ETF

STATEMENT OF CHANGES IN NET ASSETS

	Six Months Ended 12/31/21 (Unaudited)		For the Period 11/9/20*- 6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 279,612		$ 331,625
Net realized gain (loss)	(8,257)		8,070
Net change in unrealized appreciation/depreciation	(248,125)		(130,691)
Net increase (decrease) in net assets resulting from operations	23,230		209,004
Net equalization credits and charges	—		4,209
Distributions to shareholders	(351,870)		(301,210)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	—		30,001,526
Net income equalization	—		(4,209)
Other Capital	—		635
Net increase (decrease) in net assets from beneficial interest transactions	—		29,997,952
Net increase (decrease) in net assets during the period	(328,640)		29,909,955
Net assets at beginning of period	29,909,955		—
NET ASSETS AT END OF PERIOD	$29,581,315		$29,909,955
SHARES OF BENEFICIAL INTEREST:

*	Commencement of operations.

See accompanying notes to financial statements.

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SPDR SERIES TRUST

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR Bloomberg SASB Corporate Bond ESG Select ETF
	Six Months Ended 12/31/21 (Unaudited)		For the Period 11/09/20*- 6/30/21
Net asset value, beginning of period	$ 24.92		$ 25.00
Income (loss) from investment operations:
Net investment income (loss) (a)	0.23		0.30
Net realized and unrealized gain (loss) (b)	(0.21)		(0.11)
Total from investment operations	0.02		0.19
Net equalization credits and charges (a)	—		0.00(c)
Other capital (a)	—		0.00(c)
Distributions to shareholders from:
Net investment income	(0.29)		(0.27)
Net asset value, end of period	$ 24.65		$ 24.92
Total return (d)	0.07%		0.78%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$29,581		$29,910
Ratios to average net assets:
Total expenses	0.12%(e)		0.12%(e)
Net investment income (loss)	1.86%(e)		1.85%(e)
Portfolio turnover rate (f)	13%(g)		16%(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 period.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Annualized.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g)	Not annualized.

See accompanying notes to financial statements.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2021 (Unaudited)

1.    Organization

SPDR Series Trust (the “Trust”), a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.

As of December 31, 2021, the Trust consists of eighty-two (82) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the SPDR Bloomberg SASB Corporate Bond ESG Select ETF (the “Fund”).

The Fund is classified as a non-diversified investment company under the 1940 Act.

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2.    Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. The Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

The 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 the 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 Fund. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value the Fund’s investments by major category are as follows:

•   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.

•   Debt obligations (including short-term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.

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.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS  (continued)

December 31, 2021 (Unaudited)

The value of the Fund’s investments, according to the fair value hierarchy as of December 31, 2021, is disclosed in the Fund’s 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 for financial reporting purposes. Non-cash dividends, if any, received in the form of stock are recorded as dividend income at fair value. Distributions received by the Fund 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.

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.

Equalization

The Fund follows 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 monthly. 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.    Fees and Transactions with Affiliates

Advisory Fee

The Trust, on behalf of the Fund, has entered into an Investment Advisory Agreement with SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”). For its advisory services to the Fund, facilities furnished and expenses borne by the Adviser, the Fund pays the Adviser a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of the Fund’s average daily net assets as shown in the following table:

	Annual Rate
SPDR Bloomberg SASB Corporate Bond ESG Select 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 the Fund until October 31, 2022. 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, 2022 except with the approval of the Board.

The Adviser pays all the operating expenses of the 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.

15

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS  (continued)

December 31, 2021 (Unaudited)

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

The Fund 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 Fund owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended December 31, 2021 are disclosed in the Schedule of Investments.

4.    Trustees’ Fees

The fees and expenses of the Independent Trustees are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

5.    Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended December 31, 2021, were as follows:

	Purchases		Sales
SPDR Bloomberg SASB Corporate Bond ESG Select ETF	$4,079,577		$3,923,709

6.    Shareholder Transactions

The Fund issues and redeems its shares, at NAV, by the Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of the Fund are not redeemable. Transactions in capital shares for the Fund are disclosed in detail in the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of the 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.

7.    Income Tax Information

The Fund intends to qualify as regulated investment company under Subchapter M of the Internal Revenue Code. The Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

The Fund files 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 the Fund's tax positions 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.

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SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS  (continued)

December 31, 2021 (Unaudited)

As of December 31, 2021, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
SPDR Bloomberg SASB Corporate Bond ESG Select ETF	$29,697,885		$136,898		$535,288		$(398,390)

8.    Risks

Concentration Risk

As a result of the Fund's 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 Fund's investments more than if the Fund was more broadly diversified.

Credit Risk

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

Market Risk

The Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. 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 or other public health issues, or other events could have a significant impact on a Fund and its investments.

An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets experienced and may continue to experience extreme volatility and severe losses, and trading in many instruments was and may continue to be disrupted as a result. Liquidity for many instruments was and may continue to be greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

9.    Recent Accounting Pronouncement

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2020-04 (“ASU 2020-04”), “Reference Rate Reform (Topic 848)”. In response to concerns about structural risks of interbank offered rates, and particularly the risk of cessation of LIBOR, regulators have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable or transaction based and less susceptible to manipulation. ASU 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. ASU 2020-04 is elective and applies to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The relief provided is temporary and generally cannot be applied to contract modifications that occur after December 31, 2022, or hedging relationships entered into or evaluated after that date. However, the FASB has indicated that it will revisit the sunset date in Topic 848 after the LIBOR administrator makes a final decision on a phaseout date. On November 30, 2020, the LIBOR administrator proposed extending the publication of the overnight and the one-, three-, six- and 12-month USD LIBOR settings through June 30, 2023, when many existing contracts that reference LIBOR will have expired. Management is currently evaluating the impact of the guidance.

17

SPDR SERIES TRUST

NOTES TO FINANCIAL STATEMENTS  (continued)

December 31, 2021 (Unaudited)

10.    Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund 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.

18

SPDR SERIES TRUST

OTHER INFORMATION

December 31, 2021 (Unaudited)

Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2021 to December 31, 2021.

The table below illustrates your Fund’s cost in two ways:

Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the 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.

	SPDR Bloomberg SASB Corporate Bond ESG Select ETF
Annualized Expense Ratio	0.12%
Actual:
Ending Account Value	$1,000.70
Expenses Paid During Period	0.61
Hypothetical (assuming a 5% return before expenses):
Ending Account Value	1,024.60
Expenses Paid During Period(a)	0.61

(a)	Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.

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SPDR SERIES TRUST

OTHER INFORMATION  (continued)

December 31, 2021 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Fund has adopted a liquidity risk management program (the "Program"). The Program's principal objectives include assessing, managing and periodically reviewing the 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 Fund's Program. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for the period September 2020 through June 2021, including:

•	the Program supported the Fund's ability to honor redemption requests timely;
•	the Program supported SSGA FM's management of the 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 the Fund's liquidity risk; and
•	the Program operated adequately during the period.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Premium/Discount Information

Information regarding how often the Shares of the 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 Fund's investment adviser to vote proxies relating to the Fund's portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at www.sec.gov.

Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Fund's website at https://www.ssga.com/spdrs.

Quarterly Portfolio Schedule

Following the Fund's first and third fiscal quarter-ends, a complete Schedule of Investments is filed with the SEC as an exhibit on Form N-PORT, which can be found on the Fund's website at https://www.ssga.com/spdrs and on the SEC's website at www.sec.gov. The Fund's Schedule of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).

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SPDR Series Trust

SPDR^® Series Trust - Fixed Income Funds

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