Semi-Annual Report
December 31, 2021
SPDR® Series Trust - Fixed Income Funds
SPDR Bloomberg 1-10 Year TIPS ETF (Formerly, SPDR Bloomberg Barclays 1-10 Year TIPS ETF)
SPDR Bloomberg 1-3 Month T-Bill ETF (Formerly, SPDR Bloomberg Barclays 1-3 Month T-Bill ETF)
SPDR Bloomberg 3-12 Month T-Bill ETF (Formerly, SPDR Bloomberg Barclays 3-12 Month T-Bill ETF)
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.




TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  

1

2

3
Schedules of Investments (Unaudited)  

4

6

8

10

17

20

31
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


Table of Contents
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Table of Contents
SPDR Bloomberg 1-10 Year TIPS ETF (Formerly, SPDR Bloomberg Barclays 1-10 Year TIPS ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Treasury Inflation Protected Indexed Notes
0.63% 1/15/2026
4.2%  
  Treasury Inflation Protected Indexed Notes
0.63% 4/15/2023
4.1  
  Treasury Inflation Protected Indexed Notes
0.63% 1/15/2024
4.0  
  Treasury Inflation Protected Indexed Notes
0.38% 1/15/2027
3.7  
  Treasury Inflation Protected Indexed Notes
0.13% 1/15/2030
3.7  
  TOTAL 19.7%  
(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  
  U.S. Treasury Obligations 99.7%  
  Short-Term Investments 2.1  
  Liabilities in Excess of Other Assets (1.8)  
  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.
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Table of Contents
SPDR Bloomberg 1-3 Month T-Bill ETF (Formerly, SPDR Bloomberg Barclays 1-3 Month T-Bill ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  U.S. Treasury Bill
0.05% 1/27/2022
12.6%  
  U.S. Treasury Bill
0.05% 2/24/2022
12.6  
  U.S. Treasury Bill
0.06% 2/3/2022
9.5  
  U.S. Treasury Bill
0.05% 2/10/2022
9.5  
  U.S. Treasury Bill
0.05% 2/17/2022
9.5  
  TOTAL 53.7%  
(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  
  U.S. Treasury Obligations 99.8%  
  Short-Term Investment 0.2  
  Liabilities in Excess of Other Assets (0.0) *  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.
(The Fund's asset allocation 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 Bloomberg 3-12 Month T-Bill ETF (Formerly, SPDR Bloomberg Barclays 3-12 Month T-Bill ETF)
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  U.S. Treasury Bill
0.05% 3/3/2022
10.3%  
  U.S. Treasury Bill
0.07% 5/19/2022
8.4  
  U.S. Treasury Bill
0.07% 3/24/2022
7.8  
  U.S. Treasury Bill
0.06% 4/21/2022
7.8  
  U.S. Treasury Bill
0.12% 5/26/2022
5.0  
  TOTAL 39.3%  
(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  
  U.S. Treasury Obligations 100.0%  
  Short-Term Investment 0.0 *  
  Liabilities in Excess of Other Assets (0.0) *  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
3


Table of Contents
SPDR BLOOMBERG 1-10 YEAR TIPS ETF (Formerly, SPDR Bloomberg Barclays 1-10 Year TIPS ETF)
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
U.S. TREASURY OBLIGATIONS — 99.7%          
Treasury Inflation Protected Indexed Bonds:          
1.75%, 1/15/2028

    $ 16,275,529   $ 19,550,063
2.00%, 1/15/2026

    21,919,430   25,389,667
2.38%, 1/15/2025

    34,376,901   39,188,423
2.38%, 1/15/2027

    18,864,537   22,821,059
2.50%, 1/15/2029

    15,495,850   19,827,338
3.63%, 4/15/2028

    23,878,035   31,768,571
3.88%, 4/15/2029

    27,540,348   38,394,939
Treasury Inflation Protected Indexed Notes:          
0.13%, 1/15/2023

    35,885,332   37,078,317
0.13%, 7/15/2024

    39,647,887   42,296,434
0.13%, 10/15/2024

    28,947,094   30,939,378
0.13%, 4/15/2025

    32,479,542   34,780,063
0.13%, 10/15/2025

    26,431,215   28,533,466
0.13%, 4/15/2026 (a)

    31,898,835   34,459,372
0.13%, 7/15/2026

    37,685,457   40,980,984
0.13%, 10/15/2026

    10,390,788   11,315,734
0.13%, 1/15/2030

    38,468,163   42,745,336
0.13%, 7/15/2030

    37,901,549   42,416,425
0.13%, 1/15/2031 (a)

    37,095,794   41,546,082
0.13%, 7/15/2031

    35,622,154   40,051,124
0.25%, 1/15/2025

    35,331,436   37,879,017
0.25%, 7/15/2029

    36,657,010   41,108,796
0.38%, 7/15/2023

    40,292,534   42,388,213
0.38%, 7/15/2025

    36,687,930   39,895,760
0.38%, 1/15/2027

    39,477,113   43,490,358
0.38%, 7/15/2027

    32,436,455   36,051,687
0.50%, 4/15/2024

    26,733,882   28,523,165
0.50%, 1/15/2028

    37,292,487   41,775,506
0.63%, 4/15/2023

    45,727,577   47,823,768
0.63%, 1/15/2024

    43,230,246   46,051,089
0.63%, 1/15/2026

    43,932,855   48,307,497
0.75%, 7/15/2028

    34,210,412   39,228,986
0.88%, 1/15/2029

    34,711,019   40,189,234
TOTAL U.S. TREASURY OBLIGATIONS

(Cost $1,132,091,606)

        1,156,795,851
    
See accompanying notes to financial statements.
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Table of Contents
SPDR BLOOMBERG 1-10 YEAR TIPS ETF (Formerly, SPDR Bloomberg Barclays 1-10 Year TIPS ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 2.1%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (b)  (c)

  237,783   $ 237,783
State Street Navigator Securities Lending Portfolio II (d)  (e)

  23,677,471   23,677,471
TOTAL SHORT-TERM INVESTMENTS

(Cost $23,915,254)

  23,915,254  
TOTAL INVESTMENTS — 101.8%

(Cost $1,156,006,860)

  1,180,711,105  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.8)%

  (21,073,123)  
NET ASSETS — 100.0%

  $ 1,159,637,982  
(a) All or a portion of the shares of the security are on loan at December 31, 2021.
(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at December 31, 2021.
(d) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(e) Investment of cash collateral for securities loaned.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
U.S. Treasury Obligations

  $   $1,156,795,851   $—   $1,156,795,851
Short-Term Investments

  23,915,254       23,915,254
TOTAL INVESTMENTS

  $23,915,254   $1,156,795,851   $—   $ 1,180,711,105
Affiliate Table
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 12/31/21
  Value at
12/31/21
  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares

185,388   $ 185,388   $ 56,879,053   $ 56,826,658   $—   $—   237,783   $ 237,783   $ 173
State Street Navigator Securities Lending Portfolio II

36,242,881   36,242,881   284,256,071   296,821,481       23,677,471   23,677,471   17,347
Total

    $36,428,269   $341,135,124   $353,648,139   $—   $—       $23,915,254   $17,520
See accompanying notes to financial statements.
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Table of Contents
SPDR BLOOMBERG 1-3 MONTH T-BILL ETF (Formerly, SPDR Bloomberg Barclays 1-3 Month T-Bill ETF)
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
U.S. TREASURY OBLIGATIONS — 99.8% (a)          
U.S. Treasury Bill:          
0.03%, 1/18/2022

    $ 677,624,000   $ 677,619,765
0.04%, 1/6/2022

    1,182,696,000   1,182,695,610
0.05%, 1/4/2022

    677,640,000   677,640,562
0.05%, 1/13/2022

    1,145,766,000   1,145,761,222
0.05%, 1/20/2022

    1,219,683,000   1,219,675,804
0.05%, 1/25/2022

    677,624,000   677,616,234
0.05%, 1/27/2022

    1,712,560,000   1,712,528,609
0.05%, 2/10/2022

    1,293,626,000   1,293,581,616
0.05%, 2/17/2022

    1,293,609,000   1,293,560,490
0.05%, 2/24/2022

    1,712,439,000   1,712,370,982
0.06%, 1/11/2022

    677,656,000   677,655,248
0.06%, 2/3/2022

    1,293,673,000   1,293,639,584
TOTAL U.S. TREASURY OBLIGATIONS

(Cost $13,564,169,462)

        13,564,345,726
    Shares  
SHORT-TERM INVESTMENT — 0.2%  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (b) (c)

(Cost $22,773,774)

22,773,774 22,773,774
TOTAL INVESTMENTS — 100.0%

(Cost $13,586,943,236)

13,587,119,500
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (d)

(1,550,806)
NET ASSETS — 100.0%

$13,585,568,694
(a) Rate shown is the discount rate at time of purchase, not a coupon rate.
(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at December 31, 2021.
(d) Amount shown represents less than 0.05% of net assets.
See accompanying notes to financial statements.
6


Table of Contents
SPDR BLOOMBERG 1-3 MONTH T-BILL ETF (Formerly, SPDR Bloomberg Barclays 1-3 Month T-Bill ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
U.S. Treasury Obligations

  $   $13,564,345,726   $—   $13,564,345,726
Short-Term Investment

  22,773,774       22,773,774
TOTAL INVESTMENTS

  $22,773,774   $13,564,345,726   $—   $ 13,587,119,500
Affiliate Table
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 12/31/21
  Value at
12/31/21
  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares

29,161,572   $29,161,572   $8,159,110   $14,546,908   $—   $—   22,773,774   $22,773,774   $3,409
See accompanying notes to financial statements.
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Table of Contents
SPDR BLOOMBERG 3-12 MONTH T-BILL ETF (Formerly, SPDR Bloomberg Barclays 3-12 Month T-Bill ETF)
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
U.S. TREASURY OBLIGATIONS — 100.0% (a)          
U.S. Treasury Bill:          
0.05%, 3/3/2022

    $ 2,061,500   $ 2,061,339
0.05%, 3/31/2022

    826,800   826,695
0.05%, 6/16/2022

    667,800   667,401
0.06%, 3/17/2022

    886,800   886,701
0.06%, 4/14/2022

    826,800   826,626
0.06%, 4/21/2022

    1,554,600   1,554,256
0.06%, 5/5/2022

    943,800   943,548
0.06%, 5/12/2022

    943,800   943,496
0.07%, 3/10/2022

    943,800   943,726
0.07%, 3/24/2022

    1,554,600   1,554,407
0.07%, 5/19/2022

    1,671,600   1,670,983
0.08%, 8/11/2022

    667,800   666,994
0.09%, 6/2/2022

    1,003,700   1,003,256
0.10%, 4/7/2022

    826,800   826,642
0.10%, 4/28/2022

    943,800   943,570
0.12%, 5/26/2022

    1,003,700   1,003,325
0.12%, 7/14/2022

    667,800   667,158
0.15%, 9/8/2022

    667,800   666,787
0.29%, 10/6/2022

    667,800   666,488
0.29%, 11/3/2022

    676,000   674,491
TOTAL U.S. TREASURY OBLIGATIONS

(Cost $19,999,551)

        19,997,889
    Shares  
SHORT-TERM INVESTMENT — 0.0% (b)  
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (c) (d)

(Cost $2,394)

2,394 2,394
TOTAL INVESTMENTS — 100.0%

(Cost $20,001,945)

20,000,283
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.0)% (b)

(1,229)
NET ASSETS — 100.0%

$ 19,999,054
    
See accompanying notes to financial statements.
8


Table of Contents
SPDR BLOOMBERG 3-12 MONTH T-BILL ETF (Formerly, SPDR Bloomberg Barclays 3-12 Month T-Bill ETF)
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

(a) Rate shown is the discount rate at time of purchase, not a coupon rate.
(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 December 31, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2021.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
U.S. Treasury Obligations

  $   $19,997,889   $—   $19,997,889
Short-Term Investment

  2,394       2,394
TOTAL INVESTMENTS

  $2,394   $19,997,889   $—   $20,000,283
Affiliate Table
  Number of
Shares Held
at 9/23/20
  Value at
9/23/20
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 12/31/21
  Value at
12/31/21
  Dividend
Income
State Street Institutional U.S. Government Money Market Fund, Class G Shares

3,426   $3,426   $17,041   $18,073   $—   $—   2,394   $2,394   $1
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2021 (Unaudited)

  SPDR Bloomberg 1-10 Year TIPS ETF   SPDR Bloomberg 1-3 Month T-Bill ETF
ASSETS      
Investments in unaffiliated issuers, at value*

$1,156,795,851   $13,564,345,726
Investments in affiliated issuers, at value

23,915,254   22,773,774
Total Investments

1,180,711,105   13,587,119,500
Receivable for investments sold

2,130,317  
Dividends receivable — affiliated issuers

36   498
Interest receivable — unaffiliated issuers

2,725,197  
Securities lending income receivable — unaffiliated issuers

56  
Securities lending income receivable — affiliated issuers

2,448  
TOTAL ASSETS

1,185,569,159   13,587,119,998
LIABILITIES      
Payable upon return of securities loaned

23,677,471  
Payable for fund shares repurchased

2,112,273  
Advisory fee payable

141,387   1,530,306
Trustees’ fees and expenses payable

46   20,998
TOTAL LIABILITIES

25,931,177   1,551,304
NET ASSETS

$1,159,637,982   $13,585,568,694
NET ASSETS CONSIST OF:      
Paid-in Capital

$1,135,706,237   $13,591,831,997
Total distributable earnings (loss)

23,931,745   (6,263,303)
NET ASSETS

$1,159,637,982   $13,585,568,694
NET ASSET VALUE PER SHARE      
Net asset value per share

$ 21.12   $ 91.43
Shares outstanding (unlimited amount authorized, $0.01 par value)

54,900,000   148,594,503
COST OF INVESTMENTS:      
Investments in unaffiliated issuers

$1,132,091,606   $13,564,169,462
Investments in affiliated issuers

23,915,254   22,773,774
Total cost of investments

$1,156,006,860   $13,586,943,236
* Includes investments in securities on loan, at value

$ 23,256,052   $
See accompanying notes to financial statements.
10


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
December 31, 2021 (Unaudited)

  SPDR Bloomberg 3-12 Month T-Bill ETF
ASSETS  
Investments in unaffiliated issuers, at value

$19,997,889
Investments in affiliated issuers, at value

2,394
Total Investments

20,000,283
TOTAL ASSETS

20,000,283
LIABILITIES  
Advisory fee payable

1,216
Trustees’ fees and expenses payable

13
TOTAL LIABILITIES

1,229
NET ASSETS

$19,999,054
NET ASSETS CONSIST OF:  
Paid-in Capital

$20,004,757
Total distributable earnings (loss)

(5,703)
NET ASSETS

$19,999,054
NET ASSET VALUE PER SHARE  
Net asset value per share

$ 100.00
Shares outstanding (unlimited amount authorized, $0.01 par value)

200,000
COST OF INVESTMENTS:  
Investments in unaffiliated issuers

$19,999,551
Investments in affiliated issuers

2,394
Total cost of investments

$20,001,945
See accompanying notes to financial statements.
11


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended December 31, 2021 (Unaudited)

  SPDR Bloomberg 1-10 Year TIPS ETF   SPDR Bloomberg 1-3 Month T-Bill ETF
INVESTMENT INCOME      
Interest income — unaffiliated issuers

$24,032,934   $ 2,626,260
Dividend income — affiliated issuers

173   3,409
Unaffiliated securities lending income

217  
Affiliated securities lending income

17,347  
TOTAL INVESTMENT INCOME (LOSS)

24,050,671   2,629,669
EXPENSES      
Advisory fee

715,376   8,583,141
Trustees’ fees and expenses

3,778   73,825
Miscellaneous expenses

11   153
TOTAL EXPENSES

719,165   8,657,119
NET INVESTMENT INCOME (LOSS)

$23,331,506   $(6,027,450)
REALIZED AND UNREALIZED GAIN (LOSS)      
Net realized gain (loss) on:      
Investments — unaffiliated issuers

(156,692)   (412,117)
In-kind redemptions — unaffiliated issuers

10,345,855   5,876
Net realized gain (loss)

10,189,163   (406,241)
Net change in unrealized appreciation/depreciation on:      
Investments — unaffiliated issuers

(5,267,069)   505,664
NET REALIZED AND UNREALIZED GAIN (LOSS)

4,922,094   99,423
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$28,253,600   $(5,928,027)
See accompanying notes to financial statements.
12


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS  (continued)
For the Six Months Ended December 31, 2021 (Unaudited)

  SPDR Bloomberg 3-12 Month T-Bill ETF
INVESTMENT INCOME  
Interest income — unaffiliated issuers

$ 2,836
Dividend income — affiliated issuers

1
TOTAL INVESTMENT INCOME (LOSS)

2,837
EXPENSES  
Advisory fee

6,856
Trustees’ fees and expenses

60
TOTAL EXPENSES

6,916
NET INVESTMENT INCOME (LOSS)

$(4,079)
REALIZED AND UNREALIZED GAIN (LOSS)  
Net realized gain (loss) on:  
Investments — unaffiliated issuers

38
Net change in unrealized appreciation/depreciation on:  
Investments — unaffiliated issuers

(1,495)
NET REALIZED AND UNREALIZED GAIN (LOSS)

(1,457)
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$(5,536)
See accompanying notes to financial statements.
13


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS

  SPDR Bloomberg 1-10 Year TIPS ETF
  Six Months
Ended
12/31/21
(Unaudited)
  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)

$ 23,331,506   $ 19,658,282
Net realized gain (loss)

10,189,163   4,944,368
Net change in unrealized appreciation/depreciation

(5,267,069)   9,340,002
Net increase (decrease) in net assets resulting from operations

28,253,600   33,942,652
Net equalization credits and charges

(2,640,541)   (3,502,993)
Distributions to shareholders

(28,891,896)   (13,398,677)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold

502,458,043   416,910,972
Cost of shares redeemed

(121,637,359)   (47,787,397)
Net income equalization

2,640,541   3,502,993
Other Capital

1,993   1,909
Net increase (decrease) in net assets from beneficial interest transactions

383,463,218   372,628,477
Net increase (decrease) in net assets during the period

380,184,381   389,669,459
Net assets at beginning of period

779,453,601   389,784,142
NET ASSETS AT END OF PERIOD

$1,159,637,982   $779,453,601
SHARES OF BENEFICIAL INTEREST:      
Shares sold

23,700,000   20,000,000
Shares redeemed

(5,700,000)   (2,300,000)
Net increase (decrease) from share transactions

18,000,000   17,700,000
See accompanying notes to financial statements.
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SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)

  SPDR Bloomberg 1-3 Month T-Bill ETF
  Six Months
Ended
12/31/21
(Unaudited)
  Year Ended
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)

$ (6,027,450)   $ (8,887,655)
Net realized gain (loss)

(406,241)   1,108,499
Net change in unrealized appreciation/depreciation

505,664   (260,484)
Net increase (decrease) in net assets resulting from operations

(5,928,027)   (8,039,640)
Distributions to shareholders

  (468,776)
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold

2,441,654,822   3,550,701,504
Cost of shares redeemed

(800,220,025)   (7,701,279,785)
Other Capital

  24,767
Net increase (decrease) in net assets from beneficial interest transactions

1,641,434,797   (4,150,553,514)
Net increase (decrease) in net assets during the period

1,635,506,770   (4,159,061,930)
Net assets at beginning of period

11,950,061,924   16,109,123,854
NET ASSETS AT END OF PERIOD

$13,585,568,694   $ 11,950,061,924
SHARES OF BENEFICIAL INTEREST:      
Shares sold

26,700,000   38,800,000
Shares redeemed

(8,750,000)   (84,150,000)
Net increase (decrease) from share transactions

17,950,000   (45,350,000)
See accompanying notes to financial statements.
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SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)

  SPDR Bloomberg Barclays 3-12 Month T-Bill ETF
  Six Months
Ended
12/31/21
(Unaudited)
  For the Period
9/23/2020*-
6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:      
Net investment income (loss)

$ (4,079)   $ (4,606)
Net realized gain (loss)

38   2,710
Net change in unrealized appreciation/depreciation

(1,495)   (167)
Net increase (decrease) in net assets resulting from operations

(5,536)   (2,063)
Net equalization credits and charges

(8,224)   405
FROM BENEFICIAL INTEREST TRANSACTIONS:      
Proceeds from shares sold

9,999,625   15,010,697
Cost of shares redeemed

  (5,003,669)
Net income equalization

8,224   (405)
Net increase (decrease) in net assets from beneficial interest transactions

10,007,849   10,006,623
Net increase (decrease) in net assets during the period

9,994,089   10,004,965
Net assets at beginning of period

10,004,965  
NET ASSETS AT END OF PERIOD

$19,999,054   $10,004,965
SHARES OF BENEFICIAL INTEREST:      
Shares sold

100,000   150,000
Shares redeemed

  (50,000)
Net increase (decrease) from share transactions

100,000   100,000
*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 1-10 Year TIPS ETF
  Six Months
Ended
12/31/21
(Unaudited)
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
  Year
Ended
6/30/18
  Year
Ended
6/30/17
Net asset value, beginning of period

$ 21.12   $ 20.30   $ 19.59   $ 19.27   $ 19.46   $ 19.89
Income (loss) from investment operations:                      
Net investment income (loss) (a)

0.52   0.72   0.12   0.44   0.53   0.38
Net realized and unrealized gain (loss) (b)

0.21   0.70   0.99   0.43   (0.21)   (0.47)
Total from investment operations

0.73   1.42   1.11   0.87   0.32   (0.09)
Net equalization credits and charges (a)

(0.06)   (0.13)   (0.01)   (0.01)   (0.07)   0.01
Other capital (a)

0.00(c)   0.00(c)   0.00(c)      
Distributions to shareholders from:                      
Net investment income

(0.67)   (0.47)   (0.27)   (0.54)   (0.44)   (0.35)
Return of Capital

    (0.12)      
Total distributions

(0.67)   (0.47)   (0.39)   (0.54)   (0.44)   (0.35)
Net asset value, end of period

$ 21.12   $ 21.12   $ 20.30   $ 19.59   $ 19.27   $ 19.46
Total return (d)

3.19%   6.42%   5.74%   4.57%   1.31%   (0.41)%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)

$1,159,638   $779,454   $389,784   $340,829   $258,195   $114,802
Ratios to average net assets:                      
Total expenses

0.15%(e)   0.15%   0.15%   0.15%   0.15%   0.15%
Net investment income (loss)

4.89%(e)   3.45%   0.61%   2.32%   2.73%   1.94%
Portfolio turnover rate (f)

6%(g)   15%   17%   20%   21%   22%
(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
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Bloomberg 1-3 Month T-Bill ETF
  Six Months
Ended
12/31/21
(Unaudited)
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
  Year
Ended
6/30/18(a)
  Year
Ended
6/30/17(a)
Net asset value, beginning of period

$ 91.47   $ 91.53   $ 91.60   $ 91.57   $ 91.48   $ 91.42
Income (loss) from investment operations:                      
Net investment income (loss) (b)

(0.04)   (0.06)   0.88   1.97   1.15   0.28
Net realized and unrealized gain (loss) (c)

0.00(d)   0.00(d)   0.32   (0.05)   (0.10)   (0.00)(d)
Total from investment operations

(0.04)   (0.06)   1.20   1.92   1.05   0.28
Net equalization credits and charges (b)

          (0.00)(d)
Contribution from Adviser

        0.00(d)  
Other capital (b)

  0.00(d)        
Distributions to shareholders from:                      
Net investment income

  (0.00)(d)   (1.27)   (1.89)   (0.96)   (0.22)
Net asset value, end of period

$ 91.43   $ 91.47   $ 91.53   $ 91.60   $ 91.57   $ 91.48
Total return (e)

(0.05)%   (0.06)%   1.32%   2.13%   1.16%   0.31%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)

$13,585,569   $11,950,062   $16,109,124   $9,306,387   $3,364,553   $1,651,104
Ratios to average net assets:                      
Total expenses

0.14%(f)   0.14%   0.14%   0.14%   0.14%   0.14%
Net investment income (loss)

(0.09)%(f)   (0.07)%   0.96%   2.15%   1.26%   0.30%
(a) On November 29, 2017, the SPDR Bloomberg Barclays 1-3 Month T-Bill ETF underwent a 1-for-2 reverse share split. The historical per share activity presented here has been retroactively adjusted to reflect this split.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
See accompanying notes to financial statements.
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SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Bloomberg 3-12 Month T-Bill ETF
  Six Months
Ended
12/31/21
(Unaudited)
  For the
Period
9/23/20*-
6/30/21
Net asset value, beginning of period

$100.05   $100.07
Income (loss) from investment operations:      
Net investment income (loss) (a)

(0.04)   (0.04)
Net realized and unrealized gain (loss) (b)

0.07   0.02
Total from investment operations

0.03   (0.02)
Net equalization credits and charges (a)

(0.08)   0.00(c)
Net asset value, end of period

$100.00   $100.05
Total return (d)

(0.05)%   (0.02)%
Ratios and Supplemental Data:      
Net assets, end of period (in 000s)

$19,999   $10,005
Ratios to average net assets:      
Total expenses

0.14%(e)   0.14%(e)
Net investment income (loss)

(0.08)%(e)   (0.05)%(e)
* 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.
See accompanying notes to financial statements.
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Table of Contents
SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2021 (Unaudited)

1.    Organization
SPDR Series Trust (the “Trust”), a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.
As of December 31, 2021, the Trust consists of eighty-two (82) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):
SPDR Bloomberg 1-10 Year TIPS ETF (Formerly, SPDR Bloomberg Barclays 1-10 Year TIPS ETF)
SPDR Bloomberg 1-3 Month T-Bill ETF (Formerly, SPDR Bloomberg Barclays 1-3 Month T-Bill ETF)
SPDR Bloomberg 3-12 Month T-Bill ETF (Formerly, SPDR Bloomberg Barclays 3-12 Month T-Bill ETF)
Each Fund is classified as a diversified investment company under the 1940 Act.
Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
2.    Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an 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
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

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:
•   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.
•   Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.
•   Debt obligations (including short-term investments) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.
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.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

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 December 31, 2021, is disclosed in each Fund’s respective Schedule of Investments.
Investment Transactions and Income Recognition
Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments 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, if any, received in the form of stock are recorded as dividend income at fair value. Distributions received by the Funds may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.
Inflation-indexed public obligations are income-generating instruments whose interest and principal are periodically adjusted for inflation (or deflation). The inflation (deflation) adjustment is applied to the principal of each bond and is accounted for as interest income in the Statements of Operations. Deflation may cause dividends to be suspended. The SPDR Bloomberg 1-10 Year TIPS ETF may invest exclusively in inflation-indexed instruments.
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
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
Equalization
Certain 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.
The following Funds utilized Equalization during the period ended December 31, 2021:
SPDR Bloomberg 1-10 Year TIPS ETF
SPDR Bloomberg 3-12 Month T-Bill ETF
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 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 Bloomberg 1-10 Year TIPS ETF

0.15%
SPDR Bloomberg 1-3 Month T-Bill ETF

0.135
SPDR Bloomberg 3-12 Month T-Bill ETF

0.135
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

From time to time, the Adviser may also 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, 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 expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the 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, an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.
Distributor
State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the Distributor of the Trust.
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017, as amended.
Beginning on January 1, 2022 net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers, are paid as follows: If the calendar year to date net proceeds are below a specified threshold across SPDR ETFs, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street. Prior to January 1, 2022, net proceeds were 85% payable to the Funds, and 15% payable to State Street.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 8 for additional information regarding securities lending.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

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 period ended December 31, 2021 are disclosed in the Schedules 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:
  U.S. Government Obligations    
  Purchases   Sales
SPDR Bloomberg 1-10 Year TIPS ETF

$52,450,425   $73,626,192
For the period ended December 31, 2021, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:
  In-kind
Contributions
  In-kind
Redemptions
  In-kind Net
Realized
Gains/(Losses)
SPDR Bloomberg 1-10 Year TIPS ETF

$ 503,405,357   $120,673,623   $10,345,855
SPDR Bloomberg 1-3 Month T-Bill ETF

2,445,398,971   801,269,574   5,876
SPDR Bloomberg 3-12 Month T-Bill ETF

10,007,417    
6.    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
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

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 Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. SPDR Bloomberg 3-12 Month T-Bill ETF intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of June 30, 2021, SSGA FM has analyzed each Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of December 31, 2021, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:
  Tax
Cost
  Gross
Unrealized
Appreciation
  Gross
Unrealized
Depreciation
  Net Unrealized
Appreciation
(Depreciation)
SPDR Bloomberg 1-10 Year TIPS ETF

$ 1,156,053,680   $24,718,988   $61,563   $24,657,425
SPDR Bloomberg 1-3 Month T-Bill ETF

13,586,943,236   176,264     176,264
SPDR Bloomberg 3-12 Month T-Bill ETF

20,001,945   33   1,695   (1,662)
8.    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
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of December 31, 2021, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds' Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds' Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.
The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of December 31, 2021:
Fund   Market Value of
Securities on Loan
  Cash
Collateral
Received
  Non-Cash
Collateral
Received
  Total
Collateral
Received
SPDR Bloomberg 1-10 Year TIPS ETF

  $ 23,256,052   $ 23,677,471   $ —   $ 23,677,471
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of December 31, 2021:
        Remaining Contractual Maturity of the Agreements
as of December 31, 2021
Fund   Securities
Lending
Transactions
  Overnight
and
Continuous
  <30 Days   Between
30 & 90
Days
  >90 Days   Total
Borrowings
  Gross Amount
of Recognized
Liabilities for
Securities Lending Transactions
SPDR Bloomberg 1-10 Year TIPS ETF

  U.S. Treasury Obligations   $23,677,471   $—   $—   $—   $23,677,471   $23,677,471
9.    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.
Foreign and Emerging Markets Risk
Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds' invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that a Fund invests in securities of issuers located in emerging markets, these risks may be even more pronounced.
Credit Risk
A Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.
Market Risk
Each Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.
An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets experienced and may continue to experience extreme volatility and severe losses, and trading in many instruments was and may continue to be disrupted as a result. Liquidity for many instruments was and may continue to be greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.
10.    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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2021 (Unaudited)

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
OTHER INFORMATION
December 31, 2021 (Unaudited)

Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2021 to December 31, 2021.
The table below illustrates your Fund's cost in two ways:
Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period”.
Based on hypothetical 5% return ——This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
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OTHER INFORMATION  (continued)
December 31, 2021 (Unaudited)

  SPDR Bloomberg 1-10 Year TIPS ETF   SPDR Bloomberg 1-3 Month T-Bill ETF   SPDR Bloomberg 3-12 Month T-Bill ETF
Annualized Expense Ratio

0.15%   0.14%   0.14%
Actual:          
Ending Account Value

$1,031.90   $ 999.50   $ 999.50
Expenses Paid During Period(a)

0.77   0.71   0.71
Hypothetical (assuming a 5% return before expenses):          
Ending Account Value

1,024.40   1,024.50   1,024.50
Expenses Paid During Period(a)

0.77   0.71   0.71
(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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OTHER INFORMATION  (continued)
December 31, 2021 (Unaudited)

Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program's principal objectives include assessing, managing and periodically reviewing each Fund's liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors' interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds' Program. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for the period September 2020 through June 2021, including:
the Program supported each Fund's ability to honor redemption requests timely;
the Program supported SSGA FM's management of each Fund's liquidity profile, including during periods of market volatility and net redemptions;
no material liquidity issues were identified during the period;
there were no material changes to the Program during the period;
the implementation of the Program was effective to manage each Fund's liquidity risk; and
the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund's prospectus for more information regarding the Fund's exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at https://www.ssga.com/spdrs.
Proxy Voting Policies and Procedures and Records
A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at www.sec.gov.
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OTHER INFORMATION  (continued)
December 31, 2021 (Unaudited)

Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Funds’ website at https://www.ssga.com/spdrs.
Quarterly Portfolio Schedule
Following the Funds’ first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibits on Form N-PORT, which can be found on the Funds' website at https://www.ssga.com/spdrs and on the SEC's website at www.sec.gov. The Funds’ Schedules of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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SPDR Series Trust
Trustees
Dwight D. Churchill
Clare S. Richer
James E. Ross
Sandra G. Sponem
Carl G. Verboncoeur, Chairman
Investment Manager and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, MA 02210
Custodian, Sub-Administrator
and Transfer Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
 
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


Table of Contents
SPDR® Series Trust - Fixed Income 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.
Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.
BLOOMBERG®, a trademark and service mark of Bloomberg Finance L.P. and its affiliates, has
been licensed for use in connection with the listing and trading of the SPDR Bloomberg ETFs.
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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