Semi Annual Report - SSGA · 2020-05-19 · Semi-Annual Report December 31, 2019 SPDR® Series...

Semi-Annual ReportDecember 31, 2019

SPDR® Series Trust - Equity FundsSPDR S&P Aerospace & Defense ETF

SPDR S&P Bank ETF

SPDR S&P Homebuilders ETF

SPDR S&P Oil & Gas Exploration & Production ETF

SPDR S&P Regional Banking ETF

Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities andExchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reportswill no longer be sent by mail, unless you specifically request paper copies of the reports fromthe Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, thereports will be made available on a Fund’s website (www.spdrs.com), and you will be notifiedby mail each time a report is posted, and provided with a website link to access the report. Ifyou already elected to receive reports electronically, you will not be affected by this changeand you need not take any action. You may elect to receive shareholder reports and othercommunications by contacting your financial intermediary.

You may elect to receive all future reports in paper free of charge. If you invest through afinancial intermediary, you can contact your financial intermediary to request that youcontinue to receive paper copies of your shareholder reports. Your election to receive reportsin paper will apply to all funds held in your account.

The information contained in this report is intended for the general information ofshareholders of the Trust. This report is not authorized for distribution to prospectiveinvestors unless preceded or accompanied by a current Trust prospectus which containsimportant information concerning the Trust. You may obtain a current prospectus and SAIfrom the Distributor by calling 1-866-787-2257 or visiting www.spdrs.com. Please read theprospectus carefully before you invest.

TA B L E O F C O N T E N T S ( U N A U D I T E D )

Portfolio Statistics (Unaudited)SPDR S&P Aerospace & Defense ETF (XAR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1SPDR S&P Bank ETF (KBE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2SPDR S&P Homebuilders ETF (XHB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3SPDR S&P Oil & Gas Exploration & Production ETF (XOP) . . . . . . . . . . . . . . . . 4SPDR S&P Regional Banking ETF (KRE). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Schedules of Investments (Unaudited)SPDR S&P Aerospace & Defense ETF (XAR) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6SPDR S&P Bank ETF (KBE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9SPDR S&P Homebuilders ETF (XHB) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13SPDR S&P Oil & Gas Exploration & Production ETF (XOP) . . . . . . . . . . . . . . . . 16SPDR S&P Regional Banking ETF (KRE). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

Financial Statements (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24Financial Highlights (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33Notes to Financial Statements (Unaudited). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38Other Information (Unaudited) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48

The information contained in this report is intended for the general information ofshareholders of the Trust. This report is not authorized for distribution to prospectiveinvestors unless preceded or accompanied by a current Trust prospectus whichcontains important information concerning the Trust. You may obtain a currentprospectus and SAI from the Distributor by calling 1-866-787-2257 or visitingwww.spdrs.com. Please read the prospectus carefully before you invest.

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S P D R S & P A E R O S PA C E & D E F E N S E E T FP O R T F O L I O S TAT I S T I C S ( U N A U D I T E D )

Top Ten Holdings as of December 31, 2019

Description % of Net Assets

Textron, Inc. 4.0%Aerojet Rocketdyne Holdings, Inc. 4.0Axon Enterprise, Inc. 4.0Raytheon Co. 3.9Lockheed Martin Corp. 3.9United Technologies Corp. 3.9Huntington Ingalls Industries, Inc. 3.9Northrop Grumman Corp. 3.9Teledyne Technologies, Inc. 3.9BWX Technologies, Inc. 3.9

TOTAL 39.3%

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

Industry Breakdown as of December 31, 2019

% of Net Assets

Aerospace & Defense 99.8%Short-Term Investments 2.0Liabilities in Excess of Other Assets (1.8)

TOTAL 100.0%

(The Fund’s industry breakdown is expressed as a percentage of net assetsand may change over time.)

See accompanying notes to financial statements.1

S P D R S & P B A N K E T FP O R T F O L I O S TAT I S T I C S ( U N A U D I T E D )



Voya Financial, Inc. 1.8%Citigroup, Inc. 1.8Bank of America Corp. 1.8First Republic Bank 1.8East West Bancorp, Inc. 1.8JPMorgan Chase & Co. 1.8Zions Bancorp NA 1.8People’s United Financial, Inc. 1.8Citizens Financial Group, Inc. 1.8Signature Bank 1.7

TOTAL 17.9%



% of Net Assets

Regional Banks 74.7%Thrifts & Mortgage Finance 9.1Diversified Banks 8.9Other Diversified Financial Services 3.6Asset Management & Custody Banks 3.5Short-Term Investments 1.7Liabilities in Excess of Other Assets (1.5)

TOTAL 100.0%



S P D R S & P H O M E B U I L D E R S E T FP O R T F O L I O S TAT I S T I C S ( U N A U D I T E D )



Masco Corp. 4.6%Home Depot, Inc. 4.6Lowe’s Cos., Inc. 4.6Owens Corning 4.6Johnson Controls International PLC 4.5NVR, Inc. 4.5Whirlpool Corp. 4.5Mohawk Industries, Inc. 4.5D.R. Horton, Inc. 4.3PulteGroup, Inc. 4.3

TOTAL 45.0%



% of Net Assets

Building Products 33.4%Homebuilding 31.5Home Improvement Retail 12.1Home Furnishings 10.1Homefurnishing Retail 6.7Household Appliances 6.1Short-Term Investments 0.8Liabilities in Excess of Other Assets (0.7)

TOTAL 100.0%



S P D R S & P O I L & G A S E X P L O R AT I O N & P R O D U C T I O N E T FP O R T F O L I O S TAT I S T I C S ( U N A U D I T E D )



WPX Energy, Inc. 2.8%Whiting Petroleum Corp. 2.7Apache Corp. 2.7EQT Corp. 2.6Callon Petroleum Co. 2.5Range Resources Corp. 2.5Concho Resources, Inc. 2.5Noble Energy, Inc. 2.5EOG Resources, Inc. 2.5Devon Energy Corp. 2.4

TOTAL 25.7%



% of Net Assets

Oil & Gas Exploration & Production 76.7%Oil & Gas Refining & Marketing 16.3Integrated Oil & Gas 6.9Short-Term Investments 4.4Liabilities in Excess of Other Assets (4.3)

TOTAL 100.0%



S P D R S & P R E G I O N A L B A N K I N G E T FP O R T F O L I O S TAT I S T I C S ( U N A U D I T E D )



First Republic Bank 2.9%Zions Bancorp NA 2.9Citizens Financial Group, Inc. 2.9KeyCorp 2.9SVB Financial Group 2.9PNC Financial Services Group, Inc. 2.9Truist Financial Corp. 2.9Regions Financial Corp. 2.8M&T Bank Corp. 2.8Comerica, Inc. 2.8

TOTAL 28.7%



% of Net Assets

Regional Banks 99.8%Short-Term Investments 0.1Other Assets in Excess of Liabilities 0.1

TOTAL 100.0%



Security Description Shares Value

COMMON STOCKS — 99.8%AEROSPACE & DEFENSE — 99.8%AAR Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 591,303 $ 26,667,765Aerojet Rocketdyne Holdings, Inc. (a) (b) . . . . . . . . . . . . . . . . . . 1,648,820 75,285,121AeroVironment, Inc. (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 567,018 35,007,691Arconic, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,339,610 71,989,800Astronics Corp. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 741,238 20,717,602Axon Enterprise, Inc. (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,021,784 74,876,332Boeing Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216,720 70,598,707BWX Technologies, Inc. (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,187,627 73,727,884Cubic Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 886,800 56,373,876Curtiss-Wright Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 516,376 72,752,215Ducommun, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 223,293 11,282,995General Dynamics Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 413,606 72,939,418HEICO Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 586,850 66,988,927Hexcel Corp. (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 957,693 70,208,474Huntington Ingalls Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . 294,734 73,942,866Kratos Defense & Security Solutions, Inc. (a) (b) . . . . . . . . . . . . . . 3,574,217 64,371,648L3Harris Technologies, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 369,907 73,193,498Lockheed Martin Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 191,604 74,606,766Maxar Technologies, Inc. (a) (b) (c) . . . . . . . . . . . . . . . . . . . . . . 4,447,665 69,694,911Mercury Systems, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,045,435 72,250,013Moog, Inc. Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 411,818 35,140,430National Presto Industries, Inc. (b) . . . . . . . . . . . . . . . . . . . . . . . 140,890 12,453,267Northrop Grumman Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214,851 73,902,298Parsons Corp. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 876,435 36,179,237Raytheon Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340,613 74,846,301Spirit AeroSystems Holdings, Inc. Class A . . . . . . . . . . . . . . . . . . 923,985 67,340,027Teledyne Technologies, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . 212,963 73,800,198Textron, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,704,221 76,008,257TransDigm Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128,604 72,018,240Triumph Group, Inc. (b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,225,606 30,971,064United Technologies Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 496,740 74,391,782Vectrus, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 213,288 10,933,143Wesco Aircraft Holdings, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . 2,272,725 25,045,429

TOTAL COMMON STOCKS(Cost $1,849,007,898) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,890,506,182

SHORT-TERM INVESTMENTS — 2.0%State Street Institutional Liquid Reserves Fund, Premier Class 1.73%

(d) (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 635,024 635,087

SPDR S&P AEROSPACE & DEFENSE ETFSCHEDULE OF INVESTMENTSDecember 31, 2019 (Unaudited)



State Street Navigator Securities Lending Portfolio II (f) (g) . . . . . . . 38,277,526 $ 38,277,526

TOTAL SHORT-TERM INVESTMENTS(Cost $38,912,579) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38,912,613

TOTAL INVESTMENTS — 101.8%(Cost $1,887,920,477) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,929,418,795

LIABILITIES IN EXCESS OF OTHER ASSETS — (1.8)% . . . . (34,457,295)

NET ASSETS — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,894,961,500

(a) Non-income producing security.(b) All or a portion of the shares of the security are on loan at December 31, 2019.(c) These securities are affiliated investments as a result of the Fund owning 5% or more of the entity’s

outstanding shares. Amounts related to these transactions during the period ended December 31, 2019are shown in the Affiliate Table below.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc.Amounts related to these transactions during the period ended December 31, 2019 are shown in theAffiliate Table below.

(e) The rate shown is the annualized seven-day yield at December 31, 2019.(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended

December 31, 2019 are shown in the Affiliate Table below.(g) Investment of cash collateral for securities loaned.

The following table summarizes the value of the Fund’s investments according to thefair value hierarchy as of December 31, 2019.

DescriptionLevel 1 –

Quoted Prices

Level 2 –Other SignificantObservable Inputs

Level 3 –Significant

Unobservable Inputs Total

ASSETS:INVESTMENTS:Common Stocks . . . . . . . . . . . . . . . . . . . . $1,890,506,182 $— $— $1,890,506,182

Short-Term Investments . . . . . . . . . . . . . . . . 38,912,613 — — 38,912,613

TOTAL INVESTMENTS . . . . . . . . . . . . . . $1,929,418,795 $— $— $1,929,418,795

SPDR S&P AEROSPACE & DEFENSE ETFSCHEDULE OF INVESTMENTS (continued)December 31, 2019 (Unaudited)


Affiliate Table

Number ofShares Held

at 6/30/19Value at6/30/19

Cost ofPurchases

Proceedsfrom

Shares SoldRealized

Gain (Loss)

Change inUnrealized

Appreciation/Depreciation

Number ofShares Heldat 12/31/19

Value at12/31/19

DividendIncome

Maxar Technologies, Inc. . . . . . . . . . — $ — $ 65,410,771 $ 2,956,999 $236,283 $7,004,856 4,447,665 $ 69,694,911 $ —

State Street Institutional Liquid Reserves Fund,Premier Class . . . . . . . . . . . . — — 69,256,060 68,620,947 (60) 34 635,024 635,087 16,093

State Street Institutional U.S. GovernmentMoney Market Fund, Class G Shares . . . 2,013,183 2,013,183 42,782,150 44,795,333 — — — — 4,261

State Street Navigator Securities LendingPortfolio II . . . . . . . . . . . . . — — 64,862,004 26,584,478 — — 38,277,526 38,277,526 11,239

State Street Navigator Securities LendingPortfolio III . . . . . . . . . . . . . — — 32,438,941 32,438,941 — — — — 2,687

Total . . . . . . . . . . . . . . . . . $2,013,183 $274,749,926 $175,396,698 $236,223 $7,004,890 $108,607,524 $34,280

SPDR S&P AEROSPACE & DEFENSE ETFSCHEDULE OF INVESTMENTS (continued)December 31, 2019 (Unaudited)



COMMON STOCKS — 99.8%ASSET MANAGEMENT & CUSTODY BANKS — 3.5%Bank of New York Mellon Corp. . . . . . . . . . . . . . . . . . . . . . . . . 619,758 $ 31,192,420Northern Trust Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 288,033 30,600,626

61,793,046

DIVERSIFIED BANKS — 8.9%Bank of America Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 903,673 31,827,363Citigroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 407,458 32,551,820JPMorgan Chase & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 227,479 31,710,573US Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 516,360 30,614,984Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 578,565 31,126,797

157,831,537

OTHER DIVERSIFIED FINANCIAL SERVICES — 3.6%AXA Equitable Holdings, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 1,263,159 31,301,080Voya Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 537,379 32,769,371

64,070,451

REGIONAL BANKS — 74.7%Ameris Bancorp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 265,721 11,303,771Associated Banc-Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 751,522 16,563,545Atlantic Union Bankshares Corp. . . . . . . . . . . . . . . . . . . . . . . . . 219,717 8,250,373BancorpSouth Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287,307 9,024,313Bank of Hawaii Corp. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,310 11,734,180Bank OZK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 673,289 20,538,681BankUnited, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 415,775 15,200,734Banner Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134,389 7,605,074BOK Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101,578 8,877,917Cadence BanCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,459,443 26,459,702Cathay General Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183,846 6,995,340CenterState Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 471,092 11,767,878CIT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 678,961 30,980,990Citizens Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 775,719 31,501,949Columbia Banking System, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . 204,491 8,319,716Comerica, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 432,713 31,047,158Commerce Bancshares, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . 330,302 22,440,718Community Bank System, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 173,382 12,299,719Cullen/Frost Bankers, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 295,889 28,932,026CVB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 457,808 9,879,497East West Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 651,557 31,730,826Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,004,953 30,892,255First BanCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 870,344 9,216,943

SPDR S&P BANK ETFSCHEDULE OF INVESTMENTSDecember 31, 2019 (Unaudited)



First Citizens BancShares, Inc. Class A . . . . . . . . . . . . . . . . . . . . 26,402 $ 14,051,408First Financial Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274,701 6,988,393First Financial Bankshares, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . 296,236 10,397,884First Hawaiian, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 456,373 13,166,361First Horizon National Corp. (a) . . . . . . . . . . . . . . . . . . . . . . . . 1,901,215 31,484,120First Merchants Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,530 4,929,663First Midwest Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 366,070 8,441,574First Republic Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270,875 31,814,269FNB Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,235,258 15,687,777Fulton Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 653,694 11,393,886Glacier Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233,971 10,760,326Great Western Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 198,703 6,902,942Hancock Whitney Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 335,128 14,705,417Home BancShares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 410,946 8,079,198Hope Bancorp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 423,640 6,295,290Huntington Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,027,590 30,576,057IBERIABANK Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 270,610 20,249,746Independent Bank Corp. (Massachusetts). . . . . . . . . . . . . . . . . . . 86,730 7,220,273Independent Bank Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 160,466 8,896,235Investors Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,298,804 15,475,250KeyCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,551,529 31,402,947M&T Bank Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183,001 31,064,420Old National Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 707,310 12,936,700PacWest Bancorp (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 535,440 20,491,289People’s United Financial, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 1,869,234 31,590,055Pinnacle Financial Partners, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 288,016 18,433,024PNC Financial Services Group, Inc. . . . . . . . . . . . . . . . . . . . . . . 196,228 31,323,876Popular, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 430,475 25,290,406Prosperity Bancshares, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 408,039 29,333,924Regions Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,812,615 31,104,473Signature Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230,517 31,490,927Simmons First National Corp. Class A (a) . . . . . . . . . . . . . . . . . . 359,733 9,637,247South State Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,710 9,170,343Sterling Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 979,600 20,649,968SVB Financial Group (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124,849 31,342,093Synovus Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 801,925 31,435,460TCF Financial Corp. (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 621,568 29,089,382Texas Capital Bancshares, Inc. (b) . . . . . . . . . . . . . . . . . . . . . . . 379,719 21,556,648Truist Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555,604 31,291,617Trustmark Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,676 5,544,929UMB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133,820 9,185,405Umpqua Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 850,413 15,052,310

SPDR S&P BANK ETFSCHEDULE OF INVESTMENTS (continued)December 31, 2019 (Unaudited)



United Bankshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 306,514 $ 11,849,831United Community Banks, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 267,421 8,257,960Valley National Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,325,355 15,175,315Webster Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404,399 21,578,731Western Alliance Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . 539,117 30,729,669Wintrust Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 293,356 20,798,940Zions Bancorp NA (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 608,510 31,593,839

1,327,481,102

THRIFTS & MORTGAGE FINANCE — 9.1%Axos Financial, Inc. (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201,095 6,089,157Essent Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 378,601 19,683,466LendingTree, Inc. (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 96,663 29,331,421MGIC Investment Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,167,329 30,711,052New York Community Bancorp, Inc. (a) . . . . . . . . . . . . . . . . . . . 2,611,018 31,384,436NMI Holdings, Inc. Class A (b) . . . . . . . . . . . . . . . . . . . . . . . . . 277,470 9,206,455Radian Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 767,130 19,300,991Washington Federal, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 256,156 9,388,117WSFS Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 154,455 6,794,475

161,889,570



(c) (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,467,262 1,467,409State Street Navigator Securities Lending Portfolio II (e) (f) . . . . . . . 29,162,459 29,162,459

TOTAL SHORT-TERM INVESTMENTS(Cost $30,629,830) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,629,868



NET ASSETS — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,777,308,650

(a) All or a portion of the shares of the security are on loan at December 31, 2019.(b) Non-income producing security.(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc.

Amounts related to these transactions during the period ended December 31, 2019 are shown in theAffiliate Table below.

(d) The rate shown is the annualized seven-day yield at December 31, 2019.(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended

December 31, 2019 are shown in the Affiliate Table below.(f) Investment of cash collateral for securities loaned.





Quoted Prices







Affiliate Table


at 6/30/19Value at6/30/19

Cost ofPurchases

Proceedsfrom

Shares SoldRealized

Gain (Loss)

Change inUnrealized



Value at12/31/19

DividendIncome

State Street Institutional Liquid Reserves Fund,Premier Class . . . . . . . . . . . . — $ — $ 32,544,373 $ 31,076,883 $(119) $38 1,467,262 $ 1,467,409 $21,657

State Street Institutional U.S. GovernmentMoney Market Fund, Class G Shares . . . 1,030,439 1,030,439 5,906,072 6,936,511 — — — — 9,089

State Street Navigator Securities LendingPortfolio II . . . . . . . . . . . . . — — 89,586,689 60,424,230 — — 29,162,459 29,162,459 17,258

State Street Navigator Securities LendingPortfolio III . . . . . . . . . . . . . 18,149,274 18,149,274 67,150,493 85,299,767 — — — — 25,033

Total . . . . . . . . . . . . . . . . . $19,179,713 $195,187,627 $183,737,391 $(119) $38 $30,629,868 $73,037




COMMON STOCKS — 99.9%BUILDING PRODUCTS — 33.4%Allegion PLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229,442 $ 28,574,707AO Smith Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 532,968 25,390,596Armstrong World Industries, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 154,605 14,528,232Fortune Brands Home & Security, Inc. . . . . . . . . . . . . . . . . . . . . . . . 455,688 29,774,654Johnson Controls International PLC . . . . . . . . . . . . . . . . . . . . . . . . 843,097 34,322,479Lennox International, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130,959 31,950,067Masco Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 725,309 34,807,579Owens Corning . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 527,978 34,381,927Trex Co., Inc. (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 210,324 18,903,921

252,634,162

HOME FURNISHINGS — 10.1%Leggett & Platt, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 399,582 20,310,753Mohawk Industries, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 247,221 33,716,000Tempur Sealy International, Inc. (a). . . . . . . . . . . . . . . . . . . . . . . . . 257,072 22,380,688

76,407,441

HOME IMPROVEMENT RETAIL — 12.1%Floor & Decor Holdings, Inc. Class A (a) (b) . . . . . . . . . . . . . . . . . . . 429,485 21,822,133Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159,294 34,786,624Lowe’s Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287,681 34,452,676

91,061,433

HOMEBUILDING — 31.5%Cavco Industries, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,182 4,138,539Century Communities, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152,386 4,167,757D.R. Horton, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 622,026 32,811,871Installed Building Products, Inc. (a). . . . . . . . . . . . . . . . . . . . . . . . . 73,311 5,048,929Lennar Corp. Class A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 584,777 32,624,709LGI Homes, Inc. (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 125,753 8,884,449M/I Homes, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88,209 3,471,024MDC Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 243,645 9,297,493NVR, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,979 34,195,713PulteGroup, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 844,345 32,760,586Skyline Champion Corp. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153,635 4,870,230Taylor Morrison Home Corp. Class A (a) . . . . . . . . . . . . . . . . . . . . . 772,052 16,877,057Toll Brothers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 609,043 24,063,289TopBuild Corp. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,864 10,603,221TRI Pointe Group, Inc. (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 716,817 11,168,009William Lyon Homes Class A (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 167,503 3,346,710

238,329,586

SPDR S&P HOMEBUILDERS ETFSCHEDULE OF INVESTMENTSDecember 31, 2019 (Unaudited)



HOMEFURNISHING RETAIL — 6.7%Aaron’s, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 346,224 $ 19,772,853Williams-Sonoma, Inc. (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 422,886 31,056,748

50,829,601

HOUSEHOLD APPLIANCES — 6.1%Helen of Troy, Ltd. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67,028 12,050,964Whirlpool Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 229,752 33,895,313

45,946,277

TOTAL COMMON STOCKS(Cost $781,488,260) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 755,208,500


(c) (d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 652,084 652,149State Street Navigator Securities Lending Portfolio II (e) (f) . . . . . . . . . 5,488,650 5,488,650

TOTAL SHORT-TERM INVESTMENTS(Cost $6,140,770) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,140,799

TOTAL INVESTMENTS — 100.7%(Cost $787,629,030) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 761,349,299

LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)% . . . . . . . (5,112,401)

NET ASSETS — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 756,236,898

(a) Non-income producing security.(b) All or a portion of the shares of the security are on loan at December 31, 2019.(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc.




SPDR S&P HOMEBUILDERS ETFSCHEDULE OF INVESTMENTS (continued)December 31, 2019 (Unaudited)




Quoted Prices




ASSETS:INVESTMENTS:Common Stocks . . . . . . . . . . . . . . . . . . . . . $755,208,500 $— $— $755,208,500

Short-Term Investments . . . . . . . . . . . . . . . . . 6,140,799 — — 6,140,799

TOTAL INVESTMENTS . . . . . . . . . . . . . . . . $761,349,299 $— $— $761,349,299

Affiliate Table


at 6/30/19Value at6/30/19

Cost ofPurchases

Proceedsfrom

Shares SoldRealized

Gain (Loss)

Change inUnrealized



Value at12/31/19

DividendIncome

State Street Institutional Liquid Reserves Fund,Premier Class. . . . . . . . . . . . . — $ — $ 13,453,469 $ 12,801,314 $(35) $29 652,084 $ 652,149 $ 9,813

State Street Institutional U.S. Government MoneyMarket Fund, Class G Shares. . . . . . . 262,063 262,063 1,085,596 1,347,659 — — — — 1,923

State Street Navigator Securities LendingPortfolio II . . . . . . . . . . . . . . — — 30,917,175 25,428,525 — — 5,488,650 5,488,650 7,583

State Street Navigator Securities LendingPortfolio III . . . . . . . . . . . . . 35,198,849 35,198,849 79,785,797 114,984,646 — — — — 25,971

Total . . . . . . . . . . . . . . . . . . $35,460,912 $125,242,037 $154,562,144 $(35) $29 $6,140,799 $45,290

SPDR S&P HOMEBUILDERS ETFSCHEDULE OF INVESTMENTS (continued)December 31, 2019 (Unaudited)



COMMON STOCKS — 99.9%INTEGRATED OIL & GAS — 6.9%Chevron Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 504,866 $ 60,841,401Exxon Mobil Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 860,447 60,041,992Occidental Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,579,557 65,093,544

185,976,937

OIL & GAS EXPLORATION & PRODUCTION — 76.7%Antero Resources Corp. (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . 14,500,937 41,327,670Apache Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,789,852 71,392,313Bonanza Creek Energy, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . 245,867 5,738,536Cabot Oil & Gas Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,699,616 64,410,315California Resources Corp. (a) (b) (c) . . . . . . . . . . . . . . . . . . . . . 3,316,827 29,950,948Callon Petroleum Co. (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,014,970 67,692,304Centennial Resource Development, Inc. Class A (a) . . . . . . . . . . . . 7,303,873 33,743,893Chesapeake Energy Corp. (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . 75,473,292 62,310,750Cimarex Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,239,116 65,041,199CNX Resources Corp. (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,806,083 42,533,835Concho Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 756,376 66,235,846ConocoPhillips . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 949,887 61,771,152Continental Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,784,302 61,201,559Denbury Resources, Inc. (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . 11,833,808 16,685,669Devon Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,536,702 65,878,151Diamondback Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 700,000 65,002,000EOG Resources, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 788,988 66,085,635EQT Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,404,763 69,811,917Gulfport Energy Corp. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,111,883 18,580,124Hess Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 955,787 63,856,129Jagged Peak Energy, Inc. (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . 2,821,099 23,951,131Kosmos Energy, Ltd.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,064,019 40,264,908Laredo Petroleum, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,448,880 15,638,286Magnolia Oil & Gas Corp. Class A (a) (b) . . . . . . . . . . . . . . . . . . 1,250,455 15,730,724Marathon Oil Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,682,657 63,590,482Matador Resources Co. (a) (b). . . . . . . . . . . . . . . . . . . . . . . . . . 2,966,262 53,303,728Murphy Oil Corp. (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,378,633 63,747,364Noble Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,661,509 66,111,884Northern Oil and Gas, Inc. (a) (b). . . . . . . . . . . . . . . . . . . . . . . . 7,140,297 16,708,295Oasis Petroleum, Inc. (a) (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,403,200 53,474,432Parsley Energy, Inc. Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,475,056 65,713,309PDC Energy, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,996,565 52,250,106Penn Virginia Corp. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 218,610 6,634,813Pioneer Natural Resources Co. . . . . . . . . . . . . . . . . . . . . . . . . . 425,484 64,405,513

SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETFSCHEDULE OF INVESTMENTSDecember 31, 2019 (Unaudited)



QEP Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,734,102 $ 34,803,459Range Resources Corp. (b) (c). . . . . . . . . . . . . . . . . . . . . . . . . . 13,826,320 67,057,652SM Energy Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,417,822 49,656,319Southwestern Energy Co. (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . 26,174,989 63,343,473SRC Energy, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,511,480 22,707,298Talos Energy, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230,605 6,952,741Tellurian, Inc. (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,325,401 9,648,919W&T Offshore, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,834,725 15,761,071Whiting Petroleum Corp. (a) (b) (c) . . . . . . . . . . . . . . . . . . . . . . 10,078,450 73,975,823WPX Energy, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,459,476 75,013,200

2,059,694,875

OIL & GAS REFINING & MARKETING — 16.3%CVR Energy, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 634,307 25,645,032Delek US Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,553,210 52,079,131Green Plains, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 624,150 9,630,634HollyFrontier Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,186,777 60,181,462Marathon Petroleum Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,016,325 61,233,581Par Pacific Holdings, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 349,425 8,120,637PBF Energy, Inc. Class A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,994,867 62,578,978Phillips 66 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 527,075 58,721,426Renewable Energy Group, Inc. (a) (b) . . . . . . . . . . . . . . . . . . . . . 652,943 17,596,814REX American Resources Corp. (a) . . . . . . . . . . . . . . . . . . . . . . 42,834 3,510,675Valero Energy Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 634,942 59,462,318World Fuel Services Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 425,333 18,467,959

437,228,647



(d) (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,131,453 1,131,566State Street Navigator Securities Lending Portfolio II (f) (g) . . . . . . . 116,990,236 116,990,236

TOTAL SHORT-TERM INVESTMENTS(Cost $118,121,802) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 118,121,802



NET ASSETS — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,684,986,335

(a) Non-income producing security.(b) All or a portion of the shares of the security are on loan at December 31, 2019.

SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETFSCHEDULE OF INVESTMENTS (continued)December 31, 2019 (Unaudited)


(c) These securities are affiliated investments as a result of the Fund owning 5% or more of the entity’soutstanding shares. Amounts related to these transactions during the period ended December 31, 2019are shown in the Affiliate Table below.

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc.Amounts related to these transactions during the period ended December 31, 2019 are shown in theAffiliate Table below.

(e) The rate shown is the annualized seven-day yield at December 31, 2019.(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended

December 31, 2019 are shown in the Affiliate Table below.(g) Investment of cash collateral for securities loaned.



Quoted Prices







Affiliate Table


at 6/30/19Value at6/30/19

Cost ofPurchases

Proceedsfrom

Shares SoldRealized

Gain (Loss)

Change inUnrealized



Value at12/31/19

DividendIncome

California Resources Corp. . . . . . . 2,147,211 $ 42,257,112 $ 55,507,825 $ 43,618,224 $(11,076,952) $(13,118,813) 13,826,320 $ 29,950,948 $ —

Oasis Petroleum, Inc. . . . . . . . . 7,750,314 44,021,784 84,734,185 55,675,332 (1,025,853) (18,580,352) 16,403,200 53,474,432 —

Range Resources Corp. . . . . . . . 5,530,806 38,605,026 92,218,370 55,455,116 (192,966) (8,117,662) 13,826,320 67,057,652 378,307

State Street Institutional Liquid ReservesFund, Premier Class . . . . . . . — — 264,655,389 263,523,698 (125) — 1,131,453 1,131,566 29,458

State Street InstitutionalU.S. Government Money MarketFund, Class G Shares . . . . . . 1,047,537 1,047,537 1,308,687 2,356,224 — — — — 3,327

State Street Navigator Securities LendingPortfolio II. . . . . . . . . . . — — 304,856,140 187,865,904 — — 116,990,236 116,990,236 616,284

State Street Navigator Securities LendingPortfolio III . . . . . . . . . . 40,512,543 40,512,543 278,735,083 319,247,626 — — — — 1,205,137

Whiting Petroleum Corp. . . . . . . . 2,272,945 42,458,613 118,103,152 54,886,146 (2,585,698) (29,114,098) 10,078,450 73,975,823 —

Total . . . . . . . . . . . . . . . $208,902,615 $1,200,118,831 $982,628,270 $(14,881,594) $(68,930,925) $342,580,657 $2,232,513

SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETFSCHEDULE OF INVESTMENTS (continued)December 31, 2019 (Unaudited)



COMMON STOCKS — 99.8%REGIONAL BANKS — 99.8%Allegiance Bancshares, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 146,240 $ 5,498,624Ameris Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 303,305 12,902,595Associated Banc-Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 857,774 18,905,339Atlantic Capital Bancshares, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . 72,596 1,332,137Atlantic Union Bankshares Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 250,762 9,416,113Banc of California, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 250,606 4,305,411Bancorp, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,663 1,681,729BancorpSouth Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 327,864 10,298,208Bank of Hawaii Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,718 13,390,725Bank OZK . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 768,489 23,442,757BankUnited, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 474,528 17,348,744Banner Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153,467 8,684,698Berkshire Hills Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 170,498 5,605,974BOK Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115,956 10,134,554Boston Private Financial Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . 429,489 5,166,753Brookline Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 194,324 3,198,573Cadence BanCorp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,665,771 30,200,428Carolina Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,777 2,151,860Cathay General Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 209,826 7,983,879CBTX, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,921 900,022CenterState Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 537,739 13,432,720Central Pacific Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 105,457 3,119,418CIT Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 789,198 36,011,105Citizens Financial Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,440,033 58,479,740City Holding Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,010 4,262,220Columbia Banking System, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 233,387 9,495,350Comerica, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 803,212 57,630,461Commerce Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 376,992 25,612,813Community Bank System, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . 197,855 14,035,834ConnectOne Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,698 2,101,273Cullen/Frost Bankers, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 337,648 33,015,221Customers Bancorp, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116,420 2,771,960CVB Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 522,566 11,276,974Dime Community Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 119,228 2,490,673Eagle Bancorp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185,918 9,041,192East West Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 837,032 40,763,458Enterprise Financial Services Corp. . . . . . . . . . . . . . . . . . . . . . . . 81,540 3,931,043Equity Bancshares, Inc. Class A (a) (b) . . . . . . . . . . . . . . . . . . . . . 32,535 1,004,355FB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,745 1,613,095Fifth Third Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,865,504 57,345,593

SPDR S&P REGIONAL BANKING ETFSCHEDULE OF INVESTMENTSDecember 31, 2019 (Unaudited)



First BanCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 993,303 $ 10,519,079First BanCorp/Southern Pines . . . . . . . . . . . . . . . . . . . . . . . . . . . 62,689 2,501,918First Citizens BancShares, Inc. Class A . . . . . . . . . . . . . . . . . . . . . 30,107 16,023,246First Commonwealth Financial Corp. . . . . . . . . . . . . . . . . . . . . . . 301,812 4,379,292First Financial Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313,489 7,975,160First Financial Bankshares, Inc. (b) . . . . . . . . . . . . . . . . . . . . . . . . 338,138 11,868,644First Foundation, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91,173 1,586,410First Hawaiian, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 520,938 15,029,061First Horizon National Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,940,902 48,701,337First Interstate BancSystem, Inc. Class A . . . . . . . . . . . . . . . . . . . . 176,631 7,404,372First Merchants Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,249 5,625,006First Midwest Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 417,809 9,634,676First Republic Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 502,868 59,061,847FNB Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,409,821 17,904,727Franklin Financial Network, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 55,656 1,910,670Fulton Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 746,123 13,004,924Glacier Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 267,147 12,286,091Great Western Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226,748 7,877,226Hancock Whitney Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 382,530 16,785,416Hanmi Financial Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142,341 2,846,108Heartland Financial USA, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 83,930 4,174,678Heritage Commerce Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168,905 2,167,051Heritage Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 134,591 3,808,925Hilltop Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 393,148 9,801,180Home BancShares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 468,951 9,219,577Hope Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 483,472 7,184,394Huntington Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,763,704 56,756,656IBERIABANK Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308,779 23,105,933Independent Bank Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 71,634 1,622,510Independent Bank Corp. (Massachusetts) . . . . . . . . . . . . . . . . . . . . 98,995 8,241,334Independent Bank Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 183,114 10,151,840International Bancshares Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 166,392 7,166,503Investors Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,482,285 17,661,426KeyCorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,880,062 58,292,455Lakeland Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,969 1,702,701Live Oak Bancshares, Inc. (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,161 2,398,321M&T Bank Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 339,636 57,653,211Midland States Bancorp, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,291 1,630,187National Bank Holdings Corp. Class A . . . . . . . . . . . . . . . . . . . . . 113,264 3,989,158OFG Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262,919 6,207,518Old National Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 807,318 14,765,846Opus Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140,810 3,642,755

SPDR S&P REGIONAL BANKING ETFSCHEDULE OF INVESTMENTS (continued)December 31, 2019 (Unaudited)



Pacific Premier Bancorp, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 291,766 $ 9,513,030PacWest Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 611,158 23,389,017Peapack Gladstone Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . 56,165 1,735,499People’s United Financial, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . . 3,143,216 53,120,350Pinnacle Financial Partners, Inc.. . . . . . . . . . . . . . . . . . . . . . . . . . 328,741 21,039,424PNC Financial Services Group, Inc. . . . . . . . . . . . . . . . . . . . . . . . 364,199 58,137,086Popular, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 491,303 28,864,051Preferred Bank. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46,816 2,813,173Prosperity Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 465,732 33,481,473QCR Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36,925 1,619,531Regions Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,364,792 57,739,831Renasant Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 196,996 6,977,598Sandy Spring Bancorp, Inc. (b) . . . . . . . . . . . . . . . . . . . . . . . . . . 120,419 4,561,472Seacoast Banking Corp. of Florida (a) . . . . . . . . . . . . . . . . . . . . . . 161,746 4,944,575ServisFirst Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,687 3,567,806Signature Bank . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 308,513 42,145,961Simmons First National Corp. Class A. . . . . . . . . . . . . . . . . . . . . . 410,528 10,998,045South State Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,576 10,459,968Southside Bancshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72,494 2,692,427Sterling Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,118,047 23,568,431SVB Financial Group (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 231,746 58,177,516Synovus Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,147,194 44,970,005TCF Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 709,359 33,198,001Texas Capital Bancshares, Inc. (a). . . . . . . . . . . . . . . . . . . . . . . . . 433,348 24,601,166TriState Capital Holdings, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . 81,435 2,127,082Triumph Bancorp, Inc. (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,711 3,334,772Truist Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,031,308 58,083,267Trustmark Corp.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 183,300 6,325,683UMB Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 152,776 10,486,545Umpqua Holdings Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 970,572 17,179,124United Bankshares, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 349,871 13,526,013United Community Banks, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 305,200 9,424,576Univest Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,585 1,622,466Valley National Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,512,559 17,318,801Veritex Holdings, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291,279 8,484,957Webster Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 461,473 24,624,199Westamerica Bancorporation . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,100 5,225,067Western Alliance Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 615,336 35,074,152Wintrust Financial Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 334,825 23,739,093Zions Bancorp NA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,129,483 58,642,757

TOTAL COMMON STOCKS(Cost $2,217,857,470) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,021,786,980





(c) (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 847,284 $ 847,369State Street Navigator Securities Lending Portfolio II (e) (f) . . . . . . . . 2,322,099 2,322,099

TOTAL SHORT-TERM INVESTMENTS(Cost $3,169,468) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,169,468

TOTAL INVESTMENTS — 99.9%(Cost $2,221,026,938) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,024,956,448

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1% . . . . . . . 1,394,734

NET ASSETS — 100.0% . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,026,351,182

(a) Non-income producing security.(b) All or a portion of the shares of the security are on loan at December 31, 2019.(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc.






Quoted Prices









Affiliate Table


at 6/30/19Value at6/30/19

Cost ofPurchases

Proceedsfrom

Shares SoldRealized

Gain (Loss)

Change inUnrealized



Value at12/31/19

DividendIncome

State Street Institutional Liquid Reserves Fund,Premier Class . . . . . . . . . . . . . . . — $ — $55,294,481 $54,446,546 $(566) $— 847,284 $ 847,369 $25,363

State Street Institutional U.S. Government MoneyMarket Fund, Class G Shares . . . . . . . . . 373,718 373,718 8,047,380 8,421,098 — — — — 7,415

State Street Navigator Securities Lending Portfolio II . — — 11,520,658 9,198,559 — — 2,322,099 2,322,099 723

State Street Navigator Securities Lending Portfolio III . — — 14,697,079 14,697,079 — — — — 1,751

Total . . . . . . . . . . . . . . . . . . . . $373,718 $89,559,598 $86,763,282 $(566) $— $3,169,468 $35,252



SPDR S&PAerospace &Defense ETF

SPDR S&P BankETF

ASSETSInvestments in unaffiliated issuers, at value*. . . . . . . . . . . $1,820,811,271 $1,773,065,706Investments in affiliated issuers, at value . . . . . . . . . . . . . 108,607,524 30,629,868

Total Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,929,418,795 1,803,695,574Dividends receivable — unaffiliated issuers . . . . . . . . . . . 4,375,843 3,318,480Dividends receivable — affiliated issuers . . . . . . . . . . . . . 2,536 5,365Securities lending income receivable — unaffiliated

issuers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,593 5,008Securities lending income receivable — affiliated issuers. . 7,404 8,120Other Receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,824 49,953

TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . 1,933,918,995 1,807,082,500

LIABILITIESDue to custodian . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109,824 49,939Payable upon return of securities loaned . . . . . . . . . . . . . . 38,277,526 29,162,459Payable for fund shares repurchased. . . . . . . . . . . . . . . . . 3,254 17,818Advisory fee payable . . . . . . . . . . . . . . . . . . . . . . . . . . . 565,138 531,171Trustees’ fees and expenses payable . . . . . . . . . . . . . . . . . 1,753 12,463

TOTAL LIABILITIES . . . . . . . . . . . . . . . . . . . . . 38,957,495 29,773,850

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,894,961,500 $1,777,308,650

NET ASSETS CONSIST OF:Paid-in Capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,873,934,745 $2,392,784,411Total distributable earnings (loss) . . . . . . . . . . . . . . . . . . 21,026,755 (615,475,761)

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,894,961,500 $1,777,308,650

NET ASSET VALUE PER SHARENet asset value per share . . . . . . . . . . . . . . . . . . . . . . . . . $ 109.06 $ 47.27

Shares outstanding (unlimited amount authorized, $0.01par value) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,375,000 37,602,118

COST OF INVESTMENTS:Investments in unaffiliated issuers . . . . . . . . . . . . . . . . . . $1,786,317,844 $1,810,554,328Investments in affiliated issuers . . . . . . . . . . . . . . . . . . . . 101,602,633 30,629,830

Total cost of investments . . . . . . . . . . . . . . . . . . . . . . . . . $1,887,920,477 $1,841,184,158

* Includes investments in securities on loan, at value . . . . . $ 99,777,946 $ 81,721,313

SPDR SERIES TRUSTSTATEMENTS OF ASSETS AND LIABILITIESDecember 31, 2019 (Unaudited)


SPDR S&PHomebuilders ETF

SPDR S&P Oil &Gas Exploration &

Production ETF

SPDR S&PRegional Banking

ETFASSETS

Investments in unaffiliated issuers,at value* . . . . . . . . . . . . . . . . . . $ 755,208,500 $ 2,458,441,604 $2,021,786,980

Investments in affiliated issuers, atvalue . . . . . . . . . . . . . . . . . . . . 6,140,799 342,580,657 3,169,468

Total Investments. . . . . . . . . . . . 761,349,299 2,801,022,261 2,024,956,448Cash . . . . . . . . . . . . . . . . . . . . . . — — 347Receivable for fund shares sold . . . 795 — 24,832Dividends receivable —

unaffiliated issuers. . . . . . . . . . . 607,798 1,284,609 4,297,609Dividends receivable — affiliated

issuers . . . . . . . . . . . . . . . . . . . 2,431 8,061 7,434Securities lending income

receivable — unaffiliated issuers. 4,777 76,006 3,089Securities lending income

receivable — affiliated issuers . . 2,431 311,834 499Other Receivable . . . . . . . . . . . . . 25,215 49,548 —

TOTAL ASSETS . . . . . . . . . 761,992,746 2,802,752,319 2,029,290,258

LIABILITIESDue to custodian . . . . . . . . . . . . . . 25,211 49,451 —Payable upon return of securities

loaned. . . . . . . . . . . . . . . . . . . . 5,488,650 116,990,236 2,322,099Payable for fund shares

repurchased. . . . . . . . . . . . . . . . — 7,295 —Advisory fee payable. . . . . . . . . . . 239,882 711,633 602,971Trustees’ fees and expenses

payable . . . . . . . . . . . . . . . . . . . 2,105 7,369 14,006

TOTAL LIABILITIES . . . . . 5,755,848 117,765,984 2,939,076

NET ASSETS . . . . . . . . . . . . $ 756,236,898 $ 2,684,986,335 $2,026,351,182

NET ASSETS CONSIST OF:Paid-in Capital . . . . . . . . . . . . . . . $1,438,647,164 $ 6,309,661,859 $3,009,743,772Total distributable earnings (loss) . . (682,410,266) (3,624,675,524) (983,392,590)

NET ASSETS . . . . . . . . . . . . $ 756,236,898 $ 2,684,986,335 $2,026,351,182

NET ASSET VALUE PER SHARENet asset value per share . . . . . . . . $ 45.56 $ 23.74 $ 58.22

Shares outstanding (unlimitedamount authorized, $0.01 parvalue) . . . . . . . . . . . . . . . . . . . . 16,600,016 113,100,000 34,802,585

COST OF INVESTMENTS:Investments in unaffiliated issuers . $ 781,488,260 $ 3,129,318,520 $2,217,857,470Investments in affiliated issuers . . . 6,140,770 569,880,760 3,169,468

Total cost of investments . . . . . . . . $ 787,629,030 $ 3,699,199,280 $2,221,026,938

* Includes investments in securitieson loan, at value . . . . . . . . . . . . $ 51,644,911 $ 303,489,946 $ 12,651,482

SPDR SERIES TRUSTSTATEMENTS OF ASSETS AND LIABILITIES (continued)December 31, 2019 (Unaudited)



SPDR S&P BankETF

INVESTMENT INCOMEDividend income — unaffiliated issuers . . . . . . . . . . . . . . . $ 15,471,468 $ 23,580,156Dividend income — affiliated issuers . . . . . . . . . . . . . . . . . 20,354 30,746Unaffiliated securities lending income . . . . . . . . . . . . . . . . 39,716 42,752Affiliated securities lending income . . . . . . . . . . . . . . . . . . 13,926 42,291Foreign taxes withheld. . . . . . . . . . . . . . . . . . . . . . . . . . . . — (33,488)

TOTAL INVESTMENT INCOME (LOSS) . . . . . . . . . . . 15,545,464 23,662,457

EXPENSESAdvisory fee. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,052,444 2,989,431Trustees’ fees and expenses . . . . . . . . . . . . . . . . . . . . . . . . 10,841 18,764Miscellaneous expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . 1,081 2,198

TOTAL EXPENSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,064,366 3,010,393

NET INVESTMENT INCOME (LOSS) . . . . . . . . . . . . . $ 12,481,098 $ 20,652,064

REALIZED AND UNREALIZED GAIN (LOSS)Net realized gain (loss) on:

Investments — unaffiliated issuers . . . . . . . . . . . . . . . . . (19,966,334) (32,176,185)Investments — affiliated issuers . . . . . . . . . . . . . . . . . . . (41) (119)In-kind redemptions — unaffiliated issuers . . . . . . . . . . . 141,574,182 18,243,956In-kind redemptions — affiliated issuers . . . . . . . . . . . . . 236,264 —

Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . 121,844,071 (13,932,348)

Net change in unrealized appreciation/depreciation on:Investments — unaffiliated issuers . . . . . . . . . . . . . . . . . (60,057,123) 153,954,699Investment — affiliated issuers . . . . . . . . . . . . . . . . . . . . 7,004,891 38

Net change in unrealized appreciation/depreciation. . . . . . (53,052,232) 153,954,737

NET REALIZED AND UNREALIZED GAIN (LOSS) . . 68,791,839 140,022,389

NET INCREASE (DECREASE) IN NET ASSETS FROMOPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 81,272,937 $160,674,453

SPDR SERIES TRUSTSTATEMENTS OF OPERATIONSFor the Six Months Ended December 31, 2019 (Unaudited)


SPDR S&PHomebuilders ETF

SPDR S&P Oil &Gas Exploration &

Production ETF

SPDR S&PRegional Banking

ETFINVESTMENT INCOME

Dividend income — unaffiliatedissuers . . . . . . . . . . . . . . . . . . . $ 4,460,576 $ 17,300,173 $ 27,625,324

Dividend income — affiliatedissuers . . . . . . . . . . . . . . . . . . . 11,736 411,092 32,778

Unaffiliated securities lendingincome . . . . . . . . . . . . . . . . . . . 29,103 339,990 42,521

Affiliated securities lendingincome . . . . . . . . . . . . . . . . . . . 33,554 1,821,421 2,474

Foreign taxes withheld. . . . . . . . . . — — (42,403)

TOTAL INVESTMENTINCOME (LOSS) . . . . . . . . . . 4,534,969 19,872,676 27,660,694

EXPENSESAdvisory fee. . . . . . . . . . . . . . . . . 1,257,148 3,414,450 3,432,505Trustees’ fees and expenses . . . . . . 5,291 16,641 21,100Miscellaneous expenses. . . . . . . . . 558 1,967 2,820

TOTAL EXPENSES . . . . . . . . . . 1,262,997 3,433,058 3,456,425

NET INVESTMENT INCOME(LOSS). . . . . . . . . . . . . . . . . . . $ 3,271,972 $ 16,439,618 $ 24,204,269

REALIZED AND UNREALIZEDGAIN (LOSS)Net realized gain (loss) on:

Investments — unaffiliatedissuers . . . . . . . . . . . . . . . . . . (20,619,677) (315,296,230) (65,354,596)

Investments — affiliated issuers . (35) (14,881,594) (566)In-kind redemptions —

unaffiliated issuers . . . . . . . . . 37,341,270 52,440,813 15,734,648

Net realized gain (loss). . . . . . . . 16,721,558 (277,737,011) (49,620,514)

Net change in unrealizedappreciation/depreciation on:Investments — unaffiliated

issuers . . . . . . . . . . . . . . . . . . 43,455,798 315,759,728 187,686,196Investment — affiliated issuers . . 29 (227,300,103) —

Net change in unrealizedappreciation/depreciation . . . . 43,455,827 88,459,625 187,686,196

NET REALIZED ANDUNREALIZED GAIN (LOSS) . 60,177,385 (189,277,386) 138,065,682

NET INCREASE (DECREASE) INNET ASSETS FROMOPERATIONS . . . . . . . . . . . . . . $ 63,449,357 $(172,837,768) $162,269,951

SPDR SERIES TRUSTSTATEMENTS OF OPERATIONS (continued)For the Six Months Ended December 31, 2019 (Unaudited)


SPDR S&P Aerospace & Defense ETF

Six MonthsEnded

12/31/19(Unaudited)

Year Ended6/30/19

INCREASE (DECREASE) IN NET ASSETS FROMOPERATIONS:Net investment income (loss) . . . . . . . . . . . . . . . . . . . . $ 12,481,098 $ 8,091,748Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . 121,844,071 235,497,484Net change in unrealized appreciation/depreciation . . . . (53,052,232) (26,204,980)

Net increase (decrease) in net assets resulting fromoperations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,272,937 217,384,252

Net equalization credits and charges . . . . . . . . . . . . . . . 546,459 516,396

Distributions to shareholders . . . . . . . . . . . . . . . . . . . . (8,774,417) (16,230,101)

FROM BENEFICIAL INTEREST TRANSACTIONS:Proceeds from sale of shares sold. . . . . . . . . . . . . . . . . . . 1,396,954,011 1,325,736,725Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . (1,124,233,456) (1,257,110,364)Net income equalization . . . . . . . . . . . . . . . . . . . . . . . . . (546,459) (516,396)Voluntary contribution (Note 3) . . . . . . . . . . . . . . . . . . . . — 17,906

Net increase (decrease) in net assets from beneficialinterest transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . 272,174,096 68,127,871

Net increase (decrease) in net assets during the period . . 345,219,075 269,798,418

Net assets at beginning of period . . . . . . . . . . . . . . . . . 1,549,742,425 1,279,944,007

NET ASSETS AT END OF PERIOD. . . . . . . . . . . . . . . $ 1,894,961,500 $ 1,549,742,425

SHARES OF BENEFICIAL INTEREST:Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,875,000 14,050,000Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10,400,000) (13,850,000)

Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . . . . . 2,475,000 200,000

SPDR SERIES TRUSTSTATEMENTS OF CHANGES IN NET ASSETS


SPDR S&P Bank ETF

Six MonthsEnded

12/31/19(Unaudited)

Year Ended6/30/19

INCREASE (DECREASE) IN NET ASSETS FROMOPERATIONS:Net investment income (loss). . . . . . . . . . . . . . . . . . . . . . $ 20,652,064 $ 56,748,687Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . (13,932,348) 57,016,739Net change in unrealized appreciation/depreciation . . . . . . 153,954,737 (318,324,813)

Net increase (decrease) in net assets resulting fromoperations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 160,674,453 (204,559,387)

Net equalization credits and charges . . . . . . . . . . . . . . . . (477,605) (2,194,133)

Distributions to shareholders . . . . . . . . . . . . . . . . . . . . . . (22,605,639) (58,189,280)

FROM BENEFICIAL INTEREST TRANSACTIONS:Proceeds from sale of shares sold . . . . . . . . . . . . . . . . . . . . 720,042,993 1,468,945,415Cost of shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . (823,210,117) (3,097,571,376)Net income equalization. . . . . . . . . . . . . . . . . . . . . . . . . . . 477,605 2,194,133

Net increase (decrease) in net assets from beneficialinterest transactions. . . . . . . . . . . . . . . . . . . . . . . . . . . . . (102,689,519) (1,626,431,828)

Net increase (decrease) in net assets during the period . . . . 34,901,690 (1,891,374,628)

Net assets at beginning of period . . . . . . . . . . . . . . . . . . . 1,742,406,960 3,633,781,588

NET ASSETS AT END OF PERIOD . . . . . . . . . . . . . . . . $1,777,308,650 $ 1,742,406,960

SHARES OF BENEFICIAL INTEREST:Shares sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,400,000 33,500,000Shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (18,900,000) (70,400,000)

Net increase (decrease). . . . . . . . . . . . . . . . . . . . . . . . . . . (2,500,000) (36,900,000)

SPDR SERIES TRUSTSTATEMENTS OF CHANGES IN NET ASSETS (continued)



Six MonthsEnded

12/31/19(Unaudited)

Year Ended6/30/19

INCREASE (DECREASE) IN NET ASSETS FROMOPERATIONS:Net investment income (loss) . . . . . . . . . . . . . . . . . . . . . . $ 3,271,972 $ 7,782,834Net realized gain (loss). . . . . . . . . . . . . . . . . . . . . . . . . . . 16,721,558 (54,816,077)Net change in unrealized appreciation/depreciation. . . . . . . 43,455,827 77,779,924

Net increase (decrease) in net assets resulting fromoperations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63,449,357 30,746,681

Net equalization credits and charges . . . . . . . . . . . . . . . . . 55,127 (541,763)

Distributions to shareholders. . . . . . . . . . . . . . . . . . . . . . . (3,583,923) (7,307,564)

FROM BENEFICIAL INTEREST TRANSACTIONS:Proceeds from sale of shares sold . . . . . . . . . . . . . . . . . . . . . 773,153,177 2,316,335,162Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . . . (735,420,765) (2,509,892,242)Net income equalization . . . . . . . . . . . . . . . . . . . . . . . . . . . (55,127) 541,763

Net increase (decrease) in net assets from beneficialinterest transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,677,285 (193,015,317)

Net increase (decrease) in net assets during the period. . . . . 97,597,846 (170,117,963)

Net assets at beginning of period. . . . . . . . . . . . . . . . . . . . 658,639,052 828,757,015

NET ASSETS AT END OF PERIOD . . . . . . . . . . . . . . . . . $ 756,236,898 $ 658,639,052

SHARES OF BENEFICIAL INTEREST:Shares sold. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,650,000 62,050,000Shares redeemed. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (16,850,000) (67,200,000)

Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . . . . . . . 800,000 (5,150,000)



SPDR S&POil & Gas Exploration & Production

ETF

Six MonthsEnded

12/31/19(Unaudited)

Year Ended6/30/19

INCREASE (DECREASE) IN NET ASSETS FROMOPERATIONS:Net investment income (loss) . . . . . . . . . . . . . . . . . . . . $ 16,439,618 $ 20,251,635Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . (277,737,011) (362,380,692)Net change in unrealized appreciation/depreciation . . . . 88,459,625 (825,838,791)

Net increase (decrease) in net assets resulting fromoperations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (172,837,768) (1,167,967,848)

Net equalization credits and charges . . . . . . . . . . . . . . . (92,654) 101,206


FROM BENEFICIAL INTEREST TRANSACTIONS:Proceeds from sale of shares sold. . . . . . . . . . . . . . . . . . . 5,966,858,010 13,637,805,231Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . (4,977,011,586) (13,672,320,355)Net income equalization . . . . . . . . . . . . . . . . . . . . . . . . . 92,654 (101,206)

Net increase (decrease) in net assets from beneficialinterest transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . 989,939,078 (34,616,330)

Net increase (decrease) in net assets during the period . . 800,709,083 (1,222,959,710)


NET ASSETS AT END OF PERIOD . . . . . . . . . . . . . . . $ 2,684,986,335 $ 1,884,277,252


Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . . . . . 43,900,000 (3,000,000)




Six MonthsEnded

12/31/19(Unaudited)

Year Ended6/30/19

INCREASE (DECREASE) IN NET ASSETS FROMOPERATIONS:Net investment income (loss) . . . . . . . . . . . . . . . . . . . . $ 24,204,269 $ 72,944,333Net realized gain (loss) . . . . . . . . . . . . . . . . . . . . . . . . (49,620,514) (444,336,479)Net change in unrealized appreciation/depreciation . . . . 187,686,196 (230,577,599)

Net increase (decrease) in net assets resulting fromoperations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162,269,951 (601,969,745)

Net equalization credits and charges . . . . . . . . . . . . . . . 1,312,130 (3,810,715)


FROM BENEFICIAL INTEREST TRANSACTIONS:Proceeds from sale of shares sold. . . . . . . . . . . . . . . . . . . 4,781,989,069 9,310,836,561Cost of shares redeemed . . . . . . . . . . . . . . . . . . . . . . . . . (5,128,988,494) (11,804,882,790)Net income equalization . . . . . . . . . . . . . . . . . . . . . . . . . (1,312,130) 3,810,715

Net increase (decrease) in net assets from beneficialinterest transactions . . . . . . . . . . . . . . . . . . . . . . . . . . . (348,311,555) (2,490,235,514)

Net increase (decrease) in net assets during the period . . (211,247,997) (3,166,793,638)


NET ASSETS AT END OF PERIOD . . . . . . . . . . . . . . . $ 2,026,351,182 $ 2,237,599,179


Net increase (decrease) . . . . . . . . . . . . . . . . . . . . . . . . . (7,000,000) (46,850,000)



SPDR S&P Aerospace & Defense ETF

Six MonthsEnded

12/31/19(Unaudited)

YearEnded6/30/19

YearEnded6/30/18

YearEnded6/30/17

YearEnded

6/30/16(a)

YearEnded

6/30/15(a)

Net asset value, beginning of period . . . $ 104.01 $ 87.07 $ 70.38 $ 55.85 $ 57.12 $ 49.81

Income (loss) from investmentoperations:

Net investment income (loss) (b) . . . . . . 0.77 0.54 0.57 0.61 0.41 0.51Net realized and unrealized gain (loss) (c) . 4.77 17.39 16.70 14.41 (0.54) 7.20

Total from investment operations . . . . . . 5.54 17.93 17.27 15.02 (0.13) 7.71

Net equalization credits and charges (b) . . 0.03 0.03 0.04 0.21 0.00(d) 0.07

Distributions to shareholders from:Net investment income . . . . . . . . . . . (0.52) (1.02) (0.62) (0.70) (0.42) (0.47)Net realized gains . . . . . . . . . . . . . — — — — (0.72) —

Total distributions . . . . . . . . . . . . . (0.52) (1.02) (0.62) (0.70) (1.14) (0.47)

Net asset value, end of period . . . . . . . $ 109.06 $ 104.01 $ 87.07 $ 70.38 $ 55.85 $ 57.12

Total return (e) . . . . . . . . . . . . . . 5.36% 20.75% 24.64% 27.40% (0.11)% 15.63%Ratios and Supplemental Data:Net assets, end of period (in 000s) . . . . . $1,894,962 $1,549,742 $1,279,944 $651,016 $181,497 $159,928Ratios to average net assets:Total expenses . . . . . . . . . . . . . . . 0.35%(f) 0.35% 0.35% 0.35% 0.35% 0.35%Net investment income (loss) . . . . . . . . 1.43%(f) 0.58% 0.68% 0.94% 0.78% 0.93%Portfolio turnover rate (g) . . . . . . . . . 12%(h) 22% 32% 36% 30% 42%

(a) On September 8, 2015, the SPDR S&P Aerospace & Defense ETF underwent a 2-for-1 share split. The per sharedata presented here have been retroactively adjusted to reflect this split.

(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents theper share data for the period.

(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains andlosses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relationto 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 bereinvested at net asset value per share on the respective payment dates of each distribution. Total returns forperiods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(f) Annualized.(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or

redemptions.(h) Not annualized.

SPDR SERIES TRUSTFINANCIAL HIGHLIGHTSSelected data for a share outstanding throughout each period


SPDR S&P Bank ETF

Six MonthsEnded

12/31/19(Unaudited)

YearEnded6/30/19

YearEnded6/30/18

YearEnded6/30/17

YearEnded6/30/16

YearEnded6/30/15

Net asset value, beginning of period . $ 43.45 $ 47.19 $ 43.58 $ 30.51 $ 36.27 $ 33.41


Net investment income (loss) (a) . . . . 0.53 0.90 0.72 0.59 0.58 0.55Net realized and unrealized gain

(loss) (b) . . . . . . . . . . . . . . . 3.90 (3.62) 3.60 13.05(c) (5.73) 2.86

Total from investment operations . . . . 4.43 (2.72) 4.32 13.64 (5.15) 3.41

Net equalization credits and charges (a). (0.01) (0.03) 0.00(d) 0.02 (0.02) 0.01

Distributions to shareholders from:Net investment income . . . . . . . . . (0.60) (0.99) (0.71) (0.59) (0.59) (0.56)

Net asset value, end of period . . . . . $ 47.27 $ 43.45 $ 47.19 $ 43.58 $ 30.51 $ 36.27

Total return (e) . . . . . . . . . . . . . 10.21% (5.72)% 9.91% 44.97%(c) (14.30)% 10.36%Ratios and Supplemental Data:Net assets, end of period (in 000s) . . . $1,777,309 $1,742,407 $3,633,782 $3,270,400 $2,041,171 $3,023,444Ratios to average net assets:Total expenses . . . . . . . . . . . . . 0.35%(f) 0.35% 0.35% 0.35% 0.35% 0.35%Net investment income (loss) . . . . . . 2.42%(f) 2.02% 1.54% 1.50% 1.76% 1.67%Portfolio turnover rate (g) . . . . . . . . 15%(h) 24% 29% 35% 40% 18%

(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents theper share data for the period.

(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains andlosses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relationto fluctuating market values for the Fund.

(c) Reflects a non-recurring litigation payment received by the Fund from State Street Corp., an affiliate, whichamounted to $0.01 per share outstanding as of March 20, 2017. This payment resulted in an increase to totalreturn of 0.02% for the period ended June 30, 2017.

(d) Amount is less than $0.005 per share.(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset

value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to bereinvested at net asset value per share on the respective payment dates of each distribution. Broker commissioncharges are not included in this calculation.

(f) Annualized.(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or

redemptions.(h) Not annualized.

SPDR SERIES TRUSTFINANCIAL HIGHLIGHTS (continued)Selected data for a share outstanding throughout each period



Six MonthsEnded

12/31/19(Unaudited)

YearEnded6/30/19

YearEnded6/30/18

YearEnded6/30/17

YearEnded6/30/16

YearEnded6/30/15

Net asset value, beginning of period . . . $ 41.69 $ 39.56 $ 38.53 $ 33.56 $ 36.60 $ 32.75


Net investment income (loss) (a) . . . . . . 0.20 0.41 0.35 0.27 0.20 0.18Net realized and unrealized gain (loss) (b) . 3.89 2.17 1.03 4.97 (3.04) 3.86

Total from investment operations . . . . . . 4.09 2.58 1.38 5.24 (2.84) 4.04

Net equalization credits and charges (a). . . 0.00(c) (0.03) (0.00)(c) (0.00)(c) (0.00)(c) (0.01)

Distributions to shareholders from:Net investment income . . . . . . . . . . . (0.22) (0.42) (0.35) (0.27) (0.20) (0.18)

Net asset value, end of period . . . . . . . $ 45.56 $ 41.69 $ 39.56 $ 38.53 $ 33.56 $ 36.60

Total return (d) . . . . . . . . . . . . . . 9.82% 6.59% 3.55% 15.65% (7.77)% 12.37%Ratios and Supplemental Data:Net assets, end of period (in 000s) . . . . . $756,237 $658,639 $828,757 $1,051,857 $1,240,151 $1,757,020Ratios to average net assets:Total expenses . . . . . . . . . . . . . . . 0.35%(e) 0.35% 0.35% 0.35% 0.35% 0.35%Net investment income (loss) . . . . . . . . 0.91%(e) 1.09% 0.86% 0.76% 0.57% 0.53%Portfolio turnover rate (f) . . . . . . . . . . 13%(g) 32% 35% 26% 44% 25%



(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 bereinvested at net asset value per share on the respective payment dates of each distribution. Broker commissioncharges 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.



SPDR S&P Oil & Gas Exploration & Production ETF

Six MonthsEnded

12/31/19(Unaudited)

YearEnded6/30/19

YearEnded6/30/18

YearEnded6/30/17

YearEnded6/30/16

YearEnded6/30/15




(loss) (b) . . . . . . . . . . . . . . . (3.50) (15.80) 11.14 (2.91) (11.91) (35.58)

Total from investment operations . . . . (3.31) (15.52) 11.41 (2.61) (11.47) (34.87)

Net equalization credits and charges (a). (0.00)(c) 0.00(c) 0.00(c) 0.02 0.02 0.04



Total return (d). . . . . . . . . . . . . (12.13)% (36.12)% 35.90% (7.53)% (24.38)% (42.42)%Ratios and Supplemental Data:Net assets, end of period (in 000s) . . . $2,684,986 $1,884,277 $3,107,237 $2,319,165 $1,943,140 $1,420,613Ratios to average net assets:Total expenses . . . . . . . . . . . . . 0.35%(e) 0.35% 0.35% 0.35% 0.35% 0.35%Net investment income (loss) . . . . . . 1.69%(e) 0.81% 0.76% 0.81% 1.34% 1.29%Portfolio turnover rate (f) . . . . . . . . 16%(g) 37% 36% 34% 44% 44%



(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 bereinvested at net asset value per share on the respective payment dates of each distribution. Total returns forperiods 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.




Six MonthsEnded

12/31/19(Unaudited)

YearEnded6/30/19

YearEnded6/30/18

YearEnded6/30/17

YearEnded6/30/16

YearEnded6/30/15




(loss) (b) . . . . . . . . . . . . . . . 4.67 (7.32) 5.91 16.48 (5.70) 3.79

Total from investment operations . . . . 5.34 (6.17) 6.84 17.26 (4.93) 4.50

Net equalization credits and charges (a). 0.04 (0.06) 0.05 0.04 0.01 0.04



Total return (c) . . . . . . . . . . . . . 10.13% (10.15)% 12.56% 45.19% (11.16)% 11.40%Ratios and Supplemental Data:Net assets, end of period (in 000s) . . . $2,026,351 $2,237,599 $5,404,393 $3,850,902 $1,615,033 $2,755,536Ratios to average net assets:Total expenses . . . . . . . . . . . . . 0.35%(d) 0.35% 0.35% 0.35% 0.35% 0.35%Net investment income (loss) . . . . . . 2.47%(d) 2.03% 1.56% 1.54% 1.89% 1.76%Portfolio turnover rate (e) . . . . . . . . 18%(f) 27% 33% 52% 86% 27%



(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net assetvalue on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to bereinvested at net asset value per share on the respective payment dates of each distribution. Total returns forperiods of less than one year are not annualized. Broker commission charges are not included in this calculation.

(d) Annualized.(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or

redemptions.(f) Not annualized.



1. Organization

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

As of December 31, 2019, the Trust consists of eighty-one (81) series, each of whichrepresents a separate series of beneficial interest in the Trust. The Declaration of Trustpermits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of anunlimited number of shares of beneficial interest at $0.01 par value. The financialstatements herein relate to the following series (each a “Fund”, and collectively, the“Funds”):

SPDR S&P Aerospace & Defense ETFSPDR S&P Bank ETFSPDR S&P Homebuilders ETFSPDR S&P Oil & Gas Exploration & Production ETFSPDR S&P Regional Banking ETF

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

Under the Trust’s organizational documents, its officers and trustees are indemnifiedagainst 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 withservice providers that contain general indemnification clauses. The Trust’s maximumexposure under these arrangements is unknown as this would involve future claims thatmay 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 inthe preparation of its financial statements:

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

SPDR SERIES TRUSTNOTES TO FINANCIAL STATEMENTSDecember 31, 2019 (Unaudited)

38

Security Valuation

Each Fund’s investments are valued at fair value each day that the New York StockExchange (“NYSE”) is open and, for financial reporting purposes, as of the report dateshould the reporting period end on a day that the NYSE is not open. Fair value isgenerally defined as the price a fund would receive to sell an asset or pay to transfer aliability 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 saleand may not reflect an actual market price. The investments of each Fund are valuedpursuant to the policy and procedures developed by the Oversight Committee (the“Committee”) and approved by the Board. The Committee provides oversight of thevaluation of investments for the Funds. The Board has responsibility for overseeing thedetermination of the fair value of investments.

Valuation techniques used to value each Fund’s investments by major category are asfollows:

• Equity investments traded on a recognized securities exchange for which marketquotations are readily available are valued at the last sale price or official closingprice, as applicable, on the primary market or exchange on which they trade. Equityinvestments traded on a recognized exchange for which there were no sales on thatday are valued at the last published sale price or at fair value.

• Investments in registered investment companies (including money market funds) orother unitized pooled investment vehicles that are not traded on an exchange arevalued at that day’s published net asset value (“NAV”) per share or unit.

In the event prices or quotations are not readily available or that the application of thesevaluation methods results in a price for an investment that is deemed to be notrepresentative of the fair value of such investment, fair value will be determined in goodfaith by the Committee, in accordance with the valuation policy and proceduresapproved by the Board.

Fair value pricing could result in a difference between the prices used to calculate aFund’s NAV and the prices used by the Funds’ underlying benchmarks. Various inputsare used in determining the value of the Funds’ investments.

The Funds value their assets and liabilities at fair value using a fair value hierarchyconsisting of three broad levels that prioritize the inputs to valuation techniques givingthe highest priority to readily available unadjusted quoted prices in active markets foridentical assets or liabilities (Level 1 measurements) and the lowest priority tounobservable inputs (Level 3 measurements) when market prices are not readilyavailable or reliable. The categorization of a value determined for an investment within

SPDR SERIES TRUSTNOTES TO FINANCIAL STATEMENTS (continued)December 31, 2019 (Unaudited)

39

the hierarchy is based upon the pricing transparency of the investment and is notnecessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are observablefor the asset or liability either directly or indirectly, including quoted prices for similarassets or liabilities in active markets, quoted prices for identical or similar assets orliabilities in markets that are not considered to be active, inputs other than quotedprices that are observable for the asset or liability (such as exchange rates, financingterms, 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’sassumptions used in determining the fair value of investments.

The value of each Fund’s investments, according to the fair value hierarchy as ofDecember 31, 2019, is disclosed in each Fund’s respective Schedule of Investments.

Investment Transactions and Income Recognition

Investment transactions are accounted for on trade date for financial reporting purposes.Realized gains and losses from the sale or disposition of investments and foreignexchange transactions, if any, are determined using the identified cost method. Dividendincome and capital gain distributions, if any, are recognized on the ex-dividend date, orwhen the information becomes available, net of any foreign taxes withheld at source, ifany. Non-cash dividends received in the form of stock, if any, are recorded as dividendincome at fair value.

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to thatFund within the Trust. Other expenses which cannot be attributed to a specific Fund areallocated in such a manner as deemed equitable, taking into consideration the nature andtype of expense and the relative net assets of the Funds within the Trust.

Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currenciesas well as investment securities and other assets and liabilities denominated in a foreigncurrency are translated to U.S. dollars using exchange rates at period end. Purchases andsales of securities, income receipts and expense payments denominated in foreign


40

currencies are translated into U.S. dollars at the prevailing exchange rate on therespective dates of the transactions.

The effects of exchange rate fluctuations on investments are included with the netrealized and unrealized gain (loss) on investment securities. Other foreign currencytransactions resulting in realized and unrealized gain (loss) are disclosed separately.

Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) onincome, stock dividends, realized and unrealized capital gains on investments or certainforeign currency transactions. Foreign taxes are recorded in accordance with SSGAFunds Management, Inc.’s (the “Adviser” or “SSGA FM”) understanding of theapplicable foreign tax regulations and rates that exist in the foreign jurisdictions inwhich the Funds invest. These foreign taxes, if any, are paid by the Funds and arereflected in the Statements of Operations, if applicable. Foreign taxes payable ordeferred as of December 31, 2019, if any, are disclosed in the Funds’ Statements ofAssets and Liabilities.

Equalization

The Funds in the Trust follow the accounting practice known as “Equalization” bywhich 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 onthe date of the transaction, is credited or charged to undistributed net investmentincome. As a result, undistributed net investment income per share is unaffected by salesor reacquisition of Fund shares. Amounts related to Equalization can be found on theStatements of Changes in Net Assets.

The following Funds utilized equalization during the period ended December 31, 2019:

SPDR S&P Aerospace & Defense ETFSPDR S&P Bank ETFSPDR S&P Homebuilders ETFSPDR S&P Oil & Gas Exploration & Production ETFSPDR S&P Regional Banking ETF

Distributions

Distributions from net investment income, if any, are declared and paid quarterly. Netrealized capital gains, if any, are distributed annually. Dividends may be declared andpaid more frequently or at any other times to improve Index tracking or to comply withthe distribution requirements of the Internal Revenue Code of 1986, as amended (the


41

“Internal Revenue Code”). The amount and character of income and capital gains to bedistributed are determined in accordance with applicable tax regulations which maydiffer from net investment income and realized gains recognized for U.S. GAAPpurposes.

3. Fees and Transactions with Affiliates

Advisory Fee

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

Annual Rate

SPDR S&P Aerospace & Defense ETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35%

SPDR S&P Bank ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35

SPDR S&P Homebuilders ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35

SPDR S&P Oil & Gas Exploration & Production ETF . . . . . . . . . . . . . . . . . . . . 0.35

SPDR S&P Regional Banking ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35

The Adviser pays all the expenses of each Fund other than the management fee,brokerage expenses, taxes, interest, fees and expenses of the Trust’s IndependentTrustees (including any Trustees’ counsel fees), acquired fund fees and expenses,litigation expenses, and other extraordinary expenses.

The Adviser has contractually agreed to waive a portion of its management fee and/orreimburse expenses in an amount equal to any acquired fund fees and expenses(excluding holdings in acquired funds for cash management purposes, if any) for eachFund until October 31, 2020.

Administrator, Custodian, Sub-Administrator and Transfer Agent Fees

SSGA FM serves as administrator and State Street Bank and Trust Company (“StateStreet”), an affiliate of the Adviser, serves as custodian, sub-administrator and transferagent. State Street receives fees for its services as custodian, sub-administrator andtransfer agent from the Adviser.

On March 7, 2019, State Street made a voluntary contribution of $17,906 during theyear to the SPDR S&P Aerospace & Defense ETF in relation to a trade processingmatter.


42

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 datedJanuary 6, 2017.

Proceeds collected by State Street on investment of cash collateral or any fee income areallocated as follows (after deduction of such other amounts payable to State Street underthe terms of the securities lending agreement): 85% payable to the Fund, and 15%payable to State Street.

In addition, cash collateral from lending activities is invested in the State StreetNavigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM servesas investment adviser. See Note 8 for additional information regarding securitieslending.

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State StreetCorporation, affiliated funds, or entities deemed to be affiliates as a result of the Fundsowning more than five percent of the entity’s voting securities or outstanding shares.Amounts relating to these transactions during the period ended December 31, 2019 aredisclosed in the Schedules of Investments.

Due to Custodian

In certain circumstances, the Funds may have cash overdrafts with the custodian due toexpense payments, capital transactions, trading of securities, investment operations orderivative transactions. The Due to custodian amount, if any, reflects cash overdrawnwith State Street, as custodian, who is an affiliate of the Funds.

4. Trustees’ Fees

The fees and expenses of the Trust’s trustees, who are not “interested persons” of theTrust, as defined in the 1940 Act (“Independent Trustees”), are paid directly by theFunds. The Independent Trustees are reimbursed for travel and other out-of-pocketexpenses in connection with meeting attendance and industry seminars.


43

5. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short terminvestments) for the period ended December 31, 2019, were as follows:

Purchases Sales

SPDR S&P Aerospace & Defense ETF . . . . . . . . . . . . . . . . . . . . . . . $207,208,325 $207,986,552

SPDR S&P Bank ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,451,231 264,635,853

SPDR S&P Homebuilders ETF . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94,338,718 95,008,227

SPDR S&P Oil & Gas Exploration & Production ETF . . . . . . . . . . . . . 322,043,099 322,975,388

SPDR S&P Regional Banking ETF. . . . . . . . . . . . . . . . . . . . . . . . . . 370,725,534 365,874,509

For the period ended December 31, 2019, the following Funds had in-kindcontributions, redemptions and net realized gains/losses in the amounts as follows:

In-kindContributions

In-kindRedemptions

In-kind NetRealized

Gains/(Losses)

SPDR S&P Aerospace & Defense ETF . . . . . . . . . $ 975,261,531 $ 702,973,200 $141,810,446

SPDR S&P Bank ETF . . . . . . . . . . . . . . . . . . . . 579,000,051 681,776,526 18,243,956

SPDR S&P Homebuilders ETF . . . . . . . . . . . . . . 579,471,140 541,736,859 37,341,270

SPDR S&P Oil & Gas Exploration & ProductionETF. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,927,367,560 2,937,273,202 52,440,813

SPDR S&P Regional Banking ETF . . . . . . . . . . . 3,308,446,386 3,657,296,615 15,734,648

6. Shareholder Transactions

Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations ofa specified number of shares or multiples thereof (“Creation Units”). Except whenaggregated in Creation Units, shares of each Fund are not redeemable. Transactions incapital shares for each Fund are disclosed in detail in the Statements of Changes in NetAssets.

The consideration for the purchase of Creation Units of a Fund may consist of thein-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 feeand a redemption transaction fee directly to the Trust and/or custodian to offset transferand other transaction costs associated with the issuance and redemption of CreationUnits, including Creation Units for cash. An additional variable fee may be charged forcertain transactions. Such variable charges, if any, are included in “Other Capital” on theStatements of Changes in Net Assets.


44

7. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investmentcompanies under Subchapter M of the Internal Revenue Code. Each Fund will not besubject to federal income taxes to the extent it distributes its taxable income, includingany net realized capital gains, for each fiscal year. Therefore, no provision for federalincome tax is required.

The Funds file federal and various state and local tax returns as required. No income taxreturns are currently under examination. Generally, the federal returns are subject toexamination by the Internal Revenue Service for a period of three years from date offiling, while the state returns may remain open for an additional year depending uponjurisdiction. As of June 30, 2019, SSGA FM has analyzed each Fund’s tax positionstaken on tax returns for all open years and does not believe there are any uncertain taxpositions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends andgain distributions are determined in accordance with income tax rules and regulations,which may differ from generally accepted accounting principles.

As of December 31, 2019, gross unrealized appreciation and gross unrealizeddepreciation of investments based on cost for federal income tax purposes were asfollows:

TaxCost

GrossUnrealized

Appreciation

GrossUnrealized

Depreciation

Net UnrealizedAppreciation

(Depreciation)

SPDR S&P Aerospace & Defense ETF . . . . . . . . . . . . . . . . . $1,892,132,346 $94,114,199 $ 56,827,750 $ 37,286,449

SPDR S&P Bank ETF . . . . . . . . . . . . . . . . . . . . . . . . . . 1,841,877,593 66,547,693 104,729,712 (38,182,019)

SPDR S&P Homebuilders ETF . . . . . . . . . . . . . . . . . . . . . 787,635,326 27,733,959 54,019,986 (26,286,027)

SPDR S&P Oil & Gas Exploration & Production ETF. . . . . . . . . . 3,700,507,095 8,970,045 908,454,879 (899,484,834)

SPDR S&P Regional Banking ETF . . . . . . . . . . . . . . . . . . . 2,221,500,515 11,651,484 208,195,551 (196,544,067)

8. Securities Lending

Each Fund may lend securities to qualified broker-dealers or institutional investors. Theloans are secured at all times by cash, cash equivalents or U.S. government securities inan amount at least equal to the market value of the securities loaned, plus accruedinterest and dividends, determined on a daily basis and adjusted accordingly. The valueof the collateral with respect to a loaned security may be temporarily more or less thanthe value of a security due to market fluctuations of securities values. With respect toeach loan, if on any U.S. business day the aggregate market value of securities collateralplus cash collateral is less than the aggregate market value of the securities which are


45

subject to the loan, the borrower will be notified to provide additional collateral on thenext business day.

The Funds will regain record ownership of loaned securities to exercise certainbeneficial rights; however, the Funds may bear the risk of delay in recovery of, or evenloss of rights in the securities loaned should the borrower fail financially. In addition, aFund will bear the risk of loss of any cash collateral that it may invest. Each Fundreceives compensation for lending its securities from interest or dividends earned on thecash, cash equivalents or U.S. government securities held as collateral, net of fee rebatespaid 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 equalto a percentage of the market value of the loaned securities.

The market value of securities on loan as of December 31, 2019, and the value of theinvested 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 asit is held by the lending agent on behalf of the Funds, and the Funds do not have theability to re-hypothecate those securities. Securities lending income, as disclosed in theFunds’ Statements of Operations, represents the income earned from the non-cashcollateral and the investment of cash collateral, net of fee rebates paid to the borrowerand net of fees paid to State Street as lending agent.

The following is a summary of each Fund’s securities lending agreements and relatedcash and non-cash collateral received as of December 31, 2019:

FundMarket Value of

Securities on Loan

CashCollateralReceived

Non-CashCollateralReceived*

TotalCollateralReceived

SPDR S&P Aerospace & DefenseETF . . . . . . . . . . . . . . . . . . . . $ 99,777,946 $ 38,277,526 $ 65,537,762 $103,815,288

SPDR S&P Bank ETF . . . . . . . . . 81,721,313 29,162,459 54,356,197 83,518,656

SPDR S&P Homebuilders ETF . . . 51,644,911 5,488,650 47,276,435 52,765,085

SPDR S&P Oil & Gas Exploration& Production ETF . . . . . . . . . . 303,489,946 116,990,236 196,919,202 313,909,438

SPDR S&P Regional BankingETF . . . . . . . . . . . . . . . . . . . . 12,651,482 2,322,099 10,725,129 13,047,228

* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.


46

The following table reflects a breakdown of transactions accounted for as securedborrowings, the gross obligation by the type of collateral pledged or securities loaned,and the remaining contractual maturity of those transactions as of December 31, 2019:

Remaining Contractual Maturity of the AgreementsAs of December 31, 2019

Fund

SecuritiesLending

Transactions

Overnightand

Continuous <30 Days

Between30 & 90

Days >90 DaysTotal

Borrowings

Gross Amountof RecognizedLiabilities for

Securities LendingTransactions

SPDR S&P Aerospace & DefenseETF . . . . . . . . . . . . . . . Common Stocks $ 38,277,526 $— $— $— $ 38,277,526 $ 38,277,526

SPDR S&P Bank ETF . . . . . . . Common Stocks 29,162,459 — — — 29,162,459 29,162,459

SPDR S&P Homebuilders ETF . . . Common Stocks 5,488,650 — — — 5,488,650 5,488,650

SPDR S&P Oil & Gas Exploration &Production ETF . . . . . . . . . Common Stocks 116,990,236 — — — 116,990,236 116,990,236

SPDR S&P Regional Banking ETF . Common Stocks 2,322,099 — — — 2,322,099 2,322,099

9. Risks

Concentration Risk

As a result of the Funds’ ability to invest a large percentage of their assets in obligationsof issuers within the same country, state, region, currency or economic sector, anadverse economic, business or political development may affect the value of the Funds’investments more than if the Funds were more broadly diversified.

Market and Credit Risk

In the normal course of business, the Funds trade financial instruments and enter intofinancial transactions where risk of potential loss exists due to changes in the generaleconomic conditions and fluctuations of the market (market risk). Additionally, a Fundmay also be exposed to credit risk in the event that an issuer or guarantor fails toperform or that an institution or entity with which the Fund has unsettled or opentransactions defaults.

10. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through thedate the financial statements were issued and has determined that there were nosubsequent events requiring adjustment or disclosure in the financial statements.


47

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, includingsales charges (loads), if applicable, on purchase payments, reinvested dividends, or otherdistributions and (2) ongoing costs, including advisory fees and other Fund expenses.This example is intended to help you understand your ongoing costs (in dollars) ofinvesting in the Fund and to compare these costs with the ongoing costs of investing inother mutual funds. It is based on an investment of $1,000 made at the beginning of theperiod shown and held for the entire period from July 1, 2019 to December 31, 2019.

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

Based on actual fund return ——This section helps you to estimate the actualexpenses that you paid over the period. The “Ending Account Value” shown is derivedfrom each Fund’s actual return, and the third column shows the dollar amount thatwould have been paid by an investor who started with $1,000 in the Fund. You may usethe information here, together with the amount you invested, to estimate the expensesthat you paid over the period. To do so, simply divide your account value by $1,000 (forexample, an $8,600 account value divided by $1,000 = 8.6), then multiply the result bythe number given for the Fund under the heading “Expenses Paid During Period”.

Based on hypothetical 5% return ——This section is intended to help you compareyour Fund’s costs with those of other mutual funds. It assumes that the Fund had ayearly return of 5% before expenses, but that the expense ratio is unchanged. In thiscase, because the return used is not the Fund’s actual return, the results do not apply toyour investment. The example is useful in making comparisons because theU.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds tocalculate expenses based on a 5% return. You can assess your Fund’s costs bycomparing this hypothetical example with the hypothetical examples that appear inshareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoingcosts 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 comparingongoing costs only, and will not help you determine the relative total costs of owningdifferent funds. In addition, if these transaction costs were included, your costs wouldhave been higher.

SPDR SERIES TRUSTOTHER INFORMATIONDecember 31, 2019 (Unaudited)

48


SPDR S&PBank ETF

SPDR S&PHomebuilders

ETF

Annualized Expense Ratio . . . . . . . . . . . . . . . . . 0.35% 0.35% 0.35%

Actual:

Ending Account Value. . . . . . . . . . . . . . . . . . . $1,053.60 $1,102.10 $1,098.20

Expenses Paid During Period(a) . . . . . . . . . . . . 1.81 1.85 1.85

Hypothetical (assuming a 5% return before

expenses):

Ending Account Value. . . . . . . . . . . . . . . . . . . 1,023.40 1,023.40 1,023.40

Expenses Paid During Period(a) . . . . . . . . . . . . 1.78 1.78 1.78

SPDR S&P Oil& Gas

Exploration &Production

ETF

SPDR S&PRegional

Banking ETF

Annualized Expense Ratio . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.35% 0.35%

Actual:

Ending Account Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 878.70 $1,101.30

Expenses Paid During Period(a). . . . . . . . . . . . . . . . . . . . . . . . . 1.65 1.85

Hypothetical (assuming a 5% return before expenses):

Ending Account Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,023.40 1,023.40

Expenses Paid During Period(a). . . . . . . . . . . . . . . . . . . . . . . . . 1.78 1.78

(a) Expenses are equal to the Fund’s annualized net expense ratio multiplied by the average account value of theperiod, multiplied by 184, then divided by 366.

SPDR SERIES TRUSTOTHER INFORMATION (continued)December 31, 2019 (Unaudited)

49

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity riskmanagement program. The program’s principal objectives include assessing, managingand periodically reviewing each Fund’s liquidity risk, based on factors specific to thecircumstances of the Fund. Liquidity risk is defined as the risk that a Fund could notmeet redemption requests without significant dilution of remaining investors’ interestsin the Fund.

SSGA FM has been designated by the Board to administer the Funds’ liquidity riskmanagement program. At a board meeting during the fiscal period, SSGA FM providedthe Board with a report addressing the operations of the program and assessing itsadequacy and effectiveness of implementation, 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’sexposure to liquidity risk and other principal risks to which an investment in the Fundmay be subject.

Premium/Discount Information

Information regarding how often the Shares of each Fund traded on the exchange at aprice above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund duringthe past calendar year can be found at www.spdrs.com.


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Proxy Voting Policies and Procedures and Records

A description of the Trust’s proxy voting policies and procedures that are used by theFunds’ investment adviser to vote proxies relating to the Funds’ portfolio of securitiesare 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 endedJune 30, is available by August 31 of each year by calling the same number, on theSEC’s website at www.sec.gov, and on the Funds’ website at www.spdrs.com.

Quarterly Portfolio Schedule

Following the Funds’ first and third fiscal quarter-ends, a complete schedule ofinvestments is filed with the SEC as an exhibit on Form N-PORT, which can be foundon the SEC’s website at www.sec.gov. The Funds’ schedules of investments are availableupon request, without charge, by calling 1-866-787-2257 (toll free).


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SPDR Series Trust

TrusteesBonny E. BoatmanDwight D. ChurchillFrank Nesvet, ChairmanClare S. RicherJames E. RossSandra G. SponemCarl G. Verboncoeur

Investment Manager andAdministratorSSGA Funds Management, Inc.One Iron StreetBoston, MA 02210

DistributorState Street Global Advisors FundsDistributors, LLCOne Iron StreetBoston, MA 02210

Custodian, Sub-Administratorand Transfer AgentState Street Bank and Trust CompanyOne Lincoln StreetBoston, MA 02111

Legal CounselMorgan, Lewis & Bockius LLP1111 Pennsylvania Avenue, NWWashington, DC 20004

Independent Registered PublicAccounting FirmErnst & Young LLP200 Clarendon StreetBoston, MA 02116

The information contained in this report is intended for the general informationof shareholders of the Trust. This report is not authorized for distribution toprospective investors unless preceded or accompanied by a current Trustprospectus which contains important information concerning the Trust. Youmay obtain a current prospectus and SAI from the Distributor by calling1-866-787-2257 or visiting www.spdrs.com. Please read the prospectus carefullybefore you invest.

SPDR® Series Trust - Equity FundsFor more complete information, please call1.866.787.2257 or visit www.spdrs.com today.

State Street Global AdvisorsOne Iron StreetBoston, MA 02210

ETFs trade like stocks, are subject to investment risk,fluctuate in market value and may trade at pricesabove or below the ETF's net asset value. Brokeragecommissions and ETF expenses will reduce returns.

Standard & Poor’s, S&P and SPDR are registeredtrademarks of Standard & Poor’s FinancialServices LLC (S&P); Dow Jones is a registeredtrademark of Dow Jones Trademark Holdings LLC(Dow Jones); and these trademarks have beenlicensed for use by S&P Dow Jones Indices LLC(SPDJI) and sublicensed for certain purposes byState Street Corporation. State Street Corporation’sfinancial products are not sponsored, endorsed, soldor promoted by SPDJI, Dow Jones, S&P, theirrespective affiliates and third party licensors and

none of such parties make any representationregarding the advisability of investing in suchproduct(s) nor do they have any liability in relationthereto, including for any errors, omissions, orinterruptions of any index.

Distributor: State Street Global Advisors FundsDistributors, LLC, member FINRA, SIPC, an indirectwholly owned subsidiary of State StreetCorporation. References to State Street may includeState Street Corporation and its affiliates. CertainState Street affiliates provide services and receivefees from the SPDR ETFs.

Before investing, consider a Fund’s investmentobjectives, risks, charges and expenses. To obtain aprospectus or summary prospectus which containsthis and other information, call 1.866.787.2257 orvisit www.spdrs.com. Read it carefully.

Not FDIC Insured. No Bank Guarantee. May LoseValue.

The information contained in this report is intended for the general information of shareholders of theTrust. This report is not authorized for distribution to prospective investors unless preceded oraccompanied 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 visitingwww.spdrs.com. Please read the prospectus carefully before you invest.

© 2020 State Street Corporation - All Rights ReservedSPDRTOPINSAR

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