Semi-Annual Report
December 31, 2021
SPDR® Series Trust - Equity Funds
SPDR Portfolio S&P 500 ETF
SPDR Portfolio S&P 400 Mid Cap ETF
SPDR Portfolio S&P 600 Small Cap ETF
SPDR Portfolio S&P 1500 Composite Stock Market ETF
SPDR Portfolio S&P 500 Growth ETF
SPDR Portfolio S&P 500 High Dividend ETF
SPDR Portfolio S&P 500 Value ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.



TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  

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2

3

4

5

6

7
Schedules of Investments (Unaudited)  

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32

51

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58

66

73

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89
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.


Table of Contents
SPDR Portfolio S&P 500 ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Apple, Inc. 6.8%  
  Microsoft Corp. 6.3  
  Amazon.com, Inc. 3.6  
  Alphabet, Inc. Class A 2.1  
  Tesla, Inc. 2.1  
  Alphabet, Inc. Class C 2.0  
  Meta Platforms, Inc. Class A 2.0  
  NVIDIA Corp. 1.8  
  Berkshire Hathaway, Inc. Class B 1.4  
  UnitedHealth Group, Inc. 1.2  
  TOTAL 29.3%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Information Technology 29.1%  
  Health Care 13.3  
  Consumer Discretionary 12.5  
  Financials 10.7  
  Communication Services 10.1  
  Industrials 7.8  
  Consumer Staples 5.9  
  Real Estate 2.8  
  Energy 2.7  
  Materials 2.5  
  Utilities 2.5  
  Short-Term Investments 0.1  
  Other Assets in Excess of Liabilities 0.0 *  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
1


Table of Contents
SPDR Portfolio S&P 400 Mid Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Molina Healthcare, Inc. 0.7%  
  Camden Property Trust REIT 0.7  
  Builders FirstSource, Inc. 0.7  
  Trex Co., Inc. 0.6  
  Masimo Corp. 0.6  
  Medical Properties Trust, Inc. REIT 0.6  
  Nordson Corp. 0.6  
  Cognex Corp. 0.6  
  Graco, Inc. 0.6  
  Repligen Corp. 0.5  
  TOTAL 6.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Industrials 19.0%  
  Consumer Discretionary 15.4  
  Information Technology 14.3  
  Financials 13.6  
  Real Estate 10.3  
  Health Care 9.9  
  Materials 6.6  
  Consumer Staples 3.5  
  Utilities 3.3  
  Energy 2.1  
  Communication Services 1.7  
  Short-Term Investment 0.8  
  Liabilities in Excess of Other Assets (0.5)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2


Table of Contents
SPDR Portfolio S&P 600 Small Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Omnicell, Inc. 0.7%  
  Innovative Industrial Properties, Inc. REIT 0.6  
  Exponent, Inc. 0.6  
  AMN Healthcare Services, Inc. 0.5  
  UFP Industries, Inc. 0.5  
  Chart Industries, Inc. 0.5  
  Balchem Corp. 0.5  
  Watts Water Technologies, Inc. Class A 0.5  
  MaxLinear, Inc. 0.5  
  Vonage Holdings Corp. 0.5  
  TOTAL 5.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Financials 18.6%  
  Industrials 17.1  
  Information Technology 13.7  
  Health Care 12.3  
  Consumer Discretionary 12.0  
  Real Estate 8.1  
  Materials 5.0  
  Energy 4.8  
  Consumer Staples 4.5  
  Utilities 1.9  
  Communication Services 1.8  
  Short-Term Investments 1.9  
  Liabilities in Excess of Other Assets (1.7)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
3


Table of Contents
SPDR Portfolio S&P 1500 Composite Stock Market ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Apple, Inc. 6.3%  
  Microsoft Corp. 5.8  
  Amazon.com, Inc. 3.3  
  Alphabet, Inc. Class A 2.0  
  Tesla, Inc. 2.0  
  Alphabet, Inc. Class C 1.8  
  Meta Platforms, Inc. Class A 1.8  
  NVIDIA Corp. 1.7  
  Berkshire Hathaway, Inc. Class B 1.3  
  UnitedHealth Group, Inc. 1.1  
  TOTAL 27.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Information Technology 27.9%  
  Health Care 13.0  
  Consumer Discretionary 12.7  
  Financials 11.1  
  Communication Services 9.5  
  Industrials 8.6  
  Consumer Staples 5.7  
  Real Estate 3.3  
  Materials 2.9  
  Energy 2.7  
  Utilities 2.5  
  Short-Term Investments 0.7  
  Liabilities in Excess of Other Assets (0.6)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
4


Table of Contents
SPDR Portfolio S&P 500 Growth ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Apple, Inc. 13.0%  
  Microsoft Corp. 11.9  
  Amazon.com, Inc. 6.8  
  Alphabet, Inc. Class A 4.1  
  Tesla, Inc. 4.0  
  Alphabet, Inc. Class C 3.8  
  Meta Platforms, Inc. Class A 3.7  
  NVIDIA Corp. 3.5  
  Home Depot, Inc. 1.6  
  Adobe, Inc. 1.3  
  TOTAL 53.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Information Technology 44.1%  
  Consumer Discretionary 16.8  
  Communication Services 13.1  
  Health Care 10.7  
  Financials 6.6  
  Industrials 3.2  
  Real Estate 2.1  
  Consumer Staples 1.5  
  Materials 1.2  
  Energy 0.6  
  Utilities 0.0 *  
  Short-Term Investment 0.1  
  Other Assets in Excess of Liabilities 0.0 *  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
5


Table of Contents
SPDR Portfolio S&P 500 High Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Pfizer, Inc. 1.7%  
  Broadcom, Inc. 1.7  
  Seagate Technology Holdings PLC 1.6  
  Comerica, Inc. 1.6  
  Simon Property Group, Inc. REIT 1.6  
  Exelon Corp. 1.5  
  Edison International 1.5  
  KeyCorp. 1.5  
  Iron Mountain, Inc. REIT 1.5  
  Marathon Petroleum Corp. 1.4  
  TOTAL 15.6%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Utilities 18.4%  
  Financials 18.0  
  Real Estate 17.1  
  Energy 12.1  
  Consumer Staples 8.8  
  Health Care 6.7  
  Communication Services 5.9  
  Materials 5.9  
  Information Technology 5.8  
  Consumer Discretionary 1.0  
  Short-Term Investments 0.6  
  Liabilities in Excess of Other Assets (0.3)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
6


Table of Contents
SPDR Portfolio S&P 500 Value ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Berkshire Hathaway, Inc. Class B 2.9%  
  Johnson & Johnson 2.4  
  Procter & Gamble Co. 2.1  
  Walt Disney Co. 1.5  
  UnitedHealth Group, Inc. 1.4  
  Exxon Mobil Corp. 1.3  
  JPMorgan Chase & Co. 1.3  
  Coca-Cola Co. 1.2  
  Comcast Corp. Class A 1.2  
  Chevron Corp. 1.2  
  TOTAL 16.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2021

     
    % of Net Assets  
  Health Care 16.1%  
  Financials 15.2  
  Industrials 12.8  
  Information Technology 12.5  
  Consumer Staples 10.8  
  Consumer Discretionary 7.8  
  Communication Services 6.9  
  Utilities 5.2  
  Energy 4.9  
  Materials 4.0  
  Real Estate 3.5  
  Short-Term Investments 0.3  
  Liabilities in Excess of Other Assets (0.0) *  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
7


Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AEROSPACE & DEFENSE — 1.3%  
Boeing Co. (a)

  187,805   $ 37,808,903
General Dynamics Corp.

  78,883   16,444,739
Howmet Aerospace, Inc.

  131,045   4,171,162
Huntington Ingalls Industries, Inc.

  13,661   2,551,055
L3Harris Technologies, Inc.

  66,653   14,213,086
Lockheed Martin Corp.

  83,424   29,649,724
Northrop Grumman Corp.

  50,728   19,635,287
Raytheon Technologies Corp.

  508,928   43,798,344
Textron, Inc.

  74,981   5,788,533
TransDigm Group, Inc. (a)

  17,701   11,262,792
          185,323,625
AIR FREIGHT & LOGISTICS — 0.6%  
C.H. Robinson Worldwide, Inc.

  44,171   4,754,125
Expeditors International of Washington, Inc.

  57,644   7,741,013
FedEx Corp.

  83,011   21,469,965
United Parcel Service, Inc. Class B

  247,909   53,136,815
          87,101,918
AIRLINES — 0.2%  
Alaska Air Group, Inc. (a)

  42,542   2,216,438
American Airlines Group, Inc. (a)

  217,310   3,902,888
Delta Air Lines, Inc. (a)

  217,331   8,493,295
Southwest Airlines Co. (a)

  201,462   8,630,632
United Airlines Holdings, Inc. (a)

  109,678   4,801,703
          28,044,956
AUTO COMPONENTS — 0.1%  
Aptiv PLC (a)

  91,936   15,164,843
BorgWarner, Inc.

  81,378   3,667,707
          18,832,550
AUTOMOBILES — 2.5%  
Ford Motor Co.

  1,334,377   27,715,010
General Motors Co. (a)

  493,536   28,936,016
Tesla, Inc. (a)

  276,533   292,234,544
          348,885,570
BANKS — 4.0%  
Bank of America Corp.

  2,448,001   108,911,564
Citigroup, Inc.

  674,490   40,732,451
Citizens Financial Group, Inc.

  144,842   6,843,784
Comerica, Inc.

  44,560   3,876,720
Fifth Third Bancorp

  232,419   10,121,847
First Republic Bank

  60,964   12,589,676
Huntington Bancshares, Inc.

  491,654   7,581,305
JPMorgan Chase & Co.

  1,004,588   159,076,510
KeyCorp.

  316,514   7,320,969
M&T Bank Corp.

  43,825   6,730,644
People's United Financial, Inc.

  145,409   2,591,188
PNC Financial Services Group, Inc.

  143,682   28,811,115
Regions Financial Corp.

  324,047   7,064,225
Signature Bank

  20,664   6,684,184
Security Description     Shares   Value
SVB Financial Group (a)

  19,971   $ 13,545,131
Truist Financial Corp.

  452,966   26,521,159
US Bancorp

  458,698   25,765,067
Wells Fargo & Co.

  1,355,224   65,023,648
Zions Bancorp NA

  53,146   3,356,701
          543,147,888
BEVERAGES — 1.4%  
Brown-Forman Corp. Class B

  62,051   4,521,036
Coca-Cola Co.

  1,320,749   78,201,548
Constellation Brands, Inc. Class A

  55,912   14,032,235
Molson Coors Beverage Co. Class B

  64,017   2,967,188
Monster Beverage Corp. (a)

  127,683   12,262,675
PepsiCo, Inc.

  469,863   81,619,902
          193,604,584
BIOTECHNOLOGY — 1.8%  
AbbVie, Inc.

  600,800   81,348,320
Amgen, Inc.

  191,446   43,069,607
Biogen, Inc. (a)

  50,002   11,996,480
Gilead Sciences, Inc.

  426,324   30,955,386
Incyte Corp. (a)

  63,848   4,686,443
Moderna, Inc. (a)

  119,916   30,456,266
Regeneron Pharmaceuticals, Inc. (a)

  36,008   22,739,772
Vertex Pharmaceuticals, Inc. (a)

  86,374   18,967,730
          244,220,004
BUILDING PRODUCTS — 0.5%  
A.O. Smith Corp.

  45,343   3,892,697
Allegion PLC

  30,267   4,008,561
Carrier Global Corp.

  294,448   15,970,859
Fortune Brands Home & Security, Inc.

  46,203   4,939,101
Johnson Controls International PLC

  240,920   19,589,205
Masco Corp.

  82,912   5,822,081
Trane Technologies PLC

  80,568   16,277,153
          70,499,657
CAPITAL MARKETS — 3.0%  
Ameriprise Financial, Inc.

  37,993   11,460,968
Bank of New York Mellon Corp.

  258,146   14,993,120
BlackRock, Inc.

  48,515   44,418,393
Cboe Global Markets, Inc.

  36,348   4,739,779
Charles Schwab Corp.

  511,065   42,980,566
CME Group, Inc.

  122,086   27,891,768
FactSet Research Systems, Inc.

  12,723   6,183,505
Franklin Resources, Inc.

  95,444   3,196,420
Goldman Sachs Group, Inc.

  115,445   44,163,485
Intercontinental Exchange, Inc.

  191,530   26,195,558
Invesco, Ltd.

  115,989   2,670,067
MarketAxess Holdings, Inc.

  12,936   5,320,189
Moody's Corp.

  55,058   21,504,554
Morgan Stanley

  487,975   47,899,626
MSCI, Inc.

  28,006   17,158,996
Nasdaq, Inc.

  39,658   8,328,577
 
See accompanying notes to financial statements.
8


Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Northern Trust Corp.

  70,556   $ 8,439,203
Raymond James Financial, Inc.

  62,871   6,312,248
S&P Global, Inc.

  81,881   38,642,100
State Street Corp. (b)

  124,009   11,532,837
T Rowe Price Group, Inc.

  76,349   15,013,267
          409,045,226
CHEMICALS — 1.8%  
Air Products & Chemicals, Inc.

  75,337   22,922,036
Albemarle Corp.

  39,852   9,316,202
Celanese Corp.

  36,907   6,202,590
CF Industries Holdings, Inc.

  72,853   5,156,535
Corteva, Inc.

  247,867   11,719,152
Dow, Inc.

  251,420   14,260,542
DuPont de Nemours, Inc.

  176,033   14,219,946
Eastman Chemical Co.

  45,767   5,533,688
Ecolab, Inc.

  84,767   19,885,490
FMC Corp.

  43,009   4,726,259
International Flavors & Fragrances, Inc.

  86,448   13,023,391
Linde PLC

  174,348   60,399,378
LyondellBasell Industries NV Class A

  89,846   8,286,497
Mosaic Co.

  125,826   4,943,704
PPG Industries, Inc.

  80,721   13,919,529
Sherwin-Williams Co.

  81,916   28,847,539
          243,362,478
COMMERCIAL SERVICES & SUPPLIES — 0.4%  
Cintas Corp.

  29,932   13,264,964
Copart, Inc. (a)

  72,309   10,963,491
Republic Services, Inc.

  71,179   9,925,912
Rollins, Inc.

  77,162   2,639,712
Waste Management, Inc.

  130,745   21,821,340
          58,615,419
COMMUNICATIONS EQUIPMENT — 0.9%  
Arista Networks, Inc. (a)

  76,080   10,936,500
Cisco Systems, Inc.

  1,432,715   90,791,149
F5, Inc. (a)

  20,648   5,052,772
Juniper Networks, Inc.

  110,329   3,939,849
Motorola Solutions, Inc.

  57,380   15,590,146
          126,310,416
CONSTRUCTION & ENGINEERING — 0.0% (c)  
Quanta Services, Inc.

  48,390   5,548,397
CONSTRUCTION MATERIALS — 0.1%  
Martin Marietta Materials, Inc.

  21,349   9,404,661
Vulcan Materials Co.

  45,032   9,347,743
          18,752,404
CONSUMER FINANCE — 0.6%  
American Express Co.

  213,322   34,899,479
Capital One Financial Corp.

  144,784   21,006,711
Discover Financial Services

  99,666   11,517,403
Synchrony Financial

  185,949   8,626,174
          76,049,767
Security Description     Shares   Value
CONTAINERS & PACKAGING — 0.3%  
Amcor PLC

  524,160   $ 6,295,162
Avery Dennison Corp.

  28,106   6,086,917
Ball Corp.

  110,168   10,605,873
International Paper Co.

  131,604   6,182,756
Packaging Corp. of America

  32,314   4,399,551
Sealed Air Corp.

  50,771   3,425,519
Westrock Co.

  91,500   4,058,940
          41,054,718
DISTRIBUTORS — 0.1%  
Genuine Parts Co.

  48,573   6,809,935
LKQ Corp.

  91,048   5,465,611
Pool Corp.

  13,599   7,697,034
          19,972,580
DIVERSIFIED FINANCIAL SERVICES — 1.4%  
Berkshire Hathaway, Inc. Class B (a)

  622,427   186,105,673
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.0%  
AT&T, Inc.

  2,427,478   59,715,959
Lumen Technologies, Inc. (d)

  313,158   3,930,133
Verizon Communications, Inc.

  1,407,612   73,139,519
          136,785,611
ELECTRIC UTILITIES — 1.6%  
Alliant Energy Corp.

  85,181   5,236,076
American Electric Power Co., Inc.

  171,154   15,227,571
Duke Energy Corp.

  261,862   27,469,324
Edison International

  128,901   8,797,493
Entergy Corp.

  68,307   7,694,784
Evergy, Inc.

  77,929   5,346,709
Eversource Energy

  116,797   10,626,191
Exelon Corp.

  332,499   19,205,142
FirstEnergy Corp.

  185,240   7,704,132
NextEra Energy, Inc.

  666,939   62,265,425
NRG Energy, Inc.

  83,188   3,583,739
Pinnacle West Capital Corp.

  38,341   2,706,491
PPL Corp.

  255,130   7,669,208
Southern Co.

  360,645   24,733,034
Xcel Energy, Inc.

  183,129   12,397,833
          220,663,152
ELECTRICAL EQUIPMENT — 0.5%  
AMETEK, Inc.

  78,720   11,574,989
Eaton Corp. PLC

  135,427   23,404,494
Emerson Electric Co.

  202,775   18,851,992
Generac Holdings, Inc. (a)

  21,532   7,577,542
Rockwell Automation, Inc.

  39,404   13,746,085
          75,155,102
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.7%  
Amphenol Corp. Class A

  203,396   17,789,014
CDW Corp.

  46,155   9,451,621
Corning, Inc.

  260,817   9,710,217
IPG Photonics Corp. (a)

  12,008   2,067,057
Keysight Technologies, Inc. (a)

  62,592   12,925,874
 
See accompanying notes to financial statements.
9


Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
TE Connectivity, Ltd.

  110,892   $ 17,891,315
Teledyne Technologies, Inc. (a)

  15,849   6,924,270
Trimble, Inc. (a)

  85,728   7,474,624
Zebra Technologies Corp. Class A (a)

  18,182   10,821,927
          95,055,919
ENERGY EQUIPMENT & SERVICES — 0.2%  
Baker Hughes Co.

  297,188   7,150,343
Halliburton Co.

  302,236   6,912,138
Schlumberger NV

  476,854   14,281,777
          28,344,258
ENTERTAINMENT — 1.7%  
Activision Blizzard, Inc.

  264,687   17,609,626
Electronic Arts, Inc.

  96,101   12,675,722
Live Nation Entertainment, Inc. (a)  (d)

  45,998   5,505,501
Netflix, Inc. (a)

  150,428   90,623,844
Take-Two Interactive Software, Inc. (a)

  39,200   6,966,624
Walt Disney Co. (a)

  617,610   95,661,613
          229,042,930
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 2.7%  
Alexandria Real Estate Equities, Inc. REIT

  47,847   10,667,967
American Tower Corp. REIT

  154,823   45,285,728
AvalonBay Communities, Inc. REIT

  47,438   11,982,364
Boston Properties, Inc. REIT

  48,296   5,562,733
Crown Castle International Corp. REIT

  146,675   30,616,940
Digital Realty Trust, Inc. REIT

  96,446   17,058,404
Duke Realty Corp. REIT

  129,477   8,498,870
Equinix, Inc. REIT

  30,617   25,897,083
Equity Residential REIT

  115,975   10,495,738
Essex Property Trust, Inc. REIT

  22,005   7,750,821
Extra Space Storage, Inc. REIT

  45,503   10,316,895
Federal Realty Investment Trust REIT

  23,735   3,235,555
Healthpeak Properties, Inc. REIT

  182,852   6,599,129
Host Hotels & Resorts, Inc. REIT (a)

  242,739   4,221,231
Iron Mountain, Inc. REIT (d)

  98,379   5,148,173
Kimco Realty Corp. REIT

  208,453   5,138,366
Mid-America Apartment Communities, Inc. REIT

  39,179   8,989,230
Prologis, Inc. REIT

  251,300   42,308,868
Public Storage REIT

  51,863   19,425,805
Realty Income Corp. REIT

  192,313   13,767,688
Regency Centers Corp. REIT

  51,921   3,912,247
SBA Communications Corp. REIT

  36,861   14,339,666
Simon Property Group, Inc. REIT

  111,697   17,845,830
UDR, Inc. REIT

  98,833   5,928,992
Ventas, Inc. REIT

  135,596   6,931,668
Vornado Realty Trust REIT

  55,002   2,302,384
Welltower, Inc. REIT

  147,997   12,693,703
Security Description     Shares   Value
Weyerhaeuser Co. REIT

  255,269   $ 10,511,977
          367,434,055
FOOD & STAPLES RETAILING — 1.4%  
Costco Wholesale Corp.

  150,091   85,206,661
Kroger Co.

  230,028   10,411,067
Sysco Corp.

  173,969   13,665,265
Walmart, Inc.

  483,463   69,952,261
Walgreens Boots Alliance, Inc.

  244,199   12,737,420
          191,972,674
FOOD PRODUCTS — 0.9%  
Archer-Daniels-Midland Co.

  190,655   12,886,372
Campbell Soup Co. (d)

  68,768   2,988,657
Conagra Brands, Inc.

  162,849   5,561,293
General Mills, Inc.

  205,872   13,871,655
Hershey Co.

  49,440   9,565,157
Hormel Foods Corp.

  95,835   4,677,706
J.M. Smucker Co.

  36,912   5,013,388
Kellogg Co.

  86,845   5,594,555
Kraft Heinz Co.

  241,198   8,659,008
Lamb Weston Holdings, Inc.

  49,628   3,145,423
McCormick & Co., Inc.

  84,606   8,173,786
Mondelez International, Inc. Class A

  474,626   31,472,450
Tyson Foods, Inc. Class A

  99,944   8,711,119
          120,320,569
GAS UTILITIES — 0.0% (c)  
Atmos Energy Corp.

  45,074   4,722,403
HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%  
Abbott Laboratories

  601,140   84,604,443
ABIOMED, Inc. (a)

  15,623   5,611,313
Align Technology, Inc. (a)

  24,928   16,382,183
Baxter International, Inc.

  169,746   14,570,997
Becton Dickinson and Co.

  97,531   24,527,096
Boston Scientific Corp. (a)

  484,301   20,573,106
Cooper Cos., Inc.

  16,805   7,040,287
DENTSPLY SIRONA, Inc.

  74,292   4,144,751
DexCom, Inc. (a)

  32,936   17,684,985
Edwards Lifesciences Corp. (a)

  212,430   27,520,306
Hologic, Inc. (a)

  86,061   6,588,830
IDEXX Laboratories, Inc. (a)

  28,819   18,976,159
Intuitive Surgical, Inc. (a)

  121,256   43,567,281
Medtronic PLC

  457,486   47,326,927
ResMed, Inc.

  49,620   12,925,018
STERIS PLC

  33,857   8,241,132
Stryker Corp.

  114,183   30,534,818
Teleflex, Inc.

  15,938   5,235,314
Zimmer Biomet Holdings, Inc.

  71,059   9,027,335
          405,082,281
HEALTH CARE PROVIDERS & SERVICES — 2.8%  
AmerisourceBergen Corp.

  51,160   6,798,652
Anthem, Inc.

  82,489   38,236,951
Cardinal Health, Inc.

  95,846   4,935,111
Centene Corp. (a)

  198,020   16,316,848
 
See accompanying notes to financial statements.
10


Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Cigna Corp.

  112,644   $ 25,866,442
CVS Health Corp.

  448,561   46,273,553
DaVita, Inc. (a)

  22,106   2,514,779
HCA Healthcare, Inc.

  81,288   20,884,513
Henry Schein, Inc. (a)

  47,050   3,647,787
Humana, Inc.

  43,626   20,236,356
Laboratory Corp. of America Holdings (a)

  32,500   10,211,825
McKesson Corp.

  51,850   12,888,354
Quest Diagnostics, Inc.

  41,789   7,229,915
UnitedHealth Group, Inc.

  320,165   160,767,653
Universal Health Services, Inc. Class B

  24,890   3,227,237
          380,035,976
HEALTH CARE TECHNOLOGY — 0.1%  
Cerner Corp.

  100,197   9,305,295
HOTELS, RESTAURANTS & LEISURE — 2.0%  
Booking Holdings, Inc. (a)

  13,936   33,435,669
Caesars Entertainment, Inc. (a)

  72,549   6,785,508
Carnival Corp. (a)

  271,324   5,459,039
Chipotle Mexican Grill, Inc. (a)

  9,535   16,669,564
Darden Restaurants, Inc.

  44,252   6,666,121
Domino's Pizza, Inc.

  12,261   6,919,250
Expedia Group, Inc. (a)

  49,385   8,924,857
Hilton Worldwide Holdings, Inc. (a)

  94,777   14,784,264
Las Vegas Sands Corp. (a)

  116,837   4,397,745
Marriott International, Inc. Class A (a)

  92,937   15,356,910
McDonald's Corp.

  253,858   68,051,714
MGM Resorts International

  132,305   5,937,848
Norwegian Cruise Line Holdings, Ltd. (a)

  125,756   2,608,180
Penn National Gaming, Inc. (a)

  56,532   2,931,184
Royal Caribbean Cruises, Ltd. (a)  (d)

  76,117   5,853,397
Starbucks Corp.

  400,826   46,884,617
Wynn Resorts, Ltd. (a)

  35,792   3,043,752
Yum! Brands, Inc.

  99,724   13,847,675
          268,557,294
HOUSEHOLD DURABLES — 0.4%  
D.R. Horton, Inc.

  110,657   12,000,752
Garmin, Ltd.

  51,646   7,032,636
Lennar Corp. Class A

  92,371   10,729,815
Mohawk Industries, Inc. (a)

  18,595   3,387,637
Newell Brands, Inc.

  128,692   2,810,633
NVR, Inc. (a)

  1,151   6,801,109
PulteGroup, Inc.

  86,005   4,916,046
Whirlpool Corp. (d)

  20,684   4,853,708
          52,532,336
HOUSEHOLD PRODUCTS — 1.4%  
Church & Dwight Co., Inc.

  83,340   8,542,350
Clorox Co.

  41,664   7,264,535
Colgate-Palmolive Co.

  286,239   24,427,636
Security Description     Shares   Value
Kimberly-Clark Corp.

  114,279   $ 16,332,755
Procter & Gamble Co.

  822,586   134,558,618
          191,125,894
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.0% (c)  
AES Corp.

  226,135   5,495,081
INDUSTRIAL CONGLOMERATES — 1.0%  
3M Co.

  195,864   34,791,322
General Electric Co.

  373,213   35,257,432
Honeywell International, Inc.

  233,907   48,771,949
Roper Technologies, Inc.

  35,925   17,670,070
          136,490,773
INSURANCE — 1.8%  
Aflac, Inc.

  206,907   12,081,300
Allstate Corp.

  97,458   11,465,934
American International Group, Inc.

  282,316   16,052,488
Aon PLC Class A

  74,922   22,518,556
Arthur J Gallagher & Co.

  70,524   11,965,807
Assurant, Inc.

  19,387   3,021,658
Brown & Brown, Inc.

  79,244   5,569,268
Chubb, Ltd.

  146,365   28,293,818
Cincinnati Financial Corp.

  50,995   5,809,860
Everest Re Group, Ltd.

  13,350   3,656,832
Globe Life, Inc.

  31,688   2,969,799
Hartford Financial Services Group, Inc.

  115,615   7,982,060
Lincoln National Corp.

  57,738   3,941,196
Loews Corp.

  68,124   3,934,842
Marsh & McLennan Cos., Inc.

  171,576   29,823,340
MetLife, Inc.

  243,075   15,189,757
Principal Financial Group, Inc.

  83,822   6,062,845
Progressive Corp.

  198,581   20,384,340
Prudential Financial, Inc.

  128,506   13,909,489
Travelers Cos., Inc.

  83,611   13,079,269
Willis Towers Watson PLC

  42,323   10,051,289
WR Berkley Corp.

  47,407   3,905,863
          251,669,610
INTERACTIVE MEDIA & SERVICES — 6.3%  
Alphabet, Inc. Class A (a)

  102,248   296,216,546
Alphabet, Inc. Class C (a)

  95,060   275,064,665
Match Group, Inc. (a)

  96,137   12,714,118
Meta Platforms, Inc. Class A (a)

  804,218   270,498,724
Twitter, Inc. (a)

  271,834   11,748,666
          866,242,719
INTERNET & DIRECT MARKETING RETAIL — 3.8%  
Amazon.com, Inc. (a)

  148,307   494,505,962
eBay, Inc.

  212,779   14,149,803
Etsy, Inc. (a)

  43,058   9,427,119
          518,082,884
IT SERVICES — 4.5%  
Accenture PLC Class A

  214,653   88,984,401
Akamai Technologies, Inc. (a)

  55,281   6,470,088
 
See accompanying notes to financial statements.
11


Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Automatic Data Processing, Inc.

  143,232   $ 35,318,147
Broadridge Financial Solutions, Inc.

  39,682   7,254,663
Cognizant Technology Solutions Corp. Class A

  178,259   15,815,138
DXC Technology Co. (a)

  85,777   2,761,162
EPAM Systems, Inc. (a)

  19,268   12,879,695
Fidelity National Information Services, Inc.

  206,996   22,593,613
Fiserv, Inc. (a)

  202,006   20,966,203
FleetCor Technologies, Inc. (a)

  27,538   6,164,106
Gartner, Inc. (a)

  27,862   9,314,824
Global Payments, Inc.

  98,584   13,326,585
International Business Machines Corp.

  304,698   40,725,935
Jack Henry & Associates, Inc.

  25,070   4,186,439
Mastercard, Inc. Class A

  294,887   105,958,797
Paychex, Inc.

  109,192   14,904,708
PayPal Holdings, Inc. (a)

  399,389   75,316,778
VeriSign, Inc. (a)

  32,773   8,318,443
Visa, Inc. Class A

  569,978   123,519,932
          614,779,657
LEISURE EQUIPMENT & PRODUCTS — 0.0% (c)  
Hasbro, Inc.

  44,086   4,487,073
LIFE SCIENCES TOOLS & SERVICES — 2.0%  
Agilent Technologies, Inc.

  102,938   16,434,052
Bio-Rad Laboratories, Inc. Class A (a)

  7,417   5,604,063
Bio-Techne Corp.

  13,304   6,882,691
Charles River Laboratories International, Inc. (a)

  17,126   6,452,734
Danaher Corp.

  216,172   71,122,750
Illumina, Inc. (a)

  53,071   20,190,331
IQVIA Holdings, Inc. (a)

  64,960   18,327,814
Mettler-Toledo International, Inc. (a)

  7,770   13,187,322
PerkinElmer, Inc.

  42,876   8,620,648
Thermo Fisher Scientific, Inc.

  134,024   89,426,174
Waters Corp. (a)

  20,763   7,736,294
West Pharmaceutical Services, Inc.

  25,185   11,812,017
          275,796,890
MACHINERY — 1.5%  
Caterpillar, Inc.

  183,916   38,022,794
Cummins, Inc.

  48,787   10,642,396
Deere & Co.

  95,806   32,850,919
Dover Corp.

  48,948   8,888,957
Fortive Corp.

  121,656   9,281,136
IDEX Corp.

  25,841   6,106,745
Illinois Tool Works, Inc.

  97,096   23,963,293
Ingersoll Rand, Inc.

  138,557   8,572,522
Otis Worldwide Corp.

  144,839   12,611,132
PACCAR, Inc.

  118,210   10,433,215
Parker-Hannifin Corp.

  43,835   13,944,790
Pentair PLC

  56,224   4,106,039
Security Description