Semi-Annual Report
December 31, 2022
SPDR® Series Trust - Equity Funds
SPDR Dow Jones REIT ETF
SPDR Portfolio S&P 400 Mid Cap ETF
SPDR Portfolio S&P 500 ETF
SPDR Portfolio S&P 500 Growth ETF
SPDR Portfolio S&P 500 High Dividend ETF
SPDR Portfolio S&P 500 Value ETF
SPDR Portfolio S&P 600 Small Cap ETF
SPDR Portfolio S&P 1500 Composite Stock Market ETF
SPDR S&P Aerospace & Defense ETF
SPDR S&P Bank ETF
SPDR S&P Biotech ETF
SPDR S&P Dividend ETF
SPDR S&P Homebuilders ETF
SPDR S&P Oil & Gas Exploration & Production ETF
SPDR S&P Regional Banking ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Schedules of Investments (Unaudited)  
16
19
26
34
38
41
48
58
77
79
81
85
89
91
93
96
110
125
136
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
[This Page Intentionally Left Blank]

Table of Contents
SPDR Dow Jones REIT ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Prologis, Inc. REIT 11.8%  
  Equinix, Inc. REIT 6.8  
  Public Storage REIT 5.0  
  Realty Income Corp. REIT 4.5  
  Simon Property Group, Inc. REIT 4.3  
  Welltower, Inc. REIT 3.5  
  Digital Realty Trust, Inc. REIT 3.3  
  AvalonBay Communities, Inc. REIT 2.5  
  Alexandria Real Estate Equities, Inc. REIT 2.5  
  Equity Residential REIT 2.3  
  TOTAL 46.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Specialized REITs 20.2%  
  Residential REITs 19.1  
  Retail REITs 17.6  
  Industrial REITs 17.0  
  Health Care REITs 10.3  
  Office REITs 7.3  
  Diversified REITs 4.0  
  Hotel & Resort REITs 3.8  
  Short-Term Investments 1.4  
  Liabilities in Excess of Other Assets (0.7)  
  TOTAL 100.0%  
(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
1

Table of Contents
SPDR Portfolio S&P 400 Mid Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Fair Isaac Corp. 0.7%  
  First Horizon Corp. 0.6  
  United Therapeutics Corp. 0.6  
  Hubbell, Inc. 0.6  
  RPM International, Inc. 0.6  
  Carlisle Cos., Inc. 0.6  
  Reliance Steel & Aluminum Co. 0.6  
  AECOM 0.6  
  Toro Co. 0.6  
  Neurocrine Biosciences, Inc. 0.6  
  TOTAL 6.1%  
(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, 2022

      
    % of Net Assets  
  Industrials 19.8%  
  Financials 15.1  
  Consumer Discretionary 14.0  
  Information Technology 12.0  
  Health Care 10.2  
  Real Estate 8.1  
  Materials 6.5  
  Utilities 4.1  
  Consumer Staples 4.0  
  Energy 3.9  
  Communication Services 2.1  
  Short-Term Investments 4.3  
  Liabilities in Excess of Other Assets (4.1)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2

Table of Contents
SPDR Portfolio S&P 500 ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Apple, Inc. 6.1%  
  Microsoft Corp. 5.6  
  Amazon.com, Inc. 2.3  
  Berkshire Hathaway, Inc. Class B 1.7  
  Alphabet, Inc. Class A 1.6  
  UnitedHealth Group, Inc. 1.6  
  Alphabet, Inc. Class C 1.5  
  Johnson & Johnson 1.4  
  Exxon Mobil Corp. 1.4  
  JPMorgan Chase & Co. 1.2  
  TOTAL 24.4%  
(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, 2022

      
    % of Net Assets  
  Information Technology 25.7%  
  Health Care 15.8  
  Financials 11.6  
  Consumer Discretionary 9.8  
  Industrials 8.6  
  Communication Services 7.3  
  Consumer Staples 7.2  
  Energy 5.2  
  Utilities 3.2  
  Materials 2.7  
  Real Estate 2.7  
  Short-Term Investments 0.4  
  Liabilities in Excess of Other Assets (0.2)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
3

Table of Contents
SPDR Portfolio S&P 500 Growth ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Apple, Inc. 11.6%  
  Microsoft Corp. 6.2  
  Alphabet, Inc. Class A 3.1  
  UnitedHealth Group, Inc. 3.0  
  Alphabet, Inc. Class C 2.8  
  Exxon Mobil Corp. 2.7  
  NVIDIA Corp. 2.2  
  Amazon.com, Inc. 2.0  
  Visa, Inc. Class A 2.0  
  Tesla, Inc. 2.0  
  TOTAL 37.6%  
(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, 2022

      
    % of Net Assets  
  Information Technology 34.1%  
  Health Care 21.6  
  Consumer Discretionary 9.3  
  Energy 8.5  
  Consumer Staples 7.2  
  Communication Services 6.6  
  Industrials 5.2  
  Financials 3.6  
  Materials 2.3  
  Real Estate 0.9  
  Utilities 0.6  
  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.
4

Table of Contents
SPDR Portfolio S&P 500 High Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Gilead Sciences, Inc. 1.8%  
  Cardinal Health, Inc. 1.7  
  Principal Financial Group, Inc. 1.7  
  Exxon Mobil Corp. 1.6  
  Chevron Corp. 1.6  
  Phillips 66 1.5  
  Valero Energy Corp. 1.5  
  Omnicom Group, Inc. 1.5  
  Viatris, Inc. 1.5  
  Hewlett Packard Enterprise Co. 1.5  
  TOTAL 15.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2022

      
    % of Net Assets  
  Financials 21.3%  
  Utilities 15.2  
  Real Estate 14.0  
  Energy 10.3  
  Consumer Staples 8.0  
  Health Care 7.5  
  Communication Services 6.2  
  Materials 5.8  
  Consumer Discretionary 5.4  
  Information Technology 4.6  
  Industrials 1.1  
  Short-Term Investments 2.6  
  Liabilities in Excess of Other Assets (2.0)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
5

Table of Contents
SPDR Portfolio S&P 500 Value ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Microsoft Corp. 4.9%  
  Berkshire Hathaway, Inc. Class B 3.6  
  Amazon.com, Inc. 2.6  
  JPMorgan Chase & Co. 2.5  
  Meta Platforms, Inc. Class A 1.7  
  Bank of America Corp. 1.5  
  Walmart, Inc. 1.3  
  Cisco Systems, Inc. 1.3  
  Johnson & Johnson 1.1  
  NextEra Energy, Inc. 1.1  
  TOTAL 21.6%  
(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, 2022

      
    % of Net Assets  
  Financials 20.3%  
  Information Technology 16.6  
  Industrials 12.4  
  Consumer Discretionary 10.3  
  Health Care 9.4  
  Communication Services 8.0  
  Consumer Staples 7.2  
  Utilities 6.0  
  Real Estate 4.7  
  Materials 3.2  
  Energy 1.7  
  Short-Term Investments 0.5  
  Liabilities in Excess of Other Assets (0.3)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
6

Table of Contents
SPDR Portfolio S&P 600 Small Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Agree Realty Corp. REIT 0.7%  
  Ensign Group, Inc. 0.6  
  Helmerich & Payne, Inc. 0.6  
  Exponent, Inc. 0.6  
  UFP Industries, Inc. 0.6  
  Applied Industrial Technologies, Inc. 0.6  
  Fabrinet 0.5  
  SPS Commerce, Inc. 0.5  
  AMN Healthcare Services, Inc. 0.5  
  South Jersey Industries, Inc. 0.5  
  TOTAL 5.7%  
(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, 2022

      
    % of Net Assets  
  Financials 18.2%  
  Industrials 17.1  
  Information Technology 12.9  
  Consumer Discretionary 12.6  
  Health Care 11.2  
  Real Estate 7.8  
  Materials 5.6  
  Consumer Staples 5.2  
  Energy 4.6  
  Utilities 2.6  
  Communication Services 1.9  
  Short-Term Investments 5.1  
  Liabilities in Excess of Other Assets (4.8)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
7

Table of Contents
SPDR Portfolio S&P 1500 Composite Stock Market ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Apple, Inc. 5.5%  
  Microsoft Corp. 5.1  
  Amazon.com, Inc. 2.1  
  Berkshire Hathaway, Inc. Class B 1.6  
  Alphabet, Inc. Class A 1.5  
  UnitedHealth Group, Inc. 1.4  
  Alphabet, Inc. Class C 1.4  
  Johnson & Johnson 1.3  
  Exxon Mobil Corp. 1.3  
  JPMorgan Chase & Co. 1.1  
  TOTAL 22.3%  
(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, 2022

      
    % of Net Assets  
  Information Technology 24.6%  
  Health Care 15.3  
  Financials 12.1  
  Consumer Discretionary 10.1  
  Industrials 9.5  
  Consumer Staples 6.9  
  Communication Services 6.8  
  Energy 5.1  
  Utilities 3.1  
  Real Estate 3.1  
  Materials 3.0  
  Short-Term Investments 0.7  
  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.
8

Table of Contents
SPDR S&P Aerospace & Defense ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Maxar Technologies, Inc. 4.5%  
  Spirit AeroSystems Holdings, Inc. Class A 4.2  
  Boeing Co. 4.2  
  Woodward, Inc. 4.1  
  Aerojet Rocketdyne Holdings, Inc. 4.1  
  Howmet Aerospace, Inc. 4.1  
  TransDigm Group, Inc. 4.0  
  Northrop Grumman Corp. 4.0  
  Raytheon Technologies Corp. 4.0  
  Hexcel Corp. 3.9  
  TOTAL 41.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Aerospace & Defense 99.9%  
  Short-Term Investments 3.0  
  Liabilities in Excess of Other Assets (2.9)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
9

Table of Contents
SPDR S&P Bank ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  SVB Financial Group 1.5%  
  First Republic Bank 1.5  
  Zions Bancorp NA 1.5  
  PNC Financial Services Group, Inc. 1.4  
  Bank of America Corp. 1.4  
  Truist Financial Corp. 1.4  
  Prosperity Bancshares, Inc. 1.4  
  Bank of New York Mellon Corp. 1.4  
  JPMorgan Chase & Co. 1.4  
  Apollo Global Management, Inc. 1.4  
  TOTAL 14.3%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Banks 82.0%  
  Thrifts & Mortgage Finance 9.4  
  Diversified Financial Services 5.5  
  Capital Markets 2.8  
  Short-Term Investments 1.4  
  Liabilities in Excess of Other Assets (1.1)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
10

Table of Contents
SPDR S&P Biotech ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Madrigal Pharmaceuticals, Inc. 3.7%  
  Arrowhead Pharmaceuticals, Inc. 1.3  
  Cytokinetics, Inc. 1.2  
  Akero Therapeutics, Inc. 1.2  
  Altimmune, Inc. 1.2  
  Horizon Therapeutics PLC 1.1  
  Ultragenyx Pharmaceutical, Inc. 1.1  
  Catalyst Pharmaceuticals, Inc. 1.1  
  Vaxcyte, Inc. 1.1  
  Exact Sciences Corp. 1.1  
  TOTAL 14.1%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Biotechnology 99.7%  
  Pharmaceuticals 0.3  
  Health Care Providers & Services 0.0*  
  Short-Term Investments 7.6  
  Liabilities in Excess of Other Assets (7.6)  
  TOTAL 100.0%  
    
* Amount shown represents less than 0.05% of net assets.  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
11

Table of Contents
SPDR S&P Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  VF Corp. 2.1%  
  Walgreens Boots Alliance, Inc. 2.0  
  National Retail Properties, Inc. REIT 2.0  
  Franklin Resources, Inc. 1.9  
  International Business Machines Corp. 1.8  
  Realty Income Corp. REIT 1.7  
  3M Co. 1.7  
  Federal Realty Investment Trust REIT 1.6  
  UGI Corp. 1.6  
  Leggett & Platt, Inc. 1.6  
  TOTAL 18.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2022

      
    % of Net Assets  
  Industrials 18.0%  
  Consumer Staples 15.7  
  Financials 15.4  
  Utilities 14.1  
  Materials 9.2  
  Consumer Discretionary 8.2  
  Real Estate 6.3  
  Health Care 6.0  
  Information Technology 3.0  
  Energy 2.6  
  Communication Services 1.0  
  Short-Term Investments 1.7  
  Liabilities in Excess of Other Assets (1.2)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
12

Table of Contents
SPDR S&P Homebuilders ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  D.R. Horton, Inc. 4.2%  
  PulteGroup, Inc. 4.1  
  Lennar Corp. Class A 4.1  
  Williams-Sonoma, Inc. 4.0  
  Builders FirstSource, Inc. 4.0  
  Lowe's Cos., Inc. 3.9  
  Home Depot, Inc. 3.9  
  Whirlpool Corp. 3.9  
  Johnson Controls International PLC 3.9  
  NVR, Inc. 3.9  
  TOTAL 39.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Building Products 46.9%  
  Homebuilding 30.3  
  Home Improvement Retail 11.6  
  Homefurnishing Retail 4.0  
  Household Appliances 3.9  
  Home Furnishings 3.2  
  Short-Term Investments 3.7  
  Liabilities in Excess of Other Assets (3.6)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
13

Table of Contents
SPDR S&P Oil & Gas Exploration & Production ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  PBF Energy, Inc. Class A 2.6%  
  APA Corp. 2.3  
  Valero Energy Corp. 2.3  
  Hess Corp. 2.3  
  Permian Resources Corp. 2.2  
  Marathon Petroleum Corp. 2.2  
  Ovintiv, Inc. 2.2  
  Callon Petroleum Co. 2.2  
  ConocoPhillips 2.2  
  Chevron Corp. 2.2  
  TOTAL 22.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Oil, Gas & Consumable Fuels 99.8%  
  Short-Term Investments 6.7  
  Liabilities in Excess of Other Assets (6.5)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
14

Table of Contents
SPDR S&P Regional Banking ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2022

      
  Description % of Net Assets  
  SVB Financial Group 1.9%  
  First Republic Bank 1.9  
  Zions Bancorp NA 1.9  
  PNC Financial Services Group, Inc. 1.9  
  Truist Financial Corp. 1.9  
  Comerica, Inc. 1.9  
  Popular, Inc. 1.9  
  East West Bancorp, Inc. 1.9  
  Webster Financial Corp. 1.9  
  First Horizon Corp. 1.8  
  TOTAL 18.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Banks 99.2%  
  Thrifts & Mortgage Finance 0.5  
  Short-Term Investments 0.4  
  Liabilities in Excess of Other Assets (0.1)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
15

Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.3%   
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 99.3%  
Acadia Realty Trust REIT
   160,514   $ 2,303,376
Agree Realty Corp. REIT
   150,300   10,660,779
Alexandria Real Estate Equities, Inc. REIT
   253,053   36,862,230
American Assets Trust, Inc. REIT
   87,998   2,331,947
American Homes 4 Rent Class A REIT
   520,420   15,685,459
Americold Realty Trust, Inc. REIT
   456,841   12,933,169
Apartment Income REIT Corp.
   253,437   8,695,423
Apartment Investment & Management Co. Class A REIT
   256,354   1,825,240
Apple Hospitality REIT, Inc.
   359,618   5,674,772
Ashford Hospitality Trust, Inc. REIT (a)  (b)
   58,970   263,596
AvalonBay Communities, Inc. REIT
   237,080   38,293,162
Boston Properties, Inc. REIT
   241,823   16,342,398
Brandywine Realty Trust REIT
   290,013   1,783,580
Brixmor Property Group, Inc. REIT
   507,072   11,495,322
Broadstone Net Lease, Inc. REIT
   292,620   4,743,370
Camden Property Trust REIT
   180,595   20,204,969
CareTrust REIT, Inc.
   164,009   3,047,287
Centerspace REIT
   25,471   1,494,384
Chatham Lodging Trust REIT
   82,532   1,012,668
City Office REIT, Inc.
   67,171   562,893
Community Healthcare Trust, Inc. REIT
   39,638   1,419,040
Corporate Office Properties Trust REIT
   190,025   4,929,248
Cousins Properties, Inc. REIT
   256,013   6,474,569
CubeSmart REIT
   380,753   15,325,308
DiamondRock Hospitality Co. REIT
   353,940   2,898,769
Digital Realty Trust, Inc. REIT
   487,211   48,852,647
Diversified Healthcare Trust REIT
   408,778   264,398
Douglas Emmett, Inc. REIT
   297,218   4,660,378
Easterly Government Properties, Inc. REIT (b)
   153,446   2,189,674
EastGroup Properties, Inc. REIT
   73,928   10,945,780
Elme Communities REIT
   148,015   2,634,667
Empire State Realty Trust, Inc. Class A REIT (b)
   222,397   1,498,956
EPR Properties REIT
   126,790   4,782,519
Equinix, Inc. REIT
   156,758   102,681,193
Equity Commonwealth REIT
   185,023   4,620,024
Equity LifeStyle Properties, Inc. REIT
   296,599   19,160,295
Equity Residential REIT
   576,377   34,006,243
Security Description     Shares   Value
Essential Properties Realty Trust, Inc. REIT
   240,679   $ 5,648,736
Essex Property Trust, Inc. REIT
   109,754   23,259,068
Extra Space Storage, Inc. REIT
   226,974   33,406,033
Federal Realty Investment Trust REIT
   123,973   12,526,232
First Industrial Realty Trust, Inc. REIT
   223,388   10,780,705
Four Corners Property Trust, Inc. REIT
   141,812   3,677,185
Franklin Street Properties Corp. REIT (b)
   156,973   428,536
Getty Realty Corp. REIT (b)
   71,866   2,432,664
Global Medical REIT, Inc. (b)
   104,160   987,437
Global Net Lease, Inc. REIT (b)
   175,429   2,205,143
Healthcare Realty Trust, Inc. REIT
   645,480   12,438,400
Healthpeak Properties, Inc. REIT
   911,190   22,843,533
Hersha Hospitality Trust Class A REIT
   55,922   476,455
Highwoods Properties, Inc. REIT
   177,893   4,977,446
Host Hotels & Resorts, Inc. REIT
   1,212,155   19,455,088
Hudson Pacific Properties, Inc. REIT
   216,797   2,109,435
Independence Realty Trust, Inc. REIT
   378,449   6,380,650
Industrial Logistics Properties Trust REIT
   111,821   365,655
Innovative Industrial Properties, Inc. REIT
   47,258   4,789,598
Invitation Homes, Inc. REIT
   984,427   29,178,416
JBG SMITH Properties REIT
   167,318   3,175,696
Kilroy Realty Corp. REIT
   177,872   6,878,310
Kimco Realty Corp. REIT
   1,048,311   22,203,227
Kite Realty Group Trust REIT
   370,394   7,796,794
Life Storage, Inc. REIT
   144,149   14,198,676
LTC Properties, Inc. REIT
   68,524   2,434,658
LXP Industrial Trust REIT
   466,142   4,670,743
Macerich Co. REIT
   363,093   4,088,427
Medical Properties Trust, Inc. REIT (b)
   1,011,002   11,262,562
Mid-America Apartment Communities, Inc. REIT
   195,677   30,719,332
National Health Investors, Inc. REIT
   73,316   3,828,562
National Retail Properties, Inc. REIT
   303,045   13,867,339
National Storage Affiliates Trust REIT
   142,820   5,158,658
Necessity Retail REIT, Inc.
   226,364   1,342,339
NETSTREIT Corp.
   92,808   1,701,171
NexPoint Residential Trust, Inc. REIT
   38,489   1,675,041
Office Properties Income Trust REIT
   82,336   1,099,186
 
See accompanying notes to financial statements.
16

Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Omega Healthcare Investors, Inc. REIT (b)
   395,875   $ 11,064,706
Orion Office REIT, Inc.
   95,748   817,688
Paramount Group, Inc. REIT
   278,763   1,655,852
Park Hotels & Resorts, Inc. REIT
   380,129   4,481,721
Pebblebrook Hotel Trust REIT
   222,204   2,975,312
Piedmont Office Realty Trust, Inc. Class A REIT
   208,581   1,912,688
Plymouth Industrial REIT, Inc.
   65,937   1,264,672
Prologis, Inc. REIT
   1,563,823   176,289,767
Public Storage REIT
   267,858   75,051,133
Realty Income Corp. REIT
   1,062,656   67,404,270
Regency Centers Corp. REIT
   261,157   16,322,312
Retail Opportunity Investments Corp. REIT
   210,583   3,165,062
Rexford Industrial Realty, Inc. REIT
   311,090   16,997,958
RLJ Lodging Trust REIT
   274,006   2,901,724
RPT Realty REIT
   144,148   1,447,246
Ryman Hospitality Properties, Inc. REIT
   93,259   7,626,721
Service Properties Trust REIT (b)
   279,720   2,039,159
Simon Property Group, Inc. REIT
   553,963   65,079,573
SITE Centers Corp. REIT
   312,573   4,269,747
SL Green Realty Corp. REIT
   108,769   3,667,691
Spirit Realty Capital, Inc. REIT
   236,106   9,427,713
STAG Industrial, Inc. REIT
   302,937   9,787,894
STORE Capital Corp. REIT
   450,564   14,445,082
Summit Hotel Properties, Inc. REIT
   180,767   1,305,138
Sun Communities, Inc. REIT
   210,013   30,031,859
Sunstone Hotel Investors, Inc. REIT
   355,662   3,435,695
Tanger Factory Outlet Centers, Inc. REIT
   176,443   3,165,387
Terreno Realty Corp. REIT
   113,145   6,434,556
UDR, Inc. REIT
   518,737   20,090,684
UMH Properties, Inc. REIT
   87,572   1,409,909
Universal Health Realty Income Trust REIT
   21,517   1,027,006
Security Description     Shares   Value
Urban Edge Properties REIT
   198,510   $ 2,797,006
Ventas, Inc. REIT
   677,416   30,517,591
Veris Residential, Inc. REIT (a)
   133,929   2,133,489
Vornado Realty Trust REIT
   272,293   5,666,417
Welltower, Inc. REIT
   800,670   52,483,918
WP Carey, Inc. REIT
   352,573   27,553,580
Xenia Hotels & Resorts, Inc. REIT
   192,482   2,536,913
TOTAL COMMON STOCKS

(Cost $1,945,897,775)
         1,488,711,707
SHORT-TERM INVESTMENTS — 1.4%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
   3,282,570   3,283,226
State Street Navigator Securities Lending Portfolio II (e)  (f)
   17,745,779   17,745,779
TOTAL SHORT-TERM INVESTMENTS

(Cost $21,028,519)
   21,029,005  
TOTAL INVESTMENTS — 100.7%

(Cost $1,966,926,294)
   1,509,740,712  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.7)%
  (10,419,134)  
NET ASSETS — 100.0%
   $ 1,499,321,578  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(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, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
At December 31, 2022, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
DJ US Real Estate Index (long)   305   03/17/2023   $10,256,598   $10,058,928   $(197,670)
 
During the period ended December 31, 2022, average notional value related to futures contracts was $18,758,606.
See accompanying notes to financial statements.
17

Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $ 1,488,711,707   $—   $—   $ 1,488,711,707
Short-Term Investments
   21,029,005   —   —   21,029,005
TOTAL INVESTMENTS
   $1,509,740,712   $—   $—   $1,509,740,712
LIABILITIES:                
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   (197,670)   —   —   (197,670)
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ (197,670)   $—   $—   $ (197,670)
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class
 6,087,611   $ 6,087,002   $ 76,148,153   $ 78,960,259   $7,844   $486   3,282,570   $ 3,283,226   $243,583
State Street Navigator Securities Lending Portfolio II
 7,123,081   7,123,081   182,269,684   171,646,986   —   —   17,745,779   17,745,779   20,860
Total
     $13,210,083   $258,417,837   $250,607,245   $7,844   $486       $21,029,005   $264,443
See accompanying notes to financial statements.
18

Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.5%  
Axon Enterprise, Inc. (a)
   179,642   $ 29,807,997
Curtiss-Wright Corp.
   101,806   17,000,584
Hexcel Corp.
   223,824   13,172,043
Mercury Systems, Inc. (a)
   152,988   6,844,683
Woodward, Inc.
   159,956   15,453,349
          82,278,656
AIR FREIGHT & LOGISTICS — 0.2%  
GXO Logistics, Inc. (a)
   315,456   13,466,817
AIRLINES — 0.1%  
JetBlue Airways Corp. (a)
   850,247   5,509,601
AUTO COMPONENTS — 1.4%  
Adient PLC (a)
   252,234   8,749,998
Dana, Inc.
   334,842   5,066,159
Fox Factory Holding Corp. (a)
   112,448   10,258,631
Gentex Corp.
   623,629   17,006,363
Goodyear Tire & Rubber Co. (a)
   744,993   7,561,679
Lear Corp.
   157,154   19,490,239
Visteon Corp. (a)
   74,854   9,793,149
          77,926,218
AUTOMOBILES — 0.5%  
Harley-Davidson, Inc.
   353,656   14,712,090
Thor Industries, Inc. (b)
   142,805   10,780,349
          25,492,439
BANKS — 7.2%  
Associated Banc-Corp.
   399,939   9,234,592
Bank of Hawaii Corp. (b)
   105,754   8,202,280
Bank OZK
   293,072   11,740,464
Cadence Bank
   485,118   11,963,010
Cathay General Bancorp (b)
   197,943   8,074,095
Commerce Bancshares, Inc.
   303,176   20,637,166
Cullen/Frost Bankers, Inc.
   170,929   22,853,207
East West Bancorp, Inc.
   374,651   24,689,501
First Financial Bankshares, Inc.
   345,119   11,872,094
First Horizon Corp.
   1,426,055   34,938,347
FNB Corp.
   932,744   12,172,309
Fulton Financial Corp.
   441,918   7,437,480
Glacier Bancorp, Inc.
   294,501   14,554,239
Hancock Whitney Corp.
   227,889   11,027,549
Home BancShares, Inc.
   501,059   11,419,135
International Bancshares Corp.
   139,670   6,391,299
Old National Bancorp
   778,755   14,002,015
PacWest Bancorp
   310,978   7,136,945
Pinnacle Financial Partners, Inc.
   203,232   14,917,229
Prosperity Bancshares, Inc.
   242,791   17,646,050
Synovus Financial Corp.
   386,766   14,523,063
Texas Capital Bancshares, Inc. (a)
   131,423   7,926,121
UMB Financial Corp.
   115,645   9,658,670
Umpqua Holdings Corp.
   577,274   10,304,341
United Bankshares, Inc.
   358,041   14,497,080
Valley National Bancorp
   1,117,447   12,638,326
Security Description     Shares   Value
Washington Federal, Inc.
   173,843   $ 5,832,433
Webster Financial Corp.
   462,089   21,875,293
Wintrust Financial Corp.
   161,532   13,652,685
          391,817,018
BEVERAGES — 0.5%  
Boston Beer Co., Inc. Class A (a)  (b)
   25,028   8,247,226
Celsius Holdings, Inc. (a)  (b)
   107,475   11,181,699
Coca-Cola Consolidated, Inc.
   12,160   6,230,298
          25,659,223
BIOTECHNOLOGY — 2.0%  
Arrowhead Pharmaceuticals, Inc. (a)
   281,520   11,418,451
Exelixis, Inc. (a)
   857,597   13,755,856
Halozyme Therapeutics, Inc. (a)
   359,453   20,452,876
Neurocrine Biosciences, Inc. (a)
   255,535   30,521,100
United Therapeutics Corp. (a)
   121,095   33,675,309
          109,823,592
BUILDING PRODUCTS — 2.6%  
Builders FirstSource, Inc. (a)
   391,134   25,376,774
Carlisle Cos., Inc.
   137,435   32,386,558
Fortune Brands Innovations, Inc.
   340,852   19,466,058
Lennox International, Inc. (b)
   85,732   20,509,666
Owens Corning
   248,409   21,189,288
Simpson Manufacturing Co., Inc.
   113,678   10,078,691
Trex Co., Inc. (a)
   291,834   12,353,333
          141,360,368
CAPITAL MARKETS — 2.0%  
Affiliated Managers Group, Inc.
   100,447   15,913,818
Evercore, Inc. Class A
   94,903   10,352,019
Federated Hermes, Inc.
   223,560   8,117,464
Interactive Brokers Group, Inc. Class A
   273,413   19,781,431
Janus Henderson Group PLC
   352,533   8,291,576
Jefferies Financial Group, Inc.
   486,959   16,692,955
SEI Investments Co.
   272,418   15,881,969
Stifel Financial Corp.
   282,504   16,489,758
          111,520,990
CHEMICALS — 2.7%  
Ashland, Inc.
   132,402   14,237,187
Avient Corp.
   227,411   7,677,395
Cabot Corp.
   149,595   9,998,930
Chemours Co.
   401,289   12,287,469
Ingevity Corp. (a)
   93,862   6,611,639
NewMarket Corp.
   18,210   5,665,313
Olin Corp.
   338,584   17,924,637
RPM International, Inc.
   343,057   33,430,905
Scotts Miracle-Gro Co. (b)
   106,118   5,156,274
Sensient Technologies Corp.
   110,760   8,076,619
Valvoline, Inc.
   470,643   15,366,494
 
See accompanying notes to financial statements.
19

Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Westlake Corp.
   91,578   $ 9,390,408
          145,823,270
COMMERCIAL SERVICES & SUPPLIES — 1.5%  
Brink's Co.
   123,226   6,618,468
Clean Harbors, Inc. (a)
   133,706   15,258,529
IAA, Inc. (a)
   355,604   14,224,160
MSA Safety, Inc.
   97,930   14,120,527
Stericycle, Inc. (a)
   245,119   12,228,987
Tetra Tech, Inc.
   140,787   20,440,864
          82,891,535
COMMUNICATIONS EQUIPMENT — 0.8%  
Calix, Inc. (a)
   151,370   10,358,249
Ciena Corp. (a)
   393,398   20,055,430
Lumentum Holdings, Inc. (a)  (b)
   181,859   9,487,584
Viasat, Inc. (a)  (b)
   199,484   6,313,669
          46,214,932
CONSTRUCTION & ENGINEERING — 2.2%  
AECOM
   371,118   31,519,052
Dycom Industries, Inc. (a)
   78,066   7,306,978
EMCOR Group, Inc.
   126,636   18,756,058
Fluor Corp. (a)
   377,794   13,094,340
MasTec, Inc. (a)
   156,764   13,376,672
MDU Resources Group, Inc.