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

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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.
   540,591   16,401,531
Valmont Industries, Inc.
   56,742   18,762,877
          119,217,508
CONSTRUCTION MATERIALS — 0.2%  
Eagle Materials, Inc.
   97,929   13,009,868
CONSUMER FINANCE — 0.4%  
FirstCash Holdings, Inc.
   100,050   8,695,345
Navient Corp.
   279,120   4,591,524
SLM Corp.
   662,388   10,995,641
          24,282,510
CONTAINERS & PACKAGING — 0.9%  
AptarGroup, Inc.
   173,518   19,083,510
Greif, Inc. Class A
   67,524   4,528,159
Silgan Holdings, Inc.
   222,510   11,534,918
Sonoco Products Co.
   259,188   15,735,304
          50,881,891
DIVERSIFIED CONSUMER SERVICES — 1.1%  
Graham Holdings Co. Class B
   10,169   6,144,211
Grand Canyon Education, Inc. (a)
   80,909   8,548,845
H&R Block, Inc.
   413,268   15,088,415
Service Corp. International
   408,809   28,265,054
          58,046,525
DIVERSIFIED FINANCIAL SERVICES — 0.3%  
Voya Financial, Inc. (b)
   257,268   15,819,409
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%  
Frontier Communications Parent, Inc. (a)
   592,735   15,102,888
Security Description     Shares   Value
Iridium Communications, Inc. (a)
   333,682   $ 17,151,255
          32,254,143
ELECTRIC UTILITIES — 1.5%  
ALLETE, Inc.
   152,032   9,807,584
Hawaiian Electric Industries, Inc.
   291,086   12,181,949
IDACORP, Inc.
   134,459   14,501,403
OGE Energy Corp.
   532,188   21,048,036
PNM Resources, Inc.
   228,208   11,134,268
Portland General Electric Co. (b)
   237,414   11,633,286
          80,306,526
ELECTRICAL EQUIPMENT — 2.0%  
Acuity Brands, Inc.
   85,533   14,165,120
EnerSys
   108,575   8,017,178
Hubbell, Inc.
   142,742   33,498,693
nVent Electric PLC
   442,814   17,035,055
Regal Rexnord Corp.
   175,780   21,090,084
Sunrun, Inc. (a)
   566,534   13,608,147
Vicor Corp. (a)
   58,858   3,163,617
          110,577,894
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.1%  
Arrow Electronics, Inc. (a)
   163,549   17,102,319
Avnet, Inc.
   241,473   10,040,447
Belden, Inc.
   114,285   8,217,091
Cognex Corp.
   459,627   21,653,028
Coherent Corp. (a)  (b)
   368,822   12,945,652
IPG Photonics Corp. (a)
   84,855   8,033,223
Jabil, Inc.
   357,812   24,402,778
Littelfuse, Inc.
   65,834   14,496,647
National Instruments Corp.
   347,641   12,827,953
Novanta, Inc. (a)  (b)
   94,940   12,899,498
TD SYNNEX Corp.
   111,829   10,591,325
Vishay Intertechnology, Inc.
   345,043   7,442,578
Vontier Corp.
   417,036   8,061,306
          168,713,845
ENERGY EQUIPMENT & SERVICES — 0.7%  
ChampionX Corp.
   529,986   15,364,294
Nov, Inc.
   1,044,045   21,810,100
          37,174,394
ENTERTAINMENT — 0.1%  
World Wrestling Entertainment, Inc. Class A (b)
   115,144   7,889,667
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 7.7%  
Apartment Income REIT Corp.
   398,570   13,674,937
Brixmor Property Group, Inc. REIT
   797,297   18,074,723
Corporate Office Properties Trust REIT
   296,861   7,700,574
Cousins Properties, Inc. REIT
   402,743   10,185,370
CubeSmart REIT
   596,925   24,026,231
 
See accompanying notes to financial statements.
20

Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Douglas Emmett, Inc. REIT
   463,125   $ 7,261,800
EastGroup Properties, Inc. REIT
   115,795   17,144,608
EPR Properties REIT
   199,635   7,530,232
First Industrial Realty Trust, Inc. REIT
   351,298   16,953,642
Healthcare Realty Trust, Inc. REIT
   1,011,608   19,493,686
Highwoods Properties, Inc. REIT
   277,732   7,770,941
Independence Realty Trust, Inc. REIT
   595,273   10,036,303
JBG SMITH Properties REIT
   263,304   4,997,510
Kilroy Realty Corp. REIT
   279,758   10,818,242
Kite Realty Group Trust REIT
   582,560   12,262,888
Lamar Advertising Co. Class A REIT
   231,894   21,890,794
Life Storage, Inc. REIT
   225,935   22,254,598
Macerich Co. REIT
   566,711   6,381,166
Medical Properties Trust, Inc. REIT (b)
   1,589,671   17,708,935
National Retail Properties, Inc. REIT
   475,027   21,737,236
National Storage Affiliates Trust REIT
   224,800   8,119,776
Omega Healthcare Investors, Inc. REIT
   622,469   17,398,009
Park Hotels & Resorts, Inc. REIT
   593,676   6,999,440
Pebblebrook Hotel Trust REIT (b)
   345,003   4,619,590
Physicians Realty Trust REIT
   602,224   8,714,181
PotlatchDeltic Corp. REIT
   214,802   9,449,140
Rayonier, Inc. REIT
   389,350   12,832,976
Rexford Industrial Realty, Inc. REIT
   487,666   26,646,070
Sabra Health Care REIT, Inc.
   608,544   7,564,202
SL Green Realty Corp. REIT (b)
   169,234   5,706,570
Spirit Realty Capital, Inc. REIT
   371,353   14,828,125
STORE Capital Corp. REIT
   706,315   22,644,459
          423,426,954
FOOD & STAPLES RETAILING — 1.6%  
BJ's Wholesale Club Holdings, Inc. (a)
   359,041   23,754,152
Casey's General Stores, Inc.
   98,980   22,206,163
Grocery Outlet Holding Corp. (a)
   235,524   6,874,946
Performance Food Group Co. (a)
   413,697   24,155,768
Sprouts Farmers Market, Inc. (a)
   280,838   9,090,726
          86,081,755
FOOD PRODUCTS — 1.5%  
Darling Ingredients, Inc. (a)
   425,984   26,662,339
Flowers Foods, Inc.
   510,776   14,679,702
Ingredion, Inc.
   174,281   17,067,338
Lancaster Colony Corp.
   52,758   10,409,153
Security Description     Shares   Value
Pilgrim's Pride Corp. (a)
   119,704   $ 2,840,576
Post Holdings, Inc. (a)
   144,622   13,053,582
          84,712,690
GAS UTILITIES — 1.5%  
National Fuel Gas Co.
   243,164   15,392,281
New Jersey Resources Corp.
   255,890   12,697,262
ONE Gas, Inc.
   143,983   10,902,393
Southwest Gas Holdings, Inc.
   164,126   10,156,117
Spire, Inc.
   139,639   9,615,541
UGI Corp.
   556,596   20,633,014
          79,396,608
HEALTH CARE EQUIPMENT & SUPPLIES — 3.5%  
Enovis Corp. (a)
   125,748   6,730,033
Envista Holdings Corp. (a)
   433,516   14,596,484
Globus Medical, Inc. Class A (a)  (b)
   205,794   15,284,320
Haemonetics Corp. (a)
   134,779   10,600,368
ICU Medical, Inc. (a)  (b)
   53,567   8,435,731
Inari Medical, Inc. (a)  (b)
   128,393   8,160,659
Integra LifeSciences Holdings Corp. (a)
   193,254   10,835,752
Lantheus Holdings, Inc. (a)
   183,067   9,329,094
LivaNova PLC (a)
   142,387   7,908,174
Masimo Corp. (a)
   128,573   19,022,375
Neogen Corp. (a)
   574,838   8,754,783
Omnicell, Inc. (a)
   118,819   5,990,854
Penumbra, Inc. (a)  (b)
   100,928   22,452,443
QuidelOrtho Corp. (a)
   141,928   12,158,972
Shockwave Medical, Inc. (a)
   96,027   19,744,112
STAAR Surgical Co. (a)
   128,299   6,227,633
Tandem Diabetes Care, Inc. (a)
   169,258   7,608,147
          193,839,934
HEALTH CARE PROVIDERS & SERVICES — 2.4%  
Acadia Healthcare Co., Inc. (a)
   241,856   19,909,586
Amedisys, Inc. (a)
   85,661   7,156,120
Chemed Corp.
   39,541   20,182,913
Encompass Health Corp.
   265,288   15,866,875
HealthEquity, Inc. (a)
   224,720   13,851,741
LHC Group, Inc. (a)
   82,495   13,338,616
Option Care Health, Inc. (a)
   411,103   12,370,089
Patterson Cos., Inc.
   230,522   6,461,532
Progyny, Inc. (a)
   200,227   6,237,071
R1 RCM, Inc. (a)  (b)
   362,533   3,969,736
Tenet Healthcare Corp. (a)
   287,459   14,025,125
          133,369,404
HOTELS, RESTAURANTS & LEISURE — 2.8%  
Boyd Gaming Corp.
   210,920   11,501,468
Choice Hotels International, Inc. (b)
   73,125   8,236,800
Churchill Downs, Inc.
   87,218   18,440,502
Cracker Barrel Old Country Store, Inc. (b)
   58,741   5,565,122
Light & Wonder, Inc. Class A (a)
   247,833   14,523,014
 
See accompanying notes to financial statements.
21

Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Marriott Vacations Worldwide Corp.
   101,858   $ 13,709,068
Papa John's International, Inc.
   85,492   7,036,846
Penn Entertainment, Inc. (a)
   412,398   12,248,221
Texas Roadhouse, Inc.
   177,869   16,177,185
Travel + Leisure Co.
   214,454   7,806,126
Wendy's Co.
   453,182   10,255,509
Wingstop, Inc. (b)
   79,503   10,941,203
Wyndham Hotels & Resorts, Inc.
   234,794   16,743,160
          153,184,224
HOUSEHOLD DURABLES — 1.4%  
Helen of Troy, Ltd. (a)  (b)
   63,373   7,028,699
KB Home
   220,347   7,018,052
Leggett & Platt, Inc.
   352,506   11,361,268
Taylor Morrison Home Corp. (a)
   285,918   8,677,611
Tempur Sealy International, Inc.
   452,439   15,532,231
Toll Brothers, Inc.
   280,894   14,022,229
TopBuild Corp. (a)
   85,091   13,315,891
          76,955,981
HOUSEHOLD PRODUCTS — 0.1%  
Energizer Holdings, Inc. (b)
   174,831   5,865,580
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.2%  
Ormat Technologies, Inc. (b)
   129,636   11,210,921
INSURANCE — 4.0%  
American Financial Group, Inc.
   185,583   25,476,834
Brighthouse Financial, Inc. (a)
   182,366   9,349,905
CNO Financial Group, Inc.
   304,412   6,955,814
First American Financial Corp.
   274,512   14,367,958
Hanover Insurance Group, Inc.
   94,557   12,777,488
Kemper Corp.
   169,916   8,359,867
Kinsale Capital Group, Inc.
   57,319   14,990,065
Old Republic International Corp.
   752,258   18,167,031
Primerica, Inc.
   98,370   13,950,833
Reinsurance Group of America, Inc.
   177,681   25,246,693
RenaissanceRe Holdings, Ltd.
   116,176   21,403,105
RLI Corp.
   107,363   14,093,541
Selective Insurance Group, Inc.
   160,211   14,196,297
Unum Group
   497,072   20,394,864
          219,730,295
INTERACTIVE MEDIA & SERVICES — 0.3%  
TripAdvisor, Inc. (a)
   275,198   4,948,060
Ziff Davis, Inc. (a)  (b)
   125,480   9,925,468
          14,873,528
IT SERVICES — 2.1%  
Concentrix Corp.
   112,097   14,926,837
Euronet Worldwide, Inc. (a)  (b)
   125,276   11,823,549
ExlService Holdings, Inc. (a)
   87,880   14,889,508
Genpact, Ltd.
   448,148   20,758,215
Kyndryl Holdings, Inc. (a)
   543,242   6,040,851
MAXIMUS, Inc.
   160,986   11,805,103
Security Description     Shares   Value
Western Union Co. (b)
   1,026,736   $ 14,138,155
WEX, Inc. (a)
   115,871   18,962,289
          113,344,507
LEISURE EQUIPMENT & PRODUCTS — 1.1%  
Brunswick Corp.
   192,758   13,893,997
Mattel, Inc. (a)
   942,223   16,809,258
Polaris, Inc. (b)
   144,789   14,623,689
Topgolf Callaway Brands Corp. (a)  (b)
   368,830   7,284,392
YETI Holdings, Inc. (a)
   229,371   9,475,316
          62,086,652
LIFE SCIENCES TOOLS & SERVICES — 1.5%  
Azenta, Inc. (a)  (b)
   199,507   11,615,298
Bruker Corp.
   264,710   18,092,928
Medpace Holdings, Inc. (a)
   66,940   14,218,725
Repligen Corp. (a)  (b)
   137,245   23,236,951
Sotera Health Co. (a)
   261,146   2,175,346
Syneos Health, Inc. (a)
   273,692   10,039,023
          79,378,271
MACHINERY — 4.7%  
AGCO Corp.
   164,584   22,826,155
Chart Industries, Inc. (a)
   110,985   12,788,801
Crane Holdings Co.
   126,888   12,745,900
Donaldson Co., Inc.
   324,731   19,116,914
Esab Corp.
   136,263   6,393,460
Flowserve Corp.
   347,576   10,663,632
Graco, Inc.
   447,881   30,124,476
ITT, Inc.
   219,894   17,833,403
Kennametal, Inc.
   213,412   5,134,693
Lincoln Electric Holdings, Inc.
   153,433   22,169,534
Middleby Corp. (a)
   143,236   19,179,300
Oshkosh Corp.
   173,852   15,332,008
Terex Corp.
   178,037   7,605,741
Timken Co.
   175,609   12,410,288
Toro Co.
   276,954   31,351,193
Watts Water Technologies, Inc. Class A
   72,596   10,615,713
          256,291,211
MARINE — 0.2%  
Kirby Corp. (a)
   159,277   10,249,475
MEDIA — 1.1%  
Cable One, Inc.
   12,788   9,103,266
John Wiley & Sons, Inc. Class A
   113,351   4,540,841
New York Times Co. Class A
   437,698   14,207,677
Nexstar Media Group, Inc. Class A
   100,271   17,550,433
TEGNA, Inc.
   593,258   12,571,137
          57,973,354
METALS & MINING — 2.5%  
Alcoa Corp.
   470,277   21,383,495
Cleveland-Cliffs, Inc. (a)
   1,369,726   22,066,286
Commercial Metals Co.
   311,965   15,067,909
Fresh Market, Inc. (a)  (c)
   723   —
 
See accompanying notes to financial statements.
22

Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
MP Materials Corp. (a)  (b)
   243,031   $ 5,900,793
Reliance Steel & Aluminum Co.
   156,019   31,584,486
Royal Gold, Inc.
   174,536   19,673,698
United States Steel Corp.
   623,335   15,614,542
Worthington Industries, Inc.
   79,712   3,962,484
          135,253,693
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.5%  
Annaly Capital Management, Inc. REIT (b)
   1,243,478   26,212,516
MULTI-UTILITIES — 0.4%  
Black Hills Corp.
   173,055   12,172,688
NorthWestern Corp.
   152,417   9,044,425
          21,217,113
MULTILINE RETAIL — 0.6%  
Kohl's Corp. (b)
   307,750   7,770,687
Macy's, Inc.
   720,478   14,877,871
Nordstrom, Inc. (b)
   295,060   4,762,268
Ollie's Bargain Outlet Holdings, Inc. (a)  (b)
   154,832   7,252,331
          34,663,157
OIL, GAS & CONSUMABLE FUELS — 3.2%  
Antero Midstream Corp.
   890,832   9,612,077
Antero Resources Corp. (a)
   733,851   22,742,043
CNX Resources Corp. (a)
   476,196   8,019,141
DTE Midstream LLC
   257,198   14,212,762
Equitrans Midstream Corp.
   1,140,257   7,639,722
HF Sinclair Corp.
   357,520   18,551,713
Matador Resources Co.
   298,360   17,078,126
Murphy Oil Corp.
   388,433   16,706,503
PBF Energy, Inc. Class A
   303,949   12,395,040
PDC Energy, Inc.
   244,982   15,551,457
Range Resources Corp.
   642,360   16,071,847
Southwestern Energy Co. (a)
   2,928,415   17,131,228
          175,711,659
PAPER & FOREST PRODUCTS — 0.2%  
Louisiana-Pacific Corp.
   190,617   11,284,526
PERSONAL PRODUCTS — 0.3%  
BellRing Brands, Inc. (a)
   360,266   9,237,220
Coty, Inc. Class A (a)
   964,433   8,255,547
          17,492,767
PHARMACEUTICALS — 0.7%  
Jazz Pharmaceuticals PLC (a)
   167,339   26,658,776
Perrigo Co. PLC
   358,053   12,206,027
          38,864,803
PROFESSIONAL SERVICES — 1.9%  
ASGN, Inc. (a)
   131,852   10,743,301
CACI International, Inc. Class A (a)
   62,497   18,785,973
FTI Consulting, Inc. (a)
   91,522   14,533,694
Insperity, Inc.
   94,870   10,777,232
KBR, Inc.
   364,658   19,253,943
Security Description     Shares   Value
ManpowerGroup, Inc.
   134,439   $ 11,186,669
Science Applications International Corp.
   146,311   16,230,279
          101,511,091
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.4%  
Jones Lang LaSalle, Inc. (a)
   125,890   20,063,089
ROAD & RAIL — 1.8%  
Avis Budget Group, Inc. (a)  (b)
   66,178   10,848,560
Knight-Swift Transportation Holdings, Inc.
   427,116   22,385,150
Landstar System, Inc.
   95,685   15,587,087
RXO, Inc. (a)
   303,545   5,220,974
Ryder System, Inc.
   133,620   11,166,623
Saia, Inc. (a)
   70,362   14,753,504
Werner Enterprises, Inc.
   155,194   6,248,110
XPO, Inc. (a)
   306,245   10,194,896
          96,404,904
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.6%  
Allegro MicroSystems, Inc. (a)  (b)
   171,443   5,146,719
Amkor Technology, Inc.
   267,236   6,408,319
Cirrus Logic, Inc. (a)
   146,961   10,945,655
Lattice Semiconductor Corp. (a)
   364,331   23,637,795
MACOM Technology Solutions Holdings, Inc. (a)
   135,931   8,560,935
MKS Instruments, Inc.
   152,102   12,887,603
Power Integrations, Inc.
   152,106   10,909,042
Silicon Laboratories, Inc. (a)
   88,481   12,004,217
SiTime Corp. (a)  (b)
   42,305   4,299,034
SunPower Corp. (a)  (b)
   223,837   4,035,781
Synaptics, Inc. (a)
   106,057   10,092,384
Universal Display Corp.
   115,572   12,486,399
Wolfspeed, Inc. (a)  (b)
   330,159   22,794,178
          144,208,061
SOFTWARE — 3.2%  
ACI Worldwide, Inc. (a)
   301,125   6,925,875
Aspen Technology, Inc. (a)
   77,192   15,855,237
Blackbaud, Inc. (a)
   118,679   6,985,446
CommVault Systems, Inc. (a)
   117,935   7,411,035
Dynatrace, Inc. (a)
   535,633   20,514,744
Envestnet, Inc. (a)
   147,114   9,076,934
Fair Isaac Corp. (a)
   66,384   39,736,135
Manhattan Associates, Inc. (a)
   165,914   20,141,959
NCR Corp. (a)
   362,548   8,487,249
Paylocity Holding Corp. (a)
   109,529   21,277,103
Qualys, Inc. (a)
   91,709   10,292,501
Teradata Corp. (a)
   270,783   9,114,556
          175,818,774
SPECIALTY RETAIL — 2.8%  
AutoNation, Inc. (a)
   90,220   9,680,606
Dick's Sporting Goods, Inc.
   147,822   17,781,508
Five Below, Inc. (a)  (b)
   147,554   26,097,876
Foot Locker, Inc. (b)
   210,991   7,973,350
 
See accompanying notes to financial statements.
23

Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
GameStop Corp. Class A (a)  (b)
   671,994   $ 12,405,009
Gap, Inc. (b)
   563,122   6,352,016
Lithia Motors, Inc.
   72,362   14,815,396
Murphy USA, Inc.
   55,222   15,436,758
RH (a)  (b)
   51,114   13,657,150
Victoria's Secret & Co. (a)  (b)
   215,516   7,711,162
Williams-Sonoma, Inc. (b)
   177,369   20,383,246
          152,294,077
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.3%  
Super Micro Computer, Inc. (a)
   121,000   9,934,100
Xerox Holdings Corp.
   296,360   4,326,856
          14,260,956
TEXTILES, APPAREL & LUXURY GOODS — 2.3%  
Capri Holdings, Ltd. (a)
   342,353   19,623,674
Carter's, Inc. (b)
   101,213   7,551,502
Columbia Sportswear Co.
   93,440   8,183,475
Crocs, Inc. (a)  (b)
   164,136   17,797,267
Deckers Outdoor Corp. (a)
   70,289   28,056,557
Hanesbrands, Inc. (b)
   918,363   5,840,789
PVH Corp.
   173,459   12,244,471
Skechers U.S.A., Inc. Class A (a)
   355,472   14,912,050
Under Armour, Inc. Class A (a)
   499,356   5,073,457
Under Armour, Inc. Class C (a)
   528,147   4,711,071
          123,994,313
THRIFTS & MORTGAGE FINANCE — 0.7%  
Essent Group, Ltd.
   286,405   11,135,426
MGIC Investment Corp.
   783,694   10,188,022
New York Community Bancorp, Inc. (b)
   1,808,560   15,553,616
          36,877,064
TRADING COMPANIES & DISTRIBUTORS — 1.0%  
GATX Corp.
   92,956   9,884,941
MSC Industrial Direct Co., Inc. Class A
   124,772   10,193,872
Univar Solutions, Inc. (a)
   433,815   13,795,317
Watsco, Inc. (b)
   88,374   22,040,476
          55,914,606
Security Description     Shares   Value
WATER UTILITIES — 0.6%  
Essential Utilities, Inc.
   634,311   $ 30,275,664
TOTAL COMMON STOCKS

(Cost $5,473,548,450)
         5,452,253,016
SHORT-TERM INVESTMENTS — 4.3%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (d)  (e)
   2,528,103   2,528,609
State Street Navigator Securities Lending Portfolio II (f)  (g)
   229,250,323   229,250,323
TOTAL SHORT-TERM INVESTMENTS

(Cost $231,778,816)
   231,778,932  
TOTAL INVESTMENTS — 104.1%

(Cost $5,705,327,266)
   5,684,031,948  
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.1)%
  (222,225,457)  
NET ASSETS — 100.0%
   $ 5,461,806,491  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2022, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
(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, 2022 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at December 31, 2022.
(f) 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.
(g) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
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
   $5,452,253,016   $—   $ 0(a)   $5,452,253,016
Short-Term Investments
   231,778,932   —   —   231,778,932
TOTAL INVESTMENTS
   $5,684,031,948   $—   $ 0   $5,684,031,948
(a) The Fund held Level 3 securities that were valued at $0 at December 31, 2022.
See accompanying notes to financial statements.
24

Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
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
 1,942,263   $ 1,942,068   $ 143,809,804   $ 143,226,317   $2,938   $116   2,528,103   $ 2,528,609   $ 70,626
State Street Navigator Securities Lending Portfolio II
 88,463,327   88,463,327   1,019,807,826   879,020,830   —   —   229,250,323   229,250,323   1,057,709
Total
     $90,405,395   $1,163,617,630   $1,022,247,147   $2,938   $116       $231,778,932   $1,128,335
See accompanying notes to financial statements.
25

Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.9%  
Boeing Co. (a)
   254,656   $ 48,509,421
General Dynamics Corp.
   102,923   25,536,226
Howmet Aerospace, Inc.
   168,920   6,657,137
Huntington Ingalls Industries, Inc.
   18,581   4,286,265
L3Harris Technologies, Inc.
   87,596   18,238,363
Lockheed Martin Corp.
   106,990   52,049,565
Northrop Grumman Corp.
   66,528   36,298,342
Raytheon Technologies Corp.
   674,812   68,102,027
Textron, Inc.
   95,781   6,781,295
TransDigm Group, Inc.
   23,761   14,961,114
          281,419,755
AIR FREIGHT & LOGISTICS — 0.6%  
C.H. Robinson Worldwide, Inc.
   53,974   4,941,860
Expeditors International of Washington, Inc.
   73,009   7,587,095
FedEx Corp.
   109,091   18,894,561
United Parcel Service, Inc. Class B
   334,217   58,100,283
          89,523,799
AIRLINES — 0.2%  
Alaska Air Group, Inc. (a)
   57,302   2,460,548
American Airlines Group, Inc. (a)  (b)
   291,110   3,702,919
Delta Air Lines, Inc. (a)
   290,411   9,542,906
Southwest Airlines Co.
   271,260   9,133,324
United Airlines Holdings, Inc. (a)
   149,270   5,627,479
          30,467,176
AUTO COMPONENTS — 0.1%  
Aptiv PLC (a)
   123,096   11,463,931
BorgWarner, Inc.
   109,201   4,395,340
          15,859,271
AUTOMOBILES — 1.3%  
Ford Motor Co.
   1,804,795   20,989,766
General Motors Co.
   651,770   21,925,543
Tesla, Inc. (a)
   1,231,420   151,686,315
          194,601,624
BANKS — 3.8%  
Bank of America Corp.
   3,194,648   105,806,742
Citigroup, Inc.
   885,442   40,048,542
Citizens Financial Group, Inc.
   226,407   8,913,644
Comerica, Inc.
   59,320   3,965,542
Fifth Third Bancorp
   313,571   10,288,264
First Republic Bank
   83,384   10,163,676
Huntington Bancshares, Inc.
   656,053   9,250,347
JPMorgan Chase & Co.
   1,345,703   180,458,772
KeyCorp.
   422,536   7,360,577
M&T Bank Corp.
   79,147   11,481,064
PNC Financial Services Group, Inc.
   184,985   29,216,531
Regions Financial Corp.
   431,185   9,296,349
Security Description     Shares   Value
Signature Bank
   28,324   $ 3,263,491
SVB Financial Group (a)
   27,031   6,220,914
Truist Financial Corp.
   608,124   26,167,576
US Bancorp
   616,722   26,895,246
Wells Fargo & Co.
   1,748,158   72,181,444
Zions Bancorp NA
   69,107   3,397,300
          564,376,021
BEVERAGES — 1.9%  
Brown-Forman Corp. Class B
   83,371   5,475,807
Coca-Cola Co.
   1,785,625   113,583,606
Constellation Brands, Inc. Class A
   73,352   16,999,326
Keurig Dr. Pepper, Inc.
   388,187   13,842,749
Molson Coors Beverage Co. Class B
   85,337   4,396,562
Monster Beverage Corp. (a)
   175,538   17,822,373
PepsiCo, Inc.
   630,212   113,854,100
          285,974,523
BIOTECHNOLOGY — 2.5%  
AbbVie, Inc.
   811,377   131,126,637
Amgen, Inc.
   244,472   64,208,126
Biogen, Inc. (a)
   66,102   18,304,966
Gilead Sciences, Inc.
   571,797   49,088,772
Incyte Corp. (a)
   85,168   6,840,694
Moderna, Inc. (a)
   151,538   27,219,256
Regeneron Pharmaceuticals, Inc. (a)
   48,991   35,346,517
Vertex Pharmaceuticals, Inc. (a)
   116,994   33,785,527
          365,920,495
BUILDING PRODUCTS — 0.5%  
A.O. Smith Corp.
   58,203   3,331,540
Allegion PLC
   40,107   4,221,663
Carrier Global Corp.
   383,599   15,823,459
Johnson Controls International PLC
   314,815   20,148,160
Masco Corp.
   103,075   4,810,510
Trane Technologies PLC
   106,008   17,818,884
          66,154,216
CAPITAL MARKETS — 3.1%  
Ameriprise Financial, Inc.
   48,756   15,181,156
Bank of New York Mellon Corp.
   336,758   15,329,224
BlackRock, Inc.
   68,930   48,845,866
Cboe Global Markets, Inc.
   47,828   6,000,979
Charles Schwab Corp.
   697,791   58,098,079
CME Group, Inc.
   163,986   27,575,886
FactSet Research Systems, Inc.
   17,643   7,078,548
Franklin Resources, Inc.
   126,990   3,349,996
Goldman Sachs Group, Inc.
   155,364   53,348,890
Intercontinental Exchange, Inc.
   255,490   26,210,719
Invesco, Ltd.
   207,967   3,741,326
MarketAxess Holdings, Inc.
   17,256   4,812,526
Moody's Corp.
   72,098   20,087,945
Morgan Stanley
   604,759   51,416,610
MSCI, Inc.
   36,746   17,093,137
 
See accompanying notes to financial statements.
26

Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Nasdaq, Inc.
   154,834   $ 9,499,066
Northern Trust Corp.
   95,144   8,419,292
Raymond James Financial, Inc.
   88,701   9,477,702
S&P Global, Inc.
   152,806   51,180,842
State Street Corp. (c)
   167,726   13,010,506
T Rowe Price Group, Inc.
   102,589   11,188,356
          460,946,651
CHEMICALS — 1.9%  
Air Products & Chemicals, Inc.
   101,046   31,148,440
Albemarle Corp.
   53,472   11,595,938
Celanese Corp.
   45,604   4,662,553
CF Industries Holdings, Inc.
   89,994   7,667,489
Corteva, Inc.
   327,763   19,265,909
Dow, Inc.
   322,888   16,270,326
DuPont de Nemours, Inc.
   228,956   15,713,250
Eastman Chemical Co.
   55,070   4,484,901
Ecolab, Inc.
   113,347   16,498,789
FMC Corp.
   57,769   7,209,571
International Flavors & Fragrances, Inc.
   115,968   12,158,085
Linde PLC
   226,839   73,990,345
LyondellBasell Industries NV Class A
   116,566   9,678,475
Mosaic Co.
   157,734   6,919,791
PPG Industries, Inc.
   106,824   13,432,050
Sherwin-Williams Co.
   107,582   25,532,436
          276,228,348
COMMERCIAL SERVICES & SUPPLIES — 0.5%  
Cintas Corp.
   39,272   17,736,020
Copart, Inc. (a)
   195,518   11,905,091
Republic Services, Inc.
   94,420   12,179,236
Rollins, Inc.
   103,402   3,778,309
Waste Management, Inc.
   171,810   26,953,553
          72,552,209
COMMUNICATIONS EQUIPMENT — 0.9%  
Arista Networks, Inc. (a)
   112,535   13,656,122
Cisco Systems, Inc.
   1,883,757   89,742,184
F5, Inc. (a)
   27,208   3,904,620
Juniper Networks, Inc.
   147,244   4,705,918
Motorola Solutions, Inc.
   77,060   19,859,133
          131,867,977
CONSTRUCTION & ENGINEERING — 0.1%  
Quanta Services, Inc.
   64,790   9,232,575
CONSTRUCTION MATERIALS — 0.1%  
Martin Marietta Materials, Inc.
   28,409   9,601,390
Vulcan Materials Co.
   60,692   10,627,776
          20,229,166
CONSUMER FINANCE — 0.5%  
American Express Co.
   274,214   40,515,119
Capital One Financial Corp.
   175,488   16,313,364
Discover Financial Services
   124,851   12,214,173
Security Description     Shares   Value
Synchrony Financial
   206,713   $ 6,792,589
          75,835,245
CONTAINERS & PACKAGING — 0.3%  
Amcor PLC
   688,426   8,199,154
Avery Dennison Corp.
   37,146   6,723,426
Ball Corp. (b)
   144,003   7,364,313
International Paper Co.
   163,152   5,649,954
Packaging Corp. of America
   42,437   5,428,117
Sealed Air Corp.
   67,171   3,350,489
Westrock Co.
   116,484   4,095,577
          40,811,030
DISTRIBUTORS — 0.2%  
Genuine Parts Co.
   64,973   11,273,465
LKQ Corp.
   116,491   6,221,785
Pool Corp.
   17,919   5,417,451
          22,912,701
DIVERSIFIED FINANCIAL SERVICES — 1.7%  
Berkshire Hathaway, Inc. Class B (a)
   826,591   255,333,960
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9%  
AT&T, Inc.
   3,257,508   59,970,723
Lumen Technologies, Inc. (b)
   419,529   2,189,941
Verizon Communications, Inc.
   1,919,118   75,613,249
          137,773,913
ELECTRIC UTILITIES — 2.1%  
Alliant Energy Corp.
   113,204   6,249,993
American Electric Power Co., Inc.
   233,871   22,206,051
Constellation Energy Corp.
   148,514   12,803,392
Duke Energy Corp.
   351,300   36,180,387
Edison International
   174,309   11,089,539
Entergy Corp.
   92,767   10,436,288
Evergy, Inc.
   104,169   6,555,355
Eversource Energy
   158,057   13,251,499
Exelon Corp.
   452,445   19,559,197
FirstEnergy Corp.
   248,140   10,406,992
NextEra Energy, Inc.
   911,720   76,219,792
NRG Energy, Inc.
   105,653   3,361,878
PG&E Corp. (a)
   735,110   11,952,889
Pinnacle West Capital Corp.
   51,461   3,913,094
PPL Corp.
   339,505   9,920,336
Southern Co.
   499,457   35,666,224
Xcel Energy, Inc.
   249,826   17,515,301
          307,288,207
ELECTRICAL EQUIPMENT — 0.6%  
AMETEK, Inc.
   104,960   14,665,011
Eaton Corp. PLC
   181,947   28,556,581
Emerson Electric Co.
   270,015   25,937,641
Generac Holdings, Inc. (a)
   29,192   2,938,467
Rockwell Automation, Inc.
   52,524   13,528,607
          85,626,307
 
See accompanying notes to financial statements.
27

Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6%  
Amphenol Corp. Class A
   271,301   $ 20,656,858
CDW Corp.
   61,815   11,038,923
Corning, Inc.
   347,049   11,084,745
Keysight Technologies, Inc. (a)
   82,412   14,098,221
TE Connectivity, Ltd.
   146,495   16,817,626
Teledyne Technologies, Inc. (a)
   21,369   8,545,677
Trimble, Inc. (a)
   113,608   5,744,020
Zebra Technologies Corp. Class A (a)
   23,842   6,113,327
          94,099,397
ENERGY EQUIPMENT & SERVICES — 0.4%  
Baker Hughes Co.
   459,436   13,567,145
Halliburton Co.
   414,590   16,314,116
Schlumberger, Ltd.
   646,323   34,552,428
          64,433,689
ENTERTAINMENT — 1.3%  
Activision Blizzard, Inc.
   325,549   24,920,776
Electronic Arts, Inc.
   120,590   14,733,686
Live Nation Entertainment, Inc. (a)
   64,875   4,524,383
Netflix, Inc. (a)
   203,225   59,926,988
Take-Two Interactive Software, Inc. (a)
   71,872   7,484,031
Walt Disney Co. (a)
   833,174   72,386,157
Warner Bros Discovery, Inc. (a)
   1,009,564   9,570,667
          193,546,688
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 2.6%  
Alexandria Real Estate Equities, Inc. REIT
   67,547   9,839,571
American Tower Corp. REIT
   212,382   44,995,251
AvalonBay Communities, Inc. REIT
   63,838   10,311,114
Boston Properties, Inc. REIT
   64,696   4,372,156
Camden Property Trust REIT
   48,322   5,406,265
Crown Castle, Inc. REIT
   197,875   26,839,765
Digital Realty Trust, Inc. REIT
   131,146   13,150,009
Equinix, Inc. REIT
   42,457   27,810,609
Equity Residential REIT
   155,335   9,164,765
Essex Property Trust, Inc. REIT
   29,705   6,295,084
Extra Space Storage, Inc. REIT
   61,063   8,987,252
Federal Realty Investment Trust REIT
   33,235   3,358,064
Healthpeak Properties, Inc. REIT
   244,322   6,125,153
Host Hotels & Resorts, Inc. REIT
   324,095   5,201,725
Invitation Homes, Inc. REIT
   264,802   7,848,731
Iron Mountain, Inc. REIT
   131,179   6,539,273
Kimco Realty Corp. REIT
   278,973   5,908,648
Mid-America Apartment Communities, Inc. REIT
   52,299   8,210,420
Prologis, Inc. REIT
   421,084   47,468,799
Public Storage REIT
   72,203   20,230,559
Security Description     Shares   Value
Realty Income Corp. REIT
   281,796   $ 17,874,320
Regency Centers Corp. REIT
   69,961   4,372,563
SBA Communications Corp. REIT
   49,595   13,901,974
Simon Property Group, Inc. REIT
   149,417   17,553,509
UDR, Inc. REIT
   139,338   5,396,561
Ventas, Inc. REIT
   181,516   8,177,296
VICI Properties, Inc. REIT
   439,082   14,226,257
Vornado Realty Trust REIT
   73,042   1,520,004
Welltower, Inc. REIT
   211,388   13,856,483
Weyerhaeuser Co. REIT
   337,592   10,465,352
          385,407,532
FOOD & STAPLES RETAILING — 1.5%  
Costco Wholesale Corp.
   202,431   92,409,751
Kroger Co.
   298,974   13,328,261
Sysco Corp.
   231,908   17,729,367
Walgreens Boots Alliance, Inc.
   326,199   12,186,795
Walmart, Inc.
   647,514   91,811,010
          227,465,184
FOOD PRODUCTS — 1.2%  
Archer-Daniels-Midland Co.
   251,958   23,394,300
Campbell Soup Co.
   91,728   5,205,564
Conagra Brands, Inc.
   217,062   8,400,300
General Mills, Inc.
   272,052   22,811,560
Hershey Co.
   66,940   15,501,296
Hormel Foods Corp.
   132,035   6,014,194
JM Smucker Co.
   48,863   7,742,831
Kellogg Co.
   116,365   8,289,843
Kraft Heinz Co.
   364,169   14,825,320
Lamb Weston Holdings, Inc.
   66,028   5,900,262
McCormick & Co., Inc.
   114,328   9,476,648
Mondelez International, Inc. Class A
   626,585   41,761,890
Tyson Foods, Inc. Class A
   132,744   8,263,314
          177,587,322
GAS UTILITIES — 0.1%  
Atmos Energy Corp.
   63,451   7,110,954
HEALTH CARE EQUIPMENT & SUPPLIES — 2.8%  
Abbott Laboratories
   799,888   87,819,703
Align Technology, Inc. (a)
   33,128   6,986,695
Baxter International, Inc.
   229,746   11,710,154
Becton Dickinson & Co.
   130,331   33,143,173
Boston Scientific Corp. (a)
   653,153   30,221,389
Cooper Cos., Inc.
   22,425   7,415,275
DENTSPLY SIRONA, Inc.
   98,892   3,148,721
DexCom, Inc. (a)
   177,179   20,063,750
Edwards Lifesciences Corp. (a)
   282,950   21,110,899
Hologic, Inc. (a)
   113,376   8,481,659
IDEXX Laboratories, Inc. (a)
   38,059   15,526,550
Intuitive Surgical, Inc. (a)
   162,156   43,028,095
Medtronic PLC
   607,368   47,204,641
ResMed, Inc.
   66,720   13,886,434
STERIS PLC
   45,337   8,373,290
 
See accompanying notes to financial statements.
28

Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Stryker Corp.
   153,794   $ 37,601,095
Teleflex, Inc.
   21,458   5,356,561
Zimmer Biomet Holdings, Inc.
   95,880   12,224,700
          413,302,784
HEALTH CARE PROVIDERS & SERVICES — 3.7%  
AmerisourceBergen Corp.
   74,025   12,266,683
Cardinal Health, Inc.
   120,250   9,243,617
Centene Corp. (a)
   259,766   21,303,410
Cigna Corp.
   139,344   46,170,241
CVS Health Corp.
   599,021   55,822,767
DaVita, Inc. (a)
   25,201   1,881,759
Elevance Health, Inc.
   109,569   56,205,610
HCA Healthcare, Inc.
   97,336   23,356,747
Henry Schein, Inc. (a)
   63,069   5,037,321
Humana, Inc.
   57,886   29,648,630
Laboratory Corp. of America Holdings
   40,675   9,578,149
McKesson Corp.
   65,085   24,414,685
Molina Healthcare, Inc. (a)
   26,372   8,708,562
Quest Diagnostics, Inc.
   52,287   8,179,778
UnitedHealth Group, Inc.
   428,665   227,269,610
Universal Health Services, Inc. Class B
   29,433   4,146,815
          543,234,384
HOTELS, RESTAURANTS & LEISURE — 2.0%  
Booking Holdings, Inc. (a)
   17,856   35,984,840
Caesars Entertainment, Inc. (a)
   97,149   4,041,398
Carnival Corp. (a)  (b)
   444,758   3,584,750
Chipotle Mexican Grill, Inc. (a)
   12,715   17,641,935
Darden Restaurants, Inc.
   56,212   7,775,806
Domino's Pizza, Inc.
   16,224   5,619,994
Expedia Group, Inc. (a)
   69,102   6,053,335
Hilton Worldwide Holdings, Inc.
   124,037   15,673,315
Las Vegas Sands Corp. (a)
   150,182   7,219,249
Marriott International, Inc. Class A
   123,497   18,387,468
McDonald's Corp.
   336,246   88,610,908
MGM Resorts International
   146,176   4,901,281
Norwegian Cruise Line Holdings, Ltd. (a)
   190,911   2,336,751
Royal Caribbean Cruises, Ltd. (a)  (b)
   101,942   5,038,993
Starbucks Corp.
   523,596   51,940,723
Wynn Resorts, Ltd. (a)
   47,272   3,898,522
Yum! Brands, Inc.
   129,224   16,551,010
          295,260,278
HOUSEHOLD DURABLES — 0.3%  
D.R. Horton, Inc.
   143,572   12,798,008
Garmin, Ltd.
   69,686   6,431,321
Lennar Corp. Class A
   116,926   10,581,803
Mohawk Industries, Inc. (a)
   23,855   2,438,458
Newell Brands, Inc.
   171,332   2,241,023
NVR, Inc. (a)
   1,371   6,323,847
PulteGroup, Inc.
   104,505   4,758,113
Security Description     Shares   Value
Whirlpool Corp.
   25,044   $ 3,542,724
          49,115,297
HOUSEHOLD PRODUCTS — 1.6%  
Church & Dwight Co., Inc.
   110,320   8,892,895
Clorox Co.
   56,391   7,913,349
Colgate-Palmolive Co.
   381,331   30,045,069
Kimberly-Clark Corp.
   154,128   20,922,876
Procter & Gamble Co.
   1,087,219   164,778,912
          232,553,101
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.1%  
AES Corp.
   302,027   8,686,297
INDUSTRIAL CONGLOMERATES — 0.9%  
3M Co.
   253,134   30,355,829
General Electric Co.
   500,273   41,917,875
Honeywell International, Inc.
   307,924   65,988,113
          138,261,817
INSURANCE — 2.4%  
Aflac, Inc.
   259,655   18,679,581
Allstate Corp.
   121,743   16,508,351
American International Group, Inc.
   340,903   21,558,706
Aon PLC Class A
   94,865   28,472,781
Arch Capital Group, Ltd. (a)
   167,828   10,536,242
Arthur J Gallagher & Co.
   95,801   18,062,320
Assurant, Inc.
   24,847   3,107,366
Brown & Brown, Inc.
   105,484   6,009,423
Chubb, Ltd.
   190,798   42,090,039
Cincinnati Financial Corp.
   72,610   7,434,538
Everest Re Group, Ltd.
   17,970   5,952,922
Globe Life, Inc.
   41,528   5,006,200
Hartford Financial Services Group, Inc.
   145,913   11,064,583
Lincoln National Corp.
   73,501   2,257,951
Loews Corp.
   89,684   5,231,268
Marsh & McLennan Cos., Inc.
   227,576   37,659,276
MetLife, Inc.
   302,370   21,882,517
Principal Financial Group, Inc.
   104,385   8,759,989
Progressive Corp.
   266,849   34,612,984
Prudential Financial, Inc.
   168,846   16,793,423
Travelers Cos., Inc.
   107,534   20,161,550
W R Berkley Corp.
   93,795   6,806,703
Willis Towers Watson PLC
   49,678   12,150,245
          360,798,958
INTERACTIVE MEDIA & SERVICES — 4.0%  
Alphabet, Inc. Class A (a)
   2,739,981   241,748,524
Alphabet, Inc. Class C (a)
   2,429,097   215,533,777
Match Group, Inc. (a)
   128,937   5,349,596
Meta Platforms, Inc. Class A (a)
   1,031,666   124,150,686
          586,782,583
INTERNET & DIRECT MARKETING RETAIL — 2.4%  
Amazon.com, Inc. (a)
   4,071,916   342,040,944
eBay, Inc.
   249,006   10,326,279
 
See accompanying notes to financial statements.
29

Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Etsy, Inc. (a)
   57,818   $ 6,925,440
          359,292,663
IT SERVICES — 4.5%  
Accenture PLC Class A
   288,913   77,093,545
Akamai Technologies, Inc. (a)
   72,121   6,079,800
Automatic Data Processing, Inc.
   189,692   45,309,831
Broadridge Financial Solutions, Inc.
   53,602   7,189,636
Cognizant Technology Solutions Corp. Class A
   237,189   13,564,839
DXC Technology Co. (a)
   105,042   2,783,613
EPAM Systems, Inc. (a)
   26,228   8,595,965
Fidelity National Information Services, Inc.
   272,187   18,467,888
Fiserv, Inc. (a)
   291,311   29,442,803
FleetCor Technologies, Inc. (a)
   33,827   6,213,344
Gartner, Inc. (a)
   36,302   12,202,554
Global Payments, Inc.
   124,069   12,322,533
International Business Machines Corp.
   412,696   58,144,740
Jack Henry & Associates, Inc.
   33,270   5,840,881
Mastercard, Inc. Class A
   389,444   135,421,362
Paychex, Inc.
   146,372   16,914,748
PayPal Holdings, Inc. (a)
   523,023   37,249,698
VeriSign, Inc. (a)
   42,296   8,689,290
Visa, Inc. Class A (b)
   750,067   155,833,920
          657,360,990
LEISURE EQUIPMENT & PRODUCTS — 0.0% (d)  
Hasbro, Inc.
   58,846   3,590,194
LIFE SCIENCES TOOLS & SERVICES — 1.9%  
Agilent Technologies, Inc.
   135,878   20,334,143
Bio-Rad Laboratories, Inc. Class A (a)
   9,696   4,077,071
Bio-Techne Corp.
   72,974   6,048,085
Charles River Laboratories International, Inc. (a)
   22,933   4,997,101
Danaher Corp.
   299,364   79,457,193
Illumina, Inc. (a)
   71,711   14,499,964
IQVIA Holdings, Inc. (a)
   85,280   17,473,019
Mettler-Toledo International, Inc. (a)
   10,250   14,815,862
PerkinElmer, Inc.
   57,636   8,081,720
Thermo Fisher Scientific, Inc.
   179,904   99,071,334
Waters Corp. (a)
   27,323   9,360,313
West Pharmaceutical Services, Inc.
   33,885   7,974,835
          286,190,640
MACHINERY — 1.9%  
Caterpillar, Inc.
   238,735   57,191,356
Cummins, Inc.
   64,487   15,624,555
Deere & Co.
   126,004   54,025,475
Dover Corp.
   64,448   8,726,904
Fortive Corp.
   162,656   10,450,648
IDEX Corp.
   34,541   7,886,746
Security Description     Shares   Value
Illinois Tool Works, Inc.
   128,296   $ 28,263,609
Ingersoll Rand, Inc.
   184,477   9,638,923
Nordson Corp.
   24,832   5,903,063
Otis Worldwide Corp.
   191,100   14,965,041
PACCAR, Inc.
   158,970   15,733,261
Parker-Hannifin Corp.
   58,595   17,051,145
Pentair PLC
   74,311   3,342,509
Snap-on, Inc.
   24,421   5,579,954
Stanley Black & Decker, Inc.
   68,498   5,145,570
Westinghouse Air Brake Technologies Corp.
   83,460   8,330,143
Xylem, Inc.
   82,154   9,083,768
          276,942,670
MEDIA — 0.8%  
Charter Communications, Inc. Class A (a)
   49,351   16,734,924
Comcast Corp. Class A
   1,979,124   69,209,966
DISH Network Corp. Class A (a)  (b)
   114,262   1,604,239
Fox Corp. Class A
   138,793   4,215,143
Fox Corp. Class B
   66,376   1,888,397
Interpublic Group of Cos., Inc.
   178,136   5,933,710
News Corp. Class A
   179,585   3,268,447
News Corp. Class B (b)
   55,237   1,018,570
Omnicom Group, Inc.
   94,557   7,713,015
Paramount Global Class B (b)
   230,671   3,893,727
          115,480,138
METALS & MINING — 0.4%  
Freeport-McMoRan, Inc.
   653,640   24,838,320
Newmont Corp.
   361,146   17,046,091
Nucor Corp.
   117,733   15,518,387
Steel Dynamics, Inc.
   76,332   7,457,636
          64,860,434
MULTI-UTILITIES — 0.9%  
Ameren Corp.
   118,042   10,496,295
CenterPoint Energy, Inc.
   285,983   8,576,630
CMS Energy Corp.
   131,283   8,314,152
Consolidated Edison, Inc.
   162,000   15,440,220
Dominion Energy, Inc.
   380,406   23,326,496
DTE Energy Co.
   88,487   10,399,877
NiSource, Inc.
   185,191   5,077,937
Public Service Enterprise Group, Inc.
   229,593   14,067,163
Sempra Energy
   143,406   22,161,963
WEC Energy Group, Inc.
   143,265   13,432,527
          131,293,260
MULTILINE RETAIL — 0.5%  
Dollar General Corp.
   103,472   25,479,980
Dollar Tree, Inc. (a)
   96,609   13,664,377
Target Corp.
   211,140   31,468,306
          70,612,663
OIL, GAS & CONSUMABLE FUELS — 4.8%  
APA Corp.
   147,489   6,884,787
 
See accompanying notes to financial statements.
30

Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Chevron Corp.
   816,125   $ 146,486,276
ConocoPhillips
   571,635   67,452,930
Coterra Energy, Inc.
   361,739   8,887,927
Devon Energy Corp.
   299,419   18,417,263
Diamondback Energy, Inc.
   81,110   11,094,226
EOG Resources, Inc.
   267,635   34,664,085
EQT Corp.
   169,074   5,719,773
Exxon Mobil Corp.
   1,889,432   208,404,350
Hess Corp.
   127,030   18,015,395
Kinder Morgan, Inc.
   904,345   16,350,558
Marathon Oil Corp.
   291,318   7,885,978
Marathon Petroleum Corp.
   215,061   25,030,950
Occidental Petroleum Corp.
   333,573   21,011,763
ONEOK, Inc.
   204,244   13,418,831
Phillips 66
   216,812   22,565,793
Pioneer Natural Resources Co.
   109,270   24,956,175
Targa Resources Corp.
   103,196   7,584,906
Valero Energy Corp.
   176,875   22,438,362
Williams Cos., Inc.
   555,897   18,289,011
          705,559,339
PERSONAL PRODUCTS — 0.2%  
Estee Lauder Cos., Inc. Class A
   105,900   26,274,849
PHARMACEUTICALS — 4.9%  
Bristol-Myers Squibb Co.
   975,809   70,209,458
Catalent, Inc. (a)
   81,388   3,663,274
Eli Lilly & Co.
   361,841   132,375,911
Johnson & Johnson
   1,199,509   211,893,265
Merck & Co., Inc.
   1,163,166   129,053,268
Organon & Co.
   116,139   3,243,762
Pfizer, Inc.
   2,575,327   131,959,756
Viatris, Inc.
   548,702   6,107,053
Zoetis, Inc.
   213,844   31,338,838
          719,844,585
PROFESSIONAL SERVICES — 0.4%  
CoStar Group, Inc. (a)
   181,120   13,996,954
Equifax, Inc.
   55,879   10,860,642
Jacobs Solutions, Inc.
   58,954   7,078,607
Leidos Holdings, Inc.
   62,585   6,583,316
Robert Half International, Inc.
   50,296   3,713,354
Verisk Analytics, Inc.
   72,031   12,707,709
          54,940,582
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%  
CBRE Group, Inc. Class A (a)
   144,980   11,157,661
ROAD & RAIL — 0.9%  
CSX Corp.
   964,520   29,880,830
JB Hunt Transport Services, Inc.
   38,404   6,696,121
Norfolk Southern Corp.
   106,252   26,182,618
Old Dominion Freight Line, Inc.
   41,537   11,787,370
Union Pacific Corp.
   282,031   58,400,159
          132,947,098
Security Description     Shares   Value
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 5.1%  
Advanced Micro Devices, Inc. (a)
   739,096   $ 47,871,248
Analog Devices, Inc.
   235,983   38,708,292
Applied Materials, Inc.
   394,670   38,432,965
Broadcom, Inc.
   185,782   103,876,290
Enphase Energy, Inc. (a)
   61,763   16,364,724
First Solar, Inc. (a)
   45,499   6,815,295
Intel Corp.
   1,893,428   50,043,302
KLA Corp.
   64,875   24,459,821
Lam Research Corp.
   62,747   26,372,564
Microchip Technology, Inc.
   252,028   17,704,967
Micron Technology, Inc.
   498,762   24,928,125
Monolithic Power Systems, Inc. (b)
   20,290   7,174,747
NVIDIA Corp.
   1,142,317   166,938,206
NXP Semiconductors NV
   118,913   18,791,821
ON Semiconductor Corp. (a)
   197,810   12,337,410
Qorvo, Inc. (a)
   47,093   4,268,510
QUALCOMM, Inc.
   513,050   56,404,717
Skyworks Solutions, Inc.
   74,132   6,755,649
SolarEdge Technologies, Inc. (a)
   25,324   7,173,529
Teradyne, Inc. (b)
   71,500   6,245,525
Texas Instruments, Inc.
   416,334   68,786,704
          750,454,411
SOFTWARE — 8.4%  
Adobe, Inc. (a)
   213,359   71,801,705
ANSYS, Inc. (a)
   39,515   9,546,429
Autodesk, Inc. (a)
   99,411   18,576,934
Cadence Design Systems, Inc. (a)
   125,438   20,150,360
Ceridian HCM Holding, Inc. (a)
   69,914   4,484,983
Fortinet, Inc. (a)
   299,162   14,626,030
Gen Digital, Inc.
   265,988   5,700,123
Intuit, Inc.
   128,996   50,207,823
Microsoft Corp.
   3,419,899   820,160,178
Oracle Corp.
   705,080   57,633,239
Paycom Software, Inc. (a)
   22,131   6,867,471
PTC, Inc. (a)
   48,309   5,799,012
Roper Technologies, Inc.
   48,405   20,915,316
Salesforce, Inc. (a)
   458,759   60,826,856
ServiceNow, Inc. (a)
   92,106   35,761,997
Synopsys, Inc. (a)
   69,865   22,307,196
Tyler Technologies, Inc. (a)
   18,828   6,070,335
          1,231,435,987
SPECIALTY RETAIL — 2.4%  
Advance Auto Parts, Inc.
   28,058   4,125,368
AutoZone, Inc. (a)
   8,703   21,463,164
Bath & Body Works, Inc.
   104,770   4,415,008
Best Buy Co., Inc.
   92,266   7,400,656
CarMax, Inc. (a)  (b)
   73,272   4,461,532
Home Depot, Inc.
   469,796   148,389,765
Lowe's Cos., Inc.
   284,762   56,735,981
 
See accompanying notes to financial statements.
31

Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
O'Reilly Automotive, Inc. (a)
   28,717   $ 24,238,009
Ross Stores, Inc.
   159,177   18,475,674
TJX Cos., Inc.
   532,688   42,401,965
Tractor Supply Co.
   50,738   11,414,528
Ulta Beauty, Inc. (a)
   23,504   11,025,021
          354,546,671
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 6.3%  
Apple, Inc.
   6,860,438   891,376,710
Hewlett Packard Enterprise Co.
   593,193   9,467,360
HP, Inc.
   406,083   10,911,450
NetApp, Inc.
   100,915   6,060,955
Seagate Technology Holdings PLC
   88,093   4,634,573
Western Digital Corp. (a)
   142,126   4,484,075
          926,935,123
TEXTILES, APPAREL & LUXURY GOODS — 0.5%  
NIKE, Inc. Class B
   576,690   67,478,497
Ralph Lauren Corp. (b)
   18,878   1,994,838
Tapestry, Inc.
   110,559   4,210,087
VF Corp.
   150,885   4,165,935
          77,849,357
TOBACCO — 0.7%  
Altria Group, Inc.
   822,233   37,584,270
Philip Morris International, Inc.
   708,418   71,698,986
          109,283,256
TRADING COMPANIES & DISTRIBUTORS — 0.2%  
Fastenal Co.
   261,644   12,380,994
United Rentals, Inc. (a)
   31,758   11,287,428
W.W. Grainger, Inc.
   20,616   11,467,650
          35,136,072
WATER UTILITIES — 0.1%  
American Water Works Co., Inc.
   82,966   12,645,678
Security Description     Shares   Value
WIRELESS TELECOMMUNICATION SERVICES — 0.3%  
T-Mobile US, Inc. (a)
   273,984   $ 38,357,760
TOTAL COMMON STOCKS

(Cost $15,343,331,277)
         14,721,573,515
SHORT-TERM INVESTMENTS — 0.4%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (e)  (f)
   12,203,522   12,205,962
State Street Navigator Securities Lending Portfolio II (c)  (g)
   43,954,089   43,954,089
TOTAL SHORT-TERM INVESTMENTS

(Cost $56,160,008)
   56,160,051  
TOTAL INVESTMENTS — 100.2%

(Cost $15,399,491,285)
   14,777,733,566  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%
  (29,607,225)  
NET ASSETS — 100.0%
   $14,748,126,341  
(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 an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) Amount is less than 0.05% of net assets.
(e) 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.
(f) The rate shown is the annualized seven-day yield at December 31, 2022.
(g) 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)
E-mini S&P 500 Index (long)   78   03/17/2023   $15,653,168   $15,057,900   $(595,268)
 
During the period ended December 31, 2022, average notional value related to futures contracts was $34,206,279.
See accompanying notes to financial statements.
32

Table of Contents
SPDR PORTFOLIO S&P 500 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
   $14,721,573,515   $—   $—   $14,721,573,515
Short-Term Investments
   56,160,051   —   —   56,160,051
TOTAL INVESTMENTS
   $14,777,733,566   $—   $—   $14,777,733,566
LIABILITIES:                
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   (595,268)   —   —   (595,268)
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ (595,268)   $—   $—   $ (595,268)
(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 Corp.
 145,022   $ 8,940,606   $ 2,711,598   $ 1,124,933   $145,095   $2,338,140   167,726   $13,010,506   $180,658
State Street Institutional Liquid Reserves Fund, Premier Class
 17,034,408   17,032,705   208,708,127   213,545,728   10,559   299   12,203,522   12,205,962   405,333
State Street Navigator Securities Lending Portfolio II
 24,284,921   24,284,921   390,818,769   371,149,601   —   —   43,954,089   43,954,089   64,862
Total
     $50,258,232   $602,238,494   $585,820,262   $155,654   $2,338,439       $69,170,557   $650,853
See accompanying notes to financial statements.
33

Table of Contents
SPDR PORTFOLIO S&P 500 GROWTH ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AEROSPACE & DEFENSE — 1.2%  
General Dynamics Corp.
   96,314   $ 23,896,467
L3Harris Technologies, Inc.
   77,001   16,032,378
Lockheed Martin Corp.
   133,825   65,104,524
Northrop Grumman Corp.
   84,168   45,922,902
TransDigm Group, Inc.
   19,658   12,377,660
          163,333,931
AIR FREIGHT & LOGISTICS — 0.1%  
C.H. Robinson Worldwide, Inc.
   51,530   4,718,087
Expeditors International of Washington, Inc.
   128,853   13,390,404
          18,108,491
AUTOMOBILES — 2.0%  
Tesla, Inc. (a)
   2,169,905   267,288,898
BEVERAGES — 2.9%  
Brown-Forman Corp. Class B
   81,395   5,346,024
Coca-Cola Co.
   2,044,973   130,080,733
Constellation Brands, Inc. Class A
   73,622   17,061,898
Keurig Dr. Pepper, Inc.
   343,894   12,263,260
Monster Beverage Corp. (a)
   307,735   31,244,335
PepsiCo, Inc.
   1,113,796   201,218,385
          397,214,635
BIOTECHNOLOGY — 4.6%  
AbbVie, Inc.
   1,429,633   231,042,989
Amgen, Inc.
   431,281   113,271,642
Biogen, Inc. (a)
   54,730   15,155,832
Gilead Sciences, Inc.
   1,013,777   87,032,755
Incyte Corp. (a)
   149,470   12,005,430
Moderna, Inc. (a)
   266,990   47,956,744
Regeneron Pharmaceuticals, Inc. (a)
   86,551   62,445,681
Vertex Pharmaceuticals, Inc. (a)
   207,426   59,900,480
          628,811,553
BUILDING PRODUCTS — 0.0% (b)  
Masco Corp.
   129,578   6,047,405
CAPITAL MARKETS — 1.2%  
Ameriprise Financial, Inc.
   86,117   26,814,250
Cboe Global Markets, Inc.
   57,572   7,223,559
Charles Schwab Corp.
   727,226   60,548,837
FactSet Research Systems, Inc.
   18,479   7,413,960
MarketAxess Holdings, Inc.
   14,965   4,173,589
Moody's Corp.
   59,941   16,700,761
MSCI, Inc.
   36,928   17,177,798
Nasdaq, Inc.
   175,620   10,774,287
Raymond James Financial, Inc.
   156,710   16,744,463
          167,571,504
CHEMICALS — 1.6%  
Air Products & Chemicals, Inc.
   179,282   55,265,469
Albemarle Corp.
   94,592   20,513,221
CF Industries Holdings, Inc.
   158,822   13,531,634
Security Description     Shares   Value
Corteva, Inc.
   399,075   $ 23,457,628
FMC Corp.
   101,987   12,727,978
Linde PLC
   243,803   79,523,663
Mosaic Co.
   275,696   12,094,784
          217,114,377
COMMERCIAL SERVICES & SUPPLIES — 0.6%  
Cintas Corp.
   41,221   18,616,228
Copart, Inc. (a)
   346,945   21,125,481
Republic Services, Inc.
   91,446   11,795,620
Rollins, Inc.
   187,393   6,847,340
Waste Management, Inc.
   175,333   27,506,241
          85,890,910
COMMUNICATIONS EQUIPMENT — 0.3%  
Arista Networks, Inc. (a)
   200,353   24,312,837
Motorola Solutions, Inc.
   74,476   19,193,210
          43,506,047
CONSTRUCTION & ENGINEERING — 0.1%  
Quanta Services, Inc.
   115,721   16,490,242
CONSTRUCTION MATERIALS — 0.1%  
Vulcan Materials Co.
   63,492   11,118,084
CONSUMER FINANCE — 0.4%  
American Express Co.
   236,591   34,956,320
Discover Financial Services
   128,313   12,552,861
          47,509,181
DISTRIBUTORS — 0.2%  
Genuine Parts Co.
   82,095   14,244,303
Pool Corp.
   19,957   6,033,600
          20,277,903
ELECTRIC UTILITIES — 0.2%  
NRG Energy, Inc.
   87,612   2,787,814
PG&E Corp. (a)
   1,303,319   21,191,967
          23,979,781
ELECTRICAL EQUIPMENT — 0.1%  
AMETEK, Inc.
   92,941   12,985,717
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.5%  
Amphenol Corp. Class A
   480,749   36,604,229
CDW Corp.
   69,012   12,324,163
Keysight Technologies, Inc. (a)
   78,147   13,368,607
          62,296,999
ENERGY EQUIPMENT & SERVICES — 0.2%  
Schlumberger, Ltd.
   607,122   32,456,742
ENTERTAINMENT — 0.3%  
Activision Blizzard, Inc.
   340,172   26,040,166
Electronic Arts, Inc.
   144,371   17,639,249
          43,679,415
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.9%  
American Tower Corp. REIT
   199,382   42,241,071
Extra Space Storage, Inc. REIT
   54,201   7,977,303
Iron Mountain, Inc. REIT
   148,244   7,389,963
 
See accompanying notes to financial statements.
34

Table of Contents
SPDR PORTFOLIO S&P 500 GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Public Storage REIT
   79,322   $ 22,225,231
SBA Communications Corp. REIT
   48,929   13,715,288
VICI Properties, Inc. REIT
   444,359   14,397,232
Weyerhaeuser Co. REIT
   339,637   10,528,747
          118,474,835
FOOD & STAPLES RETAILING — 0.8%  
Costco Wholesale Corp.
   236,081   107,770,976
FOOD PRODUCTS — 1.1%  
Archer-Daniels-Midland Co.
   217,893   20,231,365
Campbell Soup Co.
   95,914   5,443,120
General Mills, Inc.
   325,953   27,331,159
Hershey Co.
   118,951   27,545,483
Hormel Foods Corp.
   168,736   7,685,925
Kellogg Co.
   113,933   8,116,587
Lamb Weston Holdings, Inc.
   116,406   10,402,040
McCormick & Co., Inc.
   103,387   8,569,748
Mondelez International, Inc. Class A
   595,876   39,715,135
          155,040,562
GAS UTILITIES — 0.1%  
Atmos Energy Corp.
   69,049   7,738,321
HEALTH CARE EQUIPMENT & SUPPLIES — 1.7%  
Abbott Laboratories
   732,792   80,453,234
Boston Scientific Corp. (a)
   614,495   28,432,684
DexCom, Inc. (a)
   312,054   35,336,995
Hologic, Inc. (a)
   202,105   15,119,475
IDEXX Laboratories, Inc. (a)
   32,825   13,391,287
Intuitive Surgical, Inc. (a)
   140,120   37,180,842
ResMed, Inc.
   64,079   13,336,762
          223,251,279
HEALTH CARE PROVIDERS & SERVICES — 4.7%  
Cigna Corp.
   121,079   40,118,316
Elevance Health, Inc.
   193,028   99,017,573
HCA Healthcare, Inc.
   92,696   22,243,332
Humana, Inc.
   65,476   33,536,153
McKesson Corp.
   52,830   19,817,590
Molina Healthcare, Inc. (a)
   47,302   15,620,066
Quest Diagnostics, Inc.
   60,832   9,516,558
UnitedHealth Group, Inc.
   755,440   400,519,179
          640,388,767
HOTELS, RESTAURANTS & LEISURE — 1.7%  
Chipotle Mexican Grill, Inc. (a)
   22,383   31,056,189
Domino's Pizza, Inc.
   13,105   4,539,572
Hilton Worldwide Holdings, Inc.
   105,160   13,288,018
Marriott International, Inc. Class A
   111,133   16,546,592
McDonald's Corp.
   367,095   96,740,545
Starbucks Corp.
   473,111   46,932,611
Yum! Brands, Inc.
   145,953   18,693,660
          227,797,187
Security Description     Shares   Value
HOUSEHOLD DURABLES — 0.1%  
D.R. Horton, Inc.
   126,709   $ 11,294,840
HOUSEHOLD PRODUCTS — 1.6%  
Clorox Co.
   44,884   6,298,572
Colgate-Palmolive Co.
   371,110   29,239,757
Kimberly-Clark Corp.
   131,125   17,800,219
Procter & Gamble Co.
   1,053,588   159,681,797
          213,020,345
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.1%  
AES Corp.
   319,080   9,176,741
INSURANCE — 2.1%  
Aon PLC Class A
   110,330   33,114,446
Arch Capital Group, Ltd. (a)
   299,392   18,795,830
Arthur J Gallagher & Co.
   109,167   20,582,346
Brown & Brown, Inc.
   112,271   6,396,079
Chubb, Ltd.
   191,128   42,162,837
Everest Re Group, Ltd.
   18,319   6,068,535
Globe Life, Inc.
   51,330   6,187,831
Marsh & McLennan Cos., Inc.
   256,502   42,445,951
Principal Financial Group, Inc.
   112,333   9,426,985
Progressive Corp.
   472,797   61,326,499
Travelers Cos., Inc.
   102,387   19,196,539
W R Berkley Corp.
   165,463   12,007,650
          277,711,528
INTERACTIVE MEDIA & SERVICES — 6.0%  
Alphabet, Inc. Class A (a)
   4,828,899   426,053,759
Alphabet, Inc. Class C (a)
   4,280,634   379,820,655
          805,874,414
INTERNET & DIRECT MARKETING RETAIL — 2.1%  
Amazon.com, Inc. (a)
   3,300,544   277,245,696
Etsy, Inc. (a)
   59,026   7,070,134
          284,315,830
IT SERVICES — 5.7%  
Accenture PLC Class A
   249,499   66,576,313
Automatic Data Processing, Inc.
   335,342   80,099,790
Broadridge Financial Solutions, Inc.
   45,738   6,134,838
EPAM Systems, Inc. (a)
   31,713   10,393,619
Fiserv, Inc. (a)
   353,925   35,771,200
FleetCor Technologies, Inc. (a)
   31,638   5,811,268
Gartner, Inc. (a)
   63,986   21,508,254
Jack Henry & Associates, Inc.
   59,003   10,358,567
Mastercard, Inc. Class A
   686,254   238,631,103
Paychex, Inc.
   148,007   17,103,689
VeriSign, Inc. (a)
   36,574   7,513,762
Visa, Inc. Class A
   1,321,789   274,614,883
          774,517,286
LIFE SCIENCES TOOLS & SERVICES — 2.9%  
Agilent Technologies, Inc.
   143,811   21,521,316
Bio-Techne Corp.
   61,005   5,056,095
Danaher Corp.
   529,627   140,573,598
 
See accompanying notes to financial statements.
35

Table of Contents
SPDR PORTFOLIO S&P 500 GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
IQVIA Holdings, Inc. (a)
   72,224   $ 14,797,975
Mettler-Toledo International, Inc. (a)
   11,683   16,887,192
Thermo Fisher Scientific, Inc.
   316,985   174,560,470
Waters Corp. (a)
   48,096   16,476,728
          389,873,374
MACHINERY — 1.5%  
Caterpillar, Inc.
   252,331   60,448,414
Cummins, Inc.
   58,203   14,102,005
Deere & Co.
   222,046   95,204,443
IDEX Corp.
   34,797   7,945,199
Illinois Tool Works, Inc.
   115,161   25,369,968
Snap-on, Inc.
   24,565   5,612,857
          208,682,886
METALS & MINING — 0.6%  
Freeport-McMoRan, Inc.
   1,154,935   43,887,530
Nucor Corp.
   207,679   27,374,169
Steel Dynamics, Inc.
   134,300   13,121,110
          84,382,809
MULTI-UTILITIES — 0.3%  
Sempra Energy
   152,717   23,600,885
WEC Energy Group, Inc.
   132,825   12,453,672
          36,054,557
MULTILINE RETAIL — 0.5%  
Dollar General Corp.
   182,282   44,886,942
Dollar Tree, Inc. (a)
   170,436   24,106,468
          68,993,410
OIL, GAS & CONSUMABLE FUELS — 8.2%  
APA Corp.
   260,238   12,147,910
Chevron Corp.
   1,438,144   258,132,467
ConocoPhillips
   1,007,197   118,849,246
Coterra Energy, Inc.
   638,194   15,680,427
Devon Energy Corp.
   528,105   32,483,739
Diamondback Energy, Inc.
   142,468   19,486,773
EOG Resources, Inc.
   474,737   61,487,936
EQT Corp.
   297,188   10,053,870
Exxon Mobil Corp.
   3,329,466   367,240,100
Hess Corp.
   224,571   31,848,659
Marathon Oil Corp.
   514,115   13,917,093
Marathon Petroleum Corp.
   182,082   21,192,524
Occidental Petroleum Corp.
   587,478   37,005,239
ONEOK, Inc.
   361,784   23,769,209
Pioneer Natural Resources Co.
   191,945   43,838,318
Targa Resources Corp.
   183,237   13,467,919
Williams Cos., Inc.
   983,924   32,371,100
          1,112,972,529
PHARMACEUTICALS — 7.7%  
Bristol-Myers Squibb Co.
   1,718,613   123,654,205
Eli Lilly & Co.
   637,496   233,221,537
Johnson & Johnson
   1,310,444   231,489,933
Merck & Co., Inc.
   2,049,639   227,407,447
Security Description     Shares   Value
Pfizer, Inc.
   4,537,860   $ 232,519,946
          1,048,293,068
PROFESSIONAL SERVICES — 0.4%  
CoStar Group, Inc. (a)
   329,284   25,447,067
Equifax, Inc.
   48,513   9,428,987
Leidos Holdings, Inc.
   71,856   7,558,533
Verisk Analytics, Inc.
   58,224   10,271,878
          52,706,465
ROAD & RAIL — 0.8%  
CSX Corp.
   816,969   25,309,700
JB Hunt Transport Services, Inc.
   67,064   11,693,279
Old Dominion Freight Line, Inc.
   73,389   20,826,330
Union Pacific Corp.
   248,394   51,434,946
          109,264,255
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.0%  
Advanced Micro Devices, Inc. (a)
   703,563   45,569,776
Analog Devices, Inc.
   195,301   32,035,223
Applied Materials, Inc.
   695,325   67,710,749
Broadcom, Inc.
   196,422   109,825,433
Enphase Energy, Inc. (a)
   110,032   29,154,079
First Solar, Inc. (a)
   80,295   12,027,388
KLA Corp.
   114,523   43,178,607
Lam Research Corp.
   110,274   46,348,162
Microchip Technology, Inc.
   218,193   15,328,058
Monolithic Power Systems, Inc.
   36,112   12,769,564
NVIDIA Corp.
   2,013,056   294,188,004
NXP Semiconductors NV
   123,714   19,550,523
ON Semiconductor Corp. (a)
   350,085   21,834,801
QUALCOMM, Inc.
   906,145   99,621,581
SolarEdge Technologies, Inc. (a)
   45,164   12,793,606
Teradyne, Inc.
   61,848   5,402,423
Texas Instruments, Inc.
   462,144   76,355,432
          943,693,409
SOFTWARE — 9.0%  
Adobe, Inc. (a)
   176,620   59,437,929
Autodesk, Inc. (a)
   96,124   17,962,692
Cadence Design Systems, Inc. (a)
   221,647   35,605,374
Fortinet, Inc. (a)
   524,897   25,662,214
Gen Digital, Inc.
   248,731   5,330,305
Intuit, Inc.
   120,692   46,975,740
Microsoft Corp.
   3,495,579   838,309,756
Oracle Corp.
   732,768   59,896,456
Paycom Software, Inc. (a)
   39,336   12,206,354
PTC, Inc. (a)
   85,595   10,274,824
ServiceNow, Inc. (a)
   163,260   63,388,960
Synopsys, Inc. (a)
   123,492   39,429,761
Tyler Technologies, Inc. (a)
   15,826   5,102,461
          1,219,582,826
 
See accompanying notes to financial statements.
36

Table of Contents
SPDR PORTFOLIO S&P 500 GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
SPECIALTY RETAIL — 2.8%  
AutoZone, Inc. (a)
   15,324   $ 37,791,742
Home Depot, Inc.
   438,623   138,543,461
Lowe's Cos., Inc.
   346,117   68,960,351
O'Reilly Automotive, Inc. (a)
   50,601   42,708,762
TJX Cos., Inc.
   600,449   47,795,741
Tractor Supply Co.
   89,467   20,127,391
Ulta Beauty, Inc. (a)
   41,485   19,459,369
          375,386,817
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 11.6%  
Apple, Inc.
   12,089,935   1,570,845,255
TOBACCO — 0.8%  
Altria Group, Inc.
   752,900   34,415,059
Philip Morris International, Inc.
   676,571   68,475,751
          102,890,810
TRADING COMPANIES & DISTRIBUTORS — 0.2%  
Fastenal Co.
   227,263   10,754,085
W.W. Grainger, Inc.
   36,411   20,253,619
          31,007,704
WIRELESS TELECOMMUNICATION SERVICES — 0.3%  
T-Mobile US, Inc. (a)
   328,112   45,935,680
TOTAL COMMON STOCKS

(Cost $14,125,959,555)
         13,522,620,580
Security Description     Shares   Value
SHORT-TERM INVESTMENT — 0.1%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c) (d)

(Cost $6,952,700)
   6,951,142   $ 6,952,532
TOTAL INVESTMENTS — 100.0%

(Cost $14,132,912,255)
   13,529,573,112  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0% (b)
   6,354,296  
NET ASSETS — 100.0%
   $13,535,927,408  
(a) Non-income producing security.
(b) Amount is less than 0.05% of net assets.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
REIT Real Estate Investment Trust
 
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
   $13,522,620,580   $—   $—   $13,522,620,580
Short-Term Investment
   6,952,532   —   —   6,952,532
TOTAL INVESTMENTS
   $ 13,529,573,112   $—   $—   $ 13,529,573,112
 
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
 8,873,678   $ 8,872,791   $102,472,566   $104,398,197   $5,458   $(86)   6,951,142   $6,952,532   $179,664
State Street Navigator Securities Lending Portfolio II
 4,385,456   4,385,456   41,153,885   45,539,341   —   —   —   —   1,528
Total
     $13,258,247   $143,626,451   $149,937,538   $5,458   $(86)       $6,952,532   $181,192
See accompanying notes to financial statements.
37

Table of Contents
SPDR PORTFOLIO S&P 500 HIGH DIVIDEND ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.4%          
BANKS — 11.0%          
Citigroup, Inc.
     1,814,485   $ 82,069,157
Citizens Financial Group, Inc.
     2,535,583   99,825,903
Comerica, Inc.
     1,207,595   80,727,726
Huntington Bancshares, Inc. (a)
     7,238,685   102,065,458
KeyCorp. (a)
     5,213,482   90,818,856
PNC Financial Services Group, Inc.
     581,384   91,823,789
Regions Financial Corp. (a)
     4,554,088   98,186,137
Truist Financial Corp.
     1,956,576   84,191,465
US Bancorp
     1,973,942   86,083,611
          815,792,102
BIOTECHNOLOGY — 3.2%          
AbbVie, Inc.
     634,714   102,576,130
Gilead Sciences, Inc.
     1,548,606   132,947,825
          235,523,955
CAPITAL MARKETS — 6.5%          
Franklin Resources, Inc.
     3,725,210   98,271,040
Invesco, Ltd. (a)
     5,508,437   99,096,782
Morgan Stanley
     1,143,308   97,204,046
State Street Corp.
     1,382,595   107,247,894
T Rowe Price Group, Inc. (a)
     776,738   84,711,046
          486,530,808
CHEMICALS — 2.5%          
Dow, Inc.
     1,849,602   93,201,445
LyondellBasell Industries NV Class A
     1,085,065   90,092,947
          183,294,392
CONTAINERS & PACKAGING — 2.2%          
Amcor PLC
     7,464,053   88,896,871
International Paper Co. (a)
     2,180,850   75,522,836
          164,419,707
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.4%          
AT&T, Inc.
     5,111,105   94,095,443
Verizon Communications, Inc.
     2,118,872   83,483,557
          177,579,000
ELECTRIC UTILITIES — 11.6%          
Duke Energy Corp.
     897,094   92,391,711
Edison International
     1,536,705   97,765,172
Entergy Corp.
     861,831   96,955,988
Evergy, Inc.
     1,462,356   92,026,063
FirstEnergy Corp.
     2,459,565   103,154,156
NRG Energy, Inc.
     2,643,292   84,109,551
Pinnacle West Capital Corp.
     1,341,702   102,023,020
PPL Corp.
     3,448,473   100,764,381
Security Description     Shares   Value
Southern Co.
     1,309,129   $ 93,484,902
          862,674,944
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 14.0%          
Boston Properties, Inc. REIT
     1,063,832   71,893,767
Digital Realty Trust, Inc. REIT
     739,193   74,118,882
Federal Realty Investment Trust REIT
     916,130   92,565,775
Healthpeak Properties, Inc. REIT
     3,509,333   87,978,978
Iron Mountain, Inc. REIT (a)
     1,989,573   99,180,214
Kimco Realty Corp. REIT
     4,384,439   92,862,418
Realty Income Corp. REIT
     1,320,029   83,729,440
Regency Centers Corp. REIT
     1,497,045   93,565,313
Simon Property Group, Inc. REIT
     908,990   106,788,145
Ventas, Inc. REIT
     1,819,004   81,946,130
VICI Properties, Inc. REIT (a)
     2,844,620   92,165,688
Vornado Realty Trust REIT (a)
     3,179,094   66,156,946
          1,042,951,696
FOOD & STAPLES RETAILING — 1.2%          
Walgreens Boots Alliance, Inc. (a)
     2,432,471   90,877,116
FOOD PRODUCTS — 2.8%          
Conagra Brands, Inc.
     2,802,360   108,451,332
Kraft Heinz Co.
     2,459,614   100,130,886
          208,582,218
HEALTH CARE PROVIDERS & SERVICES — 1.7%          
Cardinal Health, Inc.
     1,652,128   126,999,079
HOTELS, RESTAURANTS & LEISURE — 1.4%          
Darden Restaurants, Inc.
     775,837   107,321,532
HOUSEHOLD DURABLES — 1.9%          
Newell Brands, Inc. (a)
     4,666,194   61,033,818
Whirlpool Corp. (a)
     561,431   79,420,029
          140,453,847
HOUSEHOLD PRODUCTS — 1.3%          
Kimberly-Clark Corp. (a)
     711,916   96,642,597
INDUSTRIAL CONGLOMERATES — 1.1%          
3M Co.
     702,208   84,208,783
INSURANCE — 3.8%          
Lincoln National Corp.
     1,898,170   58,311,782
Principal Financial Group, Inc. (a)
     1,473,277   123,637,406
 
See accompanying notes to financial statements.
38

Table of Contents
SPDR PORTFOLIO S&P 500 HIGH DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Prudential Financial, Inc. (a)
     986,763   $ 98,143,448
          280,092,636
IT SERVICES — 1.4%          
International Business Machines Corp. (a)
     734,953   103,547,528
MEDIA — 3.8%          
Interpublic Group of Cos., Inc.
     3,195,888   106,455,029
Omnicom Group, Inc. (a)
     1,366,703   111,481,964
Paramount Global Class B
     3,727,978   62,928,269
          280,865,262
METALS & MINING — 1.2%          
Newmont Corp.
     1,832,780   86,507,216
MULTI-UTILITIES — 3.6%          
Consolidated Edison, Inc.
     1,019,701   97,187,702
Dominion Energy, Inc.
     1,217,713   74,670,161
Public Service Enterprise Group, Inc.
     1,564,905   95,881,730
          267,739,593
OIL, GAS & CONSUMABLE FUELS — 10.3%          
Chevron Corp.
     653,017   117,210,021
Exxon Mobil Corp.
     1,081,365   119,274,560
Kinder Morgan, Inc.
     5,328,456   96,338,484
ONEOK, Inc. (a)
     1,625,293   106,781,750
Phillips 66
     1,113,959   115,940,853
Valero Energy Corp. (a)
     906,046   114,940,996
Williams Cos., Inc.
     2,907,980   95,672,542
          766,159,206
PHARMACEUTICALS — 2.6%          
Organon & Co. (a)
     2,946,849   82,305,493
Viatris, Inc.
     9,859,825   109,739,852
          192,045,345
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.9%          
Intel Corp.
     2,403,175   63,515,915
SPECIALTY RETAIL — 1.3%          
Best Buy Co., Inc. (a)
     1,227,211   98,434,594
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 2.3%          
Hewlett Packard Enterprise Co.
     6,838,450   109,141,662
Security Description     Shares   Value
Seagate Technology Holdings PLC
     1,226,216   $ 64,511,224
          173,652,886
TEXTILES, APPAREL & LUXURY GOODS — 0.7%          
VF Corp.
     1,985,371   54,816,093
TOBACCO — 2.7%          
Altria Group, Inc.
     2,187,170   99,975,541
Philip Morris International, Inc.
     982,397   99,428,400
          199,403,941
TOTAL COMMON STOCKS

(Cost $7,890,309,000)
         7,390,631,991
       
SHORT-TERM INVESTMENTS — 2.6%  
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (b)  (c)
 13,394,209 13,396,888
State Street Navigator Securities Lending Portfolio II (d)  (e)
 178,948,114 178,948,114
TOTAL SHORT-TERM INVESTMENTS

(Cost $192,343,238)
     192,345,002
TOTAL INVESTMENTS — 102.0%

(Cost $8,082,652,238)
 7,582,976,993
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.0)%
 (148,079,119)
NET ASSETS — 100.0%
 $ 7,434,897,874
(a) All or a portion of the shares of the security are on loan at December 31, 2022.
(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at December 31, 2022.
(d) 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.
(e) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
39

Table of Contents
SPDR PORTFOLIO S&P 500 HIGH DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
At December 31, 2022, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
E-mini S&P 500 Index (long)   183   03/17/2023   $36,497,776   $35,328,150   $(1,169,626)
 
During the period ended December 31, 2022, average notional value related to futures contracts was $35,693,170.
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
   $7,390,631,991   $—   $—   $7,390,631,991
Short-Term Investments
   192,345,002   —   —   192,345,002
TOTAL INVESTMENTS
   $7,582,976,993   $—   $—   $7,582,976,993
LIABILITIES:                
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   (1,169,626)   —   —   (1,169,626)
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ (1,169,626)   $—   $—   $ (1,169,626)
(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
 21,462,675   $21,460,529   $ 243,238,400   $ 251,309,443   $5,599   $1,803   13,394,209   $ 13,396,888   $327,300
State Street Navigator Securities Lending Portfolio II
 34,115,540   34,115,540   932,033,028   787,200,454   —   —   178,948,114   178,948,114   305,739
Total
     $55,576,069   $1,175,271,428   $1,038,509,897   $5,599   $1,803       $192,345,002   $633,039
See accompanying notes to financial statements.
40

Table of Contents
SPDR PORTFOLIO S&P 500 VALUE ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 2.7%  
Boeing Co. (a)
   550,036   $ 104,776,358
General Dynamics Corp.
   103,848   25,765,727
Howmet Aerospace, Inc.
   361,460   14,245,139
Huntington Ingalls Industries, Inc.
   39,173   9,036,428
L3Harris Technologies, Inc.
   93,464   19,460,139
Lockheed Martin Corp.
   66,452   32,328,233
Northrop Grumman Corp.
   39,760   21,693,453
Raytheon Technologies Corp.
   1,443,277   145,655,515
Textron, Inc.
   204,931   14,509,115
TransDigm Group, Inc.
   26,835   16,896,658
          404,366,765
AIR FREIGHT & LOGISTICS — 1.1%  
C.H. Robinson Worldwide, Inc.
   53,175   4,868,703
FedEx Corp.
   235,017   40,704,945
United Parcel Service, Inc. Class B
   716,517   124,559,315
          170,132,963
AIRLINES — 0.4%  
Alaska Air Group, Inc. (a)
   124,524   5,347,061
American Airlines Group, Inc. (a)  (b)
   638,048   8,115,970
Delta Air Lines, Inc. (a)
   629,503   20,685,469
Southwest Airlines Co.
   582,931   19,627,287
United Airlines Holdings, Inc. (a)
   320,942   12,099,513
          65,875,300
AUTO COMPONENTS — 0.2%  
Aptiv PLC (a)
   265,991   24,771,742
BorgWarner, Inc.
   229,927   9,254,562
          34,026,304
AUTOMOBILES — 0.6%  
Ford Motor Co.
   3,877,625   45,096,779
General Motors Co.
   1,394,777   46,920,298
          92,017,077
BANKS — 8.0%  
Bank of America Corp.
   6,852,318   226,948,772
Citigroup, Inc.
   1,901,522   86,005,840
Citizens Financial Group, Inc.
   483,496   19,035,238
Comerica, Inc.
   128,609   8,597,512
Fifth Third Bancorp
   673,915   22,111,151
First Republic Bank
   179,581   21,889,128
Huntington Bancshares, Inc.
   1,416,433   19,971,705
JPMorgan Chase & Co.
   2,879,730   386,171,793
KeyCorp.
   915,981   15,956,389
M&T Bank Corp.
   169,486   24,585,639
PNC Financial Services Group, Inc.
   395,974   62,540,134
Regions Financial Corp.
   917,413   19,779,424
Signature Bank
   61,785   7,118,868
SVB Financial Group (a)
   57,983   13,344,208
Truist Financial Corp.
   1,302,545   56,048,511
Security Description     Shares   Value
US Bancorp
   1,327,477   $ 57,891,272
Wells Fargo & Co.
   3,741,045   154,467,748
Zions Bancorp NA
   146,901   7,221,653
          1,209,684,985
BEVERAGES — 0.9%  
Brown-Forman Corp. Class B
   80,748   5,303,529
Coca-Cola Co.
   1,337,404   85,072,268
Constellation Brands, Inc. Class A
   70,121   16,250,542
Keurig Dr. Pepper, Inc.
   417,164   14,876,068
Molson Coors Beverage Co. Class B
   184,596   9,510,386
          131,012,793
BIOTECHNOLOGY — 0.1%  
Biogen, Inc. (a)
   74,964   20,759,031
BUILDING PRODUCTS — 0.9%  
A.O. Smith Corp.
   124,555   7,129,528
Allegion PLC
   86,235   9,077,096
Carrier Global Corp.
   821,056   33,868,560
Johnson Controls International PLC
   676,149   43,273,536
Masco Corp.
   64,187   2,995,608
Trane Technologies PLC
   226,101   38,005,317
          134,349,645
CAPITAL MARKETS — 5.2%  
Bank of New York Mellon Corp.
   722,139   32,871,767
BlackRock, Inc.
   147,461   104,495,288
Cboe Global Markets, Inc.
   34,329   4,307,260
Charles Schwab Corp.
   613,981   51,120,058
CME Group, Inc.
   353,142   59,384,359
FactSet Research Systems, Inc.
   14,969   6,005,713
Franklin Resources, Inc.
   278,898   7,357,329
Goldman Sachs Group, Inc.
   332,485   114,168,699
Intercontinental Exchange, Inc.
   548,339   56,254,098
Invesco, Ltd.
   446,484   8,032,247
MarketAxess Holdings, Inc.
   18,805   5,244,526
Moody's Corp.
   82,024   22,853,527
Morgan Stanley
   1,294,225   110,035,010
MSCI, Inc.
   33,723   15,686,928
Nasdaq, Inc.
   119,771   7,347,951
Northern Trust Corp.
   204,587   18,103,904
S&P Global, Inc.
   326,925   109,500,260
State Street Corp. (c)
   360,234   27,943,351
T Rowe Price Group, Inc.
   219,371   23,924,601
          784,636,876
CHEMICALS — 2.2%  
Celanese Corp.
   97,974   10,016,862
Corteva, Inc.
   217,458   12,782,181
Dow, Inc.
   690,943   34,816,618
DuPont de Nemours, Inc. (b)
   487,759   33,474,900
Eastman Chemical Co.
   117,788   9,592,655
Ecolab, Inc.
   243,256   35,408,343
International Flavors & Fragrances, Inc.
   250,296   26,241,033
 
See accompanying notes to financial statements.
41

Table of Contents
SPDR PORTFOLIO S&P 500 VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Linde PLC
   189,261   $ 61,733,153
LyondellBasell Industries NV Class A
   249,350   20,703,530
PPG Industries, Inc.
   230,773   29,017,397
Sherwin-Williams Co.
   231,543   54,952,100
          328,738,772
COMMERCIAL SERVICES & SUPPLIES — 0.3%  
Cintas Corp.
   34,699   15,670,763
Republic Services, Inc.
   90,777   11,709,325
Waste Management, Inc.
   150,325   23,582,986
          50,963,074
COMMUNICATIONS EQUIPMENT — 1.5%  
Cisco Systems, Inc.
   4,031,123   192,042,700
F5, Inc. (a)
   58,811   8,439,967
Juniper Networks, Inc.
   318,641   10,183,766
Motorola Solutions, Inc.
   73,837   19,028,533
          229,694,966
CONSTRUCTION MATERIALS — 0.2%  
Martin Marietta Materials, Inc.
   60,974   20,607,383
Vulcan Materials Co.
   53,510   9,370,136
          29,977,519
CONSUMER FINANCE — 0.7%  
American Express Co.
   299,281   44,218,768
Capital One Financial Corp.
   374,722   34,834,157
Discover Financial Services
   112,631   11,018,691
Synchrony Financial
   442,339   14,535,259
          104,606,875
CONTAINERS & PACKAGING — 0.6%  
Amcor PLC
   1,461,890   17,411,110
Avery Dennison Corp.
   79,472   14,384,432
Ball Corp.
   308,232   15,762,985
International Paper Co.
   349,195   12,092,623
Packaging Corp. of America
   90,877   11,624,077
Sealed Air Corp.
   141,996   7,082,760
Westrock Co.
   249,652   8,777,764
          87,135,751
DISTRIBUTORS — 0.2%  
Genuine Parts Co.
   38,751   6,723,686
LKQ Corp.
   249,185   13,308,971
Pool Corp.
   14,202   4,293,690
          24,326,347
DIVERSIFIED FINANCIAL SERVICES — 3.6%  
Berkshire Hathaway, Inc. Class B (a)
   1,768,844   546,395,912
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.0%  
AT&T, Inc.
   6,997,069   128,816,040
Lumen Technologies, Inc. (b)
   934,463   4,877,897
Verizon Communications, Inc.
   4,123,274   162,456,996
          296,150,933
ELECTRIC UTILITIES — 4.2%  
Alliant Energy Corp.
   246,475   13,607,885
Security Description     Shares   Value
American Electric Power Co., Inc.
   504,508   $ 47,903,035
Constellation Energy Corp.
   321,029   27,675,910
Duke Energy Corp.
   756,018   77,862,294
Edison International
   374,893   23,850,693
Entergy Corp.
   199,804   22,477,950
Evergy, Inc.
   225,353   14,181,464
Eversource Energy
   341,960   28,669,926
Exelon Corp.
   975,597   42,175,058
FirstEnergy Corp.
   533,303   22,366,728
NextEra Energy, Inc.
   1,950,963   163,100,507
NRG Energy, Inc.
   119,838   3,813,245
Pinnacle West Capital Corp.
   111,050   8,444,242
PPL Corp.
   722,898   21,123,079
Southern Co.
   1,068,798   76,322,865
Xcel Energy, Inc.
   537,263   37,667,509
          631,242,390
ELECTRICAL EQUIPMENT — 1.1%  
AMETEK, Inc.
   112,701   15,746,584
Eaton Corp. PLC
   390,430   61,277,988
Emerson Electric Co.
   580,553   55,767,921
Generac Holdings, Inc. (a)
   62,201   6,261,153
Rockwell Automation, Inc.
   112,718   29,032,775
          168,086,421
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.8%  
CDW Corp.
   49,151   8,777,386
Corning, Inc.
   747,357   23,870,582
Keysight Technologies, Inc. (a)
   80,710   13,807,060
TE Connectivity, Ltd.
   312,267   35,848,252
Teledyne Technologies, Inc. (a)
   46,024   18,405,458
Trimble, Inc. (a)
   242,116   12,241,385
Zebra Technologies Corp. Class A (a)
   50,735   13,008,961
          125,959,084
ENERGY EQUIPMENT & SERVICES — 0.7%  
Baker Hughes Co.
   983,184   29,033,424
Halliburton Co.
   891,527   35,081,587
Schlumberger, Ltd.
   654,311   34,979,466
          99,094,477
ENTERTAINMENT — 2.4%  
Activision Blizzard, Inc.
   286,687   21,945,890
Electronic Arts, Inc.
   82,437   10,072,153
Live Nation Entertainment, Inc. (a)
   140,233   9,779,849
Netflix, Inc. (a)
   436,889   128,829,828
Take-Two Interactive Software, Inc. (a)  (b)
   154,882   16,127,863
Walt Disney Co. (a)
   1,789,822   155,499,735
Warner Bros Discovery, Inc. (a)
   2,169,569   20,567,514
          362,822,832
 
See accompanying notes to financial statements.
42

Table of Contents
SPDR PORTFOLIO S&P 500 VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 4.5%  
Alexandria Real Estate Equities, Inc. REIT
   146,611   $ 21,356,824
American Tower Corp. REIT
   214,881   45,524,689
AvalonBay Communities, Inc. REIT
   137,379   22,189,456
Boston Properties, Inc. REIT
   140,046   9,464,309
Camden Property Trust REIT
   104,558   11,697,949
Crown Castle, Inc. REIT
   425,184   57,671,958
Digital Realty Trust, Inc. REIT
   282,252   28,301,408
Equinix, Inc. REIT
   90,881   59,529,781
Equity Residential REIT
   333,932   19,701,988
Essex Property Trust, Inc. REIT
   63,557   13,468,999
Extra Space Storage, Inc. REIT
   65,697   9,669,285
Federal Realty Investment Trust REIT
   71,734   7,248,003
Healthpeak Properties, Inc. REIT
   527,753   13,230,768
Host Hotels & Resorts, Inc. REIT
   701,982   11,266,811
Invitation Homes, Inc. REIT
   570,234   16,901,736
Iron Mountain, Inc. REIT
   105,643   5,266,304
Kimco Realty Corp. REIT
   607,178   12,860,030
Mid-America Apartment Communities, Inc. REIT
   113,412   17,804,550
Prologis, Inc. REIT
   906,211   102,157,166
Public Storage REIT
   59,013   16,534,853
Realty Income Corp. REIT
   615,719   39,055,056
Regency Centers Corp. REIT
   151,176   9,448,500
SBA Communications Corp. REIT
   46,639   13,073,378
Simon Property Group, Inc. REIT
   320,959   37,706,263
UDR, Inc. REIT
   300,465   11,637,009
Ventas, Inc. REIT
   392,402   17,677,710
VICI Properties, Inc. REIT
   406,570   13,172,868
Vornado Realty Trust REIT
   158,122   3,290,519
Welltower, Inc. REIT
   463,939   30,411,201
Weyerhaeuser Co. REIT
   310,680   9,631,080
          686,950,451
FOOD & STAPLES RETAILING — 2.4%  
Costco Wholesale Corp.
   147,742   67,444,223
Kroger Co.
   639,501   28,508,955
Sysco Corp.
   497,531   38,036,245
Walgreens Boots Alliance, Inc.
   704,745   26,329,273
Walmart, Inc.
   1,385,670   196,474,149
          356,792,845
FOOD PRODUCTS — 1.3%  
Archer-Daniels-Midland Co.
   275,033   25,536,814
Campbell Soup Co.
   80,805   4,585,684
Conagra Brands, Inc.
   470,485   18,207,769
General Mills, Inc.
   186,471   15,635,593
Hormel Foods Corp.
   79,556   3,623,776
JM Smucker Co.
   104,586   16,572,698
Kellogg Co.
   113,126   8,059,096
Security Description     Shares   Value
Kraft Heinz Co.
   781,659   $ 31,821,338
McCormick & Co., Inc.
   120,527   9,990,483
Mondelez International, Inc. Class A
   616,718   41,104,255
Tyson Foods, Inc. Class A
   284,378   17,702,530
          192,840,036
GAS UTILITIES — 0.0% (d)  
Atmos Energy Corp.
   53,574   6,004,038
HEALTH CARE EQUIPMENT & SUPPLIES — 4.1%  
Abbott Laboratories
   821,690   90,213,345
Align Technology, Inc. (a)
   71,304   15,038,014
Baxter International, Inc.
   494,964   25,228,315
Becton Dickinson & Co.
   279,995   71,202,728
Boston Scientific Corp. (a)
   660,914   30,580,491
Cooper Cos., Inc.
   48,425   16,012,695
DENTSPLY SIRONA, Inc.
   210,981   6,717,635
Edwards Lifesciences Corp. (a)
   606,983   45,287,002
IDEXX Laboratories, Inc. (a)
   41,435   16,903,823
Intuitive Surgical, Inc. (a)
   176,964   46,957,397
Medtronic PLC
   1,304,955   101,421,103
ResMed, Inc.
   66,201   13,778,414
STERIS PLC
   98,041   18,107,192
Stryker Corp.
   330,686   80,849,420
Teleflex, Inc.
   46,058   11,497,458
Zimmer Biomet Holdings, Inc.
   205,994   26,264,235
          616,059,267
HEALTH CARE PROVIDERS & SERVICES — 2.5%  
AmerisourceBergen Corp.
   158,973   26,343,416
Cardinal Health, Inc.
   257,346   19,782,187
Centene Corp. (a)
   555,905   45,589,769
Cigna Corp.
   153,114   50,732,793
CVS Health Corp.
   1,290,038   120,218,641
DaVita, Inc. (a)
   53,965   4,029,567
HCA Healthcare, Inc.
   95,729   22,971,131
Henry Schein, Inc. (a)
   133,066   10,627,981
Humana, Inc.
   44,768   22,929,722
Laboratory Corp. of America Holdings
   86,967   20,478,989
McKesson Corp.
   75,204   28,210,525
Quest Diagnostics, Inc.
   38,026   5,948,787
Universal Health Services, Inc. Class B
   62,978   8,872,970
          386,736,478
HOTELS, RESTAURANTS & LEISURE — 2.3%  
Booking Holdings, Inc. (a)
   38,092   76,766,046
Caesars Entertainment, Inc. (a)
   210,646   8,762,874
Carnival Corp. (a)  (b)
   983,153   7,924,213
Darden Restaurants, Inc.
   120,128   16,617,306
Domino's Pizza, Inc.
   18,728   6,487,379
Expedia Group, Inc. (a)
   147,821   12,949,120
Hilton Worldwide Holdings, Inc.
   138,096   17,449,810
Las Vegas Sands Corp. (a)  (b)
   322,570   15,505,940
Marriott International, Inc. Class A
   129,469   19,276,639
 
See accompanying notes to financial statements.
43

Table of Contents
SPDR PORTFOLIO S&P 500 VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
McDonald's Corp.
   273,234   $ 72,005,356
MGM Resorts International
   312,903   10,491,638
Norwegian Cruise Line Holdings, Ltd. (a)
   413,694   5,063,615
Royal Caribbean Cruises, Ltd. (a)  (b)
   215,484   10,651,374
Starbucks Corp.
   552,216   54,779,827
Wynn Resorts, Ltd. (a)  (b)
   101,234   8,348,768
Yum! Brands, Inc.
   99,578   12,753,950
          355,833,855
HOUSEHOLD DURABLES — 0.6%  
D.R. Horton, Inc. (b)
   153,669   13,698,055
Garmin, Ltd.
   150,502   13,889,830
Lennar Corp. Class A
   250,107   22,634,683
Mohawk Industries, Inc. (a)
   51,804   5,295,405
Newell Brands, Inc. (b)
   369,490   4,832,929
NVR, Inc. (a)
   2,913   13,436,446
PulteGroup, Inc.
   223,689   10,184,560
Whirlpool Corp. (b)
   53,496   7,567,544
          91,539,452
HOUSEHOLD PRODUCTS — 1.6%  
Church & Dwight Co., Inc.
   239,442   19,301,420
Clorox Co.
   66,666   9,355,240
Colgate-Palmolive Co.
   368,966   29,070,831
Kimberly-Clark Corp.
   172,282   23,387,281
Procter & Gamble Co.
   1,046,960   158,677,258
          239,792,030
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.0% (d)  
AES Corp.
   268,907   7,733,765
INDUSTRIAL CONGLOMERATES — 2.0%  
3M Co.
   542,687   65,079,025
General Electric Co.
   1,072,768   89,887,231
Honeywell International, Inc.
   660,076   141,454,287
          296,420,543
INSURANCE — 2.9%  
Aflac, Inc.
   555,486   39,961,664
Allstate Corp.
   260,344   35,302,647
American International Group, Inc.
   729,454   46,130,671
Aon PLC Class A
   69,059   20,727,368
Arthur J Gallagher & Co.
   74,558   14,057,165
Assurant, Inc.
   51,899   6,490,489
Brown & Brown, Inc.
   94,607   5,389,761
Chubb, Ltd.
   175,262   38,662,797
Cincinnati Financial Corp.
   154,333   15,802,156
Everest Re Group, Ltd.
   16,142   5,347,360
Globe Life, Inc.
   26,603   3,206,992
Hartford Financial Services Group, Inc.
   312,285   23,680,572
Lincoln National Corp.
   151,151   4,643,359
Loews Corp.
   193,483   11,285,863
Marsh & McLennan Cos., Inc.
   175,352   29,017,249
MetLife, Inc.
   647,049   46,826,936
Security Description     Shares   Value
Principal Financial Group, Inc.
   87,109   $ 7,310,187
Prudential Financial, Inc.
   361,262   35,931,119
Travelers Cos., Inc.
   105,872   19,849,941
Willis Towers Watson PLC
   106,297   25,998,120
          435,622,416
INTERACTIVE MEDIA & SERVICES — 1.8%  
Match Group, Inc. (a)
   274,189   11,376,101
Meta Platforms, Inc. Class A (a)
   2,207,702   265,674,859
          277,050,960
INTERNET & DIRECT MARKETING RETAIL — 2.8%  
Amazon.com, Inc. (a)
   4,705,398   395,253,432
eBay, Inc.
   532,736   22,092,562
Etsy, Inc. (a)
   51,858   6,211,551
          423,557,545
IT SERVICES — 3.1%  
Accenture PLC Class A
   315,523   84,194,157
Akamai Technologies, Inc. (a)
   154,389   13,014,993
Broadridge Financial Solutions, Inc.
   60,091   8,060,006
Cognizant Technology Solutions Corp. Class A
   504,563   28,855,958
DXC Technology Co. (a)
   225,866   5,985,449
EPAM Systems, Inc. (a)
   18,038   5,911,774
Fidelity National Information Services, Inc.
   582,569   39,527,307
Fiserv, Inc. (a)
   193,284   19,535,214
FleetCor Technologies, Inc. (a)
   33,996   6,244,385
Global Payments, Inc.
   265,458   26,365,288
International Business Machines Corp.
   887,644   125,060,163
Paychex, Inc.
   135,371   15,643,473
PayPal Holdings, Inc. (a)
   1,119,266   79,714,124
VeriSign, Inc. (a)
   46,188   9,488,863
          467,601,154
LEISURE EQUIPMENT & PRODUCTS — 0.1%  
Hasbro, Inc.
   127,423   7,774,077
LIFE SCIENCES TOOLS & SERVICES — 0.9%  
Agilent Technologies, Inc.
   116,262   17,398,608
Bio-Rad Laboratories, Inc. Class A (a)
   21,166   8,900,091
Bio-Techne Corp.
   80,107   6,639,268
Charles River Laboratories International, Inc. (a)
   49,911   10,875,607
Illumina, Inc. (a)
   154,446   31,228,981
IQVIA Holdings, Inc. (a)
   94,806   19,424,801
Mettler-Toledo International, Inc. (a)
   7,662   11,075,038
PerkinElmer, Inc.
   123,929   17,377,325
West Pharmaceutical Services, Inc.
   72,650   17,098,178
          140,017,897
MACHINERY — 2.2%  
Caterpillar, Inc.
   204,342   48,952,170
 
See accompanying notes to financial statements.
44

Table of Contents
SPDR PORTFOLIO S&P 500 VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Cummins, Inc.
   67,867   $ 16,443,496
Dover Corp.
   137,822   18,662,477
Fortive Corp.
   347,389   22,319,743
IDEX Corp.
   31,831   7,267,972
Illinois Tool Works, Inc.
   134,449   29,619,115
Ingersoll Rand, Inc.
   397,532   20,771,047
Nordson Corp.
   52,818   12,555,895
Otis Worldwide Corp.
   409,030   32,031,139
PACCAR, Inc.
   341,437   33,792,020
Parker-Hannifin Corp.
   126,045   36,679,095
Pentair PLC
   161,521   7,265,215
Snap-on, Inc.
   22,451   5,129,829
Stanley Black & Decker, Inc.
   145,276   10,913,133
Westinghouse Air Brake Technologies Corp.
   178,556   17,821,674
Xylem, Inc.
   176,960   19,566,467
          339,790,487
MEDIA — 1.6%  
Charter Communications, Inc. Class A (a)  (b)
   105,497   35,774,033
Comcast Corp. Class A
   4,235,305   148,108,616
DISH Network Corp. Class A (a)  (b)
   246,796   3,465,016
Fox Corp. Class A
   296,943   9,018,159
Fox Corp. Class B
   136,826   3,892,700
Interpublic Group of Cos., Inc.
   381,437   12,705,666
News Corp. Class A
   375,355   6,831,461
News Corp. Class B (b)
   115,760   2,134,614
Omnicom Group, Inc.
   200,223   16,332,190
Paramount Global Class B
   495,846   8,369,880
          246,632,335
METALS & MINING — 0.2%  
Newmont Corp.
   779,264   36,781,261
MULTI-UTILITIES — 1.6%  
Ameren Corp.
   253,843   22,571,719
CenterPoint Energy, Inc.
   618,029   18,534,690
CMS Energy Corp.
   284,994   18,048,670
Consolidated Edison, Inc.
   348,412   33,207,148
Dominion Energy, Inc.
   818,080   50,164,665
DTE Energy Co.
   190,181   22,351,973
NiSource, Inc.
   398,704   10,932,464
Public Service Enterprise Group, Inc.
   489,854   30,013,354
Sempra Energy
   123,453   19,078,427
WEC Energy Group, Inc.
   148,638   13,936,299
          238,839,409
MULTILINE RETAIL — 0.4%  
Target Corp.
   451,862   67,345,512
OIL, GAS & CONSUMABLE FUELS — 1.0%  
Kinder Morgan, Inc.
   1,941,993   35,111,234
Marathon Petroleum Corp.
   239,283   27,850,148
Phillips 66
   464,047   48,298,012
Valero Energy Corp.
   378,526   48,019,808
          159,279,202
Security Description     Shares   Value
PERSONAL PRODUCTS — 0.4%  
Estee Lauder Cos., Inc. Class A
   227,035   $ 56,329,654
PHARMACEUTICALS — 1.8%  
Catalent, Inc. (a)
   176,710   7,953,717
Johnson & Johnson
   975,366   172,298,404
Organon & Co.
   249,716   6,974,568
Viatris, Inc.
   1,190,582   13,251,178
Zoetis, Inc.
   457,590   67,059,814
          267,537,681
PROFESSIONAL SERVICES — 0.4%  
Equifax, Inc.
   61,319   11,917,961
Jacobs Solutions, Inc.
   125,269   15,041,049
Leidos Holdings, Inc.
   46,966   4,940,353
Robert Half International, Inc.
   106,550   7,866,586
Verisk Analytics, Inc.
   82,942   14,632,628
          54,398,577
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.2%  
CBRE Group, Inc. Class A (a)
   310,200   23,872,992
ROAD & RAIL — 1.0%  
CSX Corp.
   1,073,335   33,251,918
Norfolk Southern Corp.
   227,272   56,004,366
Union Pacific Corp.
   301,814   62,496,625
          151,752,909
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.0%  
Advanced Micro Devices, Inc. (a)
   728,197   47,165,320
Analog Devices, Inc.
   267,607   43,895,576
Broadcom, Inc.
   159,022   88,913,971
Intel Corp.
   4,051,788   107,088,757
Microchip Technology, Inc.
   275,366   19,344,461
Micron Technology, Inc.
   1,067,340   53,345,653
NXP Semiconductors NV
   104,269   16,477,630
Qorvo, Inc. (a)
   99,560   9,024,118
Skyworks Solutions, Inc.
   157,497   14,352,702
Teradyne, Inc.
   77,985   6,811,990
Texas Instruments, Inc.
   329,657   54,465,930
          460,886,108
SOFTWARE — 7.6%  
Adobe, Inc. (a)
   241,895   81,404,924
ANSYS, Inc. (a)
   85,524   20,661,743
Autodesk, Inc. (a)
   95,341   17,816,373
Ceridian HCM Holding, Inc. (a)  (b)
   150,758   9,671,126
Gen Digital, Inc.
   267,474   5,731,968
Intuit, Inc.
   130,090   50,633,630
Microsoft Corp.
   3,073,804   737,159,675
Oracle Corp.
   618,642   50,567,797
Roper Technologies, Inc.
   104,082   44,972,791
Salesforce, Inc. (a)
   981,760   130,171,558
Tyler Technologies, Inc. (a)  (b)
   21,687   6,992,106
          1,155,783,691
 
See accompanying notes to financial statements.
45

Table of Contents
SPDR PORTFOLIO S&P 500 VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
SPECIALTY RETAIL — 2.0%  
Advance Auto Parts, Inc.
   59,061   $ 8,683,739
Bath & Body Works, Inc.
   224,226   9,448,884
Best Buy Co., Inc.
   196,686   15,776,184
CarMax, Inc. (a)  (b)
   155,139   9,446,414
Home Depot, Inc.
   472,404   149,213,527
Lowe's Cos., Inc.
   188,882   37,632,850
Ross Stores, Inc.
   340,753   39,551,201
TJX Cos., Inc.
   410,381   32,666,327
          302,419,126
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.5%  
Hewlett Packard Enterprise Co.
   1,263,216   20,160,927
HP, Inc.
   869,111   23,353,013
NetApp, Inc.
   213,376   12,815,363
Seagate Technology Holdings PLC
   188,479   9,915,880
Western Digital Corp. (a)
   311,849   9,838,836
          76,084,019
TEXTILES, APPAREL & LUXURY GOODS — 1.1%  
NIKE, Inc. Class B
   1,236,734   144,710,245
Ralph Lauren Corp.
   40,324   4,261,037
Tapestry, Inc.
   236,543   9,007,558
VF Corp.
   324,288   8,953,592
          166,932,432
TOBACCO — 0.7%  
Altria Group, Inc.
   844,598   38,606,574
Philip Morris International, Inc.
   700,090   70,856,109
          109,462,683
TRADING COMPANIES & DISTRIBUTORS — 0.2%  
Fastenal Co.
   286,794   13,571,092
United Rentals, Inc. (a)
   68,068   24,192,729
          37,763,821
WATER UTILITIES — 0.2%  
American Water Works Co., Inc.
   178,517   27,209,561
Security Description     Shares   Value
WIRELESS TELECOMMUNICATION SERVICES — 0.2%  
T-Mobile US, Inc. (a)
   187,606   $ 26,264,840
TOTAL COMMON STOCKS

(Cost $15,924,869,432)
         15,125,750,201
SHORT-TERM INVESTMENTS — 0.5%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (e)  (f)
   21,834,303   21,838,670
State Street Navigator Securities Lending Portfolio II (c)  (g)
   57,914,196   57,914,196
TOTAL SHORT-TERM INVESTMENTS

(Cost $79,752,848)
   79,752,866  
TOTAL INVESTMENTS — 100.3%

(Cost $16,004,622,280)
   15,205,503,067  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%
  (38,324,882)  
NET ASSETS — 100.0%
   $15,167,178,185  
(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 an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(d) Amount is less than 0.05% of net assets.
(e) 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.
(f) The rate shown is the annualized seven-day yield at December 31, 2022.
(g) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
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
   $15,125,750,201   $—   $—   $15,125,750,201
Short-Term Investments
   79,752,866   —   —   79,752,866
TOTAL INVESTMENTS
   $15,205,503,067   $—   $—   $15,205,503,067
See accompanying notes to financial statements.
46

Table of Contents
SPDR PORTFOLIO S&P 500 VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
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 Corp.
 273,716   $16,874,591   $ 11,946,119   $ 5,085,523   $(853,524)   $5,061,688   360,234   $ 27,943,351   $398,021
State Street Institutional Liquid Reserves Fund, Premier Class
 10,884,249   10,883,160   268,676,551   257,729,046   7,798   207   21,834,303   21,838,670   44,141
State Street Navigator Securities Lending Portfolio II
 10,551,864   10,551,864   329,388,195   282,025,863   —   —   57,914,196   57,914,196   36,088
Total
     $38,309,615   $610,010,865   $544,840,432   $(845,726)   $5,061,895       $107,696,217   $478,250
See accompanying notes to financial statements.
47

Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.7%          
AEROSPACE & DEFENSE — 1.4%          
AAR Corp. (a)
     171,418   $ 7,696,668
Aerojet Rocketdyne Holdings, Inc. (a)
     390,089   21,817,678
AeroVironment, Inc. (a)  (b)
     128,633   11,018,703
Kaman Corp.
     146,363   3,263,895
Moog, Inc. Class A
     149,132   13,087,824
National Presto Industries, Inc.
     25,881   1,771,813
Park Aerospace Corp.
     102,063   1,368,665
Triumph Group, Inc. (a)
     337,492   3,550,416
          63,575,662
AIR FREIGHT & LOGISTICS — 0.9%          
Atlas Air Worldwide Holdings, Inc. (a)
     132,798   13,386,038
Forward Air Corp.
     136,968   14,366,574
Hub Group, Inc. Class A (a)
     168,167   13,367,595
          41,120,207
AIRLINES — 0.3%          
Allegiant Travel Co. (a)
     80,816   5,494,680
Hawaiian Holdings, Inc. (a)
     269,539   2,765,470
SkyWest, Inc. (a)
     262,418   4,332,521
Sun Country Airlines Holdings, Inc. (a)
     170,613   2,705,922
          15,298,593
AUTO COMPONENTS — 1.3%          
American Axle & Manufacturing Holdings, Inc. (a)
     588,578   4,602,680
Dorman Products, Inc. (a)
     145,647   11,778,473
Gentherm, Inc. (a)
     170,913   11,158,910
LCI Industries
     130,942   12,105,588
Motorcar Parts of America, Inc. (a)
     97,530   1,156,706
Patrick Industries, Inc.
     110,692   6,707,935
Standard Motor Products, Inc.
     96,565   3,360,462
XPEL, Inc. (a)  (b)
     102,143   6,134,708
          57,005,462
AUTOMOBILES — 0.2%          
Winnebago Industries, Inc.
     156,951   8,271,318
BANKS — 10.4%          
Ameris Bancorp
     335,821   15,830,602
Banc of California, Inc.
     290,705   4,630,931
BancFirst Corp.
     89,599   7,900,840
Bancorp, Inc. (a)
     287,936   8,171,624
BankUnited, Inc.
     397,914   13,517,139
Banner Corp.
     175,966   11,121,051
Berkshire Hills Bancorp, Inc.
     231,526   6,922,627
Brookline Bancorp, Inc.
     399,694   5,655,670
Security Description     Shares   Value
Central Pacific Financial Corp.
     141,771   $ 2,875,116
City Holding Co.
     77,182   7,184,872
Columbia Banking System, Inc.
     404,990   12,202,349
Community Bank System, Inc.
     276,796   17,424,308
Customers Bancorp, Inc. (a)
     158,779   4,499,797
CVB Financial Corp.
     677,097   17,435,248
Dime Community Bancshares, Inc.
     168,572   5,365,647
Eagle Bancorp, Inc.
     164,137   7,233,518
FB Financial Corp.
     182,723   6,603,609
First BanCorp (c)
     950,673   12,092,561
First BanCorp (c)
     183,729   7,870,950
First Commonwealth Financial Corp.
     480,066   6,706,522
First Financial Bancorp
     488,376   11,833,350
First Hawaiian, Inc.
     657,742   17,127,602
Hanmi Financial Corp.
     159,764   3,954,159
Heritage Financial Corp.
     182,369   5,587,786
Hilltop Holdings, Inc.
     235,812   7,076,718
HomeStreet, Inc.
     92,706   2,556,831
Hope Bancorp, Inc.
     614,682   7,874,076
Independent Bank Corp.
     235,241   19,861,398
Independent Bank Group, Inc.
     182,341   10,955,047
Lakeland Financial Corp.
     131,648   9,606,355
National Bank Holdings Corp. Class A
     193,906   8,157,625
NBT Bancorp, Inc.
     220,486   9,573,502
OFG Bancorp
     247,838   6,830,415
Pacific Premier Bancorp, Inc.
     489,502   15,448,683
Park National Corp.
     75,142   10,576,237
Pathward Financial, Inc.
     148,016   6,372,089
Preferred Bank
     67,858   5,063,564
Renasant Corp.
     288,056   10,828,025
S&T Bancorp, Inc.
     200,604   6,856,645
Seacoast Banking Corp. of Florida
     366,183   11,421,248
ServisFirst Bancshares, Inc.
     251,844   17,354,570
Simmons First National Corp. Class A
     653,928   14,111,766
Southside Bancshares, Inc.
     158,961   5,721,006
Stellar Bancorp, Inc.
     228,542   6,732,847
Tompkins Financial Corp.
     65,751   5,100,963
Triumph Financial, Inc. (a)
     119,838   5,856,483
Trustmark Corp.
     313,764   10,953,501
United Community Banks, Inc.
     546,993   18,488,363
Veritex Holdings, Inc.
     277,747   7,799,136
Westamerica BanCorp
     138,454   8,170,171
          469,095,142
BEVERAGES — 0.3%          
MGP Ingredients, Inc.
     79,258   8,431,466
 
See accompanying notes to financial statements.
48

Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
National Beverage Corp. (a)
     121,119   $ 5,635,667
          14,067,133
BIOTECHNOLOGY — 2.7%          
Anika Therapeutics, Inc. (a)
     77,418   2,291,573
Arcus Biosciences, Inc. (a)  (b)
     270,733   5,598,758
Avid Bioservices, Inc. (a)
     322,789   4,444,804
Catalyst Pharmaceuticals, Inc. (a)
     493,078   9,171,251
Coherus Biosciences, Inc. (a)  (b)
     335,931   2,660,573
Cytokinetics, Inc. (a)  (b)
     487,682   22,345,589
Dynavax Technologies Corp. (a)  (b)
     611,199   6,503,157
Eagle Pharmaceuticals, Inc. (a)  (b)
     54,711   1,599,203
Emergent BioSolutions, Inc. (a)
     230,321   2,720,091
Enanta Pharmaceuticals, Inc. (a)
     101,533   4,723,315
Ironwood Pharmaceuticals, Inc. (a)
     686,622   8,507,247
iTeos Therapeutics, Inc. (a)
     127,879   2,497,477
Ligand Pharmaceuticals, Inc. (a)
     83,532   5,579,938
Myriad Genetics, Inc. (a)
     421,497   6,115,921
Organogenesis Holdings, Inc. (a)  (b)
     373,656   1,005,135
REGENXBIO, Inc. (a)
     195,956   4,444,282
uniQure NV (a)  (b)
     214,283   4,857,796
Vanda Pharmaceuticals, Inc. (a)
     296,387   2,190,300
Vericel Corp. (a)  (b)
     245,110   6,456,197
Vir Biotechnology, Inc. (a)
     392,542   9,935,238
Xencor, Inc. (a)
     311,089   8,100,758
          121,748,603
BUILDING PRODUCTS — 2.1%          
AAON, Inc.
     216,548   16,310,395
American Woodmark Corp. (a)
     86,893   4,245,592
Apogee Enterprises, Inc.
     114,976   5,111,833
Gibraltar Industries, Inc. (a)
     159,275   7,307,537
Griffon Corp.
     243,726   8,722,954
Insteel Industries, Inc.
     102,448   2,819,369
Masterbrand, Inc.
     664,242   5,015,027
PGT Innovations, Inc. (a)
     311,325   5,591,397
Quanex Building Products Corp.
     169,998   4,025,553
Resideo Technologies, Inc. (a)
     751,101   12,355,611
UFP Industries, Inc.
     317,739   25,180,816
          96,686,084
CAPITAL MARKETS — 1.0%          
B Riley Financial, Inc.
     82,631   2,825,980
Security Description     Shares   Value
Blucora, Inc. (a)
     247,318   $ 6,314,029
Brightsphere Investment Group, Inc.
     168,836   3,474,645
Donnelley Financial Solutions, Inc. (a)
     128,535   4,967,878
Piper Sandler Cos.
     72,714   9,466,636
StoneX Group, Inc. (a)
     89,529   8,532,114
Virtus Investment Partners, Inc.
     34,960   6,692,742
WisdomTree, Inc.
     572,590   3,120,615
          45,394,639
CHEMICALS — 3.0%          
AdvanSix, Inc.
     141,603   5,383,746
American Vanguard Corp.
     142,400   3,091,504
Balchem Corp.
     165,564   20,217,020
FutureFuel Corp.
     134,122   1,090,412
Hawkins, Inc.
     98,127   3,787,702
HB Fuller Co.
     274,751   19,677,667
Innospec, Inc.
     127,555   13,120,307
Koppers Holdings, Inc.
     107,917   3,043,259
Livent Corp. (a)  (b)
     924,363   18,367,093
Mativ Holdings, Inc.
     284,146   5,938,651
Minerals Technologies, Inc.
     167,076   10,144,855
Quaker Chemical Corp.
     70,132   11,705,031
Rayonier Advanced Materials, Inc. (a)
     327,335   3,142,416
Stepan Co.
     108,701   11,572,309
Tredegar Corp.
     128,943   1,317,797
Trinseo PLC
     182,303   4,140,101
          135,739,870
COMMERCIAL SERVICES & SUPPLIES — 2.1%          
ABM Industries, Inc.
     340,723   15,134,916
Brady Corp. Class A
     238,796   11,247,292
CoreCivic, Inc. REIT (a)
     591,201   6,834,283
Deluxe Corp.
     225,796   3,834,016
Harsco Corp. (a)
     418,071   2,629,666
Healthcare Services Group, Inc.
     384,643   4,615,716
HNI Corp.
     215,382   6,123,310
Interface, Inc.
     297,863   2,939,908
KAR Auction Services, Inc. (a)
     560,192   7,310,506
Matthews International Corp. Class A
     158,648   4,829,245
MillerKnoll, Inc.
     388,604   8,164,570
Pitney Bowes, Inc.
     834,754   3,172,065
UniFirst Corp.
     77,638   14,983,358
Viad Corp. (a)
     107,128   2,612,852
          94,431,703
COMMUNICATIONS EQUIPMENT — 1.5%          
ADTRAN Holdings, Inc.
     367,132   6,898,410
Clearfield, Inc. (a)
     59,312   5,583,632
 
See accompanying notes to financial statements.
49

Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Comtech Telecommunications Corp.
     140,248   $ 1,702,611
Digi International, Inc. (a)
     182,879   6,684,227
Extreme Networks, Inc. (a)
     674,550   12,351,011
Harmonic, Inc. (a)
     545,761   7,149,469
NETGEAR, Inc. (a)
     149,930   2,715,232
NetScout Systems, Inc. (a)
     352,802   11,469,593
Viavi Solutions, Inc. (a)
     1,165,625   12,250,719
          66,804,904
CONSTRUCTION & ENGINEERING — 1.3%          
Arcosa, Inc.
     249,051   13,533,431
Comfort Systems USA, Inc.
     184,328   21,212,466
Granite Construction, Inc.
     225,023   7,891,557
MYR Group, Inc. (a)
     85,384   7,861,305
NV5 Global, Inc. (a)
     64,000   8,468,480
          58,967,239
CONSUMER FINANCE — 0.7%          
Encore Capital Group, Inc. (a)  (b)
     120,146   5,759,799
Enova International, Inc. (a)
     161,675   6,203,470
EZCORP, Inc. Class A (a)
     282,089   2,299,025
Green Dot Corp. Class A (a)
     240,095   3,798,303
LendingTree, Inc. (a)
     57,268   1,221,527
PRA Group, Inc. (a)
     200,374   6,768,634
Prog Holdings, Inc. (a)
     256,889   4,338,855
World Acceptance Corp. (a)  (b)
     16,750   1,104,495
          31,494,108
CONTAINERS & PACKAGING — 0.4%          
Myers Industries, Inc.
     189,410   4,210,584
O-I Glass, Inc. (a)
     798,943   13,238,486
          17,449,070
DIVERSIFIED CONSUMER SERVICES — 0.9%          
Adtalem Global Education, Inc. (a)
     233,669   8,295,249
Frontdoor, Inc. (a)
     419,352   8,722,522
Mister Car Wash, Inc. (a)
     409,785   3,782,316
Perdoceo Education Corp. (a)
     344,860   4,793,554
Strategic Education, Inc.
     114,535   8,970,381
Stride, Inc. (a)
     211,744   6,623,352
WW International, Inc. (a)
     280,521   1,082,811
          42,270,185
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.4%          
ATN International, Inc.
     55,394   2,509,902
Cogent Communications Holdings, Inc.
     221,555   12,646,359
Security Description     Shares   Value
Consolidated Communications Holdings, Inc. (a)
     378,808   $ 1,356,133
          16,512,394
ELECTRICAL EQUIPMENT — 0.4%          
AZZ, Inc.
     128,655   5,171,931
Encore Wire Corp.
     94,520   13,002,171
Powell Industries, Inc.
     48,058   1,690,681
          19,864,783
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.1%          
Advanced Energy Industries, Inc.
     192,594   16,520,713
Arlo Technologies, Inc. (a)
     455,245   1,597,910
Badger Meter, Inc.
     150,784   16,439,979
Benchmark Electronics, Inc.
     182,361   4,867,215
CTS Corp.
     165,606   6,528,189
ePlus, Inc. (a)
     138,332   6,125,341
Fabrinet (a)
     188,574   24,178,958
FARO Technologies, Inc. (a)
     96,424   2,835,830
Insight Enterprises, Inc. (a)  (b)
     156,073   15,649,440
Itron, Inc. (a)
     232,638   11,783,115
Knowles Corp. (a)
     467,738   7,680,258
Methode Electronics, Inc.
     188,151   8,348,260
OSI Systems, Inc. (a)
     80,624   6,411,220
PC Connection, Inc.
     58,068   2,723,389
Plexus Corp. (a)
     142,599   14,677,715
Rogers Corp. (a)
     97,333   11,615,720
Sanmina Corp. (a)
     295,878   16,950,851
ScanSource, Inc. (a)
     132,294   3,865,631
TTM Technologies, Inc. (a)
     529,897   7,990,847
          186,790,581
ENERGY EQUIPMENT & SERVICES — 2.3%          
Archrock, Inc.
     697,433   6,262,948
Bristow Group, Inc. (a)
     122,263   3,316,995
Core Laboratories NV
     242,045   4,906,252
DMC Global, Inc. (a)
     96,691   1,879,673
Dril-Quip, Inc. (a)
     174,020   4,728,123
Helix Energy Solutions Group, Inc. (a)
     732,612   5,406,677
Helmerich & Payne, Inc.
     542,716   26,902,432
Nabors Industries, Ltd. (a)
     46,453   7,194,176
Oceaneering International, Inc. (a)
     520,740   9,107,743
Oil States International, Inc. (a)
     331,828   2,475,437
Patterson-UTI Energy, Inc.
     1,117,234   18,814,221
ProPetro Holding Corp. (a)
     494,176   5,124,605
RPC, Inc.
     433,608   3,854,775
US Silica Holdings, Inc. (a)
     395,663   4,945,788
          104,919,845
 
See accompanying notes to financial statements.
50

Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
ENTERTAINMENT — 0.1%          
Cinemark Holdings, Inc. (a)
     550,981   $ 4,771,495
Marcus Corp. (b)
     127,309   1,831,977
          6,603,472
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 7.4%          
Acadia Realty Trust REIT
     488,358   7,007,937
Agree Realty Corp. REIT
     456,581   32,385,290
Alexander & Baldwin, Inc. REIT
     377,606   7,072,560
American Assets Trust, Inc. REIT
     267,701   7,094,076
Armada Hoffler Properties, Inc. REIT
     353,825   4,068,988
Brandywine Realty Trust REIT
     881,662   5,422,221
CareTrust REIT, Inc.
     499,455   9,279,874
Centerspace REIT
     77,390   4,540,471
Chatham Lodging Trust REIT
     253,509   3,110,555
Community Healthcare Trust, Inc. REIT
     121,125   4,336,275
DiamondRock Hospitality Co. REIT
     1,077,616   8,825,675
Easterly Government Properties, Inc. REIT
     466,743   6,660,423
Elme Communities REIT
     454,409   8,088,480
Essential Properties Realty Trust, Inc. REIT
     736,295   17,280,844
Four Corners Property Trust, Inc. REIT
     431,934   11,200,049
Franklin Street Properties Corp. REIT
     486,697   1,328,683
GEO Group, Inc. REIT (a)  (b)
     646,638   7,080,686
Getty Realty Corp. REIT
     218,742   7,404,417
Global Net Lease, Inc. REIT
     533,852   6,710,520
Hersha Hospitality Trust Class A REIT
     173,026   1,474,182
Hudson Pacific Properties, Inc. REIT
     659,436   6,416,312
Industrial Logistics Properties Trust REIT
     342,272   1,119,229
Innovative Industrial Properties, Inc. REIT
     144,109   14,605,447
iStar, Inc. REIT
     446,179   3,404,346
LTC Properties, Inc. REIT
     208,431   7,405,553
LXP Industrial Trust REIT
     1,420,242   14,230,825
NexPoint Residential Trust, Inc. REIT
     116,756   5,081,221
Office Properties Income Trust REIT
     251,341   3,355,402
Orion Office REIT, Inc.
     296,645   2,533,348
Outfront Media, Inc. REIT
     752,365   12,474,212
Retail Opportunity Investments Corp. REIT
     641,097   9,635,688
RPT Realty REIT
     437,667   4,394,177
Safehold, Inc. REIT
     124,956   3,576,241
Security Description     Shares   Value
Saul Centers, Inc. REIT
     66,662   $ 2,711,810
Service Properties Trust REIT
     857,359   6,250,147
SITE Centers Corp. REIT
     952,080   13,005,413
Summit Hotel Properties, Inc. REIT
     554,392   4,002,710
Sunstone Hotel Investors, Inc. REIT
     1,083,192   10,463,635
Tanger Factory Outlet Centers, Inc. REIT
     537,100   9,635,574
Uniti Group, Inc. REIT
     1,219,845   6,745,743
Universal Health Realty Income Trust REIT
     66,408   3,169,654
Urban Edge Properties REIT
     604,313   8,514,770
Urstadt Biddle Properties, Inc. Class A REIT
     156,607   2,967,703
Veris Residential, Inc. REIT (a)
     411,359   6,552,949
Whitestone REIT
     243,164   2,344,101
Xenia Hotels & Resorts, Inc. REIT
     585,737   7,720,014
          332,688,430
FOOD & STAPLES RETAILING — 0.8%          
Andersons, Inc.
     159,904   5,595,041
Chefs' Warehouse, Inc. (a)
     175,047   5,825,564
PriceSmart, Inc.
     128,755   7,825,729
SpartanNash Co.
     181,223   5,480,183
United Natural Foods, Inc. (a)
     300,263   11,623,181
          36,349,698
FOOD PRODUCTS — 2.1%          
B&G Foods, Inc.
     373,516   4,164,703
Calavo Growers, Inc.
     93,174   2,739,316
Cal-Maine Foods, Inc.
     195,374   10,638,114
Fresh Del Monte Produce, Inc.
     159,482   4,176,833
Hain Celestial Group, Inc. (a)
     459,337   7,432,073
Hostess Brands, Inc. (a)
     689,692   15,476,688
J & J Snack Foods Corp.
     77,070   11,538,150
John B Sanfilippo & Son, Inc.
     46,255   3,761,457
Seneca Foods Corp. Class A (a)
     26,899   1,639,494
Simply Good Foods Co. (a)
     433,509   16,486,347
Tootsie Roll Industries, Inc.
     92,977   3,958,031
TreeHouse Foods, Inc. (a)
     259,873   12,832,529
          94,843,735
GAS UTILITIES — 0.9%          
Chesapeake Utilities Corp.
     91,322   10,792,434
Northwest Natural Holding Co.
     181,403   8,632,969
South Jersey Industries, Inc.
     631,191   22,426,216
          41,851,619
HEALTH CARE EQUIPMENT & SUPPLIES — 3.0%          
AngioDynamics, Inc. (a)
     200,815   2,765,223
 
See accompanying notes to financial statements.
51

Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Artivion, Inc. (a)
     209,050   $ 2,533,686
Avanos Medical, Inc. (a)
     242,215   6,554,338
BioLife Solutions, Inc. (a)  (b)
     177,634   3,232,939
Cardiovascular Systems, Inc. (a)
     214,400   2,920,128
CONMED Corp.
     157,036   13,919,671
Cutera, Inc. (a)  (b)
     92,897   4,107,905
Embecta Corp.
     297,686   7,528,479
Glaukos Corp. (a)
     247,171   10,796,429
Heska Corp. (a)
     53,081   3,299,515
Inogen, Inc. (a)
     119,176   2,348,959
Integer Holdings Corp. (a)
     170,609   11,679,892
LeMaitre Vascular, Inc.
     100,246   4,613,321
Meridian Bioscience, Inc. (a)
     227,331   7,549,662
Merit Medical Systems, Inc. (a)
     293,276   20,711,151
Mesa Laboratories, Inc.
     26,157   4,347,555
NuVasive, Inc. (a)
     268,374   11,067,744
OraSure Technologies, Inc. (a)  (b)
     386,433   1,862,607
Orthofix Medical, Inc. (a)
     103,909   2,133,252
Surmodics, Inc. (a)
     72,773   2,483,015
Varex Imaging Corp. (a)  (b)
     209,087   4,244,466
Zimvie, Inc. (a)
     110,105   1,028,381
Zynex, Inc.
     116,556   1,621,294
          133,349,612
HEALTH CARE PROVIDERS & SERVICES — 3.1%          
AdaptHealth Corp. (a)
     395,126   7,594,322
Addus HomeCare Corp. (a)
     83,540   8,311,395
Agiliti, Inc. (a)
     170,627   2,782,926
AMN Healthcare Services, Inc. (a)
     223,403   22,970,296
Apollo Medical Holdings, Inc. (a)  (b)
     203,819   6,031,004
Community Health Systems, Inc. (a)
     655,947   2,833,691
CorVel Corp. (a)
     47,078   6,841,846
Cross Country Healthcare, Inc. (a)
     181,951   4,834,438
Enhabit, Inc. (a)
     255,487   3,362,209
Ensign Group, Inc.
     285,985   27,057,041
Fulgent Genetics, Inc. (a)  (b)
     101,083   3,010,252
Joint Corp. (a)
     75,992   1,062,368
ModivCare, Inc. (a)
     66,247   5,944,343
OmniAb, Inc. (d)
     61,082   —
Owens & Minor, Inc.
     396,553   7,744,680
Pediatrix Medical Group, Inc. (a)
     421,155   6,258,363
Pennant Group, Inc. (a)
     142,760   1,567,505
RadNet, Inc. (a)
     254,296   4,788,394
Select Medical Holdings Corp.
     536,353   13,317,645
US Physical Therapy, Inc.
     67,601   5,477,709
          141,790,427
Security Description     Shares   Value
HEALTH CARE TECHNOLOGY — 0.6%          
Allscripts Healthcare Solutions, Inc. (a)
     562,456   $ 9,921,724
Computer Programs & Systems, Inc. (a)
     72,538   1,974,484
HealthStream, Inc. (a)
     126,407   3,139,950
NextGen Healthcare, Inc. (a)
     281,354   5,283,828
OptimizeRx Corp. (a)  (b)
     87,165   1,464,372
Simulations Plus, Inc.
     83,042   3,036,846
          24,821,204
HOTELS, RESTAURANTS & LEISURE — 1.8%          
BJ's Restaurants, Inc. (a)
     119,944   3,164,123
Bloomin' Brands, Inc.
     451,825   9,090,719
Brinker International, Inc. (a)
     227,731   7,266,896
Cheesecake Factory, Inc.
     246,052   7,802,309
Chuy's Holdings, Inc. (a)
     92,078   2,605,807
Dave & Buster's Entertainment, Inc. (a)  (b)
     215,808   7,648,236
Dine Brands Global, Inc.
     81,698   5,277,691
El Pollo Loco Holdings, Inc.
     103,073   1,026,607
Golden Entertainment, Inc. (a)
     114,358   4,276,989
Jack in the Box, Inc.
     108,366   7,393,812
Monarch Casino & Resort, Inc. (a)
     69,275   5,326,555
Ruth's Hospitality Group, Inc.
     154,931   2,398,332
Shake Shack, Inc. Class A (a)  (b)
     193,797   8,048,389
Six Flags Entertainment Corp. (a)
     380,735   8,852,089
          80,178,554
HOUSEHOLD DURABLES — 2.5%          
Cavco Industries, Inc. (a)
     42,655   9,650,694
Century Communities, Inc.
     145,489   7,275,905
Ethan Allen Interiors, Inc.
     117,403   3,101,787
Green Brick Partners, Inc. (a)
     141,527   3,429,199
Installed Building Products, Inc.
     120,773   10,338,169
iRobot Corp. (a)
     139,974   6,736,949
La-Z-Boy, Inc.
     221,088   5,045,228
LGI Homes, Inc. (a)  (b)
     105,495   9,768,837
M/I Homes, Inc. (a)
     141,061   6,514,197
MDC Holdings, Inc.
     293,442   9,272,767
Meritage Homes Corp. (a)
     188,462   17,376,196
Sonos, Inc. (a)  (b)
     655,218   11,073,184
Tri Pointe Homes, Inc. (a)
     519,405   9,655,739
Universal Electronics, Inc. (a)
     62,669   1,304,142
          110,542,993
HOUSEHOLD PRODUCTS — 0.5%          
Central Garden & Pet Co. Class A (a)
     213,227   7,633,527
 
See accompanying notes to financial statements.
52

Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Central Garden & Pet Co. (a)
     50,538   $ 1,892,648
WD-40 Co.
     69,888   11,266,644
          20,792,819
INSURANCE — 2.7%          
Ambac Financial Group, Inc. (a)
     233,562   4,073,321
American Equity Investment Life Holding Co.
     357,548   16,311,340
AMERISAFE, Inc.
     98,390   5,113,328
Assured Guaranty, Ltd.
     308,971   19,236,534
Employers Holdings, Inc.
     139,746   6,027,245
Genworth Financial, Inc. Class A (a)
     2,556,216   13,522,383
HCI Group, Inc.
     37,183   1,472,075
Horace Mann Educators Corp.
     210,407   7,862,910
James River Group Holdings, Ltd.
     196,144   4,101,371
Mercury General Corp.
     138,505   4,736,871
Palomar Holdings, Inc. (a)
     131,149   5,922,689
ProAssurance Corp.
     281,478   4,917,421
Safety Insurance Group, Inc.
     76,725   6,464,849
SiriusPoint, Ltd. (a)
     438,495   2,587,121
Stewart Information Services Corp.
     140,829   6,017,623
Trupanion, Inc. (a)  (b)
     181,980   8,649,509
United Fire Group, Inc.
     112,543   3,079,176
Universal Insurance Holdings, Inc.
     143,553   1,520,226
          121,615,992
INTERACTIVE MEDIA & SERVICES — 0.4%          
Cars.com, Inc. (a)
     317,978   4,378,557
QuinStreet, Inc. (a)
     258,411   3,708,198
Yelp, Inc. (a)
     358,751   9,808,252
          17,895,007
INTERNET & DIRECT MARKETING RETAIL — 0.2%          
Liquidity Services, Inc. (a)
     141,778   1,993,399
PetMed Express, Inc.
     110,563   1,956,965
Shutterstock, Inc.
     123,362   6,503,644
          10,454,008
IT SERVICES — 1.4%          
Bread Financial Holdings, Inc.
     256,623   9,664,422
CSG Systems International, Inc.
     155,947   8,920,168
EVERTEC, Inc.
     335,625   10,867,538
Payoneer Global, Inc. (a)
     1,024,137   5,602,029
Perficient, Inc. (a)
     178,299   12,450,619
Sabre Corp. (a)
     1,690,263   10,445,825
TTEC Holdings, Inc.
     98,576   4,350,159
Security Description     Shares   Value
Unisys Corp. (a)
     354,032   $ 1,809,104
          64,109,864
LEISURE EQUIPMENT & PRODUCTS — 0.3%          
Sturm Ruger & Co., Inc.
     90,728   4,592,651
Vista Outdoor, Inc. (a)
     294,443   7,175,576
          11,768,227
LIFE SCIENCES TOOLS & SERVICES — 0.1%          
NeoGenomics, Inc. (a)
     653,208   6,035,642
MACHINERY — 4.8%          
Alamo Group, Inc.
     53,417   7,563,847
Albany International Corp. Class A
     160,260   15,800,033
Astec Industries, Inc.
     116,632   4,742,257
Barnes Group, Inc.
     260,329   10,634,440
CIRCOR International, Inc. (a)
     106,719   2,556,987
Enerpac Tool Group Corp.
     292,425   7,442,216
EnPro Industries, Inc.
     107,139   11,644,938
ESCO Technologies, Inc.
     133,095   11,651,136
Federal Signal Corp.
     312,333   14,514,115
Franklin Electric Co., Inc.
     200,441   15,985,170
Greenbrier Cos., Inc.
     169,192   5,673,008
Hillenbrand, Inc.
     357,837   15,268,905
John Bean Technologies Corp.
     164,090   14,986,340
Lindsay Corp.
     56,471   9,196,302
Mueller Industries, Inc.
     292,990   17,286,410
Proto Labs, Inc. (a)
     138,996   3,548,568
SPX Technologies, Inc. (a)
     232,813   15,284,173
Standex International Corp.
     62,058   6,355,360
Tennant Co.
     96,594   5,947,293
Titan International, Inc. (a)
     266,759   4,086,748
Trinity Industries, Inc.
     419,134   12,393,792
Wabash National Corp.
     246,314   5,566,696
          218,128,734
MARINE — 0.3%          
Matson, Inc.
     194,532   12,160,195
MEDIA — 0.5%          
AMC Networks, Inc. Class A (a)  (b)
     145,753   2,283,950
EW Scripps Co. Class A (a)
     303,389   4,001,701
Gannett Co., Inc. (a)
     737,225   1,496,567
Scholastic Corp.
     152,687   6,025,029
TechTarget, Inc. (a)
     138,655   6,109,139
Thryv Holdings, Inc. (a)  (b)
     159,717   3,034,623
          22,951,009
METALS & MINING — 1.9%          
Arconic Corp. (a)
     522,455   11,055,148
ATI, Inc. (a)
     666,912   19,913,992
Carpenter Technology Corp.
     249,283   9,208,514
Century Aluminum Co. (a)
     265,316   2,170,285
 
See accompanying notes to financial statements.
53

Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Compass Minerals International, Inc.
     175,011   $ 7,175,451
Ferroglobe PLC (a)  (d)
     5,429   —
Fresh Market, Inc. (a)  (d)
     2,244   —
Haynes International, Inc.
     65,304   2,983,740
Kaiser Aluminum Corp.
     81,943   6,224,390
Materion Corp.
     106,604   9,328,916
Olympic Steel, Inc.
     49,383   1,658,281
SunCoke Energy, Inc.
     427,492   3,689,256
TimkenSteel Corp. (a)  (b)
     202,869   3,686,130
Warrior Met Coal, Inc.
     265,821   9,208,039
          86,302,142
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 1.2%          
Apollo Commercial Real Estate Finance, Inc. REIT
     665,373   7,159,413
ARMOUR Residential REIT, Inc.
     677,916   3,816,667
Ellington Financial, Inc. REIT
     295,393   3,654,011
Franklin BSP Realty Trust, Inc. REIT
     423,850   5,467,665
Granite Point Mortgage Trust, Inc. REIT
     272,886   1,462,669
Invesco Mortgage Capital, Inc. REIT
     180,623   2,299,331
KKR Real Estate Finance Trust, Inc. REIT
     294,530   4,111,639
New York Mortgage Trust, Inc. REIT
     1,906,535   4,880,730
PennyMac Mortgage Investment Trust REIT
     457,207   5,664,795
Ready Capital Corp. REIT
     505,550   5,631,827
Redwood Trust, Inc. REIT
     581,788   3,932,887
Two Harbors Investment Corp.
     444,227   7,005,460
          55,087,094
MULTI-UTILITIES — 0.5%          
Avista Corp.
     379,829   16,841,618
Unitil Corp.
     82,358   4,229,907
          21,071,525
MULTILINE RETAIL — 0.1%          
Big Lots, Inc.
     149,389   2,196,018
OIL, GAS & CONSUMABLE FUELS — 2.3%          
Callon Petroleum Co. (a)
     263,133   9,759,603
Civitas Resources, Inc.
     267,447   15,493,205
CONSOL Energy, Inc.
     168,775   10,970,375
Dorian LPG, Ltd.
     165,224   3,130,995
Green Plains, Inc. (a)  (b)
     302,775   9,234,637
Laredo Petroleum, Inc. (a)
     86,306   4,437,854
Par Pacific Holdings, Inc. (a)
     288,506   6,707,764
Ranger Oil Corp. Class A
     98,090   3,965,779
REX American Resources Corp. (a)
     79,304   2,526,625
Security Description     Shares   Value
SM Energy Co.
     632,873   $ 22,042,967
Talos Energy, Inc. (a)
     339,761   6,414,688
World Fuel Services Corp.
     318,623   8,707,967
          103,392,459
PAPER & FOREST PRODUCTS — 0.3%          
Clearwater Paper Corp. (a)
     86,771   3,280,811
Mercer International, Inc.
     211,962   2,467,238
Sylvamo Corp.
     170,222   8,271,087
          14,019,136
PERSONAL PRODUCTS — 1.2%          
Edgewell Personal Care Co.
     266,837   10,283,898
elf Beauty, Inc. (a)
     260,034   14,379,880
Inter Parfums, Inc.
     92,723   8,949,624
Medifast, Inc.
     56,145   6,476,326
Nu Skin Enterprises, Inc. Class A
     254,353   10,723,523
USANA Health Sciences, Inc. (a)
     58,091   3,090,441
          53,903,692
PHARMACEUTICALS — 1.7%          
Amphastar Pharmaceuticals, Inc. (a)
     193,663   5,426,437
ANI Pharmaceuticals, Inc. (a)
     62,965   2,533,082
Cara Therapeutics, Inc. (a)
     236,574   2,540,805
Collegium Pharmaceutical, Inc. (a)
     172,237   3,995,898
Corcept Therapeutics, Inc. (a)
     495,125   10,055,989
Harmony Biosciences Holdings, Inc. (a)  (b)
     154,131   8,492,618
Innoviva, Inc. (a)
     327,652   4,341,389
Nektar Therapeutics (a)  (b)
     981,134   2,217,363
Pacira BioSciences, Inc. (a)
     236,155   9,117,944
Phibro Animal Health Corp. Class A
     105,592   1,415,989
Prestige Consumer Healthcare, Inc. (a)
     255,088   15,968,509
Supernus Pharmaceuticals, Inc. (a)
     279,458   9,968,267
          76,074,290
PROFESSIONAL SERVICES — 1.2%          
Exponent, Inc.
     260,985   25,861,004
Forrester Research, Inc. (a)
     58,726   2,100,042
Heidrick & Struggles International, Inc.
     103,216   2,886,951
Kelly Services, Inc. Class A
     180,534   3,051,025
Korn Ferry
     274,896   13,915,235
Resources Connection, Inc.
     163,589   3,006,766
TrueBlue, Inc. (a)
     169,250   3,313,915
          54,134,938
 
See accompanying notes to financial statements.
54

Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.6%          
Anywhere Real Estate, Inc. (a)
     561,845   $ 3,590,190
Cushman & Wakefield PLC (a)
     836,632   10,424,435
Douglas Elliman, Inc.
     347,081   1,412,620
Marcus & Millichap, Inc.
     127,312   4,385,898
RE/MAX Holdings, Inc. Class A
     97,485   1,817,120
St. Joe Co.
     173,933   6,722,510
          28,352,773
ROAD & RAIL — 0.4%          
ArcBest Corp.
     125,699   8,803,958
Heartland Express, Inc.
     244,199   3,746,013
Marten Transport, Ltd.
     299,730   5,928,659
          18,478,630
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.5%          
Alpha & Omega Semiconductor, Ltd. (a)
     115,351   3,295,578
Axcelis Technologies, Inc. (a)
     169,210   13,428,506
CEVA, Inc. (a)
     121,121   3,098,275
Cohu, Inc. (a)
     245,040   7,853,532
Diodes, Inc. (a)
     234,301   17,839,678
FormFactor, Inc. (a)
     396,442   8,812,906
Ichor Holdings, Ltd. (a)
     150,002   4,023,054
Kulicke & Soffa Industries, Inc.
     299,125   13,239,273
MaxLinear, Inc. (a)
     372,274   12,638,702
Onto Innovation, Inc. (a)
     255,099   17,369,691
PDF Solutions, Inc. (a)
     154,105   4,395,075
Photronics, Inc. (a)
     316,986   5,334,874
Rambus, Inc. (a)
     553,844   19,838,692
Semtech Corp. (a)
     326,862   9,377,671
SMART Global Holdings, Inc. (a)  (b)
     249,414   3,711,280
Ultra Clean Holdings, Inc. (a)
     234,023   7,757,862
Veeco Instruments, Inc. (a)
     264,131   4,907,554
          156,922,203
SOFTWARE — 2.4%          
8x8, Inc. (a)
     571,523   2,468,979
A10 Networks, Inc.
     328,310   5,459,795
Adeia, Inc.
     539,300   5,112,564
Agilysys, Inc. (a)
     102,997   8,151,183
Alarm.com Holdings, Inc. (a)
     258,663   12,798,645
Cerence, Inc. (a)
     205,627   3,810,268
Consensus Cloud Solutions, Inc. (a)
     91,938   4,942,587
Digital Turbine, Inc. (a)
     463,354   7,061,515
Ebix, Inc.
     121,516   2,425,459
InterDigital, Inc.
     152,552   7,548,273
LivePerson, Inc. (a)  (b)
     359,947   3,649,863
Security Description     Shares   Value
LiveRamp Holdings, Inc. (a)
     342,017   $ 8,016,879
OneSpan, Inc. (a)
     182,286   2,039,780
Progress Software Corp.
     221,417   11,170,488
SPS Commerce, Inc. (a)
     185,757   23,856,772
Xperi, Inc. (a)
     215,687   1,857,065
          110,370,115
SPECIALTY RETAIL — 4.7%          
Aaron's Co., Inc.
     159,826   1,909,921
Abercrombie & Fitch Co. Class A (a)  (b)
     254,152   5,822,622
Academy Sports & Outdoors, Inc.
     410,981   21,592,942
American Eagle Outfitters, Inc. (a)
     897,300   12,526,308
America's Car-Mart, Inc. (a)
     29,613   2,139,835
Asbury Automotive Group, Inc. (a)
     114,009   20,436,113
Bed Bath & Beyond, Inc. (a)  (b)
     363,075   911,318
Boot Barn Holdings, Inc. (a)
     153,430   9,592,444
Buckle, Inc.
     151,969   6,891,794
Caleres, Inc.
     186,960   4,165,469
Chico's FAS, Inc. (a)
     652,923   3,212,381
Children's Place, Inc. (a)
     68,955   2,511,341
Designer Brands, Inc. Class A
     260,074   2,543,524
Genesco, Inc. (a)
     63,533   2,923,789
Group 1 Automotive, Inc.
     75,088   13,543,622
Guess?, Inc.
     156,147   3,230,681
Haverty Furniture Cos., Inc.
     67,533   2,019,237
Hibbett, Inc.
     65,692   4,481,508
Leslie's, Inc. (a)
     763,017   9,316,438
MarineMax, Inc. (a)  (b)
     112,641   3,516,652
Monro, Inc.
     161,802   7,313,450
National Vision Holdings, Inc. (a)
     406,501   15,755,979
ODP Corp. (a)
     207,455   9,447,501
Rent-A-Center, Inc.
     257,565   5,808,091
Sally Beauty Holdings, Inc. (a)  (b)
     550,273   6,889,418
Shoe Carnival, Inc.
     88,145   2,107,547
Signet Jewelers, Ltd.
     238,254   16,201,272
Sleep Number Corp. (a)  (b)
     113,975   2,961,070
Sonic Automotive, Inc. Class A
     85,618   4,218,399
Urban Outfitters, Inc. (a)  (b)
     308,209   7,350,785
Zumiez, Inc. (a)  (b)
     81,080   1,762,679
          213,104,130
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.3%          
3D Systems Corp. (a)  (b)
     678,996   5,024,570
Avid Technology, Inc. (a)
     170,427   4,531,654
Corsair Gaming, Inc. (a)  (b)
     199,709   2,710,051
          12,266,275
 
See accompanying notes to financial statements.
55

Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
TEXTILES, APPAREL & LUXURY GOODS — 0.9%          
G-III Apparel Group, Ltd. (a)
     218,786   $ 2,999,556
Kontoor Brands, Inc.
     254,123   10,162,379
Movado Group, Inc.
     82,837   2,671,493
Oxford Industries, Inc.
     76,935   7,168,803
Steven Madden, Ltd.
     376,976   12,048,153
Unifi, Inc. (a)
     112   964
Wolverine World Wide, Inc.
     410,346   4,485,082
          39,536,430
THRIFTS & MORTGAGE FINANCE — 2.0%          
Axos Financial, Inc. (a)
     276,318   10,560,874
Capitol Federal Financial, Inc.
     670,729   5,801,806
Mr Cooper Group, Inc. (a)
     363,493   14,586,974
NMI Holdings, Inc. Class A (a)
     430,039   8,987,815
Northfield Bancorp, Inc.
     215,421   3,388,572
Northwest Bancshares, Inc.
     653,496   9,135,874
Provident Financial Services, Inc.
     390,144   8,333,476
TrustCo Bank Corp.
     97,669   3,671,378
Walker & Dunlop, Inc.
     158,081   12,406,197
WSFS Financial Corp.
     317,242   14,383,752
          91,256,718
TOBACCO — 0.3%          
Universal Corp.
     126,222   6,665,784
Vector Group, Ltd.
     676,749   8,026,243
          14,692,027
TRADING COMPANIES & DISTRIBUTORS — 1.5%          
Applied Industrial Technologies, Inc.
     198,791   25,053,629
Boise Cascade Co.
     203,140   13,949,624
DXP Enterprises, Inc. (a)
     82,529   2,273,674
GMS, Inc. (a)
     218,335   10,873,083
NOW, Inc. (a)
     567,897   7,212,292
Veritiv Corp.
     69,404   8,447,161
          67,809,463
WATER UTILITIES — 1.2%          
American States Water Co.
     190,387   17,620,317
California Water Service Group
     283,706   17,203,932
Middlesex Water Co.
     90,705   7,135,762
SJW Group
     137,376   11,153,557
          53,113,568
WIRELESS TELECOMMUNICATION SERVICES — 0.3%          
Gogo, Inc. (a)
     333,365   4,920,467
Shenandoah Telecommunications Co.
     257,151   4,083,558
Security Description     Shares   Value
Telephone & Data Systems, Inc.
     512,734   $ 5,378,580
          14,382,605
TOTAL COMMON STOCKS

(Cost $4,786,466,864)
         4,502,904,997
       
RIGHTS — 0.0% (e)      
BIOTECHNOLOGY — 0.0% (e)      
Tobira Therapeutics, Inc. (CVR) (a)
   740 10,486
TOTAL RIGHTS

(Cost $44)
     10,486
SHORT-TERM INVESTMENTS — 5.1%  
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (f)  (g)
 4,716,504 4,717,448
State Street Navigator Securities Lending Portfolio II (h)  (i)
 224,055,583 224,055,583
TOTAL SHORT-TERM INVESTMENTS

(Cost $228,772,814)
     228,773,031
TOTAL INVESTMENTS — 104.8%

(Cost $5,015,239,722)
 4,731,688,514
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.8)%
 (217,934,836)
NET ASSETS — 100.0%
 $ 4,513,753,678
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(d) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2022, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
(e) Amount is less than 0.05% of net assets.
(f) 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.
(g) The rate shown is the annualized seven-day yield at December 31, 2022.
(h) 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.
(i) Investment of cash collateral for securities loaned.
CVR Contingent Value Rights
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
56

Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
At December 31, 2022, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
E-Mini Russell 2000 Index (long)   39   03/17/2023   $3,547,145   $3,453,255   $(93,890)
 
During the period ended December 31, 2022, average notional value related to futures contracts was $3,588,721.
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
   $4,502,904,997   $ —   $ 0(a)   $4,502,904,997
Rights
   —   10,486   —   10,486
Short-Term Investments
   228,773,031   —   —   228,773,031
TOTAL INVESTMENTS
   $4,731,678,028   $10,486   $ 0   $4,731,688,514
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(b)
   $ (93,890)   $ —   $—   $ (93,890)
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ (93,890)   $ —   $—   $ (93,890)
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS
   $4,731,584,138   $10,486   $ 0   $4,731,594,624
(a) The Portfolio held Level 3 securities that were valued at $0 at December 31, 2022.
(b) 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
 6,586,637   $ 6,585,978   $ 93,722,034   $ 95,592,668   $1,801   $303   4,716,504   $ 4,717,448   $ 59,327
State Street Navigator Securities Lending Portfolio II
 162,702,935   162,702,935   677,984,089   616,631,441   —   —   224,055,583   224,055,583   353,426
Total
     $169,288,913   $771,706,123   $712,224,109   $1,801   $303       $228,773,031   $412,753
See accompanying notes to financial statements.
57

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.6%   
AEROSPACE & DEFENSE — 1.9%  
AAR Corp. (a)
   5,388   $ 241,921
Aerojet Rocketdyne Holdings, Inc. (a)
   11,298   631,897
AeroVironment, Inc. (a)
   3,094   265,032
Axon Enterprise, Inc. (a)
   9,918   1,645,694
Boeing Co. (a)
   84,936   16,179,459
Curtiss-Wright Corp.
   6,722   1,122,507
General Dynamics Corp.
   35,596   8,831,723
Hexcel Corp.
   13,290   782,116
Howmet Aerospace, Inc.
   60,841   2,397,744
Huntington Ingalls Industries, Inc.
   6,505   1,500,573
Kaman Corp.
   4,334   96,648
L3Harris Technologies, Inc.
   30,907   6,435,146
Lockheed Martin Corp.
   36,399   17,707,749
Mercury Systems, Inc. (a)
   8,361   374,071
Moog, Inc. Class A
   4,560   400,186
National Presto Industries, Inc.
   108   7,394
Northrop Grumman Corp.
   22,613   12,337,879
Park Aerospace Corp.
   2,792   37,441
Raytheon Technologies Corp.
   231,348   23,347,640
Textron, Inc.
   35,471   2,511,347
TransDigm Group, Inc.
   8,055   5,071,831
Triumph Group, Inc. (a)
   10,328   108,651
Woodward, Inc.
   8,952   864,853
          102,899,502
AIR FREIGHT & LOGISTICS — 0.6%  
Atlas Air Worldwide Holdings, Inc. (a)
   4,648   468,518
C.H. Robinson Worldwide, Inc.
   21,206   1,941,621
Expeditors International of Washington, Inc.
   26,244   2,727,277
FedEx Corp.
   37,154   6,435,073
Forward Air Corp.
   4,438   465,502
GXO Logistics, Inc. (a)
   14,643   625,110
Hub Group, Inc. Class A (a)
   5,188   412,394
United Parcel Service, Inc. Class B
   111,757   19,427,837
          32,503,332
AIRLINES — 0.2%  
Alaska Air Group, Inc. (a)
   19,301   828,785
Allegiant Travel Co. (a)
   2,094   142,371
American Airlines Group, Inc. (a)
   95,244   1,211,504
Delta Air Lines, Inc. (a)
   98,273   3,229,251
Hawaiian Holdings, Inc. (a)
   6,676   68,496
JetBlue Airways Corp. (a)
   46,585   301,871
SkyWest, Inc. (a)
   7,849   129,587
Southwest Airlines Co.
   89,386   3,009,626
Sun Country Airlines Holdings, Inc. (a)
   234   3,711
United Airlines Holdings, Inc. (a)
   46,639   1,758,290
          10,683,492
Security Description     Shares   Value
AUTO COMPONENTS — 0.2%  
Adient PLC (a)
   13,812   $ 479,138
American Axle & Manufacturing Holdings, Inc. (a)
   14,291   111,756
Aptiv PLC (a)
   40,990   3,817,399
BorgWarner, Inc.
   37,420   1,506,155
Dana, Inc.
   23,772   359,670
Dorman Products, Inc. (a)
   4,586   370,870
Fox Factory Holding Corp. (a)
   5,633   513,899
Gentex Corp.
   38,120   1,039,532
Gentherm, Inc. (a)
   5,019   327,691
Goodyear Tire & Rubber Co. (a)
   43,375   440,256
LCI Industries
   4,130   381,819
Lear Corp.
   8,670   1,075,253
Motorcar Parts of America, Inc. (a)
   1,249   14,813
Patrick Industries, Inc.
   3,022   183,133
Standard Motor Products, Inc.
   2,462   85,678
Visteon Corp. (a)
   4,421   578,399
XPEL, Inc. (a)
   2,400   144,144
          11,429,605
AUTOMOBILES — 1.2%  
Ford Motor Co.
   601,408   6,994,375
General Motors Co.
   222,675   7,490,787
Harley-Davidson, Inc.
   23,840   991,744
Tesla, Inc. (a)
   418,698   51,575,220
Thor Industries, Inc.
   8,267   624,076
Winnebago Industries, Inc.
   5,163   272,090
          67,948,292
BANKS — 4.1%  
Ameris Bancorp
   8,625   406,583
Associated Banc-Corp.
   24,684   569,954
Banc of California, Inc.
   8,103   129,081
BancFirst Corp.
   2,752   242,671
Bancorp, Inc. (a)
   8,034   228,005
Bank of America Corp.
   1,089,010   36,068,011
Bank of Hawaii Corp.
   6,406   496,849
Bank OZK
   18,848   755,051
BankUnited, Inc.
   14,205   482,544
Banner Corp.
   4,936   311,955
Berkshire Hills Bancorp, Inc.
   6,967   208,313
Brookline Bancorp, Inc.
   13,089   185,209
Cadence Bank
   26,847   662,047
Cathay General Bancorp
   11,565   471,736
Central Pacific Financial Corp.
   5,230   106,064
Citigroup, Inc.
   297,078   13,436,838
Citizens Financial Group, Inc.
   75,960   2,990,545
City Holding Co.
   2,641   245,851
Columbia Banking System, Inc.
   9,119   274,755
Comerica, Inc.
   21,584   1,442,890
Commerce Bancshares, Inc.
   18,057   1,229,140
Community Bank System, Inc.
   8,252   519,463
Cullen/Frost Bankers, Inc.
   8,990   1,201,963
Customers Bancorp, Inc. (a)
   5,291   149,947
CVB Financial Corp.
   19,044   490,383
 
See accompanying notes to financial statements.
58

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Dime Community Bancshares, Inc.
   5,183   $ 164,975
Eagle Bancorp, Inc.
   5,392   237,625
East West Bancorp, Inc.
   22,109   1,456,983
FB Financial Corp.
   3,033   109,613
Fifth Third Bancorp
   109,064   3,578,390
First BanCorp (b)
   33,883   430,992
First BanCorp (b)
   1,120   47,981
First Commonwealth Financial Corp.
   15,677   219,008
First Financial Bancorp
   13,788   334,083
First Financial Bankshares, Inc.
   21,664   745,242
First Hawaiian, Inc.
   20,505   533,950
First Horizon Corp.
   74,681   1,829,685
First Republic Bank
   27,085   3,301,391
FNB Corp.
   50,997   665,511
Fulton Financial Corp.
   25,952   436,772
Glacier Bancorp, Inc.
   13,939   688,865
Hancock Whitney Corp.
   14,210   687,622
Hanmi Financial Corp.
   5,290   130,928
Heritage Financial Corp.
   5,184   158,838
Hilltop Holdings, Inc.
   9,457   283,805
Home BancShares, Inc.
   24,386   555,757
HomeStreet, Inc.
   3,919   108,086
Hope Bancorp, Inc.
   20,946   268,318
Huntington Bancshares, Inc.
   225,860   3,184,626
Independent Bank Corp.
   5,732   483,953
Independent Bank Group, Inc.
   5,526   332,002
International Bancshares Corp.
   8,495   388,731
JPMorgan Chase & Co.
   454,935   61,006,784
KeyCorp.
   149,295   2,600,719
Lakeland Financial Corp.
   3,934   287,064
M&T Bank Corp.
   27,630   4,008,008
National Bank Holdings Corp. Class A
   5,329   224,191
NBT Bancorp, Inc.
   7,746   336,331
OFG Bancorp
   7,381   203,420
Old National Bancorp
   44,252   795,651
Pacific Premier Bancorp, Inc.
   15,280   482,237
PacWest Bancorp
   18,856   432,745
Park National Corp.
   2,252   316,969
Pathward Financial, Inc.
   5,344   230,059
Pinnacle Financial Partners, Inc.
   11,425   838,595
PNC Financial Services Group, Inc.
   65,149   10,289,633
Preferred Bank
   2,202   164,313
Prosperity Bancshares, Inc.
   14,159   1,029,076
Regions Financial Corp.
   149,743   3,228,459
Renasant Corp.
   8,852   332,747
S&T Bancorp, Inc.
   5,818   198,859
Seacoast Banking Corp. of Florida
   6,099   190,228
ServisFirst Bancshares, Inc.
   7,328   504,972
Signature Bank
   9,912   1,142,061
Simmons First National Corp. Class A
   17,719   382,376
Southside Bancshares, Inc.
   5,160   185,708
Security Description     Shares   Value
Stellar Bancorp, Inc.
   3,547   $ 104,495
SVB Financial Group (a)
   9,187   2,114,296
Synovus Financial Corp.
   23,180   870,409
Texas Capital Bancshares, Inc. (a)
   7,838   472,710
Tompkins Financial Corp.
   1,924   149,264
Triumph Financial, Inc. (a)
   3,091   151,057
Truist Financial Corp.
   207,508   8,929,069
Trustmark Corp.
   10,329   360,585
UMB Financial Corp.
   5,515   460,613
Umpqua Holdings Corp.
   34,535   616,450
United Bankshares, Inc.
   17,324   701,449
United Community Banks, Inc.
   11,923   402,997
US Bancorp
   210,822   9,193,947
Valley National Bancorp
   60,875   688,496
Veritex Holdings, Inc.
   5,513   154,805
Washington Federal, Inc.
   12,136   407,163
Webster Financial Corp.
   28,534   1,350,800
Wells Fargo & Co.
   587,658   24,264,399
Westamerica BanCorp
   3,292   194,261
Wintrust Financial Corp.
   8,504   718,758
Zions Bancorp NA
   24,953   1,226,690
          227,613,498
BEVERAGES — 1.8%  
Boston Beer Co., Inc. Class A (a)
   1,528   503,507
Brown-Forman Corp. Class B
   28,441   1,868,005
Celsius Holdings, Inc. (a)
   4,503   468,492
Coca-Cola Co.
   607,131   38,619,603
Coca-Cola Consolidated, Inc.
   486   249,007
Constellation Brands, Inc. Class A
   26,026   6,031,525
Keurig Dr. Pepper, Inc.
   121,852   4,345,242
MGP Ingredients, Inc.
   2,533   269,461
Molson Coors Beverage Co. Class B
   29,645   1,527,310
Monster Beverage Corp. (a)
   56,967   5,783,860
National Beverage Corp. (a)
   4,272   198,776
PepsiCo, Inc.
   212,558   38,400,728
          98,265,516
BIOTECHNOLOGY — 2.5%  
AbbVie, Inc.
   275,815   44,574,462
Amgen, Inc.
   82,809   21,748,956
Anika Therapeutics, Inc. (a)
   2,631   77,878
Arcus Biosciences, Inc. (a)
   7,065   146,104
Arrowhead Pharmaceuticals, Inc. (a)
   14,968   607,102
Avid Bioservices, Inc. (a)
   9,376   129,107
Biogen, Inc. (a)
   23,593   6,533,374
Catalyst Pharmaceuticals, Inc. (a)
   14,796   275,206
Coherus Biosciences, Inc. (a)
   9,468   74,987
Cytokinetics, Inc. (a)
   17,348   794,885
Dynavax Technologies Corp. (a)
   17,302   184,093
Eagle Pharmaceuticals, Inc. (a)
   2,506   73,250
 
See accompanying notes to financial statements.
59

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Emergent BioSolutions, Inc. (a)
   7,652   $ 90,370
Enanta Pharmaceuticals, Inc. (a)
   2,650   123,278
Exelixis, Inc. (a)
   48,421   776,673
Gilead Sciences, Inc.
   193,284   16,593,431
Halozyme Therapeutics, Inc. (a)
   20,025   1,139,422
Incyte Corp. (a)
   28,711   2,306,067
Ironwood Pharmaceuticals, Inc. (a)
   1,414   17,519
iTeos Therapeutics, Inc. (a)  (c)
   3,043   59,430
Ligand Pharmaceuticals, Inc. (a)
   2,440   162,992
Moderna, Inc. (a)
   53,753   9,655,114
Myriad Genetics, Inc. (a)
   12,615   183,044
Neurocrine Biosciences, Inc. (a)
   14,279   1,705,484
Organogenesis Holdings, Inc. (a)
   7,696   20,702
Regeneron Pharmaceuticals, Inc. (a)
   16,795   12,117,425
REGENXBIO, Inc. (a)
   5,317   120,590
Spectrum Pharmaceuticals, Inc. (a)
   22   8
uniQure NV (a)
   5,422   122,917
United Therapeutics Corp. (a)
   6,910   1,921,602
Vanda Pharmaceuticals, Inc. (a)
   8,240   60,894
Vericel Corp. (a)
   11,781   310,311
Vertex Pharmaceuticals, Inc. (a)
   39,924   11,529,253
Vir Biotechnology, Inc. (a)
   11,365   287,648
Xencor, Inc. (a)
   8,829   229,907
          134,753,485
BUILDING PRODUCTS — 0.6%  
A.O. Smith Corp.
   21,110   1,208,336
AAON, Inc.
   5,814   437,910
Allegion PLC
   14,058   1,479,745
American Woodmark Corp. (a)
   2,581   126,108
Apogee Enterprises, Inc.
   5,072   225,501
Builders FirstSource, Inc. (a)
   25,253   1,638,415
Carlisle Cos., Inc.
   8,218   1,936,572
Carrier Global Corp.
   134,735   5,557,819
Fortune Brands Innovations, Inc.
   21,543   1,230,321
Gibraltar Industries, Inc. (a)
   5,004   229,583
Griffon Corp.
   7,661   274,187
Insteel Industries, Inc.
   2,674   73,588
Johnson Controls International PLC
   110,895   7,097,280
Lennox International, Inc.
   5,253   1,256,675
Masco Corp.
   40,296   1,880,614
Masterbrand, Inc.
   21,543   162,650
Owens Corning
   16,772   1,430,652
PGT Innovations, Inc. (a)
   8,430   151,403
Quanex Building Products Corp. (c)
   5,173   122,497
Resideo Technologies, Inc. (a)
   6,204   102,056
Simpson Manufacturing Co., Inc.
   6,462   572,921
Trane Technologies PLC
   36,932   6,207,900
Security Description     Shares   Value
Trex Co., Inc. (a)
   18,232   $ 771,760
UFP Industries, Inc.
   9,584   759,532
          34,934,025
CAPITAL MARKETS — 3.0%  
Affiliated Managers Group, Inc.
   7,199   1,140,538
Ameriprise Financial, Inc.
   17,905   5,575,080
B Riley Financial, Inc.
   2,680   91,656
Bank of New York Mellon Corp.
   124,467   5,665,738
BlackRock, Inc.
   23,450   16,617,374
Blucora, Inc. (a)
   7,814   199,491
Brightsphere Investment Group, Inc.
   4,318   88,864
Cboe Global Markets, Inc.
   16,938   2,125,211
Charles Schwab Corp.
   237,961   19,812,633
CME Group, Inc.
   55,375   9,311,860
Donnelley Financial Solutions, Inc. (a)
   4,945   191,124
Evercore, Inc. Class A
   5,862   639,427
FactSet Research Systems, Inc.
   6,128   2,458,615
Federated Hermes, Inc.
   14,707   534,011
Franklin Resources, Inc.
   42,989   1,134,050
Goldman Sachs Group, Inc.
   51,882   17,815,241
Interactive Brokers Group, Inc. Class A
   12,514   905,388
Intercontinental Exchange, Inc.
   86,377   8,861,416
Invesco, Ltd.
   58,273   1,048,331
Janus Henderson Group PLC
   23,680   556,954
Jefferies Financial Group, Inc.
   31,983   1,096,377
MarketAxess Holdings, Inc.
   6,034   1,682,822
Moody's Corp.
   25,022   6,971,630
Morgan Stanley
   205,624   17,482,152
MSCI, Inc.
   12,583   5,853,234
Nasdaq, Inc.
   54,205   3,325,477
Northern Trust Corp.
   32,096   2,840,175
Piper Sandler Cos.
   2,237   291,235
Raymond James Financial, Inc.
   28,629   3,059,009
S&P Global, Inc.
   51,900   17,383,386
SEI Investments Co.
   18,658   1,087,761
State Street Corp. (d)
   54,509   4,228,263
Stifel Financial Corp.
   16,115   940,633
StoneX Group, Inc. (a)
   2,584   246,255
T Rowe Price Group, Inc.
   34,779   3,792,998
Virtus Investment Partners, Inc.
   850   162,724
WisdomTree, Inc. (c)
   18,322   99,855
          165,316,988
CHEMICALS — 2.0%  
AdvanSix, Inc.
   5,143   195,537
Air Products & Chemicals, Inc.
   34,154   10,528,312
Albemarle Corp.
   18,397   3,989,573
American Vanguard Corp.
   4,215   91,508
Ashland, Inc.
   8,675   932,823
Avient Corp.
   12,332   416,328
Balchem Corp.
   4,980   608,108
Cabot Corp.
   8,835   590,531
Celanese Corp.
   17,792   1,819,054
 
See accompanying notes to financial statements.
60

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
CF Industries Holdings, Inc.
   33,454   $ 2,850,281
Chemours Co.
   25,161   770,430
Corteva, Inc.
   114,281   6,717,437
Dow, Inc.
   114,261   5,757,612
DuPont de Nemours, Inc.
   82,879   5,687,986
Eastman Chemical Co.
   21,138   1,721,479
Ecolab, Inc.
   38,452   5,597,073
FMC Corp.
   19,901   2,483,645
FutureFuel Corp.
   5,140   41,788
Hawkins, Inc.
   3,540   136,644
HB Fuller Co.
   8,156   584,133
Ingevity Corp. (a)
   6,455   454,690
Innospec, Inc.
   3,946   405,886
International Flavors & Fragrances, Inc.
   37,956   3,979,307
Koppers Holdings, Inc.
   2,752   77,606
Linde PLC
   77,124   25,156,306
Livent Corp. (a)
   23,311   463,190
LyondellBasell Industries NV Class A
   39,578   3,286,161
Mativ Holdings, Inc.
   8,754   182,959
Minerals Technologies, Inc.
   5,210   316,351
Mosaic Co.
   53,561   2,349,721
NewMarket Corp.
   737   229,288
Olin Corp.
   23,203   1,228,367
PPG Industries, Inc.
   36,383   4,574,798
Quaker Chemical Corp.
   2,094   349,489
Rayonier Advanced Materials, Inc. (a)
   9,827   94,339
RPM International, Inc.
   20,420   1,989,929
Scotts Miracle-Gro Co.
   6,366   309,324
Sensient Technologies Corp.
   6,715   489,658
Sherwin-Williams Co.
   36,250   8,603,212
Stepan Co.
   2,756   293,404
Tredegar Corp.
   3,963   40,502
Trinseo PLC
   6,010   136,487
Valvoline, Inc.
   29,019   947,470
Westlake Corp.
   5,346   548,179
          108,026,905
COMMERCIAL SERVICES & SUPPLIES — 0.6%  
ABM Industries, Inc.
   10,180   452,196
Brady Corp. Class A
   7,701   362,717
Brink's Co.
   7,795   418,669
Cintas Corp.
   13,366   6,036,353
Clean Harbors, Inc. (a)
   7,723   881,349
Copart, Inc. (a)
   63,983   3,895,925
CoreCivic, Inc. REIT (a)
   21,754   251,476
Deluxe Corp.
   7,959   135,144
Harsco Corp. (a)
   13,162   82,789
Healthcare Services Group, Inc.
   11,455   137,460
HNI Corp.
   6,782   192,812
IAA, Inc. (a)
   20,968   838,720
Interface, Inc.
   10,453   103,171
KAR Auction Services, Inc. (a)
   20,036   261,470
Matthews International Corp. Class A
   5,258   160,054
Security Description     Shares   Value
MillerKnoll, Inc.
   9,857   $ 207,096
MSA Safety, Inc.
   5,344   770,551
Pitney Bowes, Inc.
   26,894   102,197
Republic Services, Inc.
   32,357   4,173,729
Rollins, Inc.
   31,750   1,160,145
Stericycle, Inc. (a)
   13,993   698,111
Tetra Tech, Inc.
   8,561   1,242,972
UniFirst Corp.
   2,356   454,684
Viad Corp. (a)
   2,762   67,365
Waste Management, Inc.
   59,963   9,406,995
          32,494,150
COMMUNICATIONS EQUIPMENT — 0.9%  
ADTRAN Holdings, Inc.
   8,134   152,838
Arista Networks, Inc. (a)
   38,643   4,689,328
CalAmp Corp. (a)
   5,336   23,905
Calix, Inc. (a)
   8,508   582,203
Ciena Corp. (a)
   23,933   1,220,104
Cisco Systems, Inc.
   648,771   30,907,451
Clearfield, Inc. (a)
   1,742   163,992
Comtech Telecommunications Corp.
   3,906   47,419
Digi International, Inc. (a)
   4,795   175,257
Extreme Networks, Inc. (a)
   19,698   360,670
F5, Inc. (a)
   9,606   1,378,557
Harmonic, Inc. (a)
   20,264   265,458
Juniper Networks, Inc.
   50,749   1,621,938
Lumentum Holdings, Inc. (a)
   11,758   613,415
Motorola Solutions, Inc.
   25,958   6,689,636
NETGEAR, Inc. (a)
   4,964   89,898
NetScout Systems, Inc. (a)
   10,979   356,927
Viasat, Inc. (a)
   8,872   280,799
Viavi Solutions, Inc. (a)
   35,790   376,153
          49,995,948
CONSTRUCTION & ENGINEERING — 0.2%  
AECOM
   23,394   1,986,852
Arcosa, Inc.
   7,384   401,247
Comfort Systems USA, Inc.
   5,312   611,305
Dycom Industries, Inc. (a)
   4,956   463,882
EMCOR Group, Inc.
   8,635   1,278,930
Fluor Corp. (a)
   19,601   679,371
Granite Construction, Inc.
   8,050   282,313
MasTec, Inc. (a)
   8,914   760,632
MDU Resources Group, Inc.
   31,652   960,322
MYR Group, Inc. (a)
   2,536   233,489
NV5 Global, Inc. (a)
   1,875   248,100
Quanta Services, Inc.
   21,746   3,098,805
Valmont Industries, Inc.
   2,484   821,384
          11,826,632
CONSTRUCTION MATERIALS — 0.1%  
Eagle Materials, Inc.
   6,639   881,991
Martin Marietta Materials, Inc.
   9,615   3,249,582
Vulcan Materials Co.
   19,723   3,453,694
          7,585,267
 
See accompanying notes to financial statements.
61

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
CONSUMER FINANCE — 0.5%  
American Express Co.
   94,909   $ 14,022,805
Capital One Financial Corp.
   64,319   5,979,094
Discover Financial Services
   46,799   4,578,346
Encore Capital Group, Inc. (a)  (c)
   5,038   241,522
Enova International, Inc. (a)
   4,210   161,538
EZCORP, Inc. Class A (a)  (c)
   8,383   68,321
FirstCash Holdings, Inc.
   6,613   574,736
Green Dot Corp. Class A (a)
   8,288   131,116
LendingTree, Inc. (a)
   2,085   44,473
Navient Corp.
   8,696   143,049
PRA Group, Inc. (a)
   7,178   242,473
Prog Holdings, Inc. (a)
   3,158   53,339
SLM Corp.
   46,906   778,639
Synchrony Financial
   83,330   2,738,224
World Acceptance Corp. (a)  (c)
   478   31,519
          29,789,194
CONTAINERS & PACKAGING — 0.3%  
Amcor PLC
   240,115   2,859,770
AptarGroup, Inc.
   9,967   1,096,171
Avery Dennison Corp.
   12,837   2,323,497
Ball Corp.
   50,244   2,569,478
Greif, Inc. Class A
   2,366   158,664
International Paper Co.
   60,180   2,084,033
Myers Industries, Inc.
   5,165   114,818
O-I Glass, Inc. (a)
   23,992   397,547
Packaging Corp. of America
   14,646   1,873,370
Sealed Air Corp.
   24,054   1,199,813
Silgan Holdings, Inc.
   12,408   643,231
Sonoco Products Co.
   15,825   960,736
Westrock Co.
   40,921   1,438,782
          17,719,910
DISTRIBUTORS — 0.1%  
Genuine Parts Co.
   22,130   3,839,776
LKQ Corp.
   43,422   2,319,169
Pool Corp.
   6,348   1,919,191
          8,078,136
DIVERSIFIED CONSUMER SERVICES — 0.1%  
Adtalem Global Education, Inc. (a)
   7,782   276,261
American Public Education, Inc. (a)
   2,489   30,590
Frontdoor, Inc. (a)
   12,763   265,470
Graham Holdings Co. Class B
   286   172,804
Grand Canyon Education, Inc. (a)
   7,034   743,213
H&R Block, Inc.
   27,887   1,018,154
Mister Car Wash, Inc. (a)
   12,290   113,437
Perdoceo Education Corp. (a)
   11,094   154,207
Service Corp. International
   26,914   1,860,834
Strategic Education, Inc.
   3,916   306,701
Stride, Inc. (a)
   351   10,979
Security Description     Shares   Value
WW International, Inc. (a)
   7,665   $ 29,587
          4,982,237
DIVERSIFIED FINANCIAL SERVICES — 1.6%  
Berkshire Hathaway, Inc. Class B (a)
   280,411   86,618,958
Voya Financial, Inc.
   16,966   1,043,239
          87,662,197
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.9%  
AT&T, Inc.
   1,096,269   20,182,312
ATN International, Inc.
   2,531   114,680
Cogent Communications Holdings, Inc.
   6,667   380,552
Consolidated Communications Holdings, Inc. (a)
   11,266   40,332
Frontier Communications Parent, Inc. (a)
   34,570   880,844
Iridium Communications, Inc. (a)
   20,348   1,045,887
Lumen Technologies, Inc. (c)
   153,513   801,338
Verizon Communications, Inc.
   648,017   25,531,870
          48,977,815
ELECTRIC UTILITIES — 2.0%  
ALLETE, Inc.
   8,108   523,047
Alliant Energy Corp.
   38,684   2,135,744
American Electric Power Co., Inc.
   76,663   7,279,152
Constellation Energy Corp.
   50,146   4,323,087
Duke Energy Corp.
   119,175   12,273,833
Edison International
   57,679   3,669,538
Entergy Corp.
   31,144   3,503,700
Evergy, Inc.
   35,377   2,226,275
Eversource Energy
   51,996   4,359,345
Exelon Corp.
   150,429   6,503,046
FirstEnergy Corp.
   83,521   3,502,871
Hawaiian Electric Industries, Inc.
   16,923   708,228
IDACORP, Inc.
   7,665   826,670
NextEra Energy, Inc.
   310,023   25,917,923
NRG Energy, Inc.
   37,510   1,193,568
OGE Energy Corp.
   31,479   1,244,994
PG&E Corp. (a)
   249,785   4,061,504
Pinnacle West Capital Corp.
   17,928   1,363,245
PNM Resources, Inc.
   12,746   621,877
Portland General Electric Co.
   13,814   676,886
PPL Corp.
   117,657   3,437,937
Southern Co.
   162,893   11,632,189
Xcel Energy, Inc.
   81,475   5,712,212
          107,696,871
ELECTRICAL EQUIPMENT — 0.7%  
Acuity Brands, Inc.
   5,504   911,517
AMETEK, Inc.
   35,229   4,922,196
AZZ, Inc.
   4,880   196,176
Eaton Corp. PLC
   61,570   9,663,411
Emerson Electric Co.
   92,253   8,861,823
 
See accompanying notes to financial statements.
62

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Encore Wire Corp.
   2,762   $ 379,941
EnerSys
   6,700   494,728
Generac Holdings, Inc. (a)
   9,708   977,207
Hubbell, Inc.
   8,350   1,959,578
nVent Electric PLC
   24,949   959,788
Powell Industries, Inc. (c)
   1,566   55,092
Regal Rexnord Corp.
   10,994   1,319,060
Rockwell Automation, Inc.
   17,980   4,631,109
Sunrun, Inc. (a)
   32,908   790,450
Vicor Corp. (a)
   2,702   145,233
          36,267,309
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.9%  
Advanced Energy Industries, Inc.
   5,756   493,750
Amphenol Corp. Class A
   92,244   7,023,458
Arlo Technologies, Inc. (a)
   11,495   40,348
Arrow Electronics, Inc. (a)
   11,667   1,220,018
Avnet, Inc.
   15,321   637,047
Badger Meter, Inc.
   4,625   504,264
Belden, Inc.
   6,186   444,773
Benchmark Electronics, Inc.
   5,471   146,021
CDW Corp.
   21,816   3,895,901
Cognex Corp.
   27,451   1,293,217
Coherent Corp. (a)
   18,318   642,962
Corning, Inc.
   117,581   3,755,537
CTS Corp.
   5,084   200,411
ePlus, Inc. (a)
   4,816   213,253
Fabrinet (a)
   5,438   697,260
FARO Technologies, Inc. (a)
   2,664   78,348
Insight Enterprises, Inc. (a)
   5,183   519,700
IPG Photonics Corp. (a)
   5,320   503,644
Itron, Inc. (a)
   6,238   315,955
Jabil, Inc.
   21,212   1,446,658
Keysight Technologies, Inc. (a)
   28,336   4,847,440
Knowles Corp. (a)
   14,634   240,290
Littelfuse, Inc.
   3,941   867,808
Methode Electronics, Inc.
   5,370   238,267
National Instruments Corp.
   20,081   740,989
Novanta, Inc. (a)
   5,452   740,763
OSI Systems, Inc. (a)
   2,564   203,889
PC Connection, Inc.
   1,947   91,314
Plexus Corp. (a)
   4,608   474,302
Rogers Corp. (a)
   2,666   318,161
Sanmina Corp. (a)
   10,555   604,696
ScanSource, Inc. (a)
   5,144   150,308
TD SYNNEX Corp.
   6,583   623,476
TE Connectivity, Ltd.
   50,910   5,844,468
Teledyne Technologies, Inc. (a)
   7,120   2,847,359
Trimble, Inc. (a)
   39,179   1,980,890
TTM Technologies, Inc. (a)
   15,880   239,470
Vishay Intertechnology, Inc.
   21,002   453,013
Vontier Corp.
   22,061   426,439
Security Description     Shares   Value
Zebra Technologies Corp. Class A (a)
   8,441   $ 2,164,357
          48,170,224
ENERGY EQUIPMENT & SERVICES — 0.5%  
Archrock, Inc.
   14,808   132,976
Baker Hughes Co.
   143,620   4,241,099
Bristow Group, Inc. (a)
   4,135   112,183
ChampionX Corp.
   22,804   661,088
Core Laboratories NV (c)
   7,006   142,012
DMC Global, Inc. (a)
   2,409   46,831
Dril-Quip, Inc. (a)
   5,189   140,985
Halliburton Co.
   136,252   5,361,516
Helix Energy Solutions Group, Inc. (a)
   22,003   162,382
Helmerich & Payne, Inc.
   17,624   873,622
Nabors Industries, Ltd. (a)
   1,098   170,047
Newpark Resources, Inc. (a)
   24   100
Nov, Inc.
   60,927   1,272,765
Oceaneering International, Inc. (a)
   15,935   278,703
Oil States International, Inc. (a)
   9,927   74,055
Patterson-UTI Energy, Inc.
   30,137   507,507
ProPetro Holding Corp. (a)
   13,038   135,204
RPC, Inc.
   10,939   97,248
Schlumberger, Ltd.
   214,374   11,460,434
US Silica Holdings, Inc. (a)
   15,039   187,987
          26,058,744
ENTERTAINMENT — 1.2%  
Activision Blizzard, Inc.
   115,645   8,852,625
Cinemark Holdings, Inc. (a)
   17,896   154,979
Electronic Arts, Inc.
   44,577   5,446,418
Live Nation Entertainment, Inc. (a)
   22,185   1,547,182
Marcus Corp.
   2,639   37,975
Netflix, Inc. (a)
   68,026   20,059,507
Take-Two Interactive Software, Inc. (a)
   24,614   2,563,056
Walt Disney Co. (a)
   282,001   24,500,247
Warner Bros Discovery, Inc. (a)
   336,622   3,191,176
World Wrestling Entertainment, Inc. Class A (c)
   7,263   497,661
          66,850,826
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 3.0%  
Acadia Realty Trust REIT
   13,737   197,126
Agree Realty Corp. REIT
   15,758   1,117,715
Alexander & Baldwin, Inc. REIT
   10,295   192,825
Alexandria Real Estate Equities, Inc. REIT
   21,700   3,161,039
American Assets Trust, Inc. REIT
   7,774   206,011
American Tower Corp. REIT
   71,573   15,163,456
Apartment Income REIT Corp.
   23,040   790,502
Armada Hoffler Properties, Inc. REIT
   8,175   94,013
 
See accompanying notes to financial statements.
63

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SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
AvalonBay Communities, Inc. REIT
   21,335   $ 3,446,029
Boston Properties, Inc. REIT
   21,751   1,469,933
Brandywine Realty Trust REIT
   26,957   165,786
Brixmor Property Group, Inc. REIT
   46,445   1,052,908
Camden Property Trust REIT
   15,772   1,764,571
CareTrust REIT, Inc.
   14,930   277,399
Centerspace REIT
   978   57,379
Chatham Lodging Trust REIT
   7,403   90,835
Community Healthcare Trust, Inc. REIT
   3,075   110,085
Corporate Office Properties Trust REIT
   18,379   476,751
Cousins Properties, Inc. REIT
   23,285   588,878
Crown Castle, Inc. REIT
   66,515   9,022,095
CubeSmart REIT
   34,985   1,408,146
DiamondRock Hospitality Co. REIT
   34,743   284,545
Digital Realty Trust, Inc. REIT
   45,135   4,525,686
Douglas Emmett, Inc. REIT
   25,613   401,612
Easterly Government Properties, Inc. REIT (c)
   9,266   132,226
EastGroup Properties, Inc. REIT
   6,338   938,404
Elme Communities REIT
   13,738   244,536
EPR Properties REIT
   11,531   434,949
Equinix, Inc. REIT
   14,287   9,358,414
Equity Residential REIT
   52,897   3,120,923
Essential Properties Realty Trust, Inc. REIT
   16,640   390,541
Essex Property Trust, Inc. REIT
   9,872   2,092,074
Extra Space Storage, Inc. REIT
   20,309   2,989,079
Federal Realty Investment Trust REIT
   11,190   1,130,638
First Industrial Realty Trust, Inc. REIT
   20,370   983,056
Four Corners Property Trust, Inc. REIT
   11,015   285,619
Franklin Street Properties Corp. REIT
   16,507   45,064
GEO Group, Inc. REIT (a)
   21,818   238,907
Getty Realty Corp. REIT
   5,683   192,370
Global Net Lease, Inc. REIT
   13,798   173,441
Healthcare Realty Trust, Inc. REIT
   50,521   973,540
Healthpeak Properties, Inc. REIT
   79,940   2,004,096
Hersha Hospitality Trust Class A REIT
   8,626   73,494
Highwoods Properties, Inc. REIT
   16,414   459,264
Host Hotels & Resorts, Inc. REIT
   108,661   1,744,009
Hudson Pacific Properties, Inc. REIT
   23,649   230,105
Independence Realty Trust, Inc. REIT
   37,587   633,717
Security Description     Shares   Value
Industrial Logistics Properties Trust REIT
   7,563   $ 24,731
Innovative Industrial Properties, Inc. REIT (c)
   3,635   368,407
Invitation Homes, Inc. REIT
   94,924   2,813,547
Iron Mountain, Inc. REIT
   44,516   2,219,123
iStar, Inc. REIT
   12,019   91,705
JBG SMITH Properties REIT
   17,073   324,046
Kilroy Realty Corp. REIT
   15,611   603,677
Kimco Realty Corp. REIT
   94,286   1,996,977
Kite Realty Group Trust REIT
   34,179   719,468
Lamar Advertising Co. Class A REIT
   13,652   1,288,749
Life Storage, Inc. REIT
   12,682   1,249,177
LTC Properties, Inc. REIT
   6,245   221,885
LXP Industrial Trust REIT
   40,418   404,988
Macerich Co. REIT
   19,820   223,173
Medical Properties Trust, Inc. REIT
   84,344   939,592
Mid-America Apartment Communities, Inc. REIT
   17,773   2,790,183
National Retail Properties, Inc. REIT
   27,383   1,253,046
National Storage Affiliates Trust REIT
   16,095   581,351
NexPoint Residential Trust, Inc. REIT
   2,754   119,854
Office Properties Income Trust REIT
   7,594   101,380
Omega Healthcare Investors, Inc. REIT
   35,759   999,464
Orion Office REIT, Inc.
   8,549   73,008
Outfront Media, Inc. REIT
   16,260   269,591
Park Hotels & Resorts, Inc. REIT
   37,283   439,567
Pebblebrook Hotel Trust REIT
   20,217   270,706
Physicians Realty Trust REIT
   31,821   460,450
PotlatchDeltic Corp. REIT
   10,390   457,056
Prologis, Inc. REIT
   141,573   15,959,524
Public Storage REIT
   25,063   7,022,402
Rayonier, Inc. REIT
   21,781   717,902
Realty Income Corp. REIT
   99,855   6,333,803
Regency Centers Corp. REIT
   24,265   1,516,563
Retail Opportunity Investments Corp. REIT
   19,011   285,735
Rexford Industrial Realty, Inc. REIT
   24,713   1,350,318
RPT Realty REIT
   16,072   161,363
Sabra Health Care REIT, Inc.
   32,923   409,233
Safehold, Inc. REIT
   2,915   83,427
Saul Centers, Inc. REIT
   2,731   111,097
SBA Communications Corp. REIT
   16,865   4,727,428
Service Properties Trust REIT
   25,908   188,869
Simon Property Group, Inc. REIT
   49,277   5,789,062
SITE Centers Corp. REIT
   24,218   330,818
 
See accompanying notes to financial statements.
64

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SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
SL Green Realty Corp. REIT
   10,946   $ 369,099
Spirit Realty Capital, Inc. REIT
   16,137   644,350
STORE Capital Corp. REIT
   34,745   1,113,925
Summit Hotel Properties, Inc. REIT
   16,642   120,155
Sunstone Hotel Investors, Inc. REIT
   33,248   321,176
Tanger Factory Outlet Centers, Inc. REIT
   16,049   287,919
UDR, Inc. REIT
   46,108   1,785,763
Uniti Group, Inc. REIT
   29,462   162,925
Universal Health Realty Income Trust REIT
   1,473   70,306
Urban Edge Properties REIT
   18,064   254,522
Urstadt Biddle Properties, Inc. Class A REIT
   4,704   89,141
Ventas, Inc. REIT
   58,635   2,641,507
Veris Residential, Inc. REIT (a)
   15,459   246,262
VICI Properties, Inc. REIT
   154,149   4,994,428
Vornado Realty Trust REIT
   24,979   519,813
Welltower, Inc. REIT
   73,695   4,830,707
Weyerhaeuser Co. REIT
   114,854   3,560,474
Whitestone REIT
   6,535   62,997
Xenia Hotels & Resorts, Inc. REIT
   18,307   241,286
          163,542,991
FOOD & STAPLES RETAILING — 1.5%  
Andersons, Inc.
   5,068   177,329
BJ's Wholesale Club Holdings, Inc. (a)
   19,964   1,320,818
Casey's General Stores, Inc.
   5,189   1,164,152
Chefs' Warehouse, Inc. (a)
   3,169   105,464
Costco Wholesale Corp.
   68,775   31,395,787
Grocery Outlet Holding Corp. (a)
   11,080   323,425
Kroger Co.
   101,665   4,532,226
Performance Food Group Co. (a)
   26,278   1,534,372
PriceSmart, Inc.
   2,978   181,003
SpartanNash Co.
   5,398   163,236
Sprouts Farmers Market, Inc. (a)
   18,550   600,464
Sysco Corp.
   78,508   6,001,937
United Natural Foods, Inc. (a)
   8,484   328,416
Walgreens Boots Alliance, Inc.
   110,778   4,138,666
Walmart, Inc.
   218,762   31,018,264
          82,985,559
FOOD PRODUCTS — 1.2%  
Archer-Daniels-Midland Co.
   85,641   7,951,767
B&G Foods, Inc.
   6,268   69,888
Calavo Growers, Inc.
   2,696   79,262
Cal-Maine Foods, Inc.
   5,474   298,059
Campbell Soup Co.
   33,154   1,881,490
Conagra Brands, Inc.
   74,926   2,899,636
Darling Ingredients, Inc. (a)
   25,390   1,589,160
Flowers Foods, Inc.
   27,694   795,926
Security Description     Shares   Value
Fresh Del Monte Produce, Inc.
   5,256   $ 137,655
General Mills, Inc.
   93,745   7,860,518
Hain Celestial Group, Inc. (a)
   12,976   209,952
Hershey Co.
   22,782   5,275,628
Hormel Foods Corp.
   43,988   2,003,653
Hostess Brands, Inc. (a)
   21,166   474,965
Ingredion, Inc.
   10,426   1,021,018
J & J Snack Foods Corp.
   2,355   352,567
JM Smucker Co.
   17,600   2,788,896
John B Sanfilippo & Son, Inc.
   608   49,443
Kellogg Co.
   39,543   2,817,043
Kraft Heinz Co.
   124,254   5,058,380
Lamb Weston Holdings, Inc.
   23,003   2,055,548
Lancaster Colony Corp.
   2,500   493,250
McCormick & Co., Inc.
   38,424   3,184,965
Mondelez International, Inc. Class A
   214,581   14,301,824
Pilgrim's Pride Corp. (a)
   7,834   185,901
Post Holdings, Inc. (a)
   9,548   861,803
Seneca Foods Corp. Class A (a)
   865   52,722
Simply Good Foods Co. (a)
   13,112   498,649
Tootsie Roll Industries, Inc.
   2,846   121,154
TreeHouse Foods, Inc. (a)
   8,967   442,791
Tyson Foods, Inc. Class A
   45,316   2,820,921
          68,634,434
GAS UTILITIES — 0.1%  
Atmos Energy Corp.
   19,221   2,154,098
Chesapeake Utilities Corp.
   2,550   301,359
National Fuel Gas Co.
   13,639   863,349
New Jersey Resources Corp.
   13,537   671,706
Northwest Natural Holding Co.
   5,090   242,233
ONE Gas, Inc.
   8,210   621,661
South Jersey Industries, Inc.
   14,427   512,591
Southwest Gas Holdings, Inc.
   7,974   493,431
Spire, Inc.
   7,898   543,856
UGI Corp.
   32,072   1,188,909
          7,593,193
HEALTH CARE EQUIPMENT & SUPPLIES — 2.8%  
Abbott Laboratories
   272,309   29,896,805
Align Technology, Inc. (a)
   11,144   2,350,270
AngioDynamics, Inc. (a)
   5,569   76,685
Artivion, Inc. (a)
   5,478   66,393
Avanos Medical, Inc. (a)
   7,567   204,763
Baxter International, Inc.
   78,550   4,003,694
Becton Dickinson & Co.
   44,535   11,325,251
BioLife Solutions, Inc. (a)
   4,802   87,396
Boston Scientific Corp. (a)
   220,548   10,204,756
Cardiovascular Systems, Inc. (a)
   5,924   80,685
CONMED Corp.
   4,504   399,235
Cooper Cos., Inc.
   7,484   2,474,734
Cutera, Inc. (a)
   2,583   114,220
DENTSPLY SIRONA, Inc.
   34,099   1,085,712
DexCom, Inc. (a)
   61,226   6,933,232
Edwards Lifesciences Corp. (a)
   96,137   7,172,782
 
See accompanying notes to financial statements.
65

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Embecta Corp.
   8,812   $ 222,856
Enovis Corp. (a)
   5,446   291,470
Envista Holdings Corp. (a)
   24,713   832,087
Glaukos Corp. (a)
   6,410   279,989
Globus Medical, Inc. Class A (a)
   11,084   823,209
Haemonetics Corp. (a)
   7,697   605,369
Heska Corp. (a)
   1,609   100,015
Hologic, Inc. (a)
   39,415   2,948,636
ICU Medical, Inc. (a)
   2,634   414,802
IDEXX Laboratories, Inc. (a)
   13,241   5,401,798
Inari Medical, Inc. (a)
   8,686   552,082
Inogen, Inc. (a)
   2,796   55,109
Integer Holdings Corp. (a)
   5,018   343,532
Integra LifeSciences Holdings Corp. (a)
   11,099   622,321
Intuitive Surgical, Inc. (a)
   54,492   14,459,452
Lantheus Holdings, Inc. (a)
   10,114   515,409
LeMaitre Vascular, Inc. (c)
   2,593   119,330
LivaNova PLC (a)
   7,905   439,044
Masimo Corp. (a)
   7,235   1,070,418
Medtronic PLC
   206,933   16,082,833
Meridian Bioscience, Inc. (a)
   6,753   224,267
Merit Medical Systems, Inc. (a)
   7,537   532,263
Mesa Laboratories, Inc.
   570   94,740
Neogen Corp. (a)
   26,783   407,905
NuVasive, Inc. (a)
   7,565   311,981
Omnicell, Inc. (a)
   5,670   285,881
OraSure Technologies, Inc. (a)
   6,755   32,559
Orthofix Medical, Inc. (a)
   2,928   60,112
Penumbra, Inc. (a)  (c)
   5,213   1,159,684
QuidelOrtho Corp. (a)
   9,505   814,293
ResMed, Inc.
   22,391   4,660,239
Shockwave Medical, Inc. (a)
   5,486   1,127,977
STAAR Surgical Co. (a)  (c)
   7,056   342,498
STERIS PLC
   15,239   2,814,491
Stryker Corp.
   50,602   12,371,683
Surmodics, Inc. (a)
   2,571   87,723
Tandem Diabetes Care, Inc. (a)
   9,612   432,059
Teleflex, Inc.
   7,151   1,785,104
Varex Imaging Corp. (a)
   5,849   118,735
Zimmer Biomet Holdings, Inc.
   31,963   4,075,283
Zimvie, Inc. (a)  (c)
   339   3,166
Zynex, Inc.
   2,530   35,192
          154,434,209
HEALTH CARE PROVIDERS & SERVICES — 3.6%  
Acadia Healthcare Co., Inc. (a)
   13,921   1,145,977
AdaptHealth Corp. (a)
   15,197   292,086
Addus HomeCare Corp. (a)
   2,339   232,707
Agiliti, Inc. (a)
   5,238   85,432
Amedisys, Inc. (a)
   4,634   387,124
AmerisourceBergen Corp.
   23,037   3,817,461
AMN Healthcare Services, Inc. (a)
   6,520   670,386
Apollo Medical Holdings, Inc. (a)
   2,645   78,266
Cardinal Health, Inc.
   44,844   3,447,158
Centene Corp. (a)
   89,439   7,334,892
Security Description     Shares   Value
Chemed Corp.
   2,356   $ 1,202,573
Cigna Corp.
   49,074   16,260,179
Community Health Systems, Inc. (a)
   18,007   77,790
CorVel Corp. (a)
   867   126,001
Cross Country Healthcare, Inc. (a)
   5,045   134,046
CVS Health Corp.
   199,850   18,624,021
DaVita, Inc. (a)
   11,229   838,469
Elevance Health, Inc.
   37,195   19,079,919
Encompass Health Corp.
   15,665   936,924
Enhabit, Inc. (a)
   7,774   102,306
Ensign Group, Inc.
   7,947   751,866
Fulgent Genetics, Inc. (a)
   1,975   58,815
HCA Healthcare, Inc.
   34,899   8,374,364
HealthEquity, Inc. (a)
   11,353   699,799
Henry Schein, Inc. (a)
   21,614   1,726,310
Humana, Inc.
   19,577   10,027,144
Joint Corp. (a)
   2,059   28,785
Laboratory Corp. of America Holdings
   14,883   3,504,649
LHC Group, Inc. (a)
   4,668   754,769
McKesson Corp.
   22,176   8,318,661
ModivCare, Inc. (a)
   1,986   178,204
Molina Healthcare, Inc. (a)
   9,222   3,045,289
OmniAb, Inc. (e)
   1,875   —
Option Care Health, Inc. (a)
   18,839   566,866
Owens & Minor, Inc.
   11,538   225,337
Patterson Cos., Inc.
   13,688   383,675
Pediatrix Medical Group, Inc. (a)
   13,458   199,986
Pennant Group, Inc. (a)
   4,104   45,062
Progyny, Inc. (a)
   6,373   198,519
Quest Diagnostics, Inc.
   20,443   3,198,103
R1 RCM, Inc. (a)
   18,651   204,228
RadNet, Inc. (a)
   5,854   110,231
Select Medical Holdings Corp.
   16,749   415,878
Tenet Healthcare Corp. (a)
   16,499   804,986
UnitedHealth Group, Inc.
   145,714   77,254,649
Universal Health Services, Inc. Class B
   11,756   1,656,303
US Physical Therapy, Inc.
   2,183   176,888
          197,783,083
HEALTH CARE TECHNOLOGY — 0.0% (f)  
Allscripts Healthcare Solutions, Inc. (a)
   24,184   426,606
Computer Programs & Systems, Inc. (a)
   2,056   55,964
HealthStream, Inc. (a)
   5,150   127,926
NextGen Healthcare, Inc. (a)
   8,568   160,907
OptimizeRx Corp. (a)
   2,698   45,326
Simulations Plus, Inc.
   1,992   72,848
          889,577
HOTELS, RESTAURANTS & LEISURE — 2.0%  
BJ's Restaurants, Inc. (a)
   4,556   120,187
Bloomin' Brands, Inc.
   13,182   265,222
 
See accompanying notes to financial statements.
66

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Booking Holdings, Inc. (a)
   6,061   $ 12,214,612
Boyd Gaming Corp.
   12,400   676,172
Brinker International, Inc. (a)
   6,055   193,215
Caesars Entertainment, Inc. (a)
   31,795   1,322,672
Carnival Corp. (a)
   117,264   945,148
Cheesecake Factory, Inc.
   6,491   205,830
Chipotle Mexican Grill, Inc. (a)
   4,290   5,952,332
Choice Hotels International, Inc. (c)
   4,566   514,314
Churchill Downs, Inc.
   5,352   1,131,573
Chuy's Holdings, Inc. (a)
   2,954   83,598
Cracker Barrel Old Country Store, Inc.
   3,924   371,760
Darden Restaurants, Inc.
   19,839   2,744,329
Dave & Buster's Entertainment, Inc. (a)
   5,477   194,105
Dine Brands Global, Inc. (c)
   2,196   141,862
Domino's Pizza, Inc.
   5,771   1,999,074
El Pollo Loco Holdings, Inc.
   2,803   27,918
Expedia Group, Inc. (a)
   23,684   2,074,718
Golden Entertainment, Inc. (a)
   3,045   113,883
Hilton Worldwide Holdings, Inc.
   42,841   5,413,389
Jack in the Box, Inc.
   3,437   234,507
Las Vegas Sands Corp. (a)
   50,980   2,450,609
Light & Wonder, Inc. Class A (a)
   9,471   555,001
Marriott International, Inc. Class A
   41,033   6,109,403
Marriott Vacations Worldwide Corp.
   5,681   764,606
McDonald's Corp.
   114,639   30,210,816
MGM Resorts International
   45,854   1,537,485
Monarch Casino & Resort, Inc. (a)
   2,308   177,462
Norwegian Cruise Line Holdings, Ltd. (a)
   50,727   620,898
Papa John's International, Inc.
   5,817   478,797
Penn Entertainment, Inc. (a)
   23,109   686,337
Royal Caribbean Cruises, Ltd. (a)
   35,090   1,734,499
Ruth's Hospitality Group, Inc.
   5,262   81,456
Shake Shack, Inc. Class A (a)
   5,164   214,461
Six Flags Entertainment Corp. (a)
   11,559   268,747
Starbucks Corp.
   180,380   17,893,696
Texas Roadhouse, Inc.
   10,254   932,601
Travel + Leisure Co.
   13,863   504,613
Wendy's Co.
   27,864   630,562
Wingstop, Inc. (c)
   4,686   644,887
Wyndham Hotels & Resorts, Inc.
   14,542   1,036,990
Wynn Resorts, Ltd. (a)
   15,471   1,275,893
Yum! Brands, Inc.
   42,894   5,493,864
          111,244,103
HOUSEHOLD DURABLES — 0.5%  
Cavco Industries, Inc. (a)
   1,452   328,515
Century Communities, Inc.
   3,111   155,581
Security Description     Shares   Value
D.R. Horton, Inc.
   50,810   $ 4,529,204
Ethan Allen Interiors, Inc.
   4,599   121,506
Garmin, Ltd.
   23,020   2,124,516
Green Brick Partners, Inc. (a)
   7,136   172,905
Helen of Troy, Ltd. (a)  (c)
   4,104   455,175
Installed Building Products, Inc.
   3,334   285,390
iRobot Corp. (a)
   4,404   211,965
KB Home
   13,985   445,422
La-Z-Boy, Inc.
   7,254   165,536
Leggett & Platt, Inc.
   20,453   659,200
Lennar Corp. Class A
   41,954   3,796,837
LGI Homes, Inc. (a)
   2,543   235,482
M/I Homes, Inc. (a)
   3,232   149,254
MDC Holdings, Inc.
   8,792   277,827
Meritage Homes Corp. (a)
   5,625   518,625
Mohawk Industries, Inc. (a)
   9,220   942,469
Newell Brands, Inc.
   59,191   774,218
NVR, Inc. (a)
   449   2,071,049
PulteGroup, Inc.
   40,525   1,845,103
Sonos, Inc. (a)
   19,752   333,809
Taylor Morrison Home Corp. (a)
   19,852   602,508
Tempur Sealy International, Inc.
   29,143   1,000,479
Toll Brothers, Inc.
   17,884   892,769
TopBuild Corp. (a)
   5,072   793,717
Tri Pointe Homes, Inc. (a)
   19,721   366,613
Universal Electronics, Inc. (a)
   2,159   44,929
Whirlpool Corp.
   9,696   1,371,596
          25,672,199
HOUSEHOLD PRODUCTS — 1.5%  
Central Garden & Pet Co. (a)
   2,115   79,207
Central Garden & Pet Co. Class A (a)
   6,306   225,755
Church & Dwight Co., Inc.
   37,944   3,058,666
Clorox Co.
   19,192   2,693,213
Colgate-Palmolive Co.
   128,758   10,144,843
Energizer Holdings, Inc.
   9,009   302,252
Kimberly-Clark Corp.
   52,402   7,113,571
Procter & Gamble Co.
   369,674   56,027,791
WD-40 Co.
   2,194   353,695
          79,998,993
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.1%  
AES Corp.
   103,462   2,975,567
Ormat Technologies, Inc.
   6,927   599,047
          3,574,614
INDUSTRIAL CONGLOMERATES — 0.9%  
3M Co.
   86,482   10,370,922
General Electric Co.
   167,166   14,006,839
Honeywell International, Inc.
   105,988   22,713,228
          47,090,989
INSURANCE — 2.6%  
Aflac, Inc.
   90,609   6,518,411
Allstate Corp.
   44,162   5,988,367
Ambac Financial Group, Inc. (a)
   7,236   126,196
 
See accompanying notes to financial statements.
67

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
American Equity Investment Life Holding Co.
   13,356   $ 609,301
American Financial Group, Inc.
   10,692   1,467,798
American International Group, Inc.
   123,525   7,811,721
AMERISAFE, Inc.
   2,696   140,111
Aon PLC Class A
   33,941   10,187,052
Arch Capital Group, Ltd. (a)
   57,250   3,594,155
Arthur J Gallagher & Co.
   30,020   5,659,971
Assurant, Inc.
   9,331   1,166,935
Assured Guaranty, Ltd.
   12,338   768,164
Brighthouse Financial, Inc. (a)
   7,992   409,750
Brown & Brown, Inc.
   35,351   2,013,946
Chubb, Ltd.
   65,669   14,486,581
Cincinnati Financial Corp.
   23,448   2,400,841
CNO Financial Group, Inc.
   21,326   487,299
eHealth, Inc. (a)  (c)
   3,168   15,333
Employers Holdings, Inc.
   5,280   227,726
Everest Re Group, Ltd.
   6,449   2,136,360
First American Financial Corp.
   16,426   859,737
Genworth Financial, Inc. Class A (a)
   72,836   385,302
Globe Life, Inc.
   14,839   1,788,841
Hanover Insurance Group, Inc.
   5,678   767,268
Hartford Financial Services Group, Inc.
   54,692   4,147,294
HCI Group, Inc.
   1,056   41,807
Horace Mann Educators Corp.
   5,836   218,091
James River Group Holdings, Ltd.
   4,947   103,442
Kemper Corp.
   8,733   429,664
Kinsale Capital Group, Inc.
   2,663   696,428
Lincoln National Corp.
   27,702   851,005
Loews Corp.
   35,220   2,054,383
Marsh & McLennan Cos., Inc.
   78,187   12,938,385
Mercury General Corp.
   4,196   143,503
MetLife, Inc.
   108,562   7,856,632
Old Republic International Corp.
   44,517   1,075,086
Palomar Holdings, Inc. (a)
   2,995   135,254
Primerica, Inc.
   6,345   899,848
Principal Financial Group, Inc.
   39,018   3,274,391
ProAssurance Corp.
   10,043   175,451
Progressive Corp.
   90,181   11,697,378
Prudential Financial, Inc.
   60,544   6,021,706
Reinsurance Group of America, Inc.
   10,302   1,463,811
RenaissanceRe Holdings, Ltd.
   7,006   1,290,715
RLI Corp.
   6,376   836,978
Safety Insurance Group, Inc.
   2,584   217,728
Selective Insurance Group, Inc.
   8,511   754,160
Selectquote, Inc. (a)
   88   59
SiriusPoint, Ltd. (a)
   13,117   77,390
Stewart Information Services Corp.
   3,235   138,232
Travelers Cos., Inc.
   38,740   7,263,363
Trupanion, Inc. (a)
   4,716   224,151
United Fire Group, Inc.
   2,752   75,295
Security Description     Shares   Value
Universal Insurance Holdings, Inc.
   5,245   $ 55,545
Unum Group
   32,059   1,315,381
W R Berkley Corp.
   32,823   2,381,965
Willis Towers Watson PLC
   16,830   4,116,281
          142,987,968
INTERACTIVE MEDIA & SERVICES — 3.6%  
Alphabet, Inc. Class A (a)
   926,876   81,778,269
Alphabet, Inc. Class C (a)
   825,952   73,286,721
Cars.com, Inc. (a)
   9,900   136,323
Match Group, Inc. (a)
   42,599   1,767,433
Meta Platforms, Inc. Class A (a)
   350,738   42,207,811
QuinStreet, Inc. (a)
   7,312   104,927
TripAdvisor, Inc. (a)
   15,263   274,429
Yelp, Inc. (a)
   8,724   238,514
Ziff Davis, Inc. (a)
   6,310   499,121
          200,293,548
INTERNET & DIRECT MARKETING RETAIL — 2.2%  
Amazon.com, Inc. (a)
   1,384,524   116,300,016
eBay, Inc.
   81,395   3,375,451
Etsy, Inc. (a)
   18,902   2,264,081
Liquidity Services, Inc. (a)
   4,198   59,024
PetMed Express, Inc.
   2,727   48,268
Shutterstock, Inc.
   3,363   177,297
          122,224,137
IT SERVICES — 4.3%  
Accenture PLC Class A
   97,303   25,964,333
Akamai Technologies, Inc. (a)
   25,452   2,145,604
Automatic Data Processing, Inc.
   65,854   15,729,886
BM Technologies, Inc. (a)
   11   57
Bread Financial Holdings, Inc.
   6,550   246,673
Broadridge Financial Solutions, Inc.
   17,875   2,397,574
Cognizant Technology Solutions Corp. Class A
   82,133   4,697,186
Concentrix Corp.
   6,583   876,592
CSG Systems International, Inc.
   5,300   303,160
DXC Technology Co. (a)
   39,855   1,056,158
EPAM Systems, Inc. (a)
   8,700   2,851,338
Euronet Worldwide, Inc. (a)  (c)
   8,053   760,042
EVERTEC, Inc.
   9,366   303,271
ExlService Holdings, Inc. (a)
   5,190   879,342
Fidelity National Information Services, Inc.
   95,378   6,471,397
Fiserv, Inc. (a)
   94,985   9,600,134
FleetCor Technologies, Inc. (a)
   12,740   2,340,083
Gartner, Inc. (a)
   13,699   4,604,782
Genpact, Ltd.
   26,773   1,240,125
Global Payments, Inc.
   44,707   4,440,299
International Business Machines Corp.
   141,041   19,871,266
Jack Henry & Associates, Inc.
   11,899   2,088,988
Kyndryl Holdings, Inc. (a)
   27,297   303,543
Mastercard, Inc. Class A
   132,416   46,045,016
MAXIMUS, Inc.
   9,731   713,574
 
See accompanying notes to financial statements.
68

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Paychex, Inc.
   49,172   $ 5,682,316
Payoneer Global, Inc. (a)
   30,628   167,535
PayPal Holdings, Inc. (a)
   180,063   12,824,087
Perficient, Inc. (a)
   5,049   352,572
Sabre Corp. (a)
   44,887   277,402
TTEC Holdings, Inc.
   2,637   116,371
Unisys Corp. (a)
   13,186   67,380
VeriSign, Inc. (a)
   15,258   3,134,604
Visa, Inc. Class A
   255,106   53,000,823
Western Union Co.
   63,834   878,994
WEX, Inc. (a)
   6,860   1,122,639
          233,555,146
LEISURE EQUIPMENT & PRODUCTS — 0.1%  
Brunswick Corp.
   12,154   876,060
Hasbro, Inc.
   20,161   1,230,023
Mattel, Inc. (a)
   54,437   971,156
Polaris, Inc.
   9,071   916,171
Sturm Ruger & Co., Inc.
   2,666   134,953
Topgolf Callaway Brands Corp. (a)
   15,360   303,360
Vista Outdoor, Inc. (a)
   9,196   224,106
YETI Holdings, Inc. (a)
   11,832   488,780
          5,144,609
LIFE SCIENCES TOOLS & SERVICES — 1.9%  
Agilent Technologies, Inc.
   46,863   7,013,048
Azenta, Inc. (a)
   11,605   675,643
Bio-Rad Laboratories, Inc. Class A (a)
   3,017   1,268,618
Bio-Techne Corp.
   24,438   2,025,422
Bruker Corp.
   15,625   1,067,969
Charles River Laboratories International, Inc. (a)
   7,822   1,704,414
Danaher Corp.
   100,252   26,608,886
Illumina, Inc. (a)
   24,448   4,943,386
IQVIA Holdings, Inc. (a)
   29,385   6,020,693
Medpace Holdings, Inc. (a)
   4,341   922,072
Mettler-Toledo International, Inc. (a)
   3,676   5,313,474
NeoGenomics, Inc. (a)
   18,884   174,488
PerkinElmer, Inc.
   19,892   2,789,256
Repligen Corp. (a)
   7,368   1,247,476
Sotera Health Co. (a)
   1,001   8,338
Syneos Health, Inc. (a)
   16,909   620,222
Thermo Fisher Scientific, Inc.
   61,047   33,617,972
Waters Corp. (a)
   9,597   3,287,740
West Pharmaceutical Services, Inc.
   11,399   2,682,755
          101,991,872
MACHINERY — 2.1%  
AGCO Corp.
   9,522   1,320,606
Alamo Group, Inc.
   1,625   230,100
Albany International Corp. Class A
   4,862   479,345
Astec Industries, Inc.
   3,031   123,240
Barnes Group, Inc.
   7,713   315,076
Security Description     Shares   Value
Caterpillar, Inc.
   82,785   $ 19,831,975
Chart Industries, Inc. (a)  (c)
   5,367   618,439
CIRCOR International, Inc. (a)
   2,626   62,919
Crane Holdings Co.
   7,645   767,940
Cummins, Inc.
   22,632   5,483,507
Deere & Co.
   43,524   18,661,350
Donaldson Co., Inc.
   19,561   1,151,556
Dover Corp.
   22,357   3,027,361
Enerpac Tool Group Corp.
   9,956   253,380
EnPro Industries, Inc.
   3,106   337,591
Esab Corp.
   5,446   255,526
ESCO Technologies, Inc.
   4,146   362,941
Federal Signal Corp.
   9,473   440,210
Flowserve Corp.
   20,955   642,899
Fortive Corp.
   52,387   3,365,865
Franklin Electric Co., Inc.
   6,200   494,450
Graco, Inc.
   26,038   1,751,316
Greenbrier Cos., Inc.
   5,092   170,735
Hillenbrand, Inc.
   11,694   498,983
IDEX Corp.
   11,815   2,697,719
Illinois Tool Works, Inc.
   44,311   9,761,713
Ingersoll Rand, Inc.
   56,531   2,953,745
ITT, Inc.
   13,645   1,106,610
John Bean Technologies Corp.
   4,922   449,526
Kennametal, Inc.
   13,165   316,750
Lincoln Electric Holdings, Inc.
   9,262   1,338,266
Lindsay Corp.
   1,784   290,524
Middleby Corp. (a)
   8,852   1,185,283
Mueller Industries, Inc.
   4,836   285,324
Nordson Corp.
   7,769   1,846,847
Oshkosh Corp.
   10,714   944,868
Otis Worldwide Corp.
   62,819   4,919,356
PACCAR, Inc.
   53,187   5,263,917
Parker-Hannifin Corp.
   20,020   5,825,820
Pentair PLC
   25,922   1,165,972
Proto Labs, Inc. (a)
   4,234   108,094
Snap-on, Inc.
   8,502   1,942,622
SPX Technologies, Inc. (a)
   7,068   464,014
Standex International Corp.
   2,365   242,200
Stanley Black & Decker, Inc.
   24,461   1,837,510
Tennant Co.
   2,656   163,530
Terex Corp.
   11,468   489,913
Timken Co.
   10,751   759,773
Titan International, Inc. (a)
   10,011   153,369
Toro Co.
   16,663   1,886,252
Trinity Industries, Inc.
   13,060   386,184
Wabash National Corp.
   8,841   199,807
Watts Water Technologies, Inc. Class A
   4,412   645,167
Westinghouse Air Brake Technologies Corp.
   27,621   2,756,852
Xylem, Inc.
   27,723   3,065,332
          116,100,169
MARINE — 0.0% (f)  
Kirby Corp. (a)
   8,492   546,460
 
See accompanying notes to financial statements.
69

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Matson, Inc.
   6,828   $ 426,818
          973,278
MEDIA — 0.8%  
AMC Networks, Inc. Class A (a)
   4,233   66,331
Cable One, Inc.
   776   552,403
Charter Communications, Inc. Class A (a)
   18,053   6,121,772
Comcast Corp. Class A
   672,915   23,531,838
DISH Network Corp. Class A (a)
   38,925   546,507
EW Scripps Co. Class A (a)
   10,479   138,218
Fox Corp. Class A
   51,396   1,560,896
Fox Corp. Class B
   23,645   672,700
Gannett Co., Inc. (a)
   15,099   30,651
Interpublic Group of Cos., Inc.
   60,837   2,026,480
John Wiley & Sons, Inc. Class A
   6,850   274,411
New York Times Co. Class A
   22,223   721,359
News Corp. Class A
   61,002   1,110,236
News Corp. Class B
   18,929   349,051
Nexstar Media Group, Inc. Class A
   6,061   1,060,857
Omnicom Group, Inc.
   32,918   2,685,121
Paramount Global Class B
   87,311   1,473,810
Scholastic Corp.
   5,236   206,613
TechTarget, Inc. (a)
   3,883   171,085
TEGNA, Inc.
   34,366   728,216
Thryv Holdings, Inc. (a)
   2,592   49,248
Tremor International, Ltd. (a)
   1,016   3,246
          44,081,049
METALS & MINING — 0.6%  
Alcoa Corp.
   26,240   1,193,133
Arconic Corp. (a)
   15,372   325,272
ATI, Inc. (a)
   20,180   602,575
Carpenter Technology Corp.
   7,848   289,905
Century Aluminum Co. (a)
   7,933   64,892
Cleveland-Cliffs, Inc. (a)
   76,334   1,229,741
Commercial Metals Co.
   18,727   904,514
Compass Minerals International, Inc.
   5,306   217,546
Ferroglobe PLC (a)  (e)
   929   —
Freeport-McMoRan, Inc.
   224,150   8,517,700
Fresh Market, Inc. (a)  (e)
   466   —
Haynes International, Inc.
   2,541   116,098
Kaiser Aluminum Corp.
   2,666   202,510
Materion Corp.
   2,720   238,027
MP Materials Corp. (a)
   11,581   281,187
Newmont Corp.
   123,636   5,835,619
Nucor Corp.
   42,151   5,555,923
Olympic Steel, Inc.
   2,493   83,715
Reliance Steel & Aluminum Co.
   9,828   1,989,580
Royal Gold, Inc.
   10,022   1,129,680
Steel Dynamics, Inc.
   30,874   3,016,390
SunCoke Energy, Inc.
   4,918   42,442
TimkenSteel Corp. (a)
   3,149   57,217
United States Steel Corp.
   33,326   834,816
Warrior Met Coal, Inc.
   5,774   200,011
Security Description     Shares   Value
Worthington Industries, Inc.
   5,556   $ 276,189
          33,204,682
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.1%  
Annaly Capital Management, Inc. REIT
   72,946   1,537,702
Apollo Commercial Real Estate Finance, Inc. REIT
   18,905   203,418
ARMOUR Residential REIT, Inc.
   9,371   52,759
Ellington Financial, Inc. REIT
   6,943   85,885
Franklin BSP Realty Trust, Inc. REIT
   5,633   72,666
Granite Point Mortgage Trust, Inc. REIT
   7,409   39,712
Invesco Mortgage Capital, Inc. REIT
   22,181   282,364
KKR Real Estate Finance Trust, Inc. REIT
   5,971   83,355
New York Mortgage Trust, Inc. REIT
   51,885   132,825
PennyMac Mortgage Investment Trust REIT
   15,729   194,882
Ready Capital Corp. REIT
   9,663   107,646
Redwood Trust, Inc. REIT
   17,866   120,774
Two Harbors Investment Corp.
   10,845   171,026
          3,085,014
MULTI-UTILITIES — 0.8%  
Ameren Corp.
   38,263   3,402,346
Avista Corp.
   10,886   482,685
Black Hills Corp.
   9,528   670,200
CenterPoint Energy, Inc.
   101,036   3,030,070
CMS Energy Corp.
   43,937   2,782,530
Consolidated Edison, Inc.
   53,326   5,082,501
Dominion Energy, Inc.
   125,811   7,714,731
DTE Energy Co.
   29,762   3,497,928
NiSource, Inc.
   59,976   1,644,542
NorthWestern Corp.
   8,194   486,232
Public Service Enterprise Group, Inc.
   77,787   4,766,009
Sempra Energy
   49,137   7,593,632
Unitil Corp.
   2,273   116,741
WEC Energy Group, Inc.
   48,433   4,541,078
          45,811,225
MULTILINE RETAIL — 0.5%  
Big Lots, Inc.
   5,783   85,010
Dollar General Corp.
   35,563   8,757,389
Dollar Tree, Inc. (a)
   33,314   4,711,932
Kohl's Corp.
   24,301   613,600
Macy's, Inc.
   48,320   997,808
Nordstrom, Inc.
   16,861   272,137
Ollie's Bargain Outlet Holdings, Inc. (a)  (c)
   8,364   391,770
Target Corp.
   70,775   10,548,306
          26,377,952
 
See accompanying notes to financial statements.
70

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
OIL, GAS & CONSUMABLE FUELS — 4.6%  
Antero Midstream Corp.
   45,628   $ 492,326
Antero Resources Corp. (a)
   43,749   1,355,781
APA Corp.
   58,554   2,733,301
Battalion Oil Corp. (a)
   52   505
Callon Petroleum Co. (a)
   6,527   242,086
Chevron Corp.
   277,531   49,814,039
Civitas Resources, Inc.
   13,284   769,542
CNX Resources Corp. (a)
   34,581   582,344
ConocoPhillips
   194,380   22,936,840
CONSOL Energy, Inc.
   5,267   342,355
Coterra Energy, Inc.
   128,426   3,155,427
Devon Energy Corp.
   94,327   5,802,054
Diamondback Energy, Inc.
   26,700   3,652,026
Dorian LPG, Ltd.
   5,327   100,947
DTE Midstream LLC
   14,637   808,841
EOG Resources, Inc.
   89,713   11,619,628
EQT Corp.
   52,216   1,766,467
Equitrans Midstream Corp.
   62,445   418,381
Exxon Mobil Corp.
   642,433   70,860,360
Green Plains, Inc. (a)
   7,993   243,786
Hess Corp.
   41,462   5,880,141
HF Sinclair Corp.
   23,433   1,215,938
Kinder Morgan, Inc.
   299,564   5,416,117
Laredo Petroleum, Inc. (a)
   1,814   93,276
Marathon Oil Corp.
   99,109   2,682,881
Marathon Petroleum Corp.
   73,071   8,504,734
Matador Resources Co.
   16,674   954,420
Murphy Oil Corp.
   22,987   988,671
Occidental Petroleum Corp.
   118,599   7,470,551
ONEOK, Inc.
   66,674   4,380,482
Par Pacific Holdings, Inc. (a)
   7,892   183,489
PBF Energy, Inc. Class A
   17,873   728,861
PDC Energy, Inc.
   15,244   967,689
Phillips 66
   73,495   7,649,359
Pioneer Natural Resources Co.
   36,212   8,270,459
Range Resources Corp.
   41,538   1,039,281
Ranger Oil Corp. Class A
   2,583   104,431
REX American Resources Corp. (a)
   472   15,038
SM Energy Co.
   18,444   642,404
Southwestern Energy Co. (a)
   151,389   885,626
Talos Energy, Inc. (a)
   3,646   68,836
Targa Resources Corp.
   34,945   2,568,457
Valero Energy Corp.
   62,571   7,937,757
Williams Cos., Inc.
   186,723   6,143,187
World Fuel Services Corp.
   9,736   266,085
          252,755,206
PAPER & FOREST PRODUCTS — 0.0% (f)  
Clearwater Paper Corp. (a)
   2,575   97,361
Glatfelter Corp.
   7,798   21,678
Louisiana-Pacific Corp.
   10,086   597,091
Mercer International, Inc.
   5,754   66,977
Sylvamo Corp.
   5,375   261,171
          1,044,278
Security Description     Shares   Value
PERSONAL PRODUCTS — 0.2%  
BellRing Brands, Inc. (a)
   12,448   $ 319,167
Coty, Inc. Class A (a)
   44,691   382,555
Edgewell Personal Care Co.
   8,695   335,105
elf Beauty, Inc. (a)
   6,050   334,565
Estee Lauder Cos., Inc. Class A
   35,002   8,684,346
Inter Parfums, Inc.
   2,644   255,199
Medifast, Inc.
   1,881   216,973
Nu Skin Enterprises, Inc. Class A
   7,871   331,842
USANA Health Sciences, Inc. (a)
   1,960   104,272
          10,964,024
PHARMACEUTICALS — 4.5%  
Amphastar Pharmaceuticals, Inc. (a)
   5,459   152,961
ANI Pharmaceuticals, Inc. (a)
   608   24,460
Bristol-Myers Squibb Co.
   330,037   23,746,162
Cara Therapeutics, Inc. (a)
   6,549   70,336
Catalent, Inc. (a)
   25,852   1,163,599
Collegium Pharmaceutical, Inc. (a)  (c)
   894   20,741
Corcept Therapeutics, Inc. (a)
   16,100   326,991
Eli Lilly & Co.
   122,088   44,664,674
Harmony Biosciences Holdings, Inc. (a)  (c)
   3,519   193,897
Innoviva, Inc. (a)
   9,533   126,312
Jazz Pharmaceuticals PLC (a)
   8,796   1,401,291
Johnson & Johnson
   404,874   71,520,992
Merck & Co., Inc.
   395,518   43,882,722
Nektar Therapeutics (a)
   29,397   66,437
Organon & Co.
   38,941   1,087,622
Pacira BioSciences, Inc. (a)
   6,885   265,830
Perrigo Co. PLC
   21,518   733,549
Pfizer, Inc.
   866,837   44,416,728
Phibro Animal Health Corp. Class A
   2,734   36,663
Prestige Consumer Healthcare, Inc. (a)
   8,069   505,119
Supernus Pharmaceuticals, Inc. (a)
   8,158   290,996
Viatris, Inc.
   185,603   2,065,761
Zoetis, Inc.
   73,197   10,727,020
          247,490,863
PROFESSIONAL SERVICES — 0.5%  
ASGN, Inc. (a)
   7,847   639,373
CACI International, Inc. Class A (a)
   4,085   1,227,910
CoStar Group, Inc. (a)
   63,433   4,902,102
Equifax, Inc.
   18,638   3,622,482
Exponent, Inc.
   7,895   782,315
Forrester Research, Inc. (a)
   2,425   86,718
FTI Consulting, Inc. (a)
   5,036   799,717
Heidrick & Struggles International, Inc.
   2,878   80,498
Insperity, Inc.
   5,378   610,941
 
See accompanying notes to financial statements.
71

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Jacobs Solutions, Inc.
   20,384   $ 2,447,507
KBR, Inc.
   22,062   1,164,873
Kelly Services, Inc. Class A
   5,204   87,948
Korn Ferry
   8,414   425,917
Leidos Holdings, Inc.
   20,905   2,198,997
ManpowerGroup, Inc.
   9,104   757,544
Resources Connection, Inc.
   5,136   94,400
Robert Half International, Inc.
   17,726   1,308,710
Science Applications International Corp.
   8,726   967,975
TrueBlue, Inc. (a)
   7,128   139,566
Verisk Analytics, Inc.
   25,085   4,425,496
          26,770,989
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%  
Anywhere Real Estate, Inc. (a)
   19,626   125,410
CBRE Group, Inc. Class A (a)
   51,388   3,954,821
Cushman & Wakefield PLC (a)
   25,309   315,350
Douglas Elliman, Inc.
   9,442   38,429
Jones Lang LaSalle, Inc. (a)
   7,888   1,257,111
Marcus & Millichap, Inc.
   3,787   130,462
RE/MAX Holdings, Inc. Class A
   2,916   54,354
St. Joe Co.
   4,837   186,950
          6,062,887
ROAD & RAIL — 1.0%  
ArcBest Corp.
   4,388   307,336
Avis Budget Group, Inc. (a)  (c)
   4,829   791,618
CSX Corp.
   338,903   10,499,215
Heartland Express, Inc.
   7,960   122,106
JB Hunt Transport Services, Inc.
   13,225   2,305,911
Knight-Swift Transportation Holdings, Inc.
   26,962   1,413,078
Landstar System, Inc.
   6,048   985,219
Marten Transport, Ltd.
   8,538   168,882
Norfolk Southern Corp.
   37,318   9,195,902
Old Dominion Freight Line, Inc.
   14,605   4,144,607
RXO, Inc. (a)
   14,643   251,860
Ryder System, Inc.
   8,361   698,729
Saia, Inc. (a)
   4,146   869,333
Union Pacific Corp.
   96,917   20,068,603
Werner Enterprises, Inc.
   8,448   340,116
XPO, Inc. (a)
   14,643   487,465
          52,649,980
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.9%  
Advanced Micro Devices, Inc. (a)
   250,062   16,196,516
Allegro MicroSystems, Inc. (a)
   10,176   305,484
Alpha & Omega Semiconductor, Ltd. (a)
   3,233   92,367
Amkor Technology, Inc.
   16,322   391,402
Analog Devices, Inc.
   82,852   13,590,214
Applied Materials, Inc.
   134,224   13,070,733
Axcelis Technologies, Inc. (a)
   3,234   256,650
Broadcom, Inc.
   63,318   35,402,993
CEVA, Inc. (a)
   3,269   83,621
Security Description     Shares   Value
Cirrus Logic, Inc. (a)
   9,077   $ 676,055
Cohu, Inc. (a)
   6,253   200,409
Diodes, Inc. (a)
   5,660   430,952
Enphase Energy, Inc. (a)
   20,575   5,451,552
Entegris, Inc.
   1,956   128,294
First Solar, Inc. (a)
   13,697   2,051,674
FormFactor, Inc. (a)
   11,969   266,071
Ichor Holdings, Ltd. (a)
   2,845   76,303
Intel Corp.
   631,271   16,684,493
KLA Corp.
   22,880   8,626,446
Kulicke & Soffa Industries, Inc.
   9,726   430,473
Lam Research Corp.
   21,627   9,089,828
Lattice Semiconductor Corp. (a)
   20,938   1,358,457
MACOM Technology Solutions Holdings, Inc. (a)
   7,584   477,640
MaxLinear, Inc. (a)
   10,874   369,172
Microchip Technology, Inc.
   81,923   5,755,091
Micron Technology, Inc.
   171,803   8,586,714
MKS Instruments, Inc.
   8,254   699,361
Monolithic Power Systems, Inc.
   6,440   2,277,248
NVIDIA Corp.
   385,562   56,346,031
NXP Semiconductors NV
   40,573   6,411,751
ON Semiconductor Corp. (a)
   67,347   4,200,432
Onto Innovation, Inc. (a)
   7,061   480,784
PDF Solutions, Inc. (a)
   4,857   138,522
Photronics, Inc. (a)
   10,223   172,053
Power Integrations, Inc.
   7,828   561,424
Qorvo, Inc. (a)
   17,398   1,576,955
QUALCOMM, Inc.
   173,734   19,100,316
Rambus, Inc. (a)
   18,462   661,309
Semtech Corp. (a)
   10,028   287,703
Silicon Laboratories, Inc. (a)
   6,778   919,571
SiTime Corp. (a)
   2,276   231,287
Skyworks Solutions, Inc.
   25,515   2,325,182
SMART Global Holdings, Inc. (a)  (c)
   4,688   69,757
SolarEdge Technologies, Inc. (a)
   7,856   2,225,369
SunPower Corp. (a)
   12,846   231,613
Synaptics, Inc. (a)
   5,498   523,190
Teradyne, Inc.
   25,539   2,230,832
Texas Instruments, Inc.
   141,189   23,327,247
Ultra Clean Holdings, Inc. (a)
   5,794   192,071
Universal Display Corp.
   6,751   729,378
Veeco Instruments, Inc. (a)
   7,606   141,319
Wolfspeed, Inc. (a)
   16,694   1,152,554
          267,262,863
SOFTWARE — 7.9%  
8x8, Inc. (a)
   16,511   71,327
A10 Networks, Inc.
   9,264   154,060
ACI Worldwide, Inc. (a)
   18,346   421,958
Adeia, Inc.
   14,841   140,693
Adobe, Inc. (a)
   73,235   24,645,775
Agilysys, Inc. (a)
   2,773   219,455
Alarm.com Holdings, Inc. (a)
   6,497   321,472
ANSYS, Inc. (a)
   13,309   3,215,321
 
See accompanying notes to financial statements.
72

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Aspen Technology, Inc. (a)
   4,363   $ 896,160
Autodesk, Inc. (a)
   34,032   6,359,560
Blackbaud, Inc. (a)
   7,800   459,108
Cadence Design Systems, Inc. (a)
   42,733   6,864,629
Cerence, Inc. (a)
   5,929   109,864
Ceridian HCM Holding, Inc. (a)
   20,519   1,316,294
CommVault Systems, Inc. (a)
   7,633   479,658
Consensus Cloud Solutions, Inc. (a)
   2,103   113,057
Digital Turbine, Inc. (a)
   12,203   185,974
Dynatrace, Inc. (a)
   26,793   1,026,172
Ebix, Inc.
   4,468   89,181
Envestnet, Inc. (a)
   8,452   521,488
Fair Isaac Corp. (a)
   4,512   2,700,793
Fortinet, Inc. (a)
   103,724   5,071,066
Gen Digital, Inc.
   91,248   1,955,445
InterDigital, Inc.
   4,708   232,952
Intuit, Inc.
   43,665   16,995,291
LivePerson, Inc. (a)
   9,798   99,352
LiveRamp Holdings, Inc. (a)
   10,446   244,854
Manhattan Associates, Inc. (a)
   9,755   1,184,257
Microsoft Corp.
   1,162,785   278,859,099
NCR Corp. (a)
   20,403   477,634
OneSpan, Inc. (a)
   5,235   58,580
Oracle Corp.
   243,701   19,920,120
Paycom Software, Inc. (a)
   7,406   2,298,156
Paylocity Holding Corp. (a)
   5,879   1,142,054
Progress Software Corp.
   7,312   368,890
PTC, Inc. (a)
   16,420   1,971,057
Qualys, Inc. (a)
   5,149   577,872
Roper Technologies, Inc.
   16,182   6,992,080
Salesforce, Inc. (a)
   155,947   20,677,013
ServiceNow, Inc. (a)
   31,070   12,063,549
SPS Commerce, Inc. (a)
   5,304   681,193
Synopsys, Inc. (a)
   23,410   7,474,579
Teradata Corp. (a)
   16,689   561,752
Tyler Technologies, Inc. (a)
   6,214   2,003,456
Xperi, Inc. (a)
   5,936   51,109
          432,273,409
SPECIALTY RETAIL — 2.5%  
Aaron's Co., Inc.
   5,968   71,318
Abercrombie & Fitch Co. Class A (a)
   8,023   183,807
Academy Sports & Outdoors, Inc. (c)
   13,599   714,491
Advance Auto Parts, Inc.
   10,395   1,528,377
American Eagle Outfitters, Inc. (a)
   24,217   338,069
America's Car-Mart, Inc. (a)
   900   65,034
Asbury Automotive Group, Inc. (a)
   3,027   542,590
AutoNation, Inc. (a)
   6,274   673,200
AutoZone, Inc. (a)
   2,938   7,245,637
Bath & Body Works, Inc.
   37,043   1,560,992
Bed Bath & Beyond, Inc. (a)
   19,049   47,813
Security Description     Shares   Value
Best Buy Co., Inc.
   31,304   $ 2,510,894
Boot Barn Holdings, Inc. (a)
   3,001   187,622
Buckle, Inc.
   4,499   204,030
Caleres, Inc. (c)
   7,770   173,116
CarMax, Inc. (a)
   25,627   1,560,428
Chico's FAS, Inc. (a)
   35,087   172,628
Children's Place, Inc. (a)  (c)
   2,753   100,264
Designer Brands, Inc. Class A
   12,652   123,737
Dick's Sporting Goods, Inc.
   10,028   1,206,268
Five Below, Inc. (a)  (c)
   8,481   1,500,034
Foot Locker, Inc.
   15,765   595,759
GameStop Corp. Class A (a)
   35,662   658,320
Gap, Inc.
   32,419   365,686
Genesco, Inc. (a)
   2,249   103,499
Group 1 Automotive, Inc.
   2,664   480,506
Guess?, Inc.
   5,795   119,899
Haverty Furniture Cos., Inc.
   2,671   79,863
Hibbett, Inc.
   2,570   175,325
Home Depot, Inc.
   159,140   50,265,960
Leslie's, Inc. (a)
   23,020   281,074
Lithia Motors, Inc.
   4,409   902,699
Lowe's Cos., Inc.
   96,782   19,282,846
MarineMax, Inc. (a)
   2,804   87,541
Monro, Inc.
   5,410   244,532
Murphy USA, Inc.
   3,778   1,056,102
National Vision Holdings, Inc. (a)
   12,791   495,779
ODP Corp. (a)
   6,966   317,232
O'Reilly Automotive, Inc. (a)
   10,068   8,497,694
Rent-A-Center, Inc.
   6,187   139,517
RH (a)
   2,437   651,142
Ross Stores, Inc.
   54,920   6,374,564
Sally Beauty Holdings, Inc. (a)
   20,573   257,574
Shoe Carnival, Inc. (c)
   3,970   94,923
Signet Jewelers, Ltd.
   8,096   550,528
Sleep Number Corp. (a)
   4,293   111,532
Sonic Automotive, Inc. Class A
   3,677   181,166
TJX Cos., Inc.
   179,228   14,266,549
Tractor Supply Co.
   18,173   4,088,380
Ulta Beauty, Inc. (a)
   7,957   3,732,390
Urban Outfitters, Inc. (a)
   10,367   247,253
Victoria's Secret & Co. (a)  (c)
   12,142   434,441
Williams-Sonoma, Inc.
   11,847   1,361,457
Zumiez, Inc. (a)
   3,060   66,524
          137,278,605
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 5.8%  
3D Systems Corp. (a)
   21,101   156,147
Apple, Inc.
   2,332,629   303,078,486
Avid Technology, Inc. (a)
   5,470   145,447
Corsair Gaming, Inc. (a)
   5,010   67,986
Hewlett Packard Enterprise Co.
   198,307   3,164,980
HP, Inc.
   152,976   4,110,465
NetApp, Inc.
   34,922   2,097,415
Seagate Technology Holdings PLC
   30,884   1,624,807
 
See accompanying notes to financial statements.
73

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Super Micro Computer, Inc. (a)
   7,154   $ 587,344
Western Digital Corp. (a)
   47,618   1,502,348
Xerox Holdings Corp.
   24,825   362,445
          316,897,870
TEXTILES, APPAREL & LUXURY GOODS — 0.7%  
Capri Holdings, Ltd. (a)
   23,574   1,351,262
Carter's, Inc.
   7,002   522,419
Columbia Sportswear Co.
   4,926   431,419
Crocs, Inc. (a)
   10,397   1,127,347
Deckers Outdoor Corp. (a)
   4,422   1,765,085
Fossil Group, Inc. (a)
   9,882   42,591
G-III Apparel Group, Ltd. (a)
   7,805   107,007
Hanesbrands, Inc.
   53,415   339,719
Kontoor Brands, Inc.
   7,298   291,847
Movado Group, Inc.
   2,644   85,269
NIKE, Inc. Class B
   196,394   22,980,062
Oxford Industries, Inc.
   2,644   246,368
PVH Corp.
   11,150   787,078
Ralph Lauren Corp. (c)
   7,670   810,489
Skechers U.S.A., Inc. Class A (a)
   19,785   829,981
Steven Madden, Ltd.
   12,085   386,237
Tapestry, Inc.
   43,101   1,641,286
Under Armour, Inc. Class A (a)
   30,899   313,934
Under Armour, Inc. Class C (a)
   30,749   274,281
VF Corp.
   49,321   1,361,753
Wolverine World Wide, Inc.
   12,548   137,150
          35,832,584
THRIFTS & MORTGAGE FINANCE — 0.1%  
Axos Financial, Inc. (a)
   8,492   324,564
Capitol Federal Financial, Inc.
   20,342   175,958
Essent Group, Ltd.
   16,006   622,313
MGIC Investment Corp.
   52,629   684,177
Mr Cooper Group, Inc. (a)
   11,328   454,593
New York Community Bancorp, Inc.
   105,290   905,494
NMI Holdings, Inc. Class A (a)
   9,127   190,754
Northfield Bancorp, Inc.
   8,064   126,847
Northwest Bancshares, Inc.
   17,160   239,897
Provident Financial Services, Inc.
   11,015   235,280
TrustCo Bank Corp.
   3,028   113,823
Walker & Dunlop, Inc.
   4,562   358,026
WSFS Financial Corp.
   7,826   354,831
          4,786,557
TOBACCO — 0.7%  
Altria Group, Inc.
   285,656   13,057,336
Philip Morris International, Inc.
   239,498   24,239,593
Universal Corp.
   2,546   134,454
Vector Group, Ltd.
   18,846   223,513
          37,654,896
TRADING COMPANIES & DISTRIBUTORS — 0.3%  
Applied Industrial Technologies, Inc.
   6,216   783,403
Security Description     Shares   Value
Boise Cascade Co.
   5,843   $ 401,239
DXP Enterprises, Inc. (a)
   2,457   67,690
Fastenal Co.
   88,291   4,177,930
GATX Corp.
   5,286   562,113
GMS, Inc. (a)
   5,624   280,075
MSC Industrial Direct Co., Inc. Class A
   7,187   587,178
NOW, Inc. (a)
   10,462   132,867
United Rentals, Inc. (a)
   11,309   4,019,445
Univar Solutions, Inc. (a)
   27,215   865,437
Veritiv Corp.
   2,519   306,588
W.W. Grainger, Inc.
   6,909   3,843,131
Watsco, Inc. (c)
   5,056   1,260,967
WESCO International, Inc. (a)
   2   250
          17,288,313
WATER UTILITIES — 0.1%  
American States Water Co.
   5,522   511,061
American Water Works Co., Inc.
   27,843   4,243,830
California Water Service Group
   7,948   481,967
Essential Utilities, Inc.
   34,359   1,639,955
Middlesex Water Co.
   2,634   207,217
SJW Group
   4,138   335,964
          7,419,994
WIRELESS TELECOMMUNICATION SERVICES — 0.2%  
ESC NII Holdings, Inc.
   11,225   1,459
Gogo, Inc. (a)
   10,455   154,316
Shenandoah Telecommunications Co.
   7,717   122,546
Telephone & Data Systems, Inc.
   16,416   172,204
T-Mobile US, Inc. (a)
   89,889   12,584,460
          13,034,985
TOTAL COMMON STOCKS

(Cost $5,017,309,442)
         5,465,272,996
PREFERRED STOCKS — 0.0% (f)          
MEDIA — 0.0% (f)          
Liberty Broadband Corp. 7.00%, 3/10/2039

(Cost $14)
     1   23
TRADING COMPANIES & DISTRIBUTORS — 0.0% (f)          
WESCO International, Inc. 10.63%, 6/22/2025

(Cost $150)(g)
     7   184
TOTAL PREFERRED STOCKS

(Cost $164)
         207
 
See accompanying notes to financial statements.
74

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
RIGHTS — 0.0% (f)          
BIOTECHNOLOGY — 0.0% (f)          
Progenic Pharmaceuticals, Inc. (CVR) (a)
     11,119   $ 475
TOTAL RIGHTS

(Cost $0)
         475
WARRANTS — 0.0% (f)          
ENERGY EQUIPMENT & SERVICES — 0.0% (f)          
Nabors Industries, Ltd. (expiring 06/11/26) (a)  (c)
     318   10,463
TOTAL WARRANTS

(Cost $0)
         10,463
SHORT-TERM INVESTMENTS — 0.7%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (h)  (i)
   14,422,857   14,425,741
State Street Navigator Securities Lending Portfolio II (d)  (j)
   21,616,955   21,616,955
TOTAL SHORT-TERM INVESTMENTS

(Cost $36,040,764)
   36,042,696  
TOTAL INVESTMENTS — 100.3%

(Cost $5,053,350,370)
   5,501,326,837  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%
  (15,793,384)  
NET ASSETS — 100.0%
   $ 5,485,533,453  
    
(a) Non-income producing security.
(b) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(c) All or a portion of the shares of the security are on loan at December 31, 2022.
(d) 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.
(e) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2022, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
(f) Amount is less than 0.05% of net assets.
(g) Variable Rate Security - Interest rate shown is rate in effect at December 31, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(h) 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.
(i) The rate shown is the annualized seven-day yield at December 31, 2022.
(j) Investment of cash collateral for securities loaned.
CVR Contingent Value Rights
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)
E-mini S&P 500 Index (long)   77   03/17/2023   $15,409,161   $14,864,850   $(544,311)
 
During the period ended December 31, 2022, average notional value related to futures contracts was $19,037,554.
See accompanying notes to financial statements.
75

Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET 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
   $5,465,271,537   $1,459   $ 0(a)   $5,465,272,996
Preferred Stocks
   207   —   —   207
Rights
   —   475   —   475
Warrants
   10,463   —   —   10,463
Short-Term Investments
   36,042,696   —   —   36,042,696
TOTAL INVESTMENTS
   $5,501,324,903   $1,934   $ 0   $5,501,326,837
LIABILITIES:                
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(b)
   (544,311)   —   —   (544,311)
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ (544,311)   $ —   $—   $ (544,311)
(a) The Fund held Level 3 securities that were valued at $0 at December 31, 2022.
(b) 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 Corp.
 51,584   $ 3,180,154   $ 464,043   $ 281,653   $40,126   $825,593   54,509   $ 4,228,263   $ 68,650
State Street Institutional Liquid Reserves Fund, Premier Class
 8,667,918   8,667,051   77,769,162   72,019,003   6,453   2,078   14,422,857   14,425,741   294,769
State Street Navigator Securities Lending Portfolio II
 23,177,441   23,177,441   136,773,270   138,333,756   —   —   21,616,955   21,616,955   99,743
Total
     $35,024,646   $215,006,475   $210,634,412   $46,579   $827,671       $40,270,959   $463,162
See accompanying notes to financial statements.
76

Table of Contents
SPDR S&P AEROSPACE & DEFENSE ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%          
AEROSPACE & DEFENSE — 99.9%          
AAR Corp. (a)
     554,027   $ 24,875,812
Aerojet Rocketdyne Holdings, Inc. (a)  (b)
     974,935   54,528,114
AeroVironment, Inc. (a)
     540,313   46,283,212
Archer Aviation, Inc. Class A (a)  (b)
     4,074,825   7,619,923
Axon Enterprise, Inc. (a)
     311,602   51,704,120
Boeing Co. (a)
     292,632   55,743,470
BWX Technologies, Inc.
     880,349   51,130,670
Curtiss-Wright Corp. (b)
     309,509   51,684,908
Ducommun, Inc. (a)  (b)
     78,099   3,901,826
General Dynamics Corp.
     212,675   52,766,794
HEICO Corp.
     334,581   51,405,025
Hexcel Corp.
     898,414   52,871,664
Howmet Aerospace, Inc.
     1,382,612   54,488,739
Huntington Ingalls Industries, Inc.
     225,142   51,935,756
Kaman Corp.
     526,201   11,734,282
Kratos Defense & Security Solutions, Inc. (a)
     2,376,112   24,521,476
L3Harris Technologies, Inc.
     243,768   50,754,935
Lockheed Martin Corp.
     108,646   52,855,192
Maxar Technologies, Inc.
     1,179,436   61,024,019
Mercury Systems, Inc. (a)
     743,257   33,253,318
Moog, Inc. Class A
     256,791   22,535,978
National Presto Industries, Inc.
     49,172   3,366,315
Northrop Grumman Corp.
     99,329   54,194,896
Parsons Corp. (a)
     994,988   46,018,195
Raytheon Technologies Corp.
     534,642   53,956,071
Rocket Lab USA, Inc. (a)  (b)
     10,120,149   38,152,962
Spirit AeroSystems Holdings, Inc. Class A
     1,895,356   56,102,538
Textron, Inc.
     732,663   51,872,540
TransDigm Group, Inc.
     86,172   54,258,200
Triumph Group, Inc. (a)
     1,547,847   16,283,350
V2X, Inc. (a)
     147,462   6,088,706
Security Description     Shares   Value
Virgin Galactic Holdings, Inc. (a)  (b)
     11,298,764   $ 39,319,699
Woodward, Inc.
     565,424   54,625,613
TOTAL COMMON STOCKS

(Cost $1,389,983,999)
         1,341,858,318
SHORT-TERM INVESTMENTS — 3.0%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
     1,791,423   1,791,781
State Street Navigator Securities Lending Portfolio II (e)  (f)
     38,426,831   38,426,831
TOTAL SHORT-TERM INVESTMENTS

(Cost $40,218,394)
         40,218,612
TOTAL INVESTMENTS — 102.9%

(Cost $1,430,202,393)
       1,382,076,930
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.9)%
         (38,651,719)
NET ASSETS — 100.0%
         $ 1,343,425,211
   
(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.
 
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
   $1,341,858,318   $—   $—   $1,341,858,318
Short-Term Investments
   40,218,612   —   —   40,218,612
TOTAL INVESTMENTS
   $1,382,076,930   $—   $—   $1,382,076,930
See accompanying notes to financial statements.
77

Table of Contents
SPDR S&P AEROSPACE & DEFENSE ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
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
Astra Space, Inc.
 13,319,101   $17,314,831   $ 620,250   $ 10,632,502   $(67,286,078)   $59,983,499   —   $ —*   $ —
State Street Institutional Liquid Reserves Fund, Premier Class
 1,151,407   1,151,292   10,690,829   10,050,841   315   186   1,791,423   1,791,781   23,185
State Street Navigator Securities Lending Portfolio II
 44,046,656   44,046,656   237,851,400   243,471,225   —   —   38,426,831   38,426,831   313,553
Total
     $62,512,779   $249,162,479   $264,154,568   $(67,285,763)   $59,983,685       $40,218,612   $336,738
* As of December 31, 2022, no longer an affiliate.
See accompanying notes to financial statements.
78

Table of Contents
SPDR S&P BANK ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.7%   
BANKS — 82.0%  
Ameris Bancorp
   280,581   $ 13,226,588
Associated Banc-Corp.
   1,034,503   23,886,674
Atlantic Union Bankshares Corp.
   162,039   5,694,050
Bank of America Corp.
   729,391   24,157,430
Bank of Hawaii Corp.
   148,872   11,546,512
Bank OZK
   575,903   23,070,674
BankUnited, Inc.
   519,185   17,636,714
Banner Corp.
   142,562   9,009,918
BOK Financial Corp.
   128,576   13,344,903
Cadence Bank
   911,177   22,469,625
Cathay General Bancorp
   250,403   10,213,938
Citigroup, Inc.
   526,489   23,813,098
Citizens Financial Group, Inc.
   593,113   23,350,859
Columbia Banking System, Inc.
   764,887   23,046,045
Comerica, Inc.
   358,170   23,943,665
Commerce Bancshares, Inc.
   293,080   19,949,956
Community Bank System, Inc.
   174,226   10,967,527
Cullen/Frost Bankers, Inc.
   172,517   23,065,523
CVB Financial Corp.
   518,489   13,351,092
East West Bancorp, Inc.
   359,643   23,700,474
Eastern Bankshares, Inc.
   598,572   10,325,367
Fifth Third Bancorp
   718,081   23,560,238
First BanCorp
   1,195,469   15,206,366
First Citizens BancShares, Inc. Class A
   30,381   23,039,735
First Financial Bancorp
   231,881   5,618,477
First Financial Bankshares, Inc.
   386,117   13,282,425
First Hawaiian, Inc.
   460,277   11,985,613
First Horizon Corp.
   964,776   23,637,012
First Interstate BancSystem, Inc. Class A
   474,739   18,348,662
First Merchants Corp.
   123,724   5,086,294
First Republic Bank
   201,898   24,609,347
FNB Corp.
   1,779,508   23,222,579
Fulton Financial Corp.
   737,251   12,407,934
Glacier Bancorp, Inc.
   280,392   13,856,973
Hancock Whitney Corp.
   376,810   18,233,836
Hilltop Holdings, Inc.
   325,422   9,765,914
Home BancShares, Inc.
   764,751   17,428,675
Hope Bancorp, Inc.
   589,248   7,548,267
Huntington Bancshares, Inc.
   1,623,210   22,887,261
Independent Bank Corp.
   132,007   11,145,351
Independent Bank Group, Inc.
   129,233   7,764,319
International Bancshares Corp.
   220,034   10,068,756
JPMorgan Chase & Co.
   178,704   23,964,206
KeyCorp.
   1,355,782   23,617,722
Lakeland Financial Corp. (a)
   79,805   5,823,371
Live Oak Bancshares, Inc. (a)
   209,645   6,331,279
M&T Bank Corp.
   156,016   22,631,681
Old National Bancorp
   1,312,095   23,591,468
Pacific Premier Bancorp, Inc.
   291,759   9,207,914
PacWest Bancorp
   977,151   22,425,615
Pinnacle Financial Partners, Inc.
   314,611   23,092,447
Security Description     Shares   Value
PNC Financial Services Group, Inc.
   153,280   $ 24,209,043
Popular, Inc.
   359,697   23,855,105
Prosperity Bancshares, Inc.
   331,337   24,081,573
Regions Financial Corp.
   1,072,557   23,124,329
Renasant Corp.
   136,620   5,135,546
Sandy Spring Bancorp, Inc.
   114,165   4,022,033
Seacoast Banking Corp. of Florida
   305,701   9,534,814
ServisFirst Bancshares, Inc.
   121,006   8,338,523
Signature Bank
   199,205   22,952,400
Simmons First National Corp. Class A
   463,508   10,002,503
SouthState Corp.
   288,896   22,060,099
SVB Financial Group (b)
   107,223   24,676,301
Synovus Financial Corp.
   595,504   22,361,175
Texas Capital Bancshares, Inc. (b)
   362,511   21,863,038
Triumph Financial, Inc. (b)
   168,114   8,215,731
Truist Financial Corp.
   561,257   24,150,889
Trustmark Corp.
   175,341   6,121,154
UMB Financial Corp.
   142,631   11,912,541
Umpqua Holdings Corp.
   1,079,499   19,269,057
United Bankshares, Inc.
   474,501   19,212,546
United Community Banks, Inc.
   519,110   17,545,918
US Bancorp
   547,847   23,891,608
Valley National Bancorp
   1,825,181   20,642,797
Veritex Holdings, Inc.
   224,096   6,292,616
Washington Federal, Inc.
   268,619   9,012,167
Webster Financial Corp.
   500,268   23,682,687
Wells Fargo & Co.
   555,712   22,945,349
WesBanco, Inc.
   152,415   5,636,307
Western Alliance Bancorp
   388,705   23,151,270
Wintrust Financial Corp.
   276,524   23,371,809
Zions Bancorp NA
   497,318   24,448,153
          1,384,879,450
CAPITAL MARKETS — 2.8%  
Bank of New York Mellon Corp.
   528,243   24,045,621
Northern Trust Corp.
   268,810   23,786,997
          47,832,618
DIVERSIFIED FINANCIAL SERVICES — 5.5%  
Apollo Global Management, Inc.
   375,598   23,959,397
Equitable Holdings, Inc.
   795,211   22,822,556
Jackson Financial, Inc. Class A (a)
   656,414   22,836,643
Voya Financial, Inc. (a)
   383,968   23,610,192
          93,228,788
THRIFTS & MORTGAGE FINANCE — 9.4%  
Axos Financial, Inc. (b)
   253,528   9,689,840
Essent Group, Ltd.
   384,976   14,967,867
MGIC Investment Corp.
   1,807,030   23,491,390
Mr Cooper Group, Inc. (b)
   449,538   18,039,960
New York Community Bancorp, Inc. (a)
   2,733,532   23,508,375
NMI Holdings, Inc. Class A (b)
   372,348   7,782,073
 
See accompanying notes to financial statements.
79

Table of Contents
SPDR S&P BANK ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
PennyMac Financial Services, Inc.
   328,323   $ 18,602,781
Radian Group, Inc.
   1,164,558   22,208,121
Walker & Dunlop, Inc.
   118,220   9,277,906
WSFS Financial Corp.
   251,020   11,381,247
          158,949,560
TOTAL COMMON STOCKS

(Cost $2,017,228,631)
         1,684,890,416
SHORT-TERM INVESTMENTS — 1.4%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
   1,466,429   1,466,722
State Street Navigator Securities Lending Portfolio II (e)  (f)
   21,767,741   21,767,741
TOTAL SHORT-TERM INVESTMENTS

(Cost $23,234,496)
   23,234,463  
TOTAL INVESTMENTS — 101.1%

(Cost $2,040,463,127)
   1,708,124,879  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.1)%
  (18,529,723)  
NET ASSETS — 100.0%
   $ 1,689,595,156  
    
(a) All or a portion of the shares of the security are on loan at December 31, 2022.
(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, 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.
 
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
   $1,684,890,416   $—   $—   $1,684,890,416
Short-Term Investments
   23,234,463   —   —   23,234,463
TOTAL INVESTMENTS
   $1,708,124,879   $—   $—   $1,708,124,879
 
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
 2,302,353   $ 2,302,353   $ 54,291,726   $ 55,128,297   $973   $(33)   1,466,429   $ 1,466,722   $ 30,420
State Street Navigator Securities Lending Portfolio II
 40,635,342   40,635,342   256,184,511   275,052,112   —   —   21,767,741   21,767,741   500,979
Total
     $42,937,695   $310,476,237   $330,180,409   $973   $(33)       $23,234,463   $531,399
See accompanying notes to financial statements.
80

Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 100.0%          
BIOTECHNOLOGY — 100.0%          
2seventy bio, Inc. (a)  (b)
     1,261,346   $ 11,818,812
4D Molecular Therapeutics, Inc. (a)
     460,532   10,228,416
AbbVie, Inc.
     473,427   76,510,537
ACADIA Pharmaceuticals, Inc. (a)
     5,328,749   84,833,684
Achillion Pharmaceuticals, Inc. (a)  (b)
     51,865   75,464
Adicet Bio, Inc. (a)
     1,742,706   15,579,792
ADMA Biologics, Inc. (a)
     7,568,053   29,364,046
Agenus, Inc. (a) (b)  (c)
     16,753,009   40,207,222
Agios Pharmaceuticals, Inc. (a)  (b)
     2,026,829   56,913,358
Akero Therapeutics, Inc. (a)
     1,797,680   98,512,864
Alector, Inc. (a)  (b)
     1,989,602   18,364,026
Alkermes PLC (a)
     3,125,993   81,682,197
Allakos, Inc. (a)
     3,134,716   26,394,309
Allogene Therapeutics, Inc. (a)  (b)
     7,242,238   45,553,677
Alnylam Pharmaceuticals, Inc. (a)
     333,901   79,351,573
Altimmune, Inc. (a)
     5,734,424   94,331,275
Amgen, Inc.
     277,064   72,768,089
Amicus Therapeutics, Inc. (a)
     6,605,048   80,647,636
AnaptysBio, Inc. (a)  (b)
     672,206   20,831,664
Anavex Life Sciences Corp. (a)  (b)
     4,448,963   41,197,397
Anika Therapeutics, Inc. (a)
     268,107   7,935,967
Apellis Pharmaceuticals, Inc. (a)
     1,571,634   81,269,194
Arcellx, Inc. (a)
     1,055,828   32,709,551
Arcturus Therapeutics Holdings, Inc. (a) (b)  (c)
     1,486,679   25,214,076
Arcus Biosciences, Inc. (a)  (b)
     1,865,823   38,585,220
Arcutis Biotherapeutics, Inc. (a)  (b)
     2,902,501   42,957,015
Arrowhead Pharmaceuticals, Inc. (a)
     2,553,396   103,565,742
Atara Biotherapeutics, Inc. (a)  (b)
     4,813,856   15,789,448
Avid Bioservices, Inc. (a)  (b)
     3,060,972   42,149,584
Avidity Biosciences, Inc. (a)  (b)
     2,302,779   51,098,666
Beam Therapeutics, Inc. (a)  (b)
     1,833,153   71,694,614
BioCryst Pharmaceuticals, Inc. (a)  (b)
     7,353,518   84,418,387
Biogen, Inc. (a)
     270,637   74,944,798
Biohaven, Ltd. (a)
     3,448,442   47,864,375
BioMarin Pharmaceutical, Inc. (a)
     754,658   78,099,556
Bluebird Bio, Inc. (a)
     10,308,856   71,337,284
Security Description     Shares   Value
Blueprint Medicines Corp. (a)
     1,634,580   $ 71,610,950
Bridgebio Pharma, Inc. (a) (b)  (c)
     6,179,060   47,084,437
C4 Therapeutics, Inc. (a)  (c)
     1,701,873   10,041,051
CareDx, Inc. (a)
     4,646,541   53,017,033
Caribou Biosciences, Inc. (a)
     2,022,386   12,700,584
Catalyst Pharmaceuticals, Inc. (a)
     4,713,816   87,676,978
Celldex Therapeutics, Inc. (a)
     1,372,123   61,155,522
Cerevel Therapeutics Holdings, Inc. (a)  (b)
     2,285,005   72,069,058
Chinook Therapeutics, Inc. (a)
     1,665,447   43,634,711
Cogent Biosciences, Inc. (a)
     3,100,909   35,846,508
Coherus Biosciences, Inc. (a)  (c)
     4,493,855   35,591,332
Crinetics Pharmaceuticals, Inc. (a)
     1,019,014   18,647,956
CRISPR Therapeutics AG (a)  (b)
     1,576,176   64,071,554
CTI BioPharma Corp. (a)  (c)
     14,084,710   84,649,107
Cytokinetics, Inc. (a)  (b)
     2,158,642   98,908,976
Day One Biopharmaceuticals, Inc. (a)
     1,966,373   42,316,347
Deciphera Pharmaceuticals, Inc. (a)
     2,418,459   39,638,543
Denali Therapeutics, Inc. (a)
     2,714,825   75,499,283
Design Therapeutics, Inc. (a)
     2,331,617   23,922,390
Dynavax Technologies Corp. (a)  (b)
     6,191,401   65,876,507
Eagle Pharmaceuticals, Inc. (a)
     562,725   16,448,452
Editas Medicine, Inc. (a) (b)  (c)
     7,381,427   65,473,257
Emergent BioSolutions, Inc. (a)
     3,979,136   46,993,596
Enanta Pharmaceuticals, Inc. (a)
     798,092   37,127,240
EQRx, Inc. (a)  (b)
     11,768,834   28,951,332
Erasca, Inc. (a)
     2,740,102   11,809,840
Exact Sciences Corp. (a)  (b)
     1,731,353   85,719,287
Exelixis, Inc. (a)
     4,896,221   78,535,385
Fate Therapeutics, Inc. (a)  (b)
     4,085,413   41,221,817
FibroGen, Inc. (a)
     2,486,029   39,826,185
Geron Corp. (a)  (b)
     12,254,179   29,655,113
Gilead Sciences, Inc.
     877,776   75,357,070
Gossamer Bio, Inc. (a)
     26,531,780   57,573,963
Halozyme Therapeutics, Inc. (a)  (b)
     1,356,407   77,179,558
Horizon Therapeutics PLC (a)
     793,570   90,308,266
Ideaya Biosciences, Inc. (a)  (b)
     1,476,673   26,831,148
ImmunityBio, Inc. (a)
     4,513,174   22,881,792
ImmunoGen, Inc. (a)
     13,098,872   64,970,405
Immunovant, Inc. (a)
     2,208,320   39,197,680
Incyte Corp. (a)
     937,703   75,316,305
Inhibrx, Inc. (a)
     1,884,295   46,429,029
 
See accompanying notes to financial statements.
81

Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
Inovio Pharmaceuticals, Inc. (a) (b)  (c)
     24,786,562   $ 38,667,037
Insmed, Inc. (a)
     4,182,865   83,573,643
Intellia Therapeutics, Inc. (a)
     2,035,141   71,006,069
Intercept Pharmaceuticals, Inc. (a) (b)  (c)
     2,545,047   31,482,231
Ionis Pharmaceuticals, Inc. (a)
     2,059,141   77,773,756
Iovance Biotherapeutics, Inc. (a) (b)  (c)
     11,158,003   71,299,639
Ironwood Pharmaceuticals, Inc. (a)  (b)
     6,518,418   80,763,199
iTeos Therapeutics, Inc. (a)  (c)
     984,164   19,220,723
IVERIC bio, Inc. (a)  (c)
     3,812,932   81,634,874
Karuna Therapeutics, Inc. (a)  (b)
     391,480   76,925,820
Karyopharm Therapeutics, Inc. (a) (b)  (c)
     6,668,393   22,672,536
Keros Therapeutics, Inc. (a)  (b)
     631,111   30,305,950
Kezar Life Sciences, Inc. (a)
     3,337,981   23,499,386
Kiniksa Pharmaceuticals, Ltd. Class A (a)
     874,020   13,092,820
Krystal Biotech, Inc. (a)  (b)
     589,529   46,702,487
Kura Oncology, Inc. (a)  (b)
     3,137,005   38,930,232
Kymera Therapeutics, Inc. (a) (b)  (c)
     2,062,733   51,485,816
Lyell Immunopharma, Inc. (a)
     5,563,861   19,306,598
Madrigal Pharmaceuticals, Inc. (a)  (b)
     1,010,419   293,274,115
MannKind Corp. (a)  (b)
     12,276,065   64,694,863
Mersana Therapeutics, Inc. (a)
     3,990,365   23,383,539
MiMedx Group, Inc. (a)
     1,690,859   4,700,588
Mirati Therapeutics, Inc. (a)  (b)
     1,849,448   83,798,489
Mirum Pharmaceuticals, Inc. (a)
     1,398,771   27,276,034
Moderna, Inc. (a)
     435,313   78,190,921
Morphic Holding, Inc. (a)
     1,048,198   28,039,296
Myovant Sciences, Ltd. (a)  (b)
     2,650,717   71,463,330
Myriad Genetics, Inc. (a)
     1,976,793   28,683,266
Natera, Inc. (a)
     2,024,578   81,327,298
Neurocrine Biosciences, Inc. (a)
     658,458   78,646,223
Novavax, Inc. (a)  (b)
     4,676,790   48,077,401
Nurix Therapeutics, Inc. (a)  (b)
     1,580,126   17,349,783
Nuvalent, Inc. Class A (a)
     462,780   13,781,588
Ocugen, Inc. (a) (b)  (c)
     23,656,353   30,753,259
PMV Pharmaceuticals, Inc. (a) (b)  (c)
     2,536,145   22,064,461
Point Biopharma Global, Inc. (a)  (b)
     2,846,329   20,749,738
Prometheus Biosciences, Inc. (a)
     700,750   77,082,500
Security Description     Shares   Value
Protagonist Therapeutics, Inc. (a)  (c)
     2,828,096   $ 30,854,527
Prothena Corp. PLC (a)  (b)
     1,322,929   79,706,472
PTC Therapeutics, Inc. (a)  (b)
     2,024,530   77,276,310
Rapt Therapeutics, Inc. (a)
     1,403,249   27,784,330
Recursion Pharmaceuticals, Inc. Class A (a)
     5,004,691   38,586,168
Regeneron Pharmaceuticals, Inc. (a)
     102,895   74,237,714
REGENXBIO, Inc. (a)
     1,371,097   31,096,480
Relay Therapeutics, Inc. (a)  (b)
     4,540,095   67,829,019
Replimune Group, Inc. (a)
     715,973   19,474,466
REVOLUTION Medicines, Inc. (a)  (b)
     2,272,464   54,130,092
Rhythm Pharmaceuticals, Inc. (a)
     2,931,655   85,369,794
Rocket Pharmaceuticals, Inc. (a)
     2,812,988   55,050,175
Roivant Sciences, Ltd. (a)
     2,453,696   19,605,031
Sage Therapeutics, Inc. (a)
     1,568,806   59,834,261
Sana Biotechnology, Inc. (a)  (b)
     4,900,176   19,355,695
Sangamo Therapeutics, Inc. (a)  (b)
     6,764,213   21,239,629
Sarepta Therapeutics, Inc. (a)
     652,371   84,534,234
Seagen, Inc. (a)
     622,768   80,031,916
Seres Therapeutics, Inc. (a)
     3,037,473   17,009,849
Sorrento Therapeutics, Inc. (a) (b)  (c)
     40,885,074   36,224,176
SpringWorks Therapeutics, Inc. (a) (b)  (c)
     3,049,153   79,308,470
Sutro Biopharma, Inc. (a)
     944,816   7,634,113
Syndax Pharmaceuticals, Inc. (a)
     2,536,008   64,541,404
TG Therapeutics, Inc. (a) (b)  (c)
     7,196,171   85,130,703
Travere Therapeutics, Inc. (a)
     3,059,896   64,349,613
Twist Bioscience Corp. (a)
     3,161,909   75,285,053
Ultragenyx Pharmaceutical, Inc. (a)
     1,899,428   88,000,499
uniQure NV (a)
     1,890,484   42,857,272
United Therapeutics Corp. (a)
     275,404   76,587,098
Vanda Pharmaceuticals, Inc. (a)
     1,341,576   9,914,247
Vaxcyte, Inc. (a)
     1,821,399   87,336,082
Veracyte, Inc. (a) (b)  (c)
     2,697,490   64,011,438
Vericel Corp. (a)  (b)
     1,667,994   43,934,962
Vertex Pharmaceuticals, Inc. (a)
     247,351   71,430,022
Verve Therapeutics, Inc. (a)
     3,566,382   69,009,492
Vir Biotechnology, Inc. (a)  (b)
     2,954,372   74,775,155
Viridian Therapeutics, Inc. (a)
     1,120,860   32,740,321
Xencor, Inc. (a)
     1,114,528   29,022,309
Zentalis Pharmaceuticals, Inc. (a)
     2,195,004   44,207,381
          8,017,550,542
 
See accompanying notes to financial statements.
82

Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
HEALTH CARE EQUIPMENT — 0.0% (d)          
OmniAb, Inc. (e)  (f)
     161,960   $ —
OmniAb, Inc. (e)  (f)
     161,960   —
          —
TOTAL COMMON STOCKS

(Cost $9,408,079,131)
         8,017,550,542
SHORT-TERM INVESTMENTS — 7.6%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (g)  (h)
     3,567,024   3,567,737
State Street Navigator Securities Lending Portfolio II (i)  (j)
     608,792,638   608,792,638
TOTAL SHORT-TERM INVESTMENTS

(Cost $612,360,377)
         612,360,375
TOTAL INVESTMENTS — 107.6%

(Cost $10,020,439,508)
       8,629,910,917
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.6)%
        (610,746,884)
NET ASSETS — 100.0%
         $ 8,019,164,033
    
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(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, 2022 are shown in the Affiliate Table below.
(d) Amount is less than 0.05% of net assets.
(e) Fair valued as determined in good faith by the Trust's Oversight Committee in accordance with policy and procedures approved by the Board of Trustees. Security value is determined based on Level 3 inputs. As of December 31, 2022, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
(f) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(g) 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.
(h) The rate shown is the annualized seven-day yield at December 31, 2022.
(i) 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.
(j) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
Description   Level 1 –
Quoted Prices 		  Level 2 –
Other Significant
Observable Inputs 		  Level 3 –
Significant
Unobservable Inputs 		  Total
ASSETS:                  
INVESTMENTS:                
Common Stocks
   $8,017,475,078   $75,464   $ 0(a)   $8,017,550,542
Short-Term Investments
   612,360,375   —   —   612,360,375
TOTAL INVESTMENTS
   $8,629,835,453   $75,464   $ 0   $8,629,910,917
(a) Fund held Level 3 securities that were valued at $0 at December 31, 2022.
 
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(a) 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
Agenus, Inc.
 18,403,960   $ 35,703,682   $ 47,492,893   $ 50,362,995   $ 2,157,833   $ 5,215,809   16,753,009   $ 40,207,222   $ —
Albireo Pharma, Inc.
 1,080,042   21,449,634   9,668,069   28,274,479   (10,142,880)   7,299,656   —   —   —
Altimmune, Inc.
 —   —   99,886,697   26,750,168   233,027   20,961,719   5,734,424   94,331,275   —
Arcturus Therapeutics Holdings, Inc.
 2,239,987   35,257,395   40,077,705   52,448,972   (21,777,099)   24,105,047   1,486,679   25,214,076   —
Atara Biotherapeutics, Inc.
 4,178,999   32,554,402   33,643,281   28,991,294   (24,321,743)   2,904,802   4,813,856   15,789,448   —
Biohaven, Inc
 —   —   56,143,824   5,758,922   1,698,696   (4,219,223)   3,448,442   47,864,375   —
Bluebird Bio, Inc.
 —   —   124,885,625   59,580,748   2,513,189   3,519,218   10,308,856   71,337,284   —
Bridgebio Pharma, Inc.
 8,496,876   77,151,634   76,516,441   101,731,661   (56,691,840)   51,839,863   6,179,060   47,084,437   —
See accompanying notes to financial statements.
83

Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
  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(a) 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
CareDx, Inc.
 3,155,144   $ 67,772,493   $ 80,055,067   $ 58,851,449   $ 328,406   $ (36,287,484)   4,646,541   $ 53,017,033   $ —
Coherus Biosciences, Inc.
 4,238,908   30,689,694   44,370,133   45,491,723   (5,232,770)   11,255,998   4,493,855   35,591,332   —
CTI BioPharma Corp.
 8,182,914   48,851,997   97,826,987   62,651,337   888,106   (266,646)   14,084,710   84,649,107   —
Editas Medicine, Inc.
 6,434,010   76,114,338   104,720,021   97,718,734   (33,670,614)   16,028,246   7,381,427   65,473,257   —
Emergent BioSolutions, Inc
 2,394,422   74,322,859   77,876,037   55,667,965   (824,171)   (48,713,164)   3,979,136   46,993,596   —
Gossamer Bio, Inc
 2,677,826   22,413,404   100,799,742   33,306,476   3,385,266   (35,717,973)   26,531,780   57,573,963   —
Heron Therapeutics, Inc.
 14,121,179   39,398,089   39,133,308   92,086,460   (78,619,224)   92,174,287   —   —   —
ImmunoGen, Inc.
 14,030,427   63,136,921   76,994,894   80,113,626   457,111   4,495,105   13,098,872   64,970,405   —
Inovio Pharmaceuticals, Inc.
 27,314,749   47,254,516   56,297,461   59,715,481   (61,696,226)   56,526,767   24,786,562   38,667,037   —
Intercept Pharmaceuticals, Inc.
 2,863,938   39,550,984   45,333,356   50,459,589   (7,678,538)   4,736,018   2,545,047   31,482,231   —
Iovance Biotherapeutics, Inc.
 8,627,590   95,248,594   106,115,507   93,995,327   (37,320,897)   1,251,762   11,158,003   71,299,639   —
iTeos Therapeutics, Inc.
 1,832,657   37,752,734   36,904,380   54,283,812   (16,275,608)   15,123,029   984,164   19,220,723   —
IVERIC bio, Inc.
 6,575,877   63,259,937   94,495,845   143,857,437   28,873,184   38,863,345   3,812,932   81,634,874   —
Karyopharm Therapeutics, Inc.
 8,590,440   38,742,884   43,098,750   48,263,583   (12,399,460)   1,493,945   6,668,393   22,672,536   —
Kymera Therapeutics, Inc.
 2,812,391   55,375,979   69,194,565   87,963,669   (11,297,622)   26,176,563   2,062,733   51,485,816   —
Madrigal Pharmaceuticals, Inc.
 582,168   41,671,585   82,022,423   65,049,697   16,389,756   218,240,048   1,010,419   293,274,115   —
Novavax, Inc
 1,762,978   90,669,959   112,702,998   61,837,559   (804,989)   (92,653,008)   4,676,790   48,077,401   —
Ocugen, Inc.
 25,991,796   59,001,377   53,015,341   57,797,454   (28,467,406)   5,001,401   23,656,353   30,753,259   —
PMV Pharmaceuticals, Inc.
 4,485,362   63,916,408   52,741,384   73,312,580   (24,038,808)   2,758,057   2,536,145   22,064,461   —
Praxis Precision Medicines, Inc.
 4,299,061   10,532,699   6,135,009   17,654,547   (9,357,660)   10,344,499   —   —   —
Protagonist Therapeutics, Inc.
 5,877,088   46,487,766   45,771,711   72,775,433   (52,643,044)   64,013,527   2,828,096   30,854,527   —
Rhythm Pharmaceuticals, Inc.
 —   —   126,941,698   56,134,599   1,944,271   12,618,424   2,931,655   85,369,794   —
Rigel Pharmaceuticals, Inc.
 20,357,540   23,004,020   12,244,017   37,133,827   (7,015,198)   8,900,988   —   —   —
Sorrento Therapeutics, Inc.
 32,103,984   64,529,008   72,444,382   58,038,563   (717,560)   (41,993,091)   40,885,074   36,224,176   —
State Street Institutional Liquid Reserves Fund, Premier Class
 3,542,794   3,542,440   217,589,578   217,565,631   1,318   32   3,567,024   3,567,737   116,760
State Street Navigator Securities Lending Portfolio II
 592,952,060   592,952,060   1,445,413,405   1,429,572,827   —   —   608,792,638   608,792,638   2,062,221
Twist Bioscience Crop.
 2,673,732   93,473,671   120,162,504   115,647,456   (44,625,374)   21,921,708   3,161,909   75,285,053   —
Verve Therapeutics, Inc
 —   —   144,649,360   38,386,520   (771,226)   (36,482,122)   3,566,382   69,009,492   —
Total
     $2,091,783,163   $4,053,364,398   $3,719,232,600   $(487,519,794)   $431,437,152       $2,369,832,319   $2,178,981
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended December 31, 2022.
See accompanying notes to financial statements.
84

Table of Contents
SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.5%   
AEROSPACE & DEFENSE — 1.3%  
General Dynamics Corp.
   714,690   $ 177,321,736
L3Harris Technologies, Inc.
   637,280   132,688,069
          310,009,805
AIR FREIGHT & LOGISTICS — 1.2%  
C.H. Robinson Worldwide, Inc. (a)
   1,774,242   162,449,598
Expeditors International of Washington, Inc. (a)
   1,188,971   123,557,866
          286,007,464
BANKS — 5.5%  
Bank OZK (a)
   5,646,995   226,218,620
Commerce Bancshares, Inc.
   1,805,467   122,898,152
Community Bank System, Inc. (a)
   2,337,430   147,141,218
Cullen/Frost Bankers, Inc.
   1,365,860   182,615,482
Prosperity Bancshares, Inc. (a)
   3,113,198   226,267,231
UMB Financial Corp.
   1,452,402   121,304,615
United Bankshares, Inc. (a)  (b)
   6,750,265   273,318,230
          1,299,763,548
BEVERAGES — 2.3%  
Brown-Forman Corp. Class B
   1,288,697   84,641,619
Coca-Cola Co.
   4,003,144   254,639,990
PepsiCo, Inc.
   1,163,187   210,141,363
          549,422,972
BIOTECHNOLOGY — 1.4%  
AbbVie, Inc.
   2,042,945   330,160,341
BUILDING PRODUCTS — 1.1%  
A.O. Smith Corp.
   3,329,051   190,554,879
Carlisle Cos., Inc.
   283,154   66,725,240
          257,280,119
CAPITAL MARKETS — 4.7%  
FactSet Research Systems, Inc.
   159,097   63,831,307
Franklin Resources, Inc. (a)
   17,327,046   457,087,474
S&P Global, Inc.
   271,860   91,056,788
SEI Investments Co.
   2,458,690   143,341,627
T Rowe Price Group, Inc. (a)
   3,211,669   350,264,621
          1,105,581,817
CHEMICALS — 5.0%  
Air Products & Chemicals, Inc.
   837,382   258,131,375
Albemarle Corp.
   162,032   35,138,260
Ecolab, Inc.
   698,106   101,616,309
HB Fuller Co. (a)
   1,418,823   101,616,103
Linde PLC
   457,885   149,352,929
PPG Industries, Inc.
   1,468,090   184,597,637
RPM International, Inc. (a)
   1,563,268   152,340,467
Sherwin-Williams Co.
   404,614   96,027,041
Stepan Co.
   898,072   95,608,745
          1,174,428,866
Security Description     Shares   Value
COMMERCIAL SERVICES & SUPPLIES — 2.2%  
ABM Industries, Inc. (a)  (b)
   3,491,618   $ 155,097,672
Brady Corp. Class A (b)
   2,492,914   117,416,249
Cintas Corp.
   213,932   96,615,970
MSA Safety, Inc.
   1,001,484   144,403,978
          513,533,869
CONSTRUCTION & ENGINEERING — 1.1%  
MDU Resources Group, Inc.
   8,509,854   258,188,970
CONTAINERS & PACKAGING — 3.1%  
Amcor PLC
   29,039,410   345,859,373
AptarGroup, Inc.
   1,198,620   131,824,228
Sonoco Products Co.
   4,070,648   247,129,040
          724,812,641
DISTRIBUTORS — 0.8%  
Genuine Parts Co.
   1,031,232   178,929,064
ELECTRIC UTILITIES — 3.3%  
Eversource Energy
   3,297,189   276,436,326
NextEra Energy, Inc.
   2,170,280   181,435,408
Southern Co.
   4,542,723   324,395,849
          782,267,583
ELECTRICAL EQUIPMENT — 1.0%  
Emerson Electric Co.
   2,460,064   236,313,748
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.3%  
Badger Meter, Inc.
   687,539   74,962,377
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 6.3%  
Essex Property Trust, Inc. REIT
   1,170,695   248,093,684
Federal Realty Investment Trust REIT
   3,785,075   382,443,978
National Retail Properties, Inc. REIT (b)
   10,043,808   459,604,654
Realty Income Corp. REIT
   6,356,339   403,182,583
          1,493,324,899
FOOD & STAPLES RETAILING — 3.6%  
Casey's General Stores, Inc. (a)
   252,000   56,536,200
Sysco Corp.
   2,494,545   190,707,965
Walgreens Boots Alliance, Inc.
   12,929,791   483,056,992
Walmart, Inc.
   908,737   128,849,819
          859,150,976
FOOD PRODUCTS — 3.8%  
Archer-Daniels-Midland Co.
   1,634,065   151,722,935
Hormel Foods Corp.
   3,718,484   169,376,946
JM Smucker Co.
   1,501,263   237,890,135
Lancaster Colony Corp. (a)
   895,386   176,659,658
McCormick & Co., Inc.
   2,044,638   169,480,044
          905,129,718
GAS UTILITIES — 5.5%  
Atmos Energy Corp.
   1,932,904   216,620,551
National Fuel Gas Co. (a)
   3,484,767   220,585,751
New Jersey Resources Corp. (a)
   4,493,892   222,986,921
 
See accompanying notes to financial statements.
85

Table of Contents
SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
South Jersey Industries, Inc. (a)  (b)
   7,854,861   $ 279,083,211
UGI Corp. (a)
   9,948,948   368,807,503
          1,308,083,937
HEALTH CARE EQUIPMENT & SUPPLIES — 2.7%  
Abbott Laboratories
   1,450,032   159,199,013
Becton Dickinson & Co.
   508,651   129,349,949
Embecta Corp. (a)  (b)
   4,518,699   114,277,898
Medtronic PLC
   2,945,695   228,939,416
          631,766,276
HEALTH CARE PROVIDERS & SERVICES — 1.0%  
Cardinal Health, Inc.
   2,955,657   227,201,354
HOTELS, RESTAURANTS & LEISURE — 0.8%  
McDonald's Corp.
   687,279   181,118,635
HOUSEHOLD DURABLES — 1.6%  
Leggett & Platt, Inc. (a)  (b)
   11,397,785   367,350,611
HOUSEHOLD PRODUCTS — 5.1%  
Church & Dwight Co., Inc.
   1,453,564   117,171,794
Clorox Co.
   1,946,423   273,141,540
Colgate-Palmolive Co.
   2,725,720   214,759,479
Kimberly-Clark Corp.
   2,610,420   354,364,515
Procter & Gamble Co.
   1,640,758   248,673,282
          1,208,110,610
INDUSTRIAL CONGLOMERATES — 1.7%  
3M Co.
   3,342,223   400,799,382
INSURANCE — 5.2%  
Aflac, Inc.
   3,374,885   242,789,227
Brown & Brown, Inc.
   788,367   44,913,268
Chubb, Ltd.
   658,349   145,231,789
Cincinnati Financial Corp. (a)
   2,268,045   232,225,128
Old Republic International Corp.
   13,988,530   337,822,999
RenaissanceRe Holdings, Ltd. (a)
   543,698   100,165,483
RLI Corp.
   611,218   80,234,587
W R Berkley Corp.
   626,077   45,434,408
          1,228,816,889
IT SERVICES — 2.4%  
Automatic Data Processing, Inc.
   569,513   136,033,875
International Business Machines Corp.
   3,070,989   432,671,640
          568,705,515
LEISURE EQUIPMENT & PRODUCTS — 0.9%  
Polaris, Inc. (a)
   2,078,225   209,900,725
LIFE SCIENCES TOOLS & SERVICES — 0.1%  
West Pharmaceutical Services, Inc.
   90,746   21,357,071
MACHINERY — 7.1%  
Caterpillar, Inc.
   1,121,748   268,725,951
Donaldson Co., Inc.
   2,524,668   148,627,205
Dover Corp.
   1,007,515   136,427,606
Franklin Electric Co., Inc.
   805,423   64,232,484
Security Description     Shares   Value
Graco, Inc.
   1,612,748   $ 108,473,431
Illinois Tool Works, Inc.
   1,059,746   233,462,044
Lincoln Electric Holdings, Inc. (a)
   982,751   141,997,692
Nordson Corp.
   410,496   97,583,109
Pentair PLC
   3,718,812   167,272,164
Stanley Black & Decker, Inc. (a)
   4,109,853   308,732,157
          1,675,533,843
MEDIA — 0.5%  
John Wiley & Sons, Inc. Class A (b)
   3,196,363   128,046,302
METALS & MINING — 1.1%  
Nucor Corp.
   1,017,577   134,126,824
Royal Gold, Inc. (a)
   1,159,158   130,660,290
          264,787,114
MULTI-UTILITIES — 2.5%  
Black Hills Corp. (a)  (b)
   4,185,141   294,382,818
Consolidated Edison, Inc.
   3,191,519   304,183,676
          598,566,494
MULTILINE RETAIL — 0.8%  
Target Corp.
   1,319,661   196,682,275
OIL, GAS & CONSUMABLE FUELS — 2.6%  
Chevron Corp.
   1,675,035   300,652,032
Exxon Mobil Corp.
   2,774,267   306,001,650
          606,653,682
PERSONAL PRODUCTS — 0.8%  
Nu Skin Enterprises, Inc. Class A (a)  (b)
   4,504,181   189,896,271
PHARMACEUTICALS — 0.9%  
Johnson & Johnson
   1,187,084   209,698,389
SOFTWARE — 0.3%  
Roper Technologies, Inc.
   135,689   58,629,860
SPECIALTY RETAIL — 0.7%  
Lowe's Cos., Inc.
   874,347   174,204,896
TEXTILES, APPAREL & LUXURY GOODS — 2.7%  
NIKE, Inc. Class B
   1,223,346   143,143,716
VF Corp.
   17,605,869   486,098,043
          629,241,759
TRADING COMPANIES & DISTRIBUTORS — 1.3%  
Fastenal Co.
   4,222,390   199,803,495
W.W. Grainger, Inc.
   196,448   109,274,200
          309,077,695
WATER UTILITIES — 2.7%  
American States Water Co. (a)
   1,820,704   168,506,155
California Water Service Group (a)
   2,548,869   154,563,416
Essential Utilities, Inc.
   4,925,094   235,074,737
Middlesex Water Co. (a)  (b)
   1,015,357   79,878,135
          638,022,443
 
See accompanying notes to financial statements.
86

Table of Contents
SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
WIRELESS TELECOMMUNICATION SERVICES — 0.5%  
Telephone & Data Systems, Inc. (a)  (b)
   10,536,559   $ 110,528,504
TOTAL COMMON STOCKS

(Cost $22,660,115,848)
         23,482,049,309
SHORT-TERM INVESTMENTS — 1.7%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
   47,695,807   47,705,346
State Street Navigator Securities Lending Portfolio II (e)  (f)
   347,576,228   347,576,228
TOTAL SHORT-TERM INVESTMENTS

(Cost $395,277,237)
   395,281,574  
TOTAL INVESTMENTS — 101.2%

(Cost $23,055,393,085)
   23,877,330,883  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.2)%
  (294,437,538)  
NET ASSETS — 100.0%
   $23,582,893,345  
    
(a) All or a portion of the shares of the security are on loan at December 31, 2022.
(b) 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, 2022 are shown in the Affiliate Table below.
(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)
E-mini S&P 500 Index (long)   334   03/17/2023   $66,616,133   $64,478,700   $(2,137,433)
 
During the period ended December 31, 2022, average notional value related to futures contracts was $48,923,061.
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
   $23,482,049,309   $—   $—   $23,482,049,309
Short-Term Investments
   395,281,574   —   —   395,281,574
TOTAL INVESTMENTS
   $23,877,330,883   $—   $—   $23,877,330,883
LIABILITIES:                
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   (2,137,433)   —   —   (2,137,433)
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ (2,137,433)   $—   $—   $ (2,137,433)
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
See accompanying notes to financial statements.
87

Table of Contents
SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
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(a) 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
ABM Industries, Inc.
 2,773,729   $ 120,435,313   $ 40,359,437   $ 8,649,209   $ (163,851)   $ 3,115,982   3,491,618   $ 155,097,672   $ 1,176,816
Bank OZK
 6,046,700   226,932,651   61,337,703   81,291,783   18,430,466   —*   —   —*   4,137,436
Black Hills Corp.
 3,432,967   249,817,009   73,162,277   23,290,328   1,539,814   (6,845,954)   4,185,141   294,382,818   4,629,589
Brady Corp.
 2,748,354   129,832,243   34,022,487   45,451,267   (2,711,903)   1,724,689   2,492,914   117,416,249   1,334,058
Embecta Corp.
 89,691   2,270,976   138,012,388   1,010,189   116,163   (25,111,440)   4,518,699   114,277,898   689,304
John Wiley & Sons, Inc.
 2,180,871   104,158,399   48,704,551   1,700,950   65,279   (23,180,977)   3,196,363   128,046,302   2,799,248
Leggett & Platt, Inc.
 11,706,610   404,814,574   92,907,585   114,617,944   2,096,226   (17,849,830)   11,397,785   367,350,611   9,425,821
MDU Resources Group, Inc.
 10,517,517   283,867,784   65,435,899   122,928,015   4,876,725   —*   —   —*   3,877,001
Middlesex Water Co.
 1,027,000   90,047,360   23,477,834   24,631,712   (2,951,109)   (6,064,238)   1,015,357   79,878,135   632,900
National Retail Properties, Inc.
 8,835,419   379,923,017   121,321,137   73,885,289   14,144,268   18,101,521   10,043,808   459,604,654   10,230,150
New Jersey Resources Corp.
 5,553,470   247,296,019   59,613,236   107,053,984   9,038,388   —*   —   —*   4,010,374
Nu Skin Enterprises, Inc.
 6,229,311   269,729,166   59,830,823   124,366,977   (27,958,879)   12,662,138   4,504,181   189,896,271   4,143,130
South Jersey Industries, Inc.
 9,148,665   312,335,423   70,358,008   114,899,974   19,832,811   (8,543,057)   7,854,861   279,083,211   4,983,400
State Street Institutional Liquid Reserves Fund, Premier Class
 17,176,483   17,174,765   424,335,101   393,819,009   9,870   4,619   47,695,807   47,705,346   784,029
State Street Navigator Securities Lending Portfolio II
 290,219,370   290,219,370   1,486,574,331   1,429,217,473   —   —   347,576,228   347,576,228   1,291,573
Telephone & Data Systems, Inc.
 10,411,355   164,395,296   77,791,303   81,975,306   (5,326,560)   (44,356,229)   10,536,559   110,528,504   4,335,787
United Bankshares, Inc.
 8,362,251   293,264,143   72,378,212   140,739,130   23,945,017   24,469,988   6,750,265   273,318,230   5,155,851
Total
     $3,586,513,508   $2,949,622,312   $2,889,528,539   $ 54,982,725   $(71,872,788)       $2,964,162,129   $63,636,467
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended December 31, 2022.
* As of December 31, 2022, no longer an affiliate.
See accompanying notes to financial statements.
88

Table of Contents
SPDR S&P HOMEBUILDERS ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.9%          
BUILDING PRODUCTS — 46.9%          
A.O. Smith Corp.
     393,551   $ 22,526,859
Advanced Drainage Systems, Inc.
     353,894   29,008,691
Allegion PLC
     259,113   27,274,234
Builders FirstSource, Inc. (a)
     473,503   30,720,875
Carlisle Cos., Inc.
     124,624   29,367,646
Carrier Global Corp.
     719,402   29,675,332
Fortune Brands Innovations, Inc.
     474,779   27,114,629
Johnson Controls International PLC
     470,565   30,116,160
Lennox International, Inc.
     120,149   28,743,245
Masco Corp.
     627,507   29,285,752
Owens Corning
     333,505   28,447,976
Trane Technologies PLC
     176,586   29,682,341
Trex Co., Inc. (a)
     515,070   21,802,913
          363,766,653
HOME FURNISHINGS — 3.2%          
Mohawk Industries, Inc. (a)
     239,738   24,506,018
HOME IMPROVEMENT RETAIL — 11.6%          
Floor & Decor Holdings, Inc. Class A (a)  (b)
     408,282   28,428,676
Home Depot, Inc.
     96,576   30,504,495
Lowe's Cos., Inc.
     153,374   30,558,236
          89,491,407
HOMEBUILDING — 30.3%          
Cavco Industries, Inc. (a)
     22,768   5,151,260
Century Communities, Inc.
     85,931   4,297,409
D.R. Horton, Inc.
     362,646   32,326,264
Green Brick Partners, Inc. (a)  (b)
     156,257   3,786,107
Installed Building Products, Inc.
     54,551   4,669,566
Lennar Corp. Class A
     349,713   31,649,027
LGI Homes, Inc. (a)  (b)
     71,704   6,639,790
M/I Homes, Inc. (a)
     75,087   3,467,518
MDC Holdings, Inc.
     255,646   8,078,414
NVR, Inc. (a)
     6,522   30,083,247
PulteGroup, Inc.
     704,666   32,083,443
Skyline Champion Corp. (a)
     145,088   7,473,483
Taylor Morrison Home Corp. (a)
     378,442   11,485,715
Security Description     Shares   Value
Toll Brothers, Inc.
     572,861   $ 28,597,221
TopBuild Corp. (a)
     121,582   19,026,367
Tri Pointe Homes, Inc. (a)
     326,521   6,070,025
          234,884,856
HOMEFURNISHING RETAIL — 4.0%          
Williams-Sonoma, Inc. (b)
     268,617   30,869,466
HOUSEHOLD APPLIANCES — 3.9%          
Whirlpool Corp.
     215,216   30,444,455
TOTAL COMMON STOCKS

(Cost $1,066,503,649)
         773,962,855
SHORT-TERM INVESTMENTS — 3.7%          
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
     502,957   503,057
State Street Navigator Securities Lending Portfolio II (e)  (f)
     28,436,138   28,436,138
TOTAL SHORT-TERM INVESTMENTS

(Cost $28,939,233)
         28,939,195
TOTAL INVESTMENTS — 103.6%

(Cost $1,095,442,882)
       802,902,050
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.6)%
         (27,864,319)
NET ASSETS — 100.0%
         $ 775,037,731
   
(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.
 
See accompanying notes to financial statements.
89

Table of Contents
SPDR S&P HOMEBUILDERS 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
   $773,962,855   $—   $—   $773,962,855
Short-Term Investments
   28,939,195   —   —   28,939,195
TOTAL INVESTMENTS
   $802,902,050   $—   $—   $802,902,050
 
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
 460,332   $ 460,287   $ 12,003,404   $ 11,960,933   $330   $(31)   502,957   $ 503,057   $10,772
State Street Navigator Securities Lending Portfolio II
 24,781,739   24,781,739   295,557,350   291,902,951   —   —   28,436,138   28,436,138   39,612
Total
     $25,242,026   $307,560,754   $303,863,884   $330   $(31)       $28,939,195   $50,384
See accompanying notes to financial statements.
90

Table of Contents
SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.8%   
OIL, GAS & CONSUMABLE FUELS — 99.8%  
Antero Resources Corp. (a)
   3,035,752   $ 94,077,955
APA Corp.
   2,306,941   107,688,006
Berry Corp.
   1,449,463   11,595,704
California Resources Corp.
   1,540,222   67,015,059
Callon Petroleum Co. (a)
   2,823,653   104,729,290
Chevron Corp.
   574,811   103,172,826
Chord Energy Corp.
   736,482   100,758,102
Civitas Resources, Inc.
   1,720,166   99,649,216
Clean Energy Fuels Corp. (a)
   6,416,729   33,366,991
CNX Resources Corp. (a)
   6,100,349   102,729,877
Comstock Resources, Inc.
   6,912,513   94,770,553
ConocoPhillips
   877,686   103,566,948
Coterra Energy, Inc.
   3,944,724   96,921,869
Crescent Energy Co. Class A
   1,053,596   12,632,616
CVR Energy, Inc.
   2,020,007   63,307,019
Delek US Holdings, Inc. (b)
   3,497,807   94,440,789
Denbury, Inc. (a)
   1,183,247   102,966,154
Devon Energy Corp.
   1,619,756   99,631,192
Diamondback Energy, Inc.
   745,075   101,911,359
Earthstone Energy, Inc. Class A (a)
   4,829,005   68,716,741
EOG Resources, Inc.
   793,729   102,803,780
EQT Corp.
   2,707,240   91,585,929
Exxon Mobil Corp.
   932,691   102,875,817
Gevo, Inc. (a)  (b)
   21,901,320   41,612,508
Green Plains, Inc. (a)
   2,268,247   69,181,534
Gulfport Energy Corp. (a)
   264,477   19,476,086
Hess Corp.
   746,710   105,898,412
HF Sinclair Corp.
   1,982,091   102,850,702
Kosmos Energy, Ltd. (a)
   15,402,557   97,960,263
Laredo Petroleum, Inc. (a)
   1,919,468   98,699,045
Magnolia Oil & Gas Corp. Class A
   3,817,802   89,527,457
Marathon Oil Corp.
   3,690,010   99,888,571
Marathon Petroleum Corp.
   903,891   105,203,874
Matador Resources Co.
   1,764,433   100,996,145
Murphy Oil Corp.
   2,357,065   101,377,366
Northern Oil and Gas, Inc.
   2,787,642   85,915,126
Occidental Petroleum Corp.
   1,542,574   97,166,736
Ovintiv, Inc.
   2,067,384   104,837,043
Par Pacific Holdings, Inc. (a)
   1,808,891   42,056,716
PBF Energy, Inc. Class A
   2,966,767   120,984,758
PDC Energy, Inc.
   1,562,058   99,159,442
Permian Resources Corp.
   11,228,807   105,550,786
Phillips 66
   985,378   102,558,142
Pioneer Natural Resources Co.
   451,231   103,056,648
Range Resources Corp.
   3,829,055   95,802,956
Ranger Oil Corp. Class A
   922,904   37,313,009
Security Description     Shares   Value
REX American Resources Corp. (a)
   251,889   $ 8,025,184
SilverBow Resources, Inc. (a)  (b)
   1,123,741   31,779,395
Sitio Royalties Corp. Class A
   763,641   22,031,026
SM Energy Co.
   2,785,387   97,015,029
Southwestern Energy Co. (a)
   16,479,184   96,403,226
Talos Energy, Inc. (a)
   2,521,980   47,614,982
Tellurian, Inc. (a)  (b)
   35,577,349   59,769,946
Texas Pacific Land Corp.
   40,571   95,107,755
VAALCO Energy, Inc. (b)
   5,444,896   24,828,726
Valero Energy Corp.
   842,276   106,851,133
Vertex Energy, Inc. (a)  (b)
   8,134,313   50,432,741
W&T Offshore, Inc. (a)  (b)
   9,930,825   55,414,004
World Fuel Services Corp.
   760,246   20,777,523
TOTAL COMMON STOCKS

(Cost $5,106,692,792)
         4,704,037,787
SHORT-TERM INVESTMENTS — 6.7%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (c)  (d)
   3,802,426   3,803,187
State Street Navigator Securities Lending Portfolio II (e)  (f)
   313,702,375   313,702,375
TOTAL SHORT-TERM INVESTMENTS

(Cost $317,505,941)
   317,505,562  
TOTAL INVESTMENTS — 106.5%

(Cost $5,424,198,733)
   5,021,543,349  
LIABILITIES IN EXCESS OF OTHER ASSETS — (6.5)%
  (305,344,331)  
NET ASSETS — 100.0%
   $ 4,716,199,018  
(a) Non-income producing security.
(b) 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, 2022 are shown in the Affiliate Table below.
(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.
 
See accompanying notes to financial statements.
91

Table of Contents
SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
At December 31, 2022, open futures contracts were as follows:
Description   Number of
Contracts 		  Expiration
Date 		  Notional
Amount 		  Value   Unrealized
Appreciation
(Depreciation)
E-mini S&P 500 Energy Select Sector (long)   153   03/17/2023   $13,271,381   $14,082,120   $810,739
 
During the period ended December 31, 2022, average notional value related to futures contracts was $10,589,493.
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
   $4,704,037,787   $—   $—   $4,704,037,787
Short-Term Investments
   317,505,562   —   —   317,505,562
TOTAL INVESTMENTS
   $5,021,543,349   $—   $—   $5,021,543,349
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)
   $ 810,739   $—   $—   $ 810,739
TOTAL OTHER FINANCIAL INSTRUMENTS:
   $ 810,739   $—   $—   $ 810,739
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS
   $5,022,354,088   $—   $—   $5,022,354,088
(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(a) 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
Alto Ingredients, Inc.
 7,361,269   $ 27,310,308   $ 13,163,272   $ 41,661,397   $ (9,214,275)   $ —*   —   $ —*   $ —
Delek US Holdings, Inc.
 2,563,682   66,245,543   121,901,396   97,662,827   6,743,953   (2,787,276)   3,497,807   94,440,789   1,751,592
Gevo, Inc.
 31,066,700   73,006,745   77,262,527   100,109,603   (66,221,951)   57,674,790   21,901,320   41,612,508   —
Laredo Petroleum, Inc.
 993,199   68,471,139   143,278,186   91,846,560   262,225   —*   —   —*   —
SilverBow Resources, Inc.
 —   —   53,388,078   18,063,576   312,946   (3,858,053)   1,123,741   31,779,395   —
State Street Institutional Liquid Reserves Fund, Premier Class
 25,938,603   25,936,009   171,248,548   193,385,996   4,651   (25)   3,802,426   3,803,187   110,092
State Street Navigator Securities Lending Portfolio II
 125,547,549   125,547,549   1,144,556,084   956,401,258   —   —   313,702,375   313,702,375   1,076,533
Tellurian, Inc.
 27,118,724   80,813,798   117,124,719   108,601,415   (3,725,749)   (25,841,407)   35,577,349   59,769,946   —
VAALCO Energy, Inc.
 3,067,264   21,286,812   31,283,351   22,338,526   (8,927,255)   3,524,344   5,444,896   24,828,726   101,758
Vertex Energy, Inc.
 6,194,946   65,170,832   106,142,677   91,161,078   (13,725,170)   (15,994,520)   8,134,313   50,432,741   —
W&T Offshore, Inc.
 7,783,968   33,626,742   75,486,869   60,743,959   9,650,034   (2,605,682)   9,930,825   55,414,004   —
Total
     $587,415,477   $2,054,835,707   $1,781,976,195   $(84,840,591)   $ 10,112,171       $675,783,671   $3,039,975
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended December 31, 2022.
* As of December 31, 2022, no longer an affiliate.
See accompanying notes to financial statements.
92

Table of Contents
SPDR S&P REGIONAL BANKING ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
COMMON STOCKS — 99.7%   
BANKS — 99.2%  
1st Source Corp.
   51,371   $ 2,727,286
Amerant Bancorp, Inc.
   73,965   1,985,221
Ameris Bancorp
   443,406   20,902,159
Associated Banc-Corp.
   1,678,404   38,754,348
Atlantic Union Bankshares Corp.
   256,053   8,997,702
Banc of California, Inc.
   430,983   6,865,559
BancFirst Corp.
   150,435   13,265,358
Bancorp, Inc. (a)
   289,822   8,225,148
Bank of Hawaii Corp.
   235,265   18,247,153
Bank of Marin Bancorp
   47,254   1,553,712
Bank OZK
   982,402   39,355,024
BankUnited, Inc.
   820,478   27,871,638
Banner Corp.
   225,309   14,239,529
Berkshire Hills Bancorp, Inc.
   340,452   10,179,515
BOK Financial Corp.
   203,205   21,090,647
Brookline Bancorp, Inc.
   417,502   5,907,653
Byline Bancorp, Inc.
   102,974   2,365,313
Cadence Bank
   1,577,038   38,889,757
Camden National Corp.
   41,447   1,727,925
Cathay General Bancorp
   395,709   16,140,970
Central Pacific Financial Corp.
   178,498   3,619,939
Citizens Financial Group, Inc.
   1,234,866   48,616,674
City Holding Co.
   87,024   8,101,064
Coastal Financial Corp. (a)
   32,656   1,551,813
Columbia Banking System, Inc. (b)
   1,208,745   36,419,487
Comerica, Inc.
   745,772   49,854,858
Commerce Bancshares, Inc.
   463,198   31,529,867
Community Bank System, Inc.
   275,465   17,340,522
Community Trust Bancorp, Inc.
   49,451   2,271,284
ConnectOne Bancorp, Inc.
   128,916   3,121,056
CrossFirst Bankshares, Inc. (a)
   119,772   1,486,371
Cullen/Frost Bankers, Inc.
   359,174   48,021,564
Customers Bancorp, Inc. (a)
   379,102   10,743,751
CVB Financial Corp.
   819,382   21,099,087
Dime Community Bancshares, Inc.
   114,686   3,650,455
Eagle Bancorp, Inc.
   175,413   7,730,451
East West Bancorp, Inc.
   748,783   49,344,800
Eastern Bankshares, Inc.
   945,893   16,316,654
Enterprise Financial Services Corp.
   132,418   6,483,185
FB Financial Corp.
   171,902   6,212,538
Fifth Third Bancorp
   1,495,097   49,054,133
Financial Institutions, Inc.
   45,529   1,109,086
First BanCorp (c)
   1,889,214   24,030,802
First BanCorp (c)
   160,826   6,889,786
First Bancshares, Inc.
   135,895   4,349,999
First Busey Corp.
   165,827   4,099,243
First Citizens BancShares, Inc. Class A
   63,235   47,954,895
First Commonwealth Financial Corp.
   560,177   7,825,673
First Financial Bancorp
   366,476   8,879,714
Security Description     Shares   Value
First Financial Bankshares, Inc.
   610,235   $ 20,992,084
First Financial Corp.
   47,453   2,186,634
First Foundation, Inc.
   433,148   6,207,011
First Hawaiian, Inc.
   727,405   18,941,626
First Horizon Corp.
   2,008,702   49,213,199
First Interstate BancSystem, Inc. Class A
   750,335   29,000,448
First Merchants Corp.
   195,518   8,037,745
First Republic Bank
   420,362   51,237,924
Flushing Financial Corp.
   128,955   2,499,148
FNB Corp.
   2,812,304   36,700,567
Fulton Financial Corp.
   1,165,154   19,609,542
Glacier Bancorp, Inc.
   443,059   21,895,976
Great Southern Bancorp, Inc.
   34,292   2,040,031
Hancock Whitney Corp.
   595,450   28,813,826
Hanmi Financial Corp.
   163,340   4,042,665
HarborOne Bancorp, Inc.
   183,655   2,552,805
Heartland Financial USA, Inc.
   143,325   6,681,812
Heritage Commerce Corp.
   225,259   2,928,367
Heritage Financial Corp.
   245,564   7,524,081
Hilltop Holdings, Inc.
   514,284   15,433,663
Home BancShares, Inc.
   1,208,601   27,544,017
HomeStreet, Inc.
   187,375   5,167,803
Hope Bancorp, Inc.
   931,191   11,928,557
Horizon Bancorp, Inc.
   246,636   3,719,271
Huntington Bancshares, Inc.
   3,379,609   47,652,487
Independent Bank Corp. (c)
   208,587   17,611,000
Independent Bank Corp. (c)
   65,455   1,565,684
Independent Bank Group, Inc.
   204,166   12,266,293
International Bancshares Corp.
   347,680   15,909,837
KeyCorp.
   2,822,851   49,174,064
Lakeland Bancorp, Inc.
   306,778   5,402,361
Lakeland Financial Corp.
   126,089   9,200,714
Live Oak Bancshares, Inc. (b)
   331,272   10,004,414
M&T Bank Corp.
   324,821   47,118,534
Mercantile Bank Corp.
   37,107   1,242,342
Metropolitan Bank Holding Corp. (a)
   82,452   4,837,459
Midland States Bancorp, Inc.
   86,117   2,292,435
National Bank Holdings Corp. Class A
   196,175   8,253,082
NBT Bancorp, Inc.
   168,655   7,323,000
Nicolet Bankshares, Inc. (a)  (b)
   28,069   2,239,626
OceanFirst Financial Corp.
   330,550   7,024,188
OFG Bancorp
   307,490   8,474,424
Old National Bancorp
   2,168,159   38,983,499
Old Second Bancorp, Inc.
   154,983   2,485,927
Origin Bancorp, Inc.
   136,800   5,020,560
Pacific Premier Bancorp, Inc.
   461,081   14,551,716
PacWest Bancorp
   1,697,302   38,953,081
Park National Corp.
   38,872   5,471,234
Pathward Financial, Inc.
   206,442   8,887,328
Peapack-Gladstone Financial Corp.
   71,544   2,662,868
Peoples Bancorp, Inc. (b)
   113,813   3,215,217
Pinnacle Financial Partners, Inc.
   547,051   40,153,543
 
See accompanying notes to financial statements.
93

Table of Contents
SPDR S&P REGIONAL BANKING ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Security Description     Shares   Value
PNC Financial Services Group, Inc.
   319,191   $ 50,413,027
Popular, Inc.
   748,870   49,665,058
Preferred Bank
   64,932   4,845,226
Premier Financial Corp.
   120,298   3,244,437
Prosperity Bancshares, Inc.
   576,368   41,890,426
QCR Holdings, Inc.
   83,958   4,167,675
Regions Financial Corp.
   2,233,089   48,145,399
Renasant Corp.
   215,904   8,115,831
S&T Bancorp, Inc.
   154,038   5,265,019
Sandy Spring Bancorp, Inc.
   180,435   6,356,725
Seacoast Banking Corp. of Florida
   483,070   15,066,953
ServisFirst Bancshares, Inc.
   191,189   13,174,834
Signature Bank
   414,793   47,792,449
Silvergate Capital Corp. Class A (a) (b)  (d)
   2,294,632   39,926,597
Simmons First National Corp. Class A
   732,521   15,807,803
Southside Bancshares, Inc.
   144,289   5,192,961
SouthState Corp.
   456,573   34,863,914
Stellar Bancorp, Inc.
   342,184   10,080,741
SVB Financial Group (a)
   223,197   51,366,558
Synovus Financial Corp.
   1,220,214   45,819,036
Texas Capital Bancshares, Inc. (a)
   572,870   34,549,790
Tompkins Financial Corp.
   43,829   3,400,254
Towne Bank
   166,660   5,139,794
TriCo Bancshares
   91,430   4,662,016
Triumph Financial, Inc. (a)
   265,718   12,985,639
Truist Financial Corp.
   1,168,614   50,285,460
Trustmark Corp.
   277,075   9,672,688
UMB Financial Corp.
   225,394   18,824,907
Umpqua Holdings Corp.
   1,705,923   30,450,726
United Bankshares, Inc.
   749,913   30,363,977
United Community Banks, Inc.
   820,432   27,730,602
Univest Financial Corp.
   105,623   2,759,929
Valley National Bancorp
   2,884,542   32,624,170
Veritex Holdings, Inc.
   354,183   9,945,459
Washington Federal, Inc.
   424,482   14,241,371
Washington Trust Bancorp, Inc.
   63,259   2,984,560
Webster Financial Corp.
   1,041,633   49,310,906
WesBanco, Inc.
   240,896   8,908,334
Westamerica BanCorp
   165,436   9,762,378
Security Description     Shares   Value
Western Alliance Bancorp
   809,288   $ 48,201,193
Wintrust Financial Corp.
   529,911   44,788,078
Zions Bancorp NA
   1,035,448   50,902,624
          2,633,571,611
THRIFTS & MORTGAGE FINANCE — 0.5%  
Northwest Bancshares, Inc.
   993,294   13,886,250
TOTAL COMMON STOCKS

(Cost $3,295,658,691)
         2,647,457,861
SHORT-TERM INVESTMENTS — 0.4%      
State Street Institutional Liquid Reserves Fund, Premier Class 4.42% (e)  (f)
   3,423,076   3,423,761
State Street Navigator Securities Lending Portfolio II (g)  (h)
   8,240,669   8,240,669
TOTAL SHORT-TERM INVESTMENTS

(Cost $11,664,730)
   11,664,430  
TOTAL INVESTMENTS — 100.1%

(Cost $3,307,323,421)
   2,659,122,291  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%
  (2,536,848)  
NET ASSETS — 100.0%
   $ 2,656,585,443  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(c) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(d) This security is an affiliated investment 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, 2022 are shown in the Affiliate Table below.
(e) 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.
(f) The rate shown is the annualized seven-day yield at December 31, 2022.
(g) 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.
(h) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
94

Table of Contents
SPDR S&P REGIONAL BANKING 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
   $2,647,457,861   $—   $—   $2,647,457,861
Short-Term Investments
   11,664,430   —   —   11,664,430
TOTAL INVESTMENTS
   $2,659,122,291   $—   $—   $2,659,122,291
 
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
Silvergate Capital Corp.
 614,382   $32,887,868   $ 81,494,167   $ 40,438,413   $(1,261,718)   $(32,755,307)   2,294,632   $39,926,597   $ —
State Street Institutional Liquid Reserves Fund, Premier Class
 2,952,258   2,951,963   84,239,371   83,769,842   2,462   (193)   3,423,076   3,423,761   68,611
State Street Navigator Securities Lending Portfolio II
 17,216,799   17,216,799   136,508,117   145,484,247   —   —   8,240,669   8,240,669   31,420
Total
     $53,056,630   $302,241,655   $269,692,502   $(1,259,256)   $(32,755,500)       $51,591,027   $100,031
See accompanying notes to financial statements.
95

Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2022 (Unaudited)
  SPDR Dow Jones REIT ETF   SPDR Portfolio S&P 400 Mid Cap ETF   SPDR Portfolio S&P 500 ETF
ASSETS          
Investments in unaffiliated issuers, at value*
 $ 1,488,711,707   $5,452,253,016   $14,708,563,009
Investments in affiliated issuers, at value
 21,029,005   231,778,932   69,170,557
Total Investments
 1,509,740,712   5,684,031,948   14,777,733,566
Foreign currency, at value
 —   —   —
Net cash at broker
 1,103,537   —   1,379,963
Cash
 61   325   72,748
Receivable for investments sold
 —   —   —
Receivable for fund shares sold
 2,191,750   14,928,588   14,799
Dividends receivable — unaffiliated issuers
 6,687,281   7,057,856   13,743,717
Dividends receivable — affiliated issuers
 51,315   20,637   93,548
Securities lending income receivable — unaffiliated issuers
 71   3,951   6,007
Securities lending income receivable — affiliated issuers  
 4,302   139,317   18,783
TOTAL ASSETS
1,519,779,029   5,706,182,622   14,793,063,131
LIABILITIES          
Payable upon return of securities loaned
 17,745,779   229,250,323   43,954,089
Payable for investments purchased
 2,186,433   14,892,577   —
Payable for fund shares repurchased
 —   —   —
Payable to broker – accumulated variation margin on open futures contracts
 197,698   —   595,082
Advisory fee payable
 327,541   232,997   387,386
Accrued expenses and other liabilities
 —   234   233
TOTAL LIABILITIES
20,457,451   244,376,131   44,936,790
NET ASSETS
$1,499,321,578   $5,461,806,491   $14,748,126,341
NET ASSETS CONSIST OF:          
Paid-in Capital
 $2,200,887,457   $5,682,929,272   $15,551,460,570
Total distributable earnings (loss)
 (701,565,879)   (221,122,781)   (803,334,229)
NET ASSETS
$1,499,321,578   $5,461,806,491   $14,748,126,341
NET ASSET VALUE PER SHARE          
Net asset value per share
 $ 87.14   $ 42.52   $ 44.96
Shares outstanding (unlimited amount authorized, $0.01 par value)
 17,206,617   128,450,000   328,000,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers
 $1,945,897,775   $5,473,548,450   $15,329,551,262
Investments in affiliated issuers
 21,028,519   231,778,816   69,940,023
Total cost of investments
 $1,966,926,294   $5,705,327,266   $15,399,491,285
Foreign currency, at cost
 $ —   $ —   $ —
* Includes investments in securities on loan, at value
 $ 19,878,634   $ 291,104,420   $ 95,137,373
See accompanying notes to financial statements.
96

Table of Contents
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
                 
$13,522,620,580   $ 7,390,631,991   $15,097,806,850   $4,502,915,483   $5,461,055,878
6,952,532   192,345,002   107,696,217   228,773,031   40,270,959
13,529,573,112   7,582,976,993   15,205,503,067   4,731,688,514   5,501,326,837
—   —   —   15,318   —
—   3,204,617   —   307,944   1,318,919
42,640   626   289,792   203   25,028
38,021,080   —   7,796,974   —   —
20,296,678   —   13,614,944   12,996,502   9,457,797
6,727,288   29,370,315   19,701,221   5,982,309   5,061,360
46,333   59,440   111,441   17,854   82,641
—   1,589   2,394   7,409   1,050
—   23,981   14,506   71,165   9,620
13,594,707,131   7,615,637,561   15,247,034,339   4,751,087,218   5,517,283,252
                 
—   178,948,114   57,914,196   224,055,583   21,616,955
15,234,594   —   7,771,625   12,990,586   9,445,590
43,075,617   161,103   13,640,913   —   —
—   1,169,190   —   93,798   544,128
469,512   461,280   529,185   193,573   142,890
—   —   235   —   236
58,779,723   180,739,687   79,856,154   237,333,540   31,749,799
$13,535,927,408   $ 7,434,897,874   $15,167,178,185   $4,513,753,678   $5,485,533,453
                 
$16,636,143,818   $ 8,810,907,689   $17,008,379,062   $ 5,114,709,896   $5,129,031,367
(3,100,216,410)   (1,376,009,815)   (1,841,200,877)   (600,956,218)   356,502,086
$13,535,927,408   $ 7,434,897,874   $15,167,178,185   $4,513,753,678   $5,485,533,453
                 
$ 50.68   $ 39.58   $ 38.90   $ 36.97   $ 47.29
267,100,108   187,850,000   389,902,864   122,100,000   116,000,216
                 
$14,125,959,555   $ 7,890,309,000   $15,896,460,939   $4,786,466,908   $5,012,854,027
6,952,700   192,343,238   108,161,341   228,772,814   40,496,343
$14,132,912,255   $ 8,082,652,238   $16,004,622,280   $5,015,239,722   $5,053,350,370
$ —   $ —   $ —   $ 16,508   $ —
$ —   $ 176,168,351   $ 56,740,472   $ 250,102,093   $ 28,272,819
97

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SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
December 31, 2022 (Unaudited)
  SPDR S&P Aerospace & Defense ETF   SPDR S&P Bank ETF   SPDR S&P Biotech ETF
ASSETS          
Investments in unaffiliated issuers, at value*
 $1,341,858,318   $ 1,684,890,416   $ 6,260,078,598
Investments in affiliated issuers, at value
 40,218,612   23,234,463   2,369,832,319
Total Investments
 1,382,076,930   1,708,124,879   8,629,910,917
Net cash at broker
 —   —   —
Cash
 8,518   394   20,534
Receivable from broker — accumulated variation margin on futures contracts
 —   —   —
Receivable for investments sold
 —   —   70,603,493
Receivable for fund shares sold
 —   —   132,146,253
Dividends receivable — unaffiliated issuers
 119,934   3,764,325   —
Dividends receivable — affiliated issuers
 7,162   10,132   11,893
Securities lending income receivable — unaffiliated issuers
 11,016   290   48,873
Securities lending income receivable — affiliated issuers  
 22,312   8,536   342,875
TOTAL ASSETS
1,382,245,872   1,711,908,556   8,833,084,838
LIABILITIES          
Payable upon return of securities loaned
 38,426,831   21,767,741   608,792,638
Payable for investments purchased
 —   —   22,637,267
Payable for fund shares repurchased
 —   1,947   180,108,785
Payable to broker – accumulated variation margin on open futures contracts
 —   —   —
Advisory fee payable
 393,830   543,712   2,382,115
Trustees’ fees and expenses payable
 —   —   —
TOTAL LIABILITIES
38,820,661   22,313,400   813,920,805
NET ASSETS
$ 1,343,425,211   $ 1,689,595,156   $ 8,019,164,033
NET ASSETS CONSIST OF:          
Paid-in Capital
 $1,762,852,997   $ 3,112,876,111   $17,509,413,660
Total distributable earnings (loss)
 (419,427,786)   (1,423,280,955)   (9,490,249,627)
NET ASSETS
$ 1,343,425,211   $ 1,689,595,156   $ 8,019,164,033
NET ASSET VALUE PER SHARE          
Net asset value per share
 $ 110.12   $ 45.17   $ 83.06
Shares outstanding (unlimited amount authorized, $0.01 par value)
 12,200,000   37,402,118   96,550,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers
 $1,389,983,999   $ 2,017,228,631   $ 6,987,528,630
Investments in affiliated issuers
 40,218,394   23,234,496   3,032,910,878
Total cost of investments
 $1,430,202,393   $ 2,040,463,127   $10,020,439,508
* Includes investments in securities on loan, at value
 $ 60,304,666   $ 20,850,896   $ 780,005,547
See accompanying notes to financial statements.
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SPDR S&P Dividend ETF   SPDR S&P Homebuilders ETF   SPDR S&P Oil & Gas Exploration & Production ETF   SPDR S&P Regional Banking ETF
             
$20,913,168,754   $ 773,962,855   $ 4,345,759,678   $ 2,607,531,264
2,964,162,129   28,939,195   675,783,671   51,591,027
23,877,330,883   802,902,050   5,021,543,349   2,659,122,291
5,497,489   —   493,872   —
835   149,438   2,818,493   19,721
—   —   811,220   —
—   —   33,983,210   —
37,521   6,041   20,291,856   —
43,674,306   666,689   5,279,382   6,504,347
13,007,589   4,359   50,475   20,870
16,071   732   13,974   809
107,460   6,538   226,002   4,032
23,939,672,154   803,735,847   5,085,511,833   2,665,672,070
             
347,576,228   28,436,138   313,702,375   8,240,669
—   —   20,294,892   —
—   —   33,978,287   1,489
2,136,638   —   —   —
7,065,943   261,446   1,337,261   844,469
—   532   —   —
356,778,809   28,698,116   369,312,815   9,086,627
$23,582,893,345   $ 775,037,731   $ 4,716,199,018   $ 2,656,585,443
             
$24,766,581,092   $ 1,920,090,993   $10,000,781,433   $ 4,829,242,235
(1,183,687,747)   (1,145,053,262)   (5,284,582,415)   (2,172,656,792)
$23,582,893,345   $ 775,037,731   $ 4,716,199,018   $ 2,656,585,443
             
$ 125.14   $ 60.31   $ 135.91   $ 58.77
188,453,658   12,850,016   34,700,000   45,202,585
             
$19,999,669,996   $ 1,066,503,649   $ 4,540,651,007   $ 3,176,679,436
3,055,723,089   28,939,233   883,547,726   130,643,985
$23,055,393,085   $ 1,095,442,882   $ 5,424,198,733   $ 3,307,323,421
$ 467,634,365   $ 28,414,425   $ 370,698,834   $ 12,330,416
99

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SPDR SERIES TRUST
STATEMENTS OF OPERATIONS
For the Six Months Ended December 31, 2022 (Unaudited)
  SPDR Dow Jones REIT ETF   SPDR Portfolio S&P 400 Mid Cap ETF   SPDR Portfolio S&P 500 ETF
INVESTMENT INCOME          
Dividend income — unaffiliated issuers
 $ 36,023,708   $ 48,513,044   $ 126,144,195
Dividend income — affiliated issuers
 243,583   70,626   585,991
Unaffiliated securities lending income
 2,511   267,654   70,080
Affiliated securities lending income
 20,860   1,057,709   64,862
Foreign taxes withheld
 —   —   (29,759)
TOTAL INVESTMENT INCOME (LOSS)
 36,290,662   49,909,033   126,835,369
EXPENSES          
Advisory fee
 2,042,329   1,293,725   2,170,079
Trustees’ fees and expenses  
 10,875   31,014   86,523
Proxy voting expenses
 73,308   212,699   597,849
Miscellaneous expenses
 —   2,602   2,595
TOTAL EXPENSES
 2,126,512   1,540,040   2,857,046
NET INVESTMENT INCOME (LOSS)
 $ 34,164,150   $ 48,368,993   $ 123,978,323
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers
 (6,107,837)   (22,311,060)   (43,718,631)
Investments — affiliated issuers
 7,844   2,938   10,559
In-kind redemptions — unaffiliated issuers
 (8,996,797)   103,640,138   385,186,230
In-kind redemptions — affiliated issuers
 —   —   145,095
Futures contracts
 (1,148,181)   —   (474,827)
Net realized gain (loss)
 (16,244,971)   81,332,016   341,148,426
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers
 (122,536,653)   222,776,359   (196,995,367)
Investments — affiliated issuers
 486   116   2,338,439
Foreign currency translations
 —   —   —
Futures contracts
 (451,130)   —   (792,407)
Net change in unrealized appreciation/depreciation
 (122,987,297)   222,776,475   (195,449,335)
NET REALIZED AND UNREALIZED GAIN (LOSS)
 (139,232,268)   304,108,491   145,699,091
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $ (105,068,118)   $352,477,484   $ 269,677,414
See accompanying notes to financial statements.
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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
                 
$ 74,455,325   173,813,883   $ 158,959,812   $ 40,851,416   $ 48,807,718
179,664   327,300   442,162   59,327   363,419
36,499   3,962   128,757   80,724   40,971
1,528   305,739   36,088   353,426   99,743
(36,412)   —   (19,853)   (32,949)   (11,597)
74,636,604   174,450,884   159,546,966   41,311,944   49,300,254
                 
2,726,164   2,737,904   2,699,055   1,086,891   840,233
81,612   48,235   80,744   26,209   34,138
586,977   334,476   541,804   178,316   235,599
—   —   2,623   —   2,629
3,394,753   3,120,615   3,324,226   1,291,416   1,112,599
$ 71,241,851   $ 171,330,269   $ 156,222,740   $ 40,020,528   $ 48,187,655
                 
                 
(1,916,137,186)   (152,145,989)   (430,422,536)   (69,851,185)   (7,555,624)
5,458   5,599   (898,094)   1,801   6,453
662,823,151   389,685,073   909,330,936   122,691,663   128,372,643
—   —   52,368   —   40,126
—   1,633,804   —   (212,329)   (453,766)
(1,253,308,577)   239,178,487   478,062,674   52,629,950   120,409,832
                 
665,659,169   (246,339,391)   103,432,486   32,113,464   (30,798,396)
(86)   1,803   5,061,895   303   827,671
—   —   —   (147)   —
—   (1,450,541)   —   219,933   (689,275)
665,659,083   (247,788,129)   108,494,381   32,333,553   (30,660,000)
(587,649,494)   (8,609,642)   586,557,055   84,963,503   89,749,832
$ (516,407,643)   $ 162,720,627   $ 742,779,795   $124,984,031   $137,937,487
101

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SPDR SERIES TRUST
STATEMENTS OF OPERATIONS  (continued)
For the Six Months Ended December 31, 2022 (Unaudited)
  SPDR S&P Aerospace & Defense ETF   SPDR S&P Bank ETF   SPDR S&P Biotech ETF
INVESTMENT INCOME          
Dividend income — unaffiliated issuers
 $ 5,480,379   $ 29,866,925   $ 6,476,055
Dividend income — affiliated issuers
 23,185   30,420   116,760
Unaffiliated securities lending income
 51,354   1,644   434,883
Affiliated securities lending income
 313,553   500,979   2,062,221
Foreign taxes withheld
 —   (77,039)   —
TOTAL INVESTMENT INCOME (LOSS)
 5,868,471   30,322,929   9,089,919
EXPENSES          
Advisory fee
 2,245,385   3,644,520   13,458,305
Trustees’ fees and expenses  
 8,216   13,651   43,846
Proxy voting expenses
 53,815   89,670   325,899
TOTAL EXPENSES
 2,307,416   3,747,841   13,828,050
NET INVESTMENT INCOME (LOSS)
 $ 3,561,055   $ 26,575,088   $ (4,738,131)
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers
 (53,877,194)   (147,337,389)   (651,534,170)
Investments — affiliated issuers
 (67,285,763)   973   (650,572,671)
In-kind redemptions — unaffiliated issuers
 11,994,869   (11,887,138)   762,025,846
In-kind redemptions — affiliated issuers
 —   —   163,052,877
Futures contracts
 —   —   —
Net realized gain (loss)
 (109,168,088)   (159,223,554)   (377,028,118)
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers
 162,413,227   234,262,053   700,155,698
Investments — affiliated issuers
 59,983,685   (33)   441,451,930
Futures contracts
 —   —   —
Net change in unrealized appreciation/depreciation
 222,396,912   234,262,020   1,141,607,628
NET REALIZED AND UNREALIZED GAIN (LOSS)
 113,228,824   75,038,466   764,579,510
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS
 $ 116,789,879   $ 101,613,554   $ 759,841,379
See accompanying notes to financial statements.
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SPDR S&P Dividend ETF   SPDR S&P Homebuilders ETF   SPDR S&P Oil & Gas Exploration & Production ETF   SPDR S&P Regional Banking ETF
             
285,346,355   $ 6,839,715   $ 76,040,315   $ 43,932,387
62,344,894   10,772   1,963,442   68,611
15,686   3,963   196,833   8,929
1,291,573   39,612   1,076,533   31,420
—   —   —   (154,619)
348,998,508   6,894,062   79,277,123   43,886,728
             
39,365,966   1,657,641   8,023,746   5,621,508
133,589   6,660   29,515   21,230
924,597   41,762   186,125   136,152
40,424,152   1,706,063   8,239,386   5,778,890
$ 308,574,356   $ 5,187,999   $ 71,037,737   $ 38,107,838
             
             
(71,604,446)   (43,997,822)   (67,316,459)   (151,657,012)
(53,610,745)   330   (108,659,704)   (1,259,256)
879,236,396   (24,526,858)   482,749,680   34,995,690
108,593,470   —   23,819,113   —
4,882,152   —   (2,272,609)   —
867,496,827   (68,524,350)   328,320,021   (117,920,578)
             
452,957,710   140,411,679   296,707,950   234,318,347
(123,355,520)   (31)   (76,418,255)   (79,052,851)
(2,402,068)   —   1,814,250   —
327,200,122   140,411,648   222,103,945   155,265,496
1,194,696,949   71,887,298   550,423,966   37,344,918
$1,503,271,305   $ 77,075,297   $ 621,461,703   $ 75,452,756
103

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SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
For the Six Months Ended December 31, 2022 (Unaudited)
  SPDR Dow Jones REIT ETF   SPDR Portfolio S&P 400 Mid Cap ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $ 34,164,150   $ 38,488,292   $ 48,368,993   $ 68,956,923
Net realized gain (loss)
 (16,244,971)   239,994,756   81,332,016   392,966,382
Net change in unrealized appreciation/depreciation
 (122,987,297)   (413,909,093)   222,776,475   (1,302,798,089)
Net increase (decrease) in net assets resulting from operations
 (105,068,118)   (135,426,045)   352,477,484   (840,874,784)
Net equalization credits and charges
 2,550,209   1,077,428   494,297   979,551
Distributions to shareholders
 (36,105,630)   (57,959,259)   (45,186,262)   (71,743,228)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold
 603,968,977   1,862,451,562   1,009,955,022   2,028,134,155
Cost of shares redeemed
 (684,536,798)   (1,786,577,250)   (413,303,151)   (1,276,250,737)
Net income equalization
 (2,550,209)   (1,077,428)   (494,297)   (979,551)
Net increase (decrease) in net assets from beneficial interest transactions
(83,118,030)   74,796,884   596,157,574   750,903,867
Net increase (decrease) in net assets during the period
 (221,741,569)   (117,510,992)   903,943,093   (160,734,594)
Net assets at beginning of period
 1,721,063,147   1,838,574,139   4,557,863,398   4,718,597,992
NET ASSETS AT END OF PERIOD
 $1,499,321,578   $ 1,721,063,147   $5,461,806,491   $ 4,557,863,398
SHARES OF BENEFICIAL INTEREST:              
Shares sold
 6,475,000   17,100,000   23,750,000   42,900,000
Shares redeemed
 (7,375,000)   (16,525,000)   (10,100,000)   (28,050,000)
Net increase (decrease) from share transactions
 (900,000)   575,000   13,650,000   14,850,000
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio S&P 500 ETF   SPDR Portfolio S&P 500 Growth ETF   SPDR Portfolio S&P 500 High Dividend ETF
Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22
                     
$ 123,978,323   $ 186,358,317   $ 71,241,851   $ 101,656,014   $ 171,330,269   $ 222,131,392
341,148,426   848,129,916   (1,253,308,577)   1,755,441,293   239,178,487   551,935,888
(195,449,335)   (2,708,775,122)   665,659,083   (4,310,633,081)   (247,788,129)   (790,467,681)
269,677,414   (1,674,286,889)   (516,407,643)   (2,453,535,774)   162,720,627   (16,400,401)
1,246,001   5,376,419   327,820   2,223,931   1,750,116   (6,178,692)
(126,817,106)   (188,796,183)   (69,280,948)   (103,641,351)   (180,230,436)   (237,671,317)
                     
3,388,663,104   6,679,268,632   5,077,900,799   8,170,992,793   2,721,508,736   5,933,719,622
(1,545,449,314)   (2,778,413,734)   (2,805,585,225)   (6,143,013,035)   (3,037,007,879)   (2,578,305,652)
(1,246,001)   (5,376,419)   (327,820)   (2,223,931)   (1,750,116)   6,178,692
1,841,967,789   3,895,478,479   2,271,987,754   2,025,755,827   (317,249,259)   3,361,592,662
1,986,074,098   2,037,771,826   1,686,626,983   (529,197,367)   (333,008,952)   3,101,342,252
12,762,052,243   10,724,280,417   11,849,300,425   12,378,497,792   7,767,906,826   4,666,564,574
$14,748,126,341   $12,762,052,243   $13,535,927,408   $ 11,849,300,425   $ 7,434,897,874   $ 7,767,906,826
                     
73,600,000   129,750,000   91,300,000   123,100,000   67,850,000   140,350,000
(33,400,000)   (55,000,000)   (51,050,000)   (92,800,000)   (74,750,000)   (62,000,000)
40,200,000   74,750,000   40,250,000   30,300,000   (6,900,000)   78,350,000
105

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SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
For the Six Months Ended December 31, 2022 (Unaudited)
  SPDR Portfolio S&P 500 Value ETF   SPDR Portfolio S&P 600 Small Cap ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $ 156,222,740   $ 279,249,557   $ 40,020,528   $ 62,582,890
Net realized gain (loss)
 478,062,674   1,254,571,329   52,629,950   307,199,697
Net change in unrealized appreciation/depreciation
 108,494,381   (2,191,256,821)   32,333,553   (1,165,984,091)
Net increase (decrease) in net assets resulting from operations
 742,779,795   (657,435,935)   124,984,031   (796,201,504)
Net equalization credits and charges
 4,274,261   7,262,787   90,648   687,303
Distributions to shareholders
 (166,152,792)   (282,443,167)   (34,155,577)   (63,935,978)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold
 7,395,165,456   7,958,440,346   893,056,169   1,459,116,780
Cost of shares redeemed
 (5,308,940,324)   (6,634,750,287)   (479,018,355)   (770,007,476)
Net income equalization
 (4,274,261)   (7,262,787)   (90,648)   (687,303)
Other Capital
 1   (1)   —   —
Net increase (decrease) in net assets from beneficial interest transactions
2,081,950,872   1,316,427,271   413,947,166   688,422,001
Net increase (decrease) in net assets during the period
 2,662,852,136   383,810,956   504,866,268   (171,028,178)
Net assets at beginning of period
 12,504,326,049   12,120,515,093   4,008,887,410   4,179,915,588
NET ASSETS AT END OF PERIOD
 $15,167,178,185   $12,504,326,049   $4,513,753,678   $ 4,008,887,410
SHARES OF BENEFICIAL INTEREST:              
Shares sold
 187,750,000   198,200,000   23,800,000   34,600,000
Shares redeemed
 (137,550,000)   (165,050,000)   (13,050,000)   (18,350,000)
Net increase (decrease) from share transactions
 50,200,000   33,150,000   10,750,000   16,250,000
See accompanying notes to financial statements.
106

Table of Contents
SPDR Portfolio S&P 1500 Composite Stock Market ETF   SPDR S&P Aerospace & Defense ETF   SPDR S&P Bank ETF
Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22
                     
$ 48,187,655   $ 79,768,682   $ 3,561,055   $ 5,480,510   $ 26,575,088   $ 68,419,746
120,409,832   167,644,636   (109,168,088)   (17,743,992)   (159,223,554)   149,254,491
(30,660,000)   (910,923,159)   222,396,912   (389,078,694)   234,262,020   (599,763,113)
137,937,487   (663,509,841)   116,789,879   (401,342,176)   101,613,554   (382,088,876)
(160,722)   855,069   (3,631)   50,136   (1,496,944)   (3,627,256)
(48,184,943)   (81,693,432)   (3,704,140)   (5,246,533)   (28,319,593)   (69,634,560)
                     
668,437,352   1,117,438,063   114,332,341   840,610,317   664,571,451   2,953,282,901
(389,744,929)   (437,827,069)   (113,869,013)   (622,861,774)   (1,124,171,598)   (3,781,340,654)
160,722   (855,069)   3,631   (50,136)   1,496,944   3,627,256
—   67   —   —   —   —
278,853,145   678,755,992   466,959   217,698,407   (458,103,203)   (824,430,497)
368,444,967   (65,592,212)   113,549,067   (188,840,166)   (386,306,186)   (1,279,781,189)
5,117,088,486   5,182,680,698   1,229,876,144   1,418,716,310   2,075,901,342   3,355,682,531
$5,485,533,453   $ 5,117,088,486   $ 1,343,425,211   $1,229,876,144   $ 1,689,595,156   $ 2,075,901,342
                     
13,950,000   20,600,000   1,075,000   7,050,000   14,200,000   54,700,000
(8,100,000)   (8,300,000)   (1,100,000)   (5,550,000)   (24,100,000)   (72,800,000)
5,850,000   12,300,000   (25,000)   1,500,000   (9,900,000)   (18,100,000)
107

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SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
For the Six Months Ended December 31, 2022 (Unaudited)
  SPDR S&P Biotech ETF   SPDR S&P Dividend ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)
 $ (4,738,131)   $ (11,571,439)   $ 308,574,356   $ 532,403,565
Net realized gain (loss)
 (377,028,118)   (2,458,899,544)   867,496,827   1,843,307,815
Net change in unrealized appreciation/depreciation
 1,141,607,628   (1,413,959,280)   327,200,122   (2,514,204,646)
Net increase (decrease) in net assets resulting from operations
 759,841,379   (3,884,430,263)   1,503,271,305   (138,493,266)
Net equalization credits and charges
 (1,140,828)   (7,464,925)   3,777,753   3,579,314
Distributions to shareholders
 —   —   (306,047,837)   (552,419,296)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold
 9,687,488,918   21,303,849,455   5,406,760,619   8,538,884,091
Cost of shares redeemed
 (9,272,636,699)   (17,829,682,985)   (3,612,821,732)   (6,927,197,514)
Net income equalization
 1,140,828   7,464,925   (3,777,753)   (3,579,314)
Other Capital
 —   1,691   —   —
Net increase (decrease) in net assets from beneficial interest transactions
415,993,047   3,481,633,086   1,790,161,134   1,608,107,263
Net increase (decrease) in net assets during the period
 1,174,693,598   (410,262,102)   2,991,162,355   920,774,015
Net assets at beginning of period
 6,844,470,435   7,254,732,537   20,591,730,990   19,670,956,975
NET ASSETS AT END OF PERIOD
 $ 8,019,164,033   $ 6,844,470,435   $23,582,893,345   $20,591,730,990
SHARES OF BENEFICIAL INTEREST:              
Shares sold
 116,625,000   219,275,000   44,000,000   68,550,000
Shares redeemed
 (112,275,000)   (180,600,000)   (29,050,000)   (55,850,000)
Net increase (decrease) from share transactions
 4,350,000   38,675,000   14,950,000   12,700,000
See accompanying notes to financial statements.
108

Table of Contents
SPDR S&P Homebuilders ETF   SPDR S&P Oil & Gas Exploration & Production ETF   SPDR S&P Regional Banking ETF
Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22 		  Six Months
Ended
12/31/22
(Unaudited) 		  Year Ended
6/30/22
                     
$ 5,187,999   $ 12,214,777   $ 71,037,737   $ 80,575,563   $ 38,107,838   $ 100,050,306
(68,524,350)   50,988,835   328,320,021   1,873,119,457   (117,920,578)   11,999,565
140,411,648   (495,165,255)   222,103,945   (946,226,884)   155,265,496   (580,343,129)
77,075,297   (431,961,643)   621,461,703   1,007,468,136   75,452,756   (468,293,258)
(496,340)   (1,058,174)   (4,877,724)   (5,592,209)   (1,907,307)   (4,770,368)
(4,908,386)   (11,092,891)   (65,147,920)   (74,165,492)   (37,749,827)   (95,537,482)
                     
2,123,110,083   6,138,199,523   6,877,178,143   17,912,759,795   3,735,151,553   12,386,769,610
(2,306,410,526)   (6,771,455,166)   (6,789,593,236)   (18,899,755,374)   (4,180,723,909)   (13,851,362,802)
496,340   1,058,174   4,877,724   5,592,209   1,907,307   4,770,368
—   —   —   —   —   —
(182,804,103)   (632,197,469)   92,462,631   (981,403,370)   (443,665,049)   (1,459,822,824)
(111,133,532)   (1,076,310,177)   643,898,690   (53,692,935)   (407,869,427)   (2,028,423,932)
886,171,263   1,962,481,440   4,072,300,328   4,125,993,263   3,064,454,870   5,092,878,802
$ 775,037,731   $ 886,171,263   $ 4,716,199,018   $ 4,072,300,328   $ 2,656,585,443   $ 3,064,454,870
                     
35,700,000   85,150,000   49,850,000   161,500,000   60,450,000   181,450,000
(39,050,000)   (95,750,000)   (49,250,000)   (170,050,000)   (68,000,000)   (206,450,000)
(3,350,000)   (10,600,000)   600,000   (8,550,000)   (7,550,000)   (25,000,000)
109

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period
  SPDR Dow Jones REIT ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 95.05   $ 104.87   $ 78.07   $ 98.82   $ 93.80   $ 92.99
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 1.96   2.18   1.89   2.50   2.74   2.47
Net realized and unrealized gain (loss) (b)
 (7.97)   (8.86)   28.25   (19.84)   5.92   1.20
Total from investment operations
 (6.01)   (6.68)   30.14   (17.34)   8.66   3.67
Net equalization credits and charges (a)
 0.15   0.06   0.08   (0.10)   0.01   (0.04)
Distributions to shareholders from:                      
Net investment income
 (2.05)   (3.20)   (3.42)   (3.31)   (3.65)   (2.82)
Net asset value, end of period
 $ 87.14   $ 95.05   $ 104.87   $ 78.07   $ 98.82   $ 93.80
Total return (c)
 (6.17)%   (6.69)%   39.59%   (18.04)%   9.58%   4.03%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $1,499,322   $1,721,063   $1,838,574   $1,353,163   $2,532,796   $2,563,630
Ratios to average net assets:                      
Total expenses
 0.26%(d)   0.25%   0.25%   0.25%   0.25%   0.25%
Net investment income (loss)
 4.18%(d)   1.96%   2.12%   2.61%   2.89%   2.72%
Portfolio turnover rate (e)
 3%(f)   10%   6%   17%   9%   6%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
110

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Portfolio S&P 400 Mid Cap ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18(a)
Net asset value, beginning of period
 $ 39.70   $ 47.21   $ 31.26   $ 34.06   $ 34.86   $ 30.80
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.40   0.64   0.54   0.54   0.54   0.52
Net realized and unrealized gain (loss) (c)
 2.79   (7.50)   15.95   (2.77)   (0.82)   4.16
Total from investment operations
 3.19   (6.86)   16.49   (2.23)   (0.28)   4.68
Net equalization credits and charges (b)
 0.00(d)   0.01   0.01   0.01   0.04   0.07
Distributions to shareholders from:                      
Net investment income
 (0.37)   (0.66)   (0.55)   (0.58)   (0.56)   (0.50)
Net realized gains
 —   —   —   —   —   (0.19)
Total distributions
 (0.37)   (0.66)   (0.55)   (0.58)   (0.56)   (0.69)
Net asset value, end of period
 $ 42.52   $ 39.70   $ 47.21   $ 31.26   $ 34.06   $ 34.86
Total return (e)
 8.06%   (14.67)%   53.05%   (6.53)%   (0.60)%   15.56%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $5,461,806   $4,557,863   $4,718,598   $2,341,048   $1,592,467   $780,885
Ratios to average net assets:                      
Total expenses
 0.06%(f)   0.05%   0.05%   0.05%   0.05%   0.06%
Net investment income (loss)
 1.87%(f)   1.37%   1.34%   1.66%   1.61%   1.56%
Portfolio turnover rate (g)
 9%(h)   13%   14%   30%   8%   11%
(a) On October 16, 2017, the SPDR Portfolio Mid Cap ETF underwent a 3-for-1 share split. The per share data 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 the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
111

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Portfolio S&P 500 ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18(a)
Net asset value, beginning of period
 $ 44.34   $ 50.34   $ 36.30   $ 34.53   $ 31.87   $ 28.36
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.40   0.73   0.66   0.69   0.65   0.61
Net realized and unrealized gain (loss) (c)
 0.62   (6.03)   14.02   1.72   2.64   3.38
Total from investment operations
 1.02   (5.30)   14.68   2.41   3.29   3.99
Net equalization credits and charges (b)
 0.00(d)   0.02   0.03   0.06   0.05   0.11
Contribution from affiliate
 —   —   0.00(d)   —   —   —
Distributions to shareholders from:                      
Net investment income
 (0.40)   (0.72)   (0.67)   (0.70)   (0.68)   (0.59)
Net asset value, end of period
 $ 44.96   $ 44.34   $ 50.34   $ 36.30   $ 34.53   $ 31.87
Total return (e)
 2.32%   (10.67)%   40.79%   7.26%   10.65%   14.50%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $14,748,126   $12,762,052   $10,724,280   $5,516,028   $2,527,961   $1,362,496
Ratios to average net assets:                      
Total expenses
 0.04%(f)   0.03%   0.03%   0.03%   0.03%   0.04%
Net investment income (loss)
 1.71%(f)   1.42%   1.51%   1.97%   2.00%   1.94%
Portfolio turnover rate (g)
 1%(h)   2%   4%   11%   5%   7%
(a) On October 16, 2017, the SPDR Portfolio Large Cap ETF underwent a 4-for-1 share split. The per share data 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 the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
112

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Portfolio S&P 500 Growth ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18(a)
Net asset value, beginning of period
 $ 52.23   $ 62.98   $ 44.96   $ 38.74   $ 35.12   $ 29.56
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.29   0.47   0.46   0.55   0.53   0.48
Net realized and unrealized gain (loss) (c)
 (1.57)   (10.76)   18.02   6.24   3.60   5.50
Total from investment operations
 (1.28)   (10.29)   18.48   6.79   4.13   5.98
Net equalization credits and charges (b)
 0.00(d)   0.01   (0.00)(d)   (0.01)   0.03   0.05
Distributions to shareholders from:                      
Net investment income
 (0.27)   (0.47)   (0.46)   (0.56)   (0.54)   (0.47)
Net asset value, end of period
 $ 50.68   $ 52.23   $ 62.98   $ 44.96   $ 38.74   $ 35.12
Total return (e)
 (2.46)%   (16.45)%   41.27%   17.67%   11.96%   20.51%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $13,535,927   $11,849,300   $12,378,498   $7,903,192   $5,390,890   $2,648,124
Ratios to average net assets:                      
Total expenses
 0.05%(f)   0.04%   0.04%   0.04%   0.04%   0.06%
Net investment income (loss)
 1.05%(f)   0.73%   0.85%   1.36%   1.45%   1.43%
Portfolio turnover rate (g)
 35%(h)   14%   11%   23%   21%   13%
(a) On October 16, 2017, the SPDR Portfolio S&P 500 Growth ETF underwent a 4-for-1 share split. The per share data 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 the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
113

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Portfolio S&P 500 High Dividend ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 39.89   $ 40.09   $ 27.89   $ 38.01   $ 37.27   $ 35.27
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.88   1.60   1.48   1.58   1.64   1.52
Net realized and unrealized gain (loss) (b)
 (0.27)   (0.19)   12.47   (10.08)   0.61   2.15
Total from investment operations
 0.61   1.41   13.95   (8.50)   2.25   3.67
Net equalization credits and charges (a)
 0.01   (0.04)   0.16   0.09   0.19   0.13
Distributions to shareholders from:                      
Net investment income
 (0.93)   (1.57)   (1.91)   (1.71)   (1.70)   (1.49)
Net realized gains
 —   —   —   —   —   (0.31)
Total distributions
 (0.93)   (1.57)   (1.91)   (1.71)   (1.70)   (1.80)
Net asset value, end of period
 $ 39.58   $ 39.89   $ 40.09   $ 27.89   $ 38.01   $ 37.27
Total return (c)
 1.60%   3.37%   51.84%   (22.55)%   6.82%   10.96%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $7,434,898   $7,767,907   $4,666,565   $1,916,307   $1,704,761   $566,538
Ratios to average net assets:                      
Total expenses
 0.08%(d)   0.07%   0.07%   0.07%   0.07%   0.08%
Net investment income (loss)
 4.38%(d)   3.83%   4.28%   4.64%   4.41%   4.17%
Portfolio turnover rate (e)
 23%(f)   29%   39%   45%   28%   35%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total return for periods 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.
See accompanying notes to financial statements.
114

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Portfolio S&P 500 Value ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18(a)
Net asset value, beginning of period
 $ 36.81   $ 39.54   $ 29.04   $ 31.28   $ 29.60   $ 28.38
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.45   0.86   0.81   0.84   0.79   0.75
Net realized and unrealized gain (loss) (c)
 2.09   (2.76)   10.45   (2.31)   1.68   1.25
Total from investment operations
 2.54   (1.90)   11.26   (1.47)   2.47   2.00
Net equalization credits and charges (b)
 0.01   0.02   0.07   0.07   0.03   0.12
Distributions to shareholders from:                      
Net investment income
 (0.46)   (0.85)   (0.83)   (0.84)   (0.82)   (0.73)
Net realized gains
 —   —   —   —   —   (0.17)
Total distributions
 (0.46)   (0.85)   (0.83)   (0.84)   (0.82)   (0.90)
Net asset value, end of period
 $ 38.90   $ 36.81   $ 39.54   $ 29.04   $ 31.28   $ 29.60
Total return (d)
 6.98%   (4.92)%   39.44%   (4.54)%   8.59%   7.49%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $15,167,178   $12,504,326   $12,120,515   $4,753,481   $2,883,852   $1,355,967
Ratios to average net assets:                      
Total expenses
 0.05%(e)   0.04%   0.04%   0.04%   0.04%   0.06%
Net investment income (loss)
 2.32%(e)   2.12%   2.28%   2.67%   2.63%   2.49%
Portfolio turnover rate (f)
 28%(g)   16%   18%   34%   30%   16%
(a) On October 16, 2017, the SPDR Portfolio S&P 500 Value ETF underwent a 4-for-1 share split. The per share data 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 the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
    
See accompanying notes to financial statements.
115

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Portfolio S&P 600 Small Cap ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18(a)
Net asset value, beginning of period
 $ 36.00   $ 43.95   $ 26.57   $ 30.65   $ 32.26   $ 27.69
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.35   0.61   0.45   0.44   0.48   0.50
Net realized and unrealized gain (loss) (c)
 0.91   (7.95)   17.37   (4.07)   (1.57)   4.49
Total from investment operations
 1.26   (7.34)   17.82   (3.63)   (1.09)   4.99
Net equalization credits and charges (b)
 0.00(d)   0.01   0.00(d)   0.04   0.01   0.04
Distributions to shareholders from:                      
Net investment income
 (0.29)   (0.62)   (0.44)   (0.49)   (0.53)   (0.46)
Net asset value, end of period
 $ 36.97   $ 36.00   $ 43.95   $ 26.57   $ 30.65   $ 32.26
Total return (e)
 3.52%   (16.87)%   67.37%   (11.78)%   (3.24)%   18.27%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $4,513,754   $4,008,887   $4,179,916   $2,168,502   $1,367,143   $1,188,787
Ratios to average net assets:                      
Total expenses
 0.06%(f)   0.05%   0.05%   0.05%   0.05%   0.06%
Net investment income (loss)
 1.84%(f)   1.45%   1.25%   1.55%   1.57%   1.63%
Portfolio turnover rate (g)
 7%(h)   16%   13%   80%   14%   28%
(a) On October 16, 2017, the SPDR Portfolio Small Cap ETF underwent a 3-for-1 share split. The per share data 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 the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
116

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR Portfolio S&P 1500 Composite Stock Market ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18(a)
Net asset value, beginning of period
 $ 46.46   $ 52.97   $ 37.81   $ 36.49   $ 33.98   $ 30.06
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 0.42   0.76   0.68   0.72   0.68   0.64
Net realized and unrealized gain (loss) (c)
 0.83   (6.51)   15.15   1.35   2.43   3.72
Total from investment operations
 1.25   (5.75)   15.83   2.07   3.11   4.36
Net equalization credits and charges (b)
 (0.00)(d)   0.01   0.01   (0.02)   0.06   0.10
Contribution from affiliate
 —   —   0.00(d)   —   —   —
Other capital
 —   0.00(d)   —   —   —   —
Distributions to shareholders from:                      
Net investment income
 (0.42)   (0.77)   (0.68)   (0.73)   (0.66)   (0.54)
Net asset value, end of period
 $ 47.29   $ 46.46   $ 52.97   $ 37.81   $ 36.49   $ 33.98
Total return (e)
 2.71%   (11.02)%   42.13%   5.76%   9.45%   14.90%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $5,485,533   $5,117,088   $5,182,681   $3,391,957   $3,497,222   $2,198,379
Ratios to average net assets:                      
Total expenses
 0.04%(f)   0.03%   0.03%   0.03%   0.03%   0.04%
Net investment income (loss)
 1.72%(f)   1.41%   1.48%   1.93%   1.96%   1.92%
Portfolio turnover rate (g)
 1%(h)   1%   3%   12%   4%   8%
(a) On October 16, 2017, the SPDR Portfolio Total Stock Market ETF underwent a 6-for-1 share split. The per share data 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 the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
117

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Aerospace & Defense ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 100.60   $ 132.28   $ 87.61   $ 104.01   $ 87.07   $ 70.38
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.29   0.49   0.77   1.01   0.54   0.57
Net realized and unrealized gain (loss) (b)
 9.54   (31.72)   44.88   (16.37)   17.39   16.70
Total from investment operations
 9.83   (31.23)   45.65   (15.36)   17.93   17.27
Net equalization credits and charges (a)
 (0.00)(c)   0.00(c)   (0.02)   0.00(c)   0.03   0.04
Voluntary contribution from Custodian
 —   —   —   —   0.00(c)   —
Distributions to shareholders from:                      
Net investment income
 (0.31)   (0.45)   (0.96)   (1.04)   (1.02)   (0.62)
Net asset value, end of period
 $ 110.12   $ 100.60   $ 132.28   $ 87.61   $ 104.01   $ 87.07
Total return (d)
 9.79%   (23.65)%   52.23%   (14.83)%   20.75%   24.64%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $1,343,425   $1,229,876   $1,418,716   $1,368,843   $1,549,742   $1,279,944
Ratios to average net assets:                      
Total expenses
 0.36%(e)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 0.56%(e)   0.42%   0.71%   1.01%   0.58%   0.68%
Portfolio turnover rate
 12%(f)   38%   26%   28%   22%   32%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Not annualized.
See accompanying notes to financial statements.
118

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Bank ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 43.89   $ 51.31   $ 31.57   $ 43.45   $ 47.19   $ 43.58
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.61   1.15   1.16   1.09   0.90   0.72
Net realized and unrealized gain (loss) (b)
 1.42   (7.26)   19.71   (11.95)   (3.62)   3.60
Total from investment operations
 2.03   (6.11)   20.87   (10.86)   (2.72)   4.32
Net equalization credits and charges (a)
 (0.03)   (0.06)   0.01   0.02   (0.03)   0.00(c)
Distributions to shareholders from:                      
Net investment income
 (0.72)   (1.25)   (1.14)   (1.04)   (0.99)   (0.71)
Net asset value, end of period
 $ 45.17   $ 43.89   $ 51.31   $ 31.57   $ 43.45   $ 47.19
Total return (d)
 4.57%   (12.36)%   67.13%   (25.32)%   (5.72)%   9.91%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $1,689,595   $2,075,901   $3,355,683   $1,307,007   $1,742,407   $3,633,782
Ratios to average net assets:                      
Total expenses
 0.36%(e)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 2.55%(e)   2.19%   2.60%   2.74%   2.02%   1.54%
Portfolio turnover rate (f)
 11%(g)   37%   41%   30%   24%   29%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
119

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS   (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Biotech ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 74.24   $ 135.54   $ 112.03   $ 87.82   $ 95.23   $ 77.15
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 (0.05)   (0.17)   0.24   0.01   0.04   0.20
Net realized and unrealized gain (loss) (b)
 8.88   (61.02)   23.57   24.22   (7.37)   18.06
Total from investment operations
 8.83   (61.19)   23.81   24.23   (7.33)   18.26
Net equalization credits and charges (a)
 (0.01)   (0.11)   (0.00)(c)   0.00(c)   0.00(c)   0.01
Other capital
 —   0.00(c)   —   —   —   —
Distributions to shareholders from:                      
Net investment income
 —   —   (0.30)   (0.02)   (0.08)   (0.19)
Net asset value, end of period
 $ 83.06   $ 74.24   $ 135.54   $ 112.03   $ 87.82   $ 95.23
Total return (d)
 11.88%   (45.23)%   21.27%   27.59%   (7.70)%   23.69%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $8,019,164   $6,844,470   $7,254,733   $5,402,647   $4,412,868   $5,232,982
Ratios to average net assets:                      
Total expenses
 0.36%(e)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 (0.12)%(e)   (0.17)%   0.18%   0.01%   0.05%   0.23%
Portfolio turnover rate (f)
 38%(g)   64%   74%   66%   45%   62%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
120

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Dividend ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 118.68   $ 122.33   $ 91.25   $ 100.96   $ 92.65   $ 88.93
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 1.71   3.25   3.28   2.84   2.41   2.31
Net realized and unrealized gain (loss) (b)
 6.39   (3.57)   31.05   (9.68)   8.30   6.10
Total from investment operations
 8.10   (0.32)   34.33   (6.84)   10.71   8.41
Net equalization credits and charges (a)
 0.02   0.02   (0.01)   (0.04)   0.02   (0.03)
Distributions to shareholders from:                      
Net investment income
 (1.66)   (3.35)   (3.24)   (2.83)   (2.42)   (2.33)
Net realized gains
 —   —   —   —   —   (2.33)
Total distributions
 (1.66)   (3.35)   (3.24)   (2.83)   (2.42)   (4.66)
Net asset value, end of period
 $ 125.14   $ 118.68   $ 122.33   $ 91.25   $ 100.96   $ 92.65
Total return (c)
 6.88%   (0.28)%   38.17%   (6.82)%   11.76%   9.44%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $23,582,893   $20,591,731   $19,670,957   $15,197,866   $18,698,029   $15,351,950
Ratios to average net assets:                      
Total expenses
 0.36%(d)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 2.74%(d)   2.61%   3.06%   2.89%   2.49%   2.51%
Portfolio turnover rate (e)
 10%(f)   24%   22%   31%   20%   24%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
121

Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Homebuilders ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 54.70   $ 73.23   $ 43.92   $ 41.69   $ 39.56   $ 38.53
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.33   0.51   0.43   0.43   0.41   0.35
Net realized and unrealized gain (loss) (b)
 5.65   (18.48)   29.30   2.20   2.17   1.03
Total from investment operations
 5.98   (17.97)   29.73   2.63   2.58   1.38
Net equalization credits and charges (a)
 (0.03)   (0.04)   (0.00)(c)   0.03   (0.03)   (0.00)(c)
Distributions to shareholders from:                      
Net investment income
 (0.34)   (0.52)   (0.42)   (0.43)   (0.42)   (0.35)
Net asset value, end of period
 $ 60.31   $ 54.70   $ 73.23   $ 43.92   $ 41.69   $ 39.56
Total return (d)
 10.91%   (24.73)%   67.87%   6.49%   6.59%   3.55%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $775,038   $886,171   $1,962,481   $799,294   $658,639   $828,757
Ratios to average net assets:                      
Total expenses
 0.36%(e)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 1.10%(e)   0.70%   0.70%   1.01%   1.09%   0.86%
Portfolio turnover rate (f)
 11%(g)   21%   24%   27%   32%   35%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Amount is less than $0.005 per share.
(d) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e) Annualized.
(f) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g) Not annualized.
See accompanying notes to financial statements.
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SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Oil & Gas Exploration & Production ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20(a) 		  Year
Ended
6/30/19(a) 		  Year
Ended
6/30/18(a)
Net asset value, beginning of period
 $ 119.42   $ 96.74   $ 52.22   $ 108.92   $ 172.16   $ 127.60
Income (loss) from investment operations:                      
Net investment income (loss) (b)
 2.16   2.07   1.37   1.46   1.12   1.08
Net realized and unrealized gain (loss) (c)
 16.58   22.83   44.56   (56.76)   (63.20)   44.56
Total from investment operations
 18.74   24.90   45.93   (55.30)   (62.08)   45.64
Net equalization credits and charges (b)
 (0.15)   (0.14)   (0.02)   0.02   0.00(d)   0.00(d)
Distributions to shareholders from:                      
Net investment income
 (2.10)   (2.08)   (1.39)   (1.42)   (1.16)   (1.08)
Net asset value, end of period
 $ 135.91   $ 119.42   $ 96.74   $ 52.22   $ 108.92   $ 172.16
Total return (e)
 15.64%   25.79%   89.34%   (50.86)%   (36.12)%   35.90%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $4,716,199   $4,072,300   $4,125,993   $2,067,927   $1,884,277   $3,107,237
Ratios to average net assets:                      
Total expenses
 0.36%(f)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 3.10%(f)   1.88%   2.07%   2.13%   0.81%   0.76%
Portfolio turnover rate (g)
 16%(h)   42%   71%   41%   37%   36%
(a) After the close of trading on March 30, 2020, the SPDR S&P Oil & Gas Exploration & Production ETF underwent a 1-for-4 reverse share split. The historical per share activity presented here has been retroactively adjusted to reflect this split.
(b) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(c) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(d) Amount is less than $0.005 per share.
(e) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(f) Annualized.
(g) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h) Not annualized.
See accompanying notes to financial statements.
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SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period
  SPDR S&P Regional Banking ETF
  Six Months
Ended
12/31/22
(Unaudited) 		  Year
Ended
6/30/22 		  Year
Ended
6/30/21 		  Year
Ended
6/30/20 		  Year
Ended
6/30/19 		  Year
Ended
6/30/18
Net asset value, beginning of period
 $ 58.09   $ 65.50   $ 38.41   $ 53.53   $ 60.96   $ 54.97
Income (loss) from investment operations:                      
Net investment income (loss) (a)
 0.74   1.42   1.44   1.37   1.15   0.93
Net realized and unrealized gain (loss) (b)
 0.75   (7.33)   26.99   (15.21)   (7.32)   5.91
Total from investment operations
 1.49   (5.91)   28.43   (13.84)   (6.17)   6.84
Net equalization credits and charges (a)
 (0.04)   (0.07)   0.08   0.11   (0.06)   0.05
Distributions to shareholders from:                      
Net investment income
 (0.77)   (1.43)   (1.42)   (1.39)   (1.20)   (0.90)
Net asset value, end of period
 $ 58.77   $ 58.09   $ 65.50   $ 38.41   $ 53.53   $ 60.96
Total return (c)
 2.49%   (9.37)%   75.38%   (25.96)%   (10.15)%   12.56%
Ratios and Supplemental Data:                      
Net assets, end of period (in 000s)
 $2,656,585   $3,064,455   $5,092,879   $1,208,104   $2,237,599   $5,404,393
Ratios to average net assets:                      
Total expenses
 0.36%(d)   0.35%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)
 2.37%(d)   2.08%   2.47%   2.79%   2.03%   1.56%
Portfolio turnover rate (e)
 21%(f)   44%   50%   35%   27%   33%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b) Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c) Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(d) Annualized.
(e) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(f) Not annualized.
See accompanying notes to financial statements.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2022 (Unaudited)
1.    Organization
SPDR Series Trust (the “Trust”), a Massachusetts business trust, registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.
As of December 31, 2022, the Trust consists of eighty-five (85) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest at $0.01 par value. The financial statements herein relate to the following series (each a “Fund”, and collectively, the “Funds”):
SPDR 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
Each Fund is classified as a diversified investment company under the 1940 Act, except that the SPDR Portfolio S&P 500 Growth ETF is classified as a non-diversified investment company.
Under the Trust’s organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.
2.    Summary of Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:
The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.
Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
•  Equity investments (including preferred stocks and registered investment companies that are exchange-traded funds) traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.
•  Rights and warrants are valued at the last reported sale price obtained from independent pricing services or brokers on the valuation date. If no price is obtained from pricing services or brokers, valuation will be based
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2022 (Unaudited)
upon the intrinsic value, pursuant to the valuation policy and procedures approved by the Board.
•   Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.
•   Exchange-traded futures contracts are valued at the closing settlement price on the primary market on which they are traded most extensively. Exchange-traded futures contracts traded on a recognized exchange for which there were no sales on that day are valued at the last reported sale price obtained from independent pricing services or brokers or at fair value.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
•  Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;
•   Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
•   Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of each Fund’s investments, according to the fair value hierarchy as of December 31, 2022, 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 foreign exchange transactions, if any, are determined using the identified cost method.
Dividend income and capital gain distributions, if any, are recognized on the ex-dividend date, or when the information becomes available, net of any foreign taxes withheld at source, if any. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes. Non-cash dividends received in the form of stock, if any, are recorded as dividend income at fair value. Distributions received by the Fund's may include a return of capital that is estimated by management. Such amounts are recorded as a reduction of the cost of investments or reclassified to capital gains.
Certain Funds invest in real estate investment trusts (“REITs”). REITs determine the tax character of their distributions annually and may characterize a portion of their distributions as a return of capital or capital gain. The Funds' policy is to record all REIT distributions initially as dividend income and re-designate a portion to return of capital or capital gain distributions at year end based on information provided by the REIT and/or SSGA Funds
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2022 (Unaudited)
Management, Inc.’s (the “Adviser” or “SSGA FM”) estimates of such re-designations for which actual information has not yet been reported.
Expenses
Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.
Foreign Currency Translation
The accounting records of the Funds are maintained in U.S. dollars. Foreign currencies as well as investment securities and other assets and liabilities denominated in a foreign currency are translated to U.S. dollars using exchange rates at period end. Purchases and sales of securities, income receipts and expense payments denominated in foreign currencies are translated into U.S. dollars at the prevailing exchange rate on the respective dates of the transactions.
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions 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) on income, stock dividends, realized and unrealized capital gains on investments or certain foreign currency transactions. Foreign taxes are recorded in accordance with SSGA FM understanding of the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and are reflected in the Statements of Operations, if applicable. Foreign taxes payable or deferred as of December 31, 2022, if any, are disclosed in the Funds' Statements of Assets and Liabilities.
Equalization
The Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.
Distributions
Distributions from net investment income, if any, are declared and paid quarterly, except SPDR Dow Jones REIT ETF which declares and pays monthly. Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.
3.    Derivative Financial Instruments
Futures Contracts
The Funds may enter into futures contracts to meet the Funds' objectives. A futures contract is a standardized, exchange-traded agreement to buy or sell a financial instrument at a set price on a future date. Upon entering into a futures contract, a Fund is required to deposit with the broker, cash or securities in an amount equal to the minimum initial margin requirements of the clearing house. Securities deposited, if any, are designated on the Schedules of Investments and cash deposited, if any, is included in Net cash at broker on the Statements of Assets and Liabilities. Subsequent payments are made or received by the Fund equal to the daily change in the contract value, accumulated, exchange rates, and or other transactional fees. The accumulation of those payments are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses. The Funds recognize a realized gain or loss when the contract is closed. 
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2022 (Unaudited)
Losses may arise if the value of a futures contract decreases due to unfavorable changes in the market rates or values of the underlying instrument during the term of the contract or if the counterparty does not perform under the contract. The use of futures contracts also involves the risk that the movements in the price of the futures contracts do not correlate with the movement of the assets underlying such contracts.
For the period ended December 31, 2022, the SPDR Dow Jones REIT ETF, the SPDR Portfolio S&P 500 ETF, the SPDR Portfolio S&P 500 High Dividend ETF, the SPDR Portfolio S&P 600 Small Cap ETF, the SPDR Portfolio S&P 1500 Composite Stock Market ETF, the SPDR S&P Dividend ETF and the SPDR S&P Oil & Gas Exploration & Production ETF entered into futures contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity.
The following tables summarize the value of the Fund's derivative instruments as of December 31, 2022, and the related location in the accompanying Statement of Assets and Liabilities and Statement of Operations, presented by primary underlying risk exposure:
  Asset Derivatives
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR S&P Oil & Gas Exploration & Production ETF                      
Futures Contracts
 $—   $—   $—   $811,220   $—   $811,220
  Liability Derivatives
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR Dow Jones REIT ETF                      
Futures Contracts
 $—   $—   $—   $ 197,698   $—   $ 197,698
SPDR Portfolio S&P 500 ETF                      
Futures Contracts
 —   —   —   595,082   —   595,082
SPDR Portfolio S&P 500 High Dividend ETF                      
Futures Contracts
 —   —   —   1,169,190   —   1,169,190
SPDR Portfolio S&P 600 Small Cap ETF                      
Futures Contracts
 —   —   —   93,798   —   93,798
SPDR Portfolio S&P 1500 Composite Stock Market ETF                      
Futures Contracts
 —   —   —   544,128   —   544,128
SPDR S&P Dividend ETF                      
Futures Contracts
 —   —   —   2,136,638   —   2,136,638
    
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2022 (Unaudited)
  Net Realized Gain (Loss)
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR Dow Jones REIT ETF                      
Futures Contracts
 $—   $—   $—   (1,148,181)   $—   (1,148,181)
SPDR Portfolio S&P 500 ETF                      
Futures Contracts
 —   —   —   (474,827)   —   (474,827)
SPDR Portfolio S&P 500 High Dividend ETF                      
Futures Contracts
 —   —   —   1,633,804   —   1,633,804
SPDR Portfolio S&P 600 Small Cap ETF                      
Futures Contracts
 —   —   —   (212,329)   —   (212,329)
SPDR Portfolio S&P 1500 Composite Stock Market ETF                      
Futures Contracts
 —   —   —   (453,766)   —   (453,766)
SPDR S&P Dividend ETF                      
Futures Contracts
 —   —   —   4,882,152   —   4,882,152
SPDR S&P Oil & Gas Exploration & Production ETF                      
Futures Contracts
 —   —   —   (2,272,609)   —   (2,272,609)
  Net Change in Unrealized Appreciation (Depreciation)
  Interest
Rate
Risk 		  Foreign
Exchange
Risk 		  Credit
Risk 		  Equity
Risk 		  Commodity
Risk 		  Total
SPDR Dow Jones REIT ETF                      
Futures Contracts
 $—   $—   $—   $ (451,130)   $—   $ (451,130)
SPDR Portfolio S&P 500 ETF                      
Futures Contracts
 —   —   —   (792,407)   —   (792,407)
SPDR Portfolio S&P 500 High Dividend ETF                      
Futures Contracts
 —   —   —   (1,450,541)   —   (1,450,541)
SPDR Portfolio S&P 600 Small Cap ETF                      
Futures Contracts
 —   —   —   219,933   —   219,933
SPDR Portfolio S&P 1500 Composite Stock Market ETF                      
Futures Contracts
 —   —   —   (689,275)   —   (689,275)
SPDR S&P Dividend ETF                      
Futures Contracts
 —   —   —   (2,402,068)   —   (2,402,068)
SPDR S&P Oil & Gas Exploration & Production ETF                      
Futures Contracts
 —   —   —   1,814,250   —   1,814,250
4.    Fees and Transactions with Affiliates
Advisory Fee
The Trust, on behalf of each Fund, has entered into an Investment Advisory Agreement with SSGA FM. For its advisory services to the Funds, facilities furnished and expenses borne by the Adviser, each Fund pays the Adviser a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:
  Annual Rate
SPDR Dow Jones REIT ETF
 0.25%
SPDR Portfolio S&P 400 Mid Cap ETF
 0.05
SPDR Portfolio S&P 500 ETF
 0.03
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2022 (Unaudited)
  Annual Rate
SPDR Portfolio S&P 500 Growth ETF
 0.04%
SPDR Portfolio S&P 500 High Dividend ETF
 0.07
SPDR Portfolio S&P 500 Value ETF
 0.04
SPDR Portfolio S&P 600 Small Cap ETF
 0.05
SPDR Portfolio S&P 1500 Composite Stock Market ETF
 0.03
SPDR S&P Aerospace & Defense ETF
 0.35
SPDR S&P Bank ETF
 0.35
SPDR S&P Biotech ETF
 0.35
SPDR S&P Dividend 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
From time to time, the Adviser may also waive all or a portion of its Management fee. The Adviser has contractually agreed to waive a portion of its Management fee and/or reimburse expenses in an amount equal to any acquired fund fees and expenses (excluding holdings in acquired funds for cash management purposes, if any) for each Fund until October 31, 2023. This waiver and/or reimbursement does not provide for the recoupment by the Adviser of any amounts waived or reimbursed. This waiver and/or reimbursement may not be terminated prior to October 31, 2023 except with the approval of the Board.
The Adviser pays all the expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the Trust’s Trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”) (including any Trustees’ counsel fees), acquired fund fees and expenses, litigation expenses and other extraordinary expenses.
Administrator, Custodian, Sub-Administrator and Transfer Agent Fees
SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.
Distributor
State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the Distributor of the Trust.
Other Transactions with Affiliates - Securities Lending
State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017, as amended.
Net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers, are paid as follows: If the calendar year to date net proceeds are below a specified threshold across SPDR ETFs, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street.
In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 9 for additional information regarding securities lending.
Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended December 31,
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NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2022 (Unaudited)
2022 are disclosed in the Schedules of Investments.
Due to Custodian
In certain circumstances, the Funds may have cash overdrafts with the Custodian due to expense payments, capital transactions, trading of securities, investment operations or derivative transactions. The Due to Custodian amount, if any, reflects cash overdrawn with State Street, as custodian, who is an affiliate of the Funds.
5.    Trustees’ Fees
The fees and expenses of the Independent Trustees and one interested, non-management Trustee are paid directly by the Funds. The Independent Trustees and one interested, non-management Trustee are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.
6.    Investment Transactions
Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended December 31, 2022, were as follows:
  Purchases   Sales
SPDR Dow Jones REIT ETF
 $ 42,233,746   $ 43,888,269
SPDR Portfolio S&P 400 Mid Cap ETF
 464,099,509   450,158,384
SPDR Portfolio S&P 500 ETF
 180,823,304   183,511,666
SPDR Portfolio S&P 500 Growth ETF
 4,664,729,947   4,662,686,148
SPDR Portfolio S&P 500 High Dividend ETF
 1,858,186,990   1,725,425,471
SPDR Portfolio S&P 500 Value ETF
 3,778,585,647   3,787,696,569
SPDR Portfolio S&P 600 Small Cap ETF
 330,811,171   319,906,175
SPDR Portfolio S&P 1500 Composite Stock Market ETF
 60,043,825   66,582,064
SPDR S&P Aerospace & Defense ETF
 148,624,060   149,013,081
SPDR S&P Bank ETF
 289,134,809   184,446,940
SPDR S&P Biotech ETF
 2,881,098,275   2,812,226,491
SPDR S&P Dividend ETF
 2,290,849,127   2,134,282,634
SPDR S&P Homebuilders ETF
 106,947,997   106,876,249
SPDR S&P Oil & Gas Exploration & Production ETF
 739,623,448   752,901,945
SPDR S&P Regional Banking ETF
 641,576,981   7,147,399,168
For the period ended December 31, 2022, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:
  In-kind
Contributions 		  In-kind
Redemptions 		  In-kind Net
Realized
Gains/(Losses)
SPDR Dow Jones REIT ETF
 $ 541,461,536   $ 622,126,933   $ (8,996,797)
SPDR Portfolio S&P 400 Mid Cap ETF
 938,627,276   342,534,606   103,640,138
SPDR Portfolio S&P 500 ETF
 3,197,825,540   1,354,424,146   385,331,325
SPDR Portfolio S&P 500 Growth ETF
 4,877,594,930   2,607,386,575   662,823,151
SPDR Portfolio S&P 500 High Dividend ETF
 2,468,856,016   2,928,201,262   389,685,073
SPDR Portfolio S&P 500 Value ETF
 7,204,158,606   5,133,413,220   909,383,304
SPDR Portfolio S&P 600 Small Cap ETF
 861,683,827   443,900,150   122,691,663
SPDR Portfolio S&P 1500 Composite Stock Market ETF
 640,783,723   362,585,879   128,412,769
SPDR S&P Aerospace & Defense ETF
 101,600,616   101,159,315   11,994,869
SPDR S&P Bank ETF
 481,346,746   940,904,201   (11,887,138)
SPDR S&P Biotech ETF
 7,790,271,886   7,374,857,273   925,078,723
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2022 (Unaudited)
  In-kind
Contributions 		  In-kind
Redemptions 		  In-kind Net
Realized
Gains/(Losses)
SPDR S&P Dividend ETF
 $5,141,074,807   $3,533,453,008   $987,829,866
SPDR S&P Homebuilders ETF
 1,718,234,698   1,901,436,989   (24,526,858)
SPDR S&P Oil & Gas Exploration & Production ETF
 5,510,824,910   5,420,035,928   506,568,793
SPDR S&P Regional Banking ETF
 2,807,857,506   3,253,048,526   34,995,690
7.    Shareholder Transactions
Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.
The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.
8.    Income Tax Information
The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.
The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of June 30, 2022, SSGA FM has analyzed each Fund's tax positions taken on tax returns for all open years and does not believe there are any uncertain tax positions that would require recognition of a tax liability.
Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.
As of December 31, 2022, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:
  Tax
Cost 		  Gross
Unrealized
Appreciation 		  Gross
Unrealized
Depreciation 		  Net Unrealized
Appreciation
(Depreciation)
SPDR Dow Jones REIT ETF
 $ 1,968,689,716   $ 1,101,388   $ 459,851,722   $ (458,750,334)
SPDR Portfolio S&P 400 Mid Cap ETF
 5,715,139,794   506,979,528   538,087,374   (31,107,846)
SPDR Portfolio S&P 500 ETF
 15,402,235,959   1,037,402,613   1,662,500,274   (625,097,661)
SPDR Portfolio S&P 500 Growth ETF
 14,143,637,291   427,990,962   1,042,055,141   (614,064,179)
SPDR Portfolio S&P 500 High Dividend ETF
 8,087,948,299   292,507,852   798,648,784   (506,140,932)
SPDR Portfolio S&P 500 Value ETF
 16,004,622,280   389,919,660   1,189,038,873   (799,119,213)
SPDR Portfolio S&P 600 Small Cap ETF
 5,029,185,133   423,310,336   720,900,845   (297,590,509)
SPDR Portfolio S&P 1500 Composite Stock Market ETF
 5,054,229,099   912,801,435   466,248,008   446,553,427
SPDR S&P Aerospace & Defense ETF
 1,433,247,967   148,720,322   199,891,359   (51,171,037)
SPDR S&P Bank ETF
 2,045,546,861   4,579,430   342,001,412   (337,421,982)
SPDR S&P Biotech ETF
 10,037,634,072   621,952,304   2,029,675,459   (1,407,723,155)
SPDR S&P Dividend ETF
 23,073,269,267   2,051,828,337   1,245,629,288   806,199,049
SPDR S&P Homebuilders ETF
 1,095,610,318   —   292,708,268   (292,708,268)
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2022 (Unaudited)
  Tax
Cost 		  Gross
Unrealized
Appreciation 		  Gross
Unrealized
Depreciation 		  Net Unrealized
Appreciation
(Depreciation)
SPDR S&P Oil & Gas Exploration & Production ETF
 $ 5,430,644,918   $ 87,696,053   $ 495,986,883   $ (408,290,830)
SPDR S&P Regional Banking ETF
 3,311,318,540   1,258,798   653,455,047   (652,196,249)
9.    Securities Lending
Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.
The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.
The market value of securities on loan as of December 31, 2022, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.
The following is a summary of each Fund's securities lending agreements and related cash and non-cash collateral received as of December 31, 2022:
Fund   Market Value of
Securities on Loan 		  Cash
Collateral
Received 		  Non-Cash
Collateral
Received* 		  Total
Collateral
Received
SPDR Dow Jones REIT ETF
   $ 19,878,634   $ 17,745,779   $ 2,766,576   $ 20,512,355
SPDR Portfolio S&P 400 Mid Cap ETF
   291,104,420   229,250,323   70,561,984   299,812,307
SPDR Portfolio S&P 500 ETF
   95,137,373   43,954,089   53,270,817   97,224,906
SPDR Portfolio S&P 500 High Dividend ETF
   176,168,351   178,948,114   2,356,500   181,304,614
SPDR Portfolio S&P 500 Value ETF
   56,740,472   57,914,196   336,147   58,250,343
SPDR Portfolio S&P 600 Small Cap ETF
   250,102,093   224,055,583   33,207,677   257,263,260
SPDR Portfolio S&P 1500 Composite Stock Market ETF
   28,272,819   21,616,955   7,452,328   29,069,283
SPDR S&P Aerospace & Defense ETF
   60,304,666   38,426,831   24,201,222   62,628,053
SPDR S&P Bank ETF
   20,850,896   21,767,741   25,200   21,792,941
SPDR S&P Biotech ETF
   780,005,547   608,792,638   189,344,161   798,136,799
SPDR S&P Dividend ETF
   467,634,365   347,576,228   135,232,983   482,809,211
SPDR S&P Homebuilders ETF
   28,414,425   28,436,138   1,043,970   29,480,108
SPDR S&P Oil & Gas Exploration & Production ETF
   370,698,834   313,702,375   69,950,562   383,652,937
SPDR S&P Regional Banking ETF
   12,330,416   8,240,669   3,985,539   12,226,208
* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
    
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2022 (Unaudited)
        Remaining Contractual Maturity of the Agreements
as of December 31, 2022
Fund   Securities
Lending
Transactions 		  Overnight
and
Continuous 		  <30 Days   Between
30 & 90
Days 		  >90 Days   Total
Borrowings 		  Gross Amount
of Recognized
Liabilities for
Securities Lending Transactions
SPDR Dow Jones REIT ETF
   Common Stocks   $ 17,745,779   $—   $—   $—   $ 17,745,779   $ 17,745,779
SPDR Portfolio S&P 400 Mid Cap ETF
   Common Stocks   229,250,323   —   —   —   229,250,323   229,250,323
SPDR Portfolio S&P 500 ETF
   Common Stocks   43,954,089   —   —   —   43,954,089   43,954,089
SPDR Portfolio S&P 500 High Dividend ETF
   Common Stocks   178,948,114   —   —   —   178,948,114   178,948,114
SPDR Portfolio S&P 500 Value ETF
   Common Stocks   57,914,196   —   —   —   57,914,196   57,914,196
SPDR Portfolio S&P 600 Small Cap ETF
   Common Stocks   224,055,583   —   —   —   224,055,583   224,055,583
SPDR Portfolio S&P 1500 Composite Stock Market ETF
   Common Stocks   21,609,305   —   —   —   21,609,305   21,609,305
SPDR Portfolio S&P 1500 Composite Stock Market ETF
   Warrants   7,650   —   —   —   7,650   7,650
SPDR S&P Aerospace & Defense ETF
   Common Stocks   38,426,831   —   —   —   38,426,831   38,426,831
SPDR S&P Bank ETF
   Common Stocks   21,767,741   —   —   —   21,767,741   21,767,741
SPDR S&P Biotech ETF
   Common Stocks   608,792,638   —   —   —   608,792,638   608,792,638
SPDR S&P Dividend ETF
   Common Stocks   347,576,228   —   —   —   347,576,228   347,576,228
SPDR S&P Homebuilders ETF
   Common Stocks   28,436,138   —   —   —   28,436,138   28,436,138
SPDR S&P Oil & Gas Exploration & Production ETF
   Common Stocks   313,702,375   —   —   —   313,702,375   313,702,375
SPDR S&P Regional Banking ETF
   Common Stocks   8,240,669   —   —   —   8,240,669   8,240,669
10.    Risks
Concentration Risk
As a result of the Funds' ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds' investments more than if the Funds were more broadly diversified.
Credit Risk
A Fund may be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions default.
Market Risk
Market prices of investments held by a Fund will go up or down, sometimes rapidly or unpredictably. A Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile, and prices of investments can change substantially due to various factors, including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in actual or perceived creditworthiness of issuers and general market liquidity. Even if general economic conditions do not change, the value of an investment in a Fund could decline if the particular industries, sectors or companies in which the Fund invests do not perform well or are adversely affected by events. Further, legal, political, regulatory and tax changes also may cause fluctuations in markets and securities prices. Local, regional or global events such as war, military conflicts, acts of terrorism, natural disasters, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on a Fund and its investments
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS  (continued)
December 31, 2022 (Unaudited)
11.    Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.
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SPDR SERIES TRUST
OTHER INFORMATION
December 31, 2022 (Unaudited)
Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2022 to December 31, 2022.
The table below illustrates your Fund's cost in two ways:
Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period”.
Based on hypothetical 5% return ——This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
      Actual   Hypothetical (assuming a 5%
return before expenses)
  Annualized
Expense Ratio 		  Ending Account
Value 		  Expenses Paid
During Period(a) 		  Ending Account
Value 		  Expenses Paid
During Period(a)
SPDR Dow Jones REIT ETF
 0.26%   $ 938.30   $1.27   $1,023.90   $1.33
SPDR Portfolio S&P 400 Mid Cap ETF
 0.06   1,080.60   0.31   1,024.90   0.31
SPDR Portfolio S&P 500 ETF
 0.04   1,023.20   0.20   1,025.00   0.20
SPDR Portfolio S&P 500 Growth ETF
 0.05   975.40   0.25   1,025.00   0.26
SPDR Portfolio S&P 500 High Dividend ETF
 0.08   1,016.00   0.41   1,024.80   0.41
SPDR Portfolio S&P 500 Value ETF
 0.05   1,000.00   0.25   1,025.00   0.26
SPDR Portfolio S&P 600 Small Cap ETF
 0.06   1,035.20   0.31   1,024.90   0.31
SPDR Portfolio S&P 1500 Composite Stock Market ETF
 0.04   1,027.10   0.20   1,025.00   0.20
SPDR S&P Aerospace & Defense ETF
 0.36   1,097.90   1.90   1,023.40   1.84
SPDR S&P Bank ETF
 0.36   1,045.70   1.86   1,023.40   1.84
SPDR S&P Biotech ETF
 0.36   1,118.80   1.92   1,023.40   1.84
SPDR S&P Dividend ETF
 0.36   1,068.80   1.88   1,023.40   1.84
SPDR S&P Homebuilders ETF
 0.36   1,109.10   1.91   1,023.40   1.84
SPDR S&P Oil & Gas Exploration & Production ETF
 0.36   1,156.40   1.96   1,023.40   1.84
SPDR S&P Regional Banking ETF
 0.36   1,024.90   1.84   1,023.40   1.84
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 184, then divided by 365.
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SPDR SERIES TRUST
OTHER INFORMATION  (continued)
December 31, 2022 (Unaudited)
Premium/Discount Information
Information regarding how often the Shares of each Fund traded on the exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past calendar year can be found at https://www.ssga.com/spdrs.
Proxy Voting Policies and Procedures and Records
A description of the Trust's proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at www.sec.gov.
Information regarding how the Funds voted for the 12-month period ended June 30 is available by August 31 of each year by calling the same number, on the SEC’s website, at www.sec.gov and on the Funds’ website at https://www.ssga.com/spdrs.
Shareholder Meeting Results
A Special Meeting of the Shareholders of SPDR Series Trust (the “Shareholder Meeting”) was held on October 20, 2022. The purpose of the Shareholder Meeting was to ask shareholders to approve the election of Trustees. At the Shareholder Meeting, the shareholders of each Fund approved the election of Trustees. The results of the voting are as follows:
Trustee Nominee Name Shares For Shares Withheld
Clare S. Richer 458,963,922.211 3,805,311.071
Sandra G. Sponem 458,912,867.553 3,856,365.729
Kristi L. Rowsell 459,030,936.405 3,738,296.877
Gunjan Chauhan 458,827,846.171 3,941,387.111
Carolyn M. Clancy 459,042,164.143 3,727,069.139
Quarterly Portfolio Schedule
Following the Funds’ first and third fiscal quarter-ends, complete Schedules of Investments are filed with the SEC as exhibits on Form N-PORT, which can be found on the Funds' website at https://www.ssga.com/spdrs and on the SEC's website at www.sec.gov. The Funds’ Schedules of Investments are available upon request, without charge, by calling 1-866-787-2257 (toll free).
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Table of Contents
SPDR Series Trust
Trustees
Gunjan Chauhan, Interested Trustee
Dwight D. Churchill
Carolyn M. Clancy
Clare S. Richer
James E. Ross, Interested Non-management Trustee
Kristi L. Rowsell
Sandra G. Sponem
Carl G. Verboncoeur, Chairman
Investment Manager and Administrator
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
Distributor
State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, MA 02210
Custodian, Sub-Administrator
and Transfer Agent
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Legal Counsel
Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004
Independent Registered Public Accounting Firm
Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116
 
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

Table of Contents
SPDR® Series Trust - Equity Funds
For more complete information, please call 1.866.787.2257 or visit https://www.ssga.com/spdrs today.
State Street Global Advisors
One Iron Street
Boston, MA 02210
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns.
Standard & Poor’s, S& P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.
Before investing, consider a Fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1.866.787.2257 or visit https://www.ssga.com/spdrs. Read it carefully.
Not FDIC Insured. No Bank Guarantee. May Lose Value.
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.
© 2022 State Street Corporation - All Rights Reserved
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