Table of Contents
Annual Report
June 30, 2020
SPDR® Series Trust - Equity Funds
SPDR Dow Jones REIT ETF
SPDR S&P Biotech ETF
SPDR S&P Dividend ETF
Beginning on January 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of a Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund (or from your financial intermediary, such as a broker-dealer or bank). Instead, the reports will be made available on a Fund’s website (www.ssga.com), and you will be notified by mail each time a report is posted, and provided with a website link to access the report. If you already elected to receive reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications by contacting your financial intermediary.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account.
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 www.ssga.com. Please read the prospectus carefully before you invest.


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TABLE OF CONTENTS

1
Management’s Discussion of Fund Performance, Performance Summaries & Portfolio Statistics (Unaudited)  

2

5

8
Schedules of Investments  

12

17

22

29

34

37

49

51
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 www.ssga.com. Please read the prospectus carefully before you invest.


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Notes to Performance Summaries (Unaudited)
The performance chart of a Fund’s total return at net asset value (“NAV”), the total return based on market price and its benchmark index is provided for comparative purposes only and represents the periods noted. A Fund’s per share NAV is the value of one share of a Fund and is calculated by dividing the value of total assets less total liabilities by the number of shares outstanding. The NAV return is based on the NAV of a Fund and the market return is based on the market price per share of a Fund. The market price used to calculate the market return is determined by using the midpoint between the highest bid and the lowest offer on the exchange on which the shares of a Fund are listed for trading, as of the time that a Fund’s NAV is calculated. NAV and market returns assume that dividends and capital gain distributions have been reinvested in a Fund at NAV. Market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included market returns would be lower.
An index is a statistical measure of a specified financial market or sector. An index does not actually hold a portfolio of securities and therefore does not reflect deductions for fees or expenses. In comparison, a Fund’s performance is negatively impacted by these deductions. Index returns reflect all items of income, gain and loss and the reinvestment of dividends and other income.
The Dow Jones U.S. Select REIT Index is designed to provide a measure of real estate securities that serve as proxies for direct real estate investing, in part by excluding securities whose value is not always closely tied to the value of the underlying real estate.
The S&P Biotechnology Select Industry Index represents the biotechnology segment of the S&P Total Market Index.
The S&P High Yield Dividend Aristocrats Index is designed to measure the performance of the highest dividend yielding S&P Composite 1500 Index constituents that have followed a managed-dividends policy of consistently increasing dividends every year for at least 20 consecutive years.
See accompanying notes to financial statements.
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SPDR DOW JONES REIT ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR Dow Jones REIT ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded real estate investment trusts. The Fund’s benchmark is the Dow Jones U.S. Select REIT Index (the “Index”).
For the 12-month period ended June 30, 2020 (the “Reporting Period”), the total return for the Fund was –18.04%, and the Index was 17.71%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, cash drag and the cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Real Estate Investment Trusts (“REITs”) traded in the U.S. struggled over the past fiscal year and trailed the S&P 500 for three out of the four fiscal quarters, as well as for the Reporting Period overall. Not surprisingly, the COVID-19 outbreak was a significant factor in the downward pressure on REITs. The Index was solidly positive during the first fiscal quarter and even outperformed the S&P 500 during that time as REITs responded well to two Federal Reserve rate cuts. Unfortunately, the Index underperformed the S&P 500 for the remaining three quarters of the fiscal year. In Q4 of 2019, the Index turned slightly negative despite low interest rates and relative stability on the geopolitical front. As we welcomed in 2020, however, the global COVID-19 pandemic hit markets hard and REITs were among the hardest hit. Q1 2020 resulted in significantly negative returns for the Index as offices, businesses, hotels and restaurants all grappled with the new travel and social distancing restrictions. This raised additional concern about rent and mortgage payments at a time when consumer demand for online shopping had already been increasing. The final quarter of the fiscal year brought back some positive performance, but the rebound was not enough to catch up with the S&P 500.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Prologis, Digital Realty Trust and Duke Realty Corporation. The top negative contributors to the Fund’s performance during the Reporting Period were Simon Property Group, AvalonBay Communities and Equity Residential.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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SPDR Dow Jones REIT ETF
Performance Summary (Unaudited)
Performance as of June 30, 2020
    Cumulative Total Return   Average Annual Total Return  
    Net
Asset
Value
Market
Value
Dow Jones U.S. Select REIT Index   Net
Asset
Value
Market
Value
Dow Jones U.S. Select REIT Index  
  ONE YEAR 18.04% 18.11% 17.71%   18.04% 18.11% 17.71%  
  FIVE YEARS 11.27% 11.20% 12.85%   2.16% 2.15% 2.45%  
  TEN YEARS 115.58% 115.27% 121.42%   7.98% 7.97% 8.27%  
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR Dow Jones REIT ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.25%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2020.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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SPDR Dow Jones REIT ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2020

     
  Description % of Net Assets  
  Prologis, Inc. REIT 10.0%  
  Digital Realty Trust, Inc. REIT 5.6  
  Public Storage REIT 4.2  
  AvalonBay Communities, Inc. REIT 3.2  
  Welltower, Inc. REIT 3.1  
  Simon Property Group, Inc. REIT 3.0  
  Equity Residential REIT 3.0  
  Alexandria Real Estate Equities, Inc. REIT 3.0  
  Realty Income Corp. REIT 3.0  
  Essex Property Trust, Inc. REIT 2.2  
  TOTAL 40.3%  
(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 June 30, 2020

     
    % of Net Assets  
  Residential REITS 22.0%  
  Industrial REITS 17.2  
  Specialized REITS 14.4  
  Retail REITS 13.6  
  Office REITS 13.1  
  Health Care REITS 10.9  
  Diversified REITS 4.9  
  Hotel & Resort REITS 3.5  
  Short-Term Investments 1.0  
  Liabilities in Excess of Other Assets (0.6)  
  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.
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SPDR S&P BIOTECH ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR S&P Biotech ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index derived from the biotechnology segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Biotechnology Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2020 (the “Reporting Period”), the total return for the Fund was 27.59%, and the Index was 27.70%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses/cash drag/cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
Individual company earnings and positive developments towards a coronavirus vaccine were primary drivers of Fund performance during the Reporting Period.
The Fund has outpaced the broader US equity markets over the most recent Reporting Period. While there were some negative months, performance of the Fund was mostly in positive territory. This is especially true from April through June of 2020, when the US economy began reopening after the initial wave of the Corona virus had a serious negative impact on the economy and stock prices.
One driver that has really helped the Fund’s performance is individual company earnings releases. During the Reporting Period, positive earnings releases from companies held in the Fund have had a good impact on underlying stock returns and the Fund’s overall performance.
Another important driver is the hope for a coronavirus vaccine. Some of the Fund’s leading contributors to positive performance are amidst trials to test possible vaccines for the virus that has impacted the entire world. Investors have been very interested in these companies, causing positive investment returns.
The Fund did not invest in derivatives during the Reporting Period.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Moderna, Inc., Seattle Genetics, Inc., and Immunomedics, Inc.. The top negative contributors to the Fund’s performance during the Reporting Period were Clovis Oncology, Inc., bluebird bio, Inc., and SAGE Therapeutics, Inc..
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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SPDR S&P Biotech ETF
Performance Summary (Unaudited)
Performance as of June 30, 2020
    Cumulative Total Return   Average Annual Total Return  
    Net
Asset
Value
Market
Value
S&P Biotechnology Select Industry Index   Net
Asset
Value
Market
Value
S&P Biotechnology Select Industry Index  
  ONE YEAR 27.59% 27.66% 27.70%   27.59% 27.66% 27.70%  
  FIVE YEARS 34.60% 34.56% 34.29%   6.12% 6.12% 6.07%  
  TEN YEARS 568.22% 568.32% 559.95%   20.92% 20.92% 20.77%  
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S&P Biotech ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2020.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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SPDR S&P Biotech ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2020

     
  Description % of Net Assets  
  Inovio Pharmaceuticals, Inc. 2.0%  
  Invitae Corp. 1.8  
  Novavax, Inc. 1.8  
  Amicus Therapeutics, Inc. 1.3  
  OPKO Health, Inc. 1.3  
  Arrowhead Pharmaceuticals, Inc. 1.3  
  Natera, Inc. 1.2  
  Alkermes PLC 1.2  
  Alnylam Pharmaceuticals, Inc. 1.2  
  Esperion Therapeutics, Inc. 1.2  
  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 June 30, 2020

     
    % of Net Assets  
  Biotechnology 99.9%  
  Short Term Investments 16.0  
  Liabilities in Excess of Other Assets (15.9)  
  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.
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SPDR S&P DIVIDEND ETF
Management's Discussion of Fund Performance (Unaudited)
The SPDR S&P Dividend ETF (the “Fund”) seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of an index that tracks the performance of publicly traded issuers that have historically followed a policy of making dividend payments. The Fund’s benchmark is the S&P High Yield Dividend Aristocrats Index (the “Index”).
For the 12-month period ended June 30, 2020 (the “Reporting Period”), the total return for the Fund was –6.82%, and the Index was 6.58%. The Fund and Index returns reflect the reinvestment of dividends and other income. The Fund’s performance reflects the expenses of managing the Fund, including brokerage and advisory expenses. The Index is unmanaged and Index returns do not reflect fees and expenses of any kind, which would have a negative impact on returns. Fees and expenses, and cash drag contributed to the difference between the Fund’s performance and that of the Index.
Markets entered the third quarter of 2019 with a sense of cautious optimism following the G20 summit in Japan, where the United States and China reached a truce on the ongoing trade conflict and also agreed to restart trade negotiations.
In the fourth quarter it did not take long before progress appeared to take shape on a couple of the most prominent geopolitical issues overhanging the market. Reports that China would be willing to accept a limited trade deal so long as no further tariffs were introduced lifted spirits in early October. Around the same time, European assets and currencies received a jolt as progress towards a Brexit deal was reported. Markets headed into the new year near record levels.
However, the spread of the Coronavirus Disease 2019 (COVID-19) wreaked havoc upon capital markets during the first quarter of 2020 and it was the treatment in the form of social distancing, temporary lock-downs and quarantines and other mobility restrictions that inflicted significant harm to the global economy and financial markets.
Policy makers responded with massive, broad-based fiscal and monetary stimulus to support affected workers and businesses in record time. Markets recovered broadly in April and economic data in May indicated that the stimulus support and re-opening plans were working, and the economic recovery had begun. However, risks to recovery remained with increased geo-political tensions between the United States and China over Hong Kong and concerns around the further handling of COVID-19 crisis across the world.
Dividend yield and large and midcap US equity exposures were primary drivers of Fund performance during the Reporting Period. With its focus on higher yielding, dividend companies, the Fund does tend to own securities which are in industries considered defensive. However, with this market environment in 2020, Technology and Health Care names have performed best and some of the other traditional defensive sectors have been lagging. The Fund’s defensive traits meant that the Fund lagged the broader market over the Reporting Period. In addition, high dividend companies have generally been characterized by significant overlap with value companies, and as a result, their comparative performance has often been similar. In this Reporting Period, value companies underperformed their growth counterparts, and high dividend companies produced similar underperformance to the overall market.
The Fund did not invest in derivatives during the Reporting Period.
See accompanying notes to financial statements.
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SPDR S&P DIVIDEND ETF
Management's Discussion of Fund Performance (Unaudited)  (continued)
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Clorox Co, Abbvie Inc, and Target Corp. The top negative contributors to the Fund’s performance during the Reporting Period were Kontoor Brands, Exxon Mobil Corp, and Helmerich & Payne.
The views expressed above reflect those of the Fund’s portfolio manager only through the Reporting Period, and do not necessarily represent the views of the Adviser as a whole. Any such views are subject to change at any time based upon market or other conditions and the Adviser disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any fund.
See accompanying notes to financial statements.
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SPDR S&P Dividend ETF
Performance Summary (Unaudited)
Performance as of June 30, 2020
    Cumulative Total Return   Average Annual Total Return  
    Net
Asset
Value
Market
Value
S&P High Yield Dividend Aristocrats Index   Net
Asset
Value
Market
Value
S&P High Yield Dividend Aristocrats Index  
  ONE YEAR 6.82% 6.89% 6.58%   6.82% 6.89% 6.58%  
  FIVE YEARS 45.88% 45.79% 48.74%   7.84% 7.83% 8.26%  
  TEN YEARS 196.14% 195.92% 207.70%   11.47% 11.46% 11.90%  
Comparison of Change in Value of a $10,000 Investment
(Based on Net Asset Value)
Line graph is based on cumulative total return.
The total expense ratio for SPDR S&P Dividend ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.35%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2020.
Performance quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold. Current performance may be higher or lower than that quoted. Visit www.ssga.com for most recent month-end performance. The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption or sale of Fund shares. See "Notes to Performance Summaries" on page 1 for more information.
See accompanying notes to financial statements.
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SPDR S&P Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2020

     
  Description % of Net Assets  
  Exxon Mobil Corp. 2.4%  
  Franklin Resources, Inc. 2.1  
  National Retail Properties, Inc. REIT 2.0  
  Polaris, Inc. 1.9  
  AbbVie, Inc. 1.8  
  Chevron Corp. 1.8  
  Bank OZK 1.8  
  AT&T, Inc. 1.8  
  Leggett & Platt, Inc. 1.8  
  Amcor PLC 1.8  
  TOTAL 19.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2020

     
    % of Net Assets  
  Financials 18.9%  
  Industrials 18.8  
  Consumer Staples 11.5  
  Utilities 11.0  
  Materials 9.9  
  Consumer Discretionary 8.6  
  Real Estate 6.2  
  Health Care 5.0  
  Energy 4.2  
  Communication Services 3.4  
  Information Technology 2.2  
  Short-Term Investments 1.2  
  Liabilities in Excess of Other Assets (0.9)  
  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.
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SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS
June 30, 2020

Security Description     Shares   Value
COMMON STOCKS — 99.6%          
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 99.6%      
Acadia Realty Trust REIT

  169,340   $ 2,198,033
Agree Realty Corp. REIT

  105,965   6,962,960
Alexandria Real Estate Equities, Inc. REIT

  248,886   40,381,754
American Assets Trust, Inc. REIT

  94,516   2,631,325
American Campus Communities, Inc. REIT

  271,690   9,498,282
American Homes 4 Rent Class A REIT

  503,849   13,553,538
Americold Realty Trust REIT

  395,352   14,351,278
Apartment Investment and Management Co. Class A REIT

  293,894   11,062,170
Apple Hospitality REIT, Inc.

  412,668   3,986,373
AvalonBay Communities, Inc. REIT

  277,625   42,931,930
Boston Properties, Inc. REIT

  285,084   25,765,892
Brandywine Realty Trust REIT

  335,369   3,652,168
Brixmor Property Group, Inc. REIT

  583,019   7,474,304
Camden Property Trust REIT

  192,201   17,532,575
CareTrust REIT, Inc.

  188,220   3,229,855
Chatham Lodging Trust REIT

  92,377   565,347
City Office REIT, Inc.

  93,611   941,727
Columbia Property Trust, Inc. REIT

  225,056   2,957,236
Community Healthcare Trust, Inc. REIT

  40,477   1,655,509
Corporate Office Properties Trust REIT

  220,657   5,591,448
Cousins Properties, Inc. REIT

  293,348   8,750,571
CubeSmart REIT

  382,235   10,316,523
DiamondRock Hospitality Co. REIT

  391,900   2,167,207
Digital Realty Trust, Inc. REIT (a)

  529,221   75,207,596
Diversified Healthcare Trust REIT

  467,923   2,070,559
Douglas Emmett, Inc. REIT

  325,475   9,979,064
Duke Realty Corp. REIT

  726,764   25,720,178
Easterly Government Properties, Inc. REIT

  147,734   3,415,610
EastGroup Properties, Inc. REIT

  77,082   9,142,696
Empire State Realty Trust, Inc. Class A REIT

  284,788   1,993,516
EPR Properties REIT

  152,366   5,047,886
Equity Commonwealth REIT

  238,971   7,694,866
Equity LifeStyle Properties, Inc. REIT

  359,381   22,454,125
Equity Residential REIT

  690,058   40,589,212
Essential Properties Realty Trust, Inc. REIT

  180,892   2,684,437
Essex Property Trust, Inc. REIT

  129,058   29,576,222
Extra Space Storage, Inc. REIT

  254,661   23,523,037
Federal Realty Investment Trust REIT

  138,905   11,836,095
First Industrial Realty Trust, Inc. REIT

  251,231   9,657,320
Four Corners Property Trust, Inc. REIT

  138,306   3,374,666
See accompanying notes to financial statements.
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SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2020

Security Description     Shares   Value
Franklin Street Properties Corp. REIT

  210,953   $ 1,073,751
Front Yard Residential Corp. REIT

  96,850   842,595
Getty Realty Corp. REIT

  67,597   2,006,279
Global Net Lease, Inc. REIT

  175,971   2,943,995
Healthcare Realty Trust, Inc. REIT

  265,378   7,772,922
Healthcare Trust of America, Inc. Class A REIT

  431,381   11,440,224
Healthpeak Properties, Inc. REIT

  1,061,969   29,267,866
Hersha Hospitality Trust REIT

  70,832   407,992
Highwoods Properties, Inc. REIT

  204,354   7,628,535
Host Hotels & Resorts, Inc. REIT

  1,391,356   15,012,731
Hudson Pacific Properties, Inc. REIT

  301,552   7,587,048
Independence Realty Trust, Inc. REIT (a)

  186,313   2,140,736
Industrial Logistics Properties Trust REIT

  128,161   2,633,709
Innovative Industrial Properties, Inc. REIT (a)

  36,559   3,217,923
Investors Real Estate Trust REIT

  23,905   1,685,063
Invitation Homes, Inc. REIT

  1,072,732   29,532,312
JBG SMITH Properties REIT

  231,258   6,838,299
Kilroy Realty Corp. REIT

  208,955   12,265,659
Kimco Realty Corp. REIT

  854,007   10,965,450
Kite Realty Group Trust REIT

  165,417   1,908,912
Lexington Realty Trust REIT

  543,379   5,732,648
Life Storage, Inc. REIT

  92,660   8,798,067
LTC Properties, Inc. REIT

  77,148   2,906,165
Macerich Co. REIT (a)

  228,705   2,051,484
Mack-Cali Realty Corp. REIT

  178,158   2,724,036
Mid-America Apartment Communities, Inc. REIT

  225,629   25,872,877
Monmouth Real Estate Investment Corp. REIT

  192,543   2,789,948
National Health Investors, Inc. REIT

  87,784   5,330,244
National Retail Properties, Inc. REIT

  339,482   12,044,821
National Storage Affiliates Trust REIT

  121,971   3,495,689
NexPoint Residential Trust, Inc. REIT

  42,989   1,519,661
Office Properties Income Trust REIT

  94,762   2,460,969
Omega Healthcare Investors, Inc. REIT

  447,853   13,314,670
Paramount Group, Inc. REIT

  375,125   2,892,214
Park Hotels & Resorts, Inc. REIT

  463,351   4,582,541
Pebblebrook Hotel Trust REIT (a)

  257,211   3,513,502
Pennsylvania Real Estate Investment Trust (a)

  119,502   162,523
Piedmont Office Realty Trust, Inc. Class A REIT

  247,639   4,113,284
Prologis, Inc. REIT

  1,456,581   135,942,705
PS Business Parks, Inc. REIT

  39,492   5,228,741
Public Storage REIT

  296,498   56,895,001
QTS Realty Trust, Inc. Class A REIT

  119,112   7,633,888
See accompanying notes to financial statements.
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SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2020

Security Description     Shares   Value
Realty Income Corp. REIT

  677,458   $ 40,308,751
Regency Centers Corp. REIT

  334,753   15,361,815
Retail Opportunity Investments Corp. REIT (a)

  228,883   2,593,244
Retail Properties of America, Inc. Class A REIT

  421,154   3,082,847
Rexford Industrial Realty, Inc. REIT

  242,224   10,035,340
RLJ Lodging Trust REIT

  324,775   3,065,876
RPT Realty REIT

  158,473   1,102,972
Ryman Hospitality Properties, Inc. REIT

  108,155   3,742,163
Seritage Growth Properties Class A REIT (a)  (b)

  69,099   787,729
Service Properties Trust REIT

  323,651   2,294,686
Simon Property Group, Inc. REIT

  603,090   41,239,294
SITE Centers Corp. REIT

  292,478   2,369,072
SL Green Realty Corp. REIT (a)

  150,533   7,419,772
Spirit Realty Capital, Inc. REIT (a)

  202,488   7,058,732
STAG Industrial, Inc. REIT

  293,681   8,610,727
STORE Capital Corp. REIT

  439,312   10,460,019
Summit Hotel Properties, Inc. REIT

  207,749   1,231,952
Sun Communities, Inc. REIT

  193,894   26,307,538
Sunstone Hotel Investors, Inc. REIT

  424,080   3,456,252
Tanger Factory Outlet Centers, Inc. REIT (a)

  183,816   1,310,608
Taubman Centers, Inc. REIT

  121,216   4,577,116
Terreno Realty Corp. REIT

  133,182   7,010,701
UDR, Inc. REIT

  581,827   21,748,693
Universal Health Realty Income Trust REIT

  24,846   1,975,009
Urban Edge Properties REIT

  217,699   2,584,087
Ventas, Inc. REIT

  736,054   26,954,298
VEREIT, Inc.

  2,127,485   13,679,729
Vornado Realty Trust REIT

  313,081   11,962,825
Washington Prime Group, Inc. REIT (a)

  368,534   309,863
Washington Real Estate Investment Trust

  161,896   3,594,091
Weingarten Realty Investors REIT

  236,879   4,484,119
Welltower, Inc. REIT

  823,483   42,615,245
WP Carey, Inc. REIT

  340,185   23,013,515
Xenia Hotels & Resorts, Inc. REIT

  223,136   2,081,859
TOTAL COMMON STOCKS

(Cost $1,627,316,815)

        1,347,733,308
SHORT-TERM INVESTMENTS — 1.0%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.35% (c)  (d)

  4,097,975   4,099,614
See accompanying notes to financial statements.
14


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Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2020

Security Description     Shares   Value
State Street Navigator Securities Lending Portfolio II (e)  (f)

  9,665,286   $ 9,665,286
TOTAL SHORT-TERM INVESTMENTS

(Cost $13,764,900)

  13,764,900  
TOTAL INVESTMENTS — 100.6%

(Cost $1,641,081,715)

  1,361,498,208  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%

  (8,335,532)  
NET ASSETS — 100.0%

  $ 1,353,162,676  
(a) All or a portion of the shares of the security are on loan at June 30, 2020.
(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 June 30, 2020 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2020.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2020 are shown in the Affiliate Table below.
(f) 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 June 30, 2020.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $1,347,733,308   $—   $—   $1,347,733,308
Short-Term Investments

  13,764,900       13,764,900
TOTAL INVESTMENTS

  $1,361,498,208   $—   $—   $1,361,498,208
See accompanying notes to financial statements.
15


Table of Contents
Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2020

Affiliate Table
  Number of
Shares Held
at 6/30/19
  Value at
6/30/19
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 6/30/20
  Value at
6/30/20
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

  $   $149,757,636   $145,655,536   $(2,486)   $—   4,097,975   $ 4,099,614   $ 35,991
State Street Institutional U.S. Government Money Market Fund, Class G Shares

6,552,771   6,552,771   9,640,475   16,193,246           6,343
State Street Navigator Securities Lending Portfolio II

    244,588,539   234,923,253       9,665,286   9,665,286   179,230
State Street Navigator Securities Lending Portfolio III

10,224,141   10,224,141   74,155,406   84,379,547           29,297
Total

    $16,776,912   $478,142,056   $481,151,582   $(2,486)   $—       $13,764,900   $250,861
See accompanying notes to financial statements.
16


Table of Contents
Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS
June 30, 2020

Security Description     Shares   Value
COMMON STOCKS — 99.9%          
BIOTECHNOLOGY — 99.9%          
AbbVie, Inc.

    573,335   $ 56,290,030
ACADIA Pharmaceuticals, Inc. (a)  (b)

    1,156,392   56,050,320
Acceleron Pharma, Inc. (a)

    555,904   52,960,974
Achillon Pharmace (a)  (b)

    51,865   57,570
Adverum Biotechnologies, Inc. (a)  (b)

    1,922,320   40,138,042
Agenus, Inc. (a)

    3,814,396   14,990,576
Agios Pharmaceuticals, Inc. (a)  (b)

    1,124,621   60,144,731
Aimmune Therapeutics, Inc. (a)  (b)

    2,790,073   46,622,120
Akebia Therapeutics, Inc. (a)

    2,380,450   32,326,511
Alector, Inc. (a)  (b)

    922,919   22,556,140
Alexion Pharmaceuticals, Inc. (a)

    485,114   54,449,195
Alkermes PLC (a)

    3,240,693   62,885,647
Allakos, Inc. (a)  (b)

    705,951   50,729,639
Allogene Therapeutics, Inc. (a)  (b)

    1,268,151   54,302,226
Alnylam Pharmaceuticals, Inc. (a)

    422,728   62,610,244
Amgen, Inc.

    243,313   57,387,804
Amicus Therapeutics, Inc. (a)  (b)

    4,850,668   73,148,073
AnaptysBio, Inc. (a)

    940,004   20,999,689
Anika Therapeutics, Inc. (a)

    408,064   15,396,255
Apellis Pharmaceuticals, Inc. (a)  (b)

    1,711,369   55,893,312
Arcus Biosciences, Inc. (a)

    879,188   21,751,111
Ardelyx, Inc. (a)

    1,694,422   11,725,400
Arena Pharmaceuticals, Inc. (a)

    864,871   54,443,630
Arrowhead Pharmaceuticals, Inc. (a)  (b)

    1,619,860   69,961,753
Assembly Biosciences, Inc. (a)

    417,242   9,730,083
Atara Biotherapeutics, Inc. (a)

    2,004,800   29,209,936
Athenex, Inc. (a)  (b)

    1,116,296   15,360,233
Athersys, Inc. (a)  (b)

    8,333,518   23,000,510
Avrobio, Inc. (a)  (b)

    526,121   9,180,811
BioCryst Pharmaceuticals, Inc. (a) (b)  (c)

    12,358,764   58,889,511
Biogen, Inc. (a)

    189,812   50,784,201
Biohaven Pharmaceutical Holding Co., Ltd. (a)  (b)

    803,384   58,735,404
BioMarin Pharmaceutical, Inc. (a)

    501,469   61,851,186
Bioxcel Therapeutics, Inc. (a)  (b)

    774,443   41,053,223
Bluebird Bio, Inc. (a)  (b)

    829,298   50,620,350
Blueprint Medicines Corp. (a)

    758,671   59,176,338
Bridgebio Pharma, Inc. (a)  (b)

    1,849,182   60,301,825
CareDx, Inc. (a)  (b)

    1,258,102   44,574,554
Catalyst Pharmaceuticals, Inc. (a)  (b)

    4,713,118   21,774,605
CEL-SCI Corp. (a) (b)  (c)

    1,887,669   28,164,022
See accompanying notes to financial statements.
17


Table of Contents
Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2020

Security Description     Shares   Value
ChemoCentryx, Inc. (a)

    814,839   $ 46,885,836
Clovis Oncology, Inc. (a) (b)  (c)

    7,843,117   52,941,040
Coherus Biosciences, Inc. (a)  (b)

    3,297,148   58,887,063
Constellation Pharmaceuticals, Inc. (a)

    868,118   26,086,946
Corbus Pharmaceuticals Holdings, Inc. (a)

    1,770,830   14,857,264
Cue Biopharma, Inc. (a)

    497,204   12,186,470
Cytokinetics, Inc. (a)  (b)

    1,208,765   28,490,591
CytomX Therapeutics, Inc. (a)

    1,230,382   10,249,082
Deciphera Pharmaceuticals, Inc. (a)

    977,430   58,372,120
Denali Therapeutics, Inc. (a)  (b)

    944,193   22,830,587
Dicerna Pharmaceuticals, Inc. (a)

    1,529,432   38,847,573
Dynavax Technologies Corp. (a)  (b)

    3,263,799   28,949,897
Eagle Pharmaceuticals, Inc. (a)

    446,099   21,403,830
Editas Medicine, Inc. (a)  (b)

    1,858,382   54,970,940
Emergent BioSolutions, Inc. (a)

    770,850   60,958,818
Enanta Pharmaceuticals, Inc. (a)

    455,762   22,883,810
Epizyme, Inc. (a)  (b)

    2,067,203   33,199,280
Esperion Therapeutics, Inc. (a)  (b)

    1,219,434   62,569,159
Exact Sciences Corp. (a)  (b)

    621,014   53,990,957
Exelixis, Inc. (a)

    2,367,891   56,213,732
Fate Therapeutics, Inc. (a)  (b)

    1,724,110   59,154,214
FibroGen, Inc. (a)  (b)

    1,389,371   56,311,207
Flexion Therapeutics, Inc. (a)  (b)

    1,660,933   21,841,269
G1 Therapeutics, Inc. (a)  (b)

    661,220   16,041,197
Gilead Sciences, Inc.

    724,354   55,731,797
Global Blood Therapeutics, Inc. (a)

    846,127   53,415,998
Gossamer Bio, Inc. (a)  (b)

    932,419   12,121,447
Halozyme Therapeutics, Inc. (a)  (b)

    2,323,339   62,288,719
Heron Therapeutics, Inc. (a)  (b)

    2,020,504   29,721,614
Homology Medicines, Inc. (a)  (b)

    789,698   11,995,513
IGM Biosciences, Inc. (a)

    180,482   13,175,186
ImmunoGen, Inc. (a)

    5,617,549   25,840,725
Immunomedics, Inc. (a)  (b)

    1,714,085   60,747,172
Incyte Corp. (a)

    575,880   59,874,244
Inovio Pharmaceuticals, Inc. (a)  (b)

    4,072,007   109,740,589
Insmed, Inc. (a)

    1,949,995   53,702,862
Intellia Therapeutics, Inc. (a)  (b)

    1,351,443   28,407,332
Intercept Pharmaceuticals, Inc. (a)  (b)

    705,260   33,789,007
Invitae Corp. (a)  (b)

    3,278,870   99,316,972
Ionis Pharmaceuticals, Inc. (a)

    908,243   53,550,007
Iovance Biotherapeutics, Inc. (a)  (b)

    1,796,615   49,317,082
Ironwood Pharmaceuticals, Inc. (a)  (b)

    4,906,703   50,637,175
See accompanying notes to financial statements.
18


Table of Contents
Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2020

Security Description     Shares   Value
Kadmon Holdings, Inc. (a)  (b)

    4,109,509   $ 21,040,686
Karuna Therapeutics, Inc. (a)  (b)

    470,299   52,419,527
Karyopharm Therapeutics, Inc. (a)  (b)

    3,174,804   60,130,788
Kodiak Sciences, Inc. (a)  (b)

    654,134   35,401,732
Krystal Biotech, Inc. (a)  (b)

    428,315   17,740,807
Kura Oncology, Inc. (a)

    693,561   11,305,044
Ligand Pharmaceuticals, Inc. (a)  (b)

    485,654   54,320,400
MacroGenics, Inc. (a)

    561,751   15,684,088
Madrigal Pharmaceuticals, Inc. (a)  (b)

    422,083   47,800,900
Mersana Therapeutics, Inc. (a)

    649,756   15,204,290
Mirati Therapeutics, Inc. (a)  (b)

    517,959   59,135,379
Moderna, Inc. (a)

    855,213   54,913,227
Momenta Pharmaceuticals, Inc. (a)

    1,707,594   56,811,652
Myriad Genetics, Inc. (a)

    2,945,020   33,396,527
Natera, Inc. (a)  (b)

    1,295,358   64,586,550
Neurocrine Biosciences, Inc. (a)

    461,868   56,347,896
Novavax, Inc. (a)  (b)

    1,163,515   96,978,975
OPKO Health, Inc. (a)  (b)

    21,378,657   72,901,220
PDL BioPharma, Inc. (a)

    2,798,988   8,145,055
Portola Pharmaceuticals, Inc. (a)  (b)

    1,909,705   34,355,593
Principia Biopharma, Inc. (a)

    650,331   38,883,291
Prothena Corp. PLC (a)

    639,130   6,685,300
PTC Therapeutics, Inc. (a)  (b)

    1,076,272   54,610,041
Puma Biotechnology, Inc. (a) (b)  (c)

    2,718,389   28,352,797
Radius Health, Inc. (a)  (b)

    1,615,815   22,023,558
Regeneron Pharmaceuticals, Inc. (a)

    90,196   56,250,735
REGENXBIO, Inc. (a)

    1,181,413   43,511,441
Retrophin, Inc. (a)

    956,879   19,529,900
Rhythm Pharmaceuticals, Inc. (a)  (b)

    480,410   10,713,143
Rocket Pharmaceuticals, Inc. (a)  (b)

    824,382   17,254,315
Sage Therapeutics, Inc. (a)  (b)

    1,464,297   60,885,469
Sangamo Therapeutics, Inc. (a)  (b)

    3,985,253   35,707,867
Sarepta Therapeutics, Inc. (a)  (b)

    333,787   53,519,408
Seattle Genetics, Inc. (a)

    350,792   59,606,577
Sorrento Therapeutics, Inc. (a)  (b)

    6,711,255   42,146,681
Spectrum Pharmaceuticals, Inc. (a)

    3,081,655   10,415,994
TG Therapeutics, Inc. (a)  (b)

    3,084,307   60,082,300
Translate Bio, Inc. (a)  (b)

    890,020   15,949,158
Turning Point Therapeutics, Inc. (a)

    560,562   36,206,700
Twist Bioscience Corp. (a)  (b)

    978,774   44,338,462
Ultragenyx Pharmaceutical, Inc. (a)  (b)

    779,018   60,934,788
United Therapeutics Corp. (a)

    459,288   55,573,848
See accompanying notes to financial statements.
19


Table of Contents
Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2020

Security Description     Shares   Value
Vanda Pharmaceuticals, Inc. (a)

    1,806,100   $ 20,661,784
Veracyte, Inc. (a)  (b)

    1,201,467   31,117,995
Vericel Corp. (a)  (b)

    1,821,646   25,175,148
Vertex Pharmaceuticals, Inc. (a)

    197,363   57,296,453
Viela Bio, Inc. (a)

    278,311   12,056,433
Viking Therapeutics, Inc. (a)  (b)

    2,913,435   21,005,866
Voyager Therapeutics, Inc. (a)  (b)

    777,313   9,809,690
Xencor, Inc. (a)  (b)

    1,080,070   34,983,467
Y-mAbs Therapeutics, Inc. (a)

    392,613   16,960,882
ZIOPHARM Oncology, Inc. (a)  (b)

    3,550,940   11,647,084
TOTAL COMMON STOCKS

(Cost $5,658,705,401)

        5,395,241,018
SHORT-TERM INVESTMENTS — 16.0%          
State Street Institutional Liquid Reserves Fund, Premier Class 0.35% (d)  (e)

    6,399,493   6,402,053
State Street Navigator Securities Lending Portfolio II (f)  (g)

    857,417,617   857,417,617
TOTAL SHORT-TERM INVESTMENTS

(Cost $863,819,613)

        863,819,670
TOTAL INVESTMENTS — 115.9%

(Cost $6,522,525,014)

        6,259,060,688
LIABILITIES IN EXCESS OF OTHER ASSETS — (15.9)%

        (856,413,368)
NET ASSETS — 100.0%

        $ 5,402,647,320
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2020.
(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 June 30, 2020 are shown in the Affiliate Table below.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended June 30, 2020 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2020.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2020 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
See accompanying notes to financial statements.
20


Table of Contents
Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2020

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2020.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $5,395,183,448   $57,570   $—   $5,395,241,018
Short-Term Investments

  863,819,670       863,819,670
TOTAL INVESTMENTS

  $6,259,003,118   $57,570   $—   $6,259,060,688
Affiliate Table
  Number of
Shares Held
at 6/30/19
  Value at
6/30/19
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation(a)
  Number of
Shares Held
at 6/30/20
  Value at
6/30/20
  Dividend
Income
Acorda Therapeutics, Inc.

2,503,039   $ 19,198,309   $ 3,419,376   $ 12,395,093   $ (36,549,619)   $ —*     $ —*   $
Adverum Biotechnologies, Inc.

505,070   6,005,282   105,371,860   104,376,136   25,688,139   —*     —*  
AnaptysBio, Inc.

470,813   26,563,269   82,567,730   75,787,869   (29,189,087)   —*     —*  
BioCryst Pharmaceuticals, Inc.

4,513,164   17,104,892   67,916,656   35,624,830   (5,776,904)   15,269,697   12,358,764   58,889,511  
Catalyst Pharmaceuticals, Inc.

    77,785,908   55,246,512   356,070   —*     —*  
CEL-SCI Corp.

    27,902,164   1,872,662   201,560   1,932,960   1,887,669   28,164,022  
Clovis Oncology, Inc.

4,344,916   64,608,901   119,271,300   76,125,053   (122,121,378)   67,307,270   7,843,117   52,941,040  
Puma Biotechnology, Inc.

4,163,214   52,914,450   89,353,026   104,877,027   (56,969,260)   47,931,608   2,718,389   28,352,797  
State Street Institutional Liquid Reserves Fund, Premier Class

    250,801,918   244,393,084   (6,838)   57   6,399,493   6,402,053   65,445
State Street Institutional U.S. Government Money Market Fund, Class G Shares

2,012,403   2,012,403   102,679,821   104,692,224           37,546
State Street Navigator Securities Lending Portfolio II

    2,030,603,981   1,173,186,364       857,417,617   857,417,617   3,592,381
State Street Navigator Securities Lending Portfolio III

251,159,946   251,159,946   472,618,174   723,778,120           1,428,465
Viking Therapeutics, Inc.

5,730,107   47,559,888   61,255,571   80,255,665   (40,323,008)   —*     —*  
Total

    $487,127,340   $3,491,547,485   $2,792,610,639   $(264,690,325)   $132,441,592       $1,032,167,040   $5,123,837
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended June 30, 2020.
* As of June 30, 2020, no longer an affiliate.
See accompanying notes to financial statements.
21


Table of Contents
Table of Contents
SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS
June 30, 2020

Security Description     Shares   Value
COMMON STOCKS — 99.7%          
AEROSPACE & DEFENSE — 1.7%      
General Dynamics Corp.

  962,559   $ 143,864,068
Raytheon Technologies Corp.

  1,859,986   114,612,338
          258,476,406
AIR FREIGHT & LOGISTICS — 1.3%      
C.H. Robinson Worldwide, Inc. (a)

  1,651,463   130,564,665
Expeditors International of Washington, Inc.

  806,207   61,303,980
          191,868,645
BANKS — 8.6%      
Bank OZK (a)  (b)

  11,770,632   276,256,733
Commerce Bancshares, Inc. (a)

  1,458,692   86,748,413
Community Bank System, Inc. (a)

  1,772,942   101,093,153
Cullen/Frost Bankers, Inc. (a)  (b)

  3,189,184   238,263,937
People's United Financial, Inc. (b)

  21,697,953   251,045,316
Prosperity Bancshares, Inc.

  2,919,314   173,348,865
United Bankshares, Inc. (a)

  6,311,500   174,576,090
          1,301,332,507
BEVERAGES — 2.0%      
Brown-Forman Corp. Class B

  784,439   49,937,387
Coca-Cola Co.

  3,106,000   138,776,080
PepsiCo, Inc.

  922,297   121,983,001
          310,696,468
BIOTECHNOLOGY — 1.8%      
AbbVie, Inc.

  2,852,138   280,022,909
BUILDING PRODUCTS — 0.9%      
A.O. Smith Corp.

  2,419,254   113,995,249
Carrier Global Corp. (a)

  1,028,037   22,842,982
          136,838,231
CAPITAL MARKETS — 5.7%      
Eaton Vance Corp.

  5,344,651   206,303,528
FactSet Research Systems, Inc. (a)

  152,598   50,123,865
Franklin Resources, Inc. (a)

  15,410,655   323,161,435
S&P Global, Inc.

  147,745   48,679,023
SEI Investments Co.

  1,178,816   64,811,304
T Rowe Price Group, Inc.

  1,404,284   173,429,074
          866,508,229
See accompanying notes to financial statements.
22


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SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2020

Security Description     Shares   Value
CHEMICALS — 5.5%      
Air Products & Chemicals, Inc.

  480,088   $ 115,922,049
Albemarle Corp. (a)

  1,701,137   131,344,788
Ecolab, Inc.

  260,380   51,802,601
HB Fuller Co. (b)

  2,718,062   121,225,565
Linde PLC

  463,901   98,398,041
PPG Industries, Inc.

  1,018,224   107,992,837
RPM International, Inc.

  1,428,971   107,258,563
Sherwin-Williams Co.

  88,306   51,027,622
Stepan Co.

  502,197   48,763,329
          833,735,395
COMMERCIAL SERVICES & SUPPLIES — 2.4%      
ABM Industries, Inc. (a)  (b)

  3,496,319   126,916,380
Brady Corp. Class A

  1,770,789   82,908,341
Cintas Corp.

  278,862   74,277,682
MSA Safety, Inc. (a)

  648,112   74,169,937
          358,272,340
CONTAINERS & PACKAGING — 3.2%      
Amcor PLC

  26,440,260   269,955,055
AptarGroup, Inc.

  520,280   58,260,954
Sonoco Products Co.

  2,989,816   156,337,479
          484,553,488
DISTRIBUTORS — 1.4%      
Genuine Parts Co.

  2,425,081   210,885,044
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.8%      
AT&T, Inc.

  9,136,053   276,182,882
ELECTRIC UTILITIES — 1.3%      
Eversource Energy

  1,266,529   105,463,870
NextEra Energy, Inc.

  364,536   87,550,611
          193,014,481
ELECTRICAL EQUIPMENT — 2.3%      
Emerson Electric Co.

  2,996,334   185,862,598
nVent Electric PLC (b)

  9,090,838   170,271,396
          356,133,994
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 6.2%      
Essex Property Trust, Inc. REIT

  590,776   135,388,136
Federal Realty Investment Trust REIT (a)

  3,029,246   258,122,052
See accompanying notes to financial statements.
23


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SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2020

Security Description     Shares   Value
National Retail Properties, Inc. REIT

  8,332,186   $ 295,625,959
Realty Income Corp. REIT

  4,294,564   255,526,558
          944,662,705
FOOD & STAPLES RETAILING — 2.7%      
Casey's General Stores, Inc.

  237,527   35,515,037
Sysco Corp.

  2,994,921   163,702,382
Walmart, Inc.

  558,681   66,918,810
Walgreens Boots Alliance, Inc.