Annual Report
June 30, 2023
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

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

2

5

8

11

14

17

20

23

26

29

32

35

38

41

44
Schedules of Investments  

47

50

57

65

69

72

79

90

109

111

113

117

123

125

127

130

144

159

173

174
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
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Table of Contents
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 a float-adjusted market capitalization index 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 MidCap 400® Index provides investors with a benchmark for mid-sized companies. The index, which is distinct from the large-cap S&P 500®, measures the performance of mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment.
The S&P 500® Index is composed of five hundred (500) selected stocks, all of which are listed on national stock exchanges and spans over approximately 24 separate industry groups.
The S&P 500 Growth Index measures the performance of the large-capitalization growth segment of the U.S. equity market. The index consists of those stocks in the S&P 500 Index exhibiting the strongest growth characteristics based on:(i) salesgrowth; (ii) earnings change to price; and (iii) momentum.
The S&P® 500 High Dividend Index is designed to measure the performance of the top 80 high dividend-yielding companies within the S&P 500® Index, based on dividend yield.
The S&P 500 Value Index measures the performance of the large-capitalization value segment in the U.S. equity market. The index consists of those stocks in the S&P 500 Index exhibiting the strongest value characteristics based on: (i) book value to price ratio; (ii) earnings to price ratio; and (iii) sales to price ratio.
The S&P® Small Cap 600® Index measures the performance of the small-capitalization sector in the U.S. equity market.
The S&P Composite 1500® Index is designed to measure the performance of the large-, mid-, and small-capitalization segments of the U.S. equity market.
The Index consists of those stocks included in the S&P 500® Index, the S&P MidCap 400® Index, and the S&P SmallCap 600® Index. Each underlying index includes common stocks, listed on certain U.S. securities exchanges, that meet specific market capitalization requirements.
The S&P Aerospace & Defense Select Industry Index represents the aerospace & defense segment of the S&P Total Market Index.
The S&P Banks Select Industry Index represents the banks segment of the S&P Total Market Index.
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.
The S&P Homebuilders Select Industry Index represents the homebuilders segment of the S&P Total Market Index.
The S&P Oil & Gas Exploration & Production Select Industry Index represents the oil and gas exploration and production segment of the S&P Total Market Index.
The S&P Regional Banks Select Industry Index represents the regional banks segment of the S&P Total Market Index.
See accompanying notes to financial statements.
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Table of Contents
SPDR Dow Jones REIT ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Dow Jones REIT ETF 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, 2023 (the “Reporting Period”), the total return for the Fund was 0.81%, and the Index was 0.69%. 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 compounding contributed to the difference between the Fund’s performance and that of the Index. 
Real estate investment trusts (REITs) declined in the 3rd calendar quarter of 2022 along with broader markets, falling by 10.37% as rate hikes and inflationary pressures continued to weigh on the performance of REITs. However the Index recouped some of the negative performance in the 4th quarter of 2022, returning 4.76% and rising in line with broader markets amid expectations that the pace of policy tightening would slow. The Index closed out the calendar year with a return of 25.96%. 
The second half of the fiscal year was a bumpy ride for REITs, posting robust gains in January 2023 of 10.98% and giving back some of those returns in February and March. Despite being beset by a number of challenges including relatively high inflation, a number of bank failures, rising Federal Funds rate, and continued geopolitical concerns, the market succeeded in climbing its wall of worry. It was a period marked by resiliency as the U.S. consumer continued to drive the economy despite the challenges and costs associated with higher interest rates. Economic activity was generally better than anticipated during this period and inflation showed further warning signs. Hopes grew regarding a potential halt in interest rate hikes and possibly cuts by the end of 2023. 
The Fund used equity index futures in order to equitize cash and dividend receivables during the Reporting Period. The Fund’s use of equity index futures detracted from Fund performance relative to the Index. 
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Simon Property Group, Inc., Equinix, Inc., and Prologis, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Alexandria Real Estate Equities, Inc., Sun Communities, Inc., and Boston Properties 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.
2


Table of Contents
SPDR Dow Jones REIT ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  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 (0.81)% (0.90)% (0.69)%   (0.81)% (0.90)% (0.69)%
FIVE YEARS 16.04% 15.96% 17.51%   3.02% 3.01% 3.28%
TEN YEARS 70.55% 70.44% 74.97%   5.48% 5.48% 5.75%
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, 2023.
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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Table of Contents
SPDR Dow Jones REIT ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Prologis, Inc. REIT 12.3%  
  Equinix, Inc. REIT 7.9  
  Public Storage REIT 5.0  
  Realty Income Corp. REIT 4.4  
  Welltower, Inc. REIT 4.3  
  Simon Property Group, Inc. REIT 4.1  
  Digital Realty Trust, Inc. REIT 3.6  
  AvalonBay Communities, Inc. REIT 2.9  
  Equity Residential REIT 2.4  
  Extra Space Storage, Inc. REIT 2.2  
  TOTAL 49.1%  
(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 June 30, 2023

     
    % of Net Assets  
  Industrial REITs 17.8%  
  Retail REITs 16.7  
  Multi-Family Residential REITs 13.1  
  Data Center REITs 11.5  
  Health Care REITs 10.6  
  Self Storage REITs 9.8  
  Single-Family Residential REITs 6.6  
  Office REITs 5.8  
  Hotel & Resort REITs 3.8  
  Diversified REITs 2.6  
  Other Specialized REITs 0.6  
  Short-Term Investments 2.0  
  Liabilities in Excess of Other Assets (0.9)  
  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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Table of Contents
SPDR Portfolio S&P 400 Mid Cap ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio S&P 400 Mid Cap 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 mid-capitalization exchange traded U.S. equity securities. The Fund’s benchmark is the S&P MidCap 400 Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 17.60%, and the Index was 17.61%. 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 and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
Concerns over persistent inflation, hawkish central bank actions and the ongoing Russia-Ukraine war weighed heavily on sentiment. Global markets declined and growth stumbled in the third quarter of 2022, as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes. After rallying early in the third quarter, risk assets declined in August and September as central banks struggled with inflation amid slowing economic growth. After three consecutive quarters of negative performance, the last quarter of 2022 ended the year positively for global equities largely due to the equity rallies seen during October and November. However, the sustainability of these gains was in doubt, as the high inflationary environment continued globally, with no end in sight for the Russia-Ukraine war. The first quarter of 2023 with inflation in decline and prospects of easier monetary policy the markets started with a strong rally in equities in January. The rally was short lived due to sticky core inflation, which together with strong economic data forced investors to reassess their interest rate expectations. In March, the collapse of Silicon Valley Bank and broader concerns around the financial sector hit bank shares hard. However, investors took comfort as regulators and central banks once again intervened to stabilize the sector. The second quarter of 2023 started with investors worried about the potential for further rate hikes, slow growth in China, and the turmoil of the U.S. debt ceiling negotiations. Towards the end of the quarter investors took encouragement from economic data, which indicated that U.S. inflation was moving in the right direction while the job markets remained healthy. The yield curve was still warning of a possible recession, but investors were happy to add to holdings in the U.S. Data from Europe was mixed with some countries seeing steady falls in inflation while for others it remained stubbornly high.
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 on an absolute basis during the Reporting Period were Builders FirstSource, Inc., Axon Enterprise, Inc. and First Solar Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Syneos Health Inc., Class A, Antero Resources Corp., and First Horizon Corp..
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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Table of Contents
SPDR Portfolio S&P 400 Mid Cap ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value(1)
Market
Value(1)
S&P MidCap 400 Index(2)   Net
Asset
Value(1)
Market
Value(1)
S&P MidCap 400 Index(2)
ONE YEAR 17.60% 17.61% 17.61%   17.60% 17.61% 17.61%
FIVE YEARS 42.68% 42.68% 43.02%   7.37% 7.37% 7.42%
TEN YEARS 153.31% 153.36% 155.27%   9.74% 9.74% 9.82%
(1) Effective January 24, 2020, the Fund changed its benchmark index from the S&P 1000 Index to the S&P MidCap 400 Index. Effective August 31, 2016, the Fund changed its benchmark index from the Russell Small Cap Completeness Index to the S&P 1000 Index. Effective July 13, 2013, the Fund changed its benchmark from the Dow Jones U.S. Mid-Cap Total Stock Market Index to the Russell Small Cap Completeness Index. The Fund’s performance in the tables above and the graph below is based on the Fund’s prior investment strategy to track different benchmark indices for periods prior to January 24, 2020.
(2) Index returns represent the Fund’s prior benchmark indices from June 30, 2010 through January 24, 2020 and the S&P MidCap 400 Index from January 24, 2020 through June 30, 2023.
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 Portfolio S&P 400 Mid Cap ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.03%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
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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Table of Contents
SPDR Portfolio S&P 400 Mid Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Hubbell, Inc. 0.8%  
  Builders FirstSource, Inc. 0.8  
  Reliance Steel & Aluminum Co. 0.7  
  Graco, Inc. 0.6  
  Jabil, Inc. 0.6  
  Deckers Outdoor Corp. 0.6  
  Lattice Semiconductor Corp. 0.6  
  Penumbra, Inc. 0.6  
  Carlisle Cos., Inc. 0.6  
  Watsco, Inc. 0.5  
  TOTAL 6.4%  
(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 June 30, 2023

     
    % of Net Assets  
  Industrials 22.9%  
  Consumer Discretionary 14.9  
  Financials 13.5  
  Information Technology 10.4  
  Health Care 9.5  
  Real Estate 7.4  
  Materials 7.3  
  Consumer Staples 4.3  
  Energy 4.2  
  Utilities 3.3  
  Communication Services 2.1  
  Short-Term Investments 5.3  
  Liabilities in Excess of Other Assets (5.1)  
  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.
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SPDR Portfolio S&P 500 ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio S&P 500 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 large capitalization exchange traded U.S. equity securities. The Fund’s benchmark is the S&P 500 Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 19.58%, and the Index was 19.59%. 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 cash drag contributed to the difference between the Fund’s performance and that of the Index.
Performance was muted during the first half of the fiscal year as the economy muddled through a relatively challenging macro environment. Inflation continued to be generally well above the desired level by many Central Banks. This led to continued global monetary tightening and hawkish rhetoric with both acting as drags on the market. Additionally, geopolitical tensions continued to challenge the market with the most notable being the ongoing war in Ukraine. All of these factors contributed to rising recession fears and concerns regarding growth which both negatively weighed on the market. On a positive note, there were some signs that inflation could be cooling which slightly buoyed market spirits.
The second half of the fiscal year was just the opposite as the S&P 500 Index gained nearly 17%. Despite being beset by a number of challenges including relatively high inflation, a number of bank failures, rising Federal Funds rate, and continued geopolitical concerns, the market succeeded in climbing its wall of worry. It was a period marked by resiliency as the U.S. consumer continued to drive the economy despite the challenges and costs associated with higher interest rates. Economic activity was generally better than anticipated during this period and inflation showed further waning signs. Hopes grew in the U.S. regarding a potential halt in interest rate hikes and possibly cuts by the end of 2023. The market was also fueled by returns in the Technology sector with thoughts that AI would usher in a new productivity boom.
The Fund used equity index futures contracts in order to equitize cash and receivables during the Reporting Period. The Fund’s use of these contracts helped the fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were NVIDIA Corp., Microsoft Corp., and Apple, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Pfizer, Inc., Verizon Communications, Inc., and CVS Health Corp..
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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Table of Contents
SPDR Portfolio S&P 500 ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value(1)
Market
Value(1)
S&P 500 Index(2)   Net
Asset
Value(1)
Market
Value(1)
S&P 500 Index(2)
ONE YEAR 19.58% 19.51% 19.59%   19.58% 19.51% 19.59%
FIVE YEARS 78.50% 78.41% 78.83%   12.29% 12.28% 12.33%
TEN YEARS 233.09% 232.76% 235.03%   12.79% 12.77% 12.85%
(1) Effective January 24, 2020, the Fund changed its benchmark index from the SSGA Large Cap Index to the S&P 500 Index. Effective November 16, 2017, the Fund changed its benchmark index from the Russell 1000 Index to the SSGA Large Cap Index. Effective July 9, 2013, the Fund changed its benchmark index from the Dow Jones U.S. Large-Cap Total Stock Market Index to the Russell 1000 Index. The Fund’s performance in the tables above and graph below is based on the Fund’s prior investment strategy to track a different benchmark index for periods prior to January 24, 2020.
(2) Index returns represent the Fund’s prior benchmark indices from June 30, 2011 through January 23, 2020 and the S&P 500 Index from January 24, 2020 through June 30, 2023.
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 Portfolio S&P 500 ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.02%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
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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Table of Contents
SPDR Portfolio S&P 500 ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Apple, Inc. 7.7%  
  Microsoft Corp. 6.8  
  Amazon.com, Inc. 3.1  
  NVIDIA Corp. 2.8  
  Alphabet, Inc. Class A 1.9  
  Tesla, Inc. 1.9  
  Meta Platforms, Inc. Class A 1.7  
  Alphabet, Inc. Class C 1.6  
  Berkshire Hathaway, Inc. Class B 1.6  
  UnitedHealth Group, Inc. 1.2  
  TOTAL 30.3%  
(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 June 30, 2023

     
    % of Net Assets  
  Information Technology 28.1%  
  Health Care 13.4  
  Financials 12.4  
  Consumer Discretionary 10.6  
  Industrials 8.6  
  Communication Services 8.4  
  Consumer Staples 6.6  
  Energy 4.1  
  Utilities 2.5  
  Materials 2.5  
  Real Estate 2.4  
  Short-Term Investments 0.3  
  Other Assets in Excess of Liabilities 0.1  
  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.
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Table of Contents
SPDR Portfolio S&P 500 Growth ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio S&P 500 Growth 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 large capitalization exchange traded U.S. equity securities exhibiting “growth” characteristics. The Fund’s benchmark is S&P 500 Growth Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 18.21%, and the Index was 18.25%. 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 and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
Concerns over persistent inflation, hawkish central bank actions and the ongoing Russia-Ukraine war weighed heavily on sentiment. Global markets declined and growth stumbled in the third quarter of 2022, as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes. After rallying early in the third quarter, risk assets declined in August and September as central banks struggled with inflation amid slowing economic growth. After three consecutive quarters of negative performance, the last quarter of 2022 ended the year positively for global equities largely due to the equity rallies seen during October and November. However, the sustainability of these gains was in doubt, as the high inflationary environment continued globally, with no end in sight for the Russia-Ukraine war. The first quarter of 2023 with inflation in decline and prospects of easier monetary policy the markets started with a strong rally in equities in January. The rally was short lived due to sticky core inflation, which together with strong economic data forced investors to reassess their interest rate expectations. In March, the collapse of Silicon Valley Bank and broader concerns around the financial sector hit bank shares hard. However, investors took comfort as regulators and central banks once again intervened to stabilize the sector. The second quarter of 2023 started with investors worried about the potential for further rate hikes, slow growth in China, and the turmoil of the U.S. debt ceiling negotiations. Towards the end of the quarter investors took encouragement from economic data, which indicated that U.S. inflation was moving in the right direction while the job markets remained healthy. The yield curve was still warning of a possible recession, but investors were happy to add to holdings in the U.S. Data from Europe was mixed with some countries seeing steady falls in inflation while for others it remained stubbornly high.
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 on an absolute basis during the Reporting Period were Microsoft Corp., Apple Inc., and NVIDIA Corp. The top negative contributors to the Fund's performance on an absolute basis during the Reporting Period were Amazon.com, Inc., Pfizer, Inc., and Meta Platform, Inc. Class A.
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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Table of Contents
SPDR Portfolio S&P 500 Growth ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P 500 Growth Index   Net
Asset
Value
Market
Value
S&P 500 Growth Index
ONE YEAR 18.21% 18.05% 18.25%   18.21% 18.05% 18.25%
FIVE YEARS 83.82% 83.78% 84.32%   12.95% 12.94% 13.01%
TEN YEARS 282.65% 282.77% 286.95%   14.36% 14.37% 14.49%
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 Portfolio S&P 500 Growth ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.04%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
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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Table of Contents
SPDR Portfolio S&P 500 Growth ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Apple, Inc. 14.2%  
  Microsoft Corp. 7.3  
  NVIDIA Corp. 5.2  
  Alphabet, Inc. Class A 3.5  
  Tesla, Inc. 3.5  
  Alphabet, Inc. Class C 3.1  
  Amazon.com, Inc. 2.7  
  UnitedHealth Group, Inc. 2.2  
  Exxon Mobil Corp. 2.1  
  Visa, Inc. Class A 1.9  
  TOTAL 45.7%  
(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 June 30, 2023

     
    % of Net Assets  
  Information Technology 37.0%  
  Health Care 17.1  
  Consumer Discretionary 10.4  
  Communication Services 7.1  
  Financials 6.9  
  Consumer Staples 6.5  
  Energy 6.4  
  Industrials 5.3  
  Materials 2.0  
  Real Estate 0.7  
  Utilities 0.5  
  Short-Term Investment 0.0 *  
  Other Assets in Excess of Liabilities 0.1  
  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.
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Table of Contents
SPDR Portfolio S&P 500 High Dividend ETF (SPYD)
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio S&P 500 High 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 high dividend yields. The Fund’s benchmark is S&P 500 High Dividend Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 2.46%, and the Index was 2.60%. 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.
The Reporting Period’s market environment was significantly influenced by the  U.S. Federal Reserve (the “Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. Although the performance of the broader market was strong during the Reporting Period, the performance of high dividend stocks, which tend to be correlated with value stocks, was relatively weak. The focus on high dividends captured this underperformance even further. Although value stocks outperformed in the fourth quarter of 2022, value stocks lagged significantly behind when markets rebounded in 2023. As a result, the Fund’s 2.46% return during the Reporting Period was significantly worse than the S&P 500 Index’s 19.59% return over the same period. But there were other themes connected to energy and tech that were also impactful.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the December quarter. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks, driven by depositors chasing higher yields available in money market funds and the like, significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
The Fund used S&P 500 Index futures in order to equitize cash and receivables during the Reporting Period, which helped the Fund to track the Index.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Cardinal Health, Inc., Omnicom Group, Inc., and Interpublic Group of Companies, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were V.F. Corp., Advance Auto Parts, Inc., and Newell Brands 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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Table of Contents
SPDR Portfolio S&P 500 High Dividend ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value(1)
Market
Value(1)
S&P 500 High Dividend Index   Net
Asset
Value(1)
Market
Value(1)
S&P 500 High Dividend Index
ONE YEAR (2.46)% (2.57)% (2.60)%   (2.46)% (2.57)% (2.60)%
FIVE YEARS 26.65% 26.59% 26.67%   4.84% 4.83% 4.84%
SINCE INCEPTION 77.99% 77.94% 78.71%   7.78% 7.78% 7.84%
(1) For the period October 21, 2015 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until the day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (10/21/15, 10/22/15, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
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 Portfolio S&P 500 High Dividend ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.07%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
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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Table of Contents
SPDR Portfolio S&P 500 High Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Ford Motor Co. 1.7%  
  Darden Restaurants, Inc. 1.6  
  NRG Energy, Inc. 1.6  
  Omnicom Group, Inc. 1.6  
  Pinnacle West Capital Corp. 1.6  
  AvalonBay Communities, Inc. REIT 1.6  
  Iron Mountain, Inc. REIT 1.5  
  Essex Property Trust, Inc. REIT 1.5  
  Stanley Black & Decker, Inc. 1.5  
  Digital Realty Trust, Inc. REIT 1.5  
  TOTAL 15.7%  
(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 June 30, 2023

     
    % of Net Assets  
  Real Estate 22.9%  
  Financials 17.5  
  Utilities 14.0  
  Consumer Discretionary 9.2  
  Consumer Staples 7.9  
  Materials 7.7  
  Communication Services 5.6  
  Energy 5.3  
  Health Care 3.5  
  Information Technology 2.8  
  Industrials 2.8  
  Short-Term Investments 1.3  
  Liabilities in Excess of Other Assets (0.5)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio S&P 500 Value ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio S&P 500 Value 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 large capitalization exchange traded U.S. equity securities exhibiting “value” characteristics. The Fund’s benchmark is S&P 500 Value Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 19.94%, and the Index was 19.99%. 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 and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
Concerns over persistent inflation, hawkish central bank actions and the ongoing Russia-Ukraine war weighed heavily on sentiment during the Reporting Period. Global markets declined and growth stumbled in the third quarter of 2022, as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes. After rallying early in the third quarter, risk assets declined in August and September as central banks struggled with inflation amid slowing economic growth. After three consecutive quarters of negative performance, the last quarter of 2022 ended the year positively for global equities largely due to the equity rallies seen during October and November. However, the sustainability of these gains was in doubt, as the high inflationary environment continued globally, with no end in sight for the Russia-Ukraine war. The first quarter of 2023 with inflation in decline and prospects of easier monetary policy the markets started with a strong rally in equities in January. The rally was short lived due to sticky core inflation, which together with strong economic data forced investors to reassess their interest rate expectations. In March, the collapse of Silicon Valley Bank and broader concerns around the financial sector hit bank shares hard. However, investors took comfort as regulators and central banks once again intervened to stabilize the sector. The second quarter of 2023 started with investors worried about the potential for further rate hikes, slow growth in China, and the turmoil of the U.S. debt ceiling negotiations. Towards the end of the quarter investors took encouragement from economic data, which indicated that U.S. inflation was moving in the right direction while the job markets remained healthy. The yield curve was still warning of a possible recession, but investors were happy to add to holdings in the U.S.. Data from Europe was mixed with some countries seeing steady falls in inflation while for others it remained stubbornly high.
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 on an absolute basis during the Reporting Period were Meta Platforms, Inc., Amazon.com, Inc., and Microsoft Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were CVS Health Corp., AT&T, Inc., and Verizon Communications, 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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Table of Contents
SPDR Portfolio S&P 500 Value ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P 500 Value Index   Net
Asset
Value
Market
Value
S&P 500 Value Index
ONE YEAR 19.94% 19.85% 19.99%   19.94% 19.85% 19.99%
FIVE YEARS 64.84% 64.75% 65.31%   10.51% 10.50% 10.58%
TEN YEARS 168.99% 168.93% 171.71%   10.40% 10.40% 10.51%
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 Portfolio S&P 500 Value ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.04%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
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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Table of Contents
SPDR Portfolio S&P 500 Value ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Microsoft Corp. 6.2%  
  Meta Platforms, Inc. Class A 3.7  
  Amazon.com, Inc. 3.7  
  Berkshire Hathaway, Inc. Class B 3.6  
  JPMorgan Chase & Co. 2.5  
  Walmart, Inc. 1.3  
  Cisco Systems, Inc. 1.2  
  Salesforce, Inc. 1.2  
  Bank of America Corp. 1.2  
  Netflix, Inc. 1.2  
  TOTAL 25.8%  
(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, 2023

     
    % of Net Assets  
  Financials 18.9%  
  Information Technology 17.9  
  Industrials 12.4  
  Consumer Discretionary 11.0  
  Communication Services 9.8  
  Health Care 9.0  
  Consumer Staples 6.9  
  Utilities 5.1  
  Real Estate 4.4  
  Materials 3.1  
  Energy 1.4  
  Short-Term Investments 0.3  
  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.
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Table of Contents
SPDR Portfolio S&P 600 Small Cap ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio S&P 600 Small Cap 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 small capitalization exchange traded U.S. equity securities. The Fund’s benchmark is S&P SmallCap 600 Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 9.75%, and the Index was 9.75%. 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.
The Reporting Period’s market environment was significantly influenced by the U.S. Federal Reserve (the “Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. But there were other themes connected to energy and tech that were also impactful.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the fourth quarter of 2022. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks, driven by depositors chasing higher yields available in money market funds and the like, significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter of 2023, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted chip makers to tremendous gains, but many other large and small cap tech names benefitted too. The performance concentration in these tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
The Fund used index futures in order to equitize cash and cash receivables during the Reporting Period. The Fund’s use of futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Lantheus Holdings Inc., Stamps.com Inc., and Matador Resources Company. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were NeoGenomics, Inc., 3D Systems Corp., and LivePerson, 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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Table of Contents
SPDR Portfolio S&P 600 Small Cap ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value(1) (2)
Market
Value(1) (2)
S&P SmallCap 600 Index(3)   Net
Asset
Value(1) (2)
Market
Value(1) (2)
S&P SmallCap 600 Index(3)
ONE YEAR 9.75% 9.72% 9.75%   9.75% 9.72% 9.75%
FIVE YEARS 30.34% 30.31% 30.65%   5.44% 5.44% 5.49%
SINCE INCEPTION(2) 128.90% 128.88% 128.98%   8.65% 8.65% 8.66%
(1) Effective January 24, 2020, the Fund changed its benchmark index from the SSGA Small Cap Index to the S&P SmallCap 600 Index. Effective November 16, 2017, the Fund changed its benchmark index from the Russell 2000 Index to the SSGA Small Cap Index. The Fund’s performance in the tables above and graph below is based on the Fund’s prior investment strategy to track different indices for periods prior to January 24, 2020.
(2) For the period July 8, 2013 to June 30, 2023. Since shares of the Fund did not trade in the secondary market until one day after the Fund’s inception, for the period from inception to the first day of secondary market trading in shares of the Fund (7/8/13, 7/9/13, respectively), the NAV of the Fund is used as a proxy for the secondary market trading price to calculate market returns.
(3) Index returns represent the Fund’s prior benchmark indices from July 8, 2013 through January 23, 2020 and the S&P SmallCap 600 Index from January 24, 2020 through June 30, 2023.
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 Portfolio S&P 600 Small Cap ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.03%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
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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Table of Contents
SPDR Portfolio S&P 600 Small Cap ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  SPS Commerce, Inc. 0.7%  
  Rambus, Inc. 0.7  
  Axcelis Technologies, Inc. 0.6  
  Comfort Systems USA, Inc. 0.6  
  elf Beauty, Inc. 0.6  
  Onto Innovation, Inc. 0.6  
  ATI, Inc. 0.6  
  Applied Industrial Technologies, Inc. 0.6  
  Ensign Group, Inc. 0.5  
  Meritage Homes Corp. 0.5  
  TOTAL 6.0%  
(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 June 30, 2023

     
    % of Net Assets  
  Industrials 17.8%  
  Financials 16.1  
  Information Technology 14.1  
  Consumer Discretionary 13.6  
  Health Care 10.8  
  Real Estate 7.7  
  Materials 5.7  
  Consumer Staples 4.9  
  Energy 4.6  
  Communication Services 2.5  
  Utilities 2.0  
  Short-Term Investments 8.7  
  Liabilities in Excess of Other Assets (8.5)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR Portfolio S&P 1500 Composite Stock Market ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR Portfolio S&P 1500 Composite Stock Market 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 a broad universe of exchange traded U.S. equity securities. The Fund’s benchmark is the S&P Composite 1500 Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 19.26%, and the Index was 19.24%. 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.
Inflation, hawkish central bank actions, and encouraging economic data were primary drivers of Fund performance during the Reporting Period.
Concerns over persistent inflation, hawkish central bank actions and the ongoing Russia-Ukraine war weighed heavily on sentiment. Global markets declined and growth stumbled in the third quarter of 2022. Inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes. After rallying early in the third quarter of 2022, risk assets declined in August and September as central banks struggled with inflation amid slowing economic growth. After three consecutive quarters of negative performance, the last quarter of 2022 ended the year positively for global equities largely due to the equity rallies seen during October and November. However, the sustainability of these gains was in doubt, as the high inflationary environment continued globally, with no end in sight for the Russia-Ukraine war.
With inflation in decline and prospects of easier monetary policy, the markets started 2023 with a strong rally in equities in January. The rally was short lived due to sticky core inflation, which together with strong economic data forced investors to reassess their interest rate expectations. In March, the collapse of Silicon Valley Bank and broader concerns around the financial sector hit bank shares hard. However, investors took comfort as regulators and central banks once again intervened to stabilize the sector. The second quarter of 2023 started with investors worried about the potential for further rate hikes, slow growth in China, and the turmoil of the U.S. debt ceiling negotiations. Towards the end of the quarter investors took encouragement from economic data, which indicated that U.S. inflation was moving in the right direction while the job markets remained healthy.
The Fund used equity index futures in order to equitize cash and receivables during the Reporting Period. The Fund’s use of futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance during the Reporting Period were Apple, Inc., NVIDIA Corp., and Microsoft Corp.. The top negative contributors to the Fund’s performance during the Reporting Period were Pfizer, Inc., Verizon Communications, Inc., and CVS Health Corp..
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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Table of Contents
SPDR Portfolio S&P 1500 Composite Stock Market ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value(1)
Market
Value(1)
S&P Composite 1500 Index(2)   Net
Asset
Value(1)
Market
Value(1)
S&P Composite 1500 Index(2)
ONE YEAR 19.26% 19.13% 19.24%   19.26% 19.13% 19.24%
FIVE YEARS 74.59% 74.48% 74.57%   11.79% 11.78% 11.79%
TEN YEARS 225.59% 225.72% 226.52%   12.53% 12.53% 12.56%
(1) Effective January 24, 2020, the Fund changed it's benchmark index from the SSGA Total Stock Market Index to the S&P Composite 1500 Index. Effective November 16, 2017, the Fund changed its benchmark index from the Russell 3000 Index to the SSGA Total Stock Market Index. Effective July 9, 2013, the Fund changed its benchmark index from the Dow Jones U.S. Total Stock Market Index to the Russell 3000 Index. The Fund’s performance in the tables above is based on the Fund’s prior investment strategy to track different benchmark indices for periods prior to January 24, 2020.
(2) Index returns represent the Fund’s prior benchmark indices from June 30, 2011 through January 23, 2020 and the S&P Composite 1500 Index from January 24, 2020 through June 30, 2023.
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 Portfolio S&P 1500 Composite Stock Market ETF as stated in the Fees and Expenses table of the most recent prospectus is 0.03%. Please see the financial highlights for the total expense ratio for the fiscal period ended June 30, 2023.
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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Table of Contents
SPDR Portfolio S&P 1500 Composite Stock Market ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Apple, Inc. 7.1%  
  Microsoft Corp. 6.2  
  Amazon.com, Inc. 2.9  
  NVIDIA Corp. 2.6  
  Alphabet, Inc. Class A 1.8  
  Tesla, Inc. 1.7  
  Meta Platforms, Inc. Class A 1.6  
  Alphabet, Inc. Class C 1.5  
  Berkshire Hathaway, Inc. Class B 1.5  
  UnitedHealth Group, Inc. 1.1  
  TOTAL 28.0%  
(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 June 30, 2023

     
    % of Net Assets  
  Information Technology 26.9%  
  Health Care 13.1  
  Financials 12.6  
  Consumer Discretionary 11.0  
  Industrials 9.7  
  Communication Services 7.9  
  Consumer Staples 6.4  
  Energy 4.1  
  Materials 2.9  
  Real Estate 2.7  
  Utilities 2.5  
  Short-Term Investments 0.6  
  Liabilities in Excess of Other Assets (0.4)  
  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 S&P Aerospace & Defense ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Aerospace & Defense 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 aerospace and defense segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Aerospace & Defense Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 21.49%, and the Index was 21.88%. 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.
After a disappointing previous fiscal year in which it lost over 23%, the Aerospace & Defense Industry recouped almost all of that during this most recent fiscal year. The Index gained 21.88% for the period and outperformed a very strong S& P 500 Index by over 2.3% during the same period. The second fiscal quarter was the main reason for this success as the Index returned over 20% in that quarter alone and beat the S&P 500 Index’s gains by almost 13% as 2022 came to a close. Aerospace stocks benefitted from travel reaching pre-COVID-19 levels and fuel prices finally subsiding slightly. Domestic airline fares at the end of the fiscal quarter were roughly 20% higher than 12 months prior according to CNN. Boeing announced that they were projecting demand for an additional 41,000 new aircraft through the year 2041, an 80% increase from their total pre-COVID-19 global fleet count in 2019. Defensive stocks were also peaking during this time as international geopolitical tensions continued, particularly in Europe with the ongoing war in Ukraine. The conflict extended past the one-year mark during fiscal quarter three with no clear end in sight. The U.S. and its NATO allies committed to providing unwavering assistance to Ukraine. During this period, the U.S.-China bilateral relationship was also tested as threats of a potential war between China and Taiwan warranted investors’ attention.
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 on an absolute basis during the Reporting Period were TransDigm Group, Inc., Axon Enterprises, Inc., and Maxar Technologies, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were L3Harris Technologies, Inc., Virgin Galactic Holdings, Inc., and Mercury Systems, 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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Table of Contents
SPDR S&P Aerospace & Defense ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Aerospace & Defense Select Industry Index   Net
Asset
Value
Market
Value
S&P Aerospace & Defense Select Industry Index
ONE YEAR 21.49% 21.43% 21.88%   21.49% 21.43% 21.88%
FIVE YEARS 45.21% 45.14% 47.61%   7.75% 7.73% 8.10%
TEN YEARS 254.79% 254.75% 267.45%   13.50% 13.50% 13.90%
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 Aerospace & Defense 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, 2023.
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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Table of Contents
SPDR S&P Aerospace & Defense ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  TransDigm Group, Inc. 4.5%  
  BWX Technologies, Inc. 4.4  
  HEICO Corp. 4.3  
  Howmet Aerospace, Inc. 4.3  
  Woodward, Inc. 4.3  
  Huntington Ingalls Industries, Inc. 4.2  
  Curtiss-Wright Corp. 4.2  
  Hexcel Corp. 4.2  
  L3Harris Technologies, Inc. 4.2  
  Textron, Inc. 4.1  
  TOTAL 42.7%  
(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 June 30, 2023

     
    % of Net Assets  
  Aerospace & Defense 99.9%  
  Short-Term Investments 5.1  
  Liabilities in Excess of Other Assets (5.0)  
  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 Bank ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Bank 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 national money centers and leading regional banks. The Fund’s benchmark is the S&P Banks Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 15.33%, and the Index was 15.17%. 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 and tax withholdings contributed to the difference between the Fund’s performance and that of the Index.
Inflation, interest rates, and the labor market were primary drivers of Fund performance during the Reporting Period.
Over the last year, the Index generated positive returns, however the fund experienced volatile returns during the year. With rebounding labor markets, inflation, interest rate hikes, and concerns over a recession weighted on the minds of many investors, bank stocks fell for the fiscal year.
In the third quarter of 2022, the Index returned 1.6% for the quarter. After rallying early in the quarter, risk assets declined in the back half of August as central bank hawkishness driven by stubbornly high inflation frightened investors. The central bank had been looking to bring down inflation, which was running near its highest levels since the early 1980s. The U.S. Federal Reserve (the “Fed”) repeatedly stated that it is committed to slowing the economy to bring inflation down to its 2% target. Hotter August core CPI data underpinned the Fed’s hawkishness and further support came from a tight labor market.
For the fourth quarter of 2022, riding on the gains of October and November, the Index returned 3.1% for the quarter. In November, the Fed raised the short-term borrowing rate by 75 bp. However, after four consecutive rate hikes of 75 bp during the year, the central bank raised the borrowing rate by 50 bp to a range of 4.25% to 4.50%. The Fed’s rate hike policy reflected the cooling year-on-year U.S. CPI during October and November, after the record high achieved in June 2022. During the quarter, there were also signs of downward pressure on housing rent as well as nominal wage growth.
In January, stock markets in the U.S. rallied amid optimism that global central banks, led by the Fed, might halt interest rate hike and perhaps may even cut rates by the end of the year. But stronger-than-expected economic data in February dashed those hopes. In March, markets were tested amid a brewing banking crisis in the U.S. and collapse of several banks sparking fears of financial instability, causing investors to flee to safer assets. The Fed raised its benchmark federal-funds rate twice during the quarter, each time by 0.25 percentage points. The rate finished the quarter at a range of 4.75%5.00%, its highest since 2007. The S&P Global U.S. Manufacturing PMI came in at 49.2 in March 2023, broadly in line with the earlier released ’flash’ estimate of 49.3 and above February’s 47.3. The Index fell 17.3% for Q1 2023.
During the second quarter of 2023, the U.S. saw a decline in inflation from 4.9% to 4%, mainly attributed to favorable base effects from oil prices. Additionally, there were expectations in the market that U.S. inflation may be able to moderate without giving rise to unemployment. The Fed raised its benchmark federal-funds rate once during the quarter by 0.25 percentage points, finishing the quarter at 5.00%5.25% range. In June, the Fed decided against what would have been an 11th consecutive interest rate increase and went for a hawkish pause. For Q2 2023, the Index fell by 2.1%.
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 on an absolute basis during the Reporting Period were First Citizens BancShare, New York Community Bancorp, Inc., and Apollo Global Management Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were First Republic Bank, SVB Financial Group, and Signature Bank.
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 Bank ETF
Performance Summary (Unaudited)
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Banks Select Industry Index   Net
Asset
Value
Market
Value
S&P Banks Select Industry Index
ONE YEAR (15.33)% (15.38)% (15.17)%   (15.33)% (15.38)% (15.17)%
FIVE YEARS (12.68)% (12.72)% (11.46)%   (2.68)% (2.68)% (2.41)%
TEN YEARS 55.55% 55.26% 60.50%   4.52% 4.50% 4.84%
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 Bank 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, 2023.
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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Table of Contents
SPDR S&P Bank ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Apollo Global Management, Inc. 1.6%  
  Wintrust Financial Corp. 1.6  
  Jackson Financial, Inc. Class A 1.6  
  JPMorgan Chase & Co. 1.6  
  New York Community Bancorp, Inc. 1.6  
  Equitable Holdings, Inc. 1.6  
  Pinnacle Financial Partners, Inc. 1.5  
  Old National Bancorp 1.5  
  Wells Fargo & Co. 1.5  
  Bank OZK 1.5  
  TOTAL 15.6%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of June 30, 2023

     
    % of Net Assets  
  Banks 86.0%  
  Financial Services 13.8  
  Short-Term Investments 4.6  
  Liabilities in Excess of Other Assets (4.4)  
  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, 2023 (the “Reporting Period”), the total return for the Fund was 12.15%, and the Index was 12.13%. 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 securities lending contributed to the difference between the Fund’s performance and that of the Index.
The Reporting Period’s market environment was significantly influenced by U.S. Federal Reserve (the “Fed”), as its efforts to combat the highest U.S. inflation in nearly 40 years took center stage, as did the immediate downstream effects of these large rate increases. During the reporting period, Biotech companies found success with drug trials and also drug sales. Both of these factors have significant impact on the bottom line of companies included in the Index. But there were other themes connected to energy and tech that were also impactful.
The Reporting Period began with the U.S. in a technical recession following two consecutive quarters of economic contraction. But this drove investor speculation that the Fed would have to pivot on its aggressive inflation fighting regime and temper its rate increases, which in turn drove markets sharply higher. By mid-August 2022, though, it became clear that the Fed was not going to pivot off its hawkish approach anytime soon. This, coupled with spiking energy prices in Europe and other uncertainty surrounding the war in Ukraine, resulted in a steep sell-off, putting markets into the red for the third quarter of 2022.
The tug-of-war between markets and the Fed continued in the December quarter. When signs appeared that the global economy was beginning to cool, however, markets counterintuitively began to rise again, fueled by the same speculation that the Fed would have to roll back its tightening measures. A surging energy sector that was benefitting from higher energy prices also helped. After four consecutive 75 bps rate increases, the Fed tightened by only 50 bps in December. However, the Fed reiterated that it would maintain its staunchly hawkish stance, capping some market exuberance but maintaining the market’s gains for the quarter.
As 2023 began, markets continued to move higher as investors interpreted inflation, GDP and headline unemployment numbers as net positives, despite some weakening corporate earnings. But the sudden collapse of Silicon Valley Bank and the deposit vulnerability it exposed in regional banks—driven by depositors chasing higher yields available in money market funds and the like—significantly rattled investors. Fortunately, when regulatory bailouts appeared to limit bank failures and contain the financial contagion, the markets recovered with surprising strength connected to newfound enthusiasm for tech companies and all things AI-related.
This enthusiasm continued into the second quarter, assisted by falling inflation and a June pause in rate hikes. To a large degree, though, market gains were dominated by a handful of tech giants. The enthusiasm for AI lifted chip makers to tremendous gains, but many other large tech names benefitted too. The performance concentration in the largest tech names that drove markets to ever higher levels was definitely noted, but concerns about lack of market breadth did not seem to unsettle investors. A final surge into the end of the Reporting Period left markets with strong gains for the year-long period.
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 on an absolute basis during the Reporting Period were Madrigal Pharmaceuticals, Inc., TG Therapeutics, Inc. and ImmunoGen, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Emergent BioSolutions Inc., Fate Therapeutics, Inc., and Novavax, 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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Table of Contents
SPDR S&P Biotech ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  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 12.15% 11.99% 12.13%   12.15% 11.99% 12.13%
FIVE YEARS (12.28)% (12.27)% (12.10)%   (2.59)% (2.58)% (2.55)%
TEN YEARS 146.36% 146.41% 142.55%   9.43% 9.44% 9.26%
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, 2023.
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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Table of Contents
SPDR S&P Biotech ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Catalyst Pharmaceuticals, Inc. 1.3%  
  Blueprint Medicines Corp. 1.2  
  Bridgebio Pharma, Inc. 1.2  
  Exact Sciences Corp. 1.2  
  Halozyme Therapeutics, Inc. 1.2  
  Vertex Pharmaceuticals, Inc. 1.2  
  REVOLUTION Medicines, Inc. 1.1  
  Horizon Therapeutics PLC 1.1  
  IVERIC bio, Inc. 1.1  
  Incyte Corp. 1.1  
  TOTAL 11.7%  
(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 June 30, 2023

     
    % of Net Assets  
  Biotechnology 99.5%  
  Pharmaceuticals 0.5  
  Health Care Providers & Services 0.0*  
  Short-Term Investments 9.9  
  Liabilities in Excess of Other Assets (9.9)  
  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.
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Table of Contents
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, 2023 (the “Reporting Period”), the total return for the Fund was 6.06%, and the Index was 6.34%. 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. Fund expenses and a slight cash drag contributed to the difference between the Fund’s performance and that of the Index.
Performance was muted during the first half of the fiscal year as the economy muddled through a relatively challenging macro environment. Inflation continued to be generally well above the desired level by many Central Banks. This led to continued global monetary tightening and hawkish rhetoric with both acting as drags on the market. Additionally, geopolitical tensions continued to challenge the market with the most notable being the ongoing war in Ukraine. All of these factors contributed to rising recession fears and concerns regarding growth which both negatively weighed on the market. On a positive note, there were some signs that inflation could be cooling which slightly buoyed market spirits.
The second half of the fiscal year was just the opposite as the S&P 500 Index gained nearly 17%. Despite being beset by a number of challenges including relatively high inflation, a number of bank failures, rising Federal Funds rate, and continued geopolitical concerns, the market succeeded in climbing its wall of worry. It was a period marked by resiliency as the U.S. consumer continued to drive the economy despite the challenges and costs associated with higher interest rates. Economic activity was generally better than anticipated during this period and inflation showed further warning signs. Hopes grew regarding a potential halt in interest rate hikes and possibly cuts by the end of 2023. The market was also fueled by returns in the Technology sector with thoughts that AI would usher in a new productivity boom.
Although the performance of the broader market was generally quite strong during the Reporting Period, the performance of high dividend stocks, which are closely correlated with value stocks, was comparatively weaker. As U.S. markets began to rally higher during the first half of 2023, value stocks lagged their growth counterparts as well as the broader market. As a result, the Index’s 6.34% return during the Reporting Period was significantly behind that of the S&P 500 Index’s 19.50% return over the same period.
The Fund used index futures contracts in order to equitize cash and receivables during the Reporting Period. The Fund also invested in total return equity swaps to provide proper equity exposure during the Reporting Period. The Fund’s use of index futures contracts and total return swaps helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Exxon Mobil Corp., Cardinal Health, Inc., and Lancaster Colony Corp.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were International Flavors & Fragrances, Inc., V.F. Corp., and Walgreens Boots Alliance, 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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Table of Contents
SPDR S&P Dividend ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  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 6.06% 5.97% 6.34%   6.06% 5.97% 6.34%
FIVE YEARS 52.17% 52.09% 54.68%   8.76% 8.75% 9.11%
TEN YEARS 167.19% 167.24% 177.50%   10.33% 10.33% 10.75%
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, 2023.
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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Table of Contents
SPDR S&P Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  3M Co. 1.9%  
  International Business Machines Corp. 1.9  
  NNN REIT, Inc. REIT 1.7  
  Essex Property Trust, Inc. REIT 1.7  
  Stanley Black & Decker, Inc. 1.6  
  Realty Income Corp. REIT 1.6  
  Walgreens Boots Alliance, Inc. 1.6  
  Franklin Resources, Inc. 1.5  
  Federal Realty Investment Trust REIT 1.5  
  T Rowe Price Group, Inc. 1.5  
  TOTAL 16.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of June 30, 2023

     
    % of Net Assets  
  Industrials 19.6%  
  Consumer Staples 16.4  
  Utilities 14.5  
  Financials 14.0  
  Materials 9.6  
  Real Estate 6.5  
  Health Care 5.6  
  Consumer Discretionary 5.1  
  Information Technology 3.0  
  Energy 2.2  
  Communication Services 0.5  
  Short-Term Investments 4.5  
  Liabilities in Excess of Other Assets (1.5)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
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Table of Contents
SPDR S&P Homebuilders ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Homebuilders 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 homebuilding segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Homebuilders Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 48.39%, and the Index was 48.96%. 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 compounding contributed to the difference between the Fund’s performance and that of the Index.
Rising interest rates, inflation and housing market conditions were primary drivers of Fund performance during the Reporting Period.
The Index performed well over the Reporting period, rising about 49% compared to the S&P 500 Index which increased about 18% over the same period. Rising interest rates, declining home prices and surging raw material prices prevented the Index from advancing beyond 12% over the first half of the Reporting period.
The Index had strong performance over the second half of the Reporting Period and advanced about 34%. U.S. Housing starts, a measure of homebuilding activity, unexpectedly rose as buyers sought new homes and existing home inventory remained low. Despite a slight decline in mortgage rates, mortgage rates remained elevated. This kept new listings low, especially with existing homes, which could be positive for new homebuilders. Inflation also appeared to be easing towards the end of the Reporting Period and as a result, the U.S. Federal Reserve (the “Fed”) paused rate hikes in June. D.R. Horton, the largest homebuilder by volume, reported stronger than expected earnings due to modest improvements in housing market conditions.
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 on an absolute basis during the Reporting Period were D.R. Horton, PulteGroup and Builders FirstSource. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Mohawk Industries, MasterBrand, and Carlisle Companies Incorporated.
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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Table of Contents
SPDR S&P Homebuilders ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Homebuilders Select Industry Index   Net
Asset
Value
Market
Value
S&P Homebuilders Select Industry Index
ONE YEAR 48.39% 48.25% 48.96%   48.39% 48.25% 48.96%
FIVE YEARS 112.82% 112.68% 115.97%   16.31% 16.29% 16.65%
TEN YEARS 194.88% 194.91% 203.90%   11.42% 11.42% 11.76%
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 Homebuilders 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, 2023.
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.
39


Table of Contents
SPDR S&P Homebuilders ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Builders FirstSource, Inc. 3.9%  
  Owens Corning 3.9  
  Carlisle Cos., Inc. 3.9  
  Carrier Global Corp. 3.9  
  Lennar Corp. Class A 3.9  
  NVR, Inc. 3.8  
  Trane Technologies PLC 3.8  
  Floor & Decor Holdings, Inc. Class A 3.8  
  Lowe's Cos., Inc. 3.8  
  PulteGroup, Inc. 3.8  
  TOTAL 38.5%  
(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 June 30, 2023

     
    % of Net Assets  
  Building Products 45.9%  
  Homebuilding 32.3  
  Home Improvement Retail 11.3  
  Household Appliances 3.7  
  Homefurnishing Retail 3.5  
  Home Furnishings 3.2  
  Short-Term Investments 4.7  
  Liabilities in Excess of Other Assets (4.6)  
  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.
40


Table of Contents
SPDR S&P Oil & Gas Exploration & Production ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Oil & Gas Exploration & Production 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 oil and gas exploration and production segment of a U.S. total market composite index. The Fund’s benchmark is the S&P Oil & Gas Exploration & Production Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 11.22%, and the Index was 11.41%. 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, cash drag and cumulative effect of security misweights contributed to the difference between the Fund’s performance and that of the Index.
U.S. Equity investors have enjoyed strong returns over the past year, with the S&P 500 Index posting an impressive 18.05% total return. The Fund 11.22% return lagged behind S&P 500 18.05%. The Energy Sector was the fourth best performing sector in the S&P 500 Index behind Information Technology, Consumer Discretionary and Industrials. Oil prices remained volatile during the 12 month period. Oil climbed on tight supplies amid the Russia-Ukraine conflict in the second half of 2022. Despite oil production cuts from OPEC+ oil prices slid on weaker demand and worries of recession in the first half of 2023, with oil closing the 12 month Period with an annual gain. Energy sector decline in the first half of 2023 was driven by the concerns over interest-rate increases and sluggish global economic activity which weighed on demand and outweighed supply concerns. Concerns about the banking sector pushed oil prices even lower in March 2023. In its latest monthly report on the oil market, the International Energy Agency revised its estimates for the world oil demand by 2.4 million barrels per day in 2023 to a record 102.3 million barrels per day. In its latest Oil 2023 medium-term market report, the agency noted that the global oil demand growth will significantly slowdown in the coming years and peak this decade, as the energy transition advances.
The Fund used Energy Select Sector Futures in order to equitize cash and receivables during the Reporting Period. The Fund’s use of futures helped the Fund track the Index.
On an individual security level, the top positive contributors to the Fund’s performance on an absolute basis during the Reporting Period were Permian Resources Corp., PBF Energy, Inc., and Denbury, Inc.. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Vital Energy, Tellurian Inc., and Tellurian 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.
41


Table of Contents
SPDR S&P Oil & Gas Exploration & Production ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Oil & Gas Exploration & Production Select Industry Index   Net
Asset
Value
Market
Value
S&P Oil & Gas Exploration & Production Select Industry Index
ONE YEAR 11.22% 11.26% 11.41%   11.22% 11.26% 11.41%
FIVE YEARS (16.85)% (16.86)% (15.99)%   (3.62)% (3.63)% (3.42)%
TEN YEARS (35.26)% (35.23)% (34.31)%   (4.26)% (4.25)% (4.12)%
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 Oil & Gas Exploration & Production 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, 2023.
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.
42


Table of Contents
SPDR S&P Oil & Gas Exploration & Production ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  Southwestern Energy Co. 2.6%  
  SM Energy Co. 2.5  
  Antero Resources Corp. 2.5  
  EQT Corp. 2.4  
  Permian Resources Corp. 2.4  
  Callon Petroleum Co. 2.4  
  Valero Energy Corp. 2.4  
  Range Resources Corp. 2.4  
  Marathon Petroleum Corp. 2.4  
  Matador Resources Co. 2.3  
  TOTAL 24.3%  
(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, 2023

     
    % of Net Assets  
  Oil, Gas & Consumable Fuels 99.8%  
  Short-Term Investments 8.6  
  Liabilities in Excess of Other Assets (8.4)  
  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.
43


Table of Contents
SPDR S&P Regional Banking ETF
MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE (UNAUDITED)
The SPDR S&P Regional Banking 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 regional banking segment of the U.S. banking industry. The Fund’s benchmark is the S&P Regional Banks Select Industry Index (the “Index”).
For the 12-month period ended June 30, 2023 (the “Reporting Period”), the total return for the Fund was 27.47% and the Index was 27.35%. 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. Cash drag, cumulative effect of security misweights and compounding (the exponential growth of outperformance or underperformance) contributed to the difference between the Fund’s performance and that of the Index.
Regional bank stocks started off in slightly positive territory during the first half of the Reporting period. Concerns over persistent inflation, hawkish central bank actions and the ongoing Russia-Ukraine war weighed heavily on sentiment. Global markets declined and growth stumbled in the third quarter of 2022, as inflation remained persistently high, geopolitical tensions escalated, and central banks raised aggressively, signaling larger-than-expected future hikes. The first quarter of 2023 with inflation in decline and prospects of easier monetary policy the markets started with a stronger returns in equities in January. Unfortunately, these small gains were short lived and completely overshadowed by the sudden collapse of Silicon Valley Bank in March. Within the same week, both Silvergate Bank and Signature Bank also collapsed, sending shockwaves through the entire banking system and broader financial markets. As a result, the Regional Banks Index fell by 28.16% in the month of March alone. Declines continued in April and May as the list of regional banks that were failing or rumored to be in financial trouble were going up by the week. Some relief came about in June as investors took comfort as regulators and central banks continued to intervene to stabilize the sector.
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 on an absolute basis during the Reporting Period were New York Community Bancorp, Inc., Bancorp, Inc., and Bank OZK. The top negative contributors to the Fund’s performance on an absolute basis during the Reporting Period were Signature Bank, SVB Financial Group and First Republic Bank.
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.
44


Table of Contents
SPDR S&P Regional Banking ETF
Performance Summary (Unaudited)
Performance as of June 30, 2023
  Cumulative Total Return   Average Annual Total Return
  Net
Asset
Value
Market
Value
S&P Regional Banks Select Industry Index   Net
Asset
Value
Market
Value
S&P Regional Banks Select Industry Index
ONE YEAR (27.47)% (27.53)% (27.35)%   (27.47)% (27.53)% (27.35)%
FIVE YEARS (23.32)% (23.34)% (22.24)%   (5.17)% (5.18)% (4.91)%
TEN YEARS 50.00% 49.80% 55.25%   4.14% 4.12% 4.50%
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 Regional Banking 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, 2023.
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.
45


Table of Contents
SPDR S&P Regional Banking ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of June 30, 2023

     
  Description % of Net Assets  
  New York Community Bancorp, Inc. 2.2%  
  Bank OZK 2.1  
  East West Bancorp, Inc. 2.1  
  Huntington Bancshares, Inc. 2.1  
  Cullen/Frost Bankers, Inc. 2.1  
  Synovus Financial Corp. 2.1  
  M&T Bank Corp. 2.1  
  Webster Financial Corp. 2.1  
  Regions Financial Corp. 2.0  
  Pinnacle Financial Partners, Inc. 2.0  
  TOTAL 20.9%  
(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 June 30, 2023

     
    % of Net Assets  
  Banks 99.7%  
  Short-Term Investments 3.0  
  Liabilities in Excess of Other Assets (2.7)  
  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.
46


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 98.9%   
DIVERSIFIED REITs — 2.6%  
American Assets Trust, Inc. REIT

  75,836   $ 1,456,051
Broadstone Net Lease, Inc. REIT

  271,874   4,197,735
Empire State Realty Trust, Inc. Class A REIT (a)

  189,796   1,421,572
Essential Properties Realty Trust, Inc. REIT

  216,162   5,088,453
Global Net Lease, Inc. REIT (a)

  150,832   1,550,553
WP Carey, Inc. REIT

  310,623   20,985,690
          34,700,054
HEALTH CARE REITs — 10.6%  
CareTrust REIT, Inc.

  144,497   2,869,710
Community Healthcare Trust, Inc. REIT

  35,535   1,173,366
Diversified Healthcare Trust REIT (a)

  348,135   783,304
Global Medical REIT, Inc.

  89,497   817,108
Healthcare Realty Trust, Inc. REIT

  553,101   10,431,485
Healthpeak Properties, Inc. REIT

  794,478   15,969,008
LTC Properties, Inc. REIT (a)

  60,136   1,985,691
Medical Properties Trust, Inc. REIT (a)

  868,936   8,046,347
National Health Investors, Inc. REIT

  63,036   3,304,347
Omega Healthcare Investors, Inc. REIT

  340,335   10,444,881
Universal Health Realty Income Trust REIT (a)

  18,402   875,567
Ventas, Inc. REIT

  580,979   27,462,877
Welltower, Inc. REIT

  721,899   58,394,410
          142,558,101
HOTEL & RESORT REITs — 3.8%  
Apple Hospitality REIT, Inc.

  309,355   4,674,354
Ashford Hospitality Trust, Inc. REIT (a)  (b)

  50,821   189,562
Chatham Lodging Trust REIT

  70,981   664,382
DiamondRock Hospitality Co. REIT

  304,652   2,440,263
Hersha Hospitality Trust Class A REIT

  48,139   293,167
Host Hotels & Resorts, Inc. REIT

  1,032,951   17,384,565
Park Hotels & Resorts, Inc. REIT

  313,171   4,014,852
Pebblebrook Hotel Trust REIT

  178,808   2,492,584
RLJ Lodging Trust REIT

  231,151   2,373,921
Ryman Hospitality Properties, Inc. REIT

  85,791   7,971,700
Service Properties Trust REIT

  240,268   2,087,929
Summit Hotel Properties, Inc. REIT

  156,061   1,015,957
Security Description     Shares   Value
Sunstone Hotel Investors, Inc. REIT

  300,794   $ 3,044,035
Xenia Hotels & Resorts, Inc. REIT

  158,994   1,957,216
          50,604,487
INDUSTRIAL REITs — 17.8%  
Americold Realty Trust, Inc. REIT

  392,368   12,673,487
EastGroup Properties, Inc. REIT

  64,471   11,192,166
First Industrial Realty Trust, Inc. REIT

  192,117   10,113,039
Industrial Logistics Properties Trust REIT

  96,308   317,816
Innovative Industrial Properties, Inc. REIT

  40,738   2,974,281
LXP Industrial Trust REIT

  424,909   4,142,863
Plymouth Industrial REIT, Inc.

  56,869   1,309,124
Prologis, Inc. REIT

  1,341,172   164,467,922
Rexford Industrial Realty, Inc. REIT

  291,819   15,238,788
STAG Industrial, Inc. REIT

  260,527   9,347,709
Terreno Realty Corp. REIT

  107,623   6,468,142
          238,245,337
OFFICE REITs — 5.8%  
Alexandria Real Estate Equities, Inc. REIT

  228,632   25,947,446
Boston Properties, Inc. REIT

  207,299   11,938,349
Brandywine Realty Trust REIT

  249,688   1,161,049
City Office REIT, Inc.

  58,302   324,742
Corporate Office Properties Trust REIT

  163,429   3,881,439
Cousins Properties, Inc. REIT

  220,341   5,023,775
Douglas Emmett, Inc. REIT

  246,610   3,099,888
Easterly Government Properties, Inc. REIT (a)

  135,593   1,966,098
Equity Commonwealth REIT

  159,302   3,227,458
Franklin Street Properties Corp. Class C REIT

  135,220   196,069
Highwoods Properties, Inc. REIT

  153,194   3,662,868
Hudson Pacific Properties, Inc. REIT (a)

  186,239   785,929
JBG SMITH Properties REIT (a)

  140,817   2,117,888
Kilroy Realty Corp. REIT

  153,103   4,606,869
Office Properties Income Trust REIT (a)

  70,551   543,243
Orion Office REIT, Inc.

  82,335   544,234
Paramount Group, Inc. REIT

  236,620   1,048,227
Piedmont Office Realty Trust, Inc. Class A REIT (a)

  179,559   1,305,394
SL Green Realty Corp. REIT

  93,535   2,810,727
Vornado Realty Trust REIT (a)

  234,049   4,245,649
          78,437,341
 
See accompanying notes to financial statements.
47


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
RESIDENTIAL REITs — 19.7%  
American Homes 4 Rent Class A REIT

  456,318   $ 16,176,473
Apartment Income REIT Corp.

  216,646   7,818,754
Apartment Investment & Management Co. Class A REIT

  215,859   1,839,119
AvalonBay Communities, Inc. REIT

  206,228   39,032,773
Camden Property Trust REIT

  155,057   16,881,055
Centerspace REIT

  21,691   1,330,960
Elme Communities REIT

  127,413   2,094,670
Equity LifeStyle Properties, Inc. REIT

  254,194   17,003,037
Equity Residential REIT

  495,278   32,673,490
Essex Property Trust, Inc. REIT

  93,243   21,846,835
Independence Realty Trust, Inc. REIT

  325,759   5,935,329
Invitation Homes, Inc. REIT

  844,251   29,042,234
Mid-America Apartment Communities, Inc. REIT

  169,413   25,727,058
NexPoint Residential Trust, Inc. REIT

  33,204   1,510,118
Sun Communities, Inc. REIT

  180,714   23,575,948
UDR, Inc. REIT

  449,422   19,307,169
UMH Properties, Inc. REIT (a)

  82,063   1,311,367
Veris Residential, Inc. REIT (b)

  115,855   1,859,473
          264,965,862
RETAIL REITs — 16.7%  
Acadia Realty Trust REIT

  138,296   1,990,079
Agree Realty Corp. REIT

  135,357   8,850,994
Brixmor Property Group, Inc. REIT

  436,472   9,602,384
Federal Realty Investment Trust REIT

  106,504   10,306,392
Getty Realty Corp. REIT

  65,428   2,212,775
Kimco Realty Corp. REIT

  900,279   17,753,502
Kite Realty Group Trust REIT

  318,532   7,116,005
Macerich Co. REIT

  312,413   3,520,894
Necessity Retail REIT, Inc.

  194,913   1,317,612
NETSTREIT Corp.

  88,415   1,579,976
NNN REIT, Inc.

  264,428   11,314,874
Realty Income Corp. REIT

  977,748   58,459,553
Regency Centers Corp. REIT

  223,492   13,805,101
Retail Opportunity Investments Corp. REIT

  183,053   2,473,046
RPT Realty REIT

  125,933   1,316,000
Simon Property Group, Inc. REIT

  474,891   54,840,413
SITE Centers Corp. REIT

  264,419   3,495,619
Spirit Realty Capital, Inc. REIT

  205,211   8,081,209
Security Description     Shares   Value
Tanger Factory Outlet Centers, Inc. REIT

  152,760   $ 3,371,413
Urban Edge Properties REIT (a)

  170,713   2,634,102
          224,041,943
SPECIALIZED REITs — 21.9%  
CubeSmart REIT

  326,288   14,572,022
Digital Realty Trust, Inc. REIT

  423,168   48,186,140
EPR Properties REIT

  109,308   5,115,615
Equinix, Inc. REIT

  135,794   106,454,348
Extra Space Storage, Inc. REIT

  196,133   29,194,397
Four Corners Property Trust, Inc. REIT

  126,439   3,211,551
Life Storage, Inc. REIT

  123,595   16,433,191
National Storage Affiliates Trust REIT

  119,287   4,154,766
Public Storage REIT

  229,854   67,089,786
          294,411,816
TOTAL COMMON STOCKS

(Cost $1,705,705,635)

        1,327,964,941
SHORT-TERM INVESTMENTS — 2.0%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

  7,247,438   7,248,887
State Street Navigator Securities Lending Portfolio II (e)  (f)

  19,734,758   19,734,758
TOTAL SHORT-TERM INVESTMENTS

(Cost $26,983,501)

  26,983,645  
TOTAL INVESTMENTS — 100.9%

(Cost $1,732,689,136)

  1,354,948,586  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.9)%

  (12,738,921)  
NET ASSETS — 100.0%

  $ 1,342,209,665  
(a) All or a portion of the shares of the security are on loan at June 30, 2023.
(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, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
48


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

At June 30, 2023, open futures contracts were as follows:
Description   Number of
Contracts
  Expiration
Date
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
DJ US Real Estate Index (long)   405   09/15/2023   $13,422,388   $13,642,859   $220,471
 
During the period ended June 30, 2023, average notional value related to futures contracts was $16,796,369.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $1,327,964,941   $—   $—   $1,327,964,941
Short-Term Investments

  26,983,645       26,983,645
TOTAL INVESTMENTS

  $1,354,948,586   $—   $—   $1,354,948,586
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts - Unrealized Appreciation

  $ 220,471   $—   $—   $ 220,471
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 220,471   $—   $—   $ 220,471
 
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
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

6,087,611   $ 6,087,002   $138,597,532   $137,444,712   $8,921   $144   7,247,438   $ 7,248,887   $525,653
State Street Navigator Securities Lending Portfolio II

7,123,081   7,123,081   365,863,134   353,251,457       19,734,758   19,734,758   51,010
Total

    $13,210,083   $504,460,666   $490,696,169   $8,921   $144       $26,983,645   $576,663
See accompanying notes to financial statements.
49


Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.3%  
BWX Technologies, Inc.

  268,684   $ 19,229,714
Curtiss-Wright Corp.

  112,799   20,716,664
Hexcel Corp.

  248,093   18,860,030
Mercury Systems, Inc. (a)

  171,121   5,919,075
Woodward, Inc.

  176,569   20,995,820
          85,721,303
AIR FREIGHT & LOGISTICS — 0.3%  
GXO Logistics, Inc. (a)  (b)

  349,738   21,970,541
AUTOMOBILE COMPONENTS — 1.7%  
Adient PLC (a)  (b)

  278,466   10,670,817
Autoliv, Inc.

  227,150   19,316,836
Fox Factory Holding Corp. (a)  (b)

  124,377   13,496,148
Gentex Corp.

  687,234   20,108,467
Goodyear Tire & Rubber Co. (a)

  833,370   11,400,502
Lear Corp.

  173,569   24,915,830
Visteon Corp. (a)

  83,328   11,966,734
          111,875,334
AUTOMOBILES — 0.4%  
Harley-Davidson, Inc.

  384,686   13,544,794
Thor Industries, Inc. (b)

  157,390   16,289,865
          29,834,659
BANKS — 5.2%  
Associated Banc-Corp.

  443,668   7,200,732
Bank OZK

  316,983   12,730,037
Cadence Bank

  537,218   10,550,962
Cathay General Bancorp

  213,303   6,866,224
Columbia Banking System, Inc.

  612,962   12,430,869
Commerce Bancshares, Inc.

  333,683   16,250,362
Cullen/Frost Bankers, Inc.

  189,380   20,364,031
East West Bancorp, Inc.

  415,952   21,958,106
First Financial Bankshares, Inc. (b)

  381,921   10,880,929
First Horizon Corp.

  1,581,409   17,822,480
FNB Corp.

  1,061,756   12,146,489
Glacier Bancorp, Inc. (b)

  326,001   10,161,451
Hancock Whitney Corp.

  253,074   9,712,980
Home BancShares, Inc.

  554,563   12,644,036
International Bancshares Corp.

  155,290   6,863,818
New York Community Bancorp, Inc.

  2,123,476   23,867,870
Old National Bancorp

  860,408   11,994,088
Pinnacle Financial Partners, Inc.

  225,616   12,781,146
Prosperity Bancshares, Inc.

  275,364   15,552,559
SouthState Corp.

  223,221   14,687,942
Synovus Financial Corp.

  429,665   12,997,366
Texas Capital Bancshares, Inc. (a)

  140,729   7,247,544
UMB Financial Corp.

  128,388   7,818,829
United Bankshares, Inc.

  395,722   11,741,072
Valley National Bancorp (b)

  1,239,508   9,606,187
Webster Financial Corp.

  513,875   19,398,781
Security Description     Shares   Value
Wintrust Financial Corp.

  179,978   $ 13,070,002
          349,346,892
BEVERAGES — 0.5%  
Boston Beer Co., Inc. Class A (a)  (b)

  27,561   8,500,915
Celsius Holdings, Inc. (a)  (b)

  119,695   17,857,297
Coca-Cola Consolidated, Inc.

  13,590   8,643,512
          35,001,724
BIOTECHNOLOGY — 1.5%  
Arrowhead Pharmaceuticals, Inc. (a)

  314,312   11,208,366
Exelixis, Inc. (a)

  957,533   18,298,455
Halozyme Therapeutics, Inc. (a)

  387,258   13,968,396
Neurocrine Biosciences, Inc. (a)

  286,876   27,052,407
United Therapeutics Corp. (a)

  137,377   30,325,973
          100,853,597
BROADLINE RETAIL — 0.6%  
Kohl's Corp. (b)

  325,625   7,505,656
Macy's, Inc.

  800,766   12,852,294
Nordstrom, Inc.

  331,596   6,787,770
Ollie's Bargain Outlet Holdings, Inc. (a)

  169,233   9,803,668
          36,949,388
BUILDING PRODUCTS — 3.9%  
Advanced Drainage Systems, Inc. (b)

  183,976   20,932,789
Builders FirstSource, Inc. (a)

  376,904   51,258,944
Carlisle Cos., Inc.

  149,884   38,449,743
Fortune Brands Innovations, Inc.

  372,595   26,808,210
Lennox International, Inc.

  95,030   30,986,432
Owens Corning

  264,954   34,576,497
Simpson Manufacturing Co., Inc.

  125,515   17,383,828
Trex Co., Inc. (a)

  319,988   20,978,413
UFP Industries, Inc.

  182,609   17,722,203
          259,097,059
CAPITAL MARKETS — 1.9%  
Affiliated Managers Group, Inc.

  106,200   15,918,318
Evercore, Inc. Class A

  103,786   12,826,912
Federated Hermes, Inc.

  250,037   8,963,826
Interactive Brokers Group, Inc. Class A

  302,863   25,158,829
Janus Henderson Group PLC

  389,686   10,618,944
Jefferies Financial Group, Inc.

  545,735   18,102,030
SEI Investments Co.

  297,934   17,762,825
Stifel Financial Corp.

  312,078   18,621,694
          127,973,378
CHEMICALS — 2.4%  
Ashland, Inc.

  142,801   12,410,835
Avient Corp.

  251,770   10,297,393
Axalta Coating Systems Ltd. (a)

  651,406   21,372,631
Cabot Corp. (b)

  165,104   11,043,806
 
See accompanying notes to financial statements.
50


Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Chemours Co.

  438,549   $ 16,178,073
NewMarket Corp.

  19,552   7,862,250
Olin Corp.

  353,492   18,165,954
RPM International, Inc.

  379,052   34,012,336
Scotts Miracle-Gro Co. (b)

  120,343   7,544,303
Sensient Technologies Corp.

  124,200   8,834,346
Westlake Corp.

  101,357   12,109,121
          159,831,048
COMMERCIAL SERVICES & SUPPLIES — 1.4%  
Brink's Co.

  136,487   9,257,913
Clean Harbors, Inc. (a)

  147,991   24,334,160
MSA Safety, Inc.

  108,531   18,880,053
Stericycle, Inc. (a)

  271,808   12,622,763
Tetra Tech, Inc.

  156,490   25,623,673
          90,718,562
COMMUNICATIONS EQUIPMENT — 0.6%  
Calix, Inc. (a)

  170,192   8,494,283
Ciena Corp. (a)

  438,617   18,636,836
Lumentum Holdings, Inc. (a)  (b)

  202,023   11,460,765
          38,591,884
CONSTRUCTION & ENGINEERING — 1.9%  
AECOM

  408,747   34,616,784
EMCOR Group, Inc.

  139,803   25,832,798
Fluor Corp. (a)

  421,164   12,466,455
MasTec, Inc. (a)

  175,403   20,692,292
MDU Resources Group, Inc.

  598,779   12,538,432
Valmont Industries, Inc.

  61,947   18,029,674
          124,176,435
CONSTRUCTION MATERIALS — 0.4%  
Eagle Materials, Inc.

  106,006   19,761,639
Knife River Corp. (a)

  149,668   6,510,558
          26,272,197
CONSUMER FINANCE — 0.3%  
FirstCash Holdings, Inc.

  108,325   10,109,972
SLM Corp.

  712,765   11,632,325
          21,742,297
CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.9%  
BJ's Wholesale Club Holdings, Inc. (a)

  395,144   24,898,023
Casey's General Stores, Inc.

  109,578   26,723,883
Grocery Outlet Holding Corp. (a)  (b)

  263,025   8,051,195
Performance Food Group Co. (a)

  459,101   27,656,244
Sprouts Farmers Market, Inc. (a)  (b)

  303,023   11,130,035
U.S. Foods Holding Corp. (a)

  661,247   29,094,868
          127,554,248
CONTAINERS & PACKAGING — 2.0%  
AptarGroup, Inc.

  192,675   22,323,325
Berry Global Group, Inc.

  350,240   22,534,442
Crown Holdings, Inc.

  352,867   30,653,556
Security Description     Shares   Value
Graphic Packaging Holding Co.

  902,546   $ 21,688,180
Greif, Inc. Class A

  76,862   5,295,023
Silgan Holdings, Inc.

  246,357   11,551,680
Sonoco Products Co.

  288,032   16,999,649
          131,045,855
DIVERSIFIED CONSUMER SERVICES — 0.9%  
Graham Holdings Co. Class B

  11,093   6,339,428
Grand Canyon Education, Inc. (a)

  90,369   9,326,985
H&R Block, Inc.

  447,828   14,272,278
Service Corp. International (b)

  444,548   28,713,355
          58,652,046
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.5%  
Frontier Communications Parent, Inc. (a)  (b)

  656,541   12,237,924
Iridium Communications, Inc.

  370,273   23,001,359
          35,239,283
ELECTRIC UTILITIES — 1.2%  
ALLETE, Inc.

  168,559   9,771,365
Hawaiian Electric Industries, Inc.

  322,165   11,662,373
IDACORP, Inc.

  148,844   15,271,395
OGE Energy Corp.

  588,943   21,148,943
PNM Resources, Inc.

  252,351   11,381,030
Portland General Electric Co.

  284,072   13,303,092
          82,538,198
ELECTRICAL EQUIPMENT — 2.2%  
Acuity Brands, Inc.

  93,504   15,248,632
EnerSys

  120,100   13,033,252
Hubbell, Inc.

  157,627   52,262,808
nVent Electric PLC

  487,138   25,170,421
Regal Rexnord Corp.

  194,896   29,994,494
Sunrun, Inc. (a)  (b)

  634,036   11,323,883
Vicor Corp. (a)  (b)

  65,896   3,558,384
          150,591,874
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 3.8%  
Arrow Electronics, Inc. (a)

  166,156   23,798,524
Avnet, Inc.

  268,765   13,559,194
Belden, Inc.

  125,122   11,967,919
Cognex Corp.

  507,585   28,434,912
Coherent Corp. (a)  (b)

  409,792   20,891,196
IPG Photonics Corp. (a)

  91,802   12,468,548
Jabil, Inc.

  390,159   42,109,861
Littelfuse, Inc.

  73,055   21,281,652
National Instruments Corp.

  386,695   22,196,293
Novanta, Inc. (a)

  105,335   19,392,173
TD SYNNEX Corp.

  122,042   11,471,948
Vishay Intertechnology, Inc. (b)

  375,159   11,029,675
Vontier Corp.

  457,629   14,740,230
          253,342,125
ENERGY EQUIPMENT & SERVICES — 0.7%  
ChampionX Corp.

  582,140   18,069,625
 
See accompanying notes to financial statements.
51


Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
NOV, Inc.

  1,157,770   $ 18,570,631
Valaris Ltd. (a)  (b)

  176,861   11,129,863
          47,770,119
ENTERTAINMENT — 0.2%  
World Wrestling Entertainment, Inc. Class A

  127,682   13,849,667
FINANCIAL SERVICES — 1.5%  
Essent Group Ltd.

  315,431   14,762,171
Euronet Worldwide, Inc. (a)

  138,611   16,268,773
MGIC Investment Corp.

  842,820   13,308,128
Voya Financial, Inc.

  289,009   20,724,835
Western Union Co.

  1,101,159   12,916,595
WEX, Inc. (a)

  125,987   22,938,453
          100,918,955
FOOD PRODUCTS — 1.4%  
Darling Ingredients, Inc. (a)

  469,166   29,928,099
Flowers Foods, Inc. (b)

  566,836   14,102,880
Ingredion, Inc.

  194,133   20,568,391
Lancaster Colony Corp.

  58,262   11,715,906
Pilgrim's Pride Corp. (a)

  132,235   2,841,730
Post Holdings, Inc. (a)

  157,407   13,639,316
          92,796,322
GAS UTILITIES — 1.2%  
National Fuel Gas Co.

  269,948   13,864,529
New Jersey Resources Corp.

  285,131   13,458,183
ONE Gas, Inc. (b)

  162,408   12,474,558
Southwest Gas Holdings, Inc.

  193,015   12,285,405
Spire, Inc. (b)

  154,636   9,810,108
UGI Corp.

  615,537   16,601,033
          78,493,816
GROUND TRANSPORTATION — 2.0%  
Avis Budget Group, Inc. (a)

  70,164   16,044,402
Hertz Global Holdings, Inc. (a)  (b)

  463,492   8,523,618
Knight-Swift Transportation Holdings, Inc.

  473,483   26,306,716
Landstar System, Inc.

  105,680   20,347,627
Ryder System, Inc.

  136,681   11,589,182
Saia, Inc. (a)

  78,024   26,716,198
Werner Enterprises, Inc.

  173,301   7,656,438
XPO, Inc. (a)  (b)

  340,639   20,097,701
          137,281,882
HEALTH CARE EQUIPMENT & SUPPLIES — 3.6%  
Enovis Corp. (a)

  141,015   9,041,882
Envista Holdings Corp. (a)

  481,347   16,288,782
Globus Medical, Inc. Class A (a)  (b)

  234,777   13,978,623
Haemonetics Corp. (a)

  148,316   12,627,624
ICU Medical, Inc. (a)  (b)

  59,466   10,596,247
Inari Medical, Inc. (a)  (b)

  151,336   8,798,675
Integra LifeSciences Holdings Corp. (a)

  209,509   8,617,105
Lantheus Holdings, Inc. (a)

  200,939   16,862,801
Security Description     Shares   Value
LivaNova PLC (a)

  158,072   $ 8,129,643
Masimo Corp. (a)

  142,746   23,488,854
Neogen Corp. (a)  (b)

  635,808   13,828,824
Omnicell, Inc. (a)

  132,371   9,751,772
Penumbra, Inc. (a)

  112,450   38,689,547
QuidelOrtho Corp. (a)

  158,682   13,148,391
Shockwave Medical, Inc. (a)

  107,691   30,736,088
STAAR Surgical Co. (a)  (b)

  142,167   7,473,719
          242,058,577
HEALTH CARE PROVIDERS & SERVICES — 2.3%  
Acadia Healthcare Co., Inc. (a)  (b)

  270,588   21,549,628
Amedisys, Inc. (a)

  95,828   8,762,512
Chemed Corp.

  44,131   23,904,439
Encompass Health Corp.

  294,704   19,954,408
HealthEquity, Inc. (a)

  251,297   15,866,893
Option Care Health, Inc. (a)

  486,311   15,800,244
Patterson Cos., Inc.

  255,211   8,488,318
Progyny, Inc. (a)  (b)

  224,960   8,849,927
R1 RCM, Inc. (a)  (b)

  405,780   7,486,641
Tenet Healthcare Corp. (a)

  299,758   24,394,306
          155,057,316
HEALTH CARE REITs — 1.1%  
Healthcare Realty Trust, Inc. REIT

  1,119,792   21,119,277
Medical Properties Trust, Inc. REIT (b)

  1,759,342   16,291,507
Omega Healthcare Investors, Inc. REIT

  689,082   21,147,926
Physicians Realty Trust REIT (b)

  685,891   9,595,615
Sabra Health Care REIT, Inc.

  679,823   8,001,517
          76,155,842
HEALTH CARE TECHNOLOGY — 0.2%  
Doximity, Inc. Class A (a)  (b)

  348,822   11,866,924
HOTEL & RESORT REITs — 0.1%  
Park Hotels & Resorts, Inc. REIT

  634,127   8,129,508
HOTELS, RESTAURANTS & LEISURE — 3.5%  
Aramark

  766,357   32,991,669
Boyd Gaming Corp.

  225,775   15,662,012
Choice Hotels International, Inc. (b)

  77,940   9,159,509
Churchill Downs, Inc.

  193,693   26,956,255
Hilton Grand Vacations, Inc. (a)  (b)

  226,030   10,270,803
Light & Wonder, Inc. (a)

  267,972   18,425,755
Marriott Vacations Worldwide Corp.

  108,209   13,279,408
Papa John's International, Inc.

  87,409   6,453,406
Penn Entertainment, Inc. (a)  (b)

  453,203   10,890,468
Planet Fitness, Inc. Class A (a)

  249,610   16,833,698
Texas Roadhouse, Inc.

  197,032   22,122,753
Travel & Leisure Co.

  224,364   9,050,844
 
See accompanying notes to financial statements.
52


Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Wendy's Co.

  495,703   $ 10,781,540
Wingstop, Inc.

  88,162   17,646,506
Wyndham Hotels & Resorts, Inc.

  252,480   17,312,554
          237,837,180
HOUSEHOLD DURABLES — 1.7%  
Helen of Troy Ltd. (a)  (b)

  70,696   7,636,582
KB Home

  236,034   12,205,318
Leggett & Platt, Inc.

  391,402   11,593,327
Taylor Morrison Home Corp. (a)

  320,828   15,646,782
Tempur Sealy International, Inc. (b)

  505,991   20,275,060
Toll Brothers, Inc.

  302,801   23,942,475
TopBuild Corp. (a)

  93,362   24,836,159
          116,135,703
HOUSEHOLD PRODUCTS — 0.1%  
Energizer Holdings, Inc.

  195,461   6,563,580
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.2%  
Ormat Technologies, Inc. (b)

  154,500   12,431,070
INDUSTRIAL REITs — 1.4%  
EastGroup Properties, Inc. REIT

  130,565   22,666,084
First Industrial Realty Trust, Inc. REIT

  388,906   20,472,012
Rexford Industrial Realty, Inc. REIT (b)

  590,913   30,857,477
STAG Industrial, Inc. REIT (b)

  527,440   18,924,547
          92,920,120
INSURANCE — 3.9%  
American Financial Group, Inc.

  205,364   24,386,975
Brighthouse Financial, Inc. (a)

  196,594   9,308,726
CNO Financial Group, Inc.

  336,846   7,973,145
First American Financial Corp.

  303,468   17,303,745
Hanover Insurance Group, Inc.

  105,038   11,872,445
Kemper Corp.

  188,161   9,080,650
Kinsale Capital Group, Inc.

  64,051   23,967,884
Old Republic International Corp.

  800,661   20,152,637
Primerica, Inc.

  106,547   21,070,735
Reinsurance Group of America, Inc.

  195,636   27,132,757
RenaissanceRe Holdings Ltd.

  147,686   27,546,393
RLI Corp.

  119,274   16,277,323
Selective Insurance Group, Inc.

  177,838   17,063,556
Unum Group

  544,718   25,983,048
          259,120,019
INTERACTIVE MEDIA & SERVICES — 0.5%  
TripAdvisor, Inc. (a)

  314,833   5,191,596
Ziff Davis, Inc. (a)  (b)

  139,042   9,741,283
ZoomInfo Technologies, Inc. (a)

  792,120   20,111,927
          35,044,806
IT SERVICES — 0.1%  
Kyndryl Holdings, Inc. (a)

  602,057   7,995,317
Security Description     Shares   Value
LEISURE EQUIPMENT & PRODUCTS — 1.1%  
Brunswick Corp.

  207,895   $ 18,012,023
Mattel, Inc. (a)

  1,040,768   20,336,607
Polaris, Inc. (b)

  157,350   19,028,335
Topgolf Callaway Brands Corp. (a)

  409,287   8,124,347
YETI Holdings, Inc. (a)

  254,748   9,894,412
          75,395,724
LIFE SCIENCES TOOLS & SERVICES — 1.3%  
Azenta, Inc. (a)  (b)

  191,604   8,944,075
Bruker Corp.

  293,416   21,689,311
Medpace Holdings, Inc. (a)

  72,669   17,452,914
Repligen Corp. (a)

  152,220   21,533,041
Sotera Health Co. (a)  (b)

  289,866   5,461,075
Syneos Health, Inc. (a)

  304,845   12,846,168
          87,926,584
MACHINERY — 4.9%  
AGCO Corp.

  182,727   24,013,982
Chart Industries, Inc. (a)  (b)

  123,413   19,720,163
Crane Co.

  141,839   12,640,692
Crane NXT Co.

  141,539   7,988,461
Donaldson Co., Inc.

  356,632   22,293,066
Esab Corp.

  152,289   10,133,310
Flowserve Corp.

  385,684   14,328,161
Graco, Inc.

  495,027   42,745,582
ITT, Inc.

  242,332   22,587,766
Lincoln Electric Holdings, Inc. (b)

  169,331   33,634,217
Middleby Corp. (a)

  157,410   23,269,920
Oshkosh Corp.

  192,050   16,629,610
Terex Corp.

  199,398   11,929,982
Timken Co.

  193,748   17,733,754
Toro Co.

  306,616   31,167,516
Watts Water Technologies, Inc. Class A

  80,564   14,802,024
          325,618,206
MARINE TRANSPORTATION — 0.2%  
Kirby Corp. (a)

  176,393   13,573,441
MEDIA — 0.8%  
Cable One, Inc.

  13,918   9,145,240
New York Times Co. Class A

  481,813   18,973,796
Nexstar Media Group, Inc.

  105,424   17,558,367
TEGNA, Inc.

  661,664   10,745,423
          56,422,826
METALS & MINING — 2.4%  
Alcoa Corp.

  524,619   17,800,323
Cleveland-Cliffs, Inc. (a)  (b)

  1,514,621   25,385,048
Commercial Metals Co.

  344,344   18,133,155
Fresh Market, Inc. (a)  (c)

  723  
MP Materials Corp. (a)  (b)

  271,629   6,214,871
Reliance Steel & Aluminum Co.

  172,923   46,964,158
Royal Gold, Inc.

  193,085   22,162,296
U.S. Steel Corp.

  665,882   16,653,709
 
See accompanying notes to financial statements.
53


Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Worthington Industries, Inc.

  89,298   $ 6,203,532
          159,517,092
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.7%  
Annaly Capital Management, Inc. REIT (b)

  1,452,199   29,058,502
Starwood Property Trust, Inc. REIT (b)

  917,743   17,804,214
          46,862,716
MULTI-UTILITIES — 0.3%  
Black Hills Corp.

  195,414   11,775,648
NorthWestern Corp.

  173,669   9,857,452
          21,633,100
OFFICE REITs — 0.6%  
Corporate Office Properties Trust REIT

  330,858   7,857,877
Cousins Properties, Inc. REIT

  446,041   10,169,735
Highwoods Properties, Inc. REIT

  310,079   7,413,989
Kilroy Realty Corp. REIT

  309,926   9,325,673
Vornado Realty Trust REIT

  473,968   8,597,780
          43,365,054
OIL, GAS & CONSUMABLE FUELS — 3.5%  
Antero Midstream Corp.

  987,270   11,452,332
Antero Resources Corp. (a)

  811,986   18,700,037
Chord Energy Corp.

  122,205   18,795,129
CNX Resources Corp. (a)

  486,865   8,627,248
DT Midstream, Inc.

  284,927   14,123,831
Equitrans Midstream Corp.

  1,273,746   12,177,012
HF Sinclair Corp.

  378,860   16,900,945
Matador Resources Co.

  332,920   17,418,374
Murphy Oil Corp.

  431,434   16,523,922
Ovintiv, Inc. (b)

  718,545   27,355,008
PBF Energy, Inc. Class A

  322,623   13,208,186
PDC Energy, Inc.

  257,133   18,292,442
Range Resources Corp.

  709,478   20,858,653
Southwestern Energy Co. (a)

  3,238,302   19,462,195
          233,895,314
PAPER & FOREST PRODUCTS — 0.2%  
Louisiana-Pacific Corp.

  211,809   15,881,439
PASSENGER AIRLINES — 0.1%  
JetBlue Airways Corp. (a)

  968,006   8,576,533
PERSONAL CARE PRODUCTS — 0.4%  
BellRing Brands, Inc. (a)

  390,494   14,292,080
Coty, Inc. Class A (a)

  1,078,323   13,252,590
          27,544,670
PHARMACEUTICALS — 0.6%  
Jazz Pharmaceuticals PLC (a)

  188,205   23,331,774
Perrigo Co. PLC

  397,888   13,508,297
          36,840,071
Security Description     Shares   Value
PROFESSIONAL SERVICES — 3.2%  
ASGN, Inc. (a)

  144,954   $ 10,962,871
CACI International, Inc. Class A (a)

  67,014   22,841,052
Concentrix Corp.

  125,534   10,136,870
ExlService Holdings, Inc. (a)

  97,760   14,767,626
Exponent, Inc.

  149,509   13,952,180
FTI Consulting, Inc. (a)  (b)

  99,955   19,011,441
Genpact Ltd.

  498,155   18,715,683
Insperity, Inc.

  105,651   12,568,243
KBR, Inc. (b)

  399,143   25,968,244
ManpowerGroup, Inc.

  148,324   11,776,926
Maximus, Inc. (b)

  178,705   15,102,359
Paylocity Holding Corp. (a)

  121,452   22,411,538
Science Applications International Corp.

  158,778   17,859,349
          216,074,382
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.3%  
Jones Lang LaSalle, Inc. (a)

  140,457   21,883,201
RESIDENTIAL REITs — 0.4%  
Apartment Income REIT Corp.

  438,761   15,834,885
Independence Realty Trust, Inc. REIT

  659,587   12,017,675
          27,852,560
RETAIL REITs — 1.4%  
Agree Realty Corp. REIT

  274,095   17,923,072
Brixmor Property Group, Inc. REIT

  883,766   19,442,852
Kite Realty Group Trust REIT

  644,946   14,408,094
NNN REIT, Inc.

  535,401   22,909,809
Spirit Realty Capital, Inc. REIT

  415,443   16,360,145
          91,043,972
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 2.6%  
Allegro MicroSystems, Inc. (a)  (b)

  191,751   8,655,640
Amkor Technology, Inc.

  296,174   8,811,177
Cirrus Logic, Inc. (a)

  162,476   13,162,181
Lattice Semiconductor Corp. (a)

  404,731   38,882,507
MACOM Technology Solutions Holdings, Inc. (a)

  152,122   9,968,555
MKS Instruments, Inc. (b)

  168,829   18,250,415
Power Integrations, Inc.

  168,627   15,963,918
Silicon Laboratories, Inc. (a)

  94,118   14,846,173
Synaptics, Inc. (a)

  116,271   9,927,218
Universal Display Corp.

  128,015   18,450,802
Wolfspeed, Inc. (a)  (b)

  366,017   20,346,885
          177,265,471
SOFTWARE — 2.7%  
ACI Worldwide, Inc. (a)

  318,511   7,379,900
Aspen Technology, Inc. (a)

  85,848   14,388,983
Blackbaud, Inc. (a)

  132,855   9,456,619
CommVault Systems, Inc. (a)

  129,257   9,386,643
Dropbox, Inc. Class A (a)

  799,201   21,314,691
 
See accompanying notes to financial statements.
54


Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Dynatrace, Inc. (a)

  637,484   $ 32,811,301
Envestnet, Inc. (a)

  160,002   9,496,119
Manhattan Associates, Inc. (a)

  182,370   36,452,116
NCR Corp. (a)

  412,250   10,388,700
Qualys, Inc. (a)  (b)

  98,766   12,757,604
Teradata Corp. (a)

  297,310   15,879,327
          179,712,003
SPECIALIZED REITs — 2.0%  
CubeSmart REIT

  660,628   29,503,647
EPR Properties REIT

  221,354   10,359,367
Lamar Advertising Co. Class A REIT

  257,234   25,530,475
Life Storage, Inc. REIT

  250,201   33,266,725
National Storage Affiliates Trust REIT

  241,456   8,409,912
PotlatchDeltic Corp. REIT (b)

  235,004   12,419,961
Rayonier, Inc. REIT

  435,879   13,686,601
          133,176,688
SPECIALTY RETAIL — 3.0%  
AutoNation, Inc. (a)  (b)

  92,575   15,238,771
Dick's Sporting Goods, Inc.

  180,461   23,855,140
Five Below, Inc. (a)  (b)

  163,655   32,164,754
Foot Locker, Inc. (b)

  233,524   6,330,836
GameStop Corp. Class A (a)  (b)

  743,657   18,033,682
Gap, Inc. (b)

  625,895   5,589,242
Lithia Motors, Inc. (b)

  80,930   24,611,622
Murphy USA, Inc.

  58,903   18,325,312
RH (a)  (b)

  52,483   17,297,872
Valvoline, Inc.

  408,525   15,323,773
Williams-Sonoma, Inc. (b)

  193,094   24,163,783
          200,934,787
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.6%  
Super Micro Computer, Inc. (a)

  134,234   33,457,824
Xerox Holdings Corp. (b)

  331,394   4,934,457
          38,392,281
TEXTILES, APPAREL & LUXURY GOODS — 2.0%  
Capri Holdings Ltd. (a)

  369,662   13,267,169
Carter's, Inc. (b)

  110,802   8,044,225
Columbia Sportswear Co.

  104,025   8,034,891
Crocs, Inc. (a)

  182,364   20,505,008
Deckers Outdoor Corp. (a)

  77,551   40,920,561
PVH Corp. (b)

  184,641   15,688,946
Skechers USA, Inc. Class A (a)

  394,845   20,792,538
Under Armour, Inc. Class A (a)

  554,856   4,006,060
Under Armour, Inc. Class C (a)

  557,474   3,740,651
          135,000,049
Security Description     Shares   Value
TRADING COMPANIES & DISTRIBUTORS — 1.6%  
GATX Corp.

  103,854   $ 13,370,164
MSC Industrial Direct Co., Inc. Class A

  139,023   13,246,111
Univar Solutions, Inc. (a)

  463,858   16,624,671
Watsco, Inc. (b)

  98,238   37,474,850
WESCO International, Inc.

  132,618   23,746,579
          104,462,375
WATER UTILITIES — 0.4%  
Essential Utilities, Inc.

  707,443   28,234,050
TOTAL COMMON STOCKS

(Cost $6,171,561,700)

        6,698,431,239
SHORT-TERM INVESTMENTS — 5.3%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (d)  (e)

  5,772,295   5,773,449
State Street Navigator Securities Lending Portfolio II (f)  (g)

  353,598,518   353,598,518
TOTAL SHORT-TERM INVESTMENTS

(Cost $359,371,942)

  359,371,967  
TOTAL INVESTMENTS — 105.1%

(Cost $6,530,933,642)

  7,057,803,206  
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.1)%

  (345,400,852)  
NET ASSETS — 100.0%

  $ 6,712,402,354  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(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 June 30, 2023, 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 June 30, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2023.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
55


Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $6,698,431,239   $—   $ 0(a)   $6,698,431,239
Short-Term Investments

  359,371,967       359,371,967
TOTAL INVESTMENTS

  $7,057,803,206   $—   $ 0   $7,057,803,206
(a) Fund held a Level 3 security that was valued at $0 at June 30, 2023.
 
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
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

1,942,263   $ 1,942,068   $ 276,699,639   $ 272,871,619   $3,336   $25   5,772,295   $ 5,773,449   $ 226,367
State Street Navigator Securities Lending Portfolio II

88,463,327   88,463,327   2,321,226,124   2,056,090,933       353,598,518   353,598,518   1,989,368
Total

    $90,405,395   $2,597,925,763   $2,328,962,552   $3,336   $25       $359,371,967   $2,215,735
See accompanying notes to financial statements.
56


Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.6%   
AEROSPACE & DEFENSE — 1.7%  
Axon Enterprise, Inc. (a)

  33,940   $ 6,622,373
Boeing Co. (a)

  279,946   59,113,397
General Dynamics Corp.

  113,211   24,357,347
Howmet Aerospace, Inc.

  185,638   9,200,219
Huntington Ingalls Industries, Inc.

  20,510   4,668,076
L3Harris Technologies, Inc.

  95,955   18,785,110
Lockheed Martin Corp.

  114,229   52,588,747
Northrop Grumman Corp.

  72,258   32,935,196
Raytheon Technologies Corp.

  736,308   72,128,732
Textron, Inc.

  105,378   7,126,714
TransDigm Group, Inc.

  26,333   23,546,179
          311,072,090
AIR FREIGHT & LOGISTICS — 0.6%  
CH Robinson Worldwide, Inc.

  59,118   5,577,783
Expeditors International of Washington, Inc.

  80,082   9,700,333
FedEx Corp.

  116,462   28,870,930
United Parcel Service, Inc. Class B

  367,010   65,786,542
          109,935,588
AUTOMOBILE COMPONENTS — 0.1%  
Aptiv PLC (a)

  135,313   13,814,104
BorgWarner, Inc.

  119,504   5,844,941
          19,659,045
AUTOMOBILES — 2.2%  
Ford Motor Co.

  1,981,747   29,983,832
General Motors Co.

  700,933   27,027,977
Tesla, Inc. (a)

  1,352,991   354,172,454
          411,184,263
BANKS — 3.8%  
Bank of America Corp.

  3,509,249   100,680,354
Bank of New York Mellon Corp.

  370,183   16,480,547
Citigroup, Inc.

  972,938   44,794,065
Citizens Financial Group, Inc.

  248,732   6,486,931
Comerica, Inc.

  65,107   2,757,933
Fifth Third Bancorp

  344,435   9,027,641
Goldman Sachs Group, Inc.

  167,048   53,879,662
Huntington Bancshares, Inc.

  721,026   7,772,660
JPMorgan Chase & Co.

  1,474,282   214,419,574
KeyCorp

  464,595   4,292,858
M&T Bank Corp.

  85,163   10,539,773
Morgan Stanley

  656,779   56,088,927
Northern Trust Corp.

  104,789   7,769,056
PNC Financial Services Group, Inc.

  202,989   25,566,465
Regions Financial Corp.

  473,239   8,433,119
State Street Corp. (b)

  175,314   12,829,479
Truist Financial Corp.

  667,938   20,271,918
U.S. Bancorp

  700,387   23,140,786
Wells Fargo & Co.

  1,885,587   80,476,853
Security Description     Shares   Value
Zions Bancorp NA

  75,742   $ 2,034,430
          707,743,031
BEVERAGES — 1.7%  
Brown-Forman Corp. Class B

  91,730   6,125,729
Coca-Cola Co.

  1,956,028   117,792,006
Constellation Brands, Inc. Class A

  80,425   19,795,005
Keurig Dr Pepper, Inc.

  426,789   13,345,692
Molson Coors Beverage Co. Class B

  93,696   6,168,945
Monster Beverage Corp. (a)

  385,355   22,134,791
PepsiCo, Inc.

  692,485   128,262,072
          313,624,240
BIOTECHNOLOGY — 1.9%  
AbbVie, Inc.

  888,709   119,735,764
Amgen, Inc.

  268,447   59,600,603
Biogen, Inc. (a)

  72,532   20,660,740
Gilead Sciences, Inc.

  627,950   48,396,106
Incyte Corp. (a)

  93,527   5,822,056
Moderna, Inc. (a)

  166,327   20,208,730
Regeneron Pharmaceuticals, Inc. (a)

  54,048   38,835,650
Vertex Pharmaceuticals, Inc. (a)

  128,568   45,244,365
          358,504,014
BROADLINE RETAIL — 3.2%  
Amazon.com, Inc. (a)

  4,480,398   584,064,683
eBay, Inc.

  273,402   12,218,336
Etsy, Inc. (a)

  63,605   5,381,619
          601,664,638
BUILDING PRODUCTS — 0.4%  
A.O. Smith Corp.

  63,990   4,657,192
Allegion PLC

  43,965   5,276,680
Carrier Global Corp.

  421,317   20,943,668
Johnson Controls International PLC

  345,679   23,554,567
Masco Corp.

  113,363   6,504,769
Trane Technologies PLC

  115,096   22,013,261
          82,950,137
CAPITAL MARKETS — 1.9%  
Ameriprise Financial, Inc.

  53,257   17,689,845
BlackRock, Inc.

  75,578   52,234,979
Cboe Global Markets, Inc.

  52,329   7,221,925
Charles Schwab Corp.

  746,763   42,326,527
CME Group, Inc.

  180,061   33,363,503
FactSet Research Systems, Inc.

  19,572   7,841,522
Franklin Resources, Inc.

  139,850   3,735,393
Intercontinental Exchange, Inc.

  280,567   31,726,516
Invesco Ltd.

  228,543   3,841,808
MarketAxess Holdings, Inc.

  19,185   5,015,343
Moody's Corp.

  79,171   27,529,340
MSCI, Inc.

  40,604   19,055,051
Nasdaq, Inc.

  170,266   8,487,760
Raymond James Financial, Inc.

  97,655   10,133,659
 
See accompanying notes to financial statements.
57


Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
S&P Global, Inc.

  165,395   $ 66,305,202
T Rowe Price Group, Inc.

  112,877   12,644,482
          349,152,855
CHEMICALS — 1.7%  
Air Products & Chemicals, Inc.

  111,334   33,347,873
Albemarle Corp.

  58,616   13,076,643
Celanese Corp.

  50,105   5,802,159
CF Industries Holdings, Inc.

  98,996   6,872,302
Corteva, Inc.

  359,913   20,623,015
Dow, Inc.

  354,623   18,887,221
DuPont de Nemours, Inc.

  230,181   16,444,131
Eastman Chemical Co.

  60,214   5,041,116
Ecolab, Inc.

  124,278   23,201,460
FMC Corp.

  63,556   6,631,433
International Flavors & Fragrances, Inc.

  127,542   10,151,068
Linde PLC

  247,796   94,430,100
LyondellBasell Industries NV Class A

  128,140   11,767,096
Mosaic Co.

  173,118   6,059,130
PPG Industries, Inc.

  117,380   17,407,454
Sherwin-Williams Co.

  118,494   31,462,527
          321,204,728
COMMERCIAL SERVICES & SUPPLIES — 0.5%  
Cintas Corp.

  43,130   21,439,060
Copart, Inc. (a)

  214,808   19,592,637
Republic Services, Inc.

  103,422   15,841,148
Rollins, Inc.

  113,690   4,869,343
Waste Management, Inc.

  186,628   32,365,028
          94,107,216
COMMUNICATIONS EQUIPMENT — 0.9%  
Arista Networks, Inc. (a)

  123,514   20,016,679
Cisco Systems, Inc.

  2,064,547   106,819,662
F5, Inc. (a)

  29,780   4,355,623
Juniper Networks, Inc.

  162,033   5,076,494
Motorola Solutions, Inc.

  84,776   24,863,105
          161,131,563
CONSTRUCTION & ENGINEERING — 0.1%  
Quanta Services, Inc.

  71,220   13,991,169
CONSTRUCTION MATERIALS — 0.2%  
Martin Marietta Materials, Inc.

  30,981   14,303,618
Vulcan Materials Co.

  66,479   14,987,026
          29,290,644
CONSUMER FINANCE — 0.5%  
American Express Co.

  299,320   52,141,544
Capital One Financial Corp.

  192,849   21,091,895
Discover Financial Services

  134,320   15,695,292
Synchrony Financial

  226,581   7,685,628
          96,614,359
CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.8%  
Costco Wholesale Corp.

  222,364   119,716,330
Dollar General Corp.

  112,512   19,102,287
Security Description     Shares   Value
Dollar Tree, Inc. (a)

  106,254   $ 15,247,449
Kroger Co.

  328,552   15,441,944
Sysco Corp.

  254,924   18,915,361
Target Corp.

  231,716   30,563,341
Walgreens Boots Alliance, Inc.

  358,349   10,209,363
Walmart, Inc.

  704,691   110,763,331
          339,959,406
CONTAINERS & PACKAGING — 0.2%  
Amcor PLC

  755,271   7,537,605
Avery Dennison Corp.

  41,004   7,044,487
Ball Corp.

  158,149   9,205,853
International Paper Co.

  179,179   5,699,684
Packaging Corp. of America

  46,460   6,140,154
Sealed Air Corp.

  73,601   2,944,040
Westrock Co.

  128,058   3,722,646
          42,294,469
DISTRIBUTORS — 0.1%  
Genuine Parts Co.

  71,403   12,083,530
LKQ Corp.

  128,065   7,462,347
Pool Corp.

  19,848   7,435,855
          26,981,732
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%  
AT&T, Inc.

  3,579,119   57,086,948
Verizon Communications, Inc.

  2,108,657   78,420,954
          135,507,902
ELECTRIC UTILITIES — 1.7%  
Alliant Energy Corp.

  124,778   6,548,349
American Electric Power Co., Inc.

  257,019   21,641,000
Constellation Energy Corp.

  163,303   14,950,390
Duke Energy Corp.

  386,022   34,641,614
Edison International

  191,670   13,311,481
Entergy Corp.

  101,817   9,913,921
Evergy, Inc.

  114,457   6,686,578
Eversource Energy

  173,504   12,304,904
Exelon Corp.

  497,455   20,266,317
FirstEnergy Corp.

  272,574   10,597,677
NextEra Energy, Inc.

  1,016,866   75,451,457
NRG Energy, Inc.

  115,941   4,335,034
PG&E Corp. (a)

  807,784   13,958,508
Pinnacle West Capital Corp.

  56,605   4,611,043
PPL Corp.

  372,941   9,868,019
Southern Co.

  548,371   38,523,063
Xcel Energy, Inc.

  274,308   17,053,728
          314,663,083
ELECTRICAL EQUIPMENT — 0.6%  
AMETEK, Inc.

  115,248   18,656,346
Eaton Corp. PLC

  199,951   40,210,146
Emerson Electric Co.

  287,106   25,951,512
Generac Holdings, Inc. (a)

  31,764   4,736,965
Rockwell Automation, Inc.

  57,668   18,998,723
          108,553,692
 
See accompanying notes to financial statements.
58


Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.6%  
Amphenol Corp. Class A

  298,307   $ 25,341,180
CDW Corp.

  67,813   12,443,685
Corning, Inc.

  381,207   13,357,493
Keysight Technologies, Inc. (a)

  90,750   15,196,087
TE Connectivity Ltd.

  158,941   22,277,171
Teledyne Technologies, Inc. (a)

  23,298   9,578,041
Trimble, Inc. (a)

  124,539   6,593,095
Zebra Technologies Corp. Class A (a)

  26,414   7,814,054
          112,600,806
ENERGY EQUIPMENT & SERVICES — 0.3%  
Baker Hughes Co.

  505,107   15,966,432
Halliburton Co.

  455,266   15,019,225
Schlumberger NV

  710,637   34,906,490
          65,892,147
ENTERTAINMENT — 1.4%  
Activision Blizzard, Inc. (a)

  357,699   30,154,026
Electronic Arts, Inc.

  132,164   17,141,671
Live Nation Entertainment, Inc. (a)

  71,305   6,496,599
Netflix, Inc. (a)

  223,158   98,298,867
Take-Two Interactive Software, Inc. (a)

  78,945   11,617,546
Walt Disney Co. (a)

  915,493   81,735,215
Warner Bros Discovery, Inc. (a)

  1,109,247   13,909,957
          259,353,881
FINANCIAL SERVICES — 4.2%  
Berkshire Hathaway, Inc. Class B (a)

  896,161   305,590,901
Fidelity National Information Services, Inc.

  299,193   16,365,857
Fiserv, Inc. (a)

  310,219   39,134,127
FleetCor Technologies, Inc. (a)

  37,042   9,300,505
Global Payments, Inc.

  131,941   12,998,827
Jack Henry & Associates, Inc.

  36,485   6,105,035
Mastercard, Inc. Class A

  420,499   165,382,257
PayPal Holdings, Inc. (a)

  568,301   37,922,726
Visa, Inc. Class A (c)

  816,574   193,919,994
          786,720,229
FOOD PRODUCTS — 1.0%  
Archer-Daniels-Midland Co.

  276,215   20,870,805
Bunge Ltd.

  75,592   7,132,105
Campbell Soup Co.

  100,730   4,604,368
Conagra Brands, Inc.

  238,294   8,035,274
General Mills, Inc.

  298,398   22,887,127
Hershey Co.

  73,370   18,320,489
Hormel Foods Corp.

  144,895   5,827,677
J M Smucker Co.

  53,394   7,884,692
Kellogg Co.

  127,939   8,623,089
Kraft Heinz Co.

  400,177   14,206,284
Lamb Weston Holdings, Inc.

  72,458   8,329,047
McCormick & Co., Inc.

  125,902   10,982,431
Security Description     Shares   Value
Mondelez International, Inc. Class A

  688,313   $ 50,205,550
Tyson Foods, Inc. Class A

  145,604   7,431,628
          195,340,566
GAS UTILITIES — 0.0% (d)  
Atmos Energy Corp.

  69,881   8,129,956
GROUND TRANSPORTATION — 0.8%  
CSX Corp.

  1,021,653   34,838,367
JB Hunt Transport Services, Inc.

  42,262   7,650,690
Norfolk Southern Corp.

  114,440   25,950,414
Old Dominion Freight Line, Inc.

  45,395   16,784,801
Union Pacific Corp.

  307,580   62,937,020
          148,161,292
HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%  
Abbott Laboratories

  876,148   95,517,655
Align Technology, Inc. (a)

  36,343   12,852,339
Baxter International, Inc.

  252,266   11,493,239
Becton Dickinson & Co.

  143,191   37,803,856
Boston Scientific Corp. (a)

  717,712   38,821,042
Cooper Cos., Inc.

  24,354   9,338,054
DENTSPLY SIRONA, Inc.

  108,537   4,343,651
Dexcom, Inc. (a)

  194,540   25,000,335
Edwards Lifesciences Corp. (a)

  310,599   29,298,804
GE HealthCare Technologies, Inc.

  196,746   15,983,645
Hologic, Inc. (a)

  124,125   10,050,401
IDEXX Laboratories, Inc. (a)

  41,917   21,051,975
Insulet Corp. (a)

  34,960   10,080,366
Intuitive Surgical, Inc. (a)

  176,331   60,294,622
Medtronic PLC

  667,197   58,780,056
ResMed, Inc.

  73,150   15,983,275
STERIS PLC

  49,838   11,212,553
Stryker Corp.

  169,226   51,629,160
Teleflex, Inc.

  23,387   5,660,356
Zimmer Biomet Holdings, Inc.

  105,525   15,364,440
          540,559,824
HEALTH CARE PROVIDERS & SERVICES — 2.9%  
AmerisourceBergen Corp.

  81,098   15,605,688
Cardinal Health, Inc.

  131,824   12,466,596
Centene Corp. (a)

  276,993   18,683,178
Cigna Group

  150,147   42,131,248
CVS Health Corp.

  645,257   44,606,616
DaVita, Inc. (a)

  27,773   2,790,353
Elevance Health, Inc.

  120,500   53,536,945
HCA Healthcare, Inc.

  103,648   31,455,095
Henry Schein, Inc. (a)

  69,303   5,620,473
Humana, Inc.

  62,973   28,157,117
Laboratory Corp. of America Holdings

  44,533   10,747,149
McKesson Corp.

  69,115   29,533,531
Molina Healthcare, Inc. (a)

  28,944   8,719,091
Quest Diagnostics, Inc.

  57,431   8,072,501
UnitedHealth Group, Inc.

  469,767   225,788,811
 
See accompanying notes to financial statements.
59


Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Universal Health Services, Inc. Class B

  32,189   $ 5,078,459
          542,992,851
HEALTH CARE REITs — 0.2%  
Healthpeak Properties, Inc. REIT

  268,771   5,402,297
Ventas, Inc. REIT

  199,520   9,431,310
Welltower, Inc. REIT

  249,803   20,206,565
          35,040,172
HOTEL & RESORT REITs — 0.0% (d)  
Host Hotels & Resorts, Inc. REIT

  356,245   5,995,603
HOTELS, RESTAURANTS & LEISURE — 2.1%  
Booking Holdings, Inc. (a)

  18,585   50,185,633
Caesars Entertainment, Inc. (a)

  106,794   5,443,290
Carnival Corp. (a)  (c)

  489,783   9,222,614
Chipotle Mexican Grill, Inc. (a)

  14,001   29,948,139
Darden Restaurants, Inc.

  61,966   10,353,279
Domino's Pizza, Inc.

  17,510   5,900,695
Expedia Group, Inc. (a)

  75,515   8,260,586
Hilton Worldwide Holdings, Inc.

  134,154   19,526,115
Las Vegas Sands Corp. (a)

  164,971   9,568,318
Marriott International, Inc. Class A

  129,566   23,799,979
McDonald's Corp.

  367,854   109,771,312
MGM Resorts International

  160,274   7,039,234
Norwegian Cruise Line Holdings Ltd. (a)

  210,324   4,578,753
Royal Caribbean Cruises Ltd. (a)

  111,587   11,576,035
Starbucks Corp.

  575,526   57,011,606
Wynn Resorts Ltd.

  51,773   5,467,747
Yum! Brands, Inc.

  142,084   19,685,738
          387,339,073
HOUSEHOLD DURABLES — 0.4% (d)  
DR Horton, Inc.

  157,718   19,192,703
Garmin Ltd.

  76,759   8,005,196
Lennar Corp. Class A

  128,500   16,102,335
Mohawk Industries, Inc. (a)

  26,427   2,726,209
Newell Brands, Inc.

  188,065   1,636,166
NVR, Inc. (a)

  1,371   8,706,700
PulteGroup, Inc.

  114,793   8,917,120
Whirlpool Corp.

  27,616   4,108,985
          69,395,414
HOUSEHOLD PRODUCTS — 1.4%  
Church & Dwight Co., Inc.

  121,251   12,152,988
Clorox Co.

  62,178   9,888,789
Colgate-Palmolive Co.

  419,108   32,288,080
Kimberly-Clark Corp.

  169,560   23,409,454
Procter & Gamble Co.

  1,185,549   179,895,205
          257,634,516
Security Description     Shares   Value
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.0% (d)  
AES Corp.

  332,248   $ 6,887,501
INDUSTRIAL CONGLOMERATES — 0.8%  
3M Co.

  278,211   27,846,139
General Electric Co.

  549,431   60,354,995
Honeywell International, Inc.

  335,845   69,687,838
          157,888,972
INDUSTRIAL REITs — 0.3%  
Prologis, Inc. REIT

  462,879   56,762,852
INSURANCE — 2.1%  
Aflac, Inc.

  281,215   19,628,807
Allstate Corp.

  133,315   14,536,668
American International Group, Inc.

  374,291   21,536,704
Aon PLC Class A

  102,985   35,550,422
Arch Capital Group Ltd. (a)

  184,546   13,813,268
Arthur J Gallagher & Co.

  105,446   23,152,778
Assurant, Inc.

  27,419   3,447,117
Brown & Brown, Inc.

  116,056   7,989,295
Chubb Ltd.

  209,445   40,330,729
Cincinnati Financial Corp.

  79,683   7,754,750
Everest Re Group Ltd.

  19,899   6,802,672
Globe Life, Inc.

  45,386   4,975,213
Hartford Financial Services Group, Inc.

  160,059   11,527,449
Lincoln National Corp.

  80,574   2,075,586
Loews Corp.

  98,638   5,857,124
Marsh & McLennan Cos., Inc.

  250,081   47,035,235
MetLife, Inc.

  331,900   18,762,307
Principal Financial Group, Inc.

  114,673   8,696,800
Progressive Corp.

  293,212   38,812,473
Prudential Financial, Inc.

  185,564   16,370,456
Travelers Cos., Inc.

  116,022   20,148,381
W R Berkley Corp.

  102,797   6,122,589
Willis Towers Watson PLC

  54,313   12,790,712
          387,717,535
INTERACTIVE MEDIA & SERVICES — 5.3%  
Alphabet, Inc. Class A (a)

  2,985,583   357,374,285
Alphabet, Inc. Class C (a)

  2,568,109   310,664,146
Match Group, Inc. (a)

  141,797   5,934,204
Meta Platforms, Inc. Class A (a)

  1,111,710   319,038,536
          993,011,171
IT SERVICES — 1.2%  
Accenture PLC Class A

  317,205   97,883,119
Akamai Technologies, Inc. (a)

  79,194   7,117,165
Cognizant Technology Solutions Corp. Class A

  256,037   16,714,095
DXC Technology Co. (a)

  115,330   3,081,618
EPAM Systems, Inc. (a)

  28,800   6,472,800
Gartner, Inc. (a)

  40,160   14,068,449
International Business Machines Corp.

  453,422   60,672,398
 
See accompanying notes to financial statements.
60


Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
VeriSign, Inc. (a)

  46,154   $ 10,429,419
          216,439,063
LEISURE EQUIPMENT & PRODUCTS — 0.0% (d)  
Hasbro, Inc.

  64,633   4,186,279
LIFE SCIENCES TOOLS & SERVICES — 1.6%  
Agilent Technologies, Inc.

  149,381   17,963,065
Bio-Rad Laboratories, Inc. Class A (a)

  10,949   4,150,985
Bio-Techne Corp.

  80,344   6,558,481
Charles River Laboratories International, Inc. (a)

  25,505   5,362,426
Danaher Corp.

  333,790   80,109,600
Illumina, Inc. (a)

  78,784   14,771,212
IQVIA Holdings, Inc. (a)

  93,639   21,047,238
Mettler-Toledo International, Inc. (a)

  11,536   15,131,079
Revvity, Inc.

  63,423   7,534,018
Thermo Fisher Scientific, Inc.

  193,852   101,142,281
Waters Corp. (a)

  29,895   7,968,214
West Pharmaceutical Services, Inc.

  37,100   14,189,637
          295,928,236
MACHINERY — 1.8%  
Caterpillar, Inc.

  262,002   64,465,592
Cummins, Inc.

  70,917   17,386,012
Deere & Co.

  135,921   55,073,830
Dover Corp.

  70,878   10,465,137
Fortive Corp.

  178,731   13,363,717
IDEX Corp.

  37,756   8,127,356
Illinois Tool Works, Inc.

  139,361   34,862,548
Ingersoll Rand, Inc.

  202,481   13,234,158
Nordson Corp.

  27,404   6,801,125
Otis Worldwide Corp.

  209,747   18,669,580
PACCAR, Inc.

  262,111   21,925,585
Parker-Hannifin Corp.

  64,382   25,111,555
Pentair PLC

  82,027   5,298,944
Snap-on, Inc.

  26,993   7,779,113
Stanley Black & Decker, Inc.

  74,976   7,026,001
Westinghouse Air Brake Technologies Corp.

  91,819   10,069,790
Xylem, Inc.

  120,041   13,519,017
          333,179,060
MEDIA — 0.7%  
Charter Communications, Inc. Class A (a)

  52,635   19,336,520
Comcast Corp. Class A

  2,090,179   86,846,938
Fox Corp. Class A

  152,200   5,174,800
Fox Corp. Class B

  72,806   2,321,783
Interpublic Group of Cos., Inc.

  195,497   7,542,274
News Corp. Class A

  196,946   3,840,447
News Corp. Class B

  60,381   1,190,713
Omnicom Group, Inc.

  103,559   9,853,639
Paramount Global Class B (c)

  253,239   4,029,033
          140,136,147
Security Description     Shares   Value
METALS & MINING — 0.4%  
Freeport-McMoRan, Inc.

  718,003   $ 28,720,120
Newmont Corp.

  397,154   16,942,590
Nucor Corp.

  127,307   20,875,802
Steel Dynamics, Inc.

  84,000   9,150,120
          75,688,632
MULTI-UTILITIES — 0.7%  
Ameren Corp.

  129,616   10,585,739
CenterPoint Energy, Inc.

  314,275   9,161,116
CMS Energy Corp.

  144,158   8,469,282
Consolidated Edison, Inc.

  178,027   16,093,641
Dominion Energy, Inc.

  417,968   21,646,563
DTE Energy Co.

  97,504   10,727,390
NiSource, Inc.

  203,448   5,564,303
Public Service Enterprise Group, Inc.

  252,098   15,783,856
Sempra Energy

  157,552   22,937,996
WEC Energy Group, Inc.

  157,411   13,889,946
          134,859,832
OFFICE REITs — 0.1%  
Alexandria Real Estate Equities, Inc. REIT

  74,637   8,470,553
Boston Properties, Inc. REIT

  71,126   4,096,146
          12,566,699
OIL, GAS & CONSUMABLE FUELS — 3.8%  
APA Corp.

  162,260   5,544,424
Chevron Corp.

  875,701   137,791,552
ConocoPhillips

  615,068   63,727,196
Coterra Energy, Inc.

  397,008   10,044,302
Devon Energy Corp.

  328,949   15,901,395
Diamondback Energy, Inc.

  89,486   11,754,881
EOG Resources, Inc.

  293,998   33,645,131
EQT Corp.

  185,744   7,639,651
Exxon Mobil Corp.

  2,031,714   217,901,327
Hess Corp.

  139,278   18,934,844
Kinder Morgan, Inc.

  993,759   17,112,530
Marathon Oil Corp.

  320,030   7,367,091
Marathon Petroleum Corp.

  213,224   24,861,918
Occidental Petroleum Corp.

  366,333   21,540,380
ONEOK, Inc.

  224,192   13,837,130
Phillips 66

  234,383   22,355,451
Pioneer Natural Resources Co.

  120,153   24,893,299
Targa Resources Corp.

  113,484   8,636,132
Valero Energy Corp.

  181,640   21,306,372
Williams Cos., Inc.

  610,792   19,930,143
          704,725,149
PASSENGER AIRLINES — 0.2%  
Alaska Air Group, Inc. (a)

  63,089   3,355,073
American Airlines Group, Inc. (a)

  320,811   5,755,349
Delta Air Lines, Inc. (a)

  319,346   15,181,709
Southwest Airlines Co.

  298,266   10,800,212
 
See accompanying notes to financial statements.
61


Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
United Airlines Holdings, Inc. (a)

  164,059   $ 9,001,917
          44,094,260
PERSONAL CARE PRODUCTS — 0.1%  
Estee Lauder Cos., Inc. Class A

  116,188   22,816,999
PHARMACEUTICALS — 4.1%  
Bristol-Myers Squibb Co.

  1,068,350   68,320,982
Catalent, Inc. (a)

  89,747   3,891,430
Eli Lilly & Co.

  396,106   185,765,792
Johnson & Johnson

  1,305,957   216,162,003
Merck & Co., Inc.

  1,274,258   147,036,631
Organon & Co.

  127,713   2,657,708
Pfizer, Inc.

  2,821,308   103,485,577
Viatris, Inc.

  603,309   6,021,024
Zoetis, Inc.

  235,030   40,474,516
          773,815,663
PROFESSIONAL SERVICES — 0.7%  
Automatic Data Processing, Inc.

  208,339   45,790,829
Broadridge Financial Solutions, Inc.

  58,746   9,730,100
CoStar Group, Inc. (a)

  199,636   17,767,604
Equifax, Inc.

  61,666   14,510,010
Jacobs Solutions, Inc.

  64,741   7,697,057
Leidos Holdings, Inc.

  69,015   6,106,447
Paychex, Inc.

  160,877   17,997,310
Robert Half International, Inc.

  55,440   4,170,197
Verisk Analytics, Inc.

  72,756   16,445,039
          140,214,593
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%  
CBRE Group, Inc. Class A (a)

  159,126   12,843,059
RESIDENTIAL REITs — 0.3%  
AvalonBay Communities, Inc. REIT

  70,268   13,299,624
Camden Property Trust REIT

  53,450   5,819,102
Equity Residential REIT

  170,767   11,265,499
Essex Property Trust, Inc. REIT

  32,920   7,713,156
Invitation Homes, Inc. REIT

  291,165   10,016,076
Mid-America Apartment Communities, Inc. REIT

  57,443   8,723,294
UDR, Inc. REIT

  153,501   6,594,403
          63,431,154
RETAIL REITs — 0.3%  
Federal Realty Investment Trust REIT

  36,450   3,527,267
Kimco Realty Corp. REIT

  306,652   6,047,177
Realty Income Corp. REIT

  338,332   20,228,870
Regency Centers Corp. REIT

  77,034   4,758,390
Simon Property Group, Inc. REIT

  164,206   18,962,509
          53,524,213
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.3%  
Advanced Micro Devices, Inc. (a)

  811,755   92,467,012
Security Description     Shares   Value
Analog Devices, Inc.

  254,998   $ 49,676,160
Applied Materials, Inc.

  423,590   61,225,699
Broadcom, Inc.

  209,846   182,026,716
Enphase Energy, Inc. (a)

  68,193   11,420,964
First Solar, Inc. (a)

  50,000   9,504,500
Intel Corp.

  2,080,232   69,562,958
KLA Corp.

  69,805   33,856,821
Lam Research Corp.

  67,517   43,403,979
Microchip Technology, Inc.

  276,554   24,776,473
Micron Technology, Inc.

  548,265   34,601,004
Monolithic Power Systems, Inc.

  22,219   12,003,370
NVIDIA Corp.

  1,242,816   525,736,024
NXP Semiconductors NV

  130,487   26,708,079
ON Semiconductor Corp. (a)

  217,100   20,533,318
Qorvo, Inc. (a)

  51,594   5,264,136
QUALCOMM, Inc.

  560,249   66,692,041
Skyworks Solutions, Inc.

  81,205   8,988,581
SolarEdge Technologies, Inc. (a)

  27,896   7,505,419
Teradyne, Inc.

  78,573   8,747,532
Texas Instruments, Inc.

  455,705   82,036,014
          1,376,736,800
SOFTWARE — 10.3%  
Adobe, Inc. (a)

  230,018   112,476,502
ANSYS, Inc. (a)

  43,373   14,324,801
Autodesk, Inc. (a)

  109,056   22,313,948
Cadence Design Systems, Inc. (a)

  137,655   32,282,851
Ceridian HCM Holding, Inc. (a)

  76,987   5,155,819
Fair Isaac Corp. (a)

  12,820   10,374,072
Fortinet, Inc. (a)

  328,356   24,820,430
Gen Digital, Inc.

  291,691   5,410,868
Intuit, Inc.

  141,856   64,997,001
Microsoft Corp.

  3,736,490   1,272,424,305
Oracle Corp.

  774,524   92,238,063
Palo Alto Networks, Inc. (a)

  152,008   38,839,564
Paycom Software, Inc.

  24,060   7,729,034
PTC, Inc. (a)

  52,810   7,514,863
Roper Technologies, Inc.

  52,921   25,444,417
Salesforce, Inc. (a)

  492,021   103,944,356
ServiceNow, Inc. (a)

  101,108   56,819,663
Synopsys, Inc. (a)

  76,938   33,499,574
Tyler Technologies, Inc. (a)

  20,757   8,644,668
          1,939,254,799
SPECIALIZED REITs — 1.1%  
American Tower Corp. REIT

  233,601   45,304,578
Crown Castle, Inc. REIT

  217,180   24,745,489
Digital Realty Trust, Inc. REIT

  144,021   16,399,671
Equinix, Inc. REIT

  46,528   36,475,160
Extra Space Storage, Inc. REIT

  66,865   9,952,855
Iron Mountain, Inc. REIT

  144,054   8,185,148
Public Storage REIT

  79,276   23,139,079
SBA Communications Corp. REIT

  54,739   12,686,311
VICI Properties, Inc. REIT

  504,346   15,851,595
 
See accompanying notes to financial statements.
62


Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Weyerhaeuser Co. REIT

  370,444   $ 12,413,579
          205,153,465
SPECIALTY RETAIL — 2.1%  
Advance Auto Parts, Inc.

  30,630   2,153,289
AutoZone, Inc. (a)

  9,246   23,053,607
Bath & Body Works, Inc.

  115,058   4,314,675
Best Buy Co., Inc.

  101,268   8,298,913
CarMax, Inc. (a)

  80,345   6,724,876
Home Depot, Inc.

  508,844   158,067,300
Lowe's Cos., Inc.

  303,605   68,523,648
O'Reilly Automotive, Inc. (a)

  31,289   29,890,382
Ross Stores, Inc.

  174,609   19,578,907
TJX Cos., Inc.

  580,673   49,235,264
Tractor Supply Co.

  55,882   12,355,510
Ulta Beauty, Inc. (a)

  26,076   12,271,235
          394,467,606
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 7.9%  
Apple, Inc.

  7,429,938   1,441,185,074
Hewlett Packard Enterprise Co.

  651,111   10,938,665
HP, Inc.

  434,589   13,346,228
NetApp, Inc.

  110,560   8,446,784
Seagate Technology Holdings PLC (c)

  96,515   5,971,383
Western Digital Corp. (a)

  156,287   5,927,966
          1,485,816,100
TEXTILES, APPAREL & LUXURY GOODS — 0.4%  
NIKE, Inc. Class B

  625,946   69,085,660
Ralph Lauren Corp. (c)

  20,807   2,565,503
Tapestry, Inc.

  121,442   5,197,717
VF Corp.

  165,674   3,162,717
          80,011,597
TOBACCO — 0.6%  
Altria Group, Inc.

  897,183   40,642,390
Philip Morris International, Inc.

  778,568   76,003,808
          116,646,198
TRADING COMPANIES & DISTRIBUTORS — 0.3%  
Fastenal Co.

  287,364   16,951,602
United Rentals, Inc.

  34,973   15,575,925
Security Description     Shares   Value
W.W. Grainger, Inc.

  22,545   $ 17,778,762
          50,306,289
WATER UTILITIES — 0.1%  
American Water Works Co., Inc.

  97,308   13,890,717
WIRELESS TELECOMMUNICATION SERVICES — 0.2%  
T-Mobile U.S., Inc. (a)

  289,428   40,201,549
TOTAL COMMON STOCKS

(Cost $17,202,846,187)

        18,698,148,383
SHORT-TERM INVESTMENTS — 0.3%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (e)  (f)

  60,252,596   60,264,646
State Street Navigator Securities Lending Portfolio II (b)  (g)

  7,796,325   7,796,325
TOTAL SHORT-TERM INVESTMENTS

(Cost $68,059,754)

  68,060,971  
TOTAL INVESTMENTS — 99.9%

(Cost $17,270,905,941)

  18,766,209,354  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%

  10,602,833  
NET ASSETS — 100.0%

  $18,776,812,187  
(a) Non-income producing security.
(b) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(c) All or a portion of the shares of the security are on loan at June 30, 2023.
(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 June 30, 2023 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at June 30, 2023.
(g) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
63


Table of Contents
SPDR PORTFOLIO S&P 500 ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

At June 30, 2023, 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)   335   09/15/2023   $72,761,823   $75,178,188   $2,416,365
 
During the period ended June 30, 2023, average notional value related to futures contracts was $47,008,283.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $18,698,148,383   $—   $—   $18,698,148,383
Short-Term Investments

  68,060,971       68,060,971
TOTAL INVESTMENTS

  $18,766,209,354   $—   $—   $18,766,209,354
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts - Unrealized Appreciation

  $ 2,416,365   $—   $—   $ 2,416,365
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 2,416,365   $—   $—   $ 2,416,365
 
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
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Corp.

145,022   $ 8,940,606   $ 5,114,506   $ 2,930,411   $102,014   $1,602,764   175,314   $12,829,479   $ 414,391
State Street Institutional Liquid Reserves Fund, Premier Class

17,034,408   17,032,705   471,160,950   427,934,770   4,289   1,472   60,252,596   60,264,646   1,883,485
State Street Navigator Securities Lending Portfolio II

24,284,921   24,284,921   888,254,973   904,743,569       7,796,325   7,796,325   194,614
Total

    $50,258,232   $1,364,530,429   $1,335,608,750   $106,303   $1,604,236       $80,890,450   $2,492,490
See accompanying notes to financial statements.
64


Table of Contents
SPDR PORTFOLIO S&P 500 GROWTH ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AEROSPACE & DEFENSE — 1.0%  
Axon Enterprise, Inc. (a)

  59,437   $ 11,597,348
General Dynamics Corp.

  104,774   22,542,126
L3Harris Technologies, Inc.

  83,581   16,362,652
Lockheed Martin Corp.

  140,734   64,791,119
Northrop Grumman Corp.

  90,388   41,198,850
TransDigm Group, Inc.

  21,438   19,169,217
          175,661,312
AIR FREIGHT & LOGISTICS — 0.1%  
CH Robinson Worldwide, Inc.

  56,230   5,305,301
Expeditors International of Washington, Inc.

  134,386   16,278,176
          21,583,477
AUTOMOBILES — 3.5%  
Tesla, Inc. (a)

  2,368,851   620,094,126
BEVERAGES — 2.4%  
Brown-Forman Corp. Class B

  88,445   5,906,357
Coca-Cola Co.

  2,224,504   133,959,631
Constellation Brands, Inc. Class A

  79,402   19,543,214
Keurig Dr Pepper, Inc.

  374,058   11,696,794
Monster Beverage Corp. (a)

  669,882   38,478,022
PepsiCo, Inc.

  1,211,426   224,380,324
          433,964,342
BIOTECHNOLOGY — 3.4%  
AbbVie, Inc.

  1,551,372   209,016,350
Amgen, Inc.

  469,951   104,338,521
Biogen, Inc. (a)

  59,430   16,928,635
Gilead Sciences, Inc.

  1,098,134   84,633,187
Incyte Corp. (a)

  162,630   10,123,718
Moderna, Inc. (a)

  288,290   35,027,235
Regeneron Pharmaceuticals, Inc. (a)

  94,671   68,024,900
Vertex Pharmaceuticals, Inc. (a)

  226,356   79,656,940
          607,749,486
BROADLINE RETAIL — 2.7%  
Amazon.com, Inc. (a)

  3,610,595   470,677,164
Etsy, Inc. (a)

  64,196   5,431,624
          476,108,788
BUILDING PRODUCTS — 0.0% (b)  
Masco Corp.

  140,858   8,082,432
CAPITAL MARKETS — 0.9%  
Ameriprise Financial, Inc.

  91,637   30,438,146
Cboe Global Markets, Inc.

  62,742   8,659,023
Charles Schwab Corp.

  770,942   43,696,993
FactSet Research Systems, Inc.

  20,189   8,088,723
MarketAxess Holdings, Inc.

  16,375   4,280,753
Moody's Corp.

  65,111   22,640,397
MSCI, Inc.

  40,218   18,873,905
Nasdaq, Inc.

  191,130   9,527,830
Security Description     Shares   Value
Raymond James Financial, Inc.

  167,740   $ 17,406,380
          163,612,150
CHEMICALS — 1.4%  
Air Products & Chemicals, Inc.

  195,562   58,576,686
Albemarle Corp.

  103,052   22,989,871
CF Industries Holdings, Inc.

  172,922   12,004,245
Corteva, Inc.

  432,402   24,776,634
FMC Corp.

  110,917   11,573,080
Linde PLC

  262,576   100,062,462
Mosaic Co.

  292,042   10,221,470
          240,204,448
COMMERCIAL SERVICES & SUPPLIES — 0.6%  
Cintas Corp.

  44,981   22,359,155
Copart, Inc. (a)

  377,495   34,431,319
Republic Services, Inc.

  99,436   15,230,612
Rollins, Inc.

  203,843   8,730,596
Waste Management, Inc.

  192,543   33,390,807
          114,142,489
COMMUNICATIONS EQUIPMENT — 0.3%  
Arista Networks, Inc. (a)

  218,200   35,361,492
Motorola Solutions, Inc.

  81,056   23,772,104
          59,133,596
CONSTRUCTION & ENGINEERING — 0.1%  
Quanta Services, Inc.

  126,061   24,764,683
CONSTRUCTION MATERIALS — 0.1%  
Vulcan Materials Co.

  69,132   15,585,118
CONSUMER FINANCE — 0.3%  
American Express Co.

  256,871   44,746,928
Discover Financial Services

  129,492   15,131,140
          59,878,068
CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.1%  
Costco Wholesale Corp.

  257,354   138,554,247
Dollar General Corp.

  192,615   32,702,175
Dollar Tree, Inc. (a)

  182,753   26,225,055
          197,481,477
DISTRIBUTORS — 0.1%  
Genuine Parts Co.

  89,145   15,086,008
Pool Corp.

  21,537   8,068,622
          23,154,630
ELECTRIC UTILITIES — 0.2%  
NRG Energy, Inc.

  95,132   3,556,985
PG&E Corp. (a)

  1,418,049   24,503,887
          28,060,872
ELECTRICAL EQUIPMENT — 0.1%  
AMETEK, Inc.

  100,955   16,342,595
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.4%  
Amphenol Corp. Class A

  523,049   44,433,012
CDW Corp.

  75,122   13,784,887
 
See accompanying notes to financial statements.
65


Table of Contents
SPDR PORTFOLIO S&P 500 GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Keysight Technologies, Inc. (a)

  85,197   $ 14,266,238
          72,484,137
ENERGY EQUIPMENT & SERVICES — 0.2%  
Schlumberger NV

  662,826   32,558,013
ENTERTAINMENT — 0.3%  
Activision Blizzard, Inc. (a)

  370,252   31,212,243
Electronic Arts, Inc.

  155,561   20,176,262
          51,388,505
FINANCIAL SERVICES — 3.9%  
Fiserv, Inc. (a)

  374,585   47,253,898
FleetCor Technologies, Inc. (a)

  34,458   8,651,715
Jack Henry & Associates, Inc.

  64,173   10,738,068
Mastercard, Inc. Class A

  735,803   289,391,320
Visa, Inc. Class A

  1,422,867   337,902,455
          693,937,456
FOOD PRODUCTS — 1.0%  
Archer-Daniels-Midland Co.

  235,540   17,797,402
Bunge Ltd.

  53,916   5,086,975
Campbell Soup Co.

  104,374   4,770,935
General Mills, Inc.

  352,300   27,021,410
Hershey Co.

  129,291   32,283,963
Hormel Foods Corp.

  183,776   7,391,471
Kellogg Co.

  123,803   8,344,322
Lamb Weston Holdings, Inc.

  126,746   14,569,453
McCormick & Co., Inc.

  112,317   9,797,412
Mondelez International, Inc. Class A

  648,493   47,301,079
          174,364,422
GAS UTILITIES — 0.1%  
Atmos Energy Corp.

  76,659   8,918,508
GROUND TRANSPORTATION — 0.7%  
CSX Corp.

  858,144   29,262,710
JB Hunt Transport Services, Inc.

  73,174   13,246,689
Old Dominion Freight Line, Inc.

  79,069   29,235,763
Union Pacific Corp.

  268,043   54,846,959
          126,592,121
HEALTH CARE EQUIPMENT & SUPPLIES — 1.6%  
Abbott Laboratories

  795,152   86,687,471
Boston Scientific Corp. (a)

  668,569   36,162,897
Dexcom, Inc. (a)

  339,784   43,665,642
Hologic, Inc. (a)

  216,431   17,524,418
IDEXX Laboratories, Inc. (a)

  35,645   17,901,988
Insulet Corp. (a)

  61,064   17,607,194
Intuitive Surgical, Inc. (a)

  150,940   51,612,424
ResMed, Inc.

  69,719   15,233,601
          286,395,635
HEALTH CARE PROVIDERS & SERVICES — 3.6%  
Cigna Group

  127,455   35,763,873
Elevance Health, Inc.

  208,448   92,611,362
HCA Healthcare, Inc.

  97,986   29,736,791
Humana, Inc.

  70,316   31,440,393
McKesson Corp.

  54,783   23,409,324
Security Description     Shares   Value
Molina Healthcare, Inc. (a)

  51,532   $ 15,523,500
Quest Diagnostics, Inc.

  64,202   9,024,233
UnitedHealth Group, Inc.

  818,633   393,467,765
          630,977,241
HOTELS, RESTAURANTS & LEISURE — 1.6%  
Chipotle Mexican Grill, Inc. (a)

  24,263   51,898,557
Domino's Pizza, Inc.

  14,345   4,834,122
Hilton Worldwide Holdings, Inc.

  112,226   16,334,494
Marriott International, Inc. Class A

  115,656   21,244,851
McDonald's Corp.

  398,025   118,774,640
Starbucks Corp.

  514,141   50,930,807
Yum! Brands, Inc.

  157,543   21,827,583
          285,845,054
HOUSEHOLD DURABLES — 0.1%  
DR Horton, Inc.

  136,482   16,608,495
HOUSEHOLD PRODUCTS — 1.3%  
Clorox Co.

  48,644   7,736,342
Colgate-Palmolive Co.

  401,163   30,905,598
Kimberly-Clark Corp.

  142,875   19,725,322
Procter & Gamble Co.

  1,139,826   172,957,197
          231,324,459
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.0% (b)  
AES Corp.

  347,280   7,199,114
INSURANCE — 1.8%  
Aon PLC Class A

  118,553   40,924,496
Arch Capital Group Ltd. (a)

  325,736   24,381,340
Arthur J Gallagher & Co.

  119,501   26,238,835
Brown & Brown, Inc.

  122,141   8,408,186
Chubb Ltd.

  208,048   40,061,723
Everest Re Group Ltd.

  21,891   7,483,657
Globe Life, Inc.

  55,983   6,136,856
Marsh & McLennan Cos., Inc.

  279,062   52,485,981
Principal Financial Group, Inc.

  122,203   9,267,875
Progressive Corp.

  514,627   68,121,176
Travelers Cos., Inc.

  109,617   19,036,088
W R Berkley Corp.

  176,610   10,518,892
          313,065,105
INTERACTIVE MEDIA & SERVICES — 6.6%  
Alphabet, Inc. Class A (a)

  5,223,938   625,305,379
Alphabet, Inc. Class C (a)

  4,493,604   543,591,276
          1,168,896,655
IT SERVICES — 0.7%  
Accenture PLC Class A

  271,589   83,806,934
EPAM Systems, Inc. (a)

  34,533   7,761,292
Gartner, Inc. (a)

  69,626   24,390,684
VeriSign, Inc. (a)

  39,364   8,895,083
          124,853,993
LIFE SCIENCES TOOLS & SERVICES — 2.2%  
Agilent Technologies, Inc.

  156,501   18,819,245
Bio-Techne Corp.

  66,175   5,401,865
 
See accompanying notes to financial statements.
66


Table of Contents
SPDR PORTFOLIO S&P 500 GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Danaher Corp.

  583,927   $ 140,142,480
IQVIA Holdings, Inc. (a)

  78,281   17,595,220
Mettler-Toledo International, Inc. (a)

  12,623   16,556,832
Thermo Fisher Scientific, Inc.

  339,225   176,990,644
Waters Corp. (a)

  52,326   13,946,972
          389,453,258
MACHINERY — 1.3%  
Caterpillar, Inc.

  271,921   66,906,162
Cummins, Inc.

  63,373   15,536,525
Deere & Co.

  237,152   96,091,619
IDEX Corp.

  38,087   8,198,608
Illinois Tool Works, Inc.

  124,360   31,109,897
Snap-on, Inc.

  26,515   7,641,358
          225,484,169
METALS & MINING — 0.6%  
Freeport-McMoRan, Inc.

  1,258,749   50,349,960
Nucor Corp.

  220,875   36,219,082
Steel Dynamics, Inc.

  141,203   15,381,243
          101,950,285
MULTI-UTILITIES — 0.2%  
Sempra Energy

  166,347   24,218,460
WEC Energy Group, Inc.

  144,575   12,757,298
          36,975,758
OIL, GAS & CONSUMABLE FUELS — 6.2%  
APA Corp.

  271,374   9,272,850
Chevron Corp.

  1,532,373   241,118,892
ConocoPhillips

  1,063,976   110,238,553
Coterra Energy, Inc.

  666,048   16,851,014
Devon Energy Corp.

  564,241   27,275,410
Diamondback Energy, Inc.

  159,269   20,921,576
EOG Resources, Inc.

  514,267   58,852,715
EQT Corp.

  317,961   13,077,736
Exxon Mobil Corp.

  3,555,095   381,283,939
Hess Corp.

  243,011   33,037,345
Marathon Oil Corp.

  543,134   12,502,945
Marathon Petroleum Corp.

  179,134   20,887,024
Occidental Petroleum Corp.

  631,824   37,151,251
ONEOK, Inc.

  393,744   24,301,880
Pioneer Natural Resources Co.

  205,542   42,584,192
Targa Resources Corp.

  199,217   15,160,414
Williams Cos., Inc.

  1,070,851   34,941,868
          1,099,459,604
PHARMACEUTICALS — 6.3%  
Bristol-Myers Squibb Co.

  1,847,321   118,136,178
Eli Lilly & Co.

  692,808   324,913,096
Johnson & Johnson

  1,416,794   234,507,743
Merck & Co., Inc.

  2,231,106   257,447,321
Pfizer, Inc.

  4,963,835   182,073,468
          1,117,077,806
PROFESSIONAL SERVICES — 1.0%  
Automatic Data Processing, Inc.

  363,252   79,839,157
Security Description     Shares   Value
Broadridge Financial Solutions, Inc.

  49,968   $ 8,276,200
CoStar Group, Inc. (a)

  358,424   31,899,736
Equifax, Inc.

  52,743   12,410,428
Leidos Holdings, Inc.

  78,006   6,901,971
Paychex, Inc.

  161,167   18,029,752
Verisk Analytics, Inc.

  58,547   13,233,378
          170,590,622
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 10.4%  
Advanced Micro Devices, Inc. (a)

  764,603   87,095,928
Analog Devices, Inc.

  209,757   40,862,761
Applied Materials, Inc.

  742,380   107,303,605
Broadcom, Inc.

  219,946   190,787,759
Enphase Energy, Inc. (a)

  119,902   20,081,187
First Solar, Inc. (a)

  87,345   16,603,411
KLA Corp.

  120,618   58,502,142
Lam Research Corp.

  118,103   75,923,695
Microchip Technology, Inc.

  235,863   21,130,966
Monolithic Power Systems, Inc.

  39,402   21,286,142
NVIDIA Corp.

  2,174,664   919,926,365
NXP Semiconductors NV

  134,524   27,534,372
ON Semiconductor Corp. (a)

  380,956   36,030,819
QUALCOMM, Inc.

  979,504   116,600,156
SolarEdge Technologies, Inc. (a)

  49,271   13,256,363
Teradyne, Inc.

  67,488   7,513,439
Texas Instruments, Inc.

  502,734   90,502,175
          1,850,941,285
SOFTWARE — 11.0%  
Adobe, Inc. (a)

  189,530   92,678,275
Autodesk, Inc. (a)

  103,584   21,194,322
Cadence Design Systems, Inc. (a)

  239,740   56,223,825
Fair Isaac Corp. (a)

  22,136   17,912,672
Fortinet, Inc. (a)

  570,995   43,161,512
Gen Digital, Inc.

  263,487   4,887,684
Intuit, Inc.

  131,102   60,069,625
Microsoft Corp.

  3,792,016   1,291,333,129
Oracle Corp.

  798,587   95,103,726
Palo Alto Networks, Inc. (a)

  265,662   67,879,298
Paycom Software, Inc.

  42,626   13,693,176
PTC, Inc. (a)

  93,715   13,335,644
ServiceNow, Inc. (a)

  179,130   100,665,686
Synopsys, Inc. (a)

  134,202   58,432,893
Tyler Technologies, Inc. (a)

  17,236   7,178,277
          1,943,749,744
SPECIALIZED REITs — 0.7%  
American Tower Corp. REIT

  217,289   42,141,029
Extra Space Storage, Inc. REIT

  58,901   8,767,414
Iron Mountain, Inc. REIT

  161,404   9,170,975
Public Storage REIT

  86,372   25,210,259
SBA Communications Corp. REIT

  53,159   12,320,130
 
See accompanying notes to financial statements.
67


Table of Contents
SPDR PORTFOLIO S&P 500 GROWTH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
VICI Properties, Inc. REIT

  502,405   $ 15,790,589
Weyerhaeuser Co. REIT

  369,576   12,384,492
          125,784,888
SPECIALTY RETAIL — 2.4%  
AutoZone, Inc. (a)

  16,234   40,477,206
Home Depot, Inc.

  471,940   146,603,441
Lowe's Cos., Inc.

  361,876   81,675,413
O'Reilly Automotive, Inc. (a)

  53,536   51,142,941
TJX Cos., Inc.

  648,025   54,946,040
Tractor Supply Co.

  96,357   21,304,533
Ulta Beauty, Inc. (a)

  44,045   20,727,357
          416,876,931
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 14.2%  
Apple, Inc.

  13,000,546   2,521,715,908
TOBACCO — 0.6%  
Altria Group, Inc.

  816,670   36,995,151
Philip Morris International, Inc.

  737,161   71,961,657
          108,956,808
TRADING COMPANIES & DISTRIBUTORS — 0.3%  
Fastenal Co.

  247,356   14,591,530
W.W. Grainger, Inc.

  39,301   30,992,376
          45,583,906
Security Description     Shares   Value
WIRELESS TELECOMMUNICATION SERVICES — 0.3%  
T-Mobile U.S., Inc. (a)

  344,324   $ 47,826,604
TOTAL COMMON STOCKS

(Cost $15,658,871,611)

        17,713,440,578
SHORT-TERM INVESTMENT — 0.0% (b)      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c) (d)

(Cost $8,292,426)

  8,291,050   8,292,708
TOTAL INVESTMENTS — 99.9%

(Cost $15,667,164,037)

  17,721,733,286  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%

  11,254,823  
NET ASSETS — 100.0%

  $17,732,988,109  
(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 June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
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, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $17,713,440,578   $—   $—   $17,713,440,578
Short-Term Investment

  8,292,708       8,292,708
TOTAL INVESTMENTS

  $17,721,733,286   $—   $—   $17,721,733,286
 
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
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

8,873,678   $ 8,872,791   $285,887,504   $286,474,173   $6,222   $364   8,291,050   $8,292,708   $512,085
State Street Navigator Securities Lending Portfolio II

4,385,456   4,385,456   126,664,732   131,050,188           3,092
Total

    $13,258,247   $412,552,236   $417,524,361   $6,222   $364       $8,292,708   $515,177
See accompanying notes to financial statements.
68


Table of Contents
SPDR PORTFOLIO S&P 500 HIGH DIVIDEND ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.2%          
AUTOMOBILES — 1.7%          
Ford Motor Co.

    7,264,481   $ 109,911,598
BANKS — 11.2%          
Citigroup, Inc.

    1,799,874   82,866,199
Citizens Financial Group, Inc.

    2,213,044   57,716,187
Comerica, Inc.

    1,300,583   55,092,696
Fifth Third Bancorp

    2,632,987   69,010,589
Huntington Bancshares, Inc.

    6,304,461   67,962,090
KeyCorp

    5,161,712   47,694,219
Morgan Stanley

    969,004   82,752,942
PNC Financial Services Group, Inc.

    584,202   73,580,242
Regions Financial Corp.

    4,053,855   72,239,696
Truist Financial Corp.

    1,914,553   58,106,684
U.S. Bancorp

    1,983,060   65,520,302
          732,541,846
BIOTECHNOLOGY — 1.3%          
AbbVie, Inc.

    626,646   84,428,016
CAPITAL MARKETS — 3.9%          
Franklin Resources, Inc.

    3,092,198   82,592,608
Invesco Ltd. (a)

    4,997,273   84,004,159
T Rowe Price Group, Inc. (a)

    787,788   88,248,012
          254,844,779
CHEMICALS — 2.7%          
Dow, Inc.

    1,590,196   84,693,839
LyondellBasell Industries NV Class A

    997,945   91,641,289
          176,335,128
CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.1%          
Walgreens Boots Alliance, Inc. (a)

    2,577,981   73,446,679
CONTAINERS & PACKAGING — 3.9%          
Amcor PLC

    7,883,263   78,674,965
International Paper Co.

    2,518,354   80,108,840
Packaging Corp. of America

    711,755   94,065,541
          252,849,346
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.5%          
AT&T, Inc.

    4,830,348   77,044,051
Verizon Communications, Inc.

    2,289,696   85,153,794
          162,197,845
ELECTRIC UTILITIES — 11.4%          
Duke Energy Corp.

    912,988   81,931,543
Edison International

    1,364,635   94,773,901
Entergy Corp.

    862,772   84,008,110
Security Description     Shares   Value
Evergy, Inc.

    1,508,550   $ 88,129,491
FirstEnergy Corp.

    2,247,438   87,380,389
NRG Energy, Inc.

    2,813,055   105,180,127
Pinnacle West Capital Corp.

    1,249,657   101,797,059
Southern Co.

    1,387,548   97,475,247
          740,675,867
FOOD PRODUCTS — 2.6%          
Conagra Brands, Inc.

    2,483,885   83,756,602
Kraft Heinz Co.

    2,324,196   82,508,958
          166,265,560
HEALTH CARE REITs — 2.4%          
Healthpeak Properties, Inc. REIT

    3,402,556   68,391,375
Ventas, Inc. REIT

    1,814,695   85,780,633
          154,172,008
HOTELS, RESTAURANTS & LEISURE — 1.6%          
Darden Restaurants, Inc.

    633,987   105,926,548
HOUSEHOLD DURABLES — 2.2%          
Newell Brands, Inc.

    5,876,158   51,122,575
Whirlpool Corp. (a)

    605,967   90,161,830
          141,284,405
HOUSEHOLD PRODUCTS — 1.5%          
Kimberly-Clark Corp.

    687,436   94,907,414
INDUSTRIAL CONGLOMERATES — 1.2%          
3M Co.

    804,777   80,550,130
INSURANCE — 2.4%          
Lincoln National Corp.

    2,845,052   73,288,539
Prudential Financial, Inc.

    917,421   80,934,881
          154,223,420
IT SERVICES — 1.3%          
International Business Machines Corp.

    654,105   87,525,790
LEISURE EQUIPMENT & PRODUCTS — 1.4%          
Hasbro, Inc.

    1,450,163   93,927,058
MACHINERY — 1.5%          
Stanley Black & Decker, Inc. (a)

    1,056,140   98,970,879
MEDIA — 3.1%          
Interpublic Group of Cos., Inc. (a)

    2,536,991   97,877,113
Omnicom Group, Inc.

    1,074,409   102,230,016
          200,107,129
METALS & MINING — 1.1%          
Newmont Corp.

    1,733,462   73,949,489
 
See accompanying notes to financial statements.
69


Table of Contents
SPDR PORTFOLIO S&P 500 HIGH DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
MULTI-UTILITIES — 2.6%          
Dominion Energy, Inc.

    1,481,267   $ 76,714,818
Public Service Enterprise Group, Inc.

    1,518,450   95,070,154
          171,784,972
OFFICE REITs — 1.2%          
Boston Properties, Inc. REIT

    1,306,272   75,228,204
OIL, GAS & CONSUMABLE FUELS — 5.3%          
Kinder Morgan, Inc.

    4,983,819   85,821,363
ONEOK, Inc.

    1,331,455   82,177,403
Phillips 66

    864,867   82,491,014
Williams Cos., Inc.

    2,943,685   96,052,442
          346,542,222
PHARMACEUTICALS — 2.2%          
Organon & Co.

    2,946,499   61,316,644
Viatris, Inc.

    7,978,403   79,624,462
          140,941,106
RESIDENTIAL REITs — 6.1%          
AvalonBay Communities, Inc. REIT

    534,688   101,200,398
Equity Residential REIT

    1,478,425   97,531,697
Essex Property Trust, Inc. REIT

    423,431   99,209,883
UDR, Inc. REIT

    2,277,860   97,856,866
          395,798,844
RETAIL REITs — 6.4%          
Federal Realty Investment Trust REIT

    839,224   81,211,706
Kimco Realty Corp. REIT

    4,218,300   83,184,876
Realty Income Corp. REIT

    1,379,278   82,467,032
Regency Centers Corp. REIT

    1,404,818   86,775,608
Simon Property Group, Inc. REIT

    737,741   85,194,331
          418,833,553
SPECIALIZED REITs — 6.9%          
Crown Castle, Inc. REIT

    636,910   72,569,525
Digital Realty Trust, Inc. REIT

    864,948   98,491,629
Extra Space Storage, Inc. REIT (a)

    608,517   90,577,755
Iron Mountain, Inc. REIT

    1,774,679   100,837,261
VICI Properties, Inc. REIT

    2,725,251   85,654,639
          448,130,809
SPECIALTY RETAIL — 1.4%          
Best Buy Co., Inc.

    1,106,653   90,690,213
Security Description     Shares   Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 1.4%          
Seagate Technology Holdings PLC

    1,487,217   $ 92,014,116
TEXTILES, APPAREL & LUXURY GOODS — 0.9%          
VF Corp.

    3,058,477   58,386,326
TOBACCO — 2.8%          
Altria Group, Inc.

    2,066,761   93,624,273
Philip Morris International, Inc.

    913,617   89,187,292
          182,811,565
TOTAL COMMON STOCKS

(Cost $7,464,951,037)

        6,460,202,864
       
SHORT-TERM INVESTMENTS — 1.3%  
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (b)  (c)

24,740,296 24,745,244
State Street Navigator Securities Lending Portfolio II (d)  (e)

57,337,305 57,337,305
TOTAL SHORT-TERM INVESTMENTS

(Cost $82,081,912)

    82,082,549
TOTAL INVESTMENTS — 100.5%

(Cost $7,547,032,949)

6,542,285,413
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.5)%

(31,138,531)
NET ASSETS — 100.0%

$ 6,511,146,882
(a) All or a portion of the shares of the security are on loan at June 30, 2023.
(b) 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, 2023 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at June 30, 2023.
(d) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 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.
70


Table of Contents
SPDR PORTFOLIO S&P 500 HIGH DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

At June 30, 2023, 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   09/15/2023   $39,700,378   $41,067,487   $1,367,109
 
During the period ended June 30, 2023, average notional value related to futures contracts was $36,865,174.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $6,460,202,864   $—   $—   $6,460,202,864
Short-Term Investments

  82,082,549       82,082,549
TOTAL INVESTMENTS

  $6,542,285,413   $—   $—   $6,542,285,413
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts - Unrealized Appreciation

  $ 1,367,109   $—   $—   $ 1,367,109
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 1,367,109   $—   $—   $ 1,367,109
 
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
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Corp.

  $   $ 143,924,867   $ 173,353,492   $29,428,625   $     $   $1,780,253
State Street Institutional Liquid Reserves Fund, Premier Class

21,462,675   21,460,529   539,952,090   536,666,201   (1,850)   676   24,740,296   24,745,244   967,700
State Street Navigator Securities Lending Portfolio II

34,115,540   34,115,540   1,905,006,226   1,881,784,461       57,337,305   57,337,305   395,300
Total

    $55,576,069   $2,588,883,183   $2,591,804,154   $29,426,775   $676       $82,082,549   $3,143,253
See accompanying notes to financial statements.
71


Table of Contents
SPDR PORTFOLIO S&P 500 VALUE ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AEROSPACE & DEFENSE — 2.5%  
Boeing Co. (a)

  532,652   $ 112,474,796
General Dynamics Corp.

  99,390   21,383,759
Howmet Aerospace, Inc.

  346,040   17,149,742
Huntington Ingalls Industries, Inc.

  37,343   8,499,267
L3Harris Technologies, Inc.

  89,472   17,515,933
Lockheed Martin Corp.

  61,987   28,537,575
Northrop Grumman Corp.

  38,130   17,379,654
Raytheon Technologies Corp.

  1,378,972   135,084,097
Textron, Inc.

  196,646   13,299,169
TransDigm Group, Inc.

  26,039   23,283,293
          394,607,285
AIR FREIGHT & LOGISTICS — 1.1%  
CH Robinson Worldwide, Inc. (b)

  50,613   4,775,337
FedEx Corp.

  218,281   54,111,860
United Parcel Service, Inc. Class B

  682,649   122,364,833
          181,252,030
AUTOMOBILE COMPONENTS — 0.2%  
Aptiv PLC (a)

  255,247   26,058,166
BorgWarner, Inc.

  221,047   10,811,409
          36,869,575
AUTOMOBILES — 0.7%  
Ford Motor Co.

  3,682,771   55,720,325
General Motors Co.

  1,311,704   50,579,307
          106,299,632
BANKS — 8.2%  
Bank of America Corp.

  6,530,546   187,361,365
Bank of New York Mellon Corp.

  676,397   30,113,195
Citigroup, Inc.

  1,833,674   84,422,351
Citizens Financial Group, Inc.

  462,702   12,067,268
Comerica, Inc.

  122,387   5,184,313
Fifth Third Bancorp

  644,739   16,898,609
Goldman Sachs Group, Inc.

  313,145   101,001,788
Huntington Bancshares, Inc.

  1,354,613   14,602,728
JPMorgan Chase & Co.

  2,752,624   400,341,635
KeyCorp

  877,317   8,106,409
M&T Bank Corp.

  159,189   19,701,231
Morgan Stanley

  1,229,891   105,032,691
Northern Trust Corp.

  195,971   14,529,290
PNC Financial Services Group, Inc.

  377,208   47,509,348
Regions Financial Corp.

  877,827   15,642,877
State Street Corp. (c)

  314,813   23,038,015
Truist Financial Corp.

  1,248,085   37,879,380
U.S. Bancorp

  1,312,096   43,351,652
Wells Fargo & Co.

  3,534,250   150,841,790
Zions Bancorp NA (b)

  139,947   3,758,976
          1,321,384,911
Security Description     Shares   Value
BEVERAGES — 0.8%  
Brown-Forman Corp. Class B

  77,088   $ 5,147,937
Coca-Cola Co.

  1,281,330   77,161,693
Constellation Brands, Inc. Class A

  67,227   16,546,581
Keurig Dr Pepper, Inc.

  399,498   12,492,302
Molson Coors Beverage Co. Class B

  177,512   11,687,390
          123,035,903
BIOTECHNOLOGY — 0.1%  
Biogen, Inc. (a)

  71,904   20,481,854
BROADLINE RETAIL — 3.9%  
Amazon.com, Inc. (a)

  4,540,464   591,894,887
eBay, Inc.

  511,280   22,849,103
Etsy, Inc. (a)

  49,296   4,170,935
          618,914,925
BUILDING PRODUCTS — 0.9%  
A.O. Smith Corp.

  118,699   8,638,913
Allegion PLC

  82,209   9,866,724
Carrier Global Corp.

  784,160   38,980,594
Johnson Controls International PLC

  647,007   44,087,057
Masco Corp.

  61,259   3,515,041
Trane Technologies PLC

  215,787   41,271,422
          146,359,751
CAPITAL MARKETS — 3.0%  
BlackRock, Inc.

  141,007   97,455,578
Cboe Global Markets, Inc.

  32,865   4,535,699
Charles Schwab Corp.

  573,863   32,526,555
CME Group, Inc.

  338,764   62,769,581
FactSet Research Systems, Inc.

  14,437   5,784,184
Franklin Resources, Inc.

  269,522   7,198,933
Intercontinental Exchange, Inc.

  525,553   59,429,533
Invesco Ltd.

  425,117   7,146,217
MarketAxess Holdings, Inc.

  18,273   4,776,928
Moody's Corp.

  78,698   27,364,868
MSCI, Inc.

  32,459   15,232,684
Nasdaq, Inc.

  114,407   5,703,189
S&P Global, Inc.

  309,753   124,176,880
T Rowe Price Group, Inc. (b)

  210,891   23,624,010
          477,724,839
CHEMICALS — 2.1%  
Celanese Corp. (b)

  93,916   10,875,473
Corteva, Inc.

  208,410   11,941,893
Dow, Inc.

  663,093   35,316,333
DuPont de Nemours, Inc.

  431,546   30,829,646
Eastman Chemical Co.

  112,298   9,401,589
Ecolab, Inc.

  233,010   43,500,637
International Flavors & Fragrances, Inc.

  239,284   19,044,614
Linde PLC

  180,777   68,890,499
LyondellBasell Industries NV Class A

  238,538   21,904,944
PPG Industries, Inc.

  221,093   32,788,092
 
See accompanying notes to financial statements.
72


Table of Contents
SPDR PORTFOLIO S&P 500 VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Sherwin-Williams Co.

  221,863   $ 58,909,064
          343,402,784
COMMERCIAL SERVICES & SUPPLIES — 0.3%  
Cintas Corp.

  33,427   16,615,893
Republic Services, Inc.

  86,985   13,323,492
Waste Management, Inc.

  143,771   24,932,767
          54,872,152
COMMUNICATIONS EQUIPMENT — 1.5%  
Cisco Systems, Inc.

  3,866,902   200,073,509
F5, Inc. (a)

  56,783   8,305,082
Juniper Networks, Inc.

  303,635   9,512,885
Motorola Solutions, Inc.

  70,961   20,811,442
          238,702,918
CONSTRUCTION MATERIALS — 0.2%  
Martin Marietta Materials, Inc.

  58,546   27,030,103
Vulcan Materials Co.

  50,948   11,485,717
          38,515,820
CONSUMER FINANCE — 0.7%  
American Express Co.

  286,530   49,913,526
Capital One Financial Corp.

  358,754   39,236,925
Discover Financial Services

  100,510   11,744,593
Synchrony Financial

  410,463   13,922,905
          114,817,949
CONSUMER STAPLES DISTRIBUTION & RETAIL — 2.6%  
Costco Wholesale Corp.

  141,988   76,443,499
Kroger Co.

  612,763   28,799,861
Sysco Corp.

  477,299   35,415,586
Target Corp.

  432,936   57,104,258
Walgreens Boots Alliance, Inc.

  673,739   19,194,824
Walmart, Inc.

  1,320,014   207,479,801
          424,437,829
CONTAINERS & PACKAGING — 0.5%  
Amcor PLC

  1,398,799   13,960,014
Avery Dennison Corp.

  76,212   13,093,222
Ball Corp. (b)

  294,992   17,171,484
International Paper Co.

  334,623   10,644,358
Packaging Corp. of America

  86,983   11,495,673
Sealed Air Corp.

  135,408   5,416,320
Westrock Co.

  238,042   6,919,881
          78,700,952
DISTRIBUTORS — 0.2%  
Genuine Parts Co.

  36,921   6,248,141
LKQ Corp.

  238,873   13,919,129
Pool Corp. (b)

  13,470   5,046,401
          25,213,671
DIVERSIFIED TELECOMMUNICATION SERVICES — 1.6%  
AT&T, Inc.

  6,710,687   107,035,458
Verizon Communications, Inc.

  3,953,691   147,037,768
          254,073,226
Security Description     Shares   Value
ELECTRIC UTILITIES — 3.5%  
Alliant Energy Corp.

  236,163   $ 12,393,834
American Electric Power Co., Inc.

  483,918   40,745,896
Constellation Energy Corp.

  307,023   28,107,956
Duke Energy Corp.

  724,294   64,998,144
Edison International

  358,853   24,922,341
Entergy Corp.

  199,190   19,395,130
Evergy, Inc.

  216,039   12,620,998
Eversource Energy

  328,156   23,272,824
Exelon Corp.

  935,963   38,131,133
FirstEnergy Corp.

  509,949   19,826,817
NextEra Energy, Inc.

  1,905,954   141,421,787
NRG Energy, Inc.

  114,475   4,280,220
Pinnacle West Capital Corp.

  105,926   8,628,732
PPL Corp.

  691,792   18,304,816
Southern Co.

  1,023,972   71,934,033
Xcel Energy, Inc.

  514,537   31,988,765
          560,973,426
ELECTRICAL EQUIPMENT — 1.2%  
AMETEK, Inc. (b)

  107,695   17,433,667
Eaton Corp. PLC

  374,562   75,324,418
Emerson Electric Co.

  538,192   48,647,175
Generac Holdings, Inc. (a)  (b)

  59,273   8,839,383
Rockwell Automation, Inc.

  108,112   35,617,498
          185,862,141
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.8%  
CDW Corp.

  47,355   8,689,642
Corning, Inc.

  715,041   25,055,037
Keysight Technologies, Inc. (a)

  77,450   12,969,002
TE Connectivity Ltd.

  298,027   41,771,464
Teledyne Technologies, Inc. (a)

  44,028   18,100,351
Trimble, Inc. (a)

  232,070   12,285,786
Zebra Technologies Corp. Class A (a)

  48,673   14,398,934
          133,270,216
ENERGY EQUIPMENT & SERVICES — 0.6%  
Baker Hughes Co.

  946,225   29,910,172
Halliburton Co.

  852,077   28,110,020
Schlumberger NV

  627,912   30,843,038
          88,863,230
ENTERTAINMENT — 2.7%  
Activision Blizzard, Inc. (a)

  274,145   23,110,423
Electronic Arts, Inc.

  78,411   10,169,907
Live Nation Entertainment, Inc. (a)

  133,645   12,176,396
Netflix, Inc. (a)

  419,193   184,650,325
Take-Two Interactive Software, Inc. (a)

  149,062   21,935,964
Walt Disney Co. (a)

  1,719,654   153,530,709
Warner Bros Discovery, Inc. (a)  (b)

  2,082,083   26,109,321
          431,683,045
 
See accompanying notes to financial statements.
73


Table of Contents
SPDR PORTFOLIO S&P 500 VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
FINANCIAL SERVICES — 4.5%  
Berkshire Hathaway, Inc. Class B (a)

  1,679,682   $ 572,771,562
Fidelity National Information Services, Inc.

  557,519   30,496,289
Fiserv, Inc. (a)

  180,232   22,736,267
FleetCor Technologies, Inc. (a)

  32,932   8,268,567
Global Payments, Inc.

  247,043   24,338,676
PayPal Holdings, Inc. (a)

  1,050,973   70,131,428
          728,742,789
FOOD PRODUCTS — 1.1%  
Archer-Daniels-Midland Co.

  263,057   19,876,587
Bunge Ltd.

  83,072   7,837,843
Campbell Soup Co.

  77,145   3,526,298
Conagra Brands, Inc.

  451,021   15,208,428
General Mills, Inc.

  178,687   13,705,293
Hormel Foods Corp.

  75,896   3,052,537
J M Smucker Co.

  100,422   14,829,317
Kellogg Co.

  107,636   7,254,666
Kraft Heinz Co.

  748,893   26,585,702
McCormick & Co., Inc.

  115,671   10,089,981
Mondelez International, Inc. Class A

  590,462   43,068,298
Tyson Foods, Inc. Class A

  268,165   13,687,142
          178,722,092
GAS UTILITIES — 0.0% (d)  
Atmos Energy Corp.

  52,712   6,132,514
GROUND TRANSPORTATION — 0.9%  
CSX Corp.

  995,794   33,956,575
Norfolk Southern Corp.

  214,258   48,585,144
Union Pacific Corp.

  287,840   58,897,821
          141,439,540
HEALTH CARE EQUIPMENT & SUPPLIES — 4.4%  
Abbott Laboratories

  787,894   85,896,204
Align Technology, Inc. (a)

  68,310   24,157,148
Baxter International, Inc.

  475,540   21,665,602
Becton Dickinson & Co.

  267,019   70,495,686
Boston Scientific Corp. (a)

  633,232   34,251,519
Cooper Cos., Inc.

  46,529   17,840,615
DENTSPLY SIRONA, Inc.

  201,099   8,047,982
Edwards Lifesciences Corp. (a)

  571,055   53,867,618
GE HealthCare Technologies, Inc.

  368,329   29,923,048
IDEXX Laboratories, Inc. (a)

  39,805   19,991,265
Intuitive Surgical, Inc. (a)

  168,181   57,507,811
Medtronic PLC

  1,252,295   110,327,190
ResMed, Inc.

  63,707   13,919,980
STERIS PLC

  93,583   21,054,303
Stryker Corp.

  317,448   96,850,210
Teleflex, Inc.

  44,262   10,712,732
Zimmer Biomet Holdings, Inc.

  197,394   28,740,566
          705,249,479
HEALTH CARE PROVIDERS & SERVICES — 2.1%  
AmerisourceBergen Corp.

  152,222   29,292,079
Security Description     Shares   Value
Cardinal Health, Inc.

  241,666   $ 22,854,354
Centene Corp. (a)

  518,095   34,945,508
Cigna Group

  143,123   40,160,314
CVS Health Corp.

  1,209,003   83,578,377
DaVita, Inc. (a)

  51,403   5,164,459
HCA Healthcare, Inc.

  89,437   27,142,341
Henry Schein, Inc. (a)

  127,744   10,360,038
Humana, Inc.

  42,372   18,945,792
Laboratory Corp. of America Holdings

  83,341   20,112,684
McKesson Corp.

  69,573   29,729,239
Quest Diagnostics, Inc.

  36,196   5,087,710
Universal Health Services, Inc. Class B

  60,050   9,474,088
          336,846,983
HEALTH CARE REITs — 0.4%  
Healthpeak Properties, Inc. REIT

  514,936   10,350,213
Ventas, Inc. REIT

  375,197   17,735,562
Welltower, Inc. REIT

  468,185   37,871,485
          65,957,260
HOTEL & RESORT REITs — 0.1%  
Host Hotels & Resorts, Inc. REIT

  673,195   11,329,872
HOTELS, RESTAURANTS & LEISURE — 2.6%  
Booking Holdings, Inc. (a)

  34,862   94,138,905
Caesars Entertainment, Inc. (a)

  200,764   10,232,941
Carnival Corp. (a)  (b)

  936,644   17,637,007
Darden Restaurants, Inc.

  115,068   19,225,561
Domino's Pizza, Inc.

  18,196   6,131,870
Expedia Group, Inc. (a)

  134,265   14,687,248
Hilton Worldwide Holdings, Inc.

  130,306   18,966,038
Las Vegas Sands Corp. (a)

  308,480   17,891,840
Marriott International, Inc. Class A

  119,045   21,867,376
McDonald's Corp.

  261,924   78,160,741
MGM Resorts International

  284,359   12,489,047
Norwegian Cruise Line Holdings Ltd. (a)

  394,514   8,588,570
Royal Caribbean Cruises Ltd. (a)  (b)

  206,236   21,394,923
Starbucks Corp.

  529,549   52,457,124
Wynn Resorts Ltd.

  96,476   10,188,830
Yum! Brands, Inc.

  94,820   13,137,311
          417,195,332
HOUSEHOLD DURABLES — 0.7%  
DR Horton, Inc.

  147,149   17,906,562
Garmin Ltd.

  144,248   15,043,624
Lennar Corp. Class A

  239,295   29,986,056
Mohawk Industries, Inc. (a)

  49,242   5,079,805
Newell Brands, Inc.

  351,922   3,061,721
NVR, Inc. (a)

  2,843   18,054,813
PulteGroup, Inc.

  212,973   16,543,742
 
See accompanying notes to financial statements.
74


Table of Contents
SPDR PORTFOLIO S&P 500 VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Whirlpool Corp. (b)

  50,934   $ 7,578,470
          113,254,793
HOUSEHOLD PRODUCTS — 1.5%  
Church & Dwight Co., Inc.

  228,996   22,952,269
Clorox Co.

  63,972   10,174,107
Colgate-Palmolive Co.

  353,522   27,235,335
Kimberly-Clark Corp.

  164,930   22,770,236
Procter & Gamble Co.

  999,429   151,653,356
          234,785,303
INDEPENDENT POWER & RENEWABLE ELECTRICITY PRODUCERS — 0.0% (d)  
AES Corp.

  256,097   5,308,891
INDUSTRIAL CONGLOMERATES — 1.8%  
3M Co.

  517,867   51,833,308
General Electric Co.

  1,025,438   112,644,364
Honeywell International, Inc.

  628,964   130,510,030
          294,987,702
INDUSTRIAL REITs — 0.7%  
Prologis, Inc. REIT

  868,989   106,564,121
INSURANCE — 2.4%  
Aflac, Inc.

  517,895   36,149,071
Allstate Corp.

  246,993   26,932,117
American International Group, Inc.

  681,746   39,227,665
Aon PLC Class A (b)

  65,965   22,771,118
Arthur J Gallagher & Co.

  71,998   15,808,601
Assurant, Inc.

  49,337   6,202,648
Brown & Brown, Inc.

  90,215   6,210,400
Chubb Ltd.

  167,944   32,339,297
Cincinnati Financial Corp.

  147,713   14,375,429
Everest Re Group Ltd.

  15,410   5,268,062
Globe Life, Inc.

  25,505   2,795,858
Hartford Financial Services Group, Inc.

  298,643   21,508,269
Lincoln National Corp.

  144,275   3,716,524
Loews Corp.

  184,231   10,939,637
Marsh & McLennan Cos., Inc.

  167,934   31,585,027
MetLife, Inc.

  605,944   34,254,014
Principal Financial Group, Inc.

  83,083   6,301,015
Prudential Financial, Inc.

  346,089   30,531,971
Travelers Cos., Inc.

  100,107   17,384,582
Willis Towers Watson PLC

  100,573   23,684,941
          387,986,246
INTERACTIVE MEDIA & SERVICES — 3.8%  
Match Group, Inc. (a)

  262,979   11,005,671
Meta Platforms, Inc. Class A (a)

  2,083,670   597,971,617
          608,977,288
IT SERVICES — 1.7%  
Accenture PLC Class A

  302,417   93,319,838
Akamai Technologies, Inc. (a)

  148,267   13,324,755
Cognizant Technology Solutions Corp. Class A

  478,217   31,218,006
DXC Technology Co. (a)

  215,252   5,751,534
Security Description     Shares   Value
EPAM Systems, Inc. (a)

  17,506   $ 3,934,474
International Business Machines Corp.

  855,298   114,447,425
VeriSign, Inc. (a)

  43,992   9,940,872
          271,936,904
LEISURE EQUIPMENT & PRODUCTS — 0.1%  
Hasbro, Inc.

  121,669   7,880,501
LIFE SCIENCES TOOLS & SERVICES — 0.8%  
Agilent Technologies, Inc.

  111,272   13,380,458
Bio-Rad Laboratories, Inc. Class A (a)

  20,368   7,721,916
Bio-Techne Corp.

  76,447   6,240,369
Charles River Laboratories International, Inc. (a)

  48,015   10,095,154
Illumina, Inc. (a)

  147,926   27,734,646
IQVIA Holdings, Inc. (a)

  90,814   20,412,263
Mettler-Toledo International, Inc. (a)

  7,296   9,569,725
Revvity, Inc.

  118,673   14,097,166
West Pharmaceutical Services, Inc.

  69,756   26,679,577
          135,931,274
MACHINERY — 2.4%  
Caterpillar, Inc.

  195,626   48,133,777
Cummins, Inc.

  65,173   15,977,813
Dover Corp.

  131,834   19,465,290
Fortive Corp.

  332,119   24,832,538
IDEX Corp.

  30,367   6,536,800
Illinois Tool Works, Inc.

  128,627   32,177,330
Ingersoll Rand, Inc.

  380,366   24,860,722
Nordson Corp.

  50,656   12,571,806
Otis Worldwide Corp.

  390,430   34,752,174
PACCAR, Inc.

  490,899   41,063,701
Parker-Hannifin Corp.

  120,689   47,073,538
Pentair PLC

  153,835   9,937,741
Snap-on, Inc.

  21,353   6,153,721
Stanley Black & Decker, Inc. (b)

  139,622   13,083,978
Westinghouse Air Brake Technologies Corp.

  170,838   18,735,804
Xylem, Inc.

  224,731   25,309,205
          380,665,938
MEDIA — 1.6%  
Charter Communications, Inc. Class A (a)

  99,002   36,370,365
Comcast Corp. Class A

  3,917,802   162,784,673
Fox Corp. Class A (b)

  253,427   8,616,518
Fox Corp. Class B

  130,689   4,167,672
Interpublic Group of Cos., Inc. (b)

  365,503   14,101,106
News Corp. Class A

  357,887   6,978,797
News Corp. Class B (b)

  110,270   2,174,524
Omnicom Group, Inc.

  191,505   18,221,701
Paramount Global Class B

  472,422   7,516,234
          260,931,590
 
See accompanying notes to financial statements.
75


Table of Contents
SPDR PORTFOLIO S&P 500 VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
METALS & MINING — 0.2%  
Newmont Corp.

  746,042   $ 31,826,152
MULTI-UTILITIES — 1.3%  
Ameren Corp.

  243,665   19,900,121
CenterPoint Energy, Inc.

  591,133   17,231,527
CMS Energy Corp.

  273,952   16,094,680
Consolidated Edison, Inc.

  326,440   29,510,176
Dominion Energy, Inc.

  784,823   40,645,983
DTE Energy Co.

  194,094   21,354,222
NiSource, Inc.

  380,250   10,399,837
Public Service Enterprise Group, Inc.

  469,196   29,376,362
Sempra Energy

  117,997   17,179,183
WEC Energy Group, Inc.

  142,484   12,572,788
          214,264,879
OFFICE REITs — 0.2%  
Alexandria Real Estate Equities, Inc. REIT

  147,828   16,777,000
Boston Properties, Inc. REIT

  133,458   7,685,846
          24,462,846
OIL, GAS & CONSUMABLE FUELS — 0.9%  
Kinder Morgan, Inc.

  1,860,569   32,038,998
Marathon Petroleum Corp.

  207,762   24,225,049
Phillips 66

  432,214   41,224,572
Valero Energy Corp.

  340,486   39,939,008
          137,427,627
PASSENGER AIRLINES — 0.5%  
Alaska Air Group, Inc. (a)

  118,668   6,310,764
American Airlines Group, Inc. (a)

  608,248   10,911,969
Delta Air Lines, Inc. (a)

  602,159   28,626,639
Southwest Airlines Co.

  557,798   20,197,866
United Airlines Holdings, Inc. (a)

  307,571   16,876,421
          82,923,659
PERSONAL CARE PRODUCTS — 0.3%  
Estee Lauder Cos., Inc. Class A

  217,721   42,756,050
PHARMACEUTICALS — 1.6%  
Catalent, Inc. (a)

  168,292   7,297,141
Johnson & Johnson

  930,109   153,951,642
Organon & Co.

  238,004   4,952,863
Viatris, Inc.

  1,140,649   11,383,677
Zoetis, Inc.

  435,296   74,962,324
          252,547,647
PROFESSIONAL SERVICES — 0.5%  
Broadridge Financial Solutions, Inc.

  57,863   9,583,849
Equifax, Inc. (b)

  58,791   13,833,522
Jacobs Solutions, Inc.

  120,113   14,280,235
Leidos Holdings, Inc.

  44,770   3,961,250
Paychex, Inc.

  130,051   14,548,805
Robert Half International, Inc.

  101,426   7,629,264
Security Description     Shares   Value
Verisk Analytics, Inc.

  73,614   $ 16,638,972
          80,475,897
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%  
CBRE Group, Inc. Class A (a)

  296,458   23,927,125
RESIDENTIAL REITs — 0.7%  
AvalonBay Communities, Inc. REIT

  131,691   24,925,155
Camden Property Trust REIT

  103,332   11,249,755
Equity Residential REIT

  320,994   21,175,974
Essex Property Trust, Inc. REIT

  60,929   14,275,665
Invitation Homes, Inc. REIT

  545,307   18,758,561
Mid-America Apartment Communities, Inc. REIT

  108,422   16,464,965
UDR, Inc. REIT

  291,291   12,513,861
          119,363,936
RETAIL REITs — 0.6%  
Federal Realty Investment Trust REIT

  68,440   6,622,939
Kimco Realty Corp. REIT

  582,463   11,486,170
Realty Income Corp. REIT

  634,135   37,914,932
Regency Centers Corp. REIT

  145,400   8,981,358
Simon Property Group, Inc. REIT

  307,553   35,516,220
          100,521,619
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 3.7%  
Advanced Micro Devices, Inc. (a)

  697,593   79,462,819
Analog Devices, Inc.

  252,679   49,224,396
Broadcom, Inc.

  157,193   136,353,924
Intel Corp.

  3,928,768   131,378,002
Microchip Technology, Inc.

  263,464   23,603,740
Micron Technology, Inc.

  1,027,526   64,847,166
NXP Semiconductors NV

  100,105   20,489,491
Qorvo, Inc. (a)

  94,802   9,672,648
Skyworks Solutions, Inc.

  150,877   16,700,575
Teradyne, Inc.

  74,325   8,274,602
Texas Instruments, Inc.

  315,543   56,804,051
          596,811,414
SOFTWARE — 9.7%  
Adobe, Inc. (a)

  228,249   111,611,479
ANSYS, Inc. (a)

  81,798   27,015,425
Autodesk, Inc. (a)

  91,349   18,690,919
Ceridian HCM Holding, Inc. (a)  (b)

  145,051   9,714,065
Gen Digital, Inc.

  254,864   4,727,727
Intuit, Inc.

  124,268   56,938,355
Microsoft Corp.

  2,942,469   1,002,028,393
Oracle Corp.

  592,662   70,580,118
Roper Technologies, Inc.

  99,926   48,044,421
Salesforce, Inc. (a)

  922,130   194,809,184
Tyler Technologies, Inc. (a)

  20,789   8,657,995
          1,552,818,081
 
See accompanying notes to financial statements.
76


Table of Contents
SPDR PORTFOLIO S&P 500 VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
SPECIALIZED REITs — 1.6%  
American Tower Corp. REIT

  205,933   $ 39,938,646
Crown Castle, Inc. REIT

  407,254   46,402,521
Digital Realty Trust, Inc. REIT

  271,005   30,859,339
Equinix, Inc. REIT

  88,089   69,056,491
Extra Space Storage, Inc. REIT

  63,504   9,452,570
Iron Mountain, Inc. REIT (b)

  100,519   5,711,490
Public Storage REIT

  56,585   16,516,030
SBA Communications Corp. REIT

  44,743   10,369,638
VICI Properties, Inc. REIT

  405,129   12,733,204
Weyerhaeuser Co. REIT

  296,040   9,920,300
          250,960,229
SPECIALTY RETAIL — 1.8%  
Advance Auto Parts, Inc.

  56,601   3,979,050
Bath & Body Works, Inc.

  213,612   8,010,450
Best Buy Co., Inc.

  184,836   15,147,310
CarMax, Inc. (a)  (b)

  147,819   12,372,450
Home Depot, Inc.

  448,276   139,252,457
Lowe's Cos., Inc.

  174,096   39,293,467
Ross Stores, Inc.

  323,947   36,324,177
TJX Cos., Inc.

  391,983   33,236,239
          287,615,600
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.5%  
Hewlett Packard Enterprise Co.

  1,208,883   20,309,234
HP, Inc.

  811,856   24,932,098
NetApp, Inc.

  204,519   15,625,251
Seagate Technology Holdings PLC

  180,795   11,185,787
Western Digital Corp. (a)

  299,217   11,349,301
          83,401,671
TEXTILES, APPAREL & LUXURY GOODS — 0.9%  
NIKE, Inc. Class B

  1,160,499   128,084,275
Ralph Lauren Corp.

  38,494   4,746,310
Tapestry, Inc.

  221,480   9,479,344
VF Corp.

  308,916   5,897,206
          148,207,135
TOBACCO — 0.6%  
Altria Group, Inc.

  808,700   36,634,110
Philip Morris International, Inc.

  670,783   65,481,836
          102,115,946
Security Description     Shares   Value
TRADING COMPANIES & DISTRIBUTORS — 0.3%  
Fastenal Co.

  274,652   $ 16,201,722
United Rentals, Inc.

  65,274   29,071,081
          45,272,803
WATER UTILITIES — 0.2%  
American Water Works Co., Inc.

  181,521   25,912,123
WIRELESS TELECOMMUNICATION SERVICES — 0.2%  
T-Mobile U.S., Inc. (a)

  173,520   24,101,928
TOTAL COMMON STOCKS

(Cost $15,433,311,789)

        16,028,860,843
SHORT-TERM INVESTMENTS — 0.3%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (e)  (f)

  13,554,935   13,557,646
State Street Navigator Securities Lending Portfolio II (c)  (g)

  38,455,337   38,455,337
TOTAL SHORT-TERM INVESTMENTS

(Cost $52,012,788)

  52,012,983  
TOTAL INVESTMENTS — 100.2%

(Cost $15,485,324,577)

  16,080,873,826  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%

  (25,703,534)  
NET ASSETS — 100.0%

  $16,055,170,292  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 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 June 30, 2023 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at June 30, 2023.
(g) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
77


Table of Contents
SPDR PORTFOLIO S&P 500 VALUE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $16,028,860,843   $—   $—   $16,028,860,843
Short-Term Investments

  52,012,983       52,012,983
TOTAL INVESTMENTS

  $16,080,873,826   $—   $—   $16,080,873,826
 
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
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Corp.

273,716   $16,874,591   $ 14,688,979   $ 11,232,470   $(897,410)   $3,604,325   314,813   $23,038,015   $ 795,096
State Street Institutional Liquid Reserves Fund, Premier Class

10,884,249   10,883,160   508,586,724   505,918,549   5,926   385   13,554,935   13,557,646   811,579
State Street Navigator Securities Lending Portfolio II

10,551,864   10,551,864   919,024,124   891,120,651       38,455,337   38,455,337   159,584
Total

    $38,309,615   $1,442,299,827   $1,408,271,670   $(891,484)   $3,604,710       $75,050,998   $1,766,259
See accompanying notes to financial statements.
78


Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%          
AEROSPACE & DEFENSE — 1.4%          
AAR Corp. (a)

    256,091   $ 14,791,816
Aerojet Rocketdyne Holdings, Inc. (a)

    590,440   32,397,443
AeroVironment, Inc. (a)

    196,333   20,080,939
Kaman Corp.

    217,651   5,295,449
Moog, Inc. Class A

    223,341   24,216,865
National Presto Industries, Inc. (b)

    39,166   2,866,951
Triumph Group, Inc. (a)  (b)

    503,157   6,224,052
          105,873,515
AIR FREIGHT & LOGISTICS — 0.5%          
Forward Air Corp.

    201,785   21,411,406
Hub Group, Inc. Class A (a)

    254,774   20,463,448
          41,874,854
AUTOMOBILE COMPONENTS — 1.5%          
American Axle & Manufacturing Holdings, Inc. (a)

    905,733   7,490,412
Dana, Inc.

    1,004,910   17,083,470
Dorman Products, Inc. (a)

    220,122   17,352,217
Gentherm, Inc. (a)

    257,356   14,543,187
LCI Industries (b)

    196,724   24,858,045
Patrick Industries, Inc. (b)

    164,650   13,172,000
Standard Motor Products, Inc.

    145,634   5,464,188
XPEL, Inc. (a)  (b)

    152,246   12,822,158
          112,785,677
AUTOMOBILES — 0.2%          
Winnebago Industries, Inc. (b)

    237,385   15,831,206
BANKS — 8.3%          
Ameris Bancorp

    506,725   17,335,062
Atlantic Union Bankshares Corp. (b)

    582,678   15,120,494
Axos Financial, Inc. (a)

    408,766   16,121,731
Banc of California, Inc.

    414,102   4,795,301
BancFirst Corp.

    135,386   12,455,512
Bancorp, Inc. (a)

    424,840   13,871,026
Bank of Hawaii Corp. (b)

    307,953   12,696,902
BankUnited, Inc. (b)

    577,771   12,450,965
Banner Corp.

    266,607   11,642,728
Berkshire Hills Bancorp, Inc.

    343,107   7,112,608
Brookline Bancorp, Inc.

    679,584   5,939,564
Capitol Federal Financial, Inc.

    980,317   6,048,556
Central Pacific Financial Corp.

    218,641   3,434,850
City Holding Co. (b)

    116,934   10,522,891
Community Bank System, Inc. (b)

    417,703   19,581,917
Security Description     Shares   Value
Customers Bancorp, Inc. (a)  (b)

    227,418   $ 6,881,669
CVB Financial Corp. (b)

    1,017,059   13,506,544
Dime Community Bancshares, Inc. (b)

    261,134   4,603,792
Eagle Bancorp, Inc.

    237,545   5,026,452
FB Financial Corp.

    271,935   7,627,777
First BanCorp (c)

    1,397,112   17,072,709
First BanCorp (b)  (c)

    318,144   9,464,784
First Commonwealth Financial Corp.

    798,524   10,101,329
First Financial Bancorp

    739,287   15,111,026
First Hawaiian, Inc. (b)

    991,646   17,859,544
Fulton Financial Corp. (b)

    1,294,583   15,431,429
Hanmi Financial Corp.

    246,547   3,680,947
Heritage Financial Corp.

    270,866   4,379,903
Hilltop Holdings, Inc.

    358,332   11,273,125
Hope Bancorp, Inc.

    929,735   7,828,369
Independent Bank Corp.

    342,825   15,259,141
Independent Bank Group, Inc.

    275,493   9,512,773
Lakeland Financial Corp. (b)

    197,319   9,573,918
National Bank Holdings Corp. Class A

    292,536   8,495,245
NBT Bancorp, Inc.

    332,994   10,605,859
Northfield Bancorp, Inc.

    315,572   3,464,992
Northwest Bancshares, Inc. (b)

    986,290   10,454,674
OFG Bancorp

    368,770   9,617,522
Pacific Premier Bancorp, Inc.

    744,299   15,392,103
PacWest Bancorp

    914,563   7,453,688
Park National Corp. (b)

    111,764   11,435,693
Pathward Financial, Inc.

    208,815   9,680,663
Preferred Bank

    102,216   5,620,858
Provident Financial Services, Inc.

    585,677   9,569,962
Renasant Corp.

    435,533   11,380,477
S&T Bancorp, Inc.

    302,128   8,214,860
Seacoast Banking Corp. of Florida

    650,633   14,378,989
ServisFirst Bancshares, Inc. (b)

    379,605   15,533,437
Simmons First National Corp. Class A

    989,507   17,068,996
Southside Bancshares, Inc. (b)

    227,477   5,950,798
Stellar Bancorp, Inc.

    351,302   8,041,303
Tompkins Financial Corp.

    97,624   5,437,657
Triumph Financial, Inc. (a)

    170,437   10,348,935
TrustCo Bank Corp. NY

    146,961   4,204,554
Trustmark Corp.

    473,907   10,008,916
United Community Banks, Inc.

    895,313   22,373,872
Veritex Holdings, Inc.

    420,556   7,540,569
Washington Federal, Inc.

    511,000   13,551,720
Westamerica BanCorp

    206,588   7,912,320
 
See accompanying notes to financial statements.
79


Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
WSFS Financial Corp. (b)

    477,596   $ 18,014,921
          635,078,921
BEVERAGES — 0.3%          
MGP Ingredients, Inc. (b)

    119,615   12,712,682
National Beverage Corp. (a)

    180,933   8,748,111
          21,460,793
BIOTECHNOLOGY — 2.0%          
Anika Therapeutics, Inc. (a)

    119,860   3,113,963
Arcus Biosciences, Inc. (a)

    407,479   8,275,899
Avid Bioservices, Inc. (a)

    484,883   6,773,816
Catalyst Pharmaceuticals, Inc. (a)

    756,251   10,164,013
Coherus Biosciences, Inc. (a)  (b)

    521,278   2,225,857
Cytokinetics, Inc. (a)  (b)

    743,694   24,259,298
Dynavax Technologies Corp. (a)  (b)

    927,649   11,985,225
Emergent BioSolutions, Inc. (a)

    358,169   2,632,542
Enanta Pharmaceuticals, Inc. (a)

    159,511   3,413,535
Ironwood Pharmaceuticals, Inc. (a)

    1,049,055   11,161,945
iTeos Therapeutics, Inc. (a)

    196,077   2,596,060
Myriad Genetics, Inc. (a)

    633,423   14,682,745
REGENXBIO, Inc. (a)

    292,530   5,847,675
Tobira Therapeutics, Inc. CVR (a)

    740   3,352
uniQure NV (a)  (b)

    335,845   3,848,784
Vanda Pharmaceuticals, Inc. (a)

    460,030   3,031,598
Vericel Corp. (a)

    369,326   13,875,578
Vir Biotechnology, Inc. (a)  (b)

    593,246   14,552,324
Xencor, Inc. (a)

    468,835   11,706,810
          154,151,019
BUILDING PRODUCTS — 1.9%          
AAON, Inc.

    333,413   31,610,887
American Woodmark Corp. (a)

    129,022   9,853,410
Apogee Enterprises, Inc.

    172,684   8,197,310
AZZ, Inc.

    193,052   8,390,040
Gibraltar Industries, Inc. (a)

    236,121   14,856,733
Griffon Corp.

    368,724   14,859,577
Insteel Industries, Inc.

    150,157   4,672,886
Masterbrand, Inc. (a)  (b)

    997,356   11,599,250
PGT Innovations, Inc. (a)

    455,919   13,290,039
Quanex Building Products Corp.

    257,184   6,905,390
Resideo Technologies, Inc. (a)

    1,143,474   20,193,751
          144,429,273
Security Description     Shares   Value
CAPITAL MARKETS — 1.5%          
Artisan Partners Asset Management, Inc. Class A (b)

    535,095   $ 21,034,584
Avantax, Inc. (a)

    298,829   6,687,793
B Riley Financial, Inc.

    121,790   5,599,904
Brightsphere Investment Group, Inc.

    250,157   5,240,789
Donnelley Financial Solutions, Inc. (a)

    196,239   8,934,762
Moelis & Co. Class A (b)

    520,048   23,578,976
Piper Sandler Cos.,

    115,474   14,926,169
StoneX Group, Inc. (a)

    136,931   11,376,228
Virtus Investment Partners, Inc.

    53,184   10,502,245
WisdomTree, Inc. (b)

    899,280   6,169,061
          114,050,511
CHEMICALS — 2.9%          
AdvanSix, Inc.

    213,621   7,472,462
American Vanguard Corp. (b)

    212,932   3,805,095
Balchem Corp.

    250,702   33,797,137
FutureFuel Corp.

    215,226   1,904,750
Hawkins, Inc.

    146,787   7,000,272
HB Fuller Co.

    418,600   29,934,086
Ingevity Corp. (a)

    267,352   15,549,192
Innospec, Inc.

    193,286   19,413,646
Koppers Holdings, Inc.

    161,082   5,492,896
Livent Corp. (a)  (b)

    1,397,896   38,344,287
Mativ Holdings, Inc.

    424,830   6,423,430
Minerals Technologies, Inc.

    252,702   14,578,378
Quaker Chemical Corp. (b)

    106,222   20,702,668
Stepan Co.

    164,889   15,756,793
Trinseo PLC

    281,519   3,566,846
          223,741,938
COMMERCIAL SERVICES & SUPPLIES — 2.0%          
ABM Industries, Inc. (b)

    513,941   21,919,584
Brady Corp. Class A

    358,351   17,046,757
CoreCivic, Inc. REIT (a)

    881,022   8,290,417
Deluxe Corp.

    336,249   5,877,633
Enviri Corp. (a)

    616,701   6,086,839
GEO Group, Inc. (a)  (b)

    976,340   6,990,594
Healthcare Services Group, Inc.

    575,141   8,586,855
HNI Corp.

    360,018   10,145,307
Interface, Inc.

    446,846   3,927,776
Liquidity Services, Inc. (a)

    179,067   2,954,605
Matthews International Corp. Class A

    236,317   10,071,831
MillerKnoll, Inc. (b)

    586,413   8,667,184
OPENLANE, Inc. (a)

    847,964   12,906,012
Pitney Bowes, Inc. (b)

    1,306,520   4,625,081
UniFirst Corp.

    117,422   18,201,584
Viad Corp. (a)

    166,636   4,479,176
          150,777,235
 
See accompanying notes to financial statements.
80


Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
COMMUNICATIONS EQUIPMENT — 1.6%          
ADTRAN Holdings, Inc. (b)

    553,966   $ 5,833,262
Clearfield, Inc. (a)  (b)

    97,711   4,626,616
Digi International, Inc. (a)  (b)

    278,334   10,963,576
Extreme Networks, Inc. (a)

    1,003,038   26,129,140
Harmonic, Inc. (a)  (b)

    865,039   13,987,681
NETGEAR, Inc. (a)

    233,397   3,304,901
NetScout Systems, Inc. (a)

    523,648   16,206,906
Viasat, Inc. (a)  (b)

    593,800   24,500,188
Viavi Solutions, Inc. (a)  (b)

    1,728,637   19,585,457
          125,137,727
CONSTRUCTION & ENGINEERING — 1.7%          
Arcosa, Inc.

    376,704   28,542,862
Comfort Systems USA, Inc.

    278,280   45,693,576
Dycom Industries, Inc. (a)

    228,195   25,934,362
Granite Construction, Inc. (b)

    340,740   13,554,637
MYR Group, Inc. (a)

    129,877   17,967,184
          131,692,621
CONSUMER FINANCE — 1.0%          
Bread Financial Holdings, Inc. (b)

    389,121   12,214,508
Encore Capital Group, Inc. (a)  (b)

    182,130   8,855,161
Enova International, Inc. (a)

    242,357   12,874,004
EZCORP, Inc. Class A (a)

    403,991   3,385,445
Green Dot Corp. Class A (a)

    358,750   6,722,975
Navient Corp.

    772,209   14,347,643
PRA Group, Inc. (a)

    303,359   6,931,753
PROG Holdings, Inc. (a)

    362,958   11,658,211
World Acceptance Corp. (a)  (b)

    25,731   3,448,211
          80,437,911
CONSUMER STAPLES DISTRIBUTION & RETAIL — 0.7%          
Andersons, Inc.

    244,241   11,271,722
Chefs' Warehouse, Inc. (a)  (b)

    277,348   9,917,964
PriceSmart, Inc.

    195,096   14,448,810
SpartanNash Co.

    271,730   6,116,642
United Natural Foods, Inc. (a)

    460,734   9,007,350
          50,762,488
CONTAINERS & PACKAGING — 0.4%          
Myers Industries, Inc.

    283,905   5,516,274
O-I Glass, Inc. (a)

    1,207,403   25,753,906
          31,270,180
DIVERSIFIED CONSUMER SERVICES — 0.9%          
Adtalem Global Education, Inc. (a)

    338,654   11,629,378
Security Description     Shares   Value
Frontdoor, Inc. (a)

    635,243   $ 20,264,252
Mister Car Wash, Inc. (a)  (b)

    623,896   6,020,596
Perdoceo Education Corp. (a)

    522,490   6,410,952
Strategic Education, Inc. (b)

    173,768   11,788,421
Stride, Inc. (a)

    317,428   11,817,845
          67,931,444
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITs) — 0.8%          
Alexander & Baldwin, Inc. REIT

    563,300   10,466,114
American Assets Trust, Inc. REIT

    404,754   7,771,277
Armada Hoffler Properties, Inc. REIT

    526,030   6,144,030
Essential Properties Realty Trust, Inc. REIT

    1,162,190   27,357,953
Global Net Lease, Inc. REIT (b)

    805,221   8,277,672
          60,017,046
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.6%          
ATN International, Inc.

    86,383   3,161,618
Cogent Communications Holdings, Inc.

    334,226   22,490,068
Consolidated Communications Holdings, Inc. (a)

    606,964   2,324,672
Lumen Technologies, Inc. (b)

    7,178,612   16,223,663
          44,200,021
ELECTRIC UTILITIES — 0.3%          
Otter Tail Corp. (b)

    324,326   25,608,781
ELECTRICAL EQUIPMENT — 0.5%          
Encore Wire Corp. (b)

    139,723   25,978,697
Powell Industries, Inc.

    71,052   4,305,041
SunPower Corp. (a)  (b)

    674,319   6,608,326
          36,892,064
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 4.3%          
Advanced Energy Industries, Inc.

    291,885   32,530,583
Arlo Technologies, Inc. (a)

    722,498   7,882,453
Badger Meter, Inc.

    228,007   33,644,713
Benchmark Electronics, Inc.

    275,702   7,121,383
CTS Corp.

    244,749   10,433,650
ePlus, Inc. (a)

    208,848   11,758,142
Fabrinet (a)

    282,372   36,674,475
Insight Enterprises, Inc. (a)  (b)

    225,110   32,942,598
Itron, Inc. (a)

    353,167   25,463,341
 
See accompanying notes to financial statements.
81


Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Knowles Corp. (a)

    709,409   $ 12,811,927
Methode Electronics, Inc.

    279,277   9,361,365
OSI Systems, Inc. (a)

    120,851   14,239,873
PC Connection, Inc.

    90,592   4,085,699
Plexus Corp. (a)

    214,874   21,109,222
Rogers Corp. (a)

    144,707   23,432,405
Sanmina Corp. (a)

    453,859   27,354,082
ScanSource, Inc. (a)

    192,665   5,695,177
TTM Technologies, Inc. (a)

    796,077   11,065,470
          327,606,558
ENERGY EQUIPMENT & SERVICES — 1.8%          
Archrock, Inc. (b)

    1,045,683   10,718,251
Bristow Group, Inc. (a)

    181,688   5,219,896
Core Laboratories, Inc. (b)

    361,734   8,410,315
Dril-Quip, Inc. (a)

    264,513   6,155,217
Helix Energy Solutions Group, Inc. (a)

    1,103,499   8,143,823
Helmerich & Payne, Inc. (b)

    797,748   28,280,166
Nabors Industries Ltd. (a)  (b)

    70,189   6,529,683
NexTier Oilfield Solutions, Inc. (a)

    1,162,715   10,394,672
Oceaneering International, Inc. (a)  (b)

    782,618   14,634,957
Oil States International, Inc. (a)

    515,510   3,850,860
Patterson-UTI Energy, Inc.

    1,618,665   19,375,420
ProPetro Holding Corp. (a)

    749,076   6,172,386
RPC, Inc. (b)

    641,400   4,586,010
U.S. Silica Holdings, Inc. (a)

    597,097   7,242,787
          139,714,443
ENTERTAINMENT — 0.2%          
Cinemark Holdings, Inc. (a)  (b)

    840,453   13,867,474
Marcus Corp. (b)

    196,520   2,914,392
          16,781,866
FINANCIAL SERVICES — 1.6%          
EVERTEC, Inc.

    505,774   18,627,656
Mr Cooper Group, Inc. (a)

    529,146   26,795,953
NMI Holdings, Inc. Class A (a)

    647,001   16,705,566
Payoneer Global, Inc. (a)

    1,594,660   7,670,315
Radian Group, Inc.

    1,216,064   30,742,098
Walker & Dunlop, Inc.

    240,946   19,056,419
          119,598,007
FOOD PRODUCTS — 1.9%          
B&G Foods, Inc.

    559,532   7,788,685
Calavo Growers, Inc. (b)

    136,908   3,973,070
Cal-Maine Foods, Inc.

    295,105   13,279,725
Fresh Del Monte Produce, Inc.

    237,874   6,115,741
Hain Celestial Group, Inc. (a)

    693,488   8,675,535
Hostess Brands, Inc. (a)

    1,033,188   26,160,320
Security Description     Shares   Value
J & J Snack Foods Corp.

    116,702   $ 18,480,929
John B Sanfilippo & Son, Inc.

    69,423   8,141,235
Seneca Foods Corp. Class A (a)

    43,532   1,422,626
Simply Good Foods Co. (a)

    657,656   24,063,633
Tootsie Roll Industries, Inc. (b)

    139,080   4,924,823
TreeHouse Foods, Inc. (a)

    393,946   19,846,999
          142,873,321
GAS UTILITIES — 0.4%          
Chesapeake Utilities Corp.

    138,201   16,445,919
Northwest Natural Holding Co.

    281,831   12,132,825
          28,578,744
GROUND TRANSPORTATION — 0.7%          
ArcBest Corp.

    186,068   18,383,518
Heartland Express, Inc.

    360,555   5,916,708
Marten Transport Ltd.

    447,448   9,620,132
RXO, Inc. (a)

    908,877   20,604,242
          54,524,600
HEALTH CARE EQUIPMENT & SUPPLIES — 2.8%          
AngioDynamics, Inc. (a)

    301,872   3,148,525
Artivion, Inc. (a)

    325,089   5,588,280
Avanos Medical, Inc. (a)

    361,903   9,250,241
CONMED Corp. (b)

    237,807   32,315,593
Embecta Corp. (b)

    444,728   9,606,125
Glaukos Corp. (a)

    374,889   26,695,846
Integer Holdings Corp. (a)  (b)

    258,684   22,921,989
LeMaitre Vascular, Inc.

    151,259   10,176,705
Merit Medical Systems, Inc. (a)

    447,259   37,408,743
NuVasive, Inc. (a)

    407,530   16,949,173
OraSure Technologies, Inc. (a)

    579,254   2,902,063
Orthofix Medical, Inc. (a)

    276,801   4,999,026
Tandem Diabetes Care, Inc. (a)

    501,884   12,316,233
UFP Technologies, Inc. (a)  (b)

    54,346   10,534,972
Varex Imaging Corp. (a)  (b)

    313,013   7,377,716
Zynex, Inc. (a)  (b)

    178,615   1,712,918
          213,904,148
HEALTH CARE PROVIDERS & SERVICES — 3.4%          
AdaptHealth Corp. (a)  (b)

    591,821   7,202,462
Addus HomeCare Corp. (a)

    125,763   11,658,230
Agiliti, Inc. (a)  (b)

    269,642   4,449,093
AMN Healthcare Services, Inc. (a)  (b)

    308,342   33,646,279
Apollo Medical Holdings, Inc. (a)  (b)

    312,195   9,865,362
 
See accompanying notes to financial statements.
82


Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Community Health Systems, Inc. (a)

    1,021,170   $ 4,493,148
CorVel Corp. (a)

    70,622   13,665,357
Cross Country Healthcare, Inc. (a)  (b)

    264,456   7,425,924
Enhabit, Inc. (a)  (b)

    401,421   4,616,341
Ensign Group, Inc.

    435,562   41,578,749
Fulgent Genetics, Inc. (a)  (b)

    153,961   5,701,176
ModivCare, Inc. (a)

    98,467   4,451,693
NeoGenomics, Inc. (a)

    991,128   15,927,427
OmniAb, Inc. (a)  (d)

    84,362  
Owens & Minor, Inc. (a)

    591,514   11,262,427
Pediatrix Medical Group, Inc. (a)

    639,586   9,088,517
Privia Health Group, Inc. (a)

    728,195   19,013,171
RadNet, Inc. (a)

    446,061   14,550,510
Select Medical Holdings Corp. (b)

    810,457   25,821,160
U.S. Physical Therapy, Inc.

    114,342   13,879,975
          258,297,001
HEALTH CARE REITs — 0.5%          
CareTrust REIT, Inc.

    772,777   15,347,351
Community Healthcare Trust, Inc. REIT

    191,905   6,336,703
LTC Properties, Inc. REIT (b)

    321,263   10,608,104
Universal Health Realty Income Trust REIT

    98,035   4,664,506
          36,956,664
HEALTH CARE TECHNOLOGY — 0.9%          
Certara, Inc. (a)  (b)

    819,374   14,920,801
Computer Programs & Systems, Inc. (a)

    115,009   2,839,572
HealthStream, Inc.

    188,479   4,629,044
NextGen Healthcare, Inc. (a)  (b)

    414,156   6,717,610
Schrodinger, Inc. (a)  (b)

    419,334   20,933,153
Simulations Plus, Inc. (b)

    122,220   5,295,793
Veradigm, Inc. (a)

    847,583   10,679,546
          66,015,519
HOTEL & RESORT REITs — 0.9%          
Chatham Lodging Trust REIT

    393,515   3,683,300
DiamondRock Hospitality Co. REIT

    1,628,956   13,047,938
Pebblebrook Hotel Trust REIT (b)

    955,853   13,324,591
Service Properties Trust REIT

    1,284,101   11,158,838
Summit Hotel Properties, Inc. REIT

    830,000   5,403,300
Sunstone Hotel Investors, Inc. REIT (b)

    1,609,009   16,283,171
Security Description     Shares   Value
Xenia Hotels & Resorts, Inc. REIT

    849,579   $ 10,458,317
          73,359,455
HOTELS, RESTAURANTS & LEISURE — 2.2%          
BJ's Restaurants, Inc. (a)

    182,151   5,792,402
Bloomin' Brands, Inc. (b)

    678,345   18,240,697
Brinker International, Inc. (a)  (b)

    343,975   12,589,485
Cheesecake Factory, Inc. (b)

    370,802   12,822,333
Chuy's Holdings, Inc. (a)

    140,244   5,724,760
Cracker Barrel Old Country Store, Inc. (b)

    172,100   16,036,278
Dave & Buster's Entertainment, Inc. (a)  (b)

    310,950   13,855,932
Dine Brands Global, Inc.

    121,341   7,041,418
El Pollo Loco Holdings, Inc.

    144,729   1,269,273
Golden Entertainment, Inc. (a)

    172,016   7,190,269
Jack in the Box, Inc.

    160,049   15,609,579
Monarch Casino & Resort, Inc.

    103,797   7,312,499
Sabre Corp. (a)  (b)

    2,582,565   8,238,382
Shake Shack, Inc. Class A (a)

    290,966   22,613,878
Six Flags Entertainment Corp. (a)  (b)

    575,892   14,961,674
          169,298,859
HOUSEHOLD DURABLES — 3.1%          
Cavco Industries, Inc. (a)

    62,832   18,535,440
Century Communities, Inc. (b)

    221,379   16,962,059
Ethan Allen Interiors, Inc. (b)

    176,165   4,981,946
Green Brick Partners, Inc. (a)

    208,438   11,839,278
Installed Building Products, Inc. (b)

    181,093   25,381,995
iRobot Corp. (a)

    211,176   9,555,714
La-Z-Boy, Inc.

    334,617   9,583,431
LGI Homes, Inc. (a)

    161,026   21,720,797
M/I Homes, Inc. (a)

    216,211   18,851,437
MDC Holdings, Inc. (b)

    454,686   21,265,664
Meritage Homes Corp.

    286,036   40,694,342
Sonos, Inc. (a)  (b)

    996,898   16,279,344
Tri Pointe Homes, Inc. (a)

    778,310   25,575,267
          241,226,714
HOUSEHOLD PRODUCTS — 0.4%          
Central Garden & Pet Co. Class A (a)

    320,385   11,681,237
Central Garden & Pet Co. (a)

    77,770   3,015,143
WD-40 Co. (b)

    105,563   19,914,460
          34,610,840
INDUSTRIAL REITs — 0.5%          
Innovative Industrial Properties, Inc. REIT (b)

    217,866   15,906,397
 
See accompanying notes to financial statements.
83


Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
LXP Industrial Trust REIT

    2,285,918   $ 22,287,700
          38,194,097
INSURANCE — 2.2%          
Ambac Financial Group, Inc. (a)

    349,902   4,982,605
American Equity Investment Life Holding Co.

    490,788   25,574,963
AMERISAFE, Inc.

    148,394   7,912,368
Assured Guaranty Ltd.

    461,045   25,726,311
Employers Holdings, Inc.

    208,286   7,791,979
Genworth Financial, Inc. Class A (a)

    3,714,907   18,574,535
HCI Group, Inc. (b)

    54,171   3,346,685
Horace Mann Educators Corp.

    316,759   9,395,072
James River Group Holdings Ltd.

    290,978   5,313,258
Mercury General Corp.

    205,685   6,226,085
Palomar Holdings, Inc. (a)

    192,857   11,193,420
ProAssurance Corp.

    418,162   6,310,065
Safety Insurance Group, Inc.

    115,231   8,264,367
SiriusPoint Ltd. (a)

    663,171   5,988,434
Stewart Information Services Corp. (b)

    211,257   8,691,113
Trupanion, Inc. (a)  (b)

    274,596   5,404,049
United Fire Group, Inc. (b)

    168,755   3,823,988
Universal Insurance Holdings, Inc.

    213,097   3,288,087
          167,807,384
INTERACTIVE MEDIA & SERVICES — 0.7%          
Cargurus, Inc. (a)

    699,303   15,825,227
Cars.com, Inc. (a)  (b)

    481,196   9,537,305
QuinStreet, Inc. (a)

    407,528   3,598,472
Shutterstock, Inc. (b)

    187,343   9,117,984
Yelp, Inc. (a)

    535,033   19,480,551
          57,559,539
IT SERVICES — 0.3%          
Perficient, Inc. (a)

    270,764   22,562,764
LEISURE EQUIPMENT & PRODUCTS — 0.2%          
Sturm Ruger & Co., Inc.

    137,146   7,263,252
Vista Outdoor, Inc. (a)  (b)

    443,233   12,264,257
          19,527,509
LIFE SCIENCES TOOLS & SERVICES — 0.2%          
BioLife Solutions, Inc. (a)

    270,371   5,975,199
Cytek Biosciences, Inc. (a)  (b)

    618,976   5,286,055
Mesa Laboratories, Inc. (b)

    38,855   4,992,868
          16,254,122
MACHINERY — 5.5%          
3D Systems Corp. (a)  (b)

    1,017,413   10,102,911
Security Description     Shares   Value
Alamo Group, Inc.

    80,113   $ 14,733,582
Albany International Corp. Class A

    242,336   22,605,102
Astec Industries, Inc.

    176,012   7,997,985
Barnes Group, Inc.

    393,229   16,590,332
CIRCOR International, Inc. (a)

    158,001   8,919,157
Enerpac Tool Group Corp.

    443,865   11,984,355
EnPro Industries, Inc.

    162,232   21,662,839
ESCO Technologies, Inc.

    200,213   20,748,073
Federal Signal Corp.

    473,540   30,320,766
Franklin Electric Co., Inc.

    301,772   31,052,339
Greenbrier Cos., Inc.

    247,427   10,664,104
Hillenbrand, Inc.

    541,053   27,745,198
John Bean Technologies Corp.

    247,491   30,020,658
Kennametal, Inc. (b)

    623,873   17,711,755
Lindsay Corp.

    85,430   10,195,216
Mueller Industries, Inc.

    443,376   38,697,857
Proto Labs, Inc. (a)

    202,967   7,095,726
SPX Technologies, Inc. (a)

    353,877   30,068,929
Standex International Corp.

    92,460   13,080,316
Tennant Co.

    143,711   11,656,399
Titan International, Inc. (a)

    394,690   4,531,041
Trinity Industries, Inc. (b)

    630,370   16,206,813
Wabash National Corp. (b)

    368,313   9,443,545
          423,834,998
MARINE TRANSPORTATION — 0.3%          
Matson, Inc.

    278,682   21,661,952
MEDIA — 0.7%          
AMC Networks, Inc. Class A (a)

    225,997   2,700,664
DISH Network Corp. Class A (a)  (b)

    1,982,234   13,062,922
EW Scripps Co. Class A (a)

    466,090   4,264,724
John Wiley & Sons, Inc. Class A

    334,906   11,396,851
Scholastic Corp.

    226,397   8,804,579
TechTarget, Inc. (a)  (b)

    200,077   6,228,397
Thryv Holdings, Inc. (a)

    239,621   5,894,677
          52,352,814
METALS & MINING — 2.1%          
Arconic Corp. (a)

    779,343   23,052,966
ATI, Inc. (a)  (b)

    1,000,080   44,233,539
Carpenter Technology Corp. (b)

    377,351   21,180,712
Century Aluminum Co. (a)  (b)

    413,121   3,602,415
Compass Minerals International, Inc. (b)

    264,840   9,004,560
Ferroglobe PLC (a)  (d)

    5,429  
Fresh Market, Inc. (a)  (d)

    2,244  
Haynes International, Inc. (b)

    99,039   5,033,162
Kaiser Aluminum Corp. (b)

    123,952   8,879,921
Materion Corp.

    160,185   18,293,127
 
See accompanying notes to financial statements.
84


Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Olympic Steel, Inc.

    77,289   $ 3,787,161
SunCoke Energy, Inc.

    647,157   5,093,126
TimkenSteel Corp. (a)  (b)

    302,176   6,517,936
Warrior Met Coal, Inc.

    403,796   15,727,854
          164,406,479
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 1.5%          
Apollo Commercial Real Estate Finance, Inc. REIT (b)

    1,009,312   11,425,412
Arbor Realty Trust, Inc. REIT

    1,397,522   20,711,276
ARMOUR Residential REIT, Inc. (b)

    1,537,008   8,192,253
Ellington Financial, Inc. REIT (b)

    494,094   6,818,497
Franklin BSP Realty Trust, Inc. REIT (b)

    638,158   9,036,317
Invesco Mortgage Capital, Inc. REIT (b)

    330,913   3,795,572
KKR Real Estate Finance Trust, Inc. REIT (b)

    448,902   5,463,137
New York Mortgage Trust, Inc. REIT (b)

    706,282   7,006,317
PennyMac Mortgage Investment Trust REIT

    678,947   9,152,206
Ready Capital Corp. REIT (b)

    1,253,421   14,138,589
Redwood Trust, Inc. REIT (b)

    882,241   5,619,875
Two Harbors Investment Corp. REIT (b)

    750,069   10,410,958
          111,770,409
MULTI-UTILITIES — 0.4%          
Avista Corp. (b)

    588,394   23,106,232
Unitil Corp.

    124,605   6,318,720
          29,424,952
OFFICE REITs — 0.9%          
Brandywine Realty Trust REIT

    1,328,805   6,178,943
Douglas Emmett, Inc. REIT (b)

    1,328,308   16,696,832
Easterly Government Properties, Inc. REIT (b)

    730,438   10,591,351
Hudson Pacific Properties, Inc. REIT (b)

    989,575   4,176,006
JBG SMITH Properties REIT (b)

    752,586   11,318,893
Office Properties Income Trust REIT (b)

    392,773   3,024,352
Orion Office REIT, Inc.

    456,157   3,015,198
SL Green Realty Corp. REIT (b)

    499,935   15,023,047
          70,024,622
OIL, GAS & CONSUMABLE FUELS — 2.8%          
Baytex Energy Corp. (a)

    8,254   26,908
Security Description     Shares   Value
California Resources Corp.

    551,147   $ 24,961,448
Callon Petroleum Co. (a)

    398,826   13,986,828
Civitas Resources, Inc. (b)

    381,545   26,467,777
Comstock Resources, Inc. (b)

    709,629   8,231,696
CONSOL Energy, Inc.

    247,700   16,796,537
CVR Energy, Inc. (b)

    225,731   6,762,901
Dorian LPG Ltd.

    246,748   6,329,086
Green Plains, Inc. (a)

    462,344   14,905,970
Northern Oil & Gas, Inc. (b)

    629,372   21,600,047
Par Pacific Holdings, Inc. (a)  (b)

    435,719   11,594,483
REX American Resources Corp. (a)

    122,498   4,264,155
SM Energy Co.

    937,158   29,642,307
Talos Energy, Inc. (a)  (b)

    846,234   11,737,266
Vital Energy, Inc. (a)  (b)

    146,619   6,619,848
World Kinect Corp.

    482,293   9,973,819
          213,901,076
PAPER & FOREST PRODUCTS — 0.2%          
Clearwater Paper Corp. (a)

    135,367   4,239,695
Mercer International, Inc.

    325,120   2,623,718
Sylvamo Corp.

    247,744   10,021,245
          16,884,658
PASSENGER AIRLINES — 0.5%          
Allegiant Travel Co. (a)

    121,656   15,362,720
Hawaiian Holdings, Inc. (a)  (b)

    400,898   4,317,671
SkyWest, Inc. (a)

    345,068   14,051,169
Sun Country Airlines Holdings, Inc. (a)  (b)

    288,544   6,486,469
          40,218,029
PERSONAL CARE PRODUCTS — 1.4%          
Edgewell Personal Care Co. (b)

    397,629   16,426,054
elf Beauty, Inc. (a)

    393,886   44,993,598
Inter Parfums, Inc.

    139,312   18,839,162
Medifast, Inc. (b)

    84,309   7,769,917
Nu Skin Enterprises, Inc. Class A

    387,483   12,864,436
USANA Health Sciences, Inc. (a)

    86,505   5,453,275
          106,346,442
PHARMACEUTICALS — 1.6%          
Amphastar Pharmaceuticals, Inc. (a)

    292,483   16,808,998
ANI Pharmaceuticals, Inc. (a)

    109,968   5,919,578
Collegium Pharmaceutical, Inc. (a)  (b)

    273,725   5,882,350
Corcept Therapeutics, Inc. (a)  (b)

    702,375   15,627,844
 
See accompanying notes to financial statements.
85


Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Harmony Biosciences Holdings, Inc. (a)

    232,347   $ 8,176,291
Innoviva, Inc. (a)  (b)

    456,262   5,808,215
Ligand Pharmaceuticals, Inc. (a)  (b)

    127,309   9,178,979
Pacira BioSciences, Inc. (a)

    357,199   14,312,964
Phibro Animal Health Corp. Class A

    161,118   2,207,317
Prestige Consumer Healthcare, Inc. (a)

    386,331   22,959,651
Supernus Pharmaceuticals, Inc. (a)

    423,087   12,717,995
          119,600,182
PROFESSIONAL SERVICES — 1.2%          
CSG Systems International, Inc.

    235,939   12,443,423
Forrester Research, Inc. (a)

    90,383   2,629,242
Heidrick & Struggles International, Inc.

    160,670   4,252,935
Kelly Services, Inc. Class A

    252,940   4,454,273
Korn Ferry

    407,383   20,181,754
NV5 Global, Inc. (a)

    97,456   10,795,201
Resources Connection, Inc.

    256,914   4,036,119
TrueBlue, Inc. (a)

    239,465   4,240,925
TTEC Holdings, Inc. (b)

    146,044   4,942,129
Verra Mobility Corp. (a)

    1,087,138   21,438,361
          89,414,362
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.8%          
Anywhere Real Estate, Inc. (a)

    853,541   5,701,654
Cushman & Wakefield PLC (a)

    1,268,822   10,378,964
eXp World Holdings, Inc. (b)

    571,649   11,593,042
Kennedy-Wilson Holdings, Inc.

    920,449   15,030,932
Marcus & Millichap, Inc. (b)

    187,567   5,910,236
RE/MAX Holdings, Inc. Class A

    147,782   2,846,281
St. Joe Co. (b)

    262,775   12,702,544
          64,163,653
RESIDENTIAL REITs — 0.5%          
Centerspace REIT

    115,898   7,111,501
Elme Communities REIT

    680,764   11,191,760
NexPoint Residential Trust, Inc. REIT

    177,000   8,049,960
Veris Residential, Inc. REIT (a)

    618,917   9,933,618
          36,286,839
RETAIL REITs — 2.0%          
Acadia Realty Trust REIT

    738,862   10,632,224
Getty Realty Corp. REIT (b)

    352,909   11,935,382
Security Description     Shares   Value
Macerich Co. REIT

    1,681,809   $ 18,953,988
Phillips Edison & Co., Inc. REIT (b)

    915,752   31,208,828
Retail Opportunity Investments Corp. REIT

    978,626   13,221,237
RPT Realty REIT

    671,332   7,015,419
Saul Centers, Inc. REIT

    104,156   3,836,066
SITE Centers Corp. REIT

    1,414,883   18,704,753
Tanger Factory Outlet Centers, Inc. REIT

    817,328   18,038,429
Urban Edge Properties REIT (b)

    913,074   14,088,732
Urstadt Biddle Properties, Inc. Class A REIT

    232,268   4,938,018
Whitestone REIT

    374,229   3,630,021
          156,203,097
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 4.7%          
Alpha & Omega Semiconductor Ltd. (a)

    172,052   5,643,306
Axcelis Technologies, Inc. (a)

    254,493   46,656,202
CEVA, Inc. (a)

    186,851   4,774,043
Cohu, Inc. (a)  (b)

    369,237   15,345,490
Diodes, Inc. (a)

    355,668   32,895,733
FormFactor, Inc. (a)

    599,543   20,516,361
Ichor Holdings Ltd. (a)

    225,277   8,447,888
Kulicke & Soffa Industries, Inc. (b)

    439,990   26,157,405
MaxLinear, Inc. (a)  (b)

    571,787   18,045,598
Onto Innovation, Inc. (a)

    380,757   44,346,768
PDF Solutions, Inc. (a)

    231,982   10,462,388
Photronics, Inc. (a)

    484,930   12,506,345
Rambus, Inc. (a)

    846,996   54,351,733
Semtech Corp. (a)

    496,419   12,638,828
SiTime Corp. (a)  (b)

    128,887   15,204,799
SMART Global Holdings, Inc. (a)  (b)

    380,784   11,046,544
Ultra Clean Holdings, Inc. (a)

    347,052   13,347,620
Veeco Instruments, Inc. (a)

    400,968   10,296,858
          362,683,909
SOFTWARE — 3.0%          
8x8, Inc. (a)  (b)

    915,170   3,871,169
A10 Networks, Inc.

    498,721   7,276,339
Adeia, Inc.

    823,791   9,069,939
Agilysys, Inc. (a)

    154,501   10,604,949
Alarm.com Holdings, Inc. (a)

    387,338   20,017,628
Cerence, Inc. (a)  (b)

    312,785   9,142,705
Consensus Cloud Solutions, Inc. (a)

    135,112   4,188,472
Digital Turbine, Inc. (a)  (b)

    698,822   6,485,068
DoubleVerify Holdings, Inc. (a)

    685,329   26,673,005
Ebix, Inc. (b)

    188,072   4,739,414
InterDigital, Inc. (b)

    207,826   20,065,600
LiveRamp Holdings, Inc. (a)

    502,482   14,350,886
 
See accompanying notes to financial statements.
86


Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
N-able, Inc. (a)

    521,939   $ 7,521,141
OneSpan, Inc. (a)

    285,890   4,242,608
Progress Software Corp. (b)

    336,635   19,558,493
SPS Commerce, Inc. (a)

    284,231   54,589,406
Xperi, Inc. (a)

    338,344   4,449,224
          226,846,046
SPECIALIZED REITs — 0.7%          
Four Corners Property Trust, Inc. REIT

    680,601   17,287,265
Outfront Media, Inc. REIT

    1,141,033   17,937,039
Safehold, Inc. REIT (b)

    312,056   7,405,089
Uniti Group, Inc. REIT

    1,849,499   8,544,685
          51,174,078
SPECIALTY RETAIL — 4.4%          
Aaron's Co., Inc.

    245,545   3,472,006
Abercrombie & Fitch Co. Class A (a)  (b)

    388,703   14,646,329
Academy Sports & Outdoors, Inc. (b)

    599,559   32,406,164
American Eagle Outfitters, Inc. (b)

    1,435,628   16,940,410
America's Car-Mart, Inc. (a)  (b)

    44,662   4,456,374
Asbury Automotive Group, Inc. (a)  (b)

    167,549   40,282,131
Boot Barn Holdings, Inc. (a)

    231,727   19,624,960
Buckle, Inc. (b)

    230,713   7,982,670
Caleres, Inc. (b)

    281,136   6,727,584
Chico's FAS, Inc. (a)

    954,165   5,104,783
Designer Brands, Inc. Class A (b)

    405,405   4,094,590
Group 1 Automotive, Inc.

    109,998   28,390,484
Guess?, Inc. (b)

    231,307   4,498,921
Haverty Furniture Cos., Inc.

    108,349   3,274,307
Hibbett, Inc. (b)

    98,195   3,563,496
Leslie's, Inc. (a)  (b)

    1,155,987   10,854,718
MarineMax, Inc. (a)  (b)

    168,989   5,772,664
Monro, Inc. (b)

    243,586   9,896,899
National Vision Holdings, Inc. (a)  (b)

    606,641   14,735,310
ODP Corp. (a)

    263,639   12,343,578
Sally Beauty Holdings, Inc. (a)  (b)

    834,531   10,306,458
Shoe Carnival, Inc. (b)

    135,982   3,192,857
Signet Jewelers Ltd. (b)

    350,710   22,887,335
Sleep Number Corp. (a)

    178,052   4,857,259
Sonic Automotive, Inc. Class A (b)

    123,074   5,866,938
Upbound Group, Inc. (b)

    390,866   12,167,659
Urban Outfitters, Inc. (a)

    467,563   15,490,362
Victoria's Secret & Co. (a)

    613,745   10,697,575
          334,534,821
Security Description     Shares   Value
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 0.2%          
Avid Technology, Inc. (a)

    258,301   $ 6,586,676
Corsair Gaming, Inc. (a)

    315,903   5,604,119
          12,190,795
TEXTILES, APPAREL & LUXURY GOODS — 1.0%          
G-III Apparel Group Ltd. (a)

    317,604   6,120,229
Hanesbrands, Inc. (b)

    2,713,946   12,321,315
Kontoor Brands, Inc. (b)

    387,769   16,325,075
Movado Group, Inc.

    126,262   3,387,609
Oxford Industries, Inc.

    115,099   11,328,044
Steven Madden Ltd. (b)

    555,286   18,152,299
Wolverine World Wide, Inc. (b)

    615,226   9,037,670
          76,672,241
TOBACCO — 0.3%          
Universal Corp.

    190,463   9,511,722
Vector Group Ltd.

    1,029,485   13,187,703
          22,699,425
TRADING COMPANIES & DISTRIBUTORS — 1.6%          
Applied Industrial Technologies, Inc.

    300,727   43,554,291
Boise Cascade Co.

    307,791   27,808,917
DXP Enterprises, Inc. (a)

    112,562   4,098,382
GMS, Inc. (a)

    321,096   22,219,843
NOW, Inc. (a)

    829,302   8,591,569
Veritiv Corp.

    105,150   13,207,892
          119,480,894
WATER UTILITIES — 1.0%          
American States Water Co.

    287,503   25,012,761
California Water Service Group

    435,266   22,472,784
Middlesex Water Co.

    137,207   11,067,117
SJW Group

    216,377   15,170,191
          73,722,853
WIRELESS TELECOMMUNICATION SERVICES — 0.3%          
Gogo, Inc. (a)  (b)

    508,460   8,648,904
Shenandoah Telecommunications Co.

    389,479   7,567,577
Telephone & Data Systems, Inc. (b)

    764,643   6,293,012
          22,509,493
TOTAL COMMON STOCKS

(Cost $7,443,458,945)

        7,638,266,498
    
 
See accompanying notes to financial statements.
87


Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 8.7%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (e)  (f)

  4,663,221   $ 4,664,154
State Street Navigator Securities Lending Portfolio II (g)  (h)

  658,928,677   658,928,677
TOTAL SHORT-TERM INVESTMENTS

(Cost $663,592,831)

        663,592,831
TOTAL INVESTMENTS — 108.5%

(Cost $8,107,051,776)

  8,301,859,329  
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.5)%

  (650,290,042)  
NET ASSETS — 100.0%

  $ 7,651,569,287  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(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 June 30, 2023, total aggregate fair value of the security is $0, representing 0.00% of the Fund's 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 June 30, 2023 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at June 30, 2023.
(g) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(h) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
88


Table of Contents
SPDR PORTFOLIO S&P 600 SMALL CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

At June 30, 2023, open futures contracts were as follows:
Description   Number of
Contracts
  Expiration
Date
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
E-mini Russell 2000 Index (long)   62   09/15/2023   $5,895,111   $5,901,470   $6,359
 
During the period ended June 30, 2023, average notional value related to futures contracts was $4,575,091.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $7,638,263,146   $3,352   $ 0(a)   $7,638,266,498
Short-Term Investments

  663,592,831       663,592,831
TOTAL INVESTMENTS

  $8,301,855,977   $3,352   $ 0   $8,301,859,329
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts - Unrealized Appreciation

  $ 6,359   $   $—   $ 6,359
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 6,359   $   $—   $ 6,359
(a) Fund held a Level 3 security that was valued at $0 at June 30, 2023.
 
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
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

6,586,637   $ 6,585,978   $ 234,161,687   $ 236,083,389   $(208)   $86   4,663,221   $ 4,664,154   $ 188,639
State Street Navigator Securities Lending Portfolio II

162,702,935   162,702,935   1,878,812,610   1,382,586,868       658,928,677   658,928,677   1,175,774
Total

    $169,288,913   $ 2,112,974,297   $1,618,670,257   $(208)   $86       $663,592,831   $1,364,413
See accompanying notes to financial statements.
89


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
AEROSPACE & DEFENSE — 1.7%  
AAR Corp. (a)

  5,550   $ 320,568
Aerojet Rocketdyne Holdings, Inc. (a)

  11,703   642,144
AeroVironment, Inc. (a)

  3,256   333,024
Axon Enterprise, Inc. (a)

  10,323   2,014,224
Boeing Co. (a)

  91,314   19,281,864
BWX Technologies, Inc.

  14,720   1,053,510
Curtiss-Wright Corp.

  6,965   1,279,192
General Dynamics Corp.

  36,811   7,919,887
Hexcel Corp.

  13,776   1,047,251
Howmet Aerospace, Inc.

  62,866   3,115,639
Huntington Ingalls Industries, Inc.

  6,748   1,535,845
Kaman Corp.

  4,496   109,388
L3Harris Technologies, Inc.

  31,960   6,256,809
Lockheed Martin Corp.

  37,636   17,326,862
Mercury Systems, Inc. (a)

  8,685   300,414
Moog, Inc. Class A

  4,722   512,006
National Presto Industries, Inc.

  108   7,906
Northrop Grumman Corp.

  23,423   10,676,203
Raytheon Technologies Corp.

  239,350   23,446,726
Textron, Inc.

  36,605   2,475,596
TransDigm Group, Inc.

  8,347   7,463,637
Triumph Group, Inc. (a)

  10,652   131,765
Woodward, Inc.

  9,276   1,103,009
          108,353,469
AIR FREIGHT & LOGISTICS — 0.6%  
CH Robinson Worldwide, Inc.

  21,854   2,061,925
Expeditors International of Washington, Inc.

  27,115   3,284,440
FedEx Corp.

  38,450   9,531,755
Forward Air Corp.

  4,600   488,106
GXO Logistics, Inc. (a)

  15,291   960,581
Hub Group, Inc. Class A (a)

  5,350   429,712
United Parcel Service, Inc. Class B

  115,726   20,743,885
          37,500,404
AUTOMOBILE COMPONENTS — 0.2%  
Adient PLC (a)

  14,298   547,899
American Axle & Manufacturing Holdings, Inc. (a)

  14,939   123,546
Aptiv PLC (a)

  42,448   4,333,516
Autoliv, Inc.

  12,495   1,062,575
BorgWarner, Inc.

  38,716   1,893,600
Dana, Inc.

  24,501   416,517
Dorman Products, Inc. (a)

  4,748   374,285
Fox Factory Holding Corp. (a)

  5,876   637,605
Gentex Corp.

  39,416   1,153,312
Gentherm, Inc. (a)

  5,181   292,778
Goodyear Tire & Rubber Co. (a)

  44,914   614,423
LCI Industries

  4,292   542,337
Lear Corp.

  8,994   1,291,089
Patrick Industries, Inc.

  3,103   248,240
Security Description     Shares   Value
Standard Motor Products, Inc.

  2,543   $ 95,413
Visteon Corp. (a)

  4,583   658,165
XPEL, Inc. (a)

  2,400   202,128
          14,487,428
AUTOMOBILES — 2.0%  
Ford Motor Co.

  622,908   9,424,598
General Motors Co.

  230,333   8,881,640
Harley-Davidson, Inc.

  24,569   865,075
Tesla, Inc. (a)

  433,409   113,453,474
Thor Industries, Inc. (b)

  8,591   889,169
Winnebago Industries, Inc. (b)

  5,325   355,124
          133,869,080
BANKS — 4.0%  
Ameris Bancorp (b)

  8,949   306,145
Associated Banc-Corp.

  25,494   413,768
Atlantic Union Bankshares Corp.

  12,095   313,865
Axos Financial, Inc. (a)

  8,816   347,703
Banc of California, Inc.

  8,427   97,585
BancFirst Corp.

  2,833   260,636
Bancorp, Inc. (a)

  8,358   272,889
Bank of America Corp.

  1,127,124   32,337,188
Bank of Hawaii Corp. (b)

  6,649   274,138
Bank of New York Mellon Corp.

  128,480   5,719,930
Bank OZK

  19,415   779,706
BankUnited, Inc.

  14,610   314,845
Banner Corp.

  5,098   222,630
Berkshire Hills Bancorp, Inc.

  7,210   149,463
Brookline Bancorp, Inc.

  13,581   118,698
Cadence Bank

  27,819   546,365
Capitol Federal Financial, Inc.

  21,071   130,008
Cathay General Bancorp

  11,970   385,314
Central Pacific Financial Corp.

  5,392   84,708
Citigroup, Inc.

  307,692   14,166,140
Citizens Financial Group, Inc.

  78,633   2,050,749
City Holding Co. (b)

  2,722   244,953
Columbia Banking System, Inc.

  30,828   625,192
Comerica, Inc.

  22,313   945,179
Commerce Bancshares, Inc.

  18,705   910,933
Community Bank System, Inc.

  8,576   402,043
Cullen/Frost Bankers, Inc.

  9,314   1,001,534
Customers Bancorp, Inc. (a)

  5,453   165,008
CVB Financial Corp. (b)

  19,773   262,585
Dime Community Bancshares, Inc.

  5,345   94,232
Eagle Bancorp, Inc.

  5,554   117,523
East West Bancorp, Inc.

  22,919   1,209,894
FB Financial Corp.

  3,195   89,620
Fifth Third Bancorp

  112,790   2,956,226
First BanCorp (c)

  34,855   425,928
First BanCorp (c)

  1,341   39,895
First Commonwealth Financial Corp.

  16,222   205,208
First Financial Bancorp

  14,274   291,761
First Financial Bankshares, Inc.

  22,393   637,977
 
See accompanying notes to financial statements.
90


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
First Hawaiian, Inc.

  21,234   $ 382,424
First Horizon Corp.

  77,597   874,518
FNB Corp.

  52,941   605,645
Fulton Financial Corp.

  26,843   319,969
Glacier Bancorp, Inc.

  14,506   452,152
Goldman Sachs Group, Inc.

  53,725   17,328,461
Hancock Whitney Corp.

  14,696   564,032
Hanmi Financial Corp.

  5,452   81,398
Heritage Financial Corp.

  5,346   86,445
Hilltop Holdings, Inc.

  9,700   305,162
Home BancShares, Inc.

  25,439   580,009
HomeStreet, Inc.

  3   18
Hope Bancorp, Inc.

  21,594   181,821
Huntington Bancshares, Inc.

  233,749   2,519,814
Independent Bank Corp.

  5,975   265,947
Independent Bank Group, Inc.

  5,688   196,407
International Bancshares Corp.

  8,819   389,800
JPMorgan Chase & Co.

  470,956   68,495,841
KeyCorp

  154,398   1,426,638
Lakeland Financial Corp.

  4,096   198,738
M&T Bank Corp.

  28,543   3,532,482
Morgan Stanley

  212,774   18,170,900
National Bank Holdings Corp. Class A

  5,572   161,811
NBT Bancorp, Inc.

  7,989   254,450
New York Community Bancorp, Inc.

  109,142   1,226,756
Northern Trust Corp.

  33,230   2,463,672
Northfield Bancorp, Inc.

  8,307   91,211
Northwest Bancshares, Inc.

  17,889   189,623
OFG Bancorp

  7,624   198,834
Old National Bancorp

  45,872   639,456
Pacific Premier Bancorp, Inc.

  15,766   326,041
PacWest Bancorp

  19,504   158,958
Park National Corp. (b)

  2,333   238,713
Pathward Financial, Inc.

  5,506   255,258
Pinnacle Financial Partners, Inc.

  11,830   670,169
PNC Financial Services Group, Inc.

  67,336   8,480,969
Preferred Bank

  2,283   125,542
Prosperity Bancshares, Inc.

  14,645   827,150
Provident Financial Services, Inc.

  11,420   186,603
Regions Financial Corp.

  154,846   2,759,356
Renasant Corp.

  9,176   239,769
S&T Bancorp, Inc.

  6,061   164,799
Seacoast Banking Corp. of Florida

  6,597   145,794
ServisFirst Bancshares, Inc. (b)

  7,571   309,805
Simmons First National Corp. Class A

  18,448   318,228
Southside Bancshares, Inc.

  5,322   139,224
SouthState Corp. (b)

  12,195   802,431
State Street Corp. (d)

  56,455   4,131,377
Stellar Bancorp, Inc.

  3,790   86,753
Synovus Financial Corp.

  23,990   725,697
Security Description     Shares   Value
Texas Capital Bancshares, Inc. (a)

  8,081   $ 416,171
Tompkins Financial Corp.

  2,005   111,679
Triumph Financial, Inc. (a)

  3,233   196,308
Truist Financial Corp.

  214,804   6,519,301
TrustCo Bank Corp. NY

  3,109   88,948
Trustmark Corp.

  10,653   224,991
U.S. Bancorp

  218,370   7,214,945
UMB Financial Corp.

  5,758   350,662
United Bankshares, Inc.

  18,053   535,633
United Community Banks, Inc.

  12,549   313,600
Valley National Bancorp

  63,146   489,381
Veritex Holdings, Inc.

  5,837   104,657
Washington Federal, Inc.

  12,460   330,439
Webster Financial Corp.

  29,506   1,113,851
Wells Fargo & Co.

  608,426   25,967,622
Westamerica BanCorp

  3,454   132,288
Wintrust Financial Corp.

  8,828   641,089
WSFS Financial Corp.

  8,150   307,418
Zions Bancorp NA

  25,763   691,994
          258,946,211
BEVERAGES — 1.6%  
Boston Beer Co., Inc. Class A (a)  (b)

  1,609   496,280
Brown-Forman Corp. Class B

  29,413   1,964,200
Celsius Holdings, Inc. (a)  (b)

  4,746   708,056
Coca-Cola Co.

  628,423   37,843,633
Coca-Cola Consolidated, Inc.

  486   309,106
Constellation Brands, Inc. Class A

  26,917   6,625,081
Keurig Dr Pepper, Inc.

  126,469   3,954,686
MGP Ingredients, Inc. (b)

  2,614   277,816
Molson Coors Beverage Co. Class B

  30,698   2,021,156
Monster Beverage Corp. (a)

  118,121   6,784,870
National Beverage Corp. (a)

  4,434   214,384
PepsiCo, Inc.

  220,091   40,765,255
          101,964,523
BIOTECHNOLOGY — 1.9%  
AbbVie, Inc.

  285,485   38,463,394
Amgen, Inc.

  85,725   19,032,664
Anika Therapeutics, Inc. (a)

  2,712   70,458
Arcus Biosciences, Inc. (a)

  7,389   150,071
Arrowhead Pharmaceuticals, Inc. (a)

  15,535   553,978
Avid Bioservices, Inc. (a)  (b)

  9,700   135,509
Biogen, Inc. (a)

  24,403   6,951,195
Catalyst Pharmaceuticals, Inc. (a)

  15,302   205,659
Coherus Biosciences, Inc. (a)  (b)

  9,812   41,897
Cytokinetics, Inc. (a)

  17,834   581,745
Dynavax Technologies Corp. (a)  (b)

  17,950   231,914
Emergent BioSolutions, Inc. (a)

  7,895   58,028
 
See accompanying notes to financial statements.
91


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

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

  2,731   $ 58,443
Exelixis, Inc. (a)

  50,203   959,379
Gilead Sciences, Inc.

  200,110   15,422,478
Halozyme Therapeutics, Inc. (a)

  20,754   748,597
Incyte Corp. (a)

  29,709   1,849,385
Ironwood Pharmaceuticals, Inc. (a)

  2,143   22,802
iTeos Therapeutics, Inc. (a)  (b)

  3,205   42,434
Moderna, Inc. (a)

  55,535   6,747,503
Myriad Genetics, Inc. (a)

  13,023   301,873
Neurocrine Biosciences, Inc. (a)

  14,834   1,398,846
Regeneron Pharmaceuticals, Inc. (a)

  17,362   12,475,291
REGENXBIO, Inc. (a)

  5,560   111,144
Spectrum Pharmaceuticals, Inc. (a)

  22   21
uniQure NV (a)

  5,665   64,921
United Therapeutics Corp. (a)

  7,153   1,579,025
Vanda Pharmaceuticals, Inc. (a)

  8,564   56,437
Vericel Corp. (a)

  12,024   451,742
Vertex Pharmaceuticals, Inc. (a)

  41,301   14,534,235
Vir Biotechnology, Inc. (a)

  11,770   288,718
Xencor, Inc. (a)

  9,153   228,550
          123,818,336
BROADLINE RETAIL — 3.0%  
Amazon.com, Inc. (a)

  1,441,535   187,918,503
eBay, Inc.

  84,372   3,770,585
Etsy, Inc. (a)

  19,580   1,656,664
Kohl's Corp. (b)

  24,890   573,714
Macy's, Inc.

  49,778   798,937
Nordstrom, Inc.

  17,509   358,409
Ollie's Bargain Outlet Holdings, Inc. (a)

  8,688   503,296
          195,580,108
BUILDING PRODUCTS — 0.7%  
A.O. Smith Corp.

  21,819   1,587,987
AAON, Inc.

  6,057   574,264
Advanced Drainage Systems, Inc. (b)

  10,136   1,153,274
Allegion PLC

  14,544   1,745,571
American Woodmark Corp. (a)

  2,662   203,297
Apogee Enterprises, Inc.

  5,204   247,034
AZZ, Inc.

  5,042   219,125
Builders FirstSource, Inc. (a)

  19,643   2,671,448
Carlisle Cos., Inc.

  8,461   2,170,500
Carrier Global Corp.

  139,288   6,924,007
Fortune Brands Innovations, Inc.

  22,272   1,602,470
Gibraltar Industries, Inc. (a)

  5,166   325,045
Griffon Corp.

  7,904   318,531
Insteel Industries, Inc.

  2,755   85,736
Johnson Controls International PLC

  114,657   7,812,728
Lennox International, Inc.

  5,415   1,765,669
Security Description     Shares   Value
Masco Corp.

  41,511   $ 2,381,901
Masterbrand, Inc. (a)

  22,272   259,023
Owens Corning

  17,258   2,252,169
PGT Innovations, Inc. (a)

  8,754   255,179
Quanex Building Products Corp. (b)

  5,335   143,245
Resideo Technologies, Inc. (a)

  7,014   123,867
Simpson Manufacturing Co., Inc.

  6,705   928,643
Trane Technologies PLC

  38,169   7,300,203
Trex Co., Inc. (a)

  18,799   1,232,463
UFP Industries, Inc.

  9,908   961,571
          45,244,950
CAPITAL MARKETS — 1.9%  
Affiliated Managers Group, Inc.

  7,422   1,112,484
Ameriprise Financial, Inc.

  18,472   6,135,660
Artisan Partners Asset Management, Inc. Class A (b)

  100   3,931
Avantax, Inc. (a)

  8,057   180,316
B Riley Financial, Inc.

  2,761   126,951
BlackRock, Inc.

  24,260   16,767,056
Brightsphere Investment Group, Inc.

  4,480   93,856
Cboe Global Markets, Inc.

  17,505   2,415,865
Charles Schwab Corp.

  246,247   13,957,280
CME Group, Inc.

  57,319   10,620,638
Donnelley Financial Solutions, Inc. (a)

  5,107   232,522
Evercore, Inc. Class A

  6,024   744,506
FactSet Research Systems, Inc.

  6,371   2,552,541
Federated Hermes, Inc.

  15,193   544,669
Franklin Resources, Inc.

  44,528   1,189,343
Interactive Brokers Group, Inc. Class A

  13,081   1,086,639
Intercontinental Exchange, Inc.

  89,455   10,115,571
Invesco Ltd.

  60,784   1,021,779
Janus Henderson Group PLC

  24,409   665,145
Jefferies Financial Group, Inc.

  32,975   1,093,781
MarketAxess Holdings, Inc.

  6,277   1,640,933
Moelis & Co. Class A (b)

  83   3,763
Moody's Corp.

  25,913   9,010,468
MSCI, Inc.

  12,988   6,095,139
Nasdaq, Inc.

  56,068   2,794,990
Piper Sandler Cos.,

  2,318   299,625
Raymond James Financial, Inc.

  29,682   3,080,101
S&P Global, Inc.

  53,699   21,527,392
SEI Investments Co.

  19,225   1,146,194
Stifel Financial Corp.

  16,682   995,415
StoneX Group, Inc. (a)

  2,665   221,408
T Rowe Price Group, Inc.

  35,994   4,032,048
Virtus Investment Partners, Inc.

  850   167,849
WisdomTree, Inc.

  18,970   130,134
          121,805,992
CHEMICALS — 1.8%  
AdvanSix, Inc.

  5,305   185,569
 
See accompanying notes to financial statements.
92


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Air Products & Chemicals, Inc.

  35,369   $ 10,594,077
Albemarle Corp.

  19,045   4,248,749
American Vanguard Corp.

  4,377   78,217
Ashland, Inc.

  8,918   775,063
Avient Corp.

  12,818   524,256
Axalta Coating Systems Ltd. (a)

  35,585   1,167,544
Balchem Corp.

  5,142   693,193
Cabot Corp.

  9,159   612,645
Celanese Corp.

  18,359   2,125,972
CF Industries Holdings, Inc.

  34,507   2,395,476
Chemours Co.

  25,971   958,070
Corteva, Inc.

  118,169   6,771,084
Dow, Inc.

  118,161   6,293,255
DuPont de Nemours, Inc.

  73,956   5,283,417
Eastman Chemical Co.

  21,786   1,823,924
Ecolab, Inc.

  39,829   7,435,676
FMC Corp.

  20,604   2,149,821
FutureFuel Corp.

  5,302   46,923
Hawkins, Inc.

  3,621   172,685
HB Fuller Co.

  8,480   606,405
Ingevity Corp. (a)

  6,617   384,845
Innospec, Inc.

  4,108   412,608
International Flavors & Fragrances, Inc.

  39,333   3,130,513
Koppers Holdings, Inc.

  2,833   96,605
Linde PLC

  79,797   30,409,041
Livent Corp. (a)  (b)

  24,283   666,083
LyondellBasell Industries NV Class A

  40,955   3,760,898
Mativ Holdings, Inc.

  9,078   137,259
Minerals Technologies, Inc.

  5,372   309,911
Mosaic Co.

  55,404   1,939,140
NewMarket Corp.

  737   296,362
Olin Corp.

  23,873   1,226,833
PPG Industries, Inc.

  37,679   5,587,796
Quaker Chemical Corp. (b)

  2,175   423,907
RPM International, Inc.

  21,149   1,897,700
Scotts Miracle-Gro Co. (b)

  6,609   414,318
Sensient Technologies Corp.

  6,958   494,923
Sherwin-Williams Co.

  37,546   9,969,214
Stepan Co.

  2,837   271,104
Trinseo PLC

  6,172   78,199
Westlake Corp.

  5,508   658,041
          117,507,321
COMMERCIAL SERVICES & SUPPLIES — 0.6%  
ABM Industries, Inc.

  10,504   447,996
Brady Corp. Class A

  7,944   377,896
Brink's Co.

  8,038   545,218
Cintas Corp.

  13,852   6,885,552
Clean Harbors, Inc. (a)

  7,966   1,309,849
Copart, Inc. (a)

  66,332   6,050,142
CoreCivic, Inc. REIT (a)

  22,402   210,803
Deluxe Corp.

  8,202   143,371
Enviri Corp. (a)

  13,567   133,906
GEO Group, Inc. (a)  (b)

  22,469   160,878
Healthcare Services Group, Inc.

  11,860   177,070
Security Description     Shares   Value
HNI Corp.

  7,025   $ 197,964
Interface, Inc.

  10,777   94,730
Liquidity Services, Inc. (a)

  4,360   71,940
Matthews International Corp. Class A

  5,420   231,000
MillerKnoll, Inc.

  10,262   151,672
MSA Safety, Inc.

  5,506   957,824
OPENLANE, Inc. (a)

  20,603   313,578
Pitney Bowes, Inc. (b)

  27,785   98,359
Republic Services, Inc.

  33,491   5,129,816
Rollins, Inc.

  33,046   1,415,360
Stericycle, Inc. (a)

  14,479   672,405
Tetra Tech, Inc.

  8,885   1,454,830
UniFirst Corp.

  2,437   377,759
Viad Corp. (a)

  2,843   76,420
Waste Management, Inc.

  61,988   10,749,959
          38,436,297
COMMUNICATIONS EQUIPMENT — 0.9%  
ADTRAN Holdings, Inc. (b)

  8,539   89,916
Arista Networks, Inc. (a)

  40,020   6,485,641
Calix, Inc. (a)

  8,832   440,805
Ciena Corp. (a)

  24,743   1,051,330
Cisco Systems, Inc.

  671,220   34,728,923
Clearfield, Inc. (a)  (b)

  1,823   86,319
Digi International, Inc. (a)

  4,957   195,256
Extreme Networks, Inc. (a)

  20,427   532,123
F5, Inc. (a)

  9,930   1,452,362
Harmonic, Inc. (a)

  20,851   337,161
Juniper Networks, Inc.

  52,531   1,645,796
Lumentum Holdings, Inc. (a)  (b)

  12,163   690,007
Motorola Solutions, Inc.

  26,849   7,874,275
NETGEAR, Inc. (a)

  5,126   72,584
NetScout Systems, Inc. (a)

  11,384   352,335
Viasat, Inc. (a)  (b)

  9,277   382,769
Viavi Solutions, Inc. (a)

  37,005   419,266
          56,836,868
CONSTRUCTION & ENGINEERING — 0.2%  
AECOM

  24,123   2,042,977
Arcosa, Inc.

  7,627   577,898
Comfort Systems USA, Inc.

  5,474   898,831
Dycom Industries, Inc. (a)

  5,118   581,661
EMCOR Group, Inc.

  8,878   1,640,477
Fluor Corp. (a)

  20,411   604,165
Granite Construction, Inc.

  8,293   329,895
MasTec, Inc. (a)  (b)

  9,238   1,089,807
MDU Resources Group, Inc.

  32,786   686,539
MYR Group, Inc. (a)

  2,617   362,036
Quanta Services, Inc.

  22,556   4,431,126
Valmont Industries, Inc.

  2,565   746,543
          13,991,955
CONSTRUCTION MATERIALS — 0.2%  
Eagle Materials, Inc.

  6,801   1,267,842
Knife River Corp. (a)

  8,174   355,569
Martin Marietta Materials, Inc.

  9,939   4,588,737
 
See accompanying notes to financial statements.
93


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Vulcan Materials Co.

  20,452   $ 4,610,699
          10,822,847
CONSUMER FINANCE — 0.5%  
American Express Co.

  98,149   17,097,556
Bread Financial Holdings, Inc.

  6,793   213,232
Capital One Financial Corp.

  66,425   7,264,902
Discover Financial Services

  39,937   4,666,638
Encore Capital Group, Inc. (a)

  5,200   252,824
Enova International, Inc. (a)

  4,372   232,241
EZCORP, Inc. Class A (a)

  8,707   72,965
FirstCash Holdings, Inc.

  6,836   638,004
Green Dot Corp. Class A (a)

  8,531   159,871
Navient Corp.

  9,263   172,106
PRA Group, Inc. (a)

  7,421   169,570
PROG Holdings, Inc. (a)

  3,401   109,240
SLM Corp.

  48,224   787,016
Synchrony Financial

  85,726   2,907,826
World Acceptance Corp. (a)  (b)

  478   64,057
          34,808,048
CONSUMER STAPLES DISTRIBUTION & RETAIL — 1.8%  
Andersons, Inc.

  5,230   241,365
BJ's Wholesale Club Holdings, Inc. (a)

  20,693   1,303,866
Casey's General Stores, Inc.

  5,432   1,324,756
Chefs' Warehouse, Inc. (a)

  3,331   119,117
Costco Wholesale Corp.

  71,205   38,335,348
Dollar General Corp.

  36,778   6,244,169
Dollar Tree, Inc. (a)

  34,448   4,943,288
Grocery Outlet Holding Corp. (a)

  11,566   354,035
Kroger Co.

  105,229   4,945,763
Performance Food Group Co. (a)

  27,175   1,637,022
PriceSmart, Inc.

  3,140   232,548
SpartanNash Co.

  5,560   125,156
Sprouts Farmers Market, Inc. (a)  (b)

  19,117   702,168
Sysco Corp.

  81,262   6,029,640
Target Corp.

  73,286   9,666,423
U.S. Foods Holding Corp. (a)

  33,068   1,454,992
United Natural Foods, Inc. (a)

  8,808   172,196
Walgreens Boots Alliance, Inc.

  114,683   3,267,319
Walmart, Inc.

  226,440   35,591,839
          116,691,010
CONTAINERS & PACKAGING — 0.3%  
Amcor PLC

  248,241   2,477,445
AptarGroup, Inc.

  10,291   1,192,315
Avery Dennison Corp.

  13,242   2,274,976
Ball Corp.

  51,945   3,023,718
Berry Global Group, Inc.

  19,260   1,239,188
Crown Holdings, Inc.

  19,360   1,681,803
Graphic Packaging Holding Co.

  49,620   1,192,369
Greif, Inc. Class A

  2,528   174,154
International Paper Co.

  62,104   1,975,528
Security Description     Shares   Value
Myers Industries, Inc.

  5,327   $ 103,504
O-I Glass, Inc. (a)

  24,805   529,091
Packaging Corp. of America

  15,132   1,999,845
Sealed Air Corp.

  24,864   994,560
Silgan Holdings, Inc.

  12,894   604,600
Sonoco Products Co.

  16,392   967,456
Westrock Co.

  42,298   1,229,603
          21,660,155
DISTRIBUTORS — 0.1%  
Genuine Parts Co.

  22,923   3,879,259
LKQ Corp.

  44,799   2,610,438
Pool Corp.

  6,591   2,469,252
          8,958,949
DIVERSIFIED CONSUMER SERVICES — 0.1%  
Adtalem Global Education, Inc. (a)

  8,025   275,578
Frontdoor, Inc. (a)

  13,242   422,420
Graham Holdings Co. Class B

  286   163,443
Grand Canyon Education, Inc. (a)

  7,196   742,699
H&R Block, Inc.

  28,711   915,020
Mister Car Wash, Inc. (a)  (b)

  12,695   122,507
Perdoceo Education Corp. (a)

  11,499   141,093
Service Corp. International

  27,724   1,790,693
Strategic Education, Inc.

  4,078   276,651
Stride, Inc. (a)

  594   22,115
          4,872,219
DIVERSIFIED REITs — 0.0% (e)  
Alexander & Baldwin, Inc. REIT

  10,700   198,806
American Assets Trust, Inc. REIT

  8,098   155,482
Armada Hoffler Properties, Inc. REIT

  8,580   100,214
Essential Properties Realty Trust, Inc. REIT

  17,450   410,773
Global Net Lease, Inc. REIT

  14,365   147,672
          1,012,947
DIVERSIFIED TELECOMMUNICATION SERVICES — 0.7%  
AT&T, Inc.

  1,135,296   18,107,971
ATN International, Inc.

  2,612   95,599
Cogent Communications Holdings, Inc.

  6,910   464,974
Consolidated Communications Holdings, Inc. (a)

  11,671   44,700
Frontier Communications Parent, Inc. (a)

  35,785   667,032
Iridium Communications, Inc.

  20,993   1,304,085
Lumen Technologies, Inc. (b)

  158,579   358,389
Verizon Communications, Inc.

  671,005   24,954,676
          45,997,426
ELECTRIC UTILITIES — 1.6%  
ALLETE, Inc.

  8,432   488,803
Alliant Energy Corp.

  40,061   2,102,401
 
See accompanying notes to financial statements.
94


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
American Electric Power Co., Inc.

  79,498   $ 6,693,732
Constellation Energy Corp.

  51,928   4,754,008
Duke Energy Corp.

  123,387   11,072,749
Edison International

  59,785   4,152,068
Entergy Corp.

  32,278   3,142,909
Evergy, Inc.

  36,666   2,142,028
Eversource Energy

  53,929   3,824,645
Exelon Corp.

  155,856   6,349,574
FirstEnergy Corp.

  86,518   3,363,820
Hawaiian Electric Industries, Inc.

  17,490   633,138
IDACORP, Inc.

  7,908   811,361
NextEra Energy, Inc.

  320,920   23,812,264
NRG Energy, Inc.

  38,806   1,450,956
OGE Energy Corp.

  32,596   1,170,522
Otter Tail Corp. (b)

  6,707   529,585
PG&E Corp. (a)

  258,614   4,468,850
Pinnacle West Capital Corp.

  18,576   1,513,201
PNM Resources, Inc.

  13,232   596,763
Portland General Electric Co.

  14,320   670,606
PPL Corp.

  121,707   3,220,367
Southern Co.

  168,873   11,863,328
Xcel Energy, Inc.

  84,472   5,251,624
          104,079,302
ELECTRICAL EQUIPMENT — 0.7%  
Acuity Brands, Inc.

  5,666   924,011
AMETEK, Inc.

  36,516   5,911,210
Eaton Corp. PLC

  63,757   12,821,533
Emerson Electric Co.

  95,427   8,625,647
Encore Wire Corp.

  2,843   528,599
EnerSys

  6,943   753,454
Generac Holdings, Inc. (a)

  10,032   1,496,072
Hubbell, Inc.

  8,674   2,875,951
nVent Electric PLC

  25,840   1,335,153
Powell Industries, Inc.

  1,647   99,792
Regal Rexnord Corp.

  11,318   1,741,840
Rockwell Automation, Inc.

  18,628   6,136,995
SunPower Corp. (a)  (b)

  13,332   130,654
Sunrun, Inc. (a)

  34,062   608,347
Vicor Corp. (a)  (b)

  2,864   154,656
          44,143,914
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.9%  
Advanced Energy Industries, Inc. (b)

  5,999   668,589
Amphenol Corp. Class A

  95,484   8,111,366
Arlo Technologies, Inc. (a)

  11,981   130,713
Arrow Electronics, Inc. (a)

  11,991   1,717,471
Avnet, Inc.

  15,807   797,463
Badger Meter, Inc.

  4,787   706,370
Belden, Inc.

  6,429   614,934
Benchmark Electronics, Inc.

  5,633   145,500
CDW Corp.

  22,545   4,137,008
Cognex Corp.

  28,423   1,592,257
Security Description     Shares   Value
Coherent Corp. (a)  (b)

  19,047   $ 971,016
Corning, Inc.

  121,726   4,265,279
CTS Corp.

  5,246   223,637
ePlus, Inc. (a)

  4,978   280,261
Fabrinet (a)

  5,600   727,328
Insight Enterprises, Inc. (a)

  5,345   782,187
IPG Photonics Corp. (a)

  5,482   744,565
Itron, Inc. (a)

  6,481   467,280
Jabil, Inc.

  21,941   2,368,092
Keysight Technologies, Inc. (a)

  29,308   4,907,625
Knowles Corp. (a)

  15,120   273,067
Littelfuse, Inc.

  4,103   1,195,245
Methode Electronics, Inc.

  5,532   185,433
National Instruments Corp.

  20,810   1,194,494
Novanta, Inc. (a)

  5,614   1,033,537
OSI Systems, Inc. (a)

  2,645   311,660
PC Connection, Inc.

  2,028   91,463
Plexus Corp. (a)

  4,770   468,605
Rogers Corp. (a)

  2,747   444,822
Sanmina Corp. (a)

  10,879   655,677
ScanSource, Inc. (a)

  5,306   156,845
TD SYNNEX Corp.

  6,826   641,644
TE Connectivity Ltd.

  52,619   7,375,079
Teledyne Technologies, Inc. (a)

  7,363   3,027,003
Trimble, Inc. (a)

  40,556   2,147,035
TTM Technologies, Inc. (a)

  16,447   228,613
Vishay Intertechnology, Inc.

  21,731   638,891
Vontier Corp.

  22,935   738,736
Zebra Technologies Corp. Class A (a)

  8,684   2,568,988
          57,735,778
ENERGY EQUIPMENT & SERVICES — 0.4%  
Archrock, Inc.

  15,537   159,254
Baker Hughes Co.

  149,128   4,713,936
Bristow Group, Inc. (a)

  4,297   123,453
ChampionX Corp.

  23,857   740,521
Core Laboratories, Inc. (b)

  7,249   168,539
Dril-Quip, Inc. (a)

  5,351   124,518
Halliburton Co.

  141,193   4,657,957
Helix Energy Solutions Group, Inc. (a)

  22,813   168,360
Helmerich & Payne, Inc.

  18,191   644,871
Nabors Industries Ltd. (a)  (b)

  1,179   109,682
Newpark Resources, Inc. (a)

  24   126
NexTier Oilfield Solutions, Inc. (a)  (b)

  25,829   230,911
NOV, Inc.

  63,112   1,012,317
Oceaneering International, Inc. (a)

  16,502   308,587
Oil States International, Inc. (a)

  10,251   76,575
Patterson-UTI Energy, Inc.

  31,332   375,044
ProPetro Holding Corp. (a)

  13,581   111,907
RPC, Inc. (b)

  11,425   81,689
Schlumberger NV

  222,150   10,912,008
U.S. Silica Holdings, Inc. (a)

  15,444   187,336
 
See accompanying notes to financial statements.
95


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Valaris Ltd. (a)

  9,736   $ 612,687
          25,520,278
ENTERTAINMENT — 1.3%  
Activision Blizzard, Inc. (a)

  119,533   10,076,632
Cinemark Holdings, Inc. (a)  (b)

  18,463   304,640
Electronic Arts, Inc.

  46,035   5,970,739
Live Nation Entertainment, Inc. (a)

  22,995   2,095,074
Marcus Corp. (b)

  2,801   41,539
Netflix, Inc. (a)

  71,756   31,607,800
Take-Two Interactive Software, Inc. (a)

  25,505   3,753,316
Walt Disney Co. (a)

  291,989   26,068,778
Warner Bros Discovery, Inc. (a)

  348,688   4,372,548
World Wrestling Entertainment, Inc. Class A

  7,506   814,176
          85,105,242
FINANCIAL SERVICES — 4.0%  
Berkshire Hathaway, Inc. Class B (a)

  287,656   98,090,696
BM Technologies, Inc. (a)

  11   33
Essent Group Ltd.

  16,573   775,616
Euronet Worldwide, Inc. (a)

  8,296   973,701
EVERTEC, Inc.

  9,690   356,883
Fidelity National Information Services, Inc.

  98,618   5,394,405
Fiserv, Inc. (a)

  98,448   12,419,215
FleetCor Technologies, Inc. (a)

  13,145   3,300,447
Global Payments, Inc.

  46,165   4,548,176
Jack Henry & Associates, Inc.

  12,304   2,058,828
Mastercard, Inc. Class A

  134,816   53,023,133
MGIC Investment Corp.

  54,229   856,276
Mr Cooper Group, Inc. (a)

  11,733   594,159
NMI Holdings, Inc. Class A (a)

  9,613   248,208
Payoneer Global, Inc. (a)

  31,729   152,616
PayPal Holdings, Inc. (a)

  186,245   12,428,129
Radian Group, Inc.

  25,349   640,823
Visa, Inc. Class A

  260,802   61,935,259
Voya Financial, Inc.

  17,533   1,257,291
Walker & Dunlop, Inc.

  4,724   373,621
Western Union Co.

  65,881   772,784
WEX, Inc. (a)

  7,103   1,293,243
          261,493,542
FOOD PRODUCTS — 1.1%  
Archer-Daniels-Midland Co.

  88,638   6,697,487
B&G Foods, Inc.

  6,673   92,888
Bunge Ltd.

  24,110   2,274,779
Calavo Growers, Inc. (b)

  2,777   80,589
Cal-Maine Foods, Inc. (b)

  5,717   257,265
Campbell Soup Co.

  34,288   1,567,304
Conagra Brands, Inc.

  77,518   2,613,907
Darling Ingredients, Inc. (a)

  26,281   1,676,465
Flowers Foods, Inc.

  28,747   715,225
Fresh Del Monte Produce, Inc.

  5,418   139,297
General Mills, Inc.

  96,985   7,438,749
Security Description     Shares   Value
Hain Celestial Group, Inc. (a)

  13,462   $ 168,410
Hershey Co.

  23,592   5,890,922
Hormel Foods Corp.

  45,608   1,834,354
Hostess Brands, Inc. (a)

  21,895   554,381
Ingredion, Inc.

  10,750   1,138,963
J & J Snack Foods Corp.

  2,436   385,765
J M Smucker Co.

  18,167   2,682,721
John B Sanfilippo & Son, Inc.

  689   80,799
Kellogg Co.

  40,920   2,758,008
Kraft Heinz Co.

  128,628   4,566,294
Lamb Weston Holdings, Inc.

  23,813   2,737,304
Lancaster Colony Corp.

  2,581   519,013
McCormick & Co., Inc.

  39,801   3,471,841
Mondelez International, Inc. Class A

  222,033   16,195,087
Pilgrim's Pride Corp. (a)

  8,077   173,575
Post Holdings, Inc. (a)

  9,872   855,409
Seneca Foods Corp. Class A (a)

  865   28,268
Simply Good Foods Co. (a)

  13,598   497,551
Tootsie Roll Industries, Inc.

  3,012   106,655
TreeHouse Foods, Inc. (a)

  9,210   464,000
Tyson Foods, Inc. Class A

  46,877   2,392,602
          71,055,877
GAS UTILITIES — 0.1%  
Atmos Energy Corp.

  20,009   2,327,847
Chesapeake Utilities Corp.

  2,631   313,089
National Fuel Gas Co.

  14,125   725,460
New Jersey Resources Corp.

  14,096   665,331
Northwest Natural Holding Co.

  5,252   226,099
ONE Gas, Inc.

  8,534   655,496
Southwest Gas Holdings, Inc.

  8,298   528,168
Spire, Inc.

  8,222   521,604
UGI Corp.

  33,206   895,566
          6,858,660
GROUND TRANSPORTATION — 0.9%  
ArcBest Corp.

  4,550   449,540
Avis Budget Group, Inc. (a)

  4,991   1,141,292
CSX Corp.

  324,608   11,069,133
Heartland Express, Inc.

  8,203   134,611
Hertz Global Holdings, Inc. (a)  (b)

  26,049   479,041
JB Hunt Transport Services, Inc.

  13,711   2,482,102
Knight-Swift Transportation Holdings, Inc.

  27,853   1,547,513
Landstar System, Inc.

  6,210   1,195,674
Marten Transport Ltd.

  8,862   190,533
Norfolk Southern Corp.

  38,555   8,742,732
Old Dominion Freight Line, Inc.

  15,091   5,579,897
RXO, Inc. (a)

  15,291   346,647
Ryder System, Inc.

  8,604   729,533
Saia, Inc. (a)

  4,308   1,475,102
Union Pacific Corp.

  100,272   20,517,657
Werner Enterprises, Inc.

  8,772   387,547
XPO, Inc. (a)

  15,291   902,169
          57,370,723
 
See accompanying notes to financial statements.
96


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
HEALTH CARE EQUIPMENT & SUPPLIES — 2.9%  
Abbott Laboratories

  281,850   $ 30,727,287
Align Technology, Inc. (a)

  11,549   4,084,188
AngioDynamics, Inc. (a)

  5,812   60,619
Artivion, Inc. (a)

  5,721   98,344
Avanos Medical, Inc. (a)

  7,810   199,624
Baxter International, Inc.

  81,304   3,704,210
Becton Dickinson & Co.

  46,074   12,163,997
Boston Scientific Corp. (a)

  228,405   12,354,426
CONMED Corp.

  4,666   634,063
Cooper Cos., Inc.

  7,727   2,962,764
DENTSPLY SIRONA, Inc.

  35,290   1,412,306
Dexcom, Inc. (a)

  63,332   8,138,795
Edwards Lifesciences Corp. (a)

  99,519   9,387,627
Embecta Corp.

  9,136   197,338
Enovis Corp. (a)

  5,689   364,779
Envista Holdings Corp. (a)

  25,604   866,439
GE HealthCare Technologies, Inc.

  57,744   4,691,123
Glaukos Corp. (a)

  6,653   473,760
Globus Medical, Inc. Class A (a)

  11,489   684,055
Haemonetics Corp. (a)

  7,940   676,012
Hologic, Inc. (a)

  40,792   3,302,928
ICU Medical, Inc. (a)  (b)

  2,715   483,786
IDEXX Laboratories, Inc. (a)

  13,727   6,894,111
Inari Medical, Inc. (a)  (b)

  8,929   519,132
Insulet Corp. (a)

  11,205   3,230,850
Integer Holdings Corp. (a)  (b)

  5,180   459,000
Integra LifeSciences Holdings Corp. (a)

  11,504   473,160
Intuitive Surgical, Inc. (a)

  56,436   19,297,726
Lantheus Holdings, Inc. (a)

  10,519   882,754
LeMaitre Vascular, Inc.

  2,674   179,907
LivaNova PLC (a)

  8,229   423,217
Masimo Corp. (a)

  7,478   1,230,505
Medtronic PLC

  214,223   18,873,046
Merit Medical Systems, Inc. (a)

  7,861   657,494
Neogen Corp. (a)  (b)

  27,998   608,956
NuVasive, Inc. (a)

  7,889   328,104
Omnicell, Inc. (a)

  5,913   435,611
OraSure Technologies, Inc. (a)

  7,160   35,872
Orthofix Medical, Inc. (a)

  3,096   55,914
Penumbra, Inc. (a)

  5,456   1,877,191
QuidelOrtho Corp. (a)

  9,829   814,431
ResMed, Inc.

  23,201   5,069,418
Shockwave Medical, Inc. (a)

  5,648   1,611,996
STAAR Surgical Co. (a)  (b)

  7,299   383,708
STERIS PLC

  15,806   3,556,034
Stryker Corp.

  54,565   16,647,236
Tandem Diabetes Care, Inc. (a)

  9,936   243,829
Teleflex, Inc.

  7,394   1,789,570
Varex Imaging Corp. (a)  (b)

  6,092   143,588
Zimmer Biomet Holdings, Inc.

  33,097   4,818,923
Zynex, Inc. (a)  (b)

  2,611   25,039
          189,234,792
Security Description     Shares   Value
HEALTH CARE PROVIDERS & SERVICES — 2.9%  
Acadia Healthcare Co., Inc. (a)

  14,407   $ 1,147,373
AdaptHealth Corp. (a)

  15,602   189,876
Addus HomeCare Corp. (a)

  2,420   224,334
Agiliti, Inc. (a)  (b)

  5,400   89,100
Amedisys, Inc. (a)

  4,796   438,546
AmerisourceBergen Corp.

  23,928   4,604,465
AMN Healthcare Services, Inc. (a)

  6,763   737,979
Apollo Medical Holdings, Inc. (a)  (b)

  2,888   91,261
Cardinal Health, Inc.

  46,243   4,373,200
Centene Corp. (a)

  92,458   6,236,292
Chemed Corp.

  2,437   1,320,050
Cigna Group

  48,216   13,529,410
Community Health Systems, Inc. (a)

  18,675   82,170
CorVel Corp. (a)

  948   183,438
Cross Country Healthcare, Inc. (a)

  5,207   146,213
CVS Health Corp.

  206,924   14,304,656
DaVita, Inc. (a)

  11,553   1,160,730
Elevance Health, Inc.

  38,491   17,101,166
Encompass Health Corp.

  16,232   1,099,069
Enhabit, Inc. (a)  (b)

  8,017   92,195
Ensign Group, Inc.

  8,271   789,550
Fulgent Genetics, Inc. (a)  (b)

  2,056   76,134
HCA Healthcare, Inc.

  32,833   9,964,159
HealthEquity, Inc. (a)

  11,839   747,514
Henry Schein, Inc. (a)

  22,343   1,812,017
Humana, Inc.

  20,247   9,053,041
Laboratory Corp. of America Holdings

  15,369   3,709,001
McKesson Corp.

  22,927   9,796,936
ModivCare, Inc. (a)

  2,067   93,449
Molina Healthcare, Inc. (a)

  9,546   2,875,637
NeoGenomics, Inc. (a)

  19,613   315,181
OmniAb, Inc. (a) (b)  (f)

  1,881  
Option Care Health, Inc. (a)

  19,700   640,053
Owens & Minor, Inc. (a)

  11,943   227,395
Patterson Cos., Inc.

  14,174   471,427
Pediatrix Medical Group, Inc. (a)

  13,944   198,144
Privia Health Group, Inc. (a)

  14,914   389,405
Progyny, Inc. (a)

  6,778   266,647
Quest Diagnostics, Inc.

  21,075   2,962,302
R1 RCM, Inc. (a)  (b)

  19,380   357,561
RadNet, Inc. (a)

  6,102   199,047
Select Medical Holdings Corp.

  17,316   551,688
Tenet Healthcare Corp. (a)

  17,066   1,388,831
U.S. Physical Therapy, Inc.

  2,264   274,827
UnitedHealth Group, Inc.

  150,817   72,488,683
Universal Health Services, Inc. Class B

  12,080   1,905,862
          188,706,014
HEALTH CARE REITs — 0.2%  
CareTrust REIT, Inc.

  15,497   307,770
 
See accompanying notes to financial statements.
97


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Community Healthcare Trust, Inc. REIT

  3,237   $ 106,886
Healthcare Realty Trust, Inc. REIT

  52,627   992,545
Healthpeak Properties, Inc. REIT

  82,915   1,666,592
LTC Properties, Inc. REIT

  6,488   214,234
Medical Properties Trust, Inc. REIT (b)

  87,607   811,241
Omega Healthcare Investors, Inc. REIT

  37,055   1,137,218
Physicians Realty Trust REIT (b)

  33,056   462,453
Sabra Health Care REIT, Inc.

  34,219   402,758
Universal Health Realty Income Trust REIT

  1,554   73,939
Ventas, Inc. REIT

  60,822   2,875,056
Welltower, Inc. REIT

  76,310   6,172,716
          15,223,408
HEALTH CARE TECHNOLOGY — 0.0% (e)  
Certara, Inc. (a)  (b)

  17,013   309,807
Computer Programs & Systems, Inc. (a)

  2,137   52,762
Doximity, Inc. Class A (a)  (b)

  19,160   651,823
HealthStream, Inc.

  5,312   130,463
NextGen Healthcare, Inc. (a)

  8,892   144,228
Schrodinger, Inc. (a)  (b)

  80   3,994
Simulations Plus, Inc. (b)

  2,073   89,823
Veradigm, Inc. (a)

  24,751   311,863
          1,694,763
HOTEL & RESORT REITs — 0.1%  
Chatham Lodging Trust REIT

  7,646   71,566
DiamondRock Hospitality Co. REIT

  35,877   287,375
Host Hotels & Resorts, Inc. REIT

  112,549   1,894,200
Park Hotels & Resorts, Inc. REIT

  38,498   493,544
Pebblebrook Hotel Trust REIT (b)

  20,926   291,708
Service Properties Trust REIT

  26,799   232,883
Summit Hotel Properties, Inc. REIT

  17,209   112,031
Sunstone Hotel Investors, Inc. REIT

  34,382   347,946
Xenia Hotels & Resorts, Inc. REIT

  18,935   233,090
          3,964,343
HOTELS, RESTAURANTS & LEISURE — 2.2%  
Aramark

  42,062   1,810,769
BJ's Restaurants, Inc. (a)

  4,718   150,032
Bloomin' Brands, Inc.

  13,668   367,532
Booking Holdings, Inc. (a)

  5,884   15,888,742
Boyd Gaming Corp.

  12,805   888,283
Brinker International, Inc. (a)

  6,298   230,507
Security Description     Shares   Value
Caesars Entertainment, Inc. (a)

  32,960   $ 1,679,971
Carnival Corp. (a)

  162,172   3,053,699
Cheesecake Factory, Inc. (b)

  6,734   232,862
Chipotle Mexican Grill, Inc. (a)

  4,452   9,522,828
Choice Hotels International, Inc. (b)

  4,728   555,634
Churchill Downs, Inc.

  11,028   1,534,767
Chuy's Holdings, Inc. (a)

  3,035   123,889
Cracker Barrel Old Country Store, Inc. (b)

  4,028   375,329
Darden Restaurants, Inc.

  20,487   3,422,968
Dave & Buster's Entertainment, Inc. (a)

  5,720   254,883
Dine Brands Global, Inc.

  2,277   132,134
Domino's Pizza, Inc.

  5,933   1,999,362
El Pollo Loco Holdings, Inc.

  2,884   25,293
Expedia Group, Inc. (a)

  24,494   2,679,399
Golden Entertainment, Inc. (a)

  3,129   130,792
Hilton Grand Vacations, Inc. (a)

  12,795   581,405
Hilton Worldwide Holdings, Inc.

  44,299   6,447,719
Jack in the Box, Inc.

  3,518   343,110
Las Vegas Sands Corp. (a)

  52,762   3,060,196
Light & Wonder, Inc. (a)

  9,957   684,643
Marriott International, Inc. Class A

  42,471   7,801,498
Marriott Vacations Worldwide Corp.

  5,904   724,539
McDonald's Corp.

  118,636   35,402,169
MGM Resorts International

  47,563   2,088,967
Monarch Casino & Resort, Inc.

  2,389   168,305
Norwegian Cruise Line Holdings Ltd. (a)

  53,045   1,154,790
Papa John's International, Inc.

  5,979   441,430
Penn Entertainment, Inc. (a)  (b)

  23,919   574,773
Planet Fitness, Inc. Class A (a)

  13,720   925,277
Royal Caribbean Cruises Ltd. (a)

  36,305   3,766,281
Sabre Corp. (a)  (b)

  46,669   148,874
Shake Shack, Inc. Class A (a)

  5,407   420,232
Six Flags Entertainment Corp. (a)

  11,964   310,825
Starbucks Corp.

  186,695   18,494,007
Texas Roadhouse, Inc.

  10,659   1,196,792
Travel & Leisure Co.

  14,268   575,571
Wendy's Co.

  28,813   626,683
Wingstop, Inc.

  4,848   970,376
Wyndham Hotels & Resorts, Inc.

  15,028   1,030,470
Wynn Resorts Ltd.

  16,038   1,693,773
Yum! Brands, Inc.

  44,433   6,156,192
          140,848,572
HOUSEHOLD DURABLES — 0.5%  
Cavco Industries, Inc. (a)

  1,533   452,235
Century Communities, Inc.

  3,273   250,777
DR Horton, Inc.

  49,011   5,964,149
Ethan Allen Interiors, Inc. (b)

  4,761   134,641
 
See accompanying notes to financial statements.
98


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Garmin Ltd.

  23,830   $ 2,485,231
Green Brick Partners, Inc. (a)

  7,298   414,526
Helen of Troy Ltd. (a)  (b)

  4,266   460,813
Installed Building Products, Inc.

  3,496   489,999
iRobot Corp. (a)

  4,566   206,612
KB Home

  14,451   747,261
La-Z-Boy, Inc.

  7,497   214,714
Leggett & Platt, Inc.

  21,182   627,411
Lennar Corp. Class A

  39,931   5,003,754
LGI Homes, Inc. (a)

  2,624   353,951
M/I Homes, Inc. (a)

  3,394   295,923
MDC Holdings, Inc.

  9,116   426,355
Meritage Homes Corp.

  5,787   823,316
Mohawk Industries, Inc. (a)

  9,544   984,559
Newell Brands, Inc.

  61,216   532,579
NVR, Inc. (a)

  449   2,851,428
PulteGroup, Inc.

  34,340   2,667,531
Sonos, Inc. (a)

  20,481   334,455
Taylor Morrison Home Corp. (a)

  20,419   995,835
Tempur Sealy International, Inc.

  30,103   1,206,227
Toll Brothers, Inc.

  18,451   1,458,921
TopBuild Corp. (a)

  5,234   1,392,349
Tri Pointe Homes, Inc. (a)

  20,288   666,664
Whirlpool Corp.

  10,020   1,490,876
          33,933,092
HOUSEHOLD PRODUCTS — 1.3%  
Central Garden & Pet Co. (a)

  2,196   85,139
Central Garden & Pet Co. Class A (a)

  6,549   238,776
Church & Dwight Co., Inc.

  39,243   3,933,326
Clorox Co.

  19,840   3,155,354
Colgate-Palmolive Co.

  133,303   10,269,663
Energizer Holdings, Inc.

  9,333   313,402
Kimberly-Clark Corp.

  54,265   7,491,826
Procter & Gamble Co.

  382,598   58,055,420
WD-40 Co. (b)

  2,275   429,179
          83,972,085
INDEPENDENT POWER AND RENEWABLE ELECTRICITY PRODUCERS — 0.0% (e)  
AES Corp.

  107,107   2,220,328
Ormat Technologies, Inc. (b)

  7,224   581,243
          2,801,571
INDUSTRIAL CONGLOMERATES — 0.8%  
3M Co.

  89,479   8,955,953
General Electric Co.

  173,133   19,018,660
Honeywell International, Inc.

  109,633   22,748,848
          50,723,461
INDUSTRIAL REITs — 0.4%  
EastGroup Properties, Inc. REIT

  6,581   1,142,461
First Industrial Realty Trust, Inc. REIT

  21,099   1,110,651
Innovative Industrial Properties, Inc. REIT

  3,797   277,219
LXP Industrial Trust REIT

  41,977   409,276
Security Description     Shares   Value
Prologis, Inc. REIT

  146,595   $ 17,976,945
Rexford Industrial Realty, Inc. REIT (b)

  25,764   1,345,396
STAG Industrial, Inc. REIT

  28,884   1,036,358
          23,298,306
INSURANCE — 2.2%  
Aflac, Inc.

  93,667   6,537,957
Allstate Corp.

  45,620   4,974,405
Ambac Financial Group, Inc. (a)

  7,479   106,501
American Equity Investment Life Holding Co.

  13,741   716,043
American Financial Group, Inc.

  11,097   1,317,769
American International Group, Inc.

  114,655   6,597,249
AMERISAFE, Inc.

  2,777   148,070
Aon PLC Class A

  32,575   11,244,890
Arch Capital Group Ltd. (a)

  59,275   4,436,734
Arthur J Gallagher & Co.

  34,554   7,587,022
Assurant, Inc.

  9,655   1,213,827
Assured Guaranty Ltd.

  12,662   706,540
Brighthouse Financial, Inc. (a)

  8,397   397,598
Brown & Brown, Inc.

  36,647   2,522,779
Chubb Ltd.

  67,937   13,081,949
Cincinnati Financial Corp.

  24,339   2,368,671
CNO Financial Group, Inc.

  21,974   520,124
Employers Holdings, Inc.

  5,442   203,585
Everest Re Group Ltd.

  6,692   2,287,727
First American Financial Corp.

  16,993   968,941
Genworth Financial, Inc. Class A (a)

  75,542   377,710
Globe Life, Inc.

  15,325   1,679,926
Hanover Insurance Group, Inc.

  5,840   660,095
Hartford Financial Services Group, Inc.

  56,399   4,061,856
HCI Group, Inc. (b)

  1,056   65,240
Horace Mann Educators Corp.

  6,079   180,303
James River Group Holdings Ltd.

  5,190   94,769
Kemper Corp.

  9,057   437,091
Kinsale Capital Group, Inc.

  2,744   1,026,805
Lincoln National Corp.

  28,512   734,469
Loews Corp.

  36,273   2,153,891
Marsh & McLennan Cos., Inc.

  80,874   15,210,782
Mercury General Corp. (b)

  4,358   131,917
MetLife, Inc.

  112,170   6,340,970
Old Republic International Corp.

  46,036   1,158,726
Palomar Holdings, Inc. (a)

  3,157   183,232
Primerica, Inc.

  6,507   1,286,824
Principal Financial Group, Inc.

  40,233   3,051,271
ProAssurance Corp.

  10,367   156,438
Progressive Corp.

  93,410   12,364,682
Prudential Financial, Inc.

  62,569   5,519,837
Reinsurance Group of America, Inc.

  10,678   1,480,932
RenaissanceRe Holdings Ltd.

  7,249   1,352,083
RLI Corp.

  6,619   903,295
 
See accompanying notes to financial statements.
99


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Safety Insurance Group, Inc.

  2,665   $ 191,134
Selective Insurance Group, Inc.

  8,835   847,718
Selectquote, Inc. (a)

  88   172
SiriusPoint Ltd. (a)

  13,603   122,835
Stewart Information Services Corp.

  3,397   139,753
Travelers Cos., Inc.

  40,036   6,952,652
Trupanion, Inc. (a)  (b)

  4,878   95,999
United Fire Group, Inc.

  2,833   64,196
Universal Insurance Holdings, Inc.

  5,407   83,430
Unum Group

  33,095   1,578,631
W R Berkley Corp.

  33,957   2,022,479
Willis Towers Watson PLC

  17,397   4,096,993
          144,747,517
INTERACTIVE MEDIA & SERVICES — 4.9%  
Alphabet, Inc. Class A (a)

  959,462   114,847,601
Alphabet, Inc. Class C (a)

  824,406   99,728,394
Cargurus, Inc. (a)

  120   2,716
Cars.com, Inc. (a)

  10,224   202,640
Match Group, Inc. (a)

  44,138   1,847,175
Meta Platforms, Inc. Class A (a)

  356,839   102,405,656
QuinStreet, Inc. (a)

  7,555   66,711
Shutterstock, Inc.

  3,525   171,562
TripAdvisor, Inc. (a)

  15,830   261,037
Yelp, Inc. (a)

  9,129   332,387
Ziff Davis, Inc. (a)

  6,553   459,103
ZoomInfo Technologies, Inc. (a)

  43,560   1,105,988
          321,430,970
IT SERVICES — 1.1%  
Accenture PLC Class A

  100,780   31,098,692
Akamai Technologies, Inc. (a)

  26,323   2,365,648
Cognizant Technology Solutions Corp. Class A

  84,909   5,542,860
DXC Technology Co. (a)

  41,092   1,097,978
EPAM Systems, Inc. (a)

  9,024   2,028,144
Gartner, Inc. (a)

  14,104   4,940,772
International Business Machines Corp.

  145,982   19,533,851
Kyndryl Holdings, Inc. (a)

  28,431   377,564
Perficient, Inc. (a)

  5,211   434,233
VeriSign, Inc. (a)

  15,744   3,557,672
          70,977,414
LEISURE EQUIPMENT & PRODUCTS — 0.1%  
Brunswick Corp.

  12,559   1,088,112
Hasbro, Inc.

  20,890   1,353,045
Mattel, Inc. (a)

  56,381   1,101,685
Polaris, Inc.

  9,395   1,136,137
Sturm Ruger & Co., Inc. (b)

  2,747   145,481
Topgolf Callaway Brands Corp. (a)

  16,089   319,367
Vista Outdoor, Inc. (a)

  9,520   263,418
YETI Holdings, Inc. (a)

  12,318   478,431
          5,885,676
Security Description     Shares   Value
LIFE SCIENCES TOOLS & SERVICES — 1.5%  
Agilent Technologies, Inc.

  48,483   $ 5,830,081
Azenta, Inc. (a)  (b)

  11,990   559,693
BioLife Solutions, Inc. (a)

  4,964   109,704
Bio-Rad Laboratories, Inc. Class A (a)

  3,098   1,174,514
Bio-Techne Corp.

  25,329   2,067,606
Bruker Corp.

  16,192   1,196,913
Charles River Laboratories International, Inc. (a)

  8,065   1,695,666
Cytek Biosciences, Inc. (a)  (b)

  12,785   109,184
Danaher Corp.

  107,236   25,736,640
Illumina, Inc. (a)

  25,339   4,750,809
IQVIA Holdings, Inc. (a)

  30,431   6,839,976
Medpace Holdings, Inc. (a)

  4,503   1,081,485
Mesa Laboratories, Inc.

  570   73,245
Mettler-Toledo International, Inc. (a)

  3,779   4,956,688
Repligen Corp. (a)

  7,614   1,077,076
Revvity, Inc.

  20,601   2,447,193
Sotera Health Co. (a)  (b)

  1,568   29,541
Syneos Health, Inc. (a)

  17,476   736,439
Thermo Fisher Scientific, Inc.

  63,185   32,966,774
Waters Corp. (a)

  9,921   2,644,343
West Pharmaceutical Services, Inc.

  11,804   4,514,676
          100,598,246
MACHINERY — 2.0%  
3D Systems Corp. (a)  (b)

  21,830   216,772
AGCO Corp.

  9,846   1,293,961
Alamo Group, Inc.

  1,706   313,750
Albany International Corp. Class A

  5,024   468,639
Astec Industries, Inc.

  3,193   145,090
Barnes Group, Inc.

  7,956   335,664
Caterpillar, Inc.

  82,720   20,353,256
Chart Industries, Inc. (a)  (b)

  5,610   896,422
CIRCOR International, Inc. (a)

  2,707   152,810
Crane Co.

  7,888   702,978
Crane NXT Co.

  7,888   445,199
Cummins, Inc.

  23,442   5,747,041
Deere & Co.

  43,204   17,505,829
Donaldson Co., Inc.

  20,209   1,263,265
Dover Corp.

  23,086   3,408,648
Enerpac Tool Group Corp.

  10,280   277,560
EnPro Industries, Inc.

  3,187   425,560
Esab Corp.

  5,692   378,746
ESCO Technologies, Inc.

  4,308   446,438
Federal Signal Corp.

  9,797   627,302
Flowserve Corp.

  21,684   805,561
Fortive Corp.

  54,331   4,062,329
Franklin Electric Co., Inc.

  6,443   662,985
Graco, Inc.

  26,929   2,325,319
Greenbrier Cos., Inc.

  5,254   226,447
Hillenbrand, Inc.

  12,099   620,437
IDEX Corp.

  12,220   2,630,477
 
See accompanying notes to financial statements.
100


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Illinois Tool Works, Inc.

  45,850   $ 11,469,836
Ingersoll Rand, Inc.

  58,718   3,837,808
ITT, Inc.

  14,131   1,317,150
John Bean Technologies Corp.

  5,084   616,689
Kennametal, Inc.

  13,570   385,252
Lincoln Electric Holdings, Inc.

  9,586   1,904,067
Lindsay Corp.

  1,865   222,569
Middleby Corp. (a)

  9,176   1,356,488
Mueller Industries, Inc.

  5,160   450,365
Nordson Corp.

  8,093   2,008,521
Oshkosh Corp.

  11,038   955,780
Otis Worldwide Corp.

  65,087   5,793,394
PACCAR, Inc.

  82,622   6,911,330
Parker-Hannifin Corp.

  20,749   8,092,940
Pentair PLC

  26,813   1,732,120
Proto Labs, Inc. (a)

  4,396   153,684
Snap-on, Inc.

  8,826   2,543,565
SPX Technologies, Inc. (a)

  7,311   621,216
Standex International Corp.

  2,446   346,036
Stanley Black & Decker, Inc.

  25,271   2,368,145
Tennant Co.

  2,737   221,998
Terex Corp.

  11,873   710,362
Timken Co.

  11,075   1,013,695
Titan International, Inc. (a)

  10,254   117,716
Toro Co.

  17,230   1,751,429
Trinity Industries, Inc.

  13,504   347,188
Wabash National Corp. (b)

  9,084   232,914
Watts Water Technologies, Inc. Class A

  4,574   840,381
Westinghouse Air Brake Technologies Corp.

  28,593   3,135,794
Xylem, Inc.

  38,595   4,346,569
          132,543,486
MARINE TRANSPORTATION — 0.0% (e)  
Kirby Corp. (a)

  8,816   678,391
Matson, Inc.

  7,051   548,074
          1,226,465
MEDIA — 0.7%  
AMC Networks, Inc. Class A (a)

  4,395   52,520
Cable One, Inc. (b)

  776   509,894
Charter Communications, Inc. Class A (a)

  16,420   6,032,215
Comcast Corp. Class A

  668,726   27,785,565
DISH Network Corp. Class A (a)  (b)

  40,302   265,590
EW Scripps Co. Class A (a)

  10,803   98,848
Fox Corp. Class A

  52,976   1,801,184
Fox Corp. Class B

  24,374   777,287
Interpublic Group of Cos., Inc.

  62,943   2,428,341
John Wiley & Sons, Inc. Class A

  7,093   241,375
New York Times Co. Class A

  23,114   910,229
News Corp. Class A

  63,108   1,230,606
News Corp. Class B

  19,577   386,059
Nexstar Media Group, Inc.

  6,284   1,046,600
Omnicom Group, Inc.

  34,032   3,238,145
Security Description     Shares   Value
Paramount Global Class B (b)

  90,065   $ 1,432,934
Scholastic Corp.

  5,398   209,928
TechTarget, Inc. (a)

  4,045   125,921
TEGNA, Inc.

  35,581   577,836
Thryv Holdings, Inc. (a)

  2,754   67,748
Tremor International Ltd. (a)

  1,016   3,658
          49,222,483
METALS & MINING — 0.6%  
Alcoa Corp.

  27,212   923,303
Arconic Corp. (a)

  15,939   471,476
ATI, Inc. (a)

  20,909   924,805
Carpenter Technology Corp.

  8,091   454,148
Century Aluminum Co. (a)

  8,176   71,295
Cleveland-Cliffs, Inc. (a)

  79,169   1,326,872
Commercial Metals Co.

  19,375   1,020,288
Compass Minerals International, Inc.

  5,468   185,912
Ferroglobe PLC (a)  (f)

  929  
Freeport-McMoRan, Inc.

  232,010   9,280,400
Fresh Market, Inc. (a)  (f)

  466  
Haynes International, Inc.

  2,622   133,250
Kaiser Aluminum Corp.

  2,747   196,795
Materion Corp.

  2,801   319,874
MP Materials Corp. (a)  (b)

  12,067   276,093
Newmont Corp.

  128,010   5,460,907
Nucor Corp.

  43,528   7,137,721
Olympic Steel, Inc.

  2,574   126,126
Reliance Steel & Aluminum Co.

  10,152   2,757,182
Royal Gold, Inc.

  10,346   1,187,514
Steel Dynamics, Inc.

  24,765   2,697,651
SunCoke Energy, Inc.

  5,404   42,530
TimkenSteel Corp. (a)

  3,392   73,165
U.S. Steel Corp.

  34,563   864,421
Warrior Met Coal, Inc.

  6,037   235,141
Worthington Industries, Inc.

  5,718   397,229
          36,564,098
MORTGAGE REAL ESTATE INVESTMENT TRUST (REITs) — 0.1%  
Annaly Capital Management, Inc. REIT (b)

  75,558   1,511,916
Apollo Commercial Real Estate Finance, Inc. REIT (b)

  19,634   222,257
Arbor Realty Trust, Inc. REIT

  29,160   432,151
ARMOUR Residential REIT, Inc. (b)

  10,258   54,675
Ellington Financial, Inc. REIT (b)

  7,267   100,285
Franklin BSP Realty Trust, Inc. REIT (b)

  6,119   86,645
Invesco Mortgage Capital, Inc. REIT (b)

  22,363   256,504
KKR Real Estate Finance Trust, Inc. REIT

  6,295   76,610
New York Mortgage Trust, Inc. REIT

  13,462   133,543
PennyMac Mortgage Investment Trust REIT (b)

  16,215   218,578
 
See accompanying notes to financial statements.
101


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Ready Capital Corp. REIT (b)

  10,394   $ 117,244
Redwood Trust, Inc. REIT (b)

  18,514   117,934
Two Harbors Investment Corp. REIT

  11,425   158,579
Starwood Property Trust, Inc. REIT (b)

  50,039   970,757
          4,457,678
MULTI-UTILITIES — 0.7%  
Ameren Corp.

  39,660   3,239,032
Avista Corp.

  11,291   443,398
Black Hills Corp.

  9,855   593,862
CenterPoint Energy, Inc.

  104,522   3,046,816
CMS Energy Corp.

  45,557   2,676,474
Consolidated Edison, Inc.

  55,250   4,994,600
Dominion Energy, Inc.

  130,350   6,750,827
DTE Energy Co.

  30,835   3,392,467
NiSource, Inc.

  62,183   1,700,705
NorthWestern Corp.

  8,518   483,482
Public Service Enterprise Group, Inc.

  80,541   5,042,672
Sempra Energy

  50,838   7,401,504
Unitil Corp.

  2,354   119,371
WEC Energy Group, Inc.

  50,134   4,423,824
          44,309,034
OFFICE REITs — 0.1%  
Alexandria Real Estate Equities, Inc. REIT

  22,569   2,561,356
Boston Properties, Inc. REIT (b)

  22,561   1,299,288
Brandywine Realty Trust REIT

  27,929   129,870
Corporate Office Properties Trust REIT

  19,027   451,891
Cousins Properties, Inc. REIT

  24,095   549,366
Douglas Emmett, Inc. REIT (b)

  26,565   333,922
Easterly Government Properties, Inc. REIT (b)

  9,752   141,404
Highwoods Properties, Inc. REIT

  16,981   406,016
Hudson Pacific Properties, Inc. REIT

  24,378   102,875
JBG SMITH Properties REIT

  17,640   265,306
Kilroy Realty Corp. REIT

  16,178   486,796
Office Properties Income Trust REIT

  7,837   60,345
Orion Office REIT, Inc.

  8,873   58,650
SL Green Realty Corp. REIT (b)

  11,270   338,663
Vornado Realty Trust REIT

  25,870   469,282
          7,655,030
OIL, GAS & CONSUMABLE FUELS — 3.7%  
Antero Midstream Corp.

  47,491   550,896
Antero Resources Corp. (a)

  45,288   1,042,983
APA Corp.

  60,316   2,060,998
Battalion Oil Corp. (a)

  52   297
Baytex Energy Corp. (a)

  90   292
California Resources Corp.

  100   4,529
Callon Petroleum Co. (a)

  6,770   237,424
Security Description     Shares   Value
Chevron Corp.

  280,694   $ 44,167,201
Chord Energy Corp.

  6,777   1,042,303
Civitas Resources, Inc.

  13,588   942,599
CNX Resources Corp. (a)

  35,516   629,343
Comstock Resources, Inc. (b)

  14,670   170,172
ConocoPhillips

  194,205   20,121,580
CONSOL Energy, Inc.

  5,429   368,140
Coterra Energy, Inc.

  132,679   3,356,779
CVR Energy, Inc.

  4,718   141,351
Devon Energy Corp.

  97,871   4,731,084
Diamondback Energy, Inc.

  27,672   3,634,994
Dorian LPG Ltd.

  5,489   140,793
DT Midstream, Inc.

  15,204   753,662
EOG Resources, Inc.

  92,936   10,635,596
EQT Corp.

  54,221   2,230,110
Equitrans Midstream Corp.

  64,794   619,431
Exxon Mobil Corp.

  651,864   69,912,414
Green Plains, Inc. (a)

  8,317   268,140
Hess Corp.

  43,001   5,845,986
HF Sinclair Corp.

  24,162   1,077,867
Kinder Morgan, Inc.

  310,394   5,344,985
Marathon Oil Corp.

  102,572   2,361,207
Marathon Petroleum Corp.

  67,364   7,854,642
Matador Resources Co.

  17,322   906,287
Murphy Oil Corp.

  23,797   911,425
Northern Oil & Gas, Inc. (b)

  10,965   376,319
Occidental Petroleum Corp.

  122,551   7,205,999
ONEOK, Inc.

  69,104   4,265,099
Ovintiv, Inc.

  39,523   1,504,641
Par Pacific Holdings, Inc. (a)

  8,216   218,628
PBF Energy, Inc. Class A

  18,501   757,431
PDC Energy, Inc.

  15,730   1,119,032
Phillips 66

  76,050   7,253,649
Pioneer Natural Resources Co.

  37,508   7,770,907
Range Resources Corp.

  42,834   1,259,319
REX American Resources Corp. (a)

  553   19,250
SM Energy Co.

  19,092   603,880
Southwestern Energy Co. (a)

  157,446   946,250
Talos Energy, Inc. (a)

  4,030   55,896
Targa Resources Corp.

  36,160   2,751,776
Valero Energy Corp.

  57,237   6,713,900
Vital Energy, Inc. (a)  (b)

  1,895   85,559
Williams Cos., Inc.

  193,365   6,309,500
World Kinect Corp.

  10,060   208,041
          241,490,586
PAPER & FOREST PRODUCTS — 0.0% (e)  
Clearwater Paper Corp. (a)

  2,656   83,186
Louisiana-Pacific Corp.

  10,491   786,615
Mercer International, Inc.

  5,997   48,396
Sylvamo Corp.

  5,537   223,972
          1,142,169
PASSENGER AIRLINES — 0.2%  
Alaska Air Group, Inc. (a)

  20,030   1,065,195
Allegiant Travel Co. (a)

  2,175   274,659
 
See accompanying notes to financial statements.
102


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
American Airlines Group, Inc. (a)

  98,808   $ 1,772,616
Delta Air Lines, Inc. (a)

  101,756   4,837,480
Hawaiian Holdings, Inc. (a)  (b)

  6,919   74,518
JetBlue Airways Corp. (a)

  48,367   428,532
SkyWest, Inc. (a)

  8,092   329,506
Southwest Airlines Co.

  92,626   3,353,987
Sun Country Airlines Holdings, Inc. (a)

  396   8,902
United Airlines Holdings, Inc. (a)

  48,421   2,656,860
          14,802,255
PERSONAL CARE PRODUCTS — 0.2%  
BellRing Brands, Inc. (a)

  13,177   482,278
Coty, Inc. Class A (a)

  46,716   574,140
Edgewell Personal Care Co.

  8,952   369,807
elf Beauty, Inc. (a)

  6,293   718,849
Estee Lauder Cos., Inc. Class A

  36,298   7,128,201
Inter Parfums, Inc.

  2,725   368,502
Medifast, Inc.

  1,962   180,818
Nu Skin Enterprises, Inc. Class A

  8,114   269,385
USANA Health Sciences, Inc. (a)

  2,041   128,665
          10,220,645
PHARMACEUTICALS — 3.8%  
Amphastar Pharmaceuticals, Inc. (a)

  5,702   327,694
ANI Pharmaceuticals, Inc. (a)

  689   37,089
Bristol-Myers Squibb Co.

  341,657   21,848,965
Catalent, Inc. (a)

  26,824   1,163,089
Collegium Pharmaceutical, Inc. (a)

  1,056   22,693
Corcept Therapeutics, Inc. (a)

  16,586   369,038
Eli Lilly & Co.

  126,381   59,270,161
Harmony Biosciences Holdings, Inc. (a)

  3,681   129,534
Innoviva, Inc. (a)  (b)

  9,857   125,480
Jazz Pharmaceuticals PLC (a)

  9,120   1,130,606
Johnson & Johnson

  419,176   69,382,012
Ligand Pharmaceuticals, Inc. (a)

  2,521   181,764
Merck & Co., Inc.

  409,384   47,238,820
Organon & Co.

  40,318   839,018
Pacira BioSciences, Inc. (a)

  7,128   285,619
Perrigo Co. PLC

  22,247   755,286
Pfizer, Inc.

  897,592   32,923,675
Phibro Animal Health Corp. Class A

  2,815   38,565
Prestige Consumer Healthcare, Inc. (a)

  8,312   493,982
Supernus Pharmaceuticals, Inc. (a)

  8,482   254,969
Viatris, Inc.

  192,225   1,918,405
Zoetis, Inc.

  75,736   13,042,497
          251,778,961
Security Description     Shares   Value
PROFESSIONAL SERVICES — 0.9%  
ASGN, Inc. (a)

  8,090   $ 611,847
Automatic Data Processing, Inc.

  68,122   14,972,534
Broadridge Financial Solutions, Inc.

  18,523   3,067,964
CACI International, Inc. Class A (a)

  4,247   1,447,547
Concentrix Corp.

  6,826   551,199
CoStar Group, Inc. (a)

  65,674   5,844,986
CSG Systems International, Inc.

  5,462   288,066
Equifax, Inc.

  19,286   4,537,996
ExlService Holdings, Inc. (a)

  5,352   808,473
Exponent, Inc.

  8,138   759,438
Forrester Research, Inc. (a)

  2,506   72,900
FTI Consulting, Inc. (a)

  5,198   988,660
Genpact Ltd.

  27,664   1,039,336
Heidrick & Struggles International, Inc.

  2,959   78,325
Insperity, Inc.

  5,540   659,038
Jacobs Solutions, Inc.

  21,113   2,510,125
KBR, Inc.

  22,791   1,482,782
Kelly Services, Inc. Class A

  5,366   94,495
Korn Ferry

  8,738   432,881
Leidos Holdings, Inc.

  21,634   1,914,176
ManpowerGroup, Inc.

  9,347   742,152
Maximus, Inc.

  10,055   849,748
NV5 Global, Inc. (a)

  1,956   216,666
Paychex, Inc.

  50,954   5,700,224
Paylocity Holding Corp. (a)

  6,122   1,129,693
Resources Connection, Inc.

  5,298   83,232
Robert Half International, Inc.

  18,293   1,375,999
Science Applications International Corp.

  9,050   1,017,944
TrueBlue, Inc. (a)

  7,290   129,106
TTEC Holdings, Inc.

  2,718   91,977
Verisk Analytics, Inc.

  22,856   5,166,142
Verra Mobility Corp. (a)  (b)

  22,430   442,320
          59,107,971
REAL ESTATE MANAGEMENT & DEVELOPMENT — 0.1%  
Anywhere Real Estate, Inc. (a)

  20,193   134,889
CBRE Group, Inc. Class A (a)

  53,089   4,284,813
Cushman & Wakefield PLC (a)

  26,200   214,316
eXp World Holdings, Inc. (b)

  11,795   239,202
Jones Lang LaSalle, Inc. (a)

  8,131   1,266,810
Kennedy-Wilson Holdings, Inc.

  18,872   308,180
Marcus & Millichap, Inc.

  3,949   124,433
RE/MAX Holdings, Inc. Class A

  2,997   57,722
St. Joe Co.

  4,999   241,652
          6,872,017
RESIDENTIAL REITs — 0.3%  
Apartment Income REIT Corp.

  23,850   860,746
AvalonBay Communities, Inc. REIT

  22,084   4,179,839
Camden Property Trust REIT

  16,339   1,778,827
Centerspace REIT

  1,059   64,980
 
See accompanying notes to financial statements.
103


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Elme Communities REIT

  14,224   $ 233,843
Equity Residential REIT

  54,760   3,612,517
Essex Property Trust, Inc. REIT

  10,196   2,388,923
Independence Realty Trust, Inc. REIT

  38,802   706,972
Invitation Homes, Inc. REIT

  98,083   3,374,055
Mid-America Apartment Communities, Inc. REIT

  18,421   2,797,413
NexPoint Residential Trust, Inc. REIT

  2,916   132,620
UDR, Inc. REIT

  47,809   2,053,875
Veris Residential, Inc. REIT (a)

  15,864   254,617
          22,439,227
RETAIL REITs — 0.4%  
Acadia Realty Trust REIT

  14,223   204,669
Agree Realty Corp. REIT

  16,244   1,062,195
Brixmor Property Group, Inc. REIT

  48,065   1,057,430
Federal Realty Investment Trust REIT

  11,595   1,122,048
Getty Realty Corp. REIT

  5,926   200,417
Kimco Realty Corp. REIT

  97,688   1,926,407
Kite Realty Group Trust REIT

  35,394   790,702
Macerich Co. REIT

  21,030   237,008
NNN REIT, Inc.

  28,355   1,213,310
Phillips Edison & Co., Inc. REIT (b)

  18,960   646,157
Realty Income Corp. REIT

  103,320   6,177,503
Regency Centers Corp. REIT

  25,075   1,548,883
Retail Opportunity Investments Corp. REIT

  19,662   265,634
RPT Realty REIT

  16,558   173,031
Saul Centers, Inc. REIT

  2,812   103,566
Simon Property Group, Inc. REIT

  51,059   5,896,293
SITE Centers Corp. REIT

  25,198   333,118
Spirit Realty Capital, Inc. REIT

  16,886   664,971
Tanger Factory Outlet Centers, Inc. REIT

  16,616   366,715
Urban Edge Properties REIT

  18,712   288,726
Urstadt Biddle Properties, Inc. Class A REIT

  4,866   103,451
Whitestone REIT

  6,778   65,747
          24,447,981
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 7.0%  
Advanced Micro Devices, Inc. (a)

  258,874   29,488,337
Allegro MicroSystems, Inc. (a)

  10,500   473,970
Alpha & Omega Semiconductor Ltd. (a)

  3,365   110,372
Amkor Technology, Inc.

  16,889   502,448
Analog Devices, Inc.

  81,828   15,940,913
Applied Materials, Inc.

  138,863   20,071,258
Axcelis Technologies, Inc. (a)

  3,396   622,589
Broadcom, Inc.

  67,464   58,520,298
Security Description     Shares   Value
CEVA, Inc. (a)

  3,431   $ 87,662
Cirrus Logic, Inc. (a)

  9,401   761,575
Cohu, Inc. (a)

  6,496   269,974
Diodes, Inc. (a)

  5,903   545,968
Enphase Energy, Inc. (a)

  21,304   3,567,994
Entegris, Inc.

  1,956   216,764
First Solar, Inc. (a)

  14,264   2,711,444
FormFactor, Inc. (a)

  12,374   423,438
Ichor Holdings Ltd. (a)

  3,007   112,762
Intel Corp.

  673,543   22,523,278
KLA Corp.

  21,931   10,636,974
Kulicke & Soffa Industries, Inc.

  10,050   597,472
Lam Research Corp.

  22,356   14,371,778
Lattice Semiconductor Corp. (a)

  21,667   2,081,549
MACOM Technology Solutions Holdings, Inc. (a)

  7,827   512,903
MaxLinear, Inc. (a)

  11,279   355,965
Microchip Technology, Inc.

  84,920   7,607,983
Micron Technology, Inc.

  177,783   11,219,885
MKS Instruments, Inc. (b)

  8,578   927,282
Monolithic Power Systems, Inc.

  6,683   3,610,357
NVIDIA Corp.

  399,072   168,815,437
NXP Semiconductors NV

  41,998   8,596,151
ON Semiconductor Corp. (a)

  69,696   6,591,848
Onto Innovation, Inc. (a)

  7,304   850,697
PDF Solutions, Inc. (a)

  5,019   226,357
Photronics, Inc. (a)

  10,547   272,007
Power Integrations, Inc.

  8,152   771,750
Qorvo, Inc. (a)

  17,965   1,832,969
QUALCOMM, Inc.

  179,831   21,407,082
Rambus, Inc. (a)

  19,029   1,221,091
Semtech Corp. (a)

  10,352   263,562
Silicon Laboratories, Inc. (a)

  6,940   1,094,716
SiTime Corp. (a)  (b)

  2,357   278,055
Skyworks Solutions, Inc.

  26,406   2,922,880
SMART Global Holdings, Inc. (a)

  4,931   143,048
SolarEdge Technologies, Inc. (a)

  8,180   2,200,829
Synaptics, Inc. (a)

  5,741   490,167
Teradyne, Inc.

  26,410   2,940,225
Texas Instruments, Inc.

  146,130   26,306,323
Ultra Clean Holdings, Inc. (a)

  6,037   232,183
Universal Display Corp.

  6,994   1,008,045
Veeco Instruments, Inc. (a)

  7,849   201,562
Wolfspeed, Inc. (a)  (b)

  17,342   964,042
          458,504,218
SOFTWARE — 9.7%  
8x8, Inc. (a)  (b)

  17,159   72,583
A10 Networks, Inc.

  9,588   139,889
ACI Worldwide, Inc. (a)

  18,974   439,628
Adeia, Inc.

  15,408   169,642
Adobe, Inc. (a)

  73,946   36,158,855
Agilysys, Inc. (a)

  2,854   195,899
Alarm.com Holdings, Inc. (a)

  6,740   348,323
ANSYS, Inc. (a)

  13,795   4,556,075
 
See accompanying notes to financial statements.
104


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Aspen Technology, Inc. (a)

  4,525   $ 758,435
Autodesk, Inc. (a)

  35,227   7,207,796
Blackbaud, Inc. (a)

  8,043   572,501
Cadence Design Systems, Inc. (a)

  44,252   10,377,979
Cerence, Inc. (a)

  6,172   180,408
Ceridian HCM Holding, Inc. (a)

  21,329   1,428,403
CommVault Systems, Inc. (a)

  7,876   571,955
Consensus Cloud Solutions, Inc. (a)

  2,184   67,704
Digital Turbine, Inc. (a)

  12,689   117,754
DoubleVerify Holdings, Inc. (a)

  12,019   467,779
Dropbox, Inc. Class A (a)

  43,960   1,172,413
Dynatrace, Inc. (a)

  28,000   1,441,160
Ebix, Inc.

  4,630   116,676
Envestnet, Inc. (a)

  8,776   520,856
Fair Isaac Corp. (a)

  4,674   3,782,248
Fortinet, Inc. (a)

  107,288   8,109,900
Gen Digital, Inc.

  94,348   1,750,155
InterDigital, Inc.

  4,870   470,198
Intuit, Inc.

  45,204   20,712,021
LiveRamp Holdings, Inc. (a)

  10,770   307,591
Manhattan Associates, Inc. (a)

  10,079   2,014,591
Microsoft Corp.

  1,200,706   408,888,421
N-able, Inc. (a)

  10,845   156,276
NCR Corp. (a)

  21,132   532,526
OneSpan, Inc. (a)

  5,397   80,091
Oracle Corp.

  252,125   30,025,566
Palo Alto Networks, Inc. (a)  (b)

  48,900   12,494,439
Paycom Software, Inc.

  7,649   2,457,165
Progress Software Corp. (b)

  7,555   438,946
PTC, Inc. (a)

  16,987   2,417,250
Qualys, Inc. (a)

  5,311   686,022
Roper Technologies, Inc.

  16,749   8,052,919
Salesforce, Inc. (a)

  157,513   33,276,196
ServiceNow, Inc. (a)

  32,204   18,097,682
SPS Commerce, Inc. (a)

  5,466   1,049,800
Synopsys, Inc. (a)

  24,220   10,545,630
Teradata Corp. (a)

  17,256   921,643
Tyler Technologies, Inc. (a)

  6,457   2,689,147
Xperi, Inc. (a)

  6,179   81,254
          637,120,390
SPECIALIZED REITs — 1.1%  
American Tower Corp. REIT

  74,081   14,367,269
Crown Castle, Inc. REIT

  68,864   7,846,364
CubeSmart REIT

  36,200   1,616,692
Digital Realty Trust, Inc. REIT

  46,694   5,317,046
EPR Properties REIT

  11,936   558,605
Equinix, Inc. REIT

  14,773   11,581,146
Extra Space Storage, Inc. REIT (b)

  21,038   3,131,506
Four Corners Property Trust, Inc. REIT

  11,501   292,125
Iron Mountain, Inc. REIT

  46,136   2,621,448
Lamar Advertising Co. Class A REIT

  14,138   1,403,197
Security Description     Shares   Value
Life Storage, Inc. REIT

  13,168   $ 1,750,817
National Storage Affiliates Trust REIT

  16,581   577,516
Outfront Media, Inc. REIT

  17,070   268,340
PotlatchDeltic Corp. REIT

  10,795   570,516
Public Storage REIT

  25,954   7,575,454
Rayonier, Inc. REIT

  22,591   709,357
Safehold, Inc. REIT (b)

  5,079   120,525
SBA Communications Corp. REIT

  17,432   4,040,040
Uniti Group, Inc. REIT

  30,758   142,102
VICI Properties, Inc. REIT

  159,591   5,015,945
Weyerhaeuser Co. REIT

  118,871   3,983,367
          73,489,377
SPECIALTY RETAIL — 2.2%  
Aaron's Co., Inc.

  6,130   86,678
Abercrombie & Fitch Co. Class A (a)

  8,266   311,463
Academy Sports & Outdoors, Inc. (b)

  14,004   756,916
Advance Auto Parts, Inc.

  10,719   753,546
American Eagle Outfitters, Inc.

  25,189   297,230
America's Car-Mart, Inc. (a)  (b)

  900   89,802
Asbury Automotive Group, Inc. (a)

  3,108   747,225
AutoNation, Inc. (a)

  6,436   1,059,430
AutoZone, Inc. (a)

  3,019   7,527,454
Bath & Body Works, Inc.

  38,258   1,434,675
Best Buy Co., Inc.

  32,379   2,653,459
Boot Barn Holdings, Inc. (a)

  3,163   267,874
Buckle, Inc.

  4,661   161,271
Caleres, Inc. (b)

  7,932   189,813
CarMax, Inc. (a)

  26,518   2,219,557
Chico's FAS, Inc. (a)

  35,735   191,182
Designer Brands, Inc. Class A (b)

  12,898   130,270
Dick's Sporting Goods, Inc.

  10,352   1,368,431
Five Below, Inc. (a)

  8,805   1,730,535
Foot Locker, Inc. (b)

  16,170   438,369
GameStop Corp. Class A (a)

  37,039   898,196
Gap, Inc. (b)

  33,553   299,628
Group 1 Automotive, Inc.

  2,745   708,484
Guess?, Inc. (b)

  5,957   115,864
Haverty Furniture Cos., Inc. (b)

  2,752   83,165
Hibbett, Inc. (b)

  2,651   96,205
Home Depot, Inc.

  163,109   50,668,180
Leslie's, Inc. (a)  (b)

  23,830   223,764
Lithia Motors, Inc.

  4,571   1,390,087
Lowe's Cos., Inc.

  95,705   21,600,618
MarineMax, Inc. (a)

  2,885   98,552
Monro, Inc.

  5,572   226,390
Murphy USA, Inc.

  3,859   1,200,573
National Vision Holdings, Inc. (a)

  13,196   320,531
ODP Corp. (a)

  7,189   336,589
O'Reilly Automotive, Inc. (a)

  9,692   9,258,768
 
See accompanying notes to financial statements.
105


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
RH (a)  (b)

  2,518   $ 829,908
Ross Stores, Inc.

  56,783   6,367,078
Sally Beauty Holdings, Inc. (a)

  21,140   261,079
Shoe Carnival, Inc. (b)

  4,051   95,117
Signet Jewelers Ltd. (b)

  8,339   544,203
Sleep Number Corp. (a)

  4,377   119,404
Sonic Automotive, Inc. Class A

  3,758   179,144
TJX Cos., Inc.

  185,554   15,733,124
Tractor Supply Co.

  18,740   4,143,414
Ulta Beauty, Inc. (a)

  8,200   3,858,879
Upbound Group, Inc. (b)

  6,430   200,166
Urban Outfitters, Inc. (a)

  10,691   354,193
Valvoline, Inc.

  29,499   1,106,507
Victoria's Secret & Co. (a)  (b)

  12,547   218,694
Williams-Sonoma, Inc. (b)

  12,221   1,529,336
          145,481,020
TECHNOLOGY HARDWARE, STORAGE & PERIPHERALS — 7.3%  
Apple, Inc.

  2,387,497   463,102,793
Avid Technology, Inc. (a)

  5,632   143,616
Corsair Gaming, Inc. (a)

  5,253   93,188
Hewlett Packard Enterprise Co.

  205,345   3,449,796
HP, Inc.

  157,721   4,843,612
NetApp, Inc.

  36,117   2,759,339
Seagate Technology Holdings PLC (b)

  31,937   1,975,942
Super Micro Computer, Inc. (a)

  7,397   1,843,702
Western Digital Corp. (a)

  49,378   1,872,908
Xerox Holdings Corp.

  25,473   379,293
          480,464,189
TEXTILES, APPAREL & LUXURY GOODS — 0.5%  
Capri Holdings Ltd. (a)

  24,263   870,799
Carter's, Inc. (b)

  7,245   525,987
Columbia Sportswear Co.

  5,088   392,997
Crocs, Inc. (a)

  10,721   1,205,469
Deckers Outdoor Corp. (a)

  4,584   2,418,793
G-III Apparel Group Ltd. (a)

  8,048   155,085
Hanesbrands, Inc. (b)

  55,359   251,330
Kontoor Brands, Inc. (b)

  7,541   317,476
Movado Group, Inc.

  2,725   73,112
NIKE, Inc. Class B

  197,800   21,831,186
Oxford Industries, Inc.

  2,725   268,195
PVH Corp.

  11,474   974,946
Ralph Lauren Corp. (b)

  7,913   975,673
Skechers USA, Inc. Class A (a)

  20,514   1,080,267
Steven Madden Ltd. (b)

  12,490   408,298
Tapestry, Inc.

  34,497   1,476,472
Under Armour, Inc. Class A (a)

  31,952   230,693
Under Armour, Inc. Class C (a)

  31,802   213,391
VF Corp.

  51,103   975,556
Wolverine World Wide, Inc.

  12,953   190,280
          34,836,005
TOBACCO — 0.6%  
Altria Group, Inc.

  295,428   13,382,888
Security Description     Shares   Value
Philip Morris International, Inc.

  248,003   $ 24,210,053
Universal Corp.

  2,708   135,237
Vector Group Ltd.

  19,575   250,756
          37,978,934
TRADING COMPANIES & DISTRIBUTORS — 0.4%  
Applied Industrial Technologies, Inc.

  6,459   935,457
Boise Cascade Co.

  6,086   549,870
DXP Enterprises, Inc. (a)

  2,538   92,409
Fastenal Co.

  91,433   5,393,633
GATX Corp.

  5,448   701,376
GMS, Inc. (a)

  5,867   405,996
MSC Industrial Direct Co., Inc. Class A

  7,430   707,930
NOW, Inc. (a)

  11,029   114,260
United Rentals, Inc.

  11,714   5,217,064
Univar Solutions, Inc. (a)

  28,106   1,007,319
Veritiv Corp.

  2,600   326,586
W.W. Grainger, Inc.

  7,152   5,639,996
Watsco, Inc. (b)

  5,218   1,990,510
WESCO International, Inc.

  7,262   1,300,334
          24,382,740
WATER UTILITIES — 0.1%  
American States Water Co.

  5,705   496,335
American Water Works Co., Inc.

  28,879   4,122,477
California Water Service Group

  8,272   427,084
Essential Utilities, Inc.

  35,655   1,422,991
Middlesex Water Co.

  2,715   218,992
SJW Group

  4,300   301,473
          6,989,352
WIRELESS TELECOMMUNICATION SERVICES — 0.2%  
Gogo, Inc. (a)

  10,779   183,351
NII Holdings, Inc. (a)  (b)

  11,225   1,459
Shenandoah Telecommunications Co.

  7,960   154,663
Telephone & Data Systems, Inc.

  16,983   139,770
T-Mobile U.S., Inc. (a)

  93,109   12,932,840
          13,412,083
TOTAL COMMON STOCKS

(Cost $5,288,482,555)

        6,525,508,483
PREFERRED STOCKS — 0.0% (e)          
MEDIA — 0.0% (e)          
Liberty Broadband Corp. 7.00%, 3/10/2039

(Cost $14)

    1   23
 
See accompanying notes to financial statements.
106


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
TRADING COMPANIES & DISTRIBUTORS — 0.0% (e)          
WESCO International, Inc. 10.63%, 6/22/2025(g)

(Cost $150)

    7   $ 187
TOTAL PREFERRED STOCKS

(Cost $164)

        210
WARRANTS — 0.0% (e)          
ENERGY EQUIPMENT & SERVICES — 0.0% (e)          
Nabors Industries Ltd. (expiring 06/11/26) (a)

    318   3,657
TOTAL WARRANTS

(Cost $0)

        3,657
SHORT-TERM INVESTMENTS — 0.6%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (h)  (i)

  9,420,116   9,422,000
State Street Navigator Securities Lending Portfolio II (d)  (j)

  28,869,269   28,869,269
TOTAL SHORT-TERM INVESTMENTS

(Cost $38,289,606)

  38,291,269  
TOTAL INVESTMENTS — 100.4%

(Cost $5,326,772,325)

  6,563,803,619  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%

  (23,686,837)  
NET ASSETS — 100.0%

  $ 6,540,116,782  
    
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) Reflects separate holdings of the issuer's common stock traded on different securities exchanges.
(d) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(e) Amount is less than 0.05% of net assets.
(f) 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 June 30, 2023, total aggregate fair value of the security is $0, representing 0.00% of the Fund's net assets.
(g) Variable Rate Security - Interest rate shown is rate in effect at June 30, 2023. 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 June 30, 2023 are shown in the Affiliate Table below.
(i) The rate shown is the annualized seven-day yield at June 30, 2023.
(j) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
107


Table of Contents
SPDR PORTFOLIO S&P 1500 COMPOSITE STOCK MARKET ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

At June 30, 2023, 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)   57   09/15/2023   $12,389,663   $12,791,512   $401,849
 
During the period ended June 30, 2023, average notional value related to futures contracts was $20,108,760.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $6,525,507,024   $1,459   $ 0(a)   $6,525,508,483
Preferred Stocks

  210       210
Warrants

  3,657       3,657
Short-Term Investments

  38,291,269       38,291,269
TOTAL INVESTMENTS

  $6,563,802,160   $1,459   $ 0   $6,563,803,619
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts - Unrealized Appreciation

  $ 401,849   $   $—   $ 401,849
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 401,849   $   $—   $ 401,849
(a) The Fund held Level 3 securities that were valued at $0 at June 30, 2023.
 
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
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Corp.

51,584   $ 3,180,154   $ 767,069   $ 427,159   $56,573   $554,740   56,455   $ 4,131,377   $ 139,025
State Street Institutional Liquid Reserves Fund, Premier Class

8,667,918   8,667,051   135,033,207   134,284,639   4,572   1,809   9,420,116   9,422,000   763,968
State Street Navigator Securities Lending Portfolio II

23,177,441   23,177,441   330,087,944   324,396,116       28,869,269   28,869,269   189,191
Total

    $35,024,646   $465,888,220   $459,107,914   $61,145   $556,549       $42,422,646   $1,092,184
See accompanying notes to financial statements.
108


Table of Contents
SPDR S&P AEROSPACE & DEFENSE ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.9%          
AEROSPACE & DEFENSE — 99.9%          
AAR Corp. (a)

    415,115   $ 23,977,042
Aerojet Rocketdyne Holdings, Inc. (a)

    1,138,087   62,446,834
AeroVironment, Inc. (a)

    468,221   47,889,644
Archer Aviation, Inc. Class A (a)  (b)

    3,906,610   16,095,233
Axon Enterprise, Inc. (a)

    315,687   61,596,847
Boeing Co. (a)

    283,016   59,761,659
BWX Technologies, Inc. (b)

    947,646   67,823,024
Curtiss-Wright Corp.

    352,734   64,783,126
Ducommun, Inc. (a)

    170,837   7,443,368
General Dynamics Corp.

    289,736   62,336,700
HEICO Corp. (b)

    375,907   66,512,985
Hexcel Corp.

    840,079   63,862,806
Howmet Aerospace, Inc.

    1,338,751   66,348,500
Huntington Ingalls Industries, Inc.

    285,645   65,012,802
Kaman Corp.

    272,240   6,623,599
Kratos Defense & Security Solutions, Inc. (a)

    2,050,776   29,408,128
L3Harris Technologies, Inc.

    326,116   63,843,729
Lockheed Martin Corp.

    132,923   61,195,091
Mercury Systems, Inc. (a)

    834,784   28,875,179
Moog, Inc. Class A

    293,740   31,850,228
National Presto Industries, Inc. (b)

    74,235   5,434,002
Northrop Grumman Corp.

    135,390   61,710,762
Parsons Corp. (a)

    1,117,310   53,787,303
Raytheon Technologies Corp.

    619,108   60,647,820
Rocket Lab USA, Inc. (a)  (b)

    7,173,536   43,041,216
Spirit AeroSystems Holdings, Inc. Class A (b)

    1,976,928   57,706,528
Textron, Inc.

    941,985   63,706,446
TransDigm Group, Inc.

    76,877   68,741,107
Triumph Group, Inc. (a)

    2,471,399   30,571,206
V2X, Inc. (a)  (b)

    182,878   9,063,434
Virgin Galactic Holdings, Inc. (a) (b)  (c)

    15,261,096   59,213,052
Security Description     Shares   Value
Woodward, Inc.

    549,667   $ 65,360,903
TOTAL COMMON STOCKS

(Cost $1,440,171,542)

        1,536,670,303
SHORT-TERM INVESTMENTS — 5.1%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (d)  (e)

    1,402,370   1,402,650
State Street Navigator Securities Lending Portfolio II (f)  (g)

    76,645,226   76,645,226
TOTAL SHORT-TERM INVESTMENTS

(Cost $78,047,755)

        78,047,876
TOTAL INVESTMENTS — 105.0%

(Cost $1,518,219,297)

      1,614,718,179
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.0)%

        (76,787,530)
NET ASSETS — 100.0%

        $ 1,537,930,649
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(c) 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 June 30, 2023 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, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2023.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $1,536,670,303   $—   $—   $1,536,670,303
Short-Term Investments

  78,047,876       78,047,876
TOTAL INVESTMENTS

  $1,614,718,179   $—   $—   $1,614,718,179
See accompanying notes to financial statements.
109


Table of Contents
SPDR S&P AEROSPACE & DEFENSE ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

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
6/30/23
  Value at

6/30/23
  Dividend
Income
Astra Space, Inc.

13,319,101   $ 17,314,831   $ 620,250   $ 10,632,501   $(67,286,078)   $ —*     $ —*   $
State Street Institutional Liquid Reserves Fund, Premier Class

1,151,407   1,151,292   18,467,584   18,216,601   285   90   1,402,370   1,402,650   59,861
State Street Navigator Securities Lending Portfolio II

44,046,656   44,046,656   513,914,593   481,316,023       76,645,226   76,645,226   528,047
Virgin Galactic Holdings, Inc.

6,988,758   42,072,323   45,197,622   7,327,908   (7,861,679)   (12,867,306)   15,261,096   59,213,052  
Total

    $104,585,102   $578,200,049   $517,493,033   $(75,147,472)   $(12,867,216)       $137,260,928   $587,908
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended June 30, 2023.
* As of June 30, 2023, no longer an affiliate.
See accompanying notes to financial statements.
110


Table of Contents
SPDR S&P BANK ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
BANKS — 86.0%  
Ameris Bancorp (a)

  293,380   $ 10,036,531
Associated Banc-Corp.

  1,214,376   19,709,322
Atlantic Union Bankshares Corp. (a)

  434,395   11,272,550
Axos Financial, Inc. (b)

  310,441   12,243,793
Bank of America Corp.

  702,820   20,163,906
Bank of Hawaii Corp. (a)

  450,735   18,583,804
Bank of New York Mellon Corp.

  463,010   20,613,205
Bank OZK

  518,045   20,804,687
BankUnited, Inc. (a)

  804,703   17,341,350
Banner Corp.

  143,811   6,280,226
BOK Financial Corp.

  134,353   10,853,035
Cadence Bank

  932,778   18,319,760
Cathay General Bancorp

  212,675   6,846,008
Citigroup, Inc.

  425,911   19,608,942
Citizens Financial Group, Inc.

  725,884   18,931,055
Columbia Banking System, Inc.

  897,146   18,194,121
Comerica, Inc.

  488,867   20,708,406
Commerce Bancshares, Inc.

  403,285   19,639,980
Community Bank System, Inc. (a)

  216,382   10,143,988
Cullen/Frost Bankers, Inc.

  187,748   20,188,542
CVB Financial Corp. (a)

  1,035,429   13,750,497
East West Bancorp, Inc.

  389,834   20,579,337
Eastern Bankshares, Inc.

  678,428   8,324,324
Fifth Third Bancorp

  778,930   20,415,755
First BanCorp

  790,615   9,661,315
First Citizens BancShares, Inc. Class A

  16,010   20,548,034
First Financial Bancorp

  207,548   4,242,281
First Financial Bankshares, Inc. (a)

  450,876   12,845,457
First Hawaiian, Inc. (a)

  694,064   12,500,093
First Horizon Corp.

  1,756,750   19,798,573
First Interstate BancSystem, Inc. Class A

  560,137   13,353,666
First Merchants Corp.

  159,615   4,505,931
FNB Corp. (a)

  1,676,770   19,182,249
Fulton Financial Corp.

  870,103   10,371,628
Glacier Bancorp, Inc.

  474,725   14,797,178
Hancock Whitney Corp.

  390,391   14,983,207
Hilltop Holdings, Inc. (a)

  214,028   6,733,321
Home BancShares, Inc.

  735,320   16,765,296
Huntington Bancshares, Inc.

  1,878,679   20,252,160
Independent Bank Corp.

  192,492   8,567,819
Independent Bank Group, Inc.

  197,178   6,808,556
International Bancshares Corp.

  135,234   5,977,343
JPMorgan Chase & Co.

  145,888   21,217,951
KeyCorp

  1,926,175   17,797,857
Lakeland Financial Corp. (a)

  98,637   4,785,867
M&T Bank Corp.

  162,083   20,059,392
New York Community Bancorp, Inc.

  1,878,679   21,116,352
Northern Trust Corp.

  274,911   20,381,902
Security Description     Shares   Value
Old National Bancorp

  1,501,573   $ 20,931,928
Pacific Premier Bancorp, Inc.

  448,796   9,281,101
Pinnacle Financial Partners, Inc.

  371,327   21,035,675
PNC Financial Services Group, Inc.

  159,556   20,096,078
Popular, Inc.

  329,673   19,951,810
Prosperity Bancshares, Inc.

  337,848   19,081,655
Regions Financial Corp.

  1,113,782   19,847,595
Renasant Corp.

  148,005   3,867,371
Seacoast Banking Corp. of Florida

  542,169   11,981,935
ServisFirst Bancshares, Inc. (a)

  193,447   7,915,851
Simmons First National Corp. Class A (a)

  396,080   6,832,380
SouthState Corp. (a)

  291,505   19,181,029
Synovus Financial Corp.

  664,885   20,112,771
Texas Capital Bancshares, Inc. (b)

  339,764   17,497,846
Triumph Financial, Inc. (b)

  119,742   7,270,734
Truist Financial Corp.

  630,449   19,134,127
Trustmark Corp.

  206,435   4,359,907
U.S. Bancorp

  626,036   20,684,229
UMB Financial Corp.

  254,735   15,513,362
United Bankshares, Inc.

  474,562   14,080,255
United Community Banks, Inc. (a)

  455,175   11,374,823
Valley National Bancorp (a)

  2,457,771   19,047,725
Washington Federal, Inc.

  475,896   12,620,762
Webster Financial Corp.

  530,878   20,040,645
Wells Fargo & Co.

  488,287   20,840,089
WesBanco, Inc.

  154,940   3,968,013
Western Alliance Bancorp

  527,340   19,232,090
Wintrust Financial Corp.

  292,792   21,262,555
WSFS Financial Corp.

  188,262   7,101,243
Zions Bancorp NA

  666,393   17,899,316
          1,162,851,452
FINANCIAL SERVICES — 13.8%  
Apollo Global Management, Inc.

  281,879   21,651,126
Equitable Holdings, Inc.

  774,531   21,036,262
Essent Group Ltd.

  268,285   12,555,738
Jackson Financial, Inc. Class A (a)

  693,345   21,223,290
MGIC Investment Corp.

  1,297,889   20,493,667
Mr Cooper Group, Inc. (b)

  338,589   17,146,147
NMI Holdings, Inc. Class A (b)

  200,275   5,171,101
PennyMac Financial Services, Inc.

  231,749   16,294,272
Radian Group, Inc.

  783,081   19,796,288
Voya Financial, Inc.

  286,672   20,557,249
Walker & Dunlop, Inc.

  134,763   10,658,406
          186,583,546
TOTAL COMMON STOCKS

(Cost $1,780,576,507)

        1,349,434,998
 
See accompanying notes to financial statements.
111


Table of Contents
SPDR S&P BANK ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 4.6%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

  416,292   $ 416,375
State Street Navigator Securities Lending Portfolio II (e)  (f)

  61,218,060   61,218,060
TOTAL SHORT-TERM INVESTMENTS

(Cost $61,634,435)

  61,634,435  
TOTAL INVESTMENTS — 104.4%

(Cost $1,842,210,942)

  1,411,069,433  
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.4)%

  (59,592,957)  
NET ASSETS — 100.0%

  $ 1,351,476,476  
    
(a) All or a portion of the shares of the security are on loan at June 30, 2023.
(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, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 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 June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $1,349,434,998   $—   $—   $1,349,434,998
Short-Term Investments

  61,634,435       61,634,435
TOTAL INVESTMENTS

  $ 1,411,069,433   $—   $—   $ 1,411,069,433
 
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
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

2,302,583   $ 2,302,353   $ 93,387,658   $ 95,274,402   $766   $—   416,292   $ 416,375   $ 63,017
State Street Navigator Securities Lending Portfolio II

40,635,342   40,635,342   609,763,166   589,180,448       61,218,060   61,218,060   755,490
Total

    $42,937,695   $703,150,824   $684,454,850   $766   $—       $61,634,435   $818,507
See accompanying notes to financial statements.
112


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 100.0%          
BIOTECHNOLOGY — 99.5%          
2seventy bio, Inc. (a)  (b)

    1,974,956   $ 19,986,555
4D Molecular Therapeutics, Inc. (a)  (b)

    1,355,538   24,494,572
89bio, Inc. (a)

    3,435,372   65,100,299
AbbVie, Inc.

    514,017   69,253,510
ACADIA Pharmaceuticals, Inc. (a)  (b)

    2,873,085   68,810,386
Achillion Pharmaceuticals, Inc. (a)  (b)

    51,865   75,464
ADMA Biologics, Inc. (a)  (b)

    6,149,856   22,692,969
Agenus, Inc. (a)  (b)

    12,293,992   19,670,387
Agios Pharmaceuticals, Inc. (a)  (b)

    1,398,217   39,597,505
Akero Therapeutics, Inc. (a)  (b)

    1,353,167   63,179,367
Aldeyra Therapeutics, Inc. (a)

    2,164,407   18,159,375
Alector, Inc. (a)  (b)

    1,421,513   8,543,293
Alkermes PLC (a)

    2,281,517   71,411,482
Allakos, Inc. (a)  (b)

    3,020,702   13,170,261
Allogene Therapeutics, Inc. (a)  (b)

    6,529,369   32,450,964
Alnylam Pharmaceuticals, Inc. (a)

    372,188   70,693,389
Amgen, Inc.

    324,635   72,075,463
Amicus Therapeutics, Inc. (a)  (b)

    5,544,403   69,637,702
AnaptysBio, Inc. (a)  (b)

    792,809   16,125,735
Anavex Life Sciences Corp. (a)  (b)

    2,997,852   24,372,537
Anika Therapeutics, Inc. (a)  (b)

    240,249   6,241,669
Apellis Pharmaceuticals, Inc. (a)

    789,050   71,882,455
Arcellx, Inc. (a)

    1,232,234   38,963,239
Arcturus Therapeutics Holdings, Inc. (a) (b)  (c)

    1,355,141   38,865,444
Arcus Biosciences, Inc. (a)

    2,565,894   52,113,307
Arcutis Biotherapeutics, Inc. (a) (b)  (c)

    4,273,971   40,730,944
Ardelyx, Inc. (a) (b)  (c)

    17,845,281   60,495,503
Arrowhead Pharmaceuticals, Inc. (a)

    2,010,906   71,708,908
Avid Bioservices, Inc. (a)  (b)

    1,747,640   24,414,531
Avidity Biosciences, Inc. (a) (b)  (c)

    4,685,206   51,958,935
Beam Therapeutics, Inc. (a)  (b)

    2,205,021   70,406,320
BioCryst Pharmaceuticals, Inc. (a)  (b)

    8,336,123   58,686,306
Biogen, Inc. (a)

    229,970   65,506,954
Biohaven Ltd. (a)

    1,620,740   38,768,101
BioMarin Pharmaceutical, Inc. (a)

    777,354   67,381,045
Biomea Fusion, Inc. (a)

    1,170,948   25,702,309
Security Description     Shares   Value
Bioxcel Therapeutics, Inc. (a) (b)  (c)

    1,689,894   $ 11,254,694
Bluebird Bio, Inc. (a) (b)  (c)

    14,087,477   46,347,799
Blueprint Medicines Corp. (a)  (b)

    1,214,733   76,771,126
Bridgebio Pharma, Inc. (a)  (b)

    4,439,011   76,350,989
CareDx, Inc. (a) (b)  (c)

    2,931,817   24,920,444
Catalyst Pharmaceuticals, Inc. (a) (b)  (c)

    6,112,156   82,147,377
Celldex Therapeutics, Inc. (a)  (b)

    1,757,356   59,627,089
Cerevel Therapeutics Holdings, Inc. (a)  (b)

    1,510,714   48,025,598
Chinook Therapeutics, Inc. (a)

    1,780,333   68,400,394
Cogent Biosciences, Inc. (a)  (b)

    1,763,107   20,875,187
Crinetics Pharmaceuticals, Inc. (a)  (b)

    1,181,364   21,288,179
CRISPR Therapeutics AG (a)  (b)

    1,159,789   65,110,554
Cytokinetics, Inc. (a)  (b)

    1,918,046   62,566,660
Day One Biopharmaceuticals, Inc. (a)  (b)

    2,487,191   29,697,061
Deciphera Pharmaceuticals, Inc. (a)

    1,976,242   27,825,487
Denali Therapeutics, Inc. (a)  (b)

    2,124,527   62,694,792
Dynavax Technologies Corp. (a)  (b)

    3,650,900   47,169,628
Dyne Therapeutics, Inc. (a)  (b)

    1,002,369   11,276,651
Editas Medicine, Inc. (a) (b)  (c)

    4,917,317   40,469,519
Emergent BioSolutions, Inc. (a)  (c)

    4,973,044   36,551,873
Enanta Pharmaceuticals, Inc. (a)  (b)

    788,604   16,876,126
EQRx, Inc. (a)  (b)

    5,298,771   9,855,714
Exact Sciences Corp. (a)  (b)

    808,810   75,947,259
Exelixis, Inc. (a)

    3,699,199   70,691,693
Fate Therapeutics, Inc. (a) (b)  (c)

    8,165,594   38,868,227
FibroGen, Inc. (a)

    3,103,299   8,378,907
Geron Corp. (a)  (b)

    11,327,593   36,361,574
Gilead Sciences, Inc.

    909,188   70,071,119
Halozyme Therapeutics, Inc. (a)  (b)

    2,091,403   75,436,906
Horizon Therapeutics PLC (a)

    715,618   73,601,311
Ideaya Biosciences, Inc. (a)  (b)

    1,068,523   25,110,290
ImmunoGen, Inc. (a)

    2,883,363   54,409,060
Immunovant, Inc. (a)  (b)

    2,151,479   40,813,557
Incyte Corp. (a)

    1,163,612   72,434,847
Inhibrx, Inc. (a)  (b)

    1,130,193   29,339,810
Insmed, Inc. (a)  (b)

    3,172,814   66,946,375
Intellia Therapeutics, Inc. (a)  (b)

    1,642,610   66,985,636
 
See accompanying notes to financial statements.
113


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Intercept Pharmaceuticals, Inc. (a) (b)  (c)

    3,524,818   $ 38,984,487
Ionis Pharmaceuticals, Inc. (a)  (b)

    1,747,259   71,690,037
Iovance Biotherapeutics, Inc. (a)  (b)

    9,001,761   63,372,397
Ironwood Pharmaceuticals, Inc. (a)

    6,200,001   65,968,011
iTeos Therapeutics, Inc. (a)  (b)

    739,763   9,794,462
IVERIC bio, Inc. (a)

    1,863,177   73,297,383
Karuna Therapeutics, Inc. (a)  (b)

    311,980   67,652,863
Keros Therapeutics, Inc. (a)  (b)

    601,250   24,158,225
Kiniksa Pharmaceuticals Ltd. Class A (a)  (b)

    1,019,952   14,360,924
Krystal Biotech, Inc. (a)  (b)

    454,224   53,325,898
Kura Oncology, Inc. (a)

    1,689,923   17,879,385
Kymera Therapeutics, Inc. (a)  (b)

    1,833,360   42,148,946
Lyell Immunopharma, Inc. (a)  (b)

    2,781,248   8,844,369
Madrigal Pharmaceuticals, Inc. (a)  (b)

    267,448   61,780,488
MannKind Corp. (a)  (b)

    10,126,294   41,214,017
Mersana Therapeutics, Inc. (a)

    2,878,962   9,471,785
MiMedx Group, Inc. (a)

    1,148,549   7,591,909
MiNK Therapeutics, Inc. (a)  (b)

    2,671   5,609
Mirati Therapeutics, Inc. (a)  (b)

    1,870,051   67,564,943
Mirum Pharmaceuticals, Inc. (a)  (b)

    991,191   25,642,111
Moderna, Inc. (a)

    576,157   70,003,075
Morphic Holding, Inc. (a)  (b)

    1,111,661   63,731,525
Myriad Genetics, Inc. (a)

    1,677,474   38,883,847
Natera, Inc. (a)  (b)

    1,468,098   71,437,649
Neurocrine Biosciences, Inc. (a)

    760,515   71,716,564
Novavax, Inc. (a) (b)  (c)

    9,507,925   70,643,883
Nurix Therapeutics, Inc. (a)  (b)

    978,296   9,773,177
Nuvalent, Inc. Class A (a)  (b)

    689,384   29,071,323
Point Biopharma Global, Inc. (a)

    1,673,393   15,160,941
Protagonist Therapeutics, Inc. (a)

    2,441,552   67,435,666
Prothena Corp. PLC (a)  (b)

    1,021,972   69,780,248
PTC Therapeutics, Inc. (a)  (b)

    1,651,757   67,176,957
RAPT Therapeutics, Inc. (a)  (b)

    1,093,229   20,443,382
Recursion Pharmaceuticals, Inc. Class A (a)  (b)

    2,739,714   20,465,664
Regeneron Pharmaceuticals, Inc. (a)

    95,124   68,350,399
REGENXBIO, Inc. (a)  (b)

    1,342,570   26,837,974

Security Description     Shares   Value
Relay Therapeutics, Inc. (a)  (b)

    5,360,210   $ 67,324,238
Replimune Group, Inc. (a)  (b)

    1,237,635   28,737,885
REVOLUTION Medicines, Inc. (a)  (b)

    2,777,818   74,306,631
Rhythm Pharmaceuticals, Inc. (a)  (b)

    2,217,840   36,572,182
Rocket Pharmaceuticals, Inc. (a)  (b)

    1,992,836   39,597,651
Roivant Sciences Ltd. (a)  (b)

    6,157,894   62,071,571
Sage Therapeutics, Inc. (a)  (b)

    1,185,757   55,754,294
Sana Biotechnology, Inc. (a)  (b)

    2,870,824   17,110,111
Sarepta Therapeutics, Inc. (a)  (b)

    556,361   63,714,462
Seagen, Inc. (a)

    361,243   69,524,828
Seres Therapeutics, Inc. (a) (b)  (c)

    6,612,059   31,671,763
SpringWorks Therapeutics, Inc. (a)  (b)

    2,059,227   53,992,932
Syndax Pharmaceuticals, Inc. (a)  (b)

    2,866,509   59,996,033
TG Therapeutics, Inc. (a)  (b)

    2,586,420   64,246,673
Travere Therapeutics, Inc. (a) (b)  (c)

    4,260,550   65,442,048
Twist Bioscience Corp. (a) (b)  (c)

    3,537,498   72,377,209
Ultragenyx Pharmaceutical, Inc. (a)

    1,382,267   63,763,977
uniQure NV (a)  (b)

    1,693,939   19,412,541
United Therapeutics Corp. (a)

    310,875   68,625,656
Vanda Pharmaceuticals, Inc. (a)

    1,881,312   12,397,846
Vaxcyte, Inc. (a)  (b)

    1,404,695   70,150,468
Veracyte, Inc. (a)  (b)

    2,080,608   52,993,086
Vericel Corp. (a)
    798,987   30,017,942
Vertex Pharmaceuticals, Inc. (a)

    212,570   74,805,509
Verve Therapeutics, Inc. (a)

    2,050,872   38,453,850
Viking Therapeutics, Inc. (a)

    2,926,415   47,437,187
Vir Biotechnology, Inc. (a)  (b)

    2,665,401   65,382,287
Viridian Therapeutics, Inc. (a)  (b)

    2,086,518   49,638,263
Xencor, Inc. (a)  (b)

    1,017,197   25,399,409
Zentalis Pharmaceuticals, Inc. (a)  (b)

    2,145,348   60,520,267
          6,411,926,019
HEALTH CARE EQUIPMENT — 0.0% (d)          
OmniAb, Inc. (a) (b) (e)  (f)

    161,959  
OmniAb, Inc. (a) (b) (e)  (f)

    161,960  
         
 
See accompanying notes to financial statements.
114


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
PHARMACEUTICALS — 0.5%          
Scilex Holding Co. (a)

    5,938,074   $ 33,075,072
TOTAL COMMON STOCKS

(Cost $7,882,912,378)

        6,445,001,091
SHORT-TERM INVESTMENTS — 9.9%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (g)  (h)

    2,170,348   2,170,782
State Street Navigator Securities Lending Portfolio II (i)  (j)

    633,689,418   633,689,418
TOTAL SHORT-TERM INVESTMENTS

(Cost $635,860,200)

        635,860,200
TOTAL INVESTMENTS — 109.9%

(Cost $8,518,772,578)

      7,080,861,291
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.9)%

        (634,984,917)
NET ASSETS — 100.0%

        $ 6,445,876,374
    
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(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, 2023 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 June 30, 2023, total aggregate fair value of the securities 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 June 30, 2023 are shown in the Affiliate Table below.
(h) The rate shown is the annualized seven-day yield at June 30, 2023.
(i) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 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 June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $6,444,925,627   $75,464   $ 0(a)   $6,445,001,091
Short-Term Investments

  635,860,200       635,860,200
TOTAL INVESTMENTS

  $7,080,785,827   $75,464   $ 0   $7,080,861,291
(a) Fund held a Level 3 security that was valued at $0 at June 30, 2023.
 
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
6/30/23
  Value at

6/30/23
  Dividend
Income
Agenus, Inc.

18,403,960   $ 35,703,682   $ 88,150,550   $ 99,303,926   $ (10,161,220)   $ —*     $ —*   $ 583,867
Albireo Pharma, Inc.

1,080,042   21,449,634   9,668,069   28,274,479   (10,142,880)   —*     —*  
Allogene Therapeutics, Inc.

4,078,245   46,491,993   126,641,892   99,761,045   5,233,017   —*     —*  
Altimmune, Inc.

    142,188,589   97,893,642   (44,294,947)   —*     —*  
Anavex Life Sciences Corp.

3,138,654   31,417,927   86,112,603   85,103,495   (6,368,915)   —*     —*  
Arcturus Therapeutics Holdings, Inc.

2,239,987   35,257,395   72,589,676   88,643,061   (15,960,005)   35,621,439   1,355,141   38,865,444  
Arcus Biosciences, Inc.

2,907,308   73,671,185   165,446,911   187,857,160   (13,704,425)   —*     —*  
Arcutis Biotherapeutics, Inc.

791,720   16,871,553   119,339,231   71,893,295   762,350   (24,348,895)   4,273,971   40,730,944  
Ardelyx, Inc.

    105,552,175   35,361,555   2,255,812   (11,950,929)   17,845,281   60,495,503  
Atara Biotherapeutics, Inc.

4,178,999   32,554,402   49,548,546   54,837,409   (45,650,625)   —*     —*  
Avidity Biosciences, Inc.

840,385   12,210,794   127,120,404   68,155,489   4,054,519   (23,271,293)   4,685,206   51,958,935  
See accompanying notes to financial statements.
115


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

  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
6/30/23
  Value at

6/30/23
  Dividend
Income
Biohaven, Inc

  $   $ 106,950,963   $ 96,692,909   $ 15,362,789   $ —*     $ —*   $
Bioxcel Therapeutics, Inc.

    49,771,419   16,829,153   1,333,501   (23,021,073)   1,689,894   11,254,694  
Bluebird Bio, Inc.

    205,770,400   122,513,209   (372,671)   (36,536,721)   14,087,477   46,347,799  
Bridgebio Pharma, Inc.

8,496,876   77,151,634   155,473,759   199,028,081   (43,284,492)   —*     —*  
CareDx, Inc.

3,155,144   67,772,493   119,924,207   116,875,394   (53,693,975)   7,793,113   2,931,817   24,920,444  
Catalyst Pharmaceuticals, Inc.

3,479,669   24,392,480   173,778,680   142,981,039   38,257,797   (11,300,541)   6,112,156   82,147,377  
Coherus Biosciences, Inc.

4,238,908   30,689,694   69,124,939   91,888,349   (33,895,829)   —*     —*  
CTI BioPharma Corp.

8,182,914   48,851,997   156,574,584   231,480,592   24,852,208   —*     —*  
Dynavax Technologies Corp.

4,945,103   62,258,847   156,110,530   169,078,919   (3,091,275)   —*     —*  
Editas Medicine, Inc.

6,434,010   76,114,338   157,259,889   170,065,444   (52,545,790)   29,706,526   4,917,317   40,469,519  
Emergent BioSolutions, Inc

2,394,422   74,322,859   129,281,986   102,159,827   268,067   (65,161,212)   4,973,044   36,551,873  
Fate Therapeutics, Inc.

3,614,664   89,571,374   193,036,293   169,491,137   (125,855,817)   51,607,514   8,165,594   38,868,227  
Gossamer Bio, Inc

2,677,826   22,413,404   121,780,046   82,094,105   (66,314,705)   —*     —*  
Heron Therapeutics, Inc.

14,121,179   39,398,089   39,133,308   92,086,460   (78,619,224)   —*     —*  
ImmunoGen, Inc.

14,030,427   63,136,921   159,194,047   328,775,645   112,750,038   —*     —*  
Inovio Pharmaceuticals, Inc.

27,314,749   47,254,516   78,506,814   97,312,527   (126,800,978)   —*     —*  
Intercept Pharmaceuticals, Inc.

2,863,938   39,550,984   97,774,083   93,970,239   (5,999,799)   1,629,458   3,524,818   38,984,487  
Iovance Biotherapeutics, Inc.

8,627,590   95,248,594   173,843,722   175,193,918   (41,683,905)   —*     —*  
iTeos Therapeutics, Inc.

1,832,657   37,752,734   54,137,143   75,834,412   (19,211,261)   —*     —*  
IVERIC bio, Inc.

6,575,877   63,259,937   174,081,325   280,991,274   64,171,665   —*     —*  
Karyopharm Therapeutics, Inc.

8,590,440   38,742,884   71,686,037   88,936,401   (44,969,590)   —*     —*  
Kymera Therapeutics, Inc.

2,812,391   55,375,979   129,074,005   156,040,610   (4,503,659)   —*     —*  
Madrigal Pharmaceuticals, Inc.

582,168   41,671,585   237,132,845   411,550,414   170,503,932   —*     —*  
MannKind Corp.

7,563,925   28,818,554   147,033,444   148,413,706   14,815,531   —*     —*  
Novavax, Inc

1,762,978   90,669,959   206,552,346   129,243,268   4,370,377   (101,705,531)   9,507,925   70,643,883  
Ocugen, Inc.

25,991,796   59,001,377   63,550,520   91,293,871   (87,352,195)   —*     —*  
PMV Pharmaceuticals, Inc.

4,485,362   63,916,408   60,082,409   94,906,639   (44,136,353)   —*     —*  
Praxis Precision Medicines, Inc.

4,299,061   10,532,699   6,135,009   17,654,547   (9,357,660)   —*     —*  
Protagonist Therapeutics, Inc.

5,877,088   46,487,766   113,786,485   140,271,994   (21,943,700)   —*     —*  
Rhythm Pharmaceuticals, Inc.

    181,029,487   125,552,648   2,251,859   —*     —*  
Rigel Pharmaceuticals, Inc.

20,357,540   23,004,020   12,244,017   37,133,827   (7,015,198)   —*     —*  
Seres Therapeutics, Inc.

    69,163,274   28,849,754   (1,629,979)   (7,011,778)   6,612,059   31,671,763  
Sorrento Therapeutics, Inc.

32,103,984   64,529,008   85,220,535   79,004,894   (67,196,871)   —*     —*  
SpringWorks Therapeutics, Inc.

3,275,904   80,652,756   156,035,523   188,183,959   (29,248,745)   —*     —*  
State Street Institutional Liquid Reserves Fund, Premier Class

3,542,794   3,542,440   416,457,708   417,831,044   1,644   34   2,170,348   2,170,782   232,692
State Street Navigator Securities Lending Portfolio II

592,952,060   592,952,060   3,096,329,846   3,055,592,488       633,689,418   633,689,418   6,503,320
TG Therapeutics, Inc.

11,433,734   48,593,369   167,434,199   285,090,601   (3,478,702)   —*     —*  
Travere Therapeutics, Inc.

2,445,977   59,266,023   159,220,848   127,714,757   1,235,785   (26,565,851)   4,260,550   65,442,048  
Twist Bioscience Corp.

2,673,732   93,473,671   200,633,691   190,733,689   (50,615,099)   19,618,635   3,537,498   72,377,209  
Vaxart, Inc.

10,049,025   35,171,588   33,305,547   40,166,027   (53,216,382)   —*     —*  
Veracyte, Inc.

3,731,943   74,265,666   164,888,073   210,552,590   (16,621,860)   —*     —*  
Verve Therapeutics, Inc

    194,197,111   114,385,302   (17,554,422)   —*     —*  
Viking Therapeutics, Inc.

    106,268,064   90,289,546   21,175,403   —*     —*  
Total

    $2,775,437,272   $9,741,327,806   $10,041,819,765   $(772,836,859)   $(184,897,105)       $1,387,590,349   $7,319,879
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended June 30, 2023.
* As of June 30, 2023, no longer an affiliate.
See accompanying notes to financial statements.
116


Table of Contents
SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 97.0%   
AEROSPACE & DEFENSE — 2.4%  
General Dynamics Corp.

  786,548   $ 169,225,802
L3Harris Technologies, Inc.

  879,815   172,241,383
Lockheed Martin Corp.

  402,409   185,261,055
          526,728,240
AIR FREIGHT & LOGISTICS — 1.3%  
CH Robinson Worldwide, Inc.

  1,928,627   181,965,958
Expeditors International of Washington, Inc.

  836,788   101,360,130
          283,326,088
BANKS — 4.9%  
Bank OZK (a)

  3,586,236   144,023,238
Commerce Bancshares, Inc. (a)

  2,594,542   126,354,195
Community Bank System, Inc. (a)

  1,701,772   79,779,071
Cullen/Frost Bankers, Inc. (a)

  2,438,258   262,185,883
Prosperity Bancshares, Inc.

  3,977,220   224,633,385
UMB Financial Corp.

  1,625,900   99,017,310
United Bankshares, Inc.

  5,292,383   157,025,004
          1,093,018,086
BEVERAGES — 2.3%  
Brown-Forman Corp. Class B

  1,529,376   102,131,729
Coca-Cola Co.

  3,542,603   213,335,553
PepsiCo, Inc.

  1,041,077   192,828,282
          508,295,564
BIOTECHNOLOGY — 1.1%  
AbbVie, Inc.

  1,749,575   235,720,240
BUILDING PRODUCTS — 1.2%  
A.O. Smith Corp.

  1,929,969   140,463,144
Carlisle Cos., Inc.

  463,800   118,978,614
          259,441,758
CAPITAL MARKETS — 4.3%  
FactSet Research Systems, Inc.

  155,711   62,385,612
Franklin Resources, Inc. (a)

  12,766,244   340,986,377
S&P Global, Inc.

  227,140   91,058,155
SEI Investments Co.

  1,956,323   116,635,977
T Rowe Price Group, Inc.

  2,953,179   330,815,112
          941,881,233
CHEMICALS — 5.9%  
Air Products & Chemicals, Inc.

  641,571   192,169,762
Albemarle Corp.

  318,669   71,091,867
Ecolab, Inc.

  591,600   110,445,804
HB Fuller Co.

  1,283,532   91,785,373
International Flavors & Fragrances, Inc.

  2,796,347   222,561,258
Linde PLC

  299,741   114,225,300
PPG Industries, Inc.

  1,000,216   148,332,033
RPM International, Inc.

  1,793,801   160,957,764
Sherwin-Williams Co.

  352,514   93,599,517
Stepan Co.

  1,002,620   95,810,367
          1,300,979,045
Security Description     Shares   Value
COMMERCIAL SERVICES & SUPPLIES — 2.2%  
ABM Industries, Inc. (b)

  3,541,033   $ 151,025,058
Brady Corp. Class A (b)

  2,497,174   118,790,567
Cintas Corp.

  165,386   82,210,073
MSA Safety, Inc.

  805,220   140,076,071
          492,101,769
CONSTRUCTION & ENGINEERING — 0.7%  
MDU Resources Group, Inc.

  7,492,742   156,898,017
CONSUMER STAPLES DISTRIBUTION & RETAIL — 4.0%  
Casey's General Stores, Inc.

  239,203   58,336,827
Sysco Corp.

  2,569,200   190,634,640
Target Corp.

  1,230,242   162,268,920
Walgreens Boots Alliance, Inc.

  12,041,975   343,075,868
Walmart, Inc.

  779,528   122,526,211
          876,842,466
CONTAINERS & PACKAGING — 2.8%  
Amcor PLC

  29,780,017   297,204,570
AptarGroup, Inc.

  815,803   94,518,936
Sonoco Products Co.

  3,977,715   234,764,739
          626,488,245
DISTRIBUTORS — 0.8%  
Genuine Parts Co.

  1,043,333   176,563,244
ELECTRIC UTILITIES — 3.2%  
Eversource Energy

  3,347,405   237,397,963
NextEra Energy, Inc.

  2,349,410   174,326,222
Southern Co.

  4,062,292   285,376,013
          697,100,198
ELECTRICAL EQUIPMENT — 0.9%  
Emerson Electric Co.

  2,133,021   192,803,768
ELECTRONIC EQUIPMENT, INSTRUMENTS & COMPONENTS — 0.3%  
Badger Meter, Inc. (a)

  416,644   61,479,989
FOOD PRODUCTS — 4.8%  
Archer-Daniels-Midland Co.

  2,147,150   162,238,654
Flowers Foods, Inc.

  9,042,185   224,969,563
Hormel Foods Corp.

  5,294,637   212,950,300
J M Smucker Co.

  1,311,261   193,633,912
Lancaster Colony Corp.

  620,332   124,742,562
McCormick & Co., Inc.

  1,673,804   146,005,923
          1,064,540,914
GAS UTILITIES — 5.1%  
Atmos Energy Corp.

  1,746,570   203,195,954
National Fuel Gas Co.

  4,574,093   234,925,416
New Jersey Resources Corp.

  4,206,794   198,560,677
ONE Gas, Inc. (a)  (b)

  3,110,109   238,887,472
UGI Corp.

  9,056,596   244,256,394
          1,119,825,913
HEALTH CARE EQUIPMENT & SUPPLIES — 2.4%  
Abbott Laboratories

  1,380,160   150,465,043
Becton Dickinson & Co.

  430,631   113,690,890
 
See accompanying notes to financial statements.
117


Table of Contents
SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Medtronic PLC

  3,010,345   $ 265,211,395
          529,367,328
HEALTH CARE PROVIDERS & SERVICES — 1.1%  
Cardinal Health, Inc.

  2,508,593   237,237,640
HOTELS, RESTAURANTS & LEISURE — 0.8%  
McDonald's Corp.

  569,507   169,946,584
HOUSEHOLD DURABLES — 1.5%  
Leggett & Platt, Inc. (a)  (b)

  10,949,805   324,333,224
HOUSEHOLD PRODUCTS — 4.4%  
Church & Dwight Co., Inc.

  1,029,444   103,181,172
Clorox Co.

  1,380,671   219,581,916
Colgate-Palmolive Co.

  2,544,716   196,044,921
Kimberly-Clark Corp.

  1,900,154   262,335,261
Procter & Gamble Co.

  1,204,219   182,728,191
          963,871,461
INDUSTRIAL CONGLOMERATES — 1.9%  
3M Co.

  4,179,249   418,301,032
INSURANCE — 4.8%  
Aflac, Inc.

  3,018,752   210,708,889
Brown & Brown, Inc.

  998,058   68,706,313
Chubb Ltd.

  650,116   125,186,337
Cincinnati Financial Corp.

  1,935,598   188,372,397
Old Republic International Corp.

  11,885,017   299,145,878
RenaissanceRe Holdings Ltd.

  276,661   51,602,810
RLI Corp.

  407,583   55,622,852
W R Berkley Corp.

  854,405   50,888,362
          1,050,233,838
IT SERVICES — 1.8%  
International Business Machines Corp.

  3,063,105   409,874,080
LEISURE EQUIPMENT & PRODUCTS — 0.9%  
Polaris, Inc. (a)

  1,646,907   199,160,464
LIFE SCIENCES TOOLS & SERVICES — 0.1%  
West Pharmaceutical Services, Inc.

  45,853   17,537,397
MACHINERY — 6.8%  
Caterpillar, Inc.

  728,458   179,237,091
Donaldson Co., Inc.

  1,685,492   105,360,105
Dover Corp.

  688,594   101,670,904
Franklin Electric Co., Inc.

  821,026   84,483,575
Graco, Inc.

  1,388,059   119,858,895
Illinois Tool Works, Inc.

  697,114   174,390,038
Lincoln Electric Holdings, Inc. (a)

  723,552   143,719,134
Nordson Corp.

  408,849   101,468,145
Pentair PLC

  2,278,140   147,167,844
Stanley Black & Decker, Inc.

  3,797,143   355,830,270
          1,513,186,001
MEDIA — 0.5%  
John Wiley & Sons, Inc. Class A (b)

  3,018,528   102,720,508
Security Description     Shares   Value
METALS & MINING — 0.8%  
Nucor Corp.

  658,368   $ 107,959,185
Royal Gold, Inc.

  680,411   78,097,574
          186,056,759
MULTI-UTILITIES — 3.6%  
Avista Corp. (b)

  7,424,165   291,546,960
Black Hills Corp. (b)

  4,632,663   279,164,272
Consolidated Edison, Inc.

  2,615,731   236,462,082
          807,173,314
OIL, GAS & CONSUMABLE FUELS — 2.2%  
Chevron Corp.

  1,674,358   263,460,231
Exxon Mobil Corp.

  2,188,723   234,740,542
          498,200,773
PERSONAL CARE PRODUCTS — 0.9%  
Nu Skin Enterprises, Inc. Class A (a)  (b)

  5,881,950   195,280,740
PHARMACEUTICALS — 1.0%  
Johnson & Johnson

  1,371,141   226,951,258
PROFESSIONAL SERVICES — 0.8%  
Automatic Data Processing, Inc.

  798,225   175,441,873
RESIDENTIAL REITs — 1.7%  
Essex Property Trust, Inc. REIT

  1,590,967   372,763,568
RETAIL REITs — 4.8%  
Federal Realty Investment Trust REIT

  3,437,147   332,612,715
NNN REIT, Inc.

  8,827,518   377,729,495
Realty Income Corp. REIT

  5,930,757   354,599,961
          1,064,942,171
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT — 0.7%  
Microchip Technology, Inc.

  1,702,439   152,521,510
SOFTWARE — 0.2%  
Roper Technologies, Inc.

  106,335   51,125,868
SPECIALTY RETAIL — 0.8%  
Lowe's Cos., Inc.

  761,325   171,831,053
TEXTILES, APPAREL & LUXURY GOODS — 0.3%  
NIKE, Inc. Class B

  675,763   74,583,962
TRADING COMPANIES & DISTRIBUTORS — 1.4%  
Fastenal Co.

  3,622,315   213,680,362
W.W. Grainger, Inc.

  114,007   89,904,780
          303,585,142
WATER UTILITIES — 2.6%  
American States Water Co.

  1,500,468   130,540,716
California Water Service Group

  2,340,196   120,824,319
Essential Utilities, Inc.

  4,604,684   183,772,938
SJW Group (a)  (b)

  1,935,914   135,726,931
          570,864,904
TOTAL COMMON STOCKS

(Cost $21,254,472,738)

        21,401,127,229
 
See accompanying notes to financial statements.
118


Table of Contents
SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 4.5%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

  600,155,172   $ 600,275,203
State Street Navigator Securities Lending Portfolio II (e)  (f)

  381,931,207   381,931,207
TOTAL SHORT-TERM INVESTMENTS

(Cost $982,204,858)

  982,206,410  
TOTAL INVESTMENTS — 101.5%

(Cost $22,236,677,596)

  22,383,333,639  
LIABILITIES IN EXCESS OF OTHER ASSETS — (1.5)%

  (325,881,163)  
NET ASSETS — 100.0%

  $22,057,452,476  
    
(a) All or a portion of the shares of the security are on loan at June 30, 2023.
(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 June 30, 2023 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 June 30, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
 
See accompanying notes to financial statements.
119


Table of Contents
SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

At June 30, 2023, 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)   379   09/15/2023   $82,284,218   $85,052,338   $2,768,120
 
During the period ended June 30, 2023, average notional value related to futures contracts was $56,344,934.
TOTAL RETURN SWAPS
Pay/Receive
Total Return
  Reference
Entity
  Floating
Rate
  Payment
Frequency
  Currency   Notional
Amount
  Maturity
Date
  Counterparty
(OTC)
  Upfront
Payments
Paid
Received
  Unrealized
Appreciation
(Depreciation)
  Value
Receive   Community Bank System, Inc.   SOFR + 0.65%   Quarterly   USD   $ 2,992,554   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ (85,994)   $ (85,994)
Receive   United Bankshares, Inc.   SOFR + 0.65%   Quarterly   USD   $ 3,610,042   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ (465,022)   $ (465,022)
Receive   United Bankshares, Inc.   SOFR + 0.65%   Quarterly   USD   $ 3,583,542   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ (438,522)   $ (438,522)
Receive   Community Bank System, Inc.   SOFR + 0.65%   Quarterly   USD   $ 2,933,034   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ (26,474)   $ (26,474)
Receive   Bank OZK   SOFR + 0.65%   Quarterly   USD   $ 6,145,316   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ 509,196   $ 509,196
Receive   Bank OZK   SOFR + 0.65%   Quarterly   USD   $13,132,287   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ 1,767,073   $ 1,767,073
Receive   Bank OZK   SOFR + 0.65%   Quarterly   USD   $16,185,255   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ 2,489,145   $ 2,489,145
Receive   Community Bank System, Inc.   SOFR + 0.65%   Quarterly   USD   $ 3,115,662   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ (21,582)   $ (21,582)
Receive   United Bankshares, Inc.   SOFR + 0.65%   Quarterly   USD   $ 4,183,388   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ (504,308)   $ (504,308)
Receive   Bank OZK   SOFR + 0.65%   Quarterly   USD   $ 9,504,164   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ 1,766,017   $ 1,766,017
Receive   Community Bank System, Inc.   SOFR + 0.65%   Quarterly   USD   $ 3,046,362   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ 47,718   $ 47,718
Receive   United Bankshares, Inc.   SOFR + 0.65%   Quarterly   USD   $ 4,056,908   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ (377,828)   $ (377,828)
Receive   Community Bank System, Inc.   SOFR + 0.65%   Quarterly   USD   $ 3,255,490   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ 26,110   $ 26,110
Receive   United Bankshares, Inc.   SOFR + 0.65%   Quarterly   USD   $ 4,211,595   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ (206,145)   $ (206,145)
Receive   Community Bank System, Inc.   SOFR + 0.65%   Quarterly   USD   $ 3,810,066   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ (153,426)   $ (153,426)
Receive   United Bankshares, Inc.   SOFR + 0.65%   Quarterly   USD   $ 4,919,127   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ (438,957)   $ (438,957)
Receive   Bank OZK   SOFR + 0.65%   Quarterly   USD   $80,804,578   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $10,026,218   $10,026,218
Receive   Community Bank System, Inc.   SOFR + 0.65%   Quarterly   USD   $62,553,687   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ (3,864,615)   $ (3,864,615)
Receive   United Bankshares, Inc.   SOFR + 0.65%   Quarterly   USD   $55,338,790   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ (5,789,890)   $ (5,789,890)
Receive   Prosperity Bancshares, Inc.   SOFR + 0.65%   Quarterly   USD   $33,432,610   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ (3,281,496)   $ (3,281,496)
Receive   UMB Financial Corp.   SOFR + 0.65%   Quarterly   USD   $94,989,342   4/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ (4,056,872)   $ (4,056,872)
Receive   Bank OZK   SOFR + 0.65%   Quarterly   USD   $ 4,085,496   5/6/2024   Goldman Sachs Capital Markets L.P.   $—   $ 1,012,013   $ 1,012,013
Receive   Community Bank System, Inc.   SOFR + 0.65%   Quarterly   USD   $ 7,431,909   5/6/2024   Goldman Sachs Capital Markets L.P.   $—   $ (71,749)   $ (71,749)
Receive   United Bankshares, Inc.   SOFR + 0.65%   Quarterly   USD   $ 7,172,154   5/6/2024   Goldman Sachs Capital Markets L.P.   $—   $ 7,986   $ 7,986
Receive   Community Bank System, Inc.   SOFR + 0.65%   Quarterly   USD   $ 1,263,144   5/6/2024   Goldman Sachs Capital Markets L.P.   $—   $ (43,374)   $ (43,374)
Receive   United Bankshares, Inc.   SOFR + 0.65%   Quarterly   USD   $ 7,543,416   5/6/2024   Goldman Sachs Capital Markets L.P.   $—   $ (185,256)   $ (185,256)
Receive   Bank OZK   SOFR + 0.65%   Quarterly   USD   $20,775,181   5/3/2024   Goldman Sachs Capital Markets L.P.   $—   $ 4,244,499   $ 4,244,499
Receive   Community Bank System, Inc.   SOFR + 0.65%   Quarterly   USD   $ 7,024,815   5/3/2024   Goldman Sachs Capital Markets L.P.   $—   $ (227,215)   $ (227,215)
Receive   United Bankshares, Inc.   SOFR + 0.65%   Quarterly   USD   $ 7,001,064   5/3/2024   Goldman Sachs Capital Markets L.P.   $—   $ (117,624)   $ (117,624)
Receive   United Bankshares, Inc.   SOFR + 0.65%   Quarterly   USD   $ 7,253,715   5/8/2024   Goldman Sachs Capital Markets L.P.   $—   $ 15,435   $ 15,435
Receive   United Bankshares, Inc.   SOFR + 0.65%   Quarterly   USD   $ 4,828,284   5/9/2024   Goldman Sachs Capital Markets L.P.   $—   $ 63,142   $ 63,142
Receive   Bank OZK   SOFR + 0.65%   Quarterly   USD   $ 11,813,955   5/10/2024   Goldman Sachs Capital Markets L.P.   $—   $ 2,844,445   $ 2,844,445
Receive   Bank OZK   SOFR + 0.65%   Quarterly   USD   $ 11,189,142   5/20/2024   Goldman Sachs Capital Markets L.P.   $—   $ 1,658,042   $ 1,658,042
Receive   Community Bank System, Inc.   SOFR + 0.65%   Quarterly   USD   $ 2,604,937   5/20/2024   Goldman Sachs Capital Markets L.P.   $—   $ (49,977)   $ (49,977)
See accompanying notes to financial statements.
120


Table of Contents
SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Pay/Receive
Total Return
  Reference
Entity
  Floating
Rate
  Payment
Frequency
  Currency   Notional
Amount
  Maturity
Date
  Counterparty
(OTC)
  Upfront
Payments
Paid
Received
  Unrealized
Appreciation
(Depreciation)
  Value
Receive   Bank OZK   SOFR + 0.65%   Quarterly   USD   $ 1,075,684   5/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ 133,132   $ 133,132
Receive   Community Bank System, Inc.   SOFR + 0.65%   Quarterly   USD   $ 2,597,584   5/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ (145,760)   $ (145,760)
Receive   Community Bank System, Inc.   SOFR + 0.65%   Quarterly   USD   $ 2,643,880   5/23/2024   Goldman Sachs Capital Markets L.P.   $—   $ (149,864)   $ (149,864)
Receive   United Bankshares, Inc.   SOFR + 0.65%   Quarterly   USD   $ 4,579,050   6/21/2024   Goldman Sachs Capital Markets L.P.   $—   $ (128,550)   $ (128,550)
Receive   UMB Financial Corp.   SOFR + 0.65%   Quarterly   USD   $ 5,254,231   6/21/2024   Goldman Sachs Capital Markets L.P.   $—   $ 129,329   $ 129,329
Receive   UMB Financial Corp.   SOFR + 0.65%   Quarterly   USD   $ 5,191,076   6/22/2024   Goldman Sachs Capital Markets L.P.   $—   $ 308,194   $ 308,194
Receive   UMB Financial Corp.   SOFR + 0.65%   Quarterly   USD   $ 5,011,631   6/24/2024   Goldman Sachs Capital Markets L.P.   $—   $ 304,939   $ 304,939
Receive   UMB Financial Corp.   SOFR + 0.65%   Quarterly   USD   $ 4,247,064   6/26/2024   Goldman Sachs Capital Markets L.P.   $—   $ 137,736   $ 137,736
Total                               $—   $ 6,659,869   $ 6,659,869
 
During the period ended June 30, 2023, average notional value related to OTC swaps contracts was $108,083,014.
See accompanying notes to financial statements.
121


Table of Contents
SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $21,401,127,229   $   $—   $21,401,127,229
Short-Term Investments

  982,206,410       982,206,410
TOTAL INVESTMENTS

  $22,383,333,639   $   $—   $22,383,333,639
OTHER FINANCIAL INSTRUMENTS:                
Total Return Swap Contracts - Unrealized Depreciation

  $   $(20,830,500)   $—   $ (20,830,500)
Total Return Swap Contracts - Unrealized Appreciation

    27,490,369     27,490,369
Futures Contracts - Unrealized Appreciation

  2,768,120       2,768,120
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 2,768,120   $ 6,659,869   $—   $ 9,427,989
 
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
6/30/23
  Value at

6/30/23
  Dividend
Income
ABM Industries, Inc.

2,773,729   $ 120,435,313   $ 60,715,432   $ 26,447,125   $ 1,202,296   $ (4,880,858)   3,541,033   $ 151,025,058   $ 2,742,655
Avista Corp

    312,127,689   15,083,628   690,796   (6,187,897)   7,424,165   291,546,960   6,769,096
Bank OZK

6,046,700   226,932,651   115,796,407   198,933,914   1,574,651   —*     —*   8,223,310
Black Hills Corp.

3,432,967   249,817,009   146,100,193   67,851,351   3,287,514   (52,189,093)   4,632,663   279,164,272   10,133,341
Brady Corp.

2,748,354   129,832,243   68,353,591   80,388,548   1,234,106   (240,825)   2,497,174   118,790,567   2,410,482
Embecta Corp.

89,691   2,270,976   149,483,397   131,283,725   (20,807,753)   —*     —*   689,304
John Wiley & Sons, Inc.

2,180,871   104,158,399   75,602,340   37,948,803   (935,760)   (38,155,668)   3,018,528   102,720,508   3,783,266
Leggett & Platt, Inc.

11,706,610   404,814,574   173,866,157   215,725,732   (3,871,064)   (34,750,711)   10,949,805   324,333,224   19,021,525
MDU Resources Group, Inc.

10,517,517   283,867,784   96,817,117   249,508,455   10,073,893   —*     —*   7,327,047
Middlesex Water Co.

1,027,000   90,047,360   31,568,635   117,678,358   (15,974,000)   —*     —*   632,900
National Retail Properties, Inc.

8,835,419   379,923,017   203,159,841   214,426,359   32,606,785   —*     —*   20,834,692
New Jersey Resources Corp.

5,553,470   247,296,019   109,193,220   172,954,282   13,901,090   —*     —*   7,751,505
Nu Skin Enterprises, Inc.

6,229,311   269,729,166   171,251,006   173,215,696   (35,560,200)   (36,923,536)   5,881,950   195,280,740   9,120,282
ONE Gas, Inc

    289,718,677   32,019,126   (1,517,114)   (17,294,965)   3,110,109   238,887,472   4,251,302
SJWGroup

    156,850,391   7,073,502   (27,744)   (14,022,214)   1,935,914   135,726,931   1,452,262
South Jersey Industries, Inc.

9,148,665   312,335,423   96,680,912   424,620,696   91,107,188   —*     —*   4,983,400
State Street Institutional Liquid Reserves Fund, Premier Class

17,176,483   17,174,765   1,540,951,811   957,853,555   349   1,833   600,155,172   600,275,203   6,802,423
State Street Navigator Securities Lending Portfolio II

290,219,370   290,219,370   3,934,820,071   3,843,108,234       381,931,207   381,931,207   1,897,991
Telephone & Data Systems, Inc.

10,411,355   164,395,296   90,906,065   235,771,851   (70,445,208)   —*     —*   4,335,787
United Bankshares, Inc.

8,362,251   293,264,143   112,975,156   219,805,990   8,530,672   —*     —*   9,870,071
Total

    $3,586,513,508   $7,936,938,108   $7,421,698,930   $ 15,070,497   $(204,643,934)       $2,819,682,142   $133,032,641
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended June 30, 2023.
* As of June 30, 2023, no longer an affiliate.
See accompanying notes to financial statements.
122


Table of Contents
SPDR S&P HOMEBUILDERS ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.9%          
BUILDING PRODUCTS — 45.9%          
A.O. Smith Corp.

    558,407   $ 40,640,862
Advanced Drainage Systems, Inc.

    309,135   35,173,380
Allegion PLC

    415,762   49,899,755
Builders FirstSource, Inc. (a)

    383,646   52,175,857
Carlisle Cos., Inc.

    201,312   51,642,567
Carrier Global Corp.

    1,033,899   51,395,119
Fortune Brands Innovations, Inc.

    603,407   43,415,134
Johnson Controls International PLC

    737,457   50,250,320
Lennox International, Inc.

    154,377   50,337,708
Masco Corp.

    867,970   49,804,119
Owens Corning

    396,412   51,731,766
Trane Technologies PLC

    265,768   50,830,788
Trex Co., Inc. (a)

    507,331   33,260,620
          610,557,995
HOME FURNISHINGS — 3.2%          
Tempur Sealy International, Inc.

    1,066,722   42,743,550
HOME IMPROVEMENT RETAIL — 11.3%          
Floor & Decor Holdings, Inc. Class A (a)  (b)

    487,871   50,719,069
Home Depot, Inc.

    157,488   48,922,073
Lowe's Cos., Inc.

    223,966   50,549,126
          150,190,268
HOMEBUILDING — 32.3%          
Cavco Industries, Inc. (a)

    37,049   10,929,455
Century Communities, Inc.

    129,483   9,920,987
DR Horton, Inc.

    410,813   49,991,834
Green Brick Partners, Inc. (a)

    123,016   6,987,309
Installed Building Products, Inc.

    122,823   17,214,872
Lennar Corp. Class A

    410,119   51,392,012
LGI Homes, Inc. (a)

    89,264   12,040,821
M/I Homes, Inc. (a)

    152,016   13,254,275
MDC Holdings, Inc.

    329,229   15,398,040
NVR, Inc. (a)

    8,053   51,141,543
PulteGroup, Inc.

    650,602   50,538,763
Skyline Champion Corp. (a)

    266,288   17,428,550
Taylor Morrison Home Corp. (a)

    512,915   25,014,864
Security Description     Shares   Value
Toll Brothers, Inc.

    630,443   $ 49,849,128
TopBuild Corp. (a)

    114,528   30,466,739
Tri Pointe Homes, Inc. (a)

    518,980   17,053,683
          428,622,875
HOMEFURNISHING RETAIL — 3.5%          
Williams-Sonoma, Inc. (b)

    373,030   46,680,974
HOUSEHOLD APPLIANCES — 3.7%          
Whirlpool Corp.

    329,687   49,054,129
TOTAL COMMON STOCKS

(Cost $1,340,453,216)

        1,327,849,791
SHORT-TERM INVESTMENTS — 4.7%          
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (c)  (d)

    429,169   429,255
State Street Navigator Securities Lending Portfolio II (e)  (f)

    61,594,352   61,594,352
TOTAL SHORT-TERM INVESTMENTS

(Cost $62,023,607)

        62,023,607
TOTAL INVESTMENTS — 104.6%

(Cost $1,402,476,823)

      1,389,873,398
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.6)%

        (61,151,201)
NET ASSETS — 100.0%

        $ 1,328,722,197
   
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(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, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at June 30, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
123


Table of Contents
SPDR S&P HOMEBUILDERS ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $1,327,849,791   $—   $—   $1,327,849,791
Short-Term Investments

  62,023,607       62,023,607
TOTAL INVESTMENTS

  $1,389,873,398   $—   $—   $1,389,873,398
 
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
6/30/23
  Value at

6/30/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

460,332   $ 460,287   $ 23,196,749   $ 23,227,818   $30   $ 7   429,169   $ 429,255   $ 27,599
State Street Navigator Securities Lending Portfolio II

24,781,739   24,781,739   607,277,834   570,465,221       61,594,352   61,594,352   75,931
Total

    $25,242,026   $630,474,583   $593,693,039   $30   $ 7       $62,023,607   $103,530
See accompanying notes to financial statements.
124


Table of Contents
SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.8%   
OIL, GAS & CONSUMABLE FUELS — 99.8%  
Antero Resources Corp. (a)  (b)

  3,462,145   $ 79,733,199
APA Corp.

  2,208,246   75,455,766
Berry Corp.

  994,529   6,842,357
California Resources Corp. (b)

  919,151   41,628,349
Callon Petroleum Co. (a)  (b)

  2,205,001   77,329,385
Chevron Corp.

  464,393   73,072,239
Chord Energy Corp.

  487,389   74,960,428
Civitas Resources, Inc.

  842,419   58,438,606
Clean Energy Fuels Corp. (a)  (b)

  2,937,391   14,569,459
CNX Resources Corp. (a)  (b)

  4,220,287   74,783,486
Comstock Resources, Inc. (b)

  6,342,311   73,570,808
ConocoPhillips

  710,220   73,585,894
Coterra Energy, Inc.

  3,002,802   75,970,891
Crescent Energy Co. Class A (b)

  654,694   6,821,911
CVR Energy, Inc. (b)

  1,567,137   46,951,425
Delek U.S. Holdings, Inc.

  2,425,136   58,082,007
Denbury, Inc. (a)

  806,234   69,545,745
Devon Energy Corp.

  1,479,398   71,514,099
Diamondback Energy, Inc.

  557,743   73,265,120
Earthstone Energy, Inc. Class A (a)  (b)

  1,814,984   25,936,121
EOG Resources, Inc.

  634,676   72,632,321
EQT Corp.

  1,913,878   78,717,802
Exxon Mobil Corp.

  686,985   73,679,141
Gevo, Inc. (a)  (b)

  7,636,889   11,608,071
Green Plains, Inc. (a)  (b)

  1,250,755   40,324,341
Gulfport Energy Corp. (a)

  162,386   17,061,897
Hess Corp.

  540,915   73,537,394
HF Sinclair Corp.

  1,610,208   71,831,379
Kosmos Energy Ltd. (a)  (b)

  7,754,786   46,451,168
Magnolia Oil & Gas Corp. Class A (b)

  2,684,354   56,102,999
Marathon Oil Corp.

  3,132,841   72,118,000
Marathon Petroleum Corp.

  652,857   76,123,126
Matador Resources Co.

  1,452,298   75,984,231
Murphy Oil Corp.

  1,920,877   73,569,589
Northern Oil & Gas, Inc. (b)

  1,971,491   67,661,571
Occidental Petroleum Corp.

  1,243,761   73,133,147
Ovintiv, Inc. (b)

  1,955,874   74,460,123
Par Pacific Holdings, Inc. (a)

  1,397,777   37,194,846
PBF Energy, Inc. Class A

  1,769,741   72,453,197
PDC Energy, Inc.

  1,024,926   72,913,236
Permian Resources Corp. (b)

  7,114,619   77,976,224
Phillips 66

  747,038   71,252,484
Pioneer Natural Resources Co.

  360,266   74,639,910
Range Resources Corp.

  2,590,492   76,160,465
REX American Resources Corp. (a)

  100,580   3,501,190
Security Description     Shares   Value
SilverBow Resources, Inc. (a)  (b)

  325,568   $ 9,480,540
Sitio Royalties Corp. Class A

  941,748   24,739,720
SM Energy Co.

  2,540,561   80,357,944
Southwestern Energy Co. (a)

  14,026,313   84,298,141
Talos Energy, Inc. (a)  (b)

  2,884,186   40,003,660
Tellurian, Inc. (a)  (b)

  14,834,689   20,916,911
Texas Pacific Land Corp. (b)

  52,934   69,687,611
VAALCO Energy, Inc. (b)

  2,333,677   8,774,626
Valero Energy Corp.

  650,609   76,316,436
Vertex Energy, Inc. (a) (b)  (c)

  4,581,258   28,632,863
Vital Energy, Inc. (a) (b)  (c)

  1,002,506   45,263,146
Vitesse Energy, Inc.

  439,342   9,841,261
W&T Offshore, Inc. (a)  (b)

  4,262,095   16,494,308
World Kinect Corp.

  608,439   12,582,519
TOTAL COMMON STOCKS

(Cost $3,776,687,819)

        3,220,534,833
SHORT-TERM INVESTMENTS — 8.6%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (d)  (e)

  2,555,672   2,556,183
State Street Navigator Securities Lending Portfolio II (f)  (g)

  272,551,728   272,551,728
TOTAL SHORT-TERM INVESTMENTS

(Cost $275,107,911)

  275,107,911  
TOTAL INVESTMENTS — 108.4%

(Cost $4,051,795,730)

  3,495,642,744  
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.4)%

  (269,490,053)  
NET ASSETS — 100.0%

  $ 3,226,152,691  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at June 30, 2023.
(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, 2023 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, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at June 30, 2023.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
125


Table of Contents
SPDR S&P OIL & GAS EXPLORATION & PRODUCTION ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

At June 30, 2023, 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)   68   09/15/2023   $5,748,219   $5,828,280   $80,061
 
During the period ended June 30, 2023, average notional value related to futures contracts was $8,916,637.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $3,220,534,833   $—   $—   $3,220,534,833
Short-Term Investments

  275,107,911       275,107,911
TOTAL INVESTMENTS

  $3,495,642,744   $—   $—   $3,495,642,744
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts - Unrealized Appreciation

  $ 80,061   $—   $—   $ 80,061
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 80,061   $—   $—   $ 80,061
 
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
6/30/23
  Value at

6/30/23
  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   202,708,815   203,988,024   554,560   —*     —*   2,960,517
Gevo, Inc.

31,066,700   73,006,745   105,137,929   151,743,671   (95,414,756)   —*     —*  
SilverBow Resources, Inc.

    73,142,593   56,432,112   (6,199,211)   —*     —*  
State Street Institutional Liquid Reserves Fund, Premier Class

25,938,603   25,936,009   281,450,315   304,834,205   3,710   354   2,555,672   2,556,183   220,988
State Street Navigator Securities Lending Portfolio II

125,547,549   125,547,549   1,970,561,799   1,823,557,620       272,551,728   272,551,728   1,915,506
Tellurian, Inc.

27,118,724   80,813,798   165,057,211   187,484,597   (42,445,283)   —*     —*  
VAALCO Energy, Inc.

3,067,264   21,286,812   48,905,592   52,920,694   (9,360,256)   —*     —*   372,198
Vertex Energy, Inc.

6,194,946   65,170,832   158,835,121   172,215,130   (23,432,626)   274,666   4,581,258   28,632,863  
Vital Energy, Inc.

993,199   68,471,139   220,002,334   209,143,334   (19,657,782)   (14,409,211)   1,002,506   45,263,146  
W&T Offshore, Inc.

7,783,968   33,626,742   113,413,816   125,499,410   (2,495,409)   —*     —*  
Total

    $587,415,477   $3,352,378,797   $3,329,480,194   $(207,661,328)   $(14,134,191)       $349,003,920   $5,469,209
* As of June 30, 2023, no longer an affiliate.
See accompanying notes to financial statements.
126


Table of Contents
SPDR S&P REGIONAL BANKING ETF
SCHEDULE OF INVESTMENTS
June 30, 2023

Security Description     Shares   Value
COMMON STOCKS — 99.7%   
BANKS — 99.7%  
1st Source Corp.

  94,901   $ 3,979,199
Amerant Bancorp, Inc. (a)

  103,667   1,782,037
Ameris Bancorp

  640,117   21,898,403
Associated Banc-Corp. (a)

  2,848,867   46,237,111
Atlantic Union Bankshares Corp. (a)

  947,775   24,594,761
Axos Financial, Inc. (b)

  677,317   26,713,382
Banc of California, Inc.

  855,547   9,907,234
BancFirst Corp.

  127,747   11,752,724
Bancorp, Inc. (b)

  441,550   14,416,608
Bank of Hawaii Corp. (a)

  1,194,790   49,261,192
Bank OZK

  1,548,205   62,175,913
BankUnited, Inc. (a)

  1,755,682   37,834,947
Banner Corp.

  313,783   13,702,904
Berkshire Hills Bancorp, Inc.

  466,014   9,660,470
BOK Financial Corp.

  293,106   23,677,103
Brookline Bancorp, Inc.

  1,023,777   8,947,811
Byline Bancorp, Inc.

  180,791   3,270,509
Cadence Bank

  2,035,116   39,969,678
Camden National Corp.

  71,192   2,204,816
Capitol Federal Financial, Inc.

  1,492,042   9,205,899
Cathay General Bancorp

  464,022   14,936,868
Central Pacific Financial Corp.

  283,819   4,458,796
Citizens Financial Group, Inc.

  2,169,323   56,575,944
City Holding Co. (a)

  121,867   10,966,811
Coastal Financial Corp. (a)  (b)

  72,869   2,743,518
Columbia Banking System, Inc.

  2,681,124   54,373,195
Columbia Financial, Inc. (a)  (b)

  273,797   4,733,950
Commerce Bancshares, Inc.

  905,408   44,093,384
Community Bank System, Inc. (a)

  472,088   22,131,485
Community Trust Bancorp, Inc.

  81,668   2,904,931
ConnectOne Bancorp, Inc.

  345,290   5,728,361
CrossFirst Bankshares, Inc. (a)  (b)

  165,511   1,655,110
Cullen/Frost Bankers, Inc. (a)

  561,023   60,326,803
Customers Bancorp, Inc. (b)

  639,398   19,348,183
CVB Financial Corp. (a)

  2,259,095   30,000,782
Dime Community Bancshares, Inc.

  340,733   6,007,123
Eagle Bancorp, Inc.

  610,751   12,923,491
East West Bancorp, Inc.

  1,165,040   61,502,462
Eastern Bankshares, Inc.

  1,480,195   18,161,993
Enterprise Financial Services Corp.

  262,077   10,247,211
FB Financial Corp.

  244,698   6,863,779
First BanCorp (c)

  1,724,972   21,079,158
First BanCorp (a)  (c)

  336,880   10,022,180
First Bancshares, Inc. (a)

  167,099   4,317,838
First Busey Corp.

  236,400   4,751,640
First Commonwealth Financial Corp. (a)

  975,071   12,334,648
First Financial Bancorp

  452,848   9,256,213
Security Description     Shares   Value
First Financial Bankshares, Inc. (a)

  983,720   $ 28,026,183
First Financial Corp.

  82,569   2,681,015
First Hawaiian, Inc. (a)

  1,514,298   27,272,507
First Horizon Corp.

  5,250,051   59,168,075
First Interstate BancSystem, Inc. Class A

  1,222,099   29,134,840
First Merchants Corp.

  348,246   9,830,985
Flushing Financial Corp. (a)

  266,138   3,270,836
FNB Corp.

  3,658,389   41,851,970
Fulton Financial Corp. (a)

  1,898,419   22,629,154
Glacier Bancorp, Inc. (a)

  1,035,770   32,284,951
Great Southern Bancorp, Inc.

  41,881   2,124,623
Hancock Whitney Corp.

  851,778   32,691,240
Hanmi Financial Corp.

  292,860   4,372,400
HarborOne Bancorp, Inc.

  369,653   3,208,588
Heartland Financial USA, Inc.

  324,666   9,048,441
Heritage Commerce Corp.

  491,959   4,073,421
Heritage Financial Corp.

  413,677   6,689,157
Hilltop Holdings, Inc. (a)

  466,982   14,691,254
Home BancShares, Inc. (a)

  1,604,323   36,578,564
Hope Bancorp, Inc.

  1,748,637   14,723,524
Horizon Bancorp, Inc.

  481,368   5,011,041
Huntington Bancshares, Inc.

  5,614,401   60,523,243
Independent Bank Corp. (c)

  419,985   18,693,532
Independent Bank Corp. (c)

  126,062   2,138,012
Independent Bank Group, Inc. (a)

  430,224   14,855,635
International Bancshares Corp.

  295,055   13,041,431
Kearny Financial Corp. (a)

  422,000   2,975,100
Lakeland Bancorp, Inc.

  380,093   5,089,445
Lakeland Financial Corp. (a)

  215,184   10,440,728
Live Oak Bancshares, Inc. (a)

  439,731   11,569,323
M&T Bank Corp.

  484,419   59,951,695
Mercantile Bank Corp.

  57,121   1,577,682
Metropolitan Bank Holding Corp. (a)  (b)

  460,049   15,977,502
Midland States Bancorp, Inc.

  119,526   2,379,763
National Bank Holdings Corp. Class A

  341,470   9,916,289
NBT Bancorp, Inc. (a)

  254,653   8,110,698
New York Community Bancorp, Inc.

  5,614,401   63,105,867
Nicolet Bankshares, Inc. (a)

  53,534   3,635,494
Northwest Bancshares, Inc. (a)

  1,146,677   12,154,776
OceanFirst Financial Corp.

  465,012   7,263,487
OFG Bancorp

  369,481   9,636,064
Old National Bancorp

  3,382,923   47,157,947
Old Second Bancorp, Inc.

  261,729   3,418,181
Origin Bancorp, Inc. (a)

  150,390   4,406,427
Pacific Premier Bancorp, Inc.

  979,207   20,250,001
PacWest Bancorp (a)  (d)

  7,207,282   58,739,348
Park National Corp. (a)

  65,937   6,746,674
Pathward Financial, Inc.

  305,208   14,149,443
Peapack-Gladstone Financial Corp. (a)

  113,519   3,074,095
Peoples Bancorp, Inc.

  179,302   4,760,468
 
See accompanying notes to financial statements.
127


Table of Contents
SPDR S&P REGIONAL BANKING ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

Security Description     Shares   Value
Pinnacle Financial Partners, Inc.

  1,044,507   $ 59,171,322
Popular, Inc.

  930,897   56,337,886
Preferred Bank

  129,682   7,131,213
Premier Financial Corp.

  235,481   3,772,406
Prosperity Bancshares, Inc.

  1,009,640   57,024,467
Provident Financial Services, Inc.

  751,704   12,282,843
QCR Holdings, Inc.

  79,253   3,251,751
Regions Financial Corp.

  3,328,530   59,314,405
Renasant Corp.

  322,890   8,437,116
S&T Bancorp, Inc.

  237,891   6,468,256
Sandy Spring Bancorp, Inc.

  448,565   10,173,454
Seacoast Banking Corp. of Florida

  1,182,900   26,142,090
ServisFirst Bancshares, Inc. (a)

  422,028   17,269,386
Simmons First National Corp. Class A (a)

  864,185   14,907,191
Southside Bancshares, Inc. (a)

  220,574   5,770,216
SouthState Corp. (a)

  871,174   57,323,249
Stellar Bancorp, Inc.

  227,596   5,209,672
Stock Yards Bancorp, Inc.

  161,781   7,340,004
Synovus Financial Corp.

  1,986,990   60,106,447
Texas Capital Bancshares, Inc. (b)

  741,267   38,175,251
Tompkins Financial Corp. (a)

  63,676   3,546,753
Towne Bank (a)

  317,013   7,367,382
TriCo Bancshares

  134,551   4,467,093
Triumph Financial, Inc. (a)  (b)

  261,268   15,864,193
Truist Financial Corp.

  1,884,111   57,182,769
TrustCo Bank Corp. NY

  138,638   3,966,433
Trustmark Corp.

  450,386   9,512,152
UMB Financial Corp.

  555,769   33,846,332
United Bankshares, Inc. (a)

  1,035,396   30,720,199
United Community Banks, Inc. (a)

  993,111   24,817,844
Univest Financial Corp.

  166,548   3,011,188
Valley National Bancorp (a)

  7,345,065   56,924,254
Veritex Holdings, Inc.

  668,967   11,994,578
Washington Federal, Inc.

  1,038,310   27,535,981
Washington Trust Bancorp, Inc.

  212,893   5,707,661
Webster Financial Corp.

  1,586,551   59,892,300
WesBanco, Inc.

  338,073   8,658,050
Westamerica BanCorp

  327,121   12,528,734
Security Description     Shares   Value
Western Alliance Bancorp

  1,575,955   $ 57,475,079
Wintrust Financial Corp.

  776,075   56,358,566
WSFS Financial Corp.

  410,718   15,492,283
Zions Bancorp NA

  1,991,509   53,491,932
TOTAL COMMON STOCKS

(Cost $3,632,714,153)

        2,894,710,058
SHORT-TERM INVESTMENTS — 3.0%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.19% (e)  (f)

  625,696   625,821
State Street Navigator Securities Lending Portfolio II (g)  (h)

  88,167,898   88,167,898
TOTAL SHORT-TERM INVESTMENTS

(Cost $88,793,719)

  88,793,719  
TOTAL INVESTMENTS — 102.7%

(Cost $3,721,507,872)

  2,983,503,777  
LIABILITIES IN EXCESS OF OTHER ASSETS — (2.7)%

  (78,846,306)  
NET ASSETS — 100.0%

  $ 2,904,657,471  
(a) All or a portion of the shares of the security are on loan at June 30, 2023.
(b) Non-income producing security.
(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 June 30, 2023 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 June 30, 2023 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at June 30, 2023.
(g) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended June 30, 2023 are shown in the Affiliate Table below.
(h) 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 June 30, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $2,894,710,058   $—   $—   $2,894,710,058
Short-Term Investments

  88,793,719       88,793,719
TOTAL INVESTMENTS

  $2,983,503,777   $—   $—   $2,983,503,777
See accompanying notes to financial statements.
128


Table of Contents
SPDR S&P REGIONAL BANKING ETF
SCHEDULE OF INVESTMENTS  (continued)
June 30, 2023

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
6/30/23
  Value at

6/30/23
  Dividend
Income
PacWest Bancorp

1,575,067   $41,991,286   $ 188,278,909   $ 135,156,770   $ 2,285,649   $(38,659,726)   7,207,282   $ 58,739,348   $1,270,081
Silvergate Capital Corp.

614,382   32,887,868   101,038,698   68,760,592   (111,463,325)   —*     —*  
State Street Institutional Liquid Reserves Fund, Premier Class

2,952,258   2,951,963   170,913,022   173,240,413   1,142   107   625,696   625,821   179,025
State Street Navigator Securities Lending Portfolio II

17,216,799   17,216,799   729,534,354   658,583,255       88,167,898   88,167,898   1,003,011
Total

    $95,047,916   $1,189,764,983   $1,035,741,030   $(109,176,534)   $(38,659,619)       $147,533,067   $ 2,452,117
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended June 30, 2023.
* As of June 30, 2023, no longer an affiliate.
See accompanying notes to financial statements.
129


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2023

  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*

$1,327,964,941   $6,698,431,239   $18,685,318,904
Investments in affiliated issuers, at value

26,983,645   359,371,967   80,890,450
Total Investments

1,354,948,586   7,057,803,206   18,766,209,354
Foreign currency, at value

   
Net cash at broker

757,096     2,214,221
Cash

921,115   750,637   1,843,190
Receivable from broker — accumulated variation margin on futures contracts

222,062     2,417,179
Receivable for investments sold

   
Receivable for fund shares sold

   
Dividends receivable — unaffiliated issuers

5,227,422   7,524,128   11,896,365
Dividends receivable — affiliated issuers

57,763   41,198   503,562
Securities lending income receivable — unaffiliated issuers

125   23,851   1,452
Securities lending income receivable — affiliated issuers  

3,434   127,384   3,502
Receivable from Adviser

   
Receivable for foreign taxes recoverable

84,179     22,356
Other receivable

427     113
TOTAL ASSETS

1,362,222,209   7,066,270,404   18,785,111,294
LIABILITIES          
Payable upon return of securities loaned

19,734,758   353,598,518   7,796,325
Payable for investments purchased

   
Payable for fund shares repurchased

  2,960   49,944
Advisory fee payable

277,123   264,423   446,836
Trustees’ fees and expenses payable

663   2,149   6,002
Accrued expenses and other liabilities

   
TOTAL LIABILITIES

20,012,544   353,868,050   8,299,107
NET ASSETS

$1,342,209,665   $6,712,402,354   $18,776,812,187
NET ASSETS CONSIST OF:          
Paid-in Capital

$1,953,032,657   $6,535,556,416   $17,516,225,579
Total distributable earnings (loss)

(610,822,992)   176,845,938   1,260,586,608
NET ASSETS

$1,342,209,665   $6,712,402,354   $18,776,812,187
NET ASSET VALUE PER SHARE          
Net asset value per share

$ 90.50   $ 45.90   $ 52.14
Shares outstanding (unlimited amount authorized, $0.01 par value)

14,831,617   146,250,000   360,150,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers

$1,705,705,635   $6,171,561,700   $ 17,188,511,822
Investments in affiliated issuers

26,983,501   359,371,942   82,394,119
Total cost of investments

$1,732,689,136   $6,530,933,642   $17,270,905,941
Foreign currency, at cost

$   $   $
* Includes investments in securities on loan, at value

$ 21,990,940   $ 480,139,688   $ 10,708,949
See accompanying notes to financial statements.
130


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
                 
$17,713,440,578   $ 6,460,202,864   $16,005,822,828   $7,638,266,498   $6,521,380,973
8,292,708   82,082,549   75,050,998   663,592,831   42,422,646
17,721,733,286   6,542,285,413   16,080,873,826   8,301,859,329   6,563,803,619
      16,190  
  1,367,390     395,287   386,031
2,472,509   1,260   611,364   113,107   13,744
  1,367,554     6,510   401,988
  43,954,356      
    44,927   2,322   11,727
9,282,194   22,300,127   12,418,011   8,308,469   4,418,375
74,406   122,904   120,745   20,313   90,125
166     2,238   12,879   2,037
894   3,596   17,302   162,294   9,133
      52,868  
  351,976   48,732     7,558
  1,785   247     38
17,733,563,455   6,611,756,361   16,094,137,392   8,310,949,568   6,569,144,375
                 
  57,337,305   38,455,337   658,928,677   28,869,269
  42,860,488      
3,490   37,736      
566,510   370,681   506,028   353,964   156,001
5,346   3,269   5,735   1,824   2,323
      95,816  
575,346   100,609,479   38,967,100   659,380,281   29,027,593
$17,732,988,109   $ 6,511,146,882   $16,055,170,292   $7,651,569,287   $ 6,540,116,782
                 
$18,190,310,978   $ 8,598,401,994   $16,559,770,606   $8,239,790,531   $5,410,447,317
(457,322,869)   (2,087,255,112)   (504,600,314)   (588,221,244)   1,129,669,465
$17,732,988,109   $ 6,511,146,882   $16,055,170,292   $7,651,569,287   $ 6,540,116,782
                 
$ 61.02   $ 37.11   $ 43.21   $ 38.86   $ 54.48
290,600,108   175,450,000   371,602,864   196,910,217   120,050,216
                 
$ 15,658,871,611   $ 7,464,951,037   $15,408,351,270   $7,443,458,945   $5,283,853,173
8,292,426   82,081,912   76,973,307   663,592,831   42,919,152
$15,667,164,037   $ 7,547,032,949   $15,485,324,577   $8,107,051,776   $5,326,772,325
$   $   $   $ 16,508   $
$   $ 56,268,000   $ 64,159,082   $ 728,900,287   $ 51,028,892
131


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF ASSETS AND LIABILITIES  (continued)
June 30, 2023

  SPDR S&P Aerospace & Defense ETF   SPDR S&P Bank ETF   SPDR S&P Biotech ETF
ASSETS          
Investments in unaffiliated issuers, at value*

$1,477,457,251   $ 1,349,434,998   $ 5,693,270,942
Investments in affiliated issuers, at value

137,260,928   61,634,435   1,387,590,349
Total Investments

1,614,718,179   1,411,069,433   7,080,861,291
Net cash at broker

   
Cash

1,753   260,753   1,141
Receivable from broker — accumulated variation margin on futures contracts

   
Receivable for accumulated variation margin on swap contracts

   
Receivable for fund shares sold

    14,647
Dividends receivable — unaffiliated issuers

212,508   3,731,589   7
Dividends receivable — affiliated issuers

9,235   6,353   31,704
Securities lending income receivable — unaffiliated issuers

8,384   2,963   55,487
Securities lending income receivable — affiliated issuers  

56,704   50,718   527,058
TOTAL ASSETS

1,615,006,763   1,415,121,809   7,081,491,335
LIABILITIES          
Payable upon return of securities loaned

76,645,226   61,218,060   633,689,418
Payable for investments purchased

  2,035,882  
Payable for fund shares repurchased

  1,075  
Advisory fee payable

430,355   389,394   1,922,281
Trustees’ fees and expenses payable

533   922   3,262
TOTAL LIABILITIES

77,076,114   63,645,333   635,614,961
NET ASSETS

$1,537,930,649   $ 1,351,476,476   $ 6,445,876,374
NET ASSETS CONSIST OF:          
Paid-in Capital

$1,832,493,284   $ 3,082,548,761   $ 16,627,388,249
Total distributable earnings (loss)

(294,562,635)   (1,731,072,285)   (10,181,511,875)
NET ASSETS

$1,537,930,649   $ 1,351,476,476   $ 6,445,876,374
NET ASSET VALUE PER SHARE          
Net asset value per share

$ 121.58   $ 35.99   $ 83.25
Shares outstanding (unlimited amount authorized, $0.01 par value)

12,650,000   37,552,118   77,425,000
COST OF INVESTMENTS:          
Investments in unaffiliated issuers

$1,318,939,320   $ 1,780,576,507   $ 6,517,869,278
Investments in affiliated issuers

199,279,977   61,634,435   2,000,903,300
Total cost of investments

$1,518,219,297   $ 1,842,210,942   $ 8,518,772,578
* Includes investments in securities on loan, at value

$ 134,826,184   $ 63,967,545   $ 807,734,881
See accompanying notes to financial statements.
132


Table of Contents

SPDR S&P Dividend ETF   SPDR S&P Homebuilders ETF   SPDR S&P Oil & Gas Exploration & Production ETF   SPDR S&P Regional Banking ETF
             
$19,563,651,497   $1,327,849,791   $ 3,146,638,824   $ 2,835,970,710
2,819,682,142   62,023,607   349,003,920   147,533,067
22,383,333,639   1,389,873,398   3,495,642,744   2,983,503,777
2,470,633     486,821  
9,282,639   1,111   1,796,265   1,040,937
2,769,041     80,268  
2,266,773      
     
51,139,764   782,656   1,482,644   9,032,428
2,649,860   2,676   30,038   22,446
13,376   311   17,245   11,984
81,424   11,072   84,969   128,736
22,454,007,149   1,390,671,224   3,499,620,994   2,993,740,308
             
381,931,207   61,594,352   272,551,728   88,167,898
8,280,786      
15,222   5,347   445   7,576
6,317,850   348,947   914,052   905,984
9,608   381   2,078   1,379
396,554,673   61,949,027   273,468,303   89,082,837
$22,057,452,476   $1,328,722,197   $ 3,226,152,691   $ 2,904,657,471
             
$24,396,023,952   $2,246,788,977   $ 8,834,155,470   $ 6,036,954,348
(2,338,571,476)   (918,066,780)   (5,608,002,779)   (3,132,296,877)
$22,057,452,476   $1,328,722,197   $ 3,226,152,691   $ 2,904,657,471
             
$ 122.61   $ 80.29   $ 128.79   $ 40.82
179,903,658   16,550,016   25,050,000   71,152,585
             
$19,149,991,129   $1,340,453,216   $ 3,669,330,503   $ 3,509,410,665
3,086,686,467   62,023,607   382,465,227   212,097,207
$22,236,677,596   $1,402,476,823   $ 4,051,795,730   $ 3,721,507,872
$ 410,083,522   $ 61,566,436   $ 400,493,634   $ 150,399,089
133


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS
For the Year Ended June 30, 2023

  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

$ 49,613,216   $ 93,222,784   $ 258,223,942
Dividend income — affiliated issuers

525,653   226,367   2,297,876
Unaffiliated securities lending income

5,862   354,942   80,721
Affiliated securities lending income

51,010   1,989,368   194,614
Foreign taxes withheld

    (67,244)
TOTAL INVESTMENT INCOME (LOSS)

50,195,741   95,793,461   260,729,909
EXPENSES          
Advisory fee

3,853,876   2,797,118   4,588,400
Trustees’ fees and expenses  

19,786   63,364   173,186
Proxy voting expenses

73,370   212,884   598,367
Miscellaneous expenses

763   5,236   9,754
TOTAL EXPENSES

3,947,795   3,078,602   5,369,707
NET INVESTMENT INCOME (LOSS)

$ 46,247,946   $ 92,714,859   $ 255,360,202
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers

(1,427,204)   (170,218,533)   (107,930,898)
Investments — affiliated issuers

8,921   3,336   (220,672)
In-kind redemptions — unaffiliated issuers

(26,178,885)   164,915,634   754,918,277
In-kind redemptions — affiliated issuers

    326,975
Futures contracts

(1,768,906)     4,668,011
Net realized gain (loss)

(29,366,074)   (5,299,563)   651,761,693
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers

(43,091,279)   770,941,332   1,920,799,968
Investments — affiliated issuers

144   25   1,604,236
Foreign currency translations

   
Futures contracts

(31,989)     2,219,226
Net change in unrealized appreciation/depreciation

(43,123,124)   770,941,357   1,924,623,430
NET REALIZED AND UNREALIZED GAIN (LOSS)

(72,489,198)   765,641,794   2,576,385,123
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$(26,241,252)   $ 858,356,653   $2,831,745,325
See accompanying notes to financial statements.
134


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
                 
179,940,002   315,056,392   $ 308,962,576   $ 85,872,122   $ 96,451,550
512,085   2,747,953   1,606,675   188,639   902,993
36,869   8,120   137,770   135,349   50,304
3,092   395,300   159,584   1,175,774   189,191
(76,435)     (50,587)   (76,681)   (25,888)
180,415,613   318,207,765   310,816,018   87,295,203   97,568,150
                 
5,833,237   5,173,933   5,741,236   2,415,855   1,719,810
162,017   92,172   166,672   53,464   66,810
587,481   334,765   542,273   178,471   235,804
6,797   3,666   9,484   2,218   5,353
6,589,532   5,604,536   6,459,665   2,650,008   2,027,777
$ 173,826,081   $ 312,603,229   $ 304,356,353   $ 84,645,195   $ 95,540,373
                 
                 
(1,929,308,231)   (401,947,013)   (498,429,421)   (351,725,220)   (25,381,093)
6,222   29,426,775   (1,335,403)   (208)   4,572
973,677,562   708,328,831   1,148,658,301   181,569,158   198,257,010
    443,919     56,573
  4,104,641     2,128   614,683
(955,624,447)   339,913,234   649,337,396   (170,154,142)   173,551,745
                 
3,323,567,111   (751,410,555)   1,499,558,133   530,629,741   758,527,553
364   676   3,604,710   86   556,549
      724  
  1,086,194     320,182   256,885
3,323,567,475   (750,323,685)   1,503,162,843   530,950,733   759,340,987
2,367,943,028   (410,410,451)   2,152,500,239   360,796,591   932,892,732
$ 2,541,769,109   $ (97,807,222)   $2,456,856,592   $ 445,441,786   $1,028,433,105
135


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF OPERATIONS  (continued)
For the Year Ended June 30, 2023

  SPDR S&P Aerospace & Defense ETF   SPDR S&P Bank ETF   SPDR S&P Biotech ETF
INVESTMENT INCOME          
Dividend income — unaffiliated issuers

$ 11,000,609   $ 54,325,000   $ 10,041,207
Dividend income — affiliated issuers

59,861   63,017   816,559
Unaffiliated securities lending income

95,111   8,224   962,105
Affiliated securities lending income

528,047   755,490   6,503,320
Foreign taxes withheld

  (145,641)  
TOTAL INVESTMENT INCOME (LOSS)

11,683,628   55,006,090   18,323,191
EXPENSES          
Advisory fee

4,785,857   6,195,952   25,809,180
Trustees’ fees and expenses  

16,094   24,312   88,135
Proxy voting expenses

53,861   89,748   326,180
Miscellaneous expenses

649   904   3,635
TOTAL EXPENSES

4,856,461   6,310,916   26,227,130
NET INVESTMENT INCOME (LOSS)

$ 6,827,167   $ 48,695,174   $ (7,903,939)
REALIZED AND UNREALIZED GAIN (LOSS)          
Net realized gain (loss) on:          
Investments — unaffiliated issuers

(66,497,430)   (362,155,858)   (686,790,301)
Investments — affiliated issuers

(74,509,667)   766   (1,375,867,334)
In-kind redemptions — unaffiliated issuers

27,793,117   (5,092,289)   1,106,784,793
In-kind redemptions — affiliated issuers

(637,805)     603,030,475
Futures contracts

   
Swap contracts

   
Net realized gain (loss)

(113,851,785)   (367,247,381)   (352,842,367)
Net change in unrealized appreciation/depreciation on:          
Investments — unaffiliated issuers

369,056,839   135,458,759   603,007,394
Investments — affiliated issuers

(2,035,582)     491,217,538
Futures contracts

   
Swap contracts

   
Net change in unrealized appreciation/depreciation

367,021,257   135,458,759   1,094,224,932
NET REALIZED AND UNREALIZED GAIN (LOSS)

253,169,472   (231,788,622)   741,382,565
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS

$ 259,996,639   $(183,093,448)   $ 733,478,626
See accompanying notes to financial statements.
136


Table of Contents

SPDR S&P Dividend ETF   SPDR S&P Homebuilders ETF   SPDR S&P Oil & Gas Exploration & Production ETF   SPDR S&P Regional Banking ETF
             
559,407,274   $ 13,750,607   $ 125,834,001   $ 93,401,969
131,134,650   27,599   3,553,703   1,449,106
65,533   13,322   320,036   45,930
1,897,991   75,931   1,915,506   1,003,011
      (363,220)
692,505,448   13,867,459   131,623,246   95,536,796
             
79,092,441   3,382,073   14,349,839   10,468,023
267,624   11,465   54,695   38,051
925,400   41,798   186,287   136,271
10,961   454   2,070   1,443
80,296,426   3,435,790   14,592,891   10,643,788
$ 612,209,022   $ 10,431,669   $ 117,030,355   $ 84,893,008
             
             
(647,712,264)   (96,855,536)   (149,698,728)   (918,932,988)
(8,769,495)   30   (214,800,303)   (109,176,534)
1,695,262,152   36,934,316   588,469,241   67,867,662
23,839,992     7,138,975  
10,959,746     (2,786,826)  
(4,978,388)      
1,068,601,743   (59,921,190)   228,322,359   (960,241,860)
             
(46,880,680)   420,349,048   (31,092,400)   130,026,564
(298,798,885)   7   97,884,493   (64,564,033)
2,503,485     1,083,572  
6,659,869      
(336,516,211)   420,349,055   67,875,665   65,462,531
732,085,532   360,427,865   296,198,024   (894,779,329)
$1,344,294,554   $370,859,534   $ 413,228,379   $(809,886,321)
137


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
For the Year Ended June 30, 2023

  SPDR Dow Jones REIT ETF   SPDR Portfolio S&P 400 Mid Cap ETF
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)

$ 46,247,946   $ 38,488,292   $ 92,714,859   $ 68,956,923
Net realized gain (loss)

(29,366,074)   239,994,756   (5,299,563)   392,966,382
Net change in unrealized appreciation/depreciation

(43,123,124)   (413,909,093)   770,941,357   (1,302,798,089)
Net increase (decrease) in net assets resulting from operations

(26,241,252)   (135,426,045)   858,356,653   (840,874,784)
Net equalization credits and charges

8,995,562   1,077,428   1,467,193   979,551
Distributions to shareholders

(59,848,485)   (57,959,259)   (94,878,855)   (71,743,228)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold

1,062,740,742   1,862,451,562   2,030,980,037   2,028,134,155
Cost of shares redeemed

(1,355,504,487)   (1,786,577,250)   (639,918,879)   (1,276,250,737)
Net income equalization

(8,995,562)   (1,077,428)   (1,467,193)   (979,551)
Net increase (decrease) in net assets from beneficial interest transactions

(301,759,307)   74,796,884   1,389,593,965   750,903,867
Net increase (decrease) in net assets during the period

(378,853,482)   (117,510,992)   2,154,538,956   (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

$ 1,342,209,665   $ 1,721,063,147   $6,712,402,354   $ 4,557,863,398
SHARES OF BENEFICIAL INTEREST:              
Shares sold

11,625,000   17,100,000   46,850,000   42,900,000
Shares redeemed

(14,900,000)   (16,525,000)   (15,400,000)   (28,050,000)
Net increase (decrease) from share transactions

(3,275,000)   575,000   31,450,000   14,850,000
See accompanying notes to financial statements.
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SPDR Portfolio S&P 500 ETF   SPDR Portfolio S&P 500 Growth ETF   SPDR Portfolio S&P 500 High Dividend ETF
Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
                     
$ 255,360,202   $ 186,358,317   $ 173,826,081   $ 101,656,014   $ 312,603,229   $ 222,131,392
651,761,693   848,129,916   (955,624,447)   1,755,441,293   339,913,234   551,935,888
1,924,623,430   (2,708,775,122)   3,323,567,475   (4,310,633,081)   (750,323,685)   (790,467,681)
2,831,745,325   (1,674,286,889)   2,541,769,109   (2,453,535,774)   (97,807,222)   (16,400,401)
3,786,305   5,376,419   914,072   2,223,931   2,713,475   (6,178,692)
(259,368,415)   (188,796,183)   (173,909,356)   (103,641,351)   (331,882,313)   (237,671,317)
                     
6,440,027,639   6,679,268,632   7,596,373,579   8,170,992,793   5,104,018,295   5,933,719,622
(2,997,644,605)   (2,778,413,734)   (4,080,545,648)   (6,143,013,035)   (5,931,088,704)   (2,578,305,652)
(3,786,305)   (5,376,419)   (914,072)   (2,223,931)   (2,713,475)   6,178,692
3,438,596,729   3,895,478,479   3,514,913,859   2,025,755,827   (829,783,884)   3,361,592,662
6,014,759,944   2,037,771,826   5,883,687,684   (529,197,367)   (1,256,759,944)   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
$18,776,812,187   $12,762,052,243   $17,732,988,109   $ 11,849,300,425   $ 6,511,146,882   $ 7,767,906,826
                     
136,550,000   129,750,000   137,050,000   123,100,000   127,050,000   140,350,000
(64,200,000)   (55,000,000)   (73,300,000)   (92,800,000)   (146,350,000)   (62,000,000)
72,350,000   74,750,000   63,750,000   30,300,000   (19,300,000)   78,350,000
139


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
For the Year Ended June 30, 2023

  SPDR Portfolio S&P 500 Value ETF   SPDR Portfolio S&P 600 Small Cap ETF
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)

$ 304,356,353   $ 279,249,557   $ 84,645,195   $ 62,582,890
Net realized gain (loss)

649,337,396   1,254,571,329   (170,154,142)   307,199,697
Net change in unrealized appreciation/depreciation

1,503,162,843   (2,191,256,821)   530,950,733   (1,165,984,091)
Net increase (decrease) in net assets resulting from operations

2,456,856,592   (657,435,935)   445,441,786   (796,201,504)
Net equalization credits and charges

4,301,710   7,262,787   1,623,384   687,303
Distributions to shareholders

(309,828,409)   (282,443,167)   (80,915,674)   (63,935,978)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold

9,079,649,605   7,958,440,345   2,314,081,742   1,459,116,780
Proceeds in connection with Reorganization (Note 11)

    1,724,236,383  
Cost of shares redeemed

(7,675,833,545)   (6,634,750,287)   (760,162,360)   (770,007,476)
Net income equalization

(4,301,710)   (7,262,787)   (1,623,384)   (687,303)
Other Capital

     
Net increase (decrease) in net assets from beneficial interest transactions

1,399,514,350   1,316,427,271   3,276,532,381   688,422,001
Net increase (decrease) in net assets during the period

3,550,844,243   383,810,956   3,642,681,877   (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

$16,055,170,292   $12,504,326,049   $7,651,569,287   $ 4,008,887,410
SHARES OF BENEFICIAL INTEREST:              
Shares sold

228,350,000   198,200,000   61,250,000   34,600,000
Shares issued in tax-free transfer of assets (Note 11)

    44,960,263  
Shares redeemed

(196,450,000)   (165,050,000)   (20,650,046)   (18,350,000)
Net increase (decrease) from share transactions

31,900,000   33,150,000   85,560,217   16,250,000
See accompanying notes to financial statements.
140


Table of Contents

SPDR Portfolio S&P 1500 Composite Stock Market ETF   SPDR S&P Aerospace & Defense ETF   SPDR S&P Bank ETF
Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
                     
$ 95,540,373   $ 79,768,682   $ 6,827,167   $ 5,480,510   $ 48,695,174   $ 68,419,746
173,551,745   167,644,636   (113,851,785)   (17,743,992)   (367,247,381)   149,254,491
759,340,987   (910,923,159)   367,021,257   (389,078,694)   135,458,759   (599,763,113)
1,028,433,105   (663,509,841)   259,996,639   (401,342,176)   (183,093,448)   (382,088,876)
235,733   855,069   (100,082)   50,136   (577,755)   (3,627,256)
(95,739,344)   (81,693,432)   (7,062,064)   (5,246,533)   (49,427,639)   (69,634,560)
                     
1,079,809,103   1,117,438,063   237,846,999   840,610,317   1,898,622,027   2,953,282,901
         
(589,474,568)   (437,827,069)   (182,727,069)   (622,861,774)   (2,390,525,806)   (3,781,340,654)
(235,733)   (855,069)   100,082   (50,136)   577,755   3,627,256
  67        
490,098,802   678,755,992   55,220,012   217,698,407   (491,326,024)   (824,430,497)
1,423,028,296   (65,592,212)   308,054,505   (188,840,166)   (724,424,866)   (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
$ 6,540,116,782   $ 5,117,088,486   $1,537,930,649   $1,229,876,144   $ 1,351,476,476   $ 2,075,901,342
                     
22,000,000   20,600,000   2,125,000   7,050,000   47,050,000   54,700,000
         
(12,100,000)   (8,300,000)   (1,700,000)   (5,550,000)   (56,800,000)   (72,800,000)
9,900,000   12,300,000   425,000   1,500,000   (9,750,000)   (18,100,000)
141


Table of Contents
SPDR SERIES TRUST
STATEMENTS OF CHANGES IN NET ASSETS  (continued)
For the Year Ended June 30, 2023

  SPDR S&P Biotech ETF   SPDR S&P Dividend ETF
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:              
Net investment income (loss)

$ (7,903,939)   $ (11,571,439)   $ 612,209,022   $ 532,403,565
Net realized gain (loss)

(352,842,367)   (2,458,899,544)   1,068,601,743   1,843,307,815
Net change in unrealized appreciation/depreciation

1,094,224,932   (1,413,959,280)   (336,516,211)   (2,514,204,646)
Net increase (decrease) in net assets resulting from operations

733,478,626   (3,884,430,263)   1,344,294,554   (138,493,266)
Net equalization credits and charges

273,717   (7,464,925)   1,894,838   3,579,314
Distributions to shareholders

(202,133)     (585,912,064)   (552,419,296)
FROM BENEFICIAL INTEREST TRANSACTIONS:              
Proceeds from shares sold

18,050,690,118   21,303,849,455   7,840,965,173   8,538,884,091
Cost of shares redeemed

(19,182,560,672)   (17,829,682,985)   (7,133,626,177)   (6,927,197,514)
Net income equalization

(273,717)   7,464,925   (1,894,838)   (3,579,314)
Other Capital

  1,691    
Net increase (decrease) in net assets from beneficial interest transactions

(1,132,144,271)   3,481,633,086   705,444,158   1,608,107,263
Net increase (decrease) in net assets during the period

(398,594,061)   (410,262,102)   1,465,721,486   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

$ 6,445,876,374   $ 6,844,470,435   $22,057,452,476   $20,591,730,990
SHARES OF BENEFICIAL INTEREST:              
Shares sold

216,375,000   219,275,000   63,100,000   68,550,000
Shares redeemed

(231,150,000)   (180,600,000)   (56,700,000)   (55,850,000)
Net increase (decrease) from share transactions

(14,775,000)   38,675,000   6,400,000   12,700,000
See accompanying notes to financial statements.
142


Table of Contents

SPDR S&P Homebuilders ETF   SPDR S&P Oil & Gas Exploration & Production ETF   SPDR S&P Regional Banking ETF
Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
  Year Ended
6/30/23
  Year Ended
6/30/22
                     
$ 10,431,669   $ 12,214,777   $ 117,030,355   $ 80,575,563   $ 84,893,008   $ 100,050,306
(59,921,190)   50,988,835   228,322,359   1,873,119,457   (960,241,860)   11,999,565
420,349,055   (495,165,255)   67,875,665   (946,226,884)   65,462,531   (580,343,129)
370,859,534   (431,961,643)   413,228,379   1,007,468,136   (809,886,321)   (468,293,258)
305,283   (1,058,174)   (7,872,422)   (5,592,209)   10,167,543   (4,770,368)
(10,744,968)   (11,092,891)   (111,292,039)   (74,165,492)   (95,585,698)   (95,537,482)
                     
5,344,243,911   6,138,199,523   12,425,591,414   17,912,759,795   13,555,777,173   12,386,769,610
(5,261,807,543)   (6,771,455,166)   (13,573,674,661)   (18,899,755,374)   (12,810,102,553)   (13,851,362,802)
(305,283)   1,058,174   7,872,422   5,592,209   (10,167,543)   4,770,368
    (730)      
82,131,085   (632,197,469)   (1,140,211,555)   (981,403,370)   735,507,077   (1,459,822,824)
442,550,934   (1,076,310,177)   (846,147,637)   (53,692,935)   (159,797,399)   (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
$ 1,328,722,197   $ 886,171,263   $ 3,226,152,691   $ 4,072,300,328   $ 2,904,657,471   $ 3,064,454,870
                     
82,500,000   85,150,000   93,300,000   161,500,000   276,600,000   181,450,000
(82,150,000)   (95,750,000)   (102,350,000)   (170,050,000)   (258,200,000)   (206,450,000)
350,000   (10,600,000)   (9,050,000)   (8,550,000)   18,400,000   (25,000,000)
143


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS
Selected data for a share outstanding throughout each period

  SPDR Dow Jones REIT ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 95.05   $ 104.87   $ 78.07   $ 98.82   $ 93.80
Income (loss) from investment operations:                  
Net investment income (loss) (a)

2.74   2.18   1.89   2.50   2.74
Net realized and unrealized gain (loss) (b)

(4.28)   (8.86)   28.25   (19.84)   5.92
Total from investment operations

(1.54)   (6.68)   30.14   (17.34)   8.66
Net equalization credits and charges (a)

0.53   0.06   0.08   (0.10)   0.01
Distributions to shareholders from:                  
Net investment income

(3.54)   (3.20)   (3.42)   (3.31)   (3.65)
Net asset value, end of period

$ 90.50   $ 95.05   $ 104.87   $ 78.07   $ 98.82
Total return (c)

(0.81)%   (6.69)%   39.59%   (18.04)%   9.58%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$1,342,210   $1,721,063   $1,838,574   $1,353,163   $2,532,796
Ratios to average net assets:                  
Total expenses

0.26%   0.25%   0.25%   0.25%   0.25%
Net investment income (loss)

3.00%   1.96%   2.12%   2.61%   2.89%
Portfolio turnover rate (d)

5%   10%   6%   17%   9%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
144


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
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 39.70   $ 47.21   $ 31.26   $ 34.06   $ 34.86
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.72   0.64   0.54   0.54   0.54
Net realized and unrealized gain (loss) (b)

6.19   (7.50)   15.95   (2.77)   (0.82)
Total from investment operations

6.91   (6.86)   16.49   (2.23)   (0.28)
Net equalization credits and charges (a)

0.01   0.01   0.01   0.01   0.04
Distributions to shareholders from:                  
Net investment income

(0.72)   (0.66)   (0.55)   (0.58)   (0.56)
Net asset value, end of period

$ 45.90   $ 39.70   $ 47.21   $ 31.26   $ 34.06
Total return (c)

17.60%   (14.67)%   53.05%   (6.53)%   (0.60)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$6,712,402   $4,557,863   $4,718,598   $2,341,048   $1,592,467
Ratios to average net assets:                  
Total expenses

0.06%   0.05%   0.05%   0.05%   0.05%
Net investment income (loss)

1.66%   1.37%   1.34%   1.66%   1.61%
Portfolio turnover rate (d)

17%   13%   14%   30%   8%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
145


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR Portfolio S&P 500 ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 44.34   $ 50.34   $ 36.30   $ 34.53   $ 31.87
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.79   0.73   0.66   0.69   0.65
Net realized and unrealized gain (loss) (b)

7.79   (6.03)   14.02   1.72   2.64
Total from investment operations

8.58   (5.30)   14.68   2.41   3.29
Net equalization credits and charges (a)

0.01   0.02   0.03   0.06   0.05
Contribution from affiliate

    0.00(c)    
Distributions to shareholders from:                  
Net investment income

(0.79)   (0.72)   (0.67)   (0.70)   (0.68)
Net asset value, end of period

$ 52.14   $ 44.34   $ 50.34   $ 36.30   $ 34.53
Total return (d)

19.58%   (10.67)%   40.79%   7.26%   10.65%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$18,776,812   $12,762,052   $10,724,280   $5,516,028   $2,527,961
Ratios to average net assets:                  
Total expenses

0.04%   0.03%   0.03%   0.03%   0.03%
Net investment income (loss)

1.67%   1.42%   1.51%   1.97%   2.00%
Portfolio turnover rate (e)

2%   2%   4%   11%   5%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
146


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
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 52.23   $ 62.98   $ 44.96   $ 38.74   $ 35.12
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.65   0.47   0.46   0.55   0.53
Net realized and unrealized gain (loss) (b)

8.78   (10.76)   18.02   6.24   3.60
Total from investment operations

9.43   (10.29)   18.48   6.79   4.13
Net equalization credits and charges (a)

0.00(c)   0.01   (0.00)(c)   (0.01)   0.03
Distributions to shareholders from:                  
Net investment income

(0.64)   (0.47)   (0.46)   (0.56)   (0.54)
Net asset value, end of period

$ 61.02   $ 52.23   $ 62.98   $ 44.96   $ 38.74
Total return (d)

18.21%   (16.45)%   41.27%   17.67%   11.96%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$17,732,988   $11,849,300   $12,378,498   $7,903,192   $5,390,890
Ratios to average net assets:                  
Total expenses

0.05%   0.04%   0.04%   0.04%   0.04%
Net investment income (loss)

1.19%   0.73%   0.85%   1.36%   1.45%
Portfolio turnover rate (e)

33%   14%   11%   23%   21%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
147


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
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 39.89   $ 40.09   $ 27.89   $ 38.01   $ 37.27
Income (loss) from investment operations:                  
Net investment income (loss) (a)

1.66   1.60   1.48   1.58   1.64
Net realized and unrealized gain (loss) (b)

(2.67)   (0.19)   12.47   (10.08)   0.61
Total from investment operations

(1.01)   1.41   13.95   (8.50)   2.25
Net equalization credits and charges (a)

0.01   (0.04)   0.16   0.09   0.19
Distributions to shareholders from:                  
Net investment income

(1.78)   (1.57)   (1.91)   (1.71)   (1.70)
Net asset value, end of period

$ 37.11   $ 39.89   $ 40.09   $ 27.89   $ 38.01
Total return (c)

(2.46)%   3.37%   51.84%   (22.55)%   6.82%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$6,511,147   $7,767,907   $4,666,565   $1,916,307   $1,704,761
Ratios to average net assets:                  
Total expenses

0.08%   0.07%   0.07%   0.07%   0.07%
Net investment income (loss)

4.23%   3.83%   4.28%   4.64%   4.41%
Portfolio turnover rate (d)

46%   29%   39%   45%   28%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
148


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
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 36.81   $ 39.54   $ 29.04   $ 31.28   $ 29.60
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.84   0.86   0.81   0.84   0.79
Net realized and unrealized gain (loss) (b)

6.39   (2.76)   10.45   (2.31)   1.68
Total from investment operations

7.23   (1.90)   11.26   (1.47)   2.47
Net equalization credits and charges (a)

0.01   0.02   0.07   0.07   0.03
Distributions to shareholders from:                  
Net investment income

(0.84)   (0.85)   (0.83)   (0.84)   (0.82)
Net asset value, end of period

$ 43.21   $ 36.81   $ 39.54   $ 29.04   $ 31.28
Total return (c)

19.94%   (4.92)%   39.44%   (4.54)%   8.59%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$16,055,170   $12,504,326   $12,120,515   $4,753,481   $2,883,852
Ratios to average net assets:                  
Total expenses

0.05%   0.04%   0.04%   0.04%   0.04%
Net investment income (loss)

2.12%   2.12%   2.28%   2.67%   2.63%
Portfolio turnover rate (d)

27%   16%   18%   34%   30%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
149


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
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 36.00   $ 43.95   $ 26.57   $ 30.65   $ 32.26
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.66   0.61   0.45   0.44   0.48
Net realized and unrealized gain (loss) (b)

2.80   (7.95)   17.37   (4.07)   (1.57)
Total from investment operations

3.46   (7.34)   17.82   (3.63)   (1.09)
Net equalization credits and charges (a)

0.01   0.01   0.00(c)   0.04   0.01
Distributions to shareholders from:                  
Net investment income

(0.61)   (0.62)   (0.44)   (0.49)   (0.53)
Net asset value, end of period

$ 38.86   $ 36.00   $ 43.95   $ 26.57   $ 30.65
Total return (d)

9.75%   (16.87)%   67.37%   (11.78)%   (3.24)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$7,651,569   $4,008,887   $4,179,916   $2,168,502   $1,367,143
Ratios to average net assets:                  
Total expenses

0.05%   0.05%   0.05%   0.05%   0.05%
Net investment income (loss)

1.75%   1.45%   1.25%   1.55%   1.57%
Portfolio turnover rate (e)

22%   16%   13%   80%   14%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
150


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
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 46.46   $ 52.97   $ 37.81   $ 36.49   $ 33.98
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.82   0.76   0.68   0.72   0.68
Net realized and unrealized gain (loss) (b)

8.02   (6.51)   15.15   1.35   2.43
Total from investment operations

8.84   (5.75)   15.83   2.07   3.11
Net equalization credits and charges (a)

0.00(c)   0.01   0.01   (0.02)   0.06
Contribution from affiliate

    0.00(c)    
Other capital

  0.00(c)      
Distributions to shareholders from:                  
Net investment income

(0.82)   (0.77)   (0.68)   (0.73)   (0.66)
Net asset value, end of period

$ 54.48   $ 46.46   $ 52.97   $ 37.81   $ 36.49
Total return (d)

19.26%   (11.02)%   42.13%   5.76%   9.45%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$6,540,117   $5,117,088   $5,182,681   $3,391,957   $3,497,222
Ratios to average net assets:                  
Total expenses

0.04%   0.03%   0.03%   0.03%   0.03%
Net investment income (loss)

1.67%   1.41%   1.48%   1.93%   1.96%
Portfolio turnover rate (e)

2%   1%   3%   12%   4%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
151


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Aerospace & Defense ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 100.60   $ 132.28   $ 87.61   $ 104.01   $ 87.07
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.55   0.49   0.77   1.01   0.54
Net realized and unrealized gain (loss) (b)

21.01   (31.72)   44.88   (16.37)   17.39
Total from investment operations

21.56   (31.23)   45.65   (15.36)   17.93
Net equalization credits and charges (a)

(0.01)   0.00(c)   (0.02)   0.00(c)   0.03
Voluntary contribution from Custodian

        0.00(c)
Distributions to shareholders from:                  
Net investment income

(0.57)   (0.45)   (0.96)   (1.04)   (1.02)
Net asset value, end of period

$ 121.58   $ 100.60   $ 132.28   $ 87.61   $ 104.01
Total return (d)

21.49%   (23.65)%   52.23%   (14.83)%   20.75%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$1,537,931   $1,229,876   $1,418,716   $1,368,843   $1,549,742
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

0.50%   0.42%   0.71%   1.01%   0.58%
Portfolio turnover rate (e)

26%   38%   26%   28%   22%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
152


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Bank ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 43.89   $ 51.31   $ 31.57   $ 43.45   $ 47.19
Income (loss) from investment operations:                  
Net investment income (loss) (a)

1.21   1.15   1.16   1.09   0.90
Net realized and unrealized gain (loss) (b)

(7.82)   (7.26)   19.71   (11.95)   (3.62)
Total from investment operations

(6.61)   (6.11)   20.87   (10.86)   (2.72)
Net equalization credits and charges (a)

(0.01)   (0.06)   0.01   0.02   (0.03)
Distributions to shareholders from:                  
Net investment income

(1.28)   (1.25)   (1.14)   (1.04)   (0.99)
Net asset value, end of period

$ 35.99   $ 43.89   $ 51.31   $ 31.57   $ 43.45
Total return (c)

(15.33)%   (12.36)%   67.13%   (25.32)%   (5.72)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$1,351,476   $2,075,901   $3,355,683   $1,307,007   $1,742,407
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

2.75%   2.19%   2.60%   2.74%   2.02%
Portfolio turnover rate (d)

34%   37%   41%   30%   24%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
153


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS   (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Biotech ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 74.24   $ 135.54   $ 112.03   $ 87.82   $ 95.23
Income (loss) from investment operations:                  
Net investment income (loss) (a)

(0.09)   (0.17)   0.24   0.01   0.04
Net realized and unrealized gain (loss) (b)

9.10   (61.02)   23.57   24.22   (7.37)
Total from investment operations

9.01   (61.19)   23.81   24.23   (7.33)
Net equalization credits and charges (a)

0.00(c)   (0.11)   (0.00)(c)   0.00(c)   0.00(c)
Other capital

  0.00(c)      
Distributions to shareholders from:                  
Net investment income

(0.00)(c)     (0.30)   (0.02)   (0.08)
Net asset value, end of period

$ 83.25   $ 74.24   $ 135.54   $ 112.03   $ 87.82
Total return (d)

12.15%   (45.23)%   21.27%   27.59%   (7.70)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$6,445,876   $6,844,470   $7,254,733   $5,402,647   $4,412,868
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

(0.11)%   (0.17)%   0.18%   0.01%   0.05%
Portfolio turnover rate (e)

65%   64%   74%   66%   45%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
154


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Dividend ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 118.68   $ 122.33   $ 91.25   $ 100.96   $ 92.65
Income (loss) from investment operations:                  
Net investment income (loss) (a)

3.35   3.25   3.28   2.84   2.41
Net realized and unrealized gain (loss) (b)

3.76   (3.57)   31.05   (9.68)   8.30
Total from investment operations

7.11   (0.32)   34.33   (6.84)   10.71
Net equalization credits and charges (a)

0.01   0.02   (0.01)   (0.04)   0.02
Distributions to shareholders from:                  
Net investment income

(3.19)   (3.35)   (3.24)   (2.83)   (2.42)
Net asset value, end of period

$ 122.61   $ 118.68   $ 122.33   $ 91.25   $ 100.96
Total return (c)

6.06%   (0.28)%   38.17%   (6.82)%   11.76%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$22,057,452   $20,591,731   $19,670,957   $15,197,866   $18,698,029
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

2.71%   2.61%   3.06%   2.89%   2.49%
Portfolio turnover rate (d)

29%   24%   22%   31%   20%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
155


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Homebuilders ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 54.70   $ 73.23   $ 43.92   $ 41.69   $ 39.56
Income (loss) from investment operations:                  
Net investment income (loss) (a)

0.70   0.51   0.43   0.43   0.41
Net realized and unrealized gain (loss) (b)

25.57   (18.48)   29.30   2.20   2.17
Total from investment operations

26.27   (17.97)   29.73   2.63   2.58
Net equalization credits and charges (a)

0.02   (0.04)   (0.00)(c)   0.03   (0.03)
Distributions to shareholders from:                  
Net investment income

(0.70)   (0.52)   (0.42)   (0.43)   (0.42)
Net asset value, end of period

$ 80.29   $ 54.70   $ 73.23   $ 43.92   $ 41.69
Total return (d)

48.39%   (24.73)%   67.87%   6.49%   6.59%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$1,328,722   $886,171   $1,962,481   $799,294   $658,639
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

1.08%   0.70%   0.70%   1.01%   1.09%
Portfolio turnover rate (e)

27%   21%   24%   27%   32%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
156


Table of Contents
SPDR SERIES TRUST
FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Oil & Gas Exploration & Production ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20(a)
  Year
Ended
6/30/19(a)
Net asset value, beginning of period

$ 119.42   $ 96.74   $ 52.22   $ 108.92   $ 172.16
Income (loss) from investment operations:                  
Net investment income (loss) (b)

3.83   2.07   1.37   1.46   1.12
Net realized and unrealized gain (loss) (c)

9.69   22.83   44.56   (56.76)   (63.20)
Total from investment operations

13.52   24.90   45.93   (55.30)   (62.08)
Net equalization credits and charges (b)

(0.26)   (0.14)   (0.02)   0.02   0.00(d)
Other capital

(0.00)(d)        
Distributions to shareholders from:                  
Net investment income

(3.89)   (2.08)   (1.39)   (1.42)   (1.16)
Net asset value, end of period

$ 128.79   $ 119.42   $ 96.74   $ 52.22   $ 108.92
Total return (e)

11.22%   25.79%   89.34%   (50.86)%   (36.12)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$3,226,153   $4,072,300   $4,125,993   $2,067,927   $1,884,277
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

2.85%   1.88%   2.07%   2.13%   0.81%
Portfolio turnover rate (f)

29%   42%   71%   41%   37%
(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 year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
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FINANCIAL HIGHLIGHTS  (continued)
Selected data for a share outstanding throughout each period

  SPDR S&P Regional Banking ETF
  Year
Ended
6/30/23
  Year
Ended
6/30/22
  Year
Ended
6/30/21
  Year
Ended
6/30/20
  Year
Ended
6/30/19
Net asset value, beginning of period

$ 58.09   $ 65.50   $ 38.41   $ 53.53   $ 60.96
Income (loss) from investment operations:                  
Net investment income (loss) (a)

1.53   1.42   1.44   1.37   1.15
Net realized and unrealized gain (loss) (b)

(17.44)   (7.33)   26.99   (15.21)   (7.32)
Total from investment operations

(15.91)   (5.91)   28.43   (13.84)   (6.17)
Net equalization credits and charges (a)

0.18   (0.07)   0.08   0.11   (0.06)
Distributions to shareholders from:                  
Net investment income

(1.54)   (1.43)   (1.42)   (1.39)   (1.20)
Net asset value, end of period

$ 40.82   $ 58.09   $ 65.50   $ 38.41   $ 53.53
Total return (c)

(27.47)%   (9.37)%   75.38%   (25.96)%   (10.15)%
Ratios and Supplemental Data:                  
Net assets, end of period (in 000s)

$2,904,657   $3,064,455   $5,092,879   $1,208,104   $2,237,599
Ratios to average net assets:                  
Total expenses

0.36%   0.35%   0.35%   0.35%   0.35%
Net investment income (loss)

2.84%   2.08%   2.47%   2.79%   2.03%
Portfolio turnover rate (d)

61%   44%   50%   35%   27%
(a) Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the year.
(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) Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
See accompanying notes to financial statements.
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SPDR SERIES TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 2023

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 June 30, 2023, the Trust consists of eighty-three (83) 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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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

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.
•   Swap agreements are valued daily based upon prices supplied by Board approved pricing vendors or through brokers. Depending on the product and terms of the transaction, the value of agreements is determined using a series of techniques including valuation models that incorporate a number of market data factors, such as discounted cash flows, yields, curves, trades and values of the underlying reference instruments. In the event SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) is unable to obtain an independent, third–party valuation the agreements will be fair valued.
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 June 30, 2023, 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
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

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 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 June 30, 2023, 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
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

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 a 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. 
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 year ended June 30, 2023, 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.
Swaps
Certain funds may enter into swap agreements, in which a Fund and counterparty agree either to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“BL OTC”) or centrally cleared (“centrally cleared swaps”). Swaps are marked-to-market daily and changes in value are recorded as unrealized appreciation (depreciation).
A BL OTC swap is a transaction between a fund and dealer counterparty where cash flows are exchanged between the two parties for the life of the swap. For BL OTC swaps, any upfront premiums paid are recorded as assets and any upfront fees received are recorded as liabilities and are shown as swap contracts premiums paid and swap contracts premiums received, respectively, in the Statements of Assets and Liabilities and amortized to realized gain/loss ratably over the term of the BL OTC swap. Payments received or made by the Fund for BL OTC swaps are recorded in the Statement of Operations as realized gains or losses, respectively. When a BL OTC swap is terminated, a Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid.
A centrally cleared OTC swap is a transaction executed between a fund and a dealer counterparty, then cleared by a futures commission merchant (FCM) through a clearinghouse. Once cleared, the clearinghouse serves as a central counterparty (“CCP”), with whom a fund exchanges cash flows for the life of the transaction, similar to transactions in futures contracts.
A Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, the Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin if any, are designated on the Schedule of Investments and cash deposited is segregated and recorded on the Statement of Assets and Liabilities as  Payable for Collateral for the Total Return Swaps. The daily change in valuation of centrally cleared swaps is recorded as a receivable or payable for variation margin in the Statement of Assets and Liabilities. Payments received from (paid to) the counterparty, including at termination, are recorded as realized gain (loss) in the Statement of Operations. For both bi-lateral and centrally cleared OTC swaps, payments are exchanged at specified intervals, accrued daily commencing with the effective date of the contract and recorded as realized gain or (loss). Some swaps may be terminated prior to the effective date and realize a gain or loss upon termination.
Total Return Swaps
The SPDR S&P Dividend Fund has entered into total return swaps to obtain investment exposures that the Adviser expects to correlate closely with the Index or a portion of the Index. Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments on the total return (coupon plus capital gains/losses) of an underlying instrument in exchange for fixed or floating rate interest payments. To the extent the total return of the instrument or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Fund will receive a payment or make a payment to the counterparty.
For the year ended June 30, 2023, the Fund entered into total return swap contracts for cash equitization, to reduce tracking error and to facilitate daily liquidity.
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

The following tables summarize the value of the Fund's derivative instruments as of June 30, 2023, 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 Dow Jones REIT ETF                      
Futures Contracts

$—   $—   $—   $ 222,062   $—   $ 222,062
SPDR Portfolio S&P 500 ETF                      
Futures Contracts

      2,417,179     2,417,179
SPDR Portfolio S&P 500 High Dividend ETF                      
Futures Contracts

      1,367,554     1,367,554
SPDR Portfolio S&P 600 Small Cap ETF                      
Futures Contracts

      6,510     6,510
SPDR Portfolio S&P 1500 Composite Stock Market ETF                      
Futures Contracts

      401,988     401,988
SPDR S&P Dividend ETF                      
Futures Contracts

      2,769,041     2,769,041
Swap Contracts

      2,266,773     2,266,773
SPDR S&P Oil & Gas Exploration & Production ETF                      
Futures Contracts

      80,268     80,268
  Net Realized Gain (Loss)
  Interest
Rate
Risk
  Foreign
Exchange
Risk
  Credit
Risk
  Equity
Risk
  Commodity
Risk
  Total
SPDR Dow Jones REIT ETF                      
Futures Contracts

$—   $—   $—   (1,768,906)   $—   (1,768,906)
SPDR Portfolio S&P 500 ETF                      
Futures Contracts

      4,668,011     4,668,011
SPDR Portfolio S&P 500 High Dividend ETF                      
Futures Contracts

      4,104,641     4,104,641
SPDR Portfolio S&P 600 Small Cap ETF                      
Futures Contracts

      2,128     2,128
SPDR Portfolio S&P 1500 Composite Stock Market ETF                      
Futures Contracts

      614,683     614,683
SPDR S&P Dividend ETF                      
Futures Contracts

      10,959,746     10,959,746
Swap Contracts

      (4,978,388)     (4,978,388)
SPDR S&P Oil & Gas Exploration & Production ETF                      
Futures Contracts

      (2,786,826)     (2,786,826)
    
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

  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

$—   $—   $—   $ (31,989)   $—   $ (31,989)
SPDR Portfolio S&P 500 ETF                      
Futures Contracts

      2,219,226     2,219,226
SPDR Portfolio S&P 500 High Dividend ETF                      
Futures Contracts

      1,086,194     1,086,194
SPDR Portfolio S&P 600 Small Cap ETF                      
Futures Contracts

      320,182     320,182
SPDR Portfolio S&P 1500 Composite Stock Market ETF                      
Futures Contracts

      256,885     256,885
SPDR S&P Dividend ETF                      
Futures Contracts

      2,503,485     2,503,485
Swap Contracts

      6,659,869     6,659,869
SPDR S&P Oil & Gas Exploration & Production ETF                      
Futures Contracts

      1,083,572     1,083,572
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
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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

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 year ended June 30, 2023 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 year ended June 30, 2023, were as follows:
  Purchases   Sales
SPDR Dow Jones REIT ETF

$ 70,257,042   $ 71,099,963
SPDR Portfolio S&P 400 Mid Cap ETF

987,199,112   970,467,800
SPDR Portfolio S&P 500 ETF

267,903,431   310,896,982
SPDR Portfolio S&P 500 Growth ETF

4,832,933,691   4,837,001,256
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

  Purchases   Sales
SPDR Portfolio S&P 500 High Dividend ETF

$3,586,900,176   $3,312,834,569
SPDR Portfolio S&P 500 Value ETF

3,906,967,762   3,890,857,816
SPDR Portfolio S&P 600 Small Cap ETF

1,104,840,299   1,083,683,296
SPDR Portfolio S&P 1500 Composite Stock Market ETF

113,586,760   109,680,518
SPDR S&P Aerospace & Defense ETF

359,872,568   360,046,272
SPDR S&P Bank ETF

602,674,523   603,281,744
SPDR S&P Biotech ETF

4,734,137,087   4,670,115,335
SPDR S&P Dividend ETF

6,879,299,550   6,523,073,597
SPDR S&P Homebuilders ETF

264,199,706   264,304,704
SPDR S&P Oil & Gas Exploration & Production ETF

1,170,053,195   1,171,258,210
SPDR S&P Regional Banking ETF

1,790,739,559   1,803,270,447
For the year ended June 30, 2023, 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

$ 984,295,055   $ 1,277,148,967   $ (26,178,885)
SPDR Portfolio S&P 400 Mid Cap ETF

1,937,142,447   545,693,036   164,915,634
SPDR Portfolio S&P 500 ETF

6,172,563,655   2,730,204,023   755,245,252
SPDR Portfolio S&P 500 Growth ETF

7,345,009,261   3,830,972,934   973,677,562
SPDR Portfolio S&P 500 High Dividend ETF

4,627,155,946   5,730,331,591   708,328,831
SPDR Portfolio S&P 500 Value ETF

8,786,381,827   7,396,895,512   1,149,102,220
SPDR Portfolio S&P 600 Small Cap ETF

2,237,897,070   680,546,440   181,569,158
SPDR Portfolio S&P 1500 Composite Stock Market ETF

1,039,252,583   549,793,914   198,313,583
SPDR S&P Aerospace & Defense ETF

225,116,021   170,018,828   27,155,312
SPDR S&P Bank ETF

1,375,967,998   1,867,832,194   (5,092,289)
SPDR S&P Biotech ETF

14,327,895,817   15,456,667,030   1,709,815,268
SPDR S&P Dividend ETF

7,377,823,161   7,025,788,190   1,719,102,144
SPDR S&P Homebuilders ETF

4,260,851,566   4,178,531,005   36,934,316
SPDR S&P Oil & Gas Exploration & Production ETF

9,882,460,563   11,027,370,555   595,608,216
SPDR S&P Regional Banking ETF

10,640,622,847   9,893,632,690   67,867,662
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.
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June 30, 2023

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. 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.   
Certain capital accounts in the financial statements have been adjusted for permanent book-tax differences. These adjustments have no impact on NAV or results of operations. Temporary book-tax differences will reverse in the future. These book-tax differences are primarily due to differing treatments for character of distributions, in-kind transactions, swap contracts, passive foreign investment companies, partnerships, corporate actions, futures contracts mark to market, wash sale loss deferrals and distributions in excess of current earnings.   
The tax character of distributions paid during the year ended June 30, 2023, was as follows:
  Ordinary
Income
  Long-Term
Capital Gains
  Total
SPDR Dow Jones REIT ETF

$ 59,848,485   $—   $ 59,848,485
SPDR Portfolio S&P 400 Mid Cap ETF

94,878,855     94,878,855
SPDR Portfolio S&P 500 ETF

259,368,415     259,368,415
SPDR Portfolio S&P 500 Growth ETF

173,909,356     173,909,356
SPDR Portfolio S&P 500 High Dividend ETF

331,882,313     331,882,313
SPDR Portfolio S&P 500 Value ETF

309,828,409     309,828,409
SPDR Portfolio S&P 600 Small Cap ETF

80,915,674     80,915,674
SPDR Portfolio S&P 1500 Composite Stock Market ETF

95,739,344     95,739,344
SPDR S&P Aerospace & Defense ETF

7,062,064     7,062,064
SPDR S&P Bank ETF

49,427,639     49,427,639
SPDR S&P Biotech ETF

202,133     202,133
SPDR S&P Dividend ETF

585,912,064     585,912,064
SPDR S&P Homebuilders ETF

10,744,968     10,744,968
SPDR S&P Oil & Gas Exploration & Production ETF

111,292,039     111,292,039
SPDR S&P Regional Banking ETF

95,585,698     95,585,698
The tax character of distributions paid during the year ended June 30, 2022, was as follows:
  Ordinary
Income
  Long-Term
Capital Gains
  Total
SPDR Dow Jones REIT ETF

$ 57,959,259   $ —   $ 57,959,259
SPDR Portfolio S&P 400 Mid Cap ETF

71,743,228     71,743,228
SPDR Portfolio S&P 500 ETF

188,796,183     188,796,183
SPDR Portfolio S&P 500 Growth ETF

103,641,351     103,641,351
SPDR Portfolio S&P 500 High Dividend ETF

237,671,317     237,671,317
SPDR Portfolio S&P 500 Value ETF

282,443,167     282,443,167
SPDR Portfolio S&P 600 Small Cap ETF

63,935,978     63,935,978
SPDR Portfolio S&P 1500 Composite Stock Market ETF

81,693,432     81,693,432
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

  Ordinary
Income
  Long-Term
Capital Gains
  Total
SPDR S&P Aerospace & Defense ETF

$ 5,246,533   $—   $ 5,246,533
SPDR S&P Bank ETF

69,634,560     69,634,560
SPDR S&P Biotech ETF

   
SPDR S&P Dividend ETF

552,419,296     552,419,296
SPDR S&P Homebuilders ETF

11,092,891     11,092,891
SPDR S&P Oil & Gas Exploration & Production ETF

74,165,492     74,165,492
SPDR S&P Regional Banking ETF

95,537,482     95,537,482
At June 30, 2023, the components of distributable earnings on a tax basis were as follows:
  Undistributed
Ordinary Income
  Capital Loss
Carryforwards
  Undistributed
Long-Term
Capital Gains
  Net Unrealized
Gains (Losses)
  Total
SPDR Dow Jones REIT ETF

$   $ (231,744,880)   $—   $ (379,078,112)   $ (610,822,992)
SPDR Portfolio S&P 400 Mid Cap ETF

  (339,395,369)     516,241,307   176,845,938
SPDR Portfolio S&P 500 ETF

  (232,028,605)     1,492,615,213   1,260,586,608
SPDR Portfolio S&P 500 Growth ETF

793,930   (2,509,089,621)     2,050,972,822   (457,322,869)
SPDR Portfolio S&P 500 High Dividend ETF

  (1,075,485,751)     (1,011,769,361)   (2,087,255,112)
SPDR Portfolio S&P 500 Value ETF

  (1,097,248,274)     592,647,960   (504,600,314)
SPDR Portfolio S&P 600 Small Cap ETF

3,729,521   (774,765,188)     182,814,423   (588,221,244)
SPDR Portfolio S&P 1500 Composite Stock Market ETF

  (106,659,034)     1,236,328,499   1,129,669,465
SPDR S&P Aerospace & Defense ETF

  (387,990,459)     93,427,824   (294,562,635)
SPDR S&P Bank ETF

830,327   (1,298,032,237)     (433,870,375)   (1,731,072,285)
SPDR S&P Biotech ETF

  (8,695,057,796)     (1,486,454,079)   (10,181,511,875)
SPDR S&P Dividend ETF

27,978,438   (2,495,875,145)     129,325,231   (2,338,571,476)
SPDR S&P Homebuilders ETF

1,837,830   (907,223,936)     (12,680,674)   (918,066,780)
SPDR S&P Oil & Gas Exploration & Production ETF

12,148,387   (5,057,763,880)     (562,387,286)   (5,608,002,779)
SPDR S&P Regional Banking ETF

  (2,390,779,727)     (741,517,150)   (3,132,296,877)
As of June 30, 2023, the following Funds had capital loss carryforwards available to offset future realized capital gains as follows:
  Non-Expiring
Short Term
  Non-Expiring
Long Term
SPDR Dow Jones REIT ETF

$ 51,972,802   $ 179,772,078
SPDR Portfolio S&P 400 Mid Cap ETF

123,707,351   215,688,018
SPDR Portfolio S&P 500 ETF

109,954,403   122,074,202
SPDR Portfolio S&P 500 Growth ETF

1,126,561,888   1,382,527,733
SPDR Portfolio S&P 500 High Dividend ETF

671,725,327   403,760,424
SPDR Portfolio S&P 500 Value ETF

570,771,481   526,476,793
SPDR Portfolio S&P 600 Small Cap ETF*

220,804,678   553,960,510
SPDR Portfolio S&P 1500 Composite Stock Market ETF

25,036,698   81,622,336
SPDR S&P Aerospace & Defense ETF

205,860,099   182,130,360
SPDR S&P Bank ETF

489,418,062   808,614,175
SPDR S&P Biotech ETF

4,717,914,037   3,977,143,759
SPDR S&P Dividend ETF

1,129,791,563   1,366,083,582
SPDR S&P Homebuilders ETF

508,450,991   398,772,945
SPDR S&P Oil & Gas Exploration & Production ETF

2,284,095,297   2,773,668,583
SPDR S&P Regional Banking ETF

1,036,234,081   1,354,545,646
* In accordance with IRC Section 382, a portion of SPDR Portfolio S&P 600 Small Cap ETF's losses have been subjected to an annual limitation.
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

As of June 30, 2023, 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

$ 1,734,247,169   $ 14,721,588   $ 393,799,700   $ (379,078,112)
SPDR Portfolio S&P 400 Mid Cap ETF

6,541,561,901   987,824,175   471,582,870   516,241,305
SPDR Portfolio S&P 500 ETF

17,276,010,506   2,413,552,737   920,937,524   1,492,615,213
SPDR Portfolio S&P 500 Growth ETF

15,670,760,464   2,536,238,831   485,266,009   2,050,972,822
SPDR Portfolio S&P 500 High Dividend ETF

7,555,421,883   130,597,714   1,142,367,075   (1,011,769,361)
SPDR Portfolio S&P 500 Value ETF

15,488,225,866   1,752,347,611   1,159,699,651   592,647,960
SPDR Portfolio S&P 600 Small Cap ETF

8,119,050,947   1,100,081,244   917,266,503   182,814,741
SPDR Portfolio S&P 1500 Composite Stock Market ETF

5,327,876,962   1,564,848,102   328,519,596   1,236,328,506
SPDR S&P Aerospace & Defense ETF

1,521,290,355   201,501,042   108,073,218   93,427,824
SPDR S&P Bank ETF

1,844,939,808   19,197,735   453,068,110   (433,870,375)
SPDR S&P Biotech ETF

8,567,315,370   306,962,293   1,793,416,372   (1,486,454,079)
SPDR S&P Dividend ETF

22,263,436,397   1,623,382,772   1,494,057,541   129,325,231
SPDR S&P Homebuilders ETF

1,402,554,072   66,635,441   79,316,115   (12,680,674)
SPDR S&P Oil & Gas Exploration & Production ETF

4,058,110,091   12,472,825   574,860,111   (562,387,286)
SPDR S&P Regional Banking ETF

3,725,020,927   13,232,380   754,749,530   (741,517,150)
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 June 30, 2023, 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 June 30, 2023:
Fund   Market Value of
Securities on Loan
  Cash
Collateral
Received
  Non-Cash
Collateral
Received*
  Total
Collateral
Received
SPDR Dow Jones REIT ETF

  $ 21,990,940   $ 19,734,758   $ 2,712,311   $ 22,447,069
SPDR Portfolio S&P 400 Mid Cap ETF

  480,139,688   353,598,518   133,866,942   487,465,460
SPDR Portfolio S&P 500 ETF

  10,708,949   7,796,325   3,099,764   10,896,089
SPDR Portfolio S&P 500 High Dividend ETF

  56,268,000   57,337,305   -   57,337,305
SPDR Portfolio S&P 500 Value ETF

  64,159,082   38,455,337   25,661,384   64,116,721
SPDR Portfolio S&P 600 Small Cap ETF

  728,900,287   658,928,677   87,151,175   746,079,852
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

Fund   Market Value of
Securities on Loan
  Cash
Collateral
Received
  Non-Cash
Collateral
Received*
  Total
Collateral
Received
SPDR Portfolio S&P 1500 Composite Stock Market ETF

  $ 51,028,892   $ 28,869,269   $ 23,076,023   $ 51,945,292
SPDR S&P Aerospace & Defense ETF

  134,826,184   76,645,226   64,614,753   141,259,979
SPDR S&P Bank ETF

  63,967,545   61,218,060   5,654,166   66,872,226
SPDR S&P Biotech ETF

  807,734,881   633,689,418   195,516,114   829,205,532
SPDR S&P Dividend ETF

  410,083,522   381,931,207   35,924,679   417,855,886
SPDR S&P Homebuilders ETF

  61,566,436   61,594,352   -   61,594,352
SPDR S&P Oil & Gas Exploration & Production ETF

  400,493,634   272,551,728   139,021,002   411,572,730
SPDR S&P Regional Banking ETF

  150,399,089   88,167,898   69,802,325   157,970,223
* The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.
        Remaining Contractual Maturity of the Agreements
as of June 30, 2023
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   $ 19,734,758   $—   $—   $—   $ 19,734,758   $ 19,734,758
SPDR Portfolio S&P 400 Mid Cap ETF

  Common Stocks   353,598,518         353,598,518   353,598,518
SPDR Portfolio S&P 500 ETF

  Common Stocks   7,796,325         7,796,325   7,796,325
SPDR Portfolio S&P 500 High Dividend ETF

  Common Stocks   57,337,305         57,337,305   57,337,305
SPDR Portfolio S&P 500 Value ETF

  Common Stocks   38,455,337         38,455,337   38,455,337
SPDR Portfolio S&P 600 Small Cap ETF

  Common Stocks   658,928,677         658,928,677   658,928,677
SPDR Portfolio S&P 1500 Composite Stock Market ETF

  Common Stocks   28,869,269         28,869,269   28,869,269
SPDR S&P Aerospace & Defense ETF

  Common Stocks   76,645,226         76,645,226   76,645,226
SPDR S&P Bank ETF

  Common Stocks   61,218,060         61,218,060   61,218,060
SPDR S&P Biotech ETF

  Common Stocks   633,689,418         633,689,418   633,689,418
SPDR S&P Dividend ETF

  Common Stocks   381,931,207         381,931,207   381,931,207
SPDR S&P Homebuilders ETF

  Common Stocks   61,594,352         61,594,352   61,594,352
SPDR S&P Oil & Gas Exploration & Production ETF

  Common Stocks   272,551,728         272,551,728   272,551,728
SPDR S&P Regional Banking ETF

  Common Stocks   88,167,898         88,167,898   88,167,898
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.
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

Market Risk
A Fund's investments are subject to changes in general economic conditions, and 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, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness, such as COVID-19, or other public health issues, or other events could have a significant impact on the Fund and its investments.
Russian Sanctions Risk
Sanctions threatened or imposed by a number of jurisdictions, including the United States, the European Union and the United Kingdom, and other intergovernmental actions that have been or may be undertaken in the future, against Russia, Russian entities or Russian individuals, may result in the devaluation of Russian currency, a downgrade in the country’s credit rating, an immediate freeze of Russian assets, a decline in the value and liquidity of Russian securities, property or interests, and/or other adverse consequences to the Russian economy or a Fund. The scope and scale of sanctions in place at a particular time may be expanded or otherwise modified in a way that have negative effects on a Fund. Sanctions, or the threat of new or modified sanctions, could impair the ability of a Fund to buy, sell, hold, receive, deliver or otherwise transact in certain affected securities or other investment instruments. Sanctions could also result in Russia taking counter measures or other actions in response, which may further impair the value and liquidity of Russian securities. These sanctions, and the resulting disruption of the Russian economy, may cause volatility in other regional and global markets and may negatively impact the performance of various sectors and industries, as well as companies in other countries, which could have a negative effect on the performance of a Fund, even if a Fund does not have direct exposure to securities of Russian issuers. As a collective result of the imposition of sanctions, Russian government countermeasures and the impact that they have had on the trading markets for Russian securities, certain Funds have used, and may in the future use, fair valuation procedures approved by the Fund’s Board to value certain Russian securities, which could result in such securities being deemed to have a zero value.
11.    Reorganization
On June 9, 2023, SPDR Portfolio S&P 600 Small Cap ETF (“Acquiring Fund”) acquired substantially all of the assets and assumed all of the liabilities of SPDR S&P 600 Small Cap ETF (“Acquired Fund”) in exchange for shares of the Acquiring Fund pursuant to an Agreement and Plan of Reorganization approved by the Board. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized gains and losses with amounts distributable to shareholders for tax purposes. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.
The reorganization consisted of the transfer of all assets attributable to each class of the Acquired Fund’s shares in exchange for the corresponding class of shares of the Acquiring Fund resulting in a reorganization as follows:
  Shares of the Fund Issued Net Assets Recieved from Acquired Fund Net Assets of the Fund Immediately Prior to Combination Net Assets of the Fund Immediately After the Combination
SPDR Portfolio S&P 600 Small Cap ETF 44,960,263 $1,724,236,383 $5,689,256,430 $7,413,492,813
Assuming the acquisition had been completed on July 1, 2022, the beginning of the annual reporting period of the Acquiring Fund, the Acquiring Fund’s pro forma results of operations for the period ended June 30, 2023, are as follows:
Net Investment income (loss)

$ 112,087,193
Total net realized and change in unrealized gain (loss)

$461,929,420
Net increase (decrease) in net assets resulting from operations

$574,016,613
Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Acquiring Fund’s accompanying Statement of Operations as of June 30, 2023.
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NOTES TO FINANCIAL STATEMENTS  (continued)
June 30, 2023

The Statement of Operations, Statements of Changes in Net Assets and the Financial Highlights for the current period do not include any pre-merger activity of the Acquired Fund and prior reporting periods of the accounting survivor (the Fund) are not restated.
12.    Subsequent Events
Effective August 1, 2023, SSGA FM has agreed to reduce the Management fee for the below Funds as follows: 
Fund Previous Management Fee New Management Fee
SPDR Portfolio S&P 500 ETF 0.03% 0.02%
SPDR Portfolio S&P 400 Mid Cap ETF 0.05% 0.03%
SPDR Portfolio S&P 600 Small Cap ETF 0.05% 0.03%
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SPDR SERIES TRUST
REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Shareholders of 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 and SPDR S&P Regional Banking ETF and the Board of Trustees of SPDR® Series Trust
Opinion on the Financial Statements
We have audited the accompanying statements of assets and liabilities of 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 and SPDR S&P Regional Banking ETF (collectively referred to as the “Funds”) (fifteen of the funds constituting SPDR® Series Trust (the “Trust”)), including the schedules of investments, as of June 30, 2023, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (fifteen of the funds constituting SPDR® Series Trust) at June 30, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2023, by correspondence with the custodian, brokers and others; when replies were not received from brokers and others, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
We have served as the auditor of one or more State Street Global Advisors investment companies since 2000.
Boston, Massachusetts
August 25, 2023
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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 January 1, 2023 to June 30, 2023.
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

0.25%   $1,057.10   $1.28   $1,023.60   $1.25
SPDR Portfolio S&P 400 Mid Cap ETF

0.05   1,088.30   0.26   1,024.50   0.25
SPDR Portfolio S&P 500 ETF

0.03   1,168.70   0.16   1,024.60   0.15
SPDR Portfolio S&P 500 Growth ETF

0.04   1,211.90   0.22   1,024.60   0.20
SPDR Portfolio S&P 500 High Dividend ETF

0.07   960.00   0.34   1,024.40   0.35
SPDR Portfolio S&P 500 Value ETF

0.04   1,121.20   0.21   1,024.60   0.20
SPDR Portfolio S&P 600 Small Cap ETF

0.05   1,060.20   0.26   1,024.50   0.25
SPDR Portfolio S&P 1500 Composite Stock Market ETF

0.03   1,161.20   0.16   1,024.60   0.15
SPDR S&P Aerospace & Defense ETF

0.35   1,106.60   1.83   1,023.10   1.76
SPDR S&P Bank ETF

0.35   809.60   1.57   1,023.10   1.76
SPDR S&P Biotech ETF

0.35   1,002.40   1.74   1,023.10   1.76
SPDR S&P Dividend ETF

0.35   992.30   1.73   1,023.10   1.76
SPDR S&P Homebuilders ETF

0.35   1,337.90   2.03   1,023.10   1.76
SPDR S&P Oil & Gas Exploration & Production ETF

0.35   961.70   1.70   1,023.10   1.76
SPDR S&P Regional Banking ETF

0.35   707.70   1.48   1,023.10   1.76
(a) Expenses are equal to the Fund's annualized net expense ratio multiplied by the average account value of the period, multiplied by 181, then divided by 365.
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Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
SSGA FM has been designated by the Board to administer the Funds’ Program. Over the course of the prior year, SSGA FM provided the Board with reports addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program’s implementation for the period December 31, 2021 through December 31, 2022 including:
the Program supported each Fund’s ability to honor redemption requests timely;
the Program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions;
no material liquidity issues were identified during the period;
there were no material changes to the Program during the period;
the implementation of the Program was effective to manage each Fund’s liquidity risk; and
the Program operated adequately during the period.
There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which aninvestment in the Fund may be subject.
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Tax Information
For federal income tax purposes, the following information is furnished with respect to the distributions of the Trust for its fiscal year ended June 30, 2023.
Dividends Received Deduction
Each Fund reports the maximum amount allowable of its net taxable income as eligible for the corporate dividends received deduction.
Qualified Business Income Deduction
Each Fund reports the maximum amount allowable of qualified REIT dividends eligible for the qualified business income deduction under Section 199A.
Qualified Dividend Income
A portion of dividends distributed by the Funds during the fiscal year ended June 30, 2023 are considered qualified dividend income and are eligible for reduced tax rates. Each Fund reports the maximum amount allowable of its net taxable income as qualified dividend income as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
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.
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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Approval of Advisory Agreement
At meetings held prior to June 30, 2023, the Board of Trustees of the Trust (the “Board”) evaluated proposals to continue the Investment Advisory Agreement (the “Agreement”) between the Trust and SSGA Funds Management, Inc. (the “Adviser” or “SSGA FM”) with respect to the equity series of the Trust (collectively, the “SPDR ETFs”). The Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “Independent Trustees”), also met separately to consider the Agreement. The Independent Trustees were advised by their independent legal counsel throughout the process.
To evaluate the Agreement, the Board requested and SSGA FM, the Trust’s adviser and administrator, and State Street Bank and Trust Company, the Trust’s sub-administrator, transfer agent and custodian (“State Street”) provided, such materials as the Board, with the advice of counsel, deemed reasonably necessary. In deciding whether to approve the Agreement, the Board considered various factors, including the (i) nature, extent and quality of services provided by the Adviser with respect to the SPDR ETFs under the Agreement, (ii) investment performance of the SPDR ETFs, (iii) profits realized by the Adviser and its affiliates from its relationship with the Trust, (iv) fees charged to comparable funds, (v) other benefits to the Adviser, and (vi) extent to which economies of scale would be shared as the SPDR ETFs grow.
Nature, Extent and Quality of Services
The Board considered the nature, extent and quality of services provided by the Adviser. In doing so, the Trustees relied on their prior experience in overseeing the management of the Trust and the materials provided prior to and at the meeting. The Board reviewed the Agreement and the Adviser’s responsibilities for managing investment operations of each of the SPDR ETFs in accordance with each SPDR ETF’s investment objectives and policies, and applicable legal and regulatory requirements. The Board appreciated the nature of the SPDR ETFs as exchange-traded funds and the experience and expertise of the Adviser in managing exchange-traded funds. The Board considered the background and experience of the Adviser’s senior management, including those individuals responsible for portfolio management and regulatory compliance of the SPDR ETFs. The Board also considered the portfolio management resources, structures and practices of the Adviser, including those associated with monitoring and ensuring each SPDR ETF’s compliance with its investment objectives and policies, and applicable laws and regulations. The Board further considered information about the Adviser’s best execution procedures and overall investment management business, noting that the Adviser serves a wide range of clients across a broad spectrum of asset classes. The Board looked at the Adviser’s general knowledge of the investment management business and that of its affiliates which make up State Street Global Advisors, through which the Adviser shares all of its senior personnel. The Board considered that the Adviser and its affiliates constitute one of the world’s largest investment management enterprises for indexed products generally and exchange-traded funds in particular. The Board specifically considered the Adviser’s experience in managing equity exchange-traded funds with index-based investment objectives.
Investment Performance
The Board then reviewed the SPDR ETFs’ performance, noting that the analysis of investment performance, in absolute terms, was more complex for actively-managed funds. The Board focused on the extent to which each index-based SPDR ETF achieved its objective as a passively-managed index fund and reviewed information regarding such SPDR ETFs’ index tracking.
Profits Realized by Adviser
The Board considered the profitability of the advisory arrangement with the SPDR ETFs to the Adviser and its affiliates, including data on the SPDR ETFs’ historical profitability to these entities. The Board, including the Independent Trustees, with their independent legal counsel, had the opportunity to discuss, with representatives of the Adviser and State Street Global Advisors, methodologies used in computing costs that formed the bases of profitability calculations.
Fees Charged to Comparable Funds
The Board evaluated each SPDR ETF’s unitary fee through review of comparative information with respect to fees paid by similar funds – i.e., exchange-traded funds tracking similar equity indexes with respect to each SPDR ETF. The Board reviewed the universe of similar exchange-traded funds for each SPDR ETF based upon data independently obtained from Broadridge Financial Solutions, Inc. and related comparative information for similar exchange-traded funds. In doing so, the Board used a fund by fund analysis of the data. In certain instances as considered appropriate by the Board, the Board explored with management the reasons for the differences between a SPDR ETF’s fee and fees paid by similar funds.
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Other Benefits
The Board also considered whether the Adviser or its affiliates benefited in other ways from its relationship with the Trust, noting that the Adviser does not maintain soft-dollar arrangements in connection with the Trust’s brokerage transactions.
Economies of Scale
The Board reviewed information regarding economies of scale or other efficiencies that may result as each SPDR ETF’s assets grow in size. The Board noted that the advisory fee rate for each SPDR ETF does not provide for breakpoints as assets of the SPDR ETF increase. However, the Board further noted the Adviser’s assertion that future economies of scale (among several factors) had been taken into consideration for the SPDR ETFs by fixing relatively low advisory fees, effectively sharing the benefits of lower fees with the SPDR ETFs from inception. The Adviser also asserted that one of the benefits of the unitary fee was to provide an unvarying expense structure, which could be lost or diluted with the addition of breakpoints. The Board noted that it intends to continue to monitor fees as the SPDR ETFs grow in size and assess whether fee breakpoints may be warranted.
Conclusion
After weighing the foregoing factors, none of which was dispositive in itself and may have been weighed differently by each Trustee, the Board, including the Independent Trustees voting separately, approved the continuation of the Agreement for each SPDR ETF. In approving the continuance of the Agreement, the Board, including the Independent Trustees voting separately, found that the terms of the Agreement are fair and reasonable and that the continuance of the Agreement is in the best interests of the applicable SPDR ETF and its shareholders. The Board’s conclusions with respect to the factors were as follows: (a) the nature, extent and quality of the services provided by the Adviser with respect to the SPDR ETFs were appropriate; (b) the performance and, more importantly for those SPDR ETFs measured against an index, the index tracking, of each SPDR ETF had been satisfactory or the Adviser had demonstrated due attention to the remediation of underperformance, where appropriate; (c) the Adviser’s unitary fee for each SPDR ETF considered in relation to the services provided, and in relation to the fees charged to comparable funds, was reasonable; (d) the profitability of the Trust’s relationships with the Adviser and its affiliates was not excessive in view of the nature, extent and quality of the services provided; (e) any additional potential benefits to the Adviser or its affiliates were not of a magnitude to materially affect the Board’s conclusions; and (f) the fees paid to the Adviser adequately shared the economies of scale with respect to the SPDR ETFs by way of the relatively low fee structure of the Trust. The Independent Trustees were advised by their independent counsel throughout the process.
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OTHER INFORMATION  (continued)
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TRUSTEES AND OFFICERS INFORMATION
Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal
Occupation(s)
During Past
5 Years
  Number of
Portfolios
in Fund
Complex
Overseen
by Trustee†
  Other
Directorships
Held by Trustee
During the
Past 5 Years
Trustees                    
Independent Trustees                    
CARL G. VERBONCOEUR
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1952
  Independent
Trustee,
Chairman,
Trustee
Committee
Chair
  Term: Unlimited
Served: since
April 2010
  Self-employed
consultant since 2009.
  121   The Motley Fool
Funds Trust
(Trustee).
DWIGHT D. CHURCHILL
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1953
  Independent
Trustee,
Audit
Committee
Chair
  Term: Unlimited
Served: since
April 2010
  Self-employed
consultant since 2010;
CEO and President,
CFA Institute (June
2014 - January 2015).
  121   Affiliated
Managers Group,
Inc. (Chairman, Director
and Audit
Committee Chair).
CLARE S. RICHER
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1958
  Independent
Trustee
  Term: Unlimited
Served: since
July 2018
  Retired. Chief Financial
Officer, Putnam
Investments LLC
(December 2008 -
May 2017).
  121   Principal Financial
Group (Director and Financial Committee Chair);
Bain Capital
Specialty
Finance
(Director); University of Notre Dame (Trustee);
Putnam Acquisition
Financing Inc.
(Director);
Putnam Acquisition
Financing LLC
(Director); Putnam GP
Inc. (Director);
Putnam Investor
Services, Inc.
(Director); Putnam
Investments Limited
(Director).
SANDRA G. SPONEM
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1958
  Independent
Trustee
  Term: Unlimited
Served: since
July 2018
  Retired. Chief Financial
Officer, M.A.
Mortenson
Companies, Inc.(construction and real estate company)
(February 2007 -
April 2017).
  121   Rydex Series Funds
Rydex Dynamic Funds
Rydex Variable Trust
Guggenheim Funds
Trust; Guggenheim
Variable Funds Trust;
Guggenheim Strategy
Funds Trust; Transparent
Value Trust; Fiduciary/
Claymore Energy
Infrastructure Fund;
Guggenheim Taxable
Municipal Bond & Investment Grade
Debt Trust;
Guggenheim Strategic
Opportunities Fund;
Guggenheim Enhanced
Equity Income Fund;
Guggenheim Credit
Allocation Fund;
Guggenheim Energy
& Income Fund; Guggenheim Active Allocation Fund (Trustee and Audit Committee Chair).
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Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal
Occupation(s)
During Past
5 Years
  Number of
Portfolios
in Fund
Complex
Overseen
by Trustee†
  Other
Directorships
Held by Trustee
During the
Past 5 Years
CAROLYN M. CLANCY
c/o SPDR Index Shares Funds
One Iron Street
Boston, MA 02210
1960
  Independent
Trustee
  Term: Unlimited
Served: since
October 2022
  Retired.
Executive Vice President,
Head of Strategy,
Analytics and Market Readiness,
Fidelity Investments
(April 2020 - June 2021);
Executive Vice President,
Head of Broker Dealer Business,
Fidelity Investments
(July 2017 - March 2020).
  121   Assumption University (Trustee);
Big Sister Association of
Greater Boston (Director).
KRISTI L. ROWSELL
c/o SPDR Index Shares Funds
One Iron Street
Boston, MA 02210
1966
  Independent
Trustee
  Term: Unlimited
Served: since
October 2022
  Partner and President,
Harris Associates
(2010 - 2021).
  121   Oakmark Funds (Trustee);
Board of Governors,
Investment Company Institute
(Member);
Habitat for Humanity Chicago (Director).
Interested Trustee                    
JAMES E. ROSS*
c/o SPDR Series Trust
One Iron Street
Boston, MA 02210
1965
  Interested
Trustee
  Term: Unlimited
Served as
Trustee: since
April 2010
  President, Winnisquam Capital LLC (December 2022 - present); Non-Executive Chairman,
Fusion Acquisition Corp II. (February
2020 - Present);
Non-Executive Chairman,
Fusion Acquisition Corp.
(June 2020 - September 2021);
Retired Chairman and Director,
SSGA Funds Management, Inc.
(2005 - March 2020); Retired
Executive Vice President, State
Street Global Advisors (2012 -
March 2020); Retired Chief
Executive Officer and Manager,
State Street Global Advisors
Funds Distributors, LLC (May
2017 - March 2020); Director,
State Street Global Markets,
LLC (2013 - April 2017);
President, SSGA Funds
Management, Inc. (2005 - 2012);
Principal, State Street
Global Advisors (2000 - 2005).
  132   Investment Managers Series Trust (December 2022 - present); The Select Sector SPDR Trust (November 2005 - Present); SSGA SPDR
ETFs Europe I PLC
(Director)
(November 2016 -
March 2020); SSGA
SPDR ETFs
Europe II PLC
(Director)
(November 2016 -
March 2020); State Street Navigator
Securities Lending Trust (July
2016 - March 2020); SSGA
Funds (January 2014 - March
2020); State Street Institutional
Investment Trust (February
2007 - March 2020); State
Street Master Funds (February
2007 - March 2020); Elfun
Funds (July 2016 - December
2018).
GUNJAN CHAUHAN**
c/o SPDR Index Shares Funds
One Iron Street
Boston, MA 02210
1982
  Interested
Trustee
  Term: Unlimited
Served: Since
October 2022
  Senior Managing Director,
State Street Global Advisors
(April 2018 - Present);
Managing Director,
State Street Global Advisors
(June 2015 - March 2018).
  121   State Street ICAV (Director).
† For the purpose of determining the number of portfolios overseen by the Trustees, “Fund Complex” comprises registered investment companies for which SSGA Funds Management, Inc. serves as investment adviser, which includes series of SPDR Series Trust, SPDR Index Shares Funds and SSGA Active Trust.
* Mr. Ross is an Interested Trustee because of his ownership interest in an affiliate of the Adviser. Mr. Ross previously served as an Interested Trustee from November 2005 to December 2009.
** Ms. Chauhan is an Interested Trustee because of her position with an affiliate of the Adviser.
    
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Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal Occupation(s) During the Past 5 Years
Officers            
ANN M. CARPENTER
SSGA Funds Management Inc.
One Iron Street
Botson,MA 02210
1966
  President
and Principal
Executive
Officer;
Deputy
Treasurer
  Term: Unlimited
Served: since May 2023
(with respect
to President
and Principal
Executive Officer);
Term: Unlimited
Served: since
February 2016
(with respect
to Deputy Treasurer)
  Chief Operating Officer, SSGA Funds Management, Inc. (April 2005 - present)*; Managing Direct Street Global Advisors (April 2005 - present).*
BRUCE S. ROSENBERG
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1961
  Treasurer
and Principal
Financial Officer
  Term: Unlimited
Served: since
February 2016
  Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (July 2015 - present); Director, Credit Suisse (April 2008 - July 2015).
CHAD C. HALLETT
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1969
  Deputy
Treasurer
  Term: Unlimited
Served: since
February 2016
  Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (November 2014 - present).
MICHAEL P. RILEY
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1969
  Vice
President
  Term: Unlimited
Served: since
February 2005
  Managing Director, State Street Global Advisors (2005 - present).*
SEAN O'MALLEY
SSGA Funds Management, Inc.
One Iron Street
1969
  Chief Legal Officer   Term: Unlimited
Served: since
August 2019
  Senior Vice President and Deputy General Counsel, State Street Global Advisors (November 2013 - present).
DAVID URMAN
SSGA Funds Management, Inc
One Iron Street
Boston, MA 02210
1985
  Secretary   Term: Unlimited
Served: since
August 2019
  Vice President and Senior Counsel, State Street Global Advisors (April 2019 - present); Vice President and Counsel, State Street Global Advisors (August 2015 - April 2019); Associate, Ropes & Gray LLP (November 2012 - August 2015).
DAVID BARR
SSGA Funds Management, Inc
One Iron Street
Boston, MA 02210
1974
  Assistant
Secretary
  Term: Unlimited
Served: since
November 2020
  Vice President and Senior Counsel, State Street Global Advisors (October 2019 - present); Vice President at Eaton Vance Corp. (October 2010 - October 2019).
E. GERARD MAIORANA, JR.
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1971
  Assistant
Secretary
  Term: Unlimited
Served: since May 2023
  Assistant Vice President, State
Street Global Advisors
(July 2014 - present).
DARLENE ANDERSON-VASQUEZ
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1968
  Deputy
Treasurer
  Term: Unlimited
Served: since
November 2016
  Managing Director, State Street Global Advisors and SSGA Funds Management, Inc. (May 2016 - present); Senior Vice President, John Hancock Investments (September 2007 - May 2016).
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Name, Address
and Year of Birth
  Position(s)
with Funds
  Term of
Office and
Length of
Time Served
  Principal Occupation(s) During the Past 5 Years
ARTHUR A. JENSEN
SSGA Funds Management, Inc.
1600 Summer Street
Stamford, CT 06905
1966
  Deputy
Treasurer
  Term: Unlimited
Served: Since
August 2017
  Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2016 - present); Mutual Funds Controller, GE Asset Management Incorporated (April 2011 - July 2016).
DAVID LANCASTER
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1971
  Assistant
Treasurer
  Term: Unlimited
Served: since
November 2020
  Vice President, State Street Global Advisors and SSGA Funds Management, Inc. (July 2017 - present); Assistant Vice President, State Street Bank and Trust Company (November 2011 - July 2017).*
JOHN BETTENCOURT
SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210
1976
  Assistant
Treasurer
  Term: Unlimited
Served: since
May 2022
  Vice President, State Street Global Advisors and SSGA Funds Management Inc. (March 2020 - present); Assistant Vice President, State Street Global Advisors (June 2007 - March 2020).
BRIAN HARRIS
SSGA Funds Management, Inc.
One Iron Street
Boston,MA 02210
1973
  Chief Compliance
Officer;Anti-Money
Laundering
Officer; Code of
Ethics
Compliance
Officer
  Term: Unlimited
Served:since
November
2013
  Managing Director, State Street Global Advisors and SSGA Funds Management,Inc. (June 2013 - present).*
* Served in various capacities and/or with various affiliated entities during noted time period.
The Statement of Additional Information (SAI) includes additional information about the Funds' trustees and is available, without charge, upon request and by calling 1-866-787-2257.
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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 Congress Street
Boston, MA 02114
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.
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