Semi-Annual Report
December 31, 2020
SPDR® Series Trust - Equity Funds
SPDR Dow Jones REIT ETF
SPDR S&P Biotech ETF
SPDR S&P Dividend 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 www.ssga.com. Please read the prospectus carefully before you invest.




TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  

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Schedules of Investments (Unaudited)  

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


Table of Contents
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Table of Contents
SPDR Dow Jones REIT ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2020

     
  Description % of Net Assets  
  Prologis, Inc. REIT 9.5%  
  Digital Realty Trust, Inc. REIT 5.1  
  Public Storage REIT 4.6  
  Simon Property Group, Inc. REIT 3.6  
  Welltower, Inc. REIT 3.5  
  AvalonBay Communities, Inc. REIT 2.9  
  Alexandria Real Estate Equities, Inc. REIT 2.9  
  Realty Income Corp. REIT 2.8  
  Equity Residential REIT 2.6  
  Ventas, Inc. REIT 2.4  
  TOTAL 39.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2020

     
    % of Net Assets  
  Residential REITS 21.0%  
  Industrial REITS 17.1  
  Specialized REITS 14.7  
  Retail REITS 13.6  
  Office REITS 12.0  
  Health Care REITS 11.6  
  Diversified REITS 5.1  
  Hotel & Resort REITS 4.4  
  Short-Term Investments 1.4  
  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.
1


Table of Contents
SPDR S&P Biotech ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2020

     
  Description % of Net Assets  
  Alexion Pharmaceuticals, Inc. 1.2%  
  Agios Pharmaceuticals, Inc. 1.2  
  Sage Therapeutics, Inc. 1.1  
  Ionis Pharmaceuticals, Inc. 1.1  
  TG Therapeutics, Inc. 1.1  
  Kodiak Sciences, Inc. 1.1  
  Bridgebio Pharma, Inc. 1.1  
  Apellis Pharmaceuticals, Inc. 1.0  
  Editas Medicine, Inc. 1.0  
  Arena Pharmaceuticals, Inc. 1.0  
  TOTAL 10.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2020

     
    % of Net Assets  
  Biotechnology 100.0%  
  Health Care Equipment & Supplies 0.0*  
  Short Term Investments 15.7  
  Liabilities in Excess of Other Assets (15.7)  
  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.
2


Table of Contents
SPDR S&P Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2020

     
  Description % of Net Assets  
  Exxon Mobil Corp. 3.7%  
  Chevron Corp. 2.5  
  People's United Financial, Inc. 2.4  
  AT&T, Inc. 2.3  
  National Retail Properties, Inc. REIT 2.1  
  AbbVie, Inc. 2.1  
  Federal Realty Investment Trust REIT 2.0  
  International Business Machines Corp. 1.8  
  Franklin Resources, Inc. 1.7  
  Old Republic International Corp. 1.7  
  TOTAL 22.3%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2020

     
    % of Net Assets  
  Financials 18.7%  
  Industrials 17.3  
  Consumer Staples 12.1  
  Utilities 12.1  
  Materials 8.4  
  Real Estate 7.0  
  Energy 6.2  
  Health Care 6.0  
  Consumer Discretionary 5.7  
  Communication Services 3.6  
  Information Technology 2.7  
  Short-Term Investments 0.2  
  Other Assets in Excess of Liabilities 0.0 *  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
3


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS
December 31, 2020 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.5%          
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 99.5%      
Acadia Realty Trust REIT

  155,419   $ 2,205,396
Agree Realty Corp. REIT (a)

  98,648   6,567,984
Alexandria Real Estate Equities, Inc. REIT

  220,535   39,303,748
American Assets Trust, Inc. REIT

  90,604   2,616,644
American Campus Communities, Inc. REIT

  244,958   10,476,854
American Homes 4 Rent Class A REIT

  477,412   14,322,360
Americold Realty Trust REIT

  364,540   13,608,278
Apartment Income REIT Corp. (b)

  265,014   10,179,188
Apartment Investment & Management Co. Class A REIT

  270,214   1,426,730
Apple Hospitality REIT, Inc.

  370,653   4,785,130
AvalonBay Communities, Inc. REIT

  248,561   39,876,641
Boston Properties, Inc. REIT

  251,929   23,814,848
Brandywine Realty Trust REIT

  301,319   3,588,709
Brixmor Property Group, Inc. REIT

  527,895   8,736,662
Camden Property Trust REIT

  173,248   17,310,940
CareTrust REIT, Inc.

  169,146   3,751,658
Centerspace REIT

  23,350   1,649,444
Chatham Lodging Trust REIT

  84,361   911,099
City Office REIT, Inc.

  76,661   748,978
Columbia Property Trust, Inc. REIT

  201,985   2,896,465
Community Healthcare Trust, Inc. REIT

  38,876   1,831,448
Corporate Office Properties Trust REIT

  200,250   5,222,520
Cousins Properties, Inc. REIT

  264,823   8,871,571
CubeSmart REIT

  347,537   11,680,719
DiamondRock Hospitality Co. REIT

  352,124   2,905,023
Digital Realty Trust, Inc. REIT

  498,813   69,589,402
Diversified Healthcare Trust REIT

  434,529   1,790,260
Douglas Emmett, Inc. REIT

  293,878   8,575,360
Duke Realty Corp. REIT

  661,569   26,442,913
Easterly Government Properties, Inc. REIT

  144,804   3,279,811
EastGroup Properties, Inc. REIT

  70,395   9,718,734
Empire State Realty Trust, Inc. Class A REIT (a)

  247,127   2,303,224
EPR Properties REIT

  131,877   4,286,003
Equity Commonwealth REIT

  216,783   5,913,840
Equity LifeStyle Properties, Inc. REIT

  301,479   19,101,709
Equity Residential REIT

  609,143   36,109,997
Essential Properties Realty Trust, Inc. REIT

  185,328   3,928,954
Essex Property Trust, Inc. REIT

  115,963   27,531,936
Extra Space Storage, Inc. REIT

  229,879   26,633,781
Federal Realty Investment Trust REIT

  122,499   10,427,115
See accompanying notes to financial statements.
4


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

Security Description     Shares   Value
First Industrial Realty Trust, Inc. REIT

  230,048   $ 9,691,922
Four Corners Property Trust, Inc. REIT

  130,983   3,899,364
Franklin Street Properties Corp. REIT

  171,264   748,424
Front Yard Residential Corp. REIT

  88,402   1,432,112
Getty Realty Corp. REIT

  64,073   1,764,570
Global Net Lease, Inc. REIT

  158,558   2,717,684
Healthcare Realty Trust, Inc. REIT

  242,632   7,181,907
Healthcare Trust of America, Inc. Class A REIT

  389,110   10,716,089
Healthpeak Properties, Inc. REIT

  957,604   28,948,369
Hersha Hospitality Trust REIT

  64,702   510,499
Highwoods Properties, Inc. REIT

  185,283   7,342,765
Host Hotels & Resorts, Inc. REIT

  1,254,959   18,360,050
Hudson Pacific Properties, Inc. REIT

  271,444   6,520,085
Independence Realty Trust, Inc. REIT

  168,100   2,257,583
Industrial Logistics Properties Trust REIT

  115,731   2,695,375
Innovative Industrial Properties, Inc. REIT (a)

  39,324   7,201,404
Invitation Homes, Inc. REIT

  997,029   29,611,761
JBG SMITH Properties REIT

  198,495   6,206,939
Kilroy Realty Corp. REIT

  186,683   10,715,604
Kimco Realty Corp. REIT

  769,812   11,554,878
Kite Realty Group Trust REIT

  151,725   2,269,806
Lexington Realty Trust REIT

  494,265   5,249,094
Life Storage, Inc. REIT

  86,548   10,332,966
LTC Properties, Inc. REIT

  69,561   2,706,619
Macerich Co. REIT (a)

  201,712   2,152,267
Mack-Cali Realty Corp. REIT

  152,735   1,903,078
Mid-America Apartment Communities, Inc. REIT

  203,454   25,775,587
Monmouth Real Estate Investment Corp. REIT

  173,098   2,998,057
National Health Investors, Inc. REIT

  79,818   5,521,011
National Retail Properties, Inc. REIT

  309,134   12,649,763
National Storage Affiliates Trust REIT

  111,269   4,009,022
NexPoint Residential Trust, Inc. REIT

  39,943   1,689,988
Office Properties Income Trust REIT

  87,796   1,994,725
Omega Healthcare Investors, Inc. REIT

  403,937   14,670,992
Paramount Group, Inc. REIT

  296,511   2,680,459
Park Hotels & Resorts, Inc. REIT

  420,175   7,206,001
Pebblebrook Hotel Trust REIT

  233,734   4,394,199
Piedmont Office Realty Trust, Inc. Class A REIT

  222,597   3,612,749
Prologis, Inc. REIT

  1,316,037   131,156,247
PS Business Parks, Inc. REIT

  35,497   4,716,486
Public Storage REIT

  270,846   62,546,467
QTS Realty Trust, Inc. Class A REIT (a)

  114,667   7,095,594
See accompanying notes to financial statements.
5


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

Security Description     Shares   Value
Realty Income Corp. REIT

  625,079   $ 38,861,161
Regency Centers Corp. REIT

  280,830   12,803,040
Retail Opportunity Investments Corp. REIT

  212,835   2,849,861
Retail Properties of America, Inc. Class A REIT

  378,341   3,238,599
Rexford Industrial Realty, Inc. REIT

  232,365   11,411,445
RLJ Lodging Trust REIT

  291,624   4,126,480
RPT Realty REIT

  144,715   1,251,785
Ryman Hospitality Properties, Inc. REIT

  98,080   6,645,901
Seritage Growth Properties Class A REIT (a)  (b)

  66,123   970,686
Service Properties Trust REIT

  291,109   3,344,842
Simon Property Group, Inc. REIT

  583,874   49,792,775
SITE Centers Corp. REIT

  265,942   2,691,333
SL Green Realty Corp. REIT (a)

  129,466   7,713,584
Spirit Realty Capital, Inc. REIT

  203,467   8,173,269
STAG Industrial, Inc. REIT

  266,067   8,333,218
STORE Capital Corp. REIT

  420,611   14,292,362
Summit Hotel Properties, Inc. REIT

  189,694   1,709,143
Sun Communities, Inc. REIT

  191,363   29,077,608
Sunstone Hotel Investors, Inc. REIT

  385,084   4,363,002
Tanger Factory Outlet Centers, Inc. REIT (a)

  167,836   1,671,647
Terreno Realty Corp. REIT

  121,930   7,134,124
UDR, Inc. REIT

  523,868   20,132,247
Universal Health Realty Income Trust REIT

  23,104   1,484,894
Urban Edge Properties REIT

  197,917   2,561,046
Ventas, Inc. REIT

  666,231   32,671,968
VEREIT, Inc.

  388,561   14,683,720
Vornado Realty Trust REIT

  279,149   10,423,424
Washington Prime Group, Inc. REIT (a)

  37,387   243,391
Washington Real Estate Investment Trust

  145,433   3,145,716
Weingarten Realty Investors REIT

  215,088   4,660,957
Welltower, Inc. REIT

  743,084   48,018,088
WP Carey, Inc. REIT

  312,046   22,024,207
Xenia Hotels & Resorts, Inc. REIT

  200,747   3,051,354
TOTAL COMMON STOCKS

(Cost $1,515,939,143)

        1,365,887,514
SHORT-TERM INVESTMENTS — 1.4%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (c)  (d)

  2,183,183   2,183,620
See accompanying notes to financial statements.
6


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

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

  17,113,729   $ 17,113,729
TOTAL SHORT-TERM INVESTMENTS

(Cost $19,297,349)

  19,297,349  
TOTAL INVESTMENTS — 100.9%

(Cost $1,535,236,492)

  1,385,184,863  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.9)%

  (12,366,061)  
NET ASSETS — 100.0%

  $ 1,372,818,802  
(a) All or a portion of the shares of the security are on loan at December 31, 2020.
(b) Non-income producing security.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2020.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2020.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $1,365,887,514   $—   $—   $1,365,887,514
Short-Term Investments

  19,297,349       19,297,349
TOTAL INVESTMENTS

  $1,385,184,863   $—   $—   $1,385,184,863
Affiliate Table
  Number of
Shares Held
at 6/30/20
  Value at
6/30/20
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 12/31/20
  Value at
12/31/20
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

4,097,975   $ 4,099,614   $ 49,338,743   $ 51,253,652   $(1,085)   $—   2,183,183   $ 2,183,620   $ 943
State Street Navigator Securities Lending Portfolio II

9,665,286   9,665,286   100,720,449   93,272,006       17,113,729   17,113,729   113,401
Total

    $13,764,900   $150,059,192   $144,525,658   $(1,085)   $—       $19,297,349   $114,344
See accompanying notes to financial statements.
7


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS
December 31, 2020 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 100.0%          
BIOTECHNOLOGY — 100.0%          
AbbVie, Inc.

    588,432   $ 63,050,489
ACADIA Pharmaceuticals, Inc. (a)

    1,220,828   65,265,465
Acceleron Pharma, Inc. (a)  (b)

    503,520   64,420,349
Achillion Pharmaceuticals, Inc. (a)  (b)

    51,865   75,464
Adverum Biotechnologies, Inc. (a)  (b)

    2,529,837   27,423,433
Agenus, Inc. (a)  (b)

    7,323,587   23,289,007
Agios Pharmaceuticals, Inc. (a)  (b)

    1,856,214   80,429,753
Akebia Therapeutics, Inc. (a) (b)  (c)

    19,737,122   55,263,942
Akero Therapeutics, Inc. (a)  (b)

    592,212   15,279,070
Albireo Pharma, Inc. (a)  (b)

    507,025   19,018,508
Alector, Inc. (a)  (b)

    2,155,335   32,610,219
Alexion Pharmaceuticals, Inc. (a)

    517,250   80,815,140
Alkermes PLC (a)  (b)

    2,937,759   58,608,292
Allakos, Inc. (a)  (b)

    422,293   59,121,020
Allogene Therapeutics, Inc. (a)  (b)

    2,282,103   57,600,280
Allovir, Inc. (a)

    454,682   17,477,976
Alnylam Pharmaceuticals, Inc. (a)

    482,631   62,727,551
ALX Oncology Holdings, Inc. (a)

    214,737   18,510,329
Amgen, Inc.

    275,202   63,274,444
Amicus Therapeutics, Inc. (a)

    2,831,442   65,377,996
AnaptysBio, Inc. (a)  (b)

    778,765   16,743,448
Anika Therapeutics, Inc. (a)  (b)

    313,456   14,187,019
Apellis Pharmaceuticals, Inc. (a)  (b)

    1,259,171   72,024,581
Applied Molecular Transport, Inc. (a)  (b)

    323,297   9,947,849
Arcturus Therapeutics Holdings, Inc. (a)  (b)

    590,246   25,604,871
Arcus Biosciences, Inc. (a)  (b)

    984,042   25,545,730
Arcutis Biotherapeutics, Inc. (a)  (b)

    507,625   14,279,491
Ardelyx, Inc. (a)  (b)

    1,094,534   7,081,635
Arena Pharmaceuticals, Inc. (a)  (b)

    904,451   69,488,970
Arrowhead Pharmaceuticals, Inc. (a)  (b)

    844,894   64,828,717
Atara Biotherapeutics, Inc. (a)

    1,446,897   28,402,588
Athenex, Inc. (a)  (b)

    2,018,212   22,321,425
Athersys, Inc. (a)  (b)

    5,984,093   10,472,163
Atreca, Inc. Class A (a)  (b)

    508,452   8,211,500
Avidity Biosciences, Inc. (a)  (b)

    398,174   10,161,400
Avita Therapeutics, Inc. (a)  (b)

    281,352   5,227,520
Avrobio, Inc. (a)  (b)

    706,517   9,848,847
Beam Therapeutics, Inc. (a)  (b)

    726,680   59,326,155
BioCryst Pharmaceuticals, Inc. (a)

    7,541,704   56,185,695
Biogen, Inc. (a)  (b)

    259,209   63,469,916
See accompanying notes to financial statements.
8


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

Security Description     Shares   Value
Biohaven Pharmaceutical Holding Co., Ltd. (a)

    716,939   $ 61,448,842
BioMarin Pharmaceutical, Inc. (a)  (b)

    787,292   69,037,635
Bioxcel Therapeutics, Inc. (a) (b)  (c)

    1,451,563   67,062,211
Black Diamond Therapeutics, Inc. (a)  (b)

    520,988   16,697,665
Bluebird Bio, Inc. (a)  (b)

    1,473,869   63,774,312
Blueprint Medicines Corp. (a)

    545,602   61,189,264
Bridgebio Pharma, Inc. (a)  (b)

    1,019,997   72,531,987
Cardiff Oncology, Inc. (a) (b)  (c)

    2,537,816   45,655,310
CareDx, Inc. (a)  (b)

    907,655   65,759,605
Catalyst Pharmaceuticals, Inc. (a)  (b)

    4,066,916   13,583,499
Celldex Therapeutics, Inc. (a)  (b)

    1,731,176   30,330,204
CEL-SCI Corp. (a)  (b)

    1,336,527   15,583,905
ChemoCentryx, Inc. (a)  (b)

    1,030,725   63,822,492
Clovis Oncology, Inc. (a) (b)  (c)

    12,902,198   61,930,550
Coherus Biosciences, Inc. (a)  (b)

    2,841,130   49,378,839
Constellation Pharmaceuticals, Inc. (a)  (b)

    1,094,631   31,525,373
Cortexyme, Inc. (a)  (b)

    537,260   14,925,083
Cue Biopharma, Inc. (a)  (b)

    883,121   11,047,844
Cytokinetics, Inc. (a)  (b)

    2,666,616   55,412,280
CytomX Therapeutics, Inc. (a)  (b)

    1,109,790   7,269,125
Deciphera Pharmaceuticals, Inc. (a)  (b)

    1,098,150   62,671,420
Denali Therapeutics, Inc. (a)  (b)

    782,007   65,500,906
Dicerna Pharmaceuticals, Inc. (a)  (b)

    1,508,612   33,234,722
Dynavax Technologies Corp. (a) (b)  (c)

    8,873,658   39,487,778
Eagle Pharmaceuticals, Inc. (a)  (b)

    467,792   21,785,073
Editas Medicine, Inc. (a)  (b)

    1,010,564   70,850,642
Emergent BioSolutions, Inc. (a)  (b)

    747,818   67,004,493
Enanta Pharmaceuticals, Inc. (a)  (b)

    552,337   23,253,388
Epizyme, Inc. (a)  (b)

    2,610,005   28,344,654
Esperion Therapeutics, Inc. (a) (b)  (c)

    2,004,475   52,116,350
Exact Sciences Corp. (a)  (b)

    483,193   64,018,241
Exelixis, Inc. (a)  (b)

    3,149,259   63,205,628
Fate Therapeutics, Inc. (a)

    660,513   60,060,447
FibroGen, Inc. (a)  (b)

    1,525,887   56,595,149
Five Prime Therapeutics, Inc. (a)

    423,409   7,202,187
Flexion Therapeutics, Inc. (a)  (b)

    1,637,876   18,901,089
Forma Therapeutics Holdings, Inc. (a)

    568,104   19,826,830
Frequency Therapeutics, Inc. (a)  (b)

    333,577   11,761,925
G1 Therapeutics, Inc. (a) (b)  (c)

    1,929,978   34,720,304
Generation Bio Co. (a)  (b)

    326,359   9,252,278
Geron Corp. (a)  (b)

    8,213,902   13,060,104
Gilead Sciences, Inc.

    1,029,861   59,999,702
See accompanying notes to financial statements.
9


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

Security Description     Shares   Value
Global Blood Therapeutics, Inc. (a)  (b)

    1,542,505   $ 66,805,892
Gossamer Bio, Inc. (a)  (b)

    1,679,170   16,237,574
Halozyme Therapeutics, Inc. (a)  (b)

    1,524,364   65,105,586
Heron Therapeutics, Inc. (a)  (b)

    2,273,719   48,123,263
IGM Biosciences, Inc. (a)  (b)

    420,507   37,126,563
ImmunoGen, Inc. (a)  (b)

    5,337,603   34,427,539
Immunovant, Inc. (a)  (b)

    1,138,919   52,606,669
Incyte Corp. (a)  (b)

    769,751   66,952,942
Inovio Pharmaceuticals, Inc. (a)  (b)

    5,657,898   50,072,397
Insmed, Inc. (a)  (b)

    1,568,683   52,221,457
Intellia Therapeutics, Inc. (a)

    1,174,909   63,915,050
Intercept Pharmaceuticals, Inc. (a) (b)  (c)

    2,037,658   50,330,153
Invitae Corp. (a)  (b)

    1,105,590   46,224,718
Ionis Pharmaceuticals, Inc. (a)  (b)

    1,365,941   77,230,304
Iovance Biotherapeutics, Inc. (a)  (b)

    1,252,723   58,126,347
Ironwood Pharmaceuticals, Inc. (a)  (b)

    4,445,509   50,634,348
IVERIC bio, Inc. (a)

    2,019,746   13,956,445
Kadmon Holdings, Inc. (a)  (b)

    6,604,593   27,409,061
Karuna Therapeutics, Inc. (a)  (b)

    472,151   47,965,820
Karyopharm Therapeutics, Inc. (a) (b)  (c)

    3,956,042   61,239,530
Keros Therapeutics, Inc. (a)  (b)

    206,745   14,583,792
Kiniksa Pharmaceuticals Ltd. Class A (a)  (b)

    1,125,454   19,886,772
Kodiak Sciences, Inc. (a)  (b)

    497,288   73,056,580
Krystal Biotech, Inc. (a)  (b)

    288,248   17,294,880
Kura Oncology, Inc. (a)  (b)

    1,503,428   49,101,958
Ligand Pharmaceuticals, Inc. (a)  (b)

    674,033   67,032,582
MacroGenics, Inc. (a)

    1,508,911   34,493,705
Madrigal Pharmaceuticals, Inc. (a)  (b)

    468,084   52,036,898
MannKind Corp. (a)  (b)

    5,072,559   15,877,110
Mersana Therapeutics, Inc. (a)  (b)

    2,086,179   55,513,223
Mirati Therapeutics, Inc. (a)

    262,577   57,672,412
Moderna, Inc. (a)

    398,723   41,654,592
Myriad Genetics, Inc. (a)  (b)

    1,374,756   27,185,800
Natera, Inc. (a)

    648,134   64,502,296
Neoleukin Therapeutics, Inc. (a)  (b)

    627,101   8,842,124
Neurocrine Biosciences, Inc. (a)  (b)

    693,671   66,488,365
Nkarta, Inc. (a)

    244,272   15,015,400
Novavax, Inc. (a)  (b)

    501,111   55,878,888
Nurix Therapeutics, Inc. (a)

    256,235   8,425,007
OPKO Health, Inc. (a)  (b)

    14,062,019   55,544,975
Precigen, Inc. (a)  (b)

    1,660,210   16,934,142
Precision BioSciences, Inc. (a)  (b)

    1,672,859   13,951,644
See accompanying notes to financial statements.
10


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

Security Description     Shares   Value
Protagonist Therapeutics, Inc. (a)  (b)

    931,333   $ 18,775,673
PTC Therapeutics, Inc. (a)  (b)

    963,030   58,773,721
Puma Biotechnology, Inc. (a)  (b)

    1,626,482   16,687,705
Radius Health, Inc. (a)  (b)

    1,428,868   25,519,582
Regeneron Pharmaceuticals, Inc. (a)

    130,408   63,001,409
REGENXBIO, Inc. (a)  (b)

    826,264   37,479,335
Relay Therapeutics, Inc. (a)

    736,342   30,602,374
Replimenu Group, Inc. (a)

    1,137,708   43,403,560
REVOLUTION Medicines, Inc. (a)  (b)

    1,077,158   42,644,685
Rhythm Pharmaceuticals, Inc. (a)  (b)

    656,403   19,514,861
Rigel Pharmaceuticals, Inc. (a)  (b)

    5,978,320   20,924,120
Rocket Pharmaceuticals, Inc. (a)  (b)

    467,887   25,658,923
Sage Therapeutics, Inc. (a)  (b)

    906,389   78,411,712
Sangamo Therapeutics, Inc. (a)  (b)

    4,018,225   62,704,401
Sarepta Therapeutics, Inc. (a)  (b)

    374,141   63,787,299
Scholar Rock Holding Corp. (a)

    226,891   11,011,020
Seagen, Inc. (a)

    327,312   57,325,424
Seres Therapeutics, Inc. (a)  (b)

    2,570,869   62,986,290
Sorrento Therapeutics, Inc. (a)  (b)

    7,951,266   54,267,390
Spectrum Pharmaceuticals, Inc. (a)  (b)

    6,209,448   21,174,218
SpringWorks Therapeutics, Inc. (a)  (b)

    620,034   44,964,866
Stoke Therapeutics, Inc. (a)  (b)

    203,783   12,620,281
Syndax Pharmaceuticals, Inc. (a)  (b)

    1,196,433   26,608,670
TCR2 Therapeutics, Inc. (a)  (b)

    513,852   15,893,442
TG Therapeutics, Inc. (a)  (b)

    1,480,358   77,008,223
Translate Bio, Inc. (a)  (b)

    1,723,823   31,770,058
Travere Therapeutics, Inc. (a)  (b)

    736,370   20,069,764
Turning Point Therapeutics, Inc. (a)

    527,603   64,288,426
Twist Bioscience Corp. (a)  (b)

    441,762   62,416,553
Ultragenyx Pharmaceutical, Inc. (a)  (b)

    431,788   59,772,413
uniQure NV (a)  (b)

    979,888   35,403,353
United Therapeutics Corp. (a)

    451,195   68,486,889
Vanda Pharmaceuticals, Inc. (a)  (b)

    1,385,985   18,211,842
Vaxart, Inc. (a) (b)  (c)

    8,410,678   48,024,971
Vaxcyte, Inc. (a)  (b)

    605,058   16,076,391
VBI Vaccines, Inc. (a) (b)  (c)

    19,030,494   52,333,859
Veracyte, Inc. (a)  (b)

    1,045,008   51,142,692
Vericel Corp. (a)  (b)

    1,272,573   39,297,054
Vertex Pharmaceuticals, Inc. (a)

    279,126   65,968,639
Viela Bio, Inc. (a)  (b)

    440,090   15,830,037
Viking Therapeutics, Inc. (a) (b)  (c)

    3,761,458   21,177,009
Vir Biotechnology, Inc. (a)  (b)

    1,947,566   52,155,817
See accompanying notes to financial statements.
11


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

Security Description     Shares   Value
Xencor, Inc. (a)  (b)

    795,786   $ 34,720,143
Y-mAbs Therapeutics, Inc. (a)  (b)

    363,333   17,988,617
Zentalis Pharmaceuticals, Inc. (a)  (b)

    412,993   21,450,856
ZIOPHARM Oncology, Inc. (a)  (b)

    4,453,573   11,223,004
          6,901,059,956
HEALTH CARE EQUIPMENT — 0.0% (d)          
LENSAR, Inc. (a)

    2,385   17,291
TOTAL COMMON STOCKS

(Cost $7,114,386,091)

        6,901,077,247
SHORT-TERM INVESTMENTS — 15.7%          
State Street Institutional Liquid Reserves Fund, Premier Class 0.10% (e)  (f)

    1,207,088   1,207,330
State Street Navigator Securities Lending Portfolio II (g)  (h)

    1,086,364,528   1,086,364,528
TOTAL SHORT-TERM INVESTMENTS

(Cost $1,087,571,858)

        1,087,571,858
TOTAL INVESTMENTS — 115.7%

(Cost $8,201,957,949)

        7,988,649,105
LIABILITIES IN EXCESS OF OTHER ASSETS — (15.7)%

        (1,085,314,562)
NET ASSETS — 100.0%

        $ 6,903,334,543
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2020.
(c) These securities are affiliated investments as a result of the Fund owning 5% or more of the entity’s outstanding shares. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(d) Amount is less than 0.05% of net assets.
(e) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(f) The rate shown is the annualized seven-day yield at December 31, 2020.
(g) The Portfolio invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(h) Investment of cash collateral for securities loaned.
See accompanying notes to financial statements.
12


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2020.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $6,901,001,783   $75,464   $—   $6,901,077,247
Short-Term Investments

  1,087,571,858       1,087,571,858
TOTAL INVESTMENTS

  $7,988,573,641   $75,464   $—   $7,988,649,105
See accompanying notes to financial statements.
13


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

Affiliate Table
  Number of
Shares Held
at 6/30/20
  Value at
6/30/20
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation(a)
  Number of
Shares Held
at 12/31/20
  Value at
12/31/20
  Dividend
Income
Akebia Therapeutics, Inc.

2,380,450   $ 32,326,511   $ 84,181,968   $ 33,400,150   $ 1,965,550   $ (29,809,937)   19,737,122   $ 55,263,942   $
Arcturus Therapeutics Holdings, Inc.

    135,790,946   153,196,765   55,896,512   —*     —*  
BioCryst Pharmaceuticals, Inc.

12,358,764   58,889,511   90,705,864   141,808,658   41,519,559   —*     —*  
Bioxcel Therapeutics, Inc.

774,443   41,053,223   82,445,940   48,176,148   452,579   (8,713,383)   1,451,563   67,062,211  
Cardiff Oncology, Inc.

    60,028,728   5,504,935   (136,250)   (8,732,233)   2,537,816   45,655,310  
Catalyst Pharmaceuticals, Inc.

4,713,118   21,774,605   28,797,213   30,480,917   (3,375,990)   —*     —*  
CEL-SCI Corp.

1,887,669   28,164,022   26,681,012   35,331,210   554,649   —*     —*  
Clovis Oncology, Inc.

7,843,117   52,941,040   79,554,352   51,201,029   (4,248,646)   (15,115,167)   12,902,198   61,930,550  
Corbus Pharmaceuticals Holdings, Inc.

1,770,830   14,857,264   47,522,540   44,655,157   (16,598,235)   —*     —*  
Dynavax Technologies Corp.

3,263,799   28,949,897   86,264,288   55,889,769   (5,817,660)   (14,018,978)   8,873,658   39,487,778  
Esperion Therapeutics, Inc.

1,219,434   62,569,159   72,685,176   48,122,391   (1,788,348)   (33,227,246)   2,004,475   52,116,350  
G1 Therapeutics, Inc.

661,220   16,041,197   45,677,671   26,114,084   (981,185)   96,705   1,929,978   34,720,304  
Intercept Pharmaceuticals, Inc.

705,260   33,789,007   85,505,808   39,520,226   (264,616)   (29,179,820)   2,037,658   50,330,153  
Karyopharm Therapeutics, Inc.

3,174,804   60,130,788   76,087,222   63,910,459   (4,997,597)   (6,070,424)   3,956,042   61,239,530  
Puma Biotechnology, Inc.

2,718,389   28,352,797   33,850,875   46,223,453   (4,004,668)   —*     —*  
State Street Institutional Liquid Reserves Fund, Premier Class

6,399,493   6,402,053   138,526,872   143,720,710   (828)   (57)   1,207,088   1,207,330   5,000
State Street Navigator Securities Lending Portfolio II

857,417,617   857,417,617   2,874,335,810   2,645,388,899       1,086,364,528   1,086,364,528   18,189,352
Translate Bio, Inc.

890,020   15,949,158   105,748,925   120,164,296   31,458,442   —*     —*  
Vaxart, Inc.

    68,171,781   6,186,683   (170,683)   (13,789,444)   8,410,678   48,024,971  
VBI Vaccines, Inc.

    100,591,249   35,220,796   930,916   (13,967,510)   19,030,494   52,333,859  
Viking Therapeutics, Inc.

2,913,435   21,005,866   34,900,739   29,157,838   (6,995,956)   1,424,198   3,761,458   21,177,009  
Total

    $1,380,613,715   $4,358,054,979   $3,803,374,573   $ 83,397,545   $(171,103,296)       $1,676,913,825   $18,194,352
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended December 31, 2020.
* As of December 31, 2020, no longer an affiliate.
See accompanying notes to financial statements.
14


Table of Contents
SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS
December 31, 2020 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.8%          
AEROSPACE & DEFENSE — 2.2%      
General Dynamics Corp.

  1,172,954   $ 174,559,014
Raytheon Technologies Corp.

  2,740,072   195,942,549
          370,501,563
AIR FREIGHT & LOGISTICS — 0.9%      
C.H. Robinson Worldwide, Inc. (a)

  1,030,969   96,777,060
Expeditors International of Washington, Inc.

  626,582   59,594,214
          156,371,274
BANKS — 8.3%      
Bank OZK (a)  (b)

  6,545,861   204,689,073
Commerce Bancshares, Inc. (a)

  1,640,543   107,783,675
Community Bank System, Inc. (a)

  1,904,138   118,646,839
Cullen/Frost Bankers, Inc. (a)

  2,784,250   242,870,127
People's United Financial, Inc. (b)

  31,695,076   409,817,333
Prosperity Bancshares, Inc. (a)

  3,113,037   215,920,246
United Bankshares, Inc. (a)

  3,916,359   126,890,032
          1,426,617,325
BEVERAGES — 2.3%      
Brown-Forman Corp. Class B

  645,970   51,309,397
Coca-Cola Co.

  3,413,965   187,221,840
PepsiCo, Inc.

  1,097,822   162,807,003
          401,338,240
BIOTECHNOLOGY — 2.1%      
AbbVie, Inc.

  3,317,435   355,463,160
BUILDING PRODUCTS — 0.9%      
A.O. Smith Corp.

  1,861,773   102,062,396
Carrier Global Corp.

  1,557,524   58,749,805
          160,812,201
CAPITAL MARKETS — 4.7%      
Eaton Vance Corp.

  2,761,660   187,599,564
FactSet Research Systems, Inc.

  145,376   48,337,520
Franklin Resources, Inc.

  11,866,999   296,556,305
S&P Global, Inc.

  114,364   37,594,878
SEI Investments Co.

  1,377,278   79,152,166
T Rowe Price Group, Inc.

  984,303   149,013,631
          798,254,064
See accompanying notes to financial statements.
15


Table of Contents
SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

Security Description     Shares   Value
CHEMICALS — 4.3%      
Air Products & Chemicals, Inc.

  317,822   $ 86,835,327
Albemarle Corp. (a)

  928,217   136,930,572
Ecolab, Inc.

  238,456   51,592,340
HB Fuller Co. (a)

  1,487,146   77,153,134
Linde PLC (c)

  358,527   94,475,450
PPG Industries, Inc.

  684,152   98,668,401
RPM International, Inc.

  1,062,119   96,419,163
Sherwin-Williams Co.

  58,418   42,931,972
Stepan Co.

  491,330   58,625,496
          743,631,855
COMMERCIAL SERVICES & SUPPLIES — 1.9%      
ABM Industries, Inc.

  2,938,244   111,183,153
Brady Corp. Class A

  1,865,440   98,532,541
Cintas Corp.

  117,642   41,581,741
MSA Safety, Inc. (a)

  463,825   69,290,817
          320,588,252
CONTAINERS & PACKAGING — 2.9%      
Amcor PLC

  19,703,044   231,904,828
AptarGroup, Inc.

  558,061   76,392,970
Sonoco Products Co.

  3,286,395   194,718,904
          503,016,702
DISTRIBUTORS — 1.0%      
Genuine Parts Co.

  1,745,288   175,279,274
DIVERSIFIED TELECOMMUNICATION SERVICES — 2.3%      
AT&T, Inc.

  13,616,137   391,600,100
ELECTRIC UTILITIES — 1.4%      
Eversource Energy

  1,533,831   132,691,720
NextEra Energy, Inc.

  1,382,609   106,668,284
          239,360,004
ELECTRICAL EQUIPMENT — 2.2%      
Emerson Electric Co.

  2,261,738   181,775,883
nVent Electric PLC (b)

  8,629,800   200,988,042
          382,763,925
EQUITY REAL ESTATE INVESTMENT TRUSTS (REITS) — 7.0%      
Essex Property Trust, Inc. REIT

  1,057,302   251,024,641
Federal Realty Investment Trust REIT (a)  (b)

  3,907,227   332,583,162
See accompanying notes to financial statements.
16


Table of Contents
SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

Security Description     Shares   Value
National Retail Properties, Inc. REIT (b)

  8,890,420   $ 363,795,986
Realty Income Corp. REIT

  3,950,510   245,603,207
          1,193,006,996
FOOD & STAPLES RETAILING — 3.3%      
Casey's General Stores, Inc.

  205,191   36,651,216
Sysco Corp.

  2,317,951   172,131,041
Walmart, Inc.

  557,224   80,323,840
Walgreens Boots Alliance, Inc.

  7,105,719