Semi-Annual Report
December 31, 2021
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 https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.




TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  

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Schedules of Investments (Unaudited)  

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


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Table of Contents
SPDR Dow Jones REIT ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Prologis, Inc. REIT 10.9%  
  Public Storage REIT 5.0  
  Simon Property Group, Inc. REIT 4.6  
  Digital Realty Trust, Inc. REIT 4.4  
  Realty Income Corp. REIT 3.5  
  Welltower, Inc. REIT 3.3  
  AvalonBay Communities, Inc. REIT 3.1  
  Alexandria Real Estate Equities, Inc. REIT 2.7  
  Equity Residential REIT 2.7  
  Extra Space Storage, Inc. REIT 2.6  
  TOTAL 42.8%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2021

     
    % of Net Assets  
  Residential REITs 22.2%  
  Industrial REITs 19.2  
  Retail REITs 15.6  
  Specialized REITs 15.3  
  Health Care REITs 10.5  
  Office REITs 9.5  
  Hotel & Resort REITs 3.6  
  Diversified REITs 3.6  
  Short-Term Investments 0.2  
  Other Assets in Excess of Liabilities 0.3  
  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, 2021

     
  Description % of Net Assets  
  Arena Pharmaceuticals, Inc. 1.4%  
  Biohaven Pharmaceutical Holding Co., Ltd. 1.1  
  Cytokinetics, Inc. 1.0  
  Turning Point Therapeutics, Inc. 0.9  
  Fate Therapeutics, Inc. 0.9  
  BioCryst Pharmaceuticals, Inc. 0.9  
  Halozyme Therapeutics, Inc. 0.9  
  Kymera Therapeutics, Inc. 0.9  
  TG Therapeutics, Inc. 0.9  
  IVERIC bio, Inc. 0.9  
  TOTAL 9.8%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2021

     
    % of Net Assets  
  Biotechnology 99.9%  
  Short Term Investments 7.6  
  Liabilities in Excess of Other Assets (7.5)  
  TOTAL 100.0%  
(The Fund's industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2


Table of Contents
SPDR S&P Dividend ETF
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2021

     
  Description % of Net Assets  
  AT&T, Inc. 2.8%  
  AbbVie, Inc. 2.3  
  Exxon Mobil Corp. 2.2  
  Chevron Corp. 2.1  
  National Retail Properties, Inc. REIT 1.9  
  International Business Machines Corp. 1.9  
  Consolidated Edison, Inc. 1.8  
  Realty Income Corp. REIT 1.6  
  Walgreens Boots Alliance, Inc. 1.6  
  Cardinal Health, Inc. 1.6  
  TOTAL 19.8%  
(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 December 31, 2021

     
    % of Net Assets  
  Consumer Staples 16.4%  
  Industrials 15.2  
  Financials 14.9  
  Utilities 13.6  
  Materials 8.7  
  Health Care 6.7  
  Consumer Discretionary 6.4  
  Real Estate 6.2  
  Communication Services 4.3  
  Energy 4.3  
  Information Technology 3.0  
  Short-Term Investments 0.2  
  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.
3


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

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

  166,789   $ 3,641,004
Agree Realty Corp. REIT

  131,613   9,391,904
Alexandria Real Estate Equities, Inc. REIT

  265,898   59,284,618
American Assets Trust, Inc. REIT

  99,237   3,724,365
American Campus Communities, Inc. REIT

  262,386   15,032,094
American Finance Trust, Inc. REIT

  232,867   2,126,076
American Homes 4 Rent Class A REIT

  534,853   23,324,939
Americold Realty Trust REIT

  502,966   16,492,255
Apartment Income REIT Corp.

  295,974   16,180,899
Apartment Investment & Management Co. Class A REIT (a)

  287,045   2,215,987
Apple Hospitality REIT, Inc.

  400,446   6,467,203
Ashford Hospitality Trust, Inc. REIT (a)  (b)

  61,162   587,155
AvalonBay Communities, Inc. REIT

  263,526   66,564,032
Boston Properties, Inc. REIT

  268,077   30,877,109
Brandywine Realty Trust REIT

  322,717   4,330,862
Brixmor Property Group, Inc. REIT

  560,001   14,229,625
Broadstone Net Lease, Inc. REIT

  304,083   7,547,340
Camden Property Trust REIT

  192,674   34,426,990
CareTrust REIT, Inc.

  182,911   4,175,858
Centerspace REIT

  26,925   2,985,983
Chatham Lodging Trust REIT (a)  (b)

  91,999   1,262,226
City Office REIT, Inc.

  82,102   1,619,051
Community Healthcare Trust, Inc. REIT

  44,263   2,092,312
Corporate Office Properties Trust REIT

  211,780   5,923,487
Cousins Properties, Inc. REIT

  280,349   11,292,458
CubeSmart REIT

  408,731   23,260,881
DiamondRock Hospitality Co. REIT (a)

  397,097   3,816,102
Digital Realty Trust, Inc. REIT

  535,085   94,640,484
Diversified Healthcare Trust REIT

  450,656   1,392,527
Douglas Emmett, Inc. REIT

  330,891   11,084,849
Duke Realty Corp. REIT

  718,105   47,136,412
Easterly Government Properties, Inc. REIT

  162,418   3,722,621
EastGroup Properties, Inc. REIT

  76,742   17,485,665
Empire State Realty Trust, Inc. Class A REIT

  266,685   2,373,497
EPR Properties REIT

  141,030   6,697,515
Equity Commonwealth REIT (a)

  228,017   5,905,640
Equity LifeStyle Properties, Inc. REIT

  322,336   28,255,974
Equity Residential REIT

  643,528   58,239,284
Essential Properties Realty Trust, Inc. REIT

  229,201   6,607,865
Essex Property Trust, Inc. REIT

  122,761   43,240,107
See accompanying notes to financial statements.
4


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Extra Space Storage, Inc. REIT

  252,440   $ 57,235,721
Federal Realty Investment Trust REIT

  132,056   18,001,874
First Industrial Realty Trust, Inc. REIT

  245,630   16,260,706
Four Corners Property Trust, Inc. REIT

  145,864   4,289,860
Franklin Street Properties Corp. REIT

  179,259   1,066,591
Getty Realty Corp. REIT

  74,339   2,385,539
Global Medical REIT, Inc.

  113,771   2,019,435
Global Net Lease, Inc. REIT

  195,353   2,984,994
Healthcare Realty Trust, Inc. REIT

  278,166   8,801,172
Healthcare Trust of America, Inc. Class A REIT

  416,420   13,904,264
Healthpeak Properties, Inc. REIT

  1,016,491   36,685,160
Hersha Hospitality Trust REIT (a)  (b)

  61,608   564,945
Highwoods Properties, Inc. REIT

  196,822   8,776,293
Host Hotels & Resorts, Inc. REIT (a)

  1,346,387   23,413,670
Hudson Pacific Properties, Inc. REIT

  287,458   7,103,087
Independence Realty Trust, Inc. REIT

  197,195   5,093,547
Industrial Logistics Properties Trust REIT

  123,321   3,089,191
Innovative Industrial Properties, Inc. REIT

  45,133   11,865,917
Invitation Homes, Inc. REIT

  1,125,114   51,012,669
JBG SMITH Properties REIT

  215,277   6,180,603
Kilroy Realty Corp. REIT

  197,580   13,131,167
Kimco Realty Corp. REIT

  1,162,343   28,651,755
Kite Realty Group Trust REIT

  412,962   8,994,312
Life Storage, Inc. REIT

  154,657   23,690,359
LTC Properties, Inc. REIT

  74,287   2,536,158
LXP Industrial Trust REIT

  533,291   8,330,005
Macerich Co. REIT

  401,713   6,941,601
Medical Properties Trust, Inc. REIT

  1,121,108   26,491,782
Mid-America Apartment Communities, Inc. REIT

  217,125   49,817,160
Monmouth Real Estate Investment Corp. REIT

  185,458   3,896,473
National Health Investors, Inc. REIT

  86,470   4,969,431
National Retail Properties, Inc. REIT

  331,100   15,915,977
National Storage Affiliates Trust REIT

  154,525   10,693,130
NETSTREIT Corp.

  74,681   1,710,195
NexPoint Residential Trust, Inc. REIT

  42,848   3,591,948
Office Properties Income Trust REIT

  91,350   2,269,134
Omega Healthcare Investors, Inc. REIT

  450,630   13,334,142
Orion Office REIT, Inc. (a)

  102,181   1,907,719
Paramount Group, Inc. REIT

  309,649   2,582,473
Park Hotels & Resorts, Inc. REIT (a)

  445,851   8,417,667
Pebblebrook Hotel Trust REIT

  247,687   5,540,758
Piedmont Office Realty Trust, Inc. Class A REIT

  234,049   4,301,821
See accompanying notes to financial statements.
5


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Prologis, Inc. REIT

  1,394,007   $ 234,695,019
PS Business Parks, Inc. REIT

  37,960   6,991,093
Public Storage REIT

  287,643   107,739,562
Realty Income Corp. REIT

  1,066,724   76,366,771
Regency Centers Corp. REIT

  290,570   21,894,449
Retail Opportunity Investments Corp. REIT

  228,995   4,488,302
Rexford Industrial Realty, Inc. REIT

  285,592   23,164,367
RLJ Lodging Trust REIT

  314,107   4,375,511
RPT Realty REIT

  158,883   2,125,855
Ryman Hospitality Properties, Inc. REIT (a)

  103,799   9,545,356
Seritage Growth Properties Class A REIT (a)  (b)

  68,657   911,078
Service Properties Trust REIT

  311,308   2,736,397
Simon Property Group, Inc. REIT

  619,640   98,999,883
SITE Centers Corp. REIT

  338,518   5,358,740
SL Green Realty Corp. REIT

  125,777   9,018,211
Spirit Realty Capital, Inc. REIT

  232,460   11,202,247
STAG Industrial, Inc. REIT

  329,968   15,825,265
STORE Capital Corp. REIT

  462,716   15,917,430
Summit Hotel Properties, Inc. REIT (a)

  200,699   1,958,822
Sun Communities, Inc. REIT

  218,631   45,905,951
Sunstone Hotel Investors, Inc. REIT (a)

  413,536   4,850,777
Tanger Factory Outlet Centers, Inc. REIT

  196,025   3,779,362
Terreno Realty Corp. REIT

  141,019   12,027,511
UDR, Inc. REIT

  547,909   32,869,061
Universal Health Realty Income Trust REIT

  24,218   1,440,244
Urban Edge Properties REIT

  207,615   3,944,685
Ventas, Inc. REIT

  752,685   38,477,257
Veris Residential, Inc. REIT (a)

  150,900   2,773,542
Vornado Realty Trust REIT

  299,819   12,550,423
Washington Real Estate Investment Trust

  159,579   4,125,117
Welltower, Inc. REIT

  820,716   70,392,811
WP Carey, Inc. REIT

  351,274   28,822,032
Xenia Hotels & Resorts, Inc. REIT (a)

  215,380   3,900,532
TOTAL COMMON STOCKS

(Cost $1,866,739,093)

        2,147,279,323
SHORT-TERM INVESTMENTS — 0.2%      
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (c)  (d)

  3,985,290   3,985,689
See accompanying notes to financial statements.
6


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

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

  527,137   $ 527,137
TOTAL SHORT-TERM INVESTMENTS

(Cost $4,512,826)

  4,512,826  
TOTAL INVESTMENTS — 99.7%

(Cost $1,871,251,919)

  2,151,792,149  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.3%

  5,999,487  
NET ASSETS — 100.0%

  $ 2,157,791,636  
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2021.
(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, 2021 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2021.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
REIT Real Estate Investment Trust
At December 31, 2021, open futures contracts were as follows:
Description   Number of
Contracts
  Expiration
Date
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
DJ US Real Estate Index (long)   204   03/18/2022   $8,946,412   $9,228,960   $282,548
During the period ended December 31, 2021, average notional value related to futures contracts was $8,472,767.
See accompanying notes to financial statements.
7


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $2,147,279,323   $—   $—   $2,147,279,323
Short-Term Investments

  4,512,826       4,512,826
TOTAL INVESTMENTS

  $2,151,792,149   $—   $—   $2,151,792,149
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts(a)

  282,548       282,548
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 282,548   $—   $—   $ 282,548
TOTAL INVESTMENTS AND OTHER FINANCIAL INSTRUMENTS

  $2,152,074,697   $—   $—   $2,152,074,697
(a) Futures Contracts are valued at unrealized appreciation (depreciation).
Affiliate Table
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at 12/31/21
  Value at
12/31/21
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

3,631,274   $3,632,363   $ 55,894,729   $ 55,540,324   $(1,014)   $(65)   3,985,290   $3,985,689   $1,553
State Street Navigator Securities Lending Portfolio II

6,259,134   6,259,134   108,075,532   113,807,529       527,137   527,137   8,165
Total

    $9,891,497   $163,970,261   $169,347,853   $(1,014)   $(65)       $4,512,826   $9,718
See accompanying notes to financial statements.
8


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.9%          
BIOTECHNOLOGY — 99.9%          
2seventy bio, Inc. (a) (b)  (c)

    1,875,534   $ 48,069,936
4D Molecular Therapeutics, Inc. (b)

    785,458   17,232,949
Aadi Bioscience, Inc. (b)

    290,106   7,006,060
AbbVie, Inc.

    435,966   59,029,796
ACADIA Pharmaceuticals, Inc. (b)

    2,457,684   57,362,345
Achillion Pharmaceuticals, Inc. (c)

    51,865   75,464
Adagio Therapeutics, Inc. (b)

    1,272,401   9,237,631
Agenus, Inc. (a)  (b)

    16,990,191   54,708,415
Agios Pharmaceuticals, Inc. (b)  (c)

    1,849,478   60,792,342
Akebia Therapeutics, Inc. (b)  (c)

    7,657,422   17,305,774
Akero Therapeutics, Inc. (b)  (c)

    582,546   12,320,848
Albireo Pharma, Inc. (b)  (c)

    666,968   15,533,685
Aldeyra Therapeutics, Inc. (b)  (c)

    2,209,535   8,838,140
Alector, Inc. (b)  (c)

    1,863,241   38,475,927
Alkermes PLC (b)  (c)

    2,506,155   58,293,165
Allakos, Inc. (b)

    751,485   7,357,038
Allogene Therapeutics, Inc. (b)

    3,034,342   45,272,383
Allovir, Inc. (b)  (c)

    654,287   8,466,474
Alnylam Pharmaceuticals, Inc. (b)

    315,073   53,430,079
Altimmune, Inc. (a)  (b)

    3,765,499   34,491,971
ALX Oncology Holdings, Inc. (b)  (c)

    1,109,898   23,851,708
Amgen, Inc.

    259,450   58,368,466
Amicus Therapeutics, Inc. (b)  (c)

    5,321,831   61,467,148
AnaptysBio, Inc. (b)  (c)

    449,892   15,633,747
Anavex Life Sciences Corp. (b)  (c)

    2,520,127   43,699,002
Anika Therapeutics, Inc. (b)

    241,472   8,651,942
Annexon, Inc. (b)

    743,736   8,545,527
Apellis Pharmaceuticals, Inc. (b)

    1,306,355   61,764,464
Arcturus Therapeutics Holdings, Inc. (a) (b)  (c)

    1,582,529   58,569,398
Arcus Biosciences, Inc. (b)  (c)

    1,310,469   53,034,680
Arcutis Biotherapeutics, Inc. (b)  (c)

    589,816   12,232,784
Arena Pharmaceuticals, Inc. (b)

    1,095,433   101,809,543
Arrowhead Pharmaceuticals, Inc. (b)  (c)

    780,762   51,764,521
Atara Biotherapeutics, Inc. (b)  (c)

    2,624,110   41,355,974
Avid Bioservices, Inc. (b)  (c)

    1,867,030   54,479,935
Avidity Biosciences, Inc. (b)  (c)

    666,083   15,832,793
Avita Medical, Inc. (b)  (c)

    375,290   4,495,974
Beam Therapeutics, Inc. (b)  (c)

    742,301   59,153,967
BioAtla, Inc. (b)

    861,878   16,918,665
BioCryst Pharmaceuticals, Inc. (b)  (c)

    4,696,006   65,039,683
See accompanying notes to financial statements.
9


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Biogen, Inc. (b)

    235,178   $ 56,423,906
Biohaven Pharmaceutical Holding Co., Ltd. (b)  (c)

    548,553   75,596,089
BioMarin Pharmaceutical, Inc. (b)

    644,499   56,941,487
Bioxcel Therapeutics, Inc. (b)  (c)

    1,023,397   20,805,661
Bluebird Bio, Inc. (a) (b)  (c)

    6,105,800   60,996,942
Blueprint Medicines Corp. (b)

    564,566   60,470,664
Bridgebio Pharma, Inc. (b)  (c)

    1,511,730   25,215,656
C4 Therapeutics, Inc. (b)

    954,525   30,735,705
CareDx, Inc. (b)

    1,273,521   57,919,735
Catalyst Pharmaceuticals, Inc. (b)

    2,371,551   16,055,400
Celldex Therapeutics, Inc. (b)

    1,495,116   57,771,282
CEL-SCI Corp. (a) (b)  (c)

    2,510,195   17,822,384
Cerevel Therapeutics Holdings, Inc. (b)

    1,402,633   45,473,362
ChemoCentryx, Inc. (b)

    1,631,160   59,390,536
Chimerix, Inc. (b)  (c)

    2,434,299   15,652,543
Chinook Therapeutics, Inc. (b)

    678,139   11,060,447
Clovis Oncology, Inc. (a) (b)  (c)

    13,832,578   37,486,286
Coherus Biosciences, Inc. (b)  (c)

    1,849,799   29,522,792
Crinetics Pharmaceuticals, Inc. (b)  (c)

    540,686   15,360,889
Cue Biopharma, Inc. (b)

    1,006,937   11,388,457
Cullinan Oncology, Inc. (b)  (c)

    738,004   11,387,402
Curis, Inc. (a) (b)  (c)

    6,215,478   29,585,675
Cytokinetics, Inc. (b)  (c)

    1,515,454   69,074,393
CytomX Therapeutics, Inc. (b)

    1,580,750   6,844,647
Deciphera Pharmaceuticals, Inc. (a) (b)  (c)

    5,685,355   55,545,918
Denali Therapeutics, Inc. (b)  (c)

    1,263,223   56,339,746
Dermtech, Inc. (a) (b)  (c)

    2,364,064   37,352,211
Dynavax Technologies Corp. (b)  (c)

    4,104,130   57,745,109
Eagle Pharmaceuticals, Inc. (b)

    335,062   17,061,357
Editas Medicine, Inc. (b)  (c)

    1,885,831   50,068,813
Emergent BioSolutions, Inc. (b)

    1,365,979   59,379,107
Enanta Pharmaceuticals, Inc. (b)

    497,974   37,238,496
Exact Sciences Corp. (b)  (c)

    689,855   53,691,415
Exelixis, Inc. (b)

    3,285,779   60,064,040
Fate Therapeutics, Inc. (b)  (c)

    1,112,914   65,116,598
FibroGen, Inc. (b)

    2,810,728   39,631,265
Forma Therapeutics Holdings, Inc. (b)

    1,195,166   16,995,261
G1 Therapeutics, Inc. (a) (b)  (c)

    3,590,987   36,663,977
Generation Bio Co. (b)  (c)

    1,124,508   7,961,517
Geron Corp. (b)  (c)

    5,906,416   7,205,828
Gilead Sciences, Inc.

    778,793   56,548,160
Global Blood Therapeutics, Inc. (b)  (c)

    1,982,937   58,040,566
See accompanying notes to financial statements.
10


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Gossamer Bio, Inc. (b)  (c)

    1,882,348   $ 21,289,356
Gritstone bio, Inc. (b)

    2,768,110   35,597,895
Halozyme Therapeutics, Inc. (b)  (c)

    1,585,714   63,761,560
Heron Therapeutics, Inc. (a) (b)  (c)

    5,823,105   53,164,949
Horizon Therapeutics Plc (b)

    543,834   58,603,552
Ideaya Biosciences, Inc. (b)  (c)

    1,107,031   26,170,213
IGM Biosciences, Inc. (b)  (c)

    581,629   17,059,179
ImmunityBio, Inc. (b)  (c)

    4,742,297   28,833,166
ImmunoGen, Inc. (b)  (c)

    4,285,178   31,796,021
Immunovant, Inc. (b)  (c)

    1,970,379   16,787,629
Incyte Corp. (b)

    836,524   61,400,862
Inhibrx, Inc. (b)  (c)

    403,776   17,632,898
Inovio Pharmaceuticals, Inc. (b)  (c)

    9,057,699   45,197,918
Insmed, Inc. (b)  (c)

    2,073,037   56,469,528
Intellia Therapeutics, Inc. (b)  (c)

    479,818   56,733,680
Intercept Pharmaceuticals, Inc. (a) (b)  (c)

    2,695,824   43,914,973
Invitae Corp. (b)  (c)

    3,417,194   52,180,552
Ionis Pharmaceuticals, Inc. (b)  (c)

    1,856,415   56,490,708
Iovance Biotherapeutics, Inc. (b)  (c)

    2,962,009   56,544,752
Ironwood Pharmaceuticals, Inc. (b)  (c)

    4,946,471   57,675,852
iTeos Therapeutics, Inc. (b)

    406,242   18,914,628
IVERIC bio, Inc. (b)

    3,749,756   62,695,920
KalVista Pharmaceuticals, Inc. (b)  (c)

    665,903   8,809,897
Karuna Therapeutics, Inc. (b)  (c)

    421,177   55,174,187
Karyopharm Therapeutics, Inc. (a) (b)  (c)

    3,948,326   25,387,736
Keros Therapeutics, Inc. (b)  (c)

    381,869   22,343,155
Kezar Life Sciences, Inc. (b)

    703,664   11,765,262
Kiniksa Pharmaceuticals Ltd. Class A (b)  (c)

    913,231   10,748,729
Kodiak Sciences, Inc. (b)  (c)

    661,480   56,080,274
Kronos Bio, Inc. (b)  (c)

    793,256   10,780,349
Krystal Biotech, Inc. (b)

    337,145   23,583,293
Kura Oncology, Inc. (b)

    2,140,045   29,960,630
Kymera Therapeutics, Inc. (b)

    993,699   63,089,949
Ligand Pharmaceuticals, Inc. (b)  (c)

    380,082   58,707,466
MacroGenics, Inc. (b)  (c)

    1,782,205   28,604,390
Madrigal Pharmaceuticals, Inc. (b)  (c)

    379,212   32,134,425
MannKind Corp. (b)  (c)

    8,385,938   36,646,549
Mersana Therapeutics, Inc. (b)

    2,892,550   17,991,661
MiMedx Group, Inc. (b)

    2,237,198   13,512,676
Mirati Therapeutics, Inc. (b)

    405,884   59,539,124
Moderna, Inc. (b)

    212,799   54,046,690
Morphic Holding, Inc. (b)  (c)

    559,095   26,489,921
See accompanying notes to financial statements.
11


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
Myovant Sciences, Ltd. (b)  (c)

    2,616,496   $ 40,738,843
Myriad Genetics, Inc. (b)

    1,835,492   50,659,579
Natera, Inc. (b)

    611,931   57,148,236
Neurocrine Biosciences, Inc. (b)

    686,846   58,498,674
Novavax, Inc. (b)  (c)

    328,502   46,998,781
Nurix Therapeutics, Inc. (b)  (c)

    941,175   27,247,016
Ocugen, Inc. (a) (b)  (c)

    10,225,834   46,527,545
OPKO Health, Inc. (b)  (c)

    8,889,427   42,758,144
Organogenesis Holdings, Inc. (b)  (c)

    3,978,338   36,759,843
ORIC Pharmaceuticals, Inc. (b)

    696,335   10,236,124
PMV Pharmaceuticals, Inc. (b)  (c)

    1,226,208   28,325,405
Praxis Precision Medicines, Inc. (b)

    700,214   13,794,216
Precigen, Inc. (b)  (c)

    4,918,658   18,248,221
Precision BioSciences, Inc. (b)  (c)

    1,670,630   12,362,662
Protagonist Therapeutics, Inc. (b)  (c)

    1,719,814   58,817,639
Prothena Corp. PLC (b)  (c)

    1,251,917   61,844,700
PTC Therapeutics, Inc. (b)  (c)

    1,443,685   57,501,974
Radius Health, Inc. (a) (b)  (c)

    3,427,800   23,720,376
Rapt Therapeutics, Inc. (b)  (c)

    872,902   32,061,690
Recursion Pharmaceuticals, Inc. Class A (b)  (c)

    2,882,440   49,376,197
Regeneron Pharmaceuticals, Inc. (b)

    81,722   51,609,077
REGENXBIO, Inc. (b)

    1,204,167   39,376,261
Relay Therapeutics, Inc. (b)

    1,938,616   59,534,897
Replimenu Group, Inc. (b)  (c)

    709,506   19,227,613
REVOLUTION Medicines, Inc. (b)  (c)

    1,634,410   41,138,100
Rhythm Pharmaceuticals, Inc. (b)  (c)

    1,157,781   11,554,654
Rigel Pharmaceuticals, Inc. (b)

    5,045,188   13,369,748
Rocket Pharmaceuticals, Inc. (b)  (c)

    1,498,262   32,707,059
Rubius Therapeutics, Inc. (b)  (c)

    1,241,572   12,018,417
Sage Therapeutics, Inc. (b)

    1,416,225   60,246,211
Sana Biotechnology, Inc. (b)  (c)

    2,045,299   31,661,229
Sangamo Therapeutics, Inc. (b)

    3,733,821   28,003,657
Sarepta Therapeutics, Inc. (b)

    639,937   57,626,327
Scholar Rock Holding Corp. (b)  (c)

    690,435   17,150,405
Seagen, Inc. (b)

    383,675   59,316,155
Seres Therapeutics, Inc. (b)  (c)

    3,423,477   28,517,563
Sorrento Therapeutics, Inc. (b)  (c)

    8,823,917   41,031,214
Spero Therapeutics, Inc. (b)  (c)

    362,651   5,806,043
SpringWorks Therapeutics, Inc. (b)

    781,149   48,415,615
Stoke Therapeutics, Inc. (b)

    436,004   10,459,736
Sutro Biopharma, Inc. (b)

    841,725   12,524,868
Syndax Pharmaceuticals, Inc. (b)

    1,637,507   35,845,028
See accompanying notes to financial statements.
12


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Shares   Value
TG Therapeutics, Inc. (b)  (c)

    3,301,660   $ 62,731,540
Travere Therapeutics, Inc. (b)

    1,771,491   54,987,081
Turning Point Therapeutics, Inc. (b)

    1,377,361   65,700,120
Twist Bioscience Corp. (b)  (c)

    658,297   50,945,605
Ultragenyx Pharmaceutical, Inc. (b)

    702,275   59,054,305
uniQure NV (b)  (c)

    1,525,675   31,642,499
United Therapeutics Corp. (b)

    290,127   62,690,642
Vanda Pharmaceuticals, Inc. (b)

    1,350,756   21,193,362
Vaxart, Inc. (a) (b)  (c)

    8,795,577   55,148,268
Vaxcyte, Inc. (b)

    479,872   11,416,155
VBI Vaccines, Inc. (b)  (c)

    8,420,452   19,703,858
Veracyte, Inc. (b)  (c)

    1,394,874   57,468,809
Verastem, Inc. (b)

    5,867,650   12,028,682
Vericel Corp. (b)  (c)

    1,353,608   53,196,794
Vertex Pharmaceuticals, Inc. (b)

    262,917   57,736,573
Verve Therapeutics, Inc. (b)  (c)

    1,487,511   54,844,531
Viking Therapeutics, Inc. (b)  (c)

    2,377,127   10,934,784
Vir Biotechnology, Inc. (b)

    1,254,731   52,535,587
VistaGen Therapeutics, Inc. (b)  (c)

    5,086,864   9,919,385
Xencor, Inc. (b)  (c)

    672,304   26,972,836
Y-mAbs Therapeutics, Inc. (b)  (c)

    794,551   12,879,672
Zentalis Pharmaceuticals, Inc. (b)  (c)

    676,441   56,861,630
ZIOPHARM Oncology, Inc. (b)  (c)

    8,466,340   9,228,311
TOTAL COMMON STOCKS

(Cost $9,152,272,012)

        7,066,500,992
SHORT-TERM INVESTMENTS — 7.6%          
State Street Institutional Liquid Reserves Fund, Premier Class 0.04% (d)  (e)

    8,163,030   8,163,846
State Street Navigator Securities Lending Portfolio II (f)  (g)

    527,517,118   527,517,118
TOTAL SHORT-TERM INVESTMENTS

(Cost $535,680,998)

        535,680,964
TOTAL INVESTMENTS — 107.5%

(Cost $9,687,953,010)

        7,602,181,956
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.5)%

        (529,067,046)
NET ASSETS — 100.0%

        $ 7,073,114,910
(a) 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, 2021 are shown in the Affiliate Table below.
(b) Non-income producing security.
(c) All or a portion of the shares of the security are on loan at December 31, 2021.
See accompanying notes to financial statements.
13


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at December 31, 2021.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 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 December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Common Stocks

  $7,066,425,528   $75,464   $—   $7,066,500,992
Short-Term Investments

  535,680,964       535,680,964
TOTAL INVESTMENTS

  $7,602,106,492   $75,464   $—   $7,602,181,956
Affiliate Table
  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation(a)
  Number of
Shares Held
at 12/31/21
  Value at
12/31/21
  Dividend
Income
2seventy bio, Inc.

  $   $ 37,683,271   $ 11,502,052   $ 3,443,199   $ 18,445,519   1,875,534   $ 48,069,937   $
Agenus, Inc.

7,286,825   40,004,669   74,277,790   37,409,697   7,795,514   (29,959,861)   16,990,191   54,708,415  
Akebia Therapeutics, Inc.

10,330,349   39,152,023   34,486,831   40,214,096   (5,011,987)   —*     —*  
Altimmune, Inc.

3,151,954   31,046,747   44,189,807   41,422,773   (94,287)   772,477   3,765,499   34,491,971  
Arcturus Therapeutics Holdings, Inc.

1,317,004   44,567,415   78,415,928   69,351,810   (2,357,801)   7,295,666   1,582,529   58,569,398  
Athenex, Inc.

7,074,314   32,683,331   11,288,962   35,924,436   (11,379,617)   —*     —*  
Bluebird Bio, Inc.

1,328,245   42,477,275   101,961,053   34,235,219   (3,954,386)   (45,251,781)   6,105,800   60,996,942  
CEL-SCI Corp.

2,039,362   17,701,662   49,631,200   39,080,913   (20,674,230)   10,244,665   2,510,195   17,822,384  
ChemoCentryx, Inc.

3,718,648   49,792,697   90,339,798   155,034,396   6,550,295   —*     —*  
Clovis Oncology, Inc.

7,836,192   45,449,914   67,098,154   39,440,050   (2,730,941)   (32,890,791)   13,832,578   37,486,286  
Curis, Inc.

5,654,541   45,632,146   46,290,734   41,792,883   (6,882,977)   (13,661,345)   6,215,478   29,585,675  
CytomX Therapeutics, Inc.

3,390,843   21,464,036   17,637,617   28,576,366   (5,037,673)   —*     —*  
Deciphera Pharmaceuticals, Inc.

1,278,719   46,813,903   79,715,159   37,518,474   (9,284,311)   (24,180,359)   5,685,355   55,545,918  
Dermtech, Inc.

1,116,978   46,432,775   67,483,415   36,337,314   (2,044,158)   (38,182,507)   2,364,064   37,352,211  
FibroGen, Inc.

1,738,067   46,284,724   78,103,191   71,451,863   (47,716,702)   —*     —*  
G1 Therapeutics, Inc.

2,094,965   45,963,532   67,288,357   42,420,840   (9,965,256)   (24,201,816)   3,590,987   36,663,977  
Heron Therapeutics, Inc.

2,941,073   45,645,453   72,115,008   39,442,808   (1,386,575)   (23,766,129)   5,823,105   53,164,949  
Humanigen, Inc.

2,145,544   37,289,555   75,053,538   68,478,648   (41,107,397)   —*     —*  
Intercept Pharmaceuticals, Inc.

2,100,790   41,952,776   48,644,906   38,471,094   (19,359,621)   11,148,006   2,695,824   43,914,973  
Karyopharm Therapeutics, Inc.

4,388,848   45,292,911   48,678,711   51,088,278   (36,042,637)   18,547,029   3,948,326   25,387,736  
Kiniksa Pharmaceuticals Ltd.

1,789,862   24,932,778   21,541,714   32,839,646   (6,495,891)   3,609,774   913,231   10,748,729  
See accompanying notes to financial statements.
14


Table of Contents
SPDR S&P BIOTECH ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

  Number of
Shares Held
at 6/30/21
  Value at
6/30/21
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation(a)
  Number of
Shares Held
at 12/31/21
  Value at
12/31/21
  Dividend
Income
Ocugen, Inc.

7,144,072   $ 57,366,898   $ 71,809,388   $ 50,628,227   $ 1,846,995   $ (33,867,510)   10,225,834   $ 46,527,544   $
Radius Health, Inc.

1,393,055   25,409,323   36,021,120   20,328,323   (1,808,294)   (15,573,450)   3,427,800   23,720,376  
Seres Therapeutics, Inc.

2,205,129   52,592,327   88,905,345   86,501,620   (30,404,836)   —*     —*  
Sesen Bio, Inc.

10,657,136   49,235,968   10,585,339   18,984,753   (38,020,678)   —*     —*  
Spectrum Pharmaceuticals, Inc.

6,290,510   23,589,413   31,369,340   35,133,436   (22,513,477)   —*     —*  
State Street Institutional Liquid Reserves Fund, Premier Class

6,614,369   6,616,353   229,903,386   228,354,923   (512)   (458)   8,163,030   8,163,846   1,785
State Street Navigator Securities Lending Portfolio II

827,025,040   827,025,040   1,296,979,825   1,596,487,747       527,517,118   527,517,118   1,886,329
Vaxart, Inc.

5,182,265   38,815,165   68,550,365   41,403,226   2,481,199   (13,295,235)   8,795,577   55,148,268  
Total

    $1,871,230,809   $3,046,049,252   $ 3,069,855,911   $(302,157,042)   $(224,768,106)       $1,265,586,653   $ 1,888,114
(a) Does not include change in unrealized appreciation and depreciation from investments that are no longer affiliates at period ended December 31, 2021.
* As of December 31, 2021, no longer an affiliate.
See accompanying notes to financial statements.
15


Table of Contents
SPDR S&P DIVIDEND ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.7%   
AEROSPACE & DEFENSE — 0.9%  
General Dynamics Corp.

  919,109   $ 191,606,653
AIR FREIGHT & LOGISTICS — 1.4%