Semi-Annual Report
December 31, 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 Portfolio S&P Sector Neutral Dividend ETF
SPDR S&P Aerospace & Defense ETF
SPDR S&P Bank ETF
SPDR S&P Biotech ETF
SPDR S&P Dividend ETF
SPDR S&P Homebuilders ETF
SPDR S&P Oil & Gas Exploration & Production ETF
SPDR S&P Regional Banking ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.





TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  

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Schedules of Investments (Unaudited)  

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


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, 2023

     
  Description % of Net Assets  
  Prologis, Inc. REIT 12.2%  
  Equinix, Inc. REIT 7.4  
  Public Storage REIT 4.9  
  Welltower, Inc. REIT 4.9  
  Simon Property Group, Inc. REIT 4.7  
  Realty Income Corp. REIT 4.3  
  Digital Realty Trust, Inc. REIT 4.2  
  Extra Space Storage, Inc. REIT 3.4  
  AvalonBay Communities, Inc. REIT 2.8  
  Equity Residential REIT 2.2  
  TOTAL 51.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2023

     
    % of Net Assets  
  Industrial REITs 17.8%  
  Retail REITs 17.4  
  Multi-Family Residential REITs 11.8  
  Data Center REITs 11.6  
  Health Care REITs 10.6  
  Self Storage REITs 9.7  
  Single-Family Residential REITs 6.4  
  Office REITs 6.3  
  Hotel & Resort REITs 4.0  
  Diversified REITs 2.6  
  Other Specialized REITs 0.6  
  Short-Term Investments 1.5  
  Liabilities in Excess of Other Assets (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 Portfolio S&P 400 Mid Cap ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Deckers Outdoor Corp. 0.7%  
  Reliance Steel & Aluminum Co. 0.6  
  Carlisle Cos., Inc. 0.6  
  GoDaddy, Inc. Class A 0.6  
  Graco, Inc. 0.6  
  Watsco, Inc. 0.6  
  RPM International, Inc. 0.6  
  Lennox International, Inc. 0.6  
  WP Carey, Inc. REIT 0.5  
  Manhattan Associates, Inc. 0.5  
  TOTAL 5.9%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Industrials 21.2%  
  Financials 16.1  
  Consumer Discretionary 15.8  
  Information Technology 9.7  
  Real Estate 8.0  
  Health Care 7.8  
  Materials 7.2  
  Energy 5.1  
  Consumer Staples 4.1  
  Utilities 3.2  
  Communication Services 1.7  
  Short-Term Investments 2.7  
  Liabilities in Excess of Other Assets (2.6)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2


Table of Contents
SPDR Portfolio S&P 500 ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Apple, Inc. 7.0%  
  Microsoft Corp. 7.0  
  Amazon.com, Inc. 3.4  
  NVIDIA Corp. 3.0  
  Alphabet, Inc. Class A 2.1  
  Meta Platforms, Inc. Class A 2.0  
  Alphabet, Inc. Class C 1.8  
  Tesla, Inc. 1.7  
  Berkshire Hathaway, Inc. Class B 1.6  
  JPMorgan Chase & Co. 1.2  
  TOTAL 30.8%  
(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, 2023

     
    % of Net Assets  
  Information Technology 28.8%  
  Financials 12.9  
  Health Care 12.6  
  Consumer Discretionary 10.8  
  Industrials 8.8  
  Communication Services 8.6  
  Consumer Staples 6.1  
  Energy 3.9  
  Real Estate 2.5  
  Materials 2.4  
  Utilities 2.3  
  Short-Term Investments 0.3  
  Liabilities in Excess of Other Assets (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 Portfolio S&P 500 Growth ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Apple, Inc. 13.2%  
  Microsoft Corp. 13.1  
  Amazon.com, Inc. 6.4  
  NVIDIA Corp. 5.7  
  Alphabet, Inc. Class A 3.9  
  Meta Platforms, Inc. Class A 3.7  
  Alphabet, Inc. Class C 3.3  
  Tesla, Inc. 3.2  
  Broadcom, Inc. 2.3  
  Eli Lilly & Co. 2.2  
  TOTAL 57.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Information Technology 46.7%  
  Consumer Discretionary 15.4  
  Communication Services 12.1  
  Health Care 7.1  
  Industrials 6.5  
  Financials 5.3  
  Consumer Staples 2.8  
  Energy 1.7  
  Materials 1.4  
  Real Estate 0.8  
  Utilities 0.1  
  Short-Term Investments 0.1  
  Liabilities in Excess of Other Assets (0.0) *  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
4


Table of Contents
SPDR Portfolio S&P 500 High Dividend ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Seagate Technology Holdings PLC 1.8%  
  NRG Energy, Inc. 1.7  
  Phillips 66 1.6  
  Amgen, Inc. 1.6  
  KeyCorp 1.5  
  Fifth Third Bancorp 1.5  
  Zions Bancorp NA 1.5  
  Packaging Corp. of America 1.5  
  International Business Machines Corp. 1.5  
  Simon Property Group, 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 December 31, 2023

     
    % of Net Assets  
  Financials 24.3%  
  Real Estate 21.8  
  Utilities 14.6  
  Materials 8.0  
  Energy 6.6  
  Health Care 6.5  
  Consumer Staples 5.8  
  Consumer Discretionary 4.3  
  Information Technology 3.3  
  Communication Services 2.8  
  Industrials 1.3  
  Short-Term Investments 0.8  
  Liabilities in Excess of Other Assets (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.
5


Table of Contents
SPDR Portfolio S&P 500 Value ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Berkshire Hathaway, Inc. Class B 3.5%  
  JPMorgan Chase & Co. 2.6  
  Exxon Mobil Corp. 2.2  
  Johnson & Johnson 2.0  
  UnitedHealth Group, Inc. 1.6  
  Chevron Corp. 1.4  
  Bank of America Corp. 1.2  
  Walmart, Inc. 1.2  
  Home Depot, Inc. 1.2  
  Intel Corp. 1.1  
  TOTAL 18.0%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Financials 21.7%  
  Health Care 18.9  
  Industrials 11.4  
  Consumer Staples 9.9  
  Information Technology 8.4  
  Energy 6.4  
  Consumer Discretionary 5.7  
  Utilities 4.9  
  Communication Services 4.5  
  Real Estate 4.4  
  Materials 3.6  
  Short-Term Investments 0.3  
  Liabilities in Excess of Other Assets (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.
6


Table of Contents
SPDR Portfolio S&P 600 Small Cap ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Cytokinetics, Inc. 0.7%  
  elf Beauty, Inc. 0.7  
  SPS Commerce, Inc. 0.6  
  Fabrinet 0.6  
  Applied Industrial Technologies, Inc. 0.6  
  Meritage Homes Corp. 0.5  
  Ensign Group, Inc. 0.5  
  ATI, Inc. 0.5  
  Mueller Industries, Inc. 0.5  
  SolarEdge Technologies, Inc. 0.5  
  TOTAL 5.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Financials 18.5%  
  Industrials 17.4  
  Consumer Discretionary 14.8  
  Information Technology 12.1  
  Health Care 10.4  
  Real Estate 7.6  
  Materials 5.6  
  Consumer Staples 4.4  
  Energy 4.2  
  Communication Services 2.8  
  Utilities 2.0  
  Short-Term Investments 6.5  
  Liabilities in Excess of Other Assets (6.3)  
  TOTAL 100.0%  
(The Fund's sector breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
7


Table of Contents
SPDR Portfolio S&P 1500 Composite Stock Market ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Apple, Inc. 6.4%  
  Microsoft Corp. 6.4  
  Amazon.com, Inc. 3.1  
  NVIDIA Corp. 2.8  
  Alphabet, Inc. Class A 1.9  
  Meta Platforms, Inc. Class A 1.8  
  Alphabet, Inc. Class C 1.6  
  Tesla, Inc. 1.6  
  Berkshire Hathaway, Inc. Class B 1.5  
  JPMorgan Chase & Co. 1.1  
  TOTAL 28.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Sector Breakdown as of December 31, 2023

     
    % of Net Assets  
  Information Technology 27.2%  
  Financials 13.3  
  Health Care 12.2  
  Consumer Discretionary 11.2  
  Industrials 9.7  
  Communication Services 8.0  
  Consumer Staples 6.0  
  Energy 3.9  
  Real Estate 2.9  
  Materials 2.8  
  Utilities 2.4  
  Short-Term Investments 0.8  
  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.
8


Table of Contents
SPDR Portfolio S&P Sector Neutral Dividend ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Broadcom, Inc. 6.9%  
  Home Depot, Inc. 4.5  
  Comcast Corp. Class A 3.9  
  JPMorgan Chase & Co. 3.6  
  Accenture PLC Class A 3.6  
  Cisco Systems, Inc. 3.3  
  Verizon Communications, Inc. 3.1  
  McDonald's Corp. 2.7  
  Texas Instruments, Inc. 2.6  
  QUALCOMM, Inc. 2.6  
  TOTAL 36.8%  
(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, 2023

     
    % of Net Assets  
  Information Technology 27.0%  
  Financials 14.6  
  Health Care 11.7  
  Consumer Discretionary 11.3  
  Industrials 9.4  
  Communication Services 7.7  
  Consumer Staples 6.0  
  Energy 4.0  
  Real Estate 2.9  
  Materials 2.8  
  Utilities 2.3  
  Short-Term Investment 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.
9


Table of Contents
SPDR S&P Aerospace & Defense ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Spirit AeroSystems Holdings, Inc. Class A 4.2%  
  Axon Enterprise, Inc. 4.2  
  L3Harris Technologies, Inc. 4.1  
  Boeing Co. 4.1  
  Textron, Inc. 4.0  
  Huntington Ingalls Industries, Inc. 4.0  
  RTX Corp. 3.9  
  Hexcel Corp. 3.9  
  Curtiss-Wright Corp. 3.9  
  General Dynamics Corp. 3.9  
  TOTAL 40.2%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2023

     
    % of Net Assets  
  Aerospace & Defense 99.8%  
  Short-Term Investments 3.4  
  Liabilities in Excess of Other Assets (3.2)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
10


Table of Contents
SPDR S&P Bank ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Western Alliance Bancorp 1.8%  
  Zions Bancorp NA 1.8  
  Citizens Financial Group, Inc. 1.8  
  Comerica, Inc. 1.8  
  Regions Financial Corp. 1.8  
  Fifth Third Bancorp 1.8  
  PNC Financial Services Group, Inc. 1.8  
  Bank of America Corp. 1.7  
  KeyCorp 1.7  
  Truist Financial Corp. 1.7  
  TOTAL 17.7%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2023

     
    % of Net Assets  
  Banks 84.2%  
  Financial Services 15.6  
  Short-Term Investments 2.3  
  Liabilities in Excess of Other Assets (2.1)  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
11


Table of Contents
SPDR S&P Biotech ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Cytokinetics, Inc. 2.8%  
  Karuna Therapeutics, Inc. 1.8  
  ACADIA Pharmaceuticals, Inc. 1.7  
  Biohaven Ltd. 1.5  
  Amicus Therapeutics, Inc. 1.5  
  Blueprint Medicines Corp. 1.4  
  Arrowhead Pharmaceuticals, Inc. 1.4  
  Bridgebio Pharma, Inc. 1.4  
  Moderna, Inc. 1.4  
  Ultragenyx Pharmaceutical, Inc. 1.4  
  TOTAL 16.3%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2023

     
    % of Net Assets  
  Biotechnology 99.7%  
  Pharmaceuticals 0.2  
  Health Care Providers & Services 0.0*  
  Short-Term Investments 9.0  
  Liabilities in Excess of Other Assets (8.9)  
  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.
12


Table of Contents
SPDR S&P Dividend ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  3M Co. 3.3%  
  Realty Income Corp. REIT 2.8  
  International Business Machines Corp. 2.4  
  Target Corp. 2.2  
  Southern Co. 1.9  
  Kenvue, Inc. 1.8  
  T Rowe Price Group, Inc. 1.8  
  AbbVie, Inc. 1.8  
  Medtronic PLC 1.7  
  Kimberly-Clark Corp. 1.6  
  TOTAL 21.3%  
(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, 2023

     
    % of Net Assets  
  Industrials 22.3%  
  Consumer Staples 21.2  
  Financials 11.1  
  Utilities 10.7  
  Materials 10.3  
  Health Care 7.5  
  Real Estate 4.9  
  Consumer Discretionary 4.7  
  Information Technology 4.0  
  Energy 2.7  
  Communication Services 0.1  
  Short-Term Investments 0.9  
  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.
13


Table of Contents
SPDR S&P Homebuilders ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Builders FirstSource, Inc. 4.2%  
  Toll Brothers, Inc. 4.1  
  Floor & Decor Holdings, Inc. Class A 4.1  
  DR Horton, Inc. 4.1  
  PulteGroup, Inc. 4.0  
  Lowe's Cos., Inc. 4.0  
  NVR, Inc. 4.0  
  Lennar Corp. Class A 4.0  
  Lennox International, Inc. 4.0  
  Home Depot, Inc. 4.0  
  TOTAL 40.5%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2023

     
    % of Net Assets  
  Building Products 46.8%  
  Homebuilding 33.9  
  Home Improvement Retail 12.1  
  Homefurnishing Retail 3.8  
  Home Furnishings 3.3  
  Short-Term Investments 5.8  
  Liabilities in Excess of Other Assets (5.7)  
  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.
14


Table of Contents
SPDR S&P Oil & Gas Exploration & Production ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  SM Energy Co. 2.6%  
  Antero Resources Corp. 2.6  
  Callon Petroleum Co. 2.6  
  PBF Energy, Inc. Class A 2.6  
  Hess Corp. 2.5  
  Phillips 66 2.5  
  Valero Energy Corp. 2.5  
  Occidental Petroleum Corp. 2.5  
  Southwestern Energy Co. 2.5  
  HF Sinclair Corp. 2.5  
  TOTAL 25.4%  
(The ten largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2023

     
    % of Net Assets  
  Oil, Gas & Consumable Fuels 99.7%  
  Short-Term Investments 5.2  
  Liabilities in Excess of Other Assets (4.9)  
  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.
15


Table of Contents
SPDR S&P Regional Banking ETF 
Portfolio Statistics (Unaudited)
Top Ten Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Zions Bancorp NA 4.2%  
  Citizens Financial Group, Inc. 4.1  
  Regions Financial Corp. 4.1  
  Truist Financial Corp. 4.0  
  Western Alliance Bancorp 3.9  
  Huntington Bancshares, Inc. 3.9  
  New York Community Bancorp, Inc. 3.9  
  M&T Bank Corp. 3.8  
  First Horizon Corp. 3.6  
  East West Bancorp, Inc. 2.4  
  TOTAL 37.9%  
(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, 2023

     
    % of Net Assets  
  Banks 99.5%  
  Software 0.2  
  Short-Term Investments 0.7  
  Liabilities in Excess of Other Assets (0.4)  
  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.
16


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS
December 31, 2023 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 98.8%   
DIVERSIFIED REITs — 2.6%  
American Assets Trust, Inc. REIT

  69,057   $ 1,554,473
Broadstone Net Lease, Inc. REIT

  275,179   4,738,582
Empire State Realty Trust, Inc. Class A REIT (a)

  197,936   1,918,000
Essential Properties Realty Trust, Inc. REIT

  233,876   5,977,871
Global Net Lease, Inc. REIT

  282,406   2,809,940
WP Carey, Inc. REIT

  319,505   20,707,119
          37,705,985
HEALTH CARE REITs — 10.6%  
CareTrust REIT, Inc.

  178,255   3,989,347
Community Healthcare Trust, Inc. REIT

  34,621   922,303
Diversified Healthcare Trust REIT (a)

  321,367   1,201,913
Global Medical REIT, Inc.

  87,529   971,572
Healthcare Realty Trust, Inc. REIT

  551,655   9,505,016
Healthpeak Properties, Inc. REIT

  798,779   15,815,824
Medical Properties Trust, Inc. REIT (a)

  864,598   4,245,176
National Health Investors, Inc. REIT

  63,746   3,560,214
Omega Healthcare Investors, Inc. REIT

  357,505   10,961,103
Universal Health Realty Income Trust REIT

  16,566   716,480
Ventas, Inc. REIT

  593,552   29,582,632
Welltower, Inc. REIT

  785,595   70,837,101
          152,308,681
HOTEL & RESORT REITs — 4.0%  
Apple Hospitality REIT, Inc.

  315,128   5,234,276
Chatham Lodging Trust REIT

  69,628   746,412
DiamondRock Hospitality Co. REIT

  314,125   2,949,634
Host Hotels & Resorts, Inc. REIT

  1,037,885   20,207,621
Park Hotels & Resorts, Inc. REIT

  311,020   4,758,606
Pebblebrook Hotel Trust REIT

  178,846   2,857,959
RLJ Lodging Trust REIT

  228,874   2,682,403
Ryman Hospitality Properties, Inc. REIT

  87,853   9,669,101
Service Properties Trust REIT

  235,695   2,012,835
Summit Hotel Properties, Inc. REIT

  153,423   1,031,003
Sunstone Hotel Investors, Inc. REIT

  305,133   3,274,077
Xenia Hotels & Resorts, Inc. REIT

  156,404   2,130,223
          57,554,150
Security Description     Shares   Value
INDUSTRIAL REITs — 17.8%  
Americold Realty Trust, Inc. REIT

  393,086   $ 11,898,713
EastGroup Properties, Inc. REIT

  69,602   12,774,751
First Industrial Realty Trust, Inc. REIT

  197,125   10,382,574
Innovative Industrial Properties, Inc. REIT

  41,194   4,153,179
LXP Industrial Trust REIT

  426,450   4,230,384
Plymouth Industrial REIT, Inc.

  56,449   1,358,728
Prologis, Inc. REIT

  1,323,401   176,409,353
Rexford Industrial Realty, Inc. REIT

  312,801   17,548,136
STAG Industrial, Inc. REIT

  271,666   10,665,607
Terreno Realty Corp. REIT (a)

  125,150   7,843,151
          257,264,576
OFFICE REITs — 6.3%  
Alexandria Real Estate Equities, Inc. REIT

  229,677   29,116,153
Boston Properties, Inc. REIT

  211,355   14,830,780
Brandywine Realty Trust REIT

  230,495   1,244,673
COPT Defense Properties REIT

  166,312   4,262,577
Cousins Properties, Inc. REIT

  222,857   5,426,568
Douglas Emmett, Inc. REIT

  243,422   3,529,619
Easterly Government Properties, Inc. REIT (a)

  131,803   1,771,432
Equity Commonwealth REIT

  153,162   2,940,711
Highwoods Properties, Inc. REIT (a)

  150,293   3,450,727
Hudson Pacific Properties, Inc. REIT (a)

  180,652   1,681,870
JBG SMITH Properties REIT (a)

  124,817   2,123,137
Kilroy Realty Corp. REIT

  156,384   6,230,339
NET Lease Office Properties REIT

  21,004   388,154
Office Properties Income Trust REIT (a)

  60,048   439,552
Orion Office REIT, Inc.

  69,113   395,326
Paramount Group, Inc. REIT

  236,002   1,220,130
Piedmont Office Realty Trust, Inc. Class A REIT

  164,111   1,166,829
SL Green Realty Corp. REIT

  94,341   4,261,383
Vornado Realty Trust REIT (a)

  234,939   6,637,027
          91,116,987
RESIDENTIAL REITs — 18.2%  
American Homes 4 Rent Class A REIT

  474,797   17,073,700
Apartment Income REIT Corp.

  212,826   7,391,447
Apartment Investment & Management Co. Class A REIT (b)

  199,028   1,558,389
AvalonBay Communities, Inc. REIT

  211,359   39,570,632
Camden Property Trust REIT

  157,067   15,595,182
Centerspace REIT

  21,099   1,227,962
Elme Communities REIT

  122,971   1,795,377
 
See accompanying notes to financial statements.
17


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2023 (Unaudited)

Security Description     Shares   Value
Equity LifeStyle Properties, Inc. REIT

  275,673   $ 19,445,973
Equity Residential REIT

  512,990   31,374,468
Essex Property Trust, Inc. REIT

  94,574   23,448,678
Independence Realty Trust, Inc. REIT

  332,333   5,084,695
Invitation Homes, Inc. REIT

  857,722   29,256,897
Mid-America Apartment Communities, Inc. REIT

  171,710   23,088,127
NexPoint Residential Trust, Inc. REIT

  32,561   1,121,075
Sun Communities, Inc. REIT

  182,964   24,453,139
UDR, Inc. REIT

  446,847   17,109,772
UMH Properties, Inc. REIT

  89,207   1,366,651
Veris Residential, Inc. REIT

  117,595   1,849,769
          261,811,933
RETAIL REITs — 17.4%  
Acadia Realty Trust REIT

  138,904   2,359,979
Agree Realty Corp. REIT

  147,463   9,282,796
Brixmor Property Group, Inc. REIT

  443,131   10,311,658
Federal Realty Investment Trust REIT

  108,609   11,192,157
Getty Realty Corp. REIT

  68,630   2,005,369
Kimco Realty Corp. REIT

  912,220   19,439,408
Kite Realty Group Trust REIT

  324,751   7,423,808
Macerich Co. REIT (a)

  317,664   4,901,555
NETSTREIT Corp. (a)

  100,696   1,797,424
NNN REIT, Inc.

  267,159   11,514,553
Realty Income Corp. REIT

  1,067,392   61,289,649
Regency Centers Corp. REIT

  245,410   16,442,470
Retail Opportunity Investments Corp. REIT

  183,495   2,574,435
RPT Realty REIT

  114,522   1,469,317
Simon Property Group, Inc. REIT

  479,031   68,328,982
SITE Centers Corp. REIT

  267,901   3,651,491
Spirit Realty Capital, Inc. REIT

  206,737   9,032,339
Tanger, Inc. REIT

  158,303   4,388,159
Urban Edge Properties REIT

  176,141   3,223,380
          250,628,929
SPECIALIZED REITs — 21.9%  
CubeSmart REIT

  331,056   15,344,446
Security Description     Shares   Value
Digital Realty Trust, Inc. REIT

  444,018   $ 59,755,942
EPR Properties REIT

  111,273   5,391,177
Equinix, Inc. REIT

  132,935   107,064,520
Extra Space Storage, Inc. REIT

  309,544   49,629,189
Four Corners Property Trust, Inc. REIT

  131,747   3,333,199
National Storage Affiliates Trust REIT (a)

  113,321   4,699,422
Public Storage REIT

  232,587   70,939,035
          316,156,930
TOTAL COMMON STOCKS

(Cost $1,726,804,671)

        1,424,548,171
SHORT-TERM INVESTMENTS — 1.5%      
State Street Institutional Liquid Reserves Fund, Premier Class 5.49% (c)  (d)

  9,329,942   9,333,673
State Street Navigator Securities Lending Portfolio II (e)  (f)

  12,389,142   12,389,142
TOTAL SHORT-TERM INVESTMENTS

(Cost $21,723,557)

  21,722,815  
TOTAL INVESTMENTS — 100.3%

(Cost $1,748,528,228)

  1,446,270,986  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.3)%

  (4,942,729)  
NET ASSETS — 100.0%

  $ 1,441,328,257  
(a) All or a portion of the shares of the security are on loan at December 31, 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 December 31, 2023 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2023.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 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.
18


Table of Contents
SPDR DOW JONES REIT ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2023 (Unaudited)

At December 31, 2023, open futures contracts were as follows:
Description   Number of
Contracts
  Expiration
Date
  Notional
Amount
  Value   Unrealized
Appreciation
(Depreciation)
Dow Jones US Real Estate Index (long)   447   03/15/2024   $15,385,252   $15,933,853   $548,601
 
During the period ended December 31, 2023, the average notional value related to futures contracts was $14,756,663.
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2023.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Common Stocks

  $1,424,548,171   $—   $—   $1,424,548,171
Short-Term Investments

  21,722,815       21,722,815
TOTAL INVESTMENTS

  $1,446,270,986   $—   $—   $1,446,270,986
OTHER FINANCIAL INSTRUMENTS:                
Futures Contracts - Unrealized Appreciation

  $ 548,601   $—   $—   $ 548,601
TOTAL OTHER FINANCIAL INSTRUMENTS:

  $ 548,601   $—   $—   $ 548,601
 
Affiliate Table
  Number of
Shares Held
at
6/30/23
  Value at

6/30/23
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
12/31/23
  Value at

12/31/23
  Dividend
Income
State Street Institutional Liquid Reserves Fund, Premier Class

7,247,438   $ 7,248,887   $ 45,351,670   $ 43,269,708   $3,710   $(886)   9,329,942   $ 9,333,673   $329,235
State Street Navigator Securities Lending Portfolio II

19,734,758   19,734,758   178,538,180   185,883,796       12,389,142   12,389,142   37,380
Total

    $26,983,645   $223,889,850   $229,153,504   $3,710   $(886)       $21,722,815   $366,615
See accompanying notes to financial statements.
19


Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS
December 31, 2023 (Unaudited)

Security Description     Shares   Value
COMMON STOCKS — 99.9%   
AEROSPACE & DEFENSE — 1.2%  
BWX Technologies, Inc.

  291,372   $ 22,356,974
Curtiss-Wright Corp.

  121,385   27,043,364
Hexcel Corp.

  267,467   19,725,691
Woodward, Inc.

  192,424   26,194,679
          95,320,708
AIR FREIGHT & LOGISTICS — 0.3%  
GXO Logistics, Inc. (a)

  378,832   23,169,365
AUTO COMPONENTS — 1.5%  
Adient PLC (a)

  298,641   10,858,587
Autoliv, Inc.

  238,483   26,278,442
Fox Factory Holding Corp. (a)

  134,101   9,049,135
Gentex Corp.

  742,850   24,261,481
Goodyear Tire & Rubber Co. (a)

  897,544   12,852,830
Lear Corp.

  186,102   26,279,463
Visteon Corp. (a)

  88,590   11,064,891
          120,644,829
AUTOMOBILES — 0.4%  
Harley-Davidson, Inc. (b)

  403,547   14,866,671
Thor Industries, Inc. (b)

  169,724   20,069,863
          34,936,534
BANKS — 5.7%  
Associated Banc-Corp.

  473,198   10,121,705
Bank OZK

  335,157   16,700,873
Cadence Bank

  581,751   17,214,012
Columbia Banking System, Inc.

  664,311   17,723,817
Commerce Bancshares, Inc.

  377,437   20,158,907
Cullen/Frost Bankers, Inc.

  203,113   22,035,729
East West Bancorp, Inc.

  448,223   32,249,645
First Financial Bankshares, Inc. (b)

  406,680   12,322,404
First Horizon Corp.

  1,779,611   25,199,292
FNB Corp. (b)

  1,136,223   15,645,791
Glacier Bancorp, Inc. (b)

  351,032   14,504,642
Hancock Whitney Corp.

  272,635   13,247,335
Home BancShares, Inc.

  596,608   15,112,081
International Bancshares Corp.

  170,286   9,249,936
New York Community Bancorp, Inc. (b)

  2,300,999   23,539,220
Old National Bancorp

  926,515   15,648,838
Pinnacle Financial Partners, Inc.

  244,500   21,325,290
Prosperity Bancshares, Inc.

  298,529   20,219,369
SouthState Corp. (b)

  242,288   20,461,222
Synovus Financial Corp.

  465,736   17,534,960
Texas Capital Bancshares, Inc. (a)

  153,249   9,904,483
UMB Financial Corp.

  139,136   11,624,813
United Bankshares, Inc.

  427,289   16,044,702
Valley National Bancorp

  1,350,043   14,661,467
Webster Financial Corp.

  548,883   27,861,301
Wintrust Financial Corp.

  194,977   18,084,117
          458,395,951
Security Description     Shares   Value
BEVERAGES — 0.6%  
Boston Beer Co., Inc. Class A (a)

  29,873   $ 10,323,810
Celsius Holdings, Inc. (a)  (b)

  472,190   25,743,799
Coca-Cola Consolidated, Inc.

  14,930   13,861,012
          49,928,621
BIOTECHNOLOGY — 1.5%  
Arrowhead Pharmaceuticals, Inc. (a)

  341,708   10,456,265
Exelixis, Inc. (a)

  990,369   23,758,952
Halozyme Therapeutics, Inc. (a)

  420,724   15,549,959
Neurocrine Biosciences, Inc. (a)

  312,874   41,224,278
United Therapeutics Corp. (a)

  149,431   32,858,383
          123,847,837
BROADLINE RETAIL — 0.5%  
Macy's, Inc.

  871,510   17,534,781
Nordstrom, Inc. (b)

  309,245   5,705,570
Ollie's Bargain Outlet Holdings, Inc. (a)

  195,737   14,854,481
          38,094,832
BUILDING PRODUCTS — 3.5%  
Advanced Drainage Systems, Inc.

  218,245   30,693,977
Carlisle Cos., Inc.

  155,057   48,444,458
Fortune Brands Innovations, Inc.

  401,993   30,607,747
Lennox International, Inc.

  101,858   45,583,492
Owens Corning

  283,071   41,959,614
Simpson Manufacturing Co., Inc.

  135,903   26,906,076
Trex Co., Inc. (a)

  345,897   28,636,813
UFP Industries, Inc.

  196,847   24,714,141
          277,546,318
CAPITAL MARKETS — 2.8%  
Affiliated Managers Group, Inc.

  107,648   16,300,060
Carlyle Group, Inc. (b)

  689,424   28,052,662
Evercore, Inc. Class A

  110,418   18,886,999
Federated Hermes, Inc.

  274,538   9,295,857
Houlihan Lokey, Inc.

  164,400   19,713,204
Interactive Brokers Group, Inc. Class A

  340,804   28,252,652
Janus Henderson Group PLC

  419,553   12,649,523
Jefferies Financial Group, Inc.

  536,139   21,665,377
Morningstar, Inc. (b)

  82,950   23,743,608
SEI Investments Co.

  318,636   20,249,318
Stifel Financial Corp.

  324,827   22,461,787
          221,271,047
CHEMICALS — 2.4%  
Ashland, Inc.

  162,285   13,682,248
Avient Corp.

  290,415   12,072,552
Axalta Coating Systems Ltd. (a)

  702,284   23,856,587
Cabot Corp.

  177,101   14,787,934
Chemours Co.

  472,794   14,911,923
 
See accompanying notes to financial statements.
20


Table of Contents
SPDR PORTFOLIO S&P 400 MID CAP ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2023 (Unaudited)

Security Description     Shares   Value
Livent Corp. (a)

  571,600   $ 10,277,368
NewMarket Corp.

  21,928   11,968,960
Olin Corp.

  390,358   21,059,814
RPM International, Inc.

  410,348   45,807,147
Scotts Miracle-Gro Co. (b)

  131,504   8,383,380
Westlake Corp.

  102,017   14,278,299
          191,086,212
COMMERCIAL SERVICES & SUPPLIES — 1.3%  
Brink's Co.

  143,483   12,619,330
Clean Harbors, Inc. (a)

  160,399   27,991,229
MSA Safety, Inc.

  117,717   19,874,161
Stericycle, Inc. (a)

  292,964   14,519,296
Tetra Tech, Inc.

  169,571   28,306,487
          103,310,503
COMMUNICATIONS EQUIPMENT — 0.5%  
Calix, Inc. (a)

  186,712   8,157,447
Ciena Corp. (a)

  473,527   21,313,450
Lumentum Holdings, Inc. (a)

  213,397   11,186,271
          40,657,168
CONSTRUCTION & ENGINEERING — 2.0%  
AECOM

  441,805   40,836,036
Comfort Systems USA, Inc.

  113,800   23,405,246
EMCOR Group, Inc.