SSGA ACTIVE TRUST

TABLE OF CONTENTS (Unaudited)

Portfolio Statistics (Unaudited)
SPDR SSGA Fixed Income Sector Rotation ETF (FISR)	1
SPDR SSGA US Sector Rotation ETF (XLSR)	2
Schedules of Investments (Unaudited)
SPDR SSGA Fixed Income Sector Rotation ETF (FISR)	3
SPDR SSGA US Sector Rotation ETF (XLSR)	5
Financial Statements (Unaudited)	7
Financial Highlights (Unaudited)	10
Notes to Financial Statements (Unaudited)	12
Other Information (Unaudited)	22

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

Table of Contents

SPDR SSGA Fixed Income Sector Rotation ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2021


	Description	% of Net Assets
	SPDR Portfolio Long Term Corporate Bond ETF	26.0%
	SPDR Portfolio Mortgage Backed Bond ETF	25.3
	SPDR Portfolio Intermediate Term Corporate Bond ETF	15.2
	SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	11.9
	SPDR Portfolio Intermediate Term Treasury ETF	11.4
	TOTAL	89.8%

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2021


		% of Net Assets
	Domestic Fixed Income	99.8%
	Short Term Investments	4.2
	Liabilities in Excess of Other Assets	(4.0)
	TOTAL	100.0%

(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)

See accompanying notes to financial statements.

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SPDR SSGA US Sector Rotation ETF

Portfolio Statistics (Unaudited)

Top Five Holdings as of December 31, 2021


	Description	% of Net Assets
	The Technology Select Sector SPDR Fund	43.8%
	The Financial Select Sector SPDR Fund	16.5
	The Consumer Staples Select Sector SPDR Fund	15.9
	The Materials Select Sector SPDR Fund	12.3
	The Energy Select Sector SPDR Fund	5.1
	TOTAL	93.6%

(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)

Asset Allocation as of December 31, 2021


		% of Net Assets
	Domestic Equity	99.8%
	Short Term Investments	9.9
	Liabilities in Excess of Other Assets	(9.7)
	TOTAL	100.0%

(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)

See accompanying notes to financial statements.

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SPDR SSGA FIXED INCOME SECTOR ROTATION ETF

SCHEDULE OF INVESTMENTS

December 31, 2021 (Unaudited)

Security Description	Shares	Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.8%
DOMESTIC FIXED INCOME — 99.8%
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (a)(b)	151,118	$ 13,816,719
SPDR Bloomberg High Yield Bond ETF (a)	16,082	1,746,023
SPDR Portfolio Intermediate Term Corporate Bond ETF (a)(b)	485,789	17,561,272
SPDR Portfolio Intermediate Term Treasury ETF (a)	413,394	13,249,278
SPDR Portfolio Long Term Corporate Bond ETF (a)(b)	956,834	30,121,134
SPDR Portfolio Long Term Treasury ETF (a)	233,924	9,859,896
SPDR Portfolio Mortgage Backed Bond ETF (a)(b)	1,155,794	29,334,052
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS (Cost $116,781,846)		115,688,374
SHORT-TERM INVESTMENTS — 4.2%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (c)(d)	273,544	273,544
State Street Navigator Securities Lending Portfolio II (e)(f)	4,603,450	4,603,450
TOTAL SHORT-TERM INVESTMENTS (Cost $4,876,994)		$ 4,876,994
TOTAL INVESTMENTS — 104.0% (Cost $121,658,840)		120,565,368
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.0)%		(4,623,850)
NET ASSETS — 100.0%		$ 115,941,518

The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov.

(a)	Affiliated fund 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.
(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.

See accompanying notes to financial statements.

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SPDR SSGA FIXED INCOME SECTOR ROTATION ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Mutual Funds and Exchange Traded Products	$ 115,688,374	$—	$—	$ 115,688,374
Short-Term Investments	4,876,994	—	—	4,876,994
TOTAL INVESTMENTS	$120,565,368	$—	$—	$120,565,368

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
SPDR Bloomberg Barclays 1-3 Month T-Bill ETF	39,726	$ 3,633,737	$ 14,843,882	$ 4,655,471	$ (1,709)	$ (3,720)	151,118	$ 13,816,719	$ —
SPDR Bloomberg High Yield Bond ETF	—	—	5,315,771	3,529,325	(34,447)	(5,976)	16,082	1,746,023	24,030
SPDR Portfolio Intermediate Term Corporate Bond ETF	508,248	18,652,702	10,280,712	11,109,347	85,564	(348,359)	485,789	17,561,272	163,104
SPDR Portfolio Intermediate Term Treasury ETF	292,929	9,485,041	6,451,442	2,567,332	82,847	(202,720)	413,394	13,249,278	39,471
SPDR Portfolio Long Term Corporate Bond ETF	634,102	20,151,762	17,595,862	7,311,493	123,530	(438,527)	956,834	30,121,134	431,161
SPDR Portfolio Long Term Treasury ETF	139,338	5,754,659	5,904,941	1,969,655	111,925	58,026	233,924	9,859,896	75,190
SPDR Portfolio Mortgage Backed Bond ETF	973,311	25,169,822	14,734,512	10,081,895	(158,909)	(329,478)	1,155,794	29,334,052	381,030
State Street Institutional U.S. Government Money Market Fund, Class G Shares	136,849	136,849	354,895	218,200	—	—	273,544	273,544	29
State Street Navigator Securities Lending Portfolio II	24,628,973	24,628,973	769,907,169	789,932,692	—	—	4,603,450	4,603,450	117,898
Total		$107,613,545	$845,389,186	$831,375,410	$ 208,801	$(1,270,754)		$120,565,368	$1,231,913

See accompanying notes to financial statements.

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SPDR SSGA US SECTOR ROTATION ETF

SCHEDULE OF INVESTMENTS

December 31, 2021 (Unaudited)

Security Description	Shares	Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.8%
DOMESTIC EQUITY — 99.8%
The Consumer Discretionary Select Sector SPDR Fund (a)	14,976	$ 3,061,693
The Consumer Staples Select Sector SPDR Fund (a)(b)	404,888	31,220,914
The Energy Select Sector SPDR Fund (a)	181,238	10,058,709
The Financial Select Sector SPDR Fund (a)	831,191	32,458,009
The Industrial Select Sector SPDR Fund (a)(b)	32,826	3,473,319
The Materials Select Sector SPDR Fund (a)(b)	267,732	24,259,196
The Technology Select Sector SPDR Fund (a)	494,749	86,022,009
The Utilities Select Sector SPDR Fund (a)(b)	75,909	5,433,566
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS (Cost $172,391,259)		195,987,415
SHORT-TERM INVESTMENTS — 9.9%
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (c)(d)	406,528	406,528
State Street Navigator Securities Lending Portfolio II (e)(f)	18,914,544	18,914,544
TOTAL SHORT-TERM INVESTMENTS (Cost $19,321,072)		$ 19,321,072
TOTAL INVESTMENTS — 109.7% (Cost $191,712,331)		215,308,487
LIABILITIES IN EXCESS OF OTHER ASSETS — (9.7)%		(19,011,846)
NET ASSETS — 100.0%		$ 196,296,641

The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov.

(a)	Affiliated fund 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.
(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.

See accompanying notes to financial statements.

Table of Contents

SPDR SSGA US SECTOR ROTATION ETF

SCHEDULE OF INVESTMENTS (continued)

December 31, 2021 (Unaudited)

Description	Level 1 – Quoted Prices	Level 2 – Other Significant Observable Inputs	Level 3 – Significant Unobservable Inputs	Total
ASSETS:
INVESTMENTS:
Mutual Funds and Exchange Traded Products	$195,987,415	$—	$—	$195,987,415
Short-Term Investments	19,321,072	—	—	19,321,072
TOTAL INVESTMENTS	$215,308,487	$—	$—	$215,308,487

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 U.S. Government Money Market Fund, Class G Shares	422,278	$ 422,278	$ 2,461,871	$ 2,477,621	$ —	$ —	406,528	$ 406,528	$ 59
State Street Navigator Securities Lending Portfolio II	49,478,804	49,478,804	—	30,564,260	—	—	18,914,544	18,914,544	19,981
The Communication Services Select Sector SPDR Fund	150,287	12,168,738	44,648,705	54,417,963	(1,164,934)	(1,234,546)	—	—	78,550
The Consumer Discretionary Select Sector SPDR Fund	—	—	3,113,893	27,626	(989)	(23,585)	14,976	3,061,693	4,397
The Consumer Staples Select Sector SPDR Fund	67,445	4,719,127	73,443,252	49,838,444	873,477	2,023,502	404,888	31,220,914	356,663
The Energy Select Sector SPDR Fund	100,084	5,391,525	16,457,916	10,865,301	(953,141)	27,710	181,238	10,058,709	126,564
The Financial Select Sector SPDR Fund	599,399	21,991,949	42,845,705	33,892,461	1,269,439	243,377	831,191	32,458,009	257,740
The Health Care Select Sector SPDR Fund	—	—	11,090,165	11,154,087	63,922	—	—	—	—
The Industrial Select Sector SPDR Fund	274,818	28,141,363	8,220,187	33,173,038	148,689	136,118	32,826	3,473,319	12,699
The Materials Select Sector SPDR Fund	351,629	28,942,583	40,609,354	45,840,872	(236,425)	784,556	267,732	24,259,196	185,479
The Technology Select Sector SPDR Fund	492,231	72,682,830	13,308,180	12,923,585	2,830,356	10,124,228	494,749	86,022,009	301,170
The Utilities Select Sector SPDR Fund	—	—	5,150,630	50,618	2,681	330,873	75,909	5,433,566	41,610
Total		$223,939,197	$261,349,858	$285,225,876	$ 2,833,075	$12,412,233		$215,308,487	$1,384,912

See accompanying notes to financial statements.

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SSGA ACTIVE TRUST

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2021 (Unaudited)

	SPDR SSGA Fixed Income Sector Rotation ETF	SPDR SSGA US Sector Rotation ETF
ASSETS
Investments in affiliated issuers, at value*	$120,565,368	$215,308,487
Dividends receivable — affiliated issuers	6	11
Securities lending income receivable — unaffiliated issuers	—	2,084
Securities lending income receivable — affiliated issuers	19,229	5,073
Receivable from Adviser	9,564	12,191
TOTAL ASSETS	120,594,167	215,327,846
LIABILITIES
Payable upon return of securities loaned	4,603,450	18,914,544
Advisory fee payable	49,192	116,656
Trustees’ fees and expenses payable	7	5
TOTAL LIABILITIES	4,652,649	19,031,205
NET ASSETS	$ 115,941,518	$196,296,641
NET ASSETS CONSIST OF:
Paid-in Capital	$ 117,939,595	$173,351,203
Total distributable earnings (loss)	(1,998,077)	22,945,438
NET ASSETS	$ 115,941,518	$196,296,641
NET ASSET VALUE PER SHARE
Net asset value per share	$ 31.00	$ 46.96
Shares outstanding (unlimited amount authorized, no par value)	3,740,000	4,180,000
COST OF INVESTMENTS:
Investments in affiliated issuers	$121,658,840	$191,712,331
* Includes investments in securities on loan, at value	$ 5,938,194	$ 18,745,849

See accompanying notes to financial statements.

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SSGA ACTIVE TRUST

STATEMENTS OF OPERATIONS

For the Period Ended December 31, 2021 (Unaudited)

	SPDR SSGA Fixed Income Sector Rotation ETF	SPDR SSGA US Sector Rotation ETF
INVESTMENT INCOME
Dividend income — affiliated issuers	$ 1,114,015	$ 1,364,931
Unaffiliated securities lending income	17,347	8,256
Affiliated securities lending income	117,898	19,981
TOTAL INVESTMENT INCOME (LOSS)	1,249,260	1,393,168
EXPENSES
Advisory fee	208,286	485,675
Trustees’ fees and expenses	386	791
Miscellaneous expenses	—	3
TOTAL EXPENSES	208,672	486,469
NET INVESTMENT INCOME (LOSS)	$ 1,040,588	$ 906,699
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) on:
Investments — affiliated issuers	(288,782)	(547,665)
In-kind redemptions — affiliated issuers	497,583	3,380,740
Net realized gain (loss)	208,801	2,833,075
Net change in unrealized appreciation/depreciation on:
Investments — affiliated issuers	(1,270,754)	12,412,233
NET REALIZED AND UNREALIZED GAIN (LOSS)	(1,061,953)	15,245,308
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS	$ (21,365)	$16,152,007

See accompanying notes to financial statements.

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SSGA ACTIVE TRUST

STATEMENTS OF CHANGES IN NET ASSETS

	SPDR SSGA Fixed Income Sector Rotation ETF		SPDR SSGA US Sector Rotation ETF
	Six Months Ended 12/31/21 (Unaudited)	Year Ended 6/30/21	Six Months Ended 12/31/21 (Unaudited)	Year Ended 6/30/21
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss)	$ 1,040,588	$ 1,180,986	$ 906,699	$ 950,203
Net realized gain (loss)	208,801	118,053	2,833,075	21,118,417
Net change in unrealized appreciation/depreciation	(1,270,754)	(1,118,319)	12,412,233	7,788,064
Net increase (decrease) in net assets resulting from operations	(21,365)	180,720	16,152,007	29,856,684
Net equalization credits and charges	(319,385)	(305,734)	(30,249)	(102,983)
Distributions to shareholders	(1,046,327)	(1,399,502)	(6,066,201)	(1,087,675)
FROM BENEFICIAL INTEREST TRANSACTIONS:
Proceeds from shares sold	60,663,938	55,227,077	30,304,477	131,380,293
Cost of shares redeemed	(26,628,572)	(18,048,847)	(18,489,257)	(54,370,975)
Net income equalization	319,385	305,734	30,249	102,983
Net increase (decrease) in net assets from beneficial interest transactions	34,354,751	37,483,964	11,845,469	77,112,301
Net increase (decrease) in net assets during the period	32,967,674	35,959,448	21,901,026	105,778,327
Net assets at beginning of period	82,973,844	47,014,396	174,395,615	68,617,288
NET ASSETS AT END OF PERIOD	$115,941,518	$ 82,973,844	$196,296,641	$174,395,615
SHARES OF BENEFICIAL INTEREST:
Shares sold	1,940,000	1,750,000	660,000	3,220,000
Shares redeemed	(850,000)	(570,000)	(410,000)	(1,380,000)
Net increase (decrease) from share transactions	1,090,000	1,180,000	250,000	1,840,000

See accompanying notes to financial statements.

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SSGA ACTIVE TRUST

FINANCIAL HIGHLIGHTS

Selected data for a share outstanding throughout each period

	SPDR SSGA Fixed Income Sector Rotation ETF
	Six Months Ended 12/31/21 (Unaudited)	Year Ended 6/30/21	Year Ended 6/30/20	For the Period 4/3/2019^*- 6/30/19
Net asset value, beginning of period	$ 31.31	$ 31.98	$ 31.08	$ 30.10
Income (loss) from investment operations:
Net investment income (loss) (a)	0.33	0.63	0.81	0.15
Net realized and unrealized gain (loss) (b)	(0.21)	(0.37)	1.31	0.99
Total from investment operations	0.12	0.26	2.12	1.14
Net equalization credits and charges (a)	(0.10)	(0.16)	(0.17)	0.00(c)
Distributions to shareholders from:
Net investment income	(0.33)	(0.77)	(1.05)	(0.16)
Net asset value, end of period	$ 31.00	$ 31.31	$ 31.98	$ 31.08
Total return (d)	0.05%	0.29%	6.42%	3.81%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$115,942	$82,974	$47,014	$10,877
Ratios to average net assets:
Total expenses (e)	0.41%(f)	0.39%	0.31%	0.31%(f)
Net investment income (loss)	2.06%(f)	1.99%	2.57%	1.98%(f)
Portfolio turnover rate (g)	41%(h)	79%	150%	32%(h)

*	Commencement of operations.
(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Amount is less than $0.005 per share.
(d)	Total return is calculated assuming a purchase of shares at net asset value on the first day and a sale at net asset value on the last day of each period reported. Distributions are assumed, for the purpose of this calculation, to be reinvested at net asset value per share on the respective payment dates of each distribution. Total returns for periods of less than one year are not annualized. Broker commission charges are not included in this calculation.
(e)	Does not include expenses of the Underlying Funds in which the Fund invests.
(f)	Annualized.
(g)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(h)	Not annualized.

See accompanying notes to financial statements.

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SSGA ACTIVE TRUST

FINANCIAL HIGHLIGHTS (continued)

Selected data for a share outstanding throughout each period

	SPDR SSGA US Sector Rotation ETF
	Six Months Ended 12/31/21 (Unaudited)	Year Ended 6/30/21	Year Ended 6/30/20	For the Period 4/3/2019^*- 6/30/19
Net asset value, beginning of period	$ 44.38	$ 32.83	$ 30.73	$ 30.09
Income (loss) from investment operations:
Net investment income (loss) (a)	0.22	0.36	0.57	0.23
Net realized and unrealized gain (loss) (b)	3.82	11.62	1.98	0.55
Total from investment operations	4.04	11.98	2.55	0.78
Net equalization credits and charges (a)	(0.01)	(0.04)	0.03	(0.03)
Distributions to shareholders from:
Net investment income	(0.22)	(0.39)	(0.48)	(0.11)
Net realized gains	(1.23)	—	—	—
Total distributions	(1.45)	—	—	—
Net asset value, end of period	$ 46.96	$ 44.38	$ 32.83	$ 30.73
Total return (c)	9.11%	36.48%	8.52%	2.50%
Ratios and Supplemental Data:
Net assets, end of period (in 000s)	$196,297	$174,396	$68,617	$14,136
Ratios to average net assets:
Total expenses (d)	0.52%(e)	0.52%	0.49%	0.49%(e)
Net investment income (loss)	0.97%(e)	0.89%	1.79%	3.12%(e)
Portfolio turnover rate (f)	124%(g)	263%	154%	39%(g)

*	Commencement of operations.
(a)	Per share numbers have been calculated using average shares outstanding, which more appropriately presents the per share data for the period.
(b)	Amounts shown in this caption for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period because of the timing of sales and repurchases of Fund shares in relation to fluctuating market values for the Fund.
(c)	Total return is calculated assuming a purchase of Units at net asset value per Unit on the first day and a sale at net asset value per Unit on the last day of each period reported. Distributions are assumed, for the purposes of this calculation, to be reinvested at the net asset value per Unit on the respective payment dates of the Trust. Broker commission charges are not included in this calculation.
(d)	Does not include expenses of the Underlying Funds in which the Fund invests.
(e)	Annualized.
(f)	Portfolio turnover rate excludes securities received or delivered from in-kind processing of creations or redemptions.
(g)	Not annualized.

See accompanying notes to financial statements.

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SSGA ACTIVE TRUST

NOTES TO FINANCIAL STATEMENTS

December 31, 2021 (Unaudited)

1. Organization

SSGA Active Trust (the “Trust”), a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (“1940 Act”), is an open-end management investment company.

As of December 31, 2021, the Trust consists of twelve (12) series, each of which represents a separate series of beneficial interest in the Trust. The Declaration of Trust permits the Board of Trustees of the Trust (the “Board”) to authorize the issuance of an unlimited number of shares of beneficial interest with no par value. The financial statements herein relate to the following series (each, a “Fund” and collectively, the “Funds”):

SPDR SSGA Fixed Income Sector Rotation ETF

SPDR SSGA US Sector Rotation ETF

Each Fund is classified as a diversified investment company under the 1940 Act.

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that contain general indemnification clauses. The Trust’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Trust that have not yet occurred.

2. Summary of Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Trust in the preparation of its financial statements:

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates. Each Fund is an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies.

Security Valuation

Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy

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SSGA ACTIVE TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.

Valuation techniques used to value each Fund’s investments by major category are as follows:

• Equity investments traded on a recognized securities exchange for which market quotations are readily available are valued at the last sale price or official closing price, as applicable, on the primary market or exchange on which they trade. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last published sale price or at fair value.

• Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.

In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.

Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmarks. Various inputs are used in determining the value of the Funds' investments.

The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.

The three levels of the fair value hierarchy are as follows:

• Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;

• Level 2 – Inputs other than quoted prices included within Level 1 that are

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SSGA ACTIVE TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and

• Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.

The value of each Fund’s investments, according to the fair value hierarchy as of December 31, 2021, is disclosed in each Fund’s respective Schedule of Investments.

Investment Transactions and Income Recognition

Investment transactions are accounted for on trade date for financial reporting purposes. Realized gains and losses from the sale or disposition of investments are determined using the identified cost method. Dividend income and capital gain distributions, if any, are recognized daily on the ex-dividend date, net of any foreign taxes withheld at source, if any. Interest income is recorded daily on an accrual basis. All premiums and discounts are amortized/accreted for financial reporting purposes.

Expenses

Certain expenses, which are directly identifiable to a specific Fund, are applied to that Fund within the Trust. Other expenses which cannot be attributed to a specific Fund are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative net assets of the Funds within the Trust.

Equalization

The Funds follow the accounting practice known as “Equalization” by which a portion of the proceeds from sales and costs of reacquiring Fund shares, equivalent on a per share basis to the amount of distributable net investment income on the date of the transaction, is credited or charged to undistributed net investment income. As a result, undistributed net investment income per share is unaffected by sales or reacquisition of Fund shares. Amounts related to Equalization can be found on the Statements of Changes in Net Assets.

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NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

Distributions

Distributions from net investment income, if any, are declared and paid monthly for SPDR SSGA Fixed Income Sector Rotation ETF and declared and paid quarterly for SPDR SSGA US Sector Rotation ETF.

Net realized capital gains, if any, are distributed annually. Dividends may be declared and paid more frequently or at any other times to improve Index tracking or to comply with the distribution requirements of the Internal Revenue Code of 1986, as amended (“Internal Revenue Code”). The amount and character of income and capital gains to be distributed are determined in accordance with applicable tax regulations which may differ from net investment income and realized gains recognized for U.S. GAAP purposes.

3. Fees and Transactions with Affiliates

Advisory Fee

The Trust on behalf of each Fund has entered into an Investment Advisory Agreement with SSGA FM. As compensation for services rendered, facilities furnished, and expenses borne by the Adviser, each Fund pays the Adviser a fee (“Management/Advisory fee”) accrued daily and paid monthly, based on a percentage of each Fund’s average daily net assets as shown in the following table:

	Annual Rate
SPDR SSGA Fixed Income Sector Rotation ETF	0.50%
SPDR SSGA US Sector Rotation ETF	0.70

Each Fund's Advisory fee is reduced by any acquired fund fees and expenses attributable to each Fund's investments in other investment companies. For the period ended December 31, 2021, the net annualized advisory fee was 0.41%, and 0.52%, for SPDR SSGA Fixed Income Sector Rotation ETF and SPDR SSGA US Sector Rotation ETF respectively.

The Adviser pays all expenses of each Fund other than the Management fee, brokerage expenses, taxes, interest, fees and expenses of the the Trust’s Trustees, who are not “interested persons” of the Trust, as defined in the 1940 Act (“Independent Trustees”) (including any Trustee’s counsel fees), litigation expenses and other extraordinary expenses.

Administrator, Custodian, Sub-Administrator and Transfer Agent Fees

SSGA FM serves as administrator and State Street Bank and Trust Company (“State Street”), an affiliate of the Adviser, serves as custodian, sub-administrator and transfer agent. State Street receives fees for its services as custodian, sub-administrator and transfer agent from the Adviser.

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NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

Distributor

State Street Global Advisors Funds Distributors, LLC (“SSGA FD” or the “Distributor”), an affiliate of the Adviser, serves as the distributor of the Trust.

Other Transactions with Affiliates - Securities Lending

State Street, an affiliate of the Funds, acts as the securities lending agent for the Funds, pursuant to an amended and restated securities lending authorization agreement dated January 6, 2017, as amended.

Beginning on January 1, 2022 net proceeds collected by State Street on investment of cash collateral or any fee income less rebates payable to borrowers, are paid as follows: If the calendar year to date net proceeds are below a specified threshold across SPDR ETFs, each Fund retains eighty five percent (85%) of the net proceeds and fifteen percent (15%) of such net proceeds is payable to State Street. Starting the business day following the date that calendar year to date net proceeds exceeds a specified threshold, each Fund retains ninety percent (90%) of the net proceeds and ten percent (10%) of such net proceeds is payable to State Street. Prior to January 1, 2022, net proceeds were 85% payable to the Funds, and 15% payable to State Street.

In addition, cash collateral from lending activities is invested in the State Street Navigator Securities Lending Portfolio II, an affiliated fund, for which SSGA FM serves as investment adviser. See Note 8 for additional information regarding securities lending.

Other Transactions with Affiliates

The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended December 31, 2021 are disclosed in the Schedules of Investments.

4. Trustees’ Fees

The fees and expenses of the Independent Trustees are paid directly by the Funds. The Independent Trustees are reimbursed for travel and other out-of-pocket expenses in connection with meeting attendance and industry seminars.

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SSGA ACTIVE TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

5. Investment Transactions

Purchases and sales of investments (excluding in-kind transactions and short term investments) for the period ended December 31, 2021, were as follows:

	Purchases	Sales
SPDR SSGA Fixed Income Sector Rotation ETF	$ 75,127,123	$ 41,224,518
SPDR SSGA US Sector Rotation ETF	229,952,426	235,072,152

For the period ended December 31, 2021, the following Funds had in-kind contributions, redemptions and net realized gains/losses in the amounts as follows:

	In-kind Contributions	In-kind Redemptions	In-kind Net Realized Gains/(Losses)
SPDR SSGA Fixed Income Sector Rotation ETF	$55,019,680	$20,985,805	$ 497,583
SPDR SSGA US Sector Rotation ETF	28,935,561	17,111,844	3,380,740

6. Shareholder Transactions

Each Fund issues and redeems its shares, at NAV, by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”). Except when aggregated in Creation Units, shares of each Fund are not redeemable. Transactions in capital shares for each Fund are disclosed in detail in the Statements of Changes in Net Assets.

The consideration for the purchase of Creation Units of a Fund may consist of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to the Trust and/or custodian, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. An additional variable fee may be charged for certain transactions. Such variable charges, if any, are included in “Other Capital” on the Statements of Changes in Net Assets.

7. Income Tax Information

The Funds have qualified and intend to continue to qualify as regulated investment companies under Subchapter M of the Internal Revenue Code. Each Fund will not be subject to federal income taxes to the extent it distributes its taxable income, including any net realized capital gains, for each fiscal year. Therefore, no provision for federal income tax is required.

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SSGA ACTIVE TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

The Funds file federal and various state and local tax returns as required. No income tax returns are currently under examination. Generally, the federal returns are subject to examination by the Internal Revenue Service for a period of three years from date of filing, while the state returns may remain open for an additional year depending upon jurisdiction. As of June 30, 2021, SSGA FM has analyzed each Fund's tax positions and does not believe there are any uncertain tax positions that would require recognition of a tax liability.

Distributions to shareholders are recorded on ex-dividend date. Income dividends and gain distributions are determined in accordance with income tax rules and regulations, which may differ from generally accepted accounting principles.

As of December 31, 2021, gross unrealized appreciation and gross unrealized depreciation of investments based on cost for federal income tax purposes were as follows:

	Tax Cost	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation (Depreciation)
SPDR SSGA Fixed Income Sector Rotation ETF	$121,699,100	$ 196,810	$1,330,542	$ (1,133,732)
SPDR SSGA US Sector Rotation ETF	191,763,842	23,726,985	182,340	23,544,645

8. Securities Lending

Each Fund may lend securities to qualified broker-dealers or institutional investors. The loans are secured at all times by cash, cash equivalents or U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. The value of the collateral with respect to a loaned security may be temporarily more or less than the value of a security due to market fluctuations of securities values. With respect to each loan, if on any U.S. business day the aggregate market value of securities collateral plus cash collateral is less than the aggregate market value of the securities which are subject to the loan, the borrower will be notified to provide additional collateral on the next business day.

The Funds will regain record ownership of loaned securities to exercise certain beneficial rights; however, the Funds may bear the risk of delay in recovery of, or even loss of rights in the securities loaned should the borrower fail financially. In addition, a Fund will bear the risk of loss of any cash collateral that it may invest. Each Fund receives compensation for lending its securities from interest or dividends earned on the cash, cash equivalents or U.S. government securities held as collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as the lending agent. Additionally, a Fund will receive a fee from the borrower for non-cash collateral equal to a percentage of the market value of the loaned securities.

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SSGA ACTIVE TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

The market value of securities on loan as of December 31, 2021, and the value of the invested cash collateral are disclosed in the Funds' Statements of Assets and Liabilities. Non-cash collateral is not disclosed in the Funds Statements of Assets and Liabilities as it is held by the lending agent on behalf of the Funds, and the Funds do not have the ability to re-hypothecate those securities. Securities lending income, as disclosed in the Funds Statements of Operations, represents the income earned from the non-cash collateral and the investment of cash collateral, net of fee rebates paid to the borrower and net of fees paid to State Street as lending agent.

The following is a summary of each Fund’s securities lending agreements and related cash and non-cash collateral received as of December 31, 2021:

Fund	Market Value of Securities on Loan	Cash Collateral Received	Non-Cash Collateral Received *	Total Collateral Received
SPDR SSGA Fixed Income Sector Rotation ETF	$ 5,938,194	$ 4,603,450	$ 1,470,600	$ 6,074,050
SPDR SSGA US Sector Rotation ETF	18,745,849	18,914,544	160,673	19,075,217

*	The non-cash collateral includes U.S. Treasuries and U.S. Government Agency securities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged or securities loaned, and the remaining contractual maturity of those transactions as of December 31, 2021:

		Remaining Contractual Maturity of the Agreements as of December 31, 2021
Fund	Securities Lending Transactions	Overnight and Continuous	<30 Days	Between 30 & 90 Days	>90 Days	Total Borrowings	Gross Amount of Recognized Liabilities for Securities Lending Transactions
SPDR SSGA Fixed Income Sector Rotation ETF	Mutual Funds and Exchange Traded Products	$ 4,603,450	$—	$—	$—	$ 4,603,450	$ 4,603,450
SPDR SSGA US Sector Rotation ETF	Mutual Funds and Exchange Traded Products	18,914,544	—	—	—	18,914,544	18,914,544

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SSGA ACTIVE TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

9. Risks

Concentration Risk

As a result of the Funds' ability to invest a large percentage of their assets in obligations of issuers within the same country, state, region, currency or economic sector, an adverse economic, business or political development may affect the value of the Funds' investments more than if the Funds' were more broadly diversified.

Foreign and Emerging Markets Risk

Investing in foreign markets involves risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of government regulation, economic, political and social instability in the countries in which the Funds invest. Foreign markets may be less liquid than investments in the U.S. and may be subject to the risks of currency fluctuations. To the extent that the Funds invest in securities of issuers located in emerging markets, these risks may be even more pronounced.

Credit Risk

A Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which a Fund has unsettled or open transactions defaults.

Market Risk

Each Fund’s investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investment in securities markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, changes in the actual or perceived creditworthiness of issuers, and general market liquidity. Each Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, or other events could have a significant impact on a Fund and its investments.

An outbreak of a respiratory disease caused by a novel coronavirus (known as COVID-19) first detected in China in December 2019 has resulted in a global pandemic and major disruptions to economies and markets around the world, including the United States. Financial markets experienced and may continue to experience extreme volatility and severe losses, and trading in many instruments was and may continue to be disrupted as a result. Liquidity for many instruments was and may continue to be greatly reduced for periods of time. Some interest rates are very low and in some cases yields are negative. Governments and central banks, including the Federal Reserve in the

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SSGA ACTIVE TRUST

NOTES TO FINANCIAL STATEMENTS (continued)

December 31, 2021 (Unaudited)

United States, have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. The impact of these measures, and whether they will be effective to mitigate the economic and market disruption, will not be known for some time. In addition, the outbreak of COVID-19, and measures taken to mitigate its effects, could result in disruptions to the services provided to a Fund by its service providers.

10. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment or disclosure in the financial statements.

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SSGA ACTIVE TRUST

OTHER INFORMATION

December 31, 2021 (Unaudited)

Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads), if applicable, on purchase payments, reinvested dividends, or other distributions and (2) ongoing costs, including advisory fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. It is based on an investment of $1,000 made at the beginning of the period shown and held for the entire period from July 1, 2021 to December 31, 2021.

The table below illustrates your Fund's cost in two ways:

Based on actual fund return ——This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from each Fund's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period”.

Based on hypothetical 5% return ——This section is intended to help you compare your Fund's costs with those of other mutual funds. It assumes that the Fund had a yearly return of 5% before expenses, but that the expense ratio is unchanged. In this case, because the return used is not the Fund's actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess your Fund's costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales load charges (loads). Therefore, the hypothetical 5% return section of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

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SSGA ACTIVE TRUST

OTHER INFORMATION (continued)

December 31, 2021 (Unaudited)

Liquidity Risk Management Program

Pursuant to Rule 22e-4 under the 1940 Act, the Funds have adopted a liquidity risk management program (the "Program"). The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk, based on factors specific to the circumstances of the Fund. Liquidity risk is defined as the risk that a Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.

SSGA FM has been designated by the Board to administer the Funds’ Program. During the fiscal year, SSGA FM provided the Board with a report addressing the operations of the Program and assessing its adequacy and the effectiveness of the Program's implementation for the period September 2020 through June 2021, including:

•	the Program supported each Fund’s ability to honor redemption requests timely;
•	the Program supported SSGA FM’s management of each Fund’s liquidity profile, including during periods of market volatility and net redemptions;
•	no material liquidity issues were identified during the period;
•	there were no material changes to the Program during the period;
•	the implementation of the Program was effective to manage each Fund’s liquidity risk; and
•	the Program operated adequately during the period.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Proxy Voting Policies and Procedures and Records

A description of the Trust’s proxy voting policies and procedures that are used by the Funds’ investment adviser to vote proxies relating to the Funds’ portfolio of securities are available (i) without charge, upon request by calling 1-866-787-2257 (toll free) or (ii) on the SEC's website at www.sec.gov.

Information regarding how the investment adviser voted for the 12-month period ended June 30, is available by August 31 of each year by calling the same number, on the SEC’s website at www.sec.gov and on the Funds’ website at https://www.ssga.com/spdrs.

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SSGA Active Trust

Trustees

Dwight D. Churchill

Clare S. Richer

James E. Ross

Sandra G. Sponem

Carl G. Verboncoeur, Chairman

Investment Manager and Administrator

SSGA Funds Management, Inc.
One Iron Street
Boston, MA 02210

Distributor

State Street Global Advisors Funds Distributors, LLC
One Iron Street
Boston, MA 02210

Custodian, Sub-Administrator and Transfer Agent

State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111

Legal Counsel

Morgan, Lewis & Bockius LLP
1111 Pennsylvania Avenue, NW
Washington, DC 20004

Independent Registered Public Accounting Firm

Ernst & Young LLP
200 Clarendon Street
Boston, MA 02116

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SSGA Active Trust

For more complete information, please call 1.866.787.2257 or visit https://www.ssga.com/spdrs today.

State Street Global Advisors
One Iron Street
Boston, MA 02210

ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETF's net asset value. Brokerage commissions and ETF expenses will reduce returns.

Foreign investments involve greater risks than U.S. investments, including political and economic risks and the risk of currency fluctuations, all of which may be magnified in emerging markets.

Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.

Investing in commodities entail significant risk and is not appropriate for all investors. Commodities investing entail significant risk as commodity prices can be extremely volatile due to wide range of factors. A few such factors include overall market movements, real or perceived inflationary trends, commodity index volatility, international, economic and political changes, change in interest and currency exchange rates.

Past performance is no guarantee of future results. It is not possible to invest directly in an index. Index performance does not reflect

charges and expenses associated with the fund or brokerage commissions associated with buying and selling a fund. Index performance is not meant to represent that of any particular fund.

Standard & Poor’s, S&P and SPDR are registered trademarks of Standard & Poor’s Financial Services LLC (S&P); Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones); and these trademarks have been licensed for use by S&P Dow Jones Indices LLC (SPDJI) and sublicensed for certain purposes by State Street Corporation. State Street Corporation’s financial products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates and third party licensors and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability in relation thereto, including for any errors, omissions, or interruptions of any index.

Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates. Certain State Street affiliates provide services and receive fees from the SPDR ETFs.

Before investing, consider a Fund’s investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1.866.787.2257 or visit https://www.ssga.com/spdrs. Read it carefully.

Not FDIC Insured. No Bank Guarantee. May Lose Value.

SPDRROTATIONSAR

	SPDR SSGA Fixed Income Sector Rotation ETF	SPDR SSGA US Sector Rotation ETF
Annualized Expense Ratio	0.41%	0.52%
Actual:
Ending Account Value	$1,000.50	$1,091.10
Expenses Paid During Period	2.07	2.74
Hypothetical (assuming a 5% return before expenses):
Ending Account Value	1,023.10	1,022.60
Expenses Paid During Period(a)	2.09	2.65