Semi-Annual Report
December 31, 2023
SSGA Active Trust
SPDR SSGA Multi-Asset Real Return ETF
SPDR SSGA Income Allocation ETF
SPDR SSGA Global Allocation ETF
SPDR SSGA Ultra Short Term Bond ETF
SPDR Loomis Sayles Opportunistic Bond ETF
SPDR Nuveen Municipal Bond ETF
SPDR Nuveen Municipal Bond ESG ETF
SPDR SSGA Fixed Income Sector Rotation ETF
SPDR SSGA US Sector Rotation ETF
SPDR DoubleLine Emerging Markets Fixed Income ETF
SPDR DoubleLine Short Duration Total Return Tactical ETF
SPDR DoubleLine Total Return Tactical 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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8

9

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11

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13
Schedules of Investments (Unaudited)  

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19

21

27

41

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50

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54

59

72

114

127

139

150
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 SSGA Multi-Asset Real Return ETF 
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2023

     
  Description % of Net Assets  
  SPDR S&P Global Natural Resources ETF 27.9%  
  SPDR S&P Global Infrastructure ETF 24.5  
  Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF 17.1  
  SPDR Bloomberg 1-10 Year TIPS ETF 7.8  
  The Energy Select Sector SPDR Fund 6.5  
  TOTAL 83.8%  
(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, 2023

     
    % of Net Assets  
  Natural Resources 34.3%  
  International Equity 24.7  
  Commodities 17.1  
  Inflation Linked 7.8  
  Domestic Equity 6.5  
  International Fixed Income 3.6  
  Real Estate 1.1  
  Short Term Investments 9.3  
  Liabilities in Excess of Other Assets (4.4)  
  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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Table of Contents
SPDR SSGA Income Allocation ETF 
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2023

     
  Description % of Net Assets  
  SPDR Portfolio Long Term Treasury ETF 13.1%  
  SPDR Bloomberg Emerging Markets Local Bond ETF 12.1  
  SPDR Bloomberg High Yield Bond ETF 11.0  
  SPDR Blackstone Senior Loan ETF 9.8  
  Schwab U.S. Dividend Equity ETF 9.1  
  TOTAL 55.1%  
(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, 2023

     
    % of Net Assets  
  Domestic Fixed Income 39.0%  
  Domestic Equity 30.3  
  International Fixed Income 12.1  
  International Equity 11.4  
  Inflation Linked 3.0  
  Real Estate 2.1  
  Short Term Investments 16.5  
  Liabilities in Excess of Other Assets (14.4)  
  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.
2


Table of Contents
SPDR SSGA Global Allocation ETF 
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2023

     
  Description % of Net Assets  
  SPDR S&P 500 ETF Trust 24.9%  
  SPDR Portfolio Developed World ex-U.S. ETF 15.5  
  SPDR Portfolio Emerging Markets ETF 8.9  
  SPDR Portfolio Aggregate Bond ETF 6.9  
  SPDR Bloomberg 1-10 Year TIPS ETF 5.9  
  TOTAL 62.1%  
(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, 2023

     
    % of Net Assets  
  Domestic Equity 41.1%  
  International Equity 27.4  
  Domestic Fixed Income 16.4  
  International Fixed Income 6.0  
  Inflation Linked 5.9  
  Commodities 0.0*  
  Short Term Investments 7.9  
  Liabilities in Excess of Other Assets (4.7)  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
3


Table of Contents
SPDR SSGA Ultra Short Term Bond ETF 
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2023

     
  Description % of Net Assets  
  U.S. Treasury Bills
5.27% 1/25/2024
6.9%  
  U.S. Treasury Notes
4.75% 7/31/2025
4.2  
  American Express Credit Account Master Trust
3.39% 5/15/2027
3.1  
  Parker-Hannifin Corp.
3.65% 6/15/2024
1.9  
  Hyundai Auto Lease Securitization Trust
5.05% 1/15/2026
1.7  
  TOTAL 17.8%  
(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, 2023

     
    % of Net Assets  
  Corporate Bonds & Notes 66.6%  
  U.S. Treasury Obligations 13.0  
  Asset-Backed Securities 8.7  
  Commercial Mortgage Backed Securities 2.2  
  Mortgage-Backed Securities 1.8  
  Short-Term Investment 6.7  
  Other Assets in Excess of Liabilities 1.0  
  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.
4


Table of Contents
SPDR Loomis Sayles Opportunistic Bond ETF 
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2023

     
  Description % of Net Assets  
  SPDR Blackstone Senior Loan ETF
4.5%  
  OneMain Direct Auto Receivables Trust ABS
0.87% 7/14/2028
1.3  
  UniCredit SpA
7.30% 4/2/2034
1.1  
  Credit Suisse AG
4.75% 8/9/2024
1.1  
  HSBC USA, Inc.
5.63% 3/17/2025
1.0  
  TOTAL 9.0%  
(The five 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 12.4%  
  Asset-Backed Securities 11.9  
  Commercial Services 4.5  
  Money Market Fund 4.5  
  Media 3.8  
  Software 3.6  
  Pipelines 3.5  
  Oil & Gas 3.0  
  Diversified Financial Services 2.8  
  Telecommunications 2.8  
  Electric 2.5  
  Retail 2.4  
  Investment Company Security 2.3  
  Insurance 2.2  
  Semiconductors 2.1  
  Internet 2.1  
  Auto Manufacturers 1.9  
  Real Estate Investment Trusts 1.8  
  Home Builders 1.7  
  Airlines 1.7  
  Pharmaceuticals 1.6  
  Transportation 1.5  
  Leisure Time 1.4  
  Construction Materials 1.4  
  Auto Parts & Equipment 1.3  
  Chemicals 1.1  
  IT Services 1.0  
  Health Care Products 0.9  
  Oil & Gas Services 0.8  
  Advertising 0.7  
  Computers 0.7  
  Food 0.7  
  Health Care Services 0.7  
  Mining 0.6  
  Aerospace & Defense 0.6  
  Engineering & Construction 0.6  
  Energy-Alternate Sources 0.5  
  Environmental Control 0.4  
  Entertainment 0.4  
  Office Furnishings 0.3  
  Packaging & Containers 0.3  
  Office & Business Equipment 0.3  
  Biotechnology 0.2  
  Machinery, Construction & Mining 0.2  
  Commercial Mortgage Backed Securities 0.2  
  Iron/Steel 0.2  
  Household Products & Wares 0.2  
  Miscellaneous Manufacturer 0.2  
  Distribution & Wholesale 0.2  
  Home Furnishings 0.2  
See accompanying notes to financial statements.
5


Table of Contents
SPDR Loomis Sayles Opportunistic Bond ETF 
Portfolio Statistics (Unaudited)  (continued)

     
    % of Net Assets  
  Beverages 0.1%  
  Electronics 0.1  
  Coal 0.1  
  Electrical Components & Equipment 0.1  
  Real Estate 0.1  
  Metal Fabricate & Hardware 0.1  
  Machinery-Diversified 0.1  
  Hand & Machine Tools 0.0*  
  Short-Term Investment 4.1  
  Other Assets in Excess of Liabilities 2.3  
  TOTAL 100.0%  
    
* Amount shown represents less than 0.05% of net assets.  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.) 
See accompanying notes to financial statements.
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Table of Contents
SPDR Nuveen Municipal Bond ETF 
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2023

     
  Description % of Net Assets  
  New Jersey Economic Development Authority Revenue, NJ 2.3%  
  Southfield Public Schools, General Obligation, MI 2.2  
  City of New York, General Obligation, NY 2.2  
  New Mexico Hospital Equipment Loan Council Revenue, NM 2.0  
  Medford Hospital Facilities Authority Revenue, OR 2.0  
  TOTAL 10.7%  
(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, 2023

     
    % of Net Assets  
  Municipal Bonds & Notes 98.9%  
  Short-Term Investment 0.0 *  
  Other Assets in Excess of Liabilities 1.1  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
7


Table of Contents
SPDR Nuveen Municipal Bond ESG ETF 
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Idaho Housing & Finance Association Revenue, ID 2.5%  
  New York City Transitional Finance Authority Future Tax Secured Revenue, NY 2.3  
  City of Dallas, General Obligation, TX AGM 2.3  
  Pennsylvania Turnpike Commission Revenue, PA 2.3  
  Medford Hospital Facilities Authority Revenue, OR 2.0  
  TOTAL 11.4%  
(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, 2023

     
    % of Net Assets  
  Municipal Bonds & Notes 99.2%  
  Other Assets in Excess of Liabilities 0.8  
  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.
8


Table of Contents
SPDR SSGA Fixed Income Sector Rotation ETF 
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2023

     
  Description % of Net Assets  
  SPDR Portfolio Intermediate Term Treasury ETF 38.6%  
  SPDR Portfolio Mortgage-Backed Bond ETF 34.2  
  SPDR Portfolio Long Term Treasury ETF 11.9  
  SPDR Bloomberg High Yield Bond ETF 5.5  
  SPDR Portfolio Intermediate Term Corporate Bond ETF 5.1  
  TOTAL 95.3%  
(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, 2023

     
    % of Net Assets  
  Domestic Fixed Income 99.8%  
  Short Term Investments 9.7  
  Liabilities in Excess of Other Assets (9.5)  
  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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Table of Contents
SPDR SSGA US Sector Rotation ETF 
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2023

     
  Description % of Net Assets  
  The Technology Select Sector SPDR Fund 36.2%  
  The Financial Select Sector SPDR Fund 11.6  
  The Consumer Discretionary Select Sector SPDR Fund 11.6  
  The Communication Services Select Sector SPDR Fund 11.6  
  The Consumer Staples Select Sector SPDR Fund 11.4  
  TOTAL 82.4%  
(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, 2023

     
    % of Net Assets  
  Domestic Equity 99.9%  
  Short Term Investments 12.1  
  Liabilities in Excess of Other Assets (12.0)  
  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.
10


Table of Contents
SPDR DoubleLine Emerging Markets Fixed Income ETF 
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2023

     
  Description % of Net Assets  
  Minejesa Capital BV
5.63% 8/10/2037
2.5%  
  Chile Electricity PEC SpA
Zero Coupon, 1/25/2028
2.3  
  Banco Internacional del Peru SAA Interbank VRN
4.00% 7/8/2030
2.1  
  BBVA Bancomer SA VRN
5.88% 9/13/2034
2.1  
  Mexico Generadora de Energia S de Real
5.50% 12/6/2032
2.0  
  TOTAL 11.0%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Portfolio Composition as of December 31, 2023

     
    % of Net Assets  
  Corporate Bonds & Notes 86.4%  
  Foreign Government Obligations 8.4  
  Short-Term Investments 4.0  
  Other Assets in Excess of Liabilities 1.2  
  TOTAL 100.0%  
(The Fund's portfolio composition is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
11


Table of Contents
SPDR DoubleLine Short Duration Total Return Tactical ETF 
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2023

     
  Description % of Net Assets  
  U.S. Treasury Notes
4.25% 10/15/2025
14.8%  
  U.S. Treasury Notes
3.00% 7/15/2025
14.5  
  U.S. Treasury Bills
5.24% 4/2/2024
1.9  
  Citigroup Mortgage Loan Trust, Inc. CMO
4.50% 7/25/2037
1.5  
  Regatta XXIII Funding Ltd.
6.83% 1/20/2035
1.5  
  TOTAL 34.2%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Portfolio Composition as of December 31, 2023

     
    % of Net Assets  
  U.S. Treasury Obligations 31.2%  
  Asset-Backed Securities 23.6  
  Corporate Bonds & Notes 15.5  
  Mortgage-Backed Securities 11.0  
  Commercial Mortgage Backed Securities 5.5  
  Senior Floating Rate Loans 4.8  
  U.S. Government Agency Obligations 3.2  
  Foreign Government Obligations 0.3  
  Short-Term Investment 2.0  
  Other Assets in Excess of Liabilities 2.9  
  TOTAL 100.0%  
(The Fund's portfolio composition is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
12


Table of Contents
SPDR DoubleLine Total Return Tactical ETF 
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2023

     
  Description % of Net Assets  
  U.S. Treasury Bonds
4.75% 11/15/2043
6.8%  
  U.S. Treasury Bonds
4.13% 8/15/2053
5.8  
  U.S. Treasury Bonds
4.75% 11/15/2053
4.6  
  Federal National Mortgage Association REMICS
3.00% 1/25/2043
0.9  
  Federal Home Loan Mortgage Corp. REMICS CMO, REMIC
4.00% 7/15/2044
0.8  
  TOTAL 18.9%  
(The five 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  
  U.S. Government Agency Obligations 29.8%  
  U.S. Treasury Obligations 20.7  
  Mortgage-Backed Securities 18.5  
  Asset-Backed Securities 12.4  
  Commercial Mortgage Backed Securities 3.2  
  Banks 1.9  
  Electric 1.0  
  Retail 0.7  
  Pipelines 0.6  
  Oil & Gas 0.6  
  Commercial Services 0.6  
  Real Estate Investment Trusts 0.6  
  Diversified Financial Services 0.5  
  Health Care Services 0.5  
  Telecommunications 0.5  
  Insurance 0.5  
  Media 0.5  
  Pharmaceuticals 0.4  
  Software 0.4  
  Food 0.4  
  Internet 0.3  
  Mining 0.3  
  Chemicals 0.3  
  Foreign Government Obligations 0.3  
  Semiconductors 0.2  
  Entertainment 0.2  
  Packaging & Containers 0.2  
  Transportation 0.2  
  Aerospace & Defense 0.2  
  Leisure Time 0.2  
  Construction Materials 0.2  
  Lodging 0.2  
  Airlines 0.2  
  Auto Manufacturers 0.1  
  Beverages 0.1  
  Environmental Control 0.1  
  Advertising 0.1  
  Engineering & Construction 0.1  
  Health Care Products 0.1  
  Auto Parts & Equipment 0.1  
  Computers 0.1  
  Iron/Steel 0.1  
  Agriculture 0.1  
  Oil & Gas Services 0.1  
  Household Products 0.1  
  Home Builders 0.1  
  Electronics 0.1  
  Water 0.1  
  Forest Products & Paper 0.1  
See accompanying notes to financial statements.
13


Table of Contents
SPDR DoubleLine Total Return Tactical ETF 
Portfolio Statistics (Unaudited)  (continued)

     
    % of Net Assets  
  Trucking & Leasing 0.1%  
  Machinery-Diversified 0.1  
  Biotechnology 0.0*  
  Metal Fabricate & Hardware 0.0*  
  Household Products & Wares 0.0*  
  Distribution & Wholesale 0.0*  
  Housewares 0.0*  
  Holding Companies-Diversified 0.0*  
  Miscellaneous Manufacturer 0.0*  
  Energy-Alternate Sources 0.0*  
  Investment Company Security 0.0*  
  Coal 0.0*  
  Home Furnishings 0.0*  
  Machinery, Construction & Mining 0.0*  
  Electrical Components & Equipment 0.0*  
  IT Services 0.0*  
  Real Estate 0.0*  
  Short-Term Investment 0.2  
  Other Assets in Excess of Liabilities 0.7  
  TOTAL 100.0%  
    
* Amount shown represents less than 0.05% of net assets.  
(The Fund's portfolio composition is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
14


Table of Contents
SPDR SSGA MULTI-ASSET REAL RETURN ETF
SCHEDULE OF INVESTMENTS
December 31, 2023 (Unaudited)

Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 95.1%      
COMMODITIES — 17.1%  
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF

    6,560,274   $ 87,251,645
DOMESTIC EQUITY — 6.5%  
The Energy Select Sector SPDR Fund (a)(b)

    395,641   33,170,541
INFLATION LINKED — 7.8%  
SPDR Bloomberg 1-10 Year TIPS ETF (a)

    2,123,904   39,483,375
INTERNATIONAL EQUITY — 24.7%  
SPDR S&P Global Infrastructure ETF (a)

    2,332,514   124,766,174
VanEck Agribusiness ETF (b)

    16,073   1,224,441
          125,990,615
INTERNATIONAL FIXED INCOME — 3.6%  
SPDR FTSE International Government Inflation-Protected Bond ETF (a)

    430,628   18,060,538
NATURAL RESOURCES — 34.3%  
SPDR Gold MiniShares Trust (a)

    383,495   15,688,780
SPDR S&P Global Natural Resources ETF (a)(b)

    2,511,949   142,301,911
SPDR S&P Metals & Mining ETF (a)(b)

    276,870   16,565,132
          174,555,823
REAL ESTATE — 1.1%  
SPDR Dow Jones International Real Estate ETF (a)(b)

    105,119   2,868,698
SPDR Dow Jones REIT ETF (a)(b)

    29,936   2,853,500
          5,722,198
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $508,084,658)

  484,234,735  
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 9.3%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.36% (c)(d)

    25,144,772   $ 25,144,772
State Street Navigator Securities Lending Portfolio II (e)(f)

    22,259,665   22,259,665
TOTAL SHORT-TERM INVESTMENTS

(Cost $47,404,437)

        $ 47,404,437
TOTAL INVESTMENTS — 104.4%

(Cost $555,489,095)

        531,639,172
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.4)%

        (22,284,425)
NET ASSETS — 100.0%

        $ 509,354,747
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, 2023 are shown in the Affiliate Table below.
(b) All or a portion of the shares of the security are on loan at December 31, 2023.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended 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.
 
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:                
Mutual Funds and Exchange Traded Products

  $484,234,735   $—   $—   $484,234,735
Short-Term Investments

  47,404,437       47,404,437
TOTAL INVESTMENTS

  $531,639,172   $—   $—   $531,639,172
See accompanying notes to financial statements.
15


Table of Contents
SPDR SSGA MULTI-ASSET REAL RETURN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2023 (Unaudited)

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
SPDR Bloomberg 1-10 Year TIPS ETF

2,108,232   $ 38,917,963   $ 12,014,203   $ 11,791,996   $ (377,300)   $ 720,505   2,123,904   $ 39,483,375   $ 728,094
SPDR Dow Jones International Real Estate ETF

106,095   2,627,973   565,318   624,233   24,198   275,442   105,119   2,868,698   38,907
SPDR Dow Jones REIT ETF

118,899   10,753,226   694,273   8,755,813   (549,598)   711,412   29,936   2,853,500   86,852
SPDR FTSE International Government Inflation-Protected Bond ETF

327,586   13,679,991   7,857,166   3,815,241   23,940   314,682   430,628   18,060,538   518,487
SPDR Gold MiniShares Trust

276,756   10,541,636   7,535,592   3,384,917   191,728   804,741   383,495   15,688,780  
SPDR S&P Global Infrastructure ETF

2,501,429   133,501,265   29,360,203   38,674,297   (210,163)   789,166   2,332,514   124,766,174   2,934,489
SPDR S&P Global Natural Resources ETF

2,741,886   147,815,074   33,027,706   46,596,380   (52,170)   8,107,681   2,511,949   142,301,911   2,588,120
SPDR S&P Metals & Mining ETF

332,119   16,878,288   3,090,295   6,223,104   768,515   2,051,138   276,870   16,565,132   79,023
State Street Institutional U.S. Government Money Market Fund, Class G Shares

21,584,135   21,584,135   19,131,756   15,571,119       25,144,772   25,144,772   777,786
State Street Navigator Securities Lending Portfolio II

32,724,798   32,724,798   502,576,595   513,041,728       22,259,665   22,259,665   123,222
The Energy Select Sector SPDR Fund

395,864   32,132,281   10,207,424   10,406,579   1,393,643   (156,228)   395,641   33,170,541   565,478
Total

    $461,156,630   $626,060,531   $658,885,407   $1,212,793   $13,618,539       $443,163,086   $8,440,458
See accompanying notes to financial statements.
16


Table of Contents
SPDR SSGA INCOME ALLOCATION ETF
SCHEDULE OF INVESTMENTS
December 31, 2023 (Unaudited)

Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 97.9%      
DOMESTIC EQUITY — 30.3%  
Invesco KBW Premium Yield Equity REIT ETF

    80,665   $ 1,627,820
iShares Mortgage Real Estate ETF (a)

    132,686   3,130,063
Schwab U.S. Dividend Equity ETF (a)

    94,317   7,180,353
SPDR ICE Preferred Securities ETF (b)

    140,331   4,703,895
SPDR Portfolio S&P 500 High Dividend ETF (a)(b)

    182,564   7,154,683
          23,796,814
DOMESTIC FIXED INCOME — 39.0%  
SPDR Blackstone Senior Loan ETF (b)

    184,021   7,716,000
SPDR Bloomberg Convertible Securities ETF (a)(b)

    55,120   3,976,908
SPDR Bloomberg High Yield Bond ETF (b)

    91,008   8,621,188
SPDR Portfolio Long Term Treasury ETF (b)

    354,843   10,297,544
          30,611,640
INFLATION LINKED — 3.0%  
SPDR Bloomberg 1-10 Year TIPS ETF (b)

    126,071   2,343,660
INTERNATIONAL EQUITY — 11.4%  
SPDR S&P Global Infrastructure ETF (a)(b)

    116,550   6,234,260
SPDR S&P International Dividend ETF (b)

    77,053   2,739,234
          8,973,494
INTERNATIONAL FIXED INCOME — 12.1%  
SPDR Bloomberg Emerging Markets Local Bond ETF (b)

    447,851   9,512,355
REAL ESTATE — 2.1%  
SPDR Dow Jones REIT ETF (a)(b)

    16,922   1,613,005
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $80,322,915)

  76,850,968  
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 16.5%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.36% (c)(d)

    1,655,596   $ 1,655,596
State Street Navigator Securities Lending Portfolio II (e)(f)

    11,290,594   11,290,594
TOTAL SHORT-TERM INVESTMENTS

(Cost $12,946,190)

        $ 12,946,190
TOTAL INVESTMENTS — 114.4%

(Cost $93,269,105)

        89,797,158
LIABILITIES IN EXCESS OF OTHER ASSETS — (14.4)%

        (11,282,528)
NET ASSETS — 100.0%

        $ 78,514,630
The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov.
 
(a) All or a portion of the shares of the security are on loan at December 31, 2023.
(b) Affiliated fund 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.
(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.
 
See accompanying notes to financial statements.
17


Table of Contents
SPDR SSGA INCOME ALLOCATION ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2023 (Unaudited)

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:                
Mutual Funds and Exchange Traded Products

  $76,850,968   $—   $—   $76,850,968
Short-Term Investments

  12,946,190       12,946,190
TOTAL INVESTMENTS

  $89,797,158   $—   $—   $89,797,158
 
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
SPDR Blackstone Senior Loan ETF

173,309   $ 7,256,448   $ 1,264,188   $ 816,414   $ (51,319)   $ 63,097   184,021   $ 7,716,000   $ 378,483
SPDR Bloomberg 1-10 Year TIPS ETF

    2,322,509   44,782   324   65,609   126,071   2,343,660   15,669
SPDR Bloomberg Convertible Securities ETF

52,305   3,658,735   506,460   315,550   (25,559)   152,822   55,120   3,976,908   47,375
SPDR Bloomberg Emerging Markets Local Bond ETF

406,911   8,610,237   1,367,297   510,977   (40,455)   86,253   447,851   9,512,355   268,500
SPDR Bloomberg High Yield Bond ETF

93,779   8,630,481   4,949,710   5,054,356   (203,542)   298,895   91,008   8,621,188   287,123
SPDR Bloomberg International Corporate Bond ETF

50,932   1,445,450   12,392   1,484,866   60,894   (33,870)       2,463
SPDR Dow Jones REIT ETF

15,848   1,433,293   245,702   154,216   3,181   85,045   16,922   1,613,005   34,219
SPDR ICE Preferred Securities ETF

127,166   4,256,246   687,119   248,109   (23,324)   31,963   140,331   4,703,895   165,422
SPDR Portfolio Long Term Treasury ETF

307,978   9,208,542   1,705,296   394,125   (25,224)   (196,945)   354,843   10,297,544   186,227
SPDR Portfolio S&P 500 High Dividend ETF

134,956   5,004,168   5,177,786   3,525,644   (203,615)   701,988   182,564   7,154,683   171,373
SPDR S&P Global Infrastructure ETF

107,500   5,737,275   873,303   399,343   (9,829)   32,854   116,550   6,234,260   138,663
SPDR S&P International Dividend ETF

163,925   5,637,381   449,840   3,449,795   34,972   66,836   77,053   2,739,234   60,026
State Street Institutional U.S. Government Money Market Fund, Class G Shares

814,508   814,508   6,756,423   5,915,335       1,655,596   1,655,596   66,840
State Street Navigator Securities Lending Portfolio II

5,978,695   5,978,695   110,865,989   105,554,090       11,290,594   11,290,594   56,955
Total

    $67,671,459   $137,184,014   $127,867,602   $(483,496)   $1,354,547       $77,858,922   $1,879,338
See accompanying notes to financial statements.
18


Table of Contents
SPDR SSGA GLOBAL ALLOCATION ETF
SCHEDULE OF INVESTMENTS
December 31, 2023 (Unaudited)

Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 96.8%      
COMMODITIES — 0.0% (a)  
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF

    1,560   $ 20,747
DOMESTIC EQUITY — 41.1%  
SPDR Gold Shares (b)

    37,877   7,240,946
SPDR Portfolio S&P 600 Small Cap ETF (b)(c)

    293,949   12,398,769
SPDR S&P 500 ETF Trust (b)

    125,659   59,726,979
SPDR S&P MidCap 400 ETF Trust (b)(c)

    9,592   4,866,789
The Communication Services Select Sector SPDR Fund (b)(c)

    66,276   4,815,614
The Energy Select Sector SPDR Fund (b)

    56,385   4,727,318
The Financial Select Sector SPDR Fund (b)

    338   12,709
The Technology Select Sector SPDR Fund (b)(c)

    24,680   4,750,407
          98,539,531
DOMESTIC FIXED INCOME — 16.4%  
SPDR Blackstone Senior Loan ETF (b)

    83,404   3,497,130
SPDR Bloomberg High Yield Bond ETF (b)

    24,903   2,359,061
SPDR Bloomberg International Treasury Bond ETF (b)

    313,979   7,278,033
SPDR Portfolio Aggregate Bond ETF (b)(c)

    649,015   16,640,745
SPDR Portfolio Intermediate Term Treasury ETF (b)(c)

    206,758   5,905,008
SPDR Portfolio Long Term Treasury ETF (b)

    125,327   3,636,990
          39,316,967
INFLATION LINKED — 5.9%  
SPDR Bloomberg 1-10 Year TIPS ETF (b)

    763,018   14,184,505
INTERNATIONAL EQUITY — 27.4%  
SPDR Portfolio Developed World ex-U.S. ETF (b)(c)

    1,094,701   37,230,781
SPDR Portfolio Emerging Markets ETF (b)(c)

    602,450   21,332,754
SPDR S&P International Small Cap ETF (b)

    230,500   7,320,680
          65,884,215
Security Description     Shares   Value
INTERNATIONAL FIXED INCOME — 6.0%  
SPDR Bloomberg Emerging Markets Local Bond ETF (b)

    338,981   $ 7,199,956
SPDR Bloomberg International Corporate Bond ETF (b)

    242,135   7,247,101
          14,447,057
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $211,134,913)

  232,393,022  
SHORT-TERM INVESTMENTS — 7.9%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 5.36% (d)(e)

    7,280,831   $ 7,280,831
State Street Navigator Securities Lending Portfolio II (f)(g)

    11,654,151   11,654,151
TOTAL SHORT-TERM INVESTMENTS

(Cost $18,934,982)

        $ 18,934,982
TOTAL INVESTMENTS — 104.7%

(Cost $230,069,895)

        251,328,004
LIABILITIES IN EXCESS OF OTHER ASSETS — (4.7)%

        (11,356,432)
NET ASSETS — 100.0%

        $ 239,971,572
The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov.
 
(a) Amount is less than 0.05% of net assets.
(b) Affiliated fund 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.
(c) All or a portion of the shares of the security are on loan at December 31, 2023.
(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, 2023 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at December 31, 2023.
(f) 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.
(g) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
19


Table of Contents
SPDR SSGA GLOBAL ALLOCATION ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2023 (Unaudited)

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:                
Mutual Funds and Exchange Traded Products

  $232,393,022   $—   $—   $232,393,022
Short-Term Investments

  18,934,982       18,934,982
TOTAL INVESTMENTS

  $251,328,004   $—   $—   $251,328,004
 
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
SPDR Blackstone Senior Loan ETF

83,240   $ 3,485,259   $ 503,698   $ 495,982   $ 203   $ 3,952   83,404   $ 3,497,130   $ 182,121
SPDR Bloomberg 1-10 Year TIPS ETF

740,764   13,674,503   2,101,591   1,679,200   (43,988)   131,599   763,018   14,184,505   274,464
SPDR Bloomberg Emerging Markets Local Bond ETF

325,324   6,883,856   997,756   694,308   (18,818)   31,470   338,981   7,199,956   215,372
SPDR Bloomberg High Yield Bond ETF

50,020   4,603,341   2,601,927   4,776,631   (155,390)   85,814   24,903   2,359,061   117,060
SPDR Bloomberg International Corporate Bond ETF

244,384   6,935,618   809,133   853,964   (5,583)   361,897   242,135   7,247,101   96,590
SPDR Bloomberg International Treasury Bond ETF

507,878   11,452,649   6,185,536   10,714,541   (235,263)   589,652   313,979   7,278,033   72,515
SPDR Gold Shares

37,649   6,711,687   3,131,449   2,938,417   (213,407)   549,634   37,877   7,240,946  
SPDR Portfolio Aggregate Bond ETF

270,297   6,857,435   20,533,846   11,288,443   (58,716)   596,623   649,015   16,640,745   226,116
SPDR Portfolio Developed World ex-U.S. ETF

1,116,902   36,343,991   7,547,830   8,351,598   501,079   1,189,479   1,094,701   37,230,781   380,320
SPDR Portfolio Emerging Markets ETF

462,602   15,904,257   6,798,033   1,959,511   (40,407)   630,382   602,450   21,332,754   326,699
SPDR Portfolio Europe ETF

384,632   14,812,178   2,741,323   17,370,706   1,273,915   (1,456,710)      
SPDR Portfolio Intermediate Term Treasury ETF

    5,915,133   197,932   1,021   186,786   206,758   5,905,008   37,050
SPDR Portfolio Long Term Treasury ETF

154,046   4,605,975   3,798,575   4,352,925   (665,475)   250,840   125,327   3,636,990   51,819
SPDR Portfolio S&P 600 Small Cap ETF

148,000   5,748,320   9,669,740   3,590,629   (62,192)   633,530   293,949   12,398,769   108,806
SPDR S&P 500 ETF Trust

125,343   55,562,045   27,890,529   27,775,979   2,389,988   1,660,396   125,659   59,726,979   436,976
SPDR S&P International Small Cap ETF

220,444   6,725,747   929,489   608,282   (8,408)   282,134   230,500   7,320,680   82,725
SPDR S&P MidCap 400 ETF Trust

9,792   4,689,487   614,610   708,718   152,853   118,557   9,592   4,866,789   33,511
State Street Institutional U.S. Government Money Market Fund, Class G Shares

10,331,839   10,331,839   16,883,998   19,935,006       7,280,831   7,280,831   373,146
State Street Navigator Securities Lending Portfolio II

41,508,999   41,508,999   973,495,590   1,003,350,438       11,654,151   11,654,151   160,935
The Communication Services Select Sector SPDR Fund

    9,439,412   4,876,012   17,730   234,484   66,276   4,815,614   11,416
The Consumer Discretionary Select Sector SPDR Fund

28,532   4,845,019   2,543,790   7,177,879   (21,964)   (188,966)       8,266
The Energy Select Sector SPDR Fund

    5,571,530   393,018   (10,286)   (440,908)   56,385   4,727,318   79,653
The Financial Select Sector SPDR Fund

    2,277,038   2,449,648   184,007   1,312   338   12,709   61
The Health Care Select Sector SPDR Fund

35,191   4,670,901     4,583,236   (8,069)   (79,596)      
The Industrial Select Sector SPDR Fund

44,587   4,785,077   2,656,602   7,267,828   83,647   (257,498)       18,918
The Technology Select Sector SPDR Fund

    4,601,687   257,967   9,047   397,640   24,680   4,750,407