Semi-Annual Report
December 31, 2022
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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9
10
11
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13
Schedules of Investments (Unaudited)  
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57
69
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133
144
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting https://www.ssga.com/spdrs. Please read the prospectus carefully before you invest.

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Table of Contents
SPDR SSGA Multi-Asset Real Return ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  SPDR S&P Global Natural Resources ETF 26.6%  
  SPDR S&P Global Infrastructure ETF 24.9  
  Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF 21.7  
  SPDR Bloomberg 1-10 Year TIPS ETF 10.2  
  The Energy Select Sector SPDR Fund 5.7  
  TOTAL 89.1%  
(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, 2022

      
    % of Net Assets  
  Natural Resources 29.6%  
  International Equity 25.2  
  Commodities 21.7  
  Inflation Linked 10.2  
  Domestic Equity 5.7  
  Real Estate 2.5  
  International Fixed Income 2.4  
  Short Term Investments 9.8  
  Liabilities in Excess of Other Assets (7.1)  
  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.
1

Table of Contents
SPDR SSGA Income Allocation ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  SPDR Portfolio Long Term Treasury ETF 15.7%  
  SPDR S&P International Dividend ETF 12.9  
  SPDR Bloomberg Emerging Markets Local Bond ETF 12.1  
  SPDR Blackstone Senior Loan ETF 10.1  
  SPDR Bloomberg High Yield Bond ETF 9.0  
  TOTAL 59.8%  
(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, 2022

      
    % of Net Assets  
  Domestic Fixed Income 42.3%  
  International Equity 20.9  
  International Fixed Income 17.1  
  Domestic Equity 14.5  
  Inflation Linked 3.0  
  Real Estate 2.0  
  Short Term Investments 8.0  
  Liabilities in Excess of Other Assets (7.8)  
  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.
2

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SPDR SSGA Global Allocation ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  SPDR Portfolio Developed World ex-US ETF 18.9%  
  SPDR S&P 500 ETF Trust 13.0  
  SPDR Portfolio Aggregate Bond ETF 12.0  
  SPDR Bloomberg 1-10 Year TIPS ETF 6.0  
  Vanguard FTSE Pacific ETF 5.0  
  TOTAL 54.9%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  International Equity 35.9%  
  Domestic Fixed Income 23.5  
  Domestic Equity 22.0  
  International Fixed Income 6.0  
  Inflation Linked 6.0  
  Commodities 3.1  
  Real Estate 1.0  
  Short Term Investments 21.5  
  Liabilities in Excess of Other Assets (19.0)  
  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.
3

Table of Contents
SPDR SSGA Ultra Short Term Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  U.S. Treasury Bill
Zero Coupon, 1/10/2023 		15.6%  
  U.S. Treasury Bill
Zero Coupon, 1/5/2023 		7.2  
  U.S. Treasury Notes
0.25% 9/30/2023 		6.5  
  Ford Credit Floorplan Master Owner Trust ABS
4.82% 9/15/2025 		2.1  
  Ford Credit Floorplan Master Owner Trust
2.44% 9/15/2026 		1.9  
  TOTAL 33.3%  
(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, 2022

      
    % of Net Assets  
  Corporate Bonds & Notes 51.0%  
  U.S. Treasury Obligations 29.3  
  Asset-Backed Securities 6.8  
  Commercial Mortgage Backed Securities 2.9  
  Mortgage-Backed Securities 2.7  
  Short-Term Investment 6.3  
  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, 2022

      
  Description % of Net Assets  
  OneMain Direct Auto Receivables Trust ABS
0.87% 7/14/2028 		1.7%  
  Credit Suisse AG
4.75% 8/9/2024 		1.5  
  UniCredit SpA
7.30% 4/2/2034 		1.4  
  HSBC Holdings PLC
8.11% 11/3/2033 		1.3  
  HSBC Holdings PLC
4.18% 12/9/2025 		1.2  
  TOTAL 7.1%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2022

      
    % of Net Assets  
  Asset-Backed Securities 4.6%  
  Commercial Mortgage Backed Securities 0.3  
  Banks 20.1  
  Internet 4.2  
  Insurance 4.1  
  Media 4.1  
  Commercial Services 3.7  
  Retail 3.6  
  Electric 3.5  
  Auto Manufacturers 3.3  
  Oil & Gas 2.9  
  Telecommunications 2.8  
  Diversified Financial Services 2.7  
  Investment Company Security 2.7  
  Pipelines 2.4  
  Chemicals 2.2  
  Semiconductors 2.0  
  Commercial Mortgage-Backed Securities 2.0  
  Airlines 1.7  
  Real Estate Investment Trusts 1.6  
  Software 1.4  
  Aerospace & Defense 1.4  
  Food 1.3  
  Entertainment 1.2  
  Beverages 1.2  
  Lodging 1.1  
  Home Builders 1.0  
  Mining 1.0  
  Oil & Gas Services 1.0  
  Health Care Services 0.9  
  Computers 0.8  
  Pharmaceuticals 0.8  
  Leisure Time 0.8  
  Iron/Steel 0.7  
  Building Materials 0.7  
  Packaging & Containers 0.6  
  Energy-Alternate Sources 0.6  
  Advertising 0.6  
  Health Care Products 0.5  
  Engineering & Construction 0.4  
  Biotechnology 0.4  
  Electronics 0.3  
  Machinery, Construction & Mining 0.3  
  Forest Products & Paper 0.3  
  Transportation 0.3  
  Home Furnishings 0.3  
  Coal 0.3  
  Miscellaneous Manufacturer 0.2  
  Construction Materials 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  
  Electrical Components & Equipment 0.2%  
  Cosmetics/Personal Care 0.1  
  Auto Parts & Equipment 0.1  
  Food Service 0.1  
  Machinery-Diversified 0.1  
  Environmental Control 0.1  
  Gas 0.0  
  Other Assets in Excess of Liabilities 4.2  
  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.
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SPDR Nuveen Municipal Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  New Jersey Economic Development Authority Revenue 2.7%  
  State of Florida Department of Transportation 2.6  
  City of New York, NY, General Obligation 2.5  
  Medford Hospital Facilities Authority Revenue 2.5  
  New Mexico Hospital Equipment Loan Council 2.5  
  TOTAL 12.8%  
(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, 2022

      
    % of Net Assets  
  Municipal Bonds & Notes 92.5%  
  Short-Term Investment 3.6  
  Other Assets in Excess of Liabilities 3.9  
  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 Nuveen Municipal Bond ESG ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Massachusetts Clean Water Trust 2.4%  
  Energy Northwest, WA, Revenue Class A 2.4  
  City of Charlotte NC Water & Sewer System Revenue 2.3  
  California, State General Obligation 2.2  
  Medford Hospital Facilities Authority 2.2  
  TOTAL 11.5%  
(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, 2022

      
    % of Net Assets  
  Municipal Bonds & Notes 93.2%  
  Short-Term Investment 3.4  
  Other Assets in Excess of Liabilities 3.4  
  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.
8

Table of Contents
SPDR SSGA Fixed Income Sector Rotation ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  SPDR Portfolio Mortgage Backed Bond ETF 29.5%  
  SPDR Portfolio Intermediate Term Treasury ETF 28.9  
  SPDR Portfolio Intermediate Term Corporate Bond ETF 15.0  
  SPDR Portfolio Long Term Treasury ETF 14.1  
  SPDR Portfolio Long Term Corporate Bond ETF 6.8  
  TOTAL 94.3%  
(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, 2022

      
    % of Net Assets  
  Domestic Fixed Income 99.8%  
  Short Term Investments 18.2  
  Liabilities in Excess of Other Assets (18.0)  
  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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Table of Contents
SPDR SSGA US Sector Rotation ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  The Financial Select Sector SPDR Fund 20.8%  
  The Technology Select Sector SPDR Fund 18.2  
  The Consumer Staples Select Sector SPDR Fund 15.5  
  The Health Care Select Sector SPDR Fund 15.1  
  The Industrial Select Sector SPDR Fund 9.6  
  TOTAL 79.2%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2022

      
    % of Net Assets  
  Domestic Equity 99.6%  
  Short Term Investments 26.6  
  Liabilities in Excess of Other Assets (26.2)  
  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

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SPDR DoubleLine Emerging Markets Fixed Income ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2022

      
  Description % of Net Assets  
  Minejesa Capital B.V.
5.63% 8/10/2037 		3.0%  
  Galaxy Pipeline Assets Bidco, Ltd.
2.16% 3/31/2034 		2.7  
  Chile Electricity PEC SpA
Zero Coupon, 1/25/2028 		2.7  
  Temasek Financial I Ltd.
1.00% 10/6/2030 		2.4  
  Dominican Republic International Bond
4.88% 9/23/2032 		2.3  
  TOTAL 13.1%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Portfolio Composition as of December 31, 2022

      
    % of Net Assets  
  Corporate Bonds & Notes 69.3%  
  Foreign Government Obligations 29.1  
  Short-Term Investment 0.2  
  Other Assets in Excess of Liabilities 1.4  
  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, 2022

      
  Description % of Net Assets  
  U.S. Treasury Bill
4.12% 2/9/2023 		17.2%  
  U.S. Treasury Notes
4.25% 10/15/2025 		7.1  
  U.S. Treasury Notes
3.00% 7/15/2025 		3.8  
  Citigroup Mortgage Loan Trust CMO
3.59% 7/25/2037 		1.9  
  Luminent Mortgage Trust CMO
4.71% 11/25/2036 		1.8  
  TOTAL 31.8%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Portfolio Composition as of December 31, 2022

      
    % of Net Assets  
  U.S. Treasury Obligations 28.1%  
  Asset-Backed Securities 23.0  
  Corporate Bonds & Notes 14.9  
  Mortgage-Backed Securities 10.3  
  U.S. Government Agency Obligations 7.1  
  Senior Floating Rate Loans 6.3  
  Commercial Mortgage Backed Securities 5.6  
  Foreign Government Obligations 0.5  
  Short-Term Investment 3.6  
  Other Assets in Excess of Liabilities 0.6  
  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, 2022

      
  Description % of Net Assets  
  U.S. Treasury Notes
4.13% 11/15/2032 		12.3%  
  U.S. Treasury Bonds
3.00% 8/15/2052 		7.0  
  U.S. Treasury Bonds
4.00% 11/15/2052 		5.2  
  Federal Home Loan Mortgage Corp. CMO, REMIC
4.00% 7/15/2044 		1.2  
  Securitized Asset-Backed Receivables LLC Trust
4.57% 5/25/2037 		1.2  
  TOTAL 26.9%  
(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, 2022

      
    % of Net Assets  
  U.S. Treasury Obligations 28.2%  
  U.S. Government Agency Obligations 26.8  
  Asset-Backed Securities 10.7  
  Mortgage-Backed Securities 9.9  
  Commercial Mortgage Backed Securities 4.9  
  Foreign Government Obligations 0.8  
  Banks 1.9  
  Electric 0.8  
  Oil & Gas 0.8  
  Diversified Financial Services 0.7  
  Retail 0.7  
  Telecommunications 0.6  
  Commercial Services 0.6  
  Pipelines 0.6  
  Software 0.5  
  Media 0.5  
  Health Care Services 0.5  
  Insurance 0.4  
  Real Estate Investment Trusts 0.4  
  Chemicals 0.4  
  Internet 0.3  
  Pharmaceuticals 0.3  
  Food 0.3  
  Entertainment 0.3  
  Mining 0.2  
  Semiconductors 0.2  
  Packaging & Containers 0.2  
  Beverages 0.2  
  Electronics 0.2  
  Aerospace & Defense 0.2  
  Transportation 0.2  
  Auto Manufacturers 0.2  
  Miscellaneous Manufacturer 0.1  
  Leisure Time 0.1  
  Lodging 0.1  
  Building Materials 0.1  
  Agriculture 0.1  
  Airlines 0.1  
  Machinery-Diversified 0.1  
  Biotechnology 0.1  
  Forest Products & Paper 0.1  
  Advertising 0.1  
  Iron/Steel 0.1  
  Water 0.1  
  IT Services 0.1  
  Investment Company Security 0.1  
  Oil & Gas Services 0.1  
  Construction Materials 0.1  
  Auto Parts & Equipment 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  
  Computers 0.1%  
  Home Builders 0.1  
  Health Care Products 0.1  
  Environmental Control 0.0*  
  Household Products & Wares 0.0*  
  Energy-Alternate Sources 0.0*  
  Cosmetics/Personal Care 0.0*  
  Engineering & Construction 0.0*  
  Distribution & Wholesale 0.0*  
  Housewares 0.0*  
  Metal Fabricate & Hardware 0.0*  
  Coal 0.0*  
  Trucking & Leasing 0.0*  
  Real Estate 0.0*  
  Update Category Library 0.0*  
  Household Products 0.0*  
  Electrical Components & Equipment 0.0*  
  Home Furnishings 0.0*  
  Hand & Machine Tools 0.0*  
  Short-Term Investment 3.9  
  Other Assets in Excess of Liabilities 0.6  
  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, 2022 (Unaudited)
Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 97.3%      
COMMODITIES — 21.7%  
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF
     9,303,192   $ 137,501,178
DOMESTIC EQUITY — 5.7%  
The Energy Select Sector SPDR Fund (a)(b)
     412,441   36,076,214
INFLATION LINKED — 10.2%  
SPDR Bloomberg 1-10 Year TIPS ETF (a)
     3,484,996   64,298,176
INTERNATIONAL EQUITY — 25.2%  
SPDR S&P Global Infrastructure ETF (a)(b)
     3,003,846   157,461,607
VanEck Vectors Agribusiness ETF (b)
     18,497   1,587,783
          159,049,390
INTERNATIONAL FIXED INCOME — 2.4%  
SPDR FTSE International Government Inflation-Protected Bond ETF (a)
     372,365   15,341,438
NATURAL RESOURCES — 29.6%  
SPDR S&P Global Natural Resources ETF (a)(b)
     2,953,956   168,434,571
SPDR S&P Metals & Mining ETF (a)(b)
     374,553   18,656,485
          187,091,056
REAL ESTATE — 2.5%  
SPDR Dow Jones International Real Estate ETF (a)(b)
     111,178   2,976,235
SPDR Dow Jones REIT ETF (a)(b)
     145,604   12,689,389
          15,665,624
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $638,663,056)
   615,023,076  
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 9.8%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (c)(d)
     16,786,567   $ 16,786,567
State Street Navigator Securities Lending Portfolio II (e)(f)
     45,511,787   45,511,787
TOTAL SHORT-TERM INVESTMENTS

(Cost $62,298,354)
         $ 62,298,354
TOTAL INVESTMENTS — 107.1%

(Cost $700,961,410)
         677,321,430
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.1)%
         (45,177,130)
NET ASSETS — 100.0%
         $ 632,144,300
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, 2022 are shown in the Affiliate Table below.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(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, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 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, 2022.
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
   $615,023,076   $—   $—   $615,023,076
Short-Term Investments
   62,298,354   —   —   62,298,354
TOTAL INVESTMENTS
   $677,321,430   $—   $—   $677,321,430
See accompanying notes to financial statements.
15

Table of Contents
SPDR SSGA MULTI-ASSET REAL RETURN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2022 (Unaudited)
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
SPDR Bloomberg 1-10 Year TIPS ETF
 2,036,829   $ 39,636,692   $ 36,841,600   $ 9,707,435   $ (391,075)   $ (2,081,606)   3,484,996   $ 64,298,176   $1,196,217
SPDR Dow Jones International Real Estate ETF
 90,476   2,553,233   1,081,690   555,201   (28,988)   (74,499)   111,178   2,976,235   61,748
SPDR Dow Jones REIT ETF
 369,583   35,139,952   8,166,857   28,924,158   (4,672,066)   2,978,804   145,604   12,689,389   354,888
SPDR FTSE International Government Inflation-Protected Bond ETF
 55,737   2,521,542   14,162,368   611,855   (14,293)   (716,324)   372,365   15,341,438   228,842
SPDR S&P Global Infrastructure ETF
 2,215,734   118,408,825   69,513,960   28,665,470   (1,004,621)   (791,087)   3,003,846   157,461,607   2,546,399
SPDR S&P Global Natural Resources ETF
 2,278,511   118,687,638   65,537,108   27,085,429   (1,145,852)   12,441,106   2,953,956   168,434,571   3,757,015
SPDR S&P Metals & Mining ETF
 293,310   12,729,654   8,370,879   4,540,795   152,938   1,943,809   374,553   18,656,485   189,593
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 8,773,651   8,773,651   48,685,151   40,672,235   —   —   16,786,567   16,786,567   453,357
State Street Navigator Securities Lending Portfolio II
 48,571,637   48,571,637   610,131,893   613,191,743   —   —   45,511,787   45,511,787   112,604
The Energy Select Sector SPDR Fund
 271,581   19,420,757   21,048,397   9,466,348   863,972   4,209,436   412,441   36,076,214   597,541
Total
     $406,443,581   $883,539,903   $763,420,669   $(6,239,985)   $17,909,639       $538,232,469   $9,498,204
See accompanying notes to financial statements.
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Table of Contents
SPDR SSGA INCOME ALLOCATION ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.8%      
DOMESTIC EQUITY — 14.5%  
Invesco KBW Premium Yield Equity REIT ETF
     88,800   $ 1,730,712
iShares Mortgage Real Estate ETF (a)
     151,920   3,447,065
SPDR ICE Preferred Securities ETF (b)
     158,837   5,213,030
SPDR Portfolio S&P 500 High Dividend ETF (a)(b)
     54,747   2,166,886
          12,557,693
DOMESTIC FIXED INCOME — 42.3%  
Schwab US Dividend Equity ETF
     28,732   2,170,415
SPDR Blackstone Senior Loan ETF (a)(b)
     213,095   8,715,586
SPDR Bloomberg Convertible Securities ETF (a)(b)
     67,660   4,353,244
SPDR Bloomberg High Yield Bond ETF (b)
     87,149   7,843,410
SPDR Portfolio Long Term Treasury ETF (b)
     469,300   13,623,779
          36,706,434
INFLATION LINKED — 3.0%  
SPDR Bloomberg 1-10 Year TIPS ETF (b)
     141,473   2,610,177
INTERNATIONAL EQUITY — 20.9%  
SPDR S&P Global Infrastructure ETF (a)(b)
     131,653   6,901,250
SPDR S&P International Dividend ETF (b)
     347,055   11,216,818
          18,118,068
INTERNATIONAL FIXED INCOME — 17.1%  
SPDR Bloomberg Emerging Markets Local Bond ETF (b)
     508,036   10,445,220
SPDR Bloomberg International Corporate Bond ETF (b)
     156,901   4,349,296
          14,794,516
REAL ESTATE — 2.0%  
SPDR Dow Jones REIT ETF (b)
     19,875   1,732,106
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $95,591,198)
   86,518,994  
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 8.0%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (c)(d)
     143,821   $ 143,821
State Street Navigator Securities Lending Portfolio II (e)(f)
     6,784,842   6,784,842
TOTAL SHORT-TERM INVESTMENTS

(Cost $6,928,663)
         $ 6,928,663
TOTAL INVESTMENTS — 107.8%

(Cost $102,519,861)
         93,447,657
LIABILITIES IN EXCESS OF OTHER ASSETS — (7.8)%
         (6,745,213)
NET ASSETS — 100.0%
         $ 86,702,444
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, 2022.
(b) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2022 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, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 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, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
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
   $86,518,994   $—   $—   $86,518,994
Short-Term Investments
   6,928,663   —   —   6,928,663
TOTAL INVESTMENTS
   $93,447,657   $—   $—   $93,447,657
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
SPDR Blackstone Senior Loan ETF
 478,391   $ 19,920,201   $ 5,205,961   $ 16,060,881   $(1,730,926)   $1,381,231   213,095   $ 8,715,586   $ 666,126
SPDR Bloomberg 1-10 Year TIPS ETF
 —   —   2,610,640   —   —   (463)   141,473   2,610,177   —
SPDR Bloomberg Convertible Securities ETF
 44,018   2,841,802   2,381,848   867,718   59,602   (62,290)   67,660   4,353,244   38,561
SPDR Bloomberg Emerging Markets Local Bond ETF
 471,277   9,637,615   3,743,679   2,921,008   (374,096)   359,030   508,036   10,445,220   286,295
SPDR Bloomberg High Yield Bond ETF
 20,953   1,900,647   10,430,187   4,045,881   (524,844)   83,301   87,149   7,843,410   167,882
SPDR Bloomberg International Corporate Bond ETF
 —   —   4,348,511   —   —   785   156,901   4,349,296   —
SPDR Dow Jones REIT ETF
 —   —   1,732,842   —   —   (736)   19,875   1,732,106   —
SPDR ICE Preferred Securities ETF
 135,451   4,855,918   2,325,015   1,591,940   (135,039)   (240,924)   158,837   5,213,030   159,281
SPDR Portfolio Long Term Corporate Bond ETF
 99,847   2,405,314   3,723,704   6,154,027   (503,367)   528,376   —   —   40,580
SPDR Portfolio Long Term Treasury ETF
 410,560   13,577,219   8,240,979   6,663,890   (1,486,141)   (44,388)   469,300   13,623,779   169,012
SPDR Portfolio S&P 500 High Dividend ETF
 309,596   12,355,976   8,415,059   18,796,710   (302,475)   495,036   54,747   2,166,886   150,958
SPDR S&P Global Infrastructure ETF
 144,598   7,727,317   1,820,398   2,507,131   (13,387)   (125,947)   131,653   6,901,250   114,527
SPDR S&P International Dividend ETF
 250,835   8,606,149   11,741,420   8,398,315   (1,043,058)   310,622   347,055   11,216,818   306,863
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 3,843,857   3,843,857   11,554,700   15,254,736   —   —   143,821   143,821   66,681
State Street Navigator Securities Lending Portfolio II
 30,179,720   30,179,720   109,915,691   133,310,569   —   —   6,784,842   6,784,842   190,904
Total
     $117,851,735   $188,190,634   $216,572,806   $(6,053,731)   $2,683,633       $86,099,465   $2,357,670
See accompanying notes to financial statements.
18

Table of Contents
SPDR SSGA GLOBAL ALLOCATION ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 97.5%      
COMMODITIES — 3.1%  
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF
     479,240   $ 7,083,167
DOMESTIC EQUITY — 22.0%  
SPDR Portfolio S&P 600 Small Cap ETF (a)
     62,915   2,325,967
SPDR S&P 500 ETF Trust (a)
     79,255   30,309,490
SPDR S&P MidCap 400 ETF Trust (a)(b)
     10,511   4,654,166
The Consumer Staples Select Sector SPDR Fund (a)(b)
     62,386   4,650,876
The Energy Select Sector SPDR Fund (a)(b)
     26,854   2,348,919
The Financial Select Sector SPDR Fund (a)(b)
     136,278   4,660,708
The Materials Select Sector SPDR Fund (a)(b)
     29,850   2,318,748
          51,268,874
DOMESTIC FIXED INCOME — 23.5%  
SPDR Blackstone Senior Loan ETF (a)(b)
     85,908   3,513,637
SPDR Bloomberg High Yield Bond ETF (a)
     13,009   1,170,810
SPDR Bloomberg International Treasury Bond ETF (a)
     516,638   11,588,190
SPDR Portfolio Aggregate Bond ETF (a)(b)
     1,111,720   27,937,524
SPDR Portfolio Intermediate Term Treasury ETF (a)
     82,520   2,330,365
SPDR Portfolio Long Term Treasury ETF (a)
     279,170   8,104,305
          54,644,831
INFLATION LINKED — 6.0%  
SPDR Bloomberg 1-10 Year TIPS ETF (a)(b)
     759,113   14,005,635
INTERNATIONAL EQUITY — 35.9%  
SPDR Portfolio Developed World ex-US ETF (a)(b)
     1,482,487   44,015,039
SPDR Portfolio Emerging Markets ETF (a)(b)
     350,421   11,549,876
SPDR Portfolio Europe ETF (a)
     266,436   9,242,665
SPDR S&P International Small Cap ETF (a)
     236,909   6,967,494
Vanguard FTSE Pacific ETF (b)
     180,239   11,598,380
          83,373,454
Security Description     Shares   Value
INTERNATIONAL FIXED INCOME — 6.0%  
SPDR Bloomberg Emerging Markets Local Bond ETF (a)
     340,898   $ 7,008,863
SPDR Bloomberg International Corporate Bond ETF (a)
     252,613   7,002,432
          14,011,295
REAL ESTATE — 1.0%  
SPDR Dow Jones International Real Estate ETF (a)
     43,575   1,166,503
SPDR Dow Jones REIT ETF (a)
     13,349   1,163,365
          2,329,868
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $222,467,610)
   226,717,124  
SHORT-TERM INVESTMENTS — 21.5%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 4.16% (c)(d)
     4,808,444   4,808,444
State Street Navigator Securities Lending Portfolio II (e)(f)
     45,214,621   45,214,621
TOTAL SHORT-TERM INVESTMENTS

(Cost $50,023,065)
         $ 50,023,065
TOTAL INVESTMENTS — 119.0%

(Cost $272,490,675)
         276,740,189
LIABILITIES IN EXCESS OF OTHER ASSETS — (19.0)%
         (44,183,555)
NET ASSETS — 100.0%
         $ 232,556,634
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, 2022 are shown in the Affiliate Table below.
(b) All or a portion of the shares of the security are on loan at December 31, 2022.
(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, 2022 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2022.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2022 are shown in the Affiliate Table below.
(f) 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, 2022 (Unaudited)
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2022.
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
   $226,717,124   $—   $—   $226,717,124
Short-Term Investments
   50,023,065   —   —   50,023,065
TOTAL INVESTMENTS
   $276,740,189   $—   $—   $276,740,189
 
Affiliate Table
  Number of
Shares Held
at
6/30/22 		  Value at

6/30/22 		  Cost of
Purchases 		  Proceeds
from
Shares Sold 		  Realized
Gain (Loss) 		  Change in
Unrealized
Appreciation/
Depreciation 		  Number of
Shares Held
at
12/31/22 		  Value at

12/31/22 		  Dividend
Income
SPDR Blackstone Senior Loan ETF
 202,281   $ 8,422,981   $ 1,605,404   $ 6,362,957   $ (651,005)   $ 499,214   85,908   $ 3,513,637   $ 297,135
SPDR Bloomberg 1-10 Year TIPS ETF
 867,998   16,891,241   3,513,120   5,492,154   (503,824)   (402,748)   759,113   14,005,635   481,768
SPDR Bloomberg Emerging Markets Local Bond ETF
 296,971   6,073,057   1,855,862   958,561   (79,259)   117,764   340,898   7,008,863   190,131
SPDR Bloomberg High Yield Bond ETF
 —   —   4,937,155   3,610,067   (160,636)   4,358   13,009   1,170,810   19,239
SPDR Bloomberg International Corporate Bond ETF
 —   —   7,001,169   —   —   1,263   252,613   7,002,432   —
SPDR Bloomberg International Treasury Bond ETF
 418,602   9,694,823   12,478,484   10,247,159   (1,330,481)   992,523   516,638   11,588,190   126,539
SPDR Dow Jones International Real Estate ETF
 43,111   1,216,593   1,185,879   1,222,192   (227,955)   214,178   43,575   1,166,503   —
SPDR Dow Jones REIT ETF
 42   3,993   1,163,859   4,013   (60)   (414)   13,349   1,163,365   —
SPDR Portfolio Aggregate Bond ETF
 231,832   6,108,773   43,397,529   20,954,291   (728,800)   114,313   1,111,720   27,937,524   149,218
SPDR Portfolio Developed World ex-US ETF
 1,740,818   50,205,191   6,458,640   13,887,909   (468,747)   1,707,864   1,482,487   44,015,039   515,608
SPDR Portfolio Emerging Markets ETF
 422,956   14,706,180   2,634,352   5,120,272   (921,022)   250,638   350,421   11,549,876   276,255
SPDR Portfolio Europe ETF
 —   —   13,560,742   4,962,694   74,404   570,213   266,436   9,242,665   53,467
SPDR Portfolio Intermediate Term Treasury ETF
 373,341   11,002,359   5,814,064   14,035,827   (338,537)   (111,694)   82,520   2,330,365   54,449
SPDR Portfolio Long Term Treasury ETF
 443,258   14,658,542   9,489,401   14,339,727   (3,415,281)   1,711,370   279,170   8,104,305   161,821
SPDR Portfolio S&P 600 Small Cap ETF
 374,403   13,471,020   3,196,957   14,517,071   (816,367)   991,428   62,915   2,325,967   36,421
SPDR S&P 500 ETF Trust
 80,272   30,282,612   26,167,590   27,275,530   563,868   570,950   79,255   30,309,490   210,885
SPDR S&P International Small Cap ETF
 254,837   7,372,435   1,168,150   1,736,769   (221,080)   384,758   236,909   6,967,494   92,706
SPDR S&P MidCap 400 ETF Trust
 11,823   4,888,692   728,729   1,329,352   140,841   225,256   10,511   4,654,166   36,646
State Street Institutional U.S. Government Money Market Fund, Class G Shares
 11,863,750   11,863,750   42,240,584   49,295,890   —   —   4,808,444   4,808,444   308,475
State Street Navigator Securities Lending Portfolio II
 36,578,077   36,578,077   601,570,842   592,934,298   —   —   45,214,621   45,214,621   264,192
The Consumer Staples Select Sector SPDR Fund
 —   —   4,905,144   144,447   (3,091)   (106,730)   62,386   4,650,876   33,701
The Energy Select Sector SPDR Fund
 68,732   4,915,025   684,055   4,149,018   286,959   611,898   26,854   2,348,919   74,133
The Financial Select Sector SPDR Fund
 —   —   5,520,229   934,394   12,860   62,013   136,278   4,660,708   53,096
The Health Care Select Sector SPDR Fund
 —   —   2,512,657   2,449,148   (63,509)   —   —   —   —
The Materials Select Sector SPDR Fund
 66,063   4,862,237   2,608,535   5,262,223   (589,857)   700,056   29,850   2,318,748   15,047
The Utilities Select Sector SPDR Fund
 71,668   5,026,077   904,147   6,090,670   20,985   139,461   —   —   30,803
Total
     $258,243,658   $807,303,279   $807,316,633   $(9,419,594)   $9,247,932       $258,058,642   $3,481,735
See accompanying notes to financial statements.
20

Table of Contents
SPDR SSGA ULTRA SHORT TERM BOND ETF
SCHEDULE OF INVESTMENTS
December 31, 2022 (Unaudited)
Security Description     Principal
Amount 		  Value
CORPORATE BONDS & NOTES — 51.0%          
AEROSPACE & DEFENSE — 1.5%   
Boeing Co.:          
1.17%, 2/4/2023
     $ 2,665,000   $ 2,655,326
1.43%, 2/4/2024
     1,000,000   956,590
4.51%, 5/1/2023
     1,500,000   1,495,080
L3Harris Technologies, Inc.

3 Month USD LIBOR + 0.75%, 5.49%, 3/10/2023 (a)
     1,000,000   1,000,490
          6,107,486
AGRICULTURE — 1.2%   
Imperial Brands Finance PLC

3.50%, 2/11/2023 (b)
     2,500,000