Semi-Annual Report
December 31, 2021
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
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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2

3

4

5

7
Schedules of Investments (Unaudited)  

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33

38

45

51

61
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, 2021

     
  Description % of Net Assets  
  Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF 24.3%  
  SPDR S&P Global Natural Resources ETF 23.9  
  SPDR S&P Global Infrastructure ETF 23.1  
  SPDR Bloomberg 1-10 Year TIPS ETF 9.5  
  SPDR Dow Jones REIT ETF 5.1  
  TOTAL 85.9%  
(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, 2021

     
    % of Net Assets  
  Natural Resources 26.9%  
  Commodities 24.3  
  International Equity 23.4  
  Inflation Linked 9.5  
  Real Estate 7.1  
  International Fixed Income 4.2  
  Domestic Equity 4.0  
  Short Term Investments 4.4  
  Liabilities in Excess of Other Assets (3.8)  
  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.
1


Table of Contents
SPDR SSGA Income Allocation ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  SPDR Blackstone Senior Loan ETF 20.1%  
  SPDR Portfolio S&P 500 High Dividend ETF 12.1  
  SPDR S&P International Dividend ETF 10.2  
  SPDR Bloomberg Emerging Markets Local Bond ETF 10.0  
  SPDR Portfolio Long Term Corporate Bond ETF 9.3  
  TOTAL 61.7%  
(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, 2021

     
    % of Net Assets  
  Domestic Fixed Income 48.7%  
  Domestic Equity 25.8  
  International Equity 15.2  
  International Fixed Income 10.0  
  Short Term Investments 6.2  
  Liabilities in Excess of Other Assets (5.9)  
  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.
2


Table of Contents
SPDR SSGA Global Allocation ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  SPDR Portfolio Developed World ex-US ETF 18.6%  
  SPDR S&P 500 ETF Trust 14.1  
  SPDR Portfolio TIPS ETF 5.1  
  SPDR Portfolio Europe ETF 5.0  
  SPDR Portfolio Intermediate Term Corporate Bond ETF 5.0  
  TOTAL 47.8%  
(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  
  International Equity 31.9%  
  Domestic Equity 26.6  
  Domestic Fixed Income 21.5  
  Inflation Linked 5.1  
  International Fixed Income 4.0  
  Commodities 4.0  
  Real Estate 2.9  
  Short Term Investments 28.9  
  Liabilities in Excess of Other Assets (24.9)  
  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.
3


Table of Contents
SPDR SSGA Ultra Short Term Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  Treasury Notes
0.25% 9/30/2023
6.6%  
  U.S. Treasury Bill
0.05% 1/13/2022
3.8  
  Nissan Master Owner Trust Receivables ABS
0.67% 2/15/2024
2.5  
  Golden Credit Card Trust ABS
0.63% 7/15/2024
1.8  
  Master Credit Card Trust II ABS
0.59% 7/21/2024
1.6  
  TOTAL 16.3%  
(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, 2021

     
    % of Net Assets  
  Corporate Bonds & Notes 56.0%  
  Asset-Backed Securities 6.9  
  Commercial Mortgage Backed Securities 4.6  
  Mortgage-Backed Securities 2.7  
  Short-Term Investment 18.6  
  U.S. Treasury Obligations 10.4  
  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.
4


Table of Contents
SPDR Loomis Sayles Opportunistic Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2021

     
  Description % of Net Assets  
  SPDR Blackstone Senior Loan ETF
4.5%  
  DirecTV Financing, LLC Senior Secured Term Loan
5.75% 8/2/2027
1.5  
  OneMain Direct Auto Receivables Trust ABS
0.87% 7/14/2028
1.3  
  E.W. Scripps Company (The) Senior Secured 2019 Term Loan B2
Zero Coupon, 5/1/2026
1.2  
  Medline Industries, Inc.
Zero Coupon, 10/23/2028
1.2  
  TOTAL 9.7%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
See accompanying notes to financial statements.
5


Table of Contents
SPDR Loomis Sayles Opportunistic Bond ETF
Portfolio Statistics (Unaudited)  (continued)
Industry Breakdown as of December 31, 2021

     
    % of Net Assets  
  Asset-Backed Securities 6.7%  
  Commercial Mortgage Backed Securities 0.2  
  Banks 7.6  
  Media 6.0  
  Commercial Services 5.0  
  Oil & Gas 5.0  
  Commercial Mortgage-Backed Securities 4.5  
  Internet 4.3  
  Diversified Financial Services 4.0  
  Software 4.0  
  Insurance 3.6  
  Retail 3.6  
  Chemicals 2.8  
  Telecommunications 2.8  
  Auto Manufacturers 2.6  
  Health Care Products 2.2  
  Real Estate Investment Trusts 2.1  
  Lodging 2.1  
  Health Care Services 2.1  
  Airlines 2.1  
  Food 2.1  
  Electric 1.8  
  Semiconductors 1.8  
  Entertainment 1.7  
  Investment Company Security 1.3  
  Pharmaceuticals 1.0  
  Transportation 1.0  
  Electronics 0.9  
  Pipelines 0.8  
  Advertising 0.7  
  Computers 0.7  
  Oil & Gas Services 0.7  
  Energy-Alternate Sources 0.7  
  Environmental Control 0.7  
  Machinery-Diversified 0.6  
  Mining 0.6  
  Construction Materials 0.5  
  Building Materials 0.5  
  Packaging & Containers 0.5  
  Coal 0.5  
  Auto Parts & Equipment 0.4  
  IT Services 0.4  
  Electrical Components & Equipment 0.4  
  Forest Products & Paper 0.4  
  Iron/Steel 0.3  
  Home Furnishings 0.3  
  Miscellaneous Manufacturer 0.3  
  Engineering & Construction 0.3  
  Beverages 0.2  
  Leisure Time 0.2  
  Aerospace & Defense 0.1  
  Agriculture 0.0*  
  Biotechnology 0.0*  
  Short-Term Investment 9.5  
  Liabilities in Excess of Other Assets (5.2)  
  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, 2021

     
  Description % of Net Assets  
  Los Angeles, CA, Unified School District, General Obligation
5.00% 7/1/2029
3.3%  
  State of Florida Revenue
5.00% 6/1/2029
3.3  
  Metropolitan Council, Minneapolis-Saint Paul, MN, Metropolitan Area, General Obligation
5.00% 12/1/2028
3.3  
  Georgia, State General Obligation
5.00% 7/1/2028
3.3  
  New Jersey Economic Development Authority Revenue
5.00% 6/15/2031
3.3  
  TOTAL 16.5%  
(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, 2021

     
    % of Net Assets  
  Municipal Bonds & Notes 94.5%  
  Short-Term Investment 4.5  
  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.
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Table of Contents
SPDR SSGA MULTI-ASSET REAL RETURN ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.4%      
COMMODITIES — 24.3%  
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF (a)

    3,154,283   $ 44,349,219
DOMESTIC EQUITY — 4.0%  
The Energy Select Sector SPDR Fund (b)

    130,091   7,220,050
INFLATION LINKED — 9.5%  
SPDR Bloomberg 1-10 Year TIPS ETF (b)

    816,583   17,246,233
INTERNATIONAL EQUITY — 23.4%  
SPDR S&P Global Infrastructure ETF (b)

    777,014   42,153,010
VanEck Vectors Agribusiness ETF

    5,348   510,306
          42,663,316
INTERNATIONAL FIXED INCOME — 4.2%  
SPDR FTSE International Government Inflation-Protected Bond ETF (b)

    141,353   7,606,205
NATURAL RESOURCES — 26.9%  
SPDR S&P Global Natural Resources ETF (a)(b)

    809,312   43,670,476
SPDR S&P Metals & Mining ETF (a)(b)

    121,335   5,433,381
          49,103,857
REAL ESTATE — 7.1%  
SPDR Dow Jones International Real Estate ETF (b)

    102,429   3,646,472
SPDR Dow Jones REIT ETF (a)(b)

    75,661   9,242,748
          12,889,220
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $183,051,203)

  181,078,100  
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 4.4%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (c)(d)

    1,092,405   $ 1,092,405
State Street Navigator Securities Lending Portfolio II (e)(f)

    6,946,536   6,946,536
TOTAL SHORT-TERM INVESTMENTS

(Cost $8,038,941)

        $ 8,038,941
TOTAL INVESTMENTS — 103.8%

(Cost $191,090,144)

        189,117,041
LIABILITIES IN EXCESS OF OTHER ASSETS — (3.8)%

        (6,903,408)
NET ASSETS — 100.0%

        $ 182,213,633
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, 2021.
(b) 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.
(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.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Mutual Funds and Exchange Traded Products

  $181,078,100   $—   $—   $181,078,100
Short-Term Investments

  8,038,941       8,038,941
TOTAL INVESTMENTS

  $ 189,117,041   $—   $—   $ 189,117,041
See accompanying notes to financial statements.
8


Table of Contents
SPDR SSGA MULTI-ASSET REAL RETURN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

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 1-10 Year TIPS ETF

524,888   $ 11,093,508   $ 9,345,046   $ 3,152,491   $ (1,113)   $ (38,717)   816,583   $ 17,246,233   $ 421,984
SPDR Dow Jones International Real Estate ETF

70,066   2,572,824   1,886,118   712,337   9,823   (109,956)   102,429   3,646,472   120,032
SPDR Dow Jones REIT ETF

49,905   5,234,535   5,725,146   2,942,623   235,558   990,132   75,661   9,242,748   143,452
SPDR FTSE International Government Inflation-Protected Bond ETF

87,385   4,931,135   3,976,270   997,584   (1,083)   (302,533)   141,353   7,606,205   185,699
SPDR S&P Global Infrastructure ETF

542,787   28,338,909   20,923,463   8,367,260   204,206   1,053,692   777,014   42,153,010   675,824
SPDR S&P Global Natural Resources ETF

605,103   32,070,459   21,838,861   10,991,965   289,278   463,843   809,312   43,670,476   1,034,948
SPDR S&P Metals & Mining ETF

113,854   4,902,553   3,260,381   3,013,725   226,140   58,032   121,335   5,433,381   17,607
State Street Institutional U.S. Government Money Market Fund, Class G Shares

606,310   606,310   13,902,279   13,416,184       1,092,405   1,092,405   64
State Street Navigator Securities Lending Portfolio II

12,421,543   12,421,543   122,899,180   128,374,187       6,946,536   6,946,536   28,555
The Energy Select Sector SPDR Fund

95,477   5,143,346   3,875,736   2,087,036   153,927   134,077   130,091   7,220,050   163,911
Total

    $107,315,122   $207,632,480   $174,055,392   $1,116,736   $2,248,570       $144,257,516   $2,792,076
See accompanying notes to financial statements.
9


Table of Contents
SPDR SSGA INCOME ALLOCATION ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.7%      
DOMESTIC EQUITY — 25.8%  
Invesco KBW Premium Yield Equity REIT ETF

    87,814   $ 2,255,064
iShares Mortgage Real Estate ETF (a)

    160,734   5,546,930
SPDR ICE Preferred Securities ETF (b)

    195,437   8,386,202
SPDR Portfolio S&P 500 High Dividend ETF (b)

    337,885   14,208,064
          30,396,260
DOMESTIC FIXED INCOME — 48.7%  
SPDR Blackstone Senior Loan ETF (b)

    518,670   23,666,912
SPDR Bloomberg Convertible Securities ETF (a)(b)

    69,930   5,801,393
SPDR Bloomberg High Yield Bond ETF (b)

    69,188   7,511,741
SPDR Portfolio Long Term Corporate Bond ETF (b)

    345,574   10,878,669
SPDR Portfolio Long Term Treasury ETF (b)

    224,380   9,457,617
          57,316,332
INTERNATIONAL EQUITY — 15.2%  
SPDR S&P Global Infrastructure ETF (b)

    109,768   5,954,914
SPDR S&P International Dividend ETF (b)

    308,169   11,981,611
          17,936,525
INTERNATIONAL FIXED INCOME — 10.0%  
SPDR Bloomberg Emerging Markets Local Bond ETF (a)(b)

    482,566   11,793,913
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $116,292,090)

  117,443,030  
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 6.2%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (c)(d)

    391,636   $ 391,636
State Street Navigator Securities Lending Portfolio II (e)(f)

    6,980,772   6,980,772
TOTAL SHORT-TERM INVESTMENTS

(Cost $7,372,408)

        $ 7,372,408
TOTAL INVESTMENTS — 105.9%

(Cost $123,664,498)

        124,815,438
LIABILITIES IN EXCESS OF OTHER ASSETS — (5.9)%

        (6,979,606)
NET ASSETS — 100.0%

        $ 117,835,832
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, 2021.
(b) 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.
(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.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Mutual Funds and Exchange Traded Products

  $ 117,443,030   $—   $—   $ 117,443,030
Short-Term Investments

  7,372,408       7,372,408
TOTAL INVESTMENTS

  $124,815,438   $—   $—   $124,815,438
See accompanying notes to financial statements.
10


Table of Contents
SPDR SSGA INCOME ALLOCATION ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

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 Blackstone Senior Loan ETF

549,297   $ 25,426,958   $ 3,580,716   $ 4,975,012   $ (7,765)   $ (357,985)   518,670   $ 23,666,912   $ 610,677
SPDR Bloomberg Convertible Securities ETF

76,343   6,621,229   992,723   1,534,029   377,962   (656,492)   69,930   5,801,393   82,732
SPDR Bloomberg Emerging Markets Local Bond ETF

468,207   12,374,711   2,364,568   2,049,341   (34,102)   (861,923)   482,566   11,793,913   254,834
SPDR Bloomberg High Yield Bond ETF

81,478   8,959,321   3,717,209   5,073,840   36,167   (127,116)   69,188   7,511,741   164,139
SPDR ICE Preferred Securities ETF

201,783   8,922,844   1,268,327   1,553,460   (12,690)   (238,819)   195,437   8,386,202   239,289
SPDR Portfolio Long Term Corporate Bond ETF

310,973   9,882,722   3,329,516   2,245,119   111,188   (199,638)   345,574   10,878,669   181,525
SPDR Portfolio Long Term Treasury ETF

216,247   8,931,001   3,058,553   2,767,663   119,684   116,042   224,380   9,457,617   90,254
SPDR Portfolio S&P 500 High Dividend ETF

480,228   19,252,341   3,033,849   8,772,007   301,643   392,238   337,885   14,208,064   213,959
SPDR S&P Global Infrastructure ETF

117,732   6,146,788   854,704   1,257,734   47,249   163,907   109,768   5,954,914   90,385
SPDR S&P International Dividend ETF

279,929   11,029,202   4,011,097   3,020,701   117,420   (155,407)   308,169   11,981,611   225,597
State Street Institutional U.S. Government Money Market Fund, Class G Shares

85,137   85,137   1,004,841   698,342       391,636   391,636   42
State Street Navigator Securities Lending Portfolio II

10,114,067   10,114,067   187,616,340   190,749,635       6,980,772   6,980,772   71,916
Total

    $127,746,321   $214,832,443   $224,696,883   $1,056,756   $(1,925,193)       $117,013,444   $2,225,349
See accompanying notes to financial statements.
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Table of Contents
SPDR SSGA GLOBAL ALLOCATION ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 96.0%      
COMMODITIES — 4.0%  
Invesco DB Gold Fund (a)

    56,121   $ 2,938,215
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF (b)

    606,052   8,521,091
          11,459,306
DOMESTIC EQUITY — 26.6%  
SPDR Portfolio S&P 600 Small Cap ETF (c)

    284,063   12,694,776
SPDR S&P 500 ETF Trust (c)

    85,377   40,550,660
SPDR S&P MidCap 400 ETF Trust (c)

    11,816   6,116,907
The Energy Select Sector SPDR Fund (c)

    99,412   5,517,366
The Financial Select Sector SPDR Fund (c)

    76,546   2,989,121
The Materials Select Sector SPDR Fund (b)(c)

    33,633   3,047,486
The Technology Select Sector SPDR Fund (b)(c)

    31,884   5,543,671
          76,459,987
DOMESTIC FIXED INCOME — 21.5%  
SPDR Bloomberg High Yield Bond ETF (c)

    80,207   8,708,074
SPDR Portfolio Aggregate Bond ETF (c)

    339,123   10,044,823
SPDR Portfolio Intermediate Term Corporate Bond ETF (b)(c)

    398,136   14,392,616
SPDR Portfolio Long Term Corporate Bond ETF (c)

    456,793   14,379,844
SPDR Portfolio Long Term Treasury ETF (c)

    337,972   14,245,520
          61,770,877
INFLATION LINKED — 5.1%  
SPDR Portfolio TIPS ETF (b)(c)

    461,980   14,552,370
INTERNATIONAL EQUITY — 31.9%  
SPDR Portfolio Developed World ex-US ETF (b)(c)

    1,468,603   53,574,637
SPDR Portfolio Emerging Markets ETF (b)(c)

    287,281   11,919,289
SPDR Portfolio Europe ETF (c)

    338,908   14,440,870
SPDR S&P Emerging Markets SmallCap ETF (c)

    50,931   3,020,718
SPDR S&P International Small Cap ETF (b)(c)

    237,733   8,979,175
          91,934,689
Security Description     Shares   Value
INTERNATIONAL FIXED INCOME — 4.0%  
SPDR Bloomberg Emerging Markets Local Bond ETF (b)(c)

    118,471   $ 2,895,431
SPDR Bloomberg International Corporate Bond ETF (b)(c)

    83,399   2,884,772
SPDR FTSE International Government Inflation-Protected Bond ETF (b)(c)

    107,649   5,792,593
          11,572,796
REAL ESTATE — 2.9%  
SPDR Dow Jones International Real Estate ETF (b)(c)

    167,171   5,951,288
SPDR Dow Jones REIT ETF (b)(c)

    20,616   2,518,450
          8,469,738
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $235,371,525)

  276,219,763  
SHORT-TERM INVESTMENTS — 28.9%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.03% (d)(e)

    10,989,449   10,989,449
State Street Navigator Securities Lending Portfolio II (f)(g)

    72,250,781   72,250,781
TOTAL SHORT-TERM INVESTMENTS

(Cost $83,240,230)

        $ 83,240,230
TOTAL INVESTMENTS — 124.9%

(Cost $318,611,755)

        359,459,993
LIABILITIES IN EXCESS OF OTHER ASSETS — (24.9)%

        (71,769,444)
NET ASSETS — 100.0%

        $ 287,690,549
The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov.
 
(a) Non-income producing security.
(b) All or a portion of the shares of the security are on loan at December 31, 2021.
(c) 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.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at December 31, 2021.
 
See accompanying notes to financial statements.
12


Table of Contents
SPDR SSGA GLOBAL ALLOCATION ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2021 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2021.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Mutual Funds and Exchange Traded Products

  $276,219,763   $—   $—   $276,219,763
Short-Term Investments

  83,240,230       83,240,230
TOTAL INVESTMENTS

  $359,459,993   $—   $—   $359,459,993
 
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 Emerging Markets Local Bond ETF

105,951   $ 2,800,285   $ 519,961   $ 199,202   $ (5,579)   $ (220,034)   118,471   $ 2,895,431   $ 62,432
SPDR Bloomberg High Yield Bond ETF

104,639   11,506,104   21,204,408   23,785,331   534,530   (751,637)   80,207   8,708,074   178,518
SPDR Bloomberg International Corporate Bond ETF

    3,041,325   116,973   (1,842)   (37,738)   83,399   2,884,772   2,425
SPDR Dow Jones International Real Estate ETF

74,309   2,728,626   3,857,546   380,493   33,548   (287,939)   167,171   5,951,288   190,977
SPDR Dow Jones REIT ETF

26,393   2,768,362   282,302   971,709   199,254   240,241   20,616   2,518,450   48,439
SPDR FTSE International Government Inflation-Protected Bond ETF

    6,029,685   176,368   1,000   (61,724)   107,649   5,792,593   84,501
SPDR Portfolio Aggregate Bond ETF

239,071   7,174,521   26,734,900   23,742,349   (58,355)   (63,894)   339,123   10,044,823   147,406
SPDR Portfolio Developed World ex-US ETF

1,158,110   42,606,867   17,847,267   6,524,518   764,533   (1,119,512)   1,468,603   53,574,637   865,039
SPDR Portfolio Emerging Markets ETF

435,506   19,815,523   2,371,902   8,929,944   913,222   (2,251,414)   287,281   11,919,289   256,410
SPDR Portfolio Europe ETF

261,673   10,951,015   14,202,659   11,062,782   (214,672)   564,650   338,908   14,440,870   143,953
SPDR Portfolio Intermediate Term Corporate Bond ETF

467,736   17,165,911   1,911,890   4,463,416   22,477   (244,246)   398,136   14,392,616   131,361
SPDR Portfolio Long Term Corporate Bond ETF

461,225   14,657,731   1,558,849   1,708,977   54,374   (182,133)   456,793   14,379,844   246,906
SPDR Portfolio Long Term Treasury ETF

212,957   8,795,124   6,825,944   1,519,668   69,963   74,157   337,972   14,245,520   107,211
SPDR Portfolio S&P 600 Small Cap ETF

315,273   13,853,095   6,984,064   8,653,760   722,127   (210,750)   284,063   12,694,776   152,908
SPDR Portfolio TIPS ETF

461,214   14,362,204   1,841,432   1,814,931   99,805   63,860   461,980   14,552,370   458,219
SPDR S&P 500 ETF Trust

141,995   60,782,380   13,837,937   39,493,060   8,909,653   (3,486,250)   85,377   40,550,660   384,216
SPDR S&P Emerging Markets SmallCap ETF

47,193   2,893,875   408,623   188,551   40,505   (133,734)   50,931   3,020,718   57,722
SPDR S&P International Small Cap ETF

214,290   8,284,451   1,552,398   677,505   126,578   (306,747)   237,733   8,979,175   150,277
SPDR S&P MidCap 400 ETF Trust

11,391   5,593,095   838,874   638,457   162,790   160,605   11,816   6,116,907   32,196
State Street Institutional U.S. Government Money Market Fund, Class G Shares

4,881,145   4,881,145   17,374,088   11,265,784       10,989,449   10,989,449   900
State Street Navigator Securities Lending Portfolio II

42,661,109   42,661,109   770,028,894   740,439,222       72,250,781   72,250,781   150,056
The Communication Services Select Sector SPDR Fund

    6,118,012   5,849,495   (268,517)         9,793
The Consumer Staples Select Sector SPDR Fund

    8,924,385   9,040,655   116,270         17,922
The Energy Select Sector SPDR Fund

50,960   2,745,215   9,195,012   5,936,080   (503,063)   16,282   99,412   5,517,366   69,963
The Financial Select Sector SPDR Fund

    5,952,234   2,924,388   (68,218)   29,493   76,546   2,989,121   13,655
The Industrial Select Sector SPDR Fund

27,205   2,785,792   2,892,872   5,743,851   20,591   44,596      
The Materials Select Sector SPDR Fund

65,593   5,398,960   6,167,963   8,477,043   (396,071)   353,677   33,633   3,047,486   26,771
The Technology Select Sector SPDR Fund

41,332   6,103,083   662,352   2,216,396   295,970   698,662   31,884   5,543,671   20,664
Total

    $311,314,473   $959,167,778   $926,940,908   $11,570,873   $ (7,111,529)       $348,000,687   $4,010,840
See accompanying notes to financial statements.
13


Table of Contents
SPDR SSGA ULTRA SHORT TERM BOND ETF
SCHEDULE OF INVESTMENTS
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 56.0%          
AEROSPACE & DEFENSE — 1.9%   
Boeing Co.:          
1.17%, 2/4/2023

    $ 665,000   $ 665,113
1.43%, 2/4/2024

    1,000,000   998,930
4.51%, 5/1/2023

    5,000,000   5,216,100
L3Harris Technologies, Inc.

3 Month USD LIBOR + 0.75%, 0.95%, 3/10/2023 (a)

    1,500,000   1,506,615
          8,386,758
AGRICULTURE — 1.0%   
BAT Capital Corp.

3 Month USD LIBOR + 0.88%, 1.04%, 8/15/2022 (a)

    2,000,000   2,004,840
Imperial Brands Finance PLC

3.50%, 2/11/2023 (b)

    2,500,000   2,549,400
          4,554,240
AUTO MANUFACTURERS — 4.9%   
American Honda Finance Corp.:          
Series MTN, 3 Month USD LIBOR + 0.37%, 0.52%, 5/10/2023 (a)

    1,900,000   1,903,496
Series MTN, 3 Month USD LIBOR + 0.45%, 0.61%, 2/15/2022 (a)

    3,000,000   3,001,200
Series MTN, 3 Month USD LIBOR + 0.47%, 0.63%, 11/16/2022 (a)

    1,200,000   1,202,928
Daimler Finance North America LLC:          
3 Month USD LIBOR + 0.88%, 1.04%, 2/22/2022 (a)  (b)

    2,000,000   2,001,960
3 Month USD LIBOR + 0.90%, 1.06%, 2/15/2022 (a)  (b)

    1,250,000   1,251,062
Daimler Trucks Finance North America LLC:          
3 Month USD LIBOR + 0.75%, 0.80%, 12/13/2024 (a)  (b)

    1,500,000   1,501,395
SOFR + 0.60%, 0.65%, 12/14/2023 (a)  (b)

    1,500,000   1,501,605
General Motors Financial Co., Inc.

3 Month USD LIBOR + 1.31%, 1.53%, 6/30/2022 (a)

    2,500,000   2,510,300
Hyundai Capital America:          
0.80%, 1/8/2024 (b)

    1,500,000   1,481,265
1.00%, 9/17/2024 (b)

    500,000   492,095
Security Description     Principal
Amount
  Value
Nissan Motor Acceptance Co. LLC:          
3 Month USD LIBOR + 0.64%, 0.83%, 3/8/2024 (a)  (b)

    $ 1,000,000   $ 998,910
3 Month USD LIBOR + 0.65%, 0.77%, 7/13/2022 (a)  (b)

    2,000,000   2,001,120
Toyota Motor Credit Corp.

Series MTN, 3 Month USD LIBOR + 0.48%, 0.67%, 9/8/2022 (a)

    2,000,000   2,003,920
          21,851,256
BANKS — 19.0%   
Bank of America Corp.:          
SOFR + 0.73%, 0.78%, 10/24/2024 (a)

    2,000,000   2,010,080
Series MTN, 3 Month USD LIBOR + 1.16%, 1.29%, 1/20/2023 (a)

    3,000,000   3,001,530
Bank of Montreal

SOFR + 0.35%, 0.40%, 12/8/2023 (a)

    1,755,000   1,752,297
Barclays Bank PLC

1.70%, 5/12/2022

    985,000   988,152
CIT Group, Inc.

5.00%, 8/15/2022

    2,308,000   2,364,061
Citigroup, Inc.:          
3 Month USD LIBOR + 0.96%, 1.08%, 4/25/2022 (a)

    1,250,000   1,252,050
 3 Month USD LIBOR + 1.43%, 1.60%, 9/1/2023 (a)

    1,250,000   1,259,188
Cooperatieve Rabobank UA

3 Month USD LIBOR + 0.48%, 0.60%, 1/10/2023 (a)

    250,000   250,688
Credit Suisse Group AG

3 Month USD LIBOR + 1.20%, 1.40%, 12/14/2023 (a)  (b)

    2,000,000   2,015,380
Goldman Sachs Group, Inc.:          
3 Month USD LIBOR + 0.75%, 0.91%, 2/23/2023 (a)

    5,000,000   5,019,350
SOFR + 0.50%, 0.54%, 10/21/2024 (a)

    2,500,000   2,491,450
SOFR + 0.58%, 0.63%, 3/8/2024 (a)

    2,000,000   1,997,540
HSBC Holdings PLC:          
4.25%, 3/14/2024

    1,500,000   1,584,660
SOFR + 0.60%, 0.63%, 11/22/2024 (a)

    1,250,000   1,249,963
JPMorgan Chase & Co.:          
3 Month USD LIBOR + 0.73%, 0.85%, 4/23/2024 (a)

    2,000,000   2,010,540
 
See accompanying notes to financial statements.
14


Table of Contents
SPDR SSGA ULTRA SHORT TERM BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
3 Month USD LIBOR + 1.23%, 1.35%, 10/24/2023 (a)

    $ 1,500,000   $ 1,510,725
KeyBank NA

Series BKNT, 3 Month USD LIBOR + 0.66%, 0.79%, 2/1/2022 (a)

    1,000,000   1,000,430
Lloyds Banking Group PLC

1 year CMT + 1.10%, 1.33%, 6/15/2023 (a)

    1,295,000   1,297,305
Macquarie Group, Ltd.

SOFR + 0.71%, 0.76%, 10/14/2025 (a)  (b)

    2,000,000   2,001,700
Mitsubishi UFJ Financial Group, Inc.

3 Month USD LIBOR + 0.79%, 0.91%, 7/25/2022 (a)

    3,000,000   3,010,200
Mizuho Financial Group, Inc.

3 Month USD LIBOR + 0.88%, 1.08%, 9/11/2022 (a)

    3,000,000   3,013,290
Morgan Stanley:          
Series GMTN, 3 Month USD LIBOR + 1.22%, 1.36%, 5/8/2024 (a)

    2,682,000   2,713,701
Series GMTN, SOFR + 0.70%, 0.75%, 1/20/2023 (a)

    2,000,000   2,000,280
Series MTN, 3 Month USD LIBOR + 1.40%, 1.52%, 10/24/2023 (a)

    2,000,000   2,017,340
Series MTN, SOFR + 0.51%, 0.79%, 1/22/2025 (a)

    1,500,000   1,485,675
NatWest Markets PLC

SOFR + 0.53%, 0.58%, 8/12/2024 (a)  (b)

    2,125,000   2,128,251
Royal Bank of Canada:          
SOFR + 0.53%, 0.57%, 1/20/2026 (a)

    500,000   499,250
Series GMTN, 3 Month USD LIBOR + 0.36%, 0.48%, 1/17/2023 (a)

    3,000,000   3,004,410
Series GMTN, SOFR + 0.40%, 0.45%, 8/5/2022 (a)

    3,000,000   3,004,350
Standard Chartered PLC

SOFR + 1.25%, 1.30%, 10/14/2023 (a)  (b)

    2,000,000   2,010,100
Sumitomo Mitsui Financial Group, Inc.:          
3 Month USD LIBOR + 0.74%, 0.86%, 10/18/2022 (a)

    2,400,000   2,409,624
3 Month USD LIBOR + 0.80%, 0.92%, 10/16/2023 (a)

    1,000,000   1,008,370
3 Month USD LIBOR + 0.86%, 0.98%, 7/19/2023 (a)

    3,500,000   3,530,065
Security Description     Principal
Amount
  Value
Sumitomo Mitsui Trust Bank, Ltd.:          
0.80%, 9/16/2024 (b)

    $ 2,500,000   $ 2,462,725
SOFR + 0.44%, 0.49%, 9/16/2024 (a)  (b)

    2,500,000   2,497,650
Toronto-Dominion Bank

SOFR + 0.35%, 0.40%, 9/10/2024 (a)

    1,515,000   1,512,167
Truist Bank

SOFR + 0.20%, 0.25%, 1/17/2024 (a)

    3,000,000   2,991,300
UBS Group AG:          
3 Month USD LIBOR + 0.95%, 1.11%, 8/15/2023 (a)  (b)

    2,000,000   2,008,620
3 Month USD LIBOR + 1.53%, 1.66%, 2/1/2022 (a)  (b)

    3,000,000   3,003,120
Wells Fargo & Co.

3 Month USD LIBOR + 1.23%, 1.36%, 10/31/2023 (a)

    1,500,000   1,511,355
Westpac Banking Corp.

3 Month USD LIBOR + 0.39%, 0.51%, 1/13/2023 (a)

    2,000,000   2,004,700
          84,883,632
CHEMICALS — 0.3%   
DuPont de Nemours, Inc.

3 Month USD LIBOR + 1.11%, 1.27%, 11/15/2023 (a)

    1,460,000   1,479,652
COMPUTERS — 0.5%   
Apple, Inc.

 3 Month USD LIBOR + 0.50%, 0.64%, 2/9/2022 (a)

    750,000   750,337
Leidos, Inc.

2.95%, 5/15/2023

    1,435,000   1,469,397
          2,219,734
DIVERSIFIED FINANCIAL SERVICES — 1.7%   
AerCap Ireland Capital DAC/AerCap Global Aviation Trust:          
SOFR + 0.68%, 0.73%, 9/29/2023 (a)

    1,615,000   1,613,837
Series 3NC1, 1.75%, 10/29/2024

    1,375,000   1,373,268
American Express Credit Corp.

Series MTN, 3 Month USD LIBOR + 0.70%, 0.87%, 3/3/2022 (a)

    619,000   619,266
Blackstone Holdings Finance Co. LLC

4.75%, 2/15/2023 (b)

    3,000,000   3,120,570
Blackstone Private Credit Fund

2.35%, 11/22/2024 (b)

    1,000,000   1,000,160
          7,727,101
 
See accompanying notes to financial statements.
15


Table of Contents
SPDR SSGA ULTRA SHORT TERM BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2021 (Unaudited)

Security Description     Principal
Amount
  Value
ELECTRIC — 4.8%   
Alliant Energy Finance LLC

3.75%, 6/15/2023 (b)

    $ 1,000,000   $ 1,035,200
Black Hills Corp.

1.04%, 8/23/2024

    1,000,000   990,080
CenterPoint Energy, Inc.

SOFR + 0.65%, 0.70%, 5/13/2024 (a)

    1,500,000   1,499,955
Duke Energy Corp.

SOFR + 0.25%, 0.30%, 6/10/2023 (a)

    2,500,000   2,496,600
National Rural Utilities Cooperative Finance Corp.

Series D, SOFR + 0.33%, 0.38%, 10/18/2024 (a)

    2,500,000   2,493,475
NextEra Energy Capital Holdings, Inc.:          
SOFR + 0.40%, 0.45%, 11/3/2023 (a)

    2,500,000   2,496,875
SOFR + 0.54%, 0.59%, 3/1/2023 (a)

    2,500,000   2,502,350
Pacific Gas & Electric Co.:          
1.75%, 6/16/2022

    770,000   769,469
3 Month USD LIBOR + 1.48%, 1.69%, 6/16/2022 (a)

    1,500,000   1,500,375
Pacific Gas and Electric Co.

SOFR + 1.15%, 1.20%, 11/14/2022 (a)

    1,850,000   1,868,241
Southern California Edison Co.

Series J, 0.70%, 8/1/2023

    3,850,000   3,831,828
          21,484,448
GAS — 2.6%   
Atmos Energy Corp.

3 Month USD LIBOR + 0.38%, 0.58%, 3/9/2023 (a)

    3,125,000   3,125,156
CenterPoint Energy Resources Corp.

3 Month USD LIBOR + 0.50%, 0.67%, 3/2/2023 (a)

    6,000,000   5,989,080
ONE Gas, Inc.

3 Month USD LIBOR + 0.61%, 0.81%, 3/11/2023 (a)

    2,500,000   2,502,675
          11,616,911
HEALTH CARE PRODUCTS — 2.2%   
Hill-Rom Holdings, Inc.

4.38%, 9/15/2027 (b)

    1,070,000   1,120,076
PerkinElmer, Inc.

0.85%, 9/15/2024

    1,000,000   985,940
Thermo Fisher Scientific, Inc.:          
SOFR + 0.35%, 0.40%, 4/18/2023 (a)

    4,000,000   3,994,680
SOFR + 0.40%, 0.44%, 10/18/2023 (a)

    2,500,000   2,503,375
Security Description     Principal
Amount
  Value
SOFR + 0.53%, 0.58%, 10/18/2024 (a)

    $ 1,135,000   $ 1,135,897
          9,739,968
HEALTH CARE SERVICES — 0.5%   
Centene Corp.

4.25%, 12/15/2027

    2,000,000   2,092,180
INSURANCE — 2.7%   
Allstate Corp.

3 Month USD LIBOR + 0.63%, 0.85%, 3/29/2023 (a)

    1,500,000   1,505,130
Athene Global Funding

SOFR + 0.70%, 0.75%, 5/24/2024 (a)  (b)

    2,000,000   2,003,200
Jackson National Life Global Funding

SOFR + 0.60%, 0.65%, 1/6/2023 (a)  (b)