Quarterly Report
May 31, 2025
SSGA Active Trust
SPDR SSGA My2026 Municipal Bond ETF
SPDR SSGA My2027 Municipal Bond ETF
SPDR SSGA My2028 Municipal Bond ETF
SPDR SSGA My2029 Municipal Bond ETF
SPDR SSGA My2030 Municipal Bond ETF
SPDR SSGA My2026 Corporate Bond ETF
SPDR SSGA My2027 Corporate Bond ETF
SPDR SSGA My2028 Corporate Bond ETF
SPDR SSGA My2029 Corporate Bond ETF
SPDR SSGA My2030 Corporate Bond ETF
SPDR SSGA My2031 Corporate Bond ETF
SPDR SSGA My2032 Corporate Bond ETF
SPDR SSGA My2033 Corporate Bond ETF
SPDR SSGA My2034 Corporate Bond ETF


TABLE OF CONTENTS (Unaudited)
Schedules of Investments (Unaudited)  

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54

58

Table of Contents
SPDR SSGA MY2026 MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
MUNICIPAL BONDS & NOTES — 98.1%      
ARKANSAS — 2.7%          
Dover School District No. 17, General Obligation, AR

State Aid Withholding, 2.00%, 2/1/2026

  $135,000   $133,380
CALIFORNIA — 5.4%          
Arcadia Unified School District, General Obligation, CA

4.00%, 8/1/2038

  225,000   219,523
State of California, General Obligation, CA

5.00%, 10/1/2047

  50,000   50,284
          269,807
COLORADO — 4.1%          
Regional Transportation District Sales Tax Revenue, CO

Series A, 5.00%, 11/1/2046

  200,000   201,285
CONNECTICUT — 4.1%          
State of Connecticut Special Tax Revenue, CT

Series A, 5.00%, 9/1/2027

  200,000   205,069
DELAWARE — 3.2%          
Delaware Transportation Authority Revenue, DE

5.00%, 7/1/2026

  155,000   158,663
DISTRICT OF COLUMBIA — 2.1%          
District of Columbia Income Tax Revenue, DC

Series A, 5.00%, 3/1/2026

  100,000   101,587
FLORIDA — 3.9%          
Florida Municipal Power Agency Revenue, FL

Series A, 5.00%, 10/1/2028

  105,000   107,216
Tampa Bay Water Revenue, FL

Series A, 5.00%, 10/1/2037

  85,000   86,921
          194,137
HAWAII — 1.0%          
State of Hawaii, General Obligation, HI

Series FK, 5.00%, 5/1/2026

  50,000   50,975
ILLINOIS — 4.5%          
Illinois Finance Authority Revenue, IL

Series A, 4.00%, 10/1/2034

  225,000   221,920
INDIANA — 4.6%          
City of West Lafayette Sewer Revenue, IN

3.75%, 7/1/2029

  225,000   225,721
KANSAS — 2.5%          
Johnson County Public Building Commission Revenue, KS

Series A, 5.00%, 9/1/2026

  120,000   123,027
Security Description     Principal
Amount
  Value
MICHIGAN — 10.9%          
Grand Rapids Public Schools, General Obligation, MI

Assured Guaranty Municipal Corp., 5.00%, 5/1/2038 (a)

  $225,000   $227,136
Great Lakes Water Authority Water Supply System Revenue, MI:        
Series C, 5.00%, 7/1/2031

  130,000   132,102
Series C, 5.00%, 7/1/2035

  65,000   65,844
Portage Public Schools, General Obligation, MI

5.00%, 11/1/2032

  115,000   116,723
          541,805
MINNESOTA — 3.0%          
Metropolitan Council, General Obligation, MN

Series C, 5.00%, 3/1/2026

  20,000   20,319
Western Minnesota Municipal Power Agency Revenue, MN

Series A, 5.00%, 1/1/2034

  125,000   126,284
          146,603
NEW YORK — 13.4%          
City of New York, General Obligation, NY

Series B1, 5.00%, 12/1/2037

  150,000   152,144
Metropolitan Transportation Authority Revenue, NY

Series D-1, Build America Mutual Assurance Corp., 5.00%, 11/15/2033 (a)

  200,000   201,040
New York City Transitional Finance Authority Future Tax Secured Revenue, NY

Series B1, 4.00%, 8/1/2037

  225,000   220,012
Utility Debt Securitization Authority Revenue, NY

5.00%, 12/15/2037

  90,000   90,335
          663,531
OHIO — 2.2%          
Berea City School District, General Obligation, OH

Build America Mutual Assurance Corp., 5.00%, 12/1/2040 (a)

  110,000   111,363
PENNSYLVANIA — 10.6%          
Commonwealth of Pennsylvania, General Obligation, PA

Series 1ST, 4.00%, 2/1/2033

  225,000   225,596
Pittsburgh Water & Sewer Authority Revenue, PA

Series A, Assured Guaranty Municipal Corp., 5.00%, 9/1/2025 (a)

  75,000   75,332
 
See accompanying notes to Schedule of Investments.
1

Table of Contents
SPDR SSGA MY2026 MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
State Public School Building Authority Revenue, PA

State Aid Withholding, 5.00%, 6/1/2036

  $225,000   $226,226
          527,154
RHODE ISLAND — 3.0%          
Rhode Island Health & Educational Building Corp. Revenue, RI

Series B, 5.00%, 9/15/2025

  150,000   150,730
TEXAS — 11.8%          
City of Austin Electric Utility Revenue, TX

5.00%, 11/15/2032

  185,000   188,729
City of Houston, General Obligation, TX:        
Series A, 5.00%, 3/1/2035

  130,000   131,221
Series B, 5.00%, 3/1/2026

  40,000   40,621
City of Waxahachie, General Obligation, TX

4.00%, 8/1/2036

  225,000   224,608
          585,179
UTAH — 2.7%          
State of Utah, General Obligation, UT

5.00%, 7/1/2026

  130,000   133,044
WASHINGTON — 2.4%          
Snohomish County School District No. 201 Snohomish, General Obligation, WA

School Bond Guaranty, 5.00%, 12/1/2026

  50,000   50,503
State of Washington, General Obligation, WA

Series 2017-A, 5.00%, 8/1/2035

  65,000   65,997
          116,500
TOTAL MUNICIPAL BONDS & NOTES

(Cost $4,895,373)

  4,861,480  
    
Security Description     Shares   Value
SHORT-TERM INVESTMENT — 0.7%      
State Street Institutional Treasury Plus Fund - Premier Class 4.25% (b) (c)

(Cost $33,433)

  33,433   $33,433
TOTAL INVESTMENTS — 98.8%

(Cost $4,928,806)

  4,894,913  
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%

  61,784  
NET ASSETS — 100.0%

  $4,956,697  
(a) Bond is insured by the following:
  % of
Net Assets
Build America Mutual Assurance Corp.

6.3%  
Assured Guaranty Municipal Corp.

6.1%  
(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at May 31, 2025.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of May 31, 2025. 
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Municipal Bonds & Notes

  $  $4,861,480   $—   $4,861,480
Short-Term Investment

  33,433       33,433
TOTAL INVESTMENTS

  $33,433   $4,861,480   $—   $4,894,913
See accompanying notes to Schedule of Investments.
2

Table of Contents
SPDR SSGA MY2026 MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Affiliate Table
  Number of
Shares Held
at
9/24/24*
  Value at

9/24/24*
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
5/31/25
  Value at

5/31/25
  Dividend
Income
State Street Institutional Treasury Plus Fund - Premier Class

  $—   $4,446,153   $4,412,720   $—   $—   33,433   $33,433   $1,541
* Commencement of operations.
See accompanying notes to Schedule of Investments.
3

Table of Contents
SPDR SSGA MY2027 MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
MUNICIPAL BONDS & NOTES — 97.6%      
CALIFORNIA — 2.6%          
California Health Facilities Financing Authority Revenue, CA

Series B, 5.00%, 10/1/2039 (a)

  $125,000   $128,614
CONNECTICUT — 4.5%          
State of Connecticut Special Tax Revenue, CT

Series A, 5.00%, 9/1/2027

  215,000   220,449
DISTRICT OF COLUMBIA — 6.0%          
District of Columbia Water & Sewer Authority Revenue, DC

Series A, 5.00%, 10/1/2052

  175,000   175,154
Washington Metropolitan Area Transit Authority Revenue, DC

Series B, 5.00%, 7/1/2042

  120,000   120,388
          295,542
FLORIDA — 1.5%          
Central Florida Expressway Authority Revenue, FL

Series B, 5.00%, 7/1/2027

  70,000   71,326
GEORGIA — 2.1%          
State of Georgia, General Obligation, GA

Series A-2, 5.00%, 2/1/2030

  100,000   103,244
HAWAII — 2.9%          
City & County Honolulu Wastewater System Revenue, HI

Series B, 5.00%, 7/1/2027

  25,000   25,446
State of Hawaii, General Obligation, HI

Series EY, 5.00%, 10/1/2027

  115,000   115,622
          141,068
ILLINOIS — 12.7%          
City of Chicago Wastewater Transmission Revenue, IL

Series B, 5.00%, 1/1/2036

  75,000   75,852
State of Illinois, General Obligation, IL

Series A, 5.00%, 3/1/2027

  135,000   138,839
Village of Elk Grove Village, General Obligation, IL

5.00%, 1/1/2036

  200,000   203,981
Village of Rosemont, General Obligation, IL

Series A, Assured Guaranty Municipal Corp., 5.00%, 12/1/2046 (b)

  200,000   203,376
          622,048
IOWA — 6.9%          
Iowa Finance Authority Revenue, IA

5.00%, 8/1/2028

  125,000   130,353
State of Iowa Board of Regents Revenue, IA

Series 2025A, 5.00%, 9/1/2027

  200,000   208,893
          339,246
Security Description     Principal
Amount
  Value
MAINE — 3.8%          
State of Maine, General Obligation, ME

Series B, 5.00%, 6/1/2027

  $180,000   $187,957
MICHIGAN — 1.4%          
L'Anse Creuse Public Schools, General Obligation, MI

Series I, Qualified School Bond Loan Fund, 5.00%, 5/1/2027

  20,000   20,791
Michigan Finance Authority Revenue, MI

Series B, 5.00%, 10/1/2027

  45,000   46,200
          66,991
MISSOURI — 4.6%          
Valley Park Fire Protection District, General Obligation, MO

4.00%, 3/1/2037

  225,000   223,232
NEBRASKA — 0.5%          
Omaha Public Power District Revenue, NE

Series A, 5.00%, 2/1/2027

  25,000   25,352
NEW MEXICO — 4.4%          
New Mexico Hospital Equipment Loan Council Revenue, NM

Series A, 4.00%, 8/1/2036

  225,000   217,335
NEW YORK — 9.6%          
Build NYC Resource Corp. Revenue, NY

5.00%, 8/1/2030

  200,000   202,506
Metropolitan Transportation Authority Dedicated Tax Fund Revenue, NY

Series A, 5.00%, 11/15/2035

  100,000   102,260
New York City Municipal Water Finance Authority Revenue, NY

Series DD, 5.00%, 6/15/2047

  165,000   165,227
          469,993
NORTH CAROLINA — 4.7%          
North Carolina Turnpike Authority Revenue, NC

5.00%, 1/1/2032

  225,000   229,753
OHIO — 4.3%          
Ohio Higher Educational Facility Commission Revenue, OH

5.00%, 7/1/2034

  165,000   168,676
State of Ohio, General Obligation, OH

Series C, 5.00%, 8/1/2027

  40,000   41,916
          210,592
OKLAHOMA — 1.1%          
Oklahoma Turnpike Authority Revenue, OK

Series A, 5.00%, 1/1/2027

  50,000   51,693
 
See accompanying notes to Schedule of Investments.
4

Table of Contents
SPDR SSGA MY2027 MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
PENNSYLVANIA — 6.3%          
Pennsylvania State University Revenue, PA

Series A, 5.00%, 9/1/2037

  $20,000   $20,448
Pennsylvania Turnpike Commission Revenue, PA

Series A-1, 5.00%, 12/1/2042

  175,000   176,155
Philadelphia Housing Authority Revenue, PA

5.00%, 5/1/2047

  115,000   114,457
          311,060
TENNESSEE — 4.7%          
Metropolitan Government of Nashville & Davidson County, General Obligation, TN

5.00%, 1/1/2027

  225,000   230,116
TEXAS — 4.5%          
Austin Independent School District, General Obligation, TX

Permanent School Fund, 5.00%, 8/1/2027

  30,000   30,709
City of Houston, General Obligation, TX

Series A, 5.00%, 3/1/2027

  40,000   40,576
County of Williamson, General Obligation, TX

5.00%, 2/15/2027

  35,000   36,293
Houston Independent School District, General Obligation, TX

Series A, Permanent School Fund, 5.00%, 2/15/2027

  110,000   111,567
          219,145
VIRGINIA — 5.8%          
Virginia Commonwealth Transportation Board Revenue, VA

5.00%, 3/15/2027

  50,000   51,296
Virginia Public Building Authority Revenue, VA

Series A, 5.00%, 8/1/2027

  225,000   235,469
          286,765
Security Description     Principal
Amount
  Value
WASHINGTON — 2.7%          
State of Washington, General Obligation, WA:        
Series 2017-A, 5.00%, 8/1/2027

  $110,000   $112,420
Series D, 5.00%, 2/1/2040

  20,000   20,251
          132,671
TOTAL MUNICIPAL BONDS & NOTES

(Cost $4,824,467)

  4,784,192  
    Shares  
SHORT-TERM INVESTMENT — 0.8%  
State Street Institutional Treasury Plus Fund - Premier Class 4.25% (c) (d)

(Cost $39,818)

39,818 39,818
TOTAL INVESTMENTS — 98.4%

(Cost $4,864,285)

4,824,010
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.6%

76,832
NET ASSETS — 100.0%

$4,900,842
(a) Variable Rate Security - Interest rate shown is rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(b) Bond is insured by the following:
  % of
Net Assets
Assured Guaranty Municipal Corp.

4.2%  
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at May 31, 2025.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of May 31, 2025. 
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Municipal Bonds & Notes

  $  $4,784,192   $—   $4,784,192
Short-Term Investment

  39,818       39,818
TOTAL INVESTMENTS

  $39,818   $4,784,192   $—   $4,824,010
See accompanying notes to Schedule of Investments.
5

Table of Contents
SPDR SSGA MY2027 MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Affiliate Table
  Number of
Shares Held
at
9/24/24*
  Value at

9/24/24*
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
5/31/25
  Value at

5/31/25
  Dividend
Income
State Street Institutional Treasury Plus Fund - Premier Class

  $—   $5,913,041   $5,873,223   $—   $—   39,818   $39,818   $1,848
* Commencement of operations.
See accompanying notes to Schedule of Investments.
6

Table of Contents
SPDR SSGA MY2028 MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
MUNICIPAL BONDS & NOTES — 97.9%      
CALIFORNIA — 5.5%          
Metropolitan Water District of Southern California Revenue, CA

5.00%, 1/1/2036

  $60,000   $63,087
San Mateo County Community College District, General Obligation, CA

Series B, 5.00%, 9/1/2045

  200,000   204,675
          267,762
COLORADO — 1.3%          
University of Colorado Revenue, CO

Series A-2, 4.00%, 6/1/2038

  60,000   61,462
CONNECTICUT — 4.9%          
State of Connecticut, General Obligation, CT

Series A, 5.00%, 3/15/2028

  225,000   237,975
FLORIDA — 6.9%          
Miami-Dade County Educational Facilities Authority Revenue, FL:        
Series A, 5.00%, 4/1/2028

  100,000   105,021
Series A, 5.00%, 4/1/2034

  190,000   196,825
Series A, 5.00%, 4/1/2048

  35,000   34,917
          336,763
GEORGIA — 6.9%          
Atlanta Urban Redevelopment Agency Revenue, GA

Series B, 5.00%, 7/1/2028

  100,000   106,478
Municipal Electric Authority of Georgia Revenue, GA

Series A, 5.00%, 1/1/2028

  225,000   229,803
          336,281
HAWAII — 1.4%          
City & County of Honolulu, General Obligation, HI

Series A, 5.00%, 9/1/2030

  65,000   68,567
ILLINOIS — 2.4%          
Illinois State Toll Highway Authority Revenue, IL

Series A, 5.00%, 1/1/2035

  65,000   67,224
State of Illinois, General Obligation, IL:        
Series A, 5.00%, 3/1/2028

  20,000   20,814
Series B, 5.00%, 10/1/2027

  25,000   25,901
          113,939
INDIANA — 2.1%          
Indiana Finance Authority Revenue, IN

Series A, 5.00%, 2/1/2028

  70,000   73,709
Indianapolis Local Public Improvement Bond Bank Revenue, IN

Series C, 4.00%, 1/1/2037

  30,000   30,021
          103,730
Security Description     Principal
Amount
  Value
MASSACHUSETTS — 0.7%          
Commonwealth of Massachusetts, General Obligation, MA

Series A, 5.00%, 1/1/2038

  $35,000   $35,953
MICHIGAN — 7.5%          
City of Grosse Pointe, General Obligation, MI

5.00%, 10/1/2031

  175,000   185,780
Gibraltar School District, General Obligation, MI

Qualified School Bond Loan Fund, 5.00%, 5/1/2037

  175,000   180,567
          366,347
NEVADA — 1.6%          
County of Clark, General Obligation, NV

Series B, 5.00%, 12/1/2033

  45,000   47,161
State of Nevada, General Obligation, NV

Series A, 4.00%, 4/1/2033

  30,000   30,344
          77,505
NEW HAMPSHIRE — 3.4%          
New Hampshire Health & Education Facilities Authority Act Revenue, NH

Series A, 5.00%, 7/1/2028

  160,000   166,365
NEW YORK — 1.8%          
New York City Transitional Finance Authority Building Aid Revenue, NY

Series S-3, State Aid Withholding, 5.00%, 7/15/2034

  75,000   77,988
New York City Transitional Finance Authority Future Tax Secured Revenue, NY

Series A1, 5.00%, 8/1/2035

  10,000   10,374
          88,362
OHIO — 9.0%          
City of Columbus, General Obligation, OH

Series A, 5.00%, 4/1/2028

  200,000   212,397
Ohio Higher Educational Facility Commission Revenue, OH

Series A, 4.00%, 12/1/2035

  225,000   225,457
          437,854
PENNSYLVANIA — 8.3%          
Commonwealth of Pennsylvania, General Obligation, PA

Series 1ST, 4.00%, 3/1/2037

  130,000   129,321
Pennsylvania Turnpike Commission Oil Franchise Tax Revenue, PA

Series B, 5.25%, 12/1/2048

  175,000   177,925
 
See accompanying notes to Schedule of Investments.
7

Table of Contents
SPDR SSGA MY2028 MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
Pittsburgh School District, General Obligation, PA

Series A, State Aid Withholding, 4.00%, 9/1/2039

  $100,000   $97,082
          404,328
SOUTH DAKOTA — 0.4%          
South Dakota State Building Authority Revenue, SD

Series A, 5.00%, 6/1/2038

  20,000   20,450
TENNESSEE — 1.3%          
Metropolitan Government of Nashville & Davidson County, General Obligation, TN

5.00%, 7/1/2031

  60,000   63,257
TEXAS — 19.9%          
Conroe Municipal Management District No. 1, General Obligation, TX

Build America Mutual Assurance Corp., 4.00%, 9/1/2035 (a)

  130,000   130,189
Harris County Cultural Education Facilities Finance Corp. Revenue, TX

5.00%, 11/15/2027

  165,000   172,255
Hurst-Euless-Bedford Independent School District, General Obligation, TX

Permanent School Fund, 4.00%, 8/15/2038

  225,000   220,536
Lower Colorado River Authority Revenue, TX

5.00%, 5/15/2048

  200,000   198,025
Prosper Independent School District, General Obligation, TX

Permanent School Fund, 4.00%, 2/15/2036

  20,000   20,042
Texas Water Development Board Revenue, TX

Series B, 5.00%, 4/15/2049

  225,000   227,523
          968,570
VIRGINIA — 5.4%          
Virginia College Building Authority Revenue, VA

Series C, 5.00%, 2/1/2028

  55,000   56,851
Virginia Public Building Authority Revenue, VA

Series A, 5.00%, 8/1/2028

  195,000   204,158
          261,009
WASHINGTON — 2.7%          
City of Marysville, General Obligation, WA

Series B, 5.00%, 12/1/2038

  25,000   25,524
Security Description     Principal
Amount
  Value
King County School District No. 414 Lake Washington, General Obligation, WA

School Bond Guaranty, 5.00%, 12/1/2036

  $50,000   $51,042
State of Washington, General Obligation, WA

Series C, 5.00%, 2/1/2033

  50,000   52,187
          128,753
WEST VIRGINIA — 0.5%          
State of West Virginia, General Obligation, WV

Series B, 5.00%, 12/1/2033

  25,000   26,107
WISCONSIN — 4.0%          
State of Wisconsin, General Obligation, WI:        
Series A, 4.00%, 5/1/2039

  100,000   96,069
Series B, 4.00%, 5/1/2040

  100,000   95,837
          191,906
TOTAL MUNICIPAL BONDS & NOTES

(Cost $4,832,286)

  4,763,245  
    Shares  
SHORT-TERM INVESTMENT — 0.9%  
State Street Institutional Treasury Plus Fund - Premier Class 4.25% (b) (c)

(Cost $45,799)

45,799 45,799
TOTAL INVESTMENTS — 98.8%

(Cost $4,878,085)

4,809,044
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%

58,174
NET ASSETS — 100.0%

$4,867,218
(a) Bond is insured by the following:
  % of
Net Assets
Build America Mutual Assurance Corp.

2.7%  
(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at May 31, 2025.
 
See accompanying notes to Schedule of Investments.
8

Table of Contents
SPDR SSGA MY2028 MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of May 31, 2025. 
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Municipal Bonds & Notes

  $  $4,763,245   $—   $4,763,245
Short-Term Investment

  45,799       45,799
TOTAL INVESTMENTS

  $45,799   $4,763,245   $—   $4,809,044
 
Affiliate Table
  Number of
Shares Held
at
9/24/24*
  Value at

9/24/24*
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
5/31/25
  Value at

5/31/25
  Dividend
Income
State Street Institutional Treasury Plus Fund - Premier Class

  $—   $4,999,224   $4,953,425   $—   $—   45,799   $45,799   $1,612
* Commencement of operations.
See accompanying notes to Schedule of Investments.
9

Table of Contents
SPDR SSGA MY2029 MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
MUNICIPAL BONDS & NOTES — 98.2%      
ALABAMA — 2.8%          
Auburn University Revenue, AL

Series A, 5.00%, 6/1/2029

  $15,000   $15,269
Morgan County Board of Education Revenue, AL

Series B, 4.00%, 3/1/2037

  225,000   218,697
          233,966
ARIZONA — 4.5%          
City of Phoenix Civic Improvement Corp. Revenue, AZ

Series A, 5.00%, 7/1/2049

  220,000   218,286
Maricopa County Industrial Development Authority Revenue, AZ

Series A, 4.00%, 1/1/2044

  185,000   166,352
          384,638
CALIFORNIA — 0.3%          
California Infrastructure & Economic Development Bank Revenue, CA

5.00%, 8/1/2038

  25,000   26,038
DELAWARE — 2.5%          
Delaware Municipal Electric Corp. Revenue, DE

Series A, Build America Mutual Assurance Corp., 5.00%, 10/1/2033 (a)

  160,000   169,124
Delaware Transportation Authority Revenue, DE

5.00%, 9/1/2029

  40,000   43,244
          212,368
DISTRICT OF COLUMBIA — 0.2%          
Washington Metropolitan Area Transit Authority Revenue, DC

Series A-1, 5.00%, 7/1/2029

  20,000   20,754
FLORIDA — 5.3%          
Central Florida Expressway Authority Revenue, FL

Series B, 5.00%, 7/1/2049

  225,000   226,566
County of Miami-Dade Revenue, FL

Series B, 5.00%, 4/1/2029

  25,000   25,384
Volusia County Educational Facility Authority Revenue, FL

Series A, 4.00%, 10/15/2037

  200,000   196,846
          448,796
GEORGIA — 1.6%          
City of Atlanta Water & Wastewater Revenue, GA

Build America Mutual Assurance Corp., 5.00%, 11/1/2029 (a)

  125,000   135,672
ILLINOIS — 7.1%          
Chicago O'Hare International Airport Revenue, IL:        
Series B, 5.00%, 1/1/2048

  200,000   198,603
Security Description     Principal
Amount
  Value
Series D, 5.25%, 1/1/2029

  $25,000   $25,815
Illinois Finance Authority Revenue, IL:        
5.00%, 7/1/2029

  70,000   72,091
Series C, 5.00%, 2/15/2029

  140,000   143,729
Kendall & Kane Counties Community Unit School District No. 115, General Obligation, IL

Series B, 5.00%, 1/1/2029

  85,000   87,800
Regional Transportation Authority Revenue, IL

Series A, 5.00%, 6/1/2029

  75,000   76,161
          604,199
IOWA — 3.8%          
State of Iowa Board of Regents Revenue, IA

Series 2025A, 5.00%, 9/1/2029

  300,000   322,852
KENTUCKY — 5.8%          
Kentucky Economic Development Finance Authority Revenue, KY

Series A-2, 5.00%, 8/1/2035

  225,000   232,518
Kentucky State Property & Building Commission Revenue, KY:        
Series B, 5.00%, 11/1/2028

  200,000   213,072
Series B, 5.00%, 11/1/2029

  40,000   43,071
          488,661
MARYLAND — 0.3%          
County of Howard, General Obligation, MD

Series D, 5.00%, 2/15/2029

  20,000   21,138
MASSACHUSETTS — 2.4%          
Commonwealth of Massachusetts, General Obligation, MA:        
Series A, 5.00%, 1/1/2036

  15,000   15,710
Series B, 5.00%, 7/1/2036

  180,000   188,178
          203,888
MICHIGAN — 0.6%          
L'Anse Creuse Public Schools, General Obligation, MI

Series I, Qualified School Bond Loan Fund, 5.00%, 5/1/2029

  50,000   53,717
NEVADA — 1.9%          
Las Vegas Valley Water District, General Obligation, NV

Series A, 5.00%, 6/1/2029

  150,000   161,842
NEW JERSEY — 3.6%          
New Jersey Economic Development Authority Revenue, NJ:        
Series A, 5.00%, 11/1/2031

  45,000   47,869
Series A, 5.00%, 11/1/2032

  45,000   47,622
Series A, 5.00%, 11/1/2033

  200,000   210,467
          305,958
 
See accompanying notes to Schedule of Investments.
10

Table of Contents
SPDR SSGA MY2029 MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
NEW YORK — 5.6%          
New York City Municipal Water Finance Authority Revenue, NY:        
Series AA, 5.00%, 6/15/2040

  $300,000   $308,912
Series HH, 5.00%, 6/15/2029

  150,000   150,103
New York City Transitional Finance Authority Future Tax Secured Revenue, NY

Series A2, 5.00%, 5/1/2036

  20,000   20,810
          479,825
NORTH CAROLINA — 2.6%          
City of Charlotte Airport Revenue, NC

Series A, 5.00%, 7/1/2049

  225,000   223,557
OHIO — 9.5%          
Cleveland Department of Public Utilities Division of Public Power Revenue, OH

Series A, Assured Guaranty Municipal Corp., 4.00%, 11/15/2038 (a)

  150,000   143,300
County of Hamilton Sales Tax Revenue, OH

Series A, 5.00%, 12/1/2029

  240,000   245,849
Euclid Public Library, General Obligation, OH

Build America Mutual Assurance Corp., 5.00%, 12/1/2053 (a)

  110,000   110,533
State of Ohio Revenue, OH

Series 2016-1, 5.00%, 12/15/2028

  300,000   304,950
          804,632
OREGON — 4.1%          
Oregon State Lottery Revenue, OR

Series A, 5.00%, 4/1/2029

  300,000   323,308
State of Oregon Department of Transportation Revenue, OR

Series A, 5.00%, 11/15/2042

  25,000   25,611
          348,919
PENNSYLVANIA — 6.5%          
City of Philadelphia, General Obligation, PA

Series B, 5.00%, 2/1/2036

  200,000   208,770
Pennsylvania Turnpike Commission Revenue, PA:        
Series 2017-3, 5.00%, 12/1/2029

  135,000   140,412
Series A, 5.00%, 12/1/2044

  200,000   201,633
          550,815
RHODE ISLAND — 0.7%          
Rhode Island Commerce Corp. Revenue, RI

Series B, 5.00%, 6/15/2029

  55,000   55,970
SOUTH CAROLINA — 1.3%          
Richland County School District No. 2, General Obligation, SC

Series A, 5.00%, 3/1/2029

  100,000   107,546
Security Description     Principal
Amount
  Value
TEXAS — 11.9%          
Aubrey Independent School District, General Obligation, TX

Permanent School Fund, 5.00%, 2/15/2029

  $300,000   $321,973
CNP Utility District, General Obligation, TX

Build America Mutual Assurance Corp., 4.00%, 4/1/2035 (a)

  225,000   225,840
Texas Water Development Board Revenue, TX

Series B, 5.00%, 4/15/2049

  200,000   202,243
University of North Texas System Revenue, TX

Series A, 5.00%, 4/15/2029

  45,000   46,500
Waller County Road Improvement District No. 1, General Obligation, TX

Series A, Assured Guaranty Corp., 4.00%, 3/1/2037 (a)

  225,000   218,881
          1,015,437
UTAH — 3.4%          
State of Utah, General Obligation, UT

5.00%, 7/1/2029

  225,000   240,485
University of Utah Revenue, UT

Series B-1, 5.00%, 8/1/2028

  50,000   51,054
          291,539
VERMONT — 2.8%          
Vermont Educational & Health Buildings Financing Agency Revenue, VT

5.00%, 11/1/2035

  225,000   236,921
VIRGINIA — 0.5%          
Virginia Commonwealth Transportation Board Revenue, VA

5.00%, 3/15/2029

  45,000   46,058
WASHINGTON — 5.6%          
City of Kennewick Water & Sewer Revenue, WA

4.00%, 12/1/2035

  225,000   226,344
County of King, General Obligation, WA

5.00%, 1/1/2033

  160,000   169,209
State of Washington, General Obligation, WA

Series 2020-A, 5.00%, 8/1/2036

  80,000   83,956
          479,509
WEST VIRGINIA — 1.0%          
West Virginia Commissioner of Highways Revenue, WV

Series A, 5.00%, 9/1/2029

  80,000   82,974
TOTAL MUNICIPAL BONDS & NOTES

(Cost $8,522,207)

  8,348,189  
    
 
See accompanying notes to Schedule of Investments.
11

Table of Contents
SPDR SSGA MY2029 MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Shares   Value
SHORT-TERM INVESTMENT — 0.3%      
State Street Institutional Treasury Plus Fund - Premier Class 4.25% (b) (c)

(Cost $26,130)

  26,130   $26,130
TOTAL INVESTMENTS — 98.5%

(Cost $8,548,337)

  8,374,319  
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.5%

  124,413  
NET ASSETS — 100.0%

  $8,498,732  
(a) Bond is insured by the following:
  % of
Net Assets
Build America Mutual Assurance Corp.

7.5%  
Assured Guaranty Corp.

2.6%  
Assured Guaranty Municipal Corp.

1.7%  
    
(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at May 31, 2025.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of May 31, 2025. 
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Municipal Bonds & Notes

  $  $8,348,189   $—   $8,348,189
Short-Term Investment

  26,130       26,130
TOTAL INVESTMENTS

  $26,130   $8,348,189   $—   $8,374,319
 
Affiliate Table
  Number of
Shares Held
at
9/24/24*
  Value at

9/24/24*
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
5/31/25
  Value at

5/31/25
  Dividend
Income
State Street Institutional Treasury Plus Fund - Premier Class

  $—   $8,093,554   $8,067,424   $—   $—   26,130   $26,130   $3,253
* Commencement of operations.
See accompanying notes to Schedule of Investments.
12

Table of Contents
SPDR SSGA MY2030 MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
MUNICIPAL BONDS & NOTES — 97.7%      
ALABAMA — 2.8%          
Alabama Public School & College Authority Revenue, AL

Series A, 5.00%, 11/1/2034

  $225,000   $242,461
ARIZONA — 2.8%          
City of Phoenix Civic Improvement Corp. Revenue, AZ:        
5.00%, 7/1/2030

  20,000   20,346
Series A, 5.00%, 7/1/2049

  220,000   218,286
          238,632
CALIFORNIA — 2.7%          
San Rafael City High School District, General Obligation, CA

Series A, 4.00%, 8/1/2041

  225,000   221,202
University of California Revenue, CA

Series AR, 5.00%, 5/15/2030

  10,000   10,167
          231,369
COLORADO — 1.9%          
University of Colorado Revenue, CO

Series B, 5.00%, 6/1/2030

  150,000   164,124
CONNECTICUT — 3.8%          
State of Connecticut Special Tax Revenue, CT:        
Series A, 5.00%, 9/1/2030

  50,000   51,080
Series A, 5.00%, 5/1/2037

  255,000   268,199
          319,279
FLORIDA — 3.8%          
City of North Miami Beach Water Revenue, FL

Series A, 5.00%, 8/1/2049

  100,000   101,034
JEA Electric System Revenue, FL

Series A, 4.00%, 10/1/2035

  225,000   226,719
          327,753
HAWAII — 3.5%          
City & County of Honolulu, General Obligation, HI:        
Series A, 5.00%, 10/1/2029

  190,000   193,969
Series A, 5.00%, 9/1/2030

  100,000   105,488
          299,457
IDAHO — 2.6%          
Idaho State Building Authority Revenue, ID

Series 2025A, 5.00%, 6/1/2030

  200,000   219,338
ILLINOIS — 1.7%          
Illinois State Toll Highway Authority Revenue, IL

Series B, 5.00%, 1/1/2030

  100,000   100,820
Security Description     Principal
Amount
  Value
Kane County Community Unit School District No. 304 Geneva, General Obligation, IL

5.00%, 1/1/2030

  $40,000   $41,191
          142,011
INDIANA — 2.5%          
Indiana Finance Authority Revenue, IN

5.00%, 6/1/2031

  200,000   211,878
IOWA — 3.4%          
Iowa Finance Authority Revenue, IA:        
Series A, 5.00%, 8/1/2034

  105,000   113,227
Series A, 5.00%, 8/1/2040

  170,000   177,873
          291,100
KENTUCKY — 0.5%          
Kentucky State Property & Building Commission Revenue, KY

5.00%, 5/1/2030

  40,000   41,993
MICHIGAN — 5.2%          
Great Lakes Water Authority Water Supply System Revenue, MI

Series D, 5.00%, 7/1/2030

  200,000   203,085
Harrison Community Schools, General Obligation, MI

Series III, Qualified School Bond Loan Fund, 4.00%, 5/1/2038

  225,000   219,545
L'Anse Creuse Public Schools, General Obligation, MI

Series I, Qualified School Bond Loan Fund, 5.00%, 5/1/2030

  20,000   21,780
          444,410
MINNESOTA — 2.7%          
Minneapolis-St. Paul Metropolitan Airports Commission Revenue, MN

Series A, 5.00%, 1/1/2030

  65,000   66,796
Minnesota Public Facilities Authority State Revolving Fund Revenue, MN

Series A, 5.00%, 3/1/2030

  150,000   164,116
          230,912
MISSISSIPPI — 2.4%          
Mississippi Development Bank Revenue, MS

4.00%, 10/1/2036

  200,000   200,347
MISSOURI — 1.9%          
City of Kansas City, General Obligation, MO

Series A, 5.00%, 2/1/2030

  150,000   161,738
NEVADA — 2.5%          
Clark County School District, General Obligation, NV

Series A, Assured Guaranty Municipal Corp., 5.00%, 6/15/2035 (a)

  200,000   212,474
 
See accompanying notes to Schedule of Investments.
13

Table of Contents
SPDR SSGA MY2030 MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
NEW MEXICO — 1.9%          
New Mexico Finance Authority Revenue, NM

Series A, 5.00%, 6/15/2030

  $150,000   $158,104
NEW YORK — 6.3%          
Empire State Development Corp. Revenue, NY

Series C, 5.00%, 3/15/2038

  200,000   208,975
New York State Dormitory Authority Revenue, NY

Series A, 5.00%, 2/15/2030

  15,000   15,288
New York Transportation Development Corp. Revenue, NY

Series C, 5.00%, 12/1/2037

  300,000   311,860
          536,123
NORTH CAROLINA — 2.3%          
City of Charlotte Water & Sewer System Revenue, NC

5.00%, 7/1/2030

  175,000   192,559
OHIO — 4.2%          
Ohio Higher Educational Facility Commission Revenue, OH

5.00%, 10/1/2033

  80,000   83,815
Ohio Water Development Authority Water Pollution Control Loan Fund Revenue, OH

Series A, 5.00%, 6/1/2033

  250,000   270,252
          354,067
OKLAHOMA — 4.2%          
Grand River Dam Authority Revenue, OK

Series A, 5.00%, 6/1/2030

  90,000   92,221
Oklahoma Capitol Improvement Authority Revenue, OK

5.00%, 7/1/2030

  260,000   263,924
          356,145
OREGON — 1.7%          
City of Portland Sewer System Revenue, OR

Series A, 5.00%, 10/1/2030

  100,000   109,814
State of Oregon Department of Transportation Revenue, OR

Series A, 5.00%, 11/15/2042

  35,000   35,856
          145,670
PENNSYLVANIA — 6.4%          
City of Philadelphia Water & Wastewater Revenue, PA

Series A, 5.00%, 11/1/2039

  225,000   234,467
Pennsylvania Turnpike Commission Revenue, PA:        
Series 2ND, 5.00%, 12/1/2030

  250,000   259,621
Series A, 5.00%, 12/1/2044

  50,000   50,408
          544,496
Security Description     Principal
Amount
  Value
SOUTH CAROLINA — 1.1%          
Clemson University Revenue, SC

Series A, 5.00%, 5/1/2030

  $90,000   $98,019
TEXAS — 6.4%          
City of Dallas, General Obligation, TX

5.00%, 2/15/2030

  140,000   144,234
Dallas Fort Worth International Airport Revenue, TX

5.00%, 11/1/2031

  75,000   81,700
Harris County Municipal Utility District No. 559, General Obligation, TX

Build America Mutual Assurance Corp., 4.00%, 9/1/2035 (a)

  80,000   80,183
Tarrant County Cultural Education Facilities Finance Corp. Revenue, TX

Series A, 5.00%, 7/1/2031

  225,000   235,535
          541,652
UTAH — 0.4%          
Utah Associated Municipal Power Systems Revenue, UT

Series A, 5.00%, 9/1/2030

  35,000   36,250
VIRGINIA — 1.2%          
Virginia College Building Authority Revenue, VA

Series C, 5.00%, 2/1/2030

  100,000   105,064
WASHINGTON — 12.4%          
Chelan County Public Utility District No. 1 Revenue, WA

Series A, 4.00%, 7/1/2036

  225,000   226,134
City of Seattle Municipal Light & Power Revenue, WA

Series C, 5.00%, 9/1/2030

  115,000   119,742
County of King, General Obligation, WA

Series A, 5.00%, 12/1/2042

  200,000   207,766
King County School District No. 405 Bellevue, General Obligation, WA

School Bond Guaranty, 5.00%, 12/1/2030

  165,000   168,633
Washington Health Care Facilities Authority Revenue, WA:        
5.00%, 9/1/2035

  145,000   152,937
Series A2, 5.00%, 8/1/2037

  175,000   178,811
          1,054,023
WISCONSIN — 2.5%          
Platteville School District, General Obligation, WI

4.00%, 3/1/2041

  225,000   213,784
TOTAL MUNICIPAL BONDS & NOTES

(Cost $8,474,638)

  8,315,232  
    
 
See accompanying notes to Schedule of Investments.
14

Table of Contents
SPDR SSGA MY2030 MUNICIPAL BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Shares   Value
SHORT-TERM INVESTMENT — 0.9%      
State Street Institutional Treasury Plus Fund - Premier Class 4.25% (b) (c)

(Cost $72,247)

  72,247   $72,247
TOTAL INVESTMENTS — 98.6%

(Cost $8,546,885)

  8,387,479  
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.4%

  121,443  
NET ASSETS — 100.0%

  $8,508,922  
    
(a) Bond is insured by the following:
  % of
Net Assets
Assured Guaranty Municipal Corp.

2.5%  
Build America Mutual Assurance Corp.

0.9%  
(b) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(c) The rate shown is the annualized seven-day yield at May 31, 2025.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of May 31, 2025. 
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Municipal Bonds & Notes

  $  $8,315,232   $—   $8,315,232
Short-Term Investment

  72,247       72,247
TOTAL INVESTMENTS

  $72,247   $8,315,232   $—   $8,387,479
 
Affiliate Table
  Number of
Shares Held
at
9/24/24*
  Value at

9/24/24*
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
5/31/25
  Value at

5/31/25
  Dividend
Income
State Street Institutional Treasury Plus Fund - Premier Class

  $—   $8,758,223   $8,685,976   $—   $—   72,247   $72,247   $3,076
* Commencement of operations.
See accompanying notes to Schedule of Investments.
15

Table of Contents
SPDR SSGA MY2026 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 98.3%  
AEROSPACE & DEFENSE — 2.4%   
Boeing Co.:          
2.25%, 6/15/2026

    $50,000   $48,748
3.10%, 5/1/2026

    225,000   221,587
General Dynamics Corp.

2.13%, 8/15/2026

    75,000   73,192
Lockheed Martin Corp.

3.55%, 1/15/2026

    50,000   49,642
RTX Corp.:          
5.00%, 2/27/2026

    55,000   55,181
5.75%, 11/8/2026

    200,000   203,460
          651,810
AGRICULTURE — 2.5%   
Altria Group, Inc.

2.63%, 9/16/2026

    125,000   122,095
Bunge Ltd. Finance Corp.

3.25%, 8/15/2026

    75,000   73,858
Imperial Brands Finance PLC

3.50%, 7/26/2026 (a)

    350,000   344,785
Philip Morris International, Inc.:          
2.75%, 2/25/2026

    45,000   44,413
4.88%, 2/13/2026

    110,000   110,175
          695,326
AUTO MANUFACTURERS — 3.2%   
American Honda Finance Corp.:          
Series MTN, 1.30%, 9/9/2026

    35,000   33,593
Series GMTN, 2.30%, 9/9/2026

    40,000   38,879
Ford Motor Credit Co. LLC:          
2.70%, 8/10/2026

    85,000   82,164
4.54%, 8/1/2026

    80,000   78,861
5.13%, 11/5/2026

    225,000   222,970
6.95%, 6/10/2026

    80,000   80,880
General Motors Financial Co., Inc.:          
1.50%, 6/10/2026

    75,000   72,467
5.25%, 3/1/2026

    150,000   150,180
Toyota Motor Credit Corp.:          
Series MTN, 1.13%, 6/18/2026

    53,000   51,241
Series MTN, 4.80%, 1/5/2026

    40,000   40,068
Series MTN, 5.00%, 8/14/2026

    37,000   37,269
          888,572
BANKS — 18.9%   
Bank of America Corp.:          
Series MTN, 3 mo. USD Term SOFR + 1.32%, 3.56%, 4/23/2027 (b)

    155,000   153,425
Series MTN, SOFR + 1.75%, 4.83%, 7/22/2026 (b)

    125,000   124,979
6.22%, 9/15/2026

    50,000   50,932
Bank of Montreal

Series MTN, 1.25%, 9/15/2026

    155,000   148,870
Bank of Nova Scotia:          
4.75%, 2/2/2026

    110,000   110,097
Security Description     Principal
Amount
  Value
5.35%, 12/7/2026

    $100,000   $101,215
Barclays PLC:          
4.38%, 1/12/2026

    245,000   244,368
5.20%, 5/12/2026

    75,000   75,220
Capital One NA

Series BKNT, 4.25%, 3/13/2026

    75,000   74,757
Citibank NA

5.49%, 12/4/2026

    120,000   121,733
Citigroup, Inc.:          
3.20%, 10/21/2026

    150,000   147,339
3.40%, 5/1/2026

    75,000   74,278
4.30%, 11/20/2026

    160,000   159,219
SOFR + 1.55%, 5.61%, 9/29/2026 (b)

    100,000   100,146
Citizens Bank NA

3.75%, 2/18/2026

    50,000   49,635
Citizens Financial Group, Inc.

2.85%, 7/27/2026

    225,000   220,426
Goldman Sachs Group, Inc.:          
3.50%, 11/16/2026

    142,000   139,955
SOFR + 1.51%, 4.39%, 6/15/2027 (b)

    75,000   74,765
JPMorgan Chase & Co.

2.95%, 10/1/2026

    150,000   147,283
KeyBank NA

3.40%, 5/20/2026

    150,000   147,987
Lloyds Banking Group PLC

4.65%, 3/24/2026

    285,000   284,162
Manufacturers & Traders Trust Co.

4.65%, 1/27/2026

    50,000   49,934
Mitsubishi UFJ Financial Group, Inc.:          
2.76%, 9/13/2026

    50,000   48,928
3.85%, 3/1/2026

    25,000   24,879
Mizuho Financial Group, Inc.

2.84%, 9/13/2026

    69,000   67,563
Morgan Stanley

3.95%, 4/23/2027

    250,000   247,707
PNC Financial Services Group, Inc.:          
1.15%, 8/13/2026

    81,000   77,903
2.60%, 7/23/2026

    95,000   93,236
SOFR + 1.32%, 5.81%, 6/12/2026 (b)

    200,000   200,088
Royal Bank of Canada

Series GMTN, 4.65%, 1/27/2026

    325,000   324,620
Sumitomo Mitsui Financial Group, Inc.:          
1.40%, 9/17/2026

    105,000   100,887
2.63%, 7/14/2026

    125,000   122,489
Truist Bank:          
3.30%, 5/15/2026

    150,000   148,045
3.80%, 10/30/2026

    40,000   39,506
U.S. Bancorp:          
Series MTN, 3.10%, 4/27/2026

    75,000   74,000
 
See accompanying notes to Schedule of Investments.
16

Table of Contents
SPDR SSGA MY2026 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
SOFR + 1.43%, 5.73%, 10/21/2026 (b)

    $425,000   $426,560
Wells Fargo & Co.:          
3.00%, 4/22/2026

    150,000   147,972
Series MTN, SOFR + 1.56%, 4.54%, 8/15/2026 (b)

    175,000   174,930
Wells Fargo Bank NA

4.81%, 1/15/2026

    100,000   100,116
          5,220,154
BEVERAGES — 1.2%   
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.

3.65%, 2/1/2026

    40,000   39,782
Constellation Brands, Inc.

3.70%, 12/6/2026

    58,000   57,338
Molson Coors Beverage Co.

3.00%, 7/15/2026

    200,000   196,656
PepsiCo, Inc.

2.38%, 10/6/2026

    36,000   35,153
          328,929
BIOTECHNOLOGY — 0.4%   
Amgen, Inc.

2.60%, 8/19/2026

    125,000   122,410
CHEMICALS — 0.5%   
DuPont de Nemours, Inc.

4.49%, 11/15/2025

    135,000   134,869
COMMERCIAL SERVICES — 1.2%   
Global Payments, Inc.

4.80%, 4/1/2026

    100,000   99,959
GXO Logistics, Inc.

1.65%, 7/15/2026

    250,000   240,677
          340,636
COMPUTERS — 1.6%   
Apple, Inc.

3.25%, 2/23/2026

    110,000   109,034
Hewlett Packard Enterprise Co.

1.75%, 4/1/2026

    75,000   73,200
International Business Machines Corp.:          
3.30%, 5/15/2026

    225,000   222,532
3.45%, 2/19/2026

    25,000   24,792
          429,558
CONSTRUCTION MATERIALS — 0.2%   
Trane Technologies Financing Ltd.

3.50%, 3/21/2026

    50,000   49,574
COSMETICS/PERSONAL CARE — 0.2%   
Kenvue, Inc.

5.35%, 3/22/2026

    45,000   45,341
Security Description     Principal
Amount
  Value
DIVERSIFIED FINANCIAL SERVICES — 5.9%   
AerCap Ireland Capital DAC/AerCap Global Aviation Trust

2.45%, 10/29/2026

    $150,000   $145,338
Air Lease Corp.

Series MTN, 5.30%, 6/25/2026

    75,000   75,503
Aircastle Ltd.:          
4.25%, 6/15/2026

    190,000   188,602
5.25%, 8/11/2025 (a)

    235,000   234,734
American Express Co.

3.13%, 5/20/2026

    77,500   76,592
Capital One Financial Corp.:          
3.75%, 7/28/2026

    100,000   98,795
4.50%, 1/30/2026

    175,000   174,615
Charles Schwab Corp.:          
1.15%, 5/13/2026

    99,000   96,026
5.88%, 8/24/2026

    240,000   243,857
Invesco Finance PLC

3.75%, 1/15/2026

    50,000   49,695
Nasdaq, Inc.

3.85%, 6/30/2026

    35,000   34,791
Nomura Holdings, Inc.

5.71%, 1/9/2026

    200,000   200,964
          1,619,512
ELECTRIC — 7.3%   
AEP Transmission Co. LLC

3.10%, 12/1/2026

    100,000   97,966
Ameren Corp.

3.65%, 2/15/2026

    150,000   148,899
Dominion Energy, Inc.

Series D, 2.85%, 8/15/2026

    115,000   112,547
DTE Energy Co.

2.85%, 10/1/2026

    100,000   97,772
Duke Energy Carolinas LLC

2.95%, 12/1/2026

    75,000   73,588
Emera U.S. Finance LP

3.55%, 6/15/2026

    50,000   49,342
Entergy Corp.

2.95%, 9/1/2026

    95,000   93,138
Evergy Kansas Central, Inc.

2.55%, 7/1/2026

    25,000   24,520
Exelon Corp.

3.40%, 4/15/2026

    125,000   123,709
Georgia Power Co.

3.25%, 4/1/2026

    150,000   148,512
National Rural Utilities Cooperative Finance Corp.

4.45%, 3/13/2026

    50,000   49,970
Pacific Gas & Electric Co.:          
2.95%, 3/1/2026

    120,000   118,046
3.15%, 1/1/2026

    100,000   98,882
Public Service Electric & Gas Co.

Series MTN, 0.95%, 3/15/2026

    180,000   175,261
San Diego Gas & Electric Co.

6.00%, 6/1/2026

    19,000   19,301
 
See accompanying notes to Schedule of Investments.
17

Table of Contents
SPDR SSGA MY2026 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
Sempra

5.40%, 8/1/2026

    $315,000   $317,564
Sierra Pacific Power Co.

2.60%, 5/1/2026

    137,000   134,739
Vistra Operations Co. LLC:          
3.70%, 1/30/2027 (a)

    50,000   49,067
5.05%, 12/30/2026 (a)

    30,000   30,127
Xcel Energy, Inc.

3.35%, 12/1/2026

    50,000   49,066
          2,012,016
ELECTRONICS — 0.4%   
Hubbell, Inc.

3.35%, 3/1/2026

    25,000   24,764
Tyco Electronics Group SA:          
3.70%, 2/15/2026

    50,000   49,730
4.50%, 2/13/2026

    25,000   24,972
          99,466
FOOD — 3.6%   
Campbell's Co.

5.30%, 3/20/2026

    199,000   199,878
Conagra Brands, Inc.

5.30%, 10/1/2026

    80,000   80,585
Ingredion, Inc.

3.20%, 10/1/2026

    40,000   39,256
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

2.50%, 1/15/2027

    210,000   202,765
Kroger Co.:          
2.65%, 10/15/2026

    46,000   44,899
3.50%, 2/1/2026

    55,000   54,569
Mars, Inc.

4.45%, 3/1/2027 (a)

    250,000   250,255
Sysco Corp.

3.30%, 7/15/2026

    125,000   123,350
          995,557
GAS — 0.3%   
Southern California Gas Co.

Series TT, 2.60%, 6/15/2026

    75,000   73,539
HEALTH CARE PRODUCTS — 1.6%   
Agilent Technologies, Inc.

3.05%, 9/22/2026

    150,000   147,325
Baxter International, Inc.

2.60%, 8/15/2026

    25,000   24,420
Solventum Corp.

5.45%, 2/25/2027

    135,000   136,702
Thermo Fisher Scientific, Inc.

4.95%, 8/10/2026

    125,000   125,765
          434,212
HEALTH CARE SERVICES — 1.6%   
Cigna Group

4.50%, 2/25/2026

    50,000   49,933
HCA, Inc.:          
5.25%, 6/15/2026

    135,000   135,134
Security Description     Principal
Amount
  Value
5.38%, 9/1/2026

    $125,000   $125,562
5.88%, 2/15/2026

    100,000   100,189
Premier Health Partners

Series G, 2.91%, 11/15/2026

    45,000   43,673
          454,491
INSURANCE — 1.7%   
Aflac, Inc.:          
1.13%, 3/15/2026

    25,000   24,344
2.88%, 10/15/2026

    25,000   24,490
Allstate Corp.

3.28%, 12/15/2026

    35,000   34,388
Arch Capital Finance LLC

4.01%, 12/15/2026

    75,000   74,354
CNA Financial Corp.

4.50%, 3/1/2026

    75,000   74,844
Corebridge Global Funding

5.75%, 7/2/2026 (a)

    50,000   50,612
Swiss Re America Holding Corp.

7.00%, 2/15/2026

    175,000   177,368
          460,400
INVESTMENT COMPANY SECURITY — 2.2%   
ARES Capital Corp.

3.88%, 1/15/2026

    85,000   84,424
Bain Capital Specialty Finance, Inc.

2.55%, 10/13/2026

    25,000   24,014
Blackstone Secured Lending Fund

3.63%, 1/15/2026

    115,000   113,709
Blue Owl Capital Corp.

4.25%, 1/15/2026

    55,000   54,588
Franklin BSP Capital Corp.

3.25%, 3/30/2026

    100,000   97,250
Goldman Sachs BDC, Inc.

2.88%, 1/15/2026

    125,000   123,197
Golub Capital BDC, Inc.

2.50%, 8/24/2026

    50,000   48,414
Sixth Street Specialty Lending, Inc.

2.50%, 8/1/2026

    75,000   72,670
          618,266
IRON/STEEL — 0.5%   
ArcelorMittal SA

4.55%, 3/11/2026

    150,000   149,708
LODGING — 1.4%   
Hyatt Hotels Corp.

4.85%, 3/15/2026

    50,000   49,974
Sands China Ltd.

3.80%, 1/8/2026

    350,000   346,983
          396,957
MACHINERY, CONSTRUCTION & MINING — 0.3%   
Caterpillar Financial Services Corp.

Series DMTN, 4.35%, 5/15/2026

    85,000   84,963
 
See accompanying notes to Schedule of Investments.
18

Table of Contents
SPDR SSGA MY2026 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
MACHINERY-DIVERSIFIED — 0.8%   
CNH Industrial Capital LLC

1.88%, 1/15/2026

    $100,000   $98,273
John Deere Capital Corp.:          
Series MTN, 1.05%, 6/17/2026

    20,000   19,338
Series MTN, 2.65%, 6/10/2026

    90,000   88,465
Series MTN, 4.75%, 6/8/2026

    20,000   20,089
          226,165
MEDIA — 1.5%   
Charter Communications Operating LLC/Charter Communications Operating Capital

6.15%, 11/10/2026

    300,000   305,274
Comcast Corp.

3.15%, 3/1/2026

    35,000   34,668
Walt Disney Co.

3.38%, 11/15/2026

    75,000   74,124
          414,066
MINING — 1.5%   
BHP Billiton Finance USA Ltd.

5.25%, 9/8/2026

    85,000   85,888
Glencore Funding LLC:          
1.63%, 4/27/2026 (a)

    100,000   97,258
4.00%, 3/27/2027 (a)

    185,000   182,889
Rio Tinto Finance USA PLC

4.38%, 3/12/2027

    45,000   45,111
          411,146
MISCELLANEOUS MANUFACTURER — 0.4%   
Illinois Tool Works, Inc.

2.65%, 11/15/2026

    90,000   88,190
Textron, Inc.

4.00%, 3/15/2026

    10,000   9,944
          98,134
OFFICE & BUSINESS EQUIPMENT — 0.3%   
CDW LLC/CDW Finance Corp.

2.67%, 12/1/2026

    90,000   87,270
OIL & GAS — 3.9%   
BP Capital Markets America, Inc.:          
3.12%, 5/4/2026

    100,000   98,922
3.41%, 2/11/2026

    75,000   74,478
Chevron Corp.

2.95%, 5/16/2026

    100,000   98,795
Devon Energy Corp.

5.85%, 12/15/2025

    125,000   125,317
Diamondback Energy, Inc.

3.25%, 12/1/2026

    192,000   188,327
Exxon Mobil Corp.

2.28%, 8/16/2026

    15,000   14,671
Marathon Petroleum Corp.

5.13%, 12/15/2026

    115,000   115,674
Ovintiv, Inc.

5.38%, 1/1/2026

    300,000   300,357
Security Description     Principal
Amount
  Value
Shell International Finance BV

2.88%, 5/10/2026

    $53,000   $52,325
          1,068,866
PACKAGING & CONTAINERS — 0.9%   
Amcor Finance USA, Inc.

3.63%, 4/28/2026

    100,000   99,003
Berry Global, Inc.

4.88%, 7/15/2026 (a)

    155,000   154,608
          253,611
PHARMACEUTICALS — 5.0%   
AbbVie, Inc.:          
2.95%, 11/21/2026

    200,000   196,080
3.20%, 5/14/2026

    175,000   173,103
Astrazeneca Finance LLC

1.20%, 5/28/2026

    175,000   169,943
AstraZeneca PLC

0.70%, 4/8/2026

    20,000   19,410
Bristol-Myers Squibb Co.

3.20%, 6/15/2026

    75,000   74,125
CVS Health Corp.:          
2.88%, 6/1/2026

    100,000   98,231
3.00%, 8/15/2026

    40,000   39,229
Johnson & Johnson

2.45%, 3/1/2026

    100,000   98,515
McKesson Corp.

1.30%, 8/15/2026

    125,000   120,604
Pfizer Investment Enterprises Pte. Ltd.

4.45%, 5/19/2026

    175,000   175,066
Utah Acquisition Sub, Inc.

3.95%, 6/15/2026

    225,000   222,048
          1,386,354
PIPELINES — 3.4%   
Boardwalk Pipelines LP

5.95%, 6/1/2026

    50,000   50,411
Enbridge, Inc.

4.25%, 12/1/2026

    42,000   41,810
Energy Transfer LP:          
3.90%, 7/15/2026

    25,000   24,790
6.05%, 12/1/2026

    200,000   203,830
Enterprise Products Operating LLC

5.05%, 1/10/2026

    65,000   65,169
ONEOK, Inc.:          
4.85%, 7/15/2026

    25,000   25,025
5.55%, 11/1/2026

    225,000   227,545
5.85%, 1/15/2026

    40,000   40,206
Sabine Pass Liquefaction LLC

5.88%, 6/30/2026

    210,000   211,348
Spectra Energy Partners LP

3.38%, 10/15/2026

    32,000   31,443
Western Midstream Operating LP

4.65%, 7/1/2026

    25,000   24,930
          946,507
 
See accompanying notes to Schedule of Investments.
19

Table of Contents
SPDR SSGA MY2026 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
REAL ESTATE INVESTMENT TRUSTS — 6.8%   
Alexandria Real Estate Equities, Inc.

3.80%, 4/15/2026

    $115,000   $114,108
American Tower Corp.:          
1.60%, 4/15/2026

    135,000   131,417
3.38%, 10/15/2026

    125,000   123,094
4.40%, 2/15/2026

    25,000   24,917
AvalonBay Communities, Inc.

Series GMTN, 3.50%, 11/15/2025

    75,000   74,567
Boston Properties LP

2.75%, 10/1/2026

    116,000   112,853
Brixmor Operating Partnership LP

4.13%, 6/15/2026

    110,000   109,389
Camden Property Trust

5.85%, 11/3/2026

    125,000   127,217
COPT Defense Properties LP

2.25%, 3/15/2026

    165,000   161,411
Equinix, Inc.

1.45%, 5/15/2026

    25,000   24,247
Essex Portfolio LP

3.38%, 4/15/2026

    100,000   98,844
Extra Space Storage LP

3.50%, 7/1/2026

    65,000   64,293
GLP Capital LP/GLP Financing II, Inc.

5.38%, 4/15/2026

    25,000   24,952
Healthpeak OP LLC

3.25%, 7/15/2026

    50,000   49,241
Host Hotels & Resorts LP

Series F, 4.50%, 2/1/2026

    50,000   49,800
Kimco Realty OP LLC

2.80%, 10/1/2026

    175,000   170,819
Sabra Health Care LP

5.13%, 8/15/2026

    225,000   224,656
Vornado Realty LP

2.15%, 6/1/2026

    180,000   174,366
          1,860,191
RETAIL — 1.9%   
AutoNation, Inc.

4.50%, 10/1/2025

    125,000   124,696
AutoZone, Inc.

5.05%, 7/15/2026

    107,000   107,548
Lowe's Cos., Inc.

4.80%, 4/1/2026

    125,000   125,284
Starbucks Corp.:          
2.45%, 6/15/2026

    75,000   73,421
4.75%, 2/15/2026

    80,000   80,059
          511,008
SEMICONDUCTORS — 5.6%   
Advanced Micro Devices, Inc.

4.21%, 9/24/2026

    90,000   90,057
Broadcom, Inc.

3.46%, 9/15/2026

    520,000   513,427
Security Description     Principal
Amount
  Value
Intel Corp.:          
2.60%, 5/19/2026

    $140,000   $137,341
4.88%, 2/10/2026

    100,000   100,058
Lam Research Corp.

3.75%, 3/15/2026

    175,000   173,957
Marvell Technology, Inc.

1.65%, 4/15/2026

    75,000   72,999
NXP BV/NXP Funding LLC/NXP USA, Inc.

3.88%, 6/18/2026

    100,000   99,228
Skyworks Solutions, Inc.

1.80%, 6/1/2026

    185,000   179,115
Texas Instruments, Inc.

1.13%, 9/15/2026

    25,000   24,051
TSMC Arizona Corp.

1.75%, 10/25/2026

    156,000   150,191
          1,540,424
SOFTWARE — 2.7%   
Concentrix Corp.

6.65%, 8/2/2026

    70,000   71,242
Electronic Arts, Inc.

4.80%, 3/1/2026

    70,000   69,994
Microsoft Corp.

3.40%, 9/15/2026

    50,000   49,577
Oracle Corp.

2.65%, 7/15/2026

    165,000   161,495
Roper Technologies, Inc.

3.80%, 12/15/2026

    164,000   162,508
Synopsys, Inc.

4.55%, 4/1/2027

    60,000   60,084
Take-Two Interactive Software, Inc.

5.00%, 3/28/2026

    175,000   175,380
          750,280
TELECOMMUNICATIONS — 3.2%   
AT&T, Inc.:          
2.95%, 7/15/2026

    150,000   147,412
3.88%, 1/15/2026

    175,000   174,055
4.25%, 3/1/2027

    100,000   99,703
Cisco Systems, Inc.:          
2.50%, 9/20/2026

    125,000   122,448
4.90%, 2/26/2026

    50,000   50,135
T-Mobile USA, Inc.:          
1.50%, 2/15/2026

    105,000   102,604
2.63%, 4/15/2026

    175,000   172,156
          868,513
TRANSPORTATION — 1.3%   
Canadian National Railway Co.

2.75%, 3/1/2026

    75,000   74,044
Canadian Pacific Railway Co.

3.70%, 2/1/2026

    185,000   183,847
 
See accompanying notes to Schedule of Investments.
20

Table of Contents
SPDR SSGA MY2026 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
Norfolk Southern Corp.

2.90%, 6/15/2026

    $95,000   $93,517
          351,408
TOTAL CORPORATE BONDS & NOTES

(Cost $27,078,075)

        27,080,209
    Shares  
SHORT-TERM INVESTMENT — 0.7%  
State Street Institutional Treasury Plus Fund - Premier Class 4.25% (c) (d)

(Cost $191,129)

191,129 191,129
TOTAL INVESTMENTS — 99.0%

(Cost $27,269,204)

27,271,338
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%

277,657
NET ASSETS — 100.0%

$27,548,995
    
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 5.1% of net assets as of May 31, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b) Variable Rate Security - Interest rate shown is rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at May 31, 2025.
BKNT Bank Notes
DMTN Domestic Medium Term Note
GMTN Global Medium Term Note
MTN Medium Term Note
SOFR Secured Overnight Financing Rate
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of May 31, 2025. 
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes

  $  $27,080,209   $—   $27,080,209
Short-Term Investment

  191,129       191,129
TOTAL INVESTMENTS

  $191,129   $27,080,209   $—   $27,271,338
 
Affiliate Table
  Number of
Shares Held
at
9/24/24*
  Value at

9/24/24*
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
5/31/25
  Value at

5/31/25
  Dividend
Income
State Street Institutional Treasury Plus Fund - Premier Class

  $—   $2,593,082   $2,401,953   $—   $—   191,129   $191,129   $4,347
* Commencement of operations.
See accompanying notes to Schedule of Investments.
21

Table of Contents
SPDR SSGA MY2027 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 98.1%  
AEROSPACE & DEFENSE — 3.6%   
Boeing Co.

6.26%, 5/1/2027

    $95,000   $97,703
General Dynamics Corp.

3.50%, 4/1/2027

    80,000   79,155
Hexcel Corp.

4.20%, 2/15/2027

    55,000   54,357
Howmet Aerospace, Inc.

5.90%, 2/1/2027

    125,000   127,872
L3Harris Technologies, Inc.

5.40%, 1/15/2027

    185,000   187,636
RTX Corp.

3.13%, 5/4/2027

    75,000   73,258
          619,981
AGRICULTURE — 2.6%   
BAT Capital Corp.:          
3.56%, 8/15/2027

    69,000   67,492
4.70%, 4/2/2027

    210,000   210,416
Bunge Ltd. Finance Corp.

3.75%, 9/25/2027

    20,000   19,683
Philip Morris International, Inc.

5.13%, 11/17/2027

    150,000   152,658
          450,249
AUTO MANUFACTURERS — 3.8%   
American Honda Finance Corp.

4.90%, 3/12/2027

    50,000   50,296
Ford Motor Credit Co. LLC

5.80%, 3/5/2027

    240,000   239,678
General Motors Co.

6.80%, 10/1/2027

    215,000   222,938
Toyota Motor Credit Corp.:          
Series MTN, 1.15%, 8/13/2027

    50,000   46,746
Series MTN, 4.55%, 9/20/2027

    100,000   100,457
          660,115
BANKS — 13.7%   
Bank of America Corp.

SOFR + 1.58%, 4.38%, 4/27/2028 (a)

    200,000   199,050
Citigroup, Inc.

SOFR + 1.89%, 4.66%, 5/24/2028 (a)

    175,000   174,962
Deutsche Bank AG

SOFR + 1.59%, 5.71%, 2/8/2028 (a)

    175,000   177,264
Goldman Sachs Group, Inc.:          
3 mo. USD Term SOFR + 1.77%, 3.69%, 6/5/2028 (a)

    175,000   171,763
3.85%, 1/26/2027

    100,000   99,194
ING Groep NV

3.95%, 3/29/2027

    100,000   99,049
JPMorgan Chase & Co.

SOFR + 0.93%, 5.57%, 4/22/2028 (a)

    200,000   203,684
Security Description     Principal
Amount
  Value
Manufacturers & Traders Trust Co.

3.40%, 8/17/2027

    $60,000   $58,177
Mitsubishi UFJ Financial Group, Inc.

3.68%, 2/22/2027

    150,000   148,148
Mizuho Financial Group, Inc.

3.66%, 2/28/2027

    110,000   108,046
Morgan Stanley

Series MTN, SOFR + 1.01%, 5.65%, 4/13/2028 (a)

    200,000   203,662
Northern Trust Corp.

4.00%, 5/10/2027

    118,000   117,596
Royal Bank of Canada

Series MTN, 6.00%, 11/1/2027

    150,000   155,469
Santander Holdings USA, Inc.

4.40%, 7/13/2027

    150,000   148,749
Truist Financial Corp.

Series MTN, SOFR + 1.37%, 4.12%, 6/6/2028 (a)

    100,000   99,184
Wells Fargo & Co.

Series MTN, SOFR + 1.07%, 5.71%, 4/22/2028 (a)

    125,000   127,310
Westpac Banking Corp.

3.35%, 3/8/2027

    100,000   98,523
          2,389,830
BEVERAGES — 0.6%   
Keurig Dr. Pepper, Inc.

3.43%, 6/15/2027

    60,000   58,771
PepsiCo, Inc.

4.40%, 2/7/2027

    46,000   46,179
          104,950
BIOTECHNOLOGY — 2.4%   
Amgen, Inc.:          
2.20%, 2/21/2027

    45,000   43,351
3.20%, 11/2/2027

    70,000   68,037
CSL Finance PLC

3.85%, 4/27/2027 (b)

    20,000   19,741
Gilead Sciences, Inc.

2.95%, 3/1/2027

    110,000   107,894
Illumina, Inc.

5.75%, 12/13/2027

    75,000   76,521
Royalty Pharma PLC

1.75%, 9/2/2027

    110,000   103,481
          419,025
BUILDING MATERIALS — 0.2%   
Lennox International, Inc.

1.70%, 8/1/2027

    35,000   32,823
COMMERCIAL SERVICES — 0.7%   
Equifax, Inc.

5.10%, 12/15/2027

    20,000   20,197
Global Payments, Inc.

4.95%, 8/15/2027

    95,000   95,454
          115,651
 
See accompanying notes to Schedule of Investments.
22

Table of Contents
SPDR SSGA MY2027 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
COMPUTERS — 2.1%   
Apple, Inc.

3.35%, 2/9/2027

    $200,000   $197,662
Dell International LLC/EMC Corp.

6.10%, 7/15/2027

    60,000   61,718
International Business Machines Corp.:          
4.15%, 7/27/2027

    60,000   59,716
6.22%, 8/1/2027

    40,000   41,577
          360,673
DIVERSIFIED FINANCIAL SERVICES — 3.5%   
AerCap Ireland Capital DAC/AerCap Global Aviation Trust

6.45%, 4/15/2027

    240,000   246,994
American Express Co.

5.85%, 11/5/2027

    115,000   119,032
Charles Schwab Corp.

3.30%, 4/1/2027

    165,000   162,114
Jefferies Financial Group, Inc.

4.85%, 1/15/2027

    65,000   65,300
ORIX Corp.

5.00%, 9/13/2027

    20,000   20,166
          613,606
ELECTRIC — 11.3%   
Alabama Power Co.

3.75%, 9/1/2027

    75,000   74,272
American Electric Power Co., Inc.

5.75%, 11/1/2027

    60,000   61,747
Appalachian Power Co.

Series X, 3.30%, 6/1/2027

    125,000   122,060
CenterPoint Energy Houston Electric LLC

Series AA, 3.00%, 2/1/2027

    110,000   107,418
Commonwealth Edison Co.

Series 122, 2.95%, 8/15/2027

    124,000   120,433
Consolidated Edison Co. of New York, Inc.

Series B, 3.13%, 11/15/2027

    85,000   82,681
DTE Energy Co.

4.95%, 7/1/2027

    70,000   70,574
Duke Energy Corp.

5.00%, 12/8/2027

    115,000   116,363
Edison International

5.75%, 6/15/2027

    40,000   40,241
Evergy Kansas Central, Inc.

3.10%, 4/1/2027

    95,000   92,881
FirstEnergy Corp.

Series B, 3.90%, 7/15/2027

    90,000   88,647
Florida Power & Light Co.

Series A, 3.30%, 5/30/2027

    200,000   196,180
ITC Holdings Corp.

3.35%, 11/15/2027

    45,000   43,746
National Rural Utilities Cooperative Finance Corp.

Series MTN, 5.10%, 5/6/2027

    75,000   75,971
Security Description     Principal
Amount
  Value
NextEra Energy Capital Holdings, Inc.

3.55%, 5/1/2027

    $75,000   $73,673
Pacific Gas & Electric Co.:          
3.30%, 3/15/2027

    75,000   72,965
5.45%, 6/15/2027

    125,000   126,272
Sempra

3.25%, 6/15/2027

    125,000   121,656
Southern California Edison Co.

Series D, 4.70%, 6/1/2027

    95,000   94,690
Southern Co.

5.11%, 8/1/2027

    65,000   65,740
Virginia Electric & Power Co.

Series A, 3.50%, 3/15/2027

    45,000   44,447
Vistra Operations Co. LLC:          
3.70%, 1/30/2027 (b)

    30,000   29,440
5.05%, 12/30/2026 (b)

    20,000   20,085
WEC Energy Group, Inc.

1.38%, 10/15/2027

    36,000   33,486
          1,975,668
ELECTRONICS — 0.6%   
Keysight Technologies, Inc.

4.60%, 4/6/2027

    35,000   35,047
Tyco Electronics Group SA

3.13%, 8/15/2027

    75,000   72,938
          107,985
ENTERTAINMENT — 0.4%   
Warnermedia Holdings, Inc.

3.76%, 3/15/2027

    65,000   63,025
FOOD — 4.7%   
Campbell's Co.

5.20%, 3/19/2027

    125,000   126,464
Conagra Brands, Inc.

1.38%, 11/1/2027

    75,000   69,421
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

2.50%, 1/15/2027

    210,000   202,765
Kroger Co.

3.70%, 8/1/2027

    125,000   123,096
Mars, Inc.

4.45%, 3/1/2027 (b)

    105,000   105,107
Sysco Corp.

3.25%, 7/15/2027

    75,000   73,170
Tyson Foods, Inc.

3.55%, 6/2/2027

    120,000   117,832
          817,855
FOREST PRODUCTS & PAPER — 0.4%   
Suzano International Finance BV

5.50%, 1/17/2027

    75,000   75,596
HEALTH CARE PRODUCTS — 1.2%   
Smith & Nephew PLC

5.15%, 3/20/2027

    55,000   55,508
 
See accompanying notes to Schedule of Investments.
23

Table of Contents
SPDR SSGA MY2027 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
Solventum Corp.

5.45%, 2/25/2027

    $85,000   $86,072
Stryker Corp.

4.55%, 2/10/2027

    70,000   70,242
          211,822
HEALTH CARE SERVICES — 3.0%   
Centene Corp.

4.25%, 12/15/2027

    133,000   129,945
Cigna Group

3.40%, 3/1/2027

    110,000   108,027
HCA, Inc.

4.50%, 2/15/2027

    115,000   114,653
Humana, Inc.

3.95%, 3/15/2027

    95,000   94,305
Laboratory Corp. of America Holdings

3.60%, 9/1/2027

    85,000   83,514
          530,444
HOME BUILDERS — 0.8%   
Lennar Corp.

4.75%, 11/29/2027

    100,000   100,347
Meritage Homes Corp.

5.13%, 6/6/2027

    45,000   45,391
          145,738
HOME FURNISHINGS — 0.2%   
Leggett & Platt, Inc.

3.50%, 11/15/2027

    35,000   33,722
HOUSEHOLD PRODUCTS & WARES — 0.5%   
Church & Dwight Co., Inc.

3.15%, 8/1/2027

    85,000   82,875
INSURANCE — 1.7%   
Corebridge Financial, Inc.

3.65%, 4/5/2027

    110,000   108,286
Lincoln Financial Global Funding

4.63%, 5/28/2028 (b)

    50,000   50,106
Markel Group, Inc.

3.50%, 11/1/2027

    55,000   53,691
RenaissanceRe Finance, Inc.

3.45%, 7/1/2027

    45,000   44,092
Willis North America, Inc.

4.65%, 6/15/2027

    35,000   35,141
          291,316
INTERNET — 1.2%   
Amazon.com, Inc.

4.55%, 12/1/2027

    181,000   182,911
Expedia Group, Inc.

4.63%, 8/1/2027

    25,000   25,007
          207,918
IRON/STEEL — 1.0%   
ArcelorMittal SA

6.55%, 11/29/2027

    165,000   171,105
Security Description     Principal
Amount
  Value
LODGING — 0.7%   
Hyatt Hotels Corp.

5.75%, 1/30/2027

    $45,000   $45,781
Las Vegas Sands Corp.

5.90%, 6/1/2027

    75,000   75,923
          121,704
MACHINERY, CONSTRUCTION & MINING — 0.4%   
Caterpillar Financial Services Corp.

4.50%, 1/8/2027

    70,000   70,271
MACHINERY-DIVERSIFIED — 1.6%   
CNH Industrial NV

Series MTN, 3.85%, 11/15/2027

    90,000   88,992
Ingersoll Rand, Inc.

5.20%, 6/15/2027

    110,000   111,386
John Deere Capital Corp.

Series MTN, 4.90%, 6/11/2027

    70,000   70,954
          271,332
MEDIA — 0.7%   
Comcast Corp.

5.35%, 11/15/2027

    40,000   40,956
FactSet Research Systems, Inc.

2.90%, 3/1/2027

    45,000   43,624
Paramount Global

2.90%, 1/15/2027

    35,000   33,959
          118,539
MINING — 2.7%   
Freeport-McMoRan, Inc.

5.00%, 9/1/2027

    115,000   115,030
Glencore Funding LLC

4.00%, 3/27/2027 (b)

    265,000   261,976
Rio Tinto Finance USA PLC

4.38%, 3/12/2027

    70,000   70,173
Yamana Gold, Inc.

4.63%, 12/15/2027

    20,000   19,911
          467,090
MISCELLANEOUS MANUFACTURER — 0.5%   
Textron, Inc.

3.65%, 3/15/2027

    95,000   93,487
OIL & GAS — 2.9%   
BP Capital Markets America, Inc.

5.02%, 11/17/2027

    150,000   152,329
Canadian Natural Resources Ltd.

3.85%, 6/1/2027

    50,000   49,290
Cenovus Energy, Inc.

4.25%, 4/15/2027

    60,000   59,515
Coterra Energy, Inc.

3.90%, 5/15/2027

    40,000   39,402
Diamondback Energy, Inc.

5.20%, 4/18/2027

    110,000   111,096
Occidental Petroleum Corp.:          
5.00%, 8/1/2027

    2,500   2,500
8.50%, 7/15/2027

    20,000   21,142
 
See accompanying notes to Schedule of Investments.
24

Table of Contents
SPDR SSGA MY2027 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
Phillips 66 Co.

4.95%, 12/1/2027

    $75,000   $75,780
          511,054
OIL & GAS SERVICES — 0.4%   
Schlumberger Holdings Corp.

5.00%, 5/29/2027 (b)

    75,000   75,727
PACKAGING & CONTAINERS — 1.2%   
Berry Global, Inc.

1.65%, 1/15/2027

    175,000   166,712
WRKCo, Inc.

3.38%, 9/15/2027

    45,000   43,748
          210,460
PHARMACEUTICALS — 6.4%   
AbbVie, Inc.

4.80%, 3/15/2027

    260,000   262,371
Astrazeneca Finance LLC

4.80%, 2/26/2027

    115,000   116,211
Becton Dickinson & Co.

3.70%, 6/6/2027

    95,000   93,537
Bristol-Myers Squibb Co.

1.13%, 11/13/2027

    100,000   93,019
Cencora, Inc.

3.45%, 12/15/2027

    60,000   58,530
CVS Health Corp.

6.25%, 6/1/2027

    85,000   87,606
Eli Lilly & Co.

4.50%, 2/9/2027

    160,000   160,931
Merck & Co., Inc.

1.70%, 6/10/2027

    79,000   75,373
Viatris, Inc.

2.30%, 6/22/2027

    185,000   175,188
          1,122,766
PIPELINES — 2.2%   
Cheniere Corpus Christi Holdings LLC

5.13%, 6/30/2027

    40,000   40,313
Energy Transfer LP

5.50%, 6/1/2027

    80,000   81,127
Enterprise Products Operating LLC

4.60%, 1/11/2027

    55,000   55,267
ONEOK, Inc.:          
4.00%, 7/13/2027

    33,000   32,615
4.25%, 9/24/2027

    90,000   89,423
Sabine Pass Liquefaction LLC

5.00%, 3/15/2027

    50,000   50,229
Targa Resources Corp.

5.20%, 7/1/2027

    40,000   40,387
          389,361
REAL ESTATE INVESTMENT TRUSTS — 3.7%   
Alexandria Real Estate Equities, Inc.

3.95%, 1/15/2027

    146,000   144,530
Security Description     Principal
Amount
  Value
American Tower Corp.

3.55%, 7/15/2027

    $85,000   $83,225
Brixmor Operating Partnership LP

3.90%, 3/15/2027

    35,000   34,543
Crown Castle, Inc.

3.65%, 9/1/2027

    20,000   19,537
DOC Dr. LLC

4.30%, 3/15/2027

    56,000   55,693
Extra Space Storage LP

3.88%, 12/15/2027

    110,000   108,089
Healthpeak OP LLC

1.35%, 2/1/2027

    51,000   48,395
Highwoods Realty LP

3.88%, 3/1/2027

    85,000   83,068
Tanger Properties LP

3.88%, 7/15/2027

    70,000   68,764
          645,844
RETAIL — 1.8%   
AutoNation, Inc.

3.80%, 11/15/2027

    85,000   83,005
Costco Wholesale Corp.

3.00%, 5/18/2027

    105,000   103,004
Dollar General Corp.

4.63%, 11/1/2027

    55,000   54,960
Lowe's Cos., Inc.

3.35%, 4/1/2027

    65,000   63,871
          304,840
SEMICONDUCTORS — 4.2%   
Advanced Micro Devices, Inc.:          
4.21%, 9/24/2026

    80,000   80,050
4.32%, 3/24/2028

    60,000   60,265
Applied Materials, Inc.

3.30%, 4/1/2027

    125,000   123,131
Broadcom Corp./Broadcom Cayman Finance Ltd.

3.88%, 1/15/2027

    132,000   130,893
Broadcom, Inc.

5.05%, 7/12/2027

    125,000   126,606
Intel Corp.

3.75%, 8/5/2027

    75,000   73,646
QUALCOMM, Inc.

3.25%, 5/20/2027

    135,000   132,767
          727,358
SHIPBUILDING — 0.1%   
Huntington Ingalls Industries, Inc.

3.48%, 12/1/2027

    20,000   19,469
SOFTWARE — 3.7%   
Fiserv, Inc.

5.15%, 3/15/2027

    40,000   40,419
Microsoft Corp.

3.40%, 6/15/2027

    75,000   74,229
Oracle Corp.:          
2.80%, 4/1/2027

    75,000   72,859
3.25%, 11/15/2027

    190,000   184,811
 
See accompanying notes to Schedule of Investments.
25

Table of Contents
SPDR SSGA MY2027 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
Synopsys, Inc.

4.55%, 4/1/2027

    $85,000   $85,119
Take-Two Interactive Software, Inc.

3.70%, 4/14/2027

    50,000   49,202
VMware LLC

4.65%, 5/15/2027

    140,000   140,222
          646,861
TELECOMMUNICATIONS — 3.2%   
AT&T, Inc.:          
2.30%, 6/1/2027

    150,000   143,961
3.80%, 2/15/2027

    25,000   24,746
4.25%, 3/1/2027

    100,000   99,703
T-Mobile USA, Inc.

3.75%, 4/15/2027

    200,000   197,432
Verizon Communications, Inc.

3.00%, 3/22/2027

    95,000   92,696
          558,538
TRANSPORTATION — 1.5%   
Norfolk Southern Corp.:          
3.15%, 6/1/2027

    60,000   58,563
7.80%, 5/15/2027

    140,000   148,966
United Parcel Service, Inc.

3.05%, 11/15/2027

    50,000   48,722
          256,251
TRUCKING & LEASING — 0.0% *  
GATX Corp.

3.85%, 3/30/2027

    7,000   6,895
TOTAL CORPORATE BONDS & NOTES

(Cost $17,110,324)

        17,099,819
    
Security Description     Shares   Value
SHORT-TERM INVESTMENT — 0.9%      
State Street Institutional Treasury Plus Fund - Premier Class 4.25% (c) (d)

(Cost $160,539)

  160,539   $160,539
TOTAL INVESTMENTS — 99.0%

(Cost $17,270,863)

  17,260,358  
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%

  177,864  
NET ASSETS — 100.0%

  $17,438,222  
(a) Variable Rate Security - Interest rate shown is rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.2% of net assets as of May 31, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at May 31, 2025.
* Amount is less than 0.05% of net assets.
MTN Medium Term Note
SOFR Secured Overnight Financing Rate
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of May 31, 2025. 
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes

  $  $17,099,819   $—   $17,099,819
Short-Term Investment

  160,539       160,539
TOTAL INVESTMENTS

  $160,539   $17,099,819   $—   $17,260,358
 
Affiliate Table
  Number of
Shares Held
at
9/24/24*
  Value at

9/24/24*
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
5/31/25
  Value at

5/31/25
  Dividend
Income
State Street Institutional Treasury Plus Fund - Premier Class

  $—   $1,062,557   $902,018   $—   $—   160,539   $160,539   $2,226
* Commencement of operations.
See accompanying notes to Schedule of Investments.
26

Table of Contents
SPDR SSGA MY2028 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 98.4%  
AEROSPACE & DEFENSE — 3.4%   
Boeing Co.

3.45%, 11/1/2028

    $243,000   $232,123
Howmet Aerospace, Inc.

6.75%, 1/15/2028

    108,000   113,833
L3Harris Technologies, Inc.

4.40%, 6/15/2028

    403,000   401,787
RTX Corp.

6.70%, 8/1/2028

    10,000   10,629
          758,372
AGRICULTURE — 2.7%   
BAT Capital Corp.

2.26%, 3/25/2028

    50,000   47,011
BAT International Finance PLC

4.45%, 3/16/2028

    100,000   99,647
Bunge Ltd. Finance Corp.

4.10%, 1/7/2028

    63,000   62,511
Philip Morris International, Inc.:          
3.13%, 3/2/2028

    11,000   10,680
5.25%, 9/7/2028

    377,000   386,651
          606,500
AUTO MANUFACTURERS — 2.9%   
Stellantis Finance U.S., Inc.

5.35%, 3/17/2028 (a)

    200,000   200,528
Toyota Motor Corp.

5.12%, 7/13/2028

    406,000   414,977
Toyota Motor Credit Corp.

Series MTN, 5.25%, 9/11/2028

    28,000   28,761
          644,266
BANKS — 12.0%   
Bank of America Corp.

SOFR + 1.63%, 5.20%, 4/25/2029 (b)

    327,000   332,301
Bank of New York Mellon Corp.

Series MTN, 3.00%, 10/30/2028

    97,000   92,610
Citigroup, Inc.:          
3 mo. USD Term SOFR + 1.45%, 4.08%, 4/23/2029 (b)

    287,000   282,388
6.63%, 1/15/2028

    20,000   21,120
Deutsche Bank AG

SOFR + 1.59%, 5.71%, 2/8/2028 (b)

    287,000   290,714
Fifth Third Bancorp

3.95%, 3/14/2028

    10,000   9,866
Goldman Sachs Group, Inc.

3 mo. USD Term SOFR + 1.56%, 4.22%, 5/1/2029 (b)

    309,000   305,864
JPMorgan Chase & Co.

3 mo. USD Term SOFR + 1.38%, 4.01%, 4/23/2029 (b)

    271,000   266,721
KeyCorp

Series MTN, 4.10%, 4/30/2028

    10,000   9,857
Security Description     Principal
Amount
  Value
Lloyds Banking Group PLC:          
4.38%, 3/22/2028

    $100,000   $99,412
4.55%, 8/16/2028

    170,000   169,238
Morgan Stanley

Series MTN, SOFR + 1.59%, 5.16%, 4/20/2029 (b)

    266,000   269,697
Northern Trust Corp.

3.65%, 8/3/2028

    21,000   20,629
PNC Bank NA

3.25%, 1/22/2028

    95,000   92,324
Regions Financial Corp.

1.80%, 8/12/2028

    25,000   22,861
U.S. Bancorp

Series MTN, 3.90%, 4/26/2028

    25,000   24,752
Wells Fargo & Co.

Series MTN, 4.15%, 1/24/2029

    347,000   342,555
Westpac Banking Corp.

5.54%, 11/17/2028

    25,000   26,034
          2,678,943
BEVERAGES — 0.3%   
Coca-Cola Co.

1.50%, 3/5/2028 (c)

    20,000   18,681
Constellation Brands, Inc.

4.65%, 11/15/2028

    53,000   53,030
          71,711
BIOTECHNOLOGY — 1.1%   
Amgen, Inc.

1.65%, 8/15/2028

    261,000   239,324
CHEMICALS — 1.5%   
Dow Chemical Co.

4.80%, 11/30/2028

    138,000   138,959
Eastman Chemical Co.

4.50%, 12/1/2028

    168,000   167,222
International Flavors & Fragrances, Inc.

4.45%, 9/26/2028

    21,000   20,802
          326,983
COMMERCIAL SERVICES — 0.1%   
Global Payments, Inc.

4.45%, 6/1/2028

    13,000   12,884
COMPUTERS — 0.8%   
Crowdstrike Holdings, Inc.

3.00%, 2/15/2029

    150,000   140,422
Dell International LLC/EMC Corp.

5.25%, 2/1/2028

    39,000   39,816
          180,238
COSMETICS/PERSONAL CARE — 1.5%   
Kenvue, Inc.

5.05%, 3/22/2028

    337,000   345,452
DISTRIBUTION & WHOLESALE — 1.3%   
LKQ Corp.

5.75%, 6/15/2028

    288,000   295,240
 
See accompanying notes to Schedule of Investments.
27

Table of Contents
SPDR SSGA MY2028 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
DIVERSIFIED FINANCIAL SERVICES — 2.9%   
Ally Financial, Inc.

2.20%, 11/2/2028

    $56,000   $51,118
Charles Schwab Corp.

3.20%, 1/25/2028

    226,000   219,964
Jefferies Financial Group, Inc.

5.88%, 7/21/2028

    376,000   386,208
          657,290
ELECTRIC — 9.4%   
Ameren Illinois Co.

3.80%, 5/15/2028

    75,000   74,165
American Electric Power Co., Inc.

Series J, 4.30%, 12/1/2028

    160,000   158,549
Berkshire Hathaway Energy Co.

3.25%, 4/15/2028

    86,000   83,678
Duke Energy Carolinas LLC

Series A, 6.00%, 12/1/2028

    138,000   144,461
Edison International

5.25%, 11/15/2028

    189,000   186,165
Entergy Louisiana LLC

3.25%, 4/1/2028

    30,000   29,149
Exelon Corp.

5.15%, 3/15/2028

    214,000   217,737
Georgia Power Co.

4.65%, 5/16/2028

    301,000   303,754
Interstate Power & Light Co.

4.10%, 9/26/2028

    91,000   89,739
National Rural Utilities Cooperative Finance Corp.

Series MTN, 5.05%, 9/15/2028

    40,000   40,698
Pacific Gas & Electric Co.

3.75%, 7/1/2028

    263,000   253,522
Public Service Electric & Gas Co.

Series MTN, 3.65%, 9/1/2028

    28,000   27,405
San Diego Gas & Electric Co.

4.95%, 8/15/2028

    238,000   242,098
Southern Co.

4.85%, 6/15/2028

    257,000   260,249
          2,111,369
ELECTRONICS — 0.5%   
Hubbell, Inc.

3.50%, 2/15/2028

    21,000   20,470
Vontier Corp.

2.40%, 4/1/2028

    105,000   98,526
          118,996
FOOD — 3.7%   
Campbell's Co.

4.15%, 3/15/2028

    249,000   246,874
Conagra Brands, Inc.

4.85%, 11/1/2028

    207,000   207,776
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

5.13%, 2/1/2028

    344,000   347,674
Security Description     Principal
Amount
  Value
Mondelez International, Inc.

4.13%, 5/7/2028

    $30,000   $29,862
          832,186
HEALTH CARE PRODUCTS — 1.9%   
Abbott Laboratories

1.15%, 1/30/2028

    25,000   23,270
Baxter International, Inc.

2.27%, 12/1/2028

    190,000   175,296
Boston Scientific Corp.

4.00%, 3/1/2028

    20,000   19,918
Stryker Corp.

4.85%, 12/8/2028

    207,000   209,931
          428,415
HEALTH CARE SERVICES — 1.6%   
Centene Corp.

4.25%, 12/15/2027

    53,000   51,783
HCA, Inc.

5.63%, 9/1/2028

    300,000   306,723
          358,506
HOUSEHOLD PRODUCTS — 0.4%   
Procter & Gamble Co.

3.95%, 1/26/2028

    80,000   80,215
HOUSEHOLD PRODUCTS & WARES — 0.2%   
Avery Dennison Corp.

4.88%, 12/6/2028

    25,000   25,221
Kimberly-Clark Corp.

3.95%, 11/1/2028

    20,000   19,858
          45,079
INSURANCE — 2.7%   
American International Group, Inc.

4.20%, 4/1/2028

    63,000   62,488
Athene Holding Ltd.

4.13%, 1/12/2028

    119,000   117,023
Lincoln Financial Global Funding

4.63%, 5/28/2028 (a)

    75,000   75,160
Lincoln National Corp.

3.80%, 3/1/2028

    345,000   337,244
Prudential Financial, Inc.

Series MTN, 3.88%, 3/27/2028

    13,000   12,862
          604,777
LODGING — 0.1%   
Sands China Ltd.

5.40%, 8/8/2028

    25,000   24,941
MACHINERY-DIVERSIFIED — 1.1%   
CNH Industrial Capital LLC

4.55%, 4/10/2028

    163,000   162,552
Ingersoll Rand, Inc.

5.40%, 8/14/2028

    75,000   77,012
          239,564
 
See accompanying notes to Schedule of Investments.
28

Table of Contents
SPDR SSGA MY2028 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
MEDIA — 2.9%   
Charter Communications Operating LLC/Charter Communications Operating Capital:          
3.75%, 2/15/2028

    $346,000   $337,437
4.20%, 3/15/2028

    33,000   32,588
Comcast Corp.:          
3.15%, 2/15/2028

    101,000   98,010
3.55%, 5/1/2028

    29,000   28,407
Discovery Communications LLC

3.95%, 3/20/2028

    65,000   62,030
TCI Communications, Inc.

7.13%, 2/15/2028

    90,000   95,901
          654,373
MINING — 1.0%   
BHP Billiton Finance USA Ltd.

5.10%, 9/8/2028

    31,000   31,664
Glencore Funding LLC

6.13%, 10/6/2028 (a)

    193,000   200,819
          232,483
OFFICE & BUSINESS EQUIPMENT — 0.8%   
CDW LLC/CDW Finance Corp.

4.25%, 4/1/2028

    173,000   170,211
OIL & GAS — 5.4%   
BP Capital Markets America, Inc.

4.23%, 11/6/2028

    282,000   280,488
Chevron USA, Inc.

3.85%, 1/15/2028

    75,000   74,518
Devon Energy Corp.

5.88%, 6/15/2028

    80,000   80,103
Occidental Petroleum Corp.

6.38%, 9/1/2028

    200,000   205,916
Ovintiv, Inc.

5.65%, 5/15/2028

    318,000   324,128
Shell International Finance BV

3.88%, 11/13/2028

    27,000   26,772
TotalEnergies Capital SA

3.88%, 10/11/2028

    218,000   215,916
          1,207,841
OIL & GAS SERVICES — 1.4%   
Schlumberger Holdings Corp.

4.50%, 5/15/2028 (a)

    313,000   313,482
PACKAGING & CONTAINERS — 1.1%   
Berry Global, Inc.

5.50%, 4/15/2028

    117,000   119,100
WRKCo, Inc.

3.90%, 6/1/2028

    130,000   127,299
          246,399
PHARMACEUTICALS — 8.3%   
AbbVie, Inc.

4.65%, 3/15/2028

    155,000   156,553
Astrazeneca Finance LLC

4.88%, 3/3/2028

    316,000   321,916
Security Description     Principal
Amount
  Value
Becton Dickinson & Co.

4.69%, 2/13/2028

    $276,000   $277,129
CVS Health Corp.

4.30%, 3/25/2028

    456,000   450,820
McKesson Corp.

4.90%, 7/15/2028

    100,000   101,597
Mylan, Inc.

4.55%, 4/15/2028

    331,000   323,360
Pfizer, Inc.

3.60%, 9/15/2028

    233,000   229,293
          1,860,668
PIPELINES — 5.2%   
Cheniere Energy, Inc.

4.63%, 10/15/2028

    257,000   254,463
Energy Transfer LP

6.10%, 12/1/2028

    157,000   163,976
ONEOK, Inc.

5.65%, 11/1/2028

    286,000   294,557
Targa Resources Partners LP/Targa Resources Partners Finance Corp.

5.00%, 1/15/2028

    293,000   292,610
TransCanada PipeLines Ltd.

4.25%, 5/15/2028

    49,000   48,613
Williams Cos., Inc.

5.30%, 8/15/2028

    115,000   117,592
          1,171,811
REAL ESTATE INVESTMENT TRUSTS — 4.1%   
Alexandria Real Estate Equities, Inc.

3.95%, 1/15/2028

    144,000   141,949
American Homes 4 Rent LP

4.25%, 2/15/2028

    145,000   143,225
Crown Castle, Inc.

3.80%, 2/15/2028

    60,000   58,607
Extra Space Storage LP

5.70%, 4/1/2028

    289,000   297,219
Federal Realty OP LP

5.38%, 5/1/2028

    138,000   140,630
Mid-America Apartments LP

4.20%, 6/15/2028

    25,000   24,790
Prologis LP

4.00%, 9/15/2028

    80,000   79,018
Realty Income Corp.

4.70%, 12/15/2028

    25,000   25,180
UDR, Inc.

Series GMTN, 3.50%, 1/15/2028

    10,000   9,757
          920,375
RETAIL — 1.3%   
AutoNation, Inc.

3.80%, 11/15/2027

    53,000   51,756
Genuine Parts Co.

6.50%, 11/1/2028

    88,000   93,037
 
See accompanying notes to Schedule of Investments.
29

Table of Contents
SPDR SSGA MY2028 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
Home Depot, Inc.

0.90%, 3/15/2028

    $89,000   $81,471
Lowe's Cos., Inc.

6.88%, 2/15/2028

    63,000   66,865
          293,129
SEMICONDUCTORS — 7.1%   
Advanced Micro Devices, Inc.

4.32%, 3/24/2028

    209,000   209,924
Analog Devices, Inc.

1.70%, 10/1/2028

    105,000   96,431
Broadcom, Inc.

4.11%, 9/15/2028

    426,000   422,694
Intel Corp.

4.88%, 2/10/2028

    313,000   315,513
Marvell Technology, Inc.

4.88%, 6/22/2028

    30,000   30,120
Micron Technology, Inc.

5.38%, 4/15/2028

    306,000   312,184
TSMC Arizona Corp.

4.13%, 4/22/2029

    200,000   197,600
          1,584,466
SHIPBUILDING — 0.3%   
Huntington Ingalls Industries, Inc.

2.04%, 8/16/2028

    75,000   69,103
SOFTWARE — 4.3%   
Concentrix Corp.

6.60%, 8/2/2028

    338,000   354,677
Fidelity National Information Services, Inc.

1.65%, 3/1/2028

    57,000   52,813
Intuit, Inc.

5.13%, 9/15/2028

    212,000   217,798
Oracle Corp.

4.50%, 5/6/2028

    301,000   302,364
Roper Technologies, Inc.

4.20%, 9/15/2028

    25,000   24,820
          952,472
TELECOMMUNICATIONS — 2.9%   
T-Mobile USA, Inc.

4.80%, 7/15/2028

    426,000   430,277
Verizon Communications, Inc.

4.33%, 9/21/2028

    215,000   214,518
          644,795
TRANSPORTATION — 0.1%   
Canadian National Railway Co.

6.90%, 7/15/2028

    25,000   26,865
Security Description     Principal
Amount
  Value
TRUCKING & LEASING — 0.1%   
GATX Corp.

4.55%, 11/7/2028

    $15,000   $14,924
TOTAL CORPORATE BONDS & NOTES

(Cost $21,907,007)

        22,024,648
    Shares  
SHORT-TERM INVESTMENTS — 0.6%  
State Street Institutional Treasury Plus Fund - Premier Class 4.25% (d) (e)

121,780 121,780
State Street Navigator Securities Lending Portfolio II (f) (g)

18,192 18,192
TOTAL SHORT-TERM INVESTMENTS

(Cost $139,972)

139,972
TOTAL INVESTMENTS — 99.0%

(Cost $22,046,979)

22,164,620
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.0%

227,877
NET ASSETS — 100.0%

$22,392,497
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.5% of net assets as of May 31, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b) Variable Rate Security - Interest rate shown is rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(c) All or a portion of the shares of the security are on loan at May 31, 2025.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at May 31, 2025.
(f) The Fund invested in an affiliated entity. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
GMTN Global Medium Term Note
MTN Medium Term Note
SOFR Secured Overnight Financing Rate
 
See accompanying notes to Schedule of Investments.
30

Table of Contents
SPDR SSGA MY2028 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of May 31, 2025. 
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes

  $  $22,024,648   $—   $22,024,648
Short-Term Investments

  139,972       139,972
TOTAL INVESTMENTS

  $139,972   $22,024,648   $—   $22,164,620
 
Affiliate Table
  Number of
Shares Held
at
9/24/24*
  Value at

9/24/24*
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
5/31/25
  Value at

5/31/25
  Dividend
Income
State Street Institutional Treasury Plus Fund - Premier Class

  $—   $1,578,370   $1,456,590   $—   $—   121,780   $121,780   $2,402
State Street Navigator Securities Lending Portfolio II

    18,192         18,192   18,192  
Total

    $—   $1,596,562   $1,456,590   $—   $—       $139,972   $2,402
* Commencement of operations.
See accompanying notes to Schedule of Investments.
31

Table of Contents
SPDR SSGA MY2029 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 98.2%  
AEROSPACE & DEFENSE — 2.9%   
Boeing Co.

6.30%, 5/1/2029

    $200,000   $210,368
Howmet Aerospace, Inc.

3.00%, 1/15/2029

    125,000   118,915
L3Harris Technologies, Inc.

5.05%, 6/1/2029

    150,000   152,256
Northrop Grumman Corp.

4.60%, 2/1/2029

    100,000   100,680
          582,219
AGRICULTURE — 1.7%   
BAT International Finance PLC

5.93%, 2/2/2029

    146,000   152,446
Philip Morris International, Inc.

5.63%, 11/17/2029

    180,000   187,798
          340,244
AUTO MANUFACTURERS — 4.2%   
Ford Motor Credit Co. LLC

5.11%, 5/3/2029

    225,000   216,418
General Motors Financial Co., Inc.:          
4.90%, 10/6/2029

    115,000   113,290
5.55%, 7/15/2029

    190,000   191,985
Mercedes-Benz Finance North America LLC

5.10%, 11/15/2029 (a)

    150,000   151,520
Toyota Motor Credit Corp.

Series MTN, 4.45%, 6/29/2029

    152,000   152,000
          825,213
AUTO PARTS & EQUIPMENT — 0.5%   
BorgWarner, Inc.

4.95%, 8/15/2029

    100,000   100,336
BANKS — 7.6%   
Bank of America Corp.:          
Series MTN, 3 mo. USD Term SOFR + 1.47%, 3.97%, 2/7/2030 (b)

    100,000   97,547
SOFR + 1.63%, 5.20%, 4/25/2029 (b)

    50,000   50,811
Bank of New York Mellon Corp.

Series MTN, 3.85%, 4/26/2029

    160,000   157,086
Bank of Nova Scotia

Series GMTN, 5.45%, 8/1/2029

    50,000   51,535
Citigroup, Inc.

SOFR + 1.36%, 5.17%, 2/13/2030 (b)

    100,000   101,314
Deutsche Bank AG

SOFR + 2.51%, 6.82%, 11/20/2029 (b)

    150,000   158,709
Goldman Sachs Group, Inc.

3 mo. USD Term SOFR + 1.42%, 3.81%, 4/23/2029 (b)

    100,000   97,858
Security Description     Principal
Amount
  Value
JPMorgan Chase & Co.

3 mo. USD Term SOFR + 1.42%, 3.70%, 5/6/2030 (b)

    $150,000   $144,848
Morgan Stanley

SOFR + 1.45%, 5.17%, 1/16/2030 (b)

    75,000   76,182
Sumitomo Mitsui Financial Group, Inc.

3.04%, 7/16/2029

    175,000   164,503
U.S. Bancorp:          
Series DMTN, 3.00%, 7/30/2029

    130,000   121,801
SOFR + 2.02%, 5.78%, 6/12/2029 (b)

    100,000   103,212
Wells Fargo & Co.:          
SOFR + 1.50%, 5.20%, 1/23/2030 (b)

    100,000   101,673
Series MTN, SOFR + 1.74%, 5.57%, 7/25/2029 (b)

    75,000   76,938
          1,504,017
BEVERAGES — 1.7%   
Anheuser-Busch InBev Worldwide, Inc.

4.75%, 1/23/2029

    155,000   157,147
PepsiCo, Inc.

2.63%, 7/29/2029

    200,000   187,636
          344,783
BIOTECHNOLOGY — 1.4%   
Amgen, Inc.

4.05%, 8/18/2029

    120,000   117,486
Gilead Sciences, Inc.

4.80%, 11/15/2029

    97,000   98,286
Royalty Pharma PLC

5.15%, 9/2/2029

    65,000   65,733
          281,505
CHEMICALS — 2.4%   
Air Products & Chemicals, Inc.

4.60%, 2/8/2029

    45,000   45,452
Dow Chemical Co.

7.38%, 11/1/2029

    104,000   114,474
Eastman Chemical Co.

5.00%, 8/1/2029

    170,000   170,830
Nutrien Ltd.

4.20%, 4/1/2029

    150,000   147,607
          478,363
COMMERCIAL SERVICES — 0.9%   
Verisk Analytics, Inc.

4.13%, 3/15/2029

    190,000   186,975
COMPUTERS — 0.9%   
Apple, Inc.

2.20%, 9/11/2029

    101,000   93,202
Crowdstrike Holdings, Inc.

3.00%, 2/15/2029

    100,000   93,615
          186,817
 
See accompanying notes to Schedule of Investments.
32

Table of Contents
SPDR SSGA MY2029 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
DIVERSIFIED FINANCIAL SERVICES — 0.7%   
BlackRock Funding, Inc.

4.70%, 3/14/2029

    $50,000   $50,783
Charles Schwab Corp.

4.00%, 2/1/2029

    45,000   44,573
Enact Holdings, Inc.

6.25%, 5/28/2029

    50,000   51,377
          146,733
ELECTRIC — 9.0%   
AEP Texas, Inc.

5.45%, 5/15/2029

    50,000   51,195
Ameren Corp.

5.00%, 1/15/2029

    60,000   60,703
American Electric Power Co., Inc.

5.20%, 1/15/2029

    150,000   152,911
CenterPoint Energy, Inc.

5.40%, 6/1/2029

    135,000   138,800
Consumers Energy Co.

4.60%, 5/30/2029

    125,000   125,708
DTE Energy Co.:          
Series C, 3.40%, 6/15/2029

    100,000   95,113
5.10%, 3/1/2029

    94,000   95,302
Duke Energy Corp.

4.85%, 1/5/2029

    175,000   176,818
Edison International

5.45%, 6/15/2029

    50,000   49,335
Entergy Texas, Inc.

4.00%, 3/30/2029

    50,000   49,259
Exelon Corp.

5.15%, 3/15/2029

    150,000   152,853
Georgia Power Co.

Series B, 2.65%, 9/15/2029

    50,000   46,523
Pacific Gas & Electric Co.

5.55%, 5/15/2029

    75,000   76,019
PacifiCorp

5.10%, 2/15/2029

    150,000   152,178
Public Service Enterprise Group, Inc.

5.20%, 4/1/2029

    155,000   158,238
Southern California Edison Co.

5.15%, 6/1/2029

    75,000   75,452
Southern Co.

5.50%, 3/15/2029

    125,000   129,544
          1,785,951
ELECTRONICS — 1.5%   
Allegion PLC

3.50%, 10/1/2029

    150,000   142,684
Honeywell International, Inc.

4.88%, 9/1/2029

    145,000   147,616
          290,300
ENTERTAINMENT — 0.3%   
Warnermedia Holdings, Inc.

4.05%, 3/15/2029

    65,000   60,566
Security Description     Principal
Amount
  Value
ENVIRONMENTAL CONTROL — 1.5%   
Republic Services, Inc.:          
4.88%, 4/1/2029

    $175,000   $177,947
5.00%, 11/15/2029

    125,000   127,545
          305,492
FOOD — 2.1%   
Campbell's Co.

5.20%, 3/21/2029

    70,000   71,215
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

3.00%, 2/2/2029

    85,000   80,019
Mars, Inc.

4.80%, 3/1/2030 (a)

    100,000   100,627
Tyson Foods, Inc.

4.35%, 3/1/2029

    155,000   153,279
          405,140
HEALTH CARE PRODUCTS — 2.7%   
Boston Scientific Corp.

4.00%, 3/1/2029

    225,000   222,109
GE HealthCare Technologies, Inc.

4.80%, 8/14/2029

    190,000   191,016
Thermo Fisher Scientific, Inc.

5.00%, 1/31/2029

    125,000   127,751
          540,876
HEALTH CARE SERVICES — 2.2%   
Centene Corp.

4.63%, 12/15/2029

    150,000   144,451
HCA, Inc.:          
3.38%, 3/15/2029

    100,000   95,115
4.13%, 6/15/2029

    205,000   199,662
          439,228
HOME BUILDERS — 0.5%   
Toll Brothers Finance Corp.

3.80%, 11/1/2029

    100,000   95,814
INSURANCE — 5.4%   
Allstate Corp.

5.05%, 6/24/2029

    100,000   102,120
Aon North America, Inc.

5.15%, 3/1/2029

    125,000   127,466
Arthur J Gallagher & Co.

4.85%, 12/15/2029

    172,000   173,359
Brown & Brown, Inc.

4.50%, 3/15/2029

    80,000   79,381
Chubb INA Holdings LLC

4.65%, 8/15/2029

    186,000   187,845
Corebridge Financial, Inc.

3.85%, 4/5/2029

    50,000   48,503
Hartford Insurance Group, Inc.

2.80%, 8/19/2029

    50,000   46,612
Marsh & McLennan Cos., Inc.

4.38%, 3/15/2029

    125,000   125,007
 
See accompanying notes to Schedule of Investments.
33

Table of Contents
SPDR SSGA MY2029 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
Principal Financial Group, Inc.

3.70%, 5/15/2029

    $175,000   $169,195
          1,059,488
INTERNET — 0.9%   
Alphabet, Inc.

4.00%, 5/15/2030

    85,000   84,170
Amazon.com, Inc.

3.45%, 4/13/2029

    100,000   97,846
          182,016
INVESTMENT COMPANY SECURITY — 1.2%   
ARES Capital Corp.

5.95%, 7/15/2029

    125,000   127,128
FS KKR Capital Corp.

6.88%, 8/15/2029

    100,000   101,712
          228,840
IRON/STEEL — 0.7%   
ArcelorMittal SA

4.25%, 7/16/2029

    150,000   146,465
IT SERVICES — 1.0%   
Accenture Capital, Inc.

4.05%, 10/4/2029

    75,000   74,042
IBM International Capital Pte. Ltd.

4.60%, 2/5/2029

    125,000   125,367
          199,409
LODGING — 0.3%   
Las Vegas Sands Corp.

6.00%, 8/15/2029

    50,000   50,781
MACHINERY, CONSTRUCTION & MINING — 0.1%   
Caterpillar, Inc.

2.60%, 9/19/2029

    13,000   12,121
MACHINERY-DIVERSIFIED — 2.9%   
CNH Industrial Capital LLC

5.10%, 4/20/2029

    65,000   65,806
Dover Corp.

2.95%, 11/4/2029

    180,000   167,382
Ingersoll Rand, Inc.

5.18%, 6/15/2029

    152,000   154,889
John Deere Capital Corp.

Series MTN, 4.85%, 6/11/2029

    191,000   194,723
          582,800
MEDIA — 2.0%   
Charter Communications Operating LLC/Charter Communications Operating Capital

2.25%, 1/15/2029

    95,000   86,811
Comcast Corp.

4.55%, 1/15/2029

    242,000   243,500
Paramount Global

4.20%, 6/1/2029

    65,000   62,820
          393,131
Security Description     Principal
Amount
  Value
MINING — 1.0%   
Freeport-McMoRan, Inc.

5.25%, 9/1/2029

    $50,000   $50,414
Glencore Funding LLC

5.37%, 4/4/2029 (a)

    150,000   152,732
          203,146
OIL & GAS — 4.1%   
BP Capital Markets America, Inc.:          
4.87%, 11/25/2029

    105,000   106,451
4.97%, 10/17/2029

    100,000   101,977
Canadian Natural Resources Ltd.

5.00%, 12/15/2029 (a)

    50,000   49,842
Chevron USA, Inc.

3.25%, 10/15/2029

    150,000   143,913
Diamondback Energy, Inc.

3.50%, 12/1/2029

    195,000   184,536
Occidental Petroleum Corp.

5.20%, 8/1/2029

    99,000   98,159
TotalEnergies Capital International SA

3.46%, 2/19/2029

    125,000   121,525
          806,403
PACKAGING & CONTAINERS — 0.3%   
WRKCo, Inc.

4.90%, 3/15/2029

    50,000   50,243
PHARMACEUTICALS — 5.5%   
AbbVie, Inc.

4.80%, 3/15/2029

    325,000   329,732
Becton Dickinson & Co.

5.08%, 6/7/2029

    140,000   142,062
Bristol-Myers Squibb Co.

3.40%, 7/26/2029

    140,000   134,680
Cardinal Health, Inc.

5.00%, 11/15/2029

    170,000   171,960
CVS Health Corp.:          
3.25%, 8/15/2029

    125,000   117,473
5.40%, 6/1/2029

    100,000   101,973
Merck & Co., Inc.

3.40%, 3/7/2029

    90,000   87,182
          1,085,062
PIPELINES — 4.5%   
Cheniere Energy Partners LP

4.50%, 10/1/2029

    100,000   98,034
Enbridge, Inc.

5.30%, 4/5/2029

    50,000   51,102
Energy Transfer LP

5.25%, 7/1/2029

    90,000   91,512
Enterprise Products Operating LLC

3.13%, 7/31/2029

    90,000   85,428
ONEOK, Inc.:          
3.40%, 9/1/2029

    100,000   94,443
4.35%, 3/15/2029

    105,000   103,292
 
See accompanying notes to Schedule of Investments.
34

Table of Contents
SPDR SSGA MY2029 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
Plains All American Pipeline LP/PAA Finance Corp.

3.55%, 12/15/2029

    $80,000   $75,675
Targa Resources Corp.

6.15%, 3/1/2029

    95,000   99,180
Targa Resources Partners LP/Targa Resources Partners Finance Corp.

6.88%, 1/15/2029

    188,000   191,587
          890,253
REAL ESTATE INVESTMENT TRUSTS — 3.9%   
Alexandria Real Estate Equities, Inc.

4.50%, 7/30/2029

    75,000   73,882
American Homes 4 Rent LP

4.90%, 2/15/2029

    50,000   50,268
American Tower Corp.

3.80%, 8/15/2029

    210,000   202,652
COPT Defense Properties LP

2.00%, 1/15/2029

    50,000   44,824
EPR Properties

3.75%, 8/15/2029

    90,000   84,886
Equinix, Inc.

3.20%, 11/18/2029

    60,000   56,479
Essex Portfolio LP

4.00%, 3/1/2029

    75,000   73,153
Extra Space Storage LP

4.00%, 6/15/2029

    50,000   48,549
Host Hotels & Resorts LP

Series H, 3.38%, 12/15/2029

    50,000   46,287
Regency Centers LP

2.95%, 9/15/2029

    100,000   93,749
          774,729
RETAIL — 4.4%   
Genuine Parts Co.

4.95%, 8/15/2029

    213,000   214,949
Home Depot, Inc.

4.75%, 6/25/2029

    300,000   304,632
Lowe's Cos., Inc.:          
3.65%, 4/5/2029

    215,000   208,608
6.50%, 3/15/2029

    125,000   133,592
          861,781
SEMICONDUCTORS — 5.2%   
Broadcom, Inc.

5.05%, 7/12/2029

    375,000   381,787
Intel Corp.

4.00%, 8/5/2029

    142,000   137,692
Micron Technology, Inc.

6.75%, 11/1/2029

    100,000   106,913
NXP BV/NXP Funding LLC/NXP USA, Inc.

4.30%, 6/18/2029

    150,000   147,090
TSMC Arizona Corp.

4.13%, 4/22/2029

    250,000   247,000
          1,020,482
Security Description     Principal
Amount
  Value
SOFTWARE — 3.6%   
Adobe, Inc.

4.80%, 4/4/2029

    $65,000   $66,323
Cadence Design Systems, Inc.

4.30%, 9/10/2029

    200,000   198,488
Fiserv, Inc.

3.50%, 7/1/2029

    150,000   143,019
Oracle Corp.

6.15%, 11/9/2029

    74,000   78,531
Paychex, Inc.

5.10%, 4/15/2030

    65,000   65,881
Roper Technologies, Inc.

4.50%, 10/15/2029

    45,000   44,735
Synopsys, Inc.

4.85%, 4/1/2030

    65,000   65,551
Take-Two Interactive Software, Inc.

5.40%, 6/12/2029

    50,000   51,064
          713,592
TELECOMMUNICATIONS — 5.2%   
AT&T, Inc.

4.35%, 3/1/2029

    250,000   248,810
Cisco Systems, Inc.

4.85%, 2/26/2029

    175,000   178,474
T-Mobile USA, Inc.:          
3.38%, 4/15/2029

    271,000   258,564
4.85%, 1/15/2029

    89,000   89,868
Verizon Communications, Inc.:          
3.88%, 2/8/2029

    104,000   101,909
4.02%, 12/3/2029

    163,000   159,453
          1,037,078
TRANSPORTATION — 1.3%   
Canadian Pacific Railway Co.

2.88%, 11/15/2029

    130,000   120,979
Union Pacific Corp.

3.70%, 3/1/2029

    50,000   49,020
United Parcel Service, Inc.

3.40%, 3/15/2029

    95,000   91,935
          261,934
TOTAL CORPORATE BONDS & NOTES

(Cost $19,315,074)

        19,460,326
    
 
See accompanying notes to Schedule of Investments.
35

Table of Contents
SPDR SSGA MY2029 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Shares   Value
SHORT-TERM INVESTMENT — 0.6%      
State Street Institutional Treasury Plus Fund - Premier Class 4.25% (c) (d)

(Cost $117,911)

  117,911   $117,911
TOTAL INVESTMENTS — 98.8%

(Cost $19,432,985)

  19,578,237  
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.2%

  234,397  
NET ASSETS — 100.0%

  $19,812,634  
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 2.3% of net assets as of May 31, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b) Variable Rate Security - Interest rate shown is rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at May 31, 2025.
DMTN Domestic Medium Term Note
GMTN Global Medium Term Note
MTN Medium Term Note
SOFR Secured Overnight Financing Rate
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of May 31, 2025. 
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes

  $  $19,460,326   $—   $19,460,326
Short-Term Investment

  117,911       117,911
TOTAL INVESTMENTS

  $117,911   $19,460,326   $—   $19,578,237
 
Affiliate Table
  Number of
Shares Held
at
9/24/24*
  Value at

9/24/24*
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
5/31/25
  Value at

5/31/25
  Dividend
Income
State Street Institutional Treasury Plus Fund - Premier Class

  $—   $934,763   $816,852   $—   $—   117,911   $117,911   $3,209
* Commencement of operations.
See accompanying notes to Schedule of Investments.
36

Table of Contents
SPDR SSGA MY2030 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 98.1%  
ADVERTISING — 0.1%   
Interpublic Group of Cos., Inc.

4.75%, 3/30/2030

    $11,000   $11,039
AEROSPACE & DEFENSE — 2.4%   
Boeing Co.

5.15%, 5/1/2030 (a)

    134,000   135,213
Northrop Grumman Corp.

4.40%, 5/1/2030

    256,000   254,034
          389,247
AGRICULTURE — 3.3%   
BAT Capital Corp.

6.34%, 8/2/2030

    173,000   184,447
Philip Morris International, Inc.:          
5.13%, 2/15/2030

    25,000   25,535
5.50%, 9/7/2030

    300,000   311,172
          521,154
APPAREL — 0.4%   
NIKE, Inc.

2.85%, 3/27/2030

    27,000   25,216
Tapestry, Inc.

5.10%, 3/11/2030

    46,000   46,022
          71,238
AUTO MANUFACTURERS — 2.9%   
Ford Motor Credit Co. LLC

4.00%, 11/13/2030

    450,000   400,928
General Motors Financial Co., Inc.

5.85%, 4/6/2030

    55,000   56,169
          457,097
BANKS — 11.9%   
Bank of America Corp.

SOFR + 2.15%, 2.59%, 4/29/2031 (b)

    260,000   234,645
Citigroup, Inc.

SOFR + 3.91%, 4.41%, 3/31/2031 (b)

    183,000   179,029
Goldman Sachs Group, Inc.:          
3.80%, 3/15/2030

    169,000   163,061
SOFR + 1.21%, 5.05%, 7/23/2030 (b)

    228,000   230,048
Huntington Bancshares, Inc.

SOFR + 1.28%, 5.27%, 1/15/2031 (b)

    176,000   177,936
JPMorgan Chase & Co.

3 mo. USD Term SOFR + 3.79%, 4.49%, 3/24/2031 (b)

    228,000   225,193
Morgan Stanley

Series MTN, SOFR + 3.12%, 3.62%, 4/1/2031 (b)

    205,000   194,356
U.S. Bancorp

SOFR + 1.25%, 5.10%, 7/23/2030 (b)

    247,000   250,016
Security Description     Principal
Amount
  Value
Wells Fargo & Co.

Series MTN, 3 mo. USD Term SOFR + 4.03%, 4.48%, 4/4/2031 (b)

    $258,000   $253,746
          1,908,030
BEVERAGES — 2.1%   
Anheuser-Busch InBev Worldwide, Inc.

3.50%, 6/1/2030

    301,000   288,370
Constellation Brands, Inc.

2.88%, 5/1/2030

    50,000   45,788
          334,158
BIOTECHNOLOGY — 2.9%   
Amgen, Inc.

5.25%, 3/2/2030

    294,000   301,468
Gilead Sciences, Inc.

1.65%, 10/1/2030

    141,000   121,773
Royalty Pharma PLC

2.20%, 9/2/2030

    55,000   47,909
          471,150
CHEMICALS — 1.0%   
Ecolab, Inc.

4.80%, 3/24/2030

    75,000   76,193
EIDP, Inc.

2.30%, 7/15/2030

    46,000   41,409
Nutrien Ltd.

2.95%, 5/13/2030

    45,000   41,334
          158,936
COMMERCIAL SERVICES — 0.2%   
Automatic Data Processing, Inc.

1.25%, 9/1/2030

    40,000   34,275
COMPUTERS — 1.1%   
Apple, Inc.

1.25%, 8/20/2030

    50,000   43,013
Leidos, Inc.

4.38%, 5/15/2030

    130,000   126,678
          169,691
CONSTRUCTION MATERIALS — 2.0%   
Carrier Global Corp.

2.72%, 2/15/2030

    347,000   319,379
COSMETICS/PERSONAL CARE — 2.0%   
Kenvue, Inc.

5.00%, 3/22/2030

    308,000   315,666
DIVERSIFIED FINANCIAL SERVICES — 1.7%   
Air Lease Corp.

3.13%, 12/1/2030

    82,000   74,883
Charles Schwab Corp.

4.63%, 3/22/2030

    50,000   50,541
Jefferies Financial Group, Inc.

4.15%, 1/23/2030

    146,000   140,887
          266,311
 
See accompanying notes to Schedule of Investments.
37

Table of Contents
SPDR SSGA MY2030 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
ELECTRIC — 4.7%   
AEP Texas, Inc.

Series I, 2.10%, 7/1/2030

    $132,000   $115,479
Consolidated Edison Co. of New York, Inc.

Series 20A, 3.35%, 4/1/2030

    91,000   86,694
Dominion Energy, Inc.

Series C, 3.38%, 4/1/2030

    18,000   16,899
Duke Energy Corp.

2.45%, 6/1/2030

    89,000   79,982
Exelon Corp.

4.05%, 4/15/2030

    89,000   86,751
FirstEnergy Corp.:          
Series B, 2.25%, 9/1/2030

    50,000   43,820
2.65%, 3/1/2030

    46,000   41,781
IPALCO Enterprises, Inc.

4.25%, 5/1/2030

    86,000   81,651
Oncor Electric Delivery Co. LLC

2.75%, 5/15/2030

    39,000   35,788
Pacific Gas & Electric Co.

4.55%, 7/1/2030

    80,000   77,528
Southern Co.

Series A, 3.70%, 4/30/2030

    98,000   93,853
          760,226
ELECTRICAL COMPONENTS & EQUIPMENT — 0.3%   
Emerson Electric Co.

1.95%, 10/15/2030

    64,000   56,366
ELECTRONICS — 1.0%   
Honeywell International, Inc.

4.70%, 2/1/2030

    166,000   167,358
FOOD — 3.1%   
Campbell's Co.

2.38%, 4/24/2030

    89,000   79,496
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

5.50%, 1/15/2030

    66,000   66,783
Kraft Heinz Foods Co.

3.75%, 4/1/2030

    219,000   209,559
Kroger Co.

2.20%, 5/1/2030

    55,000   49,078
Mars, Inc.

4.80%, 3/1/2030 (c)

    93,000   93,583
          498,499
HEALTH CARE PRODUCTS — 0.8%   
Baxter International, Inc.

3.95%, 4/1/2030

    46,000   44,509
Dentsply Sirona, Inc.

3.25%, 6/1/2030

    15,000   13,535
Stryker Corp.

1.95%, 6/15/2030

    46,000   40,537
Zimmer Biomet Holdings, Inc.

3.55%, 3/20/2030

    36,000   33,883
          132,464
Security Description     Principal
Amount
  Value
HEALTH CARE SERVICES — 3.0%   
HCA, Inc.

3.50%, 9/1/2030

    $160,000   $149,125
UnitedHealth Group, Inc.

5.30%, 2/15/2030

    318,000   325,514
          474,639
INSURANCE — 4.1%   
Allstate Corp.

1.45%, 12/15/2030

    71,000   59,935
Berkshire Hathaway Finance Corp.

1.85%, 3/12/2030

    247,000   222,858
Lincoln National Corp.

3.05%, 1/15/2030

    223,000   206,489
Marsh & McLennan Cos., Inc.

4.65%, 3/15/2030

    35,000   35,151
Progressive Corp.

3.20%, 3/26/2030

    46,000   43,624
Prudential Financial, Inc.

Series MTN, 2.10%, 3/10/2030

    91,000   82,074
          650,131
INTERNET — 1.2%   
Alphabet, Inc.

4.00%, 5/15/2030

    35,000   34,658
Amazon.com, Inc.

1.50%, 6/3/2030

    93,000   81,486
Meta Platforms, Inc.

4.80%, 5/15/2030 (a)

    74,000   75,778
          191,922
IT SERVICES — 0.3%   
Apple, Inc.

4.15%, 5/10/2030 (a)

    55,000   55,230
LODGING — 1.2%   
Sands China Ltd.

4.38%, 6/18/2030

    200,000   188,198
MACHINERY-DIVERSIFIED — 0.6%   
Flowserve Corp.

3.50%, 10/1/2030

    98,000   90,520
MEDIA — 1.8%   
Charter Communications Operating LLC/Charter Communications Operating Capital

2.80%, 4/1/2031

    121,000   106,099
Discovery Communications LLC

3.63%, 5/15/2030

    201,000   177,696
Paramount Global

7.88%, 7/30/2030

    9,000   9,918
          293,713
MINING — 1.6%   
Freeport-McMoRan, Inc.

4.63%, 8/1/2030

    46,000   45,256
Glencore Funding LLC

2.50%, 9/1/2030 (c)

    146,000   129,512
 
See accompanying notes to Schedule of Investments.
38

Table of Contents
SPDR SSGA MY2030 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
Newmont Corp.

2.25%, 10/1/2030

    $89,000   $79,479
          254,247
OFFICE & BUSINESS EQUIPMENT — 1.0%   
CDW LLC/CDW Finance Corp.

5.10%, 3/1/2030

    160,000   159,934
OIL & GAS — 6.4%   
BP Capital Markets America, Inc.

1.75%, 8/10/2030

    100,000   86,829
Chevron Corp.

2.24%, 5/11/2030

    93,000   84,051
Diamondback Energy, Inc.

5.15%, 1/30/2030

    283,000   286,376
Exxon Mobil Corp.

2.61%, 10/15/2030

    87,000   79,761
Occidental Petroleum Corp.

6.63%, 9/1/2030

    64,000   66,625
Ovintiv, Inc.

8.13%, 9/15/2030

    71,000   79,212
Pioneer Natural Resources Co.:          
1.90%, 8/15/2030

    233,000   204,005
2.15%, 1/15/2031

    46,000   40,285
Shell Finance U.S., Inc.

2.75%, 4/6/2030

    91,000   84,600
TotalEnergies Capital International SA

2.83%, 1/10/2030

    18,000   16,915
          1,028,659
OIL & GAS SERVICES — 0.4%   
Halliburton Co.

2.92%, 3/1/2030

    18,000   16,529
Schlumberger Holdings Corp.

2.65%, 6/26/2030 (c)

    46,000   41,780
          58,309
PACKAGING & CONTAINERS — 0.7%   
Amcor Flexibles North America, Inc.

2.63%, 6/19/2030

    50,000   44,846
Sonoco Products Co.

3.13%, 5/1/2030

    71,000   65,255
          110,101
PHARMACEUTICALS — 3.4%   
AbbVie, Inc.

4.95%, 3/15/2031

    121,000   122,907
Astrazeneca Finance LLC

4.90%, 3/3/2030

    22,000   22,425
Becton Dickinson & Co.

2.82%, 5/20/2030

    93,000   84,961
CVS Health Corp.

5.13%, 2/21/2030

    92,000   92,542
Pfizer Investment Enterprises Pte. Ltd.

4.65%, 5/19/2030

    116,000   116,755
Security Description     Principal
Amount
  Value
Viatris, Inc.

2.70%, 6/22/2030

    $119,000   $104,019
          543,609
PIPELINES — 5.9%   
Energy Transfer LP

6.40%, 12/1/2030

    315,000   335,028
Enterprise Products Operating LLC

2.80%, 1/31/2030

    197,000   182,942
ONEOK, Inc.:          
3.10%, 3/15/2030

    32,000   29,551
5.80%, 11/1/2030

    91,000   94,236
Sabine Pass Liquefaction LLC

4.50%, 5/15/2030

    80,000   78,841
Targa Resources Partners LP/Targa Resources Partners Finance Corp.

5.50%, 3/1/2030

    221,000   222,832
          943,430
REAL ESTATE INVESTMENT TRUSTS — 2.4%   
Alexandria Real Estate Equities, Inc.

4.90%, 12/15/2030

    208,000   206,209
Essex Portfolio LP

3.00%, 1/15/2030

    71,000   65,566
Extra Space Storage LP

5.50%, 7/1/2030

    71,000   72,752
Federal Realty OP LP

3.50%, 6/1/2030

    46,000   43,426
          387,953
RETAIL — 5.1%   
AutoNation, Inc.

4.75%, 6/1/2030

    55,000   54,051
AutoZone, Inc.

4.00%, 4/15/2030

    110,000   106,664
Genuine Parts Co.

1.88%, 11/1/2030

    46,000   39,223
Lowe's Cos., Inc.

4.50%, 4/15/2030

    73,000   72,860
McDonald's Corp.

Series MTN, 3.60%, 7/1/2030

    272,000   260,970
Target Corp.

2.35%, 2/15/2030

    247,000   225,965
Tractor Supply Co.

1.75%, 11/1/2030

    73,000   62,289
          822,022
SEMICONDUCTORS — 6.9%   
Broadcom, Inc.:          
4.15%, 11/15/2030

    329,000   320,782
4.35%, 2/15/2030

    25,000   24,693
Intel Corp.

5.13%, 2/10/2030

    183,000   185,291
Micron Technology, Inc.

4.66%, 2/15/2030

    364,000   358,973
 
See accompanying notes to Schedule of Investments.
39

Table of Contents
SPDR SSGA MY2030 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
NXP BV/NXP Funding LLC/NXP USA, Inc.

3.40%, 5/1/2030

    $71,000   $66,313
Xilinx, Inc.

2.38%, 6/1/2030

    160,000   145,203
          1,101,255
SHIPBUILDING — 0.3%   
Huntington Ingalls Industries, Inc.

4.20%, 5/1/2030

    46,000   44,391
SOFTWARE — 1.6%   
Intuit, Inc.

1.65%, 7/15/2030

    45,000   39,293
Oracle Corp.

4.65%, 5/6/2030

    87,000   87,091
Paychex, Inc.

5.10%, 4/15/2030

    65,000   65,882
Synopsys, Inc.

4.85%, 4/1/2030

    59,000   59,500
          251,766
TELECOMMUNICATIONS — 5.1%   
AT&T, Inc.

4.30%, 2/15/2030

    171,000   169,239
Deutsche Telekom International Finance BV

8.75%, 6/15/2030

    217,000   254,367
T-Mobile USA, Inc.

3.88%, 4/15/2030

    329,000   317,314
Verizon Communications, Inc.

3.15%, 3/22/2030

    79,000   74,108
          815,028
TRANSPORTATION — 1.2%   
CSX Corp.

2.40%, 2/15/2030

    46,000   42,019
Norfolk Southern Corp.

5.05%, 8/1/2030

    50,000   51,123
Union Pacific Corp.

2.40%, 2/5/2030

    50,000   45,723
United Parcel Service, Inc.

4.45%, 4/1/2030

    59,000   59,212
          198,077
TOTAL CORPORATE BONDS & NOTES

(Cost $15,581,132)

        15,705,418
    
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 2.5%      
State Street Institutional Treasury Plus Fund - Premier Class 4.25% (d) (e)

  139,727   $139,727
State Street Navigator Securities Lending Portfolio II (f) (g)

  257,883   257,883
TOTAL SHORT-TERM INVESTMENTS

(Cost $397,610)

  397,610  
TOTAL INVESTMENTS — 100.6%

(Cost $15,978,742)

  16,103,028  
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.6)%

  (93,506)  
NET ASSETS — 100.0%

  $16,009,522  
(a) All or a portion of the shares of the security are on loan at May 31, 2025.
(b) Variable Rate Security - Interest rate shown is rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(c) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.7% of net assets as of May 31, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at May 31, 2025.
(f) The Fund invested in an affiliated entity. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
MTN Medium Term Note
SOFR Secured Overnight Financing Rate
 
See accompanying notes to Schedule of Investments.
40

Table of Contents
SPDR SSGA MY2030 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of May 31, 2025. 
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes

  $  $15,705,418   $—   $15,705,418
Short-Term Investments

  397,610       397,610
TOTAL INVESTMENTS

  $397,610   $15,705,418   $—   $16,103,028
 
Affiliate Table
  Number of
Shares Held
at
9/24/24*
  Value at

9/24/24*
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
5/31/25
  Value at

5/31/25
  Dividend
Income
State Street Institutional Treasury Plus Fund - Premier Class

  $—   $1,292,828   $1,153,101   $—   $—   139,727   $139,727   $2,481
State Street Navigator Securities Lending Portfolio II

    257,883         257,883   257,883   2
Total

    $—   $1,550,711   $1,153,101   $—   $—       $397,610   $2,483
* Commencement of operations.
See accompanying notes to Schedule of Investments.
41

Table of Contents
SPDR SSGA MY2031 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 98.3%  
AEROSPACE & DEFENSE — 3.3%   
Boeing Co.

6.39%, 5/1/2031

    $65,000   $69,340
Howmet Aerospace, Inc.

4.85%, 10/15/2031

    50,000   50,126
L3Harris Technologies, Inc.

5.25%, 6/1/2031

    40,000   40,807
RTX Corp.

6.00%, 3/15/2031

    40,000   42,457
          202,730
AGRICULTURE — 4.2%   
BAT Capital Corp.

5.83%, 2/20/2031

    70,000   72,952
Bunge Ltd. Finance Corp.

2.75%, 5/14/2031

    60,000   53,664
Philip Morris International, Inc.

5.13%, 2/13/2031

    130,000   132,194
          258,810
AUTO MANUFACTURERS — 3.9%   
American Honda Finance Corp.

Series GMTN, 5.05%, 7/10/2031

    20,000   20,105
Ford Motor Co.

3.25%, 2/12/2032

    75,000   61,901
General Motors Financial Co., Inc.

5.60%, 6/18/2031

    120,000   120,311
Toyota Motor Credit Corp.

5.10%, 3/21/2031

    40,000   40,673
          242,990
BANKS — 5.7%   
Bank of America Corp.

SOFR + 1.32%, 2.69%, 4/22/2032 (a)

    100,000   88,337
Bank of Montreal

5.51%, 6/4/2031

    50,000   51,665
Citigroup, Inc.

SOFR + 1.17%, 2.56%, 5/1/2032 (a)

    60,000   52,403
Goldman Sachs Group, Inc.

SOFR + 1.28%, 2.62%, 4/22/2032 (a)

    60,000   52,637
Huntington Bancshares, Inc.

SOFR + 1.28%, 5.27%, 1/15/2031 (a)

    15,000   15,165
JPMorgan Chase & Co.

3 mo. USD Term SOFR + 1.25%, 2.58%, 4/22/2032 (a)

    100,000   88,211
          348,418
BEVERAGES — 0.2%   
Keurig Dr. Pepper, Inc.

Series 10, 5.20%, 3/15/2031

    10,000   10,195
Security Description     Principal
Amount
  Value
BIOTECHNOLOGY — 1.5%   
Illumina, Inc.

2.55%, 3/23/2031

    $50,000   $43,067
Royalty Pharma PLC

2.15%, 9/2/2031

    60,000   50,699
          93,766
COMMERCIAL SERVICES — 0.7%   
Equifax, Inc.

2.35%, 9/15/2031

    50,000   42,922
COMPUTERS — 0.7%   
Leidos, Inc.

2.30%, 2/15/2031

    50,000   43,190
CONSTRUCTION MATERIALS — 0.8%   
Carrier Global Corp.

2.70%, 2/15/2031

    55,000   49,427
DIVERSIFIED FINANCIAL SERVICES — 4.0%   
Air Lease Corp.

Series MTN, 5.20%, 7/15/2031

    50,000   50,558
Charles Schwab Corp.

2.30%, 5/13/2031

    125,000   109,547
Jefferies Financial Group, Inc.

2.63%, 10/15/2031

    75,000   64,013
Mastercard, Inc.

2.00%, 11/18/2031

    25,000   21,515
          245,633
ELECTRIC — 9.0%   
Appalachian Power Co.

Series AA, 2.70%, 4/1/2031

    51,000   45,104
CenterPoint Energy, Inc.

2.65%, 6/1/2031

    75,000   65,641
DTE Electric Co.

Series C, 2.63%, 3/1/2031

    50,000   44,916
Duke Energy Florida LLC

2.40%, 12/15/2031

    75,000   65,239
Pacific Gas & Electric Co.

3.25%, 6/1/2031

    75,000   66,509
PacifiCorp

5.30%, 2/15/2031

    90,000   91,549
Public Service Enterprise Group, Inc.

2.45%, 11/15/2031

    90,000   77,824
Southern California Edison Co.

5.45%, 6/1/2031

    50,000   50,370
Virginia Electric & Power Co.

2.30%, 11/15/2031

    50,000   43,166
          550,318
ELECTRONICS — 1.2%   
Honeywell International, Inc.

4.95%, 9/1/2031

    50,000   50,749
Vontier Corp.

2.95%, 4/1/2031

    30,000   26,462
          77,211
 
See accompanying notes to Schedule of Investments.
42

Table of Contents
SPDR SSGA MY2031 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
FOOD — 1.2%   
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

3.75%, 12/1/2031

    $80,000   $73,412
HEALTH CARE PRODUCTS — 2.5%   
Agilent Technologies, Inc.

2.30%, 3/12/2031

    45,000   39,324
Revvity, Inc.

2.55%, 3/15/2031

    45,000   38,946
Thermo Fisher Scientific, Inc.

2.00%, 10/15/2031

    30,000   25,802
Zimmer Biomet Holdings, Inc.

2.60%, 11/24/2031

    55,000   47,986
          152,058
HEALTH CARE SERVICES — 3.1%   
Centene Corp.

2.63%, 8/1/2031

    65,000   55,054
HCA, Inc.

5.45%, 4/1/2031

    60,000   61,067
Humana, Inc.

5.38%, 4/15/2031

    25,000   25,160
UnitedHealth Group, Inc.

4.90%, 4/15/2031

    50,000   50,061
          191,342
HOUSEHOLD PRODUCTS & WARES — 1.1%   
Church & Dwight Co., Inc.

2.30%, 12/15/2031

    80,000   68,497
INSURANCE — 4.0%   
Arthur J Gallagher & Co.

2.40%, 11/9/2031

    90,000   77,799
Athene Holding Ltd.

3.50%, 1/15/2031

    85,000   78,824
Brown & Brown, Inc.

2.38%, 3/15/2031

    40,000   34,634
Corebridge Financial, Inc.

3.90%, 4/5/2032

    25,000   23,017
Fidelity National Financial, Inc.

2.45%, 3/15/2031

    40,000   34,283
          248,557
INTERNET — 0.4%   
Amazon.com, Inc.

3.60%, 4/13/2032

    25,000   23,660
INVESTMENT COMPANY SECURITY — 0.7%   
ARES Capital Corp.

3.20%, 11/15/2031

    50,000   43,071
IT SERVICES — 1.5%   
Hewlett Packard Enterprise Co.

4.85%, 10/15/2031

    50,000   49,570
Leidos, Inc.

5.40%, 3/15/2032

    40,000   40,288
          89,858
Security Description     Principal
Amount
  Value
LEISURE TIME — 0.8%   
Royal Caribbean Cruises Ltd.

5.63%, 9/30/2031 (b)

    $50,000   $49,418
MACHINERY-DIVERSIFIED — 1.6%   
Ingersoll Rand, Inc.

5.31%, 6/15/2031

    55,000   56,244
John Deere Capital Corp.

Series MTN, 4.90%, 3/7/2031

    40,000   40,582
          96,826
MEDIA — 2.3%   
Charter Communications Operating LLC/Charter Communications Operating Capital

2.80%, 4/1/2031

    80,000   70,148
Comcast Corp.

1.95%, 1/15/2031

    20,000   17,307
Paramount Global

4.95%, 1/15/2031

    25,000   24,214
Walt Disney Co.

2.65%, 1/13/2031

    30,000   27,327
          138,996
MINING — 0.7%   
Glencore Funding LLC

2.85%, 4/27/2031 (b)

    50,000   44,306
OFFICE & BUSINESS EQUIPMENT — 0.4%   
CDW LLC/CDW Finance Corp.

3.57%, 12/1/2031

    25,000   22,686
OIL & GAS — 4.5%   
Diamondback Energy, Inc.

3.13%, 3/24/2031

    60,000   54,215
Helmerich & Payne, Inc.

2.90%, 9/29/2031

    40,000   32,612
Occidental Petroleum Corp.

6.13%, 1/1/2031

    80,000   81,455
Ovintiv, Inc.

7.38%, 11/1/2031

    60,000   64,087
Pioneer Natural Resources Co.

2.15%, 1/15/2031

    50,000   43,788
          276,157
PACKAGING & CONTAINERS — 2.0%   
Berry Global, Inc.

5.80%, 6/15/2031

    95,000   98,672
WestRock MWV LLC

7.95%, 2/15/2031

    20,000   22,778
          121,450
PHARMACEUTICALS — 5.8%   
AbbVie, Inc.

4.95%, 3/15/2031

    150,000   152,364
Astrazeneca Finance LLC

4.90%, 2/26/2031

    40,000   40,725
Becton Dickinson & Co.

1.96%, 2/11/2031

    25,000   21,443
 
See accompanying notes to Schedule of Investments.
43

Table of Contents
SPDR SSGA MY2031 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
Bristol-Myers Squibb Co.

5.75%, 2/1/2031

    $25,000   $26,445
Cencora, Inc.

2.70%, 3/15/2031

    20,000   17,855
CVS Health Corp.:          
1.88%, 2/28/2031

    30,000   25,209
5.55%, 6/1/2031

    35,000   35,755
Novartis Capital Corp.

4.00%, 9/18/2031

    40,000   38,920
          358,716
PIPELINES — 4.4%   
Cheniere Energy Partners LP

4.00%, 3/1/2031

    60,000   56,151
Kinder Morgan, Inc.

2.00%, 2/15/2031

    55,000   47,264
ONEOK, Inc.

6.35%, 1/15/2031

    50,000   52,786
Targa Resources Partners LP/Targa Resources Partners Finance Corp.

4.88%, 2/1/2031

    80,000   78,077
Williams Cos., Inc.

2.60%, 3/15/2031

    40,000   35,393
          269,671
REAL ESTATE INVESTMENT TRUSTS — 9.1%   
Alexandria Real Estate Equities, Inc.

3.38%, 8/15/2031

    80,000   72,372
American Homes 4 Rent LP

2.38%, 7/15/2031

    40,000   34,313
Brixmor Operating Partnership LP

2.50%, 8/16/2031

    25,000   21,504
COPT Defense Properties LP

2.75%, 4/15/2031

    40,000   34,722
Crown Castle, Inc.

2.50%, 7/15/2031

    40,000   34,332
Essex Portfolio LP

2.55%, 6/15/2031

    30,000   26,317
Extra Space Storage LP

5.90%, 1/15/2031

    125,000   130,237
Highwoods Realty LP

2.60%, 2/1/2031

    40,000   33,948
Invitation Homes Operating Partnership LP

2.00%, 8/15/2031

    65,000   54,359
Kimco Realty OP LLC

2.25%, 12/1/2031

    50,000   42,530
Phillips Edison Grocery Center Operating Partnership I LP

2.63%, 11/15/2031

    25,000   21,295
Tanger Properties LP

2.75%, 9/1/2031

    20,000   17,274
Ventas Realty LP

2.50%, 9/1/2031

    40,000   34,799
          558,002
Security Description     Principal
Amount
  Value
RETAIL — 3.1%   
AutoNation, Inc.

2.40%, 8/1/2031

    $75,000   $63,347
Dick's Sporting Goods, Inc.

3.15%, 1/15/2032

    60,000   52,799
Lowe's Cos., Inc.

2.63%, 4/1/2031

    50,000   44,582
Starbucks Corp.

4.90%, 2/15/2031

    30,000   30,248
          190,976
SEMICONDUCTORS — 5.3%   
Broadcom, Inc.

5.15%, 11/15/2031

    150,000   152,688
Intel Corp.

5.00%, 2/21/2031

    50,000   50,134
Micron Technology, Inc.

5.30%, 1/15/2031

    125,000   125,641
          328,463
SOFTWARE — 2.6%   
AppLovin Corp.

5.38%, 12/1/2031

    25,000   25,249
Oracle Corp.

2.88%, 3/25/2031

    75,000   67,638
Salesforce, Inc.

1.95%, 7/15/2031

    75,000   64,937
          157,824
TELECOMMUNICATIONS — 5.5%   
AT&T, Inc.

2.75%, 6/1/2031

    140,000   125,237
Cisco Systems, Inc.

4.95%, 2/26/2031

    50,000   50,978
T-Mobile USA, Inc.

3.50%, 4/15/2031

    120,000   111,520
Verizon Communications, Inc.

2.55%, 3/21/2031

    60,000   53,120
          340,855
TRANSPORTATION — 0.5%   
Canadian Pacific Railway Co.

2.45%, 12/2/2031

    35,000   30,308
TOTAL CORPORATE BONDS & NOTES

(Cost $6,109,182)

        6,040,719
    
 
See accompanying notes to Schedule of Investments.
44

Table of Contents
SPDR SSGA MY2031 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Shares   Value
SHORT-TERM INVESTMENT — 0.6%      
State Street Institutional Treasury Plus Fund - Premier Class 4.25% (c) (d)

(Cost $36,426)

  36,426   $36,426
TOTAL INVESTMENTS — 98.9%

(Cost $6,145,608)

  6,077,145  
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.1%

  65,779  
NET ASSETS — 100.0%

  $6,142,924  
(a) Variable Rate Security - Interest rate shown is rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.5% of net assets as of May 31, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at May 31, 2025.
GMTN Global Medium Term Note
MTN Medium Term Note
SOFR Secured Overnight Financing Rate
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of May 31, 2025. 
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes

  $  $6,040,719   $—   $6,040,719
Short-Term Investment

  36,426       36,426
TOTAL INVESTMENTS

  $36,426   $6,040,719   $—   $6,077,145
 
Affiliate Table
  Number of
Shares Held
at
9/24/24*
  Value at

9/24/24*
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
5/31/25
  Value at

5/31/25
  Dividend
Income
State Street Institutional Treasury Plus Fund - Premier Class

  $—   $753,860   $717,434   $—   $—   36,426   $36,426   $1,540
* Commencement of operations.
See accompanying notes to Schedule of Investments.
45

Table of Contents
SPDR SSGA MY2032 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 98.3%  
AGRICULTURE — 2.2%   
Philip Morris International, Inc.

5.75%, 11/17/2032

    $130,000   $136,113
AUTO MANUFACTURERS — 3.3%   
Ford Motor Co.

6.10%, 8/19/2032

    130,000   126,867
General Motors Co.

5.60%, 10/15/2032

    75,000   74,637
          201,504
BANKS — 8.8%   
Bank of America Corp.

SOFR + 1.83%, 4.57%, 4/27/2033 (a)

    75,000   72,741
Citigroup, Inc.

SOFR + 2.09%, 4.91%, 5/24/2033 (a)

    100,000   98,226
Goldman Sachs Group, Inc.

SOFR + 1.41%, 3.10%, 2/24/2033 (a)

    100,000   88,308
Huntington Bancshares, Inc.

SOFR + 2.05%, 5.02%, 5/17/2033 (a)

    50,000   48,520
JPMorgan Chase & Co.

SOFR + 1.80%, 4.59%, 4/26/2033 (a)

    75,000   73,099
Morgan Stanley

SOFR + 1.29%, 2.94%, 1/21/2033 (a)

    75,000   65,934
Wells Fargo & Co.

Series MTN, SOFR + 1.50%, 3.35%, 3/2/2033 (a)

    100,000   89,787
          536,615
BEVERAGES — 2.2%   
Constellation Brands, Inc.

4.75%, 5/9/2032

    67,000   65,623
PepsiCo, Inc.

3.90%, 7/18/2032

    70,000   66,765
          132,388
BIOTECHNOLOGY — 0.6%   
Amgen, Inc.

3.35%, 2/22/2032

    40,000   36,541
CHEMICALS — 0.7%   
Ecolab, Inc.

2.13%, 2/1/2032

    50,000   42,589
COMPUTERS — 0.9%   
Apple, Inc.

3.35%, 8/8/2032

    55,000   51,320
DISTRIBUTION & WHOLESALE — 0.4%   
LKQ Corp.

6.25%, 6/15/2033

    25,000   26,043
Security Description     Principal
Amount
  Value
DIVERSIFIED FINANCIAL SERVICES — 3.7%   
Air Lease Corp.

Series MTN, 2.88%, 1/15/2032

    $105,000   $91,885
Capital One Financial Corp.

6.70%, 11/29/2032

    30,000   32,255
Charles Schwab Corp.

2.90%, 3/3/2032

    60,000   52,942
Jefferies Financial Group, Inc.

2.75%, 10/15/2032

    55,000   45,517
          222,599
ELECTRIC — 11.5%   
AEP Texas, Inc.

4.70%, 5/15/2032

    105,000   101,673
CenterPoint Energy Houston Electric LLC

Series AI, 4.45%, 10/1/2032

    80,000   77,363
DTE Electric Co.

Series A, 3.00%, 3/1/2032

    75,000   67,099
Duke Energy Corp.

4.50%, 8/15/2032

    100,000   96,204
Exelon Corp.

3.35%, 3/15/2032

    100,000   90,791
Georgia Power Co.

4.70%, 5/15/2032

    50,000   49,439
Pacific Gas & Electric Co.

5.90%, 6/15/2032

    50,000   50,394
Southern California Edison Co.

5.95%, 11/1/2032

    80,000   81,277
Southern Co.

5.70%, 10/15/2032

    80,000   82,894
          697,134
ELECTRICAL COMPONENTS & EQUIPMENT — 0.9%   
Emerson Electric Co.

6.00%, 8/15/2032

    50,000   53,545
ELECTRONICS — 0.8%   
Honeywell International, Inc.

4.75%, 2/1/2032

    50,000   49,792
ENTERTAINMENT — 1.8%   
Warnermedia Holdings, Inc.

4.28%, 3/15/2032

    130,000   110,454
ENVIRONMENTAL CONTROL — 0.4%   
Waste Connections, Inc.

3.20%, 6/1/2032

    25,000   22,489
FOOD — 1.8%   
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

3.00%, 5/15/2032

    130,000   111,853
HEALTH CARE PRODUCTS — 0.4%   
Thermo Fisher Scientific, Inc.

4.95%, 11/21/2032

    25,000   25,201
HEALTH CARE SERVICES — 1.8%   
HCA, Inc.

3.63%, 3/15/2032

    55,000   49,910
 
See accompanying notes to Schedule of Investments.
46

Table of Contents
SPDR SSGA MY2032 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
UnitedHealth Group, Inc.

4.20%, 5/15/2032

    $65,000   $61,776
          111,686
HOUSEHOLD PRODUCTS & WARES — 1.8%   
Church & Dwight Co., Inc.

5.60%, 11/15/2032

    105,000   109,092
INSURANCE — 4.4%   
Brown & Brown, Inc.

4.20%, 3/17/2032

    50,000   46,723
Corebridge Financial, Inc.

3.90%, 4/5/2032

    105,000   96,669
Lincoln National Corp.

3.40%, 3/1/2032

    80,000   70,852
Progressive Corp.

6.25%, 12/1/2032

    50,000   54,320
          268,564
INTERNET — 2.2%   
Amazon.com, Inc.

4.70%, 12/1/2032

    130,000   131,130
IRON/STEEL — 2.1%   
ArcelorMittal SA

6.80%, 11/29/2032

    80,000   86,553
Vale Overseas Ltd.

6.13%, 6/12/2033

    40,000   41,086
          127,639
IT SERVICES — 1.1%   
Leidos, Inc.

5.40%, 3/15/2032

    40,000   40,287
NetApp, Inc.

5.50%, 3/17/2032

    25,000   25,329
          65,616
LEISURE TIME — 0.8%   
Royal Caribbean Cruises Ltd.

5.63%, 9/30/2031 (b)

    50,000   49,418
MACHINERY-DIVERSIFIED — 1.1%   
Flowserve Corp.

2.80%, 1/15/2032

    80,000   67,874
MEDIA — 1.6%   
Charter Communications Operating LLC/Charter Communications Operating Capital

4.40%, 4/1/2033

    105,000   96,760
MINING — 0.9%   
Glencore Funding LLC

2.63%, 9/23/2031 (b)

    60,000   51,892
MISCELLANEOUS MANUFACTURER — 0.4%   
Eaton Corp.

4.00%, 11/2/2032

    25,000   23,750
OIL & GAS — 1.8%   
BP Capital Markets America, Inc.

2.72%, 1/12/2032

    55,000   48,392
Security Description     Principal
Amount
  Value
Occidental Petroleum Corp.

5.38%, 1/1/2032

    $65,000   $62,862
          111,254
PACKAGING & CONTAINERS — 1.9%   
Sonoco Products Co.

2.85%, 2/1/2032

    80,000   69,427
WRKCo, Inc.

4.20%, 6/1/2032

    50,000   47,178
          116,605
PHARMACEUTICALS — 3.5%   
Becton Dickinson & Co.

4.30%, 8/22/2032

    105,000   99,879
Bristol-Myers Squibb Co.

2.95%, 3/15/2032

    50,000   44,684
Zoetis, Inc.

5.60%, 11/16/2032

    65,000   67,761
          212,324
PIPELINES — 4.0%   
Cheniere Energy Partners LP

3.25%, 1/31/2032

    80,000   70,207
Kinder Morgan, Inc.

4.80%, 2/1/2033

    50,000   48,274
ONEOK, Inc.

6.10%, 11/15/2032

    75,000   78,079
Targa Resources Partners LP/Targa Resources Partners Finance Corp.

4.00%, 1/15/2032

    50,000   45,756
          242,316
REAL ESTATE INVESTMENT TRUSTS — 5.3%   
Alexandria Real Estate Equities, Inc.

2.00%, 5/18/2032

    55,000   44,418
American Homes 4 Rent LP

3.63%, 4/15/2032

    50,000   45,408
American Tower Corp.

4.05%, 3/15/2032

    105,000   99,130
Extra Space Storage LP

2.35%, 3/15/2032

    80,000   66,634
Simon Property Group LP

2.65%, 2/1/2032

    80,000   69,398
          324,988
RETAIL — 5.1%   
AutoNation, Inc.

3.85%, 3/1/2032

    25,000   22,601
Dick's Sporting Goods, Inc.

3.15%, 1/15/2032

    125,000   109,997
Genuine Parts Co.

2.75%, 2/1/2032

    100,000   85,871
Lowe's Cos., Inc.

3.75%, 4/1/2032

    70,000   65,162
Starbucks Corp.

3.00%, 2/14/2032

    30,000   26,694
          310,325
 
See accompanying notes to Schedule of Investments.
47

Table of Contents
SPDR SSGA MY2032 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
SEMICONDUCTORS — 8.6%   
Advanced Micro Devices, Inc.

3.92%, 6/1/2032

    $130,000   $123,763
Broadcom, Inc.

4.30%, 11/15/2032

    200,000   191,350
Intel Corp.

4.00%, 12/15/2032

    50,000   45,908
Micron Technology, Inc.:          
2.70%, 4/15/2032

    100,000   85,235
5.65%, 11/1/2032

    35,000   35,541
QUALCOMM, Inc.

4.25%, 5/20/2032

    20,000   19,555
Texas Instruments, Inc.

3.65%, 8/16/2032

    25,000   23,321
          524,673
SOFTWARE — 2.9%   
Oracle Corp.

6.25%, 11/9/2032

    100,000   106,707
Take-Two Interactive Software, Inc.

4.00%, 4/14/2032

    75,000   70,027
          176,734
TELECOMMUNICATIONS — 5.5%   
AT&T, Inc.

2.25%, 2/1/2032

    130,000   110,343
T-Mobile USA, Inc.

2.70%, 3/15/2032

    130,000   112,962
Verizon Communications, Inc.

2.36%, 3/15/2032

    130,000   110,851
          334,156
TRANSPORTATION — 0.7%   
Norfolk Southern Corp.

3.00%, 3/15/2032

    50,000   44,685
TRUCKING & LEASING — 0.4%   
GATX Corp.

3.50%, 6/1/2032

    25,000   22,443
TOTAL CORPORATE BONDS & NOTES

(Cost $6,116,888)

        5,980,104
    
Security Description     Shares   Value
SHORT-TERM INVESTMENT — 0.8%      
State Street Institutional Treasury Plus Fund - Premier Class 4.25% (c) (d)

(Cost $52,028)

  52,028   $52,028
TOTAL INVESTMENTS — 99.1%

(Cost $6,168,916)

  6,032,132  
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9%

  54,110  
NET ASSETS — 100.0%

  $6,086,242  
(a) Variable Rate Security - Interest rate shown is rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 1.7% of net assets as of May 31, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at May 31, 2025.
MTN Medium Term Note
SOFR Secured Overnight Financing Rate
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of May 31, 2025. 
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes

  $  $5,980,104   $—   $5,980,104
Short-Term Investment

  52,028       52,028
TOTAL INVESTMENTS

  $52,028   $5,980,104   $—   $6,032,132
See accompanying notes to Schedule of Investments.
48

Table of Contents
SPDR SSGA MY2032 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Affiliate Table
  Number of
Shares Held
at
9/24/24*
  Value at

9/24/24*
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
5/31/25
  Value at

5/31/25
  Dividend
Income
State Street Institutional Treasury Plus Fund - Premier Class

  $—   $617,546   $565,518   $—   $—   52,028   $52,028   $2,731
* Commencement of operations.
See accompanying notes to Schedule of Investments.
49

Table of Contents
SPDR SSGA MY2033 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 97.7%  
AEROSPACE & DEFENSE — 0.8%   
L3Harris Technologies, Inc.

5.40%, 7/31/2033

    $50,000   $50,650
AGRICULTURE — 2.4%   
Philip Morris International, Inc.

5.38%, 2/15/2033

    145,000   147,861
AUTO MANUFACTURERS — 1.8%   
Ford Motor Co.

6.10%, 8/19/2032

    60,000   58,554
General Motors Financial Co., Inc.

6.40%, 1/9/2033

    50,000   51,631
          110,185
BANKS — 5.6%   
Bank of America Corp.

SOFR + 1.91%, 5.29%, 4/25/2034 (a)

    100,000   100,045
Goldman Sachs Group, Inc.

SOFR + 1.41%, 3.10%, 2/24/2033 (a)

    50,000   44,154
Huntington Bancshares, Inc.

SOFR + 2.05%, 5.02%, 5/17/2033 (a)

    50,000   48,520
JPMorgan Chase & Co.

SOFR + 1.85%, 5.35%, 6/1/2034 (a)

    100,000   101,307
KeyCorp

Series MTN, SOFR + 2.06%, 4.79%, 6/1/2033 (a)

    50,000   47,678
          341,704
BEVERAGES — 0.9%   
Anheuser-Busch InBev Worldwide, Inc.

6.63%, 8/15/2033

    50,000   55,252
BIOTECHNOLOGY — 1.7%   
Amgen, Inc.

5.25%, 3/2/2033

    100,000   100,933
CHEMICALS — 1.7%   
Dow Chemical Co.

6.30%, 3/15/2033

    50,000   52,943
Eastman Chemical Co.

5.75%, 3/8/2033

    50,000   51,211
          104,154
COMMERCIAL SERVICES — 1.4%   
Verisk Analytics, Inc.

5.75%, 4/1/2033

    80,000   83,222
COMPUTERS — 1.7%   
Leidos, Inc.

5.75%, 3/15/2033

    100,000   102,685
COSMETICS/PERSONAL CARE — 0.8%   
Kenvue, Inc.

4.90%, 3/22/2033

    50,000   50,117
Security Description     Principal
Amount
  Value
DISTRIBUTION & WHOLESALE — 0.9%   
LKQ Corp.

6.25%, 6/15/2033

    $50,000   $52,085
DIVERSIFIED FINANCIAL SERVICES — 2.2%   
Apollo Global Management, Inc.

6.38%, 11/15/2033

    100,000   107,332
Capital One Financial Corp.

6.70%, 11/29/2032

    25,000   26,879
          134,211
ELECTRIC — 15.9%   
AEP Texas, Inc.

5.40%, 6/1/2033

    100,000   99,679
Constellation Energy Generation LLC

5.80%, 3/1/2033

    95,000   98,739
DTE Electric Co.

5.20%, 4/1/2033

    100,000   101,264
Duke Energy Florida LLC

5.88%, 11/15/2033

    140,000   146,831
Exelon Corp.

5.30%, 3/15/2033

    140,000   141,642
Georgia Power Co.

4.95%, 5/17/2033

    80,000   79,402
National Grid PLC

5.81%, 6/12/2033

    140,000   144,626
Pacific Gas & Electric Co.

6.40%, 6/15/2033

    50,000   51,497
Southern Co.

5.20%, 6/15/2033

    105,000   104,973
          968,653
ENVIRONMENTAL CONTROL — 0.8%   
Waste Connections, Inc.

4.20%, 1/15/2033

    50,000   47,703
FOOD — 2.7%   
Campbell's Co.

5.40%, 3/21/2034

    75,000   74,811
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

5.75%, 4/1/2033

    75,000   76,073
Pilgrim's Pride Corp.

6.25%, 7/1/2033

    15,000   15,581
          166,465
HEALTH CARE PRODUCTS — 0.4%   
Thermo Fisher Scientific, Inc.

5.09%, 8/10/2033

    25,000   25,192
HEALTH CARE SERVICES — 1.7%   
HCA, Inc.

5.50%, 6/1/2033

    50,000   50,458
UnitedHealth Group, Inc.

5.35%, 2/15/2033

    50,000   50,424
          100,882
 
See accompanying notes to Schedule of Investments.
50

Table of Contents
SPDR SSGA MY2033 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
HOUSEHOLD PRODUCTS & WARES — 0.9%   
Church & Dwight Co., Inc.

5.60%, 11/15/2032

    $50,000   $51,948
INSURANCE — 5.6%   
Allstate Corp.

5.35%, 6/1/2033

    25,000   25,467
American International Group, Inc.

5.13%, 3/27/2033

    85,000   85,060
Arthur J Gallagher & Co.

5.50%, 3/2/2033

    50,000   50,857
Corebridge Financial, Inc.

6.05%, 9/15/2033

    120,000   124,297
Progressive Corp.

4.95%, 6/15/2033

    25,000   25,215
Prudential Financial, Inc.

Series MTN, 5.75%, 7/15/2033

    25,000   26,241
          337,137
IRON/STEEL — 1.9%   
Vale Overseas Ltd.

6.13%, 6/12/2033

    110,000   112,986
MACHINERY-DIVERSIFIED — 1.6%   
Ingersoll Rand, Inc.

5.70%, 8/14/2033

    95,000   97,723
MEDIA — 2.8%   
Charter Communications Operating LLC/Charter Communications Operating Capital

4.40%, 4/1/2033

    75,000   69,114
Comcast Corp.

4.80%, 5/15/2033

    25,000   24,576
Fox Corp.

6.50%, 10/13/2033

    65,000   69,574
Paramount Global

5.50%, 5/15/2033

    10,000   9,544
          172,808
MINING — 0.8%   
Glencore Funding LLC

5.70%, 5/8/2033 (b)

    50,000   50,913
MISCELLANEOUS MANUFACTURER — 0.8%   
Eaton Corp.

4.15%, 3/15/2033

    50,000   47,857
OIL & GAS — 3.5%   
BP Capital Markets America, Inc.

4.89%, 9/11/2033

    110,000   108,150
Diamondback Energy, Inc.

6.25%, 3/15/2033

    50,000   52,179
Ovintiv, Inc.

6.25%, 7/15/2033

    50,000   50,136
          210,465
OIL & GAS SERVICES — 1.5%   
Schlumberger Holdings Corp.

4.85%, 5/15/2033 (b)

    95,000   91,604
Security Description     Principal
Amount
  Value
PHARMACEUTICALS — 7.0%   
AbbVie, Inc.

5.05%, 3/15/2034

    $75,000   $75,206
Becton Dickinson & Co.

5.11%, 2/8/2034

    85,000   83,742
CVS Health Corp.

5.30%, 6/1/2033

    90,000   88,786
Merck & Co., Inc.

6.50%, 12/1/2033

    95,000   105,872
Pfizer Investment Enterprises Pte. Ltd.

4.75%, 5/19/2033

    75,000   73,761
          427,367
PIPELINES — 8.4%   
Cheniere Energy Partners LP

5.95%, 6/30/2033

    50,000   51,153
Enbridge, Inc.

5.70%, 3/8/2033

    75,000   76,527
Energy Transfer LP:          
5.75%, 2/15/2033

    70,000   71,385
6.55%, 12/1/2033

    90,000   95,597
Kinder Morgan, Inc.

5.20%, 6/1/2033

    50,000   49,338
ONEOK, Inc.

6.05%, 9/1/2033

    110,000   113,030
Targa Resources Corp.

6.13%, 3/15/2033

    50,000   51,526
          508,556
REAL ESTATE INVESTMENT TRUSTS — 4.6%   
Alexandria Real Estate Equities, Inc.

1.88%, 2/1/2033

    85,000   66,189
American Tower Corp.

5.55%, 7/15/2033

    50,000   50,838
COPT Defense Properties LP

2.90%, 12/1/2033

    100,000   80,713
Invitation Homes Operating Partnership LP

5.50%, 8/15/2033

    80,000   79,770
          277,510
RETAIL — 3.1%   
AutoZone, Inc.

5.20%, 8/1/2033

    50,000   50,057
Genuine Parts Co.

6.88%, 11/1/2033

    80,000   87,733
Lowe's Cos., Inc.

5.15%, 7/1/2033

    50,000   50,336
          188,126
SEMICONDUCTORS — 6.0%   
Broadcom, Inc.

3.42%, 4/15/2033 (b)

    100,000   89,174
Intel Corp.

5.20%, 2/10/2033

    50,000   49,476
Marvell Technology, Inc.

5.95%, 9/15/2033

    45,000   46,473
 
See accompanying notes to Schedule of Investments.
51

Table of Contents
SPDR SSGA MY2033 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
Micron Technology, Inc.:          
5.65%, 11/1/2032

    $35,000   $35,541
5.88%, 9/15/2033

    140,000   143,692
          364,356
SOFTWARE — 0.9%   
Oracle Corp.

4.90%, 2/6/2033

    55,000   54,246
TELECOMMUNICATIONS — 4.1%   
AT&T, Inc.

5.40%, 2/15/2034

    75,000   76,029
T-Mobile USA, Inc.

5.05%, 7/15/2033

    100,000   99,203
Verizon Communications, Inc.

5.05%, 5/9/2033

    75,000   75,011
          250,243
TRANSPORTATION — 0.8%   
United Parcel Service, Inc.

4.88%, 3/3/2033

    50,000   50,000
TOTAL CORPORATE BONDS & NOTES

(Cost $6,066,487)

        5,935,799
    Shares  
SHORT-TERM INVESTMENT — 0.9%  
State Street Institutional Treasury Plus Fund - Premier Class 4.25% (c) (d)

(Cost $51,692)

51,692 51,692
TOTAL INVESTMENTS — 98.6%

(Cost $6,118,179)

5,987,491
OTHER ASSETS IN EXCESS OF LIABILITIES — 1.4%

85,275
NET ASSETS — 100.0%

$6,072,766
    
(a) Variable Rate Security - Interest rate shown is rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(b) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 3.8% of net assets as of May 31, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at May 31, 2025.
MTN Medium Term Note
SOFR Secured Overnight Financing Rate
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of May 31, 2025. 
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes

  $  $5,935,799   $—   $5,935,799
Short-Term Investment

  51,692       51,692
TOTAL INVESTMENTS

  $51,692   $5,935,799   $—   $5,987,491
 
See accompanying notes to Schedule of Investments.
52

Table of Contents
SPDR SSGA MY2033 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Affiliate Table
  Number of
Shares Held
at
9/24/24*
  Value at

9/24/24*
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
5/31/25
  Value at

5/31/25
  Dividend
Income
State Street Institutional Treasury Plus Fund - Premier Class

  $—   $545,777   $494,085   $—   $—   51,692   $51,692   $1,514
* Commencement of operations.
See accompanying notes to Schedule of Investments.
53

Table of Contents
SPDR SSGA MY2034 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 98.0%  
AEROSPACE & DEFENSE — 2.3%   
Boeing Co.

3.60%, 5/1/2034

    $55,000   $47,547
L3Harris Technologies, Inc.

5.35%, 6/1/2034

    65,000   65,432
RTX Corp.

6.10%, 3/15/2034

    50,000   53,211
          166,190
AGRICULTURE — 2.8%   
Imperial Brands Finance PLC

5.88%, 7/1/2034 (a)

    200,000   201,150
APPAREL — 0.3%   
Tapestry, Inc.

5.50%, 3/11/2035

    25,000   24,519
AUTO MANUFACTURERS — 3.2%   
General Motors Financial Co., Inc.

5.95%, 4/4/2034

    230,000   228,445
BANKS — 4.9%   
Bank of America Corp.

SOFR + 1.65%, 5.47%, 1/23/2035 (b)

    40,000   40,456
Citigroup, Inc.

SOFR + 2.06%, 5.83%, 2/13/2035 (b)

    40,000   39,862
Goldman Sachs Group, Inc.

SOFR + 1.95%, 6.56%, 10/24/2034 (b)

    50,000   54,525
JPMorgan Chase & Co.

SOFR + 1.62%, 5.34%, 1/23/2035 (b)

    40,000   40,231
Morgan Stanley

SOFR + 1.73%, 5.47%, 1/18/2035 (b)

    50,000   50,282
U.S. Bancorp

SOFR + 1.86%, 5.68%, 1/23/2035 (b)

    75,000   76,393
Wells Fargo & Co.

SOFR + 1.78%, 5.50%, 1/23/2035 (b)

    50,000   50,286
          352,035
BEVERAGES — 1.7%   
Anheuser-Busch InBev Worldwide, Inc.

5.00%, 6/15/2034

    120,000   120,880
BIOTECHNOLOGY — 0.3%   
Royalty Pharma PLC

5.40%, 9/2/2034

    20,000   19,915
CHEMICALS — 1.6%   
Dow Chemical Co.

4.25%, 10/1/2034

    80,000   71,737
Security Description     Principal
Amount
  Value
Eastman Chemical Co.

5.63%, 2/20/2034

    $45,000   $44,969
          116,706
COMMERCIAL SERVICES — 1.4%   
Verisk Analytics, Inc.

5.25%, 6/5/2034

    100,000   100,266
CONSTRUCTION MATERIALS — 2.2%   
Carrier Global Corp.

5.90%, 3/15/2034

    120,000   126,014
Owens Corning

5.70%, 6/15/2034

    35,000   35,740
          161,754
DIVERSIFIED FINANCIAL SERVICES — 2.3%   
Capital One Financial Corp.

SOFR + 3.37%, 7.96%, 11/2/2034 (b)

    40,000   45,775
Charles Schwab Corp.

SOFR + 2.50%, 5.85%, 5/19/2034 (b)

    50,000   52,113
Jefferies Financial Group, Inc.

6.20%, 4/14/2034

    70,000   71,413
          169,301
ELECTRIC — 12.8%   
AEP Texas, Inc.

5.70%, 5/15/2034

    70,000   70,218
CenterPoint Energy Houston Electric LLC

5.15%, 3/1/2034

    55,000   54,631
Constellation Energy Generation LLC

6.13%, 1/15/2034

    70,000   73,943
DTE Electric Co.

5.20%, 3/1/2034

    135,000   135,536
Duke Energy Carolinas LLC

4.85%, 1/15/2034

    95,000   93,168
Georgia Power Co.

5.25%, 3/15/2034

    70,000   70,387
National Grid PLC

5.42%, 1/11/2034

    70,000   70,512
Pacific Gas & Electric Co.

5.80%, 5/15/2034

    95,000   93,863
PacifiCorp

5.45%, 2/15/2034

    70,000   69,935
Southern California Edison Co.

5.20%, 6/1/2034

    60,000   57,497
Southern Co.

5.70%, 3/15/2034

    130,000   133,775
          923,465
ENVIRONMENTAL CONTROL — 1.1%   
Republic Services, Inc.

5.20%, 11/15/2034

    30,000   30,248
Waste Connections, Inc.

5.00%, 3/1/2034

    50,000   49,863
          80,111
 
See accompanying notes to Schedule of Investments.
54

Table of Contents
SPDR SSGA MY2034 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
FOOD — 4.2%   
Campbell's Co.

5.40%, 3/21/2034

    $70,000   $69,824
JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL

6.75%, 3/15/2034

    50,000   53,715
Mars, Inc.

5.20%, 3/1/2035 (a)

    100,000   99,707
Pilgrim's Pride Corp.

6.88%, 5/15/2034

    30,000   32,353
Tyson Foods, Inc.

4.88%, 8/15/2034

    50,000   47,791
          303,390
HEALTH CARE PRODUCTS — 1.3%   
Solventum Corp.

5.60%, 3/23/2034

    40,000   40,336
Thermo Fisher Scientific, Inc.

5.20%, 1/31/2034

    55,000   55,630
          95,966
HEALTH CARE SERVICES — 2.3%   
HCA, Inc.:          
5.45%, 9/15/2034

    60,000   59,489
5.75%, 3/1/2035

    30,000   30,259
UnitedHealth Group, Inc.

5.15%, 7/15/2034

    80,000   78,986
          168,734
INSURANCE — 6.1%   
Arch Capital Group Ltd.

7.35%, 5/1/2034

    60,000   68,162
Arthur J Gallagher & Co.

5.45%, 7/15/2034

    100,000   100,955
Brown & Brown, Inc.

5.65%, 6/11/2034

    70,000   70,757
Corebridge Financial, Inc.

5.75%, 1/15/2034

    80,000   81,541
Lincoln National Corp.

5.85%, 3/15/2034

    45,000   45,577
MetLife, Inc.

5.30%, 12/15/2034

    70,000   70,880
          437,872
INTERNET — 4.0%   
Alphabet, Inc.

4.50%, 5/15/2035

    100,000   97,092
Amazon.com, Inc.

4.80%, 12/5/2034

    95,000   95,771
Expedia Group, Inc.

5.40%, 2/15/2035

    25,000   24,650
Meta Platforms, Inc.

4.75%, 8/15/2034

    75,000   74,205
          291,718
IRON/STEEL — 0.8%   
ArcelorMittal SA

6.00%, 6/17/2034

    55,000   56,701
Security Description     Principal
Amount
  Value
IT SERVICES — 0.7%   
Leidos, Inc.

5.50%, 3/15/2035

    $50,000   $49,863
LODGING — 1.0%   
Las Vegas Sands Corp.

6.20%, 8/15/2034

    70,000   69,329
MACHINERY-DIVERSIFIED — 0.8%   
AGCO Corp.

5.80%, 3/21/2034

    40,000   40,125
Ingersoll Rand, Inc.

5.45%, 6/15/2034

    20,000   20,187
          60,312
MEDIA — 1.5%   
Charter Communications Operating LLC/Charter Communications Operating Capital

6.55%, 6/1/2034

    105,000   109,791
MINING — 1.0%   
Glencore Funding LLC

5.63%, 4/4/2034 (a) (c)

    50,000   50,277
Rio Tinto Finance USA PLC

5.25%, 3/14/2035

    25,000   24,936
          75,213
OFFICE & BUSINESS EQUIPMENT — 0.5%   
CDW LLC/CDW Finance Corp.

5.55%, 8/22/2034

    40,000   39,408
OIL & GAS — 4.8%   
BP Capital Markets America, Inc.

5.23%, 11/17/2034

    100,000   99,821
Devon Energy Corp.

5.20%, 9/15/2034

    50,000   47,373
Diamondback Energy, Inc.

5.40%, 4/18/2034

    50,000   49,119
Occidental Petroleum Corp.

5.55%, 10/1/2034

    55,000   52,004
Ovintiv, Inc.

6.50%, 8/15/2034

    65,000   65,229
Suncor Energy, Inc.

5.95%, 12/1/2034

    35,000   35,441
          348,987
PACKAGING & CONTAINERS — 0.8%   
Berry Global, Inc.

5.65%, 1/15/2034

    55,000   55,384
PHARMACEUTICALS — 5.3%   
AbbVie, Inc.

5.05%, 3/15/2034

    142,000   142,390
Astrazeneca Finance LLC

5.00%, 2/26/2034

    40,000   40,233
Becton Dickinson & Co.

5.11%, 2/8/2034

    20,000   19,704
CVS Health Corp.

5.70%, 6/1/2034

    25,000   25,156
 
See accompanying notes to Schedule of Investments.
55

Table of Contents
SPDR SSGA MY2034 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Security Description     Principal
Amount
  Value
Eli Lilly & Co.

4.60%, 8/14/2034

    $50,000   $48,789
Novartis Capital Corp.

4.20%, 9/18/2034

    115,000   108,827
          385,099
PIPELINES — 6.4%   
Cheniere Energy Partners LP

5.75%, 8/15/2034

    95,000   95,452
Enbridge, Inc.

5.63%, 4/5/2034

    95,000   95,923
Energy Transfer LP

5.60%, 9/1/2034

    110,000   109,388
Kinder Morgan, Inc.

5.30%, 12/1/2034

    40,000   39,122
ONEOK, Inc.

5.05%, 11/1/2034

    50,000   47,629
Targa Resources Corp.

6.50%, 3/30/2034

    50,000   52,618
Williams Cos., Inc.

5.15%, 3/15/2034

    25,000   24,557
          464,689
REAL ESTATE INVESTMENT TRUSTS — 5.0%   
Alexandria Real Estate Equities, Inc.

2.95%, 3/15/2034

    45,000   36,941
American Homes 4 Rent LP

5.50%, 7/15/2034

    55,000   54,774
Brixmor Operating Partnership LP

5.50%, 2/15/2034

    60,000   59,743
Extra Space Storage LP

5.40%, 2/1/2034

    94,000   93,387
Invitation Homes Operating Partnership LP

2.70%, 1/15/2034

    68,000   55,126
Regency Centers LP

5.25%, 1/15/2034

    65,000   64,970
          364,941
RETAIL — 1.5%   
AutoNation, Inc.

5.89%, 3/15/2035

    35,000   34,779
AutoZone, Inc.

5.40%, 7/15/2034

    70,000   70,565
          105,344
SEMICONDUCTORS — 4.7%   
Broadcom, Inc.

3.47%, 4/15/2034 (a)

    160,000   140,541
Intel Corp.

5.15%, 2/21/2034

    25,000   24,475
KLA Corp.

5.65%, 11/1/2034

    30,000   31,022
Marvell Technology, Inc.

5.95%, 9/15/2033

    50,000   51,637
Micron Technology, Inc.

5.80%, 1/15/2035

    90,000   90,753
          338,428
Security Description     Principal
Amount
  Value
SOFTWARE — 3.0%   
Oracle Corp.

4.30%, 7/8/2034

    $80,000   $74,402
Paychex, Inc.

5.60%, 4/15/2035

    30,000   30,507
Synopsys, Inc.

5.15%, 4/1/2035

    40,000   39,610
Take-Two Interactive Software, Inc.

5.60%, 6/12/2034

    70,000   70,884
          215,403
TELECOMMUNICATIONS — 4.8%   
AT&T, Inc.

5.40%, 2/15/2034

    100,000   101,372
Cisco Systems, Inc.

5.05%, 2/26/2034

    80,000   80,618
T-Mobile USA, Inc.

5.15%, 4/15/2034

    120,000   119,642
Verizon Communications, Inc.

4.40%, 11/1/2034

    50,000   46,859
          348,491
TRANSPORTATION — 0.6%   
United Parcel Service, Inc.

5.15%, 5/22/2034

    45,000   45,393
TOTAL CORPORATE BONDS & NOTES

(Cost $7,227,612)

        7,095,193
    Shares  
SHORT-TERM INVESTMENTS — 1.2%  
State Street Institutional Treasury Plus Fund - Premier Class 4.25% (d) (e)

38,318 38,318
State Street Navigator Securities Lending Portfolio II (f) (g)

48,528 48,528
TOTAL SHORT-TERM INVESTMENTS

(Cost $86,846)

86,846
TOTAL INVESTMENTS — 99.2%

(Cost $7,314,458)

7,182,039
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.8%

55,043
NET ASSETS — 100.0%

$7,237,082
(a) Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended. These securities, which represent 6.8% of net assets as of May 31, 2025, may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(b) Variable Rate Security - Interest rate shown is rate in effect at May 31, 2025. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above.
(c) All or a portion of the shares of the security are on loan at May 31, 2025.
 
See accompanying notes to Schedule of Investments.
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Table of Contents
SPDR SSGA MY2034 CORPORATE BOND ETF
SCHEDULE OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at May 31, 2025.
(f) The Fund invested in an affiliated entity. Amounts related to these investments during the period ended May 31, 2025 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
SOFR Secured Overnight Financing Rate
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of May 31, 2025. 
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                 
INVESTMENTS:                
Corporate Bonds & Notes

  $  $7,095,193   $—   $7,095,193
Short-Term Investments

  86,846       86,846
TOTAL INVESTMENTS

  $86,846   $7,095,193   $—   $7,182,039
 
Affiliate Table
  Number of
Shares Held
at
9/24/24*
  Value at

9/24/24*
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
5/31/25
  Value at

5/31/25
  Dividend
Income
State Street Institutional Treasury Plus Fund - Premier Class

  $—   $1,242,009   $1,203,691   $—   $—   38,318   $38,318   $2,464
State Street Navigator Securities Lending Portfolio II

    48,528         48,528   48,528  
Total

    $—   $1,290,537   $1,203,691   $—   $—       $86,846   $2,464
* Commencement of operations.
See accompanying notes to Schedule of Investments.
57

Table of Contents
SSGA Active Trust
NOTES TO SCHEDULES OF INVESTMENTS
May 31, 2025 (Unaudited)

Security Valuation
Each Fund's investments are valued at fair value each day that the New York Stock Exchange (“NYSE”) is open and, for financial reporting purposes, as of the report date should the reporting period end on a day that the NYSE is not open. Fair value is generally defined as the price the fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. The investments of each Fund are valued pursuant to the policy and procedures developed by the Oversight Committee (the “Committee”) and approved by the Board. The Committee provides oversight of the valuation of investments for the Funds. The Board has responsibility for overseeing the determination of the fair value of investments.
Valuation techniques used to value each Fund’s investments by major category are as follows:
•  Investments in registered investment companies (including money market funds) or other unitized pooled investment vehicles that are not traded on an exchange are valued at that day’s published net asset value (“NAV”) per share or unit.
•  Government and municipal fixed income securities are generally valued using quotations from independent pricing services or brokers. Certain government inflation-indexed securities may require a calculated fair valuation as the cumulative inflation is contained within the price provided by the pricing service or broker. For these securities, the inflation component of the price is “cleaned” from the pricing service or broker price utilizing the published inflation factors in order to ensure proper accrual of income.
•  Debt obligations (including short-term investments and convertible debt securities) are valued using quotations from independent pricing services or brokers or are generally valued at the last reported evaluated prices.
In the event prices or quotations are not readily available or that the application of these valuation methods results in a price for an investment that is deemed to be not representative of the fair value of such investment, fair value will be determined in good faith by the Committee, in accordance with the valuation policy and procedures approved by the Board.
Fair value pricing could result in a difference between the prices used to calculate a Fund's NAV and the prices used by the Funds' underlying benchmark. Various inputs are used in determining the value of the Portfolios' or Funds' investments.
The Funds value their assets and liabilities at fair value using a fair value hierarchy consisting of three broad levels that prioritize the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The categorization of a value determined for an investment within the hierarchy is based upon the pricing transparency of the investment and is not necessarily an indication of the risk associated with investing in it.
The three levels of the fair value hierarchy are as follows:
•  Level 1 – Unadjusted quoted prices in active markets for an identical asset or liability;
•  Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not considered to be active, inputs other than quoted prices that are observable for the asset or liability (such as exchange rates, financing terms, interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs; and
•  Level 3 – Unobservable inputs for the asset or liability, including the Committee’s assumptions used in determining the fair value of investments.
The value of each Fund’s investments according to the fair value hierarchy as of May 31, 2025, is disclosed in each Fund's respective Schedule of Investments.
58

Table of Contents
SSGA Active Trust
NOTES TO SCHEDULES OF INVESTMENTS  (continued) 
May 31, 2025 (Unaudited)

Other Transactions with Affiliates
The Funds may invest in affiliated entities, including securities issued by State Street Corporation, affiliated funds, or entities deemed to be affiliates as a result of the Funds owning more than five percent of the entity’s voting securities or outstanding shares. Amounts relating to these transactions during the period ended May 31, 2025, are disclosed in the Funds' respective Schedules of Investments.
Subsequent Events
Management has evaluated the impact of all subsequent events on the Funds through the date on which the Form N-PORT filing was issued and has determined that there were no subsequent events requiring adjustment or disclosure in the Form N-PORT filing.
59