N-CSRS 1 d87536dncsrs.htm SSGA ACTIVE TRUST SSGA ACTIVE TRUST

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22542

 

 

SSGA ACTIVE TRUST

(Exact name of registrant as specified in charter)

 

 

One Iron Street, Boston, Massachusetts 02210

(Address of principal executive offices) (zip code)

 

 

Sean O’Malley, Esq.

Senior Vice President and Deputy General Counsel

c/o SSGA Funds Management, Inc.

One Iron Street

Boston, Massachusetts 02210

(Name and address of agent for service)

 

 

Copy to:

W. John McGuire, Esq.

Morgan, Lewis & Bockius LLP

1111 Pennsylvania Avenue, NW

Washington, DC 20004

Registrant’s telephone number, including area code: (617) 664-1465

Date of fiscal year end: June 30

Date of reporting period: December 31, 2020

 

 

 


Item 1.

Reports to Shareholders.

(a) The Reports to Shareholders are attached herewith.

(b) Not applicable.


Semi-Annual Report
December 31, 2020
SSGA Active Trust
SPDR ® SSGA Multi-Asset Real Return ETF
SPDR SSGA Income Allocation ETF
SPDR SSGA Global Allocation ETF
SPDR SSGA Ultra Short Term Bond ETF
SPDR MFS Systematic Core Equity ETF
SPDR MFS Systematic Growth Equity ETF
SPDR MFS Systematic Value Equity ETF
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read the prospectus carefully before you invest.





TABLE OF CONTENTS (Unaudited)
Portfolio Statistics (Unaudited)  

1

2

3

4

5

6

7
Schedules of Investments (Unaudited)  

8

10

12

14

21

23

25

28

35

42

50
The information contained in this report is intended for the general information of shareholders of the Trust. This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current Trust prospectus which contains important information concerning the Trust. You may obtain a current prospectus and SAI from the Distributor by calling 1-866-787-2257 or visiting www.ssga.com. Please read the prospectus carefully before you invest.


[This Page Intentionally Left Blank]


SPDR SSGA Multi-Asset Real Return ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2020

     
  Description % of Net Assets  
  SPDR S&P Global Natural Resources ETF 22.5%  
  Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF 22.4  
  SPDR Portfolio TIPS ETF 12.2  
  SPDR S&P Global Infrastructure ETF 11.8  
  SPDR FTSE International Government Inflation-Protected Bond ETF 7.6  
  TOTAL 76.5%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2020

     
    % of Net Assets  
  Natural Resources 26.5%  
  Commodities 24.9  
  International Equity 14.9  
  Inflation Linked 12.2  
  Real Estate 10.9  
  International Fixed Income 7.6  
  Domestic Equity 2.8  
  Short Term Investments 8.9  
  Liabilities in Excess of Other Assets (8.7)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
1


SPDR SSGA Income Allocation ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2020

     
  Description % of Net Assets  
  SPDR Portfolio S&P 500 High Dividend ETF 18.2%  
  SPDR Bloomberg Barclays High Yield Bond ETF 10.9  
  SPDR Bloomberg Barclays Emerging Markets Local Bond ETF 10.1  
  SPDR Blackstone / GSO Senior Loan ETF 10.1  
  SPDR Portfolio Intermediate Term Corporate Bond ETF 8.5  
  TOTAL 57.8%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2020

     
    % of Net Assets  
  Domestic Fixed Income 46.6%  
  Domestic Equity 29.3  
  International Equity 13.9  
  International Fixed Income 10.1  
  Short Term Investments 9.5  
  Liabilities in Excess of Other Assets (9.4)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
2


SPDR SSGA Global Allocation ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2020

     
  Description % of Net Assets  
  SPDR S&P 500 ETF Trust 21.7%  
  SPDR Portfolio Developed World ex-US ETF 18.2  
  SPDR Portfolio Emerging Markets ETF 7.1  
  SPDR Bloomberg Barclays High Yield Bond ETF 7.0  
  SPDR Portfolio Intermediate Term Corporate Bond ETF 6.5  
  TOTAL 60.5%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2020

     
    % of Net Assets  
  Domestic Equity 33.7%  
  International Equity 30.4  
  Domestic Fixed Income 17.5  
  Inflation Linked 5.0  
  Commodities 5.0  
  Real Estate 2.0  
  International Fixed Income 1.0  
  Short Term Investments 29.0  
  Liabilities in Excess of Other Assets (23.6)  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
3


SPDR SSGA Ultra Short Term Bond ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2020

     
  Description % of Net Assets  
  Nissan Master Owner Trust Receivables ABS
0.72% 2/15/2024
3.6%  
  Golden Credit Card Trust ABS
0.68% 7/15/2024
2.5  
  Jackson National Life Global Funding
0.98% 6/27/2022
1.6  
  L3Harris Technologies, Inc.
0.98% 3/10/2023
1.6  
  Valero Energy Corp.
1.37% 9/15/2023
1.6  
  TOTAL 10.9%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Asset Allocation as of December 31, 2020

     
    % of Net Assets  
  Corporate Bonds & Notes 71.8%  
  Asset-Backed Securities 19.7  
  Mortgage-Backed Securities 1.8  
  Short-Term Investment 6.6  
  Other Assets in Excess of Liabilities 0.1  
  TOTAL 100.0%  
(The Fund's asset allocation is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
4


SPDR MFS Systematic Core Equity ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2020

     
  Description % of Net Assets  
  Apple, Inc. 8.4%  
  Microsoft Corp. 7.6  
  Amazon.com, Inc. 4.4  
  Alphabet, Inc. 3.8  
  Johnson & Johnson 3.5  
  TOTAL 27.7%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2020

     
    % of Net Assets  
  Software 11.6%  
  Interactive Media & Services 8.5  
  Technology Hardware, Storage & Peripherals 8.4  
  Pharmaceuticals 6.3  
  Semiconductors & Semiconductor Equipment 4.7  
  Machinery 4.6  
  Health Care Providers & Services 4.5  
  Insurance 4.4  
  Internet & Direct Marketing Retail 4.4  
  Equity Real Estate Investment Trusts (REITs) 3.8  
  IT Services 3.6  
  Biotechnology 3.2  
  Banks 2.7  
  Consumer Finance 2.4  
  Tobacco 2.4  
  Media 2.2  
  Food Products 2.1  
  Electrical Equipment 2.0  
  Food & Staples Retailing 1.9  
  Road & Rail 1.8  
  Electric Utilities 1.7  
  Oil, Gas & Consumable Fuels 1.6  
  Multi-Utilities 1.5  
  Multiline Retail 1.4  
  Hotels, Restaurants & Leisure 1.3  
  Specialty Retail 1.0  
  Entertainment 0.9  
  Health Care Equipment & Supplies 0.9  
  Household Durables 0.9  
  Aerospace & Defense 0.8  
  Household Products 0.7  
  Containers & Packaging 0.7  
  Short Term Investments 1.0  
  Other Assets in Excess of Liabilities 0.1  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
5


SPDR MFS Systematic Growth Equity ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2020

     
  Description % of Net Assets  
  Apple, Inc. 9.9%  
  Microsoft Corp. 7.8  
  Amazon.com, Inc. 6.9  
  Alphabet, Inc. 4.7  
  Facebook, Inc. 4.4  
  TOTAL 33.7%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2020

     
    % of Net Assets  
  Software 20.5%  
  Technology Hardware, Storage & Peripherals 9.9  
  Interactive Media & Services 9.1  
  IT Services 8.1  
  Semiconductors & Semiconductor Equipment 7.9  
  Internet & Direct Marketing Retail 6.9  
  Pharmaceuticals 5.3  
  Biotechnology 4.0  
  Specialty Retail 3.4  
  Health Care Providers & Services 3.3  
  Equity Real Estate Investment Trusts (REITs) 2.9  
  Entertainment 2.7  
  Hotels, Restaurants & Leisure 2.2  
  Tobacco 2.1  
  Machinery 1.9  
  Leisure Equipment & Products 1.6  
  Construction & Engineering 1.5  
  Media 1.2  
  Food & Staples Retailing 1.1  
  Multiline Retail 1.1  
  Automobiles 1.0  
  Insurance 0.6  
  Road & Rail 0.6  
  Short-Term Investment 1.1  
  Other Assets in Excess of Liabilities 0.0*  
  TOTAL 100.0%  
* Amount shown represents less than 0.05% of net assets.    
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
6


SPDR MFS Systematic Value Equity ETF
Portfolio Statistics (Unaudited)
Top Five Holdings as of December 31, 2020

     
  Description % of Net Assets  
  Johnson & Johnson 4.3%  
  Citigroup, Inc. 4.2  
  Bank of America Corp. 4.1  
  AGCO Corp. 3.5  
  Eaton Corp. PLC 3.4  
  TOTAL 19.5%  
(The five largest holdings are subject to change, and there are no guarantees the Fund will continue to remain invested in any particular company.)
Industry Breakdown as of December 31, 2020

     
    % of Net Assets  
  Banks 10.7%  
  Pharmaceuticals 7.4  
  Electrical Equipment 6.3  
  Health Care Providers & Services 5.5  
  Equity Real Estate Investment Trusts (REITs) 5.5  
  Software 4.9  
  Electric Utilities 4.7  
  Entertainment 4.2  
  Oil, Gas & Consumable Fuels 3.9  
  Machinery 3.5  
  Capital Markets 3.3  
  Semiconductors & Semiconductor Equipment 3.1  
  Food Products 3.0  
  Household Durables 2.7  
  Media 2.7  
  Insurance 2.5  
  Independent Power and Renewable Electricity Producers 2.3  
  Multiline Retail 2.3  
  Food & Staples Retailing 2.2  
  Tobacco 2.1  
  Road & Rail 2.1  
  Interactive Media & Services 2.1  
  Diversified Financial Services 2.1  
  Containers & Packaging 1.9  
  Diversified Telecommunication Services 1.5  
  Health Care Equipment & Supplies 1.4  
  Chemicals 1.1  
  Energy Equipment & Services 0.9  
  Biotechnology 0.9  
  Leisure Equipment & Products 0.9  
  Technology Hardware, Storage & Peripherals 0.9  
  IT Services 0.8  
  Short Term Investments 0.5  
  Other Assets in Excess of Liabilities 0.1  
  TOTAL 100.0%  
(The Fund’s industry breakdown is expressed as a percentage of net assets and may change over time.)
See accompanying notes to financial statements.
7


SPDR SSGA MULTI-ASSET REAL RETURN ETF
SCHEDULE OF INVESTMENTS
December 31, 2020 (Unaudited)

Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.8%      
COMMODITIES — 24.9%  
Invesco DB Gold Fund (a)

    25,809   $ 1,428,590
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF

    830,339   12,670,973
          14,099,563
DOMESTIC EQUITY — 2.8%  
The Energy Select Sector SPDR Fund (b)

    41,944   1,589,678
INFLATION LINKED — 12.2%  
SPDR Portfolio TIPS ETF (b)(c)

    221,630   6,908,207
INTERNATIONAL EQUITY — 14.9%  
SPDR S&P Global Infrastructure ETF (b)

    133,994   6,684,961
VanEck Vectors Agribusiness ETF (c)

    22,305   1,737,336
          8,422,297
INTERNATIONAL FIXED INCOME — 7.6%  
SPDR FTSE International Government Inflation-Protected Bond ETF (b)

    73,375   4,307,846
NATURAL RESOURCES — 26.5%  
SPDR S&P Global Natural Resources ETF (b)

    284,723   12,749,896
SPDR S&P Metals & Mining ETF (b)(c)

    67,802   2,267,299
          15,017,195
REAL ESTATE — 10.9%  
SPDR Dow Jones International Real Estate ETF (b)(c)

    100,636   3,430,681
SPDR Dow Jones REIT ETF (b)(c)

    32,047   2,778,475
          6,209,156
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $57,617,009)

  56,553,942  
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 8.9%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.05% (d)(e)

    114,585   $ 114,585
State Street Navigator Securities Lending Portfolio II (f)(g)

    4,932,662   4,932,662
TOTAL SHORT-TERM INVESTMENTS

(Cost $5,047,247)

        $ 5,047,247
TOTAL INVESTMENTS—108.7%

(Cost $62,664,256)

        61,601,189
LIABILITIES IN EXCESS OF OTHER ASSETS—(8.7)%

        (4,926,995)
NET ASSETS—100.0%

        $ 56,674,194
The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov.
 
(a) Non-income producing security.
(b) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(c) All or a portion of the shares of the security are on loan at December 31, 2020.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at December 31, 2020.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2020.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Mutual Funds and Exchange Traded Products

  $56,553,942   $—   $—   $56,553,942
Short-Term Investments

  5,047,247       5,047,247
TOTAL INVESTMENTS

  $61,601,189   $—   $—   $61,601,189
See accompanying notes to financial statements.
8


SPDR SSGA MULTI-ASSET REAL RETURN ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

Affiliate Table
  Number of
Shares Held
at
6/30/20
  Value at

6/30/20
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
12/31/20
  Value at

12/31/20
  Dividend
Income
SPDR Dow Jones International Real Estate ETF

124,317   $ 3,582,816   $ 559,791   $ 1,208,514   $ (423,608)   $ 920,196   100,636   $ 3,430,681   $ 46,662
SPDR Dow Jones REIT ETF

38,078   2,971,226   642,710   1,087,649   (199,070)   451,258   32,047   2,778,475   58,637
SPDR FTSE International Government Inflation-Protected Bond ETF

80,439   4,223,048   1,324,792   1,737,670   (12,167)   509,843   73,375   4,307,846   49,738
SPDR Portfolio TIPS ETF

313,232   9,440,812   510,128   3,303,499   117,502   143,264   221,630   6,908,207   116,859
SPDR S&P Global Infrastructure ETF

129,115   5,650,072   1,053,042   857,009   (33,117)   871,973   133,994   6,684,961   104,408
SPDR S&P Global Natural Resources ETF

309,534   11,431,091   1,009,910   2,056,560   (139,090)   2,504,545   284,723   12,749,896   217,068
SPDR S&P Metals & Mining ETF

50,635   1,072,956   919,154   693,882   (2,608)   971,679   67,802   2,267,299   12,107
State Street Institutional U.S. Government Money Market Fund, Class G Shares

228,808   228,808   760,746   874,969       114,585   114,585   42
State Street Navigator Securities Lending Portfolio II

10,616,056   10,616,056   108,312,932   113,996,326       4,932,662   4,932,662   46,155
The Energy Select Sector SPDR Fund

36,394   1,377,513   670,368   541,451   (331,443)   414,691   41,944   1,589,678   43,407
Total

    $50,594,398   $ 115,763,573   $126,357,529   $(1,023,601)   $6,787,449       $45,764,290   $695,083
See accompanying notes to financial statements.
9


SPDR SSGA INCOME ALLOCATION ETF
SCHEDULE OF INVESTMENTS
December 31, 2020 (Unaudited)

Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 99.9%      
DOMESTIC EQUITY — 29.3%  
Invesco KBW Premium Yield Equity REIT ETF

    60,336   $ 1,250,378
iShares Mortgage Real Estate ETF (a)

    201,286   6,412,972
SPDR Portfolio S&P 500 High Dividend ETF (a)(b)

    701,573   23,109,815
SPDR Wells Fargo Preferred Stock ETF (a)(b)

    144,273   6,407,164
          37,180,329
DOMESTIC FIXED INCOME — 46.6%  
SPDR Blackstone / GSO Senior Loan ETF (a)(b)

    280,600   12,809,390
SPDR Bloomberg Barclays Convertible Securities ETF (a)(b)

    76,966   6,372,015
SPDR Bloomberg Barclays High Yield Bond ETF (b)

    126,780   13,811,413
SPDR Portfolio Intermediate Term Corporate Bond ETF (b)

    291,599   10,841,651
SPDR Portfolio Long Term Corporate Bond ETF (b)

    270,440   8,951,564
SPDR Portfolio Long Term Treasury ETF (b)

    140,748   6,351,957
          59,137,990
INTERNATIONAL EQUITY — 13.9%  
SPDR Portfolio Europe ETF (b)

    97,551   3,676,697
SPDR S&P Global Infrastructure ETF (a)(b)

    126,654   6,318,768
SPDR S&P International Dividend ETF (a)(b)

    210,301   7,688,605
          17,684,070
INTERNATIONAL FIXED INCOME — 10.1%  
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (a)(b)

    456,975   12,818,149
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $124,842,143)

  126,820,538  
Security Description     Shares   Value
SHORT-TERM INVESTMENTS — 9.5%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.05% (c)(d)

    100,903   $ 100,903
State Street Navigator Securities Lending Portfolio II (e)(f)

    11,940,288   11,940,288
TOTAL SHORT-TERM INVESTMENTS

(Cost $12,041,191)

        $ 12,041,191
TOTAL INVESTMENTS—109.4%

(Cost $136,883,334)

        138,861,729
LIABILITIES IN EXCESS OF OTHER ASSETS—(9.4)%

        (11,963,615)
NET ASSETS—100.0%

        $ 126,898,114
The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov.
 
(a) All or a portion of the shares of the security are on loan at December 31, 2020.
(b) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(c) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(d) The rate shown is the annualized seven-day yield at December 31, 2020.
(e) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(f) Investment of cash collateral for securities loaned.
 
The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2020.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Mutual Funds and Exchange Traded Products

  $126,820,538   $—   $—   $126,820,538
Short-Term Investments

  12,041,191       12,041,191
TOTAL INVESTMENTS

  $138,861,729   $—   $—   $138,861,729
See accompanying notes to financial statements.
10


SPDR SSGA INCOME ALLOCATION ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

Affiliate Table
  Number of
Shares Held
at
6/30/20
  Value at

6/30/20
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
12/31/20
  Value at

12/31/20
  Dividend
Income
SPDR Blackstone / GSO Senior Loan ETF

301,443   $ 13,076,597   $ 3,609,578   $ 4,460,345   $ (78,024)   $ 661,584   280,600   $ 12,809,390   $ 328,666
SPDR Bloomberg Barclays Convertible Securities ETF

110,491   6,684,706   1,474,694   3,572,240   592,366   1,192,489   76,966   6,372,015   119,312
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

496,684   13,018,088   3,645,679   4,615,211   12,613   756,980   456,975   12,818,149   248,396
SPDR Bloomberg Barclays High Yield Bond ETF

151,472   15,322,908   7,942,439   10,474,176   21,278   998,964   126,780   13,811,413   412,285
SPDR Portfolio Intermediate Term Corporate Bond ETF

254,744   9,305,798   5,854,377   4,472,833   123,226   31,083   291,599   10,841,651   97,326
SPDR Portfolio Long Term Corporate Bond ETF

258,039   8,179,836   6,580,546   6,229,049   456,134   (35,903)   270,440   8,951,564   122,811
SPDR Portfolio Long Term Treasury ETF

230,530   10,814,162   3,211,996   7,526,722   1,019,388   (1,166,867)   140,748   6,351,957   62,877
SPDR Portfolio S&P 500 High Dividend ETF

579,022   16,125,763   13,364,385   9,497,108   (323,534)   3,440,309   701,573   23,109,815   597,759
SPDR Portfolio TIPS ETF

112,242   3,382,974   69,840   3,523,572   233,124   (162,366)       12,157
SPDR S&P Global Infrastructure ETF

137,414   6,013,237   1,815,809   2,203,657   (40,675)   734,054   126,654   6,318,768   99,464
SPDR S&P International Dividend ETF

148,835   4,930,904   5,820,678   3,560,006   (359,441)   856,470   210,301   7,688,605   119,912
SPDR STOXX Europe 50 ETF

120,535   3,787,511   3,919,098   4,753,914   140,133   583,869   97,551   3,676,697   41,949
SPDR Wells Fargo Preferred Stock ETF

155,828   6,521,402   1,820,761   2,281,552   (10,180)   356,733   144,273   6,407,164   175,412
State Street Institutional U.S. Government Money Market Fund, Class G Shares

161,736   161,736   6,471,437   6,532,270       100,903   100,903   217
State Street Navigator Securities Lending Portfolio II

21,343,138   21,343,138   179,913,703   189,316,553       11,940,288   11,940,288   107,082
Total

    $138,668,760   $245,515,020   $263,019,208   $1,786,408   $ 8,247,399       $131,198,379   $2,545,625
See accompanying notes to financial statements.
11


SPDR SSGA GLOBAL ALLOCATION ETF
SCHEDULE OF INVESTMENTS
December 31, 2020 (Unaudited)

Security Description     Shares   Value
MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS — 94.6%      
COMMODITIES — 5.0%  
Invesco DB Gold Fund (a)

    189,260   $ 10,475,995
Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF

    170,969   2,608,986
          13,084,981
DOMESTIC EQUITY — 33.7%  
SPDR Portfolio S&P 600 Small Cap ETF (b)

    289,606   10,367,895
SPDR S&P 500 ETF Trust (b)

    150,270   56,182,947
SPDR S&P MidCap 400 ETF Trust (b)(c)

    12,311   5,169,635
The Communication Services Select Sector SPDR Fund (b)(c)

    39,048   2,634,959
The Consumer Discretionary Select Sector SPDR Fund (b)(c)

    32,667   5,252,200
The Consumer Staples Select Sector SPDR Fund (b)(c)

    77,617   5,235,267
The Materials Select Sector SPDR Fund (b)(c)

    36,192   2,619,939
          87,462,842
DOMESTIC FIXED INCOME — 17.5%  
SPDR Bloomberg Barclays High Yield Bond ETF (b)

    166,649   18,154,742
SPDR Portfolio Intermediate Term Corporate Bond ETF (b)

    450,617   16,753,940
SPDR Portfolio Long Term Corporate Bond ETF (b)

    312,638   10,348,318
          45,257,000
INFLATION LINKED — 5.0%  
SPDR Portfolio TIPS ETF (b)(c)

    414,151   12,909,087
INTERNATIONAL EQUITY — 30.4%  
SPDR Portfolio Developed World ex-US ETF (b)(c)

    1,399,414   47,230,223
SPDR Portfolio Emerging Markets ETF (b)(c)

    437,849   18,459,714
SPDR S&P Emerging Markets SmallCap ETF (b)

    51,385   2,653,008
SPDR S&P International Small Cap ETF (b)(c)

    224,253   7,940,799
Vanguard FTSE Pacific ETF (c)

    33,386   2,657,192
          78,940,936
Security Description     Shares   Value
INTERNATIONAL FIXED INCOME — 1.0%  
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF (b)(c)

    92,365   $ 2,590,838
REAL ESTATE — 2.0%  
SPDR Dow Jones International Real Estate ETF (b)

    77,537   2,643,236
SPDR Dow Jones REIT ETF (b)

    30,110   2,610,537
          5,253,773
TOTAL MUTUAL FUNDS AND EXCHANGE TRADED PRODUCTS

(Cost $205,305,158)

  245,499,457  
SHORT-TERM INVESTMENTS — 29.0%      
State Street Institutional U.S. Government Money Market Fund, Class G Shares 0.05% (d)(e)

    13,645,140   13,645,140
State Street Navigator Securities Lending Portfolio II (f)(g)

    61,597,198   61,597,198
TOTAL SHORT-TERM INVESTMENTS

(Cost $75,242,338)

        $ 75,242,338
TOTAL INVESTMENTS—123.6%

(Cost $280,547,496)

        320,741,795
LIABILITIES IN EXCESS OF OTHER ASSETS—(23.6)%

        (61,300,648)
NET ASSETS—100.0%

        $ 259,441,147
The Fund invests in other funds and financial statements of underlying funds can be found at www.sec.gov.
 
(a) Non-income producing security.
(b) Affiliated fund managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(c) All or a portion of the shares of the security are on loan at December 31, 2020.
(d) The Fund invested in certain money market funds managed by SSGA Funds Management, Inc. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(e) The rate shown is the annualized seven-day yield at December 31, 2020.
(f) The Fund invested in an affiliated entity. Amounts related to these transactions during the period ended December 31, 2020 are shown in the Affiliate Table below.
(g) Investment of cash collateral for securities loaned.
 
See accompanying notes to financial statements.
12


SPDR SSGA GLOBAL ALLOCATION ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

The following table summarizes the value of the Fund's investments according to the fair value hierarchy as of December 31, 2020.
Description   Level 1 –
Quoted Prices
  Level 2 –
Other Significant
Observable Inputs
  Level 3 –
Significant
Unobservable Inputs
  Total
ASSETS:                
INVESTMENTS:                
Mutual Funds and Exchange Traded Products

  $245,499,457   $—   $—   $245,499,457
Short-Term Investments

  75,242,338       75,242,338
TOTAL INVESTMENTS

  $320,741,795   $—   $—   $320,741,795
Affiliate Table
  Number of
Shares Held
at
6/30/20
  Value at

6/30/20
  Cost of
Purchases
  Proceeds
from
Shares Sold
  Realized
Gain (Loss)
  Change in
Unrealized
Appreciation/
Depreciation
  Number of
Shares Held
at
12/31/20
  Value at

12/31/20
  Dividend
Income
SPDR Bloomberg Barclays Emerging Markets Local Bond ETF

91,620   $ 2,401,360   $ 245,933   $ 224,955   $ 1,119   $ 167,381   92,365   $ 2,590,838   $ 54,536
SPDR Bloomberg Barclays High Yield Bond ETF

257,809   26,079,959   11,775,761   21,480,264   63,195   1,716,091   166,649   18,154,742   783,513
SPDR Bloomberg Barclays International Corporate Bond ETF

143,333   4,818,870   22,283   5,175,114   155,509   178,452       6,871
SPDR Dow Jones International Real Estate ETF

153,639   4,427,876   2,583,212   4,488,697   (916,599)   1,037,444   77,537   2,643,236   17,510
SPDR Dow Jones REIT ETF

    2,600,202       10,335   30,110   2,610,537   37,862
SPDR Portfolio Developed World ex-US ETF

1,424,858   39,354,578   16,283,285   16,956,670   (37,685)   8,586,715   1,399,414   47,230,223   472,599
SPDR Portfolio Emerging Markets ETF

501,104   16,766,940   1,391,190   3,771,124   32,526   4,040,182   437,849   18,459,714   218,828
SPDR Portfolio Intermediate Term Corporate Bond ETF

1,018,040   37,189,001   1,490,149   22,402,413   1,018,495   (541,292)   450,617   16,753,940   328,887
SPDR Portfolio Long Term Corporate Bond ETF

158,470   5,023,499   14,370,460   9,336,090   125,922   164,527   312,638   10,348,318   114,130
SPDR Portfolio Small Cap ETF

    10,290,975   1,358,492   74,276   1,361,136   289,606   10,367,895   44,579
SPDR Portfolio TIPS ETF

414,567   12,495,049   1,514,163   1,519,127   103,446   315,556   414,151   12,909,087   167,115
SPDR S&P 500 ETF Trust

151,960   46,858,385   23,130,863   24,974,916   2,992,114   8,176,501   150,270   56,182,947   529,887
SPDR S&P Emerging Markets SmallCap ETF

59,550   2,431,426   176,265   544,261   44,481   545,097   51,385   2,653,008   40,059
SPDR S&P International Small Cap ETF

252,679   6,910,771   439,602   1,347,960   13,847   1,924,539   224,253   7,940,799   64,398
SPDR S&P MidCap 400 ETF Trust

13,834   4,488,995   743,045   1,396,126   219,355   1,114,366   12,311   5,169,635   33,221
State Street Institutional U.S. Government Money Market Fund, Class G Shares

4,054,699   4,054,699   18,905,734   9,315,293       13,645,140   13,645,140   2,088
State Street Navigator Securities Lending Portfolio II

61,808,691   61,808,691   893,177,319   893,388,812       61,597,198   61,597,198   140,954
The Communication Services Select Sector SPDR Fund

    5,000,329   2,729,151   168,116   195,665   39,048   2,634,959   4,062
The Consumer Discretionary Select Sector SPDR Fund

    12,563,405   8,014,490   596,232   107,053   32,667   5,252,200   14,821
The Consumer Staples Select Sector SPDR Fund

    5,302,589   671,027   44,160   559,545   77,617   5,235,267   71,722
The Financial Select Sector SPDR Fund

183,714   4,251,142   6,426   4,225,119   (1,050,067)   1,017,618      
The Health Care Select Sector SPDR Fund

47,216   4,724,905   7,170   4,747,238   (173,440)   188,603      
The Industrial Select Sector SPDR Fund

    2,530,721   2,636,995   106,274         9,924
The Materials Select Sector SPDR Fund

    2,592,389       27,550   36,192   2,619,939   12,798
The Technology Select Sector SPDR Fund

48,236   5,040,180   170,606   6,116,296   1,338,348   (432,838)       10,666
Total

    $289,126,326   $1,027,314,076   $1,046,820,630   $ 4,919,624   $30,460,226       $304,999,622   $3,181,030
See accompanying notes to financial statements.
13


SPDR SSGA ULTRA SHORT TERM BOND ETF
SCHEDULE OF INVESTMENTS
December 31, 2020 (Unaudited)

Security Description     Principal
Amount
  Value
CORPORATE BONDS & NOTES — 71.8%          
AEROSPACE & DEFENSE — 1.9%          
Boeing Co.

4.51%, 5/1/2023

    $ 1,000,000   $ 1,077,730
L3Harris Technologies, Inc.

3 Month USD LIBOR + 0.75%, 0.98%, 3/10/2023 (a)

    5,000,000   5,029,900
          6,107,630
AGRICULTURE — 1.6%          
BAT Capital Corp.

3 Month USD LIBOR + 0.88%, 1.10%, 8/15/2022 (a)

    4,000,000   4,024,600
Imperial Brands Finance PLC

3.50%, 2/11/2023 (b)

    1,000,000   1,048,290
          5,072,890
AUTO MANUFACTURERS — 9.0%          
American Honda Finance Corp.:          
Series GMTN, 3 Month USD LIBOR + 0.21%, 0.42%, 2/12/2021 (a)

    300,000   300,072
Series MTN, 3 Month USD LIBOR + 0.37%, 0.58%, 5/10/2023 (a)

    1,900,000   1,905,567
Series MTN, 3 Month USD LIBOR + 0.45%, 0.67%, 2/15/2022 (a)

    3,000,000   3,009,570
Series MTN, 3 Month USD LIBOR + 0.47%, 0.69%, 11/16/2022 (a)

    1,200,000   1,205,844
Daimler Finance North America LLC:          
3 Month USD LIBOR + 0.45%, 0.66%, 2/22/2021 (a)  (b)

    1,515,000   1,515,667
3 Month USD LIBOR + 0.88%, 1.09%, 2/22/2022 (a)  (b)

    2,000,000   2,012,720
3 Month USD LIBOR + 0.90%, 1.12%, 2/15/2022 (a)  (b)

    1,250,000   1,258,112
Ford Motor Credit Co. LLC:          
3.34%, 3/18/2021

    2,659,000   2,665,993
5.88%, 8/2/2021

    1,000,000   1,021,740
General Motors Financial Co., Inc.

3 Month USD LIBOR + 1.31%, 1.55%, 6/30/2022 (a)

    3,500,000   3,520,545
Hyundai Capital America

3 Month USD LIBOR + 0.94%, 1.17%, 7/8/2021 (a)  (b)

    1,480,000   1,481,850
Security Description     Principal
Amount
  Value
Nissan Motor Acceptance Corp.:          
3 Month USD LIBOR + 0.63%, 0.87%, 9/21/2021 (a)  (b)

    $ 1,500,000   $ 1,496,430
3 Month USD LIBOR + 0.65%, 0.87%, 7/13/2022 (a)  (b)

    3,000,000   2,967,660
Toyota Motor Credit Corp.

Series MTN, 3 Month USD LIBOR + 0.48%, 0.71%, 9/8/2022 (a)

    2,000,000   2,011,180
Volkswagen Group of America Finance LLC

0.75%, 11/23/2022 (b)

    2,000,000   2,006,500
          28,379,450
BANKS — 23.6%          
Bank of America Corp.:          
3 Month USD LIBOR + 0.38%, 0.59%, 1/23/2022 (a)

    625,000   625,113
SOFR + 0.73%, 0.82%, 10/24/2024 (a)

    3,000,000   3,020,790
Series MTN, 3 Month USD LIBOR + 1.16%, 1.38%, 1/20/2023 (a)

    3,000,000   3,030,420
Series MTN, 3 Month USD LIBOR + 1.18%, 1.39%, 10/21/2022 (a)

    1,814,000   1,827,950
Barclays Bank PLC

1.70%, 5/12/2022

    985,000   1,001,676
CIT Group, Inc.

5.00%, 8/15/2022

    1,000,000   1,063,220
Citigroup, Inc.:          
 3 Month USD LIBOR + 1.43%, 1.66%, 9/1/2023 (a)

    1,250,000   1,270,937
Series _, 3 Month USD LIBOR + 0.96%, 1.17%, 4/25/2022 (a)

    1,250,000   1,261,250
Cooperatieve Rabobank UA

3 Month USD LIBOR + 0.48%, 0.70%, 1/10/2023 (a)

    250,000   251,315
Goldman Sachs Group, Inc.:          
3 Month USD LIBOR + 1.36%, 1.57%, 4/23/2021 (a)

    2,250,000   2,256,232
Series FRN, 3 Month USD LIBOR + 1.77%, 1.98%, 2/25/2021 (a)

    250,000   250,603
HSBC Holdings PLC

3 Month USD LIBOR + 1.00%, 1.22%, 5/18/2024 (a)

    1,500,000   1,510,200
JPMorgan Chase & Co.:          
3 Month USD LIBOR + 0.61%, 3.51%, 6/18/2022 (a)

    2,000,000   2,029,220
 
See accompanying notes to financial statements.
14


SPDR SSGA ULTRA SHORT TERM BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

Security Description     Principal
Amount
  Value
3 Month USD LIBOR + 0.73%, 0.94%, 4/23/2024 (a)

    $ 3,000,000   $ 3,025,650
3 Month USD LIBOR + 1.23%, 1.44%, 10/24/2023 (a)

    1,500,000   1,526,220
KeyBank NA

Series BKNT, 3 Month USD LIBOR + 0.66%, 0.87%, 2/1/2022 (a)

    1,000,000   1,005,450
Lloyds Banking Group PLC

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

    1,295,000   1,309,310
Mitsubishi UFJ Financial Group, Inc.

3 Month USD LIBOR + 0.79%, 1.00%, 7/25/2022 (a)

    3,000,000   3,024,000
Mizuho Financial Group, Inc.

3 Month USD LIBOR + 0.88%, 1.10%, 9/11/2022 (a)

    3,000,000   3,030,810
Morgan Stanley:          
Series GMTN, SOFR + 0.70%, 0.79%, 1/20/2023 (a)

    2,400,000   2,407,560
Series MTN, 3 Month USD LIBOR + 1.40%, 1.61%, 10/24/2023 (a)

    2,000,000   2,037,340
National Australia Bank, Ltd.:          
3 Month USD LIBOR + 0.58%, 0.82%, 9/20/2021 (a)  (b)

    750,000   752,662
3 Month USD LIBOR + 0.71%, 0.93%, 11/4/2021 (a)  (b)

    500,000   502,865
Royal Bank of Canada:          
Series GMTN, 3 Month USD LIBOR + 0.36%, 0.58%, 1/17/2023 (a)

    3,000,000   3,009,480
Series GMTN, SOFR + 0.40%, 0.49%, 8/5/2022 (a)

    3,000,000   3,006,750
Santander UK PLC

3 Month USD LIBOR + 0.62%, 0.85%, 6/1/2021 (a)

    300,000   300,621
Skandinaviska Enskilda Banken AB

3 Month USD LIBOR + 0.43%, 0.65%, 5/17/2021 (a)  (b)

    1,500,000   1,501,110
Standard Chartered PLC:          
3 Month USD LIBOR + 1.20%, 1.43%, 9/10/2022 (a)  (b)

    1,500,000   1,506,555
SOFR + 1.25%, 1.34%, 10/14/2023 (a)  (b)

    2,000,000   2,013,560
Security Description     Principal
Amount
  Value
Sumitomo Mitsui Financial Group, Inc.:          
3 Month USD LIBOR + 0.74%, 0.96%, 10/18/2022 (a)

    $ 2,400,000   $ 2,417,424
3 Month USD LIBOR + 0.80%, 1.03%, 10/16/2023 (a)

    1,000,000   1,008,490
3 Month USD LIBOR + 1.14%, 1.36%, 10/19/2021 (a)

    2,252,000   2,270,399
Sumitomo Mitsui Trust Bank, Ltd.

0.80%, 9/12/2023 (b)

    2,000,000   2,016,100
Toronto-Dominion Bank

3 Month USD LIBOR + 0.90%, 1.12%, 7/13/2021 (a)

    400,000   401,816
UBS Group AG:          
3 Month USD LIBOR + 0.95%, 1.17%, 8/15/2023 (a)  (b)

    2,000,000   2,018,980
3 Month USD LIBOR + 1.53%, 1.74%, 2/1/2022 (a)  (b)

    3,000,000   3,044,670
Wells Fargo & Co.:          
3 Month USD LIBOR + 1.11%, 1.32%, 1/24/2023 (a)

    4,000,000   4,034,320
3 Month USD LIBOR + 1.23%, 1.44%, 10/31/2023 (a)

    1,500,000   1,522,710
Series M, 3.45%, 2/13/2023

    2,000,000   2,121,480
Westpac Banking Corp.:          
3 Month USD LIBOR + 0.34%, 0.55%, 1/25/2021 (a)

    1,000,000   1,000,210
3 Month USD LIBOR + 0.39%, 0.61%, 1/13/2023 (a)

    3,000,000   3,012,030
          74,227,498
BEVERAGES — 0.3%          
Anheuser-Busch InBev Worldwide, Inc.

3 Month USD LIBOR + 0.74%, 0.96%, 1/12/2024 (a)

    1,000,000   1,003,600
BIOTECHNOLOGY — 0.6%          
Gilead Sciences, Inc.

3 Month USD LIBOR + 0.52%, 0.77%, 9/29/2023 (a)

    1,875,000   1,879,012
CHEMICALS — 2.7%          
Albemarle Corp.

3 Month USD LIBOR + 1.05%, 1.27%, 11/15/2022 (a)

    5,000,000   4,989,050
DuPont de Nemours, Inc.:          
2.17%, 5/1/2023

    2,000,000   2,026,420
 
See accompanying notes to financial statements.
15


SPDR SSGA ULTRA SHORT TERM BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

Security Description     Principal
Amount
  Value
3 Month USD LIBOR + 1.11%, 1.33%, 11/15/2023 (a)

    $ 1,460,000   $ 1,482,236
          8,497,706
COMPUTERS — 1.0%          
Apple, Inc.

 3 Month USD LIBOR + 0.50%, 0.71%, 2/9/2022 (a)

    750,000   753,832
IBM Credit LLC

3 Month USD LIBOR + 0.16%, 0.38%, 2/5/2021 (a)

    725,000   725,131
Leidos, Inc.

2.95%, 5/15/2023 (b)

    1,435,000   1,509,993
          2,988,956
DIVERSIFIED FINANCIAL SERVICES — 0.7%          
American Express Credit Corp.

Series MTN, 3 Month USD LIBOR + 0.70%, 0.93%, 3/3/2022 (a)

    619,000   622,850
Intercontinental Exchange, Inc.

3 Month USD LIBOR + 0.65%, 0.87%, 6/15/2023 (a)

    1,500,000   1,504,515
          2,127,365
ELECTRIC — 4.2%          
American Electric Power Co., Inc.

Series M, 0.75%, 11/1/2023

    735,000   736,250
Berkshire Hathaway Energy Co.

2.80%, 1/15/2023

    3,000,000   3,145,320
Consolidated Edison, Inc.

Series A, 0.65%, 12/1/2023

    1,600,000   1,603,088
Florida Power & Light Co.

3 Month USD LIBOR + 0.38%, 0.60%, 7/28/2023 (a)

    3,500,000   3,500,770
Pacific Gas & Electric Co.:          
1.75%, 6/16/2022

    770,000   771,740
3 Month USD LIBOR + 1.37%, 1.60%, 11/15/2021 (a)

    2,000,000   1,999,660
3 Month USD LIBOR + 1.48%, 1.70%, 6/16/2022 (a)

    1,500,000   1,500,450
          13,257,278
FOOD — 0.3%          
General Mills, Inc.

3 Month USD LIBOR + 1.01%, 1.23%, 10/17/2023 (a)

    1,000,000   1,015,100
HEALTH CARE PRODUCTS — 0.3%          
Stryker Corp.

0.60%, 12/1/2023

    835,000   836,136
Security Description     Principal
Amount
  Value
HEALTH CARE SERVICES — 0.2%          
UnitedHealth Group, Inc.

3 Month USD LIBOR + 0.26%, 0.48%, 6/15/2021 (a)

    $ 600,000   $ 600,468
INSURANCE — 5.3%          
Allstate Corp.

3 Month USD LIBOR + 0.63%, 0.88%, 3/29/2023 (a)

    1,500,000   1,512,735
Jackson National Life Global Funding:          
3 Month USD LIBOR + 0.73%, 0.98%, 6/27/2022 (a)  (b)

    5,150,000   5,191,870
SOFR + 0.60%, 0.69%, 1/6/2023 (a)  (b)

    2,398,000   2,407,208
MET Tower Global Funding

SOFR + 0.55%, 0.64%, 1/17/2023 (a)  (b)

    1,500,000   1,503,945
Metropolitan Life Global Funding I:          
1.95%, 9/15/2021 (b)

    1,500,000   1,517,805
SOFR + 0.57%, 0.66%, 1/13/2023 (a)  (b)

    3,000,000   3,014,040
Pricoa Global Funding I

2.40%, 9/23/2024 (b)

    1,500,000   1,594,200
          16,741,803
MACHINERY, CONSTRUCTION & MINING — 1.5%          
Caterpillar Financial Services Corp.:          
Series MTN, 3 Month USD LIBOR + 0.23%, 0.45%, 3/15/2021 (a)

    1,426,000   1,426,528
Series MTN, 3 Month USD LIBOR + 0.28%, 0.51%, 9/7/2021 (a)

    500,000   500,800
Series MTN, 3 Month USD LIBOR + 0.59%, 0.82%, 6/6/2022 (a)

    2,872,000   2,890,438
          4,817,766
MACHINERY-DIVERSIFIED — 0.9%          
John Deere Capital Corp.

Series MTN, 3 Month USD LIBOR + 0.48%, 0.71%, 9/8/2022 (a)

    1,395,000   1,402,658
Otis Worldwide Corp.

3 Month USD LIBOR + 0.45%, 0.69%, 4/5/2023 (a)

    1,250,000   1,249,850
          2,652,508
 
See accompanying notes to financial statements.
16


SPDR SSGA ULTRA SHORT TERM BOND ETF
SCHEDULE OF INVESTMENTS  (continued)
December 31, 2020 (Unaudited)

Security Description     Principal
Amount
  Value
MEDIA — 1.8%          
NBCUniversal Enterprise, Inc.

3 Month USD LIBOR + 0.40%, 0.64%, 4/1/2021 (a)  (b)

    $ 3,400,000   $ 3,402,754
Walt Disney Co.

3 Month USD LIBOR + 0.25